hantoro ksaid notolegowo¹ & samsubar saleh² abstract. this research investigates the effect of constructive social capital such as religious tolerance, political participation, and marriage; and destructive social capital such as the corruption culture and discrimination behavior towards the economic growth rate of member countries of the islamic cooperation organization (oic) 2014-2017. the results of the research estimation using the technique of fixed effect (fe) from the panel data of the oic countries show that religious tolerance measured using the freedom of religion index (fri) shows a positive and significant effect on the economic growth rate; political participation as measured by political rights index (pri) has a significant negative effect on the economic growth rate; marriage measured using the percentage of married woman (pmw) has a positive effect on the economic growth rate but is not significant; corruption culture measured using corruption perception index (cpi) has a negative and not significant effect on the economic growth rate; and discrimination behavior measured using discrimination and violence against minorities index (dvi) shows a negative and not significant effect on the economic growth rate. keywords: social capital, constructive, destructive, economic growth, oic abstrak. penelitian ini menginvestigasi pengaruh modal sosial konstruktif (constructive social capital) seperti toleransi beragama, partisipasi politik, dan pernikahan, serta modal sosial destruktif (destructive social capital) seperti budaya korupsi dan perilaku diskriminasi terhadap tingkat pertumbuhan ekonomi negaranegara anggota organisasi kerjasama islam (oki) 2014-2017. hasil estimasi penelitian menggunakan teknik analisis fixed effect (fe) dari data panel negara-negara oki menunjukkan bahwa toleransi beragama yang diukur menggunakan freedom of religion index (fri) menunjukkan pengaruh positif dan signifikan terhadap tingkat pertumbuhan ekonomi; partisipasi politik yang diukur menggunakan political rights index (pri) memberikan pengaruh negatif signifikan terhadap tingkat pertumbuhan ekonomi; pernikahan yang diukur menggunakan percentage of married woman (pmw) memiliki pengaruh positif terhadap tingkat pertumbuhan ekonomi namun tidak signifikan; budaya korupsi yang diukur menggunakan corruption perception index (cpi) memberikan pengaruh negatif dan tidak signifikan terhadap tingkat perumbuhan ekonomi; dan perilaku diskriminasi yang diukur menggunakan discrimination and violence against minorities index (dvi) menunjukkan pengaruh negatif dan tidak signifikan terhadap tingkat pertumbuhan ekonomi. kata kunci: modal sosial, konstruktif, destruktif, pertumbuhan ekonomi, oki social capital and economic growth: empirical evidence from oic countries al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 357 368 1,2 department of islamic economics, gadjah mada university, sleman, yogyakarta, 55281, indonesia e-mail: 1hantoroksaid@gmail.com, 2ssamsubar@yahoo.com 358 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 introduction the islamic cooperation organization (oic) was established as an effort to discuss and at the same time, find solutions to a number of issues and problems that occur in islamic countries. initially the organization was established as a response to the burning of the al-aqsa mosque by zionists in august 1969 and aimed at mobilizing the unity of muslim countries. but then the oic charter was adopted on february 27, 1970 to strengthen cooperation in the political, economic, social, cultural and scientific fields and support for all muslims to maintain dignity, independence and national rights. at present, there are concerns in terms of the welfare of the people in oic countries due to economic instability caused by the social crisis. the social crisis includes civil wars and terrorism (sab, 2014); political instability (uddin & masih, 2016); low quality of human resources (undp, 2016); corruption culture (ertimi, dowa, albisht, & oqab, 2016); and discrimination (sesric, 2016). based on data published by the world bank in 2017, it shows that oic countries affected by the social crisis tend to have low growth rates, as shown in table 1. this phenomenon indicates a close link between economic performance and social conditions. table 1. economic growth and social crisis in oic countries no. country economic growth in 2017 (%) social crisis background 1. chad -2.953 political and religious conflict: radical rebellion 2. iraq -2.073 political and religious conflicts: the rebellion of the radical islamic state of iraq and syria (isis) 3. yaman -5.942 political and religious conflicts: a civil war between the houthis and pro-government militias source: world bank by looking at the phenomenon in oic countries, many researchers and experts are now paying attention to the interaction between the social dimension and economic growth. the discussion of the relationship between the social dimension and economic growth is the latest discussion in the study of “growth factors”. in its development, there are four determinants which are believed to influence economic growth, namely physical capital, natural resource capital, human capital, and most recently, social capital. the study of “growth factors” has long been a quite interesting discussion and continues to grow today. initially, physical development capital was considered to have an important role in economic growth, as thought by harrord-domar and hantoro ksaid notolegowo. social capital and economic growth 359 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 solow. further developments, human capital (knowledge and skills) began to get attention because of its role in determining the productivity of human resources (meier & stiglitz, 2001). the latest developments, stressing the importance of social capital as a determining factor of economic growth. the theory that explains the relationship between social capital and economic performance has been explained by some scholars (olson, 1982; north, 1990; fukuyama, 1995). meanwhile, the influence of social capital on economic growth has been investigated by some other scholars (rupasingha, goetz, & freshwater, 2000; boulila, bousrih, & trabelsi, 2008). based on the theory and research findings, social capital influences economic growth through its role in reducing transaction costs associated with the economic exchange and creating productivity. forms of social capital that is supposed to influence the economic growth of the oic countries is religious tolerance, political participation, and marriage. religious tolerance plays a role in overcoming the negative impact of terrorism on the economy. meanwhile, political participation plays a role in overseeing government policies that can harm the economy. marriage plays a role in overcoming the negative impact of low-quality human resources on the economy. however, the oic countries also face some issues of social capital which are thought to have a negative impact on the economy, such as a corruption culture and discrimination behavior. corruption causes the composition of government expenditure to be less productive, and thus affects economic growth. discrimination behavior causes weak social cohesion that exists between communities, so the intensity of information exchange will decrease, and transaction costs will increase which affect economic growth. development programs that take account of social capital such as religious tolerance, political participation, marriage, corruption culture, and discrimination behavior are needed considering the oic makes the issue of terrorism, institutional reform and human development as the agenda points in the oic 2025 program action. however, if viewed from the planned implementation of the oic – 2025 program action, there are not many programs that include elements of social capital. therefore, this study tries to provide an overview of the role of social capital in religious tolerance, political participation, marriage, corruption culture, and discrimination behavior towards the economy. literature review social capital is a set of informal norms or values that are shared by members of a group that enables cooperation between them (fukuyama, 1995). fukuyama 360 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 explained that social capital has the power to influence the principles underlying the economic progress of a country. fukuyama found evidence that countries that have high trust societies tend to have more established economic progress. conversely, countries with low trust societies tend to have slower economic progress. in a similar vein, putnam emphasised social capital on civic involvement, participation in voluntary associations, along with activities such as voting (rupasingha et al., 2000). civil involvement promotes trust-building and cooperation through repeated interactions so as to reduce transaction costs during economic exchanges. social capital provides two main contributions to development, through economic and political functions. the economic function of social capital is a tool to reduce transaction and information costs. when transaction costs, collection and distribution information costs are reduced, less risk is involved, and more exchanges occur, thus enlarging the scope of transactions and interactions (rupasingha et al., 2000). furthermore, social capital also has an important influence on the distribution of household income and poverty (malik, 2014). meanwhile, the political function of social capital works in the dynamics of civil society where there is mutual trust between citizens, and between citizens and the state. rupasingha et al. (2000) found that economic growth is influenced by social capital. they analyzed the impact of social capital on the economic growth rate of districts in the united states. social capital is proxied by (i) association activities, (ii) crime index, (iii) charity activities, and (iv) voting. this research uses quantitative methods and is analyzed using linear regression. the results of this study are: first, association activities have a statistically significant positive effect on economic growth. second, crime has a significant negative effect, indicating that high crime rates in a region have a negative impact on economic growth. third, charity has a positive effect on economic growth. fourth, voting has a positive effect but then decreases. ertimi et al. (2016) analyzed the relationship between corruption and the economic growth rate in 14 oic countries. this research uses quantitative methods and is analyzed using panel data regression. the results of the research estimation show that corruption measured using the economic freedom index (efi) has a negative effect on the economic growth rate. boulila et al. (2008) formulated mathematical equations related to social capital and economic growth. in his research, a model was constructed, which explained how the explanatory variables consisting of trust levels in a country (trust), and transmission channels variables (tc) affected economic growth. the mathematical explanation is as follows. hantoro ksaid notolegowo. social capital and economic growth 361 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 the growth equation is: gⁱy = α0 + α1ln(yⁱ0) + α2trustⁱ + α3tcⁱ + εⁱ .............. (2.1) the transmission channels equation: tcⁱ = β0 + β1ln(yⁱ0) + β2trustⁱ + uⁱ .............. (2.2) the substitution of equation (2.2) into equation (2.1) gives: gⁱy = (α0 + α3β0) + (α1 + α3β1)ln(yⁱ0) + (α2 + α3β2)trustⁱ + (α3uⁱ + εⁱ) .............. (2.3) methods as explained above, this study uses panel data analysis techniques. data is collected from the social progress index and the gdp growth report published by social progress imperative and the world bank. considering the availability of data, this study uses data for the annual periods of 2014-2017. panel data analysis techniques have advantages over other analysis techniques because panel data analysis techniques accommodate differences in characteristics between individuals and time. the equation of the regression model used in the study: gdpgrit = β1i + β2friit + β3priit + β4pmwit + β5cpiit + β6dviit + εit where: gdpgr : gross domestic product growth rate fri : freedom of religion index pri : political rights index pmw : percentage of married woman cpi : corruption perception index dvi : discrimination and violence against minorities index the selection of the best model panel data regression can be made through the chow test, haussmann test, and lagrange multiplier test. before being able to estimate panel data, a test instrument is first performed through the unit root test. after that, to find out whether the model we built is fit or not, a classic assumption test is also done. results and discussion table 2 displays the results of the unit root test using the phillips-peron test. the test results show that all research variable data are stationary at the level except the marriage variable. marriage variables are classified into variables which generally 362 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 do not follow the movement of a particular trend because it is data obtained from questions in the form of choice (married or not married), so there is no fear of stationary problems. table 2. the results of stationarity test variable probability decision economic growth 0.0000 stationer freedom of religion index 0.0000 stationer political rights index 0.0113 stationer percentage of married woman 1.0000 non-stationer corruption perception index 0.0008 stationer discrimination against minorities index 0.0107 stationer source: estimated result after getting the conclusion that all data is stationary at the level, our model does not require further testing to find out whether there is a long-term balance between the variables of economic growth and selected social capital. table 3 displays the results of the chow test, hausman test, and lagrange multiplier test to determine the best model between common effect (cem), random effect (rem), and fixed effect (fem): model* model prob. hasil decision predictors: freedom of religion index (fri), political rights index (pri), percentage of a married woman (pmw), corruption perception index (cpi), and discrimination and violence against minorities index (dvi) chow (cem: fem) 0.0000 fixed effect fixed effect hausman (rem: fem) 0.0140 fixed effect lagrange multiplier (cem : rem) 0.0099 random effect source: estimated result *gdp growth (gdpgr) as the dependent variable based on table 3 above, it can be decided that the fixed effect model (fem) is better than the common effect (cem) and the random effect (rem) model. this is because the probability value is smaller than 0.05 which makes the hausman test prefer the fixed effect (fem) model. table 3. the results of chow test, hausman test, and lm test hantoro ksaid notolegowo. social capital and economic growth 363 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 multicollinearity test aims to detect whether, in the model, there is a correlation relationship between independent variables. multicollinearity test can be seen from the correlation value between independent variables as follows: table 4. multicollinearity test model* fri pri pmw cpi dvi fri 1.000000 0.564421 0.438418 0.058032 -0.316389 pri 0.564421 1.000000 0.261732 0.190834 -0.099171 pmw 0.438418 0.261732 1.000000 -0.181688 0.062472 cpi 0.058032 0.190834 -0.181688 1.000000 -0.463869 dvi -0.316389 -0.099171 0.062472 -0.463869 1.000000 source: estimated result *gdp growth (gdpgr) as the dependent variable the overall value of the correlation coefficient shows a value of <0.85, where the value of <0.85 indicates that there is no multicollinearity between independent variables. the heteroscedasticity test aims to detect whether, in the model, there has been a constant error variance. the heteroscedasticity test in this study was carried out by the glejser test. the output of the glejser test estimation results is as follows: table 5. heteroscedasticity test model* prob. the position to the α = 0:05 decision fri 0.9510 greater than no heteroscedasticity problem pri 0.3663 greater than pmw 0.9373 greater than cpi 0.4236 greater than dvi 0.8735 greater than source: estimated result * residual absolut (resabs) as the dependent variable decision making for the glejser test is as follows: 1. if the independent variable p-value is <0.05, then there is the problem of heteroscedasticity. 2. if the independent variable p-value is> 0.05, there is no problem with heteroscedasticity. 364 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 the results of the p-value for all independent variables are greater than 0.05. thus there is no problem of heteroscedasticity. autocorrelation test aims to detect whether, in the model, there has been a residual correlation between the observation units. the autocorrelation test in this study was carried out by the durbin-watson (dw) test. decision making is done by comparing the durbin watson statistic value (d) with the upper bound or du durbin watson value and the lower bound (lower bound or dl) in the table. the durbin-watson statistical value (d), upper bound (du) durbin-watson, and lower bound durbin-watson (dl) are shown in table 6 below: table 6. autocorrelation test dl du d 4-du 4-dl nilai 1.7107 1.8174 2.217774 2.1826 2.2893 source: estimated result the values of dw, dl, and du if positioned based on the strong-weak category of autocorrelation are as follows: because the value of dw 2.21 is greater than the upper limit (du) 1.81, it can be concluded that there is no positive autocorrelation in the regression model. variable coefficient std. error t-statistic prob. freedom of religion index 5.846947 2.572948 2.272470 0.0246 political rights index -0.585801 0.170833 -3.429094 0.0008 percentage of married woman 0.171087 0.286453 0.597262 0.5513 corruption perception index -0.044628 0.166959 -0.267298 0.7896 discrimination index -0.176944 1.414382 -0.125103 0.9006 figure 1. autocorrelation category table 7. the empirical results hantoro ksaid notolegowo. social capital and economic growth 365 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 r-squared 0.452005 adjusted r-squared 0.246999 f-statistic 2.204843 prob(f-statistic) 0.000137 source: estimated result table 7 displays the results of panel data regression estimation in the form of the value of the influence of independent variables on the dependent variable. based on table 7, the r-squares value is 0.452005. the value of 0.452005 indicates that the independent variable is able to explain 45% of the variation of the dependent variable, and 55% is explained by other variables outside the model. estimated models obtained are: gdpgrit = –3.417857i + 5.846947 friit – 0.585801 priit + 0.171087 pmwit – 0.044628 cpiit – 0.176944 dviit + uit this means that the estimated economic growth reaches – 3.417857%, which is not influenced by the high and low level of religious freedom (fri), political participation (pri), marriage (pmw), corruption (cpi), and discrimination (dvi), but influenced by other variables which is not in the model (other variables that are outside the model). the results of the study on the influence of constructive social capital variables on economic growth can be explained as follows: first, the religious tolerance variable (fri) shows a significance value of 0.0246 (p <0.05) which means that it has a significant effect on economic growth. the regression coefficient value of religious tolerance variables (fri) is 5.846947, which means that when the religious freedom index increases by 1 scale, economic growth will increase by 5.846947% or vice versa. these results accept the hypothesis formulated in the study that religious tolerance has a positive effect on economic growth. this indicates that tolerant religious life will increase cooperation and performance so that productivity increases and contributes to economic growth. second, the political participation variable (pri) shows a significance value of 0.0008 (p <0.05) which means that it has a significant effect on economic growth. the regression coefficient value of political participation variable (pri) is equal to -0.585801, which means that when the index of political participation increases by 1 scale, economic growth will decrease by 0.585801% or vice versa. these results reject the hypothesis formulated in the study that political participation has a positive effect on economic growth. this is consistent with the findings of 366 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 rupasingha, goetz, and freshwater (2000), which state that political participation influences the decline in economic growth. when political participation increases, the intensity of conflicts between groups also increases. the ability of the state to deal with conflict when political participation increased will determine economic conditions. when a country is unable to handle the conflict, it is considered as a form of negative sentiment that can affect the stock market’s fall. as a result, there has been a decline in investor interest to invest, and in the end, the economy will be sluggish, and this will give an impact on slowing economic growth. political participation can be both institutional and non-institutional. voting in elections, conducting political meetings, and joining parties are institutional political participation. meanwhile, non-institutional political participation can be done by giving petitions, boycotts and demonstrations. noninstitutional political participation is the most intense form of participation in the government legislature, by voicing demands that the legislature can make a policy that is able to accommodate the voices of the people. the policy that was finally put in place by the government to accommodate the aspirations of the people in this non-institutional form often did not consider the long-term impacts, such as the stability of the economy. the demands of a labor wage increase are an example, where the profits obtained by workers from salary increases can actually have a detrimental effect on the economy. the increase in wages causes the cost of production of the company to increase, which results in an increase in the prices of goods in the market, which is one of the causes of inflation so that the economy will be disrupted. third, the marriage variable (pmw) shows a significance value of 0.5513 (p> 0.05) which means that it has no significant effect on economic growth. the marriage variable (pmw) regression coefficient is 0.171087, which means that when the percentage of married women increases by 1%, economic growth will increase by 0.171087% or vice versa. these results accept the hypothesis formulated in the study that marriage has a positive effect on economic growth. but the marriage variable is not a variable that significantly affects economic growth during the observation period. the results of the study on the effect of destructive social capital variables on economic growth can be explained as follows: first, the corruption culture variable shows a significant value of 0.7896 (p> 0.05) which means that it has no significant effect on economic growth. the regression coefficient value of the culture corruption variable (cpi) is -0.044628, hantoro ksaid notolegowo. social capital and economic growth 367 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 which means that when the corruption perception index increases by 1 scale, economic growth will decrease by 0.044628% or vice versa. the corruption perception index has a scale range of 0-100, where the number approaches 100 means that corruption is getting cleaner and the number close to 0 means that corruption is getting higher, so the meaning of negative regression coefficient in this study is that corruption is positively related to economic growth. this result rejects the hypothesis formulated in the study that corruption is negatively related to economic growth. this is different from the findings of ertimi et al. (2016) which states that corruption affects the decline in economic growth. but the corruption variable is not a variable that significantly influences economic growth during the observation period. second, the discrimination variable shows a significance value of 0.9006 (p> 0.05) which means that it has no significant effect on economic growth. the regression coefficient of discrimination (dvi) variable is -0.176944, which means that when the discrimination and violence against minorities index increase by 1 scale, economic growth will decrease by 0.176944 or vice versa. these results accept the hypothesis formulated in the study that discrimination has a negative effect on economic growth. but the discrimination variable is not a variable that significantly influences economic growth during the observation period. conclusion this study has analysed the relationship between social capital and economic growth among oic countries measured using 5 (five) proxies, namely: religious tolerance (fri), political participation (pri), marriage (pmw), corruption culture (cpi), and discrimination behavior (dvi). from the results of the analysis obtained, this study concludes, first, the finding that an increase in religious freedom will promote economic growth. therefore it is necessary to develop programs to strengthen religious tolerance among citizens. second, the finding that increased political participation can reduce economic growth implies that the ability of the country to minimize the risk of conflict arising from increased political participation will determine economic conditions. the ability of the country to overcome the risk of conflict when political participation increases affect the investment climate and the composite stock price index (cspi) which further influences the condition of economic growth. therefore the country needs to carry out its functions to maintain security and political stability when political participation increases. 368 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10931 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 references boulila, ghazi, bousrih lobna & mohamed trabelsi. 2008. «social capital and economic growth : empirical investigations on the transmission channels.” international economic journal 22(3): 399–417. retrieved from doi.org/10.1080/10168730802287994 ertimi, basem, abulkasem dowa, elham mohamed albisht & basim aboubaker oqab. 2016. “the impact of corruption on economic growth in oic countries.” international journal of economics and finance 8(9), 91–103. retrieved from doi.org/10.5539/ijef.v8n9p91 fukuyama, f. (1995). trust: the social virtues and the creation of prosperity. new york: the free press. malik, maszlee. 2014. “islahi social capital : a conceptual approach towards faith-based development and poverty alleviation.” kyoto bulletin of islamic area studies 7(march): 33–48. meier, gerald m, & stiglitz joseph e. 2001. frontiers of development economics: the future in perspective. new york: oxford university press, inc. north, d., 1990. institutions, institutional change, and economic performance. new york: cambridge university press. olson, mancur. 1982. the rise and decline of nations: economic growth, stagflation, and social rigidities. new haven, ct: yale university press. rupasingha, anil, stephan j goetz & david freshwater. 2000. “social capital and economic growth : a county-level analysis.” journal of agricultural and applied economics 32(3): 565–572. sab, randa. 2014. “economic impact of selected conflicts in the middle east: what can we learn from the past ?” imf working paper: 1-31 sesric. 2016. state of gender in oic countries : prospects and challenges. ankara: statistical, economic and social research and training centre for islamic countries (sesric). uddin, md akhter & mansur masih. 2016. war and peace: why is political stability pivotal for economic growth of oic countries? mpra (71678). retrieved from https://mpra.ub.uni-muenchen.de/71678/ undp. 2016. organization of islamic cooperation (oic): statistical briefing based on the 2016 human development report. new york. darwis harahap: analisis stabilitas dinar emas dan dolar as 269 analisis stabilitas dinar emas dan dolar as dalam denominasi rupiah darwis harahap1 abstract: stability analysis of gold dinar and us dollar in rupiah denomination. this study was aimed to (a) to know if there is a causality relation between gold dinar and u.s. dolar, (b) to know that gold dinar more stabil than u.s. dolar as, (c) to know whether gold dinar can be alternative currency as a substitute for u.s. dolar. the result is that the growth of gold dinar higher than u.s. dolar, the result of granger causality test shown that there was undirectional causality from gold dinar to u.s. dolar. the result of analysis of variance (anova) shown that u.s. than dinar gold more stabil dolar as that measured by rupiah. from all of result tests, it can conclude that gold dinar can be a alternative currency instead of u.s. dolar. keywords: gold dinar, volatility, granger causality test, anova abstrak: analisis stabilitas dinar emas dan dólar as dalam denominasi rupiah. penelitian ini bertujuan: (a) untuk mengetahui apakah ada hubungan volatilitas antara dinar emas dengan dolar as. (b). untuk mengetahui apakah dinar emas lebih stabil dari nilai tukar dolar. (c) untuk mengetahui apakah dinar emas bisa menjadi alternatif nilai tukar untuk menggantikan dolar as. hasil perhitungan laju pertumbuhan dolar as menunjukkan bahwa laju pertumbuhan dinar emas per bulan lebih tinggi daripada laju pertumbuhan dolar as. hasil uji kausalitas granger menunjukkan bahwa terjadi hubungan kausalitas searah antara harga emas dan dolar. dari hasil uji analysis of variance (anova) dapat diambil kesimpulan bahwa dinar emas lebih stabil dari pada dolar as. kesimpulannya, dinar emas bisa dijadikan alternatif pengganti dolar as karena nilainya yang stabil yang diukur dengan rupiah. kata kunci: dinar emas, volatilitas, uji kausalitas granger, anova 1 diterima: 12april 2014, direvisi:, 15 mei 2014, disetujui: 20 mei 2014 iain padangsidimpuan, jl. h. tengku rizal nurdin, km. 4,5, sihitang, padangsidimpuan. email: darwis05@yahoo.com al-iqtishad: vol. vi no. 2, juli 2014 270 pendahuluan para pakar sepakat bahwa krisis moneter yang terjadi pada tahun 1997 penyebabnya adalah adanya tekanan rupiah yang dipicu oleh kegiatan spekulasi yang dilakukan para spekulan asing yang berawal dari thailand. financil panic yang terjadi di thailand merembet ke berbagai negara, termasuk indonesia (siregar, 2002). krisis ekonomi yang terjadi di kawasan asia ini berawal dari krisis nilai tukar mata uang, yaitu semakin kuatnya mata uang asing -khususnya dolar asterhadap mata uang domestik. akibatnya harga-harga meningkat secara berlipat karena struktur ekonomi indonesia didominasi impor, baik bahan baku maupun barang jadi. di bidang jasa keuangan pun demikian, dan tingkat suku bunga meroket sehingga pada puncaknya pernah mencapai 90%. dunia usaha macet, tingkat pengangguran semakin besar, inflasi meninggi dan pertumbuhan yang negatif (hakim, 2001). ketidakstabilan nilai mata uang ini terhadap ekonomi secara khusus telah menyebabkan kejatuhan nilai mata uang di berbagai negara asia, seperti thailand, malaysia, indonesia, fhilipina dan korea selatan yang mengakibatkan modal swasta lari keluar sejak 1997. investor telah menaburkan dananya secara besar-besaran ke negara asia pada semester i dan menarik dananya pada musim panas. diyakini sekitar us$ 100 milyar arus dana bersih keluar dari daerah itu yang merupakan kejutan atau shock, jumlah ditaksir 10% dari gdp dari 5 negara tersebut. akibat dari ketidakstabilan nilai tukar yang ditandai dengan volatilitas nilai tukar mempengaruhi tingkat ekspor di berbagai negara-negara berkembang. esquivel and larrain (2002) telah melakukan penelitian dampak volatilitas nilai tukar g-3 pada negara-negara berkembang. hasil yang diperoleh menunjukkan bahwa kenaikan volatilitas 1 persen pada negara-negara berkembang akan mengurangi ekspor negara-negara berkembang sebanyak dua persen, selain itu hasil pengujian di beberapa negara menunjukkan bahwa peningkatan volatilitas satu persen juga akan berdampak negatif terhadap masuknya investasi asing ke dalam negeri. krisis moneter terjadi pada dasarnya disebabkan fungsi uang tidak lagi hanya sebagai alat tukar dan alat untuk berjaga-jaga (precautionary motive) tetapi telah menjadi kegiatan spekulatif untuk mencari keuntungan pada saat nilai tukar rupiah melemah terhadap dolar as. negara-negara yang terkena krisis moneter tersebut melakukan berbagai kebijakan ekonomi untuk keluar dari keterpurukan tersebut. namun, kebijakan moneter yang dilakukan berlandaskan kebijakan ekonomi konvensional ternyata tidak mampu menyelesaikan krisis ini. menurut chapra (2000), penyelesaian terhadap masalah ekonomi tidak pada akar masalah tapi hanya sebatas gejala, seperti ketidakseimbangan anggaran, ekpansi moneter yang berlebihan, defisit neraca pembayaran yang begitu besar, naiknya kecenderungan proteksionis, tidak memadainya bantuan asing, dan kerja sama darwis harahap: analisis stabilitas dinar emas dan dolar as 271 internasional yang tidak mencukupi. dalam sejarah ekonomi, baru pada tahun 1990-an inilah krisis mata uang muncul kembali setelah menimpa amerika pada tahun 1973. kali ini negaranegara yang terkena adalah negara-negara selain amerika dan eropa, terutama asia. sebelumnya ketika bretton wood agreement masih diikuti, dimana setiap mata uang harus dirujuk kepada emas, belum pernah terjadi krisis seperti ini. ketika amerika di bawah nixon yang kemudian membatalkan perjanjian bretton wood tersebut pada tahun 1971 ketika dolar as semakin lemah dan ekonomi amerika mengalami krisis. sejak saat itu dolar as tidak lagi didasarkan kepada emas. dengan demikian ekonomi dunia secara praktis telah dikuasai oleh amerika, mengingat mata uang rujukan dunia saat ini adalah dolar as, sedangkan mata uang tersebut sepenuhnya diatur oleh pemerintah amerika (hakim, 2001). sejak berlakunya standard uang teratur (managed money standard) terlihat dua fenomena yang terjadi, yaitu tingginya tingkat inflasi dan tidak stabilnya nilai tukar. selain itu kebijakan tersebut akan menimbulkan transaksi-transaksi maya di pasar uang. hal inilah yang merupakan salah satu penyebab terjadinya krisis mata uang karena tersedianya jumlah uang yang cukup besar namun tidak didukung oleh nilai instrinsiknya. krisis ekonomi yang melanda indonesia dan belahan lain, dipicu oleh dua sebab utama. pertama, persoalan mata uang dimana nilai mata uang suatu negara saat ini terikat kepada mata uang negara lain (misalnya rupiah terhadap us dolar), tidak pada dirinya sendiri sehingga nilainya tidak stabil, dan jika mata uang tertentu bergejolak, pasti mempengaruhi kestabilan mata uang tersebut. kedua, kenyataan bahwa uang tidak lagi dijadikan sebagai alat tukar saja, tapi juga sebagai komoditi yang diperdagangkan (dalam bursa valuta asing) dan diambil keuntungan (interest) alias bunga atau riba dari setiap transaksi peminjaman atau penyimpanan uang (yusanto, 2001). terjadinya krisis mata uang ini memicu negara-negara di asia untuk mengkaji kembali penggunaan uang kertas (fiat money) yang dipakai saat ini dengan penggunaan kembali dinar emas. gagasan awal dilakukan pada suatu konferensi pada bulan agustus 2002 dengan tema: “stable and just globar monetary system menghasilkan penerapan dinar emas pada transaksi perdagangan luar negerinya dengan mitra dagang melalui pengaturan pembiayaan bilateral (billateral payment arrangement) atau bpa. gagasan tersebut dilanjutkan pada seminar di kuala lumpur tanggal 2223 oktober 2002 dengan tema: “the gold dinar in multilateral trade” dengan menyetujui usulan kepala bank sentral iran, bijan latif untuk membentuk suatu sekretariat yang ditugasi mengkoordinir pengembangan kebijaksanaan dinar islami (perwaatmadja, 2003). al-iqtishad: vol. vi no. 2, juli 2014 272 hasil sidang ke-27 dewan gubernur islamic develpment bank (idb) tanggal 22-23 oktober 2002 di ouagadougu-burkin faso, delegasi malaysia dipimpin oleh deputi menteri keuangan syafie mohd salleh telah mengajak negara anggota idb, termasuk indonesia menerima konsep perdagangan dengan mempergunakan dinar emas untuk memfasilitasi dan meningkatkan perdagangan antar negara anggota dan mitra dagang lainnya. dan konferensi di kuala lumpur tgl 2-3 november 2002, indonesia telah menjadi salah satu negara pendiri the islamic financial service board (ifsb) bersama-sama dengan bahrain, iran, kuwait, malaysia, pakistan, saudi arabia, sudan, uni emirat arab dan islamic development bank (idb). dalam konferensi ini antara lain dibahas penerapan penting dari bank sentral dalam penerapan dinar emas pada penyelesaian pembayaran sistem perdagangan bilateral dan multilateral. alasan penggunaan dinar emas sebagai alat transaksi keuangan disamping nilainya yang stabil, penggunaan dinar akan mengurangi ketergantungan keuangan (financial dependensi) para penggunanya terhadap dolar as akibat mismanajemen modal. hal ini dapat dilihat dalam dunia perdagangan internasional. negara yang memiliki neraca perdagangan defisit (mayoritas dunia muslim) berarti jumlah dana dalam negeri lebih banyak mengalir ke luar negara ketimbang dana asing yang masuk ke dalam negara. dengan kata lain, jumlah impor jauh lebih besar dari pada jumlah ekspor. terjadinya capital flight yang tinggi menyebabkan devisa negara akan turun, kalaupun tidak minus. bila ini terjadi, maka untuk menutupi defisit anggaran negara terpaksa harus didanai dengan hutang luar negeri. (majid, 2005) keterpaksaan berhutang jelas telah memerangkapkan negara penghutang terhadap keharusan untuk memenuhi semua persyaratan yang ditetapkan negara donor (pemberi hutang), yang sifatnya sangat mencekik leher negara penghutang. keharusan menggunakan dolar as ketika membayar hutang akan menyebabkan nilai uang negara penghutang semakin rendah. konsekuensinya, negara penghutang berada di pihak yang dirugikan karena harus membayar hutang dalam jumlah yang lebih banyak dibandingkan dengan jumlah hutang yang sesungguhnya. ini sematamata karena ketidakstabilan (apresiasi) nilai dolar. (majid, 2005) kestabilan dinar emas akan mengeliminir upaya-upaya spekulasi di pasar valas. penggunaan uang hampa telah menyebabkan tindakan spekulatif di sebagian besar transaksi valas. hal ini sebagaimana disebutkan lietaer (1997) dalam makalahnya yang dipresentasikan dalam international forum on globalisation (ifg) sebagai berikut: “pada tahun 1975, sekitar 80% dari transaksi di pasar valas adalah melibatkan aktivitas bisnis sektor riel, yaitu transaksi yang benar-benar menghasilkan barang dan jasa dan sisanya 20% bersifat spekulatif. hari ini, transaksi di pasar valas yang melibatkan sektor riel turun menjadi 2.5% dan selebihnya 97.5% darwis harahap: analisis stabilitas dinar emas dan dolar as 273 adalah transaksi spekulatif ”. penggunaan dinar emas diyakini akan menutup semua gerak para spekulan untuk meraup keuntungan di pasar valas melalui aktivitas arbitraging. volatilitas nilai tukar dolar as telah menyebabkan instabilitas ekonomi di berbagai negara-negara berkembang. hal ini dibuktikan di berbagai negara berkembang yang menunjukkan bahwa kenaikan volatilitas pada negara-negara berkembang akan mengurangi ekspor negara-negara berkembang. selain itu, fenomena instabilitas uang kertas yang didominasi dolar as telah menyebabkan fluktuasi nilai tukar sehingga menyebabkan inflasi yang terus menerus juga menyebabkan nilai tukar rupiah terus mengalami depresiasi. devaluasi nilai mata uang memberikan pengaruh yang signifikan terhadap pendapatan dan harga-harga barang dan jasa. devaluasi juga menyebabkan membengkaknya nilai utang jangka pendek yang dihitung dengan kurs dolar as. penggunaan nilai tukar dolar as sebagai alat transaksi perdagangan dunia telah menyebabkan ketergantungan perekonomian terhadap amerika serikat. dominasi dolar as sebagai standar global dalam setiap aktivitas perdagangan global, eksporimpor, atau hutang piutang semakin sulit diprediksi. hal ini disebabkan nilai tukar dolar as terus mengalami fluktuasi sehingga menyebabkan gejolak ekonomi dan memiliki dampak yang sangat signifikan terhadap stabilitas perekonomian. fluktuasi nilai tukar dolar as yang demikian cepat semakin menjadikan perekonomian global sangat sulit diprediksi adanya instabilitas nilai tukar dolar as maka diperlukan mata uang stabil. dalam sejarah telah terbukti bahwa dinar emas stabil dan tidak pernah mengalami inflasi, sementara sejak perjalanan uang kertas atau uang hampa (fiat money) terus mengalami fluktuasi dan depresiasi. untuk itu, penggunaan mata uang dinar emas yang berbahan utama emas 22 karat diharapkan dapat menyelamatkan stabilitas mata uang. tinjauan pustaka dalam islam fungsi uang mencakup tiga hal, penyimpan nilai (store of value), alat tukar (medium of exchange), alat pengukur nilai (unit of account). sebagai fungsi alat tukar (medium of exchange) dan alat pengukur nilai (unit of account) telah dilakukan oleh fiat money, tetapi peran fiat money sebagai penyimpan nilai (store of value) akan berbeda dalam ekonomi islam. menurut syariah, uang itu sendiri tidak dapat diperoleh keuntungan (interest). menyimpan uang sebagai penyimpan nilai (store of value) akan terkikis keseimbangan rielnya karena inflasi dan pembayaran zakat (habib, 2002). al-iqtishad: vol. vi no. 2, juli 2014 274 dalam islam memegang uang hanya untuk transaksi dan menginvestasikan kelebihan dana pada asset untuk mendapatkan keuntungan. ketika tingkat bagi hasil meningkat maka akan diperoleh subtitusi dari uang terhadap asset-asset tersebut. dalam ekonomi konvensional, fungsi uang tidak lagi menujukkan esensinya sebagai alat penyimpan nilai karena itu terjadi fluktuasi, maka dalam islam, stabilitas nilai uang sangat penting dan objek fundamental dalam sebuah sistem ekonomi islam. dalam islam, stabilitas nilai tukar pada close economy berimplikasi pada ketiadaan bunga (interest). mempostulasikan permintaan uang dalam islam berhubungan positif dengan agregat output y (yang muncul dari tujuan-tujuan transaksi) dan sebaliknya pada tingkat bagi, r pada aset (yang muncul dari alasan penyimpan nilai). perubahan tingkat bagi hasil sebagai ganti bunga pada fungsi permintaan uang berbeda dalam ekonomi islam. sebab permintaan uang dalam islam tidak ada subtitusi antara uang dan bunga seperti pada obligasi dan derivatif (forward, futures, option dan lain-lain). persamaan penawaran uang di bank sentral dalam ekonomi islam sebanding dengan emas dan aset atau klaim terhadap uang. bank dapat meningkatkan penawaran uang dengan menaikkan salah satu dari tiga komponen asetnya. kemampuan bank islam untuk menciptakan uang melalui penciptaan kredit juga terbatas. bank islam hanya membiayai transaksi yang didukung oleh barang-barang riel dan aset atau menginvestasikan pada proyek dengan dasar frofit-sharing. bank islam tidak bisa membiayai semata-mata transaksi keuangan seperti membeli obligasi dan yang berhubungan dengan derivatif. jadi, kemampuan bank islam uutuk menciptakan uang lebih kecil dari bank konvensional sebagaimana harus berhubungan dengan ekonomi riil. untuk menentukan nilai tukar harus digunakan sebuah model moneter konvensional yang merepresentasikan model krisis keuangan generasi pertama. kegunaan dari model ini adalah modelnya sederhana dan dapat digunakan untuk mendiskusikan pengaruh model tersebut dan kebijakan fiskal (pembiayaan defisit) terhadap nilai tukar. model moneter yang dipresentasikan berikut adalah versi modifikasi dan perluasan yang digunakan oleh flood dan marrion (1998) dan frankle dan rose (1995). ekonomi menurut pertimbangan mereka dianggap kecil dan terbuka. kita akan menggunakan dua kondisi keseimbangan untuk menghubungkan ekonomi di seantero dunia. dua teori tentang penentuan nilai nilai tukar (exchange rate) diturunkan dari kondisi arbitrase (arbitrage) yang secara luas digunakan dalam open economy dalam ekonomi makro. pertama, berhubungan dengan arbitrase dalam pasar barang purchasing power parity (ppp) atau paritas daya beli. arbitrase (arbitrage) adalah pembelian dan atau penjualan secara simultan secara simultan atas darwis harahap: analisis stabilitas dinar emas dan dolar as 275 barang yang sama di dalam dua pasar atau lebih dengan harapan akan memproleh laba dari perbedaan harga, suwarno dkk: 2003. ppp telah berkembang menjadi salah satu teori-teori pokok penentuan nilai tukar dengan fiat money. dengan ppp, nilai tukar ditentukan oleh arbitrage sebagai rasio tingkat harga (tingkat inflasi) dari dua negara. kedua, arbitrage berhubungan dengan pasar aset finansial dan disebut the (uncover) interest parity (ip) atau paritas bunga (terbuka). dengan mobilitas modal dan tanpa biaya-biaya transaksi, modal jangka pendek (short term capital) mengalir melewati batas-batas untuk memperoleh tingkat keuntungan yang tinggi. mobilitas modal memberikan kesamaan tingkat return melewati batas. flood dan marion (1998) mendiskusikan bagaimana para spekulan melancarkan sebuah serangan terhadap nilai tukar ketika kebijakan moneter ekspansif yang tidak ditopang oleh cadangan dilakukan dalam sebuah ekonomi. para spekulan aktif dalam pasar-pasar uang untuk mengangambil keuntungan untuk pergerakan-pergerakan nilai tukar yang akan datang. perubahan-perubahan dalam ekpektasi depresiasi/appresiasi nilai tukar mempengaruhi permintaan uang dan juga sebagai nilai tukar. andaikan sebuah ekonomi dengan rejim nilai tukar tetap dimana pemerintah menjalankan defisit anggaran yang dibiayai oleh bank sentral. pembiayaan defisit meningkatkan penawaran uang yang menciptakan tekanan pada nilai tukar untuk terdepresiasi. untuk menjaga nilai tukar pada nilai par maka bank sentral harus menjual cadangan. para spekulan mengharapkan depresiasi pada mata uang domestik dan membeli nilai tukar luar negeri (cadangan yang dijual oleh bank pemerintah) pada pasar spot dan penjualan jangka pendek nilai tukar domestik di pasar future/forward. sebuah ekpektasi terhadap depresiasi nilai tukar domestik, akan menurunkan permintaan akan nilai tukar domestik untuk menjaga penawaran uang sejajar dengan permintaan yang rendah maka bank sentral perlu untuk menjual lebih banyak cadangan. sebuah stagnasi akan muncul ketika cadangan melemah. dalam hal ini, nilai par nilai tukar tidak dapat dijaga lagi dan nilai tukar menjadi collapse. ekspektasi para spekulan terealisir dan mereka memperoleh keuntungan. dari kebijakan yang dilakukan di atas masih belum dapat untuk menyelesaikan masalah ekonomi karena penyelesaian belum menyentuh akar permasalahan. saat ini, kestabilan nilai tukar ditentukan oleh dolar asamerika sebagai mata uang internasional, sebagai konsekuensi ketergantungan transaksi perdagangan yang telah dilakukan selama ini sehingga seluruh transaksi perdagangan dilakukan dengan dolar. untuk itu, untuk mengurangi demand for dolar as perlu dilakukan alat transaksi alternatif, yaitu mata uang emas sehingga permintaan terhadap dolar as akan menurun dan dengan sendirinya akan menstabilkan nilai tukar rupiah. al-iqtishad: vol. vi no. 2, juli 2014 276 dalam islam fungsi uang hanya sebagai medium of exchange dan bukan suatu komoditas yang bisa dijualbelikan dengan mengambil keuntungan secara on the spot maupun bukan. suatu karakteristik uang yang terpenting adalah bahwa uang bukan untuk dikonsumsi, ia tidak diperlukan untuk dirinya sendiri, tapi merupakan sarana yang diperlukan untuk membeli barang untuk memenuhi kebutuhan manusia. sebagaimana dijelaskan oleh imam ghazali bahwa emas dan perak hanyalah logam yang di dalam substansinya (zatnya itu sendiri) tidak ada manfaatnya atau tujuantujuannya. menurut beliau, “kedua-duanya tidak memiliki apa-apa tetapi keduanya berarti segala-galanya”. keduanya ibarat cermin, ia tidak memiliki warna namun ia bisa mencerminkan semua warna. pada umumnya para ulama dan ilmuwan sosial islam menyepakati fungsi uang sebagai alat tukar saja. deretan ulama ternama seperti imam ghazali, ibnu taymiyyah, ibnul qayyim al-jauziyyah, ar-raghib al-ashbahani, ibnu khaldun, al-maqrizi dan ibnu abidin dengan jelas menandaskan fungsi pokok uang sebagai alat tukar. bahkan ibnul qayyim mengecam sistem ekonomi yang menjadikan fulus (mata uang logam dari kuningan atau tembaga) sebagai komoditas biasa yang bisa diperjualbelikan dengan kelebihan untuk mendapatkan keuntungan. seharusnya mata uang itu bersifat tetap, nilainya tidak naik dan turun. marthon (2003), menyatakan uang selain berfungsi sebagai standar nilai dan satuan hitung, alat pembayaran (medium of exchange), dan alat penyimpan kekayaan (bukan penimbun kekayaan), menambahkan lagi bahwa fungsi uang sebagai alat pembayaran zakat dan kewajiban lainnya. sesuai yang dikemukakan saidi (2003) bahwa uang kertas yang saat ini nilainya berfluktuasi menyebabkan nilainya tidak tetap. sedangkan zakat harus dibayar sesuai dengan harta itu sendiri, seperti hewan ternak, hasil pertanian, hasil tambang dan sebagainya. demikian juga dengan emas dan perak merupakan nilai sejati dari harta, maka pembayaran zakat harta itu pun hanya sah bila dibayarkan dengan harta itu juga yakni emas dan perak. hal ini dapat dibuktikan pada zaman kekhalifahan usmaniah, ketika uang kertas telah lazim dipakai, pembayaran zakat mal hanya dibolehkan dengan emas dan perak. metode data yang dikumpulkan adalah data harga rata-rata emas 24 karat dan harga rata-rata dolar as. data tersebut diperoleh dari buletin statistik bulanan di badan pusat statistik (bps) jakarta-indonesia. 1) data indeks harga emas yang diperoleh dari perkembangan harga rata-rata valuta asing dan emas di pasaran jakarta. data yang diperoleh adalah perkembangan rata-rata bulanan selama 67 bulan, mulai januari 2001 sampai dengan tahun juli darwis harahap: analisis stabilitas dinar emas dan dolar as 277 2006. 2) data indeks nilai dolar as yang diperoleh dari perkembangan harga ratarata valuta asing dan emas di pasaran jakarta. data yang diperoleh adalah perkembangan rata-rata bulanan selama 67 bulan mulai januari 2001 sampai dengan tahun juli 2006. 3) indeks harga konsumen (consumer price index) yang diperoleh dari perkembangan indeks umum ihk di pasaran jakarta. data yang diperoleh adalah perkembangan rata-rata bulanan selama 67 bulan mulai januari 2001 sampai dengan tahun juli 2006. 4) sebagai proksi dinar emas, variabel dinar emas adalah indeks harga consumen (ihk) dibagi 100 kemudian dikalikan dengan harga emas maka diperoleh nilai riil emas. teknik analisis yang dipergunakan dalam penelitian ini ialah menggunakan uji kausalitas granger. uji ini digunakan untuk menganalisis apakah ada hubungan volatilitas antara dinar emas dengan dolar as. sedangkan untuk menganalisis apakah dinar emas lebih stabil dari nilai tukar dolar dipergunakan uji anova. pembahasan berdasarkan data harga emas dan dolar as yang ada didapat trend masingmasing variabel penelitian. variabel dolar as mempunyai trend naik turun dihitung dari data bulanan dari tahun 2001-2006. kenaikan nilai dolar as mengalami volitiltas tingkat yang kecil. kenaikan yang signifikan terjadi pada masa krisis 1998, namun, data tersebut tidak termasuk dalam penelitian ini karena tidak ekonomi dalam keadaan tidak normal. lain halnya yang terjadi sebelum krisis moneter. variabel dolar as mengalami stabilitas yang cukup baik walaupun terjadi fluktuasi namun tidak begitu signifikan. sementara itu, variabel emas mempunyai trend yang lebih stabil dalam volatilitasnya dalam beberapa bulan mulai tahun 2001-2006. namun, lain halnya dengan dolar as, kenaikan harga emas signifikan pada saat-saat tertentu dan kemudian stabil dalam jangka waktu yang lama. begitu juga hal yang terjadi sebelum krisis moneter, dimana trend harga emas stabil dalam waktu yang lama kemudian naik secara signifikan dan kemudian stabil dalam waktu yang lama. dari analisis model pertumbuhan yang diperoleh dari data emas dan dolar as diperoleh persamaan sebagai berikut: dinar = 10.989+ 0.017bulan se (0.010) (0.00) r2 : 0.931 al-iqtishad: vol. vi no. 2, juli 2014 278 pengolahan regresi dengan menggunakan metode ordinary least square (ols) hasil dari transformasi regresi non-linear menjadi regresi linear dalam bentuk model fungsional dalam bentuk log-lin. prinsip model ini yaitu melakukan transformasi logaritma terhadap data. model log-lin pada data ini, yaitu untuk mengetahui variabel emas dalam bentuk logaritma dan variabel bulan dalam bentuk linear. r2 untuk persamaan di atas cukup kuat, yaitu 93% artinya variabel lemas mampu menerangkan variabel bulan sebesar 93% sedangkan 7% lagi dijelaskan oleh variabel lain yang tidak terdapat dalam model. sementara dari uji t pada variabel bulan sebesar 488.410. variabel bulan secara signifikan berpengaruh terhadap variabel harga riil emas. secara singkat dapat dengan melihat besarnya nilai probabilitas yang signifikan ditampilan oleh e-views. variabel bulan mempunyai tanda positif, hal ini menunjukkan bahwa hubungan antara variabel bulan dengan lnemas adalah positif. ini menandakan bahwa apabila setiap bulan maka harga emas akan meningkat. nilai uji f yang didapatkan 882.456 signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. hal ini memperlihatkan bahwa seberapa besar pengaruh variabel independen yang ada berpengaruh secara bersama-sama terhadap variabel dependen. ini dapat ditunjukkan dengan nilai probabilita yang signifikan sebesar 0.00 yang ditampilkan oleh program e-views. model tersebut menyatakan bahwa α2 = 0.017. artinya, pertumbuhan harga emas per bulan sekitar 1.7% pada periode januari 2001 juli 2006. adapun untuk pertumbuhan dolar as per bulan dapat dilihat dari hasil output, diperoleh persamaan regresi sebagai berikut: ldolar = 9.014 + 0.004bulan se .005 0.000 r2 : 92% hasil pengolahan data pada persamaan laju pertumbuhan nilai dolar as di atas diperoleh nilai uji t pada variabel bulan sebesar 28.072. variabel bulan secara signifikan berpengaruh terhadap variabel lemas. secara singkat dapat dengan melihat besarnya nilai probabilitas yang ditampilan oleh e-views. variabel bulan mempunyai tanda positif, hal ini menunjukkan bahwa hubungan antara variabel bulan dengan lusd adalah positif. ini menandakan bahwa setiap bulan harga emas meningkat. nilai uji f yang didapatkan 788.017 signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. hal ini memperlihatkan darwis harahap: analisis stabilitas dinar emas dan dolar as 279 bahwa seberapa besar pengaruh variabel independen yang ada berpengaruh secara bersama-sama terhadap variabel dependen. ini dapat ditunjukkan dengan nilai probabilitas yang ditampilkan. koefisien determinasi (r2) yang didapat dalam persamaan ini adalah 92%. koefisien determinasi yang didapat dari persamaan diatas menandakan bahwa variabel bulan mampu menerangkan variabel ldolar assebesar 92%. sedangkan 8% lainnya diterangkan oleh variabel lain yang tidak terdapat dalam model. hasil output pengolahan regresi pada variabel ldolar as di atas dengan menggunakan metode ordinary least square (ols) menunjukkan bahwa laju pertumbuhan dolar as per bulan sekitar 0.4% pada periode periode januari 2001 juli 2006, hal ini dilihat dari koefisien variabel bulan. dari hasil pengalahan data pada variabel harga emas dan dolar as di atas, trend laju pertumbuhan emas dan dolar as menunjukkan bahwa pertumbuhan harga emas lebih tinggi dari pada harga dolar as. artinya, secara rata-rata pergerakan harga riil emas lebih cepat daripada pergerakan harga dolar as. diduga, volatilitas harga emas lebih tinggi daripada harga dolar as. untuk melihat tingkat volatilitas harga emas dan dolar as, maka selanjutnya dilakukan uji variansi berikutnya. setelah melihat trend pertumbuhan harga riil emas dan dolar as di atas maka selanjutnya akan dilihat pola hubungan antara harga riil emas dan dolar as dengan uji kausalitas granger. sebelum melakukan uji kausalitas granger, sebagai syarat utama data harus stasioner. maka dilakukan uji stasioneritas data. satu hal yang sering muncul pada data time series adalah stasioneritas data. data runtut waktu dalam ekonomi pada umumnya memiliki volatilitas yang tinggi tidak stasioner pada level. kondisi data yang tidak stasioner ini dapat digunakan dengan menggunakan grafik, correlogram, maupun unit root test. data stasioner merupakan syarat utama karena jika pada data yang tidak stasioner dilakukan regresi maka yang hasil yang diperoleh akan bersifat spurious, nonsense regression, atau miss leading yakni signifikan secara statistik namun tidak memiliki arti secara ekonomi. untuk itu, langkah utama yang dilakukan adalah melakukan uji akar unit atau unit root test/uji derajat integrasi dan juga dengan metode grafik. dimana untuk metode grafik ini, plot data dari masing-masing variabel dapat dilihat pada lampiran 1. untuk mendukung hasil pengamatan visual terhadap stasioneritas data, maka selanjutnya dilakukan uji akar unit. uji akar unit dapat dilakukan dengan dickey fuller test, augmented dickey fuller test dan philip peron test (pp). stasioner atau tidaknya data dapa dilihat dari nilai adf/pp. jika dari nilai adf/pp lebih besar dari mc kinnon critical value pada tingkat signifikansi tertentu (1%, 5% maupun 10%), al-iqtishad: vol. vi no. 2, juli 2014 280 berarti data dapat dikatakan stasioner. berdasarkan uji stasionaritas yang dilakukan terlihat bahwasanya variabel emas stasioner pada tingkat level karena nilai adf yang didapat berdasarkan pengolahan menggunakan unit root test nilai mutlak yang diperoleh sebesar 3.235615 lebih tinggi daripada nilai critical value pada tingkat kepercayaan 5% yaitu nilai mutlaknya sebesar -2.906210. pengujian yang dilakukan pada variabel dolar as stasioner pada tingkat level karena nilai mutlak adf yang didapat sebesar 3.276471 lebih tinggi daripada nilai mutlak critical value pada tingkat kepercayaan 5% yaitu -2.906210 sehingga tidak perlu dilakukan first differencing karena data telah stasioner pada tingkat level. berdasarkan hasil perhitungan diperoleh kesimpulan bahwa hasil estimasi kausalitas granger menunjukkan bahwa pada hipotesis yang menyatakan emas tidak menyebabkan dolar as emas ditolak, hal ini dapat dilihat f statistik yang signifikan pada tingkat kesalahan 5% yaitu sebesar 0.000. artinya kenaikan harga emas menyebabkan kenaikan harga dolar as. sebaliknya, hipotesis yang menyatakan bahwa dolar as tidak menyebabkan emas diterima, karena f statistik yang tidak signifikan pada alfa 5% yaitu sebesar 0.67730. artinya kenaikan atau penurunan harga dolar as menyebabkan penurunun/kenaikan harga emas. dari hasil uji kausalitas granger diketahui bahwa estimasi kausalitas menunjukkan harga emas mempengaruhi harga dolar. sementara nilai tukar dolar as tidak mempengaruhi harga emas. artinya, dinar emas mempengaruhi nilai tukar dolar as dan harga dolar as tidak mempengaruhi nilai riil emas. ini berarti volatilitas harga dolar as dipengaruhi volatiltas dinar emas dan volatilias dolar as tidak dipengaruhi dinar emas. jika trend volatilitas dinar emas tidak stabil, berarti dapat disimpulkan bahwa volatiltas dolar as juga tidak stabil. tetapi, jika dolar as tidak stabil belum tentu dinar emas tidak stabil. untuk melihat tingkat stabilitas nilai tukar dolar as dan emas dapat dilakukan dengan uji variance kedua variabel tersebut. dari hasil uji variance terhadap dua variabel di atas dapat diketahui bahwa nilai variance dolar as periode januari 2001-juli 2006 yakni 541634.3 dan variance dinar emas yakni 1,884,190,602.14 sedangkan nilai mean masing-masing variabel, untuk dolar as sebesar 9367 dan mean dinar emas 112693. perbedaan nilai mean yang begitu jauh tidak dapat dibandingkan dispersi datanya secara langsung. oleh karena itu, untuk menghitung nilai variance harus diakarkan kembali menjadi deviasi standar supaya ukuran dispersi menjadi jelas. dari hasil uji dengan deviasi standar diperoleh nilai standar deviasi variabel dolar as sebesar 735.9581 dan nilai standar deviasi untuk emas sebesar 43407. darwis harahap: analisis stabilitas dinar emas dan dolar as 281 namun, karena nilai mean dari dolar as sebesar 9039 dan nilai mean dari dinar emas sebesar 112693.yang berbeda maka tidak dapat diambil kesimpulan dari hasil uji variance tersebut. untuk itu, dilakukan uji 2 analisis of variance (anova). dalam bentuk yang paling sederhana, anova ini digunakan untuk menguji signifikansi dari perbedaan dua rata-rata dari sejumlah populasi yang berbeda. dari hasil uji analysis of variance (anova) dapat diambil kesimpulan bahwa dinar emas lebih stabil dari pada dolar as. hal ini dapat dilihat dari hasil uji analysis of variance (anova), yakni pada area reject h 0 . hal ini dapat dilihat dari nilai f-statistik 379.532 lebih besar dari pada critical value 3.99. dan nilai signifikansi yang ditampilkan oleh e-views yakni 0.000. dari hasil uji statistik di atas diambil kesimpulan bahwa volatilitas dinar emas lebih stabil dari dolar as. simpulan hasil perhitungan laju pertumbuhan dolar as secara bulanan selama periode penelitian menunjukan bahwa laju pertumbuhan harga dolar as per bulan sekitar 0.4%. sementara itu, laju pertumbuhan emas per bulan sekitar 2 % selama periode penelitian. dari hasil pengujian di atas, dapat diambil kesimpulan bahwa laju pertumbuhan emas lebih tinggi daripada laju pertumbuhan dolar as. dari hasil uji kausalitas granger diperoleh kesimpulan bahwa hasil estimasi kausalitas granger menunjukkan bahwa pada hipotesis yang menyatakan emas tidak menyebabkan dolar as emas ditolak, hal ini dapat dilihat f statistik yang signifikan pada alfa 5% yaitu sebesar 0.000. artinya kenaikan harga emas menyebabkan kenaikan harga dolar as. sebaliknya, hipotesis yang menyatakan bahwa dolar as tidak menyebabkan emas diterima, karena f statistik yang tidak signifikan pada alfa 5% yaitu sebesar 0.67730. artinya kenaikan atau penurunan harga dolar as tidak menyebabkan penurunun/kenaikan harga emas. volatilitas harga dolar as dipengaruhi volatiltas dinar emas dan volatilias dinar emas tidak dipengaruhi dolar as. jika trend volatilitas dinar emas tidak stabil, berarti dapat disimpulkan bahwa volatiltas dolar as juga tidak stabil. tetapi, jika dolar as tidak stabil belum tentu dinar emas tidak stabil. hasil uji analysis of variance (anova) dapat diambil kesimpulan bahwa dinar emas lebih stabil dari pada dolar as. hal ini dapat dilihat dari hasil uji analysis of variance (anova), yakni pada area reject h 0 . hal ini dapat dilihat dari nilai f-statistik 379.532 lebih besar dari pada critical value 3.99. dan nilai signifikansi yang ditampilkan oleh e-views 5 yakni 0.000. secara keseluruhan disimpulkan bahwa pada periode penelitian dinar emas bisa dijadikan alternatif pengganti dolar as karena nilainya yang stabil yang diukur dengan rupiah. al-iqtishad: vol. vi no. 2, juli 2014 282 pustaka acuan ahmed, h. 2002. “money and exchange rate in islamic economy”, hasil seminar stable and just global monetary system, viability of the islamic dinar. malaysia: iium. al arif, m. n. r. 2010. teori makroekonomi islam. bandung: alfabeta. -------------------. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia. chapra, m.u. 2000. sistem moneter islam. jakarta: gema insani press. choudhury, m.a. 1997. money in islam. canada: routledge. esquivel, g & f.b. larrain. 2002. the impact of g-3 exchange rate volatility on developing countries. g-24 discussion paper series, united nations new york and geneva. hakim, c.m.. 2001. sistem dinar solusi perbankan syariah, dalam buku dinar emas solusi krisis moneter. jakarta: pirac, sem institut, jakarta. hamidi, m. 2007. gold dinar sistem moneter global yang stabil dan berkeadilan. cet. ke-1. jakarta: senayan abadi publishing. hasan, a. 2005. mata uang islami telaah komprehensif sistem keuangan islami. jakarta: pt. raja grafindo persada. huda, n, dkk. 2008. ekonomi makro islam: pendekatan teoritis. jakarta: kencana. mannan, m.a. 1992. ekonomi islam: teori dan praktik. jakarta: intermasa. marthon, s.s. 2004. ekonomi islam: di tengah krisis ekonomi global. jakarta: zikrul hakim. metwally, m. m. 1993. essays on islamic economics. calcutta: academic publisher muhammad. 2002. kebijakan fiskal dan moneter dalam ekonomi islam. yogyakarta: uii press. paolo p. & c. tile. 2003. aspek ekonomi dari krisis mata uang dan penularannya: suatu pengantar, dalam sofyan s. harahap, pelajaran dari krisis asia. jakarta: quantum. perwataatmadja, a.k. 2003. menggagas ekonomi syariah yang mantap dengan peraturan perundang-undangan yang baik, seminar nasional hukum ekonomi, senat mahasiswa fakultas hukum universitas indonesia, tanggal 25-27 februari 2003, kampus ui depok. siregar, m. 2002. ekonomi dan bank syariah pada millenium ketiga. medan: iain press. supriyanto, e. 2005. ekonomi islam: pendekatan ekonomi makro islam dan konvensional. bandung: graha ilmu. yusanto, ismail. 2001. mencari solusi krisis ekonomi, dalam buku dinar emas solusi krisis moneter. jakarta: pirac sem institut. iain sultan amai gorontalo e-mail: luq.h.ajuna@iaingorontalo.ac.id luqmanul hakiem ajuna abstract. this research analyses the influence of islamic religiosity and the islamic work ethics on job satisfaction of employees in islamic financial institutions in gorontalo indonesia. using a questionnaire method, this research had 137 employees as samples spreading in 14 islamic financial institutions in gorontalo province. this research used multiple linear regression approach. based on data analysis, the result showed that simultaneously the religiosity and islamic work ethics variables affected the employee’s job satisfaction, whereas in partial, only the islamic work ethics variable influenced the job satisfaction. overall, the employees have not yet found a medium to explore their islamic potential, thus their expressions of religiosity seemed to be scriptural and only limited to practices and rituals. keywords: islamic religiosity, islamic working ethics, job satisfaction abstrak. relevansi religiusitas islam, etika kerja islam, dan kepuasan kerja pegawai lembaga keuangan syariah di gorontalo. penelitian ini melihat pengaruh religiusitas islam dan etika kerja islam terhadap kepuasan kerja di lembaga keuangan syariah di provinsi gorontalo. berdasarkan hasil analisis data yang diolah dengan menggunakan metode regresi linier berganda dengan mengambil sampel sebanyak 137 pegawai yang tersebar di 14 lembaga keuangan syariah di provinsi gorontalo. penelitian ini menyebutkan bahwa secara simultan variabel religiusitas dan etika kerja islam berpengaruh terhadap kepuasan kerja, sedangkan secara parsial hanya variabel etika kerja islam yang memberi pengaruh pada kepuasan kerja. secara menyeluruh bahwa pegawai belum memiliki wadah untuk mengeksplor potensi keberagamaan mereka sehinga ekspresi kebebasan keberagamaan masih terkesan kaku dan hanya terbatas pada praktik dan ritualisme semata. kata kunci: religiusitas islam, etika kerja islam, kepuasan kerja the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 137 150 138 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction human resources are closely related to satisfaction and dissatisfaction, comfort and discomfort, pride and modesty, and many more factors that support humans to show productive work. job satisfaction as the starting point of success, according to the researcher, should appear comprehensively with islamic value in the concept of ethics and serve as proof of achievement in history as stated in quran and hadiths. indrawati (2013), in her article, quoted several experts' opinions and concluded that job satisfaction affected employees' performance positively. the employees' contentment is an accumulation that might be obtained from satisfaction toward work results and can be caused by other various factors. studies on job satisfaction have then noted within the dynamics of islamic economy science, particularly regarding islamic work ethics. among them is jalal et al. (2019), who put forward a study on the effect of personal attitude towards employees' job satisfaction in the frame of islamic work ethics. zaman et al. (2013) analyzed efforts in mediating islamic work ethics and employees' job satisfaction, resulting in an intense relationship between the two. soleman et al. (2020) raised the issue of islamic job satisfaction, organizational commitment and impermanence in life as a model of islamic work ethics. however, apart from many studies conducted, there have been limited studies analyzing the influence of islamic work ethics on the job satisfaction of the employees of islamic financial institutions. gorontalo province is a province that is geographically located in the north of eastern indonesia. "hulondalo" in its traditional language refers to an area famous for trading across makassar, ambon, manado and ternate, which has made the area cross-trade flows. having the most significant number of muslim participants in indonesia and the religious lifestyle of its society, it has become a new market field for the development of islamic financial institutions in this area known as the veranda of medina. every year, financial service authority (ojk) reports the growing assets of islamic financial institutions in indonesia, which unfortunately are not perfectly managed. this indicates that there are flaws in the management of the institution itself. the caliph of umar ra. highly prioritized the employee's rights, especially in establishing job satisfaction (al-haritsi, 2006). ali et al. 1995 stated that intense religiosity could encourage its believers to do their jobs responsibly. religiousness is perceived to have a relationship with job satisfaction, organizational commitment, and organizational behavior (kutcher, 2010). luqmanul hakiem ajuna. the relevance of islamic religiosity 139 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 using a sample of employees in tasikmalaya industrial center, amaliah (2015) proved that islamic religiosity influenced job satisfaction. meanwhile, ghazzawi (2016) conducted his research in organizations and companies in southern california and found that islam and other transcendent religious believers did not show a positive relationship toward job satisfaction. none of those studies focused on islamic religiosity in islamic financial institutions, in areas with custom philosophy based on islamic values. this research will attempt to fill in this gap in the literature using the case of gorontalo, where its customary principle is known by “custom is based on shara, and shara is based on the holy book of allah.” previous facts, theories, and researches have illustrated the importance of islamic values in improving the performance of employees in islamic financial institutions. by all means, as can be found in almost all literature, when religiosity is adopted in the religious system, it will be able to influence positive responses to the work itself without the employees realizing it. currently, imbalances continue to occur in islamic financial institutions, thus threatening the credibility of institutions that carry religious values in their operations. to deal with these issues, the researcher attempted to analyze the employees' job satisfaction through islamic religiosity and employees' work ethics in islamic financial institutions in gorontalo, either partially or simultaneously. literature review islamic religiosity religiosity derived from the latin religion, originating from the word, relegate, which means binding. definition of religiosity in daily language can have equivalent meaning to 'piety' (kbbi, 2012). religion can be essentially and commonly described as a collection of guidance and regulations that control human relations with the supernatural world, especially with their god (natsir, 1999). religion as a system and matters concerning religious emotions have a significant impact on someone in the form of human behavior (abdel-khalek, 2007). even though religion and religiosity are often interpreted the same, essentially, the two are different. religion refers to formal aspects of guidelines and responsibilities; meanwhile, religiosity refers to religious aspects that an individual has lived in the heart with (fuad dan rachmi, 2002). the religiosity within an individual will encourage him to act according to his degree of obedience to religion in his daily life (affandi dan dewanti, 2011). diversity or religiosity is manifested in various aspects of human life. religious 140 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 activity occurs not only when someone performs ritual (pray) but also when he undertakes other activities driven by absolute power (ancok dan fuat, 2005). religiosity regards how much knowledge is, how strong beliefs are, how diligent the practice of worship is and how deep the appreciation of one's religion is (stark dan glock, 1968 and holdcroft, 2006). the islamic religiosity is defined as the extent of the strength of faith, the belief of a muslim in which the dogma is practiced daily (diponegoro dan suptiyo, 2013). islamic working ethics ethics is often known as ethos, taken from a greek word. it can be defined as something to believe, acting, attitude, and perception towards values of work. from this word, "ethics" is created, which means guideline, moral, behavior, or etiquette that refers to the polite manner (tasmara, 1995). mochtar buchori stated that working ethos is attitude and view of work, work habits owned by someone, a community or a state (buchori, 2002). working ethos is behavior, character, and humans' inner life quality, moral and aesthetic style and inner feeling; it is a fundamental characteristic that reflects in the real world (asy'arie t.t). ahmad janan asifudin stated that the characteristics of the islamic work ethos could depend on the concepts of faith, knowledge and good deeds. the work ethics for a muslim can be motivated by both fundamental attitude and islamic life quality in the form of an environment created from the spirit of monotheism and translated into righteous deeds. in other words, the muslim work ethos is a perspective believed by a muslim that working is to honor himself as a human being and as a manifestation of good deeds, and therefore has a very noble worship value before god. work is perceived as the elaboration of aqidah, based on the knowledge emulating the attributes of god and following his instructions (djakfar, 2007). islamic work ethics is represented in the form of sharia consisting of alquran, sunnah, ijma, and qiyas (triyuwono, 2000). soleman et al. (2020) emphasize the roles of a manager in creating work ethics to ensure the availability of policy patterns for new employees and to communicate internal problems to avoid conflicts. job satisfaction steve m. jex defined job satisfaction as the degree of positive affection of an employee towards his job and the job situation (chanzanagh dan mahdi 2011). job satisfaction is a set of employees' feelings about whether or not their work is luqmanul hakiem ajuna. the relevance of islamic religiosity 141 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 fun. job satisfaction indicates the compatibility between an employee's expectations and the rewards provided (sinambela, 2016). job satisfaction is a positive attitude of the employee about his job that emerged based on the assessment of the working situation. the assessment is done as a form of appreciation in achieving one of the crucial values at work. a satisfied employee would prefer his working situation compared to a dissatisfied employee who does not like his working situation (davis dan nnewstroom, 2001). one indicator of satisfaction at work reflects on how someone being grateful to allah swt. the employees' job satisfaction in islamic financial institutions can be achieved when they are always grateful for allah swt's blessings, feel proud of their jobs, get peace of life from work, and get compensation based on their work (hamali, 2016). therefore, someone will be satisfied with his job after doing an assessment, with the assessment results always have a person's views and attitudes towards the work he has done (natsir, 2012). in doing a job, humans are affected by various factors, are working tools, working methods, working capital, information, material, ownership of production equipment, management style, salary, rewards, etc., that commonly referred to as working environment (rokhman, 2010). working is a human activity to change a particular situation from a natural environment. the change aims to fulfill the needs of life and maintain life, which is basically to meet the purpose of life (darsono dan tjatjuk, 2011). methods this research used a quantitative approach collecting data from a survey to the employees of 14 islamic financial institutions in indonesia's gorontalo province. multiple linear regression analysis then analyzes the data. in this research, proportionate stratified random sampling was utilized to determine the amount, which was then calculated using the slovin method (rivai, 2011) with a significance level of 5% tolerance. thus, out of 207 respondents, 137 samples were chosen. in preparing the measurement scale, the likert scale (umar, 2004) method was used where each respondent was asked to rate his opinion on a statement with a rating scale from 1 to 5. data analysis methods include validity test, reliability test, classic assumption test (multicollinearity test, heteroscedasticity test, and normality test), regression analysis and hypothesis test (t-test and f test), and accuracy of the model or goodness of fit of a model test, which is the coefficient of determination (r2). 142 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 dimensions of belief (ideology), ritual or religious practice (ritualistic), dimension of appreciation (experiential), dimension of implementation (consequential), and the dimension of religious knowledge are all at least five dimensions of islamic religiosity (intellectual) presented by suryani dan hendryadi, 2015). further, trusteeship, work goal, work type, work results from the islamic ummah, fairness, and cooperation are the six dimensions of islamic work ethics (stark and charles, 1968). meanwhile, job satisfaction includes gratitude, pride, quiet life, and compensation (chanzanagh dan mahdi, 2011). based on the explanation above, the model and hypothesis of this research can be formulated as follows: figure 1: the model and hypotesis islamic religiosity (x1) h1 h2 job satisfaction (y) islamic work ethics (x2) in which: h1: there is a positive and significant influence of islamic religiosity on job satisfaction; h2: there is a positive and significant influence of islamic work ethics on job satisfaction; h3: there is a positive and significant influence of islamic religiosity and islamic work ethics on job satisfaction. hypothesis test analysis this research used religiosity and islamic work ethics as independent variables and job satisfaction as the dependent variable. the relationship among variables will be described as follows: luqmanul hakiem ajuna. the relevance of islamic religiosity 143 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 1. hypothesis test simultaneously (f test) the f test was used to determine the overall impact of the model's independent variables on the dependent variable, namely the impact of islamic religiosity and work ethics on job satisfaction. the table below shows the results of the t-test: table 1: anovaa model sum of squares df mean square f sig. 1 regression 569.936 2 284.968 11.436 .000b residual 3339.013 134 24.918 total 3908.949 136 a. dependent variable: satisfaction b. predictors: (constant), ethic, religiosity the test was carried out in two ways: comparing the numbers in the f-count and f-table and comparing the significant (sig) level results of calculations with a significant level of 0.05 (5%). it is found that f-count of 11.436> f-table 2.29. while the research's significance number (sig) was calculated to be 0.00 0.05, indicating that h0 is rejected and ha is accepted. this indicates that islamic religiosity and work ethics have an impact on job satisfaction. 2. partial determination coefficient test result (t-test) to examine the effects of independent factors (islamic religiosity and islamic work ethics) on the dependent variable (job satisfaction), a statistical t-test was performed. further explanation is shown in the following table: table 2: coefficientsa model unstandardized coefficients standardized coefficients t sig. b std. error beta 1 (constant) 24.645 4.185 5.888 .000 religius .142 .090 .135 1.577 .117 etika .349 .096 .311 3.624 .000 a. dependent variable: satisfaction 144 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 the table above shows that there is an influence between independent and dependent variables with different t values. a. the influence of islamic religiosity on job satisfaction based on the calculation, it is found that t count of 1,577 < t-table of 1,977. while the significance is 0,117 > 0,05, which means h0 is accepted, and ha is rejected. in other words, there is no influence of islamic religiosity on job satisfaction. b. the influence of islamic work ethics on job satisfaction the calculation shows that the t count of 3,624 is greater than the t-table of 1,977. the significance of 0,000 is lesser than 0,05, indicating that ha is accepted and h0 is rejected. this suggests that there is a 0.349 effect of islamic work ethics on job satisfaction. 3. simultaneous determination coefficient test result to find out the effect of islamic religiosity and islamic work ethics variable on the job satisfaction simultaneously, it can be seen from the result calculation in the table below, particularly the r square number: table 3: model summary model r r square adjusted r square std. error of the estimate 1 .382a .146 .133 4.99179 a. predictors: (constant), ethics, religiosity the r square (r2) value is 0.146. the coefficient of determination (kd) is calculated using the formula below to determine the effect of islamic religiosity and islamic work ethics on job satisfaction: kd = r2 x 100% kd = 0,146 x 100% kd = 14,60% this figure reveals that islamic religiosity and islamic work ethics have 14.60% influences on simultaneous job satisfaction, with the remaining 85.40% are impacted by other factors. in short, 14.60% of job satisfaction variability can be explained by islamic religiosity and islamic work ethics variables. luqmanul hakiem ajuna. the relevance of islamic religiosity 145 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 results and discussions the researcher in the following discussion would further explain the result of the research data above: 1. the influence of islamic religiosity on the job satisfaction overall, this research indicates that there is no influence of islamic religiosity towards job satisfaction in islamic financial institutions in this province with a muslim population of 98,20%. there are many reasons why islamic religiosity is still problematic. for instance, many employees have no medium to explore their religiousness and cannot express religious freedom in their workplace. besides, it is supported that 90% of islamic financial institution employees in gorontalo are not equipped with islamic financial institutions knowledge. barhem et al. (2009) added that overwhelming working demands have contributed to disharmony between faith and job satisfaction, especially among women. specialization of islamic factors of employees at work proved that most of the financial institutions' employees still consider religiosity a mere practice and ritual of worship (king, 2015). on the other hand, ali et al. l (2015) claimed that religiosity is strongly influenced by ethnic and racial discrimination. thus the management of islamic issues will quickly increase one's religiosity level. many similar studies have shown that the degree of one's religiousness or certain religions bring a positive impact on job satisfaction (amaliah et al., (2015), wening and choerudin (2015), onyemah et al. (2018), and bednarczuk (2019)). however, the findings of darto et al. (2015) and ghazzawi et al. (2016) supported this research that the religiosity of muslims and other transcendent religious believers did not show a positive effect on their job satisfaction. 2. the influence of work ethics on job satisfaction the results of the research indicate that islamic work ethics affects job satisfaction. this shows that job responsibility as evidence of faith in allah swt has embedded in employees. the managers have successfully run training and educational programs that support islamic work ethics. yousef (2001) stated that work ethics in islam is highly influenced by age, level of education, and working experience. this proved that islamic financial institutions in gorontalo have successfully adopted islamic work ethics in a kaffah manner. in islamic banking, work ethics should go along with islamic principles and 146 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.17052 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 values (nasution et al., 2020). work ethics is essential in determining the success of an institution engaged in service sectors, not to mention islamic financial institutions that put forward akhlakul karimah in running their organizations. al-shahbah (2017) explained that employees' awareness about implementing work ethics based on islamic principles would motivate and increase job satisfaction. job satisfaction will also improve when the managers try to promote islamic work ethics. other than the studies mentioned above, previous researches have also proved that islamic work ethics affected job satisfaction not only in islamic-based institutions (marri et .al (2012); zaman et al. (2013); and haroon et al. (2012)). meanwhile, jalal et al. (2019) research revealed that islamic work ethics did not influence job satisfaction. conclusions based on the discussion in the previous chapters, it is concluded that: simultaneously, islamic religiosity and islamic work ethics affect job satisfaction in islamic financial institutions in gorontalo province. it is shown in the level of religiosity and works ethics adopted and implemented in accordance with rules of islam as seen in their services and work procedures. this proves that customary principle that upholds the value of islam in the veranda of medina country spreads to all sectors. islamic religiosity partially does not influence the employees' job satisfaction in islamic financial institutions in gorontalo province. this indicates that religiosity in islamic financial institutions is merely limited in the form of symbols and rituals. islamic work ethics partially gives the effects on job satisfaction. this proves that almost all islamic financial institutions in gorontalo province have implemented work procedures according to islamic work ethics. it has become the major concern of the managerial boards. references abdel-khalek, a. m. 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(2013). the mediating role of intrinsic motivation between islamic work ethics and employee job satisfaction. journal of business studies quarterly. 5(1): 93-102. https://id.wikipedia.org/wiki /gorontalo pada tanggal 23september 2019 https://id.wikipedia.org/wiki /gorontalo pada tanggal 23september 2019 the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano suryani: analisis faktor kualitas pelayanan di bank syariah 239 analisis faktor kualitas pelayanan di bank syariah suryani1 abstract: factor analysis on services quality in islamic bank (study at pt bank muamalat indonesia). the aim of this study is to determine and identify the factors forming quality of service in pt. bank muamalat indonesia, tbk branch medan. instruments of research use questionnaires and factor analysis. this research is quantitative research using survey methods. the sample method that used in this research is accidental sampling. the reliability and validity test shown that 13 question had been fulfilled the reliability and validity requirements. from the extraction gives three factors. factor 1 explained 45,299%, factor 2 explained 12,819%, and factor 3 explained 8,904%. the results show that quality of communication is dominant factor to explain service quality. then product innovation and physical aspects. keywords: service quality, islamic banking, factor analysis abstrak: analisis faktor kualitas pelayanan di bank syariah (studi pada pt bank muamalat indonesia). penelitian ini bertujuan untuk mengetahui dan mengidentifikasi faktor-faktor pembentuk kualitas pelayanan pada pt. bank muamalat indonesia, tbk cabang medan. penelitian ini merupakan penelitian kuantitatif dengan menggunakan metode survey. metode sampel yang dipergunakan adalah metode penarikan sampel aksidental. instrumen penelitian menggunakan kuesioner dan dianalisis dengan analisis faktor. hasil uji reliabilitas dan validitas memperlihatkan bahwa 13 butir pertanyaan terbukti memenuhi syarat reliabilitas dan validitas item. hasil ekstraksi hanya menghasilkan 3 faktor. faktor 1 mampu menjelaskan sebesar 45.299%, faktor 2 menjelaskan 12.819%, dan faktor 3 mampu menjelaskan sebesar 8.904%. faktor yang paling mampu menjelaskan kualitas pelayanan adalah faktor keandalan komunikasi. faktor kedua adalah inovasi produk. faktor ketiga adalah aspek fisik. kata kunci : kualitas pelayanan, perbankan syariah, analisis faktor 1 diterima: 18 maret 2014, direvisi 20 april 2014, disetujui: 28 april 2014 stain malikussaleh lhokseumawe, jl. banda aceh – medan, buket rata, kota lhokseumawe, aceh email: suryapijar@yahoo.com al-iqtishad: vol. vi no. 2, juli 2014 240 pendahuluan bisnis perbankan merupakan bisnis jasa yang berdasarkan pada azas kepercayaan sehingga masalah kualitas layanan menjadi faktor yang sangat menentukan dalam keberhasilan usaha. kualitas layanan merupakan suatu bentuk penilaian konsumen terhadap tingkat layanan yang diterima (perceived service) dengan tingkat layanan yang diharapkan (expected service). semakin ketatnya persaingan dalam industri perbankan mendorong industri perbankan untuk cepat menyesuaikan diri dengan perkembangan masyarakat di sekitarnya. hal tersebut ditandai dengan semakin maraknya ekspansi dari bank-bank asing yang mencoba masuk ke pasar perbankan di indonesia. industri perbankan saat ini berlomba-lomba untuk meningkatkan layanan kepada nasabah, dengan cara memberikan fasilitas-fasilitas yang memudahkan nasabah tersebut dalam melakukan transaksi keuangan (infobank, april 2008). persaingan yang ketat baik antar bank syariah maupun dengan bank konvensional meningkatkan standar nasabah terhadap jasa perbankan. sehingga pendekatan menggunakan sentimen syariah menjadi tidak lagi efektif. masyarakat yang sudah terbiasa dengan sistem konvensional dan memiliki image bahwa pelayanan bank konvensional lebih baik dari bank syariah menjadi tantangan bagi bank syariah untuk menemukan strategi yang lebih tepat dalam mempertahankan nasabah dan meningkatkan pangsa pasar. munculnya konsep bank syariah di indonesia dimungkinkan melalui undang-undang perbankan nasional no. 7 tahun 1992 yang menyatakan dimungkinkan bank dengan sistem bagi hasil yang pada akhirnya mengilhami lahirnya bank muamalat indonesia. sejalan dengan munculnya krisis moneter yang akhirnya menjadi krisis ekonomi di indonesia yang antara lain ditandai dengan banyaknya bank yang dilikuidasi. pada sisi lain bank muamalat indonesia tetap tegap menjalankan operasinya. terjadinya perubahan undang-undang no.7 tahun 1992 menjadi undang-undang (uu) no. 10 tahun 1998 semakin memberikan stimulus munculnya perbankan syariah di indonesia. karena dalam uu baru tersebut dinyatakan dimungkinkan bank beroperasi dalam dua sistem yaitu bank konvensional dan bank syariah (dual banking system). terhitung sejak 17 juni 2008, industri perbankan syariah indonesia secara resmi memasuki era baru. ruu perbankan syariah yang telah masuk ke dpr sejak pertengahan 2005 sebagai ruu inisiatif dpr, telah disahkan sehingga indonesia kini resmi memiliki regulasi perbankan syariah yaitu uu nomor 21 tahun perbankan syariah (yusuf wibisono, 1999). konseptualisasi dan pengukuran persepsi kualitas pelayanan adalah salah satu suryani: analisis faktor kualitas pelayanan di bank syariah 241 topik kontemporer yang paling diperdebatkan dan kontroversial dalam literatur pemasaran jasa (brady dan cronin, 2001; zeithaml, 2000; zins, 2001; rust dan oliver, 2000;. lapierre, et al, 1996). karena jasa tidak berwujud, konsumen menilai kualitas secara subjektif. seperti yang dirasakan layanan / produk yang berkualitas telah disebut sebagai “sulit dipahami” (parasuraman et al, 1985;. smith, 1999), dan berbagai penelitian menganggap bahwa konstruk ini masih dianggap “tidak terselesaikan” (carhuana et al, 2000). pengukuran kualitas pelayanan oleh parasuraman etal. (1985) pada riset eksplanatorinya, dijelaskan pelayanan dan faktor-faktor yang menentukannya. dalam penelitian ini didefinisikan bahwa kualitas pelayanan sebagai derajat ketidakcocokan antara harapan normatif nasabah pada jasa dan persepsi nasabah pada kinerja pelayanan yang diterima. dari penelitian ini digunakan instrumen servqual, yaitu suatu skala yang terdiri dari 22 item untuk mengukur kualitas pelayanan yang tercakup dalam lima dimensi, yaitu: reliability, responsiveness, assurance, empathy dan tangibles. hasil penelitiannya menunjukkan bahwa dimensi reliability yang paling penting dalam menentukan kepuasan pelanggan. kemudian diikuti dimensi responsiveness, assurance, empathy, dan tangibles. firdaus abdullah (2011) mencatat sejumlah besar studi empiris pada kualitas pelayanan bank berdasarkan literatur, sebagian besar penelitian ini mengukur kualitas pelayanan dengan mereplikasi atau mengadaptasi model servqual (kumaretal, 2010; petridouetal,2007; jabnoun dan altamimi, 2003; blanchard dan galloway, 1994; macdougall dan levesque, 1994; newman dan cowling, 1996; athanassopoulos, 1997; lloyd-walker dan cheung,1998; marshall dan smith, 2000). firdaus abdullah, dkk (2011) sendiri mengembangkan sebuah analisis faktorial menunjukkan bahwa kualitas pelayanan memiliki tiga dimensi yaitu “systemization of service delivery”, “komunikasi handal” dan “responsivitas”, dan selanjutnya beberapa analisis regresi menunjukkan bahwa “sistematisasi” adalah dimensi kualitas pelayanan yang paling penting dalam sektor perbankan yang kemudian disebut sebagai indeks bsq (bank service quality). penelitian saad a. metawa, mohammed almossawi, (1998), berhasil mengidentifikasi profil dan perbankan kebiasaan nasabah bank syariah serta kesadaran mereka, penggunaan, dirasakan pentingnya dan tingkat kepuasan dengan produk saat ini dan layanan disediakan oleh dua bank syariah terkemuka yang beroperasi di bahrain. metawa dan almossawi (1998) mengembangkan atribut-atribut yang mempengaruhi perilaku nasabah meliputi: ketersediaan kredit, saran kerabat dan rekomendasi, teman, saran dan rekomendasi, lokasi yang nyaman, berbagai bank layanan, kualitas layanan, ketersediaan atm, jam bank yang memadai, investasi, keramahan personil, memahami kebutuhan keuangan, layanan khusus perempuan, al-iqtishad: vol. vi no. 2, juli 2014 242 dan nama bank. mengingat konsep kualitas pelayanan bank itu sendiri masih memiliki berbagai perbedaan, maka penelitian ini mencoba untuk menganalisis faktor pembentuk kualitas pelayanan menggunakan 13 atribut pelayanan dan diharapkan dapat membentuk faktor konstruk kualitas pelayanan. tinjauan pustaka definisi awal kualitas layanan didasarkan pada paradigma yang disebut diskonfirmasi. menurut parasuraman et al. (1985), persepsi kualitas pelayanan adalah hasil dari perbandingan antara layanan apa yang konsumen harus pertimbangkan dan persepsi mereka tentang kinerja yang sebenarnya ditawarkan oleh penyedia layanan. parasuraman et al.(1985) mendalilkan lima dimensi dari pengalaman pelayanan dikenal model servqual terdiri: keandalan, daya tanggap, empati, jaminan, dan berwujud. parasuraman et. al (1990) telah mengembangkan suatu alat ukur kualitas layanan yang disebut servqual (service quality), servqual ini merupakan skala multi item yang terdiri dari 22 pertanyaan yang dapat digunakan untuk mengukur persepsi nasabah atas kualitas layanan. menurut parasuraman et al (1990) kulaitas layanan meliputi lima dimensi yaitu: 1. tangibles, meliputi fasilitas fisik, perlengkapan, personilnya dan sarana komunikasi. hal ini berkaitan dengan fasilitas fisik, penampilan karyawan, peralatan dan teknologi yang dipergunakan dalam memberi layanan, fasilitas fisik seperti gedung, ruang tempat layanan, kebersihan, ruang tunggu, fasilitas musik, ac, tempat parkir merupakan salah satu segi dalam kualitas jasa karena akan memberikan sumbangan bagi konsumen yang memerlukan layanan perusahaan. penampilan karyawan yang baik akan memberikan rasa dihargai bagi nasabah yang dilayani sedang dalam peralatan dan teknologi yang dipergunakan dalam memberikan layanan akan memberikan kontribusi pada kecepatan dan ketepatan layanan. 2. reliability (kehandalan), yaitu kemampuan untuk menghasilkan kinerja pelayanan yang dijanjikan secara akurat dan pasti. hal ini berarti bahwa pelayanan harus tepat waktu dan dalam spesifikasi yang sama, tanpa kesalahan, kapanpun pelayanan tersebut diberikan. 3. responsiveness (keikutsertaan), yaitu kemampuan para karyawan untuk membantu para nasabah dan memberikan layanan dengan tanggap. hal ini tercermin pada kecepatan, ketepatan layanan yang diberikan kepada nasabah, keinginan karyawan untuk membantu para nasabah (misal: customer service memberikan suryani: analisis faktor kualitas pelayanan di bank syariah 243 informasi seperti yang diperlukan nasabah), serta adanya karyawan pada jamjam sibuk (seperti tersedianya teller pada jam-jam sibuk). 4. assurance, yaitu kemampuan, kesopanan, dan sifat dapat dipercaya yang dimiliki oleh para staff, bebas dari bahaya, risiko dan keragu-raguan. berkaitan dengan kemampuan para karyawan dalam menanamkan kepercayaan kepada nasabah, adanya perasaan aman bagi nasabah dalam melakukan transaksi, dan pengetahuan dan sopan santun karyawan dalam memberikan layanan kepada konsumen, pengetahuan, kesopanan dan kemampuan karyawan akan menimbulkan kepercayaan dan keyakinan terhadap perusahaan. 5. empathy, yaitu kemudahan dalam melakukan hubungan, komunikasi yang baik, perhatian pribadi dan memahami kebutuhan nasabah. hal ini berhubungan dengan perhatian atau kepedulian karyawan kepada pelanggan (misal: untuk menemui karyawan senior), kemudahan mendapatkan layanan (berkaitan dengan banyaknya outlet, kemudahan mendapatkan informasi melalui telepon). kepedulian karyawan terhadap masalah yang dihadapinya. perusahaan memiliki objektifitas yaitu memperlakukan secara sama semua nasabah. semua nasabah berhak untuk memperolah kemudahan layanan yang sama tanpa didasari apakah mempunyai hubungan khusus dengan karyawan atau tidak. kualitas menurut kotler adalah keseluruhan ciri serta sifat suatu produk atau pelayanan yang berpengaruh pada kemampuannya untuk memuaskan kebutuhan yang dinyatakan atau yang tersirat. sementara pelayanan mengandung pengertian setiap kegiatan atau manfaat yang diberikan oleh suatu pihak kepada pihak lain yang pada dasarnya tidak berwujud dan tidak pula berakibat kepemilikan sesuatu. kualitas pelayanan pada umumnya dipandang sebagai hasil keseluruhan sistem pelayanan yang diterima konsumen, dan pada prinsipnya, bahwa kualitas pelayanan berfokus pada upaya pemenuhan kebutuhan dan keinginan pelanggan, serta adanya tekad untuk memberikan pelayanan sesuai dengan harapan pelanggan. kualitas pelayanan merupakan tingkat keunggulan yang diharapkan dan pengendalian atas tingkat keunggulan tersebut untuk memenuhi harapan pelanggan bank islam atau yang disebut dengan bank syariah adalah bank yang beroperasi dengan tidak mengandalkan pada bunga. bank syariah merupakan lembaga keuangan perbankan yang operasional dan produknya dikembangkan berlandaskan pada al-quran dan hadis nabi saw. dengan kata lain bank umum syariah adalah bank yang melakukan kegiatan usaha atau beroperasi berdasarkan prinsip syariah dan tidak mengandalkan pada bunga dalam memberikan pembiayaan dan jasa-jasa lainnya dalam lalu lintas pembayaran. menurut surat keputusan direktur bank indonesia no. 32/ 148/ kep/ dirtanggal 12 november 1998 pasal 12 ayat (3) menyatakan bahwa bank al-iqtishad: vol. vi no. 2, juli 2014 244 berdasarkan prinsip syariah adalah: “prinsip syariah adalah aturan perjanjian berdasarkan hukum islam. bank dengan pihak lain untuk penyimpanan dana/ pembiayaan kegiatan usaha atau kegiatan lainnya yang dinyatakan sesuai dengan syariah, antara lain pembiayaan berdasarkan prinsip bagi hasil (mudharabah), pembiayaan berdasarkan penyertaan modal (musyarakah), prinsip jual beli barang dengan memperoleh keuntungan (murabahah), atau pembiayaan barang modal berdasarkan prinsip sewa murni tanpa pilihan (ijarah) atau dengan adanya pilihan pemindahan kepemilikan atas barang yang disewa dari pihak bank oleh pihak lain (ijarah wa iqtina). perwataatmadja dan antonio (1992) mendefinisikan bank islam sebagai berikut: “bank islam adalah bank yang beroperasi sesuai dengan prinsip-prinsip syariah islam yang tata cara operasinya mengacu kepada al-quran dan hadis. bank yang beroperasi sesuai prinsip-prinsip syariah islam adalah bank yang dalam beroperasinya itu mengikuti ketentuan-ketentuan syariah islam khususnya yang menyangkut tata cara bermuamalat secara islami. sesuai dengan suruhan dan larangan islam itu, maka yang dijauhi adalah praktek-praktek yang mengandung unsur-unsur riba, sedangkan yang diikuti adalah praktek-praktek usaha yang dilakukan di zaman rasulullah saw atau bentuk-bentuk usaha yang telah ada sebelumnya tetapi tidak dilarang oleh beliau. dari definisi-definisi di atas, dapat disimpulkan bahwa bank syariah merupakan suatu lembaga keuangan yang beroperasi sesuai dengan syariat islam, yang beroperasi dengan prinsip bagi hasil, bukan prinsip pranata bunga. bank syariah merupakan profit oriented business dan tidak hanya diperuntukkan bagi umat islam, tetapi untuk seluruh masyarakat. sejak satu dekade terakhir di indonesia telah diperkenalkan suatu sistem perbankan dengan metode pendekatan syariah islam yang dapat menjadi perbankan alternatif bagi masyarakat, khususnya bagi umat islam. gambaran suatu perbankan yang aman, terpercaya dan amanah serta terbebas dari riba sangat dirindukan oleh masyarakat. karakteristik sistem perbankan syariah yang beroperasi berdasarkan prinsip bagi hasil memberikan alternatif sistem perbankan yang saling menguntungkan bagi masyarakat dan bank, serta menonjolkan aspek keadilan dalam bertransaksi, investasi yang beretika, mengedepankan nilai-nilai kebersamaan dan persaudaraan dalam berproduksi dan menghindari kegiatan spekulatif dalam bertransaksi keuangan. perbankan syariah di indonesia sendiri muncul pada tanggal 1 mei 1992 yaitu sejak berdirinya bank muamalat indonesia (bmi), hingga saat ini perkembangan suryani: analisis faktor kualitas pelayanan di bank syariah 245 perbankan syariah di indonesia juga cukup menggembirakan. perbankan syariah memasuki sepuluh tahun terakhir, pasca perubahan uu perbankan yang ditandai dengan terbitnya uu no. 10/1998 tentang perbankan, mengalami pertumbuhan dan perkembangan yang amat pesat. perkembangan yang pesat itu terutama tercatat sejak dikeluarkannya ketentuan bank indonesia yang memberi izin untuk pembukaan bank syariah yang baru maupun pendiriaan unit usaha syariah (uus). bank syariah menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menjauhi praktik riba, untuk diisi dengan kegiatan investasi atas dasar bagi hasil dari pembiayaan perdagangan. industri perbankan syariah merupakan bagian dari sistem perbankan nasional yang mempunyai peranan penting dalam perekonomian. peranan perbankan syariah secara khusus antara lain sebagai perekat nasionalisme baru, artinya menjadi fasilitator jaringan usaha ekonomi kerakyatan, memberdayakan ekonomi umat, mendorong penurunan spekulasi di pasar keuangan, mendorong pemerataan pendapatan, dan peningkatan efisiensi mobilitas dana. metode penelitian ini merupakan penelitian kuantitatif dengan menggunakan metode survey. penelitian survey dilakukan pada populasi besar maupun kecil, tetapi data yang dipelajari adalah data dari sampel yang diambil dari populasi tersebut, sehingga ditemukan kejadian-kejadian relatif distribusi, dan hubungan-hubungan antar variabel, sosiologis maupun psikologis. dalam penelitian ini akan dilakukan survey pada sejumlah nasabah pada bank muamalat indonesia cabang medan. berdasarkan tingkat ekplanasinya, penelitian ini dikategorikan penelitian deskriptif dimana penelitian dilakukan untuk mengetahui faktor mana yang terbukti sebagai pembentuk kualitas pelayanan membuat perbandingan atau menghubungkan antar satu masalah dengan masalah yang lain. populasi merupakan wilayah generalisasi yang terdiri dari subjek atau objek yang mempunyai kualitas dan karakteristik yang ditetapkan peneliti untuk dipelajari dan kemudian diambil kesimpulannya (sugiyono, 2007:90). objek analisis dalam penelitian ini yang menjadi populasi adalah nasabah yang berkunjung ke bank muamalat cabang medan periode 21 november sampai dengan 25 november 2011. teknik sampling yang digunakan dalam penelitian ini adalah accidental sampling atau convenience sampling yaitu siapa saja yang secara kebetulan bertemu dengan peneliti yang dijumpai di tempat survey, bila dipandang konsumen yang kebetulan ditemui itu cocok sebagai sumber data. pengambilan sampel akan berhenti setelah tepenuhinya range waktu yaitu selama 5 hari dan diperoleh jumlah sampel sebanyak 50 responden. al-iqtishad: vol. vi no. 2, juli 2014 246 data primer dalam penelitian ini dikumpulkan melalui pengisian kuisioner yaitu dengan memberikan daftar pertanyaan untuk diisi oleh responden. teknik pengisian kuesioner ini memberikan tanggung jawab kepada setiap responden untuk menjawab setiap pertanyaan yang diajukan oleh peneliti dalam daftar pertanyaan. dalam rangka menggali informasi lebih jelas dan lebih lengkap, pengumpulan data melalui kuesioner tersebut akan disertai dengan wawancara yang mendalam kepada sebagian responden, dengan tetap berpedoman pada kuesioner. data sekunder dalam penelitian ini antara lain berupa data tentang perkembangan perbankan syariah di indonesia yang diperoleh melalui jurnal, majalah maupun akses data lewat internet maupun informasi-informasi lain yang dapat digunakan sebagai acuan untuk mendukung penelitian mengenai kualitas pelayanan nasabah pada bank. kualitas pelayanan adalah ciri, karakteristik atau sifat suatu produk atau pelayanan yang berpengaruh pada kemampuan untuk memuaskan kebutuhan konsumen yang dalam hal ini adalah nasabah pada bank berbasis syariah. atribut kualitas pelayanan bank syariah diadaptasi dari 5 dimensi kualitas pelayanan dari parasuraman et. al (1990) dengan servqual (service quality) dan dimensi produk dengan total item pertanyaan sebanyak 13. atribut kualitas pelayanan meliputi: (1) kebersihan ruangan; (2) penampilan fisik dan kerapian karyawan; (3) tidak adanya kesalahan dalam transaksi; (4) ada berbagai pilihan produk dan jasa yang ditawarkan sehingga nasabah bisa memilih; (5) setiap keluhan atau masalah yang dihadapi oleh pelanggan segera diselesaikan; (6) perhatian terhadap masalah antrian; (7) kemampuan karyawan memberi penjelasan mengenai produk yang ditawarkan; (8) kemampuan karyawan melakukan koreksi dengan cepat pada waktu terjadi kekeliruan; (9) karyawan memberi ucapan selamat datang atau sambutan lain ketika pelanggan datang–pulang; (10) karyawan mendengarkan dengan baik setiap keluhan yang disampaikan oleh nasabah; (11) produk dan jasa yang diberikan bank syariah sangat menarik dan inovatif; (12) jenis produk dan jasa bank syariah sangat beragam sehingga memberikan banyak pilihan sesuai kebutuhan; (13) istilah-istilah dan nama produk/jasa syariah sudah akrab. teknik statistik yang digunakan adalah analisis faktor. tujuannya adalah untuk mengelompokkan data menjadi beberapa kelompok sesuai dengan saling korelasi antar variabel. pada aplikasi penelitian, analisis faktor dapat digunakan untuk mengetahui pengelompokan individu sesuai dengan karakteristiknya, maupun untuk menguji validitas konstruk. proses analisis faktor sendiri mencoba menemukan hubungan (interrelationship) antar sejumlah variabel-variabel yang saling dependen dengan yang lain, sehingga bisa dibuat satu atau beberapa kumpulan variabel yang lebih sedikit dari jumlah awal. suryani: analisis faktor kualitas pelayanan di bank syariah 247 pembahasan nilai cronbach alpha diperoleh sebesar 0.894 yang mengindikasikan bahwa instrument yang digunakan memiliki tingkat reliabilitas yang baik. sementara, besaran nilai corrected item-total correlation seluruh item pertanyaan juga memperlihatkan angka di atas 0.30 yang berarti seluruh item pertanyaan dinyatakan valid. setelah seluruh item dinyatakan valid, maka selanjutnya dilakukan analisis faktor. analisis faktor konfirmatori digunakan untuk menguji apakah indikatorindikator pembentuk variabel dapat mengkonfirmasikan sebuah konstruk variabel. dalam analisis ini akan dilihat seberapa besar korelasi antar faktor satu dengan faktor lain yang menjadi pembentuk variabel. jika ditemukan korelasi yang cukup kuat di antara faktor-faktor maka dinyatakan faktor tersebut dinyatakan memang sebagai pembentuk variabel. besaran matrik korelasi yang disepakati untuk analisis faktor adalah 0,5. hasil uji analisis faktor pada 13 atribut kualitas pelayanan diperoleh nilai kaiser-meyer-olkin measure of sampling adequacy pada kotak kmo and bartlet’s test adalah sebesar 0,727. hasil ini memperlihatkan bahwa instrumen ini valid karena nilai kmo telah melebihi dari 0,5. disamping itu, dilihat dari nilai bartlett’s test menunjukkan nilai 378..211 dengan nilai signifikansi 0,000 sehingga dapat disimpulkan bahwa seluruh atribut / item instrumen ini telah memenuhi syarat valid. selanjutnya, hasil korelasi dari masing-masing faktor tersebut juga tergolong tinggi (> 0,5). hasil pengujian analisis diketahui bahwa nilai korelasi anti-image masing-masing item dirangkum dalam tabel berikut ini: tabel 1. korelasi anti-image atribut kualitas pelayanan atribut pelayanan nilai korelasi anti-image ruangan 0.660 penampilan_fisik 0.543 kesalahan 0.783 pilihan_produk 0.764 keluhan 0.662 perhatian 0.653 penjelasan 0.862 koreksi 0.780 ucapan 0.800 mendengarkan 0.855 al-iqtishad: vol. vi no. 2, juli 2014 248 inovasi 0.650 beragam 0.647 istilah_produk 0.748 berdasarkan korelasi anti-image di atas, maka dapat dinyatakan bahwa seluruh atribut diikut sertakan dalam model, dimana seluruhnya memiliki nilai korelasi anti-image yang lebih besar dari 0.50. dari 13 atribut yang diteliti, ternyata hasil ekstraksi komputer menghasilkan 3 faktor (nilai eigen value > 1 yang menjadi faktor). faktor 1 mampu menjelaskan sebesar 45.299%, faktor 2 menjelaskan 12.819%, dan faktor 3 mampu menjelaskan sebesar 8.904%. dari tiga faktor ini mampu menjelaskan lebih dari 50% yaitu sebesar 67% varian variabel kualitas pelayanan. dengan melihat komponen matrik (tabel 2) diketahui bahwa butir yang mempunyai korelasi cukup kuat dengan faktor 1 adalah item pertanyaan ke 3, 5,6,7,8. faktor kedua yang memiliki nilai korelasi cukup tinggi adalah item ke 9, 10, 11 dan 12. sedangkan faktor ketiga dibentuk oleh item 1, dan 2. setelah diperoleh kesimpulan bahwa hasil rotasi menunjukkan bahwa item ke 4 (pilihan produk) tidak termasuk dalam tiga komponen faktor, karena korelasinya tidak mencapai angka 0.5, sehingga hasil akhir memperlihatkan bahwa hanya 12 atribut pelayanan yang selanjutnya dikelompokkan menjadi tiga faktor. dengan melihat komponen matrix di atas, maka selanjutnya adalah pemberian nama faktor. pemberian nama faktor ini menurut ghozali bersifat subjektif, dan kadang-kadang faktor loading tertinggi digunakan untuk memberi nama faktor. dengan demikian faktor 1 dinamakan ”keandalan komunikasi”, faktor kedua dinamakan ”inovasi produk”, dan faktor ketiga adalah ”fisik”. tabel 2. hasil component matix component 1 2 3 ruangan 0.155 0.097 0.913 penampilan_fisik 0.064 -0.018 0.895 kesalahan 0.719 0.279 0.162 pilihan_produk 0.415 0.360 0.357 keluhan 0.853 -0.042 0.049 perhatian 0.678 0.227 0.272 penjelasan 0.563 0.457 0.273 suryani: analisis faktor kualitas pelayanan di bank syariah 249 koreksi 0.622 0.312 0.196 ucapan 0.360 0.515 0.494 mendengarkan 0.402 0.490 0.530 inovasi 0.109 0.912 0.113 beragam 0.267 0.860 0.035 istilah_produk 0.563 0.482 -0.103 faktor yang paling mampu menjelaskan kualitas pelayanan adalah faktor keandalan komunikasi. faktor ini terdiri dari: (1) tidak adanya kesalahan dalam transaksi; (2) perhatian terhadap masalah antrian; (3) kemampuan karyawan memberi penjelasan mengenai produk yang ditawarkan; (4) kemampuan karyawan melakukan koreksi dengan cepat pada waktu terjadi kekeliruan. faktor kedua adalah inovasi produk terdiri dari: (1) karyawan memberi ucapan selamat datang atau sambutan lain ketika pelanggan datang–pulang; (2) karyawan mendengarkan dengan baik setiap keluhan yang disampaikan oleh nasabah; (3) produk dan jasa yang diberikan bank syariah sangat menarik dan inovatif; (4) jenis produk dan jasa bank syariah sangat beragam sehingga memberikan banyak pilihan sesuai kebutuhan saya. faktor ketiga adalah aspek fisik terdiri dari: (1) kebersihan ruangan; (2) penampilan fisik dan kerapian karyawan. simpulan hasil uji reliabilitas dan validitas memperlihatkan bahwa 13 butir pertanyaan terbukti memenuhi syarat reliabilitas dan validitas item. berdasarkan analisis faktor diperoleh besaran nilai kaiser-meyer-olkin measure of sampling adequacy (kmo) adalah sebesar 0,727. hasil ini memperlihatkan bahwa instrumen ini valid karena nilai kmo telah melebihi dari 0,5. berdasarkan korelasi anti-image di atas, maka dapat dinyatakan bahwa seluruh atribut diikutsertakan dalam model, dimana seluruhnya memiliki nilai korelasi anti-image yang lebih besar dari 0.50. hasil ekstraksi komputer hanya menghasilkan 3 faktor (nilai eigen value > 1 yang menjadi faktor). faktor 1 mampu menjelaskan sebesar 45.299%, faktor 2 menjelaskan 12.819%, dan faktor 3 mampu menjelaskan sebesar 8.904%. dari tiga faktor ini mampu menjelaskan lebih dari 50% yaitu sebesar 67% varian variabel kualitas pelayanan. faktor yang paling mampu menjelaskan kualitas pelayanan adalah faktor keandalan komunikasi. faktor ini terdiri dari (1) tidak adanya kesalahan dalam transaksi; (3) perhatian terhadap masalah antrian; (3) kemampuan karyawan memberi penjelasan mengenai produk yang ditawarkan; dan (4) kemampuan al-iqtishad: vol. vi no. 2, juli 2014 250 karyawan melakukan koreksi dengan cepat pada waktu terjadi kekeliruan. faktor kedua adalah inovasi produk terdiri dari: (1) karyawan memberi ucapan selamat datang atau sambutan lain ketika pelanggan datang–pulang; (2) karyawan mendengarkan dengan baik setiap keluhan yang disampaikan oleh nasabah; (3) produk dan jasa yang diberikan bank syariah sangat menarik dan inovatif; dan (4) jenis produk dan jasa bank syariah sangat beragam faktor ketiga adalah aspek fisik terdiri dari: (1) kebersihan ruangan; dan (2) penampilan fisik dan kerapian karyawan. pustaka acuan abdullah, f, dkk. 2011. bank service quality (bsq) index: an indicator of service performance. international journal of quality & reliability management. vol. 28 iss: 5. al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta. --------------------. 2011. lembaga keuangan syariah kajian teoritis praktis. bandung: pustaka setia. caceres, r.c. & n.g. paparoidamis. 2005. service quality, relationshipsatisfaction, trust, commitmentand business-to-business loyalty. european journal of marketing vol. 41 no. 7/8. 2005. ghozali, i. 2011. aplikasi analisis multivariate dengan program ibm-spss19. semarang: bp undip. kotler, p. 2002. manajemen pemasaran, ed. milenium. jakarta: pt. prenhalindo. metawa, s.a. & m. almossawi. 1998. banking behavior of islamic bank customers: perspectives and implications. international journal of bank marketing, vol. 16 iss: 7. muhammad. 2005. manajemen bank syariah. yogyakarta: uup ampykpn. ----------------. 2005 bank syari’ah problem, dan prospek perkembangan di indonesia. yogyakarta: graha ilmu. parasuraman, a., dkk. 1985. a conceptual model of service quality and its implications for future research. journal of marketing, vol. 49 no. 4. perwataatmadja, k.a. dan m.s. antonio. 1992. apa dan bagaimana bank syari’ah. yogyakarta: dana bhakti wakaf. sugiyono. 2007. metode penelitian administrasi. bandung: alfabeta. tjiptono, f. & g. chandra. 2004. service, quality & satisfaction. yogyakarta: andi. wibisono, y. 1999. politik ekonomi uu perbankan syariah peluang dan tantangan regulasi industri perbankan syariah, bisnis & birokrasi jurnal ilmu administrasi dan organisasi, mei–agustus 2009, vol. 16, no. 2, 1999. happy febrina hariyani1, hendra kusuma2 abstract. green sukuk-based project on sustainable waste management in indonesia. most of the problems that occur in waste management are related to financing. this study proposes green sukuk to be used by the government as a diversification of funding for municipal waste management. this paper argues that green sukuk can potentially be an islamic finance instrument for financing municipal substantial waste management project carried out by the ministry of environment and forestry. further, there will be costs and benefits obtained by the government as the implications of this financing. hence, this paper attempts to find the best alternative of sukuk strategy to be implemented in the financing of municipal waste management using analytic network process (anp) with a network of benefit, opportunity, cost, risk (bocr) analysis. keywords: sustainable waste management; green sukuk; anp-bocr abstrak. proyek berbasis sukuk hijau untuk pengelolaan sampah berkelanjutan di indonesia. sebagian besar masalah yang terjadi dalam pengelolaan limbah adalah pembiayaan. oleh karena itu, untuk mengatasi masalah ini, pemerintah dapat menggunakan sukuk hijau sebagai diversifikasi pendanaan untuk pengelolaan limbah kota. penelitian ini menunjukkan bahwa sukuk hijau berpotensi menjadi instrumen keuangan islam untuk membiayai proyek pengelolaan limbah padat kota yang dilakukan oleh kementerian lingkungan hidup dan kehutanan. lebih lanjut, pemerintah memiliki potensi dan peluang untuk mengimplementasikan sistem pembiayaan ini; namun juga menghadapi potensi beban dan kerugian sebagai implikasi dari pembiayaan ini. oleh karena itu, penelitian ini berupaya menemukan strategi alternatif berupa produk sukuk terbaik untuk diimplementasikan dalam pembiayaan pengelolaan limbah kota, dengan menggunakan analytic network process (anp) dan jaringan analisis manfaat, peluang, biaya, risiko (bocr). kata kunci: pengelolaan limbah berkelanjutan; sukuk hijau; anp-bocr green sukuk-based project on sustainable waste management in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 165 178 1correspondent author 1, 2muhammadiyah malang university, indonesia e-mail: 1happyfebrina@umm.ac.id, 2hendrakusuma@umm.ac.id 166 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 introduction being the 4th largest population in the world makes indonesia produce a large amount of waste, especially municipal waste. the ministry of environment and forestry (2018) recorded that national waste production is over 65,8 million tons per year, and 60 percent of the total waste is domestic or household waste. 38,5 million tons per year total domestic waste generation in indonesia ended up in the landfill sites that have been operated as open dumpsites rather than sanitary landfills. indonesia relies very much on landfill. sixty-nine percent of the total waste goes to landfill. indonesia has more than 200 landfill sites, but they are not even good. only ten percent of the landfill sites have good sanitary landfill technologies. these landfills are struggling to cope with the everincreasing waste as the population grows, and people consume more. increasing population, urbanization and community living standards have led to the increased municipal waste in developing countries (minghua et al., 2009). only a small fraction of the collected waste was treated by recycling, composting or incinerating. one of the significant challenges for developing country is managing and providing effective and sustainable waste management. several solid management projects have been carried out in collaboration with external support agencies. some projects were successful, but most could not support themselves or expand further when the external agencies discontinued their input due to the lack of organization, financial resources, complexity and system multidimensionality (burnley, 2007). moreover, the technology fails because it is centrally organized, heavily subsidized, lacking in community cooperation, and is reliant on disposal (supriyadi et al., 2000). most of the problems that occur in waste management are financing. the high costs required for the procurement of municipal solid waste management technology, as well as high management and maintenance costs, makes some of the existed projects stopped. therefore, to overcome these problems, the government can use sharia bond as a diversification of funding for building the waste management infrastructure. infrastructure financing through sharia bond or sovereign sukuk issuance has been implemented since 2010, namely project-based sukuk (pbs) series (ministry of finance, 2017). the development of indonesian sovereign sukuk in 2016 has provided encouraging results. indonesia, as the big sukuk issuer has a total issuance of usd 10,5 billion from the total issuance of sukuk by the government happy febrina hariyani. green sukuk-based project on sustainable waste management 167 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 around the world (suherman, 2016). in the middle of the development of sukuk instruments, green bond appears as an instrument that offers investment in environmental development to overcome the problem of climate change. with the presence of the green bond as an investment instrument for the environment, a sharia investment instrument has emerged, which has the same concentration as the green bond. the instrument is then called green sukuk. from the discussion above, this paper argues that green sukuk can potentially be an islamic finance instrument for financing municipal solid waste management project carried out by the ministry of environment and forestry. further, the government has several advantages and opportunities, and also burdens and losses as the implications of this financing. hence, this paper attempts to find the best alternative sukuk strategy to be implemented in the financing of municipal solid waste management using analytic network process (anp) with a network of benefit, opportunity, cost, risk (bocr) analysis. literature review green bond and green sukuk due to the high impact of global warming, the world bank pioneered the issuance of green bond as an effort to finance infrastructure that supports the reduction of carbon emission. the world bank first issued the development of the concept of green bond in 2008 as part of the “strategic framework for development and climate change”. this concept is also in response to the increasing demand of investors who want to invest in financing instruments related to global climate change and the action of saving the earth (hariyanto, 2017). indonesia has a role in supporting programs to reduce global warming and its impact. as a trusted sukuk issuer, indonesia should use sukuk as a financial instrument that can be used to support that program. the development of infrastructure in various sectors, run intensively by the government, has a huge potential to develop green sukuk. the government also has an integrated infrastructure development program contained in the master plan for acceleration and expansion of indonesian economic development (mp3ei). the infrastructure development program in mp3ei is in line with the concept of green sukuk. for this program to be in line with the carbon emission reduction program, it seems necessary to align the infrastructure development program in mp3ei with the concept of green infrastructure. 168 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 analytical network process according to ascarya (2010), anp is a non-parametric non-bayesian qualitative approach to the decision-making process with a general framework without making assumptions. this method was first developed by thomas l. saaty, who is a developer of the analytic hierarchy process (ahp) method. anp is a new approach in the decision-making process without making assumptions. there are three basic principles of anp, namely decomposition, comparative assessment, and composition or synthesis (ascarya, 2010). decomposition is intended to structure complex problems into a hierarchical framework or network of clusters, sub-clusters, and so on. the comparative assessment is to build a pairwise comparison of all combinations of elements contained in the cluster to get local priority. the last is the composition. the composition is intended to divert local priorities from elements in the cluster with global priorities from the parent element, which in turn will produce global priorities in the entire hierarchy. anp has three main functions. the first is to measure complexity hierarchically into homogeneous clusters of factors to model the problem into the anp framework then. the second is the measurement of the ratio scale, which is believed to be accurate in measuring the factors that make up the hierarchy. measurement of this ratio is needed to reflect proportions. the last is synthesis, which unites all the parts that have been decomposed and measured into one unit (ascarya, 2010). benefit-opportunity-cost-risk analysis according to saaty and vargas (2006), in research with the bocr network, the relationship between benefits, opportunity, cost and risk is influenced by general factors. benefit, opportunity, cost and risk (bocr) analysis is an analysis of priority determination based on the results of the calculation of the desired criteria as benefits and criteria that are not desired as a burden (cost). in addition, there are also criteria based on future events that may occur as positive things (opportunity) and things that can lead to harmful risks. in the analysis, the calculation is done by pairwise comparison (saaty, 2001). the resulting decision is divided into three parts, namely the assessment system, merits of the bocr decision as a consideration for making decisions, and a network of objective relationships that make an alternative decision more desirable than others. happy febrina hariyani. green sukuk-based project on sustainable waste management 169 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 methods source and data collection method this research uses primary data obtained from an in-depth interview with experts and practitioners to understand the problem comprehensively in order to synthesize the problems and make it in priority. the consideration in choosing the respondents is by their understanding of green sukuk and its implementation for financing sustainable waste management in indonesia. three respondents are from experts who are professor and lectures from university, and the other four respondents are from the ministry of environment and forestry and ministry of finance as the practitioners related to the topic discussed. methodology this research is qualitative-quantitative analysis research that aims to capture a value or view that is controlled by regulators, academics and practitioners about green sukuk based project on sustainable waste management. the analytical tool used is the analytic network process (anp) with benefit, opportunity, cost and risk (bocr) networks that are processed using microsoft excel software and super decision software. anp methodology is done in three steps. first, questionnaires and in-depth interviews with scholars, experts, practitioners, and regulators of green sukuk financing on sustainable waste management are conducted to comprehend the real problems. second, the results of the preliminary stage are used to develop an appropriate anp network and relevant questionnaires to glean the necessary of the data from experts and practitioners from islamic finance, particularly in green sukuk and also sustainable waste management. third, anp analysis is applied to set the priority alternative solutions and policy strategies in order to formulate policy recommendations. analytical network process (anp) method the anp method is widely used in research on policy, strategic management and various studies related to decision making. these include wang & hsu (2003) analyzing the right channel as a continuation of the anp method for convenience stores in taiwan to meet the challenges of competition and the application of anp for supports weighting in designing performance appraisal 170 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 systems and selection of partners and future strategic business alliances (boran, 2008; chen, 2008). the number of samples/respondents in anp does not serve as a benchmark for validity. valid conditions for respondents in anp are that they are experts in their fields. saaty & vargas (2006) stated that anp has four axioms on which to base its theory. the axiom serves to strengthen a statement so that truth can be seen without evidence (tanjung & devi, 2013). these axioms include reciprocal, homogeneity, priority and dependence condition. with regards to reciprocal, this axiom states that if pc (ea, eb) is the comparative value of pairs of elements a and b, then it is seen from the parent element c, which shows how many times element a has what element b has, then pc (eb, ea) = 1 / pc (ea, eb). for example: if a is five times bigger than b, then b is 1/5 of the magnitude of a. the axiom of homogeneity, axiom states that the element to be compared does not have an extensive comparison that can cause a more significant error in determining the assessment of supporting elements that influence the decision to be taken. priority, means absolute weighting using the interval scale [0,1] and as a measure of relative dominance. dependence condition assumes that the composition can be composed into components that form part of a cluster. tanjung & devi (2013) explained that there are three basic principles in anp, which include decomposition, comparative assessment, consistency and hierarchical composition (synthesis). data analysis data and information from experts and practitioners are arranged in the form of a framework model. if the questionnaire regarding opinions has been collected, then the next step is processing the data using microsoft excel software and superdecision software. the questionnaire was put into pairwise comparison, between elements in the cluster and between clusters to find out which one gives more significant influence seen from one side. the results from the bocr network from respondents will be put together. the data is then processed through microsoft. the next step is to calculate the geometric mean and rater agreement. the first is to calculate the geometric mean. geometric mean is used to determine the individual judgment of the respondents and to get the opinion of respondents. geometric mean is a type of average calculation that shows a happy febrina hariyani. green sukuk-based project on sustainable waste management 171 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 certain trend or value (ascarya, 2012). the formulation is as follows: gmk = (r1 * r2 ... n) 1 / n description: gm = geometric mean r = respondents n = number of respondents the second is to calculate the rater agreement. tanjung & devi (2013) defined that the rater agreement is the value of the agreement between respondents. so rater agreement is a measure that shows the level of conformity or agreement of the respondents (r1-rn) to a problem in one cluster. the tool used to measure the rater agreement is kendall’s coefficient of concordance (w, 0 <w <1). w = 1 shows perfect conformity (ascarya, 2012). the formula to get the value of w is as follows: u = (t1 + t2 ... + tp) / p s = (t1-u) 2+ (t2-u) 2 + ... + tp-u) 2 maxs = (n-u) 2+ (2n-u) 2 + ... + (pn-u) 2 w = s / maxs description: u = average value of total ranking s = number of deviation squares p = number of nodes n = number of respondents t = total benefit, opportunity, cost, risk in green sukuk based project on sustainable waste management criteria and elements used in this research are derived from the review of literature studies related to benefits, opportunities, cost and risk for the green sukuk based project on sustainable waste management and alternative strategies that will be offered. 172 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 figure 1. conceptual framework problems in the implementation of green sukuk in municipal waste management financing are reviewed from one aspect, namely the government aspect. overall, clusters are grouped into aspect and strategy clusters. the problem in this model uses a one-floor benefit opportunity cost risk (bocr) network approach as strategic analysis. for more details, the division of clusters with several aspects of the research node can be seen in the following conceptual framework in figure 1. results and discussion problem identification after in-depth interviews are done, bocr framework analyzes the cluster of benefit, opportunity, cost, and risk, which each of them has three elements and an alternative cluster strategy has three elements. the benefit cluster includes: 1) financing diversification, 2) reduce waste, and 3) job opportunity. the opportunity cluster are: 1) alternative strategy, 2) sukuk liquidity increase, and 3) the improvement the role of islamic finance. the cost cluster are: 1) high cost on technology, management and maintenance, 2) large state property, happy febrina hariyani. green sukuk-based project on sustainable waste management 173 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 and 3) the increase of state budget burden (apbn). the risk cluster include: 1) the lack of people participation and awareness, 2) the lack of support from local government, and 3) moral hazard and human error. the alternative strategy cluster includes: 1) integrated sustainable waste management, 2) the improvement of the role of stakeholders, 3) sustainable financing. synthesis and bocr results each decision has several right and wrong possibilities that must be considered. in the anp method, the excellent possibility is called benefit. in contrast, the wrong possibility is called cost. the possibility that is not yet certain is called opportunity. meanwhile, the possibility that will be obtained from the decision is called risk (saaty & vargas, 2006). the results of the synthesis of the model and overall priorities are based on four aspects that control the selection criteria of the strategy through the combination of experts’ opinions. normalized bocr aspects are used as the basis for determining priorities. the bocr aspect with the highest normalization value has the highest rating and vice versa. the synthesis results show that the benefit aspect as the first rank has normalized value and limiting value which is far greater than the cost aspect as the last rank, which is shown in table 1. aspect of bocr model average value ranking benefit 0,31 1 opportunity 0,22 3 cost 0,21 4 risk 0,25 2 source: processed data (2020) based on the anp-bocr analysis in table 1, the benefit aspect becomes the top priority of the four criteria with the average value of 0,31. that is, in the selection of strategies for financing sustainable waste management using green sukuk, it must provide the most significant benefit. the second priority is the risk aspect with the average value of 0,25. third priority is the opportunity aspect with the average value of 0,22. whereas for the lowest ranking with the table 1. pairwise comparison results of the green sukuk based project on sustainable waste management based on the aspects of bocr model 174 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 average value of 0,21 is cost aspect which shows that there is a cost required that becomes the lowest priority compared to other aspects. benefit average value ranking financing diversification 0,45 1 reduce waste 0,33 2 new job opportunity 0,22 3 source: processed data (2020) table 2 shows the pairwise comparison from the benefit aspect. the top priority of the three elements is financing diversification with an average value of 0.45. the second priority is reducing waste with an average value of 0.33. the last priority is a new job opportunity with an average value of 0.22. financing diversification of funding as the development program of government, specifically at the ministry of environment and forestry. opportunity average value ranking alternative energy source 0,37 1 increase sukuk liquidity 0,30 3 improve the role of islamic finance 0,33 2 source: processed data (2020) the results of the pairwise comparison of opportunity cluster can be seen in table 3, where the main priority is the alternative energy source element with an average value of 0.37. the second priority is on improving the role of islamic finance with an average value of 0.33. as for the last priority, there is an increase in liquidity sukuk element with a value of 0.30. this result is in line with what it has been stated by sharholy et al. (2008); srivastava et al. (2005); turan et al. (2009) that waste can be an effective alternative energy source to reduce landfill waste produced by households. this energy source can be used as alternative energy to replace electricity. table 2. pairwise comparison – benefit cluster table 3. pairwise comparison – opportunity cluster happy febrina hariyani. green sukuk-based project on sustainable waste management 175 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 cost average value ranking high cost on technology, management, and maintenance 0,38 1 large state property 0,37 2 increase the burden of state budget (apbn) 0,26 3 source: processed data (2020) the pairwise comparison results for cost cluster shown in table show that the element that becomes the top priority in financing sustainable waste management through green sukuk is the high cost on technology, management, and maintenance element with a value of 0.38. the large state property element becomes the second priority, with an average value of 0.37. as for the last priority with an average value of 0.26, there is an increase in the burden state budget (apbn) element. sharholy et al. (2008) stated that the high cost needed to procure household waste management technology, as well as the high management and maintenance costs. risk average value ranking lack of people’s participation and awareness 0,42 1 lack of support from local government 0,35 2 moral hazard and human error 0,22 3 source: processed data (2020) based on the pairwise comparison on risk cluster shown in table 5, the priority of the three elements is the lack of people’s participation and awareness with an average value of 0.42. the second priority is the lack of support from the local government, with an average value of 0.35. the last priority is moral hazard and human error with an average value of 0.29. community participation and awareness are essential in achieving the objectives of the recommended management system, but it is difficult and takes a long time to make people aware of the importance and principles of the proposed management system and to influence their participation (srivastava et al., 2005; turan et al., 2009) table 4. pairwise comparison – cost cluster table 5. pairwise comparison – risk cluster 176 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 alternative strategy average value ranking integrated sustainable waste management 0,41 1 involve the role of stakeholders 0,34 2 sustainable financing 0,25 3 source: processed data (2020) table 6 shows the pairwise comparison of the alternative strategy. the top priority is integrated sustainable waste management with an average value of 0.41. the second priority is to involve the role of stakeholders with an average value of 0.34. in contrast, the last priority is sustainable financing with an average value of 0.25. in accordance with the law of the republic of indonesia number 18 the year 2008 concerning waste management, which requires all 504 regions in indonesia to have: “integrated waste treatment location, collection, sorting, recycling, handling, and final waste processing” the final waste disposal must be in sanitary landfills. integrated solid waste management (iswm) is a comprehensive approach to preventing, recycling and managing solid waste in the most effective way to protect public health and the environment. this includes updating the waste processing technology at the landfill area (tpa) (klundert & anschutz, 2001; zhang et al., 2010; zurbrügg et al., 2012)providing an overview of the current state of msw management, an analysis of existing problems in msw collection, separation, recycling and disposal, and some suggestions for improving msw systems in the future. in china, along with urbanization, population growth and industrialization, the quantity of municipal solid waste (msw conclusion implementing green sukuk on financing sustainable waste management in indonesia has three benefits: 1) finance diversification, 2) reduce waste, and 3) job opportunity. the opportunities available are: 1) alternative energy, 2) the increase of sukuk liquidity, and 3) the improvement of the role of islamic finance. the potential costs are: 1) high cost in technology, 2) large state property, 3) the increase of the burden of the state budget (apbn). meanwhile, the risk includes: 1) thr lack of people’s participation, 2) the lack of support from local governments, 2) moral hazards and human errors. the priority from benefit, on the other hand, is financing diversification. the priority in the opportunity table 6. pairwise comparison – alternative strategy happy febrina hariyani. green sukuk-based project on sustainable waste management 177 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 cluster is an alternative energy source, while the main priority in the cost cluster is a high cost in technology, management, and maintenance. furthermore, the main priority in risk cluster is the lack of people’s participation and awareness priority. the last is the strategy cluster, in which the main priority is integrated sustainable waste management. references ascarya. 2012. analytic network process (anp): pendekatan baru dalam penelitian kualitatif (konsep dasar). jakarta. boran, s. 2008. a study on election of personnel based on performance measurement by using analytic network process ( anp ), 8(4), 333–338. burnley, s. j. 2007. a review of municipal solid waste composition in the united kingdom. waste management, 27(10), 1274–1285. https://doi. org/10.1016/j.wasman.2006.06.018 chen, s. 2008. applying the anp approach to partner selection for strategic alliance, 46(3), 449–465. https://doi.org/10.1108/00251740810863889 klundert, a. van de, & anschutz, j. 2001. integrated sustainable waste management. waste. https://doi.org/90-76639-02-7 minghua, z., xiumin, f., rovetta, a., qichang, h., vicentini, f., bingkai, l., … yi, l. 2009. municipal solid waste management in pudong new area, china. waste management, 29(3), 1227–1233. https://doi.org/10.1016/j. wasman.2008.07.016 saaty, t. l., & vargas, l. g. 2006. decision making with the analytic network process. economic, political, social dan technological applications with benefits, opportunities, cost dan risks. pittsburgh: springer. sharholy, m., ahmad, k., mahmood, g., & trivedi, r. c. 2008. municipal solid waste management in indian cities a review. waste management, 28(2), 459–467. https://doi.org/10.1016/j.wasman.2007.02.008 srivastava, p. k., kulshreshtha, k., mohanty, c. s., pushpangadan, p., & singh, a. 2005. stakeholder-based swot analysis for successful municipal solid waste management in lucknow, india. waste management, 25(5), 531–537. https://doi.org/10.1016/j.wasman.2004.08.010 suherman. 2016. identifikasi potensi penerbitan green sukuk di indonesia. jurnal ilmiah mahasiswa feb universitas brawijaya, 5(1). retrieved from jurnal ilmiah mahasiswa feb universitas brawijaya 178 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.17077 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 supriyadi, s., kriwoken, l. k., & birley, i. 2000. solid waste management solutions for semarang, indonesia. waste management & research, 18(6), 557–566. https://doi.org/10.1177/0734242x0001800606 tanjung, h., & devi, a. (2013). metodologi penelitian ekonomi islam. jakarta: gramata publishing. turan, n. g., çoruh, s., akdemir, a., & ergun, o. n. 2009. municipal solid waste management strategies in turkey. waste management, 29(1), 465–469. https://doi.org/10.1016/j.wasman.2008.06.004 wang, b., & hsu, m. 2003. application of the analytical network process to select a channel type for e-convenient chain storesanp. an international journal, 236-278. zhang, d. q., tan, s. k., & gersberg, r. m. 2010. municipal solid waste management in china: status, problems and challenges. journal of environmental management, 91(8), 1623–1633. https://doi.org/10.1016/j. jenvman.2010.03.012 zurbrügg, c., gfrerer, m., ashadi, h., brenner, w., & küper, d. 2012. determinants of sustainability in solid waste management the gianyar waste recovery project in indonesia. waste management, 32(11), 2126– 2133. https://doi.org/10.1016/j.wasman.2012.01.011 abdul razak abdul hadi is the lecture from university of kuala lumpur, malaysia. he also as a researcher on islamic economics and finance studies. any setianingrum is doctoral student of islamic economics department at university of airlangga. she also as a researcher on islamic economics and finance studies. burhanuddin yusuf is the lecture at syarif hidayatullah state islamic university jakarta. he completedly his doctoral degree at state university of jakarta (unj). also as a researcher on islamic economics and finance studies. chandra warsito is the lecture of iain purwokerto. he also as a researcher on islamic economics and finance studies. erika amelia is the lecture of syarif hidayatullah state islamic university jakarta. she completedly her master degree at university of indonesia. kurniasih finished her bachelor degree ats syarif hidayatullah state islamic university jakarta. now she as a researcher on islamic economics and finance studies. mahmud is a lecturer at the stia al karimiyyah sumenep. expertise in islamic education studies. muniaty aisyah is the lecture at syarif hidayatullah state islamic university jakarta. shee completedly her doctoral degree at university of trisakti. now she as a head of management department at syarif hidayatullah state islamic university jakarta nurul huda is a lecture at faculty of economic university of yarsi. finished his master degree at university of indonesia, and doctoral degree at university of airlangga. now he as a head of master of management department university of yarsi. also as a researcher on islamic economics and finance studies. rachmad hidayat is a lecturer at the industrial engineering department, university of trunojoyo madura. rizky andriati finished the bachelor degree at jakarta state university (unj) and master degree at middle eastern and islamic studies from university of indonesia. also as a reporter on islamic economics and finance. rizqon halal syah aji, is the lecture at syarif hidayatullah state islamic university jakarta. he completedly his bachelor degree at islamic university of asy-syafiiyah, and master degree at university of indonesia. now he as a head of computation laboratorium at faculty economics and business syarif hidayatullah state islamic university jakarta. about authors sabarudin akhmad is a lecture at the industrial engineering department at university of trunojoyo. he also as a researcher on industrial engineering studies. tulus suryanto is the lecture of iain raden intan lampung indonesia. he also as a researcher on islamic economics and finance studies. articles and authors vol. vii, no. 1, january 2015 no name title note 1 titi dewi warninda & m. nadratuzzaman hosen mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 2 euis amalia & mahmudah atiqah evaluating the models of sharia microfinance in indonesia: analytical network process approach lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 3 hardius usman the role of religious norm on selecting the islamic bank lecture of middle east and islamic studies department at university of indonesia. 4 suryani & hendryadi a developing model of relationship between service quality, customer satisfaction, loyalty, and word of mouth in islamic banking lecture of stain malikussaleh and lecture of at-thahiriyah islamic university jakarta 5 yoghi citra pratama macroeconomic variable and its influence on performance of indonesian islamic banking lecture of syarif hidayatullah state islamic university jakarta 6 indah mulia sari, hendro wibowo, & edy suprapto factors that influenced people to become islamic bank customer: a study on kancana villagers lecture of sebi islamic business school. also as a researcher on islamic economics and finance studies 7 irfan syauqi beik & laily dwi arsyianti construction of cibest model as measurement of poverty and welfare indices from islamic perspective lectures of agricultural institute bogor (ipb). also as a researcher at cibest 8 m. sabri haron, riki rahman & bayu t possumah the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective lecturer at pusat citra universiti, universiti kebangsaan malaysia (ukm). also researcher on islamic economics and finance studies 9 abdul hamid the impact of spin-off policy to the profitability on indonesian islamic banking industry lecture of syarif hidayatullah state islamic university jakarta. 10 zuhairan y. yunan & mia rahmasari measurement of shariah stock performance using risk adjusted performance lecture of syarif hidayatullah state islamic university jakarta. researcher at university of prof. dr. hamka (uhamka) vol. vii, no. 2, july 2015 no name title note 1 wiwiek rabiatul adawiyah the impact of financial liberalization on islamic bank’s efficiency in indonesia lecture of university of jenderal soedirman. also as a researcher on economics and finance studies 2 rachmad hidayat, sabarudin akhmad, machmud effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java lecture of industrial engineering department university of trunojoyo. lecture of islamic education department, sti alkarimiyah 3 muniaty aisyah peer group effects on moslem consumer’s decision to purchase halal-labeled cosmetics lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 4 rizqon halal syah aji & kurniasih the intellectural capital effect on financial performances at islamic insurance lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 5 tulus suryanto & abd razak abdul hadi capital market integration: palestine and isreaeli experience lecture of iain raden intan lampung. lecture of university of kuala lumpur 6 rizky andriati & nurul huda the effect of productive zakah mentoring on the wealth of mustahik lecture at university of yarsi. researcher on islamic economics and finance studies 7 chandra warsito the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto lecture at iain purwokerto. researcher on islamic economics and finance studies 8 erika amelia financial ratio and its influence to profitability in islamic banks lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic banking studies 9 burhanuddin yusuf human resources development of sharia banking: phenomenological approach lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 10 any setianingrum application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal doctoral student at islamic economics department at university of airlangga index analytical network process anova bopo capital adequacy ratio capital market integration case study analysis cibest model contemporary group consumer’s behavior customer’s loyalty customer’s satisfaction customer’s trust data envelopment analysis deposit margin dog quadrant dummy variable efficiency finance financial liberalization financial ratio financing to deposit ratio fiscal halal-labeled historical analysis human resources human resources management image inclusiveness principles intellectual capital islamic bank islamic insurance islamic rural bank loyalty macroeconomic variables management maqashid shariah marketing new economic model non performing finance partial least square peer group performance phenomenological approach poverty profitability prosperity question-mark quadrant religious commitments religious norms revenue risk adjusted performance saving behavior service quality shariah compliance shariah microfinance shariah stock sleeper quadrant spin-off star quadrant stock performance strategy structural equation model traditional group vector auto regressive vector error correction model welfare indices word of mouth zakah mentoring al-iqtishad journal of islamic economics vguidance for writing in journal of al-iqtishad the manuscripts represent academic research in islamic economics and finance disci-1. pline. upon the publication of the manuscript, the author should provide a letter states that the 2. manuscripts have never been, or under consideration to be, published in other journal publications. structure of the manuscripts3. title.a. the title should be short, clear, and informative, but does not exceed 9 words. author’s names and institutionsb. . the author’s names should be accompanied by the author’s institutions and email addresses, without any academic titles and/or job title. abstract and keywordsc. . the abstract should be less than 150 words. the key words should be 2 to 5 phrases. introduction.d. this section explains the backround of the study, and aims of the manuscripts. it should be written without numbers and/or pointers. literature review.e. this section explains the theoretical framework that used on this research, a review on the previous research in the area. methods.f. this section describes the tools of analysis along with the data and their sources. discussion.g. this section explains the results of the study. conclusions.h. this section concludes and provides policy implications, if any, of the study. references.i. this section lists only the papers, books, or other types of publications referred in the manuscript. the authors should provide an index of subject, namely the specific terms in the 4. manuscript. the authors should also provide the index of authors, namely the key authors of papers referred in the manuscript. please write the family name followed by the given name. estimation result from a software package is not allowed to be directly presented in the 5. paper. they should be presented in equations with the appropriate estimation results. table format should contains only heading and contents. please provide the top 6. and bottom lines, along with the line(s) that separate the heading and the contents. example: table 1. the growth of third party fund, financing and asset (billion rupiah) 2009 2010 2011 2012 2013 2014* fundraising 52.271 76.036 115.415 147.512 174.018 186.608 financing 46.886 68.181 102.655 147.505 179.284 187.886 asset 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia acknowledgment, if any, should be written as the foot-note of the manuscript’s title.7. the manuscript is prepared in a quarto paper, single-sided, and double-space format. a 8. new paragraph should start 5 characters from the left margin, using 12-size, times-newromans font type. the manuscript is written in proper english, either british or american english, but not 9. the combination of both, except for special editions. the manuscript should be in no less than 25 pages long.10. the top and bottom margins are 1 inch.11. the title is written using capital letters of 14 font size, centre position.12. sub titles are written using capital letters, started from the left margin.13. sub of sub titles are written using capital letters only at the beginning of each word ex-14. cept for connecting words. they should be started from the left margin. references should be those of the last ten years publication, unless they are key refer-15. ences. citation in the text body should be written using the family name and years of publica-16. tion. example: hill (2001) suggests that the objective of depreciation ….a. according to kotter (1867), intra industry trade can be …b. wagner (in mccain, 1982) states that …c. the definition of flypaper effect is … (wagner, 1976).d. tables and figures should be presented as follows:17. the name of tables and figures should follow a numbering system (arabic number-a. ing system). the names of the tables and figures are on the top and bottom parts of the tables, respectively. the tables and figures should provide the source of information, if any, at the bottom b. part of both. references should be written in alphabetical order, without any number. they should be 18. written using the following criteria: for books, the format should follow the following example:a. al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta. for papers that are part of a book, the format should follow the following example:b. bahl, r. 2000. how to design a fiscal decentralization. in sahid, y. (eds.), local dynamics in an era of globalization, 25-26, london: oxford university press. for journal/magazine papers, the format should follow the following example:c. al arif, m. n. r. 2012. efek multiplier wakaf uang dan pengaruhnya terhadap program pengentasan kemiskinan. jurnal asy-syir’ah fakultas syariah uin sunan kalijaga yogyakarta, vol. 46, no. 1, januari 2012, hlm. 10 – 12. for internet references, the format should follow the following example:d. kharlie, ahmad tholabi. 2006. “formalisasi syariat islam, mengapa tidak?”, http// www.ahmadtholabi.wordpress.com, accesed on 17 maret 2014 fore. magazine, the format should follow the following example: asa, syu’bah. 2004 “pengantin darah”, dalam tempo, no. 30/xxx111/20, 20 september 2004 transliteration19. guidance (from arabic to latin) consonant a = (ا) z = (ز) q = (ق) b = (ب) s = (س) k = (ك) t = (ت) sy = (ش) l = (ل) ts = (ث) sh = (ص) m = (م) j = (ج) dh = (ض) n = (ن) h = (ح) th = (ط) w = (و) kh = (خ) zh = (ظ) h = (ه) d = (د) ‘ = (ع) ’ = (ء) dz = (ذ) gh = (غ) y = (ي) r = (ر) f = (ف) t = ( ة ) short vocal long vocal ______ = a â = (ـــ ا) ______ = i î = (ـــ ى) ______ = u û = (ـــ و) diftong pembauran aw = (أو) al = (ال) ay = (أي) al-sy = (الش) -wa al = (وال) the manuscript in microsoft word should be sent to 20. editor.iqtishad@yahoo.com a brief cv that records full name, academic title, institution, telephone, fax and mobile 21. number should accompany the manuscript. the decision of the manuscript are:22. accepted without revision, ora. accepted with minor revision, orb. accepted with major revision, orc. rejected.d. upon the publication of the manuscript in the journal, the author will receive a publica-23. tion proof number and 3 off-prints. 12_konrributor_ok 13_petunjuk penulisan_ok 4-suryani.indd suryani & hendryadi: a developing model of relationship 45 a developing model of relationship among service quality, consumer satisfaction, loyalty and word of mouth in islamic banking suryani & hendryadi1 abstract. a developing model of relationship among service quality, consumer satisfaction, loyalty, and word of mouth in islamic banking. this research aims to develop a measurement tool of service quality in islamic banking sector, and examine its relationship among satisfaction, word of mouth (wom), and consumer loyalty. a convenience sampling of 235 respondents collected from seven locations in the lhokseumawe, aceh. partial least square -structural equation modeling(pls-sem) was used to test the research hypotheses. the results revealed that the quality of service has four dimensions, they are: service portfolio and assurance/spa, tangibles/tan, reliability of communication/com, and islamic values/iva. the pls-sem results suggest that spa and com are dominant factors affecting satisfaction, and satisfaction were significantly related to wom and loyalty. loyalty also positively and significantly related to wom. keywords: service quality, islamic banking, wom, loyalty, customer satisfaction. abstrak. pengembangan model hubungan antara kualitas layanan, kepuasan konsumen, loyalitas, dan kekuatan komunikasi di perbankan syariah. penelitian ini bertujuan untuk mengembangkan alat ukur kualitas layanan di sektor perbankan syariah,dan menguji hubungannya dengan kepuasan, word of mouth (wom), dan loyalitas nasabah. sampel diambil dari 7 (tujuh) titik lokasi di kota lhokseumawe aceh dengan total sampel 235 responden. pemodelan persamaan struktural menggunakan sem-pls. hasil analisis faktor menunjukkan bahwa kualitas pelayanan memiliki empat dimensi yaitu “portofolio layanan dan jaminan”, “fisik”, “keandalan komunikasi” dan “nilai islami”. melalui analisis sem-pls dibuktikan bahwa portofolio layanan dan jaminan, dan faktor keandalan komunikasi adalah faktor utama yang mempengaruhi kepuasan nasabah, selain itu, dibuktikan bahwa kepuasan nasabah memiliki hubungan signifikan dengan wom dan loyalitas, dan wom juga terbukti berhubungan dengan loyalitas nasabah. kata kunci : kualitas pelayanan, bank syariah, wom, loyalitas, kepuasan nasabah. first draft: september, 18th 2014, revision: november, 28th 2014, accepted: december, 18th 2014 1 stain malikussaleh lhokseumawe, jl. medan-b.aceh km. 275 no. 1 buket rata, alue awe kota lhokseumawe faculty of economic attahiriyah islamic university. jl. kampung melayu iii no. 15 bukit duri tebet jakarta selatan, dki jakarta email : suryapijar@yahoo.com, hendry.basrah@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 46 introduction islamic bank is a bank that operates not on interest (riba), but using the principle of profit sharing (mudharabah), safekeeping (wadi’ah), a joint venture (musyarakah), and leasing (ijarah). islamic bank also based on islamic law (sharia) that follows the islamic rules and practices that stated in holy quran, mohammad (pbuh) and majoring opinions among sharia scholars. islamic bank is a bank conducting business or operation based on islamic principles and does not depend on the interest in providing financing and other services in transaction activity (mohammed, 2005). as a company involved in the field of service industries, quality of service in the islamic banking sector has become a major concern in an effort to maintain competitiveness and long-term performance of the company. superior service quality will increase customer satisfaction, loyalties and also will reduce the level of complaints and customer retention. thus, companies that want to gain a competitive advantage should use technology to gather information about the demands of the market in an effort to improve service quality. the implications of the intense competition between islamic banks with conventional banks are increasing customers’ standard banking services, so the approach of using religious sentiment is no longer effective in attracting consumers in the islamic banking sector. research conducted by dusuki and abdullah (2007) in malaysia revealed that the selection of islamic banks are dominated by a combination of reputation and quality of service and finance offered by banks. other factors are also considered important that a good social responsibility comfort and price of the product. further studies by al-tamimi et al., (2009) also found that the most important factors as determinants of bank selection, first, bank products, than service quality and religious factors. the results of different studies reported by sayani and miniaoui (2013) concluded that the determinants of bank selection are the preference religions as the most important consideration in choosing between islamic and conventional banks. great attention to the quality of service the banking sector has made this topic develops and produces various models of measurement of service quality in the banking sector. however, there are considerable disagreement and debate about how to measure the quality of service. generally, recent research using servqual as a tool to measure the quality of service throughout the marketing sector and this model has gained widespread evidence, but it is not possible for any other service sector, especially the banking sector (abdullah et al., 2011). from 2000 to 2006, a total of 14 conceptual models of service quality reported that applied in the banking sector (both conventional and islamic) (sangeetha & mahalingam, 2011). suryani & hendryadi: a developing model of relationship 47 because there are many differences in the concept of service to the islamic bank then its prove, the concept is still being developed so as not yet found a definite reference in cross-cultural research. in addition, in developing the model in the measurement of service quality islamic bank, this research also tries to develop a research model to include satisfaction, word of mouth (wom) and customer loyalty. furthermore, this research is intended to enrich and provide knowledge in the context of islamic banking service quality and provides a conceptual framework for islamic service quality that is still limited. literature review business banking services primarily to give special attention to the trust, so the issue of service quality becomes a crucial factor in the success of the business. service quality is a form of consumer ratings of the perceived service with the level of service expected. the implications of the quality of service according to ladhari (2009), include increased customer satisfaction, improved customer retention, positive word of mouth, reducing staff turnover, reduced operating costs, enlarged market share, increase profitability, and improve financial performance. service quality is the result of the evaluation process, where consumers compare expectations with perceptions of service received (grönroos, 1984). another definition proposed by parasuraman et al., (1988) which states that the service quality as a general assessment or attitudes related to service excellence, while satisfaction associated with a specific transaction. service quality is generally seen as the result of a whole system of services received by consumers, and the principle that the quality of services focused on addressing the needs and desires of customers, as well as their determination to provide services in accordance with customer expectations. service quality is the expected level of excellence and control of the level of excellence to meet customer expectations (tjiptono and chandra, 2004). based on these definitions can be concluded that the service quality is the hallmark, the characteristics or properties of a product or service that can meet the expectations of consumers who provide a level of excellence in a specific service. during its development, the service quality in the banking sector has been measured by various approaches, first, the model servqual of parasuraman et al., (1988) proposed five dimensions of perceived service quality construction: first, tangibles or physical evidence, namely the ability of a company to show existence to external parties; second, reliability is the company’s ability to deliver as promised services accurately and reliably; third, responsiveness is a willingness to help and provide fast and accurate service to customers with clear information; fourth, guarantees and certainty is knowledge, courtesy, and the ability of the company’s al-iqtishad: vol. vii no. 1, januari 2015 48 employees in growing confidence of the customers to the company; and fifth, empathy is providing genuine concern and a private individual or given to customers by striving to understand the desires. most of the empirical studies on the quality of banking services are to measure the quality of service to replicate or adapt the model servqual. firdaus abdullah (2011) developed a factorial analysis showed that the quality of service has three dimensions, namely “systematization of service delivery”, “reliable communication” and “responsiveness”, and then some regression analysis showed that the “systematization” is the dimension of service quality the most important in the banking sector which is then referred to as the bsq index (bank service quality). other sizes referred to as the bank service quality (bsq) developed by bahia and nantel (2000) which measures the quality of the bank’s services include aspects of effectiveness and assurance; access; price; tangibles; service portfolio, and reliability that also successfully validated by glaveli et al., (2006) through his research in five countries. compared to conventional bank, service quality measurement in the islamic banking sector is still relatively limited. several studies have attempted to develop a service quality scale islamic bank as gayatri and chew (2013) identified: islamic values in general, halal/haram, attention to the activities of the islamic religions, honesty, humility, and humanity and trust. while manshor taapet amat al., (2011) using the four dimensions of service quality, namely tangibility, reliability, competence, and comfort in islamic and conventional banking sector in malaysia. jabnoun and khalifa (2005) developed a measure of quality of service to the conventional banks and islamic banks and they identified four dimensions that include personal skills, reliability, value and image of the bank. however, only the dimension values and personal skills that significant in determining the quality of service in islamic banks. research by misbach et al., (2013) conducted in indonesia adapted the measurement model of abdullahet al., (2011) designed a new measurement instruments in the banking sector and identifies three dimensions that include system services, responsiveness and reliability. thus, qureshiet al., (2014) in pakistan used the measurement model by adapting the servqual, which includes reliability, responsiveness, assurance, empathy, and physical aspects. models of service quality measurement can be seen in table 1. table 1. model of service quality measurement in islamic bank writer / year state model of measurement / indicator jabnoun dan khalifa (2005) uni emirat arab personal skills, reliability, value and image of bank suryani & hendryadi: a developing model of relationship 49 ahmad et al., (2010) pakistan servqual ladhari et al., (2011) kanada dan tunisia servqual amat taap et al., (2011) malaysia honesty, humility, humanity and trust gayatri dan chew (2013) indonesia islamic values in general, halal / haram, attention to the activities of islamic religion, honesty, humility, humanity and trust misbach et al., (2013) indonesia system service, responsiveness and reliability amirzadeh dan shoorvarzy (2013) iran servqual qureshi et al., (2014) pakistan servqual consumer behaviors such as loyalty, repeat purchases, the level of complaints, word of mouth, brand image, customer value, and various other aspects. the relationship between service quality and consumer satisfaction in the banking context has been studied. one study tried to develop a model of the relationship between service quality, customer satisfaction, and profitability of banks in taiwan. by using the models servperf successfully proved that service quality has a positive relationship with customer satisfaction and profitability of banks (lee and hwan, 2005). research in malaysia proves that the five key dimensions of competence, communication, conflict management, trust, and relationship quality-discrimination between customers associated with consumer satisfaction (nelson and chan, 2005). another study in india found that customer expectations and perceptions of service quality dimensions of tangibility, competence and empathy have an impact on consumer satisfaction (khurana, 2014). newer research reveals similar findings as esmailpour et al., (2012) and mosahab et al., (2010) in iran; and al-hawari (2008) in australia. based on the above, it can be said that the better the quality of services provided the higher the level of satisfaction. the hypothesis is: “h1: service quality is positively related to customer satisfaction”. a satisfied customer will provide recommendations on experience to others are a basic concept of communication by word of mouth. word of mouth can be expressed as interpersonal communication between two individuals even more like al-iqtishad: vol. vii no. 1, januari 2015 50 a consumer’s group members or others. due to the nature of the recommendations of the individual, the communication of mouth is one of the important factors that influence a person’s decision to buy. wom concept definition itself is constructed differently, such as the informal transfer of positive or negative purchases and behaviors associated with consumption among consumers (teo and soutar, 2012). in the education sector, it was found that the functional quality of service, rather than the quality of technical services, have an impact on the formation of wom, with student satisfaction plays an important mediating role (teo and soutar, 2012); satisfaction associated with loyalty and wom (shao-chang li, 2013); and the high satisfaction of a larger cause wom activity (lang, 2011). thus, it is reasonable to think that in a banking context, the fulfillment of the expectations that have implications for consumer satisfaction will lead to an increase in intention to recommend to others about their experiences with others in the form of positive wom. thus, the second hypothesis proposed is: h2: “consumer satisfaction is positively associated with wom” consumer loyalty is a form of behavior. loyal customers will demonstrate the purchase of non-random behavior, repeated violations of the goods / services of a company. the word “non-random” on buying behavior indicates that loyal customers make purchases planned and not based on random events (griffin, 2009). while the characteristics of loyal customers according to kotler and keller (2009) can be seen from the three indicators includes repeat purchases; resistance from other influences and referrals or refer in total company’s existence. in various literatures, customer satisfaction is an important indicator of customer loyalty and a number of studies have identified the benefits of customer loyalty for the company in the future. the benefits of customer loyalty can lead to low service cost because the cost to be incurred by the company for loyal customers is cheaper than new customers. in addition, they will pay a higher fee for a set of products; and loyal consumers will act as an agent of word-of-mouth marketing. (gee et al., 2008). research conducted by pont and mcquilken (2005) on the relationship between customer satisfaction and loyalty in the australian banking industry to the conclusion that satisfaction has a significant impact on three of the five dimensions: loyalty, pay more and external responses, whereas the other two dimensions, namely the tendency to switching and internal response is not significant. in the context of e-banking services, satisfaction has a significant effect on loyalty to the bank and a willingness to continue the relationship with the e-banking services (momeni et al., 2013). other studies such as that carried out by kazemi et al., (2013) give the conclusion of the relationship between brand identity, customer suryani & hendryadi: a developing model of relationship 51 loyalty and wom by considering the mediating role of customer satisfaction and brand commitment. other empirical evidence also found that all the attributes of service quality are positively related to customer satisfaction is positively related to customer loyalty in retail banking arrangements in bangladesh. empathy showed the highest positive correlation with customer satisfaction and physical aspects showed a positive correlation with customer satisfaction at least (siddiqi, 2011). based on these explanations, the proposed hypothesis is: h3: “loyalty is positively associated with wom” and h4: “customer satisfaction is positively related to loyalty” methods service quality in this study adapted various service quality measurement model of bank. through a preliminary study identified 26 items relevant statements by adapting measurement model of bank service quality (bsq) from bahia and nantel (2000); service quality measurement model islamic bank of gayatri and chew (2013); and servqual of parasuraman et al., (1988). customer satisfaction is measured by three items include overall satisfaction, the level of complaints, compliance with the expected services, and the lack of service (hennig, 2004). loyalty is measured by two items covering the intention to continue to be a customer and intention to move (dimitriades, 2006). wom is measured by three items include the intention to tell others, recommend behavior, and behavior to invite others to use the services of islamic banks (shao-chang li, 2013). all statements are measured using a scale of 7 point likert-type items, namely 1 (strongly disagree) to 7 (strongly agree). the first stage of analysis using exploratory factor analysis (efa) by the method of principal component analysis and varimax rotation was used as a test tool to test the factor structure of the data. the factor analysis would classify data based on the inter-correlations between items. the reliability of a measurement indicates the extent to which these measurements without free from errors and ensure consistent measurement across time and across a variety of items in the instrument. the approach used to estimate the reliability of the instrument is using the cronbach alpha coefficient. reliability test was using internal consistency approach. cronbach alpha value of 0.70 and above is considered the criteria to demonstrate the internal consistency of the scale developed. the analysis technique used to test the model of the relationship among variables in this study is a structural equation model partial least square (pls-sem). al-iqtishad: vol. vii no. 1, januari 2015 52 this technique is an alternative method used to model that has great complexity, an indicator that is reflexive and formative mix and has a purpose for prediction (ghozali, 2008). discussion through a convenient technique (simple sample) then obtained 235 respondents obtained from six islamic banks in lhokseumawe and the location was taken in one of the islamic universities. the sample consisted of 47.7 % male and 52.3 % female. age of respondents consisted of less than 25 years (39.6 % ), then the age of 26-35 years (34 %), over 35 years (24.3 % ) and 2.1 % are refused to filled. majority, the education respondent is bachelor (37.4 %) and high school (36.6 %), while based on the length of a customer, the customer as much as 52.8 % less than 3 years, and 26.4 % between 4-8 years, and 12.3 % are already a customer of more than 9 years, and 8.5 % of respondents are refused to answer. through factor analysis values obtained kaiser-meyer-olkin msa (kmomsa) of 0.933 shows that the data have been qualified analysis of the first factor. second, the value of bartlett’s test of sphericity of 4309.445 at 0.000 significance. this value indicates that the variable-forming factor is good enough so that the analysis can proceed. the next step is to assess the communality of each variable to determine which items are examined as a value factor. the results showed that the two variables are communalities below 0.50 so that it is removed from the measurement model. furthermore, based on the total variance explained earlier revealed 24 items forming four factors with eigenvalue over one. four of these factors explain about 64,496 percent of the variance. after two items are eliminated, then the ability of four factors explains construction is of 67,843%. thus, the final scale is used, leaving 24 item questionnaires of 26 questions planned. table 1 shows the results of factor analysis in terms of the name of factors. variables loading on each factor, and the variance explained by each factor. alpha coefficient values for all factors of service quality are shown that all factors that meet the prerequisites of reliability cronbach alpha> 0.70. it can be concluded that the four constructs have a satisfactory level of reliability. the results of testing the validity of the structure on customer satisfaction generate value kaiser-meyer-olkin (kmo) measure of sampling adequacy for 0,747 (chi-square = 398,519, df = 3, sig = 0.000). the total variance explained demonstrates the ability to explain construct three items of 81,890 customer satisfactions. furthermore, the conclusion that the entire item is valid with regard weighting coefficient factor> 0:50. internal consistency with cronbach alpha tests to qualify the reliability that is equal to 0,887. for wom construct, the value of suryani & hendryadi: a developing model of relationship 53 kaiser-meyer-olkin (kmo) measure of sampling adequacy for 0,742 (chi-square = 449 007, df = 3, sig = 0.000). all the items proved to be valid by the ability to explain the construct of 83,651. internal consistency cronbach’s alpha tested by a qualified reliability that is equal to 0,902. and test results on the loyalty construct showed the value of the kaiser-meyer-olkin (kmo) measure of sampling adequacy of 0.500 (chi-square = 102 245, df = 1, sig = 0.000), with a totals of 80,282% constructs the ability to explain. internal consistency (alpha cronbach) 0,887 for customer satisfaction, 0,902 (wom), and 0,754 (loyalty) and has fulfilled a good reliability (cronbach alpha> 0.70). measurement model with reflexive indicator based composite reliability or internal consistency should be higher than 0.70 (in exploratory research, 0.60 to 0.70 are considered acceptable); second, reliability indicators: loading factor on the indicator must be higher than 0.70. third, convergent validity seen from the average variance extracted (ave) should be higher than 0.50. fourth, discriminant validity: the square root of ave any latent constructs should be higher correlation latent variables; and loading factor indicators should be higher than the other constructs (hair et al., 2011). further, reliability test shows that all variables have a value of composite reliability and cronbach alpha above 0.70. so it can be stated that all latent variables have a good level of reliability. convergent validity is met if the scores obtained by two different instruments that measure the same concept shows a high correlation. indicators which have convergent validity is having outer loading factor above 0.70. the next test results shown that all the indicators already have a loading factor> 0.70 so that it can be declared to have proved it has a convergent validity. discriminant validity was intended to test that a properly construct only measure the construct to be measured, not the other construct. discriminant validity testing methods can use cross-loading between indicators and used the roots of the average variance extracted (ave). through the results of the analysis shows that the correlation for each indicator in latent variables is greater than other latent construct. in addition, test results showed that the root of ave entire square root of the construct has a greater value than the correlation between the latent variables. from this test it can be concluded that the model has met the discriminant validity. the goodness of fit model is measured using r2 dependent latent variable with the same interpretation of the regression. r² value of 0.75, 0:50 or 0:25 for endogenous latent variables in the structural model can be described as substantial, moderate and weak. q2 predictive relevance for the structural model to measure how well the observed values generated by the model and parameter estimation. q² value greater than zero indicate that the construction of exogenous have predictive al-iqtishad: vol. vii no. 1, januari 2015 54 relevance in explaining endogenous. (hair et al., 2011). based on the analysis of sem-pls obtained r2 structural model in model 1 (satisfaction) is equal to 0732, model 2 (wom) is equal to 0505 and model 3 (loyalty) is equal to 0492. thus the formulas and calculations to test predictive relevance q2 following: q2 = 1 – ( 1 – r21 ) ( 1 – r 2 2) ( 1 – r 2 3) q2 = 1 – ( 1 – 0.732) ( 1 – 0.505) (1 – 0.492) q2 = 1 – ( 0.268) (0.495) (0.508) q2 = 0.933 summary of hypothesis tests show of five of seven proposed hypothesis supported. two non-significant path coefficient are the relationship between the physical aspect (tan) with satisfaction (sat) and the relationship of islamic values (iva) with satisfaction (sat). this study consists of two main objectives: first to develop an instrument to measure the quality of islamic banking services, and the second is a test model the relationship between service quality, satisfaction, and loyalty wom. the results of the analysis successfully validated 24-item scale measuring service quality islamic banks (islamic bank service quality scale / ibsq). as a newly developed scale, these findings provide initial information to be replicated in future studies. this study complements the findings of gayatri and chew (2013) which identifies the islamic bank of service quality measures include: islamic values in general, halal/haram, attention to the activities of the islamic religion, honesty, humility, and humanity and trust, and bank service quality (bsq) developed by bahia and nantel (2000) which measures the quality of the bank’s services include aspects of effectiveness and assurance; access; price; tangibles; service portfolio; and reliability which also successfully validated by glaveli et al., (2006). in summary, this study enriches and increases their knowledge in the context of quality islamic banking services and provides a conceptual framework for service quality which is still relatively limited explored. compared with previous studies, such as gayatri and chew (2013) which identifies six factors of service quality islamic bank, this study identified only four the quality factor of islamic banking services by using the more general aspects that are expected to be able to describe the professional quality of the islamic banking services. interesting findings is the lowest average score of 4 dimensions are used for 6 (six) that is observed bank of the islamic values. this situation clearly needs to get attention from the islamic bank in its efforts to reinforce the distinction of islamic banks with conventional banks. suryani & hendryadi: a developing model of relationship 55 figure 1. structural model pls-sem through the analysis of sem-pls obtained results indicate that physical factors (tan) and islamic values (iva) has not significantly related to satisfaction, with t value for each coefficient of 1,673 and 1,332. two other factors, namely the reliability of communications (com) and the portfolio of services and guarantees (spa) has a significant relationship (0178, t value 2,724 t) for com and 0.568 (t value 5,941 t) for spa. thus it can be stated the relationship between service quality and customer satisfaction is only partially supported (h1a and h1b are not supported; h1c and h1d supported). in the second sub-structural wom as an endogenous variable, obtained coefficient of determination of 0505 which demonstrate the ability of consumer satisfaction and loyalty explain wom by 50.50%. coefficients between consumer satisfaction to wom that are for 0.464 (t 7.644) and coefficient of loyalty to wom that are for 0303 (t 4.934). the two coefficients significant at 5% level that can otherwise be otherwise be able to explain the variation of wom, therefore hypotheses 2 and 3 supported. sub-structural third placing loyalty as an endogenous obtained coefficient of determination of 0.492 which describes the ability of customer satisfaction in explaining loyalty amounted to 49.20%. coefficient path of satisfaction on loyalty is equal to 0.701 (t value 17. 616 t), so that the hypothesis 4 is supported. al-iqtishad: vol. vii no. 1, januari 2015 56 conclusion based on testing the validity and reliability that have been described, the four factors which successfully identified in this study: first, portfolio of services and warranty (service portfolio and assurance) service product portfolio refers to the diversity of services offered, the results and the fees charged to customers. collateral refers to the accuracy of the services such as errors in service, gives a detailed explanation on the services offered, the service compared with conventional banks, the suitability of hope, and the suitability of the promise. second, physical factors (tangibles). this factor relates to buildings, neatness and design rooms, location, service staff clothing. third, communication reliability factor (reliable communication). the reliability of communication refers to communication effectiveness in providing services (especially the friendliness and courtesy of employees) and the willingness of staff to provide an explanation to the customers. these factors emphasize the need for staff in providing services which promote good attitudes and behavior by promoting hospitality (empathy) and courtesy (modesty) in the face of the customer, including in the case of listening to the complaints submitted. fourth is the factor of islamic values and attention to islamic activities. this factor explains conformity with islamic values such as conformity with the rules of islam, muslim accommodate customer needs, prioritizing system halal/ haram, and provide tools for the activity of islamic prayer. this research is targeted also to explain the relationship between service quality and customer satisfaction, and the relationship between customer satisfaction, loyalty, and wom. statistical analysis showed that only two lanes direct effect of service quality on customer satisfaction, namely the reliability of communications (com), portfolio and collateral (spa). two factors of service quality that physical factors (tan) and islamic values (iva) is not proved significantly related to customer satisfaction. although the structure of these two factors proved to have construct validity, but each one is weak in terms of validity based criteria (criterionrelated validity) that validity is determined by comparing the test scores with certain performance on an external measure. beyond this size should have a theoretical relationship with the variables measured by tests that, in this context that are the quality of service should correlate with customer satisfaction. a larger sample size is recommended for further testing, as recommended by hair et al., (2006) that 14 to 1 or 14 x 32 variables / items = 448. another finding that successfully authenticated that is positively wom can be explained by the satisfaction and loyalty, and the latter proved satisfaction is positively related to loyalty. 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(qahaf: 2007) indonesia menyimpan potensi wakaf yang besar. tapi, potensi itu belum dikelola dan dimanfaatkan secara optimal. menurut data departemen agama hingga maret 2008, aset wakaf yang berupa tanah berjumlah 363.272 lokasi dengan luas mencapai 2.701.145.561,08 m2. tanah wakaf tersebut sebagian besar baru dimanfaatkan untuk pendirian masjid, panti asuhan, sarana pendidikan dan kuburan dan hanya sebagian kecil yang dikelola secara produktif (depag: 2008) hal ini diperkuat dengan hasil penelitian pusat bahasa dan budaya (pbb) uin syarif hidayatullah jakarta (csrc uin: 2006) menunjukkan, bahwa harta wakaf lebih banyak bersifat diam (77%) daripada yang menghasilkan atau produktif (23%). temuan lain menunjukkan, pemanfaatan terbesar harta wakaf adalah masjid (79%) daripada peruntukkan lainnya, dan lebih banyak berada di wilayah pedesaan (59%) daripada perkotaan (41%). artinya bahwa tanah wakaf yang cukup luas itu belum memberikan manfaat produktif, melainkan sebagian besar masih dipergunakan untuk keperluan konsumtif. (nasution& hasanah: 2005) tanah wakaf seluas 270.114,56 hektar akan memberikan manfaat yang lebih besar apabila dipergunakan untuk kepentingan produktif, seperti rumah sakit, pusat bisnis, pertanian, perkebunan dan lain-lain. potensi wakaf diatas belum termasuk potensi wakaf benda tak bergerak misalnya wakaf uang. wakaf uang ini merupakan implementasi produk baru dalam sejarah perekonomian islam yang dipelopori oleh muhammad abdul mannan, di bangladesh. wakaf uang mendapat perhatian serius karena memiliki akar panjang dalam sejarah islam. sebagai instrumen keuangan, wakaf uang merupakan produk baru dalam sejarah perbankan islam. pemanfaatan wakaf uang yang dipelopori mannan dibedakan menjadi dua, yaitu pengadaan barang privat dan barang sosial. karena itu wakaf uang membuka peluang yang unik bagi penciptaan investasi di bidang keagamaan, pendidikan dan pelayanan sosial. tabungan dari warga yang berpenghasilan tinggi dapat dimanfaatkan melalui penukaran sertifikat wakaf uang. rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 307 menurut perhitungan nasution(2005) tentang potensi wakaf di indonesia dengan jumlah umat muslim dermawan diperkirakan sebesar 10 juta jiwa dengan rata-rata penghasilan perbulan rp. 500.000 hingga rp. 10.000.000, maka paling tidak akan terkumpul dana per bulan sekitar tiga triliun rupiah pertahun dari dana wakaf, seperti perhitungan pada tabel 1 berikut: tabel 1 perhitungan potensi wakaf uang tingkat penghasilan/ bulan jumlah muslim tarif wakaf/ bulan potensi wakaf uang/bulan potensi wakaf uang/tahun rp500.000 4 juta rp5000,rp20 milyar rp240 milyar rp1 juta-rp2 juta 3 juta rp10.000,rp30 milyar rp360 milyar rp2 juta-rp5 juta 2 juta rp50.000,rp100 milyar rp1,2 triliun rp5 juta-10 juta 1 juta rp100.000,rp100 milyar rp1,2 triliun total rp3 triliun sumber : nasution dan hasanah (2005) adapun dana wakaf yang terkumpul ini selanjutnya dapat digulirkan dan diinvestasikan oleh nazhir ke dalam berbagai sektor usaha yang halal dan produktif, misalnya membangun sebuah kawasan perdagangan yang sarana dan prasarananya dibangun di atas lahan wakaf dan dari dana wakaf. proyek ini ditujukan bagi kaum miskin yang memiliki bakat bisnis untuk terlibat dalam perdagangan pada kawasan yang strategis dengan biaya sewa tempat yang relatif murah. sehingga akan mendorong penguatan pengusaha muslim pribumi dan sekaligus menggerakkan sektor riil secara lebih massif. kemudian, keuntungannya dapat dimanfaatkan untuk pembangunan umat dan bangsa secara keseluruhan (nasution: 2006). wakaf yang ada di indonesia dikelola oleh nazhir wakaf dibagi menjadi tiga kategori: pertama nazhir perorangan, yaitu minimal terdiri dari 3 orang nazhir perorangan biasanya tidak memiliki kepengurusan yang jelas dan tidak memiliki kekuatan hukum seperti akta notaris; kedua, nazhir organisasi; dan ketiga, nazhir badan hukum, yaitu organisasi atau badan hukum yang bergerak dalam bidang sosial keagamaan. nazhir perorangan pada umumnya belum mampu mengembangkan dana wakaf yang ada di bawah tanggung jawabnya. sedangkan nazhir badan hukum baru sedikit yang mampu mengembangkan wakaf secara produktif (nasution: 2005). keberadaan nazhir memegang peranan yang sangat penting bagi berkembang al-iqtishad: vol. vi no. 2, juli 2014 308 tidaknya suatu harta wakaf. dalam literatur fikih, pengelola wakaf disebut nazhir. istilah ini mengandung arti penjaga, manajer, administrator, kepala atau direktur. selain itu sering juga disebut dengan mutawalli, yang berarti pengurus, yang diberi kuasa dan berkomitmen, eksekutif, manajer atau direktur. sebesar apapun aset wakaf yang dimiliki bila tidak ditangani oleh sumber daya manusia (sdm) nazhir yang handal dan profesional, maka aset wakaf tetap diam, dan tidak bergerak ke arah produktif. seperti yang terjadi pada aset wakaf berupa tanah. kondisi pengelolaan tanah wakaf yang kurang produktif itu berbanding lurus dengan kualitas pengelolanya. seharusnya dengan potensi wakaf uang yang begitu besar apabila dikelola dengan baik maka akan menghasilkan penghimpunan dana wakaf uang yang besar tapi kenyataannya terjadinya gap yang sangat lebar antara realisasi dana wakaf yang dihimpun dengan potensi wakaf uang yang ada. penulis menduga manajemen pengelolaan wakaf uang kurang dikelola dengan baik dan kurang profesional maka output penghimpunan dana wakaf uang yang dihasilkan juga tidak maksimal. rendahnya pemanfaatan wakaf ini identik dengan rendahnya kemampuan nazhir. menurut hasanah , masih banyak nazhir yang kurang mampu memahami tugas dan kewajiban selaku pengelola wakaf. pengelolaan wakaf di masa mendatang harus dilakukan oleh nazhir yang profesional sehingga wakaf bisa berkembang produktif. (hasanah: 2005) masih rendahnya tingkat pemahaman nazhir mengenai wakaf uang dan pemahaman undang-undang no.41 tahun 2004 tentang wakaf merupakan suatu realita yang tidak dapat terbantahkan. sebagian besar nazhir masih memahami bahwa mengelola harta wakaf adalah bagaimana mengelola dan mengembangkan wakaf yang hanya berupa benda seperti bangunan atau tanah. konsep wakaf yang masih mengacu pada fixed asset. tinjauan pustaka menurut robbin (2001) ada banyak faktor yang mempengaruhi terbentuknya persepsi seseorang dan faktor itu yang memungkinkan terjadinya perbedaan persepsi antar individu terhadap suatu objek tertentu. faktor-faktor tersebut dapa berada pada tida aspek, yaitu: pihak pelaku persepsi, pada target persepsi (objek persepsi) dan juga dapat dari konteks situasi persesi itu dilakukan. faktor yang bersumber dari pihak pelaku persepsi dalam menafsirkan sebuah objek sangat dipengaruhi oleh karakteristik pribadi. banyak faktor yang terkait dengan individu pelaku persepsi yang mempengaruhi persepsinya seseorang seperti sikap, motif, kepentingan atau minat, pengalaman masa lalu dan pengharapan. rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 309 objek dari persepsi tersebut menjadi faktor kedua dalam mempengaruhi persepsi seseorang. orang yang pintar bicara di depan publik lebih mungkin untuk diperhatikan dalam suatu kelompok daripada mereka yang pendiam. demikian juga individu yang luar biasa menarik atau luar biasa tidak menarik, gerakan, bunyi dan atribut-atribut lain dari objek persepsi membentuk cara kita memandangnya. faktor ketiga yaitu situasi dan kondisi lingkungan sekitar. persepsi terhadap suatu objek menjadi berbeda walau pelakunya juga sama, tetapi kondisinya berbeda. berdasarkan kerangka teori di atas, persepsi nazhir wakaf uang juga dipengaruhi oleh faktor-faktor yang terkait dengan tiga aspek tersebut. diantara faktor-faktor yang akan berpengaruh pada nazhir dalam memahami wakaf uang adalah: faktor pertama yang akan berpengaruh kepada persepsi nazhir tentang wakaf uang adalah keterlibatan dan interaksi nazhir dengan pelatihan-pelatihan wakaf. pelatihan tersebut dapat berupa seminar, workshop, pendidikan dan pelatihan (diklat) dsb. faktor kedua latar belakang pendidikan akan berpengaruh terhadap terbentuknya persepsi atau pemahaman nazhir, karena nazhir yang berpendidikan akan memiliki sikap terbuka terhadap informasi baru dan memandangnya secara obyektif. pendidikan merupakan proses memberi informasi dan melatih kemampuan seseorang untuk menyeleksi dan menginterpretasikan sebuah informasi, demikian halnya dengan memahami wakaf uang orang yang berpendidikan akan lebih mudah dalam memahaminya. faktor ketiga yang akan berpengaruh terhadap persepsi nazhir tentang wakaf uang adalah media informasi. bentuk media informasi bermacam-macam, antara lain dalam media massa, media elektronik dan dakwah para ulama. media merupakan sarana komunikasi yang dikemas dalam bentuk informasi untuk terbangunnya persepsi. oleh karena itu, persepsi terbentuk awalnya dari adanya informasi yang menstimulasi indra manusia baik berbentuk barang dan jasa, atau berbentuk data yang datang dari objek tertentu. faktor keempat yang akan berpengaruh kepada persepsi nazhir tentang wakaf uang adalah regulasi. dengan adanya undang-undang no.41 tahun 2004 tentang wakaf dan peraturan pemerintah nomor 42 tahun 2006 tentang pelaksanannya, memberikan kepastian hukum tentang bolehnya wakaf uang serta bagaimana memproduktifkan aset wakaf semaksmimal mungkin. dalam kitab-kitab fikih, ulama tidak mencantumkan nazhir wakaf sebagai salah satu rukun wakaf, karena wakaf merupakan ibadah tabarru’ (pemberian yang bersifat sunah). namun demikian, setelah memperhatikan tujuan wakaf yang ingin melestarikan manfaat maka keberadaan nazhir sangat dibutuhkan, bahkan menempati pada peran sentral. terlalu banyak contoh pengelolaan harta wakaf yang dikelola oleh nazhir yang sebenarnya tidak memiliki kemampuan yang memadai, al-iqtishad: vol. vi no. 2, juli 2014 310 sehingga harta wakaf tidak berfungsi secara maksimal, bahkan tidak memberikan manfaat sama sekali kepada sasaran wakaf. untuk itulah profesionalisme nazhir menjadi ukuran yang paling penting dalam pengelolaan wakaf jenis apapun. dalam rangka meningkatkan kemampuan nazhir diperlukan sistem manajemen sumber daya manusia (sdm) yang handal. sistem tersebut bertujuan untuk: pertama, meningkatkan dan mengembangkan pengetahuan kemampuan dan keterampilan para nazhir wakaf di semua tingkatan dalam rangka membangun kemampuan manajerial yang tangguh, profesional dan bertanggung jawab; kedua, membentuk sikap dan perilaku nazhir sesuai dengan posisi yang seharusnya, yaitu pemegang amanat umat islam yang mempercayakan harta benda untuk dikelola secara baik dan pertanggungjawaban di hadapan allah kelak; ketiga, menciptakan pola pikir atau pesrepsi yang sama dalam memahami dan menerapkan pola pengelolaan wakaf, baik dari segi peraturan perundang-undangan maupun teknis manajerail sehingga lebih mudah diadakan kontrol, baik di daerah maupun pusat; keempat, mengajak para nazhir untuk memahami tata cara pengelolaan yang lebih berorientasi pada kepentingan syariat islam secara lebih luas dan dalam jangka panjang. sehingga wakaf bisa dijadikan sebagai salah satu elemen penting dalam menunjang penerapan sistem ekonomi syariah secara terpadu. setelah diketahui persyaratan minmal seorang nazhir dan tujuan diperlukan upaya pembinaan agar mereka dapat menjalani tugas-tugas kenazhiran secara produktif dan berkualitas. upaya pembinaan ini harus dalkukan berdasatkan standar pola manajemen terkini, antara lain: pertama, pendidikan formal. melalui sekolahsekolah umum dan kejuruan dapat dicetak calon –calon sdm kenazhiran yang siap pakai, dengan catatan sekolah itu sendiri harus dibentuk secara berkualitas dengan memberikan format kurikulum yang mantap dengan disiplin pengajaran yang tinggi, terarah menurut bidang yang dituju. misalnya, sekolah menengah pertanian maupun tingkat perguruan tingi yang diharapkan dapat mengelola tanah-tanah wakaf berupa persawahan, perkebunan, ladang pembibitan dan lain-lain. kedua, pendidikan non formal. bentuk dari pendidikan model ini adalah dengan mengadakan kursus-kursus atau pelatihan-pelatihan sdm kenazhiran baik yang terkait dengan manajerial organisasi, atau meningkatkan keterampilan dalam bidang profesi seperti administrasi, teknik pengelolaan pertanian, teknik perbankan, pengelolaan kepariwisataan, perdagangan, pemasaran dan lain sebagainya; keempat, pendidikan informal. berupa latihan-latihan dan kaderisasi langsung di tempattempat pengeloaan benda wakaf. nazhir yang telah ada, ditingkatkan kemampuannya melalui latihan-latihan yang intensif dan bimbingan yang membuatnya kian maju dan mampu dalam bidang tugas dan tanggung jawabnya. medan kerja itu sendiri menjadi “sekolah” dan taman belajar yang lebih praktis yang terkadang bobot dan rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 311 mutunya lebih mantap dibandingkan dengan sekolah atau kursus. kelima, pembinaan mental. spirit kerja harus terus menerus dibina agar para pemegang amanah perwakafan senantiasa bergairah dalam melaksanakan pekerjaannya. demikian juga pembinaan mental budi pekerti (akhlak) yang luhur dibina melalui berbagai kesempatan seperti ceramah-ceramah agama, outbond, simulasi pengembangan diri dan organisasi untuk menjaga dan meningkatkan ketahanan mental supaya sdm kenazhiran bisa mengemban amanat untuk kesejahteraan nazhir banyak. metode data yang digunakan yaitu data primer dan sekunder. data primer diperoleh melalui penyebaran kuesioner. sementara data sekunder meliputi berbagai literatur yang berkaitan dengan topik penelitian. dalam pengambilan sampel dalam penelitian, penulis akan menggunakan teknik non probability sampling dengan teknik adjusted sampling. penelitian ini merupakan jenis penelitian deskriptif-korelasional (kausal) dengan melihat faktor-faktor yang ada pada variabel bebas guna melihat adakah hubungan dan seberapa besar pengaruh tiap-tiap variabel bebas terhadap variabel terikatnya. metode yang digunakan untuk menganalisis data adalah analisis deskriptif dan regresi logistik. analisis deskriptif digunakan untuk menjelaskan hasil penelitian yang diperoleh dan kaitannya dengan teori-teori persepsi yang ada. adapun analisis regresi logistik dilakukan untuk mengetahui pemahaman nazhir akan wakaf uang dan faktor yang mempengaruhi pemahaman tersebut. target dari analisis regresi logit adalah untuk mengetahui seberapa besar pengaruh variabel-variabel bebas terhadap variabel terikat yang dengan bentuk persamaannya : ln p = β0 + latih1 + latih2 + didik1 + didik 2 + sos 1 +sos 2 1-p + reg1 + reg2 + ∈1 dimana: latih : pelatihan yang diikuti didik : tingkat pendidikan yang ditamatkan sos : media informasi reg : regulasi al-iqtishad: vol. vi no. 2, juli 2014 312 pembahasan sikap dan respon nazhir terhadap wakaf uang sangat dipengaruhi oleh pemahaman nazhir itu sendiri terhadap wakaf uang tersebut. persepsi merupakan tanggapan, pendapat yang di dalamnya terkandung unsur penilaian terhadap objek dan gejala berdasarkan pengalaman dan wawasan yang dimilikinya. pengalaman dan wawasan itu sendiri dipengaruhi oleh situasi nazhir, isu-isu sosial, kelompok sosial dan hal-hal lain yang dapat menjadi objek sikap. pandangan nazhir terhadap wakaf uang dapat terbentuk jika nazhir memiliki pengalaman dan wawasan mengenai wakaf. tidak mungkin nazhir memberikan pandangan atau persepsinya terhadap wakaf uang jika nazhir tersebut tidak memahami atau mengetahui hal yang berkaitan dengan wakaf. hasil olahan data kuesioner tentang responden yang setuju dan tidak setuju tentang wakaf uang ditampilkan pada tabel variabel persepsi wakaf uang sampel data yang digunakan mempunyai komposisi untuk nazhir yang setuju wakaf uang sebanyak 81,7 %, kemudian untuk nazhir yang tidak setuju wakaf uang sebanyak 18,3 %. secara umum penelitian ini menunjukkan bahwa mayoritas nazhir setuju wakaf uang. latar belakang pendidikan akan berpengaruh terhadap terbentuknya persepsi atau pemahaman nazhir, karena nazhir yang berpendidikan akan memiliki sikap terbuka terhadap informasi baru dan memandangnya secara obyektif. pendidikan merupakan proses memberi informasi dan melatih kemampuan seseorang untuk menyeleksi dan menginterpretasikan sebuah informasi, demikian halnya dengan memahami wakaf uang orang yang berpendidikan akan lebih mudah dalam memahaminya. hasil pengolahan data penelitian, variabel latar belakang pendidikan berpengaruh cukup besar terhadap peersetujuan terhadap wakaf uang. data bahwa semakin tinggi pendidikan seseorang, maka akan semakin setuju terhadap wakaf uang. pada sebaran data yang dilakukan, tingkat pendidikan yang ditamatkan oleh nazhir yang menjadi responden penelitian ini, bahwa pendidikan tertinggi adalah s3 dan yang terendah ditamatkan adalah sltp. apabila ditinjau dari komposisi tingkat pendidikan terhadap persetujuan tentang wakaf uang adalah sebagai berikut: untuk pendidikan tinggi 100% responden yang setuju, kemudian untuk pendidikan menengah 86% responden yang setuju dan 14% responden yang tidak setuju akan wakaf uang. untuk pendidikan rendah 73% responden yang setuju dan yang tidak setuju 27% responden. berdasarkan sebaran data yang diperoleh terlihat bahwa nazhir yang tidak pernah mengakses media informasi tentang wakaf uang sebanyak 18%, yang rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 313 kadang-kadang mengakses media informasi wakaf uang sebesar 75% serta yang sering mengakses media informasi wakaf uang 7%. dengan adanya undang-undang no.41 tahun 2004 tentang wakaf dan peraturan pemerintah nomor 42 tahun 2006 tentang pelaksanannya, memberikan kepastian hukum tentang bolehnya wakaf uang serta bagaimana memproduktifkan aset wakaf semaksmimal mungkin. sebanyak 50% responden adalah kelompok yang paham akan regulasi wakaf uang, yang kurang paham sebesar 7% responden dan yang tidak paham sebesar 35% responden. regresi logistik digunakan untuk menguji probabilitas terjadinya variabel terikat dapat diprediksi dengan variabel bebasnya. variabel terikat menggunakan nilai 0 dan 1, dimana bernilai 0 apabila responden tidak setuju wakaf uang dan bernilai 1 bila responden setuju wakaf uang. tabel selanjutnya menginformasikan bahwa variabel bebas yang dimasukkan pada saat pengolahan data, yaitu variabel keterlibatan dalam pelatihan wakaf, tingkat pendidikan, media informasi dan regulasi. hasilnya pada output terlihat bahwa kategori yang dibuat telah diubah sesuai dengan definisi yang diinginkan. variabel pendidikan yang menjadi referensi adalah kelompok pendidikan tinggi. variabel kategori keterlibatan dalam pelatihan wakaf yang menjadi referensi adalah kelompok yang terlibat aktif dalam pelatihan wakaf. variabel media informasi yang menjadi referensi adalah kelompok yang sering mengakses media informasi wakaf uang. variabel kategori regulasi yang menjadi refensi adalah kelompok yang paham akan regulasi wakaf uang. variabel-variabel yang ditampilkan pada tabel tersebut adalah semua variabel model yang variabelnya adalah semua variabel bebas. pada tahap selanjutnya, variabel-variabel bebas yang tersebut dimasukkan dalam pembentukan model. tabel model summary menginformasikan tentang uji untuk seluruh model yang dilakukan. model summary step -2log likelihood cox & snell r square nagelkerke r square 1 32,426a 0,494 0,501 sumber: output spss pada tabel di atas terlihat bahwa berdasarkan uji g, didapat nilai -2 log likelihood yang merupakan uji seluruh model. angka sebesar 32,426 cukup besar, apabila dibandingkan dengan nilai x2 (df = 1) sebesar 3,841. maka dapat disimpulkan bahwa semua variabel signifikan secara statistik pada α= 5 %, sehingga seluruh al-iqtishad: vol. vi no. 2, juli 2014 314 variabel dapat dimasukkan dalam model. tabel berikut merupakan penjelasan nilai estimasi. uji wald dan nilai exp (b), yang kesemuanya merupakan bentuk model yang didapat. berdasarkan hasil pengolahan yang dilakukan, maka persamaan model logistik persamaan yang didapat adalah sebagai berikut: ln (p/1-p) = 5,531 + 1,105 dummy_latih(1) – 3,136 dummy_mi(1) – 0,910 dummy_didik (1) – 2,854 dummy_regulasi (1) simpulan hasil olahan data mempunyai komposisi untuk nazhir yang setuju wakaf uang sebanyak 81,7 %, kemudian untuk nazhir yang tidak setuju wakaf uang sebanyak 18,3 %. secara umum penelitian ini menunjukkan bahwa mayoritas nazhir setuju wakaf uang. latar belakang pendidikan akan berpengaruh terhadap terbentuknya persepsi atau pemahaman nazhir, karena nazhir yang berpendidikan akan memiliki sikap terbuka terhadap informasi baru dan memandangnya secara obyektif. nazhir yang memiliki sedikit informasi tentang wakaf uang sebanyak 0,053 kali dengan yang menyatakan setuju terhadap wakaf uang dibandingkan dengan nazhir yang memiliki banyak informasi. atau dengan kata lain nazhir yang memiliki banyak informasi sebanyak 9,95 kali dengan yang menyatakan setuju terhadap wakaf uang dibandingkan dengan nazhir yang memiliki sedikit informasi. nazhir yang tidak paham regulasi sebanyak 0,060 kali dibandingkan dengan nazhir yang paham regulasi. atau dengan kata lain bahwa nazhir yang menyatakan setuju terhadap wakaf uang dan paham terhadap regulasi wakaf sebanyak 0,94 kali dibandingkan dengan nazhir yang tidak paham regulasi wakaf. pustaka acuan al arif, m. n. r. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia. bamualim, c.s & i. abu bakar. 2005. revitalisasi filantropi islam, jakarta : center for the study of religion and culture (csrc). de vito, j.a. 1997. komunikasi antar manusia : kuliah dasar, alih bahasa agus maulana. jakarta: profesional books. effendi, m.i. 2007. faktorfaktor yang mempengaruhi persepsi nasabah terhadap program wakaf tunai di dompet dhuafa (tesis). jakarta : universitas indonesia. hasanah, u. 2005. menuju wakaf produktif. majalah gontor, edisi 12 tahun ii kubaisy, m.u.a. 1977. ahkam al-waqf fi syari’a al-islamiyah, jilid ii. baghdad : mathba’ah al-irsyad. rahmat dahlan: faktor-faktor yang mempengaruhi persepsi nazhir 315 morgan, c.t. 1986. introduction to psychology. new york : mcgraw – hill mughniyah, m.j. 2007. fiqih lima mazhab ja’fari, hanafi, maliki, syafi’i dan hambali. jakarta: lentera basritama. mulyana, d. 2007. ilmu komunikasi. bandung : remaja rosdakarya. munawir, a.w. 2002. al-munawwir ( kamus arab – indonesia). surabaya : pustaka progresif. nachrowi, n.d & h. usman. 2002. penggunaan teknik ekonometri. jakarta : pt. rajagrafindo persada. najib, t.a. & r. al-makassary. 2006. wakaf, tuhan dan agenda kemanusiaan. jakarta : center for the study of religion and culture (csrc). nawawi, h. & m. hadari. 1995. instrumen penelitian bidang sosial. yogyakarta : gadjah mada university press. nasution, m.e. & h. usman. 2007. proses penelitian kuantitatif. jakarta : lembaga penerbit fakultas ekonomi universitas indonesia. nasution, m.e & u. hasanah. 2005. wakaf tunai inovasi finansial islam, peluang dan tantangan dalam mewujudkan kesejahteraan umat. jakarta : pktti – ui. pusat bahasa dan budaya uin syarif hidayatullah jakarta. 2003. berderma untuk semua. bandung: teraju. qahaf, m. 2007. al-waqfu al-islami, tathawuruh, idarasatuh wa tamiyatuh. jakarta: khalifah. qardawi, y. 2001. peran nilai dan moral dalam perekonomian islam. jakarta: rabbani press. rizqon halal syah aji & kurniasih: the intellectual capital effect 181 the intellectual capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih1 abstract. the intellectual capital effect on financial performances at islamic insurance. the research has analyzed the intellectual capital effect of the islamic insurance company’s financial performance. intellectual capital is quantified by vaictm (value added intellectual capital), for efficiency components are physical capital coefficient (vaca), human capital coefficient (vahu), and structural capital coefficient (stva). financial performance is quantified by roa and rbc. data is given from seven islamic insurance companies during 2009-2013. data analysis used is pls (partial least square). the result shows that intellectual capital factors had an affect the company’s financial performance. intellectual capital relation to financial performance parameter value estimated coefficient 0,845 with t-statistic 46,771. vaictm enables to elucidate financial performance variable 71, 6%, is by finding the r-square perf value (financial performance) 0,716. keyword: intellectual capital, financial performance, partial least square (pls) abstrak. pengaruh modal intelektual terhadap kinerja keuangan pada asuransi syariah. penelitian ini menganalisis pengaruh modal intelektual terhadap kinerja keuangan di industri asuransi syariah. modal intelektual dijelaskan dengan vaictm (value added intelectual capital), sedangkan komponen efisiensi ialah koefisien modal fisik (vaca), koefisien modal manusia (vahu), dan koefisie modal structural (stva). kinerja keuangan dikuantifikasikan dengan roa dan rbc. data yang digunakan ilah dari tujuh perusahaan asuransi syariah selama 2009 – 2013. data dianalisis dengan partial least square. hasil yang ada menunjukkan bahwa faktor modal intelektual memiliki pengaruh terhadap kinerja keuangan perusahaan. modal intelektual memiliki hubungan terhadap parameter kinerja keuangan dengan nilai estimasi sebesar 0,845 dengan nilai t-hitung sebesar 46,771. vaictm mampu mendorong variabel kinerja keuangan sebesar 71,6%, hal ini diperlihatkan dengan nilai r2 sebesar 0,716. kata kunci: modal intelektual, kinerja keuangan, partial least square first draft: january, 10th 2015, revision: february, 27th 2015, accepted: march, 20th 2015 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: risqon.hsa@gmail.com; kurniasih129@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 182 introduction knowledge based industries concept leads to new business view. it exposes old paradigm of business view which is dominant on labor based business view. ambar widyaningrum (2004) figure out that knowledge based industries is transformation, capitalization and knowledge transfer process as a media to get earning. it can be new reference of knowledge based industries concept and it is crucial in uplifting company’s performance, especially in finance reporting. in this research, it will be appeared quantifying of intellectual capital by “value added intellectual coefficient” (vaictm). ante public offered a measure unit to asses value added efficiency as a result of company intellectual ability. primary components of vaictm are comprises of physical capital (vaca – value added capital employed), human capital (vahu – value added human capital) and structural capital (stva – structural capital value added). furthermore, ante public said that intellectual ability (vaictm) indicates how both of human resource (physical capital and intellectual capital) has already used by some companies efficiently. the role of human resource in islamic insurance have important role, is agent to uplift up selling. on the other research also indicating that area of information technology (it), marketing and human resource of islamic insurance are needed to develop, because it will affect company profit. those indicate that if company would invest in developing human resource, infrastructure, or marketing, those will become intellectual capital and value added of the company. indonesian insurance have no identify yet intellectual capital seriously as important factor. till know, several companies in indonesia have tend to use conventional based in forming their business. so that, products were produced meritless technology touching. some instances are human capital, structure capital and customer capital. those are indicated by many cases of fraud agent, claim matter. those are difficult to break out and technology use have not maximized yet. those matters come up a research challenge of intellectual capital problematic. based on problems above, in this research will be elucidated: first, how to do treating, measuring and exposing intellectual capital of insurance company in indonesia? second, how to report intellectual capital which is able to affect for finance performance of islamic insurance company? literature review intellectual capital has many definitions. according to sveiby (1998) (sawarjuwono and kadir, 2003) intellectual capital is the invisible intangible part of the balance sheet can be classified as a family of three, individual competence, internal structural, and external structure. kadir (2003), figure out that intellectual rizqon halal syah aji & kurniasih: the intellectual capital effect 183 capital is the results of three main organization elements (human capital, structural capital, costumer capital) have relation to knowledge and information rendering value added and eminency for company to compete. ante public submitted that efficiency measure for assessing of value added is the result company intellectual ability (ihyaul ulum, 2009). vaic™ model quantified intellectual capital to create value depend on the third relation of main components are physical capital, human capital, and structural capital. the first relation of va using physic capital (ca) is called “value added capital coefficient” (vaca). it is indicator that is va created by a physic capital. vaca draws how many value added of company created from capital used. in finance commentary, capital employed for equity accounting. if a unit of ce generating return bigger than other companies, means the company better in employing its ce. so that, ce employing for ic forming effort better. human capital coefficient (vahu) describes how much va enables to deliver through expended fund for employs. the relation between va and hc identified capability of hc to compose company value. hc is represented by employs expense in finance commentary for personnel expense. the third relations are structural capital coefficient (stva) that emerging structural capital (sc) contribution to form value. stva assesses sc total needed to yield one rupiah from va and it indicates how successful sc in creating value. value added intellectual coefficient (vaictm) ratio created from additional coefficients like vaca, vahu, and stva. according to fahmi (2006), performance is work achievements. it used for an organization or on a unit of organization. so that, if connect to the definition, it can be drawn a simple definition that finance performance can be understood as outcome of managers in accomplishing them loaded task which having relation to company finance managing. the research aimed to quantify finance performance using two ratios: a. return on asset (roa) indicates how much net profit acquired by company if quantified from active value. (harahap, 2010). firer and williams in ihyaul ulum (2009) have already verified that intellectual capital quantified with vaictm and having positive effect for company finance performance. besides that, it also demonstrates that intellectual capital has positive impact and company profitability is significance. it is indicated by roa. risk based capital (rbc) is fund sufficient risk ratio to endure and become a main indicator to quantify insurance of company finance balancing, especially relate to solvability. based on the theories, the conceptual framework of this research is to find relation between intellectual capital (vaictm) as exigent variable and company performance as endogen variable. al-iqtishad: vol. vii no. 2, juli 2015 184 figure. 1. conceptual framework company’s performance (perf) intellectual capital (vaictm) vaca vahu stva roa rbc intellectual capital (vaictm) counted from vaca, vahu and stva are exigent variable. exigent variable will affect endogen variable. company performance is quantified by roa and rbc endogen variable. the company performance will be affected by intellectual capital as exigent variable. the first time intellectual capital studies began of stewart article on 1991, brain power – how intellectual capital is becoming america’s most valuable asset. it arranged intellectual capital to being management agenda (ihyaul ulum, 2009). stewart defines intellectual capital as intellectual matters (knowledge, information, intellectual property, experiencing) are valuable to have wealth. it is a thought collective power or useful set of insight. the research of intellectual capital offered some definitions. according to moeheriono (2012), intellectual capital knowledge and ability have had by social collectivity: intellectual organizations, professionals and resource delegations of have high value and ability to run as knowledge. besides that, sveiby (1998) in sawarjuwono (2003), “the invisible intangible part of the balance sheet can be classified as a family of three, individual competence, internal structural and external structure”. kadir (2003), defines: intellectual capital as the result of three main elements of organizations: human capital, structural capital, costumer capital. they relate to knowledge and technology has more valuable for companies by privilege organization competing (sawarjuwono and kadir, 2003). one of definitions most used to describe intellectual capital is organization for economic cooperation and development (oecd) on 1999 told that intellectual capital is an economic account among two intangible asset categories: first, organizational (structural) capital refers to software system, distribution network and circle of availability. second, human capital comprises of human resource in the organization (employs) and external resources are consumer and supplier (ihyaul ulum, 2013). furthermore, edvinson and malone in ulum (2013), identified intellectual capital is hidden value of business. hidden term is defined that intellectual capital has knowledge asset. in this case, knowledge divided into three categories: employs’ knowledge (human capital), consumers’ knowledge (customer or relation capital), and companies’ knowledge (structural or organizational capital). the third categories rizqon halal syah aji & kurniasih: the intellectual capital effect 185 formed an intellectual capital for companies. human capital refers to knowledge point; skill, innovation, and experience are owned by companies’ member. many experts describe as owned knowledge of companies’ employs through training and education process. human capital has important role for intellectual capital because it is being a customer capital invention process on human capital component and it is helped by structure capital. human capital has interacted with customers to identify knowledge, skill, ability, and expected value by customers (sangkala, 2006). edvinson dan manole exposes human capital as knowledge, skill, innovation and companies members’ ability to settle up tasks. vaictm method is promoted by ante public on 1997. primary components of vaictm can be seen from companies sources based physic capital, human capital, structural capital. moreover, the model designed to provide information of value creation efficiency companies’ intangible asset. it began with companies ability to invent value added (va). va is being the most objective indicator to assess successful business and it represented companies ability in inventing value.va is accounted as deviation among output and input. in tan et al. (2007) output (out) represented revenue and included all products are sold in market. there is accounting of operational and non operational income in commentary finance. input (in) includes all expenses are used to get revenue. the important point of this model is labor expenses does not include in because has active role in processing in in, are value creation, intellectual potential (representing labor expenses) unaccounted as cost and not include in in component. therefore, the keyword of ante public’s model is to treat employs as value creating entity. va is affected by human capital efficiency (hc) and structural capital (sc). physical capital use or value added capital coefficient is being indicator that va is yielded by a unit of physic capital. vaca represented how much companies’ value added have been invented from capital used. there are accounting equities in finance commentary capital employed. if a unit of ce delivering return better from other companies, means companies better to employing their ce. thereby, ce utilization might be being efforts to form better ic. human capital coefficient (vahu) indicates how much va produced through expensed fund for employs. the relation between va and hc indentified hc ability to invent companies’ value. hc is represented by employs’ expense in personnel accounting finance commentary. structural capital is companies’ capability to reach out market, hardware, or al-iqtishad: vol. vii no. 2, juli 2015 186 software for companies supporting. simply, it is supporting tool for employs. in this case, even though employs have high intelligence, but if they do not supported by adequate tools to apply some innovation, the capability would not employing intellectual capital. the third relations are structural capital coefficient (stva) figure out structural capital in scoring. stva quantifying sc total needed to deliver one rupiah from va and it indicates how successful of sc in scoring. ante public presented that sc are not independent standard as hc. it is dependent to value creation or as big hc contribution to value creation, as small sc contribution to it. furthermore, public said that sc is va minus hc, it verified by empirical research on traditional industry sector. value added intellectual coefficient (vaictm) ratio yielded from coefficient addition of vaca, vahu and stva. public method’s has intrigue to gain data easily and lead to furthermore which will be conducted to other data resources. data are needed to get standard ratio from various finance numbers audited and usually it is from companies finance reporting. alternative ic measurement is limited to engage finance and non finance indicators are adjusted with individual companies’ profit (roos et al., 1997 in tan et al., 2007). those indicators are unavailable or unwritten by other companies, especially non finance. the impact, capability to realize alternative ic steps have various samples for comparative analysis being lack consistent (firer and williams, 2003 in tan et al., 2007). methods this research is using quantitative approach to verify intellectual capital theories which affecting to finance performance. intellectual capital is counted using vaictm method and verified using partial least square method. moreover, intellectual capital results are described and analyzed as data found and interpreted as real condition. secondary data used are finance reporting yearly, such as balance sheet, income statement and statement of funds companies financial health of the latest fund on 2009-2013 from insurance companies have being object of the research. data collection technique of the research is using documentation technique. this method covers data and information collecting through bibliofigurey study and literatures exploration. finance reporting publications are taken from companies’ website that has already being sample of the research. insurance books on 20092010 from badan pengawas pasar modal dan lembaga keuangan’s website www. bapepam.go.id, insurances books on 2011-2013 from otoritas jasa keuangan’s web www.ojk.go.id rizqon halal syah aji & kurniasih: the intellectual capital effect 187 discussion referring the table indicates that roa value growth is invented by each islamic insurance companies for 2009 until 2013, roa figures out companies management ability to draw income from asset management owned. besides that, it can be seen that roa value on 2009 until 2013 of highest to lowest: (1) prudential syariah by average of roa 0, 36%, (2) axa mandiri syariah 0, 32%, (3) avrist syariah 0, 16%, (4) bni life syaria 0 ,07%, (5) aia syariah 0, 05%, (6) allianz syariah 0,04% and (7) takaful keluarga by average of roa 0, 01%. table 1. the accounting of return on asset (roa) result of islamic insurance companies 20092013 roa tahun rata-rata 2009 2010 2011 2012 2013 aia 0.02 0.02 0.02 0.12 0.07 0.05 allianz 0.02 0.03 0.04 0.02 0.08 0.04 avrist 0.02 0.02 0.27 0.24 0.23 0.16 axa mandiri 0.04 0.06 0.42 0.50 0.58 0.32 bni life 0.01 0.11 0.05 0.09 0.09 0.07 prudential 0.09 0.09 0.65 0.55 0.43 0.36 takaful keluarga 0.01 0.02 0.01 0.01 0.01 0.01 in sum up of the table on 2009 that management of prudential syariah is best to employing asset owned. while, takaful keluarga has lowest position and it indicates less effective management company to employing asset for delivering profit. as high percentage of roa value, as effective company management is to employing asset for delivering profit. table 2. islamic insurance rbc growth (%) rbc tahun ratarata2009 2010 2011 2012 2013 aia 3.79 5.15 0.23 1.25 1.20 2.32 allianz 4.28 4.99 2.07 2.33 3.14 3.36 avrist 3.29 7.11 1.15 0.74 0.88 2.63 axa mandiri 7.91 7.18 0.47 0.81 1.11 3.50 bni life 2.10 1.72 1.84 2.14 1.50 1.86 prudential 4.20 7.66 0.72 0.82 0.85 2.85 takaful keluarga 1.20 1.21 0.14 0.26 0.53 0.67 al-iqtishad: vol. vii no. 2, juli 2015 188 the table 2 figures out that rbc value growth for each islamic insurance company during 2009 until 2013. also it indicates adequacy capital of risk is borne by insurance company. in finance ministry regulation of 11/pmk.010/2011 about finance health of insurance business and reinsurance to islamic principle, company have to maintain latest fun solvability by seeing finance health achievement ratio of latest fund the lowest 30 % from fund needed to anticipate the risk of possible loss caused of deviation in asset managing or responsibility. moreover, the table identified that islamic insurance company has already fulfilled lowest rbc standard, is 30%. the highest rbc of islamic insurance companies are (1) axa mandiri syariah 350%, (2) allianz syariah 336% (3) prudential syariah 285%, (4) avrist syariah 263%, (5) aia syariah 232%, (6) bni life syariah 186% and (7) takaful keluarga 67%. referring to the rbc value, the seven companies has already fulfilled of solvability by rbc value more 30 % table 3. vaictm value 2009 vaic (2009) vaca vahu stva vaic aia 0.55 1.68 0.41 2.64 allianz 0.92 1.36 0.27 2.55 avrist 0.32 2.29 0.56 3.17 axa mandiri 1.52 2.06 0.51 4.1 bni life 0.45 1.29 0.22 1.96 prudential 2.15 1.82 0.45 4.41 takaful keluarga 0.25 1.03 0.03 1.3 referring to the table vaic value on 2009 that top performers of islamic insurance companies category are (1) prudential syariah vaic score 4, 41, (2) axa mandiri vaic score 4, 1 dan (3) avrist syariah vaic score 3, 17. it indicates that the three islamic insurance companies quite efficient to use their concrete assets, are physic and intangible asset by agent ability to serve insurance members. islamic insurance companies which are included in good performers category are (1) aia syariah vaic 2, 64 and (2) allianz syariah vaic 2, 55. while, bni life syariah is included in common performers vaic 1, 96 and takaful vaic 1, 3 is bad performers. it is caused by structure capital value achieved of value added minimized to low human capital. in addition, low structural capital low is caused by lack of adequacy tool to apply innovation of companies’ employs. rizqon halal syah aji & kurniasih: the intellectual capital effect 189 table 4. vaictm value 2010 vaic (2010) vaca vahu stva vaic aia 0.42 1.58 0.37 2.37 allianz 0.87 1.36 0.27 2.5 avrist 0.25 2.25 0.56 3.05 axa mandiri 1.7 2.39 0.58 4.67 bni life 0.59 1.09 0.09 1.77 prudential 1.52 2 0.5 4.02 takaful keluarga 0.39 1 0.005 1.38 the vaic on 2010 stated that no significant from previous year. the islamic insurance companies are included top performers category still similar as previous year. but they are little decline and rise: (1) axa mandiri vaic 4, 67 (2) prudential syariah vaic 4, 02 and (3) avrist syariah vaic 3, 05. the islamic insurance companies are included in good performers category are (1) allianz syariah vaic 2, 5, and (2) aia syariah vaic 2, 37. then, bni life syariah is common performer category is vaic 1, 77 and takaful keluarga vaic 1, 38 is still bad performer category. it is affected by forming value of structure capital value added is structure capital has decline. on 2010 net of total income has declined but employs expenses (commission and acquisition fee) is increased. table 5. vaictm value 2011 vaic (2011) vaca vahu stva vaic aia 2.17 1.09 0.08 3.33 allianz 3.9 0.91 -0.09 4.72 avrist 0.3 1.36 0.27 1.93 axa mandiri 0.51 4.44 0.77 5.72 bni life 0.31 1.72 0.42 2.45 prudential 3.42 2.68 0.63 6.73 takaful keluarga 0.53 1.06 0.05 1.64 on 2011, government has established finances regulation of 11/pmk.010/ 2011 discussing finance health of insurance and reinsurance business. in this case, there is a rule for islamic insurance finance reporting, islamic insurance business unit must report finance reporting separated and not combined with primary company. it impacts to some changing of vaic categories. islamic insurance companies are included in top performers category are (1) prudential syariah vaic 6, 73, (2) axa al-iqtishad: vol. vii no. 2, juli 2015 190 mandiri vaic 5, 72, (3) allianz syariah vaic 4, 72. the stva of allianz syariah is -0, 09. it is caused employs expense bigger than value added (va = out-in). this is in line with ante public’s theory has stated that as big contribution of hc in value creation, as smaller sc contribution. the last is (4) aia syariah vaic 3, 33. islamic insurance companies which are included in good performers category is bni life syariah vaic 2, 45. common performers are yaitu(1) avrist syariah 1, 93 is decline from previous year in top performer category. it is caused by decline of vahu and stva value. (2)takaful vaic 1, 64 rise from vaic previous year being a common performer. tabel 6. vaictm value 2012 vaic (2012) vaca vahu stva vaic aia 2.19 1.42 0.3 3.9 allianz 4.38 0.9 -0.11 5.18 avrist 0.26 2.06 0.51 2.83 axa mandiri 0.61 4.7 0.79 6.09 bni life 0.53 1.99 0.5 3.02 prudential 1.76 2.71 0.63 5.1 takaful keluarga 0.45 0.93 -0.07 1.32 on 2012, islamic insurance companies on top performers are axa mandiri syariah, allianz syariah, prudential syariah and aia syariah. it is same as previous year and bni life rise up from good performer to be top performer. then, avrist syariah inclined being good performer from previous year as common performer. takaful keluarga has lowest vaic value from the previous years, is 1, 32 and being bad performer category. tabel 7. vaictm value on 2013 vaic (2013) vaca vahu stva vaic aia 2.27 1.25 0.2 3.72 allianz 2.92 1.02 0.02 3.97 avrist 0.15 3.97 0.75 4.87 axa mandiri 0.81 2.88 0.65 4.34 bni life 0.66 1.79 0.44 2.89 prudential 1.29 2.84 0.65 4.78 takaful keluarga 0.5 1.06 0.06 1.62 the top performers of islamic insurance companies on 2013 are avrist rizqon halal syah aji & kurniasih: the intellectual capital effect 191 syariah, prudential syariah, axa mandiri syariah, allianz syariah, aia syariah. bni life syariah is good performer and takaful keluarga is common performer. table 8. vaictm value 2009-2013 vaic tahun rata-rata 2009 2010 2011 2012 2013 aia 2.64 2.37 3.33 3.9 3.72 3.192 allianz 2.55 2.5 4.72 5.18 3.97 3.784 avrist 3.17 3.05 1.93 2.83 4.87 3.17 axa mandiri 4.1 4.67 5.72 6.09 4.34 4.984 bni life 1.96 1.77 2.45 3.02 2.89 2.418 prudential 4.41 4.02 6.73 5.1 4.78 5.008 takaful keluarga 1.3 1.38 1.64 1.32 1.62 1.452 the table describes wholly vaic average for 2009-20013. the top performers of the period are (1) prudential syariah vaic 5, 008; (2) axa mandiri vaic 4, 98; (3) allianz vaic 3,784; (4) aia vaic 3, 192; and (5) avrist vaic 3, 17. while, bni life syariah vaic 2, 418 is included in god performer and takaful keluarga vaic 1,452 is bad performer. the vaic is proposed by public is a model has pointed out how companies ability to manage and to maximize their intellectual asset for creating value of companies. those figureics show up that islamic insurance vaic value every year have declined and inclined but the trends are tend to stable. prudential syariah and axa mandiri syariah are islamic insurance companies have top performer of vaic value from 2009 to 20013. in the figureic, they can be seen that vaic is 4, 0 and 7, 0. avrist syariah is included on top performer on 2009-2010 and it is in 3.0-4.0; but on 2011 has declined, is 2, 0. after that, avrist syariah has inclined trend on 2013, is 4, 87. on 2009-2010 aia syariah and allianz syariah are in 2, 0 – 3, 0; then, they have inclined from 2011-2013 and being top performers. bni life syariah and takaful keluarga in vaic 1, 0—2, 0 for 2009-2010. the next year, bni life syariah has better trend even though little, is 2, 0 – 3 ,0; meanwhile, takaful keluarga has stable trend in 1, 0 – 2, 0. there are two concealed variables in this research. they are vaic and finance performance (perf). those are formed by formative indicator. formative indicator is indicator used as exigent and endogen variable forming or dependent and independent (ghazali, 2006). vaic variable is constructed by vaca indicator and stva. finance performance is configurated by roa and rbc. al-iqtishad: vol. vii no. 2, juli 2015 192 formative indicator is assumed as among indicator have no correlation each other. so those, the standard of internal consistence of (cronbach alpha) not needed to examine formative construction of reliability (ghozali 2006). formative construction basically is regression relation from indicator to construction. to evaluate it is by seeing regression coefficient and significant of regression coefficient. the line model analysis of all concealed variables in pls is comprised of three relations set: (1) outer model is specifying relation between concealed variable and its indicator; (2) inner model is pointing out relation to concealed variable (3) weight relation is how comprehensively the case from concealed variable can be estimated. the data analysis has described with software smart pls can be seen as follow: figure 2. outer model : calculate bootstrapping according to the outer model and t statistic, it can be concluded that t statistic indicator above 1, 697 (for significant level 0, 05. one tail test) are vaca, stva, roa and rbc, with each t statistic 3, 275; 2, 687; 12, 258 and 4, 073. meanwhile, vahu indicator has t statistic 0, 369 and not significant. for outer weight pls can be seen on table below. table 9. nilai outer weight (mean, stdev, t-values) original sample (o) sample mean (m) standard deviation (stdev) standard error (sterr) t statistiks (|o/ sterr|) rbc -> perf 0.5764 0.5581 0.1415 0.1415 4.0728 roa -> perf 1.0595 1.0518 0.0864 0.0864 12.2583 stva -> vaic 0.9072 0.8254 0.3377 0.3377 2.6867 vaca -> vaic 0.3995 0.3828 0.1220 0.1220 3.2750 vahu -> vaic 0.1285 0.1945 0.3485 0.3485 0.3687 based on the table, it can be seen that rbc and roa weight have shaped finance performance 0, 5764 and 1, 0595. its t-statistic is 1, 697 (for significant level 0, 05. one tail test). the rbc and roa are significant. for stva, vaca and vahu weight are 0, 9072; 0, 0395; and 0, 1285. for the significant t-statistics level is 1, 697 (significant level 0, 05. one tail test) the vahu indicator is not significant so, vahu have to eliminated and needed to estimate back through engaging indicators significant only. rizqon halal syah aji & kurniasih: the intellectual capital effect 193 figure. 3. pls result: recalculate bootstrapping after eliciting indicators have no significant and just engaging the significant indicators or close to significant, it can be known that each variables have weight 0, 050 (positive) and significance t statistic to p <0, 05. table 10. recalculate outer weight (mean, stdev, t-values) original sample (o) sample mean (m) standard deviation (stdev) standard error (sterr) t statistiks (|o/ sterr|) rbc -> perf 0.6040 0.5948 0.1203 0.1203 5.0208 roa -> perf 1.0530 1.0435 0.0814 0.0814 12.9384 stva -> vaic 1.0237 1.0151 0.0841 0.0841 12.1763 vaca -> vaic 0.4031 0.3984 0.1086 0.1086 3.7125 referring to the table that model has already fit because each variables have weight >0, 5 and t-statistic >1, 697. pls test pointed out that all indicators forming vaic. vaca and stva are significant and both roa and rbc have significant for finance performance (perf). structural model test is committed by finding r-square value has goodness– fit model. in addition, this test finds construct relation between significant value and r-square of the research model. figure 4. the result of algoritma pls the result pointed out that r-square perf (finance performance) is 0, 716, means vaic variable is able to deliver perf variable 71, 6 %. the rest is delivered by another variable. the next test is to find significant of vaic effect of finance performance by identifying coefficient parameter and t-statistic significant. referring to the result, the big coefficient parameter is 0, 845, means there is vaic positive effect of finance performance of islamic insurance company. as al-iqtishad: vol. vii no. 2, juli 2015 194 high of vaic, the finance performance of islamic insurance is as high company by significant t-statistic 46, 771. therefore, t-statistic is bigger than t-table 1, 697. the pls test indicates that intellectual capital has affected to company’s finance performance. the relation both of them offered parameter coefficient estimation 0, 845 and significant to 0, 05 (t-significant table 0, 05 = 1, 697) with t-statistic 46, 771. vaic variable enables to present finance performance variable 71, 6%, is by finding r-square perf (finance performance) 0, 716. the analysis afforded that as high of intellectual capital value of company owned, the company performance is increase. it means that the company has managed its intellectual resource maximally, it affordable valued added that will affect to company’s finance performance increasing. the context of path power between intellectual capital and finance performance has found is in line and supporting tan and friends’ work (2007); zulianti and arya (2011), also alipour (2012). but, the research finding is inconsistent with previous finding when indentifying weight and each significant indicator. the testimonies are proposed by tan and friends (2007); zulianti and arya (2011); alipour (2012) stated out that three components of vaca, vahu and stva as significant statistic to form vaic and have influence to company’s finance performance. meanwhile, the research finding offers evidence that only vaca and stva as significantly statistic forming vaic construct for five years observation to islamic insurance companies (2009-2013). it can be explained that the research taking sampling of islamic insurance companies are running in employs service ability (agent of islamic insurance) and structural capital use like software to support insurance claim service. nevertheless, in indonesia, the progress years of growth observing to join with islamic insurance is not accompanied with insurance experts of human capital growth. the big cost incurred for employs have not inflict significant yet of company intellectual capital. it caused the total of insurance experts to handle it is still lack. furthermore, rbc and roa indicators are statistically represent islamic insurance company, because pls of both indicators are significant. intellectual capital is able to influence finance performance. finance performance of this research is pointed out by roa and rbc. the main purpose of this research is to analyze intellectual capital effect of finance performance in islamic insurance companies. intellectual capital is quantified by value added intellectual capital (vaictm). moreover, finance performance of islamic insurance is quantified by return on asset (roa) and risk based capital (rbc). sampling used are seven islamic insurance companies for 2009-2013. data analysis technique used is partial least square (pls) method. rizqon halal syah aji & kurniasih: the intellectual capital effect 195 conclusion intellectual capital has effect to company’s finance performance. intellectual capital relation to finance performance is allowing parameter coefficient estimation 0, 845 and significant 0, 05 (t-significance table 0, 05 = 1, 697) with t-statistic 46, 771. as high of intellectual capital company owned, the company finance performance is increase. it means, company has managed its intellectual capital maximally be able to create value added which impacted to inclined of company finance performance. finally, vaictm variable enabling to explain finance performance variable 71, 6 %, is by finding r-square perf (finance performance) 0, 716. the research finding offers evidence that only vaca and stva as significantly statistic forming vaic construct for five years observation to islamic insurance companies (2009-2013). it can be explained that the research taking sampling of islamic insurance companies are running in employs service ability (agent of islamic insurance) and structural capital use like software to support insurance claim service. references ainurridha. 2014. pengaruh intellectual capital terhadap profitabilitas. (unpublished thesis). jakarta: uin syarif hidayatullah jakarta. amrin, a. 2009. bisnis, ekonomi, asuransi, dan akuntansi keuangan syariah. jakarta: pt grasindo. antonio, m. s. et.al. 2012. an analysis of islamic banking performance: maqashid index implementation in indonesia and jordania. journal of islamic finance, vol. 1 no. 1 (2012), pp. 012-029. fahmi, i. 2006. analisis investasi dalam perspektif ekonomi dan politik. bandung: pt. rafika aditama. ghoni, a. & e. arianty. 2007. akuntansi asuransi syariah antara teori dan praktik. jakarta: insco consulting. ghozali, i. 2006. structural equation modeling metode alternatif dengan partial least square. semarang: badan penerbit universitas diponegoro. gitosudarmo, i & basri. 2002. manajemen keuangan. yogyakarta: bpfe. harahap, s.s. 2010. analisis kritis atas laporan keuangan. jakarta: rajawali press. hutapea, p & n. thoha. 2008. kompetensi plus teori desain, kasus dan penerapan untuk hr serta organisasi yang dinamis. jakarta: gramedia pustaka utama. kuncoro, m. 2009. metode riset untuk bisnis dan ekonomi. jakarta: erlangga. murti, a. c. 2010. analisispengaruh modal intelektual terhadap kinerja perusahaan. al-iqtishad: vol. vii no. 2, juli 2015 196 (unpublished thesis). semarang: university of diponegoro. petty, r. & guthrie, j. 2000. intellectual capital literature review. measurement, reporting and management. journal of intellectual capital, vol 1 no. 2 , (2000): pp. 155-176. prastowo, d. 2011. analisis laporan keuangan konsep dan aplikasi. yogyakarta: sekolah tinggi ilmu manajemen ykpn. puspitawati, l. & reza, c. n. 2012. analisis pemeringkat intellectual capital performance dan pengaruhnya terhadap kinerja keuangan perbankan. jurnal ekono insentif kopwil 4 vol. 6 no.1 , (juli 2012), pp. 1-9. rustandi, r. 2012. pengaruh intellectual capital terhadap kinerja keuangan pada perusahaan retail yang terdapat di bursa efek indonesia tahun 2009-2011. (unpublished thesis). bandung: universitas pendidikan indonesia. salim, s. m. & karyawati, g. 2013. pengaruh modal intelektual terhadap kinerja keuangan. journal of business and enterpreneurship, vol. 1 no. 2 , (mei 2013), pp. 74-91. sangkala. 2006. intellectual capital management strategi baru membangun daya saing perusahaan. jakarta: yapensi. sawarjuwono, t., & kadir, a. p. “intellectual capital: perlakuan, pengukuran dan pelaporan (sebuah library research).” jurnal akuntansi & keuangan,vol 5 no. 1 , (mei 2003): h. 35-57. suhendah & rousilita. 2012. pengaruh intellectual capital terhadap profitabilitas, produktivitas dan penilaian pasar pada perusahaan yang go public di indonesia pada tahun 2005-2007. simposium nasional akuntansi xv, banjarmasin, 2012. tan, h. p. et.al. 2007. intellectual capital and financial return of companies. journal of intellectual capital vol. 8 no. 1 , (2007), pp. 76-95. tanjung, h., & a. devi. 2013. metode penelitian ekonomi islam. jakarta: gramata publishing. ulum, i. 2008. intellectual capital performance sektor perbankan di indonesia. jurnal akuntansi dan keuangan vol. 10 no. 2 , (november 2008), pp. 77-84. ulum, i. 2009. intellectual capital konsep dan kajian empiris. yogyakarta: graha ilmu. wibowo. 2006. manajemen kinerja. jakarta: raja grafindo. widyaningrum, a. 2004. modal intelektual. jurnal akuntansi dan keuangan indonesia, vol. 1 , (2004), pp. 16-25. zuliyati, & arya, n. 2011. intellectual capital dan kinerja perusahaan. jurnal dinamika keuangan dan perbankan, vol. 3 no. 1 , (november 2011): pp. 113-125. nur rahmawati abstract. this researcher aims to map and analyze the customer loyalty and satisfaction of antam's precious metal (lm) products through four categories of the kano model. these include one dimensional or performance needs, must be or basic needs, attractive or excitement needs, and indifferent needs. this is a qualitative research with data obtained from interviews, observation and documentation. the study shows that the value of customer loyalty and satisfaction in precious metal products, referring to the kano model analysis, is included in the one-dimensional or performance requirements. here, the level of satisfaction is directly proportional to the performance attributes. this means that the performance attributes can affect the level of customer satisfaction. pure gold, as an antam’s precious metal products, is not considered as must-be or basic needs. it is regarded as attractive or excitement needs due to the rapid development of pt. antam which is strongly influenced by the quality and development of its product attributes, especially the precious metal products. this study proposes the formation of classification of customer satisfaction using the kano model and customer loyalty so that it provides benefits in terms of the classification of customer satisfaction. keywords: loyalty, satisfaction, customer, antam and kano model analysis abstrak. penelitian ini bertujuan untuk memetakan dan menganalisis loyalitas dan kepuasan konsumen produk logam mulia (lm) antam melalui empat kategori model kano yaitu: one dimensional atau performance needs, must be atau basic needs, atractive atau excitement needs, dan indifferent. penelitian ini merupakan penelitian kualitatif dengan data yang diperoleh melalui wawancara, observasi dan dokumentasi. hasil penelitian ini menunjukkan bahwa nilai loyalitas dan kepuaan konsumen pada lm antam, perspektif model kano, masuk pada kategori one dimensional atau performance needs. ini berarti tingkat kepuasan berbanding lurus dengan kinerja atribut, sehingga berdampak pada tingginya kepuasan konsumen. sedangkan emas lm antam tidak masuk kategori must be atau basic needs, atractive atau excitement needs, dan indifferent karena perkembangan pesat pt. antam saat ini sangat dipengaruhi oleh kualitas dan perkembangan atribut produk, khususnya pada lm antam. hasil penelitian tersebut berimplikasi pada terbentuknya klasifikasi the value of customer loyalty and satisfaction in antam’s precious metal products (a kano model analysis) al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 283 302 sunan ampel state islamic university, surabaya. graduate student for islamic economics study program at sunan ampel graduate school, surabaya. email: emmanurrahmawati84@gmail.com 284 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 kepuasan konsumen dengan menggunakan model kano dan loyalitas konsumen. hal ini memberikan manfaat dalam hal klasifikasi kepuasan konsumen. kata kunci: loyalitas, kepuasan, konsumen, antam dan model kano introduction to measure the level of marketing success requires two essential elements including 1) customer satisfaction. the customer repurchase in the same company commonly has the potential to bring a large income for the company; and 2) service quality, which is a priority to improve customer satisfaction. the service quality here means product service quality, place service quality, service basedpricing, and the quality of promotional or advertising services. if these services are effectively and efficiently implemented, they will bring a significant impact on product marketing. in 1930, pt antam through unit bisnis pengolahan dan pemurnian logam mulia/ubpp lm (precious metals processing and refining business unit) began producing pure gold in bars and made significant changes to the design of the gold bars in 1968, 1974, 1989, 1994 and 2004. due to the technology advances in 2011, besides changing the gold bar design to a portrait, the ubpp lm also used a latent image and blister packs on 50 gram and 100 gram gold bars in 2013. in continuation of the pure gold production, it made an innovation in term of creating a new logam mulia (precious metal) packaging design on july 30, 2018 at hotel indonesia kempinski jakarta. this new design was inaugurated by the antam’s president director, arie prabowo ariotedjo, as a remark to commemorate the 50th anniversary of pt antam. as the managing director, he mentions one of the innovations made by pt antams is renewing the precious metal (lm/logam mulia, n.d.) packaging design. changes in the packaging design provide added value and protection for customers in creating an investment considering the product authenticity guarantee. the processing and refining conducted by pt antam have been certified as a responsible gold by the lbma (london bullion market association). this certification is intended to avoid and prevent money laundering and human rights violations and conflicts. loyalty is an on-going positive relationship as a result of brand trust. the higher the customer trust, the higher the customer loyalty will be. customers who have trusted a brand are unlikely to defect to another brand, especially if it does not offer better service (istiqomawati, 2017). nur rahmawati. the value of customer loyalty and satisfaction in antam’s 285 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 customer satisfaction is the level of customers’ feeling of happiness after comparing what they receive with what they expect. a customer who is satisfied with the value offered in a product or service is very likely to become a customer for a long time. (umar, 2005) the model kano is aiming at classifying the attributes or features of specific products or services based on how good they are able to satisfy the needs of their customers. the attributes are classified into the following categories: must-be or basic needs, one-dimensional or performance needs, attractive or excitement needs, and indifferent. in this study, the author takes one product that has high sale rate and expensive price but does not cause the costumers to defect to another product, for it has provided excellent customer service and satisfaction. the product referring to here is the gold bar or gold bullion offered by pt. antam. based on the above description, the author intends to review and analyze the followings; pt antam’s pure gold products, its growth, customer loyalty including its definition and factors, customer satisfaction consisting of its definition, factors, and methods of measuring kano model analysis, and the value of customer loyalty and satisfaction in antam’s pure gold products using kano model analysis. method the type of research in this article is qualitative research. while the source of the data is primary data sources and secondary data sources. primary data sources include the data from interviews result, observation and documentation, as well as primary references about the kano model. meanwhile, secondary data sources include supporting data of research from both journal articles and books that are relevant to this matter. this research was conducted in 3 months of periods, from march to may 2020, while the research location was conducted in the pasar baru, gresik district. before the researcher conducted the analysis, first, the researcher collected the data using several data collection techniques as follows: interviews, observation and documentation. interviews were conducted with lm antam customers and antam sellers, lm antam customers during the research that the researchers interviewed were: tiyas wulan, salwa, and dini aulia pratiwi. while, for the seller, the researchers conducted interviews with mr lukman hakim, mr arif rahman and mrs chumaidah. this interview was conducted to determine the value of customer loyalty and satisfaction on antam’s lm products. among the 286 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 related question points: the reasons for buying lm antam products compared with other products, how often do they buy antam lm products, the benefits of antam’s lm investment, why are they satisfied with antam’s lm products. in the seller’s aspect, several points of question are raised, such as lm products which are the most sold, the majority of the reasons consumers buy antam’s lm products and which ones are more profitable to sell lm antam or lm products from other or non-products. meanwhile, observations were made on antam’s lm sale and purchase activities, particularly on repeat purchases of the same product. the documentation is carried out to retrieve documentation related to research, both related to antam’s products, antam’s lm sales and documentation in the form of photographs. after the data has been collected, then the researcher analyses the collection of the data, through several stages of data analysis, namely display data, data reduction, data analysis and conclusion. after the interview has been completed, the researcher displays the data that has been obtained by transcribing the results of the interview. after transcribing the results of the interview, often the data is abundant and exceeds the data that the researcher wants, so the researcher makes data reduction, namely selecting and sorting which data is needed by the researcher and which is the data is not needed by the researcher. after the data reduction, then the researcher analyzes the data on the reduced data using qualitative descriptive analysis with used the perspective of the kano model, namely the four perspectives that the author has described above. results and discussions product description pt antam’s pure gold products this new design offers various sizes of gold bars, from the smallest to the largest sizes of gold bars; 0.5 gram, 1 gram, 2 gram, 3 gram, 5 gram, 10 gram, 25 gram, 50 gram, and 100 gram gold bars one of the distinctions between the old and new design is in term of size, which is more expensive for each bar for the same weight. in this regard, pt antam response to such market demand which tends to choose a larger dimension or size of gold bars. besides, the latest pure gold bars are now marked with certicard technology which has barcode as a certificate to check the product authenticity and the nur rahmawati. the value of customer loyalty and satisfaction in antam’s 287 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 year of production. in the end, this innovative packaging design can increase the sense of security for the customers in investing in gold bars. the followings are examples of antam gold products. figure 1. the example of precious metal gold product pt antam tbk source: market.bisnis.com as a precious metal, lm gold is classified into gold cast bar and minted gold bar. it is pure gold which has the purity standard of 99.99% and can be used as a raw material to make or produce 14 to 24 karat jewellery, in which the purity level is equivalent to its gold content. the gold cast bar has a shape and size larger than the minted gold bar ranging from 250 gram to 12,500 gram. (logam mulia, n.d.) in the meantime, the minted gold bar is pure gold with a relatively small size consisting of 0.5 gram to 100 gram. here, each item offers convenience and security to investors in terms of storage or disbursement and tradable throughout indonesia and globally. the possession of antam’s pure gold is undoubtedly guaranteed with a certificate that matches the purity, grade or karat of the gold and according to its various weight or size. the following table illustrates the specifications of antam’s gold bar dimensions in vertical or portrait designs: 288 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 figure 2. an example of antam’s latest product packaging innovation source: indogold support gold minted bar weight (gr) thickness (mm) dimension 0.5 0.51 5.4 x 7 1 0.51 13.0 x 7.8 2 0.75 15.6 x 9.4 2,5 0.83 16.7 x 10.0 3 0.92 16.7 x 10.0 4 0.83 20.5 x 12.3 5 1.09 20.5 x 12.3 10 1.22 27.5 x 16.5 25 2.07 33.3 x 20.0 50 2.53 42.5 x 25.5 100 3.65 50.0 x 30.0 nur rahmawati. the value of customer loyalty and satisfaction in antam’s 289 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 gold cast bar weight (gr) thickness (mm) dimension 250 3.11 83.3 x 50.0 500 8.50 86 x 38 1.000 8.85 118.0 x 53.7 12.500 42 238.0 x 78.0 source: precious metal the growth of pt. antam pt. antam has made significant growth seen from its balance sheet from year to year. this section describes and draws a summary of the growth and development of pt. antam. figure 3. the growth of pt. antam source: the annual report of pt. antam the above figure shows the significant growth of pt antam and its net profit which has increased by 111% yoy (year over year) (pt antam, 2017). also, the antam’s 2017 earnings before interest, taxes, depreciation and amortization (ebitda) has shown 96% increase yoy (year over year). in term of antam’s product sales, gold is one of the most significant selling products as illustrated in the following figure: 290 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 figure 4. sales and export-import of pt. antam source: annual report of pt. antam tbk referring to the above figure, gold and silver are the commodities with the highest sales among all antam’s products. here, the sales of gold and silver have reached 61%. in export, for example, the domestic sale of gold shows 33%, whereas the export sale reaches 67%. the pt antam’s significant growth is inseparable from customer loyalty and satisfaction which has led it continuous and progressive increase each year. regarding customer loyalty and satisfaction, the author will illustrate it in the next section. customer loyalty definition of customer loyalty gremler and brown (gremler & brown, 1996) define loyalty as the degree to which a customer shows repeat purchasing behaviour from a service provider, has a disposition or positive attitude towards the service provider, and only considers using the service provider when in need. referring to the definition presented by gramer and brown, a loyal consumer is not only a buyer who makes a repeat purchase but also maintains a positive attitude towards service providers or products (utomo, 2006). according to sutisna (sutisna, 2003), customer loyalty is classified into two categories; brand loyalty and store loyalty. she adds customer loyalty regarded as “a measure of a customer’s likeliness to repeat purchase with a company or a brand over time.” nur rahmawati. the value of customer loyalty and satisfaction in antam’s 291 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 further, oliver (richard l oliver, 2010) mentions consumer loyalty as a high commitment to repurchase a desired product or service in the future, in addition to the influence of situation and marketing efforts in changing purchase behaviour. in other words, customers are likely to be loyal by making repeat purchases on an on-going basis. in another sense, wahyu nugroho (nugroho, adi, wahyu, sudaryanto, 2013) says consumer loyalty is a measure of loyalty from customers in using a product or service from a particular brand at a specific time and in a situation where many choices of products or services are available to meet their needs and they have the ability to find their desired product or service. in short, referring to the several definitions above, customer loyalty is the loyalty of customers presented in a consistent purchase of a product or service at all times and showing a good behaviour by recommending the product or service to others. an indication of loyalty requires attitude measurement and behaviour change. factors affecting customer loyalty several factors can affect customer loyalty. aaker, for example, mentions the followings as variables that can influence consumer loyalty. (joko. riyadi, 1999) first: satisfaction, costumers are likely to be loyal to a product if they are satisfied with it. therefore, try several types of products and give some criteria for satisfaction. if, for example, they show a satisfactory response after trying the product, it means they are satisfied and are likely to decide to purchase the product consistently at all the time. in other words, customer loyalty has been made for the product. second: habitual behaviour, customer loyalty is built or created from customer habits. if what the customers do is a habit, they do not need a longer time to make a purchase decision. in this condition, they are said to continue to buy the same product over time. in other words, they will continue to repurchase the same product and do not tend to defect to another. third: commitment, there are a large number of customers who been committed to making a repeat purchase for a healty product. here, customer loyalty will rise if the customer trust in a product takes place. communication and interaction among the costumers by making a recommendation, for instance, will lead to loyalty. forth: linking of the brand, loyalty is created from and affected by the level of customer loyalty in general. the level of loyalty measured by the presence 292 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 of likeness on a certain product or service and confidence, in turn, will be built especially after the product performance is evident. the customers who are said to be loyal are those who repeatedly buy the product not because of special offers, but they believe that the product has the same quality and offer the same level. fifth: switching cost, switching costs are the costs that a customer incurs as a result of changing brands, suppliers, or products. the customer may incur the risk of failure, cost, energy, and physical sacrifice as he/she chooses a product. if the transfer costs are high, he/she will be more careful to defect to another product due to the risk of failure which is also high. for this reason, as a customer, he/she tends to be loyal eventually. customer satisfaction definition of customer satisfaction according to philip kotler and kevin lane keller (kotler & keller, 2009), consumer satisfaction is a feeling of pleasure or disappointment which results from comparing a product’s perceived performance or outcome against his/her expectations. satisfying customers with their needs is the dream of every company. besides being an essential factor for the survival of the company, it can also increase their competitive advantage. those who are satisfied with a product and service tend to repurchase and reuse it when they have the same need in the future. this means satisfaction is a critical factor for the customers in making repurchases and the most considerable portion in a company’s sales volume. factors affecting customer satisfaction in determining the level of customer satisfaction, swastha and handoko mention five critical factors as follow: (joko. riyadi, 1999) the first: product quality, good product quality will directly affect the level of customer satisfaction. if it continues, it will lead to loyal customers who keep buying or using the same products. such a condition is known as customer loyalty. second: service quality, it generally refers to a customer’s comparison of service expectations as it relates to a company’s performance. third: emotions, emotions here is interpreted as the sellers’ belief to do better in their business. in turn, this belief will bring ideas that can improve their business. nur rahmawati. the value of customer loyalty and satisfaction in antam’s 293 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 fourth: price, people certainly expect an excellent item at a lower or cheaper price. in this regard, the price here is interpreted as a result. this means, with high price comes a result of excellent product quality and good service quality. fifth: costs, people think companies that take liberty to spend a lot of costs for product promotion or production must maintain their quality. as a result, customers will be more loyal to the products they have produced. method for measuring customer satisfaction according to philip kotler in his book entitled total quality management, there are several methods used to measure customer satisfaction as follow: (fandy tjiptono, 2007) first: complaints and suggestion system, customer-centric organizations provide broad opportunities for customers to provide suggestions and complaints. the suggestions and complaints can give bright ideas for the company to make innovations and enable it to responsively and immediately overcome problems that arise among its customers. second: ghost shopping. one way to get a picture of customer satisfaction in a company is to hire several people to act as potential buyers. in turn, their inputs about the strengths and weaknesses of the company’s and competitors’ products based on their experience in making purchases are accommodated for the company’s advantage. in addition, ghost shoppers can also observe how to handle each complaint. third: lost customer analysis, a company should contact any customers who have stopped buying its product or service or those who have defected to another company to understand the reasons why they have a change of mind. besides an interview regarding the reasons for defecting or switching to another company, monitoring customer loss rates also play a significant role. here, the increase in customer loss rates indicates the company’s failure to satisfy its customers. fourth: customer satisfaction survey, generally to find information about customer satisfaction, a survey by mailing, telephone, or direct interview can be conducted. a company will get responses and feedbacks directly from its customers. in addition, this approach is taken to show a positive sign that the company is paying attention to its customers. 294 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 kano model analysis noriaki kano developed the kano model analysis in 1984. (kano et al., 1984) this model aims at classifying the attributes or features of specific products or services based on how good they are able to satisfy the needs of their customers. the attributes are classified into the following categories: must-be or basic needs, onedimensional or performance needs, attractive or excitement needs, and indifferent. in must-be or basic needs, customers are likely to be dissatisfied if the performance of the attributes is low. here’s the deal with this category; a company need to have these attributes, but that won’t make its customers more satisfied. they just won’t be dissatisfied. (jacobs, 2019) regarding the one dimensional or performance needs, the level of satisfaction is closely related to the performance attributes; the more we provide, the more satisfied our customers become. (fandy tjiptono, 2007) this means high performance will result in high customer satisfaction. in attractive or excitement needs, the level of customer satisfaction will increase significantly if the performance attributes rise. (nofirza & indrayani, 2011) lastly, in the indifferent category, customers do not care about the attributes offered. this shows the presence or absence of the attributes will not affect the increase or decrease in the level of customer satisfaction. the following figure illustrates the pattern of kano model analysis: figure 5. kano model analysis source: kano, n., seraku, n., takahashi, f. and tsjui, s. attractive quality and must-be quality, hinshitsu: 1984, pp. 147-56. nur rahmawati. the value of customer loyalty and satisfaction in antam’s 295 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 although this kano model analysis was initiated in 1984, it still attracts many economists to apply it. they are developing different models adopted from the model developed by kano. josip milkulic conducted a study entitled the kano model a review of its implication in marketing research from 1984-2006 to see how this kano model gives influence especially in analyzing the value of loyalty and customer satisfaction. milkulic mentions: over two decades have passed since the introduction of the kano model. according to the large number of studies that have been published ever since, and especially in recent years, the kano model does not seem to have lost its fascination among marketing practitioners and researchers. (mikulić, 2007) for this reason, the kano model is very relevant to apply toanalyze the value of loyalty and customer satisfaction. in this case, the author uses this model to analyse the value of loyalty and customer satisfaction in antam’s precious metals (lm) products. the value of customer loyalty and satisfaction in antam’s pure gold products in kano model analysis referring to the above description, the author attempts to analyse customer loyalty and satisfaction in antam’s products by applying the kano model analysis. before conducting the analysis, the author collects and describes the value of customer loyalty and satisfaction through observation and interview with some antam buyers and sellers. given the results of the observation and interview, the author analyses the customer loyalty and satisfaction from a theoretical point of view using the kano model analysis perspective. in term of the research period, the author has conducted field observation for approximately two months, starting on february 23, 2020 to april 23, 2020. in addition, the author also interviews with antam’s gold sellers and customers. in this study, the interview is done with three of antam’s gold customers and three antam’s gold sellers. the customers are mrs tiyas, mrs salwa and ms dini auliani pratiwi, whereas the sellers are mr arif rahman, mr lukman hakim and ms nur chumaidah. 296 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the three antam’s gold customers mention the reason they have chosen antam’s gold over other gold bars because they are certain about its authenticity. there are fake gold bars or mixed gold jewellery which is made and even sold by some shops. here, the purity of gold is not easy to detect, except by the experts. antam’s gold has been trusted and proven to be 99.99% fine gold. this means the gold is pure and is not mixed with a component. in addition, the gold content has also been written in a certificate equipped with a barcode feature, which enables the customers to check its authenticity. the following statements are generated from the interview with the customers: i prefer antam’s gold bar product due to its guarantee and authenticity. the gold bar has now been equipped with a barcode scan feature. this indicates that its authenticity is more guaranteed. (dini auliani pratiwi, 2020) besides, antam’s gold has legal distribution and provides more authenticity compared to ordinary gold bars. we are not sure if they are made from pure gold or mixed with another component. reportedly, 80% of gold miners are dishonest. (dini auliani pratiwi, 2020) another reason the customers decide to pick antam’s gold bar is that pt antam has official stores distributed in some regions. if, for example, the store is unavailable in a region, the majority of gold shops can receive antam’s gold sales: i prefer antam’s gold bar due to its guarantee and authenticity. it has been trusted and the pt antam has official stores which are distributed in several regions throughout indonesia. (salwa, 2020) additionally, to check its authenticity is easy and its sales are available and accepted anywhere. it does not have to be at antam’s point of sale. the selling price is also according to the stated buyback price. (salwa, 2020) surprisingly, the last customer mentions she picks antam’s gold bar product for an emotional reason. she seems to have already been fanatic about the product although there are other cheaper gold bar products: in term of price, ubs is cheaper, but i prefer antam’s gold bar. (tiyas, 2020) on average, the customers have already been familiar with that the selling price of antam’s gold bars is higher than that of other antam’s products. however, they tend to choose the antam’s gold bars anyways: nur rahmawati. the value of customer loyalty and satisfaction in antam’s 297 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 because the resale or buyback price of antam’s gold is more promising and more stable, even though the purchase price is higher compared to other antam’s products. (dini auliani pratiwi, 2020) pt antam’s precious metal competitors including lucky joint (ubs), eoa (emas optimasi abadi) gold, mini gold and ordinary (unbranded) gold bars have not been able to compete with it although their purchase price is lower. in addition to the customers’ perspective, the author has also interviewed with some of antam’s precious metal sellers. they are mr lukman hakim, mr arif rahman, and ms nur chumaidah. although official stores for other brands’ gold bar products are available, the majority of customers are still looking for antam’s gold product as a choice. (lukman hakim, arif rahman, 2020) according to the sellers, the reasons the customers pick antam’s gold as a choice, on average, include the purity guarantee in term of a certificate, sound design and more quality. in regard to profit, the gold sellers say selling antam’s precious metal is more profitable because they can set the price depending on the weight. they seem fine even though the purchase price is far higher than ubs: all gold bars are equally profitable. here, the purchase price of antam’s precious metal is more expensive than that of ubs. (arif rahman, 2020) good design and purity guarantee in term of a certificate from pt. antam also charge fees depending on the weight. (lukman hakim, 2020) antam’s precious metal has a higher quality which is certified and recognized globally and has been around for a long time. if you buy antam’s precious metal, the transaction is easier. (nur chumaidah, 2020) in kano model analysis, the value of customer loyalty and satisfaction found in the study is seen from four aspects of the kano model categories; must-be or basic needs, one dimensional or performance needs, attractive or excitement needs, and indifferent. to make it easier to understand the four categories in the aspects of lm customer loyalty and satisfaction, the researcher write in the following table: 298 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 table 1. lm consumer loyalty and satisfaction in the kano model category no kano model category definition lm consumer loyality and satisfaction 1. must be (basic needs) the factor of lm antan attribute is highly correlated with the increase in the value of customer loyalty and satisfaction customer satisfaction will increased considerably above neutral with the high performance of these attributes. so that lm antam products do not fall into the must be or basic needs category 2. one dimensional (performance needs) it is the level of satisfaction that is linearly related to the attribute performance, where the high performance of these attributes shows the high value of customer satisfaction the values of loyalty customer and satisfaction of lm antam’s are in the one dimensional category or performance needs. 3. atractive (excitement needs) a decrease in the value of customer loyalty and satisfaction will occur, if the attribute performance will decrease and consumers will switch to competitors who have high attribute performance. because antam cannot be categorized as attractive or excitement needs which is tend not to have a decrease in the level of customer satisfaction when the attribute performance is not satisfactory.\ 4. indifferent only one antam customer who is no longer attached to antam’s attribute factors, and that consumer automatically switches to another product. due to the rapid development of pt. antam is currently trongly influenced by the quality and development of product attributes, especially at antam’s lm. this name cannot be equated with pt. antam’s others, such as nickel, bauxite and iron sand, will not affect the increase or decrease in the level of customer satisfaction. so antam’s lm product is not an indifferent category. based on the analysis on the table, the value of customer loyalty and satisfaction in antam’s precious metal is included in one-dimensional or performance needs. this means the level of satisfaction is closely related to the performance attributes. the higher the performance attributes, the more satisfied the customers will be. nur rahmawati. the value of customer loyalty and satisfaction in antam’s 299 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 the results of observation and interview in this study show the majority of customers choose antam’s gold bar product due to its attributes which include packaging design, legality, service and convenience. only one customer leads to the indifferent category. when the author asks about the product attributes that attract him/her to make antam’s purchase, he/she is no longer attached to the antam’s product and switches to another product instead. antam’s precious metal in term of gold bar product is not considered as must-be or basic needs, attractive or excitement needs, and indifferent due to the following reasons: first: the rapid growth and development of pt. antam is strongly influenced by the quality and development of its product attributes, especially antam’s gold bar product. this product cannot be generalized and treated similar to other antam’s products including nickel, bauxite and iron sand. in the case of iron sand product, for example, the presence or absence of its attributes issued by pt. antam will not affect the increase or decrease in the level of customer satisfaction. for this reason, antam’s gold product is not included in the indifferent category. second: the attributes of antam’s precious metal are positively correlated with the increase in the value of customer loyalty and satisfaction. to that end, customer satisfaction will increase far above the average due to the high performance of the attributes. this is another reason why antam’s precious metal products are not classified as must-be or basic needs. third: on the contrary, if the performance attributes experience some decline, especially in antam’s precious metal products, there will be a decrease in the value of customer loyalty and satisfaction. consequently, the customers will turn or defect to its competitors that have high performance attributes. therefore, antam’s precious metal products cannot be regarded as attractive or excitement needs that do not tend to experience a decrease in the level of customer satisfaction when the performance attributes are not satisfactory enough. conclusion in conclusion, the kano model analysis has developed for a long time since 1984 and has attracted many economists to apply it. this model aims at classifying product or service attributes as a benchmark for an excellent product to meet customer satisfaction. these attributes are classified into four categories; must-be or basic needs, one-dimensional or performance needs, attractive or 300 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 excitement needs, and indifferent. the author has decided to use the kano model to analyze the value of customer loyalty and satisfaction in antam’s precious metal (lm) products due to its influences especially in analyzing the value of loyalty and customer satisfaction. in addition, the author describes the data about the value of customer loyalty and satisfaction which is collected through observation and interview with three antam’s gold bar product buyers and three antam’s gold bar product sellers from a theoretical point of view using the kano model analysis. referring to the interview with the three antam’s gold product customers, the main reason they choose antam’s gold bar over other brands’ product is that they are certain in the purity of antam’s gold content which is 99.99% authentic compared to other gold bars. the others are assumed to be mixed or impure. the authenticity of antam’s gold bar is officially stamped in a certificate equipped with a barcode feature to enable the customers to check its authenticity easily. in the meantime, according to the three antam’s gold sellers, the majority of consumers prefer antam’s gold bar product to other brands’ gold bar products for some reasons including the purity guarantee, an official certificate, a good design and more quality. regarding profit, the sellers say selling antam’s precious metal is more profitable because they can set the price depending on the weight. they seem fine even though the purchase price is far higher than ubs. based on the analysis, the value of customer loyalty and satisfaction in antam’s precious metal is included in one-dimensional or performance needs. this means the level of satisfaction is closely related to the performance attributes. the higher the performance attributes, the more satisfied the customers will be. the results of observation and interview in this study show the majority of customers choose antam’s gold bar product due to its attributes which include packaging design, legality, service and convenience. only one customer leads to the indifferent category. when the author asks about the product attributes that attract him/her to make antam’s purchase, he/she is no longer attached to the antam’s product and switches to another product instead. antam’s precious metal in term of gold bar product is not considered as must-be or basic needs, attractive or excitement needs, and indifferent for some reasons: first, the rapid growth and development of pt. antam is strongly influenced by the quality and development of its product attributes, especially antam’s gold bar product. second, the attributes of antam’s precious metal are positively correlated with the increase in the value of customer loyalty and nur rahmawati. the value of customer loyalty and satisfaction in antam’s 301 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i1.17028 satisfaction. to that end, customer satisfaction will increase far above the average due to the high performance of the attributes. this is another reason why antam’s precious metal products are not classified as must-be or basic needs. third, on the contrary, if the performance attributes experience some decline, especially in antam’s precious metal products, there will be a decrease in the value of customer loyalty and satisfaction. consequently, the customers will turn or defect to its competitors that have high-performance attributes. therefore, antam’s precious metal products cannot be regarded as attractive or excitement needs that do not tend to experience a decrease in the level of customer satisfaction when the performance attributes are not satisfactory enough. references antam tbk. 2017. annual reports pt antam. https://www.antam.com/en/reports/ annual-reports arif rahman. 2020. interview. dini auliani pratiwi. 2020. interview. fandy tjiptono. 2007. strategi pemasaran, edisi kedua. edisi kedua. yogyakarta: andi. gremler, d. d., & brown, s. w. 1996. service loyalty: its nature, importance, and implications. advancing service quality: a global perspective. https:// doi.org/10.1017/cbo9781107415324.004 istiqomawati, a. 2017. pengaruh dimensi relationship marketing terhadap kepuasan dan loyalitas nasabah (studi kasus pada bpr argodana pudak payung semarang). jurnal ekonomi dan bisnis. https://doi.org/10.30659/ 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masyarakat. namun di sisi lain, sekelompok teoritisi (seperti jean baudrillard, jean francois lyotard dan fredric jameson) menganggap bahwa masyarakat telah berubah secara dramatis yang kualitasnya sangat berbeda, yang mereka sebut dengan masyarakat postmodern. kedua istilah tersebut “modern” dan “postmodern” mengalami perpola konsumsi masyarakat postmodern (suatu telaah perilaku konsumtif dalam masyarakat postmodern) heldi pascasarjana universitas pendidikan indonesia (upi) bandung abstrak: kehidupan postmodern menciptakan pola-pola konsumsi baru yang merupakan ciri khas dari kehidupan postmodern tersebut dan membuat orang atau para konsumen bisa menikmati apa-apa yang disediakan oleh era kehidupan tersebut yang disebabkan oleh khayalan. untuk memenuhi kebutuhan itu maka manusia harus bekerja. pekerjaan merupakan identitas dari manusia itu sendiri. keberadaan manusia ditentukan oleh pekerjaan yang dimilikinya. eksistensi manusia hilang manakala ia tidak bekerja. dengan timbunan besar barang/komoditi ini melahirkan kemakmuran dalam masyarakat kapitalis. kata kunci: pola konsumsi, posmodernisme, kebutuhan. heldi: pola konsumsi masyarakat postmodern114 debatan, yang kemudian telah menjadi suatu aliran pemikiran dan bahkan masuk ke alam pemikiran filosofis yaitu menjadi “modernisme” dan “postmodernisme”. menurut best dan kellner (1991), postmodern adalah sejarah baru yang dianggap telah menggantikan era modern. dengan demikian, teori sosial postmodern juga merupakan cara berpikir baru yang memerlukan teknik berpikir yang sama sekali baru pula. pada tahap selanjutnya, pemikiran postmodern berkembang terutama penekanannya kepada masalah pinggiran dan kecenderungan pada tingkat intelektual (lemert: 1993). kemunculan teori sosiologi feminis tahun 1970an misalnya merupakan gema dari pemikiran postmodern tersebut. contoh lain adalah lahirnya teori sosiologi tentang homoseksualitas (seidman: 1994) dan pengetahuan seksualitas (michel foucault: 1980) serta teori maskulinitas (connell & kimmel: 1996). termasuk juga dalam lingkup perkembangan pemikiran postmodern adalah teori tentang konsumsi. yang paling menonjol yaitu tentang teori konsumsi yang terdapat pada karya douglas & isherwood (1980). menurut douglas dan wood (1980), pada dasarnya tidak ada yang tidak mengetahui mengapa orang-orang menginginkan barang-barang konsumsi, hal itu kata mereka dapat dikaji melalui teori permintaan yang merupakan akar dari disiplin ilmu ekonomi. seperti diketahui bahwa permintaan terhadap barang-barang terkadang stabil, kadang-kadang melonjak dan kemudian turun, ini disebabkan karena ada yang menyimpan disamping menggunakannya dan atau membelanjakannya. oleh karena itulah menurut douglas-wood, para ahli ekonomi sangat berhati-hati dalam menjawab pertanyaan tentang alasan mengapa orang menginginkan barang konsumsi tersebut. dan para ekonom biasanya menunggu saat yang tepat untuk memberikan pendapatnya. lebih jauh mereka mengemukakan bahwa ada semacam kekakuan dalam teori kegunaan, hal ini terjadi karena ketiadaan pemikiran yang jelas dari teori tersebut sehingga ide-ide yang tersembunyi tentang kebutuhan manusia akan merembet kepada analisis ekonomi yang terselubung. selanjutnya douglas-wood membagi kebutuhan dalam 2 asumsi yang digunakan secara kombinasi terhadap pihak yang mendukung maupun al-iqtishad: vol. i, no. 1, januari 2009 115 yang masih ragu-ragu yaitu kebutuhan menurut ilmu kesehatan, dalam hal ini dekenal dengan teori materialistis dan kebutuhan menurut teori kecemburuan (envy theory). atau dikenal juga dengan kebutuhan fisik dan spiritual. kemudian dalam menganalisis tentang alasan orang membutuhkan barang konsumsi, douglas-wood juga mengungkapkan beberapa kritik-diri para ahli ekonomi. menurut mereka, tidak ada pembenaran teori kegunaan tradisional terhadap asumsi apapun dari kekurangan teori kecemburuan tentang kebutuhan pisik dan spiritual. teori kegunaan tradisional itu hanya semata-mata menduga bahwa individu bertindak secara rasional dan konsisten ketika berhubungan dengan setiap orang dalam waktu singkat dan bersifat stabil. hal itu merupakan suatu sikap bagaimana menanggapi kejatuhan harga dengan kesiapan membeli barang dalam jumlah besar walau harga membumbung tinggi, dan secara konsisten pula menanggapi mode ketika terjadi perubahan penghasilan. berhubungan dengan hal tersebut di atas maka selanjutnya akan dilakukan telaah melalui pendekatan teori postmodernitas. hal itu mengingat alasan orang memerlukan barang pada era postmodern lebih bersifat kompleks. munculnya pola konsumsi baru mengharuskan orang menyesuaikan gaya hidupnya dengan situasi dan kondisi yang sudah berubah. dengan demikian alasan orang untuk memerlukan barang tidak sekedar hanya memenuhi kebutuhan pisik dan spiritual tetapi lebih jauh adalah bagaimana bisa eksis dalam zaman yang berubah. teori sosial tentang postmodernitas analisis tentang masyarakat postmodern dapat dilihat dalam karya para teoritisi sosiologi. menurut dandaneau (2001), bahwa postmodernisme tak bisa diabaikan lagi oleh teoritisi sosiologi. dan kellner (1989) juga mengemukakan, dalam teori sosial masa kini, postmodernisme telah menjadi “permainan terpanas di kota”. selanjutnya smart (1993) membedakan tiga pendirian di kalangan pemikir postmodern tersebut yaitu: pertama, pendirian ekstrim, yang menyatakan bahwa masyarakat modern telah terputus hubungannya dengan dan sama sekali telah digantikan oleh masyarakat postmodern. tokohnya adalah jean baudrillard, gilles deleuze heldi: pola konsumsi masyarakat postmodern116 dan felix guattari (1983) serta bogard (1997). kedua, pendirian yang menyatakan bahwa meski telah terjadi perubahan, postmodernisme muncul dan terns berkembang bersama dengan modernisme. tokohnya adalah pemikir marxian seperti fredric jameson, ernesto laclau dan chantal mouffe serta pemikir feminis seperti nancy fraser dan linda nicholson. ketiga, pendirian smart sendiri yang lebih memandang modernisme dan postmodernisme sebagai zaman. kedua zaman itu menurut smart terlibat dalam rentetan hubungan jangka panjang, namun postmodernisme terus menerus menunjukkan keterbatasan modernisme. walaupun demikian, menurut best dan kellner (1991) terdapat sejumlah kerancuan dan kontroversi tentang apa makna sebenarnya dari istilah postmodern tersebut. oleh karena itu menurut mereka perlu dibedakan antara istilah postmodernitas, postmodernisme dan teori sosial postmodern. postmodernitas mengacu pada periode historis yang umumnya dilihat menyusul era modern. postmodernisme mengacu pada produk kultural (di bidang kesenian, film dan arsitektur) yang berbeda dari produk kultural modern. sedang teori sosial postmodern mengacu pada cara berpikir yang berbeda dari teori sosial modern. dengan demikian postmodern meliputi periode historis baru, produk kultural baru dan tipe baru dalam penyusunan teori tentang kehidupan sosial. selanjutnya menurut ritzer dan goodman (2004), ada tiga konsep tentang postmodern: pertama, konsep postmodern terutama tertuju pada keyakinan yang tersebar luas bahwa era modern telah berakhir dan kita memasuki periode historis baru, postmodern. kedua, postmodern berkaitan dengan dunia kultural dan dapat dinyatakan bahwa produk postmodern cenderung menggantikan produk modern. ketiga, kemunculan teori sosial postmodern adalah sangat membedakannya dengan teori sosial modern. teori sosial modern mencari landasan universal, ahistoris dan rasional dalam analisis untuk mengkritik masyarakat. misalnya marx yang memakai landasan umat manusia dan habermas menggunakan nalar komunikatif sebagai landasannya. maka pemikiran postmodern menolak semua landasan tersebut karena cenderung menjadi relativistik, irrasional dan al-iqtishad: vol. i, no. 1, januari 2009 117 nihilistik. menurut nietzsche dan foucault, landasan seperti itu cenderung memberikan hak istimewa terhadap kelompok tertentu dan menurunkan derajat sebagian besar lainnya, memberikan kekuasaan pada kelompok tertentu dan membuat kelompok lain tanpa memiliki kekuasaan. mcdonaldisasi sisi lain kehidupan postmodern mcdonaldisasi merupakan suatu fakta bahwa restoran cepat-saji (fastfood) mencerminkan paradigma masa kini dari rasionalitas formal yang dimasa hidup weber disebut birokrasi. secara tak langsung dapat dinyatakan bahwa rasionalitas formal tersebut merupakan komponen kunci kehidupan postmodern. menurut ritzer dan goodman (2004) ada 4 dimensi rasionalitas formal yaitu efisiensi, kemampuan untuk diprediksi, lebih menekankan kuantitas ketimbang kualitas dan penggantian teknologi nonmanusia untuk teknologi manusia. efisiensi berarti mencari cara yang terbaik untuk mencapai tujuan. dalam restoran cepat-saji, mengulurkan sajian melalui jendela adalah contoh yang baik dari usaha mempertinggi efisiensi dalam mendapatkan pesanan makanan. kemampuan untuk diprediksi berarti apa yang kita konsumsi nanti persis sama dengan saat ini. restoran cepat-saji adalah contoh yang baik dari penekanan pada kuantitas ketimbang kualitas. penggantian teknologi nonmanusia untuk teknologi manusia yaitu apabila ada seorang koki yang tidak terampil diwajibkan mengikuti petunjuk rinci yang diterapkan dalam memasak dan menyajikan makanan. dengan demikian, restoran cepat-saji mempertinggi rasionalitas formal pada umumnya maupun masing-masing dimensi pada khususnya. usaha bisnis lain yang tak terhitung jumlahnya dan sektor kehidupan sosial lain berupaya menyamai atau bahkan mengungguli sebagian atau seluruh pembaruan yang diprakarsai oleh restoran cepat-saji tersebut. bila rasionalitas formal disamakan dengan modernitas, maka kesuksesan dan penyebaran restoran cepat-saji serta derajat penerimaannya yang menjadi model pelayanan di berbagai sektor kehidupan bermasyarakat lainnya, menunjukkan bahwa kehidupan dunia modern tetap berlangsung. menurut marx, sebagaimana alat-alat produksi adalah entitas-entitas yang memungkinkan proletariat untuk memproduksi komoditas dan heldi: pola konsumsi masyarakat postmodern118 dikontrol serta dieksploitasi sebagai pekerja, maka pola-pola konsumsi didefinisikan sebagai hal-hal yang memungkinkan orang untuk mendapatkan barang dan jasa serta dikontrol kemudian dieksploitasi dalam kapasitasnya sebagai konsumen. sebenarnya konsep pola konsumsi tampak di berbagai tempat, tetapi yang paling menonjol adalah dalam salah satu karya awal baudrillard, the consumer society (1998). dia tidak mencampurkan pola konsumsi dengan komoditas yang dikonsumsi, melainkan mengikuti seperti apa yang dilakukan ritzer dan goodman. adapun paradigma yang digunakan adalah “drugstore” paris. toko obat paris jelas merupakan pola konsumsi karena is adalah sebuah perilaku, suatu struktur ekonomi dan sosial, yang membuat konsumen dapat memperoleh beraneka macam komoditas atau barang. pola konsumsi masyarakat postmodern menurut ritzer, mcdonald (dan industri fast-food pada umumnya) merupakan salah satu dari pola konsumsi bare masyarakat postmodern, selain pola-pola lainnya seperti mall, megamall, cybermall, superstore, discounter, saluran hiburan, hotel-kasino dan taman peternakan. dalam tulisan baudrillard telah diketahui signifikansi dari pola konsumsi bane ini di akhir 1960-an. akan tetapi, dia tidak banyak mengkaji ide dan fenomena yang berkaitan dengannya. lebih jauh, dia segera memfokuskan pada toko obat paris, yang hanya berdampak kecil pada seluruh dunia. dalam kenyataannya, dewasa ini toko obat itu telah diganti dengan jenis-jenis pola konsumsi bare seperti restoran fast-food, toserba dan euro disney. meski demikian, pemahaman baudrillard tentang pola konsumsi adalah yang terdekat dengan cara konsep tersebut dipergunakan saat ini. semua pola konsumsi baru itu adalah postmodern dalam pengertian bahwa pola-pola itu sebagian besar adalah inovasi barn yang muncul dan berkembang pada parch akhir abad dua puluh. seperti mcdonald, pola-pola itu sebagian besar inovasi amerika yang bukan hanya telah mentransformasikan konsumsi di amerika serikat, tetapi juga diekspor secara agresif ke sebagian besar belahan dunia lain dimana pola konsumsi itu bahkan berdampak lebih besar terhadap konsumsi. di amerika serikat pola-pola itu juga berhasil berfungsi sebagai model untuk setting yang al-iqtishad: vol. i, no. 1, januari 2009 119 berbeda seperti universitas, rumah sakit, museum, bandara, stadion olahraga, dan bahkan gereja. yang disebut terakhir, yang dianggap melayani konsumen, mulai menengok pada pola konsumsi baru tersebut. pola konsumsi baru adalah bersifat postmodern dalam pengertiannya yang lebih penting, yakni pola-pola itu sangat rasional atau termcdonaldisasi-kan. hal itu dapat dideskripsikan sebagai berikut: efisiensi) mall, misalnya, dapat digambarkan sebagai mesin penjualan yang sangat efisien. ini pada gilirannya menjadikannya “mesin pembelian” yang sangat efisien dari persfektif konsumen. konsumsi jelas dibuat menjadi lebih efisien untuk konsumen karena tersedia semua jenis toko dalam satu tempat yang juga punya tempat parkir berdekatan yang luas. efisiensi yang sama juga disediakan oleh superstore bagi konsumen yang mencari jenis produk tertentu. kalkulabilitas (calculability). hotel-hotel berbintang bersaing untuk memberikan kamar terbaik maupun atraksi hiburan. persaingan serupa terjadi di kapal pesiar dengan kapasitas kapal yang dapat mengangkut banyak orang serta fasilitas hiburan yang disediakan. departement store berdiskon, konsumen dibuat percaya bahwa mereka dapat mengandalkan tiga hal, dapat dikuantifikasi, harga rendah, jumlah barang yang banyak dan keanekaragaman jenis barang. mereka juga percaya pada diskon yang diberikan mall, meski diskon itu seringkali hanya tipuan. harga tanda masuk harian atau mingguan ke taman hiburan mengilustrasikan kalkulabilitas dalam alat-alat konsumsi. prediktabilitas. prediktabilitas yang dijumpai pada mcdonald tampak jelas dalam jaringan kafe seperti hard rock cafe. menu dan rasa makanan bahkan gitar yang dipajang di dinding adalah sama dimana-mana. jaringan ini membuat desain tingkat tinggi untuk pasar massa dengan produk identik dijual di toko yang sama sehingga menawarkan keseragaman dan prediktabilitas. kontrol melalui teknologi nonmanusia bukan teknologi manusia. mall perbelanjaan dapat dilihat sebagai sesuatu yang sangat dikontrol secara teknologis di semua aspek dari operasinya. kontrol ketat mencakup suhu, lampu, acara dan barang dagangan. tujuannya adalah untuk mengontrol konsumen. ruang dan waktu dikontrol dengan mendesain mall tanpa heldi: pola konsumsi masyarakat postmodern120 jendela, hanya ada sedikit tanda pintu keluar. keseragaman mall dapat berada dimana saja, dalam banyak kasus tidak ada jam di mall, pemeliharaan dan penyusunan ulang secara periodik membuat mall tak pernah tua (usang), ada ilusi kesempurnaan mall. konsumen berkeliaran berjam-jam di mall tanpa menyadari berlalunya waktu. dengan menciptakan keadaan mall seperti ini, memungkinkan konsumen bertemu banyak toko dan melihat lebih banyak barang dan jasa kemudian kemungkinan membeli lebih banyak. mall mengontrol apa-apa yang dibeli bukan dengan cara menetapkan apa yang ada dan apa yang tidak ada, melainkan juga dengan menggunakan prinsip “daya tarik yang berdekatan” (adjacent attraction), dimana objek-objek yang biasa saja diupayakan sedemikian rupa tampak lebih menarik dengan menempatkannya di sekeliling objek yang berbeda dan lebih eksotis. mall mengatur emosi konsumen dengan memberi cahaya, keceriaan dan lingkungan menarik. anak-anak diberi perhatian khusus sehingga dapat dideskripsikan tumbuh di dalam lingkungan yang terkontrol. kontrol yang bahkan lebih kuat diterapkan kepada karyawan, yang dapat dianggap sebagai “tawanan” mall. jadi, dapat dilihat bahwa alat-alat konsumsi baru sebagai sangat rasional dan karena itu merupakan fenomena modern. dengan gejala-gejala seperti itu, orang-orang atau para konsumen diransang untuk mengikuti perkembangan zaman dengan memiliki barangbarang yang ditawarkan, sehingga orang tidak hanya terbatas pada alasan pemenuhan kebutuhan pisik dan spiritual saja melainkan juga kebutuhankebutuhan lain. menurut weber alasan orang menginginkan barang konsumsi dilatarbelakangi oleh semangat keagamaan (etika protestan) yang dikenal dengan “panggilan”. adanya perubahan askese secara lebih tajam dalam perolehan harta benda duniawi. calvinisme tidak melihat adanya hambatan-hambatan bagi tingkat efektivitas kependetaan yang ber hubungan dengan kekayaan duniawi, tetapi lebih merupakan suatu peringatan yang secara menyeluruh dikehendaki oleh karena martabat mereka. oleh karena itu calvin mengizinkan para pendeta untuk meng gunakan sarana-sarana yang mereka miliki untuk mendapatkan keuntungan. keberatan moral yang nyata adalah melemahnya tingkat keamanan harta benda yang dimiliki, cara menikmati kekayaan dengan sikap-sikap bodoh dan godaan dalam mencari kehidupan yang benar. al-iqtishad: vol. i, no. 1, januari 2009 121 sebenarnya hal itu hanya disebabkan bahaya relaksasi (sikap santai) yang memang sangat tidak bisa diterima. oleh karena itu, istirahat abadi bagi orang-orang suci adalah di dunia “nanti”, sedangkan manusia di bumi sekarang harus mengerjakan sesuatu pekerjaan dari tuhan yang telah mengutusnya. bukan hari santai atau kenikmatan, akan tetapi hanya aktivitas yang bisa meningkatkan kemuliaan tuhan. dan membuangbuang waktu merupakan dosa pertama dan secara prinsip dosa yang paling mematikan. rentang waktu kehidupan manusia secara tidak pasti adalah pendek dan berharga untuk memastikan pilihan hidup seseorang. kehilangan waktu melalui sosialitas, pembicaraan tidak menentu, bahkan tidur terlalu banyak, merupakan kesalahan-kesalahan moral absolut. satu jam yang terbuang percuma berarti terbuang kesempatan untuk bekerja demi memuliakan tuhan. oleh karena itu, kontemplasi yang pasif juga tidak ada manfaatnya, bahkan secara langsung patut dicela apabila aktivitas semacam itu menghabiskan pengeluaran yang sama dari kerja harian seseorang. sebab hal itu tidaklah membahagiakan tuhan jika dibandingkan dengan suatu karya aktif dari kehendaknya di dalam suatu “panggilan”. dari semangat keagamaan ini kemudian melahirkan spirit kapitalisme yang merupakan dasar dari kehidupan modern yang berkembang kemudian dan sampai saat ini. menurut marx, alasan kenapa menginginkan barang konsumsi adalah untuk memenuhi kebutuhan manusia baik bagi keperluan perut maupun kebutuhan yang disebabkan oleh khayalan. untuk memenuhi kebutuhan itu maka manusia harus bekerja. pekerjaan merupakan identitas dari manusia itu sendiri. keberadaan manusia ditentukan oleh pekerjaan yang dimilikinya. eksistensi manusia hilang manakala ia tidak bekerja. dengan timbunan besar barang/komoditi ini melahirkan kemakmuran dalam masyarakat kapitalis. penutup kenapa orang-orang menginginkan barang konsumsi memiliki alasan yang beranekaragam. kebutuhan terhadap barang tidak hanya terbatas untuk menghalangi atau mengurangi kemiskinan dalam kehidupan masyarakat yaitu memenuhi kebutuhan secara pisik maupun spiritual tetapi juga menciptakan suatu perubahan dari periode modern ke masa postmodern. heldi: pola konsumsi masyarakat postmodern122 dengan dilatarbelakangi oleh berbagai semangat ataupun spirit termasuk bidang keagamaan, orang dimotivasi untuk tidak hanya menginginkan tetapi juga dirangsang untuk mengumpulkan barang menjadi sebuah kapital atau modal sehingga melahirkan kehidupan postmodern dalam masyarakat. kehidupan postmodern ini selanjutnya menciptakan pola-pola konsumsi baru yang merupakan ciri khas dari kehidupan postmodern tersebut dan membuat orang atau para konsumen bisa menikmati apaapa yang disediakan oleh era kehidupan tersebut yang disebabkan oleh khayalan. untuk memenuhi kebutuhan itu maka manusia harus bekerja. pekerjaan merupakan identitas dari manusia itu sendiri. keberadaan manusia ditentukan oleh pekerjaan yang dimilikinya. eksistensi manusia hilang manakala ia tidak bekerja. dengan timbunan besar barang/komoditi ini melahirkan kemakmuran dalam masyarakat kapitalis. pustaka acuan baudrillard, jean p. masyarakat konsumsi (terj). yogyakarta: kreasi wacana, 2004. douglas, mary and baron isherwood. the world of goods: towards an anthropology of consumption. new york: penguin books, 1978. fukuyama, francis. the great disruption (terj). yogyakarta: qalam, 2002. hardiman, f. budi. menuju masyarakat komunikatif yogyakarta: kanisius, 1993. lury, celia. budaya konsumen (terj). jakarta: yayasan obor indonesia, 1998. marx, karl. kapital: buku i (terj). jakarta: hasta mitra, 2004. ritzer, george and douglas j. goodman. “teori sosiologi modern (terj). jakarta: kencana, 2005. weber, max. etika protestan dan semangat kapitalisme (terj). yogyakarta: promothea, 2003. budiandru abstract. islamic social reporting (isr) is used to assess a company's social performance based on islamic principles. islamic social performance reports will influence investors' decisions in investing. this research is to analyze factors influencing the islamic corporate social responsibility report. data is obtained from the annual reports of 44 companies in the halal industry sector from 2013-2018, and analyzed using the random effect model (rem) method. in this research, interest on debt-based sharia screening (ss) is divided by total assets with a maximum tolerance of 45 percent; the companies’ net-based profitability (prv) is divided by the total assets (roa), and total debt-based leverage (lev) is divided by equity (der). the result is that sharia screening, profitability, and leverage affect isr reporting. increasing sharia screening and leverage will decrease isr reporting, while increasing profitability will increase isr reporting. thus, the increase and decrease in this variable affect the companies’ decision to report the isr. therefore, companies must improve their financial performance to improve corporate social responsibility disclosure quality, which is very important for stakeholders in investing. keywords: islamic social reporting, random effect model, sharia screening, profitability, leverage abstrak. pelaporan sosial islam digunakan untuk menilai kinerja sosial perusahaan berdasarkan prinsip-prinsip islam. laporan kinerja sosial islam akan mempengaruhi keputusan investor dalam berinvestasi. penelitian ini dilakukan untuk menganalisis faktor-faktor apa saja yang mempengaruhi laporan sosial islam dengan menggunakan 44 perusahaan sektor industri halal, data tahunan tahun 2013-2018, dan menggunakan metode random effect model (rem). syariah screening (ss) berbasis pada hutang bunga dibagi total aset dengan toleransi maksimal 45 persen, profitabilitas (prv) berbasis pada laba bersih perusahaan dibagi total aset (roa), dan leverage (lev) berbasis pada total hutang dibagi ekuitas (der). hasilnya adalah syariah screening, profitabilitas, dan leverage mempengaruhi pelaporan sosial islam. peningkatan syariah screening dan leverage akan menurunkan pelaporan isr, sedangkan peningkatan profitabilitas akan meningkatkan pelaporan isr. islamic social reporting and halal business performance al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 265 282 prof. dr. hamka muhammadiyah university email: budiandru@uhamka.ac.id 266 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 dengan demikian kenaikan dan penurunan variabel ini mempengaruhi keputusan perusahaan untuk melaporkan isr. oleh karena itu, perusahaan harus meningkatkan kinerja keuangannya untuk meningkatkan kualitas pelaporan sosial islam yang sangat penting bagi stakeholders dalam berinvestasi. kata kunci: pelaporan sosial islam, random effect model, syaria screening, profitabilitas, leverage introduction in addition to providing information about financial statements, companies are also required to give information on a company's social activities (chen, hung, & wang, 2018; dagilienė, 2013; leitoniene & sapkauskiene, 2015). this is a form of corporate responsibility in voluntarily disclosing its responsibility for the environment (nazari, hrazdil, & mahmoudian, 2017; zheng & ren, 2019). information regarding corporate social responsibility (csr) is made in a single annual report or a separate report (wuttichindanon, 2017). the company's annual report reflects social responsibility which includes the field of business activities carried out and the natural resources used so that it is necessary to carry out social responsibility (boubakary & moskolaï, 2016; castejón & lópez, 2016; sanclemente-téllez, 2017). otherwise, they will be subject to sanctions following statutory provisions. with this, companies are increasingly encouraged to report their csr activities. the number of companies that disclose csr information in financial statements from year to year is increasing. many companies are starting to realize that the implementation of csr programs can be used as a business strategy in the company (gorski, fuciu, & croitor, 2014; šontaitė-petkevičienė, 2015). investors from various organizations and officials from each company make csr an important consideration in making decisions (frederiksen, 2018; gras-gil, manzano, & fernández, 2016). csr activities carried out by the company can show that the company is also concerned with the environment and the welfare of the surrounding community and its employees' wellbeing (rodriguez-fernandez, 2016; sarkis & daou, 2013). furthermore, it can improve organizational accountability, corporate image, and provide information to investors where there is a social contract between the organization and the community. (dyck, lins, roth, & wagner, 2019; sila & cek, 2017). information about csr in islamic economics can increase investor attention to islamic institutions or institutions (zain, darus, & ramli, 2015). budiandru. islamic social reporting and halal business performance 267 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 in indonesia, more and more companies are based on sharia; this proves that the islamic economy is experiencing rapid development. to fulfill sharia-based reporting, muslims began to develop corporate social responsibility reporting by sharia principles, also known as islamic social reporting (isr). isr disclosure is a refinement of csr disclosure, which adds some items not included in islamic social reporting disclosures. the development of companies that disclose csr information also increases public attention towards islamic institutions or institutions. the capital market as an institution and profession related to securities, in this case, is the islamic capital market having an essential role in increasing the market share of islamic securities in companies wishing to participate in the islamic capital market. research using isr as a benchmark for csr has been carried out by khairiyani and mubyarto (2019), hadinata (2019), rizfani and lubis (2019), mubarok (2019), adlan and mawardi (2018), pratama, muchlis, and wahyuni (2018), cahya (2018), prasetyoningrum (2018), santoso and dhiyaul-haq (2017), sulistyawati and yuliani (2017). from previous studies, there is still no specific research in the halal industry sector. so this research to analyze what factors influence csr in the industrial area. this research contributes, first adding a new perspective on csr factors in the halal industry sector. second, decision making in investing for policymakers. third, enrich the csr literature. literature review islamic social reporting (isr) indicators are adopted from corporate social performance reporting based on islamic principles. this indicator was developed from the accounting reporting standards issued by the accounting and auditing organization for islamic financial institutions (aaoifi). specifically, this indicator is an extension of the social performance reporting standard which includes public expectations regarding the company's role in the economy and the spiritual (indrawaty & wardayati, 2016). in addition, it emphasizes social justice for the environment, minority rights, and employees. research related to isr has been conducted by khairiyani and mubyarto (2019). they analyzed the influence of islamic corporate social responsibility (icsr) on the company’s financial performance on the jakarta islamic index (jii). icsr is measured using indicators of product, community, service, investment, product, environment, employees, and corporate governance. financial performance using the return on equity and return on assets. the 268 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 results showed that icsr was able to improve the business performance of jii companies. hadinata (2019) analyzes the effect of isr on financial performance. financial performance indicators use the ratio of profit sharing and return on assets. this study used seven islamic banks during the period 2011-2016 with 42 observations. the results showed that the isr harms both returns on assets and profit-sharing ratios. rizfani and lubis (2019) analyzed the social responsibility disclosure factors of islamic companies using the company’s annual report in the jakarta islamic index from 2012 to 2015. the research results showed that company size has a positive effect, while leverage and company age have a negative effect. the profitability and the number of commissioners did not affect. mubarok (2019) analyzes the isr disclosure and its impact on profitability at indonesian sharia commercial banks. the research results show that good corporate governance (gcg) affects the isr, financial factors have a positive effect on isr, gcg is detrimental to profitability, economic factors have a positive effect on profitability, isr affects profitability, and isr mediates the relationship between gcg and financial factors with profitability. adlan and mawardi (2018) analyze interest-based debt restrictions and non-halal income restrictions on company value in companies in the jakarta islamic index for the 2013-2018 period. the research results show that interest-based debt and non-halal income do not partially or simultaneously affect firm value. pratama, muchlis, and wahyuni (2018) analyzed the factors that affect the level of social responsibility disclosure using islamic social reporting (isr) on 11 islamic commercial banks during 2013-2016. the research results show that leveraging, institutional ownership, bank size, and profitability affect the level of isr disclosure. the moderation test is only institutional ownership, profitability, and leverage, which are moderated by independent commissioners in carrying out isr disclosures. cahya (2018) analyzes the presentation of sharia-based accountability to corporate stakeholders in the concept of islamic social reporting (isr) as an effort to provide relevant information following the spiritual needs of users of financial statements. the research results provide evidence that accountability is essential to make responsive attitudes towards the entity obtained and realize that there must be an attitude of responsibility that must be done. the application of isr as a form of accountability is based on principles and philosophy based on the al quran and sunnah as guidelines in carrying out various life activities. budiandru. islamic social reporting and halal business performance 269 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 therefore, the implementation of isr which is based on spiritual and intellectual elements is believed to be able to solve and overcome social problems, both within the company and in the community, especially for the empowerment of the community’s economy. prasetyoningrum (2018) analyzes the factors that influence the disclosure of csr reporting in islamic banking in indonesia. the results showed that company size, profitability, leverage, and cost efficiency did not affect isr, while its age factor statistically affected isr. santoso and dhiyaul-haq (2017) analyzed the factors that influence isr in islamic banking in indonesia using rewards, profitability, and ownership types. profitability using the return on assets, grants are identified with multiple csr performance awards over one year. types of ownership are classified into four, namely family, government, institutional and foreign ownership. the research results show that profitability, rewards, and type of property do not affect the isr disclosure. sulistyawati and yuliani (2017) analyzed profitability, company size, the board of commissioners, and leverage on isr. the results showed that the board of commissioners had a significant and positive effect on isr, while leverage and profitability did not affect. handayani (2017) analyzes the extent to which islamic social reporting (isr) is practiced by islamic banks in malaysia and examines the isr factors that are most often disclosed in annual reports. this study uses 10 islamic banks in malaysia as the research sample. the results showed that the average level of isr disclosure of islamic banks in malaysia was 32.81% and the one with the highest exposure level was the public with 10.77%. kurniawati and yaya (2017) analyzed the effect of the number of audit committees, boards of commissioners, environmental performance, and profitability on islamic social reporting (isr) during 2011 to 2015 in 31 companies. the research results show that profitability, the board size, and environmental performance have a positive effect on isr disclosure. on the other hand, the audit committee and the board of commissioners do not affect. widayati and sukmana (2017) analyzed the differences in the level of disclosure of islamic social reporting (isr) in islamic banking in indonesia and malaysia based on the isr indicator. the research results show that the level of isr exposure of islamic banking in indonesia is better than the level of isr disclosure of islamic banking in malaysia. other results show that there is a significant difference in the level of exposure between islamic banking in indonesia and malaysia. 270 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 darus et al. (2014) analyzed the isr of islamic commercial banks in indonesia from 2007 to 2011. the results showed that only two banks experienced an increase in isr disclosure continuously. these results also reveal that the highest exposure is the company’s vision, the board of directors, and top management. at the same time, the lowest disclosures are product, environment, agreement and service. mallin, farag, and ow-yong (2014) analyzed the relationship between corporate social responsibility (csr) and the financial performance of islamic banks using the isr indicator which includes ten dimensions with a sample of 90 islamic banks in 13 countries. the isr indicator shows that islamic banks are involved in various social activities. there is a positive relationship between isr disclosure and financial performance. thus, isr exposure is determined by financial performance. elhalaby and hussainey (2015) analyzed the isr disclosure factors for islamic banks in 25 countries. the results found a low disclosure rate of 26%. in addition, there is a positive relationship between the isr level and accounting standards, the type of auditor, the size of the bank, and the existence of the sharia audit department. method this study uses annual data from the company’s financial statements from 2013 to 2018, consisting of 44 companies engaged in the halal industry sector. this study uses a panel data approach that combines time-series data and crosses sections. isrit = α0 + β1ssit + β2prvit + β3levit + εit where it represents the company, and t represents time. the data used in this study are corporate social responsibility (csr) using islamic social reporting (isr) indicators cover underlying philosophy and values, management profile, interest-free and islamically acceptable deals, development and social goals, employees, debtors, community, environment, shariah supervisory, wellbeing. sharia screening (ss) using interest-based debt compared to total assets with a maximum tolerance limit of 45 percent, profitability (prv) using the return on assets (roa) where the company’s net profit is divided by total assets, and leverage (lev) uses debt to equity ratio (der) where total debt is divided by equity. in resolving using panel data, several stages are carried out, starting with the classical assumption testing, including the autocorrelation test, the budiandru. islamic social reporting and halal business performance 271 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 multicollinearity test data, the data normality test, and the heteroscedasticity test data. a normality test is conducted to test whether the standardized residual values in the regression model are normally distributed or not. the heteroscedasticity test aims to test whether, in the former model, there is an inequality of variance from the residual regression model. the multicollinearity test seeks to check whether there is a high or perfect correlation between the independent varia b les in the regression model formed. the autocorrelation test aims to dete r mine whether there is a correlation between members of a series of obser vational data ordered by time or space. after examination, the conventional assumptions proceed with selecting the best model out of 3 trials, including random effect models, fixed-effect models, and pooled least square models. result and discussion before testing the results to answer the study’s objectives, examining the classical assumptions, based on the normality test histogram, it can be seen that the probability of jarque-bera> 0.05 (0.600756> 0.05) so that the data in this study have been distributed normally. table 1. data normality test results indicator result mean -3.77e-16 median .032759 maximum .421115 minimum -.353119 std. dev. .203282 skewness .040511 kurtosis 2.290773 jarque-bera 1.019134 probability 0.600756 272 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 figure 1. data normality test results (histogram) the multicollinearity test results use the value of centered vif, where the importance of all variables is smaller than the tolerance limit set, i.e., 10. thus, the data used do not contain symptoms of multicollinearity. table 2. multicollinearity test results variable coefficient variance centered vif csr 2.546668 1.039800 hls 2.480050 1.048778 prv 0.269971 1.064200 lev 7.800342 1.017449 heteroscedastic i ty test results using the breusch-pagan-godfrey test obtained obs*r2 value of 17.69433 with a probability of 0.2305. this result shows that the p robability> level of significance (α = 5%). this means that residuals have a homogeneous variety. thus, the variables used do not contain heteroscedasticity. table 3. heteroscedasticity test results f-statistic 8.563309 prob. f(3,44) 0.2101 obs*r-squared 17.69433 prob. chi-square(3) 0.2305 scaled explained ss 9.595706 prob. chi-square(3) 0.2223 budiandru. islamic social reporting and halal business performance 273 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 the autocorrelation test using the lagrange multiplier is obtained from the obs*r2 value of 23.49744 with a probability of 0.5470. this result means the probability is more than the real level used (level α = 5%). thus, residual observations do not correlate with each other, so the variables do not contain autocorrelation. table 4. autocorrelation test results f-statistic 20.13856 prob. f(2,42) 0.6320 obs*r-squared 23.49744 prob. chi-square(2) 0.5470 after testing the classical assumptions, select the best model by conducting a hausman test and chow test. the model chosen from the panel data used is the random effect model, evidenced by the probability > 0.05 in the chow test and the hausman test (1,0000> 0.05). table 5. selection of the best model chow test effects test statistic d.f. prob. cross-section f 11.339768 (7,153) 0.1000 cross-section chi-square 63.107442 7 0.1000 hausman test test summary chi-sq. statistic chi-sq. d.f prob. cross-section random 0.000000 2 1.0000 based on the results of the random effect model, conclusions can be drawn. isrit = 0.934587 0.096629ssit + 2.280007prvit 0.001524levit + εit the regression equation constant is positive at 0.934587, meaning that if the value of the independent variables is 0, then the value of the dependent variable (isr) is 0.934587. the regression coefficient for the sharia screening (ss) variable is -0.096629. this means that one unit’s sharia screening decrease in the company’s sharia screening will increase isr disclosure of 0.096629, 274 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 assuming the other independent variables are constant. the regression coefficient of the profitability variable (prv) is 2.280007, meaning that one unit’s increase in company profitability will increase isr disclosure of 2.280007, assuming the other independent variables are constant. the regression coefficient of the leverage variable (lev) is negative at 0.001524, meaning that one unit’s increase in leverage will result in a decrease in isr disclosure of 0.001524, assuming the other independent variables are constant. the f statistical test is used to predict the regression parameters together. the f statistical test shows whether the sharia screening (ss), leverage (lev), and profitability (prv) variables have a simultaneous influence on the islamic social reporting (isr) variable. based on the rem regression model (table 5), the significance value of 0.000049 is less than 0.05, meaning that the sharia screening, profitability, and company leverage variables have a significant effect on isr disclosure. the t-test is used to determine whether the independent variable partially affects the dependent variable. the t-count value of sharia screening (ss) is -0.272507, with a probability value of 0.0055, which is less than 0.05. this shows that sharia screening has a negative and significant effect on isr disclosure. the lower the sharia screening ratio will lead to an increase in the value of the company's shares, which will improve the isr report's quality. this proves that companies' decision to manage interest-based debt is highly considered by companies in isr disclosure (adlan & mawardi, 2018). the regulation on limiting interest-based transactions on financial ratios is the limit point for the issuer to be declared as sharia-compliant or not (soemitra, 2016). when referring to sharia rules in the quran and hadith, usury-based transactions should not exist at all. however, if we see to the fiqh rule that what cannot be done thoroughly, do not entirely abandon it. so, limiting the number of usury-based transactions can be done. however, it must also be understood that these rules require the implementation of sharia to the maximum extent possible. if it is related to the regulation of restrictions on riba-based transactions in the halal industry, the less interest-based debt and non-halal income levels the company has, it can be said that the company is getting better at applying the islamic aspect in its activities (alam, akbar, shahriar, & elahi, 2017; ayedh, shaharuddin, & kamaruddin, 2019; md. hashim, habib, isaacs, & gadhoum, 2017). the implementation of the islamic elements that are getting better by the company will be a positive signal for investors who pay attention to the islamic aspects of investing to increase company value and disclosure of corporate csr reporting (lys, naughton, & wang, 2015). this means a negative relationship between budiandru. islamic social reporting and halal business performance 275 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 the number of interest-based transactions and the disclosure of the company's isr reporting. table 6. random effect model results variable coefficient standard error t-statistic probability c 0.934587 0.135167 6.914311 0.0000 ss -0.096629 0.354592 -0.272507 0.0055 prv 2.280007 4.810005 0.004734 0.0002 lev -0.001524 0.004073 -0.374240 0.0000 r-squared 0.963378 durbin-watson stat 0.439016 adjusted r-squared 0.962450 prob(f-statistic) 0.000049 the t-value of profitability (prv) is 0.004734, with a probability value of 0.0002 less than 0.05. this shows that profitability has a positive and significant effect on isr disclosure. profitability is a factor that makes management free and flexible to disclose social responsibility to shareholders. companies that are in an advantageous position will tend to disclose more extensive information in the isr report. the higher the company profitability, the greater the disclosure of islamic-based social information (isr). this follows the theory of legitimacy, which explains that if an entity is operating following the prevailing norms in society, it will create a positive image and impact its financial performance, one of which is profit (mandina, maravire, & masere, 2014). this result is in line with kurniawati and yaya (2017) research that profitability is closely related to a company's management's effectiveness in determining strategic steps to gain profit. companies with a higher profit rate will attract investors by providing better information to the public and other stakeholders by increasing social responsibility disclosure (nainggolan & handoyo, 2019; platonova, asutay, dixon, & mohammad, 2018; salehi, tarighi, & rezanezhad, 2019). this means that the higher the profitability, the more full the isr disclosure will be (mukhtaruddin, saftiana, & dwikatama, 2018). high profitability means that companies will be more flexible and free in managing profits to disclose social responsibility to stakeholders (hermawan & mulyawan, 2014). hadinata (2019) also stated that the company's social performance would be viewed well by stakeholders to support its operational activities, which will increase its profits. 276 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the t-value of leverage (lev) is -0.374240, with a probability value of 0.0000, which is less than 0.05. this shows that advantage has a negative and significant effect on the isr disclosure. leverage arises because the company, in its operations, uses assets and sources of funds that cause fixed expenses for the company. thus, the company has high-interest debt, so the management’s ability to invest more in the isr reporting program will decrease. leverage is a tool to measure how much a company is to creditors in financing company assets (cheng, business, iowa, & campus, 2014). companies with a high degree of leverage mean that they are very dependent on external loans to finance their assets (onofrei, tudose, durdureanu, & anton, 2015). meanwhile, companies with a low level of force are more likely to finance their assets with their capital (dyck et al., 2019). thus, the degree of corporate leverage reflects the company’s financial risk (innocent, ikechukwu, & nnagbogu, 2014)pearson correlation and regressions were employed and used for this study. the results of the analysis showed that debt ratio (dr. agency theory predicts that companies with higher leverage ratios will disclose more information because firms’ agency costs with such capital structures are higher (riantani & nurzamzam, 2015). social responsibility reporting using the islamic social reporting index is a strategy used by islamic banks to convince and gain legitimacy from creditors regarding company compliance (pratama et al., 2018). this study’s results are in line with research conducted by (rizfani & lubis, 2019), which states that a small debt company will influence its decision to improve sharia’s social performance reporting. conclusion based on the research results, it can be concluded that the sharia screening, profitability, and leverage in the halal industry sector have a significant effect both simultaneously and partially. that interest-based debt and non-halal income have an impact on firm value, either partially or simultaneously. these results indicate that investors pay more attention to religiousness in choosing investments made in the halal industry sector. companies in the halal industry sector are also still considering leverage conditions to determine the extent to which isr disclosures are made. when the level of leverage is high, the company’s focus is to show excellent financial performance in the eyes of creditors by generating high profits so that activities that require many costs are tried to be reduced, including the cost of disclosing the isr. budiandru. islamic social reporting and halal business performance 277 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.16808 this research implies that companies making isr disclosures are influenced by several factors, including sharia screening, profitability, and leverage. this study’s results can be used as consideration for companies to make isr disclosures following sharia principles. the company’s isr disclosure level will be of high value if it has low interest-based debt, has a high profitability level, and has little leverage. besides, companies can improve their financial performance to improve the quality of corporate social responsibility disclosure. for stakeholders, this study will provide information on the level of corporate social responsibility disclosure that can influence the decision making of muslim stakeholders. muslim stakeholders can be encouraged to invest in companies with a high level of isr disclosure because it indicates that they have carried 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institutional environment, and independent audit demand. china journal of accounting research, 12(4), 357–377. https://doi.org/10.1016/j.cjar.2019.10.002 pendahuluan investasi (al-ististmar) dalam islam pada dasarnya adalah bentuk aktif dari ekonomi syariah. meski, sering sekali orang memahami ajaran islam lebih menitik beratkan segala perilaku ekonominya berbasis kedermaan, contoh perintah zakat dan anjuran shadaqah. sesungguhnya, dalam islam perilaku ekonomi yang terkait dengan harta adalah pemanfaatannya yang produktif. perintah zakat adalah bentuk stimulasi (pendorong) supaya manusia dapat terus mengembangkan harta kekayaannya. jika harta tersebut didiam kan (idle), maka lambat laun akan termakan oleh zakatnya. salah satu hikmah dari zakat ini adalah mendorong setiap muslim untuk menginvestasikan hartanya. harta yang diinvestasikan tidak akan termakan oleh zakat, kecuali keuntungannya saja. dalam investasi juga dikenal harga. harga adalah nilai jual atau beli dari sesuatu yang diperdagangkan. selisih harga beli terhadap harga jual disebut profit margin. harga terbentuk setelah terjadi nya mekanisme pasar. resosialisasi investasi keuangan syari’ah yuke rahmawati fakultas syariah dan hukum jakarta jl. ir. h. juanda 95, ciputat, jakarta. abstrak: investasi adalah menanamkan atau menempatkan aset, baik berupa harta maupun dana, pada sesuatu yang diharapkan akan memberikan hasil pendapatan atau akan meningkatkan nilainya di masa mendatang. kegiatan investasi keuangan syariah melibatkan bank, pasar uang, pasar modal, dana pensiun, asuransi, dan reksadana. lembaga pasar uang dan pasar modal syariah ini menyediakan surat-surat berharga sebagai sarana atau alat yang diper dagangkan untuk memobilisasi sumber-sumber dana masyarakat dan juga untuk mengamankan likuiditas lembaga keuangan syariah yang ber lebihan. kata kunci: investasi, keuangan syariah. yuke rahmawati: resosialisasi investasi keuangan syari’ah66 suatu pernyataan penting al-ghazali sebagai ulama besar adalah ke untungan merupakan kompensasi dari kepayahan perjalanan, risiko bisnis dan ancaman keselamatan diri pengusaha. sehingga sangat wajar seseorang memperoleh keuntungan yang merupakan kompensasi dari risiko yang ditanggungnya. beberapa prinsip dasar islam dalam muamalah yang harus diperhatikan oleh pelaku investasi syariah (pihak terkait) adalah: (1) tidak mencari rizki pada hal yang haram, baik dari segi zatnya maupun cara mendapatkannya, serta tidak menggunakannya untuk hal-hal yang haram. (2) tidak mendzalimi dan tidak didzalimi. (3) keadilan pendistribusian kemakmuran. (4) transaksi dilakukan atas dasar ridha sama ridha. (5) tidak ada unsur riba, maysir (perjudian/spekulasi), dan gharar (ketidakjelasan/ samar-samar). mengenal investasi definisi investasi adalah menanamkan atau menempatkan aset, baik berupa harta maupun dana, pada sesuatu yang diharapkan akan memberikan hasil pendapatan atau akan meningkatkan nilainya di masa mendatang. atau secara sederhananya, investasi berarti mengubah cashflow agar mendapatkan keuntungan/jumlah yang lebih besar di kemudian hari. sedangkan investasi keuangan adalah menanamkan dana pada surat berharga (financial asset) yang diharapkan akan meningkat nilainya di masa mendatang. ada 4 klasifikasi financial asset: (1) fixed income/pendapatan tetap. surat-surat berharga yang dikeluarkan yang memiliki penghasilan tetap seperti deposito dan obligasi. (2) equity/saham. bukti kepemilikan dari sebuah atau beberapa perusahaan, sehingga penting bagi pemilik saham untuk mengetahui informasi tentang perusahaan yang mengeluarkan saham dan dapat mengetahui nilai klaim dari investasi tersebut. (3) instrumen derivatif. instrumen yang merupakan turunan dari saham seperti future trading. (4) portofolio. gabungan dari seluruh instrumen-instrumen investasi keuangan seperti reksadana. ada beberapa keunggulan financial asset: (1) liquid. mudah dibeli dan mudah pula untuk dijual kembali. (2) mudah untuk dibagi (divisibility). al-iqtishad: vol. i, no. 1, januari 2009 67 jika mempunyai tanah seluas 1 hektar untuk menjual seperempat hektar akan membutuhkan banyak biaya lagi seperti biaya notaris, pembagian surat tanah, dan lain-lain. berbeda halnya jika kita mempunyai tabungan, kita bisa mengalokasikan sebagiannya ke reksadana. (3) biaya transaksi kecil. biaya transaksi yang paling besar adalah spread. semakin tidak likuid suatu instrumen investasi, makin besar pula spread-nya, yang diartikan sebagai ongkos dari suatu transaksi. (4) kemudahan dalam penggabungan berbagai asset (pool of fund). diversifikasi dalam membagi portofolio hanya mungkin jika menggunakan financial asset. landasan syar’i investasi kegiatan investasi keuangan syariah pada prinsipnya adalah harus terkait secara langsung dengan suatu aset atau kegiatan usaha yang spesifik dan menghasilkan manfaat, karena hanya atas manfaat tersebut dapat dilakukan bagi hasil. ada beberapa landasan syar’i, baik dalam al-qur’an dan, hadits nabi, maupun kaidah fiqih yang mendasari investasi, diantaranya: “allah menghalalkan jual beli dan mengharamkan riba” (al-baqarah: 275). “hai orang beriman! janganlah kamu saling memakan harta sesamamu dengan jalan perniagaan yang berlaku dengan suka sama suka di antara kamu..” (an-nisaa: 29). hai orang-orang yang beriman! penuhilah akad-akad itu ....(al-maa’idah: 1). rasulullah sendiri tidak setuju membiarkan sumber daya modal tidak produktif dengan mengatakan: “berikanlah kesempatan kepada mereka yang memiliki tanah untuk memanfaatkannya dengan caranya sendiri dan jika hal itu tidak dilakukannya, hendaknya diberikan pada orang lain agar memanfaatkannya (h.r. muslim). bahkan ada hadits yang berbunyi “seandainya gunung uhud ini menjadi emas maka tidak akan aku biarkan emas itu singgah di rumahku kecuali untuk urusan hutang”. khalifah umar juga menekankan agar umat islam menggunakan modal mereka secara produktif dengan berkata: “mereka yang mempunyai uang perlu menginvestasikannya, dan mereka yang mempunyai tanah perlu mengeluarkannya.” hal tersebut menunjukkan bahwa islam sangat yuke rahmawati: resosialisasi investasi keuangan syari’ah68 me nekankan umatnya untuk melakukan investasi. prinsip investasi syariah investasi yang diakui oleh hukum positif yang berlaku, belum tentu sesuai dengan prinsip islam. ada beberapa aspek yang harus dimiliki dalam berinvestasi menurut pandangan islam, yaitu: 1. aspek material atau finansial; artinya suatu bentuk invetasi hendaknya menghasilkan manfaat finansial yang kompetitif dibandingkan dengan bentuk investasi lainnya. 2. aspek kehalalan ; artinya suatu bentuk investasi harus terhindar dari bidang maupun prosedur yang syubhat atau haram. suatu bentuk investasi yang tidak halal hanya akan membawa pelakunya kepada kesesatan serta sikap dan perilaku deskruptif secara individu maupun sosial. 3. aspek sosial dan lingkungan; artinya suatu bentuk investasi hendak nya memberikan kontribusi positif bagi masyarakat banyak dan lingkungan sekitar, baik untuk generasi saat ini maupun yang akan datang. 4. aspek pengharapan kepada ridha allah ; artinya suatu bentuk investasi tertentu itu dipilih adalah dalam rangka mencapai ridha allah. aspek kehalalan aspek kehalalan investasi mencakup hal-hal berikut: 1. niat atau motivasi. motivasi yang halal ialah transaksi yang berorientasi kepada hasil yang win-win, yaitu saling memberikan manfaat bagi pihak-pihak yang terlibat dalam transaksi. 2. transaksi transaksi bisnis yang dibenarkan adalah memenuhi syarat sebagai berikut: � pihak-pihak yang bertransaksi adalah mereka yang memiliki kesadaran dan pemahaman akan bentuk dan konsekuensi transaksi. � barang atau jasa yang ditransaksikan adalah benda atau jasa yang halal, yang diketahui karakteristiknya oleh para pihak yang al-iqtishad: vol. i, no. 1, januari 2009 69 terlibat. � bentuk transaksi jelas, baik secara lisan maupun tulisan, dan dipahami oleh para pihak yang terlibat. � adanya kerelaan dari para pihak yang terlibat dalam transaksi tersebut. 3. prosedur pelaksanaan transaksi sesudah dilaksanakan akad antara pihak yang berbisnis, maka pelaksanaannya tidak boleh menyimpang dari kekuatan awal. masingmasing pihak harus bersikap amanah dan profesional. tidak boleh melakukan tindakan-tindakan yang mengarah kepada kecurangan, apalagi wanprestasi. 4. penggunaan barang atau jasa yang ditransaksikan. kehalalan itu tidak cukup hanya pada barang atau jasa, melainkan juga termasuk penggunaannya. oleh karena itu, penggunaan yang tidak benar atau untuk tujuan yang tidak benar, meskipun benda atau jasa tersebut pada asalnya adalah halal, maka ia dapat jatuh ke haram. asas maslahah asas manfaat merupakan hal yang esensial dalam bermuamalat. para pihak yang terlibat dalam investasi, masing-masing harus dapat memperoleh manfaat sesuai dengan porsinya. � manfaat yang timbul, harus dirasakan oleh pihak yang bertransaksi. � manfaat yang timbul, harus dapat dirasakan oleh masyarakat pada umunya. seluruh investasi yang memungkinkan untuk mendatangkan keuntung an yang sedikit secara sementara, namun akhirnya akan membawa kerugian yang demikian banyak dan tidak bisa diperbaiki, di anggap oleh al-qur’an sebagai bisnis yang sungguh-sungguh merugikan dan tidak membawa maslahah. kerugian ini diasumsikan sebagai merusakkan proporsi karena perbendaharaan akhirat yang abadi diperdagangkan dengan kenikmatan dunia yang fana. hal yang sama terkutuknya adalah praktek-praktek investasi yang di permukaan tampak menghasilkan bagi segelintir orang, namun sebenarnya yuke rahmawati: resosialisasi investasi keuangan syari’ah70 pada saat yang sama menhancurkan kepentingan masyarakat secara keseluruhan. semua jenis investasi ini akan berakhir dengan kerugian dalam bisnis. kriteria investasi syariah kriteria yang dikemukakan oleh fatwa dewan syari’ah nasional (dsn) untuk pedoman pelaksanaan investasi syariah adalah sebagai berikut: kriteria investasi islami berdasarkan fatwa dsn industri kecuali: � barang haram � alkohol � jasa keuangan ribawi � judi � perusahaan senjata gelap � bisnis pornografi perusahaan dengan sumber dana dari hutang yang debt on equity rasionya tidak lebih dari 30% pendapatan margin yang diterima oleh perusahaan tidak lebih dari 15 % perusahaan yang memiliki aktiva kas atau piutang dimana piutang dagang tidak lebih dari 50 % dengan kriteria yang terpenuhi ini maka seorang muslim dapat berinvestasi ke dalam bentuk usaha sebagai berikut: pertama, industri. seorang muslim dapat menginvestasikan dananya pada proyek pembangunan di sektor riil atau perdagangan yang diperbolehkan oleh syari’ah kecuali industri yang bergerak atau yang memproduksi barang haram, misalnya minuman keras, makanan dari daging babi, jasa keuangan dengan dasar bunga, industri perjudian, pelacuran, senjata gelap, memproduksi film atau gambar porno, penyalahgunaan obat-obatan yang di larang dan sebagainya. kedua, perusahaan yang mendapatkan dana pembiayaan atau sumber al-iqtishad: vol. i, no. 1, januari 2009 71 dana dari hutang tidak lebih dari 30 % dari rasio modalnya. di sini islam melindungi umatnya dari kesengsaraan hutang. rasulullah sendiri pernah bersabda: “orang yang berhutang tidak pernah tenang dalam tidurnya”. bahkan al-qur’an menyebutkan dalam surat al-baqarah: 280, di mana allah memerintahkan kreditur untuk memberikan keringanan kepada debitur jika mengalami kesulitan. disaming itu rasio hutang ini menurut ulama dapat menimbulkan kondisi gharar dan maysir yang dilarang karena menimbulkan risiko peningkatan ketidakpastian transaksi. ketiga, pendapatan bunga yang diperoleh perusahaan tidak lebih dari 15 %. diperbolehkannya investasi pada perusahaan yang pendapatannya mengandung riba, karena semua bidang ekonomi yang saat ini menjadi partner lembaga keuangan syariah adalah lembaga konvensional yang memberikan imbalan jasa bunga. walaupun demikian, yang perlu diperhatikan dan digarisbawahi adalah bahwa dalam syariah islam barang haram dengan halal tidak dapat di campur kan adukkan. bila dalam suatu akad keuangan yang halal terdapat bagian yang diragukan kehalalannya, maka dilakukan pemurnian (purifying) atas hasil usaha tersebut. jadi, harus transparan jika perusahaan itu memang menerima jasa bunga atau pendapatan non halal lainnya. keempat, perusahaan yang memiliki aktiva kas atau piutang yang jumlah piutang dagangnya atau total piutannya tidak lebi dari 50 %. fatwa ini dimaksudkan bahwa setiap keragu-raguan (syubhat) dalam islam hukumnya makruh. dalam piutang bisa saja terjadi piutang ragu-ragu atau pitang yang tidak tertagih. islam melindungi harta pemiliknya jangan sampai piutang ragu-ragu dan piutang tidak tertagih akan mengurangi harta yang seharusnya menjadi haknya. selain itu ulama menilai bahwa rasio piutang seperti juga rasio hutang terhadap pendapatan dapat menimbulkan kondisi gharar dan maysir yang mengakibatkan meningkatnya rasio ketidakpastian pendapatan. institusi yang terlibat pada kegiatan investasi keuangan syariah kegiatan investasi keuangan syariah melibatkan bank, pasar uang, pasar modal, dana pensiun, asuransi, dan reksadana. lembaga pasar uang dan pasar modal syariah ini menyediakan surat-surat berharga sebagai sarana yuke rahmawati: resosialisasi investasi keuangan syari’ah72 atau alat yang diperdagangkan untuk memobilisasi sumber-sumber dana masyarakat dan juga untuk mengamankan likuiditas lembaga keuangan syariah yang berlebihan. pasar uang syariah pasar uang syariah adalah pasar di mana diperdagangkan surat berharga yang diterbitkan sehubungan dengan penempatan atau peminjaman uang dalam jangka pendek (satu tahun atau kurang) guna memobilisasi sumber dana jangka pendek dan mengatur likuiditas secara efisien, dapat memberikan keuntungan dan sesuai dengan syariah. di beberapa negara yang telah menerapkan pasar uang syari’ah seperti yordania telah mengeluarkan mutual loan bonds, yang dikeluarkan untuk membiayai kegiatan pemerintah. idb menerbitkan trust invesment unit funds dan islamic bank portofolio for trade finance. malaysia menerbitkan surat berharga yaitu goverment invesment certificate, islamic accepted bills, halal bankers acceptance (green ba), bank negara negotiable notes, sanadat mudharabah, islamic commercial papers, negotiable islamic debt sertificate, islamic bond/private debt securities. pasar uang syari’ah di indonesia dikenal dengan pasar uang antar bank berdasarkan prinsip syari’ah (puas). piranti yang digunakan dalam puas adalah: 1. dalam bentuk sertifikat investasi mudharabah antarbank (ima) 2. sertifikat wadi’ah bank indonesia (swbi). pasar modal pasar modal adalah pasar yang mempertemukan mereka yang me merlu kan dana jangka panjang dan mereka yang dapat menyediakan dana tersebut. jual beli dana jangka panjang ditunjukkan dengan kegiatan perusahaan yang menerbitkan saham, obligasi dan sekuritas-sekuritas lain yang bersifat jangka panjang. bursa efek merupakan satu bentuk kegiatan pasar modal. beberapa negara yang memanfaatkan pasar modal syariah adalah bahrain stock di bahrain, amman financial market di amman, muscat securities kuwait stock exchange di kuwait dan malaysia kuala lumpur al-iqtishad: vol. i, no. 1, januari 2009 73 stock exchange di malaysia. di negeri paman sam, new york stock exchange meluncurkan dow jones islamic market index (djimi) pada bulan februari 1999. pasar modal syariah di indonesia ditandai dengan ber dirinya jakarta islamic index (jii) pada tahun 2000. ada beberapa prinsip yang haru sesuai dengan ajaran-ajaran moral islam yang dapat membatasi praktek-praktek tidak sehat di pasar modal, diantaranya: a. jujur dalam transaksi dan informasi. jujur merupakan keutamaan dan akhlak islami yang diperintahkan kepada seluruh umat islam. islam menekankan kepada kelompok pelaku bisnis dan memerintahkan mereka untuk berpegang teguh pada penjelasan dan keterangan terhadap apa yang mereka jual dan yang mereka beli. jika jujur hukumnya wajib bagi berbagai transaksi bisnis kecil, maka kewajiban tersebut lebih kuat dan lebih ditekankan dalam bertransaksi di bursa efek, dimana bisa jadi memberikan keterangan bohong berakibat pada hancurnya pasar secara keseluruhan, atau bahkan hancurnya ekonomi negara. oleh karena itu, wajib: � bagi perusahaan atau emiten yang mengeluarkan surat-surat berharga untuk bersikap jujur dalam memberikan keterangan dan pernyataan yang diajukan kepada media massa dan dalam memberikan laporan tahunan tentang aktifitas perusahaan, keuntungan dan posisi keuangannya. � bagi perusahaan pialang untuk jujur terhadap para mitranya dalam memberikan informasi yang disampaikan pada kliennya. � bagi para ulama, ilmuwa dan lembaga pengawas untuk jujur. � terpenuhinya kejujuran dalam jaminan-jaminan yang diajukan oleh para pelaku bagi lembaga-lembaga peminjaman. � terpenuhinya kejujuran dalam proyek-proyek yang didanai dari harta pihak lain. b. tidak menyembunyikan informasi (transparan) islam telah memerintahkan transparansi dan mengharamkan meyuke rahmawati: resosialisasi investasi keuangan syari’ah74 nyem bunyi kan data bagi penjual dan pembeli serta semua pihak yang bertransaksi di pasar modal atau mereka yang tidak bertransaksi namun mereka mempunyai keterangan atau informasi. rasulullah saw bersabda: “tidak halal bagi seorang muslim menjual dari saudaranya suatu jual beli di dalamnya ada aib, cacat kecuali ia menjelaskannya.”(h.r. bukhari). penyembunyian dan tidak adanya penjelasan tidak terbatas hanya pada cacat dan kerusakan, tetapi juga mencakup kebaikan-kebaikan dan informasi yang bermanfaat. c. amanah dalam transaksi dalam hadits qudsi, allah swt berfirman:”saya (allah) adalah pihak ketiga dari dua orang yang berserikat selama salah satu dari keduanya tidak mengkhianati kawannya, jika mereka berdua berkhianat maka saya (allah) keluar dari keduanya.” d.menepati janji dan akad. bermuamalah yang baik secara ‘urf (tradisi) maupun secara syar’i adalah menepati perjanjian dan akad serta menepati pembayaran hutang pada waktu yang telah disepakati tanpa ada penundaan dalam pelunasannya tanpa ada uzur yang syar’i. banyak penyimpangan dalam pasar modal yang sebabnya karena akhlaq mumathalah (mengundur-undur hutang sebab yang dibenarkan) dan taswif (mengundur-undur perjanjian dan semisalnya). e. toleransi dalam bertransaksi dalam sebuah hadits shahih, rasulullah saw bersabda: “sebaik-baik orang beriman adalah orang yang toleran dalam menjual, toleran dalam membeli, toleran dalam membayar dan toleran dalam mencari keadilan. di bawah ini kaidah-kaidah syari’ah yang harus dipenuhi dalam instrumen pasar modal. 1. kaidah syari’ah untuk saham a. bersifat musyarakah jika saham ditawarkan secara terbatas. b. bersifat mudaharabah jika saham ditawarkan secara terbatas. al-iqtishad: vol. i, no. 1, januari 2009 75 c. tidak boleh ada pembedaan jenis saham karena resiko harus ditanggung oleh semua pihak. d. seluruh keuntungan akan dibagi hasil, dan jika terjadi kerugian akan dibagi rugi bila perusahaan dilikuidasi. e. investasi pada saham tidak dapat dicairkan kecuali setelah likuidasi. 2. kaidah syari’ah untuk kontrak berjangka a. kontrak hak untuk membeli saham terlebih dahulu sebelum ditawarkan kepada publik adalah akad arbun. b. kontrak untuk mengkonversikan obligasi menjadi saham, bila bersifat hak atau khiyar dan bila bersifat keharusan adalah bai’ salam. c. untuk mendapatkan hak-hak tersebut harus ditentukan biaya atau uang muka (premium). d. harga jual tidak boleh ditentukan berdasarkan fungsi waktu. 3. kaidah syariah untuk obligasi a. bersifat muqharadah karena tidak harus menanggung rugi. b. dapat menerima pembagian dari pendapatan (revenue sharing) di mana emiten mengikat diri untuk membatasi penggunaan pendapatan sebagai biaya usaha. c. dapat dijualdi bawah nilai pari (modal awal) kalau perusahaan mengalami kerugian. d. perubahan nilai pasar bukan berarti perubahan jumlah hutang. 4. kaidah syari’ah untuk emiten a. produk/jasa yang dihasilkan dikategorikan halal. dalam hal ini, jii (jakarta islamic index) telah melakukan penyaringan terhadap saham yang listing. berdasarkan fatwa dsn, bej memilih emiten yang unit usahanya sesuai syariah. b. hasil usaha tidak mengandung unsur riba dan tidak bersifat zalim. c. tidak menempatkan investor dalam kondisi gharar atau maysir. � memberi informasi yang transparan � resiko usaha yang wajar dan memenuhi ketentuan. � manajemen islami yuke rahmawati: resosialisasi investasi keuangan syari’ah76 � menghormati ham � menjaga sumber daya alam dan lingkungan hidup 5. kaidah syariah untuk pasar perdana a. semua akad harus berbasis pada transaksi yang riil (dengan penyerahan) atas produk dan jasa yang halal dan bermanfaat b. tidak boleh menerbitkan efek hutang untuk membayar kembali hutang. c. dana hasil penjualan efek yang diterbitkan akan diterima oleh perusahaan. d. hasil investasi yang akan diterima pemodal merupakan fungsi dan manfaat yang diterima emiten dari modal yang diperoleh dari dana hasil penjualan efek dan tidak boleh semata-mata merupakan fungsi dari waktu. 6. kaidah syariah untuk pasar sekunder. a. semua efek harus berbasis pada transaksi riil (dengan penyerahan) atas produk dan jasa yang halal. b. tidak boleh membeli efek hutang dengan dana dari hutang atau menerbikan surat hutang. c. tidak boleh membeli berdasarkan tren atau indeks d. tidak boleh memperjualbelikan hasil yang diperoleh dari suatu efek (misalnya kupon, dividen) walaupun efeknya sendiri dapat diperjualbelikan. e. tidak boleh melakukan transaksi murabahah dengan menjadikan obyek transaksi sebagai jaminan. f. transaksi tidak menyesatkan, seperti penawaran palsu dan cornering. problematika investasi keuangan salah satu faktor utama yang menyebabkan gerakan yang tidak stabil dalam harga saham adalah spekulasi dalam pembayaran uang muka atau obral saham dengan harga marginal. para spekulan mencari keuntungan dari perbedaan harga dalam transaksi jangka pendek. al-iqtishad: vol. i, no. 1, januari 2009 77 spekulan berbeda kontras dengan investor. tujuan investor yang sungguh-sungguh adalah mencari jalan keluar dari tabungan mereka, memperoleh pendapatan melalui apresiasi terhadap nilai saham yang mereka miliki jika mereka benar-benar mau menjual di kemudian hari. investor yang sesungguhnya tidak tertarik akan transaksi berjangka pendek dan tujuan mereka, setidaknya saat pembelian , adalah memegang saham dalam jangka panjang. oleh karena itu, ada tiga hal yang mencirikan suatu investasi di pasar modal: mengambil saham yang telah dibeli, melakukan pembayaran penuh, dan keinginan pada saat membeli untuk memegang saham dalam jangka waktu yang tidak tertentu. pengurangan fluktuasi harga dalam perputaran uang melalui penghapusan pembayaran margin akan membatasi kepanikan spekulatif, mempertahankan sanitas di pasar modal dan membuat harga saham mampu mencerminkan kondisi ekonomi yang sesungguhnya. kegiatan spekulatif di bursa saham atas dasar margin tidak memberikan fungsi ekonomi yang bermanfaat dan justru membahayakan para investor yaitu melahirkan fluktuasi yang tidak dapat diterima dalam harga saham dan menyuntikkan elemen ketidakpastian dan ketidakstabilan ke dalam investasi mereka. resep-resep kebijaksanaan penerapan bagi hasil dengan pembayaran tunai disarankan karena kedua resep ini akan menjamin sehatnya pasar modal yang sangat penting bagi jalannya perekonomian atas dasar modal sendiri yang efisien. resep-resep yang sama juga bisa di dapat dari ajaranajaran syari’ah terutama atas dalih masalah atau kepentingan. penghapusan riba dari perekonomian islam cenderung meminimalisir spekulasi pasar modal yang didasarkan pada harga margin karena ketika bank pemberi pinjaman tahu bahwa bank harus ikut menanggung risiko dari bisnis yang spekulatif dan tidak ada jaminan akan kembalinya modal, bank seharusnya lebih berhati-hati dalam memberikan pinjaman untuk bisnis spekulatif. penutup investasi syariah merupakan bagian anjuran dan perintah allah dalam ajaran islam. keberadaannya adalah kewajiban umat muslim untuk men dayagunakan harta kekayaan pada sektor keuangan dalam rangka yuke rahmawati: resosialisasi investasi keuangan syari’ah78 pembangunan perkonomian umat dan kesejahteraannya sebagai manifestasi dari keimanannyaterhadap allah swt. aplikasi investasi dapat dilakukan diberbagai sistem, teknik, dan mekanisme investasi keuangan yang berlaku dalam segala transaksi yang tentunya sesuai dengan maqashid syariah. eksistensi lembaga-lembaga keuangannya pun menjadi “wajib” adanya dalam rangka memfasilitasi proses pemanfaatan keuangan tersebut. pustaka acuan h t t p : / / w w w . b u k h o r i b r a . w o r d p r e s s . c o m . i n v e s t a s i s y a r i ’ a h dipasarmodal.13oktober2009 http://bapepam.go.id/pasar.modal/publikasi-pm/studi-pmsyari’ah. pdfdiakses13oktober2009 santoso, budi totok, triandaru sigit, bank dan lembaga keuangan lain, edisi 2 ,salemba empat, jakarta, 2006 kashmir, bank dan lembaga keuangan lainya, edisi ke enam pt raja grafindo persada, jakarta.2002 darmawi, herman, pasar financial dan lembaga-lembaga finansial, bumi akasara, jakarta, 2006. investasi di produk keuangan syariah http://nuansaonline.net/index.php?option=com_content&task=view&id= 70&itemid=30 investasi secara syariah http://bebibluu.blogspot.com/2009/04/investasi-keuangan-secara-syariah. html prinsip-prinsip ekonomi islam dalam investasi http://kjksmadani.wordpress.com/2009/01/20/investasi-dalam-perspektifsyariah/ 116 etika bisnis islam: konsep dan implementasi pada pelaku usaha kecil fitri amalia1 abstract. islamic business ethics: concept and implementation on medium small enterprise. this study is aimed at determining how the concept and application of islamic business ethics for small businesses (smes). the purpose of this study is to determine how the concept of islamic business ethics and how its implementation for smes in which the results of this study might be used as a resume of a framework or model for other entrepreneurs. research conducted in the form of descriptive literature and resume using the results of previous research. the results showed that kampoeng creative, bazar medina and smes in the environment of uin jakarta has implemented a business ethics of islam, both by employers and employees. in conducting its business and activities, entrepreneurs have to understand and implement the principles or values based on islam values acoming from the qur'an and hadith. the implementation of islamic business ethics comprises four aspects : principles, management, marketing/advertising and product / price. keywords : islamic business ethics, small business, descriptive analysis abstrak. etika bisnis islam: konsep dan implementasi pada pelaku usaha kecil. penelitian ini bertujuan mengetahui bagaimana konsep dan penerapan etika bisnis islam bagi pelaku usaha kecil. tujuan dari penelitian ini adalah untuk mengetahui bagaimana konsep etika bisnis islam serta bagaimana implementasinya bagi para pelaku usaha kecil sehingga nantinya diharapkan hasil resume penelitian ini dapat dijadikan sebuah framework atau model bagi para pelaku usaha lainnya. penelitian yang dilakukan berupa deskriptif menggunakan studi literatur serta meresume hasil riset sebelumnya.hasilnya menunjukkan bahwa kampoeng kreati, bazar madinah dan usaha kecil di lingkungan uin jakarta telah menerapkan etika bisnis islam, baik oleh pengusaha maupun karyawannya. dalam menjalankan usaha dan kegiatan, para pelaku usaha telah memahami dan mengimplementasikan prinsip atau nilai-nilai islam dengan berlandaskan pada al qur’an dan hadits. implementasi etika bisnis islam ini meliputi empat aspek: prinsip, manajemen, marketing/iklan dan produk/harga. kata kunci: etikabisnis islam, usaha kecil, analisis deskriptif 1naskah diterima: 10 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 feb uin syarifhidayatullah jakarta, jl. ir. h. juanda no. 95, ciputat, tangerang selatan. email: v3amalia@gmail.com 117 pendahuluan perkembangan ilmu ekonomi dewasa ini semakin marak dengan penerapan system perekonomian yang berbeda pada setiap negara. pada pelaksanaan dan penerapan perekonomian ini hendaknya memberikan tanggung jawab dan kewajiban yang seimbang pada kelestarian dan kesetaraan seluruh manusia. penerapan etika dalam pelaksanaan perekonomian pun dirasakan perlu lebih ditingkatkan. ini didasarkan pada kenyataan bahwa sejak awal tahun 1980’an, etika bisnis memasuki wacana amerika serikat sebelum akhirnya meluas ke seluruh dunia. bisnis dipengaruhi bukan hanya oleh situasi dan kondisi ekonomi semata, namun juga oleh perubahan-perubahan sosial, politik, ekonomi dan teknologi serta pergeseran-pergeseran sikap dan cara pandang para stakeholdersnya. bahkan jika tujuan bisnis dipandang secara sempit, yakni sebagai maksimalisasi nilai (ekonomis) bagi pemiliknya, bisnis harus tetap mempertimbang akan segala sesuatu yang mempengaruhi pencapaian tujuan terbatas tersebut. islam tidak membiarkan begitu saja seseorang bekerja sesuka hati untuk mencapai tujuan dan keinginannya dengan menghalalkan segala cara seperti melakukan penipuan, kecurangan, sumpah palsu, riba, menyuap dan perbuatan batil lainnya. tetapi dalam islam diberikan suatu batasan atau garis pemisah antara yang boleh dan yang tidak boleh, yang benar dan salah serta yang halal dan yang haram. batasan atau garis pemisah inilah yang dikenal dengan istilah etika. prilaku dalam berbisnis atau berdagang juga tidak luput dari adanya nilai moral atau nilai etika bisnis. penting bagi para pelaku bisnis untuk mengintegrasikan dimensi moral ke dalam kerangka/ ruang lingkup bisnis. bersama dengan semakin besarnya kesadaran etika dalam berbisnis, orang mulai menekankan pentingnya keterkaitan faktor-faktor etika dalam bisnis. sesungguhnya dalam hal seluruh pelaksanaan kehidupan telah di atur dalam pandangan ajaran agama islam untuk mengatur seluruh kehidupan manusia termasuk dalam kaitannya pelaksanaan perekonomian dan bisnis. dalam ajaran islam memberikan kewajiban bagi setiap muslim untuk berusaha semaksimal mungkin untuk melaksanakan syariah (aturan). islam di segala aspek kehidupan termasuk di dalamnya aturan bermuamalah (usaha dan bisnis) yang merupakan jalan dalam rangka mencari kehidupan. pada hakikatnya tujuan penerapan aturan (syariah) dalam ajaran islam di bidang muamalah tersebut khususnya perilaku bisnis adalah agar terciptanya pendapatan (rizki) yang berkah dan mulia, sehingga akan mewujudkan pembangunan manusia yang berkeadilan dan stabilisasi untuk mencapai pemenuhan kebutuhan, kesempatan kerja penuh dan distribusi pendapatan yang merata tanpa harus mengalami ketidakseimbangan yang berkepanjangan di masyarakat penerapan etika bisnis islam tersebut juga harus mampu dilaksanakan dalam setiap aspek perekonomian termasuk dalam penyelenggaraan produksi, konsumsi maupun distribusi. hal inilah yang sudah dilakukan pada beberapa pelaku usaha kecil dengan menerapkan etika bisnis islam dalam kegiatan mereka. penelitian ini merupakan suatu resume dari hasil penelitian yang penah dilakukan sebelumnya sehingga nantinya konsep etika bisnis islam ini dapat menjadi sebuah frameworkbagi pelaku usaha lainnya. 118 tinjauan pustaka etika berasal dari bahasa yunani yang berarti karakter, kebiasaan atau sekumpulan perilaku moral yang diterima secara luas. menurut solomon (1984) yang dikutip dalam abdul jalil (2010), etimologi dari etika menunjukkan dasar karakter individu untuk melakukan hal-hal yang baik, aturan sosial yang membatasi seseorang atas sesuatu yang benar atau yang salah yang dikenal juga dengan istilah moralitas. etika adalah bagian dari filsafat yang membahas secara rasional dan kritis tentang nilai, norma atau moralitas. terminologi yang paling dekat dengan pengertian etika dalam islam disebut sebagai akhlak (bentuk jama’nya khuluq). menurut k. bertens (2000) dalam buku etika, merumuskan pengertian etika kepada tiga pengertian juga. pertama, etika digunakan dalam pengertian nilai-niai dan norma-norma moral yang menjadi pegangan bagi seseorang atau suatu kelompok dalam mengatur tingkah lakunya. kedua, etika dalam pengertian kumpulan asas atau nilai-nilai moral atau kode etik. ketiga, etika sebagai ilmu tentang baik dan buruk. rafik issak beekum (2004) mengatakan etika adalah bidang ilmu yang bersifat normatif karena ia berperan menentukan apa yang harus dilakukan atau tidak boleh dilakukan oleh seorang individu. etika bisnis merupakan prinsip-prinsip moral atau aturan tingkah laku atau kaidah-kaidah etik yang dianut dalam berbisnis (dochak latief, 2006). menurut ernawan (2007) yang dikutip dalam ernani (2009), etika bisnis adalah aturan main prinsip dalam organisasi yang menjadi pedoman membuat keputusan dan tingkah laku etika bisnis dalam islam adalah sejumlah perilaku etis bisnis (akhlaq al islamiyah) yang dibungkus dengan nilai-nilai syariah yang mengedepankan halal dan haram. jadi perilaku yang etis itu ialah perilaku yang mengikuti perintah allah dan menjauhi larangnya. dalam islam etika bisnis ini sudah banyak dibahas dalam berbagai literatur dan sumber utamanya adalah al-quran dan sunnaturrasul. pelaku-pelaku bisnis diharapkan bertindak secara etis dalam berbagai aktivitasnya. kepercayaan, keadilan dan kejujuran adalah elemen pokok dalam mencapai suksesnya suatu bisnis di kemudian hari. bisnis dipengaruhi bukan hanya oleh situasi dan kondisi ekonomi, melainkan juga oleh perubahan-perubahan sosial, politik, ekonomi dan teknologi serta pergeseran-pergeseran sikap dan cara pandang para stakeholdersnya. bisnis tidak dipandang secara sempit dengan tujuan memaksimalkan nilai (ekonomi) bagi pemiliknya, tetapi bisnis harus tetap mempertimbangkan segala sesuatu yang mempengaruhi pencapaian tujuan tersebut. tujuan bisnis untuk memaksimumkan keuntungan bagi pemilik perusahaan dapat dicapai secara lebih baik yaitu dengan memperhatikan manusia, memanusiakan manusia dan melakukan langkahlangkah yang harmonis dengan seluruh stake holders, seluruh partisipan dan lingkungan tempat perusahaan berada. istilah bisnis dalam al-qur’an yaitu al-tijarah dan dalam bahasa arab tijaraha, berawal dari kata dasar t-j-r, tajara, tajranwatijarata, yang bermakna berdagang atau berniaga. at-tijaratunwalmutjar yaitu perdagangan, perniagaan (menurut kamus al-munawwir). menurut ar-raghib al-asfahani dalam al-mufradat fi gharib al-qur’an , at-tijarah bermakna pengelolaan harta benda untuk mencari keuntungan. menurut ibnu farabi, yang dikutip ar-raghib, fulanuntajirun bi kadza, 119 berarti seseorang yang mahir dan cakap yang mengetahui arah dan tujuan yang diupayakan dalam usahanya. bisnis secara islam padadasarnyasama dengan bisnis secara umum, hanyasaja harus tunduk dan patuh atas dasar ajaran al-qur’an, as-sunnah, al-ijma dan qiyas (ijtihad) serta memperhatikan batasan-batasan yang tertuang dalam sumber-sumber tersebut. ada beberapa ayat di dalam al qur’an yang berbicara mengenai bisnis, diantaranya: al-baqarah (282); an-nisaa (29); at-taubah (24); an-nur (37); fatir (29); as-shaff (10) dan al-jum’ah (11). islam memberikan kebebasan kepada pemeluknya untuk melakukan usaha (bisnis), namun dalam islam ada beberapa prinsip dasar yang menjadi etika normatif yang harus ditaati ketika seorang muslim akan dan sedang menjalankan usaha, diantaranya: 1. proses mencari rezeki bagi seorang muslim merupakan suatu tugas wajib. 2. rezeki yang dicari haruslah rizki yang halal. 3. bersikap jujur dalam menjalankan usaha. 4. semua proses yang dilakukan dalam rangka mencari rezeki haruslah dijadikan sebagai sarana untuk mendekatkan diri kepada allah swt. 5. bisnis yang akan dan sedang dijalankan jangan sampai menimbulkan kerusakan lingkungan hidup. 6. persaingan dalam bisnis dijadikan sebagai sarana untuk berprestasi secara fair dan sehat (fastabikul al-khayrat). 7. tidak boleh berpuas diri dengan apa yang sudah didapatkan. 8. menyerahkan setiap amanah kepada ahlinya, bukan kepada sembarang orang, sekalipun keluarga sendiri. dan dalam bertransaksi secarasyari’ah, ada beberapa prinsip yang harus dipegang, yakni: saling ridha (‘an taradhin), bebas manupulasi (ghoror), aman/tidak membahayakan (mudharat), tidak spekulasi (maysir), tidak ada monopoli dan menimbun (ihtikar), bebas riba, dan halalan thayyiban. para pelaku bisnis atau disebut juga sebagai pelaku usaha ataupun wirausaha merupakan orang ataupun sekelompok orang yang berjiwa berani mengambil risiko untuk membuka usaha dalam berbagai kesempatan. cara berpikir seorang wirausaha adalah selalu berusaha mencari, memanfaatkan peluang usaha yang dapat memberi keuntungan. dalam al qur’an, semangat kewirausahaan ada dalam qs. hud: 61, qs. almulk: 15, dan qs. al jumuah: 10, qs. al-anbiya: 125, qs. ar-ra’du:11) dimana manusia diperintahkan untuk memakmurkan bumi dan membawanya ke arah yang lebih baik serta diperintahkan berusaha untuk mencari rizki. sedangkan dalam hadits semangat kewirausahaan juga tercermin sebagai berikut: hr. bukhari; hr. tirmidzi dan ibnu majah; hr. ahmad; hr. al-bazzar. dalam etika bisnis islam,tentunya setiap pelaku usaha harus memegang prinsip-prinsip-prinsip bisnis islami. menurut imam ghazali yang dikutip dalam sofyan, ada beberapa prinsip bisnis islami: 1. jika seseorang memerlukan sesuatu, kita harus memberikan dengan laba yang minimal. jika perlu tanpa keuntungan. 2. jika seseorang membeli barang dari orang miskin, harga sewajarnya dilebihkan. 120 3. jika ada orang yang berhutang dan tidak mampu membayar, maka diperpanjang, tidak memberatkan dan sebaiknya dibebaskan. 4. bagi mereka yang sudah membeli, tidak puas dan ingin mengembalikannya, maka harus diterima kembali. 5. pengutang dianjurkan untuk membayar hutangnya lebih cepat. 6. jika penjualan dilakukan dengan kredit, maka sebaiknya jangan memaksa pembayaran jika pembeli belum mampu. model produksi konvensional berawal dari masalah kelangkaan (scarcity) barang dan jasa yang disebabkan adanya keterbatasan kemampuan produksi untuk memenuhi kebutuhan manusia yang semakin hari semakin tak terbatas. sedangkan konsep produksi islam berawal dari status manusia sebagai ‘abd dan khalifah di bumi. kegiatan produksi bukan sekedar untuk memenuhi kebutuhan hidup sebagai homo economicus tapi juga sebagai sarana untuk mengupayakan keadilan sosial dan menjaga keluhuran martabat manusia. pandangan umum al quran tentang kegiatan produksi diidentifikasikan pada beberapa konteks: a. status manusia sebagai hamba allah dengan kewajiban beribadah kepada allah (qs hud: 61) serta sebagai khalifah di bumi dengan kewajiban untuk saling menolong dan bekerja sama (qs. al anam:165; qs at taubah: 71, al maidah:32) b. kewajiban setiap manusia untuk bekerja dalam mencukupi kebutuhan hidup dan mengaktualisasikan kemampuannya (qs at taubah: 105, yunus: 61, 67) c. kewajiban manusia mengelola dan memanfaatkan sumber daya alam yang telah disediakan allah swt (qs. al baqarah: 29, al a’raf: 10) menurut rachmat syafei (2000) harga hanya terjadi pada akad, yakni sesuatu yang direlakan dalam akad, baik lebih sedikit, lebih besar, atau sama dengan nilai barang. biasanya, harga dijadikan penukar barang yang diridhai oleh kedua pihak yang akad. dari pengertian tersebut dapat dijelaskan bahwa harga merupakan sesuatu kesepakatan mengenai transaksi jual beli barang /jasa di mana kesepakatan tersebut diridhai oleh kedua belah pihak. harga tersebut haruslah direlakan oleh kedua belah pihak dalam akad, baik lebih sedikit, lebih besar, atau sama dengan nilai barang/ jasa yang ditawarkan oleh pihak penjual kepada pihak pembeli. menurut ibnu taimiyah yang dikutip oleh yusuf qardhawi (1997) “penentuan harga mempunyai dua bentuk; ada yang boleh dan ada yang haram. tas’ir ada yang zalim, itulah yang diharamkan dan adayang adil, itulah yang dibolehkan. ”ditambahkan pula oleh qardhawi bahwa jika penentuan harga dilakukan dengan memaksa penjual menerima harga yang tidak mereka ridhai, maka tindakan ini tidak dibenarkan oleh agama. namun, jika penentuan harga itu menimbulkan suatu keadilan bagi seluruh masyarakat, seperti menetapkan undang-undang untuk tidak menjual di atas harga resmi, maka hal ini diperbolehkan dan wajib diterapkan. menurut adiwarman karim (2003) bahwa “penentuan harga dilakukan oleh kekuatan-kekuatan pasar, yaitu kekuatan permintaan dankekuatan penawaran”. dalam konsep islam, pertemuan permintaan dengan penawaran tersebut haruslah terjadi secara rela sama rela, tidak ada pihak yang merasa 121 terpaksa untuk melakukan transaksi pada tingkat harga tersebut. hal ini sesuai dengan firman allah yang berbunyi : “hai orang-orang yang beriman, janganlah kamu saling memakan harta sesamamu dengan jalan yang batil, kecuali dengan jalan perniagaan yang berlaku dengan suka sama suka di antara kamu. dan janganlah kamu membunuh dirimu, sesungguhnya allah adalah maha penyayang kepadamu”. (qs. an nisa ayat 29). metode artikel ini menggunakan teknik analisis deskriptif. penelitian deskriptif adalah penelitian yang dilakukan untuk mengetahui nilai variabel mandiri, baik satu variabel atau lebih (independen) tanpa membuat perbandingan, atau menghubungkan dengan variabel yang lain. suatu penelitian yang berusaha menjawab pertanyaan. penelitian deskriptif ialah suatu metode dalam meneliti status sekelompok manusia, suatu objek, suatu set kondisi, suatu sistem pemikiran ataupun status kelas peristiwa pada masa sekarang. tujuan dari penelitian deskriptif ialah untuk membuat deskripsi atau gambaran secara sistimatis, faktual dan akurat mengenai fakta-fakta, sifat-sifat serta hubungan antar-fenomena yang diselidiki (nazir, 1988). menurut whitney (1960) penelitian deskriptif ialah pencarian fakta dengan interpretasi yang tepat. penelitian deskriptif mempelajari masalah-masalah dalam masyarakat, serta tatacara yang berlaku dalam masyarakat serta situasi-situasi tertentu, termasuk tentang hubungan, kegiatan-kegiatan, sikap-sikap, pandanganpandangan, serta proses-proses yang sedang berlangsung dan pengaruh-pengaruh dari suatu fenomena. pembahasan pada penelitian yang dilakukan di kampung kreatif dari kuesioner terbuka yang disebar dapat diambil beberapa hal terkait dengan etika bisnis islam menurut para pelaku usaha kecil, yaitu: 1. prinsip: visi misi sesuai syariat, amal makruf nahi munkar, asas tauhid, kebenaran, keadilan dan amanat 2. manajemen: memberi hak konsumen dari sisi keamanan dan kesehatan, informasi lengkap, tidak mencampur hal yang halal dan haram, membayar zis, memperhatikan karyawan 3. marketing/ iklan/ promosi:jujur, tanpa penipuan/ pemalsuan informasi, jaminan pelayanan purna jual, detai dari suatu produk 4. harga: menetapkan harga sesuai ekspektasi laba, tidak mengambil untuk secara berlebihan pada penelitian yang dilakukan di bazaar madinah, depok dari kuesioner yang disebar dapat diambil beberapa hal terkait dengan etika bisnis islam ialah: 1. prinsip: 83% pedagang sudah menerapkan prinsip etika bisnis islam 2. produksi: 96% pedagang sudah menjalankan kegiatan produksi sesuai syariah islam 122 3. harga: 78% pedagang menetapkan harga sesuai yang disyariahkan 4. manajemen: 80% pedagang menerapakan manajemen secara syariah, yang meliputi manejemen sdm, keuangan serta pemasaran pada penelitian yang dilakukan pada pelaku usaha di sekitar kampus uin syarif hidayatullah jakarta, terlihat beberapa hal terkait dengan etika bisnis islam. pelaku umkm di lingkungan uin jakarta telah menerapkan etika bisnis islam dalam kegiatan usaha mereka. besarnya persentase penerapan pada masingmasing dimensi adalah sebagai berikut: (1) prinsip-prinsip sebesar 86,2%; (2) produksi sebesar 93,2%; (3) harga sebesar 78,7%; (4) sumber daya manusia sebesar 80,4%; (5) keuangan sebesar 70% dan (6) pemasaran sebesar 80,9%. jika kita lihat dari ciri-ciri etika bisnis islam sebagaimana yang diajarkan rasulullah saw, terlihat bahwa para pelaku usaha kecil di tiga tempat tersebut sebagian besar telah mempraktikkan etika bisnis islam. rasululah saw, sangat banyak memberikan petunjuk mengenai etika bisnis, ciri-ciri rasulullah saw berbisnis diantaranya adalah: 1) bahwa prinsip esensial dalam bisnis adalah kejujuran. dalam doktrin islam, kejujuran merupakan syarat fundamental dalam kegiatan bisnis. rasulullah sangat intens menganjurkan kejujuran dalam aktivitas bisnis. dalam tataran ini, beliau bersabda: “tidak dibenarkan seorang muslim menjual satu jualan yang mempunyai aib, kecuali ia menjelaskan aibnya” (h.r. al-quzwani). “siapa yang menipu kami, maka dia bukan kelompok kami” (h.r. muslim). rasulullah sendiri selalu bersikap jujur dalam berbisnis. beliau melarang para pedagang meletakkan barang busuk di sebelah bawah dan barang baru di bagian atas 2) kesadaran tentang signifikansi sosial kegiatan bisnis. pelaku bisnis menurut islam, tidak hanya sekedar mengejar keuntungan sebanyak-banyaknya, sebagaimana yang diajarkan bapak ekonomi kapitalis, adam smith, tetapi juga berorientasi kepada sikap ta’awun (menolong orang lain) sebagai implikasi sosial kegiatan bisnis. tegasnya, berbisnis, bukan mencari untung material semata, tetapi didasari kesadaran memberi kemudahan bagi orang lain dengan menjual barang. 3) tidak melakukan sumpah palsu. nabi muhammad saw sangat intens melarang para pelaku bisnis melakukan sumpah palsu dalam melakukan transaksi bisnis dalam sebuah hadis riwayat bukhari, nabi bersabda, “dengan melakukan sumpah palsu, barang-barang memang terjual, tetapi hasilnya tidak berkah”. dalam hadis riwayat abu zar, rasulullah saw mengancam dengan azab yang pedih bagi orang yang bersumpah palsu dalam bisnis, dan allah tidak akan memperdulikannya nanti di hari kiamat (h.r. muslim). praktek sumpah palsu dalam kegiatan bisnis saat ini sering dilakukan, karena dapat meyakinkan pembeli, dan pada gilirannya meningkatkan daya beli atau pemasaran. namun, harus disadari, bahwa meskipun keuntungan yang diperoleh berlimpah, tetapi hasilnya tidak berkah. 4) ramah-tamah. seorang pelaku bisnis, harus bersikap ramah dalam melakukan bisnis. nabi muhammad saw mengatakan, “allah merahmati 123 seseorang yang ramah dan toleran dalam berbisnis” (h.r. bukhari dan tarmizi). 5) tidak boleh berpura-pura menawar dengan harga tinggi, agar orang lain tertarik membeli dengan harga tersebut. sabda nabi muhammad, “janganlah kalian melakukan bisnis najsya (seorang pembeli tertentu, berkolusi dengan penjual untuk menaikkan harga, bukan dengan niat untuk membeli, tetapi agar menarik orang lain untuk membeli). 6) tidak boleh menjelekkan bisnis orang lain, agar orang membeli kepadanya. nabi muhammad saw bersabda, “janganlah seseorang di antara kalian menjual dengan maksud untuk menjelekkan apa yang dijual oleh orang lain” (h.r. muttafaq ‘alaih). 7) tidak melakukan ihtikar. ihtikar ialah (menumpuk dan menyimpan barang dalam masa tertentu, dengan tujuan agar harganya suatu saat menjadi naik dan keuntungan besar pun diperoleh). rasulullah melarang keras perilaku bisnis semacam itu. 8) takaran, ukuran dan timbangan yang benar. dalam perdagangan, timbangan yang benar dan tepat harus benar-benar diutamakan. firman allah: “celakalah bagi orang yang curang, yaitu orang yang apabila menerima takaran dari orang lain, mereka minta dipenuhi, dan apabila mereka menakar atau menimbang untuk orang lain, mereka mengurangi” (qs. 83: 112). 9) bisnis tidak boleh mengganggu kegiatan ibadah kepada allah. firman allah, “orang yang tidak dilalaikan oleh bisnis lantaran mengingat allah, dan dari mendirikan shalat dan membayar zakat. mereka takut kepada suatu hari yang hari itu, hati dan penglihatan menjadi goncang”. 10) membayar upah sebelum kering keringat karyawan. nabi muhammad saw bersabda, “berikanlah upah kepada karyawan, sebelum kering keringatnya”. hadist ini mengindikasikan bahwa pembayaran upah tidak boleh ditunda-tunda. pembayaran upah harus sesuai dengan kerja yang dilakuan. 11) tidak monopoli. salah satu keburukan sistem ekonomi kapitalis ialah melegitimasi monopoli dan oligopoli. contoh yang sederhana adalah eksploitasi (penguasaan) individu tertentu atas hak milik sosial, seperti air, udara dan tanah dan kandungan isinya seperti barang tambang dan mineral. individu tersebut mengeruk keuntungan secara pribadi, tanpa memberi kesempatan kepada orang lain. ini dilarang dalam islam. 12) tidak boleh melakukan bisnis dalam kondisi eksisnya bahaya (mudharat) yang dapat merugikan dan merusak kehidupan individu dan sosial. misalnya, larangan melakukan bisnis senjata di saat terjadi chaos (kekacauan) politik. tidak boleh menjual barang halal, seperti anggur kepada produsen minuman keras, karena ia diduga keras, mengolahnya menjadi miras. semua bentuk bisnis tersebut dilarang islam karena dapat merusak esensi hubungan sosial yang justru harus dijaga dan diperhatikan secara cermat. 13) komoditi bisnis yang dijual adalah barang yang suci dan halal, bukan barang yang haram, seperti babi, anjing, minuman keras, ekstasi, dan sebagainya. nabi muhammad saw bersabda, “sesungguhnya allah 124 mengharamkan bisnis miras, bangkai, babi dan “patung-patung” (h.r. jabir). 14) bisnis dilakukan dengan suka rela, tanpa paksaan. firman allah, “hai orangorang yang beriman, janganlah kamu saling memakan harta sesamamu dengan cara yang batil, kecuali dengan jalan bisnis yang berlaku dengan suka-sama suka di antara kamu” (qs. 4: 29). 15) segera melunasi kredit yang menjadi kewajibannya. rasulullah memuji seorang muslim yang memiliki perhatian serius dalam pelunasan hutangnya. sabda nabi saw, “sebaik-baik kamu, adalah orang yang paling segera membayar hutangnya” (h.r. hakim). 16) memberi tenggang waktu apabila pengutang (kreditor) belum mampu membayar. sabda nabi saw, “barang siapa yang menangguhkan orang yang kesulitan membayar hutang atau membebaskannya, allah akan memberinya naungan di bawah naungannya pada hari yang tak ada naungan kecuali naungan-nya” (h.r. muslim). 17) bahwa bisnis yang dilaksanakan bersih dari unsur riba. firman allah, “hai orang-orang yang beriman, tinggalkanlah sisa-sisa riba jika kamu beriman (qs. al-baqarah: 278) pelaku dan pemakan riba dinilai allah sebagai orang yang kesetanan (qs. 2: 275). oleh karena itu allah dan rasulnya mengumumkan perang terhadap riba. dengan ciri-ciri etika bisnis islam yang tersebut diatas, kita dapat mengetahui perbedaan bagaimana etika bisnis dalam islam dengan etika bisnis kebanyakan budaya barat. perbedaan tersebut antara lain sebagai berikut: simpulan islam menempatkan bisnis sebagai cara terbaik untuk mendapatkan harta. karenanya, segala kegiatan bisnis harus dilakukan dengan cara-cara terbaik dengan tidak melakukan kecurangan, riba, penipuan, dan tindakan kezaliman lainnya. kesadaran terhadap pentingnya etika dalam bisnis merupakan kesadaran tentang diri sendiri dalam melihat dirinya sendiri ketika berhadapan dengan hal baik dan buruk, yang halal dan yang haram. etika bisnis islam juga telah diterapkan oleh para pelaku usaha di tiga tempat penelitian, yakni: kampung kreatif, bazaar madinah serta di lingkungan kampus uin syarif hidayatullah sendiri. para pelaku usaha ini meyakini bahwa apa yang dijual bukan semata-mata untuk mendapatkan keuntungan (profit) sebagai tujuan duniawi saja, melainkan juga untuk mendapat keberkahan dan keridhaan dari allah swt atas apa yang diusahakan. pustaka acuan al arif, m. n. r. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia beekum , rafik issa. 2004. etika bisnis islami. yogakarta.: pustaka pelajar bertens, k. 2000. pengantar etika bisnis. jakarta: kanisius hadiyati, ernani. 2009. “pengaruh etika bisnis terhadap kewirausahaan pada usaha kecil bengkel les di pujon”, jurnal manajemen gajayana, vol.6, no.1, juni 2009 125 irfan sukarna, muhammad. 2012. peta sistem ekonomi islam indonesia: peluang dan tantangan sektor perbankan. diseminarkan pada seminar nasional ekonomi indonesia iaei-umj, 2012 jalil, abdul. 2010. “implementation mechanism of ethics in business organizations”. international business research. vol. 3, no. 4, october 2010. karim, adiwarman. 2003. ekonomi mikro islam. jakarta: penerbit iii t indonesia latief, dochack. 2006. etika bisnis antara norma dan realitas, muhammadiyah university press najma, siti. 2008. bisnis syariah dari nol. jakarta: hikmah. syafei, rahmat. 2000. fikih muamalah. bandung: pustaka setia qardhawi, yusuf. 1997. norma dan etika ekonomi islam. jakarta: gema insani riko hendrawan1, lily m akbar2, and wiwin aminah3 abstract. the purpose of this research is to compare the efficiency of 11 sharia banks in indonesia and its impact on their performance. this study relies on the quarterly data from 2012-2017 and applied data envelopment analysis to measure their performance. the result of the t-test shows that the p-value for two tail = 0.706. so based on this trend the p-value is greater than α = 0.05 (p-value> α). in the condition of p-value> α, h1 is rejected, meaning that there is no change in the value of efficiency between the period 2012-2014 and the period 2015-2017. this research shows that the efficiency of islamic banking has not occurred during the implementation of the 2012-2017 indonesian sharia banking roadmap. furthermore, the highest efficiency value during the period before implementation was 0.92 with an average efficiency value of 0.57. this means that during this period there was room to increase efficiency by 0.35. meanwhile the period after implementing the highest efficiency value was 0.87 with an average efficiency value of 0.59. this means that during this period there was room to increase efficiency by 0.28. this means that during the 2012-2017 period, there was no significant difference in efficiency levels during the 2012-2014 period (before the implementation) and the 2015-2017 period (after the implementation of the islamic banking road map). keywords: dea, efficiency, sharia bank abstrak. tujuan dari penelitian ini adalah untuk membandingkan efisiensi dari 11 bank syariah di indonesia dan dampaknya terhadap kinerja bank tersebut. penelitian ini menggunakan data setiap kuartal selama tahun 2012 hingga tahun 2017 dan menggunakan data envelopment analysis untuk mengukur kinerja. hasil penelitian ini menunjukan bahwa selama implementasi roadmap, perbankan syariah belum menunjukan kenaikan efisiensi. sementara itu, sebelum implementasi tersebut, nilai efisiensi tertinggi perbankan syariah sebesar 0,92, sedangkan rata-rata nilai efisiensinya sebesar 0,57. ini berarti bahwa ada ruang untuk meningkatkan level efisiensi sebesar 0,35. sedangkan pada periode implementasi, nilai efisiensi tertingi perbankan syariah sebesar 0,87, dan ratarata nilai efisiensinya sebesar 0,59. ini berarti ada ruang untuk meningkatkan can the implementation of sharia banks’ roadmap increase their performance? (evidence from indonesia 2012-2017) al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 179 190 1, 2, 3telkom university, master of management program, faculty economics and business email: 1riko_hendrawan@yahoo.com 180 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 level efisiensi sebesar 0,28. hasil penelitian juga menunjukan bahwa, secara keseluruhan periode tahun 2012 hingga tahun 2017, hasil t-test menunjukan nilai p-value for two tail = 0.706. ini berarti p-value> α, dan menolak h1, sehingga tidak terdapat perbedaan level efisiensi selama periode 2012-2014 (sebelum implementasi) dan periode 2015 – 2017 (setelah implementasi) kata kunci: dea, efisiensi, bank syariah introduction the development of islamic banking in indonesia began with the issuance of banking law number 7 of 1992 which was later revised through law number 10 of 1998. it began with the operation of bank muamalat indonesia (bmi) as the first sharia commercial bank in indonesia on may 1, 1992. until december 31, 2017 there have been 13 sharia commercial banks. despite the small market share, the growth rate of national islamic banking in the last decade grew positively, with an average increase of 33.2%. however, amid this positive growth, there is a phenomenon of a slowdown in business volume growth from 2012 to 2014, which at the end of 2014 only recorded a growth of 12% and had an impact on the slowing down of the national economy in 2014 the beginning of 2015. besides the slowing down in the business volume of the sharia banking industry, the financial sector integration of the asean economic community (aec), serves as a challenge to immediately increase the efficiency of indonesia’s sharia banks due to the fact that foreign sharia banks have much bigger capacity and competitiveness. in response to challenges faced by the sharia bank industry, indonesia’s financial services authority (ojk) develop the sharia banking roadmap 2015-2019. in reference to the 2015-2019 indonesian sharia banking roadmap, based on the evaluation of the implementation of the islamic banking blueprint up to 2014, despite many achievements that have been produced, there are still many things that still need to be carried out. it is known that there are several strategic objectives to be achieved such as the fulfillment sharia in bank operations, applying prudence, increasing competitiveness and efficiency, building financial stability and benefits for the wider community. this study aims to measure national sharia banking current efficiency as in input to the industry and the government has the output target of an increased efficiency level been achieved. riko hendrawan. can the implementation of sharia banks’ roadmap increase their performance? 181 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 yudistira (2004) stated that during the period 1997 2000 in 12 countries, including indonesia, although they felt the impact of the global crisis in 1998-1999, all islamic banks showed excellent performance after going through these difficult times. alfarisi and hendrawan (2010) found that 3 islamic banks were among the 20% most efficient bank in indonesia in doing intermediation function. although its resilience in facing the crisis as well as, several studies of islamic banking in recent years show that the level of efficiency is not optimal, as concluded by firdaus and hosen (2013) this research purpose is to analyzes sharia banking efficiency for the period 2012-2017, before the implementation of sharia banking road map (20122014) and after implementation of sharia banking road map (2015-2017) using the data envelopment analysis (dea) method. literature review dea method was developed by farrel (1957) which measures the efficiency of one input and one output technique into multi-input and multioutput, using a relatively efficient value framework as input ratio (single virtual input) with output (single virtual output). the dea method calculates the technical efficiency of the entire dmu. the efficiency value of each dmu in the sample is between 0 (zero) and 1 (one), where the value of 1 (one) shows perfect efficiency. the efficient dmus will form a frontier line, the dmus are said to be relatively efficient compared to other dmus in the group and are a reference for inefficient dmus. the general equation of the dea method: …………………………………………..(1) the efficiency ratio (hs) is then maximized with the following constraints: for r = 1,….,n ; ui and vj≥ 0.................…(2) where n indicates the number of banks in the sample. 182 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 previous research hendrawan and azhar ( 2018 ), investigated the level of efficiency 21 banks on the idx during 2008-2017 using sfa method., they found overall, the banking sector in the indonesian capital market between 2008 2017 recorded an efficiency score of 0.43. with this score, the banking system in the indonesian capital market is still considered to be inefficient (0.43 <0.5). rusydiana (2018) measured the level of the national sharia banking efficiency from 2007 to 2014 with dea method, which concluded that the level of is at 66% with a standard of deviation 0,14 using dea-crs, and a level of 81% with a standard of deviation 0,11 using dea-vrs. havidz et al. (2017), conducted research on ten sharia commercial banks in indonesia during the period of january 2011 march 2015 using the dea method. the results of the study show that bank syariah bukopin is the most efficient for technical efficiency, bank muamalat indonesia is the most efficient for technical efficiency, while the most efficient in terms of scale efficiency is bank mega syariah and bank syariah bukopin. overall the technical efficiency is 72.9% during the study period for all banks, which means that there is an input wasted on average worth 27.1%. sari and saraswati, (2017), use the dea method to measure efficiency in 26 bumn / bumd, 6 foreign banks, 11 mixed banks, 19 foreign exchange busns and 27 non-foreign exchange busns in the 2012-2014 period. the results of the study concluded that the group of foreign banks had the highest efficiency followed by the bumn / bumd group, non-foreign exchange busn group, foreign exchange busn group and mixed bank group. miranti and sari (2016) conducted a study to 11 national sharia banks for the period of quarter 1 of 2013 to quarter 1 of 2015 indicates that efficiency level of the industry is inefficient and not yet optimum. in contrast, maybank syariah and panin syariah bank are most efficient. lutfiana and yulianto (2015) conducted a study of factors that affect the efficiency level of sharia commercial banks in indonesia for the first quarter of 2011 the third quarter of 2014 against 7 islamic banks. the results of the study show that bank panin syariah and bca syariah have an optimal level of efficiency. in contrast, the banks with low and very volatile efficiency are bri syariah. in general, the results of his research indicate that bus is inefficient in optimizing the resources owned and has not been able to carry out its role as an intermediation institution optimally. riko hendrawan. can the implementation of sharia banks’ roadmap increase their performance? 183 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 rahmawati (2015) measured the level of cost efficiency for national sharia banks from 2010 to 2013 using the dea and sfa method and concluded the overall level was at 85.38% and 93.25% respectively. novandra (2014) analyzes the comparison of the efficiency of islamic and conventional banking in indonesia with the object of research of all conventional banks and islamic banks for the period 2008-2013 using the dea method. the inputs used are demand deposits, savings and deposits, while the output is financing/credit provided by the bank (mudharabah, musharakah and murabahah). the results of the study show empirical evidence that islamic banking can reduce the effects of the global financial crisis. firdaus and hosen (2013) measured efficiency with the dea method on 10 bus in the second quarter period of 2010 until the fourth quarter of 2012. inputs used were third party funds, total assets and labor costs with financing and operational opinion. his research concluded that no bus has a stable efficiency score. banks that have the highest level of efficiency are the highest during the study period, namely bank muamalat. a study by pratikno and sugiarto (2011) comparing the efficiency of national sharia banks before and after the global crisis, from2006 to 2010 has indicated that the industry in general is categorized as efficient measured using the dea-crs method and shows no significant difference between before and after the global crisis. yudistira (2004) examined the efficiency of 18 islamic banks in the world during the period 1997-2000, using the dea method. the input variables used are staff costs, fixed assets and total deposits while the output variable is total loans and liquid assets. the results of the study concluded that the inefficiency of the 18 banks of research objects was small, slightly above 10%, which is relatively low compared to conventional banks. method, data, and analysis as explained in equation 1 and 2 above, where the dea general equation derivatives for the dea ccr model are as follows: max. st. ≤ 0 ; r = 1,….,n ……………..(3) = 1, ui, vj ≥ 0 184 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the above equation explains that the objective function of the equation is to maximize output with a constraint function that the input value is equal to one, so the output value minus the input value is less than or equal to 0. for the dea model the bcc is still guided by the general dea mathematical model and modification of dea ccr model by adding connectivity constraints to the equation so that the mathematical formula becomes: max. + u0 st. ≤ 0 ; r = 1,….,n ………………(4) = 1 ui, vj ≥ 0 where u0 is a piece that can be positive or negative. the data we used in this study is quarterly data from the financial statements from 2012 to 2017. as for the input variables, it applied labor cost, fixed asset and deposit. as for the output variables, it utilized sharia lending and operating income. there were 11 sharia bank selected for the sampling. results based on the results of the research in table 1 below, it shows that the highest efficiency value during the period before implementation in 20122014 was 0.92 (sharia maybank) with an average efficiency value of 0.57. this means that during this period there was room to increase efficiency by 0.35. while the period after implementing in 2015-2017 the highest efficiency value was 0.87 (sharia maybank) with an average efficiency value of 0.59. this means that during this period there was room to increase efficiency by 0.28. this means that overall during the 2012-2017 period there were no significant wears from the implementation of the islamic banking road map. while the average islamic banking efficiency is 0.58, with the highest efficiency value is 0.9. this means there is room to increase efficiency by 0.32. riko hendrawan. can the implementation of sharia banks’ roadmap increase their performance? 185 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 table 1. efficiency score of sharia bank in periode 2012-2017 no bank eff-score 2012-2014 bank eff-score 2015-2017 bank eff-score 2012-2017 1 maybank syariah 0,92 maybank syariah 0,87 maybank syariah 0,90 2 panin syariah 0,74 panin syariah 0,80 panin syariah 0,77 3 bni syariah 0,60 victoria syariah 0,66 bni syariah 0,61 4 bjb syariah 0,55 bni syariah 0,61 bca syariah 0,58 5 bca syariah 0,55 bca syariah 0,61 victoria syariah 0,53 6 muammalat 0,54 bukopin syariah 0,53 bjb syariah 0,53 7 bukopin syariah 0,51 bjb syariah 0,51 bukopin syariah 0,52 8 mandiri syariah 0,51 bri syariah 0,50 muammalat 0,51 9 bri syariah 0,50 muammalat 0,49 bri syariah 0,50 10 mega syariah 0,48 mega syariah 0,45 mega syariah 0,47 11 victoria syariah 0,41 mandiri syariah 0,42 mandiri syariah 0,46 mean 0,57 mean 0,59 mean 0,58 highest 0,92 highest 0,87 highest 0,90 improvement score 0,35 improvement score 0,28 improvement score 0,32 t-test analysis value of efficiency between 2012-2014 and 2015-2017 to test the hypothesis in the study used t-test: paired two sample for means with the help of excel. the t-test results can be seen in table 4-4 below. based on the results of the t-test shows that the p-value for two tail = 0.706. so based on this trend the p-value is greater than α = 0.05 (p-value> α). in the condition of p-value> α, h1 is rejected, meaning that there is no change in the value of efficiency between the period 2012-2014 and the period 20152018. with this conclusion, it can be said that the implementation of the 2015-2018 indonesian sharia banking roadmap has not been able to improve the efficiency of sharia in general banking. 186 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 discussion for the detailed, three banks that have perfect efficiency discussed below : maybank sharia during the observation period, the efficiency value of sharia maybank was almost consistently the highest among the ten other islamic banks, in general it was quite volatile with an average value of 0.90. from 2012 to 2017 the output variable was an increasing trend in operating income but there was a downward trend in financing. whereas in the input variable, the increasing trend occurs in fixed assets and employee costs but there is a downward trend in the savings fund. this shows that although the amount of funds collected from the community in the form of savings funds has decreased, it also affects the decrease in the amount of financing that can be channelled to the community, but the operating income earned has increased. panin sharia during the observation period, panin sharia efficiency values were almost consistently the second highest among nine other islamic commercial banks with efficiency scores of 0.77. from panin syariah’s financial data, the trend of panin syariah deposit and financing funds since the first quarter of 2012 until the second quarter of 2017 shows a tendency to increase which is relatively consistent, but since the second quarter of 2017 until the fourth quarter 2017 shows a riko hendrawan. can the implementation of sharia banks’ roadmap increase their performance? 187 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 negative trend. operating income, despite the tendency to increase positive deposit funds from the first quarter of 2012, looks stable despite fluctuations. but in the first quarter of 2015 there was an increase even though it tended to be stable afterwards, in other words there was no increase even though it did not decline. what needs to be considered in the panin syariah case is, although there is a tendency for an increase in deposit funds to have a similar trend effect on financing but does not have the same effect on operating income. bni sharia bni sharia efficiency value shows that the value of efficiency is quite volatile with an average of 0.61. the trend of bni sharia deposit and financing funds since the first quarter of 2012 until the fourth quarter of 2017 has consistently shown an increasing trend. while operating income even though it had shown an increase starting from the second quarter of 2015 to the fourth quarter of 2015. however, it was quite volatile but tended to no growth after that, similar to the conditions before the second quarter of 2015. bni sharia’s labor costs are very volatile but have a stable tendency during the observation period. while the fixed assets of bni syariah tend to increase with high growth furthermore, finding from this research shows that the average labor cost incurred by islamic banking is idr 229 billion. labor costs fluctuate significantly every quarter following a nearly identical pattern for islamic banking. mandiri syariah has the highest average cost of idr 943 billion, and victoria sharia of idr 17 billion owns the lowest average cost. the results showed that labor costs have a solid correlation to efficiency so that the strategy in managing labor costs is critical in increasing the efficiency and performance of islamic commercial banks. during the period 2012-2017, the amount of savings collected by islamic banking was an average of idr 14.3 trillion. the collection of deposit funds was achieved by mandiri syariah amounting to idr 77.9 trillion in the 4th quarter of 2017, and the lowest collection was by victoria syariah of idr 400 billion. the results showed that savings funds showed a negative correlation, this shows that in islamic banking, savings funds have not been optimazed for use, especially in terms of distribution to third parties. therefore it is necessary to make a special strategy to balance between savings and distribution of funds to third parties. 188 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/ 10.15408/aiq.v12i2.15929 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the average value of islamic banking assets in the periode 2012-2017 is idr 454 billion. asset value shows a negative correlation, this indicates that the use of assets in islamic banking is less than optimal, so the merger of islamic banking is something that needs to be done to improve the efficiency and performance of islamic banking in indonesia. the financing of islamic banking is dominated by four banks, mandiri syariah, muamalat, bni syariah and bri syariah. in the period 2012-2017, shows that public trust in islamic banking has increased. still on the other hand, islamic banking is experiencing difficulties in channelling financing, so a special strategy is needed to increase financing in islamic banking. conclusion in this study, using 11 sharia banks in indonesia shows that using quarterly data during 2012-2017 can be summarized as follows the average of efficiency sharia bank in indonesia during the highest efficiency value during the period before implementation in 2012-2014 was 0.92 (sharia maybank) with an average efficiency value of 0.57. this means that during this period there was room to increase efficiency by 0.35. while the period after implementing in 20152017 the highest efficiency value was 0.87 (sharia maybank) with an average efficiency value of 0.59. this means that during this period there was room to increase efficiency by 0.28. this means that overall during the 2012-2017 period there were no significant wears from the implementation of the islamic banking road map. while the average islamic banking efficiency is 0.58, with the highest efficiency value is 0.9. this means there is room to increase efficiency by 0.32. from the t-test also found that the implementation of the 2012-2017 indonesian sharia banking roadmap has not been 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(2), jul-dec 2020 sutawijaya, adrian dan lestari, etty puji. 2009. efisiensi tehnik perbankan indonesia pasca krisis ekonomi: sebuah studi empiris penerapan model dea. jurnal ekonomi pembangunan. vol. 10 no. 1 juni 2009. hal. 49-67. yudistira, donsyah. 2004. efficiency in islamic banking: an empirical analysis of eighteen banks. islamic economies studies. vol. 12, no.1 august 2004. rizky andriati & nurul huda: the influences of productive zakah 207 the influences of productive zakah mentoring to the saving behavior and the prosperity of poor housewife rizky andriati & nurul huda1 abstrack. the influences of productive zakah mentoring to saving behavior and the prosperity of poor housewife. the purpose of this study was to determine the influences of productive zakah mentoring to the saving attitude, the confidence of saving ability, the saving behavior and the prosperity of poor housewives which become partners of masyarakat mandiri dompet dhuafa. this is a quantitative research using structual equation modelling. the respondents are 115 poor housewives in parung, bogor, west java; cipinang, east jakarta; tanjung pasir, tangerang, banten; and bantar gebang, bekasi, west java. the variables that used on this research are the mentoring of zakah productive, saving attitude, saving behavior, and prosperity. the result showed that the mentoring of productive zakah program has significant influence for the saving attitude and saving behavior. saving behavior also affects significantly the prosperity of poor housewives. keywords: productive zakah mentoring, saving behavior, prosperity, structural equation modeling abstrak. pengaruh pendampingan zakat produktif terhadap prilaku menabung dan kesejahteraan dari ibu rumah tangga mustahik. penelitian ini membahas pengaruh kualitas pendampingan program pendayagunaan zakah produktif masyarakat mandiri dompet dhuafa terhadap sikap menabung, keyakinan kemampuan menabung, perilaku menabung dan kesejahteraan ibu rumah tangga mustahik. penelitian ini bersifat kuantitatif dengan menggunakan metode structural equation modelling. responden penelitian ini adalah 115 ibu rumah tangga mustahik di empat lokasi yaitu parung, bogor, jawa barat; cipinang, jakarta timur; tanjung pasir, tangerang, banten; dan bantar gebang, bekasi. variabel yang dipergunakan dalam penelitian ini ialah pendampingan zakat produktif, sikap menabung, prilaku menabung, dan kesejahteraan. hasil penelitian ini menemukan bahwa kualitas pendampingan berpengaruh signifikan terhadap sikap dan perilaku menabung. perilaku menabung berpengaruh signifikan terhadap kesejahteraan. kata kunci: pendampingan zakah produktif, prilaku menabung, kesejahteraan, model persamaan struktural first draft: february, 3rd 2015, revision: macrh, 5th 2015, accepted: march, 30th 2015 1 post-graduate of university of indonesia, master of science in middle eastern and islamic studies, economy faculty of yarsi university email: rizkyandriati@gmail.com; pakhuda@yahoo.com al-iqtishad: vol. vii no. 2, juli 2015 208 introduction poverty does not only have relation with economic dimension, moreover poverty relates to many aspects such as social, culture, politics, environment, health, education, spirituality, working attitude and self value. financial aid is not enough to help them if the cause of their poverty is not solved (mintarti, 2013). productive zakah was developed since few years ago as a breakthrough to reduce poverty. it is the transformation of zakah program from cash donation into productive activities using zakah fund. zakah beneficiaries (mustahik) are not only given the donation, but they are motivated to work and become entrepreneur using the donation from zakah distribution (grandyanto, 2012). one of zakah institution which has developed the productive zakah is dompet dhuafa with the progam masyarakat mandiri that its purpose is to create the prosperity of mustahik through saving. saving is important because its benefits for life, and islam also support saving because a muslim can prepare themselves for their future plan or emergency condition (antonio, 2001). the purpose of the present study was to determine the effects of zakah institution to create prosperity of mustahik through their saving attitude, confidence of saving ability and saving behavior by seeing the aspect of mentoring. mentoring performance will be measured using service quality instrument. structual equation modelling (sem) is one of the methods that can be used to see the influence in several variables. based on the fact, the questions of this study are: first, do the program of productive zakah by masyarakat mandiri effect significantly to the saving attitude, the confidence of saving ability, the saving behavior and the prosperity of poor housewives? second, do saving behavior have effects significantly to the confidence of saving ability of poor housewives? third, do the confidence of saving ability have significant influence to the saving behavior of poor housewives? fourth, do saving behavior effect significantly to the prosperity of poor housewives? literature review from linguistic aspect, the root of the word zakah comes from zaka which means grow, clean, and good. based on fiqh terminology, zakah define as an obligation that an individual has to donate a certain proportion of wealth each year to charitable causes. in broad outline, the form of zakah distribution and utilization was divided into two ways, which is distribution for consumptive activities and productive activities. zakah distribution for consumption is only a temporary aid for urgent needs. usually this donation is purposed to give the basic need such as food, education and health. contrary, zakah distribution for productive activities is zakah donation for productive business for middle and long term (mintarti, 2013). productive zakah is zakah that is donated for mustahik as capital to run business with purpose to increase their economic level and their productivities (qadir, rizky andriati & nurul huda: the influences of productive zakah 209 2001). productive zakah is one of the community empowerment based on zakah to improve life quality of poor people using their skill, power and participation. it needs active interaction between zakah officer as program counselor and poor people as the target of the program. with the program, every poor people is seen as a personal who also has power but it is not totally used. through productive zakah, they can participate from making the plan, into evaluating the program. the zakah officer having the role as mentor becomes an agent of change who also helps to solve their problem. there are five service quality measurements that becomes satisfaction indicator for customer (kotler and keller, 2007), such as: first, tangibles, including physical facility, equipment, employee and communication tools. second, reliability, a skill to give the promised service immediately, accurately and satisfying. third, responsiveness, a willing of the employee to help the customer and give them the service with responsiveness. fourth, assurance, including knowledge, skill, politeness, trustworthiness of the employee, less of danger, risk or doubt. fifth, emphaty, including good communication and relationship, personal touch and customer understanding. besides this five indicators developed by parasuraman, othman and owen added compliances as service quality measurement, especially compliances with islamic law which was known as carter (compliance, assurance, reliability, tangible, emphaty, and responsiveness). the research was elaborated to determine the service quality of islamic bank kuwait finance house (kfh). compliance is a skill to comply with islamic law and islamic banking principles. it is developed into five aspects: the institution comply to the islamic law and principle, the institution does not take or give the interest in the saving product, product regulation and services are islamic, there’s no interest in the credit product, and there is profit sharing in the investment products (othman and owen, 2001). besides parasuraman et al, other experts also formulize other dimension or factor used by costumers to measure the quality of service. one of them is gronroos, who stated that there are three main criteria used by costumers in measuring the quality of a service, there are: outcome related, process related and image related. those three criteria can still be elaborated into six elements; two of them are (tjiptono, 2000): first, recovery, this element is included in process-related criteria. customers realized that, if there is a mistake or if they find an unexpected thing, the service provider will take immediate and appropriate action and solve the problem. second, reputation and credibility. this element is included in image-related-criteria. a person’s ability to behave is influenced by his confidence. this confidence is defined as perceived behavioral control. perceived behavioral control is somebody’s confidence in his ability to do certain behavior, whether it is easy (yasid, 2010). in al-iqtishad: vol. vii no. 2, juli 2015 210 relation to the behavior of saving, the perceived behavioral control describes the perception of somebody on his ability to save. this believe is influenced by several believes he can accept (control believe). this control believes is an individual believe on the existence of several factors that make saving easy or difficult. this believes is influenced by several accepted believes (control believes). the control believes is an individual believe about the present of many factors that makes easy or difficult in doing something. in conceptual, perceived behavioral control relates with self-efficacy. self-efficacy is a self believe about a confidence to do something in specific situation. according to the above definition of perceived behavioral control and self-efficacy, the saving behavior of a person is influenced by his confidence in saving ability in his situation. the indicators in seeing the confidence in saving ability are: first, the confidence in saving ability; second, the confidence in not withdrawing the saving immediately. in economics, the saving behavior is described as the comparison between income and the amount of funds allocated for the future, whether it is saved for daily needs according to life cycle, urgent needs or investments (yasid, 2010). there are four factors that indicate the saving behavior, that is: first, the amount of fund; second, the ratio between saving and earning, which defined as the comparison between the amount of saving and the income earned; third, the increase of saving amount, which can be defined as the perception on the increase of saving amount saved by somebody; fourth, saving frequency, defined as how often a person save in a certain period of time (yasid, 2010). methods the analysis method of this study is structural equation model (sem). structural equation modeling (sem) is a very cross-sectional, linear and general modeling technique. included in this sem are factor analysis, path analysis, and regression. the next definition states that sem is a statistical technique used to build and test statistical models which usually presented in cause-effect models. sem is actually a hybrid technique, which include the confirmatory aspects of factor analysis, path analysis and regression which can be considered as special case in sem (sarwono, 2014). the information was collected by distributing questionnaire to the respondents. the population of the study is all of poor housewives of masyarakat mandiri partner in zona madina cluster in parung, bogor, west java; cipinang, east jakarta; tanjung pasir, tangerang, banten; and bantar gebang, bekasi, west java. sample was taken using non probability sampling in form convenience sampling. the amount of respondents on this study is 115 poor housewives. the research will elaborate five latent variables, which are the service quality, the saving attitude, the rizky andriati & nurul huda: the influences of productive zakah 211 confidence of saving ability, the saving behavior and the prosperity. the statistic hypotesis of the studies are: ho: the mentoring of productive zakah program by masyarakat mandiri does not influence significantly the saving attitude or poor housewives. h1: the mentoring of productive zakah program by masyarakat mandiri influences significantly the saving attitude or poor housewives. ho: the mentoring of productive zakah by masyarakat mandiri does not influence significantly the confidence of saving ability of poor housewives. h2: the mentoring of productive zakah by masyarakat mandiri influences significantly the confidence of saving ability of poor housewives. ho: the mentoring of productive zakah by masyarakat mandiri does not influence significantly the saving behavior of poor housewives. h3: the mentoring of productive zakah by masyarakat mandiri influences significantly the saving behavior of poor housewives. ho: the saving attitude does not influence significantly the confidence of saving ability of the poor housewives. h4: the saving attitude influences significantly the confidence of saving ability of the poor housewives. ho: the confidence of saving ability does not influence significantly the saving behavior of the poor housewives. h5: the confidence of saving ability influences significantly the saving behavior of the poor housewives. ho: the saving behavior does not influence significantly the prosperity of the poor housewives. h6: the saving behavior influences significantly the prosperity of the poor housewives. ho: the mentoring quality of productive zakah by masyarakat mandiri does not influence the prosperity of the poor housewives. h7: the mentoring quality of productive zakah by masyarakat mandiri influences the prosperity of the poor housewives discussion this research used two stage approaches, where the initial analysis is conducted on the model measured to analyze the accuracy of each question on the model. the model measured which explains the relationship between indicator variables in building the latent variables. from nine measurements of gof, there are 3 gof measurements not showing good compatibility, whereas 4 other gof measurements shows good compatibility, and there are 2 measurements shows marginal compatibility, therefore it is concluded that the compatibility of the models are good. after no offending al-iqtishad: vol. vii no. 2, juli 2015 212 estimates can be found, the research can move to the next examination, the validity of measuring models. observed variables considered valid the t-value is bigger than the exact value of 1,96 (the critical t is approached by z value 95%) and the standardized loading factors more or less bigger than 0,50. but, if there is a standard factor value under 0.5 but still higher or more or less the same as 0,3, then the related variable may still be considered not to be eliminated. but, if the value of the factor is less than 0,3, the variable must be eliminated from the model. in this research, the author will maintain all variables because all of their values are higher than or the same as 0,3. figure 1. standardized solution model structural after measuring the validity, the next step is to measure the reliability. the construct of reliability measurement in sem can be measured by using composite reliability measure and variance extracted measure. hair et.al states that a construct having good reliabilities is if the value of its construct reliability (cr) is ≥ 0.70. from the reliability analysis, it is seen that the reliability coefficient, all indicators to each construct are bigger or the same as 0.7, except the believe in the ability to save. therefore, the variable will not to be included in the next data assignments. figure 2. t-values model structural essed rizky andriati & nurul huda: the influences of productive zakah 213 the causality relation in each construct becomes significant if statistically the level of α = 0,05 and t value ≥ 1,96 (critical value or t table). the evaluation of structural model includes: table 1. the evaluation of structural model coefficient relation estimation t-value information mentoring quality to saving attitude 0,71 3,46 significant mentoring quality to saving behavior 0,46 3,97 significant saving attitude to prosperity 0,84 3,58 significant mentoring quality to prosperity 0,29 -2,30 no significant source: respondent data source, processed based on the coefficient evaluation of structural model at the table, we can see that there is one coefficient which is not statistically significant. it is the coefficient describing the relation between mentoring quality and prosperity. it’s concluded that there is no significant causality relation between those factors that has been hypothesized. according to the above mention sem analysis, the h2 hypothesis (the quality of mentoring program of the productive zakah empowerment of the masyarakat mandiri influencing significantly to the believe of the ability to save of the housewives among the mustahiks), h4 (saving attitude influences significantly to the believe in saving ability and h5 (the believe in saving ability influence significantly the behavior in saving) is not included because according to reliability studies of the measuring model, the latent variable of kkm is not fulfilling the reliable value therefore do not included in the data processing. table 2. the result of hypotesis test hipotesis t-values keterangan h1 the quality of the mentoring of the empowerment program of the productive zakah of the masyarakat mandiri influence significantly the saving attitude of the housewives among the mustahiks. 3.46 data supports h1 h3 the quality of the mentoring of the empowerment program of the productive zakah of the masyarakat mandiri influence significantly the saving attitude of the housewives among the mustahiks. 3.97 data supports h3 al-iqtishad: vol. vii no. 2, juli 2015 214 h6 the saving behavior is influencing significantly to the welfare of the housewives among the mustahiks. 3.58 data supports h6 h7 the quality of mentoring the empowerment program of the productive zakah of the masyarakat mandiri is related significantly to the saving attitude of the housewives among the mustahiks. -2.30 data do not support h7 source: respondent data source, processed hypothesis 1 states: ‘the mentoring quality of the empowerment program of the .productive zakah is significantly influence the saving attitude of the housewives among the mustahiks. according to the result of the calculation of the structure model of the hypothesis 1, the t-value is 3,46. therefore the research supports the statement that states the quality mentoring program of the empowerment significantly influence the saving attitude of the housewives among mustahiks. this means that the higher the quality of the mentoring program of the masyarakat mandiri dompet dhuafa, the higher also the saving attitude of the housewives among the mustahiks. the structural equality of hypothesis 1 is: sikap_me = 0.71*kualitas, errorvar.= 0.50 r2=0.50 the structural equality shows the significant and direct influence of mentoring quality in the empowering program in of productive zakah to the saving attitude. the percentage value of influence is 50,41 percents. this shows that 50.41 percents of the changing of saving attitude of the housewives among the mustahiks are directly influenced by the improvement of mentoring quality of the empowerment program of productive zakah of the independent society. hypothesis 3 states: ‘the quality of mentoring program of productive zakah significantly influence the saving attitude of housewives among the mustahiks.” according to the result of the calculation of the structure model of the hypothesis 1, the t-value is 3,97. therefore the research supports the statement that states the quality mentoring program of the empowerment significantly influence the saving attitude of the housewives among mustahiks. this means that the higher the quality of the mentoring program the higher also the saving behavior of the housewives among the mustahiks. the structural equality of this hypothesis is: sikap_me = 0.46*kualitas, errorvar.= 0.79 r2=0.21 the structural equality shows the significant and direct influence of mentoring quality in the empowering program in of productive zakah to the saving behavior. the percentage value of influence is 21.16 percents. this shows that 21.16 percents of the changing of saving behavior of the housewives among the mustahiks are rizky andriati & nurul huda: the influences of productive zakah 215 directly influenced by the improvement of mentoring quality of the empowerment program of productive zakah of the independent society. hypothesis 6 states: ‘saving behavior significantly increase the prosperity of the housewives among mustahiks”. the research supports the statement that states the saving behavior significantly increase the prosperity of the housewives among the mustahiks. this means that the higher the saving behavior the higher also the prosperity of the housewives among the mustahiks. the structural equation of this hypothesis is : kesejaht = 0.84*perilaku – 0.29*kualitas, errorvar.= 0.43 r2=0.57 the structural equality shows that the percentage of influence of saving behavior to the prosperity of the mustahiks is 70,56 persen. this shows that 70.56 percent of the improvements of the prosperity of the housewives among the mustahiks directly caused by the improvements of saving behavior. hypothesis 7 states: mentoring quality empowerment program of productive zakah significantly influence the prosperity of the housewives among the mustahiks”. according to the result of the calculation of the structure model of the hypothesis 6, the t-value is -2.30. therefore the research do not support the statement that states the mentoring quality of the empowerment program of productive zakah significantly influence the prosperity of the housewives of the mustahiks. the structural equality of this hypothesis is : kesejaht = 0.84*perilaku – 0.29*kualitas, errorvar.= 0.43 r2=0.57 the structural equality shows the percentage amount of influence of mentoring quality of the empowerment program of productive zakah to the saving behavior is 8.41 percents (-0.292). this shows that 8.41 percents of improvements of the mustahik’s prosperity is directly influenced by the improvements of quality of the mentoring programs of the empowerment of productive zakah. conclusion the saving behavior is proven to have a major impact in increasing the prosperity of the housewives of the mustahik. in the future, masyarakat mandiri dompet dhuafa or other zakah institutions which develop the productive zakah are obliged to give more attentions to the saving behaviors of the musthik. saving programs must be developed to build the saving attitude and to push the saving behavior. one thing those institutions can do is to set a certain amount of saving target for each mustahik ,in order to achieve want they want to get. at the same time, masyarakat mandiri can give rewards to those who achieve their saving targets or those who can achieve certain saving points from time to time so they can win prizes in local or national level prepared by masyarakat mandiri dompet dhuafa. al-iqtishad: vol. vii no. 2, juli 2015 216 in this case, amil zakah institutions or other society empowerment institutions have to give more attentions to the mentoring process, because in this phase, the mustahik will receive knowledge and motivations. the mentors have to be trained periodically in progressive training to expand their horizons and increase their understandings in order to accelerate the transformation process of the mustahik. one of the knowledge and skill needed to be imparted is mass communication, which can be transferred through trainings. references qadir, a. 2001. zakah dalam dimensi mahdah dan sosial. jakarta: pt. raja grafindo persada. antonio, m.s. 2001. bank syariah dari teori ke praktek. jakarta: gema insani press. grandyanto, t. 2012. upaya peningkatan kesejahteraan masyarakat melalui pengelolaan zis. presentasi dipaparkan pada seminar masyarakat ekonomi syariah di universitas trisakti, jakarta. kotler. p & k.l. keller. 2007. manajemen pemasaran. jakarta: indeks. mintarti, n. 2013. “the development of zakah in indonesia. seminar filantropi islam asia tenggara. jakarta: imz. nasution. 2004. manajemen jasa terpadu. bogor: ghalia indonesia. othman, a.q. & l. owen. 2001. adopting and measuring customer service quality (sq) in islamic banks: a case study in kuwait finance house. international journal of islamic financial service. volume 3 nomor 1. qardawi, y. 1988. hukum zakah. bogor: pt. pustaka litera antarnusa. tjiptono, f. 2000. manajemen jasa. yogyakarta: penerbit andi yogyakarta. wijanto, s.h. 2008. structural equation modeling dengan lisrel 8.8. yogyakarta: graha ilmu. yasid, mukhamad. 2010. perilaku menabung ibu rumah tangga ‘’keluarga mustahik’’ peserta program ikhtiar lembaga keuangan mikro syariah berbasis kelompok di bogor, jawa barat. bogor: institut pertanian bogor. 9-hamid.indd abdul hamid: the impact of spin-off policy 117 the impact of spin-off policy to the profitability on indonesian islamic banking industry abdul hamid1 abstract. the impact of spin-off policy to the profitability on indonesian islamic banking industry. the purpose of this paper is to analyze that the spinoff policy that based on islamic banking act no. 21/2008 had an impact on the profitability ratio of islamic banking industry in indonesia. this research used ordinary least square regression. the variable used in this paper is spin-off which is used as a dummy variable, and also included the internal factor of industry such as deposit margin, non-performing financing (npf), and efficiency ratio (measured by bopo). the result showed that dummy variable of spin-off, npf and bopo had an impact on the profitability in indonesian islamic banking industry. the implication of this result is spin-off policy had a good impact on the profitability in indonesian islamic banking industry. according to this result, bank indonesia should stimulate the islamic banking unit to spin-off from their parents conventional banks. keywords: spin-off, profitability, islamic banking, regression abstrak. dampak kebijakan pemisahan terhadap profitabilitas di industri perbankan syariah. tujuan tulisan ini ialah untuk menganalisis apakah kebijakan pemisahan yang didasarkan pada undang-undang no. 21 tahun 2008 memiliki dampak terhadap tingkat profitabilitas pada industri perbankan syariah di indonesia. penelitian ini menggunakan regresi kuadrat sederhana untuk menganalisis dampak kebijakan pemisahan ini. variabel yang dipergunakan ialah variabel dummy pemisahan, serta dimasukkan beberapa faktor internal seperti marjin deposito, tingkat pembiayaan bermasalah, dan rasio efisiensi (diukur dengan bopo). hasil yang didapat menunjukkan bahwa variabel dummy pemisahan, npf dan bopo memiliki pengaruh terhadap tingkat profitabilitas pada industri perbankan syariah di indonesia. berdasarkan hasil ini, bank indonesia sebaiknya menstimulasi unit usaha syariah untuk memisahkan diri dari bank induk konvensionalnya. kata kunci: pemisahan, profitabilitas, bank syariah, regresi first draft: october, 3rd 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 syarif hidayatullah state islamic university jakarta, jl. ir. h. juanda no. 95, ciputat, south tangerang, banten email : abdul.hamid@uinjkt.ac.id al-iqtishad: vol. vii no. 1, januari 2015 118 introduction the concept of islamic banking and finance, which was originally just a theoretical discussion, has now become a reality that grows and develops as a fact. in fact, the current islamic banking industry has transformed from simply an alternative bank with a bank sharia system that is able to play its role in the world economic arena. islamic banking and financial institutions continue to experience a significant growth. according to the annual report of the islamic development bank (idb) in 2009, the islamic financial institution was expected to grow more than 15% per year, with a number of islamic financial institutions is more than 300 spread over 75 countries with an estimated total assets of 500 billion dollars, or around 4,600 trillion rupiah. in other words, the market has now reached only about 10%. from this idb report, we can conclude that the industry is still promising a remarkable development in the future. table 1 shows the development of islamic banking network in indonesia. table 1. islamic banking network 2006 2007 2008 2009 2010 2011 2012 2013 2014 islamic banking islamic commercial bank 3 3 5 6 11 11 11 11 11 islamic business unit 20 26 27 25 23 23 24 23 23 islamic rural bank 105 114 131 138 150 154 158 163 163 number of offices islamic commercial bank 349 401 581 711 1.215 1.349 1.745 1998 2139 islamic business unit 183 196 241 287 262 300 517 590 425 islamic rural bank 105 185 202 225 286 362 401 402 429 source: islamic banking statistics, bank of indonesia islamic banking has grown rapidly in indonesia. this is shown by the development of third-party funds, financing and distribution of assets in the islamic banking industry from the years before the regulations regarding the spin-off and after the rule of the spin-off. seen that from year to year, that an increase in either of assets, third-party funds, and the distribution of financing in islamic banks. table 2. the growth of third party fund, financing and asset (billion rupiah) 2006 2007 2008 2009 2010 2011 2012 2013 2014* fundraising 20.672 28.011 36.852 52.271 76.036 115.415 147.512 174.018 186.608 financing 20.444 27.944 38.194 46.886 68.181 102.655 147.505 179.284 187.886 asset 26.722 36.537 49.555 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia abdul hamid: the impact of spin-off policy 119 on july 16, 2008, has passed law no. 21 of 2008 concerning islamic banking. with the passing of this law provides the legal basis and the national islamic banking industry is expected to encourage the development of islamic banking industry for the better. one of the crucial issues in this legislation that can accelerate the development of islamic banking in indonesia is related to the separation (spin-off) islamic business units both voluntary and mandatory if the asset of islamic banking unit has reached 50% of the parent bank’s assets or after 15 years since the law no. 21 of 2008 had been applied. according tübke (2004) there are several factors that affect the separation process (spin-off). first, the factors associated with the business activity, the first factor is related to the size of the company and the business sector differences between the parent company to its subsidiaries. if the first factor is associated with the islamic business unit can be positioned as a conventional bank subsidiaries and parent company. second, the factors associated with the organization and management of the company. third, factors associated with relationships and support. there are three patterns of relationships that may be created between the parent company with subsidiaries which perform the separation, namely the relationship market (market-relatedness), the relationship of the product (product relatedness), and the relationship of technology (technology-relatedness). fourth, transfer factor or transfer such transfer of experience from the parent company to its subsidiaries. fifth, factors associated with motivation. sixth, the factors associated with the business environment in the form of the characteristics of the regional business environment and legal framework in the year of 2010 – 2011, many of islamic banking unit (uus) decided the spin-off (separate themselves from the parent bank) to establish islamic banks (bus), with a reason to promote islamic banking and more independent management. from 11 islamic banks (bus), who was born purely through the spin-off islamic banking unit are bjb syariah and bni syariah, while others have appeared islamic banks through acquisitions, such as the bank of syariah mandiri derived from the acquisition of bank of susila bakti, bank mega syariah of acquisition of tugu bank, and bca syariah through bank of jasa artha. moreover, the spin-off through the acquisition then subsequently converted, such as bank of syariah bukopin. bri syariah through bank of uib, victoria bank through swaguna bank, maybank syariah through maybank indocorp. separation initially considered beautiful, it was not as easy to do, there were islamic banks that successful in the spin off, but there were also islamic banks experience some setbacks in spin-offs when becoming full-pledge islamic banks. spin-off policies that have been implemented in 2008, are still not able al-iqtishad: vol. vii no. 1, januari 2015 120 to reach the target market share of 5% of the national banking assets as well as the phenomenon of islamic banks spinoff spin-offs are still not strong visible management of indicators financial performance displayed. accordingly, this study sought to determine the impact of policy separation (spin-off) of islamic banking unit (uus) into islamic banks (bus) to third party funds in the indonesian islamic banking industry. literature review until now there has not been a lot of theories or research found associated with the spin-off in islamic banks. this is due to the spin-off of the new islamic banks only first practiced in indonesia. therefore, theories or models of the spin-off will be done with the model of spin-offs are applied to industry in general. nasuha (2012) done the research about the performance difference on islamic banking unit that decided to spin-off, such as bni shariah, bri shariah, bjb shariah, bsb and victoria shariah. the research is done by wilcoxon match pairs test that saw the performance between before and after the spin-off decision on islamic banking units. the variables of islamic banks performance are asset, financing, third party funds, net earnings, car, npf, fdr, roa and roe. the result shown that only asset, financing and third party funds that shown a difference between before and after spin-off policies on that five banks. otherwise for other variables such as car, fdr, roa and roe shown that there were no difference on car, fdr, roa and roe in islamic banks. this result might be due to the spin-off is new practiced in the islamic banking industry, so the testing period was short on this research. al arif (2014) conducted a study about the impact of spin-off policy on the growth of islamic banking industry, which one the growth indicator is asset growth. this research uses the data on islamic banking statistics from bank of indonesia and financial service authority. the result shows that all the independent variables such as spin-off dummy variable, one-month time deposit, operational efficiency ratio (bopo), and profitability ratio (roa) had an impact on the asset growth on islamic banking industry in indonesia. according elfring and foss (1997) there are two types of spin-off, namely: first, in terms of its parent company, in which the parent company for some reason is not able or not able to exploit the opportunities that come by. the second type is related to organizational units as an individual, in this second type is the type most widely performed, in which the subsidiary is not the same as its parent company. this second type contained in the spin-off of the islamic banking units in conventional banks in indonesia. abdul hamid: the impact of spin-off policy 121 beeson and hyden (2002) stated that if a lot of company done the spinoff to increase the competitiveness of the company and create the value for the shareholders by focused on it primary business. christo and falk (2006) showed that the key factor of spin-off is the focused of the industry. from these result and we related to this research, we can stated that the spin-off decision that had been done by several islamic banking unit can give a value for the parents company and also for the shareholders. because the parents company can focused on his primary business, and the subsidiary company can focused to develop. chemmanur and yan (2004) develops a new rationale for corporate spinoffs, and for the performance and value improvements following them. the firm has two divisions, and current management has differing abilities for managing these two divisions. spin-offs can enhance firm management. in addition, on their analysis demonstrates that in addition to positive abnormal stock-price return on the announcement day, spin-offs also lead to positive long-term abnormal stock returns (on average) for parent spin-offs combination reporting subsequent takeover activity. methods to achieve the goal of this research analyzing the influence of spin-off policy on the profitability ratio of indonesian islamic banking, regression analysis is used. the mathematical equation proposed in this research is: yt = β0 + β1 dt + β2 x1t + β3 x2t + β4 x3t + ε where: y t = roa; dt =dummy variable for spin-off which is: 0 before spin-off, 1 after spin-off; x1t = non-performing financing (npf); x2t= one-month deposit margin; x 3t = bopo after processing the regression analysis, to see whether the model is good or bad, we have to know the goodness of fit of the model. to see the goodness of fit of the model, we have to look at the t-statistics, f-statistics, the coefficient of determination (r2), as well as to cover classical assumption test heteroscedasticity, autocorrelation, and multicollinearity. decision to accept or reject ho was made on the basis of the value of the test statistic obtained from the existing data. under the normality assumption followed the statistical distribution of variable t with degrees of freedom n−k. a statistic is said al-iqtishad: vol. vii no. 1, januari 2015 122 to be statistically significant if the value of the test statistic is in the critical region. the aim of statistical t test is to see how big the effect of independent variables on the dependent variable individually. testing the null hypothesis is with f-statistics is necessary to test if β k = 0. the calculation of f-statistics performed by comparing the critical value f obtained from f distribution table at a certain significance level. if the null hypothesis is rejected, it means that the independent variables affect the dependent variable. in this case, the empirical treatment aims to look at the effect of independent variables on the dependent variable. the coefficient of determination or r2 is a measure of goodness of fit which explained whether the linear regression is in line with observational data. kennedy (2008) said the coefficient of determination, r2, to represent the proportion of the variation in the dependent variable explained by variation in the independent variables. if r2=1, it means perfect relationship between independent variable and dependent variable, otherwise r2=0 means no relationship between independent variable and dependent variable. discussion according to data processing based on islamic banking statistics, we get the equation from this model as follows: roa = 4.56672 + 1.44873 d_spinoff – 0.0547 npf + 0.0021 margin – 0.0511 bopo se (0.5575) (0.2434) (0.0424) (0.0045) (0.0082) where: r2 = 0.81982; adj.r2 = 0.80647; f-statistic= 61.4237. from the results obtained above, it is seen that the coefficient of the constant value is 4.56672, meaning that when all other variables are assumed to be zero; the profitability ratio will still increase every month. then for the spin-off dummy coefficient, which is zero if the period time before the enforcement of spin-off policy and 1 if the period time after the enforcement of spin-off policy, has a positive sign. it means that there is a positive relationship between the spin-off policy and the increasing of islamic banking profit. the value of t-test shown a significant result implied that there is an effect between spin-off policies based on law of 21/2008 about islamic banking to the profit of islamic banking industry in indonesia. abdul hamid: the impact of spin-off policy 123 the first control variable is the ratio of npf in islamic banks which shown that t-test value is higher than the t-table value; it means that there is a relationship between npf and profitability ratio that held by islamic banks. these results indicate that the health of banks into one of the determinants of islamic banking profits. from these result showed that the increasing of npf in islamic banks will decrease the profit in islamic banks. the second control variable is margin of one-month time deposit which shown that t-test value is lower than the t-table value; it means that there is no relationship between one-month time deposit margin and profitability ratio on islamic banks. the third control variable is efficiency ratio that measured by bopo. the result showed that there was a relationship between the bopo ratio and profitability ratio on islamic banks. these results indicate that the higher level of bopo in islamic banks, the profit will decrease. the higher level of bopo means that the islamic banks more inefficient, because the operational cost was higher rather than the operational income. this result relevant with the fact, that if islamic banking is less efficient it will make the profit of that islamic banks will be decrease. to see how much this model is influenced by the existing variable, we can use the coefficient of determination. the value of adj.r2 is 0.80647, explained that the proportion of the variation in the dependent variable explained by variation in the independent variables was 80.65 percent; the rest is explained by other variables outside of the existing models. next, to see the simultaneous effect of all independent variables to dependent variable used the f-statistics test. based on the empirical result shown the f-test value is 61.4237, it means that the existing variables have an influence on the profitability ratio contained in islamic banking. from this result we can conclude that spin-off policies that applied to islamic banking industry in indonesia had a good effect to increase the profit. this result give a some result that different by the research had done by nasuha (2013). nasuha done the research about the performance difference on islamic banking unit that decided to spin-off, such as bni shariah, bri shariah, bjb shariah, bsb and victoria shariah. the research is done by wilcoxon match pairs test that saw the performance between before and after the spin-off decision on islamic banking units. the variables of islamic banks performance are asset, financing, third party funds, net earnings, car, npf, fdr, roa and roe. the result shown that only asset, financing and third party funds that shown a difference between before and after spin-off policies on that five banks. otherwise for other variables such as car, fdr, roa and roe shown that there were no difference on car, fdr, roa and roe in islamic banks. this result might be due to the spin-off is new practiced in the islamic banking industry, so the testing period was short on this research. al-iqtishad: vol. vii no. 1, januari 2015 124 beeson and hyden (2002) stated that if a lot of company done the spinoff to increase the competitiveness of the company and create the value for the shareholders by focused on it primary business. christo and falk (2006) showed that the key factor of spin-off is the focused of the industry. from these result and we related to this research, we can stated that the spin-off decision that had been done by several islamic banking unit can give a value for the parents company and also for the shareholders. because the parents company can focused on his primary business, and the subsidiary company can focused to develop. veld and veld merkoulova (2002) doing the research in 156 spin-off in europe since 1987 until september 2000, the result showed that there is an increasing of abnormal earning is about 3.57% for company that focused on its core business, and only 0.76% for company that not focused on its core business. herzeca (1996) stated that spin-off has been successfully used to facilitate the achievement of our strategic objectives with as allow it to focus on its core business. herzeca further argued that the spin-off has been able to effectively separate the business capital of the businesses that have high growth. in addition to the spin-off can eliminate the conflicts that exist in two different businesses. agarwal et.al (2004) suggested that the separation is often formed to capitalize on the knowledge that is created by their parent company but not exploited. this explains why the company better, may create more knowledge, but it may have a higher level of separation. this model explains the reason for separation as to develop knowledge of the less exploited by its parent company. this model shows how the separation (spin-off) provides a mechanism to compensate for ability limitation of companies to evaluate new ideas. from the results obtained, then associated with several previous studies showed that the spin-off policy has a good influence on the development of the industry. this is similar to the case of the spin-off policy in the islamic banking industry in indonesia, where the spin-off policy proved to increase the growth of third party funds in the islamic banking industry. conclusion spin-off policy as contained in the law 21 in 2008 is one of the breakthroughs that aims to accelerate the growth of islamic banking in indonesia. the model proposed in this study uses regression with a dummy variable, as well as control variables in the form of internal factors such as the npf, margin, and bopo. the results showed that the dummy variable of spin-off, npf and bopo give a significant influence on the profitability ratio (measured by roa) of indonesian islamic banking industry. but, the deposit margin doesn’t have an influence on abdul hamid: the impact of spin-off policy 125 profitability ratio. so, we can conclude that the spin-off policy have a significant influence on profitability ratio on indonesian islamic banking industry. the empirical result obtained on this study indicate that the spin-off policy that pursued by the central bank is right. although there are still some policies are still needed by the islamic banking industry to grown up rapidly than the growth of conventional banks. the results of this study also helped to support the studies of spin-offs that show a positive influence on the development of the company. the model in this study still needs to be improved, because the data used in this study used data indonesian islamic banking industry in general. therefore it is recommended for future research may use data derived from each islamic banking unit who have decided spin-off into islamic banks. it is intended that the analysis obtained more sharp and accurate in giving an overview of the effect of the spin-off policy towards the islamic banking. reference al arif, m.n.r. 2014. the impact of spin-off policy on islamic banking industry in indonesia. working paper, uin syarif hidayatullah jakarta. bchini, b. 2012. spin-off: factor of growth and entrepreneurial success: the example of tunisia. international journal of business and social science, vol. 3, no. 12, june 2012, page 65-75. beeson, j. & c. hyden. 2002. corporate spin-offs: gaining focus and unleashing stockholder value. orange county business journal, sept 30 – oct 6, 2002, 39: pp 14 castello, p.m.p, et.al. 1999. the impact of corporate spin-offs on competitiveness and employment in the european union. sevilla: ipts technical report series, european comission chemmanur, t.j. & an yan. 2004. a theory of corporate spin-offs. journal of financial economics, elsevier, vol. 72, issue 2, may 2004, pages 259-290. chu, p.y, et. al. 2010. spin-off strategies and performance: a case study of taiwan’s acer group. asian business and management, 2010, vol. 9, 1, page 101-125 cristo, d.a. & r.w. falk. 2006. spinoffs and carveouts: some factors leading to successful divestiture. competition forum, vol. 4, 2. elfring, t. & n.j. foss. 1997. corporate renewal through internal venturing and spin-offs: perspectives from organizational economics. working paper 97-7, department of industrial economics and strategy copenhagen business school. elpida, et.al. 2010. the spin-off chain. journal of management and innovation, 2010, vol. 5, issue 3, pp. 51 – 68. al-iqtishad: vol. vii no. 1, januari 2015 126 herzeca, l. 1996. spin-offs: the latest divestitute fad. best’s review, vol. 97, 4 page 65. jongbloed, m. 2004. spin-offs: implication for corporate policies. vol. xlix, 4, 2004, page 569-588. klepper, s. 2011. nano-economics, spinoffs, and the wealth of regions. small business economics, springer, vol. 37 (2), pp. 141-154. klepper, s. & s. sleeper. 2005. entry by spinoffs. management science, vol. 51, no. 8, august 2005, pp. 1291 – 1306. klepper, s. & p. thompson. 2010. disaggrements and intra-industry spinoffs. international journal of industrial organization, elsevier, vol. 28(5), september 2010, pp. 526-538. kim, j. 2011. corporate restructuring through spin-off reorganization plan: a korean case study. pace international law review, vol. 23, issue 1, winter 2011. miles, j.a. & j.d. rosenfeld. 1983. the effect of voluntary spin-off announcement on shareholder wealth. the journal of finance, vol. xxxviii, no. 5, december 1983, pp. 1597 – 1606. miles, m.p., et. al. 1992. the degree of marketing and entrepreneurial orientations in spinoff and non-spinoff organizations. journal of business and entrepreneurship, vol. 4, number 2, july 1992. page. 67-75 nasuha, a. 2012. the impact of spin-off policy on islamic bank’s performance. jurnal iqtishad fakultas syariah dan hukum uin syarif hidayatullah jakarta, vol. iv, no. 2juli 2012, pp. 241-258. rizqullah. 2013. the alternative methods of islamic banking unit into islamic commercial banking. (dissertation unpublished). jakarta: university of trisakti. semadeni, m.b. 2003. leaving the corporate fold: examining spin-off actions and performance. dissertation of graduate studies of texas and a & m university. thompson, peter dan steven klepper. 2005. spinoff entry in high-tech industries: motives and consequences. working papers 0503, florida international university, department of economics. veld, chris & yulia v veld-merkoulova. 2002. do spin-offs really create value? the european case. research paper, department of finance and center, tilburg university, netherlands. erika amelia: financial ratio and its influence 229 financial ratio and its influence to profitability in islamic banks erika amelia1 abstract. financial ratio and its influence to profitability in islamic banks. this research aims to analyze the influence of the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) to return on asset (roa) in bank muamalat indonesia and bank syariah mega. the data analysis method used in this research is multiple regression analysis. from the test results show that the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) simultaneously effect to return on asset (roa). based on the test results of the t statistic was concluded that the capital adequacy ratio (car), non performing financing (npf) and the financing to deposit ratio (fdr) partially no significant effect to return on asset (roa), while biaya operasional pendapatan operasional (bopo) partially significant effect to return on asset (roa). keywords: financial ratio, profitability, islamic banks, multiple regression abstrak: rasio keuangan dan pengaruhnya terhadap profitabilitas di perbankan syariah. penelitian ini bertujuan untuk menganalisis pengaruh capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) dan biaya operasional pendapatan operasional (bopo) terhadap return on asset (roa) pada bank muamalat indonesia dan bank syariah mega. metode analisis data yang digunakan dalam penelitian ini adalah analisis regresi berganda. dari hasil uji statistik f menunjukkan bahwa capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) dan biaya operasional pendapatan operasional (bopo) secara simultan berpengaruh terhadap return on asset (roa). berdasarkan hasil uji statistik t disimpulkan bahwa capital adequacy ratio (car), non performing financing (npf) dan financing to deposit ratio (fdr) secara parsial tidak berpengaruh signifikan terhadap return on asset (roa) sedangkan biaya operasional pendapatan operasional (bopo) secara parsial berpengaruh signifikan terhadap return on asset (roa). kata kunci: rasio keuangan profitabilitas, bank syariah, regresi berganda first draft: january, 15th 2015, revision: march, 10th 2015, accepted: april, 20th 2015 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: erika.amelia@uinjkt.ac.id al-iqtishad: vol. vii no. 2, juli 2015 230 introduction crises that have occurred in the indonesian banking industry has been aware of all parties that the conventional banking system is not the only system that is reliable, but there is another banking system better is islamic banking. in the banking activities, the implementation of islamic teachings are realized by the implementation of sharia banking activity that is consistent with islamic thought on economic activity. along with the increasing economic growth, islamic finance has also increased (santoso and sigit triandaru , 2006) in order to maintain public confidence, the banks must maintain financial performance. the bank’s financial performance can be assessed by several indicators. one of the main indicators used as the basis of assessment is the bank ‘s financial statements. based on the financial statements will be calculated a number of financial ratios commonly used as the basis of assessment of the bank (riyadi , 2006). recognizing the importance of health of a bank for the establishment of confidence in the banking world as well as to implement the precautionary principle (prudential banking) in the banking sector, bank indonesia felt the need to apply the rules on the health of banks. with the bank ‘s health regulations, banks are expected to always be in good health, so it will not harm associated with the banking community (santoso and sigit triandaru , 2006) to know the financial condition of a bank, it can be seen that the financial statements are presented by a bank periodically. this report is very useful, especially for owners, management, government, and society as a bank customer, in order to determine the condition of the bank (kasmir,2012). bank rating include an assessment of the factors which consists of: capital; asset quality; management; earnings; liquidity; sensitivity to market risk. in this study, aspects of capital assessed through the capital adequacy ratio (car), asset quality aspects assessed through non performing financing (npf), the aspect of profitability assessed by return on assets (roa) and operating expenses to operating income (roa), while the liquidity aspect assessed through financing to deposit ratio (fdr). some research show different results, the not the consistency of the results of research has been done before, and then the researcher are interested in similar research regarding, “ the effect of capital adequacy ratio ( car ) , non performing financing ( npf ) , financing to deposit ratio ( fdr ) and operating expenses operating income ( oeoi ) to return on assets ( roa ) in bank muamalat indonesia and bank syariah mega registered in bank indonesia period 2005-2012” erika amelia: financial ratio and its influence 231 literature review the bank’s financial statements show the financial condition of the bank as a whole. from this report will be read how the actual condition of the bank, including the weaknesses and strengths (kasmir, 2012). the purpose of making the bank’s financial statements with the principles of islamic sharia is (rifqi muhammad, 2008): first, improving obedience to the principles of islamic transactions in all transactions and business activities; second, information sharia compliance by the entity on islamic principles, as well as information assets, liabilities, and expenses opinion incompatible with islamic principles if there is and how the acquisition and use; third, information to help evaluate fulfillment of responsibilities sharia entity to trust in securing funds and invest in a decent profit levels; fourth, information about the level of investment profits earned investors and owners of temporary syirkah funds and information regarding the fulfillment of the obligation (obligation) social function sharia entities, including the management and distribution of zakat, infaq, shodaqoh and wakaf. the health of banks is the result of qualitative assessments of various aspects affecting the condition or performance of a bank through the assessment of financial, asset quality, management, earnings, liquidity and sensitivity to the market risk (santoso and sigit triandaru, 2006). the rules about the health of islamic banks have been set by bank indonesia regulation (pbi) no. 9/1 / pbi / 2007 concerning the rating system for general banks based on sharia principles (in http://www.bi.go. id, downloaded on september 6, 2013) subject and according to bank indonesia circular letter no. 9/24 / dpbs october 30, 2007 regarding the rating system for commercial banks based on islamic principles (in http://www.bi.go.id, downloaded on 8 september 2013). the bank rating of health banks include an assessment of the following factors: first, an assessment of the capital factor includes assessment of the following components: adequacy, projected (future trend) capital and the ability of capital to cover risks; and; the ability to meet the need for additional capital from earnings, capital plan to support business growth, access to sources of capital and financial performance of shareholders. second, an assessment of the asset quality factor includes assessment of the following components: the quality of productive assets, the development of the quality of earning assets, concentrations of risk exposure, and risk exposure core customers; the adequacy of policies and procedures, review systems (review) internal, system of documentation and handling performance earning assets. third, an assessment of the management factors include assessment of the al-iqtishad: vol. vii no. 2, juli 2015 232 following components: the quality of general management, application of risk management, primarily on the understanding management on the risk of bank or uus; obedience of bank or uus on applicable provisions, a commitment to bank indonesia or other parties, and adherence to islamic principles, including educating the public execution of a social function. fourth, an assessment of the earnings factor includes assessment of the following components: ability to produce profits, earnings capacity to support the expansion and risk cover, as well as the level of efficiency; diversification of revenue, including the ability of banks to earn fee-based income, and diversification of investment of funds, and also application of accounting principles in the recognition of income and expenses fifth, an assessment of the liquidity factors include assessment of the following components: the ability to fulfill short-term obligations, the potential maturity mismatch, and the concentration of funding sources; the adequacy of liquidity management policies, access to funding sources, and funding stability. sixth, assessment of sensitivity to market risk factors include assessment of the following components: the ability of the bank or sharia capital covering potential losses as a result of fluctuations (adverse movement) exchange rates; the adequacy of the implementation of market risk management. return on assets (roa) is used to measure the bank’s management in the gain (profit) as a whole. the greater return on asset (roa) of a bank, the higher the level of the bank’s profits achieved and the better the bank’s position in terms of the use of the asset (dendawijaya, 2009). table. 1 criteria of return on asset (roa) level assessment level criteria information level 1 roa > 1,5% very high level 2 1,25% < roa ≤ 1,5% high level 3 0,5% < roa ≤ 1,25% high enough level 4 0% < roa ≤ 0,5% low level 5 roa ≤ 0% very low source: bank indonesia circular letter no. 9/24 / dpbs 2007 capital adequacy ratio (car) is called with the capital adequacy ratio, which means that the amount of equity capital required to cover the risk of financial loss that may arise from cultivation of assets are risky. the greater this ratio, the bank’s profit will also increase. in other words, the smaller the risk of a bank, the greater profits of a bank (kuncoro and suhardjono, 2011). erika amelia: financial ratio and its influence 233 table. 2 criteria of capital adequacy ratio (car) level assessment level criteria information level 1 kpmm ≥ 12% significantly higher than certainty level 2 9% ≤ kpmm < 12% higher than certainty level 3 8% ≤ kpmm < 9% less higher than certainty level 4 6% < kpmm < 8% lower than certainty level 5 kpmm ≤ 6% less lower than certainty source: bank indonesia circular letter no. 9/24 / dpbs 2007 non-performing financing (npf) is used to measure the level of financing problems faced by islamic banks. the higher this ratio, indicating the quality of islamic bank financing is getting worse (mohammed, 2005). table. 3 criteria of non performing financing (npf) level assessment level criteria information level 1 npf < 2% very good level 2 2% ≤ npf < 5% good level 3 5% ≤ npf < 8% good enough level 4 8% ≤ npf < 12% less good level 5 npf ≥ 12% not good source: bank indonesia circular letter no. 9/24 / dpbs 2007. financing to deposit ratio (fdr) is how much third party funds be released for financing islamic banks (mohammed, 2005). loan to deposit ratio (ldr) is how far the bank’s ability to repay the withdrawal of funds by depositors by controlling loans as a source of liquidity. the higher this ratio, gives indication of the lack of bank liquidity. this is because the amount of funds required to finance the credit is grow (dendawijaya, 2009). the amount of ldr follows the development of indonesia’s economic condition. based on bank indonesia regulation (pbi) no. 15/7 / pbi / 2013 on statutory reserves of commercial banks in bank indonesia in rupiah and foreign exchange, that the bank is considered healthy if the amount of the loan to deposit ratio (ldr) to the lower limit of the loan to deposit ratio (ldr) target is 78% and the upper limit of the loan to deposit ratio (ldr) target is 92% from the date of december 2, 2013. biaya operasional pendapatan operasional (bopo) is used to measure the efficiency of the bank’s ability to conduct its operations. the higher this ratio, the greater the bank’s inefficient operating costs (dendawijaya, 2009). al-iqtishad: vol. vii no. 2, juli 2015 234 table. 4 criteria of biaya operasional pendapatan operasional (bopo) level assessment level criteria information level 1 reo ≤ 83% very high level 2 83% < reo ≤ 85% high level 3 85% < reo ≤ 87% less high level 4 87% < reo ≤ 89% low level 5 reo > 89% les low source: bank indonesia circular letter no. 9/24 / dpbs 2007 in a study conducted by adi stiawan (2009) examined the effect of the capital adequacy ratio ( car ) of the return on assets (roa). research results showed a significant influence of the capital adequacy ratio (car) of the return on assets (roa) . however, these studies contradict the research asma‘ rashidah idris, fadli fizari abu hassan asari, noor asilah abdullah taufik, nor jana salim, rajmi mustaffa and kamaruzaman jusoff (2011) and muh. sabir m, muhammad ali, and abd. hamid habbe (2012). the results showed that the capital adequacy ratio (car) did not significantly affect the return on assets (roa). in a study conducted by adi stiawan (2009) and vishnu aluisius n. (2011) related to the effect of non-performing financing (npf) on return on assets (roa) shows the result that the non-performing financing (npf) significantly affect the return on assets ( roa ). aulia fuad rahman and rochmanika rida (2011) in his research stating that non performing financing (npf) positive effect on return on assets (roa). however, research conducted both at odds with research muh sabir, muhammad ali , and abd hamid habbe (2012) which showed that the nonperforming financing (npf) no significant effect on return on assets (roa). adi stiawan (2009) conducted a study on the effect of financing to deposit ratio (fdr) of the return on assets (roa). the result of research indicated that the financing to deposit ratio (fdr) significantly affect the return on assets (roa). in the study muh sabir, muhammad ali, and abd hamid habbe (2012) showed that the financing to deposit ratio (fdr) positive and significant impact on the return on assets (roa). the study contradicts the suryani study (2011) that the financing to deposit ratio (fdr) no significant effect on return on assets (roa). operating costs operating income (bopo) studied adi stiawan (2009) and aluisius wishnu n. (2011 ) showed that the operating costs operating income (bopo) significantly affect the return on assets (roa). the research muh sabir, muhammad ali, and abd hamid habbe (2012), shows that the operating costs operating income (bopo) significant negative effect on return on assets (roa). erika amelia: financial ratio and its influence 235 methods the population in this research is islamic banks (ib). sampling technique in this research is nonprobability sampling is a sampling technique that does not give the opportunity / same opportunity for each element or member of the population to be elected as members of the sample (sugiyono, 2011). purposive sampling method is sampling technique with particular consideration (sugiyono, 2011). criteria for islamic banks are sampled islamic banks operating in the period 2005-2012 and islamic banks which presents data quarterly financial report for the period 20052012. based on these criteria, the sample used in this study is bank of muamalat indonesia and bank of mega syariah. the data used in this research is secondary data from the quarterly financial report of financial ratios table issued and published on the web site by bank muamalat indonesia and bank syariah mega period 2005 to 2012. the data and information obtained through the official website of bank indonesia. method of analysis used in this research is the method of multiple linear regression analysis. discussion based on the result, it can be seen that the return on asset (roa) has an average value of 2.39%. thus, roa of islamic banks have to fulfill the standards of bank indonesia, which means islamic banks successfully manage its financial performance in increasing revenue and reducing costs. the average value of the capital adequacy ratio (car) is 13.07%. thus statistically, car of islamic banks are significantly higher than the provisions of bank indonesia, which means islamic banks able to finance the operations of the bank to absorb losses on assets decline. financing to deposit ratio (fdr) has an average of 84.48%. so fdr of islamic banks have to fulfill the standards of bank indonesia, which means the distribution of funding is greater than the funds deposited, because the main function of the bank is as intermediation (intermediary) between the parties with the excess funds with underfunded. biaya operasional pendapatan operasional (bopo) reached an average of 83.38%. so bopo ratio of islamic banks comes into the second rank (83% <reo ≤ 85%), which indicates that the efficiency of operational activities of islamic banks are already good. based on the results of the amount of correlation between the independent variables, it appears that only the operating expenses operating income (bopo) which has a quite high correlation with the variable financing to deposit ratio (fdr) with a correlation of 58.7%. therefore, this correlation is still below 95%, it can be said did not occur serious multicoloniarity. multicoloniarity test results with see the value of tolerance and vif. results of tolerance calculation showed that were al-iqtishad: vol. vii no. 2, juli 2015 236 no independent variables have a tolerance value of less than 0.10, which means there is no correlation between the independent variable whose value is more than 95%. the result of the calculation variance inflation factor (vif) also showed the same thing that no one independent variable that has a value of more than 10. so vif can be concluded that there is no multicoloniarity in the regression model. to determine the presence of autocorrelation in a regression model, then tested against the value of the durbin-watson (dw) test. the result show that the generate value durbin-watson (dw) 0,929. while in the table of durbinwatson (dw) the number of samples (n) = 64 and the number of independent variables (k) = 4 and a significance level of 0.05 obtained values (dl) = 1.46 and (du) = 1.73. therefore the calculation can be concluded that there is a positive autocorrelation. because the regression model contained autocorrelation problem, it is necessary to measure improvement. improvements are considered appropriate is to use a technique generalized least square (gls) that is a method to get rid of the first order autocorrelation (first order autocorrelation) in a regression equation estimation. then the method used to estimate the value of p is the method cochraneoreutt is a technique replicates of two stages: the first stage is to run a regression to the initial equation then predicted coefficient p by running regression equation based on the suspected residue containing autocorrelation. then, the second stage is using an estimate of the autocorrelation coefficient, where p is used to estimate the generalized least square equation by substituting estimation p. after performing ols regression techniques, we then look for the first iteration p value estimate for estimating the generalized difference equation in the equation. the test results of durbin-watson (dw) after repair autocorrelation as follows. in the previous regression equation, the value of the durbin-watson (dw) of 0,929 and consist a positive autocorrelation, while the regression equation after repair generate of durbin-watson value (dw) of 1.920 which means it did not happen autocorrelation. from the result shows that dots dispersed and scattered above and below the number 0 on the y axis, there is no specific pattern that is irregular or no clear pattern. therefore, it can be concluded that there is no heteroscedasticity in this regression models. testing the normality of the data to statistical analysis performed using kolmogorov-smirnov (ks). in multivariate normality tests performed on residual value. the data indicated a normal distribution with significant value above 0.05 or 5% (ghozali, 2011). the value of the kolmogorov-smirnov (ks) are 1.056 and 0.215 significance. it can be concluded that the distribution pattern of the residuals are normally distributed, so the regression model fulfill the normality test. erika amelia: financial ratio and its influence 237 the coefficient of determination (r2) was essentially measures how far the ability of the model to explain variations in the dependent variable (ghozali, 2011). the coefficient of determination can be seen as follows. the amount of adjusted r square (r2) is 0.657. the results of this statistical the calculation shows the variation of the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) can explain the variation of 65.7% return on asset (roa). while the remaining 34.3% is explained by other factors beyond the regression model are analyzed. the statistical test f basically indicates whether all the independent variables included in the model have jointly influence on the dependent variable. based on the results of spss output simultaneously the influence of independent variables on the dependent variable can be seen as follow. on the result of statistical test f, obtained calculated f value is 30.641 and 0.000 significance level. because the level of significance less than 0.05 and the result f count is greater than the f table (30.641> 2.53), it can be concluded that the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) simultaneously significant effect on return on asset (roa). t statistical test indicates how far the influence of the independent variables individually in explaining variation dependent variable. the results of test calculations obtained partial t variable capital adequacy ratio (car) of -0.478 with a significance value of (0.634> 0.05). it can be concluded that the capital adequacy ratio (car) partially negative but insignificant effect on the return on asset (roa). this means that the higher the level of capital adequacy ratio (car) of a bank did not a barometer of the success of the bank’s management in obtaining high profits because capital owned banks have not used optimally in the distribution of funding which the car only serves as a backup capital which resulted in the bank’s capital funds to settle unproductive or idle (idle funds). the results of test calculations obtained partial t variable non-performing financing (npf) of -0.189 with a significance value of (0.851> 0.05). it can be concluded that the non-performing financing (npf) partially negative but insignificant effect on the return on asset (roa). the results of this research indicate the possibility of resulting value penyisihan penghapusan aktiva produktif (ppap) can still cover the financing problems. bank profits can still be increased by the high of non performing financing (npf), because banks are still able to obtain, not only a source of income from the finance portfolio, but also from other income sources also provide a relatively high influence on the rate of return on asset. the results of test calculations obtained partial t variable financing to deposit al-iqtishad: vol. vii no. 2, juli 2015 238 ratio (fdr) of -1.411 with a significance value of (0.164> 0.05). it can be concluded that the financing to deposit ratio (fdr) partially negative but insignificant effect on the return on asset (roa). the results of this research showed the higher this ratio, the greater the illiquid banks. the more illiquid bank greater the liquidity risk borne by the bank, so contained the risk of unavailability of liquid assets to fulfill obligations to customers. trending negative liquidity risk due to the results of a given financing to be borne by the bank increase, so the return on asset (roa) decreased. the level of bank’s ability to withdraw funds from low customer and the bank did not have a reserve fund to restore customer funds savers. the results of test calculations obtained partial t variable operating expenses operating income (bopo) of -10.207 with significance value of (0.000> 0.05). it can be concluded that the biaya operasional pendapatan operasional (bopo) partially significant negative effect on return on asset (roa). the results of this research indicate that if the operations are conducted efficiently generated revenue the bank will increase or more efficient performance of the operations of a bank, the profit earned by the bank will be even greater. conclusion besides the explanation above it can be concluded that through the f statistic test results simultaneously from each of the dependent variables with independent showed that the capital adequacy ratio (car), non performing financing (npf), financing to deposit ratio (fdr) and biaya operasional pendapatan operasional (bopo) significantly affected on return on asset (roa). while the statistical t test results partially from each of the dependent variable showed that the capital adequacy ratio (car) did not significantly influence the return on assets (roa). the results are consistent with previous studies conducted by asma ‘rashidah idris et al (2011) and muh. sabir m et al (2012) that the variable non performing financing (npf) has no significant effect on return on assets (roa). these results are also consistent with previous studies conducted by muh. sabir m et al (2012). as for the variable financing to deposit ratio (fdr) did not significantly influence the return on assets (roa). the result of this study is also in line with previous research conducted by syriac (2011). and for variable operating costs operating income (roa) significantly affects the return on assets (roa). and the results are consistent with previous studies conducted by adi stiawan (2009) and aluisius vishnu, n. (2011) based on the conclusion above, we can suggest that: it is important to make an optimal asset management through financing or business expansion. so, there are no idle funds that could result settles unproductive asset. the application of the erika amelia: financial ratio and its influence 239 precautionary principle in the management of the financing conducted to minimize the risk of financing so as to improve profitability and can manage funds raised from the public and then redistributed in the form of financing, allocation of funds held should be distributed in a variety of forms of investment that will be able to increase the income of the bank, either in the form of bonuses and profit-sharing, which means sharia banks profit will increase and control the income and expenses of special concern to always be at a level of efficiency that can generate maximum profit, so that the performance achieved will always increase. references bank indonesia. 2007. peraturan bank indonesia (pbi) no. 9/1/pbi/2007 tentang sistem penilaian tingkat kesehatan bank umum berdasarkan prinsip syariah dalam http://www.bi.go.id, diunduh pada tanggal 6 september 2014 bank indonesia. 2007. surat edaran bank indonesia no.9/24/dpbs tahun 2007 perihal sistem penilaian tingkat kesehatan bank umum berdasarkan prinsip syariah dalam http://www.bi.go.id, diunduh pada tanggal 8 september 2014 bank indonesia. 2012. peraturan bank indonesia (pbi) no. 14/14/pbi/2012 tentang transparansi dan publikasi laporan bank dalam http://www.bi.go.id, diunduh pada tanggal 8 september 2014 bank indonesia. 2013. peraturan bank indonesia (pbi) no. 15/7/pbi/2013 tentang giro wajib minimum bank umum pada bank indonesia dalam rupiah dan valuta asing dalam http://www.bi.go.id, diunduh pada tanggal 30 desember 2014. dendawijaya, l. 2009, manajemen perbankan. bogor: ghalia indonesia. ghozali, i. 2011. aplikasi analisis multivariate dengan program ibm spss 19. semarang: badan penerbit universitas diponegoro. idris, a.r, et.al. 2011. determinant of islamic banking institutions’ profitability in malaysia. world applied sciences journal 12, pp 88-100. kasmir. 2012. manajemen perbankan. jakarta: raja grafindo persada. kuncoro, m. & suhardjono. 2011. manajemen perbankan: teori dan perbankan. yogyakarta: bpfe yogyakarta. muhammad. 2005. manajemen bank syariah. yogyakarta: unit penerbit dan percetakan amp ykpn. muhammad, r. 2008. akuntansi keuangan syariah, konsep dan implementasi psak syariah. yogyakarta: p3ei press. nugroho, a.w. 2011. analisis pengaruh fdr, npf, bopo, kap dan plo terhadap roa: studi pada bank syariah di indonesia periode tahun 2006-2010. (thesis al-iqtishad: vol. vii no. 2, juli 2015 240 unpublished). semarang: universitas diponegoro. riyadi, s. 2006. banking asset & liability management. jakarta: lembaga penerbit fakultas ekonomi universitas indonesia. sabir, muh. et.al. 2012. pengaruh rasio kesehatan bank terhadap kinerja keuangan bank umum syariah dan bank konvensional di indonesia. jurnal analisis, volume 1, nomor 1, juni 2012, pp. 79-86. santoso, t.b. & s. triandaru. 2006. bank dan lembaga keuangan lain. jakarta: salemba empat. stiawan, a. 2008. analisis pengaruh faktor makroekonomi, pangsa pasar dan karakteristik bank terhadap profitabilitas bank syariah: studi pada bank syariah periode 2005-2008. (thesis unpublished). semarang: universitas diponegoro. sugiyono. 2011. statistika untuk penelitian. bandung: alfabeta. suryani. 2011. analisis pengaruh financing to deposit ratio (fdr) terhadap profitabilitas perbankan syariah di indonesia. jurnal walisongo, volume 19, nomor 1, pp. 35-50. preferensi usaha kecil dan mikro di pasar baru cikarang dalam memilih akses pembiayaan siti aisyah 1 abstract: preference of micro and small enterprise in pasar baru cikarang in selecting financing access. the aim of this research is to measure the micro and small entreprise preference in pasar baru cikarang in selecting of conventional or shariah financing access with using 100 responden. the method that used in this research is binary logistic regression and descriptive analysis. there are two result of this research, first, the factor that influence the micro and small enterprise preference are the lower interest/yield, diverse product, financing plafond, and presence a guidance of business development. second, 37 percent respondent stated that they chose to access financing in islamic financial institutions and 63 percent stated that they chose to access financing in conventional financial institutions. from this result we can conclude that the micro and small medium enterprise in pasar baru cikarang is more preferrable access in conventional financial institution. keyword: preference, financing access, binary logistic regression abstrak: preferensi usaha kecil dan mikro di pasar baru cikarang dalam memilih akses pembiayaan. tujuan dari penelitian ini adalah untuk mengukur preferensi dari usaha mikro dan kecil dalam mengakses pembiayaan berbasis konvensional atau syariah dengan menggunakan 100 orang responden. metode yang digunakan dalam penelitian ini adalah regresi logistik binary dan analisis deskriptif. berdasarkan hasil penelitian, didapat dua kesimpulan. pertama, bahwa hanya ada satu faktor yang mempengaruhi preferensi usaha kecil dan mikro di pasar baru cikarang dalam memilih akses pembiayaan yaitu faktor produk yang meliputi: bunga/margin/bagi hasil yang rendah, produk yang beragam, jumlah plafond yang sesuai dengan kebutuhan dan terdapatnya bimbingan untuk pengembangan usaha. kedua, berdasarkan hasil analisis deskriptif, bahwa 37 persen yang memilih akses pembiayaan di lembaga keuangan syariah dan 63 persen yang memilih akses pembiayaan di lembaga keuangan konvensional. dari hasil tersebut, dapat disimpulkan bahwa usaha kecil dan mikro di pasar baru cikarang lebih berminat atau cenderung memilih akses pembiayaan di lembaga keuangan konvensional. kata kunci: preferensi, akses pembiayaan, regresi logistic binary 1naskah diterima: 10 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 bprs harta insan karimah, jl. ciledug raya, no. 88 b, larangan, tangerang, banten. email: siti_aisyahzakaria@yahoo.com. mailto:siti_aisyahzakaria@yahoo.com 2 pendahuluan perbankan dan lembaga pembiayaan merupakan sektor yang paling besar pengaruhnya dalam aktifitas perekonomian masyarakat modern, sebagai lembaga keuangan yang menjadi tempat bagi perusahaan, badan-badan pemerintah, swasta maupun perorangan yang menyimpan dana-dananya melalui kegiatan pembiayaan dan berbagai jasa yang diberikan, bank melayani kebutuhan pembiayaan serta melancarkan mekanisme sistem pembayaran bagi semua sektor perekonomian. salah satu bentuk pertanggungjawaban sosial bank dan lembaga keuangan syariah adalah memberikan pembiayaan kepada umkm, mengingat umkm ini merupakan cerminan dari perekonomian rakyat, karena kelompok ini merupakan kelompok dominan, bahkan mayoritas dalam struktur pelaku usaha di tanah air. hal ini dapat dilihat dari sumber bappenas sebagaimana dikutip dalam amalia (2009), bahwa data usaha kecil mikro pada tahun 2007 adalah sebanyak 41,30 juta unit (99,85%), usaha menengah 61,05 juta unit (0,14%), dan usaha besar 2,2 juta unit (0,005%). hingga tahun 2011, ukm yang tersebar di indonesia sudah mencapai sekitar 52 juta. dari jumlah tersebut, dampaknya pada penyerapan tenaga kerja, sumbangan terhadap pdb, nilai ekspor non-migas, dan nilai investasi tidak dapat dianggap kecil. oleh karena itu, di tengah krisis ekonomi, umkm memiliki peran penting bagi perekonomian suatu negara. ironisnya, meski keberadaan kelompok usaha kecil dan mikro (ukm) sebagai motor penggerak ekonomi telah mendapatkan legitimasi dari uu no.9 tahun 1995, namun kelompok ukm di wilayah cikarang bekasi dalam perkembangannya seringkali dihadapkan oleh berbagai dilema. persoalan kecilnya akses permodalan dan sulitnya mendapat pembiayaan dari perbankan merupakan dilema yang sangat krusial bagi kelanjutan usaha ukm. dapat dilihat dari seluruh total ukm tahun 2012 baru 45-55 persen ukm yang mendapatkan akses ke perbankan. hal ini karena umumnya masyarakat menengah ke bawah tidak memahami mekanisme yang diterapkan pada bank maupun lembaga keuangan formal, dan kurangnya perhatian dari pemerintah. ditambah lagi, perbankan sebagai salah satu lembaga keuangan yang berfungsi sebagai pemberi pinjaman kepada pihak yang membutuhkan dana, memberikan dana dengan memberikan kriteria dan persyaratan yang cukup rumit bagi calon debiturnya, seperti: harus adanya jaminan, laporan keuangan, slip gaji,dan sebagainya. sedangkan tidak semua masyarakat yang berprofesi sebagai pedagang kecil dan menengah mempunyai persyaratan-persyaratan yang diajukan oleh perbankan tersebut. terdapat dua masalah yang harus dijawab dalam penelitian ini dan setelah kedua pertanyaan masalah ini terjawab, maka penulis akan menganalisisnya lebih mendalam sebagai evaluasi untuk menemukan solusi dan memunculkan kebijakan yang memperkuat pengembangan usaha mikro dan kecil dalam mendapatkan akses pembiayaan di lembaga perbankan. berikut adalah dua masalah dalam penelitian ini: (1) apakah faktor-faktor yang mempengaruhi preferensi ukm di pasar baru cikarang dalam memilih akses pembiayaan?; (2) akses pembiayaan apa yang paling diminati atau yang paling banyak digunakan oleh pelaku ukm di pasar baru cikarang? 3 tinjauan pustaka menurut kotler (2000), preferensi digambarkan sebagai sikap konsumen terhadap produk dan jasa sebagai evaluasi dari sifat kognitif seseorang, perasaan emosional dan kecenderungan bertindak melalui objek atau ide. sementara schiffman dan kanuk (2008) menyatakan sikap adalah ekspresi perasaan (inner feeling) yang mencerminkan apakah seseorang senang atau tidak senang, suka atau tidak suka, dan setuju atau tidak setuju terhadap suatu objek. dalam psikolog, preferensi bisa dipahami sebagai sikap individu terhadap suatu objek, biasanya tercermin dalam proses pengambilan keputusan eksplisit (lichtenstein dan slovic, 2006). preferensi terhadap lembaga pembiayaan adalah keinginan atau kecenderungan seseorang untuk memilih atau tidak memilih bertransaksi di lembaga pembiayaan baik formal maupun nonformal. preferensi masyarakat dalam memilih akses pembiayaan sangat bervariasi, karena setiap individu mempunyai keinginan yang berbeda-beda dalam pilihannya. metode pada penelitian ini merupakan penelitian deskriptif dengan pendekatan kuantitatif yang menggunakan data satu waktu (cross-sectional). teknis analisis data yang digunakan untuk penelitian ini yaitu dengan analisis deskriptif dan untuk menentukan dan menganalisis faktor-faktor yang mempengaruhi preferensi terhadap pilihan akses pembiayaan adalah dengan metode analisis logistic regression model (lrm). metode pengumpulan data pengambilan sampel pada penelitian ini dilakukan secara purposive sampling, dimana pengambilan sampel didasarkan atas ciri-ciri atau sifatsifat tertentu yang dipandang mempunyai kaitan erat dengan ciri atau sifat populasi yang sudah diketahui sebelumnya (hadi: 2004). adapun ciri-ciri tertentunya adalah hanya pada responden (pedagang) yang padat modal yang telah memilih akses pembiayaan baik di perorangan maupun lembaga konvensional atau syariah. sehingga objek penelitian ini adalah para pedagang pasar yang berlokasi di pasar baru cikarang yang beralamatkan di jln.re martadinata no.02, desa cikarang kota kecamatan cikarang utara, kabupaten bekasi. instrumen dalam penelitian ini menggunakan kuesioner. kuesioner disusun secara semi terstruktur dengan pertanyaan-pertanyaan yang telah disediakan pilihan jawabannya, sehingga responden tinggal memilih salah satu jawaban yang telah disediakan. sebelum kuesioner disebarkan kepada responden, terlebih dahulu dilakukan pengujian validitas dan reliabilitas instrumen. untuk mengetahui apakah setiap butir pertanyaan pada setiap variabel dinilai valid atau tidak maka harus dilakukan cara-cara berikut ini (rochaety, dkk, 2007): membandingkan r tabel dengan setiap r butir pertanyaan, dengan cara membandingkan output correlated item total correlation dengan nilai r tabel. sedangkan suatu konstruk dikatakan reliabel jika memberikan nilai cronbach alpha > 0.7 (wijaya, 2009). distribusi normal merupakan distribusi kontinu yang sangat penting dalam statistika dan banyak dipakai dalam memecahkan persoalan (gujarati, 2006). distribusi normal disebut juga distribusi gauss (boediono dan koster, 2008). uji normalitas dilakukan untuk melihat apakah dalam model regresi variabel terikat dan variabel bebas keduanya mempunyai distribusi normal atau 4 tidak. dalam penelitian ini, uji normalitas data dilakukan dengan uji one-sampel kolmogorov-sminorv test. analisis regresi logistik dengan model logit adalah model regresi yang digunakan untuk melihat pengaruh sejumlah variabel independen x1,x2,x3,…….,xk terhadap variabel dependen y yang berupa variabel kategorik (binominal, multinominal atau ordinal) dengan nilai kemungkinan diantara 0 dan 1 (winarno, 2011). spss menyediakan tiga prosedur regresi logistik,yaitu: regresi logistik biner (binary logistic regression), regresi logistik multinominal (multinominal logistic regression), dan regresi logistik ordinal (ordinal logistic regression). regresi logistik biner sangat tepat digunakan untuk melakukan permodelan suatu kemungkinan kejadian dengan variabel respon bertipe kategori dua pilihan. nilai kemungkinan kejadian berada pada rentang 0-1. hal ini sangat berbeda dengan regresi linear biasa dimana nilai variabel dependen (variabel respon) bisa bernilai < 0 atau > dari 1 (trihendardi, 2007). model binary logistik dengan metode logit pada penelitian ini adalah sebagai berikut (nachrowi dan usman, 2008): 𝐿𝐿𝑖𝑖 = 𝑙𝑙𝑙𝑙� 𝑃𝑃𝑖𝑖 1 − 𝑃𝑃 � = 𝛽𝛽0 + 𝛽𝛽1𝑋𝑋𝑖𝑖 + 𝜇𝜇𝑖𝑖 prf = β0 + β1 lay + β2 prod + β3 agama1 + β 4 agama2 + β5 didik 1 + β6 didik2 + β7 didik3+ β8 didik4 + µi dimana: li sebagai preferensi ukm dalam memilih akses pembiayaan. dimana: li = 0, berarti lembaga keuangan konvensional li = 1, berarti lembaga keuangan syariah β0 sebagai konstanta βi sebagai koefisien regresi dari masing-masing variabel independen xi sebagai variabel bebas, dimana lay = layanan prod = produk agama1, agama2, didik1, didik 2, didik3, didik4 sebagai variabel kontrol pembahasan pada penelitian ini, diketahui 37 persen responden pernah mengakses pembiayaan di lembaga keuangan syariah dan 63 persen responden pernah mengakses pembiayaan di lembaga keuangan konvensional. dari data yang telah didapat rata-rata usia responden yang mengakses pembiayaan adalah 24-65 tahun. terkait dengan agama yang dianut oleh responden yang memilih akses pembiayaan di lembaga keuangan syariah. dari 37 responden, terdapat 97,3% responden yang menganut/memeluk agama islam dan 2,7% responden yang menganut agama kristen. dapat disimpulkan bahwa responden yang beragama islam lebih banyak memilih akses pembiayaan syariah. berdasarkan responden yang ada, terdapat 5,4% yang pendidikan terakhirnya sd/sederajat, 8,1% responden yang pendidikan terakhirnya smp/sederajat, 83,3% responden yang pendidikan terakhirnya sma/sederajat dan 2,7% responden yang pendidikan terakhirnya diploma/sederajat. dapat disimpulkan bahwa responden yang pendidikan terakhir sma/sederajat lebih 5 banyak memilih akses pembiayaan syariah. jenis usaha/dagangan yang dijual oleh responden yang memilih akses pembiayaan di lembaga keuangan syariah. terdapat 27% adalah usaha sembako, 13,5% adalah usaha pakaian, 16,2% adalah usaha kelontong, 8,1% adalah usaha peralatan rumah tangga dan 35,1% usaha lainnya. berdasarkan sebaran kuesioner yang dilakukan, terdapat 16,2% yang memilih bank syariah, 24,3% memilih koperasi syariah, 37,8% memilih bmt, 13,5% memilih bprs, dan 8,1% memilih pegadaian syariah. dilihat dari jenis pembiayaan yang diambil terdapat 33 orang mengambil jenis pembiayaan mudharabah dan murabahah, 1 orang mengambil jenis pembiayaan musyarakah dan 3 orang mengambil jenis pembiayaan rahn dan qardh. dapat disimpulkan bahwa responden lebih banyak memilih akses pembiayaan kepada bmt. dalam menentukan uji validitas dan reliabilitas instrument, peneliti menggunakan dengan cara menentukan besarnyar tabel dengan ketentuan tingkat kepercayaan (degree of freedom= df) jumlah kasus dikurangi dua, membandingkan r tabel dengan cara membandingkan output correlated item total correlation dengan nilai r tabel. dari rumus tersebut, nilai r tabel untuk penelitian ini yaitu 100 – 2 = 98, tingkat signifikan 5%, maka nilai r tabel sebesar 0,196 dan dinyatakan valid karena r hitung lebih besar dari r tabel. dan hasil uji reliabilitas pada pertanyaan kuesioner diperoleh hasil alpha hitung 0,762, maka kuesioner terbukti handal atau reliabel karena cronbach alpha > 0,7. uji normalitas dilakukan untuk mengetahui kecocokan metode logit atau probit yang digunakan untuk penelitian ini, maka perlu melakukan uji normalitas. untuk uji normalitas peneliti menggunakan one sample kolmogorovsminorv test dengan melihat tingkat signifikansi 5% pada masing-masing variabel. jika variabel tidak berdistribusi normal maka metode logit yang dipakai, namun jika variabel berdistribusi normal, maka metode probit yang dipakai. dari hasil pengujian normalitas data dapat diketahui bahwa variabel bebas x1, x3, x4, x5, x6, x7 dan x8 mempunyai distribusi tidak normal sehingga model yang dipakai adalah model logit. dan untuk variabel bebas x2 mempunyai distribusi normal sehingga model yang dipakai adalah probit. meskipun berbeda kedua model logit dan probit memiliki jenis metode yang sama. tidak ada alasan yang memaksa untuk harus menggunakan metode yang satu dibandingkan lainnya. dalam penelitian ini penulis menggunakan metode logit. analisis regresi logistik binary dengan model logit adalah model regresi yang digunakan untuk melihat pengaruh sejumlah variabel independen x1, x2, x3…….,xk terhadap variabel dependen y yang dengan nilai kemungkinan diantara 0 dan 1. dalam penelitian ini jumlah data yang diproses sebanyak 100 atau n 100, untuk melihat kelengkapan data yang diproses dalam penelitian ini dan tidak ada missing case, artinya data yang diproses lengkap. uji wald ratio adalah untuk mengetahui pengaruh masing-masing variabel independen terhadap variabel dependen. untuk uji hipotesis masing-masing variabel sebagai berikut: h0 : β1,β2,…βk = 0, yang berarti tidak ada pengaruh yang signifikan antara variabel independen (x) terhadap variabel dependen (y). h1 :β1,β2,…βk ≠0, yang berarti terdapat pengaruh yang signifikan antara variabel independen (x) terhadap variabel dependen (y). 6 dengan demikian, langkah-langkah pengujiannya adalah sebagai berikut: jika nilai probabilitas >0,05, maka h0 diterima jika nilai probabilitas <0,05 maka h0 ditolak. uji wald menguji masing-masing koefisien regresi logistik, sebagai berikut: 1. uji koefisien variabel x1 (lay): uji wald = 2,360, p-value = 0,124 > α = 0,05, maka koefisien regresi untuk variabel x1(lay) tidak signifikan. 2. uji koefisien variabel x2 (prod): uji wald = 16,162, p-value = 0,000 < α = 0,05, maka koefisien regresi untuk variabel x2 (prod) signifikan. 3. untuk koefisien variabel x3 (agama1) : ujiwald = 0,000, p-value = 0,986 >α = 0,05, maka koefisien regresi untuk variabel x3 (agama1) tidak signifikan. 4. untuk koefisien variabel x4 (agama2): ujiwald = 0,000, p-value = 0,987 >α = 0,05, maka koefisien regresi untuk variabel x4 (agama2) tidak signifikan. 5. uji koefisien variabel x5(didik1 ): uji wald = 0,245, p-value = 0,620 > α = 0,05, maka koefisien regresi untuk variabel x5(didik1)tidak signifikan. 6. uji koefisien variabel x6 (didik2 ): uji wald = 0,280, p-value = 0,597 > α = 0,05, maka koefisien regresi untuk variabel x6 (didik2) tidak signifikan. 7. uji koefisien variabel x7 (didik3 ): uji wald = 0,018, p-value = 0,894 > α = 0,05, maka koefisien regresi untuk variabel x7 (didik3) tidak signifikan. 8. uji koefisien variabel x8 (didik4 ): uji wald = 0,000, p-value = 0,987 > α = 0,05, maka koefisien regresi untuk variabel x8 (didik4) tidak signifikan. dengan demikian, berdasarkan hasil perhitungan koefisien dari model regersi logistik yang terlihat menunjukkan bahwa variabel x1 (lay), x3 (agama1 ), x4 (agama2), x5 (didik1 ), x6 (didik2), x7 (didik 3), x8 (didik4), tidak mempunyai pengaruh signifikan terhadap variabel y. sedangkan untuk variabel x2 (prod) mempunyai pengaruh yang signifikan terhadap preferensi dalam memilih akses pembiayaan di lembaga keuangan syariah dan konvensional dengan koefisien variabel x2 (prod) signifikan pada probabilitas 0,000 < α = 0,05, maka dapat disimpulkan bahwa terdapat perbedaan antara produk layanan lembaga keuangan syariah dengan lembaga keuangan konvensional. berdasarkan dari empat faktor yang dianalisis sebagai faktor yang mempengaruhi preferensi dalam memilih akses pembiayaan, hanya ada satu faktor yang berpengaruh signifikan terhadap preferensi dalam memilih akses pembiayaan, yaitu: faktor produk yang terdiri dari: 1. bunga/margin/bagi hasil yang rendah. 2. produk yang beragam. 3. plafond yang sesuai dengan kebutuhan. 4. terdapatnya bimbingan untuk pengembangan usaha. hal tersebut didapat dari hasil perhitungan uji wald statistik yang menunjukkan bahwa hanya ada satu variabel yang berpengaruh signifikan terhadap variabel dependen yaitu variabel produk dengan koefisien variabel x2 (prod) signifikan pada probabilitas 0,000 < α = 0,05, sedangkan variabel yang lainnya tidak berpengaruh. persamaan regresi yang dibentuk adalah sebagai berikut: pref= -30,680 + 1,398prod 7 dari persamaan regresi logistik di atas, dapat dilihat bahwa variabel lay, agama1, agama2, didik1, didik2, didik3, dan didik4 tidak mempunyai pengaruh yang signifikan terhadap preferensi ukm di pasar baru cikarang dalam memilih akses pembiayaan. koefisien regresi prod sebesar 1,398 dan bernilai positif menunjukkan bahwa variabel prod berpengaruh positif terhadap preferensi ukm dalam memilih akses pembiayaan baik di lembaga keuangan syariah maupun konvensional, artinya jika variabel lain dianggap konstan, maka setiap unit perubahan variabel prod kemungkinan preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan konvensional adalah 4,049 kali lebih tinggi daripada preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan syariah. dengan demikian, hasil penelitian ini didukung oleh teori schiffman dan kanuk (2008) yang menyatakan bahwa salah satu faktor-faktor yang mempengaruhi preferensi yaitu karena faktor produk yang ditimbulkan dari usaha pemasaran perusahaan. berbeda dengan penelitian terdahulu yang dilakukan oleh sirat qidrotullah dan ratih komalarini saidah dengan hasil penelitiannya, yang menyatakan bahwa faktor-faktor yang mempengaruhi preferensi pedagang dalam memilih akses pembiayaan dikarenakan faktor pelayanaan (pelayanan yang ramah, kemudahan dalam persyaratan, tidak adanya jaminan, dan dana yang cepat), faktor kepercayaan dan faktor kekerabatan. berdasarkan hasil analisis data penelitian secara deskriptif, diketahui bahwa dari 100 responden terdapat 37% yang pernah memilih akses pembiayaan di lembaga keuangan syariah dan 63% yang pernah memilih akses pembiayaan di lembaga keuangan konvensional. dapat disimpulkan bahwa usaha kecil mikro (ukm) di pasar baru cikarang lebih berminat atau cenderung memilih akses pembiayaan di lembaga keuangan konvensional dan sumber pembiayaan yang paling banyak diakses oleh ukm/pedagang adalah bpr (bank perkreditan rakyat), bahkan mengakses kepada bank keliling (renternir). hal tersebut dikarenakan beberapa sebab, yaitu: pertama, masyarakat lebih melihat keuntungan yang besar dengan cara yang mudah. kedua, kurangnya pemahaman masyarakat awam tentang keharaman riba atau lebih dikenal dengan bunga yang sudah sangat jelas keharamannya didalam al-qur’an dan assunnah, serta ada pula yang memahami namun mereka tetap bertransaksi dengan sistem riba itu, karena mereka tidak ada rasa takut kepada allah swt. ketiga, kurangnya tawakkal kepada allah swt. sehingga mereka menganggap rezeki itu terbatas dan sempit dan jika tidak ada pintu rezekiyang halal kemudian mereka akan bertransaksi dengan bank-bank ribawi, dan banyak responden yang beranggapan bahwa lembaga keuangan syariah masih belum banyak di daerah cikarang sehingga sulit untuk dijangkau dan sebagian besar para ukm beranggapan bahwa lembaga keuangan syariah tidak ada bedanya dengan lembaga keuangan konvensional karena penetapan margin di pembiayaan syariah sama halnya seperti bunga di pembiayaan konvensional yang hanya membedakan dalam penyebutannya saja. dengan demikian, berdasarkan dari beberapa sebab yang telah disebutkan diatas menunjukkan bahwa masih banyak masyarakat khususnya pedagang yang masih belum mengetahui atau memahami tentang keharaman riba dan akibat yang akan didapatkannya, sehingga mereka lebih memilih untuk bertransaksi dengan bank-bank ribawi dibandingkan 8 memilih bertransaksi di lembaga keuangan syariah. simpulan dari hasil penelitian ini terdapat dua kesimpulan, pertama menunjukkan bahwa hanya ada satu faktor yang berpengaruh signifikan terhadap preferensi usaha kecil mikro (ukm) di pasar baru cikarang dalam memilih akses pembiayaan yaitu faktor produk yang meliputi: bunga/margin/bagihasil yang rendah, produk yang beragam, plafond yang sesuai dengan kebutuhan, dan terdapatnya bimbingan untuk pengembangan usaha. hal tersebut dilihat dari hasil uji wald pada regresi logistik yang menunjukan bahwa hanya ada satu variabel yang berpengaruh signifikan terhadap variabel dependen yaitu variabel produk dengan koefisien variabel x2 (prod) signifikan pada probabilitas 0,000 < α = 0,05. kedua, menunjukkan bahwa dari 100 responden, terdapat 37% yang pernah memilih akses pembiayaan di lembaga keuangan syariah dan 63% yang pernah memilih akses pembiayaan di lembaga keuangan konvensional. dari hasil tersebut, dapat disimpulkan bahwa usaha kecil mikro (ukm) di pasar baru cikarang lebih berminat atau cenderung memilih akses pembiayaan di lembaga keuangan konvensional. berdasarkan persamaan regresi logistik di atas, dapat dilihat bahwa variabel lay, agama1, agama2, didik1, didik2, didik3, dan didik4 tidak mempunyai pengaruh yang signifikan terhadap preferensi ukm di pasar baru cikarang dalam memilih akses pembiayaan. koefisien regresi prod sebesar 1,398 dan bernilai positif menunjukkan bahwa variabel prod berpengaruh positif terhadap preferensi ukm dalam memilih akses pembiayaan baik di lembaga keuangan syariah maupun konvensional, artinya jika variabel lain dianggap konstan, maka setiap unit perubahan variabel prod kemungkinan preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan konvensional adalah 4,049 kali lebih tinggi daripada preferensi ukm dalam memilih akses pembiayaan di lembaga keuangan syariah pustaka acuan al arif, m. n. r. 2011. dasar-dasar ekonomi islam. surakarta: era intermedia. amalia, euis. 2009. keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di indonesia. jakarta: rajawali pers. boediono dan wayan koster. 2008. teori dan aplikasi statistika dan probabilitas. bandung: pt remaja rosdakarya. gujarati, d. n. 2006. dasar-dasar ekonometrika. ed.ketiga, jilid1. jakarta: erlangga. hadi, sutrisno. 2004. metodologi research. jilid 1, ed.kedua.yogyakarta: andi offset husnayain, ihdal. 2007. “analisis ekonomi kejahatan properti di indonesia tahun 2005.”skripsi s1 fakultas ekonomi, universitas indonesia kotler, philip. 2000. manajemen pemasaran. jakarta: prehalindo lichtenstein, s dan p. slovic. 2006. the construction of preference. new york: cambridge university press. nachrowi, n. d. dan h. usman. 2008. penggunaan teknik ekonometri: pendekatan populer dan praktis dilengkapi teknik analisis dan pengolahan data dengan menggunakan paket program spss. jakarta: pt rajagrafindo persada. rochaety, ety, dkk. 2007. metode penelitian bisnis: dengan aplikasi spss. 9 jakarta: mitra wacana media, 2007. schiffman, leon dan leslie lazar kanuk. 2008. prilaku konsumen, ed. ke-7. jakarta: pt indeks shobah, m. n. 2009. “analisis rasio camel dengan metode regresi logistik pada bank devisa dan bank non devisa”. skripsi s1 fakultas ilmu ekonomi dan sosial, universitas islam negeri syarif hidayatullah jakarta. trihendradi, c. 2007. kupas tuntas analisis regresi. yogyakarta: penerbit andi. winarno,w.w. 2011. analisis ekonometrika dan statistika dengan eviews ed. ketiga. yogyakarta: unit penerbit dan percetakan stim ykpn wijaya, tony. 2009. analisis data menggunakan spss. yogyakarta: universitas atmajaya yogyakarta 59 pengaruh dana investasi melalui instrumen sun dan sbsn terhadap pertumbuhan ekonomi indonesia tya ryandini1 abstract. the influence of investment fund through national bond (sun) and national sukuk (sbsn) to economic growth in indonesia. the aims of this research is to analyze the short term and long term influence of investment fund through national bond (sun) and national sukuk (sbsn) to economic growth in indonesia in the year of 2008 – 2012.the methode which used in this research is error correction model. the result shows that economic development is positively influenced by national bond in short term and long term. but, it negatively influenced by the national sukuk both in short term and long term. keywords: national bond, national sukuk, economic growth of indonesia, error correction model. abstrak. pengaruh dana investasi melalui instrumen sun dan sbsn terhadap pertumbuhan ekonomi indonesia. penelitian ini bertujuan untuk menganalisis pengaruh dana investasi melalui instrumen surat utang negara (sun) dan surat berharga syariah negara (sbsn) terhadap pertumbuhan ekonomi di indonesia periode 2008-2012 dalam jangka pendek maupun jangka panjang. metode yang digunakan dalam penelitian ini adalah error correction model (ecm). hasil analisis menunjukkan bahwa variabel surat utang negara (sun) berpengaruh positif terhadap pertumbuhan ekonomi indonesia dalam jangka pendek maupun jangka panjang. sedangkan variabel surat berharga syariah negara (sbsn) memiliki pengaruh negatif terhadap pertumbuhan ekonomi indonesia dalam jangka pendek maupun jangka panjang. kata kunci: surat utang negara (sun), surat berharga syariah negara (sbsn), pertumbuhan ekonomi indonesia (pdb), error correction model (ecm) 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 dpp ikatan ahli ekonomi islam indonesia (iaei), jl. dr. wahidin no. 1, senen, jakarta pusat. email: tyaryandini@yahoo.com mailto:tyaryandini@yahoo.com 60 pendahuluan dalam suatu perekonomian, pemerintah memiliki peran yang sangat penting. beberapa tujuan penting dari kegiatan pemerintah adalah mengatasi masalah pengangguran, menghindari inflasi, dan mempercepat pembangunan ekonomi dalam jangka panjang. usaha seperti itu membutuhkan banyak uang, dan pendapatan dari pajak saja tidak cukup untuk membiayainya. maka, untuk memperoleh dana yang diperlukan, pemerintah dapat meminjam atau mencetak uang (sukirno, 2004). pertumbuhan ekonomi akan menjadi lebih pesat salah satunya dengan meningkatkan efisiensi penanaman modal (investasi) yang dijalankan. pertumbuhan ekonomi suatu negara baru dimungkinkan jika investasi neto lebih besar daripada nol (rahardja dan manurung, 2008). peningkatan investasi akan memberikan dampak signifikan bagi perkembangan dan pertumbuhan ekonomi negara (subagyo, 2007). dalam rangka meningkatkan nilai investasi di indonesia, pada umumnya pemerintah akan mengeluarkan berbagai instrumen atau surat berharga. instrumen tersebut akan membantu pemerintah dalam membiayai pembangunan negara melalui apbn. dalam uu no. 22 tahun 2011 tentang apbn tahun 2012, apbn dipergunakan sebesar-besarnya untuk kesejahteraan rakyat. sejalan dengan itu, belanja negara tahun 2012 sebesar rp 1.435,4 triliun terdiri dari belanja pusat sebesar rp 965 triliun dan belanja daerah sebesar rp 470,4 triliun. penerbitan sbn pada tahun 2012 meningkat dari tahun sebelumnya menjadi sebesar rp 270.419 miliar. kebijakan investasi yang dilakukan pemerintah untuk mendukung pertumbuhan ekonomi berupa penerbitan surat berharga negara terdiri dari penerbitan surat utang negara (sun) dan surat berharga syariah negara (sbsn). berdasarkan laporan pertanggungjawaban pengelolaan sbn tahun 2011 yang diterbitkan direktorat jenderal pengelolaan utang kementerian keuangan, total nilai net nominal on yang diterbitkan pada tahun 2011 sebesar rp 110,514 triliun. di samping menerbitkan on dalam denominasi rupiah, pemerintah indonesia juga melakukan penerbitan international bonds dengan total dana mencapai us$ 2,5 miliar atau setara dengan rp 21,44 triliun. kebijakan investasi yang dapat dilakukan pemerintah selain menerbitkan surat perbendaharaan negara (spn) dan obligasi negara ialah dengan menerbitkan surat berharga syariah negara (sbsn). seiring dengan sosialisasi di beberapa wilayah indonesia, persentase peningkatan sukuk cukup pesat yakni 15 persen per tahun 2011. peningkatan sukuk negara pada tahun 2011 diperkirakan mencapai sekitar rp 38 triliun (hasan, 2012). di tengah kondisi perekonomian dunia yang melambat, pertumbuhan ekonomi indonesia cenderung stabil. berdasarkan data world economic outlook yang dirilis oleh international monetary fund (imf) pada oktober 2012, pertumbuhan ekonomi dunia dinilai mencapai 3,3 persen. pada tahun yang sama, berdasarkan data badan pusat statistik (bps), perekonomian indonesia mengalami pertumbuhan sebesar 6,3 persen. menurut menteri keuangan ri agus martowardojo, hal ini menjadikan indonesia menempati posisi sebagai negara dengan perekonomian terbaik kedua di dunia setelah china yang mencapai pertumbuhan ekonomi sebesar 7,8 persen. (jawa pos national network, 2013) berdasarkan pemaparan tentang meningkatnya penghimpunan dana investasi dalam bentuk surat utang negara (sun) dan surat berharga syariah 61 negara (sbsn) serta pertumbuhan ekonomi indonesia yang dinilai stabil, peneliti tertarik untuk mengadakan penelitian yang membahas tentang “pengaruh dana investasi melalui instrumen sun dan sbsn terhadap pertumbuhan ekonomi indonesia”. tinjauan pustaka pertumbuhan ekonomi merupakan perubahan kondisi perekonomian suatu negara secara berkesinambungan menuju keadaan yang lebih baik selama periode tertentu. pertumbuhan ekonomi dapat diartikan juga sebagai proses kenaikan kapasitas produksi suatu perekonomian yang diwujudkan dalam bentuk kenaikan pendapatan nasional. adanya pertumbuhan ekonomi merupakan indikasi keberhasilan pembangunan ekonomi. infrastruktur, barang-barang modal dan kemajuan teknologi dalam suatu negara menjadi salah satu faktor penunjang bagi tumbuhnya perekonomian. dalam rangka memenuhi kebutuhan akan faktor penunjang, pemerintah tentu membutuhkan dana yang tidak sedikit. dana tersebut dapat diraih pemerintah dengan kegiatan penghimpunan dana investasi melalui instrumen pembiayaan seperti surat utang negara (sun) maupun surat berharga syariah negara (sbsn). surat utang negara (sun) diterbitkan dengan tujuan untuk membiayai defisit apbn. dana yang berhasil dihimpun dari penerbitan sun akan mempengaruhi belanja pemerintah dalam menyediakan infrastruktur dan barang modal sehingga mampu meningkatkan produktivitas perekonomian. surat utang negara (sun) terdiri dari surat perbendaharaan negara (spn) dan obligasi negara. spn berjangka waktu sampai dengan 12 bulan dengan pembayaran bunga secara diskonto, sedangkan obligasi negara berjangka waktu lebih dari 12 bulan dengan kupon dan/atau pembayaran bunga secara diskonto. tujuan penerbitan surat berharga syariah negara salah satunya ialah untuk membiayai proyek yang diselenggarakan pemerintah. berbeda dengan sun, pada sbsn terdapat underlying asset yang dapat dijadikan jaminan. pada pelaksanaannya, sbsn yang sering juga disebut dengan sukuk negara menggunakan beberapa akad yang sesuai dengan syariah, seperti mudharabah, musyarakah, murabahah, salam, istishna’ dan ijarah. dengan tambahan danayang berasal dari instrumen sbsn, pemerintah mampu menambah modal yang digunakan untuk mendanai proyek tertentu sehingga dapat berpengaruh pada pertumbuhan ekonomi. metode dalam penelitian ini, teknik analisis data yang digunakan adalah analisis model koreksi kesalahan (error correction model). salah satu asumsi dalam analisis statistika adalah data berdistribusi normal. eviews menggunakan dua cara untuk mengetahui apakah data berdistribusi normal, yakni dengan histogram dan uji jarque – bera. uji linieritas adalah pengujian yang dilakukan untuk melihat apakah spesifikasi model yang digunakan sudah benar atau tidak. untuk mendeteksi penghapusan variabel-variabel dan atau pilihan bentuk fungsional yang tak cocok, ramsey telah mengembangkan sebuah uji umum untuk kesalahan spesifikasi model (gujarari, 2007). sebelum melakukan analisis, harus diketahui terlebih dahulu apakah data runtut waktu yang digunakan sudah stasioner. untuk menguji stasioneritas data, dapat digunakan uji akar unit (unit root test) yang 62 dikembangkan oleh dickey-fuller. dalam penelitian ini, pengujian data dilakukan dengan uji augmented dickey-fuller. data yang tidak stasioner bila diregresi akan mudah menyebabkan regresi lancung. data dikatakan stasioner bila memenuhi syarat berikut: pertama, ratarata dan variannya konstan sepanjang waktu; kedua, kovarian antara dua data runtut waktu tergantung pada kelambanan antara dua periode tersebut. oleh karenanya, data yang tidak stasioner harus distasionerkan terlebih dahulu (winarno, 2009). uji derajat integrasi juga dilakukan dengan menggunakan uji augmented dickey-fuller. selanjutnya dilakukan uji kointegrasi. terdapat tiga cara untuk menguji kointegrasi, yaitu: pertama, uji kointegrasi engle-granger (eg), kedua, uji cointegrating regression durbin watson (crdw), dan ketiga, uji johansen (winarno, 2009). pada penelitian ini, uji kointegrasi dilakukan dengan uji johansen. uji asumsi klasik dilakukan untuk mengetahui apakah model estimasi telah memenuhi kriteria ekonometrika, dalam arti tidak terjadi penyimpangan yang cukup serius dari asumsi-asumsi yang harus dipenuhi dalam metode ordinary least square (ols). dalam regresi linear berganda akan dijumpai berbagai permasalahan, seperti multikolinieritas, heteroskedastisitas, dan autokorelasi (nachrowi dan usman, 2008). uji asumsi klasik dilakukan untuk melihat apakah terdapat permasalahan tersebut dalam model regresi linier ganda, sehingga model tersebut memenuhi kriteria blue (best linier unbiased estimator). penelitian dengan ecm ini digunakan untuk melihat pengaruh jangka pendek dan jangka panjang antara variabel independen terhadap variabel dependen. hubungan pertumbuhan ekonomi dan faktor-faktor yang mempengaruhi dapat diformulasikan sebagai berikut: pdbt = f (sunt, sbsnt) model ecm pada penelitian ini ialah sebagai berikut: dlnpdbt = β0 + β1 dlnsunt + β2 dlnsbsnt + β3lnsunt-1 + β4lnsbsnt-1 + β5 ect dengan: β0 = konstanta β1 – β4 = koefisien regresi β5 = koefisien ect dlnpdbt = perubahan pdb periode t dlnsunt = total penghimpunan dana investasi sun (jangka pendek) dlnsbsnt = total penghimpunan dana investasi sbsn (jangka pendek) lnsunt-1 = total penghimpunan dana investasi sun (jangka panjang) lnsbsnt-1 = total penghimpunan dana investasi sbsn (jangka panjang) ect = error correction term pembahasan utang merupakan bagian dari kebijakan fiskal dalam perekonomian yang bertujuan untuk memberikan kemakmuran dan menciptakan kenyamanan serta keamanan bagi penduduk suatu negara.berdasarkan data dari government debt profile edisi april 2013 yang diterbitkan oleh direktorat jenderal pengelolaan utang kementerian keuangan, nominal utang pemerintah meningkat dari rp 1.636,74 triliun pada tahun 2008 menjadi rp 1.975,42 triliun pada tahun 2012. 63 total utang pemerintah didominasi oleh diterbitkannya surat berharga negara (sbn) yang dananya berasal dari masyarakat tabel 1 perkembanganutangpemerintah 2008 2009 2010 2011 2012 outs % outs % outs % outs % outs % sbn 906.50 55 979.46 62 1064.41 63 1187.66 66 1361.10 69 denominasi rupiah 783.86 836.31 902.43 992.03 1096.19 denominasi valas 122.64 143.15 161.98 195.63 264.91 pinjaman 730.25 45 611.20 38 617.25 37 621.29 34 614.32 31 denominasi rupiah 0.00 0.00 0.39 1.01 1.80 denominasi valas 730.25 611.20 616.86 620.28 612.52 totalutang 1636.74 100 1590.66 100 1681.66 100 1808.95 100 1975.42 100 dalam rangka perluasan basis investor, diversifikasi sumber pembiayaan, dan pengembangan pasar keuangan dalam negeri, pemerintah telah menerbitkan surat berharga berdasarkan prinsip syariah, atau dikenal secara internasional dengan istilah sukuk. instrumen keuangan ini memiliki perbedaan pokok antara lain berupa penggunaan konsep imbalan dan bagi hasil sebagai pengganti bunga, adanya suatu transaksi pendukung (underlying transaction) berupa sejumlah tertentu aset yang menjadi dasar penerbitan sukuk, serta adanya aqad atau perjanjian antara para pihak yang disusun berdasarkan prinsip-prinsip syariah. berdasarkan data yang dihimpun, terlihat bahwa pada awal tahun penerbitannya (2008), sbsn di indonesia mampu menghimpun dana investasi sebesar rp 4.699.700.000.000. penghimpunan dana investasi melalui penerbitan sbsn mengalami kenaikan setiap tahunnya hingga mencapai rp 57.088.810.000.000,pada tahun 2012. suatu perekonomian dikatakan mengalami pertumbuhan ekonomi jika jumlah produksi barang dan jasanya meningkat. pertumbuhan ekonomi mengindikasikan bahwa suatu perekonomian memiliki faktor-faktor produksi yang bertambah, baik dalam jumlah maupun kualitasnya.untuk mengukur pertumbuhan ekonomi suatu negara dari tahun ke tahun, nilai pdb yang digunakan adalah pdb berdasarkan harga konstan. angka pdb tertinggi terjadi pada kuartal ketiga tahun 2012 sebesar rp 671.780.800.000.000,-. pertumbuhan ekonomi dunia pada tahun 2012 cenderung terus menurun dengan mencatat pertumbuhan sebesar 3,3% dibandingkan 64 dengan tahun sebelumnya sebesar 3,9%. perekonomian indonesia pada tahun 2012 masih tumbuh cukup baik sebesar 6,23% meskipun masih lebih rendah dari tahun sebelumnya yakni 6,49%. pertumbuhan ekonomi terutama masih ditopang oleh kuatnya konsumsi domestik, khususnya konsumsi rumah tangga dan investasi. berikut adalah model persamaan ecm yang digunakan dalam penelitian ini: dlnpdbt = β0 + β1 dlnsunt + β2 dlnsbsnt + β3lnsunt-1 + β4lnsbsnt-1 + β5 ect hasil pengolahan data regresi linier ecm tersebut dengan menggunakan pengolah data eviews 6.0 adalah sebagai berikut: tabel 2. uji error correction model (ecm) variable coefficient std. error t-statistic prob. c -0.965691 0.403880 -2.391034 0.0405 d(lnsun) 0.033264 0.011361 2.927982 0.0168 d(lnsbsn) -0.008050 0.003378 -2.382816 0.0410 lnsun(-1) 0.033344 0.016869 1.976605 0.0795 lnsbsn(-1) -0.002109 0.006032 -0.349690 0.7346 resid01(-1) -0.111131 0.046250 -2.402834 0.0397 r-squared 0.808943 mean dependent var 0.015072 adj r-squared 0.702801 s.d. dependent var 0.020884 s.e. of regression 0.011385 akaike info criterion -5.823822 sum squared resid 0.001167 schwarz criterion -5.540602 log likelihood 49.67866 hannan-quinn criter. -5.826838 f-statistic 7.621289 durbin-watson stat 3.235884 prob(f-statistic) 0.004672 pada pengujian kointegrasi yang telah dilakukan, ditemukan bahwa data dalam penelitian ini memiliki hubungan keseimbangan jangka panjang antara variabel independen dengan variabel dependen. walaupun terdapat keseimbangan jangka panjang, dalam jangka pendek mungkin saja terjadi ketidakseimbangan. untuk menguji apakah variabel-variabel memiliki pengaruh dalam jangka pendek, maka dilakukan analisis dengan pendekatan error correction model. untuk menyatakan apakah model yang digunakan benar atau tidak, maka koefisien error correction term harus signifikan. nilai koefisien ect pada tabel dapat dilihat pada nilai resid01(-1) sebesar 0,111131 yang berarti bahwa ketidaksesuaian pertumbuhan pdb aktual dengan pdb potensial akan dieliminasi atau dihilangkan dalam suatu periode penelitian sebesar 11,11%. dapat dilihat bahwa nilai t-statistic cukup tinggi yakni 2,402834 yang lebih tinggi dari 2 dan nilai probabilitas ect sebesar 0,0397 yang lebih kecil dari 0,05. hal ini berarti ect sudah signifikan pada tingkat kepercayaan α = 5% dan menunjukkan bahwa model dari pengujian ecm ini sudah valid. 65 tabel 3 koefisien ecm variabel coefficient jangka pendek jangka panjang konstanta -0,965691 -0,965691 surat utang negara (sun) 0,033264 0,033344 surat berharga syariah negara (sbsn) -0,008050 -0,002109 berdasarkan tabel 3, maka hasil regresi ecm dalam jangka pendek dan jangka panjang ialah sebagai berikut: dlnpdbt = -0,965691 + 0,033264*dlnsunt0,008050*dlnsbsnt + 0,033344*lnsunt-1 0,002109*lnsbsnt-1 -0.111131*ect keterangan: dlnpdbt = perubahan pdb periode t dlnsunt = total penghimpunan dana investasi sun (jangka pendek) dlnsbsnt = total penghimpunan dana investasi sbsn (jangka pendek) lnsunt-1 = total penghimpunan dana investasi sun (jangka panjang) lnsbsnt-1 = total penghimpunan dana investasi sbsn (jangka panjang) ect = error correction term berdasarkan hasil di atas, dapat dilihat dari sisi kontanta, bahwa dalam jangka pendek maupun jangka panjang, nilai konstanta (-0,965691) menunjukkan apabila nilai variabel independen konstan, maka besarnya penerimaan pdb turun sebesar 0,96 persen. pengaruh dana investasi melalui instrumen surat utang negara (sun) terhadap produk domestik bruto (pdb) dapat dilihat secara jangka pendek maupun jangka panjang. pertama, secara jangka pendek, dlnsun menunjukkan nilai probabilitasnya sebesar 0,0168 yang lebih kecil dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki hubungan yang signifikan pada tingkat kepercayaan α = 0,05 pada jangka pendek sebesar 0,033264. realisasi penghimpunan dana dari penerbitan sun berpengaruh signifikan dalam jangka pendek terhadap pertumbuhan ekonomi. hal ini sesuai dengan penelitian yang dilakukan oleh adrian sutawijaya dan zulfahmi bahwa investasi memiliki pengaruh yang signifikan terhadap pertumbuhan ekonomi. peningkatan investasi akan meningkatkan kapasitas produksi yang pada akhirnya berujung pada pembukaan lapangan kerja baru yang pada tahap selanjutnya akan mendorong pertumbuhan ekonomi. kedua, secara jangka panjang, pada lnsun(-1) nilai koefisiennya sebesar 0,033344 dan memiliki probabilitas sebesar 0,0795 yang lebih besar dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki pengaruh positif yang tidak signifikan pada tingkat kepercayaan α = 0,05. dapat diartikan bahwa dalam jangka 66 panjang, realisasi penerbitan sun tidak berpengaruh secara signifikan terhadap pertumbuhan ekonomi indonesia. pengaruh dana investasi melalui instrumen surat berharga syariah negara (sbsn) terhadap produk domestik bruto (pdb) dapat dilihat secara jangka pendek dan jangka panjang. dalam jangka pendek, dari tabel terlihat bahwa dlnsbsn memiliki nilai koefisien sebesar (-0,008050) dengan probabilitas 0.0410 yang lebih kecil dari 0,05. hal ini mengindikasikan bahwa penghimpunan dana investasi melalui penerbitan sbsn memiliki pengaruh negatif yang signifikan terhadap pertumbuhan ekonomi dalam jangka pendek pada tingkat kepercayaan α = 0,05. jika jumlah dana hasil penerbitan sbsn naik sebesar 1%, maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,04 persen. secara jangka panjang, lnsbsn(-1) memiliki nilai koefisien sebesar (-0,002109) dan nilai probabilitasnya sebesar 0,7346, lebih besar dari 0,05. pada jangka panjang, dana yang dihasilkan dari realisasi penerbitan sbsn memiliki pengaruh negatif yang tidak signifikan terhadap pertumbuhan ekonomi. sehingga berapapun kenaikan penghimpunan dana investasi dari penerbitan sbsn, tidak akan mempengaruhi pertumbuhan ekonomi secara signifikan. error correction model dalam tabel memperlihatkan nilai adjusted rsquared sebesar 0,702801 yang berarti 70% variabel dependen (pertumbuhan ekonomi) dapat dijelaskan oleh variabel independen (realisasi penerbitan surat utang negara dan surat berharga syariah negara). sisanya sebesar 30% dijelaskan oleh variabel lain yang tidak termasuk dalam model penelitian ini. nilai t-statistic ect pada model tersebut sebesar 2,402834 yang lebih tinggi dari 2 dan nilai probabilitas ect sebesar 0,0397 yang lebih kecil dari 0,05 menunjukkan bahwa model dari pengujian ecm ini sudah valid. dalam penelitian ini dihasilkan bahwa realisasi penerbitan sun memiliki pengaruh yang signifikan untuk jangka pendek, namun tidak berpengaruh secara signifikan dalam jangka panjang. dalam jangka pendek, variabel sun memiliki pengaruh yang signifikan sebesar 0,033264 terhadap pdb. hal ini mengindikasikan ketika jumlah dana realisasi penerbitan sun naik sebesar 1%, maka pertumbuhan ekonomi akan naik sebesar 0,033 persen. seperti telah dipaparkan sebelumnya bahwa utang dilakukan pemerintah untuk membiayai defisit apbn, pembiayaan arus kas jangka pendek, dan refinancing utang lama. pada tahun 2012, indonesia mengalami defisit apbn yang tinggi karena besarnya subsidi bbm dan sumber daya energi yang diberikan pemerintah yakni sebesar rp 241,5 triliun. pemerintah menganggap bahwa subsidi bbm tidak tepat pada sasaran dan menjadi hal yang memberatkan karena menghambat program peningkatan kesejahteraan masyarakat. pengalokasian dana untuk menutup biaya defisit ini menjadikan pembangunan infrastruktur menjadi sangat terbatas. padahal, yang menjadi tujuan utama pemerintah dalam melakukan kebijakan utang adalah untuk pembangunan infrastruktur yang diharapkan berimbas pada pertumbuhan ekonomi indonesia untuk jangka panjang. pada penelitian mengenai sbsn, realisasi penghimpunan dana investasi sbsn memiliki pengaruh negatif yang signifikan terhadap pertumbuhan ekonomi dalam jangka pendek, namun tidak berpengaruh signifikan dalam jangka panjang. pengaruh negatif ini bertentangan dengan teori maupun pendapat yang 67 mengemukakan bahwa investasi dapat menjadi pendorong pertumbuhan ekonomi suatu negara. dengan pengaruh yang negatif antara realisasi penghimpunan dana investasi melalui instrumen sbsn dengan pertumbuhan ekonomi mengindikasikan bahwa belum terserapnya dengan baik dana tersebut. tidak signifikannya pengaruh penghimpunan dana melalui instrumen sbsn ini disebabkan masih terlalu kecilnya jumlah dana yang berhasil dihimpun jika dibandingkan dengan surat utang negara (sun). simpulan utang merupakan bagian yang tidak terpisahkan dalam pelaksanaan kebijakan yang diperlukan untuk membiayai defisit apbn, penyediaan arus kas jangka pendek, dan refinancing utang lama. pemerintah juga telah menerbitkan surat berharga berdasarkan prinsip syariah, atau dikenal secara internasional dengan istilah sukuk (surat berharga syariah negara). data dari tahun ke tahun menunjukkan bahwa penghimpunan dana investasi melalui instrumen sun dan sbsn telah mengalami peningkatan. pada jangka pendek, pengaruh dana investasi melalui instrumen sun ialah sebesar 0,033264 dan pada jangka panjang pengaruhnya ialah sebesar 0,033344. instrumen sbsn memiliki pengaruh negatif dalam jangka pendek maupun jangka panjang. dalam jangka pendek, pengaruhnya ialah sebesar (-0,008050) dan pada jangka panjang, pengaruhnya ialah sebesar (-0,002109). dlnsun menunjukkan nilai probabilitasnya sebesar 0,0168 yang lebih kecil dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki hubungan yang signifikan pada tingkat kepercayaan α = 0,05 pada jangka pendek sebesar 0,033264. dana investasi dari instrumen sun berpengaruh signifikan dalam jangka pendek terhadap pertumbuhan ekonomi. lnsun(-1) memiliki probabilitas sebesar 0,0795 yang lebih besar dari 0,05. hal ini menunjukkan bahwa variabel sun memiliki pengaruh positif yang tidak signifikan pada tingkat kepercayaan α = 0,05. dapat diartikan bahwa dalam jangka panjang, dana investasi melalui instrumen suntidak berpengaruh secara signifikan terhadap pertumbuhan ekonomi indonesia. pada tabel terlihat bahwa dlnsbsn memiliki probabilitas 0.0410 yang lebih kecil dari 0,05. hal ini mengindikasikan bahwa dana investasi melalui instrumen sbsn memiliki pengaruh negatif yang signifikan terhadap pertumbuhan ekonomi dalam jangka pendek pada tingkat kepercayaan α = 0,05. jika jumlah dana hasil penerbitan sbsn naik sebesar 1%, maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,04 persen.lnsbsn(-1) memiliki nilai probabilitas sebesar 0,7346, lebih besar dari 0,05. pada jangka panjang, dana yang dihasilkan dari instrumen sbsn memiliki pengaruh negatif yang tidak signifikan terhadap pertumbuhan ekonomi. sehingga berapapun kenaikan penghimpunan dana investasi dari instrumen sbsn, tidak akan mempengaruhi pertumbuhan ekonomi secara signifikan. pustaka acuan al arif, m. n. r. 2010. teori makroekonomi islam. bandung: alfabeta anoraga, pandji dan p. piji. 2008. pengantar pasar modal. 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indonesia. sutawijaya, adrian dan zulfahmi. 2010. “pengaruh ekspor dan investasi terhadap pertumbuhan ekonomi indonesia tahun 1980-2006”. jurnal organisasi dan manajemen volume 6. no. 1, 2010. tim penyusun direktorat pembiayaan syariah. 2010. tanya jawab sbsn edisi kedua. jakarta: direktorat pembiayaan syariah ditjen pengelolaan utang kemenkeu ri world economic outlook october 2012 winarno, wing w. 2009. analisis ekonometrika dan statistika dengan eviews ed. kedua. yogyakarta: unit penerbit dan percetakan stim ykpn. abdul wahab: komparasi efisiensi teknis bank umum konvensional 179 komparasi efisiensi teknis bank umum konvensional (buk) dan bank umum syariah (bus) di indonesia dengan metode data envelopment analysis (dea) abdul wahab, muhamad nadratuzzaman hosen & syafaat muhari1 abstract: the comparation of technical efficiency between conventional banks and islamic banks in indonesia using dea method. this research is to compare the levels of technical efficiency between buk and bus by employing non-parametric data envelopment analysis (dea). this research assigns third party funds, labor expenses and fixed assets which are input variable, meanwhile total credit and other incomes are determined as output variables. this research also examines the profitability of buk and bus by using panel regression model with car, ldr, npl and bopo as independent variables, where roa and roe are dependent variables. the result showed that the average technical efficiency of the conventional banks is better than that of the islamic banks. that is because of the inefficient utilization of input variables, namely third party funds, labor expenses and fixed assets in the islamic banks. keywords: efficiency bank, data envelopment analysis, panel regression abstrak: komparasi efisiensi teknis bank umum konvensional dan bank umum syariah di indonesia dengan metode dea. penelitian ini bertujuan untuk membandingkan efisiensi teknis bank umum konvensional dan bank umum syariah. penelitian ini menggunakan non-parametrik data envelopment analysis dengan pendekatan intemediasi. variabel inputnya dpk, biaya tenaga kerja dan harta tetap. variabel outputnya total kredit dan pendapatan lainnya. selain itu diukur juga profitabilitasnya dengan metode regresi panel. variabel independennya, car, ldr, npl dan bopo, variabel dependennya roa dan roe. hasil yang ada menunjukkan bahwa bank umum konvensional secara rata-rata memiliki efisiensi teknis yang lebih baik dari bank umum syariah. hal ini dikarenakan inefisiensi dalam penggunaan variabel input, seperti dana pihak ketiga, biaya tenaga kerja, dan aset tetap di bank syariah. kata kunci: efisiensi bank, data envelopment analysis (dea), regresi panel 1 diterima: 28 pebruari 2014 , direvisi: 4 april 2014 , disetujui: 16 april 2014 ief trisakti, jl. kyai tapa no. 1, grogol, jakarta barat. email: awahab27@yahoo.com fakultas syariah dan hukum uin syarif hidayatullah jakarta, jl. ir. h. juanda no. 95, tangerang selatan, banten. email: mnhosen@gmail.com ibfi trisakti. jl. kyai tapa no. 1, grogol, jakarta barat. email: syafaatmuhari@ymail.com al-iqtishad: vol. vi no. 2, juli 2014 180 pendahuluan lembaga keuangan bank maupun non bank merupakan tulang punggung perekonomian suatu negara, di mana keduanya mempunyai peranan penting sebagai lembaga intermediasi antara pihak yang kelebihan dana yang menyimpan kelebihan dananya di lembaga keuangan dengan pihak yang kekurangan dana yang meminjam dana ke lembaga keuangan. oleh karena itu, kepercayaan terhadap lembaga keuangan menjadi sangat penting agar fungsi intermediasi dapat berjalan sesuai dengan yang diharapkan. jika fungsi intermediasi tercapai maka penggunaan dana akan lebih optimal dan efisien yang akan berdampak pada meningkatnya aktivitas produktif dari dana yang dipinjamkan sehingga output aktifitas produksi akan meningkat dan lapangan kerja baru yang banyak bermunculan menambah taraf kemakmuran dan kesejahteraan masyarakat. tabel 1. perkembangan jumlah bank umum syariah di indonesia tahun 2006-2012 sebagai berikut: indikator 2006 2007 2008 2009 2010 2011 2012 jaringan kantor jumlah bank jumlah kantor 3 346 3 398 5 576 6 711 11 1.215 11 1.390 11 1.734 sumber: statistik perbankan syariah dalam dunia usaha termasuk lembaga keuangan, kompetisi adalah suatu hal yang sudah terjadi dan akan terus terjadi. agar survive dalam usahanya maka suatu unit usaha dapat diukur hasil kerja dalam bentuk kinerja. salah satu cara untuk mengukur kinerja adalah effisiensi, yang antara lain dapat ditingkatkan melalui penurunan biaya (reducing cost) dalam proses produksi. berger et.al (1993) dalam nurul komariyatun (2006), mengatakan jika terjadi perubahan struktur keuangan yang cepat maka penting mengidentifikasi efisiensi biaya dan pendapatan. bank yang lebih efisien diharapkan akan mendapat keuntungan yang optimal dengan kata lain tingkat profitabilitasnya akan meningkat, yang akan dapat digunakan untuk meningkatkan laba di tahan, peningkatan pelayanan kepada nasabah dengan melalui peningkatan skill para pegawainya maupun peningkatan kualitas dan kuantitas sarana dan prasarananya. dari data tersebut diatas diketahui jumlah bank umum syariah pada tahun 2007 sebanyak 3 bank terdiri dari 398 kantor, berkembang menjadi 11 bank dan 1.734 kantor pada tahun 2012. berdasarkan data selama 3 (tiga) tahun terahir yaitu dari tahun 2010 sampai dengan 2012 terjadi pertumbuhan total aset buk yaitu sebesar 19%. periode yang sama dpk dan kredit masing-masing tumbuh 18% dan 21%. sedangkan bus abdul wahab: komparasi efisiensi teknis bank umum konvensional 181 selama 3 (tiga) tahun terahir yaitu dari tahun 2010 sampai dengan 2012 terjadi pertumbuhan total aset bus yaitu sebesar 22%. periode yang sama dpk simpanan wadiah tumbuh 27%, dana investasi tidak terikat tumbuh 21% sedangkan pembiayaan tumbuh 22% . dari angka pertumbuhan selama 3 (tiga) tahun bus cukup seimbang yaitu asset tumbuh 22%, pembiayaan 22%. sedangkan kinerja keuangan yang menunjukkan tingkat ukuran efisiensi pengelolaan bank dapat dilihat dari ratio keuangan berupa return on asset (roa), return on equity (roe), loan to deposit ratio (ldr)/ financial to deposit ratio (fdr), non performing loan (npl)/non performing financing (npf), bopo, net interest margin (nim). berdasarkan data yang diperoleh dapat ditarik beberapa hal terkait dengan kinerja bank umum syariah dan bank umum konvensional. a. roa dan roe rata-rata bus pada tahun 2010 sampai dengan tahun 2012 relatif lebih rendah dibanding buk. b. fdr bus pada posisi akhir tahun 2011 dan tahun 2012 relatif lebih tinggi dibandingkan dengan ldr buk c. npf/npl gross bus rata-rata lebih rendah dibandingkan dengan buk dan 3 (tiga) tahun terakhir yang paling rendah adalah buk bca yaitu dibawah % yaitu sebesar 0,64% pada tahun 2010, sebesar 0,49% pada tahun 2011, sebesar 0,38% pada tahun 2012. bank lainnya baik kelompok buk maupun kelompok bus npl/ npf nya berkisar antara 2% sampai dengan 3% dibawah 5% sebagaimana ketentuan bank indonesia peraturan bank indonesia nomor 6/9/pbi/2004 tentang tindak lanjut pengawasan dan penetapan status bank bahwa maksimal npl/npf net adalah 5%. d. rata-rata bopo bus di luar maybank syariah lebih tinggi yaitu antara 70% 80% dibandingkan dengan kelompok buk antara 60% 70%. e. pada posisi akhir tahun 2011 rata-rata nim bus lebih tinggi dibandingkan dengan buk. nim bus yang paling tinggi adalah mega syariah yaitu 15,10%. bus lainnya antara 5% sampai dengan 8%. nim buk tertinggi adalah bri yaitu 10,77%, sedangkan buk lainnya merata antara 5 % sampai dengan 6.%. sesuai dengan permasalahan yang telah dijelaskan bahwa fenomena empiris yang muncul pada perbedaan tentang efisiensi perbankan buk dan bus yang ditemukan dalam hasil penelitian terdahulu yaitu efisiensi bus lebih baik dibandingkan dengan efisiensi buk. namun menurut analisa efisiensi teknis dari kinerja keuangan tahun 20010 – 2012 diatas yang menyimpulkan bahwa rata-rata buk lebih baik dibandingkan dengan bus. artinya efisiensi bus lebih rendah jika dibandingkan dengan buk. hal ini bertentangan dengan hasil para peneliti terdahulu yang menggunakan dea. sementara itu pertumbuhan bank syariah selama 3 (tiga) tahun terakhir cukup tinggi 22% dibandingkan dengan pertumbuhan asset al-iqtishad: vol. vi no. 2, juli 2014 182 bank konvensional 19%. saat ini share bank syariah baru 3,7%selama masa 20 tahun. apakah mungkin operasional bank syariah bus tersebut efisiensinya lebih dibandingkan dengan buk. maka muncul pertanyaan penelitian yang akan dijawab dalam penelitian ini yaitu bagaimana perbedaan nilai efisiensi dan profitabilitas antara buk dengan bus selama periode 2007-2011. tinjauan pustaka menurut ascarya et. al (2008) bahwa pengukuran efisiensi dengan menggunakan pendekatan frontier sudah digunakan selama 40 tahun lebih (coelli, 1996). metode utama yang menggunakan linier programming dan metode ekonometrika adalah: 1) data envelopment analysis; dan 2) stochastic frontier approach. pengukuran efisiensi modern ini pertama kali dirintis oleh farrell (1957), bekerja sama dengan debreu dan koopmans, dengan mendefinisikan suatu ukuran yang sederhana untuk mengukur efisiensi suatu perusahaan yang dapat memperhitungkan input yang banyak. efisiensi yang dimaksudkan oleh farrell terdiri dari efisiensi teknis (technical efficiency) yang merefleksikan kemampuan dari suatu perusahaan untuk memaksimalkan output dengan input tertentu, dan efisiensi alokatif (allocative efficiency) yang merefleksikan kemampuan dari suatu perusahaan yang memanfaatkan input secara optimal dengan tingkat harga yang telah ditetapkan. kedua ukuran efisiensi ini kemudian dikombinasikan untuk menghasilkan efisiensi ekonomis (total). pengukuran berorientasi input (input-oriented measures) pengukuran berorientasi input menunjukkan sejumlah input dapat dikurangi secara proporsional tanpa mengubah jumlah output yang dihasilkan. farrell (1957) memberikan ilustrasi dengan melibatkan perusahaan-perusahaan yang menggunakan dua input (x1 dan x2) untuk memproduksi satu output (y) dengan asumsi constant return to scale. sebuah perusahaan menggunakan dua input yaitu x1 dan x2 untuk memproduksi output sebesar y (asumsi constant return to scale). isoquant ss1 menggambarkan kombinasi input untuk menghasilkan tingkat output yang sama (efisien secara teknis). isocost aa1 menggambarkan kombinasi input yang dapat dibeli oleh produsen dengan tingkat biaya yang sama (efisien secara alokatif ). garis op menunjukkan kombinasi input yang digunakan oleh suatu perusahaan. titik q1 menunjukkan efisien secara teknikal dan alokatif. titik m menunjukkan ketidakefisienan karena tidak berada pada kurva isocost dan isoquant. titik n efisien abdul wahab: komparasi efisiensi teknis bank umum konvensional 183 secara alokatif, sedangkan titik q efisien secara teknis. efisien secara teknis diperoleh dari rasio te = oq/op. efisien secara alokatif diperoleh dari rasio ae = on/oq – selama nq merepresentasikan bahwa pengurangan biaya produksi akan terjadi jika produksi secara teknis maupun alokatif efisien pada titik q1. sehingga total efisiensi sama dengan on/op –np adalah pengurangan biaya produksi. fungsi produksi yang menunjukkan perusahaan yang efisien penuh (ss1) secara praktek tidak diketahui. oleh sebab itu, perlu diestimasi melalui sampel observasi dari perusahaan-perusahaan dalam satu industri. menurut farrell untuk mengestimasi fungsi produksi tersebut dapat dilakukan dengan dua cara, yaitu: 1) non-parametric piecewise-linear convex isoquant, dan b) fungsi parametrik, seperti bentuk cobb-douglas. sedangkan coelli menggunakan pendekatan nonparametrik dea untuk mengestimasi fungsi produksi yang efisien tersebut. dimana: x1 = input pertama, x2 = input kedua, q = output. jika rasio harga input (dalam gambar 1 diwakili oleh garis aa) juga telah diketahui, maka titik produksi yang efisien secara alokatif dapat juga dihitung. tingkat efisiensi alokatif (allocative efficiency/ae) dari suatu perusahaan yang berorientasi pada titik p dapat didefinisikan sebagai rasio dari : ae = 0n/0p ............................................................... (1) dimana jarak nq menggambarkan pengurangan dalam biaya produksi yang dapat diperoleh apabila tingkat produksi berada pada titik q1 yang efisiensi secara alokatif (dan secara teknis), berbeda dengan titik q yang efisien secara teknis (technical efficient), akan tetapi tidak-efisien secara alokatif (allocatively inefficient). total efisiensi ekonomis (total economic efficiency) didefinisikan sebagai rasio dari : ee = 0q / 0p .............................................................. (2) dimana jarak dari titik n ke titik p dapat juga diinterpretasikan dengan istilah pengurangan biaya (cost reduction). perhatikan bahwa produk yang efisien secara teknis dan secara alokatif memberikan makna telah tercapainya efisiensi ekonomis secara keseluruhan. te x ae = (0q/0p) x (0n/0p) = (0q/0p) = ee ..................... (3) dimana semua ukuran ketiganya terletak pada daerah yang bernilai antara nol dan satu. pengukuran berorientasi output (output-orientated measures) pengukuran efisien secara teknis yang berorientasi input, pada dasarnya bisa ditujukan untuk menjawab sebuah pertanyaan: “sampai seberapa banyaknya kuantitas input dapat dikurangi secara proporsional tanpa mengubah kuantitas output yang al-iqtishad: vol. vi no. 2, juli 2014 184 diproduksi dengan kata lain, sedangkan sampai seberapa banyak kuantitas dari output dapat ditambah tanpa mengubah kuantitas input yang digunakan. ini yang disebut pengukuran berorientasi output (output-oriented measure), merupakan kebalikan dari pengukuran berorientasikan input. perbedaan antara pengukuran berorientasi input dan output dapat diilustrasikan dengan menggunakan sebuah contoh sederhana yang terdiri dari satu input dan satu output, dalam gambar 2. (a), diilustrasikan mengenai sebuah fungsi produksi dengan teknologi yang bersifat decreasing return to scale yang diwakili oleh ƒ(x), dan sebuah perusahaan yang tidak efisien yang beroperasi pada titik p. farell menjelaskan pengukuran yang berorientas input dari efisiensi teknis sama dengan rasio ab/ap, sedangkan pengukuran berorientasikan output dari efisiensi teknis diwakili oleh rasio cp/cd. pengukuran yang berorientasi input dan output akan menghasilkan nilai pengukuran yang sama dari efisiensi teknis jika berada dalam kondisi constant return to scale (crs), namun jika berada dalam kondisi decreasing return to scale (drs), nilai pengukuran te tidak akan sama hasilnya. (b), bahwa ab/ ap =cp/cd, untuk titik p yang tidak efisien (farell dan lovell, 1978) dalam coelli, et al (2005). pengukuran tingkat efisiensi berorientasi output ini dapat dianalisis lebih dalam dengan sebuah contoh kasus dimana fungsi produksi melibatkan dua macam output (q1 dan q2) dan sebuah input tunggal (x). jika kita mengasumsikan kondisinya constant return to scale, maka dapat direpresentasikan tingkat teknologi dengan sebuah kurva unit kemungkinan produksi (unit production possibility curve) dalam bentuk dua dimensi. oleh sebab itu, sebuah pengukuran efisiensi teknis berorientasikan output adalah merupakan rasio te= 0a/0b dengan revenue efficiency (re) yang merupakan rasio re=0b/0c. jika diperoleh informasi tentang harga, maka dapat digambarkan sebuah kurva isorevenue yaitu garis dd1 dan mendefinisikan alokatif sebagai, ae = 0b/0c dimana mempunyai sebuah interpretasi adanya peningkatan pendapatan ( a increasing revenue interpretation ), dimana pada contoh kasus pengukuran efisiensi berorientasi input, serupa dengan interpretasi adanya pengurangan biaya (cost reducing) dalam kondisi ketidakefisienan yang bersifat alokatif. lebih lanjut dapat didefinisikan efisiensi ekonomi secara keseluruhan (overall economic efficiency) sebagai hasil dari dua pengukuran efisiensi teknis dan efisiensi alokatif. ee= (0a/0c) = (0a/0b) x (0b/0c) = te x ae abdul wahab: komparasi efisiensi teknis bank umum konvensional 185 metode sumber data dalam penelitian ini menggunakan data sekunder yaitu diperoleh dari laporan keuangan per semester buk dan bus publikasi bank yang bersangkutan dan/ atau dari bank indonesia pada periode 2010-2012. adapun data sekunder yang dibutuhkan dalam penelitian ini adalah: a. untuk data enveloptment analysis adalah: total kredit, laba operasional lainnya, total dana pihak ketiga, harta tetap, biaya tenaga kerja sebagai proksi dari jumlah tenaga kerja yang diperoleh dari laporan keuangan neraca dan laba / rugi buk dan total pembiayaan dari neraca dalam laporan keuangan bus yang bersangkutan selama periode pengamatan. b. untuk profitabilitas adalah car, ldr/fdr,bopo, npl/ npf sebagai variable independent dan roa serta roe sebagai variable dependent. metode pengumpulan data yang digunakan dalam penelitian ini dengan menggunakan metode dokumentasi, yaitu metode yang menghimpun informasi dan data melalui metode studi pustaka, eksplorasi literatur-literatur dan laporan keuangan yang dipublikasikan oleh bank indonesia atau buk dan bus yang bersangkutan. alat analisa untuk efisiensi yang digunkan adalah non parametric dea dengan pendekatan intermediasi. untuk profitabilitas alat analisanya regresi panel. data envelopment analysis (dea) merupakan metodologi untuk menganalisis tingkat efisiensi relatif dan kinerja manajerial produktif atau unit pengambilan keputusan (decision making units (dmu). teknik analisis dea membolehkan kita untuk membandingkan tingkat efisiensi relatif dari bank dengan pertama kali menenentukan tingkat efisiensi bank sebagai acuan dan kemudian mengukur inefisiensi dari kombinasi masukan atas bank lain secara relatif pada bank yang menjadi acuan (jemrić dan vujčić, 2002). teknik analisis dea merupakan pendekatan alternatif atas analisis regresi. ketika analisis regresi berdasarkan pada ukuran pemusatan, maka teknik dea berbasis pada observasi eksternal. kemudian teknik dea menggunakan dan menganalisis tiap vektor (dmu) secara terpisah untuk memproduksi pengukuran efisensi individual secara relatif pada seluruh himpunan yang sedang dilakukan evaluasi (jemrić dan vujčić, 2002). dari himpunan data yang tersedia, teknik dea mengidentifikasi titik referensi (efisiensi relatif terhadap dmus), kemudian menetapkan batasan efisiensi sebagai praktik terbaik dalam teknologi produksi, dan terakhir mengevaluasi inefisiensi pada titik interior yang lain. seluruh dmus yang mengalami inefisiensi akan berada pada batasan efisiensi tersebut. al-iqtishad: vol. vi no. 2, juli 2014 186 pembahasan hasil olahan dea hasil perhitungan analisis dea menunjukkan untuk tahun 2010 menunjukkan dari total 10 bank konvesional terbesar di indonesia yang dijadikan sampel, seluruh bank sudah mencapai tingkat efisiensi yang optimal 100%, kecuali bank mandiri dimana bank tersebut baru mencapai tingkat efisiensi sebesar 98,39%. hasil perhitungan analisis dea tahun 2011 menunjukkan terjadi penurunan jumlah bank konvensional yang sudah mencapai tingkat efisiensi yang optimal 100% dibandingkan tahun 2010. pada tahun 2011 jumlah bank yang mencapai tingkat efisiensi 100% turun menjadi 7 bank dimana tahun sebelumnya 2010 sebanyak 9 bank. bank yang mengalami penurunan tingkat efisiensi adalah bri, dimana pada tahun 2011 tingkat efisiensi turun menjadi 98,07%, bca turun menjadi 88,54% dan bni turun menjadi 78,68%. hasil perhitungan analisis dea tahun 2012 menunjukkan hasil yang membaik, dimana pada tahun ini bank yang memiliki tingkat efisiensi optimal 100% sebanyak 8 bank, selain itu terjadi peningkatan tingkat efisiensi pada bank bni dengan tingkat efisiensi sebesar 90,76% namun pada bank bii terjadi penurunan tingkat efisiensi dibandingkan tahun sebelumnya yaitu menjadi 98,37%. tabel 2. kinerja efisiensi dea masing-masing bank konvensional 2010-2012 no uke bank efisiensi (%) 2010 2011 2012 1 uke1 mandiri 98,39 100 100 2 uke2 bri 100 98,07 100 3 uke3 bca 100 88,54 100 4 uke4 bni 100 78,68 90,76 5 uke5 cimb niaga 100 100 100 6 uke6 danamon 100 100 100 7 uke7 panin 100 100 100 8 uke8 permata 100 100 100 9 uke9 bii 100 100 98,37 10 uke10 btn 100 100 100 sumber: data diolah dea hasil perhitungan analisis dea menunjukkan untuk tahun 2010 menunjukkan dari total 10 bank syariah terbesar di indonesia yang dijadikan sampel, hanya 6 bank yang sudah mencapai tingkat efisiensi yang optimal 100%, yaitu bank syariah mandiri, bank muamalat, bni syariah, bank jabar banten syariah, maybank abdul wahab: komparasi efisiensi teknis bank umum konvensional 187 syariah dan bca syariah. hasil perhitungan analisis dea tahun 2011 menunjukkan terjadi penurunan jumlah bank syariah yang sudah mencapai tingkat efisiensi yang optimal 100% dibandingkan tahun 2010. pada tahun 2011 jumlah bank yang mencapai tingkat efisiensi 100% turun menjadi 3 bank, dimana tahun sebelumnya 2010 sebanyak 6 bank. bank yang mengalami penurunan tingkat efisiensi adalah bank syariah mandiri pada tahun 2011 tingkat efisiensi turun menjadi 95,06%, bank muamalat turun menjadi 87,85% dan bca syariah turun menjadi 53,14%. hasil perhitungan analisis dea tahun 2012 menunjukkan hasil yang tidak begitu membaik, dimana pada tahun ini bank yang memiliki tingkat efisiensi optimal 100% sebanyak 4 bank. dimana terjadi peningkatan tingkat efisiensi yang optimal pada bank panin syariah dimana pada tahun 2011 tingkat efisiensi sebesar 73,08 persen. tabel 3. kinerja efisiensi dea masing-masing bank syariah 2010-2012 no uke bank efisiensi (%) 2010 2011 2012 1 uke1 syariah mandiri 100 95,06 100 2 uke2 muamalat 100 87,85 83,53 3 uke3 bri syariah 49,14 49,32 67,94 4 uke4 bni syariah 100 100 100 5 uke5 mega syariah 78,99 49,23 51,35 6 uke6 bukopin syariah 73,57 72,56 76,73 7 uke7 jabar banten syariah 100 100 55,17 8 uke8 maybank syariah 100 100 100 9 uke9 panin syariah 63,22 73,08 100 10 uke10 bca syariah 100 53,14 82,56 sumber: data diolah dea analisis regresi panel bank konvensional tabel 4. perbandingan hasil estimasi model roa konvesional variabel common effect fixed effect random effect koefisien koefisien koefisien c 9.433495 *** 6.072304 *** 6.630112 *** car 0.024302 0.095944 * 0.092509 * ldr -0.002534 -0.018431 -0.012937 npl -0.013858 -0.265993 ** -0.184432 * bopo -0.089267 *** -0.032456 ** -0.048153 *** al-iqtishad: vol. vi no. 2, juli 2014 188 r2 0.566935 0.856409 0.364764 adjusted r2 0.535440 0.815829 0.318565 f-statistik 18.00045 *** 21.10414 *** 7.895506 *** sumber: data diolah dengan eviews 7.0 pada kelompok konevensional dengan model roa, terlihat pada tabel 5 dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,0000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,00136 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan fixed effect. berdasarkan hasil uji pengaruh diketahui bahwa pada kelompok konvensional, faktor yang mampu mempengaruhi kinerja 10 buk terbesar di indonesia adalah npl dan bopo, dimana kedua variable ini memberikan pengaruh yang negatif dan signifikan terhadap kinerja buk terbesar di indonesia. tabel 5. hasil estimasi metode fixed effect model roa konvensional variabel dependent: roa variabel independent koefisien std. error probabilita c 6.072304 1.800704 0.0015 car 0.095944 0.050547 0.0640 ldr -0.018431 0.015004 0.2255 npl -0.265993 0.124478 0.0380 bopo -0.032456 0.012965 0.0159 r-squared 0.856409 adjusted r-squared 0.815829 f-stat 21.10414 prob f-stat 0.000000 sumber: data diolah, eviews 7.0 abdul wahab: komparasi efisiensi teknis bank umum konvensional 189 hasil penelitian ini sesuai dengan penelitian yang dilakukan oleh gelos (2006) dalam ahmad buyung nusantara, dalam penelitiannya menguji pengaruh npl terhadap roa bank dimana hasil penelitiannya menunjukkan hasil yang signifikan negatif berpengaruh terhadap kinerja bank artinya besarnya risiko kredit bank mempengaruhi kinerja bank. serta penelitian yang dilakukan oleh suyono (2005) dalam ahmad buyung nusantara, dalam penelitiannya yang menguji pengaruh bopo terhadap roa pada bank umum di indonesia periode tahun 20012003, menunjukkan bahwa bopo mempunyai pengaruh yang negatif terhadap roa. hasil yang didapat dalam penelitian ini didukung atau sesuai dengan penelitian yang dilakukan oleh muh. sabir. m, muhammad ali, abd. hamid habbe dalam penelitiannya yang berjudul pengaruh rasio kesehatan bank terhadap kinerja keuangan bank umum syariah dan bank konvensional di indonesia, penelitian yang dilakukan oleh yuliani dengan judul hubungan efisiensi operasional dengan kinerja profitabilitas pada sektor perbankan yang go publik di bursa efek jakarta. tabel 6. perbandingan hasil estimasi model roe konvesional variabel common effect fixed effect random effect koefisien koefisien koefisien c 84.74322 *** 49.58176 *** 53.24512 *** car -0.756543 -0.337394 -0.340556 ldr -0.168385 ** -0.155876 ** -0.175577 ** npl 0.417745 -0.196142 -0.196549 bopo -0.507891 *** -0.117317 * -0.143405 ** r2 0.498842 0.934987 0.211929 adjusted r2 0.462394 0.916614 0.154614 f-statistik 13.68643 *** 50.88849 *** 3.697657 *** sumber: data diolah dengan eviews 7.0 dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,0000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,3764 > 0,05. dengan demikian al-iqtishad: vol. vi no. 2, juli 2014 190 hipotesa nol (h0) gagal ditolak, sehingga model yang lebih baik digunakan untuk persamaan roe adalah estimasi dengan random effect. tabel 7. hasil estimasi metode random effect model roe konvensional variabel dependent: roe variabel independent koefisien std. error probabilita c 53.24512 8.395944 0.0000 car -0.340556 0.244282 0.1689 ldr -0.175577 0.066608 0.0109 npl -0.196549 0.590881 0.7407 bopo -0.143405 0.061741 0.0239 r-squared 0.211929 adjusted r-squared 0.154614 f-stat 3.697657 prob f-stat 0.000002 sumber: data diolah, eviews 7.0 pada model roe, variable yang memiliki pengaruh signifikan adalah bopo, dmana pengaruh yang diberikan bopo terhadap kinerja buk terbesar di indonesia yang diukur oleh roe adalah negatif. sedangkan ketiga variabel lainnya yaitu car, ldr dan npl tidak memiliki pengaruh yang signifikan terhadap kinerja buk yang diukur oleh roe. regresi panel bank syariah tabel 8. perbandingan hasil estimasi model roa syariah variabel common effect fixed effect random effect koefisien koefisien koefisien c 2.100982 ** 3.185110 *** 2.536657 *** car -0.002755 -0.019558 ** -0.010192 ldr 0.013372 ** 0.006289 0.010764 ** npl 0.177934 0.023117 0.049388 bopo -0.026065 *** -0.020243 *** -0.022203 *** r2 0.537893 0.745938 0.483223 adjusted r2 0.504286 0.674138 0.445639 f-statistik 16.00503 *** 10.38911 *** 12.85723 *** sumber: data diolah dengan eviews 7.0 abdul wahab: komparasi efisiensi teknis bank umum konvensional 191 dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,2647 > 0,05. dengan demikian hipotesa nol (h0) gagal ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan random effect. pada kelompok bus, pada model roa variable yang mampu mempengaruhi kinerja 10 bus terbesar di indonesia adalah variable ldr dan bopo. pengaruh yang diberikan ldr adalah positif signifikan artinya semakin tinggi ldr dari bus maka semakin tinggi juga kinerja bus yang diukur oleh roa. hasil penelitian ini sesuai dengan penelitian yang dilakukan oleh restiyana dan m. kholiq mahfud, analisis pengaruh car, npl, bopo, ldr, dan nim terhadap profitabilitas perbankan (studi pada bank umum di indonesia periode 2006-2010) dan sesuai dengan dua penelitian yang sudah disebutkan diatas. selain ldr, bopo merupakan variable yang mampu mempengaruhi kinerja roa, pengaruh yang diberikan oleh bopo adalah negatif. hasil ini sesuai dengan hasil pada model roa di kelompok konvensional. dengan melakukan pengujian menggunakan chow test dimana hipotesa nol (h0) adalah model common effect diperoleh nilai probabilitas dari chi square sebesar 0,0000 < 0,05. dengan demikian hipotesa nol (h0) ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan individual effect (fixed effect), maka pengujian selanjutnya adalah membandingkan fixed effect dengan random effect dimana pengujian menggunakan hausman test. dengan melakukan pengujian menggunakan hausman test dimana hipotesa nol (h0) adalah model random effect diperoleh nilai probabilitas dari chi square sebesar 0,0858 > 0,05. dengan demikian hipotesa nol (h0) gagal ditolak, sehingga model yang lebih baik digunakan adalah estimasi dengan random effect. al-iqtishad: vol. vi no. 2, juli 2014 192 tabel 9. perbandingan hasil estimasi model roe syariah variabel common effect fixed effect random effect koefisien koefisien koefisien c 61.50642 *** 46.33671 *** 48.69024 *** car -0.175144 0.009845 -0.037361 ldr -0.111117 -0.038292 -0.056437 npl 2.539842 -2.176921 * -1.522937 bopo -0.388296 *** -0.262667 *** -0.265766 *** r2 0.455978 0.922254 0.567918 adjusted r2 0.416412 0.900283 0.536494 f-statistik 11.52469 *** 41.97481 *** 18.07267 *** sumber: data diolah dengan eviews 7.0 hasil yang sama juga terjadi pada model roe, dimana bopo mampu mempengaruhi roe 10 bus terbesar di indonesia, artinya semakin tinggi bopo 10 bus terbesar di indonesia maka semakin rendah kinerja bus tersebut yang diukur oleh roe. adapun keterbatasan dari penelitian ini: 1. dengan menggunakan metode dea nonparametrik dengan pendekatan intermediasi, sedangkan 2 (dua) pendekatan lainnya yaitu pendekatan produksi dan total asset tidak kami bahas. 2. pembahasan efisiensi dapat dilihat dari sisi input mapun dari sisi output, pembahasan dalam penelitian ini hanya dari sisi input. 3. periode sampelnya hanya 3 (tiga) tahun yaitu tahun 2010, 2011 dan tahun 2012. 4. individu obyek penelitian berupa 10 (sepuluh) buk dan bus terbesar. simpulan hasil olahan dea diketahui bahwa rata-rata efisiensi buk lebih baik dibandingkan bus. hal ini dengan ulasan pada bagian latar belakang sudah diberikan penjelasan bahwa berdasarkan analisa efisiensi teknis yaitu perbandingan ratio-ratio keuangannya kinerja buk lebih baik dibandingkan bus. hal ini dikarenakan buk sudah beroperasi cukup lama dibandingkan dengan bus, di samping itu terdapat perbedaan operasional antara buk dan bus, salah satu perbedaan yang cukup mencolok adalah pada sistem bagi hasil pada bus tidak dapat diprediksi di awal karena berdasarkan realisasi hasil usaha yang ada. sementara sistem bunga langsung ditentukan di muka. kemudian pada produk murabahah margin sudah ditentuabdul wahab: komparasi efisiensi teknis bank umum konvensional 193 kan sampai dengan jatuh tempo walaupun terhadap kredit jangka panjang seperti kpr dengan jangka waktu rata-rata di atas 10 (sepuluh) tahun. penetapan fix rate atas margin keuntungan maka ditambahkan premium risk sehingga menghasilkan pricing yang lebih tinggi dibandingkan buk, hal ini menyebabkan bus tidak bisa bersaing dengan buk. bopo berpengaruh negatif dan siginifikan baik terhadap roa maupun roe, bagi buk maupun buk. npl berpengaruh negatif signifikan terhadap roa buk. ldr berpengaruh negatif signifikan terhadap roe buk tetapi berpengaruh positif signifikan terhadap roa bus. bagi buk dan bus yang belum efisien, untuk memperoleh efifiensi yang optimal, agar mengurangi pemborosan dalam penggunaan varibel inputnya dpk, btk dan aktiva tetap atau pemanfaatannya dioptimalkan lagi. bagi bus yang tidak efisien pada varibel input dpk, agar lebih berani mengambil risiko dalam pengerahan dpk, sehingga lebih banyak penerimaan dana mudharabahnya yang mutlaqoh sehingga dapat diperoleh keuntungan yang lebih tinggi dibandingkan mudharabah muqoyyadah. bagi buk dan bus yang sudah efisien, agar mempertahankan kinerjanya dengan meminimalkan variabel input sekaligus meningkat variabel output sehingga terjadi produktivitas, namun dengan tetap memperhatikan kewajaran terutama berkaitan dengan variabel input biaya tenaga kerja. bagi regulator bank indonesia dan ojk, agar membuat aturan-aturan yang mendukung pengembangan industri keuangan terutama keuangan syariah terutama di bidang perbankan. karena keuangan perbankan syariah, adalah industri yang baru tumbuh di negara ri yang mayoritas beragama islam mempunyai potensi yang sangat besar. bagi mui/ dsn agar mengawal pertumbuhan lembaga keuangan syariah terutama di bidang perbankan agar tetap dalam koridor syar’i, sekaligus membuat aturan-aturan yang diperlukan untuk pengembangan produk maupun aturan operasional lainnya yang diperlukan. bagi lembaga pendidikan agar memperkuat bidang riset berkolaborasi dengan praktisi/ pelaku ekonomi terutama dengan lembaga perbankan maupun dengan otoritas monener seperti bank indonesia dan ojk/ kementrian keuangan sehingga dapat mendukung pengembangan lembaga keuangan, lembaga keuangan menjadi semakin sehat dan berkembang tentu efek penggandanya akan mengembangkan perekonomian negara secara keseluruhan. pustaka acuan abidin, z. 2007. kinerja efisiensi pada bank umum periode 2002-2005. proceeding pesat (psikologi, ekonomi, sastra, arsitek, sipil) vol.2. auditorium kampus gunadharma, 21-22 agustus 2007. al-iqtishad: vol. vi no. 2, juli 2014 194 amirillah, m.a. 2010. efisiensi perbankan syariah di indonesia tahun 2005-2009 (tesis). semarang: universitas diponegoro. antonio, m. s. 2001. bank syariah dari teori ke praktek. depok: gema insani press. arifin, z. 2009. dasar-dasar manajemen bank syariah. jakarta: azkia publisher. arslan, b. g & e.h. ergec. 2010. the efficiency of participation and conventional banks in turkey: using data envelopment analysis. international research journal of finance and economics issue 57. bachruddin. 2006. pengukuran tingkat efisiensi bank syariah dan bank konvensional di indonesia dengan formula david cole’s roe for bank. jurnal siasat bisnis vol. 11 no. 1, april 2006: hlm. 67-80. efendic, v. 2011. efficiency of the banking sector of bosnia–herzegovina with special reference to relative efficiency of the existing islamic bank. paper presented in 8th international conference on islamic economics and finance. iqbal, z. & a. mirakhor. 2008. pengantar keuangan islam teori dan praktek. jakarta: kencana. jemrić, i & b. vujčić. 2002. efficiency of banks in croatia: a dea approach, croatian national bank, working paper, 7 pebruari 2002. komaryatin, n. 2006. analisis efisiensi teknis industri bpr di eks karesidenan pati (tesis). semarang: universitas diponegoro. prastowo, dwi dan rifka yuliaty. 2005. analisa laporan keuangan konsep dan aplikasi. yogyakarta: amp ykpn. prasetyia, f. & k. diendtara. 2011. pengukuran efisiensi perbankan syariah berbasis manajemen risiko. jurnal keuangan dan perbankan, vol. 15, no. 1, hlm. 119-129, 2011. purwanto, r. 2011. analisis perbandingan efisiensi bank umum konvensional (buk) dan bank umum syariah (bus) di indonesia dengan metode data envelopment analysis (dea) (periode 2006-2010) (skripsi). semarang: universitas diponegoro. rahmawati, r. & m. n. hosen. 2012. efficiency of fund management of sharia banking in indonesia (based on parametric approach). international journal of academic research in economics and management sciences, vol. 1, no.2, hlm: 144-157. rosyadi, i. & fauzan. 2011. komparatif efisiensi perbankan syariah dan perbankan konvensional di indonesia. jurnal manajemen dan bisnis volume 15, nomor 2, desember 2011: hlm. 129-147. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 59 74 1lecturer at jakarta syarif hidayatullah islamic state university 2lecturer at jakarta institute of al-qur’ a studies 3lecturer at riau university e-mail: 1bukhori.muslim@uinjkt.ac.id, 2saepullah@iiq.co.id, 3any.widayatsari@unri.ac.id political economy from the perspective of ibn khaldun moch. bukhari muslim1, saepullah2, any widayatsari3 abstract. the political economy encompasses the management of revenues and spending to achieve the social welfare of the community. hence, development is not solely emphasized economic growth but also equity. this article discusses the political economy according to ibn khaldun, written in his book, muqaddimah. this study concludes that that political budgets must be carried out in a balanced manner by establishing budget certainty and increasing the discipline in use of the budget. legislators make laws, referring to the creation of income sources so that the community will be able to meet their needs independently, and the government can gather capabilities to carry out their duties and functions. ibn khaldun saw budget management as a means to solve public matters while also factoring the interests of rulers and governments. keywords: budget, government, income, management, spending abstrak. ekonomi politik meliputi pengelolaan pendapatan dan pengeluaran untuk mencapai kesejahteraan sosial masyarakat. karenanya, pembangunan adalah tidak semata-mata menekankan pertumbuhan ekonomi tetapi juga pemerataan. artikel ini membahas tentang ekonomi politik menurut ibnu khaldun, ditulis dalam bukunya, muqaddimah. studi ini menyimpulkan bahwa anggaran politik harus dilakukan secara seimbang cara dengan menetapkan anggaran kepastian dan meningkatkan disiplin dalam penggunaan anggaran. legislator membuat undang-undang, merujuk pada penciptaan sumber pendapatan sehingga masyarakat akan dapat memenuhi kebutuhan mereka secara mandiri, dan pemerintah dapat mengumpulkan kemampuan untuk melaksanakan tugas dan fungsinya. ibn khaldun melihat manajemen anggaran sebagai sarana untuk menyelesaikan masalah publik sementara juga anjak kepentingan para penguasa dan pemerintah. kata kunci: anggaran, pemerintah, pendapatan, manajemen, pengeluaran 60 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction state income and expenditure budget is the main defining factor in economic stability and social welfare. management of state income and expenditure budget is a part of political economy in order to improve the social economy. syarifuddin, quoting aaron wildavsky, explains that all budgeting is subject to politics because budgeting is part of the political game (george c. abbott 1985, 111; tony smith 1985, 122-124). herzon adds that the process and product of budgeting is a political product, and does not exclude the possibility of manipulation, domination, cuts, closed decision making and other harmful practices related to budgets (herzon y. n.d.). economic development has to create growth that is equal to all members of society among issues in the government policy is related to public finance. fiscal policy plays a key part in managing state income and expenditure. this article discusses the relationship between public finance, fiscal policies and government efforts to create social welfare. political economy, according to martin staniland (1985), is the study of social issues and retardation (george c. abbott 1985, 111; tony smith 1985, 122-124). meanwhile, newer political economists define the political economy as the analysis of the economic process (deliarnov 2006, 8-9). deliarnov states that the scope of political economy is very large and is interdisciplinary, encompassing economy, politics, social studies and culture (deliarnov 2006, 10). state economy in budget management post world war ii, countries underwent massive economic depression and finding a solution became a discourse for economists around the globe. john maynard keynes (henceforth referred to as keynes), proposed a solution through fiscal stimuli (robert skidelsky and robert jacob alexander skidelsky 2008, 1-3). keynes’ idea was abandoned in 1970 but started to be used again from 2008 and 2009 (geoffrey pilling 1987; sumita kale 2008). keynes argued that depression and political stagnation could be controlled by giving freedom to countries or government to perform economic supervision. the free market offered by neo-classics in order to overcome depression will not always lead to a stable economy (robert skidelsky and robert jacob alexander skidelsky 2008, 29). keynes’ theory is an antithesis to the free market theory, with their terms of laissez-faire or lets do. keynes believes that the rise in demand is determined by government policies. the government must be proactive in improving aggregate demand by increasing spending and creating easy-to-obtain money conditions. if the government decreases tax and increases spending, people’s spendable income moch. bukhari muslim. political economy from the perspective of ibn khaldun 61 http://journal.uinjkt.ac.id/index.php/iqtishad increases and consumption will tend to increase (robert skidelsky and robert jacob alexander skidelsky 2008, 33). government expenditure and tax policies will affect spending, financial and supply. the government, for example, builds a highway. in this case, spending on highway construction will directly affect the increase in economic activities. if the construction were funded from selling bonds to private companies, then, the wealth in the private sector would increase, and this financial effect will impact the spending. furthermore, the new highway will improve economic infrastructure, lead to the rise of economic potential and supply (roslinda 2013). according to keynes, inflation is caused by people who want to live outside their economic capabilities. inflation occurs as an effect of over-demand and causes an inflationary gap (prathama raharja and mandala manurung 2008, 36). keynes states that the inflation rate is not solely caused by a monetary factor such as the amount of money in circulation, but also determined by production cost. the government has to be involved in controlling the inflation rate by implementing appropriate fiscal policies. fiscal policies will be better in solving the inflation problem than monetary policies (nopirin 1998, 72-75). expansionary fiscal policies will increase outputs, while monetary expansion with additional money supply will not affect the outputs (nopirin 1998, 72-75). the government must decrease the expenditure with fiscal policies such as increasing tax rates and enforcing strict financial policies. keynes’ theory is applied to explain short term inflation (nopirin, 1998, 80-85). according to keynes, unemployment plays a key part in macroeconomic issues (adrian sutedi 2012, 52-55). unemployment happens because the level of economic activity achieved is lower than that of an economy with full employment. unemployment is categorized into two types, voluntary unemployment and involuntary unemployment. voluntary unemployment happens when someone chooses to not work rather than to work with a low wage, while involuntary unemployment occurs when a worker wants to work at a certain wage but does not manage to find a job opportunity (jacob viner 1936, 147-167). the solution offered by keynes is that the government manages community demand through management that directs public demand for abundant goods and services. the government must invest a lot to open up more jobs. so the unemployment rate will be decreased (jacob viner 1936, 147-167). the economy of a country will experience steady growth if accompanied by an increase in savings. according to keynes, a person’s expenditure for consumption and savings is influenced by the level of income. if a person’s income level gets smaller, then all his income will only be enough for consumption purposes, and there is nothing 62 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 left for savings. an increase in spending or consumption will increase production activities and income. an increase in this income will, eventually, encourage the increase in consumption and savings (michael james 2001, 49; todaro 2002, 213). higher savings will be able to increase production, and encourage economic expansion so that economic growth will be achieved. different from classical school views, keynes pointed out that the main determinant of consumption and saving accumulation is the rate of income, not interest rates (n. gregory mankiw 2006, 245; john maynard keynes n.d.). fiscal as a regulator of income and expenditure the main purpose of a country’s economic policy is to create social prosperity and welfare. therefore the study of political economy is directed towards the public interest. the study of political economy according to conventional groups or neoclassical schools is the strategy of legislators to achieve two objectives: first, creating a source of income or creating self-sufficiency for the people, and second, preparing strength for the government to be able to carry out their duties and functions well (ng. philipus and nurul aini 2004, 16-19). as for islamic political economy, the study is implementing theory and practice in harmony or monotheistical epistemology (faridi 1983, 15-30). an important part of political economy studies is about public finance. public finance is a branch of economics that examines procurement, maintenance, and budget expenditures needed by a government to run the duties and function. so, public finance is always related to government finance. the main focus of public finance study is analyzing the impact of taxation and government spending on the state’s economy as a whole (a.c. pigou 1951, 46). the main topic in the public finance study is regarding fiscal. fiscal policies are one of the policies related to the state economy. the main theme of fiscal policies is the strategy of managing the flow of state income and expenditure. in arabic, fiscal policy is synonymous to siyāsah māliyah or siyāsah ḍarbīyah (abdullah m. farid 1985, 104). economists define fiscal policies according to their economic views (frans seda 2004, 75-76). capitalist economists, on the other hand, define fiscal policies as an effort to create a condition that determines the success of investment growth and alleviate fluctuations in economic economy as a whole. another aim is to bridge the gap between inflation and deflation that can define the level of income, influenced by the lack of investment; and to increase the expenditure limit in order to achieve full employment (muhammad 1980, 105). moch. bukhari muslim. political economy from the perspective of ibn khaldun 63 http://journal.uinjkt.ac.id/index.php/iqtishad the socialist economists view fiscal policy as rules intended for public investment interests. this policy contains interest to consider public expenditure and income to adjust the level of economic activities as a whole and to reduce volatility (muhammad 1980, 105). generally, fiscal policy is an economic policy that directs a nation’s economy to prosperity by reforming government income and expenditure systems. this policy is akin to the monetary policy that regulates money circulation (“uu no. 23 tentang bank indonesia” 1999; yuswar zainul basri and mulyadi subri 2003, 23). however, the fiscal policy emphasizes on the management of government income and expenditure. some argue that fiscal policy is related to taxation. the fiscal policy is determined by the department of finance, which its duties are to study, analyze, implement and evaluate the policy implementation to reach optimal goals, along with the measures taken to resolve a problem related to the taxation (irham fahmi 2013, 223). samuelson maintains that fiscal policy is a process of setting taxes and government expenditure in order to help minimize fluctuations in the economic cycle and maintain economic growth, high employment opportunities and prevent the economy from high and volatile inflation (paul a. samuelson and william d. nordhaus 2009, 354). muhammad interprets fiscal as one part of political instruments; and the fiscal policy is a policy related to provisions, maintenance and payment of the resources needed to fulfill and maintain public needs (muhammad 2002, 179). parkin defines fiscal policy as the use of the state budget to achieve macroeconomic goals, such as the level of full employment, long-term economic growth and price stability (michael parkin 2012, 224). mulyadi subri states that fiscal policy is the policy carried out by the government related to government revenue and expenditure (income and spending) (yuswar zainul basri and mulyadi subri 2003, 23). jhingan states fiscal policy as the use of tax, public loan, and public expenditure by the government to create economic stability and growth (m.l. jhingan 2000, 374). frans seda explains fiscal policy as economic science that encompasses every policy related to the state budget (frans seda 2004, 76). furthermore, he claims that fiscal policies with high and continuous deficit can affect monetary policies (frans seda 2004, 78). fiscal policy in a country is an important element related to the existence of a state budget that directly affects the aggregate demand (rudiger dornbusch and stanley fischer 1994, 141). the main elements in fiscal policy are inseparable from expenditure and revenue. 64 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 the state budget can be categorized into three types — first, budget deficits or expansionary fiscal policies (w. riawan tjandra 2013, 2). the budget deficit is a government policy to make expenditure more than the income obtained by the state to provide stimulus to the economy. this policy will be very well used in recessive moderate economic conditions (franco modigliani and arlie sterling i986, 76). the next is the budget surplus (surplus budget) or contractive fiscal policy, which is a government policy to make the income more than the expenditure. the surplus budget is implemented when the economy is in an expansionary condition that is starting to heat up (overheating) to reduce demand pressure. the last is a balanced budget, which occurs when the government determines that expenditure must equal income (john lindauer 1971, 175). the political aim of a balanced budget is to create certainty of budget and improve the discipline in budget usage (john lindauer 1971, 171). balanced budget fiscal expansion is an attempt to increase aggregate demand by changing the spending and taxation levels while leaving the overall fiscal budget situation the same. the increased government spending has a bigger positive impact on economic growth than the negative impact of higher taxes. the surplus or deficit of a government budget is in part affected by the level of income and full employment usage. the surplus in the budget is caused by high state income and vice versa. low state income will, in turn, cause a budget deficit. budget deficit policy, which is commonly applied in developing countries, will affect the economy. the effects of budget deficit towards the economy are viewed through three different standpoints, ricardian, neoclassical and keynesian (r. maryatno 2012, 141). ricardians with their theory of ricardian equivalence hypothesis (reh) argue that the economy is not affected by the budget deficit. this theory is stemmed from david ricardo’s funding system and repopularized by robbert barro (robert j. barro 1976, 345-350). therefore, this theory is often referred to as the ricardo-barro preposition. the preposition constructed by ricardo barro is of intergenerational altruism or immortality, perfect capital markets and lump-sum taxation. this proposition, essentially, states that the payment of government budget deficits and debts neutrally affect economic activity (blancard 1990). the hypothesis made is that the impact of government policy on the economy is not of importance (neutrality preposition) (nouriel roubini 1988, 13). reh theory combines two fundamental approaches, that is of government budget constraints and permanent income hypothesis (pih). government budget constraints state that if government expenditures stay constant, low tax rates will, later on, be offset by the rise in tax rates. meanwhile, pih states that household decisions towards consumption are based on permanent income, which, in turn, moch. bukhari muslim. political economy from the perspective of ibn khaldun 65 http://journal.uinjkt.ac.id/index.php/iqtishad is greatly affected by the amount of income after tax. based on that analysis, the payment of budget deficit by lowering tax now will affect the tax burden later on but not in present value. this tax deduction will not alter permanent income nor consumption. barro brings up the argument that every payment in budget deficit done by issuing bonds will be offset by the rise in tax rates later on (robert j barro, n.d.). the increase in tax rates does not need to make people afraid of their prosperity or wealth. this is because the oncoming rise in tax rates will be anticipated by increasing savings and reducing current spending. the implication is that individuals will not use all of their income and wealth for consumption because of the issuance of state bonds. individuals will save all of their income and wealth to anticipate the rise in tax rates, with the result being the rise in demand towards goods and services. if the government increases the current tax to pay for state bond debt, an individual will perceive this policy as the same as substituting current tax with upcoming tax (with the same present value). budget deficit policy set by the government is fundamentally a tax diversion from now to the future. therefore fundamentally, budget deficit policies do not affect the economy (robert j. barro 1976, 350). reh argues that the changes in tax and budget deficit payment have the same effect on macro variables (especially private sector consumption). reh construct a premise that the issuing of state bonds will be accompanied by the rise in tax in the future. the payment of government debt is assumed to only change according to changes in taxation, and thus, the aggregate consumption will stay constant. individuals in the reh framework assume that the upcoming tax to be equal with a load of national debt (robert j barro, n.d.). hence, reh does not recommend the application of budget deficit policies. the neoclassics also research the impacts of government budget deficit policies. the neoclassics believe that each individual possesses enough information in order to plan their level of consumption. the budget deficit will, in the long term, increase the amount of consumption by passing the tax burden to the next generation. if every little bit of resource is usable, the rise in consumption will lower savings and raise interest rates. the rise in interest rates will cause private investment to drop. neoclassics conclude that in full employment, the permanent budget deficit will cause private investment to be driven out (crowding-out). therefore, neoclassics declare that the budget deficit will negatively impact and hurt the economy (r. maryatno 2012, 143). this conclusion is akin to the ricardian equivalence hypothesis theory. 66 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 the third view is that of keynesians who put forward the argument that the budget deficit will, in fact, positively impact the economy. keynesians assume that economic agents only think for short-term and not long-term (myopic); there is a lack of inter-generation relationship; and not every market is in equilibrium. if the economic agents only think for short-term, then budget deficit policies to increase public income will be responded to by the increase in consumption, which, in turn, boost production rates (r. maryatno 2012, 144). keynesians believe the budget deficit will increase income, welfare and consumption. debt funded budget deficit means the burden of tax now will relatively lighten and cause a rise in spendable income (dono joyo subroto 2006, 85). the rise in spendable income will increase consumption and demand as a whole. if the economy is in full employment, the rise in demand will increase production, inducing a rise in national income. in the next period, through the keynesian multiplier effect, a rise in national income will boost the economy. the budget deficit will increase consumption and income all at once; savings and capital accumulation will also increase. therefore, the short-term budget deficit will benefit the economy (r. maryatno 2012, 145). fiscal policy will affect the national economy through state revenue and expenditure. state revenues are taxes and other levies obtained by the government from the domestic economy, which, in turn, can infer a contraction in the economy (dono joyo subroto 2006, 89). meanwhile, the state expenditure is the spending done for government operations and projects funding in state sectors or by stateowned enterprises (dono joyo subroto 2006, 90). the review of contemporary fiscal policy is also closely linked to the idea of the need for cooperation between monetary and fiscal works. this is relevant to set and achieve monetary targets as well as state budget goals consistently in order to achieve high and stable economic growth. on the other hand, this cooperation also promotes growth in the financial market and supports the execution of monetary and fiscal policies through information exchange (r. maryatno 2012). the fiscal policy is used to influence the economy by adjusting revenue and spending levels. the two main tools in fiscal policy are taxes and spending. taxes influence the economy by determining how much money the government has to spend in certain areas and how much money individuals should spend. the state expenditure is everything related to state spending needed to fund state operations for the nation to run and run well (r. maryatno 2012). this budget in islamic jurists is known as muwāzanah or mīzānīyah (hana razuqi 1976, 3). budget in islam can be interpreted as the spending of an islamic nation from their treasury (bait al-māl) to fulfil public needs in accordance with islamic sharia (husain ratib yusuf rayyan moch. bukhari muslim. political economy from the perspective of ibn khaldun 67 http://journal.uinjkt.ac.id/index.php/iqtishad 1999, 140). budget can also be defined as a financial work plan, which on one side contains the highest amount of expenditure probably needed to fund state needs in the future. budget can also mean a plan needed to fund activities, including government operations (w. riawan tjandra 2013, 16). determining the state budget or expenditure requires clear principles so that the expenditure system is in accordance with the common needs. adam smith, as one of the western economists, stated that the government expenditure system must have several principles, such as (a) the principle of morality, in which the government expenditure must be in accordance with the values upheld by a nation, namely religion. (b) the principle of nationality, which means that government expenditure must pay attention to the interests of the people at large and the nation. (c) the principle of popularism, meaning that government spen d ing must pay attention to the interests of the people and uphold the sovereignty of the people. (d) the principle of functionality that government spending m ust be based on a predetermined function. (e) the principle of rationality, which means that the government expenditure must be rational by paying attention to the efficiency and effectiveness of expenditure. (f ). the principle of development is that government expenditure must be in accordance with the development of the country and the world. (g) the principle of balance and justice, meaning that there must be a balance between government expenditure between physical activit i es and non-physical activities in order to create harmony and harmony (adam smith 1993, 442). principles that limit government expenditure based on the ability of a country to earn revenue is: (a) pay as you go principle, which means that the government expenditure is limited by their capability to fund it f r om routine revenue and development; (b) tax rate limitation, which means that g overnment expenditure must be based on national revenue from taxations; (c) debt rate limitation, which means that the government expenditure is dependent on t h e amount of revenue earned by the government (adam smith 1993, 448). based on the objectives to be achieved, the government expenditure must fulfill the following principles: (a) the economizing principle, which means that government spending should be as economical as possible so that the mobilization of funds issued is right on the target; (b) better selection of alternative principles, where every government expenditure should be in the form of a decision result based on the choice of various alternatives proposed; (c) more performance at money expensed, which means that every government expenditure is expected to increase community income, which in turn will grow the country’s economy (adam smith 1993, 449). 68 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 state budget management according to ibn khaldun budget management, according to ibn khaldun, has to be based on sharia law while also paying attention to the principles of public welfare. money and other assets accumulated from the people through tax and other levies must be used for the people through public services (khaldun 1993, 238). in an ideal country, according to ibn khaldun, state budget management has to be allocated primarily for public welfare while also keeping in mind the interests of governments and rulers. the use of state budget has to be able to accommodate two main interests, public and government interests. both have to be considered but with public welfare as the priority (khaldun 1993, 238). the state is responsible for managing the budget to achieve the socio-economic goals of the people. state expenditure must have six goals in mind: first, towards state defence and security. a strong nation needs a strong ruler, and state power is kept with the presence of a strong national defense. state revenue in early islamic states, which mainly comes from gharaim sharia such as zakat, fay’, ghanimah and jizyah were primarily used for national defense and war. certain spoils of war in the form of land, in the case of fadak and banu nazir, were used to fund wars in the age of the prophet muhammad (abu ubayd 1989, 14). according to ibn khaldun, a strong national defense will strengthen nationalism. the spirit of nationalism is key in national development (khaldun 1993, 138). second, budget expenditure with means to meet the basic needs of the people. people’s basic needs have to be the main objective in state budget expenditure. basic needs, which covers food, clothes and shelters, are the main purpose of budgeting. gharimah sharia and taxes collected from the people has to be returned to the people by fulfilling the basic needs of the people. ibn khaldun emphasizes that the use of the state budget has to prioritize the needs of the people before the interests of the ruler. the third is the usage of the state budget for public services. together with the growth of a country, a satisfactory public service administration must be arranged. civil servants comprising of office employees, judges, teachers, governors and alike that serve public interest must also be a purpose in state budget expenditure. ibn khaldun underlines the responsibility of a ruler to meet the public needs of their people, such as hospitals (khaldun 1993, 140). fourth, social security goals, including donations and state budget pension plans, must also be spent on social security purposes. a caliph once ordered a governor to assist non-muslims who were old, weak and blind and also elderly citizens (abu ubayd 1989, 46). this shows that state budgeting in the early days moch. bukhari muslim. political economy from the perspective of ibn khaldun 69 http://journal.uinjkt.ac.id/index.php/iqtishad of islam included social security. umar bin khaṭṭāb maintained his social security in the form of providing retirees for elderly citizens, war widows and also paying off debts for poor people who cannot afford to pay debts (abu ubayd 1989, 50). umar also gave monthly rations to war veterans. umar himself once gave monthly rations to war veterans. the source of the budget used by umar was from ghanimah and fay. more than that, umar also offered to help with the cost of marriage for the poor (abu ubayd 1989, 250). other concerns were also addressed to converts by providing financial assistance from the state treasury (abu ubayd 1989, 265). ibn khaldun suggests that state budget spending also aims to provide direct assistance to the poor and starves (khaldun 1993, 139). this is evidence that the objectives of managing the state budget, according to islamic scholars, must also be oriented towards social security. umar once paid teachers to teach the koran in remote areas. state budget spending must also focus on aspects of education. fifth, state budget spending must also address educational goals by providing appropriate educational services for the community. at the beginning of islam, education was an important goal in the spending of the state budget (abu ubayd 1989). the prophet muhammad, once, made education and training a ransom for prisoners of war (abu ubayd 1989, 267). this shows that education is an important goal in the spending of state budgets. this is because, usually, prisoners of war could only be redeemed by paying a sum of money that would be used as state assets. sixth, spending on the state budget is to build public facilities. to strengthen economic development and improve people’s welfare, the construction of facilities and infrastructure projects must be the goal of state budget spending. the facilities include roads, bridges, construction and other means of transportations, drainage, as well as other types of the portion of the budget (abu yusuf 1979, 267). the expenditures for the public facilities have been funded by the government to boost economic growth. early islamic reign is the main focus in government budget spending. the budget policy is a strategy to influence and process the state budget (apbn). the government has a responsibility in managing the state budget. government has a very large responsibility in the context of the state budget. as ibn khaldun states that more government spending increases, the greater the activities financed by the government and the more economic activities expanded. thus, the management of the budget with the proper budget allocation will increase national income for the country. the theory of positive correlation between government activities and government budget also expresses by wagner. wagner states that the expenditures from government activities will increase (harvey s. rosen and ted gayer 2008, 29). 70 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 according to m.a. manan, conventional economics view budget policy aims towards welfare, as indicated by maximum profit for an individual without factoring human spiritual needs (m.a. manan 1991, 38). while islamic economics views budget managing as a means to achieve sharia goals, in the form of economic welfare while also maintaining faith, intellect, wealth and ownership. in this case, faith plays an important role in managing the state budget (machmud shaikh ahmad 1995, 34-35). according to ibn. khaldun, the allocation of state budget spending is adjusted according to national income. the main source of national income is in the form of tax, followed by incomes from religious provisions, zakat, alms, fay’, ghanimah and kharraj (khaldun 1993, 218). as a result, allocation of budget spending is adjusted according to income. ibn khaldun explicitly states that national income sourced from maghrim sharia has to be allocated according to sharia laws or the quran and hadith. the amount of nominal that should be given to each group of recipients is still debated by the scholars. abu ubayd states that there is no certainty of the argument about the amount or nominal that must be given to each group (abu ubayd 1989, 562). as for the distribution of territory, abu ubayd states that area, where zakat is collected, have more rights for zakat distribution, to eliminate jealousy among the poor (abu ubayd 1989, 586). state income earned from ghanīmah property must be spent according to the rules in the quran. income from ghanīmah has to be divided into two: 4/5 part is allocated for the army and state security officers. 1/5 part, called khumus, is allocated to the way of god. in this case, it is deposited in the state treasury for other purposes related to mutual benefits (quran surah al-anfāl verse 41). state budget obtained from zakat has to be allocated according to laws in the quran. zakat is only to be allocated to eight groups called the mustahiq zakat (quran surah al-taubah verse 60). as for the amount given to each group, it is still a debatable issue. the region in which said zakat is collected receives a right to a bigger allocation of zakat funds. this is to eliminate jealousy and spite among the poor. the allocation of state income sourced from fay’ is based on the seventh verse of the quran chapter of the exile. fay’ is allocated for allah, the prophet muhammad and his relatives, orphans, the poor as well as travellers. according to imam al-ghazali, government incomes sourced from fay’ are to be used for the welfare of muslims, like the building of bridges, mosques, roadways and other public needs. abu yusuf recounts the time umar achieved victory over the persians and the romans. he, along with a few other companions, discussed the distribution of fay’. moch. bukhari muslim. political economy from the perspective of ibn khaldun 71 http://journal.uinjkt.ac.id/index.php/iqtishad as a result, umar gave the companions that took part in the war 5000 dirham, while those who did not take part received 4000 dirham and. each of the prophet’s wife, on the other hand, received 12.000 dirham. meanwhile, national income sourced from tax, customs and other nonsharia levies were allocated for better public welfare. this becomes the authority of the ruler to manage the budget expenditure based on the principle of public welfare. ibn khaldun emphasizes that the distribution of state budget allocation to consider public welfare and not solely for the interest of the rulers and those around him. conclusion the balanced budget policy is intended to create a balance of budget while also improving the discipline of budget usage. as a result, legislators are required to create a source of income or self-sufficiency for the people and provide power to the government to carry out its duties. issues that frequently occur are of inflation and unemployment. inflation is caused by a society wanting to live outside of their economic capabilities. unemployment is caused by the level of economic activity reached being lower than with full employment. fiscal policy, according to the capitalist economists, is the effort to create investment growth and to eradicate the fluctuations in economic activities as a whole. another purpose is to bridge the gap between inflation and deflation. keynes states the rise of demand is heavily dependent on government effort to decrease taxes and increase spending. this results in the increase of people’s spendable income and their consumption. government policy manages demand by channelling demand towards goods and services in surplus ibn khaldun argues that budget management has to pay attention to public issues while also tending to government interests. budget expenditure has to have six goals, namely the matter of national security and defense; the basic needs of the poor; public services; social security, such as alms and pension plans; educational services; and public facilities. allocation of state budget expenditure according to ibn khaldun is adjusted according to state income. the main source of national income is from taxes and then followed by incomes from religious provisions like zakat, alms, fay’, ghanimah and kharraj. 72 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 references abdullah m. 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bersamaan dengan perkembangan kehidupan sosial dan perekonomian masyarakat akhir-akhir ini terutama masyarakat islam, maka pembicaraan tentang zakat yang merupakan rukun islam yang bercorak sosial ekonomi ini semakin menjadi fokus perhatian para ahli dan pihak-pihak yang berkompeten. hal itu tidak lain karena zakat, walaupun selalu dibahas di dalam pokok bahasan ibadat, merupakan bagian yang tidak terpisahkan dari salat, namun sebenarnya juga merupakan bagian dari sistem keuangan, ekonomi, sosial, politik dan moral islam yang sangat penting dalam upaya membangun ekonomi umat dan menjaga keseimbangan antara yang kaya dan yang miskin, sehingga persoalan ini, selain dibahas dalam konteks ibadat, juga telah menjadi bahasan dalam buku-buku hukum, ekonomi dan bidang keislaman lainnya. karena eratnya hubungan zakat dengan persoalan sosial-ekonomi muzakki dan kriterianya dalam tinjauan fikih zakat isnawati rais majelis ulama indonesia pusat abstrak: zakat adalah ibadah yang bercorak sosial-ekonomi, merupakan bagian dari sistem moneter dan sosial islam yang sangat penting dalam pemberdayaan, harmonisasi, dan kesejahteraan umat. kedudukannya yang sangat strategis ini menuntut umat islam untuk benar-benar memperhatikan dan mengupayakan penghimpunan dan pemberdayaannya secara maksimal, sehingga mampu mengatasi berbagai kesenjangan dan persoalan ekonomi dan sosial masyarakat islam. kata kunci: zakat, muzakki, fikih zakat irnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat92 umat, maka ketika membicarakan ekonomi umat tidak bisa dilepaskan dari persoalan zakat. hal itu, karena selain merupakan salah satu rukun islam dan bagian dari ibadah, zakat juga sebagai salah satu sumber keuangan dalam islam yang sangat penting artinya untuk membebaskan kaum miskin dari kesulitan dan kepapaan, serta sangat berguna untuk pemberdayaan umat. selain itu tujuan terpenting dari zakat adalah mempersempit ketimpangan ekonomi di dalam masyarakat sampai seminimal mungkin, sehingga terjalin kehidupan yang harmonis di antara kalangan yang berbeda keadaan ekonominya ini. sehubungan dengan ini rasulullah menjelaskan bahwa: “zakat merupakan harta yang dipungut dari orangorang kaya dan diberikan kepada yang miskin”. dari penjelasan rasulullah ini nyatalahlah bahwa kebijakan pendistribusi an harta sangat penting artinya dalam menjaga keseimbangan, kesatuan hati dan kekuatan suatu masyarakat. karena itu, perlu ditumbuhkan ke sadaran kepada semua pihak yang berkompeten, terutama para ulama, pemerintah dan orang yang diberikan rezki lebih oleh allah (orang kaya) untuk memperhatikan dan melaksanakan aturan agama ini dengan sebaikbaiknya. disebutkan secara khusus ulama, pemerintah dan orang kaya, karena ketiga komponen ini mempunyai posisi yang sangat menentukan untuk terlaksananya kewajiban ini. masih banyaknya hal yang belum disepakati dalam persoalan zakat, seperti siapa saja yang wajib berzakat, apa saja yang wajib dizakatkan, bagaimana caranya, ketentuan nisab dan haulnya, dan persoalan kekayaan dan penghasilan-penghasilan bentuk baru, yang belum dikenal pada masa yang lalu dan berbagai persoalan lain yang terkait, menjadi domainnya para ulama untuk merumuskannya, sehingga tidak ada lagi keragu-raguan masyarakat dalam berbagai hal itu. di samping itu ulama juga mempunyai peran penting dalam menghimbau, mensosialisasikan dan memberikan penjelasan kepada masyarakat akan pentingnya zakat dan akibat buruk yang mungkin terjadi kalau kewajiban ini tidak dipatuhi. sementara itu pemerintah sebagai penguasa, mempunyai kewajiban untuk mengatur dan mengawasi pelaksanaan zakat sehingga berjalan dengan baik sesuai dengan aturan. pemerintah berkewajiban memungut dari orang yang wajib mengeluarkan zakat(muzakki) dan memberikan kepada orang yang berhak menerima (mustahiq)-nya. hal ini antara lain al-iqtishad: vol. i, no. 1, januari 2009 93 dijelaskan dalam qs.9:60, menyangkut ‘amil dan mustahiq lainnya, dan qs 9:103, mengenai perintah memungut zakat. dalil yang paling tegas dalam masalah ini adalah tindakan khalifah abu bakar shiddiq memerangi orangorang yang tidak mau membayar zakat. selain itu di dalam hadis bukhari, muslim dan beberapa perawi lain disebutkan bahwa rasulullah saw., ketika mengutus mu’az keyaman, bersabda kepadanya: “beritahukanlah kepada mereka bahwa allah swt telah mewajibkan dari sebagian harta mereka untuk disedekahkan. diambil dari orang kaya untuk diberikan kepada orang-orang yang fakir … ”. di samping itu, di dalam berbagai riwayat ditemukan bahwa rasulullah telah mengangkat beberapa orang untuk menjadi petugas zakat. selain dari ulama dan pemerintah, muzakki menjadi bagian yang tidak terpisahkan dari pelaksanaan perintah wajib zakat ini karena mereka lah orang yang dibebani kewajiban untuk mengeluarkan bagian tertentu dari harta kekayaannya untuk kemudian diberikan kepada yang berhak menerimanya. berhasil tidaknya pelaksanaan zakat, salah satunya ditentukan oleh kemampuan menghimpun muzakki, karena dana yang akan didistribusikan kepada mustahiq dalam rangka memperbaiki ekonomi umat berasal dari mereka. hal inilah yang akan menjadi fokus perhatian pada makalah ini, terutama untuk mengemukakan tentang siapa dan apa kriteria muzakki. untuk lebih jelasnya persoalan ini, maka berikut ini akan dibahas masalah ini secara sederhana dan beberapa hal yang terkait, seperti kedudukan zakat dalam islam, kewajiban berzakat, siapa yang diwajibkan mengeluarkan zakat, dan ketentuan harta/kekayaan yang wajib dizakatkan. kemudian dilengkapi dengan jenis-jenis harta kekayaan yang wajib dizakatkan. kedudukan zakat dalam islam zakat sebagai salah satu rukun islam1 mempunyai kedudukan yang sangat penting, baik dalam konteks hubungan manusia dengan allah, dengan 1 zakat adalah rukun islam yang ketiga dari lima rukun islam. lihat, asy-syaukaaniy, naylul authaar, (beirut: daar al-fikr, t.th) juz iv, hal. 169. lebih lengkap hal ini dapat dilihat dalam hadis bunial islam ‘alaa khamsin… . irnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat94 dirinya, dengan masyarakat, dan dengan hartanya. dalam hubungan manusia dengan allah, zakat adalah salah satu sarana beribadah kepada allah, yang berfungsi untuk mendekatkan diri kepada-nya. rasulullah menjelaskan bahwa: “sesungguhnya allah menolong hambanya manakala hamba itu suka menolong saudaranya”. kepatuhan membayar zakat dinyata kan sebagai tanda kualitas orang yang benar-benar beriman seperti dicantumkan dalam firman allah pada qs.9: 18 dan 71. dalam hubungannya dengan diri sendiri (muzakki), zakat merupakan salah satu cara memberantas pandangan hidup materialistis, suatu paham yang menjadikan harta bukan lagi sebagai alat untuk mencapai tujuan hidup, tetapi menempatkannya sebagai tujuan hidup. dengan demikian zakat menjaga manusia dari kerusakan jiwa, dan memebersihkannya dari sifat-sifat tercela. zakat yang dikeluarkan oleh seorang muslim karena patuh kepada allah dan mencari ridha allah, akan dapat membersihkan dan mensucikannya dari dosa dan sifat kikir. dengan ini jelaslah bahwa zakat mempunyai kedudukan penting bagi muzakki untuk menjadikannya bisa menjadi tuan terhadap hartanya dan bukannya menjadi budaknya harta. karena itulah dalam qs.9:103 allah menegaskan bahwa tujuan zakat itu adalah untuk membersihkan dan mensucikan mereka (muzakki). pembersihan dan pensucian ini meliputi material, yaitu harta dan spritual, yaitu jiwa. berzakat berarti membersihkan harta dari segala keburukannya, dan memeliharanya dari berbagai kemungkinan bencana yang mugkin terjadi. sementara itu di sisi lain, zakat sangat penting artinya bagi muzakki, untuk mensucikan jiwanya dari sifat kikir, melatih diri untuk memberi dan berakhlak dengan akhlak allah, melatih diri untuk selalu bersyukur atas segala pemberian allah, melatih diri untuk tidak terlalu mencintai dunia, melatih diri untuk mengutamakan kekayaan batin, membangun hubungan batin dan rasa cinta sesama. sementara itu, zakat juga sangat penting artinya dalam menjaga harmonisasi kehidupan dalam masyarakat, dengan memperkecil jurang perbedaan ekonomi antara yang kaya dan yang miskin. sudah menjadi sunnatullah bahwa di dalam masyarakat terdapat berbagai perbedaan antara satu dengan yang lain, termasuk dalam hal kemampuan ekonomi, al-iqtishad: vol. i, no. 1, januari 2009 95 yang melahirkan golongan ekonomi kuat dan lemah, yang biasa disebut dengan golongan kaya dan miskin. perbedaan ini, sebetulnya sebagai batu ujian bagi kedua belah pihak, namun, apabila tidak mampu disikapi dengan bijak, maka akan menimbulkan berbagai akibat negatif dalam pergaulan dan harmonisasi hubungan, yang pada tingkat tertentu bisa menimbulkan pertentangan kelas sosial. berbagai tindakan tidak terpuji dari kedua belah pihak bisa saja terjadi setiap saat, yang mengakibatkan terganggunya ketertiban dan terhambatnya kemajuan. jalan keluar dari persoalan masyarakat ini adalah bagaimana menumbuhkan “getah”, yang dapat mempertautkan hati antara kelas sosial yang berbeda ini. zakat, adalah media yang disediakan oleh islam untuk menumbuhkan getah itu. sebagian harta orang yang kaya diambil dan disalurkan untuk menghidupkan dan memperbaiki keadaan ekonomi masyarakat miskin, sehingga kehidupan mereka semakin baik. dengan terjalinnya hubungan lewat media ini, maka tumbuhlah rasa persaudaraan dan keinginan saling menghormati dan saling membantu. selain itu, zakat adalah media untuk menumbuhkan kesadaran di dalam diri manusia, bahwa harta benda yang mereka punyai bukanlah milik penuh mereka, tetapi merupakan amanat allah yang dititipkan kepada manusia untuk mengelolanya, untuk diambil manfaatnya dan dipergunakan sesuai dengan ketentuan allah, pemilik yang sebenarnya. dengan demikian, manusia hanya mempunyai hak pakai dan hak guna, yang harus disesuaikan dengan ketentuan allah. di antara ketentuan itu adalah bahwa harta kekayaan itu selain berfungsi untuk memenuhi kebutuhan pribadi, juga mempunyai fungsi sosial, untuk kepentingan umum, kepentingan masyarakat, dan kepentingan perjuangan agama. di samping itu zakat juga berfungsi membersihkan harta yang boleh jadi saja tanpa disadari tercampur dengan yang kurang jelas kehalalannya. tetapi perlu ditegaskan bahwa harta yang jelas kotornya tidak bisa dibersihkan dengan zakat. dengan penjelasan di atas nyatalah pentingnya kedudukan zakat bagi kehidupan manusia dalam ajaran islam, baik dalam hubungannya dengan pelaksanaan rukun islam, ibadah yang dilaksanakan untuk mendekatkan diri kepada allah, ataupun untuk kepentingan masyarakat, memperbaiki ekonomi umat, membangun hubungan harmonis dalam kehidupan berirnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat96 masyarakat, memperbaiki pola fikir dan pola pandang terhadap harta, sehingga manusia mampu menyadari bahwa harta bukanlah segala-galanya dan bukan pula tujuan hidup ini. kewajiban berzakat menurut sayyid sabiq, zakat, ialah nama dari suatu hak allah ta’ala yang dikeluarkan seseorang kepada fakir miskin. dinamakan zakat, karena di dalamnya terkandung harapan untuk beroleh berkah, membersihkan jiwa dan memupuknya dengan berbagai kebajikan.2 zakat yang merupakan salah satu rukun islam, telah disebutkan beriringan dengan salat pada banyak tempat di dalam al-qur’an. menurut sayyid sabiq, jumlahnya ada 82 ayat3. sedangkan menurut yusuf qardhawi, jumlah ini terlalu dibesar-besarkan, kecuali kalau yang dimaksud, termasuk kata-kata lain yang sama maksudnya dengan zakat, seperti, infaq, alma’un, tha’am al-miskin dan lain-lain, memang jumlahnya berkisar antara 32 sampai 82 tempat.4 telah menjadi kesepakatan (ijma’) kaum muslimin berdasarkan al-qur’an dan sunnah rasul bahwa hukum zakat adalah wajib. di antara dalil wajibnya itu adalah: pertama, ayat-ayat al-qur’an, khususnya yang turun di madinah dengan secara tegas menetapkan hukum wajibnya zakat dan memberikan instruksi pelaksanaannya secara jelas, misalnya dalam qs. 2: 43, 83 dan 110 yang menyatakan: “dirikanlah oleh kalian salat dan bayarkanlah zakat. kemudian beberapa ayat dalam surat at-taubah telah memberikan beberapa pen jelasan penting tentang zakat, misalnya pada ayat ke sebelas dijelaskan bahwa ada tiga hal yang dapat menghindarkan orang musyrik dari dibunuh, yaitu taubat dari syirik, mendirikan salat dan membayarkan zakat; pada ayat ke 34-35, allah mengancam orang yang menimbun emas dan perak yang tidak mengeluarkan zakatnya dengan siksaan yang berat; pada ayat ke 60 dijelaskan para mustahiq zakat; dan pada ayat 2 sayyid sabiq, fiqh as-sunnah,(beirut: daar al-fikr, 1397/1977) jld i, hal.276 3 ibid. 4 yusuf qardhawi, fiqhu al-zakah, (beirut: muassasah al-risaalah, 1420h/1999) jilid i, hal.42. al-iqtishad: vol. i, no. 1, januari 2009 97 ke 71 dijelaskan pula tentang zakat merupakan salah satu jalan untuk mendapatkan rahmat allah di samping beberapa hal lainnya. sedangkan di ayat ke 103, diperintahkan kepada rasulullah untuk memungut zakat dari kekayaan orang mukmin. kedua, di dalam hadis-hadis rasulullah juga banyak dijelaskan tentang kewajiban zakat dan aturan pelaksanaannya. perintah itu antara lain diberikan rasulullah kepada mu’az bin jabal ketika ia ditugaskan untuk men jadi qadhi di yaman: “… jika ini telah mereka ta’ati, sampaikanlah bahwa allah telah mewajibkan zakat pada harta benda mereka yang dipungut dari orang-orang kaya dan diberikan kepada orang-orang miskin di antara mereka… ” (hr. jamaah)5. dalam hadis yang diriwayat oleh thabrani dari ali r.a disebutkan tentang wajibnya zakat pada harta orangorang kaya, untuk melapangi orang-orang miskin. di akhirya diingatkan akan azab allah bagi yang mengengkari. dalam beberapa hadis juga dijelaskan tentang nisab dan kadar yang harus dikeluarkan. selain itu, hadis “buniyal islaam ‘alaa khamsin….” yang salah satunya adalah kewajiban membayar zakat juga menjadi dasar yang kuat tentang kewajiban zakat ini. ketiga, kewajiban membayar zakat ini semakin jelas ketika islam memberikan peringatan dan ancaman yang keras kepada orang yang tidak mau membayarnya, bahwa mereka akan diazab di akhirat dengan azab yang pedih, seperti akan distrika dengan emas perak yang dipanaskan di nereka pada kening, pinggang dan punggung (qs.9:34-35), harta itu akan dikalungkan di leher (qs.3:180). selain itu, dalam beberapa hadis juga dijelaskan tentang hal ini, antara lain hr. bukhari dari abu hurairah: “siapa yang dikaruniai oleh allah kekayaan tetapi tidak mengeluarkan zakatnya, maka di hari kiamat ia akan didatangi oleh seelor ular jantan gundul, yang sangat berbisa dan sangat menakutkan dengan dua bintik di atas kedua matanya, lalu melilit dan mematuk lehernya sambil berteriak: “saya adalah kakayaanmu, saya adalah harta yang kamu timbun”. nabi kemudian membacakan ayat qs.3:180… ”. di samping itu, di dunia mereka juga akan mendapatkan hukuman. rasulullah bersabda: “orang-orang yang tidak mau mengeluarkan zakat akan ditimpa kelaparan dan kemarau yang 5 asy-syaukaaniy, op. cit., hal. 170. irnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat98 panjang”. (hr. tabrani dalam al-awsath). senada dengan ini: “bila(orangorang) kampung tidak berzakat, allah akan menahan hujan”6 keempat, selain memberi ancaman, rasulullah saw juga menetapkan hukuman bagi orang yang tidak membayar zakat. hukuman itu antara lain ditetapkan dalam hadis yang diriwayatkan oleh ahmad, nasa’i dan lainlain: “. . . orang yang membayar zakat untuk memperoleh pahala, maka ia akan mendapatkan pahala itu, sedangkan orang yang tidak membayarnya maka kita akan memungut zakatnya dengan paksa dan ditambah separuh hartanya. ini merupakan ketentuan tegas dari tuhan kita (allah),… ”. selain memungut dengan paksa dengan denda saparuh harta, orang-orang yang tidak mau membayar zakat dalam keadaan tertentu, seperti jumlah mereka banyak dan memiliki kekuatan untuk melawan, maka rasul memerintahkan untuk memerangi mereka. lihat hr bukhari muslim dari ibu umar ra: rasulullah bersabda: “saya diperintahkan untuk memerangi mereka sampai mereka bersaksi bahwa tidak ada tuhan selain allah dan bahwa muhammad rasulullah, mendirikan salat dan membayar zakat. apabila mereka telah melaksanakan hal itu, mereka telah memelihara darah dan harta mereka dari saya . . .”7 dalil-dalil yang kuat dari al-qur’an dan hadis inilah yang mendasari kesepakatan umat islam untuk wajibnya zakat, sehingga para sahabat sepakat memerangi orang-orang yang tidak mau berzakat atau pembangkang zakat. disepakati pula bahwa siapa yang mengengkari kewajiban zakat dihukum kafir, diberlakukan kepada mereka hukum murtad, yang kalau tidak mau bertaubat maka dibunuh. kecuali kalau mereka betulbetul tidak tahu kewajiban itu8 6 yusuf qardhawi, op. cit., hal. 76. beberapa hadistentang ancaman hukuman ini dapat pula dilihat pada asy-syaukani, ibid., hal. 172-173 7 diskusi tentang hal ini dapat dilihat dalam asy-syaukani, ibid., hal 175-177. di sini dijelaskan pula penegasan abu bakar: “ demi allah saya akan memerangi orangyang membeda-bedakan antara salat dan zakat. sesungguhnya zakat adalah kewajiban mengenai harta, dan demi allah, seandainya mereka tidak hendak menyerahkan seekor anak kambing (dalam riwayat lain tali pengikat unta) yang pernah mereka serahkan kepada rasulullah saw., akan saya perangi mereka, karena tidak membayarkan itu”. 8 wahbah az-zuhayli, al-fiqh al-islaamiyah wa adillatuh, (damsyiq: daar al-fikr, 1989) juz ii, hal. 734. al-iqtishad: vol. i, no. 1, januari 2009 99 yang wajib berzakat(muzakki) persoalan yang sangat terkait dengan kewajiban zakat adalah atas siapa diwajibkan berzakat itu. inilah sebenarnya yang menjadi inti dari pembahasan tema ini. orang9 yang wajib berzakat disebut dengan muzakki. telah disepakati oleh umat islam bahwa zakat hanya diwajibkan kepada seorang muslim, merdeka, dewasa yang berakal, yang memiliki kekayaan dalam jumlah tertentu dengan syarat tertentu.10 ketentuan ini ada yang disepakati dan ada pula yang tidak. mengenai ketentuan yang pertama, para ulama telah sepakat bahwa zakat tidak diwajibkan kepada non muslim. dasar pendapat mereka ini adalah hadis shahih yang menjelaskan tentang instruksi nabi kepada mu’az bin jabal ketika beliau mengutusnya ke yaman: “… yang pertama yang harus kamu lakukan adalah mengajak mereka agar meyakini bahwa tiada tuhan selain allah dan muhammad adalah rasulnya. apabila mereka menyambut seruanmu, maka ajarkanlah bahwa allah mewajibkan mereka salat lima kali dalam sehari. dan bila mereka mengerjakannya, maka barulah kamu beritahukan kepada mereka bahwa allah mewajibkan mereka berzakat, yang dipungut dari orang kaya mereka dan diberikan kepada orang yang miskin.” dengan ini jelaslah bahwa kewajiban zakat ini terkait dengan keislaman seseorang, dan ia merupakan salah satu dari lima landasan tempat berdirinya bangunan keislaman itu, yaitu syahadat, salat, zakat, puasa dan haji ke baitullah. karena itu tidak diwajibkan bagi orang yang tidak islam. para ulama juga sepakat bahwa zakat hanya diwajibkan bagi muslim yang merdeka. zakat tidak wajib atas budak, karena budak tidak memiliki apa-apa, bahkan ia sendiri adalah milik tuannya. kalaupun ia memiliki 9 termasuk dalam pengertian orang di sini adalah badan /lembaga yang dimiliki oleh orang islam. 10 yusuf qardhawi, op. cit., hal. 95. di dalam kitabul fiqh ‘alal mazaahibil arba’ah dijelaskan bahwa syarat diwajibkan berzakat itu adalah, baligh, berakal, dan islam. untuk anak-anak dan orang gila yang mempunyai harta menurut tiga imam kecuali hanafiyyah, wajib dikeluarkan zakatnya, tetapi kewajiban mengeluarkan dibebankan kepada walinya. menurut hanafiyyah tidak wajib zakat. sedangkan harta orang kafir tidak wajib zakat. abdurrahman al-jazayri, kitaabul fiqhi ‘alal mazaahibil arba’ah, (beirut: daar al-rasyaad al-hadiitsah,t.th) juz. i, hal. 590-591. irnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat100 sesuatu, maka itu bukanlah pemilikan yang sempurna (penuh). sementara itu, para ulama berbeda pendapat tentang harta anakanak dan orang gila, ada yang berpendapat tidak wajib, dan ada yang sebaliknya. beberapa ulama seperti abu ja’far al-baqir, hasan, mujahid dan lain-lain berpendapat bahwa harta anak-anak dan orang gila tidak wajib dikeluarkan zakatnya. mereka beralasan:11 pertama, zakat adalah ibadah mahdhah seperti salat, dan ibadah ini perlu niat, yang tidak dipunyai oleh anak-anak atau orang gila, dan kalaupun mereka bisa melakukannya, tidaklah dianggap. karena itu, ibadat tidak wajib atas mereka, dan mereka tidak dikhithab dengannya. kedua, alasan di atas, menurut mereka didukung oleh hadis rufi’al qalam ‘an tsalaatsattin: ‘anish shabiyyi hatta yablugha, ‘anin naa’imi hatta yastayqazha, wa ‘anil majnuuni hattayfiiqa. terangkatnya pena berarti bebas dari tuntutan hukum, karena hukumnya hanya dibebankan kepada orang yang memahami maksud hukum, sedangkan tiga golongan yang disebutkan dalam hadis tidak memahami maksud tersebut. ketiga, dalil lain menurut mereka adalah firman allah dalam qs. 9:103. di sini dijelaskan bahwa tujuan dari perintah pemungutan zakat itu adalah untuk membersihkan dan mensucikan dari dosa, sedangkan anakanak dan orang gila tidak berdosa. karena itu, tentu mereka tiak termasuk dalam tuntutan ayat ini. keempat, selain itu, kemashlahatan yang menjadi perhatian islam dalam setiap penetapan hukumnya, menurut mereka tidak akan ter capai dengan mewajibkan zakat kepada harta mereka ini, karena ketidakmampuan mereka mengelola harta, maka penarikan zakat dari tahun ketahun dikhawatirkan akan menghabiskan harta mereka dan me nyebabkan mereka miskin. sementara itu jumhur ulama dari kalangan sahabat, tabi’in dan orang yang sesudah mereka berpendapat bahwa harta anak-anak dan orang gila wajib dikeluarkan zakatnya. alasan mereka adalah12: (1) nash 11 ibid., juz i, hal. 105-108 12 ibid., hal. 108-111 al-iqtishad: vol. i, no. 1, januari 2009 101 ayat dan hadis yang mewajibkan zakat bersifat umum, yang mencakup pada semua harta orang kaya, tanpa mengecualikan anak-anak dan orang gila. (2) hadis riwayat syafi’i dari yusuf bin mahak bahwa rasululullah bersabda: “terimalah/ambillah oleh kalian zakat dari harta seorang anak yatim (yang kaya), atau harta kekayaan anak-anak yatim yang tidak mengakibatkan harta itu habis. (3) selain itu mereka beralasan dengan tindakan para sahabat, seperti umar, ali, abdullah bin umar, aisyah dan jabir bin abdullah yang mewajibkan zakat atas kekayaan anak-anak. (4) kemudian mereka juga melihat dari sisi makna dari diwajibkannya zakat, yang menurut mereka adalah untuk membantu orang yang membutuhkan di samping untuk mensyukuri nikmat allah, karena itu anak-anak dan orang gila, bila memang kaya tidak terlepas dari kewajiban zakat ini. setelah memperhatikan semua alasan dari kedua belah pihak, maka yusuf qardhawi berpendapat bahwa yang mewajibkan zakat harta anak dan orang gila lebih kuat dalilnya13. lebih lanjut ia menegaskan bahwa kekayaan anak-anak dan orang gila wajib zakat, karena zakat merupakan kewajiban yang terkait dengan kekayaan bukan dengan orang, yang tidak gugur karena pemiliknya masih anak-anak atau orang gila. dengan paparan di atas jelaslah bahwa untuk penentuan muzakki itu tidaklah terlalu sulit, karena kriterianya sangat sederhana sekali. telah dijelaskan bahwa muzakki itu adalah seorang muslim atau lembaga yang dimiliki oleh orang islam yang memiliki harta yang diwajibkan zakat, baik sudah dewasa atau tidak, berakal atau tidak. untuk mempermudah pengidentifikasian terhadap muzakki dapat pula dibantu dengan adanya beberapa ketentuan terhadap harta yang akan dikenai wajib zakat. secara ringkas hal itu akan dikemukakan pada bagian berikut. harta yang dikenai wajib zakat tidak semua harta yang dimiliki seseorang dihitung sebagai kekayaan yang dikenai wajib zakat. menyangkut hal ini ada beberapa batasan 13 pandangan dan analisa qardhawi mengenai hal ini dapat dilihat ; ibid.,hal. 111-112. irnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat102 dan ketentuan yang perlu diperhatikan, yaitu bahwa harta yang diwajibkan zakat itu adalah: (1) milik penuh, artinya kekayaan itu berada di bawah kontrol dan kekuasaan si pemilik, sehingga memungkinkannya untuk mempergunakan dan mengambil seluruh manfaat harta itu. (2) berkembang, artinya kekayaan itu dikembangkan dengan sengaja atau mempunyai potensi untuk berkembang. (3) cukup satu nisab, artinya harta itu mencukupi jumlah minimal yang diwajibkan zakat padanya, misalnya 85 gram emas, 5 ekor unta, 30 ekor sapi dan lain-lain. (4) lebih dari kebutuhan pokok biasa, seperti untuk makan, pakaian, tempat tinggal, kendaraan, sarana mencari nafkah dan lain-lain. (5) bebas dari hutang, artinya harta yang sudah cukup senisab itu harus dihitung di luar hutang. (6) berlalu satu tahun (dua belas bulan qamariyah). syarat satu tahun ini, tidak untuk semua kekayaan yang wajib zakat, tetapi hanya untuk ternak, uang, perdagangan/ perusahaan. sedangkan zakat pertanian, harta qarun, barang tambang, dan semua yang dikategorikan pendapatan, tidaklah disyaratkan satu tahun. beberapa ulama kontemporer (zaman sekarang), seperti abu zahrah, abdul wahab khallaf, dan abdurrahman hasan dengan mengutip pendapat para ulama fikih terdahulu, mengelompokkan harta/ kekayaan kepada tiga kategori, yaitu: (1) kekayaan yang dimiliki untuk pribadi, misalnya rumah untuk tempat tinggal pemiliknya, bahan makanan yang d isimpan untuk kebutuhan pemilik. ini tidak wajib dikeluarkan zakatnya. (2) kekayaan yang dimiliki untuk memperoleh keuntungan atau sifat benda itu memberikan keuntungan. kekayaan seperti ini wajib dikeluarkan zakatnya menurut kesepakatan ulama. (3) kekayaan yang tidak terlalu jelas fungsinya, apakah semata sebagai kebutuhan ataukah untuk di kembangkan untuk memperoleh keuntungan, seperti perhiasan dan ternak yang untuk dipekerjakan sekaligus dikembang-biakkan. dalam masalah ini ulama berbeda pendapat.14 dengan memahami secara tepat harta kekayaan yang dikenai wajib zakat, akan memudahkan setiap muslim untuk mengenali dirinya sendiri, apakah ia termasuk orang yang dibebani wajib zakat atau tidak dan berapa 14 lebih lengkap menyangkut persoalan ini dapat dilihat pada; ibid., hal. 476-477. al-iqtishad: vol. i, no. 1, januari 2009 103 zakat yang harus dikeluarkannya. bagi para petugas, hal ini juga akan sangat membantu untuk memudahkan pensosialisasian dan pelaksanaan tugas menghimpun para muzakki. jenis harta kekayaan yang wajib dikeluarkan zakatnya selain hal-hal yang telah dikemukakan sebelumnya, persoalan yang me nyangkut jenis harta yang wajib dikeluarkan zakatnya tidak kalah pentingnya untuk dikemukakan terkait dengan tema ini, karena menyangkut hal ini masih terdapat banyak perbedaan pendapat, terutama pada kekayaan yang tidak ditemukan nash secara sharih menyebutkannya. sementara itu kita tahu bahwa kemajuan umat manusia telah membuat mereka mendapatkan kekayaan tidak hanya dengan jalan dan cara yang biasa ditempuh umat pada masa lalu. dengan pemaparan ini diharapkan semakin jelaslah siapa saja yang dibebani kewajiban zakat dan berapa besar kewajiban mereka. kalau kita perhatikan ayat-ayat yang membicarakan tentang kewajib an zakat, maka ada beberapa jenis kekayaan yang disebutkan dan diperingatkan untuk dikeluarkan zakatnya, yaitu: emas dan perak (qs. 9:34), tanaman dan buah-buahan (qs. 6:141), usaha perdagangan dan lain sebagainya (qs.2:267) dan barang-barang tambang dan rikaz, yang dikeluarkan dari perut bumi (qs. 2:267). perintah ini tidak langsung disertai dengan berbagai ketentuan pelaksanaannya. ketentuannya dijelaskan oleh sunnah. kemudian selain itu, disebutkan pula kewajiban zakat pada binatang ternak. berdasarkan dalil-dalil ini, maka dalam kitab-kitab fikih inilah macam-macam kekayaan yang wajib dikeluarkan zakatnya. namun demikian perkembangan kehidupan manusia dan sumber penghasilan mereka yang semakin beragam mengharuskan para ulama berusaha untuk mencarikan ketentuan hukumnya, supaya ada kepastian hukum yang membawa kepada ketenangan dan keadilan. hal ini sangat penting, karena timbul banyak pertanyaan tentang apakah penghasilan yang besar dan terus berkembang perlu dikeluarkan zakatnya? atau apakah zakat itu hanya berlaku pada apa yang telah ditetapkan sebelumnya? hal ini tentu perlu jawaban. sejumlah ulama kontemporer, seperti muhammad irnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat104 abu zahrah, abdul wahab khalaf, muhammad yusuf qardhawi dan lainlain, dengan memperhatikan dalil dan pendapat para ulama telah mencoba memberikan jawaban terhadap berbagai persoalan ini. mereka menjelaskan bahwa kekayaan yang telah memenuhi ketentuan yang telah disebutkan sebelumnya wajib dikeluarkan zakatnya, dan itu tidak hanya terbatas pada jenis yang telah ditetapkan sebelumnya. menurut yusuf qardhawi jenis kekayaan yang wajib dikeluarkan zakatnya adalah: (1) binatang ternak, yaitu unta, sapi, kambing, domba. termasuk di sini perbedaan pendapat tentang kuda yang digembalakan sengaja untuk dikembang biakkan. sedangkan kuda untuk diperdagangkan disepakati kewajiban zakatnya. (2) emas dan perak, termasuk di sini zakat uang, zakat perhiasan dengan berbagai ketentuannya. (3) perdagangan. (4) pertanian. (5) madu dan produksi hewani (sutera, susu, dan lainlain). (6) barang tambang dan hasil laut. termasuk disini, ma’din, kanz dan rikaz, mutiara dan lain-lain yang dieksploitasi dari laut. (7) investasi, seperti pabrik, gedung dan lain-lain. (8) pencarian dan profesi. (9) saham dan obligasi.15 inilah jenis-jenis harta kekayaan yang wajib dikeluarkan zakatnya. pengembangan pemahaman tentang jenis harta yang wajib dikeluarkan zakatnya ini merupakan persoalan baru yang perlu disosialisasikan kepada umat islam, terutama para amil yang akan bertugas di lapangan dan para muzakki yang dibebani wajib zakat, supaya mereka mengerti kewajibannya dan mau melakukannya. peraturan perundang-undangan yang sudah ada tentu diharapkan akan mampu mempermudah pelaksanaanya di lapangan. pengembangan jenis harta yang wajib dikeluarkan zakatnya ini tentu akan sangat besar pengaruh positifnya terhadap jumlah harta zakat yang bisa dihimpun. dan ini tentu akan punya pengaruh positif pula terhadap kesejahteraan umat, berupa perbaikan ekonomi para dhu’afa. di samping itu lebih memungkinkan untuk menjembatani kesenjangan ekonomi umat, antara yang kaya dan yang miskin. 15 penjelasan lebih lanjut tentang masing-masing dapat dilihat dalam. ibid., hal. 121-533. al-iqtishad: vol. i, no. 1, januari 2009 105 penutup zakat adalah salah satu rukun islam yang berbeda posisinya dibandingkan dengan rukun-rukun yang lain. kalau rukun-rukun yang lain dilakukan lebih banyak dalam upaya membangun dan memperkokoh hubungan antara makhluq dan khaliq atau antara seorang mukmin dengan rabbnya saja, maka zakat, di samping itu punya dimensi lain, yaitu membangun hubungan antara sesama, antara yang kaya dan yang miskin atau antara muzakki dan mustahiq. malah lebih dari pada itu antara pemerintah sebagai pelaksana dengan muzakki dan mustahiq. zakat adalah ibadah yang bercorak sosial-ekonomi, merupakan bagian dari sistem moneter dan sosial islam yang sangat penting dalam pemberdayaan, harmonisasi, dan kesejahteraan umat. kedudukannya yang sangat strategis ini menuntut umat islam untuk benar-benar memperhatikan dan mengupayakan penghimpunan dan pemberdayaannya secara maksimal, sehingga mampu mengatasi berbagai kesenjangan dan persoalan ekonomi dan sosial masyarakat islam. dalam upaya ini salah satu hal penting yang harus menjadi perhatian adalah muzakki, karena ia merupakan salah satu komponen penting untuk tercapainya cita cita menjadikan zakat sebagai salah satu sokoguru ekonomi umat. karena merekalah yang dikenai wajib zakat. penjelasan yang simpel dan mudah tentang kriteria muzakki, harta kekayaan, dan jenis kekayaan yang wajib dikeluarkan zakatnya, diharapkan akan dapat membantu berbagai pihak yang terkait untuk memahami bahwa muzakki itu bukan hanya petani, peternak, pedagang, pemilik emas dan perak, ataupun seorang pengusaha tambang. tetapi muzakki itu bisa lebih banyak dan lebih beragam dari itu. muzakki bisa saja dari pegawai, para professional, pemilik bermacam-macam aset yang disewakan, pemilik saham, pengusaha, dan lain sebagainya. dengan memahami kriteria muzakki ini diharapkan setiap umat islam yang mempunyai harta akan terpanggil jiwanya untuk menghitung dan menilai sendiri, apakah dia termasuk orang yang wajib berzakat atau tidak, sehingga ia tidak lagi menunggu orang lain mengingatkan. di samping itu, ini juga diharapkan dapat memudahkan pemerintah, khususnya lembaga amil zakat untuk menghimpun muzakki semaksimal mungkin. irnawati rais: muzakki dan kriterianya dalam tinjauan fikih zakat106 pustaka acuan asy-syaukaaniy, naylul authaar, beirut: daar al-fikr, t.th sayyid sabiq, fiqh as-sunnah, beirut: daar al-fikr, 1397/1977. yusuf qardhawi, fiqhu al-zakah, beirut: muassasah al-risaalah, 1420h/1999 wahbah az-zuhayli, al-fiqh al-islaamiyah wa adillatuh, damsyiq: daar alfikr, 1989 rachmad hidayat: effects of service quality 151 effects of service quality, customer trust and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java rachmad hidayat, sabarudin akhmad, machmud1 abstract. effects of service quality, customer trust and customer religious commitment on customers satisfaction and loyalty of islamic banks in east java. the purpose of the present study was to describe the relationships among service quality, customer trust and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java. respondents were islamic banks’ customers domiciled in east java. a predetermined number of samples were taken by the use of a simple random sampling technique. analysis was performed using the structural equation modeling (sem). results indicated that service quality and customer trust of islamic banks jointly had significant effects on customer satisfaction. service quality and customer trust had direct and indirect effects on customer loyalty mediated by satisfaction of islamic banks’ customer in east java. religious commitment had no direct and indirect effect on customer satisfaction and customer loyalty. keywords: service quality, trust, religious commitment, satisfaction and loyalty abstrak: pengaruh kualitas layanan, kepercayaan dan komitmen beragama nasabah terhadap kepuasan dan loyalitas nasabah bankbank syariah di jawa timur. penelitian ini menjelaskan hubungan antara kualitas layanan, kepercayaan nasabah dan komitmen beragama terhadap kepuasan dan loyalitas nasabah bank-bank syariah di jawa timur. responden adalah nasabah bank syariah yang berdomisili di jawa timur. penarikan sampel penelitian dilakukan dengan cara sampling acak sederhana, dengan jumlah yang telah ditentukan. analisis yang digunakan pada penelitian ini adalah model persamaan struktural (structural equation modeling atau sem). hasil penelitian ini menunjukkan bahwa kualitas layanan dan kepercayaan nasabah bank syariah secara bersama-sama berpengaruh signifikan terhadap kepuasan nasabah. kualitas layanan dan kepercayaan nasabah berpengaruh terhadap loyalitas nasabah, baik langsung maupun tidak langsung dengan dimediasi oleh kepuasan nasabah bank syariah di jawa timur. sedangkan komitmen beragama tidak berpengaruh terhadap kepuasan nasabah dan loyalitas nasabah baik langsung maupun tidak langsung. kata kunci: kualitas layanan, kepercayaan, komitmen beragama, kepuasan dan loyalitas first draft: january, 20th 2015, revision: march, 07th 2015, accepted: march, 28th 2015 1 department of industrial engineering, university of trunojoyo, department of islamic education, sti al-karimiyah email: rachmad_h@ymail.com, drs.mahmud.mpdi@gmail.com, sabarutm@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 152 introduction islamic banking in indonesia is growing in an exceedingly rapid pace. it is no longer a mere fulfillment of sharia obligation but has become a necessity. the proportion of islamic banking for the next 10 years is expected to reach 15%−20% of the national banking system. in order to maintain the momentum of rapid-growing islamic finance industry in indonesia, various parties have been conducting several things, such as education and capacity building for islamic finance industry and encouraging innovations in islamic financial products to deepen the market and improve public access to islamic financial institutions. sharia financial industry, in particular islamic banks, will continue to evolve with the growth of muslim middle-class community. in addition to guaranteeing bank customer deposits, the deposit guaranty institution (known as lembaga penjamin simpanan or lps) actively participates in maintaining financial stability embodied in the rescue of banks, the source of which is not the state budget, but premiums from banks. at present, there is a difference between islamic banks and conventional banks with regard to deposit guaranty, in which the stipulation of lps interest rate does not apply to the former. the implementation of lps duties and functions is expected to reassure the customers of islamic banks and consequentially facilitate the operations of islamic banks. islamic banks operate in accordance with the principles of sharia, in which they are not burdened with paying interest for customer deposits. islamic banks only pay a share of profits in accordance with the profit-sharing ratios of islamic banking. with the profit-sharing system, islamic banks certainly survived the negative spread. rather than collapsed as with the conventional banks in general, the past economic and financial crisis, instead, had positive impacts on the development of islamic banks. until 2007, there were 3 commercial islamic banks,24 islamic business units and 105 islamic people’s credit banks (known as bprs or bank perkreditan rakyat syariah). islam, as a universal and integral teaching, regulates all aspects of human life, such as the social, cultural, political, legal, defense and security as well as economic and financial aspects. along with the development of islamic values within the society after the collapse of soviet communism in the 1990s, samuel paul hantington stated that the threat to western world is islamic civilization (qardhawi, 2001). the ultimate purposes of sharia are to bring about virtues and to prevent damage. sharia sets five basic human needs that must be protected by law: religion, life, property, reason, and offspring. it is in this respect that allah makes the teachings of the prophet muhammad rahmatan lil alamiin (or blessings to all).(q.s. al-anbiya [21] : 107). rachmad hidayat: effects of service quality 153 in the islamic economic system, the interest rate paid by banks to depositors is replaced by a percentage or portion of profit sharing and the interest rate received by the banks (from debtors) is replaced by a percentage of profit sharing. these two forms of the ratio of profits are used as the instrument to mobilize savings and to channel it to productive business activities. moslem economists emphasize that there is a built-in power of the islamic economic system to ensure stability. therefore, they argue that in the profit-sharing mechanism there will be no factor that leads to economic instability. in his analysis of the profit-sharing behavior with regard to economic stability, nejatullah siddiqi comments that:”the introduction of ratios of profit sharing to replace rate of interest will not destabilize the economy and that the change in the entrepreneurial profit will not get communicated back all along the line” (muhammad, 2001). an economic system based on profit sharing shall better ensure allocation of economic resources and more proper distribution of income. the role of profit sharing in the achievement of economic stability should be analyzed by the use of an equilibrium approach. islamic banking has been providing superior products that conform to the sharia. however, there are still many customers who are in doubt of its professionalism and service quality. superiority in products remains in sufficient for customer satisfaction and loyalty. banking customers are increasingly critical that the products and services provided affect banks’ survival (rahman, 2004). superior service quality will affect customer satisfaction (babin, et.al, 2005). consequently, high customer satisfaction translates to higher profits for banks. another advantage is an increased customer loyalty (chan, et.al. 2003; ruyter and bloemer, 1999; chan, et.al, 2004).there are a lot of criticisms associated with service quality of islamic banks, especially regarding the application of the profit-sharing system. some complained front-office service that seemed less professional. this situation should be resolved to maintain loyalty of customers who are motivated by sharia to use islamic banks. among the efforts to address this problem is to improve service quality of islamic banks that involve product conformity with islamic principles that differentiate islamic banks from conventional banks. literature review in the context of banking service quality, service quality is a relatively special or superior service delivery to the customer’s expectations (cronin & taylor, 1992). there are two factors that affect service quality: expected services and received services. service quality is the extent to which reality and customers’ expectations differ with regard to the services they perceive (parasurama, 1996). al-iqtishad: vol. vii no. 2, juli 2015 154 service quality is the outcome of consumers’ current evaluation and consumption experience and is expected to have a direct and positive effect on overall customer satisfaction (parasuraman, 1996). service quality is the level of satisfaction created by a particular transaction between the bank and the customer, which is a psychological condition generated when emotional factors encourage expectations and adapt to past consumption experience (oliver, 1981). satisfying customers for a company engaged in banking services is a key point that should not be overlooked, where customer satisfaction is a strategic aspect to win the competition and maintain the company’s image within the broader communities; thus, quality services to customers are of ultimate importance. entering the competition on a global scale, islamic banks are challenged to contribute to the national development through economic empowerment of the people. service quality is a form of consumers’ evaluation of the level of perceived services and the level of expected service. improving service quality constitutes a realistic way for a bank to win the competition and retain customers. hence, customer satisfaction in the service sector is an important and decisive element to develop the company in order for survival in the face of competition. this implies that there is a difference when service quality is seen as an attitude since satisfaction is different from attitude. customer’s attitude to a product or service is relative, while satisfaction is an emotional reaction to past consumption experience. in line with the difference, service quality can also be distinguished by the level of satisfaction since perception of service quality is a result of thorough consideration or attitude in response to the excellence of a service, while the level of satisfaction relates only to a particular transaction in a relatively short period. trust is the belief that the action of another person or a group is consistent with their beliefs. trust is created through a gradual and subsequently accumulated process (pradiansyah, 1999). consumer trust can be explained through dimensions of past experiences, information and enthusiasm. consumer trust depends on the consumer’s experience with consuming goods or services and receiving favorable information from the service provider. thus, experience and favorable information will foster consumer trust in a product or service. this is because the experiences stored in the memory of the consumer for a product or service are capable of establishing a person’s trust if the those experiences are enjoyable and satisfy them. consumer trust will be exhibited by their response to the information delivered by the service provider. consumer enthusiasm or attachment is their positive response to a product or service they receive. commitment is the motivation and engagement as well as performance and rachmad hidayat: effects of service quality 155 adherence to an organization (gunlach, 1995). religion provides the best that human beings need to determine the purposes of their lives. religion promises happiness and prosperity, morality, work ethics, management of justice and what human beings need in their association with their fellow human beings and all the elements of nature (achsien, 2000).thus, religious commitment is a form of adherence to religious teachings. to muslims, islam is a way of life that sets the whole aspects of life, in line with the order “o you, who have believed, enter into islam completely……..” (q.s. al baqarah [2] : 208). analysis of the relationship of religion and commitment with ethics does not end in religious affiliation. it is continued with religious commitment to reach religiosity. dimensions used to measure religious commitment are: first, visits to the place of worship; second, participation in religious activities; and third, the level of personal religious faith. the levels of religious faith are captured by four items: first, belief in god; second, belief after death; third, agreement with the idea that one has the right to question what his church teaches and fourth, agreement with the idea that one has the right of free speech includes the right to make speeches criticizing religion (taufik & karim, 1989). the relationship between the customer and the bank is more than a simple functional relationship; rather, it is exceptionally emotional and the tie can be very strong (shemwel, 1998). generally, banks want their customers can be retained for good. accordingly, in the context of banking services, customer loyalty is customer commitment to a bank based on a very positive attitude and is reflected in the consistent repeat purchases (fandi). repeat purchase may be the result of market dominance by a bank successfully making its products the only products available. consequently, customers do not any other option to look for other products. besides, it can repeat purchase may be the results of continuous promotion in order to entice and lure customers to use a product. in case of no market dominance and intensive promotion efforts, only the loyal customers are committed to repeat purchase. loyalty will be established by the habits and the long history of banking product consumption. customer loyalty is affected by continuously accumulated satisfaction or dissatisfaction in addition to the perceived quality of a product (boulding, et.al, 1993). banks capable of satisfying their customers in the long run make their customers loyal and making repeat purchases. additionally, perceived agreement of a bank’s performance is influenced by service quality of the bank concerned. if the bank is capable of providing service quality in accordance with customer expectations, the customer will be satisfied with the services provided by the bank. the more the quality of services provided by bank the more satisfied the al-iqtishad: vol. vii no. 2, juli 2015 156 customer will be. the better the service quality provided by the bank the more loyal the customer to the bank will be. this is in line with studies of cronin dan taylor (1992), zeithaml and bitner (1996), bloemer, et.al (1998), lassar et al.(2000), natalisa (2000), holm (2000), bei dan chian (2001), astuti (2001), kadir (2001), fullerton dan taylor (2002), caruana (2002), said (2004) that concluded that service quality has significant direct and indirect effects on customer loyalty mediated by customer satisfaction. islamic banks can be used for cash management, i.e. management of all the financial traffics of a company. therefore, customers will partner with only one islamic bank, making them more easily, efficiently and uncomplicatedly managing their finances. customers partnering with many banks may have inconvenience in managing their finances. one condition that needs to be considered in choosing which islamic banks to be used for cash management is that the bank is capable of serving various types of transaction that the company needs. trust and credibility constitute the main prerequisites for the bank to be chosen by customers in partnering or transacting. trust is to believe in a partner to a relationship due to the partner’s credibility and benevolence. credibility indicates trust gained from others due to having the desired expertise to perform a task. additionally, trust is gained due to having good manners to other partners to a relationship. trust arises from the ability to prove something, from reliability and from intentionality. trust is the desire of one party to be well-treated by the other party in the hope that the other party will take necessary actions to meet the expectation, regardless of the ability to monitor or control the other party (mayer, et.al, 1995). the components of trust are credibility, reliability and intimacy (peppers and roger, 1996). commitment is the desire to maintain connectivity in the long run. loyalty is a behavioral response that is biased or non-random, continuously revealed by decision makers by paying attention to one or more alternative products and a number of similar products and is a function of psychological processes (dharmesta, 1999). in contrast to repeat purchase, customer loyalty involves customer’s repeated psychological feelings towards products and services for a long period of time. loyalty will occur based on the experience with consuming a number of similar products. this experience will affect the final decision making where customers decide to be loyal to only one banking products. bank customers have a religious commitment reflected in the customers’ consumption attitudes and behaviors. this attitude is measured by way of asking the customers how they like the products offered, how strong their religious commitment to islamic banks and their tendency to recommend the bank to others as well as rachmad hidayat: effects of service quality 157 their beliefs and feelings to banking products. commitment is a determinant of the success of a long-term relationship between the consumer and the service provider (hazra and kailash, 2009). customer commitments play a key role in the success of a long-term relationship between service providers and customers, which in turn will create customer loyalty (ramadania, 2002). commitment is closely connected with customer loyalty, which is intention to making a purchase and intensive repeat purchases. repeat-purchase behavior can be described in two possibilities, loyalty and inertia (odin, et.al, 2001). repeat-purchase behavior in a situation of strong brand sensitivity is categorized as loyalty. conversely, repeat-purchase behavior in a situation of weak brand sensitivity is categorized as inertia. loyalty is long-term and cumulative (continuous) in nature; the longer the customers to be loyal, the more the profit the bank can obtainfrom the customer’s banking transactions. customers categorized as loyal are those customers who are so satisfied with a specific banking product that they are enthusiastic to introduce it to anyone they know (tjiptono, 2004). furthermore, customers will make repeat purchases of banking products they usually buy; even these customers will not use other banking products. the bank’s strengths and weaknesses will be informed to the bank and even the customer will inform the bank’s strengths to others. customer satisfaction is the level of customer feelings after comparing their perceived performance of a product or service to their expectations. satisfaction arises when customers compare their perceived performance of a product or service to their expectations (spreng, et.al, 1996). thus, customer satisfaction is formed after the perception of the value of an offer. or, in other words, the level of customer satisfaction is a function of the difference between the perceived performance and expectations. customer satisfaction occurs when the results of evaluation of the banking products used are at least equal to or exceed customer expectations, while dissatisfaction occurs when the results of evaluation do not meet or are below customer expectations. most customers like banking products after using them. repeat consumption leads to customer loyalty. loyalty is seen as a final effect of repeat purchases made by consumers (caruana, 2002). repeat purchase may be due to lack of compatibility after repeated use of banking products or customers are conditioned to use one only banking products. the final effect arising from these conditions is customers that will be loyal to an improved product by repeated consumption in the long term. loyalty can be as developing in three phases: cognitive, affective and conative. al-iqtishad: vol. vii no. 2, juli 2015 158 methods population in this study is all the customers of islamic banks in east java. samples were representatives of the population studied (arikunto, 2010). that were taken by the use the simple random sampling technique. a predetermined number of samples were randomly selected only in 3 major cities in east java – surabaya, sidoarjo and malang. the number of samples in this study was 150 respondents according to the sample size guideline of 100−200 (arikunto, 2010). fifty respondents were taken from each city. samples were islamic bank’s customers domiciled in east java. east java province would be developed to be the largest islamic economic region in indonesia. another reason was that east java province had the potential for the development of islamic economy with the support of 6,000 islamic boarding schools (known as pondok pesantren). the management of islamic boarding schools also asked the government to maximize the program. all muslim clerics (known as kiai) in east java have been supporting the concept of islamic economic restructuring. the institution of islamic boarding school, known as one of the means of islamic preaching, could be optimized to drive islamic financial education in indonesia. figure 1. the structural model x1.1 : tangibles x1.2 : reliability x1.3 : responsiveness x1.4 : assurance x1.5 : empathy x2.1: past experience x2.2: information and enthusiasm x3.1: visit to the place of worship x3.2: participation in religious activities x3.2: level of personal religious faith y1.1 : overall satisfaction y1.2 : confirmation of expectation y1.3 : comparison of ideal y2.1 : say positive thinsg y2.2 : recommed frend y2.3 : continue purchasing x1.1 x3.1 x3.2 x3.3 x3.2 x3.1 customer trust (x2) service quality industri (x1) religiouscom mintment (x3) y2.1 y2.2 y2.3 customer satisfaction (y1) customer loyality (y2) h4 h6 h5 h2 h7 h1 h3 x1.2 x1.3 x1.4 x1.5 y1.1 y1.1 y1.1 rachmad hidayat: effects of service quality 159 hypotheses proposed in this study were: h1: service quality of islamic banks had significant effects on customer satisfaction of islamic banks in east java; h2: customer trust of islamic banks had significant effects on customer satisfaction of islamic banks in east java; h3: religious commitment of islamic banks’ customers had significant effects on customer satisfaction of islamic banks in east java; h4: services quality of islamic banks had significant effects on customer loyalty of islamic banks in east java; h5: customer trust of islamic banks had significant effects on customer loyalty of islamic banks in east java; h6: religious commitment of customers of islamic banks had significant effects on customer loyalty of islamic banks in east java; h7: customer satisfaction of islamic banks had significant effects on customer loyalty of islamic banks in east java. structural equation modeling (sem) analysis was used to test the hypotheses. in order to test the goodness of fit of the model developed in the structural equation modeling, the fit index was used. if the model was not quite good, it is necessary to modify the model by adding or deleting the links so that the value of chi-square will decrease with the value of the index (ferdinant, 2000). figure 2. the result of structural model discussion hypotheses of the study were tested by partially examining each path of direct effects based on the results of the structural equation modeling (sem) analysis. indirect effectswere the byproducts of direct effects.hypotheses of direct effect were tested based on the value of cr> 1.96 and p<0.05, meaning a al-iqtishad: vol. vii no. 2, juli 2015 160 significant effect.results of hypothesis testing are as follows. independent variable dependent variable direct effect path coefficient koef. std note service quality customer satisfaction 0,68 significant customer trust customer satisfaction 0,18 significant religious commitment customer satisfaction -0,10 non significant service quality customer loyalty 0,35 significant customer trust customer loyalty 0,74 significant religious commitment customer loyalty 0,64 significant customer satisfaction customer loyalty 0,35 significant after testing and analyzing the effects of service quality, customer trust and customer religious commitment on customer satisfaction and customer loyalty of islamic banks in east java, and after reviewing theoretical concepts and empirical supports regarding the causal relationship between the variables affecting customer loyalty of islamic banks, the theoretical and empirical findings leading to the development of the theory generated in this study are: first, service quality and customer trust had effects on customer satisfaction of islamic banks. results showed that service quality was instrumental in creating customer satisfaction, while customer satisfaction was the dominant variable in building customer loyalty. efforts to retain customers of islamic banks will be realized by taking into account service quality and customer satisfaction in addition to the trust variable. customer satisfaction was to be achieved by improving service quality provided to customers. superior service quality can be created by providing appropriate training to all employees on how to serve customers in accordance with their expectations. training is provided not only to the division in charge of service encounter, but all parties should be involved in the training on service quality. involvement of all parties will lead to excellent service quality so that the image of islamic banks will be getting better in the eyes of customers. there is a need for evaluating the extent of customer loyalty of islamic banks. evaluation should be done on a regular basis so that the bank will always able to identify customer needs and respond them quickly. customer loyalty can also be enhanced by placing an emphasis on the intimate relationship with customers. programs long remembered in minds of customers will be able to strengthen the relationship with the customers, for example through islamic banks’ involvement in religious activities. rachmad hidayat: effects of service quality 161 second, in addition to service quality, customer satisfaction and loyalty of islamic banks are also influenced by customer trust. customer trust is an important element affecting the quality of a relationship. customer trust in the islamic banks will increase the levels of customer satisfaction with islamic banks. customer satisfaction will increase the likelihood that the customers make repeated consumption. the high level of trust will have an effect of reducing the possibility of customer shift to non-islamic banks. one effort that should be carried out by the management of islamic banks to increase customer trust in order to enhance customer satisfaction as the predictor of customer loyalty of islamic banks is to build the capacity of bank employees in serving customers. customer trust can also be built from the attitudes of islamic banks’ employees that promote honesty and do not take short-term advantage. long standing relationship with customers can be well-maintained. third, not all study variables had significant effects on service quality. religious commitment was shown to have no effect on customer satisfaction and customer loyalty of islamic banks. this was due to the fact that customers of islamic banks derived from a limited number of muslims in east java. additionally, the variable religious commitment was customer personal commitment to practicing islamic teachings. customer religious commitment had no direct effect on service quality, but customers with their beliefs in the functions and benefits of islamic banks straightly expressed their loyalty to islamic banks. customers chose and were loyal to islamic banks based on their religious faith and obligations to apply sharia in their everyday lives. thus, any form of service provided did not have significant effect on customer satisfaction. customers expressed their high loyalty to islamic banks regardless their satisfaction as reflected by service quality of islamic banking. in addition to the underlying personal factors, negative relationship between religious commitment and customer satisfaction was also due to the limitations of the study. negative effects on customer satisfaction and customer loyalty might be due to the fact that not all indicators of the variable religious commitment were able to explain comprehensively the relationships between customer satisfaction and customer loyalty. another factor was that the short period of the study, leading to fairly limited number of observations. the study location also influenced the effects of this relationship. east java was chosen as the study location since the province was considered as capable of implementing the program to accelerate the development of islamic economics. besides, as stated in the vision of islamic economic development in indonesia, east java province is to be developed as the largest islamic economic region in indonesia. east java also al-iqtishad: vol. vii no. 2, juli 2015 162 has the potential for the development of islamic economics in east java, which is supported by 6,000 islamic boarding schools. the management of islamic boarding schools also asked the government to maximize the program. all kiai in east java have been supporting the concept of islamic economic restructuring. the institution of islamic boarding school, known as one of the means of islamic preaching, could be optimized to drive islamic financial education in indonesia. with islamic banking restructuring, the economic concept can be realized with low-cost, simple, and blessed financing. conclusion results showed that service quality and customer trust of islamic banks were predictors of customer satisfaction and customer loyalty of islamic banks. customer satisfaction of islamic banks was the intervening variable linking service quality and customer trust of islamic banks to customer loyalty of islamic banks. customer religious commitment 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(unpublished disertation). surabaya: universitas airlangga. tjiptono, f. 2004. pemasaran jasa. malang: bayumedia. zeithaml, et.al. 1996. services marketing. new york: mcgrawhill. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 21 34 faculty of sharia and law universitas islam negeri syarif hidayatullah jakarta e-mail: hasan.ali@uinjkt.ac.id a.m. hasan ali abstract. bpkh, as a hajj financial management institution in indonesia, plays an essential role in evolving the hajj fund. with the biggest potential of the muslim population in the world, indonesia can administrate hajj finances in a larger scope by investing them on business lines, which are in accordance with sharia principles. however, the wakalah contract, as the foundation of agreement between the prospective pilgrims and the bpkh institution, is interpreted differently by law number 34 of 2014 and the dsn-mui fatwa number 122/dsn-mui/ ii/2018. as a consequence, the difference causes disharmony between the two laws. the different interpretations of these regulations have led to some legal consequences. these are related to the determination of the responsible parties in the case of the failure in investment, which involve the government or bpkh as the hajj fund administrators. this paper is based on a qualitative inquiry, using regulations as the primary sources, supported by non-legal materials. content analysis with normative juridical themes is used to analyze the legal system and principles. keywords: disharmonization, contract, wakalah, bpkh, legislation abstrak. bpkh sebagai lembaga pengelola keuangan haji di indonesia memiliki peranan penting dalam mengembangkan dana haji. dengan potensi umat islam terbesar di dunia, indonesia dapat mengelola keuangan haji dalam ruang lingkup yang lebih besar dengan menginvestasikan keuangan haji pada lini usaha yang sesuai dengan prinsip-prinsip syariah. namun akad wakalah sebagai dasar yang digunakan antara para calon jamaah haji kepada lembaga bpkh diinterpretasikan berbeda antara undang-undang no. 34 tahun 2014 dengan fatwa dsn-mui no. 122/ dsn-mui/ii/2018 sehingga menimbulkan disharmonisasi pada kedua perundang-undangan tersebut. perbedaan interpretasi peran wakil pada kedua perudang-undangan ini menimbulkan konsekuensi hukum berupa perbedaan penerima tanggung jawab yang melibatkan pemerintah maupun bpkh selaku pengelola keuangan haji apabila mengalami kegagalan investasi. penelitian ini menggunakan metode kualitatif dengan data sekunder berupa peraturan perundangan-undangan, buku terkait, dan bahan non hukum. teknik yang digunakan adalah content analysis dengan tema penelitian yuridis normatif yang menganalisis asas-asas dan sistematika hukum. kata kunci: disharmonisasi, akad, wakalah, bpkh, perundang-undangan disharmonization of wakalah contract in law number 34 of 2014 and dsn-mui fatwa number 122/dsn-mui/ii/2018 22 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction after the issuance of law number 34 of 2014 regarding hajj management, the administration of hajj fund which was initially carried out by the ministry of religion has been currently shifted into a public legal entity known as bpkh (hajj financial management agency). all this time, prospective pilgrims deposit some funds to bpih and sign a wakala contract to secure their pilgrimage departure seat. subsequently, the fund is managed and developed by bpkh. the administration of hajj fund itself consists of four aspects: the deposit of hajj expenses, the development of hajj fund, hajj service funds, and the community perpetual fund (dau). of the four things that are still managed by the ministry of religion is the hajj service financing. (harisman, 2017) the hajj service costs consist of three main elements, specifically direct costs, or in the form of bpih (hajj travel costs), indirect costs, or the benefits of the hajj funds investment, and apbd (regional budget)/ apbn (national budget). direct costs consist of airfare, airport taxes, and aeroplane passenger services during the pilgrimage trip, accommodation in makkah and living allowances. meanwhile, indirect costs are used to add to the accommodation cost both in makkah and medina. also, there are operational costs from the apbd/apbn, which are used for pilgrim officers and health services during the pilgrimage. (atho’illah, 19 mei 2017) three other hajj management roles are carried out by bpkh (hajj financial management agency). the complete roles of bpkh include the reception, investment, expenditure, and accountability report of hajj funds. the management of hajj fund by growing it through investment has been done since the issuance of presidential decree no. 35 of 1996 concerning the indonesian hajj costing fund management agency. in article 4 of this presidential decree, it funds that the hajj fund is to be spent for pilgrimage. the remnant of the fund can be used for matters related to education, islamic proselytization, poverty alleviation, and other benefits for muslims. the fourth ijtima of the ulama of indonesian fatwa commission in 2012 discussed the ownership status of funds deposited to bpih by the prospective pilgrims from cipasung, who were in the waiting list. the fund from bpih was deposited to the bank account of the ministry of religion (currently to bpkh) and is allowable to be used for productive matters (benefiting) such as the deposit in islamic banks or the investment in the form of sukuk. if previously the investment of hajj fund was in islamic banking or the form of sukuk, currently the investment, based on the law no. 34 of 2014, can be in the 23 http://journal.uinjkt.ac.id/index.php/iqtishad a.m. hasan ali. disharmonization of wakalah contract in law number 34 of 2014 form of gold, securities, as well as direct investment. the provision related to the investment choice certainly risks the development of hajj fund. as a consequence, they should be responsible parties for the loss in the investment. article 20 and 53 of law no. 34 of 2014 state that the bpkh, as the hajj financial management agency, is a public legal entity. this means that if a loss occurred, the implementing body members and members of the supervisory board are jointly and severally responsible (tanggung renteng) for the losses in investment. article 6 paragraph 2 of this law also states that the fund from bpih and special bpih to be deposited to the account of bpkh, as the legal representative of the pilgrims. meanwhile, the dsn-mui fatwa no. 122/dsn-mui/ii/2018 about the financial management of bpih and special bpih based on sharia principles says that bpih funds are managed and developed by the government as the representative of the prospective pilgrims by taking into account the aspects of security, prudence, and benefits, the government may guarantee all bpih funds. the provision regarding the responsible parties to govern hajj fund in the law no. 34 of 2014 and the fatwa of dsn-mui no. 122/dsn-mui/ii/2018 has led to legal uncertainty. the law determines that the bpkh is the responsible party, whereas the fatwa states that the responsible party is the government, and the government assign bpkh as their representative to govern the hajj fund. further research is needed to investigate this legal disharmony. from the above explanation, there are two questions posed in this article: what is the principle of wakalah according to law no. 34 of 2014 pertaining to management of hajj? what is the principle of wakalah according to the fatwa of dsn-mui no. 122/dsn-mui/ii/2018 concerning the financial management of bpih and special bpih based on sharia principles? what are the forms of disharmony in the wakala contract caused by the differences in law no. 34 of 2014 and dsn-mui fatwa no. 122/dsn-mui/ii/2018? research methods this article is based on the study of law no. 34 of 2014 concerning management of hajj and the fatwa of dsn-mui no. 122/dsn-mui/ii/2018 about financial management of bpih and special bpih based on sharia principles. legal entity theory build upon article 20 paragraph (2) of law no. 34 of 2014; it was stated that the bpkh was a public legal entity. hence, there is a need to explain the theory of legal entity. 24 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 legal subject is anything that basically has rights and obligations in legal traffic. two matters included in the legal subject are humans (naturlijke persoon) and legal entity (rechtspersoon). pt. (limited liability company) pn (state company), foundations, government bodies, and so on are parts of the legal entity (halim, 1985). the legal entity is known as rechtpersoon (in dutch terms), persona morals (in latin terms), or legal persons (in english terms). according to black’s law dictionary, a legal person is defined as “an entity such as a corporation, created by law given certain legal rights and duties of a human being: a being, real or imaginary, who for the purpose of legal reasoning is treated more or less as a human being.” (a.gamer, 2004). based on the definition from black’s law dictionary, a legal entity can be a company, created by law and given certain legal rights and obligations by humans: legal entities can be real or imaginary, and have legal considerations and are treated more or less like humans. utrecht stated that a legal entity (rechtpersoon) is an institution which has the power (authority) to be a supporter of rights, whose neither have a soul nor precisely a human (imaniyati, 2009). while molenggraff, in a complete way, said that legal entities are basically the rights and obligations of members collectively with undivided shared assets. each member is not only the owner of certain part the undivided assets but also the owner of the assets as a whole. this means that every individual is the owner of the assets organized in the legal entity (asshiddiqie, 2006, p. 68). thus it can be said that a legal entity is an independent institution that has rights and obligations realized together with its members because of the similar vision and mission. wakalah theory fundamentally, the management of the hajj fund has been carried out using the wakalah contract. the fatwa of dsn-mui no. 10/dsn-mui/iv/2000 mentions that wakalah is the authority delegation by one party to another party for matters that are representable. furthermore, the fatwa of dsn-mui number 122/ dsn-mui/ii/2018 states that wakalah agreement is the authority delegation from the prospective pilgrims to the government to manage the given objects. wakalah is pronounced in two ways: wakalah and wikalah. terminologically, wakalah has two meanings: al-ḥifdh (protection) and al-tafwiḍ (surrender) (alhusaini, ). wakalah or wikalah means surrender, delegation, or giving a mandate. in arabic, this can be understood as al-tafwiḍ. for example, the sentence, “i leave my business to god” represents the meaning of the term (antonio, 2001). 25 http://journal.uinjkt.ac.id/index.php/iqtishad a.m. hasan ali. disharmonization of wakalah contract in law number 34 of 2014 etymologically, scholars define wakalah into different terminologies. generally, there are two groups of scholars: hanafi and shafi’i scholars: (hasanuddin, fiqih muamalah maliyyah : akad tabarru’ , 2017 ) 1. the books of takmilah fath al-qadir (6/3), al-bada`i al-shana`i (6/19), radd al-muhtar (4/417), and tabyin al-haqa’iq (4/254) explained that wakalah, according to hanafi scholars, is: “a legal act of a person in order to place another party in his position to carry out certain legal actions which are permissible and known (without gharār).” 2. in the book of mughni al-muhtaj (2/217), it is explained that the meaning of wakalah, according to shafi’i, is: “the giving of authority over matters that can be carried out by him/herself, and (including) matters that can be authorized to other parties as long as the authorized person is still alive. legal basis for wakalah comes from the qur’an and the sunna of prophet muhammad, and ijma`, which are: 1. sura al-kahf (18): 19: “then ask one of you to go to the city with your silver money, and better food should be seen, and bring some of that food to you;” this verse is the story of the inhabitants of gua hira when doing a wakalah to purchase foods; 2. surah al-nisa (4): 35: “then send a peace (hakam) from a male family and a peacemaker from a female family;” hakam in this verse is the representative of each family (husband and wife); 3. fi’liyah hadith (acts of the prophet) narrated by imam abu daud and altirmidhi mentions that: “the prophet muhammad represented urwan al-bariqi to buy a goat, and the prophet prayed for him to get a blessing in his buying; then said: if only (albariqi) buys dust (for sale), it gets profit. “ 4. fi’liyah hadith (acts of the prophet), history of imam bukhari and muslim; that is: “that the prophet muhammad sent officers to collect zakat.” in the book of al-mughni (5/79), the book takmilah fath al-qadir (6/3), the book mughni al-muhtaj (2/217), al-muhadhdhab book (1/348), and the book al-mabsuṭ (19/2) give the explanation that the people had agreed (ijma`) about the permissibility of wakalah contract. wahbah al-zuhaili explained as follows: “the people have agreed on whether or not the wakalah contract is permissible; because of the need (al-hajjah) to do it; sometimes a person is unable to enforce his 26 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 overall prosperity; wakalah contract is permitted because it is part of (actions which include) help in kindness and piety.” thus, the basic law of wakalah contract is permissible; however, it can turn into sunnah and wājib (obligation) or makrūh even harām; because its existence depends on the object of its time. ibn rushd asserted that wakalah contracts come under contracts that require a statement of acceptance (qabūl) in addition to a statement of the offer (ijāb). moreover, ibn rushd also emphasized that the wakalah contract belongs to a contract of jā’iz (a contract which can be cancelled unilaterally), except the wakalah contract that is done by ujrah (wakalah contract bi al-ujrah) or ju`l (contract wakalah bi al-ju`l) since the dhawābith and hudūd in agreement are the ijārah contract or the ju`alah contract (hasanuddin, fiqih muamalah maliyyah: akad tabarru’, 2017). discussion the wakalah principle according to law number 34 of 2014 in article 1 of law number 34 of 2014, it is stated that bpkh is an institution that conducts financial management of hajj. furthermore, in article 22, it is also said that the bpkh is in charge of managing hajj finances, including the reception, development, expenditure, and financial accountability of the hajj funds. hajj fund receptions come from deposit payments, both initial deposits and repayment deposits made by prospective pilgrims using the wakalah contract as a way to get the hajj seat. the pilgrimage fund is then managed and developed by the bpkh for the operational costs in organizing the hajj. for this reason, as the executor of the hajj financial manager, article 23 determined that the bpkh has the following functions: a. to plan the acceptance, development, and spending of hajj funds; b. to administer the acceptance, development, and spending of hajj funds; c. to control and supervise the acceptance, development, and spending of hajj funds. d. to provide reports and be responsible for the administration of reception, development, and spend of hajj funds. in carrying out these duties and functions, bpkh is obliged to administer hajj funds transparently and be accountable for the greatest interest of the pilgrims and the benefit of muslims by providing information through the media regarding its performance, financial conditions and wealth, and the results of investment regularly every six months. then, bpkh also has to provide information to the 27 http://journal.uinjkt.ac.id/index.php/iqtishad a.m. hasan ali. disharmonization of wakalah contract in law number 34 of 2014 pilgrims regarding the benefits of bpih and/ or special bpih through the virtual account of each pilgrim by providing bookkeeping that is in accordance with the applicable accounting standards and reporting the hajj funds management periodically every six months to the minister and people’s representative council. furthermore, the bpkh also pays the value of bpih and/or special bpih deposit benefits to the virtual account of each pilgrim and returns the excess of the bpih and/or special bpih deposits (see anggito abimanyu in bpkh responding critics of hajj fund, and the explanation of law number no 34 of 2014 concerning the management of hajj fund, 19th october 2018). moreover, article 24 states that the authority of bpkh is: (a) to locate and invest hajj funds by considering the sharia principle, prudence, security and value of benefits, and (b) to cooperate with other institutions in the context of hajj financial management. in terms of the procedures for hajj funds management, article 46 also states that: (1) hajj funds must be managed in a sharia commercial bank and/or sharia business unit. (2) hajj funds, as referred to in paragraph (1) can be located and/or invested. (3) in conducting the placement and/or investment as referred to in paragraph (2), bpkh must comply with sharia principles and consider aspects of security, prudence, the value of benefits, and liquidity. the sharia principle in this law means that all and every management of hajj funds is based on strict (kāffah) islamic principles. whereas the definition of “security aspect” is that the management of hajj funds must be carried out by prioritizing security aspects in anticipating the risk of loss in the management of hajj funds to guarantee the implementation of hajj financing. in addition, the investment of hajj funds also considers aspects of risk, including risks of default, reputation, market, and operations. furthermore, the “value of benefits”, in this article, can be interpreted as that a portion of the hajj funds in bpkh can be placed and/or invested according to sharia principles and by considering risk factors and liquidity (considering the ability and smooth payment in the implementation of the ongoing and upcoming hajj funds ) (see the explanation of law number 34 of 2014 about the management of hajj fund). the level of liquidity itself must be equal to the need for two times the cost of conducting the hajj service in tone with the provisions in paragraph (1) of article 47. by following these principles, bpkh has special stipulations related to the investment, as stated in paragraph (1) article 48 that financial placement and/or 28 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 investment of hajj funds can be done in the form of banking products, securities, gold investments, direct investment, and other investments. the portion that is allowed in the investment of each of these products is explained as follows: (see article 26-32 of government regulation number 5 of 2018 concerning the implementation of law number 34 of 2014 pertaining to the management of hajj fund) 1. banking products include (a) demand deposits, (b) savings, (c) time deposits (50% of total bpkh placements, after three years 30% of total bpkh placed in banking). 2. securities consist of: (a) sbsn (state islamic securities) issued by the central government, (b) sbs (islamic securities) issued by the bank of indonesia, and (c) sharia stocks supervised by ojk, including: islamic stocks, sukuk, sharia mutual funds, islamic asset-backed securities, sharia real estate investment funds and other sharia securities. 3. investment in the form of gold bars is at most 5% of the total investment placement of financial hajj. 4. direct investment includes: (a) private business, (b) equity participation, (c) investment cooperation, (d) other direct investments. (direct investment is at most 20% of the total investment placement of hajj funds). 5. other investments are at most 10% of the total investment placement of financial hajj. from the whole investment products, it is known that a maximum of 75% of the investment portion is developed in banking products (a maximum of 50%), gold investment (a maximum of 5%), and direct investment (by 20%). meanwhile, the other 25% is invested in unknown products. if it is invested in sbsn, it certainly does not pose a big risk. when it is invested in islamic securities, it can have considerable risk. thus, there is a possibility of losses in the development of this hajj fund. for this reason, if a loss occurs, as is stated in article 53, bpkh is jointly and severally responsible (tanggung renteng) for the loss of the overall hajj financial investment placement caused by the fault and negligence of its administrator. the joint liability (tanggung renteng) results in bpkh to bear full responsibility if a loss occurs. this is stipulated in the article 20 paragraph (3) (5) which stated that the bpkh is an independent public legal entity that is responsible to the president through the minister by managing hajj funds cooperatively and without taking any profits. the definition of corporate in this article is that the principle of financial 29 http://journal.uinjkt.ac.id/index.php/iqtishad a.m. hasan ali. disharmonization of wakalah contract in law number 34 of 2014 management is based on the exploitation pattern as carried out by companies or corporations, by emphasizing on efficiency (look at the explanation of law number 34 of 2014 in respect of the management of hajj fund). whereas the position of bpkh as an independent public legal entity indicates that the delegation of responsibility for pilgrimage financial management is carried out entirely by the bpkh without the government interference. wakalah according to the dsn-mui fatwa number 122/dsn-mui/ii/2018 the general provisions of article 1 dsn-mui fatwa number 122/dsnmui/ii/2018 determine that the body formed by the state is based on laws and regulations to carry out the functions and duties of the hajj financial manager, namely the hajj financial management agency (bpkh). furthermore, in article 5 mentions that the contract used by the prospective pilgrims is a wakalah contract. this means that the prospective pilgrims give authority to the government to carry out duties to manage the authorized objects. regarding this wakalah contract, the following is the further and detailed explanation about the contract: 1. the contract used is the wakalah agreement, which is valid until the bpih and special bpih funds belonging to the prospective pilgrims are spent by the government in the context of the pilgrimage organization; 2. the prospective pilgrims agree with and approve the government to degelate the fund management to the fund manager. 3. the manager, mentioned above, receives funds from bpih and bpih special from the prospective pilgrims; 4. the authorized object (maḥall al-wakalah) to the government, which is managed by its representative, must be clear and certain, which includes: a. the development of bpih and special bpih funds through limited placement and investment (al-muqayyadah), with investment activities that are in tone with islamic principles, prudential and security principles; b. the distribution of investment returns to hajj pilgrims; c. the payment of the hajj organization cost; d. the returns of the excess of funds to the prospective pilgrims when the balance of the bpih or special bpih fund is bigger than the stipulated cost for bpihand the special bpih in the current year. e. the return of all bpih or bpih special funds if prospective pilgrims die or cancel the departure. 30 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 in terms of the guarantee of bpih funds, it is determined that in order to provide confidence and trust to the pilgrim candidates, bpih funds are managed and developed by the government as the representative by taking into account the security, prudence and the value of benefits. in this case, the government may guarantee all and bpih. by observing the terms contained in dsn-mui fatwa number 122/dsnmui/ii/2018, it can be sum up that the government is the main representative as the hajj financial manager whereas bpkh is the government’s representative in managing hajj funds. thus, the government is responsible for any loss in the investment made to grow the funds represented by the pilgrims. disharmonization of wakalah agreement in law number 34 of 2014 and dsn-mui fatwa number 122/dsn-mui/ii/2018 from the two descriptions above, there are differences in the interpretations of wakalah agreement both in law number 34 of 2014 and the fatwa of dsnmui number 122/dsn-mui/ii / 2018. in the law number. 34 of 2014. it is avowed that the direct representative of the financial pilgrimage management is bpkh. so, if there is an investment loss, bpkh is fully responsible for its settlement. whereas dsn-mui fatwa number 122/dsn-mui/ii/2018 mentions that the representative of the management of hajj is the government, while the bpkh is the government representative to manage the hajj finances. thus, in accordance with this fatwa, the government is obliged to be responsible for any losses. with the existence of differences in interpretation, legal disharmony arises in the two regulations. thus, this can lead to legal uncertainty regarding the responsible party in the case of loss in the investment. hence, it could also disadvantage to prospective pilgrims. in order to obtain a solution for the disharmony between the two laws and regulations, a swot analysis can be carried out. a swot analysis is an analysis that includes efforts to recognize strengths, weaknesses, opportunities, and threats that determine company performance. according to freddy rangkuti, swot is the systematic identification of various factors to formulate service strategies. this analysis is based on logic which can maximize opportunities, yet can simultaneously minimize shortcomings and threats. the swot analysis compares the external factors and internal factors (rangkuti, 2002). this external factor influences the formation of opportunities and threats (o and t). where this factor is concerning the conditions that occur outside the company and affect the company’s decision making. this factor covers 31 http://journal.uinjkt.ac.id/index.php/iqtishad a.m. hasan ali. disharmonization of wakalah contract in law number 34 of 2014 the industrial environment and the macro business environment, economic, political, legal, technological, population, and socio-cultural. meanwhile, internal factors affect the formation of strengths and weaknesses (s and w). these factors are related to the conditions of the company, and also influence the company’s decision making. these internal factors consist of all functional management: marketing, finance, operations, human resources, research and development, management information systems, and corporate culture (daf, 2010). from the legislation in law number 34 of 2014 and dsn-mui fatwa number 122/dsn-mui/ii/2018 a swot matrix can be formed as follows: the swot matrix is the task and function of the bpkh by following the rules in law number 34 of 2014. internal external strength (s) • be able to maximally perform management efforts by investing in the products allowable by the law government as a representative of pilgrims (guaranteed by the government) weakness (w) • no guarantee from the government opportunity (o) • the benefits of investment have an impact on the operational costs of the following year, which are even cheaper so strategy • by running the management to the fullest, the investment profits are maximally obtained. wo strategy • because the government does not guarantee it, the investment should consider the risks to minimize them. threat (t) • investment losses result in the threat of loss of hajj funds st strategy • investing in safe investment products (with minimum risk) to omit the threat/ / reduction of hajj funds can be avoided strategi wt • because the bpkh is an independent public legal entity, the bpkh must limit its investment in products that have a lowrisk value 32 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 the swot matrix of the bpkh duties and functions by following the rules on dsn-mui fatwa number 122/dsn-mui/ii/2018 is as follows: internal external strength (s) • be able to maximally perform management efforts by investing in the products allowable by the law government as a representative of pilgrims (guaranteed by the government) weakness (w) • can be detrimental to the state budget if the investment fails opportunity (o) • the benefits of investment have an impact on the operational costs of the following year which are even cheaper so strategy • by running the management to the fullest, the investment profits are maximally obtained. • with the guarantee from the government, bpkh does not need to be afraid of investment failures. wo strategy • because there is a possibility of a state budget loss if there is a failed investment, then the funds must be invested by considering the risks involved so that the risk can be minimized. treat (t) • investment losses result in the threat of loss of hajj funds so the government must replace them st strategy • investing in safe investment products (minimal risk) so that the threat of loss/ reduction in hajj funds does not occur even with a guarantee from the government. strategi wt • investment losses can be detrimental to the state budget, so the bpkh must limit its investment in the products that have a low-risk value from the two swot matrices, it can be concluded that according to law number 34 of 2014 considering that the bpkh is an independent public legal entity that runs a non-profit business, so the maximum profit is returned to the management of hajj finances. the profits resulted from the investment can avoid the increase or reduce the cost of hajj in the following year. however, investment failure can result in the loss of the hajj funds managed by the bpkh. thus, that bpkh must be jointly and responsibly (tanggung renteng) for this matter. to overcome this, the investment should be carefully selected to the investment that gives good returns but minimal risks. according to the dsn mui fatwa number 122 / dsn-mui / ii / 2014, the role of bpkh is as the representative of the government to manage the finances of prospective pilgrims and pilgrims to be managed optimally for the benefit of the pilgrims. to support this, the government provides guarantees shall the investment 33 http://journal.uinjkt.ac.id/index.php/iqtishad a.m. hasan ali. disharmonization of wakalah contract in law number 34 of 2014 failure occur. however, guarantees provided by the government can have an impact on the state budget loss if there is a loss of investment. for this reason, according to this fatwa, there is also a thorough consideration of the selection of investment products that provide maximum benefits with low risk. conclusion by analyzing the two laws, it can be concluded that the application of the wakalah contract, both in the law number 34 of 2014 and the dsn mui fatwa number 122/dsn-mui/ii/2014 has a different impact on the hajj fund management representation to bpkh. in law number 34 of 2014, the contract of wakalah occurs between pilgrims and bpkh. bpih deposited by the pilgrims is sent directly to the bpkh account. thus, bpkh is fully responsible for the management of hajj finances. in this law, it is also said that bpkh, which is a public legal entity, is jointly and severally responsible for losses of the investment. according to the dsn mui fatwa number 122/dsn-mui/ii/2014, wakalah contract occurs between the pilgrims who make the government as their representatives. after that, the government makes bpkh as their representative so that the hajj funds can be managed and developed. the existing wakalah contract between the pilgrims and the government makes the government guarantees investment management and development by bpkh. as a result, the failure in the investment leads to the loss of the state budget. references abimanyu, anggito. 2018. october 19. bpkh tanggapi kritik ikhwal penggunaan dana haji. retrieved from http://bpkh.go.id/berita-804-bpkh-tanggapikritik-ihwal-penggunaan-dana-haji.html# antonio, muhammad syafi’i. 2001. bank syariah dari teori ke praktik. jakarta: gema insani dan tazkia cendikia. asshiddiqie, jimly. 2006. perkembangan dan konsolidasi lembaga negara pasca reformasi. jakarta: setjen dan kepaniteraan mkri. atho’illah. (2017, may 19). kakankemenag uraikan rincian biaya operasional haji. retrieved december 1, 2018 from https://jateng.kemenag.go.id/ warta/berita/detail/ kakankemenag-uraikan-rincian-biaya-operasional-haji. gamer, bryan a. 2004. black's law dictionary. 8th ed. st. paul-minn: west publishing co. bakr, taqiy al-din abi ibn muhammad al-husaini. (n.d). kifayat al-akhyar fi hill ghayat al-ikhtishar. vol. 1. semarang: taha putra. 34 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 daf, richad l. 2010. era baru manajemen, edward tanujaya (trans.). jakarta: salemba empat. halim, ridwan. 1985. hukum perdata dalam tanya jawab. jakarta: ghalia indonesia. harisman, ramadhan. (2017, june 7). kemenag hanya kelola pembiayaan operasional haji. retreived december 1, 2018 from https://www2.kemenag. go.id/ berita/504679/pasca-bpkh-kemenag-hanya-kelola-pembiayaanoperasional-haji. imaniyati, neni sri. 2009. hukum bisnis: telaah tentang pelaku dan kegiatan ekonomi. yogyakarta: graha ilmu. mubarok, jaih, dan hasanuddin. 2017. fiqih muamalah maliyyah: akad tabarru’. bandung: simbiosa. muhammad, abu al-walid ibn ahmad ibn rusyd al-qurthubi al-andalusi. 2010. bidayat al-mujtahid wa nihayat al-muqtashid. beirut: dar al-kutub al`ilmiyyah. penjelasan undang-undang no 34 tahun 2014 tentang pengelolaan keuangan haji. profil bpkh. retrieved november 28, 2018 from http://bpkh.go.id/hal-profilbpkh.html. rangkuti, fredy. 2002. analisis swot: tehknik membedah kasus bisnis. jakarta: gramedia pustaka utama. sabiq, sayyid. 1987. fiqih sunnah, vol iii. beirut: darul: kitab al-arabi. sharbini, m.k. 1978. mughni al-muhtaj ila ma’rifat ma’ani alfaz al-minhaj. vol. 2. beirut: dar ihya’ al-turath al-’arabi. dien noviany rahmatika1, achmad irwan hamzani2, havis aravik3, and nur rohim yunus4 abstract. in the financial sectors, fraud has become a world phenomenon, ranging from fraudulent financial reports, assets misappropriation and corruption. these three types of fraud are practices carried out deliberately against the law which harm many parties. this study aims to analyze fraudulent financial reporting, where the presentation of misstatements is presented to mislead financial reports. these are against the ethical perspective of islamic law as stated in the quran and hadith. this research uses secondary data based on the principles of sharia accounting concepts and islamic ethics. the analytical method used is a qualitative description method with literary and normative approaches by examining fraudulent financial reporting from the perspective of islamic law. the results of this study strengthen the theory of fraud pentagon with the symptoms and red flags of fraud, namely pressure, opportunity, rationalization, competence, and arrogance of the perpetrators of fraud. the quran as well as the hadith emphasize the values of honesty, justice, truth, responsibility, and belief in reporting. this research also overlooks the weak ethics of the accounting profession and also the value of religiosity held by weak accountants from the perspectives of islam. keywords: accounting fraud, fraudulent financial reporting, fraud pentagon theory, islamic legal ethics abstrak. pada sektor keuangan, fraud (kecurangan) menjadi salah satu fenomena global, dengan kasus kecurangan laporan keuangan, penyelewengan aset dan korupsi. ketiga bentuk kecurangan tersebut merupakan praktek yang dilakukan secara sengaja melawan hukum dan merugikan banyak pihak. penelitian ini bertujuan untuk menganalisis kecurangan pelaporan keuangan, dimana informasi yang disajikan dalam laporan adalah hal yang tidak sesuai dengan kenyataan. hal ini bertentangan dengan etika hukum islam dalam al-qur'an dan hadits. penelitian ini adalah menggunakan data sekunder dengan mendasarkan pada prinsip-prinsip akuntansi syariah dan etika islam. metode analisis yang digunakan adalah metode deskripsi sight beyond sight: foreseeing fraudulent financial reporting through the perspective of islamic legal ethics al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 235 250 1, 2universitas pancasakti tegal 3stebis-igm, palembang 4guu (gosudarstvennyy universitet upravleniya), moscow, russia email: 1diennovi@upstegal.ac.id, 2al_hamzani@upstegal.ac.id, 3havis@stebisigm.ac.id, 4nurrohimyunus@uinjkt.ac.id 236 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 kualitatif dengan pendekatan literatur dan kajian normatif. hal ini dilakukan dengan memeriksa kecurangan pelaporan keuangan dari perspektif hukum islam. hasil dari penelitian ini memperkuat teori fraud pentagon tentang gejala dan red flag fraud, yang terdiri dari tekanan, peluang, rasionalisasi, kompetensi, dan arogansi para pelaku penipuan. hal ini bertentangan dengan prinsip hukum islam yang menekankan pada nilai-nilai kejujuran, keadilan, kebenaran, tanggung jawab, dan kepercayaan dalam pelaporan. penelitian ini juga menunjukkan lemahnya prinsip etis dalam profesi akuntansi dan jugai religiusitas yang dimiliki oleh akuntan. kata kunci: kecurangan akuntansi, kecurangan pelaporan keuangan, teori fraud pentagon, etika hukum islam introduction accounting has undergone many developments and advancements along with current technological and information developments. the need for financial information continues to progress to meet the demands and needs of the economy in society, especially in the business world. this is to continuously improve the implementation of comprehensive economic development (yurmaini, 2017). the development of accounting concepts must also be followed by good morals to maintain transparency over financial information presented in financial reports that can be accounted for by management. a financial report is the information used by the users of the financial statement to make economic decisions (astuti, & zuhrohtun, 2015; akbar, 2017). in addition, the financial report is an important communication tool between the manager and stakeholders, so the provided information must be reliable or the presented information is having zero mistakes (ulfah, et al., 2017). in accounting, there are two terms of mistakes, namely unintentional mistakes (errors) and intentional mistakes (fraud). both of these terms are very difficult to distinguish, so it is necessary to have a special inspection to determine misstatements in the financial reports. if the mistake is intentional then it can be regarded as an act of fraud (karyono, 2015: 13). some of the phenomena that cause fraud are the lack of supervision carried out by internal auditors, the code of conduct of company leaders, weak governance, and an unfavorable ethical work climate in the company (albrecht and albercht, 2011). this phenomenon has resulted in several studies that focus on professional ethics possessed by auditors and leaders. because the mayority dien noviany rahmatika. sight beyond sight 237 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 of indonesians are muslims, the research will also be based on the primary sources of islam, which are the qur’an and hadith. these guidelines are often violated by auditors and companies as proven by the many cases of fraud that have occurred in indonesia fraud in islam is strictly prohibited and is included in a despicable act because it contains “mudharat” which can harm many parties. within the framework of islamic teachings, all economic activities developed by humans must be guided by ethics and morality in islamic law (yurmaini, 2017). the principle of islamic economic lies in the context of “muamala” with a sense of mutual needs and helps in achieving success. therefore, the guideline is to make humans have good morals in doing business and obtaining good fortune given by god in a halal and clean way without containing any prohibited acts (sari, et al., 2017). qur’an surah al-zariat: 56 mentions the aims of the creation of allah’s creatures. the verse says: “i did not create jinn and humans except to worship me” (q.s al-zariat: 56). this verse confirms that allah created jinn and humans solely to worship him. the implication is that as a muslim, every action carried out must truly be guided by the provisions of god that are based on the quran and hadith so it is clear for what is halal (allowed) and what is haram (forbidden) (siregar, 2015). the objective of the paper is to analyse the phenomena that often occur in the business world, in which one of them is about accounting fraud (fraudulent financial reporting). this analysis is expected to show the factors that can influence accounting fraud and provide solutions to existing problems and explain how the phenomenon is viewed from the ethical perspective of islamic law. this paper is expected to explain how to prevent and detect fraudulent financial statements, especially from the perspective of accountant professionalism. theoritical framework 1. accounting theory accounting theory studies the recording or measurement of a value. accounting is an art of recording, journalizing and classifying an economic transaction that is then posted to each account/post to produce financial information. in practice, accounting is better known for recording activities in the business to produce financial information. financial statements must contain information that can be used for 238 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 decision making in the future. therefore, the quality of financial statements must be reliable so that they can be used as the basis for good decision making (kusumaningtyas, 2016). the existence of accounting in society is influenced by many factors that result in variety of accounting forms and applications. factors that influence accounting are the economic system, laws, and regulations, social and political as well as culture and values that develop in the community (harkaneri, 2013). the financial statement must present complete information from the name of the entity, report name, repor ting date, reporting period, and types of transactions to supporting information to make it easier for others to read and understand the contents of the financial statements (syaiful, 2017). 2. fraud theory fraud is generally defined as an intentional act of deception or lying, a deception or a dishonest way to make or lose money, property, legitimate rights of others either because of an action or the fatal impact of the action itself (arens, 2014). in another opinion, fraud is an action that is carried out by using the level of intelligence of an individual to gain an advantage or benefit from other people in a wrong or misleading way. fraud will not occur without the right person with the right abilities. the ability element in fraud detection is considered because fraud will involve people who have the ability to commit (albercht and albercht, 2011). rezaee and riley (2010) stated that fraud is an intentional mistake or makes wrong information with the aim of committing fraud or forgery. fraud in its development is classified into three major typologies based on the type of action (acfe, 2014; priantara, 2013: 68; rahmatika, 2016), namely: a. misappropriation asset misappropriation asset is an act of misuse, embezzlement and/or theft of company wealth or assets carried out by internal or external parties of the company. this fraud is tangible or can be assessed and calculated. misappropriation asset is usually identical to employee fraud because most of the perpetrators are in the level of company employees. b. fraudulent statement fraudulent statements or in-purpose incorrect statements can be interpreted as a type of fraud that is categorized in the act of which most of the perpetrators are in the management, executive officers or officials / senior dien noviany rahmatika. sight beyond sight 239 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 management. this type of fraud is usually committed by manipulating a piece of information in the company to cover up or manipulate the company’s finances for personal or group interests. fraudulent statement can be termed as accounting gimmicks, window dressing, illegal earnings management, income smoothing, fraudulent in financial reporting and so on. c. corruption corruption is a type of fraud that is difficult to be detected. this type of fraud usually involves parties who have the authority and interests and are carried out systematically and structured. to uncover cases of corruption, it is necessary to have superior and competent human resources who have investigative skills and experience. the example of corruption acts that often occur is by handing gifts illegally (gratuities) and extortion. the factors that led to fraud had developed since 1953 it is known as the fraud triangle. then more and more cases of fraud occurred, the theory of fraud was further developed by wolfe and hermanson (2004) into diamond fraud. and the most recent theory is the pentagon fraud developed by crowe (2011) which said that the factors that encourage fraud are divided into 5 (five) factors, are a. pressure, a motivation that comes from inside of a person or pressure from others that encourages someone to commit fraud; b. opportunity, a condition where someone has an opportunity or chance to commit fraud; c. rationalization, an attitude of justification from fraud perpetrators who assume that the taken actions are not wrong but the actions taken for the benefit of the company; d. competence, a skill possessed by individuals to commit fraud, so with their skills it is easy to get benefits personally; and e. arrogance, an attitude of being imperious and haughty possessed by someone by believing that all the rules that have been made will not ensnare him or others will not know the acts of fraud committed. 240 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 figure 1. fraud pentagon source: crowe (2011) 3. fraudulent financial reporting fraudulent financial reporting can be interpreted as an act of falsifying and deceiving the financial report user by providing the information contained in the financial reports which are not in accordance with the real conditions and eliminating some numbers or nominal (acfe, 2016). this intentional error is caused by a company’s financial condition made by making a false presentation report or other errors of the figures or disclosure of financial statements to get the financial report user (yulianti, pratami, & prapti, 2019; rahmatika et al., 2019). the company manager usually does fraudulent financial reporting to deceive investors by increasing the amount of assets and income or reducing the amount of debt (liabilities) and the costs charged to the company. 4. accounting in the perspective of islamic law economic transactions have experienced many developments ranging from simple transactions to transactions that use sophisticated technology or online (alma, 2016). to support economic activities, an accounting system is needed. in islamic law, the way to mention accounting which based on the teachings of islam is sharia accounting. the sharia accounting is made and developed based on the rules of the islamic law that have been ruled by allah swt through the qur’an and hadith that should be obeyed by muslim (fauzan and sulistyo, 2016). according to harkaneri (2013), accounting in arabic is called muhasabah. muhasabah in the quran is mentioned 48 times. there are eight definitions of dien noviany rahmatika. sight beyond sight 241 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 mushasabah, and they are: accountable; expecting the reward of the afterlife; being neutral; trying to achieve. yahsaba means counting or measuring or judging; it also means continuous recording and calculation. hasaba means completing responsibilities; and tahasab means guarding in addition, some verses in the quran explain the problem of muamalah or what is often referred to as trading activities, debts, and leases. one of the verses describing the problem is in q.s al-baqarah verse 282. it says: “o you who have believed, when you contract a debt for a specified term, write it down. and let a scribe write [it] between you in justice. let no scribe refuse to write as allah has taught him. so let him write and let the one who has the obligation dictate. and let him fear allah, his lord, and not leave anything out of it. but if the one who has the obligation is of limited understanding or weak or unable to dictate himself, then let his guardian dictate in justice. and bring to witness two witnesses from among your men. and if there are not two men [available], then a man and two women from those whom you accept as witnesses so that if one of the women errs, then the other can remind her. and let not the witnesses refuse when they are called upon. and do not be [too] weary writing it, whether it is small or large, for its [specified] term. that is more just in the sight of allah and stronger as evidence and more likely to prevent doubt between you, except when it is an immediate transaction which you conduct among yourselves. for [then] there is no blame upon you if you do not write it. and take witnesses when you conclude a contract. let no scribe be harmed or any witness. for if you do so, indeed, it is [grave] disobedience in you. and fear allah. and allah teaches you. and allah knows of all things.” (q.s al-baqarah: 282). the above verse explains that allah swt has given instructions to humans regarding the rules of a transaction that must be carried out, namely recording (khitabah), the appointment of a witness and note-taker. there is also the principle that need to be considered to achieve justice, transparency, truth, and certainty by both parties, which in the nature of accounting is called accountability (suryanto & dwisaputro, 2016). sharia accounting rules are a standardized and permanent collection of islamic laws, sourced from islamic law and are used by an accountant in carrying out his work, such as accounting, recording, exposure, and measurement of an event or transaction (ibrahim, 2010). 242 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the diversity of economic transactions makes it difficult for humans to remember all the cases or incidents. therefore, reasonably good accounting system based on the needs and circumstances is needed. the system designers work hard to be able to find an effective and efficient system that can be controlled and accounted for (hadibroto, 1984: 8). allah gives guidance to humankind by sending down the quran to be used as a guide in life. it is explained in q.s. al-ma’idah verse 16: “by which allah guides those who pursue his pleasure to the ways of peace and brings them out from darknesses into the light, by his permission, and guides them to a straight path.” (q.s. al-ma’idah; 16). in islamic teachings, there are principles of aqidah, ethics, muamalah, and worship in which the three of them are a related entity. if humans implement muamalah, which is the basic values in sharia, then they are practicing aqidah or monotheism. if the values contained in sharia are appropriately implemented, it will form a person with the morality of mercy. this will benefit many people (kusumaningtyas, 2016). accounting in muslim societies should be arranged based on islamic teachings. islam regulates all aspects of the accountant profession which is not only about worldly matters but also to offer all parties, management and investors, to achieve the benefit of the world and the hereafter (harahap, 2008). this is of course in line with the purpose of financial statements in accounting where most of their users are related parties such as investors, creditors, suppliers, employees, consumers, government, and companies to make decisions based on the available information (yulianti et al., 2019). research method this research is a qualitative descriptive study that used a normative approach and library research. the data analysis method used is qualitative by organizing and sorting data into basic patterns, categories and description units so that themes can be presented in narrative form. the data will be presented in a narrative-descriptive manner, not in a numerical form. a normative approach is used as a source of guiding rules derived from the holy book of the quran, which will later be associated with phenomena that occur in this study. besides, research with the literature approach method is an activity by collecting several types of relevant reading sources to support the quality of the object of research through the deepening of the literature. dien noviany rahmatika. sight beyond sight 243 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 data used in this study is secondary data in the form of literature under the research topic, namely from scientific journals, reference books, papers and articles that discuss accounting fraud and the ethical perspective of islamic law. data collection techniques are done through a conventional and online search. the conventional library search is the activity of looking for sources of libraries to the data storage. whereas, the online study is an activity to find library resources in cyberspace through the internet network. besides, there are two stages carried out in the study, namely the description stage and the analysis phase. the description phase is the stage to explore the factors that can encourage fraudulent in financial reporting viewed from islamic legal ethics and theories. the analysis stage is the stage of analyzing the concept used as a reference for assessing accounting fraud in the perspective of islamic legal ethics. this paper also explains how to prevent and detect fraudulent financial statements, from the perspective of accountant professionalism. discussion 1. fraud in islamic view in islamic teachings, ethics is the primary basis for guiding people in all aspects of life to achieve the highest success. rules, recommendations, and prohibitions are all contained in the qur’an. allah describes the people who achieve success are those who are able to direct their actions in goodness, encourage people to do right (ma’ruf) and forbid people to do wrong (munkar) (harkaneri, 2012). fraud is very contrary to the view of islamic law. fraud is an act that can harm many people, while islam teaches its adherents always to take actions that can benefit people (yurmaini, 2017). islam strongly rejects all forms of fraud because cheating fundamentally contains harmful /”mudharat” for many parties and violates the moral values that contained in the teachings of islam. this is because the purpose of islamic law is to preserve religion, life, intellectual or mind, descent and wealth. humans only serve as caliphs, to maintain and develop all the material owned by allah in a halal way (suryanto & dwisaputro, 2016). the prohibition of fraud is explained the qurab, surah al-mutaffifin verses 1-6, stating; “woe to those who deal in fraud, those who, when they have to receive by measure from men, exact full measure, but when they have to give by measure or weight to men give less than due. do they not think that they will be 244 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 called to account on a mighty day, a day when (all) humankind will stand before the lord of the worlds? (al-mutaffifin 83: 1-6). based on the above verse, islam condemns those who are fraudulent with great punishment. among them are the people who are insincere when give measurement. the act of reducing weight than due or giving a less than one should receive is considered fraud and those who engage in such actions will face severe punishment (ibrahim, et al., 2013). islamic business ethics is relevant to be developed continuously as the solution to the problems faced in the recent era with the hope of creating a clean and healthy business that can provide benefits to many parties (ibrahim, 2010). 2. islamic ethical perspective on fraudulent financial reporting fraudulent financial reporting is an act that deceives or falsifies the information contained in financial reports for personal gain. in the islamic view, fraudulent financial reporting is identical to deceptive acts or fraudulent. an explanation of the prohibition on fraud is explained in the quran as follows: a. q.s. ali-imran verse 161: “it is not [attributable] to any prophet that he would act unfaithfully [reagrding war booty]. and whoever betrays, [taking unlawfully], will come with what he took on the day of resurrection. then will every soul be [fully] compensated for what it earned, and they will not be wronged. b. q.s. al-nisaa verse 29: “o you who have believed, do not consume one another’s wealth unjustly but only [in lawful] business by mutual consent. and do not kill yourselves [or one another]. indeed, allah is to you ever, merciful.” c. q.s. al-ma’idah verse 38: “[as for] the thief, the male and the female, amputate their hands in recompense for what they committed as a deterrent [punishment] from allah. and allah is exalted in might and wise.” d. q.s. al-syura verse 42: “the cause is only against the ones who wrong the people and tyrannize upon the earth without right. those will have a painful punishment.” 3. prevention and detection fraud a strategy to minimize fraud is carried out using a fraud prevention model (rezaee and riley, 2010; singleton, and singleton, 2010; arens and beasley, 2014). several studies have considered the prevention model and it has undergone many developments. the authors combine two factors in this dien noviany rahmatika. sight beyond sight 245 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 development model, specifically looking at the islamic side of professional ethics accounting and in terms of religious values fraud prevention concept is the selection of policy, systems, and procedures by the management to assist supervision and control in a company to minimize fraud. the aim is to produce reliable, efficient and effective, and law-based financial reporting. the following are some solutions to fraud prevention. table 1. fraud prevention concept no fraud prevention concept source 1 create a culture that values honesty • responsibility to grow and appreciate the values of honesty to each of its members • honesty values by top management to employees through their words and moral hazard that cannot be tolerated even if it benefits the company rezaee and riley (2010); singleton, and singleton, (2010); arens and beasley, (2014) 2 build a good internal control structure • creating an internal control structure to avoid the loss of assets • control system includes integrity and ethical values, carry out risk assessments, control procedures, carry out monitoring to assess the quality of work of the controls. rezaee and riley (2010); arens and beasley (2014) 3 develop supervision processes • good and appropriate supervisory function • the development of the oversight process arens and beasley (2014) 4 improve the culture of the organization • good corporate governance (transparency, justice, accountability, responsibility, morality, reliability and commitment) arens and beasley (2014) the above fraud prevention concepts strengthen theories about overcoming symptoms and red flag fraudulent financial reporting (pressure, opportunity, rationalization competence, and arrogance). the addition of this research is to see from the other perspective of the weak ethics of the accounting profession and also the weakness of the value of religiosity held by accountants. a. accountant professional ethics ethics is a science that studies the good or bad in actions. ethics can be called as akhlaq. in islamic teachings, akhlaq becomes the most essential component in daily life and becomes a guide in carrying out a profession. an accountant’s profession can be regarded as a fardu kifayah professional. this 246 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 means that a muslim must have good professional ethics in order to achieve the goal of ensuring the level of reliability of financial reports and increasing trust in the services provided by an accountant, in line with psak standards the basic principles that must be possessed by an accountant are as follows:(1) integrity, (2) accuracy, (3) objectivity, (4) confidentiality, and (5) professionalism. these five principles must be applied in the process of preparing financial reports. in islamic law, a person who is carrying out his or her profession must always pay attention to ethics and rules that have been made so that the results of the work done can provide benefits for many people. the weak professional ethics of an accountant can produce irrelevant and misleading financial reports. this is what can encourage an accountant to commit acts of deviation to seek personal profits because they are unable to maintain the ethical commitments of the existing profession. islam strictly forbids all actions carried out in a way that is unlawful because islam teaches the value of honesty and responsibility, as someone faces consequences of his or her actions. b. religiosity value religiosity is a view owned by humans to choose a good thing based on the teachings of the religion they profess. religiosity will bring human life to happiness because they know where their lives will be taken, and they know the purpose of their creation. this proves that religiosity is a process of forming behavior that is based on religious values with the aim of improving self-quality for each individual. religiosity must be able to be a work motivation for an accountant. a high religious value can motivate accountants to always be responsible for their work, so they are able to provide good quality financial reports. a trait possessed by humans who feel insatiable can threaten the state of the company. therefore, the value of religiosity possessed by an accountant can prevent an accountant from committing an act of deviation. the weak value of the religiosity of an accountant can have a significant impact on a company. it should be bearing in mind that the accounting profession is a job that must be carried out with great care and caution to produce reliable financial reports. people who have a low religious value tend to always think about themselves and do unethical actions for their own satisfaction. besides, they are not eager to learn new things because of worldly considerations. thus, the knowledge possessed by an accountant will not develop or in other dien noviany rahmatika. sight beyond sight 247 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 words; the possessed competencies are insufficient. this is not in line with the ethical principles of the accounting profession, namely competent or careful, in preparing financial reports. religious values will help accountants to remain in the prevailing professional ethics and naturally will feel afraid if they violate the commands of allah swt. from some of the verses above, it is obvious that god, through the quran, forbids all actions relating to fraud and will give punishment to those who commit fraud. for a muslim, it has become an absolute thing that everything must be based on the quran and hadith to achieve success in this world and the hereafter. therefore, the introduction of islamic law into financial institutions is critical and will produce significant changes, especially in the way institutions run the business. this will undoubtedly affect their financial management (kasim et al., 2013). in addition, studying issues related to securities law enforcement is very important, so that investors are guaranteed for the high-quality earnings in public companies, bearing in mind the increasing number of fraudulent financial reporting every year in various countries. fraud detection is carried out by identifying the symptoms that often indicate fraud. there are several pro-active fraud detection methods, including by looking at the symptoms and red flag of fraud. another method is using the inductive detection method and the deductive detection method. meanwhile, fraud in the presentation of financial statements is generally detected through financial statement analysis using vertical analysis, horizontal analysis and ratio analysis. (albercht and albercht, 2011 and acfe, 2011) all steps taken by auditors to prevent and detect are steps to reduce the existence of increasingly widespread fraud. however, the primary step is strengthening in terms of professional ethics, both auditors and company employees. this is because weak ethics is the beginning of the intention of fraud to occur. conclusion fraudulent financial reporting is one type of accounting fraud that is widely committed by management to commit fraud against shareholders. factors that can lead to fraud include pressure, opportunity, rationalization, competence, and arrogance. this research sees the problem from 1) the weakness in the accounting professional ethics, or akhlaqi; 2) the weakness of the value of religiosity held by accountants; 3) accountants’ perspectives in fraud prevention and detection. it 248 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 becomes fardhu kifayah (communally obligatory) for an accountant to have high professional, ethical values based on psak standards. a high religious value can motivate accountants to be responsible in their work so they can provide good quality financial reports. those who commit fraud or mismanagement must be punished. this is because the act is against the law as well as the qur’an and the hadith. some of the violated values are honesty, justice, truth, responsibility, and trustworthiness. islamic business ethics is relevant to be developed continuously as a solution to the contemporary problems. it is expected that such ethics will be able to create a clean and healthy business that can provide benefits to many parties. the principle of aqidah, ethics, muamalah, and worship are related entities. islam regulates all aspects of the accountant profession, which is not only for the sake of the worldly matters, but also to create benefits for both management and investors in the world and hereafter. references association of certified fraud examiners (acfe). 2011. fraud examination manual, third edition. akbar, taufiq. 2017. “the determination of fraudulent financial reporting causes by using pentagon theory on manufacturing companies in indonesia”. international journal of business, economics and law, vol. 14, (5). albrecht, w.s. and albercht, c.o. 2011. fraud examination. thomson south western. alma, buchari. 2016. manajemen bisnis syariah: menanamkan nilai dan praktik syariah dalam bisnis kontemporer. jakarta: avabeta. aprilia. 2017. “analisa pengaruh fraud pentagon terhadap kecurangan laporan keuangan menggunakan beneish model pada perusahaan yang menerapkan asean corporate governance scorecard.. jurnal akuntansi riset, vol. 6 (1). arens, a.a., r.j. elder, m.s. beasley. 2014. auditing and assurance services: an integrated approach, 14th edition, pearson, prentice hall inc. association of certified fraud examiners (acfe). 2014. “report to the nations on occupational fraud and abuse”. astuti, siti, zuhrohtun, kusharyanti. 2015. “fraudulent financial reporting in public companies in indonesia: an analysis of fraud triangle and responsibilities of auditors”. journal of economics, business, and accountancy ventura, vol. 18 (1). doi: 10.14414/jebav.v18i2.821. dien noviany rahmatika. sight beyond sight 249 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15389 crowe, h. 2011. why the fraud triangle is no longer enough. horwath, crowe llp. fauzan dan sulistyo. 2016. “etika dan akuntansi islam: telaah atas q.s. albaqarah ayat 282”. prosiding seminar nasional dan call for papers ekonomi syariah“indonesia sebagai kiblat ekonomi syariah. harahap, sofyan syafri. 2008. analisis kritis atas laporan keuangan. jakarta: pt. raja grafindo persada harkaneri, h. 2013. urgensi etika dalam akuntansi dilihat dari sudut pandang islam. jurnal el-riyasah, 4(1), 48-58. ibrahim, azharsyah. 2010. “income smoothing dan implikasinya terhadap laporan keuangan perusahaan dalam etika ekonomi islam”. jurnal media syariah, vol. xii (24). ibrahim, s. s., man, n. c., & noor, a. h. m. 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yulianti, pratami, suci r, yuni s widowati, lulus prapti. 2019. “influence of fraud pentagon toward fraudulent financial reporting in indonesia an empirical study on financial sector listed in indonesian stock exchange”. international journal of scientific & technology research, vol. 8 (8). yurmaini, 2017. “kecurangan akuntansi (fraud accounting) dalam perspektif islam”. jurnal akuntansi dan bisnis.vol. 3, (1). hendri tanjung: volatility of jakarta islamic index 207 volatility of jakarta islamic index hendri tanjung1 abstract: volatility of jakarta islamic index. this study investigates the volatility of jakarta islamic index (jii) in jakarta stock exchange. the method that used in this research is used a simple statistical analysis. the normality of jii return is analyzed to answer whether the return of jii follows normal distribution. by using data of jakarta islamic index from 2nd march 2009 to 30th october 2013 (1122 daily data), it is found that the distribution of return of jii is not normal, even the 5 sigma occurred. this means the return of jakarta islamic index is much volatile than the theory predicted. this will make too much gain or loss in one day in the economy. keywords: volatility, normal distribution, jakarta islamic index abstrak: volatilitas jakarta islamic indeks. penelitian ini melakukan investigasi terhadap volatilitas jakarta islamic index (jii) pada jakarta stock exchange. teknik analisis yang dipergunakan dalam penelitian ini hanya analisis statistic sederhana. kenormalan distribusi dari tingkat return pada jii dianalisis untuk menjawab apakah return nya menyebar normal atau tidak. dengan menggunakan data jakarta islamic index dari 2 maret 2009 sampai 30 oktober 2013 (1122 data harian), ditemukan bahwa distribusi dari return jii tidak menyebar normal, bahkan 5 sigma terjadi. penelitian ini menyimpulkan bahwa return dari jakarta islamic index sangat berfluktuasi, melebihi apa yang teori jelaskan. implikasinya adalah, akan diperoleh keutungan yang sangat tinggi dan kerugian yang sangat besar pada suatu hari, dalam ekonomi. kata kunci: volatilitas, distribusi normal, jakarta islamic indeks 1 diterima: 15 maret 2014, direvisi: 15 april 2014, disetujui: 28 april 2014 universitas ibn khaldun, jl. sholeh iskandar, km. 2, bogor. email: hendri.tanjung@gmail.com al-iqtishad: vol. vi no. 2, juli 2014 208 introduction there is a book title “when genius failed” by roger lowenstein (2001) that tells the story of two prominent economists. one of them is the nobel prize winner for his contributions in the field of financial econometrics. they both ran hedge funds company which is named ‘long term capital management’ (ltcm). all people were vying to invest money through the ltcm because of the one of founding fathers was a nobel prize winner. they believed that the company would not collapse. how could ltcm collapsed while his partner is a champion in that field? that was the belief in the mind of the investors at the time. ltcm used highly sophisticated calculations by assuming that the return has a normal distribution. with this calculation, investors could calculate the probability to get certain benefits. for four years, ltcm showed very good performance with high margins. all investors were stunned. however, one day, after four years dazzling wall street as a huge moneymaker 100 billion u.s. dollars, everything was over. because ltcm managed huge money, so when they collapsed, the stock market collapsed as well. to avoid the breakdown of all aspects of the economy due to loss of capital markets, the u.s. federal reserve had stepped in to help by pumping money into ltcm. as a response to this event, lowenstein writes: on account of a crisis at ltcm, mc donnough had summoned—“invited”, in the fed restrained idiom—the head of every major wall street bank. for the first time, the chiefs of bankers trust, bear stearns, chase manhattan, goldman sachs, j.p. morgan, lehman brothers, merrill lynch, morgan stanley dean witter, and salomon smith barney, gathered under the oil portraits in the fed’s tenth floor boardroom—not to bail out a latin american nation but to consider a rescue of one of their own. the question that arises is of course, why did these two geniuses fail? is it true as they assumed that the return of stock market follows the normal distribution? the problem statements are: (1) is the distribution of return on the jii normal or not?; (2) what is the volatility of the returns of jii? the purpose of this study are: (1) to analyze whether the distribution of return on the jii normal or not. (2) to show the volatility of the returns of jakarta islamic index (jii). at the end of this study, there will be recommendation regarding the findings. literature review there was at least fifteen historical episodes of stock market crashes in the hendri tanjung: volatility of jakarta islamic index 209 united states over the last one hundred years, and mishkin and white (2002) argue that financial instability is the key problem facing monetary policy makers. some authors showed that instability of capital market is a common phenomenon found everywhere. igbatayo (2011) found that instability in financial market (banks and capital market) occured in nigeria. in the capital market, equity prices in the past couple of years, have fallen sharply, with the all-share index at the nigerian stock exchange down by 33 percent at the end of december 2009, from levels recorded in december, 2008. butt (2010) found the instability of return of stock market in pakistan. he argued there is relationship between risk and return in karachi stock exchange 100 index. edwards, biscarri and de gracia (2003) analyzed the cycles of the stock markets in four latin american (argentina, brazil, chile and mexico) and two asian countries (south korea and thailand), and compared their characteristics. they found that cycles in emerging countries tend to have shorter duration, larger amplitude and volatility than in developed countries. some authors related the stock market with the political development and economic growth. asteriou and siriopoulos (2003) examined empirically the relationship between stock market development, political instability and economic growth in greece. using time series data, the results indicated that there was a strong negative relationship between uncertain socio-political conditions and the general index of athens stock exchange (ase) and supported the theoretical hypothesis that uncertain socio-political conditions affect economic growth negatively, is true for greek case. konzelmann et.al.(2010) argued that at the heart of the crisis was a breakdown in governance that has it roots in the co-evolution of political and economic developments and of economic theory and policy since 1929 stock market crash and the great depression that followed. some authors argued that the cause of volatility in stock market is not political uncertainty, but other factors. voth (2001) found that the majority of events increasing political uncertainty had little or no effect on the value of german assets and the volatility of returns on them. instead, it was inflation (and the fear of it) that is largely responsible for most of the variability in asset returns. panetta (2002) argued that the relation between stock returns and the macroeconomic factors was found to be unstable in italia. miller and ratti (2009) found negative relationship between the world price of crude oil and international stock markets in the last decade. this may suggested the presence of several stock market bubbles. yusof and madjid (2007) found that interest rate volatility affected the conventional stock market volatility but not the islamic stock market volatility in malaysia. this highlights the tenet of islamic principles that the interest rate is not a significant variable in explaining stock market volatility. their finding provides al-iqtishad: vol. vi no. 2, juli 2014 210 further support that stabilizing interest rate would have insignificant impact on the volatility of the islamic stock markets. there are at least eight models to explain the volatility in stock market. they are overreaction model, adverse impact of related laws, increasing linkages model, transmission of volatility model, adverse impact of derivatives’ model, adverse impact of related markets’ model, impact of volume volatility model, and econophysics’ model of stock market crises. shabri (2002) explored the causes of stock market prices and high price volatility in several countries. he found that very high volatility which indicated by more than 50% change occured in several countries, i.e. amsterdam, athens, belgia, italia, spain, swiss, mexiko, argentina, korea, malaysia, thailand and turkey. we may summarize that volatility of stock market occured everywhere in the world. some researchers tried to explain the roots, the causes and the relations of stock market volatility with some other factors. in this study, we focus on analyzing the magnitude of the volatility of jakarta islamic index and the consequence of that into economy. methods the data are collected from jakarta stock exchange (jsx), indonesia. the data are the return of jakarta islamic index (jii) from 2nd march 2009 to 30th september 2013. this study analyzes 1122 daily data of return of jii. this study does not use sophisticated model to explain the volatility of return of stock market such as overreaction model, adverse impact of related laws, increasing linkages model, transmission of volatility model, adverse impact of derivatives’ model, adverse impact of related markets’ model, impact of volume volatility model, and econophysics’ model of stock market crises. instead, this study uses simple statistical analysis, i.e., time series plot to see the fluctuation of data, histogram to see the pattern of distribution, and qq plot to analyze the normality of return of jakarta islamic index (jii) data. qq plot is a probability plot, which is a graphical method for comparing two probability distributions by plotting their quantiles againts each other. discussion it is important to see the daily data of jakarta islamic index (jii) in jakarta stock exchange (jsx) and try to find out if the return is normal or not. people think that it is normal, even though really it is not. hendri tanjung: volatility of jakarta islamic index 211 first of all, the time series plot of the return for all data will be seen. the data consist of 1122 observations, from 2nd march 2009 to 30th september 2013. the time series plot can be seen in figure 1. 112010088967846725604483362241121 10,00% 5,00% 0,00% -5,00% -10,00% index re tu rn time series plot of return figure 1. time series plot of jii return from 2nd march 2009 to 30th september 2013 (1122 data) from figure 1, it could be seen that minimum return is almost -10% and maximum is almost 10%. this shows that in one day, there is probability to gain almost 10 percent and to loss almost 10 percent. if we see the data comprehensively, we could split the data into four parts based on its volatility. the first part is from 1st observation to 300th observation (300 data). the second part is from 301th to 600th observation (300 data). the third part is from 601th to 900th observation (300 data) and the last part is from 901th to 1122th observation (222 data). in the next subchapter, we will discuss the first part, the first 2 parts, the first 3 parts, and all parts separately. but before analysis of the four parts be done, it is important to check for 100 observations which is approximately 4 months observations. 100 observations consider 100 observations of jakarta islamic index (jii). those are data from 2nd march 2009 to 28th july 2009 (see appendix). every day the price of stock fluctuates. every minutes the price changes. on 2nd march 2009, the maximum price is 214.042, the minimum price is 208.330 and at the end of the day, the price of these stock is 209.418 (closing price). there is 0.26 % gain from 2nd to 3rd march 2009. 0.26% is obtained by dividing closing price on 3rd march which is 209.959 with closing price on 2nd al-iqtishad: vol. vi no. 2, juli 2014 212 march 2009 which is 209.418. the result is 100.26%. this means 0.26% increase within one day and it is gain. if we had stocks on 2nd march and we sell it on 3rd march (one day later), we will gain 0.26%. on the other hand, there is 1.67 % loss from 16th to 17th march 2009. 1.67% is obtained by dividing closing price on 17th march which is 215.049 with closing price on 16th march 2009 which is 218.707. the result is 98.33%. this means 1.67% decrease within one day and it is loss. to assess whether those 100 observations follow normal distribution, q-q plot is used. actually, people usually assess normality by using 68%, 95% and 99,7% rules. if data follows normal distribution; by using 68% rule we could say that 68% of the data between -1 std and +1 std, by using 95% rule we could say that 95% of the data between -2 std and +2 std and by using 99,7% rule we could say that 99,7% of the data between -3 std and +3 std . std stands for standard deviation. this rule is just checking normality with 3 points, but with q-q plot, we assess all points of the data. it is just a slight generalization. first of all, we look at the histogram of the returns. the result is like figure 2. 6,00%4,00%2,00%0,00%-2,00%-4,00% 20 15 10 5 0 return 100 fr eq ue nc y mean 0,005839 stdev 0,02065 n 100 histogram of return 100 normal figure 2. histogram of return of jii (100 observations) from 2nd march to 28th july 2009 in figure 2, that the distribution is likely normal. next, q-q plot is used to assess the normality of the data. the ‘q’ in q-q plot stands for quintile-quintile. quintile is also called percentile. the q-q plot of this data is as figure 3. hendri tanjung: volatility of jakarta islamic index 213 10,00%5,00%0,00%-5,00% 99,9 99 95 90 80 70 60 50 40 30 20 10 5 1 0,1 return 100 pe rc en t mean 0,005839 stdev 0,02065 n 100 a d 0,223 p-value 0,822 probability plot of return 100 normal 95% ci figure 3. probability plot of jii return (100 observations) from 2nd march to 28th july 2009 figure 3 show that the data seems normal distribution. there are only two observations outside the limit line. the data almost forms 45 degree line. anderson darling test is 0.223 with p value 0.822. this means that null hypothesis which mentions that the distribution is normal could not be rejected. this shows that the distribution of return of jii for 100 data is normal. the first year data (300 observations) 100 observations are only 4 months data. now, we want to know the distribution of one year data, which is approximately 300 observations. time series plot for 300 observations can be seen at figure 4. 3002702402101801501209060301 10,00% 7,50% 5,00% 2,50% 0,00% -2,50% -5,00% index re tu rn 3 0 0 time series plot of return 300 figure 4. time series plot of jii return (300 observations) from 2 march 2009 to 26 may 2010 al-iqtishad: vol. vi no. 2, juli 2014 214 figure 4 explains that most of the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of 300 observations is captured as figure 5. figure 5 shows that the return of 300 observations is slightly not normal. we can see that 5 sigma occurs. 5 sigma is 8.94%. this is calculated by multiplying 5 with standard deviation (0,01788). the gain more than 8 persen happens in the period of one year from 2nd march 2009 to 26th may 2010. the gain from 25th to 26th may 2010 is 9,15%. this is the evidence that the distribution slightly not normal. if the data is normal, the probability of 5 sigma is 3 out of 10,000,000. but in this data, the probability is 1 out of 300. to investigate the normality of distribution, anderson darling test and qq plot are used. figure 6 shows the result. 8,00%6,00%4,00%2,00%0,00%-2,00%-4,00% 90 80 70 60 50 40 30 20 10 0 return 300 fr eq ue nc y mean 0,002540 stdev 0,01788 n 300 histogram of return 300 normal figure 5. histogram of return of jii (300 observations) from 2 march 2009 to 26 may 2010 from the figure 6, it could be concluded that the distribution of 300 observations is not normal. anderson darling test is 1,369 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result show normality in small sample (100 observations) and non normality in larger sample (300 observations). this confirms that the volatility in large sample is bigger than small sample. hendri tanjung: volatility of jakarta islamic index 215 10,00%7,50%5,00%2,50%0,00%-2,50%-5,00% 99,9 99 95 90 80 70 60 50 40 30 20 10 5 1 0,1 return 300 pe rc en t mean 0,002540 stdev 0,01788 n 300 a d 1,369 p-value <0,005 probability plot of return 300 normal 95% ci figure 6. probability plot of return of jii (300 observations) from 2nd march 2009 to 26th may 2010 the first 2 years data (600 observations) 300 observations are only one year data. now, we want to know the distribution of two years data, which are approximately 600 observations. time series plot for 600 observations can be seen at figure 7. 600540480420360300240180120601 10,00% 7,50% 5,00% 2,50% 0,00% -2,50% -5,00% index re tu rn 6 00 time series plot of return 600 figure 7. time series plot of jii return (600 observations) from 2nd march 2009 to 12th august 2011 figure 7 explains the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of 600 observations is captured in figure 8. al-iqtishad: vol. vi no. 2, juli 2014 216 8,00%6,00%4,00%2,00%0,00%-2,00%-4,00% 120 100 80 60 40 20 0 return 600 fr eq ue nc y mean 0,001688 stdev 0,01549 n 600 histogram of return 600 normal figure 8. histogram of jii return (600 observations) from 2nd march 2009 to 12th august 2011 figure 8 shows that the return of 600 observations is not normal. even, that 6 sigma occurs. 6 sigma is 9.29%. this is calculated by multiplying 6 with standard deviation (0,01549). the gain more than 9 persen happens in the period of two year from 2nd march 2009, i.e. at 26th may 2010. this is the evidence that the distribution is not normal. if the data is normal, the probability of 6 sigma is 1 out of 1,000,000,000. but in this data, the probability is 1 out of 300. to investigate the normality of distribution, anderson darling test and qq plot are used. figure 9 shows the result. 10,00%7,50%5,00%2,50%0,00%-2,50%-5,00% 99,99 99 95 80 50 20 5 1 0,01 return 600 p e rc e n t mean 0,001688 stdev 0,01549 n 600 a d 3,506 p-value <0,005 probability plot of return 600 normal 95% ci figure 9. probability plot of jii return (600 observations) from 2nd march 2009 to 12th august 2011 hendri tanjung: volatility of jakarta islamic index 217 from figure 9 it could be concluded that the distribution of 600 observations is not normal. anderson darling test is 3,506 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result shows normality in small sample (100 observations) and non normality in larger sample (300 observations and 600 observations). this confirms that the volatility in large sample is bigger than small sample. the first 3 years data 600 observations are only two year data. now, we want to know the distribution of three years data, which is approximately 900 observations. time series plot for 900 observations can be seen at figure 10. 900810720630540450360270180901 10,00% 5,00% 0,00% -5,00% -10,00% index re tu rn 9 0 0 time series plot of return 900 figure 10. time series plot of jii return (900 observations) from 2nd march 2009 to 30th october 2012 figure 10 explains most of the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of 900 observations is captured in figure 11. al-iqtishad: vol. vi no. 2, juli 2014 218 7,50%5,00%2,50%0,00%-2,50%-5,00%-7,50% 160 140 120 100 80 60 40 20 0 return 900 fr e q u e n cy mean 0,001321 stdev 0,01522 n 900 histogram of return 900 normal figure 11. histogram of jii return (900 observations) from 2nd march 2009 to 30th october 2012 figure 11 shows that the return of 900 observations is not normal. even, that 6 sigma occurs. 6 sigma is 9.13%. this is calculated by multiplying 6 with standard deviation (0,01522). the gain more than 9.13% happens in the period of three year from 2nd march 2009, i.e. at 26th may 2010. this is the evidence that the distribution is not normal. if the data is normal, the probability of 6 sigma is 1 out of 1,000,000,000. but in this data, the probability is 1 out of 900. to investigate the normality of distribution, anderson darling (ad) test and qq plot are used. figure12 shows the result. 10,00%5,00%0,00%-5,00%-10,00% 99,99 99 95 80 50 20 5 1 0,01 return 900 pe rc en t mean 0,001321 stdev 0,01522 n 900 a d 5,754 p-value <0,005 probability plot of return 900 normal 95% ci figure 12. probability plot of jii return (900 observations) from 2nd march 2009 to 30th october 2012 hendri tanjung: volatility of jakarta islamic index 219 from figure 12 it could be concluded that the distribution of 900 observations is not normal. anderson darling (ad) test is 5,754 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result shows normality in small sample (100 observations) and non normality in larger sample (300 observations, 600 observations and 900 observations). this confirms that the volatility in large sample is bigger than small sample. all data (1122 observations) 900 observations are only three year data. now, we want to know the distribution of all data, which are 1122 observations. time series plot for 1122 observations can be seen at figure 1. figure 1 explains the volatility of return vary from -5% to 5%, although the gain/loss of some observations are bigger than 5%. to see the distribution, histogram is performed. the histogram of all observations is captured as figure 13. 7,50%5,00%2,50%0,00%-2,50%-5,00%-7,50% 200 150 100 50 0 return fr eq ue nc y mean 0,001037 stdev 0,01552 n 1122 histogram of return normal figure 13. histogram of jii return (1122 observations) from 2nd march 2009 to 30th sept 2013 figure 13 shows that the return of all observations is not normal. in this case, 5 sigma occurs. 5 sigma is 7.76%. this is calculated by multiplying 5 with standard deviation (0,01552). the gain more than 7,76% persen happens in the period of three and half year from 2nd march 2009, i.e., at 26th may 2010. even, 6 sigma occurs in period of all data. 6 sigma is 9.31%. this is calculated by multiplying 6 with standard deviation (0,01552). the gain more than 9.31% persen happens in al-iqtishad: vol. vi no. 2, juli 2014 220 the period of three and half year from 2nd march 2009, i.e., at 22nd september 2011 which bear loss 9,43% . this is the evidence that the distribution is not normal. to investigate the normality of distribution, anderson darling (ad) test and qq plot are used. figure 14 shows the result. from figure 14 it could be concluded that the distribution of all observations is not normal. anderson darling (ad) test is 8,538 with p-value < 0.005. this means that the null hypothesis is rejected. the null hypothesis is the distribution is normal. when the null hypothesis is rejected, it means that the distribution is not normal. now, the result shows normality in small sample (100 observations) and non normality in larger sample (300 observations, 600 observations, 900 observations and 1122 observations). this confirms that the volatility in large sample is bigger than small sample. 10,00%5,00%0,00%-5,00%-10,00% 99,99 99 95 80 50 20 5 1 0,01 return p e rc e n t mean 0,001037 stdev 0,01552 n 1122 a d 8,538 p-value <0,005 probability plot of return normal 95% ci figure 14. probability plot of jii return (1122 observations) from 2nd march 2009 to 30th sept 2013 conclusion the data of small sample which is 100 observations shows that the distribution of the return of jakarta islamic index is normal. the data of larger sample which is 300 observations shows that the distribution of the return of jakarta islamic index is not normal, even 5 sigmas occur. the data of larger sample which is 600 observations shows that the distribution of the return of jakarta islamic index is not normal, even 6 sigmas occur. hendri tanjung: volatility of jakarta islamic index 221 the data of larger sample which is 900 observations shows that the distribution of the return of jakarta islamic index is not normal, even 6 sigmas occur. the data of larger sample which is 1122 observations shows that the distribution of the return of jakarta islamic index is not normal, even 6 sigmas occur. the volatility of jakarta islamic index varies from time to time. the volatility of larger sample is bigger than small sample. references asteriou, d. & c. siriopoulos. 2000. the role of political 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sasaran pemberdayaan ekonomi masyarakat dapat dilihat dari sisi sebagai berikut: pertama, menciptakan suasana atau iklim yang me mungkinkan potensi masyarakat berkembang (enabling). kedua, memperkuat potensi atau sumberdaya yang dimiliki oleh masyarakat (empowering). ketiga, proses pemberdayaan harus melindungi dan mencegah (protecting) yang lemah bertambah lemah disebabkan kekurang berdayaan dalam menghadapi yang kuat. pemberdayaan koperasi, usaha mikro, kecil dan menengah (umkm) melalui lembaga keuangan syariah (lks) untuk mengentaskan kemiskinan dan pengurangan pengangguran djawahir hejazziey fakultas syariah dan hukum jakarta jl. ir. h. juanda 95, ciputat, jakarta. abstrak: upaya pengembangan koperasi dan umkm melalaui lks pada dasarnya memerlukan langkah-langkah taktis dan strategis berupa peningkatan visi dan misi bisnis yang sesuai syariah islam, sehingga tercipta sdm yang islami dan berkualitas. guna pengintegrasian pengembangan koperasi dan umkm dengan lembaga keuangan syariah, maka tersedia dan terbuka berbagai peluang baik secara budaya, maupun struktural yang harus segera ditangkap. secara struktur seperti kebijakan pemerintah pusat untuk penyaluran kredit kepada umkm. kata kunci: umkm, koperasi, pengentasa kemiskinan djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)32 dalam perspektif pemberdayaan, keberadaan usaha kecil menengah dengan segala karekteristiknya dituntut untuk menangkap peluang dalam situasi ekonomi yang sangat sulit, yaitu fleksibelitas yang tinggi, dan dengan dukungan manajemen yang memadai dalam menghasilkan produk dan jasa. secara umum dapat dikemukakan beberapa karakteristik umkm, antara lain: (a) proses produksi dan hasil produksi menggunakan teknologi madya dan sederhana, (b) menyerap tenaga kerja (padat karya) dan tidak mensyaratkan keahlian khusus, (c) cenderung tumbuh berkelompok mem bentuk sentra menurut jenisnya, (d) tumbuh dan berakar dari bakat ke trampilan yang bersifat turun temurun. mengacu pada karakteristik yang dimiliki, usaha kecil dan menengah (umkm) menggambarkan adanya beberapa keterbatasan berupa lemahnya kemampuan mengakses sumber-sumber kemajuan usaha. kendala berupa rendahnya kemampuan dan akses yang ada pada umkm tersebut, antara lain: (a) rendahnya kemampuan akses pada sumber-sumber informasi. (b) rendahnya kemampuan untuk meningkatkan akses dan peluang pasar. (3) rendahnya kemampuan dan akses terhadap sumbersumber per modalan termasuk perbankan. (4) rendahnya kemampuan dalam pe nguasaan dan pemanfaatan teknologi. (5) rendahnya ke mampuan dalam mengembangkan organisasi dan manajemen. (6) lemah nya pem bentukan jaringan usaha atau kemitraan antara sesama usaha kecil dan besar. berdasarkan permasalahan koperasi dan umkm, diperlukan strategi pemberdayaan usaha dalam rangka memunculkan usaha masyarakat yang produktif dan prospektif. untuk itu membedah permasalahan di atas, perlu dirumuskan masalah-masalah yang menjadi fokus tulisan ini, yaitu: bagaimana kondisi koperasi dan umkm saat ini, dan bagaimana bentuk peran dari koperasi dan umkm yang dapat mengentaskan kemiskinan dan mengurangi pengangguran; bagaimana peranan lembaga keuangan syariah yang ada saat ini dalam memberdayakan koperasi dan ukm; apa saja strategi yang dapat diterapkan agar terjadi pemberdayaan koperasi dan umkm yang mandiri al-iqtishad: vol. i, no. 1, januari 2009 33 dan tangguh; upaya-upaya apa yang perlu dilakukan agar pemberdayaan koperasi dan usaha mikro, kecil, dan menengah (umkm) dapat mengambil peran yang berarti dalam menanggulangi kemiskinan dan mengurangi pengangguran. dari beberapa pertanyaan kunci ini penulis mencoba melakukan analisis lebih jauh guna memberi solusi yang mungkin dapat dilakukan. membicarakan persoalan koperasi dan umkm kita tidak terlepas dari pembahasan sistem ekonomi, karena koperasi dan umkm merupakan salah satu pelaku ril dalam perekonomian, semenatara itu kita memahami bahwa saat ini bangsa indonesia menerapkan sistem ekonomi campuran, ada model kapitalisme atau mekanisme pasar yang menentukan semua aspek perekonomian yaitu apa yang diproduksi, kepada siapa dan bagaimana distribusinya, disisi lain ada model sosialisme yang mana dicirikan masih ada nya beberapa kebijakan ekonomi yang masih ditangan negara, semenatara itu sistem syariah masih sementara mencari bentuk. kondisi bangsa indonesia saat ini masih jauh dari harapan khususnya masih terjadinya ketimpangan dari segala aspek prikehidupan baik ekonomi, antar wilayah, maupun sosial dan hukum. untuk itu dapat disimpulkan bahwa system ekonomi yang dianut bangsa indonsia saat ini tidak mampu menyelesaikan masalah, terbukti orang miskin tambah miskin, lapangan pekerjaan tidak tercipta secara memadai sehingga pengangguran makin bertambah, sementara yang kaya makin kaya. jalan keluar dari semua masalah adalah perlunya penerapan system ekonomi islam yang dianggap lebih sesuai dan diyakini mampu me wujudkan pemerataan dan keadilan yang berkelanutan sehinggga tercipta kesejahteraan masyarakat indonesia yang berdasarkan ajaran islam yang dicitakan yaitu masyarakat madani. sistem ekonomi islam diyakini mampu membawa masyarakat islam indonesia untuk dapat sejajar dengan bangsa lain dalam membangun perekonomian, mengapa demikian karena indonesia merupakan negara yang mempunyai pemeluk islam terbesar di dunia. untuk itu diperlukan upaya mengkaji dan mengembangankan ekonomi islam lewat seminar, penelitian terapan dan penerapan atau praktek di dunia usaha prinsipdjawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)34 prinsip ekonomi islam agar dapat terwujud masyarakat yang sejahtera, adil dan makmur berdasarkan syariat islam. salah satu yang diinginkan islam adalah perekonomian yang tidak mengenal bunga karena ini dianggap riba, larangan riba sudah sejak nabi musa dan nabi isa. selain itu islam melarang perbuatan apa saja termasuk konteks ekonomi yang membahayakan kepentingan diri pribadi, dan kepentingan masyarakat. riba atau memperbungakan uang merupakan perampasan terhadap kelelahan orang lain, merupakan penghisapan tenaga oleh orang yang bermodal cukup, bahkan dapat melenyapkan jiwa gotong-royong dan tolong menolong serta percaya mempercayai. allah swt berfirman: “hai orang-orang yang beriman, takutlah kepada allah dan tinggalkan apa-apa yang tertinggal dari hal riba, kalau benar-benar kamu itu beriman.” (al-baqarah:278). lebih lanjut seperti dalam al-quran 2:275 “ dan allah menghalalkan jual beli dan melarang riba.” siapa yang bertanggung jawab mewujudkan masyarakat yang islami, kita sendiri sebagai warga muslim yang oleh allah swt ditunjuk sebagai khalifah di bumi dengan demikian kita mendapat amanah untuk memakmurkan bumi beserta isinya dan menjaga kelestariannya (al-baqarah: 30, al-an’am: 165, faathir: 39, shad: 28, dan al-hadid: 7). saat ini peranan koperasi dan usaha mikro kecil dan menengah (umkm) sangat diharapkan guna memulihkan perekonomian agar bisa segera pulih dari krisis, mengingat koperasi dan umkm sangat besar peranannya dalam menyerap tenaga kerja dan meningkatkan produksi dan jasa di masyarakat, namun salah satu tantangan sekaligus peluang adalah sanggupkah koperasi dan umkm menerapkan sistim syariah sebagai dasar dari semua aspek usaha yang pada akhirnya memberi peluang bagi koperasi dan umkm bekerja berdasar syariah islam, secara khusus memanfaatkan keberadaan lks. keberadaan umkm perlu memaksimalkan potensi yang dimiliki, namun saat ini masih banyak penerapan aturan yang tidak kondusif bagi pengembangan umkm misalnya terlalu banyaknya pungutan dan biaya-biaya yang diterapkan sehingga mengakibatkan biaya tinggi, belum lagi pengurusan ijin yang selain menghabiskan waktu juga sangat mahal, yang mana bagi umkm yang baru memulai usaha merupakan al-iqtishad: vol. i, no. 1, januari 2009 35 beban yang sangat berat mengingat pemasukan belum ada sudah harus mengeluarkan biaya perijinan yang tidak sedikit. fenomena ini merupakan suatu kontaproduktif sebab harusnya pihak pemerintah memberi kemudahan lebih dahulu baru meminta hak, atau dengan kata lain bagaimana memperbanyak obyek yang akan dipungut supaya lebih banyak, jangan seperti saat ini menambah pungutan yang sudah ada. sesuai data tahun 2003 jumlah tenaga kerja yang ditampung oleh usaha mikro dan kecil 7,4 juta orang, usaha menengah 1,2 juta orang, usaha besar 55.760 orang, sementara itu kepedulian pemerintah daerah terhadap umkm masih relatif rendah hal terlihat dari alokasi anggaran untuk pengembangan umkm baru 0,85 % secara rata-rata dari anggaran pendapatan dan belanja daerah. jika kita melihat data ini maka kita dapat mengatakan bahwa solusi terbaik untuk mengurangi pengangguran adalah pemberdayaan umkm melalui lks. untuk itu apa yang diperlu dilakukan, bagaimana melakukannya, dan yang mana harus diprioritaskan dalam rangka pengembangan koperasi dan umkm yang berwawasan mandiri dan tangguh melaui lks. yang pertama sekali harus dilakukan adalah meyakini bahwa koperasi dan umkm me rupaan pelaku ekonomi yang memiliki peran yang besar dalam men sejahterakan masyarakat melalui aktivitas sosial dan ekonomi yang dilaku kan, sebagai contoh konkrit negara maju yang berhasil dengan umkm misalnya amerika serikat, canada, perancis, jerman, (eropah umumnya) jepang, korea selatan, dan singapura. salah satu hal yang diperlukan adalah kebijakankebijakan penyesuaian dari kebijakan sentralistis ke kebijakan yang berbasis daerah setempat, dimana umkm dan lks sebagai salah satu pelaku ekonomi yang bertujuan mensejahterahkan masyarakat keberadaannya betul-betul bermanfaat bagi masyarakat setempat atau daerah sehingga daerah dapat menikmati hasil dari keberadaan umkm tersebut. selain itu guna mencermati perkembangan keadaan maka koperasi dan usaha mikro kecil menengah harus menyesuaikan diri dengan perkembangan keadaan khususnya penerapan model syariah dalam perekonomian salah satunya adalah pengembangan lks. yang akan memiliki tantangan dan peluang yang jika tidak dipersiapkan dengan baik bisa jadi akan menghambat pengembangan koperasi dan umkm. djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)36 kondisi umum koperasi koperasi sebagai salah satu pelaku ekonomi yang diharapkan menjadi soko guru perekonomian nasional hingga saat ini masih jauh dari yang diharapkan, hal ini salah satu penyebabnya adalah undang-undang yang digunakan tidak memiliki kapasitas untuk membangun koperasi yang sehat dan mandiri, selain itu kebijakan pelatihan perkoperasian yang mengandalkan bantuan pemerintah, melahirkan ketergatungan, sehingga daya kreatifitas menjadi tumpul untuk membangun diri sendiri lewat kemampuan sendiri. selain itu masih terdapat beberapa faktor kelemahan yang menjadi penghambat kemajuan koperasi antara lain: pertama, citra koperasi. sejauh ini citra koperasi di masyarakat secara umum belum baik. buktibukti empiris menunjukkan perkembangan koperasi secara umum masih belum memenuhi harapan, apalagi untuk mewujudkan koperasi yang genuine. selama ini koperasi masih dipandang sebagai badan usaha yang memiliki kinerja kurang baik atau lemah dan dianggap sebagai wadah golongan ekonomi lemah dan kurang potensial untuk diajak bekerjasama oleh badan usaha lainnya. kedua, kemandirian koperasi. pola pembinaan yang diterapkan selama ini telah menimbulkan ketergantungan koperasi pada program pemerintah. dalam menentukan kepengurusan koperasi seringkali terjadi intervensi pemerintah yang mengakibatkan koperasi tidak cukup memiliki otonomi dan kemandirian dalam pengambilan keputusan, khususnya melalui rapat anggota sebagai kekuasaan tertinggi dalam struktur koperasi. kenyataan ini menujukkan bahwa pelaksanaan nilai dan prinsip dasar yang hakiki koperasi masih belum terwujud. ketiga, sumber daya manusia. keterbatasan pengetahuan dan pemahaman para pengelola koperasi tentang teknis perekonomian, terutama hakikat dan ciri-ciri koperasi sebagai badan usaha. di samping itu , orangorang yang diserahi tugas untuk mengelola koperasi masih belum memiliki wawasan, pengetahuan , dan ketrampilan kewirausahaan yang memadai, sehingga berdampak terhadap perkembangan dan kinerja koperasi, kurang memadainya pelaksanaan prinsipprinsip koperasi, serta rendah nya partisipasi anggota. al-iqtishad: vol. i, no. 1, januari 2009 37 keempat, manajemen. kualitas sumberdaya manusia (sdm) koperasi yang terbatas telah berdampak pada manajemen koperasi yang belum profesional. keseluruhan fungsi manajemen belum dilaksanakan secara profesional, sehingga koperasi belum menunjukkan perkembangan dan kinerja yang memadai. kelima, permodalan. kemampuan pemupukan permodalan koperasi relatif masih sangat terbatas sebagai akibat partisipasi anggota dalam pemupukan modal koperasi yang sangat rendah. hal ini disebabkan kesadaran dan kemampuan ekonomi anggota yang masih rendah. di lain pihak, akses koperasi pada sumbersumber permodalan/ pembiayaan juga masih sangat terbatas, akibat belum berkembangnya usaha koperasi yang memiliki kenyataan ekonomi dan rendahnya kredibilitas koperasi dihadapan para kreditur. keenam, cakupan dan skala usaha. cakupan dan skala usaha koperasi pada umumnya masih sangat terbatas dan cenderung terkait dengan program pemerintah terutama di sektor pertanian seperti dalam program produksi dan pengadaan pangan. kegiatan yang bersifat non program biasanya dalam bentuk penjualan eceran ( waserda, toko, warung ) dan usaha simpanpinjam, yang volume usahanya masih relatif kecil. ketujuh, kerjasama usaha. kerjasama usaha antar koperasi, baik secara vertikal maupun horisontal dan dengan badan usaha lainnya, masih belum berkembang dengan memadai. peran koperasi sekunder yang diharapkan dapat mendukung kegiatan usaha koperasi primer kurang optimal. dalam sejarah dan pengembangan koperasi di indonesia, prakarsa pengenalan dan pendirian koperasi pada umumnya dimotori oleh aparat pemerintah, yang kemudian berkembang sejalan dengan tumbuhnya partisipasi masyarakat. dalam hal pengendalian pembinaannya, sejak awal perkembangannya telah dilakukan oleh pemerintah secara berkesinambungan. perkembangan koperasi di indonesia telah melalui beberapa periode, yaitu mulai dari jaman penjajahan, masa awal kemerdekaan, masa orde lama, masa orde baru, dan era reformasi. paradigma yang lebih mengutamakan pada pertumbuhan kuantitas djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)38 pada masa lalu telah mendorong tumbuhnya koperasi yang diprakarsai pemerintah ( top down approach ) daripada yang tumbuh atas prakasa sendiri ( bottomup appoach ). keadaan semacam ini membuat koperasi tidak memiliki fundamental yang kokoh ( solid ) dalam pertumbuhannya, karena besarnya intervensi pemerintah dalam pembinaan koperasi, sehingga banyak koperasi yang telah berbadan hukum tapi tidak aktif melaksanakan aktivitas. dari beberapa uraian diatas menunjukkan bahwa koperasi masih memiliki kelemahan yang cukup mendasar, untuk itu diperlukan konsepkonsep srategis yang mendasar dan komprehensif guna memecahkan beberapa masalah yang dihadapi agar koperasi dapat berperan sebagai agen pembaharu dan penggerak utama ekonomi nasional, karakteristik, problema, dan defenisi umkm untuk melakukan pemberdayaan yang komprehensif maka kita perlu me mahami karakteristik dan problema umkm, sehingga dengan mengetahui kondisinya maka dapat dilakukan diagnosa lebih baik untuk menentukan solusi terbaik. adapun karakteristik umkm adalah sebagai berikut: (1) mempunyai skala usaha yang kecil baik modal, penggunaan tenaga kerja maupun orientasi pasar. (2) banyak berlokasi di pedesaan, kota-kota kecil atau daerah pinggiran kota besar. (3) status usaha milik pribadi atau keluarga. (4) sumber tenaga kerja berasal dari lingkungan sosial budaya (etnis, geografis) yang direkrut melalui pola pemagangan atau melalui pihak ketiga. (5) pola kerja seringkali part time atau sebagai usaha sampingan dari kegiatan lainnya. (6) memiliki kemampuan terbatas dalam mengadopsi teknologi, pengelolaan usaha dan administrasinya sederhana. (7) struktur permodalan sangat terbatas dan kekurangan modal kerja serta sangat tergantung terhadap sumber modal sendiri dan lingkungan pribadi. (8) izin usaha seringkali tidak dimiliki dan persyaratan usaha tidak dipenuhi. (9) strategi perusahaan sangat dipengaruhi oleh kondisi lingkungan yang sering berubah secara cepat. setelah memahami karakteristik umkm maka langkah lebih lanjut adalah memahami permasalahan-permasalahan yang ada di dunia umkm, al-iqtishad: vol. i, no. 1, januari 2009 39 adapun permasalahan tersebut antara lain: (1) kelemahan dibidang organisasi dan manajemen. (2) kelemahan dalam struktur permodalan dan keter batasan untuk memperoleh jalur akses terhadap sumber-sumber permodalan. (3) kelemahan dan memperoleh peluang (akses pasar) dan mem per besar pangsa pasar. (4) keterbatasan dalam kelemahan pemanfaatan akses dan penguasaan teknologi, khususnya teknologi terapan. (5) masih rendahnya kualitas sdm yang meliputi aspek kompetensi, keterampilan, etos kerja, karakter, kesadaran akan pentingnya konsisten mutu dan standarisasi produk dan jasa, serta wawasan kewirausahaan. (6) keterbatasan penyediaan bahan baku mulai dari jumlah yang dapat dibeli, standarisasi kualitas yang ada, maupun panjangnya rantai distribusi bahan baku. (7) sistem kemitraan yang pernah digulirkan selama ini, cenderung mengalami distorsi di tingkat implementasi sehingga berdampak pada sub-ordinasinya pelaku usaha mikro, kecil, dan menengah dibandingkan dengan mitra usahanya (usaha besar). defenisi umkm agar lebih lengkap pemahaman kita terhadap umkm maka ada baiknya melihat beberapa defenisi yang ada dari berbagai pihak yang memiliki keterkaitan dengan umkm, defenisi tersebut sebagai berikut: berbagai versi definisi dan kriteria usaha kecil dan menengah organisasi jenis usaha keterangan kriteria undang-undang no 9/1995 tentang usaha kecil usaha kecil aset < rp 200 juta di luar tanah dan bangunan. omzet tahunan < rp 1 milyar. dimiliki oleh orang indonesia. independen, tidak terafiliasi dengan usaha menengah -besar. boleh berbadan hukum, boleh tidak. badan pusat statistik (bps) usaha mikro pekerja 5 orang, termasuk tenaga keluarga yang tidak dibayar djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)40 usaha kecil pekerja < 5-19 orang usaha menengah pekerja 10-99 pekerja menneg koperasi & pkm usaha kecil (uu no.9/1995) aset < rp 200 juta di luar tanah dan bangunan. omzet < rp 1 milyar usaha menengah (inpres 10/1999) aset rp 200 juta rp 10 milyar bank indonesia usaha mikro (sk dir bi no. 31/24/ kep/dir tgl 5 mei 1998) usaha yang dijalankan oleh rakyat miskin atau mendekati miskin. dimiliki keluarga. sumberdaya lokal dan teknologi sederhana. lapangan usaha mudah untuk exit dan entry. usaha kecil (uu no. 5/1995) aset < rp 200 juta di luar tanah dan bangunan. omzet tahunan < rp 1 milyar usaha menengah (sk dir bi no. 30/45/dir/uk tgl 5 januari 1997) aset < rp 5 milyar untuk sektor industri. aset < rp 600 juta di luar tanah dan bangunan untuk sektor non-industri manufacturing. omzet tahunan < rp 3 milyar bank dunia usaha mikro pekerja < 20 orang kecil-menengah pekerja 20-150 orang aset < us$ 500 ribu di luar tanah dan bangunan. salah satu persoalan yang perlu mendapat perhatian adalah terlalu banyaknya defenisi umkm dari berbagai versi, yang mana menyulitkan dalam pemeringkatan khususnya terkait program pembinaan. kemiskinan dan pengangguran acuan kita selama ini tentang penyebab kemiskinan biasanya melihat dari dua sebab yaitu kemiskinan yang berifat struktural dan kemiskinan al-iqtishad: vol. i, no. 1, januari 2009 41 yang kultural. kemiskinan struktural antara lain diakibatkan pengelolaan sumberdaya yang dimiliki tidak merata, akses dan kemampuan masyarakat yang tidak seimbang, dan adanya ketidakadilan dalam memperoleh kesempatan kerja dan usaha, yang pada akhirnya menyebabkan terjadinya kesenjangan pendapatan, yang lebih lanjut menimbulkan kesenjangan dalam struktur masyarakat. secara umum biasanya dikatakan bahwa kemiskinan struktural ini lebih diakibatkan dari pengelolaan tatanan sosial ekonomi dan politik yang tidak bersifat adil. salah satu tujuan utama dari konsep ekonomi islam adalah bagaimana me wujudkan keadilan disegala bidang agar terjadi pemerataan kesempatan usaha dan kesempatan kerja. al-quran menempatkan keadilan sebagai salah tujuan utama yang akan dicapai oleh para rasul allah swt (al-hadid: 25), dan keadilan merupakan derajat yang mendekati taqwa (al-maidah: 8). hadis nabi muhammad mengatakan “orang yang paling dicintai dan paling dekat kedudukannya di sisi allah pada hari kiamat adalah seorang penguasa yang adil, sebaliknya orang yang paling dibenci dan jauh kedudukannya disisi allah adalah penguasa tidak adil” kemiskinan kultural biasanya dihubungkan dengan sikap dan prilaku seseorang atau kelompok masyarakat yang banyak dipengaruhi oleh kebiasaan, atau gaya hidup serta sikap budaya yang menurut mereka kehidupannya tidak bisa lagi diperbaiki dan cenderung pasrah dan tidak berupaya untuk keluar dari keadaan tersebut, misalnya bagaiman memperbaiki tingkat pendapatan yang menurut ukuran umum dianggap miskin, tetapi bagi mereka tidak merasa miskin dan juga tidak mau disebut miskin. sehubungan dengan uraian diatas, maka allah swt melarang kefakiran, yang olh allah swt digambarkan sebagai seorang yang mengikat tangannya sendiri dan dibelenggunya dilehernya, seperti yang tercantum dalam al-quran surat al-isra: 29, “jangan engkau menjadikan tanganmu terbelenggu dilehermu (kikir) dan jangan pula membeberkannya melebihi batas (terlampau dermawan), sebab akhirnya engkau akan menjadi hina dan miskin.” secara ril atau keseharian kemiskinan kita bisa lihat dari berbagai segi: antara lain miskin harta, miskin ilmu, miskin kesehatan, dan miskin nilaidjawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)42 nilai moral. kata lainnya miskin sandang, pangan, perumahan, kesehatan, pendidikan dan ahlak mulia. namun akar dari semuanya adalah miskin harta dan miskin ahlak mulia. indikator kemiskinan juga cukup beragam ada versi dep. sosial, versi depdiknas, ada versi bkkbn. dan ada versi masyarakat. pengalaman penulis dari berbagai program penanggulangan kemiskinan dimana penulis pernah terlibat langsung, mulai dari program local economic development unit (ledu) dari ilo, program pengembangan kecamatan (ppk) dari bank dunia, community based development (cbd) juga dari bank dunia, pengurangan kemiskinan nelayan dari canada fund, dan terakhir dari urban poverty project (proyek penanggulangan kemiskinan perkotaan-p2kp) dari bank dunia. intisari dari semuanya mengacu pada bagaimana menumbuh kembangkan penerapan ahlak mulia atau nilai-nilai luhur dalam pengembangan organisasi masyarakat. karena dengan organisasi masyarakat yang baik maka organisasi sosial, ekonomi, juga akan baik, maka diharapkan dengan baik lembagalembaga yang ada di masyarakat dapat dengan segera membantu keluar dari berbagai permasalahan kemiskinan. hadis rasullullah saw. mengatakan: “bekerjalah untuk duniamu seakan-akan kamu akan hidup selamanya dan beribadahlah untuk akhiratmu seakan-akan kamu akan mati besok”. hadis ini harusnya dapat menjadi motivator utama bagi masyarakat muslim agar dapat mengubah nasib dan dapat keluar dari kemiskinan. al-quran menempatkan orang yang bekerja sebagai keutamaan seperti dalam firmannya: (al-jumu’ah: 10) selain itu kita diwajibkan memberi kepada kaum miskin dari harta yang diamanahkan allah swt11 kepada kita seperti firmannya (an-nur:33): “berilah mereka (kaum fakir miskin) itu dari harta allah yang telah dikaruniakan padamu.” beberapa acuan yang telah disebutkan hendaknya dapat menjadi landasan kita kaum muslim untuk bekerja bersama dan saling tolong berdasarkan syariah untuk berjuang bersama memerangi kemiskinan. indonesia saat ini mempunyai masyarakat miskin sekitar 36,7 juta jiwa, suatu jumlah yang sangat besar, ukuran kemiskinan yang digunakan adalah indikator ekonomi dengan pendekatan garis kemiskinan berupa jumlah al-iqtishad: vol. i, no. 1, januari 2009 43 pengeluaran perkapita untuk tahun 2002 sekitar rp 114.000,-perkapita perbulan. jadi siapa saja yang pengeluarannya dibawah garis tersebut masuk kategori miskin. untuk tahun 2005 sekitar rp135.000,perkapita perbulan. secara terinci ukuran ini dipilah lagi antara perdesaan dan perkotaan. banyak program yang telah dilakukan namun kenyataannya belum memberi hasil yang memadai, semua sektor mengagendakan program pe nanggulangan kemiskinan, khususnya program yang berkaitan kebutuhan dasar masyarakat yaitu sandang, pangan, perumahan, kesehatan dan pendidikan. banyak orang mengatakan bahwa di era orde baru justru program penanggulangan kemiskinan lebih jelas arahnya misalnya saja adanya delapan jalur pemerataan, saat ini banyak program namun yang terjadi tidak tepat arah dan tidak tepat sasaran. kita perlu rancang bangun yang baru agar kita dapat memastikan bahwa program tersebut tepat arah dan tepat sasaran. banyak ahli mengemukakan bahwa salah satu cara mengurangi ke miskinan adalah mengurangi penduduk, dan meningkatkan daya dukung sumberdaya alam , saat ini penduduk dunia berjumlah 6,5 milyar orang, indonesia sekitar 210 juta jiwa, dan menurut perserikatan bangsabangsa 45 tahun yang akan datang tepatnya tahun 2050 penduduk dunia berjumlah 9,1 milyar. jumlah penduduk 6,1 milyar saat ini merupakan akumulasi pertambahan yang panjang sejak ribuan tahun yang lalu, dan jika kita bandingkan pertambahan 45 tahun yang akan datang yang diproyeksi kan sebesar 2,6 milyar adalah suatu jumlah spektakuler, siapa atau negara mana yang memberi kontribusi terbanyak, rupanya negaranegara asia khusus nya india dan china. negara maju cenderung statis, karena program satu keluarga satu anak sudah berhasil. indonesia program satu keluarga dua anak sedikit berhasil. dapat kita bayangkan bagaimana mem beri kebutuhan dasar bagi penduduk sebesar itu. untuk itu cara terbaik adalah bagaimana meningkatkan sumberdaya manusia, dan bagaimana meningkatkan daya dukung sumberdaya alam. dari segi sumberdaya alam indonesia cukup memadai, yang belum adalah sumberdaya manusia khususnya ilmu pengetahuan, teknologi, ahlak mulia. djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)44 penerapan syariah islam dalam segenap aspek kehidupan diyakini sebagai jalan keluar terbaik dari bangsa indonesia, mengapa demikian, karena syariah sangat komitmen dan relevan pada penggalian dan pewarisan ahlak mulia dan nilai-nilai luhur. kejujuran, keadilan, kesederhaan, kedermawanan, dan kesetiakawanan, keihlasan, dan ketidak serakahan yang mana kesemuanya merupakan nilai-nilai yang akan diperjuangkan oleh syariat islam. lembaga keuangan syariah: solusi terbaik sistem ekonomi islam khususnya, lembaga keuangan syariah dan segenap perangkat lembaga yang dimiliki mulai yang berbentuk bank syariah, koperasi syariah, sampai bmt, serta para pengelolanya mulai dari karyawan, manajer, dan direksi dan staf pendukung serta pengawas hingga saat ini belum memiliki perangkat hukum formal yang dianggap memadai didalam operasional sehingga berhak mengelola sumberdaya negara yang dimiliki. saat ini lks banyak dilirik sebagai jawaban atas masalah kemiskian dan pengangguran sebaba seperti telah terbumti dibeberapa negara islam misalnya banglades dengan grameen banknya yang terkenal. lawan kemiskinan adalah kesejahteraan, dan biasanya jika sudah sejahtera, ukuran kemiskinan yang lain sudah dianggap teratasi yaitu kecerdasan, kesehatan juga sandang dan pangan. secara singkat dapat dikemukakan bahwa jika ingin meningkatkan kesejahteraan menurut syariah islam maka ada dua aspek pokok yang harus diperbaiki yaitu pendapatan dan pendidikan, atau dengan kata lain bagaimana meningkatkan dan mendistribusikan pendapatan berdasarkan syariah serta bagaimana agar sebanyak mungkin orang menikmati pendidikan yang sesuai syariah. hal ini dapat dijelaskan lebih jauh bahwa jika pendapatan meningkat maka tabungan meningkat jika tabungan meningkat maka modal kerja dan modal investasi tersedia, jika kedua modal yang menggerakkan dunia usaha ini tersedia maka akan meningkatkan kesempatan usaha dan kesempatan kerja dan jika ini terjadi produktivitas meningkat, yang pada akhirnya pengangguran dapat dikurangi dan muaranya kesejahteraan akan meningkat. firman allah swt al-iqtishad: vol. i, no. 1, januari 2009 45 al-a’raaf:96 “jikalau sekiranya penduduk negeri-negeri itu beriman dan bertaqwa, pastilah kami akan melimpahkan kepada mereka berkah dari langit dan bumi” sisi yang lain yang perlu mendapat perhatian adalah pendidikan yang sesuai syariah, jika pendidikan meningkat maka jumlah tenaga ahli meningkat, jumlah tenaga terampil meningkat, dan jumlah wirausaha meningkat, peningkatan dari kesemua variabel pada akhirnya akan meningkatkan produktifitas yang muaranya akan meningkatkan kesejahteraan. penerapan syariat islam khususnya dalam bidang ekonomi mengharapkan semua masyarakat islam mampu mengeksplorasi daya dukung sumberdaya alam yang kita miliki, dan mengelolanya yang disertai sikap moral yang mengutamakan ahlak mulia dan solidaritas bersama yang sangat diharapkan menghilangkan kkn. syariat islam mengawali semuanya dari ahlak mulia, kemudian pendidikan secara bersama, pendapatan akan dikreasiakan lewat bantuan permodalan dari lembaga keuangan syariah dengan perkuatan organisasi yang sesuai syariah yang pada akhirnya ke lembaga keuangan mikro (lkm). tapi yang paling penting bagi syariat islam adalah ahlak mulia dan penerapan nilai-nilai luhur, dalam wadah organisasi yang baik sesuai islam. lembaga keuangan syariah merupakan peletak dasar, pendorong dan penggerak penanggulangan kemiskinan secara berkelanjutan atas dasar kekuatan dan kemampuan sendiri. inilah yang perlu ditebarkan kesemua strata masyarakat islam di indonesia. jika mata air bersih maka air yang mengalir pasti bersih, jika mata air kotor maka air yang mengalir juga kotor. orang yang berbuat baik memang rejeki belum tiba tapi bencana sudah tiada. orang yang berbuat jahat memang bencana belum tiba tapi rejeki sudah menjauh. untuk itu mari sempurnakan niat dan sempurnakan upaya lewat penerapan lembaga keuangan syariah. rasulullah muhammad saw mengatakan “jika hari ini anda lebih jelek dari hari kemarin itu berarti anda rugi, seharusnya hari ini lebih baik dari hari kemarin”, baik dalam niat, bertindak, berpikir, bekerja, beribadah dan bermuamalah. djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)46 fokus lks: kredit mikro pemerintah republik indonesia mencanangkan tahun 2005 sebagai tahun keuangan mikro, hal ini sejalan dengan keinginan badan dunia perserikatan bangsa-bangsa (pbb) yang juga menetapkan tahun kredit mikro, hal mana telah lama diperjuangkan sejak tahun 1997 sudah menjadi agenda badan dunia tersebut, karena diharapkan dengan berjalannya secara baik program kredit mikro maka permasalahan utama dunia yaitu kemiskinan dapat dikurangi atau ditanggulangi. apa sebenarnya kredit mikro tersebut secara umum pengertiannya adalah kredit yang dikucurkan kesektor usaha mikro dengan batasan 50 juta rupiah kebawah, dan saat ini implementasi dilapangan adalah kredit yang dibawah 5 juta rupiah dan tanpa agunan, atau dikenal juga sebagai kredit tanpa agunan (kredit kepercayaan). kenapa kredit kepercayaan karena diharapkan pihak perbankan menghilangkan salah satu sebab mengapa usaha mikro sulit mengakses lembaga perbankan atau lembaga pembiayaan adalah karena diperlukan agunan, dan inilah yang menjadi masalah utama usaha mikro karena perbankan biasanya mensyaratkan adanya jaminan berupa sertifikat rumah, sertifikat deposito, atau jaminan lain misalnya buku pemilik kendaraan bermotor (bpkb), yang kesemua ini bagi usaha mikro sangat sulit karena jangankan sertifikt rumah, rumah aja masih numpang dikeluarga atau masih kontrak. apalagi sertifikat deposito sudah jauh, karena tabungan aja tidak ada. yang ada bagi mereka adalah keinginan berusaha atau usahanya yang ada perlu mendapat sentuhan dana sebagai modal awal untuk bergerak. mereka memiliki potensi untuk menggerakkan roda perekonomian, mengapa tidak diberi perlakuan tersendiri dengan misalnya mempersiapkan terlebih dahulu, dengan memberi visi bisnis dan nilai-nilai islami agar mereka bisa berkembang dan usahanya bisa maju, kemudian memberi kesempatan berkelompok 3 sampai 5 orang, dan pemberian kredit diurut sesuai tingkat keperluan mereka dan biarkan mereka sendiri yang tentukan jadwalnya atau bisa sekaligus diberi kredit tapi dengan model tanggung renteng yaitu jika ada anggota kelompok yang tidak bayar maka yang lain ikut menanggung. mari kita melihat perkembangan yang terjadi ahir-akhir ini yang sungguh al-iqtishad: vol. i, no. 1, januari 2009 47 sangat mengusik rasa keadilan mendengar dan melihat pemberitaan kredit macet yang ada di bank mandiri dan bank yang lain, kredit macet bisa dikatakan sebagai kredit tanpa angsuran, karena ada beberapa pengusaha besar yang setelah menerima kredit maka selanjutnya tidak pernah mengangsur sekalipun, apa sebenarnya yang terjadi, kita melihat aparat yang berkompeten masih melalukan pengkajian saksama tentang keberadaan kredit macet itu apakah macet atau sengaja di macetkan, sudahlah kasus ini merupakan permasalahan yang sudah sering terjadi dinegara kita dan masyarakat sudah menganggap keadaan ini dengan sikap acuh dan tak berdaya melihat betapa ketimpangan dan kesenjangan yang terjadi akibat adanya perbedaan perlakuan dalam pembagian asset yang serba tidak jelas aturan mainnya, kita merasa sungguh sangat tidak adil jika kita bandingkan upaya yang kita perjuangkan bagaimana agar kredit kepercayaan berupa kredit mikro tanpa agunan yang jumlahnya antara rp 500.000 sampai rp 5.000.000,dengan persyaratan usaha sudah ada dan ktp atau surat rekomendasi desa/lurah dapat terealisasi agar masyarakat kecil pelaku usaha gurem juga dapat menikmati asset bangsa ini belum juga terwujud. contoh kasus kredit macet bank mandiri 1,3 triliun sama dengan 1300 milyar hanya dinikmati oleh segelintir orang, cuma 5 perusahaan antara lain yaitu pt.cgn, pt.szp., pt. lmk, pt. abt dan pt. at. coba kita bayangkan seandainya kita asumsikan 1,3 t tersebut kita bagikan sebagai kredit mikro dengan jumlah setiap orang pengusaha gurem rp 5 jt, maka akan dinikmati oleh 260.000 orang/unit usaha dan jika kita asumsikan setiap orang memiliki 3 anggota keluarga (1 isteri dan 1 anak) maka akan dirasakan oleh 780.000 orang jumlah ini setara dengan jumlah penduduk 3 kabupaten di sul-sel. berapa tenaga kerja yang dapat diserap oleh penikmat kredit macet tersebut? ya hanya segelintir orang. kita meragukan alasan bahwa membantu usaha besar itu karena sebagai pemicu pertumbuhan, jika begini jadinya dia menjadi penghambat pertumbuhan, sudah waktunya dimensi pemerataan dijadikan sebagai misi utama dari pengelolaan asset negara yang merupakan hak kita semua. mengapa kredit macet terjadi, banyak sebab, mungkin terjadi analisis djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)48 fiktif, atau mungkin melanggar apa yang biasanya dijadikan sebagai alat evaluasi perbankan yaitu 5 c + 1 s (character, capacity, condition, capital, dan colateral serta safety) apakah sudah difungsikan dengan baik, dan jika itu kita analogkan untuk kredit mikro versi syariah maka 5 k + 1 s kita bisa membuat suatu indikator yang sesuai yaitu kepercayaan, kejujuran, kelayakan, keterbukaan, keadilan dan solidaritas. atau dengan kata lain kita perlu menggali kembali dan menumbuhkan nilai-nilai luhur dan ahlak mulia yang dijunjung tinggi oleh islam, sehingga setiap orang yang meminjam maupun pemberi pinjaman memegang teguh prinsip 5 k + 1 s versi yang syariah islam, mengapa kita tidak mau mencoba memberi kepercayaan sehingga kita akan menerima kepercayaan, pengusaha gurem tersebut dipersiapkan dengan baik, didampingi dengan baik , dan dididik untuk menatabukukan usahanya dengan baik. selama ini selalu didengungkan betapa besarnya jumlah kredit yang akan digulirkan untuk sektor umkm tapi realisasinya sangat sedikit, sekedar gambaran bahwa untuk tahun 2005 diproyeksikan kurang lebih 60,4 triliun untuk sektor umkm. akan tetapi kita sekarang sudah berada dipertengahan tahun 2005, berapa yang sudah tersalur, yang jelas di sul-sel triwulan i thn ini baru untuk usaha mikro kecil dan menengah (umkm) baru 6,99 triliun atau 53,08 persen dari total kredit yang tersalur 14,38 triliun (kantor bank indonesia makassar) berapa yang kesektor usaha mikro kita belum tahu persis, belum kita bicara arah dari sektor yang penyaluran sebagian besar kesektor konsumtif belum banyak yang mengarah ke sektor produktif, kepada pihak yang diberi kepercayaan untuk mengelola asset bangsa agar dapat berlaku adil dan arif yang pada akhirnya membuat kebijakan serta menerapkan kebijakan tersebut yang pro ke rakyat kecil.. penyaluran kredit lks jika kita melihat proses penyaluran kredit lewat lks maka kita dapat membagi dua bentuk salurannya yang pertama lewat institusi perbankan dengan mengacu pada uu perbankan no. 7/92 jo. uu no. 10/1998 maka beberapa bentuk perbankan yang menyalurkan yaitu bank perkreditan rakyat(bpr) atau bprs (syariah), bri unit, atau badan kredit desa (bkd) al-iqtishad: vol. i, no. 1, januari 2009 49 yang perizinan dan pengawasannya lewat bank indonesia. penyaluran lewat institusi non bank kita bisa bagi dua (formal) yaitu lewat koperasi simpan pinjam (ksp) pengaturannya lewat undangundang koperasi no. 25 tahun 1992 yang perizinan dan pengawasannya lewat kementerian negara koperasi dan ukm; lembaga dana dan kredit pedesaan (ldkp) yang pengaturannya lewat peraturan daerah, perizinan lewat gubrnur dan pengawasannya lewat pemerintah daerah. lewat non formal yaitu lsm, ksm, bmt, uedsp, uppks. jadi sudah waktunya lembaga keuangan syariah perbankan maupun non bank melakukan pendekatan dengan menjemput bola dengan mendekati pelaku usaha umkm, dengan memperlakukan mereka sebagai mitra untuk sukses bersama. kini saatnya memberikan modal kerja untuk mengembangkan usahanya, meski tetap selektif dan hati-hati. dengan cara ini pergulatan usaha mikro, kecil dan menengah dalam mengembangkan usaha terutama yang kesulitan mendapatkan modal kerja modal investasi akan teratasi. jadi umkm dan lembaga keuangan syariah sama-sama berkembang. penutup berdasarkan uraian diatas maka dapat ditarik beberapa kesimpulan sebagai berikut: pertama, upaya pengembangan koperasi dan umkm melalaui lks memerlukan langkah-langkah taktis dan strategis berupa peningkatan visi dan misi bisnis yang sesuai syariah islam, sehingga tercipta sdm yang islami dan berkualitas. kedua, guna pengintegrasian pengembangan koperasi dan umkm dengan lembaga keuangan syariah, maka tersedia dan terbuka berbagai peluang baik secara budaya, maupun struktural yang harus segera ditangkap. secara struktur seperti kebijakan pemerintah pusat untuk penyaluran kredit kepada umkm. ketiga, faktor-faktor penghambat bagi koperasi dan umkm secara eksternal dalam upaya penguatan bisnisnya antara lain: (a) kelembagaan dan organisasi belum berfungsi baik akibat belum adanya persamaan visi, misi dan strategi dari pemerintah untuk membangun umkm yang secara djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)50 berkelanjutan dan terintegrasi dengan pembangunan lks. (b) belum adanya kerjasama antar lks dan jaringan antar pelaku bisnis sejenis dengan pelaku usaha lks. (c) belum terciptanya suatu sistem informasi dan data serta potensi usaha dari umkm yang dapat disinergikan dengan lks. keempat, faktor-faktor penghambat koperasi dan umkm secara internal dalam pengembangan bisnisnya antara lain: (a) kelemahanke lemahan yang dianggap cukup signifikan adalah umumnya ukm latah atau hanya mengikuti industri atau usaha yang sudah maju tidak banyak yang mau merintis usaha sampai maju atau membikin usaha yang komplemen dengan usaha yang ada. (b) umumnya umkm tidak mengiklankan produknya. (c) umumnya umkm tidak memiliki strategi harga yang baik. kelima, sebagian besar umkm tidak pernah mengikuti pameran produk atau pameran produk ekspsor. pustaka acuan adnan ath-tharsyah. 2004. anda dan harta. pustaka al-kautsar, jakarta. chapra umer. 2000. islam dan pembangunan ekonomi. gema insani press, jakarta. soewardi. h. 1995. filsafat koperasi atau cooperativism. upt penerbit ikopin, bandung. syaid sabid. 1981. unsur-unsur kekuatan dalam islam. toko kitab ahmad nabhan, surabaya. tasmara toto.2002. membudayakan etos kerja islami. gema insani, jakarta. abdul azizi dahlan (ed).1989. ensiklopedi hukum islam. jilid ke-1. jakarta: ichtiar baru vann hoeve. abdurrachman qadir. 1998. zakat dalam dimensi mahdah dan sosial. jakarta: raja grafindo persada. abdurrahman al jaziry. t. th. al fiqh cala mazahibil arba cah. jilid ke-1. beirut: darul fikri. al-iqtishad: vol. i, no. 1, januari 2009 51 afzalurrahman. 1995. dokrin ekonomi islam. jakarta: logos. anis, ibrahim. al-mu cjam al-wasid. faris, muhammad abdul kadir abu. t. th. kajian kritis pendayagunaan zakat. semarang: dina utama habsyi, muhammad baqir. 1989. fiqih praktis menurut al-qur’an, sunnah dan pendapat para ulama. bandung: mizan hasan kamil. 1986. fiqh ibadah menurut mazhab imam malik. mesir: maktab alnahdhah. khalaf, abdul wahab. 1978. cilmu ushul al-fiqh. mesir: dar al-kalam. al-khudari, muhammad. 2001. ushul al-fiqh, kairo: dar al-hadis. hadi setia tunggal. 2000. undang-undang nomor 38 tahun 1999 tentang pengelolaan zakat. jakarta: harvarindo. hasballah, ali. 1959. ushul al-tasyric al-islam. mesir: dar al-macarif. muhammad abdul qadir abu faris. t. th. kajian kritis pendayagunaan zakat, semarang:dina utama semarang. al-qaradhawi, yusuf. 1979 m/1389 h. fiqh al-zakat. beirut: dar al-irsa. cet ke-1. qasim, yusuf. zakat al-tijarah wa al-shanac ah. t.tp.: dar al-nahdah al-qurtubi. 1414 h/1996 m. jamic al-ahkam al-fiqh. beirut: dar al-kutub alcilmiyah. rahman , abdul malik. 2003. ibadah zakat dan segala masalahnya, kuala lumpur: jasmin enterprise.. sabiq, al-sayyid. 1414 h/1996 m. fiqh al-sunnah. beirut: dar al-kitab alcarabiyah. syechul hadi permono. 1995 pendayagunaan zakat dalam rangka pembangunan nasional. jakarta: pustaka firdaus. al-sais, muhammad ali. 1953. tafsir ayat al-ahkam. mesir: matbac ah muhammad ali sabih wa auladuhu. al-zuhaily, wahbah. t. th. zakat kajian berbagai zakat, diterjemahkan djawahir hejazziey: pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm)52 oleh agus efendi dan baharuddin fananny. bandung: pt remaja rosdakarya offset. al-zuhaily, wahbah. 1978. al-fiqh al-islami wa adillatuhu. damsik: dar alfikri. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 117 134 1, 2 syarif hidayatullah state islamic university jakarta e-mail: 1nurhidayah@uinjkt.ac.id, 2tabrani.co.id@gmail.com non-performing finance in sharia financial institutions in indonesia: a case study of bprs adeco (aceh development corporation) nur hidayah1, tabrani2 abstract. high level of non-performing finance (npf) has become one of the risks faced by intermediary financial institutions, including islamic banks. indonesia’s financial authority found that npf ratio of islamic banks is relatively higher (4,12%) that one of the conventional banks (ojk, 2017). literature indicates the influence of the bank’s internal and external factors on high npf. this study aims to analyze the factors that influence the high level of npf and its settlement and strategies to reduce the level of npf in sharia rural banking (bprs/bank perkreditan rakyat syariah). taking bprs adeco (aceh development corporate) located in langsa city district, aceh, as a case study, this research takes a qualitative approach. through a survey to 26 bprs adeco employees and semi-structured interviews with four employees, this study found three factors leading to an increase in the npf ratio, namely weak bank’s financing risk management, changing economic conditions and regulations, and the conditions of customers who are vulnerable to socio-economic change. keywords: islamic rural banking, non-performing finance, finance risk management abstrak. tingkat non-performing finance (npf) yang tinggi telah menjadi salah satu risiko yang dihadapi oleh lembaga keuangan perantara, termasuk bank syariah. otoritas keuangan indonesia menemukan bahwa rasio npf bank syariah relatif lebih tinggi (4,12%) dibandingkan bank konvensional (ojk, 2017). studi terdahulu menunjukkan pengaruh faktor internal dan eksternal bank terhadap npf tinggi. penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi tingginya level npf dan solusinya, serta strategi untuk mengurangi tingkat npf di bank perkreditan rakyat syariah (bprs / bank kredensial syariah). penelitian ini menjadikan bprs adeco (perusahaan pembangunan aceh) yang berlokasi di kabupaten kota langsa, aceh sebagai kasus, dengan menggunakan kualitatif. melalui survei terhadap 26 bprs karyawan adeco dan wawancara semi-terstruktur dengan empat karyawan, penelitian ini menemukan tiga faktor yang menyebabkan peningkatan rasio npf, yaitu lemahnya manajemen resiko bank, perubahan kondisi dan regulasi ekonomi, dan kondisi konsumen yang rentan terhadap perubahan sosial ekonomi. kata kunci: bprs, non-performing finance, manajemen risiko keuangan 118 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction since the late period of new order regime in the 1990s, indonesia’s banking industry has entered a new stage of development by the establishment of bank muamalah indonesia, a commercial bank based on sharia values by avoiding riba (interest), gharār (uncertainty), and maysīr (gambling). based on law of the republic of indonesia number 21 of 2008 on bank, banks are defined as banks that carry out their business activities based on sharia principles. banks consist of sharia commercial banks, sharia business units (uus/unit usaha sharia) and sharia rural banks (bpr/bank perkreditan rakyat). sharia bank is a financial institution that carries out its activities in accordance with the provisions of the quran and hadith so that people who adhere to sharia values persuasively prefer banking to fulfill their daily needs, both consumptive and productive needs. some muslim economic scholars argue that the more developed the sharia banking industry in a country, the better the country’s economic growth because it can help people to meet their needs and release the community from the interest system applied by conventional banks. as financial institutions, banks function to collect and channel funds to the public in order to improve equity, economic growth and national stability towards increasing the welfare of the people. banking is a vehicle that is able to collect and channel public funds effectively and efficiently towards improving people’s living standards. the funds are in the form of consumptive financing and productive financing. in everyday life, people have needs that must be fulfilled, which include primary, secondary and tertiary needs. there are times when the people do not have enough funds to fulfill all of their life needs so that they borrow from fellow citizens and financial institutions such as conventional banks and banks. in the process of financing distribution to be able to meet the needs of the community, financial institutions such as banks and conventional banks carry a high risk of credit or financing risk. data from financial services authority (otoritas jasa keuangan/ojk) shows that the npf of national banking is 4.12%, relatively higher than the npf of conventional banks at 2.96% (uly, 2017). this shows that the credit risk management of conventional banks is better than the financing risk management of banks. in langsa city, nanggroe aceh darussalam, several banks run their activities in accordance with sharia principles. one of which is the bprs adeco (aceh development corporation) with the total assets of idr 46, 420,337,000. in helping the community to be able to meet their needs, the bprs adeco offers sharia-based products, including murabahah and muḍārabah products. nur hidayah. non-performing finance in sharia financial institutions in indonesia 119 http://journal.uinjkt.ac.id/index.php/iqtishad according to ascarya (2013), murabahah is the sale and purchase of goods at the original price with the agreed-upon profit. in the murabahah contract, the seller must notify the cost of the goods he/she buys and determines an additional level of profit. in the process of payment, customers can pay in cash or debt (installments). whereas muḍārabah is a contract of cooperation between two parties in which the first party (mālik, ṣaḥīb al-māl, lks) provides all capital, while the second party (‘amīl, mudhārib, customers) acts as the manager. in this case, business profits are divided among them according to the agreement set forth in the contract (national sharia council, 2000). in its operation, financing distribution is the main activity of bprs adeco, which contains risks that can affect the health of the bank. one of which is the increase in non-performing financing (problematic financing). in channeling funds to customers based on sharia, each bank must have rules and stages before providing financing. the rules are applied by the bank to avoid risks that might occur later; one of which is the risk of default. therefore, it is important for the banks to assess 5cs to get customers who are truly eligible to be given financing. the 5cs include character (capital/character), capital, capacity (ability), collateral (guarantee) and condition (lailiyah, 2014). even though the bprs adeco has assessed 5cs before financing, there are still customers who fail to fulfill their obligations to the bank. this is not in line with the expectations of bprs adeco. bprs adeco hopes that the 5ca assessment prior to the provision of financing will be able to minimize the risk of financing, but it is not. bprs adeco’s financing chart and npf ratio data source: financial services authority from the graph above, it can be seen that in june 2012 the total amount of financing reached the lowest level at idr 3.063.000 3862 but its npf ratio 120 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 reached the highest level of 15.62%. this is above the average national npf ratio of whole bprss at 6.39% (indonesia bank, 2012), as well as above the maximum value of npf set by the bank of indonesia at 7 %, stated in the attachment of the bank of indonesia circular letter no. 9/29 /dpbs, 7 december 2007. however, in december 2018, with the amount of financing reaching the highest number of idr 29,786,770,000, its npf ratio was only 3.60%. this is far below the average national npf ratio of the whole bprss at 9.30% (financial services authority, 2018), and also below the maximum value set by bank indonesia at 7%. at the moment, when the total financing is at the lowest level, the npf ratio of bprs adeco is at the highest level. meanwhile, when the total financing is at the highest level, the npf ratio is quite low, which is below 7%. this means that bprs adeco has well responded to the alarming high npf in 2012 and restructured its financing risk management. this step has successfully lowered its npf ratio gradually and improved its financing risk management. yet, this raises some questions of how brps adeco has handled the problem of high npf; and what strategies has been implemented to settle the issues of non-performing financing and lower its high npf ratio as well as strengthen its financing risk management. literature review high ratio of npf and a big number of delinquent financing customers has become a common problem for financial institutions. according to hidayatullah (2014), financing, which is part of the important role of banks in channeling funds to the public or companies, is carried out through a process of analyzing the feasibility of financing to the realization of disbursement of funds. realization of financing is not the last stage of the financing process. after the realization of financing, bank officials need to monitor and supervise the utilization of such fund of financing. the involvement of bank officers in monitoring and supervising financing is a necessity, in order to save public funds that have been trusted to be managed by banks. although sharia commercial banks and sharia business units have implemented various strategies to avoid financing problem, in practice, banking still faces problematic financing. the research conducted by hidayatullah aims to find out factors causing problematic financing, and strategies to tackle and settle them. the findings indicate that the causes of problematic financing are related to internal and external factors of the bank, business failure factors and management incapacity factors. the rescue efforts carried out by banks are financing rescheduling, reconditioning (return requirements), and restructuring. nur hidayah. non-performing finance in sharia financial institutions in indonesia 121 http://journal.uinjkt.ac.id/index.php/iqtishad investigating high npf of micro-credits of bank jatim, mojokerto branch from 2012-2013 and its strategies to lower the npf, savitri et al. (2014) found that the bank of east java mojokerto branch used to have poor credit risk management. so, its nonperforming loans increased during those periods. to overcome this, the bank of east java, mojokerto branch implements several strategies that include actively supervising the board of commissioners and directors; setting tight credit policies and procedures, building good information systems; strengthening credit risk management, and controlling credit risks. studying bmt (microfinance) sidogiri, hasanah, et al. (2015) found that bmt sidogiri has faced risks arising from its financing. this occurred because some customers found difficulties in paying the installments of their financing funds from the bmt. to respond to this problem, bmt sidogiri has established risk management system to minimize the risks by implementing some strategies tailored to the specific nature of the risks. research conducted by azharsyah and arinal (2017) indicates that the factors causing troubles in murabahah financing come from 1) customers, 2) internal banks and 3) fictitious factors. the implemented policies are very comprehensive, from prevention to completion. the technical settlement is carried out by the on-spot method, subpoena, billing, restructuring, sale of collateral, and write-off as well as stipulation of fines turmudi (2016) states that the management of the settlement of troubled financing can be done by: first, implementing risk control standards, and preventing the risk through the analysis of the character and capacity of the customers; and second, by rescheduling, reconditioning, restructuring, settlement through collateral, and write off. based on the above literature review, no one has examined the strategies carried out by banking in order to reduce the npf ratio. as is happened in the bprs adeco, wherein june 2012, the npf ratio reached 15.62%, which was ranked at 4. with 13% <npf ≤ 16%, the bank’s financial performance was categorized ‘not good’. whereas in the december 2018, the npf ratio level was 3.60%, which was ranked as 1. with npf ≤ 7%, the bank financial performance is categorized “very good”. therefore, the paper intends to fill out the gap in the literature so that the results of this study can be used as a reference by banks in indonesia, especially banks, tp reduce the high npf ratio. this research aims to determine what factors lead to the increase of npf ratio in june 2012, what policies applied by the bprs adeco to overcome financing problems, as well as what strategies undertook by bprs adeco to reduce the ratio of npf. this research is expected to be a framework or model for other banks in facing problematic financing. 122 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 method the method used in this research is qualitative study with a case study approach, using both primary and secondary data. the primary data (main source) is collected from the survey to all bprs adeco employees and interviews with the director and account/financing officer of bprs adeco. whereas. secondary data was collected from relevant materials in the form of books, journals, and others. the data was collected in july-august 2017 and revisited in december 2018. the survey was carried out to all 26 (twenty-six) employees of bprs adeco from 10 july-august 2017. the interviews were conducted to the director and 3 (three) account officers from the financing department in july 2017 and updated in december 2018. data of respondents table 1. work position of the respondents position frequency percentage head of section financing 1 3.8 account officer 6 23 financing administration 2 7.8 remedial 1 3.8 internal audit 1 3.8 head of section operations 1 3.8 head of the section cash office 1 3.8 costumer service 2 7.8 teller 3 11.6 general administration and hrd 3 11.6 security 3 11.6 accounting 1 3.8 office service 1 3.8 total 26 100 nur hidayah. non-performing finance in sharia financial institutions in indonesia 123 http://journal.uinjkt.ac.id/index.php/iqtishad table 2. working experience of employees length of working experience frequency percentage 1-5 years 16 61.5 6-10 years 10 38.5 total 26 100 result and discussion causes of non-performing financing bprs adeco is one of the banks in langsa city, which its operation is based on sharia principle. in carrying out its activities as a sharia financial institution that collects and disburses funds to the public, bprs adeco offers several shariabased financing products, including murabahah and muḍārabah products. however, the murabahah products have been dominant among other financing schemes in bprs adeco. being the most favorable products, the murabahah products with installment payment system become the main activity of bprs adeco. however, such products expose the bank to a very high risk that can affect the health of the bank. one of which is the increase in the ratio of non-performing financing (npf). the risk of increasing npf ratio is an issue that cannot be avoided by the bprs adeco. to mitigate such risk, bprs adeco conducts a 5cs assessment for every potential customer. despite such a strategy, in the period of june 2012, its npf ratio increased quite high, reaching 15.62%. this is above the maximum value set by the bank of indonesia, which is 7%. the survey indicated that the factors that influenced the increase in the npf ratio in the june 2012 period are as follows: table 3. factors leading to non-performing financing factors frequency percentage changing economic conditions and regulations 26 100 weak bank financing management 20 96 conditions of customers who are vulnerable to change 24 92 124 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 1. changing economic conditions and regulations the most contributing factors to the bprs adeco’s financing problems during june 2012 were the changing of economic conditions and regulation. in this case in the development of langsa town square. in 2012, surez kumar, the managing director of pt son langsa mandiri, a local company, decided to build a shopping center named langsa town square (latos) in langsa city. latos development in langsa city aimed to improve the economy of the people of langsa city. however, before these goals can be realized, there were those who felt disadvantaged by the construction of latos in langsa city. these include the informal side-street traders who lost their place because of the latos construction. as these informal side-streets traders are the customers of bprs adeco, it was also affected. bprs adeco suffered losses in june 2012. the npf ratio reached 15.62% because 70% of its customers were traders in the langsa city market. it can be concluded that changing in socio-economic conditions of customers have negatively influenced the financing performance of bprs adeco. this confirms previous research conducted by hidayatullah (2014) on banks, revealing that one of the causes of problematic financing is a distressing economic situation. initially, the traders can fulfill their obligations to bprs adeco without any obstacles. however, after they were removed and could not open their booths in the langsa city market, and they could not fulfill their obligations to bprs adeco. in this case, the bprs adeco was disadvantaged by the construction of latos by not getting the instalment repayment from the traders. 2. lack of good financing risk management the second factor that contributes to the financing problems during june 2012 is the lack of good financing risk management. this includes the lack of diversification of funds, poor management of financial portfolios, incomplete sop, and weak 5cs analysis. a. lack of diversified segments of funds the survey revealed that one contributing factor of bprs adeco’s high npf ratio is the lack of diversified funds as its market segment of financing was too focused on one particular segment of smes (small medium enterprises). bprs adeco prioritized the financing the traders at the langsa city market to improve their standard of living. however, this has a negative impact on the bank, which is the increase in problematic financing in june 2012. so, when the segment was experiencing problems, bprs adeco did not get the return from these customers. nur hidayah. non-performing finance in sharia financial institutions in indonesia 125 http://journal.uinjkt.ac.id/index.php/iqtishad this finding confirms previous research conducted by hidayatullah (2014) on banks, finding that one of the causes of problematic financing is excessive investment in one sector. b. incomplete sop (standard operating procedure) standard operating procedure (sop) is a guideline or a reference in carrying out tasks in accordance with the policies set by an institution. in carrying out their duties, employees at the bprs adeco use sop as their guideline in daily activities, so that the objectives of the bprs adeco can be realized. in the period of june 2012, adeco bprs did not have a flowchart, namely the scheme of the stages in approving financing. due to the absence of the flowchart, the accounting officer did not have complete guidelines on financing. therefore, in the period of june 2012, the amount of financing was problematic, and the npf ratio increased. the results of this study confirm previous research conducted by astuti (2015) at bmt xyz, finding that one of the causes of problematic financing is the absence of policies on good financing. c. weak 5cs analysis the increase in the npf ratio in june 2012 was due to the weak human resources that are able to conduct strong 5cs analysis and assessment towards potential character, capital, capacity, collateral and conditions before providing financial assistance to them. such weak 5cs analysis is reflected in: (1) lacking of background checking of prospective customers, (2) being too aggressive or rushed to disburse the financing funds, (3) being excessive of confidence in the solvency of potential customers, and (4) lacking of experience among the account officers in conducting 5cs analysis. the results of this study confirm previous research conducted by astuti (2015) at bmt xyz, finding that one of the causes of problematic financing is the incapability of the officers to conduct financing analysis professionally, mainly due to the low knowledge and experience of account officers in carrying out these tasks. 3. conditions of customers who are vulnerable to change the development of latos, besides having a bad impact on bprs adeco, also has had an impact on the market traders of langsa city, who were also the customers of the bprs adeco. many of the traders were unable to adjust with the latos development. however, some of them were able to deal with the situation, 126 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 so that the construction of latos did not have such a big impact on some of them. the development of latos has had a major impact on traders who lack experience in running businesses, have weak psychological resilience for changes in micro—and macro—economic conditions, and come from low economic status. the construction of latos in langsa requires the traders in the langsa city market to be more effective and have high competitiveness to be able to survive with the existing situation. however, many of the traders did not have such high competitiveness, resulting in their difficulties to pay the installments. policies to settle non-performing financing to uncover these conditions, the bprs adeco immediately took a stand by making policies to settle the problematic financing. the bank must manage the problematic financing so that the problematic financing is at a reasonable level and does not cause losses to the bank any longer. this is because the biggest contribution in bank income comes from financing disbursement (savitri, et al., 2014). a policy made by the bprs adeco is to improve communication and guidance to customers; this is done in the following ways: 1. rescheduling bprs adeco gives away leniency or extension of the installment period to the customers in accordance with the customer’s ability. this extension is not followed by the rise in profit margins as long as the customers do not have any attention to pay the installments. the extension provided by bprs adeco is adjusted to the customers’ ability based on their monthly incomes. this is because the customers’ income has decreased and made them unable to pay the instalment. therefore, bprs adeco adjusts the period extension with the customers’ income each month to ease the burden on the troubled customers. the results of this study are supported by the research conducted by shobirin (2016). it says that if the financing can still be expected to run well again, then the bmt can provide relief-relief such as delaying the installment schedule (rescheduling). however, if the congestion is due to negligence, violation or fraud from the customer, the bmt can request that the customer to immediately settle their obligation, including delivering the goods pledged to the bmt. if an out-ofcourt settlement cannot be fulfilled, the bmt can take a legal action. in this case, two legal institutions can be considered, namely the district court or arbitration body. nur hidayah. non-performing finance in sharia financial institutions in indonesia 127 http://journal.uinjkt.ac.id/index.php/iqtishad 2. reconditioning bprs adeco removes some parts or all of the bank’s profit margin and extends the installment period to ease the burden of the customers in paying the installments. in the elimination of margins, the bank provides two options for troubled customers, which are to pay all their debt in cash by selling their own collateral or in instalments again. the results of this study are supported by research conducted by ibrahim & rahmati (2017). if financing can still be expected to run well again, then from the bank will provide relief-relief such as the requirement back (reconditioning); the changes in some or all of the financing requirements including changes in payment schedules; the number of installments (could be as low as possible by considering the customers’ economic condition); the time period; and the payment of installments. 3. restructuring restructuring is the addition of financing to re-run the customers’ business. in carrying out a business, it is not always the customers’ business that develops and advances. sometimes the customers’ business experiences a setback which can result in a decrease in their income and failure to fulfill their obligation to bprs adeco. the setback is caused by the lack of capital to run the business. to anticipate the setbacks, bprs adeco injects or adds capital to the customers to be able to run their business optimally. so, the customers can increase the profits and the bprs adeco obtains the return from the customers. the same thing was found by azhari (2012), stating that the cause of a setback in the costumers’ business is the lack of capital. in this case, financial institutions could provide a loan, perhaps in the form of al-qardhul hasan, murabahah or muḍārabah financing. these can help the customers’ business to progress and avoid setbacks. strategy in reducing npf ratio to reduce the high npf ratio that occurred in june 2012, the bprs adeco made strategies to be able to reduce the high npf ratio. the strategies made are as follows: 1. improvement banking finance management in perfecting financing management in the bprs adeco, the bank did so by improving sops, increasing 5cs analysis, varied market segmentation, and intensive billing. 128 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 a. sop improvements the first strategy is the improvement of the sop concerning financing. bprs adeco improves the sop by creating a complete flowchart related to the stages before providing financing to prospective customers. the complete and regular flowchart will make employees of bprs sro ao have clear guidelines that can be used as a guide before providing financing to prospective customers. a complete sop will support the bank’s operational performance to be better and directed so that the vision and mission of the bprs adeco can be achieved. b. improved 5cs analysis to be able to reduce the high npf ratio that occurred in june 2012, the ao of financing in the bprs adeco carried out a deeper 5c assessment to get prospective financing customers who were truly eligible for financing. the methods carried out by the ao of financing in the bprs adeco are as follows: 1) personal interview the first thing that is done by the ao is to obtain financing customers that are truly feasible to be given financing by interviewing the customer clients. in this personal interview, the ao asked the prospective customers regarding the amount of financing they want, the purpose of financing, their profession, their earning per month, whether they have ever financed by other banks, their business condition, their guarantee, whether the guarantee is in their possession, and the condition of the guarantee. this is done by ao to assess character, capital, capacity (ability), and collateral (collateral) of prospective financing customers. nur hidayah. non-performing finance in sharia financial institutions in indonesia 129 http://journal.uinjkt.ac.id/index.php/iqtishad 2) information or network the bank prioritizes prospective customers who are brought or recommended by existing customers, who have applied for financing in the bprs adeco with a smooth category. in this way, employees of adeco sro ao will obtain correct and accurate information about prospective customers related to character, capital, and capacity (ability) from old customers who recommend these new prospective customers. so, an adeco bprs ao employee, besides interviewing the new prospective customer, can also interview the old customer to get confidence that the prospective customer is eligible for financing. 3) bank to bank information an aec bprs ao employee also conducts a debtor information system (sid) study related to prospective financing customers. the information is related to find out whether the customers have a loan at another bank, and to find out the customers’ reputation in paying the installments to the bank. in conducting the research sid, employees of ao bprs adeco communicate with the other banks to look for information related to their capacity (ability) to meet their obligation to bank. 4) not accepting prospective customers from one agency if there are three problematic clients in the agency installment payment system for customers originating from an agency, namely salary deductions through the agency’s treasurer. if in one agency there are three troubled customers, the bprs adeco will not accept new prospective customers from the agency. this is because the treasurer of the agency does not carry out its duties in accordance with the agreement in advance with the bprs adeco. 5) location survey and survey of business premises to obtain financing in the bprs adeco, prospective financing customers must complete the requirements stipulated by the bprs adeco. after bprs adeco receives the requirements, the ao of financing in the bprs adeco will survey the location of the residence of the prospective financing customers. the purpose of the location survey is to get information about the conditions of residence of prospective customers and obtain information about collateral or collateral belonging to the customer. in addition to this, the ao funding employee at the bprs adeco also visits the prospective customer’s business premises. this is done to assess the extent of the ability of the prospective customer in running the business. also, ao employees also assess the self-financing that the prospective customer has in running his business. 130 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 c. variable market segmentation funding risk cannot be eliminated by the bprs adeco, but the bprs adeco can minimize this risk through varied market segmentation. one of them is the market segmentation of bprs adeco in channeling funds to the public, namely civil servants (pns). this is because civil servants have a fixed certainty and salary each month. thus, the possibility of a financing risk will decrease because if the customers from civil servants, then, they must represent their salary withdrawal to the bank. d. intensive billing daily quotes are made to make it easier for customers to pay their installments to the bprs adeco. a daily installment payment system will make the burden and responsibility of customers feel lighter and smaller. by reducing the number of installments, the percentage of bprs adecos to get back their receivables from customers will be greater. thus, the strategy made by the bprs adeco to reduce the high npf ratio that occurred in the june 2012 period will be successful. 2. strengthening human resources in risk management and change the quality improvement of human resources is carried out by conducting internal training on banking products, sharia banking risk management, and constraints and opportunities for banking. the training conducted by the bprs adeco aims to improve quality, so that by increasing the quality of hr, the profit will also increase. in addition, the bprs adeco also included or sent several employees to participate in training made by bank indonesia (bi), the financial services authority (ojk), the indonesian credit bank association (perbarindo), and the bank association indonesia (asbisindo). the materials discussed in training included the following: a. bank indonesia: settlement of problem customers b. ojk: customer complaint settlement service c. perbarindo: work ethics d. asbisindo: products that are relevant to age development 3. management of assistance to customers management consulting assistance is assistance and professional management offered by banks to customers in the management and business nur hidayah. non-performing finance in sharia financial institutions in indonesia 131 http://journal.uinjkt.ac.id/index.php/iqtishad development. the bank provides consultation and guidance to motivate customers to be more enthusiastic and never give up in running their business. this was done by the bprs adeco because 70% of its customers were msme (micro, small and medium enterprises); customers whose majority did not understand management. therefore, the bank provides consultation and guidance on the issue, so that it has a good impact on the customer and also for the bank. which is to get back the receivables and reduce the high npf ratio. management of assistance provided by bprs adeco to customers includes providing consultation related to customers’ business prospects, risks that might be faced by customers in carrying out their business, strategies in minimizing risks, and mental readiness to face changes. from the researchers’ point of view, the policies made by the bprs adeco have been very good and are in accordance with sharia provisions. when the problematic customer is experiencing a setback in his business, the bank does not suppress and does not add to the burden on the troubled customer, but provides relief to the troubled customer according to his ability at that time. in this case, the policy made by bprs adeco is in accordance with the commands of allah swt in the quran surah al baqarah. the word of allah swt in al quran sura al baqarah verse 280: ۈئ ۈئ ۆئۆئ ۇئ ۇئ وئ ەئوئ ەئ ائ ائ ى ى ې ېئ “and if (the person who owes it) is in trouble, then give a period until he has gained spaciousness. and if you give up, it is better for you if you know. (surat al-baqarah: 282).” the paragraph above explains the provision of long-term concessions to debtors who are in trouble. if there are people who are indebted but have not been able to repay their debts because they are experiencing difficulties in their economy, allah swt instructs his servants to be patient and extend the period until he is able to pay it. and also allah swt advised his servants to give away their debt, this was to ease the burden of those who owed it. in completing the problematic financing in june 2012, bprs adeco of langsa city also practiced what was ordered by the messenger of allah along that allah swt would help his servant in the hereafter later if the servant likes to help others during his lifetime. 132 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 prophet muhammad’s hadith narrated by muslims: َج اهلُل َعنُْه ُمْسِلٍم ُكْرَبًة ْنيَا، فَرَّ َج َعْن ُمْسِلٍم ُكْرَبًة ِمْن ُكَرِب ادلُّ َمْن فَرَّ ِخيِْه َ َعبُْد ِفْ َعْوِن أ ْ َعبِْد َماَداَم ال ْ ِقيَاَمِة، َواهلُل ِفْ َعْوِن ال ْ ِمْن ُكَرِب يَْوِم ال )رواه مسلم(. “the person who releases a muslim from his troubles in the world, allah will release his troubles on the day of judgment, and allah will always help his servants as long as he (likes) helps his brother. (narrated by muslim).” the prophet suggested to his people to help one another in the goodness of their fellow muslims during their life in this world, moreover helping their brothers who were in trouble or being hit by calamities. the prophet asserted that anyone who likes to help a muslim who is struck by a disaster, then the reward is allah swt will help these muslims on the day of judgment. conclusion one of the risks facing financial institutions is when the customers find it difficult to repay their financing installments. using bprs adeco as a case study, this paper has analyzed the factors influencing the high level of npf, its settlement and strategies to lower such npf in sharia rural banking, which used to experience high npf ratio in june 2012. it finds three factors leading to such high npf: firstly, changing economic conditions and regulations; secondly, poor risk financing management such as lack of financing segment diversification, weak financing portfolio management, incomplete sop, and weak analysis of 5cs; thirdly, customer conditions that are vulnerable to change. the policy carried out by bprs adeco in resolving problematic financing is intensifying communication to its delinquent customers. these include persuasive communication, rescheduling, reconditioning, and restructuring. the strategies made by the bec adeco to reduce problem financing in the period of june 2012 included the improvement of bank financing management, the improvement of the quality of human resources in risk management and change, and the improvement of assistance management to customers. nur hidayah. non-performing finance in sharia financial institutions in indonesia 133 http://journal.uinjkt.ac.id/index.php/iqtishad references afif, z. n. & mawardi, i. 2014. “pengaruh pembiayaan murabahah terhadap laba melalui variabel intervening pembiayaan bermasalah bank umum syariah di indonesia.” jurnal jestt 1(8): 565–580. ascarya. 2013. akad dan produk bank syariah. jakarta: rajawali pers. astuti, rahma yudi. 2015. “pembiayaan murabahah yang bermasalah di baitul mal wa tamwil (bmt) xyz dalam perspektif manajemen risiko.” islamic economics journal 1(2): 191–211. azhari, fathurrahman. 2012. “mekanisme dan cara penyelesaian pembiayaan bermasalah.” jurnal studi ekonomi at taradhi 3(1): 85–92. bachri, bachtiar s. 2010. “meyakinkan validitas data melalui triangulasi pada penelitian kualitatif.” jurnal teknologi pendidikan 10(1): 46–62. bank indonesia. 2012. statistik perbankan syariah juni 2012. jakarta: bank indonesia. dewan syariah nasional. 2000. fatwa dewan syari’ah nasional no. 07/dsnmui/ iv/2000 tentang pembiayaan muḍārabah (qiradh). hasanah, n, novi puspita sari & lilik farida. 2015. risiko akad murabahah serta pengelolaan risiko akad murabahah pada bmt-ugt sidogiri cabang wongsorejo kabupaten banyuwangi. e-journal ekonomi bisnis dan akuntansi 2(1): 1–5. hidayatullah, m., 2014. “penyelesaian pembiayaan bermasalah di bank syariah.” jurnal interest 12(1): 67–79. ibrahim, azharsyah & arinal rahmati. 2017. “analisis solutif penyelesaian pembiayaan bermasalah di bank syariah: kajian pada produk murabahah di bank muamalat indonesia banda aceh.” jurnal kajian ekonomi dan bisnis islam iqtishadia 10(1): 71–96. lailiyah, ashofatul. 2014. “urgensi analisa 5c pada pemberian kredit perbankan untuk meminimalisir resiko.” jurnal yuridika 29(2): 217–232. maulidizen, ahmad & mohammad taqiuddin bin mohamad. 2017. “penjadwalan ulang pembiayaan mikro murābahah i bank syariah mandiri cabang dumai provinsi riau.” jurnal ilmiah islam futura, 17: 169–199. oka aviani savitri. 2014. “analisis manajemen risiko kredit dalam meminimalisir kredit bermasalah pada kredit usaha rakyat (studi pada bank jatim cabang mojokerto).” jurnal administrasi bisnis (jab) 12(1): 1–10. otoritas jasa keuangan. 2018. statistik perbankan syariah desember 2018. jakarta: otoritas jasa keuangan. 134 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 riyaldi, s. a. 2016. “tinjauan peranan analis pembiayaan dalam menunjang efektivitas penyaluran pembiayaan murabahah pada bprs hik parahyangan kantor cabang astana anyar kota bandung.” prosidaing keuangan dan perbankan syariah, 2: 231–238. shobirin. 2016. “penyelesaian pembiayaan murabahah bermasalah di baitul maal wa tamwil (bmt).” iqtishadia 9(2): 398–420. subagyo, j. 2001. metode penelitian dalam teori dan praktek. jakarta: rineka cipta. sugiyono. (2016). metode penelitian kuantitatif kualitatif dan r&d. bandung: alfabeta. turmudi, m. 2016. “manajemen penyelesaian pembiayaan bermasalah pada lembaga perbankan syariah.” jurnal studi ekonomi dan bisnis islam li falah 1(1): 95–106. uly, y. a. 2017. data ojk ungkap kredit bermasalah bank syariah 4,12%, lebihi konvensional 2,96%. economy.okezone.com. retrieved from https:// economy.okezone.com/read/2017/12/15/320/1831077/data-ojkungkapkredit-bermasalah-bank-syariah-4-12-lebihi-konvensional-2-96 zainal, veithzal rivai. 2007. bank and financial institution management. jakarta: pt raja grafindo persada. 2-euis.indd euis amalia: evaluating the models of sharia microfinance 13 evaluating the models of sharia microfinance in indonesia: an analytical network process (anp) approach euis amalia & mahmudah atiqah1 abstract. evaluating the models of sharia microfinance in indonesia: an analytical network process (anp) approach. this study focuses on evaluating the performances of three sharia microfinance models, i.e. cooperative model represented by bmt al fath, grameen model represented by mbk, ltd.co, and mixed model represented by baytul amanah ikhtiar cooperative. anp approach is used to evaluate the performances of those models from five important aspects (clusters) as the determiners, such as human resource, finance, management, sharia compliance, and marketing. the findings of this research show that the most important aspect (priority) among the clusters is human resource. thus, the best strategy is the mixed-based; the model which integrates the cooperative system with grameen system. it becomes the best model inasmuch as it implements values of both co ownership and co responsibility, in addition to power of collectivity resulting in no cash collateral. keywords: sharia microfinance, performance, anp, strategy abstrak. evaluasi model keuangan mikro syariah di indonesia: suatu pendekatan anp. fokus dari kajian ini ialah untuk melakukan evaluasi atas tiga model keuangan mikro syariah, yaitu model koperasi yang direpresentasikan oleh bmt al-fath, model grameen yang direpresentasikan oleh mbk, ltd. co, dan model campuran yang direpresentasikan oleh koperasi baytul amanah ikhtiar. pendekatan anp dipergunakan untuk evaluasi atas kinerja dalam model ini pada lima aspek utama yaitu sumber daya manusia, keuangan, manajemen, kepatuhan syariah, dan pemasaran. temuan dari kajian ini menunjukkan bahwa aspek yang paling penting antar kluster ialah sumber daya manusia, dan strategi terbaik yang dipergunakan strategi campuran, yaitu yang mengintegrasikan sistem koperasi dengan sistem grameen. hal ini menjadi model yang terbaik untuk diimplementasikan dalam keuangan mikro syariah. kata kunci: keuangan mikro syariah, kinerja, anp, strategi first draft: september, 12th 2014, revision: november, 5th 2014, accepted: december, 5th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. euis.amalia@uinjkt.ac.id; ach.blue@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 14 introduction economic activity will not be separated from human life. from the point of view of the jurisprudence science, economic activities not included chapter worships, but muamalah chapter. national economic conditions are still recovering today that have an impact on the difficulty or fear in the form of bank financial institutions for lending, especially for the development of the real sector in small land medium scale. currently, the most dominating economic problem is poverty. one of the main causes of poverty indeveloping countries is the lack of access to productive capital (todaro, 2009). indonesian economy not only face structural imbalances in the acquisition of value-added and employment among sectors but also face the added value inequality between actors or between group scale economic activities and sectors (amalia, 2008). indonesia must find a way out quicly in some strategies, one of them is the reinforcement various aspects of the micro sector and small enterprises (smes) which have important role as a major source of employment and income in developing countries (arsyad, 2008). in addition to proven current global crisis sometimes ago, smes present as a solution of the system. a healthy economy is when the industrial sector little or not at all affected by the global crisis sweeping the world. with this evidence, it is clear that smes can be taken into account in increasing competition in the market and stabilization of the existing economic systems in indonesia. smes development is the main priority of the government in indonesia (hill, 2001). difficulty capital became a major issue in the developmentof smes. community under almost untouchable (underserved) and it is not considered to have potential funding by formal financial institutions like banks, so it causes an stunted economic acceleration. one strategy in many countries have grown in overcoming the problems that have been focused on improving access to credit facilities with the establishment of a microfinance institution (mfi) that offer credit to the poor (haryati, 2007). alternative financial institutions fund agencies rooted in the midst of a society where the distribution process funds is done in a simple, expensive, and fast with the principle of alignments to small communities and fair (lestiadi, 2008). indonesia with various forms of existing mfis, was expected by the agency can be run in accordance with the expectations. so any type of institutional microsharia is still varieted, like legal entities and cooperatives around 30 percent are cooperatives or other legal entities are not even incorporated. in connection to this problem the authors need to do research about the model of microfinance institutions in indonesia, which has opportunities to develop operations with sharia system, both of the financial and non-financial related to the strengthening of the role of business small micro. euis amalia: evaluating the models of sharia microfinance 15 literature review microfinance institution is indicated by regulations, innovation, and flexibility designed on the basis of social environment and local economy. microfinance is a phenomenon, that complicated and dynamic economic and socio-cultural dimensions. the definition is used by microcredit summit 1997 and microcredit summit in new york 2002 stated that: “programmes extend small loans to very poor for self employment project to generate income, allowing them to care for themselves and their families (amalia, 2008). another definition is used by the european banking federation stated that microcredit in european banking industries refers to small loans and micro entities, and small commercial customer groups (rohmatulajija, 2010). microfinance is committed to serve people ignored by formal banking sector “unbankable”. the development of microfinance sector is based on the assumption that poor people have economic capacity to conduct their own project to get return. but unfortunately, they have limited access to some banking products such as saving accounts, credits, and insurance facilities. world bank predicts that the general condition of market and demands to microfinance come from households and small companies that unregulated operating in informal economic sector. world bank predicts that potential market for micro credit around the world today is less than 100 million customers. table 1. proportion of size business in indonesia year 2012 category number of smes (%) small and micro 94% medium 3% large 3% source: ministry of cooperation and smes, republic of indonesia based on that data, it is clear that small medium enterprises or smes are very potential in economic world. the general condition of informal sectors are often described as an institution that has a limited access to capital. it is owned or managed by a family, which is usually small scale and no legals, is running in unregulated markets that is easy to escape from the market, employs tons of people who usually have lower education and limited skills (edratna, 2013). therefore, it can be classified that smes are based on the number of employees, the rate of income, and the size of asset. according to hubeis (2009), smes are defined in many different ways depending on the countries and other aspects. in general, the microfinance in indonesia operates either sharia-based or al-iqtishad: vol. vii no. 1, januari 2015 16 conventional-based model. the sharia-based microfinance is mostly set up in the form of baitul maal wa tamwil (bmt) operating normaly like other sharia banks. however, it is running legally under the cooperative regulation on the basis of act no 25 year 1992 about cooperative rules and pp no. 9 year 1995 which rules the saving and credit cooperative businesses. therefore, bmt has similar products to the ones that sharia banks have. yet it is different from the amount of financing that away less than the sharia banks can provide (baihaqi, 2000). in some cases, there is another kind of bmt operating with totally pure cooperative system. all the cooperative terms are used for its products such as basic contribution/deposit, obligatory deposit, and voluntary deposit. this is of course the kind of bmt also runs under the same cooperative regulations. on the other hand, microfinance in indonesia either conventional or sharia also can operate grameen model under a venture capital company legally running under no.18/pmk 010/2012. recently, a brand new regulation has just been released in act no. 1 year 2013 about microfinance institutions. it regulates that all microfinance models must have an operation licence from the financial services authority, both in running with cooperative legals or company. nevertheless, the position of microfinance nowadays in indonesia is still debatable depending on the interests, needs, motives, and purposes of stakeholders. consequently, it is not focusing on regulation issue only. shariah microfinance institutions appeared in reality as a social business model movement which rapidly develops in indonesia. there are at least three models of this microfinance; firstly bmt running with a cooperative model, secondly microfinance institution operating with a grameen model, and thirdly the one operating with both cooperative and grameen model, called mixed microfinance model.in practice,those three models operate with shariah principles such as fairness (amalia, 2008), cooperation (alma, 2005), transparency (daniri, 2005), and, universal values such as prohibition of interest, gambling, speculation activities, and other harmfull activities. in operating this microfinance,those institutions are similar to the banks in terms of funding, financing and other kinds of services offered to their customers. table 2. the comparison of three sharia microfinace models no specification sharia microfinace models grameen cooperative mixed 1. legals co. ltd (pt) cooperative cooperative 2. customers financing for small groups of poor women financing for individuals (anyone can be a member) financing for small groups of poor women euis amalia: evaluating the models of sharia microfinance 17 3. products profit sharing financing, no saving saving and financing products (using cooperative terminologies) saving and financing products (using cooperative terminologies) 4. financing purposes productive activities productive activities, housing, education, investment, others productive activities, housing, education, investment, others 5. transaction system profit sharing (mudharabah) profit sharing (mudharabahmusyarakah), soft loan (qardhulhasan), sales &purchaces (murabahah), lease (ijarah), the transfer of debt (hiwalah) profit sharing (mudharabahmusyarakah), soft loan (qardhulhasan), sales &purchaces (murabahah), lease (ijarah),the transfer of debt (hiwalah). 6. first amount of financing rp. 500.000 – rp. 1.000.000 rp. 300.000 – rp. 500.000 rp. 300.000 – rp. 500.000 7. mentoring no no/yes yes the following are the three models of microfinance, which become the object of research in this paper: first, sharia microfinance as cooperative represented by bmt al fath. besides implementing the sharia principles, this model uses special cooperative terms for its products and management. in terms of financing, this model provides the credits to individuals, not groups. second, sharia microfinance operating with grameen model.this model which has been succesful in bangladesh is triggered and led by muhammad yunuswho has won an a nobel awards. the basic principle of grameen model is financing the small groups particularly groups of lower-income or poor women who have the ability to conduct any productive economic activity. in indonesia, pt mbk ventura is one sample that totally adopts this grameen system eventhough it integrates this grameen system with sharia principles. third, mixed-model microfinance is a combination between cooperative and grameen model. koperasi baytul ikhtiar (baik) is a shariah microfinance institution which is implemented this model; on one side, it operates using the terms and management of cooperative. however, it also implements the financing program for small groups of women as it is developed by grameen system. there are several variables that can be compared between the model of microfinance with grameen system, cooperative model, and mixed model, i.e. legal al-iqtishad: vol. vii no. 1, januari 2015 18 aspects, target of customers, products, size of financing, operation systems or type of financing transaction, first amount of financing, and monitoring programs. those three models have both differences and similiraties. furthermore, in term of performance, any institutionshould have a certain standard as indicators to measure its development and sustainability. this study elaborates some factors that may affect the performance of a microfinance institution, as well as the indicators found for evaluating the models. the factors are human resource, finance (robbin and coulter, 2012), management (robbin and coulter, 2012), sharia compliance, and marketing, including both spiritual aspect and material aspect. methods to evaluate and analyze the finding of research, analytic network process (anp) is used as the study approachment and measurement of some criteria (ascarya and cahyono, 2010). the approace will identify and classify three models of sharia microfinance into 5 clusters that each of them has 4 main aspects of category. the criteria of clusters are divided into human resources, finance, management, sharia compliance, and marketing. in human resource, there are have 4 main aspects such as cooperation, solidarity sharia principles knowledge and division of the obligations including the rights of officer and reward for the empoloyee. in finance cluster, there are source of fund, effiency of cost, rate of late payment or non-performing loan, and financing service. the third cluster is management which has the followingfour main aspects: first, institution; second, standard operating management; third, standard operating procedures; fourth, technology. in the cluster of sharia compliance, the 4 main aspects comprise include; collateral type of transactions regulation and product. the last cluster is marketing that consists of these main aspects: first, price; second, communication; third, assistancy of the customers; fourth, quality of the products. overall, the tendency of all respondents toward the problems and strategies found in the sharia microfinance institutions can be shown by the value of geometric mean. the degree of rater agreement between respondents in term of problems and strategies can be represented by value or score of kendall’s coefficient of concordance (w). the result of each respondent can be found by using the anp analysis software called “superdecision”. to obtain the desired findings of geometric agreement from all respondents, the data are collected from respondents and later will at first need to beexported to the microsoft excel program, calculated, and then imported to the “superdecision” of anp network. the next phase is to euis amalia: evaluating the models of sharia microfinance 19 ensure that all the results are correct by validating every single procedure. at this stage, the concordance of kendall’s coeffeciency is possible to be calculated to see the aggrement among respondents. eventually, either the specific interpretation (individuals) or overall interpretation (geometric mean) can obviously be identified and concluded. geometric mean describes the priority of results from respective clusters and criteria or nodes. these results are in the form of the most important priority of others. the calculating the geometric mean is used to find out the individual judgment among respondents and to determine the results of group’s evaluation or perception (rusydiana and devi, 2010). the questions from respondents will be combined and compared to the form an agreement. geometric mean is an average scoring system showing tendencies or certain scores with the following formulation (ascarya, 2012): gmk = (r1*r2*...*rn) 1n gm = geometric mean r = responden n = number ofrespondens after counting the geometric mean, agreement rater can be calculated. value of rater agreement as a measure shows asuitable degree among respondents (r1rn) toward problem in a cluster. the measure formula to get the rater agreement is kendall’s cofficient of concordance (w; 0< w < 1). w=1. w=1 which shows the perfect suitability. the next step is finding rater agreements such as, transpose ranking counted by ordering normalized value from the biggest to the smallest and then to sum, to count w. if the score of appraisal w is 1 (w=1), it means that perception or opinion from respondents is perfect suitability. nevertheless, when the score w is 0 or is closed to 0, it means that there is no suitability among the answers from respondents or more various answer. discussion based on the findings of research, it can be concluded that the three models of sharia microfinance institutions (i.e. sharia cooperative model, grameen model, and mixed model) have their own operating systems and prosedures. bmt al fath and baytul amanah ikhtiar with cooperative legals declare that the ownership and responsibility of the institution belong to all of members, while the grameen model of mbk ventura ltd.co with corporation legals declares that the ownership and responsibility of the company belong to shareholders. the following are geometric mean scores of respective clusters: al-iqtishad: vol. vii no. 1, januari 2015 20 table 3. score of rater agreement (w) in all of clusters of anp no cluster w (rater agreement) 1. alternative 0.40 2. criteria 0.32 3. human resource 0,612 4. finance 0,27 5. management 0,54 6. sharia compliant 0,628 7. marketing 0,24 from the aspect of customer target, there are some differences among the three models of this microfinance. bmt al fath focuses on customers individually, while baytul amanah ikhtiar cooperative focuses on cutomers not only in individuals but also in groups by providing ample financing for women who have productive businesses or economic activites. however, mbk ventura ltd.co, the third model, only focuses on providing some financing to the groups of women. priority of supported criteria of the models sharia microfinance can be shown in the picture below: figure 1. the priority of the problems from the aspect of product, both bmt al fath and baytulamanah cooperative offer the same products like saving and financing, yet the latter has additional product namely qard al hasan or benevolent loan. unlike the two previously mentioned models, mbk ventura ltd.co just provides a financing for customers’ businesses under profit sharing principles. in relation with financing products, the first two models also actually provide such services with specific purposes, for example housing, education, and other kinds of investment, besides basic financing. the similarities of all models are that all their financing products apply the shariaeuis amalia: evaluating the models of sharia microfinance 21 based transactions such as profit sharing (mudaharabah and musyarakah), sales (bay’ murabahah), and others that embrace sharia principles. in addition, bmt baytul ikhtiar and mbk ventura provide special assistance, guidance, or mentoring for their customers or members. the highest priority assessment of each respondent on supporting existing criteria on aspects of human resources in accordance with the order of ranking are, the value of human resources geo mean 0.29; 0.24 geo mean financial value; value management geo mean is 0.19; sharia compliance and marketing the value of geo mean are the same, namely 0.12. in total, the first priority of supported criteria is human resource aspect with rater agreement w= 0.27. second, priority of criteria problems is finance, third is management, fourth is shariah compliance, and the fifth is the aspect of marketing. figure 2. priority of human resource problem in human resource clusters it has priority value the highest of the assessment of each respondent contained on cooperation and solidarity and division of tasks in order to rank is, the cooperation/team work and solidarity and job description. this value geo mean 0.30, comprehension islamic principles geo mean value of 0.22. finally rights managers and the award geomean value of 0.17.the first supporting criterion is human resource. they are cooperation or team work, solidarity, job description according to expert and practicioners with rater agreement w= 0.612, in supporting priority in human resource aspect there are two similarities aspects about cooperation and solidarity (chapra, 2008). the most important value of this rater agreement (w) is team work. it is needed for the sustainability of the institutions as well as the same score in the division of job. in the standardof operational procedures of sharia cooperative services finance models stated that the division of job is important to avoid double burden or double job in one division al-iqtishad: vol. vii no. 1, januari 2015 22 or in one officer than others (sop kjks, 2012). according to the experts and praticioners the second priority is human resources or their employee perception of sharia principles. knowing of officer of microfinance institutions should be best in sharia pinciples knowledge otherwise it influences the institution’s reputation and lack of participation of all members. in the last priority is the rights and award for the employees. all employees of the institutions need to receive proper wage or salary for their welfare and prosperity as well as important to give award for the officer or employee who has a good performance or achieve of the targets. this way can be encouraging for themselves and other persons in work and influencing for the creative thinking and skill in marketing strategy. figure 3. priority of financial aspect on the financial aspects of the cluster mentioned that the highest priority value to the assessment of each respondent that is found in the service financing in accordance with the order of ranking. the service financing has a value geo mean of 0.27, the second of the ranking arrears have value geo mean 0.26, the next order of business efficiency with the value geo mean of 0.25, and the last of the financial cluster source of funds to have a value of 0.21 geo mean. the first priority criteria of finance in general is service of financing aspect with the rater agreement score of w= 0.27. according to nurmanaf, financing services such as a complex administration in microfinancial institutions cause of users or customers problem to get money soon for their business continuity (nurmanaf, 2007). furthermore according to the experts and practitioners the second priority is a number of non-performing loan or performing financing in sharia term. the npl or npf needs to reduce continuesly from time to time because of this in a large number make the institutions cannot be running well or stop the operation. the third priority is efficiency of the business activities. every microfinance institution must have efficient cost including the reduction of expenditure. the last priority is source of fund. it is needed for the institutions to get fund from the external to help the healthty cash condition and make more products to serve for the society as well as customers (ascarya, 2012). euis amalia: evaluating the models of sharia microfinance 23 figure 4. priority management elements in the cluster management aspects, the highest priority value to the assessment of each respondent is found in the standard operational procedures in accordance with the order of ranking, the standard operating procedure value is 0.30 geo mean, the second order of the operational standards of management geo mean value of 0.27, next institutional geo mean value of 0.23, the last of the cluster management technology with a value of 0.19 geo mean. on the management element, the first priority is problem criteria which discusses the aspect of standard of operating procedure (sop) with rater agreement w = 0.54. exellent and detailed sop will assist an organization in operation and will be a guide in operating various policies and regulations related to the management of the institution, as described on the standard of operating management (som) (sop kjks, 2012). furthermore, practitioners and experts agree that the second priority is standard of operating management (som). according to the sop of islamic financial services cooperative, som is a task structure, working procedures, management systems and standards of work that can be used as a guide for the management to provide good services. the third priority is the institution. an institution with social capital has an enormous influence on the environment. hence, the institution needs to be strengthened. the last priority is technology. better technology will make the operations easier and faster. figure 5. priority elements of sharia compliance al-iqtishad: vol. vii no. 1, januari 2015 24 incompliance aspects of sharia cluster has the highest priority value to the assessment of each respondent that is found in the contract of financial institutions in accordance with the value of the priority ranking order is, on aspects of the contract has a value of 0.30 geo mean, the second order of the views of the product given a value of 0.26 geo mean, the regulation with geo mean value of 0.25, the last of the collateral cluster sharia compliance with geo mean value of 0.18. in complying with elements of sharia, the first priority is the ratio of rater agreement contract with w = 0.628. every contract was made by the islamic microfinance institutions should be based on sharia. the first contract agreed will determine whether it is a sharia or non-islamic sharia based transaction (afandi, 2009). figure 6. priority elements of marketing furthermore, according to practitioners and experts of priorities, the second supporting element is products. the products offered by the islamic financial institutions must comply with the shariah aspects and will be supervised by a shariah supervisory board (dps). the third priority is regulation. a clear legal basis is highly important for an agency to develop and progress more easily (amalia, 2008). the last priority is the collateral. angela said that the collateral is burdensome requirements for micro businesses. the absence of collateral in the financing will ease smes. on the cluster marketing aspect, the highest priority value of the respondent is communication. it has a value of 0.27 geo mean, the second order of the views of the product to the customer has a value of 0.26 geo mean, the price of the product geo mean valueof 0.25, last of cluster marketing the guidance to customers with value geo mean 0.2.1. the last element is marketing. the top priority lies in the aspect of communication with rater agreement w=0.24. good communication between islamic microfinance institutions and customers should be maintained. furthermore, according to practitioners and experts of priorities, there is only a euis amalia: evaluating the models of sharia microfinance 25 slight difference among the priorities.the first priority is product quality that should always be customized by the customers’ needs. the third priority is that the price of the product offered must be appropriate and affordable for customers. the last priority is providing guidance especially for clients who have been able to sustain their bussinesses. supporting the statement, m. asdar said that customers who have been recruited are not supposed to be left alone running their own businesses by themselves, but they must be fostered in order to keep their businesses running well. if the overall opinions of experts and practitioners have rater agreement for 0.27 on the aspect of the problem, then their opinions on the aspect of strategy, as a whole, have a rater agreement which is equal to w = 0.40 as shown in the figure below: figure 7. priority elements of alternatives in the alternative cluster has the highest priority value to assessment of each respondent is found in the model agencies islamic microfinance namely the mixed model, the value corresponding priority with the order of ranking is, the mixed model has value geo mean 0.34, the second sequence with the grameen model has value geomean 0.33, the last node on the cooperative model of sharia with geo mean value of 0.31. the last priority of strategyis on a model of sharia islamic microfinance institutions that is cooperative-based. gaining the rater agreement with w = 0.40, those three models (mixed-based, grameen-based, andcooperativebased) are the models of sharia microfinance institutions, that have been successfully implemented in indonesia. priority of strategy toward thethree models of islamic microfinance institutions was selected by experts and practitioners as a whole. it puts on the mixed model of islamic microfinance institutions. the second priority strategy is on the model of islamic microfinance institutionsthat are grameen-based. the strategy of the islamic microfinance institutions that apply mixed model is actually a fairly new system introduced in indonesia. in fact, the grameen model has existed for a long al-iqtishad: vol. vii no. 1, januari 2015 26 time in community, especially in bangladesh. for the very first time, this system was introduced in bangladesh by muhammad yunus. according to mahmud toha, the role and effectiveness of the grameen bank model have their own appeal in the ease of the procedures and installment loans, relatively low interest rate, and last but not least, the convenience, attention, guidance, and marketing support given to the whole members (toha, 2000). consequently, it is more than just cooperative model that has long been in society and that applies the concept of cooperative savings and loans, and more than just the grameen model that only applies its finance concept. microfinance becomes the most important factor in poverty reduction, especially in indonesia. the number of small and micro enterprises reaches around 99.39 %. it is very significant compared to the large and medium-sized businesses. from those data, it can clearly be seen that small and micro enterprises have an important role in the development and the growth of economy, not only in developing countries but also in developed countries. many institutions provide microfinance services for small enterprises, not only islamic banking but also followed by many non-bank islamic financial institutions operating in the micro sectors. islamic microfinance institutions based on profit and loss sharing or based on sharia is a reality that has been growing rapidly in indonesia. in support of the development of sharia microfinance institutions, the presence of an appropriate model of institution is required for strengthening the micro sector in indonesia. based on the findings of research conducted with the approach of the analytic network process (anp) toward the practitioners and experts of micro enterprises, strategic prioritiesof every element have been identified, namely: first, mixed-based models of sharia microfinance institutions; second, grameen-based models of islamic microfinance institution; and third, models of islamic microfinance institutions in the form sharia cooperatives. the findings of anp show that the mixed-based model of islamic microfinance institutions is the most appropriate model to encourage the real sector in indonesia. the model integrates two systems in operation; sharia cooperative system and grameensystem (group financing). ascarya’s research compares microfinance institutions in indonesia to conventional and sharia types, concludes that the cooperative model like baitul maalwa tamwil (bmt) is a model of sharia microfinance institution, that can be a sustainable and balanced business which operates as a social institution (ascarya and cahyono, 2010). meanwhile, the research in this paper shows that the mixed model of microfinance institutions embracing sharia system along with its several advantages is the most appropriate alternative model of microfinance institutions to euis amalia: evaluating the models of sharia microfinance 27 be applied in indonesia, in comparisonto the grameen model and sharia cooperative model. based on the anp, the mixed-based model of sharia microfinance institutions is encouraged by various aspects of supporting priorities. first: human resources (hr). the core of rater agreement is (w) = 0.088 with the first priority elements i.e. cooperation, solidarity, and division of tasks. according to experts and practitioners,human resource is the most important aspect in a microfinance institution because having a strong and good human resource will be a positive influence on the institution, and of course it is supported by good cooperation and solidarity among employeesbased on anp results, in addition to cooperation and solidarity,the division of tasks between hr has the same level of priority, score of rater agreement (w) =0.612.clear and well organized division of tasks is expected to be able to avoidthe human resources having multiple responsibilities (sop kjks, 2012). human resources should be given responsibilities in accordance with the skills and abilities of each individual. second: finance. the highest priority element that supports the financial aspect is financial services with rater agreement (w) = 0.048. for instance, a longtime process of administration in a microfinance institution will also make the micro business doers wait for a long time to receive the financing while they are in need of the funds fast (nurmanaf, 2007). having a maximum service in providing financing for customers will lead to a positive value of financial institutions. third: management. the highest element of priority in management aspects is the standard operating procedures (sop) with rater agreement score (w) = 0.54. good and detailed sop will assist an organization to operate and will a guidance to implement the policies and regulations related to the management of the institution, which contains detailed procedures outlined on the standard operations management (som) (pinbuk, 2000). the guidelines containing standard operating procedures within an organization are used to ensure that all decisions and actions, as well as the facilities used in the organization can be efficient, effective, consistent, standardized, and systematic. fourth: sharia compliance. the highest element of priority that supports sharia compliance aspects is the contract (akad) with rater agreement (w) = 0.628. the beginning of the contract agreed in the beginning will determine the type of transaction whether it is sharia and non sharia. the purpose of the contract is the pillar of the establishment of a contract so that once the contract is made, the goal is reached. fifth: marketing. the aspect which has the highest supporting priority al-iqtishad: vol. vii no. 1, januari 2015 28 element is communication with rater agreement (w) = 0.24. communication can meet the company’s goals with the outcomes to be achieved. communication can function to adapt the changes in the organization as well as the external influences. communication can also maintain the relationships between members of the organization so that they can perform the task well. an islamic microfinance institution with baitulmaalwatamwil model has two products; savings and loans. in contrast, mfis which is grameen-based offering only one product is working capital reserved just for women. on the distribution of funding, bmt applies a guarantee for customers who want to have the financing, in contrast to mbk ventura that does not require any collateral in financing its clients. instead, mbk implements joint responsibility concept to help each other among groups that do not have the ability to pay. thus, the strategic choice based on the anp approach necessitates the existence of a model of islamic microfinance institution which applies sharia aspects either in the collection or in the distribution of funding as applied by bmt with the cooperative system. unfortunately, people still objection to bmt’s policy which still applies cash collateral or physical assets as the guarantee for instance, certificates or other sorts of securities. while in the grameen system, a group its self is the warranty, which is called as ‘collective responsibility’, so this system never makes any type of physical assets as the warranty. facts show that grameen system has been successful in terms of maximum financial returns with a minimum level of bad loans, almost 0 %. islamic microfinance institutions with a mixed model will be more sustainable with the support of five aspects; human resource that is competent and professional, finance that is accessible and adequate, management which is effective and efficient, sharia compliance that is consistent either in the operational or in the product and marketing that is communicative. evaluations conducted on islamic microfinance institutions baitul maal watamwil, gramen models, and mixed models based approach analytical network process (anp) found that islamic microfinance institutions have decisive factors in the performance of the supporting activities that, in terms of evaluations conducted on the three models of islamic microfinance institutions; bmt, grameen, and mixed model, using the anp approach explain that the islamic microfinance institutions have decisive elements which support their performances in five important aspects or clusters. every single cluster has four elements and indicators as follow: first, elements of human resource cluster are cooperation and solidarity, understanding of islamic principles, division of duties and responsibilities, and awards. second, elements of finance cluster are the source of funding, business efficiency, ranking of arrears, euis amalia: evaluating the models of sharia microfinance 29 and financing services. third, elements of management cluster are institutional matter, standard operating procedures, standard of operational management, and technology. fourth, elements of sharia compliance cluster are collateral, contract (akad), regulation, and products. fifth, elements of marketing cluster are product pricing, communication, coaching, and product quality. the solution in the development of models of islamic microfinance institutions for strengthening the real sector in indonesia is applying a mixed model in its process. mixed model is a model of islamic microfinance institution, which implements two systems i.e sharia cooperative system and grameen system. this mixed model is a good strategy and has a better performance supported by five aspects: first, human resource a support in the area of cooperation and solidarity. second, finance a support for financing services-. third, management is a support in the area of standard operating procedure-. fourth, shariah compliance is a support in the area of contracts. fifth, marketing is a support in the area of communication. conclusion based on the foundings, it can be concluded that islamic microfinance institutions with the cooperative model of sharia baitul maal wat tamwil, gramen models,and mixed models (combining cooperative model of sharia and gramen) have each system and procedures in operation. in bmt al-fath and bmt baytul legal based on cooperative endeavor where responsibility the company is shared. in contrast to mbk ventura -foundation law based venture limited liability companywhere responsibility fully held by shareholders. evaluations were conducted on islamic microfinance institutions baitul maalwatamwil, gramen models, and models based on the mixture approach analytical network process (anp) found that the agency islamic microfinance has a determining factor in the performance of the supporting activities which, in terms of human resources has four indicators, cooperation and solidarity, understanding of islamic principles, the division of duties and rights managers and awards. from the financial side have four indicators, namely the source of funding, business efficiency, ranking arrears, financing services. the deciding factor supporting performance the next of the management side, there are four indicators, namely, institutional, standard operating procedures, operational standards, management, and technology. furthermore, based on adherence factor shariah is based on indicators of collateral, contract, regulation and products given. last factors supporting performance in terms of marketing institutions based on product price indicators, communication, coaching customers, and the quality of the product. al-iqtishad: vol. vii no. 1, januari 2015 30 solutions in the development of a shariah microfinance institutions model to the strengthening ofthe real sector in indonesia, namely by applying a model mixing the process. mixed model is a model agency islamic microfinance that applying two systems in operation. the first system is based on sharia and second cooperative gramen system. model-based islamic microfinance institutions have amixture of strategies to support better performance, which is supported based on five aspects of the operation, namely: first, resource human strengthening of the cooperation and solidarity; second, financial strengthening of the financial services; third, strengthening management standard operating procedures of the institution; fourth, compliance sharia of the contract; fifth, marketing aspects are supported strengthening of the communication. references baihaqi, a.m. 2007. guidelines for the establishment, development and supervision toward lkm bmt. jakarta: laznas bmt. alma, b. 2009. sharia business management. bandung: alfabeta. amalia, euis. 2008. policy reforms for strengthening microfinance institutions and micro small enterprises in indonesia. (dissertation unpublished). jakarta: uin jakarta. ascarya & w. cahyono. 2010. in search of sustainable conventional and islamic microfinance model for micro enterprises. working paper. jakarta: bank indonesia. daniri, a. 2005. good corporate governance: concept and its application in the context of indonesia. jakarta: pt.triexstrimacindo. edratna. 2013. how can microfinance support the economy of low class people?. fromhttp://edratna.wordpress.com. accessed on may 3, 2013 , fitchett, d.a & d.adam. 1992. informal finance in low income countries. boulder: westview press. hubeis, m. 2009. small business prospects in the containers of business incubator. jakarta: ghalia indonesia. robbin, s & m. coulter. 2012. management. new jersey: person education. rohmatulajija, s. 2011. the effectiveness of baitulmaalwatamwil in reducing poverty. (thesis unpublished). kuala lumpur: international islamic university malaysia. tambunan, t. 2002. small and medium enterprises in indonesia: some key issues. jakarta: salemba. 6-indah.indd indah mulia sari: factors that influenced people 73 factors that influenced people to become islamic bank customer: a study on kancana villagers indah mulia sari, hendro wibowo & edy suprapto1 abstract. factors that influenced people to become islamic bank customer: a study on kancana villagers. islamic finance and banking industry in indonesia has shown a significant growth, average growth of 30% more per year in the last five years, with a total number of islamic banks customers as much as 12 million accounts, or market share 4.8%. in this study, researchers attempt to describe the events in rural districts west java related to the factors that influence people to become customers of islamic banks. data processing by tabulation and scoring and based on the analysis and discussion are carried out. the results of this study indicate that the islamic bank customers’ data are mostly women in productive age with maximum a senior high school education and their profession up mostly are traders. others reasearch results related to factors which influence people to become customers of islamic banks were influenced by psychological, social, personal, economic and cultural factors. keywords: islamic banking and finance, islamic bank customers, consumer behavior abstrak. faktor-faktor yang mempengaruhi seseorang untuk menjadi nasabah bank syariah: studi pada penduduk desa kancana. industri keuangan dan perbankan islam di indonesia telah menunjukkan pertumbuhan yang signifikan, rata pertumbuhan mencapai 30% lebih pertahun dalam lima tahun terakhir, dengan jumlah total nasabah bank syariah sebesar 12 juta rekening atau market share mencapai 4.8%. dalam penelitian ini, penulis mencoba untuk menggambarkan peristiwa di pedesaan wilayah jawa barat terkait dengan faktor-faktor yang mempengaruhi orang untuk menjadi nasabah bank syariah. pengolahan data dilakukan dengan tabulasi dan scoring dan berdasarkan analisis dan pembahasan yang dilakukan. hasil penelitian ini menunjukkan bahwa data nasabah bank islam sebagian besar perempuan di usia produktif dengan maksimal pendidikan sma dan profesi mereka sampai sebagian besar adalah pedagang. hasil lain penelitian adalahterkait dengan faktor-faktor yang mempengaruhi orang untuk menjadi nasabah bank syariah dipengaruhi oleh faktor psikologis, personal, faktor sosial ekonomi dan budaya kata kunci : keuangan dan perbankan syariah, nasabah bank syariah, perilaku konsumen first draft: september, 10th 2014, revision: november, 25th 2014, accepted: december, 10th 2014 1 sebi school of islamic economic, address :bojong sari street depok west java, indonesia email: muliasari.indah@gmail.com; hendro.wibowo83@gmail.com; edy.suprapto77@gmail. com al-iqtishad: vol. vii no. 1, januari 2015 74 introduction islamic finance and banking industry in indonesia has shown a significant growth. its development has reached an average growth of 30% more per year in the last five years. this figure is above the average growth of islamic banking industry in the world which is only 10% to 15% per year. in fact, this growth rate is also higher than the average growth of the national banking industry, recorded an average of 16.7% per year. similarly, other islamic financial industry (islamic capital market and non-bank financial institutions) experienced rapid growth although not as fast as the islamic banking industry. formally, the developmentof islamic banking in indonesia has entered a period of 22 years starting in1992 to the present. based on islamic banking statistics data as of december 2013, the growth islamic banking assets which consist of islamic commercial banks (icb) and islamic business unit (ibu) increased from rp 195 trillion in 2012 to rp 242 trillion in 2013, increased by 24%. meanwhile, the volume of financing in the same period has reached rp 184 trillion (growing 25% -yoy) from the previous year 2012 which amount to rp 147 trillion and third-party funds that is achieved by the islamic banking amounted to rp 183 trillion (growing 24% -yoy) from the previous year 2012 which amount to rp147 trillion. for over the last five years, it has witnessed the growth rate of islamic banking, both in terms of assets, financing and third-party funds showed an upward trend. as we all know that the majority of indonesia’s population is muslim. it has become a necessity for muslims to use islamic principled financial services. moreover, the current development of islamic banking in indonesia from year to year is quite significant. thus, there is no longer any reason for the muslim community not to use the services of financial institutions in accordance with islamic principles. the reality has shown that the number of customers of islamic banks has increased in significant numbers. the data shows that the trend of growth in the number of customers increased year-over-year in average of 26%. the most significant growth trend shows in 2011 by 35%, despite the fact of a 20% downturn by the end of 2013, so that only grow on range of 11% away from the previous year in 2013 the trend growth of islamic banks customers by 32%. with a total number of islamic banks customer’s as much as 12 million accounts, it only reached 4.8% of the total population of indonesia at the end of december 2013 amounted to 248 million people (statistic indonesia, 2014). various factors can affect one’s lifestyle including demographics, personality, social class, and life cycle in the household. each person certainly has their own indah mulia sari: factors that influenced people 75 reasons. therefore, factors that underlying decision made by the district cikijing kancana villagers to become an islamic bank customers still an interesting topic to examine. from the above background, the formulation of the problem which is used to conduct this research: first, how are the characteristics of the district cikijing kancana villagers? second, what factors are affecting the district cikijing kancana villagers to become customers of islamic banks? given the extent of the topic about the community and the banking institutions, this paper limit the issues in this research are as follows: first, this research focuses on factors that affect the district cikijing kancana villagers to become customers of islamic banks; second, object of this research is the district cikijing kancana villagers who become bank’s customer in the district cikijing. literature review there are several definitions of consumer behaviour according to some marketing experts: consumer behaviour is “the study of individuals, groups or organizations and the processes undertaken in selecting, determining, obtaining, using, and discontinue using the products, services, experiences, or ideas to satisfy needs and the impact of these processes on consumers and society “(hawkins, et.al. 2001). consumer behaviour also can described as the mental and physical activity undertaken by household customers (end consumers) and business customers that result in a decision to pay, purchase, and use of certain products and services (sheth & mittal, 2004). based on those five standpoints regarding the definition of consumer behaviour, it can be summarized that consumer behaviour is a process undertaken by individuals / consumers in making decisions, both in the pre-purchase, purchase and post-purchase. consumer behaviour model was used as an effort to make it easier to understand consumer behaviour. a model is a simplification of the true picture (swasta & handoko, 2000). this simplification through setting aspects of reality and only consists of the aspects that make keen to the model maker (swasta & handoko, 2000). for example, if the intention is to interpret consumer behaviour as a decision-making process, the emphasis of the model is the process. the form of the model may vary, the model can be a verbal description, or by using mathematical symbols. most of consumer behaviour model described verbally. consumer behaviour will determine the decision-making processing purchasing. the purchasing process consists of fivesteps: first, needs identification; al-iqtishad: vol. vii no. 1, januari 2015 76 second, search for information; third, evaluate the information; fourth, purchase decision; fifth, post-purchase behavior. the overall process explained above is only occurred in certain circumstances, for example at the first purchase. this means that the entire above process is not always done by the consumer. consumers will be easier to take a decision in there-purchase or continuity in nature or in other words, if consumers are satisfied then they will not undertake initial process, they maybe immediately go to purchase decision process. the purpose of marketing activities is to influence consumers to buy certain goods or services. it is very important for marketing managers to understand why and how consumer behaviour so that the company can develop, pricing, promoting, and distributing its products better. by studying the consumer behavior, managers will know what the unmet wants and needs of their consumers so that they can identify it to make market segmentation. next, we will explain about islamic bank. islamic bank is a bank that is running its operations based on islamic principles and by the type it consists of islamic commercial banks (icb) and islamic rural banks (irb). islamic bank got the legitimacy from the indonesian government with the passage of the islamic banking act no.21 of 2008, on july 16, 2008. in islamic banking act no.21, 2008 the term of islamic credit bank was changed to islamic finance bank. this change made in order to emphasize the differences between credit and financing based on islamic principles. according triandaru and budisantoso (2006), islamic bank is a bank that its activities, both fund raising and distribution of funds provide there ward on the basis of islamic principles, namely buying and selling and profit-sharing. islamic bankis an intermediary institutions and financial service providers who work one thics and value system of islam, especially free from interest, free from nonproductive speculative activities such as gambling (masyir), free from the things that are not obvious and dubious (gharar), the principleof justice, and only pay for the lawful business activities. islamic banks actively participate in achieving the goals and objectives of islamic economics-oriented social welfare. in determining the price or profit for the islamic principles based bank are as follows: first, financing is based on the principle of profit sharing (mudharabah). second, financing based on the principle of equity (musharaka). third, the principle of trading to make a profit (murabaha). fourth, lease financing of capital goods based purely without choice (ijara). fifth, with the choice of the transfer of ownership of the goods are leased from the bank by the other party (ijara wa aqtina) indah mulia sari: factors that influenced people 77 methods this research is descriptive research, this means researcher sought to describes or depicts a social situation in broad and deep scope (sugiyono, 2008). in this study, researchers attempt to describe the events in rural districts cikijing kancana related to the factors that influence people to become customers of islamic banks, then processed and analyzed using descriptive quantitative analysis method. the research was conducted in the village of kancana the cikijing district, majalengka, west java. questionnaires distributed to kancana villagers by using a list of statements concerning the factors that affect the community in becoming customers of islamic banks. answer or assessment from respondent were compiled in frequencies table, then interpreted and analyzed based on the data analysis techniques, and the next process is discussing the result to determine a general overview of research results. based on the factors that influence people to become customers of islamic banks, therefore the two variables are the development of variables into sub-variables and indicators as contained in the following table: table 1. variable, sub variable and indicators variable & variable concept sub variable indicator factors that influenced customers “kotler (2000) state that factors that influenced consumer behavior namely: culture, social, individual and psychological factors. (simamora, 2002) culture fac-1. tor culturea. subcultureb. social classc. social factor2. refference groupa. familyb. role and statusc. i n d i v i d u a l 3. factor age and lifecycle a. phase jobb. economy c. circumstances lifestyled. personalities and e. individual concepts psychological 4. factors motivationa. perseptionb. knowledgec. attitude and trustd. educatione. source : data modified by authors, 2014 al-iqtishad: vol. vii no. 1, januari 2015 78 data processing is a process in order to gain the summary of data or figures by applying certain methods or formulas. tabulation is table construction process, containing the data that have been coded according to the analysis required. the process of determining the score of the respondent answers conducted by making classifications and categories that match depends on the assumptions or opinions of respondents. calculation of scoring is done by using a likert scale. stages in analyzing the data is as follows: likert scale used to measure the attitudes, opinions and perception of a person or group of people about social phenomena. in this study the likert scale is used to measure the attitudes and perceptions about the factors that influence people to become customers of islamic banks. based on the respondents’ answers, on the next phase we need to interprete those answers. distributed questionnaires carried out using a likert scale, the index scores were obtained as follows: based on the answers of the respondents will then be obtained on the respondents’ answers. questionnaires were distributed performed using a likert scale, the index scores were obtained as follows: table2. score interpretation criteria likert score score criteria 1 number 0% 20% worse 2 number 21% 40% bad 3 number 41% 60% adequate 4 number 61% 80% good 5 number 81%-100% very good source :(riduwan, 2006) once the data is collected through a questionnaire then the next step is to tabulate, which gives the value of the system in accordance with applied. data analysis was performed in this study by using quantitative and technical analysis using likert scale. discussion in this study, the authors distributed questionnaires to kancana villagers. the identity of the respondents include gender, age, education, home status, employment and incomeof the respondents. by gender, the percentage of women is 70%, and the percentage of men with 30%. this is becauseof the respondents, most women who like to engage in financial transactions with the bank. women in the village kencana have more sparetime than men. therefore, women that more frequently interaction with the bank. compared with men who generally do not have enough time to deal indah mulia sari: factors that influenced people 79 with the bank, and they preferred to trust his wife. majority of people who become customers of a bank: 34% of respondents aged 21-30 years, 30% of respondents aged 31-40 years, and respondents aged 41-50 by 23%. compared to respondents aged 51-60 years 10% and the percentage of respondents aged < 20 years numbered 1 person with the percentage of 3%. this shows that age is the productive age, so that the respondent wishes to investor become customers of the bank to prepare for the needs in the future. the majority of respondents that become customers of the bank: 46% graduated high school (sma), 23% graduated from junior high school (smp), 17% graduate bachelor degree (sarjana), and graduated from elementary school (sd) and vocational (diploma) 7% respectively. the education level of high school (sma) graduates have a high percentage, it is because the majority of the villagers are high school (sma) graduates. in this case meant the whole society kancana already own their home, or none of the mareleased/rented house. this is because a home is very important to have for the people kancana. and another thing because urban areas kancana not familiar with the culture of the lease/contract. the majority of people who become bank’s customers are dominated by people who work as self-employed is 57%. this is because most people kancana worked as a businessman. they can create their own jobs, and not a few of the mareable to provide jobs for other communities. furthermore, the 13% of civil servants, private sector employees is 10%. other work amounted to 6 people with a percentage of 20%. for employees of soes 0%, this is because people are not background by higher education, therefore kancana community until 2013 no one has worked in soes. in data the majority of income communities < rp. 2,200,000 (fifty percent), 23% are the people incomes rp. 2,200,000-5,000,000, and 27% are income > rp 5,000,000. this shows that the rural community is a society that is able to be customers of the bank. although more than 30 respondents are people who earn less than rp 2,200,000, but they can set aside money for savings in the bank. this is because the expenditure villagers still are manageable. community in the village of kancana provide feedback related to the factors that influence people to become islamic bank’s customers. the public response to the factors that influence people to become islamic bank’s customers are described as follows: first is the cultural factor. that of the sub-variable cultural factors, public response from the respondents in the indicator cultures, the majorityof people who claim not agree as much as 44%, 23% respondents is agreed, 17% respondent is sun decided, and the 13% percentage of respondents strongly disagree of respondents stating and very much as 3%. it is addressed that the majority of the villagers of kancana are less affected by the culture there. therefore the majority of the kancana’s villagers, culture are not a determinant of desires and behaviours al-iqtishad: vol. vii no. 1, januari 2015 80 of the most fundamental. data can be seen that the variable factors of subcultures, peoples answers on indicators of subcultures, the majority of people who expressed strongly agree with the percentage of 36.67%. respondents who had agreed were 23.3%, the public chose islamic banks because of its recognition of the islamic religion, some people claim islam as their religion then they should choose a system of islamic banking institutions. then 20% disagree and 13% of respondents stated strongly disagree. this is because they are already accustomed to using conventional banking services. and 6.7% of people undecided because respondents could still be influenced or not have a definite choice. it can be seen that the variable factors of subsocial classes, peoples answers located on indicators of social class, the vast majority of states do not agree 40.0% and 10% expressed strongly disagree, it shows that according to this respondent does not affect their social class in choosing to become a customer. compared with people who agree and strongly agreed that states 26.7% and 16.7%. this shows that the majority of the kancana villagers are not affected by their sociall class, as agreed percentage is much lower compared with those not agree. table 3. recapitulation of cultural factors no remarks mean sub-factors 1 culture 52.0 2 sub-cultural 70.0 3 social classes 62.0 source : data processed by authors, 2014 from table 3, it can be seen recapitulation of cultural factors. the highest indicator of respondents’ answers is the sub-culture items with an average value of 70.0, then the sub-cultures including good category. this indicated that the village communities affected by the culture there in becoming customers of islamic banks. for the culture itself that is most strongly influenced by the advice of the ustadz/ clergy. lowest indicator is subculture factor, with an average value of 52.0. it is addressing some people there who are affected by culture, because the virulence factors of the self, or as admitted to the defense of the religion. some people are affected by their social class in deciding to become islamic bank’s customers. when compared with indicators of the respondents’ answers to the items culture factor that only 52.0, social class more items affecting rural communities in deciding to become a customer. these results suggest that cultural factors influence the society was not so. culture there is not really influence the community in becoming islamic indah mulia sari: factors that influenced people 81 bank’s customer, because only a small proportion of people who are affected by culture invillage. second is the social factor. the response from the villagers about the factors that influence people to become islamic bank’s customers on social factors based on the results obtained data collection are as follows: data can be seen that the factor indicator of reference, the majority of people who disagree is 40%, while 27% of people stated strongly disagree, have shown that there is a majority of people who are not affected by the reference factors in rural communities. reference group in here is among friend and the people closest to them. compared with people who claim to agree as much as 17%, and 10% said strongly agree, this indicates that the reference factors influence the decision of a person in becoming islamic bank’s customer is weakness. it can be seen that the indicators of the family, 47%, the majority of people agree that the family had influence, 20% of people stated strongly agree, this shows that the majority of the communities affected by their family. compared by people who disagree and strongly disagree is 30% and 3%. it is much less as compared to respondents who answered agree, it means more people are affected by many factors in deciding their families to become customers of islamic banks. data can be seen that the respondents lies in the role and status indicators, 33% of respondents agreed, 13% of respondents strongly agreed with the stated percentage of 13%. this indicated that there are some people who are affected because of their social status in society that caused them to become islamic bank’s customers. while respondents disagree as much as 30% of respondents stated and strongly disagree with the percentage of 7%. it is addressed that there are some people who do not care about their status and role in society, so it does not affect the role and status in the community choose to be bank’s customers. respondents answer hesitation is17%. table 4. recapitulation of social factor no remarks mean sub-factor 1 references group 60.0 2 family 70.0 3 role and statuses 63.0 source : data processed by authors, 2014 from table 4, it can be seen recapitulation of village community feedback about the factors that influence people to become islamic bank’s customers on social al-iqtishad: vol. vii no. 1, januari 2015 82 factors. the highest indicator of respondents’ answers lies in a family of items with an average value of 70.0, the sub variables of social factors included in either category. this indicated that the village communities affected by the social there be islamic bank’s customer. the social factor itself is most strongly influenced by their families. family advice is affecting their decision in becoming customers of the bank. lowest indicator of respondents’ answers to the factor of reference group with an average value of 60.0, indicating some people there who are affected by the reference group, ie those whose behaviour is always to look like and their role model or example to be decided in terms of the bank’s customers. indicator on the role and status of items with an average is 63.0, also showed some people a little affected by the status and their role in the community. third is the personal factor. responses kancana’s villagers about the factors that influence people to become islamic bank’s customers on personal factors based on the results obtained data collection are as follows: data can be seen that the indicators of age and stage of life cycle. respondents disagree with the 33% and the percentage of respondents expressed strongly disagree as much as 13% as well. comparable to respondents who agree and strongly agree is 33% and 13%. this indicated that the villagers there are some who are affected by age and stage of life cycle, in part there is no effect. as for the respondents who expressed undecided are 7 %; and this number slightly. data can be seen that the indicators work, respondents who disagree 44%, respondents who expressed strongly disagree 3%, while 23% of respondents agreed and 10% strongly agree those states. this condition is largely due to the work of the villagers are self-employed, so they are not tied to their job. they can determine which banking institutions in accordance with their wishes. the respondents were hesitant to answer as much as 20%. data can be seen on the state of economic indicators, respondents who had agreed as much as 33%, and 10% said strongly agree. this indicated that some people argue that the economic situation was extremely influential decision to become customers of the bank. only a small proportion of those who stated that 17% disagree and strongly disagree that states as much as 7%. while the people who expressed doubt as much as 33%. apparently there are still many people who feel hesitant with their economic circumstances in determining banking institutions which they would choose. this is because the majority of village people’s livelihoods are businessmen, so their income is invested back in the business. data can be seen that the sub variables of personal factors, the life style indicators, 37% of respondents disagree and strongly disagree were expressed by 17%. this is because the villagers are not the type of people who are accustomed to a lifestyle change, respondents who agree as much as 33%, and that states could not agree 10%. it is claimed that there are some people who are affected indah mulia sari: factors that influenced people 83 because of his lifestyle. while doubtful, that the decision take effect life style is 3%. data can be seen that the influence of personality and self-concept indicators, 36% of respondents agreed there is the influence of personality and self-concept indicators, 11% of people stated strongly agree. compare with people who disagree and strongly disagree, respectively 43% and 3%. this shows that the majority of people affected by their personality in deciding to become customers of islamic banks. the last factor in deciding the choice is based on respondent itself. therefore, personal factors with indicators of personality and self-concept are impacting on the communities in the decision to become islamic bank’s customers. table 5. recapitulation of personal factor no remarks mean sub-factor 1 age and stage in the life cycle 62.7 2 occupation 58.7 3 economic circumstances 64.7 4 life style 56.7 5 personality and self-concept 64.0 source : data processed by authors, 2014 from table 5, it can be seen recapitulation of village community feedback about the factors that influence people to become islamic bank’s customers on personal factors. the highest indicator of respondents’ answers on the state of the economy subfactors with an average value of 64.7 then enter either category. this indicated that the village communities affected by their personal factors in becoming islamic bank’s customer. although there are factors that influence the decision making, but the deciding factor is itself. lowest indicator of respondents’ answers to the lifestyle subfactor with an average value 56.7. it is addressing some people have argued that lifestyle factors influence the decision not determining an option, as well subfactors jobs with an average 58.7 when viewed, this job is categorized simply, it means people are not so affected by their work in deciding to become a customer, especially since the majority of the villagers are entrepreneurs so they are not tied to their place of work. in addition, the average value of personality and self concept; age and stage in the life cycle subfactors, respectively, are 64.0 and 62.7. this show both subfactor has a good effect in a person decides to become islamic bank’s customers. fourth is the psychological factor. responses the kancana’s villagers about the al-iqtishad: vol. vii no. 1, januari 2015 84 factors that influence people to become islamic bank’s customers in the psychological factors based on the results obtained data collection are as follows: data can be seen that the sub variables of psychological factors, the indicators of motivation, respondents disagree and strongly disagree that motivation has an influence on the decision to become bank’s customers is 46% and 17%. it show that the villagers although given the motivation to be islamic bank’s customer, but has no effect. only asmall proportion of those who agree and strongly agreed, respectively is 7% and 13%, and respondents were undecided is 17%. this indicated that the rural population is not affected by motivation to become islamic banks customers. as for those who expressed hesitation due to the ignorance factor towards islamic banking institutions. data can be seen that the sub variables of psychological factors, the perception indicator, respondents disagree and strongly disagree states respectively are 33% and 10%, the data showed that the majority of the rural population is affected by the perception of banking institutions sharia, only a few of those who agree and strongly agree, respectively is 27% and 13%. while some people undecided as much as 13%. data can be seen that the sub variables ofpsychologicalfactors, indicators ofknowledge, 43% of respondents stated that states disagree and strongly disagree as much as 7%. respondents who agreed and strongly agreed respectively is 20% and 10%, where as others expressed doubt as much as 20% as well. this indicated that village communities are not affected by the increasing knowledge of the different banking institutions through the spread of information. data can be seen that the sub variables of psychological factors, trust and attitudes establishment indicator, respondents who disagree with the trust and attitudes of the establishment as much as 13%, and 13% strongly disagreed, while respondents said strongly agree and agree respectively with the percentage of 23% and 27%, and the latter is expressed doubt with the percentage of 23%. this indicated that the villager is agreed, that the establishment of trust and attitudes influence the person’s decision to become islamic bank’s customers. table 6. recapitulation psychological factors no remarks mean sub-factors 1 motivation 50.7 2 perception 57.3 3 knowledge 56.7 4 establishment trust and attitude 66.7 source : data processed by authors, 2014 indah mulia sari: factors that influenced people 85 from table 6, it can be seen recapitulation responses kancana’s villagers about the factors that influence people to become islamic bank’s customers on psychological factors. the highest indicator of respondent’s answers to the sub factors are confidence and attitude with an average value of 66.7, then categorized as good. this indicated that the village communities affected by their psychological factors in becoming islamic bank’s customer. they will be the islamic bank’s customer if it starts to grow confidence and attitude of the establishment. lowest indicators in the motivation of respondents with an average value of 50.7. it is addressed that the sub-factors of motivation so that they become customers of minimal influence. it is also influenced due to islamic banking institutions is still limited existence, and it affects people’s motivation patterns of islamic banking institutions. while indicators of the respondent’s answers to the sub factors knowledge is average of 56.7, include enough category, in the sense that people are starting to know about islamic banking. people are starting to know enough about islamic banking and influence. last indicator on sub factors perception of respondents with an average of 57.3 is categorized enough. conclusion based on the analysis and discussion are carried out, it can be obtained several conclusions, among others. first, jobs or livelihoods of rural people, correspond in general, rural livelihood is farming but not least also the livelihood trade or self-employed, because some areas agriculture can not be separated from business activities. therefore, the income level of villagers relatively small and depends on the condition of the rural economy. second, the factors that most influence to become the islamic bank’s customer in kancana’s village was sub factors family on social factors, in rural communities, family is very important when some one will make a decision. similarly, sub-cultural factors on cultural factors such as factor nationalities, religions, racial groups, and geographic regions, influence the decision of the villagers. furthermore, who has a strong influence of rural communities is establishment trust and attitude on psychological factors, and economic cırcumstances and self concept (personal factors). reference agung, n.b. 2005. statistical methods using spss. yogyakarta: andi offset. antonio, m.s. 2001. islamic bank: theory and practice. jakarta: gema insani press. assauri, s. 2004. marketing management. jakarta: rajawali press. ayub, m. 2007. understanding islamic finance. new york: john wiley & sons al-iqtishad: vol. vii no. 1, januari 2015 86 ltd. budisantoso t & s. triandaru. 2006. bank and other financial institutions. jakarta: salemba empat. hawkins, r.j. & c. best. 2001. consumer behavior building marketing strategy, 8th ed. boston: mcgraw hill. iqbal, m & t. david. 2002. islamic banking and finance: new perspective on profitsharing and risk. new jersey: edward elgar publishing inc istijanto. 2009. practical application on marketing research. jakarta: gramedia pustaka utama. kotler, p. 2005. marketing management. new york: prentice hall. kotler, p & k.l. kellet. 2008. marketing management. jakarta: erlangga. loudon, d.l. & a.j.d. bitta. 1993. consumer behavior, 4th edition. new york: mcgraw-hill international edition. muhammad. 2005. financial management in islamic banks. yogyakarta: amp ykpn. qardhawi, y. 1997. the role of value and moral on islamic economic. jakarta: robbani press. riduwan. 2006. basic statistic. bandung: alfabeta. sheth, j.n. & b. mittal. 2004. .consumer behavior: a managerial perspective. 2nd edn. singapore: thomson south-western. subagyo, et.al 2002. bank and other financial institution. yogyakarta: stie publishing. sugiyono. 2008. quantitative, qualitative and r&d reseacrh method. bandung: alfabeta. sujianto. 2009. statictics using spss. jakarta: prestasi pustaka publisher. sulianto. 2006. data analysis on marketing. bogor: ghalia indonesia. swastha, b. & i. sukotjo. 1995. an introduction to modern business. yogyakarta: liberty. umar, h. 2004. the research method for thesis. jakarta: rajagrafindo persada. muhammad findi alexandi1, prima puspita indra murti2 abstract. the study analyzed the data released by bps ri from 2010 to 2019. there is a tendency for the growth rate of indonesian people's spending on food and non-food to be lower than the growth rate of its national disposable income. this shows that indonesian income has entered the upper-middle-income level. further, some of the income earned has been saved or invested. a descriptive analysis and double linear regression analysis are used in this study. data shows that household spending on gdp in indonesia is more than 50%. this study finds a shift in household expenditure structure between food and non-food consumption. food expenditure experienced a steep decline from 1999 to 2019. the analysis shows that independent variables encompassing inflation, national disposable income, public saving position and zis funds distribution significantly influenced household expenditure. keywords: consumption; economy; expenditure; gdp; household abstrak. penelitian ini menganalisis data yang dirilis bps ri tahun 2010 hingga 2019 tentang kecenderungan laju pertumbuhan pengeluaran masyarakat indonesia untuk makanan dan nonmakanan. data menjelaskan bahwa pengeluaran makana lebih rendah dari pendapatan disposabel nasional. hal ini menunjukkan bahwa pendapatan masyarakat indonesia memasuki tingkat pendapatan menengah ke atas. saat ini, lebih banyak orang yang menginvestasikan pendapatan mereka. penelitian ini menggunakan analisis deskriptif dan analisis regresi linier berganda dan menunjukkan bahwa pengeluaran rumah tangga terhadap pdb di indonesia lebih dari 50%. struktur pengeluaran rumah tangga dari konsumsi makanan bergeser ke bukan makanan. ditemukan bahwa pengeluaran pangan mengalami penurunan tajam dari tahun 1999 hingga 2019. hasil analisis menunjukkan bahwa variabel bebas yang meliputi inflasi, pendapatan disposabel nasional, posisi tabungan masyarakat, dan penyaluran dana zis berpengaruh signifikan terhadap pengeluaran rumah tangga. kata kunci: konsumsi; ekonomi; pengeluaran; pdb; rumah tangga the political economy of household expenditure in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 95 110 1ipb university, indonesia 2statistics indonesia (bps ri) e-mail: 1muhammadfindi@apps.ipb.ac.id, 2primapuspitaim@gmail.com author: m. findi alexandi received: 14 oktober 2021 accepted: 19 juni 2022 published: 20 juni 2022 mailto:muhammadfindi%40apps.ipb.ac.id?subject= mailto:primapuspitaim%40gmail.com?subject= 96 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction the national economy reflects the nation's people's ability in household spending, aside from echoing the government's expenditure capability. over the years, indonesia's national economy's growth has been supported by the strength of its household spending, which on average, contributes above 55% each year. this fact shows that household shopping contribution in indonesia is the most significant in forming the gross national product (gnp). based on statistics indonesia (bps ri), in 1999, household spending on gnp formation was 76,21%. still, from 2000 until 2019, it tended to fluctuate, and in 2019 the contribution of household spending went down drastically to 53%. this condition shows that household spending affects the fluctuation of economic activity. next, the contribution of household spending went through a stagnancy with a contribution below 60% in the period between 2008 and 2019. household consumption still has the most significant allocation out of all the gnp in indonesia, even if it decreased. picture 1. distribution of household consumption year 1999-2019 (percentage) source: statistics indonesia (bps ri), 2020. the composition of household spending component in indonesia consists of food and nonfood. nonfood spending includes clothes, housing, health and education, transportation and communication, restaurant and hotel, etc. the proportion of the expenditure on food was 61,09% in 1999 and 39,37% in 2019. the contribution of spending on food experienced a significant decline in the last two decades. http://journal.uinjkt.ac.id/index.php/iqtishad muhammad findi alexandi. the political economy of household expenditure in indonesia 97 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 people's spending ability reflects their income level, which measures financial well-being. national income has increased every year. from 1999 until 2019, national income experienced a total increase of idr10.525,47 trillion. meanwhile, spending for household consumption experienced a rise of idr8,127,74 trillion in the same period. picture 2. growth of national income and household consumption year 2010-2019 source: statistics indonesia (bps), 2020 picture 2 shows a pattern in that national income growth wasn't always in line with household spending. during the period, national income increased, and household spending experienced a decline. for example, in 2011, the national growth of national income increased to 15,4% from 5,3%, while household spending was down to 12,5%. however, in 2017, national growth income decreased to 6,5% from 12%. meanwhile, the growth of national household spending increased to 8,5% from 8,3% in the previous period. analysis of household spending behavior of indonesian people as a macro economy indicator cannot be separated from the effect of a multidimensional factor that could shape the pattern of national household spending. in the national context, the consumption of indonesian people is affected by economic and non-economic factors such as the government's public policy and the social and political condition. meanwhile, an islamic political expert, baqir as sadr, mentioned that iqtishadūnā said that the nation's responsibility (mas'uliyah al-daulah) is that of http://journal.uinjkt.ac.id/index.php/iqtishad 98 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the government. they must provide social security (adh dhamān al-ijtima'i) and allocate job access and cash assistance to every citizen. picture 3. growth of household spending year 2010-2019 (percentage) source: statistics indonesia (bps ri), 2020. in islamic law, every consumption made by the community must be halāl and good food. then the muslim community must pay attention to the source of income it receives from a good job. so it is unlawful for muslims to eat illegal food, and it is forbidden to work in a job containing disobedience. as the word of allah subhānahu wata'ala in the qur'an surah al-maidah verse 88, which reads: "and eat what allah has given you as a lawful and good provision, and fear allah in whom you believe." the pattern change of national household spending shows a fluctuation. starting in 2012 and have is a trend to be stagnant from 2015 until 2019. this shows that household consumption growth is experiencing a decline, even as household consumption is the most significant source of gnp in indonesia. several factors influenced household spending. one of the economic factors that affect people's spending is the level of income that the people receive. other than that, several factors besides income level have affected household consumption. other factors such as inflation, rice price, high education, and people's savings also influence people's consumption. based on that review, several problems can be summarized: 1. what is the pattern of household spending in indonesia? 2. what are the factors that influenced household spending in indonesia? http://journal.uinjkt.ac.id/index.php/iqtishad muhammad findi alexandi. the political economy of household expenditure in indonesia 99 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 this study discussed factors that influenced household spending in indonesia using data series on the indonesia level. the yearly data were used from 1999 to 2019. keynes model is a simple way to explain the connection between income and consumption. in this model, mpc values are between 0 and 1. after that, the calculation will determine the distribution of income allocated to consumption and investment/savings. according to abdurrahman al maliki, in his book al-mutslā as-syiasatu almutsla (islamic political economy, 2001), the target of political economy in islam is a tactic in fulfilling all primary needs (al-hajah al-asasīyah) and secondary needs (al-hajat al-kamaliah) of each citizen that dwell in that region. even in the expected condition, all primary needs are food, clothing, and shelter. the nation has to fulfil some secondary markets such as health and education. in an emergency like now (covid-19 pandemic), citizens' rights and needs must be paid utmost attention to before a greater catastrophe occurs. the household spending pattern can indicate a region's public welfare level. in doing a consumption, a household will first fulfil the most urgent needs: food, clothing, and shelter. after those three needs are fulfilled, a household will always try to satisfy the other needs, such as transportation and communication, until the lifestyle is fulfilled. besides spending in the form of consumption already stated before, a household also saves for backup funds if something unforeseen happens. in theory, several factors can influence household spending on a macro scale distinguished into economic, non-economic, and demography factors. economic factors influencing household spending are income, wealth, savings, and future prediction. non-economic factors influencing household spending are habit patterns, ethics, and values. lastly, demography factors that can influence household consumption are the amount and composition of the population (rahardja and manurung, 2008). aside from that, the government's public policy and the socialpolitical situation can influence the pattern of household spending. preceding studies about household spending determinants have been done in indonesia or outside indonesia. one of the studies to identify factors that influenced household consumption was done by ezeji and ajudua (2015) in their research titled determinant of aggregate consumption expenditure in nigeria. that research used national income, interest rate, inflation, and exchange rate to influence household consumption with the ordinary least square (ols) method. that study stated that revenue, interest rate, inflation, and exchange rate influenced household consumption expenditure in nigeria. http://journal.uinjkt.ac.id/index.php/iqtishad 100 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 nyamekye and poku (2017) researched the effect of inflation on ghana's consumer behaviour. results of the study stated that inflation positively correlates to household consumption spending. if inflation increases by 1%, it will increase household consumption by 19,2%. as a result of a different study by nur (2012) in indonesia, inflation negatively correlates with household consumption in indonesia. this is caused if there is inflation, it will cause a decline in the consumption of goods and services due to rising prices. the study by syed shah alam, rohani mohd, and badrul hisham (2011) reveals that the islam religion dramatically influences the purchase decision of muslim consumers in malaysia. this influence has formed a new behaviour model for muslim consumers. their paper uses data from a sample of 232 muslims in shah alam from a middle-income group. afandi and amin (2018) studied the factors influencing consumption in countries with a majority of muslim and non-muslim populations. the samples were taken from indonesia and singapore. the indonesian data analysis results show that the consumption variable affects income, the real interest rate affects consumption, and the average exchange rate impacts consumption. in addition, the data used for singapore also found three unidirectional causality relationships: income affects consumption, the real interest rate impacts consumption, and the average exchange rate affects income. wiranthi (2014) studies household consumption determinants in indonesia. the dependent variable from that research was household consumption expenditures obtained from the value of gdp allocation toward household consumption expenditure, both in the form of food and nonfood consumption, based on a constant price from 2000 until 2014. the independent variable consists of national income, inflation, interest rate, and global oil price. supatniningsih (2018) study showed that the type of household consumption in makassar city is dominated by expenditure on nonfood. income, education, number of family members, savings, credit, and employment status of the head of household significantly influence household consumption expenditure in makassar city. the behaviour of the family household consumption is based on the perspective of islamic economics. firstly, purchasing food and nonfood goods is in line with the concept of needs, which is the need for more priority and has paid attention to the religious teachings of islam. secondly, the mashlahah achieved by fulfilling food and nonfood needs is the acquisition of utility and blessing in consuming food and nonfood. thirdly, the benefits gained not only in the world but also in the hereafter because, in consumption expenditure, there are still social http://journal.uinjkt.ac.id/index.php/iqtishad muhammad findi alexandi. the political economy of household expenditure in indonesia 101 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 aspects, such as zakah, infāq and shodaqah, so consumption activities that carried were based on the consumption of religious values. the study by sunn'an muammil and husen amran (2017), which analyzed consumption behavior in ternate, north maluku, stated that this study analyzed the effect of lifestyle, age, household size environment, and income on household spending in ternate. this case shows the case in ternate. household consumption behavior in ternate is influenced by lifestyle, age, household size, environment, and income. research using the independent variable zakah was conducted by nurlita and ekawaty (2017) in probolinggo city. this study uses data from 50 mustahik (zakah recipients) baznas probolinggo city with the proportional random sampling method and analyzed using path analysis. the result showed that zakah and the number of household members, directly and indirectly, affect the household consumption of mustahik. the hypothesis proposed in this study was as follows: 1. ready to spend income have a positive correlation with household consumption. 2. inflation has a negative correlation to household consumption. 3. changes in rice prices have a negative correlation with household consumption. 4. changes in the position of public savings negatively correlate with household consumption. 5. the level of high education has a positive correlation with household consumption. methods the type of data used in this study is secondary data obtained from statistics indonesia and the bank of indonesia sourced from a publication or website. publications made to be data sources are statistics indonesia, gross domestic production based on spending, economic statistics and indonesian finance (seki), and national zakah agency (baznas). this study uses data from 1999 until 2019. in general, the variables used in this study can be summarized in table 1. an analysis method used in this study is descriptive analysis and double linear regression analysis. descriptive analysis used tables and graphics to describe the pattern of household spending in indonesia. double linear regression analysis was used to find out the affecting factors of household consumption in indonesia from the period 1999-to 2019. http://journal.uinjkt.ac.id/index.php/iqtishad 102 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 table 1. variables used in the study variable description notation unit household consumption components of household consumption in gdp by expenditure at constant price krt billion rupiah ready to spend income income received by the people from a remuneration of production factor received, both from domestic economic activities and abroad, is deducted by the remuneration of the income received by a non-citizen. pdn billion rupiah inflation percentage of increasing prices of some goods and services that in general consumed by a household inf percentage zis fund distribution distribution of zakah, infāq, and alms funds ln_ danazis rupiah public saving position changes of savings owned by third party, not a commercial bank nor rural banks (bpr) in the form of current savings, savings, and deposit. psm_prb percentage in this study, the equation of double linear regression is as follows: ln_krt = b0 + b1ln_pdn + b2ln_danazis + b3psm_prb + b4inf + ε where: krt : household spending (billion idr) pdn : national disposable income (billion idr) danazis : zis fund distribution (idr) psm_prb inf : inflation (percentage) for accuracy, the calculation was done with a computer program made specifically to help with processing statistics data, called eviews 12, with a significance level on the confidence level of 95% or α 0,05. the goodness of fit test was done by looking at the value of r. the higher r-value shows that the model can explain the problem well (gujarati, 2003). http://journal.uinjkt.ac.id/index.php/iqtishad muhammad findi alexandi. the political economy of household expenditure in indonesia 103 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 results and discussion data shows that household spending on gdp in indonesia is more than 50%. the growth of household spending comes from the expenditure on food and nonfood. based on picture 5, the structure of spending on food experienced a shift from 1999 until 2019. in 1999, the spending on food was still higher than 60% of the total household consumption. starting in 2002, the proportion of food spending went down to 50% and further to 40% in 2012 until 2019. one of the indicators that can be used in determining the level of public welfare is looking at the share of food spending out of total spending. the lower the share of food expenditure, the more prosperous the people are. the progress of public welfare post-1998 crisis kept improving from 1999-to 2013, even in the financial and monetary crisis that happened in america and europe and the rising oil price. this shows that household consumption is one of the foundation sources of the indonesian economy that is relatively strong and stable (ministry of trade, 2013). picture 4. structure of household spending year 1999-2019 (percentage) sources: statistics indonesia (bps ri), 2020. (processed) nonfood expenditure includes clothing, housing, health, education, transportation, restaurant, and hotel. the proportion of consumption nonfood experienced a growth until it reached above 60% in 2012 until 2019, showing a change in consumption pattern in indonesian households. the shifting of household spending patterns can be caused by lifestyle changes of the people, and the income received by the people is increasing. http://journal.uinjkt.ac.id/index.php/iqtishad 104 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the increase in income that the people receive can be caused the allocation of consumption nonfood to be increased as well. this can be seen from the rise in nonfood consumption higher than food consumption. in picture 6, there has been a growth in spending on education and health, transportation and communication, and restaurant and hotel in the last five years. the expenditure in these groups is what caused the increase in nonfood. leisure spending includes the restaurant and hotels, recreation and culture or spending that are "fun and pleasure" in nature. leisure experience spikes when there's a slowdown in non-recreation. in this case, there is an indication of where the people reduce their non-leisure shopping to increase their leisure consumption. in other words, the increase in income tends to be allocated to leisure (statistics indonesia, 2017). picture 6 shows an increase in restaurant and hotel consumption growth, which reached 5,96% in 2019. this is supported by the higher room occupancy rate that increased. the occupancy rate in 2000 was still 43% for stared hotels and became 54% in 2019. picture 5. growth of spending non-food group year 2015-2019 (percentage) source: statistics indonesia, processed meanwhile, the high spending growth on restaurants and hotels followed by the consumption for transportation and communication reached 4,78%. the increase in consumption for transportation was supported by the development of the user of various transportation modes. data on the number of passengers of trains, http://journal.uinjkt.ac.id/index.php/iqtishad muhammad findi alexandi. the political economy of household expenditure in indonesia 105 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 ships, and aeroplanes in these 19 years experienced rapid growth. the number of train passengers reached 422 million in 2018, ships reached 25 million, and planes reached 94 million in the same year. the growth of those two consumption groups illustrated how the people allocated more of their income to leisure spending and high mobilization. picture 6. apc and aps of indonesia year 2002-2019 source: statistics indonesia, 2020. (processed) next, if the people receive a surplus of income from fulfilling all of their needs, the surplus will be allocated into savings. silvia and susanti (2019) stated that two essential decisions determine household savings behavior: how big the actual income will be used for consumption and savings. the tendency or desire to consume can be measured with average propensity to consume (apc), while the desire to save with average propensity to save (aps). those two indicators function to find the trend of the average consumption and average savings in a country from the ready-to-end income received. because in general, the disposable income a household receives will be used for consumption, while the rest is for the savings (bps, 2019). based on table 2, indonesian people are utilizing their income. most of it is for consumption. this is proven between 2002 and 2019, the people's tendency to consume (apc) was consistently above 69%, and in 2019 it reached 91%. http://journal.uinjkt.ac.id/index.php/iqtishad 106 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 analyzing affecting factors in household spending can be started by forming a model using ordinary least square (ols) with the double linear regression model. from the result of processed data using eviews 12, obtained adjusted r2 is 0,987, which means that the independent variable can explain the change in the household consumption variable by 98 % after the model is formed, followed by the classic assumption test. after getting the best regression model, the classic assumption test should be performed to ensure the model is free from abnormality, multicollinearity, heteroscedasticity, and autocorrelation. the regression model is an appropriate estimation tool and unbiased if fulfilled blue (best linear unbiased estimator), no multicollinearity, no heteroscedasticity, and autocorrelation. the test to deviation from classic assumption was done with the help of the eviews 12 program. testing of normality in this study will be detected with graphical analysis produced through a formal test, jarque-bera. for regression model in this study, it has fulfilled the normality assumption. this can be seen using the jarque-bera test, where the probability value of 0,721658 is bigger than alpha 5%, which means the data is expected. the heteroscedasticity test tests if there's a residual difference of variable from one observation to other observations or illustration of value correlation predicted with standardized delete residual until the model can be free from heteroscedasticity. based on the result of breusch-pagan-godfrey obtained prob. the chi-square value of 0,4155, bigger than alpha 5%, shows that the model is homoscedasticity in nature. the test of autocorrelation assumption in this model used durbin watson test and autocorrelation test. the correlations series using breuschgodfrey serial correlation lm test, which is available in eviews 12. the result of the test shows that the value of prob. chisquare is 0,1976 higher than alpha 5%. it can be concluded that there is no autocorrelation problem, either positive or negative autocorrelation. the multicollinearity test aims to verify if there is a correlation between independent variables in the model. the multicollinearity test in this study was done by reviewing the correlation between the independent variable (correlation matrix) and using vif (variance inflation factor) value. the correlation matrix is used to evaluate the correlation value between variables. if the correlation between variables is higher than |0,9|, it indicates multicollinearity in the model used. the matrix correlation test results show that the correlation value between variables http://journal.uinjkt.ac.id/index.php/iqtishad muhammad findi alexandi. the political economy of household expenditure in indonesia 107 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 is lesser than |0,9|. likewise, for the vif value test, all the variables have a vif value lower than 5. the probability value of the p-value from the f test also shows it is lower than the significance level of 5%. it can be concluded that with a confidence level of 95%, between the independent variables (national disposable income, inflation, rice price decline, public savings changes, and high education), at least one independent variable affects the dependent variable (household consumption). after that, the t partial test shows which independent variables are significant individually. if compared between the t partial statistics test of all independent variables with critical value, t (0,05;18) of 2,100922 on the t distribution table obtained a confidence level of 95%. four independent variables significantly influenced the dependent variable, which is the variable of national disposable income, inflation, public saving changes, and zis fund distribution. national income significantly influenced household expenditure with a positive correlation. an increased national income of 1 % will increase household spending by 0,2084 %. this is in line with keynes's theory that payment is the primary factor that influences expenditure. this is also in line with the study of ezeji and ajudua (2015) that stated a positive correlation and significance between household spending and income received by the people. the same study by illahi et al. (2018) and nur (2012) shows that increased national disposable income has a positive effect and is significant to household spending. it shows that inflation harm household consumption with a significance of a real level of 5 per cent. the increased inflation of 1 % will reduce household consumption by 0,0064 %. this negative correlation is in line with demand theory that stated the higher the price, the lower is the demand or, in this case, consumption. this study result is in line with nur (2012), which stated that inflation negatively affects consumption. if there's inflation, then goods and services will have an increased price and cause reduced consumption by the people on the goods and services. this study's result differs from nyameke and poku (2017), with the result being that inflation positively correlates to household consumption. another factor that affects household spending is the zis fund distribution. if the distribution of zis funds increases by 1%, it will increase household consumption expenditure by 0.0386%. the zis received by the household can increase the household's consumption. more broadly, if the zis received by the household is used for productive purposes as business capital, it will increase the production factor in the form of capital in household business activities. this is in http://journal.uinjkt.ac.id/index.php/iqtishad 108 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 line with nurlita and ekawaty (2017) research, which showed a positive influence of zakah on household consumption. after that, the amount of public savings shows negative results and significant toward household expenditure on the confidence level of 95%. if the public savings position increases by 1%, it will cause the household expenditure to decrease by 0,8945%. a negative correlation given by the rise of public savings toward household consumption can be explained because there is a shift from the money that is supposed to be used for consumption into savings (bps, 2017). conclusion the growth of food expenditure contribution from 1999 until 2019 experienced a steep decline. in 1999, the expenditure on food reached 60% of the total household consumption. starting in 2002, the proportion of expenditure on food reduced to 50% and below 40% from 2012 until 2019. there is a shift in household expenditure structure between food and non-food consumption. nonfood expenditure groups experiencing growth are restaurants and hotels, education and health, and transportation and communication. indonesian citizens tend to use most of their income to spend. estimation result using double regression analysis shows that independent variables encompassing inflation, national disposable income, zis fund distribution, and public savings change significantly influenced household expenditure. disposable income and zis fund distribution positively correlate with household expenditure. variables that negatively correlate with household expenditure are inflation and changes in public savings. references afandi ma, amin m. 2018. determinan konsumsi pada negara mayoritas berpenduduk muslim dan non-muslim: studi kasus indonesia dan singapura. journal of economics and business aseanomics (jeba). vol. 3, no1. alam ss, mohd r, hisham b. 2011. is religiosity an important determinant on muslim consumer behaviour in malaysia. journal of islamic marketing. vo. 2, no.1. doi 10.1108/17590831111115268 al maliki, abdurrahman, politik ekonomi islam, bangil: penerbit al izzah, 2001. al qur'an: terjamahan dan tajwid berwarna, bandung: cordoba internasional indonesia, edisi 11, 2016. aravik, havis, sejarah pemikiran ekonomi islam, depok: penerbit kencana, 2017. http://journal.uinjkt.ac.id/index.php/iqtishad muhammad findi alexandi. the political economy of household expenditure in indonesia 109 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(2003). basic econometrics (ed.). singapore: mcgrew hill book co. illahi n a, et al.2018. analisis determinan pengeluaran konsumsi rumah tangga di indonesia. jurnal ecogen. perdagangan, k. 2013. laporan akhir analisis dinamika konsumsi pangan masyarakat indonesia. badan pengkajian dan pengembangan kebijakan perdagangan. keynes, j. m. 1937. the general theory of employment. the quarterly journal of economics. mankiw ng. 2007. makroekonomi. edisi ke-6. jakarta : erlangga. mceachren w a. 2000. economics: a contemporary introduction. 1st edition. terjemahan oleh sigit triandaru. jakarta: penerbit salemba empat. muammil s, amran h. 2017. household consumption behavior in ternate, indonesia. russian journal of agricultural and socio-economic sciences. doi https://doi.org/10.18551/rjoas.2017-12.28 nurhayati sf, rachman m. 2003. analisis faktor-faktor yang memengaruhi fungsi konsumsi masyarakat di provinsi jawa tengah pada tahun 2000. jurnal ekonomi pembangunan. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.18551/rjoas.2017-12.28 110 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22794 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 nur em. (2012). konsumsi dan inflasi indonesia. jurnal kajian ekonomi. nurlita e, ekawaty m. 2017. pengaruh zakat terhadap konsumsi rumah tangga mustahik (studi pada penerima zakat dari baznas kota probolinggo). jurnal ekonomi dan bisnis islam. nyamekye eg., adujua p e. 2017. what is the effect of inflation on consumer spending behaviour in ghana?.mpra paper. rahardja, p, manurung. 2008. pengantar ilmu ekonomi (mikroekonomi & makroekonomi). edisi ke-3. jakarta: lembaga penerbit feui. ramachandran km., tsokos c. p. 2009. sampling distributions. mathematic statistics with applications. sari nt.2007. analisis dampak kenaikan harga beras terhadap pola konsumsi rumah tangga di cipinang, jakarta timur.bogor: skripsi ipb singh b.2004. modelling real private consumption expenditure-an empirical study on fiji. working paper. fiji: economic department reserve bank of fiji siregar k.2009. analisis determinan konsumsi masyarakat di indonesia. sumatera utara: tesis usu. staniland, martin. apakah ekonomi politik itu? sebuah studi teori sosial dan keterbelakangan. jakarta: pt rajagrafindo persada, 2003. supatniningsih, t. 2018. pola dan perilaku konsumsi rumah tangga dalam pespektif ekonomi islam di kota makassar. jurnal syari’ah dan hukum. sumastuti f. 2008. model tabungan (sistesis life cycle-permanent income hypothesis=lc-pih) studi kasus di kota semarang. semarang: disertasi universitas diponegoro. syahputra id, karim a. 2017. perbandingan metode ordinary least square (ols) dan regresi robust. in prosiding seminar nasional & internasional. wiranthi pe.2014. analisis determinan pengeluaran konsumsi makro rumah tangga di indonesia. jurnal signifika. yusuf ah, nurmala s.2006. pengaruh pendapatan perkapita, investasi, dan belanja pemerintah terhadap dayabeli masyarakat di wilayah iii cirebon tahun 2010-2014. jurnal kajian ekonomi dan perbankan syariah. http://journal.uinjkt.ac.id/index.php/iqtishad ju rn al il m u ek on om i s ya ri ah jurn al ilm u ekon om i syariah a l -iq t is h a d vo l. i, n o. 1, jan u ari 2009 al-iqtishad (jurnal ilmu ekonomi syariah) adalah berkala ilmiah yang diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilmiah ini fokus pada kajian ilmu ekonomi syariah dan berupaya menyajikan pelbagai hasil riset ilmiah bermutu dalam bidang tersebut. seluruh artikel yang dipublikasikan dalam berkala ilmiah ini merupakan pandangan dari penulisanya dan tidak mewakili berkala ilmiah dan/atau lembaga afiliasi penulisnya diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei) artikel: persepsi nasabah terhadap produk pembiayaan pbrs al-salam dede nurdiansyah pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm) melalui lembaga keuangan syariah (lks) untuk mengentaskan kemiskinan dan pengurangan pengangguran djawahir hejazziey analisis bentuk gharar dalam transaksi ekonomi nadratuzzaman hosen resosialisasi investasi keuangan syariah yuke rahmawati wakaf dalam islam muh. fudhail rahman muzakki dan kriterianya dalam tinjauan fikih zakat isnawati rais ekonomi syariah peluang dan tantangan bagi ekonomi indonesia muhammad ade pola konsumsi masyarakat postmodern (suatu telaah perilaku konsumtif dalam masyarakat postmodern) heldi vol. i, no. 1, januari 2009 diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilimiah ini fokus dalam kajian ilmu ekonomi syariah. terbit dua kali dalam satu tahun (januari dan juli). redaktur ahli muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) nadratuzzaman hosen (uin syarif hidayatullah jakarta) ahmad hidayat buang (universiti malaya malaysia) amiur nuruddin (iain sumatera utara) didin hafiduddin (institut pertanian bogor) uswatun hasanah (universitas indonesia) mustafa edwin nasution (universitas indonesia) muhammad syafii antonio (stei tazkiya jakarta) mohammad rusydi (acifs brisbane australia) md. sujimon (kolej pengajian islam johor malaysia) pemimpin redaksi euis amalia redaktur pelaksana ah. azharuddin lathif nuriyanto al-arief editor bahasa inggris ummi kultsum sekretariat maman rahman hakim alamat redaksi fakultas syariah dan hukum uin syarif hidayatullah jakarta jl. ir. h. juanda 95, ciputat, jakarta 15412. telp. (62-21) 74711537, faks. (62-21) 7491821 website: www.fsh-uinjkt.net; e-mail: redaktur.iqtishad@yahoo.com vol. i, no. 1, januari 2009 daftar isi 1 persepsi nasabah terhadap produk pembiayaan pbrs al-salam dede nurdiansyah 31 pemberdayaan koperasi, usaha mikro, kecil, dan menengah (umkm) melalui lembaga keuangan syariah (lks) untuk mengentaskan kemiskinan dan pengurangan pengangguran djawahir hejazziey 53 analisis bentuk gharar dalam transaksi ekonomi nadratuzzaman hosen 65 resosialisasi investasi keuangan syariah yuke rahmawati 79 wakaf dalam islam muh. fudhail rahman 91 muzakki dan kriterianya dalam tinjauan fikih zakat isnawati rais 107 ekonomi syariah peluang dan tantangan bagi ekonomi indonesia muhammad ade 113 pola konsumsi masyarakat postmodern (suatu telaah perilaku konsumtif dalam masyarakat postmodern) heldi cover al-iqtishad vol. i, no. 1, jan 2009 00-daftar isi muh. fudhail rahman1, mujhid budi luhur2 abstract. this study discusses the concept and function of wa'ad in the dsnmui fatwa no.85/dsn-mui/xii/2012 concerning wa'ad in islamic financial and business transactions, changing the contract from non-binding to binding nature. this study aims to analyze wa'ad law in imbt in terms of its risks and benefits. this study uses data from the dsn-mui fatwa, islamic jurisprudence, and other scientific papers. this study finds out that imbt combines an ijarah contract (lease) with a sale-purchase contract or a grant. the ijarah contract, the sale, and the purchase contract are linked with an agreement. in principle, the legal status of fulfilling wa'ad in islamic finance and business transactions is binding because it will provide benefits for the islamic economic community, and there will be no financing problems. in the dsn-mui fatwa, the concept of “doing two lesser evils” is used in determining the fatwa regarding promises (wa'ad) in a transaction. keywords: wa'ad; imbt; binding promise; islamic jurisprudence abstrak. kajian ini membahas tentang konsep dan fungsi wa’ad dalam fatwa dsn-mui no.85/dsn-mui/xii/2012, yang diubah dari tidak mengikat men jadi mengikat. penelitian ini bertujuan untuk mengetahui analisis hukum wa’ad dalam imbt ditinjau dari sisi kemaslahatan dan risikonya. metode yang digunakan dalam penelitian ini adalah metode yuridis normative, dengan data berupa fatwa dsn-mui, literatur hukum islam/fiqh, dan karya ilmiah lainnya. imbt merupakan gabungan antara akad ijarah (sewa) dengan akad jual beli atau hibah. akad ijarah dan akad jual beli diikat dengan janji. pada prinsipnya status hukum pemenuhan janji (wa’ad) dalam transaksi keuangan dan bisnis syariah adalah mengikat karena akan memberikan manfaat bagi masyarakat ekonomi syariah dan tidak menimbulkan masalah pembiayaan. pada fatwa dsnmui, konsep “melakukan dua keburukan yang lebih ringan” digunakan dalam menentukan fatwa tentang janji (wa’ad) dalam suatu transaksi. kata kunci: wa'ad; imbt; janji yang mengikat; aturan fiqhiyyah the issues of wa'ad imbt in the fatwa dsn mui based on fiqhiyyah rules al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 431 450 1, 2uin syarif hidayatullah jakarta, indonesia e-mail: 1fudhail.rahmah@uinjkt.ac.id, 2mbudie13@gmail.com mailto:fudhail.rahmah%40uinjkt.ac.id?subject= mailto:mbudie13%40gmail.com?subject= 432 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction wa'ad is the arabic language, the basic word form/masdar from fiil wa'ada ya'idu wa'dan wa'idatan wa mau'udan, which means promise; this word can be used for good and bad things. but is generally used for good things. al-'aini defines that wa'ad as a news related to goodness that will be done in the future (beirut: dār al-fikr, (badrudin mahmūd,1979: 220). meanwhile, according to the term, wa'ad is a bounded part followed by consent and qabul following sharia (ahmad al-syarbāshi, 1981). according to fathurrahman djamil, wa'ad is “the desire someone conveys to do something, in actions or words, to benefit other parties”. this wa'ad only conveys a desire (ikhbar) and is not legally binding but only morally binding. people who promise (wa'id), if making the promise then it is good ethics (akhlak karimah) because it is based on a contract of virtue (tabarru) such as the nature of the gift (fathurrahman, 2012). this study was made to answer whether wa'ad mulzim or ghoiru mulzim is most appropriate in the imbt contract. if the two wa'ad experience dharar, the one with the lightest dharar is chosen. literature review a 2016 research report by the faculty of law, gadjah mada university, yogyakarta, written by ninik darmini and desti budi nugraheni, “a study of wa'ad (promises) in sharia banking transactions judging from covenant law in indonesia”. this study focuses that the author wants to examine and analyzing the concept in wa'ad (promise), which is seen from contract law in indonesia. the second is a thesis entitled “the legal consequences of wa'ad islamic banking” (fiqh analysis on the deed of wa'ad bank muamalat and bank syari'ah mandiri) written by irwan maulana from the university of indonesia postgraduate program, middle east and islamic studies program, jakarta. 2011. this thesis discusses the rights and obligations of the parties in sharia banking activities. the journal was written by jaih mubarok and hasanudin with the title “al-wa'ad theory and its implementation in sharia business regulation”, published by the ahkam journal vol. xii no. july 2, 2012. it examines the scholars differing opinions about the law of fulfilling the recommended (sunnah/obligatory dinniyah) and obligatory (qadaha'iyya) promises. the journal was written by luluk farida and achmad zaky, msa, ak, sas, sma., ca with the title “implications of the dsn-mui fatwa no. 85/dsnhttp://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 433 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 mui/xii/2012 against ijarah muntahiyah bittamlik transactions”, published by the student scientific journal of feb unibraw in 2016. this research method is descriptive with a library study approach. the findings in this study indicate that the dsn-mui fatwa no. 85/dsn-mui/xii/2012 is needed by transactions using wa'ad, especially ijarah muntahiya bittamlik transactions, because they can bring benefits, namely legal certainty and guaranteeing the continuity of the contract. meanwhile, in this article, we want to show that imbt is a combination of an ijarah contract (lease) with a sale-purchase contract or a grant. the ijarah contract and the sale and purchase contract are linked with promises. based on the fatwa of dsn mui number: 27/dsn-mui/iii/2002 concerning imbt, this wa'ad is non-binding, so that it creates legal uncertainty for both the bank and the customer. then the mui dsn issued a fatwa number 85/dsn-mui/ xii/2012, so the wa'ad in the imbt contract became mulzim. so the impact is that there is a risk of ta'alluq and has the potential to fulfill conditional buying and selling. this paper aims to analyze the wa'ad law in imbt to weigh the benefits and risks. this study uses the concept of fiqhiyah rules means “committing the lesser of two vices” against the dsn-mui fatwa in determining the fatwa on promises (wa'ad) in islamic financial and business transactions. then this study discusses the concept and function of wa'ad in the dsn-mui fatwa no.85/dsnmui/xii/2012 concerning promises (wa'ad) in islamic financial and business transactions. methodology the approach in this research is normative qualitative, characterized by content analysis of the law-making process. the material comes from the dsn fatwa on the imbt (ijarah muntahiyah bi attamlik) contract, using the helah concept. the study discusses the helah method in establishing islamic law and then examines the dsn fatwas related to wa'ad. the dsn fatwa is concerned, starting from the arguments used to issue the fatwa. the arguments studied started from the verses of the qur'an and their understanding from the commentators and examined the hadiths of the prophet, which were used as the basis for issuing fatwas. then examine the rules of fiqh, which are additional arguments in the fatwa. when a problem encountered cannot be known by law, the method used by the scholars in exploring the law from the relevant arguments and using the technique used by the scholars in the application of the helah method. http://journal.uinjkt.ac.id/index.php/iqtishad 434 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 to discuss the problems that have been described, the author will use a normative juridical approach as the basic normative concept. normative juridical research is a legal method of examining library materials or secondary data (soerjono soekanto, 2001). this research is used because the problem is related to theoretical issues in the literature related to sources of study and discussion that can show facts logically to produce qualitative conclusions based on analysis of induction and deduction. result and discussion imbt is based on islamic law and positive law the ijarah muntahiya bi al-tamlik (financial leasing with purchase option) contract or lease agreement ending in ownership is unknown among classical fiqh experts. to find the definition of this contract, we examine the word content in it and then (etymologically), then we go to the broad definition (terminologically). ijarah muntahiya bi al-tamlik has a word order consisting of “al-ijarah” and “attamlik”. al-ijarah, based on the opinion of the scholars, is a contract that brings benefits that are clear and permissible in the form of a substance that is determined or characterized in a dependent, or a contract for precise work with clear rewards a clear period (antonio, 2001). while at-tamlik means to make, someone has something. as for the term, it is not out of its linguistic meaning. at-tamlik can be seen in ownership of objects, right of benefits, and cannot be replaced. if the ownership of something occurs with the exchange, this is a sale and purchase. suppose ownership of use in exchange for it is called a lease. meanwhile, according to fahd al-hasun in his book “al-ijarah al-muntahiya bi al-tamlik fi al-fiqh al-islam” defines ijarah muntahiya bi al-tamlik is ownership of the benefits of an item within a certain period accompanied by the transfer of ownership of the item to the tenant, with certain substitutes (al-hasun, 2005). meanwhile, according to habsi ramli, ijarah muntahiya bi al-tamlik is a lease agreement between the owner of the leased object and the lessee to receive compensation for the leased thing with the option of transferring property rights to the leased object at a specific time following the lease agreement (hasbi, 2005). thus, it can be seen that the imbt law is not found in classical fiqh books, but islam that muamalah has freedom as long as it does not hit the prohibition. the explanation of the muamalah chapter is contained in the http://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 435 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 fiqhiyah rules: “everything permissible, unless there is evidence that forbids it.” so in the implementation of imbt, when there are no elements prohibited by religion, the law is permissible. the definition of imbt is also written in positive law that regulates lks activities starting from the ri law no. 21 of 2008, attachment to bank indonesia circular letter no. 5/26/bps/2003 concerning guidelines for accounting for indonesian sharia banking, page 111, book of codification of sharia banking products, attachment sebi no. 10/31/ dpbs dated october 7, 2008, regarding sharia bank products and sharia business unit pbi no. 10/17/ pbi/2008 dated september 25, 2008, and psak no. 107 (ijarah accounting). the positive law above states that the definition of imbt follows the definition of ijarah muntahiya bittamlik. 27/dsnmui/iii/2002 concerning al-ijarah almuntahiyya bi al-tamlik, which is meant that a lease-purchase (al-ijarah almuntahiya bi al-tamlik), namely a lease agreement accompanied by the option of transferring ownership of the object leased, to the lessee, after the end of the lease term (nasrulloh, 2016). the civil code article 1319 mentions two groups of agreements and, by law, are given a unique name called agreements, and agreements that are not known by law by a specific name are called anonymous agreements (daffa muhammad dzubyan, 2019: 194).1 the birth of an unspecified agreement is based on the freedom of contract autonomy principle, which applies in contract law (daffa muhammad dzubyan, 2019: 195).2 one of them is the imbt agreement. the imbt agreement is not clearly explained in the civil code, so this agreement is categorized as an anonymous agreement. however, the unnamed agreement is still based on the provisions of the civil code, as regulated in article 1319, which mentions: “all agreements, both those that have a special name or those not known by a certain name, are subject to the general rules contained in this chapter and the last chapter.” this article states that any agreement, whether regulated in book iii of the civil code, chapter v to chapter xviii and contained outside book iii of the civil code, is subject to the general provisions of book iii and book ii. so that 1 daffa muhammad dzubyan dkk, analisis akad ijarah muntahiya bittamlik (imbt) dalam perspektif hukum islam dan hukum positif di indonesia, jurnal amwaluna: jurnal ekonomi dan keuangan syariah vol. 3 no. 2 juli (daffa muhammad dzubyan, 2019: 194) 2 daffa muhammad dzubyan dkk, analisis akad ijarah muntahiya bittamlik (imbt)..., p. 195 http://journal.uinjkt.ac.id/index.php/iqtishad 436 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the imbt contract, even though it is included in the category of an anonymous agreement, is still subject to the provisions of the civil code. the urgency of fifh rules “commiting the lesser of two vices” in islamic financial institution product. islamic financial institutions have two forms: islamic bank financial institutions (islamic banks) and non-bank islamic financial institutions. then with the permissibility of the dual banking system, commercial banks can create sharia business units (uus). based on the january 2020 islamic banking statistics data, there were 14 sharia commercial banks and 20 uus in indonesia. when carrying out its activities, islamic banking must follow the rules in sharia, the qur'an, and sunnah. the two sources of law are still global, so to accommodate new problems for which there is no confirmation of the law in the qur'an and sunnah, islamic fiqh experts (fuqaha) try to explore global arguments to find the laws by using ijtihad. it should be noted that ijtihad cannot be separated from the qur'an and sunnah. this is because ijtihad is carried out by (1) using the qiyas method on something that has been established by law in the qur'an and sunnah, (2) examining general rules (al-qawanin al-'ammah) and universal values (al-qawanin al-'ammah). al-mabadi al-kulliyah) contained in the qur'an and sunnah, and (3) adapting it to the aims and objectives of the shari'a (al-maqashid al-shari'ah), which is also included in the qur'an and sunnah (a. djazuli, 2006). one of the rules that islamic banking in indonesia must be followed is the fatwa of the mui national sharia council. dsn mui in formulating the form of contract for lks takes two interconnected ways, namely (amir syarifuddin, 2009): 1. apply the provisions in the fiqh muamalah in a format that is according to the prevailing practice of financial activities. the procedure carried out by islamic banks is funding, namely the function of banks as collecting funds from people who have excess funds and channeling them to those in need, most of which is the application of fiqh muamalah. an example of this method is the dsn fatwa on murabahah 2. islamization of conventional banking activities and products by eliminating prohibited elements by religion, replacing them with practices that are not prohibited by religion. an example of this method is the dsn fatwa number 27/dsn-mui/iii/2002 concerning al-ijarah almuntahiyah bi alhttp://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 437 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 tamlik. this contract is a contract of lease-purchase or leasing running in the community. it was then modified in such a way by eliminating elements that are prohibited by religion. the development of lks in indonesia still faces obstacles. according to prof. abdul manan, government regulations in islamic banking and solutions have not overcome the problems of developing lks and islamic banks. meanwhile, efforts to realize a more comprehensive law have also not been adequate in islamic banking development. (arief budiono, 2017). based on the research data obtained, there are several obstacles to applying the dsn-mui fatwa in implementing islamic banking. as in the case of the application of the dsn fatwa to be binding on all islamic banking, it will be absorbed by bank indonesia into pbi (bank indonesia regulations) or absorbed by the financial services authority into pojk (financial services authority regulations). however, several fatwas are considered challenging to apply in banking regulations, this is one of the obstacles encountered in the development of sharia banking business. in this case, bank indonesia acknowledges that the obstacles faced are related to the applicable positive law, which is often not in line with islamic law. in positive law, it only recognizes debt and receivable transactions in banking, so the mui fatwa related to mudharabah, musyarakah, ijarah, and others cannot be implemented entirely. based on the fatwa that the object of the lease belongs to the bank, the certificate should be in the bank's name, not in the customer's name. then the example of the regulation is not in line with the fatwa that occurs in the imbt contract. if it is implemented, it will cause high costs such as tax regulations. even government policies are often obstacles to implementing the dsn-mui fatwa by lks. for example, the double tax once applied to murabahah contracts (because the goods must be purchased first by the bank and then sold to the customer) (laporan akhir penelitian hukum tentang kedudukan fatwa mui, 2011). problems such as the above are one of the reasons for islamic banking to modify financial products so that sometimes they are not following the fatwa of the mui dsn or even pose a danger (dharar) because they violate sharia rules. the discussion about the legal status of the issue becomes important because there are things that give rise to benefits (mashlahat) and bad things (mafsadat). while the law can be formed by examining the benefits and mafsadah by considering the http://journal.uinjkt.ac.id/index.php/iqtishad 438 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 level of dominance between the two. therefore, it is necessary to explore more with the ijtihad method to find out its legal status. one of the products of ijtihad is the use of fiqh rules by equating 'illah contained in general arguments to specific events. because it discusses the problem of danger (dharar), there are fiqh rules derived from the hadith of the prophet saw, and it says, “it is not permissible to cause harm and repay harm.” imam as-suyuthi, mentions this rule with the lafadz, which means; the harmful should be removed (as-suyuthi, 1958). based on that rule, several other laws were born that have the same concept as the main rule, one of which is the applicable rule; when there are two opposing challenges, it must be maintained that the more danger is to work on the lighter, the two. this rule explains that if an action contains two damages (mafsadat), then the lighter mafsadat should be chosen (duski ibrahim, 2019). this istiqrai of ijtihad is used as its acceptability in finding solutions to furu'iyah problems that continuously appear and develop until the future. the principles of fiqh in the field of savings economy legitimize all economic activities of muslims in various areas of transactions, both those related to mono-contract and multi-contract transactions. examples of mono contract transactions or single contracts are buying and selling, renting, pawning, debts that are tailored to the needs of contemporary society's economic activities. when multi-contract transactions are needed, islamic economics will examine contracts that can be combined so that they do not attack islamic economic values. for example, many people make lease-purchase transactions for motorized vehicles, housing, electronic goods, and others, so a contract is made such as a lease-purchase that does not comply with islamic rules, namely the imbt contract. then the concept contained in the imbt is captured by the laws of fiqh for the regulations for other agreements. application of the fiqhiyyah rules; committing the lesser of two vices in the wa'ad imbt contract in the context of legal worship that is limited in nature, there should be no additional elements, and it applies that all things are prohibited, except for provisions based on the qur'an and hadith. meanwhile, in the case of muamalah, it is free and flexible, meaning that everything can be done unless there is an argument that prohibits it. when a new transaction exists and has not been previously recognized in islamic law, then the transaction is considered acceptable unless there http://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 439 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 are implications from the arguments of the qur'an and hadith which prohibit it, either explicitly or implicitly. thus, in the field of muamalah, all transactions are permitted except those that are forbidden. transactions are not permitted for the following reasons (adiwarman, 2011): 1. haram substance (haram lidzatihi) 2. haram other than the substance (haram li-ghairihi) 3. the contract is invalid. for the third factor, it is not seen from the object. still, in terms of the contract, so it is not included in the category of haram li dzatihi or haram li ghairihi, but the factor of the contract affects whether a transaction is halal or not. because if it is found that there is a possibility that the agreement is invalid or incomplete, then the transaction becomes illegitimate. a transaction is considered invalid or incomplete if one (or more) of the following factors occur: 1. pillars and conditions are not met. pillars are things that must be fulfilled in a transaction. in general, the pillars in the economic field are actor, object, and consent, and qabul. in addition to the pillars, the factors that must exist to make the contract valid (complete) are conditions. condition is something whose existence completes the pillars (adiwarman, 2011: 45). an example is that the transaction person is mature and reasonable. if all the pillars are fulfilled, but there are deficiencies in the conditions, it will not cause the transaction to become fasid (damaged). 2. ta'alluq ta'alluq occurs when there are two interrelated contracts, then the validity of contract 1 depends on contract 2. for example, zaid sells a car for rp. 50,000,000 in instalments to budi, on the condition that budi must resell the goods to zaid in cash for rp. 40,000,000. this type of transaction is haram because there is a condition that zaid will sell the car to budi on the condition that budi sells the vehicle to zaid again. 3. there are two contracts in one transaction (two in one) two in one is the entry into force of one transaction accommodated by both contracts at once. the impact of this contract model is that there is danger (dharar) and uncertainty (gharar) about which contract will apply. http://journal.uinjkt.ac.id/index.php/iqtishad 440 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 henceforth, the implementation of the imbt contract has several descriptions of the contract. wahbah zuhaili explained that there were nine pictures of the contract that took place (wahbah zuhaily, 2002): 1. the lease is accompanied by a promise to sell object of lease to customer at the end of the lease term. this is done by the bank when the ujrah/rent has been commensurate with the bank's purchase price plus the profit determined by the bank. this type of contract is considered permissible by the sharia. 2. the lease is accompanied by a promise to provide/grant. namely, the bank offers the object of the lease to the customer at the end of the lease. this is done by the bank when the ujrah/rent has been commensurate with the bank's purchase price with added profits earned by the bank. the sharia does not prohibit this type of contract. 3. rent renting and buying and selling co-occur. the sharia prohibits the transaction model, except that the malikiyah school allows this contract model arguing that rent and sale are not mutually exclusive contracts. 4. contract (ijarah) lease and contract ba'i (sale and purchase) occur simultaneously and are then given additional khiyar rights conditions until a specific time. this contract model is like the previous contract model. this type of contract is allowed because the two contracts are not executed simultaneously. the practice in this contract is that the customer enters into a rental contract with the mitsl price or market price and then adds the khiyar rights. the condition is that the customer has the right to get the ownership rights to the object of the lease within the rental period. as for the practice, a ba'i (buying and selling) contract will be made according to the price prevailing in the market. 5. the lease (ijarah) contract and the ba'i (sale and purchase) contract occur separately, starting with a lease contract which then if there is a desire on the part of the lessee to own the object, the tenant will buy it at the agreed price. 6. the ijarah contract is coupled with khiyar rights at the end of the lease period. the customer can choose one of the three contract models offered, a) the customer can pay the object of the lease based on the market price, b) resume the lease period, c) terminate the lease contract. the sharia permits this type of contract. 7. the bank purchases the customer's property for 500 million, then leases the object to the customer. then the bank will return the object's ownership to the customer by making a ba'i contract or grant with a total 550 million. this http://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 441 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 contract model is like the bai 'inan contract model, and the sharia prohibits the law. 8. lease contract with the condition that the object of the lease will be sold to the customer. this type of contract includes bai 'mu'allaq, which is forbidden. 9. a grant contract with the condition that the object's price for rent is paid at the end of the lease period. the sharia does not prohibit this contract model because the grant contract is included in the tabarru' contract category. reviewing the dsn mui fatwa on imbt and the dsn fatwa on wa'ad, concluded that the implementation of imbt in indonesia number 1 and 2 is a lease agreement with an agreement to sell or grant ownership of leased goods. at the end of the lease term, this right is given to the customer because the rental price is commensurate with the purchase price. plus the expected profit of the bank. these two types of contracts are considered permissible by the sharia. however, what is stated in the fatwa is sometimes different from the practice in the field. based on several studies, it is stated that the implementation of imbt by islamic banks in indonesia has combined two contracts, namely leasing and buying and selling. the transfer of ownership rights are proved to the object being leased to customer by writing a certificate in the customer's name starting from the beginning of the contract. the agreement was written to avoid double taxation, but at the end of the lease period, no ba'i or grant contract was made. the statement strengthens that the object is the responsibility of the musta'jir. if the rented object is damaged or loses its economic value, the musta'jir still pays ujrah. the following are the risks and benefits of waad mulzim in the imbt contract: table 1. risks and benefits for the bank party risk benefit bank ta'aluq occurs in the contract get legal certainty there is a risk of conditional buying and selling the object of the lease does not change ownership new fee for changing the name of the rental object changing the tabarru' wa'ad into muawadhat http://journal.uinjkt.ac.id/index.php/iqtishad 442 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 table2. table 1. risks and benefits for the customers party risk benefit customer feel that you own the object of the lease get legal certainty get a burden for the cost of maintenance and repair of the rental object feel calm because the customer will have the rental object after completing the rental payment at a predetermined tempo felt bound by the agreement when he couldn't afford the rent reimburses the costs incurred by the bank in the promise. furthermore, the author discusses imbt using a non-binding wa'ad as written in the dsn fatwa number: 27/dsn-mui/iii/2002 about al-ijarah al-muntahiah bi al-tamlik, namely in the second decision, namely regarding provisions regarding al-islam. -ijarah al-muntahiyah bi al-tamlik. 1. the party performing al-ijarah al-muntaiah bi al-tamlik must implement the ijarah contract first. the transfer of ownership contract, either by buying or selling or giving, can only be made after the ijarah period. 2. the promise of transfer of ownership agreed at the beginning of the ijarah contract is wa'ad, which is not legally binding. a transfer of ownership agreement must be made after the ijarah period if the promise is to be carried out. the description of imbt implementation with non-binding wa'ad as described by wahbah zuhaili above is: 1. lease agreement promises to sell the leased object to the customer at the end of the lease term. the rent's last payment is considered the purchase of the object of the lease because the rent has already covered the purchase price and fulfilled the profit expected by the bank. so this type of contract is allowed by the sharia. the above contract explains that imbt begins with a lease agreement first, then this lease agreement is coupled with the bank's promise to sell the leased object to the customer. so the object of this lease remains the bank's property, and the bank is not obliged to take care of the promise because the promise is not binding. likewise, the customer is not obliged to pay for the maintenance and repair of the leased object because the customer feels that he does not own it. if the customer cannot pay the rent, then the ijarah contract is completed and does not cause harm to both http://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 443 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 parties. and if the customer wants to own the object of the lease, a new sale and purchase contract is made so that the function of wa'ad in this imbt contract is only a liaison between the ijarah contract and buying and selling, which is not binding. 2. the lease agreement is accompanied by an agreement to provide (grant) the goods to be leased to the customer at the end of the lease period. the grant contract is made because the ujroh is commensurate with the purchase price plus the bank's profit margin. the sharia permits this contract. the explanation above means that conducting a contract is the first step of imbt with a lease agreement first, and then this lease agreement is coupled with the bank's promise to grant the lease object to the customer. so the object of this lease remains the bank's property, and the bank is not obliged to take care of the promise because the promise is not binding. likewise, the customer is not obliged to pay for the maintenance and repair of the leased object because the customer feels that he does not own it. if the customer cannot pay the rent, then the ijarah contract is completed and does not cause harm to both parties. and if the customer wants to own the object of the lease, the customer is obliged to settle the rental fee until the rental period ends. after that, a new contract is made, namely a lease object grant to the customer. so, the function of wa'ad in the imbt contract is only as a liaison between the ijarah contract and the non-binding grant. the first party who promises the second party to buy something, or qardh, or give something cannot be legally prosecuted (qadhā') to carry out his contract. still, the first party is recommended by religious law to fulfill his promise (jaih mubarok dan hasanudin, 2012). the commitment is non-binding and obligation to fulfill the promises, conveyed by wahbah al-zuhaylī based on the opinions of the hanafi jurists (al-syarkhasī and ibn 'ībidīn), mālikiyyah (shaykh ilyās), shafi'iyyah (imam al-nawawī and ibn allan), hanabilah (imam al-bahutī), and al-zhahiriyyah (ibn hazm). they argue that the law of carrying out promises is not mandatory in terms of positive law (qadhā'iya). still, fulfilling promises is punishable by mandûb (read: sunnah) and is considered an act that reflects noble character (makārim al-akhlāq). with a non-binding promise in the imbt contract, the customer will get a reasonable rental price (according to the market), and the customer has three choices (khiyar rights) in the continuity of the contract, which are: http://journal.uinjkt.ac.id/index.php/iqtishad 444 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 1. the customer can buy the rental object according to the market price. this option is possible when the customer feels it is suitable and can buy the leased object after using the leased object for some time. 2. extend the rental period. this option is possible when the customer feels it is suitable to take advantage of this rental object after the rental period is over. however, the customer has not been able to buy the leased object, so that the customer only continues the ijarah agreement with the bank by paying a rental price that is following the market. and the customer is not obliged to pay for the maintenance and repair of the rental object. 3. ending the lease. this option is possible when the customer cannot pay the rent or is not suitable for utilizing the object of the lease. in islamic law for the formation of a contract (agreement) must meet the pillars and conditions of the contract. the terms of the contract are divided into four types, namely; (1) the conditions for the formation of the contract (syuruth al-in'iqad), (2) the conditions for the validity of the contract (syuruth ash-shihhah), (3) the conditions for the validity of the legal consequences of the contract (syuruthan-nafadz) and (4) the conditions for binding the contract (syuruth alluzum), (syamsul anwar 2007). there are several conditions for imbt wa'ad without conditions for the formation of a binding contract, such as the existence of a contract, the validity of the contract, and the existence of legal force. the details are as follows. first, the terms of the contract form, which means something that must exist so that the syara recognizes the form of a contract'. akad in syar'i implies the relationship between consent and qabul in a way allowed by the shari'a and directly influences (daeng naja, 2011). the conditions for the existence of the contract are complete pillars and the fulfillment of special conditions. what is meant by special requirements are additional conditions such as the presence of witnesses. therefore, for the imbt contract to be tangible, it must be written on paper (notarial) or under the hand witnessed by at least two witnesses. the imbt contract will be realized when the general and specific conditions are met. second, the contract's validity is when the contract does not contain elements that damage the contract. namely, five things can damage the validity of the contract, 1) the element of gharar (unclear types that can cause disputes), 2) there is an element of coercion, 3) limiting property rights. on an item, http://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 445 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 4) there is gharar (element of deception), 5) there is dharar (danger) in the implementation of the contract. so in implementing imbt, it is necessary to refer to the dsn fatwa number: 27/dsn-mui/iii/2002 concerning alijarah al-muntahiyah bi al-tamlik, pbi number: 7/46/pbi/2005, and the sharia economic law compilation (khes) to avoid five things that damage this contract. third, the contract's validity will continue with two conditions, ownership of the object of the contract and no other people's rights (ahmad wardi muslich, 2013). in this imbt contract, the islamic bank acts as the owner of the imbt contract object and the party who rents it out to the customer. islamic banks and customers must be competent and able to carry out the provisions of the imbt contract. the object of the lease cannot change ownership unless a new contract is made. the leased object musta'jir becomes the property of the mu'jir during the lease period. after the lease period ends, there is a transfer of ownership rights to the customer by buying and selling or grants. fourth, the conditions for the existence of legal force are the requirements set by syara' relating to the certainty of a contract. the contract must be ilzam (certainty). suppose the validity of a contract cannot be ascertained, such as certain elements that give rise to the right of khiyar. in that case, this contract is in a normal condition of ghairu (uncertain), because each party has the right to interpret the contract or continue to enforce it (ghufron a. masadi, 2002). the dsn fatwa number 27/dsn-mui/iii/2002 in the second part regulates special provisions regarding the non-binding promise to transfer property rights, which invites multiple interpretations. first, the non-compliance can be interpreted as not being bound to make a promise to transfer property rights, and this provision is not in line with the intent of the imbt contract. second, it can be interpreted as not being bound to carry out the promises agreed in the imbt contract. provisions like this are not uncommon in contract law, which is seen as laws that are always binding and must be obeyed (firdaus muhammad arwan, 2009). if a contract has the freedom not to be implemented, then the imbt contract is not helpful and has no meaning and purpose. even what will happen is to cause persecution. tenants with an imbt contract will be disadvantaged if the lessors do not provide the object of the lease to them even though the tenant has paid instalments regularly. this kind of imbt contract is contrary to the purpose of the imbt contract, which ends with the transfer of property rights. http://journal.uinjkt.ac.id/index.php/iqtishad 446 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 table 3. the risks and benefits of waad ghoiru mulzim in the imbt contract for the bank party risk benefit bank cannot force the customer to buy a rental object ta'aluq does not occur in the contract making an imbt contract is useless when the customer cannot pay the rent. there is no conditional buying and selling risk can experience losses from the imbt contract because the customer does not buy the rental object do not change the tabarru' wa'ad into muawadhat they were not getting legal certainty so that customers could break promises. banks are not obligated to incur costs to fulfill customer promises table 4. the risks and benefits of waad ghoiru mulzim in the imbt contract for the customer party risk benefit customer the object of the lease can be withdrawn by the bank when the bank gets a higher offer from another party. don't feel like you own the object of the lease not getting certainty about the transfer of ownership of the leased object don't get burdened with maintenance and repair costs for rental objects he doesn't feel bound by the agreement when he can't afford the rent does not replace the costs incurred by the bank in the promise. as a consideration in choosing wa'ad mulzim or ghoiru mulzim, it will be explained what factors are behind the occurrence of the imbt contract both from the bank and the customer. if examined in detail and traced historically, we can conclude that this contract occurred because (sa'ad bin abdullah al-sibr 1429h): 1. the lessor obtains certainty that the leased item remains his property so that the lessee (buyer) cannot sell the leased item except after paying the object's price in full. the lessor (seller) can withdraw the leased object if the lessee (buyer) cannot pay off the payment. 2. this contract makes it easier for the tenant to get the desired object by paying installments on the price, and eventually, the object becomes his. without the requirement of a guarantor, which is usually required in buying and selling taqsith http://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 447 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 3. tenants who want to avoid taxes usually specified in some state rules. 4. tenants can easily have rental objects after paying the rental installments and save financial institutions' expenses. the bank guarantees that the object of the lease remains their property. this aims to reduce losses if there is a risk of default on the part of the customer, and the customer cannot own and sell the object unless there is a transfer of contract ownership. then from the customer's side, it will be facilitated by utilizing the rental object by issuing a rental fee that he can pay, and then finally, he can own the rental object. in the imbt contract, it can result in dharar if the implementation of the imbt contract is not following the sharia rules described in the dsn mui fatwa. the imbt contract begins with an ijarah contract, so during the ijarah period, the ijarah provisions apply. at the end of the lease period, a new contract is made, namely a ba'i contract or a grant for the transfer of ownership from mu'ajjir to musta'jir. when the rental period does not follow the applicable laws regarding ijarah, then there is the possibility of dharar. wahbah zuhaili explained that some dharar are absolutely prohibited, and there are also dharar that are allowed because they are qalil or mauhum. further, there are also dharar that is absolutely prohibited: 1. qosdu al-dharar aims to harm oneself or others. it seeks to damage or not provide mashlahah, such as a husband referring to a divorced wife to persecute him, the husband is seriously ill, then divorces his wife so that his wife cannot inherit. 2. qosdu gharad ghoiru masyru' has a purpose that is not prescribed, such as a temporary marriage contract for intermediaries to justify a woman (wife) who has been divorced three times even though marriage is a permanent goal. the ba'i contract as an intermediary for usury that occurs in ba'i 'inah. 3. dharar 'adzom min al-maslahah, this dharar is more significant than bringing good. when someone does something to get mashlahah, but it results in a greater dharar or equal to the desired mashalah, the act is prohibited to prevent harm (sad lildzarai'). there are two permissible dharar, which are qolil and mauhum dharar, and the following is an explanation: a. dharar qalil is a hazard of small value, such as someone who builds a wall/fence or plants a tree in the yard and blocks light or air from entering the neighbor's house. this act is considered a small dharar because there is a more significant benefit for the house owner. http://journal.uinjkt.ac.id/index.php/iqtishad 448 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 b. dharar mauhum, namely the danger of a weak or false assumption. like dharar because the high birth rate will result in economic difficulties. this is considered dharar mauhum because allah has prepared everything on earth to meet the needs of his creatures, as stated by allah in surah al-anfal verse 96 and al-maidah verse 66. considering the risks and benefits of the research of imbt contract, the dsn-mui provided a fatwa number two; there is no binding promise. the promise (wa'ad) in sharia financial and business transactions is mulzim and must be fulfilled (fulfilled) by wa'id by following the provisions in this fatwa. this step follows the purpose of forming a fatwa, namely achieving benefit and following the rules of fiqhiyah “committing the lesser of two vices”. the rules of fiqhiyah play a significant role in life when we are faced with two things in which there are risks/dangers. so we choose to do something with the least or lightest level of risk. by setting a binding promise in imbt contract, both the bank and the customer will face risks. however, the value of the benefits to be obtained between the bank and the customer is much greater, namely the existence of legal certainty and contract certainty, so that the rights and obligations between the parties can be adequately implemented. conclusion the legal basis of the imbt contract based on islamic law/fiqh is not explained in classical fiqh books because this contract is nameless (ghoiru musamma). however, after researching that this contract is a combination of a lease and sale contract associated with a promise or deal, the fiqh will allow it under certain conditions. one of the critical conditions for the permissibility of this contract is that the duration of the two combined contracts cannot be concurrent. the determination of the helah is allowed in imbt because it is based on the difficulties that occur, namely the merging of two contracts that can lead to dharar and gharar. the helah which is prescribed (masyru') is as makharij syar'iyyah. the application of wa'ad mulzim in the imbt contract is based on the benefits achieved, namely the ongoing contract and legal certainty. by using the rule “committing the lesser of two vices”. the selection of wa'ad mulzim is exact considering doing more minor hazards by avoiding more considerable dangers. the danger posed is that it causes difficulties (masyaqqah), knwn as an ambiguity in the contract. in the imbt contract, the focus is on legal certainty http://journal.uinjkt.ac.id/index.php/iqtishad muh. fudhail rahman. the issues of wa’ad imbt in the fatwa dsn mui 449 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 regarding the rights and obligations of the parties. this legal certainty will be realized when the wa'ad used is mulzim. reference al-ainī, badrudin mahmūd, (1979). umdah al-qāri syarh ṣaḥīḥ al-bukhāri, beirut: dār al-fikr. al-hasun, (2005). al-ijarah al-muntahiya bi al-tamlik fi al-fiqh al-islam, maktabah misyikah al-islamiyyah. ali munif, nasrulloh, (2016). analisi akad ijarah muntahiya bittamlik, ahkam, 1 (4), 57-80. https://doi.org/10.21274/ahkam.2016.4.1.57-80 al-syarbāshi, ahmad, (1981). al-mu’jam al-iqtishādi al-islāmī, kairo: dār aljail. antonio, m. s., (2001) bank syariah: dari teori ke praktik. jakarta, gema insani dan tazkia cendekia. anwar, syamsul, (2007). hukum perjanjian syariah studi tentang akad dalam fiqih muamalat, jakarta: raja grafindo perkasa. djamil, fathurrahman, (2012). penerapan hukum perjanjian, sinar grafika, 2. dzubyan, daffa muhammad, (2019). analisis akad ijarah muntahiya bittamlik (imbt) dalam perspektif hukum islam dan hukum positif di indonesia. amwaluna: jurnal ekonomi dan keuangan syariah, 3 (2) 181-196. https:// doi.org/10.29313/amwaluna.v3i2.4304 dzubyan, daffa muhammad dkk, (2019). analisis akad ijarah muntahiya bittamlik (imbt) dalam perspektif hukum islam dan hukum positif di indonesia. amwaluna: jurnal ekonomi dan keuangan syariah, 3 (2) 181-196. https://doi. org/10.29313/amwaluna.v3i2.4304 hasbi ramli, (2005). teori dasar akutansi syariah, jakarta:renaisan. ibrahim, duski, (2019). al-qowaid al-fiqhiyyah. palembang: noerfikri. karim, adiwarman a., (2011). bank islam analisis fiqih dan keuangan, jakarta: pt. raja grafindo persada. masadi, ghufron a., (2002). fiqh muamalah kontekstual. jakarta: rajagrafindo persada. mubarok, jaih dan hasanudin, (2012). teori al-wa‘d dan implementasinya dalam regulasi bisnis syariah” ahkam, 2(12), 79-88. doi: 10.15408/ajis. v12i2.968 muslich, ahmad wardi, (2013). fiqh muamalat, jakarta: amzah. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.21274/ahkam.2016.4.1.57-80 https://doi.org/10.29313/amwaluna.v3i2.4304 https://doi.org/10.29313/amwaluna.v3i2.4304 https://doi.org/10.29313/amwaluna.v3i2.4304 https://doi.org/10.29313/amwaluna.v3i2.4304 https://doi.org/10.15408/ajis.v12i2.968 https://doi.org/10.15408/ajis.v12i2.968 450 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 naja, daeng, (2011). akad bank syariah. yogyakarta: pustaka yustisia. soekanto, soerjono, (2001). peneitian hukum normatif, jakarta: rajawali pers. syarifuddin, amir, (2009). ushul fiqh, jakarta: logos wacana ilmu. zuhaili, wahbah, (2002). al-muamalat al-maliyah al-mu’ashirah, damaskus: dar al-fikr. http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 289 302 the role of investment-based islamic crowdfunding for halal msmes: evidence from indonesia zaki abdullah1, akhmad akbar susamto2 abstract. investment-based crowdfunding can serve as an alternative financing tool for micro, small and medium enterprises (msmes) in indonesia. the development of these services can also boost the progress of halal industry because both have integrated relationships. however, not all funding campaigns for crowdfunding services are successful. this study aims to analyze the development of islamic crowdfunding business in indonesia and factors affecting the success of funding campaigns in these services. primary data obtained through interviews and literature review while secondary data is collected from 39 funding campaigns in 4 islamic crowdfunding online services. using a quantitative approach, it finds that funding target, campaign duration, payback periods and rate of return have positive effects on campaign success, while a minimum amount of investment has a negative effect. finally, swot analysis was conducted to find out the challenges and opportunities for the halal industry in utilizing such islamic crowdfunding service. keywords: crowdfunding, islamic financial technology, halal industry, investment abstrak. crowdfunding berbasis investasi dapat menjadi sarana pembiayaan alternatif bagi umkm di indonesia. berkembangnya layanan tersebut turut mendorong kemajuan industri halal karena keduanya memiliki hubungan terintegrasi. namun, tidak semua kampanye pendanaan pada layanan crowdfunding berhasil. penelitian ini bertujuan untuk menganalisis perkembangan usaha crowdfunding syariah dan faktor-faktor yang memengaruhi keberhasilan pendanaan pada layanan tersebut. data primer diperoleh melalui metode wawancara dan kaji literatur sedangkan data sekunder diperoleh melalui 39 kampanye pendanaan pada 4 situs crowdfunding syariah. target pendanaan, durasi kampanye, jangka waktu pengembalian dan tingkat bagi hasil memiliki pengaruh positif terhadap keberhasilan kampanye, sementara jumlah minimal investasi memiliki pengaruh negatif. setelah melakukan penelitian dengan pendekatan kualitatif dan kuantitatif, analisis swot dilakukan untuk mengetahui tantangan dan peluang bagi industri halal dalam memanfaatkan layanan crowdfunding. kata kunci: urun dana, fintech syariah, industri halal, investasi 1,2graduate school university of gadjah mada-indonesia e-mail: 1zaki.abdullah@mail.ugm.ac.id, 2akhmad.susamto@ugm.ac.id mailto:1khaled.knd@hotmail.com vol. 11 (2), july 2019 290 introduction access to capital is a challenge for businesses in the micro, small and medium entreprises (msmes) sector and start-ups. crowdfunding is an alternative investmentbased financing for msmes and start-ups. msmes sector accounts for nearly 99.99% of the total businesses in indonesia (kemenkop ri, 2017). in 2017, the number of loans proposed by msmes was 942.4 trillion rupiah (badan pusat statistik, 2018). this figure reaches half of indonesia's national revenue and expenditure budget (apbn). the central bank of indonesia (2018) stated that indonesia, as a country with a majority muslim population, has great potential to expand the market share of its halal industry. one of the strategies to develop such potential is empowering halal msmes through financial technology (fin-tech). one of such financial technology services are peer-to-peer lending services to provide cash loans from lenders directly to fund beneficiaries. through access to direct investment from technology-based communities, it can promote the growth and development of msmes. the indonesia islamic economic masterplan 2019-2024 launched by the ministry of national development planning (bappenas) recommends that in developing halal products, financing must be derived from islamic finance to maintain its integrated halal value chain. msmes can access sources of funding internaly and externaly. internal funding sources come from personal savings, family and friends (wati & winarno, 2018). external sources of funding come from bank loans, leasing and venture capital providing larger amounts of fund (fahmi, 2014). in the digital era, financial digitalization provides many conveniences in conducting transactions. the investment process can also be done through the collection of funds via online sites. the government of indonesia, in this case the financial services authority (ojk), began to pay more attention to this crowdfunding service in 2016 with the issuance of a regulation governing information technology-based lending (peer to peer lending) and in 2018 with the issuance of the regulation on equity crowdfunding services. peer to peer lending services can also be carried out through the crowdfunding mechanism by various investors in fintech companies. however, the existing regulation has not stipulated comprehensive rules regarding islamic finance. based on the background above, there are three objectives of this study, namely: firstly, identifying the development of islamic crowdfunding in indonesia; second, analyzing the factors influencing the success rate of funding campaign in investment-based islamic crowdfunding platform; third, analyzing the challenges and opportunities for halal msmes using islamic crowdfunding platform. http://journal.uinjkt.ac.id/index.php/iqtishad 291 literature review islamic crowdfunding crowdfunding is one of the investment platform in financial technology. it consists of four elements: payment, financial advisor, aggregator and investor. initially, crowfunding was a participatory online activity where individuals, institutions, nonprofit organizations or companies propose to other groups of individuals, through flexible communication, to perform a voluntary task and provides benefit each other, using their respective capacities such as expertise, funds, knowledge and experience (arolas and de-guevara, 2012). the fundraising method concept through the crowd is actually not a new phenomenon, but the term crowdfunding was first coined in america in 2003 (freedman and nutting, 2015). it is to involve the 'crowd’ or the wider community to obtain funds, ideas, feedback and solutions for a business activity (belleflamme et al., 2014). beaulieu et al (2015) said that crowdfunding is a new term used to collect money from many people who have different backgrounds to participate in the economy and aims to finance each other based on specific needs and criteria. thus, crowdfunding is a fundraising technique from the wider community for a project or business by utilizing the internet network. in table 1, there are several islamic crowdfunding models. table 1. islamic crowdfunding model financing for crowd model potential beneficiary contracts charity donation microfinance hibah, qard hasan product reward microfinance sale small entreprises startups investment debt microfinance murabahah ijarah small entreprises equity microfinance diminishing musharakah startups musharakah source : (marzban s et al, 2014) the first model of funding is a donation-based crowdfunding. its purpose is to collect donation funds for social projects such as building schools in the village, renovating orphanages, helping disasters, paying zakat, endowment fees and so forth. http://journal.uinjkt.ac.id/index.php/iqtishad vol. 11 (2), july 2019 292 people who deposit the funds are called donors, as they do not receive any return on the capital they spend. in indonesia, there are several platforms that accommodate this donation-based crowdfunding service such as kitabisa.com, wujudkan.com and ayopeduli.com. the next model of crowdfunding services is reward or product-based funds. the depositor will not get a return on the funds deposited rather get gift or other reward in the form of unique and rare services or rights. the type and amount of the prize depends on the paid up capital. this type of funding is usually used to finance creative industry projects such as start-ups and games and so on. indiegogo.com and kickstarter.com are some examples of such services. the last model of crowdfunding services is investment-based. there are two types of investment-based models: loans/financing-based and equity/ownership-based. in this service, capital depositors are referred as investors, because they will get the return or profit sharing promised by those who apply for funding campaign through the crowdfunding platform within a certain period. the minimum investment amount has various levels, starting from idr 50,000 up to idr 1,000,000 with different levels of risk and return. dewi (2018) showed that people in indonesia have a high intention to invest in fintech peer to peer lending. in indonesia, a few islamic crowdfunding platforms have official permits from the financial services authority (ojk). the difference between islamic and conventional crowdfunding services lies in the contract used, the contract in the transaction that takes place in the islamic crowdfunding service is overseen by the sharia supervisory board (dps) of the mui to ensure that there is no element of maysir (speculation), gharar (uncertainty) and riba (usury). in addition, partners who are owned by islamic crowdfunding business services are islamic cooperatives and baitul mal in certain areas, so that the elements of supervision and assistance are also carried out in accordance with sharia provisions. currently, investment-based crowdfunding services are still dominated by services that provide financing compared to share ownership. when compared with other crowdfunding models, the type of equity-based crowdfunding is a new phenomenon. each country has different regulations regarding this type of fund collection service (lukkarinen et al, 2016). this sort of equity-based fund is also often referred as a mini-initial public offering (ipo) (freedman & nutting, 2015). in indonesia, the government has just released regulations regarding the equity-based crowdfunding service in december 2018. although the crowdfunding service has succeeded in collecting quite a large amount of funds, this investment-based fundraising model is new, so research on the topic, especially in investment-based http://journal.uinjkt.ac.id/index.php/iqtishad 293 crowdfunding services, is quite rare. the regulatory body governing the crowdfunding services using the investment-based model is the ojk (otoritas jasa keuangan/financial services authority as stipulated in law number 21 of 2011 concerning the financial services authority. whereas the type of donation and reward-based funds is regulated under the law number 9 of 1961 concerning the collection of money or goods. halal msmes apriliani (2019) argues that the understanding of msme owners on financing using the crowdfunding services is still low. most of them only know the term of lending with certain interest rate so they are afraid of not being able to pay in installments. there are several factors influencing msmes to borrow funds through peer-to-peer platforms such as to develop businesses, see affordable loan interest rates, fast and easy loan processes and the need for funds. other variables such as behavior patterns, income levels of business owners, prestige and habit also influence msmes to take loans through peer to peer lending services (murdwiyanto, 2018). building a halal industry needs an integrated shariah-compliant system starting from the financing, regulation, technology development and research stages. the financing aspect is one of the catalysts for msmes to develop their business while obtaining halal certification. the crowdfunding service adds an alternative for msmes besides borrowing from the banking sector to finance the development of their businesses, especially for micro businesses. microbusinesses have the smallest percentage in obtaining credit. this is due to the high risk of financing as well as the less promising rate of return considering that micro businesses are not bank-able (bps 2018). methods this study uses qualitative and quantitative approaches. primary data were collected by interviewing islamic fintech companies staff and reviewing literature on sharia crowdfunding. secondary data were collected from 39 campaigns from 4 crowdfunding sites that conduct sharia funding for msmes namely ammana.id, danasyariah.id, investree.id and gandengtangan.co.id, all of which are official registered finteches and under the supervision of ojk. then the data obtained were analyzed using multiple linear regression methods. the model of quantitative approach is as follows: http://journal.uinjkt.ac.id/index.php/iqtishad vol. 11 (2), july 2019 294 yi = success rate of islamic crowdfunding campaigns (%) b0 = intercept x1= funding target of msmes project (%) x2 = campaign duration (%) x3= minimal amount of investment (%) x4 = payback periods (%) x5= rate of return (%) ei= error ln= natural logarithm the quantitative approach is carried out to find out what factors influence the success rate of an islamic funding campaign on the crowdfunding service websites. a series of classical assumptions tests such as normality test, heteroscedasticity test and multicollinearity test were carried out before the f-statistics test and regression analysis. so the research model is obtained using the double-log method to meet the classical assumption test requirements. after knowing the results of the qualitative and quantitative analysis, a mapping was conducted on the strategy for halal msmes to optimally utilize the potential of digitalization of islamic finance through descriptive analysis using the swot (strengths-weaknesses-opportunities-threats) method. swot is a strategic planning method used to evaluate the project of a business. results and discussion islamic crowdfunding in indonesia in indonesia, the crowdfunding campaign to fund certain projects in many ways is quite common. for example in 2009 there was a "coin for prita" in the case of the corruption eradication commission (kpk). with the development of technology, the phenomenon of financial digitalization ensued, the concept of donations was raised to the online sites of each social institution. but social institutions prefer to collaborate with experts who have a fundraising service platform to raise funds. for example, the national amil zakat agency (baznas) collaborates with the kitabisa.com platform to collect zakat funds. then some individuals or religious institutions raise endowments through the crowdfunding service websites. starting from simply collecting funds for social activities, the idea has been developed into the crowdfunding site to be used for business facilities. until october 2019, there were 13 types of fintech businesses that use sharia principles from 144 official fintech lending companies registered in ojk that provide crowdfunding services for investment. however, ammana.id and danasyariah.id also provide fundraising services for social projects such as zakat, infaq and waqf. the other fintech financing companies run the conventional business type, however, they provide special fund-raising services for sharia financing, such as gandengtangan.co.id. http://journal.uinjkt.ac.id/index.php/iqtishad 295 table 2. registered islamic crowdfunding platform in indonesia no name website year registered 1 investree investree.id 2017 2 ammana ammana.id 2017 3 danasyariah danasyariah.id 2018 4 danakoo danakoo.id 2019 5 alamisharia p2p.alamisharia.co.id 2019 6 syarfi syarfi.id 2019 7 duhasyariah duhasyariah.com 2019 8 qazwa.id qazwa.id 2019 9 bsalam bsalam.id 2019 10 ethis ethis.co.id 2019 11 kapitalboost kapitalboost.co.id 2019 12 papitupisyariah papitupisyariah.com 2019 13 finteksyariah finteksyariah.co.id 2019 source: financial services authority (october 2019) there are only 13 fintech companies registered as sharia-based ones, however, there are other companies that run islamic crowdfunding business, even though it has not been officially registered and supervised by ojk such as indves.com. the legal basis governing the regulation of peer to peer lending sites is found in the regulation of financial services authority (pojk) no. 77 of 2016 concerning information technology-based money lending and borrowing services. however, there has been not yet any specific regulation that governs the sharia-based investment crowdfunding. in fact, such sharia-based financing urgently need the detail rules regarding fund services in accordance with sharia, such as the requirement for dps in fund collection services, sharia compliance principles, contract mechanisms, standard operating procedures (sops). the regulation regarding equity-based crowdfunding is stipulated in pojk no. 37 of 2018 concerning equity-based crowdfunding through information and technology services. similar to the regulation governing peer to peer lending, this regulation does not yet regulate islamic stock offering and the criteria of companies eligible to be included in the stock offering list. of course this needs to be resolved immediately in order to open up markets for people interested in islamic finance. there is still ‘only’ one fintech company that provide this equity-based financial service namely santara.id. in such a legal vacuum, mui issued fatwa no.117 of 2018 concerning information technology-based financing services based on sharia principles. it stipulates that the implementation of fintech must not conflict with the sharia principles such as the contracts or goods or services must avoid elements of maysir, http://journal.uinjkt.ac.id/index.php/iqtishad vol. 11 (2), july 2019 296 gharar, riba, and haram. the contract used in islamic fintech according to this fatwa is also in line with the musyarakah and mudharabah contracts in funding to business actors. this regulation is intended to develop islamic fintech in indonesia. therefore, fintech businesses wishing to apply for a permission for financing using islamic crowdfunding mechanism must go through the ojk, and then apply for mui certification. the equity-based crowdfunding service can also be used to fund start-ups, such as santara.id that provides such kind of service. however, there has been none of the start-ups that have offered shares through the official islamic crowdfunding site, and there is not even a startup that proposes for such islamic financing. start-ups in indonesia still propose financing to conventional fintech. the procedure for applying for funding to crowdfunding service site is quite easy. it only requires guarantees given by service partners, followed by due diligence and campaign processes. however, the outreach of the service is still quite limited. gandengtangan.co.id only reaches jakarta, bogor, depok, tangerang and bekasi (jabodetabek), ammana.id has not yet reached all of java and danasyariah.id has a smaller number of campaigns in the site than other sites (always less than 5 campaigns). in the funding submission procedure, the first thing to do by msmes is to contact the crowdfunding service. second, the crowdfunding service asks its regional partners to conduct surveys and due diligence. third, a field survey and assessment will be conducted by the partners on the msmes. the partners here are the islamic cooperatives or baitul mal. if the msmes are deemed unfeasible by partners, the campaign process is postponed until the business meets the eligibility requirements. however, if it is deemed feasible, the funding campaign process through the crowdfunding service site will begin. the average businesses funding proposal is usd 210 to usd 350 for the msmes in service and trade sectors. while, for the property sector, the amount of funding proposed for the crowdfunding campaign reached usd 34,700 up to usd 70,000. funding campaign are conducted from 2 to 30 days. if the funding target has not been reached, a re-bidding can be done up to a maximum of 3 times. however, not all funding was successful. after 3 offers have been made and have not been fulfilled, a discussion is held between lenders and business owners with the crowdfunding service as an intermediary whether they want to continue the financing or not. based on observations from 39 campaigns that took place in the last period of funding duration, the following are the success rates of the sharia funding campaign: http://journal.uinjkt.ac.id/index.php/iqtishad 297 table 3. success rate of observed funding campigns no success rate of crowdfunding number of campaigns 1 0-20% 13 2 21-40% 8 3 41-60% 9 4 61-80% 6 5 81-100% 3 total 39 source : computed by authors (2019) the object being observed is a funding campaign that originates from a 0% success rate that is just starting to air with a certain duration. then the success rate was assessed on the last day of the campaign. to overcome the low level of success, a rebroadcast was carried out on the site to collect funds to a maximum of 3 times. within a small funding target, funding success tends to be faster. although crowdfunding methods are popular, the data shows that 81% of total funding campaigns only reach the target of 20% of total funding (forbes dan schaefer 2017). it means the campaign has not been successful and must be re-aired or withdrawn. if the campaign already aired for 3 times and the funding target has not been fulfilled, the partner owned by fintech sharia can provide the shortfall of fund, because the partner is also an islamic finance institution. based on the observation, the average return on investment (roi) of the investment-based crowdfunding is higher than roi offered by islamic commercial bank (bus) or islamic rural bank (bprs). it reaches 12-16% p.a. for property projects and around 10-12% for msmes. in 2018, the average equivalent rate provided by bus and uus is only 5-6% per year, while bprs is 9-12% per year. furthermore, islamic crowdfunding services provide very clear information about investments made by investors compared to depositing funds in banks or buying shares. the crowdfunding site displays its business description, the business owner, the use of financing, the profit sharing estimates, the contracts used and the partners from the msmes. in 2019, the role of islamic crowdfunding in empowering msmes is recorded to have a success rate of funding of up to 96% with a total investor of more than 100,000 people and total funding disbursed more than usd 10,500,000. the role of islamic crowdfunding helps more than 6000 msmes in indonesia. with such potential, islamic crowdfunding still has a market to develop and assist existing msmes. moreover, recently there are ‘only’ 13 islamic fintech companies which provides crowdfunding services, a small number compared to conventional fintech companies. http://journal.uinjkt.ac.id/index.php/iqtishad vol. 11 (2), july 2019 298 success factors of funding campaign the success of the msmes funding campaign is influenced by several factors. in this study, 5 (five) variables were used to measure the success of the funding campaign carried out on the sharia fintech company website, namely the target of msmes project funding, duration of the funding campaign, minimum amount of investment, payback period and rate of return. after conducting a classic assumption test and ensuring that data is normally distributed and there is no multicollinearity and heteroscedasticity, the f-statistics using the analysis of variance (anova) table and a regression test is performed. f-statistics results 16.405 and a probability value of 0.000, therefore it can be concluded that the funding target variable, duration of the funding campaign, minimum amount of investment, payback period and the rate of return simultaneously influence the success rate of msme funding. thus, a regression analysis is performed to determine the effect of each independent variable on the dependent variable. but before the regression analysis is carried out, the model is evaluated first by looking at the r-square value on the results of data processing. after obtaining r-square value of 0.713, that can be concluded that 71.3% diversity of the level of success of sharia msme funding campaigns can be explained by funding target, campaign duration, minimum amount of investment, payback period and rate of return. other influential factors of 28.7% are explained by other variables outside the model. table 4. factors affecting the success rate of msme funding campaigns variables coefficient probability constant 2.493 0.030 ln funding target (x1) 0.316 0.020* ln campaign duration (x2) 0.022 0.287 ln minimum amount of investment (x3) -0.687 0.003* ln payback period (x4) 0.086 0.056 ln rate of return (x5) 1.409 0.000** r-square 0.713 prob (f-statistics) 0.000 notes: *) significant at 5% level, **) significant at 1% level based on table 4, it is known that there are three independent variables that have a significant effect at 5% level on the success of the msme funding campaigns, namely the funding target, minimum amount of investment and rate of return. the other variables have a significant effect at above 5% level of significance. the funding target variable has a positive effect on the success of the funding campaign, meaning that any increase in funding target of 1% will increase the success of the funding campaign by 0.316%, ceteris paribus. this figure shows that the low funding target also tends to provide low returns for investors, so the campaign is less attractive to http://journal.uinjkt.ac.id/index.php/iqtishad 299 fund if the target is too small. if the funding target is increased to a certain number, the financing provided will be spent more on assets in large quantities by business actors, so that the projected profit sharing rate will also go up. this was also proven by the analysis of the correlation between funding targets with the rate of return that shows a correlation number of 0.614 and significant at 1% level. a high funding target is followed by a high level of profit sharing occurring in the investment fundbased campaign. the duration of the funding campaign has a positive effect on the level of funding success, that means any increase in funding duration by 1% will increase the success rate of the funding campaign by 0.022%, ceteris paribus. not surprisingly, the long campaign duration will provide greater opportunities for projects that apply for funding to be funded by the community. this is consistent with the results of the interview where the duration of the funding campaign can be extended up to 3 times if the project has not been 100% funded. the next variable is the minimum amount of investment. it is the only variable that has a negative influence on the success of the msme funding campaign. based on the regression results, it can be concluded that each increase in the minimum investment amount by 1% will reduce the success rate of funding by 0.687%, ceteris paribus. the minimum investment amount for msmes in islamic crowdfunding services is currently idr 50,000 for micro businesses and idr 1,000,000 for property business. this means that the minimum investment figure is appropriately determined by islamic fintech companies, because if it is raised it will reduce the interest of the public to invest because the figure per unit of investment is too large. on the payback period, the variable has a positive effect on the success rate of funding campaign. based on the regression results, it can be concluded that each increase in the financing period of 1% will increase the success of the funding campaign at msme by 0.086%, ceteris paribus. this figure shows that the characteristics of investors in sharia crowdfunding services want to make long-term investments since the investors aim to maintain the value of their money, besides that they also do not need cash in the short term. the last variable is the rate of return. it has a positive and significant effect at 1% level. based on the results of the regression analysis, it can be concluded that each increase in the rate of return by 1% will increase the success rate of funding campaigns by 1.409%, ceteris paribus. this is very reasonable, because investmentbased crowdfunding are aimed at making a profit. the higher rate of return offered in a funding campaign, public will be more attracted to invest in the business through crowdfunding service compared to investing in other instruments or simply saving the funds. http://journal.uinjkt.ac.id/index.php/iqtishad vol. 11 (2), july 2019 300 strategy for halal msmes based on the results of the previous discussion, swot mapping was carried out to design an integrated development strategy between crowdfunding-based islamic fintech and halal msmes. table 5 shows the results of the swot analysis. table 5. swot analysis of islamic crowdfunding strengths weaknesses 1. high risk-high return 2. investor satisfaction in choosing suitable investment goal 3. easiness of invesment with affordable minimum amount of investment 4. integrated with the development of halal industry 1. not yet well-known by communities compared to banking sectors 2. business project become less flexible 3. limited number of islamic fintech 4. limited human resources in digital marketing and big data management 5. limited partners and areas opportunities threats 1. easiness of fund obtaining for halal msmes 2. the campaign is not only for funding but also marketing tools 3. open new employment 4. muslim as majority population in indonesia 5. increasing number of internet users 1. risk of business failure 2. the fraud possibility in the funding campaign of project 3. many of islamic fintech companies have not been registered 4. islamic fintech regulation are separated from ojk and mui the high number of internet users does not always mean positive, but this is the potential for the financial technology industries to grow continously. at the same time, the number of islamic fintech companies in indonesia continues to increase, this is because the majority of the population in indonesia are muslim, islamic fintech platforms are considered as potential. however, in terms of quantity it is not enough, fintech companies must also have good quality because it will provide a mutually beneficial ecosystem between halal industry players, namely between the financial sector and msmes. both have close links to realize an integrated halal industry. in addition, according to rusydiana (2018) one of the core problems of the development of the islamic financial technology industry is the lack of availability of human resources (hr), especially hr in the field of digital marketing and big data management. therefore it is necessary to improve education and the quality of integrated hr between educational institutions, government and industry that focus on this field. it also needs regulations that strengthen the existence of islamic fintech companies. the existence of islamic fintech will also improve the quality of halal msmes because it is impossible for islamic fintechs to provide a fundraising http://journal.uinjkt.ac.id/index.php/iqtishad 301 campaign for non-halal msmes if it is well regulated in its regulations. sudaryanto et al (2013) revealed that difficult access to credit for msmes is the biggest problem for the development of msmes. islamic crowdfunding can be a solution to that problem. conclusion islamic fintech companies that provide crowdfunding services are still small in number compared to conventional fintech, even though islamic fintech have great potential in indonesia with its since muslim majority population. crowdfunding services provided by the islamic fintech companies can increase the capacity of msmes through direct financing carried out by the public. the public can directly choose which business fields to invest in with affordable cost and higher rate of return compared to the banking sector. the crowdfunding services from islamic fintech can collaborates with their partners in the region to reduce fraud and risk of business failure. however, not all funding campaign has been successful. funding target, campaign duration, payback periods and rate of return have a positive effect on campaign success. the minimum amount of investment has a negative effect, meaning that the minimum amount of investment contained in the islamic crowdfunding service is already appropriate. the potential of the development of islamic fintech can be seen from the increasing number of internet users in indonesia, so that this can encourage the progress of the halal industry in indonesia since islamic fintech and the halal industry has an integrated relationship. in addition to being an alternative financing facility for the halal industry, islamic fintech can also be a digital marketing tool for halal msmes. references apriliani rahmawati, anju ayunda & sarrah fitriani fathurochman. 2019. "kesadaran dan persepsi usaha mikro dan kecil terhadap crowdfunding syariah". amwaluna: jurnal ekonomi dan keuangan syariah 3(2). badan perencanaan pembangunan nasional. 2018. masterplan ekonomi syariah indonesia 2019-2024. desember. bappenas: jakarta. badan pusat statistik. 2018. perkembangan baki debet kredit usaha mikro, usaha kecil, dan usaha menengah (umkm) perbankan. oktober. bps: jakarta. bank indonesia. 2018. indonesia halal economy and strategy roadmap 2018/19. november. bi: jakarta. bank indonesia. 2018. statistik kredit umkm bulan september tahun 2018. bi: jakarta. http://journal.uinjkt.ac.id/index.php/iqtishad vol. 11 (2), july 2019 302 beaulieu tanya, sarmily sarker & saonee sarker. 2015. "a conceptual framework for understanding crowdfunding". communications of the association for information systems 37(1): 1-31. belleflamme paul, thomas lambert & armin schwienbacher. 2014. “crowdfunding: tapping the right crowd.” journal of business venturing, 29: 585-609. estellés-arolas enrique & fernando gonzález-ladrón-de-guevara. 2012. "towards an integrated crowdsourcing definition". journal of information science 38(2): 189–200. fahmi, irham. 2014. bank dan lembaga keuangan lainnya: teori dan aplikasi. bandung: penerbit alfabeta. forbes, hannah & dirk schaefer. 2017. 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"faktor-faktor yang memengaruhi keputusan umkm dalam mengambil pinjaman melalui peer to peer (p2p) lending". bogor. institut pertanian bogor. pujiyono, arif, ro’fah setyowati & idris. 2018. "strategi pengembangan umkm halal di jawa tengah dalam menghadapi persaingan global". indonesian journal of halal. rusydiana, aam slamet. 2018. "bagaimana mengembangkan industri fintech syariah di indonesia? pendekatan interpretive structural model (ism). jurnal al-muzara'ah 6(2): 117-128. sudaryanto, ragimun & rahma rina wijayanti. 2013. strategi pemberdayaan umkm menghadapi pasar bebas asean. pusat kebijakan ekonomi makro. badan kebijakan fiskal. jakarta: kementerian keuangan republik indonesia. wati, cicik retno & agung winarno. 2018. "the performance of crowdfunding model as an alternative funding source for micro, small, and medium-scale businesses in various countries". kne social sciences: 16-33. http://journal.uinjkt.ac.id/index.php/iqtishad 1correspondent author 1, 3school of business, ipb university 2departement of islamic economics, ipb university and member of bwi board of commissioner e-mail: 1mutiara.salam1@gmail.com, 2qibeiktop@gmail.com, 3aslam.mw@gmail.com mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 abstract. indonesia waqf ’s potential is considered huge. even though there is an imbalance in utilizing land-based waqf in indonesia. most of it is served to religious-based activity rather than productive action. the research aims to is to formulate an optimizing strategy for land-based waqf development in indonesia. the priority consideration factor affecting nadhir also be inspected as a strategy formulation basis. anp (analytic network process) method is equipped in this research. the result shows that management capability is the priority aspect to nadzhir’s decision in utilizing land-based waqf. lack of competency becomes the most highlighted problem in that aspect. fortification towards the regulation is the optimizing strategy in the development of land-based waqf in indonesia. keywords: strategy, optimizing, land-based waqf, productive waqf, institutional nadzhir abstrak. potensi wakaf di indonesia sangat besar. meskipun demikian, terdapat ketimpangan terkait penggunaan tanah wakaf di indonesia. sebagian besar tanah wakaf diperuntukan bagi kegiatan yang berbasis ritual keagamaan, dibandingkan dengan kegiatan yang bersifat produktif. penelitian ini bertujuan pada pembentukan strategi yang optimal dalam pengembangan tanah wakaf di indonesia. faktor prioritas pertimbangan yang mempengaruhi nazhir institusi dalam pengelolaan tanah wakaf juga dicari tahu sebagai dasar pembentukan strategi. metode yang digunakan dalam penelitian ini adalah analytic network process (anp). hasil dari penelitian ini menunjukan bahwa yang menjadi prioritas keputusan nazhir dalam pengelolaan tanah wakaf adalah aspek manajemen pengelolaan. masalah pada aspek manajemen pengelolaan yang menjadi prioritas utama adalah kurangnya kompetensi sdm dengan alternatif solusi peningkatan kompetensi sdm. penyesuaian dan penyempurnaan regulasi terkait pengelolaan tanah wakaf menjadi strategi yang dinilai paling optimal untuk pengembangan tanah wakaf di indonesia. kata kunci: strategi, optimalisasi, tanah wakaf, wakaf produktif, nazhir institusi optimizing strategy for land-based waqf development in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 67 86 68 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction waqf is a muti-dimensional form of worship in islam. not only directly pleasing allah, more social aspect’s objectives can be done through waqf. in islamic history, waqf implementation can be seen through societal empowerment such as economy, education, and healthcare (rianto, 2010). according to al bajuri (2002), waqf can be defined as an act of holding certain assets which is allowed to be taken over and utilized in present time or the future while those values are still preserved. waqf asset’s utilization is meant to be fit with sharia’s terms and conditions. this is conducted in order to get closure with the creator through social welfare in muslim society. law of the republic of indonesia number 41 of 2004 concerning waqf stated that waqf is a lawful act from the waqif to separate or submit some of his/her assets in order to be used for a lifetime or in certain time limits accordant to his/her will in worship or social welfare purpose which is in line with islamic law. prohibition in an idle asset is the main philosophy in waqf deed. according to nasution et al. (2010), the more benefit received by society through waqf asset, the more reward will be granted from the creator to the waqif. according to nasution et al. (2010), waqf has been known and conducted by the muslim society since this religion existed in indonesia. the waqf asset has been varied from the land, gold, until the company stock (sukuk). law of the republic of indonesia number 41 of 2004 concerning waqf classified immovable and movable object, including money and other movable assets, as a permitted waqf asset. there are requirements in making a waqf asset based on islamic fiqh point of view. those requirements are waqf assets should be a materialistic and concrete thing, it can be owned and takenover by people, it is a legitimate and beneficial goods in islamic point of view, its value and appereance cannot be persished, and it has a purpose while becoming a waqf assets (al bajuri, 2002). there is no spesific explanation in the quran and sunnah about which object is allowed to be waqf asset. regardless, the flexibility of islamic fiqh can provide an instruction to whom intending to do waqf deed (djunaidi and al asyhar, 2010). although there are variations in waqf assets, converting land to be waqf assets is still the popular thing in muslim society. since the old times, land is not only used just for personal purpose to muslim society (nafis, 2014). land also can be converted into something which gives benefit to the society, such as though waqf deed. until now, a lot of contribution for social welfare such as mosque and islamic school has been given by land-based waqf. setiawan (2019) said that potential that belong to land-based waqf is estimated up to rp. 2000 trillion a year within 420.000 acres area in indonesia. even the potential is prospective, mutiara. optimizing strategy for land-based waqf development in indonesia 69 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 but the actual realization is only rp 400 billion. compared to the other nations, indonesia’s land-based waqf utilization is so far left behind. in fact, indonesia is considered to be the largest muslim population country in the world but only utilized its land-based waqf up to 2% from the total available. singapore’s landbased waqf utilization rate is up to 98%, although muslim’s population is minor in this country (karim, 2007). directorate of waqf empowerment, ministry of religion republic of indonesia explains that in 2021, land-based waqf is spread in 399.072 different places in indonesia. the other thing explained is actual land-based waqf area in indonesia is around 53.341,94 acres. from the existing assets, only 239.664 location with area 20.249,87 acres wide are officially certified (kemenag 2021). on the other side, ministry of religion republic of indonesia shows that most of the assets is used as muslim prayer-based site such as mosque (72,48%). the rest is utilized to be a normal school, boarding school, and the other social-based purpose. this trends is influenced by the society’s literacy rate which is considered that the land-based waqf utilization is only allowed to religious purpose only (nasution et al. 2010). in fact, kementerian agama doesn’t show the land-based waqf utilization for economical purpose spesifically. acccording to nasution et al., (2010), if land-based waqf could be utilized in economical purpose properly, the outcome would be valuable for muslim well-being. land plays an important role in indonesia society. as an agricultural country, the utilization of land could not be separated from its daily activity (fakhruddin, 2018). the main purpose of the land utilization for the society is to achieve its welfare. the examples of land utilization in indonesia are building houses, schools, funeral, prayer, and farming sites. besides that, land can also be benefited as an asset in doing business. badranaya (2011) stated that land is an absolute inelastic commodity. that means the demand will not be decreased even though the price will be going up. from the accounting perspectives, depreciation concept doesn’t apply to the land. one of the technical reason is the comparison between the benefit and the scarcity of the land. therefore, according to weygandt et al. (2011), land is not a depreciated asset. even in islamic economy concept, land is considered to be the main capital for economic activity. islamic economy is the concept who elaborate ownership and utilization aspect in a comprehensive way. one of its idea is an idle land ownership is strictly prohibited. badranaya (2011) said that social welfare idea will only be achieved when the land ownership comes along with its obligation to utilize it economically. land is a highly appreciated asset in indonesia. as a commodity, its 70 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 price will always be increased anually. in 2019 land’s price index increased up to 107% at the third quartal (property market outlook, 2020). simultanously, there is a decrease trend in land’s index supply down to 20%. supported by its scarcity, utilizing the land as an investment tool has become another trend in the society. this caused an obstacle for the people who wants to make a living through business. as a businessman, owning land as a part of the asset is highly necessary. the land is required as a medium to channel every aspect of a business’s activity. although an online marketplace is provided as a breakthrough in business, it doesn’t change the land’s priority to a businessman. the difficulty of owning land leaves businessman no choice but to rent it. for example, in 2018, gama tower has 60% occupied, and most of them are local businesses (puspa, 2018). this circumstance makes the company has to spend a rent expense anually in order to maintain its business location. these facts show a gap between land’s high requirement and land-based waqf ’s potential to fulfill it. that is an opportunity which can be used by institutional nazhir to develop land-based waqf management for economy purpose. that idea could answer society’s problem towards land. besides, that idea could be the solution to institutional nazhir to manage its land-based waqf asset better. therefore, this research aims to achieve the institutional nazhir’s priority factor on its decision to manage its landbased waqf in indonesia. the other objective is to formulate a proper optimizing strategy to develop more land-based waqf in an economic purpose. literature review strategy is a comprehensive measure between art and scientific analysis which is used to reach a long-term organization’s objective (david, 2013). there are two main aspects required in a strategy selection that fits with organization’s interest. the first thing is an agreement from every stakeholder involved towards the choice taken. the next thing is suitable decision taken with available resources reserved. according to schermerhorn (2010), one of the benefit in strategy making is to ensure that every resources available can take a role in organization’s decision. optimizing choice in economy’s perspective is a highest marginal benefit option which can be taken at the resource available’s constrain (mankiw et al., 2008). sucipto et al. (2017) said that optimizing choices could make the effective measure done in a most efficient way to the organization. according to schermerhorn (2010), optimizing decision is a best solution resulted from a rational way of thinking which consider every aspect related. there are two requirements to do so. first is a fully and mutiara. optimizing strategy for land-based waqf development in indonesia 71 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 complete information the decision maker had. second is a well-structured decision making process. should that requirements are not fulfilled, then the choice taken will only become a subjective one (satisficing decision). nazhir is a certain person which is delegated by waqif to manage waqf asset. accoerding to the explanation in uu no. 41 tahun 2004 tentang wakaf. menurut uu no. 41 tahun 2004 tentang wakaf, there are three categories of nazhir. first is nazhir in person. second is nazhir in group or organization. last is nazhir in legitimate group or organization stated by the government. institutional nazhir which is discussed in this research is included to the third type. previous studies rusydiana (2018) shows that transparency, accountability, and innovative aspect are in the waqif ’s consideration on choosing the proper waqf institution. besides, the other explanation given is the most waqf type chosen by waqif is the educational purpose. on the other side, economic purpose becomes the least consideration to the waqif. this shows the waqif ’s mindset is still a pure social orientation. another finding from satyawan et al. (2018) shows that regulation given by the government is the main aspect of the strategy chosen by nazhir on managing the land-based waqf. another explanation about nazhir is lack of explanation to society and traditional mindset about managing waqf become weaknesses in managing land-based waqf in economical purpose. waqf empowering strategy designed by amuda and embi (2013) is integration between oki countries in charity, waqf, and public payment aspect. they believe that those aspects could be a profitable instrument to muslim society. this strategy is implemented in six stages. the first stage is form an islamic charity institution and public funding. the second is farming potential optimization posessed by each oki countries. the third step is investing islamic charity and public funding fund. the fourth step is building a micro-banking institution using the social fund. fifth step is make a education sector a special prioritize. the final step is empower small-medium entreprise (sme) by providing funding, marketing, and management aspects. another example of implemented empowering waqf strategy is restructuring institutions, potential mapping, and build a forum for nazhir. a restructuring strategy is suggested by ismail et al. (2015) in order to manage and develop land-based waqf in malaysia. this suggestion is given based on the land-based waqf management research in malaysia. the findings are administration problem, 72 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 insufficiency in competent staff available, and abuse of power in managing waqf by the nazhir itself. the mapping strategy is promoted by fattach (2015). this idea aims to fortify any proposal about project feasibility, open collaboration, qualified human resource, a modern and professional management system, and a proper controlling system. forming strategy is given by yusuf (2017). this advice is implemented as a socialize channel about waqf on economic purpose, waqf regulation, and nazhir training. similar to the previous strategy explained, this advice is made by the findings of society literacy’s rate about waqf on economic purpose, nazhir’s professionalism, and government’s attention to waqf institution. methods research data there is no term related to deciding the number of the respondent in the anp method. however, there is a condition in choosing the respondent. the expertise level respondent possess required in the selection step (rusydiana and devi, 2013). seven experts from different categories are chosen as respondents in this research. these respondents are representative of waqf regulator, waqf institution, scholar, entrepreneur, and land regulator. anp method anp (analytic network process) is selected as an analytical tool in this research. thomas l saaty develops this method. this tool is a development from analytic hierarchy process (ahp) method. ascarya (2005) stated that anp is a theory about relative measurement used for derives composite priority ratio from the indivudual ratio scale. these measurements are influenced by the interaction between elements related to control criteria. according to him, anp is a decisionmaking approach without using any assumptions. research procedure the research procedure is done based on anp principal method. there are three major phases in anp principal method (ascarya, 2005). the first is decomposition phase. the purpose of this phase is to set a complex problem into a cluster, sub cluster, and more detailed network. the second is comparison phase. this phase aim to set complex problem into a cluster, sub-cluster, and more complex network. the third phase is the hierarchy or sythesize phase. this phase is done by multiplying local priority’s score from each element in a cluster with mutiara. optimizing strategy for land-based waqf development in indonesia 73 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 global priority from the main element. should this procedure be done, then the global priority score to the lowest element will be provided. figure 1. anp research process source: ascarya (2005) quantification model data analysis is done by comparing each criterion or element involved (pairwise comparison). comparison is done base on the value given by each respondent in the questionnaire which has been validated by the anp method expert and waqf practitioner. super decision software is employed to complete a comparison phase in this research. the next step after the pairwise comparison outcome is produced is to conduct a geometric mean calculation. this step is done by transferring the pairwise comparison results to the microsoft excel software. calculating rater agreement is conducted after the geometric mean result is appeared. rater agreement is a measurement to figure respondent’s matching rate towards issues given in one cluster (r1-rn). kendall’s coefficient of concordance (w;0 < w< 1). w=1 is chosen as analytic tools to exhibit a perfect match in the rater agreement step (ascarya, 2012). 74 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 table 1. anp priority scale rating scale numeric scale most relevant 9 8 relevant 7 6 quite relevant 5 4 less relevant 3 2 irrelevant 1 source: ascarya (2021) this is the formula equipped to get the value of w. u = (t1+t2+…+tp)/p s = (t1-u)2+(t2-u)2 +…+tp-u)2 maxs = (n-u)2+(2n-u)2+…+ (pn-u)2 w = s / maxs information: u = total ranking mean s = sum of deviation square p = node amount n = responden amount there are guidances in interpreting the result. if w=1 or near it, then it means there is an agreement in a consensus between respondents. on the contrary, if w=0, then there is a disagreement between them towards a certain issue. a score between them can be viewed as an agreement, although that is not a strong conclusion. this guidance can be used in the interpretation process. can be used in interpretation process. mutiara. optimizing strategy for land-based waqf development in indonesia 75 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 anp research model problem is identified in three aspects. first is regulation aspect. second is management aspect. third is financial aspect to land-based waqf empowerment. specific problems with its alternative solutions will be explained in each aspect. figure 2. research model regulation aspect regulation is a set of terms towards waqf deed activity in indonesia (bwi, 2019). these are problems that occured in this aspect. a. zonation policy. the government creates zonation policy to classify areas into several categories. those are social, commercil, housing, and green zone (bwi, 2019). b. complicated procedure. a long and involute process becomes a problem often occured in an adjustment or functional shift for land-based waqf in indonesia (bwi, 2019). c. waqf asset’s legality. land-based waqf is officiallyallowed to be utilized if the legal procedure with the government in done, whether it in the purpose or the status aspect (sofyan, 2016). 76 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 these are four solutions available responding to those regulation problems explained. a. land-based waqf utilization adjustment. land-based waqf utilization needs to be adjusted with its potential. calibration with zonation policy given by the local government is required to do this adjustment (bwi, 2019). b. land-based waqf economic potential mapping. economic potential mapping towards land-based waqf needs to be done in order to create a better business proposal (fattach, 2015). c. procedure simplification. a simpler procedure needs to be provided in order to facilitate nazhir or waqif more in their waqf deed (bwi, 2019). d. institutions synergy upgrade. institutional synergy related to waqf management needs to be intensified. this is required to boost the land-base waqf productivity (amuda and embi, 2013). management aspect management aspect can be defined as human resource’s performance in dealing with waqf (fattach, 2015). these are three problems highlighted in this aspect. a. lack of waqf literacy. indonesia’s waqf literacy is considered below expectation. there are many nazhir which don’t have a proper understanding related to waqf the have been delegated. besides, indications suggest that even society or waif doesn’t know waqf activity properly (hasan, 2011). b. lack of competent human resources. most of nazhir is not delegated based on the proper competency. emotional and subjective judgement play a bigger role (hasan, 2011; yusuf, 2017; sari, 2006; ramadhan, 2020). c. manager risk. as a waqf manager, nazhir is inherited with a certain risk. one of the risks is the law risk towards the asset itself. waqf assets are prohibited from being guaranteed, confiscated, given, traded, passed down, or switched. waqf the asset’s value also needs to be preserved at any cost. should those conditions are not fulfilled, nazhir will face juristical consequences (law no. 41/2004 section 40). these are four solutions available responding to those management problems explained. a. strengthening waqf literacy. an upgrading attempt is required in order to open nazhir’s insight about waqf. not only nazhir, but to waqif and society in general as well (hasan, 2011; yusuf, 2017; sari, 2006). mutiara. optimizing strategy for land-based waqf development in indonesia 77 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 b. professional and modern human resource competency reinforcement. this program is essential to nazhir to boost productivity in waqf asset, especially the land-based ones. this project would be impossible to be accomplished without an expert, professional, and visionary staff involved (hasan, 2011; adams, 2011; utsman, 2011; fattach, 2015; sari, 2006). c. form an innovative management model. an innovative management model is essential in land-based waqf development. this would help nazhir adapt to the change occured (fattach, 2015; amuda and embi, 2013; yuli, 2015; sari, 2006). d. control system implementation. an intense control system is needed to ensure every staff involved would proceed with its duty as it should be. this will mitigate business risk towards waqf assets (hasan, 2011; fattach, 2015). financial aspect the essential term toward waqf asset’s financing activity is it has to be in line with islamic law. regardless, a proper funding is still required in order to ensure the project works (fattach, 2015; sujono, 2018). these are three majors problems related to financial aspect in managing land-based waqf project. a. lack of investor’s interest. it takes a solemn cost in managing waqf assets, especially the land-based one. in addition, the investor’s role in this project is still considered insignificant. society’s paradigm plays an important role in this one. they assume that waqf assets should be altered in religious and ritual purposes only. besides, the value-preservation term in waqf asset halts them to do something more than that (ramadhan, 2020). b. high cost. is a list to be considered before managing and developing landbased waqf assets for economic purposes. examples of those considerations are building construction, operational cost, and technology utilization (hasanah, 2012; ismail et al., 2015). c. business risk. as a business, there will always be a risk inherited. this risk related to proper management and business model issues. according to gumanti (2011), those issues are affected by two factors. those factors are business internal (strength-weakness) and external factors (opportunitythreat). 78 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 these are four solutions available responding to those management problems explained. a. investor’s socialization. investor’s interest in the waqf program could be gained by making a socialization attempt more. this program aims to convince investors that waqf asset could be the alternative to their current activity (indriati, 2017; fattach, 2015; yusuf, 2017). b. proper funding model development. as an islamic asset, a funding program which complies with sharia law is a requirement. an innovative islamic funding model could offer something more to the investors (furqon, 2014; sujono, 2014; kholid, 2011). c. cash-based waqf utilization. cash-based waqf assets could be prepared as a funding channel solution to the waqf institution in developing a land-based waqf ’ program for economic purpose (syafiq, 2017). d. third-party synergy. another party collaboration such as bank or non-bank institution would make a difference in managing land-based waqf asset in economic purposes (siregar, 2011; fitriyah, 2019). strategy a. regulation adjustment and fortification. a suitable regulation based on stakeholders needs is essential in facilitating waqf asset development to the nazhir (sari, 2006; yusuf, 2017; indriati, 2017). b. nazhir and entrepreneur forum establishment. creating a forum between nazhir and entrepreneur will fasilitate more interactions between them. each party needs fulfillment is expected from this facilitated interactions (yusuf, 2017). an innovative islamic contract can be resulted from this kind of interaction between parties involved in te project. c. profitable collaboration business model implementation. a profit-sharing based islamic contract implementation is considered to be more suitable for manager and investor in land-based waqf development (furqon, 2014; sujono, 2014; kholid, 2011). results and discussions anp analysis is conducted based on survey data from selected respondents to this research. comparison phase is done by doing pairwise comparison using software superdecision and excel. nazhir’s priority factor in land-based waqf mutiara. optimizing strategy for land-based waqf development in indonesia 79 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 development is needed to be discovered. the purpose of this discovery is to channel every resource available in achieving the goal through strategy implementation (schermerhorn 2010). here is the comparison phase result in every part of research model structure stated in the deomposition phase. figure 3. aspect’s priority source: processed data (2021) there are three aspects in this cluster. those are regulation, management, and financial aspects. research outcome shows that management aspect becomes the top priority in managing land-based waqf problem in indonesia. rater agreement’s score in this cluster is 0,046. this shows that consensus between respondents is not strongly agreed towards respective conclusion. although the difference between aspects is significant, there are varieties in repondents perspectives about the answer. this finding supports fattach (2015) statement, which said that professional management is the most affected factor in waqf assets’s project. in general, muslim society is expected a professional nazhir in waqf asset management (rusydiana 2018). nazhir is needed to be trusted and held full responsibility towards certain assets delegated, whether it is nazhir in person and organization. the management aspect plays a big role in this issue. according to rusydiana (2018), two factors affected society’s decision to choose their waqf institution and its nazhir. first factor is transparency and accountability in management and financial report aspect. second consideration is the institution’s capability of creating an innovative idea in waqf development. the society’s interest 80 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 to do waqf deed and delegate it to certain institution will be gained if those two things can be demonstrated and implemented by nazhir. there are three problems in the management aspect. those problems are lack of waqf literacy, lack of competent human resources, and manager risk. according to the results, lack of competent human resources is the most highlighted problem in the respective aspect. the differences between problem are not significant to each other. the rate agreement’s result also supports this condition. rater agreement’s score in this cluster is 0,210. this means the perspective’s variety is higher than in the previous discussion. the same interpretation applied in this case shows an agreement consensus, although it is not a strong conclusion. hasan (2011) stated that waqf asset manager or nazhir is delegated based on subjective assessment, not in professional manners such as experience and expertise factor. this sequence leads to lack of creativity and innovative thinking situation which halts waqf asset’s productivity. therefore, the institution’s objective is unlikely to thrive. yusuf (2017) also stated that that nazhir’s weak professionalism has occurred from that factor. that statement goes in line with this research’s findings. figure 4. management’s aspect priority source: processed data (2021) there are four alternatives offered to this cluster. first is an implementation in a control system. second is to reinforce nazhir’s waqf literacy in general. a reinforcement solution is not only suggested on the literacy part but this is also advised to the nazhir’s competency as a third suggested solution. the final solution mutiara. optimizing strategy for land-based waqf development in indonesia 81 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 offered is to develop an innovative management model sited is suited for nazhir and other party involved in waqf asset project. result shows that reinforcement towards nazhir’s competency becomes the most suggested solution. rater agreement’s score in this cluster is 0,282. fattach (2015) supported this result, which said that upgrade attempt towards human resource’s capability is essential in developing waqf asset through investing. adams (2011) stated that there are five basic skills that nazhir must possess. those are the ability to gain access to the waqif, invest waqf asset correctly, understand waqf administration, distribute waqf asset’s income, and own credibility among society. all these skillsets are done in order to gain negotiation power to nazhir as the asset manager. this can be done by nazhir sertification program. figure 5. management solution’s priority source: processed data (2021) there are three strategies offered to this circumstances. first strategy suggested is regulation adjustment and fortification. second strategy is forum establishment between nazhir and entrepreneur, whether it is a nazhir in person or organization. third strategy is implementation in collabirative profit-sharing business model between nazhir and the third party. according to the result given, strategy concluded by respondent’s consensus is regulation adjustment and fortification. rater agreement’s score in this cluster is 0,27. the difference level between this chosen strategy and the others are strongly significant. this shows that despite of the different perspective between each respondents, they all agree 82 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 that this is the optimizing conclucion among all. although the other strategy is important as well, respondent’s insight suggest that it will be concluded itself after the regulation is fixed. according to respondent’s opinion, the current regulation restricts all the parties involved from doing what is should be done to manage the waqf asset project. therefore, all the third party’s initiative should be channeled well in the project, whether by the government or the official waqf institution itself. such comprehensive breakthrough needed to be concluded rekated to this issue. otherwise, waqf asset would not be viewed as an interesting opportunity anymore by the entrepreneur or the investor due to its difficulties. regulation’s modification can only be done by government or or the official institution’s priviledge. therefore, this strategy is suitable to be done by the government or official institution related. figure 6. strategy’s priority source: processed data (2021) the existing waqf regulation needs to be modified. a combination between institution’s complicated procedure with government’s zonation policy becomes a main obstacle in land-based waqf management (bwi, 2019). regulation’s relaxation through adjustment and fortification will facilitate every party involved more in optimizing land-waqf development. land-based waqf development’s model so far is restricted to certain options such as tenancy contract (ijarah) because of the existing regulation’s application. one of the regulations needs to be modified is the one who stated that there is no separation in dealing between the waqf ’s land area mutiara. optimizing strategy for land-based waqf development in indonesia 83 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 and the facilitation build on it. according to satyawan et al. (2018), regulations affecting waqf activity is the nazhir’s main strength to develop its assets into the productive orientation. through a proper regulation, an appropriate management and development strategy towards waqf asset can be defined and implemented well. an implemented regulation is not only a key to make a better land-based waqf development, but also could be a way to reinforce society’s waqf literation. several innovations could be implemented to land-based waqf development through adjustment and fortification regulation strategy. there are many applicable implementations regarding to this suggestion. one of the implementations that can be done is publishing land-utilization rights certificate (shgb/sertifikat hak guna atas bangunan) on land-based waqf assets. this implementation aim to separates regulation between land-based waqf asset and the building on it. a land-based waqf development through profit-sharing or a more flexible business model is expected from this innovation. besides, this strategy is urged to be implemented in order to strengthennazhir’s negotiation power. due to nazhir’s flaws, many third parties have to be involved in the waqf asset’s development. this could be a bargaining position threatening to nazhir as an official delegated manager towards the asset. therefore, an improvement to make nazhir more powerful in front of the other parties, including the investor, is essential to be conducted. this strategy could be the chance for nazhir, especially the official organization delegated by the government, to make those necessary improvements. conclusions based on the facts given, it can be concluded that nazhir’s major consideration factor in managing land-based waqf is the management aspect. the most highlighted problem in management aspect is human resource’s competency. alternate solution’s top priority towards management aspect is developing human resource’s competency. according to the analysis result, regulation adjustment and fortification strategy optimise land-based waqf development in indonesia. as an offcial regulator, the strategy implementation needs to be done by badan wakaf indonesia in order to reach its goal of making a land-based waqf more productive. on the other side, study about waqif and investor towards waqf economic purpose project need to be conducted. the purpose of this suggestion is to enhanced institutional nazhir’s skillset in managing productive-oriented waqf. with this preparation, a proper development through competent nazhir can be conducted. 84 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i.20571 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 references badan wakaf indonesia. 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[tesis]. makassar: uin alauddin. https://money.kompas.com/read/2019/09/27/201410426/potensi-besar-wakaf-produktif-belum-tersosialisasi-dengan-baik https://money.kompas.com/read/2019/09/27/201410426/potensi-besar-wakaf-produktif-belum-tersosialisasi-dengan-baik the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano 1correspondent author 1, 3state islamic university of sulthan thaha saifuddin, jambi 2state islamic university of syarif hidayatullah, jakarta 4informatique et mathematiques insa de lyon, france e-mail: 1nengsih@uinjambi.ac.id, 2nofrianto@uinjkt.ac.id, 3elyantirosmanidar@uinjambi.ac.id, 4wisnu.uriawan@insa-lyon.fr titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 abstract. the implementation of the corporate social responsibility (csr) program will have a positive impact not only on banking operations but on the continued existence in the future. with the implementation of csr, islamic banks not only gain economic benefits in terms of profit and growth but also enhance the public image and public trust. the results of this csr program bring islamic banks closer to the people for better social change. structural equation modelling results show that csr variables significantly influence the image and trust of bank syariah mandiri jambi. keywords: corporate social responsibility; image; trust; structural equation modelling abstrak. implementasi program tanggung jawab sosial perusahaan akan memiliki dampak positif tidak hanya pada operasi perbankan tetapi pada keberlanjutan keberadaan di masa depan. dengan penerapan tanggung jawab sosial perusahaan, bank syariah tidak hanya mendapatkan manfaat ekonomi dalam hal laba dan pertumbuhan tetapi juga meningkatkan citra dan kepercayaan masyarakat. hasil dari program tanggung jawab sosial perusahaan ini membawa bank-bank islam lebih dekat kepada masyarakat untuk perubahan sosial yang lebih baik. hasil structural equation modeling menunjukkan bahwa variabel tanggung jawab sosial perusahaan berpengaruh signifikan terhadap citra dan kepercayaan bank syariah mandiri jambi. kata kunci: tanggung jawab sosial perusahaan; citra; kepercayaan; pemodelan persamaan struktural corporate social responsibility on image and trust of bank syariah mandiri al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 151 170 152 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction islamic financial institutions, one of which is islamic banking, in the past decade has experienced rapid development. the purpose is to direct the economic activities for muslims following islamic law by avoiding the practices of usury (riba), speculation (maysir) or uncertainties (gharar). these types of businesses are prohibited in islam and have also harmed the people's economic life (dusuki, 2008) currently, many banks apply the shariah system. based on its activities, islamic banking is divided into sharia commercial banks, sharia business units and sharia rural banks (bank perkreditan rakyat). in early 2020, the financial services authority (ojk) noted that jambi had 6 islamic banks. they are bank muamalat indonesia, bank syariah mandiri (bsm), bank nasional indonesia syariah (bnis), islamic bank 9 jambi. overall, the latest data shows that banking conditions in jambi have obtained exemplary achievements. this can be seen from the growth in total assets, the opening of the office network, the performance of commercial banks and rural banks. business activities of islamic banking are expected to hold onto the social consciousness that contributes and forms a genuine concern for the prosperity of society and maintains natural sustainability. these are implemented through the concept of corporate social responsibility (csr) (antonio et al., 2012; julia & kassim, 2019; maali et al., 2006; oh et al., 2017). indonesia includes csr in the law of limited liability company (pt-perseroan terbatas)) in law no. 40/2007 article 74 paragraph 1. this law states that is running its business activities, a company has to consider environmental and social responsibilities. article 74 paragraph 3 explains that the violation of that provision results in sanctions. capital investment law number 25 of 2007 article 15(b) states that each investor shall be obliged to carry out corporate social responsibility. further, article 34 provides a provision related to administrative sanctions and other sanctions for the violators. these sanctions include written warnings, restrictions, termination, and revocation of business activities. promulgation of law no. 40 of 2007 on limited liability company and law no. 25 of 2007 on capital investment do not explicitly control the amount that a company should donate. the concept of csr is at the core of a company's business ethics and has become increasingly important in recent years. csr is an essential process in managing costs and profits. this variable is not only limited to the concept of granting something like charity but broader than that. so, with csr implementation, islamic banks benefit in the form of profits and growth and obtain trust from society and play a role in creating social changes (abubakar, 2016; al-shuaibi, 2016). titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 153 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 the concept of csr turns out to be supported and aligned with islamic values. islam teaches muslims to maintain responsibility. the concept of responsibility in islam has binary properties focused on the micro (individual) and macro (social) levels. csr programs incorporate various beneficial activities for society, including those that improve the economy, education, health, community development, and the preservation of the environment (ali & isa, 2018). thus, the normative foundation of csr axioms, which includes the compulsion (liabilities) mentioned in the laws and the islamic concept of charity, are inseparable from the sharia business principles (muchlis et al., 2016). the csr must be implemented according to applicable regulations and based on the goodwill of sharia banks under islamic concepts. the increasing number of sharia banks lead to tighter business competition. however, the commitment of csr implementation will create a better relationship between the banks and society and, in turn, positively affects the banks' development. indirectly, the csr will form a positive image of the banks and enable them to gain trust from their customers (lombart & louis, 2014; mohammed & rashid, 2018). this study only focuses on the influence of csr on the image of bank syariah mandiri jambi and people's trust in the bank. this paper is organized as follows: section two presents a literature study, presenting a brief description of csr, image, trust, and their influence on csr. section three presents the research method and data, while section four presents the results and implications of this paper. the last, section five, is the conclusion. literature review corporate social responsibility (csr) the world business council for sustainable development defines csr as the continuing commitment by businesses to act ethically and contribute to economic development while improving the lives of the employees and their families as parts of society. another meaning is the commitment to continuously act ethically, operate legally, and contribute to the improvement of the economy and the lives of employees and their families while contributing to the improvement of the local community and society, contribute to the improvement of the economy, and increase social responsibility is a concern of a business organization to serve the interests of public organizations. companies integrate their corporate social responsibility into their business operations and interaction with stakeholders based on voluntary principles and partnerships. 154 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 in general, csr aims to improve human capabilities as individual members of society to respond to social and environmental issues. in other words, csr is a necessary process in the setting of costs and profits involving stakeholders both internally (employees, shareholders, and investor) and externally (public settings, institutional members of the public, civil society groups and other companies) (kotler & lee, 2008; rahman & deti, 2009). in indonesian context, juniawati & hidayah (2020) found that csr has played a significant role in increasing the performance of islamic banking. image the image was a total perception against an object formed by processing information from different sources. meanwhile, perception is the process where people select, organize, and interpret information to form an idea about the meaning of the world. "the image" is beliefs, ideas, or the values of a person regarding an object. a person's mental construction is acquired from his or her association, experience, interpretation, reaction, perception or feeling about something. for more details about the image, experts define the image. image is convictions, figures, and impressions of someone about an object (irwin, 2003; van heerden & puth, 1995). the object in question can be a person, organization, group of people or others. meanwhile, according to katz, "image is a way of how others view a company, an individual, a committee or an activity"(katz, 1988). trust morgan and hunt (1994) argue that trust will occur if a person has trust in an exchange with a partner who has integrity and can be trusted. trust is also customers' beliefs, knowledge, and conclusions about objects, attributes, and benefits (morgan & hunt, 1994). those objects can be any companies, persons, products, and everything that a person put his or her trust in. attributes are the characteristics or features that may or may not be owned by an object. attributes are differentiated into intrinsic attributes, i.e. everything related to the actual nature of a product and extrinsic attributes. i.e. everything that is retrieved from the external aspects of a product. benefits, on the other hand, are the result of positive attributes to customers. thus, indicators of trust are the object. the trust attributes and benefits trust (islam et al., 2021). trust in islam is known as amanah. the principle of the mandate in this business venture has been exemplified by the prophet muhammad. he kept titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 155 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 mandates given by the customers. this resulted in the customers' sympathies and willingness to do a transaction voluntarily. trustworthy business actors will always present the best for all stakeholders. relationship between image and trust towards csr the image and trust are abstract matters. they cannot be described physically as they only exist in the mind. however, image and trust can be known, measured and modified. to obtain a positive image and impression from their clients, the islamic banks must seek concrete actions (amin et al., 2013). one of the concrete actions is the implementation of csr. with high-quality and comprehensive csr programs, customers will get a good experience about the company (islamic banks), and a good experience will form a good (positive) image(lombart & louis, 2014). beekum reveals that csr can form a positive image of a company (beekum, 2004). the trust will form an image that is very profitable for the company. csr is very important as it will lead to the company's long-term success. because csr can produce a positive public image. the long-term benefits of social engagement and responsibility will create a positive image in the public eyes because the socio-political climate will create a conducive business environment. similarly, the benefits obtained from csr is the company's increasing reputation and strong future so the company can play roles in solving social problems. islamic banking is a form of an enterprise engaging in services as it brings together community funds and redistributes the funds to the community (lending). because of such focus, trust becomes a sensitive issue. clients need to have considerable trust to collaborate and transact with islamic banks. the value of trust is customers' mandate that should be maintained by islamic banks (amin et al., 2013; ashraf et al., 2015). to establish trust, customers must be realized that csr is islamic banks' manifestation to fulfill the wishes and needs of the community. customers' trust will be formed if islamic banks are able to implement in correct, earnest, goodquality, continuous (long-term), and comprehensive manners. this can be done by maintaining a good relationship with society and considering need assessments by the stakeholders. banks need to consider their image and reputation when customers use their products or services. reputations and images are essential factors in shaping customers' trust in a company. with trust, the customers can comfortably use the services and products(martínez & del bosque, 2013). 156 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 methods as mentioned before, this study explores the influence of corporate social responsibility on the image of sharia banks in jambi, and people trust toward the banks. the primary data of this research obtained from 100 respondents chosen from bank syariah mandiri customers in jambi through purposive sampling technique. the amount is determined based on the sem model, with maximum likelihood (ml) is100 samples at the minimum. two variables in this research are csr as the exogenous variables and image and customers' trust as the endogenous variables. the csr variable consists of several indicators, i.e., economic responsibilities, legal responsibilities, ethical responsibilities, and philanthropic responsibilities. the image variable consists of several indicators, i.e., values, experience, and functional and technical qualities. the trust variable consists of the following indicators: trust object attributes and trust in the benefits. data is analyzed using structural equation modeling (sem). the sem analysis technique incorporates the following steps (ghozali, 2011, 2012): • developing a hypothesis (theory) based on latent variables and other indicators. the sem is a confirmatory technique used to examine a causal relationship. • transforming the theoretical framework model into a path diagram describes the causal relationship between the exogenous and endogenous relationship. • compiling the structural equation. • selecting the input matrix and estimation models. in the sem, data input uses a covariance or correlation matrix. at this stage, a covariance matrix is based on the model that corresponds to the actual covariance. the significance test is conducted by determining whether the resulting parameters are significantly different from zero. • assessing the structural model identification in the analysis of the structural model, problems exist in the process of parameter prediction. some of the symptoms that often appear due to the inaccuracy of identification include: o there are too large standard errors; o matrix information presented did not match expectations; o matrix obtained is not a definitive positive, o there is a negative variant error; o there is a high correlation between the alleged results to efficiency (> 0.9). • judging criteria of goodness of fit test of conformity between theoretical models and empirical data can be titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 157 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 viewed on the level of goodness-of-fit statistic. this model is considered fit when the covariance matrix of a model is the same as the covariance matrix of the data (observed). a variety of index tests can assess this. in this test, various fit indicators obtained based on the sem evaluation (assuming normality, an outlier, multicollinearity and singularity), models measurement, and the entire structural equation models and criteria of goodness fit. • interpretation and modification of the model the last step of the sem is interpreting the accepted resulting model. the model modification is necessary because it is not following the results obtained in the sixth stage. however, any modification should pay attention to or based on the supporting theory. results and discussions the underlying assumption is whether or not the analysis of factors in the correlation matrix sufficient (sufficient correlation). the test tool used to measure the level of inter-correlation between variables and factors analysis is kaiser-meyerolkin measure sampling adequacy (kmo msa). the desired value of kmo must reach 0.50 > analysis factors. reliability test results are presented in the table above can be explained that the value of kmo csr = 0723, kmo from image = 0790, and kmo = 0666. so, trust can be the analyzed factor. the analysis of the factor for csr 1,088-3,941 with% cumulative 59,323%, the image of the 1,003with% cumulative 54,481 3.647 percent, and trust with 1.014-2.943% cumulative 67,512%. the test results demonstrate the value factor analysis of kaiser-meyerolkin measure sampling adequacy (kmo msa) > 0.50 means that the validity of each variable either. table 1: reliability test results variable reliability coefficients alpha cronbach's note csr 17 items 0.789 reliable image 13 items 0.782 reliable trust 12 items 0.677 reliable reliability test results presented in the table above indicate that the level of accuracy is good. the table above explains that in the internal; consistency reliability test of cronbach's alpha coefficient indicates each variable the variable csr is 0.789, the image variable is 0.782, and trust variable is 0.677. the result 158 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 of cronbach's alpha no coefficients are less than the value of the limit of at least 0.60. so, the csr, image and trust variables are reliable. the assumption of sem 1. data normality assumption data normality assumption is a test to see if the data used has a normal distribution. using the critical value criteria (critical ratio), the skewness value of ± 2.58 is at 0.10 significance levels. if the critical ratio generated in each dimension table variable is less than or equal to the significance level at 2.58 ± 0.10, it can be inferred as gaussian data (ghozali, 2011). the result of the normality data retrieved as follows: table 2: evaluation of data normality full model assessment of normality variable min max skew c.r. kurtosis c.r. x8 8.000 15.000 -.142 -.578 -.696 -1.420 x9 12.000 20.000 .134 .547 -.491 -1.001 x10 12.000 20.000 -.101 -.411 -.237 -.484 x1 6.000 15.000 -.575 -2.348 .994 2.029 x2 10.000 20.000 .022 .089 .304 .620 x3 12.000 20.000 .291 1.187 .304 .620 x4 10.000 20.000 -.381 -1.555 .805 1.643 x7 13.000 25.000 -.405 -1.655 1.944 3.969 x6 10.000 20.000 -.149 -.606 .251 .513 x5 12.000 20.000 -.209 -.854 -.287 -.585 multivariate 5.243 1.692 it can be seen from the table above that the value of the critical ratio skewness value shows a normal distribution at x1 (economic responsibilities), x2 (legal responsibilities), x3 (ethical responsibilities), x4 (philanthropic responsibilities), x5 (value), x6 ( experience), x8 (the trust object), x9 (the trust attributes) and x10 (benefit trust) because of the value of c. r. ± 2.58, except x7 (technical and functional quality). meanwhile, the multivariate normality test by looking at some of the above values ± 2.58, as seen in the table, is not normal in a multivariate gaussian. titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 159 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 2. assuming an outlier an outlier is an observation of a condition showing a unique characteristic of data that looks very different from other observations, comes in the form of extreme values in either a single variable or a combination of variables. multivariate outlier detection is against the champion and considers the value of the mahalanobis distance. this test aims to assess the reasonableness of (extreme) data. multivariate outlier detection is against using criteria based on the value of the chi-squares on the degrees of freedom = 10, i.e. the number of variables on the level indicators of significance p < 0.005. the value of the mahalanobis distance x2 (10, 0,005) = 25.1882 (based on the table of the distribution of x). this means that cases with the mahalanobis distance > 25.1882 are the multivariate outlier. following are the results of the multivariate outlier test: table 3: multivariate outlier test results observation number mahalanobis d-squared p1 p2 2 27.923 .002 .170 97 27.649 .002 .018 36 20.177 .028 .524 1 18.338 .050 .735 96 17.740 .060 .716 34 16.981 .075 .767 26 15.970 .101 .886 100 15.757 .107 .850 80 15.725 .108 .763 41 15.486 .115 .730 11 15.451 .116 .626 24 15.059 .130 .660 by looking at the output of the mahalanobis distance, it can be seen that the value of the mahalanobis distance output is only two respondents 2 and 97 more than 25.1882. in contrast, other respondents show (98) show nothing > 25.1882. then it can be inferred that outlier observation is still under 5 percent of the observed number in its entirety so as not to be said there are multivariate outlier data. 160 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 3. assuming multicollinearities further data is tested to see if there is multicollinearities or singularity. the multicollinearities or singularity indications are shown in the determinant value of the covariance matrix that is very small or close to zero (ghozali, 2011). so, if the data has multicollinearities or singularity, it cannot be used for this research. from the data processing results, the value of a determinant of the sample covariance matrix is 2,163. the value of the determinant of the sample covariance matrix is far from zero. in short, there is no problem of multicollinearities or singularity at the data analyzed. measurement model with a confirmatory factor analysis in the measurement model, the indicator variables used need to confirm whether they can define an invalid construct. confirmatory analysis was done for exogenous (csr) and endogenous variables (image and trust). 1. confirmatory factor analysis of exogenous variables analysis of confirmatory against exogenous variables in this study is csr and indicators of economic responsibilities (x1), legal responsibilities (x2), ethical responsibilities (x3) and philanthropic responsibilities (x4). test results processing confirmatory for variables exogenous csr are: figure 1: confirmatory factor analysis of variables in csr csr x1 x2 x3 x4 e1 e2 e3 e4 1.38 1.00 1.28 0.72 0.82 1.11 0.96 1.59 2.07 1.00 1.00 1.00 1.00 to find out if a statistically built model can be supported and under the model set outfit, the following is the summary of the comparison of models built with the requirements of the goodness-of-fit indices. the results of the data processing linked goodness-of-fit against exogenous variables are as follows: titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 161 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 table 4: goodness-of-fit indices exogenous variables goodness-offitindex cut off value the results of the model the evaluation model chi-square expected small 1.458 perfect df positive (+) 2 perfect probability > 0,05 0.182 perfect cmin/df < 2,00 1.458 perfect gfi > 0,90 0,993 perfect rmsea < 0,08 0.000 perfect agfi > 0,90 0.963 perfect tli > 0,90 1.016 perfect nfi > 0,90 0.986 perfect cfi > 0,90 1.000 perfect the table above explains that the goodness-of-fit-index (chi-square, df, probability of significance, cmin/df, gfi, agfi, rmsea, tli) nfi, cfi) invalid. the exogenous constructs show perfect results because they have an appropriate cut-off of the recommended value. thus, the exogenous variable on the research model can be accepted as a shaper of models that fit. all indicators also provide value loading > 0.50, so they meet convergent validity, which indicated that statistically models built from the four variables are perfectly described and define invalid constructs exogenous. the results of the economic responsibilities of loading values (x1) = 1.00, legal responsibilities (x2) = 1.28, ethical responsibilities (x3) = 0.72 and philanthropic responsibilities (x4) = 0.82. this data indicates that csr in the form of legal responsibilities with a value of loading is the most influential 1.28 against the shaper variable model of csr. 2. confirmatory factor analysis of endogenous variables analysis of confirmatory against exogenous variables in this study is the image and the trust. the indicators of image is value, experience, and technical and functional quality. in contrast, the indicators of rrust are trust, the trust object attributes, and the trust benefits. test processing results confirmatory for variables exogenous imagery shown in figure 2. 162 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 figure 2: confirmatory factor analysis of the variable image image x5 x6 x7 e5 e6 e7 0.79 1.00 1.32 1.97 2.41 2.31 1.58 1.00 1.00 1.00 from the results of the image analysis of confirmatory above, all indicators provide value loading > 0.50. this meets convergent validity, indicating that the statistic model built from the third variable indicator in perfect describes and defines invalid constructs the endogenous images. the loading indicator value result are (x5) = 0.74, an indicator of experience (x6) = 0.70 and technical and functional quality indicator (x7) = 0.79. this data indicates that, according to the respondents, the quality of the technical and functional value of loading the highest 0.79 in a model of variable images. test results of confirmatory factor analysis (cfa) for exogenous trust variable are shown in figure 3. figure 3: confirmatory factor analysis of the trust variable trust x8 x9 x10 e8 e9 e10 1.61 1.09 0.99 1.00 1.86 0.85 2.05 1.00 1.00 1.00 the confirmatory factor analysis (cfa) above shows that two indicators provide value loading > 050, whereas x9 provides value loading < 0.50. the result value of the loading indicator trust object (x8) = 0.69, the trust indicator attributes (x9) = 0.40 and benefit trust indicator (x7) = 0.56. this data indicates that, according to the respondents, belief is the highest object in shaping the model of variable reliability. on the other hand, trust is insignificant in shaping the model attribute variables of belief. the confirmatory test of the endogenous variables (image and trust) are as follows: from the results of image analysis of confirmatory above, it can be noted that the two indicators provide value loading > 050 whereas the trust indicator attributes (x9) provide value loading < 0.50., result value loading indicator trust object (x8) = 0.69, the trust indicator attributes (x9) = 0.40 and benefit trust indicator (x7) = 0.56. this indicates that, according to the titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 163 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 respondents, belief is the highest object in shaping a model of variable reliability. in comparison, trust is less significant in shaping the model attribute variables of belief. the results of the endogenous variables test (image and trust) are as follows: figure 4: confirmatory factor analysis of endogenous variables image x5 x6 x7 e5 e6 e7 1.37 1.00 0.87 1.29 2.76 1.73 2.39 1.00 1.00 1.00 trust x8 x9 x10 e5 e6 e7 1.56 1.00 1.01 1.13 1.86 1.19 1.66 1.00 1.00 1.00 1.14 to find out if the set outfit model can support a statistically built model, the following is the summary of the comparison of models built with the requirements of the goodness-of-fit indices. the results of the data processing linked goodnessof-fit against endogenous variables as follows: table 5: goodness-of-fit indices of endogenous variables goodness-offit-index cut off value the results of the model the evaluation model chi-square expected small 26.571 perfect df positive (+) 8 perfect probability > 0,05 0.001 no perfect cmin/df < 2,00 26.571 no perfect gfi > 0,90 0.914 perfect rmsea < 0,08 0.153 no perfect agfi > 0,90 0.774 no perfect tli > 0,90 0.794 no perfect nfi > 0,90 0.855 no perfect cfi > 0,90 0.890 no perfect 164 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 full sem analysis further analysis is the complete model sem analysis. after the measurement model tested by confirmatory factor analysis and the assumptions in modelling, sem is filled. the next step is to analyze the structural equation model to look at the model's suitability with the causal relationship built in the tested mode. the results of the data processing for analysis of structural model full shown in figure 5. figure 5: full structural equation model analysis image x5 x6 x7 e5 e6 e7 0.79 1.00 1.03 1.49 2.58 1.95 2.10 1.00 1.00 1.00 trust x8 x9 x10 e8 e9 e10 0.79 0.86 0.89 1.00 1.27 0.96 1.08 1.00 1.00 1.00 csr x1 x2 x3 x4 e1 e2 e3 e4 1.32 0.98 1.22 0.72 1.00 1.00 1.00 1.00 1.00 1.00 1.00 z2 z1 0.59 0.49 1.40 1.06 1.62 1.68 0.42 0.65 0.77 to find out if a statistically built model can be supported and per the model set outfit, the following is a summary of the comparison between the models built with the requirements of the goodness-of-fit indices. the results of the data processing linked goodness-of-fit against the full structural model is as follows: table 6: goodness-of-fit indices variables full structural equation model goodness-offit-index cut off value the results of the model the evaluation model chi-square expected small 62.238 perfect df positive (+) 32 perfect probability > 0,05 0.001 no perfect cmin/df < 2,00 1.945 perfect gfi > 0,90 0.886 perfect rmsea < 0,08 0.098 no perfect agfi > 0,90 0.805 perfect titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 165 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 goodness-offit-index cut off value the results of the model the evaluation model tli > 0,90 0.874 perfect nfi > 0,90 0.838 perfect cfi > 0,90 0.911 perfect the test of hypothesis the hypothesis testing can be seen from the results of component regression coefficients in the regression weight value, exactly shown in columns cr and p (probability of significance). the value of the specified column in the cr should be compared with critical values, i.e. ± 1.96, on the level of significance of 5%. if the value of the cr is more significant than critical value ± 1.96 on the level of significance p < 0.05, then the hypothesis proposed is acceptable, and if the value of the cr is the critical value of 1.96 ± on the level of significance p > 0.05 then hypothesis submitted is rejected. the results of the regression output weight in test a hypothesis can be seen in table 7. table 7: regression weights estimate se. cr. p image <--csr .654 .167 3.911 *** trust <--csr .769 .237 3.248 .001 trust <--image .423 .260 1.625 .104 x5 <--image 1.000 x6 <--image 1.029 .273 3.770 *** x7 <--image 1.494 .352 4.238 *** x4 <--csr 1.000 x3 <--csr .722 .158 4.569 *** x2 <--csr 1.224 .221 5.545 *** x1 <--csr .984 .179 5.483 *** x10 <--trust 1.000 x9 <--trust .887 .150 5.895 *** x8 <--trust .860 .133 6.459 *** the calculations can produce the regression weights to figure out the significance of the hypothesis between endogenous and exogenous variables. csr 166 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 variable against the image in the table has obtained a c grade with 3,911 and p < 0.05. because the probability significance in the table is less than 0.05 (0000 < 0.05), then ho is denied, and ha is accepted. thus, there is a significant influence between csr and image. csr variable against the trust acquired values in table 7 with 3,248 and p-value > 0.05. because the significance of probability in the table is less than 0.05 (0.001 < 0.05), then ho is denied, and ha is accepted. this means that there is a significant influence between csr and trust. variable image against the trust acquired value in table with 1,625 and p-value > 0.05. because the significance probability is more than 0.05 (0104 > 0.05), then thus ho received. so, it can be said there is no significant influence between the image and the trust. analysis of csr implementation in bsm jambi in the current development context, islamic banks' success is measured by their profit and concern for the social and environmental aspects. this can be realized through csr. essentially, csr is not a partial entity upheld to achieve a positive image in the eyes of stakeholders. csr is a crucial entity in the operation of islamic banks. it is unethical to put csr into practise but ignore its welfare, taxes, and corruption. thus, csr must be manifested in the internal and external aspects of islamic banks. in addition to the above aspects of implementation, the seriousness of islamic banks in implementing csr can be measured by the csr indicator pyramid that includes economic responsibilities, legal responsibilities, ethical responsibilities, and philanthropic responsibilities. the goal is to determine the type of csr implemented by islamic banks, whether it only focuses on the economic responsibility or the highest type of csr, i.e. philanthropic responsibility. csr implementation in bank syariah mandiri jambi is no longer views the public as the burden of cost. csr is seen as a form of the bank's gratitude. therefore, the bank uses "management of gratitude" as its tagline. the management considers what is owned by the bank as a gift from god, and they should be grateful for it. the islamic values on this are the qur'an, sura ar-rum, verse 46. furthermore, the csr implementation in bsm jambi also still focuses on education-related programs. the public is keen to have broader csr programs, including poverty alleviation, unemployment, abandoned children, and other environmental problems. titin agustin nengsih. corporate social responsibility on image and trust of bank syariah mandiri 167 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 the hypothesis testing shows that csr affects the image of islamic banks significantly. regression test results or test weights show the value of the hypothesis csr influence against the image of 6,563 at the level of significance 0.05 (p < 0.05). so, because the significance probability variable csr against image is 0.05 <, it can be said that csr significantly affects the image of islamic banks. so, the notion that csr affects the image of islamic banks significantly is acceptable. the conclusion, showing that csr significantly affects the image, is aligned with the theory stating that csr can form a positive image of the company. this explains that the advantage obtained by the company from the csr is the increase of the company's reputation, the strengthening of the company's future due to its good image in the public's eyes, and the settlement of social issues in the community. a comprehensive implementation of csr by islamic banks will form a good impression and make them have more valueand a high prestige than those that only have profit-oriented businesses. the assessment of customers' experience, their good impression, and the corresponding values become the islamic banks' positive image indicators. islam always suggests that the reward obtained is appropriate and balanced with what has been done. this is mentioned in the qur'an. sura an-nisa verse 85. if islamic banks have a high commitment to a comprehensive implementation of csr, they will get a reward in the form of a positive image. on the other hand, if the csr implementation only gradually becomes utopian and mere lip service activities, then the desired image will not be obtained. the csr commitment will result in a direct imaging scale growth of islamic banks. the regression test weights show that the value of csr influences against trust amounted to 3,248 at the significance level of significance of 0.01 (p > 0.05). because the significance probability variables against cs is 0.05, then < it can be said that csr significantly affects the clients' trust. thus, the notion that csr affects the trust significantly to bank syariah mandiri jambi is acceptable. the significant influence of csr on trust is in contrast to the study by rahman (2009), revealing that when csr is implemented, stakeholders will obtain criticism associated with the implementation of csr. these include: first, csr is simply a marketing strategy that aims to boost corporate profit. second, take cover behind the csr programs is to cover the shortage or gaffe. third, corporates only fulfill csr because of the demands of regulation. fourth, csr is simply a set of lip service activities. the criticism consequently makes islamic banks fail to develop trust through csr. even though the islamic banks have 168 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.18347 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 implemented csr, the customers' negative thoughts affect their trust in islamic banks. customers' trust will be formed if islamic banks implement correct, earnest, good quality, and continuous csr programs. also, this needs to be supported by two-way communication with society and a good assessment of society's needs. trust in the islamic banks can also manifest when the customers can differentiate between 'marketing' and 'true' csr. the true one incorporates a form of goodwill, appropriate and proven accountability. in the marketing csr, as executor is the marketing department, the purpose of the csr to improve profits, follow trends, and is carried out without proper two-way communication with the community. ideally, csr aims to build a positive reputation or image by maintaining the mutual relationship between stakeholders, continuous nature, and two-way communication with the community. conclusions this study empirically explored the relationship between csr and the image of bank syariah mandiri jambi, between csr and people trust in the bank, and between the image and the trust. the study indicates that csr in bsm jambi has been implemented as it is in the vision and mission of the organization. csr is implemented by considering the concept of community development with various effective measures and two-way communication. the regression weights for csr significantly affect the image and the trust of bank syariah 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(1995). factors that determine the corporate image of south african banking institutions: an exploratory investigation. international journal of bank marketing. 13(3): 12–17. https://doi. org/10.1108/02652329510082979 the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano 19 analisis kesesuaian konstitusi ekonomi indonesia terhadap ekonomi islam ali rama1 makhlani abstract. the similarities of indonesian economy constitution to islamic economy. this study invistigates the similarities between the constitution of the indonesian economy and islamic economic system. it finds that the constitution of indonesian economy contained in the 1945 section 33, 34, 23, 27 and 28 have in common with the islamic economic system, especially at the basic values, basic principles and instrumentals. the main similarities lie in the principle of economic activities based on the principles of solidarity and togatherness and the role of the state in the allocation of economic resources for economic prosperity and welfare of the whole people. another important similarity is the presence of high concern towards the needy and neglected children through various economic policy instruments such as social security and social protection programs. therefore, it is no longger relevant to polorize between the indonesian economic constitution or pancasila economic system and islamic economic system. because each is derived from an understanding of the islamic teaching. keywords: constitution of indonesian economy, uud 1945, islamic economic system, the role of the state abstrak. analisis kesesuaian konstitusi ekonomi indonesia terhadap ekonomi islam. penelitian ini berusaha untuk melihat kesamaan antara kandungan konstitusi ekonomi indonesia dengan ekonomi islam. secara garis besar konstitusi ekonomi indonesia yang tertuan dalam uud 1945 pasal 33, 34, 23, 27 dan 28 memiliki kesamaan dengan sistem ekonomi islam khususnya pada tataran nilai dasar, prinsip dasar dan instrumentalnya. kesamaan dasarnya terletak pada asas kegiatan ekonominya yang didasarkan pada prinsip kekeluaragaan dan kebersamaan beserta peranan penting negara dalam pengalokasian sumber daya ekonomi untuk kemakmuran dan kesejahteraan bersama. kesamaan penting lainnya adalah adanya kepedulian yang tinggi terhadap kaum fakir miskin dan anak-anak yang terlantar melalui instrumen-intrumen kebijakan ekonomi berupa jaminan dan perlindungan sosial. olehnya, tidak perlu dilakukan pertentangan antara konstitusi ekonomi indonesia atau ekonomi pancasila dengan ekonomi islam. karena masing-masing merupakan turunan dari pemahaman terhadap agama islam. kata kunci: konstitusi ekonomi indonesia, uud 1945, ekonomi islam, peran negara. 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 fakultas ekonomi dan bisnis uin syarif hidayatullah jakarta, e-mail: rama_clb_ku@yahoo.com ex.idb representative indonesia, e-mail: makhlani@yahoo.com mailto:rama_clb_ku@yahoo.com 20 pendahuluan corak sistem perekonomian suatu negara bisa saja sangat dipengaruhi oleh sistem ekonomi global seperti kapitalisme dan sosialisme yang hampir menjadi rujukan setiap negara dalam mendesain kebijakan ekonomi. begitupula dengan islam sebagai sistem kehidupan (way of life) suatu masyarakat memberikan pengaruh dalam desain sistem perekonomian suatu negara. pedoman dan arah perekonomian suatu negara umumnya tertuan dalam undang-undang dasar atau konstitusi yang menjadi konsesus bersama negera tersebut. konstitusi harus dijadikan sebagai acuan substantif dalam setiap kebijakan yang diambil dalam proses pembangunan ekonomi. kebijakan-kebijakan ekonomi yang diterapkan tidak seharusnya mengikut begitu saja terhadap arus perkembangan ekonomi yang terjadi, baik pada tataran nasional maupun global. logika pembangunan ekonomi tidak semestinya dibangun semata atas pertimbangan pengalaman empiris di lapangan atau pun teori-teori dan kisah-kisah sukses di negara-negara lain yang dipandang layak dijadikan sebagai rujukan. misalnya, teori pembangunan seperti yang dikembangkan di barat banyak dipengaruhi oleh karakteristik unik, masalah spesifik, nilai eksplisit dan implisit serta infrastruktur sosial-politik ekonomi barat (ahmad, 1997). teori demikian jelas tidak bisa secara serta merta diaplikasikan di dunia muslim yang memiliki nilai-nilai yang berbeda. dengan demikian suatu teori yang cocok dan dapat diterima dalam suatu sistem masyarakat dengan pandangan hidup tertentu, belum tentu cocok bagi yang lain (an-nabhani, 1996) (ash shadr, 2008). berdasarkan perspektif tersebut, teori ekonomi yang dipengaruhi oleh doktrin (sistem) suatu masyarakat tertentu belum tentu cocok dengan suatu masyarakat yang memiliki doktrin atau pandangan dunia (worldview) yang berbeda. teori ekonomi pembangunan yang sukses di suatu daerah belum tentu cocok dan sukses di tempat lain, dikarenakan perbedaan pandangan hidup (chapra, 2000). alasan ini yang mendasari kenapa sistem sosialisme teruatama pola strategi pembangunan yang diadopsi bahkan dipaksakan pada negara-negara berkembang terutama negara-negara muslim mengalami kegagalan bahkan berujung pada chaos dalam segala bidang (matta, 1997). kegagalan ini utamanya disebabkan oleh sistem atau doktrin yang terkandung dalam sosialisme memiliki perbedaan yang tajam dengan masyarakat muslim yang sangat dipengaruhi oleh doktrin islam. sistem sosialisme yang diimpor ke dalam negara-negara muslim menghadapi akal yang berbeda dengan akal yang berbeda dengan akal yang menciptakannya, ditawarkan kepada masyarakat yang berbeda di mana sistem itu diterapkan – baik pada latar historisnya maupun struktur kesadarannya – dan disosialisasikan pada tanah dan waktu yang lain yang berbeda dengan tanah dan waktu darimana ia berasal. maka yang terjadi kemudian adalah munculnya hasil yang berbeda (matta, 1997). meskipun kenyataan saat ini, negara-negara dituntut untuk bergaul dengan sistem ekonomi global yang lebih cenderung kepada sistem ekonomi pasar kapitalisme yang mengedepankan liberalisasi perdagangan dan globalisasi ekonomi. hegemoni sistem ekonomi global yang lebih cenderung dipengaruhi oleh sistem kapitalisme memberikan pengaruh yang besar dalam penyusunan dan pembuatan kebijakankebijakan ekonomi di negara-negara berkembang dan atau di negara-negara muslim di mana indonesia salah satu di dalamnya. negara yang terbelakang dari berbagai aspek umumnya akan mengikut ke negara yang sudah relatif maju (khaldun, 2000). olehnya, untuk mencegah arus pengaruh sistem eksternal terhadap kebijakan ekonomi nasional maka seluruh kebijakan ekonomi yang diambil harus mengacu dan tidak boleh bertentangan dengan konstitusi ekonomi, uud 1945 yang sudah menjadi konsensus 21 bersama bangsa indonesia yang disusun berdasarkan tujuan dan national interest yang ingin dicapai secara bersama sebagai bangsa indonesia. apalagi, uud 1945 memuat dokumen ekonomi tentang ketentuan-ketentuan dalam bidang perekonomian yang merupakan cita-cita luhur yang diperjuangkan oleh para founding fathers dari republik ini. uud 1945 sebagai konstitusi ekonomi mengatur mengenai pilihan-pilihan kebijakan ekonomi dan anutan prinsip-prinsip tertentu di bidang hak-hak ekonomi (economic rights). konstitusi ekonomi memuat ketentuan mengenai perekonomian nasional. banyak kalangan yang menilai bahwa konstitusi ekonomi indonesia memiliki corak sesuai dengan nilai-nilai dan karakter budaya indonesia yang sangat dipengaruhi oleh agama. meskipun secara redaksional simbol-simbol agama tidak terlalu nampak dalam konstitusi ekonomi indonesia tetapi nilai-nilai agama memiliki pengaruh yang kuat terhadap substansi yang dikandungnya. apalagi banyak kalangan yang menilai bahwa konstitusi ekonomi indonesia sangat dipengaruhi oleh pemikiran bung hatta yang terutama tertuang dalam pasal 33 dan 34 uud 1945. bung hatta adalah merupakan tokoh nasional yang mempunyai kesempatan untuk mengenyam pendidikan di barat sehingga tahu betul dinamika sistem ekonomi yang berkembang di barat seperti sistem kapitalisme dan sosialisme. beliau tahu betul kelemanan dari sistem kapitalisme dan sosialisme sehingga tidak cocok untuk diimplementasikan di indonesia. meskipun diakui bahwa pemikiran ekonomi bung hatta banyak dipengaruhi oleh paham sosialisme, tetapi sosialisme yang ingin dibangun di indonesia adalah sosialisme yang berwatak agama atau sosialisme religius yang sesuia dengan agama masyarakat indonesia secara umum. bukan justru sosialisme yang anti agama atau ateis. bahkan bung hatta sebenarnya memiliki pemikiran ekonomi yang sangat sesuai dengan pemikiran ekonomi islam, tetapi pendekatan yang beliau lakukan lebih bersifat substansial dibandingkan dengan simbolistis (abbas, 2008). kandungan konstitusi ekonomi yang ada dalam uud 1945 bisa saja dipengaruhi oleh sistem ekonomi global di awal perumusannya. seperti misalnya pengaruh prinsipprinsip sosialisme dalam penyusunan beberapa pasal tentang ekonomi dalam uud 1945. akan tetapi banyak pula kalangan yang menilai bahwa pasal-pasal ekonomi dalam uud 1945 sangat dipengaruhi oleh nilai-nilai agama yang berkembang di tengah-tengah masyarakat indonesia. dalam artian, pemahaman dan kepercayaan agama khususnya islam memiliki pengaruh kuat dalam filosofi dan prinsip dasar serta tujuan yang ingin dicapai yang terkandung dalam konstitusi ekonomi indonesia. menurut dawam raharjo, konstitusi ekonomi indonesia dilandasi oleh nilai-nilai yang terdapat dalam lima sila pancasila. pancasila, katanya, pada intinya adalah kombinasi tiga ideologi, yaitu nasionalisme, sosialisme dan demokrasi, tetapi kesemuanya didasarkan pada humanisme dan kepercayaan monoteisme. bahkan bung karno menyebut pancasila sebagai hasil gabungan dari tiga ideologi, yaitu nasionalisme, islamisme dan komunisme yang biasa disebut sebagai nasakom. sementara bung hatta menyebut tiga sumber lain, yaitu islam, sosialisme dan budaya indonesia. konstitusi ekonomi indonesia memuat beberapa ketentuan-ketentuan ekonomi nasional seperti sistem kepemilikan sumber daya ekonomi, tujuan pembangunan ekonomi, pengelolaan sumber daya ekonomi, bentuk usaha ekonomi, sistem jaminan sosial, peran negara dalam pembangunan ekonomi, dan lainnya. berdasarkan pada ketentuan-ketentuan pengaturan ekonomi yang terkandung dalam konstitusi ekonomi indonesia maka perlu dilakukan analisis kesesuaian antara konsep ekonomi yang terkandung dalam konstitusi ekonomi indonesia dengan konsep ekonomi dalam islam. 22 sehingga akan ditemukan sejauh mana kesesuaian dan atau paralelitas antara konstitusi ekonomi indonesia dengan konsep ekonomi islam sehingga didapatkan kesimpulan yang utuh, komprehensif dan akurat tentang konstitusi ekonomi indonesia ditinjau dari perspektif ekonomi islam yang dapat dipertanggungjawabkan secara ilmiah. uud 1945 sebagai konstitusi ekonomi indonesia pada umumnya, organisasi negara selalu memiliki naskah yang disebut sebagai konstitusi atau undang-undang dasar (uud). berlakunya suatu konstitusi sebagai hukum dasar yang mengikat didasarkan atas kekuasaan tertinggi atau prinsip kedaulatan yang dianut dalam suatu negara. jika negara itu menganut paham kedaulatan rakyat, maka sumber legitimasi konstitusi itu adalah rakyat. begitu pula jika yang berlaku adalah kedaulatan raja, maka raja yang menentukan berlaku tidaknya suatu konstitusi. oleh karenanya, indonesia sebagai negara yang menganut sistem demokrasi menempatkan rakyat sebagai penentu berlakunya suatu konstitusi. uud bukanlah undang-undang biasa. konstitusi atau uud dalam konteks indonesia tidak ditetapkan oleh legislatif yang biasa, tetapi oleh badan yang lebih khusus dan lebih tinggi kedudukannya, yaitu majelis permusyawaratan rakyat (mpr). jika terdapat suatu undang-undang bertentangan dengan norma dasar yang terkandung di dalam uud, maka uud itulah yang berlaku. konstitusi menurut asshiddiqie, adalah perjanjian, konsensus, atau kesepakatan tertinggi dalam kegiatan bernegara. kesepakatan adalah hukum bagi siapa saja yang mengikatkan diri di dalamnya. demikian pula konstitusi sebagai kesepakatan tertinggi, tentunya memiliki daya paksa yang juga bersifat tinggi. konstitusi ekonomi adalah konstitusi yang mengatur mengenai pilihan-pilihan kebijakan ekonomi dan anutan prinsip-prinsip tertentu di bidang hak-hak ekonomi (abbas, 2014). oleh sebab itu, para perumus kebijakan ekonomi harus menjadikan uud 1945 sebagai hukum dan kebijakan yang tertinggi di bidang perekonomian. setiap kebijakan ekonomi yang bertentangan dengan konstitusi ekonomi dapat dibatalkan dan dianggap tidak berlaku melalui mekanisme konstitusional, yaitu judical review di mahkamah konstitusi (mk). uud 1945 dikatakan sebagai konstitusi ekonomi karena mengatur ketentuan mengenai kebijakan ekonomi seperti yang tercantum dalam pasal 33 uud 1945. pasal 33 menentukan, (1) perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan; (2) bumi dan air dan kekayaan yang terkandung didalamnya dikuasai oleh negara dan dipergunakan untuk sebesar-besarnya kemakmuran rakyat. hasil amandemen paska reformasi atas uud 1945, bab xiv yang semula hanya, “kesejahteraan sosial” direvisi menjadi “perekonomian nasional dan kesejahteraan sosial” dimana memuat dua pasal, yaitu pasal 33 dan pasal 34 beserta penyempurnaan ayat-ayatnya. pasal-pasal lainnya yang berkaitan dengan ekonomi yang ada dalam uud 1945 adalah pasal 23 mengenai keuangan negara dan hal-hal yang terkait, pasal 27 ayat 2 tentang pekerjaan dan peghidupan yang layak bagi kemanusiaan, dan pasal 28 tentang hak asasi manusia. bahkan alinea iv pembukaan uud 1945 yang berisi prinsip-prinsip dasar pancasila dan tujuan bernegara secara tidak langsung juga mengandung gagasan mengenai kesejahteraan sosial dan ekonomi. jika dilihat dari segi sistem ekonomi, ekonomi indonesia tidak bisa sepenuhnya dikatakan menganut sistem kapitalisme ataupun sosialisme ataupun gabungan dari kedua dari sistem tersebut (mixed economy). misalnya dari segi kepemilikan sumber daya ekonomi atau faktor-faktor produksi, tak terdapat alasan untuk mengatakan bahwa 23 sistem ekonomi indonesia adalah kapitalisme. sama halnya, tidak terdapat argumentasi yang cukup untuk mengatakan, bahwa kita menganut sistem ekonomi sosialis. indonesia mengakui kepemilikan individual atas faktor-faktor produksi, kecuali untuk sumber daya-sumber daya yang menguasai hidup orang banyak, dikuasai oleh negara (tambunan, 2011). hal ini secara tegas diatur oleh pasal 33 uud 1945. jadi secara konstitusional, sistem ekonomi indonesia tidak mengikut secara absolut terhadap sistem ekonomi kapitalisme maupun sosialisme. sistem ekonomi indonesia, menurut mubyarto (1987), adalah sistem ekonomi pancasila yang didasarkan pada lima sila yang dimilikinya. akan tetapi jika dilihat dari nilai-nilai dan sistem kepemilikan yang dianutnya, sistem ekonomi indonesia memiliki kesamaan yang besar dengan sistem ekonomi islam. sistem ekonomi indonesia pengertian tentang sistem ekonomi sangat beragam. sanusi (2010) menjelaskan sistem ekonomi merupakan suatu organisasi yang terdiri atas sejumlah lembaga dan pranata (ekonomi, sosial-politik, ide-ide) yang saling mempengaruhi satu dengan yang lainnya dan ditujukan ke arah pemecahan problem-problem serta produksi-distribusi konsumsi yang merupakan problem dasar setiap perekonomian. dengan kata lain, sistem ekonomi dapat diartikan sebagai suatu totalitas terpadu yang terdiri dari atas unsur-unsur yang saling berhubungan, saling terkait, saling mempengaruhi, dan saling tergantung untuk mencapai tujuan bersama. selanjutnya, dumairy (2011) mengartikan sistem ekonomi adalah suatu sistem yang mengatur serta menjalin hubungan ekonomi antarmanusia dengan seperangkat kelembagaan dalam suatu tatanan kehidupan. sebuah sistem ekonomi terdiri atas unsur-unsur manusia sebagai subjek; barang-barang ekonomi sebagai objek; serta seperangkat kelembagaan yang mengatur dan menjalinnya dalam kegiatan perekonomian. perangkat kelembagaan dimaksud meliputi lembaga-lembaga ekonomi (formal maupun informal); cara kerja; mekanisme hubungan; hukum dan peraturanperaturan perekonomian; serta kaidah dan norma-norma lain (tertulis maupun tidak tertulis); yang dipilih atau diterima atau ditetapkan oleh masyarakat di tempat tatanan kehidupan yang bersangkutan berlangsung. jadi dalam perangkat kelembagaan ini termasuk juga kebiasaan, perilaku, dan etika masyarakat; sebagaimana mereka terapkan dalam berbagai aktivitas yang berkenaan denga pemanfaatan sumber daya bagi pemenuhan kebutuhan. berdasarkan definisi ini menunjukkan bahwa mengkaji sistem ekonomi berarti meliputi tentang pelaku-pelaku ekonomi, lembaga-lembaga ekonomi, mekanisme, aturan-aturan dan doktrin atau paradigma ekonomi yang dianut. definisi serupa juga dikemukan oleh grossman (1995) yaitu sistem ekonomi adalah sekumpulan komponen atau unsur terdiri atas unit dan agen ekonomi serta lembaga (institusi) ekonomi, yang bukan saja saling berhubungan dan berinteraksi melainkan juga sampai tingkat tetentu saling menopang dan mempengaruhi. sementara itu, triono (2011) menganggap bahwa sistem ekonomi berkaitan dengan pandangan, keyakinan, kepercayaan ataupun ideologi tertentu, khususnya terhadap alokasi sumber daya ekonomi yang ada di bumi ini. sehingga sistem ekonomi akan menyangkut pandangan terhadap kepemilikan, pemanfaatan, maupun distribusi sumber daya ekonomi. sehingga sistem ekonomi itu tidak netral dan bersifat subjektif karena dipengaruhi oleh pandangan-pandangan hidup atau paradigma tertentu di mana sistem ekonomi itu diterapkan. konsekuesinya, berdasarkan definisi ini, sistem ekonomi yang diterapkan dan dianut dalam suatu perekonomian negara sangat memungkinkan berbeda dengan sistem ekonomi yang diterapkan di tempat atau negara lain, tergantung pada pandangan dan paradigma yang dianutnya terutama dalam hal kepemilikan, 24 pemanfaatan dan distribusi sumber daya ekonomi yang dimiliki dalam suatu perekonomian. kahf (1999) mendefinisikan sistem ekonomi sebagai seperangkat prinsip-prinsip yang merupakan kerangka organisasi kegiatan ekonomi. sehingga sistem ekonomi tertentu tersusun dari seperangkat nilai-nilai yang dapat membangun kerangka organisasi kegiatan ekonomi menurut kerangka referensi tertentu. perangka nilai-nilai ini di satu pihak akan berdasarkan pandangan filsafat tentang kegiatan ekonomi, dan dipihak lain interaksi nilai-nilai ini membentuk perangkat nilai dasar dan nilai instrumental bagi kegiatan ekonomi yang dikehendaki oleh sistem. dalam literatur ekonomi dan bahkan tataran penerapan perekonomian, dikenal dua sistem ekonomi yang sering diperbincangkan dan mempengaruhi suatu perekonomian, yaitu kapitalisme pasar dan sosialisme terpimpin. dua sistem ekonomi ini sebenarnya saling terkait. sistem ekonomi sosialisme muncul atas kritik terhadap sistem kapitalisme yang tidak bisa mewujudkan kesejahteraan bagi berbagai lapisan masyarakat. inti dari sistem ekonomi kapitalisme adalah pemecahan masalah ekonomi yang meliputi produksi, konsumsi dan distribusi melalui mekanisme pasar bebas demi tercapainya kesejahteraan masyarakat secara bersama. sementara ekonomi sosialisme meyakini bahwa penghapusan kepemilikan individu terhadap aset-aset produksi adalah solusi untuk menyelesaikan problem ekonomi yang dihadapi oleh manusia dan merupakan pendekatan yang paling ampuh untuk mewujudkan kesejahetaraan yang merata. kehadiran dua sistem ekonomi itu, berkontribusi dalam menciptakan polarisasi hegemonis sistem ekonomi dalam tataran global. kedua sistem ekonomi ini saling berusaha mencari pengikut (follower) dan situasi ini memicu munculnya konflik seperti yang pernah terjadi pada perang dingin (cold war) antara amerika serikat (as) sebagai pengusung utama sistem ekonomi kapitalisme dengan uni soviet sebagai pengusung sistem sosialisme. kedua sistem ekonomi itu menghegemoni khususnya di negaranegara berkembang. akhirnya banyak negara-negara berkembang meyakini bahwa untuk mencapai kemajuan ekonomi caranya adalah dengan mengadopsi salah satu sistem ekonomi tersebut, sistem kapitalisme atau sistem sosialisme. akan tetapi dalam peraktiknya, sistem ekonomi yang dijalankan oleh negaranegara di dunia saat ini tidak sepenuhnya seperti sistem kapitalisme atau sistem sosialisme yang berada pada titik ekstrim sebagaimana dicetuskan oleh masing-masing penggagasnya yaitu adam smith dan karl max. justru sistem perekonomian yang diterapkan di berbagai negara saat ini berada di sepanjang spektrum dua sistem tersebut. apa yang disebut kapitalisme dan sosialisme memiliki banyak bentuk variannya dalam tataran prakteknya. akan tetapi perlu diakui kedua sistem tersebut sangat mempengaruhi sistem ekonomi yang berlaku di dunia ini dengan penyesuaian sesuai dengan kepentingan pragmatis negara yang mengadopsinya. kedua sistem tersebut dalam tataran implementasinya juga disesuaikan dengan nilai-nilai dan normanorma serta agama yang berlaku dalam suatu masyarakat. selain kedua sistem tersebut, dalam perekonomian modern juga dikenal sistem ekonomi campuran (mixed economy) yaitu sistem yang mengandung beberapa elemen dari sistem ekonomi kapitalisme dan sistem ekonomi sosialisme. sebagaimana dikemukan sebelumnya, tidak ada perekonomian yang ada saat ini yang mengadopsi sepenuhnya sistem ekonomi sosialis atau kapitalis. yang berlaku justru campuran antara kedua ekstrim sistem ekonomi tersebut, dengan berbagai varian kadar dominasinya. 25 deklarasi indonesia sebagai negara merdeka terjadi bersamaan dengan puncak perseturuan antara sistem ekonomi kapitalisme yang diwakili oleh amerika serikat yang kemudian membuat sekutu dengan sebutan blok barat dan sistem ekonomi sosialisme yang dikomandoi oleh uni soviet dengan blok timurnya. pertanyaannya kemudian adalah apakah pembentukan sistem ekonomi indonesia seteleh proklamasi kemerdekaannya (17 agustus 1945) dipengaruhi oleh dua arus sistem tersebut atau dua blok politik tersebut? sebagaimana diketahui setelah kemerdekaan republik indonesia (ri), presiden pertama ri, soekarno justru memploklamirkan blok baru bernama gerakan non-blok yang tidak berafiliasi dengan blok barat maupun blok timur yang lagi berebutan mencari pengaruh dan sekutu pada saat itu. pandangan politik ini sebenarnya juga berpengaruh pada sistem ekonomi yang dianut indonesia yang tidak menganut sitem ekonomi kapitalis ataupun sistem ekonomi sosialis sepenuhnya. sistem ekonomi apa yang diterapkan di indonesia, kapitalisme, sosilisme, atau gabungan (mixed) dari kedua sistem tersebut? untuk menjawab pertanyaan ini, dumairy (1996) menegaskan sebagai berikut, “ditinjau berdasarkan sistem kepemilikan sumber daya ekonomi atau faktor-faktor produksi, tak terdapat alasan untuk menyatakan bahwa sistem ekonomi kita adalah kapitalisme. sama halnya, tak pula cukup argumentasi untuk mengatakan, bahwa kita menganut sistem ekonomi sosialis. indonesia mengakui pemilikan individual atas faktor-faktor produksi, kecuali untuk diatur dengan tegas oleh pasal 33 uud 1945. jadi, secara konstitusional, sistem ekonomi indonesia bukan kapitalisme dan bukan pula sosialisme.” untuk memahami sistem ekonomi apa yang diterapkan di indonesia paling tidak secara konstitusional maka perlu memahami terlebih dahulu ideologi yang dianut oleh indonesia. sistem ekonomi atau perekonomian indonesia tidak terlepas dari prinsipprinsip dasar dari pembentukan negara republik indonesia yang tercantum dalam pancasila dan undang-undangan dasar (uud) 1945. sistem ekonomi pancasila 1. pancasila dan agama pancasila sebagai ideologi indonesia sebenarnya dalam proses pembentukannya sangat dipengaruhi oleh ajaran-ajaran islam. pancasila sebagaimana dituliskan oleh adian husaini (2010) adalah merupakan hasil karya bersama, bukanlah rumusan semata seorang bung karno sendirian. pancasila adalah hasil kesepakatan tokoh-tokoh islam yang memiliki berbagai aspirasi ideologis, termasuk tokoh-tokoh islam yang tergabung dalam panitia sembilan di bpupk, yaitu kh. wahid hasyim, haji agus salim, abikoesno tjokrosoejoso dan abdul kahar muzakkir. salah satu bukti utama jikalau pancasila yang kemudia menjadi landasan ideologi bangsa indonesia begitupula dalam sistem ekonominya sangat dipengaruhi oleh ajaran islam atau pandangan islam (islamic worldview) adalah adanya rumusan tujuh kata pada sila pertama, yaitu “ketuhanan, dengan kewajiban menjalankan syariah islam bagi pemeluk-pemeluknya” yang kemudian dikenal sebagai rumusan piagam pancasila vesi piagam jakarta (pembukaan uud 1945). akan tetapi karena suatu hal, sila pertama pancasila ini diganti menjadi “ketuhanan yang maha esa”. sila pertama ini menurut adian husaini adalah representasi dari ajaran tauhid dalam agama islam. bukti-bukti lainnya bahwa pancasila sangat dipengaruhi oleh ajaran islam adalah bisa dilihat dari sila-sila lainnya. karim (2004) mengungkapkan penilaian yang sama. ia menganggap bahwa nilai-nilai universal islam secara eksplisit menjiawai muatan pancasila yang berprinsip ketuhanan, kemanusiaan, persatuan, permusyawaratan, dan keadilan. hal ini sejalan dengan islam yang menekankan persamaan, persaudaraan, permusyawaratan, keadilan dan 26 ketuhanan. oleh karenanya, rumusan dan penafsiran sila-sila pancasila terutama sila pertama jelas tidak bisa dipisahkan dari konteks sejarah munculnya rumusan tersebut. harus diakui bahwa pada masa lalu ada mutual understanding antara islam sebagai agama dan pancasila sebagai ideologi. kesalahpahaman itu lebih banyak pada berbagai kepentingan politik daripada dalam substansinya; atau lebih dikarenakan oleh ketidakjelasan paradigma dan cara pandang. substansinya keduanya jelas berbeda. islam adalah agama, sedangkan pancasila adalah ideologi. esensi (hakekat) islam dan pancasila tidak bertentangan, namun kenyataan eksistensinya (sejarahnya) dapat saja dipertentangkan terutama untuk melayani kepentingan-kepentingan kelompok sosial (karim, 2004). contohnya misalnya sebagaimana yang diungkapkan oleh adnan buyung nasution sebagaimana dikutip oleh adian husaini terjadinya polemik dan komprontasi ide antara islam dan pancasila dalam sejarah di indonesia adalah akibat dikembangkannnya konsep pancasila sebagai doktrin atau pandangan hidup (worldview) yang kompleks dan khas, sehingga berbenturan dengan pandangan dunia lain, seperti islam. bahkan lebih jauh rezim orde baru menjadikan pancasila sebagai landasan amal dan moral dimana wilayah ini sebenarnya menjadi wilayah agama. pancasila berusaha ditafsirkan oleh penguasa melampaui kewenangannya bahkan masuk ke kewenangan agama. justru pancasila sebagai landasan negara jika dilihat dalam konteks sejarahnya tidak bertentangan dengan ajaran agama khususnya agama islam, bahkan nilai-nilai universalnya terinspirasi oleh nilai-nilai universal islam sebagaimana tercantum dalam sila-sila pancasila. pancasila sebagai ideologi sebenarnya merupakan objektivikasi dari islam. objektivikasi adalah penterjemahan nilai-nilai internal ke dalam kategori-kategori objektif. atau dengan kata lain, objektivikasi adalah merupakan konkritisasi dari keyakinan internal. hal ini berarti unsur-unsur objektif agama ada dalam pancasila. 2. sistem ekonomi pancasila istilah ‘ekonomi pancasila’, menurut dawam rahardjo, dipopulerkan oleh emil salim dalam salah satu artikelnya pada tahun 1976. menurut beliau ekonomi pancasila merupakan suatu konsep kebijakan ekonomi, setelah mengalami pergerakan seperti bandul jam dari kiri ke kanan, hingga mencapai titik keseimbangan. ke kanan artinya bebas mengikuti aturan pasar, sedangkan ke kiri artinya mengalami intervensi negara dalam bentuk perencanaan memusat. ekonomi pancasila juga dapat diartikan sebagai sistem ekonomi pasar dengan pengendalian pemerintah atau “ekonomi pasar terkendali”. mungkin istilah lain yang lebih mendekati dan populer dengan pengertian ‘ekonomi pancasila’ adalah ‘sistem ekonomi campuran’ (mixed economy), maksudnya campuran antara sistem akpitalisme dan sosialisme atau ‘sistem ekonomi jalan tengah’. pancasila menurut soekarno adalah merupakan hasil kombinasi ideologi ‘nasionalisme’, ‘islamisme’, dan ‘komunisme’. sedangkan bung hatta menyebutnya sebagai kombinasi dari ‘islam’, ‘sosialisme’, dan ‘budaya indonesia’. dengan demikian, jika ekonomi pancasila dirumuskan sebagai ‘ekonomi yang mendasarkan dari nilai-nilai pancasila’, maka ekonomi pancasila sebenarnya adalah sebuah sistem ekonomi campuran. ekonomi pancasila juga biasa disebut sebagai ‘ekonomi kerakyatan’, sebagaimana dijelaskan oleh mubyarto (1987) bahwa praktek ekonomi pancasila atau ekonomi pancasila in action, dengan mudah dapat dijumpai dan dikenali di mana-mana di seluruh indonesia. praktek ekonomi ini seringpula disebut ‘ekonomi rakyat’ yang bersifat moralistik, demokratik dan mandiri. dengan gambaran dan pembahasan itu sering ekonomi pancasila diidentikkan dengan ekonomi rakyat. perekonomian rakyat pada dasarnya adalah perekonomian pasar yang didasarkan pada sistem kepemilikan individu dan kolektif. 27 ekonomi pancasila disebut juga sebagai ekonomi yang berasaskan kekeluargaan, kegotong-royongan dan kerjasama. ini adalah nilai-nilai tradisional yang bersumber dari budaya indonesia, yang bisa saja sangat dipengaruhi oleh nilai-nilai agama yang dianut oleh masyarakat indonesia. asas kekeluargaan ini, yang berdasarkan pada solidaritas mekanis, menurut dawam rahardjo, telah ditransformasikan menjadi solidaritas fungsional, dengan nilai-nilai individualitas dalam lembaga koperasi. jika ekonomi pancasila didasarkan pada pasal 33 uud 1945 yang menyebutkan bahwa cabang-cabang penting kebutuhan rakyat dikuasai oleh negara, sehingga melahirkan bumn. jika ini menjadi ciri ekonomi pancasila, maka ekonomi pancasila mengikuti model negara kesejahteraaan (welfare state) yang umumnya berkembang di negara-negara eropa. mubyarto (1987) mendefinisikan ekonomi pancasila sebagai sistem ekonomi, atau sistem perekonomian yang dijiwai oleh ideologi pancasila, yaitu ekonomi yang dijiwai oleh usaha berdasarkan pada asas kekeluargaan dan kegotongroyongan nasional. mengenai ekonomi pancasila, mubyarto mengemukakan lima karakter utamanya. kelima ciri tersebut masih harus dikembangkan, ditumbuhkan dan diperjuangkan dalam sistem perekonomian indonesia. kelima ciri ekonomi pancasila tersebut diserap dari uud 1945 dan dari keseluruhan jiwa pancasila itu sendiri. kelimanya adalah sebagai berikut: pertama, dalam sistem ekonomi pancasila, koperasi merupakan soko guru perekonomian. kedua, perekonomian digerakkan oleh ransangan-ransangan ekonomi, sosial dan moral. ketiga, egalitarianisme yaitu bahwa kemerataan sosial mengandaikan terpenuhinya semangat kekeluargaan, saling menyayanging sesama manusia dan solidaritas persaudaraan. keempat, bagian ini berhubungan dengan sila ketiga “persatuan indonesia”. kelima, pengandalan pada sistem desentralisasi dalam pelaksanaan kegiatan-kegiatan ekonomi, diimbangi dengan perencanaan yang kuat sebagai pemberi arah bagi perkembangan ekonomi. sebagian menilai bahwa ekonomi pancasila sangat dipengaruhi oleh nilai-nilai agama, meskipun menggunakan bahasa yang universal tanpa simbol-simbol agama di dalamnya. ekonomi pancasila adalah ekonomi yang didasarkan pada monoteisme dan humanisme. prinsip dalam sila pertama; ketuhanan yang maha esa dan sila kelima; keadilan sosial bagi seluruh rakyat indonesia. merupakan hasil pemikiran manusia indonesia yang berakar dari prinsip-prinsip nilai agama (tauhid), demikian pula dengan humanisme, berakar pada nilai-nilai agama. namun demikian, kajian terhadap ekonomi pancasila terutama dari segi ontologi, epistimologi dan aksiologi masih jarang dilakukan. dari segi ontologinya misalnya, apa itu ekonomi pancasila secara teoritis-konseptual maupun empirisnya? selanjutnya adalah masalah epistimologis yang menyangkut pemahamam dan praktek pengembangan ekonomi pancasila. sementara dari segi epistimologi juga masih belum bayak dikaji. masalah ini membutuhkan kajian teori dan empiris guna mengetahui tujuan dan hasil akhir proses ekonomi pancasila. konstitusi ekonomi indonesia berdasarkan uud 1945 dalam pembukaan uud 1945 secara jelas dikemukakan kembali istilah “ketuhanan yang maha esa”. ini menandakan bahwa konstitusi negara republik indonesia didasarkan pada agama (tauhid). artinya, penafsiran dari lima sila dari pancasila tidak bisa dipisahkan dari cara pandang agama (worldview). hal ini secara jelas termaktub dalam pasar 29 ayat 2: “negara berdasarkan atas ketuhanan yang maha esa”. sebagaimana dijelaskan sebelumnya kalimat tersebut merujuk pada ajaran tauhid dalam agama islam. ketentuan-ketentuan dasar konsttusional mengenani kehidupan ekonomi berdasarkan pancasila dan uud 1945 antara lain tercermin dalam pasal-pasal berikut: 28 23, 33 dan 34 uud 1945. secara rinci, pasal 33 uud 1945 menetapkan tiga hal, yaitu: pertama, ‘perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan’. menurut gunadi (1981), pernyataan ini adalah pernyataan asasi dan monumental bagi sistem perekonomian indonesia menurut pancasila dan uud 1945. dari pernyataan ini menunjukkan bahwa perekonomian dilakukan secara bersama yang menggambarkan adalanya kehidupan sosial yang harmonis. penyebutan asas kekeluargaan menunjukkan bahwa hasil produksi yang diperoleh dari pengembangan perekonomian itu dipergunakan untuk kesejahteraanb bersama/sosial. azas kekeluargaan menurut asshiddiqie (2010) menunjukkan bahwa perekonomian indonesia tidak didasari pada persaingan yang sengit tetapi lebih mengutamakan kerjasama. istilah ‘disusun’ menurut sri edi swasono menunjukkan bahwa perekonomian harus ‘disusun’ tidak dibiarkan ‘tersusun’ sendiri melalui mekanisme pasar ala competitive economics. pada pasal ini mengindikasikan perlunya keterlibatan negara dalam perekonomian. sementara itu, gunadi (1981) menganggap bahwa pasal 33 ayat 1 ini adalah merupakan cita-cita perekonomian yang dipandang sebagai jalan terbaik untuk membela ekonomi yang lemah. kedua, ‘cabang-cabang produksi yang penting bagi negara dan menguasai hajat hidup orang banyak dikuasai oleh negara’. ketentuan dalam pasal ini mengarah kepada sistem sosial dalam arti hasil produksi yang penting jangan sampai dikuasai oleh orang per orang, akan tetapi oleh negara dalam arti agar pendistribusiannya dapat dilaksanakan secara merata. ini menunjukkan bahwa pemerintah sendiri yang menjadi pemilik dan sekaligus pelaku usaha dengan bentuk organisasi pengelolaannya di lapangan. ketiga, bumi dan air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan dipergunkan untuk sebesar-besarnya kemakmuran rakyat. pasal ini menunjukkan bahwa semua kekayaan yang terkandung di dalam bumi, air, dan alam tidak dikuasai oleh perseorangan atau suatu kelompok, melainkan dikuasai oleh negara dan dipergunakan untuk sebesar-besarnya untuk kesejahteraan rakyat. ayat ini memperjelas bahwa sistem ekonomi indonesia menganut sistem kepemilikan individu, umum dan negara. sedangkan pasal 27 ayat 2 menerapkan bahwa setiap warga negara (wni) berhak atas pekerjaan serta penghidupan yang layak; dan pasal 34 menetapkan bahwa kaum masyarakat miskin dan anak-anak yang terlantar dipelihara negara. pasal ini melindungi warga negara yang karena keterbatasannya tidak mampu mencari sumber penghidupan atau mereka yang mampu memperoleh pekerjaan tetapi hasilnya tidak mencukupi. begitupula dengan anak-anak terlantar, fakir miskin, patut mendapatkan perlindungan dan santunan dari pemerintah agar mereka dapat menikmati hasil pembangunan ekonomi indonesia. ini menunjukkan bahwa negara punya peranan besar dalam menciptakan keadilan sosial bagi seluruh rakyatnya. oleh karena itu dapat disimpulkan bahwa sistem ekonomi indonesia tercermin dalam pancasila dan uud 1945. bahkan banyak kalangan seperti misalnya mubyarto, muhammad hatta, dawam rahardjo, sri-edi swasono, dll mengatakan bahwa sistem ekonomi indonesia adalah sistem ekonomi pancasila. menurut dawam rahardjo (1997) ekonomi pancasila dapat disebut sebagai sistem ekonomi pancasila. akan tetapi ia membedakan antara sistem ekonomi pancasila dengan sistem ekonomi indonenesia. ekonomi pancasila yang dia maksud adalah suatu konsep yang sifatnya teoritis. sementara sistem ekonomi indonesia adalah sistem ekonomi nasional berdasarkan pancasila dan uud 1945. artinya sistem ini adalah konsep operasional sistem ekonomi yang berlaku di indonesia. keduanya tidak identik atau sama, bahkan sistem ekonomi 29 indonesia yang berlaku bisa saja berbeda bahkan bertentangan dengan sistem ekonomi pancasila. bahkan lebih jauh dawam rahardjo setelah melihat persamaan dan kesamaan prinsip-prinsip ekonomi yang ada dalam sistem ekonomi pancasila mengambil kesimpulan bahwa sistem ekonomi pancasila adalah sistem ekonomi islam dalam konteks indonesia. hal ini sejalan dengan yang dikemukan oleh abdul karim sebelumnya bahwa pancasila pada hakekatnya adalah hasil objektifikasi dari ajaranajaran yang dianut oleh masyarakat indonesia. sementara itu, sri-edi swasono (2012) mengatakan bahwa ekonomi pancasila bisa dikatakan seiring dan selaras dengan apa yang sering diungkapkan oleh sebagai ekonomi syariah/islam, keduanya compatible meskipun tidak sepenuhnya substitutable, dengan kata lain ekonomi pancasila sudah sangat islami. namun dalam perakteknya, sistem ekonomi indonesia dalam praktek penerapannya dalam beberapa dekade belakangan ini sejak era orde baru cenderung kapitalis dan cenderung bersifat sosialis di era soekarno. ini jelas bertentangan dengan konstitusi negara yang tidak menganut sistem kapitalis dan sosialisme. ini mengindikasikan bahwa sistem ekonomi indonesia selalu berjalan sesuai dengan selera dan kepentingan politik para penguasa yang sedang berkuasa. padahal jika dilihat secara historis dan isi dari konstitusi republik indonesia dimana sistem ekonominya dilandasi oleh pancasila dan uud 1945 justru sangat sejalan dengan ajaran-ajaran islam khususnya dalam bidang ekonomi islamnya. akan tetapi perjalanan bangsa indonesia dalam membangun ekonomi berdasarkan pada landasan konstitusinya (pancasila dan uud 1945) cenderung terbawa arus pada pola pembangunan ala sistem sosialisme dan sistem kapitalisme justru menjadi warisan kekayaan atau aset bangsa indonesia dalam menemukan format pembangunan ekonomi yang sejalan dengan kepribadian bangsa indonesia. warisan pola pembangunan ini tentunya juga akan memperkaya konsep ekonomi islam yang sangat normatif untuk melakukan eksperimentasi dalam mencari bentuknya. hal ini sejalan dengan apa yang diungkapkan oleh dawam rahadjo (1997) bahwa penafsiaran dan pengembangan ekonomi islam ternyata lebih kaya dan yang lebih penting menjadi relevan jika didasarkan pada pengalaman-pengalaman konkrit pembangunan, baik di negara-negara muslim maupun di indonesia. dalam mencari hukum-hukum ekonomi sejalan dengan asas tauhid, pengalaman-pengalaman praktik nerupakan bahan bagi validasi hukum-hukum ekonomi islam. dengan pendekatan ini, maka perlu mememulai kerja praktik pembangunan, berdasarkan teori dan konsepkonsep yang garis besar saja. dewasa ini pengalaman praktik pembangunan di indonesia telah dipakai sebagai bahan untuk mengembangkan ekonomi islam lebih lanjut dan relevan. uud 1945 dan ekonomi islam pembukaan uud 1945 memuat empat tujuan negara indonesia yaitu, “…. untuk membentuk suatu pemerintahan negara indonesia yang melindungi segenap bangsa indonesia dan seluruh tumpah darah indonesia dan untuk memajukan kesejahteraan umum, mencerdaskan kehidupan bangsa, dan ikut melaksanakan ketertiban dunia yang berdasarkan kemerdekaan, perdamaian abad dan keadilan sosial,…”. untuk mencapai keempat tujuan tersebut, terutama untuk memajukan kesejahteraan umum dan mencerdaskan kehidupan bangsa, diadakan pengaturan-pengaturan mengenai anggaran pendapatan dan belanja negara ( bab viii dan bab viiia); mengenai hak-hak asasi manusia dan warga negara di bidang ekonomi dan kesejahteraan rakyat (bab xa); didukung oleh bab tentang pendidikan bagi warga negara indonesia sebagai subjek 30 pembangunan kesejahteraan tersebut; dan (bab xiii); dan khusus mengenai kebijakan perekonomian nasional dan kesejahteraan sosial diatur dalam bab xiv. hasil amandemen uud 1945 pasca reformasi, pasal-pasal perekonomian dirumuskan dalam bab tersendiri, yaitu bab xiv yang semula berjudul “kesejahteraan sosial” diamandemen menjadi “perekonomian nasional dan kesejahteraan sosial”. adapun kandungan pasalnya terdiri dari dua pasal, yaitu pasal 33 yang terdiri atas 5 ayat dan pasal 34 yang terdiri atas 4 ayat. 1. pasal 33 uud 1945 pasal 33 uud 1945 terdiri dari 5 ayat, tiga ayat pertama adalah merupakan warisan dari the founding leaders. sementara dua sisanya merupakan hasil amandemen pada tahun 2002. adapun ayat yang terkandung dalam pasal 33 uud 1945 adalah sebagai berikut: (1) perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan; (2) cabang-cabang produksi yang penting bagi negara dan yang menguasai hajat hidup orang banyak dikuasai oleh negara; (3) bumi dan air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan digunakan untuk sebesar-besar kemamkmuran rakyat; (4) perekonomian nasional diselenggarakan berdasarkan atas demokrasi ekonomi dengan prinsip kebersamaan, efisiensi-berkeadilan, berkelanjutan, berwawasan lingkungan, kemandirian, serta dengan menjaga keseimbangan kemajuan dan kesatuan ekonomi nasional; (5) ketentuan lebih lanjut mengenai pelaksanaan pasal ini diatur dalam undangundang. pasal 33 ayat (1) uud 1945 berbunyi, “perekonomian disusun sebagai usaha bersama berdasarkan atas asas kekeluargaan”. sri-edi swasono menginterpretasikan kata ‘disusun’ sebagai bentuk imperatif yang berarti harus disusun dan tidak boleh dibiarkan tersusun dengan sendirinya. artinya, perekonomian harus disusun dan tidak boleh dibiarkan tersusun sendiri melalui mekanisme pasar bebas. karena jika perekonomian dibiarkan tersusun sendiri seperti dalam aliran competitive economics, maka akan berdampak pada persaingan yang tidak adil. pemodal yang besar punya peluang untuk menguasai dan mengeksploitasi para pemodal kecil (lihat qs al-hasy: 7). semangat pengaturan ini menempatkan pemerintah/negara sebagai salah satu elemen penting dalam perekonomian. dalam perspektif ekonomi islam, negara melalui dengan lembaga hisbah-nya punya otoritas untuk melindungi kepentingan orang-orang yang lemah supaya terjadi keseimbangan dalam perekonomian. penafsiran yang agak berbeda terhadap kata “disusun” dikemukakan oleh asshiddiqie (2010). menurutnya, kata ‘disusun’ berarti susunan kebijakan yang sistematis dan menyeluruh, mulai dari susunan tingkat nasional sampai ke susunan di daerah-daerah provinsi dan kabupaten/kota di seluruh indonesia. susunan perekonomian merupakan suatu bentuk “usaha bersama” atas dasar ‘asas kekeluargaan”. usaha bersama atas dasar kekeluargaan dapat dilihat dari tiga aspek, yaitu pengertian mikro, pengertian makro dan usaha bersama sebagai prinsip atau sebagai jiwa. pengertian mikro dari usaha bersama dapat dikaitkan pada bentuk usahanya yaitu koperasi sebagai bentuk usaha bersama. pengertian ini tidak bisa sepenuhnya digunakan karena susunan perekonomian indonesia tidak sepenuhnya berbentuk koperasi. sementara pengertian makro diartikan sebagai usaha bersama seluruh rakyat indonesia di bidang perekonomian. pengertian kebersamaan tidak hanya berkaitan 31 dengan konsep bentuk usaha, tetapi lebih jauh lagi berkaitan dengan konsep pelaku ekonomi yang tidak hanya dijalankan oleh bangun perusahaan. pengertian pelaku ekonomi tidak hanya terbatas pada bumn, perusahaan swasta dan koperasi, tetapi mencakup juga semua subjek ekonomi seperti produsen, distributor, maupun konsumen baik dilakukan secara perorangan, kelompok, organisasi ataupun badan hukum. sementara pengertian yang ketiga aadalah berjiwa koperasi, artinya yang terpenting adalah bahwa di semua bentuk-bentuk usaha koperasi, perseroan, dan/atau badan usaha milik negara selalu harus berjiwa koperasi yang di dalamnya terdapat usaha bersama berdasarkan asas kekeluargaan. misalnya, meskipun bentuk usahanya adalah perusahaan swasta, akan tetapi karyawan diberikan peluang untuk memiliki perusahaan dalam bentuk kepemilikan saham, maka hal tersebut bisa dianggap memiliki jiwa koperasi. selanjutnya, kata ‘usaha bersama’ dapat diartikan sebagai usaha berjamaah, yang dalam bahasa ekonominya disebut mutualism, melalui perserikatan ini, yang berarti menolak individualisme atau asas perorangan. demikian pula dengan kata ‘asas kekeluargaan’ yang dalam bahasa ekonominya disebut brotherhood, yang dalam bahasa agamanya disebut ukhuwah, baik persaudaraan secara agama, kemanusiaan, maupun bangsa. kehidupan bermasyarakat dimana sektor ekonomi termasuk di dalamnya adalah merupakan prinsip-prinsip dasar yang sangat dianjurkan dalam islam. istilah ‘usaha bersama’ dan ‘asas kekeluargaan’ sering dikaitkan dengan kata kerjasama dan persaudaraan. salah satu prinsip dasar ekonomi islam setelah tauhid menurut abu sulayman (1968) adalah persaudaraan (brotherhood). prinsip persaudaraan yang terkandung dalam ajaran islam dapat membentuk karakter masyarakat muslim untuk saling memandang dengan posisi yang sama dan saling kerjasama (lihat qs al-hujurat: 10). ekonomi islam secara instrumental demi memperkuat persaudaraan di tengah masyarakat muslim menganjurkan adanya zakat, infak dan sedekah untuk memperkuat ikatan persaudaraan mereka sekaligus untuk mengurangi kesenjangan ekonomi di antara mereka. dalam konteks aktivitas ekonomi, ekonomi islam memperkenalkan konsep kerjasama usaha yang biasa disebut mudharabah dan musyarakah. bentuk kerjsama aktivitas ekonomi ini adalah merupakan nilai instrumental sistem ekonomi islam untuk membangun perekonomian yang seimbang tanpa adanya eksploitasi. pengertian ‘usaha bersama’ kadang direduksi maknanya dalam bentuk mikro dan sempit, yaitu dikaitkan dengan koperasi sebagai bentuk usaha bersama. hal ini tentunya tidak salah, tetapi pengertian ini menafikan bahwa bentuk usaha dalam perekonomian indonesia bukan hanya koperasi saja. penafsiran mikro ini merujuk pada bung hatta sebagai salah satu pencetus dari pasal 33 ini yang kemudian bentuk konkritnya diterjemhakan sebagai koperasi. secara historis gagasan tentang koperasi sebagai soko guru perekonomian digagas oleh bung hatta. koperasi adalah wujud konkrit dari “usaha bersama berdasarkan atas asas kekeluargaan”. koperasi menurut bung hatta dianggap sebagai soko guru perekonomian karena: (i) koperasi mendidik self-helping; (ii) koperasi mempunyai sifat kemasyarakatan di mana kepentingan masyarakat harus lebih diutamakan daripada kepentingan diri dan golongan sendiri; (iii) koperasi digali dari budaya asli bangsa indonesia; (iv) koperasi menentang segala bentuk individualisme dan kapitalisme. hal ini menunjukkan bahwa secara ideologi, bung hatta ingin membangun sebuah sistem ekonomi yang sesuai dengan watak bangsa indonesia yang religious dan memiliki nilai-nilai yang luhur yang menjunjung tinggi prinsip dan cita-cita tolong 32 menolong, persaudaraan dan kerjasama, bukan mementingkan diri sendiri sekuler dan ateistis (lihat qs. al maidah: 2 dan at-taubah: 71). ayat-ayat al-quran dan al-hadist di atas menerangkan secara tegas pentingnya sikap saling tolong menolong di antara sesama manusia. ia menjadi elemen penting dalam membangun hubungan sosial yang harmonis, integrasi antar semua elemen masyarakat dan memperkuat solidaritas sosial. bahkan hadist di atas menganggap seorang mukmin sebagai sebuah bangunan yang saling menyangga, dan tentunya sifat dan akhlak saling tolong menolong adalah elemen perekatnya. sehingga bisa dikatakan bahwa asas kekeluargaan dalam redaksi uud 1945 memiliki semangat dan cita-cita yang sama dengan ajaran-ajaran islam atau maqashid syariah. islam secara terang-terang melarang umatnya untuk tidak berbuat dzalim demi untuk meraup keuntungan sendiri, yang mana berlawanan dari asas kekeluargaan sebagaimana tercantum dalam uud 1945 (lihat qs an-nisaa: 29). untuk memperkuat nilai kekeluargaan dan kerjasama di tengah-tengah masyarakat, islam memperkenalkan beberapa instrumen yang harus dilakukan, yaitu zakat, infak dan sedekah. instrumen religius ini bertujuan untuk memperkuat bangunan solidaritas sosial sehingga terwujud masyarakat yang berdiri di atas asas kekeluargaan dan kebersamaan serta tolong-menolong (qs al-baqarah: 267). dalam pandangan ekonomi islam memang tidak secara spesifik mengatur bentuk usaha dalam perekonomian. usaha bisa dilakukan secara perorangan, kelompok, organisasi maupun badan hukum. yang diatur secara detail dalam ekonomi islam adalah nilai-nilai dan prinsip-prinisp umum yang harus diterapkan oleh para pelaku ekonomi dalam menjalankan aktivitas usahanya. pasal 33 ayat (2) uud 1945 menyatakan “cabang-cabang produksi yang penting bagi negara dan yang menguasai hajat hidup orang banyak dikuasai oleh negara”. “dikuasai oleh negara” dimaknai sebagai penguasaan dalam arti yang luas. penguasaan di sini bisa berarti kepemilikan dalam arti publik dan termasuk kekuasaan dalam mengendalikan dan mengelola bidang-bidang usaha secara langsung oleh pemerintah. kata “penguasaan” itu tidak bisa diartikan sebagai kepemilikan seratus persen. artinya, meskipun sebagian sahamnya tidak dimiliki oleh pemerintah, tetapi perusahaan itu tetap dikuasai oleh pemerintah. sementara yang dikuasai oleh negara adalah “cabang produksi yang penting bagi negara dan menguasai hajat hidup orang banyak”. pasal 33 (2) uud 1945 ini menunjukkan pentingnya intervensi pemerintah dalam pengelolaan sumber daya ekonomi yang strategis dan penting untuk dikuasai oleh negara untuk digunakan atas nama rakyat dan digunakan sepenuhnya untuk kepentingan dan kesejahteraan masyarakat. jika diberikan kebebasan kepada sektor swasta, maka dikhawatirkan digunakan untuk meraup keuntungan yang sebesarbesarnya tanpa memperhatikan kepentingan masyarakat secara umum. berdasarkan pada maksud ini, al ghazali sebagaimana dikutip oleh al-arif (2011) secara moral mengimbau untuk tidak mencari keuntungan pada penjualan barang-barang pokok dengan mengatakan: “karena makanan adalah kebutuhan pokok, perdagangan makanan harus seminimal mungkin didorong oleh motif mencari keuntungan untuk menghindari eksploitasi melalui pengenaan harga yang lebih tinggi dan keuntungan yang lebih besar. keuntungan semacam ini seyogyanya dicari dari barang-barang yang bukan merupakan kebutuhan pokok.” kandungan makna pasal 33 (2) sebenarnya menjelaskan tentang sistem kepemilikan dalam perekonomian. berdasarkan pada pasal tersebut, konstitusi ekonomi indonesia mengakui adanya kepemilikan individu atas faktor-faktor produksi atau 33 sumber daya ekonomi, kecuali sumber daya ekonomi yang menguasai hajat hidup orang banyak, dikuasai oleh negara. ini menunjukkan bahwa uud 1945 mengakui adanya jenis kepemilikan individu dan kepemilika negara atas sumber daya ekonomi. jika dilihat dari perspektif ekonomi islam, kepemilikan (al-milkiyah) sumber daya ekonomi dibagi menjadi tiga (an-nabhani, 1996), yakni: kepemilikan individu, kepemilikan umum, dan kepemilikan negara. ekonomi islam, sebagaimana juga konstitusi ekonomi indonesia, tidak mengakui kepemilikan sepenuhnya hanya pihak individu atau swasta seperti yang berlaku pada sistem kapitalisme, atau kepemilikan sepenuhnya hanya dimiliki oleh negara atas nama rakyat sebagaimana berlaku pada sistem sosialisme. kepemilikan oleh individu terhadap sumber-sumber ekonomi menjadi insentif bagi setiap orang untuk bekerja dan mengembangkan kekayaan/harta. sementara kepemilikan umum dan kepemilikan negara dilandasai pada tujuan syariah. fungsi negara dalam perspektif ekonomi islam sangat penting dalam menciptakan perimbangan dan pemerataan kekayaan dan pendapatan. negara memiliki tanggung jawab untuk mencegah terjadinya ketimpangan dan ketidakadilan dalam penguasaan dan pendistribusian sumber daya ekonomi. maksud ini sejalan dengan hadist nabi saw: “imam adalah (laksana) pengembala (pelayan). dan dia akan dimintai pertanggungjawaban terhadap urusan rakyatnya” (hr bukhari). agar negara dapat melaksanakan kewajibannya, maka negara diberikan kekuasaan untuk mengelola harta kepemilikan umum dan kepemilikan negara dan tidak mengijinkan bagi individu atau swasta untuk mengambil dan memanfaatkannya demi meraup keuntungan sebesar-besarnya. kepemilikan umum menurut pandangan sistem ekonomi islam dapat dibagi menjadi tiga, yakni (triyono, 2011): barang kebutuhan umum, barang tambang yang besar, dan sumber daya alam, yang sifat pembentukannya menghalangi untuk dimiliki individu. sementara, kepemilikan negara adalah harta yang tidak termasuk kategori milik umum melainkan milik pribadi, namun barang-barang tersebut terkait dengan hak kaum muslimin secara umum. pengelolaannya menjadi hak sepenuhnya dari pemerintah atas dasar kepentingan masyarakat secara umum. harta jenis ini dalam konteks ekonomi islam adalah seperti jizyah, ghanimah, fa’i, kharaj, ‘usyur, dan khumuz. untuk konteks kontemporer yang menjadi harta milik negara adalah pajak, dividen dari badan usaha milik negara (bumn), hibah, dan lain-lain. olehnya, semangat yang terkandung pada pasal 33 (2) uud 1945 yang mengatur tentang kepemilikan sumber daya ekonomi, terutama sumber daya ekonomi yang strategis dan menguasai hidup hajat orang banyak dikuasai oleh negara, sangat sejalan dengan tujuan dari ajaran islam (maqashid syariah) yang mengharapkan terciptanya pemerataan kekayaan dan pendapatan di tengah-tengah masyarakat. negara diharapkan dapat berperan secara startegis dalam menciptakan distribusi kekayaan ekonomi secara adil dan merata kepada rakyatnya melalui pengelolaan dan penguasaan sumber daya ekonomi strategis untuk kepentingan masyarakat umum. pasal 33 ayat (3) uud 1945 menentukan “bumi dan air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan digunakan untuk sebesar-besar kemakmuran rakyat”. maksud dari ayat ini adalah penguasaan oleh negara atas segenap sumber daya yang terdapat di dalam bumi, air, wilaya udara indonesia serta segenap kekayaan yang terkandung di dalamnya, haruslah dipergunakan hanya sebesarbesarnya kemakmuran seluruh rakyat, bukan hanya kemakmuran untuk orang perorang. tujuan akhir dari kegiatan ekonomi yang pokok justru adalah terwujudnya ide masyarakat adil dan makmur berdasarkan amanat dari uud 1945. dengan demikian, yang harus mendapat manfaat dari usaha pemanfaatan kekayaan alam yang tersedia itu 34 adalah seluruh rakyat. kepemilikan perseorangan, dalam perspektif ekonomi islam, tidak diperbolehkan pada sumber-sumber daya ekonomi yang menyangkut kepentingan umum atau berhubungan dengan hajat hidup orang banyak. sumber-sumber ekonomi tersebut menjadi miliki bersama, atau milik umum, atau negara. menurut mayoritas ulama, sumber daya alam yang strategis tidak bisa dijadikan sebagai milik pribadi, harus dijadikan sebagai milik bersama yang penggunaan dan pemanfaatannya untuk kepentingan seluruh masyarakat. secara detail, rasulullah mengemukakan contoh bentuk jenis sumber daya ekonomi yang harus dijadikan milik bersama, “semua orang islam berserikat dalam tiga hal; dalam hal air, rumput dan api, dan garam” (hr ahmad dan abu dawud) sementara itu, pasal 33 ayat (4) uud 1945 berbunyi “perekonomian nasional diselenggarakan berdasar atas demokrasi ekonomi dengan prinsip kebersamaan, efisiensi-berkeadilan, berkelanjutan, berwawasan lingkungan, kemandirian, serta dengan menjaga keseimbangan kemajuan dan kesatuan ekonomi nasional”. konsep demokrasi ekonomi yang terkandung dalam pasal 33 (4) tersebut menempatkan pengutamaan kepentingan rakyat, khususnya hajat hidup orang banyak, yang bersumber pada kedaulatan rakyat atau demokrasi. format demokrasi yang ingin dikembangkan di indonesia bukan demokrasi liberalisme dan individualieme seperti yang berkembang di negara-negara barat, tetapi demokrasi yang didasari pada kebersamaan yang berdasarkan pada sikap saling tolong-monolong (ta’awun), persaudaraan (ukhuwah), dan kerjasama, bukan mengutamakan persaingan (free competition). prinsip kebersamaan dan kekeluargaan menjadi hal utama dalam pengelolaan ekonomi negara. kepentingan masyarakatlah yang diutamakan, bukan kepentingan orang-per orang, namun hal-hal dan harkat martabat individu orang per orang tetap dilindungi dan dihargai. pandangan seperti ini sangat jelas sesuai dengan nilai-nilai dan ajaran islam yang menghormati manusia dan menekankan masalah persaudaraan. perekonomian nasional selanjutnya dibangun di atas prinsip efisiensiberkeadilan, berkelanjutan, berwawasan lingkungan, kemandirian dan keseimbangan. efisiensi-berkeadilan sebagaiman dimaknai oleh jimly asshiddiqie (2010) adalah bahwa untuk memajukan dan menciptakan etos kerja dikalangan para pelaku ekonomi perlu diciptakan iklim persaingan yang sehat di antara mereka untuk mewujudkan efisiensi ekonomi, akan tetapi efisiensi ini dalam bingkai untuk mencapai keadilan. persaingan sekaligus melindungi kepentingan orang-orang lemah (prinsip keadilan) sangat selaras dengan nilai dan ajaran islam. islam mendorong terjadinya persaingan yang berbasiskan pada saling tolong menolong dan juga mendorong terjadinya keadilan. sementara itu, ayat terakhir dari pasal 33 uud 1945 itu adalah ayat (5) yang berbunyi, “ketentuan lebih lanjut mengenai pelaksanaan pasal ini diatur dalam undangundang”. semua ketentuan yang terkandung dalam pasal 33 uud 1945 itu berisi kebijakan-kebijakan konstitusional mengenai perekonomian nasional, yang rinciannya serta operasionalisasinya masih perlu dijabarkan secara konkrit dan dapat dijadikan pedoman yang secara hukum mengikat secara umum. artinya, dpr bersama pemerintah masih harus menjabarkan kebijakan konstitusional di bidang perekonomian nasional dalam bentuk undang-undang sebagai produk legislasi. namun demikian, jika terdapat produk-produk legislasi atau kebijakan pemerintah yang bertentangan dengan konstitusi ekonomi maka bisa diajukan judical review ke mahkamah konstitusi untuk dibatalkan dangan dinyatakan tidak sah dan tidak berlaku lagi. 35 2. pasal 34 uud 1945 pasal 34 uud 1945 mengandung 4 ayat. pasal 34 memperkuat peran negara dalam perekonomian, khususnya dalam hal perlindungan terhadap fakir miskin dan anak-anak terlantar melalui, penyediaan sistem jariangan sosial bagi seluruh rakyat indonesia. pasal ini juga mewajibkan negara untuk atas penyediaan fasilitas-fasilitas umum yang berkaitan dengan kepentingan masyarakat umum, seperti kesehatan, pendidikan, infrastruktur, dan sebagainya. adapun kandungan ayat dari pasal 34 uud 1945 adalah sebagai berikut: (1) fakir miskin dan anak-anak yang terlantar dipelihara oleh negara; (2) negara mengembangkan sistem jaringan sosial bagi seluruh rakyat dan memperdayakan masyarakat yang lemah dan tidak mampu sesuai dengan martabat kemanusiaan; (3) negara bertanggung jawab atas penyediaan fasilitas pelayanan kesehatan dan fasilitas pelayanan umum yang layak; dan (4) ketentuan lebih lanjut mengenai pelaksanaan pasal ini diatur dalam undangundang. pasal 34 ayat (1) menyatakan, “fakir miskin dan anak-anak yang terlantar dipelihara oleh negara”. artinya, konstitusi negara memerintahkan negara untuk menjamin kelangsungan hidup terhadap (setidaknya) tiga golongan, yaitu kaum fakir dan miskin dan anak-anak yang terlantar. negara memiliki kewajiban mengikat untuk melindungi hak-hak, khususnya hak hidup dari orang-orang miskin, fakir dan anak-anak yang terlantar. dalam prakteknya, menurut asshiddiqie (2010), tidak mungkin semua orang yang fakir, miskin dan anak terlantar dipelihara langsung oleh institusi atau badanbadan atau petugas-petugas pemerintahan. partama, sudah sejak lama, bahkan sebelum kemerdekaan republik indonesia, sudah hadir lembaga-lembaga sosial yang melakukan pemeliharaan terhadap anak yatim dan terlantar serta orang fakir dan miskin. misalnya, institusi-institusi keagamaan, seperti lembaga zakat, infak dan shadaqah sudah berkemban sejak masa awak perkembangan agama islam di indonesia. kegiatankegiatan lembaga swasta tersebut tidak perlu “dinegarakan” semuanya. kedua, jumlah orang fakir, miskin dan anak terlantar banyak sekali, tidak mampu sepenuhnya ditangani oleh pemerintah. artinya, negara bisa mengembangkan berbagai macam cara baik terlibat secara lagsung ataupun tidak, asalkan kekuasaan negara tidak hilang dan beban tanggungjawab negara tidak dilupakan. selain itu, pemeliharaan terhadap tiga golongan tersebut dapat pula dilakukan dengan sistem asuransi dan jaminan sosial. berdasarkan pada isi pasal 34 ayat (1) uud 1945 serta penjelasannya di atas, semangat yang terkandung dalam konstitusi ekonomi tersebut sangat sesuai dengan ajaran islam terutama pada keberpihakannya terhadap perlindungan kaum lemah, fakir dan miskin. dalam ajaran islam, negara memiliki kewajiban untuk melindungi kepentingan orang-orang yang tidak mampu dari eksploitasi orang-orang kuat. salah satu penekanan dalam ekonomi islam adalah keberpihakan terhadap golongan lemah, seperti kaum fakir dan miskin serta orang tidak mampu. ajaran islam menempatkan negara sebagai pihak yang harus melindungi hak-hak mereka, khususnya berhubungan dengan pemenuhan kebutuhan dasar mereka. bahkan, islam tidak hanya menempatkan negara sebagai pihak yang bertanggungjawab, tetapi juga seluruh umat muslim yang mampu diwajibkan untuk membantu mereka, melalui mekanisme zakat, infak dan sedekah. adanya perbedaan dalam kemampuan serta perbedaan dalam kesempatan dapat diduga sebagai sebab-musabab dari perbedaan dalam rezeki yang meungkin diterima 36 oleh seseorang. perbedaan tingkatan kemampuan serta spesialisasi menunjukkan keterbatasan kemampuan yang dimiliki oleh masing-masing orang dalam kehidupan pada umumnya, dan proses produksi khususnya. di samping itu orang menghadapi kenyataan keterbatasan dalam kesempatan, baik karena waktu maupun karena kemampuan yang dimiliki oleh seseorang. konsekuenisnya adalah lahirnya golongan kaya dan miskin dalam masyarakat. islam memiliki prinsip-prinsip tersendiri di dalam memandang masalah kayamiskin serta cara yang harus ditemput untuk mengatasi masalah tersebut, yaitu saefudin, 1987): (i) bahwa dalam hidup ini orang diharuskan untuk saling kenalmengenal dan bantu-membantu. (ii) seorang mukmin dengan yang lain adalah bersaudara, dan selayaknya dapat merasakan penderitaan yang lain. dalam sebuah hadist rasululullah saw berkata, “perumpamaan orang-orang mukmin dalam hubungan kasih sayang di antara mereka adalah seperti satu badan; apabila salah satu anggota badan merasa sakit, maka seluruh badan ikut merasakannya dengan rasa panas dan tidak dapat tidur”. (iii) umat islam diwajibkan memperhatikan dan membantu orang miskin dan orang-orang yang dalam kesulitan. (iv) islam selalu mendorong umat untuk selalu beramal dan bersedekah. (v) bahwa setiap muslim wajib membayar zakat, sesuai dengan ketentuan-ketentuan yang berlaku. secara umum pasal 34 ayat (1,2,3,4) uud 1945, menjelaskan tentang peran negara dalam perekonomian khususnya dalam melindungi kehidupan orang-orang yang lemah, seperti orang yang fakir dan miskin dan anak-anak yang terlantar dalam memenuhi kehidupan dasar mereka. untuk menjamin hal tersebut negara mengembangkan sistem jaringan sosial untuk memberdayakan masyarakat yang lemah. pasal tersebut juga memberikan tanggung jawab kepada negara untuk menyediakan fasilitas umum yang layak bagi seluruh rakyatnya. salah satu elemen penting menurut ekonomi islam adalah negara. negara memiliki beberapa tanggung jawab terkait dalam memberikan jaminan sosial dan keseimbangan sosial. menurut abu a’la al-maududi (1990), negara diberi tanggung jawab untuk menjamin kebutuhan-kebutuhan pokok hidup, sandang, pangan, papa, kesehatan, dan pendidikan, bagi semua warga negara tanpa pembedaan ras atau agama, kepada yang mungkin tidak mampu, baik untuk sementara maupun selamanya; untuk memperolehnya karena menganggur, sakit atau alasan-alasan lainnya. sementara itu, penguasa sebagai pihak yang bertanggung jawab atas kekayaan umum menurut umar bin khattab layaknya sebagai seorang pengasuh anak yatim. artinya, kekayaan umum seperti anak yatim yang tidak dapat digunakan langsung dengan sepengetahuan pemiliknya, sebab pemiliknya adalah rakyat yang pengaturannya diwakilkan kepada penguasa di negara islam. bahkan lebih jauh islam mengatur secara terperinci bagaimana cara menjamin kelangsungan hidup orang-orang miskin, yaitu melalui instrumen zakat, infak dan sedekah. islam membebankan kewajiban bagi setiap individu yang memiliki kekayaan yang sudah memenuhi nasab dan kepemilikannya sudah lebih dari satu tahun untuk mengeluarkan zakatnya yang diperuntukkan bagi orang-orang yang membutuhkan. selain hal tersebut, islam juga menganjurkan untuk banyak berinfak demi menegakkan saling tolong-monolong dan peduli antar sesama terutama bagi mereka yang kekuarangan secara ekonomi. peran negara yang termaktub pada pasal 34 uud 1945 terutama dalam menjamin kehidupan orang-orang lemah dan penyedian fasilitas umum sangat sejalan dengan peran negara dalam konsep ekonomi islam. menurut muhammad baqir ash 37 shadr (2008) tanggung jawab negara dalam ekonomi islam terdiri dari penyediaan jaminan sosial dan keseimbangan sosial. 1. jaminan sosial islam telah menugaskan negara untuk menyediakan jaminan sosial guna memelihara standar hidup seluruh individu dalam masyarakat islam. lazimnya, negara menunaikan kewajibannya ini dalam dua bentuk. pertama, negara memberi individu kesempatan yang luas untuk melakukan kerja produktif, sehingga ia bisa memenuhi kebutuhan hidupnya dari kerja dan usahanya sendiri. namun, jika negara tidak mampu menyediakan pekerjaan buat mereka, maka berlakulah bentuk yang kedua di mana negara mengaplikasikan prinsip jaminan sosial dengan cara menyediakan uang dalam jumlah yang cukup untuk membiayai kebutuhan individu tersebut dan untuk memperbaiki standar hidupnya. prinsip jaminan sosial didasarkan pada dua basis doktrin ekonomi islam, yakni; kewajiban timbal balik masyarakat dan hak masyarakat atas sumber daya (kekayaan) publik yang dikuasai oleh negara. islam telah mewajibkan (fardhu al kifayah) setiap muslim untuk saling tolong menolong. negara punya hak memaksa terhadap setiap individu yang ada di bawah kekuasaanya untuk melaksanakan kewajiban agamanya. islam mengaitkan jaminan sosial dengan prinsip umum persaudaraan islam guna menunjukkan bahwa kewajiban tersebut bukanlah semacam pajak penghasilan khusus, melainkan sebuah ekspresi praktis dari persaudaraan di antara sesama muslim. sehingga kerangka moral islamnya adalah hak seorang individu atas bantuan dan pemeliharaan individu lain beroleh pengertian islaminya dari rasa persaudaraan dan pertalian dalam keluarga besar manusia yang berkeadilan. basis lain dari aplikasi jaminan sosial adalah hak masyarakat atas sumbersumber kekayaan. dasar teoritis dari gagasan ini adalah pengakuan islam terhadap hak masyarakat atas seluruh sumber kekayaan (alam), karena seluruh sumber kekayaan alam telah diciptakan bagi masyarakat secara keseluruhan, bukan hanya untuk sekelompok orang. “dialah allah, yang menjadikan segala yang ada di bumi untuk kalian….”. maksudnya, setiap individu berhak atas pemanfaatan kekayaan alam dan berhak atas hidup yang layak berkat manfaat tersebut. jadi siapa saja yang mampu bekerja, negara harus memberinya kesempatan keraja. sementara, bagi mereka yang tidak mampu bekerja, negara wajib memberinya manfaat kekayaan alam dengan menyediakan berbagai sarana bagain agar dapat mempertahankan standar hidup yang layak. demikianlah tanggung jawab negara berkenaan hak masyarakat atas kekayaan alam. penjelasan-penjelasan di atas sangat sejalan dengan pasal 34 ayat (1 dan 2) uud 1945. berdasarkan pada doktrin ekonomi islam tersebut agar negara menjamin pemenuhan hak bagi seluruh rakyatnya termasuk mereka yang fakir, miskin dan anak terlantar adalah dengan menciptakan sektor publik islam yang dibiayai dari sumbersumber keuangan publik dan properti negara. hal ini sejalan dengan pasal 34 ayat (3), terkait kewajiban negara dalam menyediakan fasilitas umum bagi seluruh rakyatnya. 2. keseimbangan sosial pada prinsipnya, islam mengakui adanya perbedaan tingkat kekayaan di antara masyarakat sebagai konsekuensi dari perbedaan bakat dan kemampuan di antara mereka. yang diinginkan oleh islam menurut baqir ash shadr adalah keseimbangan sosial, yaitu keseimbangan standar hidup di antara para individu dalam masyarakat. islam menjadikan keseimbangan sosial, yakni keseimbangan standar hidup, sebagai 38 sasaran dan tujuan yang harus diperjuangkan oleh negara dengen sebaik-baiknya, dalam batasan-batasan kemapuan dan kapasitasnya. secara eksplisit, tujuan yang ingin dicapai oleh islam di sini adalah memakmurkan setiap individu anggota masyarakat. pemerataan kemakmuran adalah tujuan yang dibebankan oleh teks-teks kepada imam selaku kepala negara. kemakmuran menurut baqir ash shadr adalah keadaan dimana seseorang mampu menghidupi diri dan keluarganya, di mana ia sejajar dengan masyarakat umum, yang berarti dalam menjalani kehidupannnya ke depan ia memiliki pijakan yang sama dengan masyarakat umum, menikmati standar hidup yang sama dengan mereka tanpa ada kesulitan dan kesukaran. pandangan ini sesuai dengan konstitusi ekonomi kita yang tercantum dalam alinea iv pembukaan uud 1945 dan pasal 33 dan 34. dalam menciptakan keseimbangan sosial, islam tidak hanya memberlakukan pajak dan zakat saja, tetapi juga mewajibkan negara untuk memanfaatkan sektor-sektor publik guna mencapai tujuan tersebut. dalam konteks negara islam, pemerintah dapat mengambil kekayaan dan baitul mal untuk menciptakan keseimbangan sosial dengan menyejahterahkan orang-orang miskin dan meningkatkan taraf hidupnya. al quran merinci pemanfaatan fay’ sebagai salah satu sumber pendapatan baitul mal. 3. pasal 27 ayat (2) pasal-pasal lain yang berkaitan dengan ekonomi yang ada dalam uud 1945 adalah pasal 23 tentang keuangan negara dan hal-hal yang terkait dan pasal 27 ayat 2 tentang pekerjaan dan peghidupan yang layak bagi kemanusiaan, dan pasal 28 tentang hak asasi manusia. bagian ini hanya akan membahas pasal 27 ayat (2) yang berkaitan dengan hak warga negara untuk mendapatka penghidupan yang layak. pasal 27 ayat (2) uud 1945 berbunyi, “tiap-tiap warga negara berhak atas pekerjaan dan penghidupan yang layak bagi kemanusiaan”. dalam rangka hidup layak, seseorang atau suatu keluarga harus bekerja untuk menghidupi dan memenuhi kebutuhan dasarnya. oleh karenanya, setiap warga negara berhak melakukan pekerjaan yang halal selama dilakukan dengan cara yang tidak bertentangan dengan hukum yang berlaku, atau melanggar hak orang lain. setiap orang tidak boleh dihalangi untuk mendapatkan kesempatan pekerjaan dengan imbalan yang layak, adil dan tanpa diskriminasi. hak mendapatkan kesempatan bekerja adalah hak yang dijamin oleh konstitusi. negara atau pihak siapa saja tidak boleh berlaku diskriminasi dalam pemberian kesempatan kerja. semua warga negara memiliki kesamaan status dalam mendapatkan pekerjaan, meskipun memiliki latar belakang agama, suku, bahasa, ras dan budaya yang berbeda. hak mendapatkan pekerjaan dan imbalan yang layak adalah hak asasi setiap manusia. secara normatif, agama islam sebagaimana juga dalam konstitusi ekonomi mendorong setiap individu untuk bekerja demi memenuhi kebutuhan hidup diri sendiri dan keluarganya atau orang yang menjadi tanggungannya. al quran penuh dan sering serta berkali-kali mendesak manusia untuk bekerja. semua insentif yang ada diperuntukkan untuk manusia agar dia terlibat dalam aktivitas yang produktif (ahmad, 2006). sikap islam terhadap anjuran untuk bekerja dapat dilihat dari ayat-ayat al quran berikut ini:” selain ayat suci al quran, banyak hadist juga yang mendesak manusia untuk bekerja, misalnya: “harta yang paling baik adalah harta yang diperoleh lewat tangannya yang menginginkan kebaikan lewat produksi.” menurut abdil’ati sebagaimana dikutip ahmad (2006), islam sangat menghormati segala bentuk pekerjaan untuk menghasilkan sarana hidup, sepanjang 39 tidak ada kesenonohan dan tindakan yang salah dan merugikan. dalam sebuah hadist rasulullah bersabda, “sesungguhnya yang mengambil seutas tali, lalu memotong ranting pohon dan mengikatnya dengan tali pula, lalu menjualnya untuk memenuhi kebutuhan hidupnya dan menyedekahkannya adalah lebih baik daripada meminta-minta pada orang lain. baik orang yang dia minta itu memberi ataupun menolak.” (hr bukhari dan ibnu majah) dalam konteks peran negara, menurut baqir ash shadr (2008), negara selayaknya memberi individu kesempatan yang luas untuk melakukan kerja produktif, sehingga ia dapat memenuhi kebutuhan dasar dari kerja dan usahanya sendiri. negara juga harus memastikan tidak terjadinya perlakuan tidak adil dan diskriminasi di tempat kerja dan tingkat upah atau gaji atas setiap pekerja. bagi mereka karena suatu hal tertentu sehingga tidak dapat bekerja, maka negara berkewajiban untuk membiayai kebutuhan hidupnya dan memperbaiki standar hidupnya. yang menjadi hak setiap individu sebagaimana tercantum pada pasal 27 ayat (2) bukan hanya hak untuk mendapatkan pekerjaan, tetapi juga penghidupan yang layak. setiap warga negara berhak hidup secara layak sesuai dengan standar atau kehidupan rata-rata di mana mereka menetap. fungsi negara, sebagimana diungkapkan oleh monzer kahf (1991) adalah “guaranteeing a minimum level of living for all those whose own earning fall shorter than satisfying their basic needs”. pernyataan kahf ini menunjukkan bahwa negara berkewajiban untuk menjamin standar hidup yang layak bagi mereka yang memiliki pendapatan di bawah dari kemampuan untuk memenuhi kebutuhan dasar hidupnya. pendapat kahf tentang peran negara dalam memberikan kehidupan yang layak bagi warganya sejalan dengan pendapat baqir ash shadr yang menempatkan negara sebagai pihak yang berkewajiban untuk memberikan jaminan atas pemberian bantuan dan sarana agar individu bisa hidup sesuai dengan standar hidup masyarakat islam (sesuai dengan standar hidup di mana mereka berada) dan mempertahankannya. negara dapat menggunakan kekayaan negara untuk memberikan kelayakan hidup bagi masyarakatnya. berdasarkan pada argumentasi di atas, dapat disimpulkan bahwa pasal 27 ayat (2) yang berhubungan dengan hak setiap individu untuk mendapatkan pekerjaan dan penghidupan yang layak serta bagaimana peran negara untuk mewujudkannya sangat sesuai dengan teks-teks yang terkandung dalam al quran dan al hadist yang menganjurkan untuk berkerja dan mencari penghidupan yang layak. peran negara dalam perekonomian dalam ajaran islam juga menempatkan negara sebagai pihak yang berkewajiban untuk menyediakan pekerjaan dan penghidupan yang layak bagi warganya. simpulan undang-undang dasar suatu negara atau biasa disebut konstitusi negara tidak hanya terbatas sebagai dokumen politik, tetapi juga dokumen ekonomi yang setidak-tidaknya mempengaruhi dinamika perkembangan perekonomian suatu negara. konstitusi ekonomi menjadi hukum tertinggi dan harus dijadikan sebagai acuan dan rujukan dalam setiap pengembangan kebijakan ekonomi. jika terjadi pertentangan antara undangundang, peraturan ataupun kebijakan dengan konstitusi ekonomi (uud 1945) maka dapat dibatalkan melalui mekanisme judical review melalui mahkamah konstitusi. konstitusi ekonomi indonesia tertuan dalam beberapa pasal yang ada dalam uud 1945, khususnya pasal 33, 34, 23, 27 dan 28. bahkan alinea iv pembukaan uud 1945 40 yang berisi prinsip-prinsip dasar pancasila dan tujuan bernegara secara tidak langsung juga mengandung gagasan mengenai kesejahteraan sosial dan eonomi. jika dilihat dari segi sistem ekonomi, ekonomi indonesia tidak bisa sepenuhnya dikatakan menganut sistem kapitalisme ataupun sosialisme ataupun gabungan dari kedua dari sistem tersebut (mixed economy). misalnya dari segi kepemilikan sumber daya ekonomi atau faktor-faktor produksi, tak terdapat alasan untuk mengatakan bahwa sistem ekonomi indonesia adalah kapitalisme. sama halnya, tidak terdapat argumentasi yang cukup untuk mengatakan, bahwa indonesia menganut sistem ekonomi sosialis. indonesia mengakui kepemilikan individual atas faktor-faktor produksi, kecuali untuk sumber daya-sumber daya yang menguasai hidup orang banyak, dikuasai oleh negara. kemunculan ekonomi islam belakangan yang secara historis memiliki perbedaan dengan sistem kapitalisme dan sosialisme dipandang memiliki banyak kesamaan dengan konstitusi ekonomi indonesia yang tertuang dalam beberapa pasal yang ada dalam uud 1945. secara garis besar dalam konstitusi ekonomi khususnya pasal 33 mengatur tentang asas dasar perekonomian indonesia yang berdasarkan pada asas kekeluargaan, bukan kompetisi murni. juga mengatur sistem kepemilikan yang mengakui adanya kepemilikan individu dan kepemilikan bersama. di pasal yang sama juga ditekankan perlunya intervensi negara dalam penguasaan sektor-sektor ekonomi yang strategis yang penggunaannya untuk kemakmuran masyarakat indonesia. di sisi yang sama, ekonomi islam sangat mengedepankan prinsip kebersamaa, persaudaraan dan tolong meolong sebagai asas utama dalam aktivitas ekonomi. ekonomi islam memperkenalkan sistem bagi hasil yang memiliki kesamaan dengan bentuk usaha kekeluargaan yang disebut sebagai koperasi. begitupula dengan sistem kepemilikan, ekonomi islam mengakui adanya kepemilikan individu dan bersama, akan tetapi ekonomi islam secara spesifik mengatur tatacara memperolehnya dan pemanfaatannya. sstem ekonomi islam menempatkan negara sebagai salah satu variabel penting dalam perekonomian baik dalam bentuk intervensi kebijakan maupun sebagai pelaku ekonomi. ekonomi islam juga memiliki perhatian yang tinggi terhadap golongan yang tidak mampu, seperti fakir miskin dan anak-anak yang terlantar. bahkan ekonomi islam menyediakan sistem untuk melindungi hak-hak mereka melalui mekanisme infak, sedekah dan zakat begitupula dengan kehadiran lembaga-lembaga keuangan seperti bmt dan micro finance lainnya. di sisi lain negara punya kewajiban untuk menyediakan barang-barang publik untuk kesejahteraan masyarakat. prinsip ekonomi islam ini sangat sejalan dengan kandungan uud 1945 pasal 34. di samping itu pula saat ini sudah bermunculan undang-undang, peraturan dan kebijakan yang berhubungan dengan pengembangan ekonomi islam di indonesia yang secara langsung menunjukkan bahwa perangkat-perangkat regulasi yang mengatur eksistensi ekonomi islam tidak bertentangan dengan konstitusi ekonomi. karena jika bertentangan maka akan digugat di mahkamah konstitusi untuk dibatalakan pemberlakuannnya. oleh karenanaya tidak perlu ada usaha untuk membenturkan antara konstitusi ekonomi indonesia dengan ekonomi islam atau antara ekonomi pancasila dengan ekonomi islam karena masing-masing sistem tersebut diinspirasi dari ajaran islam. hal tersebut terlihat pada adanya kesamaan prinsip dasar dan tujuan yang ingin dicapai. pustaka acuan abbas, anwar. 2008. bung hatta dan ekonomi islam. yogyakarta: multi pressindo 41 ahmad, kurshid. 1997. “pembangunan ekonomi dalam perspektif islam”, dalam etika ekonomi politik. surabaya: risalah gusti ahmad, mustaq. 2006. etika bisnis dalam islam. jakarta: pustaka al kautsar al arif, m. n. r. 2011. dasar-dasar ekonomi islam. surakarta: era adicitra an nabhani, taqiyuddin. 1996. membangun sistem ekonomi alternatif. surabaya: risalah gusti ash shadr, m. baqir. 2008. buku induk ekonomi islam “iqtishaduna”, edisi terjemahan jakarta: zahra asshiddiqie, jimly. 2010. konstitusi ekonomi. jakarta: kompas chapra, umar. 2000. islam dan pembangunan ekonomi, edisi terjemahan. jakarta: gema insani dumairy. 1996. perekonomian indonesia. jakarta: airlangga, 1996 grossmen, gregory. 1995. sistem-sistem ekonomi. jakarta: bumi aksara gunadi, tom. 1981. sistem perekonomian menurut pancasila dan uud 1945. bandung: angkasa husaini, adian. 2010. pancasila bukan untuk menindas hak konstitusional umat islam. jakarta: gema insani press kahf, monzer. 1991. “economic role of state in islam”, lecture presented at the seminar of islamic economic, dakka bangladesh. -----------------. 1999. “islamic economic system – a review”, dalam an introduction to islamic economics. new delhi india: kitab bhavan. khaldun, ibn. 2000. mukaddimah, edisi terjemahan. jakarta: pustaka firdaus limbong, bernhard. 2011. ekonomi kerakyatan dan nasionalisme ekonomi. jakarta: margaretha pustaka matta, anis. 1997. “sejarah pemikiran ekonomi islam” dalam wawasan islam dan ekonomi: sebuah bunga rampai. jakarta: penerbit fe ui maududi, abu a’la al. 1990. hukum dan konstitusi sistem politik islam. jakarta: mizan mubyarto. 1987. ekonomi pancasila, gagasan dan kemungkinan. jakarta: lp3es quthb, m. i. 2002. kebijakan ekonomi umar bin khattab. jakarta: pustaka azzam rahardjo, dawam. 1997. “ekonomi islam, ekonomi pancasila dan pembangunan ekonomi indonesia” dalam buku etika ekonomi politik. malang: risalah gusti saefuddin, a.m. 1987. ekonomi dan masyarakat dalam perspektif islam. jakarta: rajawali press sanusi, bachrawi. 2010. sistem ekonomi: suatu pengantar. jakarta: lembaga penerbit fe ui sulayman, a., dan abdul-hamid a. 1968. “the theory of the economics of islam: the economics of tauhid and brotherhood”, dalam contemporary aspects of economic thinking in islam, proceedings of the third east coast regional conference of the muslim students’ association of the united states and canada swasono, sri-edi. 2008. bung hatta dan ekonomi islam. yogyakarta: multi pressindo ---------------------. 2012. paradigma baru ilmu ekonomi, makalah disampaikan pada “workshop nasional arsitektur ilmu ekonomi islam”, uin syarif hidayatullah jakarta, februari 2012. tambunan, tulus. 2011. perekonomian indonesia: kajian teoritis dan analisis empiris. bogor: ghalia indonesia press triono, d. condro. 2011. ekonomi islam madzhab hamfara. yogyakarta: irtikaz mohamed sano abstract. it is seen that while some countries have figured out the elements necessary to ensure the effective operation of waqf entities, most have yet to do so. the situation in the republic of guinea is that all waqf facilities in the country, with the exception of waqf idb guinea, have been deprived of a ‘legal personality’ status, putting a cap on the great potential that could be realized. to address this issue, the study has looked into and cross-examined the status of waqf in different countries and has, accordingly, proposed that the ‘legal personality’ status be awarded to waqf facilities in guinea so as to attract the relevant stakeholders, render legal recourse available to aggrieved parties, register the beneficial interest of relevant participants, and lastly create job, investment and other opportunities for interested parties. such measure, as has been proven, would greatly benefit the guinean society and other communities. keywords: waqf, legal personality, republic of guinea, islamic finance abstrak. terlihat bahwa sementara beberapa negara telah menemukan elemenelemen yang diperlukan dalam kerangka tata kelola wakaf mereka, yang lain belum melakukannya. di republik guinea, entitas wakaf tertentu yang diakui secara hukum yang dikenal sebagai wakaf idb guinea telah memprakarsai banyak proyek. namun, terlepas dari entitas tersebut, fasilitas wakaf di negara ini telah dicabut status ‘subyek hukum’-nya, yang telah membatasi potensi besar yang dapat direalisasikan. untuk mengatasi masalah ini, penelitian mengusulkan agar status ‘subyek hukum’ diberikan kepada fasilitas wakaf di guinea untuk menarik minat para pemangku kepentingan, memberikan jalan hukum yang tersedia bagi pihak yang dirugikan, mendaftarkan manfaat waqaf bagi para pihak yang berkepentingan, dan terakhir menciptakan lapangan kerja, investasi dan peluang lain untuk para pihak yang berkepentingan. pemberian status badan hukum kepada lembaga-lembaga wakaf, sebagaimana telah dibuktikan, akan sangat bermanfaat bagi masyarakat guinea dan masyarakat lainnya. kata kunci: waqf, subyek hukum, republik guinea, keuangan syariah significance of granting legal personality to waqf establishments in the republic of guinea al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 191 208 international islamic university malaysia, malaysia e-mail: mosano100@gmail.com 192 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction by now, it is indisputable that the impact of waqf institutions on a community, if effectively operated, is significant. with different countries across the globe – both muslim majority and minority – conducting studies and introducing policies to ensure the efficacy of their waqf operations, we’ve witnessed significant developments in various governance aspects of the practice. while countries such as malaysia have bestowed complete dominion over waqf under their respective religious authorities, others, such as nigeria, have granted its administration to a corporate commission but have left its management to the trustee(s) appointed by the founder(s). furthermore, states such as senegal and kuwait have created special vehicles to manage waqf affairs in their respective countries. this – amongst many other governance aspects – indicates that countries have adopted different measures and are still experimenting with different elements within their waqf/ trust operations. one major concern regarding the operation of waqf affairs is pertaining to the legal status offered to registered waqf establishments. it seems that within the legal framework of a lot of countries in which waqf is widely practiced, registered waqf have not been given the ‘legal personality’ status. this, unfortunately, has brought about numerous issues and challenges that have impeded the development of the practice in the respective countries. a state in particular impacted by this deficiency in its waqf operations, amongst others, is the republic of guinea. this research, therefore, aims to explore the existing status given to waqf establishments in the said country and highlight the issues within it. furthermore, this study offers recommendations with the help of literature and other case studies that would significantly improve and enhance the current practice of waqf in the west african nation. literature review according to kuran (2001), waqf is a practice that pre-dates the advent of islam and was carried out by previous communities, such as the byzantines and jews. the word ‘waqf ’ literally means ‘to detain’ or ‘to prevent.’ in a technical sense, it is the act of dedicating a property/ies to allah to fulfill a particular societal issue. once established, the dedicated property is referred to as a ‘waqf.’ the appointed trustee/manager(s) of the said waqf property is strictly required to abide by the objective(s) set by the dedicator/founder(s) of the waqf (mughniyyah, n.d.). once a property is declared a waqf, it is considered to have an identity of its own. also, mohamed sano. significance of granting legal personality to waqf establishments 193 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 it has the appointed trustee or managers acting on behalf of and for the benefit of the establishment and its beneficiaries (mohammad, 2016). moreover, in relation to the duration of a waqf property, mughniyyah (n.d.) mentions that all the major islamic schools except the maliki are of the view that a waqf must be dedicated permanently. in other words, a declared waqf property cannot be revoked in the future by the founder or anyone else for that matter. furthermore, when speaking on the different kinds of waqf in terms of their productivity, we know that there are two (2) kinds, namely, waqf ‘istihlaki’ (referred to as consumptive waqf ) and waqf ‘istithmari’ (referred to as investment/productive waqf ). consumptive waqf refers to waqf that is not invested, while productive waqf refers to those that are done so (productively) in line with the principles of the sharia (asnaini, 2008). we understand from these definitions that the installation of carpets in masjids or electronic devices in school computer labs are considered the former kind of waqf. in contrast, the collection of waqf funds invested in economic projects and expected to generate a return refer to the latter kind of waqf. the waqf referred to in this research is both kinds, depending on their functionality and the context. apart from the word ‘waqf ’, another term that requires adequate explanation and understanding before delving into the major issues and challenges is the term ‘legal entity’. business dictionary has defined a legal entity to mean “an association, corporation…, or individual that has legal standing in the eyes of the law” (business dictionary, 2020). the online dictionary highlights that this legal entity title enables the said entities to establish contractual rights and obligations and sue and be sued in its own capacity. this gives us a clear understanding that the main aim behind the legal entity concept is to distinguish the established body from its members (law teacher, 2013). within the ambit of legal personality discussion, it is essential to understand that although a distinction made between such an entity and its members, in certain cases, the courts would be required to do what is referred to as “lift the corporate veil.” the example is where the members abuse this separation of identities, such as in cases of fraud or other criminal acts done in the name of the legal entity. this is a simple process in which the said veil is exposed, and the persons in charge (i.e. owners) of the legal entity are held responsible for the acts carried out by the legal entity (law teacher, 2013). and so, with this brief exposure to the concepts of ‘waqf ’ and ‘legal entity,’ we will now delve into the 194 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 relevant issues and challenges impeding the development of waqf in the republic of guinea, particularly concerning the absence of the legal entity status for waqf establishments. results and discussions status quo of waqf in guinea before discussing the findings from the studies that highlight the issues and challenges that arise from the lack of legal personality being afforded to waqf establishments in guinea, it is important that the study briefly but concisely familiarizes the reader with the said country’s historical and current waqf situation. the republic of guinea (not to be confused with guinea-bissau, equatorial guinea or papua new guinea) is situated on the far west coast of the african continent and shares borders with mali, senegal, ivory coast, liberia, sierra leone as well as guinea bissau. the country is a sub-saharan nation with a population of roughly 13 million (worldometer, 2020). despite the constitution upholding its secular nature, the overwhelming majority (roughly 90%) of its inhabitants practice islam (o’toole, 2019). it is quite known that islam had found its way into the west-african region through traders and religious scholars. they came from the northern part of the continent, particularly western maghreb (modern-day morocco), in the 11th century during the reign of the almoravid, a berber dynasty that spanned across spain to the western maghreb with marrakesh as its capital city (new world encyclopedia, 2016). it may be seen that the prevalent islamic school of thought is that of the maliki madhab since it was regarded as the official state law during the aforementioned dynasty. travelers coming from the maliki dominated dynasty were maliki themselves and, thus, spread the religion through the said madhab’s lenses (word disk, 2020). we use this historical analysis to indicate that islamic practices like waqf are recognized and upheld in the guinean community. however, when speaking on the status given to waqf properties in the said republic, it is unfortunate that general waqf properties lack legal recognition (legal entity status). they are also not governed by any specific legal framework or legislation. in simple terms, waqf is only upheld through customary practices. as it stands now, there exists only one waqf facility known as waqf idb guinea that has been awarded legal personality pursuant to a law signed in 1997 by the guinean government and the islamic development bank (isdb) entitled “law 1997 relating to the institution of waqf charity” (herein referred to as waqf mohamed sano. significance of granting legal personality to waqf establishments 195 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 law 1997). in addition to this law, another accord was passed the following year (1998), listing out the aforementioned parties’ obligations and introducing the waqf act 1998, which was specifically meant to regulate the affairs of the said facility/entity. collectively they form the 1998 accord. to sum up, it’s been made clear that apart from waqf idb guinea, other waqf establishments in the country are not given the legal entity status. we will now discuss the issues and challenges related to the non-legal recognition of waqf entities. issues and challenges in this section, the problems that have come about from the non-legal recognition of waqf properties would be discussed under two separate headings: its deterring effect on potential founders and investors and its rendering of waqf properties ineligible to attain certain legal benefits. deterring effect on founders and investors the first detrimental effect that comes from the lack of associating a legal personality to waqf properties is in relation to its perceived vulnerability in the eyes of relevant stakeholders. this concept would be explained under a number of separate headings, namely, the rendering of waqf projects illegitimate, disentitlement of relevant stakeholders to legal claim/action, and exposing relevant stakeholders to loss of their respective interest. illegitimacy of waqf projects this issue may be considered the ultimate challenge that arises from the non-legal recognition of waqf establishments by awarding them a distinct legal personality. the simple reason is owing to the fact that founders and investors primarily look into the legitimacy of a project to determine whether or not it is worthwhile embarking on. furthermore, seeing that waqf is a collective practice, i.e., involving multiple parties, the legal issue of owing a duty of care – or responsibility – comes into the picture. this is especially when an involved party suffers damage or loss. the afflicted party takes legal action (whether a beneficiary, investor, etc.) against a person(s) in charge of the establishment, exposing them to maximum liability. moreover, even in a situation where a waqf is already running, its non-legal recognition or illegitimacy in the country would denote or spell the cessation of 196 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 its activities upon the death of its founder(s). for example, if a waqf is established to devise or execute the wassiyah (will) of muslims in a certain locality, the fact that the said establishment is not legally legitimate would mean that the deceased’s will/bequest cannot be executed in favor of the therein beneficiaries or enforced against false claimants. in other words, the establishment and its founder’s bequest die with the deceased founder or testator. disentitlement of stakeholder to legal claim/action moreover, despite waqf, in its conventional sense, being an act of charity, it is still not immune to fraud, corruption, theft and other forms of misconduct. hence, with waqf founders and investors being disentitled from taking legal action against their appointed representatives or trustees, the aforementioned stakeholders are repelled from getting involved in the practice that has been left exposed. this would leave founders and investors to resort to none other than customary measures, which potentially end up wrecking homes without having restored the legal rights of the aggrieved party/ies and punishing the party/ies at fault. with the current situation, the relevant stakeholders get involved in waqf projects with no real expectations of a successful outcome. exposure of stakeholders to loss of interest in conjunction with the abovementioned issues, another co-related concern from the non-legal recognition of waqf entities is that it exposes waqf beneficiaries to loss of beneficial interest and waqf investors/contributors to loss of investment/ contribution. this point slightly differs from the above one. here, the damage is taken a step further as the relevant stakeholders are not only disentitled from taking legal action against perpetrators. instead, they lose all their interest in the said establishments due to the waqf entities ineligibility to take legal action. this negative trait is already amplified by the fact that an entity that does not possess a legal personality is not eligible to own properties or conduct other forms of dealings under its own name. rather, the assets associated with it – as well as itself – are considered to be owned by the original purchaser, which is either the founder or donor – if distinguishable. therefore, we see that parties that do not have a legal ownership interest in the asset would potentially be stripped of their beneficial interest in it. becker (2004) contributes to the subject at hand by categorizing waqf establishments – and other similar entities – within an area referred to as the mohamed sano. significance of granting legal personality to waqf establishments 197 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 “informal economy/sector.” he defines them as entities that “rarely comply with all the regulations that apply to their trade,” those that are not legally or formally recognized in a particular jurisdiction but are not necessarily operating illegally or unlawfully. furthermore, individuals operating within the informal sector, whether by choice or through necessity, are called micro-entrepreneurs since the sort of businesses or activities they engage in are small in terms of size and income (microworld, n.d.; your dictionary, n.d.). moving forward with these terminologies, we realize that the non-legal recognition of entities, such as waqf, in the informal sector affects a number of parties, namely, the beneficiaries that could no longer be allowed to access or derive benefit from the properties they were entitled to and the investors/contributors that would be deprived of witnessing the outcome of or receiving the expected return on their contribution. moreover, as other entities in the informal economy, waqf establishments tend to contribute to the economy by employing members of the community that were cut back from their jobs or even those who have had difficulty finding jobs. however, the absence of legal identity for the said entities leaves members of their workforce that play the role of trustees, managers or microentrepreneurs, potentially exposed to not receiving their expected or agreed upon remuneration from their appointers. hence, it can be seen that the stakeholders of the said sector, particularly the workers, beneficiaries, founders and investors, are all left unprotected with the absence of legal identity for such establishments. ineligibility of attaining legal benefits another major issue that arises from waqf properties not having the legal entity status is their ineligibility of obtaining legal benefits, such as tax incentives, social security schemes, and investment or fundraising opportunities. generally speaking, tax may be categorized under one of three (3) headings: income tax, property tax and goods & services tax. they are either imposed on capital or returns (fay, n.d.). in regards to waqf establishments, we come to understand that all three (3) kinds of taxes are relevant here as waqf initiatives may involve properties, income, and goods and services. furthermore, the involvement of a property and/or any generated income would determine the nature of the waqf, whether consumptive or productive. so far, in the said republic, tax incentives are only offered to newly established enterprises, whether small and medium or others, that are looking to 198 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 finance their business through a certain threshold of capital investment (deloitte, 2019). it is unfortunate that since waqf establishments are not recognized as small and medium enterprises or corporate entities, they are not entitled to any form of the tax incentive. the sole waqf entity in the entire country considered an exception to this is waqf idb guinea. this is by virtue of clause 17 of the waqf law 1997 and paragraphs 7(2)(a)(b)(c) of the 1998 accord that, conjunctively read, stipulate that the said institution has been exempted from all kinds of taxes and levies, such as stamp duty, income tax, property tax, goods and services tax, etc. the unavailability of tax reliefs to waqf establishments that ultimately contribute to society and the economy discourages contributors from investing and/or partaking in initiatives to uplift a segment of society (forstater, 2017). social security schemes furthermore, apart from waqf entities not benefiting from tax reductions or exemptions, individuals employed by waqf establishments are not entitled to benefit from the social security system. while the scope of the said system, which is mandatory on all employers pursuant to the national social security fund, covers occupational hazards, health care, pensions and family benefits, the entities that are covered by it are employees, school students, public servants – and those hired as contractors for them – as well as employees in quasi-government agencies or institutions (pwc, 2014). seeing that these social security schemes are only available to employees (and employers) in legally recognized organizations, individuals operating or involved in waqf establishments are not entitled to these benefits. investment and fundraising opportunities finally, in relation to the deterring effects of the non-legal recognition of waqf establishments on waqf founders and investors, it may be added that there is the phenomenon of waqf founders or managers struggling to raise the necessary funds after a certain period of time, seeing those waqf entities, as stated earlier, do not fulfill the criteria to request for funds from financial institutions, such as capital ventures or banking institutions. as a result of this ineligibility, they often resort to requesting loans or donations or entering into partnerships with entities based on unfair terms. this would range from anyone between members of the general public to their next kin and close friends. however, as contributors are unable to safeguard their contributions through registering them, there would be mohamed sano. significance of granting legal personality to waqf establishments 199 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 some form of reluctance on their part when getting involved in such projects. with these standing issues, waqf establishments are confronted with a lack of capital or are handicapped from upscaling or growing the establishment (becker, 2004). in conclusion, therefore, we may observe how waqf establishments and persons involved in them are missing out on the many legal benefits offered exclusively to legally recognized institutions. recommendations and way forward upon identifying the abovementioned issues and challenges, it is quite clear that the primary remedy to the problem would be for the guinean government to indicate its adamant support and recognition of waqf in the country. the first sign of this would be for it to grant the said enterprises the ‘legal entity’ status that would, on the one hand, attract founders and investors to engage in the practice and, on the other hand, protect the relevant beneficiaries from losing their interest in the said properties. and so to counter the abovementioned issues – and others that fall under them – the relevant legislators would have to adopt the required legal measures and extend certain privileges exclusively available to entities with legal personality so as to legitimize and enhance the practice in the eyes of current and potential participants, which in turn would bring about the following benefits. limitation of liability one of the main benefits to associating the legal personality status to waqf establishments is that the liability on founders is limited to their contribution under what is known in corporate terms as a ‘limited liability partnership’ or a ‘trust limited by guarantee. the arrangement simply offers partners in a particular enterprise the opportunity to restrict their liability to the amount of their contribution. with this defense in place, founders and guarantors are rest assured that their accountabilities would not extend beyond their grasp or capabilities as they would consciously make their contributions in accordance with it (limited, n.d.). a great example of this can be seen in article 18 of senegal’s 2015 law on waqf, which states that although the grantor is only “… liable for any intentional act or gross negligence he commits which has caused damage. to the waqf property.” this concise statement clarifies that grantors of waqf are not liable for other defects or claims made against them pertaining to waqf properties. as a result, they are given assurance that their liabilities are directly related to their actions – or rather their misacts. 200 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 continuity beyond lifespan of founder apart from limiting the liability of founders and investors, this benefit is considered another significant advancement. as we’ve highlighted earlier, one of the main issues that a potentially formidable waqf project encounters is the direct correspondence of its lifespan with that of its founder(s). as such, beneficiaries or inheritors registered at a legally recognized waqf establishment that executes wills would have to worry neither about the death of the founder of the establishment nor the testator. with this new feature, a primary development from the current status would see the disassociation of the two, allowing for waqf establishments to carry on a life of their own and outlive their founders. this would realize and fulfill the resilient and functional aspects needed for the said establishments to disrupt the existing practice (abdullah & ismail, 2017). available legal recourse as highlighted earlier, without the legal entity status, the waqf enterprises would neither bring a case against another legal entity (whether natural or legal person) nor have a case brought against them under their name. therefore, whether waqf establishments are created as trusts limited by guarantee or corporations, it is incumbent that waqf enterprises have the locus/ standi, i.e. the ability to file suit and take legal action or have legal action taken against them in and within their legal capacity (the capacity to sue or be sued, n.d.; merriam webster, n.d.). two countries that have manifested this practice are kuwait and turkey. in the former state, within the civil court system, a special department has been set up to deal with matrimonial and waqf cases (price & aldebasi, 2009). in the latter, civil courts within jurisdiction have been assigned to resolve all legal disputes brought about in the country. to facilitate the passing of judgment, the courts with jurisdiction are required to refer to turkey’s own foundations law 2008 and its council of foundations as a guide to modify the purpose of the waqf, grant relief to its aggrieved parties or dissolve the establishment altogether (uygun, 2015). in contrast, countries such as nigeria have faced issues resolving legal cases involving waqf establishments. this is due to provisions in its apex law, i.e. the constitution that provides overlapping authorities to its civil courts and shariah appellate courts. while land matters have been designated under the civil court, certain islamic matters, including waqf, have been designated under the respective shariah appellate court. as a result, a number of cases, such as alhaji saidu maje v da’u dillalin shanu appeal no. ca/k/142/s/2005 and others involving waqf mohamed sano. significance of granting legal personality to waqf establishments 201 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 lands have since been a jurisdictional battle between the two courts (oseni, 2012). and so, we come to realize the significance of the availability of legal recourse to waqf-related parties and the clear distinction and division of court jurisdiction over waqf matters. registration of beneficial interest this particular point follows from the previous ones. upon a waqf enterprise being granted legal personality, its properties are considered properties owned by the now legally recognized enterprise. as a result, the contribution of donors and the offerings to recipients are enumerated and recorded as well. in other words, stakeholders, whether the former or latter, do not have to worry as much about delinquencies committed by other partakers as their respective interests are registered by law and could be reclaimed in court when violated (the capacity to sue or be sued, n.d.). once again, it must be stressed that this beneficial interest is specifically intended to protect the interest of stakeholders that do not have a legal ownership interest in an asset but rather a beneficial one. referring once again to senegal’s 2015 draft waqf law, we see that a founder/ grantor of a waqf is required to form its waqf in writing, pursuant to article 6. article 8 states that the registration is complete upon the attainment of a notarial deed or by a private deed kept in the records of a notary together with the endorsed. thereafter, article 9 requires that a copy of the incorporation deed be submitted to the person in charge at the high authority of waqf (referred to as haw), an independent administrative waqf authority attached to the office of the prime minister (article 2 and 3). upon registering the waqf asset with the relevant authorities, the provisions of the said waqf law of 2015 would entirely apply to the waqf asset. one particular provision that ensures the protection of the right of beneficiaries is article 20 of the same law, which explicitly gives nominated beneficiaries the right: “to use the waqf property and to exploit it according to the stipulation of the grantor and in a manner compatible with the purposes of the waqf. he may also enjoy himself the waqf property or transfer the right of enjoyment to third parties unless the right to waqf is exclusive to his person.” moreover, apart from articles 21, 22 and 23 of the same law upholding other beneficial interests of relevant stakeholders, article 24 strictly lists out the instances in which the beneficial interest of a beneficiary ceases to exist: 202 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 “death or cessation of activities; absence or disappearance of the beneficiary when the enjoyment is exclusive to him; forfeiture of the status conferred on him by the right to the waqf; express waiver of his right to the enjoyment of the waqf property.” these indicate to us just some of the many beneficial interests that would be recognized and upheld by the relevant waqf authorities in senegal upon registering a waqf asset. another country – amongst others – that has enforced the registration of waqf beneficial interests is turkey. the more recent foundations law 2008, which is the current law governing waqf establishments, has endorsed the position of the turkish civil code of 2003 that recognized waqf establishments as having legal personality and, consequently, being allowed to own properties under their own name – as opposed to their founder or grantor’s name. the stance taken by senegal and turkey – among other countries – showcase to us the importance and benefit of legally recognizing the beneficial interest of waqf parties. creation of job opportunities furthermore, as pointed out earlier, activities in the informal sector still exist and are growing in underdeveloped countries. diallo, zhonghua, & mukete (2017) state that the informal sector employs over 96% of the workforce in guinea. they, therefore, recognize the significance of developing a legal framework that effectively regulates and protects entities that fall under the said sector. a major indication of this would be the enactment of provisions that ensure the legal recognition of its enterprises and the protection of its labor force. the absence of which would result in the said entities being vulnerable and exposed to misconduct that is not rectifiable through legal measures (diallo et al., 2017). in turkey, for example, there is a very famous waqf entity known as the vehbi koc foundation, founded in 1969 by vehbi koc. this foundation employed over 40,000 people in around 100 of its group of companies as of 2000 (cizakca, 2000). another waqf foundation is turkey diyanet vakfi (referred to as tdv). this particular foundation has, as of 2019, provided to over 25 thousand university students across the country and another 2 thousand from other countries a number of educational services, such as hostel facilities, research academies, local and international scholarships, youth and women centers, etc. the educational and humanitarian services offered by tdv increases the employability of the beneficiaries of the said services (diyanet, 2018; paksoy, 2017). mohamed sano. significance of granting legal personality to waqf establishments 203 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 apart from these two excellent waqf establishments, numerous other brilliant ones exist in the form of corporations, educational institutions, or places of worship within and beyond the country. this shows that a lot could be achieved with sufficient attention and recognition of such establishments. entitlement to legal benefits moreover, in order to encourage members of the general public as well as other legal entities to found waqf establishments and register them accordingly, the government or the body delegated with the task of handling waqf enterprises would need to maximize incentives, one of which is the waiving or cutting off of repelling expenses, such as taxes and registration fees. a number of legal incentives that could be offered – amongst some others – are highlighted below under specific headings. tax and registration fee exemption in countries such as malaysia and turkey, the respective governments have introduced some tax reliefs to encourage donations to waqf institutions. in turkey, for example, the foundations law 2008 has declared that a person or enterprise that makes donations for the maintenance, repairing or renovation of waqf establishments may apply for tax deductions on their income tax. similarly, in malaysia, pursuant to malaysia’s income tax act 1967, waqf establishments, which are considered state properties, are exempted from having to pay income tax (alias, 2011). these initiatives have served as an incentive for legal entities to invest in and/or donate or contribute to waqf establishments. moreover, in guinea, the sole waqf facility currently benefitting from these legal incentives is waqf idb guinea due to its legal status. the said facility is exempted from paying all forms of taxes and processing fees, such as registration fees, pursuant to provisions within the waqf law 1997 and the 1998 accord. therefore, it is only right that other waqf entities in the country are also awarded this favorable status for capitalizing on at least some of its many advantages. social security schemes additionally, the social security or health insurance policy available to persons in guinea is, as the case in any other underdeveloped country, costly, primitive and inadequate (m. camara, y. camara, & n. camara, 2015). nonetheless, it may be said that some protection is better than none. an alternative solution for depending 204 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 on domestic insurance policies would be to explore foreign coverage. examples of these would be bellwood prestbury and axa global healthcare, which are both international insurance companies that offer a wide range of coverage to employees working in underdeveloped, volatile areas across the globe. however, it must be stressed that waqf entities would not benefit from either international or local insurance schemes without being legally registered and recognized at the respective registrar (bellwood prestbury, n.d.; axa, n.d.). capital investment and fundraising opportunities lastly, another advantage waqf establishments would gain from attaining legal recognition is the prospect of capital investment. this special status is offered to none other than enterprises that possess a legal personality. to reiterate the point addressed earlier, enterprises in the informal sector are mainly impeded from growth owing to their inability to raise funds needed to carry out their long-term projects (diallo et al., 2017). this is primarily due to the lack of trust between potential investors/donors and legally invisible waqf operators, i.e. the negative perceptions associated with such enterprises due to their lack of legal recognition, locally and internationally (becker, 2004). as elaborated earlier, waqf enterprises in turkey, particularly vehbi koc and tdv, have raised excess funds for their projects. similarly, in kuwait, the body placed in charge of waqf affairs. kuwait awqaf public foundation (kapf) has established three management committees, one of which is the “investment and development of waqf resources committee”. this committee is dedicated to investing waqf funds into projects that would generate returns and ensure its productive operation (section 10 of the 1993 royal ordinance). additionally, sections 3 and 4 of the same ordinance provide that the main functions of the kapf are to invest waqf funds and engage in business ventures through collaborations and other means that would contribute to the overall development of waqf in the country. another manifestation of this is malaysia’s waqf an-nur hospital and clinics (kwan). these health care centers, owned by johor corporation (jcorp), which is the investment arm of johor (a malaysian state), and managed by waqf an-nur corporation (wancorp), which is the endowment arm of jcorp. both have treated around 1.5 million patients and have been equipped with over 60 dialysis machines (johor corporation, n.d.; atan, 2017). according to mubin (2015), a portion of the funds were accumulated through a fourth (25%) of the additional stock shares from jcorp’s listed and unlisted subsidiaries that were made mohamed sano. significance of granting legal personality to waqf establishments 205 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 waqf, while the remaining portion of the funds were received from individual and corporations. as it stands today, 24 kwan clinics and one hospital have been built across the country. this marks an outstanding achievement of malaysia’s jcorp and wancorp entities (johor corporation, n.d.). here, we may observe the blatant fact that both portions of the funds collected were raised primarily due to jcorp’s legal personality. this, on the one hand, enabled it to create subsidiaries and, thereafter, retrieve a share of its stock dividends and, on the other hand, established its legitimacy in the eyes of individuals and corporations. and so, as can be proven by the projects presented above, these momentous initiatives would not have been possible without the legal recognition of the abovementioned entities, namely, vehbi koc and tdv (in turkey) kapf (in kuwait), and jcorp (in malaysia). therefore, it is evident that granting legal personality to waqf establishments or at least the entities they operate under would give some security or assurance to potential donors looking to partake in waqf initiatives, whether financially, through goodwill or other means. conclusions all in all, the study has highlighted the current state of waqf in the republic of guinea. it has shown that there is currently no dedicated legal framework protecting the interest of waqf entities, and waqf establishments are not given legal status in the country. such inadequacies preclude waqf entities from obtaining legal benefits offered exclusively to entities with a legal personality. this, thereby, dissuades potential partners from engaging in waqf initiatives and leaves them at the mercy of unenforceable customary practices. in essence, these issues were collectively said to have delegitimized waqf initiatives and rendered them high-risk and thus undesirable. in addition to highlighting the significance of the legal personality status for the said entities, the study enumerated a number of recommendations that would ameliorate the practice of waqf in all countries, particularly the republic of guinea. this study believes that it is now upon the relevant authorities to ensure that waqf entities are legally recognized and effectively governed by regulatory policies. these policies limit founders’ liability, offer legal recourse to aggrieved parties, register and protect the interest of the relevant stakeholders, and grant legal incentives to waqf enterprises and their respective donors to encourage participation. the legal entity status and aforesaid policies, if executed diligently, 206 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 although would not resolve all waqf-related issues that are known to be complex and multifaceted, would indeed serve as a step in the right direction. references abdullah, r., & ismail, a. g. 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(n.d.). small business. retrieved from small-business dictionary definition: https://www.yourdictionary.com/small-business https://www.newworldencyclopedia.org the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano aulia eka anindhita1, ign oka widana2 abstract. the indonesian government has issued retail and non-retail cash waqf linked sukuk (cwls). however, the cash waqf collected has not been optimal. this shows that public interests in retail cwls are still low. therefore, this study discusses possible ways to increase public interest in retail cwls and optimize it for state development. data is obtained from a literature review, interviews, and focused-group discussion (fgd) with informants from the indonesian waqf board (bwi), the ministry of finance, and academics. the results show stakeholders can promote cwls through a social marketing approach. this is in line with the purpose of cwls products, which is for social programs (non-profit oriented) carried out by the government and voluntary organizations. furthermore, the design thinking method can be used to optimize the role of cwls in state developments. design thinking is a logical, systematic, and creative process that a person takes to experiment, produce ideas and model prototypes, and collect feedback. in this context, public literacy issues should be addressed, and the social programs financed should be formulated. keywords: cash waqf, sukuk, cash waqf linked sukuk, social marketing, design thinking abstrak. pemerintah menerbitkan cwls non-ritel dan cwls retail, namun jumlah wakaf uang yang terkumpul belum maksimal. ini menunjukkan rendahnya animo masyarakat terhadap produk cwls ritel. penelitian ini membahas cara meningkatkan minat masyarakat pada produk cwls ritel dan mengoptimalkan pemanfaatan cwls dalam pembangunan. data penelitian ini berasal dari kajian literatur, wawancara, dan focus group discussion, dengan informan dari badan wakaf indonesia (bwi), kementerian keuangan, dan akademisi. hasil penelitian menunjukkan bahwa stakeholder dapat memasarkan produk melalui pengembangan teori pemasaran sosial karena tujuan dari produk cwls adalah untuk program sosial masyarakat dan dilakukan oleh pemerintah bersama organisasi sektor sukarela. selanjutnya, untuk mengoptimalkan peran cwls pada pembangunan negara dapat menggunakan metode design thinking. design thinking adalah proses logis, sistematis, dan kreatif yang dilakukan seseorang untuk bereksperimen, menghasilkan ide dan model prototipe, serta mengumpulkan umpan balik. para stakeholder harus menyelesaikan masalah literasi masyarakat dan pemilihan program sosial yang akan dibiayai terlebih dahulu. kata kunci: wakaf uang, sukuk, cash waqf linked sukuk, pemasaran sosial, design thinking optimizing the role of cash waqf linked sukuk for state development al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 185 212 1,2itb ahmad dahlan e-mail: 1aulia050890@gmail.com, 2okawidana@itb-ad.ac.id author: aulia eka received: 13 januari 2022 accepted: 19 juni 2022 published: 20 juni 2022 mailto:aulia050890%40gmail.com?subject= mailto:okawidana%40itb-ad.ac.id?subject= 186 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction the indonesian government has used the commercial islamic financial instrument of sukuk since 2009. the primary purpose of issuing sovereign sukuk is to finance the state budget and the construction of infrastructure projects in indonesia. public interest in sukuk is considered relatively high because it provides returns. here is a recap of retail sukuk published by the indonesian government. table 1. the government-issued retail sukuk seri coupon per year settlement date due date period of time (years) total issues total investor sr-001 12,00% 25-feb-09 25-feb-12 3 rp5.556.290.000.000 14.295 sr-002 8,70% 10-feb-10 10-feb-13 3 rp8.033.860.000.000 17.231 sr-003 8,15% 23-feb-11 23-feb-14 3 rp7.341.410.000.000 15.847 sr-004 6,25% 21-mar-12 21-sep-15 3,5 rp13.613.805.000.000 17.606 sr-005 6,00% 27-feb-13 27-feb-16 3 rp14.968.875.000.000 17.783 sr-006 8,75% 05-mar-14 05-mar-17 3 rp19.323.345.000.000 34.692 sr-007 8,25% 11-mar-15 11-mar-18 3 rp21.965.035.000.000 29.706 sr-008 8,30% 10-mar-16 10-maar-19 3 rp31.500.000.000.000 48.444 sr-009 6,90% 22-mar-17 10-mar-20 3 rp14.037.310.000.000 29.838 sr-010 5,90% 21-mar-18 10-mar-21 3 rp8.436.570.000.000 17.922 sr-011 8,50% 28-mar-19 10-mar-22 3 rp21.117.570.000.000 35.026 sr-012 6,30% 23-mar-20 10-mar-23 3 rp12.142.572.000.000 23.952 sr-013 6,05% 30-sep-20 10-mar-23 3 rp25.665.971.000.000 44.803 sr-014 5,47% 24-mar-21 10-mar-24 3 rp16.705.080.000.000 35.626 sr-015 5,10% 22-sep-21 10-mar-24 rp27.000.639.000.000 49.027 jumlah rp247.408.332.000.000 431.798 source: summary of several press statements of the ministry of finance of the republic of indonesia http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 187 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 in the islamic economy, financial instruments consist of commercial and social instruments. thus, the term islamic social finance includes zakah (almsgiving), infāq (charity), ṣadaqah (benevolence), and waqf (benevolent). khalifa mohamed ali (2014) stated that zakah and waqf are tools to create economic stability by properly distributing funds to communities in need. zakah funds can be used to meet essential needs or consumption. waqf funds can be used for productive needs such as working capital and investment. thus, it can connect the poor and rich reasonably. the conclusion is that waqf can be one of the effective and tangible solutions in supporting national economic programs. indonesia has excellent cash waqf potential. the indonesian waqf board (badan wakaf indonesia or bwi) said that the prospect of waqf funds in indonesia amounted to idr 180 trillion annually. however, the average realization from 2011 to 2018 amounted to idr 31.9 billion annually (kementerian keuangan ri, 2019). the potential of cash waqf can continue to increase due to financial transactions between countries. this means that the source of cash waqf also comes from abroad. until february 2021, the cash waqf collected amounted to idr 830 billion. this amount consists of waqf money amounting to idr 586 billion and cash waqf of idr 244 billion (annual report cwls, 2021). in 2020, the directorate general of financing and risk management (djppr) ministry of finance, together with bwi and bi, issued cash waqf linked sukuk (cwls) to implement the government's commitment to developing cash waqf in indonesia. the government expects people to participate in the development of the country through cash waqf. sukuk and waqf are considered suitable instruments for mobilizing the treasures of the muslim community on a regular and sustainable basis. the relationship between the two can combine sukuk flexibility and waqf sustainability (oubdi & raghibi, 2018). cwls was published with the hope of becoming a state budget funding solution for state development. two types of cwls have been issued: private placement (code sw 001) and retail (code swr 001 and swr 002). the majority of waqif (person or institution paying waqf ) of cwls series sw 001 are institutions such as the hajj financial management agency (badan pengelola keuangan haji or bpkh) and financial institutions. cwls retail is marketed by distributing partners to the community, individuals and institutions, with a minimum order of idr 1 million. this series is not offered to the public. http://journal.uinjkt.ac.id/index.php/iqtishad 188 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 table 2. the government-issued cwls codesw 001swr 001swr 002 type typeprivate placement ritel wakif: individu and institution ritel wakif: individu and institution offering period -9-okt-2020 s/d 12-nov-20 9-apr-2021 s/d 03-jun-21 settlement date 10-mar-20 18-nov-20 09-jun-21 total issue rp50.849 mio rp14.902 mio rp24.141 mio source: summary of several press statements of the ministry of finance of the republic of indonesia the data above shows the total funds collected from two retail cwls amounted to idr 39,043,000,000. this amount is still smaller than the funds raised in non-retail cwls. compared to retail sukuk, the issuance value of retail cwls is much lower. this illustrates that public interest in retail cwls products is still relatively small compared to retail sukuk. the challenge faced is public confidence in cwls products. one of the causes is that public literacy regarding cash waqf is still low. this can be seen from the national survey result of the assessment of waqf literacy index (ilw), which is 50.48. this assessment shows the basic waqf understanding literacy of 57.67 and advanced waqf understanding literacy of 37.97 (survey, 2020). this belongs to the low category. this research discusses the efforts that can be made to increase public interest in retail cwls products and how to optimize cwls for state development. the authors use qualitative analysis methods with a grounded theory approach to answering those questions. first, the researchers interviewed people from the indonesian waqf board (bwi) and the director-general of financing and risk management (djppr) as stakeholder representatives. the results of this interview are an evaluation of the results of cwls and the obstacles faced during the issuance of cwls. furthermore, the researchers conducted a focus group discussion (fgd) with academic experts in economics and marketing to discuss efforts to increase public interest in cwls products retail and ways to optimize cwls for state development. literature review the word “waqf” or “wact” comes from the arabic “waqafa”. the origin of the word “waqafa” means “to hold” or “stop” or “shut up” in place” or “to remain http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 189 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 standing”. the word “waqafa-yaqufu-waqfan” means “habasa-yahbisu-ordination”. in islamic legal terms, waqf means withholding the original property (principle) and giving the result in the way of allah. it can also be interpreted to withhold the principle and utilize the results in the way of allah (sadeq, 2002). six pillars must be fulfilled in the implementation of waqf. they include 1) waqif or the party who represents his property; 2) mauquf or the object that is converted; 3) mauquf 'alaih or person or institution entitled to receive waqf; 4) ṣighat/pledge of waqf or statement of waqif rally and/or in writing to nadhir to donate his/her property; 5) nadhir or the party who receives waqf property from wakif to be managed and developed in accordance with its designation; 6) a certain or unlimited period. cash refers to cash and securities. based on the fatwa of the national sharia council of the indonesian ulema council (dewan syariah nasional majelis ulama indonesia or dsn mui) no. 29, cash waqf may be legally allowable (mubāḥ). the definition of cash waqf is to hold property that can be used without disappearing the object, such as by taking legal action against the object (selling, giving, or passing it down), to be channeled (the result) to something mubāḥ. the cash waqf principle must guarantee the sustainability of the cash by not reducing, selling, granting, and/or inheriting it. cash waqf should only be used and channeled for matters allowed by sharia. sukuk is an islamic capital market financial instrument, and its transactions are subject to islamic law or sharia. sukuk in arabic is a plural form of “sakk” derived from persian. sakk is the activity of giving a stamp or signing a document. in general, sukuk is often referred to as “islamic bonds”. sukuk is more similar to a “pass-through certificate”, “equipment trust certificate,” or “investment certificate” (mcmillen & jt, 2007). the cwls instrument is a link between the fiscal sector and the social sector. cwls is a form of social investment in indonesia. stakeholders take advantage of the returns from placing cash waqf in sukuk for social activities such as building educational institutions, public health, and food security programs. cwls can provide enormous sustainability benefits in the future, so cwls can continue to be used and developed as the country's financial instrument. studies on cwls began to be widely conducted in 2020. the previous studies show that cwls could be a solution for islamic financial instruments for economic development in indonesia (paul et al., 2021; tanjung & windiarto, 2021; fauziah et al., 2021). tanjung & windiarto (2021) and fauziah et al. (2021) discussed the utilization of the sw 001 series cwls in developing health infrastructure in indonesia. patria yunita (2021) proposed the development of the http://journal.uinjkt.ac.id/index.php/iqtishad 190 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 cwls model with a greeting agreement for food security solutions in indonesia. the four studies were qualitative studies that described the author's ideas. however, these studies had not addressed the problems that occurred during the issuance of cwls, so further research is needed to discuss the problems and solutions so that cwls can provide more optimal benefits for economic development in indonesia. putri et al. (2020), through their paper, discuss problems and solutions to the implementation of cwls to support the economic development of the people. this research uses a quantitative analysis of the anp approach. based on the results of an anp analysis, the main problem found is the lack of literacy and socialization about cwls in the community. the proposed solutions are: to expand the socialization of cwls benefits; improve community literacy about cwls; utilize technology to collect cwls; and improve nazhir performance. however, this research only discusses statistical analysis with an anp to identify problems and formulate solutions. the thing that has not been discussed in previous studies is to analyze existing problems with scientific theory to obtain an applicable solution for the subsequent publication of cwls. therefore, this research was carried out by discussing the problem of retail cwls and then finding a solution based on the scientific approach, namely social marketing theory. the researchers used social marketing approaches to obtain retail cwls marketing solutions because social marketing has three principles: actors were individuals or voluntary organizations, community-oriented rather than profit, and the main goal was behavior change as well as environmental benefits (wood, 2012). social marketing begins with the emergence of the idea that marketing techniques can be used to promote good and help overcome social problems. andersen (1994) in wood (2012) define social marketing as the adaptation of commercial marketing technology to programs designed to influence the behavior of the target audience voluntarily and improve their personal well-being and society. social marketing is applying marketing principles and techniques to create, communicate, and provide value to influence the behavior of the target audience that benefits society (health, safety, environment, and community) as well as the target audience (kotler dan lee, 2008). in general, social marketing techniques have similarities with commercial marketing. social marketers need to do market research to determine segmentation, target market and positioning. then, the social marketer decides the objective and goal targeted (naima, 2019). if social marketing is getting closer to a commercial marketing strategy, it will be more successful in achieving its goals. therefore, the http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 191 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 marketing mix (product, price, place, promotion) can be used in strategizing social marketing (pudjiastuti, 2002). the 4p marketing mix refers to kotler and lee's 4p commercial marketing (kotler and lee 2008, in gordon, 2012). these are: • product, in social marketing, represents the offer of behavior made to the target audience and often involves intangible matters such as the adoption of ideas or behaviors. • price, in social marketing, relates to the costs the target audiences must pay and the barriers they must overcome to adopt the desired behavior. these costs can be psychological (e.g., loss of stress-relieving effects from smoking), cultural, social (e.g., friend pressure to drink), temporal, practical (e.g., canceling school schedules to reduce car use), physical and financial (e.g., the cost of joining a gym to get fit). • place, in social marketing, is a channel where behavior change is promoted; and a place where a change is encouraged and supported. • promotion is the way in which behavioral change is promoted to a target audience, e.g. advertising, media relationships, direct and interpersonal letters. methods this research uses the grounded theory approach, which is one of qualitative analysis. this approach aims to produce or develop theory from data or problems in the field (cho & lee, 2014). grounded theory is used to explore and understand the causes of the non-optimal utilization of cwls and find a way out of these conditions. the reason for using this approach is that cwls is a newly introduced instrument. an advanced exploration is needed to see the problems. moreover, a theory that can be tested to solve the problem has not yet been found. the types of data used are primary and secondary data. the primary data was obtained through interviews and focus group discussion (fgd). interviews were conducted with bwi and djppr to obtain information about problems during the issuance of cwls and the steps taken to optimize the role of cwls. furthermore, the fgd (focused-group discussion) was conducted with academics in the field of economics and marketing. these academics represent the people who are the target audience of cwls retail marketing. this is also because their educational and economic background is well established, but had not interested in retail cwls. they provide a new perspective from the public's point of view on what things had not been done and could be optimized by stakeholders in the application of retail cwls products. http://journal.uinjkt.ac.id/index.php/iqtishad 192 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the fgd data analysis technique used is “constant comparison analysis” developed by glaser and strauss in writing (onwuegbuzie et al., 2009). the authors analyze and discuss the results of interviews and fgds with the support of secondary data obtained from literature studies and provide descriptive data from the internet and journals to present the main idea of the research. mainly, in the discussion about optimizing the role of cwls for state development, the authors review it with the design thinking method. design thinking is a logical, systematic, and creative process that a person takes to experiment, produce ideas and model prototypes, and collect feedback. this process is carried out continuously to find the best product design. many companies have run design thinking to improve their business. this is because product and service design is a significant component of business competitiveness (razzouk & shute, 2012). there are a variety of design thinking models, but what is commonly used is the hasso plattner institute of design at stanford model. this model is visualized in five steps, namely emphatize, define, ideate, prototype, and test. this model includes finding problems and determining what users need. the formulation and resolution of this problem is a cycle-like process that never ends. figure 1 design thinking hasso plattner institute model source: (razi et al., 2018) http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 193 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 results and discussion issuance and implementation of cwls the government has issued two types of cwls. the first is the non-retail cwls sw 001 series with a source of waqf funds derived from the private placement of institution funds. the second is cwls retail series swr 001 and swr 002. here are the differences between non-retail cwls and retail cwls: table 3. the differences between cwls non-retail and cwls retail source: indonesian waqf board in implementing retail cwls, waqif can choose a temporary or perpetual waqf. the difference is that if you choose a temporary waqf, the waqf funds will be returned to the waqif. if you select a perpetual waqf, the waqf fund will be managed by bwi. here is the retail cwls implementation scheme: http://journal.uinjkt.ac.id/index.php/iqtishad 194 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 figure 2. cash waqf linked sukuk scheme source: cwls marketing kit from djppr ministry of finance the cwls scheme consists of four main processes: 1) fundraising sharia financial institutions recipients of cash waqf (lks-pwu), receive and collect waqf funds from waqif to be distributed to bwi as the waqf property management authority. 2) waqf placement to invest waqf cash in the state sukuk or sbsn issued by the ministry of finance. bank indonesia, as an sbsn management agent, is also involved, among others, by recording clearing ownership and settlement of sbsn. 3) distribution and utilization of returns the government pays returns to bi in the form of discounts and coupons. then, bwi distributes it to waqf management institutions for project financing or social activities in cooperation with waqf management institutions. 4) waqf refund when it is due, the government pays the principal of the state sukuk or sbsn to bwi and will be fully returned to wakif for temporary cash waqf or further managed by bwi for perpetual cash waqf. http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 195 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 there are three series of cwls issued by the government: cwls series sw 001, swr 001, and swr 002. the results of issuing retail cwls are far from their potential. this is because public interest in cwls is still low. here is the result of cwls issuance: table 4. the cwls issuance results code sw 001 swr 001 swr 002 type private placement ritel wakif : individu and institution ritel wakif : individu and institution offering period -9-okt-2020 s/d 12-nov-20 9-apr-2021 s/d 03-jun-21 settlement date 10-mar-20 18-nov-20 09-jun-21 total issue rp50.849 mio rp14.902 mio rp24.141 mio distribution partners -4 bank (bsm, bni syariah, bri syariah, bank muamalat 6 bank (bsi, bank muamalat, bank niaga syariah, permata bank syariah, bank mega syariah, bank bukopin syariah) number od nadhir 1 institution 6 institution 9 institution coupon per year 5,00% (fixed coupon) 5,50% (fixed coupon) 5,57% (fixed coupon) utilization of sukuk coupon retina center rumah sakit mata achmad wardi program pemberdayaan umkm, beasiswa siswa dan guru, hunian berbiaya murah, pembiayaan pengobatan dan apd, penguatan ketahanan pangan program pemberdayaan umkm, beasiswa siswa dan guru, pembiayaan pengobatan, penguatan ketahanan pangan source: indonesian waqf board and retail cwls marketing kit constraints and obstacles in the implementation of cwls based on interviews with bwi and djppr, of the two retail cwls series published, the realization of waqf funds collected has not been as expected. this http://journal.uinjkt.ac.id/index.php/iqtishad 196 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 is because in the issuance of retail cwls faces several obstacles and challenges, namely: 1. public literacy has been still low regarding waqf, especially cash waqf. one reason is that waqf is sunnah worship, differing from the mandatory zakah. in addition, people's understanding of the waqf is limited to land waqf or assets donation for mosques, madrassas, and graveyards. 2. negative news has affected the level of public confidence in cwls products. the risk arose because issues or information, especially those related to community funds (hajj funds) managed by the government, were not transparent. this point is also associated with indonesia's government's image of muslims. this risk would affect people's confidence levels in buying retail cwls. 3. short offer period. the bidding period only lasts about one to three months during this time. this condition is hasty because, with a low literacy level, stakeholders need more time to educate the public about waqf and market retail cwls products. 4. distribution partner banks have been limited and have not had as many customers as conventional banks. the distribution partner markets cwls retail are islamic banks, and only six banks exist. this number is still limited compared to sukuk distribution partner banks involving conventional banks. in addition, the number of islamic bank customers has not been as many as conventional banks. 5. limited nadhir institution's capability in managing and promoting cash waqf. nadhir institution is expected to help market retail cwls products, but its limited capacity made its performance less optimal. the efforts to increase public interest in cwls bwi and djppr have made several efforts to continue introducing and marketing retail cwls products to the public. bwi has conducted regular socialization with the community, such as seminars, waqaf goes to campus activities, and opened waqf research centers on campuses. this activity has seen its impact on students. there have been many students who have begun to research waqf. djppr also conducts training of trainee (tot) training to nadhir institutions to explain retail cwls products and teach them how to market them. based on the results of fgd, each participant expressed their opinions on ways the government can increase public interest in cwls products. the data http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 197 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 obtained from fgd was then analyzed using constant comparative analysis to get data saturation. next, the researchers conducted a literature review to elaborate on information from fgd. figure 3. efforts to increase public interest in cwls source: fgd result 1) improving public literacy public literacy is the most fundamental problem of low cwls retail sales. therefore, stakeholders should try to promote the products to increase the public literacy of cwls products. some of the following fgd participants convey it. noor: “i have never had more detailed information that this is good. promotion is important. the promotion can be in digital form, so it is not difficult. however, it is necessary to look at the target market first. it needs research to determine the lower or middle economic targets. those are all that will determine the way of promotions.” widyanahar: this problem of community literacy is so significant that we have to think about how cwls is more accepted and more and more people know. this product will enter the market segment, which should be more apparent because the investor segment will affect the way it communicates. for example, i propose it to millennials. this generation's potential is enormous because of his behavior, consumption and habits like helping friends through kitabisa.com. all kinds of ways can be done to socialize it to them.” zaini: “the initial problem is in literacy. massive socialization needs to be done.” to improve public literacy of cwls retail, bwi can conduct more structured cwls retail marketing. cwls retail marketing may refer to social http://journal.uinjkt.ac.id/index.php/iqtishad 198 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 marketing theory. in the marketing of cwls products, there are similarities with the principle of social marketing: 1. the issuance of cwls products is to finance social programs that positively impact society. 2. the motivation for marketing cwls products is to invite people to do good voluntarily or in the framework of social activities. 3. cwls marketing is carried out by bwi and assisted by nadhir institutions, both voluntary sector organizations. as a social marketer of cwls products, bwi can adapt and adopt activities and processes from commercial marketing. social marketing is the term target audience, namely people targeted by social product marketing, such as consumers or buyers of commercial products. therefore, social marketers must conduct market research to determine segmentation, target market, and positioning. then, the social marketer decides the objective and goal they want to aim for. the stakeholder can use the marketing mix (product, price, place, promotion) in strategizing cwls retail product marketing. fgd participant, triongko suggested, “for literacy problems, the focus of socialization on the intended target consumers is a muslim community with wealth and obeys.” the researchers used a simple method by collecting statistical data to prove the statement. the result was that the target audience of cwls retail was millennial and gen x muslims in the middle social class. here are the segmentation, target, and positioning (stp) of cwls retail: figure 4. segmentation, targeting, positioning cwls retail http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 199 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 for more effective social marketing, marketers can apply the ' '4p's marketing mix (product, price, place, promotion) like commercial marketing. (lahtinen et al., 2020). so, the stakeholders can do that. here is an explanation of the 4p analysis of cwls marketing: figure 5. the ' '4p's marketing mix cwls retail according to (gordon, 2012), the 4p's marketing mix is critical, but he added that the orientation of consumers, in this case, was the target audience. consumer orientation means that all social marketing activities lead to changes in consumer behavior in contrast to commercial marketing focusing on company profits. therefore, for social messages or products to be more easily conveyed, marketing is done through community and mutually agreed value creation. moreover, (gordon, 2012) also stated that circumstances influence consumer behavior in social marketing. these circumstances include environmental, social, and structural conditions influenced by political agendas, social norms, media, and other external environmental factors. the fgd participant who commented on the situation was mr agus, who commented, “releasing this cwls is very necessary to pay attention to its timing” therefore, the political situation is considered to determine the public sentiment on cwls products. it can conclude that to improve public literacy regarding cash waqf and cwls, bwi can do so through a social marketing approach. based on the explanation above, bwi can determine the target audience is gen x and millennials who are muslim and are in the middle-class economy. the socialization can use the 4p marketing mix. in addition, it is also necessary to consider the orientation and state of the target audience. http://journal.uinjkt.ac.id/index.php/iqtishad 200 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 2) digital marketing considering the previous point, several fgd participants proposed that social media could be used to promote retail cwls products to the public. fabachrain: “in my opinion, using digital media in introducing waqf to the community is to reach a wider area.” noor: “promotion can be through digital means. yes, it is not difficult, yes, i think. but we need to see the target market first.” fauzi: “promotion can also be done through social media or digital marketing like that, sir.” laily: “digital marketing can use brand ambassadors from influencers who are well known to gen x and millennials.” widyanahar: “well, i recommend further improving this by logging into communication channels or distribution channels that are more open, such as twitter and instagram.” the rapid development of the digital era today should be able to help market cwls products. ledford (2012) states that marketers can use social media in social marketing as an opportunity to improve communication to reach people multiple times, from various sources, and in multiple settings. according to yulia (2018), the model put forward by thackeray, neiger, and keller (2012) can be used as a reference to optimize the use of social media in social marketing activities. this model is called the post model (person, objective, strategy, and technology): figure 6. post model for cwls retail http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 201 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 3) adding distribution channels the efforts to increase public interest in cwls can also be made by adding digital-based distribution channels. several fgd leaders gave their opinions on this matter. fabachrain: “the use of technology can simplify and facilitate the collection of cwls funds. this simplification can more easily educate the community and attract people to be obedient. distribution channels (are made available) for fundraisers to pay waqf with digital applications such as ovo, tokopedia, etc.” nikmah: “it should be easier to buy either by the way lkspwu bank has propagated again. it can be purchased online with a digital application because currently, many people are more comfortable transacting digitally or online. it is made even easier in terms of the purchase mechanism.” laily: “… adding distribution channels through digital such as collaborating with mutual fund sellers' online platforms.” widyanahar: “among the millennials, the potential is very large because of their consumption behavior and their custom of helping friends through kitabisa.com (a crowdfunding platform).” electronic money has also become a new habit among indonesian people, especially in urban areas. the value of electronic money transactions increased by 43.66% year on year (yoy) to rp24.8 trillion. the number of merchants serving payments with electronic money is also growing. digital cash transactions are considered more practical and more secure because these transactions are already regulated by law. the phenomenon of electronic money can be used as a new way to increase public interest in behaving. based on the fatwa of dsn mui no. 116 /dsn-mui/ ix/2017, transactions using electronic money following sharia principles are allowed with the condition that people must avoid the implementation and use of electronic cash from transactions consisting of usury (ribā), gharar (uncertainty), mayisīr (gambling), tadlis (unclear marketing), rishwah (bribery), and israf (wasteful); and transactions on objects that are haram. the issuers must place the nominal amount of electronic money from a sharia bank. bwi can utilize the increasingly massive electronic money transactions and crowdfunding platforms to increase public interest in retail cwls products. the http://journal.uinjkt.ac.id/index.php/iqtishad 202 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 trick is to add distribution channels through electronic money and marketplace platforms, so people can make cash easier. bwi can also further optimize the use of existing crowdfunding platforms, namely “berkahwakaf.id” to meet the needs of public information about cash waqf. the addition of distribution channels can help raise cash waqf funds, so it relies not only on partner banks' performance. 4) improving distribution partner performance fgd participants agreed that distribution partners influence efforts to increase public interest in cwls products. some gave their ideas about improving the performance of distribution partners in marketing cwls. zaini: “perhaps, it is necessary to pay attention to the level of public confidence whether this bank is problematic or not.” triongko: “regarding distribution channels, fund collection has also maximized the role of lks-pwu banks. when they serve customers to open an account, they also offer cwls products. in addition, there should be benefits for distribution partners who sell cwls.” fauzi: “lkspwu bank can work with bmt or microfinance institutions to raise public funds in remote areas.” maryam: “in addition, all islamic banks (bus) are encouraged continuously to be able to market cwls.” the statements above conclude that the credibility of the distribution partner bank must be maintained because it affects the level of public trust. what needs to be increased is the amount of cwls funds collected by continuously offering cwls products to its customers. distribution partner banks can also cooperate with other islamic financial institutions to market retail cwls products. the benefits to distribution partners need to be provided to spur the spirit of bank officers. if required in the future, the number of distribution partners will increase. 5) improving the performance of nadhir institution the performance of the nadhir institution become the attention of fgd participants. according to them, nadhir institutions' ability to manage community social funds will affect people's interest in behaving. therefore, they gave their idea http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 203 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 to improve the performance of nadhir institutions operating the benefits of cwls yields for social activities. djamil: “the nadhir institution itself must judge whether it is trustworthy. it has a good track record or not.” widyanahar: “information about the nadhir institution is one of the very important things, as well as its performance information, such as its financial statements. whether they have been audited or not. it is more in nature to fulfill public information.” zaini: “people's question about nadhir is whether this nadhir is reliable or not.” laily: “improvements from nadhir’s partner in managing waqf to create “trust” from the community, such as transparency of reporting and reasonable service to the community.” fgd participants highlighted the performance of nadhir institutions in terms of accountability and professionalism. according to wulandari et al. (2019), a competent and professional nadhir has five criteria: accountability, product, human resources, regulation, and reach. to manage and develop cash waqf, these criteria need to be considered to make a qualified and experienced nadhir. accountability is the most influential criterion in managing and developing cash waqf. improving the performance of nadhir institutions with these five criteria can increase people's interest in cash waqf. the main issue is regarding public trusts to deposit funds to nazhir institutions. therefore, the nadhir institution members must continuously improve their knowledge and ability to be accountable and professional. this effort is made to answer problems regarding the capacity of nadhir institutions that are still limited in managing and promoting cash waqf. 6) determining the social program financed the fgd participants stated that choosing a social program to be financed is important. this is because cwls products are philanthropic, and social programs influence people's emotions to buy cwls. maryam: “cwls is a product whose returns or coupons from sukuk are used to be donated to social activities.” http://journal.uinjkt.ac.id/index.php/iqtishad 204 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 laily: “consumer emotions must be built by introducing the religious side of the product.” djamil: “the designation must be clear first so that this will be a magnet for others. when people want to buy cwls, it must be moved first to the term altruism.” widyanahar: “this waqf fund will eventually go to sukuk and the state budget (apbn) to build social infrastructure so that it is more put forward for the needs of the community.” wulandari: “for aspects of socially financed programs are preferred on a national scale.” triongko: “(there is a need) to increase community “trust” by utilizing sukuk returns for activities or assets needed by the community such as building hospitals and not business activities.” suryawadi: “nadhir partners cooperate with educational institutions, microeducational institutions, and other competent institutions to implement social programs.” the striking difference between this cwls product and ordinary sukuk products is allocating returns for social activities and not profit alone. people who decide to buy cwls prefer altruism. determining social programs is essential and strategic. straightforward social programs can reduce the risk of issues circulating in the community regarding managing retail cwls funds. the way is to determine a national-scale social program needed by the community and has a multiplier effect. nadhir partners can work with other institutions to run social programs. the excellent performance of social programs can increase public confidence in retail cwls products. 7) government support government support is needed for the success of this cwls product. cwls stakeholders are government agencies. that is why the public interest in cwls products is influenced by the image of the government in the public eyes. therefore, waqf funds will also finance the country's infrastructure. http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 205 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 zaini: “cwls was launched amid the pandemic. at that time, there was the issue of hajj fund management, and political issues had heated up from two opposing camps during the last election. yes, it more or less affects the level of public confidence in the government.” widyanahar: the government's less assertive attitude in responding to political and economic issues will decrease public confidence in the government.” triongko: “to mitigate the risk issue is to build trust in the state and government in a way that the government should not get closer only when it needs the help of the people but also when the people need the government. in addition, the government's approach should be to all groups of people, especially those who can raise funds for the people.” maryam: “government agencies are trying to improve the services and publishing infrastructure of cwls so that it reaches more people in these areas.” kostaman: “there needs to be an example from state leaders and officials.” the government has four essential roles in the management of zakah and waqf. these roles are regulator, motivator, facilitator, and coordinator. the government support in increasing the realization of the collection of cash waqf funds and cwls products is needed. the government needs to add cwls product infrastructure such as operational support facilities, software, and hardware to optimize waqf management. there is a need for another concrete step from the ranks of the government to set an example to the community in making cash and requiring state officials to be reasonable. this reduces negative issues regarding cwls products and increases public interest. optimization of the role of cwls for state development considering the cwls scheme, it is an appropriate instrument developed to build the country. through this cwls, people are invited to participate in building the country through the waqf cash they spend. the potential of cash waqf in indonesia itself is also huge. therefore, at the time of publication, stakeholders hope that cwls will become an instrument in demand by the community because it is aimed at helping others. the results of the cwls retail issuance are still far from expectations. it means that cwls has not been a solution to invite people to be responsible for cash. therefore, it is crucial to know the cause and find solutions. http://journal.uinjkt.ac.id/index.php/iqtishad 206 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 based on the advice of fgd participants, in issuing cwls retail, stakeholders should use a design thinking approach. laily: “in its distribution, the government must collaborate with other competent parties because the cwls ecosystem still cannot explain the product's benefits. the need for design thinking is when this cwls product is made, a solution must be produced and then structure the ecosystem.” djamil: “if the designation is still unclear, the socialization will be unclear. so, the design thinking of this cwls product must be well formulated.” therefore, the authors use the design thinking approach to optimize the role of cwls. this design is not standard but is likely to be adjusted to the conditions when the next cwls series are about to be published. the more observations made and the information collected, the more supportive the method will be in creating the best and most practical cwls product design. based on the design thinking method, the authors expose it within the framework of the method flow. the results of this design can be used as consideration for stakeholders in issuing the next cwls: figure 7. design thinking model for cwls retail http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 207 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 1) empathize the designer can achieve empathy by observing why a person is doing something. generally, stakeholders can use data to empathize with and understand certain behaviors performed by users. based on the interviews, fgd, and literature studies, the behavioral phenomena of society are identified as follows: • based on a survey conducted by bwi, public literacy regarding cash waqf is still low. • indonesians are famous for being generous, often making donations and paying zakah, infāq, and almsgiving. • the interest of the indonesian people in sukuk products is relatively high. based on the retail sukuk publishing press release, the last three series of retail sukuk published are always oversubscribed. • the majority of retail sukuk investors are millennials accustomed to interacting with technologies. • the realization of cwls is still not in line with expectations. 2) define defining or interpreting the problem is by collecting all the information from the previous stage and observing what the user needs. from the results of bwi and djppr interviews, they found five obstacles: 1) low community literacy regarding waqf; 2) negative news that affects the level of public confidence in cwls; 3) short offer period; 4) distribution partners, namely lkspwu bank, are limited in number and do not have as many customers as conventional banks; 5) the ability of nadhir institutions is still limited in managing and promoting cash waqf. then, the authors conveyed the five obstacles to the fgd participants. each participant expressed their own opinions on these five obstacles. it turns out that from these five constraints, not all of them directly affect the issuance of cwls. according to fgd participants, the most fundamental problems are community literacy and social programs financed from the benefits of returns. participants the most expressed these two obstacles. public literacy regarding cash waqf is considered the most crucial problem and must be corrected first. socialization about cash waqf and cwls products is considered less. especially in the era of social media, information about cash waqf is rarely discussed on social media. http://journal.uinjkt.ac.id/index.php/iqtishad 208 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the targets of financed social activities are not informed. people buy cwls the primary consideration is to donate, not to invest. it is different with sukuk; sukuk buyers get returns, while cwls uses all returns for social activities. therefore, social activities are the main attraction of this cwls product. 3) ideate for problems regarding literacy, bwi can start introducing cash waqf through social media such as instagram or youtube. this is the most effective and efficient method today. the delivery of cash waqf materials must be considered the arrangement and content. at first, this began with building public interest by conveying the social value in cash waqf products. bwi needs to involve all stakeholders in this activity. the target of social activities financed must be on the community's needs and the national scale. social programs do not need to vary; they focus on one or two moves but can reach several places. it is done so that people can easily remember and monitor these activities. it is also essential to determine the nominal target of funds collected and convey it to the community so that it can be more measurable and affect the waqif ’s emotions. the target amount of funds collected can show the seriousness of stakeholders in issuing cwls. 4) prototype prototype literacy regarding cash waqf can be done as early as possible, long before the next series of cwls is published and carried out simultaneously. at this stage, bwi and nadhir partners can start promoting cash waqf using instagram and youtube. they can monitor public interests by seeing how many viewers, “likes,” and “comments” on the content. stakeholders can prototype the social program by conveying all the progress of social programs that have been financed from the publication of the previous series of cwls and holding the selection of social programs that will be funded next. from the prototype, bwi will get an overview of the social programs that provide the most benefits and needs of the community. this step determines the social program that will be financed next. 5) test at the final stage, stakeholders will run a test or trial. during this process, bwi will watch the community applying prototypes that have been created. http://journal.uinjkt.ac.id/index.php/iqtishad aulia eka anindhita. optimizing the role of cash waqf linked sukuk for state development 209 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.24195 furthermore, this stage also produces feedback that is very important to optimize the product's performance. stakeholders should run this test to identify errors and problems with product effectiveness. however, remember that this testing phase is not necessarily the final phase of design thinking if bwi will find problems they had not imagined before after going through the testing process. bwi must return to the initial stage to formulate an idea and create a prototype to retest it. conclusion cash waqf linked sukuk (cwls) has been developed to promote cash waqf in indonesia. after the three series of cwls were published, the realization of the cash waqf collection has been far from the expectations. some contributing factors are the low level of public literacy, negative news affecting public trust, a short offer period, limited distribution partners, and inadequate nadhir institution capabilities. the authors used a design thinking approach in formulating solutions to optimize the role of cash waqf linked sukuk as an instrument of state development. design thinking is a logical, systematic, and creative process that a person takes to experiment, produce ideas and model prototypes, and collect feedback. this research aims to provide recommendations to stakeholders for the improvement of the next series of cwls. efforts that stakeholders can make to increase public interest in cwls products are to improve public literacy based on social marketing theory using social media; add distribution channels; improve the performance of distribution partners; improve the performance of nadhir institutions; and determine appropriate social programs. in addition, 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(2018). optimalisasi penggunaan media sosial dalam pemasaran sosial dan komunikasi perubahan perilaku (suatu pendekatan studi literature review). hearty, 6(2). https://doi.org/10.32832/hearty.v6i2.1276 http://journal.uinjkt.ac.id/index.php/iqtishad 1correspondent author 1, 2, 3, 4faculty of economic and business, airlangga, indonesia e-mail: 1dina.fitrisia@feb.unair.ac.id, 2ulis.fajar.choirotun-2016@feb.unair.ac.id, 3matsahri-2020@feb.unair.ac.id, 4dianfilianti@feb.unair.ac.id dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 abstract. the development of islamic economics has led to the growth of islamic banking, as a financial institution based on sharia principles. this research aims to analyze the relationship of risk, profitability, company size, and macroeconomics with capital buffer of shariah commercial banks indonesia during the period of 2015-2019. the study used a quantitative approach of the regression panel data with stata13 statistical tools. this study used secondary data with a population of 14 sharia commercial banks and a sample of 12 islamic commercial banks using purposive sampling method. bopo, npm, roa, and kurs (exchange rate) were found to have significant positive effects on cb. size has a significant negative effect, while npf has positive insignificant effect on cb. islamic banks, regulators, and governments may consider risks, profitability, company size, and macroeconomic conditions in determining the size of capital buffers and maintaining the adequacy of capital owned by islamic banking. keywords: capital buffer, islamic economic systems, shariah banks abstrak. ekonomi islam menjadi paradigma baru yang komprehensif. bank syariah dalam sistem ekonomi islam merupakan lembaga keuangan dengan prinsip syariah. penelitian ini bertujuan untuk menganalisis hubungan risiko, profitabilitas, ukuran perusahaan, dan makroekonomi dengan penyangga modal (cb) bank umum syariah (bus) di indonesia pada tahun 2015-2019. pendekatan penelitian menggunakan pendekatan data panel kuantitatif regresi dengan alat statistik stata13. penelitian ini menggunakan data sekunder dengan populasi 14 bank islam dan sampel 12 bank umum syariah berdasarkan metode purposive sampling. bopo, npm, roa, dan kurs (nilai tukar) ditemukan memiliki pengaruh positif yang signifikan terhadap cb. size memiliki hubungan negatif signifikan, sedangkan npf positif tidak signifikan. bank syariah, regulator, dan pemerintah dapat mempertimbangkan risiko, profitabilitas, ukuran perusahaan, dan kondisi makroekonomi dalam menentukan ukuran penyangga modal dan menjaga kecukupan modal yang dimiliki oleh perbankan syariah. kata kunci: penyangga modal, sistem ekonomi syariah, bank syariah capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 171 190 172 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction islamic economics becomes a comprehensive new paradigm. chapra (2001) argues that islamic economics is inseparable from conventional economics. islamic economics deals with economic problems with a comprehensive islamic approach to gain a new view of a fair economy and pay attention to ethical and spiritual values. islamic economics enriches the moral viewpoint of islam to benefit humankind in seeking a more just world order. thus, the presence of the islamic economy is the answer to efforts to close the shortcomings and weaknesses of the conventional economy so that the islamic economy is a further improvement of conventional economic development. the qur'an as the scripture for muslims not only regulates the issues of ritual worship but also provides perfect (comprehensive) and eternal (universal) guidelines for all humankind (nasution, 2009) islam is a universal religion, simple, easy to understand, and reasoned, and has three fundamental principles, namely: 1) tawhid "oneness"; 2) a "representative" caliphate; and 3) 'adil (justice). according to umar chapra, islamic economics is the financial parent of islam, with the title of divine economics. an impression of the quality of the "godhead" of the islamic economy is not only in the forms of the straight economic person, because the perpetrators must be human, but also in the forms of the law and maxims that economic actors have to comply with. this refers to the faith that all economic activity, along with human nature, mainly belong to allah, and god (god power) all things are repaid. by accessing divine rules, every human being has moral values and worship. every human action cannot be separated from value, which vertically reflects good morals, and horizontally benefits humans and other beings. in that context, islamic finance also relies on these imperative normative values. the islamic-based economy has been introduced since the time of the prophet and his companion. the prohibition of the imposition of usury, gambling, gharar, dzolim (malicious), and haram become the primary conditions of the implementation of the islamic economy so that muslims are obliged to learn, understand and apply it. the law of islamic-based economic practice is mandatory for muslims as a form of human obedience in a comprehensive way (kaffah) to allah swt. based on that basis, then the islamic economy is present in the middle of society. although its development is not as popular as the conventional economy, the islamic-based economy has been widely applied by muslims and non-muslim communities. this is because the islamic economy itself is intended to provide prosperity for all human beings. the development of the islamic economy as a system of science and economics has received many positive responses at the global level (hamid, 2008). dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 173 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 one of the financial institutions that operate under islamic principles is islamic banking. law no. 21 of 2008 on islamic banking describes islamic banks as banks that comply with sharia values. the main task is to collect funds from surplus people in the form of deposits or savings and distribute them to the deficit people. based on the global islamic financial report (2019), the position of indonesia is first out of the 48 countries with the most islamic financial institutions, so the islamic economic system has developed well. banks can be called trust institutions. the right tool to support trust is the bank capital (capital buffer). capital should be used to mitigate the possibility of losing investment in assets, especially the one funded by the depositors' funds (muhammad, 2005: 248). according to johnson and johnson (1985: 331), capital functions, among others, as a buffer to absorb operational losses and other losses. law no. 21 of 2008 article 38 requires sharia banks to apply risk management, the principle of knowing customers, and customer protection. therefore, effective risk management is required for sharia banking, a trust and intermediation institution. in this case, banks can provide capital buffer (cb), which is measured by the variation between car and government regulation on minimum capital that must be owned by banking institutions, namely 8% (pojk, 2014). capital banking is faced with many aspects of micro-prudential issues, including financing risk, market risk, operational risk, and third-party funds. these micro-prudential aspects can be measured by financial ratios such as nonperforming financing (npf) to measure financing or credit risk (jokipii and milne, 2007; atici and gursoy, 2013; bayuseno and chabahib, 2014; daher, 2015; noreen et al., 2016; ghosh, 2017; sutrisno, 2018), return on assets (roa) and operating expenses operating income (bopo) to measure operational risk (agustuty d and ruslan, 2019; sutrisno, 2018), size and net interest (ni) to measure market risk (prasetyoko and seodarmono, 2015; sutrisno, 2018), and third-party funds or deposits (xu et al., 2012; zu and chen, 2016). in addition to the micro prudential aspects, macro prudential aspects also influence capital buffers. gross domestic product growth is used to see the influence of business rhythm or procyclicality on the cb (ayuso et al., 2004; jokipii and milne, 2007; noreen et al., 2016). in addition, williams (2011), who examined the influence of macroeconomic variables on capital in nigeria years 1980-2008, found that the amount of money in circulation, real exchange rates, domestic interest rates, inflation, and political instability had a relation to the adequacy of capital in nigeria. awajobi (2011) also stated that bank-specific components and macroeconomic conditions influence capital 174 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 adequacy in banking in nigeria. thus, the problem formulation of the research is: 1. do npf, bopo, npm, roa, size, and kurs partially affect sharia commercial banking's capital buffer? 2. do npf, bopo, npm, roa, size, and kurs simultaneously affect sharia commercial banking's capital buffers? literature review capital (capital) of the bank can be defined as funds invested by the owner to establish a business entity to finance the bank's business operations and comply with the regulations set by the monetary authority (taswan, 2013:139). quoting from greuning and iqbal (2011:211-212) the main purpose of the capital is to provide stability and absorb losses, to protect customers and depositors in case of liquidation. capital adequacy serves as a protective net against risks that may occur and be faced by banks. the function of capital is to reduce risk (koch and macdonald, 2003:481). this is based on three points: a cushion for banks in absorbing losses and staying solvent, opening access to financial markets, and limiting growth and risk-taking. according to johnson and johnson (1985: 331), one of the functions of capital is as a buffer to absorb operational losses and other losses. standards related to the capital adequacy of financial institutions, especially banks, are regulated in basel standards. basel standard is a standard issued by the basel committee on banking supervision (bcbs) to regulate banking institutions in the international sphere. bcbs is part of the bank for international settlement (bis) as a committee that sets banking regulatory standards and is a cooperation forum related to banking supervision with 45 central banks and 29 bank supervisory authorities from various countries (ojk, 2019) as for the basel iii framework, the global regulation for banks and a more robust banking system strengthens the quality and quantity of capital. quoted from the financial services authority (ojk), since 2010, basel iii is the latest regulation in response to the financial crisis in 2008 caused by a lack of capital adequacy, high variations in interbank rwa, high debt, and liquidity crunch. the strengthening of banking capital is carried out by: (1) correctly classifying financial instruments classifying as capital, namely common equity tier (cet) 1, additional tier (at) 1, and tier 2; (2) addition of buffer obligations consisting of countercyclical capital buffer, capital charge g-sib, conservation buffer, and d-sib; (3) added the point of non-viability (ponv) capital loss absorption feature. dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 175 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 referring to basel's approach, the aaoifi makes basic rules on capital adequacy for islamic financial institutions. the ifsb further developed this standard. in december 2006, the ifsb issued capital adequacy standards for company contributing sharia financial services (except insurance) for the first time. similar to conventional financial institutions, the minimum capital adequacy requirement of sharia financial institutions is 8%. credit risk arises because the party applying for financing fails to pay their bills (umam, 2013:135). credit/financing risk could be represented by nonperforming financing (npf) in sharia banks. non-performing financing (npf) in atici and gursoy (2013); daher (2015); fauzia and idris (2016); zhu and chen (2016); ghosh (2017); agustuty d and ruslan (2019) showed a significant negative relationship with buff. contrary to these results, jokipii and milne (2007); noreen et al. (2016); sutrisno (2018) said a significant positive relationship between npf and buff. this study uses npf nett, which considers the allowance for eliminating productive assets (ppap) in its calculations. sharia bank npf ratio can be calculated by the formula (seojk, 2015): greuning and iqbal (2011: 165) define operational risk as to the loss that arises from limitations or failures of internal processes related to systems, technology, humans, analytical models, and external risks. operating expenses to operating income (bopo) in agustuty d and ruslan research (2019), which examined the determinant of capital buffer in the banking industry in indonesia, found a significant positive influence between bopo and buff. in this study, operational risk was measured using the ratio of operational cost to operating income (bopo), with the calculation formula based on seojk (2015) as follows: market risk can be defined as a risk where a bank experiences possible losses caused by volatile movements in market prices (greuning and iqbal, 2011: 148). a similar understanding was also expressed by umam (2011:135), which defines market risk as a risk that occurs due to portfolio fluctuations related to market variables to cause losses. if there is a net interest margin (nim) ratio in conventional banks, then sharia banks have a net profit margin ratio (npm) that also reflects market risk with the same level of health. nim found to have a significant positive influence on buff in sutrisno (2018). on the other hand, nim 176 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 was a construct that has a negative and significant influence on the capital buffer (prasetyoko and seodarmono 2015). based on seojk (2015), net profit margin (npm) sharia banks can be calculated by the formula: return on assets (roa) is a ratio of profitability that refers to the nominal money to earn divided into the number of assets used (cashmere, 26 2014:201). brigham and houston (2010:148) said that return on asset (roa) is a ratio of net income to total assets to measure returns on total assets". the higher roa of a company, the higher profit that the company can achieve, and the better the company in terms of asset use. return on assets (roa) is a profitability ratio used to determine the company's performance in achieving profits by utilizing company assets. roa can be formulated as follows: retained earnings are one of the sources to gain the cb. so, the change in profit has a positive effect on changes in the optimal cb. profit can also negatively affect capital buffer because high profit can reflect high rental value. the capability to generate lastingly high profits and gain cb through retained earnings becomes decreased. thus, high-profit banks tend to have decreased cb because they will not violate minimum capital regulations (milne and whalley 2001), so that profit negatively influences changes in the cb. variation in asset risk has both positive and negative impacts on capital buffer changes. the bank will react to the implementation of the 1993 basel policy by increasing the risk of its assets. so, high profitability is compensated for having higher capital (koehn and santomero 1980). bank size is defined as the size of a bank. bank scope can be indicated in terms of capitalization, total assets, and sales. according to ardi and lana (2006), company size can be gauged by the total assets owned. the ratio of the bank size is obtained from the natural logarithm of the total assets owned by islamic banks in a certain period. stolz and wedow (2005), the size of banks affecting capital buffers, banks can balance costs and profits through capital buffer management, (1) large banks must have relatively more minor capital and do more monitoring and filtering. (2) larger banks have more significant potential in obtaining investment dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 177 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 and diversification. thus, banks are less likely to experience large adverse shocks to their capital and thus have a lower cb as collateral contra these shocks. (3) large banks tend to be rescued by the government first when a crisis occurs due to systemic risk ("too big to fail"). the calculation of size can be formulated (ranjan and dahl, 2003) as follows: there are transactions with international parties in the economic system, which require money as a means of transaction. the free exchange rate system is an exchange rate created separately from the supply and demand of foreign currency. the government does not have the power to interfere in determining the exchange rate. this system is based on a market mechanism, where the high and low value of a currency is earnest by the demand and supply of the currency itself. a floating exchange rate is a system where governments and markets have freedom in determining currency exchange rates. therefore, the exchange rate can move up or down freely. in this case, the role of the government is to prevent sharp fluctuations in the exchange rate. financial institutions in particular banks have a role and function to maintain the continuity of fiscal balance of payments, practical application of exchange rate policies through the formulation of a second-tier foreign exchange market, minimization of composite administrative supervision and encourage dependence on market strength, deregulation, justification, commercialization, and revitalization of community district companies, etc. (okongwu csp 1987). in the study results, masood and javaar (2019) mentioned that the condition of foreign exchange movements has a significant influence on a capital buffer. ayuso et al. (2004); jokipii and milne (2007); prasetyoko and seodarmono (2015); daher (2015); fauzia and idris (2016), who used macroeconomic variables in their study, found similar results, with results having a significant adverse effect on buff. saadaou (2015); zhu and chen (2016); noreen et al. (2016); kolade and mwamba (2018) found a significant positive influence on the capital buffer. williams (2011), who examine the effect of macroeconomic variables on capital adequacy in nigeria years 1980-2008, found that the amount of money in circulation, real exchange rates, domestic interest rates, inflation, and political instability had a relationship to capital adequacy in nigeria. awajobi (2011) also stated that the efficiency of capital adequacy in banking in nigeria is influenced by bank-specific aspects and influenced by macroeconomic factors. 178 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 methods research approach the quantitative method was chosen to be used in this study. according to sugiyono (2011:8), a quantitative method is an approach stationed on the philosophy of positivism, for research on a particular population or sample, with quantitative/statistical data collection and analysis instruments, to test the hypothesis that has been established. empirical model figure 1. empirical model we don't use interest in islamic banks types and data sources secondary data is used in this research collected from the official website of the bps, ojk, bi, and the annual report of shariah commercial banks (bus). the population in this study was 14 islamic commercial banks in indonesia enrolled and supervised by financial services authority. a purposive sampling technique was used, further research samples were obtained from 12 bus in indonesia. dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 179 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 analytical techniques regression data panel hsiao (2003:7) states that panel data elaborate by two dimensions, crosssection (n) and time series (t). although it looks more complex compared to analysis that only uses cross-section data (n=1) or time series (t=1), the panel data can be simpler in its calculation and conclusion in some instances. the panel data can provide data on a more significant number of points, increase the degree of freedom, and reduce co-linearity amidst independent variables, thus improving observations and estimates (2003:3). if the number of cross-section units and time series units is the same, then the data can be called a balanced panel. whereas if different, it is called an unbalanced panel. in this study, the panel data used was balanced with 60 observations consisting of 12 bus (n) and the 2015-2019 (t) period. the use of panel data with microeconomic and macroeconomic variables in a country was conducted by ayuso et al. (2003); boyer and filion (2007); awojobi et al. (2011); william (2011); louzis et al. (2012); noreen et al. (2016); wilara and basuki (2016) though with several different methods such as multiple regressions, generalized method of moment (gmm), error correction model (ecm), and multifactor analysis. deaton (1985), in his research entitled panel data from time series of cross section, suggests that the interesting development of any economic relationship is that the relationship is linear in parameters but not necessarily in variables. in this study, the parameters used are data in the form of annual even though macroeconomic variables are not found cross-section. deaton further argued that cross-sections could give birth to time series through the use of cohorts, groups with a fixed membership of individuals that can be identified when appearing in surveys. a multi-part survey of cohorts will produce consecutive random samples of individuals into each group. the same assumption can be made on time-series data through successive repetitions until it becomes panel data. regression model the regression model to define the determinants of a capital buffer of islamic commercial banks is as follows: i is the symbol for cross-section, t for time series, yit as a capital buffer of the i-bank and t-time, βi as a coefficient of constants, npf or non-performing financing as financing risk, bopo (operating expense to operating income) as 180 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 operational risk, npm (net profit margin) as market risk, roa as a measure of profitability, size is a measure of the company, kurs as a condition of macroeconomic stability, β1-β6 as a coefficient of regression and symbol e for variable error. determination of estimated models there are three models in estimating panel data regression, the common effect model, fixed effect model, and random effect model (widarjono, 2013: 353-359). 1. common effect model (cem), also called ordinary least square (ols), is the simplest method among the three models of data panel regression estimation. it only combines cross-section and time-series data without seeing the difference between time and time individuals. 2. fixed effect model (fem) is a panel data estimation model that inserts dummy variables to solve intercession problems, assuming similar intercession differences in an observation related to time and research subjects (timeinvariant). 3. random effect model (rem), the third model in panel data estimation, assumes that variables interfere with the relationship between time and research subjects. in addition, each research subject is considered to have a different intercept. determination of the estimation method chow test the chow test functions to select the suitability of the panel data regression estimation model within the common effect model or fixed effect model, which uses the f-statistic test with the following hypotheses (widarjono, 2009: 361): h0 = common fixed model h1 = fixed effect model if the f-statistic value is less than 0.05 or <5%, then h0 is rejected. meanwhile, if it is more than 0.05 or> 5%, then h0 is accepted. hausman test baltagi (2015: 18) states that in determining the panel data regression estimation model, it is enough to use one method, namely the hausman test. the hausman test serves to choose a more appropriate approach within the fixed effect model or the random effect model. the hausman test hypothesis is: dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 181 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 h0 = random effect model h1 = fixed effect model if the p-value in the hausman test is less than 0.05 or <5%, then h0 is rejected. meanwhile, if it is more than 0.05 or> 5%, then h0 is accepted. hypothesis testing t-test the t statistical test tends to know how well the influence of an independent variable is individually or respectively on the dependent variable (ghozali, 2011: 98). h0 is rejected if the probability (t-stat) <α or a significance level of 0.01 0.05, 0.10 (mankiw, 2014: 379), which indicates that partially the independent variable has a significant effect on the dependent variable and vice versa. f-test the f-test determines that all independent variables will significantly impact the dependent variable at the level of 0.05 (nachrowi, 2006: 16). the f-test is carried out with the assumptions, if the probability> α 5%, later the independent variable is not significant or does not influence the dependent variable and vice versa. test the coefficient of determination the coefficient of determination (r2) test aims to determine how well the model's competence can explain the variance of the independent variable on the dependent variable (nachrowi, 2002: 21). the value of the coefficient of determination is between zero and one, where the r2 value approaches one. the model used concerning the correlation among the independent variables and the dependent variable can be adequately explained. results and discussions descriptive variable statistics descriptive statistical variables include an explanation of the average value (mean), minimum or lowest value (min), maximum or highest value (max), and standard deviation in observations on each independent and dependent variable. table 1 appearance the detailed statistical results of each variable used in this study. 182 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 table 1. detailed statistical results of each variable variabel mean std dev obs cb 16,6425 21,32031 n = 60 n = 12 t = 5 npf 4,0573 11,84554 bopo 98,7625 31,02643 npm 7,42167 8,511885 roa 0,6622 5,260424 size 16,1316 1,365595 kurs 9,5400 0,0278007 source: stata13, data processed selection of estimation model table 2. chow test results effects test prob results cross-section f 0,00 h0 rejected source: stata13, data processed the chow test results show a probability of 0.00, which means that the fixed effect model (fem) is chosen as the fitting estimation model compared to ordinary least square (ols). table 3. hausman test results effects test prob results cross-section f 0,0000 h0 rejected source: stata13, data processed after doing the chow test, the next step is to do the hausman test. the probability value in the hausman test is 0.0000. these results indicate that h0 is rejected, and the fixed effect model (fem) is chosen as the most appropriate model to use. dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 183 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 results of panel data regression analysis table 4. results of panel data regression analysis– fixed effect model dependent variabel: buff coefficient t-statistik prob. result c -1007,49 -2,30 0,027 npf 0,124767 0,91 0,367 h0 accepted bopo 0,4099605 3,12 0,003** h0 rejected npm 4,558061 5,26 0,000* h0 rejected roa 3,068876 3,73 0,001* h0 rejected size -4,393164 -1,74 0,089*** h0 rejected kurs 106,7239 2,32 0,025** h0 rejected r2 0,7038 obs prob>f 0,0000 level of significance ***, **, * : 10%, 5%, 1% source: stata13, data processed furthermore, the panel data regression model equation can be rewritten as follows: t-test based on the table of panel data regression results above, there is only one variable that shows insignificant results, namely the npf variable, which has a significant level above α 10%, 5%, and 1%. meanwhile, the other six variables, namely bopo, npm, roa, size, and kurs, were found to have a significant reaction on the capital buffer of islamic commercial banks. f-test table 4.7 shows that the f-stat value is 0.0000, which is lesser than α = 0.05, so that h0 is rejected, which means that npf, bopo, npm, roa, size, and kurs simultaneously have a significant reaction on cb. 184 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 coefficient of determination (r-square/ r2) table 4 shows that the value of the coefficient of determination or r-square is 0.7038 or 70%. the independent variables subsist of non-performing financing, operating costs of operational income, net profit margin, return on assets, company size, and exchange rate. this explains their effect on the capital buffer for islamic commercial banks in indonesia from 2015 to 2019 is 70%. meanwhile, the remaining 30% is interpreted by other variables outside the model. discussion islamic banks, in their activities, provide financial services using an islamic economic system that is free of interest (khan, 2011). chapra (2006) describes interest as the additional amount of debtors' actual amount to lenders. therefore, islamic banks have financial ratios that do not involve interests in them and replace them with an islamic economic system based on sharia principles. some of the financial ratios referred to and used in this study include non-performing financing and net profit margin. in addition to the interest that is equated with usury, islamic banks in the islamic economic system must also avoid the practice of gharar, maisir (gambling), dzolim (malicious), and haram. another aspect that distinguishes islamic banks in the islamic economic system from conventional banks is the existence of a sharia supervisory board (dps), which oversees whether the activities of islamic banks are following sharia principles (iqbal, 1997). non-performing financing (npf) in this study was found to have a positive and insignificant effect. similar results were found by bayuseno and chabahib (2014), who also construct that npl had no significant effect on the cb. bayuseno and chabahib argue that these results show that the public banks going public in indonesia during the 2010-2013 period applied various policies. some banks may increase their capital buffer prudently. in contrast, others may experience a decrease in retained earnings due to an increase in npl. the bank has difficulty increasing its capital buffer or even using the capital buffer for operational activities. daher et al. (2015) also stated the same result. in his research, daher argues that islamic banks are insensitive to changes in the risk level of assets, or in this case, the capital buffer. the high level of capital for islamic banks that follow conventional banks can also explain this insignificant effect. although not significant, these results are in the research of jokipii and milne (2007); noreen et al. (2016); sutrisno (2018), who construct a positive relationship between npf and buff. although not significant, the findings of this research confirm the theory dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 185 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 that npf has a positive relationship with the capital buffer. the higher the risk of financing requires islamic banks increase their capital buffer. the financing risk faced by islamic banks is more complicated than conventional banks due to additional externalities. externalities that arise can be caused by risks that occur in each financing contract. as with financing with partner contracts (mudharabah and/or musyarakah), islamic banks are not allowed to impose fines if the customer's installment payments are late, or the customer does not make payments in an accidental case. during the delay, the bank's capital is in unproductive activities that can even be eroded. islamic bank financing is more exposed to additional risk because the contract used requires banks to provide additional capital buffers to deal with risks that arise due to the financing provided. in addition, financing must be proactive (anticipative), not reactive, including a part and all functional activities (ibi, 2015: 78). operational expenses on operating income (bopo) were found to positively and significantly affect the capital buffer. this finding supports the study of agustuty and ruslan (2019). they examined the encouragement of cb in the banking industry in indonesia, which found a positive effect and significant between bopo on cb. agustuty and ruslan stated that the increase in bopo would increase the cb. the results of this study are following the theory, where bopo has a positive effect on the capital buffer. the higher the operational risk, the banks need to have more capital buffers as a cushion in facing this risk a high bopo indicates that the level of operational risk faced by a bank is also high. this is because the operating expenses borne are more significant than the operating income generated. therefore, islamic banks need to use their capital to cover operating expenses that are not covered by operating income. conversely, the smaller the bopo indicates, the lower the level of operational risk for islamic banks and indicates a better condition for the bank so that islamic banks will tend to hold fewer capital buffers. therefore, islamic banks must use the principle of prudence in managing their operational risks to reduce the limited capital of the economy to manage their resources so that they are not exposed to large amounts of operational risk while providing convenience for stakeholders (greuning and iqbal, 2011: 217). net profit margin has the same size level as net interest margin and was a construct that positively and significantly affected the cb (sutrisno 2018). sutrisno (2018) states that the greater the npm will upturn the cb because the higher the npm shows that more banks can increase their profits efficiently, which will upturn the cb. many islamic banks are faced with market risks that arise from the contracts used. with the many possible risks that can arise due to market 186 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 movements, islamic banks need to increase their capital buffer. this explains the positive relationship between market risk and bus capital buffer. according to mili et al. (2016), the determinants of car in branch banks owned by foreign banks also positively affect npm and capital adequacy. this indicates that the performance of the parent bank does not affect branch banks because branch banks have separate market activities. an increase in npm is also will increase the capital adequacy of the parent bank and branch bank. return on assets in this study was found to affect the capital buffer of islamic banks positively. these findings support the research of sutrsino (2018) and agustuty and ruslan (2019), which also construct a positive relationship of roa on the cb. the greater the profit generated by a bank, the higher the percentage or amount of retained earnings. where retained earnings can be used to increase the capital buffer, the changes in earnings have a positive effect on changes in the optimal cb. if a bank wants to increase its capital buffer, the bank can increase its profit. in addition, banks may react to the adoption of basel 1993 by gaining asset risk so that high profitability is compensated for having higher capital (koehn and santomero 1980). company size (size) was found to harm capital buffer. the same result is stated by stolz and wedow (2005), where the size of the bank harms the capital buffer. stolz and wedow argue that banks can balance costs and benefits through capital buffer management. large banks tend to hold relatively small amounts so that they can perform better monitoring and screening. big banks have better power to invest and diversify. therefore, large banks tend to have lower capital buffers because large banks experience a negative shock to their capital (stolz and wedow, 2005). in addition, the concept of "too big to fail" can also explain the negative relationship between company size and the capital buffer of islamic commercial banks where the big banks have more "power" and tend to be more difficult to fail. the exchange rate, or the rupiah exchange rate against foreign currencies, in this study using the rupiah exchange rate against the united states dollar, was found to positively and significantly affect the capital buffer of islamic banks. this relationship is also found in the results of research by masood and javaar (2019), which states that conditions of foreign currency exchange rate movements have a significant effect on capital buffer. in general, if the rupiah strengthens and is supported by stable global economic conditions, the national economy will also increase (pinem, 2009), which can be realized through the favorable condition of a banking sector capital. this is due to the encouragement of investors interested in investing in the domestic financial market, which has a positive effect on increasing profits, which can gain the cb. dina fitriasia septiarini. capital buffer, risk, profitability, size, and macroeconomics 187 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20823 conclusions this study intends to determine the relationship, risk, profitability, company size, and macroeconomics to the capital buffer in indonesian islamic commercial banks. operational risk (bopo), market risk (npm), profitability (roa), and macroeconomic (kurs) have a positive and significant effect on the capital buffer of shari'a commercial banks during the 2015-2019 period. then the size of the company (size) was found to have a significant negative effect. at the same time, the risk of financing (npf) had a positive and insignificant relationship with the capital buffer. islamic banks, regulators, and the government can consider risks, profitability, company size, and macroeconomic conditions in determining and deciding on the amount of capital buffer and managing the capital buffer. future studies can compare subjects and add research variables to obtain more comprehensive results. references agustuty, d, l., dan ruslan, a. 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(2016). an empirical study on the capital buffer of rural commercial banks in china. journal of finance and economics. 4(3): 97-102. https://doi.org/10,1108/ijmf-02-2014-0021 https://doi.org/10,1108/ijmf-02-2014-0021 the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano 1correspondent author 1uin syarif hidayatullah jakarta 2international islamic university malaysia e-mail: 1adhitya@uinjkt.ac.id, 2ksalina@iium.edu.my adhitya ginanjar1, salina kassim2 abstract. this research aims to investigate the role of islamic microfinance institutions (imfis) in promoting financial inclusion in indonesia. it takes seven areas, namely, jakarta, bogor, depok, tangerang, bekasi, yogyakarta and nusa tenggara barat as samples. only managers of the imfis are taken as respondents since they are the decision makers and understanding of the mission of the imfis. a complete of 481 managers of baitulmaal wa tamwil (bmts) which administered under the sharia cooperative centre involved in the study. qualitative method was used in this research for determining the variables in advancing model that developed with two mechanism in the data collection; the first mechanism involved a survey questionnaire, and the second mechanism involved in-depth interview. the findings of this research reveal current issues and challenges in strengthening the role of imfis in promoting financial inclusion and highlight recommendations for policy makers to promote financial inclusion. keywords: financial inclusion; islamic micro-finance institutions; baitul maal wa tamwil, islamic finance abstrak. penelitian ini bertujuan untuk mengetahui peran lembaga keuangan mikro islam (lkms) dalam mendorong inklusi keuangan di indonesia. dibutuhkan tujuh area riset, yakni wilayah jakarta, bogor, depok, tangerang, bekasi, yogyakarta dan nusa tenggara barat sebagai sampel. hanya manajer lkms yang diambil sebagai responden karena mereka adalah pengambil keputusan dan memiliki pemahaman yang jelas tentang misi lkms. sebanyak 481 pengurus baitulmaal wa tamwil (bmt) di bawah naungan induksi koperasi syariah sebagai sampel. metode kualitatif digunakan dalam penelitian ini dengan dua mekanisme yang dikembangkan dalam pengumpulan data; mekanisme pertama melibatkan kuesioner survei, dan mekanisme kedua melibatkan wawancara mesndalam. temuan penelitian ini mengungkapkan isu dan tantangan terkini dalam memperkuat peran lkms dalam mendorong inklusi keuangan. hasil ini juga menyoroti beberapa rekomendasi bagi bmt dan pembuat kebijakan untuk mempromosikan inklusi keuangan. kata kunci: keuangan inklusi; lembaga keuangan mikro syariah; baitumaal wa tamwil; keuangan syariah roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 87 108 88 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction in indonesia, islamic microfinance emerged in the 1990s through islamic banking, islamic rural banking and islamic cooperatives like islamic microfinance institutions (imfis). predominantly the baitul maal wa tamwil (bmt) (effendi, 2013). bmt has many renowned features compared to other microfinance providers in indonesia. being qualified and administered under the ministry of cooperative and small medium enterprises, it adopts the community method that is very appropriate to be employed among the poor (masyita & ahmed, 2013). numerous bmt have been incorporated with groups of micro-entrepreneurs (such as kelompok usaha muamalat or poskusma). the pinbuk (full name here or the small business incubation centre) plays a significant role in consulting bmts, with more than 4000 bmts administered with the pinbuk (brunsveld, 2000). other bmts obtain funding from indonesia’s social ministry (for example, bmt kube) which contains 87 branches in 19 provinces. likewise, indonesia has primary cooperative called induk koperasi syariah (inkopsyah) with 481 bmts, commonly in jakarta, java, sumatera, sulawesi and kalimantan. under the the umbrella of inkopsyah, the bmts can get financing access, financial literacy training, capacity building and infrastructure building (wulandari and kassim, 2016). to increase financial inclusion in indonesia, efforts have started in 2014 since the financial service authority of indonesia (otoritas jasa keuangan ojk) issued a financial inclusion statute for a commercial bank with a branchless banking program. according to the global findex database (2014), the number of adult people in indonesia with bank accounts has increased significantly from 20% in 2011 to 36.1% in 2014. it is, however, lower than among south east asia countries such as singapore (96.4%) and malaysia (80.7%). it is also comparatively lower by the global standard of 51% in 2011 and 62% in 2014. furthermore, the gap of access to financial services becomes wider in indonesia, where there is only 22.2% of people who are in the bop category who has a bank account, and only 37% of the whole women population has a bank account (world bank, 2014). the indonesian government is committed to increasing access to financial inclusion through national strategy of financial inclusion or strategi nasional keuangan inklusi (snki) task force that comprises of the ministry of finance, bank indonesia (bi), ojk, national development and plan board (bappenas) and the ministry of economic coordinator. this task force develops a strategy of financial inclusion to improve financial services and alleviate poverty among the poor (bi, 2015). adhitya ginanjar. roles of islamic microfinance institutions in improving financial inclusion 89 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 in addition, snki targets an increase in the number of adult people accessing financial services to 75% in 2019 from 36% in 2014. the objectives of snki are divided into three missions by the creation of a financial inclusion system, poverty alleviation and development of the economy. these strategies consist of five pillars in creating a financial inclusion system: financial literacy, property right of society, intermediate and distribution of finance, financial services in government sectors, and consumer security. these principles also are supported by three fundaments, i.e. a beneficial policy and regulation, infrastructure and financial information technology (fintech), and effective organization and implementation. while the ojk has issued financial inclusion statute for commercial bank with branchless banking program since 2014, it has not issued similar regulation for the imfis, particular the bmt. therefore, this study investigates the current issues and challenges of imfis in improving financial inclusion in indonesia by assessing their ability to reduce the number of poor people and increase their wealth. the results will conduct the roles of imfis in improving financial inclusion. it is also significant to understand its impact on the imfis in improving financial inclusion in indonesia. literature review financial inclusion: concept and determinants the idea of financial inclusion initiated by the world bank in global financial development report (2014) has been stated as “an effective way to access the financial services and the objectives of financial inclusion are for reducing poverty and boosting shared prosperity. the goals of financial inclusion for accessing financial service in rural area, saving money, having financial literacy and covering by insurance”. consequently, financial inclusion exchanges into the global reform agenda and becomes a great topic for policymakers and regulators. there are several other definitions for financial inclusion. according to alliance for financial inclusion (afi), a non-government organization (ngo) being sustained by world bank emphasized that "financial inclusion is no longer a fringe subject, it is now recognized as an important part of the mainstream thinking on economic development based on country leadership" (imf-world bank spring meetings, 2013). arun and kamath (2015) defined that financial inclusion as a condition in which regulator implements financial policies and practices, enlightening diversity in the financial access efforts and applying a progressive approach in financial 90 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 inclusion (arun & kamath, 2015). according to allen et al. (2016), the study discovers that financial inclusion is connected with an enhanced environment to access financial services, such as banking costs and branches. legal rights and political solidity also matter for financial inclusion. the effectiveness of policies to stimulate inclusion differs depending on the characteristics of the individual attention (allen et al., 2016). financial inclusion reflects the variable cultural approach influencing financial access and developing digital technology to access financial services and cultivate financial literacy in a remote area (arun et al., 2015). the world bank, however, emphasizes that financial inclusion and financial access are different issues. financial inclusion is distinct as the percentage of individuals and institutions that use financial services with a lack of access. however, financial access is defined that people have access to financial services at reasonable prices. (world bank, 2014). to understand this model, researchers have cleared financial inclusion has six important components: (i) financial inclusion is proven for alleviating poverty (ii) financial inclusion means finance for people living in a rural area that has limited financial access, (iii) the public policy, (iv) new technologies, (v) product designs and (vi) financial capability, financial knowledge, skills, attitudes and behaviors (demirgüç-kunt, 2012). in addition, the g20 toronto summit declaration reveals that there are nine principles for innovative financial inclusion namely, leadership, diversity, innovation, protection, empowerment, cooperation, knowledge, proportionality and framework. pioneering financial inclusion means educating access to financial services for poor people through easy and safe access. these principles aimed to generate an allowing policy and financial regulations for pioneering financial inclusion, mainly derived from policymakers from developing countries. identifying and understanding the determinants of financial inclusion have attracted the research interests of researchers and policymakers alike. the determinants of financial inclusion were derived by world bank research global development index, represented into two core topics in reducing poverty and boosting shared prosperity (world bank, 2014). many researchers have found that educated people who live in a rural area can lead financial inclusion more effectively with the understanding of the socioeconomy situation of the poor (bhanot, bapat, & bera, 2012), and setting up environment banks in rural areas(kumar, 2013). furthermore, (sharma, 2016) adhitya ginanjar. roles of islamic microfinance institutions in improving financial inclusion 91 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 reveals a positive relationship between economic growth and various dimensions of financial inclusion, specifically, banking accesses and banking services in terms of deposits. the study also indicates that a directional connection between the number of deposits/loan accounts and the gross domestic product. in the same vein, another research argues that financial literacy has a direct consequence on financial inclusion and the facilitation of social capital. the improvement of social capital could boost the association between financial knowledge and financial inclusion. specifically, in the lack of social capital, financial knowledge may fail to improve the level of financial inclusion (okello et al., 2016). in addition, beck (2007) and bruhn (2009) contend that financial sector development has an important part of the development agenda at the global level. this includes an effort to perform powerful financial deepening on economic growth. moreover, financial sector development focuses on financial inclusion that increases the percentages of the population that have access to formal financial facilities and as effective implementation for reducing poverty (afi, 2010) in general, and breaks down the complexity of financial inclusion into four components as follows: 1. access this component particularly emphasizes the ability to utilize financial services and products provided by formal finance institutions. it involves the need to understand a moderate degree of access to financial services needed of the analysis and knowledge about the potential constraints that occur when opening a bank account in all matters such as costs and the location of services provided by banks. 2. quality the quality component includes experience shown by the consumers in opinion and attitudes about products and financial services available for them such as measuring of the conformity or merit of the financial products to the needs consumers. the quality component will be a measuring instrument for the relationship between financial service providers and consumers, financial products choices available and the customers’ understanding of the implications of financial products choice. 3. usage this component does not only emphasize the use of banking services; usage focuses on the permanence and the depth of services and products of the financial sector in a country. in other words, components usage explains 92 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 precisely the frequency and duration of services from a product financial service. in addition, components usage also measures the combination of financial products used by households or individuals. 4. welfare the hardest of these components is measuring the product impact or financial services on the consumers, such as the change in consumption patterns, business activity and investment, and welfare. financial inclusion has been widely accepted, particularly in developing countries such as india, brazil, and indonesia. for instance, financial inclusion could lead to financial access to the poor by delivering financial information, education and awareness of self-help groups (shgs). other factors are equally important. they are accessing financial institution services, such as; banking and cooperatives (bhanot et al., 2012). financial inclusion in indonesia while the financial inclusion rate has been relatively low in indonesia compared to the global standard, ongoing efforts are undertaken to improve it for the past several years. despite this, the efforts to expedite financial inclusion in indonesia are faced with several issues and challenges. first, there is an unclear approach to how the banking institutions and non-bank institutions can cooperate effectively to improve financial inclusion in the country. second, the possibility of supporting regulation for imfis to compete with commercial bank (kristen & skowron, 2013); ben naceur et al., 2015). another issue is the lack of it utilization as the clients are mostly small and medium enterprises in rural areas that cannot access the bank (kumar, 2013; sharma, 2016), and then they are predominantly under bank and un-bankable (allen, demirguc-kunt, klapper, & martinez peria, 2016); (arun & kamath, 2015). furthermore, the government expands the financial inclusion program through collaboration between bank and non-bank, particularly with imfis. in this case, it brings penetration of financial services by the poor in rural areas, who could access effective financial services due to accessibility of imfis. various efforts have been undertaken to increase the capacity building of bmt in indonesia. the first is to identify aspects of the micro-financial sector and potential independence, such as developing digital payment for the real sector (haryono, 2015). second, legal aspects have been supported by regulation such as the legal system, procedures, accountability and governance. however, security adhitya ginanjar. roles of islamic microfinance institutions in improving financial inclusion 93 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 law for a user has to be developed gradually for customer satisfaction. third, an integrated system among informal microfinance institutions could be created to help each other by micro-lending credits and increasing social security (bedjo, 2015). consequently, bmt needs to improve the environment comprising internal and external factors in developing the growth of a firm. another effort to increase financial inclusion includes using social fund (such as waqaf fund) for islamic microfinance to alleviate poverty, which has been recognized to reduce the poor in indonesia, malaysia and bangladesh, apart from identifying takaful micro-insurance, and improving human resources. integrating microfinance institutions with zakat, waqf, and financial service from a bank has been developed to alleviate poverty (bedjo & iman, 2011). thus, cooperation between islamic bank and imfis to deliver zakat and waqaf to the poor could be possible to increase financial inclusion. additionally, telecommunication technology has provided cellular and mobile phone services for making efficient transactions in islamic microfinance. there are several challenges for improving financial inclusion in indonesia. in the context of bmt, this includes targeting the market and focusing on market for bmt, inadequate capital and subsidy from the government, regulation change and un-socialized policies, inadequate well-educated and professional in industries, low understanding of management between managers and officers, muslims’ ambiguous perception of sharia and conventional financial services, low trust of ummah in islamic microfinance and dearth of academic literature on islamic microfinance (hamzah, 2014). it is suggested that training financial literacy and educating stakeholders of bmt have not become a priority, and there is a lack of selection of human resources. bmt has developed meaningfully since the 2000s, andit remains for enhancing wealth and alleviating poverty. according to hisyam (2014), bmt has thriven in alleviating poverty and increasing economic growth stakeholders of bmt. hence, the management of bmt recognizes the background, vision, mission, and sharia principles of operating bmt. including comprehensive learning for practitioners of bmt in improving financial inclusion in indonesia. mislan (2015) identified that bmt is accomplished in accumulating and emerging social funds such as zakat and corporate social responsibility (csr). hence, bmt has dual functions comprising social function and profit function in improving financial inclusion in indonesia. bedjo (2015) compares financial inclusion implementation between allied 94 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 financial inclusion (afi), sustained by world bank, and indonesia, which alleviate poverty. afi prefers that financial inclusion be implemented with central bank support and banking industries through direct microcredit lending to the poor. on the other hand, the practitioners of bmt and cooperative have argued that there are various principles such as islamic value, vision, mission and approaching personal. it is suggested that empowering economy begins with capacity building rather than directly financing the poor. as mentioned in the literature review, it is observable that the imfis face various issues and challenges in improving financial inclusion in indonesia. there is a crucial need to highlight these issues and delivers practical solutions so that the role of bmt in improving financial inclusion in indonesia can be improved. methods this study adopts a qualitative research approach which involves several steps: (i) development and preparation of data (ii) data collection, (iii) data analysis and (iv)interpretation and building model (lyons, bike, ojeda, & flores, 2013). by directing the qualitative research, this study objects to determine motivating variables that could not be attained through the quantitative research approach (ambert, adler, adler, & detzner, 1995). specifically, the qualitative analysis is the most appropriate approach in relating the behavior of the respondents in this research area (effendi, 2013). in implementing the qualitative analysis, this research demeanors a series of structured interviews with the managers and sharia supervisors of the bmt in jakarta, depok and bogor. these samples were selected because they understand the policies in these institutions. they are the ones implementing any decisions made, and they understand the missions and visions to be achieved by the institutions. in other words, the managers and sharia supervisors are practically responsible for achieving mfis objectives by anticipating issues or regulation change because of microfinance institutions sustainability (hamzah, 2014; bedjo, 2015). furthermore, the managers of mfis usually have the experience to understand the background of borrowers, namely, culture, capacity, capability and several innovations in educating the poor on financial literacy. the roles of imfis in improving financial inclusion related to capacities and capabilities of imfi managers. as a significance, they understand about issues and challenges challenged by the poor before delivering the product. the selection of the five bmts is highly adhitya ginanjar. roles of islamic microfinance institutions in improving financial inclusion 95 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 suitable since the central bmt in jakarta (inkosyah) exemplifies the bmts in the central region. consequently, the structured interviews are investigated using the qualitative analysis to attain the model of the role of imfis in improving financial inclusion in indonesia. there are five managers and sharia supervisors elaborated as a sample in this study. these respondents are nominated because they justify the mandatory criteria of the research: (i) associate of central bmt (inkopsyah), (ii) minimum engagement duration of at least two years, (iii) contain in the capacity of delivering financing at bmt (iv) preserve a record of inkopsyah annual meeting related to issues and challenges that faced by the poor. the profiles of the respondents are shown in table 1 below: table 1. profile of respondents gender age level place of work working experience transcript detail (words counts) male 40 manager bogor 10 years 5516 male 50 manager bogor 15 years 7327 male 43 bmt sharia supervisor jakarta 5 years 4238 male 50 bmt sharia supervisor bogor 7 years 3449 male 44 manager depok 10 years 5152 source: authors’ own. the interviews were based on open-ended questions to assist the respondents to be definite spontaneously about the issues and challenges of bmt in improving financial inclusion in indonesia. each interview receipts for approximately 150 minutes and being documented. the researcher then transliterated the audiotapes and implied the data. issues and challenges were précised and described. in formulating the qualitative content the analysis, one cannot separate the data collection and content analysis procedure. early participation in the analysis period will advantage the researcher to change back and forward between concept development and data collection, particularly in inductive area where the research question may be established further depending on the condition (miles & huberman, 1994). to conduct consistent implications, a qualitative content analysis comprises a set of logical and apparent measures for processing data, similar to the quantitative content analysis procedures (tesch, 1990). 96 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 qualitative content analysis will be measured to investigate various types of data, but typically in written text data. the process of defining unit analysis of the data mentions the basic unit of text to be characterized during content analysis. the centralized data has a substantially impact coding decision and comparable studies (de wever et al., 2006). the component used in the qualitative analysis can be word, sentence, or paragraph, and this study selects sentence and word as the units of analysis. categories and a coding scheme could be established from previous related studies, theories or data produced. it could also attend as inductive or deductive data development. glaser and strauss (1967) recommended when inductive method is implemented during raw material development, the constant comparative method is recommended. the constant comparative method is fundamentally the systematic comparison of each text allocated to expose the theoretical properties of the category and to participate groups,their properties by emerging interpretive memos. after the categorization and abstraction, the concluding output of this study is to expose patterns, themes, and categories important to social reality. the foremost theme of this research is to disclose bmt’s current condition and challenges in improving financial inclusion in indonesia. in the literature, it is always underway with the classification of the highest issues from the preceding literature which are distributed into five variables: the reality, the constraints, the experiences, the situations, and the solutions of bmts in improving financial inclusion. table 2 shows particular samples of interview questions. table 2. questionnaire variables questions related to appreciative intelligence and appreciative inquiry approaches reality of imfis facing financial inclusion (metzker, 2007; thatchenkery, avital, & cooperrider, 2015; cardinal, parkinson, hall, & everitt, 2002; hazzi & maldaon, 2015) have you ever heard financial inclusion regulation? how is bmts facing the competition in financial inclusion era? constraints of imfis in improving financial inclusion (metzker, 2007; thatchenkery et al., 2015; cardinal et al., 2002; hazzi & maldaon, 2015) what are the constraints of bmts in improving financial inclusion? what is the main constraint of bmt facing financial inclusion? please explain experiences of imfis in improving financial inclusion (metzker, 2007; thatchenkery et al., 2015; cardinal et al., 2002; hazzi & maldaon, 2015) what kind of bmts experiences in improving financial inclusion? have bmt ever cooperated with commercial bank in financial inclusion? adhitya ginanjar. roles of islamic microfinance institutions in improving financial inclusion 97 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 variables questions related to appreciative intelligence and appreciative inquiry approaches situations of imfis in improving financial inclusion (metzker, 2007; thatchenkery et al., 2015; cardinal et al., 2002; hazzi & maldaon, 2015) does financial inclusion regulation influence significantly to perform of bmt? how is the recent situation of bmt facing financial inclusion? does market of bmts getting bigger or smaller? solutions of imfis in improving financial inclusion (metzker, 2007; thatchenkery et al., 2015; cardinal et al., 2002; hazzi & maldaon, 2015) what kind of solution of bmts to anticipate financial inclusion regulation? please explain. in your perspective, what kind of regulator’s role (eq. bi/ojk) for sustainability of bmts? results and discussions current issues of bmt in improving financial inclusion the islamic microfinance institutions face the issue of implementating financial inclusion to preserve organizational sustainability despite the lack of competitiveness. in microfinance, competition among imfis, commercial banks, and rural banks occur efficiently and well-performed managerial. moreover, competition in microfinance will increase the performance of institutions. (kristen & skowron, 2013), (ben naceur et al., 2015). on the other hand, bmt recently struggles to keep their market going concerned and increasing their financing while commercial bank imposes massively microfinance market due to financial inclusion regulation. in providing financing the poor, bmt usually enters the microfinance market namely; traditional market, farmers and fishers market in a rural area. the chief of bmt bogor said: “we have a little bit distraction in the microfinance market when financial inclusion regulation implemented, but bmt anticipated this condition with expanding new branches and maintaining our customers. then, we hope that financial authorities (ojk) will facilitate joint partnership between commercial bank and bmt to enter the same market”. moreover, the sharia advisor of bmt bogor also agrees with this statement and adds an interested statement: “we thought that financial inclusion would bring fund getting outflow from the rural areas to the cities. it is because commercial banks entered massively to the microfinance market in a rural area without cooperation with local microfinance institutions which has community development spirit in our communities.” 98 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 competition between commercial banks and imfis has created injustice competition while financial service authorities /ojk launched this regulation. furthermore, the government probably can make another regulation for microfinance institution for increase their level of competitiveness (bansal, 2014). similar to bmt bogor, the manager of bmt depok also said that the government launch regulation by channeling or executing credit for microfinance between commercial bank and microfinance institutions. “bmt has a special approach to finance credit to the poor because of the uniqueness bmt approaches; this means commercial banks can deliver microcredit to the poor through bmt and it could be facilitated by profit contract using commercial microloan or non-profit contract such as corporate social responsibility, zakat, infaq, sadaqah and waqf.” this statement aligned with wulandari and kassim (2016) that bmt has uniqueness for financing to the poor. this result shows that credit plus financing (funding to the poor with beneficial program namely; financial capability training, monthly religious meeting) and joint liability scheme (kassim, 2016). this uniqueness is become a strength point to realize collaboration between bmt and commercial banks by government regulation. furthermore, kristen and skowron (2013) also associated this issue that collaboration between the bank and non-bank institution will function effectively in deliver micro-financing to the poor. the regulator is enable support regulation for imfis to compete with a commercial bank (kristen & skowron, 2013). another issue is the lack of utilizing it. this is because these are mostly small and medium enterprises in rural areas that cannot access the bank (kumar, 2013; sharma, 2016), and then they are predominantly under-bank and un-bankable (allen et al., 2016); (arun & kamath, 2015). furthermore, the government expands financial inclusion program through collaboration between bank and non-bank, particularly with imfis. in this case, it brings penetration of financial services by the poor in rural areas, who could access effective financial services due to the accessibility of imfis. challenges facing bmt in improving financial inclusion about the constraints of bmt in indonesia facing financial inclusion regulation, manager bmt bogor said: adhitya ginanjar. roles of islamic microfinance institutions in improving financial inclusion 99 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 “bmt depends on the source of equity whether subsidy, corporate social responsibility/csr fund or islamic social fund namely; zakat, infaq and sadaqah. as we know, bmt needs improvement of their business by expanding the market. moreover, bmt usually takes a high margin for their financing because of the cost center.” high margin will reveal the complications of high transaction costs in the case of microfinance processing. in addition, this problem also occurred in bmt. the administration cost of micro credit that must be protected by bmt is about 20% from the nominal finance. it means that if there is no subsidy in bmt, they must charge high margin to borrowers. consequently, the subsidy role is very important for bmt attainment. the foundations of subsidy for bmt originated from many organizations. it could be from government subsidies like the ministry of cooperative, csr from state-owned corporation, and islamic social fund from public corporation (kassim,et al 2016). lack of experience is another challenge facing bmt, as stated by the manager of bmt bogor: “we have not had an experience yet about implementing financial inclusion in terms of government regulation, but regarding financial services to the poor in a rural area and financial literacy, bmt has improved many microfinancial services such as funding-lending loan, micro saving/deposit, training basic financial for micro and small enterprises, micro insurance. however, less of bmt services is lack of it use.” moreover, the sharia supervisor of bmt bogor also said: “bmt always gives government advice, especially the ministry of cooperative in province, for accommodating lack of it bmt and developing an it system that supports the report and advice system from bmt in their under authorities. moreover, bmt will give reports routinely to the government for enhancing microfinance development.” this experience of bmt in improving financial inclusion occurred by regulation that accommodates commercial banks, not microfinance bmt. because of that, managers of bmt accepted the unknown and startled by the new regulation. their experiences were negative to anticipate financial inclusion. (thatchenkery et al., 2015), (verma & anand pathak, 2011), (tiem, 2003). about the situation of bmt in financial inclusion, the manager of bmt jakarta said: 100 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 “bmt will survive if they as long as have a space in market, bmt, therefore, is being able to take a niche market that commercial bank probably could not enter the whole market, and for situation in the rural market area, bmt lead the market.” similar to bmt jakarta, bmt bogor’s manager also agrees that the micro finance market situation was getting tight after financial inclusion regulation. “we suddenly have a shock impact in the market because of regulation, especially microfinance market in an urban area. it is because market demand preferred to borrow loans with low margins and easy to access the loan. because of that, bmt finally seeks another microfinance market in a remote area, farther and farther away from the village.” this situation aligned with hamzah (2014), bedjo, s (2015), arun & kamath (2015) and bhanot et al. (2012) that implementation of information technology is necessarily needed for supporting the operation of bmt and accessing the wider market. however, bmt still has the problem of limited capital for supporting infrastructure (bedjo et al., 2015) and lack of human resources (hamzah, 2014). about the solution of bmt facing financial inclusion program, manager bmt depok said: “we joint in central bmt (inkopsyah) for fulfilling adequate capital, because of that we hope central bmt will always support less of capital from the members. furthermore, with apex of bmt, central bmt will report to government and give advice to ojk for organizational sustainability of bmt.” similarly, the manager of bmt bogor also explained that making a consortium of bmt for consolidation will impose the government to issue another regulation for microfinance and also using islamic social funds from various resources will help the government in alleviating poverty. “bmt use islamic social fund like zakat, infaq and waqf for alleviating poverty aligned with national government goals to reduce poverty in a rural area. therefore, the operation of bmt does not differ with one of financial inclusion goals for introducing financial literacy through islamic social fund.” about using islamic social funds for alleviating poverty associated with mislan (2015), wulandari and kassim (2016) mentioned that using islamic social funds and the corporate social responsibility (csr) from corporation will reduce the cost of funds from bmt to the poor. indirectly, borrowers, who majority adhitya ginanjar. roles of islamic microfinance institutions in improving financial inclusion 101 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 living below bop, can maintain the financial sustainability of their business due to lower of margin. the experiment that happened in bmt in indonesia is most of them infrequently used the concept of baitul maal. this situation occurred due to the disparity of liability – asset cash flow. the poor come to bmt for funding, and only a small percentage of the prosperous people pay their zakat, infaq and sedakah in indonesia. this condition creates many microfinances depends on contributors to distribute qardh al hasan financing. revitalization of the baitul maal concept is significant since the contributor fund is not limitless. so, islamic microfinance can continuously deliver cheap fund and qardh al hasan for the poor. another challenge, such as using social fund (waqaf fund) of islamic microfinance for alleviating poverty has been recognized to reduce the poor in indonesia, malaysia and bangladesh, apart from recognizing takaful for microinsurance and improving human resources. furthermore, modeling microfinance institutions integrated with zakat, waqaf and financial service from bank has been developed to alleviate poverty (bedjo & iman, 2011). thereby, cooperation between islamic bank and islamic microfinance institutions to deliver zakat, waqaf to the poor could be implemented. for instance, the use of telecommunication technology has provided cellular and mobile phone services for making efficient transactions in islamic microfinance. based on the qualitative analysis, the output post-classification of current condition and challenges in bmt can be précised as in figure 1 below: figure 1. current issues and challenges by bmt in improving financial inclusion • reality • constraints • experiences • situation • solutions role of islamic mfis in improving financial inclusion the current condition and issues of imfis relating to financial inclusion in indonesia. conclusions bmt has been operational in poverty alleviation for two decades in indonesia; it appearances several conditions and challenges since financial inclusion regulation were launched in 2014. this study perceived the roles of bmt in indonesia to highpoint the current conditions and challenges handled by bmt in order to recognize determinants that are crucial to confirm organizational sustainability. 102 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19842 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 based on the qualitative analysis, this study observes five categories of current conditions and challenges of bmt in improving financial inclusion. the first condition is the reality of bmt facing the regulation that new competition has become injustice between bmt and commercial bank and the challenge is how bmt adopted and re-assess their mission to anticipate the regulation. the second condition is a constraint of bmt facing the regulation that bmt lacks the capital to expand their microfinance market. moreover, they offered a high margin to borrowers. thus, it is inefficient to compete with commercial bank. the third condition is an experience of bmt that bmt almost has not had yet an experience in financial inclusion except channeling and executing program collaboration between bmt and a commercial bank. the fourth condition is situation of bmt facing the regulation that bmt tried to survive by using a niche market in microfinance to offer their financial services in a rural area. moreover, the challenge is how to expand their services in a rural area using human resources and adopting information technology. the last condition is the solution of bmt facing financial inclusion regulation that bmt tried to maintain organizational sustainability with joining consortium of bmt such as inkopsyah to create apex bmt for developing their existences. the outcomes of this study have several important consequences for the bmt and policymakers. this study highpoint the essential for an assortment of approaches to warrant the success and sustainability of bmt. this comprises sustaining the efficiency of bmt by competing to commercial bank and good operational performance; providing easiness to access financing to borrowers; keeping social capital program with innovative and exclusively activities; and enhancing islamic social fund in bmt focusing on working the funds from zakat and charity. in order to successfully addressing these current conditions and challenges, the role of the regulator is certainly critical. specific approaches in terms of special regulation and support from the regulator/ojk would provide in supporting bmt in improving financial inclusion. additionally, the government/ ojk should create a justice business environment to improve financial inclusion in indonesia. references abdelbaki, h. h. 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(2016). the determinants of financial inclusion in africa. review of development finance. 6(1): 46–57. https://doi.org/10.1016/j. rdf.2016.05.001 the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano farhan lauda1, resfa fitri2, qoriatul hasanah3 abstract. the covid-19 pandemic has caused a decline in the performance of the national economy. however, the share price of islamic banks, especially the btpn syariah bank (btps), has continued to grow. this study aims to identify and evaluate the variables affecting btps stock price fluctuation, using the vector error correction model (vecm). the results show that in the short term, only the jakarta composite index variable had a significant effect on the stock price of btps. while in the long term, the variables of price to book value (pbv), trading volume activity (tva), gdp, bank indonesia (bi) reference interest rate, and the jakarta composite index had a significant effect on btps stock price. based on the impulse response function (irf) analysis, the stock price of btps responded negatively to shocks in gdp, tva, and the exchange rate. meanwhile, the shocks of earning per share, pbv, bi reference interest rate, and the jakarta composite index were responded positively by btps share price. based on the forecast error variance decomposition analysis, pbv gave the highest contribution in explaining the diversity of btps stock prices fluctuation. keywords: covid-19, btps shares, vecm, internal factors, external factors abstrak. pandemi covid-19 menyebabkan penurunan perekonomian nasional. namun, harga saham bank syariah, khususnya saham pt. bank btpn syariah (btps) tetap tumbuh. penelitian ini bertujuan untuk mengetahui faktor yang memengaruhi perubahan harga saham btps, dengan metode vector error correction model (vecm). hasil penelitian menunjukan bahwa dalam jangka pendek, hanya variabel indeks harga saham gabungan yang berpengaruh signifikan terhadap harga saham btps. sementara pada jangka panjang, variabel price to book value (pbv), trading volume activity (tva), pdb, suku bunga acuan bank indonesia (bi), dan indeks harga saham gabungan berpengaruh secara signifikan terhadap harga saham btps. berdasarkan analisis impulse response function (irf), harga saham btps merespon negatif adanya guncangan pdb, tva, dan nilai tukar. sementara guncangan earning per share, pbv, suku bunga acuan bi, dan indeks harga saham gabungan direspon positif oleh harga saham btps. berdasarkan analisis forecast error variance decomposition, pbv memberikan kontribusi tertinggi dalam menjelaskan keragaman perubahan harga saham btps. kata kunci: covid-19, saham btps, vecm, faktor internal, faktor eksternal determinants of islamic bank share prices fluctuation during the covid 19 pandemic (case study: the btpn syariah bank shares) al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 255 274 1, 2, 3department of islamic economics, ipb university e-mail: 1farhan_lauda@apps.ipb.ac.id, 2rfitri2@gmail.com, 3qoriatul@apps.ipb.ac.id mailto:farhan_lauda%40apps.ipb.ac.id?subject= mailto:rfitri2%40gmail.com?subject= mailto:qoriatul%40apps.ipb.ac.id?subject= 256 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction according to bank indonesia's 2020 indonesian economic report (2021), the covid-19 outbreak, which started spreading quickly throughout indonesia in march 2020, prompted the indonesian government to implement measures to contain its spread, including large-scale social restrictions. however, the consequences of this strategy weakened the national economy. on the other hand, based on a report from the financial services authority (2021), the total assets of the islamic finance industry grew by 22.7 percent in 2020. in december 2019, the total assets of the islamic finance industry were idr 1,468 trillion, and in december 2020, it grew to idr 1,802 trillion (not including the market capitalization value of islamic shares). the islamic finance industry is divided into three sectors: the islamic capital market, islamic banking, and the non-bank islamic finance industry. among the three sub-sectors, the islamic capital market has the largest asset contributor, idr 824 trillion in 2019 and idr 1,077 trillion in 2020, followed by islamic banking, idr 538 trillion in 2019 idr 609 trillion in 2020. the last is the non-bank islamic finance industry, with a contribution of idr 106 trillion in assets in 2019 and idr 116 trillion in 2020. in terms of the capitalization value of islamic shares, according to the financial services authority (2021), reported that the market capitalization value of islamic shares in december 2019 had reached idr 3,744 trillion, while as of december 2020, it was at idr 3,344 trillion. then, the market capitalization of the jakarta composite index (jci) which also fell from rp 7,265 trillion in december 2019 to rp 6,968 trillion in december 2020. the capitalization value of islamic shares decreases annually, but its monthly growth shows the opposite trend. according to monthly data, the capitalization value of islamic shares was at idr 3,139 trillion in february 2020 and dropped to idr 2,668 trillion in march 2020 (decreased 14.35 percent from february 2020). meanwhile, at the same period, the market capitalization of the jci was at idr idr 6,304 trillion and dropped to idr 5,247 trillion in march 2020 (decreased 16.76 percent from february 2020). so, the decline in the jci market capitalization when the first case of covid-19 was discovered (march 2020) was deeper than the decline in islamic stock market capitalization. therefore, from april to december 2020, islamic shares capitalization value recovered with positive trending growth (from idr 2,899 trillion in april 2020 to idr 3,344 in december 2020). http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 257 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 the banking sector is the second biggest contributor to the islamic financial industry asset contribution after the islamic capital market sector. during 20192020 islamic finance industry assets grew rapidly, and the capitalization of islamic shares started with positive trending growth in april 2020. this phenomenon is extraordinary and essential to note since the covid-19 pandemic is spreading nearly globally, including indonesia, and has caused the economic performance declined. given these circumstances, islamic shares became an attractive investment option for investors due to their high growth rate in times of economic downturn. as of december 2020, three islamic banks have been listed on the indonesia stock exchange: bri syariah bank (bris), btpn syariah bank (btps), and panin dubai syariah bank (pnbs). following the performance of each issuer, btpn syariah bank has the best performance, with the highest earnings-per-share value and the lowest non-performing-financing, compared to bris and pnbs, respectively. table 1. btps, bris, and pnbs performance islamic banks eps (idr) npf (percentage) 2019 2020 2019 2020 btps 182 111 1.36 1.91 bris 7.62 25.45 5.22 3.24 pnbs 0.55 0.005 3.81 3.38 source: secondary data, proceed (2021) then, if the performance of btps shares is compared to the performance of the jci, it does show better performance. in january 2019, the stock price of btps was at idr 1,955 per share and grew 91.8 percent to idr 3,750 per share at the end of december 2020. on the other hand, the jci was at idr 6,287 in january 2019 and fell 4 percent to idr 6,036 at the end of december 2020. during the covid-19 pandemic, especially on april 21, 2020, btps touched the price of idr 1,995 per share (increased 2 percent from january 2019) while the jci was at idr 4,513 (decreased 28.2 percent from january 2019). based on prior studies, stock price fluctuations are influenced by both internal and external factors. karim (2015) defined internal factors as variables relating to business circumstances such as management performance and company prospects. meanwhile, external variables are related to macroeconomic and market circumstances. the company's internal variables consist of eps and price to book value (pbv). eps was selected because there is a strong connection between banking http://journal.uinjkt.ac.id/index.php/iqtishad 258 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 stock prices in indonesia and earnings per share (eps). the pbv variable was selected since it has been shown to significantly influence stock prices (antara & suryatini, 2019) (daniswara & daryanto, 2019). on the external side, the variables consist of trading volume activity (tva), macroeconomic factors, and the jakarta composite index (jci). according to mamduch et al. (2016), trading volume significantly impacts stock prices. interest rates, exchange rates, and gdp were selected as macroeconomic indicators since they are linked to the capital market (kewal, 2012). suwito (2020) showed that the jci significantly impacts stock prices. based on this background, this study aims to identify and evaluate the variables that affected btps stock prices in 2019-2020, as well as to analyze the time it takes for btps stock prices to stabilize after internal and external shocks, and also to examine the main drivers of btps stock price. the results of this study are expected to be a guide for investors in investing in islamic banking stocks and policymakers such as the government, banking regulators, especially bank indonesia, and financial services authority. literature review two variables influence stock prices, namely internal and external influences. internal variables include earning-per-share (eps) and price to book value (pbv). then, external variables include trading volume activity (tva), gross domestic product (gdp), exchange rates, bank indonesia reference interest rates, and the jakarta composite index (jci). tandelilin (2010) defines eps as the value of net income ready to be paid to investors per share. according to prayogo & lestari (2018) and talamati & pangemanan (2015), there is a positive and significant connection between earnings-per-share and stock price. but islam et al. (2014) and segoro & andrian (2016) discovered something else that eps has no connection to stock prices. according to antara & suryatini (2019), pbv is a benchmark that represents investors' opinions on a business. so, the impact of pbv on stock prices is positive and statistically significant, which has been found by antara & suryatini (2019) and daniswara & daryanto (2019). according to setyawan (2006), trading volume is calculated by dividing the number of shares exchanged by the total number of outstanding shares. mamduch et al. (2016) found that trading volume had a statistically significant beneficial impact on stock prices. this is because the greater the trading volume activity of http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 259 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 stock, the higher the interest in the stock. according to mamduch et al. (2016), there is a strong positive connection between tva and stock prices. however, there may be a negative correlation between trading volume and stock prices. this is because the rule of supply and demand governs the stock market. mankiw (2006) defined a gross domestic product as total national revenue and spending on all commodities and services. real and nominal gdp are the two kinds of gdp. these figures may be seen in two ways: revenue and spending. on the expenditure side, gross domestic income is calculated by combining consumption, investment, government expenditures, and net exports. so, the impact of gdp on stock prices is positive and statistically significant (luthfiana, 2017). however, adiyadnya et al. (2016) and jahfer & inoue (2017) showed gdp's negative and significant impact on stock prices. the exchange rate indicates the value of a country's currency (krugman, 2005). a bear market in developing nations causes investors to transfer their investments to the us dollar, which is a safe-haven investment, according to maharaj et al. (2019). the negative connection between the danger of a fall in asset prices and the us dollar shows the safe-haven quality of the us currency. according to yahya and muhammad (2011), pratama & azziz (2018), alam et al. (2020), and sutrisno (2017), the exchange rate versus the us dollar has a negative and substantial impact on stock prices. according to nurein and menacer (2017), the exchange rate versus the us dollar may positively and substantially impact the price of islamic banking stocks. according to samuelson & nordhaus (2004), interest is the amount of money owed by a borrower over time, expressed as a percentage of the amount loaned. however, islamic banking does not utilize interest rate instruments since islam prohibits usury. according to tandelilin (2010), investors choose interestbased investment products when interest rates are high because they provide a guaranteed return. according to several studies, including yahya & muhammad (2011), pratama & azziz (2018), jahfer & inoue (2017), and alam et al. (2020), the interest rate has a negative and substantial impact on stock prices. however, as shown by nurlina (2017), nurein & menacer (2017), hajdrah et al. (2018), and ilyanto (2020), there may be a positive connection between interest rates and banks stock values. according to suwito (2020), the jci movement is an essential indication for investors to purchase, hold, or sell shares. because the jci represents the fundamentals of the indonesian economy, an improvement in the indonesian economy will have a favorable effect on stock market movements as assessed by the jci. http://journal.uinjkt.ac.id/index.php/iqtishad 260 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 methods this research utilized secondary data, namely weekly time-series data from january 2019 through december 2020. it uses data from the closing price of the btpn syariah shares (btps), earnings per share (eps) of btps, price to book value (pbv) of btps, trading volume activity (tva) of btps, gross domestic product (gdp), usd/rupiah exchange rate, bank indonesia reference interest rate, and the jakarta composite index (jci). this study uses weekly data because, according to basuki (2016), time-series data can only be analyzed if there are at least 50 units of observation. by selecting weekly data, 105 units of observation will be obtained. pbv is calculated by dividing the total equity by the understanding shares volume. after that, eps is calculated by dividing the total net profit by the understanding shares volume. total equity and total net profit of btpn syariah comes from the btpn syariah quarterly financial report, and the understanding shares volume comes from the indonesia stock exchange. data for btps trading volume was obtained from yahoo finance and the indonesia stock exchange. the btps share price closing data and the jakarta composite index (jci) come from yahoo finance. then macroeconomic statistics from indonesia, such as the gross domestic product, bank indonesia interest rates, and us dollar to rupiah exchange rate, come from statistics indonesia and bank indonesia. the analytical method used in this study is a quantitative analysis by the vector error correction model (vecm) technique. according to juanda & junaidi (2012), estimating the vecm requires multiple sets of pre-estimation testing. pre-estimation tests include data stationarity, optimum lag, var stability, and cointegration. preestimate experiments were performed to ensure reliable vecm estimation findings. mathematically, the implementation of the model in this study are as follows: wherein: lnbtps = natural logarithm of the closing price of btps shares (idr) lneps = natural logarithm of earning per share of btps (idr) pbv = price to book value of btps (ratio) http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 261 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 tva = trading volume activity of btps (percent) lngdp = natural logarithm of gross domestic bruto (idr) lnkurs = natural logarithm of usd to idr exchange rate (idr) bi_rate = bank indonesia reference interest rate (percent) lnjci = natural logarithm of the jakarta composite index (index) results and discussion pre-estimation test result based on the augmented dicky fuller stationarity test, it can be seen that only the eps of btps and tva of btps stocks are stationary at the level. at the same time, other variables are not stationary at the level levels. then the data stationarity test is carried out at first difference, and it is found that all the variables in this study are stationary. table 2. data stationary test result variable level first difference mac kinnon mac kinnon t-adf prob* t-adf prob critical values critical values ln btps -2.047073 -3.453601 0.5686 -9.992607 -3.454032 0.0000* ln eps btps -5.754676 -3.453601 0.0000* -11.47863 -3.454032 0.0000* pbv btps -2.020767 -3.453601 0.5830 -10.06717 -3.454032 0.0000* tva btps -4.318254 -3.453601 0.0044* -12.0202 -3.454032 0.0000* ln gdp -2.119296 -3.453602 0.5287 -7.694075 -3.454032 0.0000* ln kurs -3.265854 -3.454471 0.0779 -8.346329 -3.454032 0.0000* bi rate -2.988804 -3.453601 0.1404 -11.04492 -3.454032 0.0000* ln jci -1.091162 -3.453601 0.9250 -8.749917 -3.454032 0.0000* the * sign indicates a stationary variable at a 5% significance level after the data stationarity test, the next step is the optimum lag test. the (*) sign in table 3 indicates the selected lag candidate based on the specified criteria. in this study, the selected lag is a lag based on the swarz information criterion (sc) criteria, so the selected lag is lag one. http://journal.uinjkt.ac.id/index.php/iqtishad 262 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 table 3. lag optimum test result lag logl lr fpe aic sc hq 0 342.4168 --------1.40e-13 -6.895191 -6.682844 -6.809329 1 1101.867 1377.972 8.32e-20 -21.23438 -19.32325* -20.46161* 2 1162.341 99.7514 9.17e-20 -21.16168 -17.55178 -19.70201 3 1249.298 129.0895 6.10e-20 -21.63500 -16.32632 -19.48843 4 1336.634 115.2478 4.30e-20* -22.11616 -15.1087 -19.28269 5 1396.074 68.63201 5.92e-20 -22.02215 -13.31591 -18.50177 6 1452.824 56.16494 9.90e-20 -21.87266 -11.46764 -17.66538 7 1581.795 106.3678* 4.57e-20 -23.21227 -11.10847 -18.31809 8 1675.306 61.69801 5.94e-20 -23.82074* -10.01817 -18.23966 table 4. johansen cointegration test result trace test hypothesized eigenvalue trace 0.05 no. of ce(s) statistic critical value prob.** none * 0.43574 196.8197 187.4701 0.0152 at most 1 0.340107 137.879 150.5585 0.2069 at most 2 0.301137 95.06419 117.7082 0.5387 at most 3 0.238692 58.15927 88.8038 0.8978 at most 4 0.131135 30.06944 63.8761 0.9951 at most 5 0.057873 15.59104 42.91525 0.9974 at most 6 0.052021 9.450666 25.87211 0.9462 at most 7 0.037606 3.948089 12.51798 0.7496 maximum eigenvalue test hypothesized eigenvalue max-eigen 0.05 no. of ce(s) statistic critical value prob.** none * 0.43574 58.94066 56.70519 0.0294 at most 1 0.340107 42.81484 50.59985 0.2551 at most 2 0.301137 36.90491 44.4972 0.263 at most 3 0.238692 28.08983 38.33101 0.4491 at most 4 0.131135 14.4784 32.11832 0.9624 at most 5 0.057873 6.140378 25.82321 0.9998 at most 6 0.052021 5.502577 19.38704 0.9737 at most 7 0.037606 3.948089 12.51798 0.7496 http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 263 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 the var model in this study has a modulus value in the range of 0.500875 to 0.993346. the analysis uses the impulse response function (irf) and forecast error decomposition variance (fevd) methods can be carried out and will produce accurate analysis. in this study, cointegration testing has been carried out using the johansen cointegration test to see whether there is a cointegration relationship between variables. then, after the cointegration test, it can be seen that there is at least one cointegration rank, so the estimation chosen is the vecm estimation method. estimation vecm result the vecm estimate findings indicate a 0.628957 adjustment mechanism from short to long term, indicating the btps stock price will be adjusted 0.628957 towards long-term equilibrium. so only the jci variable has a short-term impact. pbv, tva, gdp, bank indonesia reference interest rates, and the jci are longterm factors that impact btps stock price. table 5. vecm estimation result variable long-term coefficient t-statistics ln_btps 1.0000000 ln_eps 0.0022667 [-0.72880] pbv 0.1412473 [-33.4238]* tva -0.009085 [ 3.22130]* ln_gdp -0.453613 [ 4.80838]* ln_kurs 0.060466 [-0.48165] bi_rate 0.0971996 [-4.69715]* ln_jci -0.1073245 [ 2.26916]* short-term cointeq1 -0.628957 [-2.01941]* d(ln_btps(-1)) 0.081488 [ 0.17239] d(ln_eps(-1)) -0.016949 [-0.84926] d(pbv(-1)) -0.053461 [-0.50361] d(tva(-1)) 0.00285 [ 0.26145] d(ln_gdp(-1)) 0.142058 [ 0.13866] d(ln_kurs(-1)) -0.37962 [-0.70360] d(ln_jci(-1)) 0.676415 [ 2.33481]* d(bi_rate(-1)) -0.077643 [-0.64309] http://journal.uinjkt.ac.id/index.php/iqtishad 264 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 company internal factors influence on btps share price the vecm results showed that in the short term, there is no company internal factors that have a significant influence on the stock price of btps. while in the long term, only pbv has a significant effect. the results of the vecm estimation in this study found that there is a positive effect of eps on btps stock prices in the long term. still, empirically there is insufficient evidence that eps has a significant effect. meanwhile, in the short term, eps also has no significant effect on the stock price of btps. the results of this study support the research of islam et al. (2014) and the research of segoro and andrian (2014), which found similar results. the insignificant effect of eps in the long term and short term in this study indicates that other factors influence the movement of btps stock prices. islam et al. (2014) stated in their research that eps does not fully reflect the dynamics of changes in stock prices; when eps rises, it does not necessarily increase stock prices. even in his research, several companies respond to the opposite. this indicates that several factors influence stock prices, such as macroeconomic factors, company policies, stock market conditions that are bearish or bullish, as well as the level of investor confidence in the company. in the short term, pbv does not have a significant effect. however, in the long term, pbv has a positive and significant impact on btps's share price, which means that any increase in pbv will have an impact in the form of an increase in btps' share price, assuming other variables remain (ceteris paribus). the results of this study support the research of antara & suryatini (2019) and the research of daniswara & daryanto (2019), which found similar results. this positive and significant relationship indicates high investor confidence in btps shares. this is because the ongoing covid-19 pandemic has suppressed the economy in various sectors. the pressure on the economy causes investors to choose investment instruments that have haven properties owned by islamic stocks as stated by azad et al. (2018) because, in his research, it was found that islamic stocks have a low risk when there is instability in the economy so that islamic stocks become an alternative for investors to diversify investment risk. islamic stocks own this low-risk characteristic because, according to hussein and omran (2005) in azad et al. (2018), islamic stocks have a good performance during a bear market. this is also in line with bahemia (2018) research, which found that when a shock occurs, islamic banks have better performance than conventional banks, so islamic banks are more resilient than conventional banks. http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 265 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 company external factors influence on btps share price the results of the vecm estimation in this study indicate that tva has a positive but not statistically significant effect in the short term. however, in the long term, tva has a negative and significant impact on btps's stock price, which means that any increase in tva will lower btps's stock price, assuming other variables are fixed (ceteris paribus). the results of this study contradict the results of research by mamduch et al. (2016) but can be explained. the negative effect of tva on btps's stock price can occur because the stock trading mechanism that occurs in the stock exchange applies the law of supply and demand. if the supply of shares increases, it will lower the share price and increase trading volume, ceteris paribus. so if there is an offer (selling action) on a stock that increases with a large volume, it will pressure the stock price to decrease. this is in line with the findings of sheleifer et al. (1992) in their research, which stated that when there is a sale or purchase action by investors in large numbers, it will also have a large impact on stock prices. in the vecm estimation in this study, it is found that gdp has an insignificant effect on stock prices in the short term. meanwhile, in the long term, gdp has a negative and significant effect on btps stock prices. a decline in gdp will increase btps stock prices, assuming other variables remain (ceteris paribus). the results of this study contradict the research conducted by luthfiana (2017) but are in line with the research of adiyadnya et al. (2016) and research by jahfer & inoue (2017). the negative relationship between gdp and btps stock prices (investment) is indeed an anomaly, but considering the covid-19 pandemic, which caused the government to impose large-scale social restrictions, thus suppressing the economy in various sectors, which can be seen through indonesia's economic growth as measured by gdp decreased for three consecutive quarters (yoy) in 2020. hence, investors tend to switch to investment instruments that have haven properties to minimize losses and risks when the economy is unstable. these haven characteristics are owned by islamic stocks, as stated in the research of azad et al. (2018). islamic stocks own this haven nature because islamic stocks have good growth performance when the market declines trend or is called a bearish market, as found by hussein and omran (2005) in azad et al. (2018). the results of the vecm estimation in this study indicate that in the short term and long term, the exchange rate does not significantly affect the stock price of btps. the results of this study are in line with the research of adiyadnya et al. (2016), who found the same thing, namely that there was no significant relationship http://journal.uinjkt.ac.id/index.php/iqtishad 266 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 between the exchange rate and banking stock prices. this insignificant effect of the exchange rate on btps shares can occur because when there is instability in the economy, such as what has occurred due to the current covid-19 pandemic, investors turn to investment instruments that have haven characteristics to protect their investment value from possible declines in value. according to maharaj et al. (2019), the us dollar has haven characteristics, which is indicated by a negative relationship between the risk of a decline in asset values and the us dollar when there is instability in the economy. but on the other hand, islamic stocks also have haven properties, as stated by azad et al. (2018). in his research, it was found that islamic stocks have a low risk when there is instability in the economy, so islamic stocks are also an alternative for investors to diversify investment risk. this is also in line with bahemia (2018) research, which found that islamic banks are more resilient than conventional banks when a shock occurs. so it can be concluded that the insignificant influence of the us dollar exchange rate on btps shares can be caused by the characteristics of both of them, which are safe havens when the economy is in instability. the vecm estimation results in this study found a positive and significant effect between bank indonesia interest rates and btps stock prices. an increase in bank indonesia's benchmark interest rate will positively affect btps stock prices. or in other words, an increase in the bank indonesia reference interest rate will cause the stock price of btps to increase, assuming the other variables remain constant (ceteris paribus). the results of this study are in line with those found by hajdrah et al. (2018). similar results are also found in the research by nurein & menacer (2017), which found a positive and significant relationship between interest rates and stock returns of islamic banks. this finding indicates that islamic banks' interest rates and share prices have a consistent relationship. this happens because interest rates are related to islamic bank margins. in principle, islamic banks do not use interest rates because islam forbids usury, but in determining margins, islamic banks consider the interest rates that apply at the time of the contract. at btpn syariah, the contract that dominates the financing distribution contract is the murabaha contract. in this contract, the islamic bank will set a margin when the contract is agreed on whose amount will not change until the financing is paid off so that the amount of profit earned by islamic banks is certain (will not change) until payment of financing. the determination of the murabaha margin for islamic banks is determined by reference from the asset liability management committee (alco) team, taking into account the prevailing bank http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 267 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 indonesia benchmark interest rate and inflation expectations (isnaliana, 2015). so it can be concluded, in determining the margin of islamic banks, it can be in line with the benchmark interest rate of bank indonesia as found by anik (2017), who found a positive and significant relationship between the reference interest rate of bank indonesia and the income of the murabaha margin at islamic banks. this islamic bank margin is certainly related to the book value of shares because one equity component is retained earnings. if this component of retained earnings increases, it will cause the company's equity to increase. the increase in the value of the company's equity causes the company's value as measured by book value also to increase. if the company's value increases, it can be said that the company is growing, then this will encourage investors to buy a stock so that in the end, the share price will increase and increase the price to book value (pbv). this increase in pbv indicates a high level of investor confidence in a company that continues to grow, causing other investors to be moved to enter and invest in a stock. this relationship is in line with what has been discussed in the previous discussion, that pbv has a positive and significant relationship to the stock price of btps. in addition, that analysis is based on the fact that btpn syariah equity continues to grow during the covid-19 pandemic as indicated by the change in the category of btpn syariah, which was initially at buku (commercial banks group of business activities) ii bank to buku iii bank with the issuance of the financial services authority decision s-144/pb.34/2020 dated july 7, 2020. the results of the vecm estimation in this study found a positive and significant effect between the jci and the stock price of btps in the short term. this positive and significant influence supports the research of suwito (2020), which finds the same result, namely the jci has a positive and significant effect on the price of banking shares listed on the indonesia stock exchange. this is in following the opinion of hanafi (2015), which stated that the jci is closely related to the activities of foreign inflows and foreign outflows. when the fundamentals of the indonesian economy show good performance, it creates a high inflow of capital so that it can provide a positive sentiment for the jci and vice versa. however, in general, the flow of foreign capital in or out has a short-term effect. so that in the short term, any increase in the jci will cause an increase in btps shares, assuming the other variables are fixed (ceteris paribus). however, in the long term, the vecm estimation results show the opposite relationship, namely the finding of a negative and significant relationship between the jci and the stock price of btps, which means that any decrease in the jci will cause the stock price of btps to increase, assuming the other variables remain http://journal.uinjkt.ac.id/index.php/iqtishad 268 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 constant (ceteris paribus). this negative relationship indicates that investors will pay attention to stock market trends in the long term. when the stock market conditions are bearish, investors will choose investments with hedging properties to minimize losses owned by islamic stocks, azad et al. (2018). islamic stocks own this hedging nature because when market conditions are bearish, islamic stocks have a better performance, as found by hussein and omran (2005) in azad et al. (2018). in islamic bank stocks, especially btps shares, the phenomenon contained in the research of azad et al. (2018) and hussein and omran (2005) are in line with what happened during the research period because if you look at the performance of btps shares compared to the performance of the jci, it does show better performance, because if the performance of btps shares is compared to the jci since the beginning of the period research, in january 2019 the stock price of btps was still at idr 1,955 per share and grew 91.8 percent to idr 3,750 per share at the end of december 2020, while the jci was at idr 6,287 in january 2019 and fell 4 percent to idr 6,036 in january 2019. end of december 2020. then during the covid-19 pandemic, especially on april 21, 2020, btps touched the price of idr 1,995 per share (increased 2 percent from january 2019) while the jci was at idr 4,513 (decreased 28.2 percent from january 2019). impulse response function analysis result figure 1. impulse response function analysis result in the first week, the eps shock of one standard deviation had no impact on btps's share price, but in the second week, it did. it grew steadily over the http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 269 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 next three weeks, stabilizing at 0.00074 percent from the 27th week. that aligns with talamati and pangemanan's (2015) and prayogo and lestari's (2018) study findings that eps positively impacts btps stock prices. the btps share price has reacted favorably to the pbv shock of one standard deviation in the second week and steadily rose in the third week until it achieved stability in the 26th week with a positive response of 0.0453 percent. these findings support the findings of antara and suryatini (2019) and daniswara and daryanto (2019), who showed a favorable relationship between pbv and btps share prices. btps' stock price did not react to a one standard deviation tva shock in the first week but did in the second week, and the response progressively declined in the third week until it stabilized in the 17th week with a negative response -0.035 percent. btps' stock price did not react to a one standard deviation gdp shock in the first week but did in the second week, and the response progressively declined in the third week until it stabilized in the 20th week that the stock price of btps stabilized with a negative reaction of -0.0132 percent. these findings support the findings of adiyadnya et al. (2016) that discovered a strong negative relationship between banks' stock prices and gdp. after that, according to jahfer & inoue (2017), stock prices are negatively related to the gdp. its stock price did not react to a one standard deviation exchange rate shock in the first week but did in the second week. it continued to decline in the third week until it stabilized in the 22nd week when it finally responded negatively -0.0147 percent. pratama and azziz's (2018) study supports the exchange rate's detrimental impact on stock prices. the stock price of btps did not react to bank indonesia's benchmark interest rate shock of one standard deviation in the first week but did in the second week, and steadily rose in the third week until it achieved stability in the 16th week with a positive response of 0.024 percent. such a good reaction bolsters hajdrah et al.'s study (2018). so, according to nurein & menacer (2017), there is a strong positive connection between islamic bank interest rates and stock returns. its stock price did not respond to the jci shock of one standard deviation in the first week but does in the second week when it did, and then fell to 0.006932 percent in the fifth week, before rising again in the 6th week to reach stability in the 9th week with a positive response of 0.0074 percent. the jci's positive impact on stock prices is supported by suwito (2020). btps stock prices were affected by themselves 100 percent in the first week. from the second week, additional variable shocks started to influence the variety of http://journal.uinjkt.ac.id/index.php/iqtishad 270 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 btps stock prices, and the btps stock price variable's contribution to influencing itself continued to decrease. figure 2. forecast error variance decomposition (fevd) analysis result in the last period of observation, btps's share price influenced itself at 62.89 percent, followed by pbv at 17.65 percent, tva at 10.55 percent, and the bank indonesia reference interest rate at 4.99 percent. other factors (exchange rate, gdp, jci, and eps) contributed less than 4 percent to the btps shares price. conclusion to con, vecm indicates that in the short term, only the jci variable had a significant effect on the stock price of btps. while in the long term, the variables of pbv, tva, gdp, bank indonesia reference rate, and jci have a significant effect on btps stock price. irf analysis showed that shocks in the eps variable responded positively and stable at 27th week, shocks in the pbv variable responded positively and stable from the 26th week, shocks in the tva variable responded negatively and stable at 17th week, shocks in the gdp variable responded negatively and stable at 20th week, shocks in the exchange rates variable responded negatively and stable at 22nd week, shocks in the bank indonesia reference interest rate variable responded positively and stable at 16th week, shocks in the jci variable responded positively and stable from the 9th week. http://journal.uinjkt.ac.id/index.php/iqtishad farhan lauda. determinants of islamic bank share prices fluctuation during the covid-19 271 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22479 according to the fevd analysis, the btps stock price influenced the pbv variable at 17.65 percent, tva at 10.55 percent, and the bank indonesia reference interest rate at 4.99 percent. the results of the fevd analysis can be used as a guide for investors to observe changes in the pbv, bank indonesia reference interest rate, and tva variables, which are the three factors that have the greatest impact on fluctuations in the stock price of btpn syariah (btps). according to the result of this study, the stock price of btps is negatively impacted by gdp and negatively affected by gdp shocks. the btps shares continued to rise even when the gdp growth slowed because of the covid-19 pandemic. in addition, the btpn syariah bank's performance has improved. as a result of the financial services authority's decision s-144/pb.34/2020, july 7th 2020, the btpn syariah bank has moved from buku ii to buku iii. this growth reflects the growth of islamic bank equity during the pandemic, reducing the national economy's performance. therefore, the government, banking regulators, specifically the financial services authority and bank indonesia, are strongly advised to work together to strengthen islamic banks that can withstand economic shocks. as a result, the national economy will be more resilient. references adiadnya, i. n. s., artini, l. g. s., & rahyuda, h. 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(2012). islamic stock market and macroeconomic variables : a comparison analysis. journal of contemporary issues and thought vol.2, 2012. http://journal.uinjkt.ac.id/index.php/iqtishad 82 pengelolaan likuiditas bank syariah nurul ichsan1 abstract. islamic banking liquidity management. this article is about management of liquidity which discuss about the position of cash money in the company and its ability to fulfill the obligation (pay the debt) on time. management of liquidity is one of the essential function which is done by banking institution and inside its efficient management, is needed instrument and finance market which is taking not only short term but also long term, and not only conventional banking but also syariat. through that natural necessity (placement and fulfillment of short term need), for islamic banking in indonesia has been availabled some instruments such as (ima) certificate of mudhorobah investment between bank, (puas) market banking regulations between syariat bank, (swbi) bank of indonesia wadiah certificate, (fpjps) provision about short term cost facility for islamic banks keywords: liquidity, islamic banking, instruments abstrak. pengelolaan likuiditas bank syariah. tulisan ini berkenaan dengan manajemen likuiditas yang membahas mengenai posisi uang kas suatu perusahaan dan kemampuannya untuk memenuhi kewajiban (membayar utang) tepat waktu. manajemen likuiditas merupakan salah satu fungsi terpenting yang dilaksanakan oleh lembaga perbankan, dan di dalam pengelolaannya yang secara efisien ini diperlukan adanya instrumen dan pasar keuangan baik yang bersifat jangka pendek maupun jangka panjang, baik itu untuk perbankan konvensional maupun syariah. untuk keperluan yang bersifat mendasar itu, (yaitu penempatan dan pemenuhan kebutuhan jangka pendek) bagi perbankan syariah di indonesia telah tersedia beberapa instrumen seperti (ima) sertifikat investasi mudharabah antar bank, (puas) aturan-aturan tentang pasar keuangan antar bank dengan prinsip syariah, (swbi) sertifikat wadiah bank indonesia, serta (fpjps) ketentuan tentang fasilitas pembiayaan jangka pendek bagi bank syariah. kata kunci: likuiditas, bank syariah, instrumen 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 fakultas agama islam universitas prof. dr. hamka (uhamka), jl. limau ii, kebayoran baru, jakarta e-mail:nurulichsanaan@yahoo.co.id 83 pendahuluan kesadaran umat islam akhir-akhir ini terhadap sektor ekonomi yang berdasarkan syari'at islam mulai tumbuh dan berkembang. ajaran syari'at islam bidang muamalah atau bidang hukum ekonomi yang biasanya disebut dengan fiqh muamalah pada awalnya hanya dikenal dan diajarkan pada sekolah/madrasah/perguruan tinggi pada fakultas agama islam dan tidak menyentuh sektor perbankan, aplikasinya pun masih terbatas pada kegiatan ekonomi sederhana yang dilakukan pada masyarakat kelas bawah. begitu pula para ahli atau para ekonomi yang dapat dijadikan acuan bagi para bankir dan ahli praktisi lembaga keuangan belumlah banyak yang bisa dijadikan sumber rujukan dalam membahas perbankan syariah. kini tahun 2014 m telah muncul tanda tanda awal kebangkitan sistem ekonomi islam yang ditandai dengan berdirinya perbankan syari'ah di hampir semua negara berpenduduk muslim. tak luput indonesia sebagai negara dengan penduduk muslim terbesar di seluruh dunia telah pula berusaha untuk menjalankan sistem ekonomi islam yang ditandai dengan didirikannya bank muamalat indonesia (bmi) pada tahun 1992 m dan persyarikatan takaful indonesia pada tahun 1994 m. sejak saat itulah perkembangan lembaga keuangan syariah (lks) menjadi salah satu pilar penyangga ekonomi bangsa dan negara yang berfalsafahkan pancasila, disamping tetap menjaga eksistensi ekonomi konvensional yang telah berjalan pada bank konvensional yang ada selama ini. kebangkitan ekonomi syariah ini tentu saja tidak hanya berkaitan dengan sektor-sektor perekonomian yang semakin meluas melebar ke berbagai ranah kehidupan. tetapi yang lebih penting juga terjadinya peningkatan kesadaran masyarakat dalam berekonomi dan berbisnis dari yang ribawi beralih menuju kebisnis yang berbasis islami (syariah). dalam berjalannya waktu banyak sekali terjadinya atau munculnya persoalan baru, dalam prakteknya sering terjadi sengketa ekonomi para pihak dalam transaksi yang menimbulkan masalah hukum yang tidak dapat dihindarkan lagi. lembaga keuangan perbankan itu sendiri melaksanakan tiga fungsi utama yaitu menghimpun dana dari masyarakat sebagai pemilik dana, menyalurkan dana kepada masyarakat sebagai pengguna dana dan memberikan jasa, dan juga sebagai alat kesejahteraan masyarakat luas. dalam menjalankan fungsi bank tersebut, sebagian kalangan masyarakat memandang bahwa dengan sistem konvensional ada hal-hal yang tidak sesuai dengan keyakinan masyaraskat indonesia yang mayoritas beragama islam khususnya yang menolak adanya penetapan imbalan dan penetapan beban yang dikenal dengan "bunga". praktek bunga yang diterapkan pada bank konvensional ternyata bisa merugikan, baik bagi pihak bank sendiri maupun pihak nasabah. sejak itulah sistem perbankan syariah mulai banyak dibicarakan karena dianggap lebih tahan menghadapi krisis. 84 sejalan dengan perkembangan sektor perekonomian syariah tersebut, banyaknya jumlah bank konvensional yang dilikuidasi menunjukkan bahwa tingkat likuiditas sangat berperan penting bagi bank. walaupun dalam hal ini belum ada kasus mengelola likuiditasnya dengan sebaik mungkin. risiko yang mungkin dihadapi suatu bank terhadap kondisi likuiditasnya bisa disebut dengan resiko likuiditas. kondisi perbankan yang mengalami kesulitan likuiditas mendorong dunia perbankan menaikkan suku bunga yang tinggi guna menarik dana dari masyarakat seperti kasus moneter 1997 lalu, bahkan perbankan menawarkan kepada peminjam kredit dengan suku bunga mencapai lebih dari 60%. hal ini mengakibatkan bagi pelaku usaha yang ingin meminjam dana sehingga banyak bank yang mudah diguncang isu yang menyebabkan rush dan berkurangnya kepercayaan rakyat terhadap bank. guna menjamin dan memulihkan kepercayaan tersebut banyak bank yang ditutup atau diambilalih oleh pemerintah. karenanya dibutuhkan biaya yang besar melalui program restrukturisasi dan rekapitalisasi perbankan seperti (blbi) bantual likuiditas bank indonesia. keberadaan sistem perbankan syariah ini sejalan dengan diundangkannya undang-undang nomor 10 tahun 1998 tentang perubahan atas undang-undang nomor 7 tahun 1992 tentang perbankan, yang menentukan kegiatan usaha bank harus disempurnakan dan menerapkan prinsip kehati-hatian. landasan operasional sistem perbankan syariah semakin kuat dengan dikeluarkannya peraturan pemerintah no. 72 tahun 1992 yang telah diganti dengan peraturan pemerintah no. 30 tahun 1999 tentang bank berdasarkan prinsip bagi hasil. sejak saat itulah diberi kesempatan seluas-luasnya bagi masyarakat untuk mendirikan bank yang menyelenggarakan kegiatan usaha berdasarkan prinsip syariah, termasuk memberi kesempatan kepada bank umum untuk membuka kantor cabangnya yang khusus melakukan kegiatan berdasarkan prinsip syariah. kemudian dengan diberlakukannya undang-undang nomor 3 tahun 2004 tentang perubahan atas undang-undang nomor 23 tahun 1999 tentang bank indonesia, berlakulah dua sistim dalam perbankan yang dilakukan secara konvensional dan atau berdasarkan prinsip syariah ( dual banking syistem ), dan khusus bagi bank syariah hanya menggunakan prinsip syariah. bahkan ditambah lagi dengan adanya undang undang no. 21 tahun 2008 tentang perbankan syariah maka arah menuju perbankan bebas riba diharapkan lebih cepat tercapai di bumi nusantara. konsep likuiditas dalam pengembangan sektor ekonomi pembangunan sekarang ditemui banyak metode dalam manajemen dana khususnya pengelolaan likuiditas pada lembaga lembaga keuangan, baik itu bank maupun non bank, baik itu syariah maupun konvensional. pengelolaan likuiditas ini sangatlah berpengaruh pada perkembangan lembaga itu sendiri dan perekonomian negara secara luas. seperti krisis sektor keuangan di tahun 1997 (krismon), yang terjadi pada waktu itu 85 merupakan salah satu dampak dari masalah likuiditas suatu lembaga keuangan dalam menangani aliran sumber dana dan pengarunya secara luas terlihat pada perkembangan pasar surat-surat berharga, sektor perbankan dan lebih jauh lagi pada sektor riil, dan berdampak krisis ekonomi global. masalah pengelolan likuiditas adalah masalah yang berhubungan dengan kemampuan suatu perusahaan untuk memenuhi kewajiban finansialnya yang segera harus dipenuhi. jumlah alat-alat pembayaran (alat likuid) yang dimiliki oleh suatu perusahaan pada suatu saat merupakan kekuatan membayar dari perusahaan yang bersangkutan. suatu perusahaan yang mempunyai kekuatan membayar belum tentu dapat memenuhi segala kewajiban finansialnya yang segera harus dipenuhi atau dengan kata lain perusahaan tersebut belum tentu memiliki kemampuan membayar. kemampuan membayar baru terdapat pada perusahaan apabila kekuatan membayarnya adalah demikian besarnya sehingga dapat memenuhi semua kewajiban finansialnya yang segera harus dipenuhi (riyanto, 2001). dengan demikian, maka kemampuan membayar itu dapat diketahui setelah membandingkan kekuatan membayarnya di satu pihak dengan kewajibankewajiban finansialnya yang segera harus dipenuhi di lain pihak. secara umum, pengertian likuditas adalah kemampuan untuk memenuhi kebutuhan dana (cash flow) dengan segera dan dengan biaya yang sesuai, dimana fungsi dari likuditas secara umum untuk (riyanto, 2001): pertama, enjalankan transaksi bisnisnya sehari-hari. kedua, mengatasi kebutuhan dana yang mendesak. ketiga, memuaskan permintaan nasabah akan pinjaman dan memberikan fleksibiltas dalam meraih kesempatan investasi menarik yang menguntungkan. sedangkan menurut kamus besar bahasa indonesia pengertian likuiditas pada umumnya adalah mengenai posisi uang kas suatu perusahaan dan kemampuannya untuk memenuhi kewajiban (membayar utang) yang jatuh tempo tepat pada waktunya. apabila dikaitkan dengan lembaga bank, berarti kemampuan bank setiap waktu umtuk membayar utang jangka pendeknya apabila tiba-tiba ditagih oleh nasabah atau pihak-pihak terkait. jadi, yang dimaksud likuiditas disini adalah kemudahan mengubah aset menjadi uang tunai dari masing-masing bank yang bersangkutan. konsep likuiditas ini juga diperluas dengan memasukan unsur pinjaman, yaitu kemampuan untuk mendapatkan likuiditas baik tunai maupun non tunai melalui pinjaman dari sumber-sumber ekstern perusahaan. kemudahan mendapatkan likuiditas adalah merupakan hal yang sangat penting bagi manajemen keuangan, semua jenis kegiatan bisnis, namun pada lembaga keuangan bank penyedian llikuiditas merupakan hal yang lebih penting karena untuk memenuhi adanya permintaan penarikan dana sewaktu-waktu para nasabah. selain menjaga ketersediaan likuiditas, setiap bank juga harus mematuhi ketentuan atau syarat yang diterapkan oleh bi yakni giro wajib minimum (gwm). 86 pengelolaan likuiditas bagi suatu bank mengacu pada kemampuan bank menyediakan dana dalam jumlah cukup, tepat waktu untuk memenuhi kewajiban kewajibannya terutama memenuhi ketentuan bank sentral atau pemerintah, terbinanya hubungan baik dengan bank koresponden agar saldo seimbang, memenuhi kebutuhan penarikan dana oleh penabung, pemilik rekening giro maupun debitur dan membayar kewajiban jangka panjang yang telah jatuh tempo (leon dan ericson, 2007). manajemen likuiditas bank dapat diartikan sebagai suatu proses pengendalian dari alat-alat likuid yang mudah ditunaikan guna memenuhi semua kewajiban bank yang segera harus dibayar. pengendalian likuiditas bank setiap hari berupa penjagaan agar semua alat alat likuid yang dapat dikuasai oleh bank (uang tunai kas, saldo bank pada bank sentral) dapat dipergunakan untuk memenuhi munculnya tagihan dari nasabah atau masyarakat yang datang setiap saat atau sewaktu waktu (sinungan, 1993). dengan demikian dapat disimpulkan bahwa manajemen likuiditas bank adalah kemampuan dari suatu bank untuk membiayai peningkatan aset yang sesuai dengan kewajibannya pada saat jatuh tempo. likuiditas sangat penting bagi keberlangsungan operasi bank karena itu di perlu manajemen dan pengelolaan yang efektif untuk menghindari terjadinya permasalahan yang serius dikemudian hari. kekurangan likuiditas pada suatu bank dapat mengakibatkan pengaruh yang lebih luas dan berdampak negatif pada sistem perbankan. pengelolaan likuiditas adalah kegiatan yang rutin dalam operasi bank dimana dana yang dikelola sebagian besar adalah dana pihak ketiga yang sifatnya sangat berfluktuasi. bank harus memperhitungkan dengan cermat kebutuhan likuiditas untuk suatu jangka waktu tertentu karena kebutuhan likuiditas sangat dipengaruhi oleh perilaku nasabah dan jenis sumber dana yang dikelola bank. manajemen likuiditas bank kesulitan likuiditas seringkali menjadi tanda-tanda awal bahwa suatu bank akan mengalami kesulitan finansial yang lebih serius. kesulitan ini biasanya diawali dengan turunnya simpanan (depposite) masyarakat yang menyebabkan kekurangan alat likuid sehingga terpaksa harus melakukan pinjaman antar bank dan menjual aktiva cadangannya. kesulitan itu akan bertambah parah jika bankbank lain mulai menolak memberikan bantuan atau pinjaman kepada bank-bank yang bermasalah. dalam keadaan sulit bank cenderung akan berusaha memperoleh pinjaman dana dengan biaya berapapun untuk menjaga citranya. kemampuan ini berarti bank mengorbankan profit untuk kepentingan likuiditas. kemampuan bank dalam mengelola likuiditasnya secara baik dapat menjamin terpenuhinya kewajiban secara tertib sehingga bank itu akan terhindar dari resiko biaya pinjaman yang tinggi. adapun tujuan manajemen likuiditas adalah untuk (leon dan ericson, 2007): pertama, menjaga posisi likuiditas bank agar selalu berada pada posisi yang 87 ditentukan oleh otoritas moneter yaitu bank indonesia. kedua, mengelola alat alat likuid agar selalu memenuhi semua kebutuhan arus kas termasuk kebutuhan yang tidak diperkirakan, misalnya penarikan yang tiba-tiba terhadap sejumlah giro atau deposito berjangka yang belum jatuh tempo. ketiga, meminimalkan idle fund (dana yang menganggur). keempat, menjaga posisi likuiditas dan proyeksi arus kas agar selalu dalam posisi aman terutama dalam tingkat bunga berfluktuatif. selain tujuan di atas, menurut sinkey ada lima fungsi utama manajemen likuiditas bank, yaitu (latumaerisa: 1999): 1. menunjukan dirinya sebagai tempat yang aman untuk menyimpan uang. mampu memberikan rasa aman kepada para nasabah deposan, penabung, maupun kreditor lainnya. fungsi utama likuiditas adalah jaminan bahwa uang yang disimpan/dipinjamkan kepada bank dapat dibayar kembali oleh bank tersebut pada saat jatuh tempo. 2. memungkinkan bank memenuhi komitmen pinjamannya. menjamin tersedianya dana bagi setiap pemohon kredit yang telah disetujui. jika bank menolak untuk menyediakan dana atas permohonan kredit yang telah disetujui, mungkin debitor akan lari ke bank lain. sebaiknya bank mampu mengantisipasi kebutuhan-kebutuhan para debitor di masa mendatang. 3. untuk menghindari penjualan aktiva yang tidak menguntungkan mencegah penjualan asset secara terpaksa. apabila bank tidak dapat memperpanjang pinjaman yang diterima dari bank lain, salah satu cara untuk mengatasi masalah tersebut adalah dengan terpaksa menjual surat berharga yang umumnya dengan harga rendah. hal itu jelas akan memperburuk tingkat modal bank tersebut. 4. untuk menghindarkan diri dari penyalahgunaan kemudahan atau kesan “negative” dari penguasa moneter karena meminjam dana likuiditas dari bank sentral. menghindari diri dari kewajiban membayar suku bunga yang tinggi atas dana yang diperoleh di pasar uang. pemilik dana menganggap bahwa menempatkan/meminjamkan dana pada bank beresiko tinggi. oleh karena itu, pemilik dana akan selektif dan mungkin akan menempatkan dananya dengan suku bunga yang tinggi. 5. memperkecil penilaian risiko ketidakmampuan membayar kewajiban penarikan dana. menghindarkan diri dari penggunaan fasilitas discount window secara terpaksa. semakin sering suatu bank menggunakan fasilitas discount window, semakin tidak bebas manajemen bank tersebut menentukan dan melaksanakan kebijakan usahanya. hal itu karena bank sentral akan mendikte manajemen bank tersebut untuk memperbaiki tingkat kesehatan banknya. 88 dengan demikian ada beberapa hal yang harus diperhatikan dalam mengelola likuiditas, yaitu: a) posisi likuiditas harian/mingguan harus dapat dijaga sesuai dengan ketentuan bank sentral. b) memelihara alat likuiditas secukupnya agar bank selalu dapat melindungi kebutuhan kas keluar yang tidak terduga sebelumnya. c) mengoperasikan kelebihan likuiditas secara efektif agar bank selalu dapat melindungi kebutuhan kas keluar yang tidak terduga sebelumnya. d) menentukan besarnya reserve yang diperlukan dalam primary reserve dan secondary reserve. teori manajemen likuiditas pada dasarnya adalah teori yang berkaitan dengan bagaimana mengelola dana dan sumber-sumber dana bank agar dapat memelihara posisi likuiditas dan memenuhi segala kebutuhan likuiditas dalam kegiatan operasional bank sehari-sehari. beberapa teori manajemen likuiditas yang dikenal dalam dunia perbankan antara lain dibawah ini (sinungan, 1993): 1. commercial loan theory. teori ini beranggapan bahwa bank-bank hanya boleh memberikan pinjaman dengan surat dagang jangka pendek yang dapat dicairkan dengan sendirinya (self liquidating). teori ini dikenal juga dengan istilah productive theory of credit, atau sering disebut real bills doctrine yang diperkenalkan sejak abad 18. teori ini cukup dominan sampai tahun 1920-an. pada prinsipnya teori ini menitikberatkan sisi aktiva dari neraca bank dalam memenuhi kebutuhan likuiditas bank. likuiditas bank menurut teori ini akan dapat terjamin apabila aktiva produktif bank yang terdiri dari kredit jangka pendek dicairkan dalam kegiatan usaha yang berjalan secara normal. dan apabila bank yang bersangkutan akan memberikan kredit yang lebih panjang, hendaknya sumber data diambil dari modal bank dan sumber dana jangka panjang. secara khusus teori menyatakan bahwa bank harus memberikan kredit jangka pendek atau selfliquidating loans, seperti kredit yang digunakan untuk modal kerja usaha untuk memproses suatu produksi secara musiman atau yang bersifat sementara, misalnya pertanian. sebelum tahun 1920an bank-bank menitikberatkan portofolio kreditnya sebagai sumber tambahan likuiditas karena saat itu tidak banyak alternative lain sebagai sumbersumber likuiditas. surat-surat berharga jangka pendek yang dapat dijual kembali bila bank membutuhkan likuiditas jumlahnya belum memadai untuk dapat dijadikan sebagai cadangan likuiditas (siamat, 2005). kelemahan commercial loan theory ini sebagai sumber likuiditas bank adalah: a) banyak kredit bukan jangka pendek dan tidak self liquidating 89 b) dalam situasi ekonomi yang sedang lesu, kredit modal kerja,yang pelunasannya berasal dari arus kas nasabah debitur, akan menjadi tidak lancar. c) kredit jangka pendek dapat menjadi jangka panjang melalui perpanjangan waktu secara terus menerus d) dalam perekonomian yang semakin maju, kredit jangka menengah/panjang akan menjadi semakin penting dan dibutuhkan e) teori ini mengabaikan kenyataan bahwa dalam keadaan normal atau stabil, sumber-sumber dana bank, misalnya : giro, deposito, tabungan dan sebagainya, memungkinkan untuk disalurkan sebagai kredit yang jangka waktunya lebih panjang. secara implisit teori ini menganggap bahwa likuiditas dapat terpenuhi dengan hanya mengandalakan sumber dari pelunasan dan atau pembayaran kredit oleh nasabah. padahal penarikan simpanan dan pencairan kredit dapat melebihi likuiditas yang hanya bersumber dari pelunasan kredit. 2. shiftability theory. teori ini beranggapan bahwa likuiditas sebuah bank tergantung pada kemampuan bank untuk memindahkan aktivanya ke orang lain dengan harga yang dapat diramalkan. pada tahun 1920-an, bank mengembangkan teori likuiditas sebagai reaksi dari banyaknya kelemahan pada teori commercial loan, yaitu doctrine of asset shiftability. menurut teori ini, bank dapat segera memenuhi kebutuhan likuiditasnya dengan memberikan shiftable loan atau call loan, yaitu pinjaman yang harus dibayar dengan pemberitahuan satu atau beberapa hari sebelumnya dengan jaminan surat surat berharga. oleh karena itu, apabila bank membutuhkan likuiditas pada suatu waktu, maka kebutuhan tersebut dapat dipenuhi dengan melakukan penagihan kepada peminjam atau debitur. peminjam kemudian dapat melunasi pinjaman tersebut baik secara langsung maupun tidak langsung dengan cara mengalihkan (shifting) pinjamannya tersebut kepada bank lain. apabila karena satu dan lain alasan pinjaman tersebut tidak dapat dibayar kembali, maka bank dapat menjual barang jaminan berupa surat-surat berharga untuk pelunasannya. doktrin ini akan dapat berfungsi apabila pasar keuangan sudah berkembang dan cukup aktif (likuid), dengan pengertian bahwa berapapun jumlah permintaan dan penawaran dapat diserap oleh pasar. kelemahan teori ini adalah apabila dalam waktu yang bersamaan bankbank membutuhkan likuiditas dan menjual jaminan surat-surat berharga tersebut untuk memenuhi kebutuhan likuiditasnya. dalam situasi seperti ini, bukan saja akan menyebabkan kredit tersebut tidak dapat dialihkan, 90 tapi juga akan menyebabkan turunya harga surat berharga karena bankbank menjual jaminannya (surat berharga) dalam waktu yang bersamaan. 3. anticipated income theory. disebut juga teori pendapatan yang diharapkan. teori ini berkesimpulan bahwa sama sekali benar bagi sebuah bank untuk memberikan pinjamanpinjaman jangka panjang dan pinjaman-pinjaman bukan untuk dagang. pada decade 1930 an dan 1940 an bank-bank mengembangkan teori baru yang disebut dengan anticipated income theory. teori ini menyatakan bahwa bank-bank seharusnya dapat memberikan kredit jangka panjang dimana pelunasannya, yaitu cicilan pokok pinjaman ditambah bunga, dapat diharapkan dan dijadwalkan pembayarannya pada waktu yang akan datang sesuai dengan jangka waktu yang telah ditetapkan. jadwal pembayaran kembali nasabah berupa angsuran pokok dan bunga akan memberikan cash flow secara teratur yang dapat digunakan untuk memenuhi kebutuhan likuiditas bank. timbulnya teori ini diawali oleh rendahnya permohonan kredit kepada bank yang mengakibatkan terjadinya kelebihan likuiditas dan rendahnya keuntungan yang diperoleh bank , khususnya pada saat terjadi depresi ekonomi. dengan diperkenalkannya anticipated theory, bank-bank terdorong untuk lebih agresif dengan berani memberikan kredit yang berjangka panjang, misalnya: kredit real etate, kredit investasi dan kredit konsumsi. kelemahan anticipated income theory yaitu, teori ini menganggap semua kredit dapat ditagih sesuai dengan waktu yang dijadwalkan tanpa memperhatikan kemungkinan terjadinya kegagalan pengembalian kredit oleh debitur akibat factor ekstrern dan atau intern. factor – factor ekstern terjadi diluar kendali nasabah, misalnya terjadi resesi ekonomi yang berkepanjangan dan kebijakan pemerintah yang kurang mendukung. factor intern antara lain terjadinya mismanagement atau karena kurangnya tenaga yang berpengalaman dan terampil dalam perusahaan. teori likuiditas ini sulit diharapkan sebagai sumber likuiditas minimum dan memenuhi kebutuhan permintaan kredit yang segera harus dipenuhi. 4. liabilty management theory. teori ini melihat struktur aktiva bank mempunyai peran mencolok yang harus dimainkan dalam menyediakan likuiditas untuk bank. teori ini juga terus melampaui cara pendekatan dengan satu dimensi dan menyatakan bahwa bank juga dapat menggunakan aktivanya untuk tujuan-tujuan likuiditas. rasio likuiditas bank kasmir (2003) menyatakan bahwa rasio likuiditas merupakan rasio untuk mengukur kemampuan bank dalam memenuhi kewajiban jangka pendeknya pada saat ditagih. dengan kata lain dapat membayar kembali pencairan dana deposannya pada saat ditagih beserta dapat mencukupi permintaan kredit yang 91 telah diajukan. semakin besar rasio inis semakin likuid. untuk melakukan pengukuran rasio ini memiliki beberapa jenis rasio yang masing-masing memiliki maksud dan tujuan tersendiri. adapun jenis-jenis rasio likuiditas antara lain quick ratio, investing policy ratio, banking ratio, assets to loan ratio, invesment portofolio ratio, cash ratio, loan to deposit ratio (ldr) adapun judiseno (2005) menulis rasio likuiditas hampr sama dengan diatas yaitu meliputi beberapa alat pengukuran seperti: 1. pengukuran kemampuan bank membayar kembali kewajibannya dengan harta lancar (kas asset) yang dimilikinya, disebut dengan istilah quick ratio. 2. pengukuran kemampuan bank membayar kembali kewajibannya dengan mencairkan surat-surat berharga, disebut dengan istilah investing policy ratio. 3. pengukuran kemampuan untuk membayar kembali kewajibannya dengan menarik kembali kredit-kredit yang pernah dicairkan oleh bank, disebut dengan istilah banking ratio. 4. pengukuran kemampuan bank untuk memenuhi permintaan kredit dengan harta bank yang tersedia, disebut dengan istilah loan to asset ratio. 5. pengukuran tingkat likuiditas penanaman dana dalam surat-surat berharga, disebut dengan istilah investment portfolio ratio. 6. pengukuran kemampuan bank membayar kembali kewajibannya yang sudah jatuh tempo dengan harta lancar yang dimilikinya disebut dengan istilah cash ratio. besar kecilnya masing-masing rasio menentukan likuid dan tidak likuidnya suatu bank. namun, bukan berarti semakin besar rasio likuiditas otomatis menunjukan hasil yang baik, melainkan tergantung kepada masingmasing pengukuran dan kepentingan rasio itu sendiri pada pengukuran loan to asset ratio, hasil yang semakin rendah menunjukkan tingkat yang lebih baik. secara umum penetapan rasio likuiditas yang baik adalah lebih dari 100%, dengan kata lain harta lancar adalah sama dengan atau lebih besar dari hutang lancarnya. sedangkan menurut dahlan siamat (2005), rasio-rasio yang umum digunakan untuk mengukur likuiditas bank antara lain sebagai berikut: 1. rasio alat likuid terhadap dana pihak ketiga. rasio ini dapat dijadikan ukuran untuk menilai kemampuan bank dalam memenuhi kebutuhan likuiditas akibat penarikan dana oleh pihak ketiga dengan menggunakan alat-alat likuid bank yang tersedia. alat likuid bank tersedia atas: uang kas, saldo giro pada bank sentral dan bank-bank koresponden. semakin besar rasio ini semakin baik pula posisi likuiditas bank yang bersangkutan. 92 2. rasio kredit terhadap total dana pihak ketiga. rasio likuiditas ini juga sering disebut dengan loan to deposit ratio atau ldr. rasio ini memberikan indikasi mengenai jumlah dana pihak ketiga yang disalurkan dalam bentuk kredit. rasio yang tinggi menggambarkan kurang baiknya posisi likuiditas bank. umumnya, rasio sampai dengan 100% memberikan gambaran yang cukup baik atas keadaan likuiditas bank. namun berdasarkan ketentuan bank indonesia, rasio likuiditas yang digunakan untuk menilai tingkat kesehatan bank adalah rasio kredit terhadap dana yang diterima bank dalam rupiah dan valas. dana yang diterima bank meliputi: kredit likuiditas bi; giro, deposit, dan tabungan masyarakat; pinjaman bukan dari bank yang berjangka waktu lebih dari 3 bulan dan tidak termasuk pinjaman subordinasi; deposito dan pinjaman dari bank lain yang berjangka waktu lebih 3 bulan; surat berharga yang diterbitkan bank yang berjangka waktu lebih dari 3 bulan; modal lain; dan modal pinjaman. semakin tinggi rasio ini semakin buruk kondisi likuiditas bank. bank indonesia memberi nilai kredit (0) bagi bank yang memiliki rasio sebesar 115% atau lebih berdasarkan ketentuan penilaian tingkat kesehatan bank untuk faktor likuiditas. 3. rasio kewajiban bersih call money terhadap aktiva lancar, dalam rupiah. rasio ini menunjukkan besarnya call money bank terhadap total aktiva lancar yang meliputi: kas, giro pada bank indonesia, sbi dan spbu yang telah di-endos bank lain. menurut ketentuan bank indonesia maksimum rasio adalah 100%. 4. rasio surat-surat berharga jangka pendek terhadap total portfolio suratsurat berharga. rasio ini memberikan informasi bahwa semakin besar porsi penanaman dana dalam surat-surat berharga yang jatuh temponya kurang dari satu tahun terhadap total portfolio surat-surat berharga semakin baik pula posisi likuiditas bank. 5. total kredit terhadap total asset. rasio ini mengukur kemampuan bank memenuhi permintaan kredit dengan menggunakan asset bank. kenaikan rasio ini menunjukan rendahnya likuiditas bank. manajemen likuditas bank syariah manajemen likuiditas bank adalah mengelola bagaimana bank dapat memenuhi baik kewajiban yang sekarang maupun kewajiban yang akan datang bila terjadi penarikan atau pelunasan asset liability yang sesuai perjanjian ataupun yang belum diperjanjikan (tidak terduga). pengelolaan likuiditas bank juga merupakan bagian dari pengelolaan liabilitas (liability management). melalui pengelolaan likuiditas yang baik, bank dapat memberikan keyakinan pada para penyimpan dana bahwa mereka dapat mengambil dananya sewaktu-waktu atau pada saat jatuh tempo. oleh karena itu, bank harus mempertahankan sejumlah alat likuid guna memastikan bahwa bank sewaktu-waktu dapat memenuhi kewajiban 93 jangka pendeknya. suatu bank syari’ah dikatakan likuid apabila (muhammad, 2004): a. dapat memelihara gwm di bank indonesia sesuai dengan ketentuan yang berlaku. b. dapat memelihara giro di bank koresponden. giro di bank koresponden adalah rekening yang dipelihara di bank koresponden yang besarnya ditetapkan berdasarkan saldo minimum. c. dapat memelihara sejumlah kas secukupnya untuk memenuhi pengambilan uang tunai. dalam pengelolaan dana, bank akan mengalami salah satu dari tiga hal di bawah ini : 1. posisi seimbang (squere) dimana persedian dana sama dengan kebutuhan dana yang tersedia 2. posisi lebih (long) dimana persediaan dana lebih dari kebutuhan dana yang tersedia. 3. posisi kurang (short) dimana persediaan dana kurang dari kebutuhan dana. dalam kegiatan operasional, bank dapat mengalami kelebihan atau kekurangan likuiditas. apabila terjadi kelebihan maka hal itu dianggap sebagai keuntungan bank. sedangkan jika terjadi kekurangan likuiditas, maka bank memerlukan sarana untuk menutupi kekurangan tersebut (widyaningsih, 2005). a. mekanisme pengelolaan likuiditas bank syariah transaksi pembayaran dalam aktivitas perbankan dilakukan melalui mekanisme kliring dengan membebankan rekening giro bank yang bersangkutan pada bank indonesia (bi). apabila dalam pelaksanaan saldo bank menjadi kurang dari giro wajib minimum (gwm), maka bank atau kantor cabangnya dikenakan kewajiban membayar. untuk ketentuan mengenai besarnya mata uang dan mekanisme gwm bagi bank umum syariah, kini telah ada pengaturan tersendiri yaitu pbi no. 6/21/pbi/2004 tentang giro wajib minimum dalam rupiah dan valuta asing bagi bank umum yang melaksanakan kegiatan usaha bagi yang menjalankan usaha berdasarkan prinsip syariah. bagi bank syariah yang mengalami kekurangan dana dapat menerbitkan sertifikat investasi mudharabah antarbank (ima) yang merupakan sarana penanaman modal bagi bank syariah maupun bank konvensional. berdasarkan ketentuan pasal 3 pbi no.2/8/pbi/2000, sertifikat ima adalah satu-satunya piranti yang digunakan dalam operational pasar uang antar bank berdasarkan prinsip syariah. dalam aktivitas puas, transaksi pembayaran juga dilakukan melalui mekanisme kliring dengan membebankan rekening giro bank syariah yang bersangkutan di bi. ketentuan mengenai kliring ini diatur dalam pbi no 2/4/pbi/2000 tanggal 11 februari 2000 bagi bank umum syariah dan unit usaha syariah bank umum konvensional. 94 kliring bagi bank umum syariah (bus) dan unit usaha syariah bank umum konvensional (uus buk) dan wgm intinya mengatur teknik pendukung mekanisme puas, mialnya mengenai jumlah rekening yang harus ada di bi bagi masing-masing bus maupun uus buk dan penanganan saldo giro negatif untuk kegiatan usaha konvensional dan usaha syariah. sedangkan untuk menjaga kestabilan moneter bank syariah peserta puas, bi menyerap kelebihan likuiditas bank-bank syariah melalui penerbitan sertifikat wadiah (titipan). untuk mengatasi mismatch (kekurangan arus dana masuk dari arus dana keluar) pada aktivitas bank syariah kesehariannya dapat diatasi dengan melalui fasilitas pembiayaan jangka pendek bagi bank syariah (fpjps). karim (2010) menjelaskan mekanisme manajemen likuiditas bank syariah dengan mengklasifikasikannya dengan tiga macam yaitu manajemen likuiditas sisi penghimpunan dana, manajemen likuiditas sisi penyaluran dana dan manajemen gap likuiditas. 1. manajemen likuiditas sisi penghimpunan dana sebagian besar dana masyarakat yang diterima bank sifatnya jangka pendek seperti giro, tabungan dan deposito, penjelasannya sebagai berikut (karim, 2010): a. produk giro, misalnya, dengan media penarikan berupa cek atau bilyet giro, memang dimaksudkan untuk kegunaan nasabah melakukan transaksi, baik menerima uang atau membayar uang kepada kepada mitranya. sehingga periode waktu pengendapan dana-dana di bank bersifat sangat jangka pendek. salah satu ukuran yang digunakan untuk melihat berapa banyak dana-dana giro yang benar-benar mengendap di bank adalah floating rate (fr). fr = (rata-rata jumlah dana yang mutasi atau rata-rata dana) x 100% bila rasio fr untuk dana giro berkisar 70-80%, berarti hanya 20-30 persen dari dana giro yang benar benar menghadap di bank. b. produk tabungan relatif lebih lama mengendap di bank karena tidak menggunakan alat tarik cek dan bilyet giro. di masa lalu, nasabah harus datang ke kantor bank untuk menarik atau menyetor uangnya ke rekening tabungan. namun, dengan semakin luasnya jaringan atm (anjungan tunai mandiri/ automatic teller machine), maka nasabah menjadi semakin mudah menarik dana tabungannya. semakin luasnya akses atm yang dilengkapi pula dengan electronic debit card (edc), yaitu alat pembayaran elektronik kartu tabungan, membuat fr produk tabungan, membuat fr produk tabungan meningkat signifikan. biasanya ada dua cara yang dilakukan bank untuk menurunkan fr tabungan, yaitu dengan : 95 1) mendorong nasabah melakukan transaksi non tunai, misalnya transfer dana dari satu rekening ke rekening lainnya, sehingga dananya tetap mengendap di bank. 2) menyediakan atm yang dapat menerima setoran sehingga dana yang di tarik tergantikan oleh dana yang di setor. c. produk deposito relatif lebih dapat diprediksi waktu mengendapnya karena telah jelas tenornya. saat ini tenor deposito di indonesia terdiri dari 1 bulan, 3 bulan, 6 bulan, dan 12 bulan. untuk mengurangi dorongan nasabah mencairkan depositonya sebelum waktu yang diperjanjikan, biasanya bank mengenakan “denda pencairan sebelum jatuh tempo”. secara statistik, fr untuk produk deposito mendekati nihil. 2. manajemen sisi penyaluran dana sebagian besar dana yang disalurkan bank kepada masyarakat sifatnya jangka menengah panjang. a. pembiayaan konsumer biasanya ditawarkan dengan menggunakan akad murabahah atau akad ijarah. b. pembiayaan modal kerja biasanya ditawsrkan dengan akad murabahah untuk pengadaan barang, ijarah untuk pengadaan jaa, mudharabah untuk membiayai bisnis c. pembiayan investasi biasanya ditawarkan dengan menggunakan akad murabahah, imbt, musyarokah mutanaqisah. dari uraian ini tampak sebagian besar dana yang disalurkan bank kepada masyarakat sifatnya jangka menengah panjang. 3. manajemen gap likuiditas penghimpunan dana merupakan sisi liabilities, sedangkan penyaluran dana merupakan sisi aset dari suatu bank. gap likuiditas adalah selisih antara outstanding east dengan liabilities, atau secara dinami, selisih antara perubahan aset dan liabilities. gap positif terjadi ketika aset lebih besar daripada liabilities, sedangkan gap negatif adalah kebalikannya (karim, 2010). secara umum manajemen likuiditas dilakukan dengan : 1. bila terjadi kekurangan likuiditas, bank syariah mencari dana antara lain dengan : a. menjual aset likuidnya agar mendapat likuiditas dalam hal bank syariah memiliki aset likuid. b. menerima penempatan dana atau likuiditas dari bank syariah lain atau institusi/ individu lain secara syariah dalam hal : 1) bank syariah tidak memilik aset likuid yang dapat dijual. 2) secara ekonomis lebih menguntungkan melakukan (b) daripada (a) 3) secara ekonomis lebih menguntunkan melakukan kombinasi (a) dan (b) 2. bila terjadi kelebihan likuiditas, bank syariah menempatkan dana antara lain dengan : 96 a. membeli aset likuid agar likuiditasnya produktif b. menempatkan dana ke bank syariah lain atau institusi lain secara syariah dalam hal : 1) tidak tersedia aset likuid syariah di pasar, atau 2) secara ekonomis lebih menguntungkan melakukan (b) daripada (a), atau, 3) secara ekonimis lebih menguntungkan melakukan kombinasi (a) dan (b). b. ciri-ciri bank syariah yang memiliki likuiditas sehat dengan melakukan manajemen likuiditas maka bank akan dapat memelihara likuiditas yang dianggap sehat dengan ciri-ciri sebagai berikut: 1) memiliki sejumlah alat likuid, cash asset (uang kas, rekening pada bank sentral dan bank lainnya) setara dengan kebutuhan likuiditas yang diperkirakan, 2) memiliki likuiditas kurang dari kebutuhan, tetapi memiliki surat-surat berharga yang segera dapat dialihkan menjadi kas, tanpa harus mengalami kerugian baik sebelum atau sesudah jatuh tempo, 3) memiliki kemampuan untuk memperoleh likuiditas dengan cara menciptakan uang, misalnya dengan menjual surat berharga dengan repurchase agreement. 4) memenuhi ratio pengukuran likuiditas yang sehat yaitu : a. rasio alat likuid terhadap dana pihak ketiga: 1) merupakan ukuran untuk menilai kemampuan bank dalam memenuhi kebutuhan likuiditas akibat penarikan dana oleh pihak ketiga dengan menggunakan alat likuid bank yang tersedia, 2) alat likuid bank terdiri atas uang kas, saldo giro pada bank sentral dan bank koresponden 3) semakin besar rasio ini semakin besar kemampuan bank memenuhi kewajiban jangka pendeknya, tetapi disisi lain mengidentifikasikan semakin besarnya idle money. b. rasio pembiayaan terhadap total dana pihak ketiga (fdr) 1) finance to deposit ratio (fdr), yang menggambarkan perbandingan pembiayaan yang disalurkan dengan jumlah dpk yang disalurkan, 2) ratio ini harus dipelihara pada posisi tertentu yaitu 75-100%. jika ratio di bawah 75% maka bank dalam kondisi kelebihan likuididitas, dan jika ratio diatas 100% maka bank dalam kondisi kurang likuid, 3) menurut kriteria bank indonesia, ratio sebesar 115% keatas nilai kesehatan likuiditas bank adalah nol c. instrumen manajemen likuiditas bank syari’ah ada instrumen-instrumen likuiditas yang dapat dijalankan bank syari’ah dalam rangka memenuhi kewajiban likuiditas, yaitu : giro wajib minimum (gwm), 97 kliring dan bantuan likuiditas bank indonesia (blbi), penjelasan ketiga hal ini sebagai berikut: 1) giro wajib minimum (gwm) giro wajib minimum adalah simpanan minimum bank umum dalam giro pada bank indonesia yang besarnya ditetapkan olah bi berdasarkan persentase tertentu dari dana pihak ketiga (dpk). perhitungan ini berlaku baik untuk gwm dalam rupiah maupun valuta asing. 2) kliring kliring adalah sarana perhitungan utang-piutang antar bank dengan cara saling menyerahkan surat-surat berharga dan surat-surat dagang guna memperlancar lalu lintas pembayaran yang terdiri dari pengiriman uang, inkaso, dan pembukaan letter of credit. ketentuan mengenai kliring yang berlaku bagi bank umum konvensional berlaku pula bagi bank umum yng berdasarkan prinsip syariah, dengan beberapa perbedaan dan tambahan. ketentuan yang berlaku bagi bank berdasarkan prinsip syariah antara lain meliputi ukuran besarnya sanksi pelanggaran saldo giro negatif dan tatacara pengenaan sanksi untuk bank-bank bersaldo negatif. 3) blbi blbi bantuan likuiditas bank indonesia (blbi) adalah skema bantuan (pinjaman) yang diberikan bank indonesia kepada bank-bank yang mengalami masalah likuiditas pada saat terjadinya krisis moneter 1998 di indonesia. skema ini dilakukan berdasarkan perjanjian indonesia dengan imf dalam mengatasi masalah krisis. pada bulan desember 1998, bi telah menyalurkan blbi sebesar rp 147,7 triliun kepada 48 bank. selain instrumen diatas juga ada instrumen yang saat ini tersedia untuk melakukan manajemen likuiditas bank syariah melalui pasar uang antarbank syariah, antara lain (karim, 2010), yaitu: 1) sertifikat bank indonesia syariah (sbis) sertifikat bank indonesia syariah adalah surat berharga berdasarkan prinsip syariah berjangka waktu pendek dalam mata uang rupiah yang diterbitkan oleh bank indonesia. karakteristik sertifikat bank indonesia syariah adalah : menggunakan akad jua’alah, satuan unit sebesar rp.1.000.000,-, berjangka waktu paling kurang 1 bulan dan paling lama 12 bulan, diterbitkan tanpa warkat (scripless), dapat digunakan kepada bank indonesia, dan tidak dapat diperdagangkan di pasar sekunder akad jua’alah adalah janji atau komitmen (iltijam) untuk memberikan imbalan tertentu (iwadh/ ju’l) atas pencapaian hasil (natijah) yang ditentukan dari suatu pekerjaan. dalam hal ini bank indonesia menegaskan pada bankbank syariah “carikan dana sejumlah sekian untuk jangka waktu sekian lama bila berhasil maka akan aku beri imbalan atas keberhasilan itu”. 98 2) deposito antar bank syariah sebagai sarana pengelolaan likuiditas, bank syariah dapat menggunakan sarana deposito antarbank, bail dalam penempatan dananya maupun dalam memenuhi kebutuhan dananya. deposito antarbank ini menggunakan prinsip mudharabah. mudharabah adalah perjanjian antara penanam dana dan penge-lola dana untuk melakukan kegiatan usaha guna memperoleh keuntungan, dan keuntungan tersebut akan dibagikan kepada kedua belah pihak berdasarkan nisbahyang telah disepakati sebelumnya. 3) sertifikat investasi mudharabah antarbank (sima) sertifikat investasi mudharabah antar bank yang selanjutnya disebut sima adalah sertifikat yang diterbitkan oleh bank syariah atau uus yang digunakan sebagai sarana investasi jangka pendek di puas dengan akad mudharabah. sima diterbitkan oleh bank pengelola dana (bank syariah atau unit usaha syariah) dengan jangka waktu paling lama 365 hari dan dapat diperjualbelikan (treadable), sepanjang sebelum jatuh tempo. 4) fasilitas simpanan bank indonesia syariah (fasbis) merupakan fasilitas yang diberikan bank indonesia kepada bank untuk menempatkan dananya di bank indonesia dalam rangka kegiatan operasi pasar terbuka (opt). jangka waktu fasbis maksimum 7 hari dengan sistem imbalan berupa fee, dan diterbitkan tanpa bukti kepemilikan (warkat) melainkan bukti pendebatan atau pengkreditan rekening giro bank brupa confirmation advice pada sistem bi-rtgs. fasbis tidak dapat diperdagangkan, tidak dapat digunakan, dam tidak dapat dicairkan sebelum jatuh waktu. 5) fasilitas pembiayaan jangka pendek bagi bank syariah (fpjps) fasilitas pembiayaan jangka pendek bagi bank syraiah atau sering disebut dengan fpjps merupakan instrumen dari bank indonesia sebagai the lender of last resort bagi bank-bank syariah yang mengalami kesulitan likuiditas atau kesulitan pendanaan jangka pendek yang disebabkan oleh tergantungnya arus dana masuk yang lebih kecil dibandingkan dengan arus dan keluar (mismatch). tujuan dari diberlakukan fpjps ini adalah umtuk mebantu bank syariah yang mengalami kesulitan pendanaan jangka pendek, namun memenuhi persyaratan tingkat kesehatan dan permodalan (illiquid but solvent). 6) fasilitas likuiditas intrahari bagi bank umum berdasarkan prinsip syariah (flis) untuk mengatasi kemacetan dalam sistem pembayaran dalam implementasi bi-rtgs maka bani indonesia memandang perlu untuk menyediakan fasilitas pendanaan dalam jangka waktu yang sangat pendek berdasarkan prinsip syariah selama waktu operasional sistem bi-rtgs dalam bentuk flis-rtgs yang wajib dilunasi oleh bank pada akhir hari yang sama. selain itu untuk mengatasi mangantisipasi kemungkinan kegagalan bank dalam memenuhi kewajibannya sebagai peserta dalam sknbi, bank indonesia 99 juga memandang perlu untuk menyediakan fasilitas pendanaan untuk jangka waktu yang sangat pendek berdasarkan prinsip syariah selama waktu operasional berupa flis kliring yang wajib dilunasi pada waktu akhir yang sama. masalah manajemen likuiditas bank syariah kendala operasional yang dihadapi oleh perbankan syariah adalah kesulitan dalam mengendalikan likuiditasnya secara efisien, hal itu terlihat pada beberapa gejala, antara lain (arifin, 2009): 1. tidak tersedianya kesempatan investasi segera atas dana dana yang diterimanya. dana dana tersebut terakumulasi dan menganggur untuk beberapa hari sehingga mengurangi rata rata pendapatan mereka 2. kesulitan mencairkan dana investasi yang sedang berjalan, pada saat ada penarikan dana dalam situasi kritis. akibatnya bank bank syariah menahan alat likuidnya dalam jumlah yang lebih besar daripada rata rata perbankan konvensional. pada umumnya bank syariah mengalami dua macam kendala bila dibandingkan dengan bank konvensional, yaitu: kurangnya akses untuk memperoleh pendanaan jangka pendek, khususnya dari bi sebagai bank sentral, dan kurangnya akses ke pasar uang sehingga bank syariah hanya dapat memelihara likuiditas dalam bentuk kas. untuk mengantisipasi masalah tersebut, ada beberapa pilihan yang kebanyakan dilakuan oleh pengelola bank-bank syariah yang bersifat darurat yaitu: menolak mengambil bunga, mengambil uang dan menggunakannnya untuk tujuan sosial yang berdasarkan fatwa, menginvestasikan dalam bentuk emas dan atau logam mulia lainnya secara tunai dengan kontrak berjangka, dan membiarkan diri kehilangan kesempatan di pasar uang dan menyimpan dananya di bank konvensional tanpa menerima bunga sebagai imbangan dari servis yang diperolehnya. melakukan analisis perencanaan likuiditas bank syari’ah adalah mengidentifikasi kebutuhan utama terhadap likuiditas kemudian membandingkan kebutuhan tersebut dengan jumlah aktiva lancar yang dimiliki bank pada saat itu. analisis ini dilakukan dengan 3 tahap sebagai berikut: 1) tahap pertama : klasifikasikan sumber-sumber dana utama bank berdasarkan tingkat kecepatan berputarnya. kelompokkan dana yang sifatnya stabil atau tetap dan dana yang berfluktuasi. estimasikan persentase pada masing-masing kelompok pada dana tersebut dilihat dari waktu penarikannya, maka terdapat dua jenis dana yaitu dana yang dapat ditarik sewaktu-waktu meliputi tabungan dan giro wadiah serta dana yang ditarik pada saat jatuh tempo meliputi investasi mudharabah. untuk memperkirakan jumlah penarikan pada tabungan dan giro wadiah, bank 100 syariah harus menganalisis dari pengalaman penarikan dana harian pada masamasa sebelumnya (historical data), 2) tahap kedua : kelompokkan jenis aktiva yang likuid maupun yang tidak likuid. pengelompokkan ini dimaksudkan untuk mengukur kemampuan bank dalam memenuhi kebutuhan likuiditasnya dari aktiva lancar yang dimilikinya. 3) tahap ketiga : bandingkan total aktiva lancar dengan dana yang dianggap berubah-ubah (volatile). apabila perbandingan tersebut hasilnya sama dengan satu berarti posisi kebutuhan likuiditas persis sama dengan jumlah aktiva lancar yang dimiliki bank saat itu (balance liquidity position). 4) tahap ke empat: kebutuhan likuiditas bank yang biasanya dipengaruhi oleh faktor-faktor berikut ini: pertama, kewajiban reserve yang ditetapkan oleh bank sentral, yaitu merupakan giro wajib minimum (gwm) yang merupakan ketentuan bank indonesia. giro wajib minimum merupakan kewajiban cadangan (reserve requirement) yang ditetapkan oleh oleh bank indonesia sebesar prosentase dari dana pihak ketiga (dpk). dana pihak ketiga meliputi seluruh dpk dalam rupiah maupun valuta asing pada seluruh kantor bank yang bersangkutan di indonesia. kedua, kebutuhan dana operasional. ketiga, rencana penyaluran pembiayaan termasuk komitment bank kepada nasabah atau pihak lain untuk memberikan fasilitas pembiayaan atau melakukan investasi. bisnis di perbankan merupakan bisnis kepercayaan, oleh karenanya pemenuhan komitmen harus menjadi fokus bank syariah. keempat, estimasi penarikan dana oleh nasabah, baik yang reguler maupun irreguler. kelima, saldo minimum pada bank koresponden harus disadari bahwa perbankan syariah adalah industri yang masih dalam tahap permulaan sehingga belum mampu menjadi pemimpin dalam industri perbankan khususnya di indonesia. berdasarkan kenyataan tersebut maka di dalam issue likuiditas ini, disamping bersaing dengan sesama bank syariah, persaingan juga terjadi dengan bank konvensional yang sudah mapan. untuk mengantisipasi dan mengatasi masalah likuiditas dikaitkan dengan upaya pengembangan bank syariah, tuntutan deposan, profesionalitas, tingkat profitabilitas dan kepatuhan terhadap sistem syariah, bank syariah harus melakukan strategi antara lain berikut ini: 1. menggiatkan pendidikan dan sosialisasi bank islam khususnya menjelaskan tentang aspek-aspek ekonomi dan sistem nilai keislaman kepada masyarakat. diharapkan dengan cara ini akan memberikan dampak positif berikut : a) deposan/investor baru akan datang mendeposit dananya ke bank islam, b) peningkatan dana baru yang masuk akan meningkatkan kemampuan ekspansi bisnis bank islam dan suatu saat diharapkan mampu mewarnai industri perbankan. 101 c) deposan tidak terpengaruh dengan return tinggi yang tidak halal yang ditawarkan oleh lembaga keuangan konvensional. 2. terus memperbaiki dan meningkatkan kinerja bank islam. mengintensifkan dan fokus pada equity based financing daripada debt based financing akan menyebabkan meningkatnya profit jangka pendek dan panjang. saat ini terbuka kesempatan untuk menyalurkan equity based financing seperti joint financing untuk membiayai proyek-proyek pemerintah dan swasta, membeli sukuk pemerintah atau perusahaan, dll. menawarkan return tinggi dan kompetitif adalah salah satu cara memelihara loyalitas segmen deposan rasional juga untuk menarik deposan baru. 3. memperkuat koordinasi, komunikasi dan pengertian dengan deposan/investor dan patner bisnis. terkait dengan pendekatan syariah terhadap risiko likuiditas, proses mobilisasi dana dan proses penyaluran dana menyangkut tiga komponen penting yaitu : a) tingkah laku masyarakat karena operasional bank syariah didasarkan pada amanah dan berbagi risiko dengan patner bisnis b) harmonisasi asset dan liability c) pengukuran dan monitoring dana 4. mengidentifikasi berapa banyak deposan rational yang dimiliki bank. salah satu cara untuk mengidentifikasi rational deposan adalah dengan mengamati berapa banyak dari mereka yang menarik dananya dan memindahkan ke bank konvensional ketika tingkat suku bunga dari bank konvensional lebih tinggi dari return yang dihasilkan oleh bank islam. 5. membentuk satuan tugas atau team khusus untuk memonitor, mengevaluasi dan mendeteksi kemungkinan terjadinya kesulitan likuiditas yang akan menimpa bank. hal pertama yang harus dilakukan adalah meneliti aliran dana untuk mengantisipasi mismatch asset – likuiditas, menetapkan kebijakan internal mengenai ukuran default dari partner bisnis, mendesain strategi menghadapi masalah likuiditas sekaligus struktur birokrasi pengambilan keputusan di dalam memenuhi kebutuhan likuiditas yang mendesak. 6. menyiapkan kas dan cadangan likuiditas untuk kondisi tertentu. bank membutuhkan likuiditas untuk transaksi reguler maupun irreguler. transaksi reguler adalah operasional sehari-hari, sementara transaksi irreguler terdiri dari 2 hal ; a) irreguler tetapi dapat diprediksi b) irreguler dan tidak dapat diprediksi, kebutuhan likuiditas irreguler yang dapat diprediksi diantaranya adalah kewajiban menyediakan dana untuk kebutuhan keuangan untuk operasional pemerintah yang biasanya sangat besar. tetapi kebutuhan likuiditas irreguler adalah penarikan yang tiba-tiba oleh deposan dalam jumlah besar yang disebabkan keadaan tertentu. 102 7. mendisain portofolio bank termasuk instrumen yang likuid. likuid instrumen tersebut siap setiap saat untuk dicairkan kapanpun dibutuhkan. alternatif lain adalah dengan mencari likuiditas dari pasar uang syariah atau didalam keadaan yang sangat mendesak bank dapat memohon bantuan likuiditas dari bank sentral. simpulan likuiditas merupakan suatu hal yang sangat penting bagi bank untuk dikelola dengan baik karena akan berdampak kepada profiitabililitas serta business sustainibility dan continuity. hal itu juga tercermin dari peraturan bank indonesia yang menetapkan likuiditas sebagai salah satu dari delapan risiko yang harus dikelola oleh bank. konsep likuiditas di dalam dunia bisnis diartikan sebagai kemampuan menjual aset dalam waktu singkat dengan kerugian yang paling minimal. tetapi pengertian likuiditas dalam dunia perbankan lebih kompleks dibanding dengan dunia bisnis secara umum. dari sudut aktiva, likuiditas adalah kemampuan untuk mengubah seluruh aset menjadi bentuk tunai (cash), sedangkan dari sudut pasiva, likuiditas adalah kemampuan bank memenuhi kebutuhan dana melalui peningkatan portofolio liabilitas. pengelolaan likuiditas dilakukan tidak saja untuk mengukur posisi likuiditas pada bank sedang berjalan, tetapi juga dipergunakan untuk memeriksa kebutuhan dana pada berbagai skenario jika terjadi kondisi yang berbeda. pemberian pinjaman kepada nasabah, dalam hal jangka watu pinjaman, juga tidak mutlak dalam kendali bank. pinjaman juga dapat menentukan apakah akan meminjam untuk jangka pendek atau panjang. pinjaman mempunyai strategi sendiri untuk mengelola dananya. sebagian besar dana pada bank diperoleh dengan membuat perjanjian dengan para nasabah, yakni dana tersebut dapat segera ditarik saat dibutuhkan oleh nasabah giro, tabungan, atau saat jatuh tempo deposito. dengan demikian hubungan antara dana yang dihimpun dan dala bentuk apa dana tersebut akan diinvestasikan sebaiknya saling terkait. secara garis besar manajemen likuiditas terdiri dari dua bagian, yaitu; pertama, memperkirakan kebutuhan dana, yang berasal dari penghimpunan dana (deposit inflow) dan untuk penyaluran dana (fund out flow) dan berbagai komitmen pembiayaan (finance commitments). secara garis besar kondisi likuiditas bank dipengaruhi oleh faktor eksternal dan internal. faktor eksternal adalah faktor yang bisa dikendalikan oleh bank, sedangkan faktor internal pada umumnya adalah yang bisa dikendalikan oleh bank. faktor eksternal antara lain kondisi ekonomi dan moneter, karakteristik deposan, kondisi pasar uang, peraturan, dll. sedangkan faktor internal sangat tergantung kepada kemampuan manajemen mengatur setiap instrumen likuiditas bank. contohnya adalah pemilihan strategi penerapan asset-liabities manajemen. kondisi perekonomian, dinamika perbankan konvensional dan keberpihakan 103 masyarakat islam terhadap bank syariah sangat mempengaruhi strategi pengelolaan likuiditas bank syariah. manajemen likuiditas di bank syariah atau unit usaha syariah merupakan bagian dari asset dan liability management yang secara umum bertujuan untuk menjaga likuiditas suatu bank syariah atau unit usaha syariah agar kegiatan operasional tetap berjalan dan kepercayaan masyarakat terjaga. ruang lingkup dalam pengelolaan likuiditas adalah mengoptimalisasi penggunaan dana agar tidak terjadi idle fund yang besar dan tidak terjebak dalam kesulitan likuiditas. untuk itu estimasi kebutuhan dana likuiditas yang diperoleh melalui proyeksi arus kas menjadi sangat penting. pustaka acuan al arif, m. n. r. 2012. lembaga keuangan syariah: kajian teoritis praktis. bandung: alfabeta arifin, zainul. 2000. memahami bank syariah. jakarta :pustaka alfabet -----------------. 2009. dasar dasar manajemen bank syariah. jakarta: azkia publisher bidabad, bijan and mahmoud allahyarifard. 2008. asset and liability management in islamic banking. paper prepared to be presented 3rd international conference on islamic banking and finance, karachi, pakistan, 24-25 march, 2008. hadisoewito, selamat. 1987. dasar-dasar perbankan indonesia. jakarta: upn veteran hadori, hlb, dkk. 2002. studi keuangan bantuan likuiditas bank indonesia. jakarta: bank indonesia judiseno, rimsky k. 2005. sistem moneter dan perbankan di indonesia. jakarta : pt.gramedia pustaka utama karim, adiwarman. a. 2010. bank islam analisi fiqih dan keuangan. jakarta: pt.grafindo persada kasmir. 2003. manajemen perbankan. jakarta: rajawali pers latumaerissa, julius r. 1999. mengenal aspek-aspek operasi bank umum. jakarta: bumi aksara. muhammad. 2004. manajemen dana bank syari’ah. yogyakarta: jalasutra peraturan bank indonesia no. 11/25/pbi/2009, tanggal 1 juli 2009 tentang perubahan atas peraturan bank indonesia no. 5/8/pbi/2003 tentang penerapan manajemen risiko bagi bank umum. riyanto, bambang. 2001. dasar-dasar pembelanjaan perusahaan. yogyakarta:bpfe yogyakarta siamat, dahlan. 2005. manajemen lembaga keuangan kebijakan moneter dan perbankan. jakarta: lembaga penerbit fakultas ekonomi universitas indonesia. sinungan, muchdarsyah. 1997. manajemen dana bank. jakarta:bumi aksara. pengelolaan likuiditas bank syariah al arif, m. n. r. 2012. lembaga keuangan syariah: kajian teoritis praktis. bandung: alfabeta arifin, zainul. 2000. memahami bank syariah. jakarta :pustaka alfabet wan suryani1, irwan mohd subri2, ahmad rafiki3, fitriani tobing4, sutan emir hidayat5 abstract. this article applies bibliometric analysis to examine existing works and literature on halāl cosmetics to explore the concept's evolving journey since its emergence. the bibliometric approaches applied are citation, co-citation, and co-occurrence of author keywords of 137 publications extracted from the scopus database between 2004 and september 2021. this research examines and elaborates on the type and direction of research on halāl cosmetics undertaken over the last few decades. it also identifies the topic's most influential writers, journals, institutions, and countries. a short swot analysis includes in this study. this study provides academics and practitioners with detailed insights into the halāl cosmetics concepts to be used as a reference for strategic efforts. keywords: halal, cosmetics, bibliometric analysis, scopus abstrak. artikel ini menerapkan analisis bibliometrik untuk mengkaji karya dan literatur yang ada tentang kosmetik halāl untuk mengeksplorasi perjalanan konsep yang berkembang sejak kemunculannya. penelitian ini menggunakan pendekatan bibliometrik seperti sitasi, co-citation, dan co-occurrence 137 publikasi yang diambil dari database scopus antara tahun 2004 dan september 2021. penelitian ini mengkaji dan menguraikan jenis dan arah penelitian tentang kosmetik halāl yang dilakukan selama beberapa dekade terakhir serta mengidentifikasi penulis, jurnal, institusi, dan negara paling berpengaruh tentang kosmetik halāl. analisis swot singkat termasuk dalam penelitian ini. kajian ini memberikan wawasan yang mendetail kepada akademisi dan praktisi tentang konsep kosmetik halāl, yang selanjutnya dapat digunakan sebagai referensi untuk upaya-upaya strategis. kata kunci: halal, kosmetik, analisis bibliometrik, scopus overview of halal cosmetics in a decade: a bibliometric analysis al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 129 154 1,3,4medan area university 2university sains islam malaysia 5gunadarma university e-mail: 1wansuryani77@yahoo.com, 2irwan@usim.edu.my, 3hahmadrafiki@gmail.com, 4tobingfitri@gmail.com, 5sutan.emir@knks.go.id author: sutan emir hidayat received: 29 november 2021 accepted: 19 juni 2022 published: 20 juni 2022 mailto:wansuryani77%40yahoo.com?subject= mailto:irwan%40usim.edu.my?subject= mailto:hahmadrafiki%40gmail.com?subject= mailto:tobingfitri%40gmail.com?subject= mailto:sutan.emir%40knks.go.id?subject= 130 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction indonesia is staunchly built on the muslim population that offers enormous potential and development of halāl products, sectors and industries. global religious future data shows that indonesia's muslim population in 2020 has reached 229.6 million people, equivalent to 87.2% of the total population. the growing demand for halāl products in indonesia also shows a positive direction. this makes indonesia a potential market for the marketing of halāl cosmetic products. if the halāl product market was previously considered limited and less profitable, halāl products have become a prime resource that can increase foreign exchange. since the dawn of civilization, food and pharmaceutical products (medicines, cosmetics and personal care products) have been the earliest human needs (mursidi, 2013). however, muslims have strict religious guidelines when it comes to consumption and use. for example, allah commands muslims to consume only those things which are halal (i.e. religiously permissible) and good (quran, 23:51). namely, muslims are obligated to consume and use only halāl products (rezai et al., 2009; salehudin and luthi, 2011; rahim and junos, 2012). the fact that indonesia is an excellent market for the cosmetic industry is in line with the growing halāl lifestyle worldwide, especially among muslims in indonesia (adinugraha & sartika, 2019). the concept of halāl or islam was traditionally acknowledged and applied to food products and banking & financial services but later developed into other product categories, including cosmetics (islam & chandrasekaran, 2013). in 2014, the global muslim cosmetic industry spent $54 billion, or about 7% of world spending, and is projected to increase in 2020 by $80 billion (yuswati, 2018). the cosmetic industry in indonesia booked a positive trend of 20% in 2018 compared to the previous year. this was mainly triggered by the significant demand from the domestic and export markets, especially for women, who were the main target of the cosmetic industry (ministry of industry, 2018). in asia-pacific, china and india, the high demand for colored cosmetics from 2015 to 2020. color cosmetics are dyes and cosmetics used in eye shadow, foundation, nail polish, lipstick, and others (mohammadzadeh, 2015). several cosmetic brands of its predecessors then followed. cosmetic products use halāl certification as a brand as the main selling point to answer the growing trend of demand for halāl products for muslim women in indonesia. moreover, awareness of the importance of halāl brands in the cosmetic industry among customers is still lacking (rajagopal et al., 2011). it was revealed that research and publications on halāl cosmetics are still scarce. there are gaps to fulfill by http://journal.uinjkt.ac.id/index.php/iqtishad wan suryani. overview of halal cosmetics in a decade: a bibliometric analysis 131 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 elaborating the map or trend on halāl cosmetics, which could be a reference for future research. halāl awareness is influenced by various factors such as halāl knowledge by frequently participating in halāl development events or halāl exhibitions, halāl training, and the halāl certification process (nusran et al., 2018). in addition, halāl awareness among consumers, halāl product quality certification, and market promotion have a positive effect on consumers’ purchase intentions for halāl products (hussin et al., 2013; majid et al., 2015). as a majority muslim country, indonesia has challenges regarding the lack of public awareness of the importance of halāl products and understanding of halāl law. literature review cosmetics symbolize the beauty of a woman who always wants to look beautiful. a muslim woman uses cosmetics not only to beautify their face but also to show serenity and self-confidence. therefore they must be more careful in choosing cosmetic products and ensure that the products used are in accordance with religious sharia and have a halāl certificate (briliana et al., 2017). in contrast to the halāl food industry, there is a mixed perspective on halāl. consumers in malaysia have higher acceptance and intentions toward halāl food products than halāl cosmetic products (rahman et al., 2015). however, for the majority of the muslim population in several islamic countries, the application of islamic principles shows differences in their implementation (rizkitysha, 2020). research conducted by annabi et al. (2017) explains that many cosmetic choices are available in the market in cosmetic products, most of which originate from non-muslim countries (briliana et al., 2017). this raises concern for muslim consumers (ahmad et al., 2015). in addition, it is also not accompanied by halāl certification. delener (1994) suggests that each person has a different level of religiosity, ranging from non-religious to very religious, and these different levels of religiosity affect consumption behavior. according to research conducted by suhartanto et al. (2020), a person's level of religiosity does not affect the behavior toward halāl cosmetics due to the view of consumers who perceive that cosmetics are different from other halāl products. cosmetics are only applied on the outside, which cannot be swallowed or enter the body. therefore in halāl cosmetics, consumer loyalty is more influenced by emotional attachment and product quality than religiosity (suhartanto et al., 2020). this is an input for the halāl cosmetic industry to further improve product quality http://journal.uinjkt.ac.id/index.php/iqtishad 132 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 and continue innovating to provide excellent service and customer satisfaction. this research is supported by khan et al. (2020), which state that generation y is not concerned with religious beliefs in buying halāl cosmetics. the safety factor of cosmetic ingredients and halāl logos are important decision-making considerations in consuming halāl cosmetics. however, a different opinion was expressed by rizkitysha (2020) that the higher a person’s level of religiosity, the more likely they are able to identify halāl products and avoid haram products, and the more aware their appreciation of using halāl labels to save shopping time to be more efficient. this opinion is in line with briliana et al. (2017), which explains that consumers with a high level of religiosity and highly educated are very concerned about halāl labels used to identify halāl cosmetic products. halāl cosmetics are considered innovations in the cosmetic industry due to the new ingredient contents that meet customer demands (mohezar et al., 2016). in 2010, a cosmetic company entered the market by launching as the pioneer of the first halāl label for cosmetics in indonesia, which prompted similar companies to produce halāl cosmetics. in addition, the halāl certification has become one of the prominent features of the growing trend in the new phenomenon of growing demand for halāl products among muslim women in several countries. below is the market value for halāl products as a reference for future research. table 1. market value for halal products in the world no sector realized and predicted value (usd, million) value (usd, million)2018 2024 percentage of increase (%) 1 halal food 1,37 1,97 6,3 173 2 islamic finance 2,52 3,47 5,5 86 3 halal travel 189 274 6,4 11 4 halal fashion 283 402 6,0 21 5 media & recreation 220 309 5,8 10 6 halal pharmacy 92 134 6,5 5 7 halal cosmetics 64 95 6,8 4 source: thomson reuters (2019) http://journal.uinjkt.ac.id/index.php/iqtishad wan suryani. overview of halal cosmetics in a decade: a bibliometric analysis 133 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 methods a rigorous bibliometric analysis in this study aimed to address all the pre-defined research questions. in addition, bibliometric analysis manifests interconnections among the articles regarding the frequency of an article cited and co-cited by other articles. in addition, this study includes a swot analysis to see the phenomenon of the halāl cosmetics industry. figure 1. the process of bibliometric this study has retrieved data from scopus, a comprehensive database that has been used extensively by various researchers for carrying out bibliometric analysis in multiple domains. the primary reason for choosing scopus is the sheer availability, which is nearly 60 percent larger than the web of science (wos) database (zhao & strotmann, 2015). hence, the authors searched for articles relevant to this study from the scopus database with the following titles; “halāl” and “cosmetics”. the study limits its analysis only to the discipline of “business” and “management”, which emphasizes the subject of halāl cosmetics. the publication dates of the articles range from 2010 to 2021. additionally, articles and reviews were published only in journals considered for this study, while conference papers are excluded from this study, and the articles were published only in english. a thorough review is done based on selected articles. http://journal.uinjkt.ac.id/index.php/iqtishad 134 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 most cited article table 2 shows the top ten cited articles on the subject of halāl and cosmetics. the documents are ranked in descending order of the number of citations received. the article by a. mukhtar (2012) is the most cited article, with 196 citations. the next most cited article is the work of m. tieman (2012). the least citation (10th rank) is an article by d. yener with 22 citations. table 2. top ten most cited articles 2010-2021 authors title year cites a. mukhtar intention to choose halāl products: the role of religiosity 2012 196 m. tieman principles in halāl supply chain management 2012 115 a. abd rahman consumers and halāl cosmetic products: knowledge, religiosity, attitude and intention 2015 105 a. ngah applying the toe framework in the halāl warehouse adoption study 2017 61 e. izberk-bilgin a new look at faith-based marketing: the global halāl market 2016 45 p. garg purchase intention of “halal” brands in india: the mediating effect of attitude 2018 40 v. briliana exploring antecedents and consequences of indonesian muslim youths’ attitude towards halāl cosmetic products: a case study in jakarta 2017 37 i. aoun building holistic brands: an exploratory study of halāl cosmetics 2015 31 d. yener factors that affect the attitudes of consumers toward halal-certified products in turkey 2015 22 most dominant author table 3 shows the most dominant authors in the halāl cosmetics subject. the influence of the authors is measured by the number of articles they have published pertaining to halāl cosmetics vis-a-vis the citations received by each of them. in terms of the total number of citations received, a. rohman and a.h. ngah are the most dominant authors, with three documents, respectively. http://journal.uinjkt.ac.id/index.php/iqtishad wan suryani. overview of halal cosmetics in a decade: a bibliometric analysis 135 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 table 3. most dominant authors rank author cite document 1 a. rohman 20 3 2 a.h. ngah 23 3 3 b.l. yeo 2 2 4 s. arbak 0 2 5 t.u. putri 0 2 table 4 shows the average of citations per document led by a.h. ngah and a.rohman as the most dominant authors, with 3 and 5 citations per document, respectively. table 4: cite document per year rank authors cites cites per year doc per year document 1 a.h. ngah 3 3 19 3 2 a. rohman 5 5 7.43 3 3 b.l. yeo 1 0.33 0.58 2 4 s. arbak 0 0 0 2 5 t.u. putri 0 0 0 2 most cite journal table 5 shows that the most dominant journals have narrated the concept of halāl cosmetics. on the total number of citations received, the pertanika journal of consumer and family economics appears to be the most dominant journal with a total of 17 citations, followed by the international journal of supply chain management with a total of 4 citations. the journal of islamic marketing has a higher rank with a number of published articles of 25, followed by the international journal of supply chain management with a number of published articles of 5. http://journal.uinjkt.ac.id/index.php/iqtishad 136 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 table 5. most dominant journals (in terms of the total article published) rank journal cites article 1 journal of islamic marketing 0 25 2 international journal of supply chain management 4 5 3 malaysian journal of consumer and family economics 0 3 4 pertanika journal of social science and humanities 17 3 6 cosmetics 3 2 7 food research 1 2 8 global journal al-thaqafah 0 2 9 humanities and social sciences reviews 0 2 10 international food research journal 0 2 11 international journal of innovation, creativity and change 0 2 12 international journal on advanced science, engineering and information technology 2 2 table 6 shows the average citations received per article. the journal of islamic marketing appears to be the most dominant journal with 14.1 average citations per article, followed by the international journal of supply chain management with average citations per article of 9. table 6. most dominant journal (average cite per year) rank journal cites article average 1 journal of islamic marketing 0 25 14.1 2 international journal of supply chain management 4 5 9 3 malaysian journal of consumer and family economics 0 3 1.44 4 pertanika journal of social science and humanities 17 3 6 5 advanced science letters 1 2 0.14 6 cosmetics 3 2 2.25 7 food research 1 2 0.67 8 global journal al-thaqafah 0 2 10.25 9 humanities and social sciences reviews 0 2 6.36 http://journal.uinjkt.ac.id/index.php/iqtishad wan suryani. overview of halal cosmetics in a decade: a bibliometric analysis 137 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 rank journal cites article average 10 international food research journal 0 2 11 11 international journal of innovation, creativity and change 0 2 6 13 international journal on advanced science, engineering and information technology 2 2 0.38 most dominant institutions (in total citations received) table 7 shows the most dominant institutions that have published articles on halāl cosmetics. the institutions are plotted based on the authors who have published articles and received citations and affiliations with those institutions. on the total number of published articles, universiti malaysia terengganu, malaysia and universitas gadjah mada, indonesia are on the top list, while for the total citations received, the universiti malaysia terengganu, malaysia is the highest in the rank with a total citation of 23, followed by the universitas gadjah mada, indonesia with a count of 20. table 7. most dominant institutions (in total citations received) rank author cite document institution country 1 a.h. ngah 23 3 universiti malaysia terengganu malaysia 2 a. rohman 20 3 universitas gadjah mada, yogyakarta indonesia 3 b.l. yeo 2 2 university college tunku abdul rahman, johor malaysia 4 s. arbak 0 2 school of international studies, university utara malaysia, sintok, kedah malaysia 5 t.u. putri 0 2 bina nusantara university, jakarta indonesia as depicted in table 8, based on the average of citations received per article, universiti malaysia terengganu, malaysia, is the most dominant institution with 19 average citations per document, followed by universitas gadjah mada, indonesia, with average citations per document of 7.43. http://journal.uinjkt.ac.id/index.php/iqtishad 138 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 table 8. most dominant institutions (in average citation per document) rank author cite document average cite per year institution country 1 a.h. ngah 23 3 19 universiti malaysia terengganu malaysia 2 a. rohman 20 3 7.43 universitas gadjah mada, yogyakarta indonesia 3 b.l. yeo 2 2 0.58 university college tunku abdul rahman, johor malaysia 4 s. arbak 0 2 0 school of international studies, university utara malaysia, sintok, kedah malaysia 5 t.u. putri 0 2 0 bina nusantara university, jakarta indonesia most dominant country table 9 shows the most dominant countries with highly cited papers related to halāl cosmetics. based on the total citations received, malaysia appears to be the most dominant country with a citation count of 23, followed by indonesia with a count of 20. table 9. most dominant countries (in total citations received) rank country cite document 1 malaysia 23 7 2 indonesia 20 5 based on the average citation per document, malaysia is in the top list, as seen in table 10, where the publication of highly cited articles belongs to the authors from this country. another dominant country on the list is indonesia, with a number of average citations per document of 7.43. table 10. most dominant countries (in average citation per document) rank country cite document average cite per year 1 malaysia 23 7 19 2 indonesia 20 5 7.43 http://journal.uinjkt.ac.id/index.php/iqtishad wan suryani. overview of halal cosmetics in a decade: a bibliometric analysis 139 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 swot analysis of halāl cosmetic industry strength based on the data derived from the published articles in the reputable database. it indicates the concern and interest in halāl cosmetics are increasing, which means the opportunities to explore halāl cosmetics products are widely open. there is an increase in the number of publications. moreover, there is an increase in the percentage of the market value of 6.8% (from 64 to 95 usd million). many countries now engage with institutions related the halāl certification issuance to increase the number of product registrations of halāl products, such as what has been done by the indonesian ulama council (mui), which the halal products certification agency now handles under new national law. this indicates that halāl cosmetics have become a huge target and have prospects. weaknesses there are differences in the definition of halāl in each country. this results in the absence of uniformity and inconsistency in the definition of halāl (ab talib & hamid, 2014), as well as the unavailability of halāl cosmetic brands in the market. another weakness is the non-integration of halāl label registration in the asean region, making it difficult for products distributed in the asean region. moreover, the development of halāl cosmetics in some countries, including indonesia, has weaknesses. these include the complexity of the procedure in applying for a halāl certificate and the complicated bureaucracy in obtaining certificates. expensive rates in obtaining halāl certificates are another issue. opportunity the limited number of researchers studying halāl cosmetics are mainly focused on halāl products. indeed, the awareness of halāl cosmetics has started to grow but is still at a low stage (shahid et al., 2018). the report mentioned in the state of the global islamic economy report 2019/2020 shows that the halāl industry's highest growth is in the halāl cosmetics sector, which is 6.8% compared to other industries. in addition, indonesia is a country with the largest halāl cosmetics consumers globally and occupies the second position in the halāl cosmetic market after the halāl food industry. the muslim population in asean countries will increase in 2050, and the increase in the muslim population will correlate with halāl food and product consumption. http://journal.uinjkt.ac.id/index.php/iqtishad 140 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 threat the threat to halāl cosmetics is the lack of uniformity in halāl standards (mahyeddin, 2017). this also could be a challenge for the halāl industry. many illegal cosmetics are circulating in developing countries through social media. the government’s role is to educate the public on the importance of buying legal cosmetic products, including halāl ones (handriana et al., 2019). emerging themes in halāl cosmetic literature research agenda related to halāl cosmetics highlights several things: the religion and religiosity-based consumer segment identified the spiritual dimensions associated with functional and emotional attributes; the country of origin of cosmetic brands has a moderate role to which consumers respond differently; the consumer demographic segment highlights gender and social class in the use of cosmetics; geographical segments of consumers such as muslim minority countries, muslim majority, and non-muslim consumers, the millennial generation has differences in consuming cosmetic products; in muslim minority countries identify the role of culture and religious identity as factors that can mediate the intention to buy halāl cosmetics; for cosmetic products with international brands, it is better to design a marketing campaign that focuses on creating awareness about their compliance with halāl products by using open and sharp communication; millennial generation loyalty to halāl cosmetic products. there are several things that need to be re-examined, such as religiosity, world views related to halāl cosmetics and millennial generation's loyalty to halāl cosmetics (ali et al., 2018; annabi & ibidapo-obe, 2017; briliana & mursito, 2017; garg & joshi, 2018; handriana et al., 2020; isabelle aoun laurent tournois, 2015; ishak et al., 2019; mukhtar & butt, 2012; sama & trivedi, 2019; shahid et al., 2017). conclusion this paper aims to explore the subject of halāl cosmetics by mapping out its development over ten years with a thorough bibliometric analysis. the analysis in the previous section revealed the number of publications associated with halāl cosmetics has significantly increased over the years since its conceptualization. of the number of articles, the most cited paper on the halāl cosmetics subject entitled "intention to choose halal products: the role of religiosity" by a. mukhtar (2012) with 196 citations. http://journal.uinjkt.ac.id/index.php/iqtishad wan suryani. overview of halal cosmetics in a decade: a bibliometric analysis 141 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.23361 the most dominant authors are a.rohman (in total citations received) and a.h. ngah (in average citations per document). at the same time, the highest number of publications associated with halāl cosmetics is the journal of islamic marketing, with 25 publications. the journal of islamic marketing appears to be the most dominant journal, with 14.1 average citations per document. then, the universiti malaysia terengganu, malaysia and universitas gadjah mada, indonesia, secured the top lists as the most dominant institutions on the total and average citations received per article. eventually, malaysia appears to be the most dominant country in the total citations received and the most dominant prevalent in the citations per article. the results exemplified the most prevalent contributors that significantly impact halāl cosmetics and point out the increasing interest in the subject of halāl cosmetics by prominent scholars and institutions globally. this study elaborates on some significant implications by providing considerable information on the dominant contributors to the subject of halāl cosmetics. it exhibits data on the most impactful studies, journals, and institutions contributing to the issue of halāl cosmetics. the study also reveals the development and progression of the halāl cosmetics subject over the years. finally, it describes a comprehensive insight into halāl cosmetics, which can be used as a reference for future studies. one of the limitations is that this study adopted a single source or database for data collection and synthesis. although other bibliometric research used a single database to avoid duplication, there are possibilities to include other methods in analyzing the literature on halāl cosmetics. another limitation is the inability to capture the broader and deeper context of the citation structure of the articles. however, this study has sufficiently explained some other citation structures for the literature on halāl cosmetics. references abror, a. 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(2019). halal cosmetics: external pressures to adopt halal certification. global journal al-thaqafah, 19-28, issn 2232-0474. http://journal.uinjkt.ac.id/index.php/iqtishad pndahuluan kegagalan sebuah sistem ekonomi, baik sistem ekonomi sosialis yang berporos pada begitu besarnya peran pemerintah terhadap kehidupan rakyat, yang kemudian runtuh dengan tumbangnya rezim komunis uni sovyet, juga ekonomi kapitalis, yang menyebabkan kekayaan terpusat pada segelintir orang atau negara, dan menyebabkan semakin besarnya gap atau ketimpangan antara kaya dan miskin, membuat banyak orang kemudian berfikir untuk terus mencari alternatif sistem ekonomi yang dapat memecahkan masalah akibat kegagalan dua sistem tersebut. dan munculnya sistem ekonomi islam merupakan sebuah sistem ekonomi tersendiri, bukan merupakan perpaduan dan atau campuran antara sistem ekonomi kapitalisme dan sosialisme. sistem ekonomi islam menempatkan manusia bukanlah sebagai sentral (antroposentrisme) tetapi dia adalah sebagai hamba tuhan (abid) yang harus meng abdi dan mengemban tugas yang dipercayakannya kepadanya (khalifah). oleh karena itu dalam kegiatan ekonomi yang dilakukannya harus men junjung tinggi nilai-nilai kepemilikan, nilai-nilai keadilan, kebebasan, keseimbangan dan per saudaraan serta kebersamaan sesuai dengan yang dituntunkan oleh ekonomi syariah peluang dan tantangan bagi ekonomi indonesia muhammad ade fakultas syariah dan hukum jakarta jl. ir. h. juanda 95, ciputat, jakarta. abstrak: dinamika perkembangan perbankan syariah, khususnya di indonesia tidak akan terlepas dari perkembangan perbankan nasional dan krisis global yang terjadi. meskipun progres report bank syariah menunjukkan gejala positif dan terus mengalami kemajuan yang berarti, namun karena keterbatasan ukuran bank syariah yang masih terlalu kecil, masih sulit bagi bank syariah untuk berperan lebih besar dalam perekonomian nasional. kata kunci: ekonomi syariah, krisis global, ekonomi indonesia muhammad ade: ekonomi syariah peluang dan tantangan bagi ekonomi indonesia108 ajaran agama. dan munculnya ekonomi islam yang sebenarnya sudah ada ribuan tahun yang lalu (sejak jaman rasulullah) perlahan kembali bangkit dan menggeliat termasuk di indonesia. berbagai macam kajian tentang ekonomi islam bermunculan. institusi-institusi ekonomi islam seperti bank syariah, koperasi syariah, baitulmal (bmt), bpr syariah pun tumbuh dengan subur. institusi pendidikan yang menggali ekonomi islam juga menggeliat dan terus bertumbuh. indonesia, negara yang menganut sistem ekonomi kapitalis, pun mengalami hal serupa, dengan krisis yang berkepanjangan yang sampai saat ini bahkan belum seorang ahlipun yang memastikan bahwa indonesia telah keluar dari krisis. saat ini, berjuta-juta orang menganggur, puluhan juta orang berada dibawah garis kemiskinan, sektor moneter yang semakin jauh dari sektor rill sehingga berpotensi meledakkan bubble economic1 yang sudah terbentuk, dan berbagai macam masalah melingkupi kehidupan perekonomian kita. lahirnya sejumlah pengusaha besar (konglomerat) yang bukan merupakan hasil derivasi dari kemampuan menejemen bisnis yang baik menyebabkan fondasi ekonomi nasional yang dibangun berstruktur rapuh terhadap persaingan pasar. mereka tidak bisa diandalkan untuk menopang perekonomian nasional dalam sistem ekonomi pasar. padahal ekonomi pasar diperlukan untuk menentukan harga yang tepat (price right) untuk menentukan posisi tawar-menawar yang imbang. dalam sejarah ekonomi, ternyata krisis sering terjadi di mana-mana melanda hampir semua negara yang menerapkan sistem kapitalisme. krisis demi krisis ekonomi terus berulang tiada henti. sejak tahun 1923, 1930, 1940, 1970, 1980, 1990, dan 1998 – 2001 bahkan sampai saat ini (2008) krisis semakin mengkhawatirkan dengan munculnya krisis finansial di amerika serikat2 . krisis itu terjadi tidak saja di amerika latin, asia, eropa, tetapi juga melanda amerika serikat. lima belas negara uni eropa sudah 1 suatu perekonomian dengan adanya gap yang sangat besar antara sektor moneter dengan sektor riil, sehingga kelihatan perekonomian besar karena besarnya sektor moneter, tetapi hal itu tidak membawa dampak pada sektor riil. 2 sejak setelah apa yang dinamakan great depresion, sector keuangan sudah mengalami beberapa krisi. dunia pernah mengenal black monday pada tahun 1987 yang menyebabkan jatuhnya indeks saham yang memicu resesi, kemudian tahun 1997 , resesi yang memukul negara-negara asia termasuk indonesia, tahun 2000 yang dikenal dengan the dotcom bubble, tahun 2007 krisis kredit perumahan amerika dan terakhir tahun 2008 yang menyebabkan krisis keuangan global. ( sumber: thomson reuters, msci, news reports, dikutip oleh kompas 15 nov 2008) al-iqtishad: vol. i, no. 1, januari 2009 109 dinyatakan jatuh dalam resesi (kompas, 15 nov 2008). krisis keuangan yang bermula di amerika serikat saat ini, mulai merambah ke berbagai negara, termasuk indonesia. krisis tersebut diyakini bakal berpengaruh cepat atau lambat di indonesia, pada sektor keuangan maupun sector riil, dan ini sudah dirasakan dengan jatuhnya indeks harga saham gabungan (ihsg) dan melambungnya kurs dollar amerika terhadap rupiah. fenomena tersebut, merupakan dampak krisis global , dikarenakan kelangkaan likuiditas di amerika dan eropa menyebabkan modal jangka pendek dari luar negeri ditarik. akibatnya, ihsg, dimana banyak terdapat hot money dari investor asing, jatuh, karena investor menjual saham dan menukarnya menjadi dollar. terhadap sector riil, ekspor ke negara yang dilanda kesulitan juga menurun, sehingga menurunkan penerimaan3. hampir sama dengan apa yang terjadi pada krisis tahun 1997, maka ditengah krisis ini, banyak orang kembali memberikan perhatian kepada sistem ekonomi islam. krisis yang terjadi saat ini, menurut pakar ekonomi islam, penyebab utamanya adalah kepincangan sektor moneter (keuangan) dan sektor riil yang dalam islam dikategorikan dengan riba. sektor keuangan berkembang cepat melepaskan dan meninggalkan jauh sektor riel. bahkan ekonomi kapitalis, tidak mengaitkan sama sekali antara sektor keuangan dengan sektor riel4. hal ini terbukti dengan krisis global yang dimulai di amerika sebagai akibat dari penciptaan instrumen derivative keuangan yang memicu kredit macet dan menghambat arus uang kepada sektor riil.5 salah satu instrumen ekonomi islam yang sangat penting dan utama adalah perbankan syariah. perbankan syariah diyakini mempunyai resistensi yang tinggi terhadap krisis keuangan global sebagaimana dibuktikan ketika krisis keuangan tahun 1997 merontokkan sebagian besar bank-bank di indonesia. banyak ahli ekonomi islam yang optimis bahwa perbankan islam diramalkan dapat melalui krisis global ini dengan baik, sebagaimana yang 3 baca dalam andrianus moy, pesan dari krisis keuangan as, kompas , kamis 13 november 2008 4 lihat dalam agustianto, akar krisis keuangan global dan momentum ekonomi syariahsebagai solusi http://agustianto.niriah.com/ , diakses pada 10/9/2008 lihat pula dalam syakir sula dan adiwarman karim,: sekarang kesempatan untuk syariah, wawancara dengan kompas, senin 29 sept 2008, diakses dari kompas. com 5 baca dalam andrianus moy, pesan dari krisis keuangan as, kompas , kamis 13 november 2008 muhammad ade: ekonomi syariah peluang dan tantangan bagi ekonomi indonesia110 terjadi pada tahun 1997. optimisme itu terlihat dari berbagai pernyataan baik dalam maupun luar negeri tentang ekonomi islam, khususnya perbankan islam. sebagian lagi bahkan optimis, perbankan islam akan berpeluang terus bersinar dan kian memainkan peranan yang besar dalam sistem keuangan dunia6. namun ada pula yang yakin bahwa bank syariah akan terkena pula krisis global ini, karena memang porsi perbankan yang masih kecil dibandingkan dengan bank konvensional, dan masih tingginya tingkat ketergantungan bank syariah terhadap bank konvensional, terutama dalam masalah teknis operasional7. hal yang paling menonjol dalam ekonomi islam adalah dekatnya sektor riil dan sektor keuangan sehingga sektor keuangan mencerminkan keadaan yang sesungguhnya dari sektor riil, dan sektor keuangan dapat menjadi penggerak sektor riil. bagaimana dinamika perkembangan dan peran bank syariah serta prospeknya dalam menghadapi krisis global, menjadi menarik untuk dibahas, karena penulis termasuk pihak yang setuju bahwa perbankan syariah masih terus berkembang, namun belum dapat berkontribusi signifikan terhadap perekonomian, serta akan terpengaruh krisis global. perkembangan dan aset perbankan syariah di indonesia sejarah perbankan syariah diawali sebelas tahun lalu, ketika bank muamalat mulai beroperasi pada 1 mei 1992, dengan total komitmen modal disetor sebesar rp 106.126.382.0008, pada masa-masa awal operasinya, keberadaan 6 optimisme itu tercermin dari pernyataan-pernyataan, misalnya:dalam pers rilisnya, departemen keuangan kuwait mengatakan bahwa keuangan islam telah terhindar dari kekacauan yang dibuat oleh perbankan dan institusi keuangan konvensional, ”prediksi untuk sistem keuangan islam terlihat cemerlang dan akan menjadi yang terdepan dalam menyediakan dana bagi proyek-proyek besar, sedangkan sistem perbankan konvensional akan mengevaluasi kembali model bisnis mereka,” “ . pernyataan sama dikatakan oleh gubernur bank sentral malaysia, kata zeti akhtar aziz yang menyatakan bahwa perbankan islam sejauh ini masih positif, meskipun tengah menghadapi lingkungan keuangan global yang saat ini bergejolak. (baca selengkapnya dalam: perbankan islam selamat dari krisis, okezone.com. diakses tanggal 12 nov 2008) 7 dr muhammad arkam, direktur eksekutif international shari’ah research academy for islamic finance (isra), mengatakan bahwa keuangan islam telah menguasai 16 persen pangsa bank lokal, namun jumlah ini masih relatif rendah dan industri perbankan ksyariah masih bergantung pada pasar konvensional, sehingga pastilah akan terkena dampak krisis (wawancara dengan the edge financial daily., sebagaimana dikutip oleh okezone.com ) 8 4 bank muamalat 1993. al-iqtishad: vol. i, no. 1, januari 2009 111 bank syariah belumlah memperoleh perhatian yang optimal dalam tatanan sektor perbankan nasional. landasan hukum operasi bank yang menggunakan sistem syariah, saat itu hanya dikategorikan sebagai “bank dengan sistem bagi hasil”; tanpa rincian landasan hukum syariah serta jenis-jenis usaha yang diperbolehkan. hal ini tercermin dari uu no. 7 tahun 1992, di mana pembahasan mengenai perbankan dengan sistem bagi hasil hanya diuraikan sepintas lalu. kondisi mulai berubah pada 1998, ketika pemerintah dan dewan perwakilan rakyat melakukan penyempurnaan uu no. 7/ 1992 tersebut menjadi uu no. 10 tahun 1998, yang secara tegas menjelaskan bahwa terdapat dua sistem dalam perbankan di tanah air (dual banking system), yaitu system perbankan konvensional dan sistem perbankan syariah. peluang ini disambut hangat masyarakat perbankan, bersamaan dengan mulai meningkatnya pengetahuan dan kesadaran masyarakat sebagai hasil edukasi dan kampanye yang gencar diselenggarakan. perkembang an ini misalnya dapat ditilik dari jaringan kantor perbankan syariah, yang di tahun 1998 baru ada satu bank umum syariah dengan 10 kantor cabang, 1 kantor cabang pembantu, serta 19 kantor kas, menjadi 2 bank umum syariah dengan total 123 kantor, 7 unit usaha syariah pada bank umum konvensionalyang tersebar dengan 39 kantor, serta 85 bprs 9 selain bank umum syariah, bank konvensional juga mulai melirik bentuk perbankan syariah ini dengan mendirikan unit usaha syariah. sampai september 2008, terdapat 3 bank umum syariah, dengan 25 unit pelayanan syariah dan 198 kantor kas. selain itu terdapat bank umum yang membuka unit usaha syariah sebanyak 28 buah uus, dan 128 bank perkreditan rakyat syariah. perkembangan perbankan syariah yang menggembirakan juga dapat dilihat dari total asetnya yang menunjukkan tren peningkatan secara signifikan. total asset perbankan syariah pada september 2008 sebesar 45,857,224,000, jauh meningkat jika dibandingkan dengan misalnya total asset bulan yang sama tahun 2007 sebesar 31,802,77310. meskipun angka-angka di atas menunjukkan perkembangan yang menggembirakan, sesungguhnya peran perbankan syariah masih amatlah kecil dibandingkan dengan perbankan konvensional. hal yang positif adalah porsi yang kecil tersebut secara konstan terus bertambah. pada 9 bank indonesia, laporan tahun 1998-1999 10 statistik perbankan syariah, september 2008, bank indonesia muhammad ade: ekonomi syariah peluang dan tantangan bagi ekonomi indonesia112 akhir 2006 (desember) misalnya, ditinjau dari total aset, perbankan syariah hanya menyumbang 1,58 % dari keseluruhan asset perbankan nasional. peningkatan terus berlanjut hingga mencapai 1, 84% pada akhir tahun 2007 (desember) dan terus berlanjut hingga mencapai 2,19 % pada bulan agustus 2008. sementara itu, total dana pihak ketiga yang berhasil dihimpun oleh bank syriah rp 32,359 t atau hanya sekitar 2,12 % dari dari total dana pihak ketiga yang berhasil dihimpun seluruh bank ditanah air. sedangkan pembiayaan yang telah disalurkan berjumlah rp 36,572 triliun atau hanya setara 3,03 % dari seluruh kredit yang disalurkan keseluruhan bank11. penutup dinamika perkembangan perbankan syariah, khususnya di indonesia tidak akan terlepas dari perkembangan perbankan nasional dan krisis global yang terjadi. meskipun progres report bank syariah menunjukkan gejala positif dan terus mengalami kemajuan yang berarti, namun karena keterbatasan ukuran bank syariah yang masih terlalu kecil, masih sulit bagi bank syariah untuk berperan lebih besar dalam perekonomian nasional. pustaka acuan andrianus moy, pesan dari krisis keuangan as, kompas , kamis 13 november 2008. agustianto, akar krisis keuangan global dan momentum ekonomi syariah sebagai solusi http://agustianto.niriah.com/, diakses pada 10/9/2008 syakir sula dan adiwarman karim, “sekarang kesempatan untuk syariah”, wawancara dengan kompas, senin 29 sept 2008, diakses dari kompas.com perbankan islam selamat dari krisis, okezone.com. diakses tanggal 12 nov 2008) wawancara dengan the edge financial daily., sebagaimana dikutip oleh okezone.com ) bank indonesia, laporan tahun 1998-1999 statistik perbankan syariah, september 2008, bank indonesia 11 lebih jelasnya baca dalam statistik perbankan syariah januari 2008 dan september 2008, bank indonesia , direktorat perbankan syariah. tulus suryanto & abdul razak abdul hadi: capital market integration 197 capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi1 abstract. capital market integration: palestine and israeli experience. this study is driven by the motivation to examine the existence of probable equilibrium and dynamic relations between palestine stock exchange (pex) and tel aviv stock exchange (tase). within the framework of international trade theories, this study uses engle-granger co-integration procedure as an estimation model employing monthly time series data during the observed period from january 1998 till february 2012. it was discovered that there is a significant equilibrium relationship between pex and tase, but no empirical evidence was found on the presence of dynamic relations between the two stock markets using granger causality tests. meanwhile, analysis of dynamic interactions over post-sample period by impulse-response functions and variance decomposition indicate that movements in tase index do influence the performance of pex. keywords: capital market integration, granger causality test, pex, tase abstrak. integrasi pasar modal: pengalaman di palestina dan israel. kajian ini didorong motivasi untuk menguji kemungkinan terjadinya keseimbangan dan hubungan dinamis antara bursa efek palestina (pex) dan bursa efek tel aviv (tase). dengan menggunakan kerangka teori perdagangan internasional, kajian ini menggunakan prosedur ko-integrasi engle-granger sebagai model estimasi atas data bulanan yang diobservasi mulai dari januari 2008 sampai dengan pebruari 2012. hal yang ditemukan ialah terdapat hubungan keseimbangan yang signifikan antara pex dan tase, akan tetapi tidak ditemukan suatu bukti empiris atas hubungan dinamis antar dua bursa efek ini dengan uji kausalitas granger. sedangkan, analisis interaksi dinamis atas periode sampel yang ada dengan fungsi respon impuls dan dekomposisi variansi mengindikasikan bahwa pergerakan dari indek tase berpengaruh terhadap kinerja pex. kata kunci: integrasi pasar modal, uji kausalitas granger, pex, tase first draft: february, 3rd 2015, revision: macrh, 5th 2015, accepted: march, 30th 2015 1 iain raden intan lampung. jl. letkol endro suratmin, sukarame, lampung -35131university of kuala lumpur. jl. sultan islamil, kuala lumpur email : tulus_suryan70@yahoo.co.id; abdrazak@unikl.edu.my al-iqtishad: vol. vii no. 2, juli 2015 198 introduction today, the palestinian population is geographically divided and made up into four groups: 6 million palestinians live outside palestine, 3million in west bank, nearly 1.7 million in gaza and 1.5 million in israel itself. free movement of commodities and trade relations are lacking among the four groups. transfer of funds is restricted by the israeli rules, and there is neither an airport nor a seaport in the state of palestine. today, the economy of gaza heavily depends on egypt especially after the israeli siege in 2006. since 1945, the international trade activities in palestine has been reduced and controlled by israel and only 29% of palestinian imports come from egypt and jordan. meanwhile, 95% of palestine exports go to israel and some 3% find their ways to egypt and jordan. and the remaining 2% goes to the rest of the world (ministry of national economy, 2005). some informal sources stated that about $1.5 billion value of trade between gaza and egypt in 2011 was done mainly through the underground tunnels. because of the limited investment opportunities in palestine, most of the savings in the country are invested in foreign markets, especially in egypt and jordan. a recent study reveals that 75% of the six billion worth of deposits in the banks in palestine are invested overseas and just 25% are invested domestically (el-eqtesadia, 2012). the high percentages of the savings are invested in neighboring countries, particularly in their stock markets. common culture, history, language, religion and kinship facilitate personal interactions among the people. this demographic aspect reinforces the trade relations, tourism, labor mobility and investment flows. it is a general belief that many equity investors prefer to invest in other countries rather than in their neighboring countries in order to enjoy an effective diversification effect. yet this notion is opposed by arshanapalli and doukas (1993), sheng and tu (2000) and izquierdo and lafuente (2004). they postulate that the recent financial turmoil around the world was attributed to the mutual dependency of world financial markets. there are times when the effectiveness of cross-border diversification is advocated by fund managers. for this reason, regional portfolio investment among neighboring countries is still a credible strategy in maximizing portfolio returns. this study examines the capital markets integration involving palestinian and israeli stock markets with special attention given to the trend in portfolio investment. this study was mainly meant to examine the directional relationship between pex and tase, and to determine the relative strength of the relationship between the two stock exchanges. this is inspired by the well-known phenomena that economic cooperation among neighboring countries could help sustain strong economic growth in the long run. this study attempts to provide useful insights to tulus suryanto & abdul razak abdul hadi: capital market integration 199 both local and foreign investors on the prospects of the two exchanges. this study deploys econometric time series analysis, engle-granger co integration approach (1987), as an estimation model on the observed stock exchanges. hadi, yahya and shaari (2009) employed the same approach in examining market integration involving fossil fuel markets. the following are the research questions that the study attempts to answer: first, is the performance of pex affected by the movement in tase index over time? second, is there a causality effect that exists between pex and tase? third, is there a theoretical support for tase to be the leading indicator between the two stock exchanges? literature review tel aviv stock exchange (tase) was founded in 1953 and owned by a consortium of 15 banks and 12 investment houses. at present, there are 622 companies listed in the exchange whose market capitalization valued at usd 216 billion. in 1993, tase made a history by registering the third largest number of initial public offerings (ipos) of all the world stock exchanges. headed by esther levanon, tase was fully converted into computerized trading platform in 1999. since 2007, there have been a number of international agreements formalized between tase and other leading exchange around the world. those are london stock exchange, nasdaq and canadian stock exchange to name a few. there are two main market indexes normally used as barometer to measure the performance of tase. the two are ta-25 index and ta-100 index. the former is regarded as tase’s flagship index listing the top 25 largest companies by market capitalization (barak, 2012). the egyptian stock market has strong influence over the establishment of palestine stock exchange in late 1990s. established in the late 1880s, the egyptian exchange comprised of both alexandria and cairo stock exchanges. during the period from1888-1958, the stock exchange had been growing rapidly and at one point was ranked the fifth largest in the world (in terms of market capitalization) until the egyptian government put some restrictions on its trading activities in 1959 (mohie and sourial, 2000). like any other financial markets around the world, egyptian stock exchange has gone through some reforms which led to the consolidation of both alexandria and cairo stock exchanges. in 2009, egyptian capital market authority was replaced by egyptian financial supervisory authority which assumes the functions as both regulatory and governing body. with better market mechanism, the egyptian stock market had made its peak in 2009, registering transaction value of 91.2 billion egyptian dollars (hassan, 2009). in terms of informational efficiency, the egyptian stock market is found to be in weak form al-iqtishad: vol. vii no. 2, juli 2015 200 (hassan, seyed and mark, 2004). another study by daniel in 2005 on african stock markets also reveals consistent result. pex started its first trading session on 18 february 1997. in early february 2010, it was converted into a public shareholder company in conformity with good governance and transparency rules. according to the arab and international classification of financial markets, the palestinian exchange has attained advanced status in 2009. on 5 nov 2012, a total of fortyeight companies were listed on the palestinian exchange, with a market value of $2.7 billion which was the highest compared to previous years. palestinian listed companies operate in five major sectors banking and financial services, insurance, investment, industry, and services. the pex is an emerging capital market as most studies have indicated (daraghma, 2010; aburub and abusharba, 2010).these studies describe the relationship between availability of information and its relationship with the share prices. some indicate that pex is efficient in weak form. the study of zoa`rob (2005) and abu sharbeh (2009) report that the lack of informational efficiency could be the reason for the volatility in the pex. studies of the historical movement of the stock prices in the last 10 years show that unjustified fluctuations of stock prices are characterized by sharp movement in the indices’ value that occurred during the period from 2005 through 2006 (abdelkarim, 2007). from 2007 until today, high market volatility has been observed (aburub and abusharba, 2010). market efficiency and poor governance are still issues of concern to both policy makers and investors. it is widely perceived that this phenomenon has been negatively affecting the fair pricing of stocks and consequently impair investors’ confidence in the pex as a whole. abdelkarim, shahin, and arqawi (2009), comment on the issue of stock market efficiency indicating that relevance and timeliness of financial and nonfinancial information are important for both pricing and market confidence , also it supports the investors in taking their decisions and judgments about the securities values; because of that and the desire to reach an efficient securities market , the regulators are increasingly concerned about the level of disclosure and availability of financial and non-financial information. al-quds index (qi) is a market value weighted index and it was made up of 12 listed companies from different sectors in the palestine exchange. this market index provides investors with a general idea about the direction and performance of the market. it is computed by dividing the total market value of all listed companies in the market for the current period over the total market value of companies included in the index for the previous period. this index has been used in pex since the trading session in july 1997 where the closing prices in that session were used as a reference point in calculation. tulus suryanto & abdul razak abdul hadi: capital market integration 201 methods vector auto-regressive modeling (var) and granger-causality test are the main research tools in probing the equilibrium and short-run relations between the two stock exchanges pex and tase. the co-movements of these two market indexes over time are presented. pex is proxies by al-quds index, while tel aviv stock exchange is represented by ta-100index. the ta-100 index is made up of 100 largest firms listed in tase. the method used by lance and james (2006) was applied to explore theoretical relations between the two market indexes. the stationary tests were first applied to the time series variables (via augmented dickeyfuller tests), then engle-granger co integration modeling was used, and finally, granger causality test (within sample) was employed for determining the existence of short-run relation between the tested variables. monthly observations were registered for the two market indexes, during the period from january 1998 till february 2012 involving 169 data points. englegranger co integration test (1992) was applied to explore the statistical relation between the pex and tase. this statistical test was developed by granger and weiss (1981) and later re-formed by granger (1986), granger and weiss (1983) and engle and granger (1987). due to its dynamic functions, this statistical technique was met with wide acceptability among researchers who employed it in testing the validity of various theories and models. in fact co integration is essentially an econometric technique for testing the correlation between non-stationary time series variables. two time series variables are considered to be co integrated when a linear combination of them is stationary, even though each one of them is nonstationary on its own. first (or higher) differentiated data are necessary in tackling the problem of non-stationary among data series. but, one should be aware of the fact that using this differencing technique may result in a loss of precious data points on long-run characteristics of the time-series data. in fact when there is an equilibrium relationship between such variables, as engle and granger (1987) argue, the disequilibrium error should fluctuate about zero or equivalently the error terms should be stationary. hence, unit root test is important to apply in determining the stationary of time series data. any presence of unit root indicates a spurious regression relationship. this study uses the augmented dickey fuller test in dealing with the unit root problem which is formulated as follows: ∆yt = λ0 + λ1t + λ2yt-1 + σλi∆yt-i + εt where i = 1, 2, 3…k (1) the hypotheses to be tested are: h0: λ2 = 0 (the data is not stationary, it contains unit root) h1: λ2< 0 (data is stationary, it does not contain unit root) al-iqtishad: vol. vii no. 2, juli 2015 202 once the tested data series appear stationary at first difference (or higher), they are considered co integrated. then, the vector error correction model (vecm) technique can be applied. this model is a restricted vector autoregressive (var) technique. it is a unique technique that restricts the long run behavior of endogenous variables to converge to its co integrating relationship. in addition to that, it also allows for short run adjustments among the tested variables. in investigating directional relationship between pex and tase, the study assumes only one causal direction: tase affects pex. generally, a new stock exchange like pex is always under the influence of a long established exchange like tase. the case is even stronger when they are located so close to one another. the model adopted by this study is expressed as follows: pex t = β0 + β1tase t + ε t (2) where: pex = palestine stock exchange (proxied by al-quds index) tase = tel aviv stock exchange index ε t = error terms discussion in investigating the causal-effect relationship between pex and tase, statistical tests in time-series econometric modeling are applied involving augmented dickey-fuller unit root test (adf) and bi-variate co integration tests (ecm). hypothesis testing is performed to determine the significance level of the unit root test. the result shows the p-values that indicate the level of significance. from the result, it is conclusive that both pex and tase are non-stationary at all lags, while the p-values from the result show that the first-differenced pex and tase data series are consistently stationary at all lags. the study also finds that both pex and tase are integrated at first difference. hence, the preliminary requirements in enger-granger co integration procedure have now been fulfilled. having the preliminary requirements met, the study performs long-run regression on the pex and tase data series (based on the model specification). the data shows the results of the regression analysis and rejection of the null hypothesis. this implies the presence of a statistically significant positive relationship between pex and tase. meanwhile, the data provide the descriptive statistics and the correlation matrix of the two market indexes. it is evident that there exists a moderate degree of correlation between pex and tase. in order for ols estimation to be statistically valid, engle-granger (1987) suggests that the long-run residuals derived from the long-run regression (r) must be stationary. at this point, two important tulus suryanto & abdul razak abdul hadi: capital market integration 203 implications are highlighted: first, as the long-run residuals are proven stationary, the pex and tase are considered co integrated; second, having pex and tase cointegrated, the vector error correction model (vecm) can now be deployed for further analysis. table 1. error correction model at lag 2 dependent variable : dpex variables parameter standard error t-value p-value intercept 2.1819 7.4844 0.29 0.7710 ldpex 0.1808 0.0779 2.32 0.0215 l2dpex -0.1458 0.0791 -1.84 0.0674 lr -0.1738 0.0486 -3.57 0.0005* ldtase 0.0194 0.1802 0.11 0.9143 l2dtase -0.0680 0.1798 -0.38 0.7057 note: 1. dpex is first difference in pex, ldpex is lag 1 of first difference in pex 2. lr is lag 1 residual and ldtase is lag 1 of first difference in tase by employing bi-variate error correction technique, the coefficients of pex and tase variables in the model can now be estimated. the long term and short term responses involving the two tested variables are examined. it was found through akaike results (aic) that the optimum lag-length for the tested model lies at lag 2 (vecm technique prefers lower aic value). the relevant results are summarized in table 1. the lr is a lag 1 residual derived from vecm (2). this is the key component in vecm that supports long-term or equilibrium relationship between the two stock exchanges. a statistically significant equilibrium relation is observed by lr’s p-value in table 1. given lr’s parameter value of 0.1748, this figure implies that there is approximately 17.48% speed of adjustment towards equilibrium made by pex in the system. this adjustment is considered relatively fast and implies presence of market integration between the pex and tase. theoretically, higher speed of adjustment is preferred because a statistically reliable endogenous variable should reflect high speed in its equilibrium adjustment. a statistically significant positive relationship between the two exchange markets is applied by the positive parameter value of tase (+0.5095). this means that the two exchange markets are positively correlated. the existence of long-term significant relationship between the two exchanges could support the presence of a short-term relation between them. from the f-value, the alternative hypothesis is rejected suggesting non existence of a short-term relationship between the two neighboring stock exchanges. in ensuring that the ols assumptions are put in check, diagnostic tests are carried out on the tested model. al-iqtishad: vol. vii no. 2, juli 2015 204 to examine constant variance of the error terms, lm arch test is applied. the test results are supports rejection of h0 at all levels. this clearly indicates that the residuals from the estimated model are homoscedastic or operating at constant variance. a normality test on error terms distribution should be applied before making any statistical inference. the test statistics explored by the study for normality depend on the distribution function involving kolmogorov-smirnov, cramer-von mises, and anderson-darling statistics. the results showing that the error terms from ecm (2) are not normally distributed for all four test statistics (see p-value). these findings do not detract from the whole picture, considering the study’s preliminary nature. to ensure that all residuals are independent of one another, autocorrelation test is applied to examine any existence of serial correlation among the short-term residuals. durbin-watson test results support the absence of autocorrelation among the residuals cusum analysis (or cumulative sum of residual test) is an important tool in econometric modeling. it is employed to tackle diagnostic problems related to parameter instability. from figure 1 representing cusum analysis, existence of parameter (short-run and long-run parameters) stability is confirmed, the short-run residuals lying within the lower and upper boundaries. as a whole, the predictive model developed from this study can be considered credible since no major diagnostic shortcoming were met in the tested model. figure1. cusum test (on short-run residuals of the model) c -40 -30 -20 -10 0 10 20 30 40 time 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 the results from diagnostic tests are free from major drawbacks and support the adoption of the suggested estimation model in the study. interestingly, the empirical results are also consistent with earlier studies. in a nutshell, the evidence presented here confirms the intuition that performances of regional stock markets are mutually dependent. it is strongly recommended that future research should tulus suryanto & abdul razak abdul hadi: capital market integration 205 incorporate other regional markets such as iraq and syria. the study urges both palestinian and israeli governments to review their respective foreign policy and emphasize on beefing up bilateral trades among themselves. the fact that business globalization is inevitable, devising an effective and dynamic policy is of utmost importance in maintaining regional economic prosperity. it is quite reasonable to argue the importance of an economic indicator such as stock market index in explaining the direction of an economic growth. having understood the equilibrium relationship between pex and tase, policymakers should devise an effective approach in rejuvenating economic activities in the two countries. similarly, stock traders and value investors should use this piece of information to come out with a trading strategy that can protect value of their investment portfolio. cusum analysis in depicted in chart 1 also suggests the stability of both short-run and long-run parameters in the estimated model over the study period. conclusion despite the long hostility between palestine and israel, there is one thing that they share in common. the empirical findings from this study have proved that both pex and tase are co-integrated. nevertheless, there is an absence of shortterm dynamic between the two markets indexes as revealed by granger causality test. analysis of dynamic interactions over the post-sample period indicated that pex is the most endogenous of all. analysis of variance decomposition reveals 78% variations in pex is explained by itself as compared to 92% in tase. from the analysis of impulse-response function, pex is seen more responsive towards a given shock in tase. these findings are very much in line with our model specification that performance of pex is dependent upon the movements in tase. it is now evident that the neighboring countries like egypt, jordan and israel play important roles in supporting the growth of palestinian economy. tase does influence the palestinian economy through its capital market mechanism. the results obtained from this study clearly show the mutual benefits derived from international trade and portfolio investment involving the two neighboring countries. in particular, economic prosperity in israel will undoubtedly help boost palestinian economy as the two countries share national borders, resources and relatively same market structure. hence, regional economic and political cooperation has to be improved between the two countries, which in turn help sustain long term economic growth. al-iqtishad: vol. vii no. 2, juli 2015 206 references abdelkarim, n & ijbara. 2010. evidence on corporate governance compliance by palestine securities exchange listed firms. global journal of business research. vol. 4, no. 3, pp. 73-88. abdelkarim, n. 2007. evaluation the application’s endeavors of listing and disclosure systems in palestine securities exchange (in arabic). working paper, first annual palestinian capital market forum, ramallah (sep.8-9), palestine. abdelkarim, n. et.al. 2009. investor perception of information disclosed in financial reports of palestine securities exchange listed companies. accounting & taxation vol. 1, no. 1, pp. 45-61. abusharbeh, t. 2009. assessment of financial reporting and disclosure practices of palestine securities exchange’s listed companies in the light of local legal requirements, international accounting standards and investors expectations (in arabic). (unpublished dissertation). jordan: amman arab university for graduate studies. arshanapalli, b. & doukas. 1993. international stock market linkages: evidence from the preand post-october 1987 period. journal of banking & finance, 17, pp. 193-208. bekaert, g., et.al. 2005. market integration and contagion. journal of business, 78(1), pp. 39-69. daraghma, z. 2010. board of directors, management ownership, and capital structure and its effect on performance: the case of palestine securities exchange. international journal of business and management vol.5, no.11; november, pp. 119120. hassan, a., et.al. 2004. an analysis of day-of-the-week effects in the egyptian stock market. international journal of business, 9(3), 2004, pp. 83−93. izquierdo, a.f. & j.a. lafuente. 2004. international transmission of stock exchange volatility: empirical evidence from the asian crisis. global finance journal, 15, pp. 125-37. mohammad a. & b. salomon. 1996. is mena a region?the scope for regional integration. imf working paper wp/96/30. sheng, h.c. & a. tu. 2000. a study of cointegration and variance decomposition among national equity indices before and during the period of the asian financial crisis. journal of multinational financial management, 10, pp. 345-365. zoa’rob, h. 2005. testing the operational efficiency of the palestine securities exchange. (in arabic). research paper presented to the first scientific meeting held in the islamic university (april, 0 -9), gaza, palestine. burhanuddin yusuf: human resources development of sharia banking 241 human resources development of sharia banking: phenomenological approach burhanuddin yusuf1 abstract. human resources development of sharia banking: phenomenological approach. the aims of this study are to finding, identifying and mapping the condition and situation of the policy and practice of human resource management. this study used a qualitative method with phenomenological approach to uncover the professional development of hr qualify. data analysis techniques includes reduction, data display, perform verification, and compiling data to draw the conclusions. the study concluded that the conditions of management and human resource development three sharia bank in jakarta refers to the philosophy and principles of islamic economics as well as guided by the vision and mission of sharia banks. this study find that sharia hr professional qualification characterised by quality of faith, piety, knowledge and understanding of finance and business, applying the principles of islam and has a strong commitment to apply the rules of sharia, noble, hard-working, and sincerely intelligent accompanied by sincere keywords: sharia banking, human resource development, phenomenological abstrak. pengembangan sumber daya manusia perbankan syariah: pendekatan fenomenologis. tujuan dari kajian ini adalah untuk menemukan, mengidentifiaksi, dan memetakan kondisi dan situasi dari kebijakan dan praktik manajemen sumber daya manusia. kajian ini menggunakan metode kualitatif dengan pendekatan fenomenologis untuk melihat pengembangan atas kualifikasi sumber daya manusia. teknik analisis data mencakup reduksi, tampilan data, verifikasi kinerja, dan kompilasi data untuk membentuk suatu kesimpulan. kajian ini menunjukkan bahwa kondisi manajemen dan pengembangan sumber daya manusia di tiga bank syariah merujuk pada filosofi dan prinsip ekonomi syariah sebagaimana yang ditunjukkan oleh visi dan misi bank syariah. temuan lain menunjukkan bahwa kualifikasi sumber daya professional memiliki karakteristik atas kualitas keyakinan, kesalehan, pengetahuan, dan pemahaman akan keuangan dan bisnis, aplikasi prinsip syariah dan memiliki komitmen kuat untuk mengaplikasikan aturan syariah, mulia, pekerja kerja, dan cerdas yang diiringi dengan ketulusan sikap. kata kunci: bank syariah, sumber daya manusia, fenomenologis first draft: january, 15th 2015, revision: march, 10th 2015, accepted: april, 20th 2015 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: burhanuddin.yusuf@uinjkt.ac.id al-iqtishad: vol. vii no. 2, juli 2015 242 introduction nowadays, especially in the globalization era increasingly intense competition among companies, the more we realize the importance of human resource management and development of professionalism, including the islamic banking industry in indonesia. this paper is going to analyze the human resource development in three islamic banks in indonesia such as bank of muamalat, bank of bni syariah, and bank of syariah mandiri. in indonesia, the development of islamic banking system is developed base on dual banking system framework; this system is related with indonesian banking architecture. on this system there is integration between islamic banking and conventional banking to make a synergy cooperation to help the people for increasing the credit or financing for national productive sector. the delopment of islamic banking industry faced the tight competition, so the competency of human resources on islamic banking must be improve. until the 2014, the islamic banking industry has 11 islamic commercial banks, 23 islamic banking unit, and 163 islamic rural banks. islamic banking industry has growing rapidly, but in the last year the growth of islamic banking industry is decreasing. the islamic banking industry needs the qualified human resources which have multi-knowledge and multi-skills. the qualified human resources are needed by the islamic banking industry to manage the banks to improve the profit of islamic banking industry. the human resources in islamic banks must to be creative and innovative to develop and modified the banking’s product. the human resources in islamic banking industry must to have the competency as an expertise in islamic banking and finance, besides that must to understand the shariah contract, so he can modified the product that fulfill the shariah compliance. the islamic human resources must be able to give a services and confince the sociecty that the islamic banking product has suitable with islamic ethics and principle. the human resources in islamic banking industry must to have a competency in financial investement, banking, soft skills, and sharia. but this condition is rare in islamic banking industry. this problem is established because the limitation of educational and training institution on islamic banking. the fact shows that almost the human resources on islamic banks, especially at middle or top management is come from conventional banks. it predicted that almost 70 percent of islamic banks employee today is come from conventional banks or from non-shariah economics education (bank of indonesia, 2012). so, the human resources fulfillment that has a complete competency must to do, either by qualitative or quantitative ways. burhanuddin yusuf: human resources development of sharia banking 243 muhammad (2005) stated that the credibility and profesionalty of financial institution is developed if they have three elements, such as humanware, hardware, and software. humanware is the persons that manage the institution started from highest level to the lowest level. the humanware must suitable either on quality side or quantity side. the hardware includes the production tools and physical equipment, such as machine, building, and the others. the software includes the non-physical things, such as procedure, system, and the others. the development of human resources is concern with the activity and relationship control between the employes. they should show their optimal performance. the employes must to increase the competency and the technical skills to realize the goals that had been set in planning. the one thing that can be done to achieve it is by the human resources training. according to the condition above, we can formulate the problem statements as follow: first, how is the situation and condition about the islamic banking management in indonesia? second, how are the condition and the development of three islamic banks in jakarta? third, how are the development’s patterns on human resources development in three islamic banks in jakarta? literature review islamic banking can be defined as a bank that operated based on profit sharing system that gives an advantage either for the society or the banks. the islamic banking offers the justice in transactions, the ethical investment, and proposes the cooperative values and brotherhood in production, and avoids the speculative activities. the human resources management is the empowerment, development, appraisal, the remuneration, and individual management of organization members or groups. besides that, it also related with design and system implementation of planning, staffing, employee development, career management, performance’s evaluation, employee compentation, and the good relationship in employee (simamora, 2004). professionalism is based on the word of profession that has a meaning as a job based on skill and educated. professionalism that the characters of professionals employee is a job, or title that must fulfill the certain qualification and personality (komaruddin, 1994). on this research profession is job sector that based on educated skills, and certain personality such as honesty, loyalty, and the others. so, the professional human resources in islamic business institution is a human resources that have a knowledge and skills in shariah, economics, and business practice. al-iqtishad: vol. vii no. 2, juli 2015 244 the development of human resources in islamic banking is something that they have to do. the first job is with the selection of the employee to fulfill the position. the development and training existence in islamic banking is obligatory, this things in the way to increase the productive working culture. the professionalism of human resources in islamic banking is something that very strategi to increase the customer’s loyalty and to make an efficient production process in islamic banking industry. one fundamental ways to make islamic banking becomes credible is must be supported with human resources that qualify, competence, and professional. professional means that the person needs special knowledge and skills to do that job. profesionality means that a practical values of competence skills to manage the organization and do the job with effective and efficient (muhammad, 2005). profesionality can be measured just from physical appreance, but the most important show by the real performance from the activities. the islamic and professional human resources have the qualification and competency that expertise in economics, banking, finance, and shariah. in indonesia the human resources problems is very complex, there are several indicators that show this things, such as: first, the difference between human resources competency with market of worker. second, the distribution of populations is not equal. third, the growth of workers is larger than the job’s vacancy. fourth, the asymmetric of public services need with the worker. fifth, the market worker’s information is not symectric. sixth, the unemployment and poverty that makes a lower education and health. there are several studies that have discussed about the human resources development. eka purwanda and zaenal muttaqien (2012) show the increasing islamic human resources competency with the islamic bank’s leadership that visioner and adaptive. muhammad (2003) show that the advantage of islamic finance institution is determined by the credibel’s human resources. we have an increasing empowerment strategy with the entrepreneurship and leadership empowerment in islamic financial institution. siswanto (2012) conclude that to increase the advantage of islamic bank’s human resources is through the implementation of qur’an-based human resources management. the result from this research is the implementation of quran-based hrm and the employee satisfaction is positive. according to the siswanto’s research, this paper are going to show the human resources development problems using a phenomenological approach, so we expected that the increasing of human resources competency based on quran can established the advantage of human resources islamic banking. burhanuddin yusuf: human resources development of sharia banking 245 tri wikaningrum (2011) had identified the policy and development practice of human resources in islamic banking and the influence to company’s performance. the quantitative descriptive variable is the policy and human resources development, attitude, selection, training, and performance evaluation. the result shiw that the practice of human resources management is still not optimal, the training is still not optimal, the evaluation performance that not oriented on employee development. this paper are going to anaylize the influence of practical and policy in human resources management with the company’s performance and employee development. so this paper are going to show the human resources development condition in indonesian islamic banking industry. methods the research method is using qualitative methods using the phenomenological approach. this approach is selected because the research is targeted to identifying and mapping the comprehensive perception of respondent according to human resources development at three islamic banks in jakarta. so, with this method we hope that we can get the comprehensive information about the research subject to analyze the human resources development program in islamic banks. there are several steps on this approach, such as (husserl, 1982): the first step on this research is intentional analysis. the second step is doing the epoche. the third step is eidetic reduction. the fourth step is the researcher concluding the research result to answer the question about the form and practice of human resources development in islamic banks. the research framework can be shown on figure 1. epoche to human resources management in islamic banks epoche policy and management in islamic banks the analysiz of human resources development in three islamic banks 1. record and documentation 2. manager and staff 3. the community of shariah economy eidetic to human resources profesionality at three islamic banks the human resource development at three islamic banks using phenomenological approach figure 1. the research framework al-iqtishad: vol. vii no. 2, juli 2015 246 the phenomelogical is described as what the feeling of individual or group related with his perception and experience. the feeling that established is called as phenomena (prianti, 2011). the data that used on this research is based on manager and staff at three islamic banks, such as bank of muamalat, bank of bni syariah, and bank of shariah mandiri. also the data come from the interview with head of islamic bank department at bank of indonesia. to get depth information, this research using focus group discussion in several bank locations. moleong (1989) explain that on analysis data process in general have three relatied activities, such as: the data reduction, the data show, and the data verification to make a conclusion. on data analysis, the researcher doing the data reduction, after that show and compile the relevant data. next is the data verification to make a conclusion. discussion from the focus group discussion find there are several problems that need the solution, such as: first, the incomplete regulation for islamic bank, this thing is become the problems so the islamic banks can’t operate optimally based on its characteristics. second is the problem about the quality of human resources. third is the problem about infrastructure. bank of bni syariah had recruitment for fresh graduate using professional hire institution. the human resources development based competency through recruitment process to all out performance, training, remuneration, and industrial relations. the target in human resources is maximizing the working culture, trust and brotherhood in all shariah employees. in bank of syariah mandiri, the recruitmen process has three criteria, such as fresh graduate, professional employee for officer position, and management development program for fresh graduate. every criterias has different competency according his job’s position. the educational background can be varied, such as engineering, mathematics, economics, and the others. with the variation of educational background of course will be have an impact the competency’s gap in understanding the banking product and operational. bank of bni syariah do the job evaluation every two until three years, this is suitable with business challenger. besides that, also do the job analysis to see the suitableness job position with remuneration and assessment. the employee development’s program is to make the trustworthy and brotherhood culture in working environment. the program and training is made based on the competency gap according the job’s position. standardized training curriculum is made based on the need on every job’s position. burhanuddin yusuf: human resources development of sharia banking 247 bank of bni syariah to do the evaluation for their employee is using performance appraisal evaluation. this method is using performance management system to increase the services and performance from bank of bni syariah. this system is using the key performance indicator with computer system. the reason of application this system is to make an appraisal performance to be more accurate and can to go the effectivity of organization. bank of shariah mandiri doing the evaluation and revition through enhancement program, such as: certification program, public training, scholarship, and the others. the evaluation is supported by e-learning implementation that can be accessed by every employee. one form of evaluation program is assestment system in every level, such as middle management development program. if the employee can’t pass the passing grade, so the employee must to involve the refreshment program. this refreshment program is doing every three month. evaluation on this system is using the key performance indicator. bank of muamalat indonesia has fulfilled the officer need through his learning center in muamalat institute. the muamalat institute has doing the human resources quality that have a competency in islamic banking practice, and also understand the shariah knowledge. the development of human resources is based on the organization needs and industry. the routine program in human resources development, such as: internal training, the periodical competency exam, the human resources development through modp. so, it will create a new leader from internal organization. from the discussion and interview we can make a several organization and human resources strategy that can be applied in islamic bank, such as: first, realized the job analysis in every job’s position either in head office or branch office. second, the cooperation with academic institution to fulfill the human resources need. third, the development and increase the human resources competency to fulfill the human resources need either in quality and quantity, so the banks can develop his business. fourth, the development of human resources information shariah that based on competency. the professional human resources at islamic bank must to have the qualification and competency in economics, banking, and finance in one side, and combine it with the shariah knowledge. because of that, the human resources at islamic bank must to develop that competency. the expertise of human resources will be developed in a good way, if they have the following criteria and type as follow: first, the shariah expertise that understand the economics, banking, and finance. second, the economics, business, and finance al-iqtishad: vol. vii no. 2, juli 2015 248 expertise that understand the shariah knowledge. third, the shariah, economics, banking and finance expertise. according to muhammad (2005), profesionality is an element key in islamic bank’s management. nabi muhammad saw said “that allah will be greatfull if one of you doing his job in a professional way” (hr. baihaqi). the professional means that the individual will be in high motivation to finish their job in excellent result using the competency that he has. there are several implications based on this research for islamic banking industry, such as: first, should consider seriously and consequently the contribution of human resources studies to professionalism development. second, give the chance to higher education institution to have managerial studies that can give a benefit to knowledge and practical development. third, give a full attention with the human resources development condition at islamic banks with the integrated framework of banking and shariah ethics. fourth, do the cooperation between higher education instutiton and islamic banking industry to develop the professional human resources. besides that, there are also several implications for regulator either for bank of indonesia or financial service authority, such as: first, facilitate the policy that can support the human resources development at islamic banking industry. second, facilitate to decrease the implementation trap of integration knowledge (such as shariah knowledge with banking and financial knowledger) in every islamic bank. third, support the sinergity between the higher education institutions with the islamic banking industry. for higher education institution have to do several systemic and continuity actions in a framework of: first, mapping, organizing, facilitating the students need from the beginning of study. second, formulate and response the human resources problems in a framework of academical studies. third, support the students to have a contribution research to answer the islamic banking industry problems. this research also has an implication to the government either ministry of national education and culture or ministry of religious affair to keep in touch with the development of human resources for islamic banking and financial institution need. the support can be formulated as curriculum since the high school until the university, so the islamic economics and finance can develop rapidly in society. conclusion this research find that the development and management from islamic banks has suitable with islamic banking standars, because has fulfill the philosophy burhanuddin yusuf: human resources development of sharia banking 249 of islamic economics, legal standing, vision and mission, the development policy, strategic target, etc. besides that, it had established the human resources department with the supporting action from bank of indonesia in every islamic bank. the qualification of humas resources in islamic bank is based on al-qu’ran and sunnah. the human resources had passed the professional selection, after that the employee has a chance to follow the training either the soft skills training or hard skills training to improve the competency. the recruitment have three important criteria, such as: fresh graduate for tecnichal position, experience employee for officer position, and management development program for fress graduate that can fulfill the officer position. there are several actions for decreasing the difference in human resources qualification, such as: open rectruitment at the university, do the training and monitoring, the banking staff program, micro banking academy, etc. the development pattern of human resources in islamic banks basically divided into two, such as: the professional qualification based on shariah side, and the professional qualification based on tha business and banking side. the evaluation model and human resources in islamic banks has eight substantial elements and procedures, such as job evaluation, job analysis, spiritual side, learning center, e-learning, refreshment, enhancement program, and value foundation. on this model, employee is not only as a target but also has a subject to evaluation process and human resources development. the professionalism of human resources development in islamic bank is should be: first, always integrated and empowerment of human resources principle to support the basic action, systematic, and contextual in the way to increase the effectivity and efficiency in islamic banks; second, islamic banks and conventional banks is should be together to improve the strategic role in economy; third, the consistency to have their own identity as islamic business entity. references ahmed, s. 2009. islamic banking finance and insurance: a global view, kualalumpur: as. noordeen. ali, s. & f. faryal. 2013. islamic banking: is the confidence level of being an islamic banking employee better than convention banking employee? an exploratory study regarding islamic banking, journal of business studies quarterly, volume 4, number 3, pp. 42-64 amirullah. 2008. perguruan tinggi: pusat pengembangan sdm dan transformasi pemahaman ekonomi dan perbankan syariah, jurnal aplikasi manajemen, volume 6, nomor 1, april 2008, pp. 45-60. antonio, m.s. 2001. bank syariah: dari teori ke praktik. jakarta: gema insani al-iqtishad: vol. vii no. 2, juli 2015 250 press. arifin, z. 2003. dasar-dasar manajemen bank syariah. jakarta: alvabet. asnaini. 2008. pengembangan mutu sdm perbankan syariah: sebagai upaya pengembangan ekonomi islam. la_riba, jurnal ekonomi islam vol.ii, no.1, juli 2008, pp. 51-68 creswell, j.w. 2010. research design: qualitative, quantitative, and mixed methods approach. yogayakarta: penerbit pustaka pelajar. darmawan, c. 2006. kiat sukses manajemen rasulullah: manajemen sumber daya insani berbasis nilai-nilai ilahiyah. bandung: khasanah intelektual. el-seoudi, a.w.m. et.al. 2012. human resources in the islamic banks. journal of economic theory 6 (2), pp. 66-69 . gallagher, s. & d. zahavi. 2008. the phenomeboligical mind: in introduction to philosophy of mind cognitive science. london: routledge. hafiduddin, d. & h. tanjung. 2003. manajemen syariah: dalam praktik. jakarta: gema insani. herdiansyah, h. 2010. metodologi penelitan kualitatif, jakarta: salemba humanika. husserl, e. 2006. the basic problems of phenomenology. netherlands: springer. ivancevich, j.m. 2007. human resource managament. new york: mcgraw hill. kuswarno, e. 2009. fenomenologi: konsepsi, pedoman, dan contoh penelitiannya. bandung: widya. muhammad. 2005. manajemen bank syari’ah. yogyakarta: upp amp ykpn. moleong, l.j. 2011. metodologi penelitian kualitatif. bandung: remaja rosdakarya. noe, r.a. et.al. 2003. human resources management. boston: mc graw-hill pheng, l.m. & i.j. detta. 2007. islamic banking & finance law. malaysia: pearson longman. simamora, h. 2004. manajemen sumber daya manusia. yogyakarta: stie ykpn. siswanto. 2011. meningkatkan daya saing sumber daya insani perbankan syariah melalui implementasi praktek quran-based hrm. proceeding forum riset perbankan syariah v 2011. sugiyono. 2007. metode penelitian kuantitatif kualitatif dan r & d. bandung: alfabeta. wikaningrum, t. 2011. praktek dan kebijakan manajemen sumber daya manusia pada perbankan syariah. siasat bisnis vol. 15 januari 2011, pp. 32-44 zubair, m.k. 2008. akselerasi pertumbuhan bank syariah di indonesia. jurnal millah vol.viii, no.1, agustus 2008, pp. 28-40 kurnia indah sumunar1, lu’lu’ul jannah2, anita3 abstract. non-financial performance variables such as corporate social responsibility (csr) receive increased attention from stakeholders. this study examines whether csr performance affects employees of sharia financial institutions concerning organizational commitment and whether religiosity as a moderating variable strengthens or weakens that effect. research on the role of employee performance toward csr practices and the impact of those performances on employee behaviour is limited, especially in developing countries. in addition, the religiosity factor is still under consideration in terms of whether it affects employee performance. based on information gathered from questionnaires distributed to employees of sharia financial institutions in indonesia, this study shows that csr performance positively affects organizational commitment, and religiosity weakens the positive influence of csr performance on organizational commitment. employees feel csr practices can affect their work performance because companies with good csr practices could create a good reputation for their organization. keywords: religiosity; csr performance; organisational commitmen abstrak. variabel kinerja non-keuangan seperti tanggung jawab sosial perusahaan (csr) mendapat perhatian yang besar dari para pemangku kepentingan. penelitian ini menguji apakah kinerja csr mempengaruhi karyawan lembaga keuangan syariah terhadap komitmen organisasi dan apakah religiusitas sebagai variabel moderasi memperkuat atau memperlemah efek tersebut. penelitian tentang peran kinerja karyawan terhadap praktik csr dan dampak sikap tersebut terhadap perilaku karyawan masih terbatas, terutama dalam konteks negara ber kembang. selain itu, faktor religiositas masih dalam pertimbangan apakah ber pengaruh terhadap kinerja karyawan. berdasarkan informasi yang dikumpulkan dari kuesioner yang dibagikan kepada karyawan lembaga keuangan syariah di indonesia, penelitian ini menunjukkan bahwa kinerja csr berpengaruh positif ter hadap komitmen organisasi, dan religiusitas memperlemah pengaruh positif kinerja csr terhadap komitmen organisasi. karyawan merasa praktik csr dapat mem pengaruhi kinerja di tempat kerja karena perusahaan dengan praktik csr yang baik dapat menciptakan reputasi yang baik bagi organisasi. kata kunci: religiusitas; kinerja csr; komitmen organisasi the impact of religiosity on the relationship between corporate social responsibility (csr) and organizational commitment al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 173 184 1,2,3media nusantara citra university e-mail: 1kurnia.indah@mncu.ac.id, 2luluul.jannah@mncu.ac.id, 3anita@mncu.ac.id author: kurnia indah received: 6 november 2019 accepted: 19 juni 2022 published: 20 juni 2022 mailto:kurnia.indah%40mncu.ac.id?subject= mailto:luluul.jannah%40mncu.ac.id?subject= mailto:anita%40mncu.ac.id?subject= 174 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction the increasing interest in adopting strong corporate social responsibility (csr) practices in businesses worldwide reflects dissatisfaction within social and corporate communities regarding previously inadequate csr practices (carrol and shabana, 2010). many firms face business scandals such as those experienced by enron, arthur anderson, worldcom, nike, and other multinational companies (lee and sweeney, 2015). these scandals have a noticeable negative impact on shareholders and other stakeholders. financial performance alone is not enough to determine the value of a firm. csr practices that can reduce the likelihood of scandal are also essential. many firms are now promoting their csr activities because non-financial performance variables such as csr receive more attention from stakeholders (gramlich and finster, 2013). one stakeholder who feels the importance of csr practices is a firm employee. employees feel their employer of csr practices can affect their workplace performances because good csr practices enhance the business reputation. in addition, strong csr practices increase a firm attractiveness to prospective employees who value social welfare and the work environment. the company's csr performance sends signals to potential job seekers about the work environment they would experience if they came to work at the company. there is limited research into employee performance about csr practices and the impact of those performances on employee behaviour, especially in developing countries (zhu et al., 2014). this study examines the effect of csr performance on organizational commitment. we define csr performance as employees' perception of csr practices that can be affected by employee characteristics, such as religiosity, which can affect organizational behaviour (rahman et al., 2016). in addition to the impact of csr practices on various stakeholders, the effect of employee religiosity is also gaining increased attention in the academic literature (ibrahim et al., 2008). religiosity may be defined as a view expressed by one's beliefs, prayer practices, and individual spiritual experiences that can connect individuals and result in action (peterson, 2001). by displaying religiosity, an individual is a religious person who can exercise positive ethical judgement. it is stated in the source of islamic law, the hadith, that 'allah loves optimism and hates despair'; therefore, individuals who have the quality of religiosity may believe that they are committed to the will of god (ji et al., 2006). research on the connection between the level of individual religiosity and csr performance is mixed. individuals can change a company's performance toward good csr practices with religiosity. mazereeuw-van der duijn et al. (2014) stated that intrinsic religiosity affects csr performance. meanwhile, guiso et al. (2003) found that religiosity negatively affects csr performance. http://journal.uinjkt.ac.id/index.php/iqtishad kurnia indah sumunar. the impact of religiosity on the relationship between csr 175 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 this study examines whether csr performance affects organizational commitment, with religiosity as a moderating variable. the study uses data obtained from questionnaires distributed to employees of sharia financial institutions in indonesia. by conducting a regression analysis, our results show that csr performance positively affects organizational commitment, and religiosity weakens the positive effect of csr performance on organizational commitment. this research contributes to evidence from recent research on the impact of religiosity on csr performance and organizational commitment in developing countries, specifically indonesia. literature review theory overview sharia financial institutions have a responsibility to perform to benefit all stakeholders, including shareholders, employees, suppliers, business partners, governments, analysts, financial institutions, etc. sharia financial institutions should also adopt good csr practices to support the community and display the firm's gratitude for achieving good financial performance. stakeholder theory focuses on the firm's view of its various stakeholders. under this theory, a firm must be able to provide benefits to its multiple stakeholders. these benefits can be enhanced by implementing strong csr practices. performances toward and choices regarding certain behaviours are a function of an individual's underlying beliefs regarding the consequences of certain behaviours. an individual's religiosity can determine these beliefs. based on the theory of planned behavior, religion is one of the background factors influencing employees' performances and contributions to a company's csr practices. the performance of individuals who display religiosity should affect the intention of individuals to perform a performance that individuals will evaluate positively or negatively to organizational commitment. csr performance after learning that employers provide social and community support, employees are inspired to improve their performances in their workplaces (luo & bhattacharya, 2009). this view is further supported in several studies that explore the relationship between csr practices adopted by organizations and the csr performance of employees of the organizations. for example, by integrating organizational justice, corporate governance, and the theory of capitalism, aguilera et al. (2007) found that employees' perceptions of an organization's external csr practices (i.e. csr activities directed toward external communities) can shape performances and behaviours itself. http://journal.uinjkt.ac.id/index.php/iqtishad 176 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 in addition, rahman et al. (2016) believe that employee perceptions of csr practices can affect feelings, performances and behaviours. organizational commitment organizational commitment is a psychological state that reflects an employee's relationship with the employer organization. it has important implications for an employee's decision-making regarding whether they will continue or terminate membership in the organization. organizational commitment also encompasses a variety of attitudinal and behavioural characteristics among employees within an organization, including timeliness, individual behaviour, job performance, and organizational change performance. meyer, allen and smith (1993) identified three types of organizational commitment as follows: affective commitment (emotional attachment to the organization), ongoing commitment (perceived costs associated with leaving the organization) and normative commitment (feelings of obligation to the organization). employees who feel effective and/or normative commitment tend to do their jobs better and be more productive than employees who demonstrate ongoing commitment (meyer et al., 1993). hypothesis development the effect of csr performance and organizational commitment according to (meyer et al., 1993), organizational commitment reflects an employee's relationship with the employer. it has implications concerning the decision to continue or terminate membership in the organization. the presence of good csr practices can increase the sense of pride among employees through the positive reputation those good practices generate within the community; therefore, good csr practices can lead to higher levels of organizational commitment. conversely, employees who are more committed to the organization they work for can respond to their company's csr efforts more positively than less committed employees. therefore, employees with a high degree of organizational commitment may report a more positive performance regarding a company's csr practices (aguinis & glavas, 2012). employees believe their employer's csr practices can affect their workplace performances because companies with good csr enhance the organization's reputation. in addition, good csr practices enhance a company's attractiveness to prospective employees because its social performance sends signals to potential job seekers about the work environment they will experience if the company hires them. in addition, csr practices can play an essential role in developing employee self-concept as employees benefit from the positive reputation of their organization http://journal.uinjkt.ac.id/index.php/iqtishad kurnia indah sumunar. the impact of religiosity on the relationship between csr 177 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 (dutton et al., 1994). based on these observations, we develop the following hypothesis: h1: csr performance has a positive effect on organizational commitment. the effect of csr-related performances, religiosity and organizational commitment the religiosity of the executive group who run the company can influence csrbased performances in the following ways. for example, first, religion is an essential source of personal values and serves as a basis for performance formation (fry et al., 2011). second, the religiosity of employees can affect their performances concerning both personal and corporate interests (mazereeuw-van der duijn schouten et al., 2014). employees with high religiosity will decide to support csr programmes since those programmes can influence the employee's choice of whether or not to stay with the company. employee performances strongly influence behaviours that ultimately affect csr-related performances that involve organizational commitment. therefore, the second hypothesis tested is the following: h2: religiosity strengthens the positive effect of csr performance on organizational commitment. figure. 1 research model methods data and sample this empirical study uses statistical regressions to test the impact of csrbased performances on organizational commitment. the regression testing also examines the effect of religiosity as a moderating variable. the sample used in this research is based on employees of sharia financial institutions in indonesia. the samples were obtained at sharia financial institutions because the study wanted to measure the level of religiosity of the study participants. the sample selection technique used in this research is the purposive sampling method. the criteria used in the sampling are the following: (1) respondents are employees of islamic financial institutions, and (2) the sharia financial institutions have csr programmes. the data was collected using questionnaires distributed (using google docs) to employees of sharia financial institutions within the stipulated time. http://journal.uinjkt.ac.id/index.php/iqtishad 178 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 all the questions in the questionnaire were adapted from shafiqur (2016) and corrie (2013). the questionnaire consisted of 26 questions divided into the three following categories: (1) religiosity, consisting of 10 questions about the impact of religiosity on cognitive, intrinsic and extrinsic employees; (2) csr performance, consisting of four questions about the csr-based performance of employees and (3) organisational commitment, in the form of 12 questions related to affective, cognitive and normative organizational commitment. the likert scale determined the measurements of the variable defined by the questionnaire with a scale of 1 to 4, where one = strongly disagree and 4 = strongly agree. based on mazereeuw-van der duijn schouten et al. (2014), permanent employees make the best contributions to a company because they want to succeed. female employees display a more favourable performance toward ethical behaviour than male employees. therefore, this study uses employee status as a control variable, measured by a dummy variable set to 1 if the permanent employee and 0 if contract employee and employee gender, measured by a dummy variable set to 1 if female and 0 if male. data analysis the study uses the stata programme to analyze the data. with a sample of 83 respondents and a 95% significance level, the study conducted a pilot test and tested classical assumptions to avoid any best, linear, unbiased estimator (blue) in the study. testing for hypothesis 1 uses ordinary least square (ols) regression with organizational commitment as the dependent variable, csr-based performances as independent variables, and employment status and gender as control variables. in contrast, testing for hypothesis 2 uses regression analysis with organizational commitment as the dependent variable, csr-based performances as independent variables, religiosity as a moderating variable and employment status and gender as control variables. the models used to test the hypotheses are defined as follows: • testing model 1: oc = α + β1csr + β2status + β3jk + ε….(1) • testing model 2 oc = α + β1csr + β2rgl + β3csr*rgl + β4status + β5jk + ε…(2) where: oc : organisational commitment csr : csr performance rgl : religiosity status : status of employee jk : gender of employee ε : error http://journal.uinjkt.ac.id/index.php/iqtishad kurnia indah sumunar. the impact of religiosity on the relationship between csr 179 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 results and discussion descriptive statistics table 1 provides statistical measures for all variables. the average value for oc is 41.5421, indicating that employees at sharia financial institutions have high organizational commitment. the average csr value is 14.0843, which demonstrates that sharia financial institutions are engaged in csr activities that impact employee performances that tend to be csr-based. for employee status, the typical employee is a permanent employee, based on the average employee status value of .9277108. in contrast, the employees of sharia financial institutions are primarily men, given the variable's average value of 0.3614. the study obtained data from 89 questionnaires, but six were invalid because the respondents were employed by conventional (non-sharia) businesses. most of the respondents from sharia financial institutions are male (53 respondents, 64%). the majority are 24–28 years old (64 respondents, 77%). almost all employees of sharia financial institutions are permanent employees (77 respondents, 92%). table 1. descriptive statistics variable mean median sd min max oc 41.5421 45 8.0868 14 48 csr 14.0843 15 1.5788 9 16 rgl 35.0481 37 6.1225 17 40 csr*rgl 524.6627 540 119.9786 180 640 status 0.9277 1 .2605404 0 1 jk 0.3614 0 .4833398 0 1 explanation: oc: organisational commitment; csr: csr performance; rgl: religiosity; csr*rgl: moderating of csr performance and religiosity; status: employee status; jk: employee gender source: processed authors (2018) result of model analysis classic assumption test this study conducted a heteroskedasticity test and a normality test. breusch– pagan test in stata, performed heteroskedasticity testing. we concluded the free data from heteroskedasticity because the p-value is 0.3815 (>0.05). normality testing was performed using skewness and kurtosis tests. the results show the data is normally distributed based on the probability chi value of 0.9691 (>0.05). http://journal.uinjkt.ac.id/index.php/iqtishad 180 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 empirical result the results of the ols regressions can be seen in table 2, which evaluates the results of each variable hypothesized in this study. for model 1, the results support hypothesis 1, showing that csr-based performances have a significant, positive effect on organizational commitment. however, the results do not support hypothesis 2, as model 2 shows that religiosity weakens the significant positive impact of csr-based performances on organizational commitment. table 2. regression analysis result variable predict model 1 model 2 coef prob coef prob csr + 3.78822 0.000*** 5.665404 0.000*** csr*rgl + −0.11570 0.000*** status ? 6.123384 0.003 −0.5717 0.552 jk ? −1.01127 0.285 −0.2999 0.475 observation 83 83 r-squared 0.7617 0.9551 prob 0.000 0.000 *** significance at 1%, ** significance at 5%, * significance at 10% explanation: oc: organisational commitment; csr: csr performance; rgl: religiosity; csr*rgl: moderating of csr performance and religiosity; status: employee status; jk: employee gender source: processed authors (2018) csr performance and organizational commitment table 4.2 shows that the coefficient of csr is 3.78822, which is positive and significant at the probability of 0.000, which provides strong support for hypothesis 1, indicating that csr-based performances have a significant positive effect on organizational commitment. we conclude that sharia financial institutions with solid csr practices can benefit stakeholders. employees feel that csr practices benefit their workplace performance because good csr practices positively impact the organization's reputation. in addition, prospective employees applying for jobs will increase their attractiveness from social welfare, the environment and employees because the firm's social performance sends signals to potential job seekers about the work environment they will experience if accepted. in addition, csr activities can play an essential role in developing a positive employee selfimage because employees benefit from the positive reputation of their organization http://journal.uinjkt.ac.id/index.php/iqtishad kurnia indah sumunar. the impact of religiosity on the relationship between csr 181 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 and are likely to have a high organizational commitment (dutton et al., 1994). also, employees who are more committed to where they work may view their company's csr efforts more positively and, therefore, may report more positive csr-based performances (aguinis & glavas, 2012). csr-based performances, religiosity and organizational commitment as shown in table 4.2, the coefficient of csr*rgl is −0.11570, which is negative and significant at the probability level of 0.000, which means it does not support hypothesis 2 that religiosity can strengthen the positive effect of csr performance on organizational commitment. this study proves that religiosity weakens the positive impact of csr-based performances on organizational commitment. this finding is consistent with mazereeuw-van der duijn schouten et al. (2014) that the level of religiosity of employees can also affect employee performances, both for personal and corporate interests. female employees have a more significant burden in taking care of the household. to the extent that one's religion encourages women not to work outside the home, female employees with high religiosity may decide to leave the organization because a csr programme will require more time at work and can reduce the time with the family. performances can substantially affect behaviours that ultimately affect csr-based organizational commitment performances. the key to the success of csr programme is very dependent on the support of company employees as the primary implementers of these activities (chaudhary, 2019) so that employee awareness and high motivation are needed to carry out the company csr programme (shen & zhang, 2017). the results of this study indicate that employees still do not fully support the company's csr programme because the workload outside of working hours is burdensome for women who are required to fulfil their obligations as well as homemakers. this finding has managerial implications; first, companies must enhance csr beliefs to meet employees' high moral standards. second, companies should strengthen employee csr beliefs by training and communicate with employees. parboteeah et al. (2009) also found that religiosity negatively affects csrbased performances seen from extrinsic work values such as work benefits, work security, and success. parboteeah et al. (2009) explain this based on biblical quotes about wealth and money, including 'you cannot serve both god and money (luke 16:13) and 'for the love of money is a root of all kinds of evil' (timothy 6:10). however, the findings related to the qur'an of al-anfaal:28: 'and know that your possessions and your children are a test. and that surely with god is a mighty reward.' the verse explains that every individual should seek wealth but not for a goal, just as a method of praising god. it is plausible that employees who have a http://journal.uinjkt.ac.id/index.php/iqtishad 182 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 high level of religiosity tend to have a sense of conflict between god and money. with a csr programme required by their firm, individuals may feel an additional burden in their daily jobs that can reduce the time available to pray to god; therefore, employees may consider leaving the firm to have more time for prayer. 'we send the apostles in order to give good announcements and warnings. there is no fear of whoever believes and makes improvements, and they do not grieve' (qs al-an'am: 48). the verse can be understood that faith and practice will cause tranquillity and bury the ideas and beliefs to delay something because of laziness or fear of carrying it out. therefore, most employees are still rethinking whether to work in a firm that still contains elements of usury or not, according to islam. employees will think that leaving the company is the first step to change better because they stay away from the element of usury. employees who have the level of religiosity will be prejudiced as excellent and positive toward god, giving another blessing afterwards. conclusion non-financial corporate activities such as csr programmes benefit stakeholders, especially employees. this study examines whether csr activities of sharia financial institutions affect employees' organizational commitment and considers the effect of religiosity as a moderating variable that either strengthens or weakens that effect. based on the survey results of 83 respondents, the results support the hypothesis that csr-based performances positively affect organizational commitment. employees feel that strong csr practices can benefit their workplace performance because firms with good csr practices will improve the organization's reputation. however, the study results do not support the hypothesis of religiosity as a moderating variable. instead, the research results show that religiosity can weaken the positive effect of csr-based performances on organizational commitment. this study has limitations in the lack of sample size but has provided results applicable to sharia financial institutions, not just specific to an institution. the research suggests companies must remain consistent in their csr programmes and disclose their csr activities because investors are interested in non-financial performance and because of the company's employees. this research also suggests that when companies recruit employees, they should choose prospective employees with high intelligence and a high degree of religiosity. further research could develop this model by adding more variables or examining organizational commitment, specifically in affective, cognitive and normative organizational commitment. http://journal.uinjkt.ac.id/index.php/iqtishad kurnia indah sumunar. the impact of religiosity on the relationship between csr 183 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.13160 references aguilera, r. v., rupp, d. e., williams, c. a., & ganapathi, j. 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(2014). how is employee perception of organizational efforts in corporate social responsibility related to their satisfaction and loyalty towards developing harmonious society in chinese enterprises? corporate social responsibility and environmental management, 21(1), 28–40. https://doi.org/10.1002/csr.1302 http://journal.uinjkt.ac.id/index.php/iqtishad 1-titi nadra.indd titi dewi warninda: mapping and correlation analysis 1 mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank in indonesia titi dewi warninda & m. nadratuzzaman hosen1 abstract. mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank in indonesia. this research aims to analyze efficiency and profitability of islamic rural banks in indonesia using variable returns to scale model of data envelopment analysis and efficiency-profitability matrix. the results of this research show that most of islamic rural banks are included in the dog quadrant (high efficiency but low profitability) and sleeper quadrant (low efficiency but high profitability). meanwhile, the result of correlation analysis between efficiency and profitability indicates that efficiency has a negative correlation with profitability. negative correlation of efficiency and profitability is in accordance with the result of efficiency-profitability matrix. the results of this research show that not all of islamic rural bank which have high efficiency are also having high profitability. keywords: efficiency, profitability, data envelopment analysis, islamic rural bank abstrak. pemetaan dan analisis hubungan antara efisiensi dan profitabilitas: studi bprs di indonesia. tujuan dari penelitian ini ialah untuk menganalisis efisiensi dan profitabilitas pada bprs di indonesia dengan menggunakan model variable returns to scale pada data envelopment analysis (dea) dan matriks efisiensi-profitabilitas, hasil penelitian menunjukkan bahwa sebagian besar bank pembiayaan rakyat syariah (bprs) termasuk dalam kuadran dog (efisiensi tinggi dan profitabilitas rendah) dan kuadran sleeper (efisiensi rendah dan profitabilitas tinggi). sementara itu, hasil analisis korelasi antara efisiensi dan profitabilitas mengindikasikan bahwa efisiensi memiliki hubungan negatif dengan profitabilitas. hubungan negatif ini sesuai dengan hasil matriks efisiensi-profitabilitas. hasil penelitian menunjukkan bahwa untuk sebagian besar bank pembiayaan rakyat syariah (bprs) di indonesia, efisiensi tinggi tidak berhubungan positif dengan profitabilitas tinggi. kata kunci: efisiensi, profitabilitas, data envelopment analysis, bprs first draft: september, 10th 2014, revision: november, 25th 2014, accepted: december, 10th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: warninda@yahoo.com; mnhosen@yahoo.com al-iqtishad: vol. vii no. 1, januari 2015 2 introduction islamic rural bank is a rural bank that operates based on the principles of islamic law. islamic rural bank is founded to serve micro and small enterprises that need fast, easy, and simple approval process. because of its role in giving services to micro and small enterprises, islamic rural bank has an important role in improving financial inclusion. islamic rural banks has a rapid growth experience in indonesia. in 2005, there were only 92 islamic rural banks and 158 in 2012. by 2012, they have 91 branch offices and 152 cash offices. in 2005, total net assets reached 585 billion rupiah, and increased up to 4.7 trillion rupiahs in 2012. they also have disbursed 417 billion rupiah total financing in 2005 and became 3 trillion rupiah in 2012. although according to islamic banking statistic published by indonesian central bank; the amount of asset and financing has increased, however, the profitability of islamic rural banks demonstrated by return on assets (roa) showed a reduction. profitability of islamic rural banks reached 4.05% in 2005, and became 2.67% in 2011. in 2012, the profitability decreased again to 2.64%. the decrease of indonesian islamic rural banks profitability becomes the background of this efficiency-profitability mapping research. based on the study of noor and ahmad (2012) about islamic bank in the world, there is a positive correlation between efficiency and profitability. it means that decision making unit (dmu) which has high level of efficiency will have high profitability. meanwhile, according to abu-alkheil, burghof, and khan (2012), not all of decision making units (dmus) which have high efficiency are also having high profitability. research on efficiency and profitability of indonesian islamic rural banks will determine whether there are a lot of inefficient islamic rural banks and whether the inefficient islamic rural banks are also having lower profitability than the more efficient islamic rural banks. so, there will be a map about efficiency-profitability of indonesian islamic rural banks. in this research, return on assets (roa) is used to mesure the profitability data envelopment analysis in non parametric approach is used to measure the efficiency. dea is a linear programming method that is used to measure the efficiency of a decision making unit (dmu). dea formed a standard of dmu that is efficient compared to other inefficient dmu (said, 2013). dea model in this research uses variable returns to scale (vrs) assumption. this assumption is used to determine the technical efficiency without scale efficiency (pure technical efficiency). this study uses intermediation approach to determine the inputs and outputs that are used in the dea model. intermediation approach is used because the main function of islamic rural banks is as intermediary between the depositors titi dewi warninda: mapping and correlation analysis 3 and those who need funds. previous research on the efficiency of islamic rural banks is still rare. most of previous researches are about efficiency of islamic banks, microfinance, and rural banks. some previous researches about efficiency of microfinance using dea are as follow. kipesha (2013) studied on technical efficiency of microfinance institutions (mfis) in tanzania, another in 2012 was about efficiency of mfis in east africa. the research of hassan and sanchez (2009) was about technical efficiency and scale efficiency of the mfis in latin american, middle east and north african, and south asian countries. haq, skully, and pathan (2010) conducted a study on the efficiency of 39 microfinance institutions (mfis) in africa, asia, and latin america. the research of babu, kasilingam, and kasilingam (2011) was about the efficiency of mfis in india. this research aims to analyze profitability and efficiency of islamic rural banks in indonesia. in using the efficiency-profitability matrix, this research will show whether islamic rural banks that have high efficiency will also have high profitability. the result of this research will enhance the literature about efficiency and profitability of islamic rural banks. this research also analyzes the correlation between efficiency and profitability and the correlation among other variables. the finding of this research will contribute in the development of islamic rural banks and support the sustainability of financial inclusion in indonesia. there are some differentiations over previous researches. first, this research uses the data of islamic rural banks in indonesia. second, this research gives analysis of efficiency-profitability mapping using efficiency-profitability matrix. third, this research analyzes the correlations between efficiency and profitability and among other variables to find the consistency with the result of efficiency-profitability matrix. literature review most of previous researches are about efficiency of conventional microfinance institutions (mfis) and rural banks. previous research on the efficiency of islamic rural bank is still rare. some previous researches about efficiency of microfinance using dea are as follows. kipesha (2013) has done research about technical efficiency of microfinance institutions in tanzania for the period of 2009-2011. the result of the research indicated a high level of production efficiency and low level of intermediation efficiency. the research of kipesha (2013) has recommended that mfis in tanzania should reduce their operation costs, increase revenues, and increase resource allocation to get higher intermediation efficiency. the research of mohindra and al-iqtishad: vol. vii no. 1, januari 2015 4 kaur (2011) was about regional rural banks efficiency in india after reformation period. the result of the research using dea showed a decrease of rural banks technical efficiency after deregulation policy. the research of khankoje and sathye aimed (2008) analyzed the impact of regional rural banks restructuring in india on production efficiency, using dea. the result of the research indicated that restructuring program on indian rural banks showed a positive impact. the study of hassan dan sanchez (2009) analysed about technical and scale efficiency of mfi in latin america countries, middle east and north africa (mena) countries, and south asia countries. the result of the study showed that formal mfis (banks and credit unions) have higher technical efficiency level than non formal mfis (non profit organization and non financial institutions). mfis in south asian have higher technical efficiency than latin american and mena mfis. haq, et.al. (2010) had a research about efficiency of mfi in africa, asia, and latin america using dea. the research showed that non government mfis had highest level of production efficiency. meanwhile, mfis that are banks have highest intermediation efficiency. babu, kasilingam, and kasilingam (2011) studied about efficiency of mfi in india. the study found that the average efficiency score was very low and more than 65 percent of the mfis have below mean efficiency level. the cost per borrower variable has significant influence in measuring efficiency of mfis. the study also revealed that non-profit microfinance institutions have shown a high efficiency compared to profit organization. jayamaha and mula (2010) studied about efficiency of cooperative rural banks in india using dea and analyze the correlations between efficiency and financial factors. the result of the study indicated that asset quality, loan portfolio yield, operational efficiency, and operational self sufficiency variables have significant correlations with technical efficiency. methods the scope of the study is islamic rural banks in indonesia. it is because the dea software for calculating efficiency only can be used in the positive input and output variables. the research only uses islamic rural banks that have a positive net income. the data is taken from 2012 financial reports of indonesian islamic rural banks. the proxy of profitability is return on assets (roa). this research uses data envelopment analysis (dea) for efficiency measurement. dea is a linear programming method that is used to measure the efficiency of a decision making unit (dmu). dea form is a standard that a dmu is efficient compared to other inefficient dmu (said, 2013). titi dewi warninda: mapping and correlation analysis 5 this research will analyze the pure technical efficiency of islamic rural banks. technical efficiency is the ability of a dmu to produce as many outputs as possible by using a particular input, or produce a certain amount of outputs using a minimum amount of inputs. this study uses the dea output-orientation. this is because islamic rural banks operate in a competitive environment and should strive for providing the best products and services to customers. islamic rural banks are more likely to have a competitive advantage by increasing the output produced rather than reducing the inputs used. the measurement of pure technical efficiency uses variable returns to scale (vrs) model. vrs models or bcc (banker, charnes, and cooper) model were made by banker, charnes, and cooper in 1984 and were an improvement of crs model by adding variable returns to scale assumptions. vrs model provides a measurement of pure technical efficiency, which is technical efficiency without scale efficiency. dea-model in this research consists of two inputs and two outputs. this research uses cost of wages and salaries, and total customer deposits (total deposits) as inputs, while the outputs using total financing and net income, as used by onour and abdalla (2011). islamic rural banks efficiency-profitability mapping uses efficiencyprofitability matrix that has a structure such as the product portfolio matrix (abualkheil, et.al, 2012). efficiency-profitability matrix consists of four quadrants as follows: first, star quadrant: consists of a dmu that has a high level of profitability and efficiency. this is the best dmu. second, sleeper quadrant: consists of a dmu that has higher profitability but lower efficiency. this is not a good sign from long-term perspective. the high profitability is due to primarily more favorable environmental conditions than good management. third, question mark quadrant: consist of a dmu that has a low level of profitability and efficiency. this dmu has the potential to achieve higher level of profitability and efficiency. fourth, dog quadrant: consists of a dmu which has a low level of profitability but high efficiency. the dmu is efficient but still make less profit. the dmu operates efficiently but has low profitability due to unfavorable environment. table 1: efficiency-profitability matrix profitability high sleeper star low question mark dog efefficiency low high al-iqtishad: vol. vii no. 1, januari 2015 6 star quadrant consists of islamic rural banks that have high efficiency and profitability. dog quadrant consists of islamic rural banks that have high level of efficiency but low profitability. sleeper quadrant consists of islamic rural banks that have low level of efficiency but high profitability. while question mark quadrant consists of islamic rural banks that have low efficiency and profitability. the criteria for high or low level of profitability and efficiency are based on the median value of the overall profitability and efficiency data. islamic rural bank which has a higher profitability or efficiency than the median value or equal with the median value is islamic rural banks with high level of profitability or efficiency. while islamic rural bank which has a lower profitability or efficiency than the median value is islamic rural bank with low level of profitability or efficiency. correlations test aims to find the correlations between efficiency and profitability, and among other variables. other variables in the correlations test are equity capital to total assets (cap), natural logarithm of total assets (sze), financing to deposits ratio (fdr), and operating expense to total assets (oxn). discussion after calculating the profitability (roa) and the efficiency based on pure technical efficiency, the profitability and efficiency are grouped into the high and low groups of efficiency and profitability. efficiency-profitability mapping in the efficiency-profitability matrix based on the high and low groups of efficiency and profitability will show which islamic rural bank that is included in the star quadrant, dog quadrant, sleeper quadrant, or question mark quadrant. some of islamic rural banks are included in the star quadrant of efficiencyprofitability matrix, means that they have high profitability and high efficiency. islamic rural banks that are included in the star quadrant are as follows. table 2. islamic rural banks in the star quadrant no islamic rural banks efficiency profitability (%) 1 bangka 1 4.350 2 dana hidayatullah 1 7.700 3 situbondo 1 5.990 4 surya sejati 1 3.780 5 harta insan karimah 0.977 4.400 6 baitul muawanah 0.937 5.100 7 dinar ashri 0.926 6.000 titi dewi warninda: mapping and correlation analysis 7 8 amanah rabbaniah 0.862 3.240 9 jabal tsur 0.848 42.070 10 barkah gemadana 0.834 5.070 11 metro madani 0.825 4.820 12 artha mas abadi 0.779 5.280 13 bumi rinjani kepanjen 0.771 7.200 14 artha pamenang 0.746 7.250 15 khasanah ummat 0.739 14.580 16 bangun drajat warga 0.734 4.210 some of islamic rural banks are included in the dog quadrant of efficiencyprofitability matrix. it means that they have high efficiency but low profitability. islamic rural banks that are included in the dog quadrant are as follows: table 3. islamic rural banks in the dog quadrant no islamic rural banks efficiency profitability (%) 1 al hijrah amanah 1 0.610 2 al ihsan 1 2.310 3 al salaam amal salman 1 2.360 4 amanah ummah 1 2.690 5 dana mulia 1 1.450 6 gunung slamet 1 2.290 7 bumi rinjani probolinggo 1 0.410 8 hareukat 1 1.440 9 indo timur 1 1.820 10 barakah nawaitul ikhlas 1 0.700 11 carana kiat andalas 1 0.180 12 barokah dana sejahtera 0.964 1.670 13 amanah sejahtera 0.947 2.880 14 insan madani 0.946 1.380 15 buana mitra perwira 0.943 2.910 16 formes 0.912 1.020 17 margirizki bahagia 0.903 2.850 18 bhakti haji 0.902 2.800 19 hikmah wakilah 0.885 2.600 al-iqtishad: vol. vii no. 1, januari 2015 8 20 danagung syariah 0.856 1.710 21 pt bprs gajah tongga kota piliang 0.847 2.260 22 berkah ramadhan 0.84 1.890 23 al ma’soem syari’ah 0.821 2.760 24 bumi artha sampang 0.816 2.490 25 lantabur 0.805 2.910 26 ikhsanul amal 0.801 1.930 27 tanggamus 0.784 2.150 28 muamalat harkat 0.776 2.730 29 amanah insani 0.752 2.400 30 arta leksana 0.748 2.390 31 karya mugi sentosa 0.703 2.940 some of islamic rural banks are included in the sleeper quadrant of efficiencyprofitability matrix. it means that they have low efficiency but high profitability. islamic rural banks that are included in the sleeper quadrant are as follows: table 4. islamic rural banks in the sleeper quadrant no islamic rural banks efficiency profitability (%) 1 artha surya barokah 0.701 9.400 2 sukowati sragen 0.653 4.780 3 mentari 0.632 7.230 4 al-yaqin 0.631 4.330 5 baktimakmur indah 0.626 3.980 6 harta insan karimah parahyangan 0.624 3.400 7 cilegon mandiri 0.622 6.740 8 al hidayah 0.614 3.210 9 mitra cahaya indonesia 0.613 3.280 10 cempaka al amin 0.612 5.430 11 safir 0.602 4.280 12 bumi rinjani 0.599 4.090 13 madinah 0.598 6.600 14 tanmiya artha 0.597 4.960 15 al mabrur 0.596 3.480 titi dewi warninda: mapping and correlation analysis 9 16 daya artha mentari 0.589 3.920 17 artha madani 0.588 4.660 18 artha amanah ummat 0.571 3.540 19 jabal nur 0.561 4.640 20 patuh beramal 0.56 7.280 21 rajasa 0.551 23.390 22 bumi rinjani batu 0.512 34.880 23 mulia berkah abadi 0.501 16.390 24 way kanan 0.492 11.850 25 baiturridha pusaka 0.479 5.610 26 al mabrur babadan 0.476 4.890 27 kotabumi 0.446 3.720 28 artha fisabilillah 0.414 5.700 29 bhakti sumekar 0.362 6.220 30 harta insan karimah cibitung 0.35 7.210 31 investama mega bakti 0.317 3.480 some of islamic rural banks are included in the question mark quadrant of efficiency-profitability matrix. it means that they have low efficiency and profitability. islamic rural banks that are included in the question mark quadrant are as follows: table 5. islamic rural banks in the question mark quadrant no islamic rural banks efficiency profitability (%) 1 bumi rinjani malang 0.700 1.390 2 mitra amal mulia 0.693 1.860 3 bina amanah satria 0.665 3.120 4 asad alif 0.660 2.300 5 suriyah 0.657 2.810 6 pnm binama 0.640 1.760 7 adeco 0.623 1.360 8 ampek angkek candung 0.621 2.500 9 puduarta insani 0.590 1.920 10 harta insan karimah bekasi 0.561 2.600 11 mandiri mitra 0.557 0.400 al-iqtishad: vol. vii no. 1, januari 2015 10 12 bina rahmah 0.529 2.530 13 bandar lampung 0.526 2.490 14 haji miskin 0.460 0.220 15 artha sinar mentari 0.338 3.130 according to tables above, there are 16 islamic rural banks included in the star quadrant and 31 islamic rural banks in the dog quadrant. there are 31 islamic rural banks included in the sleeper quadrant and 15 islamic rural banks in the question mark quadrant. efficiency-profitability matrix is as follows: figure 1: efficiency-profitability matrix four quadrants in efficiency-profitability matrix above show the most of islamic rural banks that included in the dog quadrant and sleeper quadrant. the quadrants consist of islamic rural banks which have high efficiency but low profitability and islamic rural banks which have low efficiency but high profitability, respectively. the result shows that most of islamic rural banks that have high efficiency do not have high profitability, vice versa. based on the result of efficiency-profitability matrix above, it is needed to analyze the correlations between efficiency and profitability and among other variables, especially to analyze the consistency with the result of efficiencyprofitability matrix. titi dewi warninda: mapping and correlation analysis 11 table 6. correlation test result cap eff fdr oxn roa sze cap 1.000000 eff 0.184463 1.000000 fdr -0.007775 0.000796 1.000000 oxn 0.059928 0.000636 0.931688 1.000000 roa -0.444132 -0.478985 -0.053812 -0.051274 1.000000 sze 0.029996 0.098393 -0.045359 -0.060634 0.032244 1.000000 table 6 shows that efficiency has negative correlation with profitability. it also shows the variable that has a positive correlation with profitability. however, we still need further reaseach related to other variables that have negative correlations with profitability such as equity capital, financing, and operating expenses. conclusion based on the findings and analysis of the efficiency-profitability mapping of islamic rural banks in indonesia, not all of islamic rural banks that have high efficiency are also have high profitability. most of islamic rural banks are included in the dog and sleeper quadrants it means that those islamic rural banks have high efficiency but low profitability and have low efficiency but high profitability, respectively. the result of correlations analysis shows that islamic rural banks efficiency has negative correlation with profitability. this result is in accordance with the result of efficiency-profitability mapping that most of islamic rural banks have high efficiency but low profitability (in the dog quadrant) and have low efficiency but high profitability (in the sleeper quadrant). the result of this research is in accordance with the research of abu-alkheil, burghof, and khan (2012) that not all of decision making units (dmus) which have high efficiency are also having high profitability. islamic rural banks that are in the dog quadrant should have more favorable environment to increase their profitability. meanwhile, islamic rural banks that are in the sleeper quadrant should improve their management because they have high profitability but low efficiency. some islamic rural banks are included in the question mark quadrant, means that they have the potential to achieve higher level of profitability and efficiency if they get more favorable environment and additional appropriate resources. al-iqtishad: vol. vii no. 1, januari 2015 12 references abu-alkheil, a. m., et.al. 2012. islamic commercial banking in europe: a crosscountry and inter-bank analysis of efficiency performance. international business and economics research journal, 11 (6), 2012, pp. 647-676. babu, c., et.al. 2011. technical efficiency of mfi’s and its determinants: an empirical study. tecnia journal of management studies, 6 (2), pp 40-49. hassan, m. k. & b. sanchez. 2009. efficiency analysis of microfinance institutions in developing countries. working paper, network financial institute, indiana state university. haq, m., et.al. 2010. efficiency of microfinance institutions: a dea analysis. asiapacific financial markets, 17, pp. 63-97. jayamaha, a. & j.m. mula. 2010. financial practices and efficiency of cooperative rural banks in sri lanka. 1st international conference on business and information: researching realities of management phenomenon (icbi 2010), colombo, sri lanka. khankhoje, d. & m. sathye. 2008. efficiency of rural banks: the case of india. international business research, 1 (2), pp. 140-149. kipesha, e. f. 2012. efficiency of microfinance institutions in east africa: a data envelopment analysis. european journal of business and management, 4 (17), pp. 77 88. kipesha, e. f. 2013. production and intermediation efficiency of microfinance institutions in tanzania. journal of finance and accounting, 4 (1), 149159. mohindra, v. & g. kaur. 2011. efficiency of regional rural banks in india: an application of data envelopment analysis. economic affairs, 56 (2), 187196. noor, m. a. & n.h. ahmad. 2012. the determinants of world islamic banks’ efficiency: does country income level have an impact? journal of islamic economics, banking and finance, 8 (2), pp. 9 44. onour, i. a. & a.m.a. abdalla. 2011. efficiency of islamic banks in sudan: a nonparametric approach. journal of islamic economics, banking and finance, 7 (4), pp. 79-92. said, a. 2013. risk and efficiency in the islamic banking system: the case of selected islamic banks in mena region. international journal of economics and financial issues, 3 (1), pp. 66-73. 10 the need for the islamization of knowledge in accounting1 jamaluddinmajid safri haliding abstract. the need for the islamization of knowledge in accounting. this article tries to analyze the term “islamization of knowledge method through accountancy. the economic system and the foundation of philosophy its system may influence the accounting practice that islamic worldview provides the original source of revelation in a muslim society by using islamic literally of being the adherents to islam due to be vicegerents of god and providing accountability in all aspects. islam as a way of life, covering all activities and economic activities as accounting as well are only small part of islam, through al quran and al hadits. in terms of developing of islamic accounting system that as social science and institution may provide a way to satisfy its social economic objective in order to meet the benefit in this world and hereafter. since many scandals and fraudulent in accounting practices, accounting should be islamized. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). keywords:islamization of knowledge, islamization of accounting, islamic accounting abstrak. pentingnya islamisasi pengetahuan dalam akuntansi. tulisan ini mencoba untuk mengkaji metode islamisasi pengetahuan pada disiplin ilmu akuntansi. sistem dan landasan filosofi ekonomi dapat mempengaruhi praktik akuntansi sebagai turunan dari ilmu ekonomi. dalam perspektif islam, islamic worldview atau pandangan dunia islam yang bersumber dari ilahi merupakan sumber literatur yang paling tepat dan sesuai dengan syariah untuk islam. islam sebagai jalan hidup, mencakup semua aspek kehidupan dan kegiatan ekonomi demikian halnya dengan akuntansi sebagai salah satu disiplin ilmu dengan berlandaskan pada al-quran dan al hadits. sebagai salah satu ilmu sosial, maka dalam pengembangan sistem akuntansi islam harus berdasarkan pada tujuan sosial ekonomi dalam rangka tercapainya kebahagian di dunia dan akhirat. dengan begitu banyak skandal dan kecurangan dalam praktek akuntansi, maka akuntansi harus diislamisasi agar akuntansi dapat memberikan solusi dalam kegiatan bisnis dan jasa keuangan agar maqashid syariah dan maslahah dapat tercapai. kata kunci: islamisasi pengetahuan, islamisasi akuntansi, akuntansi islam 1 naskah diterima: 10 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 jamaluddinmajid is an accounting lecturer at universitas islam negeri (uin) alauddin, makassar, email: jamal_majid55@yahoo.com safri haliding, lecturer at faculty of economics, muhammadiyah university of makassar, indonesia and part time lecturer at uin alauddin makassar and doing his master in accounting at international islamic university malaysia (iium) . email: safrihaliding@yahoo.com and safrihaliding@gmail.com mailto:jamal_majid55@yahoo.com mailto:safrihaliding@yahoo.com mailto:safrihaliding@gmail.com 11 introduction western systems have been failed in islamic society. muslim countries became independence from colonial control in authority of political perspective that providesislamic society to see back of the islamic solution and alternatives (haneef, 2005). the effect of colonialism to muslim countries is influence the adoption of western system in political and social economic model that namely as westernization. as muslim society islamic perspective in all aspects of muslims life is very important in order to meet shariah rules and principles of social benefit (maslaha) and human welfare in the world and hereafter. baydoun & willet (1997) assert that al quran & al hadits are source of islamic shariah provide the real guidance to govern the live of muslims. therefore, islamization of knowledge is needed in terms of islamic worldview in this world and hereafter. islamization of knowledge has been discussed by some scholars. for instance, haneef (2005) mentions such as al attas (1978), faruqi (1982), davies (1991), abu fadl (1988), brohi (1993). those scholars have own idea and different perspective to develop of islamization of knowledge. however, mostly they agreed that the one way of process islamization of knowledge is to bring al-quran and al hadits into the philosophy of knowledge as islamic worldview. rahman (2010) argues that both worldly aspect and the religion aspect are covered by the worldview of islam. worldview may affect the quality of life in way we think and behave to see the whole of the world that as muslims we may get the guidance and idea of worldview from the al quran known as the quranic worldview (hamid, 2004). rahman (2010) states that the economic system and the foundation of philosophy its system may influence the accounting practice that islamic worldview provides the original source of revelation in a muslim society by using islamic literally of being the adherents to islam due to be vicegerents of god and providing accountability in all aspects. in term of accountability, accounting as one of modern knowledge is becoming of the process of islamization as a responsibility to both muslim society and god. this article tries to analyze the term “islamization of knowledge method through which accounting can be islamized. this article proceed with the explanation about the concept of islamization of knowledge as general, the need of islamic accounting, islamization of accounting, the existing method through which accounting can be islamized, issues and challenge on islamization of accounting and followed by conclusion of the paper. the concept of islamization of knowledge indirectly muslim society follows the western worldview by learning and applying the knowledge and sciences of contemporary universities or higher institutions that temporary knowledge is needed to islamize from the western worldview of knowledge built on them (haneef, 2005). in addition, haneef (2005) states that the process of islamization of knowledge may provide the evaluation, sifting, and modification of western’s fundamentally on knowledge concept and structure. the perceptions of knowledge from western worldview are some of them out from philosophy of science of al quran perspective. hamid (2004) states that the development of people mind currently may provide the assumption that the power and the right are independently chosen as human being and religion is only human imagination, they have run away from religion and belief in god that. in addition, the power of reason and logic it 12 self is as human beings, the power must consider to it self limited as knowledge as well to find a valid worldview (hamid, 2004). golshani pointed out of the some principles of doing any kind of scientific activities as follows: firstly, the principles of monotheism (at tawhid), it means that all scientific activities in order to get and recognize the wise creator and governor of the universe of quranic worldview and the symbol of the creator are all nature and knowledge. secondly, the reality of the external world, it means that world is to be using as subject of knowledge and sciences of the quranic worldview. thirdly, limitation of human knowledge, it means that human has limitation of getting and understanding of the knowledge, also unseen is exist of supernatural truth in this world that there is a hereafter life. some scholars try to see the rationale for iok. as quoted by haneef (2005) of muslim’s scholars perspective for rationale iok, brohi’s argument (1993) that modern knowledge provided inconsistent from the framework of islamic worldview as supports rabab (1995), who tries to see rationale of iok from the assumptions that in modern societies, assumption of social sciences may be unacceptable from islamic worldview. regarding to the meaning of islamization of knowledge that haneef (2005) mentions some scholars’ definition, al-attas (1978) defined iok as “the deliverance of knowledge from its interpretation based on secular ideology; and from meaning and expression of the secular”; faruqi (1982) sees that iok as “recasting knowledge as islam relates to it”; davies (1991) defined iok as “ civilizational project of rethinking, taking the quran as the frame of reference”. haneef (2005) states that the conclusion of the meaning of islamization of knowledge from the elaboration above, the concept of iok relates to the islamic ontology framework and islamic epistemological framework as the methodology in order to provide the true meaning and presenting the knowledge. in addition, ontology in islamic perspective is very important in terms of that ontology may provide the true of existence of knowledge that ontology may bring the information of true source of knowledge due to al quran and al hadists and also concept of the tauhid (only on god). however, the process of iok in society needs time and commitment form muslim society itself to support of the process of islamization of knowledge that the level of muslims understanding for the urgency of iok is different and also they may reject iok in terms of their western worldview has been become a way of life and exist in muslims mind. in terms of the process that there are some steps to islamize knowledge. the most famous of involving the iok is the faruqi’s 1982 work-plan mentions the following steps: 1. mastery of the modern disciplines. 2. discipline survey that presents the history, methodology, and main contribution of that discipline, including a bibliography. 3. mastering the islamic legacy: the anthology. 4. mastery of the islamic legacy: the analysis. 5. establishment of the specific relevance of lslam to the disciplines covering what the legacy has contributed to the range of issues envisaged by the discipline, the legacies achievements and shortcomings vis-à-vis the ‘vision and scope of the discipline’, why it is so and what can be done. 6. critical assessment of the modern discipline. 7. critical assessment of the islamic legacy. 8. survey of the ummah's major problems requiring insight, good judgment and knowledge of both the legacy and modern knowledge. 9. survey of the problems of humankind as iok is seen to not only be for muslims but for all humanity. 10. creative analysis and synthesis between the islamic legacy and modern disciplines. 11. recasting the disciplines under the framework of islam. 12. dissemination 13 of islamized knowledge where ideas and thought of muslims involved in iok must be available to all. another scholar of iok is al-attas that he sees the process to islamize the knowledge by two way as the following steps: 1. isolation of key elements that make-up western culture and civilization from every branch of knowledge. 2. infusion the islamic elements and key concepts into all branches of knowledge. that al-attas’s concepts are an epistemological and methodological concern. islamizationof accounting that both of faruqi’s 12 point plan and al-attas concepts could be used to development the accounting in islamic perspective. however, rahman’s view that faraqu’s plan is ideally to develop accounting in islamic perspective compared to al-attas’s concept that takes many processes. based on the author’s understanding that accounting should be islamized, since many scandals and fraudulent in accounting practices. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). hence, author believe that faraqu’s plan of iok is one of the best way to develop islamic accounting to provide accountants who may mastery of accounting first then develop a mastery islamic legacy on in accounting perspective in order to provide islamic epistemological framework as the methodology in order to provide the true meaning and presenting the knowledge in islamic perspective. the need of islamic accounting the need for islamic accounting may refer to two indicators those push and pull factors (hameed, 2000 as quoted by ratmono, 2005). pull factors provide the need for islamic accounting to muslims user and islamic institution due to convention accounting improperly to islam society (ratmono, 2005). in addition, hameed (2000) pointed out pull factor into two: first, the islamization of knowledge factor that provides the theoretical imperative for islamic accounting. second, the establishment of mulsims and islamic institutions that is the practical imperative for the development of islamic accounting. in addition,hameed (2000) as quoted by ratmono (2005) divided the need of islamic accounting from push factors into six parts: 1. the objective of conventional accounting based on decision usefulness may not be accepted from islamic worldview. 2. neither the assumption of pristine liberal economic democracy nor the developed exchange economy with a developed stock market in valid for many muslim countries. 3. the accounting principles on conventional accounting reports are prepared may be unsuitable for the direct and indirectly for reporting zakat as one of the objective of islamic accounting. 4. the problem with historical income model becomes more problematic in muslim environment. 5. the negative economic and social consequences of conventional accounting to environment, society, individuals are unacceptable from islamic worldview. 6. conventional management systems may lead to behavior that is disfunctional not only in terms of organizational goals achievement but in terms of the moral and ethical consequences of individual and group islamic behavior. following from the above factors that there is a need for developing islamic accounting that more relevant to muslim society, socio-economic and islamic worldview in order to meet the objective of islamic principles and rules. 14 the process of the accounting islamization rahman (2012) defined islamic accounting as “the process of identifying, measuring, and communicating economic and other relevant information inspired by islamic worldview and complied with shari’ah islamiyah to permit informed judgements and decisions by potential and expected users information to enhance social welfare and achievemardhatillah(blessings from allah)”. in addition, hameed (2009) defined islamic accounting as the “accounting process which provides appropriate information (not necessary limited for financial data) to stakeholders of an entity which will enable them to ensure that the entity is continuously operating within the bounds of the islamic shariah and delivering its socioeconomic objective”. like conventional accounting that islamic accounting is a tool a well in providing the business information, in way to accountability to god as muslims (hameed, 2009). hameed (2009) pointed out that the differences between conventional accounting and islamic accounting as following: 1. the objective of providing the information, 2. what type of information is identified, and how is it measured and valued, recorded and communicated, 3. to whom is it communicated (the users). for islamic accounting the information may unsure the social-economic and religious events and transactions as objective of shariah compliance. rahman (2010) states that in terms of accounting measurement in conventional accounting takes consideration to the acquisition cost or historical cost unlike to islamic accounting that focuses on current cost due to zakat determination as issues in fairness and justice that zakat valuation is subjected to the current market value. baydoun and willet (1997) assert that the obligation on paying zakat for muslim provides a distinctive model of islamic accounting information systems. rahman (2010) states that with regards to the disclosure requirements in islamic accounting may provide the objective of disclosure for islamic organization, rahman pointed out as followings: the disclosure laid down by shariah for the firm to avoid riba and pay zakat, the objectives are based on inferred general requirement that can be referred to as social accountability and full disclosure. the way to full disclosure is followed to social accountability as part of serving to god of providing the social economic justice and also does not mean that full disclosure to show every single detail transaction (rahman, 2010). rahman (2003) argues that accounting on islamic perspective in muslim society, in way of accountant to provide the financial information to user is not only as service to the users and public at large, but information is provided to society must take consideration to accountability in order to follow the god’s commandments. since many scandals and fraudulent in accounting practices, accounting should be islamized. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). in addition, there are some methods through which accounting can be islamized, these methods are only a part of developing islamic accounting which are deduction from islamic teachings approach, contemporary accounting based approach (see, yaya, 2004), and also could be used strategic work plan approach, which we have developed based on faruqi’s strategic work plan (1989) in islamization of knowledge. in terms of islamic socioeconomics objectivethat the approaches may provide the inherent weakness in applying the islamic accounting (yaya, 2004). 15 the first approach is called a normative approach that means bring a deduction from islamic teaching. yaya (2004) argue that this approach may follow the what “ought to be” the objective of financial accounting, that may as additional value to the western objective of financial accounting to be appropriate for islamic business organizations. according to aaoifi (2006), by using this approach the objective of islamic accounting based on the islamic principles and its teaching that could be used as these objectives in relation to contemporary accounting thought. in addition, karim (2005) states that by using this approach the western worldview of secular system on accounting thought could be minimized on the objective of islamic accounting. this approach uses the proponent “what is”. yaya (2004) assert that this approach is a process of adopting the currently western financial accounting into accounting for islamic institution without violating the objective of islamic principles. in conventional accounting only economic event and transaction. the development of this approach provides the moral dimensions which are out from conventional accounting (karim, 1995). moral and ethics in accounting may lead to provide proper practices in accounting in terms of human accountant. in addition, rahman (2012) argue that accountant may fulfill the religion obligations (hablumminallah) as muslim accountant in order to require the good relationship both superior (management) and relationship to god by value of truthfulness, fairness, tolerance and uprightness. the aaoifi has been developed the islamic accounting framework, one of that is objective of islamic accounting which based on the decision usefulness approach. on the other hand, some scholars use different approaches (i.e. hameed, 2000a; adnan and gaffikin, 1997). lewis (2001) argues that islamic accounting may follow the islamic law in terms of the accounting principles and postulates in order to develop the proper accounting theory. therefore, lewis (2001) provides approaches for the objective of islamic accounting as follows: first, establish objectives based on the spirit of islam and its teaching and then consider these established objectives in relation to contemporary accounting thought. second, start with objectives established in contemporary accounting thought, test them against islamic shari’ah, accept those that are consistent with shari’ah and reject those that are not. yaya (2004) pointed out the objective of islamic accounting into some issues as followings: first, decision usefulness, yaya (2004) argues that in terms of islamic accounting’s objectives of the aaoifi, the contents and goals are likely the same with currently conventional accounting that focus on providing information system for users. second, stewardship, mirza and baydoun (2000) state that in reporting of islamic accounting may take consideration to to external parties and; third, accountability, adnan and gaffikin (1997) argues that zakat as the primary objective of accountability in islamic accounting and hameed (2000) suggests that the primary objective is the islamic accountability. follows, the writer would like to highlight discuss some of problem rising in the method of islamization of accounting and the development of islamic accounting itself. firstly, the issues in islamic worldview on accounting. at this point, the process of islamization of knowledge in accounting may provide some obstacles and times. the understanding in muslim concept in business and culture of muslim society are some challenge to develop islamic accounting due to western value has been existed in muslims 16 mind and activities. therefore, islamic accounting should be derived from the philosophy worldview and values of islam. second issue is theoretical building for islamic accounting. it is needed to take more attention on methodology that could be implemented in practices (kamla, 2009; haniffa & hudaib, 2010). for example: islamic accounting practices should not be a merely changing cover and name from conventional bank to islamic bank but the reality is still out from shariah objective and principles (kasim et al. 2009; napier, 2009). kamla (2009) states that “differences between islamic accounting and banking and conventional counterparts in the islamic accounting literature are usually reduced to technical (rather than social) dimensions related to the prohibition of interest and zakah calculations” (also see rahman and goddard, 1998; baydoun and willett, 2000; lewis, 2001; sulaiman and willett, 2001). since the literatures in accounting and islam, therefore, i try argue that in practice of islamic accounting may focus on issues in ethics particularly on islamic financial products and islamic banks that in the reality in business transactions some businessmen may not really take consideration on islamic principles and rules in terms of profit oriented. therefore, developing a particularly regulation may be really needed and also supervisory is very important to achieve the shariah objective in maslahah. conclusion the islamization of knowledge is a emerging issues on process to convert all knowledge that may refer to al quran and al hadits as basis source of knowledge and philosophy that to build the muslim mind from thought crisis and the malaise of muslim. islam as a way of life, covering all activities and economic activities as accounting as well are only small part of islam, through al quran and al hadits. in terms of developing of islamic accounting system that as social science and institution may provide a way to satisfy its social economic objective in order to meet the benefit in this world and hereafter. since many scandals and fraudulent in accounting practices, accounting should be islamized. hence, islamic accounting is needed to bring solutions in business and financial activities in order to achieve the objective of shariah and islamic goals of maslahah (social benefit). in addition, there are some methods through which accounting can be islamized, these methods are only a part of developing islamic accounting whichare deduction from islamic teachings approach, contemporary accounting based approach,and also could be used strategic work plan approach, which we have developed based on faruqi’s strategic work plan (1989) in islamization of knowledge that has been used some universities such international islamic university malaysia. reference aaoifi. 2010. accounting and auditing standards for islamic financial institutions. manama, bahrain: accounting and auditing organization for islamic financial institutions. al faruqi, i.r. 1988. islamization of knowledge: problems, 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macroeconomic variable and its influence on performance of indonesian islamic banking yoghi citra pratama1 abstract. macroeconomic variables and its influence on performance of indonesian islamic banking. the purpose of this research is to analyze the macroeconomics variables that affect to the performance of islamic banks in indonesia. methods used in this research is the vector auto regressive (var) / vector error correction model (vecm) to see the effect of the shock and the long-term effect on the performance of islamic banking. the results show that based on the analysis of irf, the performance of islamic banking having short-term shocks to fluctuations in macroeconomics variables but stable in the long term, and based on the variance decomposition, shocks of macro variables only gives little effect on the performance of islamic banking. keywords: performance, islamic banking, var, macroeconomic variable abstraksi. pengaruh variabel makroekonomi terhadap kinerja perbankan syariah di indonesia. tujuan dari penelitian ini adalah untuk menganalisis pengaruh variabel makro ekonomi terhadap kinerja bank syariah di indonesia. metode yang digunakan dalam penelitian ini adalah vector auto regresive (var)/vector error correction model (vecm) untuk melihat efek dari shock dan efek jangka panjang terhadap kinerja perbankan syariah. hasil penelitian menunjukkan bahwa berdasarkan analisis irf, kinerja perbankan syariah memiliki guncangan jangka pendek terhadap fluktuasi variabel makroekonomi tapi stabil dalam jangka panjang, dan berdasarkan dekomposisi varians, guncangan variabel makro hanya memberikan sedikit efek pada kinerja perbankan syariah. kata kunci: kinerja, perbankan islam, var, variabel makroekonomi first draft: september, 15th 2014, revision: november, 30th 2014, accepted: december, 16th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: yoghi@uinjkt.ac.id al-iqtishad: vol. vii no. 1, januari 2015 60 introduction globalization and integration of the financial sector in the world economy led to the depedency among countries in the world. globalization means more corelation among countries especially in connection to world trade and financial market either directly or indirectly, this is proved by the global financial crisis that occurred in 2008, where the financial crisis that began in the united states has effected to the other countries in the world.the 2008 global financial crisis that started in the u.s. in late 2007 has given a wide array of impacts to the operating and financial performance of many banks all over the world . as a result, many banks across the world reported financial loss on their financial reportdue to their connections with subprime mortgage in the u.s. or were simply affected by economic recession in theirown countries. the impact of the crisis have even forced around 123 banks in the u.s. to file for bankruptcy in theyear, including american giant bank lehman brother that was never been expected to fail (hidayat and abduh, 2012). indonesia is also get the impact of global crisis, that can be seen from a number of macroeconomic indicators in indonesia. the impact of the crisis also approached the financial and banking system in indonesia, it can be seen from the financial ratios of banks that had a significant correction, including the banking system which uses a sharia based the development of islamic banks in indonesia is growing faster when the government is fully committed in 1998 by issuing law no. 10 in 1998 to enhance the previous act, act 7 of 1992, which provides institutional and operational developments of islamic banking in a comprehensive manner. with this legislation, dual banking system has been implemented, in which the conventional banks and islamic banks recognized and both are regulated and supervised by bank indonesia. when business unit has enacted law no. 21 2008 on the islamic banking on july 16, 2008, then as a follow-up mandate of the act referred to, some new policies must be drawn up and some of the provisions that have been issued by bank indonesia should be adjusted to remain focused on six aspects, including adherence to islamic principles, compliance with prudential aspects, the development of operating efficiency and competitiveness, and system stability benefits to the economy, improving the competence and professionalism of human resources, as well as the optimization of social functioning of islamic banks in facilitating the voluntary sector / social with people’s economic empowerment efforts. (lpps bank indonesia, 2008). based on bi data in june 2012, the number of islamic banks were established 11 the number of bank offices in 1780, and the number of conventional banks that have islamic business units are 24and the number of bank offices 521. coupled yoghi citra pratama: macroeconomic variable and its influence 61 with rural islamic banks amounted to 158, the number of office 398. development of islamic banking assets also increased rapidly and above the average of national banks. graph 1. the development of islamic banking assets source: bank indonesia from the graph above can be shown that the development of islamic banking assets increased significantly from 50 million in 2008 to 150 trillion in 2011 even growth of islamic banking assets has fluctuated, although still above the average national banks, islamic banks grow to over 30 % since the year 2008 and reached its peak in 2010, which reached 70%. this illustrates that islamic finance industry has great potential and is not overly affected by the global financial crisis. years 2008 to 2009 was a challenging year for the financial system, both domestically and globally because in that year the world was hit by the global financial crisis. the crisis that began with subprime mortgage in the united states has disrupted the stabilization of the global financial system, the effect is even to countries in southeast asia, including indonesia. many international and domestic financial institutions have liquidity problems because they are involved too deeply in financial derivatives sector. in addition, the global crisis has also hampered the indonesian macroeconomic system. where economic growth declined from 6.3% at the end of 2007 to 6.1% in late 2008 and in 2009 was estimated according to bank indonesia’s economic growth will also be corrected to 4.3%. inflation reached its highest level of the 12.07% in september 2008, which since 2007 has always been below the range of 10% . rupiah exchange rate also depreciated against the dollar, to ever reach 12,150 rupiah per dollar in november 2008. al-iqtishad: vol. vii no. 1, januari 2015 62 the global financial crisis also makes bi as monetary authorities create policies like lowering the interest rate (bi rate) by 300 basis points since november 2008 to encourage the growth of the real sector. the judging from the characteristics of islamic banking if interest rates rise, it will suppress the growth of islamic banking deposits, which in turn will impact on the level of profitability, and vice versa if the interest rates tend to fall in deposits of islamic banks will increase. currently september 2009 bank indonesia interest rate has dropped to 6.5% from its highest point of 9.5% in november 2008. the crisis that occurred in 2008 is an implication of the loss of the monetary sector linkages with the real sector. monetary sector has grown so fast through derivative products, cross-country over the edge. the development of the monetary sector so quickly is not matched by the real sector, resulting in an economic bubble. money becomes a tool commodity is traded with other debt securities, as a result of speculative motives. the global financial crisis in 2008 tends to slow the pace of economic growth in many countries and lead contraction of macroeconomic indicators. it is expected to have minimal impact on the national islamic banking industry. there are several reasons why it believed the effect of the global financial crisis in 2008 was not significant to the national islamic banking industry. first, the concept of sharia-based real sector and based on an underlying asset in the transaction, requires that the monetary sector developed by the real sector. islamic banking financing portfolio exposure is almost 100% channeled in the form of business financing in productive sectors (real sector), where the concentration of the business sector financing of islamic banking is the domestic business sectors that are not directly related to foreign trade (lpps bank indonesia, 2012). while the quality of islamic banking financing is still relatively well preserved, as seen from the ratio of the npf industry several years this is still maintained at an average rate of 3%. and sector financing is minimal from the financing of foreign trade enterprises. this means that the national islamic banking financing are still dominant in the domestic market. it is because islamic banking financing capacity is relatively limited. secondly, the nature guided by the principles of sharia, islamic banking is not allowed to use products based on interest and speculation. here are the indicators of financial ratios that show the performance of islamic banking in 2007-2012. from the table 1, we see that in general the global financial crisis has not significantly affect the performance of the national islamic banking, if in view of the growth of financing (loans) of banks or financing to deposit ratio (fdr) is still high with an increasing trend since 2005 to reach 103 , 65% in 2008, with yoghi citra pratama: macroeconomic variable and its influence 63 the level of financing (credit) problematic or non performing financing (npf) is still kept below 5% and experienced a decreasing trend from 2007 to reach 2.22% by 2012. this means that islamic banking still function properly as intermediary, by channeling financing to the real sector. in addition, islamic banking has a great durability against the global crisis with the npf rate remains below 5%. table 1. performance indicators of islamic banking ratio 2007 2008 2009 2010 2011 2012 car 10. 67% 12. 81% 10. 77% 16. 25% 16. 63% 14. 13% roa 2. 07% 1. 42% 1. 48% 1. 67% 1. 79% 2. 14% roe 40. 38% 38. 79% 26. 09% 17. 58% 15. 73% 24. 06% npf 4. 05% 1. 42% 4. 01% 3. 02% 2. 52% 2. 22% fdr 99. 76% 103. 65% 89. 70% 89. 67% 88. 94% 100. 00% bopo 76. 54% 81. 75% 84. 39% 80. 54% 78. 41% 74. 75% source: bank indonesia based on car, islamic banking a good performance in capital adequacy ratio. it is about 8% in 2011 and the highest rate reaches 16.63%. thus, the bank should obtain a profit from lending activities (fdr), which continues to increase with the level of non performing financing (npf), which tends to decrease. however, in the profitability ratio, ie the indicator return on assets (roa) and return on equity (roe) in 2008, roa is decreasing into 1.42% compared to 2007 ;2.07%. same as roe indicator, it’s the highest point was 40.38% in 2007, and decreased into 15.73% in 2011. then it began to increase up to 24.06% in 2012.based on the above data, the authors are interested to find out the influence of external factors such as macro-economic variables which are contracted due to the impact of the global financial crisis to the performance of islamic banking. based on the exposure above, the authors formulate the following research questions. how does the performance of islamic banking which are proxy by fdr, car, npf and roa in the face of a global crisis that is shown by contracted the macroeconomic variables such as sbi interest rate, exchange rate and inflation rate from year 20072012? literature review macroeconomic conditions have an important role in the performance of banking. kunt (2000) describes the factors that determine the occurrence of banking crises that can affect the performance of banking including macroeconomic factors, al-iqtishad: vol. vii no. 1, januari 2015 64 financial, and institutional. since the early 1980s, macroeconomic problems became systemic problems in the banking sector that has happened in most countries. vulnerable banking crisis occurs in a weak macroeconomic conditions. low gdp may increase the risk in banking sector. vulnerability to shocks on aggregate output is not always a sign that the banking system is not efficient, because the role of banks as financial intermediaries are risk taking. increased risk in the banking sector is also caused by high levels of inflation. so that the tightening of monetary policy is used to create stability in the banking sector second is the financial factor. high real interest is not only caused by stability policy of inflation, but also by others like financial liberalization. the degree of financial liberalization significantly affect the likelihood of a banking crisis even though real interest rates can be controlled. the third is the institutional factor. this factor will focus on internal activities within banking. the existence of deposit insurance schemes tend to increase the likelihood of systemic problems in banking. when on one side of the deposit insurance may reduce any panic in the banking sector, but on the other hand the existence of deposit insurance may lead to moral hazard. therefore, reduce acts of moral hazard in the implementation of the deposit insurance is a top priority in the banking system. the affect macroeconomic research on the performance of banks and other financial institution have been carried out in the world today. bank of england (2003) in the research used the method of estimating and calculating (var) found its banking system losses in the face of macroeconomic variable shocks. the reserve bank of australia also collects all of his resources to calculate and identify the relationship between bank profitability and bank resilience to contraction of macroeconomic variables in australia (see gizycki, 2001). athanasoglu and delis (2005) also studied the effects of fluctuations in macroeconomic variables to the profitability of islamic banking in greece, the results show that the inflation as a significant positive affect on the profitability of banks which are proxy by return on equity (roe) and return on assets (roa). in the context of macro economic management, clair (2004) in his research in singapore found that on average two-thirds of the bank’s performance is closely linked to the performance of macroeconomic variables. islamic banking has different characteristics from conventional bank, but islamic banking transactions which based on real sector also can not be separated from economic conditions. in some empirical studies, there are not direct correlation between changes in bank’s performances and the business cycle. both income and expenditure are likely to be pro-cycle where the outcome for profit depends significantly on the banks’ expense policy and their credit risk profile. the relationship between risk and return depend yoghi citra pratama: macroeconomic variable and its influence 65 on how banks price for risk and the lags between taking on risk and the crystalisation of the risk into realised profit or losses. when gdp increases, banks may earn higher returns by taking on greater risk, which boosts profits. however, if a bank suffered a loss, it subsequently beyond what it had provisioned, so the losses will reduce its profitability (clair, 2004). the research about the impact of macroeconomic condition to islamic banking performance have been also carried out in the world today. hassan and dridi (2010) compare the performance of islamic banks (ibs) and conventional banks (cbs) since the recent global crisis by looking at the impact of the crisis on profitability, credit asset growth, and external ratings in a group of countries where the two types of banks have significant market share. the study suggests that ibs have been affected differently than cbs. those factors related to ibs‘business model helped limit the adverse impacton profitability in 2008, while weaknesses in risk management practices in some ibs led to a larger decline in profitability in 2009 compared to cbs. ibs’ credit and asset growth better than cbs in the year 2008–09. this contributes the financial and economic stability. therefore, the external rating agencies‘re-assessment of ibs‘risk was generally more favorable. noor and ahmad (2011) studied the efficiency of the 78 islamic banks in 25 countries in 1992–2009. the fixed effect model used to examine the impact of operating expenses to assets, equity, high income countries and non performing loans to total loans on profit efficiency. they found that the operating expenses to to the high equity of assets and high income countries, have a positive and significant effect onfinancial performance of islamic banks. asma, fadi and noor (2011) examined the determinants of profitability of islamic banks in malaysia. number of islamic banks in specifics variables had been used capital adequacy, and management of expenses credit risk, liquidity, log total assets. they found that only the bank’s size has a positive significant impact on profitability of malaysian islamic banks. while the other variables have no impact on islamic’s banks profitability. bashir (2003) investigated the determinants of profitability for 14 islamic banks from 8 middle eastern countries. he found that total equity to total assets, loans to total assets and overhead (salaries, wages, and investment cost) have a positive and significant impact on profitability measured by (roa), (roe) and basic earning power. gross domestic product growth has a positive and significant impact on islamic banks profitability (mustafa and ali, 2013). methods this research is a descriptive-correlational research (causal) that will explain the relationship of macroeconomic variables ( inflation, interest rates certificates al-iqtishad: vol. vii no. 1, januari 2015 66 of bank indonesia, the rupiah exchange rate against the dollar) and variables of the performance of islamic banking which are proxy by car, npf, fdr, and roa, to know whether those variables have positive or negative influence. descriptive research is an explanation of the characteristics, profile, and relevant aspects of the phenomenon of the research object (nachrowi and usman, 2007). the data analysis of the study is vector auto reggresive (var)/vector error correction model (vecm), which aims to look at short-term relationships and using cointegration test to see indications of the long-term relationship. analysis of data will be done with the help of computer application programs such as e-views 6. vecm testing can only be conducted if there are indications of a long-term correlation using cointegration test. the variables are identified to be cointegrated when stationary at the same order. the augmented dickey fuller (adf) test used to test the stasioner data. in the adf test is done by adding (augmenting) the value of the lag on the dependent variable. specifically, the adf test follows the following equation: δyt = β1 + + δyt β2t-1 + σ α δy t-1 + έt the study used data natural log (ln) of the variables, except for the variables that are already in the unit of percentage, that method is useful for solving the equation. logs model is a model which states measure the elasticity of y with respect to x, the size of the percentage change in the percentage change in y when x is known by the model ln_y = α + β1 + ε ln_x. vector autoregressive (var) is used to see the effect of macroeconomic shocks on the performance of the islamic banking. while the methods of vector error correction model (vecm) will be used if there are diffrent stationary variables. discussion in the first stage of data characteristics will be tested using the unit root test. unit root test is necessary to determine the data according to gujarati the data become stasioner if the data of the time series data sets (time series data) had an average (mean) and variance are constant over time, except that the value of covariance between two period of time only depends on the distance or lag of two periods of time and does not depend on waktu.data exchange in this study in the form of natural logarithm (ln), to simplify the analysis. the test of stasioner is a major requirement in the cointegration test, if the time series data are not stationary, then the model will have problems unit root, so that the handle unit root test (unit root test). in this study the unit root test is done yoghi citra pratama: macroeconomic variable and its influence 67 by using augmented dickey fuller test (adf test). variable that has a value smaller than its mckinnon then these variables have stationary. testing the unit root can also be determined by the value of its critical value, if the value of the adf is larger than the critical value then the variable valuenya stationary, otherwise if the adf if indigo is smaller than the value of critical value (cv) 5% then the data is not stationary. the results of the unit root test can be seen from the following table: table 2. augmented dickey fuller test (first diffrencing) no. variables ho = there is a stationary ha = stationaryadf test cv 5% 1 car -7.018919 -2.954021 stationary 2 fdr -7.143259 -2.951125 stationary 3 npf -7.704743 -2.951125 stationary 4 roa -8.973787 -2.951125 stationary 5 sbi -3.461580 -2.951125 stationary 6 inflation -3.765297 -2.951125 stationary 7 exchange -5.339399 -2.951125 stationary results of stationarity test data showed no variables are stationary at level. therefore variables derived in first-degree diffrencing, as listed in the table above. the next stage is the determination of the optimal lag. determination of the optimal lag is very important because the independent variable used is nothing but a lag of endogenous variables. determination of the optimal lag is done based on the value of schwartz information criterion (aic). selection of optimal lag cointegration test done before, it is important to do before estimating vector autoregressive (var) model. election lag length is important because it can affect the acceptance and rejection of the null hypothesis, resulting in biased estimates and could result in inaccurate predictions. graph 2. impulse response function on car -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dcar -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dinflasi -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dkurs -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dsbi response to cholesky one s.d. innovations the longer the lag is used to reduce the degree of freedom and the number of observations, while the amount of lag that is too short will result in incorrect al-iqtishad: vol. vii no. 1, januari 2015 68 specification (gujarati, 2007). the issue of the selection of lag length also increased with the assumption that the selection of the appropriate lag will result in residual (free from autocorrelation and hetroskedastisitas) (gujarati, 2007). to define the optimal lag value typically used akaike information criteria (aic), final prediction error (fpe), hannan-quinn information criterion (hq) and schwarz information criteria (sc). in this study the magnitude of the lag is selected based on the value of the smallest sc. sc calculations every lag. from the test results it is known that car models, fdr, npf and roa indicates optimal lag one, is evident from the value schawart information criteria and hannan-quinn information that shows the smallest value in lag 1. graph 3. impulse response function on fdr -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dfdr -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dinflasi -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dkurs -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dsbi response to cholesky one s.d. innovations from the graph 2, it is known that the impulse respone function test results showed that the car response to inflation shock. seen from the table above it can be seen that car responds positive to inflation shock until at 25th period, after it fluctuates into a negative and stable at zero in the long run in the 40th period. car response to fluctuations in the exchange rate is negative at15th period after having a positive movement in the short term and having stability at 35th period. firstly car response to sbi with fluctuates and have negative relationship at eight period after that in the short term car responds positively and achieve stable movement began at 25th period. graph 4. impulse response function on npf -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dnpf -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dinflasi -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dkurs -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dsbi response to cholesky one s.d. innovations yoghi citra pratama: macroeconomic variable and its influence 69 the graph 3, explains that fdr respond positive to movements the inflation in the short term until the 7th period but after that fdr had a tendency to respond negative to inflation. fdr suffered shocks to the exchange rate in the short-term and has positive response but at 2nd period until 3.5 period responded to the negative, then returned with a positive response at the 4th period and tend to have stability in 9 period. fdr’s response positive to sbi untilat 5th period after that fdr respond with negative long-term and having stable negative respond to sbi. inflation give a stable respond at the beginning of the second period, after that npf respond negatively to inflation shocks until the 4th period and thereafter gave a positive response, its mean the higher of the inflation rate will cause the greater the level of npf. exchange rate give negative effect to npf untill third period, after that at the fourth period the movement of npf as the respond of exchange rate is stable at posisitve respond. npf respond positively to the shock caused by sbi until seventh period, after that npf respond negativly to sbi. graph 5. impulse response function on roa -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to droa -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dinflasi -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dkurs -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dsbi response to cholesky one s.d. innovations the graph above explains that the inflation gave negative shock to roa but after second period, inflation tend to brought to the zero and roa gives a positive response to inflation until the seventh period. exchange rate shock give positive effect on roa and tend to be stable in the eight period after that roa tend to negative respond exchange rate. sbi give roa negative response and tend stable. table 3. variance decomposition model (1) car variance decomposition of dcar: period se dcar dinflasi dkurs dsbi 1 1.336783 100.0000 0.000000 0.000000 0.000000 2 1.402522 96.34677 0.999679 1.290292 1.363259 3 1.564987 77.39283 15.34615 3.777673 3.483345 4 1.718135 65.05940 27.45176 3.795459 3.693382 5 1.804432 59.68344 32.93968 3.840892 3.535995 6 1.853637 56.60407 35.79475 4.219619 3.381558 7 1.884897 54.74216 37.36704 4.613230 3.277570 al-iqtishad: vol. vii no. 1, januari 2015 70 8 1.903068 53.70180 38.09582 4.879719 3.322669 9 1.914722 53.05528 38.37929 5.049229 3.516196 10 1.924163 52.56504 38.50542 5.131814 3.797723 from the result of variance decomposition on table 3, it can be seen that in the first period car is influenced by variables itself with a value of 100%, in tenth periodcar is influnced by its own variables at 52.56% and other variables affecting the tenth period car is the inflation rate effect 38.50%, then the variable exchange rate effect of 5.13 % and sbi whose give influence of 3.79%. table 4. variance decomposition model (2) fdr variance decomposition of dfdr: period se dfdr dinflasi dkurs dsbi 1 2.814258 100.0000 0.000000 0.000000 0.000000 2 3.405376 84.61833 0.210797 0.092497 15.07838 3 3.668259 82.08140 0.448766 0.314167 17.15567 4 3.743162 80.62526 0.560337 0.556163 18.25824 5 3.762227 80.16739 0.715868 1.040097 18.07664 6 3.790074 79.08602 0.753053 1.856415 18.30451 7 3.828620 77.61979 0.750023 2.422237 19.20796 8 3.875368 76.01495 1.058916 2.624580 20.30155 9 3.935000 74.13494 2.129524 2.577904 21.15764 10 4.013154 71.73056 4.159672 2.495334 21.61443 from the table 4, it is known that variable fdr in the first period is influenced by the variable itself at 100%, then the period of ten variables fdr is affected by the variable itself influenced by71.73% and the second biggest variable whose gives influenced is sbi at 21.61%. further, inflation gives influenceat 4.1% in the period of ten and exchange rate effect of 2.49 percent in the period of ten. table 5. variance decomposition model (3) npf variance decomposition of dnpf: period se dnpf dinflasi dkurs dsbi 1 0.276172 100.0000 0.000000 0.000000 0.000000 2 0.333364 93.52451 0.002483 3.455156 3.017851 3 0.368386 91.48392 0.423766 2.847924 5.244388 4 0.389198 90.71460 0.379816 2.590996 6.314587 5 0.404310 89.79314 0.731620 2.935515 6.539726 6 0.418169 87.97660 2.022665 3.743844 6.256896 7 0.432684 85.32802 4.008094 4.819740 5.844142 yoghi citra pratama: macroeconomic variable and its influence 71 8 0.447077 82.50230 6.047942 5.901228 5.548534 9 0.459898 80.09056 7.595677 6.878989 5.434774 10 0.470083 78.34647 8.463037 7.726345 5.464146 from the table 5, it can be seen that the npf variable is influenced by the variable itself by 100% in the first period and the second period npf variable is affected by exchange rate at 3.45% and sbi at 3.01% and then inflation gives influence at 0.002%. in the period of ten variables npf influenced by variable itself by 78.34% and then followed by inflation at 8.46%, then the variable exchange rate influnced npf at 7.72% and then sbi gives influence to npf at 5.46%. table 6. variance decomposition model (4) roa variance decomposition of droa: period se droa dinflasi dkurs dsbi 1 0.199317 100.0000 0.000000 0.000000 0.000000 2 0.208445 91.79469 2.538893 5.466057 0.200362 3 0.214047 87.05893 4.309262 6.587490 2.044313 4 0.220805 81.81397 7.030236 7.716723 3.439071 5 0.225816 78.49478 8.614079 8.245917 4.645228 6 0.228713 76.77743 9.181591 8.347609 5.693366 7 0.230104 75.98051 9.143707 8.307620 6.568164 8 0.231127 75.34009 9.147700 8.234731 7.277482 9 0.232516 74.44299 9.549156 8.192048 7.815805 10 0.234446 73.24785 10.34849 8.208393 8.195273 from the table 6, it is known that the variable roa in the first period is influenced by the variable itself amounted to100% and then in the second period is affected by the exchange rate at 5.46%. further, it’s influenced by inflation at 2.5% and sbi gives influenced to roa at 0.20%. in the tenth period roa variable affecting itsself by73.24%, and further variable roa influenced by inflation of 10.34% and the exchange rate amounted to 8.2% and the last sbi gives influenced to roa at 8.19%. conclusion this empirical study provides several important findings; firstly based on analysis of impulse response function is known that the performance of the islamic banking which are proxied by car, fdr, npf and roa had short-term shocks to macroeconomic fluctuations due to the financial global crisis. however, the performance of islamic banking showed stable tendency in the long run. secondly, al-iqtishad: vol. vii no. 1, januari 2015 72 based on the test of variance decomposition is known that the performance of islamic banking which are proxied by car, fdr, npf and roa is affected by the variable itself in the first period and thereafter until the tenth period apparently inflation provide second biggest influence to islamic banking performance, it can be seen from its effect on car in the tenth period are giving out the effect of 38.5%, and give influence 8.46% to npf and 10.34% to roa. diffrent form others variables, the second biggest variables whose influenced fdr is sbi, whose gives the effect of 21.61%. the findings lead to the empirical conclusion that performance of islamic banking is affected by fluctuations in macroeconomic variables in the short term but has a tendency to improved and stabilized quickly, this is because islamic banking in running its operations related to the real sector, therefore the development of islamic banking should be encouraged as much as possible in order to encourage economic growth and sustainable development. references al-qur’an dan al-hadist. athanasoglu, p.p. et.al. 2005. bank-specific, industry specific, and macroeconomic determinants of bank profitability. athens: economic research department, bank of greece. ascarya. 2002. instrumen-instrumen pengendalian moneter. jakarta : bank indonesia. bank of england. 2003. assessing the strength of uk banks through macroeconomic stress tests. financial stability review, june, pp 91-103. england bank of indonesia. statistics of islamic banking. www.bi.go.id bank of indonesia. 2012. the development acceleration policy of islamic banking. www.bi.go.id bank of indonesia. 2013. the development report of islamic banking 2012. www. bi.go.id. clair, r.s.t. 2004. macroeconomic determinants of banking financial performance and resilence in singapore. singapore: monetary authority of singapore. gizycki, m. 2001. the effect of macroeconomic conditions on bank risk and profitability. reserve bank of australia discussion paper no.06. gujarati, d.n. 2007. basic econometrics. new york: mcgraw-hill education. mishkin, f.s. 2004. the economics of money, banking, and financial markets (seventh edition). new york: pearson addison wesley. nachrowi, n.d. & h. usman. 2007. pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan. jakarta: lp-feui. 1. artikel merupakan karya asli penulis, bukan jiplakan, baik sebagian maupun seluruhnya, dan belum pernah dipublikasikan atau sedang dalam proses publikasi pada media lain yang dinyatakan dengan surat pernyataan yang ditandatangani di atas meterai rp 6000; 2. artikel dapat berupa konseptual, resume penelitian, atau pemikiran tokoh; 3. artikel dapat berbahasa indonesia, inggris, prancis, arab, atau bahasa internasional lainnya; 4. naskah harus memuat informasi keilmuan bidang ilmu ekonomi syariah; 5. aturan penulisan adalah sebagai berikut: a. judul. ditulis dengan huruf kapital, maksimum 12 kata diposisikan di tengah (centered); b. nama penulis. ditulis utuh, tanpa gelar, disertai afiliasi kelembagaan dengan alamat lengkap, dan alamat e-mail; c. abstrak. ditulis dalam bahasa indonesia dan inggris antara 80-100 kata; d. sistematika penulisan artikel sebagai berikut: 1) judul; 2) nama penulis (tanpa gelar akademik), nama dan alamat afiliasi penulis, dan e-mail; pedoman teknis penulisan artikel al-iqtishad (jurnal ilmu ekonomi syariah) 3) abstrak ditulis dalam dua bahasa, yaitu bahasa indonesia dan inggris, antara 80-100 kata; 4) kata-kata kunci, antara 2-5 konsep; 5) pendahuluan; 6) sub judul (sesuai dengan keperluan pembahasan); 7) penutup; dan 8) pustaka acuan (hanya memuat sumber-sumber yang dirujuk). e. ukuran kertas yang digunakan adalah kertas hvs 70 gram, ukuran a4, margin: atas 3 cm, bawah 3 cm, kiri 3 cm, dan kanan 3 cm; f. panjang naskah antara 10 s.d. 15 halaman, spasi 1, huruf times new roman, ukuran 12 poin; g. pengutipan kalimat: kutipan kalimat ditulis secara langsung apabila lebih dari empat baris dipisahkan dari teks dengan jarak satu spasi. sedangkan kutipan kurang dari empat baris diintegrasikan dalam teks, dengan tanda apostrof ganda di awal dan di akhir kutipan. setiap kutipan diberi nomor. sistem pengutipan adalah footnote (bukan bodynote atau endnote). penulisan footnote meng gunakan sistem turabian. setiap artikel, buku, dan sumber lainnya yang dikutip harus tercantum dalam pustaka acuan; h. pengutipan ayat alquran dan hadis: ayat yang dikutip menyertakan keterangan ayat dalam kurung, dengan menyebut nama surah, nomor surah, dan nomor ayat, seperti (q.s. al-baqarah [2]: 130). pengutipan hadis menyebutkan nama perawi (h.r. albukhâri dan muslim) ditambah referensi versi cetak kitab hadis yang dikutip. hadis harus dikutip dari kitab-kitab hadis standar (kutub al-tis‘ah); i. cara pembuatan footnote. footnote ditulis dengan font times new roman, 10, untuk pelbagai sumber, antara lain: 1) buku: nama utuh penulis (tanpa gelar), judul buku, (tempat terbit: penerbit, tahun terbit), jilid, volume, halaman. contoh: wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr al-mu’ashir, 2006), jilid v, h. 43. 2) buku terjemahan, contoh: syed nawab haider naqvi, menggagas il-mu ekonomi islam, diterjemahakan oleh m. saiful anam dan mu-hammad ufuqul mubin, (yogyakarta: pustaka pelajar, 2003), h. 50; 3) jurnal, contoh: arief r permana dan anton purba, “sekilas ulasan uu perbankan syariah”, dalam buletin hukum perbankan dan kebanksentralan, volume 6, nomor 2, agustus 2008, h. 14. 4) artikel sebagai bagian dari buku (antologi), contoh: amiur nuruddin, “kontribusi fiqh mu’amalah dalam pengembangan akti-vitas ekonomi islam,” dalam azhari akmal tarigan (ed), ekonomi dan bank syari’ah pada millennium ketiga: belajar dari pengalaman sumatera utara, (medan: uin press dan fkebi, 2002), h. 2. 5) artikel dari internet, contoh: ahmad tholabi kharlie, “problem yuridis ruu perbankan syariah” dalam http//www. ahmadtholabi. wordpress.com, diunduh pada 11 oktoer 2009; 6) makalah dalam seminar, contoh: mudzhar, m. atho, “penerapan pendekatan sejarah sosial dalam hukum islam”, makalah disam-paikan dalam diskusi yang diselenggarakan oleh pusat pengkajian islam unisba, bandung, 8 januari 1992, h. 5. j. pustaka acuan: daftar pustaka acuan ditulis sesuai urutan abjad, nama akhir penulis diletakkan di depan, contoh: 1) buku, contoh: zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr al-mu’ashir, 2006. 2) buku terjemahan: contoh: naqvi, syed nawab haider, menggagas ilmu ekonomi islam, diterjemahkan oleh m. saiful anam dan muhammad ufuqul mubin, yogyakarta: pustaka pelajar, 2003. 3) jurnal, contoh: permana, arief r. dan purba, anton, “sekilas ulasan uu perbankan syariah”, dalam buletin hukum perbankan dan kebanksentralan, volume 6, nomor 2, agustus 2008. 4) artikel sebagai bagian dari buku, contoh: nuruddin, amiur, “kontribusi fiqh mu’amalah dalam pengembangan aktivitas ekonomi islam,” dalam azhari akmal tarigan (ed.), ekonomi dan bank syari’ah pada millennium ketiga: belajar dari pengalaman sumatera utara, medan: uin press dan fkebi, 2002. 5) artikel yang dikutip dari internet, contoh: kharlie, ahmad tholabi, “problem yuridis ruu perbankan syariah” dalam http//www. ahmadtholabi.wordpress.com, diunduh pada 11 oktoer 2009 6) makalah dalam seminar, contoh: mudzhar, m. atho, “penerapan pendekatan sejarah sosial dalam hukum islam”, makalah disam-paikan dalam acara diskusi yang diselenggarakan oleh pusat peng-kajian islam unisba, di bandung, 8 januari 1992. k. pedoman transliterasi. ketentuan transliterasi (dari tulisan arab ke tulisan latin) yang digunakan dalam ahkam adalah sebagai berikut: konsonan (i i) = a ( ) = z ( ) = q ( ) = b ( ) = s ( ) = k ( ) = t ( ) = sy ( ) = l ( ) = ts ( ) = sh ( ) = m ( ) = j ( ) = dh ( ) = n ( ) = h ( ) = th ( ) = w ( ) = kh ( ) = zh ( ) = h ( ) = d ( ) = ‘ ( ) = ’ ( ) = dz ( ) = gh ( ) = y ( ) = r ( ) = f ( ) = t vokal pendek vokal panjang ___ ___ = a ( ) = â ___ ___ = i ( ) = î ___ ___ = u ( ) = û diftong pembauran ( ) = aw ( ) = al ( ) = ay ( ) = al-sh ( ) = wa all. istilah keislaman (syariah): istilah keislaman ditulis dengan berpedoman kepada kamus besar bahasa indonesia. berikut beberapa contoh: no. transliterasi asal dalam kbbi 1 shalât salat 2 nash nas 3 nusyûz nusyu 4 al-qur’ân alquran 5 al-hadîts hadis 6 fiqh fikih dan lain-lain (lihat kbbi) m. penutup: artikel ditutup dengan kesimpulan; n. biografi singkat: biografi penulis mengandung unsur nama (lengkap dengan gelar akademik), tempat tugas, riwayat pendidikan formal (s1, s2, s3), dan bidang keahlian akademik. o. penggunaan bahasa indonesia. para penulis harus merujuk kepada ketentuan bahasa indonesia yang baik dan benar berdasarkan eyd. pendahuluan term-term sosial dalam khazanah kajian fiqh muamalat, diantaranya adalah rahn, kafalah, wakalah, hiwalah, ju’alah dan sharf. selain itu, ada beberapa instrumen lain yang tak kalah pentingnya, yaitu zakat, infak, sedeqah dan wakaf. dalam makalah singkat ini pemakalah cenderung untuk mengangkat persoalan wakaf, dengan alasan bahwa kajian dan aplikasi wakaf tidak akan pernah redup dibahas mengingat fungsinya yang sangat urgen dan memiliki potensi yang sangat besar dalam menyelesaikan persoalan-persoalan keumatan. bahasan wakaf banyak dapat kita jumpai dalam litelatur kajian islam. berderet kitab, baik dalam bentuk menuskrip maupun kitab yang terekam dalam bentuk tulisan modern telah tersaji, sehingga kita sebagai wakaf dalam islam muh. fudhail rahman fakultas syariah dan hukum jakarta jl. ir. h. juanda 95, ciputat, jakarta. abstraksi: salah satu instrument yang dipandang sangat urgen dan dapat mengetuk rasa empati kehidupan bermasyarakat kita kepada sesama adalah adanya unsur wakaf. ditengarai bila saja wakaf dapat dimaksimalkan perannya, niscaya akan dapat menjadi alternative solusi masalah di tengah masyarakat. wakaf dapat mengurangi kesenjangan antara kaya dan miskin. wakaf dapat dipandang sebagai jembatan bagi kalangan bawah untuk dapat mengakses resources-resources perekonomian. ia bersanding sejajar dengan instrumen zakat dalam meminimalisir angka kemiskinan dan pengangguran. oleh sebab itu, tulisan ini mengupas secara teoritis dan dasar kajian tentang wakaf yang dapat dipertanggungjawabkan. paling tidak ia dapat merefresh kesadaran kita tenang wakaf. kata kunci: wakaf, fiqh, kesejahteraan umat muh. fudhail rahman: wakaf dalam islam80 penikmat dengan leluasa dapat mengkonsumsinya. dapat dipahami demikian, karena pengkajian terhadap posisi wakaf sendiri memiliki nilai dan kegunaan yang begitu urgen dalam proses dakwah dan kesejahteraan umat. pembahasan wakaf telah mengalami perkembangan sejalan dengan tuntutan perubahan zaman. dimulai dari kajian wakaf klasik hingga inovasi-inovasi mutakhir berkenaan dengan pengembangan wakaf. pada abad-abad terakhir, naluri kajian wakaf mengarah kepada wakaf yang lebih mensejahterakan ganda. artinya, selain nilai positif dari wujud benda wakaf itu sendiri, juga dituntut adanya produktifitas lain yang dapat dirasakan dan berkorelasi positif dengan misi dakwah demi kesejahteraan umat dari sisi ekonomi. lebih kongkrit, wakaf mengarah kepada uang yang lebih nyata produktifitasnya, karena ia mampu menjadi instrument investasi yang efektif. dalam makalah singkat ini, pemakalah mencoba menulis kajian wakaf secara literalis dengan mencoba memperbandingkannya dengan bahasan wakaf mutakhir. pengertian wakaf dalam bahasa arab terdapat tiga kata-kata yang mempunyai makna yang sama, yaitu, dan semuanya ber arti menahan.1 rasulullah muhammad saw menggunakan kata-kata dan dalam hadisnya tentang wakaf. mayoritas ahli fiqh (pendukung mazhab hanafi, syafii dan hambali) merumuskan pengetiannya menurut syara’ ialah sbb.:2 “penahanan (pencegahan) harta yang mungkin dimanfaatkan, tanpa lenyap bendanya, dengan cara tidak melakukan tindakan pada bendanya, disalurkan kepada yang mubah (tidak terlarang) dan ada”. 1 muhammad ai-khathib, al-lqna’, (beirut: dar ai-ma’rifah), i hal. 26, dr. wahbah azzuhali, at fiqhu al islami wa adillatuhu (damaskus : dar al fikri al mu’ashir), x hal. 7599. 2 abd. aziz muhammad azzam, fiqh mu’amalat, (cairo: maktabah al-risalah addauliyah, fak. syari’ah islamiah univ. al-azhar, cairo-mesir, 1998), h. 208. asy-syarbiny, mughni ai-muhtaj, (kairo : musthafa al-halaby), juz. 10, h. 87. al-iqtishad: vol. i, no. 1, januari 2009 81 pengertian wakaf di atas mengemukakan beberapa ciri khas wakaf, yaitu: (1) penahanan (pencegahan) dari menjadi milik dan obyek yang dimilikkan. penahanan berarti ada yang menahan yaitu wakif dan tujuannya yaitu mauquf ‘alaihi (penerima wakaf). (2) harta, menjelaskan bahwa yang diwakafkan adalah harta. (3) yang mungkin dimanfaatkan, tanpa lenyap bendanya, menjelaskan syarat harta yang diwakafkan. (4) dengan cara tidak melakukan tindakan pada bendanya, menjelaskan bahwa harta wakaf tidak dijual, dihibahkan dan diwariskan. (5) disalurkan kepada yang mubah dan ada, menjelaskan bahwa hasil wakaf itu disalurkan kepada yang tidak dilarang oleh islam. sedangkan, menyalurkannya kepada yang haram adalah haram. dalam makna yang sama, para fuqaha memahaminya bahwa wakaf: 3 menahan asalnya dan menyalurkan manfaatnya. dari dua defenisi di atas, para fuqaha silang pendapat tentang kepemilikan barang yang telah diwakafkan tersebut, apakah mauquf tersebut tetap milik wakif, atau berpindah tangan kepada mauquf alaih, atau justru menjadi milik allah swt. ulama syafi’iyah dan pengikut dari abu hanifah berpendapat bahwa harta wakaf tersebut menjadi milik allah swt. imam abu hanifah dan madzhab malikiyah, harta wakaf adalah tetap milik wakif. sedangkan, madzhab hanbali, harta wakaf milik mauquf alaih. dalil-dalil pensyariatan dan hukum wakaf mazhab hanafi berpendapat bahwa wakaf adalah mubah. sedangkan para faqih yang lain berpendapat hukum wakaf adalah mandub (mustahab).4 arti mandub (mustahab) ialah “suatu perbuatan yang diberi pahala bagi pelakunya, tetapi tidak dijatuhi sanksi bagi yang meninggalkannya”.5 3 nazh hammad, mu’jam al-musthalahat al-iktishadiyah fi lughat al-fuqaha, (riyadh: ad-dar al-alamiah lilkitab al-islami & iiit, cet. 3, 1995), h. 353 4 dr. az-zuhali, op.cit., hal. 7599 5 barangkali istilah mustahab dapat diterjemahkan kedalam bahasa indonesia secara sederhana, yaitu dianjurkan atau sebaiknya dilakukan. namun terjemahan ini kurang lengkap,karena tidak mengandung penjeiasan adanya ganjaran pahala bagi pelakunya. muh. fudhail rahman: wakaf dalam islam82 sumber masyru’ (legitimasi)6 wakaf dan sejarahnya dalam islam adalah al-quran, sunnah dan respon sahabat-sahabat rasulullah muhammad saw. 1. al quran ialah firman allah ta’ala: “hai orang-orang yang beriman, ruku›lah kamu, sujudlah kamu, sembahlah tuhanmu dan perbuatlah kebajikan, supaya kamu mendapat kemenangan”. “kamu sekali-kali tidak sampai kepada kebajikan ( yang sempurna), sebelum kamu menafkahkan sebagian harta yang kamu cintai. dan apa saja yang kamu nafkahkan, maka sesungguhnya allah mengetahuinya”. abu thalhah, seorang sahabat, setelah mendengar ayat di atas ingin me wakafkan hartanya yang sangat dicintainya, berupa kebun, di birha’.7 2. dalil sunnah, di antaranya: sabda rasulullah saw:8 “diriwayatkan dari abu hurairah, bahwa rasulullah saw bersabda: apabila anak cucu nabi adam (manusia) wafat, terputuslah amal perbuatannya, kecuali dari tiga hal, yaitu dari sedekah jariah (wakaf) atau ilmu yang dimanfaatkan, atau anak saleh yang mendoakannya.” para ulama menafsirkan sabda rasulullah saw: (sedekah jariah) dengan wakaf. sedangkan, instrument sosial lain tidak termasuk sedeqah jariyah, karena wujud bendanya dimiliki oleh yang pihak yang menerima, dan manfaatnya terbatas.9 mungkin yang masuk kategori sedeqah jariyah ini 6 pengesahan. 7 abd. aziz muhammad azzam, fiqh mu’amalat, h. 209. asy-syarqawi, asy-syarqawi ‘ala at-tahrir, (kairo : isa al-halabi), ii hal. 173 8 lih.: ai-amir, subulussalam, (kairo : musthafa al-halaby), iii hal. 87 9 wakaf dapat dipandang mirip dengan shadaqah. bedanya, shadaqah baik substansi al-iqtishad: vol. i, no. 1, januari 2009 83 adalah wasiat, namun sangat terbatas jumlahnya. oleh karena itu, makna sedeqah jariyah pada hadis di atas adalah wakaf. 10 “diriwayatkan dari ibnu umar, ia mengatakan bahwa umar memperoleh sebidang tanah pasca perang di tanah khaibar. beliau lalu melaporkannya kepada nabi, dan berkata: “wahai rasulullah, saya menerima sebidang tanah di khaibar, saya belum pernah mendapat harta sebanyak dan sangat berguna bagiku. apa yang engkau sarankan kepadaku tentang tanah tersebut?” nabi menjawab: “bila engkau ridha, tahanlah (jangan jual, hibahkan dan wariskan) pokoknya dan sedeqahkan hasilnya.” hadis di atas dapat dipetik berapa ketentuan-ketentuan, sebagai berikut:11 (1) harta wakaf harus tetap (tidak dapat dipindahkan kepada orang lain), baik dijual, dihibahkan maupun diwariskan. (2) harta wakaf terlepas dari pemilikan orang yang mewakafkannya. (3) tujuan wakaf harus jelas (terang) dan termasuk perbuatan baik menurut ajaran agama islam. (4) harta wakaf dapat dikuasakan kepada pengawas yang memiliki hak ikut serta dalam harta wakaf sekedar perlu dan tidak berlebihan. (5) harta wakaf dapat berupa tanah dan sebagainya, yang tahan lama dan tidak musnah sekali digunakan. hadis kedua di atas juga menunjukkan bahwa sahabat umar yang pertama mengamalkan wakaf. namun, ada pendapat lain bahwa rasulullah saw sendiri yang pertama berwakaf. yaitu ketika nabi membangun masjid nabawi yang terletak pas di samping rumah beliau. maupun assetnya dapat dipindahtangankan, sedang wakaf yang ditransfer hanya manfaatnya saja. substansinya tetap dipertahankan. lalu, perbedaannya dengan hibah adalah substansi hibah dapat dipindahtangankan tanpa ada syarat. pada wakaf, diikuti dengan syarat dari wakif. sementara bedanya dengan trust, wakaf diserahkan dijalan dan kepada allah, sedangkan trust diserahkan kepada trustee dan tidak didasarkan pada niat menjalankan agama. 10 hr. muslim, bab wakaf, no. 4311 11 ahmad azhar basyir, wakaf, ijarah dan syirkah, (bandung: pt. al-ma’arif, 1987) h. 6-7. muh. fudhail rahman: wakaf dalam islam84 macam-macam wakaf menurut para ulama, wakaf ada dua macam, yaitu wakaf ahli (khusus) dan wakaf khairi (umum).12 wakaf ahli disebut juga wakaf keluarga atau wakaf khusus. maksudnya, wakaf yang ditujukan kepada orang-orang tertentu, baik kepada keluarga maupun kepada pihak lain. wakaf ahli terkadang disebut juga dengan wakaf ‘alal aulad, yaitu wakaf yang diperuntukkan bagi kepentingan dan jaminan sosial dalam lingkuanga keluarga (famili), lingkungan keluarga sendiri.13 wakaf khairi, secara tegas diperuntukkan untuk kepentingan agama atau masyarakat umum. seperti wakaf yang diserahkan untuk pembangunan masjid, rumah sakit, rumah anak yatim dan lain sebagainya.14 hikmah wakaf tujuan wakaf bukan sekadar mengumpulkan harta sumbangan, tetapi mengandung banyak segi positif bagi umat manusia, di antaranya: (1) menunjukkan kepedulian terhadap kebutuhan masyarakat. (2) pembinaan hubungan kasih sayang antara wakif dengan dengan anggota masyarakat. (3) keuntungan moril bagi wakif, yaitu kucuran pahala, secara terus menerus selama wakafnya dimanfaatkan penerima wakaf. pahala,yang dalam istilah al quran “tsawab” ialah kenikmatan abadi di akhirat kelak. (4) sumber pengadaan sarana ibadat, pendidikan, kesehatan, perumahan, dan lain sebagainya untuk masa yang lama. karena: (a) harta wakaf tidak boleh dijual, diwariskan dan dihibahkan. tujuan larangan ini adalah untuk mencegah pembahan status harta wakaf dari milik umum menjadi milik pribadi. sehingga wakaf akan tetap menjadi sumber dana bagi masyarakat secara umum. (b) disalurkan kepada pihak-pihak yang akan dapat menikmati harta wakaf selama mungkin. (5) sumber dana produktif (banyak mendatangkan hasil) untuk masa yang lama. 12 direktorat pemberdayaan wakaf, dirjen bimas islam depag ri, fiqih wakaf, (jakarta: 2006), h. 14-17. lihat juga hendi suhendi, fiqh muamalat, h. 244-245 13 direktorat pemberdayaan wakaf, dirjen bimas islam depag ri, fiqih wakaf (sayyid sabiq, fiqh sunnah, (lebanon: dar al-arabi), 1971, h. 378). 14 direktorat pemberdayaan wakaf, dirjen bimas islam depag ri, fiqih wakaf (sayyid sabiq, fiqh sunnah, (lebanon: dar al-arabi), 1971, h. 378). al-iqtishad: vol. i, no. 1, januari 2009 85 jelaslah bahwa wakaf yang mengandung tujuan positif di dunia dan di akhirat, apabila dilaksanakan dan dikelola secara baik, maka akan mem berikan sumbangsih tidak sedikit dalam memenuhi kepentingan masyarakat. rukun dan syarat wakaf wakaf dinyatakan sah apabila telah terpenuhi rukun dan syaratnya. rukun wakaf ada 4, yaitu15: pertama, wakif (pemberi wakaf). seorang wakif disyaratkan orang yang mampu untuk melakukan transaksi, diantaranya usia balig, berakal dan tidak dalam keadaan terpaksa. dalam fiqh islam dikenal balig dan rasyid. balig lebih dominan kepada factor usia, sedangkan rasyid dititik beratkan pada kematangan pertimbangan akal. oleh karena itu, dipandang tepat bila dalam bertransaksi disyaratkan bersifat rasyid.16 berdasar pada syarat-syarat di atas, diperbolehkan pula wakaf dari seorang kafir, karena sifat wakaf sendiri masuk kategori bukan ibadah mahdha, dan ini beda dengan dengan ibadah nadzar.17 sebaliknya, tidak dibenarkan wakaf dari seorang anak-anak di bawah usia, orang gila, serta orang yang dipaksa. kedua, mauquf (yang diwakafkan). harta yang diwakafkan me rupakan barang yang jelas wujudnya, milik orang yang mewakafkan, serta manfaatnya yang bertahan lama untuk digunakan. oleh sebab itu, tidak dibenarkan wakaf yang wujudnya manfaat, karena bentuk wakaf sendiri adalah barang. dibolehkan juga wakaf harta rampasan, karena barang tersebut menjadi milik yang mengambilnya. sama halnya dengan wakaf orang buta, karena dalam wakaf tidak ada syarat mampu melihat. harta wakaf dapat pula berupa uang modal, misalnya saham pada perusahaan, dan berupa apa saja. yang terpenting dari pada harta yang berupa modal ialah dapat dikelola dengan sedemikian rupa sehingga mendatangkan kemaslahatan dan keuntungan. ketiga mauquf ‘alaihi (yang diberi wakaf). pada syarat berikut, ter bagi 15 abd. aziz muhammad azzam, fiqh mu’amalat, h. 210. nawawi, ar-raudhah, (beirut: dar ai-kutub ai-’llmiah ), iv hal. 377, asysyarbini, mughni at muhtaj (kairo : musthafa halabi), ii hal. 376 16 hendi suhendi, fiqh muamalat, (jakarta: pt. raja granfindo persada, 2007), 243. 17 abd. aziz muhammad azzam, fiqh mu’amalat, h. 211. muh. fudhail rahman: wakaf dalam islam86 kepada dua bagian. yaitu tertentu dan tidak tertentu. mauquf alaih tertentu bias jadi dimaksudkan kepada satu orang, dua orang atau lebih dalam jumlah yang telah ditetapkan. yang jelas, memiliki kemampuan untuk memiliki pada saat terjadinya prosesi wakaf. oleh karena itu, tidak dibenarkan memberi wakaf kepada orang yang tidak jelas sosoknya. misalnya, akan mewakafkan kepada calon anaknya, padahal dia sendiri belum memiliki anak. atau kepada anaknya yang miskin, tapi tak seorang pun anaknya yang miskin. tidak dibenarkan juga berwakaf kepada orang gila, binatang, burungburung kecuali burung merpati yang banyak dijumpai disekitar masjid haram mekah18, atau wakaf buat diri sendiri. yang kedua adalah ditujukan kepada masyarakat umum. hal ini didasarkan kepada aspek berbuat baik untuk menggapai pahala dan ridha allah, sebagaimana wakaf yang secara umum dapat kita saksikan. keempat, highah wakaf (pernyataan pemberian wakaf dan pe nerimaannya). syarat-syarat sighat wakaf ialah wakaf disighatkan, baik lisan, tulis an maupun dengan isyarat. wakaf dipandang telah terjadi apabila ada pernyataan wakif (ijab) dan kabul dari mauquf alaih tidaklah di perlu kan. isyarat hanya diperlukan bagi wakif yang tidak mampu dengan cara lisan atau tulisan. semua ahli fiqh sepakat memandang semuanya harus terwujud dalam setiap wakaf. namun mazhab hanafi menilai hanya shighah (pernyataan pemberian wakaf) saja yang menjadi rukun wakaf. sedangkan jumhur (mayoritas) ahli fiqh memandang semua unsur tersebut menjadi rukun wakaf. perbedaan pendapat tersebut hanyalah perbedaan istilah saja, karena semua mereka sepakat memandang semuanya mesti terwujud dalam setiap wakaf. apabila salah satunya tidak terwujud, seperti wakif, misalnya, maka berarti tidak ada wakaf. wakaf produktif dan wakaf tunai di indonesia, wakaf telah dikenal dan dilaksanakan oleh umat islam sejak agama islam masuk ke tanah air. menurut data yang ada di departemen agama republik indonesia hingga oktober 2007,19 jumlah seluruh tanah 18 abd. aziz muhammad azzam, fiqh mu’amalat, h. 215 19 badan wakaf indonesia, profil badan wakaf indonesia, jakarta, 2008. h. 7 al-iqtishad: vol. i, no. 1, januari 2009 87 wakaf di indonesia sebanyak 366.595 lokasi dengan luas 2.686.536.565,68 m2. apabila jumlah tanah wakaf di indonesia dihubungkan dengan negara yang saat ini sedang menghadapi krisis termasuk krisis ekonomi, se benarnya wakaf merupakan salah satu lembaga islam yang sangat potensial untuk lebih dikembangkan guna membantu masyarakat yang kurang mampu. sayangnya, wakaf yang jumlahnya begitu banyak, pada umumnya pemanfaatannya masih bersifat konsumtif dan belum dikelola secara produktif.20 dengan demikian lembaga wakaf di indonesia belum terasa manfaatnya secara optimal bagi kesejahteraan masyarakat. berdasarkan data yang ada dalam masyarakat, pada umumnya wakaf di indonesia digunakan untuk masjid, musholla, sekolah, rumah yatim piatu, makam dan sedikit sekali tanah yang dikelola secara produktif dalam bentuk suatu usaha yang hasilnya dapat dimanfaatkan bagi pihak-pihak yang memerlukan termasuk fakir miskin. pemanfaatan tersebut dilihat dari segi sosial khususnya untuk kepentingan keagamaan memang efektif, tapi dampaknya kurang berpengaruh dalam kehidupan ekonomi masyarakat. agar wakaf di indonesia dapat memberdayakan ekonomi umat, maka di indonesia perlu dilakukan paradigma baru dalam pengelolaan wakaf. wakaf yang selama ini hanya dikelola secara konsumtif dan tradisional, sudah saatnya kini dikelola secara produktif, dan bisa memberikan manfaat seluas-luasnya kepada umat, sehingga dapat dirasakan peranan wakaf secara produktif. salah satu bentuk wakaf produktif adalah wakaf tunai atau yang kadang diistilahkan pula dengan wakaf uang.21 dimana orang yang ingin 20 hasil penelitian pusat bahasa dan budaya (pbb) uin syarif hidayatullah jakarta, tahun 2006, terhadap 500 responden nazhir di 11 propinsi, menunjukkan bahwa harta wakaf lebih banyak bersifat diam (77%) daripada yang menghasilkan atau produktif (23%). temuan umum lainnya juga menunjukkan pemanfaatan terbesar harta wakaf adalah masjid (79%) daripada peruntukkan lainnya, dan lebih banyak berada di wilayah pedesaan (59%) daripada perkotaan (41%). sedangkan para nazhir pun tidak terfokus dalam mengelola, mereka mayoritas bekerja sambilan dan tidak diberi upah (84%), dan yang bekerja secara penuh dan terfokus ternyata amatlah minim (16 %). selain itu, wakaf di indonesia lebih banyak dikelola oleh perseorangan (66%) alias tradisional, daripada organisasi professional (16%) dan berbadan hukum (18%). ironis. berdasarkan data tersebut, dapat disimpulkan bahwa problem mendasar dalam stagnasi perkembangan wakaf di indonesia adalah dua hal: aset wakaf yang tidak diproduktifkan (diam) dan kapasitas nazhir yang tidak profesional. 21 dalam catatan sejarah, wakaf tunai ternayta sudah dipraktekkan sejak awal abad muh. fudhail rahman: wakaf dalam islam88 untuk berwakaf dan memiliki dana cukup, dapat menanamkan dananya tersebut di lembaga-lembaga keuangan untuk diinvestasikan. dengan memanfaatkan hasil keuntungan dari investasi, maka pahala wakif insya allah akan mengalir terus. termasuk bagi yang berkantong tipis, mereka dapat menanamkan modalnya itu disatukan dengan dana lainnya sehingga terkumpul dalam jumlah yang memadai untuk dikelola. meskipun, perbincangan tentang legalitas wakaf uang tidak disepakati oleh semua ulama, namun ada kecenderungan umum bahwa pada akhirnya wakaf uang ini dapat diterima. dalam perkembangan produktifitas wakaf uang, dapat dilihat dari sisi pemberdayaan ekonomi umat. yaitu, lewat dana wakaf, diinvestasikan kepada lembaga-lembaga keuangan dan hasilnya dilokasikan untuk meringankan masyarakat yang kekurangan modal dan seterusnya. dengan demikian roda perekonomian dapat berjalan. wakaf tunai sebagai dana publik. dalam hal ini, yang menjadi kunci sukses adalah kedudukan nazhir. paling kurang, ia harus memiliki sifat tanggungjawab, profesional dalam manajemen dana wakaf serta pembukuan yang transparan. selanjutnya, adalah dana wakaf uang sebagai voluntary fund, atau dana sukarela. dana wakaf ini dihimpun dari berbagai lapisan masyarakat dan diharapkan diberikan kepada masyarakat maupun negara-negara khususnya muslim berupa bantuan. wakaf tunai atau uang sendiri, diperkenalkan oleh seorang pemerhati ekonomi masyarakat, prof. dr. m.a. mannan, seorang berdarah bangladesh. lewat inovasi wakaf tunai sebagai salah satu instrument keungan islam, ia mengembangkan operasionalisasi pasar modal melalui organisasi social investment bank ltd (sibl) yang dibentuknya.22 lebih jauh, mannan menegaskan agar wakaf uang diterbitkan dalam bentuk sertifikat sehingga legalitasnya semakin kuat. dalam memenuhi target investasi, mannan telah menempuh sedikitnya dalam empat bidang,23 kedua hijrah. diriwayatkan oleh imam bukhari bahwa imam az-zuhri (w. 124h) salah seorang terkemukan dan peletak tadwin al-hadis menfatwakan: dianjurkan wakaf dinar dan dirham untuk pembangunan sarana dakwah, sosial dan pendidikan umat islam. adapun caranya adalah dengan menjadikan uang tersebut sebagai modal usaha kemudian menyalurkan keuntungannnya sebagai wakaf. 22 prof. dr. m.a. manna, sertifikat wakaf tunai, terj. (jakarta: ciber & pktti ui), h. 11. 23 prof. dr. m.a. manna, sertifikat wakaf tunai, terj. (jakarta: ciber & pktti ui), h. 47-51. al-iqtishad: vol. i, no. 1, januari 2009 89 yaitu: (1) kemanfaatan bagi kesejahteraan pribadi (dunia akhirat). (2) kemanfaatan bagi kesejahteraan keluarga (dunia akhirat). (3) pem bangunan nasional, dan (4) membangun masyarakat sejahtera. salah satu model yang dapat dikembangkan dalam mobilisasi wakaf tunai adalah model dana abadi. yaitu, dana dihimpun dari berbagai sumber yang halal, kemudian dengan volume jumlah yang besar, lalu di investasikan dengan tingkat keamanan yang tinggi melalui lembaga penjamin syari’ah. keamanan investasi paling tidak mencakup dua aspek. pertama keamanan nilai pokok dana abadi sehingga tidak terjadi penyusutan. kedua, investasi dana abdi tersebut harus produktif, yang mampu mendatangkan pendapatan (incoming generating allocation).24 karena dengan pendapatan tersebut pembiayaan organisasi akan dilakukan dan sekaligus menjadi sumber utama pembiayaan. alasan kongkrit yang lebih terperinci, dapat kita lihat25: (1) dapat membantu menjaga keutuhan aset tunai dari wakaf. (2) dapat menjadi sumber pendanaan (source of financing) pada unit-unit usaha yang bersifat komersial maupun sosial. (3) cakupan target wakaf menjadi luas, terutama dari aspek mobilisasi maupun aspek alokasi dana wakaf. penutup wakaf merupakan salah satu instrumen sosial yang perlu disosialisasikan lebih jauh, mengingat posisinya yang amat penting dalam rangka meningkatkan kepedulian dan mewujudkan keadilan dan kesejahteraan masyarakat. wakaf perlu dikembangkan ke arah yang lebih produktif, sehingga tidak menggrogoti aspek-aspek pembiayaan operasional dan administrasi harta wakaf. bahkan sebaliknya memberikan keuntungan yang berlipat kepada masyarakat penggun salah satu aspek produktifitas wakaf adalah wakaf tunai. manfaat 24 direktorat pemberdayaan wakaf, dirjen bimas islam depag ri, proses lahirnya uu no. 41 th. 2004, (jakarta: 2006), h. 4. 25 direktorat pemberdayaan wakaf, dirjen bimas islam depag ri, proses lahirnya uu no. 41 th. 2004, (jakarta: 2006), h. 5. muh. fudhail rahman: wakaf dalam islam90 utama wakaf tunai, di antaranya: (1) jumlah wakaf tunai bisa bervariasi, sehingga seberapapun dana yang dimiliki bisa memberikan wakafnya tanpa harus menunggu menjadi tuan tanah. (2) aset-aset wakaf berupa tanah kosong, mulai bisa dibangun dan dikembangkan untuk membangun sarana-sarana yang lebih tepat guna dan manfaat. (3) dana wakaf tunai juga bisa digunakan untuk membantu lembaga-lembaga pendidikan islam yang cash flownya kadang kembang kempis. (4) umat islam dapat lebih mandiri dalam mengembangkan dunia pendidikan tanpa tergantung kepada pihak lain. pustaka acuan abd. aziz muhammad azzam, fiqh mu’amalat, (cairo: maktabah al-risalah ad-dauliyah, fak. syari’ah islamiah univ. al-azhar, cairo-mesir, 1998). ahmad azhar basyir, wakaf, ijarah dan syirkah, (bandung: pt. al-ma’arif, 1987). ai-amir, subulussalam, (kairo: musthafa al-halaby), iii. asysyarbini, mughni at muhtaj, (kairo: musthafa halabi), cet ii. asy-syarbiny, mughni ai-muhtaj, (kairo: musthafa al-halaby), juz. 10. asy-syarqawi, asy-syarqawi ‘ala at-tahrir, (kairo: isa al-halabi), ii. badan wakaf indonesia, profil badan wakaf indonesia, jakarta, 2008. direktorat pemberdayaan wakaf, dirjen bimas islam depag ri, fiqih wakaf, (jakarta: 2006). direktorat pemberdayaan wakaf, dirjen bimas islam depag ri, proses lahirnya uu no. 41 th. 2004, (jakarta: 2006). hendi suhendi, fiqh muamalat, (jakarta: pt. raja granfindo persada, 2007). muhammad ai-khathib, al-lqna’, (beirut: dar ai-ma’rifah), cet. i nawawi, ar-raudhah, (beirut: dar ai-kutub ai-’llmiah ), iv. nazh hammad, mu’jam al-musthalahat al-iktishadiyah fi lughat al-fuqaha, (riyadh: ad-dar al-alamiah lilkitab al-islami & iiit, cet. 3, 1995). m.a. mannan, sertifikat wakaf tunai, terj. (jakarta: ciber & pktti ui). sayyid sabiq, fiqh sunnah, (lebanon: dar al-arabi), 1971. az-zuhali, wahbah, at fiqhu al islami wa adillatuhu (damaskus: dar al fikri al mu’ashir), x al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 35 58 1master of economics and development studies, diponegoro university, semarang 2department of islamic economic and business, iain pekalongan e-mail: 1maulrachman@gmail.com, 2mas.syamsudin@gmail.com halal industry in indonesia: the role of sharia financial institutions in driving industrial and halal ecosystem m. aulia rachman1 & syamsuddin2 abstract. halal market has emerged as a sector of new development and creating market potential in the global economy. sharia financial institutions (sfi) has an important role as an intermediation between unit deficits and surpluses in the economy with sharia principles. as the development of halal products and industries make sfi have an important role in encouraging the growth, literacy and potential of the halal industry. this paper presents the ideas and roles of sfi in encouraging the potential of halal industry in indonesia. using qualitative descriptive approach, this paper finds out that there is still unbalance between the availability of products, demands, markets and the structure of halal industrial institutions. the halal certification efforts are still focused on food, medicines, and sharia financial institutions. products related to tourism industries and information media remain untouched. keywords: islamic financial institutions, halal industry, halal ecosystem abstrak. pasar produk halal muncul sebagai sektor pembangunan baru dan telah menciptakan pasar potensial dalam ekonomi global. lembaga keuangan syariah (lks) memiliki peranan penting untuk menjembatani antara unit defist dan surplus dalam praktek ekonomi syariah. artikel ini bertujuan untuk memberikan gambaran mengenai potensi, prospek dan literasi terkait dengan industri halal di indonesia; dan peran lks dalam mendorong tumbuhnya ekosistem dan industri halal. dengan menggunakan metode kualitatif deskriptif, kajian ini menemukan bahwa potensi yang besar pada industri halal masih perlu dikembangkan dan didukung oleh pemangku kepentingan terkait. masih ada ketidakseimbangan antara produk, permintaan, pasar dan stuktur kelembagaan dalam industri halal. terkait dengan jaminan halal, upaya sertifikasi halal masih difokuskan pada produk-produk makanan, obatobatan dan lks, sementara produk terkait dengan industri pariwisata dan media informasi masih belum tersentuh. kata kunci: lembaga keuangan syariah, industri halal, ekosistem halal 36 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction the halal global market in recent years has experienced rapid growth. the halal industry consists of businesses, which their operations are in accordance with sharia principles. regardless of the association of the halal word with islam, the halal economy ultimately benefits the entire global community (wifm, 2014). the global community has been increasingly aware that the use of products from the halal industry has proven to be safer and more convincing in terms of health and other technical aspects. the development of global transaction value of the halal industry in 2015 reached 1.9 trillion dollars in all sectors. the total islamic financial assets amounted to 2.0 trillion dollars in the same year (thomson reuther, 2016). figure 1. the transaction value of global halal industry 2015 source: thomson reuther (2016) the term “halal” is a profitable business line not only among muslim countries but also non-muslim countries (ali et al., 2017). countries with muslims as the minority such as thailand, south korea, russia, mexico, japan and spain already have had halal industrial activities in their countries. this is because they have witnessed a significant growing demand for halal products. these countries consider that the halal industry is a promising business opportunity. even indonesia is the target of the halal product market because of the dominance of the muslim population (ibec-febui, n.d.)1. 1 http://www.ibec-febui.com/industri-halal-di-dunia-serta-potensi-dan-perkembangannya-diindonesia/ accessed on friday, november 16, 2018 37 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia indonesia has enormous potential with regards the halal industry. muslims as the majority of the population make indonesia the largest consumer of halal products in the world, with economic value reaching 197 billion dollars (thomson reuther, 2016). with its extensive resources and supports from 207 million of muslims population out of 237 million of the total population (bps, 2017), indonesia should be able to be ranked first in the world halal industry market. however, at present, indonesia is still ranked 10th in the halal industry market in the world. the first rank is held by malaysia, which is currently developing a halal industry massively. the second rank is the united arab emirates and subsequently, bahrain, saudi arabia, pakistan, oman, kuwait, qatar, and jordan (thomson reuther, 2016). in the indicator of global islamic economic (gie) released by thomson router in 2016, indonesia is still ranked 10th. of all halal industrial sectors, only the sharia financial sector entered the top 10, which is ranked 9th, while for the food, fashion, pharmacy and travel sectors, indonesia has not entered the top 10 (thomson reuther, 2016) even though indonesia ranks first as the country with the highest muslim population in the world (hidc, 2016). the islamic financial sector is more prominent compared to other sectors in indonesia. it is evident that the islamic banking industry shows a high growth acceleration with an average of 40.2 percent per year in five consecutive years (20072011), while the national banking growth average is only 16.7 percent per year. in this period, the islamic banking industry was called as ‘the fastest growing industry’ (alamsyah, 2016). although share sfi ranges from 5 percent from conventional banks, sharia financial institutions have great potential in participating the mobilization of halal industries in all sectors through financing programs and other facilities provided by sfi to halal industry players. the potential of the islamic financial sector includes the number of sharia commercial banks, sharia business units and sharia rural banks as well as savings and loan cooperatives and islamic finance (kspps) which are spread throughout indonesia. supported by the conducive condition of the indonesian economy in 2011, the assessment of the global islamic financial report (gifr) said indonesia ranks fourth among the countries that have potential and are conducive for the development of the islamic finance industry after iran, malaysia and saudi arabia. by looking at several aspects in calculating the index, such as the number of islamic banks, the number of islamic non-bank financial institutions, and the size of islamic financial assets with the greatest weight, indonesia is projected to be ranked first in the next few years. this optimism is in line with the rapid expansion of institutions and the accelerated growth of islamic banking assets, added with the increasing volume of sukuk issuance (alamsyah, 2016). 38 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 based on the introduction above, the opportunities and the large potential of sfi sector are expected to be a driving factor for the development of halal ecosystems and industries in indonesia. this paper aims at discussing the role of sfi in the development of halal industries. this is to provide an overview and reveal strategies of sfi to delve the potential ecosystems and the literacy of halal industries. also, this paper provides a broad picture, prospects for research, policies, practices and public perceptions on the relationship between the two industries in the future. this paper uses a qualitative descriptive method as is adopted by nisha and iqbal (2017), with a systematic review approach to provide a broad overview of research, prospects for research, policies, practices and future public perceptions. this is because the study of integration and the role of sfi and the halal industry are empirically and conceptually still very limited at the local and global level, even though both industries have taken a long journey to make an impact on the global world. data and information used are secondary data sourced from journals, proceedings, media information, reports and other relevant documents. literature review halal industry the term of halal industry can also be applied to sharia industry or islamic industry. in a more developed term, it is often referred to as a halal industry. the concept of halal industry is the combination of the terms industry and halal. halal2 is defined as all objects or activities that are permitted and allowed by the quran and sunnah. as for the term industry, it covers all goods and services that are processed or produced by economic activities. according to laldin (2006), the halal industry is all industries that produce halal goods and services according to sharia. in this case, halal is a term that includes all activities that refer to all matters allowed and in accordance with islamic law. the command to use halal products has become one of the fundamental basis for sharia. implicitly, the directive to use halal products can be understood as an order to eat halal food and to avoid eating the forbidden food.3 this is a clue for halal industry players to be able to implement the concept of halal into their 2 ministry of awqaf and islamic affairs (2006) maushu’ah al-fiqhiyah. kuwait 3 as explained in al-qur’an surah al-baqarah: 168, 172; al-maidah: 88; al-anfal: 69; an-nahl: 114; al-mu’minun: 51; hadith quoted from the book of arbain by imam nawawi: from abu hurairah rhadiyallahu ‘anhu, rasulullah shalallahu ‘alaihi wasallam said, “o people! allah is thayyib (pure) and, therefore, accepts only that which is thayyib (pure). allah has commanded the believers as he has commanded his messengers” narrated by imam muslim. 39 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia product, which becomes a necessity for muslims in particular. the goods and services produced must have benefits for human survival, and the usefulness of the products can be felt to increase the goodness of the users. the criteria for halal products must meet the requirements according to sharia; the product must be halal by halal. this means that the product is halal in the production process; put in halal storage; used halal transportation means, and halal in its presentation. all processes and stages must be clean from any possible contamination from the substance forbidden by sharia. the development of the global halal industry—in large part—consists of banking and financial products, food and processed food, cosmetics, pharmaceuticals, media, logistics, hospitality and tourism (hidc, 2013). with nearly 1.8 billion muslims around the world, it is this halal industry that drives businesses and consumers. according to the mifc (2015), the global average consumer spending on food and lifestyle recorded in 2013 was the us $ 2 trillion and is expected to increase to the us $ 3.7 trillion by 2019 at a combined annual growth rate of 10.8 percent. meanwhile, the travel sector was reported to reach the us $ 140 billion in 2013 and is expected to reach the us $ 238 billion by 2019. halal food is one of the few categories of global food products that are at the stage of rapid growth, with more than half of the demand coming from the asian region. consuming halal food is important in order to fulfill the principles of islam as well as health, hygiene and quality aspects. meanwhile, muslims consume halal food because of their religious obligations. the concept of halal food is also acceptable for non-muslim people because of other consumption considerations, namely; health, products’ origins, cleanliness, welfare and quality of animals (wibowo and ahmad, 2015). recently, brazil and australia are known as the largest suppliers of halal meat, especially halal beef to the middle east, while thailand is the largest producer of halal processed food in the global halal food sector (hidc, 2016). over time, the halal industry has expanded beyond the food sector to non-food products. for example, halal labels are given to cosmetic and personal care products that meet islamic regulations and do not contain substances that are prohibited by islam. similarly, halal medicines and health products do not contain substances that endanger the body in the long term. in this case, halal labels have been popular in some asian countries such as malaysia, indonesia, pakistan, india and bangladesh. thailand is currently operating the halal science center, which focuses on developing standards and methods to detect prohibited substances in personal care and health products. in the fashion 40 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 industry, seeing the potential of the development of muslim women’s fashion and efforts to respect religious motives, halal fashion is applied when designing clothing for the global muslim population. recently, one of the popular issues is halal tourism, a rapidly expanding tourism segment. halal tourism refers to the provision of tourism products and services that meet the needs of muslim tourists by facilitating worship needs and halal foods (mohsin et al., 2016). in its development, halal tourism is generally associated with umrah, hajj and pilgrimage, along with its development towards broader services and destinations (battor and ismail, 2015). the sector continues to expand by targeting broader destinations such as beaches, resorts; and launching of several specialized airlines and halal tourism websites such as airbnb, book halal homes, tripadvisor and tripfez (reuters, 2016). in addition, the halal tourism conference has emerged in an effort to promote the halal concept to support the global halal industry sector. function and relationship between sfi and halal industry islamic finance refers to the method of conducting banking transactions and financial transactions that are in accordance with islamic law, also known as sfi (dasuki, 2011). the halal economy is a joint concept between islamic finance and the halal industry. this is because the values and principles that exist in similar industries are sourced from the quran, hadith, qiyas, ijma’ and ijtihad (rahim and shafii, 2016). this means that the relationship between the two can be seen from the fundamental side of the application of the sharia principles. the concept of empirical relations between sfi and halal industry can be seen from the functional side of sfi as a financial service intermediary institution. sharia financial services are broad in the form of banking transactions such as savings, current accounts, financing and transfers, or in the form of non-banking transactions such as the islamic capital market, sukuk, mutual funds, insurance/ takaful or venture. sfi as a financial institution for the halal industry sector is the intermediary for deficit and surplus units in a financial system; or as a facilitator in distributing funding and financing. businesses and companies must use islamic finance to increase their capital, to ensure the entire production chain is in accordance with sharia. mifc (2014) has shown a reciprocal relationship between the halal industry and sfi, both of which can gain broader access to funding and penetration as well as greater market shares. 41 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia figure 2. relationship between sfi and halal industri source: wifm, 2014 business ecosystem in reference to halal ecosystems business “ecosystems” refer to networks consisting of companies, suppliers, complementary companies, and customers (adner & kapoor, 2010). the theory of business ecosystems comes from moore (1993). some of the main features of a business ecosystem are the linkages between the fate of the company and the process of competition and cooperation (peltoniemi, 2005). ecosystem actors include every organization that contributes to value creation for customers in the form of products or services (iansiti and levien, 2012). unlike the conventional value chain view, business ecosystems offer a dynamic system picture; and not only include business value chains, but also indirect roles, such as complementary products manufacture, outsourcing companies, regulatory agencies, financial institutions, research institutions, media, universities and even competitors (baghbadorani and harandi, 2012). halal ecosystems include all business networks, institutions, and government and non-government organizations (wifm, 2014). the halal ecosystem context refers to the halal business system, which is a form of collaboration between halal industry players to optimize the role of each sector by looking at islamic values and the development of halal industries. the halal ecosystem process is expected to improve economic values, which then lead to additional social values in the form of obligations to pay zakat, waqf, endowments, and alms. halal ecosystem coverage is the integration of various sectors in the halal industry, and other actors involved. this is based on the fundamental application of sharia principles to products and services, in addition to other factors such as market 42 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 segments that are interrelated even in different production fields. according to velu et al. (2015), ecosystems exist when companies depend on each other to achieve common goals; ecosystems often display collaboration and competition. similarly, the development of halal ecosystems refers to the interrelationships between halal industries in achieving common goals. figure 3. business ecosystem framework source: morre (1993) in galateanu and avasilcia (2013) related studies there have not been many studies related to the prospects and relationship between sfi, halal industries and halal ecosystem, both on a conceptual and empirical basis. even in a series of banking reports or annual reports of halal institutions, there are not many related studies. although, fundamentally, both of them have the same principles and values, especially in the view of a halal economy, they appear to lack in relationships. most of the studies are conducted in the realm of consumer behaviors, producer perceptions and experience of practitioners in both industries, but not related to the path of relations between the two industries in halal ecosystem literacy. conceptual research that relates to the study of the relationship between sfi and halal industry has been discussed in the wifm report (2014) regarding the reciprocal relationship between sfi and halal industries. then, rahim and syafii (2016) presents the basis of synergy between sfi, halal industry and the government, especially in malaysia. nisha and iqbal (2017) examine the relationship between sfi and halal industries in the application of halal ecosystems in bangladesh. in an empirical study, irfan et al. (2013) show that halal industries and sfi 43 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia have different bodies and authorities in regulating the industry, but similarities are found in the field of research and training. danger (2017) states that sfi can encourage smes in malaysia; and islamic banking can create a positive impact on society, living environment, and a broader economy. tungal et al., (2017) using the ardl method, indicate that funding sources in malaysia could help the growth of the halal industry, especially in the livestock sector. the short term result is contrary to the long-term case. this shows an insignificant relationship between the two industries. high initial costs and long production processes are the main reasons. study and discussion scenario of the halal industry in indonesia in recent years, the halal industry has become an issue in the world. indonesia, the country with the largest muslim population in the world, is a potential target market for the halal industry. many from the government, researchers and the business world have begun to see the halal industry as a new market support sector in indonesia. this potential is also supported by social factors and internal political supports in the form of government regulations in the application of halal principles. the awareness of the indonesian muslim community in consuming halal products has reflected a deep religious literacy in the social life. sucipto (april 15, 2009) suggests that the segment of muslim consumers in indonesia with high concern for the halal nature of goods and services is currently growing rapidly.4 the concept of halal certification in indonesia was first developed from halal food products. this is seen from the regulation and certification of halal food, which have developed since the issuance of decree of the minister of health no 280 dated november 10, 1976 concerning provisions on circulation and marking of food which contains materials originating from pigs. in the subsequent developments, the halal certification has been expanded to medicine and cosmetics products, marked with the establishment of the 1989 food, drug and cosmetic study institute of indonesian ulama council (lppom-mui). this was followed by the issuance of law no. 33 of 2014 concerning guarantees of halal products (jph) by the government through the ministry of religion. in its development, the jph law no. 33 of 2014 article 4 amended the provision of halal certification from voluntary and conducted by mui to mandatory and conducted entirely by the halal product guarantee agency (bpjph). for the development of islamic financial products, sfi 4 https://prasetya.ub.ac.id/berita/label-halal-dan-daya-saing-waralaba-3132-id.html accessed on sunday, november 19, 2018 44 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 in indonesia was initiated by the establishment of bmt salman at itb, bandung in 1980. this, then, was developed into the first sharia bank called bank muamalat in 1990. the provision about its operational was only accommodated in one verse of 1990 mui national consultative meeting, mentioning about “banks with profit sharing systems” in law no. 7 of 1992 without mentioning the islamic foundation5. then in 1999, the mui national sharia council (dsn-mui) was formed as a reinterpretation of the sharia guarantor of the determination and the implementation of sfi activities6. this was followed by the issuance of fatwa no. 20/2001 concerning investment implementation guidelines for sharia mutual funds7. whereas for the tourism industry and information media, there is no institution that provides guarantees with regards to the sharia foundation. so, it needs encouragement to be able to provide halal guarantee certification in this particular sector as an effort to increase public trust. the minister of tourism, arief yahya (2015), mentioned that sharia-based tourism is considered to be exclusive. consequently, the use of other terms such as islamic tourism, halal tourism, family and religious tourism is also considered inappropriate. the practice of sharia tourism in indonesia is yet optimal. even if it is taken more seriously, the potential for developing sharia tourism in indonesia is very large. not many travel agencies have inbound trips with halal travel packages. however, there are travel packages, outbound trips, such as umrah and hajj (kemenpar, 2015). based on data from the central bureau of statistics and data of the ministry of tourism, the number of tourists from middle eastern countries based on nationality from 2013-2014 is as follows: 1) bahrain tourists amounted 98 people to 99 people (up 1.02 percent); 2) egyptian tourists were from 675 to 733 people (up 8.59 percent); 3) tourists from the united arab emirates amounted to 1,322 people to 1,428 people (up 8.02 percent); 4) saudi arabian tourists were from 7,522 (3.90 percent) to 7,229 people (kemenpar, 2015). in the institutional structure, sfi can be developed more quickly and more systematically by the supports and supervisions from policymakers, such as the bank of indonesia and financial service authority (ojk) and dsn-mui. the dsn-mui supports the sfi by issuing fatwas related to its products, as well as the development of a more exogenous market share. in indonesian, sfi haw grown 5 http://www.ojk.go.id/id/kanal/syariah/tentang-syariah/pages/sejarah-perbankan-syariah. aspx accessed on friday, november 23, 2018 6 https://dsnmui.or.id/kami/sekilas/ accessed on friday, november 23, 2018 7 http://www.ojk.go.id/id/kanal/pasar-modal/pages/syariah.aspx accessed on friday, november 23, 2018 45 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia rapidly. in 2016, the sharia banks had total assets amounting to 356,564 billion rupiah. sfi market share has developed and spread in all provinces in indonesia. the same also happens to halal food products. according to indonesiatravel (2013), halal tourism has only reached 13 provinces that considered to be potential in sharia tourism sectors. these provinces are west nusa tenggara (ntb), nangroe aceh darussalam, west sumatra, riau, lampung, banten, dki jakarta, west java, central java, yogyakarta, east java, south sulawesi, and bali. this means that, in this case, the development of the halal tourism industry has not yet received demands from more inclusive consumers. in the halal pharmaceutical industry, the application of halal principles has not been widely applied and, still, there has been opposition from some stakeholders in indonesia. this is because 95 percent of the raw materials for medicine is imported from foreign countries (america, korea, taiwan and india). this makes it difficult to get halal certification (ibrahim, 2017). according to firda chalid8, the executive director of the indonesian pharmaceutical company (gpfi), the application of the halal product assurance law on pharmaceutical and medicines is very difficult, because the registration process for making drugs takes around two years. the production will need a longer period due to the halal certification process. consequently, access to drugs and medications is hampered by the halal certification procedures. bpom data (2018) shows that there were, 13,638 drugs and 10,857 traditional medicines registered in bppom and circulating in the community.9 the drugs and medicines, which registered in lppom-mui (2018), were only 302 types of drugs with halal certification.10 this is still very limited, considering the hat majority of the indonesian population is muslims. in this case, the halal certification institutions are expected to maximize their roles in promoting and socializing halal certification and provide easier mechanisms, especially for the pharmaceutical industry. 8 http://industri.bisnis.com/read/20161006/12/589937/industri-farmasi-dan-obat-tolakmasuk-dalam-daftar-produk-wajib-halal accessed on friday, november 30, 2018 9 http://www.pom.go.id/new/ accessed on friday, november 30, 2018 10 http://www.halalmui.org/mui14/index.php/main/ceklogin_halal/produk_halal_masuk/1# accessed on friday, november 30, 2018 46 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 table 1. summary of the institutional overview of the halal industry sector in indonesia sector of halal industry halal certificate guarantor authority other authority gie rating value of financial sfi yes dsn-mui ojk, bi and lps 9 islamic banking asset: idr 272.34 trillion; islamic nonbank financial industry asset: idr 54.41 trillion, islamic capital market capitalization: idr 3,171.34 trillion (ojk, 2015) tourism n/a n/a the ministry of tourism n/a no data food yes bpjph & lppommui the ministry of religion, the ministry of health and mui n/a no data cosmetics yes bpjph & lppommui the ministry of religion, the ministry of health and mui n/a no data drug and pharmaceutical yes bpjph & lppommui the ministry of religion, the ministry of health and mui n/a no data media n/a n/a the ministry of information n/a no data building strategy for the role of sfi in promoting the growth of halal industries in indonesia in viewing the impact of encouragement from the sfi on the development of the halal industry, a multipier effect approacg is used to investigate the potency of sfi against other sectors. moretti (2010) reveals that the multipier effect can be determined based on consumer tastes, technology, the ability of workers and income received by society. the linkage between one sector with another sector needs to be shown in the determination of the strategic sectors. the linkages between sectors can be seen from the multiplier effect of a sector that could generate activities in other sectors (marseto, 2016). in this case, sfi is assumed to be the leading sector in the halal industry. as a result, the potential base of the sfi sector can encourage the growth and development of the halal industry. the potential of sfi is in market segmentation, the number of consumers, product roles, regulations, related authorities and asset values. this double effect is seen from the increase in the total production of the halal industry, consumer quantity, literacy, legality, certification and increasing market passion for the halal industry. the sfi, as one of the halal industries and as an intermediary for financial services, is expected to encourage other halal industry sectors to develop literacy, 47 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia market potential, investment, regulation and certification. in addition, sfi, through ojk and bi, has valid and comprehensive data sources to map the market of the islamic financial industry. it is expected that there will be more business actors that establish investment opportunities and encourage the supply of halal industries. the role of sfi is also encouraged by the inclusion and financial literacy program. this is mentioned in the government policy, namely the 2015-2019 rpjmn and the mpsjki by ojk and bi. it is expected that stakeholders impelement those policies to encourage literacy and education about halal certification and the optimization of halal industry literacy and the opening of new market opportunities. sfi, as a leading sector of the halal industry, can provide booster-effects to other sectors. moreover, sfi has comparative and competitive advantages, including in the international scale. it can be said that the sfi shows considerable growth rates, and considerable labor absorption. also, sfi can mobilize linkages with othe halal industries and create high added values. the capability of sfi in providing multipier effects to othe halal industy sectors can be seen in the regular contributions to sectors such as education, health, disaster management, sports, cultural development, cosmetics, infrastructures, etc. figure 4. sector quotiet influence of sfi toward halal industry the establishment of halal ecosystems in indonesia can provide a great opportunity for producers and marketers to develop socio-economic motives. the halal ecosystem mechanism can help companies and financial service providers to establish partnerships, synergies, and strengthen the market potential in the halal industry in indonesia. sfi seeks to support the halal industry through the 48 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 mechanism of savings, financing, and capitals, especially in the micro industries. meanwhile, the halal industry supports the performance of sfi in allocating assets and liquidity in order to increase market passion and competitiveness; and providing reciprocal linkages between halal industries to create security effects among them. the involvement of policymakers is in providing regulation, certification, and standardization of the halal industries. this is to support the industries and maintain the confidence of consumers and investors. role of the customers third party fund third party funds (tpf), or known as public funds, are funds originated from the community as well as business entities and collected by financial institutions. the sources of third party funds are: demand deposits, savings, time deposits (saputra et al, 2014). with regards to its function, tpf has a range of relationships for sfi to the wider community. efforts to optimize the of tpf on halal industry literacy become one of the effective strategies. this can be seen in the use of deposits that reflect the financial literacy of the community. according to khairunnisa (2001), the motive of the people to place their funds in the sfi is because of the implementation of islamic system, strong business supports (jalaluddin, 1999) and religion (gait and worthington, 2009). these are important factors that influence the attitude towards islamic finance business firms. this means that tpf players have realized that knowledge and awareness of islamic products become their basis in placing their funds in sfi. from the above perspective, the efforts to develop the literacy of halal industry can be beneficial, especially, to encourage the halal ecosystem and increase demands for halal industries. role of financing sfi plays an important role in encouraging the development of the halal industry as the distributor of funds or financing providers. in this case, sfi can meet the funding needs of halal industries for its growth and development. sfi provides funding for business sectors that meet sharia principles by implementing contracts that have been regulated in dsn-mui fatwas. financing agents play an active role in ensuring to provision of funds to productive sectors according to the sharia principles. in addition, financing agents can actually provide education and encouragement in an effort to increase the capacity of the halal industries and encourage them to obtain the halal guarantee certification for their products. 49 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia form of synergy partnerships and synergies contain a sense of cooperation, mutual trust and synergy between individuals and organizations to achieve common goals (vasconcellos, m. and vasconcellos, a.2009). based on this, partnerships are related to the relationship between two or more stakeholders to combine different resources in carrying out a joint approach to achieve common goals (mcquaid, 2000; lewis, 2000). in this context, the motive of the partnership is not formed by the idea of material benefits or coercion of registered partners, but by a common goal supported by trust between the actors (vasconcellos, m. and vasconcellos, a., 2009). efforts to maximize the potential of the halal industry and halal ecosystems need synergy between institutions. in this case, sfi alone cannot automatically encourage the potential of the halal industry. however, the synergy between institutions can encourage a more effective and efficient halal industry. related actors include academics as researchers; the government as the regulator; relevant authorities such as bpjph and mui; and the community as consumers or investors. these actors can work together and synergize in facing the challenges of the halal industry in the future. establishing a halal ecosystem elements of the halal business ecosystem (adopting hoover and abell, 2009) include: 1) essential elements, namely in the form of skills, funding, cooperative systems and technical assistance; 2) important elements consist of business supports, connected markets, policies and advocacy partnerships; 3) environmental elements such as business values, attitudes and cultures, and cooperative education. moore (1999) argues that an important aspects of ecosystems are actors (species), relationships between actors (networks), performance (health), dynamics (evolution) and strategies and behavior of actors (roles). after that, those elements are built into the concept of the halal ecosystem. the integration of halal industry actors in halal ecosystems in indonesia involve the halal industry itself as a business actor; the government as the facilitator and the guarantor of halal entities; and infrastructure facilities. the integration, then, is resulted in networks among agents to strengthen the foundation of halal ecosystem in indonesia. as a result, the performance of all units in the business ecosystem can be influenced by the performance of each entity. this explanation illustrates that business ecosystem is complex adaptive systems. as miller and page stated, to analyze complex systems as a whole, the behavior of each component must first be understood (miller & page, 2007). the success in creating and maintaining a halal ecosystem represents a viavle, growing 50 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 and healthy business. maintaining business ecosystem is, basically, realizing the management of an active halal industrial ecosystem, where the ecosystem is continuously monitored, including its health. furthermore, ecosystems produce promising infrormation, with related strategies and decisions (furthermore, ecosystems are formed towards promising information with related strategies and decisions). the health of an ecosystem is measured by productivity, endurance, and niche creation introduced by iansity and levien (2012). thus, the impact of halal ecosystem can create superior products and a structured market; and enable it to compete in the global market. another coverage in halal ecosystems is the halal literacy process. the concept of halal literacy is a form of understanding of public and related actors about the halal industry and its related indicators such as the ability to know, consume, manage, and analyze halal products. the concept of halal literacy is based on the definition of literacy that is related to the ability of reading, writing, and understanding. according to unesco (2006), literacy is a process of education and enhancing skills. the concept of literacy in halal industry also includes processes and efforts in achieving knowledge and understanding of the halal industry. the process of literacy can developed along with the development of the halal industry itself, especially through the sfi sector that has large numbers of consumers. according to fatkhurrahman (2015), waskito (2015) and nasution (2017), the concept of halal literacy can also increase the influence of public consumption on halal industrial products. figure 5. form of halal ecosystem 51 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia opportunities and threats opportunities the potential of sfi in indonesia as a global player is significant due to the large potential of muslim population, economic prospects, high investor interests, and natural resources (alamsyah, 2012). these potential factors are expected to be explored as a driving factor for other halal industry sectors, especially in attracting investors or foreign consumers. indonesia, with a considerable amount of tourist destination places, only has 13 provinces as the potential destinations (kemenpar, 2015)11, or less than 50 percent of the total provinces in indonesia. this means that there are still big opportunities in forming a new market for halal tourism. by focusing on halal tourism, it is expected that this sector can attract local and foreign tourists, and encourage investments in the sector. oo (2012) states that the tourism sector is one of the suppliers of foreign exchange through the incoming foreign funds. this still becomes one of the focuses in the mobilization of indonesian economy. the concept of halal tourism is expected to attract foreign tourists, especially those from the gcc countries who are predominantly muslims and have high gdp growth rates (kemenpar, 2015). from the market side, indonesia is a predominantly muslim country with the largest consumption expenditure on food, with the transaction value of us usd 157.6 million. the indonesian people have a high level of awareness of halal products. public awareness in halal products increased by 72 percent in 2009 to 90 percent in 2010. according to research by mui, halal certification can double the turnover (afroniyati, 2014), waskito (2015). the research of pramintasari and fatmawati (2017) shows that halal certification can increase buying interest. in this case, providing reliable guarantees can increase public trust in consuming halal products. in addition, indonesia is expected to establish networks with other countries in supplying raw materials with halal certification. the potential cooperation between countries as outlined in mui’s approved foreign halal certification bodies (lafhcb) can be a driving force for the development of the halal industry in indonesia. in addition, there is a need to expand the halal certification, not only focus on food industries, but also other sectors such as pharmaceutical and tourism. 11 https://nasional.sindonews.com/read/994208/162/13-provinsi-siap-jadi-tujuan-wisatasyariah-1430102126 accessed on friday, november 30, 2018 52 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 challenges halal industry is now in demand by the people in the world, both muslims and non-muslims. halal industry is one of the sectors expected to support the strength of the indonesian economy. the worldwide demand for halal products is a challenge. the reason is, consumer preferences for consuming halal products are increasing and this is a great opportunity for various countries to maintain the competition in the global halal industry. one of the challenges to developing halal industry in indonesia is the absence of a comprehensive regulatory framework in the halal industry fragmented and no clear mapping (hasyim, 2011). in terms of supply, several muslim countries still import raw materials from non-muslim countries pandor (2011) and hashim (2011). for example, instants noodles produced by the indonesian companies have obtain halal certificate and have been imported to other countries. however, the raw material needed, such as wheat, is imported from australia, canada, united state of america, russia, ukraine, kazakhstan, india, pakistan, brazil, and argentina. many products manufactured in indonesia use wheat as the raw materials. in 2015, the noodle producers’ needs for wheat reached 55 percent, while the bread and biscuits producers needs for wheat reached 22 percent and 18 percent respectively. while the largest products with wheat raw materials are noodle producers which reached 55 percent, bread producers as much as 22 percent and 18 percent biscuits. wheat flour needs in 2015 reached 5.7 million tons12 and in 2017 it is estimated that wheat flour needs reach 8.79 million tons13. so that it is necessary to study supply chain products imported from other countries, especially for nonmuslim countries, or countries that are not registered in lafhcb. there has been an imbalance in demand for halal industrial products. currently most of the halal products come from financial and food sectors (thomson reuther 2016). the food sector has a market percentage of 60 percent, while the information and tourism sector has only 2 percent of the market segmentation (elasrag, 2017). then, there been an imbalance between the conventional capitalization market and the sharia financial sectors. although the growth of sfi in indonesia is very large, but the ratio of islamic banking assets is relatively small at only 5 percent of the national banks (ojk, 2017). therefore, it is expected that halal industry actors can have access to sfi financial services 12 http://www.republika.co.id/berita/ekonomi/makro/15/04/05/nmbvyl-indonesia-jadi-salahsatu-pengimpor-gandum-terbesar-dunia accessed on friday, november 30, 2018 13 http://industri.kontan.co.id/news/impor-gandum-2017-diprediksi-tembus-879-juta-ton accessed on friday, november 30, 2018 53 http://journal.uinjkt.ac.id/index.php/iqtishad m. aulia rachman. halal industry in indonesia to create causal effects for both the sfi and halal industries, as well as increasing the role of halal industry agents in an effort improve halal industry products and industrial competitiveness both domestically and globally. in terms of the standardization and legality, not all halal products have obtained halal licenses from the authorized institutions. currently, the certification provided by the certification agencies is limited to sfi, food, cosmetics, pharmaceutical industries. for the tourism and information media industries, on the other hand, there has been no institution available as halal certificate providers. this is a challenge for indonesia to formulate the regulations so that all halal industry sectors have legal and accountable recognition institutions. conclusion there is still a space for adjustment in the integration between the sfi and halal industries as stated by muhamed et al. (2014). furthermore, there is a need to urge stakeholders from each industry sector to be able to work together in opening up available potentials. in relation to consumer factors and a large market share, sfi is expected to encourage the productivity of the halal industry and the community literacy regarding the halal industry, and encourage a more structured integrated halal ecosystem. the business ecosystem concept, as a business innovation, plays roles in increasing the innovation and market competitiveness (velu et al., 2015). the implementation of halal industry ecosystem, which integrates various agents, is one of the concrete steps in increasing the potential and literacy of the halal industry in indonesia. the huge potential of halal industry markets still needs to be developed and supported by related stakeholders. there have been still inequalities between the products, demand, market, institutional structures within the halal industries. related to the halal guarantee, the halal certification is still focused on products such as food, medicines, cosmetics and sfi, while tourism and information media related products remain untouched. on the market side, sfi and food industries have dominated the halal industry and support the development of the halal industry. so, it is necessary to encourage the development of other sectors apart from those two. this can be done by providing specific guidelines regarding the development of the halal industry to become a reference for relevant agencies. 54 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 references adner, ron. & rahul kapoor. 2010. “value creation in innovation ecosystems: how the structure of technological interdependence affects firm performance in new technology generations.” strategic management journal 31(3): 306–333. afroniyati, lies. 2014. “analisis ekonomi politik sertifikasi halal oleh majelis ulama indonesia.” jurnal kebijakan dan administrasi publik 18(1): 37-52. alamsyah, h. 2012. “perkembangan dan prospek perbankan syariah di indonesia: tantangan dalam menyokong mea 2015.” presented at ceramah ilmiah ikatan ahli ekonomi islam (iaei), 8th iaei anniversary, bank indonesia, april 13, 2012. ali, afzaal. guo xiaoling, mehkar sherwani & adnan ali. 2017. “factors affecting halal meat purchase intention: evidence from international muslim students in china.” british food journal 119(3): 527-541. badan pengawasan obat dan makanan. 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banking (studi bank muamalat kcp pondok indah mall) rifa farhah1 abstract. the effectiveness of weekend banking services (study at bmi kcp pim). the aim of this research is to analyze the effectiveness of weekend banking services at bank muamalat indonesia. the method that used in this research is linier regression and. the result shown that the value of adjusted r-squared was 0.313409. it means that customer’s preference (dependent variable) was influenced by location, brand image, and, product and services in the amount of 31.34% and the others 68.66% was influenced by the others factor. from the paired sample t-test shown that the weekend banking services still not effective to increase the third party funds. keywords: effectiveness, weekend banking, linier regression, paired sample t-test abstrak. e f e k t i v i t a s l a y a n a n w e e k e n d b a n k i n g ( s t u d i b m i k c p p i m ) . penelitian ini bertujuan untuk menganalisis tingkat efektivitas layanan layanan akhir pekan (weekend banking) di bank muamalat indonesia. metode analisis yang digunakan yaitu dengan analisis regresi linear berganda dan uji beda (paired-sample t-test). dari hasil model regresi dapat dilihat nilai adjusted r-squared sebesar 0.313409. ini menunjukkan bahwa variabel dependen (preferensi nasabah) dipengaruhi oleh variabel-variabel independen (faktor lokasi, nama baik perusahaan serta produk dan layanan) sebesar 31.34% sisanya 68.66% dipengaruhi oleh variabel lain. berdasarkan hasil statistik uji t parsial, keberadaan layanan weekend banking masih belum terlihat efektif dalam meningkatkan dana pihak ketiga. kata kunci: efektivitas, weekend banking, regresi berganda, uji t parsial 1 naskahditerima 20 oktober 2013, direvisi 15 nopember 2013, disetujui 24 nopember 2013 bank jabar banten syariah, jl. hos cokroaminoto, no. 62 d, tangerang ciledung. email: rifafarhah@yahoo.com 71 pendahuluan di tengah pesatnya persaingan dunia perbankan nasional yang menerapkan sistem bunga, perbankan syariah yang menerapkan sistem ekonomi islam saat ini mampu bersaing dan kini mencapai perkembangan yang signifikan. sejak diberlakukannya undang-undang no. 10 tahun 1998 tentang perbankan (antonio, 2001), kesempatan bagi pengembangan perbankan syariah pun lebih luas. kemunculan perbankan syariah semakin menguat ketika terjadi krisis ekonomi yang membuat bank-bank konvensional mengalami keterpurukan sementara perbankan syariah tetap bertahan. saat ini dunia perbankan menghadapi era persaingan yang sehat dan saling menonjolkan keunggulan yang dimiliki untuk menarik hati masyarakat indonesia agar menjadi nasabahnya. banyak faktor yang mempengaruhi mengapa produk dan layanan perbankan syariah saat ini bermacam-macam, salah satunya dengan tujuan memudahkan nasabah untuk lebih praktis dan menggunakan efisiensi waktu yang mereka miliki. perkembangan teknologi dan informasi yang sangat pesat telah membawa banyak perubahan terhadap pola kehidupan sebagian besar masyarakat indonesia. di kehidupan saat ini kesibukan yang sangat padat memaksa masyarakat menghabiskan waktunya sepanjang hari untuk bekerja. terlebih lagi untuk masyarakat jakarta dan sekitarnya. mereka menghabiskan separuh waktu mereka hanya untuk pekerjaan, bahkan terkadang waktu 24 jam dalam sehari masih tidak cukup untuk mereka. tingkat kesibukan yang berbeda-beda pada setiap orang memaksa perbankan melihat ini sebagai peluang yang harus dimanfaatkan dengan menciptakan layanan perbankan yang menyediakan waktu yang lebih lama untuk nasabahnya. membuka layanan perbankan sampai malam hari dan saat akhir pekan merupakan salah satu strategi yang dilakukan bank untuk memanjakan nasabahnya. sudah banyak bank yang mulai memberlakukan layanan ini yaitu bank konvensional seperti bank mandiri, bank bca, citibank, dan bank bni. bank konvensional memang lebih cepat dan tanggap dalam menerapkan strategi dan membaca peluang, terbukti mereka lebih dahulu membuka layanan perbankan di malam hari (night banking) dan akhir pekan (weekend banking). layanan akhir pekan yang lebih dulu dipraktikan oleh bank konvensional berhasil, terbukti berdasarkan pengamatan salah satu media cetak di jakarta satu tahun terakhir menunjukkan bahwa kantor layanan (kl) perbankan yang beroperasi di akhir pekan terlihat banyak didatangi nasabah. di 72 grand indonesia (gi) jalan mh thamrin jakarta pusat, kl bni yang terletak di east mall gi terlihat sibuk, bahkan di mal pondok indah jakarta selatan antrean untuk mendapatkan layanan bisa mencapai ratusan orang. setiap kl selalu siap melayani transaksi kas seperti setor, tarik tunai, pembukaan rekening dan titipan kliring. tidak mau kalah dengan bank konvensional, bank muamalat indonesia sebagai bank pertama yang menerapkan prinsip syariah mencoba menggunakan layanan night banking dan weekend banking sebagai potensi untuk mengembangkan bisnis. mereka melihat peluang bahwa saat ini masyarakat indonesia tidak sedikit yang menaruh kepercayaan kepada bank syariah, maka bank muamalat langsung menerapkan layanan night dan weekend banking dan baru membukanya di kantor cabang pembantu di jakarta dan palembang. mengambil tempat umum sebagai objek yang dituju seperti rumah sakit dan pusat perbelanjaan, bank muamalat melihat peluang yang ada dari aktivitas masyarakat ke lokasi tersebut. pusat perbelanjaan memang lokasi yang tepat dan rumah sakit yang selalu ada selama 24 jam sehingga bank muamalat memilih kedua lokasi ini sebagai potensi untuk mengembangkan bisnis. layanan night banking dan weekend banking ini baru diberlakukan bulan november 2011 di salah satu pusat perbelanjaan yang terkenal di jakarta selatan yaitu pondok indah mall dan sekitar salah satu rumah sakit di palembang. namun, menurut data yang ada dan pengamatan langsung yang dilihat ternyata layanan night banking dan weekend banking ini masih perlu beradaptasi. ini dilihat dari masih sedikitnya nasabah yang datang ke bank muamalat untuk menggunakan layanan night banking dan weekend banking. jika dilihat perbandingan jumlah nasabah yang menggunakan layanan saat work days dan weekend sedikit sekali nasabah datang di saat weekend bahkan kurang dari setengahnya dari jumlah nasabah di waktu work days. tinjauan pustaka manajemen yang baik adalah manajemen yang bisa menyeimbangkan pekerjaan agar tidak hanya berjalan efektif tetapi juga efisien. tujuan utama manajemen adalah pengelolaan secara sehat untuk mendapatkan efisiensi setinggi-tingginya dengan pengorbanan seminimal mungkin. oleh karena itu, permasalahan efisiensi dan usaha mencapainya menempati posisi sentral dalam ilmu manajemen. masalah efisiensi berkaitan dengan masalah pengendalian biaya. efisiensi yang diuraikan disini adalah perbandingan positif antara hasil yang dicapai dengan masukan yang digunakan, artinya, kemampuan menghasilkan output yang maksimal dengan input yang ada merupakan ukuran kinerja yang diharapkan. sebuah bank dituntut untuk memperhatikan masalah 73 efisiensi karena meningkatnya persaingan bisnis dan standar hidup konsumen. efektivitas berarti melakukan pekerjaan yang benar (doing the rights things) sedangkan efisiensi berarti melakukan sesuatu dengan benar (doing the rights). efektivitas dan kemampuan untuk memilih tujuan yang tepat atau peralatan yang tepat untuk pencapaian tujuan. beberapa kriteria dapat digunakan untuk menilai efektivitas perencanaan, yaitu mencakup kegunaan, ketepatan, dan obyektivitas, ruang lingkup, efektivitas biaya, akuntabilitas, dan ketepatan waktu. kegunaan, agar berguna bagi manajemen dalam pelaksanaan fungsi-fungsinya yang lain, suatu rencana harus fleksibel, stabil, berkesinambungan, dan sederhana. hal ini memerlukan analisa, peramalan, pengembangan rencana dengan mempertimbangkan segala sesuatu dan pembuatan perencanaan sebagai proses yang berkesinambungan. tujuan utama dalam manajemen adalah pengelolaan secara sehat untuk mendapatkan pencapaian sesuatu dengan efektif dan efisien. efektivitas merupakan suatu besaran atau angka untuk menunjukkan sampai seberapa jauh sasaran (target) tercapai. efisiensi adalah perbandingan yang positif antara hasil yang dicapai dengan masukan yang dipergunakan. efisiensi dalam penyelenggaraan kegiatan apabila hasil kerja yang diperoleh lebih besar dari pengorbanan yang diberikan dalam bentuk penggunaan sumber daya dan dana termasuk sumber daya insani. suatu pekerjaan dapat dilaksanakan secara tepat, efektif, dan efisien apabila pekerjaan itu tepat sesuai dengan yang telah direncanakan diawal. pencapaian hasil akhir yang sesuai dengan target waktu yang telah ditetapkan dan ukuran maupun standar yang baik mencerminkan suatu perusahaan telah mencapai efektivitasnya. oleh karena itu, efektivitas dan efisiensi saling terkait satu sama lain, suatu perusahaan terutama perbankan syariah tidak hanya dituntut untuk mengejar tujuan saja, tetapi bagaimana tujuan itu bisa tercapai dengan cara yang baik dan sesuai dengan syariah. beberapa kriteria dapat digunakan untuk menilai efektivitas perencanaan, yaitu mencakup kegunaan, ketepatan, dan obyektivitas, ruang lingkup, efektivitas biaya, akuntabilitas, dan ketepatan waktu (handoko, 1998). kegunaan, agar berguna bagi manajemen dalam pelaksanaan fungsi-fungsinya yang lain, suatu rencana harus fleksibel, stabil, berkesinambungan, dan sederhana. hal ini memerlukan analisa, peramalan, pengembangan rencana dengan mempertimbangkan segala sesuatu dan pembuatan perencanaan sebagai proses yang berkesinambungan. 74 metode menurut pendekatannya, penelitian ini termasuk penelitian kuantitatif dan kualitatif. penelitian kuantitatif yaitu suatu pendekatan penelitian yang bersifat obyektif, mencakup pengumpulan dan analisis data kuantitatif serta menggunakan metode pengujian statistik (hermawan, 2003). sedangkan penelitian kualitatif yaitu penelitian yang menghasilkan data deskriptif mengenai kata-kata lisan maupun tertulis, dan tingkah laku yang dapat diamati dari orang-orang yang diteliti (suyanto, 2005) teknik pengambilan sampel yang digunakan dalam penelitian ini adalah teknik non probability sampling, yaitu mengambil sampel yang tidak memberi peluang atau kesempatan yang sama bagi setiap unsur atau anggota populasi untuk dipilih menjadi sampel. metode non probability sampling yang digunakan adalah metode accidental sampling, yaitu semua nasabah bank muamalat yang datang mempunyai kesempatan yang sama untuk dijadikan sampel dengan kriteria nasabah yang datang ke bank di akhir pekan (weekend). populasi yang didapat dari bulan desember 2011 maret 2012 sebanyak 1127 nasabah. sehingga berdasarkan perhitungan jumlah sampel ialah sebanyak 90 orang. teknik analisis yang dipergunakan dalam penelitian ini ialah regresi linier berganda. adapun bentuk persamaan regresi linear yang akan dibentuk adalah: y = α + β1 x1 + β2 x2 + β3 x3 keterangan: y : variabel terikat (preferensi nasabah) x1 : variabel bebas (faktor lokasi bank) x2: variabel bebas (faktor nama baik perusahaan) x3 : variabel bebas (faktor produk dan layanan) selain itu, dalam penelitian ini juga menggunakan uji t-parsial (uji beda). uji ini digunakan untuk menbandingkan mean dari satu sampel yang berpasangan (winarno, 2009). analisis uji t yang digunakan dalam penelitian ini menggunakan uji beda sampel berpasangan (paired sample test). pembahasan layanan weekend banking (akhir pekan) adalah layanan perbankan yang beroperasi di saat weekend yaitu hari sabtu dan minggu dari pukul 10.00 16.00 wib. proses membuka layanan ini tidak terlepas dari managemen bank muamalat, yaitu bod (board of directur) yang mempunyai keinginan membuka bank di dalam mall. dari kantor pusat mereka mencari space, mencari lokasi, sampai melakukan tender untuk renovasi, kira-kira 80% sudah kelola oleh 75 kantor pusat dan didapatkan tempat yang tepat yaitu di dalam mall pondok indah. setelah itu baru diserahkan ke cabang fatmawati karena lokasi pondok indah dekat dengan fatmawati sehingga cabang fatmawati yang mengkoordinir. bank indonesia memberikan lampu hijau kepada bank muamalat untuk mendirikan kantor cabang ini pada tanggal 20 oktober 2011 lalu memberi waktu 30 hari untuk membuka sampai resmi dibuka pada tanggal 11 november 2011. perkembangan jumlah nasabah yang datang menunjukkan sudah banyak nasabah yang mengetahui bahwa bank muamalat membuka layanan perbankan di akhir pekan. sosialisasi dan informasi pun banyak dilakukan oleh pihak bank muamalat baik dari internet, memasang iklan di harian ibukota dan langsung dari pihak karyawan bank melalui salamuamalat. layanan weekend banking ini untuk bank syariah baru bank muamalat yang membuka layanan ini. sejak dibukanya layanan weekend banking ini jam kerja karyawan bank akan berbeda seperti biasanya karena hari sabtu dan minggu harusnya waktu untuk libur mereka. disini bank muamalat sudah memperkirakan dan mengatur dari managemen karyawan, pada saat weekend karyawan di atur bergantian masuk. cara mengaturnya karena bank muamalat cabang fatmawati memiliki 10 capem dan 8 kantor kas, sehingga karyawan di ambil dari cabang lain sebagai teller dan customer service. pengaturan pembagian jadwal karyawan yang masuk di hari sabtu dan minggu diatur oleh bagian personalia di cabang fatmawati. untuk karyawan tetap bank muamalat apabila masuk di saat weekend diberi insentif dengan hitungan lembur, sementara untuk karyawan outsorsing yang masuk kerja di saat weekend dihitung dengan tambahan bonus. layanan weekend banking ini merupakan layanan baru di bank muamalat dan hanya ada di pondok indah mall. nasabah yang datang ke bank di saaat weekend mendapatkan informasi dari beberapa sumber seperti dari iklan/internet, orang lain/teman/kerabat, dari karyawan bank muamalat, atau bahkan tahu sendiri ketika sedang jalan-jalan ke mall. nasabah mengaku lebih banyak mendapat informasi dari karyawan bank muamalat melalui salamuamalat yang online selama 24 jam dengan persentase sebanyak 35.8%. sisanya 29.9% tahu sendiri, 22.4% dari orang lain/teman/kerabat dan 11.9% melihat iklan/internet. ini dapat disimpulkan bahwa cara pihak bank muamalat memperkenalkan adanya layanan weekend banking ini tidak hanya dari internet atau iklan tetapi juga dari karyawannya langsung. nasabah datang ke bank di hari sabtu dan minggu (weekend) memiliki alasan yang bermacam-macam. sebagian dari jumlah sampel sebanyak 56.7% responden memilih alasan karena kesibukan jam kerja yang padat yang mayoritas juga nasabah yang berprofesi sebagai karyawan swasta sehingga tidak 76 sempat ke bank di hari biasa (weekdays). sebanyak 17.9% responden ada juga yang memiliki alasan karena keadaan darurat sehingga mau tidak mau harus ke bank muamalat yang hanya ada di pondok indah mall. sisanya beralasan ke bank sekaligus untuk jalan-jalan ke mall (14.9%) dan ada kesibukan lain di saat weekdays (9%). berdasarkan hasil pengolahan data, rata-rata nasabah yang datang ke bank melakukan transaksi perbankan hampir 74.6% yaitu melakukan setoran ataupun penarikan tabungan/giro/deposito. sebanyak 14.9% melakukan transfer uang dan lainnya 14.9% melakukan pembukaan rekening, mengganti kartu atm, keluhan ke costomer service, atau hanya sekedar konsultasi keuangan berdasarkan analisis regresi yang dilakukan menunjukkan persamaan sebagai berikut: y = 10.31916 + 0.346467 x1 + 0.360484 x2 + 0.227788 x3 hasil perhitungan menunjukkan bahwa koefisien regresi variabel faktor lokasi bank berpengaruh positif dan signifikan terhadap preferensi nasabah datang ke bank. pada tabel 4.6 dilihat tingkat probabilitasnya sebesar 0.0689, nilainya di atas dari tingkat signifikansi 10%. sedangkan nilai koefisien regresi lokasi dapat dilihat sebesar 0.346, yang artinya setiap penambahan satu satuan variabel lokasi maka besarnya variabel preferensi nasabah juga bertambah sebesar 0.346. hal ini menunjukkan bahwa preferensi nasabah untuk datang ke bank melihat dari lokasi bank apakah cukup strategis untuk dijangkau, dan dari hasil penelitian memang daerah pondok indah termasuk daerah yang strategis. hal ini sesuai dengan penelitian yang dilakukan oleh corina khoirunnisa (2012) mengenai faktor-faktor yang mempengaruhi preferensi dan keputusan nasabah terhadap produk tabungan haji (studi pada bank syariah mandiri), bahwa faktor lokasi juga berpengaruh positif terhadap preferensi nasabah. hasil perhitungan menunjukkan bahwa koefisien regresi variabel faktor nama baik perusahaan berpengaruh positif dan signifikan terhadap preferensi nasabah datang ke bank. dilihat di tabel 4.6 tingkat probabilitasnya sebesar 0.0569, yang artinya signifikan di atas 10%. sedangkan nilai koefisien regresi (profesionalisme) dapat dilihat sebesar 0.360, yang artinya setiap penambahan satu satuan variabel profesionalisme maka besarnya variabel preferensi nasabah juga bertambah sebesar 0.360. hal ini menunjukkan bahwa preferensi nasabah untuk datang ke bank di akhir pekan berpengaruh karena nasabah sudah percaya dengan perusahaannya yaitu bank muamalat indonesia dan bisa dikatakan sudah profesional dalam hal yang berhubungan dengan transaksi perbankan sehingga memiliki banyak nasabah. hal ini sesuai dengan penelitian yang dilakukan oleh corina khoirunnisa (2012) mengenai faktor-faktor yang mempengaruhi preferensi dan keputusan nasabah terhadap produk tabungan haji (studi pada bank syariah 77 mandiri), bahwa faktor kualitas manajemen perusahaan (profesionalisme) juga berpengaruh positif terhadap preferensi nasabah hasil perhitungan menunjukkan bahwa koefisien regresi variabel faktor produk dan layanan (x3) tidak berpengaruh secara signifikan terhadap preferensi nasabah datang ke bank. pada tabel 4.6 bisa dilihat nilai probabilitasnya yang lebih besar dari tingkat signifikansi 10% dengan nilai 0.4722. sedangkan nilai koefisien regresi (produk dan layanan) dapat dilihat sebesar -0.227, yang artinya setiap penambahan satu satuan variabel produk dan layanan maka besarnya variabel preferensi nasabah berkurang -0.227. hal ini menunjukkan bahwa preferensi nasabah untuk datang ke bank bukan karena faktor produk dan layanan bank muamalat yang mempengaruhi. hal ini dikarenakan karena produk dan layanan antara weekday dan weekend sama saja tidak ada yang berbeda, maka dari itu tidak berpengaruh signifikan. hal ini tidak sesuai dengan penelitian yang dilakukan oleh corina khoirunnisa (2012) mengenai faktor-faktor yang mempengaruhi preferensi dan keputusan nasabah terhadap produk tabungan haji (studi pada bank syariah mandiri), bahwa faktor produk juga berpengaruh positif terhadap preferensi nasabah dari hasil model regresi dapat dilihat nilai adjusted r-squared sebesar 0.313409. ini menunjukkan bahwa pengaruh variabel dependen (preferensi nasabah) terhadap variabel-variabel independen (faktor lokasi, nama baik perusahaan dan produk dan layanan) sebesar 31.34%. semakin mendekati 100% model ini akan semakin baik. dalam contoh ini, berarti masih ada banyak faktor-faktor lain yang mempengaruhi nasabah datang ke bank di akhir pekan (weekend) yang belum dimasukkan ke dalam model regresi, yaitu sebesar 68.66%. variabel yang digunakan adalah jumlah dana pihak ketiga (dpk) cabang fatmawati sebelum dan sesudah adanya cabang pembantu pondok indah mall yang khusus dibuka untuk layanan weekend banking. data selanjutnya diuji dengan alat analisis uji beda (paired sample t-test). berdasarkan tabel paired sample statistic menunjukkan ringkasan perbandingan statistik pada setiap kelompok sampel. tampak bahwa jumlah dana pihak ketiga (dpk) tahun 2011 memiliki mean 343.857 dengan rata-rata standar deviasi 87.617404 dan rata-rata standar error 33.116266016. sedangkan untuk jumlah dana pihak ketiga (dpk) tahun 2012 memiliki mean 319.142 dengan rata-rata standar deviasi 35.992724132 dan rata-rata standar error 13.603971009. hal ini berarti bahwa tidak ada tingkat kenaikan jumlah dpk di tahun 2011 dan tahun 2012, dan artinya adanya layanan weekend banking ini belum berdampak pada peningkatan jumlah dpk cabang fatmawati. selanjutnya berdasarkan tabel paired samples correlations, tampak bahwa hasil korelasi antara jumlah dana pihak ketiga (dpk) sebelum dan sesudah 78 adanya layanan weekend banking sebesar -0.190 dengan tingkat signifikansi 0.684 yang artinya tingkat hubungannya sangat lemah dan jauh lebih besar dari taraf nyata = 5% (0.05). hal ini berarti bahwa berdasarkan statistik perkembangan jumlah dpk sebelum dan sesudah adanya layanan weekend banking masih belum terlihat dikarenakan datanya masih sedikit dan memang target dpk capem pim selama satu tahun sebesar rp. 200 miliar belum tercapai, baru terpenuhi 50% . berdasarkan hasil statistik memang dilihat dari efektivitas layanan weekend banking masih belum terlihat. hal ini disebabkan karena layanan weekend banking baru satu tahun beroperasi sehingga tingkat efektivitas layanan ini belum terlihat secara signifikan. tetapi dari data penelitian tiap bulannya terlihat menunjukkan perkembangan yang positif. ini dapat dilihat dari data laporan perkembangan aset bank, dana pihak ketiga dan pembiayaan serta data nasabah yang datang ke bank muamalat kantor cabang pembantu pondok indah mall. mungkin seiring berjalannya waktu layanan ini akan menunjukkan perkembangan yang signifikan dan menambah asset bank muamalat indonesia. uji parsial atau uji statistik-t memperlihatkan bahwa faktor-faktor yang mempengaruhi persepsi nasabah memilih datang ke bank muamalat pondok indah mall secara signifikan pada taraf nyata 10% yaitu dari faktor lokasi dan nama baik perusahaan (profesionalisme). sedangkan faktor produk dan layanan tidak mempengaruhi preferensi nasabah datang ke bank karena hasil yang didapat tidak signifikan lebih besar dari taraf nyata sebesar 10%. analisis hasil estimasi persamaan regresi dapat disimpulkan bahwa persepsi nasabah datang ke bank muamalat di akhir pekan (weekend) dipengaruhi karena kebutuhan nasabah bank muamalat sehingga harus datang ke bank di hari libur sabtu dan minggu. banyaknya nasabah yang datang ke bank tidak terlepas dari pengaruh bahwa bank muamalat sebagai lembaga terpercaya yang berfungsi sebagai tempat untuk menyimpan dan menyalurkan dana nasabah yang memiliki kelebihan dan kekurangan dana. ini menunjukkan bahwa bank muamalat masih dipercaya oleh nasabahnya dalam melakukan transaksi perbankan yang berdasarkan prinsip syariah. nasabah datang ke bank muamalat di hari sabtu ataupun minggu karena mayoritas berprofesi sebagai karyawan/karyawati swasta yang sibuk bekerja sehingga tidak memiliki banyak waktu di hari biasa (weekdays). faktor lokasi juga merupakan salah satu dari ketiga faktor yang berpengaruh terhadap preferensi nasabah datang ke bank, ini menunjukkan bank muamalat cukup baik mencari tempat strategis dalam membuka cabang baru. efektivitas menurut teori memiliki arti kata efektif yang berarti tepat guna, berhasil guna usaha tindakannya atau tepat sasaran. dalam arti yang lebih mudah 79 dipahami bahwa dikatakan efektif apabila suatu pekerjaan dapat dilaksanakan secara tepat, efektif, dan efisien tepat sesuai dengan yang telah direncanakan diawal. pencapaian hasil akhir yang sesuai dengan target waktu yang telah ditetapkan dan ukuran maupun standar yang baik mencerminkan suatu perusahaan telah mencapai efektivitasnya. tujuan bank muamalat membuka layanan weekend banking ini tidak hanya untuk menambah jaringan, tetapi juga untuk memenuhi kebutuhan nasabah yang tidak memiliki waktu yang banyak di hari biasa (weekdays). seperti di bank konvensional yang sudah terlebih dulu menerapkan layanan weekend banking, bank syariah harus belajar dari bank konvensional bagaimana agar layanan ini berjalan sukses seperti menambah atau memberi variasi produk-produk yang dimiliki bank syariah khususnya disini bank muamalat agar nasabahnya semakin bertambah. simpulan dari hasil analisis pengujian variabel faktor-faktor yang mempengaruhi nasabah datang ke bank muamalat di akhir pekan (weekend) yaitu faktor lokasi bank, nama baik perusahaan (profesionalisme) dan produk dan layanan bank yang paling mempengaruhi dari ketiga faktor ini adalah dari faktor lokasi bank dan nama baik perusahaan (profesionalisme). ini dapat dilihat dari nilai χ1 dan χ2 yang memiliki nilai koefisien regresi sebesar 0.346 dan 0.360 dan nilai probabilitas sebesar 0.0689 dan 0.0569, yang artinya variabel berpengaruh positif dan signifikan dari taraf nyata (α) sebesar 10%. nilai koefisien determinasi adjusted r-squared sebesar 0.313409 yang artinya adalah bahwa hanya sebesar 31.34% pengaruh variabel-variabel independen terhadap variabel dependennya, sisanya lagi sebesar 68.66% dipengaruhi oleh variabel lain yang tidak dijelaskan pada model regresi. berdasarkan hasil statistik uji beda (paired sample t-test) menunjukkan bahwa dari nilai korelasi sebesar -0.190 dengan tingkat signifikan sebesar 0.648 lebih besar dari taraf nyata α = 5% yang berarti hubungannya masih sangat lemah. hal ini berarti efektivitas layanan weekend banking dilihat dari jumlah dana pihak ketiga (dpk) sebelum dan sesudah adanya layanan weekend banking untuk sementara masih belum efektif. untuk dpk di kantor pondok indah mall 1 ditargetkan memang selama satu tahun sebesar rp. 200 miliar, namun sampai dengan saat ini baru terpenuhi 50%. ini dikarenakan bahwa layanan ini baru berjalan selama satu tahun sehingga tingkat efektivitas layanan ini masih belum terlihat secara signifikan. seiring berjalannya waktu layanan weekend banking akan berjalan efektif karena nasabah memberikan tanggapan yang positif 80 atas keberadaan layanan ini. kelebihan layanan weekend banking dibandingkan dengan layananlayanan lain yang sebelumnya sudah ada di bank muamalat adalah layanan ini melayani nasabahnya tidak hanya di hari biasa (weekday) tetapi juga di hari libur sabtu dan minggu (weekend). di samping lokasi bank berada di tempat yang strategis nasabah yang datang ke bank juga bisa coffee break membuat teh atau kopi sendiri (self service) dan tersedia snack-snack kecil. komputer juga disediakan untuk nasabah jika ingin mengakses internet dan wifi. kekurangannya hanya baru ada satu tempat yang membuka layanan weekend banking di jakarta, jadi nasabah tidak memiliki pilihan tempat lain, selain itu juga secara keseluruhan nasabah bank muamalat belum banyak yang tahu adanya layanan ini. pustaka acuan al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta antonio, m. syafi’i. 2001. bank syariah dari teori ke praktik. jakarta: gema insani press arifin, zainul. 2006. dasar-dasar manajemen bank syariah. jakarta: pustaka alvabeta bungin, burhan. 2004. metodologi penelitian kualitatif. jakarta: rajagrafindo persada -----------------------. 2005. metode penelitian kuantitatif: komunikasi, ekonomi, dan kebijakan publik serta ilmu-ilmu sosial lainnya. jakarta: kencana nachrowi, n.djalal dan hardius usman. 2002. penggunaan teknik ekonometri. jakarta: pt raja grafindo persada efendy, mochtar. 1986. manajemen suatu pengantar berdasarkan ajaran islam. jakarta: bhratarakarya aksara ghozali, imam. 2011. aplikasi multivariate dengan program ibm spss 19. semarang: badan penerbit universitas diponegoro gujarati, d. n. 2006. dasar-dasar ekonometrika edisi ketiga jilid 2. jakarta: erlangga gunara, thorik dan utus hardiono sudibyo. 2007. marketing muhammad. bandung: madani a prima hafidhuddin, didin dan hendri tanjung. 2003. manajemen syariah dalam praktik. jakarta: gema insani press handoko, t. hani. 1998. manajemen. yogyakarta: bpfe yogyakarta hermawan, asep. 2003. pedoman praktis metodologi penelitian bisnis. jakarta: lpfe trisakti supranto, j. 2005. ekonometrik buku ke satu. bogor: ghalia indonesia kuncoro, mudrajad. 2009. metode riset untuk bisnis & ekonomi edisi 3. jogjakarta: erlangga 81 nasarudin, indoyama, dkk. 2008. "analisis pengaruh kualitas pelayanan terhadap kepuasan pelanggan di bank muamalat indonesia". jurnal etikonomi uin syarif hidayatullah jakarta, vol.7, desember 2008, 189-205. nisfiannoor, muhammad. 2009. pendekatan statistik modern untuk ilmu sosial. jakarta: salemba humanika. sekaran, uma. 2007. research methods for business metodologi penelitian untuk bisnis. jakarta: salemba empat. sugiyono. 2007. buku statistik nonparametris untuk penelitian. jakarta: cv alfabeta tjiptono, fandy. 1997. strategy pemasaran. yogyakarta: andi widarjono, agus. 2009. ekonometrika: pengantar dan aplikasinya (dilengkapi dengan aplikasi eviews). yogyakarta: ekonisia winarno, w. w. 2009. analisis ekonometrika dan statistika dengan eviews edisi kedua. yogyakarta: sekolah tinggi ilmu managemen ykpn al-iqtishad: vol. vi no. 1, januari 2014 143 peran etika qur’ani terhadap sistem ekonomi islam andi iswandi1 abstract: role of ethics qur’anic toward islamic economic sistem. in the discourse of conventional economics, ethics in economic activity does not have an important role in his studies even denied. this view is based sphere of ethics that is different from the economic sphere. ethics is more inclined to religious values are just talking about good-bad and the world hereafter. while the economy discussing with the sistem and the material welfare. in contrast to conventional economics, islamic economics is the view that ethics plays a role in the economic activity, even ethics and economics can’t be separated. in islamic economics, ethics or morals qur’ani contained in the quran has an important role on the formation of an islamic economic system. keywords: ethics, morals, economy, al-quran, system abstrak: peran etika qur’ani terhadap sistem ekonomi islam. di dalam diskursus ilmu ekonomi konvensional, etika di dalam kegiatan ekonomi tidak memiliki peran penting bahkan dinafikan dari kajiannya. pandangan ini didasarkan bahwa ranah etika berbeda dengan ranah ekonomi. etika lebih cenderung kepada nilai-nilai keagamaan yang hanya membahas tentang baikburuk dan dunia-akhirat. sedangkan ekonomi dengan sistemnya membahas materi dan kesejahteraannya. berbeda dengan ekonomi konvensional, ekonomi islam memandang bahwa etika sangatlah berperan di dalam kegiatan ekonomi, bahkan etika dan ekonomi tidak dapat dipisahkan. di dalam ekonomi islam, etika qur’ani ataupun akhlak yang terkandung di dalam al-quran memiliki peran penting terhadap pembentukan sistem ekonomi islam. kata kunci: etika, akhlak, ekonomi, al-quran, sistem 1 naskah diterima: 18 oktober 2013, direvisi: 2 desember 2013, disetujui: 17 desember 2013 fakultas syariah institut ptiq jakarta, jl. batan 1 no. 2 lebak bulus cilandak jakarta selatan, e-mail: swan_saputra@yahoo.com al-iqtishad: vol. vi no. 1, januari 2014 144 pendahuluan al-qur’an sebagai pedoman umat islam merupakan kitab suci yang mengatur segala aspek kehidupan manusia, baik yang berkenaan dengan ibadah ataupun yang berkenaan dengan muamalah. perihal muamalah, al-qur’an menerapkan dasardasar teori ekonomi islam. inilah yang menjadi cikal bakal terbentuknya sistem ekonomi islam. cikal bakal ini bukan hanya berupa hukum akan tetapi etika. dalam pandangan yusuf qardhowi (2004) menyatakan bahwa sistem ekonomi islam adalah sistem hukum dan etika ekonomi yang memang dibentuk dan dirumuskan langsung oleh tuhan. sehingga beliau merumuskan ekonomi islam adalah ekonomi ilahiyah (ekonomi yang dirumuskan oleh tuhan) yang pada tataran aplikasinya dicontohkan langsung oleh rasulullah saw, dimana beliau memberikan contoh apik bagaimana bermuamalah, berniaga dan bertransaksi dengan landasan etika yang termaktub di dalam al-qur’an. hal ini ditegaskan oleh rasulullah secara global dalam hadis berikut. dari abu hurairah ra, rasulullah saw bersabda : “sesungguhnya aku diutus untuk menyempurnakan akhlak”. (h.r. baihaqi). pendapat yusuf qardhowi tentang ekonomi ilahiyah, setidaknya telah meruntuhkan konsep dan teori sistem ekonomi konvensional yang menafikan etika dan agama dari ranah ekonomi. bahkan dewasa ini etika di dalam ekonomi konvensional merupakan kajian yang patut dijadikan tolak ukur terhadap kesinambungan pertumbuhan ekonomi mikro ataupun makro. rekonstruksi makna etika menelusuri kata etika tidak terlepas dari asal kata ethos dalam bahasa yunani, yang berarti kebiasaan atau karakter. menurut kamus webster’ new collegiate dictionary kata etika berasal dari “the distinguishing character, sentiment, moral nature, or guiding belifes of a person, group, or institution”. sedangkan etika secara terminology adalah “the discipline dealing with what is good and bad with moral duty and obligation; a set of moral principles or value; a theory or sistem of moral values”. ini artinya, bahwa etika merupakan studi sistematis tentang tabiat konsep nilai, baik, buruk, harus, benar, salah, dan lain sebagainya dan prinsip-prinsip umum yang membenarkan kita untuk mengaplikasikannya atas apa saja. di sini etika dapat dimaknai sebagai dasar moralitas seseorang dan di saat bersamaan juga sebagai filsufnya dalam berprilaku (badroen, dkk, 2006). makna etika di sini merupakan konsekuensi kesadaran individu terhadap nilai-nilai moral yang memuat kebenaran secara teori dan aplikasinya. nilai-nilai ini biasanya terlahir dari kepercayaan dan keyakinan indivudu yang pada umumnya al-iqtishad: vol. vi no. 1, januari 2014 145 berasal dari dogma dan atau agama. yang pada tataran aplikasinya mempengaruhi perilaku dan tabiat individu di dalam aktifitas kesehariannya, aktifitas inilah yang dinilai benar atau salah, baik atau buruk, dan seterusnya. sedangkan moral berasal dari kata latin ‘mos’ (bentuk jamaknya, yaitu ‘mores’) yang berarti adat dan cara hidup. ‘mores’ dalam bahasa inggris adalah morality yang berarti “general name for moral judgments, standards, and rules of conduct” (taylor, 1975). ini berarti, bahwa moral merupakan tindakan individu dalam hal berprilaku dan beraktifitas yang memiliki ruh nilai-nilai etika. secara sederhana, etika adalah dasar nilai yang membentuk prilaku moral individu di dalam beraktifitas. adapun norma adalah “an authoritative standard, or principle of right action bidding upon the members of a group and serving to guide, control or regulate proper and acceptable behavior”. yang berarti bahwa, norma adalah alat ukur dan standar yang memiliki kekuatan untuk mengarahkan, mengontrol dan mengatur perilaku individu, yang menjadi tolak ukur kaidah di dalam sebuah penilaian dan pertimbangan. berangkat dari penjabaran makna etika di atas, secara terminology al-qur’an memaknai etika dengan kata al-khuluq. yaitu makna yang digunakan untuk menguraikan kata khair, bir, qist, ‘adl, haqq, dan taqwa. dari segi bahasa, al-khuluq berarti perilaku, perangai atau tabiat. maksud ini terkandung dalam kata-kata aisyah yang mengaitkan akhlak rasulullah saw, “akhlaknya (rasulullah) adalah al-quran”. akhlak rasulullah yang dimaksudkan di dalam kata-kata di atas ialah kepercayaan, keyakinan, pegangan, sikap dan tingkah laku rasulullah saw yang semuanya merupakan pelaksanaan ajaran al-quran. sedangkan dari segi terminology, al-khuluq diartikan sebagai suatu tingkah laku, tetapi tingkah laku tersebut harus dilakukan secara berulang-ulang tidak cukup hanya sekali melakukan perbuatan baik, atau hanya sewaktu-waktu saja. seseorang dapat dikatakan berakhlak jika timbul dengan sendirinya didorong oleh motivasi dari dalam diri dan dilakukan tanpa banyak pertimbangan pemikiran apalagi pertimbangan yang sering diulang-ulang, sehingga terkesan sebagai keterpaksaan untuk berbuat. dapat disimpulkan, bahwa al-khuluq secara umum adalah sistem atau aturan perilaku manusia yang bersumberkan dari ajaran islam yaitu, al-qur-an dan sunah nabi muhammad saw. sedangkan etika adalah buah pemikiran dari falsafah yunani yang mengatur nilai-nilai atau perkara yang berkaitan dengan sikap yang menentukan tingkah laku suatu masyarakat. dengan kata lain, etika adalah tingkah laku yang diatur di luar wahyu qur’ani dan nilai-nilai aplikatif yang diketengahkan rasulullah saw. begitupun dengan moral dan norma yang pada tatarannya al-iqtishad: vol. vi no. 1, januari 2014 146 ditentukan oleh etika. meskipun demikian, masih banyak yang menyeregamkan paham akan etika dan akhlak. mazhab ekonomi dunia dan sistem ekonomi islam jika dicermati, perkembangan ekonomi dunia dipengaruhi oleh dua sistem konvensional yang saling berebut pengaruh untuk menguasai ekonomi dunia, yaitu sistem ekonomi kapitalis dan sosialis. sebut saja sistem ekonomi yang bermazhabkan ekonomi kapitalis, di mana mazhab ini selalu mengarahkan sistem perekonomiannya kepada nilai-nilai material yang memberikan kebebasan kegiatan ekonomi kepada individu dan menafikan nilai-nilai sosial. sedangkan sistem ekonomi sosialis adalah mazhab ekonomi dunia yang mengarahkan kegiatan ekonominya terlepas dari nilainilai etika, moral dan agama. meskipun kedua mazhab ini telah tersebar luas, kita tidak bisa memandang bahwa salah satu di antaranya memuat kebenaran-kebenaran yang pasti atau memuat hukum-hukum umum yang cocok diterapkan pada setiap saat dan tempat. hal itu karena adanya satu kenyataan asasi, yang harus menjadi gambaran bagi kita bahwa kedua mazhab ini merupakan produk pikiran manusia dalam situasi tertentu dan lingkungan tertentu pula, yakni lingkungan eropa. kenyataan asasi tersebut adalah sebagai berikut: pertama, karena kedua-duanya adalah produk pikiran manusia, sehingga mengandung sesuatu yang merupakan aib, seperti yang dialami pikiran manusia lainnya, misalnya masih kurang sempurna dan tidak menyeluruh kedua, masing-masing dari dua mazhab ini nilainya relatif dan tak mungkin diterapkan pada setiap saat dan tempat. sesuatu yang cocok untuk eropa pada abad kesembilan belas atau kedua puluh, kadang-kadang tidak cocok untuk negeri lain, bahkan tidak cocok untuk eropa sendiri bila zaman telah makin maju. ketiga, sesunguhnya masing-masing dari mazhab ini tidak dapat dipahami secara sempurna, kecuali dalam lingkungan situasi di mana masing-masing mazhab itu timbul (al-assal, 1999). jacquen austry, seorang ahli ekonomi berkebangsaan perancis mengatakan bahwa jalan menumbuhkan ekonomi tidak terbatas pada dua mazhab yang telah kita kenal, kapitalisme dan sosialisme saja, melainkan ada satu mazhab ekonomi ketiga yang lebih kuat, yaitu mazhab ekonomi islam. bahkan beliau berpendapat, bahwa mazhab ekonomi islam akan memimpin dunia di kemudian hari karena mazhab ini merupakan susunan kehidupan yang sempurna. kesempurnaan itu terletak pada keistimewaan ekonomi islam yang memiliki ketetapan hukum yang ditentukan langsung oleh al-qur’an, dan memiliki ketentuan fleksibel yang dapat berubah dengan catatan tidak melanggar syariat agama. keistimewaan inilah yang al-iqtishad: vol. vi no. 1, januari 2014 147 kemudian menjadi cikal bakal sistem ekonomi islam. berikut ilustrasi keistimewaan sistem ekonomi islam. ketetapan hukum semisal, ketetapan perihal kegiatan halal dan haram, ketetapan pelarangan memakan harta batil, ketetapan hukum waris, ketetapan hukum zakat, dan lain sebagainya; dalam hukum islam (islamic jurisprudence) hal ini lebih dikenal sebagai azimah. sedangkan ketentuan fleksibel yang diketengahkan al-qur’an adalah ketentuan umum yang diperbolehkan di mana tidak melanggar prinsip dasar syariah islamiyah; dan ketentuan ini di dalam islamic jurisprudence dikenal sebagai rukhsoh. jika menurut pandangan konvensional, ilmu ekonomi adalah kajian konvensional (berupa; buah pikir, manajemen problem solving dan filsafat) yang membahas kebutuhan manusia yang tanpa batas dengan materi yang berbatas. maka menurut pandangan islam, ilmu ekonomi adalah kajian yang berlandaskan al-qur’an dan sunah yang membahas kebutuhan manusia yang dibatasi dengan materi yang berbatas pula. semisal, seorang muslim kaya tidak diperkenankan untuk mengkonsumsi dengan tanpa batasan. namun demikian, di dalam ekonomi konvensional manusia yang kaya diperkenankan dan seyogyanya mengkonsumsi materi sesuai dengan kekayaannya atau bahkan lebih. disini ada ketegasan kajian diantara ekonomi konvensional dengan ekonomi islam, bahwa ekonomi konvensional bisa menjadi sistem ekonomi dunia dikarenakan kajian ekonomi yang terbatas hanya pada materi kebutuhan manusia itu sendiri, dimana kajiannya itu terambil dari fenomena dan problem ekonomi suatu masyarakat dengan pemecahan permasalahan itu yang dirumuskan oleh buah pemikiran manusia. sedangkan ekonomi islam sudah memiliki ketetapan sistem dan manajemen ekonomi yang termaktub di dalam al-qur’an ataupun sunah, sehingga banyak ulama kontemporer saat ini seperti yusuf qordhowi menyatakan bahwa ekonomi islam adalah ekonomi ilahiyah, yang berarti sistem dan tatanan ekonominya berasal dari teori tuhan. di mana kajian ekonomi islam tidak hanya terkait oleh materi duniawi, akan tetapi juga ukhrowi. ketentuan fleksibel al-qur’an ketetapan hukum sistem ekonomi islam al-iqtishad: vol. vi no. 1, januari 2014 148 etika qurani dan sistem ekonomi islam ajaran-ajaran tentang kepercayaan (the spirit of trust) adalah beberapa aksi yang mencakup perilaku positif dan berdampak pada adanya sebuah reaksi, yaitu kepercayaan yang transenden (transcendental trust). beberapa variabel aksi yang merupakan ajaran tentang kepercayaan, mencakup bagaimana seharusnya seseorang memandang, berbicara, berprilaku, dan bekerja (fauzia, 2013). di dalam islam, rangkaian keimanan seseorang teramu dari kepercayaan, keyakinan dan keimanan yang teguh terhadap ajaran-ajaran yang dikemukakan oleh agama. jika the spirit of trust memiliki keterkaitan aksi dan prilaku seseorang, maka agama (dalam hal ini islam) juga memiliki keterkaitan aksi dan prilaku terhadap setiap tindakan seseorang. tolak ukurnya adalah, bahwa di dalam al-qur’an banyak sekali ayat yang menguraikan the spirit of trust terhadap kegiatan ekonomi diantaranya adalah, tentang akad, kepercayaan, keadilan, etika dan lain sebagainya. secara sederhana, islam sebagai the spirit of trust memiliki peranan meramu dan merumuskan beberapa variabel aksi ajaran yang berkenaan dengan aktifitas dan kegiatan ekonomi seseorang. di dalam al-qur’an variabel aksi ajaran yang berkenaan dengan aktifitas dan kegiatan ekonomi seseorang, paling tidak tercermin dari beberapa item ini. pertama, the spirit of trust ada karena iman dan takwa seseorang. iman di sini adalah landasan variabel motivasi kegiatan seseorang, dan takwa adalah landasan variabel operasional kerjanya. “sungguh beruntung orang-orang yang beriman” (q.s. almu’minun [23]: 1), “hai orang-orang yang beriman, bertakwalah kepada allah dan carilah jalan yang mendekatkan diri kepada-nya, dan berjihadlah pada jalan-nya, supaya kamu mendapat keberuntungan” (q.s. al-maidah [5]: 35). kedua, adanya komitmen berzikir dan bersyukur, di mana zikir dimaksudkan sebagai kesadaran akan peran allah swt terhadap kegiatan seseorang, sementara syukur sebagai kesadaran pengakuan kontribusi allah swt terhadap kesuksesan yang diraih seseorang di dalam kegiatannya. “…dan ingatlah allah banyak-banyak supaya kamu beruntung” (q.s. al-jumuah [62]: 10). ketiga, adanya kesadaran untuk mensucikan diri dan bertaubat. sebab, dengan mensucikan diri seseorang akan berlaku objektif dan terhindar dari perbuatan yang curang. “sesungguhnya beruntunglah orang yang membersihkan diri (dengan beriman)” (q.s. al-ala [87]: 14). keempat, peranan amar ma’ruf nahi munkar di dalam diri seseorang. “dan hendaklah ada di antara kamu segolongan umat yang menyeru kepada kebajikan, menyuruh kepada yang ma’ruf dan mencegah dari yang munkar; merekalah orang-orang yang beruntung” (q.s. [3]: 104). sedangkan yang dimaksud dengan sistem ekonomi islam adalah ilmu ekonomi yang dilaksanakan dalam praktik (penerapan ilmu ekonomi) sehari-harinya bagi individu, keluarga, kelompok masyarakat maupun pemerintah/penguasa dalam al-iqtishad: vol. vi no. 1, januari 2014 149 rangka mengorganisir faktor produksi, distribusi, dan pemanfaatan barang dan jasa yang dihasilkan tunduk dalam peraturan/perundang-undangan islam (sunatullah) (lubis, 2012). kegiatan ekonomi menurut islam bukanlah kegiatan ekonomi yang dikendalikan oleh hasrat manusia saja, tetapi juga dituntun oleh pedoman-pedoman dasar syariah (muhammad, 2007). sistem ekonomi islam ini adalah sistem yang mandiri dan terlepas dari sistem ekonomi konvensional. adapun yang membuat sistem ini mandiri dan terlepas dari sistem ekonomi lainnya diantaranya adalah; pertama, adanya syariah al-islamiyah yang menjadi asumsi dasar yang mengatur individu, keluarga, kelompok masyarakat dan juga pemerintah di dalam kegiatan dan aktfitas ekonomi. kedua, penerapan asas efisiensi dan manfaat merupakan prinsip islam yang menjaga kelestarian alam dan lingkungan. ketiga, keuntungan di dunia dan akhirat merupakan motif ekonomi islam yang menjaga keseimbangan khilafah dengan menjalankan ibadah dan muamalah. menyimak uraian di atas, maka dengan demikian al-qur’an memiliki peranan penting di dalam meramu sistem ekonomi islam. sistem ekonomi islam berpedoman kepada nilai-nilai etika yang diketengahkan oleh al-qur’an. sehingga tidak ada sistem ekonomi yang tercipta dengan melepaskan pedoman etika qur’ani. hal ini secara umum digambarkan oleh al-qur’an, “hai orang-orang yang beriman, masuklah kamu ke dalam islam keseluruhan, dan janganlah kamu turut langkahlangkah syaitan. sesungguhnya syaitan itu musuh yang nyata bagimu” (q.s. [2]: 208). ‘keseluruhan’ di sini adalah perihal menyeluruh baik ibadah dan muamalah, baik perihal sholat ataupun cara mencari nafkah, dan begitupula di dalam ekonomi, dimana sistemnya telah ditetapkan oleh islam yang termaktub di dalam al-qur’an. demikian pula islam telah mempertautkan dengan erat antara muamalah (kegiatan ekonomi) dengan akhlak, seperti jujur, amanah, adil ihsan, berbuat kebajikan, silaturahmi dan saling menyayangi. dikaitkan pula akhlak dengan sikap hidup secara keseluruhan. tidak ada pemisahan antara ilmu dengan akhlak, antara politik dengan akhlak, antara ekonomi dengan akhlak, antara perang dengan akhlak. dengan demikian, akhlak menjadi daging dan urat kehidupan islam (qardhawi, 2004). keterkaitan akhlak qur’ani dengan kegiatan ekonomi, lebih lanjut dijelaskan oleh yusuf qardhawi (2004) dengan memberikan perbedaan antara ekonomi islam dengan ekonomi konvensional. menurut beliau, bahwa ekonomi islam terkait erat dengan nilai-nilai akhlak dan etika yang bersumber dari al-qur’an, sehingga ekonomi islam itu disebut ekonomi rabbani (ekonomi di mana teori dan sistemnya diramu oleh tuhan), sedangkan ekonomi konvensional sama sekali terlepas dari nilai-nilai etika, akhlak, bahkan agama. al-iqtishad: vol. vi no. 1, januari 2014 150 etika qurani sebagai asas sistem ekonomi islam dalam islam, bukan hanya ibadah yang memiliki asas al-qur’an sebagai pijakannya. akan tetapi, perihal ekonomi, sosial, budaya, politik, dan lini muamalat lainnya juga memiliki asas al-qur’an sebagai pijakannya. berbeda dengan ekonomi konvensional yang memisahkan ekonomi dan agama, islam menjadikan ekonomi berdiri diatas pijakan yang jelas yaitu al-qur’an, sehingga dikatakan bahwa di dalam islam ekonomi tidak dapat dipisahkan oleh agama. menurut qardhawi (2004), aqidah adalah asas sistem islam. dimana asas ini terdiri dari beberapa unsur diantaranya adalah; pertama, keimanan terhadap allah swt. “hanya engkaulah yang kami sembah, dan hanya kepada engkaulah kami meminta pertolongan” (q.s. [1]: 5). “maka patutkah aku mencari hakim selain daripada allah, padahal dialah yang telah menurunkan kitab (al quran) kepadamu dengan terperinci orang-orang yang telah kami datangkan kitab kepada mereka, mereka mengetahui bahwa al quran itu diturunkan dari tuhanmu dengan sebenarnya. maka janganlah kamu sekali-kali termasuk orang yang ragu-ragu” (q.s. [6]: 114). kedua, ketentuan allah swt yang menjadikan manusia sebagai khalifah. “ingatlah ketika tuhanmu berfirman kepada para malaikat: “sesungguhnya aku hendak menjadikan seorang khalifah di muka bumi.” mereka berkata: “mengapa engkau hendak menjadikan (khalifah) di bumi itu orang yang akan membuat kerusakan padanya dan menumpahkan darah, padahal kami senantiasa bertasbih dengan memuji engkau dan mensucikan engkau?” tuhan berfirman: “sesungguhnya aku mengetahui apa yang tidak kamu ketahui” (q.s. [2]: 30). ketiga, allah swt tidak membedakan hambanya kecuali dengan taqwa mereka. keempat, allah swt senantiasa membimbing manusia dengan memberikan petunjuk berupa kitab suci dan para rasul. “(mereka kami utus) selaku rasul-rasul pembawa berita gembira dan pemberi peringatan agar supaya tidak ada alasan bagi manusia membantah allah sesudah diutusnya rasul-rasul itu. dan adalah allah maha perkasa lagi maha bijaksana” (q.s. [4]: 165). kelima, allah swt menyempurnakan petunjuk dan hidayahnya dengan mengutus nabi muhammad saw sebagai nabi terakhir, nabi penyempurna syari’at dan akhlak, dan nabi yang menyempurnakan kemaslhatan sekalian umat. “dia-lah yang mengutus rasul-nya dengan membawa petunjuk dan agama yang benar agar dia memenangkannya di atas segala agama-agama meskipun orang musyrik membenci” (q.s. [61]: 9). keenam, allah swt menetapkan kehidupan manusia bukan hanya untuk makan seperti binatang, akan tetapi lebih mulia dari itu yaitu ibadah mencari keridhaan illahi semata. “demi masa. sesungguhnya manusia itu benar-benar dalam kerugian. kecuali orang-orang yang beriman dan mengerjakan amal saleh dan nasehat menasehati supaya mentaati kebenaran dan nasehat menasehati supaya menetapi kesabaran” (q.s. [103]: 1-3). dan ketujuh, al-iqtishad: vol. vi no. 1, januari 2014 151 allah swt tidak menjadikan kematian manusia sebagai akhir dari segalanya, akan tetapi awal dari segalanya. “maka apakah kamu mengira, bahwa sesungguhnya kami menciptakan kamu secara main-main (saja), dan bahwa kamu tidak akan dikembalikan kepada kami?” (q.s. [23]: 115). sebagaimana pula tidak pernah terpisah antara agama dan negara dan antara materi dan ruhani. seorang muslim harus yakin akan kesatuan hidup dan kesatuan kemanusiaan. karena itu, tidak bisa diterima sama sekali tindakan pemisahan antara kehidupan dunia dan agama sebagaiman yang terjadi di barat. dan terlebih perihal apa-apa yang telah didengungkan oleh ekonomi konvensional. sesungguhnya islam sama sekali tidak mengizinkan umatnya untuk mendahulukan kepentingan ekonomi di atas pemeliharaan nilai dan keutamaan yang diajarkan agama. saat ini kita mendapatkan sistem-sistem lain yang lebih mendahulukan usaha-usaha ekonomi dengan mengabaikan akhlak dan berbagai konsekuensi keimanan (qardhawi, 2004). kesatuan antara ekonomi dan akhlak ini akan semakin jelas pada setiap langkah-langkah ekonomi, baik yang berkaitan dengan produksi, distribusi, peredaran dan konsumsi. seorang muslim, tidak bebas mengerjakan apa saja yang diinginkannya, atau apa saja yang mengunutngkannya. hal itu disebabkan, karena seorang muslim terikat oleh aturan etika, akhlak, dan moral yang terkandung di dalam al-qur’an. allah swt berfirman, “hai orang-orang beriman, apabila diseru untuk menunaikan shalat jum’at, maka bersegeralah kamu kepada mengingat allah dan tinggalkanlah jual beli. yang demikian itu lebih baik bagimu jika kamu mengetahui” (q.s. [62]: 9). tidak dapat dipungkiri, kegiatan ekonomi jual beli yang dilakukan terus-menerus akan menambah income yang berlebih, namun dalam hal ini alqur’an mengatur perilaku jual beli kita untuk dengan segera meninggalkannya dan bersegera melaksanakan sholat jum’at. kemudian al-qur’an kembali menegaskan bahwa “dan apabila mereka melihat perniagaan atau permainan, mereka bubar untuk menuju kepadanya dan mereka tinggalkan kamu sedang berdiri (berkhotbah). katakanlah: “apa yang di sisi allah lebih baik daripada permainan dan perniagaan”, dan allah sebaik-baik pemberi rezki” (q.s. [62]: 11). penegasan ini adalah, bahwa etika dan akhlak seorang muslim dalam berniaga diatur dengan mengutamakan nilai-nilai yang lebih baik dan lebih utama baginya. perihal haram lainnya yang dilihat secara ekonomis memiliki nilai manfaat peningkatan ekonomi, baik secara produksi ataupun pemberdayaan sumber daya manusianya; akan tetapi memiliki ketentuan hukum yang tegas dari al-qur’an. dalam hal ini, khamar secara tegas dilarang oleh al-qur’an karena memiliki nilai mudharat terhadap agama, jiwa, akal, akhlak, perilaku, dan kesehatan jasmani. meskipun memiliki nilai ekonomis dari sisi produksi, pendirian pabrik, pemberdayaan pekerja, dan pemanfaatan lading al-iqtishad: vol. vi no. 1, januari 2014 152 anggur. “hai orang-orang yang beriman, sesungguhnya (meminum) khamar, berjudi, (berkorban untuk) berhala, mengundi nasib dengan panah, adalah termasuk perbuatan syaitan. maka jauhilah perbuatan-perbuatan itu agar kamu mendapat keberuntungan. sesungguhnya syaitan itu bermaksud hendak menimbulkan permusuhan dan kebencian di antara kamu lantaran (meminum) khamar dan berjudi itu, dan menghalangi kamu dari mengingat allah dan sembahyang; maka berhentilah kamu (dari mengerjakan pekerjaan itu)” (q.s. [90-91]: 5). apabila kita memperhatikan kenyataan di lapangan, kita akan menemukan dampak penyatuan antara ekonomi dengan akhlak ini secara jelas dan mendalam dalam sejarah kaum muslimin. hal ini nampak terutama pada saat pertama islam memberikan pengaruh pada kehidupan kaum muslimin dan menjadi pengaruh terutama pada aktifitas dan perilaku mereka (qardhawi, 2004). hal ini senada dengan hadist nabi yang diriwayatkan oleh abu hurairah ra, rasulullah saw bersabda : “sesungguhnya aku diutus untuk menyempurnakan akhlak”. (hr. baihaqi). etika qurani sebagai pedoman pelaku ekonomi dalam sistem ekonomi islam, al-qur’an adalah pedoman yang dijadikan rujukan para pelaku ekonomi di setiap kegiatan bisnisnya. hal ini dikarenakan, ekonomi islam adalah ekonomi ilahiyah yaitu ekonomi produk tuhan, dimana pedoman dasarnya termaktub di dalam al-qur’an. ekonomi islam tidak terpisahkan oleh sistem syariah islamiyah yang dibawa oleh rasulullah saw, dimana ekonomi islam adalah bagian yang tidak terpisahkan dari syari’ah tersebut (islahi, 1997). berbeda dengan sistem ekonomi konvensional yang memisahkan peran agama atau bahkan etika dari ekonomi dan kegiatan bisnisnya. ada beberapa contoh etika qur’ani yang dijadikan pedoman pelaku ekonomi, diantaranya adalah tuntutan keadilan dan penafian perbuatan curang yang diberlakukan bagi pelaku bisnis : “kecelakaan besarlah bagi orang-orang yang curang. (yaitu) orang-orang yang apabila menerima takaran dari orang lain mereka minta dipenuhi. dan apabila mereka menakar atau menimbang untuk orang lain, mereka mengurangi.”(q.s. [83]: 1-3). dan tuntutan untuk menerapkan tata-kelola transaksi bisnis yang baik : “hai orang-orang yang beriman, apabila kamu bermu’amalah tidak secara tunai untuk waktu yang ditentukan, hendaklah kamu menuliskannya. dan hendaklah seorang penulis di antara kamu menuliskannya dengan benar. dan janganlah penulis enggan menuliskannya sebagaimana allah mengajarkannya, meka hendaklah ia menulis, dan hendaklah orang yang berhutang itu mengimlakkan (apa yang akan ditulis itu), dan hendaklah ia bertakwa kepada allah tuhannya, dan janganlah ia mengurangi al-iqtishad: vol. vi no. 1, januari 2014 153 sedikitpun daripada hutangnya. jika yang berhutang itu orang yang lemah akalnya atau lemah (keadaannya) atau dia sendiri tidak mampu mengimlakkan, maka hendaklah walinya mengimlakkan dengan jujur. dan persaksikanlah dengan dua orang saksi dari orang-orang lelaki (di antaramu). jika tak ada dua oang lelaki, maka (boleh) seorang lelaki dan dua orang perempuan dari saksi-saksi yang kamu ridhai, supaya jika seorang lupa maka yang seorang mengingatkannya. janganlah saksi-saksi itu enggan (memberi keterangan) apabila mereka dipanggil; dan janganlah kamu jemu menulis hutang itu, baik kecil maupun besar sampai batas waktu membayarnya. yang demikian itu, lebih adil di sisi allah dan lebih menguatkan persaksian dan lebih dekat kepada tidak (menimbulkan) keraguanmu. (tulislah mu’amalahmu itu), kecuali jika mu’amalah itu perdagangan tunai yang kamu jalankan di antara kamu, maka tidak ada dosa bagi kamu, (jika) kamu tidak menulisnya. dan persaksikanlah apabila kamu berjual beli; dan janganlah penulis dan saksi saling sulit menyulitkan. jika kamu lakukan (yang demikian), maka sesungguhnya hal itu adalah suatu kefasikan pada dirimu. dan bertakwalah kepada allah; allah mengajarmu; dan allah maha mengetahui segala sesuatu.” (q.s. [2]: 282). dan tuntutan manajemen waktu yang baik bagi pelaku ekonomi : ”maka apabila kamu telah selesai (dari sesuatu urusan), kerjakanlah dengan sungguhsungguh (urusan) yang lain.” (q.s. [94]: 7). ayat al-qur’an di atas adalah beberapa contoh yang dijadikan panduan bagi pelaku ekonomi islam. dimana panduan tersebut mengakui kedudukan manusia sebagai makhluk sosial yang bermuamalah dan tidak terlepas dari kegiatan transaksi dan bisnis ekonomi. meskipun demikian, islam sebagai agama tetap mengedepankan batasan-batasan kegiatan bisnis ekonomi di dalam aturan yang sesuai dengan syariah (al-zuhayli, 2013). hal ini ditegaskan manakala kumandang azan diserukan untuk menuanaikan sholat jum’at maka segala bentuk perniagaan dihentikan sementara, allah swt berfirman : “hai orang-orang beriman, apabila diseru untuk menunaikan shalat jum’at, maka bersegeralah kamu kepada mengingat allah dan tinggalkanlah jual beli. yang demikian itu lebih baik bagimu jika kamu mengetahui.” (q.s. [62]: 9). penutup dari uraian di atas, dapat disimpulkan pertama bahwa al-qur’an sebagai kitab suci memiliki peran di dalam membentuk etika dan akhlak sistem ekonomi islam, dimana sistem ekonomi islam ini tidak berdiri sendiri akan tetapi sebaliknya, berdiri dan lahir di lingkup syariah al-islamiyah. berbeda dengan ekonomi konvensional yang memisahkan nilai-nilai agama dari sistem ekonominya. al-iqtishad: vol. vi no. 1, januari 2014 154 kedua, bahwa sistem ekonomi islam bukanlah mutlak produk manusia akan tetapi produk ilahi, sehingga dr. yusuf qhardhawi menegaskannya sebagai sistem ekonomi ilahi. hal ini berbeda dengan sistem ekonomi konvensional, dimana sistem ini terbentuk atas dasar buah pikir manusia. dan ketiga, bahwa muslim sebagai pelaku ekonomi harus memiliki pedoman yang sesuai dengan syariah, dimana pedoman di dalam kegiatan bisnis dan ekonomi ini adalah etika qur’ani yang tentunya termaktub di dalam al-qur’an. pustaka acuan al arif, m.n.r. 2011. dasar-dasar sistem ekonomi islam. surakarta: era intermedia al-assal, m.a, et, al. 1999. sistem, prinsip dan tujuan ekonomi islam. bandung: pustaka setia. al-zuhaili, w. 2013. maqhosid al-syariah al-islamiyah fi al-mal wa al-iqtishad alislami, makalah disampaikan dalam seminar the second islamic economics and finance research forum oleh ikatan ahli ekonomi islam di uin syarif hidayatullah jakarta 13-14 november 2013. an-nabahan m.f. 2000. sistem ekonomi islam: pilihan setelah kegagalan sistem kapitalis dan sosialis. yogyakarta: uii press badroen, f, et.al. 2006. etika bisnis dalam islam. jakarta: kencana. fauzia, i.y. 2013. etika bisnis dalam islam. jakarta: kencana. harahap, s.s. 2004. ekonomi, bisnis dan manajemen islami. yogyakarta: bpfe yogyakarta. islahi, a. 1997. konsepsi ekonomi ibnu taimiyah. surabaya: pt. bina ilmu. karim, a.a. 2001. ekonomi islam: suatu kajian kontemporer. jakarta: gema insani press. lubis, s.k, et. al. 2012. hukum ekonomi islam. jakarta: sinar grafika. muhammad. 2007. aspek hukum dalam muamalat. yogyakarta: graha ilmu. qardhawi, y. 2004. peran nilai dan moral dalam perekonomian islam. jakarta: robbani press. taylor, p.w. 1975. principles of ethics: an introduction. new york: dickenson publishing. webster’s new collegiate dictionary, g. dan c. merriam company, usa. aqidah asri suwarsi1, syakir jamaluddin2, diyah fajri anggraini3, anisatun anggraeni4 abstract. bank liquidity is adequate if the bank has sufficient funds when depositors withdraw them. the bank’s inability to meet its depositors’ rights will negatively affect public confidence and bank profitability. this study is to identify the potential liquidity risk of islamic commercial banks in indonesia using the stock-based and flow-based methods based on ojk regulation. the assessment of the potential for liquidity risk using the stock-based method and the weight of the inherent risk value results in the statement risk level for each islamic commercial bank, ranging from 2.25 (low) to 2.85 (moderate). the flow-based method results in a negative liquidity gap. this research finds that bank liquidity has no significant impact on its profitability. the research provides direction for islamic commercial banks in measuring liquidity risk so that the bank can formulate strategies for risk mitigation and control to avoid financial distress. keywords: flow-based; liquidity; profitability; risk management; stock-based abstrak. likuiditas bank dikatakan baik apabila bank mampu memenuhi dana yang dibutuhkan saat deposan melakukan penarikan. namun, jika bank tidak mampu memenuhi dana yang dibutuhkan oleh para deposan, maka tingkat kepercayaan masyarakat bisa berkurang dan memengaruhi profitabilitas bank. penelitian ini mengidentifikasi potensi resiko likuiditas bank umum syariah di indonesia dengan metode stockbased dan flow-based, berdasarkan peraturan ojk. penilaian potensi terjadinya risiko likuiditas dengan menggunakan metode stock-based dan bobot nilai risiko inheren memperoleh hasil tingkat risiko pada masing-masing bank umum syariah yang berkisar antara 2,55 (moderate) sampai dengan 3,15 (moderate). metode flow-based, secara keseluruhan, menghasilkan gap likuiditas negatif. dalam penelitian ini, tidak terdapat pengaruh likuiditas bank terhadap profitabilitas. penelitian ini bermanfaat untuk memberikan arahan kepada bank umum syariah dalam mengukur risiko likuiditas sehingga bank mampu merumuskan strategi untuk mitigasi dan pengendalian risiko untuk menghindari kondisi financial distress. kata kunci: flow-based; likuiditas; manajemen risiko; profitabilitas; stock-based liquidity potential analysis of sharia banks using stock-based and flow-based methods al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 313 342 1, 2, 3, 4muhammadiyah yogyakarta university, indonesia. e-mail: 1aqidah.asri@fai.umy.ac.id, 2syakir_j@umy.ac.id, 3diyahangg@gmail.com, 4anisatun.anggraeni@gmail.com 314 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction economic growth in a country cannot be separated from its relationship with financial institutions that function as a medium for collecting, distributing funds, and providing financial services in economic activities (supartoyo et al., 2018). during the last three decades, islamic financial institutions have experienced rapid growth. islamic banking is a new phenomenon, including the center of islamic finance in western countries in the uk. the growth rate of the 100 largest islamic banks in the world reaches 27 percent per year compared to the growth rate of conventional banks, which only reaches 19 percent per year (afriyeni & susanto, 2019). after going through a slow start in 1992-1998, islamic banking in indonesia grew significantly in recent years. according to islamic banking statistics issued by the financial services authority in december 2020, there are 14 islamic commercial banks (bus), 20 sharia business units (uus), and 163 bprs (otoritas jasa keuangan, 2020). table 1. development of bus, uus, and bprs bus/uus/bprs number of banks number of offices total asset (in billion idr) bus 14 2.034 397.073 uus 20 392 196.875 total 34 2.426 593.948 source: (otoritas jasa keuangan, 2020) islamic banks have unique characteristics because they must comply with sharia principles. unlike conventional banks, islamic banks are related to the real sector. liquidity risk in islamic banks can arise when the business (real sector) has decreased, which causes the bank to fail to manage liquidity risk (balance of assets and liabilities) (ismal, 2010). a bank can be considered a failure if the bank cannot manage risk. one of the causes is the failure to maintain existing liquidity even though the bank has good quality assets or sufficient income and capital. islamic banks are required to make additional efforts in managing their liquidity risk (ben jedidia, 2020). on the other hand, a bank can fail if the bank is unable to manage risk. one of the reasons is the failure to maintain existing liquidity even though it has assets of satisfactory quality or sufficient income and capital. bank liquidity is adequate if the bank can meet the funds needed when depositors withdraw http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 315 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 (anam, 2013). however, suppose the bank is unable to meet the funds needed by depositors (muharam & kurnia, 2015). in that case, it can reduce public confidence and decrease third-party funds, affecting bank profitability (santoso & sukihanjani, 2012). however, if the bank is too focused on a high level of liquidity, its profitability can decrease because there is much idle money, or the funds are not used for financing. therefore, liquidity and profitability management must be balanced. liquidity risk management is an essential concern so that banks avoid bankruptcy conditions (bani & yaya, 2016). liquidity risk is the risk or loss arising from the bank's failure to carry out or fulfill its maturing obligations from the cash flow funding side and the liquid assets side without disrupting the bank's activities. liquidity risk occurs due to gaps between short-term funding sources and long-term assets. liquidity in banks is also influenced by the funding structure, asset liquidity, liabilities to counterparties, and credit commitment to debtors (ikatan bankir indonesia, 2015b). liquidity risk is a particular concern and a challenge for banks in this increasingly modern era related to bank competition and advances in financial technology. liquid banks are very important for the smooth functioning of the economy because it is very hard to keep the economic wheel rotating without liquid banks. the recent financial crisis has revealed the fact that if banks do not perform well, the economies do not do well (umar & sun, 2016). the example, pt. century bank experienced a liquidity crisis when customers could not withdraw from their savings at the bank. apart from the fund withdrawing issues, century bank also suffered a defeat in the clearing process due to the liquidity difficulties they experienced, which caused the bank to go out of business. the current problem is that indonesian banks, especially buku (commercial banks group of business activities) category i, are vulnerable to liquidity risk. it is stated that the ldr of buku i is at 79.7% (under the regulation of the health level liquidity ratio 80% -110%). this figure is lower than the buku ii category at 89%, the buku iii category at 99%, and the buku iv category at 89%. this problem requires banks, especially in the buku i category, to pay more attention and manage the possible risks to prevent the performance and viability of banking (keuangan.kontan.co.id, n.d.). banks have an opportunity cost to pursue liquidity or profitability (moussa & boubaker, 2020). banks that choose to be liquid will not be profitable, and vice versa. higher liquid assets are usually associated with lower returns (qurban et al., 2021). if the bank's liquidity is too high, little fun distribution is given http://journal.uinjkt.ac.id/index.php/iqtishad 316 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 for financing. in the end, it will make the bank profit slightly. the available money does not generate additional profits for the bank. it also applies vice versa. banks can maintain a balance between liquidity and profitability to obtain effective performance and optimal profits (moussa & boubaker, 2020). liquidity risk measurement methods are divided into several categories as follows: measurement based on nominal size (stock-based) and measurement based on flow (flow-based) (ikatan bankir indonesia, 2015a) . this method is described in the letter of otoritas jasa keuangan number 14 / seojk.03/2017 regarding assessing the health of commercial banks (otoritas jasa keuangan, 2017). so, it can comprehensively measure the cash flow and liquidity capacity of financial ratios and measure how the bank can meet the obligations of its total assets. the formulation of the proposed problem is as follows: how is the analysis of liquidity risk management for islamic commercial banks in indonesia using the stock-based and flow-based methods? how is the impact of bank liquidity on bank profitability? this study aims to identify the potential liquidity risk of islamic commercial banks in indonesia using the stock-based and flow-based methods. the urgency of this research is to provide direction to islamic commercial banks in measuring liquidity risk so that the bank can formulate strategies for risk mitigation and control to avoid financial distress conditions. to the best of the authors' knowledge, this work is the first to analyze the liquidity risk using stockbased and flow-based methods, based on otoritas jasa keuangan (ojk) regulation. in addition, this study proxied the liquidity risk by the stock-based method, which is used to measure the impact of bank liquidity on bank profitability. literature review definition of risk management a risk is a potential event in a bank that can be predicted or expected to negatively impact the bank's business's sustainability. according to bank indonesia regulation no.13 / 23 / pbi / 2011, the risk is the potential loss due to the occurrence of a specific event (bank indonesia, 2015). meanwhile, risk management is a series of methodologies and procedures used to identify, measure, monitor, and control risks from all bank business activities (fasa, 2016). meanwhile, according to adiwarman karim, risk management is identifying, measuring, monitoring, and controlling the course of bank business activities with a reasonable level of risk in a directed, integrated, and sustainable manner. risk management functions as an initial filter or warning of bank business activities (karim, 2011). http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 317 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 types of bank risk referring to the provisions of bank indonesia pbi no. 5/8/2003 and its amendments no. 11/25 / pbi / 2009 concerning application of risk management for commercial banks, eight risks must be managed by banks (bank indonesia, 2003). the eight risks are credit risk, market risk, operational risk, liquidity risk, compliance risk, legal risk, reputation risk, and strategic risk (bank indonesia, 2009). every bank activity or product has at least one or more types of risk. there are two additional risks in islamic banking other than the eight inherent risks: yield and investment. therefore, banks need to manage these risks (bank indonesia, 2009). liquidity risk liquidity risk is due to the bank's incompetence to meet maturing obligations from existing funding sources and high-quality, guaranteed liquid assets without disrupting the bank's activities and financial condition (bank indonesia, 2015). liquidity risk is defined by the islamic financial services board (ifsb) as the potential loss arising from their inability to meet their obligations or to fund an increase in assets as they mature without incurring unacceptable costs or losses. (al-harbi, 2020). greuning and iqbal state that liquidity risk is classified into two types: (1) funding liquidity risk, such as lack of access to funding arising from cash flows and expected and unexpected current and future collateral needs; and (2) market liquidity risk, if the bank cannot easily offset or eliminate positions at market prices due to lack of liquidity in the market (ben jedidia, 2020). funding liquidity risk is the possibility that the bank will not immediately settle its funding obligations. on the other hand, market liquidity risk is the risk of loss because banks cannot liquidate assets in a short period with little or no cost (al-harbi, 2020). stock-based method the stock-based measurement method uses a liquidity ratio system. the liquidity ratio is a financial ratio that provides descriptions related to liquidity indicators or measures the level of a bank's ability to meet its obligations. measurement in the liquidity ratio is adjusted to business strategy, risk tolerance, and past performance. in obtaining a picture related to the actual condition of http://journal.uinjkt.ac.id/index.php/iqtishad 318 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 bank liquidity, the results of measurements using these ratios must be analyzed by taking into account relevant qualitative data or information (ikatan bankir indonesia, 2015b) this qualitative information includes the withdrawal of time deposits before maturity, decreases in credit facilities, or transaction volume changes. there are several ratios used in liquidity risk (otoritas jasa keuangan, 2017), namely: 1) this ratio measures the amount of the bank's liquid assets compared to the bank's total assets. primary liquid assets are highly liquid assets owned by banks consisting of cash, bank indonesia securities, short-term and liquid government bonds. meanwhile, secondary liquid assets are less liquid assets, namely government sharia securities or retail government sukuk with a maturity of 3 years (bank indonesia, 2004). however, there are no bonds on the asset side in islamic banks but use state sharia securities, commonly known as sukuk. 2) this ratio measures the number of liquid assets owned by the bank compared to short-term sources of funds. if this ratio is above 100%, then this is considered adequate. 3) non-core funding is considered unstable, for example, relatively large funds above idr 2 billion, transactions between banks, and loans from other banks. 4) short-term non-core funding is a type of funding with a term of less than one year. 5) total funding is the total amount of third-party funds and loans from other parties. 6) this ratio is used to see the level of bank dependence on non-core funds (otoritas jasa keuangan, 2017). http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 319 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 flow-based method the flow-based measurement method uses a liquidity gap analysis (liquidity gap analysis). what is meant by a gap in this analysis is the difference between total assets and liabilities that have matured in a certain period (ikatan bankir indonesia, 2015b). the data used in this method are components consisting of assets, liabilities, and off-balance sheet items. the data sources used in the liquidity gap are the accounting balance, liquidity projection data from business units, including estimated income and interest costs. however, islamic banks do not recognize the term interest cost but instead use a projection for the results. islamic banks use two schemes: deposits and investment partnerships (shirkah financing or buying and selling). the income will be divided according to the profit-sharing ratio's agreed portion if these two schemes generate income (ikatan bankir indonesia, 2014). there are two analyzes in the liquidity gap. if the liquidity gap is positive, the number of assets owned is greater than the liabilities in the maturity period. meanwhile, suppose the liquidity gap has a negative value. in that case, this means that the bank's liabilities are more significant than the assets in the maturity period, so that this negative gap value will trigger risks to the bank, and the bank begins to manage these risks. this flow-based method will adjust to the instruments used by islamic banks (ikatan bankir indonesia, 2015b). differences between stock-based and flow-based methods the measurement using the stock-based method uses various financial ratios as an indicator of the level of liquidity. six indicators are used through the financial services authority circular letter number 14/seojk.03/2017 concerning the assessment of commercial bank soundness levels. three of them use primary and secondary liquid assets compared with 1) total assets; 2) short-term funding; 3) non-core funding (otoritas jasa keuangan, 2017). primary liquid assets are highly liquid assets to meet liquidity needs for withdrawals of third party funds and maturing obligations consisting of cash, placements with bank indonesia, available for sale, and government bonds. secondary liquid assets are liquid assets of lower quality to meet liquidity needs, in the form of government bonds in the afs category with maturities of 1 5 years, government bonds in the htm category with maturities of less than one year, trading categories, and afs with maturities of more than five years, with http://journal.uinjkt.ac.id/index.php/iqtishad 320 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 a 25% haircut value. however, there are no bonds on the asset side in islamic banks but use state sharia securities, commonly known as sukuk (otoritas jasa keuangan, 2017). short-term funds are third-party funds with maturities of less than one year, current accounts, and savings accounts. the higher the value of liquid assets compared to short-term funding, the lower the bank's liquidity risk is. non-core funding is funding that is considered unstable, such as relatively large funds above 2 billion, interbank transactions, and other bank loans. the higher the value of liquid assets compared to short-term funding, the lower the bank's liquidity risk is (otoritas jasa keuangan, 2017). the fourth indicator measures the comparison between primary liquid assets and short-term non-core funding. measuring (non-core funding – liquid assets) compared to (total productive assets – liquid assets), this indicator is used to assess the bank's dependence on non-core funds. non-core funding is funding that is considered unstable with a period of less than one year. then, measuring non-core funding compared to total funding, total funding includes all third party funds and loans from other banks (otoritas jasa keuangan, 2017). while stock-based uses ratios, flow-based measurements are based on the bank's balance sheet on a specific date according to the maturity profile of on and off-balance sheet items plus cash flow estimates due to various business activity plans based on business unit projections. the flow-based measurement uses liquidity gap analysis, the difference between total assets and liabilities maturing in a certain period. a negative gap indicates that liabilities are more significant than assets in that period, thus creating a risk for the bank. the components of assets and liabilities that are taken into account directly impact the bank's cash flow (ikatan bankir indonesia, 2015a). profitability profitability is the ability to generate profits from all business activities of a company organization. profitability measures management efficiency in using organizational resources to add business value. profitability can be considered a relative term to measure profit and its relationship with other elements directly affecting company profits (lestari et al., 2021). return on assets (roa) is one of the indicators of profitability used to measure the efficiency of a company in generating profits from the management of company assets. roa shows the company's profit relative to the total assets owned, http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 321 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 calculated by net profit to total assets (lestari et al., 2021). roa as indicators for measuring bank profitability and measured by the following formula: roa = many studies discuss the relationship between bank liquidity and profitability (moussa & boubaker, 2020). research on the effect of liquidity and bank size on profitability of commercial banks in bangladesh shows that the ratio of loans to assets and bank size positively correlates with return on assets (roa), which is an indicator of profitability. the study found that the ratio of deposits to assets harms roa. in comparison, there is a relationship between liquidity, bank size, and profitability. however, liquidity and bank size have no significant effect on bank profitability (parvin et al., 2019). a study by (moussa & boubaker, 2020), entitled the impact of liquidity on bank profitability: the case of tunisia, shows that liquidity and profitability are two critical variables in the banking industry. the results of the study found that (liquid assets/total assets) and (total credits/total deposits) had a positive and significant effect on return on assets (roa). in contrast (current assets/current liabilities) had no significant effect on roa. lukito et al. (2014) assess the effect of liquidity on the profitability of commercial banks in kenya. the study shows that all variables liquidity has a significant effect and positive relationship with bank profitability. the study of qurban et al. (2021) on the effect of liquidity and rate of return risks on the profitability of islamic and conventional banks in gcg countries shows a significant relationship between liquidity risk, rate of return risk, and bank’s profitability. there was a positive and significant relationship between liquidity risk and conventional banks’ profitability. sahyouni & wang's (2019) study, entitled liquidity creation and bank performance: evidence from mena, investigates the liquidity creation of conventional and islamic banks in the mena countries. the study revealed a significant and negative impact between liquidity creation and performance of the banks using return on average equity measure (roae). in contrast, there was no significant impact between liquidity creation and return on average assets (roaa). additionally, there is no difference between islamic and conventional banks in the relation between liquidity creation and bank performance. the study of lestari et al., 2021 on the effect of liquidity, leverage and bank’s size of the profitability conventional banks listed on indonesia stock http://journal.uinjkt.ac.id/index.php/iqtishad 322 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 exchange found that liquidity measured by loan to deposit ratio (ldtr) has an insignificant negative impact on bank’s roa and roe. the study with title the impact of liquidity on bank profitability found that (liquid assets / total assets) and (total credits/total deposits) have a negative and significant impact on roe (return on equity). in comparison, (current assets / current liabilities) do not significantly impact roe moussa & boubaker's (2020). the findings reveal that while profit-sharing investment accounts (psia) are inversely related to the liquidity of islamic banks, pls investments do not appear to act as a determinant of bank liquidity. psia is a global short-term account, but finances long-term projects cause a substantial maturity mismatch, limiting the availability of liquidity buffers and exacerbating the bank's exposure to liquidity risk. islamic bank liquidity is closely related to car. in addition, bank profitability has a negative effect on the level of liquidity buffer. however, bank size and gdp growth do not appear to play a role in determining the liquidity of gcc islamic banks (ben jedidia, 2020). the estimation results show that all determinants have a statistically significant relationship with ib liquidity but different signs. on the one hand, foreign ownership, credit risk, profitability, inflation rate, monetary policy, and deposit insurance negatively affect ib liquidity. on the other hand, capital ratios, growth measures, and gross domestic product concentration positively correlate with ib liquidity (al-harbi, 2020), based on the theory and previous research, this research hypothesizes that liquidity has a negative and significant effect on profitability. methodology this research is descriptive-analytical research with a quantitative approach (sugiyono, 2016). the sample is all islamic commercial banks in indonesia with a purposive sampling technique. with the following criteria: (1) islamic commercial banks (bus) in indonesia based on sharia banking statistical data issued by the financial services authority; (2) sharia commercial bank (bus), which presents complete financial reports for the year 2014–2020 3rd quarter. the data collection procedure for 2014–2020 referred to the islamic bank financial data website. the stock-based measurement method uses a liquidity ratio system. the liquidity ratio is a financial ratio that provides descriptions related to liquidity indicators or measures the level of a bank's ability to meet its obligations. there are several ratios used in liquidity risk (otoritas jasa keuangan, 2017), namely: http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 323 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 1) this ratio measures the amount of the bank's liquid assets compared to the bank's total assets. 2) this ratio measures the number of liquid assets owned by the bank compared to short-term sources of funds. if this ratio is above 100%, then this is considered adequate. 3) non-core funding is considered unstable, for example, relatively large funds above idr 2 billion, transactions between banks, and loans from other banks. 4) short-term non-core funding is a type of funding with a term of less than one year. 5) total funding is the total amount of third-party funds and loans from other parties. 6) this ratio is used to see the level of bank dependence on non-core funds (otoritas jasa keuangan, 2017). the flow-based measurement method uses a liquidity gap analysis. what is meant by a gap in this analysis is the difference between total assets and liabilities that have matured in a certain period (ikatan bankir indonesia, 2015b). the data analysis method uses the stock-based method with the liquidity ratio approach. measurement in the liquidity ratio is adjusted to business strategy, risk tolerance, and past performance. the next analysis method is flow-based, using liquidity gap analysis. this gap analysis is the difference between total assets and liabilities that have matured in a certain period. the subsequent analysis uses multiple linear regression. the independent variable used is the liquidity ratio previously calculated using the stock-based http://journal.uinjkt.ac.id/index.php/iqtishad 324 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 method. the dependent variable used is the profitability ratio proxied by return on assets (roa). roa as indicators for measuring bank profitability and measured by the following formula: roa = results and discussion stock-based method liquid assets to total assets table 2: liquid assets to total assets bank name rate rating 2014 2015 2016 2017 2018 2019 2020q3 bcas 28% 30% 22% 19% 25% 34% 55% 1 (low) bnis 12% 22% 13% 17% 28% 45% 49% 1 (low) bsm 25% 26% 27% 30% 30% 37% 49% 1 (low) bms 18% 18% 16% 27% 23% 20% 63% 1 (low) bmi 25% 22% 20% 20% 33% 49% 53% 1 (low) bpds 35% 20% 25% 26% 23% 21% 21% 1 (low) bris 22% 30% 34% 38% 41% 48% 44% 1 (low) source: data processed based on the measurement of the results above, the ratios of liquid assets to total assets of islamic commercial banks in 2014 to 2020 in the third quarter experienced positive growth ranging from 12% to 55%. it shows that from 2014 to 2020, the liquid assets owned by each of these banks ranged from rp 830 billion to more than rp 41 trillion. the bank's composite rating was in the very healthy category or ranked one the level of liquidity risk occurrences. reporting the bank is classified as very low. the low level of liquidity risk at islamic commercial banks is also supported by each bank's financial performance, especially in terms of capital ratios. at bca syariah, the capital ratio (car) was relatively high, ranging from 24.3% to 38.3% in the last five years. followed by bank syariah mandiri's capital ratio ranging from 12.85% to 16.26%, bank mega syariah ranging from 18.74% http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 325 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 to 23.53%, bni syariah ranging from 15.48% to 20.14%, bank muamalat indonesia ranged from 12.00% to 13.62%, panin dubai syariah ranged from 11.51% to 25.69% and bri syariah ranged from 12.89% to 29.72%. apart from the capital side, each bank's fdr ratio is classified as useful and within the established safe limits. liquid assets against short-term funding table 3: liquid assets against short-term funding bank name rate rating 2014 2015 2016 2017 2018 2019 2020q3 bcas 35% 43% 29% 24% 35% 48% 75% 2 (low to moderate) bnis 15% 26% 17% 20% 33% 56% 61% 3 (moderate) bsm 28% 30% 33% 35% 35% 42% 58% 3 (moderate) bms 22% 23% 20% 39% 30% 24% 86% 3 (moderate) bmi 31% 28% 24% 27% 45% 62% 67% 3 (moderate) bpds 43% 24% 32% 30% 29% 26% 26% 4 (moderate to high) bris 26% 37% 42% 46% 53% 60% 53% 2 (low to moderate) source: data processed based on the calculation of liquid assets to short-term funding, bca syariah and bri syariah ratio is 24% to 75%, which indicates that the potential liquidity risk is low to moderate and is ranked 2. it also shows that the bank's ability to fulfill term funding short in relatively low liquid assets is held. meanwhile, bank bni syariah, bank syariah mandiri, bank mega syariah, bank muamalat is in the range of 15% to 87%. it shows that the bank's potential level of liquidity risk is classified as moderate and is in rank 3. at panin dubai syariah bank, the ratio ranges from 26% to 60%. the liquidity risk experienced tends to be high and is in composite 4. it also proves that the bank's liquid assets are relatively small compared to the amount of short-term funding that the bank has managed to raise. although the level of potential liquidity risk experienced by banks is classified as high, in terms of financial performance, banks can maintain and even experience positive growth each year, especially in each bank's capital ratio and fdr ratio. http://journal.uinjkt.ac.id/index.php/iqtishad 326 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 liquid assets against non-core funding table 4: liquid assets against non-core funding bank name rate rating 2014 2015 2016 2017 2018 2019 2020q3 bcas 35% 41% 29% 24% 36% 48% 77% 2 (low to moderate) bnis 15% 26% 16% 20% 33% 51% 56% 3(moderate) bsm 28% 30% 32% 34% 34% 42% 55% 3(moderate) bms 22% 23% 20% 39% 30% 23% 86% 3(moderate) bmi 30% 27% 23% 25% 43% 60% 66% 3(moderate) bpds 43% 24% 32% 30% 29% 27% 25% 3(moderate) bris 26% 36% 42% 46% 53% 61% 51% 2 (low to moderate) source: data processed based on the calculation of liquid assets to non-core funding, bca syariah and bri syariah for 2014 to 2020 in the 3rd quarter ranges from 24% to 77%, indicating the potential for bank liquidity risk low or is in the composite rating of 2. it is also evidenced by the relatively large liquid assets owned by the bank, ranging from rp 4.47 trillion to rp 24.87 trillion, which shows that the bank can meet non-core funding needs. in bni syariah, bank syariah mandiri, bank mega syariah, bank muamalat, and bank panin dubai syariah the resulting ratio is at 15% to 86%. banks' potential for liquidity risk is relatively high, at rank 3. the value of liquid assets held by banks is relatively small and is considered sufficient to meet the bank's non-core funding needs. banks' financial performance ratios are excellent or even experience growth every year, especially in the capital ratio (car). it is following the provisions of the financial services authority regarding the determination of the limit of the capital ratio (car), which is 8%, so that the higher the level of risk that causes losses to the bank, the bank will also need more capital. http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 327 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 primary liquid assets against short-term non-core funding table 5: primary liquid assets against short-term non-core funding bank name rate rating 2014 2015 2016 2017 2018 2019 2020q3 bcas 35% 39% 27% 20% 31% 42% 46% 3 (moderate) bnis 15% 17% 15% 19% 16% 43% 49% 4 (moderate to high) bsm 28% 25% 25% 28% 26% 36% 40% 4 (moderate to high) bms 14% 12% 13% 21% 13% 22% 47% 4 (moderate to high) bmi 20% 17% 17% 19% 18% 37% 38% 4 (moderate to high) bpds 40% 18% 23% 19% 22% 22% 19% 4 (moderate to high) bris 23% 28% 32% 29% 28% 45% 33% 3(moderate) source: data processed based on the measurement of liquid assets against short-term non-core funding at bank central asia (bca) syariah and bri syariah are ranked 3. it occurs because the value of banks' primary liquid assets tends to be smaller than the value of non-core funding that must be paid. meanwhile, at bni syariah, bank syariah mandiri, bank mega syariah, bank muamalat, and bank panin duabi syariah are ranked 4. the cause of the high potential for liquidity risk is that the value of assets owned by each bank is low so that it does not seem sufficient to meet the short-term non-core funding needs of each of the banks. non-core funding against total funding table 6: non-core funding against total funding bank name rate rating 2014 2015 2016 2017 2018 2019 2020q3 bcas 100% 100% 100% 100% 91% 100% 100% 2 (low to moderate) bnis 100% 100% 100% 100% 100% 100% 100% 2 (low to moderate) bsm 100% 98% 93% 100% 99% 100% 100% 2 (low to moderate) bms 100% 99% 99% 97% 99% 100% 100% 2 (low to moderate) bmi 100% 100% 116% 101% 97% 100% 100% 2 (low to moderate) bpds 100% 100% 100% 100% 100% 100% 100% 2 (low to moderate) bris 100% 96% 96% 100% 100% 100% 100% 2 (low to moderate) source: data processed http://journal.uinjkt.ac.id/index.php/iqtishad 328 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 based on calculating the ratio of non-core funding to total funding. the period 2014 to 2020 in the third quarter is 96% to 100%. it shows the bank is ranked 2, so the potential for liquidity risk is relatively low. non-core funding – total liquid assets to total earning assets – liquid assets table 7: bank dependence on non-core funding bank name rate rating 2014 2015 2016 2017 2018 2019 2020q3 bcas 75% 68% 103% 97% 94% 64% 29% 5 (high) bnis 92% 94% 96% 100% -208% 78% 76% 5 (high) bsm 96% 90% 81% 87% 87% 65% 76% 5 (high) bms 82% 82% 89% 71% 87% 90% 38% 5 (high) bmi 116% 97% 108% 108% 89% 78% 75% 5 (high) bpds 65% 73% 71% 82% 77% 74% 77% 5 (high) bris 87% 79% 72% 85% 66% 64% 75% 5 (high) source: data processed bni syariah experienced the smallest ratio in islamic commercial banks in 2018, which touched -208%, and the largest was experienced by bank muamalat indonesia, which reached 116% in 2014. the ratio's size shows the high potential level of liquidity risk experienced by the bank sharia general. one of the contributing factors is the small nominal value of total productive assets owned by banks or banks' considerable dependence on non-core funding. based on measurements using the bank dependency approach on non-core funding, the safe limit of a bank's soundness level based on liquidity according to bank indonesia is less than 5%. flow-based method bca syariah based on measurements using the flow-based method on bca syariah, a relatively large negative liquidity gap in the 0 to 6 month period from 2014 to 2020. the negative liquidity gap indicates a mismatch between the total assets owned by the bank and the obligations that must be paid. the size of the negative http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 329 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 liquidity gap also shows the magnitude of the potential liquidity risk in banks in the short term due to the small value of the bank's total assets. table 8: liquidity gap bca syariah (in billion idr) year maturity buckets potential risks 0-3 month 3-6 month 6-9 month 9-12 month >1 year 2014 (2.682.533) (27.068) 602.053 1.390.775 potential 2015 (3.493.815) (23.134) 944.089 1.871.291 potential 2016 (3.979.488) (26.371) 1.216.317 1.953.264 potential 2017 (5.244.098) (39.998) 1.630.515 1.997.867 potential 2018 (6.293.160) (34.414) 1.979.044 2.443.064 potential 2019 (3.160.012) 1.278.605 742.336 1.139.072 potential 2020 (3.235.833) (349.450) 1.532.385 853.981 3.637.793 potential source: data processed however, from 9 months to more than one year, the bca syariah liquidity gap is positive in the long term. the positive liquidity gap indicates that the bank's low potential for liquidity risk is because the bank has sufficient total assets to be used in fulfilling maturing liabilities. besides, this also proves that the total assets owned by bca syariah are relatively large in 9 months to more than one year. bni syariah table 9: liquidity gap bni syariah (in billion idr) year maturity buckets potential risks 0-3 month 3-6 month 6-9 month 9-12 month >1 year 2014 (13.376.592) 7.237.260 1.395.570 potential 2015 (15.957.159) 782.915 15.256.452 potential 2016 (19.718.135) 1.200.200 18.766.858 potential 2017 (22.813.853) (962.475) 24.235.543 very potential 2018 (27.951.227) (900.258) 30.139.148 very potential 2019 (27.131.215) 3.764.573 28.182.878 potential 2020 (28.056.439) 4.879.239 28.472.284 potential source: data processed http://journal.uinjkt.ac.id/index.php/iqtishad 330 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 at bni syariah, a negative liquidity gap occurs in the maturity period of 0 to 3 months and has increased every year. in 2017 and 2018, negative liquidity gaps also occurred in maturity periods of 9 to 12 months. this negative liquidity gap occurs due to the relatively small value of the maturing liabilities and the relatively small value of the bank's total assets. it also shows considerable potential for liquidity risk in banks in the maturity period of 0 to 12 months. however, from 2014 to 2020, a positive liquidity gap occurred in the maturity period of more than one year. it also shows that the bank's total assets are relatively large in the long term, and the potential for liquidity risk in this period is classified as low. bank syariah mandiri based on measurement results using the flow-based method at bank syariah mandiri, it shows that the liquidity gap was at a relatively large negative level from 2014 to 2019 in the 0 to 6 month period. it also shows that bank syariah mandiri's total value in the short term is relatively small. it cannot meet the needs of fulfilling obligations and causes potential liquidity risk in 0 to 6 months. table 10: liquidity gap bank syariah mandiri (in billion idr) year maturity buckets potential risks0-3 month 3-6 month 6-9 month 9-12 month >1 year 2014 (49.636.245) (1.241.039) 1.647.582 34.272.399 potential 2015 (56.599.923) (1.468.906) 15.204.633 40.135.183 potential 2016 (62.469.313) (1.396.817) 11.524.889 44.226.860 potential 2017 (67.374.274) (1.380.542) 16.160.263 52.486.434 potential 2018 (77.415.276) (1.570.906) 22.856.405 43.481.990 potential 2019 (56.339.862) 2.949.095 2.720.827 84.074.238 potential 2020q 9.613.160 9.971.969 no potential source: data processed the positive liquidity gap at bank syariah mandiri occurs in 9 months to more than one year from 2014 to 2019. this positive liquidity gap shows that the bank's total asset value tends to be more to cover obligations that are due in the same period. the positive liquidity gap also indicates the bank's low potential for liquidity risk. http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 331 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 mega syariah bank at bank mega syariah, a negative liquidity gap occurred in periods of 0 to 12 months in 2014 and 2015, which indicates that the bank has a high enough potential for liquidity risk. it is due to the small value of the bank's total assets in fulfilling the obligations that are due in the same period. table 11: liquidity gap mega syariah (in billion idr) year maturity buckets potential risks 0-3 month 3-6 month 6-9 month 9-12 month >1 year 2014 (9.234.574) (14.107) (12.294) 6.048.603 sangat potential 2015 (4.679.809) (16.744) (10.916) 4.884.079 sangat potential 2016 (5.527.453) (4.958) 1.374.863 3.866.642 potential 2017 (5.391.064) (13.173) 1.713.623 4.261.773 potential 2018 (6.167.787) (21.517) 1.550.267 4.906.924 potential 2019 (5.479.070) 1.416.739 4.905.491 potential 2020q 1.288.596 1.305.783 no potential source: data processed in the following years, namely 2016 to 2019, the negative liquidity gap only occurs in the 0 to 6 month period. however, the potential for liquidity risk to be experienced by banks is still relatively high considering the sizeable negative figure. the maturity buckets period of 9 months to more than one year is at a positive level, which indicates that the bank has sufficient total asset value to meet the needs of its maturing obligations. in this period, the potential for liquidity risk experienced by the bank is relatively low. bank muamalat indonesia table 12: liquidity gap bank muamalat indonesia (in billion idr) year maturity buckets potential risks0-3 month 3-6 month 6-9 month 9-12 month >1 year 2014 (40.912.434) (2.529.567) 1.066.048 43.852.762 potential 2015 (39.028.646) (1.017.220) 8.568.348 35.103.489 potential 2016 (41.131.147) (1.691.748) 4.490.111 35.485.018 potential http://journal.uinjkt.ac.id/index.php/iqtishad 332 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 year maturity buckets potential risks0-3 month 3-6 month 6-9 month 9-12 month >1 year 2017 (38.590.363) (2.874.293) 8.092.553 36.712.671 potential 2018 (40.673.811) (1.906.375) 10.491.042 36.286.261 potential 2019 (26.742.842) (585.348) 497.695 26.997.837 potential 2020 (26.554.967) (369.492) 1.258.020 25.923.739 potential source: data processed at bank muamalat indonesia, a negative liquidity gap occurred from 2014 to 2020 in the maturity buckets period of 0 to 6 months. the negative figure for the liquidity gap is relatively high, indicating that banks' potential for liquidity risk is also relatively high. the positive liquidity gap at bank muamalat indonesia occurs in 9 months to more than one year. it also shows that the bank can pay its maturing liabilities with sufficient total asset value. panin dubai syariah bank table 13: liquidity gap panin dubai syariah (in billion idr) year maturity buckets potential risks0-3 month 3-6 month 6-9 month 9-12 month >1 year 2014 (4.674.308) (191.448) 1.409.841 3.450.046 potential 2015 (5.792.573) (195.688) 772.231 5.154.403 potential 2016 (6.506.193) (606.470) 787.778 6.367.846 potential 2017 (7.647.859) (300.454) 1.262.932 5.702.715 potential 2018 (5.438.914) (1.594.892) 1.253.843 5.039.061 potential 2019 (6.185.407) 1.324.669 5.810.197 potential 2020 (5.092.135) 472.553 6.825.768 potential source : data processed the same thing happened to panin dubai syariah bank, where a negative liquidity gap occurred in the 0 to 6 month period from 2014 to 2019. this negative liquidity gap shows that the bank does not have sufficient total asset value to pay its maturing obligations. the magnitude of this negative number indicates the high potential for liquidity risk at the bank. http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 333 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 in 9 months to more than one year, the liquidity gap generated by panin dubai syariah bank is positive. this upbeat number indicates that the bank has sufficient total asset value to pay its maturing liabilities. in this period, the potential for liquidity risk to the bank is low. bri syariah table 14: liquidity gap bri syariah (in billion idr) year maturity buckets potential risks0-3 month 3-6 month 6-9 month 9-12 month >1 year 2014 (14.524.742) 2.293.427 12.924.121 potential 2015 (16.841.248) 2.519.004 15.151.840 potential 2016 (19.453.920) 4.427.085 14.825.348 potential 2017 (23.658.253) 5.896.978 7.434.851 potential 2018 (22.967.318) 4.267.743 18.160.312 potential 2019 (22.833.429) 4.573.664 23.440.391 potential 2020 (40.996.432) 4.411.695 42.723.514 potential source: data processed in bri syariah, a negative liquidity gap occurred in the 2014 to 2020 period in the 0 to 3 month period. even though it only occurs in the short term, the negative figure is considered large, indicating the high potential for liquidity risk. due to the small value of the total assets owned by the bank, it is not sufficient to meet the needs of the due obligations. the positive liquidity gap at bri syariah from 2014 to 2020 occurred in the long-term, namely nine months to more than one year. apart from showing the low potential liquidity risk that occurs, this also shows that most of the assets owned by banks are placed in the long-term period. based on the potential for liquidity risk assessment using the stock-based method and the weighted value of inherent risk, the risk level results at each islamic commercial bank ranged from 2.25 (low) to 2.85 (moderate). the measurement results table shows that bca syariah and bri syariah have the lowest weighting value with the number of 2.25, which indicates that the bank's potential level of liquidity risk is classified as low. banks' financial performance can be useful because http://journal.uinjkt.ac.id/index.php/iqtishad 334 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 banks can maintain ratios following the established safe limits, such as the capital ratio, which has increased. the percentage of financing to third-party funds (fdr) has decreased but is still within safe limits every year (bca syariah, 2019; bri syariah, 2019). this was followed by bank bni syariah, bank syariah mandiri, bank mega syariah, and bank muamalat indonesia, with a weighted value of 2.7. the potential for liquidity risk at the bank is relatively high. however, the bank's financial performance is useful by maintaining the ratio following the established safe limits. table 15: result of measurement bank name potential risks based on measurement stock based flow based bca syariah 2,25 (low) potential bni syariah 2,7 (moderate) potential bank syariah mandiri 2,7 (moderate) potential mega syariah 2,7 (moderate) potential bank muamalat indonesia 2,7 (moderate) potential panin dubai syariah 2,85 (moderate) potential bri syariah 2,25 (low) potential source : data processed the financial performance of bni syariah in 2019 was 18.88%. however, the fdr ratio tends to decline for three periods, namely from 2016 to 2019, where each year is 84.57%, 80.21%, 79.62%, and 74.31%. the same thing happened to the npf ratio, which has decreased every year. in 2019, the npf ratio was 1.44% (bank bni syariah, 2019), the capital ratio of bank syariah mandiri in 2019 touched 16.15%. it successfully reduced the npf ratio to 1.00% in 2019, and the rate of financing to third-party funds is relatively stable, ranging from 77.25% to 81.99% from 2014 to 2019 (bank syariah mandiri, 2019). whereas at bank mega syariah, the financial performance ratio, especially in the capital ratio, decreased from 2016 to 2019, where each year was 23.53%; 22.19%; 20.54%; and 19.96%. the npf ratio in banks also declined but showed improvement until 2018 was successfully reduced to 2.15% and 19.96% in http://journal.uinjkt.ac.id/index.php/iqtishad https://www.bcasyariah.co.id/laporan-tahunan https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 335 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 2019. the fdr ratio is stable and is within a specified safe limit (bank mega syariah, 2019). at bank muamalat indonesia, financial performance ratios are classified as improving. the bank capital ratio in 2019 touched 12.42%. the bank's npf ratio was successfully reduced to 2.58%, which previously in 2014 was classified as high, reaching 4.85%. the npf ratio in 2019 is 4.30%. the fdr ratio at bank muamalat indonesia from 2014 to 2019 was stable, ranging from 73.18% to 99.50% (bank muamalat, 2019). at panin dubai syariah bank, with a risk-weighted figure of 2.85, the potential for liquidity risk at the bank is relatively high. however, the bank's financial performance side is useful by maintaining the ratio by the established safe limits. the financial performance of panin dubai syariah bank is relatively good. the bank capital ratio in 2018 managed to touch 23.15%. in 2019, the npf ratio reached 2.80%, and the fdr ratio was relatively stable, ranging from 86.95% to 96.43% in the 2014 to 2019 period (bank panin dubai syariah, 2019). the flow-based method was a complete result in a negative liquidity gap. a negative liquidity gap indicates that a bank has the potential for liquidity risk due to the number of liabilities that the bank has to pay, but this is not proportional to its total assets' small value. the liquidity gap measures the difference between cash inflows (asset side) and cash outflow (liability side). the essential point of the liquidity gap is the amount of cash needed in a certain period compared to the amount of cash available in the same period. the higher the negative liquidity gap, the greater the liquidity risk faced by the bank. (ikatan bankir indonesia, 2015c). this liquidity condition will determine the strategy to be implemented by the bank, for example, the fund placement strategy, funding strategy, or fund pricing strategy (ikatan bankir indonesia, 2015c). the high potential risk requires banks to carry out risk control by the size or size of the risk and following applicable regulations. this risk control is intended to minimize the risk of causing losses in the future. the application of liquidity risk limits is carried out consistently and relevant to the bank's business, according to the complexity of activities, risk tolerance, product characteristics, historical data, profitability level, and available capital. determination of limits may include, among others: 1) cash flow mismatch limits, both in the short and long term, including cash flows from administrative account positions, 2) concentration limits on assets and liabilities, 3) overnight loan limits, and another liquidity ratio (ikatan bankir indonesia, 2015c). http://journal.uinjkt.ac.id/index.php/iqtishad https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html 336 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 although the measurement of liquidity uses two different methods, the assessment involves several factors that cause liquidity risk: the composition of assets held, liabilities, off-balance-sheet transactions, and funding sources at the bank, called stock-based. the liquidity risk level assessment can also be seen from the liquidity gap between assets and liabilities that mature in a certain period or is known as flow-based. both indicate that the bank can experience liquidity risk because liquidity risk is inherent in islamic commercial banks. however, if the bank is too focused on a high level of liquidity, its profitability can decrease because there is much idle money, or the funds are not used for financing. therefore, liquidity and profitability management must be balanced, and liquidity risk management is an essential concern so that banks avoid bankruptcy conditions. hypothesis testing table 16: model summary sources: data processed the data shows the r square value of 0.103. it means that liquidity has an effect of 10.3%. meanwhile, for the remaining 80.7%, profitability is influenced by other variables outside the study. table 17: anova sources: data processed http://journal.uinjkt.ac.id/index.php/iqtishad aqidah asri suwarsi. liquidity potential analysis of sharia banks using stock-based 337 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 the p-value of 0.575 in the table above is more than the 0.05 significance level. the model describes that simultaneously liquidity did not have an impact on profitability. table 18: coefficients sources: data processed the p-value of l1 (primary liquid and secondary liquid assets/total assets) is 0.154, more than the 0.05 significance level. the p-value of l2 (primary liquid assets and secondary liquid assets/short term funding) is 0.262, more than 0.05. the p-value of l3 (primary liquid assets and secondary liquid assets/non-core funding is 0.425. the p-value of l4 (primary liquid assets/short-term non-core funding) is 0.156. the p-value of l5 (non-core funding/total funding) is 0.804. the p-value of l6 (non-core funding liquid assets/ total productive assets – liquid assets) is 0.320. these results indicate that partially liquidity does not affect profitability. the liquidity ratio is not significant with the roa. the results showed that the liquidity ratio had no significant effect on the profitability of islamic banks. this result supports the previous study that there was no significant impact between liquidity creation and return on average assets (roaa) (sahyouni & wang, 2019). the other study found that liquidity has an insignificant negative impact on banks’ roa and roe (lestari et al., 2021). in other research, liquidity and bank size have no significant effect on the bank's profitability (parvin et al., 2019). banks may fail without having the necessary liquidity and funding to meet http://journal.uinjkt.ac.id/index.php/iqtishad https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html https://ir.bankbsi.co.id/annual_reports.html 338 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 short-term obligations. therefore, banks with higher liquidity ratios have more liquidity and are less prone to weakness. however, having higher liquid assets is usually associated with lower returns. the available money does not generate additional profits for the bank, and a negative relationship is expected (qurban et al., 2021). liquidity and profitability play an essential role in the sustainable development and stability of the bank's financial system. there is an opportunity cost for banks either pursuing to be liquid or profitable. banks that choose liquid will not be profitable and vice versa. so that the implementation of liquidity and profitability regulations is essential to maintain the banks’ health (moussa & boubaker, 2020). the banks must maintain liquidity risk within the safe limits allowed by bank indonesia and the financial services authority (ojk) to remain able to generate optimal profits and not experience liquidity problems. conclusion this research found that bank liquidity has no significant impact on bank profitability. the potential liquidity risk assessment using the stock-based method and the weighted value of inherent risk shows the risk level at each islamic commercial bank ranged from 2.25 (low) to 2.85 (moderate). the flow-based method as a whole result in a negative liquidity gap. a negative liquidity gap indicates that a bank has the potential for liquidity risk due to the number of liabilities that the bank has to pay, but this is not proportional to the small value of the bank's total assets. this high-risk potential requires banks to carry out risk control by the size or size of the risk and applicable regulations. this risk control is intended to minimize risks that cause losses in the future. references afriyeni, a., & susanto, r. 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(2018). pengaruh sektor keuangan bank perkreditan rakyat terhadap perekonomian regional http://journal.uinjkt.ac.id/index.php/iqtishad 342 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22501 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 wilayah sulawesi. kajian ekonomi dan keuangan, 2(1), 15–38. https:// doi.org/10.31685/kek.v2i1.207 umar, m., & sun, g. (2016). determinants of different types of bank liquidity: evidence from brics countries. china finance review international, 6(4), 380–403. https://doi.org/10.1108/cfri-07-2015-0113 http://journal.uinjkt.ac.id/index.php/iqtishad chandra warsito: the image of financial institution as islamic bank 217 the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito1 abstract. the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto. the paper aims to determine the effect of service quality on customer satisfaction, service quality, customer satisfaction and image on customer loyalty, quality of service to the company’s image, to determine the image of financial institutions in mediating the relationship variable quality of service and customer satisfaction on customer loyalty. the samples used were 110 customers and methods of analysis used is structural equation modeling (sem) test results find no significant effect of service quality on customer satisfaction; quality of service loyalty; customer satisfaction on customer loyalty; quality of service to the image of the company; customer satisfaction with the company’s image; and the image of the company loyalty; image of financial institutions pt. bprs bas can be used as a variable relationship mediation variable service quality and customer satisfaction on customer loyalty. keywords: image of financial institutions, satisfaction, quality of service, loyalty. abstrak. gambaran lembaga keuangan sebagai bank syariah terhadap kualitas layanan dan kepuasan konsumen pada loyalitas konsumen di purwokerto. artikel ini bertujuan untuk mengetahui pengaruh kualitas pelayanan terhadap kepuasan nasabah, kualitas pelayanan, kepuasan nasabah dan citra terhadap loyalitas nasabah, kualitas pelayanan terhadap citra perusahaan, serta untuk mengetahui citra lembaga keuangan dalam memediasi hubungan variabel kualitas pelayanan dan kepuasan nasabah terhadap loyalitas nasabah. sampel yang digunakan adalah 110 nasabah dan metode analisis yang digunakan adalah structural equation modelling (sem). hasil pengujian menemukan ada pengaruh signifikan dari kualitas pelayanan terhadap kepuasan konsumen; kualitas pelayanan terhadap loyalitas; kepuasan konsumen terhadap loyalitas konsumen; kualitas pelayanan terhadap terhadap citra perusahaan; kepuasan konsumen terhadap citra perusahaan; dan citra perusahaan terhadap loyalitas; citra lembaga keuangan pt. bprs bas dapat digunakan sebagai variabel pemediasi hubungan variabel kualitas pelayanan dan kepuasan nasabah terhadap loyalitas nasabah. kata kunci: gambaran lembaga keuangan, kepuasan, kualitas layanan, loyalitas first draft: february, 3rd 2015, revision: march, 10th 2015, accepted: april, 2nd 2015 1 iain purwokerto. jl. jenderal ahmad yani, purwokerto, central java, indonesia email: warsitochandra@yahoo.co.id al-iqtishad: vol. vii no. 2, juli 2015 218 introduction high competition in the banking industry is not directly force the banking company to adjust with the phenomena occurring in the community. to be able to win the competition, the banking industry is currently vying to improve service to its customers, all of which are intended to increase customer satisfaction. every banking company is required to deliver maximum performance to customers, because of the positive or negative a service company is highly dependent on the assessment of the community to get such services. the better the service provided is of a bank, the higher the likelihood of the trust of customers to obtain services that are offered, which in turn is able to realize customer loyalty. the image of the company is one of the factors used to build customer loyalty. the image is a reality in which the program development and improvement of the image based on the fact. if the image does not correspond with reality and good performance then it is an error in communication company. a good image is indicative of the company’s success in providing services capable of satisfying its customers (arafah, 2004). efforts to establish the company in the long term can also be done by increasing customer satisfaction. customer satisfaction can be achieved if the company is able to realize the expectations of customers. the achievement of the expectations on the customer will give effect customers to stay afloat and not move to another company. especially on emotionally, customers have a special affinity with the personnel in the company, it will facilitate relations between companies and customers. the relationship with the customer will make a customer more loyal to the company. the high customer interest in a variety of islamic banking transactions led idea in the banking business people to establish bpr of sharia and one that stands in purwokerto is pt. bprs bas (bina amanah satria). in its activities, pt. bprs bas (bina amanah satria) operates sharia. there are islamic financial institutions in purwokerto, providing a wide range of alternative transactions, all of which is done by sharia. for that, pt. bprs bas (bina amanah satria) need to create the image that customers easily identify and easy to remember if society requires banking transactions. the existence of image appearance on banking company raises an open competition between banks. high competition in the islamic banking business, making companies need to prepare themselves with better service to make customers feel satisfied with the services provided. enhancing the quality of service was done to the satisfaction of customers so that customers remain loyal with company. quality of care is influenced by two factors, namely the expected service and chandra warsito: the image of financial institution as islamic bank 219 perceived service (tjiptono, 2001). suitability of service received by customers in the hope, perceived good and satisfactory, if the ideal is said to exceed customer expectations, and vice versa if the received lower than expected will be badly perceived by customers (kotler, 1999). zeithaml, et all, (in tjiptono, 2001) states that the customer expectation is customer confidence before buying a product which that used as a standard in assessing the performance of product. services can be given a firm, if the customer comes transaction. and transactions can occur if the customer comes and want to take advantage of all the financial services offered. for this reason, companies need to instill a good image in the minds of customers so that they would come and perform transactions with the company. image is an important part of marketing management, where the image is built and associated with a habit, lifestyle, benefits, product attributes, geography, price, competitors, celebrities and others (durianto, 2001). the strength of company’s image is very important to be maintained and improved, with the purpose of attracting the hearts of borrowers and customers, so the debtor and customers are satisfied with the services of the company. pt. bprs bas (bina amanah satria) as one of the sharia institution, always strive to provide the best service to borrowers and customers, with the goal of giving satisfaction with the services provided. satisfaction is the perception of one’s feelings after comparing the performance with expectations (kotler, in tjiptono, 2000). satisfaction or dissatisfaction of customers occurs after an evaluation of the expectations of customers prior to the actual performance that is felt after use (tse and wilton in tjiptono, 2001). it is important to be achieved by the service company, is the satisfaction both by customers and debtors. the problem that arises is, all companies raced to give satisfaction to customers and debtors. each company sets the strategy and policy to build relationships with customers. various attempts were made so that the company can interact with clients and debtors investigate and analyze their needs, using technology, to improve service and sales (maryono, 2007). literature review customer loyalty is important for any company, because loyalty reflects the positive perception of customer against the company. loyalty is the attitude shown in determining the choice of customers continues to use the products or services offered by the company. attitude determines the attitude, led commitment of customers to re-purchase or obtain the services offered on the company (foster al-iqtishad: vol. vii no. 2, juli 2015 220 and cadogan, 2000). thus the meaning of loyalty is loyalty of customers to make repeat purchases over the same services from one company and attitude would tell the others and be a deterrent from many competitors who entered. it also shows the loyalty of customers is a factor that determines the success of the company. quality of service is an effort to fulfill the needs and desires of customers and determination to deliver and offset expectations of customers (tjiptono, 2000). there are two main factors that affect the quality of the service; the expected service and perceived service (parasuraman, in tjiptono, 2000). if the perceived service as expected, then the perceived service quality is good and satisfying. if the services received exceed customer expectations, then the quality of service perceived as the ideal quality. conversely, if the services received is lower than what is expected, then the perceived poor quality of services. customer satisfaction is defined as a decision on the basis of a specific services meeting (bolton and, 1991; cronin and taylor, 1992 in nha nguyen and gaston leblanc, 1998). this is in accordance with the opinion of oliver’s (1981 nha nguyen and gaston leblanc, 1998) which looked at satisfaction as an emotional reaction that affects attitudes. based on this perspective, cronin and taylor (1994 in nha nguyen and gaston leblanc, 1998) say that customer satisfaction should be limited to the quality of services and transaction decisions specific to long-term attitude, resulting in a cumulative effect that the satisfaction of services should be directed to the evaluation of the quality of services global from time to time (parasuraman et al., 1994 in nha nguyen and gaston leblanc, 1998). of the opinions mentioned above, according to the researchers, satisfaction was preceded by the quality of services (bolton and, 1991 in nha nguyen and gaston leblanc, 1998). teh (1993) in nha nguyen and gaston leblanc, 1998) in his research concluded that quality and customer satisfaction, both tested based on a global perspective that specific transaction. evaluation of satisfaction associated with the value (zeithaml, 1988 in nha nguyen and gaston leblanc, 1998), re-purchase (oliver and goose, 1989 in nha nguyen and gaston leblanc, 1998), as well as customer loyalty towards the company (kasper, 1988 in nha nguyen and gaston leblanc, 1998). fornell (1992) in nha nguyen and gaston leblanc, 1998), in his study that while the quality and customer satisfaction are important for all companies, but the satisfaction becomes even more important because it will give the faithful, especially in companies such as banks, insurance, orders per post, and transportation. satisfaction and customer dissatisfaction is the customer response to the discrepancy evaluation/ perceived disconfirmation between prior expectations (or other performance norms) and the actual performance of the product that is felt chandra warsito: the image of financial institution as islamic bank 221 after use (tjiptono, 2005). many corporate image definition found in the literature of psychology and marketing. image has been described from the knowledge of the relationship (boulding, 1956 in nha nguyen and gaston leblanc, 1998); the image is an attitude (hirschman et al., 1978 in nha nguyen and gaston leblanc, 1998), and a combination of product characteristics from a product known (erickson et al., 1984 in nha nguyen and gaston leblanc, 1998). imagery is the overall impression left on the mind of customer (zimmer and golden, 1988 in nha nguyen and gaston leblanc, 1998). various factors inherent in the image are tradition, ideology, company name, reputation, price levels, variations in services, and the quality that communicated by every person who interacts with a service company. another aspect of the image forming is corporate identity, quality and level of advertising and the delivery system also serves to build the image. the image is a procedure that associated with the ideas, feelings and previous experience with an organization that stored in memory and transformed into a sense based on the category (mcinnis and price (1987) in nha nguyen and gaston leblanc, 1998), with yuille and catchpole (1977 in nha nguyen and gaston leblanc, 1998). two main components of image are known by emotionally and functionally (kennedy, 1977 in nha nguyen and gaston leblanc, 1998). functional components associated with cues that can be measured easily, being the emotional component associated with psychological stated with feeling and attitude. to form the image in minds of customers, the company did it through a particular symbol, where it is able to demonstrate a certain image. in the form of customer, the image is described as being stored in memory from the general impression through the evaluation of highly detailed objects associated with personal values. results of research conducted by nha nguyen and gaston leblanc (1998) concluded that service quality positively and significantly related to customer satisfaction. research conducted by wong and sohal (2003) also concluded that the quality of services directly influence the trust and loyalty of customers. research on quality of service with loyalty conducted by bloemer et al (1998) concluded that there are significant of quality perception to the satisfaction. satisfaction is the result of a customer overall evaluation to the product or services obtained after comparison with similar products from competing companies, where there is a match between performance and expectations. research conducted by ball et al (2006) on service and customer loyalty. from this study, it can be seen that the quality of service is not directly affect the loyalty through customer al-iqtishad: vol. vii no. 2, juli 2015 222 satisfaction. nha nguyen and gaston leblanc (1998) concluded that customer satisfaction has a positive and significant effect on loyalty. jay kandampully and dwi suhartanto (2000) concluded that customer satisfaction with the reception, food and beverage, and price has no effect on customer loyalty. while ball et al (2004) in his study found that the image has an effect on loyalty and customer satisfaction, perceived value affects customer satisfaction. while the research conducted by nha nguyen and gaston leblanc (1998) concluded that the image of company has a positive and significant effect on loyalty. increased customer satisfaction can be done by improving the image of company. the company will have a strong image if customers believe that they are the higher value when they transact with the company (bloemer at al (1998)). research conducted by brunner et al (in bloemer at al (1998)) conclude that the image effect on customer satisfaction. bloemer et al (1998) in his study conclude that there is a significant positive relationship between the variables studied, namely image, service quality and satisfaction. this shows that satisfaction is influenced by many factors, including customer satisfaction and corporate image. research conducted by caruana (2002) concluded that service quality affects customer satisfaction but has no effect on customer loyalty. from the above, it is known that the quality of service also has a very important role in influencing loyalty, in addition to variables of customer satisfaction and corporate image. methods this study is conducted on customers of pt. bprs bas purwokerto. the sample size is adjusted by the method of analysis, namely structural equation modeling (sem) which is five times the number of items of research (ferdinand, 2005). in this study there are 19 items, so that the minimum sample size is 95 respondents. under these provisions, the sampling method used is simple random sampling, which took some part of the population sampled randomly for the study, namely all the customers who are customers of pt. bprs bas purwokerto. figure 1. the research model satisfaction service quality image loyalty h1 h2 h3 h7 h4 h5 h6 chandra warsito: the image of financial institution as islamic bank 223 the hypothesis on this research are below: h1: service quality has a significant influence on customer satisfaction h2: the quality of service has a significant influence on customer loyalty h3: customer satisfaction has a significant influence on customer loyalty h4: the quality of service affects the image of the company h5: customer satisfaction affects the company’s image h6: corporate image effect on loyalty h7: the image of the financial institution pt. bprs bas mediates the relationship variable of service quality and customer satisfaction on customer loyalty discussion fitness model tests conducted by the goodness of fit criteria include goodness of fit : chi -square , probability , rmsea , cmin / df, gfi, agfi, tli, cfi and df. the results of test calculations fitness statistical model can be seen in table 1 below. table 1. feasibility index testing the structural equation modeling model goodness of fit index cut-of value result model evaluation c2-chi-square 174,907 188,666 good significancy probability ≥ 0.05 0,052 good rmsea ≤ 0.08 0,043 good gfi ≥ 0.90 0,859 marginal agfi ≥ 0.90 0,816 marginal cmin/df ≤ 2.00 1,198 good tli ≥ 0.95 0,976 good cfi ≥ 0.95 0,972 good one of the test equipment to measure the overall fit is the likelihood ratio chi-square statistic. the model was tested to be considered good or satisfactory when chi square value is low . the smaller the value the better the chi square and the model was accepted by the probability of the cut of the value of p > 0.05 (hulland in ferdinand , 2000) . in this study, chi square value obtained is equal to 188.666 with a value of p = 0.052 . it can be concluded that the model in this study include a good model or structural models generated showed the best model . the root mean square error of approximation (rmsea) values less than or equal to 0.08 is an index to the acceptability of the model showed a close fit of the model was based on the degress of freedoom (brown & cudeck in ferdinand, 2000). based on this study rmsea value obtained is equal to 0.043. thus, it al-iqtishad: vol. vii no. 2, juli 2015 224 includes a very good fit because its rmsea values less than 0.08. goodness of fit index (gfi) value generated in this study was 0.859. this value is smaller than 0.90 so including marginal figure. next, we try to examine the adjusted goodness of fit index (agfi). recommended level of acceptance is when agfi has a value equal to or greater than 0.90. agfi’s value generated in this study is 0.816. this value is smaller than 0.90 so including marginal. tucker lewis index (tli) is an alternative incremental fit index which compares a model that is tested against a baseline model (baumgartner and homburg, 1996) in ferdinand, 2000). value is very close to 1 or more than 0.95 indicates a very good fit (arbuckle, 1997) in ferdinand, 2000; 57). tli values generated in this study was 0,972. comparative fit index (cfi), the magnitude of this index is in the range of values of 0 (poor fit) up to 1.0 (perfect fit). value greater or equal to 0.95 indicates the highest level of fit a very good fit (arbuckle, 1997 in ferdinand, 2000). cfi value generated in this study was 0,972. this value is greater than 0.95, thus including a very good fit. the magnitude of the comparative fit index is in the range of values of 0 ( poor fit ) up to 1.0 ( perfect fit ). value greater or equal to 0.95 indicates the highest level of fit a very good fit (arbuckle , 1997 in ferdinand , 2000). cfi value generated in this study was 0,972 . this value is greater than 0.95, thus including a very good fit. the results of structural equation modeling analysis processing (sem) can be seen in figure 2 and table 2. table 1. results of structural equation modeling analysis variable 1 variable 2 estimate s.e. c.r. p customer satisfaction service quality 0.458 0.138 4.108 0,000 image service quality 0.350 0.146 3.399 0,000 image customer satisfaction 0.474 0.126 4.307 0,000 loyalty service quality 0.224 0.155 2.082 0.037 loyalty customer satisfaction 0.243 0.139 2.031 0.042 loyalty image 0.359 0.135 2.706 0.007 based on table 1 it can be seen the results of the analysis of structural equation modeling (sem). value estimate coefficients listed in table 1 are standardized coefficient or standardized regression coefficient, which is also called path coefficients. in the discussion of the research hypothesis testing used this path coefficients. the value of the standard error, the value of the critical ratio (cr) and the p-value equal between the standardized and unstandardized regression coefficient. chandra warsito: the image of financial institution as islamic bank 225 figure 2. results of structural equation modeling analysis based on table 1 can be made to the substructure structural equation 1 as follows : customer satisfaction = 0.458 quality of service + z1 image = 0.350 service quality +0.474 customer satisfaction + z2 loyalty = 0.224 service quality +0.243 customer satisfaction + 0.359 image + z3 based on the result above, we can explained as: firts, impact of service quality on customer satisfaction. the estimated value of the variable path coefficient of service quality on customer satisfaction by 0.458. this indicates variable service quality has a positive effect on customer satisfaction, which is the better quality of service it will result in increased customer satisfaction. based on the obtained value significance test p = 0.000. this means that there is a positive and significant impact on the quality of service to customer satisfaction. second, impact of service quality and customer satisfaction to image. the estimated value of the variable path coefficient of service quality to the image of 0.350. this indicates the variable quality of service has a positive influence on the image, better the quality of service it will result in better image. based on the obtained significance test p = 0.000. this means that there is a positive and al-iqtishad: vol. vii no. 2, juli 2015 226 significant effect of the variable quality of service to the image.the estimated value of customer satisfaction variables path coefficient of 0.474 on the image. this indicates variable customer satisfaction has a positive influence on the image, ie the better the customer satisfaction will result in better image. based on the obtained significance test p = 0.000. this means that there is a positive and significant impact of customer satisfaction on the image. third, impact of service quality, customer satisfaction and loyalty image. the estimated value of the variable path coefficient quality of service to the loyalty of 0.224. this indicates the variable quality of service has a positive influence on loyalty, ie the better the quality of service it will result in stronger loyalty. based on the obtained significance test p = 0.037. this means that there is a positive and significant impact on the quality of service to loyalty. the estimated value of the variable path coefficient customer satisfaction to loyalty of 0,243. this indicates variable customer satisfaction has a positive influence on loyalty, customer satisfaction is the better it will result in stronger loyalty. based on the obtained significance test p = 0.042. this means that there is a positive and significant impact of customer satisfaction on loyalty. the estimated value of the image variable path coefficient of 0.359 loyalty. this shows the image variable has a positive influence on loyalty, ie the better the image will result in stronger loyalty. based on the obtained significance test p = 0.007. this means that there is a positive and significant impact on the image of loyalty. fourth, image of financial institutions pt bpr bas mediates the relationship of ariable quality customer service and satisfaction on customer loyalty. testing mediation conducted by sobel test. sobel test results can be seen in table e. table 3. test results sobel no variable relationship t tast t table information 1 service qualityimage loyalty 1.7149 1.9822 no mediation 2 customer satisfaction -image loyalty 2.1221 1.9822 mediation according to the table 3 can be known image can not mediate the relationship between the variables of service quality and loyalty. however, variable image can mediate the relationship between the variables of satisfaction and loyalty. this suggests a significant influence indirectly from satisfaction to loyalty through imagery. chandra warsito: the image of financial institution as islamic bank 227 conclusion based on the results of testing the effect of service quality on customer satisfaction can be concluded that: first, there is a positive and significant effect of the variable quality of service to customer satisfaction. second, there is a positive and significant effect of the variable quality of service loyalty. third, there is a positive and significant effect of customer satisfaction on customer loyalty. fourth, service quality affect the company’s image. fifth, consumer satisfaction influence the corporate image. sixth, corporate image effect on loyalty. from this research, customer satisfaction can be improved with everything possible to improve service quality include increasing physical form (tangible), empathy, reliability of service, responsiveness and customer assurance provision for all transactions carried out in islamic rural bank. increased loyalty can also be enhanced by improving the satisfaction and fulfillment guarantees satisfaction with the services rendered. the company is expected to meet the wishes of customers, providing overall satisfaction in line with expectations. and to instill a positive image to the customer, the company can do to improve the quality of service for customer satisfaction. although the image of financial institution pt. bprs bas can’t be a variable liaison, but it can serve as a liaison customer satisfaction on customer loyalty. this shows that customer satisfaction has a stronger effect in enhancing the image and loyalty compared to quality of service. references anderson, e.w. et.al. 1994. customer satisfaction, market share and profitability: finding from sweden. journal of 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service quality and customer loyalty perspectives on two levels of retail relationships. journal of services marketing volume 17 number 5 2003, pp. 495-513 wong & sohal. 2006. understanding the quality of relationships in customer services. a studi in retail environment. international journal of quality & reliability management vol. 23 no. 3, 2006, pp. 244-264 al-iqtishad journal of islamic economics volume vii (2), july 2015 the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorporation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. editor in chief m. nur rianto al arif vice editor maman rahman hakim sofyan rizal a. chairul hadi languange editor ummi kultsum layout and typesetting farhan mustofa secretariat ahmad sumedi fitriadi reviewer muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) asep saepudin jahar (uin syarif hidayatullah jakarta) amiur nuruddin (iain sumatera utara) didin hafidudhin (universitas ibn khaldun) djoni hartono (universitas indonesia) ahmad hidayat buang (universiti malaya malaysia) margareth gfrerer (daad, germany) ahmad mujahiddin (uin suska riau) md. sujimon (kolej pengajian islam johor malaysia) ashraf md hasyim (isra, malaysia) abdurrahman haqqi (universitas islam brunei) m. hudaib (adam smith business school, glasgow univ.uk) editorial office faculty of shariah and law syarif hidayatullah state islamic university jakarta jl. ir. h. juanda 95, ciputat, south tangerang, banten -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id; email: editor.iqtishad@yahoo.com content 141 the impact of financial liberalization on islamic banks’s efficiency in indonesia wiwiek rabiatul adawiyah 151 effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java rachmad hidayat, sabarudin akhmad, machmud 165 peer group effects on moslem consumer’s decision to purchase halallabeled cosmetics muniaty aisyah 181 the intellectural capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih 197 capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi 207 the effect of productive zakah mentoring on the wealth of mustahik rizky andriati & nurul huda 217 the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito 229 financial ratio and its influence to profitability in islamic banks erika amelia 241 human resources development of sharia banking: phenomenological approach burhanuddin yusuf 251 application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal any setianingrum wiwiek rabiatul adawiyah: the impact of financial liberalization 141 the impact of financial liberalization on islamic bank’s efficiency in indonesia wiwiek rabiatul adawiyah1 abstract. the impact of financial liberalization on islamic bank’s efficiency in indonesia. the aim of this research is analyze the state of efficiency demonstrated by foreign banks, as aggressor, as compared to that of the local banks – government banks and islamic banks during the period 2009-2012. data envelopment analysis (dea) with intermediation approach is used as the main tool of analysis. input variable chosen are deposit, asset, and personnel expenses. meanwhile loan and income are chosen as output variable. to find out the difference of efficiency between foreign banks and islamic banks, this study use parametric different test of independent sample t-test. the study indicates that foreign banks are less efficient if compared to the local banks, especially islamic banks and sharia business units. it is also evidenced that there is no significant difference between the efficiency of foreign and islamic banks during the period 2009-2012. keywords : efficiency, data envelopment analysis, foreign banks, islamic banks abstrak. dampak liberalisasi keuangan terhadap efisiensi bank syariah di indonesia. tujuan dari penelitian ini adalah menganalisis tingkat efisiensi bank asing, sebagai agresor, dibandingkan dengan bank lokal bank pemerintah dan bank syariah selama periode 2009-2012. teknik analisis menggunakan data envelopment analysis (dea). variabel input yang dipilih adalah deposito, aset, dan biaya gaji. sementara pinjaman dan pendapatan dipilih sebagai variabel output. untuk mengetahui perbedaan efisiensi antara bank asing dan bank syariah, studi ini menggunakan uji beda parametrik independent sample t-test. hasil penelitian menunjukkan bahwa tingkat efisiensi bank asing tidak lebih tinggi jika dibandingkan dengan bank lokal, khususnya bank islam dan unit usaha syariah. penelitian ini juga membuktikan bahwa tidak ada perbedaan yang signifikan antara efisiensi bank asing dan islam selama periode 20092012. kata kunci: efisiensi, analisis dea, bank asing, bank syariah first draft: january, 10th 2015, revision: february, 27th 2015, accepted: march, 20th 2015 1faculty of economics and business university of jenderal soedirman. jl. prof. dr. h.r. boenyamin no. 709, grendeng purwokerto 53122 email: wiwiekra@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 142 introduction increase in foreign participation in the financial sector of emerging market brings benefits the host countries in the form of better technology and financial systems as well as from increased competition stimulated by new entrants. does foreign banks always prominent? claessens et al (2001) highlights that foreign banks earn greater profits than domestic banks in developing countries, but the opposite in developed countries, because foreign banks adopt better technology compared to banks in the developing countries. the banking system plays an important role in the economic development of any countries. as intermediary institutions, banking industries are required to have good performance (sutawijaya and lestari, 2009). among successful indicators of bank performance is efficiency which refers to a measure of the deviation between actual performance and desired performance (mester, 2003). as a consequence, a bank should minimize waste and eliminate unnecessary operational costs in order to be efficient. managements of banks are aiming at rigorously cut costs in order to improve efficiency and ultimately profitability. efficiency brings benefits in the form of positive spread (karimzadeh, 2012). thus it is a kind of survival strategy for financial institution in today’s nogrowth worlds. the measurement of economic efficiency lies on determining the extent of technical and possibly allocative efficiency in an organization. efficiency can be measured using parametric approaches and non-parametric approach (deb, 2012). the parametric technique uses a pre-specified functional form for efficiency frontier, which may result in an inaccurate efficiency measurement (berger and humphrey, 1997). economists have employed frontier efficiency measurement techniques to measure the productive performance of banks. frontier efficiency measurement techniques use a production possibility frontier to map a locus of potentially technically efficient output. this study employs the non-parametric frontier method, data envelopment analysis (dea) to examine whether the foreign banks are relatively more efficient than the islamic banks. the empirical results reveal that increasing foreign bank entry is associated with increasing profitability, growing overhead expenses and rising non-performing loans in indian public sector banks (kalluru and bhat, 2009). therefore, it is interest to investigate whether that condition will be happened as well as to the state-owned banks, and especially islamic banks (bus) and sharia business units (uus) in indonesia. the purpose of this study is to analyze the state of efficiency demonstrated by foreign banks compared to the local banks, which are government banks and islamic banks. evan, hofler and payne (2006) state that foreign banks have substantially better efficiency scores than all categories of domestic banks. other researcher also wiwiek rabiatul adawiyah: the impact of financial liberalization 143 examined that foreign banks are more efficient than the local banks in developing countries, and the foreign bank entry has a rather negative impact on the local bank efficiency (see fathi, 2010). however, different researcher finds that foreign banks are not more efficient than islamic banks (see saif and yaseen, 2005, sufian and habibullah, 2010). to fill the research gap, this study examines to test theory related to banks’ efficiency in foreign banks and islamic banks. literature review dea is a popular technique to evaluate bank efficiency performance and productivity improvement which combining all input and output data of the bank in a single measures (deb, 2012). therefore, the dea efficiency score for a specific firm is defined not by an absolute standard but is relative to the other firms under considerations (tahir et al, 2009). the efficiency of the banking technique is measured by calculating the ratio between output and input. dea will calculate banks using n inputs to produce outputs of different m (miller and noulas, 1996 in sutawijaya and lestari, 2009). bank efficiency is measured as follows: dea assumes that each dmu will have weight that maximize of efficiency ratio (maximize total weighted output/total weighted input) (muharam and pusvitasari, 2007). assumption of this efficiency ratio made dea research is using orientation output in calculating efficiency technique, but both of these assumptions would have obtained the same results ( sutawijaya and lestari, 2009: 58). an dmu can be said as efficient relatively if it dual value equal to 1 (efficiency value of 100 percent). contrarily when the dual value is less than 1, then dmu is considered not efficient relatively (experiencing inefficient) (silkman, 1986; nugroho, 1995 in huri and susilowati, 2004). measurement model engineering approach banks on the assumption frontier is divided into two types, namely (sutawijaya and lestari, 2009): first, dea ccr model ( charnes cooper rhodes , 1978). the assumption that is used in this model is constant return to scale (crs). some linear program transformed into ordinary linear program in term of primal or dual, as follows: maximization: al-iqtishad: vol. vii no. 2, juli 2015 144 function limitations and constraints: the efficiency of each bank is calculated using linier program to maximize the amount of output that weighted from the s bank. constraints weighted sum of inputs must be equal to one for s banks, while constraints for all banks are weighted output minus the weighted sum of inputs must be less or equal to 0. this means that all banks will be in or under reference of frontier performance which is straight line that cuts axis origin (insukirdo in sutawijaya and lestari, 2009). second, bcc dea models (bankers, charnes and cooper, 1984). the assumption that is used in this model is variable return to scale (vrs). some linear program transformed into ordinary linear program in term of primal or dual, as follows: maximization function limitations and constraints: where uo can be a positive or negative value. banker, charnes and cooper with the method of variable returns to scale (vrs) finally is known as ccr model (charnes-cooper-rhodes) and bcc (banker-charnes-cooper) (amrillah, 2010). ccr assumes the existence of crs. the mean of assumption crs is that the proportional changes at all levels of the input will produces the same proportional change in the output level. meanwhile, bcc assumes the existence of vrs. the mean of vrs assumption is that all the units that will produce measurable changes at various levels of output and the assumption that the scale can affect the efficiency of production. in this study will only use the input orientation approach assuming crs, because the approach of wiwiek rabiatul adawiyah: the impact of financial liberalization 145 input orientation to find out how much reduction in inputs that to be done by the dmus that have poor performance for improving its performance. determining input-output which are used to calculate efficiency is one of important phases either when using parametric method or non parametric method. input variable is the one which if increases, the other factors being constant, the efficiency unit would decreases and if decreases, the efficiency would increase and output variable is the one which if increases, the other things being equal, the efficiency would increase and vice versa (nia et al, 2012). in conducting analysis of banks’ efficiency, there are five main approaches for defining inputs and outputs, namely: the production approach, the intermediation approach, the operational approach, the profitability approach and the modern approach (nia et al, 2012). since the intermediation approach has been used extensively in determining the inputs and outputs of the bank industry, therefore this study adopts this approach. the intermediation approach accounts for the cost of resources used and price (value) of outputs produced (cook, et al, 2000). intermediation approach constitutes a better instrument to study efficiency, and gives a more accurate image of how efficiently a bank is using its resources to generate profit berger and humphrey 1997, taylor et al, 1998 in cook, et al, 2000). methods data employed in this research was secondary data consisted of deposit, asset, personnel expense, loan and income of foreign banks, state-owned banks, islamic banks and sharia business units in indonesia. this secondary data were obtained by using observation method on the financial statement of those banks during the observation period in 2009-2012. the source of data obtained from official website bank of indonesia www.bi.go.id. the populations used in this research are the foreign banks and islamic banks in indonesia. the sample of this research is chosen by using purposive sampling method with the following criteria: first, foreign banks, state-owned banks, islamic banks and sharia business units listed in bank of indonesia during the period of 2009-2012. second, banks provide financial statements during the period 20092012. the analysis technique used is descriptive and comparative methods. the data analysis method of this research is data envelopment analysis (dea) using banxia frontier software. thus, three inputs under the intermediation approach: deposit, assets, personnel expenses and two outputs: loan and income are utilized to investigate efficiency of foreign banks and islamic banks. al-iqtishad: vol. vii no. 2, juli 2015 146 discussion a unit (bank) said to be efficient if it obtained a score of 100 percent. banks with 100 percent efficiency rate is said to be efficient. furthermore, the most efficient banks will become a benchmark for other units. according to the result of calculation dea analysis with constant return to scale (crs) assumption by using banxia frontier software, it can be concluded that from the total of ten foreign banks as sample, only four foreign banks that can achieve efficiency score of 100 percent in 2009. meanwhile, foreign banks are not efficient but have efficiency scores above average in 2009 was citibank and deutsche bank with the efficiency of each bank is equal to 99.2 percent and 98.6 percent. however, the efficiency score of foreign banks in 2010 declined, which only two foreign banks was perfectly efficient. while inefficient foreign banks but have efficiency scores above average in 2010 were the bank of china limited (98.1 percent), citibank (94.6 percent), and the bank of tokyo mitsubishi ufj (99.2 percent). in 2010 foreign banks that concluded inefficient was bank of america, deutsche bank ag., standard chartered bank, hongkong & shanghai banking, and the royal bank of scotland. in 2011, only two foreign banks can achieve efficiency score of 100 percent, which were deutsche bank ag and the bangkok bank comp. ltd. then the bank with the lowest efficiency score in 2011 was the royal bank of scotland. in 2012, the most efficient foreign bank is deutsche bank, jp morgan chase bank, the bangkok bank comp. ltd. and the hongkong & shanghai banking. it can be concluded that foreign bank that can maintain the efficiency score of 100 percent during 2009-2012 was the bangkok bank comp. ltd. table 1. efficiency scores of foreign banks during 2009-2012 no bank efficiency % 2009 2010 2011 2012 1 bank of america n.a 36.9 41.7 36.6 42.4 2 bank of china limited 49.7 98.1 78.9 62.6 3 citibank n.a 99.2 94.6 79.1 86.0 4 deutsche bank ag 98.6 44.9 100.0 100.0 5 jp. morgan chase bank, n.a. 100.0 100.0 26.0 100.0 6 standard chartered bank 69.8 72.5 63.7 87.9 7 the bangkok bank comp. ltd. 100.0 100.0 100.0 100.0 8 the bank of tokyo mitsubishi ufj 100.0 99.2 92.0 96.0 9 the hongkong & shanghai banking 75.3 78.2 89.6 100.0 10 the royal bank of scotland 100.0 49.2 25.8 57.6 source: data processed by banxia frontier software wiwiek rabiatul adawiyah: the impact of financial liberalization 147 in table 2., it explains that efficiency scores of foreign banks compared to the islamic banks (bus) and sharia business units (uus). islamic banks and sharia business units was the banks that attained efficiency score of 100 percent during 2009-2012. as well as it occured to the bank of america n.a. third level bank that had efficiency score in above average was bank of china limited, which the bank can achieved 95 percent (2009), 98.1 (2010), 100 percent (2012), then 96.9 percent in 2012. the rest of sample had fluctuate efficiency score. table 2. efficiency scores of foreign banks, islamic banks, and sharia business unit during 2009-2012 no bank efficiency % 2009 2010 2011 2012 1 islamic banks and sharia business unit 100.0 100.0 100.0 100.0 2 bank of america n.a 100.0 100.0 100.0 100.0 3 bank of china limited 95.0 98.1 100.0 96.9 4 citibank n.a 82.9 99.3 92.0 96.0 5 deutsche bank ag 70.5 99.2 89.6 75.6 6 jp. morgan chase bank, n.a. 68.3 40.1 79.1 73.3 7 standard chartered bank 64.7 68.0 77.6 73.1 8 the bangkok bank comp. ltd. 58.2 36.4 63.7 61.7 9 the bank of tokyo mitsubishi ufj 38.9 72.5 36.6 61.6 10 the hongkong & shanghai banking 35.2 78.2 26.0 57.6 11 the royal bank of scotland 28.3 49.2 25.8 42.4 source: data processed by banxia frontier software the result of efficiency score of state-owned banks, islamic banks, and sharia business unit during 2009-2012 was most same with table 2. which islamic banks, and sharia business unit can maintain the efficiency score in 100 percent during 2009-2012. while state-owned bank that can be said as perfectly efficient bank is pt bank bni tbk. during 2010-2011, pt bank bri tbk., and pt bank btn tbk. in 2011. the smallest efficiency score was owned by pt bank mandiri tbk amounting to 64.2 percent in 2009. table 3. efficiency scores of state-owned banks, islamic banks, and sharia business unit during 2009-2012 no bank efficieny % 2009 2010 2011 2012 1 islamic banks and sharia business unit 100.0 100.0 100.0 100.0 2 pt bank bni tbk. 74.8 100.0 100.0 93.5 3 pt bank bri tbk. 92.1 86.1 100.0 84.0 al-iqtishad: vol. vii no. 2, juli 2015 148 4 pt bank btn tbk. 98.2 75.5 100.0 77.4 5 pt bank mandiri tbk. 64.2 69.0 84.5 70.7 source: data processed by banxia frontier software based on the results obtained that the perfect efficient banks in 2009-2012 were the bank of tokyo mitsubishi, bus and uus. for inefficient banks but had efficiency scores above average in 2009 was the bangkok bank comp. ltd. (95 percent) and pt. bank btn (93.9 percent). while there was eight inefficient banks in 2009 including deutsche bank, pt. bank mandiri tbk., standard chartered bank, citibank, the hongkong & shanghai banking, pt. bank bni tbk., jp morgan chase bank, and pt. bank bri tbk. for inefficient banks but had efficiency scores above average in 2010 is jp morgan chase bank (99.3 percent), the bank of tokyo mitsubishi ufj (99.2 percent) and pt. bank btn tbk. (99.2 percent). while there ware seven inefficient banks in 2010, including deutsche bank, pt. bank mandiri tbk., citibank, standard chartered bank, pt. bank bni tbk, the hongkong & shanghai banking, and pt. bank bri tbk. perfectly efficient bank in 2011 were deutsche bank, pt. bank bri tbk., the bangkok bank com.ltd., bus and uus. bank that less efficient but had efficiency scores above average in 2011 was the bank of tokyo mitsubishi ufj (92 percent). while inefficient banks in 2010 were jp morgan chase bank, standard chartered bank, pt. bank bni tbk., pt bank mandiri tbk., citibank, pt. bank btn tbk., the hongkong and shanghai banking. for the banks that are less efficient but the level of efficiency was above average were the bank of tokyo mitsubishi ufj (96 percent) and pt. bank btn tbk. (79.2 percent). while there are eight banks, namely citibank, pt. bank mandiri tbk., pt. bank bni tbk., the hongkong & shanghai banking, standard chartered bank, deutsche bank, pt. bank bri tbk., and pt. bank btn tbk. table 4. efficiency scores of foreign banks, state-owned banks, islamic banks, and sharia business unit during 2009-2012 no bank efficiency % 2009 2010 2011 2012 1 islamic banks and sharia business unit 100.0 100.0 100.0 100.0 2 the bank of tokyo mitsubishi ufj 100.0 100.0 100.0 100.0 3 the bangkok bank comp. ltd. 95.0 99.3 100.0 96.9 4 pt bank btn tbk. 93.9 99.2 100.0 96.0 5 pt bank bri tbk. 88.3 99.2 92.0 79.2 6 jp. morgan chase bank, n.a. 82.9 85.1 86.7 78.6 7 pt bank bni tbk. 71.6 78.2 79.9 75.6 8 the hongkong & shanghai banking 70.5 74.7 77.0 73.3 9 citibank n.a 68.3 72.5 76.5 73.1 wiwiek rabiatul adawiyah: the impact of financial liberalization 149 10 standard chartered bank 64.7 68.0 68.4 69.6 11 pt bank mandiri tbk. 61.8 68.0 63.7 65.0 12 deutsche bank ag 58.2 36.4 26.0 61.7 source: data processed by banxia frontier software conclusion dea analysis result is known that the average of efficiency local banks is better than foreign banks. which the first rank is occupied by islamic banks (bus) and sharia business units (uus), state-owned banks and the smallest score is foreign banks. the average of efficiency islamic banks during 2009-2012 is 100 percent. while the average of efficiency state-owned banks, islamic banks (bus) and sharia business units (uus) in sequence are 81.97 percent and 77.26 percent. the result is in line with the previous research that conducted by sufian and habibullah (2010), they states islamic banks currently exist in all parts of the world and it is seen as an alternative system, which has a lot to offer. for foreign banks and local banks are already efficient, in order to maintain its performance by minimizing the input variables at the same time increasing the output variable resulting in productivity, but with due regard to fairness is primarily concerned with the cost of labor input variables. for the banks that have not yet reached an efficiency score of 100 percent are expected to pay more attention to variables that are still not used optimally so as to avoid waste of resources and thus increases the efficiency of the bank. for the indonesian bank regulator and the ojk, to create rules that supports the development of the financial industry, especially islamic finance especially in banking. because islamic banking finance, is a nascent industry in the state of ri that the majority moslem has huge potential. for investors are expected to be able to see bank efficiency as consideration in investing their fund in the banks observed. further research who wants to carry out the similar research is suggested to use dea efficiency analysis with vrs (variable return to scale) so that all units measured will make change at various outputs, which technology and production scale will influence efficiency level. references bank indonesia. 2014. laporan keuangan publikasi bank. retrieved june 20, 2014, from http://www.bi.go.id bank indonesia. 2014. statistik perbankan indonesia. retrieved june 4, 2014, from http://www.bi.go.id berger, a. & d. humphrey. 1997. efficiency of financial institutions: international al-iqtishad: vol. vii no. 2, juli 2015 150 survey and directions for future research. european journal of operational research. 98(5), pp. 175-212. bouzidi, f. 2010. consequences of the foreign bank implantation in developing countries and its impact on the local bank efficiency: theoretical analysis and empirical tests on international data. international journal of economics and finance. 2(5). claessens, s., a. et.al. 2001. how dose foreign entry affect domestic banking markets?. journal of banking and finance, 25, pp. 891-911 cook, w.d. et.al. 2000. financial liberalization and efficiency in tunisian banking industry: dea tests. canada: schulich school of business york university. deb, n. 2012. evaluation of online bank efficiency in bangladesh: a data envelopment analysis (dea) approach. journal of internet banking and commerce, xvii (2). dendawijaya, l. 2005. manajemen perbankan. bogor: ghalia indonesia. evan, k. et.al. 2006. privatization, foreign bank entry and bank efficiency in croatia: a fourier-flexible function stochastic cost frontier analysis. applied economics, 38, pp. 2075–2088. indonesia stock exchange. 2014. laporan keuangan and inan. retrieved may 10, 2014, from www.idx.co.id kalluru, s.r. & sham, b.k. 2009. does foreign bank entry affect operations of domestic banks? a study on indian public sector banks. research scholar, department of economics, pondicherry central university. karimzadeh, m. 2012. efficiency analysis by using data envelop analysis model: evidence from indian banks. international journal of latest trends in finance & economic sciences, ii (3). nia, n.m. et.al. 2012. a comparative profitability efficiency study of private and government banking system in iran applying data envelopment analysis (dea). journal of basic and applied scientific research, 2 (11): pp. 20904304. sutawijaya, a. & e.p. lestari. 2009. efisiensi teknik perbankan indonesia pascakrisis ekonomi: sebuah studi empiris penerapan model dea. jurnal ekonomi pembangunan, 10(1), pp. 49 – 67. tahir, i.m. et.al. 2009. evaluating efficiency of malaysian banks using data envelopment analysis. international journal business and management, 4 (8), pp. 96-106. 01_daftar isi_ok 02_wiwiek_ok handi risza: kritik ilmu ekonomi strukturalis dan islam 251 kritik ilmu ekonomi strukturalis dan islam terhadap ekonomi neoklasikal handi risza1 abstract: the critics of structuralis economics and islam to neo-clasical economy. this reserach proves that in the islamic economic thought and structuralist discourse, the idea of economic and social transform is very strong, in the mean time, there is a lot of criticisms and corrections towards neoclassical economic thought. the idea of transformation is needed to reestablish economic credos and thoughts that put forward moral values and humanitarian system of ethics in the quest of economic justice and prosperity. the conclusion of this paper supports that there is an urgent need of social and economic transformation in order to establish social justice and economic prosperity. the conclusion is also a refutation to the views developed by neoclassical economic thinkers, who based their views on individual interest and free competition to realize prosperity and justice for the society. keyword: economics, neoclassical, structuralis, islam, transformation abstrak: kritik ilmu ekonomi strukturalis dan islam terhadap ekonomi klasikal. penelitian ini membuktikan bahwa dalam wacana pemikiran ekonomi islam dan strukturalis mengenai transformasi ekonomi dan sosial sangat kuat, sementara itu banyak gugatan dan koreksi terhadap paham ekonomi neoklasikal. gagasan transformasi diperlukan untuk menyusun kembali paham ekonomi yang lebih mengedepankan nilai-nilai moral dan etika kemanusiaan, dalam mencapai keadilan dan kesejahteraan. kesimpulan penelitian ini menyatakan bahwa diperlukan sebuah transformasi ekonomi dan sosial dalam rangka menciptakan keadilan ekonomi dan kesejahteraan sosial, sebagaimana yang disampaikan oleh para ekonom muslim dan strukturalis. penelitian ini membantah argumen yang dibangun oleh pemikiran ekonomi neoklasikal yang berbasis kepada pendekatan kepentingan individu dan persaingan bebas dalam menciptakan kesejahteraan dan keadilan bagi masyarakat. kata kunci: ekonomi, neoklasikal, strukturalis, islam, transformasi 1 diterima: 28 maret 2014, direvisi: 5 mei 2014, disetujui: 20 mei 2014 universitas paramadina, the energy tower lantai 22 scbd sudirman jakarta, email: handi@ paramadina.ac.id al-iqtishad: vol. vi no. 2, juli 2014 252 pendahuluan umer chapra (2000) mengungkapkan kegagalan ilmu ekonomi konvensional yang berbasis kepada ekonomi neoklasikal dalam mewujudkan keadilan dan kesejahteraan bagi semua orang. lebih jauh chapra mengungkapkan bahwa, ekonomi konvensional menjauhi pendekatan yang berdasarkan norma, konsentrasinya yang berlebihan pada maksimalisasi kekayaan, pemuasan keinginan serta pemenuhan kebutuhan perorangan. pendekatan ekonomi neoklasikal tersebut, telah memunculkan istilah liberalisasi ekonomi dalam wujud globalisasi ekonomi. kondisi tersebut telah menimbulkan banyak permasalahan dalam perekonomian negara. krisis keuangan yang berujung kepada krisis ekonomi akan menjadi bagian yang tidak terpisahkan dalam perjalanan ilmu ekonomi yang berbasiskan kepada pandangan ekonomi neo-klasikal. seperti yang disampaikan schumpeter (1972), bahwa ilmu ekonomi yang berbasis kepada pencarian kapital semata telah menciptakan suatu kerangka pikiran rasional, telah menghancurkan otoritas moral dan begitu banyak lembaga, pada akhirnya akan menghancurkan ilmu ekonomi itu sendiri. krisis keuangan yang kemudian membesar menjadi krisis ekonomi, telah menjadi masalah besar bagi semua bangsa di dunia. roy davies dan glyn davies dalam bukunnya the history of money from ancient time of present day mengungkapkan bahwa sepanjang abad 20 telah terjadi lebih 20 kali krisis besar yang melanda banyak negara. fakta ini menunjukkan bahwa, secara rata-rata setiap 5 tahun terjadi krisis keuangan hebat yang mengakibatkan penderitaan bagi ratusan juta umat manusia. kondisi ini tentu sangat mengkhawatirkan, oleh sebab itu perlu sebuah koreksi mendasar terhadap sistem ekonomi yang dianut oleh sebagian besar negara-negara didunia dewasa ini. disimpulkan oleh swasono bahwa terdapat lima generasi yang mengusulkan perlunya mengakui the end of laissez-faire yang dilakukan oleh para ekonom baik dari barat maupun yang berasal dari timur. pertama kali oleh tokoh besar john maynard keynes (1926); kedua oleh moh. hatta, karl polanyi (1934 dan 1944); ketiga oleh gunnar myrdal, john kenneth galbraith, francis bator, paul baran dll (19571960); keempat oleh robert kuttner, lester thurow, george soros, josep stiglitz, susan george (1990-2002). intinya adalah bahwa pasar tidaklah selfregulating, tidak self-correcting, penuh market failures, terutama dalam mengatasi ketimpangan struktural. kelima adalah para nobel laureates 2006 (edmund phelps); 2007 (eric maskin, loenid hurwicz, roger myerson); 2008 (paul krugman); 2009 (elinor ostrom dan george akerlof yang mendukung the end of laissez-faire. kritik yang dilontarkan kepada paham neoklasik tidak hanya dilakukan oleh kalangan strukturalis saja, tapi juga dilakukan oleh beberapa ekonom yang handi risza: kritik ilmu ekonomi strukturalis dan islam 253 mengembangkan pemikiran ekonomi islam (islamic economic) diantara tokoh terkemukanya antara lain umer chapra, najetulah siddiqi, khursyd ahmad, dan ekonom islam muda lainnya. walaupun ekonomi islam baru mengalami kebangkitan selama tiga-empat dekade terakhir, setelah tidur panjang selama berabad-abad. ekonomi islam sedang membangun sebuah struktur baru perekonomian dunia, ditengah merosotnya moral para pelaku ekonomi. dari penjelasan diatas terdapat titik temu antara pemikiran ekonomi strukturalis dan ekonomi islam dalam dua substansi pokok permasalahan, yaitu menyelesaikan masalah ketidakadilan sosial dan mengatasi persoalan ketimpanganketimpangan struktural, sebagai masalah sosial-ekonomi yang selama ini muncul. dalam mengatasi kedua substansi pokok tersebut, ekonomi struturalis dan ekonomi islam juga memiliki titik temu yang sangat kuat untuk menyelesaikan, yaitu mengutamakan pendekatan kebersamaan dan kekeluargaan, dalam mengelola perekonomian. dengan demikian, keinginan untuk melakukan transformasi ekonomi dan sosial akan semakin kuat. dari latar belakang masalah yang telah diuraikan di atas, ada beberapa permasalahan yang dapat diidentifikasikan, antara lain: pertama, neoklasikal berkeyakinan bahwa keseimbangan pada pasar bebas akan tercipta dengan sendirinya (invisible hand) dengan membentuk self-regulating dan self-correcting, tanpa campur tangan siapapun. instrument yang digunakan adalah pasar persaingan bebas (free market competition) dimana kekuatan utamanya terletak pada efisiensi dan persiangan bebas (free competition). kondisi inilah yang menyebabkan perilaku kapitalisme ekonomi muncul, karna adanya hegemoni untuk selalu memenangkan persaingan tanpa mengindahkan nilai-nilai moral dan kemanuasiaan. kedua, penguasaan sumber daya ekonomi yang hanya berputar disegelintir orang saja, telah menyebabkan perekonomian terdistorsi kedalam penguasaan sumberdaya ekonomi semata, akibatnya hubungan antar individu, pranata sosial berkurang bahkan menjadi hilang, yang pada akhirnya menimbulkan masalah ekonomi sosial di masyarakat seperti, kemiskinan, pengangguran, ketimpangan struktur dan ketimpangan pendapatan. oleh sebab itu munculnya trasnformasi ekonomi yang digagas oleh ekonom dan tokoh yang beraliran strukturalis dan islam haruslah diapresiasi secara mendalam, keinginan untuk menciptakan sistem ekonomi yang adil dan memberikan kesejahteraan penuh bagi masyarakat adalah sebuah keinginan dan cita-cita mulia. transformasi ekonomi yang digagas haruslah memiliki dampak dan pengaruh yang kuat terhadap sistem ekonomi dan sosial kemasyarakatan. diperlukan kajian, pemikiran yang mendalam dan konsisten agar keinginan dan cita-cita transformasi tersebut bisa berhasil. indonesia memiliki peluang untuk menjadi role model bagi al-iqtishad: vol. vi no. 2, juli 2014 254 negara berkembang, karena sudah memiliki dasar negara yang sejalan dengan citacita dan keinginan transformasi tersebut. kondisi tersebut telah tertuang dalam konstitusi negara yaitu pasal 27, 33 dan 34 uud 1945. metode metode penelitian yang dilakukan dalam penelitian ini, dilakukan dalam beberapa bentuk penelitian, antara lain: 1) studi kepustakaan studi kepustakaan atau studi literatur yang digunakan dalam penelitian ini untuk menghimpun semua pemikiran dan teori yang berkembang dalam ranah ekonomi neo-klasikal, ekonomi strukturalis dan ekonomi islam. semua literatur yang terkumpul kemudian dianalisa dan disusun keterkaitan antara satu paham ekonomi dengan paham ekonomi lainnya. sehingga nantinya akan terlihat hubungan antara teori yang berkembang dengan implikasi yang ditimbulkannya di lapangan. 2) observasi data metode observasi yang digunakan adalah metode yang menggunakan data yang telah tersedia (research with available data), yang diadaptasi dari metode penelitian royce a. singletonbruce c. straith (1999) dan earl babbie (1998). metode penelitian ini dimanfaatkan untuk menganalisis proposisi paradigma dan asumsi dasar dan kebijakan yang ditimbulkan dari paham ekonomi strukturalis dan ekonomi islam dalam menanggapi persoalan pokok ekonomi mengenai ketidakadilan sosial dan ketimpangan struktural yang ditimbulkan oleh kebijakan ekonomi paham neoklasikal. proposisi-proposisi ini nantinya akan diuji validitasnya dalam menjawab permasalahan pokok ekonomi tersebut. pendekatan yang digunakan dalam penelitian ini menggunakan dua pendekatan, yaitu pendekatan sosio-historik dan pendekatan ekonomi politik. adapun penjelasannya adalah sebagai berikut: 1) pendekatan sosio-historik pendekatan sosio-historik digunakan untuk memahami sejarah munculnya paham eonomi neoklasikal. penelitian ini dimulai dengan meneliti karakteristik sistem ekonomi neoklasikal semenjak adam smith dengan karyanya the wealth of nations (1776) hingga mankiw (2010) dengan karyanya the economics theory. meneliti pikiran-pikiran ekonomi strukturalis mulai dari karl polanyi dengan karyanya the great transformation (1957) hingga joseph e. stiglizt dengan karya terakhirnya free fall (2010). handi risza: kritik ilmu ekonomi strukturalis dan islam 255 2) pendekatan ekonomi-politik pendekatan ekonomi politik digunakan untuk melihat implikasi kebijakan yang ditimbulkan dari pemikiran paham ekonomi neo-klasikal. dari persoalan yang timbul, kemudian dianalisa secara mendalam penyebab dan solusi yang seharusnya dilakukan, dengan menggunakan pendekatan paham ekonomi strukturalis dan ekonomi islam. solusi yang dihasilkan akan berdampak secara ekonomi dan politik dalam bentuk kebijakan ekonomi sebuah negara. kritik ekonomi strukturalis dan islam kedudukan ilmu ekonomi sebagai ilmu yang berbasiskan kepada moralitas sesungguhnya telah dimulai oleh adam smith. sebelum menerbitkan bukunya yang sangat terkenal an inquiry into the nature and cause of the wealth of nation pada tahun 1776, smith telah menerbitkan the theory of moral sentiments, pada tahun 1759. dimana smith menggambarkan tentang empati dan kecenderungan cinta kasih kepada masyarakatnya. dalam perjalanannya terjadi perubahan pemikiran yang dilakukan oleh smith, melalui the wealth of nation terlihat inkonsistensi smith yang dikenal sebagai das smith problem (the problem of smith) dalam pandangannya terhadap etika individu dalam aktifitas ekonomi. perubahan pandangan smith tersebut disikapi berbeda oleh para pengikutnya yang di kemudian hari dikenal dengan nama kaum neoklasikal, mereka mengabaikan pemikiran smith yang tertuang dalam buku yang awal the theory of moral sentiments (1759) dan mengedepankan serta merujuk pandangan smith pada buku yang hadir belakangan an inquiry into the nature and cause of the wealth of nation (1776). dalam perkembangan pemikiran kaum neo-klasikal cenderung mengabaikan implikasi asumsi monoutilitas, dengan demikian mengabaikan kenyataan bi-utilitas yang menjadi pokok pikiran dalam buku the theory of moral sentiments. artinya kaum neo-klasikal hanya merujuk kepada satu pemikiran smith semata, sementara sisi lain dari pemikiran smith cenderung diabaikan. dalam perkembangannya gagasan smith dalam the wealth of nation diperbaharui oleh paul samuelson dalam bukunnya economics an introductory analysis. semenjak itu, lebih tepatnya semenjak perang dunia ii ilmu ekonomi yang diajarkan dan diterapkan di seluruh dunia dirintis oleh buku samuelson tersebut. inti ajaran yang dikemukakan oleh samuelson, kemudian dikenal sebagai teori ekonomi neo-klasikal. dengan sangat cepat paham neo-klasikal telah mempengaruhi pengajaran ilmu ekonomi hampir diseluruh negara di dunia, tidak terkecuali di indonesia. neo-klasikal membangun konsep dan pengajaran ilmu ekonominya dengan al-iqtishad: vol. vi no. 2, juli 2014 256 mengedepankan asumsi-asumsi dasar yang bersumber dari pemikiran smith dan secara modern diperbaharui oleh samuelson, yaitu bahwa; (1) keinginan manusia yang bersifat tidak terbatas (2) sumber-sumber ekonomi yang digunakan untuk memenuhi keinginan manusia yang terbatas dan (3) pengejaran akan pemenuhan maksimal kebutuhan individual yang relatif tidak terbatas. dampak dan konsekuensi dari ketiga asumsi dasar itu berkelanjutan dengan suatu anggapan bahwa akhlak dasar manusia adalah bertarung dan saling berebut untuk dirinya sendiri. asumsi dasar inilah yang kemudian melahirkan konsep efisiensi dalam mencapai tujuan tertentu baik dalam bentuk kepuasan pribadi (maximum satisfaction) maupun keuntungan maksimal (maximum profit). pemikiran ilmu ekonomi neo-klasikal kemudian berkembang dengan pesat, dengan fokus kajian yang semakin luas yang menyangkut pembentukan pasar dan manusianya (homo economicus dan invisible hand), dengan pendekatan marginal utility serta keseimbangan umum (general equilibrium). fokus pengajaran ekonomi neo-klasikal adalah bahwa mekanisme pasar persaingan bebas, dengan asumsiasumsi tertentu, selalu menuju keseimbangan dan efisiensi optimal yang baik bagi semua orang, dengan meminimalisir peran dan fungsi regulator dalam hal ini adalah pemerintah. artinya jika pasar dibiarkan bebas, tidak diganggu oleh aturan-aturan pemerintah yang bertujuan baik sekali pun, masyarakat secara keseluruhan akan mencapai kesejahteraan bersama yang optimal, dimana semua orang akan menjadi sejahtera tanpa harus mengorbankan orang lain atau pihak lain. neo-liberalisme merupakan wujud baru dari liberalisme sebagaimana neo-kapitalisme adalah wujud baru dari kapitalisme. dengan memanfaatkan isu globalisasi mereka terus bergerak untuk mengkampanyekan ide dan gagasan tentang liberalisasi ekonomi dalam pasar bebas dan persaingan bebas, jadi bisa dikatakan globalisasi merupakan persemaian baru dari gagasan liberalisme dan kapitalisme ekonomi dengan kata lain menemukan kembali mantelnya yang baru yang lebih radikal. setidaknya terdapat empat faktor yang mempengaruhi dan mengiringi kemunculan neo-liberalisme. pertama, munculnya perusahaan-perusahaan multinasional dengan aset lebih besar dari kekayaan negara-negara kecil di dunia. perusahaan-perusahaan ini mampu menembus batas teritori negara-negara sekaligus memanfaatkan infrastruktur negara tersebut. kedua, munculnya rezim-rezim internasional sebagai surveillance system untuk menjamin negara-negara patuh dan tunduk pada hukum pasar bebas. rezim-rezim itu adalah world trade organization (wto),world bank (wb), dan international monetary fund (imf), ketiga, revolusi teknologi komunikasi dan transportasi yang dahsyat, yang memudahkan bagi para pemilik modal untuk mengetahui perkembangan dan situasi sosial, ekonomi handi risza: kritik ilmu ekonomi strukturalis dan islam 257 dan politik di sebuah negara. keempat, dari perspektif realis bahwa negara-negara maju memakai kekuatannya untuk melakukan hegemoni terhadap negara-negara berkembang. mereka berkeyakinan bahwa masyarakat di seluruh dunia akan mendapatkan kemakmuran kalau semua negara di dunia ini mau saling membuka perbatasannya, dalam hal ini menciptakan pasar bebas. barang-barang dapat keluar dan masuk dengan bebas, begitu juga investasi, dalam konteks ini adalah terciptanya persaingan bebas antar sesama pelaku ekonomi. basis utama para pendukung neo-liberalisme ini adalah teori atau pandangan liberalisasi terhadap ekonomi. teori neo-liberalisme bisa dikatakan sebagai teori yang paling optimistis dan meyakini akan terciptanya kemakmuran dan kesejahteraan masyarakat dunia. mereka berpendapat bahwa struktur pasar internasional saat ini akan dapat membawa kemakmuran yang dicitacitakan. dunia memang terbagi antara negara-negara maju dan negara sedang berkembang. meski demikian, di antara keduanya tidak perlu terjadi antagonisme. keduanya dapat bekerja sama untuk menciptakan kemakmuran dunia. oleh sebab itu globalisasi akan mendapat tempat yang sangat pas dalam isu liberalisme ekonomi, karena akan bertujuan untuk mempersempit ruang antar negara, sehingga memungkinkan antar negara akan saling berhubungan tanpa ada hambatan yang berarti dari sisi teritori. tetapi di sisi lain para pakar yang mengusung paham ini, mengakui terdapat sejumlah kelemahan yang akan menjadi hambatan dalam menjalankan konsep ini. permasalahan yang bisa ditimbulkan menurut pendukung teori liberalisme adalah kelemahan yang terkandung dalam berbagai faktor produksi, terutama modal dan tenaga kerja, di mana keduanya merupakan unsur faktor produksi yang sangat penting dalam menciptakan output. teori liberalisme meyakini ada cara untuk mengatasi masalah yang ditimbukkan oleh faktor produksi tersebut terutama mengenai modal dan tenaga kerja. terdapat tiga pendekatan yang digunakan, anatara lain adalah: perdagangan, investasi asing, dan hutang luar negeri. jadi sangat jelas bahwasanya gagasan globalisasi telah menuai banyak kecaman dari banyak pakar bahkan menimbulkan kekecewaan, yang mungkin sebelumnya tidak terbayangkan oleh para penggagasnya. banyak persoalan yang akan menghadang dan perlu diselesaikan terlebih dahulu, seperti; kemiskinan, pengangguran, kepastian hidup, ketidakstabilan, kerusakan budaya, jurang pemisah antara yang kaya dan miskin, dan permasalahan sosial lainnya. oleh sebab itu perlu kiranya dicari sebuah terobosan baru, memperbaiki tata ekonomi dengan melibatkan secara bersama-sama pelaku ekonomi, mulai dari individu, komunitas, perusahaan, dan negara, sehingga perekonomian akan tumbuh dan berkembang sesuai dengan harapan dan keinginan masyarakat. al-iqtishad: vol. vi no. 2, juli 2014 258 kritik ekonomi strukturalis terhadap ekonomi neo-klasikal munculnya paham ekonomi strukturalis merupakan reaksi dari dominasi aliran ekonomi neo-klasikal yang selama ini banyak diterapkan di negara-negara maju, tetapi kemudian menimbulkan banyak masalah ketika diterapkan di negaranegara berkembang. sehingga mulai memunculkan banyak kritik dari para ekonom. isu-isu mengenai krisis finansial global, kemiskinan, pengangguran, ketimpangan sosial, keresahan sosial dan kerusakan lingkungan, selama ini menjadi ancaman tersendiri bagi negara berkembang. paradigma ekonomi yang berkembang di negara maju coba untuk diterapkan di negara-negara yang sedang berkembang. hampir semua negara berkembang memiliki sumber daya alam, tetapi miskin sumber daya manusia. untuk mengejar ketertinggalan dari negara maju, terdapat tiga resep yang selalu digunakan untuk negara berkembang (todaro, 1989). pertama, pertumbuhan ekonomi yang tinggi. kedua, untuk membiayai pembangunan khususnya infrastrutur, dibiayai dengan utang luar negeri. ketiga, membuka pasar, agar investasi dalam bentuk penanaman modal asing bisa masuk ke negara-negara sedang berkembang. ketiga kebijakan tersebut, telah menjadi bagian dari kebijakan pembangunan ekonomi di negara berkembang. para ekonom di negara-negara maju dan lembaga atau donor internasional ketika itu berkeyakinan, bahwa pasar bebas akan lebih efisien dalam alokasi segenap sumber daya ketimbang campur tangan pemerintah. praktis pembangunan lebih banyak dikendalikan oleh negara dan lembaga donor asing. dilema utama yang dihadapi oleh sebagian besar negara-negara berkembang adalah, ternyata pembangunan ekonomi yang yang mereka lakukan selama ini justru menimbulkan persoalan baru yang sangat pelik. apa yang telah diusulkan selama ini untuk mempercepat ketertinggalan dari negara maju tidak terbukti. akibatnya, kemiskinan, pengangguran dan ketimpangan pendapatan telah menjadi masalah besar disebagian besar negera berkembang. berbagai kegagalan struktural dari perekonomian global ini telah menciptakan bencana ekonomi (economic disaster) yang luar biasa di tengah-tengah keajaiban ekonomi (economic miracle) dunia. kemiskinan, ketimpangan pendapatan, dan pengangguran telah melahirkan berbagai tragedi kemanusiaan yang luas dan dalam sistem ekonomi yang digunakan oleh sebagian besar negara berkembang saat ini sangat dipengaruhi oleh pemahaman neoklasikal ekonomi, ternyata tidak mampu menyelesaikan masalah yang timbul akibat pembangunan ekonomi. oleh sebab itu, perlu sebuah pendekatan baru dalam mengelola perekonomian, khususnya perekonomian dinegara berkembang. ekonomi strukturalis dalam perkembangannya, telah menjadi bidang ilmu tersendiri. bahkan beberapa tokohnya telah meraih nobel ekonomi. gunnar myrdal yang memperoleh hadiah handi risza: kritik ilmu ekonomi strukturalis dan islam 259 nobel ekonomi pada tahun 1974 menyatakan dalam bukunya asian drama. an inquiry in to the poverty of nations bahwa teori ekonomi yang sekarang diajarkan dan diaplikasikan di seluruh dunia adalah berbasis kepada aliran neo-klasik yang cocok untuk negara maju. menurutnya teori ekonomi tersebut tidak dikembangkan untuk menganalisis masalah-masalah ekonomi negara-negara sedang berkembang, oleh karenanya bagi negara sedang berkembang diperlukan teori yang lain dengan negara maju karena perbedaan masalah sosial, ekonomi, politik, hukum dan budaya. munculnya pandangan strukturalis yang melakukan koreksi terhadap kebijakan ekonomi yang dipengaruhi oleh paham neo-klasikal, telah memberikan pencerahan terhadap kebuntuan ekonomi selama ini. terutama pada kondisi terjadinya ketimpangan struktural sebagai sumber ketidakadilan sosial-ekonomi. para ekonom strukturalis mencoba menguraikan bagaimana ketinpangan yang telah menimbulkan permasalahan ekonomi tersebut, terutama yang berkaitan dengan pemusatan penguasaan dan pemilikan aset ekonomi, ketimpangan distribusi pendapatan, produktivitas dan kesempatan ekonomi. selain itu juga terdapat ketimpangan dalam kelembagaan, ekonomi partisipasi, dan emansipasi sosial-ekonomi, pengangguran, kemiskinan, dan masalah ketergantungan serta subordinasi sosial-ekonomi. pandangan strukturalis mencoba mengembalikan ilmu ekonomi pada peran normatifnya, menjelajahi komposisi dan inter-relasi antara para aktor, sektorsektor dan variabel–variabel ekonomi dalam rangka mewujudkan keadilan dan kesetaraan sosio-ekonomi. untuk mewujudkan gagasan tersebut kaum strukturalis mengusulkan perlunya dilakukan transformasi ekonomi dan transformasi sosial dalam kebijakan ekonomi sebuah negara. tentu tuntutan strukturalis ini tidak mudah, karena akan langsung berhadapan dengan kepentingan ekonomi global yang hari ini telah menguasai sumber daya ekonomi di banyak negara. pandangan strukturalis mencoba melakukan koreksi terhadap kelemahan mendasar dari mekanisme pasar dan persaingan bebas, yang tidak mampu mengatasi ketimpangan– ketimpangan struktural yang semakin mengemuka, baik antar kaum pemilik modal dan buruhnya, maupun antar negara maju dengan negara miskin. oleh sebab itu strukturalisme berorientasi kepada strukturisasi dan restrukturisasi ekonomi yang disertai dengan intervensi mengatur dan mengontrol mekanisme pasar. ide dan gagasan tentang transformasi yang dilakukan untuk mengembalikan kedaulatan ekonomi oleh para pemikir strukturalis telah menjelma sebagai gagasan alternatif yang siap untuk dijalankan. kajian mengenai konsep transformasi ini, akan lebih mengutamakan pendekatan yang humanitarian, dimana pembangunan manusia dengan segala perangkatnya yang akan diutamakan. gagasan transformasi di indonesia sesungguhnya bukanlah gagasan yang baru, jauh hari bung hatta al-iqtishad: vol. vi no. 2, juli 2014 260 selaku konseptor dasar ekonomi indonesia sudah mengingatkan akan hal tersebut. gagasan pemikiran bung hatta adalah perlunya perekonomian nasional melakukan transformasi ekonomi dan transformasi sosial, apabila bangsa dan negara benarbenar ingin melepaskan diri dari sistem ekonomi penjajah yang subordinatif dan serba ketergantungan. kritik ekonomi islam terhadap ekonomi neo-klasikal perkembangan ekonomi islam dalam beberapa tahun terakhir telah memberikan wacana baru dalam perkembangan ilmu ekonomi kontemporer. islam sebagai pandangan hidup (way of life) tidak hanya berperan sebagai sebuah agama tetapi sebuah jalan hidup yang diyakini oleh pemeluknya untuk diikuti dan ditaati. oleh sebab itu pendekatan yang ditawarkan dalam ekonomi islam akan sangat berbeda sekali dengan pendekatan yang selama ini dipelajari dalam ekonomi umum atau yang lebih dikenal dengan istilah ekonomi konvensional, sebagaimana yang kita ketahui bersama sangat dipengaruhi oleh paham neo-klasikal ekonomi. ajaran islam telah memberikan tuntunan pada seluruh aspek kehidupan, baik hubungan manusia dengan tuhan, atau manusia dengan sesama mahluk tuhan lainnya. faktor inilah yang membuat ajaran islam sangat komprehensif dan menyeluruh (kaffah), tidak ada pemisahan antara urusan duniawi dengan akhirat yang selama ini sangat dipengaruhi oleh pemikiran kapitalisme ekonomi. implementasi islam secara kaffah mencakupi kepatuhan dan ketundukan dalam menjalankan ajaran islam secara keseluruhan, termasuk juga ketika dalam melaksanakan aktifitas ekonomi. pandangan islam telah memposisikan kegiatan mu’amalah dimana didalamnya terdapat aktifitas ekonomi sebagai salah satu aspek penting untuk mendapatkan kemuliaan, oleh sebab itu semua kegiatan ekonomi perlu tuntunan dan control yang kuat agar berjalan sebagaimana yang telah diajarkan dalam islam secara keseluruhan. falah hanya dapat diperoleh jika ajaran islam dilaksanakan secara kaffah. munculnya ekonomi islam sebagai sebuah pandangan baru dalam ekonomi tidak lepas dari para sarjana-sarjana ekonomi yang berbasis di timur tengah, pakistan, banglades dan malaysia, yang sebagian besar dari mereka telah mengenyam pendidikan tinggi di universitas-universitas ternama di amerika dan eropa. timbulnya kesadaran untuk terus memperdalam islam sebagai ideologi dalam ilmu ekonomi, tidak lepas dari keresahan mereka terhadap perkembangan ilmu ekonomi konvensional yang semakin menggiring ilmu ekonomi ke arah yang sangat hedonis, mengabaikan nilai-nilai moral dan kemanusiaan, sehingga yang tinggal hanya kerakusan semata. handi risza: kritik ilmu ekonomi strukturalis dan islam 261 momentum terbesar dalam sejarah perkembangan ilmu ekonomi islam adalah diselenggarakannya seminar internasional pertama yang bertemakan tentang perkembangan ekonomi islam di mekkah, saudi arabia. pada kesempatan tersebut mulai bermunculan pakar dan ekonom islam yang kelak akan mempengaruhi pemikiran ekonomi islam. perlahan namun pasti pemikiran ekonomi islam mulai dipelajari diberbagai perguruan tinggi dunia, mulai dari sebagai mata kuliah, hingga memiliki program tersendiri sampai pada level doktoral. ekonomi islam yang bersumber dari nilai islam, telah membalikkan paradigma ekonomi yang berpaham neo-klasikal yang selama ini telah menjadi mainstream di kalangan fakultas ekonomi hampir di seluruh dunia. ekonomi islam telah dibangun dengan dasar yang sangat kokoh, yaitu bersumber dari sumber utama (primary resources) al-quran dan sunnah, yang merupakan sumber rujukan utama dari ajaran islam. bisa dipastikan kekuatan moral dan nilai akan menjadi karakteristik yang tidak bisa dipisahkan dalam ilmu ekonomi islam. dalam ekonomi islam sesungguhnhya tidak terdapat pemisahan yang ekstrim antara tujuan positif dengan tujuan normatif, semuanya saling melengkapi dan saling mempengaruhi (khan, 1994). manusia dituntun dengan ketentuan yang sudah baku, sehingga setiap individu akan memiliki orientasi yang jelas dalam melakukan setiap aktivitas ekonominya. ekonomi islam telah mengembalikan peran moral dalam pencapaian setiap tujuan ekonominya, hal tersebut telah dijamin dalam maqashid syariah. dengan semakin memperkuat diri dari segi metodologinya, perkembangan ekonomi islam juga bisa tergambar dari perkembangan sistem keuangan islam yang sangat dinamis. pertumbuhan lembaga keuangan islam di banyak negara telah mampu mengalahkan pertumbuhan lembaga keuangan umum dimana dari sisi usia dan pengalaman sudah melebihi dari lembaga keuangan islam. selain mempengaruhi paradigma terhadap ilmu ekonomi yang sekarang dipahami oleh masyarakat, ilmu ekonomi islam telah menawarkan tugas penting yang bisa dilakukan untuk membuka ruang melakukan perbaikan, atau proses transformasi ekonomi dan sosial yang memiliki implikasi terhadap kehidupan masyarakat kelak. gagasan ekonomi islam dalam memperbaiki kondisi tersebut antara lain: pertama, memperbaiki dan membenahi perilaku individu, kelompok, pasar dan pemerintah yang selama ini tidak terlalu peduli dengan pendekatan moral. sebagian besar ajaran islam memaparkan tentang konsep perilaku (behavior) mulai dari individu hingga negara. sehingga ekonomi islam telah memiliki modal awal yang sangat berharga dalam membenahi perilaku masyarakat. kedua, mengimplementasikan dalam bentuk formulasi yang bisa langsung diakses oleh masyarakat mengenai tujuan dan sasaran setiap perilaku dan tingkah laku individu dan masyarakat. sehingga setiap adanya perubahan, akan langsung bisa al-iqtishad: vol. vi no. 2, juli 2014 262 dideteksi. dengan demikian pencapaian tujuan dalam ekonomi islam harus selaras dengan nilai-nilai kemanusiaan dan lingkungannya. ketiga, melakukan perubahan terhadap hubungan baik yang bersifat personal maupun kelembagaan yang ada di tengah masyarakat, sehingga hubungan antar setiap komponen akan menciptakan pranata sosial baru yang berorientasi kepada nilai-nilai kemanusiaan dalam rangka mencapai tingkat keadilan dan kesejahteraan bagi masyarakat. keempat, menyiapkan strategi dan kebijakan yang praktis untuk melakukan transformasi ekonomi dan sosial di tengah–tengah masyarakat. proses transformasi ekonomi dan sosial yang dibangun harus tetap berorientasi kepada nilai-nilai kemanusiaan yang sangat kental dalam islam. sehingga pengalokasian dan pendistribusian setiap sumber daya ekonomi akan bisa dirasakan oleh semua lapisan masyarakat tanpa terkecuali. oleh sebab itu peran ekonomi islam dalam mendorong transformasi ekonomi harus terus dilakukan, kekayaan nilai-nilai moral dan spiritual harus menjadi modal dasar untuk mengilhami lahirnya kekuatan ekonomi yang berpihak pada nilai-nilai kemanusiaan sejati. ekonomi islam harus mampu menawarkan sesuatu yang komprehensif untuk menjawab kelemahan sistem ekonomi yang selama ini berkembang banyaknya kritik yang dilakukan kepada aliran ekonomi neo-klasikal oleh berbagai kalangan ilmuwan, merupakan cermin kegagalan dalam pemikiran, pendidikan, penelitan, dan pengambilan kebijakan yang bertumpu kepada aliran ekonomi neo-klasikal. aliran ekonomi neo-klasikal yang mengandalkan kepada kebebasan ekonomi dan terlalu mengandalkan kepada superioritas mekanisme pasar dan invisible hand, pada kenyataannya justru menimbulkan masalah sosial dalam perekonomian, terjadinya ketimpangan struktural eksploitasi baik oleh negara kuat terhadap negara lemah, perusahaan atau institusi yang kuat terhadap usaha atau institusi yang lemah (perkins, 2004). inilah yang kemudian menjadi titik tolak mengenai kebutuhan akan paradigma baru ilmu ekonomi dalam bentuk transformasi ekonomi dan transformasi sosial. dalam hal ini, bisa dipastikan bahwa aspek moralitas dalam bentuk nilai-nilai kebersamaan dan kekeluargaan dianggap tidak begitu penting. akibatnya adalah, munculnya persoalan kemiskinan, ketimpangan dalam distribusi pendapatan, kerusakan lingkungan, berkembangnya budaya materialistik. kondisi tersebut tidak bisa dipisahkan dari keberadaan aliran ekonomi neo-klasikal yang mempengaruhi paham dan cara pandang dalam perekonomian. paham ekonomi neo-klasikal telah menciptakan identitasnya sendiri, munculnya individu-individu yang sangat fanatik terhadap paham tersebut, telah memunculkan ketergantungan yang sangat rentan terhadap mekanisme pasar. mekanisme pasar telah mengkerdilkan peran pemerintah, handi risza: kritik ilmu ekonomi strukturalis dan islam 263 dengan memberikan peran yang minimal dalam perekonomian. perekonomian di bawah sistem yang didasari oleh paham neo-klasikal semakin menjauh dari harmoni antara kepentingan pribadi dan kepentingan sosial. semakin disadari bahwa sistem ekonomi yang sekarang ada gagal mewujudkan kesejahteraan dan pemerataan dalam tatanan sosial-ekonomi dalam masyarakat. namun, alih-alih menyelesaikan konflik antara tujuan normatif dan strategi sekuler serta memperbaiki asumsi dan struktur logika yang mengiringi-nya, ekonom justru semakin tenggelam dalam kecanggihan matematika. hal ini tidak saja membuat ilmu ekonomi semakin abstrak dan sulit, namun juga semakin tidak relevan dengan pembuatan kebijakan. ilmu ekonomi dikembalikan kepada akarnya, yaitu ilmu yang bersumber kepada nilai nilai kemanusiaan yang didasarkan kepada nilai-nilai dan norma agama, dimana terdapat keseimbangan antara tujuan positif dan normatif yang ingin dicapai, perlu sebuah pendekatan baru dalam merumuskan hubungan atau relasi antar pelaku ekonomi. proses pencapaian kesejahteraan manusia tetap mengacu kepada nilai nilai dan norma yang berlaku di masyarakat. kekuatan kebersamaan (mutualism) dan persaudaraan (brotherhood) bisa menjadi solusi dalam mengatasi masalah ketidakadilan sosial dan ketimpangan struktural. dengan demikian, kesejahteraan dan kebahagian manusia tidak semata berlaku secara individual tetapi juga bersifat sosial, dalam ekonomi islam kemudian dikenal dengan istilah falah atau kebahagiaan dunia dan akhirat. perekonomian akan kembali kepada fungsi semulanya yaitu memberikan penghidupan yang layak. keadilan dan kesejahteraan bagi masyarakat. transformasi ekonomi adalah suatu upaya restrukturisasi terhadap paham dan pemikiran ekonomi tertentu, dalam rangka mengembalikan atau membentuk sistim ekonomi baru. upaya untuk menggagas kembali trasnformasi ekonomi, haruslah dimulai dengan merubah paradigma yang selama ini berkembang dan asumsi dasar yang selama terbangun dalam paham dan cara pandang yang lama, diantarannya yaitu meninggalkan asas perorangan dan menggantinnya dengan paham kebersamaan dan asas kekeluargaan, atau dengan kata lain merubah sistem ekonomi yang subordinatif menjadi sistem ekonomi nasional yang demokratis berdasarkan demokrasi ekonomi. proses berjalannya transformasi ekonomi tidak bisa dipisahkan dari transformasi sosial. tranformasi sosial akan membentuk pola-pola baru dalam hubungan ekonomi dan sosial di masyarakat, dalam hal ini akan membentuk hubungan ekonomi yang partisipatori-emansipatori, terbentuk pola kemitraan yang saling menjaga dan memiliki satu dengan yang lain. jika pola tersebut dipertahankan, maka akan timbul sebuah budaya baru dalam mengelola perekonomian dalam al-iqtishad: vol. vi no. 2, juli 2014 264 masyarakat. perlu disusun tahapan tahapan yang akan digunakan dalam melakukan proses transformasi ekonomi dan sosial. pertama, tahapan yang bersifat fundamental yaitu membangun kembali paradigma baru dan asumsi dasar dalam pemahaman dan pengajaran ilmu ekonomi. langkah pertama ini sangat penting, karena dasar dari pengembangan ilmu ekonomi ada pada paradigma dan asumsi dasar. proses internalisasi paham ekonomi kepada masyarakat terutama level pelajar dan mahasiswa dimulai dari bangku sekolah dan universitas. kedua, tahapan yang bersifat aplikasi. proses restrukturisasi kebijakan ekonomi berada pada tahapan ini. tahapan ini tidak hanya sekedar merumuskan kebijakan ekonomi baru tetapi juga melakukan restrukturisasi terhadap kebijakan–kebijakan ekonomi sebelumnya, yang tidak sesuai dengan nilai-nilai luhur demokrasi ekonomi, yang sudah dituangkan dalam konstitusi negara. proses transformasi ekonomi tidak hanya sekedar mengganti paham dan cara pandang terhadap ekonomi yang baru semata, tetapi juga merubah cara berfikir dan berperilaku setiap individu yang menjalankannya. oleh sebab itu perubahan paradigma dan asumsi dasar menjadi suatu hal yang tidak bisa dihindari dalam memulai proses transformasi. setelah persoalan mendasar tersebut selesai barulah kemudian mempersiapkan perangkat perangkat yang akan menjadi instrumen dalam proses transformasi ekonomi tersebut. tahapan selanjutnya adalah melaksanakan atau kembali kepada demokrasi ekonomi secara konsisten sesuai dengan kepribadian dan karakter masyarakat. demokrasi ekonomi telah disusun oleh para pendiri bangsa dengan memperhatikan aspek-aspek internal kebangsaan, tetapi juga memperhatikan aspek-aspek eksternal yang dipersiapkan untuk menghadapi tantangan masa depan yang lebih sulit. demokrasi ekonomi diharapkan akan menjadi dasar dalam setiap pengambilan kebijakan yang dipergunakan untuk kesejahteraan bangsa dan negara. besarnya pengaruh dan cara pandang paham ekonomi neo-klasikal dalam perekonomian nasional, telah menyebabkan nilai-nilai dasar yang menjadi ciri dan karakter perekonomian nasional sudah mulai terkikis. proses transformasi yang dilakukan bertujuan untuk mengembalikan ciri dan karakter perekonomian nasional kedalam nilai dasarnya, yaitu melaksanakan usaha bersama dalam membangun perekonomian, sehingga setiap potensi yang dimiliki warga negara akan mampu memberikan kontribusi dalam pembangunan. selain itu mengembalikan semangat kebersamaan dan asas kekeluargaan dalam kehidupan ekonomi dan sosial masyarakat. sehingga diharapkan nantinya perekonomian nasional akan memiliki fundamental ekonomi yang kuat dalam menghadapi persaiangan global. handi risza: kritik ilmu ekonomi strukturalis dan islam 265 proses transformasi ekonomi akan selalu diikuti dengan terjadinnya transformasi sosial dalam perekonomian. nilai-nilai dasar yang sudah terbentuk dalam transformasi ekonomi, kemudian ditransformasikan kedalam bentuk hubungan antar individu pelaku ekonomi yang lebih seimbang, berkeadilan dan harmonis. hubungan antar pelaku ekonomi yang selama ini mengarah kepada pola–pola kolonialisme seperti hubungan antara kaum pemilik modal dengan para pekerja, hubungan antara majikan dan pembantunya. pola hubungan sosial yang terbentuk adalah lebih bersifat kemitraan dan kerjasama yang saling menguntungkan tanpa ada yang merasa dirugikan atau dieksploitasi. atau dengan kata lain akan membentuk hubungan ekonomi partispatori-emansipatori. simpulan dari neo-klasikal lahirlah paham fundamentalisme pasar (market fundamentalism), yaitu mekanisme persaingan bebas (free perfect competition) dengan pasar bebas sempurna (free perfect market). konsekuensi logis dari paham tersebut kemudian melahirkan konsepsi kapitalisme global dan globalisasi ekonomi. cara pandang tersebut telah terinternalisasi dan tersosialisasi dalam kehidupan masyarakat selama bertahun-tahun. ketika isu globalisasi muncul, hampir semua negara mempersiapkannya dengan terbuka, berbicara dalam konteks bilateral maupun multilateral. tanpa pernah disadari, sesungguhnya globalisasi ekonomi juga menimbulkan kekecewaan (discontent) dalam bentuk ketimpangan (inequality) yang semakin lebar antar negara, ketimpangan struktural antar pelaku ekonomi, persoalan sosial ekonomi seperti kemiskinan yang semakin parah, tingkat pengangguran yang semakin meningkat. oleh sebab itu diperlukan paradigma baru dalam bentuk transformasi ekonomi untuk menata ulang konsepsi globalisasi. terdapat titik temu antara pemikiran ekonomi strukturalis dan ekonomi islam dalam dua substansi pokok permasalahan, yaitu menyelesaikan masalah ketidakadilan sosial dan mengatasi persoalan ketimpangan-ketimpangan struktural, sebagai masalah sosial-ekonomi yang selama ini muncul. dalam mengatasi kedua substansi pokok tersebut, ekonomi struturalis dan ekonomi islam juga memiliki titik temu yang sangat kuat, yaitu mengutamakan kebersamaan dan kekeluargaan. pustaka acuan al-mannan, m.a. 1992. “the behaviour of firm and its objectives in an islamic framework.” dalam s. taher, readings in microeconomics: an islamic perspective. malaysia: longman. al-iqtishad: vol. vi no. 2, juli 2014 266 ackerman, f, et al. 1998. the political economy of inequality. 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international conference on stable and just global monetary system. 19-12 august 2002, kuala lumpur, malaysia. ------------. 2002. the return of islamic gold dinar. cape town: madinah press. vogel, f.e. & s.l. hayes. 1998. islamic law and finance: religion. risk, and .return. london: kluwer law international sandy rizki febriadi1, mohamad andri ibrahim2, rosiana novitasari3 abstract. this study is a quantitative survey research, namely statistical test data analysis in the form of multiple linear regression with purposive sampling. the data collection method was by distributing questionnaires to 200 participants of the bareksa fund academy training. the results show that the decision of muslim investors in investing in islamic mutual funds is influenced by the maqasid sharia principle approach. meanwhile, the result of f count is significant at 49,141, meaning that, overall, there is an influence of the factors of the maqasid sharia approach on investment decisions (value). this also implies that there is a significant influence of the variables of maintaining religion, soul, sense, and treasure on the investment decisions. meanwhile, the variable maintaining offspring does not show any effect, because the probability is 0.961> 0.05. keywords: investment, islamic mutual funds, islamic maqasid abstrak. penelitian ini bertujuan untuk menganalisis keputusan investor muslim dalam berinvestasi di reksadana syariah dengan pendekatan maqashid syariah. penelitian ini juga untuk mengetahui pengaruh dan faktor dominan dari pendekatan maqashid syariah (menjaga agama, jiwa, akal, harta, dan keturunan) terhadap keputusan (nilai) investasi. survey kuantitatif dipilih sebagai pendekatan penelitian, yaitu dengan analisis data uji statistik berupa regresi linear berganda dengan purposive sampling. pengambilan data dilakukan dengan penyebaran kuesioner kepada para peserta pelatihan bareksa fund academy, sebanyak 200 peserta. hasil penelitian menunjukkan bahwa keputusan investor muslim dalam berinvestasi di reksadana syariah dipengaruhi oleh pendekatan prinsip maqashid syariah. sedangkan, hasil f hitung signifikan sebesar 49,141 artinya, secara keseluruhan terdapat pengaruh pada faktorfaktor pendekatan maqashid syariah terhadap keputusan (nilai) investasi. ini berarti juga terdapat pengaruh pada variabel menjaga agama, jiwa, akal, dan harta secara signifikan terhadap keputusan investasi tersebut. namun demikian, variabel menjaga keturunan tidak berpengaruh karena probabilitas 0,961>0,05. kata kunci: investasi, reksadana syariah, maqashid syariah analysis of the decision of muslim investors in sharia mutual funds investing with maqasid al-sharia approaches al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 191 206 1correspondent author bandung islamic university jl.tamansari no. 24 bandung 40116, indonesia e-mail: andriibrahim@unisba.ac.id* 192 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 introduction at the beginning of 2019, the number of mutual fund investors increased. bareksa.com is an online mutual fund marketplace that has successfully absorbed 24.3% of investors from a total of 988,946 investors in indonesia. even though mutual funds have increased in quantity, however, this increase has not been in line with the increase in quality. based on interviews with several sharia mutual fund investors at bareksa fund academy 200, who have invested for more than 1 (one) year in islamic mutual funds regarding their investment decisions on maqasid sharia, they said that their investment only looks at the level of profit, without undergoing the stages of the investment decision process. such as determining investment strategies, and not understanding mutual fund products properly. (faniyah, 2017) this indicates the nature of speculation where one of the characteristics of speculation is investing without any contribution to the investment (husen sobana, 2018). the indications of this speculation are of course contrary to the maqasid sharia theory of mind guarding because there is no effort to understand the product or the stages of the investment decision process. based on these problems, of course it is not very good if many investors behave the same way towards their investments. because, the impact can reduce the quality of the islamic mutual funds themselves. therefore, an assessment is needed for the quality of muslim investors based on the maqasid sharia approach factors (maintaining religion, soul, mind, property and descent) measured based on the decision on the value invested in their sharia mutual funds. the importance of this research is to measure the influence of the maqasid sharia approach to the investment decision of a muslim investor, to know the dominant factor of the maqasid sharia approach in investing in islamic mutual funds, and to find out the level of knowledge of muslim investors regarding islamic mutual fund investing based on the maqasid sharia approach. then, the implication is that if this research is conducted, the results will be measurable investor quality and will encourage improvements in the development of islamic mutual funds. (soemitra, 2014) literature review investment investment in the perspective of sharia, is an active form of an economy based on mudaraba. or the activity of mudharabah -kan funds carried out by sandy rizki febriadi. analysis of the decision of muslim investors 193 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 the owner of the capital (shahibul maal) to the business actor (mudharib). the term mudharabah is the term most widely used by sharia banks. this principle is also known as qiradh or muqarada. (husen sobana, 2018) in investing, its activities also need to be considered, because investment / financial markets cannot be separated from various weaknesses and mistakes. one of them is the act of speculation, along with the characteristics of speculation (gunawan, 2019) • investments involve assets with the hope of securing a future return on principal. on the other hand, speculation is carrying out risky financial transactions intending to make large-scale profits from a single transaction • speculation is not an investment, although there are similarities between the two. the very fundamental difference between the two lies in the spirit that animates them, and not in their form. speculators buy securities to make a profit by selling them back on a short term basis. in contrast, investors buy securities to participate directly in the business that is usually a long term. (husen sobana, 2018) • an investor will use their funds while the speculator will use the borrowed funds. • when making a decision, investors will conduct extensive research and focus on the company’s fundamental factors, such as financial position, ratio analysis, etc. meanwhile, speculative decisions are based on technical charts, market dynamics • the level of patience and sacrifice is relatively large in terms of investing but not in the case of speculation where speculators buy and sell investments quickly (daily). (mahendra & supheni, 2018) mutual funds mutual funds in the term can be interpreted as a vehicle that is used to collect funds from the investor community for further investment in securities portfolios by investment managers. capital management pattern for a group of investors to invest in investment instruments available in the market by buying mutual fund units to be managed into an investment portfolio. (djazuli & janwari, 2002). sharia mutual funds are managed generally based on the mudharabah principle, where the investment manager of the custodian bank acts as the 194 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 mudharib and the investor as the shahibul maal. owners of assets in sharia mutual fund portfolios are carried out through a strict screening process based on sharia principles, for example choosing assets/shares of companies that do not have illegal activities such as usury and gharar. (maulinda, 2017) in addition, the management of mutual funds does not allow the use of investment strategies that lead to speculation. furthermore, the investment returns are shared between investors and investment managers in accordance with the proportion of capital owned. (aziz, 2010) maqasid sharia maqasid sharia are the principles that provide answers to the above questions and the like about islamic law (auda, 2008). in the view of assyatibi, the purpose of the shari’ah (allah) is to create the shari’ah to realize the good (maslahat) to the servants and to reject the bad (mafsadah) that befalls them. in a more straight forward language, the rules of law that god determines are only for the benefit of the man himself. as-syatibi then divides this maslahat into three important parts, namely dharuriyyat (primary), hajiyyat (secondary) and tahsiniyat (tertiary) (febriadi, 2017). then, from the 3 (three) classifications, each has 5 (five) benefits, namely: maintaining religion, maintaining the soul, maintaining the intellect, maintaining the property, and maintaining ancestry. • caring for and preserving religion many ways in islam are used to protect religion, the ways are among others (baidhawy, 2005): apply the principles of belief (monotheism) and worship (‘ubudiyyah) religion based on knowledge is not imitation the obligation to preach and protect the way of da’wah (jihad) obligations with noble character keeping and maintaining the soul here are some forms of soul-keeping behaviors : underlying all actions with the intention of allah swt istiqomah in worshipping allah swt become an amanah person sandy rizki febriadi. analysis of the decision of muslim investors 195 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 • maintain sense one way to maintain reason is to seek knowledge, seek various knowledge that comes from the al-quran. because, by looking for knowledge we will know various things such as distinguishing between good and bad things, this is one sign that we have become good muslims as in (tafsir, 2009) qs.tha-ha [20]:114: “so most high is allah, the true king. and do not you (muhammad) rush (read) the al-quran before it is revealed to you, and say, “o my lord, add knowledge to me.” • safeguarding and maintaining treasure treasure is a deposit and mandate, even though it belongs to and created by allah. still allah almighty has given the mandate and power for humans to use and utilize it as a deposit and trust and at the same time as a “representative of allah” (aryani, rachmawati, & seto, 2019) to distribute the assets that are obtained to those who are entitled. in addition to safeguarding treasure from haram, allah also recommends developing and distributing our assets. because, besides it is our duty to prosper ourselves, there are also other people’s rights from the assets that god has given us (rodin, 2015) as allah says in qs. al-mulk [67]:15 “he is the one who made the earth easy for you, so walk in all its corners and eat a portion of his sustenance. and only to him will you (return after) be resurrected.” • keeping and nurturing offspring in the maqasid sharia application in guarding the offspring in the field of islamic finance it will be realized by preserving the previous four benefits (guarding religion, soul, mind, and property) so that if the four previous benefits have been carried out, god willing, it will be guaranteed to have a good impact on families and descendants who supported by the funds invested. (zaki & cahya, 2016) research methodology this type of research is a descriptive study with a quantitative approach. descriptive research aims to describe the character of a variable, group or social phenomenon that occurs in society (martono, 2010). quantitative research 196 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 aims to examine a phenomenon and to see possible relationships between variables in a defined problem. this research describes the behaviors of the maqasid sharia approach in investing in islamic mutual funds and analyzes the relationship and influence of the independent variables (maintaining religion, spirit, reason, assets, descent) and the dependent variable (investment value). the sample of this study was taken from the population of this study based on purposive sample (hidayat, 2017) which is a non-random sampling technique and the researcher determines specific characteristics that are in accordance with the research objectives. the criteria taken are inclusion criteria where the general characteristics of the research subject from a target population are in accordance with the research objectives. therefore the criteria for this research sample are: • participants of the bareksa fund academy 200 free trial who are muslim • investing in sharia mutual funds based on these criteria, there were 80 muslim investors and 20 non-muslim investors. then, based on further investigation, there were only 45 muslim participants of the 200 free trial bareksa fund academy who were confirmed to have islamic mutual funds. so it can be concluded that the sample to be studied is as many as 45 people. the data collection method is by distributing questionnaires to the respondents. this is necessary to determine and assess the perspective of muslim investors who invest in islamic mutual funds on the theory of maqasid sharia. a likert scale is used to measure the answer to each intrument item. the likert scale is used to measure attitudes, opinions and perceptions of a person or group of people about social phenomena. where researchers have specifically determined this phenomenon, hereinafter referred to as research variables. (sugiyono, 2008) the likert scale has a gradation from agreeing to strongly disagree. meanwhile, for quantitative analysis, the answers can be scored as follows: table 1. guidelines for questionnaire/questionnaire answers no. symbol description value 1. ss strongly agree 5 2. s agree 4 3. r doubtful 3 4. ts disagree 2 5. sts strongly disagree 1 sandy rizki febriadi. analysis of the decision of muslim investors 197 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 in quantitative research, data analysis activities are divided into two, namely the activity of describing the data and conducting statistical tests (inference). the activity of describing data is describing existing data to obtain a tangible form from the respondent, so that it is easier to understand by researchers or other people who are interested in the results of the research carried out. the activity of describing the data can be done by measuring descriptive statistics. in this study, the software used was spss version 22 with data analysis as follows: result and hypothesis development maqasid sharia can briefly be concluded as the purpose of islamic law or things that lead to goodness (benefit) or sound wisdom behind the application of law. maqasid sharia in islamic economics must have implications for the economic behavior of individual muslims or in this case, means muslim investors. because, basically, in a good muslim investor, consciously or not, the application of maqasid sharia in his investment activities has carried out several activities. as in essence, intending to invest in sharia mutual fund products is a benefit aimed at safeguarding assets / developing assets in a place that is in accordance with islamic rules. validity test the basis for making validity test decisions, namely: • if (r) count is positive and (r) count > (r) table then the question item is valid • if (r) count is negative or (r) count < (r) table, then the question item is invalid. in this study, the df value can be calculated as follows: df = n-2 or 45-2 = 43, with a significance level of 0.05, the r table is 0.294. the following is a table of the results of the validity test of the questionnaire items that have been made 198 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 table 2. validity test variable maintain religion question r count r table valid/no x1.1 0,735 0,294 valid x1.2 0,816 0,294 valid x1.3 0,451 0,294 valid x1.4 0,738 0,294 valid x1.5 0,895 0,294 valid x1.6 0,784 0,294 valid x1.7 0,899 0,294 valid variable maintain soul question r count r table valid/no x2.1 0,464 0,294 valid x2.2 0,757 0,294 valid x2.3 0,813 0,294 valid x2.4 0,834 0,294 valid x2.5 0,598 0,294 valid x2.6 0,709 0,294 valid variable maintain sense question r count r table valid/no x3.1 0,390 0,294 valid x3.2 0,604 0,294 valid x3.3 0,689 0,294 valid x3.4 0,779 0,294 valid x3.5 0,719 0,294 valid x3.6 0,447 0,294 valid x3.7 0,835 0,294 valid variable maintain treasure question r count r table valid/tidak x4.1 0,559 0,294 valid x4.2 0,794 0,294 valid x4.3 0,803 0,294 valid x4.4 0,774 0,294 valid x4.5 0,835 0,294 valid x4.6 0,504 0,294 valid sandy rizki febriadi. analysis of the decision of muslim investors 199 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 x4.7 0,548 0,294 valid x4.8 0,574 0,294 valid variable maintain offspring question r count r table valid/tidak x5.1 0,861 0,294 valid x5.2 0,868 0,294 valid x5.3 0,905 0,294 valid primary data sources processed, 2020 based on table 2, all items have been declared valid because all rcount are positive and r count > r table. reliability test a variable is said to be reliable (reliable) if the respondent’s answer to the question is consistent from time to time. a variable is said to be reliable if it gives a cronbach alpha value> 0.60. the following are the results of the reliability test for each variable table 3. reliability test variable value cronbach alpha based on standardized item description variable maintain religion 0,882 very reliable variable maintain soul 0,785 reliable variable maintain sense 0,773 reliable variable maintain treasure 0,834 very reliable variable maintain offspring 0,843 very reliable primary data sources processed, 2020 based on table 3, the cronbach alpha based on standardized items pervariable has all exceeded the reliability standard of> 0.60 which means that the research data/question items that have been done are reliable. 200 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 hypothesis test it is used to determine the relationship between the independent variable and the dependent variable, whether the variable is maintaining religion (x1), maintaining the soul (x2), maintaining sense (x3), maintaining treasure (x4), maintaining offspring ( x5) significantly influences simultaneously (jointly) on the dependent variable y (investment value). tabel 4. tabel anova previously, it is necessary to know the df (degree of freedom) from this research data to find out the f table. df1 = k 1 then df1 = 5-1 = 4 df2 = n k then df2 = 45 5 = 40. then get the f table which is 2.61. based on table 4, the calculated f value is 49.141> f table 2.61 with a significant number of 0.000 <0.05. based on these comparisons, the variables of maintaining and maintaining religion, soul, mind, property and descent have a significant influence together on the variable of investment value. partial hypothesis test (t-test) table 5. y-investment coefficient regression coefficient table sandy rizki febriadi. analysis of the decision of muslim investors 201 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 based on table 5, the explanation is as follows: • variable maintaining religion in the variable of maintaining religion, the significant figure is 0.017 <0.05. on the basis of these comparisons, h1 is accepted or means that the variable of maintaining religion has a significant influence on the variable of investment value • variable keeping soul for the variable keeping the soul, the significance value is 0.045 <0.05. on the basis of this comparison, then, h2 is accepted or means that the lifekeeping variable has a significant influence on the investment value variable • variable maintain sense for the variable maintaining sense, the significant figure is 0.032 <0.05. on the basis of this comparison, then h3 is accepted or means that the variable maintaining religion has a significant influence on the investment value variable. • variable maintain treasure in the variable of keeping assets, the significance value is 0.049 <0.05. on the basis of this comparison, h4 is accepted or means that the variable safeguarding assets have a significant effect on the variable investment value • variables maintain offspring for the variable maintaining offspring, the significant figure is 0.961> 0.05. based on this comparison, then h5 is rejected, or it means that the variable keeping offspring has no significant effect on the variable investment value multiple linear regression test coefficient of determination (r²) the coefficient of determination (r²) is carried out to see whether there is a perfect relationship or not, which is indicated on whether changes in the independent variables (maintaining and maintaining religion, soul, mind, property and descent) will be followed by the dependent variable (investment value) in the same proportion. this test is by looking at the value of r square (r2). the value used in this study is the adjusted r2 value because this value can increase or decrease if one independent variable is added to the model being tested. the adjusted r2 value can be seen in table 6 below: 202 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 table 6. model summary table 6 shows an adjusted r square of 0.845. this means that the independent variables (maintaining religion, soul, mind, wealth, and descent) have a strong correlation and can explain the dependent variable (investment value) of 84.5%, while the rest is explained by other factors that were not studied • test the regression coefficient tabel 7. test the regression coefficient based on table 7, the multiple linear regression equation is obtained as follows: y = a + 0,278 x1 + 0,245 x2+ 0,253 x3 + 0,236 x4 + 0,006 x5 the equation above can be explained as follows: • the value of 0.278 in the variable keeping and protecting religion (x1) is positive, so it can be said that there is an influence of 27.8% of the factor of protecting and protecting religion on its investment decisions (value). • the value of 0.245 in the variable keeping and protecting lives (x2) is positive, so it can be said that there is an influence of 24.5% of the factor of protecting and protecting religion on its investment decisions (value). • the value of 0.253 in the variable keeping and protecting reason (x3) is positive, so it can be said that there is an influence of 25.3% of the sandy rizki febriadi. analysis of the decision of muslim investors 203 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 factor of protecting and protecting religion on its investment decisions (value). • the value of 0.236 in the variable safeguarding and protecting assets (x4) is positive so it can be said that there is an influence of 23.6% of the factor of protecting and protecting religion on its investment decisions (value). • the value of 0.006 in the variable maintaining and protecting offspring (x5) is a positive value of 0.06% but not significant discussion analysis of the decisions of muslim investors in investing in islamic mutual funds with the maqasid sharia approach. all variables (maintaining religion, soul, mind, property and descent) all get a good criterion score, which means that the decisions made by muslim investors at bareksa fund academy 200 in investing in islamic mutual funds with the maqasid sharia approach can be said to be acceptable according to the regression measurement results. multiple linear that there is an influence from each of the factors of the maqasid sharia approach. thus, indications of speculative behavior that have been carried out by several investors in this study do not prove this is the same as other investors do. however, some improvements are still needed in several aspects such as understanding of the contract, product knowledge and knowledge of how to evaluate their islamic mutual fund investments, to maximize the factors of their maqasid sharia approach. the fifth hypothesis statement is not proven. this is indicated by the significance value of 0.961> 0.05 and the regression coefficient value of 0.006. this means that there is only a positive effect of 0.06% of the variable maintaining offspring on the investment value, but it is not significant (can be ignored). however, this variable has no significant effect, and it does not mean that this variable is not essential in investment because as in the results of previous research, namely “guardianship of offspring will be realized by preserving the four previous benefits (safeguarding religion, soul, mind, and property) so that if the previous four benefits have been carried out, god willing, guaranteed halal will have a good impact on the family and offspring who are supported by the funds invested. “ (febriadi, 2017) then the small and insignificant value of the variable value of maintaining this offspring is due to the influence of 204 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the four previous variables, namely the variable maintaining religion, soul, mind, and property. all variables (maintaining religion, soul, mind, property and descent) all get a good criterion score, which means that the decisions made by muslim investors at bareksa fund academy 200 in investing in islamic mutual funds with the maqasid sharia approach can be said to be acceptable according to the regression measurement results. multiple linear that there is an influence from each of the factors of the maqasid sharia approach. thus, indications of speculative behavior that have been carried out by several investors in this study do not prove that this is the same as other investors do. however, some improvements are still needed in several aspects such as understanding of the contract, product knowledge and knowledge of how to evaluate their islamic mutual fund investments to maximize the factors of their maqasid sharia approach. conclusion based on the results of research on the analysis of muslim investors’ decisions in investing in islamic mutual funds with the maqasid sharia approach, it can be concluded as follows: first, based on the criterion score, the decision of muslim investors to invest in islamic mutual funds using the maqasid sharia approach is good value. thus, indications of speculative behavior by some investors in this study do not prove that this is the same as other investors. second, the result of f count is significant at 49.141, meaning that overall there is an influence between the factors of the maqasid sharia approach to the investment decision (value). with the results of the hypotheses h1, h2, h3, h4 are accepted, meaning that there is a significant influence on the variables of maintaining religion, spirit, mind, and property. while h5 is rejected or the variable keeping offspring has no effect because the probability is 0.961> 0.05. finally, the first dominant factor is religion (27.8%), reason (25.3%), life (24.5%), property (23.3%), while descent is only (0.06%) and insignificant. because, the four previous variables have influenced the variable investment value. reference aryani, d. s., rachmawati, y., & seto, a. a. 2019. ekonomi syariah: dengan pendekatan hasil penelitian. nusa litera inspirasi. sandy rizki febriadi. analysis of the decision of muslim investors 205 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 auda, j. 2008. maqasid al-shariah as philosophy of islamic law: a systems approach. international institute of islamic thought (iiit). aziz, a. 2010. manajemen investasi syariah. bandung: alfabeta. baidhawy, z. 2005. pendidikan agama berwawasan multikultural. erlangga. djazuli, a., & janwari, y. 2002. lembaga-lembaga perekonomian umat: sebuah pengenalan. divisi buku 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persada. maulinda, m. d. 2017. pengaruh penerbitan obligasi syariah (sukuk) perusahaan terhadap reaksi pasar modal indonesia (studi kasus pada saham indonesia sharia stock index (issi) yang terdaftar di bursa efek indonesia periode 2011-2016). universitas widyatama. rodin, d. 2015. pemberdayaan ekonomi fakir miskin dalam perspektif alqur’an. economica: jurnal ekonomi islam, 6(1), 71–102. soemitra, a. (2014). masa depan pasar modal syariah di indonesia. prenada media. sugiyono, d. 2008. metode penelitian bisnis. bandung: pusat bahasa depdiknas. tafsir, a. 2009. filsafat ilmu: mengural ontologi, epistemologi dan aksiologi pengetahuan. remaja rosdakarya. 206 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.16224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 zaki, m., & cahya, b. t. 2016. aplikasi maqasid asy-syari ‘ah pada sistem keuangan syariah. bisnis: jurnal bisnis dan manajemen islam, 3(2), 312–327. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 167 180 society, law and economy: contextualizing ibn khaldun’s thought jm muslimin1 abstract. economy and the law are the two inseparable things. there is always a relationship between the two. this writing explores the role of ibn khaldun (1332-1406 ad) in paving the way for creating foundations of socio-economic study. according to him, the role of law in economic activity can be seen from two sides, in two equal interests, namely: a. law is seen from the dimensions of economic activity; and b. law is seen from the dimension of the state over its authority. departing from the economic goals, in fact to obtain the maximum profit, the law is merely seen as a useful external factor and can be utilized to secure the economic activities and objectives to be achieved. the essence of ibn khaldun’s thought is still relevant to the modern time. departing from his ideas and comparing them to the western and modern ones, one may conclude that ibn khaldun’s philosophical analyses could be contextualized. keywords: law and economy, contextualization, philosophy of law abstrak. ekonomi dan hukum adalah dua hal yang tak terpisahkan. selalu ada hubungan antara keduanya. tulisan ini membahas peran ibn khaldun (1332-1406 m) dalam membuka jalan bagi pembentukan fondasi studi sosiologis. menurutnya, peran hukum dalam kegiatan ekonomi secara umum dapat dilihat dari dua sisi, dalam dua hal yang sama, yaitu: a. visi undang-undang dilihat dari dimensi kegiatan ekonomi; dan b. hukum dilihat dari dimensi negara atas kekuasaannya. berangkat dari tujuan ekonomi, bahkan untuk mendapatkan keuntungan yang maksimal, hukum hanya dipandang sebagai faktor eksternal yang berguna dan dapat dimanfaatkan untuk mengamankan kegiatan ekonomi dan tujuan yang akan dicapai. penelitian ini membuktikan bahwa esensi dari pemikiran ibn khaldun masih relevan dengan masa modern. berangkat dari ide-idenya dan membandingkannya dengan arus pemikiran barat, dapat disimpulkan bahwa analisis filosofis ibn khaldun sangat mungkin ditafsirkan kembali serta dikontekstualisasikan. kata kunci: hukum dan ekonomi, kontekstualisasi, filsafat hukum 1islamic state university syarif hidayatullah jakarta email: jm.muslimin@uinjkt.ac.id al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 168 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i2.13778 introduction in its development, philosophy continues to develop until it shrinks to scientific discipline. philosophy of law that governs all aspects of people's lives not infrequently and quite dominantly regulates how humans can live and meet their needs. this is what is called the economy. the philosophy of law develops and reflects its scope to produce a philosophy of economic law. philosophy of economic law contains elements of what are the needs of the human economy, how to meet them, what goals and what are the limits or good rules related to achieving the fulfillment of human needs. the dynamics of society, government, law, the rise and fall of nations have attracted attention of ibn khaldun. this famous author of muqaddimah can rightly be called the most famous socio-economic experts in the course of islamic history. method the research uses historical and philosophical approaches as well as comparative analyses. the historical and philosophical approaches enable the writer to trace socio-economic and philosophical ideas, whereas the comparative step assists to redefine inner message and find its contextual relevance. result and discussion ibn khaldun’s social biography like the tradition that was developing at that time, ibn khaldun began the lesson from his biological father. after that, he went to study with prominent scholars, such as abu abdillah muhammad ibn al-arabi al-hashayiri, abu al-abbas ahmad ibn al-qushshar, abu abdillah muhammad al-jiyani, and abu abdillah muhammad ibn ibrahim al-abili, to learn various sciences, such as arabic grammar, hadith, fiqh, theology, logics, natural sciences, mathematics and astronomy (karim, 2004). ibn khaldun was a member of an elite group, both because of his descendants and education. in 1352 ad, when he was still twenty years old, he had become a master of the seal and began his political career that continued until 1375 ad. however, whether in prison or the palace, in a state of rich or poor, being an 169 jm muslimin. society, law and economy: contextualizing ibn khaldun’s http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i21378 escape or minister, he always took part in political events of his day, and always remained in contact with other scientists who were coming from different backgrounds: muslims, christians, and jews. ibn khaldun had never stopped learning in any situation. (karim, 2004) from 1375 ad to 1378 ad, he retired at gal'at ibn salamah, a castle in the province of oran, and began writing world history with muqaddimah as his first volume. in 1378 ad, because he wanted to find material from books in various large libraries, ibn khaldun received permission from the hafsid government to return to tunisia until 1382 ad. then he left for alexandria, he became a professor of law. the rest of his life was in cairo until he died on march 17, 1406. (karim,2004). law and society according to ibn khaldun ibn khaldun’s social biography like the tradition that was developing at that time, ibn khaldun began the lesson from his biological father. after that, he went to study with prominent scholars, such as abu abdillah muhammad ibn al-arabi al-hashayiri, abu al-abbas ahmad ibn al-qushshar, abu abdillah muhammad al-jiyani, and abu abdillah muhammad ibn ibrahim al-abili, to learn various sciences, such as arabic grammar, hadith, fiqh, theology, logics, natural sciences, mathematics and astronomy (karim, 2004). according to taha husayn, ibn khaldun based his theory on the law of causality, it is the extract of formed civilization (‘umran). this statement shows the existence of causality in social reality that can be used as a guide to estimate the effects that can be predicted in society. epistemologically, this raises the assumption that a policy can be applied if the expected benefit is estimated correctly (zym, 2017). seeing from the existing society, ibn khaldun concluded that religion can be the main factor for strong social integration. based on this law of causality, ibn khaldun states that a vast and powerful state must be based on religion. religion strengthens the first power fostered by the state originated from in-group feeling of solidarity (‘asabiyyah). thus, ‘asabiyyah remains and contains the meaning of ingroup feeling, in-group solidarity, tribal fanaticism, nationalism or social sentiment that is the love and affection of a human being to his siblings or neighbors or primordial attribution (samsinas, 2009). al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 170 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i2.13778 the second legal basis is the law of similarity (qanun al-tasyabuh). according to ibn khaldun, beside religion, the basis of the human feeling of similarity and social integration is the unity of the intellectual mind of humanity guided by the learned people and their opinions. categorically, people are following those trends through taklid (imitation) mechanism. at this level, people are divided into three, namely the people's imitation to the ruler, the imitation to the dominant and the imitation to the minority. in such a situation, people are classified themselves. in many cases, the majority can be imitators to the elite minority. instead, the majority culture becomes a minority style. it happened cross-reference society. these three types of imitation are the law of similarity that is generally accepted in human civilization. in the study of legal philosophy, this becomes the basis for the implementation of government policies towards its people, especially in the application of laws. the laws were drafted by the elite minority. but due to their influential position and logical power of reasoning, the majority accept the minority opinions. the third basis is the law of difference, meaning that not all societies are the same, but each has its specificity that characterizes the difference. if the law of equality applies based on reason and reality and power, the law of difference applies based on research. this requires an investigation of differences in place and time, because the people in one place are different from the others. likewise, the people in a place will experience differences from time to time. the three laws above are philosophical foundations of the different legal conditions due to changing circumstances (salleh, 2013). ibn khaldun’s economics by a time when the political and socioeconomic decline of the muslim world had begun, ibn khaldun issued many ideas or ideas related to science, sociology, and economics. among the ideas in economics is about: labor, values, prices and market mechanisms, money and wealth, and the role of the state in the economy (chamid, 2013). ibn khaldun once said that the wealth of a country is determined by the level of state production and positive balance of payments. because the factors of production are the driving force of development, absorbing labor, increasing state income and generating demand for products are the key solutions (mannan, 2016). 171 jm muslimin. society, law and economy: contextualizing ibn khaldun’s http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i21378 in his thoughts on economics, he is of the view that the main motives arising from economic activity is due to the unlimited human desire, while the goods that will satisfy their needs are very limited (hoetoro, 2007). according to ibn khaldun, if the demand for a product increases, this will encourage the improvement and development of expertise in producing the goods. the population of the city will try to learn the skills needed and expect the income that he will use to meet their daily needs. meanwhile, for a product that is not in demand, the tendency to master the expertise decreases and will gradually be ignored and abandoned. therefore, the decision of wage which is expressed in the regulation and law is dynamic, based on the interchange and interrelation of the mentioned factors. it can be stated as push and pull factors. this discovery has advanced the theory of value and the relationship between labor relations, introducing the division of labor, helping open marketing (suadi, 2018). thus, ibn khaldun had discovered the concept of labor (rifai, 2012). ibn khaldun’s view of market mechanisms and prices ibn khaldun has explained the mechanism of supply and demand in determining the equilibrium price and the effect of competition among consumers to obtain goods on the demand side and he also explained the effect of increased production costs due to taxes. according to him, if a city develops and subsequently has a large population (such as urban areas), the procurement of staple goods will receive priority in its availability, so that as a result, the supply side will increase and this will mean lower prices. as for luxury goods, demand will increase in line with the development of the city and changing styles (fauzia 2014, muhammad 2004, & medias 2018). relating to public finance, ibn khaldun supports a country that prioritizes justice, development and prosperity and the state can guarantee the application of the balanced and just law. the state should also function as an instrument of development and welfare of the people (chapra 2012 dan huda 2016). the effective role of the state is not only to balance with justice but also as partners, catalysts and facilitators to realize the vision and mission of the economy. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 172 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i2.13778 ibn khaldun’s and the philosophy of economic law: comparison, contextualization ibn khaldun stated that the development of legal philosophy and economic law can affect human life. the question is: how humans can act according to laws and rules of law to meet their economic needs in a good and fair manner. the purpose of the existence of the law is the creation of justice. the philosophy of economic law means the achievement that must be achieved is justice in economic terms, in which all people have the right to meet their economic needs regulated by these economic laws. ibn khaldun is in the opinion that in the view of islam, every human being can have the right to collect as much wealth as possible through economic activities. however, all economic activities must be in accordance and remain within the limits set by allah ta'ala in islamic law. this condition is inseparable from one's level of faith. because, one's faith is very influential and plays an important role in living the islamic economy (agustin, 2017). islam strongly emphasizes that human economic activity is one manifestation of human responsibility as a caliph on earth, so that the balance in life can be maintained. in the context of islamic teachings, islamic economics or also known as sharia economics is the values of an economic system which is built based on islamic teachings. using sociological approach, ibn khaldun defined: “islamic economics as a collection of general principles about economics taken from the qur'an and sunnah, and the economic foundation which is built on these basic principles by considering environmental conditions and time (quoted from al-tariqi, 2004).” western tradition and perspectives philosophy can be defined as a critical reflection of a man about everything that has been experienced to get a more detailed and integrated meaning and is the result of human reason itself (finnis, 2014, santoso, 2012). the law itself is an order or obligation for someone or several people to act or refrain from something (barberies, 2014, pavon, 2015). the nature of the law itself is forced and oriented towards ethics. on the other side of the concept of law according to hart is what is known as positive law, where there is a separation between law and morals (lacey, 2007). broadly speaking, there are two kinds of laws namely descriptive and prescriptive law. descriptive law is a law that shows something that can happen, for 173 jm muslimin. society, law and economy: contextualizing ibn khaldun’s http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i21378 example, the law of gravity or laws relating to natural science. while prescriptive law is the law that contains instructions or roads, usually made by bodies that have the authority to regulate the things that can be done and should not be done (anshori, 2018). philosophy of law is simply a branch of philosophy that studies behavior or ethics. apeldoorn (1985) for example mentions three important questions in the philosophy of law, namely: (1) what is the meaning of applicable law; (2) what legal basis is strong and bound; and (3) what is meant by natural law. lili rasyidi (1990) also reveals questions that are a problem in legal philosophy including: (1) the relationship of law and power; (2) legal relations with socio-cultural values; (3) what causes the state to punish someone; (4) what causes people to obey the law; (5) accountability issues; (6) property rights issues; (7) contractual issues; and (8) the problem of the role of law as a means of community renewal (anshori, 2018). philosophy of law includes questions from the ontological, epistemological, and axiological aspects. ontological terms try to answer what is the law or the nature of law, while epistemological answers the question of how it can be said to be law, meaning answering any measures so that something can be called law. from the axiological point of view, it tries to explain the relation between law and morality, law with power or others who try to answer the engagement with other things. the structure of philosophy of economic law (sources: anshori, 2018; barberies, 2016; payon, 2015) axiology a. applied assumption b. praxis experience epistemology 1. structure of knowledge 2. architecture of science ontology 3. essence 4. substance al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 174 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i2.13778 the development of the philosophy of economic law: adam smith, karl marx and the rise of capitalism the period before adam smith the discussion of the economy has been a long time, but a more focused discussion was only raised in the middle of around 1700 ad. until then the economy was still seen as parts of a broader science, such as politics, moral values, and theology. this period was influenced by greek and roman philosophers. plato looked at the economy from a moral standpoint on how to behave wisely about household management (schumpeter, 2006), while aristotle defined economics in the form of nichomhacean ethics and the politics. according to aristotle, economics is part of a broader investigation of ethics and politics. the teachings of aristotle were used by people as their textbooks in the study of and making new theories, namely aristotelian economics (alvey, 1999). besides greece, roman contributions were also considered important. the legal experts of the roman period not only studied normative or legal issues but their implications as well (schumpeter, 2006). adam smith and his influences adam smith, regarded as the father of economics, succeeded in changing economics that was originally based on speculative philosophy to be more empirical positivistic. according to adam smith, nature is the most perfect place because it was created and governed by an almighty god. according to him, humans are machines in this world to maximize happiness. nature is already perfect, but humans are limited in their abilities, encouraging them to think about how humans can create their happiness within this perfect world (wijaya, 2009). adam smith's thoughts began with his criticism of the economic pattern of mercantilism, where there was government interference in running the economic system. according to him, the policy regarding the liberation of the market, or in other words the free market, will achieve its justice called equilibrium (alvey, 1999). the value formed the basis of his opinion is that humans will always meet self-interest, so he thought that the market should not be regulated by policy, but must be freed up to be efficient (wijaya, 2009). on the other hand, he also said that no human being will be happy by themselves. according to him, humans will be 175 jm muslimin. society, law and economy: contextualizing ibn khaldun’s http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i21378 happy if their family members are in an established life, meaning that all needs can be met. therefore, he argued to achieve that, humans must work or may also trade with the owned capital (schumpeter, 2006). in addition to formulating economic theory, he also provided a solution that uncertainty in economics can be seen or predicted using tools or models, in this case, he mentions mathematical models through the concept of calculus (brady, 2006). discussing the law, adam smith argued that there are two views about the law: first, the law must encourage economic progress, meaning the law is as a facilitator in economic development (alvey, 1999). second, the law is perceived as a violation of natural freedoms that violate justice. so according to him, the law has two sides: the law is needed to encourage economic progress, on the other hand, the law can also cause injustice because there are restrictions that cause economic activity to run unnaturally (alvey, 1999). thus, smith’s basic assumption of economics is social conflict and economic domination. it is just the same as karl marx’s ideas. though on the surface, they differ in practical manifestations. ibn khaldun and basic rights of socio-economic welfare: joseph stiglitz, contextualizing ideas and criticism to smith’s capitalism comparing ibn khaldun’s theory and adam smith, some points should be noted. the points relate to basic rights and islamic economics. some of those points are identical to the ideas of joseph stiglitz. following the ideas of ibn khaldun and correcting basic assumption of capitalism or materialism, forwarded by smith and marx, it may be concluded that ibn khaldun had inspired basic concepts of islamic economics: recognizing the proprietary (either individual or public) this point makes the basis of islamic economics by recognizing human rights to have whatever he wants for consumption or production, but does not give these rights absolutely because in essence the ownership rights only belong to god. according to the basis of sharia, assets are lawfully owned except assets that have been prepared for public use. islamic economics regulates property rights by combining individual and general maslahah. humans are given responsibility for property rights to relish, utilize the facilities that god provides, such as land that is used for agricultural land or as a business field. later on the day of judgment, humans must be responsible for the mandate of property rights (mardani, 2015). al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 176 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i2.13778 conditional economic freedom islamic economics provides human freedom of property rights, both in producing and consuming. humans are given the freedom to make muamalah as the case in determining wages/ prices of the economy with a variety of nominal values, as long as that it does not contradict with the general maslahah (public interest) and islamic sharia. humans are also given the freedom of property which becomes the right of ownership to be given to anyone he wants, such as giving or giving gifts during his lifetime or bequeath after the time of his death in accordance with those specified in islamic sharia (izzan and tanjung, 2007). likewise, muamalah provides human freedom to developed property in a good way were there are no forbidden elements by islam, such as usury, maysir, gharar and exploitation. there are conditional economic freedom that must be met as the conditions (mardani, 2015), as follows: i. commitment to the obligations determined by rule of law the commitment of human to carry out they obligations must exist and it is embedded in every human being. if humans want the islamic shari'a that is kaffah, then the most important human commitment is to practice what are the obligations that have been determined by islamic law, such as the obligation to issue zakat of wealth, provide maintenance (nafkah) to wife, needy parents, sons until mature, children until marriage, and also close relatives, infaq, and alms. ii. the right to make association with neighbors or work partners the right to make association (mutual ownership) in the islamic economy is guaranteed. it is implemented when someone who has assets over common property rights, then he has to get consent from the other party if he wants to sell the common property assets. so, in the sale of joint property, there must be an agreement on the two owners of common rights, not a unilateral decision since it is shared property. this is based on islamic teaching that prohibits the sale of common property without a collective agreement, as it will make others harmed (izzan and tanjung, 2007). iii. prohibition to manage personal property that harms the interests of many people to strengthen social security (at-takaful al-ijtima’i) at-takaful al-ijtima'i or social security, in the framework of the islamic economy is a mutual risk between human beings so that one another becomes a guarantor of another’s risk. islam has an attitude of solidarity which means to think 177 jm muslimin. society, law and economy: contextualizing ibn khaldun’s http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i21378 about each other, pay attention, and help to overcome difficulties. the concept of attakaful al-ijtima’i in islam is manifested in several institutions such as zakat, loans, gifts, grants, alms, sacrifice, aqiqah, expiation, and others (izzan and tanjung, 2007). philosophy of economic law: ideas and contextualization key person ibn khaldun joseph stiglitz adam smith karl marx ontology social harmony is the goal conflict is historical necessity epistemology social justice is a reality social justice is an imagination axiology (basic assumption ideas and systematization) holistic prosperity is a worldview materialism is prime motive (sources: stiglitz, 2002; rosenthal, 1967; patrick, 1989; nicola, 2007; roll, 1978, smith, 1937) conclusion the essence of ibn khaldun’s thought on society, law and economics is that law exists because of rapid economic growth and development. laws are used to regulate human activities. therefore, economic law exists with the aim that the developing economy does not harm the people. in its development, philosophy continues to develop until it becomes part of scientific discipline. philosophy of law that governs all aspects of people's lives quite dominantly regulates how humans can live and meet their needs. this is what is called the economy. the philosophy of law develops and reflects its scope to produce a philosophy of economic law. philosophy of economic law contains elements of what are the needs of the human economy, how to meet them, what goals and what are the limits or good rules related to achieving the fulfillment of human needs. in the context of society, law and economy, the essence of ibn khaldun’s theories can be summarized as follows: a. recognizing the proprietary; b. conditional al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 178 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i2.13778 economic freedom; c. the right to welfare, managed by rule of law; d. public welfare is more important than individual interest; e. social security and justice are the ultimate goal of economic activities. those points are more identical to the ideas of joseph stiglitz than to adam smith or karl marx. references aburaera, sukarno, muhandar & maskun. 2013. filsafat hukum: teori & praktik. jakarta: kencana. almizan. 2016. “pembangunan ekonomi dalam perspektif ekonomi islam.” maqdis: jurnal kajian ekonomi islam 1(2): 203-222. alvey, james e. 1999. “a short history of economics as a moral science.” journal of markets and morality 2(1): 53-73. amalia, euis. 2005. sejarah pemikiran ekonomi: dari masa klasik hingga kontemporer. jakarta: pustaka asatruss. arif, muhammad. 2018. filsafat ekonomi islam. medan ashori, abdul ghofur. 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(malaysia: dewan bahasa dan pustaka. diterjemahkan oleh adzman shamsudin, latifah othman, dan shamsiah. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 180 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v11i2.13778 santoso, m. agus. 2012. hukum, moral, & keadilan: sebuah kajian filsafat hukum. perpustakaan nasional: katalog dalam terbitan. sari, elsi kartika & advendi simangunsong. 2007. hukum dalam ekonomi. jakarta: pt gramedia widiasarana indonesia. schumpeter, joseph a. 2006. history of economic analysis. taylor & francis elibrary. schumpeter, joseph a. 1954. history of economic analysis, edited from manuscript by elizabeth b. schumpeter and published after his death. new york: oxford university press. stiglitz, joseph e. 2002. globalization and its discontents. usa: w. w. norton & company. smith, adam. 1937. an inquiry into the nature and causes of the wealth of nations, ed. by edwin cannan. new york: random house. sucipto, urip. 2013. filsafat hukum. yogyakarta: deepublish publisher. syarofi, ahmad muhtar. 2016. “kontribusi hukum terhadap perkembangan ekonomi nasional indonesia.” iqhtisoduna jurnal ekonomi syariah, 1(2): 5780. taylor, overton h., 1960, a history of economic thought (new york: mcgrawhill book co.). todaro, michele p & stephen c. smith. 2009. pembangunan ekonomi. jakarta: erlangga. wijaya, cuk ananta. 2009. “filsafat ekonomi adam smith.” jurnal filsafat 19(1): 1-22. yasin, mohammad nur. 2016. “the pluralism of islamic economic law: dialetic of muslim and non-muslim in the development of sharia banking in indonesia.” journal of indonesia islam 10(1): 113-138. pendahuluan islam sebagai suatu agama tidak hanya mengatur ummatnya untuk selalu melakukan ibadah yang sifatnya ritual, yang merupakan bentuk penghambaan diri kepada allah swt bersifat vertikal. tetapi, islam memberikan aturan yang lebih luas dan komprehensif. ibadah yang dilakukan oleh ummat islam dapat pula bersifat horizontal, yaitu ibadah yang dilakukan didasarkan atas penciptaan hubungan yang terjadi pada lingkungan sosial, ekonomi dan politik. bagi setiap individu ummat islam diwajibkan untuk melakukan pencitraan positif terhadap dirinya, orang lain, serta lingkungannya. sehingga masing-masing individu bertanggungjawab atas kondisi dan situasi yang mengelilinginya. keberadaan lingkungan sosial yang baik dan damai, kondisi ekonomi masyarakat yang sejahtera, dan situasi politik yang aman merupakan bagian dari ibadah yang dapat dilakukan oleh ummat islam analisis bentuk gharar dalam transaksi ekonomi nadratuzzaman hosen fakultas syariah dan hukum jakarta jl. ir. h. juanda 95, ciputat, jakarta. abstrak: lembaga keuangan konvensional banyak mengandung unsur gharar yang jelas telah dilarang dalam syariat islam. islam memiliki batasan yang tegas terhadap berbagai transaksi ekonomi, sehingga jelas mana yang dilarang atau tidak dilarang. nilai-nilai keadilan merupakan hal utama yang menjadi prinsip pokok untuk melandasi kegiatan ekonomi, sehingga merasa teraniaya oleh pihak yang lain. kata kunci: gharar, keadilan, transaksi ekonomi. nadratuzzaman hosen: analisis bentuk gharar dalam transaksi ekonomi54 yang merupakan bentuk penghambaan kepada allah swt. salah satu ibadah tersebut adalah menciptakan kesejahteraan masyarakat dengan melakukan kegiatan ekonomi. urgensi ekonomi tidak dapat diabaikan atau dipandang sebelah mata. kegiatan ekonomi memegang peranan vital untuk menciptakan masyarakat yang sejahtera, adil dan makmur. islam mengajarkan dalam sistem ekonomi ummatnya, didasarkan pada nilai-nilai keadilan yang harus ditegakkan, dan menjadi prinsip pokok untuk melakukan kegiatan ekonomi. setiap kegiatan ekonomi harus mengandung unsur manfaat serta tidak melakukan penganiayaan terhadap dirinya dan orang lain, sehingga kegiatan ekonomi dapat menciptakan kesejahteraan masyarakat secara merata. melakukan kegiatan ekonomi tidak diperbolehkan dengan melakukan penipuan, perjudian, pemaksaan ataupun mengambil hak milik orang lain dengan cara-cara bathil. pengertian arti dalam bahasa arab gharar adalah al-khathr; pertaruhan, majhul alaqibah; tidak jelas hasilnya, ataupun dapat juga diartikan sebagai almukhatharah; pertaruhan dan al-jahalah; ketidakjelasan. gharar me rupakan bentuk keraguan, tipuan, atau tindakan yang bertujuan untuk merugikan orang lain. di lihat dari beberapa arti kata tersebut, yang dimaksud dengan gharar dapat diartikan sebagai semua bentuk jual beli yang didalamnya me ngandung unsur-unsur ketidakjelasan, pertaruhan atau perjudian. dari semuanya mengakibatkan atas hasil yang tidak pasti terhadap hak dan kewajiban dalam suatu transaksi/jual beli. secara istilah fiqh, gharar adalah hal ketidaktahuan terhadap akibat suatu perkara, kejadian/ peristiwa dalam transaksi perdagangan atau jual beli, atau ketidakjelasan antara baik dengan buruknya. menurut madzhab syafi’i, gharar adalah segala sesuatu yang akibatnya tersembunyi dari pandangan dan sesuatu yang dapat memberikan akibat yang tidak diharapkan/ akibat yang menakutkan. sedang ibnu qoyyim berkata bahwa gharar adalah sesuatu yang tidak dapat diukur al-iqtishad: vol. i, no. 1, januari 2009 55 penerimaannya baik barang tersebut ada ataupun tidak ada, seperti menjual kuda liar yang belum tentu bisa di tangkap meskipun kuda tersebut wujudnya ada dan kelihatan. imam al-qarafi mengemukakan bahwa gharar adalah suatu akad yang tidak diketahui dengan tegas apakah efek akad terlaksana atau tidak. begitu juga yang disampaikan imam as-sarakhsi serta ibnu taimiyah yang memandang gharar dari segi adanya ketidakpastian akibat yang timbul dari suatu akad. sementara ibnu hazm melihat gharar dari segi ketidaktahuan salah satu pihak yang berakad tentang apa yang menjadi objek akad tersebut. hukum gharar dasar pengambilan hukum atas segala sesuatu dalam syariat islam harus jelas bentuk dan kriterianya, sehingga penetapannya akan mendapatkan suatu kepastian untuk menempatkan pada tingkatan boleh atau tidaknya untuk dilakukan, dan dapat dijadikan sandaran hukum. sudah jelas bahwa hukum terhadap sesuatu didasarkan atas hasil dari persepsi tentang sesuatu tersebut. sedetail apa pengetahuan kita terhadap berbagai hal yang berkaitan dengan gharar, akan menentukan kedetailan kita dalam mendudukkan masalah berbagai transaksi yang dianggap sebagai bentuk transaksi gharar dan mampu untuk menjelaskan tentang hukumhukumnya, serta menetapkan berbagai alternatif pengganti dari transaksitransaksi yang disyariatkan. ibnu taimiyah menjelaskan bahwa pelarangan terhadap transaksi gharar didasarkan kepada larangan allah swt atas pengambilan harta/ hak milik orang lain dengan cara yang tidak dibenarkan (bathil). menurut ibnu taimiyah di dalam gharar terdapat unsur memakan harta orang lain dengan cara bathil. dalam hal ini ibnu taimiyah menyandarkan pada firman allah swt, yaitu: dan janganlah sebagian kamu memakan harta sebagian yang lain diantara kamu dengan jalan yang bathil dan (janganlah) kamu membawa (urusan) harta itu kepada hakim, supaya kamu dapat memakan sebagian daripada harta benda orang lain itu dengan (jalan berbuat) dosa, padahal kamu mengetahui. (qs. al-baqarah: 188) nadratuzzaman hosen: analisis bentuk gharar dalam transaksi ekonomi56 hai orang-orang yang beriman, janganlah kamu saling memakan harta sesamamu dengan jalan yang bathil, kecuali dengan jalan perniagaan yang berlaku dengan suka sama suka di antara kamu. dan janganlah kamu membunuh dirimu; sesungguhnya allah adalah maha penyayang kepadamu. (qs. an-nisa’: 29) begitupun di dalam hadistnya, rasulullah saw telah melarang jual beli al-hashah dan jual beli gharar. jual beli gharar menurut imam as-sa’adi termasuk dalam kategori perjudian yang sudah jelas keharamannya dalam nash al-qur’an. bentuk gharar ditinjau dari isi kandungannya, bentuk-bentuk transaksi gharar menurut abdullah muslih terbagi menjadi tiga bagian, yaitu: 1. jual beli barang yang belum ada (ma’dum) tidak adanya kemampuan penjual untuk menyerahkan obyek akad pada waktu terjadi akad, baik obyek akad tersebut sudah ada ataupun belum ada (bai’ al-ma’dum). misalnya menjual janin yang masih dalam perut binatang ternak tanpa bermaksud menjual induknya, atau menjual janin dari janin binatang yang belum lahir dari induknya (habal al-habalah), kecuali dengan cara ditimbang sekaligus atau setelah anak binatang itu lahir (hr. abu dawud). contoh lain adalah menjual ikan yang masih di dalam laut atau burung yang masih di udara. hal ini didasarkan atas hadist rasulullah saw, ”janganlah kamu menjual ikan yang masih di dalam air, karena itu adalah gharar”. (hr. ahmad bin hambal). demikian juga dengan menjual budak yang melarikan diri, harta rampasan perang yang belum dibagi, harta sedekah yang belum diterima, dan hasil menyelam yang di dalam air (hr. ahmad bin hambal dan ibnu majah). 2. jual beli barang yang tidak jelas (majhul) a. menjual sesuatu yang belum berada di bawah penguasaan penjual. bila suatu barang belum diserahterimakan di saat jual beli, maka barang tersebut tidak dapat dijual kepada yang lain. sesuatu/ barang jika belum diterima oleh si pembeli tidak boleh melakukan kesepakatan kepada yang lain untuk bertransaksi al-iqtishad: vol. i, no. 1, januari 2009 57 atau jual beli, karena wujud dari barang tersebut belum jelas, baik kriteria, bentuk dan sifatnya. ketentuan ini didasarkan pada hadist yang menyatakan bahwa rasulullah saw melarang menjual barang yang sudah dibeli sebelum barang tersebut berada dibawah penguasaan pembeli pertama (hr. abu dawud). karena dimungkinkan rusak atau hilang obyek dari akad tersebut, sehingga jual beli yang pertama dan yang kedua menjadi batal. b. tidak adanya kepastian tentang sifat tertentu dari benda yang dijual. rasulullah saw bersabda: ”janganlah kamu melakukan jual beli terhadap buah-buahan, sampai buah-buahan tersebut terlihat baik (layak konsumsi)” (hr. ahmad bin hambal, muslim, annasa’i, dan ibnu majah). demikian juga larangan untuk menjual benang wol yang masih berupa bulu yang melekat pada tubuh binatang dan keju yang masih berupa susu (hr. ad-daruqutni). c. tidak adanya kepastian tentang waktu penyerahan obyek akad. jual beli yang dilakukan dengan tidak menyerahkan langsung barang sebagai obyek akad. misalnya, jual beli dengan menyerahkan barang setelah kematian seseorang. tampak bahwa jual beli seperti ini tidak diketahui secara pasti kapan barang tersebut akan diserahterimakan, karena waktu yang ditetapkan tidak jelas. namun, jika waktunya ditentukan secara pasti dan disepakati antara keduanya maka jual beli tersebut adalah sah. d. tidak adanya kepastian obyek akad. yaitu adanya dua obyek akad yang berbeda dalam satu transaksi. misalnya, dalam suatu transaksi terdapat dua barang yang berbeda kriteria dan kualitasnya, kemudian ditawarkan tanpa menyebutkan barang yang mana yang akan di jual sebagai obyek akad. jual beli ini merupakan suatu bentuk penafsiran atas larangan rasulullah saw untuk melakukan bai’atain fi bai’ah. termasuk di dalam jual beli gharar adalah jual beli dengan cara melakukan undian dalam berbagai bentuknya (hr. al-bukhari). e. kondisi obyek akad tidak dapat dijamin kesesuaiannya dengan yang ditentukan dalam transaksi. misalnya, transaksi/ jual beli motor dalam kondisi rusak. jual beli seperti ini salah satu bentuk nadratuzzaman hosen: analisis bentuk gharar dalam transaksi ekonomi58 dari gharar karena di dalamnya terkandung unsur spekulatif bagi penjual dan pembeli, sehingga sama halnya dengan melakukan jual beli undian. 3. jual beli barang yang tidak mampu diserahterimakan. a. tidak adanya kepastian tentang jenis pembayaran atau jenis benda yang dijual. wahbah az-zuhaili berpendapat bahwa ketidakpastian tersebut merupakan salah satu bentuk gharar yang terbesar larangannya. b. tidak adanya kepastian tentang jumlah harga yang harus di bayar. misalnya, penjual berkata: ”saya jual beras kepada anda sesuai dengan harga yang berlaku pada hari ini.” ketidakpastian yang terdapat dalam jual beli ini merupakan illat dari larangan melakukan jual beli terhadap buah-buahan yang belum layang dikonsumsi. dasar hukumnya adalah hadist yang diriwayatkan oleh ahmad bin hambal, muslim, an-nasa’i, dan ibnu majah di atas. c. tidak adanya ketegasan bentuk transaksi, yaitu adanya dua macam atau lebih transaksi yang berbeda dalam satu obyek akad tanpa menegaskan bentuk transaksi mana yang dipilih sewaktu terjadi akad. bentuk jual beli seperti ini merupakan larangan seperti halnya rasulullah saw melarang terhadap terjadinya dua jual beli/ transaksi dengan satu akad (bai’ataini fi bai’ah) (hr. ahmad bin hambal, an-nasa’i, dan tirmidzi). misalnya, melakukan jual beli motor dengan harga rp. 13 juta jika kontan/ tunai dan rp. 20 juta jika pembeli melakukan pembayaran dengan cara kredit, namun ketika akad berlangsung dan terjadi kesepakatan tidak ditegaskan transaksi mana yang dipilih. d. adanya keterpaksaan. antara lain berbentuk: (a). jual beli lempar batu (bai al hasa), yaitu seseorang melempar batu pada sejumlah barang dan barang yang terkena batu tersebut wajib untuk dibelinya. larangan terhadap jual beli tersebut berdasarkan hadist rasulullah saw, yang diriwayatkan oleh abu hurairah r.a: rasulullah saw melarang jual beli lempar batu dan jual beli yang mengandung tipuan.”(hr. al-jama’ah kecuali bukhari). (b). jual beli dengan saling melempar (bai’ al-munabazah) yaitu al-iqtishad: vol. i, no. 1, januari 2009 59 seseorang melemparkan bajunya kepada orang lain dan jika orang yang dilemparkan tersebut melemparkan bajunya kepada yang melemparnya maka diantara keduanya wajib untuk melakukan jual beli, meskipun pembeli tidak tahu akan kualitas dari barang yang dibelinya. (c). jual beli dengan cara menyentuh (bai’ almulamasah), yaitu jika seseorang menyentuh suatu barang maka barang itu wajib dibelinya, meskipun ia belum mengetahui dengan jelas barang apa yang akan dibelinya. gharar dalam trnsaksi ekonomi transaksi perdagangan umumnya mengandung risiko untung dan rugi. hal yang wajar bagi setiap orang berharap untuk selalu mendapatkan keuntungan, tapi belum tentu dalam setiap usahanya akan mendapatkan keuntungan. menurut imam ghazali bahwa motivasi seorang pedagang adalah keuntungan, yaitu keuntungan di dunia dan keuntungan di akhirat. risiko untung dan rugi merupakan kondisi yang tidak pasti dalam setiap usaha. dapat ditekankan bahwa islam tidak melarang suatu akad yang hanya terkait dengan risiko atau ketidakpastian. hanya bila risiko tersebut sebagai upaya untuk membuat satu pihak mendapatkan keuntungan atas pengorbanan pihak lain, maka hal tersebut menjadi gharar. menurut ibnu taimiyah sudah jelas bahwa allah swt dan rasulullah saw tidak melarang setiap jenis risiko. begitu juga tidak melarang semua jenis transaksi yang kemungkinan mendapatkan keuntungan atau kerugian ataupun netral (tidak untung dan tidak rugi). yang dilarang dari kegiatan semacam itu ialah memakan harta orang lain secara tidak benar, bahkan bila tidak terdapat risiko, bukan risikonya yang dilarang. yang menjadikan gharar dilarang adalah karena keterkaitannya dengan memakan harta orang lain dengan cara tidak benar, jadi bukan semata-mata adanya unsur risiko, ketidakpastian ataupun disebut pula dengan game of chance. karena hal ini akan mengakibatkan merugikan bagi pihak lain. masyarakat arab jahiliyah, biasa menyimpan tiga anak panah di dalam ka’bah yang dibalut dengan kertas putih yang bertuliskan lakukan, jangan nadratuzzaman hosen: analisis bentuk gharar dalam transaksi ekonomi60 lakukan, dan kosong. sebelum mereka melakukan perjalanan jauh, misalnya, mereka kan pergi menemui juru kunci ka’bah dan meminta untuk diambilakn salah satu dari anak panah tersebut. hal ini adalah merupakan salah satu bentuk game of chance yang primitive yaitu yang dilakukan tanpa usaha untuk membuat salah satu kemungkinan hasil yang diinginkan yang keluar. game of chance yang diupayakan kemenangannya, disebut game of skill (permainan ketangkasan). misalnya bila kalah dalam permainan sepak bola, maka akan pergi jauh dari daerahnya. hal inipun termasuk kategori game of chance. jadi yang menentukan boleh atau tidaknya bukan apakah game of chance dilakukan dengan usaha atau tanpa usaha. yang menentukan adalah apakah hasil dari game of chance tersebut menentukan tindakan yang akan diambil selanjutnya, atau dengan kata lain menggantungkan nasib kepada hasil dari game of chance tersebut. game of chance yang kita menggantungkan nasib pada hasilnya dan salah satu pihak harus menanggung beban pihak lain akibat hasil dari game of chance tersebut, disebut maisir. ketidakpastian bukanlah spekulatif, begitu pula game of chance bukanlah perjudian. hanya bila suatu tindakan bergantung pada hasil usaha game of chance, ia termasuk mengundi nasib dengan anak panah (qs. an-nisa’: 90) dan oleh karenanya terlarang. hanya bila suatu tindakan bergantung pada hasil game of chance dan salah satu pihak harus menanggung beban pihak lain akibat dari hasil game of chance, maka ia termasuk kategori maisir dan oleh karenanya terlarang. dalam transaksi modern, banyak ditemukan model transaksi yang termasuk dalam kategori gharar. terutama transaksi yang dilakukan oleh lembaga keuangan. umum terjadi, lembaga keuangan modern merupakan lembaga usaha yang bertujuan untuk mendapatkan keuntungan. gharar dalam lembaga keuangan modern terdapat pada cara mereka melakukan usaha dan mendapatkan keuntungan. perbankan lembaga perbankan merupakan pilar dari ekonomi modern. hingga tingkat kemajuan dari perbankan mampu mempengaruhi kondisi ekonomi suatu al-iqtishad: vol. i, no. 1, januari 2009 61 bangsa. berkembang atau tidaknya suatu kondisi ekonomi dapat dilihat dari perkembangan perbankan. namun, ditilik dari syariat islam, lembaga perbankan umum yang telah berkembang sarat dengan unsur-unsur gharar, maisir dan riba, yang jelas dilarang dalam aturan syariat islam. gharar dalam perbankan dapat dilihat dari sistem bunga yang dibebankan pada setiap transaksi, baik dalam transaksi pinjaman maupun simpanan. beban bunga yang ditetapkan adalah merupakan jenis gharar yang mempertukarkan kewajiban antara satu pihak dengan pihak yang lain. contoh, disaat melakukan pengajuan pinjaman pada bank untuk suatu usaha dengan beban bunga sebesar 10%. jika usaha yang dilakukan mendapat keuntungan 100% atau lebih, maka pihak peminjam akan untung, karena hanya membayar bunga sebesar 10%. sedangkan bila usaha mengalami kerugian maka akan ditanggung sendiri, dan pihak bank tidak akan peduli dengan kondisi tersebut, saat masa jatuh tempo pihak peminjam harus mengembalikan dana pinjamannya beserta bunga yang dibebankan, ibarat sudah jatuh tertimpa tangga. jadi risikolah yang dipertukarkan. asuransi asuransi merupakan bentuk pertanggungan yang dilakukan antara satu pihak dengan pihak lain. dalam undang-undang ri no. 2 tahun 1992 tentang usaha perasuransian, asuransi atau pertanggungan merupakan perjanjian antara dua pihak atau lebih, dimana pihak penanggung mengikatkan diri kepada tertanggung, dengan menerima premi asuransi, untuk memberikan penggantian kepada tertanggung karena kerugian, kerusakan, atau kehilangan keuntungan yang diharapkan. atau, tanggung jawab hukum kepada pihak ketiga yang mungkin akan diderita tertanggung, yang timbul dari suatu peristiwa yang tidak pasti; atau untuk memberikan pembayaran yang didasarkan atas meninggal atau hidupnya seseorang yang dipertanggungkan. gharar terjadi dalam asuransi apabila kedua belah pihak (misalnya: peserta asuransi, pemegang polis, dan perusahaan) saling tidak mengetahui apa yang akan terjadi, kapan musibah akan menimpa. kontrak yang dilakukan pada kondisi tersebut adalah suatu kontrak yang dibuat berasaskan pada pengandaian (ihtimal) semata. hal inilah yang disebut nadratuzzaman hosen: analisis bentuk gharar dalam transaksi ekonomi62 gharar ’ketidakjelasan’ yang dilarang dalam syariat islam. karena bentuk dari kontrak tersebut akan mengakibatkan terjadinya saling mendzalimi. meskipun kedua belah pihak saling meridhoi, kontrak tersebut secara dzatnya tetap termasuk dalam kategori gharar yang diharamkan. walupun nisbah/ persentase atau kadar bayarannya telah ditentukan agar peserta asuransi/ pemegang polis maklum, ia tetap tidak tahu kapan musibah akan terjadi, disinilah gharar terjadi. secara konvensional, kontrak/ perjanjian dalam asuransi jiwa dapat dikategorikan sebagai akad tabaduli atau akad pertukaran, yaitu pertukaran pembayaran premi dengan uang pertanggungan. secara syariah, dalam akad pertukaran harus jelas berapa yang dibayarkan dan berapa yang harus diterima. keadaan ini akan menjadi rancu (gharar) karena kita tahu berapa yang akan diterima (sejumlah uang petanggungan), tetapi tidak tahu berapa yang akan dibayarkan (jumlah seluruh premi). disinilah terjadinya gharar pada asuransi konvensional. gambaran dari bentuk gharar tersebut adalah jika seseorang mengambil paket asuransi 10 tahun dengan besar uang pertanggungan misalnya 10 juta. apabila pada tahun keempat orang yang bersangkutan meninggal dan baru bayar premi sebesar 4 juta, maka ahli warisnya mendapatkan jumlah yang penuh 10 juta. pertanyaan yang muncul, dari mana sisa 6 juta diperoleh. uang 6 juta yang di dapat ahli waris tersebut merupakan bentuk gharar. bursa saham bursa saham adalah pasar yang di dalamnya berjalan usaha jual beli saham. target bursa adalah menciptakan pasar simultan dan kontinyu dimana penawaran dan permintaan serta orang-orang yang hendak melakukan perjanjian jual beli dipertemukan. tentunya dalam hal ini akan mendapatkan berbagai keuntungan bagi pihak pelaku. dalam bursa saham, bentuk gharar banyak ditemukan dalam setiap transaksinya. adapun gharar tersebut dapat terjadi disebabkan oleh: a. transaksi berjangka dalam pasar saham sebagian besar bukanlah jual beli sesungguhnya. karena tidak ada unsur serah terima dalam pasar saham ini antara kedua belah pihak yang bertransaksi, padahal al-iqtishad: vol. i, no. 1, januari 2009 63 syarat jual beli adalah adanya serah terima barang dagangan dan pembayarannya atau salah satu dari keduanya. b. kebanyakan penjualan dalam pasar ini adalah penjualan sesuatu yang tidak dimiliki, baik itu berupa mata uang, saham, giro piutang, atau barang komoditi komersial dengan harapan akan dibeli di pasar sesungguhnya dan diserahterimakan pada saatnya nanti, tanpa mengambil uang pembayaran terlebih dahulu pada waktu transaksi sebagaimana syaratnya jual beli. c. pembeli dalam pasar ini kebanyakan membeli menjual kembali barang yang dibelinya sebelum ia terima. orang kedua akan menjual kembali sebelum dia terima. hal semacam ini terjadi secara berulang-ulang, terhadap obyek jualan yang belum diterima, hingga transaksi itu berkhir pada pembeli sebenarnya, atau paling tidak menetapkan harga sesuai pada hari pelaksanaan transaksi, yaitu hari penutupan harga. d. yang dilakukan oleh pemodal besar dengan memonopoli saham sejenisnya serta barang-barang komoditi komersial lain dipasaran agar bisa menekan pihak penjual yang menjual barang-barang yang tidak mereka miliki dengan harapan akan membelinya pada saat transaksi dengan harga yang lebih murah, atau langsung melakukan serah terima sehingga menyebabkan para penjual lain merasa kesulitan. e. dalam pasar modal dijadikannya pasar ini sebagai pemberi pengaruh pasar dengan skala lebih besar. karena harga-harga dalam pasar ini tidak sepenuhnya bersandar pada mekanisme pasar semata secara prkatis dari pihak orang-orang yang butuh jual beli. namun justru terpengaruh oleh banyak hal, sebagian diantaranya dilakukan oleh para pemerhati pasar, sebagian lagi dari adanya monopoli barang dagangan dan kertas saham, atau dengan menyeberkan berita bohong dan sejenisnya. cara-cara yang dilakukan dapat menyebabkan ketidakstabilan harga secara tidak alami, sehingga dapat berpengaruh buruk terhadap perekonomian. penutup kondisi ekonomi yang ditopang dengan lembaga keuangan konvensional, banyak mengandung unsur gharar yang jelas telah dilarang dalam syariat nadratuzzaman hosen: analisis bentuk gharar dalam transaksi ekonomi64 islam. jelas bahwa islam memiliki batasan yang tegas terhadap berbagai transaksi ekonomi, sehingga jelas mana yang dilarang atau tidak dilarang. dan hal ini menjadi tuntunan bagi umat islam dalam melaksanakan kegiatan ekonominya. nilai-nilai keadilan merupakan hal utama yang menjadi prinsip pokok untuk melandasi kegiatan ekonomi. adil yang dimaksud adalah tidak menyebabkan kerugian di salah satu pihak, sehingga merasa teraniaya oleh pihak yang lain. pustaka acuan dahlan, abdul azis, et.al, ensiklopedi hukum islam, jakarta, ichtar baru van hoeve, 1996 karim, adiwarman, ekonomi mikro islam, jakarta, iit indonesia, 2003 muslih, abdullah, fikih ekonomi keuangan islam, jakarta, darul haq, 2004 sula, m. syakir, asuransi syariah, konsep dan sistem operasional, jakarta, gema insani, 2004 http//www.republika.co.id//jual beli gharar, jum’at, 16 maret 2007 pendahuluan islam bertujuan untuk membentuk masyarakat dengan tatanan sosial yang solid. dalam tatanan itu, setiap individu diikat oleh persaudaraan dan kasih sayang bagai satu keluarga. sebuah persaudaraan yang universal dan tak diikat batas geografis. allah swt berfirman: hai manusia, sesungguhnya kami menciptakan kamu dari seorang lakilaki dan seorang perempuan serta menjadikan kamu berbangsa-bangsa dan bersuku-suku agar kamu saling mengenal. sesungguhnya orang yang paling mulia di antara kamu di sisi allah adalah orang yang paling bertaqwa, sesungguhnya allah maha mengetahui lagi maha mengenal. (al-hujurat: 13) dalam kegiatan ekonomi, islam mendorong praktek bagi hasil serta meng haramkan riba. keduanya sama-sama memberi keuntungan bagi pemilik dana, namun keduanya mempunyai perbedaan yang sangat nyata. ada beberapa pendapat dalam menjelaskan riba, namun secara umum persepsi nasabah terhadap produk pembiayaan murabahah bprs al-salam dede nurdiansyah stai laa roiba cibinong bogor e-mail: dede_nurdiansyah@yahoo.com abstrak: lembaga-lembaga keuangan islam, akan diterima apabila dapat memenuhi tuntutan objektif yang berlandaskan efesiensi. dan akan bertahan juga berkembang jika mampu menawarkan keserbapraktisan dan kelebihpraktisan bagi ummat dalam urusan keuangan, baik untuk menyimpan maupun untuk meminjam. lembaga-lembaga keuangan pun harus mampu memberikan kepada calon nasabahnya dalam mendapatkan kredit/ pembiayaan berikut segala konsekuensinya, serta dalam menyediakan imbal an bagi simpanan yang dititipkan ummat yang menjadi nasabahnya. kata kunci: nasabah, produk pembiayaan, murabaha dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 2 terdapat benang merah yang menegaskan bahwa riba adalah pengambilan tambahan, baik dalam transaksi jual-beli maupun pinjam meminjam secara bathil atau bertentangan dengan prinsip muamalat dalam islam.1 mengenai hal ini, allah swt mengingatkan dalam firman-nya: hai orang-orang yang beriman, janganlah kamu saling memakan harta sesamamu dengan jalan yang batil, kecuali dengan jalan perniagaan yang berlaku dengan suka sama-suka di antara kamu. dan janganlah kamu membunuh dirimu.” (an-nisa: 29) kerangka kegiatan mumalat secara garis besar dapat dibagi kedalam tiga bagian besar, politik, sosial dan ekonomi. dari ekonomi dapat diambil tiga turunan lagi, yaitu: konsumsi, simpanan, dan investasi. berbeda dengan sistem lainnya, islam mengajarkan pola konsumsi yang moderat, tidak berlebihan tidak juga keterlaluan. dan dengan tegas allah swt berfirman: sesungguhnya pemboros-pemboros itu adalah saudara-saudara syaitan dan syaitan itu adalah sangat ingkar kepada tuhannya. (al-isra: 27) doktrin al-qur’an tersebut secara ekonomi dapat diartikan mendorong terpupuknya surplus konsumsi dalam bentuk simpanan, untuk dihimpun kemudian dipergunakan dalam membiayai investasi. baik untuk perdagangan (trade), produk (manufacture) dan jasa (service). dalam konteks inilah kehadiran lembaga keuangan mutlak adanya (dharurah), karena ia bertindak sebagai intermediate antara supply unit dengan demand unit.2 terbitnya undang-undang no. 7 tahun 1992 tentang perbankan secara implisit telah membuka peluang kegiatan usaha perbankan syariah walaupun masih dengan menggunakan istilah bank bagi hasil. dasar operasional bank bagi hasil secara rinci dijabarkan dalam peraturan pemerintah no. 72 tahun 1992 tentang bank berdasarkan prinsip bagi hasil. ketentuan per undang-undangan tersebut telah dijadikan sebagai dasar hukum beroperasinya bank syariah di indonesia yang menandai dimulainya era sistem perbankan ganda (dual banking system) di indonesia. 1 m. syafi’i antonio, bank syariah: suatu pengenalan umum, (jakarta: tazkia institute, 2000), hal. 59 2 m. syafii antonio, bank syariah: analisis kekuatan, kelemahan, peluang dan ancaman, (yogyakarta: ekonisia, 2006) hal. 16 al-iqtishad: vol. i, no. 1, januari 2009 3 pada tahun 1998, dikeluarkan undang-undang no. 10 tahun 1998 sebagai amandemen dari undang-undang no. 7 tahun 1992 tentang per bankan yang memberikan landasan hukum yang lebih kuat bagi keberadaan sistem perbankan syariah. berdasarkan undang-undang no. 10 tersebut, bank umum konvensional diperbolehkan untuk melakukan kegiatan usaha berdasarkan prinsip syariah melalui pembukaan uus (unit usaha syariah) yang menandai era dual system banking di indonesia. pada tahun 1999 dikeluarkan undang-undang no. 23 tahun 2004 tentang bank indonesia yang memberikan kewenangan kepada bank indonesia untuk dapat pula menjalankan tugasnya berdasarkan prinsip syariah.3 lembaga-lembaga keuangan islam, akan diterima apabila dapat me menuhi tuntutan objektif yang berlandaskan efesiensi. dan akan bertahan juga berkembang jika mampu menawarkan keserbapraktis an dan kelebihpraktisan bagi ummat dalam urusan keuangan, baik untuk menyimpan maupun untuk meminjam. lembaga-lembaga keuangan pun harus mampu memberikan kepada calon nasabahnya dalam men dapatkan kredit/pembiayaan berikut segala konsekuensinya, serta dalam menye diakan imbalan bagi simpanan yang dititipkan ummat yang menjadi nasabahnya. dalam konteks posisinya ditengah-tengah masyarakat, lembaga keuang an islam pada dasarnya sama dengan lembaga keuangan konvensional dalam arti bahwa ia juga merupakan lembaga perantara. perbedaan antara lembaga keuangan konvensional dan lembaga keuangan islam terletak pada produk-produk dan layanan jasa yang ditawarkan serta legalitas keagamaan. seperti halnya lembaga keuangan konvensional, kehadiran lembaga keuangan islam hendaknya atas dasar kebutuhan masyarakat dan tuntunan perekonomian. kredibilitas dan profesionalitas, yang merupakan syarat kelangsungan dan perkembangan lembaga keuangan konvensional, juga menjadi syarat bagi kelangsungan dan perkembangan lembaga keuangan islam. secara umum, bpr memiliki fungsi sebagai agen pembangunan 3 direktorat perbankan syariah bank indonesia, outlook perbankan syariah indonesia 2007,(jakarta: bank indonesia, 2006) dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 4 (agent of development) yang diharapkan mampu mewujudkan pemerataan pelayanan perbankan, pemerataan kesempatan berusaha dan pemerataan pendapatan masyarakat melalui pemberian bantuan kredit kepada pedagang/pengusaha kecil dan di pasar-pasar serta di desa-desa, serta menghimpun dana dari masyarakat berupa tabungan dan deposito berjangka. di samping itu juga berfungsi mempersempit ruang gerak para pelepas uang (money lender) dan rentenir yang sampai saat ini masih sulit untuk di berantas.4 bpr merupakan bank yang melaksanakan kegiatan usaha secara konvensional atau prinsip syariah untuk memberikan jasa dalam lalu lintas pembayaran. mendirikan bpr/bprs memiliki banyak keuntungan seperti faktor kedekatan geografis dan psikologis dengan para nasabah. selain itu, bpr/bprs juga memiliki operasional yang spesifik dengan fokus pelayanan kepada usaha kecil menengah (ukm). di samping itu, bpr/bprs juga dapat menempatkan dana di perbankan lain, deposito berjangka, atau sertifikat deposito. hanya, bpr/bprs tidak boleh menerima simpanan dalam bentuk giro, usaha valuta asing, penyertaan modal, maupun usaha perasuransian. sampai juni 2007, total aktiva bpr mencapai rp 23,04 triliun, dana pihak ketiga rp 15,77 triliun, jumlah kredit rp 16,94 triliun, dan laba tahun berjalan rp 509 miliar. demikian pula dengan kecukupan modal sendiri (capital adequacy ratio/car) bpr yang mencapai 22,7 persen. “dari total kredit yang diberikan bpr, 52 persen kepada sektor lain-lain, 40 persen sektor perdagangan, dan 6 persen pertanian.5 faktor utama sebagai dasar pertimbangan bagi nasabah dalam me milih layanan perbankan adalah kepercayaan atas kinerja profersional perbankan, seperti jaminan keamanan dana nasabah, efektifitas dan efisien layanan jasa perbankan. faktor bunga tidaklah menjadi alasan utama nasabah dalam me milih jasa perbankan, sebagian masyarakat tidak terlalu memperhatikan masalah atas bunga tersebut dan lebih mengutamakan efektifitas, efisiensi dan keamanan atas dana yang disimpan oleh lembaga perbankan. 4 m. syafii antonio, bank syariah: analisis kekuatan, kelemahan, peluang dan ancaman,.h. 113 5 http://www.pikiran-rakyat.com/cetak/2007/092007/08/0701.htm,.tgl. 15 september 2007 al-iqtishad: vol. i, no. 1, januari 2009 5 paradigma kebijakan yang diperlukan untuk menjamin konsistensi peran dalam pengembangan perbankan syariah antara lain: 1. pengembangan sdm perbankan syariah 2. pengembangan instrument-instrumen layanan jasa perbankan syariah 3. sosialisasi program dan layanan jasa perbankan syariah 4. profesionalisme kinerja dan layanan jasa perbankan 5. segmentasi pasar perbankan syariah 6. pengembangan networking dalam skala nasional maupun internasional.6 di kalangan masyarakat masih ada tanggapan yang sangat sumir yang merumuskan persepsi mereka bahwa bank syariah itu sama saja dengan bank konvensional plus doa dan jilbab. kesalahan persepsi ini disebabkan beberapa faktor. pertama, kelengkapan dari sistem perbankan syariah itu baik menyangkut filosofis, sistem dan teknik belum mapan. bahkan masing masing negara maupun masing masing bank masih memiliki peluang untuk menggunakan metodenya sendiri. standardisasi produk, akad, prosedur, laporan keuangan, jasa yang diberikan masih dalam agenda regulator. kedua, sdm di bank syariah itu dapat dikatakan sebahagian besarnya adalah alumni bank konvensional yang tentu akan membawa pola fikir, budaya dan sistem bank konvensional. filosofi dari bank syariah yang murni syariah sesungguhnya belum sepenuhnya mewarnai semua visi, missi dan sepak terjang bank syariah.7 karakteristik pembiayaan murabahah salah satu skim fiqh yang paling populer digunakan oleh perbankan syariah adalah skim jual beli murabahah, karena dalam definisinya disebut adanya keuntungan yang disepakati, maka karakteristik dari murabahah itu adalah penjual harus memberitahu pembeli tentang harga pembelian barang dan menyatakan jumlah keuntungan yang ditambahkan pada biaya tersebut.8 6 http://www.solusihukum.com/artikel/artikel33.php,. tgl 29 agustus 2007 7 http://www.btn.co.id/berita.asp?action=bl&intnewsid=351,. tgl. 15 september 2007 8 adiwarman a. karim, ekonomi islam suatu kajian kontemporer, (jakarta: gema insani press, 2001), h. 86 dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 6 tujuan nasabah melakukan jual beli dengan bank adalah karena alasan bahwa nasabah tidak memiliki uang tunai (modal) untuk bertransaksi langsung dengan supplier dengan melakukan transaksi dengan bank (sebagai lembaga keuangan) maka nasabah dapat melakukan jual beli dengan pembayaran tangguh atau diangsur. jika murabahah dilakukan dengan cara pembayaran angsuran, maka yang timbul dari transaksi ini adalah piutang uang. artinya, penjual (bai’) akan memiliki piutang uang sebesar nilai transaksi atas pembeli (musytari’) dan sebaliknya pembeli mempunyai utang sebesar nilai transaksi kepada penjual. murabahah merupakan satu transaksi jual beli, maka harus dipenuhi rukun dan syarat-syarat. adapun rukun murabahah adalah: � penjual (bai’) � pembeli (musytari’) � barang/objek (mabi’) � harga (tsaman) � ijab qabul (sighat)9 adapun syarat murabahah sesuai dengan rukun diatas adalah sebagai berikut: 1. syarat yang berakad � cakap hukum � sukarela (ridha), tidak dalam keadaan dipaksa/terpaksa/dibawah tekanan 2. objek yang diperjual belikan � tidak termasuk yang diharamkan atau dilarang � bermanfaat � penyerahannya dari penjual ke pembeli dapat dilakukan � merupakan hak milik penuh yang berakad � sesuai dengan spesifikasi antara yang diserahkan penjual dan yang diterima pembeli 9 sunarto zulkifli, panduan praktis transaksi perbankan syariah,, h. 40 al-iqtishad: vol. i, no. 1, januari 2009 7 3. akad sighat � harus jelas dan disebutkan secara spesifik dengan siapa yang ber akad � antara ijab dan qabul (serah terima) harus selaras baik dalam spesifikasi barang maupun harga yang disepakati. � tidak mengandung klausul yang bersifat menggantungkan keabsah an transaksi pada hal atau kejadian y ang akan datang. � tidak membatasai jangka waktu. penyebab terlarangnya sebuah transaksi adalah disebabkan faktorfaktor berikut: 1. haram zatnya (haram li-dzatihi) seperti memakan babi, khamr, bangkai, darah. 2. haram selain zatnya (haram li ghairihi) seperti melakukan tadlis/ penipuan, taghrir/gharar, ikhtikar, bai’ najasy, riba, maisir, risywah. 3. tidak sah (lengkap) akadnya, seperti rukun dan syarat tidak terpenuhi, terjadi ta’alluq, terjadi “two in one”.10 dalam transaksi jual beli murabahah, bank bertindak sebagai penjual, sementara nasabah sebagai pembeli. harga jual didalam murabahah adalah harga beli bank dari pemasok ditambah keuntungan. kadua pihak harus menyepakati harga jual dan jangka waktu pembayaran. harga jual dicantumkan dalam akad jual beli dan jika telah disepakati tidak dapat berubah selama berlakunya akad. pembiayaan murabahah terdiri dari dua transaksi jual beli murabahah: a. transaksi bank membeli barang secara tunai dari penjual (supplier barang) b. transaksi bank menjual barang tersebut secara cicilian ke debitur. karena dalam transaksi jual beli yang kedua, pembayaran tidak dilakukan secara tunai maka pembiayaan murabahah juga terdiri dari transaksi-transaksi: a. transaksi dayn (hutang) antara bank dengan debitur, yaitu sebesar 10 adiwarman a. karim, bank islam analisis fiqh dan keuangan, h. 30 dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 8 harga barang yang belum dibayar lunas. b. transaksi debitur memberikan jaminan atas dayn (hutang)–nya tersebut.11 pada dasarnya jaminan bukanlah salah satu rukun atau syarat yang mutlak yang harus dipenuhi dalam bai’ al murabahah, jaminan dimaksudkan untuk menjaga agar pemesan tidak main-main dengan pesanan. pembeli (penyedia pembiayaan/kreditur) dapat meminta pemesan (pemohon/debitur) suatu jaminan atau rahn untuk dipegangnya. dalam teknis operasionalnya barang-barang yang dipesan dapat menjadi salah satu jaminan, barang yang dijadikan jaminan berupa bpkb mobil yang bisa dijadikan objek pembiayaan tersebut. murabahah memberi banyak manfaat kepada bank syariah, salah satunya adalah adanya keuntungan yang muncul dari selisih harga beli dari penjual dengan harga jual kepada nasabah. sesuai dengan sifat bisnis /tijarah, transaksi murabahah memiliki beberapa manfaat, demikian juga resiko yang harus diantisipasi. selain itu, sistem murabahah juga sangat sederhana. hal tersebut memudahkan penanganan administrasinya di bank syariah. diantara kemungkinan resiko yang harus diantisipasi antara lain: a. default atau kelalaian, nasabah sengaja tidak membayar angsuran maupun nasabah yang tidak mampu membayar angsuran. b. fluktuasi harga komparatif, hal ini terjadi bila harga suatu barang di pasar naik setelah bank membelikannya untuk nasabah. bank tidak bisa mengubah harga jual beli tersebut. c. penolakan nasabah, barang yang dikirim bisa saja ditolak oleh nasabah karena berbagai sebab. bisa jadi karena rusak dalam perjalanan sehingga nasabah tidak mau menerimanya. karena itu, sebaiknya dilindungi dengan asuransi. kemungkinan lain karena nasabah merasa spesifikasi barang tersebut berbeda dengan yang ia pesan. bila bank telah menandatangani kontrak pembelian dengan penjualnya, barang tersebut akan menjadi milik bank. dengan demikian bank mempunyai risiko untuk menjualnya kepada pihak lain. 11 ibrahim lubis, ekonomi islam: suatu pengantar, h. 700 al-iqtishad: vol. i, no. 1, januari 2009 9 d. dijual, karena murabahah bersifat jual beli hutang, maka ketika kontrak ditandatangani, barang itu menjadi milik nasabah. nasabah bebas melakukan apapun terhadap aset miliknya tersebut, termasuk untuk menjualnya. jika terjadi demikian, risiko untuk default akan besar.12 adapun syarat-syarat khusus murabahah adalah: 1. penjual memberitahu biaya modal kepada nasabah. 2. kontrak pertama harus sah sesuai dengan rukun yang ditetapkan. 3. kontrak harus bebas dari riba. 4. penjual harus menjelaskan kepada pembeli bila terjadi cacat pada barang sesudah pembelian. 5. penjual harus menyampaikan semua hal yang berkaitan dengan pembelian, misalnya jika pembelian dilakukan secara hutang.13 bai’ al murabahah dapat dilakukan untuk pembelian secara pemesanan yang biasa disebut murabahah kepada pemesanan pemebelian. murabahah kepada pemesanan pembelian umumnya dapat diterapkan pada produk pembiayaan untuk pembelian barang-barang investasi, baik domestik maupun keluar negeri, seperti melalui letter of credit (l/c). kalangan perbankan syariah di indonesia banyak menggunakan al murabahah secara berkelanjutan (roll over/evergreen) seperti untuk modal kerja. padahal, sebenarnya al murabahah adalah kontrak jangka pendek dengan sekali akad (one short deal). al murabahah tidak tepat diterapkan untuk skema modal kerja. akad mudharabah lebih sesuai untuk skema tersebut. hal ini mengingat prinsip mudharabah memiliki fleksibilitas yang sangat tinggi.14 berdasarkan fatwa dewan syariah nasional no. 04/dsn/-mui/iv/2000, tentang murabahah, khususnya keputusan pertama maka telah ditetapkan ketentuan umum murabahah dalam perbankan syariah: 12 m. syafi’i antonio, bank syariah: dari teori ke praktek, (jakarta: gema insani press, 2001), cet. 1, h. 106-107 13 ibid, h. 146 14 ibid, h. 106 dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 10 1. bank dan nasabah harus melakukan akad murabahah yang bebas riba. 2. barang yang diperjualbelikan tidak diharamkan oleh syariay islam. 3. bank membiayai sebagian atau seluruh harga pembelian barang yang telah disepakati kualifikasinya. 4. bank membeli barang yang diperlukan nasabah atas nama bank sendiri, dan pembelian ini harus sah dan bebas riba. 5. bank harus menyampaikan semua hal yang berkaitan dengan pembelian, misalnya jika pembelian dilakukan secara hutang. 6. bank kemudian menjual barang tersebut kepada nasabah (pemesan) dengan harga jual senilai harga beli plus keuntungannya. dalam kaitan ini bank harus memberitahu secara jujur harga pokok barang kepada nasabah berikut biaya yang diperlukan. 7. nasabah membayar harga barang yang telah disepakati tersebut pada jangka waktu tertentu yang telah disepakati. 8. untuk mencegah terjadinya penyalahgunaan atau kerusakan akad tersebut, pihak bank dapat mengadakan perjanjian khusus dengan nasabah. 9. jika bank hendak mewakilkan kepada nasabah untuk membelikan barang dari pihak ketiga, akad jual beli murabahah harus dilakukan setelah barang, secara prinsip menjadi milik bank. skim jual beli dalam murabahah pembiayaan murabahah digunakan dalam kondisi dimana bank tidak memiliki objek yang diinginkan pembeli, skim ini biasanya digunakan untuk membantu pembeli untuk pengadaan objek tertentu dimana pembeli tidak memiliki kemampuan finansial yang cukup untuk melakukan pembayaran secara tunai. contoh kasus: bapak dedi berniat memiliki mobil untuk kepentingan pribadi seharga rp. 120 juta, padahal saat itu ia hanya memliki dana rp. 30 juta. untuk mengatasi permasalahannya, bapak dedi pergi ke bank syariah untuk mencari solusi. bagaimana skim yang akan diterima oleh bapak dedi ? (asumsi: ekspektasi keuntungan bank adalah 12%th) al-iqtishad: vol. i, no. 1, januari 2009 11 untuk mengatasi permasalahan tersebut, bank syariah memberikan solusi dengan skim bai’ al murabahah sebagai berikut: perhitungan bank: harga mobil : rp. 120 juta porsi nasabah : rp. 30 juta porsi bank : rp. 90 juta margin keuntungan bank : rp. 90 juta x 12% x 2 th = rp. 21,6 juta skim untuk nasabah: harga beli mobil : rp. 120 juta margin keuntungan : rp. 21,6 juta harga jual bank : rp. 141,6 juta angsuran pertama : rp. 30 juta sisa angsuran : rp. 111,6 juta agsuran per bulan : rp. 4. 650.000,-15 praktek pembiayaan murabahah di bprs al salaam fasilitas pembiayaan syariah multi produk di bprs al salaam memberikan keleluasaan bagi nasabah untuk memilih kendaraan atau peralatan yang dibutuhkan nasabah dengan prinsip murabahah (jual beli). nasabah akan memperoleh barang atau kendaraan dengan harga jual sebesar harga beli ditambah margin yang disepakati dengan bank, untuk selanjutnya pembayarannya dapat diangsur secara tetap setiap bulannya. keuntungan produk murabahah di bprs al salaam adalah sebagai berikut: 1. tidak menggunakan sistem bunga 2. dapat digunakan untuk memenuhi berbagai kebutuhan usaha 3. persyaratan ringan 4. proses cepat 5. margin sesuai kesepakatan 15 sunarto zulkifli, bank syariah: dari teori ke prakte, h. 61 dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 12 6. diberikan keringanan bagi nasabah yang membayar angsuran tepat waktu adapun persyaratan yang harus dipenuhi nasabah antara lain: 1. mengisi formulir permohonan pembiayaan 2. mengisi surat persetujuan suami/istri 3. mengisi form fiducia barang rumah tangga 4. melampirkan foto copy ktp suami dan istri dan kartu keluarga 5. melampirkan foto copy rekening listrik dan telepon 3 bulan terakhir 6. melampirkan foto copy jaminan (bpkb dan stnk atau shm/shgb dan sppt pbb) 7. melampirkan foto copy rekening tabungan bulan terakhir nasabah pembiayaan murabahah bprs al salaam juga menyerahkan jaminan bpkb atau shm.16 sejarah singkat bprs al salaam pt bpr amal salman yang lebih dikenal dengan nama bpr al salaam, didirikan pada tanggal 9 oktober 1991. pendiriannya diprakarsai oleh para alumni institut teknologi bandung (itb) yang aktif di masjid salman pada saat masih menjadi sebagai mahasiswa. kebersamaan selama menimba ilmu di perguruan tinggi telah mendorong para alumni ini untuk melanjutkan kegiatan amalnya seperti yang telah dilakukan dahulu di salman itb dengan membentuk lembaga yang bergerak di bidang sosial dengan nama yayasan amal salman. salah satu bentuk kegiatan yang ditujukan untuk membantu perekonomian masyarakat adalah dengan mendirikan sebuah lembaga keuangan berbentuk bank perkreditan rakyat (bpr) dengan nama bpr al salaam. pendirian bpr al salaam juga dimaksudkan untuk turut serta dalam pelayanan lembaga keuangan bagi masyarakat ekonomi menengah ke bawah, dengan corak khusus yaitu pelayanan perbankan dengan nafas keislaman. 17 16 wawancara pribadi dengan pranata setioadi s.pi. depok, 20 januari 2008. 17 wawancara pribadi dengan pranata setioadi s.pi. depok, 20 januari 2008 al-iqtishad: vol. i, no. 1, januari 2009 13 berbeda dari badan usaha swasta pada umumnya bpr al salaam merupakan usaha yang berlandaskan kebersamaan (solidarity corporate) yang tetap menjunjung tinggi profesionalisme. bpr al salaam hadir untuk memberikan pelayanan “retail banking” bagi kemajuan bersama sesuai dengan motto “maju dalam kebersamaan”. kegiatan operasional bpr ini dimulai pada tanggal 29 pebruari 1992 berdasarkan akte no. 30 dari abdul latief, notaris di jakarta, diubah dengan akte no.14 tanggal 5 desember 1991 dari abdul latief, notaris di jakarta, yang telah disetujui oleh menteri kehakiman ri dengan surat keputusan no.c2-7937.ht.01.01.th.91 tanggal 19 desember 1991 dan didaftarkan pada kantor pengadilan negeri di bogor dibawah no. wb.dh.1.pr.01.10.92 serta diumumkan dalam tambahan no.657 dari berita negara ri no.13 tanggal 14 pebruari 1992 dan tambahan no. 5045 dari berita negara ri no.70 tanggal 1 september 2000. jumlah modal yang disetor pada awal berdiri tahun 1991, sebesar rp. 69,8 juta dengan jumlah pemegang saham sebanyak 40 orang. pada tahun 2003, modal yang disetor telah mencapai rp. 1,28 milyar dengan jumlah pemegang saham sebanyak 103 orang. selanjutnya untuk mendukung pengembangan telah disetujui peningkatan modal dasar perseroan dalam rups tahun 2003 dari rp. 1 milyar menjadi rp. 5 milyar. peningkatan tersebut juga telah disetujui oleh menteri kehakiman dan ham ri melalui sk nomor: c-04029 ht.01.04.th.2004. pada tahun 2004, jumlah kredit yang berhasil disalurkan bprs al salaam (bank) kepada masyarakat adalah sebesar rp. 37,6 milyar kepada 3885 orang nasabah, sehingga sampai akhir tahun 2004 portofolio kredit yang di berikan mencapai angka rp. 36,95 milyar atau mengalami pertumbuhan sampai dengan 160% dibandingkan dengan tahun sebelumnya. namun potoflio kredit tersebut belum termasuk kredit yang disalurkan melalui program channellink dengan bank niaga sebesar rp. 6,22 milyar kepada 435 orang.18 keinginan para pemegang saham sejak awal pendirian untuk men jadikan bpr al salaam sebagai lembaga keuangan bagi masyarakat ekonomi menengah ke bawah dengan corak khusus yaitu pelayanan per bankan dengan 18 analisa keluhan nasabah terhadap produk pt. bpr al salam, pt. bpr al salam, depok 2005 dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 14 nafas keislaman alhamdulillah sudah dapat diwujudkan dalam bentuk nyata melalui kegiatan operasi perbankan syariah sejak tanggal 3 juli 2006. persepsi nasabah terhadap produk pembiayaan murabahah bprs al salaam di dalam profil responden ni peneliti mencoba membagi ke dalam beberapa tabel yaitu jenis kelamin, usia responden, pendidikan terakhir, pekerjaan, dan penghasilan perbulan. responden berjumlah 80 orang. uraian identitas responden ini diharapkan dapat memberikan gambaran yang jelas tentang kondisi responden dan kaitannya dengan masalahmasalah dan tujuan penelitian. tabel. 1 responden menurut jenis kelamin no jenis kelamin f % 1. 2. laki – laki perempuan 60 20 75 25 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 tabel di atas menjelaskan data responden menurut jenis kelamin. responden menurut jenis kelamin jelas terlihat sangat jauh berbeda antara jumlah responden laki-laki dan perempuan. responden berjenis kelamin laki-laki dengan persentase 75%, sedangkan sebagian kecil adalah responden berjenis kelamin perempuan dengan persentase 25%. tabel. 2 responden menurut kelompok usia no usia f % 1. 2. 3. 4. 5. < 17 tahun 17 – 25 26 – 35 36 – 45 > 46 tahun 0 10 31 34 5 0 12.5 38.8 42.5 6.3 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 al-iqtishad: vol. i, no. 1, januari 2009 15 dari hasil kuesioner ternyata responden yang berusia 17 – 25 tahun berjumlah 10 orang, sehingga dapat dipersentasekan berjumlah 12.5 %. sedangkan responden yang berusia 26 – 35 tahun berjumlah 31 orang, dengan persentase 38.8% dan untuk responden yang berusia 36 – 45 tahun berjumlah 34 orang, dengan persentase 42.5%, dan sisanya 6.3% responden berusia >46 tahun berjumlah 5 orang, dan tidak ada responden yang berusia kurang dari 17 tahun. tabel. 3 responden menurut tingkat pendidikan terakhir no tingkat pendidikan terakhir f % 1. 2. 3. 4. sd/mi sltp/mts slta/aliyah s1/s2 2 4 30 44 2.5 5.0 44 55.0 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data di atas menunjukan bahwa yang mendominasi tingkat pendidikan responden yang menjadi nasabah pada bprs al salaam adalah tingkat pendidikan strata 1 (s1), dengan presentase 55.0%. sebagian responden dengan tingkat pendidikan slta dengan presentase 37.5%, tingkat pendidikan sltp dengan presentase 5.0%, sisanya tingkat pendidikan sd dengan presentase 2.5%. hasil ini menunjukan tingkat pendidikan yang tinggi berpengaruh pada pengetahuan responden terhadap lembaga keuangan, sehingga dapat memanfaatkan jasa yang ditawarkan oleh lembaga keuangan bprs al salaam. tabel. 4 responden menurut pekerjaan no pekerjaan f % 1. 2. 3. 4. pedagang karyawan pns/tni pelajar 3 33 24 1 3.8 41.3 30.0 1.3 dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 16 5. 6. wiraswasta lain – lain 17 2 21.3 2.5 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 data di atas menunjukan sebagian besar responden berprofesi sebagai karyawan swasta dengan presentase 41.3%, sedangkan yang berprofesi sebagai pegawai negeri dengan presentase 30%, untuk responden yang berprofesi sebagai wiraswasta dipresentasikan sebanyak 21.3%, dan sisanya 3.8% untuk yang berprofesi sebagai pedagang, 2.5% memiliki profesi lain dan 1.3% yang masih berprofesi sebagai pelajar. hal ini disebabkan sebagian besar pembiayaan murabahah dilakukan untuk memiliki kendaraan dan notebook, karena barang tersebut sudah tersedia di bprs al salaam.19 tabel. 5 responden menurut pendapatan perbulan no pendapatan f % 1. 2. 3. < rp. 500.000 rp. 500.000 rp. 2.000.000 > rp. 2.000.000 0 47 33 0 58.8 41.3 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 data di atas menunjukan sebagian responden memiliki pendapatan rp.500.000 – rp.2.000.000 perbulannya dengan presentase 58.8% dan responden yang memiliki pendapatan lebih dari rp. 2.000.000 perbulannya dipresentasikan sebanyak 41.3%. dan tidak ada responden yang mempunyai pendapatan kurang dari rp. 500.000,-. pengetahuan nasabah terhadap bprs al salaam dalam penelitian ini untuk mendapatkan data tentang pengetahuan nasabah terhadap konversi yang dilakukan oleh lembaga keuangan 19 wawancara pribadi dengan pranata setioadi s.pi,. depok, 20 januari 2008 al-iqtishad: vol. i, no. 1, januari 2009 17 bprs al salaam dari bank yang berbasis konvensional menjadi lembaga keuangan syariah dengan menggunakan metode tes, yaitu objek tes yang jawabannya sudah tersedia. kuisioner nasabah bprs al salaam disebarkan dan dijawab oleh 80 responden, kemudian penulis sajikan dalam tabel-tabel berikut ini: tabel. 6 perubahan bprs al salaam no pilihan jawaban f % 1. 2. 3. tahu kurang tahu tidak tahu 37 15 28 46.3 18.8 35.0 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 tabel di atas menunjukan bahwa responden yang menjawab tahu tentang perubahan bprs al salaam dari bpr al salam sebanyak 46.3%, dan 18.8% responden yang menjawab kurang mengetahui perubahan bprs al salaam, dan sisanya menjawab tidak tahu dengan presentase 35.0%. pengetahuan responden terhadap konversi bprs al salaam didukung dengan sosialisasi positif pihak bank terhadap nasabahnya. bprs al salaam memberikan surat pemberitahuan prihal konversi juga memberikan surat novasi (perubahan akte pembiayaan) kepada nasabah yang telah melakukan transaksi pembiayaan sebelum dikonversi.20 tabel. 7 aspek perubahan bprs al salaam no pilihan jawaban f % 1. 2. 3. sistem transaksi produk perbankan pelayanan 22 43 13 27.5 53.8 16.3 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 20 ibid,. dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 18 dari tabel diatas sebanyak 53.8% responden yang menjawab aspek perubahan bprs al salaam adalah produk perbankan, sedangkan 27.5% responden menjawab sistem transaksi dan 16.3% responden menjawab pelayanan dan sisanya 2.5% menjawab hal yang lainnya. tabel. 8 produk pembiayaan bprs al salaam no pilihan jawaban f % 1. 2. 3. mudharabah musyarakah murabahah 23 23 34 28.8 28.8 42.5 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 tabel di atas menunjukan bahwa responden yang menjawab murabahah sebagai produk pembiayaan yang paling banyak diketahui sebanyak 42.5%, dan sebagian responden menjawab 28.8% untuk mudharabah dan 28.8% responden yang menjawab musyarakah. sebagian besar nasabah bprs al salaam melakukan transaksi pembiayaan murabahah untuk memiliki kendaraan bermotor dan renovasi rumah. tabel. 9 sumber informasi produk pembiayaan bprs al salaam no pilihan jawaban f % 1. 2. 3. 4. teman media brosur lainnya 24 31 21 4 30.0 38.8 26.3 5.0 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data di atas sebanyak 38.8% responden mengetahui informasi produk pembiayaan di bprs al salaam bersumber dari media sebagai sarana efektif untuk melakukan sosialisasi produk, dan 30.0% responden menjawab teman, kemudian 26.3% responden menjawab brosur, dan sisanya 5.0% responden menjawab lainnya. selain dengan hal diatas, sosialisasi juga dilakukan dengan menggunakan sales agent, dan display ditempat-tempat belanja. al-iqtishad: vol. i, no. 1, januari 2009 19 tabel. 10 jenis produk pembiayaan bprs al salaam no pilihan jawaban f % 1. 2. 3. pembiayaan syariah multi produk pembiayaan syariah mitra usaha pembiayaan syariah pendidikan 44 29 7 55.0 36.3 8.8 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data di atas sebanyak 55.0% responden menjawab pembiayaan syariah multi produk sebagai produk pembiayaan yang paling diketahui responden, sedangkan produk pembiayaan syariah mitra usaha diketahui oleh 36.3% responden dan sisanya 8.8% responden menjawab pembiayaan syariah pendidikan. persepsi nasabah terhadap pembiayaan murabahah bprs al salaam pertanyaan persepsi nasabah terhadap lembaga keuangan syariah bprs al salaam memberikan peluang kepada responden untuk menjawab sesuai pilihan yang telah disediakan. dari hasil kuisioner nasabah bprs al salaam terhadap produk pembiayaan murabahah bprs al salaam, berikut adalah data yang penulis uraikan dalam tabel-tabel berikut ini: tabel. 11 aspek pengenalan bprs al salaam no pilhan jawaban f % 1. 2. 3. 4. 5. produk simpanan produk pembiayaan produk jasa pelayanan lainnya 14 46 9 9 2 17.5 57.5 11.3 11.3 2.5 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 data di atas menunjukan bahwa responden mengenal brps al salam terhadap aspek produk pembiayaannya dengan jumlah responden 57.5%, hal ini memantapkan dan sesuai dengan tujuan bprs al salaam dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 20 sebagai salah satu bank perkreditan rakyat syariah untuk menyalurkan pembiayaan. sedangkan responden yang menjawab produk simpanan sebanyak 17.5%, responden lain yang menjawab produk jasa sebanyak 11.3%, aspek pelayanan dijawab oleh 11.3% responden, dan sisanya yang menjawab hal lain sebanyak 2.5%. tabel. 12 produk pembiayaan murabahah dengan kebutuhan responden no pilihan jawaban f % 1. 2. 3. ya tidak tidak tahu 69 6 5 86.3 7.5 6.3 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data di atas dapat diketahui bahwa produk pembiayaan murabahah bprs al salaam sudah sesuai dengan kebutuhan, sebanyak 86.3% responden menjawab ya, dan 7.5% responden yang menjawab tidak sesuai dengan tuntutan kebutuhan, dan sisanya 6.3% responden menjawab tidak tahu. tabel. 13 produk pembiayaan murabahah dengan kebutuhan perbankan no alternatif jawaban f % 1. 2. 3. ya tidak tidak tahu 62 9 9 77.5 11.3 11.3 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 menurut jawaban responden sebesar 77.5% mengindikasikan produk pembiayaan murabahah bprs al salaam telah sesuai dengan tuntutan dunia perbankan untuk melakukan transaksi pembiayaan. sedangkan sebanyak 11.3% responden yang menjawab tidak sesuai dengan tuntutan perbankan, dan sisanya 11.3% responden menjawab tidak tahu. al-iqtishad: vol. i, no. 1, januari 2009 21 tabel. 14 manfaat produk pembiayaan murabahah bprs al salaam no pilihan jawaban f % 1. 2. 3. ya tidak tidak tahu 63 12 5 78.8 15.0 6.3 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data di atas diketahui sebanyak 78.8% responden menjawab memiliki manfaat dengan melakukan pembiayaan murabahah di bprs al salaam, sebanyak 15.0% responden menjawab tidak ada manfaat yang didapatkan, dan sisanya 6.3% responden menjawab tidak tahu. tabel. 15 kesesuaian prinsip syariah terhadap produk pembiayaan murabahah no pilihan jawaban f % 1. 2. 3. ya tidak tidak tahu 68 5 7 85.0 6.3 8.8 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data di atas hampir seluruh responden yaitu sebanyak 85.0% responden setuju dengan sistem yang digunakan pada produk pembiayaan dengan menerapkan prinsip syariah pada transaksinya. dan sebanyak 6.3% responden menjawab tidak sesuai prinsip syariah yang diterapkan pada produk pembiayaan murabahah bprs al salaam. sedangkan sisanya sebanyak 8.8% responden menjawab tidak tahu prinsip syariah yang diterapkan di lembaga keuangan syariah bprs al salaam. bagi yang melakukan murabahah untuk kendaraan bermotor, akad yang dilakukan adalah akad jual beli karena barangnya sudah dimiliki oleh bprs al salaam. kemudian ditambah dengan margin keuntungan yang disepakati oleh kedua belah pihak. sedangkan untuk renovasi rumah maka dilakukan akad wakalah terlebih dahulu kemudian dibuktikan dengan kwitansi pembelian setelah itu dilaksanakan akad murabahah.21 21 ibid,. dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 22 tabel. 16 alasan memilih produk pembiayaan murabahah bprs al salaam no pilihan jawaban f % 1. 2. 3. angsurannya ringan perhitungannya mudah sesuai dengan kebutuhan 25 13 42 31.3 16.3 52.5 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data di atas sebanyak 52.5% responden menjawab sesuai dengan kebutuhan sebagai alasan untuk memilih produk pembiayaan murabahah di bprs al salaam, dan 31.3% responden menjawab angsuran yang diberikan bprs al salaam kepada nasabah pembiayaan murabahah cukup ringan sehingga dapat dijangkau oleh nasabah-nasabahnya. dan sisanya sebanyak 16.3% responden menjawab perhitungannya mudah dalam pembiayaan murabahah di bprs al salaam. tabel. 17 prosedur akad murabahah bprs al salaam no pilihan jawaban f % 1. 2. 3. baik cukup baik tidak tahu 53 24 3 66.3 30.0 3.8 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 data di atas menunjukan sebanyak 66.3% responden menjawab baik terhadap prosedur akad murabahah di bprs al salaam, sehingga tidak ada kekhawatiran nasabah untuk melakukan pembiayaan di bprs al salaam, sedangkan 30.0% responden menjawab cukup puas dengan akad murabahah di bprs al salaam, dan selebihnya 3.8% responden menjawab tidak tahu. tabel. 18 program sosialisasi untuk responden bprs al salaam no pilihan jawaban f % 1. menarik 51 63.8 al-iqtishad: vol. i, no. 1, januari 2009 23 2. 3. tidak menarik tidak tahu 23 6 28.8 7.5 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 sebanyak 63.8% responden berpendapat bahwa sosialisasi yang dilakukan bprs al salaam untuk nasabahnya menarik, sehingga mereka mengetahui produk-produk pembiayaan bprs al salaam. sedangkan responden yang menjawab tidak menarik berjumlah 28.8%, hal ini disebabkan program sosialisasi yang tidak berkelanjutan sehingga banyak nasabah baru yang tidak tahu secara mendetail produk dan kegiatan yang ada di bprs al salaam. dan sisanya yang menjawab tidak tahu tentang program sosialisasi bprs al salaam berjumlah 7.5% responden. tabel. 19 sikap petugas bprs al salaam dalam melayani nasabah no pilihan jawaban f % 1. 2. 3. baik kurang baik tidak tahu 54 22 4 67.5 27.5 5.0 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 table di atas menunjukan bahwa responden yang menjawab baik tentang sikap para petugas bprs al salaam dalam melayani nasabahnya sebanyak 67.5%, dan sebanyak 27.5% responden menjawab kurang baik, dan sebagian jawaban responden tidak tahu dengan presentase 5.0%. sikap responden terhadap produk pembiayaan murabahah bprs al salaam pertanyaan sikap responden terhadap produk pembiayaan murabahah bprs al salaam yang diberikan kepada responden untuk menjawab sesuai dengan pilihan jawaban yang disediakan. dari hasil kuisioner tersebut penulis mendapatkan data yang akan diuraikan pada tabel-tabel berikut: dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 24 tabel. 20 kesesuaian produk dengan harapan responden no pilihan jawaban f % 1. 2. ya tidak 65 15 81.3 18.8 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 tabel di atas menunjukan sebanyak 81.3% responden menjawab sesuai dengan harapan nasabahnya, sedangkan sebanyak 18.8% responden menjawab tidak sesuai produk yang ada di bprs al salaam dengan harapan responden. tabel. 21 rekomendasi menggunakan pembiayaan bprs al salaam no pilihan jawaban f % 1. 2. ya tidak 66 14 82.5 17.5 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 sebanyak 82.5% responden akan merekomendasikan teman atau kerabatnya untuk melakukan pembiayaan di bprs al salaam, hal ini disebabkan kepercayaan nasabah terhadap bprs al salaam dan produk pembiayaannya. sedangkan yang lainnya menjawab tidak akan merekomendasikan teman atau kerabatnya untuk melakukan pembiayaan di bprs al salaam yaitu sebanyak 17.5% responden. tabel. 22 kesesuaian prinsip syariah yang diterapkan bprs al salaam no pilihan jawaban f % 1. 2. ya tidak 73 7 91.3 8.8 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari tabel di atas menjelaskan bahwa sebanyak 91.3% responden menjawab transaksi yang dilakukan di bprs al salaam sudah sesuai dengan prinsip syariah. sedangkan ada 8.8% responden menjawab belum sesuainya prinsip syariah di bprs al salaam. al-iqtishad: vol. i, no. 1, januari 2009 25 tabel. 23 sikap responden tentang pemahaman prinsip syariah no alternatif jawaban f % 1. 2. 3. 4. transaksi non ribawi saling membantu dan bekerjasama menghindari uang menganggur dan tidak berputar lainnya 47 28 4 1 58.8 35.0 5.0 1.3 jumlah 80 100 sumber: diolah dari data lapangan tahun 2008 dari data diatas menunjukan sebagian besar responden yaitu berjumlah 58.8% memahami bahwa prinsip syariah adalah transaksi perbankan tanpa ada unsur riba di dalamnya, yang akan memberatkan satu pihak tanpa kesepakatan bersama. sedangkan sebagian lain menjawab prinsip syariah adalah saling membantu dan bekerjasama shingga dapat saling berbagi keuntungan maupun kerugian, ini dijawab oleh 35.0% responden. sebagian kecil lain menjawab untuk menghindari uang menganggur dan tidak berputar maka diperlukan transaksi perbankan dengan prinsip syariah, dan dijawab oleh 5.0% responden. dan sisanya yang lain menjawab lainnya dengan 1.3% responden. analisis data hasil dari penelitian ini terlihat bahwa 75% responden yang menjadi nasabah adalah laki-laki yang berusia 6 45 tahun, dan yang lebih mendominasi pendidikan terakhir nasabah adalah strata 1 (s1) dengan presentase 55.0%, dengan profesi pekerjaan yang beragam tetapi sebanyak 41.3% responden bekerja sebagai karyawan swasta. dari tabel. 5 dapat diketahui 58.8% responden memiliki penghasilan perbulan sebesar rp. 500.000 – rp. 2.000.000. nasabah telah mengetahui proses konversi yang dilakukan oleh bprs al salaam, hal tersebut di jawab oleh 46.3% responden pada tabel. 6. sebelum bprs al salaam melakukan konversi menjadi lembaga keuangan berbasis syariah, bprs al salaam telah melakukan proses sosialisasi terhadap nasabah, melalui pola konfirmasi positif menyambangi tiap nasabah, serta pola konfirmasi negatif dengan mengirim surat pemberitahuan perubahan dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 26 akta pembiayaan kepada nasabah pembiayaan yang telah melakukan pembiayaan sebelum konversi, dengan tujuan agar nasabah mengetahui terlebih dahulu proses konversi yang dilakukan oleh bprs al salaam. proses konvesi bprs al salaam tentu merubah cara pandang nasabahnya dari bank yang melakukan transaksi konvensional dengan sistem syariah, hal ini dapat dirasakan nasabah dengan perubahan sistem transaksi yang ada di bprs al salaam. konversi bprs al salaam tentu merubah sistem perbankan yang digunakan, hal tersebut dirasakan langsung oleh nasabahnya. sesuai hasil jawaban responden pada tabel.7, sebanyak 53.8% aspek perubahan bpr menjadi bprs al salaam adalah produk perbankannya. khusus untuk pembiayaan murabahah harus dilakukan akad yang jelas yaitu akad murabahah, kemudian barang tersebut harus sudah menjadi milik bank. produk pembiayaan murabahah menjadi salah satu produk unggulan bprs al salaam sebagai bank penyalur pembiayaan untuk masyarakat. perubahan bpr menjadi bprs al salam tidak mengubah cara pandang dan pemahaman nasabah dengan lembaga keuangan yang menyalurkan pembiayaan, karena mengikuti regulasi yang diatur oleh peraturan bank indonesia (pbi) dan fatwa mui sebagai lembaga yang mengatur dan mengawasi produk syariah. konversi bprs al salaam merubah sistem bunga yang digunakan untuk pembiayaan dengan istilah margin, sehingga fungsi bprs al salaam untuk pembiayaan murabahah adalah sebagai penjual. pengetahuan dan antusiasme nasabah dipengaruhi oleh informasi yang diberikan bprs al salaam lewat media informasi, baik media cetak/ maupun elektronik sebanyak 38.8% selain pengaruh teman dan kerabat yang telah lebih dahulu melakukan pembiayaan di bprs al salaam. informasi yang diberikan bprs al salaam memberikan pengaruh yang besar terhadap pemahaman nasabahnya, sehingga media informasi baik cetak maupun elektronik terbukti efektif untuk memberikan pemahaman yang jelas tentang bank yang beroperasi dengan prinsip syariah. sebanyak 55.0% responden adalah nasabah yang melakukan pembiayaan syariah multi produk, yang memiliki keinginan untuk produk tertentu. dari jawaban tersebut nasabah mengetahui bahwa produk pembiayaan al-iqtishad: vol. i, no. 1, januari 2009 27 tersebut dapat membantu nasabah untuk memiliki barang tertentu dengan sistem murabahah. jadi ada proses transaksi pertukaran barang dengan uang, dimana pembayarannya dilaksanakan dalam kurun waktu tertentu dengan besaran total pembayaran yang tetap. dalam perjanjiannya pun di per kenankan adanya biaya administrasi, bonus ataupun sanksi. mengenai bonus dan sanksi ini tidak bisa disamakan dengan bunga. bunga dalam kredit konvensional merupakan pertambahan nilai dari nilai pokok pinjaman, dan hal ini jelas-jelas riba dan diharamkan. sedangkan sanksi disini lebih ditekankan pada sanksi berupa denda misalnya keterlambatan pembayaran, sehingga dengan adanya sanksi ini, debitor akan berusaha menepati janji pembayarannya. begitu pula bonus keringanan pembayaran hutang apabila melunasi sebelum jangka waktu pelunasan. semua itu harus dijelaskan dengan gamblang pada saat perjanjian / akad antara kedua belah pihak. sebagai lembaga keuangan yang berdiri sejak tahun 1991 dan berkonversi dengan sistem syariah pada tahun 2006 bprs al salaam menjadi mitra masyarakat untuk menyalurkan pembiayaan, sehingga bprs al salaam dikenal dengan produk pembiayaannya. dapat dilihat pada tabel 11, 57.5% responden mengenal bprs al salaam pada aspek pembiayaannya dibandingkan produk perbankan lainnya. hal tersebut dipengaruhi oleh informasi yang diberikan bprs al salaam sebagai bank pemberi kredit dengan prinsip syariah. salah satu produk pembiayaan di bprs al salaam yaitu pembiayaan murabahah menurut responden sangat sesuai untuk dapat memiliki produk-produk tertentu, hal ini sesuai dengan jawaban sebanyak 77.5%, pada tabel 13, bahwa produk produk pembiayaan murabahah sesuai dengan tuntutan kebutuhan perbankan yang hadir di tengah masyarakat, untuk menyalurkan dana kebidang produktif maupun konsumtif. kebutuhan nasabah untuk melakukan pembiayaan dengan prinsip syariah juga menjadi alasan lain yang mendukung kepercayaan mereka bertransaksi di bprs al salaam. sebanyak 78.8% responden merasakan manfaat dengan melakukan pembiayaan murabahah di bprs al salaam disebabkan proses yang mudah, cepat, dan harga yang terjangkau oleh nasabah. kemudahan dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 28 yang diberikan memperkuat dan menarik keinginan nasabahnya untuk memiliki produk atau barang tertentu di bprs al salaam. prinsip syariah yang digunakan pada produk pembiayaan murabahah bprs al salaam sudah sesuai dengan kaidah, dapat ditunjukan dari tabel.15, sehingga pemahaman nasabah terhadap bprs al salaam adalah bank yang berprinsip syariah sehingga dapat menjaga kepercayaan dan membantu nasabahnya dalam hal pembiayaan. ini disebabkan dalam stuktur bprs al salaam terdapat dewan pengawas syariah yang akan mengawasi setiap produk yang dikeluarkan. sebanyak 85.0% responden setuju dengan sistem yang digunakan. produk pembiayaan murabahah yaitu pembiayaan syariah multi produk dipilih nasabah sebanyak 52.5% responden sebagai produk yang menguntungkan dan membantu nasabah untuk memiliki produk tertentu. hal ini dipengaruhi oleh akad yang digunakan untuk pembiayaan murabahah sangat baik, dapat ditunjukan pada tabel 18, sebanyak 66.3% responden menjawab baik. didukung dengan informasi dan sosialisai yang baik terhadap produk pembiayaan di bprs al salaam sehingga masyarakat mengetahui dan memahami keuntungan melakukan pembiayaan di bprs al salaam, hal ini dijawab oleh 63.8% responden yang berpendapat sosialisasi yang dilakukan bprs al salaam menarik nasabahnya untuk melakukan pembiayaan. pelayanan yang baik akan menjadi pengaruh yang besar bagi perusahaan jasa seperti bprs al salaam, sumber daya manusia yang baik untuk memberikan pelayanan kepada nasabah dengan optimal tentu memberikan pandangan pertama dan kesan yang baik bagi perkembangan perbankan syariah di indonesia. kepercayaan dan kepuasan pelayanan menjadi prioritas utama nasabah, hal ini didukung dengan jawaban responden yang merasa puas dengan pelayanan pegawai bprs al salaam sebanyak 67.5%. berkaitan dengan produk yang ditawarkan bprs al salaam kepada nasabahnya, sebanyak 81.3% responden menjawab produk yang ada sudah sesuai dengan harapan nasabah. karena telah didukung oleh kantor kas, kantor cabang pembantu dann dapat dijangkau oleh nasabah untuk melakukan pembiayaan seperti di kantor pos dan aoutlet-outlet lainnya. kemudahan tersebut membuat 82.5% responden akan merekomendasikan al-iqtishad: vol. i, no. 1, januari 2009 29 teman dan kerabat untuk melakukan pembiayaan di bprs al salaam. disebabkan kepuasan dan produk yang sesuai dengan kebutuhan sehingga nasabah perlu memberikan pengalamannya kepada kerabat. hal lain juga disebabkan 91.3% responden menjawab transaksi yang dilakukan di bprs al salaam sudah sesuai dengan dengan prinsip syariah, sehingga nasabah tidak perlu khawatir. dalam penelitian ini terlihat sebanyak 58.8% responden menjawab sistem syariah adalah transaksi non ribawi, sehingga masyarakat memahami sistem syariah adalah sistem tanpa ada unsur riba, dengan tidak ada unsur memberatkan dan berprinsip atas kesepakatan bersama. daftar pustaka adiwarman a. karim, bank islam: analisis fiqh dan keuangan, (jakarta: pt. raja grafindo utama, 2006), ed ke-3. adiwarman a. karim, ekonomi islam suatu kajian kontemporer, (jakarta: gema insani press, 2001. adiwarman karim, bank islam analisis fiqh dan keuangan (jakarta: iiit indonesia, 2003. analisa keluhan nasabah terhadap produk pt. bpr al salam, pt. bpr al salam, depok 2005 bimo walgito, pengantar psikologi umum, (yogyakarta: andi offset,1993. direktorat perbankan syariah bank indonesia, outlook perbankan syariah indonesia 2007,(jakarta: bank indonesia, 2006) hayadin, hubungan harapan berkarir dan persepsi terhadap iklim sekolah (school climate) dengan kinerja kepala sekolah, (jakarta: pps-unj, 2000). himpunan fatwa dewan syariah nasional, untuk lembaga keuangan syariah, (jakarta: dewan syariah nasional, majelis ulama indonesia, 2001), ed.1. http://www.btn.co.id/berita.asp?action=bl&intnewsid=351,.tgl.15 september 2007 http://www.pikiran-rakyat.com/cetak/2007/092007/08/0701.htm,.tgl.15 september 2007 dede nurdiansyah: persepsi nasabah terhadap produk pembiayaan murabahah . . . 30 http://www.solusihukum.com/artikel/artikel33.php,. tgl 29 agustus 2007 ibnu qudamah, al mughni, (beirut: daar al kutub al ilmiyah, 1994)jilid 4. ibnu rusyd, bidayatul mujtahid wa nihayah al muqtasid, (beirut: dar-el fikri, 1995), juz. 2. ibrahim lubis, ekonomi islam: suatu pengantar, (jakarta: kalam mulia, 1995), jilid 2. jalaludin rakhmat, psikologi komunikasi, (bandung: pt. rosdakarya, 2004), cet. ke-21 m. abdul mujieb, et. al., kamus istilah fiqih, (jakarta: pt. pustaka firdaus, 1994. m. syafi’i antonio, bank syariah: dari teori ke praktek, (jakarta: gema insani press, 2001), cet. 1. m. syafi’i antonio, bank syariah: suatu pengenalan umum, (jakarta: tazkia institute, 2000) m. syafii antonio, bank syariah: analisis kekuatan, kelemahan, peluang dan ancaman, ( yogyakarta: ekonisia, 2006) miftah thoha, perilaku organisasi: konsep dasar dan aplikasinya, (jakarta: pt. raja grafindo persada, 2001. muhammad imran ashraf usmani, moezanbank’s guide to islamic banking, (irdu bazar karachi, darul ishaat, t.th. muhammad syafi’i antonio, bank syariah suatu pengenalan umum, (jakarta: tazkia institute, 1999. muhammad syafii antonio, bank syariah: dari teori ke praktek (jakarta, gema insani press, 2001. pius a. partanto dan m. dahlan al-barry, kamus ilmiah populer, (surabaya, arkola, 1994. singgih dirgagunansa, pengantar psikologi, (jakarta, mutiara sumber widiya, 1993), cet. ke-4. sunarto zulkifli, panduan praktis transaksi perbankan syariah, (jakarta: zikrul hakim, 2003. sutan remy sjahdeni, perbankan islam dan kedudukannya dalam tata hukum perbankan indonesia, (jakarta: pustaka utama grafiti, 1999. syekh muhammad ma’sum bin ali, al amsilah at tasrifiyyah, (surabaya: salim nabhan; tth. ujang syahrul mubarrok1, raditya sukmana2, ririn tri ratnasari3 abstract. this study bibliometrically evaluates and analyzes the articles published by al-iqtishad journal in the last ten years. data were obtained from the website of al-iqtishad journal and further edited in mendeley. the results show that the al-iqtishad journal had published 215 articles in the last ten years, mostly in english and indonesian languages, with the majority of the topics on islamic banking. these findings tend to be useful for the editorial board of al-iqtishad journal to evaluate and improve the publication of their articles. keywords: islamic economics; bibliometrics abstrak. studi ini menganalisis dan mengevaluasi secara bibliometrik artikelartikel yang diterbitkan oleh jurnal al-iqtishad dalam 10 tahun terakhir. data diperoleh dari situs web dan selanjutnya diedit di mendeley. hasil penelitian menunjukkan bahwa jurnal al-iqtishad telah menerbitkan 215 artikel dalam sepuluh tahun terakhir yang sebagian besar berbahasa inggris dan indonesia, dengan mayoritas topik tentang perbankan syariah. temuan ini cenderung bermanfaat bagi dewan redaksi iqtishad untuk mengevaluasi dan meningkatkan publikasi artikel mereka. kata kunci: ekonomi islam; bibliometrik commemorating the 10th anniversary of al-iqtishad journal of islamic economics: a bibliometric analysis al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 319 342 2correspondent author 1, 2, 3faculty of economic and business, universitas airlangga e-mail: 1ujang.syahrul.mubarrok-2018@pasca.unair.ac.id, 2raditya-s@feb.unair.ac.id, 3ririnsari@feb.unair.ac.id 320 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 introduction islamic economics has become an interesting topic in social science (choudhury 1990; mannan 1983) and scientific disciplines (haneef and furqani 2009; hassan 2010) in recent decades. also, this topic, as a new scientific discipline, make it necessary for science to continue until it achieves perfection (furqani 2015). these developments were carried out to perfect islamic economic science. however, until the early 1970s, research in this field was still limited to conventional economic criticism (iqbal 2017). according to arshad (2016), the development of knowledge in any discipline can be observed by the number of journals, duration of publication, qualities and the content. therefore, journals are indispensable as a medium used to publish muslim economists’ thoughts. furthermore, abdi, idris, alguliyev, and aliguliyev (2018) stated that journals are the primary medium for dissemination of knowledge and are becoming indicators of literature development in all field of knowledge. according to hambrick and chen (2008), journals serve as a means of mobilizing community members for further development and as a tool for gaining legitimacy in the academic world. one of the journals in islamic economic thought is al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics), which is an international journal published by syarif hidayatullah the islamic state university of jakarta in collaboration with the indonesian islamic economists association. this company which publishes journals twice a year (january and july) since its inception in 2009, acts as a publication medium in disseminating studies associated with islamic economics, banking and finance. several studies and reviews in the field of islamic economics have been disseminated through al-lqtishad journal from 2009 to 2019. therefore, to commemorate this decade, it is necessary to evaluate these periodical publications. according to gaviria-marin (2018), journals need to be described bibliometrically because they provide an overview of developments that allow evaluation and criticism. hence, an analysis of aliqtishad journal characterization is needed with the results used as input, for journal managers to improve the quality of their publications and management. firmansyah and faisal (2020) carried out research by examining 5 islamic economic journals indexed by sinta 2 using bibliometric analysis. the study showed that al-iqtishad journal is the oldest journal and performs better than the remaining 4. meanwhile, the research aimed to examine the al-iqtishad journal and map the topics of published articles. ujang syahrul mubarrok. commemorating the 10th anniversary of al-iqtishad 321 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 currently, several studies have been carried out on the use of bibliometric analysis in various disciplines, such as management (van fleet and bedeian 2016)this editorial commentary (a, international business (rialp et al. 2019), and islamic studies (rehman and othmans 1994). however, none have been conducted on the use of bibliometric analysis in the field of islamic economics. therefore, this research is one of the pioneers of local journals that uses bibliometrics in islamic economics. this study analyzes the bibliometrics of articles published in volume i edition i of al-iqtishad journal from 2009 to 2019. the purpose is to present an overview of the al-iqtishad journal and relate the published articles using bibliometric analysis. furthermore, this research is useful for readers and scholars in islamic economics because it fills the gaps and also contributes to the literature, especially bibliometric analysis in the context of islamic economics. literature review pritchard (1969) defined bibliometrics as "the application of mathematical and statistical methods to books and other means of communication." meanwhile, mulet-forteza, genovart-balaguer, merigó, and mauleon-mendez (2019) stated that it is an instrument for analyzing the evolution of disciplines based on intellectual, social, and conceptual structures and for identifying the leading trends. however, donthu, kumar, and pattnaik (2020) reported that these approaches are beneficial for examining the evolution of the research domain, such as topic and author, based on the social, intellectual, and conceptual structures of scientific disciplines. several studies have been carried out on bibliometrics in islamic economics. for instance, rehman and othmans (1994) used bibliometric analysis to determine the islamic economics literature available in the library database of international islamic university malaysia (iium) 1983-1992. ridhwan, johari, and yusoff (2013) also explained the results of a bibliometric analysis of articles published by the journal of muamalat and islamic finance research which includes the number of articles, authors, affiliations, and patterns of research topics. furthermore, handoko (2020) analyzed the bibliometric characteristics and trends of articles on islamic economics and finance by indonesian authors indexed in scopus. the results of this study are in line with the research carried out by darmadji et al. (2018) which stated that the international collaboration of indonesian authors is due to the large number of undergraduate or graduate students studying abroad. 322 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 handoko (2020) also carried out research to determine the status of journals on islamic economics and finance in indonesia. the results showed that no journals were in sinta level 1, while only eight out of sixty were in level 2, with the majority in level 4. furthermore, firmansyah and faisal (2020) examined the bibliometric analysis of the top five journals in indonesia using vosviewer. they found out that al-iqtishad journal is the oldest with the highest number of citations. however, this study did not reveal the characteristics of authors and topics in the al-iqtishad journal. lastly, several articles used bibliometric analysis to celebrate journal anniversaries. for instance, fu and ho (2015) analyzed a bibliometrics framework of a 35-year journal on membrane science. martínez-lópez, merigó, valenzuelafernández, and nicolás (2018) explained a bibliometric review of a marketing journal that celebrated its 50th anniversary. mulet-forteza, genovart-balaguer, merigó, and mauleon-mendez (2019) carried out a bibliometric study on international journal of contemporary hospitality management after 30 years. methods the method used in this study was adopted from firmansyah and faisal (2020) research, with data obtained from all articles published on al-iqtishad journal website at http://journal.uinjkt.ac.id/index.php/iqtishad/index. this journal was chosen because it is a pioneer in islamic economic research, and it also contains most of the articles published since 2009. furthermore, it also aims to be indexed by scopus. the collected data were categorized in terms of title, author, journal, volume, edition, page, abstract, and doi using the mendeley software. this was followed by data analysis, which consists of 2 stages. the first is data classification based on the number of articles published per year, the language used, number of authors using the excel program, and comparison of the performance of islamic economics and finance journals. the second is a classification based on the topics. figure 1: research process source: processed data ujang syahrul mubarrok. commemorating the 10th anniversary of al-iqtishad 323 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 results and discussion distribution of articles by year table 1 shows that for the past 11 years of the al-iqtishad journal existence, a total of 215 articles have been published. the number of publication per edition varies between 8 to 12 articles, with the highest number recorded in 2018 vol 10 no. 2 with 12 articles and the lowest in 2009 and 2010 with eight articles per edition. generally, an average of 10 articles is published per edition. table 1: distribution of articles by year years volume edition no. of articles per volume edition no. of articles per year 2019 vol 11 no 2 10 20 vol 11 no 1 10 2018 vol 10 no 2 12 23 vol 10 no 1 11 2017 vol 9 no 2 10 20 vol 9 no 1 10 2016 vol 8 no 2 10 20 vol 8 no 1 10 2015 vol 7 no 2 10 20 vol 7 no 1 10 2014 vol 6 no 2 10 20 vol 6 no 1 10 2013 vol 5 no 2 10 20 vol 5 no 1 10 2012 vol 4 no 2 10 20 vol 4 no 1 10 2011 vol 3 no 2 10 20 vol 3 no 1 10 2010 vol 2 no 2 8 16 vol 2 no 1 8 2009 vol 1 no 2 8 16 vol 1 no 1 8 11 years 22 vol 215 articles 215 articles source: processed data 324 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 author’s country of origin table 2 shows the composition of the authors’ countries of origin in the al-iqtishad journal. indonesia still occupies number 1 in the author’s country of origin with 249 authors, followed by malaysia with 26 writers, bahrain with four authors, brunei darussalam, algeria, bangladesh with two authors each, and kuwait, america, australia, and saudi arabia each country one author. table 2: author’s country composition country number of authors indonesia 249 malaysia 26 pakistan 12 bahrain 4 brunei darussalam 2 algeria 2 bangladesh 2 kuwait 1 america 1 australia 1 saudi arabia 1 source: processed data productive author table 3 shows that the most productive author is muhamad nadratuzzaman hosen with six articles. m. n. hosen is a lecturer at the syarif hidayatullah the islamic state university of jakarta with articles related to contracts (hosen 2009a, 2009b), the effectiveness of islamic banks (hosen and rahmawati 2016; wahab, hosen, and muhari 2014; warninda and hosen 2015), and their performance (hosen et al. 2019)financing to deposit ratio (fdr published at al-iqtishad journal. the authors with five articles are irfan syauqi beik, and nurul huda, teaching staffs at the bogor agricultural institute and yarsi university, respectively. meanwhile, the author with four publications is euis amalia, a lecturer at the syarif hidayatullah islamic state university of jakarta. ujang syahrul mubarrok. commemorating the 10th anniversary of al-iqtishad 325 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 a total of 6 authors had three articles published in the al-iqtishad journal, with four from syarif hidayatullah islamic state university, and one each from universiti kebangsaan malaysia, and national university. the authors’ are mostly from indonesian citizens, and syarif hidayatullah islamic state university dominates the institutions. table 3: productive authors no. of articles author names institution country 6 hosen, m. nadratuzzaman syarif hidayatullah islamic state university indonesia 5 beik, irfan syauqi bogor agricultural university indonesia 5 huda, nurul university of yarsi indonesia 4 amalia, euis syarif hidayatullah islamic state university indonesia 3 muslim, moch bukhori syarif hidayatullah islamic state university indonesia 3 aisyah, muniaty syarif hidayatullah islamic state university indonesia 3 ali, am. m. hasan syarif hidayatullah islamic state university indonesia 3 possumah, bayu taufiq universiti kebangsaan malaysia malaysia 3 rahmawati, yuke syarif hidayatullah islamic state university indonesia 3 rizal, sofyan national university indonesia 3 rodoni, ahmad syarif hidayatullah islamic state university indonesia sources: processed data language of articles table 4 shows the number of languages used in the articles published by al-iqtishad journal. the dominated language was english and indonesian with 107 number of articles, while one was written in arabic. 326 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 table 4: language used in articles language number of articles english 107 indonesia 107 arabic 1 sources: processed data english-language articles started in 2013. from 2015, to date, all articles in every edition are published in english. authorship pattern of articles table 5: authorship pattern of articles years authorship pattern single two three > three 2019 3 9 5 3 2018 5 9 6 3 2017 4 9 6 1 2016 5 9 1 5 2015 9 8 3 2014 13 4 2 1 2013 17 2 2012 15 5 2011 19 1 2010 18 2009 18 sources: processed data the authorship pattern indicates whether the article was written individually or collaboratively. table 5 shows that the majority of authors prefer to publish their articles individually. from 2009-2014, the authorship patterns were still single. however from 2015 to 2019, it changed from a single authorship to co-authorship pattern. ujang syahrul mubarrok. commemorating the 10th anniversary of al-iqtishad 327 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 ten of the most followed articles based on the gs tsay (2009) stated that citations indicate an influential article. table 6 shows that the most influential articles published in the al-iqtishad journal based on google scholar were all related to islamic finance. beik and fatmawati (2014) examined the islamic capital market with a total of 60 citations by analyzing the effect of international islamic stock price index and macroeconomic variables on the jakarta islamic index. meanwhile, topics related to islamic banks were mostly discussed by articles with many citations. for instance, nasuha (2012) analyzed the impact of spin-offs on the performance of islamic banks, hidayat et al. (2015) described customer satisfaction and loyalty, while amelia (2015) examined financial ratios. in addition to islamic finance, articles that are widely cited in the al-iqtishad journal were islamic business ethics (amalia 2014) with 63 citations and poverty (beik and arsyianti 2015) with 49. table 6: the most cited articles tc title authors 68 the effect of international sharia stock price index and macroeconomic variables on the jakarta islamic index (beik and fatmawati 2014) 63 islamic business ethics: concept and implementation in small business actors (amalia 2014) 49 construction of cibest model as measurement of poverty and welfare indices from islamic perspective (beik and arsyianti 2015) 46 the impact of spin-off policy on the performance of sharia banks (nasuha 2012) 44 effects of service quality, customer trust and religious customer commitment on customers satisfaction and loyalty of islamic banks in east java (hidayat et al. 2015) 38 financial ratio and its influence on profitability in islamic banks. (amelia 2015) 34 comparison of the performance of sharia-based and conventional investment instruments in the indonesian capital market (syafrida, aminah, and waluyo 2014) 32 analysis of the form of gharar in economic transactions (hosen 2009a) 29 the impact of spin-off policy on the profitability on the indonesian islamic banking industry (hamid 2015) 29 analysis of the effect of car, fdr, oeoi and npf on profitability at pt bank muamalat indonesia tbk (ariyani 2010) sources: processed data 328 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 several articles in the al-iqtishad journal are used as references by articles published in scopus indexed journals. for example, hidayat et al., (2015) was referred by kamarudin and kassim (2020) and suhartanto (2019) published in the journal of islamic marketing, suhartanto et al. (2019) published in the british food journal. wu, cheng, and hussein (2019) published in the international journal of bank marketing. further, reni and ahmad (2016) were referred by raza, shah, and ali (2019; samsudeen, selvaratnam, and hayathu mohamed (2020) published in the journal of islamic marketing, ali et al. (2020) and maryam, mehmood, and khaliq (2019) published in the international journal of islamic and middle eastern finance and management. moreover, there is an article aisyah (2018) referred to by dandis and wright (2020) published in the international journal of quality and service sciences. journal performance comparison the comparison of the performance of the al-iqtishad journal with other islamic economic journals accredited by the ministry of research, technology and higher education sinta 2 is presented in table 7. al-iqtishad journal is ranked first based on the points impact, h-index, and citation. table 7: journal ranking by citation no journal publisher year of the first online version impact h-index citation 1 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) syarif hidayatullah state islamic university 2009 3.14 20 1741 2 economica: jurnal ekonomi islam walisongo state islamic university 2011 2.54 15 764 4 muqtasid: jurnal ekonomi dan perbankan syariah salatiga state islamic university 2010 1.6 11 604 5 iqtishadia: jurnal kajian ekonomi dan bisnis islam kudus state islamic university 2013 0.77 13 589 6 journal of islamic monetary economics and finance bank indonesia 2015 1.61 11 417 7 equilibrium: jurnal ekonomi syariah kudus state islamic university 2013 0 8 247 8 global review of islamic economics and business sunan kalijaga state islamic university 2013 0.75 7 213 ujang syahrul mubarrok. commemorating the 10th anniversary of al-iqtishad 329 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 no journal publisher year of the first online version impact h-index citation 9 jurnal ekonomi dan keuangan islam indonesian islamic university 2011 0.8 7 189 10 ikonomika: jurnal ekonomi dan bisnis islam raden intan state islamic university lampung 2016 1.37 7 183 11 share jurnal ekonomi dan keuangan islam ar-raniry state islamic university 2012 0.87 6 160 12 falah: jurnal ekonomi syariah muhammadiyah malang university 2016 1.22 7 134 13 al-uqud: journal of islamic economic surabaya state university 2017 1.04 7 131 14 iqtishoduna: jurnal ekonomi islam syarifudin wonorejo state islamic university lumajang 2017 1.07 6 82 15 amwaluna: jurnal ekonomi dan keuangan syariah bandung islamic university 2017 0 4 63 sources: processed data this is reasonable because the al-iqtishad journal is the first islamic economic and financial journal in indonesia, with an average number per publication of 10 articles. further, this journal is easily accessible because it has been indexed by 53 indexing institutions, both national and international. these findings support research firmansyah and faisal (2020), which compared 4 islamic economics and finance journals published by universities under the auspices of the ministry of religion. it also found al iqtishad as the journal with the highest performance compared to others in terms of h-index and citation. research topics in the al-iqtishad journal this section explains the topics of discussion in the al-iqtishad journal. see figure 2. topics related to islamic finance, especially those on islamic banks, were mostly discussed. several studies on islamic bank spin-offs were carried out by hamid (2015), haribowo (2017), nasuha (2012), and rusydiana et al. (2019). these authors stated that a planned and prudent spin-off policy for a business unit from its parent tends to improve financial performance. meanwhile, hidayat et al. (2015), suryani and hendryadi (2015), and warsito (2015) carried out studies on services and found that it has a strong influence on customer 330 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 loyalty. however, aisyah (2018) stated that customers are not entirely satisfied with islamic banking services. figure 2: research topics in the al-iqtishad journal sources: processed data discussion on islamic stock market such as performance (rusmita et al. 2019; syafrida et al. 2014; yunan and rahmasari 2015), and sukuk, which are bonds based on sharia principles (fadlillah f 2011; herwany, febrian, and buchari 2017; rodoni and setiawan 2016; widad and hadjer 2018), focused on the jakarta islamic index (azwar et al. 2011; pratama and azzis 2018; rusmita et al. 2019; tanjung 2014; yulianty et al. 2016). apart from islamic banks and capital markets, there are also studies on insurance (aji and kurniasih 2015; effendi 2018; patriana and mulyana 2012; saharuddin 2013; salamudin 2014; vladi and hysa 2019), crowdfunding (abdullah and susamto 2019), wealth management (amanda, possumah, and firdaus 2018) and microfinance (amalia and atiqah 2015; effendi and utami 2016; hejazziey 2009; hidayah and tabrani 2019). islamic social finance includes a discussion of zakah, waqf, and philanthropy. according to andriati and huda (2015), al arif (2012), and rahmawati (2011) zakah and waqf have an influence on the economy when adequately managed (abdullah and haqqi 2017; masyita 2018) and have a planned strategy (kasri and putri 2018; widarwati, afif, and zazim 2017). ujang syahrul mubarrok. commemorating the 10th anniversary of al-iqtishad 331 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 discussion of public finance is related to the role of exchange rates in creating economic stability (saharuddin and rama 2017), state income and expenditure (rahman 2013), as well as poverty alleviation programs (beik and arsyianti 2015; hudaifah and ajija 2017; sulastyawati 2013). the halal industry is also a topic of discussion in the al-iqtishad journal. however, it is limited to halal cosmetics (aisyah 2015, 2017), e-commerce (ardiansyarh, yunizar, and harsanto 2016), and halal certification (fiqi and darwanto 2019). the educational topic discusses the critical role of higher education in human resource development in the halal industry (huda et al. 2016) and also the impact of waqf on its operations (harun et al. 2016). according to aji (2011), the research methods in islamic economics need to consider statistical principles. topics related to the economy were grouped into microeconomic and macroeconomic. microeconomics includes consumption, ihtikar (hoarding), and gharar (uncertainty) (amanda et al. 2018). meanwhile, macroeconomics comprises of fiscal (setianingrum 2015) and monetary policies (asnuri 2013; herianingrum and syapriatama 2016). the study associated with figures of thoughts is also discussed in the al-iqtishad journal. muslim et al. (2019) carried out a study on the political economy according to ibn khaldun in the book titled "muqaddimah." meanwhile, muslimin (2019) discussed the thoughts and roles of ibn khaldun in paving the way for the foundation of sociological studies. furthermore, abbas (2013) examined sjafrudi prawiranegara's thoughts related to religion and economic life. the topic on fiqh is an interesting discussion in the al-iqtishad journal, with several authors discussing the salam contract (hudaifah, tutuko, and tjiptohadi 2019) used in agricultural financing. furthermore, studies were carried out on the wakala contract (ali 2019), ihtikar (muslim 2012), musyarakah mutanaqisah (hosen 2009b), gharar (hosen 2009a), and rahn (martono 2009). conclusion this research showed that from 2009 to 2019 al-iqtishad journal published 215 articles, divided into 11 volumes and 22 editions in a consistent and timely manner. the variety of languages used in the article includes 107 english, 107 indonesian, and 1 arabic. 332 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 furthermore, efforts to become an international indexed journal started in 2015, with all articles published in english. these efforts led to the indexation of aliqtishad journal by directory of open access journal (doaj), ebsco open science directory, sinta 2 and scopus. currently, the authors are still dominated by indonesians, and those with the most citations are beik and fatmawati (2014) with a total of 68 citations. some foreign authors, such haron et al. (2015) from malaysia wrote about assessing the application of the inclusiveness principle in malaysia, followed by khan (2016) and al haq et al. (2016). meanwhile, the composition of group authors started being widely available in 2015 as a sign of communication and collaboration across institutions and fields of science. al-iqtishad journal has the best performance of islamic economics and finance journals in indonesia in terms of impact, h-index, and citation. this is because al-iqtishad is the first islamic economic and financial journal in indonesia, with an average number of publications of 10 articles. further, this journal is easily accessible because 53 indexing institutions have indexed it. the research topic in the al-iqtishad journal is too broad despite being in accordance with the aim and scope. however, there are some topics, such as islamic banking that are discussed too often. therefore, the al-iqtishad journal is suggested to increase the number of articles for rarely topics discussed in the al-iqtishad journal, such as islamic accounting and islamic management. the implications of this research are useful for journal managers to make improvements and for readers to determine the composition of existing articles. references abbas, anwar. 2013. “agama dan kehidupan ekonomi menurut sjafruddin prawiranegara.” al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) 5(1):65–78. abdi, asad, norisma idris, rasim m. alguliyev, and ramiz m. aliguliyev. 2018. “bibliometric analysis of ip&m journal (1980–2015).” journal of scientometric research 7(1):54–62. abdullah, rose, and abdurrahman raden aji haqqi. 2017. “zakah for asnaf al-gharimun in brunei darussalam: concepts and practices.” al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) 9(2):243–58. abdullah, zaki, and akhmad akbar susamto. 2019. “the role of investmentujang syahrul mubarrok. commemorating the 10th anniversary of al-iqtishad 333 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.18247 based islamic crowdfunding for halal msmes: evidence from indonesia.” al-iqtishad: 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economics) 7(1):127–40. ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 195 perbandingan kinerja instrumen investasi berbasis syariah dengan konvensional pada pasar modal di indonesia ida syafrida, indianik aminah, bambang waluyo1 abstract: the performance comparation between sharia instrument performance and conventional syariah. the main objective of investors in investment activities is to get the profit. similarly, investors in islamic investment activities want the same things. but often the performance of sharia instruments deemed lower than conventional instruments, so market share sharia-compliant investment instruments is still minimal. this research doing comparation performance index and mutual fund index between shariah based and conventional based. based on the results of research that takes samples islamic instruments of capital markets such as sharia islamic stocks and sharia mutual funds, it is concluded that the performance of sharia-based investment instruments are not significantly different from the conventional investment instruments, even during the period of research islamic investment instruments showed slightly better performance. keywords: performance, sharia islamic stocks, sharia mutual funds abstrak: perbandingan kinerja instrumen investasi berbasis syariah dengan konvensional di pasar modal indonesia. tujuan utama investor melakukan kegiatan investasi adalah untuk memperoleh keuntungan. demikian pula bagi investor kegiatan investasi berbasis syariah, tentu menginginkan hal yang sama. namun seringkali kinerja instrumen investasi berbasis syariah dipandang lebih rendah dibanding instrumen investasi konvensional, sehingga peminat instrumen investasi berbasis syariah masih minim. penelitian ini melakukan perbandingan kinerja indeks dan kinerja reksadana antara basis syariah dan basis konvensional. berdasarkan hasil penelitian yang mengambil sampel instrumen syariah pasar modal dalam bentuk saham syariah dan reksadana syariah ini diperoleh kesimpulan bahwa kinerja instrumen investasi berbasis syariah tidak berbeda signifikan dengan instrumen investasi konvensional, bahkan selama periode penelitian instrumen investasi syariah menunjukkan kinerja sedikit lebih baik. kata kunci: kinerja, saham syariah, reksadana syariah 1 diterima: 1 maret 2014, direvisi: 2 april 2014, disetujui: 16 april 2014 jurusan akuntansi, politeknik negeri jakarta, kampus ui depok -16425email: sya_frida@yahoo.com, ndianikmashuri@gmail.com, bamwaluyo@yahoo.co.id al-iqtishad: vol. vi no. 2, juli 2014 196 pendahuluan investasi sering diartikan sebagai kegiatan menyisihkan sebagian danauntuk ditempatkan pada sarana investasi dengan harapan dapat memetik nilai ekonomis di kemudian hari. pada umumnya, investor akan memilih untuk menginvestasikan dananya dengan pertimbangan-pertimbangan finansial, yaitu mempertimbangkan imbal hasil (return) dan risiko (risk) semata. secara teori, terhadap investasi yang lebih berisiko, investor akan mengharapkan return yang lebih tinggi. akan tetapi ada pula investor yang dalam kegiatan investasinya tidak semata-mata mempertimbangkan aspek finansial namun juga mempertimbangkan nilai-nilai yang dianutnya, seperti ajaran agama. investor yang demikian akan menolak berinvestasi pada perusahaan yang menghasilkan prooduk atau aktivitas bisnisnya bertentangan dengan prinsip agama. di indonesia yang mayoritas penduduknya beragama islam mulai dikembangkan investasi berbasis syariah, dimana investasi tersebut mengintegrasikan nilai-nilai agama yang dianut dalam kegiatan investasi dengan cara melakukan proses seleksi (screening) dalam memilih instrumeninstrumen investasinya. salah satu sarana dalam berinvestasi sesuai prinsip islam adalah melalui pasar modal syariah. kemunculan pasar modal syariah pertama kali di indonesia ditandai dengan diluncurkannya danareksa syariah oleh danareksa investment management pada juli 1997. danareksa syariah merupakan reksadana saham yang pertama kali secara eksplisit menyatakan investasinya bersifat syariah. pada akhir tahun 2000, pt bursa efek jakarta bekerja-sama dengan danareksa management indonesia mengeluarkan jakarta islamic index (jii) yang merupakan indeks dari 30 saham paling likuid dan memenuhi kriteria syariah sesuai ketentuan dewan syariah nasional (dsn). sedangkan indeks saham syariah indonesia (issi) yang menggambarkan kinerja seluruh saham syariah di indonesia baru diluncurkan pada 12 mei 2011. indonesia dinyatakan secara resmi memiliki pasar modal syariah pada tanggal 14 maret 2003, dimana saham-saham yang diperdagangkan adalah saham-saham yang telah melalui proses screening sesuai dengan kriteria syariah dengan batasan maksimal hutang ribawi 45% dari modal. dengan kriteria tersebut sekaligus sebagai saringan bagi kesehatan perusahaan, karena mitigasi pembiayaan dari bank syariah lebih jelas dalam menyeleksi objek pembiayaan. kemudian dari sisi modal, perusahaan yang memiliki modal sendiri lebih dominan dibanding hutangnya, maka perusahaan tersebut akan memiliki tingkat kesehatan keuangan uang lebih tinggi daripada yang tidak. dukungan (political will) dari regulator untuk mempercepat akselerasi industri keuangan syariah telah dilakukan seperti dengan disahkannya undang-undang surat berharga syariah nasional (uu sbsn). kemudian disusul dengan diterbitkannya ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 197 sukuk negara untuk pertama kali di awal semester ii tahun 2008dengan underlying asset barang milik negara. dengan adanya akselerasi instrumen syariah, membuka peluang bagi instrumen reksadana syariah sebagai instrumen portofolio investasi syariah untuk berkembang. secara keseluruhan, berdasarkan data statistik bapepamlk desember 2011 sampai dengan akhir tahun 2011 nab reksadana syariah mengalami peningkatan jumlah nab sebesar rp. 5,565 t (3,31% dari keseluruhan nab reksadana) dari 22 manajer investasi, dengan jumlah produk 50 produk (7,74%). demikian pula dengan saham, sampai dengan akhir tahun 2011 sudah terdapat 238 saham yang memenuhi kriteria saham syariah. dari data statistik bapepam desember mengenai perkembangan indeks di pasar modal indonesia (tabel 1) diketahui selama tahun 2011 saham-saham syariah memberikan keuntungan lebih rendah dibandingkan saham-saham lainnya. dimana berdasarkan perhitungan indeks saham jii memberikan return 12%, sedangkan lq 45=13%. tabel. 1. perkembangan indeks di pasar modal indonesia indeks periode mlq45 jii . 2007 599.82 493.01 2008 270.23 216.19 2009 498.29 417.18 2010 661.38 532.90 2011 673.51 537.03 januari 597.85 477.51 februari 614.02 496.87 maret 659.05 514.92 april 680.63 528.76 mei 682.25 531.38 juni 690.65 536.04 juli 729.84 567.12 agustus 676.26 529.16 september 622.64 492.30 oktober 675.57 530.19 november 656.41 520.49 desember 673.51 537.03 sumber: riset pasar modal-biro risti bapepam-lk dari data nab reksadana (tabel 2) yang diperoleh dari data statistik bapepam-lk menunjukkan return reksadana syariah selama tahun 2010 rata-rata al-iqtishad: vol. vi no. 2, juli 2014 198 3%, sedangkan return reksadana campuran konvensional rata-rata19 %. saat ini, meski instrumen investasi syariah di indonesia terus menunjukkan pertumbuhannya, namun data bapepam menunjukkan bahwa secara market share industri keuangan syariah dalam kurun waktu lima tahun terakhir masih dalam kisaran 3% dari industri keuangan nasional. salah satu cara untuk meningkatkan market share instrumen investasi berbasis syariah adalah dengan menjaga return syariah ke tingkat yang dapat diterima pasar. keunggulan prinsip ekonomi syariah yang menekankan pada prinsip keadilan, perlarangan spekulasi, serta pelarangan riba seharusnya berimbas pula pada return yang dihasilkan. tabel. 2. nilai aktiva bersih reksa dana per jenis(rp milyar) periode campuran syariah total 2007 14.232,58 0,00 92.190,63 2008 10.002,12 774,22 74.065,81 2009 15,657.72 3,671.45 116,732.41 2010 21,988.63 3,763.93 149,099.02 2011 jan 18,431.44 3,640.34 143,017.41 feb 18,924.99 3,672.07 145,423.83 mar 20,065.62 3,802.54 150,778.78 apr 20,176.60 3,842.17 153,686.52 mei 20,231.85 3,844.51 155,927.97 juni 21,297.37 3,845.46 157,059.21 juli 20,130.38 3,831.24 157,690.78 agt 32,943.59 3,701.02 180,872.12 sept 19,595.48 3,550.45 154,528.94 okt 20,923.87 3,688.89 162,484.11 nov 20,589.99 3,691.41 162,942.09 des 21,713.15 3,766.86 168,236.89 sumber: riset pasar modal-biro risti bapepam-lk berdasarkan penelitian ridho (2008), menghasilkan kesimpulan bahwa perbandingan rata-rata kinerja reksadana konvensional dengan reksadana syariah pada jangka panjang menunjukkan bahwa rata-rata kinerja ketiga indeks, terhadap kedua reksadana tersebut tidak berbeda secara signifikan. sedangkan penelitian sufianti (2003) dengan menggunakan periode data jangka pendek menunjukkan bahwa rata-rata return indeks jii tidak berbeda secara signifikan dengan rata-rata indeks lq-45. penelitian ini ingin fokus meneliti perbedaan kinerja investasi ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 199 syariah dengan investasi konvensional pada jangka menengah (3 tahun) sebagai periode investasi yang moderat. tinjauan pustaka pasar modal syariah secara sederhana dapat diartikan sebagai pasar modal yang menerapkan prinsip-prinsip syariah dalam kegiatan transaksi ekonomi dan terlepas dari hal-hal yang dilarang oleh syariat seperti: unsur riba, perjudian, bersifat spekulasi dan lain-lain. pasar modal syariah secara prinsip sangat berbeda dengan pasar modal konvensional. sejumlah instrumen syariah sudah diterbitkan di pasar modal indoneisa seperti dalam bentuk saham dan obligasi dengan kriteria tertentu yang sesuai dengan prinsip syariah (al arif, 2011) menurut fatwa dsn-mui no. 40/dsn-mui/x/2003 yang dimaksud dengan pasar modal syariah adalah pasar modal yang seluruh mekanisme kegiatannya terutama mengenai emiten, jenis efek yang diperdagangkan dan mekanisme perdagangannya telah sesuai dengan prinsip-prinsip syariah. sedangkan yang dimaksud dengan efek syariah adalah efek sebagaimana dimaksud dalam peraturan perundang-undangan di bidang pasar modal yang akad, pengelolaan perusahaan, maupun cara penerbitannya memenuhi prinsip-prinsip syariah. adapun yang dimaksud dengan prinsip-prinsip syariah adalah prinsip yang didasarkan oleh syariah ajaran islam yang penetapannya dilakukan oleh dsn-mui melalui fatwa. pasar modal syariah secara khusus memperjualbelikan efek syariah. efek syariah adalah efek yang akad, pengelolaan perusahaan, maupun cara penerbitannya memenuhi prinsip-prinsip syariah yang didasarkan atas ajaran islam yang penetapannya dilakukan oleh dsn-mui dalam bentuk fatwa. secara umum ketentuan penerbitan efek syariah haruslah sesuai dengan prinsip syariah di pasar modal. prinsip-prinsip syariah di pasar modal adalah prinsip-prinsip hukum islam dalam kegiatan di bidang pasar modal berdasarkan fatwa dewan syariah nasional majelis ulama indonesia (dsn-mui), baik fatwa dsn-mui yang ditetapkan dalam peraturan bapepam dan lk maupun fatwa dsn-mui yang telah diterbitkan sebelum ditetapkannya peraturan bapepam dan lk. sampai saat ini, efek-efek syariah menurut fatwa dsn mui no.40/dsnmui/x/2003 tentang pasar modal mencakup saham syariah, obligasi syariah, reksa dana syariah, kontrak investasi kolektif efek beragun aset (kik eba) syariah, dan surat berharga lainnya yang sesuai dengan prinsip-prinsip syariah. belakangan, instrumen keuangan syariah bertambah dalam fawa dsn-mui nomor: 65/dsn-mui/iii/2008 tentang hak memesan efek terlebih dahulu (hmetd) syariah dan fatwa dsn-mui nomor: 66/dsn-mui/iii/2008 tentang waran syariah pada tanggal 6 maret 2008. al-iqtishad: vol. vi no. 2, juli 2014 200 metode penelitian ini melakukan perbandingan kinerja indeks dan kinerja reksadana antara basis syariah dengan basis konvensional.perbandingan indeks dilakukan antara jakarta islamic indeks (jii) sebagai proxi investasi syariah dengan indeks lq 45 sebagai proxi investasi konvensional.periode pengamatan yang digunakan adalah tahun 2008 sampai dengan 2011. perbandingan indeks dilakukan dengan membandingkan total return serta rata-rata return bulanan dari masing-masing indeks, untuk kemudian dilakukan pengujian dengan menggunakan uji-t antara jii dengan lq-45. dengan demikian dapat diketahui apakah terdapat perbedaan yang signifikan antara rata-rata return bulanan jii dengan rata-rata return bulanan lq-45. return bulanan dari masingmasing indeks diperoleh dari persamaan: return bulanan = indeks t – indeks t-1 indeks t-1 indeks t = indeks pada bulan ke-t indeks t-1 = indeks pada bulan sebelumnya hipotesa yang diajukan dari perbandingan indeks ini adalah: ho : tidak terdapat perbedaan yang signifikan antara kinerja indeks saham-saham syariah dengan kinerja indeks saham-saham konvensional h1 : terdapat perbedaan yang signifikan antara kinerja indeks saham-saham syariah dengan kinerja indeks saham-saham konvensional perbandingan kinerja reksadana dilakukan terhadap satu wakil reksadana syariah dan satu wakil reksadana konvensional dan untuk menghindari bias karena perbedaan kemampuan pengelolaan dari manajer investasi, maka digunakan reksadana syariah (basis syariah) dan reksadana campuran (basis konvensional) yang dikelola oleh manajer investasi yang sama, yaitu pt danareksa. perbandingan juga dilakukan terhadap rata-rata return bulanan dari setiap reksadana dengan menggunakan persamaan berikut: return bulanan = nab t – nab t-1 + distribusi pendapatan& keuntungan modal nab t-1 nab t = nilai aktiva bersih pada bulan ke-t nab t-1= nilai aktiva bersih pada bulan sebelumnya setelah itu, kinerja reksadana diukur dengan model sharpe.menurut ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 201 sharpe, kinerja reksadana dapat diprediksi dengan menggunakan dua ukuran, yaitu expected rate of return (er) yaitu return rata-rata dan predicted variability of risk yang diekspresikan sebagai deviasi standar return (σ). reksadana layak dibeli jika memiliki excess return ((rp – rf ) yang bernilai positif. berikut rumus indeks sharpe: r/vs = (rp – rf ) σp r/vs = reward to variability ratio rp = average return portfolio rf = risk free rate σp = deviasi standar return portofolio hipotesa untuk perbandingan kinerja reksadana ini adalah: ho.1 : tidak terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional. h1.2 : terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional penelitian ini menggunakan data-data indeks jii dan indeks lq-45 yang diperoleh dari bursa efek indonesia (bei).data-data lain adalah nab reksadana syariah dan reksadana campuran dari pt danareksa. metode pengumpulan data empiris dan keterangan-keterangan yang berkaitan dengan permasalahan tersebut, dilakukan melalui studi kepustakaan dan konsultasi dengan pihak pt danareksa. data-data yang akan dianalisis menggunakan data sekunder berupa laporan publikasi pt bei dan pt danareksa pada periode 2008 sampai dengan 2011. untuk pengujian hipotesis dari data-data tersebut digunakan metode uji beda ratarata (uji-t)dengan menggunakan bantuan program spss. perbandingan kinerja indeks syariah dan indeks konvensional penilaian kinerja indeks dilakukan dengan cara menilai return investasi bulanan terhadap jii dan lq-45 selama periode 1 januari 2010 sampai dengan 31 oktober 2012 yang diperoleh dari data harian jii dan lq-45. lq-45 dan jii merupakan indeks bagi saham-saham liquid berkapitalisasi pasar besar, namun jii hanya diambil dari daftar saham syariah yang telah melalui proses screening dalam hal kehalalannya oleh dewan syariah nasional majelis ulama indonesia (dsnmui). untuk itu jii dipilih sebagai proxy mewakili investasi pada saham syariah. dari data, antara jii dengan lq-45 dapat dikatakan kedua indeks memiliki trend yang sama dalam keseluruhan periode penelitian. periode dengan return indeks tertinggi berada di bulan agustus-september 2010 dan terendah di bulan januari 2011. al-iqtishad: vol. vi no. 2, juli 2014 202 perbandingan kinerja reksadana syariah dan reksadana konvensional penilaian kinerja indeks dilakukan dengan cara menilai reward to variability berdasarkan indeks sharpe (r/vs) yang diperoleh dari return investasi bulanan reksadana syariah berimbang (rdsb) dan reksadana anggrek (rdan) selama periode 1 januari 2010 sampai dengan 31 oktober 2012 yang diperoleh dari data harian jii dan lq-45. dipilihnya kedua reksadana yang sama-sama dikelola oleh perusahaan sekuritas yang sama, yaitu pt dim dimaksudkan agar kekhawatiran adanya kesalahan (misleading) sebagai akibat dari faktor manajemen dan keputusan investasi dapat dihilangkan. kedua reksadana tersebut juga sama-sama reksadana berjenis campuran, sehingga dapat diperbandingkan secara langsung. dari data, return bulanan dari rdsb terlihat cenderung flat, artinya tidak memiliki kenaikan/penurunan yang berarti, sedangkan gambar r/vs rdsb lebih terlihat dinamisasinya dengan angka tertinggi berada pada periode oktober 2011, walaupun kecenderungan terakhir mengalami penurunan dengan angka terendah selama periode penelitian. berdasarkan data, terlihat trend return yang datar, tidak terlihat jelas kenaikan/penurunannya, sehingga dapat dikatakan return cenderung stabil. trend r/vs sangat terlihat kenaikan/penurunannya, dimana r/vs tertinggi pada periode oktober 2011 dan di akhir periode penelitian trend r/vs mengalami penurunan sampai pada posisi terendah. dari data terlihat kecenderungan trend kenaikan/penurunan kinerja yang hampir sama selama periode penelitian antara reksadana syariah berimbang dengan reksadana anggrek. namun, jika dilihat lebih cermat, maka akan nampak bahwa r/ vs rdsb lebih sering berada diatas posisi r/vs rdan. jika ingin dikatakan bahwa kinerja reksadana syariah berimbang sedikit lebih baik daripada kinerja reksadana anggrek. hal ini sesuai dengan karakteristik reksadana syariah yang merupakan portofolio efek syariah dengan proses seleksi yang lebih ketat dibandingkan efek konvensional, sehingga hasil investasi diharapkan lebih baik dari sisi kehalalan maupun imbal hasilnya. namun demikian adanya sedikit perbedaan tidak dapat langsung disimpulkan bahwa memang ada perbedaan antara kinerja investasi syariah dengan investasi konvensional, melainkan perlu dilakukan pengujian lebih lanjut dengan alat-alat statistik untuk membuktikan hipotesis yang telah dibuat sebelumnya. pengujian hipotesis terhadap perbandingan kinerja indeks adanya perbedaan terhadap cara pemilihan saham-saham yang masuk dalam kelompok indeks jii yang melalui proses penyaringan terlebih dahulu dalam hal kehalalannya dengan pemilihan saham-saham dalam kelompok indeks lq-45 ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 203 menimbulkan dugaan adanya perbedaan antara kinerja jii sebagai wakil indeks saham-saham syariah dengan kinerja lq-45 sebagai wakil indeks saham-saham konvensional dalam penelitian ini. hipotesa yang diajukan dari perbandingan indeks ini adalah: ho : tidak terdapat perbedaan yang signifikan antara kinerjaindeks saham-saham syariah dengan indeks saham-saham konvensional h1 : terdapat perbedaan yang signifikan antara kinerja indeks saham-saham syariah dengan indeks saham-saham konvensional pengujian dilakukan terhadap angka return bulanan antara jii dengan lq45 dengan testing hipotesis perbedaan dua rata-rata (two different mean) dengan significancy level 5%. setelah dilakukan pengujian dengan software spss, maka hasil output adalah sebagai berikut: hasil output spss pengujian hipotesis jii dan lq-45 group statistics group n mean std. deviation std. error mean average return bulanan jii 34 .000618 .0023309 .0003997 lq45 34 .000694 .0024279 .0004164 independent samples test levene’s test for equality of variances t-test for equality of means f sig. t df sig. (2-tailed) mean difference std. error difference 95% confidence interval of the difference lower upper lower upper lower upper lower upper lower return bulanan equal variances assumed .029 .865 -.132 66 .895 -.0000765 .0005772 -.00122 .001076 equal variances not assumed -.132 65.891 .895 -.0000765 .0005772 -.00122 .001076 al-iqtishad: vol. vi no. 2, juli 2014 204 dari tabel kelompok statistik pada tabel diatas diketahui besar sampel untuk setiap group adalah 34 dengan purata (mean) jii = 0,000618 dan lq-45 = 0,000694, simpangan baku (std deviation) jii = 0,003997 dan lq-45 = 0,004164. dari hasil levene’s test yang ditujukkan pada tabel uji t dua sampel independen (independent sample t test) terdapat p value = 0,865 lebih besar dari α = 0,05 sehingga ho tidak dapat ditolak. dengan demikian asumsi kedua varians sama besar terpenuhi, dengan kata lain tidak terdapat perbedaan yang signifikan antara kinerja jii dengan kinerja lq-45. pengujian hipotesis terhadap perbandingan kinerja reksadana adanya perbedaan terhadap cara pemilihan porofolio efek yang masuk dalam kelompok reksadana syariah berimbang yang terdiri dari efek saham syariah, sukuk, maupun surat berharga berbasis syariah lainnya dengan pemilihan portofolio efek dalam kelompok reksadana anggrek menimbulkan dugaan adanya perbedaan antara kinerja reksadana syariah berimbang (rdsb) sebagai wakil investasi pada instrumen syariah dengan kinerja reksadana anggrek (rdan) sebagai wakil investasi pada instrumen konvensional dalam penelitian ini. hipotesa yang diajukan dari perbandingan indeks ini adalah: ho : tidak terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional. h1 : terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional pengujian dilakukan terhadap angka reward to variabilityrdsb denganreward to variability rdan dengan testing hipotesis perbedaan dua rata-rata (two different mean) dengan significancy level 5%. setelah dilakukan pengujian dengan software spss, maka hasil output adalah sebagai berikut: hasil output spss pengujian hipotesis rdsb dan rdan group statistics group n mean std. deviation std. error mean reward to variability rdsb 34 -.585900 .2685860 .0460621 rdan 34 -.685541 .3296666 .0565374 ida syafrida: perbandingan kinerja instrumen investasi berbasis syariah 205 independent samples test levene’s test for equality of variances t-test for equality of means f sig. t df sig. (2-tailed) mean diff. std. error diff. 95% confidence interval of the difference lower upper lower upper lower upper lower upper lower reward to variability equal variances assumed .539 .465 1.366 66 .176 .0996412 .0729259 -.0459601 .2452425 equal variances not assumed 1.366 63.410 .177 .0996412 .0729259 -.0460712 .2453536 dari tabel kelompok statistik pada tabel diatas diketahui besar sampel untuk setiap group adalah 34 dengan purata (mean) rdsb = 0,5859 dan rdan = 0,685541, simpangan baku (standard deviation) rdsb = 0,0460621 dan rdan = 0,0565374. dari hasil levene’s test yang ditujukkan pada tabel uji t dua sampel independen(independent samples t test) terdapat p value = 0,465 lebih besar dari α = 0,05 sehingga ho tidak dapat ditolak. dengan demikian asumsi kedua varians sama besar terpenuhi, dengan kata lain tidak terdapat perbedaan yang signifikan antara kinerja reksadana syariah dengan kinerja reksadana konvensional. simpulan berdasarkan hasil yang didapat menunjukkan bahwa kinerja jii dengan kinerja lq-45 tidak terdapat perbedaan yang signifikan, demikian pula antara kinerja reksadana syariah dengan kinerja reksadana konvensional. hal ini menunjukkan bahwa instrumen berbasis syariah tidak kalah menguntungkan jika dibanding dengan instrumen berbasis konvensional. bahkan jika diamati lebih cermat selama periode pengamatan terlihat kinerja reksadana syariah sedikit lebih baik daripada kinerja reksadana konvensional. untuk itu bagi investor yang menginginkan cara berinvestasi sesuai prinsip islam yaitu menghindari produk dan transaksi haram, bathil, maisyir, gharar, dan ribasaat ini tidak perlu ragu. investor tersebut dapat menempatkan dananya pada instrument pasar modal berbasis syariah, seperti saham syariah, sukuk, dan reksadana syariah, karena dijamin kehalalan produknya dan memiliki imbal hasil yang tidak kalah dari instrumen konvensional. al-iqtishad: vol. vi no. 2, juli 2014 206 pustaka acuan achsien, i.h. 2000. investasi syariah di pasar modal menggagas praktek manajemen portofolio syariah. jakarta: gramedia pustaka utama. ahmad, k. 2004. dasar-dasar manajemen investasi dan portofolio edisi revisi. jakarta: rineka cipta. al arif, m. n. r. 2011. lembaga keuangan syariah: kajian teoritis praktis. bandung: pustaka setia. anoraga, p. & p. pakarti. 2006. pengantar pasar modal edisi revisi. jakarta: rineka cipta. anwar, t.f. 2006. kinerja investasi saham, obligasi, dan reksadana pt asuransi jasa indonesia berdasarkan metode sharpe dan optimalisasi portofolio (tesis). jakarta: universitas indonesia. darmadji, t. & h.m. fakhruddin. 2001. pasar modal indonesia pendekatan tanya jawab. jakarta: salemba empat. deniansyah, b. 2001. optimalisasi portofolio investasi reksadana syariah (tesis). jakarta: universitas indonesia. halim, a. 2005. analisis investasi edisi kedua. jakarta: salemba empat. harianto f. & s. sudomo. 1998. perangkat dan teknis analisis investasi di pasar modal indonesia. jakarta: bursa efek indonesia. huda, n. & m.e. nasution. 2007. investasi pada pasar modal syariah (edisi revisi). jakarta: kencana. husnan, s. 2001. dasar-dasar teori portofolio dan analisa sekuritas (edisi ketiga). yogyakarta: upp amp ykpn. liestyowati. 2000. analisis faktor-faktor yang mempengaruhi return saham di bej analisa periode sebelum krisis dan periode selama krisis (tesis). jakarta: universitas indonesia. nachrowi, d.n. & h. usman. 2005. penggunaan teknik ekonometri. jakarta: pt raja grafindo persada. ridho, a. 2008. perbandingan kinerja reksadana konvensional dan syariah dengan indeks sharpe, treynor, dan jensen (periode tahun 2003-2007) (tesis). jakarta: universitas indonesia. sufianti, y. 2003. analisa kinerja investasi etis di indonesia periode 2001-2002 (studi kasus perbandingan kinerja investasi konvensional dengan investasi syariah di indonesia) (tesis). jakarta: universitas indonesia. sulistiowati, i. 2004. analisis hasil investasi dan kinerja portofolio reksadana pt asuransi jasindo (tesis). jakarta: universitas indonesia. usman, m. 1997. bunga rampai reksadana. jakarta: balai pustaka. warsini, s. 2009. manajemen investasi. jakarta: semesta media. 10-zuhairan.indd al-iqtishad: vol. vii no. 1, januari 2015 127 measurement of shariah stock performance using risk adjusted performance zuhairan y yunan & mia rahmasari1 abstrak. measurement of shariah stock performance using risk adjusted performance. the aim of this research is to analyze the shariah stock performance using risk adjusted performance method. there are three parameters to measure the stock performance i.e. sharpe, treynor, and jensen. this performance’s measurements calculate the return and risk factor from shariah stocks. the data that used on this research is using the data of stocks at jakarta islamic index. sampling method that used on this paper is purposive sampling. this research is using ten companies as a sample. the result shows that from three parameters, the stock that have a best performance are aali, antm, asii, cpin, indf, klbf, lsip, and untr. keywords: risk adjusted performance, stock performance, shariah stock abstrak. pengukuran kinerja saham syariah menggunakan risk adjusted performance.. tulisan ini bertujuan memberikan gambaran mengenai kinerja saham-saham syariah di indonesia dengan menggunakan metode risk adjusted performance. terdapat tiga parameter yang digunakan untuk mengukur kinerja saham yaitu: sharpe, treynor, dan jensen. metode pengukuran kinerja ini memperhitungkan faktor tingkat pengembalian (return) dan tingkat resiko dari saham-saham syariah. data yang digunakan yaitu saham-saham yang terdaftar di jakarta islamic index periode januari 2008 – desember 2012. penarikan sampel dilakukan dengan metode purposive sampling dari populasi sehingga diperoleh sampel sebanyak 10 perusahaan. berdasarkan ketiga parameter tersebut diperoleh saham dengan peringkat kinerja terbaik yaitu aali, antm, asii, cpin, indf, klbf, lsip, dan untr. kata kunci: risk adjusted performance, kinerja saham, saham syariah first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 syarif hidayatullah state islamic university syarif hidayatullah jakarta, jl. ir. h. juanda no. 95, ciputat, south tangerang, banten. university of prof dr. hamka (uhamka), jl. limau, kebayoran baru, south jakarta email: zuhairan@uinjkt.ac.id, miarahmasari2@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 128 introduction islam is a way of life that is balanced and integrated, designed to deliver human happiness through enforcement of harmony between the needs of human moral and material, and the actualization of socio-economic justice and brotherhood in society. the call for justice-oriented welfare and the balance is repeated five times each day. the muslims have embarked welcomed this call and there is a revival in the islamic world. this revival is also reflected in the intellectual field (chapra, 1996). the islamic economic system teaches us to balance the life of the world and the hereafter. islam also teaches that we balance between personal interests, other people, society, and the universe. islam forbids speculation (gharar), uncertainty (juhala), riba (interest), and all forms of cheating, fraud and various actions that harm others. as an alternative to economic muamalah, islam teaches the concept of sharing (nafik, 2009). one model of economic development in the era of globalization is the development of capital markets in the country. capital markets as an alternative funding for the development of the business world has a strategic role in the implementation of national development and also serves as one of the investment advice to investors who have excess funds. the investor is investing excess funds at their disposal, parties who have excess funds in anticipation of receiving compensation from the fund allocation. one of the islamic financial instruments that are growing is the islamic financial market. the development of islamic financial market is very rapidly in the world, both money markets and capital markets, especially in countries where the majority muslim population. it is characterized by the establishment of the islamic financial market in kuala lumpur which was pioneered by islamic countries (hamid, 2009). in the capital market-based indonesian islam is jakarta islamic index, which was launched in cooperation with pt. jakarta stock exchange (jsx) in cooperation with pt. danareksa investment management (dim) which took place in 2000. the stock exchange based on islamic values also exist in countries that apply the ideology of capitalism in the economic development of the world, namely on wall street, the dow jones. wall street, the dow jones in 1999 precisely in february has launched dow jones islamic market index (djimi) which is welcomed by many parties that were hit by the crisis of confidence in the capital markets of conventional (mohammed, 2007). the existence of capital markets helped build the national economy. capital market became one of the most important factors, have proven many industries and companies that use this capital market institutions as a medium to absorb investment al-iqtishad: vol. vii no. 1, januari 2015 129 and media to strengthen its financial position. moreover, not many people are aware that the sharia-compliant investment not only in the banking and insurance sector but also present in the islamic capital market. the development of islamic stocks will continue to rise in line with market demand. this suggests that the growth of the islamic capital market that is prospective in the next year based on some of the advantages that can be obtained by issuers and investors. issuers are included in the list of islamic securities have a much broader market because they can sell the securities, both to islamic institutions and non-islamic institution. there are two factors that can affect stock investment. first, through the fundamental factors such as performance and the company’s internal conditions that tends to be controlled. second, technical factors that reflected the conditions of macro-economic indicators such as inflation, interest rates of sbi, the money supply, exchange rate against the usd, the gross domestic product (gdp), balance of payments such as exports and imports, foreign exchange reserves, stock index in the world market, security and political conditions, and etc. both of these factors can be used as a basis for investors to predict returns, risk or uncertainty, the amount, timing, and other factors associated with an investment in the capital market activities. investment in the capital market is basically aimed at obtaining returns, but investors should consider the risks that must be endured. to overcome and minimize risk, investors need to diversify by creating a portfolio. in the formation of a portfolio, an investor needs to evaluate the performance of the portfolio. in investing, the investor would consider the best possible company to which capital will be invested. the selected firm course healthy company and produce a good performance. market participants, especially investors should conduct performance measurements to decide on stock shares which it will invest. this indicates that in addition to the aspect of sharia, also should pay attention to the aspect of prudence. this paper evaluates the performance of stocks in jakarta islamic index began the period january 2008 to december 2012, namely, stock-listed since the launch of the index in 2000. selection of the study period in 2008, because in that year the global financial crisis in the world, then in later years that the year 20092012 as the period of recovery from the global crisis, as well as the development of the sharia stock performance in indonesia until now. the variables used are stock performance. risk is calculated with the beta, the rate of return calculated by the expected return. to calculate the performance of the stock used method of risk adjustment performance. al-iqtishad: vol. vii no. 1, januari 2015 130 literature review in concept, the investment is allocated activities or resources investment at this time, in the hope of benefit in the future (noor, 2009). therefore, understanding the investment can be formulated as a sacrifice of current consumption opportunities, to get a benefit in the future. with the postponement of consumption currently used for the investment is expected to benefit in the future. in islam, investment activities can be categorized as economic activities including muamalah activity i.e. an activity that regulates the relationship between humans (sutedi, 2011). capital market is a means to reconcile a party that has excess funds to the cash-strapped, which traded funds are a long-term funds (manan, 2009). trading in the stock market occur, both in the primary market and the secondary market. the primary market is the first sale of securities to the public (fakhruddin, 2008). through the primary market, or better known as the ipo (initial public offering) the company issuing the securities actually receive the funds. the next trade occurs in the secondary market. the useful of secondary market for securities owners to sell securities, either for reasons to obtain liquidity or to gain or increase in the price of these securities (darmawi, 2006). islamic capital market is a market where the activities carried out in accordance with islamic principles. islamic capital market presents affirmation of religious law in capital market transactions in which the free market of activities that are prohibited and of elements such as usury, gambling, and gharar (huda, 2009). there are several requirements that must be met to be an efficient market, all the terms of the efficient market is in accordance with the quran and the hadith is as follows (hamid, 2009). first, the stock price should be free to go down or up. second, there is no monopoly in the market. third, there should be a requirement that requires companies disclose information about themselves. fourth, cost to get information is to a minimum, and that information must be received by the investor at the same time. fifth, the information is randomized and independently. sixth, the investor can take a quick action for the new information. as already explained, the efficient market must meet these requirements, otherwise it may be said that the market is not in accordance with the islamic concept. there are fundamental differences between the conventional capital markets with the islamic capital market. islamic capital market does not know the sort of short selling activity -buy trading or selling in a very short time to get the advantage of the difference between the selling and buying. sharia shareholder is a shareholder for a relatively long period. such a pattern of share ownership has a positive impact. the company will surely get shareholders that are more attentive and have a sense of belonging; this would be an effective control. the company and al-iqtishad: vol. vii no. 1, januari 2015 131 shareholders are partners who respect each other and remind that the two sides will meet communication in order to achieve the good of both parties. characteristics of islamic stock ownership only priority achievement gains or losses will be shared will be shared (profit and loss sharing), will not create sharp fluctuations in trading activities and speculative (manan, 2009). stocks that entered into sharia index is the issuer whose business is not contrary to the shariah, such as gambling businesses, businesses conventional financial institutions, businesses that produce, distribute, and trade food and drink that are unlawful and destructive nature of moral and disadvantages. in stock selection process that goes jakarta islamic index, indonesia stock exchange do stages election also consider aspects of liquidity and financial condition of the issuer, ie selecting a collection shares with the main type of business already recorded more than 3 months, pick stocks based on the annual financial statements or the middle of the year ended which has a maximum ratio of liabilities to assets by 90%, choose 60 shares of stock composition above is based on an average order of the largest market capitalization over the past year, and chose the 30 stocks with the order based on the average level of liquidity regular trading value during one last year (sutedi, 2011). jakarta islamic index is an index developed by the jse in cooperation with danareksa investment management to respond to the needs of information relating to islamic investment. jakarta islamic index filtered the listing of shares. the reference in the filtration is islamic fatwa issued by the national islamic council (dsn). with this fatwa jakarta stock exchange listed companies sort out its business units in accordance with sharia (hamid, 2009). the fundamental difference between the conventional index with the index of islam is conventional indices include all stocks listed on the exchange by ignoring aspects of halal haram, which is important stocks listed issuer (listing) is in conformity with the applicable rules (legal) (sutedi, 2011). as a result, it is not a problem if there are issuers who sell their shares on the stock moves in the business sector are contrary to islamic principles. methods this paper uses a quantitative approach with secondary data analysis methods. the analysis used in assessing the performance of stocks of sharia is the approach of risk adjusted performance. the object of this research is to study the stocks listed in the jakarta islamic index in the period 2008 to 2012. in this study the object of study is the islamic stock performance. the islamic stocks as measured its performance is consistently listed shares in jakarta islamic index. the selection of stocks consistently listed in the jakarta islamic index once every 6 months because al-iqtishad: vol. vii no. 1, januari 2015 132 the stocks listed in the jakarta islamic index is evaluated whether it was feasible with the assessment and specific criteria. sampling technique in this study using purposive sampling, the sample selection based on certain criteria. the criteria that must be met, namely in this study that became the object of study is the islamic stock performance. the islamic stocks as measured its performance is consistently listed shares in jakarta islamic index. the selection of stocks consistently listed in the jakarta islamic index once every 6 months because the stocks listed in the jakarta islamic index is evaluated whether it was feasible with the assessment and specific criteria. stocks that are consistently listed in the jakarta islamic index during the period 2008-2012 can be seen in table 1. the data used in this paper is secondary data which data are: the shariah stock price, market price of jakarta islamic index, bank indonesia certificates sharia as the risk free rate. as well, several other publications relating to the shares listed on the jakarta islamic index as an object of study. table 1. stocks that consistent listed in jakarta islamic index, year 2008-2012 no. code name 1. aali astra agro lestari tbk 2. antm aneka tambang (persero) tbk 3. asii astra internasional tbk 4. cpin charoen pokphand indonesia tbk 5. indf indofood sukses makmur tbk 6. klbf kalbe farma tbk 7. lsip pp london sumatera tbk 8. smgr semen gresik (persero) tbk 9. tlkm telekomunikasi indonesia tbk 10. untr united tractors tbk source: indonesian stock exchange, 2013 in this paper, the method used to measure the performance of the stock is to use the risk adjustment performance measurement method. the process is as follows: first, develop and establish a sharia stocks included in the jakarta islamic index during the period january 2008 december 2012. second, determination of the study sample with the criteria is consistent stock included in the calculation of the jakarta islamic index during the study period. third, collect the individual stock’s price data during the study period. fourth, collect the data of bank indonesia’s certificate as a monthly risk free asset. fifth, calculate the monthly stock’s return. sixth, calculate the deviation standard and stock’s beta. seventh, measure the sharia stock’s performance using risk adjusted performance. al-iqtishad: vol. vii no. 1, januari 2015 133 once these stages carried out, then compare the performance of the shares of sharia with risk adjusted performance of the method which has the best performance to be able to invest. the calculation is performed by calculating the standard deviation, beta stocks using stock price data and sbis. stock performance analysis is using risk adjusted performance with three parameters, namely the method of sharpe, treynor, and jensen. treynor’s models is the size of the investment performance using the excess return of the beta, the risk can’t be eliminated through diversification. this model firstly proposed by jack treynor so called treynor index. this measurement assumes that the portfolio is well diversified, so that the risk in the portfolio is only systematic risk (zubir, (2011). in evaluating the performance of mutual funds (stocks) treynor using the average return of the past as the expected return and use the beta as a measure of risk. beta indicates the size of the change in the return of a stock to changes in market return, rm (samson, 2006). the higher the treynor’s ratio, the performance of the portfolio will be better. as a measure of investment risk is used beta because in general fluctuations in stock prices affected by market fluctuations. average return is still regarded as the best measure for the return guidelines predictions, assuming all markets are efficient. comparison between return and risk show investors that the higher the risk the higher the expected return. treynor’s model can be write as follow (samsul, 2006): r/vt – (rp – rf )/βp where: r/vt = reward to volatility model treynor; rp = average return portofolio; rf = risk free rate; p = portfolio beta the second measurement model is a model of sharpe. basic measurement methods sharpe is the risk premium, i.e. the difference between the average performances produced by the average stock with a risk-free investment performance. the indication is the higher the sharpe ratio, the better the performance of a stock (nature, 2010). the performance of mutual funds in the future can be predicted by using two measures, namely the expected rate of return (e) and predicted variability of risk is expressed as a deviation standard return, p (samson, 2006). expected rate return is the average annual return. predicted variability of risk is the standard deviation of annual return. the standard deviation shows the change value of return on average return. excess return is the difference between the average rates of return minus the risk free rate. sharpe’s model can be written as follows al-iqtishad: vol. vii no. 1, januari 2015 134 (samsul, 2006): r/vs = (rp – rf )/ p where: r/vs = reward to variability ratio model sharpe rp = average portofolio’s return rf = risk free rate p = standard deviation of portofolio’s return performance measurement model of treynor and sharpe models are complementary to each other because of different information. the non-diversified portfolio is going to get high rankings for treynor, but rank lower for measurement sharpe. in the jensen models, it is assumed that the investor will invest if it can generate a return that exceeds the expected return or the minimum rate of return (samson, 2006). jensen uses the beta factor in measuring the performance of a portfolio investment. investment portfolio performance measurement using this model jensen measure the real return to the expected return, assuming that it has a well-diversified portfolio (hadi, 2013). the jensen’s model can be written as follows (samsul, 2006): e(rj) = rf + j[e(rm) rf ] where: e(r j) = expected return of stock j rf = risk free, interest rate j = beta of stock j e(rm) = expected market return discussion one of the indicators that can be used and easy to predict the performance of islamic stocks is by looking at the development of the stock return itself. here is a table of the average return of sharia stocks from 2008 through 2012 table 2. average return of shariah stock (%) emiten 2008 2009 2010 2011 2012 aali -5,25 7,48 1,47 -1,28 -0,49 antm -10,07 6,83 1,32 -2,97 -1,06 asii -12,26 11,13 4,22 2,78 -7,50 cpin -5,10 16,42 7,64 2,55 5,11 al-iqtishad: vol. vii no. 1, januari 2015 135 indf -7,41 12,64 3,03 -0,13 2,10 klbf -8,09 11,55 8,56 0,62 -2,90 lsip -7,19 9,83 1,72 -6,91 0,93 smgr -1,77 5,43 2,08 2,15 3,00 tlkm -2,41 4,45 -1,77 -0,94 2,37 untr -3,12 11,70 3,79 1,26 -0,01 source: indonesian stock exchange based on table 2, the overall 2009 was a year with the best sharia stock returns where the return of the tenth islamic stocks is positive. fluctuations in stock returns occur each year, because affected by the performance of the company itself whether it is in a good or bad performance. fluctuations in stock returns are influenced by internal factors and external factors such as economic conditions. based on the data, all the stock has a negative return in 2008, but in 2009 the company could get up and improve its performance. islamic stocks return that have increased in every year are aali, antm, cpin, indf, klbf, lsip, tlkm smgr and this can be considered an investor to invest in the stock. there are some stocks that show a negative return almost every year, it shows that the company is not in a good performance and easily affected by negative sentiments. although the stocks have the good performance this year, it is likely affected by negative sentiment in the coming years, therefore, as an investor must be responsive to address the outstanding issues so that no one take investment decisions. the sharpe’s model measurement is emphasis on total risk or standard deviation. the standard deviation indicates the size of the change in the return of a share of the average return of the stock. to predict the future performance of the period used the data from the previous period. return on average the previous period is considered as a return prediction coming period and the standard deviation of the return of the previous period is considered as a risk prediction coming period. to analyze the performance of the model of sharpe, the required data is average stock returns, standard deviations, and the risk free rate. the results of the calculation of the stock performance of the group shares the jakarta islamic index sharpe method for each period can be seen in table 3. table 3. stock’s performance using sharpe’s model emiten 2008 2009 2010 2011 2012 aali -24,371 95,404 11,477 -24,074 -10,231 antm -76,310 43,266 8,272 -35,671 -10,805 al-iqtishad: vol. vii no. 1, januari 2015 136 asii -80,086 82,031 39,763 33,038 -29,313 cpin -33,521 71,545 21,011 11,572 40,305 indf -51,625 82,543 27,716 -7,818 41,080 klbf -69,088 60,938 66,036 1,072 -12,964 lsip -33,155 66,330 9,268 30,297 4,567 smgr -21,493 52,689 22,963 14,650 34,595 tlkm -28,596 42,070 -36,918 -46,688 25,187 untr -16,331 87,303 54,975 7,643 -2,628 source: indonesia stock exchange table 3 shows that the sharpe index of the period 2008 to 2012 was in the range -80 086 to 95 404. if the value of the sharpe’s performance index is positive and always increasing, it shows the better stock performance. every year sharpe index is always fluctuating. there are some sharia stocks from 2008 until 2012 that always show increased sharpe performance index, namely: aali, antm, cpin, indf, smgr, and tlkm. the period 2008 to 2012, sharpe index shows that almost evenly in each year there are still stocks is negative. this indicates that the stock portfolios of jakarta islamic index, yet all of them have a positive sharpe index. table 3 shows the islamic stocks from 2008 to 2012 which showed a decrease in the performance index sharpe namely: asii, klbf, lsip, and untr. in evaluating the performance of the stock with a treynor’s model is by using the average return the previous period as the expected return and beta as a measure of risk. beta indicates the size of the change in the return of a stock to changing market return. as a investment risk benchmark is used beta, because in general fluctuations in stock prices affected by market fluctuations. a securities that have beta <1 said a smaller risk than market risk. instead of a security that has a beta value of> 1 is said to have a larger systematic risk than market risk. return regarded as the best measure for prediction guidelines, assuming the market is efficient. comparison between return and risk show investors, that the higher the risk the higher the expected return. to analyze the performance of the treynor’s model required data such as average return, beta stocks, and the risk free rate. the results of the calculation of the stock performance of the 10 groups of stocks jakarta islamic index using treynor’s model can be seen in table 4. table 4. stock’s performance using treynor’s model emiten 2008 2009 2010 2011 2012 aali -331,522 2634,615 167,857 387,234 -221,053 antm -1125,773 480,620 54,861 1350 -171,951 asii -1248,571 1296,296 249,324 -622,222 -159,553 al-iqtishad: vol. vii no. 1, januari 2015 137 cpin -550,926 3359,574 203,143 -502,500 -417,544 indf -809,804 817,007 308,642 -478,571 277,778 klbf -1103,704 -36400 730 -21,622 303,738 lsip -464,740 713,178 95,968 -1182,540 -446,154 smgr -396,970 372,093 178,161 -203,797 363,014 tlkm -479,412 670,175 -343,284 925 306,061 untr -243,558 1627,941 366,292 -200 -29,752 source: indonesia stock exchange table 4 shows that the treynor index of the period 2008 to 2012 was in the range -1248.571 up to 3359.574. if the value of treynor index is positive and increased, the stock performance will getting better. table 4 shows that there is a stock from 2008 until 2012 always show increased treynor’s performance index, namely: asii, cpin, indf, klbf, lsip, smgr, and tlkm. the period 2008 to 2012, shows that there are some stocks still have the negative treynor index in each year. this indicates that the stock portfolios formed jakarta islamic index, the treynor performance is not all be positive. the data in table 4 shows that there is a stock from 2008 until 2012, show a decrease in treynor’s performance index, namely: aali, antm and untr. jensen method calculated the value of the investment return exceeds the expected return or the minimum rate of return. return is the average return the previous period. to analyze the method of jensen require data such as average return, beta stocks, and the risk free rate. the results of the calculation of the stock’s performance of the tenth group of stocks jakarta islamic index jensen method in table 5. table 5. stock’s performance using jensen’s model emiten 2008 2009 2010 2011 2012 aali 633,840 537,840 6,640 -100,690 -107,940 antm -436,280 -110,140 -145,640 -306,020 -192,660 asii -601,200 591,540 138,120 286,280 -1094,960 cpin 135,080 1312,980 165 270,200 547,820 indf -136,480 368,980 123,640 -91,220 135,310 klbf -346,440 1108,980 631,400 72,010 -257,590 lsip 365,480 189,860 -74,440 -853,990 66,190 smgr 184,160 -250,140 19,280 297,670 219,010 tlkm 133,680 59,380 -334,520 -120,320 160,420 untr 704,880 722,120 187,160 134,280 -112,230 source: indonesia stock exchange al-iqtishad: vol. vii no. 1, januari 2015 138 table 5 shows that the index jensen from the period 2008 to 2012 was in the range -1094.960 until 1108.980. if the value of alpha jensen highest and significant shows that this portfolio is the best of the existing portfolio. alpha which has a positive value indicates a better performance than the market index; while a negative value indicates a lower performance than the market index. as in table 5, there are stocks from 2008 to 2012 that always showed an increase jensen index, namely: antm, cpin, indf, klbf, lsip, smgr, and tlkm. however, from the results of jensen index calculation, there are stocks that have a negative value. some stocks which show a decrease in jensen index is: aali, asii, and untr. table 6. rating of shariah stock’s performance (year 2008 – 2010) no. 2008 2009 2010 sharpe treynor jensen sharpe treynor jensen sharpe treynor jensen 1. untr untr untr aali cpin cpin klbf untr klbf 2. smgr aali aali untr aali klbf untr indf untr 3. aali smgr lsip indf untr untr asii asii cpin 4. tlkm lsip smgr asii asii asii indf cpin asii 5. lsip tlkm cpin cpin indf aali smgr smgr indf source: indonesia stock exchange stock performance will be measured using three different methods, namely methods sharpe, treynor, and jensen. measurement of performance shares for the three different methods require data such as stock returns, standard deviation, the market return and risk free rate. tables 6 and 7 show the best performance ratings islamic stock during the period 2008 to 2012. table 7. rating of shariah stock’s performance (year 2011-2012) no. 2011 2012 sharpe treynor jensen sharpe treynor jensen 1. asii antm smgr indf smgr cpin 2. lsip tlkm asii cpin tlkm smgr 3. smgr aali cpin smgr klbf tlkm 4. cpin klbf untr tlkm indf indf 5. untr smgr klbf lsip untr lsip source: indonesia stock exchange given the formulation and performance measurement characteristics of each are different, then the value of the performance index obtained from the calculation of index numbers are different. each of these methods has a basic stock performance relative numbers can’t be compared directly with one another given al-iqtishad: vol. vii no. 1, januari 2015 139 measurement method is different. the results show a significant difference in the performance measurement method. treynor method show consistency among the three measurements, as treynor had a mean difference of the lowest rank of the methods sharpe and jensen (sulistyorini, 2009). according to the ranking of stock’s performance using the three measurement show that there are consistency of stock that have a best rank, i.e. aali, antm, asii, cpin, indf, klbf, lsip, and untr. conclusion judging from the results of the return of each stock that the whole of the period of the study in 2008-2012 aali (astra agro lestari tbk), antm (antam (persero) tbk), cpin (charoen pokphand indonesia tbk), indf (indofood sukses makmur tbk), klbf (kalbe farma tbk), lsip (pp london sumatra, pt), smgr (semen gresik (persero) tbk), and tlkm (telecommunications indonesia, tbk) have consistency for the highest return. these results can be a reference for investors to facilitate stock is chosen to invest, investors can choose companies in major sectors, meaning the company in the field of basic human needs, such as food ingredients, food, building materials (infrastructure) and others which will certainly continue to increase the performance of the company because every year definitely increase the demand for these needs. the results obtained from the calculation of the islamic stock performance with the method of risk adjusted performance shows that the islamic stocks have performed well, because it tends to increase each year. based on the rating sharia stock performance calculation by using method sharpe, treynor and jensen show that there is the consistency of shares whose have the best ratings in each year. these shares are aali (astra agro lestari tbk), antm (antam (persero) tbk), asii (astra international, tbk), cpin (charoen pokphand indonesia tbk), indf (indofood sukses makmur tbk), klbf (kalbe farma tbk), lsip (pp london sumatra, pt), and untr (united tractors tbk). it could also be a reference to strengthening investor to invest in the stock. in addition to this performance analysis, can also use technical and fundamental analysis in order to know the ins and outs of the company’s performance from year to year and his track record does include companies that are healthy or not. references al arif, m.n.r. 2012. islamic financial institutions. bandung: pustaka setia. chapra, m.u. 1996. monetary policy in an islamic economy in money and banking in islam. jeddah: international centre for research in islamic economics. al-iqtishad: vol. vii no. 1, januari 2015 140 darmawi, h. 2006. financial market and other financial institutions. jakarta: pt. bumi aksara. fakhruddin, m.h. 2008. the dictionary of capital market from a to z. jakarta: pt. elex media komputindo. hadi, n. 2013. the capital market: theoretical and practice as financial market instruments. yogyakarta: graha ilmu. hamid, a. 2009. islamic capital market. jakarta: lembaga penelitian uin jakarta. huda, n. & m.e. nasution. 2009. current issues on islamic financial institutions. jakarta: kencana. huda, n. & m. heykal. 2010. islamic financial institutions: a theoretical and practice perception. jakarta: kencana. hulwati. 2009. islamic economics: theory and practice on islamic bonds trading in islamic capital market indonesia and malaysia. jakarta: ciputat press group. manan, a. 2009. the legal aspect of investment on indonesian islamic capital market. jakarta: kencana. muhammad. 2007. the legal aspect on muamalah. yogyakarta: graha ilmu. nafik, h.r. & muhammad. 2009. stock exchange and islamic investment. jakarta: serambi. noor, h.f. 2009. investment: the financial management on business and the economy development of community. jakarta: pt index. samsul, m. 2006. capital market and portfolio management. jakarta: erlangga. sulistyorini, a. 2009. the stock portfolio performance analysis using sharpe, treynor and jensen: study on lq 45 stock at indonesia stock exchange. (thesis unpublished). semarang: university of diponegoro. sutedi, a. 2011. islamic capital market: the financial investment instrument based on islamic principle. jakarta: sinar grafika. zubir, z. 2011. portfolio management: the application in stock investment. jakarta: salemba empat. sofyan halim abstract. the purpose of this research is to know the effect of the djimwi, forex, foreign investment, domestic investment on the indonesian sharia stock index (issi) with the intervening of jci in the research period. through regression analysis, this study concludes that the djiwmi and the foreign exchange variables have significant positive effect on the jci. however, the jci is not significantly affected by the foreign investment but is influenced by domestic investment. furthermore, it shows that djimwi and domestic investment have a significant positive effect on issi. the pathway analysis shows that there is a significant effect between the jci variables on the issi. djimwi through the jci has a significant influence on issi. meanwhile, the foreign exchange variable through the jci has a significant influence on the issi variable. on the other hand, the variable of foreign investment through the jci has no significant effect on issi; however, domestic investment through the jci has a significant influence on issi. the limitations of the study are factors outside the research model, which are 25.88% and 53.47% of the dependent variable of jci and issi. keywords: dow jones islamic market world index, foreign investment, domestic investment, indonesian sharia stock price index, composite stock price index, foreign exchange rate abstrak. tujuan dari penelitian ini untuk mengetahui pengaruh dari variable dow jones islamic market world index (djimwi), valuta asing, investasi asing, investasi domestik terhadap indeks saham syariah indonesia dengan intervening variabel ihsg pada periode yang dikaji. melalui analisis regresi, penelitian ini menyimpulkan bahwa djiwmi dan valuta asing berpengaruh positif secara signifikan terhadap ihsg. namun demikian, ihsg tidak terpengaruh secara signifikan oleh investasi asing, tetapi dipengaruhi oleh investasi domestik. selanjutnya, studi ini menunjukkan bahwa djimwi dan investasi domestik berpengaruh positif secara signifikan terhadap issi. hasil uji melalui analisis pathway menunjukkan adanya pengaruh signifikan antara variabel ihsg pada issi. djimwi dan valuta sing melalui ihsg memiliki pengaruh signifikan terhadap issi. di sisi lain, investasi asing melalui ihsg tidak berpengaruh signifikan terhadap issi; namun investasi domestik melalui ihsg memiliki pengaruh signifikan terhadap issi. keterbatasan penelitian ada pada faktor di luar model penelitian sebesar 25,88% dan 53,47% dari variable dependen ihsg dan issi. kata kunci: dow jones islamic market world index, investasi asing, investasi domestik, indeks saham syariah indonesian,, indeks harga saham gabungan, valuta asing the effect of dow jones islamic market world index, foreign exchange, foreign investment and domestic investment with the intervening composite stock price index on the indonesian sharia stock index al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 369 410 faculty of economic and business, university of mercu buana, jakarta, indonesia. e-mail: sofyan.halim@mercubuana.ac.id mailto:sofyan.halim%40mercubuana.ac.id%20?subject= 370 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction investments and company expansion have been carried out by multinational companies, and they invest in various countries and several foreign direct investments that grow and develop in a particular country. for example, in indonesia, many companies have gone public in the capital market of the country where foreign companies are located. meanwhile, some foreign investors invest their capital in the capital market with a portfolio of stocks and bonds with the aim of gaining profits from trading on the stock exchange. widodo (2017), quoting from mie & agustina (2014), the factors that reflect the performance of the capital market, whether it is experiencing an increase (bullish) or a decline (bearish), are shown through the composite stock price index, as an illustration, if the economic condition of a country is good, it will show an increasing trend, which is expected to strengthen the composite stock price index (jci) by showing an increase in the stock index in general. however, if the economic condition of a country declines, then it is likely to happen otherwise. in the islamic stock investment sector, several stocks are categorized as the indonesian sharia stock index, which has a measure and benchmark for investing, including in the stock market based on islamic sharia. ojk data in december 2020 showed that there were 424 issuers of shares in the islamic stock category on the indonesia stock exchange. based on ojk data, the total capitalization of the indonesian sharia stock index as of november 2020 reached idr 3,362,663.04 billion when compared to investment data on sharia shares in 2011, which was also the beginning of the existence of the indonesian sharia stock index in 2011, the total investment in sharia shares indonesia amounted to rp 1,968,091.37 billion; hence the capitalization of indonesian sharia increased by 70.86% within ten years. based on idx islamic data quoted by the republika daily on december 7, 2020, it was stated that for six years, from 2015 to october 2020, investors in the sharia-based stock sector grew and increased quite rapidly. during this period, the number of sharia investors grew from 4,908 investors in 2015 to 81,413 investors as of october 2020, so it can be said that there was an increase of 75%/year. the increase in the number of sharia stock investors certainly cannot be separated from the role of regulators and securities companies in carrying out literacy and education related to the sharia market. in the 2020 period, which is the period of the covid-19 pandemic, the number of islamic stock investors on the idx continues to grow. as of october 2020, the number of islamic stock http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 371 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 investors reached 81,413 investors, an increase of 12,814 investors, an increase of 18.68 percent compared to 68,599 investors in 2019. not only that, but the accumulated transactions of sharia investors also increased quite significantly. the development of global islamic stock indices, including the dow jones syariah market index, has quite influenced the development of portfolio investment in various global exchanges, including in indonesia, and this has also affected the islamic stock market price, based on the results of research by retno fuji oktaviani (2017), and halim (2020) who examined international sharia stock price index against the jakarta islamic index. the conclusion of the study shows that jii is significantly influenced by djii usa and djim. the researchers jamil jaballah, jonathan peillex j, laurent weill (2018) obtained different research results; they conducted research on stock valuation by investigating compliance testing with sharia provisions, with the method of adding and removing djimwi in muslim countries compared to the united states, produced research results that the addition of an islamic-based index caused a positive stock market reaction in these muslim countries. but the reaction is negative in the united states. in contrast, the elimination of the sharia index resulted in a positive stock market reaction in the united states stock market. thus, it can be explained that investors in muslim countries have a positive perception of sharia compliance due to religious beliefs, while investors in the united states have negative perceptions about islam and sharia compliance, thus reacting negatively to the dow jones sharia index. the researchers deri siswara, jaenal efendi, marhamah muthojarroh (2021) conducted the study through integration and response analysis. of the islamic stock market of the oic countries before the crisis and during the china stock market crisis, also during the united states-china trade war with the ardl method, the results showed that there was no cointegration in the period before the china stock market crisis. however, during the period of the china stock market crisis and the united states-china trade war, cointegration was more common. the indonesia islamic stock market in the two crisis periods had a long-term relationship with the us and china stock markets. in terms of the benefits of portfolio diversification for investors, there is the relevance of dominant economic, geographical, and trade relations in influencing the integration of the islamic stock market. demir c. research (2019) analyzes and investigates the impact and influence of several leading macroeconomic factors on the turkish stock market index, http://journal.uinjkt.ac.id/index.php/iqtishad 372 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 bist-100 (borsa istanbul-100) during the period 2003q1-2017q4, with the results showing that the stock market index increases in bist-100 influenced by economic growth, relative value to domestic currency, portfolio investment and foreign direct investment, interest rates and crude oil prices have no effect. it can be said that a stronger domestic currency, high international capital inflows, and lower energy and investment costs will influence the development of the istanbul stock exchange market. f. jufrida, m. syechalad, m. nasir, (2017) researched the analysis of the effect of domestic investment and foreign investment on indonesia's economic growth, with the results of the study that indonesia's economic growth was positive but not significantly influenced by foreign investment, but significantly influenced by domestic investment. the study results recommend that economic stability can be maintained by the indonesian government so that it can present a stimulus that triggers an increase in investment, both foreign investment and domestic investment, to achieve adequate economic growth. malisa, maya, fakhruddin (2017) conducted research on direct investment in indonesia. the results of the study show that direct investment in indonesia is influenced by a significant positive effect on interest rates and gross domestic product. furthermore, direct investment is negatively affected by the exchange rate that has a significant negative effect on direct investment in indonesia. in this regard, it is expected that the government needs to maintain the stability of economic growth in order to encourage increased investment in indonesia and also as a monetary policymaker to maintain the movement of interest rates and the rupiah exchange rate in a stable condition so as not to inhibit the movement of foreign investment in indonesia. researchers have researched the analysis of the effect of inflation, interest rates, dow jones sharia malaysia index, and profitability of stock prices indexed by the indonesian sharia stock index, but the results of this study obtained the coefficient of determination (r2) which shows the size of adjusted square r of 0.006 which means the variable that researched only produces a significance of 0.6%, and that means the rest is 99.4% and other factors that cause fluctuations in a sharia-indexed stock, so it can be interpreted that the stock price of the issuer studied is not much influenced by the variables studied. there are other previous studies related to the research theme as stated above, including direct investment with the results of research that investment in indonesia is negatively affected by foreign exchange rates. economic growth is influenced by foreign direct investment, so that based on this, it triggers to conduct more in-depth research on foreign http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 373 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 investment issues, the dow jones sharia index, the development of the indonesian sharia stock index, and the stock index as a whole. so the theme of this research is the analysis of the effect of the dow jones index on the world sharia market, foreign exchange rates, foreign investment and domestic investment with the intervening variables of the indonesian stock price index on the indonesian sharia stock index, with the research period from 2014 to 2020. literature review signal theory signal theory is quoted from rini indarti, minanari (2019); according to brigham and houston (2014:36), signals are instructions to external parties for an action taken by the company regarding management views and company prospects. this signal is in the form of information about the realization of the company owner's plan that has been carried out by management. the level of investor confidence grows and is interwoven from the company's efforts to inform every valid and confidential financial statement. so that investors can identify and assess companies that have a good or bad performance. still, in this study as a parameter of signal theory is used to find out information on developments and fluctuations in the sharia stock price index to monitor and signal for investors who will invest and make decisions to make decisions. sharia capital market terminologically, the sharia capital market is defined as a capital market that applies the basis of sharia and fiqh muamalah based on the qur'an, sunnah, or al-hadith, then based on these two sources of law, the scholars agreed to interpret it as a source of knowledge of fiqh muamalah which regulates human relations in society. conduct buying and selling transactions and business. in practice in the capital market, in carrying out islamic sharia principles, in practice, it refers to the fatwa of the national sharia council the indonesian ulema council, as long as the fatwa in question does not conflict with the financial services authority regulations, as regulated in ojk regulation no. 15/pjok.04/2015, including regulations governing activities related to sharia securities public offering, sharia securities trading, sharia investment management in the capital market, and issuers or public companies related to sharia securities issued, securities companies partially or wholly based on sharia principles, as well as professional institutions in finance and investment based on fiqh muamalah. http://journal.uinjkt.ac.id/index.php/iqtishad 374 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the composite stock price index according to brigham and houston (2006), the stock price at a certain time will depend on the investment of the buyer of the stock so that cash inflows are expected to be received in the future. based on this understanding, stock prices can be interpreted as prices that occur because of demand and supply in the capital market, which is formed due to a reasonable price mechanism. widodo (2017) the stock index is the stock price expressed in index numbers. aiming to avoid the negative impact of using stock prices in rupiah and conducting analysis in stock trading, a composite stock price index is used. widodo (2017) from mie & agustina, (2014). historically, to monitor and analyze indicators of stock price movements listed on the exchange, the composite stock price index (jci) was used. the jci was launched on april 1, 1983. formulation of calculating jci parameters as follow: ∑ marker capitalize jci= ---------------------------x 100 % ∑ basic value the composite stock price index (jci) analyzed is based on data from the month of 2014 to december 2020 from the website: https://www.idx.co.id indonesian sharia stock index ojk regulation number 15/pjok.04/2015 concerning application of sharia principles in the capital market states that sharia securities are securities as referred to in the capital market law and its implementing regulations, operating procedures, business activities; the assets that form the basis of the contract, and/ or assets related to the said securities and their issuers do not conflict with the sharia principles. sofyan halim (2020), quoting from idx.co.id, and nur imamah, tsui-jung lin, suhadak, siti ragil handayani, jung-hua hung (2019), stated that the indonesian sharia stock index (issi) is a composite stock index sharia shares listed on the idx and began to be issued on may 12, 2011. issi is an indicator of the performance of the indonesian sharia stock market. issi's constituents are all shares listed on the indonesia stock exchange (idx) and screened by the financial services authority until they are listed on the sharia securities list (des) as sharia share issuers. thus, it can be interpreted that the idx does not select sharia shares that enter issi. issi's constituents are re-elected twice a year, every may and november, http://journal.uinjkt.ac.id/index.php/iqtishad https://www.idx.co.id sofyan halim. the effect of dow jones islamic market world index 375 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 following the schedule of the sharia securities board's review. the parameter used in this study is the indonesian sharia stock index which is calculated by the formula: ∑ market capitalization issi = -------------------------------x 100% ∑ the basic value the indonesian sharia stock index analyzed is the index data from the period january 2014 to december 2020 released from the web: https://www.duniainvestasi. com/bei/prices/stock/issi. dow jones islamic market world indexes the dow jones exchange is one of the oldest running us stock market indexes. researcher retno fuji oktaviani (2017) quoted from amin (2012), officially this index was started on may 26 and 1986. in more detail, dow jones on its website makes stock criteria that should not be included in the calculation of the islamic market world indexes, namely companies engaged in production such as alcohol (liquor), products made from pork. these conventional financial institution services contain usury, casino and gambling, prostitution, and non-halal products and services. the accounting and auditing organization for islamic financial institutions (aaoifi) adopted the dow jones islamic markets world index in 1999 in bahrain (adel mohammed sarea, mustafa mohd hanefah) to protect investors seeking to invest by muslim sharia law, by therefore aaofi has an independent sharia (islamic law) supervisory board, karen py. lai, michael samers). the formula used for djimwi data analysis uses parameters: ∑ market capitalization djimwi = -------------------------------x 100 % ∑ basic value the djimwi analyzed is the index data from the period january 2014 to december 2020 released from the web which is s&p dow jones indices data from the website: https://www.spglobal.com/spdji/en/indices/equity/dow-jones-islamicmarket-world-emerging-markets-index/#overview. http://journal.uinjkt.ac.id/index.php/iqtishad https://www.duniainvestasi.com/bei/prices/stock/issi https://www.duniainvestasi.com/bei/prices/stock/issi 376 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 foreign exchange one of the transaction payment instruments that is widely used in the community is the foreign exchange or also known as foreign exchange (forex). according to dedi takdir s (2015), foreign exchange is a currency issued as a legal tender in another country. foreign exchange will have value if it can be exchanged with other exchanges without limitation. based on the definition of foreign exchange above, foreign exchange can be used as a commodity that is traded with a system of exchange between foreign exchange in general, even as a means to make investments, so that the form of foreign exchange can be generalized is foreign currency. according to dedi takdir s (2015), the foreign exchange exchange is a type of trade or transaction that trades a country's currency against another country's currency (currency pair/ pair) involving the major money markets in the world exchanges for 24 hours continuously. chairiel oktaviar (2017), forex or foreign exchange, is a foreign currency used as a means of payment. forex in english is known as foreign exchange (forex). forex can be used as a form of investment and traded in general. as for foreign exchange in the form of foreign currency, not every foreign currency can be used directly to do foreign currency. adiningtyas d (2018), in conducting his research, the parameters used are the rupiah rate against the us dollar, so in the research of foreign exchange rate parameters used in this study is the moderate rate of rupiah against the us dollar currency, using the formula: (selling rate + buying rate) central exchange rate = ----------------------------------- 2 while the central exchange rate over the us dollar taken is the middle rate at the end of each month from the period of 2014 to end of 2020 from the website: www.bi.go.id. investment investment is an investment provided by companies, organizations, or individuals made abroad or within the country. investment or investment, according to dhaniswar k harjono (2007), is an investment given by individuals or companies, or organizations both domestically and abroad. in general, investment can be interpreted as an activity carried out by a private person (natural person) and http://journal.uinjkt.ac.id/index.php/iqtishad http://www.bi.go.id sofyan halim. the effect of dow jones islamic market world index 377 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 a legal body (juridical person). many should be considered in making investments, because many factors affect it, including resource factors, both human resources and natural resources to support the investment program to be carried out, the next factor of economic problems and political stability because these factors are significant in deciding investment in order to get legal certainty, both nationally and a region within a particular country. 1. foreign investment as one of the efforts to attract foreign investors, the government provides facilities and fiscal facilities that are quite attractive in inviting all investment, including foreign investment. according to law no. 25 of 2007 on investment, that foreign investment is a form of investment by building, buying total or acquiring companies, investment cooperation activity to conduct business in the territorial zone of the indonesian archipelago conducted by foreign investors, either using foreign capital in whole or cooperating and partnering with domestic investors. foreign investment, in general, can be done by direct investment in the real sector or better known as foreign investment direct; foreign direct investment carried out by foreign investment (pma) has more advantages, including long-term, many contributing to technology transfer, management skills transfer, opening new jobs. this employment is significant for the developing country given the limited ability of the government to provide jobs. dhaniswara k.h (2007) explained that direct investment is a form of direct investment. in this case, the investor is directly involved in the management of the business and is directly responsible in the event of a loss. foreign investment is also carried out by foreign investors carried out indirectly (indirect investment), which is an investment made through the capital market or stock exchange, so it is known as portfolio investment (dhaniswara k.h, 2007). indirect investment, according to jonker sihombing, which is controlled by dhaniswara k.h (2007), is an investment made by buying securities issued by the company or issued by the government. in general, transactions to buy and sell stocks and or currencies in a relatively short period of time depending on fluctuations in the value of the stock and/or the currency they want to sell are short-term investments. (dhaniswara k.h, 2007). demir c. (2019) analyzed and investigated the impact and influence of several prominent macroeconomic factors on the turkish stock market index, bist-100 (borsa istanbul-100) during the period 2003q1-2017q4, with the results showing that economic growth, the relative value of domestic currencies, portfolio investment http://journal.uinjkt.ac.id/index.php/iqtishad 378 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 and foreign direct investment increased the stock market index while interest rates and crude oil prices negatively affected it. the results briefly reveal that the istanbul stock exchange market needs a more robust domestic currency, higher international capital inflows, and lower energy and investment costs. the study of firdaus jufrida, m. nur syechhalad, m. natsir (2017) defines foreign investment in indonesia can be made in two forms of investment, namely (anoraga, 1995: 46): 1) portfolio investment is an investment and trading of stocks and / or bonds conducted in the capital market. 2) direct investment is an investment by owning or establishing a company to run a business. while the parameters used in this study are the amount of foreign direct investment listed in the coordinating board of capital markets and foreign investment portfolio on the indonesia stock exchange at the end of each month and end of the year the research period from 2014 to the end of 2020 recorded in the financial services authority is calculated in units of millions of us dollars and converted at the central exchange rate of usd to rupiah at each end of each month and end of the year during the year research period from 2014 to the end of 2020. the formulation used for this variable is: foreign investment = (foreign direct investment + foreign investment stock portfolio) x central exchange rate usd. the foreign investment data used in the study was taken at the end of the month from january 2014 to december 2020 from the website: www.ojk.go.id dan www. bkpm.go.id. 2. domestic investment domestic investment is in accordance with the provisions of law number 25 of 2007 and presidential regulation number 76 of 2007 concerning criteria and requirements for preparation of closed business fields and business fields open with conditions in the investment sector. researcher firdaus jufrid, m. nur syechhalad, m. natsir (2017), domestic investment can be made by individuals as a community of a country, both conducted by private business entities and the government of the country that invests in the certain countries. in this study, the parameter used in the domestic investment variable is the total value data calculated in billions of rupiah based on data from the investment coordinating board and the financial services authority. in contrast, the parameters used in http://journal.uinjkt.ac.id/index.php/iqtishad http://www.ojk.go.id http://www.bkpm.go.id http://www.bkpm.go.id sofyan halim. the effect of dow jones islamic market world index 379 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 this study are the number of domestic investments registered with the investment coordinating board and domestic investment from portfolios registered with the financial services authority, which is calculated in billions of rupiah. transactions on the indonesia stock exchange at the end of each month and the end of the research period from 2014 to the end of 2020 are recorded at the financial services authority, calculated in billions of rupiah. the formulation used for the analysis of domestic investment data is: domestic investment = (domestic investment (bkpm) + domestic investment stock portfolio). the domestic investment data used in the study was taken at the end of the month from january 2014 to december 2020 from the website: www.ojk.go.id, and www.bkpm.go.id. the research framework can be described in an image that shows the relationship between independent variables, which include djimwi foreign exchange rates, foreign investments registered with the investment coordinating board, and investments registered with the financial services authority and domestic investments which include domestic investments. registered with the investment coordinating board and portfolio investment registered with the financial services authority, these variables have an effect on the indonesian sharia stock index, through the jci intervening variable so that the hypothesis of this research is: figure 1. research framework http://journal.uinjkt.ac.id/index.php/iqtishad http://www.ojk.go.id http://www.bkpm.go.id 380 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 dow jones islamic market world index influences the islamic stock index of indonesia researchers jaballah, peillex j, weill l, (2018) investigated the influence of sharia compliance on stock valuations by testing the effect of the price of 23 stocks on the addition and elimination of the djimi in muslim countries and the usa. the research conclusion found that the existence of sharia-based indices received an adverse reaction in the usa and a positive reaction stock market in muslim countries. instead, the elimination of the sharia index resulted in a positive reaction in the usa but got a negative reaction stock market in muslim countries. researcher retno fuji oktaviani (2017) quoted from amin (2012), the dow created the index to measure the performance of industrial components in the u.s. stock market. officially this index began on may 26, 1986. the results showed that dji europe index has no significant effect on the jakarta islamic index, dji usa index has a negative and significant effect on the jii, the dji of japan index has no significant effect on the jii, and djim malaysia index has a positive and significant influence on the jii. in more detail, dow jones on its website makes the dow jones islamic market world indexes with stock criteria that should not be included in the calculation of the islamic market world indexes which are companies engaged in production such as alcohol (liquor), conventional capitalists, and gambling, porn media. while the object of this study is the islamic dow jones market world index, at the end of each month and year in the period of research from 2014 to 2020, with the following hypothesis: h1: dow jones islamic market world index affects the indonesian sharia stock index. dow jones islamic market world index influences composite stock price index widodo (2017) analyzes the influence of the asian regional composite stock price index on the jakarta composite index with the conclusion that simultaneously all independent variables affect the dependent variable. however, separately the jkse variable was positively influenced by the n225, ks11, and klse variables while the hsi and sti variables had no effect on the jkse variable from january 2009 to may 2017. wicaksono, immanuel satrio; yasa, gerianta wirawan (2017), examined the effect of the united states central bank interest rate, dow jones index, nikkei http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 381 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 225 and hang seng on the composite stock price index, with the results of the analysis in this study showing the fed rate has no effect on the composite stock price index. the dow jones index has a positive effect on the composite stock price index, the nikkei 225 has no positive effect on the jakarta composite index and hang seng has a positive effect on the jakarta composite index. in this study the djimwi variable is an exogenous variable, with the object of this research being the islamic dow jones market world index at the end of each month and year during the 2014-2020 research period, with the following hypothesis: h2: dow jones islamic market world index affects the composite stock price index. idr exchange rate against usd affects indonesia's sharia stock index adiningtyas d.t. (2018), in conducting his research, the parameters used are the rupiah rate against the us dollar and the malaysian ringgit rate against the us dollar, with the results of the study concluding the rupiah exchange rate against the dollar affects the jakarta islamic index in the short and long term. the ringgit exchange rate against the dollar affects the ftse bursa malaysia hijrah sharia index in the short and long term. the object of research on this variable is the rupiah exchange rate against the us dollar at the end of each month and year during the 2014-2020 waiting period, so based on this explanation, the following hypothesis can be formulated: h3: foreign exchange rate affects the indonesian sharia stock index. idr exchange rate against the usd affects the composite stock price index yunita, y., nurlita.,& robiyanto (2018) conducted a study on the effect of interest rates, rupiah exchange rates, and gold prices on the return of mining sector share prices on the indonesia stock exchange, with research results showing that variable rupiah exchange rates and gold prices have a significant influence on the return of mining sector stock price indexes. sari, w. i. (2019), analysis of the effect of inflation, sbi interest rates, exchange rate against return lq 45 and its impact on the composite stock price index (jci) on the indonesia stock exchange (idx), with the results of research on inflation, sbi rate, idr / usd exchange rate simultaneously or together has http://journal.uinjkt.ac.id/index.php/iqtishad 382 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 a significant effect on the return of lq 45 shares. there is a significant positive influence between the return of lq 45 on the composite stock price index (jci). in this study, the foreign exchange rate variable is exogenous. in contrast, the research object on this variable is the rupiah exchange rate against the us dollar with the hypothesis that it affects the composite stock price index. the object under study is the central exchange rate of the rupiah against the united states dollar at the end of each month and year for the 2014-2020 period, so based on this explanation, the following hypothesis can be formulated: h4: foreign exchange rate affects the composite stock price index. foreign investment affects the indonesian sharia stock index firdaus jufrida, m. nur syechhalad, m. natsir (2017) examines the analysis of the influence of foreign investment and domestic investment on indonesia's economic growth, with the results that foreign investment influence positively but not significantly on gross domestic product in indonesia. the object of research on this variable is the value of direct investment in foreign investment registered with the investment coordinating board and portfolio investment and foreign portfolio investment at the end of each month and year position for the 2014-2020 research periods. based on the results of the research above, in this study, the following hypotheses can be formulated: h5: foreign investment affects the indonesian sharia stock index. foreign investment affects the combined stock price index the researchers of nazeer, a.m., & masih, m. (2017) researched to find out the contribution of macroeconomic indicators to stock market developments on the karachi stock exchange (kse) and as a dependent variable, by examining foreign remittances (fr), gross domestic saving (gds) and money supply (ms) as explanatory variables, with the results of the study that foreign remittances have an insignificant effect both in the short and long term in the stock market because most of the foreign remittances are used for consumption. demir c. (2019) analyzed and investigated the impact and influence of several prominent macroeconomic factors on the turkish stock market index, bist-100 (borsa istanbul-100) during the period 2003q1-2017q4, with research results showing that economic growth, the relative value of domestic currencies, portfolio investment and foreign direct investment increased stock exchange index. http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 383 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 in this study, the foreign investment variable is an exogenous variable, with the research object on this variable being the value of direct investment in foreign investment registered in investment coordinating board and foreign portfolio investment at each position at the end of the month and year of the research period from 2014-2020. based on the results of the above research, in this study, the following hypothesis can be formulated: h6: foreign investment affects the composite stock price index. domestic investment influences the indonesian sharia stock index research from firdaus jufrida, m. nur syechhalad, m. natsir (2017) examines the analysis of the influence of foreign direct investment and domestic investment on indonesian economic growth. the research results are that domestic investment positively and significantly influenced gross domestic product in indonesia. the research object on this variable is the value of investment domestic registered in the investment coordination agency and portfolio investments, and portfolio shares in the financial services authority at each position at the end of the month and year of the research period from 2014-2020. based on the results of the above research, in this study, the following hypothesis can be formulated: h7: domestic investment affects the indonesian sharia stock index. domestic investment affects the composite stock price index research from firdaus jufrida, m. nur syechhalad, m. natsir (2017) examined the analysis of the influence of foreign direct investment and domestic investment on indonesia's economic growth, with the research results on domestic investment having a positive and significant effect on gross domestic product in indonesia. in this study, the variable of domestic investment is an exogenous variable, with the research object on this variable is the registered domestic investment value in the investment coordination agency and portfolio investments, and the stock portfolio in the financial services authority at each position at the end of the month and year of the research period from 2014-2020. based on the results of the above research, in this study, the following hypothesis can be formulated: h8: domestic investment affects the composite stock price index. http://journal.uinjkt.ac.id/index.php/iqtishad 384 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the influence of the composite stock price index affects the indonesian sharia stock index the researcher of firdausi a.n, saptono it, (2016), this study aims to test the influence of asean stock price indexes and macroeconomic variables on the indonesian sharia stock index (issi), with the results showing that in the short term, only jci and ipi significantly affect issi. while in the long term, some variables show a significant positive relationship, namely inflation, ipi, pse, and sti. variables that significantly affect issi are bi rate, er, jci, and klse. the research object on this variable is the composite stock index at each position at the end of the month and year of the research period from 2014-2020. furthermore, based on the results of the above research, in this study, the following hypothesis can be formulated: h9: the composite stock price index affects the indonesian sharia stock price index. dow jones islamic market world index, influential on indonesia's sharia stock index through the composite stock price index researcher retno fuji oktaviani (2017) quoted from amin (2012), dow jones is one of the stock market indices founded by the editor of the wall street journal and founder of dow jones & company, charles dow. the dow created the index to measure the performance of industrial components in the u.s. stock market. officially this index began on may 26, 1986. the dow jones stock exchange is one of the oldest u.s. stock market indices. in more detail, dow jones on its website makes the dow jones islamic market world indexes with stock criteria that should not be included in the calculation of the islamic market world indexes which are companies engaged in production such as alcohol (liquor), pork, and related to conventional financial services capitalists, entertainment industries such as casino hotels and gambling cinemas, porn media. the results of the study show that dji europe index has no significant effect on the jii; dji usa index has a negative and significant effect on the jii; dji of japan index has no significant effect on the jakarta islamic index; dji malaysia index has a positive and significant influence on the jakarta islamic index. wicaksono, immanuel satrio; yasa, gerianta wirawan. (2017) examined the effect of the united states central bank interest rate, dow jones index, nikkei 225, and hang seng on the composite stock price index. the results of an analysis on this study show the fed rate did not affect the composite stock price index. http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 385 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 the dow jones index positively affects the composite stock price index. the nikkei 225 has no positive effect on the composite stock price index. the hang seng has a positive effect on the composite stock price index. the object of this research is the islamic dow jones market world index, at each position at the end of the month and year of the research period from 2014-2020, with the following hypothesis: h10: dow jones islamic market world index affects the indonesian sharia stock index through the composite stock price index. foreign exchange rate affects the indonesian sharia stock index through the composite stock price index adiningtyas d.t. (2018), in conducting his research, the parameters used are the rupiah rate against the us dollar and the malaysian ringgit rate against the us dollar, with the results of the study concluding the rupiah exchange rate against the dollar affects the jakarta islamic index in the short and long term. the ringgit exchange rate against the dollar affects the ftse bursa malaysia hijrah sharia index in the short and long term. yunita, y., nurlita.,& robiyanto (2018) conducted a study on the effect of interest rates, rupiah exchange rates, and gold prices on the return of mining sector share prices on the indonesia stock exchange, with research results showing that variable rupiah exchange rates and gold prices have a significant influence on the return of mining sector stock price indexes. the research object on this variable is the rupiah exchange rate against the us dollar at the end of each position at the end of the month and year of the research period from 2014-2020. therefore, based on this explanation, it can be formulated the following hypothesis: h11: foreign exchange rate affects the indonesian sharia stock index through the composite stock price index. foreign investment impacting the indonesian sharia stock index through the composite stock price index the research of firdaus jufrida, m. nur syechhalad, m. natsir (2017) examined the analysis of the influence of foreign direct investment and domestic investment on indonesia’s economic growth, with the results of foreign investment research having a positive but insignificant effect on gross domestic product in http://journal.uinjkt.ac.id/index.php/iqtishad 386 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 indonesia. researcher nazeer, a.m., & masih, m. (2017) researched to find out the contribution of macroeconomic indicators to stock market developments on the karachi stock exchange (kse), and as variable dependents, by examining gross domestic product, money supply (ms) and foreign remittances as explanatory variables, with foreign remittance research results having an insignificant influence both in the short and long term in the stock market due in part to the large shipments of foreign money are used for consumption. demir c. research (2019) analyzed and investigated the impact and influence of several prominent macro-economic factors on the turkish stock market index, bist-100 (borsa istanbul-100) during the period 2003q1-2017q4, with the results of the study showing that economic growth, the relative value of domestic currencies, portfolio investment and foreign direct investment increased the stock market index. the research object on this variable is the value of direct investment in foreign investment registered in bkpm and foreign portfolio investment at each position at the end of the month and year of the research period from 20142020. based on the results of the above research, in this study, the following hypothesis can be formulated: h12: foreign investment affects the indonesian sharia stock index through the composite stock price index. domestic investment affects the indonesian sharia stock index through the composite stock price index the research of firdaus jufrida, m. nur syechhalad, m. natsir (2017) examines the analysis of the influence of foreign direct investment and domestic investment on the growth of the indonesian economy, with the results of domestic research investment positively and significantly influenced on gdp in indonesia. research objects on this variable is the value of domestic investment registered in the investment coordination agency and portfolio investments and stock portfolio on the indonesia stock exchange-listed in the financial services authority at each position at the end of the month and year of the research period from 2014-2020. based on the results of the above research, the hypothesis of this study is formulated as follows: h13: domestic investment affects the indonesian sharia stock index through the composite stock price index. http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 387 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 methodology this study uses causal research methods. according to sugiyono (2012: 59), the causal relationship is a cause-and-effect relationship. by doing this research by showing the existence of variables that affect (variables x) and affected variables (variables y). so through this research can test the hypothesis of the influence of several independent variables (variables x1, x2, x3, and x4) on dependent variables (variable y2) through variable intervening (y1). in this case, variables used to prove the existence of causal relationships between the indonesian sharia stock index are influenced by djimwi, foreign exchange rate, foreign investment, and domestic investment through composite stock price index (jci) variable as intervening variable (y1), in this research is the indonesian sharia stock index as dependent variable (y2) used. the research object on dependent variables in this study is the sharia stock price index, and the composite stock price index is an intervening variable. furthermore, the data from each variable is data at the end of each semester on june 30 and december 31 from 2014-2020. furthermore, the variables in this study then operational variables and measurement scales can be presented in table 1 below: table 1. variable operations and measurement scale no variable /data source defined measurement measurement scale 1 jci (y1) www.idx.co.id widodo (2018), an indicator or reflection of stock price movements is stock price index ∑ market capitalized jci=-----------------------x 100 % ∑ basic value ratio 2 issi (y2) https://www. duniainvestasi. com/bei/prices/ stock/issi sofyan halim (2020), quoting from idx.co.id, mentioned that the indonesian sharia stock index (issi) is a composite index of shariah stocks listed on the idx and began to be launched on may 12, 2011. ∑ market capitalized issi= ----------------------x 100 % ∑ basic value ratio 3. djimwi (x1) https://www. spglobal.com retno fuji oktaviani (2017) dow jones islamic market world index with sharia stock criteria ∑ market capitalized djimwi=--------------------x 100% ∑ basic value ratio http://journal.uinjkt.ac.id/index.php/iqtishad http://www.idx.co.id https://www.duniainvestasi.com/bei/prices/stock/issi https://www.duniainvestasi.com/bei/prices/stock/issi https://www.duniainvestasi.com/bei/prices/stock/issi https://www.duniainvestasi.com/bei/prices/stock/issi https://www.spglobal.com https://www.spglobal.com 388 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 no variable /data source defined measurement measurement scale 4 foreign exchange (x2) www.bi.go.id dedi takdir s (2015), foreign exchange is a currency issued as a legal means of payment in another country. idr middle rate against foreign exchange us dollar = (selling rate + buy rate): 2 unit idr 5 foreign investment (x3) www.bkpm.go.id and www.ojk.go.id firdaus jufrida, m. nur syechhalad, m. natsir (2017), defining foreign investment in indonesia includes investment portfolio of capital markets with and direct investment through foreign direct investment foreign investment = (foreign direct investment + foreign investment stock portfolio) x central exchange rate usd unit million us dollar converted central exchange rate of idr 6 domestic investment (x4) www.bkpm.go.id and www.ojk.go.id firdaus jufrid, m. nur syechhalad, m. natsir (2017), domestic capital investment can be done by indonesian individuals, state business entities, and / or state governments that invest in the territory of the republic of indonesia. domestic investment = (domestic investment (bkpm) + domestic investment stock portfolio) unit billion idr result and discussion the objects of the research in this study are issi, jci, djimwi, foreign exchange rates, foreign direct investment and stock portfolios on the stock exchange, as well as direct domestic investments and stock portfolios on the stock exchange with data analyzed from the period january 2014 to december 2020. results of data analysis on the composite stock price index dependent variable the multiple linear regression method determines whether there is a significant influence of one dependent variable and more than one independent http://journal.uinjkt.ac.id/index.php/iqtishad http://www.bi.go.id http://www.bkpm.go.id http://www.ojk.go.id http://www.bkpm.go.id http://www.ojk.go.id sofyan halim. the effect of dow jones islamic market world index 389 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 variable. the results of the analysis on several regression tests with the dependent variable jci are shown in table 2 below: table 2. test of result regression with dependent variables composite stock price index dependent variable: ly1 method: least squares sample (adjusted): 2014m02 2019m12 variable coefficient std. error t-statistic prob. c 0.980519 0.190299 5.152517 0.0000 lx1 0.548942 0.058938 9.313834 0.0000 x2 0.011192 0.004494 2.490694 0.0153 lx3 0.013096 0.012764 1.025983 0.3086 lx4 0.046399 0.012829 3.616742 0.0006 r-squared 0.756001 mean dependent var 3.575775 adjusted r-squared 0.741214 s.d. dependent var 0.053497 s.e. of regression 0.027214 akaike info criterion -4.302328 sum squared resid 0.048881 schwarz criterion -4.142984 log likelihood 157.7326 hannan-quinn criter. -4.238962 f-statistic 51.12335 durbin-watson stat 1.854963 prob(f-statistic) 0.000000 based on table 1 above, it is known that: multiple regression equation results the multiple regression equation in table 2 above can be formulated as follows: lag y1 = α + b1 lagx1 + b2x2 + b3 lagx3 + b4 lagx4 + e y = 0.9805 + 0.5489 lagx1 +0.0111 x2 + 0.0130 lagx3 + 0.0463 lagx4 + e information: y = composite stock price index α = constant β1 = variable coefficient x1 = dow jones islamic market index x2 = foreign exchange rate x3 = foreign investment x4 = domestic investment ε = error term http://journal.uinjkt.ac.id/index.php/iqtishad 390 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the explanation of the regression equation above is: 1. the value of the jci, according to the result of the regression equation, is constant 0.9805, so it shows the dependent variable has a constant value of 0.9805. 2. every increase of one unit the djimwi will increase the jci of 0.5489 units assuming another variable is constant, thus showing the coefficient value of the djimwi is 0.5489, 3. every increase in one unit of the value of foreign exchange will increase jci by 0.0111 units, assuming other variables are constant, thus showing the foreign exchange rate coefficient of 0.0111. 4. every increase of one unit of the foreign investment will increase jci by 0.0130 units, assuming the other variables are constant, thus showing the value of the foreign investment coefficient of 0.0130. 5. every increase of one unit of the domestic investment will increase the composite stock price index of 0.0463 units, assuming other variables are constant, thus showing the value of the domestic investment coefficient of 0.0463. f test (f-simultaneous test) based on the results of eviews data analysis in conducting the f test to review whether dependent variables are affected by independent variables together and testing whether there needs to be a change in the model used. so that the data processing results in table 2 above show a significant value of 0.0000 (sig 0.0000 <0.05), thus showing that the calculation of regression equations can be relied upon or the model used is correct. hence this means that independent variables can jointly explain dependent variables. determination coefficient test (r2) based on table 2 above, adjusted r square is 0.7412, so it can be interpreted that the contribution of variables djimwi, forex, fdi, and domestic investment is 74.12%. the remaining 25.88 (100%-74.12%) are independent variables outside the models not analyzed in the study. http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 391 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 analysis of hypothesis results with the test of significance (probability) obtained from the results of the analysis displayed in table 2 above, it is known that: 1. the value of prob on the djimwi as a variable x1 is 0.0000, and the prob value of 0.0000 <0.05, so h0 is rejected, and ha is accepted. thus there is a significant influence of the djimwi variable on the variable jci. 2. the value of prob on the foreign exchange rate as variable x2 is 0.0153, and the prob value of 0.0153<0.05. so h0 is rejected, and ha is accepted, and thus there is a significant influence between the variable of foreign exchange rate on the variable jci. 3. the value of prob on the foreign investment as variable x3 is 0, 3086, and the prob value of 0.3086> 0.05, so h0 is accepted, and ha is rejected. furthermore, thus there is no significant influence between the foreign investment variable on the jci variable. 4. the value of prob on the domestic investment as variable x4 is 0.0006, and the prob value of 0.0006 <0.05, so h0 is rejected, and ha is accepted. thus, there is a significant influence between the variable of the domestic investment on the variable jci. analysis of hypothesis results with ttest decision making for rejection or acceptance of the hypothesis with the amount of data 72 and with a significance level of 5%, then the t-table value of 1.6663 is based on the comparison of value computed and 𝑡𝑡𝑎𝑏𝑒𝑙 values with following criteria: 1. indications between variables are not influential if t-count <, then h0 is accepted, and ha is rejected 2. indications between variables there are influences if t-count >, then h0 is rejected and ha is accepted then the results of the t-test from table 1 above can be explained as follows: 1. the results of the t-count > t-table (9,313> 1.6663), h0 is rejected and ha is accepted, so that there is a significant influence between variable x1 to variable y1, thus there is a significant positive influence between the djimwi as a variable x1 against jci as variable y1. 2. the results of the t-count > t-table (2.490> 1.6663), h0 is rejected and ha http://journal.uinjkt.ac.id/index.php/iqtishad 392 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 is accepted, so that there is a significant influence between variable x2 to variable y1, thus there is a significant positive influence between the foreign exchange as a variable x2 against jci as variable y1. 3. the results of the t-count > t-table (1.025 <1.6663), h0 is accepted and ha is rejected, so that there is no significant influence between variable x3 to variable y2, thus there is no significant influence between the foreign investment a variable x3 against jci as variable y1. 4. the results of the t-count > t-table (3,616> 1.6663), h0 is rejected and ha is accepted, so that there is a significant influence between variable x4 to variable y2, thus there is a significant positive influence between the domestic investment as a variable x3 against jci as variable y1. results of data analysis on dependent variables of indonesian sharia stock index. furthermore, the analysis of multiple linear regression models is used to determine whether there is a significant influence of one dependent variable on more than one independent variable. the results of the analysis on several regression tests with issi dependent variables are presented in table 3 below: table 3. results of the sharia stock index indonesia dependent variable regression test dependent variable: ly2 method: least squares sample (adjusted): 2014m02 2019m12 variable coeficient std. error t-statistic prob. c 0.234747 0.177964 1.319068 0.1917 lx1 0.397554 0.067604 5.880600 0.0000 x2 -0.002485 0.004533 -0.548138 0.5854 lx3 0.011749 0.012875 0.912568 0.3648 lx4 0.026965 0.012558 2.147172 0.0355 r-squared 0.495894 mean dependent var 1.599155 adjusted r-squared 0.465342 s.d. dependent var 0.037215 s.e. of regression 0.027212 akaike info criterion -4.302493 sum squared resid 0.048873 schwarz criterion -4.143149 log likelihood 157.7385 hannan-quinn criter. -4.239127 f-statistic 16.23118 durbin-watson stat 1.809578 prob(f-statistic) 0.000000 http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 393 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 the equation results from the regression test with the dependent variable the sharia stock index indonesia on the multiple regression equation in table 3 above can be formulated as follows: lag y2 = α + b1 lagx1 + b2x2 + b3 lagx3 + b4 lagx4 + e y = 0.2347 + 0.3975 lagx1 0.0024 x2 + 0.0117 lagx3 + 0.0269 lagx4 + e information: y = indonesian sharia stock index α = constant β1 = variable coefficient x1 = dow jones islamic market index x2 = foreign exchange rate x3 = foreign investment x4 = domestic investment ε = error term the explanation of the regression equation above is: 1. the value of the issi according to the result of the regression equation is constant 0.2347, so it shows the dependent variable has a constant value of 0.2347 2. every increase of one unit the djimwi will result in an increase in the issi of 0.3975units assuming another variable is constant, thus showing the coefficient value of the djimwi is 0.3975. 3. every increase in one unit of the value of foreign exchange will result in an increase in issi of -0.0024 units, assuming other variables are constant, thus showing the foreign exchange rate coefficient of -0.0024. 4. every increase of one unit of the foreign investment will result in an increase in issi of 0.0177 units, assuming the other variables are constant, thus showing the value of the foreign investment coefficient of 0.0177. 5. every increase of one unit the domestic investment will result in an increase in the composite stock price index of 0.0269 units, assuming other variables are constant, thus showing the value of the domestic investment coefficient of 0.0269. http://journal.uinjkt.ac.id/index.php/iqtishad 394 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 f test (f-simultaneous test) based on the results of eviews data analysis in conducting the f test with the aim to review whether dependent variables are affected by independent variables together as well as testing whether there needs to be a change in the model used. so that the data processing results in table 2 above show a significant value of 0.0000 (sig 0.0000 <0.05), thus showing that the calculation of regression equations can be relied upon or the model used is corrected, hence this means that dependent variables can jointly be explained by independent variables. determination coefficient test (r2) the purpose of conducting a detemination coefficient analysis is to measure the level of independently variable influence impacting and affecting dependent variables. based on table 2 above, adjusted r square is 0.4653, so it can be interpreted that the contribution of variables djimwi, forex, fdi, and domestic investment is 53.47%, while the remaining 25.88 (100%-46.53%) are independent variables outside the models not analyzed in the research analysis of hypothesis results with the test of significance (probability) obtained from the results of the analysis displayed in table 2 above it is known that: 1. the value of prob on the djimwi as a variable x1 is 0.0000, and the prob value of 0.0000 <0.05, so h0 is rejected and ha is accepted, thus there is a significant influence of the djimwi variable on the variable issi. 2. the value of prob on the foreign exchange rate as variable x2 is 0.5854, and the prob value of 0.5854> 0.05. so h0 is accepted and ha is rejected. and thus there is no significant influence between the variable of foreign exchange rate on the variable issi, 3. the value of prob on the foreign investment as variable x3 is 0, 3086, and the prob value of 0.3648> 0.05, so h0 is accepted and ha is rejected. and thus there is there is no significant influence between the foreign investment variable on the issi variable. 4. the value of prob on the domestic investment as variable x4 is 0.0006, and the prob value of 0.0355 <0.05, so h0 is rejected and ha is accepted, and thus there is a significant influence between the variable of the domestic investment on the variable issi. http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 395 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 hypothesis testing results with t test decision making for rejection or acceptance of the hypothesis with the amount of data 72 and with a significance level of 5%, then the t-table value of 1.6663 is based on the comparison of the value computed and 𝑡𝑡𝑎𝑏𝑒𝑙 values with following criteria: 1. indications between variables are not influential. if t-count <, then h0 is accepted, and ha is rejected. 2. indications between variables there are influences if t-count >, then h0 is rejected, and ha is accepted then the results of the t-test from table 1 above can be explained as follows: 1. the results of the t-count > t-table (5.880> 1.6663), h0 is rejected, and ha is accepted so that there is a significant positive influence between variable x1 to variable y2. thus there is a significant positive influence between the djimwi as a variable x1 against issi as variable y2. 2. the results of the t-count > t-table ((-0.548 <1.6663), h0 is accepted, and ha is rejected, so that there is no significant influence between variable x2 to variable y2. thus there is no significant influence between the foreign exchange as a variable x2 against issi as variable y2. 3. the results of the t-count > t-table (0.912 <1.6663), h0 is accepted, and ha is rejected, so that there is no significant influence between variable x3 to variable y2. thus there is no significant influence between the foreign investment as a variable x3 against issi as variable y2. 4. the results of the t-count > t-table (2.147> 1.6663), h0 is rejected, and ha is accepted, so that there is a significant positive influence between variable x4 to variable y2. thus there is a significant positive influence between the domestic investment as a variable x3 against issi as variable y2. pathway analysis results of pathway analysis with dependent variables of jci the results of the analysis using multiple regressions with dependent variables of the jci are presented in table 4 and figure 2; the following are the results of the presentation of the structural structure i as follow: http://journal.uinjkt.ac.id/index.php/iqtishad 396 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 table 4. multiple regression test results with dependent variables composite stock price index dependent variable: ly1 method: least squares sample (adjusted): 2014m02 2019m12 variable coefficient std. error t-statistic prob. c 0.980519 0.190299 5.152517 0.0000 lx1 0.548942 0.058938 9.313834 0.0000 x2 0.011192 0.004494 2.490694 0.0153 lx3 0.013096 0.012764 1.025983 0.3086 lx4 0.046399 0.012829 3.616742 0.0006 r-squared 0.756001 mean dependent var 3.575775 adjusted r-squared 0.741214 s.d. dependent var 0.053497 s.e. of regression 0.027214 akaike info criterion -4.302328 sum squared resid 0.048881 schwarz criterion -4.142984 log likelihood 157.7326 hannan-quinn criter. -4.238962 f-statistic 51.12335 durbin-watson stat 1.854963 prob(f-statistic) 0.000000 figure 2. structural structure i based on the figure of the structural structure i and table 4 of regression above, it can be seen that variables x1, x2, and x4 affect y1. the cause is the http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 397 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 prob value of each variable < 0.05 and the t-statistical value > t-table. then the value of the adjusted r square is 0.7412. thus the contribution of all independent variables is 74.12%. furthermore, to get the value of e1 obtained using the formula 0.7412, then √ (1-0.7412) = 0.509. result of path analysis with dependent variable of issi the analysis results of multiple regression tests with the dependent variable iissi are illustrated in table 5 and figure 3 is a picture of structural structure ii below: table 5. results of multiple regression test with dependent variables of indonesian sharia stock index dependent variable: ly2 method: least squares sample: 2014m01 2019m12 variable coefficient std. error t-statistic prob. c -1.733562 0.172527 -10.04804 0.0000 ly1 0.970263 0.052049 18.64124 0.0000 lx1 -0.158860 0.036910 -4.303925 0.0001 x2 -0.032864 0.003322 -9.891974 0.0000 lx3 0.020369 0.008594 2.370192 0.0207 lx4 -0.003377 0.010158 -0.332413 0.7406 adjusted r-squared 0.960624 s.d. dependent var 0.090662 s.e. of regression 0.017990 akaike info criterion -5.118296 sum squared resid 0.021361 schwarz criterion -4.928574 log likelihood 190.2586 hannan-quinn criter. -5.042767 f-statistic 347.4260 durbin-watson stat 0.821083 prob(f-statistic) 0.000000 based on the figure of the structural structure ii and table 5 of regression above, it can be seen that variables y1, x1, x2, and x4 affect y2. the cause is the prob value of each variable < 0.05 and the t-statistical value > t-table. then the value of the adjusted r square is 0.9606. thus the contribution of variable y1 and all independent variables is 96.06%. furthermore, to get the value of e2 obtained using the formula 0.9606, then √ (1-0.9606) = 0.198. http://journal.uinjkt.ac.id/index.php/iqtishad 398 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 figure 3. structural structure ii • redline, the value is obtained from the coefficient value with the dependent variable of the composite stock price index • the black line value is obtained from the coefficient with the dependent variable of the indonesian sharia stock index in table 11 hypothesis testing from structural ii the results of the hypothesis testing from structural ii can be explained as follows: analysis of the indonesian composite stock price index (y1) to the indonesian sharia stock index (y2) there is a significant influence between the composite stock price index (y1) variable on the indonesian sharia stock index (y2), with a prob value of 0.000 <0.05. so that there is an influence between the y1 variable on y2, or in other words, h0 is rejected and ha is accepted. or the t-statistic value 18.641> 1.663. analysis of the influence of the dow jones islamic market world index (x1) on the indonesian sharia stock index (y2) through the indonesian composite stock price index (y1): it is known that the direct effect that x1 has on y2 is -0.158. while the indirect effect between x1 through y1 on y2 is the multiplication of the beta value x1 to y1 with the beta value of y1 to y2, then: 0.397 * 0.970 = 0.385. then the total effect given between x1 on y2 is the direct effect plus the indirect effect, namely: -0.158 + 0.385 = 0.227. then the direct effect value is -0.158, and the indirect effect is 0.385. so these results indicate indirectly x1 through y1 has a significant effect on y2. http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 399 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 analysis of the effect of the foreign exchange rate (x2) on the indonesian sharia stock index (y2) through the indonesian composite stock price index (y1): it is known that the direct effect that x2 has on y2 is -0.032. while the indirect effect between x2 through y1 on y2 is the multiplication of the beta value of x2 to y1 with the beta value of y1 to y2, then: 0.011 * 0.970 = 0.011. then the total effect given between x2 and y2 is the direct and indirect effect, namely: -0.032 + 0.011 = -0.021. then the direct effect value is -0.032, and the indirect effect is 0.011. so these results indicate that indirectly x2 through y1 has a significant effect on y2. analysis of the effect of foreign investment (x3) on the indonesian sharia stock index (y2) through the indonesian composite stock price index (y1): it is known that the direct effect that x3 has on y2 is 0.020. while the indirect effect between x3 through y1 on y2 is the multiplication of the beta value x3 to y1 with the beta value of y1 to y2, then: 0.013 * 0.970 = 0.013. then the total effect given between x3 on y2 is the direct effect plus the indirect effect, namely: 0.020 + 0.013 = 0.033. then the direct effect value is 0.020, and the indirect effect is 0.013. so these results indicate indirectly x3 through y1 does not have a significant effect on y2. analysis of the effect of domestic investment (x4) on the indonesian sharia stock index (y2) through the indonesian composite stock price index (y1): it is known that the direct effect x4 has on y2 is -0.003. while the indirect effect between x4 through y1 on y2 is the multiplication of the beta value x4 to y1 with the beta value of y1 to y2, then: 0.026 * 0.970 = 0.025. then the total effect given between x4 on y2 is the direct effect plus the indirect effect, namely: -0.003 + 0.025 = 0.022. then the direct effect value is -0.003, and the indirect effect is 0.025. so these results indicate indirectly, x4 through y1 has a significant effect on y2. based on the results of testing the hypothesis from the results of the pathway analysis above, it can be summarized in table 5 below: http://journal.uinjkt.ac.id/index.php/iqtishad 400 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 table 5. summary of the pathway analysis hypothesis variable result decision x1 > y1 > y2 indirect effect> direct effect any significant effect x2 > y1 > y2 indirect effect> direct effect any significant effect x3 > y1 > y2 indirect effect <direct effect no significant effect x4 > y1 > y2 indirect effect> direct effect no significant effect hypothesis analysis for each variable based on the results of the analysis above, the analysis of the results of the hypothesis between each of the following variables can be explained: the dow jones islamic market world index has an effect on the indonesian sharia stock index based on the results of the significant test, there is a significant influence on the dow jones islamic market index variable on the indonesian sharia stock index because the prob value shows 0.0000, so the value is 0.0000 <0.05. whereas in the t-test, there is a significant positive effect between the dow jones islamic market index (x1) variable on the indonesian sharia stock index because the t-count> t-table (5.880> 1.6663). the dow jones islamic market world index has an effect on the composite stock price index significant test results show a significant influence of the dow jones islamic market index variable on the composite stock price index because the prob value is 0.0000 <0.05. while the test results there is a significant positive effect between the dow jones islamic market index variable on the composite stock price index due to the t-count> t-table (9.313> 1.6663). the indonesia rupiah exchange rate against the usd has an effect on the indonesian sharia stock index the significant test results show that there is no significant influence of the foreign exchange rate variable on the indonesian sharia stock index because the prob value is 0.5854, which shows 0.5854> 0.05, so this shows there is no influence between the two variables. meanwhile, the results of the t-test also show http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 401 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 that there is no significant influence between the foreign exchange rate variable on the indonesian sharia stock index because the t-count value <t-table, indicating the value of -0.548 <1.6663, thus showing no effect between the two variables. the rupiah exchange rate against the usd affects the composite stock price index based on the results of the significant test, it shows that there is a significant effect of the foreign exchange rate variable on the composite stock price index, because the prob value is 0.0153, so that the value is 0.0153 <0.05, so there is an influence between the x2 variable on y. t indicates there is influence significant positive between the foreign exchange rate variable on the composite stock price index, due to the value of t-count> t-table, as shown by a value of 2.490> 1.6663 so that there is an influence between the variables between the two variables. foreign investment affects the indonesian sharia stock index significant test results show no significant influence of the foreign investment variable on the indonesian sharia stock index because the prob value is 0.3648, so it can be interpreted that the value is 0.3648> 0.05, so this shows there is no influence between the two variables. furthermore, the t-test results show no significant influence between the foreign investment variable on the indonesian sharia stock index because the t-count <t-table value is evidenced by the t-count value of 0.912. the value is 0.912 <1.6663. thus there is no influence between the two variables. foreign investment affects the composite stock price index the significance test results show no significant influence of the foreign investment variable on the composite stock price index because the prob value is 0.3086, which means that the value is 0.3086> 0.05, so there is no influence between the two variables. likewise, the test results of the t-test show that there is no significant effect between the foreign investment variable on the composite stock price index because the t-count value <t-table, as shown in the test results of 1.025, which means the spread value is 1.025 <1.6663 so that there is no influence between the two variables. http://journal.uinjkt.ac.id/index.php/iqtishad 402 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 domestic investment affects the indonesian sharia stock index significant test results show a significant influence of the domestic investment variable on the indonesian sharia stock index. the prob value is 0.0355 so that based on this value, it is 0.0355 <0.05, so there is an influence between the two variables. likewise, the test results on the t-test show that there is a significant positive influence between the domestic investment variable on the indonesian sharia stock index because the t-count> t-table value is 2.147, so that the value is 2.147> 1.6663, this shows there is an influence between these two variables. domestic investment affects the composite stock price index based on the results of the significance test, there is a significant influence of the domestic investment variable on the composite stock price index, and this is because the value of prob is equal to 0.0006, which means that the value is 0.0006 <0.05, so there is the influence between these two variables. while the results of the t-test, there is a significant positive effect between the domestic investment variable on the composite stock price index due to the t-value> t-table, which is shown to be 3,616, so that the value is 3,616> 1,6663, thus there is an influence between the two variables. the effect of the composite stock price index has an effect on the indonesian sharia stock index the results of the structural 2 pathway analysis hypothesis testing, there is a significant influence between the composite stock price index variable on the indonesian sharia stock index with a prob value of 0.000, this shows that the value of 0.000 <0.05, and based on the t-statistic value of 18.641, meaning that the value is equal to 18,641> 1,663 so that there is an influence between the two variables. dow jones islamic market world index affects the indonesian sharia stock index through the composite stock price index based on the analysis of the hypothesis on structure ii, it can be seen that indirectly djimwi through the composite stock price index has a significant effect on the indonesian sharia stock index. this is due to the direct influence given by the djmwi variable on issi is -0.158. however, there is an indirect influence between the djimwi through the jci on the indonesian sharia stock index. this is indicated by the multiplication of the djimwi beta value on the composite stock price index with the beta value of the composite stock price index on the http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 403 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 indonesian sharia stock index, which is 0.397 * 0.970 = 0.385.then the total effect given between djmwi and the indonesian sharia stock index is the direct and indirect effect, namely: -0.158 + 0.385 = 0.227. then the direct effect value is -0.158, and the indirect effect is 0.385. so that the value of the indirect effect is greater than the value of the direct effect. so these results indicate indirectly that the djimwi through the composite stock price index has a significant influence on the indonesian sharia stock index. foreign exchange rates affect the indonesian sharia stock index through the composite stock price index based on the results of the hypothesis analysis on structure ii analysis, it can be seen that the direct effect of the foreign exchange variable on the indonesian sharia stock index is -0.032. while the indirect effect between the foreign exchange variable through the composite stock price index on the indonesian sharia stock index is the multiplication of the beta variable value of foreign exchange against the composite stock price index variable with the value of the beta variable of the composite stock price index on the variability of the indonesian sharia stock index, it can be recognized as: 0.011 * 0.970 = 0.011, thus the total effect exerted between foreign exchange on the indonesian sharia stock index is a direct effect plus an indirect effect direct, which is equal to -0.032 + 0.011 = -0.021, then the value of the direct effect is -0.032, and the indirect effect is 0.011. so these results indicate indirectly that the foreign exchange variable through the composite stock price index has a significant influence on the indonesian sharia stock index variable. foreign investment has an impact on the indonesian sharia stock index through the composite stock price index based on the results of the hypothesis analysis in structural ii, it can be seen that the direct effect given by the direct investment variable on the indonesian sharia stock index is 0.020. while the indirect effect between the foreign investment variable through the composite stock price index on the indonesian sharia stock index is the multiplication of the beta value of the foreign investment variable against the composite stock price index variable with the beta value of the combined stock price index against the indonesian sharia stock index, then get a value of 0.013 * 0.970 = 0.013. as well as the total effect given between the foreign investment variable on the indonesian sharia stock index variable is http://journal.uinjkt.ac.id/index.php/iqtishad 404 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the direct effect plus the indirect effect, which is 0.020 + 0.013 = 0.033. thus the direct effect value is 0.020, and the indirect effect is 0.013. so these results indicate that indirect foreign investment through the composite stock price index does not significantly affect the indonesian sharia stock index. domestic investment affects the indonesian sharia stock index through the composite stock price index based on the results of the hypothesis analysis in structural ii, it can be seen that the direct effect of the domestic investment variable on the indonesian sharia stock index variable is -0.003. while the indirect effect between the domestic investment variable through the composite stock price index on the indonesian sharia stock index variable is the multiplication of the beta value of the domestic investment variable on the composite stock price index with the beta value of the combined stock price index against the indonesian sharia stock index, obtaining a value of 0.026 * 0.970 = 0.025. thus the total effect given between the domestic investment variable on the indonesian sharia stock index is the direct effect plus the indirect effect, namely: -0.003 + 0.025 = 0.022. thus, the direct effect value is -0.003, and the indirect effect is 0.025. this result indicates that domestic investment indirectly through the composite stock price index has a significant effect on the indonesian sharia stock index. conclusion the results of the analysis that has been carried out in this study are based on the significance test and the t-test as a whole to get the following conclusions: 1. in testing through regression analysis with the dependent variable, the composite stock price index shows a significant positive effect of the dow jones islamic market index variable on the composite stock price index. then there is a positive and significant influence on the foreign exchange rate variable on the composite stock price index, there is no significant influence of the foreign investment variable on the composite stock price index, and there is a significant positive effect of the domestic investment variable on the composite stock price index. 2. whereas in testing through regression analysis with the dependent variable of the indonesian sharia stock index, there is a significant positive influence between the dow jones islamic market index variable on the indonesian sharia stock index, indicating that there is no significant effect of the foreign http://journal.uinjkt.ac.id/index.php/iqtishad sofyan halim. the effect of dow jones islamic market world index 405 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 exchange rate variable on the indonesian sharia stock index the significant influence of the foreign investment variable on the indonesian sharia stock index. there is a positive and significant influence of the domestic investment variable on the indonesian sharia stock index. 3. based on the test results through pathway analysis between 2 dependent variables, the composite stock price index and the indonesian sharia stock index, there are the following results: a. the significant influence between the composite stock price index variable on the indonesian sharia stock index. b. based on the hypothesis analysis, it can be seen that indirectly djimwi through the composite stock price index has a significant effect on the indonesian sharia stock index. c. the results of the hypothesis analysis show that the foreign exchange variable through the composite stock price index has a significant effect on the indonesian sharia stock index variable. d. the analysis results show that indirect foreign investment through the composite stock price index does not significantly affect the indonesian sharia stock index. e. the analysis results show that the domestic investment through the composite stock price index has a significant effect on the indonesian sharia stock index. 4. the coefficient of determination based on the regression test results with the dependent variable of the composite stock price index, the amount of adjusted r square is 0.7412. this indicates that the contribution of the djimwi variable, foreign exchange rates, foreign investment, and domestic investment is 74.12%. the remaining 25.88% (100-74.12) is determined by other factors outside the model that were not detected in the study. meanwhile, the coefficient of determination based on the regression test results with the dependent variable sharia stock price index shows that the adjusted r square is 0.4653. this indicates that the contribution of the djimwi variable, foreign exchange rates, foreign investment, and domestic investment is 46.53%. the remaining 53.47% (100-46.53) is determined by other factors outside the model that were not detected in the study. 5. regarding the coefficient of determination (r2) in the results of previous research on the effect of inflation analysis, interest rates, the malaysian sharia dow jones index, and profitability on stock prices indexed as the indonesian http://journal.uinjkt.ac.id/index.php/iqtishad 406 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 sharia stock index, the amount of adjusted r square is 0.006, and that means it is also that the level of influence of the variables under study is only 0.06%, so the current research shows that other variables or variables being studied at this time prove that the contribution of all variables in research is relatively high, reaching 74.12% in the dependent variable stock price index combined and 46.53% on the dependent variable issi. suggestions and recommendations this study still has many shortcomings, and there is still a gap between 25.88% to 53.47%. other factors that affect the movement of stock prices as a whole, both as islamic issuers and conventional issuers 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(2017), the influence of the fed rate, dow joens index, nikkei 225, hang seng on the composite stock price index, e-jurnal akuntansi, 2107 (1), 358-385, v. 18, n. 1, p. 358-385, jan. 2017. issn 2302-8556. feb, universitas udayana. https://ojs.unud.ac.id/index.php/ akuntansi/article/view/24216. widodo, (2017). analysis of the effect of the asian regional composite stock price index on the indonesian composite stock price index, journal of economics and business, volume 1, nomor. 2, page 148-164, uin sunan kaljaga, yogjakarta. doi: https://doi.org/10.14421/ekbis.2017.1.2.1016. http:// ejournal.uin-suka.ac.id/febi/ekbis/article/view/1016 yunita, y., nurlita, e., & robiyanto, (2018). the influence of interest rates, rupiah exchange rates, and gold prices on the return of mining sector stock prices on the indonesia stock exchange. proceedings sendi_u, 978–979, uksw. proceeding sendi_u.https://www.unisbank.ac.id/ojs/index.php/sendi_u/ article/view/6043.https://ojs.petra.ac.id/ojsnew/index.php/man/article/ view/21100. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.32493/skt.v3i1.3263 https://doi.org/10.32493/skt.v3i1.3263 https://dx.doi.org/10.21580/jiafr.2020.2.2.6357 https://journal.walisongo.ac.id/index.php/jiafr/article/view/6357 https://journal.walisongo.ac.id/index.php/jiafr/article/view/6357 https://publikasi.mercubuana.ac.id/index.php/tekun/article/view/5535/0 https://publikasi.mercubuana.ac.id/index.php/tekun/article/view/5535/0 https://ojs.unud.ac.id/index.php/akuntansi/article/view/24216 https://ojs.unud.ac.id/index.php/akuntansi/article/view/24216 https://doi.org/10.14421/ekbis.2017.1.2.1016 http://ejournal.uin-suka.ac.id/febi/ekbis/article/view/1016 http://ejournal.uin-suka.ac.id/febi/ekbis/article/view/1016 https://ojs.petra.ac.id/ojsnew/index.php/man/article/view/21100 https://ojs.petra.ac.id/ojsnew/index.php/man/article/view/21100 rara genta munggarani basri1, rahmat mulyana2, hendri tanjung3 abstract. this study aims to analyze the influence of intellectual capital on islamic banks' profitability in indonesia, mediated by non-profitability performance and islamicity financial performance index variables. this study uses structural equation modeling (sem) analysis of secondary data from a sample of 8 (eight) islamic commercial banks in the form of financial statements for 2018-2020. this research shows, first, intellectual capital directly has a significant positive influence on the islamic banks' profitability in indonesia. second, intellectual capital mediated by non-profitability performance has a significant positive influence on islamic banks’ profitability. also, the relationship of intellectual capital through the islamicity financial performance index has a positive significant influence on the islamic banks’ profitability. this indicates that intellectual capital gives new strength for islamic banks to compete with conventional banks. keywords: intellectual capital, profitability, non-profitability performance, islamicity financial performance index abstrak. penelitian ini bertujuan untuk menganalisis pengaruh intellectual capital terhadap profitabilitas bank umum syariah di indonesia yang dimediasi oleh variabel kinerja non profitabilitas dan islamicity financial performance index. penelitian ini menggunakan analisis structural equation modelling (sem) terhadap data sekunder dari sampel 8 (delapan) bank umum syariah berupa laporan keuangan tahun 2018-2020. temuan pertama menunjukkan bahwa intellectual capital memiliki pengaruh yang positif secara signifikan terhadap profitabilitas bank syariah di indonesia. kedua, intellectual capital yang dimediasi oleh variabel kinerja non profitabilitas menghasilkan pengaruh yang positif secara signifikan terhadap profitabilitas bank syariah. dan hubungan intellectual capital melalui islamicity financial performance index juga menghasilkan pengaruh yang positif secara signifikan terhadap profitabilitas bank syariah. hal ini mengindikasikan bahwa intellectual capital memberikan kekuatan baru bagi bank syariah untuk bersaing dengan bank konvesional. kata kunci: intellectual capital, profitabilitas, kinerja non-profitabilitas, islamicity financial performance index the influence of intellectual capital on islamic banks profitability: a mediation analysis of non-profitability performance and islamicity financial performance index al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 275 288 1, 2institut agama islam tazkia 3universitas ibn khaldun bogor e-mail: 1raragenta@gmail.com, 2rahmatmulyana@gmail.com, 3hendri.tanjung@uika-bogor.ac.id mailto:raragenta%40gmail.com?subject= mailto:rahmatmulyana%40gmail.com?subject= mailto:hendri.tanjung%40uika-bogor.ac.id?subject= 276 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction the phenomenon of globalization in various sectors that create economic progress nowadays makes the level of business competition, and the mobility of people are getting high. it requires companies to constantly give new creativity and innovation to improve their performance in creating profitability. in this case, islamic banking, which serves as a mediator of intermediary between the surplus and deficit community, also requires the profit achievement to be able to maintain the stability of the financial condition and its business development. geroski et al. (1993) stated that the company's profitability creates financial information, basic planning, control, and financial decision making, and determines the work plan and product innovation for the company in the next period. the achievement of the performance projected by profitability in islamic banks have be able to dominate after the long journey of islamic banking development. although on the other hand, conventional banks are already running first. here is a comparison of conventional and islamic banks' profitability during the 5 (five) years. figure 1. comparison of conventional and islamic banks' profitability source: statistik ojk the comparison chart above provides the information that the ratio of the profitability of conventional banks in indonesia has always occupied a higher position than islamic banks. in 2016, islamic banks recorded the position of return on asset (roa) amount 2,23 while the same year islamic bank only reached 0,63. in 2017, the conventional bank recorded 2,45, which is higher than the stagnant achievement of islamic banks based on previous year. in 2018, conventional banks occupied 2,55, which is higher than the roa of islamic banks, which only reached http://journal.uinjkt.ac.id/index.php/iqtishad rara genta munggarani basri. the influence of intellectual capital on islamic banks profitability 277 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 1,28. although it is higher than the previous year, islamic banks have not be able to catch up with conventional banks in 2019. recorded in 2019, conventional banks still outperformed in 2,47 compared to islamic banks, which reached 1,73. and in 2020, although the profitability ratios of both banks have decreased, the achievement of conventional banks is still leading in numbers 1,59 compared to islamic banks, which reached 1,4. based on the comparison above, it can be concluded that the growth of islamic banks is still difficult to compensate conventional banks. however, the composition of the population of indonesia is predominantly muslim. therefore, to achieve better profitability from the previous period, islamic banks need to run good business management. in addition to the utilization of both tangible and intangible assets also need to be measured and evaluated (wernerfelt, 1984). intangible assets in a company, namely intellectual capital (stewart, 1997). intellectual capital, which is run by the human capital in islamic bank business, become a new action to create assets efficiency to be measured and evaluated periodically (nedrum & erickson, 2001). in addition to the involvement of the knowledge, resources can improve the performance of the company, the application of sharia principles that give the difference for the existence of islamic banks, which also need to be considered to keep maqashid syariah and customer loyalty to keep doing economic activity in the corridors of sharia (masyhadi, 2018). literature review intellectual capital resource-based theory (1959) became the embryo theory of intellectual capital concept, which explain that intangible assets contribute a lot in achieving business success. this term first appeared and was introduced by jon kenneth galbraith in 1969 (khalique et al., 2019). in developing the theory of intellectual capital, many researchers agree this theory is an advanced resource-based theory that evolved into a knowledge-based theory. according to stewart (1997), intellectual capital is the accumulated wealth of a company from intangible assets to give a competitive advantage. the wealth is knowledge, information, technology, skills, expertise, competence, intellectual property, loyalty, and experiences that can be used as the company's capital. to create a good performance, intellectual capital should be used with the http://journal.uinjkt.ac.id/index.php/iqtishad 278 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 capabilities of good knowledge management. indeed, intellectual capital gives innovation and competitive advantage, but the management knowledge managed by human resources can develop and retain intellectual capital (grant; 1996 & prusak; 2001). good management will create the whole process in the company, better processes in humans or products, and increase company performance (organizational performance) to give a value-added and profitability (daud & yusoff, 2011). pulic (1998) stated that intellectual capital could be measured through vaic (value added intellectual capital) method, which was observed from 3 (three) indicators, namely physical capital, human capital and structural capital. financial performance non-profitability the measurement of organizational performance is important and needs to be evaluated periodically. organizational performance, especially financial performance, becomes vital for the business's sustainability. it can be an indicator for the company to develop its business which is analyzed based on financial ratios. according to sabir et al. (2012), islamic banks good conditions and performance can be seen and analyzed through the financial statements. one of the goals of the evaluation of financial performance is to provide management information to determine the profitability and decision-making. several aspects become the source of the assessment and measurement of financial performance in islamic banks. they are capital ratio, asset quality ratio, management quality, earnings and liquidity ratio (bank indonesia). in general, financial ratios are divided into 2 (two) categories, namely the financial performance of explaining profitability which measured through return on assets (roa) and return on equity (roe), and the non-profitability performance which explained by the capital adequency ratio (car), financing to deposit ratio (fdr), non performing financing (npf). profitability to run their business, islamic banks require stability profitability. sustainable and stable profitability is very important for maintaining a good system for islamic banks (idris et al, 2011). islamic banks profitability is affected by many factors: company performance achievement. alfredo & reig (2018) stated that the profitability is a one factor determining characteristic and reputation of the http://journal.uinjkt.ac.id/index.php/iqtishad rara genta munggarani basri. the influence of intellectual capital on islamic banks profitability 279 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 firm. but it also needs a good quality of the financing provided accumulatively to the society. problematic financing is also be a challenge for the bank to maintain profitability. profitability is largely determined by the islamic banks' ability to manage the financing as its function as an intermediary institution. although there are several financial ratios, generally, the condition of the islamic banks profitability of the banking sector in indonesia propped based on two main indicators. first, return on assets (roa) shows the percentage of profit (net margin) obtained by the company in connection with the overall resources. therefore, roa can help the management convert their assets into a profit. the second is the return on equity (roe), which is the net profit yield to equity. islamicity financial performance index measuring the performance of islamic banks is not only for its financial performance, but applying the sharia principles is also a necessity. because the increase of public awareness made an islamic principle implementation of sharia compliance is one of the factors for the success. hameed et al (2004) claim that as one of the islamic business institutions, islamic banks are obliged to report economy performance information and sharia compliance information. in other words, an indicator of financial performance through profitability is not enough to represent the condition of the islamic bank as a whole. islamic banks need measurement tools that evaluate financial performance and sharia compliance to keep maqashid syariah principles (mutia et al, 2018). evaluating islamic financial institutions is equally important. the role and responsibility of islamic financial institutions is not only limited to the financial needs as a basis of its profit orientation, but the most important is to ensure the business activities run according to islamic principles. to measure the islamic banks perfomance for it islamic principles implementation in this research is through by an index initiated by hameed et al. namely islamicity financial performance index which measured through profit sharing ratio (psr), zakat performance ratio (zpr) dan equitable distribution ratio (edr). hypothesis development if intellectual capital directly influences the human resources productivity in islamic banks, it is automatically assumed that the profitability will also increase. this is supported by a study analyzed by octavio and soesetio (2019), http://journal.uinjkt.ac.id/index.php/iqtishad 280 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 intellectual capital will create value-added to make a competitive advantage for sustainable profitability. based on the background, the authors propose the following hypothesis: h₁ intellectual capital directly influence the profitability in addition to improving financial performance based on profit or nonprofit indicators, hameed, et al. (2004) states that intellectual capital can boost the performance of the islamic principle. this can be measured through the islamicity financial performance index. based on this theory, the authors propose the following hypothesis: h₂ intellectual capital influence the non-profitability performance h₃ intellectual capital influence the islamicity financial performance index according to hassan and bashir (2003), the improvement of financial performance and implementing islamic principles is an achievement earned by management. it can provide a positive contribution to the profits. based on these statements, then the hypothesis is: h₄ the non-profitability performance influence the profitability h₅ islamicity financial performance index influence the profitability the management and utilization of strategic resources of the company through the intellectual capital run by the human capital will lead to improved financial performance and sharia implementation. the important resources could consist of tangible or intangible assets (daud & yusoff, 2011). based on these conclusions, the proposed hypothesis is: h₆ intellectual capital indirectly through the non-profitability performance influence the profitability h₇ intellectual capital indirectly through the islamic financial performance influence the profitability research methodology this study uses the quantitative analysis approach. in particular, this study uses structural equation modelling (sem) for causality relationship between the variables. this research consists of three variables: exogenous, endogenous, and intervening. the population in this research is the islamic banks in indonesia. through purposive sampling, the sample taken in this study is 8 (eight) islamic banks http://journal.uinjkt.ac.id/index.php/iqtishad rara genta munggarani basri. the influence of intellectual capital on islamic banks profitability 281 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 in indonesia, namely bca syariah, bank mega syariah, bank bptn syariah, bank victoria syariah, bank muamalat, bank bukopin syariah, bank panin dubai syariah and bank aceh syariah. the data used in this research is secondary data sourced from islamic banks financial statement years 2018-2020. the exogenous variable in this research is the intellectual capital that was observed using several manifest variables, namely physical capital (vaca), human capital (vahu) and structural capital (stva). the endogenous variable is profitability that observed using several financial ratios, such as return on asset (roa), return on equity (roe) and net operating margin (nom). mediating variable (intervening variable) is being analyzed from the non-profitability performance, which is measured by financing to deposit ratio (fdr), capital adquency ratio (car), non-performing financing (npf). and islamicity financial performance index is measured through profit sharing ratio (psr), zakat performance ratio (zpr) and equitable distribution ratio (edr). result and discussion model testing in this research was conducted through a two-stage validity test, namely convergent validity and discriminant validity. validity convergent tested each latent variable that can construct its manifest variable at least by 50% or 0.5 explained by outer loading and average variance extracted (ave). manifest variables will be eliminated from the measurement model if it constructs under 0.5 to its manifest variable. table 1. recalculating the outer loading and ave performance variabel item outer loading ave intellectual capital vaca vahu stva 0,905 0,811 0,905 0,766 kinerja non profitabilitas npf 1 1 ifpi edr 1 1 profitabilitas roa roe nom 0,988 0,932 0,972 0,930 http://journal.uinjkt.ac.id/index.php/iqtishad 282 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 based on the result above, all the results of recalculating the outer loading and ave have good validity. it can be analyzed from the intellectual capital (ibvaic). vaca's external loading is 0,905, vahu is 0,811, and stva is 0,905. the intellectual capital variable has an ave qualifying value to 0,766. furthermore, the non-profitability performance described by the npf has an outer loading value, and ave is 1. and islamicity financial performance index described by the edr create ave and outer loading 1. the profitability shows the outer loading by roa is 0,988, by roe is 0,932 and by nom is 0,972. this variable has an ave of 0.930. after reconstructing the re-testing and measurement model, all the variables were declared to have good validity. in addition, testing the validity of the measurement model can be seen from the discriminant validity indicated by cross-loading. table 2. the measurement model of discriminant validity indicators intellectual capital non profitability performance ifpi profitability vaca 0,905 -0,406 0,772 0,520 vahu 0,811 -0,081 0,240 0,221 stva 0,905 -0,308 0,417 0,337 npf -0,361 1 -0,706 -0,600 edr 0,643 -0,706 1 0,820 roa 0,406 -0,522 0,782 0,988 roe 0,568 -0,661 0,826 0,932 nom 0,359 -0,516 0,759 0,972 based on these data, the variables of intellectual capital has a higher correlation value with the manifest variable than other indicators. it can be shown from the value by vaca is 0,905, by vahu is 0,811 and by stva is 0,905. these values are higher than the correlation value of intellectual capital with other indicator variables. non-profitability performance variable shown by npf gives 1 and is higher than the correlation with other indicators. islamicity financial performance index (ifpi) shown by edr creates 1 and is higher than the correlations of the main variables to other indicators. and profitability variable measured by roa shows 0,988, roe shows 0,932 and nom shows 0,972. in conclusion, the discriminant validity test results show good results. http://journal.uinjkt.ac.id/index.php/iqtishad rara genta munggarani basri. the influence of intellectual capital on islamic banks profitability 283 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 after the validity test, the next analysis to test reliability to see the composite reliability and cronbach alpha values. the variable has a good reliability if it has a minimum value of 0.7. the table shows that the value of composite reliability for all variables were above 0.7. intellectual capital has 0,907. non profitability performance has 1. islamicity financial performance index has 1. and profitability has 0,903. based on this analysis, it can be concluded that the highest reliability value is 1, and smallest reliability value is 0,903. table 3. the value of composite reliability and cronbach alpha performance composite reability cronbach alpha intellectual capital 0,907 0,872 non profitability performance 1 1 ifpi 1 1 profitability 0,903 0,962 according to cronbach alpha, the value of each indicators is already above the 0.7. intellectual capital shows the value of cronbach alpha 0,872. non profitability performance shows 1. islamicity financial performance index shows 1. and profitability shows the numbers 0,962. based on this analysis, it can be concluded, that the highest cronbach alpha is 1, and smallest cronbach alpha is 0,872. in conclusion, the variables were tested using these approaches have been fulfilled its reliability. table 4. r-square performance r-square non profitability performance 0,130 islamicity financial perfomance index 0,413 profitability 0,679 the results of r-square of non-profitability performance shows 0,130. it means the intellectual capital can explain non-profitability performance by 13% and 87% by other variables. islamic financial performance index shows 0,413. http://journal.uinjkt.ac.id/index.php/iqtishad 284 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 ifpi described by the intellectual capital is 41,3%, and other variables explain 58.7%. profitability shows 0,679. it implies that profitability can be explained by non-profitability performance, and islamicity financial performance index is 67,9%, and other variables explain 32,1%. from the this results, it can be concluded that the research model which consists of intellectual capital, non profitability performance and islamicity financial performance index to influence the profitability has reached the coefficient numbers of more than 50%, which means that this model shows a good existence and strong relationships by 67,9%. and next, the calculating and data analysis to answer the hypothesis. table 5. the calculating and data analysis performance original sample sample mean std. deviasi t-statistics p-value ib-vaic  profitability 0,104 -0,138 0,147 2,709 0,048* ib-vaic  non prof. perform -0,361 -0,383 0,181 1,987 0,047* ib-vaic  ifpi 0,643 0,674 0,082 7,815 0,000* non prof.  perform profitability -0,024 0,188 0,188 0,126 0,900* ifpi  profitability 0,870 0,900 0,220 3,953 0,000* original sample sample mean std. deviasi t-statistics p-value ib-vaic  profitability 0,568 0,621 0,145 3,928 0,000* ib-vaic  profitability 0,568 0,621 0,153 3,707 0,000* the table above shows the results to confirm the hypothesis proposed in this study. by involving the 5% error level, the results of t-statistics above 1,96 mean that the hypothesis is accepted. if the results of the t-statistics are below 1,96, the hypothesis is rejected. or if it is seen from the p-value, the relationship that shows numbers below 0,05 means that a significant influence between the variables. however, if it above 0,05 means that no significant influence between these variables. the first measurement shows the relationship intellectual capital on profitability directly shows 0,104 with p-value of 0.04. it means, intellectual http://journal.uinjkt.ac.id/index.php/iqtishad rara genta munggarani basri. the influence of intellectual capital on islamic banks profitability 285 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 capital directly has a significant positive influence on profitability. so the first hypothesis of this research is accepted. that means that the if the intellectual capital is good, it can give good sustainability profitability. intellectual capital is an element and a resource that has a role in increasing the competitive advantage to increase financial performance described by profitability. of course, profitability can be new power for the company to maintain the business's existence in the future. furthermore, the second result shows that the relationship of intellectual capital shows -0,361 with p-value of 0,047. it means, intellectual capital represented by the npf has significant negative influence on non-profitability performance. it can be concluded, that the second hypothesis in this study is accepted. in explains that good intellectual capital will create low npf of islamic banks. and the low intellectual capital value will create high npf of islamic banks. the conclusion is that intellectual capital can be considered part of the company's assets. and next, the third result shows the relationship of intellectual capital to the islamicity financial performance index is 0,643 with p-value of 0,000. it means intellectual capital has a significant positive influence on islamicity financial performance index. so the third hypothesis proposed in this study is accepted. the good intellectual capital affected the better implementation of sharia principles in islamic banks. applying islamic principles in this research is represented by the income distribution proportional variable distributed to all stakeholders such as community, employees, shareholders, and the company. examples include the distribution of qard and donations, payment of the employee expenses or salary, distribution of dividends to shareholders. intellectual capital of goodwill affects the income distribution decision is proportional for all stakeholders. then, the fourth result shows the relationship of the non-profitability performance to profitability variable is -0,024 with p-value of 0,900. it means non-profitability performance has no significant influence on profitability. thus, the fourth hypothesis in this study was rejected. the npf is not the only indicator of financial performance that affects the profitability of islamic banks. however, there are indicators on the out of this measurement that can affect the profitability of islamic banks. the presence of a negative value on the indicator npf islamic banks explain that the high npf of islamic banks is a problem of islamic banks profitability growth. http://journal.uinjkt.ac.id/index.php/iqtishad 286 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the fifth result shows the relationship islamicity financial performance index on profitability is 0,870 with p-value of 0.000. it means the islamicity financial performance index has a significant influence on profitability. thus, the fifth hypothesis of this study is accepted. if the income distribution has been running well and proportional, it will increase islamic banks profitability. this can be a challenge for the stakeholders of islamic banks to run consistently islamic principles implementation. the income distribution will increase the confidence of employees and all stakeholders involved in the company's internal and external so that it will encourage the maximization of performance. the sixth result is indirect effects. the relationship of intellectual capital on profitability mediated by non-profitability performance is 0,568 with p-value of 0,000. and the seventh result, the relationship between the intelectual capital on profitability through mediated by islamicity financial performance index is 0,568 with p-value of 0,000. thus, it was stated that the intellectual capital has a significant positive influence on profitability through non-profitability performance and islamicity financial performance index. the existence of non profitability perfromance and sharia performance reflected by the islamicity financial performance index will better contribute to the progress and existence of islamic banks. conclusion based on the results, it can be concluded several things. the first conclusion shows that intellectual capital directly has significant positive influence to islamic banks profitability in indonesia. it gives great strength to the role of intellectual capital in holding control of islamic banks profitability. the second conclusion stated that intellectual capital mediated by the non-profitability variable has a significant positive influence on islamic banks profitability. and intellectual capital mediated by islamicity financial performance index has a significant positive influence on the islamic banks profitability. the existence of the intellectual capital, non-profitability performance and islamic principles implementation, which the islamicity financial performance index reflects, will contribute to the islamic banks progress. islamic financial institutions are important because muslims dominate indonesia's population. therefore, it requires a solution of islamic finance to create welfare. the role of intellectual capital as a manifestation of intangible assets expands and develops the business world in the islamic banking sector in indonesia. http://journal.uinjkt.ac.id/index.php/iqtishad rara genta munggarani basri. the influence of intellectual capital on islamic banks profitability 287 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 references alfredo, 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(1998). measuring the performance of intellectual potential in knowledge economy. presented in the 2nd mcmaster world congress on measuring and managing intellectual capital. prusak, l. (2001). where did knowledge management come from? ibm systems journal 40(4), 1002-1007. http://journal.uinjkt.ac.id/index.php/iqtishad https://www.sciencedirect.com/science/journal/09695931 288 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.23038 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 sabir, et al. (2012). pengaruh rasio kesehatan bank terhadap kinerja keuangan bank umum syariah dan bank konvensional di indonesia. jurnal analisis 1(1), 79-86. stewart, t.a. (1997). intellectual capital: the new wealth of organization. nicholas brealey publishing, london. wernerfelt, b. (1984). a resource-based view of the firm. strategic management journal 5, 171-180. http://journal.uinjkt.ac.id/index.php/iqtishad any setianingrum: application of pattern of islamic state 251 application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal any setianingrum1 abstract. application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal. the aim of this study is to analyze the possibility of islamic state revenue to improve the ability of indonesia’s fiscal. this thing is important in the way to diversify the fiscal instruments in indonesia. the result shows that several islamic revenues instruments still relevant to applied in indonesia, exclude the ghanimah and jizya. but, it is necessary to adjust the nomenclature and connectivity with state financial regulations. the application does not have to be exclusive and labels associated with islam, but should be more focused on the exploration of universal values and utility, which is inherent in all of islam income instruments. keywords: fiscal instruments, historical analysis, case study abstrak. aplikasi kebijakan pendapatan islami untuk meningkatkan kemampuan fiskal indonesia. tujuan dari penelitian ini ialah untuk menganalisis kemungkinan penerapan kebijakan pendapatan pada negara islam dalam meningkatkan kemampuan fiskal indonesia. hal ini penting dilakukan dalam rangka diversifikasi instrument fiskal di indonesia. teknik analisis yang dipergunakan dalam penelitian ini ialah teknik analisis historis dan studi kasus. hasil yang didapat menunjukkan bahwa instrumen pendapatan islam masih relevan untuk diterapkan pada pemerintahan di indonesia, kecuali ghanimah dan jizya. akan tetapi aplikasi instrument pendapatan pada negara muslim kontemporer saat ini memerlukan penyesuaian nomenklatur dan keterkaitan dengan regulasi yang berlaku. aplikasi tersebut tidak harus bersifat eksklusif dan dikaitkan dengan label-label islam, tetapi harus lebih focus terhadap eksplorasi nilai dan utiliti yang bersifat universal, yang sudah melekat pada semua instrument pendapatan islam. kata kunci: instrument fiskal, analisis historis, studi kasus first draft: february, 5th 2015, revision: march, 15th 2015, accepted: april, 2nd 2015 1 doctoral students at airlangga university, surabaya email: anysetianingrum@yahoo.com al-iqtishad: vol. vii no. 2, juli 2015 252 introduction the management of government finances is also widely expected to greatly affect the domestic economy, the private sector and the overall economy. moreover, in the government’s financial management policies are also attached to the functions of public finance policy, namely the function of allocation, distribution and stabilization. effectiveness and efficiency of the passage of these functions depend on how strong the system is applied to the financial management of central and local government. in other words, the successful handling of market failure, the need for public goods and externalities factors handling by the government to be very dependent on how the government’s financial management is executed. domino effect of government financial management is also very broad, covering the role of stimulator, facilitator, coordinator and entrepreneurs in regional development, which can boost growth and equitable income distribution. while at the same time there are still many problems that arise in the government’s financial management system. some real problems are found from the results of various research areas in indonesia’s financial pattern is, most of the proposed program of results from musrenbang (consensus development plan), followed by all elements of society can’t be realized because of limited state funds. results interview with the mayor of bekasi (2014) stated that the 30% of new development programs that can be handled by the state budget. in the other words, there are 70% of programs and activities that should be funded by the budget, but can’t be realized because of region fiscal constraints. other real problems that are found by several studies almost all local governments in indonesia have the same problems that have a low degree of fiscal decentralization (kuncoro, 1995). this indicates the weakness of the financial management area and the need to improve strategies and seek new breakthrough in terms of financial management. the foregoing is also confirmed in research amri in halim (2012), explained that the management of revenue and expenditure management is an important part in the management of government finances. however, until now attempt to explore the sources of revenue still has many obstacles, both in terms of limited financial resources itself and in terms of capabilities and management systems as well as administration (dewi in halim, 2001). in fact, development needs still need to be accelerated and enlarged in order to improve the welfare of the community. but in fact, the construction still has many obstacles and challenges are not small. the presence, the entire classical problem is still not ideally show local financial management system that is capable of moving the revenue potential any setianingrum: application of pattern of islamic state 253 and development programs needed optimum community. the main cause of this problem is the allocation of limited funds both from local government sources and the central government. therefore, local and central governments must still required to be able to look for alternative ways so that development can be further expanded and enlarged. then the solution is the need to explore funding, including the conduct of innovation creation of resources for regional and central growth. since the multidimensional crisis that hit indonesia has alerted us all of the need for reinforcement of the paradigm and economic activities based on moral and ethical. so that the current era is needed to evaluate alternative approaches as well as strengthen existing economic structure. the implication in the current era is needed to evaluate alternative approaches as well as strengthen existing economic structure, including in areas such as public financial management. alternative paradigms that are currently being taken into account by economists are islamic economic system. economist belief that islamic economic system is capable of being a favored alternative system is supported also by the islamic financial performance that proved to have better durability in a period of economic crisis that happened in the world since 1998. in the perspective of islamic-based financial system, potential sources of revenue in each region in indonesia are still a lot and not maximized empowered. the practice of public finances during the reign of the prophet muhammad and the first four caliphs had income instruments and mechanisms that have been proven history, able to function well in the distribution of income, economic growth while socio-economic stability. this fact is supported by the western economist, adam smith, in his book the wealth of nations (1976), which makes two classes of countries, namely the developed and underdeveloped countries. and by smith (1976), medina in mahomet and his immediate leadership successors (muhammad and the first four caliphs) the majority of the livelihoods of its people are traders classed as a developed and prosperous country at the time. based on the track record, in this study will be an analysis of the management of incomes policy at the time of the prophet muhammad and the first four caliphs to be a reference as well as how to dig and revitalize their income instruments for strengthening the financial system in the present area. based on the description above background drafted this paper, by using qualitative research methodology, the historical analysis methodology and case studies conducted from june to january 2014. the historical analysis methodology used to analyze and explore the instruments and mechanisms for government financial management pattern at the time of the prophet muhammad and the first four caliphs. the case study methodology is used to analyze and explore how and al-iqtishad: vol. vii no. 2, juli 2015 254 why patterns of local finance and mechanisms implemented under the current structure. case studies carried out in the local government city of bekasi, as a representation of local government in indonesia. literature review below will describe some of the results of research on financial policy that occurs in the central and local governments in indonesia. before analyzing the results of financial management at the local government level, will be examined in the study at the national level first. however, either directly or indirectly, a financial policy at the national level will give effect to the policy in the region. the discussion on the issue, starting on tax policy in the republic of indonesia, which done by surjaningsih (2012), the research found there is a co-integration relationship between government spending and taxes on output in the long run. in the long term taxation, there is a positive impact on economic growth while government spending is doesn’t give an impact. short-term adjustment shows that the shock of the rising in government spending has a positive impact on output while shock negative impact of tax increases. more dominant effect of government spending on output in the short term than the show is still quite effective tax policies to stimulate economic growth, especially in times of recession. while the increase in government spending led to a decrease in inflation, while tax increases lead to an increase in inflation. this study also showed the absence of discretionary fiscal policy conducted by the government. from research surjaningsih (2012), can be considered for local governments to regulate taxation and spending policies, which have a different impact in the short and long term growth and macroeconomic indicators in general. other studies are useful to complement the considerations in determining the pattern of regional finance is the state budget process in indonesia. indayani research results (2006) found that: first, outside of routine spending of foreign debt was under pressure because they have to make sacrifices for the payment of foreign debt increased tendency to be from year to year. second, direct development budget even more depressed because domestic revenues also have to be sacrificed for routine expenditure, which is dominated by foreign debt payments. third, the position of the government savings is actually quite large, at least seen from the existing economic conditions. indayani (2006) show reminiscent of the government that in addition to issues of taxation and spending policies will affect the macroeconomic indicators in general. looking at the results of the research described above, the various problems that accompany financial management, the improvement of income and expenditure any setianingrum: application of pattern of islamic state 255 policies become very urgent. one of the most pressing policies to be improved is the taxation policy as wide domino effect. it is as stated by yudhoyono (2010), that tax policy should be improved to make to be more fair because it involves economic policy and fiscal policies in general. not optimal tax administration indonesia caused by lack of clarity in the direction of development and the achievement of the ideals of the tax. as a result, the tax administration system becomes very weak. this is what makes many people take advantage of the tax for the benefit of themselves and each group (commission, 2014). after knowing the results of research on financial policy at the national level in outline, the following will describe the extent of the challenges and obstacles in financial management in the various regions in indonesia to provide an overview, information and inventory issues as a preliminary study of the practice in the field. in terms of financial management area there are several things that must be considered, related to law no.32 / 2004. the area has a larger role in managing local financial. this condition is an opportunity for local government to demonstrate its ability to manage finances without interference from higher levels of government (yunasman in halim, 2012). below are some studies that explain the multiplicity and complexity of the challenges and constraints. in terms of financial expenditure areas, the results amri in halim (2012), found that the lack of planning expenditures will eventually bring up the possibility of under-financing or over-financing, which all affect the level of efficiency and effectiveness of the work units of local government. from the results of previous studies as described above, found many factors that influence the effectiveness of revenue and expenditure policies of local governments. these factors are policies covering taxation revenue and average revenue is still low, government spending policies, the amount of debt payments, professionalism and human morality, both the executive and the judiciary. methods to answer the question in this study used qualitative research methods. consideration of the use of qualitative research approach is more complete data obtained, more in-depth, credible and meaningful so that the goal of this research can be achieved (sugiyono, 2013). the strength of qualitative research lies in its ability to provide a textual description of the complex, in particular information that is the human side, such as behaviors, beliefs, opinions, emotions, and interaction between individuals. qualitative methods are also effective in identifying intangible factors, such as social norms, socioeconomic status, gender rules, ethnicity, religion and the whole issue is not legible appearance. al-iqtishad: vol. vii no. 2, juli 2015 256 according sugiyono (2007), qualitative research is divided into three stages: first, stage description or the orientation phase, at this stage the researchers describe what is seen, heard and felt on the information obtained; second, reduction stage, at this stage of research to reduce any information obtained to focus on a specific issue focus; third, the selection stage, at this stage the researcher outlines the focus that has been determined to be more detailed and in-depth analysis. the research methods used on this research are the historical analysis and case studies. in the analysis of historical, scientific history writing is required to generate explanations regarding the issues discussed. explanation was obtained through the analysis. an important step in making a historical analysis is to provide a framework or frame of reference that covers a wide range of concepts and theories that will be used to make the analysis. historical research is supported by theories reliable, is more accountable objectivity history of science itself (kartodirdjo, 1988). case study is a research method that specifically investigates a contemporary phenomenon that is present in the context of real life, which is implemented when the boundaries between phenomenon and context is not clear, by using various data sources (yin, 2003). position theory constructed in a case study can be improve, supplement or enhance existing theories based on the latest developments and changes in facts. stake (1995; 2005) and creswell (1998), yin (2003) argues that a case study using a variety of data sources to reveal the facts behind the cases studied. the diversity of data sources are intended to achieve the validity and reliability of the data, so that the results can be true. the fact is achieved through assessment of connectedness evidence from multiple data sources. discussion paradigm, concept and implementation of financial management in the islamic government had a difference principle with conventional systems. the most fundamental difference is because in islam there is a prohibition of usury and mechanisms of charity, donation, shadaqa, endowments and resource management must be adapted to the rule of the al-quran and al-hadith. among the differences in terms of revenue islamic state is, charity is the main instrument for the muslims, along with the poll and kharaj for non-muslims, and supported by the social sector instrument donation, sadaqah and endowments. while the tax levy in the islamic state is not permanent, so that the government would seek to minimize taxes. it is different from the conventional system, which the tax became the main instruments of fiscal policy. policies in the next income is the optimization of the social sector policies that donation, sadaqah and endowments as has mentioned above, in order to support the mandatory instruments such as zakah, jizya and kharaj, which are not any setianingrum: application of pattern of islamic state 257 found in conventional economic system. the social sector instruments can be used as funding social welfare, defense and security and development under government management through baitulmaal institutions. another difference was also found in government spending policies. each source of income in the islamic state has had certain rules of sharia in the distribution, which must be based on the quran and sunnah. with a distribution system that already has a special rule, the outline will suppress the emergence of irregularities over the allocation of funds and ensure the creation of distributive justice and prevent buildup of development results in the development of certain areas only. the mechanism of government spending was not found in conventional systems. the pattern of future government revenue policy of the prophet muhammad and the first four caliphs had differences with the pattern of government financial policy in modern times is now based conventional economic system. however, both systems can’t be compared, because of the situation and its condition at the components of the two systems are different can’t be synchronized at this time. until today, there is no standard formula of how the application of public finance in the modern islam that refers to the government in time of the prophet and the first four caliphs. taking into account this reality, so in this paper, the analysis of comparison used is to explore aspects of the similarities and differences to the fullest, to analyze how the existing gap of the two systems, it can be concluded until the application prospect of financial instruments and mechanisms of government policy at the time of the prophet muhammad and the first four caliphs in today’s modern times. tracking process undertaken to explore aspects of the similarities, differences and gaps against income instruments and how the enforcement mechanisms on both systems. from the comparative analysis of islamic and conventional revenue policy, it can be seen the main points of similarities, differences and gaps, which is the result of the analysis of historical exploration and case studies on local government of bekasi. besides that, there is a difference both in the principles and mechanisms differ only in nomenclature. differences in principle, in the management of the islamic state, the instrument is a charity and ushr obligatory for the muslim population, whereas for the non-muslim population is kharaj, jizya and ushr. tax instruments in financial nomenclature islamic state can be equated with kharaj and jizya were only imposed on non-muslim population, so it is not permanent, because if they converted to islam no longer paid the taxes. other instruments are equivalent to a tax is imposed nawaib only to muslims who are very rich in the current size, in emergency conditions such as war and disasters. in principle, the tax imposed on the population of muslims in islamic countries used to fund a variety of needs and al-iqtishad: vol. vii no. 2, juli 2015 258 expenditure items that are required, the treasury condition no money / possessions. the obligation to pay the tax imposed only on those who had the ability to meet basic needs and complementary in kindness. while the tax instruments as a source of income in the indonesian government imposed on private persons and legal entities of all mandatory, regardless of religion and is permanent. the number of income instruments during the reign of the prophet muhammad and the first four caliphs who have the potential to be used as a reference and is applied directly as the original structure in the government of indonesia, in today’s modern times. adoption of such instruments should not be exclusive, but still adapted to the regulations or existing state finance law, the nomenclature and mechanismadjustable. if there is an instrument that has great potential and the need to support regulations and laws should be the executive and the legislative act proactively. there are several instruments that can be adopted and promoted by the indonesian government. zakah is very relevant instruments to be used as one source of local government revenue, considering that indonesia is the largest muslim country in the world. nomenclature and regulatory constraints should not be a hindrance in attracting zakah, compared with the advantages and the benefits, so that these constraints must be overcome. zakah has the potential of increasing the fiscal capacity of the government is still needed today. zakah is widely also imply, directly or indirectly, will be able to: first, maintain a minimum wage of workers at the level of the distribution of zakah; second, as a final shield for the economy so that no stagnation / consumption under crisis conditions. third, pressing the accumulation of wealth, possessions forced turnover; fourth, press the number of social problems: crime, prostitution, vagrants, beggars, etc; fifth, guard aqidah; sixth, in mathematical proofs, zakah not decrease consumption, because the next process will be neutralized by mustahik consumption. even during the reign of umar bin abdul aziz under the umayyad dynasty, in less than three years, the number of zakah payers continues is increases, while the number of recipients continues to decreases (huda et al, 2012). as a result of excess surplus be used to subsidize private debt payments (private), social subsidies in the form of financing basic needs that are not the responsibility of the state as to bear the entire cost of weddings every youth who want to get married at a young age. al arif (2010) stated that several positioning between zakah and tax, such as: first, only zakah that imposed for the society and the jizyah for the non-moslem. second, zakah as the main sources of income, but the state can used the tax as additional income. third, zakah and taxes is perfect subtition. so if the people had already paid the zakah, the individual is permitted to don’t pay the tax. fourth¸the any setianingrum: application of pattern of islamic state 259 zakah and tax must to be paid by the society. while the instruments which have in common with the nomenclature of indonesian government’s income instruments, which can be used as a reference to correct and improve the performance of existing ones, such as: rikaz, kharaj, jizya and ushr. in handling rikaz or artifacts / richness of the earth, the state can get 20%, far greater than the indonesian government’s acquisition of natural resource revenue sharing privately run both local and foreign so far. tax form kharaj calculated based on the results obtained from the use of the land. calculations based kharaj could be a reference which is complementary as an alternative calculation technique considering the heterogeneous region. the jizya or head tax for residents of non-moslem that are able to pay, can be adopted to impose a tax on account of indonesian citizens who put their funds abroad. ushr or customs on goods entering and leaving the islamic state imposed on moslems who do not pay zakah on the international merchandise, and also against non-muslims. ushr also remain subject to the illicit goods brought non-muslim citizens, as khamr (huda et al, 2011). although these instruments based regulation can only be done by the central government, but the increase and decrease in revenue will remain affected the local government in the form of profit sharing. the other income instruments that still relevant with the current administration are aml-fadla. aml-fadla is an estate that no heirs can be referenced in the same case if it happened in indonesia. withdrawal of corruption is also very relevant property to be used as a source of reference, considering that indonesia has a high level of corruption by various international agencies assessment. transparency international in 2010 establishes indonesia is the most corrupt of 16 investment destinations businesses in asia pacific. corruption not only violates the moral and religious, but very detrimental to the business world, because it raises the cost of high economic and legal uncertainty. nawaib is a tax imposed on the rich muslim countries due to lack of funds due to the long war and spent the state treasury, at the time of the prophet muhammad nawaib government never practiced in the battle of tabuk. the spirit is still very relevant nawaib applied in today’s modern government when a state of emergency, such as a catastrophe. moreover, people are very rich in indonesia amounted to minority and majority control of existing wealth, then they are very reasonable assume obligations in times of national emergencies. voluntary instrument in the form of donation, sadaqah and endowments are also very relevant to being involved in economic development. basically realize the public interest is the collective responsibility of government and society. because islam requires a community to make a series of arrangements that can ensure the fulfillment of the needs of all members of society. there are various types of needs al-iqtishad: vol. vii no. 2, juli 2015 260 in the community. some of them can be met by the community itself. part of the others can be met by the government (huda et al, 2012). although voluntary, this instrument also has contributed enormously, especially when the sector shall not be sufficient to fund the programs and activities of the state. even the amount of the voluntary instrument is much more comprehensive indicator to measure the responsibility and community participation in the life of the nation. many productive assets such as luxury hotels, hospitals, schools superior, even shop funded by endowment funds, where the results of the profits earmarked for the benefit of the people. endowments powerful productive by reducing personal mastery will give birth conglomerates are prone to problematic because of greed. productive endowments also effectively prevent the ownership control of the economic sectoreither by adverse foreign and private lives of many people in a country, which in turn can reduce the rate of inflation. sources of financing in the form of islamic state in principle can be flow creating more equity than debt creating flows (huda, 2012). compared with the debt in conventional, the cooperation schemes in the form of equity participation look more constructive, proportionate and fair as a source of financing, because there are cost and risk sharing (iskandar, 2010). other types of financing sources are sukuk. sukuk is a financial instrument that is very strategic for local governments. sukuk must be based on an underlying asset, the lease contract or for the results as a basis of calculation. sukuk for local projects / government could also increase the role of the community to actively participate in the development and ownership of the fund the project, it is very effective in reducing the foreign debt and foreign dependence. conclusion fiscal policy in the islamic countries aiming to develop a society based on the distribution of wealth with the content of the material and spiritual values equitably. islamic law on state finances is very elastic so it can be expanded to meet the requirements modern times. all income instruments from islamic countries is very relevant to be applied in the central government and local governments in indonesia, except ghanimah instruments and jizya. ghanimah irrelevant applied because there is no source of income of the spoils of war in the present. similarly, is the jizya instruments is not relevant to be applied today. because indonesian government don’t imposed the tax that based on the individual religion. relevance application of all the instruments is needed to be adjusted nomenclature and connectivity with existing regulations. the application does not have to be exclusive and fixated on the label of islam, but should be focused on the exploration of values and universal any setianingrum: application of pattern of islamic state 261 benefits that have been attached to almost all islamic state income instruments. load the value and benefits that are universal and are needed to strengthen the fiscal capacity of central and local government should not be hampered its application for nomenclature and regulatory constraints. the executive and the legislature should be proactive in addressing the constraints and the impasse in order to achieve the objectives and benefits of a more strategic and wide. patterns of government policy in the islamic state that can be used as a reference or normative complementary sources, to strengthen the ability of national and local government fiscal in indonesia, such as: the instrument of charity, kharaj, ushr, donation, endowment, natural resource management with rikaz system, and other income derived from the state of corporate profits, state wealth and asset management, amwal al-fadla, withdrawal of illegal assets / corruptors, expiation and sacrifices. references ahmad, a. & t. khan. 1997. islamic financial instruments for public sector resource mobilization. seminar proceedings no.39. jeddah: islamic development bank islamic research and training institute. al arif, m.n.r. 2010. teori makroekonomi islam. bandung: alfabeta. gulaid, m.a. & m.a. abdullah. 1995. reading in public finance. jeddah: islamic development bank islamic research and training institute. huda, n. et.al. 2012. keuangan publik islami: pendekatan teoritis dan sejarah. jakarta: kencana. huda, n. & a. muti. 2011. keuangan publik islami pendekatan al-kharaj: imam abu yusuf .bogor: ghalia indonesia. inayah, g. 2003. teori komprehensif tentang zakah dan pajak. yogya: pt tiara wacana. johari, f. & p. ibrahim. 2010. the dynamism in the implementation of al-kharaj during the islamic rule. shariah journal, vol 18, no.3 (2010), pp. 629658. moleong. l.j. 2002. metode penelitian kualitatif. bandung: pt rosdakarya. qardhawy, y. 1988. hukum zakah. jakarta: pustaka litera antar nusa. sugiyono. 2013. memahami penelitian kualitatif. bandung: alfabeta suharto, u. 2005. kitabal-amwal: abu ubayd’s concept of public finance. malaysia: international institute of islamic thought and civilization (istac), international islamic university malaysia (iium). suharto, u. 2009. zakah sebagai lembaga keuangan publik khusus: refleksi kitabal amwal karya abu ubaid (w 838 m). jurnal pemikiran dan gagasan – vol ii 2009, pp. 15-30. abdul razak abdul hadi is the lecture from university of kuala lumpur, malaysia. he also as a researcher on islamic economics and finance studies. any setianingrum is doctoral student of islamic economics department at university of airlangga. she also as a researcher on islamic economics and finance studies. burhanuddin yusuf is the lecture at syarif hidayatullah state islamic university jakarta. he completedly his doctoral degree at state university of jakarta (unj). also as a researcher on islamic economics and finance studies. chandra warsito is the lecture of iain purwokerto. he also as a researcher on islamic economics and finance studies. erika amelia is the lecture of syarif hidayatullah state islamic university jakarta. she completedly her master degree at university of indonesia. kurniasih finished her bachelor degree ats syarif hidayatullah state islamic university jakarta. now she as a researcher on islamic economics and finance studies. mahmud is a lecturer at the stia al karimiyyah sumenep. expertise in islamic education studies. muniaty aisyah is the lecture at syarif hidayatullah state islamic university jakarta. shee completedly her doctoral degree at university of trisakti. now she as a head of management department at syarif hidayatullah state islamic university jakarta nurul huda is a lecture at faculty of economic university of yarsi. finished his master degree at university of indonesia, and doctoral degree at university of airlangga. now he as a head of master of management department university of yarsi. also as a researcher on islamic economics and finance studies. rachmad hidayat is a lecturer at the industrial engineering department, university of trunojoyo madura. rizky andriati finished the bachelor degree at jakarta state university (unj) and master degree at middle eastern and islamic studies from university of indonesia. also as a reporter on islamic economics and finance. rizqon halal syah aji, is the lecture at syarif hidayatullah state islamic university jakarta. he completedly his bachelor degree at islamic university of asy-syafiiyah, and master degree at university of indonesia. now he as a head of computation laboratorium at faculty economics and business syarif hidayatullah state islamic university jakarta. about authors sabarudin akhmad is a lecture at the industrial engineering department at university of trunojoyo. he also as a researcher on industrial engineering studies. tulus suryanto is the lecture of iain raden intan lampung indonesia. he also as a researcher on islamic economics and finance studies. articles and authors vol. vii, no. 1, january 2015 no name title note 1 titi dewi warninda & m. nadratuzzaman hosen mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 2 euis amalia & mahmudah atiqah evaluating the models of sharia microfinance in indonesia: analytical network process approach lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 3 hardius usman the role of religious norm on selecting the islamic bank lecture of middle east and islamic studies department at university of indonesia. 4 suryani & hendryadi a developing model of relationship between service quality, customer satisfaction, loyalty, and word of mouth in islamic banking lecture of stain malikussaleh and lecture of at-thahiriyah islamic university jakarta 5 yoghi citra pratama macroeconomic variable and its influence on performance of indonesian islamic banking lecture of syarif hidayatullah state islamic university jakarta 6 indah mulia sari, hendro wibowo, & edy suprapto factors that influenced people to become islamic bank customer: a study on kancana villagers lecture of sebi islamic business school. also as a researcher on islamic economics and finance studies 7 irfan syauqi beik & laily dwi arsyianti construction of cibest model as measurement of poverty and welfare indices from islamic perspective lectures of agricultural institute bogor (ipb). also as a researcher at cibest 8 m. sabri haron, riki rahman & bayu t possumah the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective lecturer at pusat citra universiti, universiti kebangsaan malaysia (ukm). also researcher on islamic economics and finance studies 9 abdul hamid the impact of spin-off policy to the profitability on indonesian islamic banking industry lecture of syarif hidayatullah state islamic university jakarta. 10 zuhairan y. yunan & mia rahmasari measurement of shariah stock performance using risk adjusted performance lecture of syarif hidayatullah state islamic university jakarta. researcher at university of prof. dr. hamka (uhamka) vol. vii, no. 2, july 2015 no name title note 1 wiwiek rabiatul adawiyah the impact of financial liberalization on islamic bank’s efficiency in indonesia lecture of university of jenderal soedirman. also as a researcher on economics and finance studies 2 rachmad hidayat, sabarudin akhmad, machmud effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java lecture of industrial engineering department university of trunojoyo. lecture of islamic education department, sti alkarimiyah 3 muniaty aisyah peer group effects on moslem consumer’s decision to purchase halal-labeled cosmetics lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 4 rizqon halal syah aji & kurniasih the intellectural capital effect on financial performances at islamic insurance lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 5 tulus suryanto & abd razak abdul hadi capital market integration: palestine and isreaeli experience lecture of iain raden intan lampung. lecture of university of kuala lumpur 6 rizky andriati & nurul huda the effect of productive zakah mentoring on the wealth of mustahik lecture at university of yarsi. researcher on islamic economics and finance studies 7 chandra warsito the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto lecture at iain purwokerto. researcher on islamic economics and finance studies 8 erika amelia financial ratio and its influence to profitability in islamic banks lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic banking studies 9 burhanuddin yusuf human resources development of sharia banking: phenomenological approach lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic economics and finance studies 10 any setianingrum application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal doctoral student at islamic economics department at university of airlangga index analytical network process anova bopo capital adequacy ratio capital market integration case study analysis cibest model contemporary group consumer’s behavior customer’s loyalty customer’s satisfaction customer’s trust data envelopment analysis deposit margin dog quadrant dummy variable efficiency finance financial liberalization financial ratio financing to deposit ratio fiscal halal-labeled historical analysis human resources human resources management image inclusiveness principles intellectual capital islamic bank islamic insurance islamic rural bank loyalty macroeconomic variables management maqashid shariah marketing new economic model non performing finance partial least square peer group performance phenomenological approach poverty profitability prosperity question-mark quadrant religious commitments religious norms revenue risk adjusted performance saving behavior service quality shariah compliance shariah microfinance shariah stock sleeper quadrant spin-off star quadrant stock performance strategy structural equation model traditional group vector auto regressive vector error correction model welfare indices word of mouth zakah mentoring al-iqtishad journal of islamic economics vguidance for writing in journal of al-iqtishad the manuscripts represent academic research in islamic economics and finance disci-1. pline. upon the publication of the manuscript, the author should provide a letter states that the 2. manuscripts have never been, or under consideration to be, published in other journal publications. structure of the manuscripts3. title.a. the title should be short, clear, and informative, but does not exceed 9 words. author’s names and institutionsb. . the author’s names should be accompanied by the author’s institutions and email addresses, without any academic titles and/or job title. abstract and keywordsc. . the abstract should be less than 150 words. the key words should be 2 to 5 phrases. introduction.d. this section explains the backround of the study, and aims of the manuscripts. it should be written without numbers and/or pointers. literature review.e. this section explains the theoretical framework that used on this research, a review on the previous research in the area. methods.f. this section describes the tools of analysis along with the data and their sources. 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2014* fundraising 52.271 76.036 115.415 147.512 174.018 186.608 financing 46.886 68.181 102.655 147.505 179.284 187.886 asset 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia acknowledgment, if any, should be written as the foot-note of the manuscript’s title.7. the manuscript is prepared in a quarto paper, single-sided, and double-space format. a 8. new paragraph should start 5 characters from the left margin, using 12-size, times-newromans font type. the manuscript is written in proper english, either british or american english, but not 9. the combination of both, except for special editions. the manuscript should be in no less than 25 pages long.10. the top and bottom margins are 1 inch.11. the title is written using capital letters of 14 font size, centre position.12. sub titles are written using capital letters, started from the left margin.13. sub of sub titles are written using capital letters only at the beginning of each word 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(eds.), local dynamics in an era of globalization, 25-26, london: oxford university press. for journal/magazine papers, the format should follow the following example:c. al arif, m. n. r. 2012. efek multiplier wakaf uang dan pengaruhnya terhadap program pengentasan kemiskinan. jurnal asy-syir’ah fakultas syariah uin sunan kalijaga yogyakarta, vol. 46, no. 1, januari 2012, hlm. 10 – 12. for internet references, the format should follow the following example:d. kharlie, ahmad tholabi. 2006. “formalisasi syariat islam, mengapa tidak?”, http// www.ahmadtholabi.wordpress.com, accesed on 17 maret 2014 fore. magazine, the format should follow the following example: asa, syu’bah. 2004 “pengantin darah”, dalam tempo, no. 30/xxx111/20, 20 september 2004 transliteration19. guidance (from arabic to latin) consonant a = (ا) z = (ز) q = (ق) b = (ب) s = (س) k = (ك) t = (ت) sy = (ش) l = (ل) ts = (ث) sh = (ص) m = (م) j = (ج) dh = (ض) n = (ن) h = (ح) th = (ط) w = (و) kh = (خ) zh = (ظ) h = (ه) d = (د) ‘ 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critical aspect on fair value accounting and its implication to islamic financial institutions. fair value accounting (fva) paradigm replaced the historical cost accounting (hca) in the development of accounting standards that fva is more relevant that hca probably did not provide the real financial and income information. this paper tries to explore critical aspects of the fair value accounting and its implications to islamic financial institutions implications. this study concludes that that fair value accounting measurement provides many critical aspects to be implemented to islamic financial institutions (ifis). aaoifi proposed cash equivalent value as respond to fair value measurement that cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information. keywords: fair value accounting, islamic financial institutions, ifrs, aaoifi abstrak: tinjauan kritis terhadap nilai wajar akuntansi serta implikasinya terhadap institusi keuangan islam. paradigma nilai wajar akuntansi telah menggantikan penilaian histori akuntansi dalam pengembangan standar akuntansi dimana nilai wajar akuntansi lebih relevan daripada nilai histori akuntansi yang tidak memberikan pembaharuan informasi keuangan dan pendapatan. penelitian ini mencoba mendalami aspek kritik pada nilai wajar akuntansi dan bagaimana implikasinya pada lembaga keuangan islam. penelitian ini menyimpulkan bahwa pengukuran nilai wajar memiliki kekurangan apabila digunakan pada lembaga keuangan islam. aaoifi telah menyediakan cash equivalent value (cev) untuk merespon pengukuran nilai wajar, dimana cash equivalent value lebih memberikan informasi yang relevan, lebih dapat dipercaya dan lebih mudah dipahami. kata kunci: nilai wajar akuntansi, institusi keuangan islam, ifrs, aaoifi 1 diterima: 12 april 2014, direvisi: 25 mei 2014, disetujui: 3 juni 2014 jamaluddinmajid is an accounting lecturer at universitas islam negeri (uin) alauddin, makassar, email: jamal_majid55@yahoo.com safri haliding, lecturer at faculty of economics, muhammadiyah university of makassar, indonesia and part time lecturer at uin alauddin makassar and doing his master in accounting at international islamic university malaysia (iium). email: safrihaliding@yahoo.com and safrihaliding@gmail.com al-iqtishad: vol. vi no. 2, juli 2014 284 introduction recently, the fair value measurement and its implication in accounting standards have been increasing (ramanna, 2006). in around the world, including the united states, the united kingdom, australia, and the european union, many jurisdictions of accounting standards have issued standards that fair value is primary recognition of balance sheet and income (landsman,2006). one of the important aspects of financial reporting is measurement (barth, 2007). barlev and haddad (2003) state that the fair value accounting (fva) paradigm replaced the historical cost accounting (hca) in the development of accounting standards that fva is more value relevant that hca probably did not provide the real financial information and income. therefore, barlev and haddad (2003) argue that the measurement of financial reporting should be relevance in regard to some issues in financial reporting such as the stewardship function, agency costs, managementefficiency, and relevant information to stakeholders and workers in terms of social conflict. however, previously studies mention that fair value accounting suffers from some serious limitations and disadvantages such as issues in market approach, income approach, and cost approach, (for instance: ball, 2006; barth, 2007; deans, 2007; penman, 2007; benston, 2008;ramanna, 2008; barth and taylor, 2009; holban (oncioiu),and oncioiu, 2009; so and smith, 2009; xia and monroe, 2010; jr, 2011).therefore, penman (2007) is questioning that whether fair value accounting is really measuring the economic value and market value of businesses activities. in addition, al-yassen and al-khadash (2011) argue that accounting standard setters such as the international accounting standards board (iasb) uk and the financial accounting standards board (fasb) u.s as well as other national accounting standard setters provide high attention and long-term ambition to use fair value accounting as full measurement in all financial instruments.however, regarding to islamic financial institutions (ifis) that have different objectives and principles as well as have different financial products with conventional financial institution. therefore, abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrs-iasb probably there will no specific standards for unique functions of islamic financial institutions. this argument supports previous paper that ibrahim (2007) states that islamic financial institutions cannot fully comply with ifrs in their financial reporting because islamic financial institutions have some unique requirement. this paper tries to explore critical aspects of the fair value accounting and its implications to islamic financial institutions implications. the paper is organized jamaluddin majid: the critical aspect on fair value accounting 285 into four sections. the first section provides the information on fair value accounting and the primary drives of international accounting standard setters. the second section highlights the pros and cons on fair value accounting. this section discusses the critical aspect on fair value accounting. additionally, this section reviews some implication to financial institutions. the third section reviews the fair value accounting implication to islamic financial institutions. this section also highlights the islamic accounting standards namely accounting and auditing organizations for islamic financial institutions (aaoifi) and some related issues with regard to islamic finance products. the next section will focus on the conclusion remarks. overview of fair value accounting the development of fair value paradigm may take many steps and a number of avenues by accounting profession and the standard setting bodies that probably using a sociological approach and an economic viewpoint regarding to the demand and supply of accounting principles(berlev and haddad, 2003). therefore, when regulatory bodies adopts a financial reporting paradigm that it becomes the guiding principle for regulation in accounting standards (hitz, 2007). in terms of the definition of fair value that both us gaap and ifrs have own explanation with regard to term of fair value accounting.the definitions of fair value based on accounting standard setters’ view areas follows: us gaap fair value accounting perspective bragg (2010) published a book that “gaap 2011, interpretation and application generally accepted accounting principles”. bragg (2010) highlights the overview of fva under gaap. moreover, the definition of fair value according to gaap,asc 820 that “the price that would be received to sell an assets or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. in this definition also mentioned that “although gaap literature has primarily focused on fair value in the context assets and liabilities, the definition also applies to instruments classified in equity” (bragg, 2010).regarding to this definition chea (2011) argues that fair value is market based that in fair value also takes consideration with other market participants for pricing an asset and liability. in order to understand the concept of fair value that bragg (2010) highlights the measurement principles and process under asc 820 into series of steps. the key measurement steps can be listed as follows: 1. identify the item to be valued and unit account. al-iqtishad: vol. vi no. 2, juli 2014 286 “specifically identify the asset or liabilities, including the unit of account to be used for the measurement”. 2. determine the principle or most advantageous market and the relevant market participants. “from the reporting entity’s perspective, determine the principle market in which it would sell the assets or transfer the liabilities”. 3. select the valuation premise to be used for asset measurements. “if the item being measured is an asset, determine the valuation premise to be used by evaluating whether the market place participants would judge the highest and best use of the asset utilizing an “in-use” valuation premise or an “in-exchange” valuation premise”. 4. consider the risk assumptions applicable to liability measurements. “if the item being measured is a liability, identify the assumptions that market participants would make regarding nonperformance risk including”. 5. identify available inputs. “identify the key assumptions that market participants would use in pricing the asset or liabilities, including assumptions about risk”. 6. select the appropriate valuation technique(s). “based on the nature assets or liability being valued, the types and and reliability of inputs available, determine the appropriate valuation technique or combination of technique to use in valuing the asset or liability”. 7. make the measurement. “measure the asset or liability”. 8. determine amounts to be recognized and information to be disclosed. “determine the amounts and information to be recorded, classified, and disclosed in intern and annual financial statements”. according to shaffer (2011) describes that there are several rules under gaap that applying fair value accounting. for instance, investment securities and derivative contracts on statement financial accounting standards (sfas) no. 115 and sfas no. 133. moreover, shaffer (2011) mentions that the expansion of fair value such as sfas 195 on hybrid instruments and sfas 156 on servicing rights in 2006; and fair value option (sfas 159), business acquisitions (sfas 141r), and no controlling interests (sfas 160) in 2007. in addition, regarding to the purpose of fair value measurement that bragg (2010) mentions that inputs are the indicators of assumptions, in pricing asset or liabilities is used the market participant as well as assumption with regard to the risk. the inputs are described in hierarchy as follow: 1. level i inputs (directly observable): quoted prices in active markets for identical jamaluddin majid: the critical aspect on fair value accounting 287 assets or liabilities that the reporting entity has the ability to access at the measurement date. such prices are not adjusted for the effects, if any, of the reporting entity holding a large block relative to the overall trading volume (referred to as a “blockage factor”). 2. level ii inputs (indirectly observable): directly or indirectly observable prices in active markets for similar assets or liabilities; quoted pricesfor identical or similar items in markets that are notactive; inputs other than quoted prices (e.g., interest rates, yield curves, credit risks, volatilities); or “marketcorroborated inputs. 3. level iii inputs (unobservable): inputs that are unobservable; that reflect management’s own assumptions about the assumptions market participants would make. ifrs fair value accounting perspective ifrs is one of accounting standard issued by the international accounting standards board as independent organization based in london, uk. regarding to definition fair value that based on ifrs (2010) fair value is “the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. regarding to the definition of fair value that cairns (2006) criticizes ifrs fair value that there are inconsistency in understanding of the definition and what is and what is not fair value with regard to uncertainties about the application ifrs’s fair value definition. for instance, ifrs are entry price or exit price of an asset, liability and equity instrument. it is not clear to determine ifrs. therefore, cairns’ study (2006) suggests that when the fair value is used to determine the cost and exit price and impairment purpose, entry price should be used. ball (2006) states that both iasb and fasb increased over the time the list of implementation of fair value accounting. moreover, cairns (2006) indicate that in order to use the fair value, ifrs allow in four steps. the steps as follows: 1. for the measurement of transactions (and the resulting assets, liabilities and equity items) at initial recognition in the financial statements; 2. for the allocation of the initial amount at which a transaction is recognized among its constituent parts; 3. for the subsequent measurement of assets and liabilities; and 4. in the determination of the recoverable amount of assets. according to cairns (2006) that it is important to recognize these steps which for the first, second and fourth uses are essential even in the financial statement and for the three uses it is not necessary for using the fair value at the subsequent sheet date. additionally, cairns (2006) argues that for all assets, liabilities, and equity al-iqtishad: vol. vi no. 2, juli 2014 288 instruments irrespective, ifrs use the fair value as a generic term whether those are trade on active market or quoted. therefore, fair value is a subset market value that in active market, it is fair value as determined (cairns, 2006). however, regarding to the asset, liabilities, or equity which are not traded in active markets, cairns (2006) argues that it is likely very difficult, possibly and unreliable to be implemented fair value. indeed, cairns (2006) highlights that there is a flexibility in using fair value under ifrs, if the circumstance is less reliable fair value in the initial measurement of an asset or liabilities that ifrs-standards prohibit to use fair value in unreliable circumstance (see: ias 38 intangible assets and ias 39 equity instrument). recently, standard setters accounting both us gaap and ifrs are continuing to develop for expanding the use of fair value (shaffer, 2011). interestingly, international accounting standard board (iasb) releases the proposal on accounting for financial instrument that this proposal uses the approach of fair value by mixing the measurement of u.s gaap and ifrs that iasb and fasb tried to provide the new fair value as mixed measurement between us gaap-fasb and ifrs-iasb (shaffer, 2011). in addition, the new development of fair value between fasb and iasb takes many attentions and responses among practitioners, investors, academics and regulator. therefore, the fasb and iasb continue their proposals to re-deliberate as response from feedback and reconcile the differences between fair value under iasb and fasb (shaffer, 2011). penman (2007) argues that since both iasb and fasb standards provide fair value as mandatory for measure the assets and liabilities, the issues in fair value probably are when and how should be applied that fair value is far from resolved. shaffer’ study (2011) finds that in the approach of fasb closely mirrors the iasb’s proposed measurement model. for instance, firms are allowed to amortized cost to measure the instruments principally of cash flowwhich being held for collection or payment such as loans, deposits and debt). the debating in fair value accounting this section discusses the critical aspect on fair value accounting both us gaap and ifrs. additionally, this section reviews some implication to financial institutions. regarding to the issues in fair value that penman (2007) indicates some preliminaries with regard to what is fair value? and fair value to whom? regarding to fair value to whom that penman identifies some notions in fair value.the notions jamaluddin majid: the critical aspect on fair value accounting 289 of what is fair value as follows (penman s.h, 2007): 1. fair value variously applied in a ‘mixed attribute model’: fair value is used alternatively with historical cost for the same asset and liability but at different time. 2. fair value continually applied as entry value: asset are revalued at their replacement cost, with current costs then recorded in the income statements, with unrealized (holding) gains and losses also recognized. 3. fair value continually applied as exit value: asset and liability are remarked each period to current exit price, with unrealized gains and losses from remarking recorded a part of income. in this light, penman (2007) argues that for the notions 1 and 2 in application could be debated due to both are really modified cost accounting, standard revenue recognition and applying exit price on actual exit of the product to the market, however, notion 3 applies exit prices values but with-out actual exit (realization). in addition to fair value to whom,penman (2007) indicates that the demand probably plays important that different users may different demand for accounting report. for instance, in the case of a creditworthiness deteriorates the shareholder probably use the value a fall in the market value in order to recognize the gain, but not the creditor that the bank may use the bank deposits at fair value, not the deposits (penman, 2007). moreover, in bank regulator perspective that if the reporting affected the depositors’ confidence in the banking system, the bank regulator may use the value is less than face value while investor uses the fair value information with regard to volatility, not so a central banker focuses on feedback effects on systematic risk that during the speculative times the a bank regulator focuses on marking up banks’ capital (penman, 2007). therefore, fair value provides different demand with different perspective depend on its perspective of users. fair value under sfas 157 us gaap regarding to fair value definition under us gaap, benston (2008) identifies that the new definition of fair value as stated in 5 of sfas 157 provides two issues: firstly, fair value is the exit value of asset and liability, secondly, fair value is often not based on actual market transactions. similarly, penman (2007) states that there are two questions with regard to the fasb and iasb fair value: firstly, whether exit value measures value to shareholders and at the level aggregate whether fair value is applicable. regarding to the shortcoming of sfas 157 fair value measurement that benston (2008) highlights the shortcomings of us gaap fair value. the following al-iqtishad: vol. vi no. 2, juli 2014 290 shortcomings are: 1. fair values not based on actual market prices are costly to determine and verify. 2. value in use and entrance value are used, contrary to sfas 157-specifieds exit values. 3. transaction costs are used, contrary to sfas 157. 4. fair value for inventories and fixed assets that may be included in business combinations present problems that are not recognized. 5. fair value other than level 1 could be readily manipulated and difficult to verify. therefore, based on the above shortcomings of sfas 157 benston (2008) asserts that there are some problems and cost of constructing, recording, and presenting the required numbers in implementing the guideline sfas 157 us gaap fair value measurement. moreover, benston (2008) concludes that fasb uses the fair value in order to make the relevance of the numbers presented in financial statements to satisfy the users. this is supported in the statement of sfas 157 that‘‘should provide users of financial statements (present and potentialinvestors, creditors and others) with information that is useful in making investment,credit, and similar decisions” (benston, 2008). sfas 157 provides the hierarchy inputs in order to measure from the most to least reliable into fair value measurement (ryan, 2008). in addition to the level inputs that penman (2007) identifies the pluses and minuses regarding to the implementation of inputs lever 1, 2, and level 3.the pluses and minuses of level inputs as follows: pluses and minuses of level 1 fair value measurement penman (2007) argues that there is a subjective estimate of fair value of asset and liability for shareholders with regard to the idea of accounting information probably is based on the objective, reliable evidence. therefore, penman provides the plus and minus with regard to level 1: the plus: “fair (market) values are a plus when value to shareholders is determined solely by exposure to market price; that is, shareholder value is one-to-one with market prices”. the minus: “fair (market) values are a minus when the firm arbitrages market prices that is, fair value is not appropriate when the firm adds value (for shareholders) by buying at (input) market prices and selling at (output) market prices”. pluses and minuses of level 2 and 3 fair value measurement level 2 and 3 provide the estimates of hypothetical market price which there is a subjective estimate in this objectivity of those levels (penman, 2007). jamaluddin majid: the critical aspect on fair value accounting 291 for this level 2 and 3 penman highlights how important the integrity of managers with regard to the potential their subjective biases in using this levels as well as the effectiveness of the control is very important such as the independence and competence of monitors-auditors, assessor and corporate boards. with regard to the estimated fair value that penman (2007) provides that plus and minuses of level 2 and 3 fair value measurement. those are as follows: 1. fair value accounting applies only when shareholder value is solely determined by exposure to market prices means that, in most cases, there will be an active market where level 1 measurements are available. 2. one must question whether level 3 really enforces a discipline in estimating market prices. 3. fair value estimation errors introduce error into the balance sheet but also the income statement (which reports the change in fair value). 4. historical cost involves estimates and estimated fair values are nodifferent. 5. historical cost estimates true up against the actual transaction record, and usually fairly quickly. 6. an analyst will have difficulty in carrying out a quality analysis on fair value accounting. 7. the observed market behavior is instructive. 8. the informative of fair values declines as estimates are introduced. to sum up, based on the discussion, my opinion to fair value implications that fair value accounting provide pros and cons among researchers that the main weakness of the fair value is not indicating as the value of the measurement date at large that measurement probably could be manipulate due to subjective estimates. therefore, it provides the bad implication to economics decision regarding to substantial uncertainty in fair value measurement. fair value accounting ifrs regarding to fair value accounting that iasb provides conceptual framework as guidance. however, barth (2007) states that with regard to accounting measurement, iasb’s framework is not providing much guidance such as historical cost and settlement value, measurement technique, such as present value that there is no properly guidance to choose among. in terms of the objective of financial reporting that barth (2007) quoted from iasb in 2006, para. ob2 as ‘to provide information that is useful to present and potential investors and creditors and others in making investment, credit, and similar resource allocation decisions’. in this light, barth (2007) argues that the objective of financial reporting as al-iqtishad: vol. vi no. 2, juli 2014 292 provided in iasb seems focus on investors or investing decision that the terms of ‘investor’ in objective of financial reporting refers to present and potential equity holders and their advisers, the term ‘creditor’ refers to present and potential lenders and their advisers. the implementation of iasb seems providing some misunderstandings with regard to decision due to accounting measurement in the real-world economic phenomena do not specify how to measure the real economics. for instance, not all expected inflow and outflows are assets and liabilities in real economics for financial statements purposes (barth, 2007). therefore, barth highlights some common misunderstandings about the iasb approach. the misunderstandings as follows (barth, 2007): 1. the framework does not identify conservatism as a qualitative characteristic of decision-useful financial information. “conservative amounts are not neutral, which is a qualitative characteristic that neutralitymeans freedom from bias. conservatism implies a negative bias for assets and income and a positive bias for liabilities and expenses” 2. matching is not a separate concept in the framework. “matching is not an objective of accounting recognition or measurement that the framework is based on the notion that if assets and liabilities are appropriately recognized and measured, profit or loss will be too, which obviates the need for a separate concept of matching. however, the application of the matching concept under this framework does notallow the recognition of items in the balance sheet which do not meet the definition of assets or liabilities”. 3. the term reliability as used in the current framework is neither limited to verifiability, as some interpret it, nor does it mean precision. “this common misunderstanding is why the preliminary views document (iasb, 2006a) uses the term ‘faithful representation’ rather than ‘reliability’ and explains that just because an amount can be calculated precisely, it is not necessarily a faithful representation of the real-world economic phenomenon it purports to represent. faithful representation implies neither absolute precision in theestimate nor certainty about the outcome” 4. the objective of financial reporting does not include providing accounting information for management to use in managing the business or for contracting parties to include in contracts. “this is because these users can directly specify the information they want and need. iasb standards are designed for general purpose financial reports, whose objective stems from the information needs of external users who lack the ability jamaluddin majid: the critical aspect on fair value accounting 293 to prescribe all the financial information they need from the entity”. 5. the framework focuses on defining financial position elements, i.e., assets and liabilities, not because financial position is more important than profit or loss. ”it is because profit or loss is important. defining financial position elements is the only way standard setters have been able to determine how to measure revenues and expenses, which comprise profit or loss”. 6. the iasb does not have an objective to measure all assets and liabilities at fair value. “as explained in section 3, there are reasons why fair value is a candidate measurement basis in many situations, and the iasb and fasb have a stated long-term objective to measure all financial assets and liabilities at fair value”. the advantages fair value accountingof ifrs for investors with regard to advantages fair value to investors that ball (2006) highlights the potential advantages. these are as follows: 1. ifrs promise more accurate, comprehensive and timely financial statement information, relativeto the national standards they replace for public financial reporting in mo.st of the countries adopting them. “financial statementinformation is not known from other sources,this should lead to more-informed valuation in the equity markets and hence lower risk to investors”. 2. small investors are less likely than investment professionals to be able to anticipate financial statement information from other sources. “improving financial reporting quality allows them to compete better with professionals, andhence reduces the risk they are trading with a better-informed professional (known as ‘adverse selection’)”. 3. by eliminating many international differencesin accounting standards, and standardizing reportingformats, ifrs eliminate many of the adjustments analysts historically have made in order to make companies” financials morecomparable internationally. “ifrs adoption therefore could reduce the cost to investors of processing financial information. the gainwould be greatest for institutions that create large, standardised-format financial databases” 4. a bonus is that reducing the cost of processing financial information most likely increases the efficiency with which the stock market incorporates it in prices. “most investors can be expected to gain from increased market efficiency”. 5. reducing international differences in accounting standards assists to some degree in removing barriers to cross-border acquisitions and divestitures, which al-iqtishad: vol. vi no. 2, juli 2014 294 in theory will reward investors with increased takeover premiums. the disadvantages fair value accountingof ifrs for investors regarding to the potential problems of fair value to investors that ball (2006) highlights the potential problems.these are as follows: 1. market liquidity is a potentially important issue in practice. spreads can be large enough to cause substantial uncertainty about fair valueand hence introduce noise in the financial statements. 2. in illiquid markets, trading by managers can influencetraded as well as quoted prices, and hence allows them to manipulate fair value estimates. 3. worse, companies tend to have positively correlatedpositions in commodities and financial instruments, and cannot all cash out simultaneouslyat the bid price, let alone at the ask. fair value accounting has not yet been tested by amajor financial crisis, when lenders in particularly could discover that ‘fair value’ means ‘fairweather value”. 4. when liquid market prices are not available,fair value accounting becomes ‘mark to model’accounting 5. if liquid market prices are available, fair valueaccounting reduces opportunities for self-interestedmanagers to influence the financial statementsby exercising their discretion overrealizing gains and losses through the timing ofasset sales. to summary, based on the above discussion, my opinion to fair value implications that fair value with regard to ifrs that may bring accurate to business decision with more attention and advantages to investor as supported in objective of iasb. however, fair value of ifrs fails to fully acknowledge the significance between liquid and illiquid marker similarly to us gaap fair value that provides uncertainty (gharar) and leading to subjective estimates as well. islamic perpective of accounting measurement since, islamic financial institutions (ifis) established that have different objectives and principles as well as have different financial products with conventional financial institution. therefore, abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrsiasb probably there will no specific standards for unique functions of islamic financial institutions. indeed, in 1992, the accounting and auditing organization for islamic bank and financial institution (aao-ibfi) now called accounting and jamaluddin majid: the critical aspect on fair value accounting 295 auditing organization for islamic financial institution (aaoifi) was established as respond to the establishment of islamic banks and islamic financial institutions (karim, 1995). first of all, aaoifi developed the objective of financial reporting. the objective is different compared to the accounting standard-setting bodies such fasb us gaap and iasb-ifrs. based on the aaofi (2010) one of main objectives as follows: “to determine the rights and obligations of all interested parties, including those rights and obligations resulting from incomplete transactions and other events, in accordance with the principles of islamic shariah its concepts of fairness, charity and compliance with islamic business values” and one of main objectives with regard to financial reports “information about islamic bank’s compliance with the islamic shariah and its objectives and to establish such compliance and information establishing the separation of prohibited earning and expenditures, if any which occurred, and of the manner in which these were disposed of ” regarding to objective of ifis, rasid, abdul rahman and ismail (2011) point out that the main differences between ifis and conventional financial institutions is the principles as objectives which need to be compliance based on shariah (jurisprudence and islamic ethics). the principles such as 1.prohibition of riba, 2.application of al-bay (trade and commerce), 3.avoidance of gharar (ambiguities) in contractual agreements, prohibition of maisir (gambling), 4.prohibition of conducting business involving prohibition commodities. since, islamic financial institutions have differences objectives and principles as compared to conventional counterpart. therefore, ifis come up with specifically accounting for islamic institutions. for instance, accounting for islamic banks with regard to zakat, murabahah, mudahrabah, ijarah and other islamic banking contracts. however, yaya (2004) argues that in terms of islamic accounting’s objectives of the aaoifi, the contents and goals are likely the same with currently conventional accounting that focus on providing information system for users. abdul rahman (2003) argues that accounting on islamic perspective in muslim society, in way of accountant to provide the financial information to user is not only as service to the users and public at large, but information is provided to society must take consideration to accountability in order to follow the god’s commandments.lewis (2001) argues that islamic accounting may follow the shariah law in terms of theaccounting principles and postulates in order to develop the proper accounting theory. in my point of view that fair value accounting provides benefit to economic al-iqtishad: vol. vi no. 2, juli 2014 296 decision for shareholders. however, in essence to islamic financial institutions those economics decisions is not the main objective to islamic financial institutions, compliance to shariah and bringmaslahah to society need to notice before making economic decisions. therefore,islamic principles are crucial issues in islamic financial institutions. regarding to accounting principles from islamic perspective, ahmed (1994) states that accounting in islamic principles should govern with financial dealing and contracts based on islamic objective such as realization of fairness and justice, preservation of the rights and dues of all parties, paying zakat (that necessitates having accurate and just financial statements which represent accurately and truly the financial position of the entity). in this light, aaoifi (2010) under sfa no. 2 with regard to the concepts of financial accounting for islamic banks and financial institutions states that “concepts of accounting measurement in measurement attributes refer to the attributes of assets and liabilities that should be measured for financial accounting purposes”. in addition to measurement attributes that aaoifi indicates to “the cash equivalent value expected to be realized is the number of monetary units that would be realized if an asset was sold for cash in the normal course of business as of the current date” (aaoifi,2010,para. 89). however,sfa no. 2 aaoifi (2010, para.89) refers to cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information. in this regard, sfa, no. 2 aaoifi (2010, para.89) states that cash equivalent value specifically would be suitable as basis for accounting measurement for an islamic banks as the condition for islamic banks’ products such as mudarabah and investment accounts. in addition to cash equivalent value that fas no. 2 aaoifi (2010) argues that reliable and comparable information are very important to unsure the measurement of cash equivalent value. therefore, sfa no. 2 aaoifi (2010) indicates some principlesduring the revaluation assets, liabilities and restricted investments. the principles are as follows: a. to the extent available, outside indicators (such as market prices) should be used. b. all relevant information whether positive or negative should be utilized. c. logical and relevant valuation method methods should be utilized. d. consistency in the use of valuation methods should be adhered to. e. to the extent appropriate, experts in valuation should be utilized. f. conservatism in the valuation process by adhering to objectivity and neutrality in the choice of value (sfa no.2. aaoifi, para. 95). jamaluddin majid: the critical aspect on fair value accounting 297 in light this, al-sadah (2000, p.42) points out as quoted in napier (2007) that “the majority of islamic banks represented on the aaoifi accounting standards board strongly rejected adopting the cash equivalent value approach, since this accounting treatment would exert pressure on the banks to pay out a higher level of profits to shareholders and investment account holders if the bank recognized the unrealized gains”. however, aaoifi provides historical cost as a recommendation to alternative measurement attribute to the cash equivalent value. particularly, aaoifi refers to its fair value at the date of its acquisition including amounts incurred to make it usable or ready for disposition (sfa no. 2. aaoifi para.98; abdul rahman, 2010. page. 31). the implication to islamic financial institutions islamic financial institutions (ifis) and islamic banking (ib) have special characteristics. for instance, islamic banks are not using interest on lending and borrowing money(karim, 2001). moreover, napier (2007) indicates that islamic banks provides profit-loss sharing instruments such mudarabahah and musharakah and mark-up instruments such as murabahah, ijarah and salam. since, the islamic banks and ifis have different characteristic to counterpart of conventional banks. therefore, probably ifis and (ib) have different consequence to accounting principles and regulation to govern the financial transaction based on the islamic objectives and principles. issues in gharar in fair value as noted on previously discussion to fair value accounting problems. ball (2006) points out that “market liquidity is a potentially important issue in practice. spreads can be large enough to cause substantial uncertainty about fair value and hence introduce noise in the financial statements”. in islamic perspective, uncertainty means as a gharar that one of the principles of islamic financial institutions is to avoid of gharar (ambiguities) in contractual agreements or no gharar involve business transactions(rasid et al 2011). lewis (2001) argues that in business terms, gharar means “to undertake a venture blindly without sufficient knowledge or to undertake an excessively risky transaction”. additionally, gharar transaction provides a potential speculation in business terms. for instance, investment trading for futures on stock markets (lewis, 2001). in addition, malia, casson and napier (2006) note that unlawful transaction in islamic financial institutions violates islamic principles such hedging or optional transaction which contains excessive risk (gharar). therefore, malia et al (2006) al-iqtishad: vol. vi no. 2, juli 2014 298 suggest that islamic banks should not enter into unlawful transaction in order to compliance to shariah and follow islamic principles. according to alquran al baqarah 2:282 “o ye who believe! when ye deal with each other, in transactions involving future obligations in a fixed period of time, reduce them to writing; let a scribe write down faithfully as between the parties…”. based on this verses that all muslims transaction must be recorded as to show the importance of fulfill rights and obligationsin order to reduce the doubt and uncertainty (gharar) in inter-personal arrangements(napier, 2007). based on above discussion regarding to gharar in fair value. therefore, my argument that when fair value provides uncertainty or gharar in measuring the asset and liabilities in certainty conditions. for instance, level 2 and level 3 of fair value which provides subjective estimates (see, penman, 2007) that violate islamic principles, meaning that fair value is not shariah compliance at certain circumstance. therefore, islamic banks or islamic financial institutions need to reduce in adopting fully fair value. otherwise, cash equivalent value is the best choice for islamic banks as recommended by aaoifi. issues in zakat many studies argue that the implication of accounting measurement to islamic financial institutions refers to zakat valuation (for instance:ahmed, 1994; adnan and graffikin, 1997;mirza and baydoun, 2000;lewis, 2001; abdul rahman, 2003;yaya, 2004;lewis, 2006). moreover, yaya (2004) argue that islamic accountability in accounting is crucial and zakat as a primary objective in islamic accounting and accountability. his argument supported by such as adnan and graffikin(1997); lewis (2006) and abdul rahman (2007;2010). in this regard, mirza and baydoun (2000) argue that the measurement of assets with regard to zakat is important issue from islamic perspective. hence, according to mirza and baydoun (2000) in order to measure the amount of zakat, need to use the contemporary time not in historical cost.mirza and baydoun (2000) suggest that re-value the assets regularly is needed and islamic accounting system probably uses both historical and market selling prices with regard to enable firms to accommodate contracts and to discharge with social responsibility. in addition, adnan and gaffikin (1997) argue as quoted in yaya (2004) that there is no room in islamic financial institutions to use the concept of historical cost and conservatism due to the issues in misleading and quality of justice and honesty of financial information. abdul rahman (2007) argues that fair measurement of zakat paid by jamaluddin majid: the critical aspect on fair value accounting 299 corporation is one important issue as zakat for business wealth. in addition, abdul rahman (2007) mentions that business wealth should pay the zakat including in business activities which involves such as trade goods (or stock on trade), cash in hand or at bank, debt or credit extended to customers or others. regarding to zakat, abdulrahman’s study (2007) found that in case of zakat in the malaysia context, ifis should reports: 1. the amount of zakat due or paid; 2. the method of zakat measurement used; 3. the ruling of shariah supervisory board in matters to pertaining zakat; and 4. the obligation on zakat due from the subsidiaries, the equity investment account, and other investment account (in case of islamic banks). moreover, abdul rahman (2007) points out with regard to zakat practices that there is a lack of information provided to the users of the annual reports. regarding to zakat that aaoifi provides in fas no.9 that discussing issues in standard accounting treatment of zakat base and disclosure requirement.regarding to determination of zakat aaoifi fas no. 9. para.2 states that “the zakat base shall be determined by using 2.5% for a lunar calendar year and 2.5775% for a solar calendar year based on either of the following two methods: net assets, net invested funds”. moreover, zakat should be measured at cash equivalent value as recommend by aaoifi fas no.9. para. 5. however, abdulrahman (2007)asserts that aaoifi under fas no.9 did not provide the specific regarding to charge the net receivables. in addition, in terms of the treatment of zakat in financial statements fas no.9.para. 9 aaoifi: case in which the islamic bank is obligated to pay zakat: “in any of the following cases, zakat shall be treated as a (non-operating) expense of the islamic bank and shall be included in the determination of the income statement: (a). when the law requires the islamic bank to satisfy the zakat obligation. (b). when the islamic bank is required by its charter or by-law to satisfy the zakat obligation. (c). when the general assembly of shareholders has passed a resolution requiring the islamic bank to satisfy the zakat obligation. abdul rahman (2007) states that issues in fairness in zakat are very important such as providing justice to both zakat payer and zakat recipient respectively. wahab and abdul rahman (2011) indicate that due to distribution of zakat fund that there are many shortcomings that influence significantly payment to zakat institutions. therefore, islamic accountability on accounting is important as well as al-iqtishad: vol. vi no. 2, juli 2014 300 transparency in islamic financial institutions.additionally, abdul rahman (2007) indicates that in islamic perspective the preparation of financial information need to take consideration to zakat purpose. ifrs vs. aaoifi: the competition of accounting standards? abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrs-iasb probably there will no specific standards for unique functions of islamic financial institutions2. this argument supports previous paper that ibrahim (2007) states that islamic financial institutions cannot fully comply with ifrs in their financial reporting because islamic financial institutions have some unique requirement. karim (2001) points out that there is increasing interest to provide the harmonization of accounting and financial reporting by banks. for instance, international accounting standards committee (iasc) to issue international accounting standard (ias), basle committee and united nation regarding to issues in transparency and comparability. in terms of banking regulation of islamic banks that karim (2001) argues that the implication of the unique characteristic of islamic banks seems that did not get higher support from the supervisory bodies in the countries in which islamic banks operated. for instance, due banking system, the system is same both islamic and conventional banks that there is no particular standard or regulation to apply to islamic banks (karim, 2001). with regard to ifrs that many countries as well as muslim countries in which islamic banks operated seem to be consistent to adopt the ifrs. for instance indonesia, malaysia use ifrs as a future core accounting standards. concerning to issues in ifrs vs. aaoifi,ibrahim (2007) claims that there are many issues relate to conflict in convergence with the global international reporting standards that may not appropriate with the spirit of global accounting standards convergence. additionally, ibrahim (2007) indicates that the issues currently move to seriously debate on convergence of accounting standards from harmonization to hegemonic tone of standardization. ibrahim argues that ifrs seems to be arrogant as ibrahim states “the preface to the recent international financial reporting standards which states that financial statements cannot state that they comply with international 2 this argument is taken from slides in class for subject islamic accounting and finance (acc 6810) on subtopic islamic accounting practice-accounting for islamic finance prepared by professor dr.abdul rahim abdul rahman in 2012, professor accounting at international islamic university malaysia (iium). jamaluddin majid: the critical aspect on fair value accounting 301 financial reporting standards unless they comply with all the applicable standards and not some of them. hence, ifrs permits no exceptions and is busherian in tone, “either you are with me or are against me!” in light this, aaoifi provides promulgate accounting, auditing and governance standards that there are 14 accounting standards as well as the statements which provide a conceptual framework that guides the preparation standards (karim, 2001). however, aaoifi’s standards seems tobe failin implementing in which islamic banks operated that there is lack of appreciation by agencies (karim, 2001). probably, many issues involved with regard to accounting standard-setting. karim (2001) indicates that the acceptance for aaoifi for worldwide may tend to challenge the adherence to iass to achieve international harmonization in financial reporting regardless of cultural differences that probably there is no collaborative productively among regulatory bodies. in terms of the growth of islamic finance that kpmc-audit firm (member of big 4) and the association of chartered certified accountants (acca) (2010) report for potential development of harmonizing financial reporting of islamic finance that the report provides possible approaches. the approaches as follows: 1. ifrsby default “ifrs could be used as the default reporting framework, although guidance based on existing islamic financial reporting models would need to be used to supplement the standards for those if transactions that do not fit simply into the framework”. 2. islamic accounting standards by default “alternatively, a set of globally recognized islamic accounting standards could be used by ifis. where possible these would be based on ifrs, but would include specific recognition, measurement, presentation and disclosure requirements relevant to islamic finance products and transactions”. to sum up, my personal opinion that probably, the collaboration productively among regulatory bodies is the best way to produce harmonizing financial reporting of islamic finance and implication to islamic financial institutions because the successfully of harmonizing islamic finance’s financial reporting needs supports from international bodies such as business organizations and professional organizations as well as governments that ifrs has been proved how to get international recognition. therefore, aaoifi may need to learn from ifrs’ experiences as accounting standards-setting. al-iqtishad: vol. vi no. 2, juli 2014 302 conclusion the paper indicates that fair value accounting measurement provides many critical aspects to be implemented to islamic financial institutions (ifis) that islamic bank do not provide interest on business transaction that considered as unique characteristics with profit loss sharing schemes. additionally, aaoifi proposed cash equivalent value as respond to fair value measurement that cash equivalent value when the attribute condition are present such as the relevance, reliability and understandability of the resulting information. regarding to aaoifi’s standards that karim (2001) argues aaoifi’s standards seems to be fail in implementing in which islamic banks operated that there is lack of appreciation by agencies. therefore, abdul rahman (2012) argues that fully adopting international financial reporting standards (ifrs) issued by ifrs-iasb probably there will no specific standards for unique functions of islamic financial institutions. in addition, the paper may be recommended to work together among muslim countries to unity the potential harmonizing one set accounting standards for islamic financial 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il m u ek on om i s ya ri ah vol. ii, no. 1, januari 2010 diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei) artikel: peran lembaga perekonomian nahdlatul ulama (lpnu) dalam perkembangan umkm berbasis syariah muhtadi ahmad analisis penetapan franchise fee dan royallty fee pada franchise brc walid darmawan strategi pemasaran pembiayaan pertanian wira noer riadho analisis pengaruh car, fdr, bopo dan npf terhadap profitabilitas desi ariyani prosedur underwriting produk asuransi kesehatan kumpulan pada pt. asuransi takaful keluarga 125 miftahul ulum analisis hubungan kepuasan kerja terhadap prestasi kerja karyawan muhammad lukman nasrih pengaruh tingkat keagamaan terhadap perilaku pedagang ahmad faiz persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan biaya pendidikan anak firdaus jurn al ilm u ekon om i syariah a l -iq t is h a d vo l. ii, n o. 1, jan u ari 2010 al-iqtishad (jurnal ilmu ekonomi syariah) adalah berkala ilmiah yang diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilmiah ini fokus pada kajian ilmu ekonomi syariah dan berupaya menyajikan pelbagai hasil riset ilmiah bermutu dalam bidang tersebut. seluruh artikel yang dipublikasikan dalam berkala ilmiah ini merupakan pandangan dari penulisanya dan tidak mewakili berkala ilmiah dan/atau lembaga afiliasi penulisnya diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilimiah ini fokus dalam kajian ilmu ekonomi syariah. terbit dua kali dalam satu tahun (januari dan juli). redaktur ahli muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) nadratuzzaman hosen (uin syarif hidayatullah jakarta) ahmad hidayat buang (universiti malaya malaysia) amiur nuruddin (iain sumatera utara) didin hafiduddin (institut pertanian bogor) uswatun hasanah (universitas indonesia) mustafa edwin nasution (universitas indonesia) muhammad syafii antonio (stei tazkiya jakarta) mohammad rusydi (acifs brisbane australia) md. sujimon (kolej pengajian islam johor malaysia) pemimpin redaksi euis amalia redaktur pelaksana ah. azharuddin lathif nuriyanto al-arief editor bahasa inggris ummi kultsum sekretariat maman rahman hakim alamat redaksi fakultas syariah dan hukum uin syarif hidayatullah jakarta jl. ir. h. juanda 95, ciputat, jakarta 15412. telp. (62-21) 74711537, faks. (62-21) 7491821 website: www.fsh-uinjkt.net; e-mail: redaktur.iqtishad@yahoo.com vol. ii, no. 1, januari 2010 daftar isi 1 peran lembaga perekonomian nahdlatul ulama (lpnu) dalam perkembangan umkm berbasis syariah muhtadi ahmad 35 analisis penetapan franchise fee dan royallty fee pada franchise brc walid darmawan 63 strategi pemasaran pembiayaan pertanian wira noer riadho 97 analisis pengaruh car, fdr, bopo dan npf terhadap profitabilitas desi ariyani 125 prosedur underwriting produk asuransi kesehatan kumpulan pada pt. asuransi takaful keluarga 125 miftahul ulum 155 analisis hubungan kepuasan kerja terhadap prestasi kerja karyawan muhammad lukman nasrih 181 pengaruh tingkat keagamaan terhadap perilaku pedagang ahmad faiz 209 persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan biaya pendidikan anak firdaus cover al-iqtishad vol. ii, no. 1, jan 2010 00-daftar isi sandra monica1, murniati mukhlisin2, dede abdul fatah3 abstract. this study explores the best reporting form as a representation of waqf accountability through nazhir’s perspectives, i.e. waqf institutions in indonesia. the method used in this study is the analytic network process combined with delphi. the results show that financial statements obtained from the first rank as the best reporting form. however, the waqf institutions could have difficulties in delivering a high-quality financial statement since there is a lack of understanding about the new waqf accounting standard that will be applied in 2021. the development of a comprehensive and down to earth guidance is crucial in helping the institutions apply the standard, with a help line as a backup. continuous education and certification are also useful to enhance the skills of human resources in the waqf institutions concerning waqf management and accountability reporting. keywords: waqf accountability; waqf reporting; nazhir; anp; delphi method abstrak. penelitian ini bertujuan untuk mengksplorasi bentuk pelaporan terbaik sebagai representasi akuntabilitas wakaf, dilihat dari perspektif nazhir, yang dalam hal ini adalah institusi wakaf di indonesia. metode yang digunakan adalah analytic network process yang dikombinasikan dengan delphi. hasil penelitian ini menyimpulkan bahwa laporan keuangan yang diperoleh dari tingkat pertama adalah bentuk pelaporan terbaik. akan tetapi, pemahaman institusi wakaf terhadap standar akuntansi wakaf terbaru yang akan diberlakukan pada tahun 2021 masih sangat kurang. ini menyebabkan institusi wakaf mengalami kesulitan dalam menyusun laporan keuangan yang berkualitas baik. pengembangan pedoman pelaporan yang komprehensif dan mudah dipahami diperlukan untuk membantu institusi wakaf. hal ini perlu disertai layanan bantuan yang dapat diakses setiap saat. pendidikan berkelanjutan dan sertifikasi juga dibutuhkan untuk meningkatkan keahlian sumber daya manusia di institusi wakaf terkait manajemen wakaf dan pelaporan akuntabilitas. kata kunci: akuntabilitas wakaf; pelaporan wakaf; nazhir; anp; metode delphi enhancing waqf accountability: nazhir’s perspective towards waqf reporting al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 251 264 1, 2, 3postgraduate school tazkia islamic university college, indonesia e-mail: 1mbaksan@yahoo.com, 2murniati@tazkia.ac.id, 3dedefatah@yahoo.com 252 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 introduction the glory of waqf since the early period of islam until the ottoman empire has inspired the islamic world to revive the significant role of waqf (abdullah et al., 2017; stibbard et al., 2012). some researchers suggested that waqf development should be in the form of islamic social enterprise, while others proposed waqf as a financing model for small business. nonetheless, the utilization of cash waqf that had been proved to succeed in the ottoman period has also become an important recommendation (mohsin, 2009). all the effort conducted as enforcement to strengthen the role of waqf in islamic society. it should be noted that the glory of waqf could not be achieved without any participation from the community. the study concerning the islamic society in malaysia has concluded trust as one of the determinant factors that can influence the community to participate in waqf (shukor et al., 2017). trust towards waqf institutions stimulated by transparency and accountability, which would extend the size of donors and increase the amount donated (connoly et al., 2011). waqf institutions, acted as nazhir, are given responsibility by donors, ie. waqif, to manage waqf asset. to account for this responsibility, waqf institutions must provide information about the waqf management under their controls. this information might include financial and non-financial matters, required by stakeholders. in the light of trust and integrity environment surrounding waqf institution, accountability is an obligation rather than an option (yacoob et al., 2015). accountability can be delivered through the form of a report that prepared periodically. an example of a report that has been used as an important tool to fulfill this obligation by waqf institution is a financial report (nahar et al., 2011). an institution is considered to be accountable when it periodically presents financial statements in conformity with the accounting standards (ihsan et al., 2011; yacoob et al., 2015). while the financial statement is believed as an important document, donors have tendencies to choose an institution that can demonstrate its efficiency and effectiveness (sargeant et al., 2004). effectiveness can be translated as an achievement to the desired result, while efficiency is the optimal utilization of all resources in the waqf institution. a report contains specific information about a programme performance along with supporting non-financial information is needed by the donors to ensure whether a programme has been conducted in sandra monica. enhancing waqf accountability 253 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 the right path towards its primary objective (connoly et al., 2013). this kind of information can be delivered through a specific project or programme report. at the international level, non-profit organizations united in international non-government organizations have an agreement on accountability charter. all the members are required to submit an accountability report as a commitment to this global platform. this report will be reviewed, then, feedback will be sent to highlight the improvement needed to perform by each member. this type of report can be an alternative form of a report to enhance the accountability practice in waqf institution. from the three forms of reports discussed before, there was a divergent opinion about the form of accountability need to be delivered. it will be necessary to discover which one is the best representation of accountability in the waqf institution. with extremely limited resources, waqf institutions have enormous tasks starting from collecting waqf assets, marketing their programmes, managing the waqf, distributing the usufruct to beneficiaries, until reporting the whole processes to stakeholders. they must allocate their resources into all these tasks considerately. focused on delivering one kind of report that can be a representation of accountability in managing waqf asset will be an advantage in efficiency and effectivity of waqf management. expecting them to deliver many kinds of reports might cause a lack of resources for other tasks. because it is the responsibility of waqf institution to deliver accountability to stakeholders, the main purpose of this study is to explore nazhir’s point of view regarding the best representation report form of accountability. the report as an accountability representation must contain at least two types of information, i.e. financial and non-financial information. referred to the new standard in waqf accounting, psak 112, that will be effectively implemented on 1 january 2021, nazhir is an independent reporting entity separated from the superior organization above it. consequently, nazhir must provide its own financial statements consist of the statement of financial position, statement of waqf asset, statement of activities, and statement of cash flow. all the information embodied in these financial statements can be grouped into four common categories, i.e. assets, liabilities, waqf revenue, and waqf distribution. as discussed earlier, donors, i.e. waqif in the waqf context, demand for a report that can be used to measure the effectiveness and efficiency of waqf management by nazhir. the relevancy of information provided in financial statements and the annual report is still questioned. this information is considered hard to understand and less important than performance information concerning 254 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the programme conducted by the institution (connoly, 2013). despite the performance information, other information that is important to be presented are beneficiaries. since the waqf intention is to deliver a continuous benefit to the community, then it is essential to weight this beneficiary’s information as non-financial information needed in enhancing waqf accountability report. another aspect of waqf reporting is information quality. a high-quality report will obtain a high level of trust, as well. this high-quality information then can be used in the decision making process by stakeholders. based on the fundamental framework for sharia accounting, the qualitative characteristics that must be incorporated into a report are relevance, reliability, understandability, and timeliness (kdpplks, 2016; aaoifi, 2015). the information is considered relevant if it assists the users in the decision making process, that it can be used to predict the future and confirm this prediction. it also needs to be reliable, i.e., faithful, unbiased, and complete. besides these two characteristics, the information should enable users to comprehend its meaning. it should be presented clearly and concisely. as the final characteristic, the information must be provided in time to enhance its usefulness. to achieve the accountability level by delivering high-quality information, waqf institutions might confront some internal obstacles. they need to allocate sufficient resources in every task. the task of preparing and verifying the report, for example, might need a definite person to be appointed. each task also requires a specific skill or knowledge. the person assigned for preparing the report must possess certain skills to produce a high-quality report (ihsan, 2011; budiman, 2011). besides human resources sufficiency and their skills, an integrated system might be necessary to ensure the input sources of information is being processed as expected to produce high-quality information. managing waqf efficiently while maintaining a high level of accountability should be reinforced by an integrated information system and qualified personnel (ihsan, 2011). all these allocations of resources might result in an additional cost for the institution. the more diversify and details the information, the greater the cost. the consideration commonly used is the benefit derived must exceed the cost emerged from providing the information (kdpplks, 2016). based on the discussion above, this study will use three clusters of criteria to assist in concluding the main objective, i.e. determine which report can act as the best representation of accountability delivered by waqf institution. those criteria are the component of information, the qualitative characteristic of a report, and the obstacle or weaknesses in the internal waqf institution. sandra monica. enhancing waqf accountability 255 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 a proposed model then built to be validated by experts. the model can be altered according to the recommendation given by the experts. literature review to understand about waqf accountability, first, it is essential to review the waqf system. waqf system is built upon four fundamental elements, i.e. waqif, mauquf, mauquf alaih and al sighah (usman, 2013; yacoob et al., 2015). waqif is the person that surrender his/her assets. there are some requirements to become a waqif. he/she must be mature, sane, healthy, and a legal owner of the assets (muzarie, 2010). if the waqif is an institution, then based on waqf act number 41 2004, it also has to fulfill the regulation inside the institution as mentioned in its article of association. the second element is mauquf or the assets being surrendered. the asset has to be approved legally as waqif ’s belonging (al kabisi 2004; yacoob et al., 2015). since waqf is an alms and a religious act, the asset surrendered must be in accordance with the sharia restriction. the asset should be halal and have a useful characteristic (al kabisi, 2004). the next element is mauquf alaih or beneficiaries. the beneficiary must be identified in the waqf deeds (muzarie, 2010; stibbard et al., 2012). it can be a specific person or an institution, or a common group of people such as the poor. the fourth element is al sighah or waqf deeds. waqf deeds can be in verbal, but to avoid any dispute in the future, it will be better to have the deeds in written (yacoob et al., 2015). with these deeds, the ownership of the asset is transferred to allah. to complete those four elements, waqif has to appoint a person or institution to manage the waqf asset. this person/institution is known as nazhir (usman, 2013; abdullah et al., 2017). waqif also have the power to remove and appoint a new nazhir if he/she is not satisfied with the performance of the current nazhir (stibbard et al., 2012). based on the waqf act number 41, nazhir can be a person or a legal institution. the act stated that nazhir duties include administering the waqf assets, managing and developing the waqf assets according to its objective and its function, monitoring and protecting the assets, and reporting the whole process to indonesian waqf board. for these duties, the appointed nazhir has a right to receive a management fee of up to 10% from the net result of managing and developing the waqf assets. 256 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 in the waqf system, it can be said that nazhir is the central point of waqf management. a waqf success story will depend on how the nazhir manage the waqf assets professionally to maximize the distribution of benefit to those defined in the waqf deeds. along with this responsibility, there is a demand for transparency and accountability. as the form of this demand, nazhir has to prepare a report that can demonstrate that he/she/it has performed as expected or even beyond the expectation. methods this study is qualitative research that is designed to explore the best reporting form for waqf institutions as their accountability representation. the angle of this research is nazhir’s perspective, which leads to waqf institutions in indonesia as the population since their main duties are collecting, managing, and reporting the waqf. samples are selected using purposive sampling. to become a sample, the waqf institutions chosen must have collected waqf from islamic community by offering certain projects either directly or through a financial institution. the data uses in this study consist of primary and secondary data. the secondary data needed are financial statements, project reports, or other waqf reporting forms gathered either directly from the waqf institution or their websites and other social media. the primary data were obtained through validation interviews with waqf experts, and the questionnaires answered by respondents. the method applied in this study is analytic network process (anp) method combined with delphi method. anp is a non-parametric and nonbayesian qualitative method used in the decision making process without any assumption about independence between elements in a network (ascarya et al., 2014). this method consists of three stages. the first stage is developing a proposed model of waqf reporting based on the literature review. as discussed in the introduction part, the objective of this model is to determine the best reporting form as a representation of accountability through nazhir’s perspective. there are three clusters of criteria in this model, i.e. component of information, the qualitative characteristic of a report, and the obstacle in the internal waqf institution. each criterion will be divided into sub criteria. sandra monica. enhancing waqf accountability 257 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 figure 1. model to determine the form of waqf reporting this model reviewed by two experts. they are practitioners who have worked for waqf institutions for several years. the purpose of this review is to test the validity and completeness of the model. each of them was interviewed separately to give an examination and suggestion that they were used to improve the model. the second stage is collecting data from respondents. after the review process, the final model was set up. then a questionnaire based on the model was constructed and distributed to twelve waqf institutions in jakarta, bandung, tangerang, and tangerang selatan. only eight out of these twelve institutions submitted their answers in the time provided. the answers given by respondents became an input that will be processed further in the final stage. the final stage is the anp analysis. the data were processed through software to set the priority of reporting form and reporting elements that 258 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 conform to the accountability delivered by the waqf institution effeciently and effectively. the data process was conducted individually for each respondent. after the priority for each respondent had been found, they were united counting the geometric mean and rater agreement. the geometric mean was calculated to set the priority of all respondents. this result is considered as the final conclusion. it was accompanied by a rater agreement that measures the level of agreement among respondents for each priority. it should be noted that the conclusion might not be translated as agreed by all respondents. integration with delphi method was conducted through the iteration process as one of the delphi characteristic (habibi et al., 2014). the second and third stages of anp were repeated once again. the questionnaire was submitted back to respondents accompanied by the summary of answers from all respondents. at this step, each respondent was asked to reexamine his answer and allowed to alter the first answer. another characteristic of delphi applied in this study is anonymous respondents. although each respondent received a summary of other respondents, the names remained hidden to avoid the possibility that a respondent changes his answer in pressure to follow the opinion of other dominant or well-known respondents. results and discussion after receiving all the answer from the respondents, the data were analyzed for each respondent using a software. priority for each cluster and alternatives then recorded for each respondent. subsequently, geometric mean was manually calculated to unite all the respondent’s opinion and set the priorities for every cluster and alternative from the waqf institution point of view. the result shows financial information as the most fundamental aspect in waqf reporting (46,73%), followed by information quality (27,72%), non-financial information (16%), and internal weakness in the institution (9,55%). as for the financial information, the information about waqf asset and waqf distribution is assumed to be the top priorities elements in waqf reporting. while for the non-financial information, the information concerning beneficiaries is considered as important as program performance. in the cluster of information quality, respondents decided that the highest quality of information is determined by its reliability (39,96%), followed by timeliness (20,28%), relevance (19,98%), and understandability (19,76%). for the fourth sub criteria, the skills of human resources and the existence of an information sandra monica. enhancing waqf accountability 259 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 system are found as the most significant weaknesses that can cause a disruption to deliver the waqf reporting. finally, all the reporting forms are recognized to have an equal degree of effectiveness and efficiency in delivering information about waqf accountability. in the second round, questionnaires received in the first round are distributed once again along with the summary from all the respondents. this time the respondents have a right to reconsider their answers in the first round and change them when necessary. three out of seven respondents alter their answers in some specific sub criteria, but generally, all respondents tend to be consistent with their first answers. these revisions then are being examined one more time by counting the geometric mean. the result can be seen in the following graph. figure 2. priority result of reporting form in 2nd round the graph shows slight changes in the criteria priority. financial information is still in the top rank with an increase percentage (51,58%). information quality and non-financial information are in the second place, each gained an equal percentage, which is 18,94%. the shifting in priority is also identified in financial information cluster. the information about waqf asset and its liabilities is now set as the most important, followed by waqf 260 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 revenue and waqf distribution. in information quality sub criteria, relevance and reliability become the priority, with understandability and timeliness in the next line. for this second round, the financial statement concludes as the most important form of reporting. program report and accountability report consider as less important. the respondents assume asset and liability as to the priority information. waqf institutions record asset under their management as a permanent restricted net asset in conformity with financial accounting standard statement 45. they are still using this standard until the application of accounting standard for waqf starting in the next year. concerning liabilities, most of the respondents interpret liabilities as debt that emerge because they loan amount of money to third parties. there is a lack of understanding about the liabilities that must be recorded by the institution. training and further education might be needed to acknowledge this issue other financial information, i.e. revenue and distribution of waqf placed in the bottom position. waqf revenue comes from productive waqf management. by the time of this research conducted, some of the institutions do not have productive waqf yet. they are still trying to develop productive waqf programmes, so there is no revenue received as a source of fund in waqf management activity. as for the non-financial information, beneficiaries and programme performance considered as equally important. from all of the information, four types of information which are an asset, waqf distribution, beneficiaries, and programme performance have been delivered periodically by waqf institution either through the formal report or informal media. for waqf institution, reliability and relevance are the determinant elements in the information quality. reliability can be obtained if the information delivered by the waqf institution possesses the elements of completeness, neutrality, and free from error. waqf institution must assure that all the transactions in the waqf management processed had been recorded, the transactions are recorded in the accurate amount, and information provided is unbiased. other two qualities, i.e. understandability and timeliness, assumed to be equally important to support the presentation of high-quality information. high quality information will increase the trust of stakeholders. in achieving accountability, there are two main obstacles to be solved by waqf institutions. the first, is the existence of an integrated system. the system that can track the whole process occurred in waqf institution from marketing, collecting, managing, distributing, and reporting will build up the sandra monica. enhancing waqf accountability 261 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 accountability and transparency. however, developing the system might need an allocation of quite a lot of funds which is perhaps not available yet in some of the institutions. second, human skills. each process in the waqf institution needs a specific skill. for example, the financial reports for waqf institution need to be prepared by a person who has the skill in sharia accounting. the skills in investment and business are also required to manage productive waqf. as for the adequacy of human resources, it is concluded to be insignificant since most of the waqf institutions in the meantime operate smoothly with a small amount of staff. as for the form of waqf reporting, it is concluded that financial statements as the most important. previous research also found in line with this result. institutions are considered to be accountable if they periodically deliver financial statements that prepared in conformity with the standard (ihsan et al., 2011; yacoob et al., 2015). the behaviour of the waqf institution tends to disclose information only to fulfill the obligation required in the standard (yasmin et al., 2014; yasmin et al., 2017). but this behaviour is contradicted with donor’s perspective, which emphasizes on more details and specific program report (connoly, et al., 2013). financial statements are important, but they are less understandable and relevant for donors. donors perceive programme report to be more useful and have the ability to describe the effectiveness of the programme conducted. since the quality of understandability put behind by the waqf institution, the report they provided might not as useful as it is intended. conclusion waqf has a substantial potency that can be explored further. participation from the community to donate is expected to increase because of the significant numbers of waqf institution and the raise of attention towards waqf from the government, practitioners, and academician. however, trust towards the waqf institution as the leading player in managing the waqf needs to be enhanced. accountability is a must factor in obtaining the trust, with the report as its medium. respondents have concluded that the financial statements can act as the best representation of accountability in waqf management. the main issue regarding accountability reporting in waqf institution is the size of waqf institution relatively small, with minimal human resources and skills, also lack supported information system. based on this condition, it will be hard for the waqf institutions to apply to the waqf standard psak 112 since the 262 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 standard refers to the accounting for public companies which have abundant resources. to address this problem, the indonesian waqf board as the highest authority in waqf management in indonesia can construct the accounting guidance based on psak 112 with sak etap as a reference. this down to earth guidance hopefully will make the standard more applicable by the waqf institutions. the accounting guidance along with psak 112 as its fundamental must be introduced intensively to all waqf institutions. continuous education and certification might help the waqf institutions to gain a comprehensive understanding of the accountability reporting. also, a helpdesk through social media or other media that can be accessed 24 hours by the waqf institution should be developed. this service can provide great help for the waqf institutions whenever a problem arises in their effort to apply to the accounting standard or other reports in the future. references aaoifi. 2015. accounting, auditing, and governance standards. dar al maiman publishing & distributing. bahrain. abdel mohsin, m.i. 2013. financing through cash-waqf: a revitalization to finance different needs. international journal of islamic and middle eastern finance and management vol.6 no.4. abdullah, r. dan ismail, a.g. 2017. taking stock of the waqf based islamic microfinance model. international journal of social economics vol.44 no.8. al kabisi, muhammad abid abdullah. 2004. hukum wakaf. dompet dhuafa republika dan iiman cetakan 1. jakarta. ikatan akuntan indonesia. 2016. kerangka dasar penyusunan dan penyajian laporan keuangan syariah-standar akuntansi syariah. iai. jakarta. international non-government organizations. 2006. accountability charter. accountable now. the united kingdom. ascarya dan masrifah. 2014. aplikasi analytic network process menggunakan superdecision 2.2.6. file pembelajaran mata kuliah metodologi penelitian pada institut tazkia. budiman, a.a. 2011. akuntabilitas lembaga pengelola wakaf. walisongo vol.19 no.1. connolly, c., dan kelly, m. 2011. understanding accountability in social sandra monica. enhancing waqf accountability 263 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 enterprise organizations: a framework. social enterprise journal vol.7 no.3 pp.224-237. connoly, c., dan hyndman, n. 2013. charity accountability in the uk: through the eyes of the donor. qualitative research in accounting and management vol.10 no.3/4 pp.259-278. habibi, a., sarafrazi, a., dan izadyar, s. 2014. delphi technique theoretical framework in qualitative research. the international journal of engineering and science vol.3. no.4 pp.08-13. ihsan, h. dan ibrahim, s.h.m. 2011. waqf accounting and management in indonesia waqf institutions: the cases of two waqf foundation. humanomics, vol.27 no.4 pp.252-269. muzarie, m. 2010. hukum perwakafan dan implikasinya terhadap kesejahteraan masyarakat: implementasi wakaf di pondok modern darussalam gontor. kementerian agama republik indonesia. jakarta. nahar, h.s., dan yaacob, h. 2011. accountability in the sacred context: the case of management, accounting and reporting of a malaysian cash awqaf institution. journal of islamic accounting and business research vol.2 no.2 pp.87-113. pemerintah indonesia. 2004. undang undang nomor 41 tahun 2004 tentang wakaf. jakarta. sargeant, a. dan jay, e. 2004. the fundraiser’s guide to increasing lifetime value. john wiley and sons, inc. shukor, s.a., anwar, i.f., aziz, s.a., dan sabri, h. 2017. muslim attitude towards participation in cash waqf: antecedents and consequences. international journal of business and society vol.18 pp.193-204. stibbard, p., russell, d., dan bromley, b. 2012. understanding the waqf in the world of the trust. trust and trustees vol.18 no.8 pp.785-810. usman, r. 2013. hukum perwakafan di indonesia. sinar grafika edisi 1 cetakan 2. jakarta. yacoob, h., petra, s. dan sumardi, a. 2015. accountability through accounting and reporting lenses: lessons from an awqaf institution in a southeast asia country. humanomics vol.31 no.3 pp.299-313. yasmin, s. dan haniffa, r. 2017. accountability and narrative disclosure by muslim charity organizations in the uk. journal of accounting and business research vol.8 no.1 pp.70-86. 264 http://journal.uinjkt.ac.id/index.php/iqtishad http://dx.doi.org/10.15408/aiq.v12i2.15828 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 yasmin, s., haniffa, r., dan hudaib, m. 2014. communicated accountability by faith-based charity organizations. journal of business ethics vol.122 no.1 pp.1-21. v o l. v ii (2), ju ly 2015 a l -iq t ish a d issn: 2087-135x e-issn: 2407-8654 vol. vii (2), july 2015 issn: 2087-135x e-issn: 2407-8654 al iqtishad is a peer-reviewed journal published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers both from indonesian and overseas. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014 jo u rn al o f i sl a m ic e co n o m ic s jo u rn al o f isla m ic eco n o m ics published by faculty of shariah and law syarif hidayatullah state islamic university syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist content the impact of financial liberalization on islamic banks's efficiency in indonesia wiwiek rabiatul adawiyah effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java rachmad hidayat, sabarudin akhmad, machmud peer group effects on moslem consumer's decision to purchase halal-labeled cosmetics muniaty aisyah the intellectural capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi the effect of productive zakah mentoring on the wealth of mustahik rizky andriati & nurul huda the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito financial ratio and its influence to profitability in islamic banks erika amelia human resources development of sharia banking: phenomenological approach burhanuddin yusuf application of pattern of islamic state revenue policy to improve the ability of indonesia's fiscal any setianingrum al-iqtishad journal of islamic economics volume vii (2), july 2015 the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorporation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. editor in chief m. nur rianto al arif vice editor maman rahman hakim sofyan rizal a. chairul hadi languange editor ummi kultsum layout and typesetting farhan mustofa secretariat ahmad sumedi fitriadi reviewer muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) asep saepudin jahar (uin syarif hidayatullah jakarta) amiur nuruddin (iain sumatera utara) didin hafidudhin (universitas ibn khaldun) djoni hartono (universitas indonesia) ahmad hidayat buang (universiti malaya malaysia) margareth gfrerer (daad, germany) ahmad mujahiddin (uin suska riau) md. sujimon (kolej pengajian islam johor malaysia) ashraf md hasyim (isra, malaysia) abdurrahman haqqi (universitas islam brunei) m. hudaib (adam smith business school, glasgow univ.uk) editorial office faculty of shariah and law syarif hidayatullah state islamic university jakarta jl. ir. h. juanda 95, ciputat, south tangerang, banten -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id; email: editor.iqtishad@yahoo.com content 141 the impact of financial liberalization on islamic banks’s efficiency in indonesia wiwiek rabiatul adawiyah 151 effects of service quality, customer trust, and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java rachmad hidayat, sabarudin akhmad, machmud 165 peer group effects on moslem consumer’s decision to purchase halallabeled cosmetics muniaty aisyah 181 the intellectural capital effect on financial performances at islamic insurance rizqon halal syah aji & kurniasih 197 capital market integration: palestine and israeli experience tulus suryanto & abdul razak abdul hadi 207 the effect of productive zakah mentoring on the wealth of mustahik rizky andriati & nurul huda 217 the image of financial institution as islamic bank in mediation service quality and customer satisfaction on customer loyalty in purwokerto chandra warsito 229 financial ratio and its influence to profitability in islamic banks erika amelia 241 human resources development of sharia banking: phenomenological approach burhanuddin yusuf 251 application of pattern of islamic state revenue policy to improve the ability of indonesia’s fiscal any setianingrum 00_iqtishad2015hijau_ok 1: 2014 hijau 01_daftar isi_ok nurul huda: prioritas solusi permasalahan pengelolaan zakat 223 prioritas solusi permasalahan pengelolaan zakat dengan metode ahp (studi di banten dan kalimantan selatan) nurul huda, desti anggraini, khalifah muhamad ali yosi mardoni, nova rini1 abstract: the priority problems and solutions of zakah management in banten and south borneo using ahp. the aim of this study is to map the priority problems and solutions in the management of zakat by using ahp (analytic hierarchy process). results of a study reveals that there are three kinds of priority issues and solutions zakat management divided by stakeholder agencies (stakeholders) zakat, i.e regulators, zakat organization (opz), muzaki and mustahik . the analytical hierarchy process (ahp) model at banten and jakarta give a same priority score, i.e. the institution for solving problem in zakat management is ops dan regulator solution priority is amil sertification. keywords: ahp, problems, solutions, zakat abstrak. prioritas solusi permasalahan pengelolaan zakat di propinsi banten dan kalimantan selatan dengan metode ahp. penelitian ini bertujuan untuk memetakan prioritas masalah dan solusi dalam pengelolaan zakat dengan menggunakan metode ahp (analytic hierarchy process). hasil penelitian mengungkapkan bahwa terdapat tiga macam prioritas masalah dan solusi pengelolaan zakat yang dibagi berdasarkan lembaga pemangku kepentingan (stakeholder) pengelolaan zakat, yaitu regulator, organisasi pengelola zakat (opz), serta muzaki dan mustahik zakat. model ahp di banten dan kalsel menghasilkan skor prioritas yang sama, bahwa lembaga yang paling diandalkan dalam pemecahan masalah pengelolaan zakat adalah opz dan prioritas solusi regulator adalah sertifikasi amil. kata kunci: ahp, masalah, solusi, zakat 1 diterima: 17 maret, direvisi: 15 april 2014 , disetujui: 28 april 2014 fakultas ekonomi universitas yarsi, jl. letjen suprapto kav. 13, cempaka putih, jakarta, email: pakhuda@ yahoo.com pascasarjana universitas indonesia kajiantimur tengah dan islam, jl. salemba raya 4, jakarta. email: saghi_sharia@yahoo.co.uk; email: kangkhalifah@yahoo.co.id, email mardoni3003@yahoo.co.id stie muhammadiyah jakarta, jl. minangkabaru barat, no. 60, jakarta. email: nvrin207@yahoo.com al-iqtishad: vol. vi no. 2, juli 2014 224 pendahuluan permasalahan kemiskinan sampai saat ini merupakan isu yang menarik untuk dibahas. berbagai macam program dan solusi yang sudah dilakukan oleh pemerintah maupun swadaya masyarakat, kemiskinan masih belum mengalami penurunan. salah satu solusi mengatasi kemiskinan tersebut adalah dengan sistem ekonomi islam. sistem ekonomi islam yang sudah berkembang saat ini adalah mengenai perbankan dan lembaga keuangan syariah. meskipun isu perbankan dan lembaga keuangan syariah telah menerima perhatian yang paling banyak, para informan penelitian menilai bahwa isu perbankan dan lembaga keuangan syariah bukanlah isu yang paling prioritas. perbankan syariah dinilai belum bisa memecahkan masalah yang sangat mendasar di dalam negara-negara islam, yaitu kemiskinan dan rendahnya tingkat pendidikan (abduh: 2013). selain isu mengenai perbankan dan lembaga keuangan syariah untuk mengatasi kemiskinan, instrument lain dalam sistem ekonomi islam yang dapat digunakan sebagai solusi kemiskinan adalah instrumen zakat. beberapa kajian yang dilakukan beik (2009), tsani (2010), hartoyo dan purnamasari (2010), dan anriani (2010) mengungkapkan bahwa zakat terbukti mampu mengurangi jumlah dan persentase keluarga miskin, serta mengurangi kedalaman dan keparahan kemiskinan. meskipun dianggap sebagai terpenting dalam area ilmu ekonomi dan keuangan islam, zakat belum menerima perhatian yang cukup dari kalangan intelektual muslim terutama dalam bidang riset-riset yang terkait dengan pengembangan pengelolaan zakat. padahal pada kenyataannya masih banyak kelemahan yang ada pada pengelolaan zakat. meskipun penghimpunan zakat terus meningkat dari tahun ke tahun, realisasi penghimpunan zakat nasional masih jauh dari potensi yang ada. pada tahun 2011, total penghimpunan zakat belum mencapai satu persen dari total potensi yang ada (baznas dan fem ipb: 2011). saat ini masih banyak propinsi di indonesia yang memiliki angka kemiskinan cukup tinggi. berdasarkan peta kemiskinan tahun 2010 yang memetakan sebaran mustahik, muzaki, dan potensi zakat setiap provinsi di indonesia, provinsi banten dan kalimantan selatan merupakan provinsi yang dihuni oleh muzaki dan mustahik dengan jumlah yang seimbang, namun banten memiliki potensi zakat yang tinggi sedangkan kalsel memiliki potensi zakat yang rendah. karakter propinsi banten dan kalimantan selatan tersebut menarik peneliti untuk melakukan penelitian mengenai prioritas solusi permasalahan zakat. penelitian ini akan memetakan prioritas masalah pengelolaan zakat dan mencari prioritas solusinya. salah satu metode yang paling populer dalam pemetaan masalah dan solusi adalah metode analytic hierarchy process (ahp). berdasarkan uraian di atas, dapat disusun pertanyaan penelitian sebagai berikut: 1) apa prioritas masalah nurul huda: prioritas solusi permasalahan pengelolaan zakat 225 dalam pengelolaan zakat? ; 2) apa prioritas solusi yang dapat diberikan atas prioritas masalah tersebut?;dan 3) bagaimana perbandingan prioritas masalah pengelolaan zakat di provinsi banten dan kalimantan selatan? tinjauan pustaka sabiq (2006) menyatakan bahwa zakat merupakan nama dari sesuatu hak allah yang dikeluarkan kepada yang berhak menerima zakat (mustahik). dinamakan zakat dikarenakan mengandung harapan untuk mendapatkan berkah, membersihkan, dan memupuk jiwa dengan berbagai kebaikan. zakat merupakan salah satu dari lima rukun islam dan disebutkan secara beriringan dengan kata shalat pada 82 ayat di dalam al qur’an. sementara menurut qardhawi (2007), zakat secara fikih berarti sejumlah harta tertentu yang diwajibkan allah untuk diserahkan kepada orang-orang yang berhak. allah telah menetapkan hukum wajib atas zakat sebagaimana dijelaskan di dalam al qur’an, sunnah rasul, dan ijma’ ulama kaum muslimin. hukum menunaikan zakat adalah wajib bagi setiap muslim yang telah memenuhi kriteria. indrijatiningrum melakukan penelitian mengenai persoalan utama zakat. hasil penelitian indrijatiningrum (2005) menyatakan bahwa beberapa persoalan utama zakat adalah gap yang sangat besar antara potensi zakat dan realisasinya, hal ini disebabkan masalah kelembagaan pengelola zakat dan masalah kesadaran masyarakat, serta masalah sistem manajemen zakat yang belum terpadu. untuk mengatasi masalah tersebut, perlu dilakukan strategi yang dapat mengatasi ancaman dan tantangan yang dihadapi dan memperbaiki kelemahan opz secara keseluruhan. prioritas kebijakan yang perlu dilakukan yaitu penerapan sanksi bagi muzaki yang tidak berzakat, meningkatkan kualitas sumber daya manusia untuk meningkatkan keprofesionalisme, kredibilitas, akuntabilitas, dan transparansi opz; dan mensinergikan pelaksanaan sistem pajak dan zakat secara nasional. skenario terbaik dalam meningkatkan potensi zakat adalah melalui reformasi perundangundangan (indrijatiningrum: 2005). chalikuzhi (2009) dalam disertasinya menyatakan beberapa isu utama pengelolaan zakat: (1) rendahnya pengetahuan zakat yang berakibat tidak ketidakefektifan pengumpulan zakat, hal ini berimplikasi perlunya sosialisasi zakat guna meningkatkan kesadaran membayar zakat; (2) rendahnya keimanan juga mempengaruhi ketidakefektifan pengumpulan zakat; (3) perbedaan pandangan terhadap fikih zakat juga merupakan faktor penghambat ketidakoptimalan penghimpunan zakat; (4) faktor transparansi yang masih rendah dari lembaga zakat berimplikasi terhadap rendahnya pembayaran zakat pada lembaga zakat. al-iqtishad: vol. vi no. 2, juli 2014 226 mintarti (2012) menyatakan bahwa salah satu masalah utama dalam pengelolaan zakat adalah masih lemahnya sumberdaya manusia (sdm) amil. kebanyakan amil tidak menjadikan pekerjaannya sebagai profesi atau pilihan karir, tapi sebagai pekerjaan sampingan atau pekerjaan paruh waktu. metode metode analisis yang digunakan dalam penelitian ini adalah metode ahp. orang pertama yang mengembangkananalytic hierarchy process (ahp) adalah thomas l saaty. saaty (2008) mengatakan bahwa, “the analytic hierarchy process (ahp) is a theory of measurement through pairwise comparisons and relies on the judgements of experts to derive priority scales.”ahp adalah sebuah teori pengukuran melalui perbandingan berpasangan yang bergantung kepada penilaian para pakar yang dapat menghasilkan skala prioritas. saaty (1991), menyatakan bahwa penyelesaian masalah dengan ahp terdapat beberapa prinsip dasar, yaitu: decomposition, comparative judgement, dan synthesis of priority. decomposition artinya memecah persoalan yang utuh menjadi unsur-unsurnya sampai tidak mungkin dilakukan pemecahan lebih lanjut, sehingga didapatkan beberapa tingkatan dari persoalan tersebut. comparative judgement adalah melakukan perbandingan antar elemen-elemen dalam hirarki yang disajikan dalam bentuk matriks. perbandingan ini dilakukan dengan cara berpasangan antar elemen. cara ini disebut juga pairwise camparation. sementara itu hasil akhir dari seluruh prioritas adalah melakukan synthesis of priority. dengan demikian maka akan diperoleh prioritas masing-masing elemen. ada tiga tahapan penelitian yang akan dilakukan. tiga tahapan tersebut terlihat pada gambar 1. gambar 1. tahapan penelitian kajianpustaka indepeth interview fgd kuisioner konstruksi model kuantifikasi model analisis hasil konstruksi model validasi/konfirmasi model penyusunankuisioner teskuisioner surveiinforman validasi data: ujikonsistensi bobotprioritastiapelemen analisis data interpretasihasil peneliti informan nurul huda: prioritas solusi permasalahan pengelolaan zakat 227 konstruksi model konstruksi model ahp disusun berdasarkan kajian pustaka secara teori maupun empiris. penelitian ini melibatkan empat orang informan yang terdiri dari praktisi zakat. dua orang informan diambil dari provinsi banten, dan dua informan lainnya dari provinsi kalimantan selatan. pemilihan daerah didasari oleh perbedaan potensi zakat dimana banten memiliki potensi zakat yang tinggi sedang kalimantan selatan memiliki potensi zakat yang sedang. perbedaan ini diharapkan dapat memberikan hasil penelitian yang lebih kaya dan beragam. dalam tahapan konstruksi model ini para informan diajak untuk melakukan diskusi secara mendalam (in-depth interview). kuantifikasi model tahap kuantifikasi model menggunakan pertanyaan dalam kuisioner berupa perbandingan berpasangan (pairwise comparison) antar elemen untuk mengetahui mana diantara keduanya yang lebih penting. pengukuran dilakukan dengan skala numerik 1-9. data hasil penilaian kemudian dikumpulkan dan input melalui software superdecisions. sintesis dan analisis sebelum data terolah dianalisis, akan dilakukan validasi data, yaitu dengan melakukan uji konsistensi. data dianggap konsisten jika memiliki nilai rasionkonsistensi/consistency ratio (cr) <0.1 (saaty: 1994). jika nilai cr lebih besar dari 0,1, maka akan dilakukan penilaian (judgement) ulang oleh informan. jika nilai cr telah konsisten, maka bobot prioritas elemen yang telah ada dapat digunakan sebagai dasar untuk analisis data dan interpretasi hasil. pembahasan berdasarkan peta kemiskinan tahun 2010 yang memetakan sebaran mustahik, muzaki, dan potensi zakat setiap propinsi di indonesia, propinsi banten dan kalimantan selatan merupakan provinsi yang dihuni oleh muzaki dan mustahik dengan jumlah yang seimbang, namun banten memiliki potensi zakat yang tinggi sedangkan kalsel memiliki potensi zakat yang rendah. penelitian ini menemukan bahwa terdapat tiga macam prioritas masalah dan solusi pengelolaan zakat yang dibagi berdasarkan lembaga pemangku kepentingan (stakeholder) pengelolaan zakat, yaitu regulator, organisasi pengelola zakat (opz), dan masyarakat yang dalam hal ini didefinisikan sebagai muzaki dan mustahik zakat. muzaki adalah orang yang membayar zakat, sedangkan mustahik adalah orang yang berhak menerima zakat. hasil konstruksi model dibagi menjadi dua bagian, yaitu prioritas masalah dan prioritas solusi pengelolaan zakat. al-iqtishad: vol. vi no. 2, juli 2014 228 prioritas masalah pengelolaan zakat prioritas masalah yang ada dalam regulator adalah: 1) perbedaan pendapat (khilafiyah) mengenai fiqih zakat; 2) rendahnya koordinasi antara regulator dengan opz; 3) rendahnya peran kementerian agama dalam pengelolaan zakat;dan 4) zakat belum menjadi obligatory system. salah satu contoh masalah khilafiyah fikih zakat adalah dalam pro-kontra zakat profesi. sebagian ulama mendukung adanya zakat profesi, namun sebagian yang lain menganggap zakat profesi adalah bid’ah atau sesuatu yang diada-adakan dalam agama. perbedaan pendapat dalam masalah fikih, termasuk fikih zakat, adalah sesuatu yang biasa dalam agama islam, namun demikian agar umat islam tidak bingung dan menghindari perpecahan, perlu ditetapkan satu pendapat yang diambil sebagai pegangan. institusi yang dapat menyelesaikan masalah khilafiyah fikih zakat ini adalah pemerintah sebagai pemegang kekuasaan. prioritas masalah zakat selanjutnya adalah rendahnya koordinasi antara regulator zakat dengan opz. sebagian opz, terutama opz besar bentukan masyarakat, cenderung memiliki egoisme organisasi yang juga besar. sejarah panjang opz dalam membesarkan organisasinya memberikan pengaruh terhadap cara pandangnya terhadap memandang regulator. sebagian informan mengungkapkan bahwa salah satu prioritas masalah pengelolaan zakat lainnya adalah rendahnya peran kementerian agama (kemenang) dalam pengelolaan zakat. perhatian kemenang terhadap zakat jauh lebih kecil dibandingkan perhatiannya terhadap pengelolaan haji. kemenang menyerahkan urusan pengelolaan zakat kepada baznas. prioritas masalah zakat terakhir adalah belumnya zakat menjadi obligatory system dalam sistem negara. akibatnya kesadaran masyarakat dalam menunaikan zakat menjadi rendah. seorang wajib zakat yang sudah mengetahui kewajiban zakat menjadi kurang terdorong untuk membayar zakat karena tidak adanya sanksi (punishment) ataupun insentif (reward) yang tetapkan oleh pemerintah. prioritas masalah pada opz adalah: 1) jumlah lembaga amil zakat yang terlalu banyak; 2) mahalnya biaya promosi; 3) rendahnya efektifitas program pedayagunaan zakat; 4) rendahnya sinergi antar stakeholder zakat; dan 5) terbatasnya sumberdaya manusia (sdm) amil zakat. sebagian informan yang berasal dari opz pemerintah mengatakan bahwa salah satu prioritas masalah zakat adalah terlalu banyaknya opz bentukan masyarakat (laz). menurut mereka zakat seharusnya dikelola oleh negara sebagaimana di zaman rasulullah saw dimana zakat dikelola oleh baitul maal. pertumbuhan laz yang cukup pesat dalam beberapa tahun terakhir dianggap sebagai ancaman nurul huda: prioritas solusi permasalahan pengelolaan zakat 229 terhadap sistem pengelolaan zakat nasional. pertumbuhan kuantitas yang tidak diiringi dengan peningkatan kualitas dapat menjadi faktor yang dapat menurunkan tingkat kepercayaan masyarakat terhadap opz secara keseluruhan. dari sekian banyak opz yang ada, baru 43 opz yang terdaftar di forum zakat (foz) dan baru 12 opz diantaranya yang memiliki ijin dari pemerintah. prioritas masalah zakat selanjutnya adalah mahalnya biaya promosi. opz sebagai pengelola zakat memiliki satu peran utama yaitu penghimpunan dana zakat. dalam aktivitasnya menghimpun dana dari masyarakat opz perlu melakukan promosi kepada masyarakat luas. sebagai organisasi yang bersifat mandiri, opz harus membayar biaya promosi dari dana sendiri. akibatnya biaya promosi diambil dari dana yang telah dikumpulkan dari masyarakat yang sebenarnya diharapkan oleh para muzaki dapat digunakan untuk membantu mustahik zakat terutama golongan fakir miskin. rendahnya efektifitas program pendayagunaan zakat dianggap sebagai prioritas masalah pengelolaan zakat. efektifitas yang dimaksud adalah ketepatan dan kesinambungan program pendayagunaan zakat dalam memberikan kemaslahatan kepada mustahik. masih banyak opz yang membuat program pendayagunaan zakat untuk sekedar pamer di media. sehingga pada saat selesai diliput oleh media, program pendayagunaan berakhir. selain masih rendahnya sinergi antara opz dengan regulator, ternyata prioritas masalah juga ada pada lemahnya sinergi antara opz. opz yang telah berhasil membesarkan organisasinya masing-masing dianggap memiliki egoisme organisasi yang akhirnya sulit membuat organisasinya bekerja sama dengan opz lain. kesamaan tujuan semua opz dalam memberikan kemaslahatan pada mustahik tidak serta merta membuat opz dapat bersinergi dengan baik. padahal allah swt telah memberikan arahan agar hamba-hamba-nya dapat saling bersinergi dalam kebaikan dan ketaqwaan. prioritas masalah pada muzaki/mustahik adalah: 1) mustahik yang cenderung karikatif; 2) rendahnya kepercayaan muzaki kepada opz dan regulator; 3) rendahnya kesadaran muzaki dalam menunaikan zakat secara benar sesuai syariat; dan 4) rendahnya pengetahuan muzaki tentang fikih zakat. prioritas masalah pertama yang datang dari sisi muzaki/mustahik adalah mustahik yang cenderung karikatif atau konsumtif. salah satu tujuan utama opz adalah mengubah status mustahik menjadi muzaki. mustahik zakat yang masih mampu berusaha diberdayakan sedemikian rupa sehingga dapat mandiri dan hidup sejahtera. namun demikian, banyak mustahik yang konsumtif. dana zakat yang diberikan kepadanya untuk menjadi produksi justru digunakan untuk konsumsi. al-iqtishad: vol. vi no. 2, juli 2014 230 akhirnya banyak program pemberdayaan yang mengalami kegagalan. prioritas masalah zakat yang berasal dari sisi muzaki/mustahik lainnya adalah rendahnya kepercayaan muzaki kepada opz dan regulator. opz adalah organisasi yang mengandalkan dana publik untuk menjalankan semua aktivitasnya. sehingga aspek kepercayaan masyarakat (trust) menjadi sangat penting. semakin tinggi tingkat kepercayaan masyarakat, maka semakin tinggi pula tingkat penghimpunan dana opz. namun sayangnya hingga saat ini masih banyak muzaki yang belum percaya dengan opz, sehingga lebih memilih menyalurkan dana zakatnya secara langsung kepada mustahik. rendahnya kesadaran muzaki dalam menunaikan zakat secara benar sesuai syariat juga menjadi prioritas masalah zakat dari sisi muzaki. salah satu contohnya adalah muzaki masih gemar menyalurkan zakat secara langsung kepada mustahik. penyaluran zakat secara langsung dapat menimbulkan masalah baru. prioritas masalah selanjutnya adalah rendahnya pengetahuan muzaki tentang fikih zakat. rendahnya pengetahuan tentang fikih zakat ini menyebabkan rendahnya kesadaran menunaikan zakat bagi para muzaki. banyak muzaki yang tidak mengetahui apakah dirinya sudah wajib zakat atau belum, bagaimana pentingnya kedudukan zakat dalam agama islam, bagaimana beratnya ancaman allah bagi orang yang tidak menunaikan zakat, dan bagaimana cara menyalurkan zakat dengan benar. prioritas solusi pengelolaan zakat prioritas solusi regulator adalah: 1) keteladanan pejabat dalam menunaikan zakat sesuai syariat; 2) kewajiban audit eksternal; 3) meningkatkan fungsi pengaturan dan pengawasan; 4) meningkatkan peran majelis ulama indonesia (mui); 5) sertifikasi amil;dan 6) standarisasi dan akreditasi opz. prioritas solusi pengelolaan zakat pada regulator adalah dengan pemberian keteladanan dalam menunaikan zakat secara benar sesuai syariat. para pemimpin, pejabat, termasuk juga pengelola zakat, para da’i harus memulai dari diri sendiri sebelum menyuruh orang lain berzakat. contoh konkret lain terkait dengan sosialisasi zakat adalah dengan melakukan kampanye zakat baik di media elektronik, jejaring sosial, maupun media cetak. prioritas solusi selanjutnya adalah mengadakan kewajiban audit eksternal yang dilakukan oleh regulator zakat kepada opz. kewajiban audit bagi setiap opz dapat meningkatkan penerapan good corporate governance (gcg) pada opz. peningkatan gcg dapat membantu meningkatkan transparansi dan akuntabilitas opz yang dapat membantu meningkatkan kepercayaan masyarakat terhadap opz. selain itu, regulator juga dianggap perlu melakukan fungsi pengaturan dan nurul huda: prioritas solusi permasalahan pengelolaan zakat 231 pengawasan kepada opz sebagaimana bank indonesia melakukan fungsi tersebut kepada perbankan. jika ada opz yang berprestasi, maka regulator dapat memberikan penghargaan. sebaliknya, jika opz tidak menjalankan perannya dengan baik, maka regulator dapat memberikan sanksi. meningkatkan peran majelis ulama indonesia (mui) dalam menyelesaikan persoalan khilafiyah fikih zakat juga dianggap sebagai prioritas solusi pengelolaan zakat. mui sebagai wadah berkumpulnya para ulama yang diakui oleh pemerintah seharusnya dapat memberikan keputusan tentang perbedaan pendapat fikih zakat yang merebak di masyarakat. sertifikasi amil juga dianggap sebagai prioritas solusi permasalahan zakat nasional. amil zakat sebagai ujung tombak pengeloaan zakat haruslah orang yang memiliki kapasitas yang cukup untuk mengemban amanah sebagaimana rasulullah saw juga memilih sahabat-sahabat terbaik sebagai amil zakat. sertifikasi amil dimaksudkan untuk menjamin kualitas amil sesuai dengan standar kompetensi yang dibutuhkan. prioritas solusi atas pengelolaan zakat terakhir dari sisi regulator yang ditemukan adalah standarisasi dan akreditasi opz. standarisasi pengelolaan zakat dalam opz akan dapat memudahkan perbandingan kinerja antar opz. sebagai contoh, jika semua opz menerapkan psak 109 yang merupakan standarisasi pengelolaan keuangan opz, maka hal tersebut akan membantu para auditor dalam membandingkan kinerja keuangan antar satu opz dengan opz lainnya. prioritas solusi opz adalah: 1) management training dan kerjasama dengan perguruan tinggi dalam memenuhi kebutuhan amil profesional; 2) membangun sinergi antar stakeholder zakat; 3) memperluas jaringan opz; 4) peningkatan efektifitas program pendayagunaan zakat; 5) peningkatan transparansi dan akuntabilitas; 6) standarisasi zakat nasional. prioritas solusi pengelolaan zakat pada opz pertama adalah dengan pengadaan manajemen pelatihan dan kerjasama dengan perguruan tinggi dalam memenuhi kebutuhan amil profesional. managemen pelatihan adalah langkah jangka pendek yang dilakukan untuk memenuhi kebutuhan amil pada opz, sedangkan pembentukan kerja sama dengan perguruan tinggi adalah langkah jangka menengah dan panjang untuk menjamin stok amil profesional di masa yang akan datang. prioritas solusi pengelolaan zakat pada opz selanjutnya adalah pembangunan sinergi antar stakeholder zakat. sinergi yang dapat dilakukan adalah dalam sosialisasi zakat, persamaan fikih zakat, standarisasi pengelolaan zakat, penyusunan data basemustahik dan muzaki, hingga sinergi dalam program pendayagunaan zakat al-iqtishad: vol. vi no. 2, juli 2014 232 di lapangan. memperluas jaringan opz dianggap oleh sebagian informan sebagai prioritas solusi pengelolaan zakat pada opz. menurut wibisono (2011), saat ini terdapat 33 bazda provinsi, 447 bazda kabupaten/kota serta 18 laz nasional dan 22 laz daerah. meski jaringan opz sudah cukup luas, perlu dilakukan peningkatan baik dari sisi kuantitas maupun kualitas jaringannya sehingga dapat semakin menjangkau mustahik/muzaki. peningkatan efektifitas program pendayagunaan zakat juga dianggap sebagai prioritas solusi pengelolaan zakat pada opz. program pendayagunaan yang dilakukan opz hendaknya dilakukan dengan prinsip tepat guna agar benar-benar dapat memberikan maslahat kepada mustahik. selain itu opz dianggap perlu menjaga program pendayagunaannya agar tetap berjalan dengan baik meski sudah ditinggal oleh opz. peningkatan transparansi dan akuntabilitas dipandang perlu dimasukan sebagai prioritas solusi pengelolaan zakat pada opz. transparansi adalah keterbukaan dalam pengelolaan keuangan, sedangkan akuntabilitas yang dimaksud adalah ketersesuaian antara rencana dengan pelaksanaan keuangan. pengelolaan keuangan yang transparan dan akuntabel pada akhirnya dapat menimbulkan kepercayaan masyarakat terhadap opz. prioritas solusi pengelolaan zakat pada opz terakhir yang diungkap adalah standarisasi zakat nasional. standarisasi zakat nasional yang dimaksud adalah penyamaan standar pengelolaan zakat pada opz. pengelola zakat dianggap perlu melakukan standarisasi pada aspek-aspek lain seperti standarisasi fikih zakat. prioritas solusi muzaki/mustahik adalah: 1) kaderisasi dai zakat; 2) kemudahan layanan; 3) perbaikan materi zakat dalam pelajaran sekolah; 4) pemberian penghargaan bagi yang menunaikan zakat dan hukuman (punishment) bagi yang tidak menunaikan zakat padahal telah wajib zakat; 5) pengingkatan sosialisasi dan edukasi zakat kepada masyarakat; dan 6) menjadikan zakat sebagai gaya hidup masyarakat. gambar 2. struktur jaringan ahp sumber: wawancara, data diolah. nurul huda: prioritas solusi permasalahan pengelolaan zakat 233 prioritas solusi pengelolaan zakat pada muzaki/mustahik pertama yang dikemukakan adalah kaderisasi dai zakat. belum banyak dai/ustadz yang menyampaikan tentang fikih zakat, akibatnya ummat islam tidak faham akan pentingnya zakat. diharapkan dengan kaderisasi dai zakat, syiar zakat akan semakin tersebar melalui mimbar-mimbar jumat, ceramah baik di media cetak atau elektronik. prioritas solusi selanjutnya adalah meningkatkan kemudahan layanan zakat. kemudahan berzakat yang menjangkau berbagai lapisan masyarakat diharapkan dapat meningkatkan penghimpunan zakat. pemberian materi zakat dalam pelajaran sekolah juga dianggap sebagai salah satu prioritas solusi pengelolaan zakat pada muzaki/mustahik. selain itu pemberian penghargaan bagi wajib zakat yang membayar zakat dan sanksi bagi wajib zakat yang tidak membayar zakat juga merupakan prioritas solusi yang dianggap dapat menjadi salah satu langkah pemecahan masalah pengelolaan zakat. peningkatan sosialisasi dan edukasi zakat kepada masyarakat merupakan prioritas solusi yang dianggap sangat penting dalam menyelesaikan permasalahan zakat nasional. sosialisasi dapat memberikan pemahaman kepada masyarakat tentang pentingnya zakat. pemahaman memberikan kesadaran dan kesadaran akan memberikan dorongan yang lebih kuat untuk berzakat. prioritas solusi terakhir yang ditawarkan para informan dalam menyelesaikan permasalahan zakat adalah menjadikan zakat sebagai gaya hidup masyarakat. zakat diharapkan dapat menjadi gaya hidup masyarakat sebagaimana masyarakat modern yang sudah menggunakan asuransi sebagai gaya hidup. semua aspek di atas jika dikonstruksi menjadi model ahp maka akan tampak pada gambar 2 berikut. gambar 2 adalah model dibangun dengan metode ahp. model ini bersifat hierarkis. pada model ahp seluruh hubungan yang terbentuk selalu berawal dari node (simpul) atas ke node bawah (top down). hasil kuantifikasi model setelah model ahp terbentuk, tahapan selanjutnya adalah mengkuantifikasi model dengan melakukan perbandingan berpasangan (pairwise comparison). hasil yang pairwise comparison dari kedua model di atas ditampilkan dalam tabel-tabel di bawah ini. tabel 1 menggambarkan perbandingan antara nilai skor prioritas model ahp banten dan kalsel dalam penentuan prioritas masalah pengelolaan zakat secara keseluruhan. tampak bahwa lembaga paling bermasalah dalam pengelolaan zakat menurut model ahp banten adalah regulator. begitu pula dengan model ahp kalsel yang menyatakan bahwa lembaga paling bermasalah dalam pengelolaan zakat adalah regulator. menurut model ahp baik yang dilakukan di banten maupun kalsel, prioritas masalah regulator adalah rendahnya peran kementerian agama al-iqtishad: vol. vi no. 2, juli 2014 234 (kemenag). prioritas masalah opz adalah rendahnya sinergi sesama stakeholder zakat. baik model ahp banten maupun kalsel menghasilkan sintesa hasil prioritas yang sama. hal ini sesuai dengan hafidhuddin dan juwaini (2006), dimana sinergi antar opz terutama antara lembaga zakat bentukan pemerintah (baz) dengan lembaga zakat bentukan masyarakat (laz) belum terjadi dengan baik. akibatnya, banyaknya opz bukan menjadi sarana untuk membantu pemerintah dalam mengentaskan kemiskinan, tapi justru menjadi penyebab tumbuhnya persaingan yang tidak sehat antara organisasi. tabel 1. perbandingan nilai skor prioritas antara model ahp banten dan kalsel dalam penentuan prioritas masalah pengelolaan zakat secara keseluruhan lembaga banten kalsel aspek banten kalsel regulator 0,631 0,588 1. khilafiyah fiqih zakat 0,134 0,270 2. rendahnya koordinasi dgn opz 0,321 0,288 3. rendahnya peran kemenag 0,366 0,339 4. zakat belum sebagai obligatory sistem 0,179 0,103 opz 0,121 0,297 1. jumlah laz terlalu banyak 0,042 0,101 2. mahalnya biaya promosi 0,130 0,064 3. rendahnya efektifitas program pedayagunaan 0,115 0,101 4. rendahnya kredibilitas 0,082 0,101 5. rendahnya sinergi sesama stakeholder 0,316 0,316 6. terbatasnya sdm amil 0,315 0,316 muzaki dan mustahik 0,248 0,134 1. mustahik cenderung karikatif 0,105 0,105 2. rendahnya kepercayaan terhadap opz dan regulator 0,138 0,284 3. rendahnya kesadaran muzaki 0,380 0,287 4. rendahnya pengetahuan muzaki 0,378 0,324 sumber: hasil penelitian, data diolah. model ahp banten menyatakan bahwa prioritas masalah mustahik dan muzaki adalah rendahnya kesadaran muzaki, adapun model ahp kalsel menganggap bahwa prioritas masalah muzaki adalah rendahnya pengetahuan muzaki. rendahnya pengetahuan muzaki tentang fikih zakat mengakibatkan rendahnya kesadaran bayar zakat. banyak orang wajib zakat yang tidak bayar zakat lantaran tidak mengetahui nurul huda: prioritas solusi permasalahan pengelolaan zakat 235 kewajiban zakat. mungkin inilah yang menyebabkan realisasi penghimpunan zakat baru mencapai kurang dari 2% dari total potensinya pada tahun 2012. rendahnya pengetahuan fikih zakat bagi muzaki juga menyebabkan praktik pembayaran zakat yang tidak sesuai dengan syariat. kekeliruan yang paling umum dijumpai adalah praktik pemberian zakat secara langsung kepada mustahik. akibatnya, mustahik cenderung karikatif/konsumtif dan sering terjadi korban meninggal akibat berdesak-desakan berebut zakat. selain itu juga, pemberian zakat secara langsung tidak sesuai dengan semangat pemberdayaan masyarakat yang menjadi kunci untuk pengentasan kemiskinan. jika melihat pada hasil yang didapat, diantara metode ahp banten dengan model ahp kalsel terdapat banyak kemiripan prioritas. hal ini dikarenakan adanya kesamaan struktur konstruksi model yang dibentuk. hasil pairwise comparison selanjutnya adalah prioritas solusi pengelolaan zakat. perbandingan nilai skor prioritas solusi antara model ahp banten dan kalsel disajikan dalam tabel 2. pada tabel 2 tampak bahwa antara metode ahp banten dan kalsel menyatakan bahwa lembaga yang paling diandalkan dalam pemecahan masalah (problem solver) pengelolaan zakat adalah regulator. baik model ahp banten maupun kalsel menyatakan bahwa prioritas solusi regulator adalah sertifikasi amil. prioritas solusi opz menurut model ahp banten dan kalsel adalah perbaikan materi/kurikulum zakat dalam pelajaran sekolah. berdasarkan uraian di atas, tampak bahwa hasil prioritas antara model ahp banten dan kalsel memiliki banyak kesamaan hasil (priorities). tabel 2. perbandingan prioritas solusi antara model ahp banten dan kalsel penentuan prioritas solusi pengelolaan zakat secara keseluruhan lembaga banten kalsel aspek banten kalsel regulator 0,467 0,549 1. keteladanan pejabat 0,205 0,142 2. kewajiban audit eksternal 0,205 0,242 3. meningkatkan fungsi pengaturan dan pengawasan 0,072 0,113 4. meningkatkan peran mui 0,064 0,113 5. sertifikasi amil 0,382 0,317 6. standarisasi dan akreditasi opz 0,072 0,073 al-iqtishad: vol. vi no. 2, juli 2014 236 opz 0,322 0,308 1. management training dan kerjasama dengan perguruan tinggi 0,206 0,101 2. membangun sinergi antar stakeholder zakat 0,243 0,271 3. memperluas jaringan opz 0,078 0,064 4. peningkatan efektifitas program pendayagunaan utk kemaslahatan mustahik 0,135 0,147 5. peningkatan transparansi dan akuntabilitas 0,156 0,271 6. standarisasi pengelolaan zakat nasional 0,181 0,147 muzaki dan mustahik 0,211 0,143 1. kaderisasi dai zakat 0,157 0,223 2. kemudahan layanan 0,100 0,162 3. perbaikan materi zakat dalam pelajaran sekolah 0,266 0,253 4. reward dan punishment 0,043 0,244 5. sosialisasi dan edukasi 0,215 0,064 6. zakat sbg lifestyle 0,221 0,053 sumber: hasil penelitian, data diolah. simpulan terdapat tiga macam prioritas masalah dan solusi pengelolaan zakat yang dibagi berdasarkan lembaga pemangku kepentingan (stakeholder) pengelolaan zakat, yaitu regulator, organisasi pengelola zakat (opz), serta muzaki dan mustahik zakat. lembaga paling bermasalah dalam pengelolaan zakat menurut model ahp banten dan kalsel adalah regulator. baik menurut model ahp banten ataupun kalsel, prioritas masalah regulator adalah rendahnya peran kemenag. prioritas masalah opz adalah rendahnya sinergi sesama stakeholder zakat. menurut model ahp banten, prioritas masalah mustahik/muzaki adalah rendahnya kesadaran muzaki, sedangkan menurut model ahp kalsel adalah rendahnya pengetahuan muzaki. model ahp yang dilakukan baik di banten dan kalsel menghasilkan skor prioritas yang sama, bahwa lembaga yang paling diandalkan dalam pemecahan masalah (problem solver) pengelolaan zakat adalah opz dan prioritas solusi regulator adalah sertifikasi amil. demikian pula menurut kedua model tersebut prioritas solusi opz adalah membangun sinergi antar stakeholder zakat dan prioritas solusi nurul huda: prioritas solusi permasalahan pengelolaan zakat 237 muzaki/mustahik adalah perbaikan materi zakat dalam pelajaran sekolah. meskipun menggunakan dua objek penelitian yang berbeda, ternyata hasil prioritas antara model ahp provinsi banten dan kalsel memiliki banyak kesamaan hasil (priorities). hal ini kemungkinan dipengaruhi oleh adanya kemiripan jaringan model dalam connecxions (hubungan) antar node (simpul) yang telah terbentuk di dalam software superdecisions. pustaka acuan abduh, m. 2013. apa yang menjadi prioritas isu dalam keuangan syariah?. jakarta: rubrik iqtishodia harian republika, edisi 31, oktober 2013. anriani. 2010. baz kota bogor dan pengentasan kemiskinan. jurnal ekonomi islam republika, 29 juli 2010. ascarya. 2012. konsep dasar anp: pendekatan baru dalam penelitian kualitatif. jakarta: pusat pendidikan dan studi kebanksentralan bank indonesia. baznas dan fem ipb. 2011. economic estimation and determinans of zakah potential in indonesia. preliminary report. beik, i.s. 2009. analisis peran zakat dalam mengurangi kemiskinan: studi kasus dompet dhuafa republika. jurnal pemikiran dan gagasan vol ii, institut manajemen zakat. hartoyo, s dan n. purnamasari. 2010. pengentasan kemiskinan berbasis zakat: studi kasus di garut. jurnal ekonomi islam republika, 29 juli 2010. indrijatiningrum, m. 2005. zakat sebagai alternatif penggalangan dana masyarakat untuk pembangunan (tesis). jakarta: universitas indonesia. kahf, monzer. 1987. report on zakat and ushr fund management in the islamic republic of pakistan. islamabad: irti, islamic development bank and international institute of islamic economics, international islamic university. mintarti, nana. 2012. membangun kepercayaan publik dan kapasitas pengelolaan zakat di indonesia. http://www.imz.or.id, diunduh 21 november 2012. qardhawi, y. 2007. hukum zakat. bogor: pustaka litera antarnusa. saaty, t.l. 1991. pengambilan keputusan bagi para pemimpin, proses hirarki analitik untuk pengambilan keputusan dalam situasi yang kompleks. jakarta: pt. pustaka binaman pressindo. --------------. 1994 fundamentals of decision making and priority theory with analytic hierarchy process. journal, vol. vi of the ahp series. pittsburgh, u.s.a. 1994. --------------. 2004. decision making-the analytic hierarchy and network processes (ahp/anp). journal of systems science & systems engineering 13 (1) march al-iqtishad: vol. vi no. 2, juli 2014 238 2004: page. 1-35. 2004 --------------. 2008. decision making with the analytic hierarchy process. int. journal services sciences, vol. 1, no. 1, 2008. 2008 saaty, t. l and l.g. vargas. 2006. decision making with the analytic network process. usa: springer. sabiq, s. 2006. fiqh sunnah: jilid 1, jilid 2, dan jilid 4. jakarta: pena pundi aksara. tsani, t. 2010. mengentaskan kemiskinan dan kesenjangan di lampung selatan. jurnal ekonomi islam republika, 26 juli 2010. 3-hardius.indd hardius usman: the role of religious norm on selecting the islamic bank 31 the role of religious norms on selecting the islamic bank hardius usman1 abstract. the role of religious norm in selection of islamic banking. the aims of this study are to examine muslim’s religious norms regarding to their belief on the law of the prohibition of bank interest, and to investigate the effect of religius norms on customers’ decision in using the islamic banking services. this study employs natural experimental design with analysis of variance (anova), and pearson chi-square test. the exploratory study also conducted to support the quantitative analysis. the results show that the religious norms among muslims classified into two categories, i.e: traditional and contemporary group and the religious norm of the muslim have significant affects on the decision in using the islamic banks. keywords: islamic bank, religious norms, traditional group, contemporary group abstract. peran norma religius dalam pemilihan bank syariah. tujuan dari penelitian ini adalah untuk memberi gambaran norma religius muslim di indonesia terhadap fatwa pengharaman bunga bank; dan mempelajari hubungan norma religius tersebut terhadap pemilihan bank. penelitian mengaplikasikan natural experiment design dengan analysis of variance (anova), dan pearson chi-square test. guna mendukung analisis kuantitatif, penelitian ini juga melakukan exploratory study. hasil penelitian menunjukkan bahwa norma religius muslim dapat dibagi menjadi dua kelompok, yaitu: kelompok tradisional dan kontemporer, dan norma religius mempunyai pengaruh signifikan terhadap keputusan muslim untuk menggunakan bank syariah. kata kunci: bank islam, norma religius, kelompok tradisional, kelompok kontemporer first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 15th 2014 1 pascasarjana universitas indonesia kajiantimur tengah dan islam, jl. salemba raya 4, jakarta. email: hardius_u@yahoo.com al-iqtishad: vol. vii no. 1, januari 2015 32 introduction the islamic bank is a banking system that operates under islamic law, or known as ‘sharia’ (haque, jamil and ahmad, 2007; hassan, chachi and latiff, 2008; marimuthu, jing, gie, mun, and ping, 2010; manzoor, aqeel and sattar, 2010; idris, naziman, januri, asari, muhammad, dan jusoff, 2011). under the islamic law, the islamic banks are prohibited to trade based on interest (haron, 1997; manzoor, et. al., 2010; idris, et. al., 2011) which is the basic distinction between islamic banks and conventional banks (hassan, et. al, 2008; manzoor, et. al, 2010). in other words, the islamic banks adopt ‘sharia compliant finance’ systems, prohibiting acceptance of specific interest for loans, known as riba. in the second conference in cairo in may 1965, the islamic leaders, known as ulamas who gathered in the world islamic studies consul has decided that there is no doubt on the prohibition of the riba (antonio, 2001). the concensus was also supported by the fiqh academy of the muslim world league and propagation center, counseling, islamic studies, and fatwa, kingdom of saudi arabia, and the organization of the islamic conference (oic) ii in 1970, at pakistan reached unanimously that the interest on a conventional bank contrary to islamic law. in indonesia, prohibitation of riba refers to fatwa majelis ulama indonesia (mui) no. 1 tahun 2004that is supported by majlis tarjih dan tajdid pp muhammadiyah no. 8 tahun 2006. prohibition of interest means forbids all muslims use the services of conventional banks. muslims would bear the sins if use a conventional bank services (jalil dan rahman, 2010). from this perspective, islamic banks should be an option only for the muslims not for the bank alternative that is often put forward as some academics, such as: haron (1997); memon (2007); dan idris, et. al. (2011). consider the law in the islamic teachings, and the availability of islamic banks, then the question arises: “why the muslim community is still not willing to stop using of conventional banking services, to further switch to islamic banks?” the consequence due to the fatwa issued by ulamas is the market for islamic banking services has been growing rapidly over the past few years. furthermore, this robust growth is expected to continue for the foreseeable future (vayanos, wackerbeck, golder, and haimari, 2008). however, it does not mean that the demand of the services of conventional banks is reduced. in indonesia, the islamic banking has also been growing rapidly. based on the indonesian banking statistics, number of accounts in islamic banks increased significantly, from 1,964,438 accounts in 2006 to 13,430,904 accounts in june 2014. in addition, third party funds (tpf) has experienced a relatively high hardius usman: the role of religious norm on selecting the islamic bank 33 increasing, from 11,862 billion dollars in 2004 to 183,534 billion in 2013. although islamic banks in indonesia have undergone a rapid growth in terms of the number of accounts and tpf, this phenomenon did not bring about a negative impact for conventional banks. in fact, deposits of conventional banks increased from 963,106 billion dollars in 2004 to 3,663,968 billion dollars in 2013 (bank indonesia, 2014). by comparing the tpf of islamic banks and conventional banks, it shows that the proportion of tpf of islamic banks is still relatively small, which is about 5%. eventhough the number of accounts in islamic banks is increasing rapidly; it does not mean a conventional bank customers have switched to islamic banks. many banks customers in indonesia hold multiple accounts. they open accounts in islamic banks, howeeer, in the sam time they hae a conventional bank account. the condition raises the question: “do the majority of indonesian muslims disbelieve the fatwa of mui that the bank interest is forbidden (haram)?” people generally perceive that two billion muslims in the world adopted the same islamic religious beliefs and practices (azra, 2005). in fact, different opinions would not be avoided among the muslim community across the world, because they hae differentiate in history, tradition, and culture. since the law on the prohibition of interest is not explicitly written in the koran, ulamas make consensus to address this critical issue that newly turns up in our modern life. at this point, sometimes there are different views among the ulamas about the meaning of ‘sharia compliant finance’ in the islamic banking practices. this condition raises the question: “do all the indonesian muslims believe that the bank interest is riba?” although ulamas have agreed on the prohibition of bank interest in the second conference in cairo in may 1965, the literature reveals that some scholars still have different opinion. islamic scholars from modernist school of thought, such as: fazlur rahman, muhammad asad, said al-najjar, sayyid tantawi, consider that prohibitation of bank interest in the koran are bank interest that is practiced before the islamic era; there is a difference concept between riba and bank interest; and there is a difference between individual and institutional interest (ahmad and hassan, 2007). rahman (1982) mentions that bank interest, especially in borrowing money are permitted in certain conditions. although the scholars mentioned about riba in conventional banks, but infact, there are still many muslims use conventional banks. it can be assumed that indifferent opinions regarding the prohibition of interest give impact on of muslims confidence in choosing a bank. one who believes that the interest is prohibited tend to choose islamic banks. nevertheless, others who believe that the bank interest is not (always) prohibited would choose conventional bank. in the theory of reason action, a normative is the subjective norms that refer al-iqtishad: vol. vii no. 1, januari 2015 34 to the perceived social pressures to perform or not to perform a certain behavior. one source of normative belief is common norms that are believed by the religious leaders’ referential (fishbein and ajzen, 1980). consistent with ajzen (1985), perceived religious norms are what one perceives as the beliefs of his or her religious leader. hence, those who are influenced by religion may regard their spiritual leaders highly when contemplating the decision (morgan, 2004). this is the reason why this study uses the variable religious norms to reflect difference belief in the fatwa of bank interest among muslims. based on the explanation above, the aims of this study are to examine muslims’ religious norms regarding to their belief in the fatwa of the prohibition of bank interest, and to investigate the effect of religius norms on customers’ decision for using the islamic banking services. literature review the main sources of the islamic law are the koran and hadith. every muslim believes that the koran is the word of allah, revealed to the prophet muhammad. while hadith describes the behavior of the prophet muhammad including about what he said, he did, he saw and he decided during his life (gatrad and sheikh, 2001; padela, 2007). it was include the approval that he did not say. thus, it was also related to all the statements that describe his physical attributes and characters (kamali, 1991). since the prophet muhammad’s death, muslim leaders made fatwa asa new source of the islamic law. this is intended to deal with new issues or phenomena that arise with changes in time and culture (hashim and mizerski, 2010). at this point, it could appear a difference opinion among ulamas. although islam has provided clear directions between halal (permitted) and haram (forbidden) (al-qaradawi, 1999), the debates on the various issues are unavoidable because many of the current issues are not explicitly commanded or forbidden. the fact that the koran explicitly communicated in arabic, leads to some divergences of the interpretation, especially when it is translated into non-arabic languages. in addition, none of the institutions has the right to issue a universal islamic law. hence, it is possible to observe different interpretations of the islamic law among various islamic institutions. koran has explicitly forbids muslims to consume alcohol and or gamble in surah al-baqarah [2]: 219; al-nisa [4]: 43; al-maidah [5]: 93. therefore, the rules of koran can be understood by muslims explicitly, and then all ulamas and muslims in the world agreed to these rules. however, the koran and hadith do not explicitly arrange about organ donation and transplantation (al-khader, shaheen and aljondeby, 2003; el-shahat, 1999, rady and ali, 2009). at this point appeared various hardius usman: the role of religious norm on selecting the islamic bank 35 effortsthat allows occurred differences view between ulamas. although the islamic council (senior ulamas commission) of saudi arabia stated that the islamic rules allow the removal of organs from people who have died to save another human life (el-shahat, 1999). however, between 1959 and 1998, there are at least 18 religious opinions that discuss the rules on organ donation and transpalansi (el-shahat, 1999). in term of the donor’s organ, aksoy (2001) explains that there are two schools of thought in islamic cultures, schools of thought that allow organ donation, dan the other is not allowed, because the koran does not explain explicitly. same as the example above, koran also does not explicitly prohibit bank interest. nevertheless, it explains only about riba. do all muslims agree that conventional banks have to be abandoned, without a single reason? do all muslims agree conventional banks may be used for not taking interest given? all muslims agree that the riba is prohibited that it is explicitly written in the koran (ar-rum [30]: 39; al-nisa [4]: 161; al-imran [3]: 130; dan al-baqarah [2]: 275, 276, 278). however, when the riba is associated with the bank interest, debates over the concept of the riba in koran appears. as it is mentioned before, some moderat scholars believe that the bank interest is permitted in some conditions. rahman (1982), for instance, argued that they agreed to take extra costs or bank interestin borrowing and lending of moneyin some conditions, such as; first, the loan does not aim to exploit the weak; second, the loan does not follow practices of the pre-islamic era; third, the interest rates is reasonable; fourth, the loan is for investment not consumption; fifth, the interest is to compensate losses to creditors due to inflation ; and sixth, the loan is for credit institutions. this opinion certainly opposed by the traditional group, which has made a fatwa that bank interest is ribait also became the foundation for the establishment of islamic banks. this condition indicates that there is difference belief about riba in islam. this, of coure will give impact to the muslim as a whole. the social value in expenditure theory (sheth, 1982) refers to the normative values that are held by social groups such as family, friends, or community. this definition is identical to the subjective norm in the theory of reason action (ajzen and fishbein, 1980). in the theory of reason action, ajzen and fishbein (1980) take subjective norms as a part of behaviour factors and define it as an individual perceived social pressure to behave or not behave (ajzen and fishbein, 1980). the subjective norms are determined by the normative belief. this is one source of common normative beliefs that are believed by the representative religious leaders (fishbein and ajzen, 1980). in social psychology, an important aspect of socio-cultural psychology is a social norm. it is defined as a way of thinking, feeling and behaving that is shared with al-iqtishad: vol. vii no. 1, januari 2015 36 their community, so they appropiate it (cialdini, 2009). there are many important social norms in the life of individuals that determined by the culture where s/he lives. in this context, culture is defined as a set of social norms, including religious and family values and other moral beliefs that are shared by people who live in an area (matsumoto, 2001). therefore, the cultures impact on the thoughts, feelings, and behavior through teaching, imitation, and other forms of social transmission (mesoudi, 2009). this will make people depend on the influential group and their social environment. on the other hand, the culture will influence social norms and religion . it is also affect a person’s social norms. thus, religious leaders allow influencing someones’ social value, subjective norm, or social norms. consistent with ajzen (1985), perceived religious norms are what one perceives as the beliefs of his or her religious leader. hence, those who are influenced by religion may regard their spiritual leaders highly when contemplating the decision (morgan, 2004). methods the populations of study are muslims who have bank(s) account. the respondents were conditioned as to be classified into three groups – the islamic bank customer group, the conventional bank customer group, and the islamic and conventional bank customer group. these groups can be viewed as an environmental factor treatment in experimental design (agung, 2011). the customers in each group are classified into two classes based on dichotomous variable of religious norms, that are traditional group who believes in the prohibition of the bank interest and contemporary group who do not believe in the prohibition of the bank interest. thus, the natural experimental design is a 3 x 2 factorial design with three groups of bank customers, i.e. islamic banks customers, conventional banks customers, and customers of both banks; and two further groups of each, i.e. traditional group and contemporary group. natural experimental design is used because number of respondents who only has accounts in islamic banks is relatively small. if sample selected randomly, the customers who use a pure islamic banks will be very little. the sampling technique used in this study was a purposive quota. the first step is determining the number bank customers among the three groups of bank customers that are consists of 125 respondents in each group. the second step is selecting the sample with the following criteria: 1) muslims, and 2) at least the age of 18 years. hardius usman: the role of religious norm on selecting the islamic bank 37 data collection was carried out using a self-administered. respondents filled out a questionnaire by themselves. however, the researcher guides them in filling out the questionnaires. table 1. indicator for construct of religious norms variable description statement items*) sources religious norms what one perceives as the beliefs of his or her religious leader. (stephenson, et. al., 2008). banks interest should 1. not be prohibited if it does not aim to exploit the weak rahman (1982) banks interest should 2. not be prohibited if the interest rates is reasonable rahman (1982) banks interest should 3. not be prohibited if it for investment not consumption rahman (1982) banks interest should 4. not be prohibited if the interest is to compensate losses to creditors due to inflation rahman (1982) there are several statement items that used as religious norm measurements. rahman (1982) argued that according to moderenist scholars, the extra costs or interest, especially in borrowing money is permitted in some conditions: first, the loan does not aim to exploit the weak; second, the interest rate is reasonable; third, the loan is for investment not consumption; and fourth, the interest is to compensate losses to creditors due to inflation therefore, the research context is banking as a credit institution. rahman’s criteria no. 5, bank interests are allowed for credit institutions that will be excluded from the statement items. thus, statement items will be used to measure variables religious norms that can be seen in table 1. items statement to establish a religious norm variables were measured using a likert scale between 1 (strongly disagree) and 6 (strongly agree). based on the average score of religious norms, customers are classified into two grouped: traditional customer (believe bank interest is forbidden), and contemporary (believe bank interest are not always forbidden). the groups were done based on the average value of the score, in which: first, traditional: smaller al-iqtishad: vol. vii no. 1, januari 2015 38 than the average score of all customers. second, contemporary: equal or greater than the average score of all customers. the analysis of variance (anova) and pearson chi-square are used to test the hypotheses of religious norms influence on the selection of banks. . thus, researcher uses spss version 19 in data processing. the exploratory study also used in this research in order to complete the information about the phenomena related to islamic banking. discussion after collecting the data, there were some incompleted questionnaires answered, so they should be dropped. therefore, in order to reach the same number of bank customers, the last entry questionnaires were dropped to exceed the other groups of bank customers. finally, the questionnaire used was 363 or 121 questionnaires for each group of bank customers. data processing provided descriptive statistics score of the religious norms for the overall respondents as follows: mean score = 2.91; standard deviation = 1.43; the minimum value = 1; and the maximum value = 6. therefore, the measurements using likert scale of 1 (strongly disagree) to 6 (strongly agree), it can be stated that the average score is relatively in the middle of the measurement scale. it means that a part of respondents have a lower score than the overall average who believe that the bank interest is forbidden. and other group of respondents has an equal or higher score than the overall averagewho believe that the bank interest is not always forbidden. standard deviation value also strengthens the interpretation of the average score. the standard deviation indicated a religious norm scores varied among individuals, which also indicates a difference belief in bank customers towards the fatwa. the variation between individual average score of religious norms was also demonstrated by its range, with a minimum average score of 1 and maximum of 6, which means there are customers who strongly disagree with the opinion of moderenist schoolars. however, at the same time there are customers who strongly agree with the opinion. this result reveals that the muslims do not always adopt a similar interpretation over the islamic beliefs and practices. based on the descriptive statistics, it can be conluded that the data support the hypothesis 1 that bank customers have different beliefs on the fatwa of prohibition of bank interest. thus, although the mui and the oic has been agreed that bank interest is forbidden, but not all muslims agree with the fatwa. this condition raises a question: “why customers do not have the same beliefs about the fatwa?” hardius usman: the role of religious norm on selecting the islamic bank 39 this is because the prohibition of interest is not explicitly written in the koranand the difference opinions about the fatwa of the bank interest among ulamas. the results support the statement (al-qaradawi, 1999) that although islam has given clear directions between halal and haram, however, the debate about the issues is unavoidable because many of the issues now are not commanded or prohibited explicitly. so, it is miss perception if the people stated that two billion muslims in the world adopt the same islamic law in beliefs and religious practices (azra, 2005). if the religious norm is associated with bank customer group, the statistics show the lowest average score of the religious norms is customers of islamic banks group (2.35), followed by the customers of both banks group (2.86) and customers of conventional bank group (3.52). this condition indicates that customers who use only islamic bank, not all of them believe the fatwa or at least they approve one or more statements that are used to measure the variables of religious norms, which is actually contemporary thought as expressed from rahman (1982). tests on the difference in parameter mean of religious norms among bank customers groups’ to answer the hypothesis 2 using anova. based on the test of the statistical hypothesis, we have the f-statistic = 20,406 with p-value = 0.000, so it was decided to reject h0 at level of significant α = 0.05. it can be conclude that data support hypothesis 2. thus it can be stated that the parameter mean of religious norm for the customers of islamic bank significantly different than the parameter mean of a conventional bank customers and/or the parameter mean of customers who hold two banks accounts. in other words, individuals who have the lower score of religious norm preferred to islamic bank than conventional bank. furthermore, to examine differences in the mean parameters of religious norm variables between customers of islamic bank and conventional banks, and customers of islamic bank and customers of both banks, tukey test was used. based on the testing of the statistical hypothesis 1.1, we have the p-value = 0.000, so it was decided to reject h0 at level of significant α = 0.05. it can be conclude that the parameter mean of religious norm for the customers of islamic bank are significantly lower than the parameter mean of a conventional bank customers. in other words, individuals who belief the fatwa of prohibition of bank interest tended to prefer islamic bank than conventional bank. meanwhile for statistical hypothesis 1.2, it was obtained the p-value = 0.029. this means the parameter mean of religious norm islamic bank customers are significantly lower than customers who have accounts at both banks. these finding again showed individuals who belief the fatwa of prohibition of bank interest tended to prefer islamic bank. al-iqtishad: vol. vii no. 1, januari 2015 40 in other words the result can be stated, the higher an individual’s belief that bank interest is forbidden, the individual will tend to prefer islamic banks, otherwise the higher the individual’s belief that the interest is not always haram, the individual will tend to choose a conventional bank. as previously explained that based on the average score of religious norms, the customer will be classified into two groups, namely: traditional customer group (believe bank interest is forbidden), and contemporary (believe bank interest is not always forbidden). the data, shows that the islamic banks are dominated by traditional customers, conventional banks are dominated by contemporary customers, and the group of customers who hold accounts at both banks is relatively balanced between the traditional and the contemporary customers. the results of hypothesis testing using the pearson chi-square test concludes that there is a significant association between religious norms and choosing banks (asymp sig. = 0.000). the statistic test revealed that the traditional group has a tendency to prefer islamic banks, and contemporary group tend to use conventional banks. the statistical test hyphotesis also supported hyphotesis 2 that is selection of islamic banks depends on customers’ religious norms. nevertheless, the data showed that 32.23% customers of islamic banks are customers who believe bank interest is not always forbidden. in contrast, 28.39% of conventional bank customers who believe banks interest is forbidden, still using a conventional bank. this condition indicates that the religious norm is not the only factors that influence the choice of the bank, but there are various other factors that could explain the phenomenon. this situation can be explained in terms of religiosity and non-religiosity. it is possible the individual who believes fatwa of prohibition of bank interest and still using a conventional bank, due to no or less religious individuals, so that the individual is still break his/her beliefs. however, the explanation in term rational reason can not be ignored, especially because the numbers of customers who believe bank interest is not always forbidden still use islamic banks services. shopping preference theory (sheth, 1981) states that selection to a store is a function of the individual motivations and the availability of shopping options. consumers will choose an outlet because the outlet offers something that meets with his/her shopping motivation. consumers are classified as the convenience shopper, who chose the store based on the saving of time, would prefer a store based on the location of the home or workplace. referring to the theory, it can be stated that beyond the belief toward fatwa of hardius usman: the role of religious norm on selecting the islamic bank 41 prohibition bank interest, in selecting banks, individual also consider their needs and desires and compared with what is provided by banks. service, price, convenience, product, competent employees, are some examples of the bank attributes that have to be considered by bank’s customers in choosing the bank, as shown by previous studies (such as: idris, et. al., 2011; cloud and bukhari, 2011; hamid, et. al., 2011; and khan, et. al., 2011). from this perspective it can be stated that the presence of 32.23% customers of islamic banks are the contemporary group, indicate that islamic banks have various advantages in terms of non-religious compared conventional bank, which causes the customers choose islamic banks. in contrast, 28.39% traditional customers prefer conventional bank indicate the needs and desires of the customers can not be met by islamic banks, so that they continue to use conventional banks. exploratory study that accompanies this quantitative analysis indicates that many customers who believe the fatwa continue to use conventional banks, because the infrastructure of islamic banks is not in accordance with their needs and desires. therefore, these groups typically use a conventional bank to conduct transactions, and use islamic banks to save or investment. based on the analysis, it was revealed there are three groups of bank customers based on religious norms, namely: first, bank customers who believe bank interest is forbidden so convinced using conventional banks is also forbidden; second, bank customers who believe bank interest is forbidden but tolerate to use of conventional banks with specific reasons; and third, bank customers who believe bank interest is not always forbidden and so are free to use any bank. based on the characteristics of islamic banks, it can be stated that islamic banks offer the systems which is embedded positive values. therefore, the strategy that needs to be applied in islamic banks, is no longer just rely on the fatwa, but rather highlight the system which is based on the positive values. positive values in business which is embedded in islamic banks not only be interesting for the traditional group, because these values can benefit every human being. thus there are opportunities that the values will also appeal to contemporary groups, customers that are no or less religious and even non-muslim groups. besides offering positive values, islamic banks must prepare the infrastructure in order to meet all the needs and desires of customers. in an exploratory study revealed three main factors that need to be addressed, that is: human resources, informatics system and product. that is one of the key which will make islamic banks be able to compete with conventional banks in serving the needs and desires of customers. furthermore, islamic banks can also offer different services compared to conventional bank customers by using the islamic law as a compass in carry out the business. al-iqtishad: vol. vii no. 1, januari 2015 42 conclusion the results showed that religious norms influenced the choice of the islamic banks. however, the effect is not absolute because part of traditional customers does not choose islamic banks. it shows in choosing a bank, some individuals do not just rely on his/her religious norm, but also on various other considerations. these results support the research conducted by dusuki and abdullah (2007) which revealed: in spite of the fact that submission to sharia has been known widely by the muslim customers, some empirical studies find that religion is not the only reason to choose islamic banks. these findings also confirm the suggestion by wilson (1995) that islamic banks should not only consider their business just to fulfill religious obligations of the muslims, but more significantly as a business that is always needed to win customers at the same time retaining existing customers (dusuki and abdullah, 2007). a similar statement was also expressed by ahmad and haron (2002) that islamic banks should not rely solely on the religious factor as a strategy to attract more consumers, but should emphasize efficient service, and should look into situational factors that will determine their level of competitiveness in the future. furthermore, ashraf and nurdianawati (2006) also mentions that the islamic banking activities should no longer be regarded as an initiative to carry out a religious obligation, but significantly as the innovation needed to win the competition of customers. nevertheless, this study revealed that impossible for islamic bank to regardless of religious sentiment, because basically the islamic banks are built according to islamic law. obligations of religion and customers religious norm can still be relied upon as a strategy to get new customers or retain existing customers, especially for groups who believe the fatwa. prohibition of bank interest is fundamental difference between islamic banks and conventional banks, but it is not the only difference. with regard to the prohibition of the bank interest, was born the concept of equity-partisipation (hassan, et. al., 2008), profit and loss sharing system in all business conducted by islamic banks (haron, 1997; idris, et. al., 2011). islamic banks also have different characteristics from conventional banks in the correlation between the customers and the bank. in islamic banks, the customer is a partner, not a debtor or borrower, as the practice of conventional banks (marimuthu, et. al., 2010). in banking practice, islamic law also prohibits ‘ghahar’ or speculative trading and ‘maisir’ or gambling (idris, et. al., 2011). islamic banks are also prohibited from engaging in transactions (payment or acceptance) with business related to haram products, such as: alcohol, pork trade, or gambling activities (manzoor, et. hardius usman: the role of religious norm on selecting the islamic bank 43 al., 2010). furthermore islamic banks are required to conduct business and trade activities based on the principles of justice and profit halal, pay zakat, prohibit monopolies, and work for social purposes (haron, 1997). references agung, i. g. n. 2011. cross section and experimental data analysis using eviews. 1st ed. singapore: john wiley & sons. ahmad, a. u. f. & m.k. hassan. 2007. riba and islamic banking. journal of islamic economics, banking and finance vol. 3 (1), 2007: pp. 1-33. ahmad, n. & s. haron. 2002. perceptions of malaysian corporate customers towards islamic banking products and services. international journal of islamic financial services 3(4). ajzen, i. & m. fishbein. 1980. understanding attitudes and predicting social behavior. new jersey: prentice hall. ajzen, i. 1985. from intentions to actions: a theory of planned behavior. in j. kuhl & j. beckman (eds.), action-control: from cognition to behavior (pp. 11–39). heidelberg germany: springer. al-qardawi, y. 1999, the lawful and the prohibited in islam. 20th ed., indianapolis: american trust publications. antonio, m. s. 2001. bank syariah: dari teori ke praktek. jakarta: gema insani press asyraf, w.d. & a. nurdianawati. 2007. why do malaysian customers patronize islamic banks. international journal of bank marketing, 25:3, pp. 142-160. awan, h. m. & k.s. bukhari. 2010. customer’s criteria for selecting an islamic bank: evidence from pakistan. journal of islamic marketing vol. 2 no. 1, 2011 pp. 14-27. azra, a. 2005. islamic thought: theory, concepts, and doctrines in the context of southeast asian islam. in nathan, k.s. and kamali, m.h. (eds), islam in southeast asia: political, social and strategic challenges for the 21st century. singapore: institutes of southeast asian studies. pp. 2-21. bank indonesia. 2014. indonesians banking statistics. www.bi.go.id. dusuki, a.w. & n.i. abdullah. 2007. why do malaysian customers patronize islamic banks?. international journal bank marketing, 25(3). gatrad, a. r. & sheikh, a., 2001. medical ethics and islam: principles and practice. archives of disease in childhood, 84 (1), 72-75. hamid, y. et.al. 2011. factor adopting islamic home financing: a case study among consumers of islamic banks in malaysia. middle-east journal of scientific research 7 (special issue of diversity of knowledge on middle east), pp. al-iqtishad: vol. vii no. 1, januari 2015 44 47 – 58. haque, j. & ahmad. 2007. islamic banking: customers perception and its prospect on bank product selection towards malaysian customers perspectives. 5th international islamic finance conference, 3-4 september, the ritz carlton, kuala lumpur, malaysia. haron, s. 1997. islamic banking rules and regulations. kuala lumpur: pelanduk publications (m) sdn bhd. hashim and mizerski, 2010. exploring muslim consumers’information source for fatwa rulings on products and behaviors. journal of islamic marketing 1 (1): 37 – 50. hassan, a. et.al. 2008. islamic marketing ethics and its impact on customer satisfaction in the islamic banking industry. j.kau: islamic economics, vol. 21 no. 1, pp: 23-40. jalil, m. a. & m.k. rahman. 2010, financial transactions in islamic banking are viable alternatives to the conventional banking transactions. international journal of business and social science vol. 1 no. 3; december 2010 kamali, m. h. 1991. principles of islamic jurisprudence. kuala lumpur: international islamic university, malaysia. khan, m.s.n. et.al. 2008. banking behavior of islamic bank customers in bangladesh. journal of islamic economics. banking and finance vol. 5 no.1. manzoor, m. m. et.al. 2010. factors paving the way towards islamic banking in pakistan. world academy of science, engineering and technology 66 2010 marimuthu, m. et.al. 2010. islamic banking: selection criteria and implications. gjhss classification vol 10 issue 4. memon, n. a. 2007. islamic banking: present and future challenges. journal of management and social sciences vol. 3, no. 1, (spring 2007), pp. 1-10 ahmad hudaifah1, bambang tutuko2, tjiptohadi sawarjuwono3 abstract. this research is aimed at discovering a stable financial scheming formula or model that would be compatible with the natural characteristics of a paddy farming cycle in tuban. the qualitative research employs the use of an active participatory community through the means of a focus group discussion, an in-depth interview and face to face interviews with respective stakeholders and key informants. the salam contract, which is highly beneficial is a prospective financial scheme that terminates the long business chain found in most businesses in indonesia. the corporate social responsibility which is managed through the syariah approach (i-csr) from a company, can become the solution to bridge the gap found in the implementation of funds for a salam contract. the salam contract applicability is dependent on the islamic farmer cooperatives (bmt), a unit of joint venture organization serving as the key players in the execution of the function of a paddy warehouse-trading agent and direct financing to farmers. strong support also comes from the zakat, infāq, and shodaqoh institution (laz) whose role is educating and encouraging the paddy farmers’ skills and competency, especially to enable them access end-user markets using the aid of information technology. keywords: salam, i-csr, cooperative, farmers abstrak. penelitian ini betujuan untu menemukan formula skema pembiayaan pertanian yang stabil sesuai dengan karakteristik alamiah pertanian padi di kabupaten tuban. metode penelitian kualitatif dipergunakan dalam menyelesaikan penelitian ini dengan partisipasi aktif komunitas melalui media diskusi kelompok, wawancara mendalam tatap muka dan observasi kepada informan kunci dan pihak yang terlibat secara langsung dalam tataniaga pertanian padi di kabupaten tuban. kontrak salam adalah skema pembiayaan yang sangat menguntungkan bagi petani dan pada aplikasinya mampu mengambil peran pembiayaan distributor dalam tata niaga pertanian padi. islamic corporate social responsibility (i-csr) yang dikelola berdasarkan prinsip ekonomi syariah dari perusahan yang beroperasi di wilayah tuban bisa menjadi solusi dana yang dikembangkan untuk pembiayaan pertanian yang dihindari oleh perbankan karena siklus bisnis yang berbeda. keberlangsungan the implementation of salam-contract for agriculture financing through islamic-corporate social responsibility (case study of paddy farmers in tuban regency indonesia) al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 223 246 1, 2, 3 department of islamic economics, universitas internasional semen indonesia e-mail: 1ahmadhudaifah@gmail.com, 2bambang.tutuko@uisi.ac.id, 3tjiptohadi@uisi.ac.id 224 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 kontrak salam pertanian untuk komoditas padi akan bergantung pada koperasi petani yang terdiri dari koperasi simpan pinjam syariah (bmt), gudang padi, penggilingan padi dan unit perdagangan yang kesemuanya disebut sebagai kub (kelompok usaha bersama). dukungan yang kuat juga berasal dari lembaga zakat, infāq dan shodaqoh, yang memiliki peran untuk melakukan pelatihan keahlian petani dan membantu memenuhi kebutuhan dasar petani yang menjadi anggota dalam kub. kata kunci: salam, i-csr, koperasi, petani introduction from the perspective of the indonesian islamic banking, the implementation of the salam contract financing as stipulated in fatwa dsn mui no. 5/2000 for the agricultural and plantation sector is a very much challenging and uneasy task. based on the indonesia financial service authority (ojk/otoritas jasa keuangan) report, the salam contract for agriculture, one of the most minority products provided by the islamic banks of indonesia, constitutes less than 1 percent of the islamic banking financing. the main problem of executing and structuring a salam contract for islamic banking in indonesia is the distinction found in the business cycles of the banking business and farming activity. banks as financial merchants must have their work ethics conform with the nature of financial services and be ready for cash flow availability regularly, which could be daily or monthly. as part of the consequences, employing the salam contract requires a monthly payment of a fixed or negotiable amount of money. from another angle, when the salam contract is executed through a single process; involving the islamic bank and the farmers only, the islamic bank would have to deal with the challenges involved in the storing and trading process of agricultural products. the existence of a flexible third-party fund in terms of its usage compatibility and profit-sharing responsibility is also a research issue which must be dealt with in the analysis. another reason is that the bank is usually unable to structure and offer the salam contract because of the liability attachment to its customers. they should be ready to entertain any cash withdrawal and transfer from customers at any time of the request. in addition, the bank must enforce profit-sharing regularly as a banking common financial behaviour. in reality, farming nature cycles such as paddy for instance, in reality, takes more than a month to give the farmers opportunity to monetize their harvests after selling to middlemen or the markets. the nature of the agricultural business proses runs for a longer period, usually, four months involving cultivation, fertilization, harvest and vending. ahmad hudaifah. the implementation of salam 225 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 based on the statistical data from the application of agricultural financing by the islamic bank, murabahah or muḍārabah contract is more reliable from the banks perspective. usage of these two contracts also demands collateral in the form of land ownership certificate or motor vehicle ownership certificate as well as regular payment. those requirements are authorized by the dsn mui fatwa number 7/2000. unfortunately, it is incompatible and unsuited for the nature of the agricultural business process, particularly for small and micro-scale farmers. in the implementation, based on the observations from several regions and discussions with islamic bank practitioners, farmers must collateralize their land and valuable asset such as jewellery or vehicles when they are proposing a financing schemes to islamic commercial banks, islamic rural bank or islamic cooperatives for the purpose of having a working capital in their planting phases. however, farmers are expected to pay back a financing scheme on a monthly basis after 3 to 4 months as regards to receiving income from selling their harvested products. in cases of small and micro-scale farmers, taking a financing contract or scheme from islamic banking is difficult to achieve due to the lack of valuable collateral. tuban regency is selected with a reasonable background as one administrative area located in north coastal line of java island with agglomeration of less developed farming and growing farming industry. according to statistical data issued by tuban local government in 2017, the contribution to the gdp for tuban economy is dominated by the manufacturing industry and the agricultural sector accounting for 28.32 percent and 21.33 percent. one of the agricultural economic sector which seems to be more common in tuban regency is rice or paddy farming. there is not only land suitability for paddy farm, but it also goes in line with the national food security program that enables tuban to become one of national paddy producers. tuban rice production reaches about more than 588 thousand tons with the land farming productivity abound 62 quintals per hectare. local potency with expansive government program in paddy farming is supposed to be a gateway for farmer’s economic welfare. thus, it is expected that with a good financing mechanism and an effective agricultural modified program, farmers can ignore taking financing scheme from money lender, loan shark and middlemen buying the harvest with lower price. unfortunately, many paddy farmers, due to the shortage of cash flow, can barely finance their living cost. lack of personal finance management has forced them to take any loan available to them and also sell their harvest to middle man. in line with the growth of the manufacturing industry, tuban regency as a national pillar of paddy producers with negative social impacts such as carbon pollution as well as deteriorating urban planning tends to be compensated with the 226 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 corporate social responsibility fund. the csr fund from companies runs under a mandatory of act number 40/2007, which stipulates an obligation from any liable business entities to allocate their csr fund as a means of environmental and social compensation. the majority of csr funds goes to charity program and local infrastructural development and does not require a longer term of productive allocation. the reason why csr fund is directly spent on society is attributable to two major reasons: the surrounding pressures and the company objectives. such csr fund allocation programs are designed to cater to several programs like free medical treatment for the poor and building roads or monuments. one feature program that seems to have a wider reach is the training of vulnerable residents with skills and capacity, such as pastry and cooking training and online marketing through social media for small and micro-enterprises. csr fund is a source of free, flexible and cheap internal financing designed specifically for agriculture salam contracts. a portion of csr fund allocation, for example, 10 up to 20 percent, is needed to support these financing schemes. the majority of csr fund as a strategic social communication for the corporation should be utilized for infrastructures and direct disbursement. the csr fund allocated for agricultural financing has to be managed by professional islamic financial intermediaries such as islamic commercial banks, islamic rural banks, and islamic cooperatives (bmts). optimization of productivity for the csr fund can be attained by employing an islamic-csr model that involves forward and backward linkage under islamic permissible contracts and screening process. as an obligatory condition, csr funds should be managed productively and prudently. the availability of flexible free fund can help to overcome the tough challenge of salam contracts implementation for small and micro agriculture. the development of a productive csr fund may bring about benefits and support to enable the creation of welfare for farmers in tuban areas. literature review financing with salam contract is an appropriate financing model for agriculture. farmers receive money (fund) as initial payment or down payment for cultivating clearly stated quantity and quality of farm products between the contracting parties (al zaabi, 2011). salam contract is considered the most suitable islamic banking products for agricultural sectors, compared to other products (ehsan dan shahzad, 2015). qustonoah (2016) has done a critical analysis of the implementation of salam financing contract for the agriculture sector in indonesia. the incredible development of islamic banking industry does not encourage the ahmad hudaifah. the implementation of salam 227 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 various products for society. islamic banking has been placed in a safe position by offering low-risk products dominated by murabahah, muḍārabah, and fee-based income with regards to securing and channelling funds. the research has concluded that the islamic bank industry should start developing a salam financing contract as financial responsibility to realize the variety of financing contracts available for society. the existence of salam contract scheme is expected to discontinue any agriculture business chain that many intermediaries have benefited from so that farmers can have direct access to the end-users in the market. from the company’s perspective, csr is defined to have an inherent benefit to boost company performance (organizational performance). thorne and farrell (2008) declared that the importance of csr role is enhancing the relationship between stakeholders and company, empowering performance and creating benefits in all aspects. they also explain that restraint on csr at leash brings about four advantages for the company which includes; customer and employee trust, customer satisfaction, employee commitment, and investor loyalty, whereas such four factors affect the company’s performance. charles j. fombrun (1997) constructed the implementation stage of csr theory which was proposed by carrol a.b. (1991) to engage all stakeholders to support the company for better performance. social responsibility has to be a strategic planning scheme for companies. to achieve strategic objective, social responsibilities should involve all stakeholders starting from the employees to investors, customers, business partners, communities, government and environment. the development of the corporate social responsibility concept in islam has a comprehensive principle meaning. to manage a business, a company is essential to maintain environmental quality, pay employees very well, observe regulations and be responsible for the vulnerable surrounding society particularly surrounded by the poor (taman, 2011). the fundamental concept of csr, though been developed by the western social scientist and modern company, is in line with the islamic economic principles. company or business individual who holds islamic principles to high esteem must engage in programs and activities influencing the vulnerable society. in the quran, the basic principle of csr is postulated in several verses such as quran surah al-baqarah: 177, al-taubah 71 [qs.9: 71], an-nahl:90, and al-ma’un:1-7. the islamic-csr concept is considered to be holistic and integrated because of the engagement of other islamic economic entities such as the zakat institutions and islamic cooperatives along with the farmers’ groups. the primary task of the islamic social system is to determine the relationship between humankind and god from the beginning of inter-human relation (akhtar, 2007). 228 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 to mention some of the many studies, the application of the concept of csr in islam began with akhtar (2007) who tried to bridge the gap of csr development theory in the western perspective and islam. this research is written in a doctoral dissertation in striving to build a conceptual framework for csr in islam. the csr concept is not alien and would not be new in islam when implemented in the right direction. islam obliges individuals as well as companies to not only to seek profits but also care about the environment and the society before gaining any financial profit. companies and organizations applying the basic islamic principles are certainly in line with the primary principles of csr depending on the level of their economic operation. in islam, a company should not expect to gain financial profit when practicing the principles of csr because when they are preserving the nature by reducing or recycling waste in the right manner is also part of social responsibility. the distinctive principles between the western and islamic csr perspective lie in reputation and image aspect rather than the priority of religious objectives. islamic csr concept strives to achieve more religious dimension as well as company’s image. the application of salam contract financing (bay’ salam) is established and offered by several islamic banks in pakistan. a study conducted by kaleem dan wajid (2009) shows that the salam contract was very popular for use in the agricultural financing products in pakistan. employing primary data using the questionnaire survey in punjab state, the study shows that the majority of farmers need financing at the beginning of their cultivating period to settle the cost of farming such as buying seeds and fertilizer. the application of salam financing contract will help farmers to avoid money lenders and intermediaries with excessive lending rate to farmers. empirical research conducted through a direct questionnaire survey by adi fajar (2013) about the salam contract acceptability for farmers financing in bogor regency concludes that majority of farmers can comprehend the salam contract as a mode of financing. this study uses behavioural analytical approach, subjective norm, and comparison between bay al-salam acceptability and the moneylender with farmers as the object of consideration. the finding explains that whenever salam financing scheme is offered, farmers will consider the contract. their open views begin with the farmer’s negative perspective on the money lending schemes in financing agricultural production as the bondage system that excessively exhausts the farmer’s harvest selling. the research has also concluded that the application of the salam contract application will improve farmers’ income because of the free and fair agricultural pricing system. farmers can patiently wait and see the trade from ahmad hudaifah. the implementation of salam 229 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 their agriculture harvest in order to reach a higher price and also proceed with more added-value. a study by rozik et al. (2014) with a sample of farmers from jember regency shows that salam financing contract was not proposed by islamic cooperatives and islamic banks. the research finding has emphasized information and data that shows salam financing contract as the most voided product offered by the islamic finance and banking industry. this problem is rooted in the difficulty of the islamic banking and finance industry to structure and secure salam contract into a reliable product. such challenge for the industry is due to the intermediary function of the banking and difficulty in extending the bank service into trading unless the bank forms a subsidiary or special unit. one possible solution to implement salam contract is to develop a parallel contract engaging other trader parties, but unfortunately, none of the islamic banks in jember is interested in structuring these products. the central bank of indonesia (2015) released a recommendation for an agriculture financing scheme that requires all process in the agricultural financing to follow the nature of the agribusiness chain rather than the commercial banking sector. every agricultural business research should refer to the three key factors that surround the value chain of agribusiness. the first being the involvement of value chain players, namely producers, group of producers, rural logistics company, suppliers, rice mill unit, traders (exporters, retailers, manufacturers). secondly, modern markets are particularly seen as a top priority in the agriculture value chain of financing. thirdly, the production system facility spread around the order penetration area or customer order to decouple the points. the agriculture financing scheme has to look at the whole aspect of the business chain. research method the research methodology involved in undertaking and developing the findings of the research paper combines three steps of approaches; literature study, (2) fgd (focus group discussion), and (3) interviews. the first step is to build a conceptual and thinking framework which would interact with the salam contract financing and the islamic-csr model. to achieve these goals, a desk study is conducted by examining the literature collection, then the feasibility of the conceptual implementation is tested using the fgd and interview steps with key informant and stakeholders on this research. to sharpen the analysis and come up with a holistic solution, the case study needs to be selected (yin, 2009). 230 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 graph 1: desk study process diagram the next important stage in constructing this research about agriculture financing by using salam contract integrated with the islamic-csr concept is to proceed with fgd and in-depth interviews. determining the key informants is more crucial due to the scientific degree of competence and the level of decision making. fgd and interviews are intended to facilitate the dialogue process on the theoretical framework coming from the outcome of the desk study. on this phase, the essential fact and information are derived in order to obtain and shape the secondary data analysis coming from desk study. the key informant on fgd and interviews are selected to represent stakeholders such as local government policymakers, financial service authority, and company disbursing csr and islamic bank and islamic cooperative (bmt). zakat institutions are also involved in the process of secondary data by discussing about their role in order to screen and monitor the recipients of the farmers salam contract recipients. the research will extend its critical and analytical part through the direct observation of farmers’ activities, especially the farmer group organization as a prominent object in ensuring the work-ability of the salam contract. table 1. the key informants in fgd and interviews no representation relevancy key informants 1. local government 1. policy makers 2. program supervisors 3. responsibility and duty tuban trade service 2. companies located at tuban 1. csr fund owner 2. social responsibility csr division of pt. semen indonesia 3. paddy farmers in tuban regency 1. object of study paddy farmers in tuban regency, surrounding cement factory 4. islamic bank 1. csr fund-channeling institution bank syariah mandiri and bank muamalat ahmad hudaifah. the implementation of salam 231 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 5. farmers group organization + bmt cooperatives 1. the main players of salam contract 2. salam contract guarantor 3. buyers and managers paddy farmers group at widang district tuban regency bmt mandiri sejahtera 6. zakat institution 1. supporting intuition that screens and supervises the program laznas al azhar indonesia 7. indonesia bureau of logistics 1. paddy warehouse and trading unit 2. the ultimate buyers of paddy production pt. bulog tuban 8. the key informants such as intellectuals, experts and ulemas in the field of study determined in the interviews sigit iko sugondo (director of laznas al azhar indonesia) bambang tutuko (hedging analysis expert) there are several reasons why researchers choose to explore the mechanisms of applying agricultural financing contracts concerning farmers in tuban regency: 1. tuban regency is one of the three muslim populated cities with the neighboring territory: gresik (sunan giri and maulana malik ibrahim), lamongan (sunan drajad), and tuban (sunan bonang). thus, the nuances of islams can be said to be inherent in the activities of the local communities in the trade of agricultural commodities. 2. there is an active commodity warehouse running a warehouse receipt system (srg) for grain and corn commodities (bappebti, 2016). this srg warehouse activity can be used as an indicator of the commodity trading activity in the area. 3. grain commodity is a commodity with the largest number of warehouse receipt transaction until the year 2016 was 2,124 receipts, 73,026,16 ton, and total financing value idr 224.813.412,230 (bappebti, 2016). 4. tuban regency has become the location for facilitating the operations of various large companies such as pt. cement, indonesia and pt. holcim cement which has csr potential funding due to its activities that changes environmental contours. 5. various activities of farmers through the organization of farmer groups (gapoktan) has been running in tuban regency. 6. islamic financial institutions such as sharia banks and cooperatives and bmt have been in existence and operated in the tuban regency. 232 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 discussion and analysis the farmers’ difficulty to access islamic banking products the need to obtain cash during the planting period is very important for farmers. this is because farmers have various needs like the daily needs of their family and the additional cost of farming, during the planting period. when farmers are unable to obtain financing facilities to maintain cash flows before harvest, they tend to seek obtainable funds from other parties. the need for a quick loan is the weak point of bargaining power for the farmers. the situation would be more difficult if the lending party has the intentions to trap the farmers by purchasing the harvest at lower prices, in this case, the so-called loan-sharks who want to buy farmers’ harvests at low prices. farmers who are already tied to the loan from money lenders will find it difficult to hedge their crops. the sale of paddy grain at harvest time should go to the loan-sharks because such transaction for farmers is a payback of the debt, so it is a form of debt repayment using wet rice. farmers who need quick money will find it difficult to refuse such an easy strategy. farmers’ efforts to apply for a financing product from their official banking institutions including islamic banks, cannot be accomplished due to the absence of tangible collateral such as land ownership certificate and motor vehicles in order to meet the banking requirements for the collection of loans. when such collateral is available, the farmers must then follow the banking preconditions with the murabahah or muḍārabah contracts that enforce monthly fixed instalments and payments on instalment. in contrast, farmers’ income from producing new paddy grain can be monetized after a harvest time of 4 months. moreover, farmers should accept paddy grain prices that tend to decrease when the harvest period comes, and relatively agricultural costs remain fixed and even can rise. farming jobs focusing on the process of production and sales directly will tend to lose and not become profitable. islamic banks are not interested in opening agricultural financing because they consider agricultural business as a non-profit business at small scale level. the implementation challenge of islamic bank financing in agriculture sector through salam contract salam contract financing still faces several issues related to risk and risk management. the salam contract risk to be paid by any financial institution is usually in the form of the farmers’ default due to the crop failure. the only guarantee of having the financial institutions to secure and pay bank financing is dependent on the delivery of the harvest when it matures. in cases of problems of harvesting or ahmad hudaifah. the implementation of salam 233 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 crop failure, the financial institution would experience a default risk. the solution to channelling the salam contract financing scheme to the farmers offered by financial institutions relies on a judicious process of finding ways to justify the risks of crop failure. changes in the outlook of both banks and non-banks financial institutions are urgently needed to reduce the risk of financing this salam contract so that it can be used by farmers who can eventually use it to increase their bargaining power in hedging and to postpone selling action when harvest prices fall. the challenges of distinctive business cycle between farming and banking under certain idyllic conditions, the combined capital called the gapoktan, gained from the members of the farmer groups (farmer group organization, called gapoktan) that have the joint business groups is contributed from the member farmers. however, under special situations, the condition of most of the farmers who are mostly still mustahik (groups receiving zakat, considered the poor), are given by the gapoktan in order to get support as another source of income for capital. gapoktan requires a capital source whose financing scheme is in agreement with the agricultural scheme. islamic banks are usually the first alternative considered as a source of capital for the gapoktan. however, the incompatibility of the islamic bank financing schemes following the required bankable” and monthly payment contradicts the agricultural cash flow scheme (cash inflows 3-4 months) which could cause problems for farmer groups and farmers. graph 2: the distinctive business cycle between banking and agriculture 234 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 the capital and financing problem for farmers shows that there is no agreement between the agricultural business payment scheme and the islamic bank financing scheme. it is good in terms of the potential products been offered to the public. the expansion of agricultural products creates room for opportunities for an alternative source of capital sources to support farmers. from the discussion, the result shows incompatibility between the farmers (gapoktan) and islamic banks due to regulations of the commercial banking which are usually very rigid and organized under the banking act. the solution, therefore, lies in the existence of an alternative source of capital sources that are not bound by banking regulations. these source of financing which is not attached to the central bank regulations is the third party fund coming from the society through proper campaigning for the zakat, infāq, sadaqah (zis), cash waqf (cash waqf ), as well as all other sources of financing such as csr productively. islamic csr model as an answer for agriculture financing scheme the key to the proper implementation of the salam contract in order to improve the welfare of farmers in tuban regency is making available cheap and flexible funds to the farmers. the funds must be well managed and channelled professionally and productively through the existing islamic economic institutions. csr funding is considered one of the most acceptable alternatives needed for businesses operating in tuban regency. the allocation of most of the csr funds from the companies is necessary and expected to be a new source of financial support for the farmers. these funds are most likely to be applied as part of agricultural financing, which has the highest degree of flexibility. they also become a potential productive cash waqf contributed by the company. compared to the cash waqf, it is expected to increase in value as the productive csr funds can be managed at the same amount of time. companies issuing csr fund is expected to release corporate zakat or zakat income for their employees. these csr funds are different from the zakat fund in the islamic economics terminology. ahmad hudaifah. the implementation of salam 235 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 table 2. the comparison between the csr fund, waqf, and zis aspects csr waqf zis (zakat, infāq, and shodaqoh) fund owner potency company society muzzaki (zakat payers) beneficiary society (the poor) society mustahiq (8 zakat recipients) precondition government regulation syariah guidance syariah guiance perpetuity of fund not an obligation, but a benefit to society an obligation fully allocated, ineligible graph 3: the islamic csr model the conceptual scheme of islamic-csr integration and agriculture financing with salam contract the financial application of the salam contract for farmers in tuban regency works gradually with two pillars; the first is a third party supporting fund while the second is a professional management institution. the islamic-administered csr would become an immediate source of funding and implementation process for a salam contract. while the organization of the farmer groups (gapoktan) is a legal entity of islamic cooperative, in reality, the business unit of the paddy mill and the trading aspect is the key to run the salam contract. the participation of the islamic banks in the party who absorbs csr funds is used as a third party fund with a financing scheme to the agricultural industry. the farmer group organization is the body responsible for the management of the bank’s financing channel, which would 236 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 be used in the agricultural financial products. not only can the gapoktan become fund managers, but it must possess the ability to process and sell products harvested from farmers in order to return funds obtained from the islamic banks. all necessary bodies involved in the process of integrating the process of the islamic-csr and salam contract for the farmers will collect incentives. companies contributing towards the csr funds through the islamic banks would most definitely have their csr funds managed productively, and in return, generated funds from the islamic banks can be used for various social programs. instead of direct program which engages farmers, allocating csr fund through the islamic banking channel is preferred because of their knowledge and professionalism in the management of fund institutions. islamic banks will have a share of muḍārabah financing for gapoktan. for such csr funds, the treatment has enabled the flexibility of a structured financing scheme as the fund is not a subject of a high margin or profit-sharing rate with rapid return period. for gapoktan, the csr funds mostly provided by the islamic banks are linked to the farmers applying the financing with a salam contract. gapoktan receives two benefits; profit-sharing from managing a productive salam financing and income from milling the grain paddy harvest into the white rice and even vending directly to the end consumer. graph 4: operationalization of the concept of islamic csr model and agriculture financing ahmad hudaifah. the implementation of salam 237 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 operationalization of islamic cooperatives (bmt) and farmer group organizations to be joint ventures or business groups as a non-bank financial institution, bait al-māl wa tamwil (bmt) has a very crucial role to play in providing islamic financing, in order to act as a support system on the cash flow of the farmers, before the harvest time. financing facility for the farmers before the harvest time will be able to cut off the dependence of the farmers on the so-called middlemen or loan sharks. when the farmers become nondependent on debt to the middlemen, they can safely secure their harvested crops and paddy by delaying the sales at a lower price. this condition enables the farmers to patiently wait so they can sell their crops at better prices. in the operation of the salam contract and a precondition, the farmers trade their crop to joint venture group. bmt as a non-bank financial institution that is not bound by banking regulations, which requires the assurance of assets and conditions of bankable farmers, is expected to be very flexible in order to properly channel financing for farmers. salam contract financing from bmt (part of kub, joint venture or business group) to farmers is the best solution to break the attachment of farmers to mediators. with salam contract, farmers can get two benefits in two ways; obtaining the cash before the harvest time so they can finance their personal needs and obtaining the certainty of selling at an agreed contract price contract. risk mitigation of crop failure is one problem which could be encountered and can lead to a default in risk for gapoktan and bmt. from these in-depth interviews, it shows that by establishing these islamic cooperatives which consists of farmers and the farmer groups, kub can have an independent fund from non-binding members or external parties and this condition can become more flexible so as to support salam financing, where its pattern uses cash flow cycle for agriculture based on the harvest season and not monthly as the bank rules. in addition to achieving financing harmony on the needs of farmers, the distribution of salam financing through kub is to be the best solution due to the obligation from gapoktan (kub) to buy crops as at the time of maturity, which cannot possibly be done through the islamic banks due to its regulation boundaries on banking business nature. kub and bmt established by farmer groups would become a means of risk mitigation for the salam financing distribution. since the capital of bmt comes from the farmers, it has been channelled back to the needs of the members of the group and the sustainability of the bmt activities will become a joint responsibility. the results of these interviews show that the feasibility study on member farmers 238 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 taking salam contract financing will be shared by other farmer members; in other words, it will become a collective appraisal process. with an assurance from the head of the farmer group, the bmt board will be able to obtain accurate data from each of its member from their production and the financial track record and farmers' production interested in applying for financing. graph 5: the model of joint venture group the farmer, who proposes the financing, will feel a great deal of responsibility to complete the salam contract well in accordance with the stated agreement in order to protect his good name and also protect his family from the preying eyes of other farmers in the community/group. on the other hand, if farmers who apply for salam financing experiences crop failures, it becomes the responsibility of the other members to help the farmer return the loan to kub and bmt (collective guarantee). collective appraisal and collective guarantee must be a condition for the approval of salam financing contract from bmt. if both of these requirements are not met, the farmer is considered not to be qualified to meet the requirements necessary to receive the financing. this collective responsibility is a way of mitigating the salam contract risk borne by bmt, which is established by farmers group organization. as initial information on farmers' production and financial records, the head of the farmer group indirectly acts as a personal guarantor to ensure that the group is ready to bear the risks arising from the salam contract. thus, the bmt established by the farmer group becomes an instrument for farmers to unify their goals and protect their common welfare. ahmad hudaifah. the implementation of salam 239 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 in the absence of a warehouse, kub can cooperate with the musharakah based-warehouse manager (indonesia bureau of logistics, bulog) on a profitsharing system, where the manager gets a portion of the profit as benefits for storing of the grain paddy, and selling after its prices increasing. the grain paddy from kub as an example goes into the warehouse (bulog) of 100 tons (100,000 kg) at a price of idr 4.500, per kg, it is then stored and sold 40 days later at the price of idr 5.500, -, the warehouse manager will benefit a share of the percentage of the agreed net profit on sale, as calculated below: net profit sale = ((idr 5.500 idr 4.500) x 100,000 kg) operating costs delay (transportation costs, storage costs, warehouse administration costs). revenue sharing for warehouse manager = x% x net profit selling after postponement. graph 6: operationalization of the joint group organization (kub) why use a profit-sharing system? with the revenue-sharing system, the warehouse manager is able to receive a better profit-sharing portion rather than by charging daily or weekly fees. in addition, kub can also benefit from cash flow where the operational costs of postponement of sale are not fully charged but are shared with the warehouse manager as the cost of the musharakah cooperation between both parties. in addition to selling more crops in the form of dried grain or paddy, kub can make other alternatives that are also profitable, like self-processing of dried grain or paddy into ready-to-sell rice to end consumers/users. by selling directly to consumers, they can benefit from the added-value, wherein real fact, this practice 240 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 is been done by middlemen who buy the grain and paddy at a lower price from farmers and sell it in the form of white rice, especially when there is an increase in price increases. to enable them to sell in the form of rice, kub could set up a rice processing unit which would have a rice milling machine and a storage warehouse. they can also cooperate with other rice processing units with musharaka-based on agreement. the profit-sharing between kub and rice processing unit is calculated based on agreement in the form of a certain percentage of the added value generated. here is the profit-sharing calculation for the rice processing unit based on added value from grain to rice: added value (grain to rice): ((rice selling price-grain price entered machine) x total kg of rice sold) operating costs (processing, packaging, until rice sold). revenue share for rice processing unit: x% x added value (grain to rice). the advantage of kub by selling the crops in the form of rice is certainly higher than selling the crop in the form of grain or paddy due to the emergence of added significant value-added. thus, the principle can conclude that the business to provide value-added in commodities is also a means of hedging. bait al-māl wa tamwil (bmt) established by the farmer group organization is to become a solution so that farmers can hedge against fluctuations in grain prices, especially during the harvest. salam financing designed by the bmts to the farmers allows them to release their financial attachment to the middleman or loan sharks, thus having to give them the option to postpone the sale during the harvest. additionally, farmers can shorten the supply chain between themselves and the final consumer through bmt and, therefore, they can enjoy the benefits of the sale of end products like the white rice, which is only enjoyed by middlemen. the scheme is possible via kub (joint venture group) which manages the paddy farming business cycle from its backward and forward linkage. this mechanism still leaves one important problem, which is about how bmt would ensure the sale of the final product. without a clear target market, bmts that are part of kub are still uncertain about getting cash as a payback mechanism, starting from islamic financing to farmers, buying their crops and selling them into the market. ahmad hudaifah. the implementation of salam 241 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 the paddy hedging: selling postponement and improving value added non-banking nature of the islamic financing for farmers is a critical solution to farmers' problems. the salam contract is the most appropriate type of islamic financing for farmers. such financing is done with the aid of a flexible contract, where kub acts as the buyer of the farmer’s products. salam attachment is in a buying and selling contract whereby the buyer makes payment in full before getting the product while the seller, in this case, the farmer, will deliver the goods in the future as agreed by both parties. kub and farmers will agree ahead of time on the price, quality, quantity, and delivery time of commodities (crops) in the future. price agreements play an important role in salam financing, as it a determining factor on the number of funds provided by the financial institutions to farmers. the agreed price must be beneficial to both parties, having kub as buyers and the farmers as sellers. if the prices are determined based on a lower estimation especially during the harvest period, then the farmers will suffer heavy loses, because there will be no much difference between the finance made available to the farmers by the middlemen and the financial institutions. financial institutions should, therefore, be more "aligned" with the farmers by reaching an agreement on mutually beneficial prices. with the salam financing, farmers can get some benefits such as: 1. obtaining cash before harvest, with the guarantee of delivering the crops. 2. the certainty of the sale of crops because salam is a contract of sale and purchase; bay al-salam, where the buyer gives advanced payment in full to the farmers, and later the farmer will deliver the crop to the buyer. the intervention of zakat institution and its instruments from the in-depth interview results, it can be interpreted that the islamic social fund (zakat, infāq, sadaqah, and waqf) managed by the zakat institutions plays a role as a “kaffah” solution (from upstream to downstream), ranging from empowering farmers, production, capital bmt farmer, storage, rice processing, to sales. the involvement of zakat institutions integrated with csr, for example, the pt. cement indonesia (persero) tbk. will provide opportunities to manage corporate social funds and religious, social funds to be more integrative and productive. the support of zis and waqf institutions for the welfare of the farmers is by channelling zis (zakat, infāq, sadaqah and waqf) to support the capital of farmer groups and kub. in addition, the cooperation between farmer groups, zis and 242 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 wakaf institutions can act as a solution to several difficulties in collecting zis and waqf. in fact, the main focus of the zakat institutions is to find muzakki (zis donors). the encouragement of ziswaf (zakat, infāq, halaqah, and waqf) programs by the ziswaf and bmt institutions for the welfare of indonesian farmers, within the framework of kub, will provide clarity to the muzakki on who will become the mustahik on the right profile. by learning more closely its mustahik, the muzakki would certainly be more motivated to pay ziswaf. through this program, zakat funds are distributed by the zis institutions to farmers, who are classified asnaf (zakat recipient / the poor) so much that they can fulfil their daily needs. at a later stage, the poor and needy farmers are ready to be empowered in commercial agriculture. conclusion and limitation of the study conclusion the ability of farmers to raise funds towards their planting period or before their harvest period is determined by the process involved in the production. this is mostly because farmers have different needs during the production period, such as family needs and the cost of planting during the production period. they seek to obtain financing from informal sources rather than official banking institutions, including sharia banks. however, this is mostly due to the lack of collateral, such as land and motor vehicles necessary to meet banking requirements. even when physical security is available, farmers must still follow the banking conditions of murabahah or muḍārabah engagement with monthly fixed instalments. salam financing designed especially for agriculture, has still faced lots of problems in its implementation, especially in relation to risk management for financial institutions. the biggest risk exposed by the financial institutions is in the failure to harvest. these financial institutions avoid contracts of agricultural financing with salam contract. to develop agriculture financing products, the combined capital of the farmer groups (gapoktan) is key solution to the problem. the condition of farmers who are still mostly mustahik have as consequences; they need support from other sources of capital. the capital problem for farmers indicates that there is a conflict in the agricultural business payment scheme and the islamic bank financing scheme, which on the one hand, is an important opportunity for them. the effectiveness is by opening an opportunity for alternative capital sources to help support farmers. csr funds ahmad hudaifah. the implementation of salam 243 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 provided to islamic banks can eventually become an alternative productive cash waqf or could remain corporate csr funds in the implementation process of the salam. the key to the implementation of the salam contract in regards to improving the welfare of farmers in tuban regency is through the availability of cost-effective and flexible funds which must be managed professionally and productively through the sharia economic institutions that are actively functional. the financing application with the salam contract for farmers in tuban regency deals with two pillars; a supportive third party fund that supports the farmers and the second is a professional management institution. the islamic-administered csr will be the fastest source of fund that supports the realization of the salam contract. furthermore, the organization of farmer groups as a legal entity of islamic cooperative with the business unit of rice processing and trading is the key to the field of salam contract operationalization. limitation of the study research on the implementation of salam contract for agricultural financing is very important in developing an islamic agribusiness value chain. beneficiaries and parties involved include companies, islamic banking institutions, farmer group organizations, traders and islamic cooperative communities (bmts). the research involving the agricultural finance system has evolved from intangible roots and evaluation analysis towards application. where the conceptual implementation of the salam contract that is combined with the management of csr, more detailed and measurable experimental research is needed so funds can be examined with the involvement of real funds as the pilot project and when a conceptual experiment is conducted in a given period of time involving limited funds within a period of 1 year which is a 2-3 times the planting season, possible obstacles can be identified. hence, research on the implementation research of the salam contract for farmers will become more accurate and well structured. acknowledgement special thanks from the author to the ministry of research, technology and higher education of the republic of indonesia for the 2017 research grant which contributed to making the study possible. 244 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sampeadi. 2014. “financing model greetings on cassava farmers and small businesses cassava in jember district” journal of accounting jember university 12(2). taman, salma. 2011. “the concept of corporate social responsibility in islamic law”. ind. int'l & comp. l. review 21(3): 481-508. thorne, debbie m, o.c ferrell & linda ferrell. 2008. business and society: a strategic approach to social responsibility, houghton mifflin company. usa: boston. http://tubankab.go.id/berita/detilberita/846 246 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10933 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 yin, robert. k. 2009. case study research design and method: fourth edition, applied social research method series volume 5. california usa: sage publishing. _hlk488013441 _hlk488722618 _gjdgxs deri siswara1, jaenal effendi2, marhamah muthoharroh3 abstract. the purpose of this study is to analyze the integration and response of the islamic stock market of the oic countries before the crisis and during the china stock market crisis, also during the united states-china trade war with the ardl method. the results showed that there was no cointegration in the period before the china stock market crisis. however, during the period of the china stock market crisis and the united states-china trade war, the cointegration was more common. the indonesia islamic stock market in the two crisis periods had a long-term relationship with the us and china stock markets. in terms of the benefits of portfolio diversification for investors, there is relevance of dominant economic, geographical, and trade relations in influencing the integration of the islamic stock market. keywords: market integration, islamic stock, china stock market crisis, uschina trade war, ardl abstrak. tujuan penelitian ini menganalisis integrasi dan respon pasar saham syariah negara-negara oki sebelum dan saat terjadi krisis pasar saham tiongkok, serta saat terjadi perang dagang amerika serikat-tiongkok dengan metode ardl. hasil penelitian menunjukan bahwa tidak terdapat kointegrasi atau hubungan jangka panjang pada semua pasar saham syariah negara-negara anggota oki pada periode sebelum krisis pasar saham tiongkok. akan tetapi, pada perode krisis pasar saham tiongkok dan perang dagang amerika serikattiongkok, integrasi antar pasar saham syariah di negara oki lebih banyak ditemukan. pasar saham syariah indonesia dalam dua periode krisis memiliki hubungan jangka panjang dengan pasar saham amerika serikat dan tiongkok. dalam hal manfaat diversifikasi portofolio bagi investor, terdapat relevansi kekuatan ekonomi yang dominan, faktor geografis, dan hubungan perdagangan dalam mempengaruhi integrasi pasar saham syariah. kata kunci: integrasi pasar, saham syariah, krisis pasar saham tiongkok, perang dagang as-tiongkok, ardl the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 1 16 1correspondent author 1, 2, 3ipb university, indonesia e-mail: 1derih54170088@apps.ipb.ac.id, 2jaenfendi@gmail.com, 3marhamah@ipb.ac.id 2 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction the liberalization of trade and finance at the end of the 20th century has accelerated globalization. this has led to increased trade relations and economic synchronization, causing the stock market to become increasingly integrated (saiti et al., 2014). this increased integration and providing many conveniences also increase the interdependence of the stock markets among countries. when economic shocks hit a country, the risk of other countries experiencing similar shocks is even greater. in minimizing risk due to shocks, investors diversify their portfolios. islamic stocks can be an alternative choice for portfolio diversification when the global stock market experiences a crisis or shock. rizvi & arshad (2014) research shows that investors who have sharia stock portfolios will be better protected during the economic crisis originating from the financial sector. the islamic cooperation organization (oic) has a large islamic stock market capitalization in the world. the movement of islamic stocks in oic countries in the past decade has fluctuated. the majority of the stock price index experienced an upward trend from 2010 to 2014 but suddenly experienced a joint decline in 2015. the decline was indicated by the china stock market crisis in mid-2015. these events showed contradictory evidence that islamic stocks hold against shocks. meanwhile, the united states-china trade war events in 2018 until early 2020 also affected shocks on world stock markets. therefore, it is necessary to further analyze the relationship between each oic country's stock markets and global economic conditions. this research analyses the integration and response of the islamic stock markets of the oic countries before the crisis and during the china stock market crisis, and during the united states-china trade war. understanding the integration among the oic countries would shed some insightful light for policymakers and investors. for investors, designing a welldiversified portfolio crucially depends on a correct understanding of how the countries are interrelated. changes in the interaction patterns call for an adjustment of portfolios. policymakers are interested in interactions among the countries because of their implications for the stability of the national financial system. the findings of this paper are expected to have significant consequences for policymakers, international fund managers and other institutional investors who seek to enter the oic stock market for diversification purposes. the rest of the paper is organized in the following sequence: the literature survey of relevant studies is provided in the next section. the research method and data are presented deri siswara. the integration of islamic stock markets of oic countries china stock market crisis 3 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 in section 3. section 4 discusses the results and implications of the paper. lastly, section 5 concludes the paper. literature review kassim (2013) conducted a study entitled the global financial crisis and the integration of islamic stock markets in developed and developing countries with the ardl and vecm methods. the data used are seven sharia stock price indexes, namely the jakarta islamic index (jii), the dow jones islamic index of kuwait (djimkw), the dow jones islamic index of malaysia (djimy), the dow jones islamic index of turkey (djimtr), the dow jones islamic index of japan (djij), dow jones islamic index of uk (djiuk), and dow jones islamic index of america (djius). the results of the ardl test show there is no evidence of a long-term relationship between the islamic stock market in the pre-crisis period. still, the opposite occurred in the crisis period. thus, there are potential benefits of diversification among the islamic stock markets in the non-crisis period. then, based on vecm analysis on the integration of the sharia stock market during the crisis, it shows that all sharia stock markets are interrelated in the long run. nurrachmi (2019) conducted a study entitled movements of islamic stock indices in selected oic countries. this study examines the integration of the islamic stock index market during the crisis and after the crisis in 2007 and analyzes whether international investors can benefit when allocating their funds in these stock markets. testing the relationship between islamic stock indexes using engelgranger (1987) and lagged autoregressive distribution (ardl), the analysis was carried out with sub-periods during a crisis, namely from 3 september 2007 to 11 january 2010 and after the 2007 crisis from 18 january 2010 to 30 april 2013. the results illustrate that co-integration was present in the islamic stock market after the crisis but not during the crisis. long-term relationships show that investors can obtain portfolio profits in these six countries. suteja et al. (2019) conducted a study to see empirical evidence whether there was a co-integration of the islamic stock market in indonesia, malaysia and singapore, both before and during the greek crisis. this study also wants to find out which countries have the most influence on the volatility of sharia stock prices in the jakarta islamic index (jii). secondary data used during the observation period uses weekly stock closing price data from 2007 to 2013. furthermore, the data is divided into two categories of observations, pre-crisis data and crisis 4 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 period data. the pre-crisis period began in may 2007 to april 2010, and the crisis period began in may 2010 to january 2013. the analytical method used was the vector error correction model (vecm). the results show that there is no co-integration in the capital market in the study sample. however, the study results prove that there is a contagion effect on the movement of sharia stock prices in these three countries. this study also shows that singapore's sharia stock market dominates its influence on jii compared to malaysia. majdoub et al. (2016) conducted a study entitled market integration between conventional and islamic stock prices. the aim is to assess market integration between conventional and sharia stock prices from long and shortterm perspectives for france, indonesia, britain and the us from 8 september 2008 to 6 september 2013 using the cointegration procedures of johanse (1988), gregory and hansen cointegration (1996) and garch. the results show a long-term relationship for all countries, except for the uk, where there is no cointegration between conventional and sharia stock prices. these findings indicate that the islamic financial industry in countries other than the united kingdom seems incompatible with islamic legal rules, preventing portfolio managers and market participants from benefiting from opportunities for international diversification and hedge effectiveness. from a correlation perspective, there is evidence of weak links between the indonesian market and developed markets for conventional and sharia stock prices, thus showing that investors can diversify their portfolios at the international level to minimize risk. however, there is a high relationship between developed markets for conventional and islamic indices. adam et al. (2017) conducted a study entitled foreign interest rates and the islamic stock market integration between indonesia and malaysia. this study uses monthly data from the jakarta islamic index, hijrah sharia index, and foreign interest rates from august 2000 to january 2016. cointegration test results show a co-integration relationship between the jakarta islamic index and the hijrah shariah index. still, no co-integration relationship occurred between jakarta islamic index, hijrah shariah index, and the fed interest rates. the var model's estimation results show a long-term relationship between the jakarta islamic index, the hijrah shariah index, and the integration between the two markets. deri siswara. the integration of islamic stock markets of oic countries china stock market crisis 5 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 methods the type of data used in this study is time-series data. the data used is the closing data of the oic member countries' daily islamic stock price index included in the top 10 finance report of the state of the global islamic economic report 2019-2020 prepared by dinar standard. these countries are malaysia, the united arab emirates, saudi arabia, qatar, bangladesh, indonesia, china, and the united states as countries that experience a crisis. then, this study also includes the world oil price variable as an exogenous variable that has a relationship with the china stock market crisis. this study uses daily stock price index data because the daily stock price index data is more informative than the weekly data (khanna, 2016). this study will be divided into three periods: the period before the crisis, when the china stock market crisis occurred, and the work period during the united states-china trade war. the pre-crisis period is from 8 october 2014 to 11 june 2015, while the period when the china stock market crisis occurred from 12 june 2015 to 12 february 2016 and when the united states-china trade war began on 13 august 2018 until 21 december 2018. the study period began from 8 october 2014 to 21 december 2018. sources of data used came from s&p dow jones indices and invesiting.com. the analytical method used in this research is quantitative analysis. the quantitative method used in this study is the autoregressive distributed lag (ardl) method. the ardl method is an econometric method that can estimate linear regression models in analyzing long-term relationships that involve cointegration tests among time series variables. ardl can also see the impact of the present and past data of the dependent variable and the independent variable. the software used in this analysis is eviews 9 and microsoft excel 2016. this study uses six models: malaysia, united arab emirates, saudi arabia, qatar, bangladesh, and indonesia. the six models are estimated using the autoregressive distributed lag (ardl) and error correction model (ecm) methods. the dependent variable used in the model is the natural logarithm of the islamic stock index in each country. after conducting co-integration tests on the six models in the three research periods, all models were not co-integrated before the china stock market crisis. in the period of the china stock market crisis, two models were co-integrated or had long-term relationships, namely malaysia and indonesia. then the period of the us-china trade war was only two co-integrated models, namely bangladesh and indonesia. due to co-integration in the model, 6 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 the estimation made is the estimation of the ardl model, then proceed with the ecm estimation. while the non-cointegrated model, the estimation made is the estimation of the first difference ardl model. the following are the models in this study: if co-integration is found in the model, then the next step is to estimate the ardl model then proceed with the estimated error correction model (ecm). the ardl estimation model is as follows: (1) where is the dependent variable with the lag operator and is the independent variable with the lag operator. after that, it will proceed with ecm estimation with the following models: (2) suppose there is no long-term relationship (co-integration) found in the mode. in that case,n the next step is not to estimate the ecm but rather to estimate the first difference ardl model with the estimation model as follows: (3) results and discussions period before the china stock market crisis the estimated sharia stock price index models of member countries that were the object of research in the period before the china stock market crisis used the ardl method of first difference or short term. this estimation can only determine the short-term effect of the independent variables on the dependent variable. this is because none of the research models is co-integrated. based on the f-statistic value, in the period before the china stock market crisis, the f-statistic value was below the lowest critical value (lower bound), so it can be concluded that there was no co-integration on all models. therefore, the sharia stock price index of the oic member countries has a short-term relationship in the period before the china stock market crisis. the complete estimation results of the short-term model of the period before the china stock market crisis are presented in table 1. deri siswara. the integration of islamic stock markets of oic countries china stock market crisis 7 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 table 1: results of estimated short-term models of the period before the china stock market crisis independent variable dependent variable (coefficient) malaysia qatar indonesia saudi arabia uae bangladesh d(lndjimmti) 0.219029** -0.178327* 0.136033 d(lndjimmti(-1)) 0.097890* d(lnspqadsi) 0.065739 0.133317 0.395200*** d(lnspqadsi(-1)) -0.075157 d(lnspqadsi(-2)) -0.233542 d(lnjkii) 0.016661 0.069823 -0.015711 0.075877 d(lnjkii(-1)) d(lnsnpus) 0.098290 -0.013070 -0.215458** 0.126649 d(lnsnpus(-1)) 0.250357** d(lnsnpus(-2)) 0.257938** d(lnspsadsi) -0.090961* 0.155822* 0.523037*** d(lnspsadsi(-1)) 0.051436 d(lnspsadsi(-2)) -0.176590* d(lnspuaedsi) 0.104058* 0.431216*** 0.617226*** d(lnspuaedsi(-1)) 0.070550 0.025199 d(lnspuaedsi(-2)) 0.429213** d(lnsseci) -0.004887 0.050347 0.012552 -0.032656 d(lnspblbmisi) -0.034583 -0.048427 -0.267748*** 0.175080* d(lnspblbmisi(-1)) d(lncowtif) 0.036411 -0.029755 0.043609* -0.015798 ***), **), and *) significant at 1%, 5% and 10% in the period before the china stock market crisis, there was a short-term relationship between the malaysian sharia market and the islamic stock market of the oic member countries, especially saudi arabia and the uae, as well as a positive relationship with the stock price index of developed countries, namely the united states. one reason why this can occur is a reasonably strong trade relationship between malaysia and the united states. it is known that the value of malaysian export trade to the united states in 2015 the was the highest among 8 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 other oic member countries (un comtrade 2020). in contrast, qatar's sharia stock market is vulnerable in the short term to shocks that occur in oic member countries, such as malaysia, saudi arabia and the uae. however, the islamic index is quite resistant to shocks in developed countries like the united states and china. indonesia and qatar are members of the organization of petroleum exporting countries (opec). other findings, namely the saudi arabian stock market, are vulnerable to global shocks because it has a significant relationship with oic member countries and developed countries with economic dominance. the uae sharia stock market is closely related to oic member countries but not to developed country stock markets. in the short term, the movement of sharia stock market prices is influenced by the stock market between countries that have strong economic relations. stock exchange prices are determined by investors' demand and supply of shares in the capital market (jogiyanto 2016). the demand and supply of a company's shares can be affected by the company's performance. of course, the company's performance is highly dependent on macroeconomic conditions, especially multinational companies engaged in the international market. in this period, investors in developed countries benefit from increasing portfolio diversification if they invest in the islamic stock market of oic member countries. china stock market crisis period in the period of the china stock market crisis, some of the sharia stock markets of oic member countries were co-integrated, had short-term and long-term relationships, were also not co-integrated or had only short-term relationships. the estimation of the sharia stock price index models of member countries, in this research, in the period of the china stock market crisis, used the first difference ardl method for the unintegrated model and the long-term ardl followed by the short-term ecm model for the co-integrated model. based on the f-statistic value, in the period of the china stock market crisis, the malaysian and indonesian sharia stock market models had the f-statistic value above the highest critical value (upper bound), so it can be concluded that there was a co-integration of the model. deri siswara. the integration of islamic stock markets of oic countries china stock market crisis 9 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 table 2: results of estimated short-term models of china stock market crisis period independent variable dependent variable (coefficient) malaysia qatar malaysia arab saudi malaysia bangladesh d(lndjimmti) -0.028274 0.322224*** -0.035574 0.023954 d(lndjimmti(-1)) 0.211339** d(lnspqadsi) -0.069579 0.102600 0.609493*** 0.125605*** d(lnspqadsi(-1)) -0.146501* 0.098968*** d(lnjkii) 0.258350*** 0.098260 0.095439 0.335691** d(lnsnpus) -0.074310 0.010598 0.264208*** -0.033531 0.397284 d(lnsnpus(-1)) -0.272244*** 0.322920*** d(lnspsadsi) -0.039449 0.384809*** 0.050753 0.229021*** d(lnspsadsi(-1)) -0.121586* d(lnspuaedsi) 0.059159 0.292706*** 0.244445*** 0.230811* d(lnspuaedsi(-1)) -0.254940*** d(lnsseci) 0.009443 -0.000970 0.046561 0.063154 -0.034501 d(lnsseci(-1)) -0.076059** d(lnsseci(-2)) -0.006634 d(lnsseci(-3)) -0.150097*** d(lnspblbmisi) -0.121545 0.185889 -0.097866 -0.141602 0.263235 d(lnspblbmisi(-1)) d(lncowtif) 0.043811 -0.055363 -0.002772 0.098263*** -0.007075 d(lncowtif(-1)) 0.081442*** cointeq(-1) -0.309706*** -0.229681*** ***), **), and *) significant at 1%, 5% and 10% the f-statistic value below the lowest critical value (lower bound), so it can be concluded that there is no co-integration on all models. the complete estimation results of the china stock market crisis period are shown in tables 2 and 3. malaysian and indonesian sharia stock market models have an f-statistic value above the highest critical value (upper bound), so it can be concluded that there is a co-integration of the model. meanwhile, qatar, saudi arabia, uae and bangladesh sharia stock market models have an f-statistic value below the lowest 10 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 critical value (lower bound), so it can be concluded that there is no co-integration on all models. these findings are consistent with research by royfaizal et al. (2009), kassim (2013), nurrachmi (2019), majid et al. (2008) and jiang et al. 2017 which proves that the stock price index is co-integrated in the crisis period. based on the china stock market crisis period's short-term estimation results, the malaysian shia stock price index is significantly affected by the indonesian shia stock price index and the united states stock price index at lag 1. qatar's sharia stock price index as the dependent variable shows a relationship short term between qatar and several oic member countries, namely saudi arabia, uae and qatar itself, and crude oil price. then, the indonesian sharia stock price index is significantly influenced by the sharia stock price index of malaysia, uae, china and the united states, even at lag 1. furthermore, the saudi arabian sharia stock price index is significantly affected by the malaysian sharia stock price index at lag 1, qatar, uae, saudi arabia itself in lag 1, and crude oil. meanwhile, the uae sharia stock price index in the short term is significantly affected by qatar, indonesia, saudi arabia, and the uae itself. table 3: results of estimated long-term models of china stock market crisis period independent variable dependent variable (coefficient) malaysia indonesia lnjkii 0.864687*** lndjimmti 0.323612** lnsnpus 0.536225*** -0.868499*** lnspblbmisi 0.209986 -0.522204** lnspqadsi -0.467484*** -0.127162 lnspsadsi 0.012085 0.062424 lnspuaedsi 0.351733* 0.710224*** lnsseci -0.044682 0.163677 lncowtif 0.167387*** -0.049622 ***), **), and *) significant at 1%, 5% and 10% the long term estimation results of the china stock market crisis period for the indonesian and malaysian sharia stock markets indicate that the malaysian deri siswara. the integration of islamic stock markets of oic countries china stock market crisis 11 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 sharia stock price index is significantly affected by the sharia stock prices index of indonesia, qatar and the uae. in addition, malaysia's sharia stock price index is also significantly influenced by the us stock price index and the price of crude oil. then, indonesia's sharia stock price index is significantly affected by the sharia stock price index of malaysia, bangladesh and the uae. in addition, the indonesian islamic stock price index is also significantly influenced by the united states stock price index. indonesian and malaysian islamic stock markets have a significant long-term relationship with the us stock market than china during the china stock market crisis. the majority of the oic member countries' islamic stock markets experienced shocks during the china stock market crisis. however, the shock is not directly from the china stock market. the shock is the result of transmission effects through the movement of crude oil prices. crude oil prices are faced with a sharp decline in turmoil due to the crisis that occurred in china. china is the second-largest crude oil-consuming country after the united states. it is known that the majority of oic countries that are the objects of research are incorporated in opec. during the china stock market crisis, the sharia stock markets of indonesia and malaysia were co-integrated or had a long-term relationship between the two, with other oic member countries and the us stock market. however, there is no long-term effect due to the china stock market. during this period, the benefits of portfolio diversification for global investors were reduced if investing in the islamic stock market of the oic member countries. this is because of the shocks due to the crisis on the china stock market, especially indonesia and malaysia with strong economic relations with china and the united states. us-china trade war period during the united states (us) and china trade war periods, there were sharia stock markets in oic member countries that were co-integrated, had shortterm and long-term relationships. however, there were also sharia stock markets that were not co-integrated or had only short-term relationships. estimated sharia stock price index models of member countries in this research in the us-china trade war period used the first difference ardl method for the co-integration model and the long-term ardl followed by the short-term ecm model for the co-integrated model. based on the f-statistic value, during the us-china trade war period, the sharia stock market model of indonesia and bangladesh had the 12 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 f-statistic value above the highest critical value (upper bound). it can be concluded that there was a co-integration of the model. meanwhile, qatar, saudi arabia, uae and malaysia sharia stock market models have the f-statistic value below the lowest critical value (lower bound), so it can be concluded that there is no co-integration on all models. the results of the total estimation of the us-china period are in tables 4 and 5. table 4: results of estimated short-term models of us-china trade war period independent variable dependent variable (coefficient) malaysia qatar malaysia arab saudi uae bangladesh d(lndjimmti) 0.081949 0.043604 0.103383 -0.116359* d(lndjimmti(-1)) d(lnspqadsi) 0.422160*** 0.037070 0.099655 d(lnspqadsi(-1)) 0.278011*** d(lnjkii) 0.108018* 0.107653 0.009906 d(lnjkii(-1)) 0.301746*** d(lnsnpus) -0.088356 0.014870 0.236719*** -0.019401 d(lnspsadsi) 0.042637 0.320790** 0.185763*** d(lnspsadsi(-1)) 0.094215 d(lnspuaedsi) -0.034653 0.099340 0.030856 -0.058675 d(lnspuaedsi(-1)) d(lnsseci) 0.154120** 0.191613** 0.190313** -0.110899** d(lnsseci(-1)) -0.164200*** d(lnspblbmisi) 0.112248 0.103632 0.374328** d(lncowtif) 0.075938** 0.008964 0.057941 -0.073150 cointeq(-1) -0.567392*** -0.213137*** ***), **), and *) significant at 1%, 5% and 10% during the united states (us) and china trade war periods, there were sharia stock markets in oic member countries that were co-integrated, had shortterm and long-term relationships. however, there were also sharia stock markets that were not co-integrated or had only short-term relationships. based on the f-statistic value, during the us-china trade war period, the sharia stock market deri siswara. the integration of islamic stock markets of oic countries china stock market crisis 13 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 model of indonesia and bangladesh had the f-statistic value above the highest critical value (upper bound), so it can be concluded that there was a co-integration of the model. meanwhile, qatar, saudi arabia, uae and malaysia sharia stock market models have the f-statistic value below the lowest critical value (lower bound), so it can be concluded that there is no co-integration on all models. these findings are consistent with research by royfaizal et al. (2009), kassim (2013), nurrachmi (2019), majid et al. (2008) and jiang et al. 2017 which proves that the stock price index is co-integrated in the crisis period. based on the short-term estimation results of the us-china trade war period, qatar sharia stock price index is significantly affected by the indonesian sharia stock price index, the china stock price index, crude oil price, and qatar's price index itself in lag 1. furthermore, the indonesian sharia stock price index is significantly influenced by the qatar sharia stock price index, saudi arabia and indonesia itself in lag 1 and the china stock market. the saudi arabian stock price index is significantly affected by the united states, china and bangladesh. meanwhile, there is no significant influence of the independent variable on the uae sharia stock market even in the short term. finally, bangladesh's sharia stock price index significantly affects the sharia stock price index of malaysia, saudi arabia, and the china stock price index at lags 0 and 1. table 5: results of estimated long-term models of us-china trade war period independent variable dependent variable (coefficient) indonesia bangladesh lnjkii -0.069966 lnspblbmisi -0.103864 lnspqadsi 0.350482*** -0.533055** lnspsadsi 0.139061 0.304972 lnspuaedsi -0.214873* 0.093244 lnsseci 0.268959** -0.077651 lncowtif -0.103333*** -0.034281 lndjimmti 0.251994* -0.225828 lnsnpus -0.145468 0.251638* ***), **), and *) significant at 1%, 5% and 10% 14 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 in the long-term estimation results of the us-china trade war period, indonesia's sharia stock price index is significantly affected by qatar's sharia stock price index, malaysia, uae, china stock price index, and crude oil price. then, bangladesh's sharia stock price index was significantly influenced by the qatar sharia stock price index and the united states stock price index. the islamic stock markets of indonesia and bangladesh have a significant long-term relationship to the stock markets of countries that are at war. indonesia has closer relations with china, while bangladesh has a closer relationship with the united states. conclusions there is no co-integration or a long-term relationship in all islamic stock market member countries of the oic. before the chinese stock market crisis occurred, the integration of the islamic stock market that occurred between the countries studied was very weak. in contrast, during the chinese stock market crisis and the united states-china trade war, integration between the islamic stock markets was more prevalent. in the period of the chinese stock market crisis, the sharia stock market model of indonesia and malaysia contained co-integration or long-term relationships. whereas in the period of the united states-china trade war, co-integration or long-term relationships were found in indonesia and bangladesh's sharia stock market model. the islamic stock market of oic member countries responds to shocks that occur both directly and indirectly. the islamic stock markets of qatar, saudi arabia and the uae are experiencing a domino effect from fluctuations in oil prices because china and the united states are the biggest consumers of petroleum. then, the indonesian islamic stock market in the two crisis periods had a long-term relationship with the us and china stock markets. in comparison, the malaysian and bangladesh islamic stock markets have only a long-term relationship with the us stock market. regarding the benefits of portfolio diversification for investors, there is the relevance of dominant economic strength, geographical factors, and trade relations in influencing the integration of the islamic stock market. policymakers need to take preventative measures to avoid a large-scale decline in the islamic stock market during the global crisis. oic countries must improve the quality of the structure and infrastructure of the islamic stock market and policy reforms such as reducing or removing trade and investment barriers. at the same time, investors should consider the dominant economic strength, geographical factors, and trade relations in determining portfolio deri siswara. the integration of islamic stock markets of oic countries china stock market crisis 15 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 diversification in each global economic condition. for further research, it can conduct further research by adding a sample of the number of countries that are the object of research to find out the integration and response of other oic countries. references adam p, nusantara aw, muthalib aa. (2017). foreign interest rates and the islamic stock market integration between indonesia and malaysia. iran econ rev. 21(3): 639–660. arshad s, rizvi sar. (2014). an empirical study of islamic equity as a better alternative during crisis using multivariate garch dcc. islamic economics studies. 22(1): 159–184. jiang y, yu m, hashmi sm. (2017). the financial crisis and co-movement of global stock markets-a case of six major economies. sustain. 9(2): 1–18. doi:10.3390/su9020260. jogiyanto h. (2016). teori portofolio dan analisis investasi. yogyakarta (id): bpfe. kassim sh. (2013). the global financial crisis and the integration of islamic stock markets in developed and developing countries. asian academy managing journal accounting and finance. 9(2): 75–94. khanna s. (2016). financial crisis effect on co-integration of indian stock market with japan and uk. international journal of emerging research in management and technology. 5(2): 20-26 majid msa, meera akm, omar ma. (2008). interdependence of asean-5 stock markets from the us and japan. global economics review. 37(2): 201–225. majdoub j, mansour w, jouini j. (2016). market integration between conventional and islamic stock prices. north america journal economics and finance. 37: 436–457. nurrachmi r. (2019). movements of islamic stock indices in selected oic countries. al-muzara'ah. 6(2): 77–90. royfaizal rc, lee c, azali m. (2009). asean-5 + 3 and us stock markets interdependence before, during and after asian financial crisis. international journal of economics and finance. 1(2). saiti b, masih m. (2016). the co-movement of selective conventional and islamic 16 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20820 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 stock indices: is there any impact on shariah compliant equity investment in tiongkok?. international journal economics and finance issues. 6(4): 1895–1905. suteja j, suryaningprang a, zein e. (2019). greek crisis, co-integration, and contagion effect of sharia stock markets in indonesia malaysia and singapore: is there a problem for investors?. journal entrepeneur education. 22(2): 1–18. the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano 8-riki.indd m. sabri haron: the assesment of inclusiveness 105 the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective m. sabri haron, riki rahman & bayu t. possumah1 abstract. the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective. objective of this article is to assess how far the principles of inclusiveness in the economic new model in malaysia can fulfil the needs of maqasid syar’iyyah. the assessment is conducted through the key concepts and strategic measures of the principles of inclusiveness. this study is a qualitative which descriptive and analytical approach is used for assessing the principles of inclusiveness in the economic new model based on maqasid syar’iyyah perspective. the method of this study is using the literature review with references from secondary data. this study is expected to provide recommendations about the important role of maqasid syar’iyyah for maintaining the welfare of society and developing of a country, in this context for developing the malaysian economy, in line with the vision 2020, malaysia on par with developed countries. keywords: the inclusiveness principle, new economic model, maqashid syar’iiyah abstrak. penilaian prinsip keterangkuman dalam model ekonomi baru: perspektif maqashid syari’iyah. objektif artikel ini adalah untuk menilai sejauh mana prinsip “terangkum” dalam model baru ekonomi di malaysia dapat memenuhi kehendak maqasid syar’iyyah. penilaian dilakukan melalui konsep utama prinsip terangkum dan langkah-langkah strategis dalam prinsip tersebut. penelitian ini berbentuk kualitatif di mana pendekatan deskriptif dan analisis digunakan untuk menilai prinsip terangkum dalam model baru ekonomi berdasarkan perspektif maqasid syar’iyyah. metode yang digunakan berupa studi pustaka dengan membuat referensi dari data-data sekunder. penelitian ini diharapkan dapat memberikan saran-saran mengenai pentingnya peran maqasid syar’iyyah dalam menjaga kemaslahatan masyarakat dan memajukan negara, dalam konteks ini memajukan ekonomi malaysia, seiring dengan wawasan 2020 yang menjadikan malaysia setara dengan negara-negara maju. kata kunci: prinsip keterangkuman, new economic model, maqashid syari’iyah. first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 pusat citra universiti, universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia institut kajian malaysia dan antarabangsa (ikmas), universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia institut islam hadhari, universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia email: sabrie@ukm.edu.my, ricky84rahman@gmail.com, btaufiq@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 106 introduction open economic system which is implemented in malaysia has many positive results for the economic development of the country. however, it is not denied that such system could also bring negative effects on the economy of the country. the increase in world commodity prices as the cost of electricity, oil and food prices have provided a direct effect on domestic prices. likewise, malaysia’s economic performance is seen running slow due to the financial crisis that hit asian countries in 1997-1998 (ismail & mat nor, 2010). from the point of labor for example, malaysia is still a shortage of skilled labor and proficient in which 80% of its workforce just graduated spm (sijil pelajaran malaysia / high school) who are paid low. in addition, malaysia is still highly dependent on foreign workers. differences of growing income gap between the rich and the poor is also a problem for the economic development of the country. although deb (new economic policy) succeeded in reducing the poverty rate to 3.6% in 2007, but the income gap still remains a problem for malaysia. another important problem is the subsidy price of goods that can not be done continuously such as sugar, oil, and other items which are mostly financed by oil revenues while the oil as we know not a reneweble resource that can be updated. in case of subsidies are also only enjoyed by the rich, while the subsidy goal is to help low-income groups. as well as the problem of corruption and other problems that make the economic problems of the country increasingly complex, making the purpose of malaysia into a developed country by 2020 is rather difficult to be realized. in addition, the strategy used by the previous government to reach a stage of development is not enough to bring malaysia to step into a more advanced stage of development. even the country’s economic development is achieved by taking a large budget and do not exploit the potential of all levels of communiety. the country’s economy has the potential to re-degenerate if changes are not made. therefore, an exact formula should be formulated to build a better nation’s economy, advanced and innovative in line with the 2020 insights. to realize the objective of 2020 insight that want to make malaysia as developed country, the government formulated the four main foundations as formula country’s economic development. the four foundations have set by the economic advisory council of the state (ismail & mat nor, 2010): first, the principle that stated that people first and achievement preferably, which intends to unite all the people of malaysias multi-ethnic; second, the government transformation programme which will deliver performance as defined in the national key result areas; third, new economics models (mbe) which is born from the economic transformation programme (pte) which aims to improve the status of malaysian economy to be m. sabri haron: the assesment of inclusiveness 107 a developed country by 2020; fourth, the 10 (tenth) malaysia program (rmk10) 2011-2015 which became a major driver of policy in the government and economy transformation programme. without interfering with the other functions of the main foundations of new economic model (mbe), the third main foundation seen as the most important foundation to enhance malaysia into a developed country in line with the objective of 2020 insight. therefore, the principle of inclusiveness in new economic model (contained in the formula number three) became the focus of discussion in this paper because it is the substantial principle of the malaysian economy to become a developed country by 2020. assessment of the inclusiveness principles in the new economic model is done to see how the principle can fulfill the the objective of maqasid syar'iyyah. graph 1. four main foundation malaysia national transformation source: the economic advisory council (mpen) the principles of new economic model new economic model (mbe) encompassed three main principles, i.g. the high-income, sustainable and inclusiveness. high-income principle aims to increase the income of the people that are specified with an annual per-capita income as usd7.558 is usd17.700 within a period of 10 years. mbe focus on aspects of human development to train workers that have skills and reduce poverty. in addition, al-iqtishad: vol. vii no. 1, januari 2015 108 structured debt management system with more caution by subtracting the country’s debt to low than 30% of gdp by 2020 (ismail & mat nor, 2010). the principle of inclusiveness, which became the focus of discussion in this study, is a prerequisite to foster the spirit of unity and equality. without being given the opportunity to take advantage of economic progress, then it will lead to feelings of discontent and envy among those who feel excluded both in urban and rural areas, especially those living in inland areas in sabah and sarawak. this principle gives an opportunity to all the community to be dedicated, contribute, participate, and equally enjoy the wealth of the country. despite the excellent results it is rather impossible to achieve, but the people who inclusived will ensure this inequality problem is not going worse. new economic model supports new approaches that can be formulated as inclusiveness development. inclusiveness development is the development of propoor and gives attention not merely to the state but also the impact of inequality that has protracted in to economic development and poverty alleviation. dividing society of tribal aspects is more likely lead to the conflict. the composition of the population of the multi-ethnic malaysia is one of the characteristic advantages of this country. development that exceeds 50 years shows clearly that economic development can not by itself erode ethnic differences. however, excessive pedestal in the distribution of natural resources based on ethnicity, further would be widening the gap and bring a feeling of resentment (ismail & mat nor, 2010). graph 2. objectives and characteristics of mbe source: the economic advisory council (mpen) m. sabri haron: the assesment of inclusiveness 109 the mission of inclusiveness economic the missions of inclusiveness principle as formulated by new economic model as follows (ismail & mat nor, 2010): first, promoting economic development to expand the public opportunity to participate in economic activities. this step aims to develop the local economy. the strategy used to achieve that goal is government policies that should be pro-poor. second, providing equal and fair opportunity to participate and enjoy and economic development of the country. new economic model will focus also on more widespread competition and liberalization efforts. therefore, the concept of justice needs to be applied in carrying out the procedure of competition and liberalization. third, accelerating the development of economic liberalization in order to squirm. the government recommended to conduct a thorough preparation to face the competition in the increasing current liberalization predicted. fourth, government economic policies that use the ethnic approach to enhance the economic development of certain ethnic will be changed to the “inclusiveness development of ethnicity regardless “. new economic model will devote attention to low-income groups, including those below the poverty line. fifth, implementing affirmative program to attract the majority of the population out of poverty shackle and provide more opportunities for them to seize the opportunities in the economy and reduce inequality. sixth, play a significant role in the region’s development. new economic development will devote attention to the development of the regions corridor and sub-regions through clustering (local development) especially in sabah and sarawak to reduce inequality between provinces and between regions. seventh, giving emphasis on the education sector. education reform is needed to produce knowledge workers and reduce the income abyss. table 1. the benefit of inclusiveness principle of new economic model all people will include in inclusiveness because: 1. live and work in safety environment 2. equality and simplicity of information access 3. respect each others 4. each part of this country – wether province, city or village are important 5. poor people is unforgotable source: economic advisory council maqashid syari’iyyah in the inclusiveness context everything has created by god must be the will and purpose. humans as a caliph in the earth should understand that the intent and purpose of all creation al-iqtishad: vol. vii no. 1, januari 2015 110 allah is for the benefit of the man himself. the scholars of usul fiqh also agree that maslahah is the purpose of god as the creator of the shari’ah. the will and purpose of god in all creation is referred to as maqasid syar’iyyah. there are still many who do not understand this maqasid syar’iyyah term, even among muslims themselves. the term of maqasid syar’iyyah also still less given emphasis by muslim scholars, but it is very important that the intent and purpose of god’s creation can be understood. for those who recognize and understand maqasid syar’iyyah, certainly would not doubt that maqasid syar’yyah is the solution to all problems, even also will reveal the truth of the allah’s promise. maqasid syar’iyyah can be used as a guide in completing all the latest issue comprehensively, wether in which touches on the political, economic, and social aspect. therefore, maqasid syar’iyyah seen as an important solutionand should be understood by all muslims. imam syatibi in his book al muwafaqat categorized maqasid syar’iyyah into three levels, al-necessities, al-hajiyyat, and al-tahsiniyyat. in maqhasid sharia, there are five main things that should be kept in maslahah, i.g keeping the deen (religion and faith), the soul, the nasab (descent), the aql (mind), and maintain the property. five things must be maintained as well as possible by man as a vicegerent on earth, as it is for the benefit of the man himself. the five it can be seen in three levels maqasid syar’iyyah, al-necessities, al-hajiyyat, and al-luxuries. for example, in the case of keeping the religion, the al-dharuriyyat side is belief in allah. without true faith and belief, religion does not exist and probably will not develop because allah is not pleased religion other than the religion of tauhid (islam). therefore, shirk is a great sin and allah does not forgives the shirk. to facilitate human creed channel tauhidi to the creator, then the ritual activities (worship) should be done as prayer and fasting. in worship, the man expected to be the stronger in faith and tauhid. similarly, from the side of al-hajiyat, there is easiness given by allah almighty to his servants in certain circumstances. for example, why women are menstruating should not be praying and fasting, or why the traveler is not required to fast and may jamak (combined) and, orqasar (cut off) solatnya. these are all rukhsah given by allah in the aspect of worship in certain circumstancesas for the al-tahsiniyyat is that all matters relating to the keeping of religion (worship), as thaharah, closing the genitals, and the shadaqah (charity) will give a pleasure in worship to allah. this in turn will increase the confidence and the human-ness of the creator. the property in the context of maqashid syari’iyyah although the property is the last position in the maqasid syar’iyyah, does not mean the property is not important in islam. property must exist to maintain and m. sabri haron: the assesment of inclusiveness 111 enhance the other four main points, deen (religion and faith), the soul, the nasab (descent), the aql (mind). the absence of property will bring distress to mankind to keep four things. nevertheless, the use of property should not be based solely lust. the use of the property must be based on tauhid (haron, 2011). islamic view of propertyand economic activities is very clear, such as (ismail & mat nor, 2010): first, god is the absolute owner of everything that exists on this earth, including possessions. property owned by a man only a relative term and only to carry out the mandate to manage and use it in accordance with the provisions set forth allah (see qs 2: 107 and 284). second, the property status under human belonging is: property is amanah (mandate) from allah, and human is acting as a fiduciary only. property aspleasure that allows humans to enjoy life with good and not by excessive. humans have a strong tendency to own, control, and enjoy the property. as life pleasure, property often causes arrogance, vanity, and pride (see qs 96: 6-7). property as a test of faith. it is concerned about how to obtain and utilize the property, whether in accordance with the teachings of islam or vice versa (see qs 8: 28). property as savings of worship, to carry out his orders and execute muamalah between people, through charity, donation and charity (see qs 9: 41 & 60; qs 3: 133-134). third, property ownership can be done by a’mal (business) or ma’isyah (livelihood) is lawful and in accordance with the shari’a. many verses of the qur’an and the hadith that encourage mankind to work for a living lawfully. fourth, prohibited trying, working, or looking for treasure, which can forget about death (see qs 102: 1-2), dhikrullah forget (do not remember to god with all his provisions), forgetting prayer and zakat (see qs 24: 37). fifth, prohibited gain wealth by unlawful means such as through usury (see qs 2: 273-281), gambling, buy and sell of prohibited good (see qs 5: 90-91), stealing, robbing, cheating in wheight (see qs 83: 1-6) in ways of prohibited and harmfull (see qs 2: 188), and bribery. based on the discussion that has been described previously, this article then will assess in which the principle of maqasid syar’iyyah used as a guide in formulating the principles of inclusiveness in new economic model, as an effort to realize the hopes of malaysia’s status as a developed country by 2020. the assessment of inclusiveness principle assessment conducted on the main concepts in the principles of inclusiveness in the new economic model and also missions in these principles as previously described, then analyzed based on the concept of maqasid syar’iyyah. al-iqtishad: vol. vii no. 1, januari 2015 112 opportuniety to all community to access the wealth of country all communities can enjoy a fully sovereign wealth is a key concept in principle of inclusiveness. therefore, no one will neglect to participate and enjoy the wealth of the country. to achieve this goal, we need the concept of justice, equality and fraternity. refer to ismail & mat nor (2010) the equity categorized into the three parts, such as: social justice, economic justice, and fairly income distribution. islam considers humanity as a family. therefore, all members of the family have the same degree in the presence of allah. allah’s law does not distinguish between rich and poor, black or white, educated or bum, officials or people. socially, the value that distinguishes one another is devotion, sincerity, ability and social life with other people. the concept of brotherhood and equal treatment of each individual in society and under the law must be measured with economic justice. without that balance, social life would lose its meaning. with economic justice, each individual will get accordance with their respective contributions to the community. every individual should be free from exploitation of other individuals. islam strictly forbids a muslim to harm others. this prohibition is intended to protect the rights of individuals in society and to improve their welfare as the main objective of islam is derived. inequality of income and wealth that exists in society, contrary to the islamic commitment of brotherhood and socio-economic justice. hence, inequalities must be overcome by using a method that has been taught by islam. among the following ways: eradicate ihtikar (endeavor), hoarding goods with the intention of raising prices in the market in order to gain the manifold; guarantee the rights and opportunities of all parties to be active in the process of economic system; guarantee the basic needs of each member of the community can be met; implement the mandate at-takaaful al-ijtimai economic or social security insurance can bear and support groups who can not afford. islam justifies a person to have more wealth in accordance with the nature and needs, as long as it still is in the foundation of personality and fulfill its obligations to the welfare of society, both in the form of zakah or shadaqah (charity) infaq (donation). however, islam encourages wealthy class to be humble and do not brag about his wealth. if the entire islamic teaching (including the implementation of shariah and norms of justice) is applied, wealth inequality and high income gap will not occur in the community. pro poor when viewed from the first strategic step in principle of inclusiveness, new economic model focuses on the poor. this is a good step. poor people must be m. sabri haron: the assesment of inclusiveness 113 kept and maintained by the state because the impact of poverty causes damage of belief, thought, and society. yusuf al-qaradawi said there were five negative effects of poverty, namely: the effect on belief; the effect on the moral hazard; the effect on the human mind; the effect on household poverty; and the effect on the society (qardhawi, 1980). zakat in addition, serves to purify the property owner, and also as a solution to the problem of poverty due to its function considered as social security (see qs. 59: 7; and qs. 70: 24-25). social security intention here is the state guarantees every individual in the country where if there are indigent, sick, or elderly, then the state will guarantee it through zakat or charity. zakat can be a solution to poverty because it is sustainable and enduring of all time so that the appearance of the final day. zakat is not familiar with the term of cancellations and changes. thus, charity is a gift that has the privilege because of financial resources in the islamic financial system (ibrahim, 1998). this is not mentioned in the principles on inclusiveness in new economic model, eventhough very clearly mentioned in the qur’an that the charity was distributed to eight asnaf, and four of them are directly related to poverty, that is indigent, poor, people who owe and ibn sabil (see qs 9: 60). this proves that the charity could be the solution to today poverty happen. another solution is to eradicate, or at least reduce the symptoms of poverty through charity and donation, endowment, and probate. all of these have been mentioned and described in the qur’an and sunnah. alms and charity donation is kindness, “people who give alms as people who plant the seed of goodness”. in the afterlife, people who give alms will surely taste the fruits or results of charity in the world (muhyidin, 2009), and those who give alms will never lose, because allah has promised bountifully rewarded to those who give alms (see qs 57: 18). also, waqf and wasiyyah that is set in islam is seen able to solve all economic problems, in this case poverty (ismail and mat nor, 2005). therefore, it was concluded here that charity, donation, charity, endowments and wills should be given serious attention to enhance the concept in principle of inclusiveness in new economic model, particularly in the context of addressing poverty in malaysia. fastering liberalisasi for development in the third strategic step, it is recommended that the malaysian government did good preparation to face the competition in the current liberalization as predicted increase. here new economic model suggests merely that the government getting ready to face the current liberalization. however, the steps to be taken for the al-iqtishad: vol. vii no. 1, januari 2015 114 preparation are not described. based on the discussion above, basically there are many preparatory steps that can be taken, especially internal preparatory measures, but on the basis of simplification purposes, this article discusses only a few steps, such: first, eradicating corruption. the principle is inclusiveness in new economic model need to consider the corruption eradication in its concept. this problem must be considered and given serious intention. agencies that have authority such as spr (suruhanjaya pencegah rasuah) should be more pro-active in preventing the potential for corruption. cooperation with various parties, especially those in the economy should be tightening. moreover, in terms of capturing the perpetrators of corruption should not be indiscriminately. it is seen very important because of the implications of corruption not only be the root causes of poverty and the income gap, but also can damage the morale and morality of each nation. therefore, it is not surprising if rasululullah cursed this corrupt behavior as mentioned in a “from tsauban, he said that the prophet cursed the one who gives the bribes, receiving bribes, and intermediaries, ie the linking between the two” (hr ahmad ibn hanbal). second, modesty in life and budget. allah has said: “[he said], “joseph, o man of truth, explain to us about seven fat cows eaten by seven [that were] lean, and seven green spikes [of grain] and others [that were] dry that i may return to the people; perhaps they will know [about you]. [joseph] said, “you will plant for seven years consecutively; and what you harvest leave in its spikes, except a little from which you will eat. then will come after that a year in which the people will be given rain and in which they will press [olives and grapes” (qs 12: 46-48). the above verse tells of a kingdom or a man to always remember and downsize and make preparations to face disasters (economic crisis) that does not happens “riot” in the final moments or when the economy crashed. indirectly, this verse tells us that the state should be thriftier that government budget that does not bring benefits should be avoided. humans should be simple in spending his money. in a more macro scope, the malaysian government should also apply the concept of frugality-careful in national budget. third, encourage to borrow money (for those who need) to islamic financial institutions. the presence of poor and low-income groups in the midst of society causes them to borrow money from a lender which justifies usury to meet their ends or to pay off debt. it has been described previously that one of the solutions to overcome this problem (poverty) is to give alms to the beneficiary, donation and charity, waqf and wasiyyah. but surprisingly many of the upper and middle-income group who participates to borrows the money from that usury lender. the reason m. sabri haron: the assesment of inclusiveness 115 is much easier and faster than conventional loans from banks, though not a few of them are aware of the consequences if they fail in returning the loan and interest. as well known, that a lender from conventional financial institutions implements a usury system. riba is in addition to the specific goods (usury) and additionally as a debt due to the addition of time (rahman, 2009). in islam, interest or riba is prohibited (see, qs 2: 275-276 & qs 30: 39). essentially, borrow money along with interest is not helping the borrower out of financial problems at hand. but it adds to the difficulty and will never go out of the problemt. therefore, the solution to this problem is to eradicate the lender that justifies usury. avoid borrowing money (especially muslims) to conventional banks, and vice versa, preferring to borrow money from financial institutions based on islam in addition to ease the terms of the loan and quick process. here the more active role of the government is expected to create a society free of riba (usury activity or at least minimize). fourth, inclusiveness development of regardless ethnic. the achievement of the new economic policy-based ethnic concept admits a positive impact in minimizing the gap between ethnic groups from an economic standpoint. however, there is no denying that there are still problems in terms of implementation. for example, the rising cost of doing business due to the expensive rents, the power of patronage (patronage) and the process is not transparent government revenue as a problem of corruption, collusion and nepotism among the ruling. by that, the principles embodied formulate a formula to minimize this problem. formula was known as “inclusive development of independent ethnic” as mentioned in the fourth strategic step. however, the inclusiveness development of free ethnic somewhat seen difficult to be realized because the malaysian people consists of multi-ethnics. it is hard to deny that any definite ethnic faction fighting for its own interests, in terms of economics, politics, education and others. if connected with politic, most visionmission of the existing political parties in malaysia would be more fighting for their ethnic interests respectively. therefore, the need to be explored is not free ethnic inclusiveness development, but development based on fraternity (ukhuwah). if this sense of ukhuwah is grown, the economic development of the country is believed to be more powerful, stable, and forward because in ukhuwah there is a sense of mutual respect, affection, and belonging as well as glorify between one another. in ukhuwah also no differences in background, either he or the leader of the people, high educated or low, rich or poor, malay ethnic or non-malays and others. in islam, a person is judged only by the level of taqwa (piety) to god. al-iqtishad: vol. vii no. 1, januari 2015 116 conclusion objective of the discussion in this article is to assess the extent to which the principles summarized in the mbe can fulfill the will maqasid syar’iyyah. assessment is done through the main concepts and principles encapsulated in the strategic steps that principle. this article is expected to generate suggestions for government policy regarding the importance of the role of maqasid syar’iyyah in keeping the needs and welfare of the community and to promote a country, in this context, improving the economy of malaysia, along with insights that make malaysia 2020 on par with developed countries. to achieve that, the government must accommodate the elements maqasid syar’iyyah in taking related economic policies and development of the country. references al-‘assal, a.m & karim, f.a.a. 2010. ekonomi islam: prinsip-prinsip & matlamat, kuala lumpur: serambi timur sdn. bhd. al-qardhawi, y. 1980. the poverty problem: the islamic concept. johor baru: penamas. al-syatibi, a.i.i. 1985. al-muwafaqat fi usul al-syari’ah. beirut: dar al-ma’rifah. haq, h. 2007. al-syatibi: the theological aspect on maslahah concept in almuwafaqat. jakarta: erlangga. haron, m.s. 2011. the economic issues on islamic thought. bangi: pusat pengajian umum ibrahim, a.r.z. 1998. petunjuk amalan ekonomi islam. kuala lumpur: dewan bahasa dan pustaka ismail, a.g. & mat nor, f. 2010. the evaluation of new economic model on maqashid syari’iyah perspective. the proceding seminar on maqasid syariah sempena ijtimak harakiy pertama wadah abim-pkpim, german-malaysian institute, kajang, malaysia, 7 ogos 2010 muhyidin. m. the miracle of shadaqah: the more shadaqah the more rich. batu caves: millenia. othman, m.r. & g. din. 2005. economy on al-qur’an and as-sunnah perspective. pulau pinang: usm. zaharuddin, a.r. 2009. wang, anda & islam: halal dan haram dalam kewangan dan perbankan. petaling jaya: true wealth. jurn al ilm u ekon om i syariah a l -iq t is h a d vo l. ii, n o. 2, ju li 2010 ju rn al il m u ek on om i s ya ri ah diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei) artikel: perilaku masyarakat dalam memilih pembiayaan maesaroh respon masyarakat hunian islami terhadap ekonomi islam irfan nurrahman perilaku konsumsi masyarakat jakarta timur sebelum dan saat ramadhan kholiq muhtarom konsep distribusi menurut muhammad baqir as-shadr rian maulana strategi pemasaran produk fulprotek pt. asuransi takaful keluarga dan bank muamalat indonesia siti mashnu’ah analisis kinerja keuangan bank muamalat indonesia dikaitkan dengan program akselerasi perbankan syariah roni hamdani asuransi dalam perdagangan ulama fikih kontemporer abdurrauf penimbunan barang dalam perspektif hukum islam afidah wahyuni issn: 2087-135x vol. ii, no. 2, juli 2010 al-iqtishad (jurnal ilmu ekonomi syariah) adalah berkala ilmiah yang diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilmiah ini fokus pada kajian ilmu ekonomi syariah dan berupaya menyajikan pelbagai hasil riset ilmiah bermutu dalam bidang tersebut. seluruh artikel yang dipublikasikan dalam berkala ilmiah ini merupakan pandangan dari penulisanya dan tidak mewakili berkala ilmiah dan/atau lembaga afiliasi penulisnya issn: 2087-135x diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilimiah ini fokus dalam kajian ilmu ekonomi syariah. terbit dua kali dalam satu tahun (januari dan juli). redaktur ahli muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) nadratuzzaman hosen (uin syarif hidayatullah jakarta) ahmad hidayat buang (universiti malaya malaysia) amiur nuruddin (iain sumatera utara) didin hafiduddin (institut pertanian bogor) uswatun hasanah (universitas indonesia) mustafa edwin nasution (universitas indonesia) muhammad syafii antonio (stei tazkiya jakarta) mohammad rusydi (acifs brisbane australia) md. sujimon (kolej pengajian islam johor malaysia) pemimpin redaksi euis amalia redaktur pelaksana ah. azharuddin lathif nuriyanto al-arief editor bahasa inggris ummi kultsum sekretariat maman rahman hakim alamat redaksi fakultas syariah dan hukum uin syarif hidayatullah jakarta jl. ir. h. juanda 95, ciputat, jakarta 15412. telp. (62-21) 74711537, faks. (62-21) 7491821 website: www.fsh-uinjkt.net; e-mail: redaktur.iqtishad@yahoo.com vol. ii, no. 2, juli 2010 daftar isi 1 perilaku masyarakat dalam memilih pembiayaan maesaroh 31 respon masyarakat hunian islami terhadap ekonomi islam irfan nurrahman 55 perilaku konsumsi masyarakat jakarta timur sebelum dan saat ramadhan kholiq muhtarom 79 konsep distribusi menurut muhammad baqir as-shadr rian maulana 103 strategi pemasaran produk fulprotek pt. asuransi takaful keluarga dan bank muamalat indonesia siti mashnu’ah 125 analisis kinerja keuangan bank muamalat indonesia dikaitkan dengan program akselerasi perbankan syariah roni hamdani 139 asuransi dalam perdagangan ulama fikih kontemporer abdurrauf 159 penimbunan barang dalam perspektif hukum islam afidah wahyuni cover al-iqtishad vol. ii, no. 2, juli 2010 00-daftar isi muniaty aisyah: peer group effects on moslem consumer’s decision 165 peer group effects on moslem consumer’s decision to purchase halal-labeled cosmetics muniaty aisyah1 abstract. peer group effects on moslem consumer’s decision to purchase halal labeled cosmetics. the purposes of this research are to analyze peer group effects on moslem consumers’decision to purchase halal-labeled cosmetics directly and indirectly which is mediated by consumers’ religious behavior. this research applies structural equation model and convenience random sampling with 215 samples who have bought halal-labeled cosmeticsand live in southern tangerang. the findings show that: first, peer groupdirectly affect consumers’ decisionto purchase halal-labeled cosmetics; second, hablumminannas behavior mediates peer group and consumers’decision to purchase halal-labeled cosmeticsindirectly, third, hablumminallah behavior has the most dominant effect on moslem consumers’ decision to purchase halal-labeled cosmetics. based on the findings, it could be concluded that the reason of consumers’ decision to purchase halal-labeled cosmetics is because their religious behavior are high. therefore, it is suggested that government and related institutions need to implement the security act of halal products immediately in order to protect the consumer from consuming non-halal products. keywords: halal label, purchase decision, consumer behavior, structural equation model abstrak. pengaruh kelompok terhadap keputusan konsumen untuk membeli produk kosmetik halal. penelitian ini bertujuan menganalisis pengaruh peer group (kelompok teman sebaya) terhadap keputusan pembelian konsumen pada produk kosmetik berlabel halal, baik secara langsung maupun tidak langsung yang dimediasi oleh perilaku religious konsumen. penelitian ini menggunak ananalisis structural equation model dan teknik convenience random sampling dengan 215 responden yang tinggal di wilayah tangerang selatan. hasil penelitian menunjukkan: pertama, peer group berpengaruh langsung terhadap keputusan konsumen membeli kosmetik berlabel halal; kedua, perilaku hablumminannas konsumen memediasi pengaruh peer group terhadap keputusan konsumen membeli kosmetik berlabel halal secara tidak langsung; ketiga, perilaku hablumminallah konsumen paling dominan mempengaruhi keputusan konsumen membeli kosmetik berlabel halal. dapat disimpulkan bahwa keputusan konsumen membeli kosmetik berlabel halal didasari oleh perilaku religiusnya karenanya, disarankan agar pemerintah dan instansi terkait segera mengimplementasikan undang-undang jaminan produk halal guna melindungi konsumen dari mengkonsumsi produk non-halal. kata kunci: label halal, keputusanpembelian, perilakukonsumen, structural equation model first draft: december, 10th 2014, revision: february, 10th 2015, accepted: march, 10th 2015 1 syarif hidayatullah state islamic university jakarta. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: munykres@gmail.com al-iqtishad: vol. vii no. 2, juli 2015 166 introduction dharmmesta and handoko (1997) explained, consumer behavior is individual’s activity that is directly involved in obtaining and use of goods or services. this is based on the concept of consumer behavior and lifestyles that are formed from the internal influences (perception, learning, memory, motivation, personality, emotions, attitudes) and external influences (demographic, social status, reference groups, family, marketing events, and culture). culture is a complex symbols and facts that created by human who handed down from generation to generation as a determinant and regulator of human behavior in society. the symbol can be tangible like home, equipment, vehicles and artworks; or intangible like attitudes, opinions, beliefs, languages and religious values. hawkins and david (2010) classify culturalvalues in three general categories: first, other-oriented values, reflect a society’s view of the appropriate relationships between individuals and groups within the society. these relationships have a major influence on marketing practice. second, environment-oriented values, prescribe a society relationships to its economic and technical as well as its physical environment. third, self-oriented values, reflect the objectives and approaches to life that the individual members of society find desirable. such as religious values that is very much determined a person behavior in performing his daily life. furthermore, hawkins and david (2010) explained that religious factor,as one of the forms of culture that is based on self-oriented values, can identify consumer behavior where the values and religious teaching affiliation will greatly influence consumers’ purchase decisions and their daily consumption patterns. thus, moslem consumers decision to purchase or to use halal-labeled cosmetics allegedly constituted by selforiented values in order to practice the islamic teachings that are derived from the holy quran and hadith. there are more than thirty verses of the holy qur’an that mention about moslem obligation to keep and pay attention on what to consume which also supported by hadiths that are explaining many things about halal (lawful) and haram (unlawful) products, as related to its substantials, materials, and processing procedures (thobieb, 2002). such as the following hadith narrated by moslem ra: “the halal (lawful) is obvious and the haram (unlawful) is also obvious; and in between there are things that musyta-bihat/syubhat (doubtful, vague, not clearly lawful illegitimate), most people do not know the law. who ever cautious about doubtful cases, indeed he had saved his religion and pride”. this hadith explains that everything that is syubhat (doubtful) should be abandoned because whoever is keeping himself away from these,then his life and religion will survive (amin, 2013). muniaty aisyah: peer group effects on moslem consumer’s decision 167 actually, there are only few things that are forbidden by allah swt to be consumed or used by human being. everything on earth is basically permissible to consumed or used, except things that are explicitly forbidden according to the quran and hadith. nevertheless, the increasing of technological developments is allowing the use of unlawful substances as raw materials, additivesor auxiliary materials in variety of processed products. consequently, the halalness of the products becomes unclear or doubtful. that is why the indonesian ulama’ assembly (majelis ulama indonesia/ mui) fatwa commission concluded that all processed products is basically doubtful and needs to be studied or explored furthermore before setting the status of its halal illegitimate, to provide certainty and reassuring moslem consumers to practice their religious teachings (lppom mui, 2013). it is government’s obligation to protect and provide independency to each resident to worship according to their religious teachings and believes. especially because the circulation of non-halal products have been occurred in indonesian markets repeatedly (abadi and team2011). in consequence, since it had been proposed in 2008, finally dpr (the house of representatives) validated the halal product guarantee (jph) act on september 25, 2014. unfortunately, jph act still only regulates sanctions for halal certificate holders who violating their obligation, whereas for those who do not apply halal certification, the regulations are still not listed in jph act. according to the ministry of religion, the details of new sanctions will be regulated in a more technical regulations, either through government regulations or ministerial regulations that will be implemented in the next five years, so the whole community businesses who produce halal products essentially require to have halal products certification(supriyanto, 2014). in other words, although jph act has been validated, the movement of halal product certification and labeling will not be implemented completely in indonesia until the next five years because the government is still responsible for issuing eight new government regulations and two new ministerial regulations to complement the jphact (ichsan, 2014). therefore, the moslem community in indonesia still have to be alert and ensure that the product they have been purchased is halal guaranteed by checking its halal label or certificate. based on this background, therefore, this research intends to analyze the moslem consumers’ purchase behavior on halallabeled cosmetics. this research intends to advance the previous research (aisyah, 2014) about the influence of external environments on consumer’s intention to purchase halallabeled products by further analyzing the influence of peer group on consumer’s actual decision to purchase halal-labeled cosmetics. kotler and keller (2012) explained, one of the reference group that can directly affect consumer’s attitudes and al-iqtishad: vol. vii no. 2, juli 2015 168 purchasing behavior is peer group. in a phase of ourlives, the agent of socialization from childhood to adulthood mainly played by the peer group (dariyo, 2004). thus, the cumulative impact of individual interaction with peer group is very likely affecting one’s purchasing behavior. based on previous research (aisyah, 2014), there are only few consumers (12.8 to 37.7%) are aware of any potential non-halal raw materials in food products, beverages, pharmaceuticals and cosmetics. therefore, the government’s efforts to implement jph act should begin with educational programs to the community, both to consumers and producers, in order to promote halal certification and labeling programs through below the line and above the line campaigns. by analyzing whether there is peer group direct or indirect effects on consumers’ purchase decision, will be known whether peer group as one of external environment can be used as medium or a place to conduct below the line activity campaigns about halal-labeled cosmetics especially among young consumers who are a long lifetime customers. the halal certification and halal labeling products’ movement will be implemented by the government in the upcoming october 2019. for moslem consumers as the majority in indonesia, the halal-haram issue is a sensitive matter because related to their religious believes. various cases of non-halal products circulation have gotten strong reactions from moslem communities which potentially causing social and economic chaos (kasali, 1998). therefore, this research aims to give a positive contribution in order to motivate government and other related institutions to be truly commited to implement the halal product guarantee (jph) act in order to protect the public from consuming or using non-halal products, especially cosmetics, by analyzing the following research questions: first, does peer group have positive effect on consumers’ hablumminallah behavior, hablumminannas behavior, and decision to purchase halal-labeled cosmetics? second, does consumers’ religious behavior mediate peer group with consumers’ decision to purchase halal-labeled cosmetics indirectly? third, which factor has the most dominant effect on consumers’ decision to purchase halallabeled cosmetics? literature review schiffman and kanuk (2011) explained that referent group’s approval or disapproval would constitute consumer’s purchasing behavior. the higher the consumer interaction with the peer group, the higher the consumer’s purchase decision on the product in question. mansoer (2008) explained, the level of individual interaction with peer group can be measured based on the reasons for choosing peers, the intensity of positive activities with peers, and the intensity of muniaty aisyah: peer group effects on moslem consumer’s decision 169 playing with peers. according to josephson et.al. (2003), peer group can influence a person attitudes and interests, how to think, how to talk, how to look, how to behave and how religious he is. dariyo (2002) explained, if a person choose to get along with peers who has strong personality, spirit of leadership, good social control, high appreciation of education, good achievement, religious, and good morals; this peer group can constitute its member with an opportunity to exchange thoughts, solving problems, and to learn how to interact with others, how to control social behavior, how to develop skills and interests. hence, this peer group became a place or medium that constitute useful activities and positive behavior for its member. on the contrary, if a person choose to get along with peers who is more concerned with social status, wealth, physical appearance and popularity only, this peer group can constitute its member with materialistic or hedonistic lifestyle and tend to behave badly, lazy and like to spend their time with less useful activities. in other words, the more positive the reasons for choosing peers, the greater the tendency of peer group toits members on performing useful activities and positive behavior. the more important the role of peer group for a person, the more frequent this person will interact with his peer group. the interaction with peer group can influence positively or negatively to one’s behavior depend on the amount of time and the type of activities he spent with peers. the more frequent he spend his time with peers who like to do positive activities, his behavior will become more positive (dariyo, 2002). positive activities in peer group that could derived positive behavior to its member are learning together, exchanging thoughts, doing exercises, doing arts, discussing social or religious issues, and many other useful activities. the higher the intensity of this person interacts with peers in positive activities, the better his behavior will be (mansoer, 2008). the more frequent a person interacts with peers who like to spent more time for playing, other less useful activities or even negative actions, it can impact negatively on the development of one’s behavior. playing activities with peers can be measured from activities like chatting, went to malls or shopping centers, hanging out, watching movies, playing games, etc. (mansoer, 2008). thus, the more positive one’s considerations or reasons in choosing peers, the higher the intensity of positive activities with peers, and the lower the intensity of playing with peers; the better the behavior will be, including his religious behavior and his intention or decision to purchase halal products. according to tawhidy string relations (tsr) methodology (choudhury, 2006), social relationship’s theme in islam is related to the main message in the holy qur’an that is the oneness of allah. the knowledge inside al qur’an is believed as an absolute truth that concludes all human needs as a comprehensive guidelines. al-iqtishad: vol. vii no. 2, juli 2015 170 al qur’an is implemented by the prophet muhammad in his daily life. in islam, the prophet muhammad behavior is recorded in hadith as the second knowledge of islam. the holy qur’an and hadith are continuously generated into world’s system which occurs into the life of human being’s through learning process called shuratic process. shuratic process shows an interactive, integrative and evolutionary learning process that interrelated with islamic law in the world system and tends to be consultative and dynamic process that will go on until hereafter (harahap, 2008). so it is clear that islam as a way of life always relates world with hereafter life. therefore, religious behavior in this research is divided into hablumminallah behavior and hablumminannas behavior. hablumminallah behavior is islamic religious behavior which formed from cognition, affection and conation behavior in faith and worship aspects of a moslem in his relationship with god, which clearly written in two islamic foundations, those are pillars of faith and pillars of islam (husaini, 2013). thus, in this research, consumers’ hablumminallah behavior is measured from three dimensions, those are knowledge, attitudes and the implementation or practice of faith (six pillars of faith) and worship (five pillars of islam). attitudes of faith and worship will be measured from one’s belief in receiving the truth of islamic teachings as the outcomes of his knowledge of faith and worship. a moslemwho has a broad knowledge of faith and worship will has positive faith and worship attitudes who truly beliefs the truth of islamic teachings. in other words, the higher the faith and worship attitudes of a moslem, the higher the hablumminallah behavior will be. on the contrary, a moslem who has limited knowledge of faith and worship will has limited or even negative faith and worship attitudes which will causing limited or negative beliefs on islamic teachings. a moslem who has limited or negative faith and worship attitudes will has limited or even negative influence on his hablumminallah behavior. attitudes or beliefs of faith is measured from one’s belief in the truth of the six pillars of faith which can be define from one’s belief in allah as the only creator who has hablumminallah behavior is not only measured from one’s knowledge and attitudes aspects of faith and worship, but also measured from practicing the faith and worship in actual actions to follow god’s commands and desist god’s prohibition by standing firmly on the pillars of faith and the pillars of islam. the practice or implementation of faith is measured from how often a moslem starting and finishing jobs by mentioning allah’s name, how hard one’s effort to maintain his/her five senses from doing the bad things, how hard one’s effort to imitate the prophet muhammad’s behavior, and how much his/her eagerness to do the good deeds and avoid him/herself from doing the bad deeds. meanwhile, practice or implementation of worship is measured from one’s obedience on carrying out the muniaty aisyah: peer group effects on moslem consumer’s decision 171 five fardhu (obligatory) prayers a day, carrying out congregation prayers, carrying out sunnah (as complement to obligatory) prayers, fasting in ramadhan month, sunnah fasting, reading al qur’an, reading shalawat to the prophet muhammad, doing zakah (tithe), helping fellow human being who have difficulties, and one’s involvement on religious social activities. the higher the knowledge, the higher the attitudes. the higher the attitudes, the higher the implementation or his/her practice of faith and worship aspects. the higher the practice, the higher the hablumminallah behavior. the higher the hablumminallah behavior, the higher the hablumminannas behavior, which will also alleviate moslem intention to purchase halal products as his/her actual action offaith and worship to allah. the concept of hablumminannas is precisely about everything in the world and hereafter that is essentiallyabout the fact of nature of human life, human personality, habit, event, and ikhwal/ causes (hidayat, 2009). according to mansoer (2008), a moslem behavior is internalized with islamic values in his daily life or habit toward himself, fellow human being and natural surroundings (mansoer, 2008). it has been mentioned before that the dimensions of islamic teaching is about faith and worship aspects which will reflect human being praiseworthy behavior (akhlakul karimah). a person who is obedient in his worship, will be a praiseworthy person. a praiseworthy person will have good relationships with himself, other human being and natural surrounding which is called as hablumminannas behavior. therefore, hablumminannas behavior is measured based on three dimensions: islamic personality towards oneself, fellow human beings and natural surroundings (mansoer, 2008). islamic personality toward oneself is measured from one’s honesty, discipline, and diligence behavior. honesty is an important manner because people is usually trying to hide their mistakes and incapable of being frankly. honesty shows from one’s courageto admit mistakes. discipline shows from one’s consistency on doing good habits in daily life, e.g. always coming on time to school or workplace, always wake up early in the morning, or always utilize his spare time by doing good thing. meanwhile, diligence behavior shows from one’s constant effort to accomplish all things that are undertaken, not easily give up when facing difficulties, try to do everything in maximum effort, not easily self-satisfied, continue to improve his achievement, and working hard. islamic personality toward fellow human being is measured from one’s sharing habit, generosity, and willing to cooperate, tolerant, caring, and respecting others. habit of sharing shows from one’s willingness to help people in need. generosity shows from one’s willingness to help people in need in the formof material, e.g. donated funds for the mosque construction, for broken bridge or road, for poor people and natural disasters victims.. tolerant shows from one’s willingness to help friends from different ethnics or religion, willing to get al-iqtishad: vol. vii no. 2, juli 2015 172 involve in social activity held by friends from different ethnics or religion, willing to attend funeral of neighbor from different ethnics or religion, and respect other worshiping activities from different religion. caring or concern for others shows from one’s willingness to looking after those who unable to take care for themselves, especially sick and elderly people. respect others shows from one’s reluctance to disturb others, e.g. reluctance to disturb friend who has not finished school tasks in the classroom, reluctance to dispose garbage offhand, and willing to clean up the jammed ditch in front of his house in order to prevent flooded road. islamic personality toward natural surrounding is measured from his concern for nature and his effort to preserve nature. concern for nature shows from one’s willingness to treat plants and animals well, e.g. feed a hungry cat, willing to watering the plant, and having a view point that a human being does not have rights to exploit the nature. meanwhile effort to preserve nature is measured from one’s willingness to save electricity, saving energy by look after his vehicle, willing to lessen the pollution by using bicycle or public transportation, willing to save water by using enough water as needed, willing to plant tree or look after the plants, and also reluctant to destroy or damaging plants and disturbing animals. the higher the islamic personality toward oneself, fellow human beings and natural surroundings, the higher the hablumminannas behavior which will also elevated moslem intention or decision to purchase halal products. from the explanation above, it is concluded that a moslem’s willingness to consume or use halal products is influence by his religious behavior toward oneself, fellow human beings and natural surroundings, which come from his/her reflection of knowledge, attitudes and implementation of his/her faith and worship to allah in order to have a secure life in the earth and hereafter. therefore, it is suspected in this research that the higher the hablumminallah and hablumminannas behavior, the higher the consumer decision to purchased halal-labeled cosmetics. figure 1. research framework peer group hablumminannas behavior intensity of positive activities reasons of choose intensity of playing hablumminallah behavior knowledge oneself fellow human attitudes purchase decision practises natural surrounding evaluation of alternatives problem recognition information search muniaty aisyah: peer group effects on moslem consumer’s decision 173 from the research framework on figure 1, the hypothesis in this research are developed as follows: first, peer group directly effects consumers’ hablumminallah behavior; second, peer group directly effects consumers’ hablumminannas behavior; third, peer group directly effects consumers’decision to purchase halal-labeled cosmetics; fourth, hablumminallah behavior mediates peer group and consumers’ hablumminannasbehavior indirectly; fifth, hablumminannas behavior mediates peer group and consumers’ decision to purchase halal-labeled cosmetics indirectly. methods this research uses explanatory research to analyze the causal relationship betweenpeer group and consumers’ decision to purchase halal-labeled cosmetics, directly and indirectly that is mediated by hablumminallah andhablumminannas behavior. considering the object is halal-labeled cosmetics, this research only selects female moslem consumers who have bought halal-labeled cosmetics and live in southern tangerang as sample, especially those over 20 to 25 years old. at this ages, they are indicated as a long lifetime customer that make them as potential target market for halal-labeled cosmetics. to be able to measure consumers’purchase decision, the respondents must have already bought halal-labeled cosmetics from any kind of brand that circulating in indonesia market such as wardah, mazaya, caring colors, la tulipe, mustika ratu,sari ayu,viva, moayu, or moslemah by sophie paris.the cosmetic variants are lipstick, face cream, foundation, lip balm, body lotion, bathgel, and many others which already put halal-labeled on its packaging. the sampling technics used in this research is convenience random sampling. this research uses primary data and questioners as instrument which distributed to 250 respondents who live in southern tangerang area. referring to therespondent criteria thathave been set, there are 215 data available to be used in this research. thequality of the data is tested using validity and reliability test. validity test result showed that items from all variables are valid with anti-image correlation value> 0.500. reliability test result also showed that all variables are reliable with coefficient of cronbach’s alpha score> 0.60. this research uses structural equation model (sem) by using amos (analysis of moment structure) application to analyze the hypothesis because there are latent (unobserved) variables which mediate dependent and independent variables that suitable to test causal relationship between variables and its dimensions. sem test can also examine the large of contributions of selected variables simultaneously toward other variable from the assessment of squared multiple correlationsscore. al-iqtishad: vol. vii no. 2, juli 2015 174 discussion the assessment of normality shows that multivariate (c.r.) score is 2.253 (in the range of -2.58< c.r.< 2.58), so the data is normal. from construct validity test showed that estimate score in standardized regression weights model or its loading factor scores are ≥ 0.5, so it is valid and able to form its construct. from convergent validity test, it is showed a critical ratio value which is greater than 2 times of standard errorvalues so that all indicators are valid and able to measure what should be measured. table 1. standardized direct effects peer group (x) hablumminallah b. (m1) hablumminannas b. (m2) purchase decision (y) hablumminallah b. (m1) 0.254 0.000 0.000 0.000 hablumminannas b. (m2) 0.239 0.478 0.000 0.000 purchase decision (y) 0.166 0.391 0.332 0.000 goodness of fit model test shows that the model has a good fit, based on the assessment criteria such as rmr (0.022< 0.10), gfi (0.913> 0.900), agfi (0.800 < 0.859 < 0.900), nfi (0.800 < 0.889< 0.900), rfi (0.800 <0.847< 0.900), ifi (0.928 > 0.900), tli (0.800 < 0.899 < 0.900), cfi (0.926 > 0.900), and pratio (0 > 0,727 > 1). after all the assumption are fulfilled, then the hypotheses proposed in this study should be tested. the result of data analysis from the regression weight structural equation model showed that this research has establish three direct causal effects. for hypothesis 1, p-value 0.005< 0.05 and coefficient value is 0.223, thus peer group significantly effects consumer’s hablumminallah behavior. it means that peer group is positively conducive as a place or medium that could constitute consumer’s hablumminallah behavior. table 2. standardized indirect effects peer group (x) hablumminallah b. (m1) hablumminannas b. (m2) purchase decision (y) hablumminallah b. (m1) 0.000 0.000 0.000 0.000 hablumminannas b. (m2) 0.122 0.000 0.000 0.000 purchase decision (y) 0.219 0.159 0.000 0.000 for hypothesis 2, p-value 0.007 < 0.05, and coefficient value is 0.178, thus, peer group significantly effects consumer’s hablumminannas behavior. it means muniaty aisyah: peer group effects on moslem consumer’s decision 175 that peer group is positively conducive as a place or medium that could constitute consumer’s hablumminannas behavior. for hypothesis 3, p-value 0.044 < 0.05, and coefficient value is 0.167, thus, peer group significantly effects consumers’ decision to purchase halal-labeled cosmetics. it means that peer group is positively conducive as a place or medium that could constitute consumer’s decision to purchase halal-labeled cosmetics. table 3. standardized total effects peer group (x) hablumminallah b. (m1) hablumminannas b. (m2) purchase decision (y) hablumminallah b. (m1) 0.254 0.000 0.000 0.000 hablumminannas b. (m2) 0.360 0.478 0.000 0.000 purchase decision (y) 0.385 0.550 0.332 0.000 for hypothesis 4, based on table 1 and 2, the value of standardized direct effects of peer group on consumers’ hablumminannas behavior (x m2) is 0.239, while the value of standardized indirect effects of peer group on hablumminannas behavior through consumers’ hablumminallah behavior (x m1 m2)is 0.122. because direct effects’ value is greater than indirect effects, it is concluded that hablumminallah behavior (m1) is not an intervening variable, so hablumminallah behavior does not mediates peer group and consumers’ hablumminannas behavior indirectly. but, for hypothesis 5, the value of standardized direct effects of peer group on consumers’decision to purchase halal-labeled cosmetics (x y) is 0.166, while the value of standardized indirect effects of peer group on consumers’ decision to purchase halal-labeled cosmetics through hablumminannas behavior (x m2 y) is 0.219. becausedirect effects’ value is lesser than indirect effects, it is concluded that hablumminannas behavior (m2) is an intervening variable, so hablumminannas behavior mediates peer group and consumers’ decision to purchase halal-labeled cosmetics indirectly. based on standardized total effects (table 3) it can be concluded that habulumminallah behavior has the most dominant effect (0.550) on consumers’ decision to purchase halal-labeled cosmetics, the second is peer group (0.385) and the lowest is hablumminannas behavior (0.332). from multiple squared correlations result shows that: first, peer group has simultaneously role of 6.5% to consumers’ hablumminallah behavior, while the rest are explained by other variables; second, peer group and hablumminallah behavior have simultaneously role of 34.4% to consumer’s hablumminannas behavior, while the rest are explained by other variables; third, peer group, hablumminallah and hablumminannas behavior have simultaneously role of 50.4% to consumers’ decision al-iqtishad: vol. vii no. 2, juli 2015 176 to purchase halal-labeled cosmetics, while the rest are explained by other variables. according to magill (1993), religious behavior is attitudes, intensity and a person way to become religious. social-culture system and religious values which develop and grow in a family, schools and societies that gain through a learning process and experiences, either deliberately or not, will slowly form one’s religious soul or behavior. in other words, religious behavior will show from someone’s personality if he grows in environments that cultivating, educating and adapting islamic teachings on their daily lives. islamasasystemof life can also be interpretedas away of lifethat is basedonsharia(law) of islamwhich is based onthe qur’anandhadith(temporal, 2011). antonio (2006) explained that islam as a way of live is a human effort to achieve welfare in his life and hereafter. allah already gave guidance through his messengers that include everything humans need in order to obtain their welfare in accordance to aqidah (faith), akhlak (manner) and sharia. aqidah and akhlak are constant and not changing from time to time. meanwhile, sharia is always changing accordance with the people needs and civilization which appropriate in every different messengers period of time. sharia in islamic teaching emphasizes on ibadat (worshiping god) and muamalat (human interaction) with a good and proper way by understanding its etiquette and implement them in everyday life in order to be a good moslem (antonio, 2006). ibadat emphasizes on islamic provisions and procedures of human interaction with god (hablumminallah behavior). meanwhile, muamalat emphasizes on islamic provisions and procedures of human interaction with others (hablumminannas behavior). consumers’ purchase decision is the final decisions of individuals or households to purchase goods/ services that need to be consumed. consumer’s purchase decision process consists of five stages: problem recognition, information search, evaluation of alternatives, purchase decision and post-purchase behavior. purchase decision process begins with problem recognition. the recognition of a need is likely to occur when consumer is faced with problem. the need may have been triggered by internal stimuli (such as hunger or thirst) or external stimuli (such as advertising or word of mouth). once the need is identified, it’s time for the consumer to search information about possible solutions to the problem. consumer will search more or less information depending on the complexity of the choices to be made and the level of consumer involvement.consumers will seek informationto guide their choices and decision-making process with internal and external information. internal information is already present in the consumer’s memory that comes from previous experiences. external information is a product or brand information received from and obtained by friends, family or reviews from other consumers, the press or advertising (kotler and keller, 2012). muniaty aisyah: peer group effects on moslem consumer’s decision 177 once the information collected, the consumers will be able to evaluate the different alternatives that offer to them, evaluate the most suitable to their needs and choose the one they think best for them. consumers will evaluate different products or brands on the basis of alternative product attributes those which have the ability to deliver the benefits that customers are seeking. two factors that intervene at this stage are attitudes of others and anticipated situational factors. the extent to which another person’s attitude reduces one’s preferred alternative depends on the intensity of the other person's negative attitude toward the consumer's preferred alternative, and the consumer's motivation to comply with other person's wishes. the anticipated situational factors may erupt to change the purchase intention. a consumer could think that some other purchase might become more urgent, or a store salesperson may turn the customer off (kotler and keller, 2012). now that consumers have evaluated the different solutions and products available for respond to their needs, they will be able to choose the product or brand that seems most appropriate to their needs. then proceed to the actual purchase itself. once the product is purchased and used, the consumer will evaluate the adequacy with his/her original needs (those who caused the buying behavior). and whether the consumer has made the right choice in buying this product or not. consumer will feel either a sense of satisfaction for the product (and the choice). or, on the contrary, a disappointment if the product has fallen far short of expectations. this experience will influence consumer future decisions and buying behavior. if the product has brought satisfaction to the consumer, he/she will then minimize stages of information search and alternative evaluation for the next purchases in order to buy the same brand which will produce customer loyalty. on the other hand, if the experience with the product was average or disappointing, the consumer will repeat the 5 stages of the consumer purchase decision process during the next purchase but by excluding the brand from his/herevoked set. positive or negative, consumer will also be able to share his/her opinion on the brand. whether in their family or by word-of-mouth. or on a much broader scale now with social networks or on consumer product review websites. a tendency not to be overlooked because now with the internet, an unhappy customer can have a strong power to harm for a brand. therefore, post-purchase evaluation may have important consequences for a brand (kotler and keller, 2012). from the explanation above, it can be concluded that consumer purchase decisionprocess is divided into two categories which are processing (including problem recognition, information search and alternative evaluation) and outcomes (including purchase decision and post-purchase behavior). in order to measured consumer’s purchase decision, this research uses the processing category as its al-iqtishad: vol. vii no. 2, juli 2015 178 dimensions.furthermore, hawkins and mothersbaugh (2010), hawkins, best and coney (2004), solomon (2011) in zickermann (2014) explained that consumers’ purchase decision depends on attribute-based and attitude-based choice process. attribute-based choice requires the knowledge of specific attributes at the time the choice is made, and it involves attribute-byattribute comparisons across brands. meanwhile, attitude-based choice involves the use of general attitudes, summary impressions, intuitions, or heuristics. there can be also be combinations of these forms. in this research, halal-labeled is the attribute that is believed and considered as an important matter by moslem consumers. islamic teachings considers food and other products that are consumed or used by humans as a matter of urgency in addition to worshiping allah. everything that is consumed or used by humans will have a major impact on human physical and spiritual development. physical impacts of consuming unlawful goods will be bad for human health, regardless of his religion. while spiritual impact of consuming unlawful goods cannot be measured from material only because the consequences of violating islamic law will have an impact on having miserable life onearth and punishment in the hereafter. thus, halal-haram issue is important for moslem consumers as related to their religious beliefs which make halal label as an attribute or element of a product which is believed and considered essentially by moslem consumers to ensure that the product they used or consumed is halal guaranteed. conclusion from the findings, it is concludedthat empirically, peer group effects consumers’ purchase decision on halal-labeled cosmetics positively, as well as consumers’hablumminallah and hablumminannas behavior. thus, peer group environment can be used as a conducive place or medium forabove and below the line campaigns of halal-labeled products socialization program, especially among young generation. the government and other relevant institutions such as indonesian ulama’ assembly (mui), together with the consumers protection agencies, islamic organizations, and business communities, could promoted the halal-labeled products campaigns through below the line campaigns in the peer group environment such as malls,shopping centers, sport stadiums, youth mosque assembly and other youth organizations, by involving active participation of ulamas, community leaders, and young public figures, in order to make the halal-labeled products campaigns successfully socialized to various levels of society, including young generations. it is also can be concluded that consumers’ hablumminallah behavior level is high and has the most dominant influence on consumers’ decision to purchase halalmuniaty aisyah: peer group effects on moslem consumer’s decision 179 labeled cosmetics. therefore, the halal product guarantee (jph) act which has been approved on 25 september 2014, is a strong legal framework that could mandate government to protect and provide independency to every citizen to embrace his own religion and its teaching. halal-labeled products is not only beneficial to protect moslem consumers, but also benefitting for non-moslem consumers who want to ensure that the product has been guaranteed as clean, healthy, high quality and safe to use or to consume. therefore, the halal certification and labeling program, which is targeted to be implemented in the upcoming 2019, is absolutely a necessary. by completing the implementation of halal product guarantee (jph) act immediately, various cases of the circulation of non-halal products in indonesian markets which always got strong reactions from the public and often potentially causing social, political and economic turmoil, is expected not to be repeated, so that the moslem community can be fully protected from consuming non-halal products in order to provide certainty and reassuring moslem consumers to worship according to their religious teachings and believes. references abadi, t. & tim kerja. 2011, pengkajian hukum tentang peran serta masyarakat dalam pemberian informasi produk halal. jakarta: kementerian hukum dan hak asasi manusia ri, badanpembinaan hukumnasional. aisyah, m. 2014. pengaruh lingkungan eksternal terhadap kecenderungan membeli produk berlabel halal yang dimediasi oleh perilaku religius konsumen. (unpublished disertation). jakarta: islamic economic and finance, university of trisakti. amin, m. 2013. islam menghalalkan yang baik dan mengharamkan yang buruk. jurnal halal lppom mui, no. 104 november –desember th. xvi 2013, pp. 28-297 antonio, m.s. 2006. islam sebagai agama yang lengkap dan universal: bank syariah suatu pengenalan umum. jakarta: tazkia institute. choudhury, m.a. 2006, the islamic world view, socio-scientific perspectives. london and new york: keagen paul international. dharmesta, s.b. 1992. riset tentang niat dan perilaku konsumen: sebuah catatan dan tantangan bagi peneliti yang mengacu pada theory of reasoned of action. jurnal ekonomi dan bisnis indonesia, no.1, th.vii, pp.39-53 dharmesta, s.b & h. handoko. 1997. manajemen pemasaran: analisa perilaku konsumen. yogyakarta: liberty offset. hawkins, d.i. & d.l. mothersbaugh. 2010, consumer behaviour: building marketing strategy, 11thed. new york: mcgraw-hill. inc. al-iqtishad: vol. vii no. 2, juli 2015 180 harahap, s.s. 2008. kerangka teori akuntansi dan tujuan akuntansi syariah. jakarta: pustaka quantum husaini, a. 2013. konsepilahiah. jakarta: sahabat mizan amanah. josephson, s. m. et.al. 2003. menumbuhkan 6 sikap remaja idaman. bandung: kaifa. kasali, r. 1998. using communication strategies to design food marketing strategies the pork fat rumor in indonesia. (unpublished dissertation). illinois: university of illinois kotler, p. & k.l. keller. 2012. manajemenpemasaran. jakarta: pt. indeks. magill, f. n. (ed). 1993. survey of social science: psychology series (vols. 16). pesadena, california: salem press. mursyidi, achmad (2013), chemical analysisauthenticationroleinhalalandfood pharmaceuticalproducts, journal of food and pharmaceutical science, vol.1 (2013, january-april), p.1-4 paloutzian, r.f. 1996. invitation to the psychology of religion. massachusetts: a simon and schuster schiffman & kanuk. 2011. communication and consumer behavior: consumer behavior. new jersey: pearson education inc. . temporal, p. 2011. islamic branding and marketing: creating a global islamic business. singapore: john wiley and sons (asia) pte. ltd. tjiptono, f. 2011. manajemen dan strategi merek. yogyakarta: andi offset. thobieb, a.a. 2002. bahaya makanan haram. jakarta: al mawardi prima. yunan, m.y. 1995. teologi muhammadiyah cita tajdid dan realitas sosial. jakarta : ikip muhammadiyah press. zickerman, p. 2014, co branding: fit factors between partner brands. hamburg: anchor academic publishing. 1correspondent author 1former assistant secretary-general, islamic financial services board 2iium institute of islamic banking and finance (iiibf) international islamic university malaysia e-mail: 1jamshaid.anwar@gmail.com, 2syedmusa@iium.edu.my jamshaid anwar chattha1, syed musa alhabshi2 abstract. banking industry is risk management business. one specific risk is the rate of return risk (ror) in the banking book. this study estimates the duration gap of ibs and its determinants in the context of ror risk. using duration gap model and two-step robust generalized method of moments (gmm), with a sample of 50 ibs from 13 countries, for the period 2007-2015, our empirical findings are: (a) time series and cross-sectional duration gap of ibs reflecting significant variations across the banks and countries; (b) ibs have a general tendency of maintaining a higher duration gap compared to their conventional counterparts, and are exposed to increasing ror risk due to their larger duration gaps and severe liquidity mismatches; and (c) there is significant difference in the estimated coefficients of idiosyncratic factors influencing the duration gaps of ibs. this study provides direction to the ibs to reflect upon the significance of liquidity mismatch risk. keywords: ror risk, islamic banks, duration gap, ifsb, bcbs, gmm abstrak. industri perbankan adalah bisnis manajemen risiko. salah satu risiko spesifik adalah risiko tingkat pengembalian (ror) dalam banking book. studi ini memperkirakan kesenjangan durasi ib dan determinannya dalam konteks risiko ror. menggunakan duration gap model dan two-step robust generalized method of moments (gmm), dengan sampel 50 ib dari 13 negara, untuk periode 2007-2015, temuan empiris kami adalah: (a) time series dan crosssectional durasi gap ib yang mencerminkan variasi signifikan di seluruh bank dan negara; (b) ib memiliki kecenderungan umum untuk mempertahankan kesenjangan durasi yang lebih tinggi dibandingkan dengan rekanan konvensional mereka, dan terpapar pada peningkatan risiko ror karena kesenjangan durasi yang lebih besar dan ketidaksesuaian likuiditas yang parah; dan (c) terdapat perbedaan yang signifikan dalam estimasi koefisien faktor idiosinkratik yang mempengaruhi kesenjangan durasi ib. studi ini memberikan arahan kepada ib untuk merenungkan pentingnya risiko ketidaksesuaian likuiditas. kata kunci: risiko ror, bank syariah, kesenjangan durasi, ifsb, bcbs, gmm estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 17 66 18 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction the modern global islamic financial services industry (ifsi) has grown in magnitude and geographic coverage. it has now become an integral part of global finance. this integration with international financial markets and institutions today, along with the wide geographical expansion of market activities outside the traditional jurisdictions of asia and the middle east, demonstrates that islamic finance has the potential to develop as a stable financial system (sau ngan and james, 2012). the ifsi’s resilience, anchored by the specificities of islamic finance and various inbuilt stabilisers such as unbridled leverage, lack of synthetic and exotic products, limited use of financial product engineering, stable funding base, etc., has been recognized to be an important asset to the global financial system, which can contribute to the growth and a new level of soundness, stability, and inclusiveness. nonetheless, despite islamic commercial banks’ (icbs) steady growth across the globe, they have not been immune1 to risks and vulnerabilities, given that icbs operate in the same financial and economic environment of dual banking (chattha and bacha, 2010). from the perspective of the business model of an icb, its activities are exposed to a variety of financial risks such as credit risk, liquidity risk, equity investment risk, market risk, benchmark rate risk or rate of return (ror) 2 risk and operational risk (ifsb-1, 2005). additionally, the economic and financial environment in dual banking systems inevitably exposes icbs to the problems encountered by conventional commercial banks (ccbs), especially benchmark rate risk (bacha, 2004; chattha and bacha, 2010; chattha and alhabshi, 2017, 2018; chattha et al., 2019). in particular, the ror risk in the banking book of an icb, which is dealt with in pillar 2 (ifsb-16, 2014) of the bcbs and the ifsb3 standards, if not properly managed, has the potential to pose a substantial danger to an icb’s earnings and capital base. consequently, an effective risk 1 in particular, liquidity mismatches have played a role in bringing financial distress to icbs (e.g. ihlas finans in turkey in 2001 and investment dar group in kuwait in 2008). 2 interest rate risk (irr) or ‘profit rate risk’ or ‘benchmark risk’ or ‘rate of return’ is used interchangeably in the study. khan and ahmed (2001) use ‘benchmark risk’ or ‘ror’ terminology instead of ‘irr’ so as to avoid unnecessary confusion since icbs do not deal directly with interest rate. subsequently, this term was used by the ifsb (2005) and other academicians and researchers (e.g. ariss and sarieddine, 2007, chattha and bacha, 2010, etc.). 3 basel ii has three pillars (bcbs, 2006). pillar 1 is about minimum capital requirements, whereas pillar 2 presents the supervisory review process of ccbs, while pillar 3 covers the disclosure requirements of the ccbs. building on this, the ifsb has outlined its equivalent standards, specifically ifsb-15 (2013), ifsb-16 (2014) and ifsb-4 (2007), corresponding to pillar 1, 2 and 3 respectively. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 19 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 management process addressing the ‘economic value perspective through duration gap model’ is essential to ensuring the safety and financial soundness of an icb. this perspective is not sufficiently addressed in the literature and is thus the focus of this study. benchmark rate risk has received considerable academic attention in recent years and has been developed from a number of different perspectives. this considerable eminence in the banking sector is due to various factors, including: (a) the increasing instability of benchmark rates, (b) financial market conditions including the reason for a flat yield curve and the risk of yield curve remaining flat for a longer period, and (c) the growing international emphasis on the supervision and control of banks’ benchmark rates under basel ii. existing literature has discussed irr management extensively (david, 1995; dermine, 1985; and duan et al., 1995). one of the popular techniques used in conventional literature to measure the benchmark rates is the ‘duration gap model’. many researchers including bierwag et al. (2000), bierwag et al. (1983), bierwag and kaufman (1985, 1992), chattha and bacha (2010), gup et al. (2007), kaufman (1984), and sharma (2005), advocate that the duration gap can be considered a much better approach to quantify the effect of benchmark rate changes. while these studies provide important techniques to measure the duration gaps of ccbs, which can subsequently be adopted to calculate the duration gaps of icbs, they fall short of identifying any specific causes which influence the duration gaps of financial institutions, in particular the icbs. while studies directly related to risk management, risk reporting and disclosure of icbs have been conducted by khan and ahmad (2001) and mohd. ariffin (2005), risk management tools and practices are covered by alam and masukujjaman (2011), chattha and bacha (2010), chattha and alhabshi (2017, 2018), fauziah et al. (2011), hassan (2009), khalid and amjad (2012), mohd. ariffin et al. (2009), ben selma mokni et al. (2014), romzie (2009), romzie and abdul rahim (2015), sundararajan (2002) and zainol (2015). however, no specific study has been conducted to explain time-series and cross-section variations in the icbs’ duration gaps for a longer period. in addition, the existing work also does not provide enough evidence on (a) whether icbs have more gaps on a longterm basis compared to ccbs, (b) the main factors influencing the duration gaps, and (c) the implications of higher duration gaps for icbs and their supervisors under basel pillar 2. these factors can enable the icbs to be on a level playing field with their counterparts, the ccbs. these factors can be used by both icbs, as a basis to conduct their internal assessment an their regulators. 20 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 the current study attempts to bridge this research gap from an islamic finance perspective. based on the existing literature and the gaps identified in the previous studies as specified in section 3, in the context of the ror risk, this study seeks to address the following objectives: (a) estimation and magnitude of duration gap across the icbs and countries, and (b) whether there is any significant difference in the estimated coefficients of idiosyncratic factors influencing the duration gaps of icbs. using various quantitative techniques such as duration gap model, panel generalized method of moments (gmm), supported by fixed effect and random effect regression, with a sample of 50 icbs from 13 countries (which have a significant presence of islamic finance), for the period 2007-2015, our empirical findings reveal: (a) time-series and cross-sectional duration gap of icbs reflects significant variations across the banks and countries; (b) icbs have a general tendency of maintaining a higher (more) duration gap compared to their conventional counterparts, the ccbs; (c) icbs are exposed to increasing ror risk due to their larger duration gaps and severe liquidity mismatches, and (d) there is a significant difference in the estimated coefficients of idiosyncratic factors influencing the duration gaps of icbs. the following section discusses islamic finance with its key specificities and explains the theoretical and regulatory framework for ror risk for icbs. section 3 reviews the important arguments regarding the measurement of the ror risk through the duration gap approach, followed by the identification of key determinants of the duration gap. section 4 presents the description of the data and methodology, including the application of the duration gap model and panel gmm. in section 5, we cover the empirical results of the findings. finally, the last section concludes the entire study, and includes a presentation of the key findings and the theoretical conclusion, and the practical implications. theoretical and regulatory framework to comprehend the implications of the study, we need to understand the theoretical and regulatory considerations behind the purpose of this study. islamic banking – leading segment of islamic finance it is important to reflect on the key developments in the islamic banking sector before presenting theoretical and regulatory considerations. according to the ifsb islamic financial stability report (2018), islamic banking remains the jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 21 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 most dominant form of asset-based intermediation system. aapproximately 80% of islamic financial assets are held within the banking sector in different asset classes, products, and services. the industry’s assets remain heavily concentrated in the middle east region and a select few asian countries – the top ten islamic banking jurisdictions account for almost 94% of the global islamic banking assets. moreover, the islamic banking sector in some jurisdictions (e.g. brunei, kuwait, malaysia, qatar, saudi arabia, and the united arab emirates) is gradually becoming substantial. these jurisdictions seem to have achieved at least 15% market share for their islamic banking assets than total banking assets. this suggests that these financial institutions account for more than 5% of the total global islamic banking assets between them. the ifsb designates these jurisdictions as systemically important. this increasing prominence and higher market share of the industry poses a number of challenges for the stability of the financial systems where islamic banks operate. in light of this, the vulnerability of icbs to ror risk remains a key concern, which is subsequently studied in this paper. given the backdrop of a diverse range of policy actions, from ‘dovish’ to ‘hawkish’, coupled with heightened geopolitical risks and conflicts affecting the financial sector in different regions, the key factors of success anchoring modern islamic finance growth have progressed over time. these are outlined below. first, the specificities of islamic finance such as underlying assets which connect the financial sector with the economic sector, risk transformation and comingling, profit-sharing contracts, sharia-compliance requirements, responsible and ethical investments, etc. have led to the exploration of alternative financial intermediation after the gfc. second, due to the persistent weaknesses in advanced economies facing significant deleveraging and slowdown in economic growth in the wake of the gfc, the emerging markets (ems), including asia have been performing significantly better, experiencing robust domestic demand driven by strong private sector consumption. this performance, coupled with the petrodollar strenght in the middle east, has led to the development and promotion of islamic finance. however, in recent times, the oil sector has witnessed dramatically plunging oil prices. lastly, the presence of a conducive regulatory framework and enabling infrastructure to promote islamic finance has been a key factor explaining the growth of islamic finance across jurisdictions. one of the key elements of an icb’s specificities is the structural differences in its balance sheet composition, which is different from a ccb, and consequently 22 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 has different risk implications and effects on risk management. a closer examination of the schematic balance sheet of an icb reflects a universal banking model where all the traditional intermediation functions (e.g. retail, core banking and investment banking) are performed. additionally, this balance sheet exhibits peculiar features of the icbs, which are different from their conventional counterparts, the ccbs. these specificities present various risks and implications for icbs and play an important role at the supervisory level in developing of financial regulation for them. in this study, we address one of these risk implications for the icbs. risks in islamic banking industry key gaps while risks are an integral part of the banking industry, for both icbs as well as ccbs, robust risk management differentiates and outlines the intensity of these risks and vulnerabilities to ensure financial stability and protection against other unintended economic consequences. however, the need for risk management at icbs demands more attention due to the unique structure of their assets and liabilities. numerous studies have been conducted on the risk management aspects of ccbs and icbs; however, there is still a shortage of literature on certain risks faced by icbs. over time, risk management has emerged to be an important discipline that should be improved in light of recent developments in the gfc. hence, despite common names (such as credit, liquidity, and operational risk), the nature of the risks and the means of dealing with them are different due to the distinctive intrinsic features of islamic finance. consequently, risk assessment systems should anticipate and measure these risks (chattha and archer, 2016; khan and ahmed, 2001). not many studies offer helpful insight into these developments, particularly with reference to icbs’ stability, duration gap, and the internal capital adequacy assessment process (icaap). to address some of the key risks and distinctive risk features of islamic financial transactions and contracts offered by the icb, ifsb-1 (2005) provides comprehensive regulation on risk management controls through guiding principles. these controls are for both icbs and their supervisors. according to risk, these 15 principles, which complement pillar ii of the basel ii, are grouped under six types (figure 1). figure 1 shows that icbs are also exposed to other specific risks such as “sharia non-compliance risk, fiduciary risk, ror risk, and dcr”, in addition to the customary banking risks (e.g. credit, market, and operational risks). jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 23 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 in addition to those mentioned above the existing literature on risk management practices and tools from an icb’s perspective shows a lot of variation yet seems to focus on general risk management practices without combining institutional and regulatory perspectives. there is a wide range of studies on risk management practices for icbs in different countries for dealing with different types of risk (al-janabi, 2008; alam and masukujjaman, 2011; al-ajmi and hameeda, 2012; al-tamimi and al-mazrooei, 2007; ben selma mokni et al., 2014; fauziah et al., 2011; hassan, 2009; hussain and naysary, 2014; mohd. ariffin et al., 2009; romzie, 2009; romzie and abdul rahim, 2015; and usman, akhtar, and ahmed, 2011). however, none of the above authors has explicitly demonstrated specifically the need to measure the ror and its impact on the alm through the duration gap. after a careful review of these studies, it is observed that these studies have merely focused on general risk management practices with a qualitative focus on perception and practices. figure 1: categories of risks in icbs source: authors’ construction of the figure based on ifsb-1. 24 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 ror risk benchmark rate in icbs and regulatory dimension unlike ccbs, icbs do not deal directly with the irr or benchmark rate. however, as a matter of practice, most islamic banking products and shariacompliant financial instruments are priced regarding to a conventional benchmark rate (e.g. the libor). therefore, changes in the market rates will have implications for icbs in terms of their earnings, value of assets, management of liquidity, and funding cost (chattha and bacha, 2010). in icbs, investment account holders’ (iah, also referred to as ‘psia’) funds are invested in fixed-return assets such as murābahah; consequently, the iah or depositors expect a return reflecting current market conditions. this return is related to market rates and relevant benchmark rates on the return on assets and on the returns payable on funding. this phenomenon is referred to as “ror risk” by the ifsb. therefore, contrary to an increase in benchmark rates (which may result in iah having expectations of a higher ror, while the returns on assets may be adjusting more slowly due to longer maturities), this scenario leaves the icbs vulnerable from a risk management perspective, compared to their peers, and highlights an important consideration for their alm (chattha and alhabshi, 2016; chattha and alhabshi, 2017, 2018). for icbs, various studies highlight the significance of the ror risk from different perspectives (akkizidis and khandelwal, 2008; ariss and sarieddine, 2007; ben selma mokni et al., 2014; fauziah et al., 2011; greuning and iqbal, 2008; ifsb, 2005, 2010, 2011, 2014, 2015; mohd. ariffin et al., 2009; romzie and abdul rahim, 2015; vitria, 2008; and zainol and kassim, 2012). however, these studies do not capture and quantify the impact of ror risk on icbs through duration gaps. they also do not provide adequate guidance on identifying of variables that can serve as key determinants of duration gaps for icbs. a bulk of the initial literature on the ror risk emanates from the works of the ifsb, which has played an important role in explicating the ror risk from various perspectives such as definition of ror risk (ifsb-1, 2005), ror impact on icbs and various disclosures of ror risk (ifsb-4, 2007), a mechanism to measure the ror risk and dcr (ifsb gn-4, 2011), ror risk in stress testing (ifsb-13, 2012), ror risk and sound benchmark rate risk management (ifsb-16, 2014), and the assessment of ror risk under imf-world bank fsap (ifsb-17, 2015). moreover, ifsb-1 (2005) suggests the use of the terminology ‘ror risk’ for icbs as they do not have their own benchmark rate, and they tend to use the market rate or relevant benchmark rate, such as the london interbank offered rate (knows as “libor”), in pricing their financial instruments. for instance, in the murābahah contract, the rate is formulated from the libor plus risk premium jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 25 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 and is held constant throughout the contract’s entire duration (hassan and lewis, 2007; khan and bhatti, 2008). following the gfc, the role of regulators and supervisors to highlight the adequacy and capability of an icb’s management of risks during their normal supervisory review process, has been intensified. both the bcbs and the ifsb set clear guidelines on risk management from supervisory perspectives, particularly for ror risk. ifsb-16 (2014) has highlighted that it is essential for icbs to have benchmark rate risk measurement systems, including a number of generally accepted techniques (such as gap analysis and duration gap analysis) for measuring the benchmark rates risk exposure of both earnings and economic value. the ifsb’s most recent work on ror risk is in ifsb-17 (2015), also known as cpifr (core principles for islamic finance regulation), in which cpifr 26 on ror risk advocates that supervisory authorities should require icbs (through policies and regulations) to have an appropriate ror risk strategy and ror management framework that provides a comprehensive icb-wide view of ror risk.4 what is duration gap? duration gap for measuring ror risk the discussions in the previous section indicated the key implications of ror risk and how they are relevant to banks. one conclusion acknowledged above is that the ror risk is due to the maturity mismatch of a bank’s assets and liabilities. in addition, it was also established that one of the key tools to address the alm is the duration gap approach. it is essential to define the duration gap concept to provide context for discussing relevant past studies on the issue in the next section. gup et al. (2007), citing bierwag (1987), define duration as “the weighted average time (measured in years) to receive all cash flows from a financial instrument”, and duration gap as the difference between the duration of a bank’s assets and liabilities. in simple terms, it is defined as the “weighted average maturity in which the weights are stated in present value terms” (chattha and bacha, 2010: 16). on the other hand, similar to the bcbs, the ifsb provides an identical definition of duration measure, which is, “a measure of the percentage change in the economic value of a position that will occur given a small change in the level of benchmark rates” (ifsb-16, 2014: 40). 4 prior to issuing ifsb-17, the ifsb working paper (2014) entitled “evaluation by the ifsb of core principles relevant to islamic finance regulation” identified the need for the assessment of ror risk (chattha et al., 2014). 26 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 there are two strategies when managing duration gaps – aggressive and defensive (chattha and bacha, 2010). the former would alter the duration gap in anticipation of changes in interest rates. for example, if interest rates were expected to increase, management would want to shift from a positive to a negative gap position — it could do this by reducing the duration of assets (da) and /or increasing the duration of liabilities (dl). it is also argued that the expectation of falling interest rates would, of course, produce the opposite type of portfolio adjustment. the latter strategy within this context would seek to keep the da equal to the dl, thereby maintaining a duration gap of zero. thus, while an aggressive strategy seeks to profit from expected rate movements, a defensive strategy seeks purely to immunise net worth (nw). with the above considerations, this study offers deeper insight into the issue and gives icbs guidance on managing their duration gaps. to the best of the authors’ knowledge, this is a pioneer study in islamic banking involving a sample of 50 full-fledged icbs from 13 countries for the period 2007-2015. in this respect, the study provides profound value addition to the existing corpus of literature, as follows: (a) enhancing the literature, with respect to islamic finance, on the significance and calculation of the duration gaps of icbs while factoring in countryspecific and sector-specific differences, (b) providing insight into the effectiveness of duration gap for managing the ror in the banking book of icbs, and how duration gap management can effectively help both the icbs and the supervisory authorities with respect to icaap in the context of volatile ror risk, (c) determining the factors influencing the duration gaps of icbs, as there could be various causes contributing to higher duration gaps. the next section outlines relevant studies on this specific tool, i.e. duration gap for ror risk. literature review duration gap perspective and relevant studies many classical studies assert that alm has its origin in the duration analysis suggested by macaulay (1938) and redington (1952). alden (1983) and bierwag and kaufman (1985) concluded that gaps, computed as functions of the da and dl, are a more meaningful measure of irr exposure for depository institutions than the simpler ones and more commonly used maturity gaps. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 27 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 duration gap analysis helps determine the exact amount by which the revenues from the assets increase or decrease depending upon the rise and fall of interest rates. furthermore, in order to understand the classical work on the major highlights, developments and utilisation of duration gap theories and concepts, bierwag and fooladi (2006) provide a comprehensive historical perspective in the context of duration analysis. bierwag and fooladi (2006) argue that in much of the academic community, the concept of duration still remains something of a mystery and a curiosity, and it is often misunderstood and regarded as a flawed and oversold statistic. alden (1983) presents one of the classical works on gap management with respect to managing irr in banks. his work is classified as one of the pioneering studies of intellectual contribution to alm and irr management. he thoroughly outlined and revealed the “serious shortcomings” in the existing gap models (during that time). after providing reasonable and logical explanations against the existing gap models5, he explicitly supported the duration gap model, which is much more helpful in measuring the irr exposure within banks. he provided technical calculations on the duration model in his work and suggested that duration analysis can be used for many purposes by banks, including hedging nw or mve. further extending his work on irr management and alm, he identified and described three alm techniques: maturity gap approach, simulation approaches6, and duration gap approach. bierwag and kaufman (1985), in their work on duration gaps, described a number of single-factor duration gap equations that may help financial institutions control the value of a desired ‘target’ account. they elucidated that duration gaps provide “a more accurate description of the overall irr exposure of the institution” that accurately gauges irr for on-balance-sheet accounts. after alden (1983) and bierwag and kaufman (1985, 1988), dembiec et al. (1989) contributed another illustrious study on the application of alm and duration 5 alden (1983) in his study states that to use the basic model, a bank must provide four pieces of information: (a) the length of time over which net interest income is to be managed, and usually ‘one year’ is chosen for this ‘gapping period’; (b) the bank must decide whether to protect the currently expected net interest income for the gapping period; (c) in the cases that the bank accepts an active strategy, an interest rate forecast for the gapping period is required; and (d) the bank must settle on the dollar amounts of the rsa and rsl. 6 these are defined as computer designed modeling techniques with varying levels of sophistication, which provide results in a dynamic context. regarding simulation models, it is argued that these models are often criticised as being ‘black boxes’, having unknown internal structures, and for their inability to reflect the actual environment of the institution or bank being modelled. 28 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 gap to the industry. they defined duration analysis as an index measure(s) of interest rate sensitivity for any series of cash flows taking into account both cash flow timings and magnitude. in their study, after determining the assets and liabilities, they used the modified duration measurement and incorporated estimates of the da and the dl. entrop et al. (2009) specifically evaluate the robustness of the standardised framework proposed by the bcbs (2004) to quantify the irr of banks. their paper provides an empirical application of the bcbs framework on irr for ccbs. their empirical methodology and analysis use and calculate the duration gap and modified duration gap for assets and liabilities of the sample banks. scanella and bennardo (2013) maintain that alm activities are conducted in the context of a bank’s sensitivity to interest rate changes, and irr exposure can be measured by computing the gap between assets and liabilities, in each assets’ and liabilities’ maturity, and calculated for a set time horizon. they point out the two different approaches in measuring irr exposure in banking. the first approach is the current earning approach based on the maturity gap model. the approach requires the accounting book value (historical-cost accounting). the latter approach, the duration gap model, is based on the economic value approach. the suggested application of these two approaches is consistent with the bcbs (2004). although the aforementioned studies offer essential details on the significance of irr and the calculation of the duration gaps of the ccbs, nevertheless, as expected, they do not deal with the specificities of icbs. however, there are a few studies from the perspective of icbs conducted by khan and ahmed (2001), bacha (2004), chattha and bacha (2010), chattha and alhabshi (2017, 2018), chattha et al. (2019) and sun et al. (2014), which suggest the use of duration gap technique by icbs to manage their asset-liability mismatch. there seem to be, however, a lot of gaps in these studies as they do not provide empirical evidence on the use of such a duration gap approach using gmm for time-series and crosssection data, the magnitude of vulnerability of the icbs to ror exposure, and factors influencing the icbs’ duration gaps in cross-country analyses. determinants of ror risk with duration gap in icbs the study pointed out in the previous section that most of the existing studies pertaining to duration gap are concerned with the various dimensions of duration gap and how the duration gap of a bank could be calculated taking into account different steps. this reveals the fact that one of the significant gaps in the duration studies is the lack of work determining and explaining the idiosyncratic jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 29 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 factors influencing the duration gaps of ccbs and icbs. from ccbs’ perspective, there is a dearth of studies on this topic, and specifically in the case of icbs, it is hard to find even a single study which captures and explains the duration gap in terms of explanatory variables. therefore, we review the summary of available studies in this context. saporoschenko (2002) examines the asset/liability differences and presents the relationship between the market and irr of various types of japanese banks for the period 1986-1992, and a set of on-balance sheet financial characteristics. using cross-sectional regression model with the bank size, total deposits, the ratio of deposits to total assets, and assets maturity (defined as shorter term assets and liabilities (short)), he determined that these variables were generally positively signed and significant with degree of interest rate exposure. he further argues that if the duration of the assets were longer than the duration of the liabilities these results would be expected. ballester et al. (2009) provide empirical evidence on the main determinants of the irr exposure of 23 spanish commercial banks for the period 1994-2006. in the determination of the irr, the empirical results are obtained through estimation of the empirical duration coefficients, and the study then uses the absolute7 value of empirical durations as the dependent variable in the panel estimation. the empirical results through panel least squares and bank-specific random effects with crosssectional regression reveal that spanish banks, overall, show a considerable degree of exposure to irr during the period of study. furthermore, the study indicates that irr exposure is systematically related to some bank specific characteristics, and a significant positive association is found between bank size, derivative activities, and proportion of loans to total assets, and banks’ irr exposure. entrop et al. (2012) empirically explored and analysed how interest risk premia and other risk components are priced in bank margins. their study sample included the german commercial banking sector spanning 10 years (2000-2009), taking into account ‘treatment of mergers and consolidation’. in their model, they ensured that all their regressions were estimated using fixed effects two-stage least squares. using supervisory data and the information on volumes and maturities of different lender and borrower types, they calculated 7 in their study, estimated empirical durations were found with ‘both positive and negative signs’, as it could be expected, but they took the ‘absolute value for panel estimation’. they argue that a higher duration, regardless of its sign, implies a higher irr for the bank (greater variation in the value of the firm for a given change in interest rates). 30 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 modified duration gaps ‘to proxy for on-balance irr’.8 the results indicated that duration gaps show positive effects, and almost all banking samples show a positive relationship with regard to duration gaps. in the context of duration gaps, their results also demonstrate that savings and cooperative banks have substantially larger duration gaps (dgaps). ruprecht et al. (2013) observe that banks are exposed to irr through their function of transforming short-term deposits into long-term loans. they state that irr is visible on the balance sheet as the maturity mismatch or duration gap. they used cross-sectional and time-series regression. in one of their models’ equations, they use modified duration gap as the dependent variable. under the maturity gap, the other variables used as explanatory variables include size, saving deposits, liquid assets, total asset growth, customer loans, and loan commitment. they calculated the modified duration gap by first assigning the modified durations of the standard bafin9 approach to the maturity brackets, and then summing up the volume-weighted assets and liabilities’ time-to-maturity brackets. they conclude that the maturity gap is largely determined by customer liquidity needs, whereas the decision to use swaps relies on the compliance with the interest rate risk regulation. esposito et al. (2013) rely on the methodology of duration gap approach, whereby banks describe their irr exposure as the potential effect of a parallel upward shift of the entire term-structure of interest rates on the present value of their future cash flows. their paper adopted the ‘economic or capital perspective’ and measured italian banks’ irr following the guidelines proposed by the bcbs (2004). the study used panel regression for the period 2001-2011. the paper demonstrates the determinants of the on-balance sheet duration gap. the independent variables included in the study were: size, non-performing loans/ total loans, funding gap, tier-1 ratio, and roe. the results concluded that the italian banking system exhibited a limited exposure to irr during the period under review, well below the regulatory alert threshold. racic et al. (2014) attempt to quantitatively assess and identify different balance sheet factors that have a statistically significant influence on banks’ exposure to irr in developed (usa) and developing (serbia) financial markets. for usa they 8 entrop et al. (2012) explain that an important issue when modelling irr is the effective maturity assigned to de facto non-maturing savings deposits, as applying legal maturities of 3 and 6 months would clearly overestimate the duration gap. 9 the bafin is the financial regulatory authority for germany. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 31 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 included 65 banks (2001-2010) and for serbia 10 banks (2006-2010). a comparative analysis of the influence of the balance sheet characteristics was conducted based on the regression panel model using the following variables as independent variables: total assets (ta), equity to ta, loans to ta, deposits to ta, net interest revenue to average assets, non interest income to net income, return on average equity, and derivatives to ta. the results reveal that an increase in the share of deposits in the total assets of the u.s. banks reduces exposure to irr, while banks in the republic of serbia experience an opposite effect. the coefficients also suggest that there are ‘some empirical factors, whose effects are universal’. khaliq et al. (2017) employ the duration gap analysis to measure the islamic bank's sensitivity of bank assets and liabilities towards the rate of return risk due to the conventional interest rate volatility. their empirical data and analyses covered a 5-year period using annually based data (2008 – 2012) for malaysian islamic banks only. though, the quantitative results reveal that the majority of the islamic banks are exposed to the interest rate risk but the study does not provide how the duration gap is estimated including estimating weighted duration of assets and liabilities and process of estimation. on one hand, this confirms the usage of the duration gap methodology; on the other hand, no explanation is provided how this methodology is used by the icbs in their risk management and what are the implications. in addition to the aforementioned studies, there are some other studies which are of relevance to the present study. for instance, according to the classical economist, elijah (1985), the maturity bucket approach attempts to solve the intra-period problem by measuring the gap for each of several sub-intervals of the gapping duration. in addition, with respect to the size of the banks ruprecht et al. (2013) indicate that size leads pure banking book institutions to take more, but trading book institutions to take less, irr on the balance sheet. banks with a higher share of customer loan volume indeed have a higher duration gap. landier et al. (2013) explore the transmission of monetary policy via banks’ exposures to interest risk, or duration gap. this study statistically shows, first, that the sensitivity of bank profits to irr is larger when the duration gaps are larger, and second, that duration gaps also predict the sensitivity of bank lending to interest rates. on the other hand, ruprecht et al. (2013) measure the impact of regional gdp and duration gap, as gdp is expected to influence numerous factors related to the supply and demand for loans and deposits. furthermore, there is scant literature which describes possible idiosyncratic factors which might have a tendency to explain the relationship between these 32 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 factors and duration gaps for icbs. one fact established from the discussion presented above is that there are some studies which have adopted duration gap as the dependent variable for measuring the impact of irr for ccbs. in fact, to the best of our knowledge, it is hard to pinpoint even a single study from icbs’ perspective which provides reasonable analysis. however, using the existing studies from ccbs’ perspective, this study adds significant contribution to the literature. our approach and analysis can offer deeper insight into the issue and give guidance to icbs on managing the duration gaps within their unique integrated regulatory system. therefore, as for the choice of variables, after reviewing the literature, the study finds seven idiosyncratic variables: liquidity ratio, liquidity gap, total financing to total assets, number of maturity buckets, bank size, gdp growth, and central bank policy rate, which are important in identifying and explaining the dependent variable in this research through panel gmm model. the descriptions of these variables and expected significant signs are presented in section 4, along with the regression models and the specifications of the models. methods data used for the estimation of duration gap for icbs we selected a sample of 50 icbs from 13 countries, namely, bahrain, bangladesh, indonesia, jordan, kuwait, malaysia, pakistan, qatar, saudi arabia, turkey, uae, and yemen, for the period 2007-2015. the main reasons and criteria for choosing this sample and period are: (a) balanced panel, (b) latest data of full-fledged icbs globally (instead of including islamic windows or islamic units or branches of the ccbs), and (c) full-fledged icbs operating in dual banking systems (thus excluding sudan and iran). the accessibility of long-horizon data for the icbs covering 2007-2015, with relevant information on the undiscounted contractual maturity breakdown of the assets and liabilities, was a critical concern that posed a serious challenge. it is worth mentioning that the sample countries hosting these 50 icbs are leading islamic finance jurisdictions, where almost 90% of the total islamic banking assets reside within the dual banking system. the size of these 50 icbs amounted to us$ 558 billion in 2015, including the top 5 systemically important icbs in terms of asset size, holding more than 70% shares of global islamic banking assets. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 33 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 figure 2: data used for the estimation of duration gap for icbs assets side liabilities side financing, net financing (or financing assets or sales receivables) using any debt-based contract such as murābahah, cmt, ijārah, istisnā, salam, etc. the study did not include mushārakah and mudārabah investment due to ex-post pricing mechanism. deposits all kinds of deposits backed by various sharī’ah-compliant contracts, for savings account, current account, fixed maturity. due from banks and financial institutions psia or unrestricted investment account cmt-based deposits (also known as murābahah payables or wakālah payables) due to banks and financial institutions note: for comparison, in the case of psia, we considered it as a deposit, instead of its legal status with respect to its contract. in order to calculate the duration gaps of icbs, the data for the maturity breakdown of banks’ assets and liabilities is manually and individually extracted from the banks’ annual financial reports, required under the ifrs, for the sample period. this ensured that the extracted data is reliable. a very stringent validation process was carried out to ensure that the extraction process was clean and accurate. figure 2 indicates the key considerations based on which the data was extracted for the icbs. for the duration gap on the assets side, in order to determine the amount of financing, the study uses total financing (chattha and bacha, 2010; chattha and alhabshi, 2017, 2018; chattha et al. (2019); ruprecht et al. 2013) as the case may be, from one-month to long-term financing (all maturity buckets). unlike ccbs, the data for the icbs is complex due to the nature of the icbs’ balance sheet, as islamic banks can participate or provide financing to their customers’ projects or assets acquisition in numerous ways as per the principles of sharī’ah. thus, financing, from the icbs’ perspective, is taken from five common debt-based contracts/instruments used by the icbs across the various countries (figure 2).10 moreover, in our study, our estimation 10 according to ifsb (2017), the data on “financing by type of the shariah-compliant contracts” reveals that these five major financing contracts used by the icbs as of 2017q1 cover almost 85% of total financing extended by the icbs. http://www.ifsb.org/preess_full.php?id=400&submit=more. http://www.ifsb.org/preess_full.php?id=400&submit=more 34 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 of duration gap only included ‘on-balance sheet’ items listed as financing (shortterm to long-term) on the asset side, and customer’s deposits (short-term to long term) on the liability side. panel data for icbs in gmm estimation with respect to the panel gmm, the sample of the study consists of 50 icbs with 450 observations reflecting a balanced panel (table 1). annual time series data for independent and dependents variables is extracted individually from the banks’ annual audited financial statements for the period 2007-2015. while other key relevant data such as gdp growth is obtained from the world bank, central bank policy rates are obtained from the imf. the size was converted to log value and all remaining data was held as a percentage. research methodology the research methodology comprises two-stages. stage one uses duration gap model to calculate the duration gaps of icbs; stage two uses panel gmm. stage 1: determination of duration gaps of the icbs building on the conceptual understanding of duration gap (section 3), the duration gap of a bank is demonstrated by comparing the weighted average da (equation 1) with the weighted average dl (equation 2). in terms of a model, the study determines the duration gap with a four-step process, consistent with koch and macdonald (2009), chattha and bacha (2010), chattha and alhabshi (2017, 2018); chattha et al. (2019): (a) determining the da and dl for each asset and liability item of the balance sheet (in this study, financing and deposit); (b) finding the weight (proportion) of each item within its category; (c) calculating the weighted duration of da and dl using (a) and (b); and (d) calculating the duration gap (dgap) by deducting da from dl. weighted average duration of bank assets (da) (1) jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 35 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 where, = market value of asset divided by the market value of all bank assets = macaulay’s duration of asset (equation 3) = number of different bank assets weighted average duration of bank liabilities (dl) (2) where, = market value of liability divided by the market value of all bank liabilities = macaulay’s duration of liability = number of different bank liabilities the traditional macaulay’s duration (d) calculation: (3) where: d = duration cft = cash flow at t time y = yield to maturity or rate of discount t = time at which cash flow is received pv = present value of the security n = number of years to maturity stage 2: econometric model and specifications conceptual framework of the model and specifications in order to determine the idiosyncratic factors influencing the duration gaps of icbs, the study develops panel gmm supported by fixed effects (fe) and random effects (re) regressions. the choice of the model, and reasons for the same, are explained below. the model consists of one dependent variable and seven bank-specific independent variables as reflected in the following equation 4. it is worth mentioning that equation 4 includes a lagged dependent variable (as regressor) in the panel gmm to increase the reliability of the estimation. 36 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 out of these seven independent variables, five are bank-specific and two are macroeconomic-specific. (4) where, i = 1, …, n; and t = 1, …, ti; uit is the error term figure 3 summarises of the variables’ descriptions, expected signs, their source, and some references to previous papers in the literature that have also used these variables. moreover, in addition to the aforementioned seven variables, one dummy variable is included to account for the crisis, specifically the gfc reflecting structural breaks. the expected purpose of using the gfc as a variable is to determine whether the crisis had any impact on the duration gaps of the icbs. to serve this purpose, the crisis years of 2008 and 2009 are included in the model. the gfc takes a value of 1 for crisis and zero for no crisis. figure 3: variables: definitions, expected signs and literature review variable name description, computation and supporting literature expected signs dgap duration gap model. it is the difference between the da and dl. it is the weighted average time in terms of years, as defined in section 3. (ballester et al., 2009; bcbs, 2004; bierwag and kaufman, 1985; bierwag and fooladi, 2006; chattha and bacha, 2010; entrop et al., 2009, 2012; esposito et al., 2013; ruprecht et al., 2013; van and styger, 2006) liqr liquid assets ÷ total assets. the liqr is the buffer of liquid assets as a share of balance sheet total assets, which may influence the duration gap. more liquid assets means the duration of assets will be lower. in general, according to the ifsb, core liquid assets ((i) currencies and (ii) deposits and other financial assets available on demand or within at most three months) comprise assets that are readily available to meet any demand for cash. they usually consist of assets maturing within one year held either in cash or near-cash equivalents. the study model utilised the core liquid asset ratio for liqr. (ruprecht et al., 2013) ?* jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 37 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 variable name description, computation and supporting literature expected signs liqg the liqg is the difference between the maturity mismatch of total assets and total liabilities in different maturity buckets. the mismatch can influence the duration gap both positively and negatively, depending on the direction of the maturity mismatch. the study modelled the liqg as the gap difference between the short-term maturity (up to one-year) mismatch of total assets and liabilities in different maturity buckets. the difference is converted to a percentage of total assets for each year and for each icb for the study’s observation. clgap i,t = (risk sensitive assets one-year) – (risk sensitive liabilities one-year) i (banks) = 1, … , n; and t (time in year) = 1,…,ti (elijah, 1985; esposito et al., 2013; khan and syed, 2013; laurine, 2013; salman, 2013; saporoschenko, 2002; sun et al., 2014) +/fina total net financing ÷ total assets. the fina shows a positive impact on the performance of the icbs. a higher ratio of financing will indicate higher concern and vulnerability to duration gap. in risk-sensitive financing (rsf), the financing has a tendency to be influenced when the benchmark rates are moving upward or downward. more rsf means the da will be higher than the dl. the fina is modelled as net financing after loss provisions and adjustments. (ballester et al., 2009; ehrmann and worms, 2004; rajha and alslehat, 2014; racic et al., 2014; ruprecht et al., 2013) + buck total number of maturity buckets available in the respective bank. the empirical logic behind buck suggests that more assets maturing in longer time bands (buckets) should render duration of assets positive. (elijah, 1985; entrop et al., 2012; ruprecht et al., 2013; salman, 2013) + sizel log (total assets). the assets of each icb were converted into us$ for the study’s observation (2007-2015). (ballester et al., 2009; esposito et al., 2013; racic et al., 2014; ruprecht et al., 2013; saporoschenko, 2002) + gdpg annual growth of respective country gdp in percentage. the data on gdpg for each sample country is retrieved from the world bank database. (entrop et al., 2012; ruprecht et al., 2013) + rate the rate is extracted from the imf ifs database. (entrop et al., 2012) ?* *this symbol specifies that the predicted sign is indeterminate. 38 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 having outlined the variables, and before discussing the choice of panel gmm, it is important to emphasise that the above-mentioned studies reflect three important observations: first, there are no available direct empirical studies or evidence focusing on the determinants of the duration gaps across the icbs and over time; second, the available empirical studies — where the dgap has been used as a dependent variable — have measured the impact of irr or the determinants of irr in a conventional sense using dgap as a proxy11; third, most of these studies have used panel data regression with random effects or fixed effects, but none have used the panel gmm (difference or system) in their models. in this study, we considered the two impacts of holding the dgap as the dependent variable: first, determining the factors influencing the duration of icbs; and second, determining the on-balance sheet factors for the ror impact on icbs. first, the determination of the factors influencing the duration of icbs; and second, the determination of the on-balance sheet factors for the ror impact on icbs. consequently, the signs of the relationship between potential variables from the icbs’ perspective are theoretically ambiguous, and so it becomes an empirical question, which is addressed in this study. with the above in mind, we employ the following panel gmm technique using stata 13 software to estimate the relationship between the dependent variable and independent variables, and to increase the efficiency of estimation procedures. a brief literature on the gmm estimation and justification for its use, and a few issues pertaining to the gmm are presented below. panel gmm estimation and specifications the ordinary least squares (ols), a classical estimation technique in a linear regression model, tends to provide a partial view of the relationship and does not describe the relationship for panel data, in particular for short-term data. on the other hand, combining time-series and cross-section observations, panel data regression gives more informative data with more variability but less collinearity among the variables (fauziah et al., 2009). this method provides more advantages, for instance: controlling for individual heterogeneity, reducing problems of multicollinearity, eliminating estimation bias, and capturing the dynamic relationship between independent variables and dependent variables (ballester et al., 2009). 11 within these studies, for instance, ballester et al. (2009) considered dgap with absolute values. in addition, entrop at el. (2012) used dgap as a proxy for irr. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 39 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 besides the widespread usage of gmm in conventional banking for years, gmm has also been used in islamic finance by many authors, including el alaoui et al. (2016), othman and masih (2015), and abdul wahab et al. (2017). therefore, in the context of this study, given the data structure, the use of the panel gmm framework is deemed appropriate. the choice of using the gmm in this study is driven by the data limitations of icbs, composition of the data (i.e. heterogeneity across the banks), number of banks and observations, the sample period under observation, and dual banking systems (table 1). the literature review primarily suggests dynamic models like gmm for bank-related analysis for cross-section and time-series panel data. table 1: complete sample of banks and observations # country number of icbs observations 1 bahrain 7 63 2 bangladesh 3 27 3 indonesia 2 18 4 jordan 2 18 5 kuwait 4 36 6 malaysia 11 99 7 pakistan 4 36 8 qatar 4 36 9 saudi arabia 3 27 10 south africa 1 9 11 turkey 4 36 12 uae 4 36 13 yemen 1 9 total 50 450 note: the sample observations are for the study period 2007–2015. to tackle the ols complications, studies in the literature have recommended using of the gmm for dynamic panel data, as was proposed by arellano and bond (1991). this method uses a certain number of moment conditions specified for the model, where the moment conditions are functions of the model parameters and 40 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 the data. therefore, panel gmm provides a remedy for the endogeneity problem suffered by ols, by replacing the biased variables with the instrumental variables. in this respect, arellano and bond (1991) offered the practice of first difference lag levels for each variable as instrumental variables. the use of difference estimators in the dynamic panel gmm model should eliminate bias potentially sourced from omitted variables in cross-sectional estimates (masih and masih, 1996). due to some practical problems with the difference gmm, arellano and bover (1995) and blundell and bond (1998) suggested the system gmm, which can offer greater flexibility to the variance-covariance structure. if we look at the finance literature, several studies demonstrate the advantages and disadvantages of both difference and system gmm (blundell and bond, 1998; bun and windmeijer, 2010; and abdul wahab et al., 2017). for instance, blundell and bond (1998) argue that the ‘system gmm’ performs better than the ‘difference gmm’ as it improves efficiency and may reduce the finite sample bias. in addition, blundell and bond (1998) and wu and bowe (2012) further discuss that the ‘system gmm’ is not necessarily superior to the ‘difference gmm’ in cases where the autoregressive parameter is below 0.80. in our results, the choice of using the difference gmm or system gmm is determined based on the coefficient of the lagged dependent variable. we use difference and system gmm under ‘two-step robust’ estimations as it is more efficient and reliable. robustness checks to check the consistency of the gmm estimators on the soundness of the instruments, there is a need to employ specification tests, as suggested by arellano and bond (1991), arellano and bover (1995), and blundell and bond (1998). the arellano and bond tests (ar1) and (ar2), examine the absence of first and second order serial correlation in the differenced residuals. for ar (1), the null hypothesis should be rejected, and the failure to reject the null hypothesis for ar (2) test indicates that model is robust. however, the sargan-hansen test indicates robustness for overriding restrictions of the instruments’ variables. in addition to arellano-bond dynamic panel gmm robustness tests, re and fe are performed before applying the hausman specification test through stata, to strengthen the results. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 41 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 results and discussions duration gap in icbs among the 50 icbs, the results reveal the important findings for the years 2007-2015. in aggregate, the study results show a general excess of short-term liabilities and long-term financing (figure 4). the results indicate that: (a) 82% of the icbs (41 icbs) have positive and higher duration gap; (b) only 18% (9 icbs) tend to have negative duration gap; (c) positive duration gaps have more cross-sectional and time-series variations; and (d) 11 icbs have duration gaps in double digit figures in terms of years (table a.1). in addition, we also found that only three icbs (boubyan islamic bank, al barakah bank pakistan and islamic international arab bank) have mean duration gaps close to zero. a close examination of these icbs’ balance sheets reflects that they are managing their duration of assets and duration of liabilities more effectively through long-term liabilities and reduced concentration of financing for longer-term maturities. this implies that these icbs would not be affected should their respective supervisory authorities increase the benchmark rate. however, the problem is much more severe in most other which have positive duration gaps, suggesting the need for crucial reviews of their business models. figure 4: variation of icbs’ duration gap (2007-2015) note: the duration gap is measured in years for each bank. the highest among the icbs, with a duration gap of 20.69 years, is amislamic bank from malaysia, and the lowest among the icbs, with a duration gap of -13.71 years, is kfh bahrain. the top-five icbs (in terms of positive duration 42 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 gap) accounting for almost one-third of the duration gap for the period 2007-2015 are as follows: amislamic bank berhad (20.69), sharjah islamic bank (20.22), bank syariah muamalat indonesia (17.96), al barkah south africa (15.77), and bank syariah mandiri (15.56). higher and positive duration gaps highlight the rationale for closely examining the business models of these icbs to identify what is causing these icbs to have higher duration gaps, which can consequently expose them to benchmark rate risk or ror risk. furthermore, despite higher duration gaps among the majority of the icbs, there is evidence suggesting that nine icbs have mean duration gaps less than zero (negative). in this respect, the bottomfive icbs (in terms of negative duration gap) are as follows: khaleeji commercial bank (-3.21), bank islami pakistan (-3.59), tadhamon international islamic bank (-3.98), al salam bank (-8.90), and kfh bahrain (-13.71). this negative duration gap is an indication that a few icbs have been managing the alm more effectively. figure 5: trend of icbs’ duration gap (2007-2015) note: the duration gap is measured in years for each country. besides the trend, it is also vital to establish which jurisdiction contributes towards much of the duration gap for the icbs. in terms of countrywide findings (figure 5), the results revealed two important observations for the study sample: (a) 10 countries (76%) tend to host positive and significant duration gap, and only three countries (jordan, yemen, and bahrain) have negative duration gap for the sample period; and (b) five countries account for almost 85% of duration gap; malaysia stands out as the highest with a duration gap of 100.34 years for 11 icbs, uae with a duration gap of 47.97 years for 4 icbs, indonesia with a jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 43 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 duration gap of 33.53 years for 2 icbs, turkey with a duration gap of 24.05 years for 4 icbs, and saudi arabia with a duration gap of 20.78 for 3 icbs. it is worth noting that within the sample, malaysia is the dominant jurisdiction representing significantly higher duration gaps indicating the vulnerability of the icbs operating in this region. thus, regional distribution of duration gap is skewed towards south east asia followed by the icbs in the gcc region (table a.2). in order to add more import to the existing literature with regards to icbs with higher duration gaps, we examined the business models of these icbs thoroughly by investigating their respective financial reports. this led to an appraisal of the key balance sheet indicators that could possibly explain the reasons behind their high duration gaps. these indicators included, among others: average financing to total assets ratio (fina); maturity bucket; and average cumulative liquidity gap to total assets (liqg). the balance sheets of the icbs suggest that murābahah financing is the most dominant form of financing extended by the icbs to customers to meet their different needs. furthermore, the results reveal that there in a correlation between the fina and the duration gap in some cases. however, this needs to be empirically tested to ascertain whether this factor, or any other factor significantly influences the duration gap with a larger sample size over a long period of time. we report these results in section 5.2. the significantly higher duration gap can be attributed to the inspiration and business models of these icbs, which have more long-term financing with short-term deposits, demonstrating the inability to raise the long-term deposits, consequently creating a severe mismatch in the assets and liabilities. this suggests that the size of the duration gap is correlated with lengthy asset duration but not with short (not long) liability duration (chattha and bacha, 2010). the finance theory and academic literature suggest, as pointed out in earlier, that when the duration gap is positive and higher, an increase in the benchmark rates by any basis points from the central bank would bring severe consequences to the net worth (nw) risk or economic value of equity (eve) and the capital base of the banks (chattha and alhabshi, 2017, 2018). this suggests that the icbs would have to keep more capital against ror risk under icaap pillar 2 of the basel accords. our results are consistent with (chattha and alhabshi, 2017, 2018) and chattha et al. (2019). we also infer from the results that icbs tend to have higher duration gaps since they cannot avail of certain risk management tools and techniques due to certain sharia limitations. these include: (a) lack of sharia-compliant hedging instruments (e.g. swaps and options); (b) lack of financing or assets’ tradability (i.e. factoring of financing); (c) lack of adjusting the price of assets due to sale 44 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 contracts; and (d) lack of floating-rate assets and fixed rate liabilities. having examined the business models of the icbs across the 13 jurisdictions of the sample under observation, this study confirms that all of the above factors influence the duration gaps of the icbs, positively and negatively. in addition, we also attribute the icbs’ variations in duration gap to the different reporting standards (e.g. aaoifi), in particular the disclosure of the maturity of assets and liabilities in different maturity buckets. there was little evidence available to suggest that the icbs have implemented the aaoifi accounting standards. we found that the majority of the icbs keep financing in the long-term maturity bucket, and rely very scarcely on long-term funding liabilities such as psia or savings deposits. this reflects that icbs should not hold financing in long-term maturity buckets, and should have more reliance on long-term funding liabilities, including psia or sukūk financing through sharia -compliant securitisation.12 this observation is included in our study panel data to determine whether this has any influence on the duration gaps of the icbs. the empirical results using gmm are explained in section 5.2. robustness analysis of duration gap of icbs – comparison with ccbs as a detailed comparative analysis of icbs and ccbs is beyond the scope of this paper,13 nonetheless, to ensure that our results are robust and significant with respect to duration gap, we undertook a comparative approach to show the implications from both sides of the banking system. we selected the top 35 icbs (70% of the sample icbs) in terms of their asset size, and compared them with ccbs with similar asset size across 11 countries within the sample for the period 2009-2015.14 this ensured that the comparison made is reliable and consistent. by plotting the duration gaps for both icbs and ccbs among the 35 paired samples used, we find that the variance is much larger for the icbs than the ccbs for the sample period 2009-2015 (figure 6). 12 there is also some evidence of the same from a few icbs which have issued sukūk to raise long-term funding. while this has not been a common phenomenon due to the underlying sharī’ah and regulatory requirements, it can help in managing the duration gaps of icbs. 13 we present in a separate study the detailed analysis of 100 banks in dual banking systems, which reflect the implications for ccbs and icbs, for 13 countries on a comparative basis. 14 these top 35 icbs accounted for 95% of the total sample asset size for islamic banks. the size of the 35 icbs was almost equal to 90% of the ccbs. we also ensured that the comparison period excluded the crisis years. the pairing is consistent with research of chattha and alhabshi, 2017, 2018) and chattha et al. (2019) on duration gaps comparison in dual banking systems. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 45 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 figure 6: comparative analysis of mean duration gap of banks (2009-2015) note: the mean duration gap is measured in years for each bank. in order to obtain the mean duration gap, the duration gap of each bank for 2009-2015 is estimated for both icbs and ccbs. the list comparing the 35 ccbs with similar sized icbs is in table a.3. in addition, the results also revealed that icbs have a tendency to have a higher (more) duration gap, specifically 159.12 years (with a mean duration gap of 22.73 years), in comparison to their conventional counterparts, ccbs, which recorded a duration gap of 66.54 years (with a mean duration gap of 9.11 years). this shows that the icbs have 2.39 times more mean duration gap compared to the ccbs, reflecting serious implications for risk management and risk culture among the sample banks. our results are consistent with chattha and bacha (2010). from the results we establish that, overall, the duration gap of all banks under observation increased; however, icbs have a general tendency of maintaining a higher duration gap compared to their conventional counterparts, the ccbs. for instance, for the icbs, the duration gap remained in the range of 20-28 years, compared to the ccbs’ range of 7-11 years (figure 7). in order to further statistically validate our findings of icbs having a larger duration gap compared to their conventional counterparts, ccbs, we run the parametric t-test for paired samples (35), for both one-tail and two-tail tests (i.e. t-test: paired two sample for means). the results supported our argument, as the sample statistics (2.27) fulfil the critical value of 5% confidence level (2.03) to reject the null hypothesis, with the probability of the one-tail test (p = 0.01) and two-tail test (p = 0.02) both being significant.15 the results confirm a significant difference in the duration gaps 15 generally, the following rules are applied for the hypothesis: (a) if the absolute t stat value > 2 or t stat value is larger than the t-critical value, then the ratio is significant, and (b) if the 46 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 of icbs compared to ccbs, and icbs have a higher mean duration than ccbs. this shows that icbs are more vulnerable to ror risk, and suffer significant implications for their balance sheet adjustment in the light of changing benchmark rate risk.16 figure 7: magnitude of duration gap of banks (2009-2015) note: the duration gap is measured in years for banks. determinants of icbs’ duration gap this section, through an empirical model, establishes that there are factors which can explain the duration gaps. the results of the study are discussed below. correlation matrix the correlation matrix between the variables is presented in table 2, for comprehending any multicollinearity in the data. the results obtained provide confirmation of the variables — that there is no multicollinearity in the sample data. in only one case, the correlation between dgap and liqg is above 0.50. thus, there are no variables which are significantly correlated with each other, which could have caused estimation problems. consequently, including all of these variables as regressors simultaneously should not cause the estimated coefficients to be unstable and unreliable (ballester et al., 2009). thus, we use these variables in the gmm. p-value is less than alpha (level of significance), then it is significant. 16 in light of these results, we show in a separate study the quantification of the impact on the icbs and ccbs under stress scenarios of various basis points in line with the ifsb and the bcbs. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 47 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 table 2: pearson correlation matrix dgap liqg liqr fina buck sizel gdpg dgap 1 liqg -0.5676* 1 liqr -0.0273 0.2892* 1 fina 0.4194* -0.2610* -0.4602* 1 buck 0.0647 -0.1247* -0.0047 -0.1922* 1 sizel 0.1232* -0.1869* -0.2598* 0.1777* -0.3818* 1 gdpg 0.0215 -0.0074 0.0542 -0.0408 0.0216 0.0131 1 rate -0.0647 0.1379* 0.037 -0.1289* 0.3159* -0.3551* -0.0981* note: the table shows the correlation matrix between the variables. note: bold numbers represent correlations above 0.5. note: the descriptive statistics using stata (minimum, maximum, mean, standard deviation, n=450, n= 50, t=9) of the panel data estimation using difference and system gmm are available upon request. normality and heterogeneity conditions although normality17 is not a condition for panel gmm, it is advisable to check for extreme weights and outliers before starting any analysis. the study, in figure 8, plots the data and indicates the normality of the data observation for clarity and understanding. the red-dotted line clearly indicates that the data is normally distributed, and there is no abnormality nor outliers in the balanced panel data under observation. an important reflection is that the effect of the gfc cannot be seen to be suggesting that crises have no significant impact on the icbs’ variables. therefore, the expected results from the gmm output should reflect no significance of the gfc dummy variable included in panel gmm for difference and system estimations. 17 as explained in section 4, gmm does not assume normality and it allows for heteroscedasticity in the data (el alaoui et al., 2016). 48 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 figure 8: plotting normal distribution using stata figure 9 plots the study’s sample observation data and indicates that the data has heterogeneity features, reflecting that each sample country has its own characteristics and, thus, it is expected that some differences would exist for the icbs under study. this heterogeneity is handled easily by the gmm technique, instead of using the ols classic regression. therefore, in the context of this study, the use of panel gmm framework, to control simultaneously for country and icbs’ characteristic effects, while taking into account heterogeneity across banks, validates the use of this model and is appropriate given the study’s data structure. figure 9: plotting heterogeneity across icbs using stata jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 49 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 difference and system gmm estimation results and discussion in this subsection, we present the relationship between seven idiosyncratic variables and duration gap, which is analysed by using both difference and system gmm. first, after running panel gmm (difference) two-step vce (robust), with number of observations 350, number of groups 50, and number of instruments 37, the arellano-bond dynamic panel-data estimation indicated that dgap l1 (lagged dependent variable) is significant, with a p-value of 0.04, and its coefficient is positive, at 0.140. in respect to regressors, four out of five bank-specific variables such as liqg, fina, buck, and sizel are found to be significant with p-values of 0.05, 0.07, 0.07, and 0.002 respectively. however, liqr and both macroeconomic variables, gdpg and rate, are not found to be statistically significant (table 3). these results confirmed the results of ‘one-step’ and ‘one-step vce (robust)’.18 second, after running panel gmm (difference), the study also ran panel gmm (system) two-step vce (robust), with number of observations 400, number of groups 50, and number of instruments 44. the system dynamic estimation showed that dgap l1 is significant, with a p-value of 0.02, and its coefficient is positive, at 0.236. this demonstrates that the value of the lagged dependent variable has increased under panel gmm (system). with regards to regressors, three out of the five bank-specific regressors (liqg, fina, and sizel) are significant, with p-values of 0.05, 0.04, and 0.017 respectively. under gmm (system), buck became insignificant and liqr is found significant at p-value 0.105. in addition, both macroeconomic variables, gdpg and rate, are found to be insignificant (table 3). referring to table 3, the choice of using the difference gmm or system gmm is determined based on the coefficient of the lagged dependent variable, and in our case, panel gmm (difference) would be applicable as the autoregressive parameter 0.22 is below 0.80. therefore, using panel gmm (difference), it can be concluded that there is strong evidence suggesting that except one variable (the liqr) in the estimation, all the remaining four bank-specific variables, fina, buck, size, and liqg, are found to be significant, and proven to be effective in explaining and determining the icbs’ duration gap as per the sign of their coefficients. this means that these variables can play an important role in 18 it is worth mentioning that prior to performing a two-step vce (robust), we performed ‘one-step’ and ‘one-step vce (robust)’. the empirical results of ‘one-step’ and ‘one-step vce (robust)’ for difference and system gmm are available upon request. 50 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 influencing the duration gap positively or negatively. consequently, the results also indicate the ror risk applicable to the icbs. table 3: two-step robust diff gmm and sys gmm estimations (diff) dgap (sys) dgap l.dgap 0.140** 0.236** (1.98) (2.23) liqg -0.499* -0.482* (-1.95) (-1.89) liqr 0.500 1.217 (1.00) (1.62) fina 0.978* 1.522** (1.81) (2.04) buck 0.323* 0.108 (1.79) (1.18) sizel -0.799*** -0.804** (-3.17) (-2.38) gdpg -0.230 -0.623 (-0.79) (-0.91) rate 1.569 -1.932 (1.30) (-0.95) gfc -0.0607 -0.0476 (-0.98) (-0.62) _cons 5.623** 6.512* (2.03) (1.78) n 350 400 ar(1)p 0.0065 0.0069 ar(2)p 0.3070 0.2262 hansenp 0.291 0.165 z statistics in parentheses *p < 0.10, **p < 0.05, ***p < 0.01 ho: no autocorrelation note: this table presents the results of two-step robust difference gmm and system gmm estimations for a sample of 50 icbs in 13 countries for the period 2007–2015. note: it is worth mentioning that we had to run xtabond2 to get the hansen test robustness as no sargan test is available for vce (robust) estimation. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 51 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 furthermore, it is also essential to highlight that the macroeconomic variables (gdpg and rate) are not found to be significant, indicating no relation to the determination of the icbs’ duration gap. in the case of the crisis dummy variable, the gfc was also found to be insignificant in all cases, suggesting no impact on icbs’ duration gaps. this was expected since there was no abnormality in the data for the crisis years 2008 and 2009. under panel gmm estimation, both standard robustness ar tests, as discussed below, are found to be significant, thereby increasing the reliability of the panel gmm estimation.19 in respect to the study results, it should be noted that our results are in line with the findings of saporoschenko (2002), ballester et al. (2009), entrop et al. (2012), ruprecht et al. (2013), and esposito et al. (2013). in particular, after having discussed the significance results, we examine the direction of the regressors’ coefficients and their implications. for instance, in the case of fina, it seems natural to expect a positive association between this ratio and the icbs’ duration gap and ror risk. this finding is consistent with the results obtained by ballester et al. (2009), entrop et al. (2012), and ruprecht et al. (2013) using a different methodology. it also suggests that icbs that hold a larger percentage of assets in the form of sharia-compliant financing have a larger degree of ror risk and duration gap. one possible clarification for this finding is that the larger relative weight of sharia -compliant financing in the icbs’ balance sheet causes an increase in the traditional maturity mismatch between the bank’s assets and liabilities. the mismatch can influence the duration gap both positively and negatively, depending on the direction of the maturity mismatch. this is also the case in the liqg, which is also significant with a negative coefficient, similar to esposito et al. (2013). this finding suggests a significant correlation between liquidity risk and ror risk and duration gaps; the icbs facing higher liquidity risk may decrease their on-balance-sheet duration gap more suddenly. 19 in addition to the independent variables identified in equation 4, the study also included two additional variables to examine their impact on duration gap. these two variables included depo (total deposits to total assets) and fdr (total financing to deposit ratio). while the fdr is similar to fina, the depo indicates the degree of dependability of deposits with respect to duration gap (racic et al., 2014; ruprecht et al., 2013; saporoschenko, 2002). however, when fdr was included in the model, the significance of the fina decreased considerably. the depo was found to be insignificant. 52 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 robustness checks with arellano–bond tests in panel gmm estimation to check the robustness of results, the study performed the arellano-bond test for zero autocorrelation in first-differenced errors, and second-order serial correlation induced by the difference estimators under the dynamic difference and system gmm. as indicated in section 4, estat abond reports the arellano– bond tests for serial correlation in the first-differenced errors at order m. in this case, ho: no autocorrelation should be rejected at order 1 (i.e. ar (1)). however, rejecting the null hypothesis of no serial correlation in the first-differenced errors at an order greater than one (ar (2)) implies model misspecification (yalta and yalata, 2010). in terms of diagnostics for the validity of the instruments, as indicated in section 4, the results of robustness are reported in table 3. both standard ar tests are found to be significant, where the study rejects the ar (1) (p-value = 0.0065 for difference gmm and p-value = 0.0069 for system gmm), and similarly the study failed to reject the ar (2) (p-value = 0.3070 for difference gmm and p-value = 0.2262 for system gmm). this fulfils the standard requirement for validating the gmm estimation. in addition, the results of the hansen test (p-value = 0.291 for difference gmm and p-value = 0.165 for system gmm) of overriding restrictions indicate that the instruments are valid (table 3). hence, the hansen test of overidentifying restrictions indicates that the instruments are valid instruments, i.e., uncorrelated with the error term, and that the excluded instruments are correctly excluded from the estimated equation. these robustness results indicate the reliability of the gmm test and the validity of the instruments with respect to the study. fixed effect and random effect estimation: robustness check in order to further check the robustness, fe (within) regression and re gls regression was also performed. the summary results of fe and re presented in table 4 confirmed the results of the gmm. in fact, all five bank-specific variables (liqg, liqr, fina, and sizel buck) were found to be significant under fe regression, with p-values of 0.000, 0.000, 0.001, 0.006, and 0.05 respectively. in addition, similar to panel gmm, both macroeconomic variables are found to be not significant. however, when re gls regression was run, only one of the five regressors, sizel, was found to be insignificant. after running the hausman test to choose between fe and re, the study ran fe regression and found that sizel remained insignificant. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 53 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 table 4: fe and re and hausman test (fe) (re) dgap dgap liqg -1.111*** -1.272*** (-6.51) (-8.08) liqr 1.396*** 1.830*** (4.59) (6.17) fina 0.911*** 1.334*** (3.44) (5.45) buck 0.135*** 0.0710** (2.77) (2.15) sizel -0.244* -0.0550 (-1.96) (-0.55) gdpg -0.136 0.316 (-0.23) (0.54) rate -0.112 -0.210 (-0.09) (-0.20) gfc 0.0322 0.0670 (0.61) (1.26) _cons 1.187 -0.687 (0.93) (-0.65) n 450 450 hausman test: prob>chi2 = 0.0000 t statistics in parentheses * p < 0.10, ** p < 0.05, *** p < 0.01 based on the empirical analysis results, the study established the following: first, in our case, duration gaps are significantly affected by changes in endogenous variables rather than exogenous factors; second, due to substantial heterogeneity within the system, overall, icbs show a considerable degree of exposure to duration gap and ror risk; third, the fina, buck, liqg and sizel appear to be the most important determinants of icbs’ duration gap and ror risk; fourth, macroeconomic variables do not display a significant relationship with the duration gap; fifth, the crisis did not have any significant impact upon icbs in terms of explaining the duration gap; and finally, liquidity did not cast any impact on the duration gap under both difference and system gmm. one 54 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 possible explanation for the lack of impact of the liqr could be that it was not included in the estimation of dgap, as liquid assets tend to have shorter maturity and hence their duration would be extremely small, if at all applicable. this was the reason the study excluded from the calculation of the duration gap any assets with one-month maturity. in the context of our results, the major apprehension is the regressor coefficient sign related to sizel, where it is found to be statistically significant but its coefficient is found to be negative, indicating that the icbs’ are inefficient at intermediation. although the correlation coefficient between sizel and dgap is found to be positive, it is important to highlight that in most cases it is expected to have a positive relationship. however, literature has found both positive and negative signs associated with sizel, with different explanations (au yong et al., 2009; fraser et al., 2002; faff et al., 2005; reichert and shyu, 2003; saporoschenko, 2002). in light of the above findings, and taking into account results of the robustness tests, specifically the arellano-bond test for zero autocorrelation in firstdifferenced errors and second-order serial correlation, the study infers that there is strong evidence suggesting significant difference in the estimated coefficients’ idiosyncratic factors influencing the duration gaps of the icbs in the study, and subsequently, the null hypothesis could be rejected with reliable estimates and validity of the instruments. conclusions the study provides empirical evidence regarding the estimation of the duration gap of 50 icbs from 13 countries. using the duration gap model, the study established that among the 50 icbs, most banks showed more cross-sectional and time-series variations in duration gap. this revealed that the icbs are exposed to increasing ror risk due to their larger duration gaps and severe liquidity mismatches. as per finance theory, the higher the duration gap, the higher would be the profit rate sensitivity of a financial instrument, and vice-versa. there is also evidence that some icbs had lower gaps over the last few years, reflecting effective alm practices. it was also established that icbs tend to maintain a higher (more) duration gap than conventional counterparts, the ccbs. the higher duration gap in the icbs is attributed to the inspiration and business model of these icbs. without a stable and long-term funding base, and the hqla on the assets side, icbs are rendered less resilient to exogenous liquidity shocks. within the study jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 55 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 sample it was also observed that in terms of duration gap there exist regional differences between the icbs. by adopting panel gmm estimation (difference), the findings of the study indicate that duration gaps are significantly affected by changes in endogenous variables rather than by exogenous factors. we found a significant difference in the estimated coefficients of the idiosyncratic factors influencing the duration gaps of icbs. the results reflect the ror risk to the icbs through balance sheet indicators. in this respect, the icbs have a considerable degree of exposure to duration gap and ror risk, and the fina, buck, liqg, and sizel appear to be the most important determinants of the same. however, there is not enough evidence to suggest the significance of gdpg and rate’s macroeconomic variables on the duration gap. to ensure more rigorous results of the model, both the fe and re regressions were also performed, which consequently confirmed the results of panel gmm. both standard robustness arellano bond (ar) tests for autocorrelation and sargan-hansen tests of overidentifying restrictions are found to be significant, increasing the reliability of the panel gmm estimation and the validity of the instruments. in the context of the gmm findings, the study provides an empirical basis for the icbs to address bank-specific variables that are significant. the understanding of the underlying factors explaining icbs’ ror risk and duration gap is essential for different economic agents and stakeholders — such as icbs’ senior management, who want to adequately manage their duration gap and ror risk exposure, and icbs’ regulators, who are primarily concerned with the assessment of ror in the banking book of the icbs and the stability and soundness of the banking system. the variations in icbs’ duration gaps could be attributed to the different reporting standards, in particular the disclosure of the maturity of assets and liabilities in different maturity buckets. on the other hand, the icbs’ business model of having more long-term financing with short-term deposits demonstrates their inability to raise long-term deposits, consequently creating a severe mismatch in the assets and liabilities. to reduce the duration gap, on the asset side, icbs should engage in the diversification of their financing into medium-term maturities and liquid assets (e.g., hqla). the icbs should also continuously monitor and control the gaps between maturing assets and liabilities in various time buckets. in this respect, the icbs should have in place the approved limits set by their respective bod for the maximum duration gap. the alco should implement these limits. given that global benchmark rates are currently low, having fallen steadily over the last several years after the gfc, the study implies that larger duration gaps 56 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 will pose a serious challenge to icbs as the benchmark rate cycle turns. for the icbs to fully deflect this risk, while being part of a dual banking system, it would require them to undertake significant improvements in their risk management tools (such as stress testing) and applying innovative new techniques including pls, to reduce the asset-liability mismatches. limitations and future direction while the results are consistent with some existing studies, it is important to note that this study reported findings with the use of panel gmm, which no previous study has done with respect to the icbs. in addition, due to different accounting definitions and formulations of the regressors in this study, the results are expected to be, to some extent, different compared to the previous studies. as to our knowledge, no prior studies have explained the determinants, along with the precise estimation, of the duration gaps of the icbs, as done in this study using the panel gmm. given that this is a pioneer study in islamic finance to measure the factors of duration gap, it would be desirable to undertake more studies with long-term data, additional variables, and a larger sample in order to establish stronger correlations for the icbs. it would also be useful to apply the same factors in the conventional setting (i.e. for ccbs), with a similar model, to establish the robustness of the estimation. finally, in addition to panel gmm estimation, a qualitative approach (in the form of a survey) for factors determining dgap and dgap management practices across more than 100 icbs can be undertaken, to see whether there is any significant difference and relationship in results when using primary data and secondary data. appendix a: duration gaps of icbs table a.1: details of icbs’ duration gap at icbs’ level no. icb bank name country dgap in years (2007-2015) dgap direction 1 amislamic bank berhad malaysia 20.69 positive 2 sharjah islamic bank uae 20.22 positive 3 bank syariah muamalat indonesia indonesia 17.96 positive 4 al barkah south africa south africa 15.77 positive 5 bank syariah mandiri indonesia 15.56 positive 6 abu dhabi islamic bank uae 14.61 positive jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 57 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 no. icb bank name country dgap in years (2007-2015) dgap direction 7 emirates islamic bank uae 11.71 positive 8 al rajhi saudi arabia 11.04 positive 9 alrajhi malaysia berhad malaysia 10.80 positive 10 rhb islamic bank berhad malaysia 10.41 positive 11 bank muamalat malaysia berhad malaysia 10.19 positive 12 hong leong islamic bank berhad malaysia 9.51 positive 13 public islamic bank berhad malaysia 9.18 positive 14 abc islamic bank bahrain 9.11 positive 15 bank islam malaysia berhad malaysia 8.94 positive 16 masraf al rayan qatar 8.19 positive 17 cimb islamic bank berhad malaysia 8.05 positive 18 al barakah turkish finance house turkey 7.37 positive 19 turkiye finans participation bank turkey 7.18 positive 20 bank asya turkey 7.02 positive 21 qatar international islamic bank qatar 6.76 positive 22 bank al bilad saudi arabia 6.09 positive 23 qatar islamic bank qatar 5.30 positive 24 exim bank ltd bangladesh 5.08 positive 25 kfh malaysia berhad malaysia 4.83 positive 26 bahrain islamic bank bahrain 4.70 positive 27 affin islamic bank berhad malaysia 4.21 positive 28 ithmaar bank bahrain 3.71 positive 29 bank al jazira saudi arabia 3.65 positive 30 asian finance bank berhad malaysia 3.52 positive 31 dubai islamic bank pakistan pakistan 3.36 positive 32 kuwait international bank kuwait 2.72 positive 33 kuvet turk participation bank turkey 2.48 positive 34 first security islamic bank bangladesh 2.06 positive 35 meezan islamic bank pakistan 1.69 positive 36 al barka bank bahrain bahrain 1.57 positive 37 dubai islamic bank uae 1.42 positive 38 ahli united bank kuwait 1.08 positive 39 boubyan islamic bank kuwait 0.90 positive 40 al barakah bank pakistan pakistan 0.80 positive 58 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 no. icb bank name country dgap in years (2007-2015) dgap direction 41 islamic international arab bank jordan 0.39 positive 42 kfh kuwait kuwait -0.87 negative 43 islamic bank bangladesh ltd bangladesh -1.05 negative 44 jordan islamic bank jordan -1.84 negative 45 barwa bank qatar -3.18 negative 46 khaleeji commercial bank bahrain -3.21 negative 47 bank islami pakistan pakistan -3.59 negative 48 tadhamon international islamic bank yemen -3.98 negative 49 al salam bank bahrain -8.90 negative 50 kfh bahrain bahrain -13.71 negative note: the list of icbs is presented in order of the size of duration gap. the details of the icbs’ duration gap estimations for 2007-2015 are available upon request. table a.2: details of icbs’ duration gap at country level no. icb bank name number of icbs dgap in years (2007-2015) dgap direction 1 malaysia 11 100.34 positive 2 uae 4 47.97 positive 3 indonesia 2 33.53 positive 4 turkey 4 24.05 positive 5 saudi arabia 3 20.78 positive 6 qatar 4 17.06 positive 7 south africa 1 15.77 positive 8 bangladesh 3 6.08 positive 9 kuwait 4 3.82 positive 10 pakistan 4 2.26 positive 11 jordan 2 -1.46 negative 12 yemen 1 -3.98 negative 13 bahrain 7 -6.73 negative note: the list of countries is presented in order of the size of duration gap. jamshaid anwar chattha. estimation of duration gap and its determinants for islamic banks 59 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 table a.3: details of ccbs’ duration gap no. ccb bank name grand total mean dgap no. ccb bank name grand total mean dgap 1 abc bank (bahrain) 1.79 0.26 18 capitecbank (south africa) 0.39 0.06 2 affin bank (malaysia) 3.49 0.50 19 cbk bank (kuwait) 0.01 0.00 3 al khaleeji commercial (qatar) 2.10 0.30 20 commercial bank of dubai (uae) -0.04 -0.01 4 alliance bank (malaysia) 1.34 0.19 21 faysal bank (pakistan) -0.15 -0.02 5 ambank (malaysia) 13.28 1.90 22 gulf bank (kuwait) 6.52 0.93 6 anadolubank a.ş. (turkey) 3.77 0.54 23 habib metro bank (pakistan) -0.53 -0.08 7 bank al etihad (jordan) -0.05 -0.01 24 hbl bank (pakistan) -2.34 -0.33 8 bank al falah (pakistan) 1.42 0.20 25 hong leong bank (malaysia) 2.12 0.30 9 bank alhabib (pakistan) -0.19 -0.03 26 mashreq bank (uae) 2.71 0.39 10 bank bjb (indonesia) 2.78 0.40 27 mcb bank (pakistan) 0.12 0.02 11 bank bni (indonesia) -0.08 -0.01 28 national bank of bahrain (bahrain) 2.87 0.41 12 bank of punjab (pakistan) -0.86 -0.12 29 nbk bank (kuwait) 0.92 0.13 13 bank of sharjah (uae) -0.54 -0.08 30 nbp bank (pakistan) 2.25 0.32 14 bank panin (indonesia) 0.76 0.11 31 rak bank (uae) 9.20 1.31 15 burgan bank (kuwait) 1.18 0.17 32 rhb bank (malaysia) 2.89 0.41 16 burgan bank a.ş. (turkey) 1.47 0.21 33 saudi france bank (saudi arabia) 2.00 0.29 17 cairo amman bank (jordan) 0.06 0.01 34 ubl bank (pakistan) -0.02 0.00 35 united arab bank (uae) 5.91 0.84 note: the mean duration gap (i.e. summation of duration gap for 2009-2015 divided by number of years, which is seven years) is measured in years for each bank. in order to obtain the mean duration gap of one ccb, the duration gap of each bank for 2009-2015 is estimated. the details of the ccbs’ duration gap estimations for 2009-2015 are available upon request. 60 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.13868 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 references abdul wahab, h., saiti, b., rosly, s. a., & masih, a. m. m. 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(2012). a critical review of the literature on the rate of return risk in islamic banks. journal of islamic accounting and business research. 3(2): 121-137. the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano 42 pengaruh rentabilitas, efisiensi dan likuiditas terhadap kecukupan modal bank umum syariah siti fatimah1 abstract. the influence of rentability, efficiency, liquidity to capital adequacy ratio in islamic bank: study at pt bank syariah mandiri. the aim of this study is to analyze the influence of rentability (roa), efficiency (bopo), and liquidity (fdr) to capital adequacy ratio (car) in short-run and long-run. the method analysis that used in this study is vecm method. the result was shown that roa had a significant negative influence to car, bopo had a significant positive influence to car, and fdr had a significant negative influence to car. there were a long-run correlation between bopo and fdr to car, and there were a short-run correlation between roa, bopo, fdr to car. keywords. rentability, efficiency, liquidity, capital adequacy, vecm abstrak. pengaruh rentabilitas, efisiensi, dan likuiditas terhadap kecukupan modal bank umum syariah: study pada pt bank syariah mandiri tbk. penelitian ini bertujuan untuk menganalisis seberapa besar pengaruh rentabilitas (roa), efisiensi (bopo) dan likuiditas (fdr) terhadap kecukupan modal (car) dalam jangka pendek maupun jangka panjang. metode yang digunakan yaitu metode kuantitatif dengan alat analisis menggunakan metode analisis vecm. hasil penelitian menyatakan roa berpengaruh negatif signifikan terhadap car, bopo berpengaruh positif signifikan dan fdr berpengaruh negatif signifikan terhadap car selain itu, terdapat hubungan jangka panjang antara bopo dan fdr terhadap car, sedangkan dalam jangka pendek terdapat hubungan antara roa, bopo dan fdr terhadap car. kata kunci: rentabilitas, efisiensi, likuiditas, kecukupan modal, vecm 1naskahditerima 15 oktober 2013, direvisi 20 nopember 2013, disetujui 24 nopember 2013 bca finance, bca pondok indah lt. 2, jl. metro pondok indah, no. 10, jakarta. email: fatimahsitti86@yahoo.com 43 pendahuluan berkembangnya bank syariah di indonesia harus dibarengi dengan peningkatan kualitas dan kuantitas bank syariah, agar lebih mendapatkan kepercayaan dimata nasabahnya. salah satu upaya untuk menjaga eksistensi bank syariah, pihak manajemen perlu memperhatikan kriteria pengukuran kesehatan dan kinerja perbankan. salah satu indikator kesehatan perbankan yang sangat penting yaitu indikator modal. indikator modal perbankan harus dikedepankan mengingat dalam mekanismenya perbankan merupakan industri yang usahanya mengandalkan kepercayaan masyarakat. kesehatan bank yang dapat dilihat dengan indikator modal sudah seharusnya dilihat masyarakat untuk membangun kepercayaan dalam meyerahkan dananya pada bank. hal ini mengingat citra perbankan nasional yang ternodai oleh berbagai kasus penyelewengan dana nasabah oleh pihak manajamen bank, maupun masalah perbankan yang tidak liquid. demi menciptakan perbankan yang sehat, bi telah mengeluarkan program arsitektur perbankan indonesia (api) yaitu program penguatan struktur perbankan nasional yang bertujuan untuk memperkuat permodalan bank dalam rangka meningkatkan kemampuan bank mengelola usaha maupun risiko. upaya pemerintah yang lain yaitu dengan dikeluarkanya peraturan bank indonesia nomor: 6/10/pbi/2004 tentang sistem penilaian tingkat kesehatan bank umum. ketentuan yang salah satu diantaranya adalah mengatur tentang permodalan bank ( car) minimum sebesar 8 % (delapan persen). pada tahun 2011 total asset bank syariah hanya 2,6% dibandingkan dengan bank umum. tetapi pada 2012 jumlah perbandingan total asetnya naik menjadi 3,24%. perbandingan antara tahun 2011 dan 2012 total aset dari bank umum sendiri naik 20,3% sementara total aset dari bank syariah naik 47,4%. peningkatan aset bank syariah ditunjang dengan banyaknya bank umum syariah di indonesia hingga saat ini, dengan bank syariah mandiri sebagai bank umum syariah dengan aset terbesar yaitu senilai rp 49,70 triliun per juni 2012. berdasarkan peraturan pemerintah mengenai tingkat kesehatan bank umum, setiap bank berusaha untuk menjaga nilai car perusahaanya dengan tujuan untuk mempertahankan tingkat kesehatan bank tersebut. dalam implementasinya bank syariah mandiri sebagai bank dengan aset terbesar tetap mengalami fluktuasi dalam perkembangan kecukupan modalnya. hal ini terlihat dari nilai car bank umum syariah periode pengamatan 2009-2012 pada tabel 1 berikut ini: tabel 1 car bank syariah mandiri periode 2009-2012(dalam %) sumber: laporan keuangan bank syariah mandiri (data diolah kembali) berdasarkan tabel diatas dapat dilihat bahwa car bank syariah mandiri tahun 2009-2012 mengalami perubahan naik turun namun tetap dalam kondisi sehat karena berada diatas 8%. selain itu, dari data diatas terlihat bahwa car bank syariah mandiri tahun 2009 hingga 2011 mengalami penurunan. namun terlihat pada tahun 2012 car bank syariah mandiri kembali meningkat. tahun 2009 2010 2011 2012 car 13,67 11,78 12,24 13,69 44 pergerakan car yang fluktuatif tersebut perlu dilakukan tindak lanjut oleh pihak manajemen agar mengetahui faktor-faktor apa saja yang mempengaruhi perubahan car tersebut. sebagai bank umum syariah dengan aset terbesar bank syariah mandiri tetap membutuhkan tambahan modal. hal tersebut diperlukan untuk mendukung kesinambungan ekspansi pembiayaan pada tahun berikutnya. rasio kecukupan modal (car), bank syariah terbesar di indonesia ini kerap tergerus secara cepat akibat ekspansi pembiayaan yang tinggi. menurut zainal fanani, direktur kepatuhan sekaligus chief financial officer bsm, mengatakan perseroan menargetkan ekspansi pembiayaan sebesar 25% selama tahun ini, dibandingkan dengan akhir 2011 rp36,72 triliun. pada akhir 2011 car bsm 14,57% dan dengan perkembangan bisnis selama tahun 2012 pihak bsm meprediksi car bisa dipertahankan di atas 12%. selama 2011 car bsm meningkat dari 10,6% menjadi 14,57%, yang ditopang oleh suntikan modal dari bank mandiri sebesar rp500 miliar yang diberikan dua kali, yakni pada pertengahan maret 2011 dan akhir desember 2011. penambahan modal itu meningkatkan modal disetor bsm menjadi rp1,16 triliun pada akhir 2011, dibandingkan dengan 2010 yang tercatat rp658,24 triliun. pemilihan variabel car sebagai variabel dependen dikarenakan car merupakan indikator yang sangat penting menurut bank indonesia dalam menjaga tingkat kesehatan bank. dimana capital adequacy ratio (car) adalah rasio kinerja bank sebagai pengukur kecukupan modal yang dimiliki bank untuk menunjang aktiva yang mengandung atau menghasilkan risiko, misalnya kredit yang diberikan. car merupakan indikator terhadap kemampuan bank untuk menutupi penurunan aktivanya sebagai akibat dari kerugian-kerugian bank yang disebabkan oleh aktiva yang berisiko (dendawijaya, 2005). melihat fenomena perbankan di indonesia yang mengalami tidak likuid karena tingkat car yang tidak mencukupi, dapat dilihat bahwa terdapat hubungan antara rasio likuiditas dengan car. dimana likuiditas merupakan kemampuan bank dalam memenuhi kewajiban jangka pendeknya saat ditagih (kasmir, 2009). dalam hal ini, likuiditas tersebut dijelaskan oleh financing to deposit ratio (fdr) yaitu rasio antara seluruh jumlah pembiayaan yang diberikan dengan dana yang diterima bank (dendawijaya, 2005). fdr menyatakan seberapa jauh kemampuan bank dalam membayar kembali penarikan dana yang dilakukan deposan dengan mengandalkan pembiayaan yang diberikan sebagai sumber likuiditasnya. berdasarkan pengertian tersebut, dapat dilihat hubungan fdr dengan car yaitu, saat fdr tinggi yang disebabkan pembiayaan tinggi sedangkan dana yang dihimpun sedikit dapat menyebabkan car menurun (dengan asumsi car digunakan untuk menutupi kekurangan dana tersebut). hal ini sesuai dengan pendapat dahlan siamat yang mengemukakan bahwa faktor-faktor yang dipertimbangkan dalam menilai kecukupan modal bank antara lain adalah likuiditas (siamat, 2004). rasio rentabilitas yang dilihat dengan menggunakan return on assets (roa). roa adalah rasio yang digunakan untuk mengukur kemampuan manajemen bank dalam memperoleh keuntungan (laba) secara keseluruhan. semakin besar roa suatu bank, semakin besar pula tingkat keuntungan yang 45 dicapai bank tersebut dan semakin baik pula posisi bank tersebut dari segi penggunaan asset. berdasarkan pengertian tersebut, apabila laba suatu bank meningkat maka akan meningkatkan modal bank tersebut pula, dengan asumsi laba tersebut ditanamkan kembali ke dalam modal bank dalam bentuk laba ditahan. hal ini senada dengan pendapat ali (2006) yang menyatakan setiap kali bank mengalami kerugian, modal bank menjadi berkurang nilainya dan sebaliknya jika bank meraih untung maka modalnya akan bertambah. bopo merupakan rasio perbandingan biaya operasional terhadap pendapatan operasional. rasio ini digunakan untuk mengukur tingkat efisiensi dan kemampuan bank dalam melakukan kegiatan operasinya terutama kredit (dendawijaya, 2005). sama halnya dengan roa, secara teoritis bopo juga memiliki hubungan dengan car, dengan asumsi semakin efisien bank menghasilkan laba melalui biaya operasionalnya, semakin meningkat pula modal yang ditanamkannya. selain itu bopo yang tinggi menunjukan kurangnya efisien bank dalam menjalankan kegiatan operasionalnya karena biaya operasional yang harus ditanggung lebih besar daripada pendapatan operasional yang diperoleh sehingga ada kemungkinan modal digunakan untuk menutupi biaya operasional yang tidak tertutup oleh pendapatan operasional (abdullah, 2003). berdasarkan uraian diatas kondisi pertumbuhan bank syariah yang lebih cepat dibandingkan bank konvensional, diperlukan penelitian mengenai kesehatan bank yang salah satunya menggunakan indikator kecukupan modal. oleh karena itu, tujuan yang ingin dicapai dalam penelitian ini yaitu: 1. menganalisis pengaruh rentabilitas, efisiensi dan likuiditas terhadap kecukupan modal bank umum syariah. 2. menganalisis hubungan rentabilitas, efisiensi dan likuiditas dalam jangka pendek maupun jangka panjang terhadap kecukupan modal bank umum syariah. tinjauan pustaka rasio keuangan bank salah satu cara untuk menguji kecukupan modal adalah dengan melihat rasio modal itu terhadap berbagai aset bank yang bersangkutan. dimana, rasio kecukupan modal bank adalah rasio yang digunakan untuk mengukur kemampuan bank mencari sumber dana untuk membiayai kegiatannya. salah satu penilaian modal perbankan yaitu dengan menganalisis rasio permodalanya yang dijelaskan dengan car (capital adequecy ratio). penilaian tersebut dapat diukur dengan dua cara yaitu membandingkan modal dengan dana-dana pihak ketiga dan membandingkan modal dengan aktiva berisiko. menurut r. arif ginanjar dalam penelitiannya menyebutkan terdapat delapan faktor yang mempengaruhi kecukupan modal. faktor tersebut yaitu: kualitas manajemen, likuiditas aset, riwayat laba dan riwayat laba yang ditahan, kualitas dan sifat kepemilikan, potensi perubahan struktur aset, kualitas prosedur operasi, kemampuan untuk memenuhi kebutuhan keuangan, dan beban untuk menutupi biaya penempatan. capital adequacy ratio (car) adalah rasio kewajiban pemenuhan modal minimum yang harus dimiliki oleh bank (riyadi, 2004). car merupakan indikator terhadap kemampuan bank untuk menutupi penurunan aktivanya sebagai akibat dari kerugian-kerugian bank yang disebabkan oleh aktiva yang berisiko 46 (dendawijaya, 2005). car dapat dihitung dengan membandingkan modal terhadap aktiva tertimbang menurut risiko (atmr). car dapat dihitung menggunakan rumus berikut (dendawijaya, 2005): bi menetapkan ketentuan modal minimum bagi perbankan sebagaimana ketentuan dalam standar bank for international settlements (bis) bahwa setiap bank umum diwajibkan menyediakan modal minimum sebesar 8% dari total aktiva tertimbang menurut risiko (atmr). rentabilitas rasio sering juga disebut profitabilitas usaha. dimana rentabilitas adalah aspek yang digunakan untuk mengukur kemampuan bank dalam meningkatkan keuntungan. salah satu rasio yang digunakan untuk mengukur tingkat rentabilitas bank ialah roa (return on assets). rentabilitas bank sangat penting, dimana, laba sebagai sumber dana bank yang utama dalam meningkatkan modal inti, sangat tergantung pada kemampuan rentabilitas (earning power). roa menunjukan kemampuan bank dalam memperoleh keuntungan (laba) secara keseluruhan dari aset yang dimiliki. semakin besar roa suatu bank, semakin besar pula tingkat keuntungan yang dicapai bank tersebut dan semakin baik pula posisi bank tersebut dari segi penggunaan aset. sebaliknya, semakin kecil roa suatu bank, semakin kecil keuntungan yang dicapai bank tersebut dan semakin kecil pula posisi bank tersebut dari segi penggunaan aset. efisiensi bank adalah kemampuan bank untuk menggunakan faktor –faktor produksi secara tepat atau efektif. pengukuran tingkat efisiensi bank dapat dilakukan dengan menganalisis rasio bopo. bopo merupakan rasio perbandingan biaya operasional terhadap pendapatan operasional. bopo menurut kamus keuangan adalah kelompok rasio yang mengukur efisiensi dan efektivitas operasional suatu perusahaan dengan jalur membandingkan yang satu terhadap yang lainnya. rasio ini digunakan untuk mengukur tingkat efisiensi dan kemampuan bank dalam melakukan kegiatan operasinya, terutama kredit. semakin kecil bopo menunjukan semakin efisien bank dalam menjalankan aktivitas usahanya. begitupun sebaliknya, semakin besar nilai bopo semakin tidak efisien bank dalam menjalankan aktivitas usahanya. likuiditas menunjukan persediaan uang tunai dan aset lain yang dengan mudah dijadikan uang tunai. oleh karena itu, likuiditas adalah suatu keadaan yang berhubungan dengan persediaan uang tunai dan alat-alat likuid lainnya yang dikuasai bank yang bersangkutan. likuiditas bank adalah kemampuan bank untuk membayar hutang jangka pendeknya (kasmir, 2008). salah satu ukuran likuid dari konsep persediaan adalah rasio pinjaman terhadap pembiayaan yang diukur dengan fdr. fdr ialah rasio antara seluruh jumlah pembiayaan yang diberikan bank dengan dana yang diterima oleh bank. fdr menyatakan seberapa jauh kemampuan bank dalam membayar kembali penarikan dana yang dilakukan deposan dengan mengandalkan pembiayaan yang diberikan sebagai sumber likuiditasnya. dengan kata lain, seberapa jauh pemberian pembiayaan kepada nasabah dapat mengimbangi kewajiban bank car = modal x 100% atmr 47 untuk segera memenuhi permintaan deposan yang ingin menarik kembali uangnya yang telah digunakan oleh bank untuk memberikan pembiayaan. semakin tinggi fdr, maka semakin rendah kemampuan likuiditas bank tersebut. selain mencerminkan kondisi likuiditas bank, rasio ini juga digunakan untuk mengukur tingkat risiko yang menjadi beban bank dalam menjalankan usahanya (suhirman, 2001). pengaruh rasio keuangan terhadap kecukupan modal rasio keuangan yang sering digunakan perbankan terdiri dari beberapa rasio seperti rasio likuiditas, rasio rentabilitas, rasio efisiensi, rasio solvabilitas dan rasi kecukupan modal. adapun dalam penelitian ini hanya mengulas pengaruh rentabilitas, efisiensi dan likuiditas terhadap kecukupan modal bank umum syariah. pengaruh rasio-rasio tersebut terhadap kecukupan modal bank diuraikan sebagai berikut: car merupakan indikator terhadap kemampuan bank untuk menutupi penurunan aktivanya sebagai akibat dari kerugian-kerugian bank yang disebabkan oleh aktiva yang berisiko. dapat diduga, apabila laba suatu bank meningkat maka akan meningkatkan modal bank tersebut pula, dengan asumsi laba tersebut ditanamkan kembali ke dalam modal bank dalam bentuk laba ditahan. hal tersebut senada dengan yang dikemukakan oleh ali (2006) bahwa setiap kali bank mengalami kerugian, modal bank menjadi berkurang nilainya dan sebaliknya jika bank meraih untung maka modalnya akan bertambah. pendapat tersebut juga didukung dengan hasil penelitian f. artin shitawati (2006) yang menyebutkan bahwa roa secara parsial berpengaruh signifikan positif terhadap car. selain itu, dilihat dari hubungan laba, asset dan modal yaitu jika laju pertumbuhan laba dan asset berjalan lambat, maka bank yang bersangkutan akan menghadapi risiko yang lebih besar dibandingkan dengan bank yang mengalami pertumbuhan yang sehat. oleh karena itu, untuk mengatasi risiko yang lebih besar dari itu, maka diperlukan modal yang lebih besar. semakin besar bopo menunjukan kurang efisiennya bank dalam menjalankan kegiatan operasionalnya karena biaya operasional yang harus ditanggung lebih besar dari pada pendapatan operasional yang diperoleh sehingga ada kemungkinan modal digunakan untuk menutupi biaya operasional yang tidak tertutup oleh pendapatan operasional (abdullah, 2003). sebaliknya, semakin kecil bopo menunjukan semakin efisiennya bank dalam menjalankan kegiatan operasionalnya, karena biaya operasional yang harus ditanggung lebih kecil dari pada pendapatan operasionalnya. sehingga aktivitas operasional bank menghasilkan keuntungan, dimana hal tersebut mampu meningkatkan modal bank dan meminimumkan tingkat risikonya. selain itu, hubungan bopo dengan car dapat dilihat semakin efisien bank menghasilkan laba melalui biaya operasionalnya, semakin meningkat pula modal yang ditanamkannya. sehingga dapat dilihat hubungan negatif antara bopo dengan car. saat bopo tinggi akan menurunkan car, dan begitupun sebaliknya. saat bopo rendah akan meningkatkan car. hal ini, sesuai dengan hasil penelitian f. artin shitawati (2006) yang menyebutkan bahwa secara parsial bopo berpengaruh signifikan negatif terhadap car. fdr merupakan rasio likuiditas yang sering digunakan bank. fdr ini dapat mengukur jumlah pembiayaan yang diberikan bank dengan dana yang diterima oleh bank. fdr yang rendah menunjukan jumlah pembiayaan yang diberikan lebih 48 kecil dari pada pertumbuhan jumlah dana yang dihimpun. begitupun sebaliknya, fdr yang tinggi menunjukan pertumbuhan jumlah pembiayaan yang diberikan lebih besar dari pada pertumbuhan jumlah dana yang dihimpun sehingga mengindikasikan semakin rendahnya kemampuan likuiditas bank. hal ini disebabkan karena jumlah dana yang diperlukan untuk membiayai pembiayaan semakin besar. suatu bank yang memiliki alat-alat likuid yang sangat terbatas dalam memenuhi kewajiban-kewajibannya, akan ada kemungkinan penyediaan likuiditas tersebut akan diambil dari permodalannya (abdullah, 2003). hal ini juga sesuai dengan hasil penelitian f. artin shitawati (2006) yang menyebutkan bahwa fdr secara parsial berpengaruh negatif dan signifikan terhadap car bank umum syariah. selain itu, dapat dilihat hubungan fdr dengan car yaitu, saat fdr tinggi yang disebabkan pembiayaan tinggi sedangkan dana yang dihimpun sedikit dapat menyebabkan car menurun (dengan asumsi car digunakan untuk menutupi kekurangan dana tersebut). metode ruang lingkup penelitian ini adalah bank syariah mandiri.penelitian ini bertujuan untuk menganalisis pengaruh variabel independen (bebas) terhadap variabel dependen (terikat). adapun variabel dependen (y) penelitian ini adalah kecukupan modal yang dijelaskan oleh car. sedangkan variabel independennya (x) terdiri dari tiga variabel yaitu rentabilitas yang dijelaskan oleh roa (x1), efisiensi oleh bopo (x2) dan likuiditas oleh fdr (x3). periode penelitian ini januari 2009 sampai dengan desember 2012. teknik yang digunakan untuk menganalisis data ialah metode analisis vecm (vektor error corection model). dimana metode analisis vecm menurut kostiv dan lingard yang dikutip rohmatul (2011) menjelaskan bahwa vecm merupakan suatu metode analisis yang dapat digunakan untuk mengetahui tingkah laku jangka pendek dari suatu variabel terhadap jangka panjangnya, akibat adanya shock (perubahan) yang permanen. asumsi yang harus dipenuhi dalam analisis vecm adalah semua variabel independen harus stasioner. jika dalam uji stasioner data belum menunjukan stasioner dapat diestimasi sehingga data stasioner pada tingkat diferensiasi. selain stasioner variabel, hal penting lain dalam analisis vecm ialah kointegrasi yang menjelaskan hubungan jangka pendek dan jangka panjang antarvariabel. jika variabel stasioner dan tidak terkointegrasi dapat menggunakan model analisis var, tapi jika variabel stasioner pada tingkat diferensiasi dan terkointegrasi model analisis yang digunakan ialah vecm. vecm juga dapat digunakan untuk menghitung hubungan jangka pendek antarvariabel melalui koefisien standard dan mengestimasi hubungan jangka panjang dengan menggunakan lag residual dari regresi yang terkointegrasi. secara umum, model hoffman dan rasche (1997) menjelaskan tentang model estimasi vecm untuk data time series xt vector (p x 1) yang terkointegrasi tiap komponennya dalam bentuk persamaan dibawah ini: ∆xt = 𝜇𝜇 + 𝛼𝛼𝛽𝛽′xt−1 + � f1 𝑘𝑘 𝑖𝑖=1 ∆xt−1 + ϵt dimana: f1 : koefisien matriks (p x p): i = 1,….,k 𝜇𝜇 : vektor (p x 1) yang meliputi seluruh komponen deteriminan dalam sistem 49 α,β : matriks (p x r); 0 < r <p dan r merupakan jumlah kombinasi linear elemen xt yang hanya dipengaruhi oleh shock transistor β’xt-1 : error correction term, yaitu jumlahpenmberat pembalik rata-rata pada vector kointegrasi data ke t-1 α : matriks dari koefisien error correction. langkah-langkah yang dilakukan dalam analisis vecm terdiri dari beberapa langkah, yaitu; 1. uji asumsi klasik sebelum data diolah dan mengeluarkan hasilnya, data harus di uji terlebih dahulu. uji data tersebut yaitu, uji asumsi klasik yang terdiri dari uji normalitas, multikolinearitas, uji autokorelasi dan uji heteroskedastisitas. normalitas bertujuan untuk menguji apakah variabel bebas, variabel tidak bebas, atau keduanya mempunyai distribusi normal atau tidak. salah satu cara untuk melihat normalitas residual adalah dengan menggunakan metode jarquebera (jb). jika probabilitas obs*r2 lebih besar dari 0,05 maka model tersebut dikatakan normal. apabila obs*r2 lebih kecil dari 0,05 maka model tersebut dikatakan tidak normal. multikolinearitas adalah hubungan linear antarvariabel bebas. sehingga uji multikolinearitas ini dibutuhkan untuk mengetahui ada atau tidaknya hubungan linear antarvariabel bebas tersebut. uji multikolinearitas pada penelitian ini menggunakan koefisien korelasi. dimana, salah satu cara untuk mendeteksi terjadinya multikolinearitas yaitu dengan menggunakan matriks korelasi (correlation matrix). jika hubungan antara variabel bebas yang satu dengan yang lainnya diatas 0,85 maka antarvariabel tersebut terdapat gejala multikolinearitas. begitupun sebaliknya, jika hubungan antara variabel bebas yang satu dengan yang lainnya dibawah 0,85 maka antarvariabel tersebut tidak terdapat gejala multikolinearitas. uji ini bertujuan untuk menguji apakah terdapat kesamaan variance dari residual satu pengamatan kepengamatan lain. jika probabilitas obs*r2 lebih besar dari 0,05 maka model tersebut tidak terdapat heteroskedastisitas. apabila obs*r2 lebih kecil dari 0,05 maka model tersebut terdapat heteroskedastisitas. autokorelasi adalah hubungan antara residual satu observasi dengan residual observasi lainnya. oleh karena itu, uji autokorelasi bertujuan untuk melihat ada atau tidaknya hubungan antara residual satu observasi dengan residual observasi lainnya.dalam penelitian ini, uji autokorelasi menggunakan metode uji breusch-godfrey. jika nilai probabilitas lebih kecil dari 0,05 maka dapat disimpulkan bahwa terdapat masalah autokorelasi pada model tersebut. selain itu, jika terdapat masalah autokorelasi dapat diatasi dengan meningkatkan standar diferensiasi dari tingkat dasar menjadi tingkat 1. 2. uji stasioneritas uji stasioneritas sangat penting bagi data time series dan uji ini dilakukan sebelum data dianalisis. sekumpulan data dinyatakan stasioner jika nilai rata-rata dan varian dari data time series tersebut tidak mengalami perubahan secara sistematik sepanjang waktu sehingga data tersebut konstan. dalam penelitian ini menggunakan metode uji akar unit agar mendapatkan hasil yang lebih akurat. jika nilai probabilitas lebih kecil dari 0,05 maka dapat disimpulkan bahwa data stasioner. sedangkan jika nilai probabilitas lebih besar dari 0,05 maka data tidak 50 stasioner. jika data tidak stasioner dilevel normal, data dapat dinaikan ke diferensiasi tingkat 1. 3. uji lag length uji lag length bertujuan untuk mengetahui lag optimal yang digunakan dalam model penelitian. hal ini dikarenakan jika lag yang digunakan terlalu sedikit, maka residual dari regresi tidak akan menampilkan proses white noise sehingga model tidak dapat mengestimasi actual error secara tepat. akibatnya standar kesalahan tidak diestimasi secara baik. selain itu jika memasukan lag terlalu banyak akan mengurangi kemampuan menolak ho dan dapat mengurangi derajat kebebasan. 4. uji kausalitas granger uji kausalitas granger bertujuan untuk melihat apakah suatu variabel mempunyai hubungan dua arah atau hanya satu arah saja. pada uji ini yang dilihat adalah pengaruh masa lalu terhadap kodisi sekarang, sehingga data yang digunakan adalah data time series. hubungan kausalitas antarvariabel dapat dilihat menggunakan nilai probabilitasnya. jika nilai probabilitas masing-masing variabel lebih kecil daripada nialai 𝛼𝛼, maka dapat dinyatakan terdapat hubungan kausalitas antar variabel. begitupun sebaliknya, jika nilai probabilitas lebih besar dari 0,05 maka tidak terdapat hubungan kausalitas antar varabel. 5. uji kointegrasi uji kointegrasi dilakukan untuk mendeteksi stabilitas hubungan jangka panjang dua variabel atau lebih. kointegrasi adalah suatu hubungan jangka panjang atau ekuilibrium antara variabel-variabel yang tidak stasioner. dengan kata lain, walau secara individual variabel-variabel tersebut tidak stasioner, namun kombinasi antar variabel tersebut bisa menjadi stasioner. jika nilai trace statisticnya lebih kecil dibanding nilai kritis pada tingkat keyakinan 5% maupun 1% dapat disimpulkan bahwa antar variabel tidak saling berkointegrasi. 6. estimasi vecm berdasarkan tujuan analisis vecm yaitu untuk mengetahui tingkah laku jangka pendek dari suatu variabel terhadap jangka panjangnya, akibat adanya shock (perubahan) yang permanen, maka estimasi yang dapat digunakan sebagai bentuk dari persamaan sebelumnya dengan membaca hasil olahan data. dimana, jika nilai t-statistik hasil estimasi lebih besar daripada nilai t-tabelnya, maka dapat dikatakan terdapat hubungan jangka panjang atau jangka pendek. sedangkan, jika nilai t-statistik hasil estimasi lebih kecil daripada nilai t-tabelnya, maka dapat dikatakan tidak terdapat hubungan jangka panjang atau jangka pendek. 7. uji irf irf berfungsi menggambarkan ekspektasi k-periode ke depan dari kesalahan prediksi suatu variabel akibat inovasi dari variabel yang lain. degan demikian, lamanya pengaruh dari shock suatu variabel terhadap variabel lain sampai pengaruhnya hilang atau kembali ke titik seimbangnya dapat dilihat atau diketahui. sehingga, uji ini bertujuan untuk melihat gambaran pergerakan variabel yang disebabkan adanya shock variabel lain. respon variabel terikat terhadap variabel bebasnya dapat digambarkan dalam grafik irf itu sendiri. jika grafik irf berada diatas titik keseimbangan maka respon variabel yang dianalisis adalah positif. sedangkan, jika grafik irf berada dibawah titik keseimbangan maka variabel yang dianalisis memberikan respon negatif atau mengalami penurunan. 51 8. uji variance decomposition variance decomposition atau disebut juga forecast error variance decompotition merupakan perangkat dalam model var yang akan memisahkan variasi dari sejumlah variabel yang diestimasi menjadi variabel innovation, dengan asumsi bahwa variabel-variabel innovation tidak saling berkorelasi. setelah variabel tersebut terpisah, kemudian variabel decompotion akan memberikan informasi mengenai proporsi dari pergerakan pengaruh shock pada sebuah variabel terhadap shock variabel lainnya pada periode saat ini dan yang akan datang. pembahasan uji asumsi klasik • uji normalitas dari tabel 2 dapat dilihat bahwa nilai probabilitasnya car sebesar 0,316486, roa sebesar 0,335976, bopo sebesar 0,006516 dan fdr sebesar 0,523212. nilai probabilitas keempat variabel tersebut > dari derajat kesalahan (α) 5% yaitu (0.05) maka ho ditolak, sehingga data tersebut dinyatakan terdistribusi normal sehingga bisa dilanjutkan kepengujian yang lainnya. tabel 2 hasil uji normalitas sumber: output eviews 6 (data diolah) • uji multikolinearitas berdasarkan tabel 3 dapat dilihat bahwa nilai korelasi variabel independen antara x1 (roa) dan x2 (bopo) sebesar -0,517396, antara x1 (roa) dan x3 (fdr) sebesar 0,241364, antara x2 (bopo) dan x3 (fdr) sebesar 0,592355.nilai korelasi variabel independen (roa, bopo dan fdr) tertinggi hanya mencapapai 0,241364 yaitu antara x1 (roa) dan x3 (fdr) . karena nilai nilai 0.2431364< 0.85 maka diputuskan ho ditolak, sehingga dapat dikatakan tidak terdapat multikolinieritas. hasil tersebut menyatakan bahwa vaiabel bebas penelitian ini terbebas dari gejala multikolinieritas. tabel 3. hasil uji multikolinearitas sumber: output eviews 6 (data diolah) • uji heteroksedasitas berdasarkan hasil yang didapat, data membentuk pola tertentu sehingga dapat dikatakan data tersebut tidak bersifat heteroskesdatisitas melainkan bersifat homoskesdatisitas. sedangkan dalam uji park masalah heteroskedastisitas dilihat melalui nilai probabilitas obs*r2. setelah diolah, dapat dilihat nilai probabilitas car sebesar 0,6860, roa sebesar 0,1109, bopo sebesar 0,1320 dan fdr sebesar 0,5547 yang artinya nilai probabilitas keempat variabel tersebut lebih besar dari 0,05 sehingga dapat disimpulkan y x1 x2 x3 probability 0.316486 0.335976 0.006516 0.523212 x1 roa x2 bopo x3 fdr x1 roa 1.000000 -0.517396 0.241364 x2 bopo -0.517396 1.000000 -0.592355 x3 fdr 0.241364 -0.592355 1.000000 52 data tidak bersifat heteroksedastisitas melainkan bersifat homoksedastisitas sehingga ho ditolak. • uji autokorelasi berdasarkan tabel 4 diperoleh nilai probabilitas sebesar 0.4794 setelah diestimasi, dan karena nilai probabilitas lebih besar dari 0,05 maka dapat disimpulkan h0 ditolak dan tidak terdapat masalah autokorelasi pada model tersebut. tabel 4. hasil uji breusch-godfrey setelah diestimasi sumber: output eviews 6 (data diolah) uji stasioneritas berdasarkan tabel 5 dapat dilihat bahwa nilai probabilitas variabel penelitian pada tingkat diferensiasi 1 yaitu car sebesar 0,000, roa sebesar 0,000, bopo sebesar 0,000 dan fdr sebesar 0,0000 dimana hal itu menunjukan bahwa nilai probabilitas keempat variabel tersebut lebih kecil dari 0,05, sehingga ho ditolak. hal tersebut menjelaskan bahwa variabel car, roa, bopo dan fdr stasioner dengan tingkat diferensiasi 1. tabel 5. hasil uji akar unit (unit root) adf test prob.* car 0.0000 roa 0.0000 bopo 0.0000 fdr 0.0000 sumber: output eviews 6 (data diolah) uji lag length berdasarkan tabel 6, dapat dilihat hasil lag yang digunakan untuk model pengujian selanjutnya yaitu lag 2. hal ini dikarenakan nilai lr, fpe dan aic terkecil diantara lag yang lain ditandai dengan adanya tanda bintang terdapat pada lag 2. tabel 6 hasil uji lag length sumber: output eviews 6 (data diolah) uji kausalitas granger berdasarkan tabel 7 dapat dilihat hasil uji kausalitas granger pada lag 2 menyebutkan bahwa tidak terdapat hubungan kausalitas dua arah diantara variabel-variabel yang diamati. sebagian variabel yang diamati hanya memiliki hubungan kausalitas satu arah dan sebagian lainnya tidak memiliki hubungan kausalitas. hubungan kausalitas satu arah terjadi pada hubungan y(car) yang mempengaruhi x2 (bopo) dan x3 (fdr) mempengaruhi y(car) dengan α = 5%. sedangkan antarvariabel lainnya tidak menunjukan adanya hubungan kausalitas. breusch-godfrey serial correlation lm test: f-statistic 0.748613 prob. f(2,41) 0.4794 obs*r-squared 1.655863 prob. chi-square(2) 0.4370 lag logl lr fpe aic 0 -268.0831 na 2.761951 12.36741 1 -162.4349 187.2854 0.047120 8.292496 2 -145.7029 26.61906* 0.046474* 8.259224* 3 -131.6114 19.85625 0.053242 8.345973 4 -117.1573 17.73916 0.062911 8.416240 53 tabel 7. hasil uji kausalitas granger lag 2 null hypothesis: obs f-statistic prob. x1 does not granger cause y 46 2.74664 0.0760 y does not granger cause x1 1.10341 0.3414 x2 does not granger cause y 46 0.32676 0.7231 y does not granger cause x2 9.47252 0.0004 x3 does not granger cause y 46 4.48461 0.0173 y does not granger cause x3 0.48462 0.6194 x2 does not granger cause x1 46 0.77291 0.4683 x1 does not granger cause x2 2.49921 0.0946 x3 does not granger cause x1 46 0.18660 0.8305 x1 does not granger cause x3 1.11749 0.3369 x3 does not granger cause x2 46 1.09164 0.3452 x2 does not granger cause x3 5.40853 0.0082 sumber: output eviews 6 (data diolah) uji kointegrasi berdasarkan tabel 8 dapat dilihat bahwa nilaitrace statistic sebesar 75,10663 lebih besar dibandingkan dengan nilai kritis pada tingkat keyakinan 5% yaitu sebesar 63,87610, hal tersebut menunjukan bahwa terjadi kointegrasi antarvariabel pada tingkat keyakinan 5%. sehingga dapat dilanjukan ke model vecm. tabel 8. hasil uji kointegrasi hypothesized trace 0.05 no. of ce(s) eigenvalu e statistic critical value none * 0.634112 75.10663 63.87610 at most 1 0.306086 29.86233 42.91525 at most 2 0.168139 13.41903 25.87211 at most 3 0.107841 5.135011 12.51798 trace test indicates 1 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **mackinnon-haug-michelis (1999) p-values sumber: output eviews 6 (data diolah) estimasi vecm berdasarkan hasil uji vecm pada lag 2 dengan t-tabel sebesar 1,684 dihasilkan nilai t-hitung roa sebesar 6.58706, bopo sebesar 14.5920 dan fdr sebesar -6.14056 ketiga nilai t-hitung variabel-variabel tersebut lebih besar dibandingkan dengan nilai t-tabel. oleh karena itu dapat dilihat bahwa roa, bopo dan fdr memiliki hubungan jangka pendek dengan car. sedangkan dalam jangka panjang, hanya variabel bopo periode t-2 dan fdr periode t-2 yang memiliki hubungan dengan nilai t-hitung yang lebih besar dibandingkan t-tabelnya. sedangkan roa menunjukan tidak adanya hubungan jangka panjang dengan car karena nilai t-hitungnya yang lebih kecil dibanding t-tabel. 54 uji irf (impulse response function) uji irf bertujuan untuk melihat gambaran pergerakan variabel yang disebabkan adanya shock variabel lain. irf pada penelitian ini difokuskan untuk melihat respon nilai car terhadap shock (perubahan) variabel roa, bopo dan fdr bank syariah mandiri. uji irf ini dtunjukan dengan grafik. berdasarkan hasil uji irf menunjukan respon car terhadap shock (perubahan) nilai variabel roa, bopo dan fdr bank syariah mandiri yaitu sebagai berikut: pertama, respon car terhadap shock (perubahan) roa dalam jangka waktu 48 bulan menunjukan respon yang negatif. grafik irf menunjukan respon car bulan ke-1 (januari 2009) hingga bulan ke-10 (oktober 2009) negative fluktuatif, sedangkan bulan ke-11 (november 2009) hingga bulan ke-48 (desember 2012) negatif dan stabil. secara terperinci jika dilihat dari tabel nilai respon car terhadap perubahan nilai roa yaitu pada awal titik keseimbangan dan menunurun menjadi -0.198465 pada periode kedua. penurunan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi -0.153182. artinya, setiap perubahan kenaikan 1% roa akan menurunkan car hingga 0,15%. kedua, respon car terhadap shock (perubahan) bopo dalam jangka waktu 48 bulan menunjukan respon yang positif. grafik irf menunjukan respon car bulan ke-1 (januari 2009) hingga bulan ke-12 (desember 2009) positif fluktuatif, sedangkan bulan ke-13 (januari 2010) hingga bulan ke-48 (desember 2012) positif dan stabil. secara terperinci jika dilihat dari tabel nilai respon car terhadap perubahan nilai bopo yaitu pada awal titik keseimbangan dan meningkat menjadi 0.105167 pada periode kedua. peningkatan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi 0,134466. artinya, setiap perubahan kenaikan 1% bopo akan menaikan car hingga 0,14%. ketiga, respon car terhadap shock (perubahan) fdr dalam jangka waktu 48 bulan menunjukan respon yang negatif. grafik irf menunjukan respon car bulan ke-1 (januari 2009) hingga bulan ke-5 (mei 2009) negatif fluktuatif, sedangkan bulan ke-6 (juni 2009) hingga bulan ke-48 (desember 2012) negatif dan stabil. secara terperinci jika dilihat dari tabel nilai respon car terhadap perubahan nilai roa yaitu pada awal titik keseimbangan dan menunurun menjadi -0.166459 pada periode kedua. penurunan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi -0.008459. artinya, setiap perubahan kenaikan 1% fdr akan menurunkan car hingga 0,008%. uji variance decomposition uji variance decomposition atau disebut juga forecast error variance decompotition bertujuan untuk memberikan informasi mengenai proporsi dari pergerakan pengaruh shock pada sebuah variabel terhadap shock variabel lainnya pada periode saat ini dan yang akan datang. berdasarkan grafik dan tabel diatas dapat dilihat hasil uji variance decomposition menunjukan kontribusi nilai variabel roa, bopo dan fdr dalam menjelaskan variabel car bank syariah mandiri yaitu sebagai berikut: pertama, kontribusi nilai roa dalam menjelaskan variabilitas car pada periode kedua sebesar 4,64%. kontribusi roa dalam menjelaskan variabilitas car tersebut terus meningkat hingga periode ke-48 mendatang menjadi 6,72%. kedua, kontribusi nilai bopo dalam menjelaskan variabilitas car pada periode kedua sebesar 1,30%. kontribusi bopo dalam menjelaskan variabilitas car tersebut terus meningkat hingga periode ke-48 mendatang menjadi 5,25%. ketiga, kontribusi nilai fdr dalam menjelaskan variabilitas car pada periode kedua sebesar 3,26%. 55 kontribusi fdr dalam menjelaskan variabilitas car tersebut menurun hingga periode ke-48 mendatang menjadi 0,18%. data variabel car, roa, bopo dan fdr stasioner pada tingkat diferensiasi 1 (first difference), sehingga menyebabkan data terkointegrasi yang menunjukan adanya stabilitasnya hubungan jangka panjang antarvariabel penelitian tersebut. selain itu, hubungan kausalitas antara car, roa, bopo dan fdr tidak terdapat hubungan kausalitas dua arah. berdasarkan pengujian terlihat yang ada hanya hubungan searah. oleh karena itu, dilakukan uji vecm untuk melihat pengaruh antarvariabel penelitian ini. berdasarkan uji irf menunjukan respon car terhadap perubahan yang terjadi pada roa secara negatif dan respon tersebut terjadi hingga periode ke-48 dengan nilai respon menjadi -0.153182. artinya, setiap perubahan kenaikan 1% roa akan menurunkan car hingga 0,15%. selain itu kontribusi nilai roa dalam menjelaskan variabilitas car terus meningkat hingga periode ke-48 mendatang menjadi 6,72%. berdasarkan hasil penelitian tersebut dapat disimpulkan ho 1 ditolak yang berarti roa berpengaruh signifikan negatif terhadap car bank syariah mandiri. selain itu, berdasarkan hasil uji vecm menyebutkan terdapat hubungan jangka pendek yang positif antara roa dengan car bsm, sedangkan dalam jangka panjang tidak terdapat hubungan yang signifikan antara roa dengan car sehingga ho 4 ditolak. hasil penelitian tersebut sesuai dengan hasil penelitian f. artin shitawati dan teori yang dikemukakan oleh masyhud ali tentang adanya pengaruh roa dengan car, yang membedakanya adalah hubungan tersebut, dimana berdasarkan hasil penelitian ini terdapat hubungan negatif sedangkan berdasarkan penelitian terdahulu dan teori menjelaskan adanya hubungan positif. hasil penelitian f. artin shitawati tersebut menyebutkan bahwa roa secara parsial berpengaruh signifikan positif terhadap car bank umum di indonesia. selain itu, masyhud ali (2006) mengemukakan teori bahwa setiap kali bank mengalami kerugian, modal bank menjadi berkurang nilainya dan sebaliknya jika bank meraih untung maka modalnya akan bertambah. hubungan negatif antara roa dengan car dalam penelitian ini menunjukan bahwa roa yang tinggi menurunkan nilai car bank syariah mandiri. hal ini mengindikasikan tingginya laba tersebut bisa berasal dari modal yang digunakan untuk meningkatkan laba bank syariah mandiri itu sendiri, selain itu dapat diindikasikan bahwa peningkatan laba bank syariah mandiri tidak disimpan dalam modal cadangan, sehingga laba tidak mampu meningkatkan car. hal ini bisa terjadi dikarenakan tingginya ekspansi pembiayaan, sehingga laba yang diperoleh digunakan untuk permintaan pembiayaan tersebut. respon car terhadap shock (perubahan) bopo dalam jangka waktu 48 bulan menunjukan respon yang positif. peningkatan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi 0,134466. artinya, setiap perubahan kenaikan 1% bopo akan menaikan car hingga 0,14%. kontribusi bopo dalam menjelaskan variabilitas car tersebut terus meningkat hingga periode ke-48 mendatang menjadi 5,25%. berdasarkan hasil penelitian dapat disimpulkan ho 2 ditolak yang berarti bopo berpengaruh signifikan positif terhadap car bank syariah mandiri. selain itu, berdasarkan etsimasi vecm diperoleh hasil terdapat hubungan jangka pendek maupun jangka panjang yang positif antara bopo dengan car bsm, sedangkan dalam jangka panjang tidak terdapat hubungan yang signifikan antara bopo 56 dengan car sehingga ho 4 ditolak. hasil penelitian ini sesuai dengan penelitian f. artin shitawati yang menyebutkan bahwa bopo berpengaruh signifikan negatif terhadap car dan faisal abdullah (2003) yang menyatakan semakin besar bopo menunjukan kurang efisiennya bank dalam menjalankan kegiatan operasionalnya karena biaya operasional yang harus ditanggung lebih besar dari pada pendapatan operasional yang diperoleh sehingga ada kemungkinan modal digunakan untuk menutupi biaya operasional yang tidak tertutup oleh pendapatan operasional. perbedaan hasil penelitian ini dengan penelitian sebelumnya dan teori yang ada yaitu terletak pada hubungan yang positif antara bopo dengan car mengindikasikan bahwa saat bopo tinggi maka car akan meningkat, begitupun sebaliknya saat bopo turun car akan menurun. hal ini dikarenakan bopo yang tinggi mengindikasikan kurang efisiennya bank dalam menghasilkan labanya menggunakan biaya operasional, sehingga dapat dilihat bahwa modal tidak digunakan dalam usaha bank untuk mengefisienkan pendapatan perasional melalui biaya operasional. respon car terhadap shock (perubahan) fdr dalam jangka waktu 48 bulan menunjukan respon yang negatif. penurunan tersebut terjadi hingga periode ke-48 dan nilai responnya menjadi -0.008459. artinya, setiap perubahan kenaikan 1% fdr akan menurunkan car hingga 0,008%. kontribusi fdr dalam menjelaskan variabilitas car tersebut menurun hingga periode ke-48 mendatang menjadi 0,18%. sehingga dapat disimpulkan ho 3 ditolak yang berarti fdr berpengaruh signifikan positif terhadap car bank syariah mandiri. berdasarkan etsimasi vecm diperoleh hasil terdapat hubungan jangka pendek yang signifikan negatif, sedangkan jangka panjang terdapat hubungan yang signifikan positif antara bopo dengan car bsm, sehingga dapat disimpulkan ho 4 ditolak. hasil penelitian ini sesuai dengan penelitian f. artin shitawati yang menyebutkan bahwa bopo berpengaruh signifikan negatif terhadap car dan teori faisal abdullah yang menyatakan suatu bank yang memiliki alat-alat likuid yang sangat terbatas dalam memenuhi kewajiban-kewajibannya, akan ada kemungkinan penyediaan likuiditas tersebut akan diambil dari permodalannya (abdullah, 2003). hubungan yang negatif antara fdr dengan car mengindikasikan bahwa saat fdr tinggi maka car akan menurun, begitupun sebaliknya saat fdr turun car akan naik. hal ini dikarenakan jumlah pembiayaan yang disalurkan bank syariah mandiri sangat tinggi sehingga terjadi ekspansi pembiayaan yang mengharuskan bank menambahkan dananya melalui modal sendiri untuk membiayai jumlah pembiayaan yang disalurkan dan memenuhi likuiditasnya. simpulan berdasarkan hasil yang didapat, menunjukkan bahwa roa, bopo dan fdr berpengaruh secara parsial terhadap car bank syariah mandiri. roa berpengaruh secara parsial terhadap car bank syariah mandiri sehingga hipotesis (ho 1) ditolak. pengaruh roa terhadap car ini merupakan pengaruh yang negatif signifikan. dimana, ketika nilai roa tinggi maka akan terjadi penurunan nilai car, begitupun sebaliknya. variabel car dapat dijelaskan oleh roa sebesar 6,72%. bopo berpengaruh secara parsial terhadap car bank syariah mandiri sehingga hipotesis (ho 2) ditolak. pengaruh bopo terhadap car ini merupakan pengaruh yang positif signifikan. dimana, ketika nilai bopo tinggi maka akan 57 terjadi peningkatan nilai car, begitupun sebaliknya. variabel car dapat dijelaskan oleh bopo sebesar 5,25%. fdr berpengaruh secara parsial terhadap car bank syariah mandiri sehingga hipotesis (ho 3) ditolak. pengaruh fdr terhadap car ini merupakan pengaruh yang negatif signifikan. dimana, ketika nilai fdr tinggi maka akan terjadi penurunan nilai car, begitupun sebaliknya. variabel car dapat dijelaskan oleh fdr sebesar 0,008%. hubungan roa dengan car dalam jangka pendek yaitu hubungan yang positif, sedangkan dalam jangka panjang tidak terdapat hubungan (pengaruh) antara roa dengan car bank syariah mandiri. hubungan bopo dengan car dalam jangka pendek maupun jangka panjang yaitu hubungan yang signifikan positif. hubungan fdr dengan car dalam jangka pendek yaitu hubungan yang signifikan negatif, sedangkan dalam jangka panjang terdapat hubungan (pengaruh) signifikan positif antara fdr dengan car bank syariah mandiri. pustaka acuan abdullah, faisal. 2003. manajemen perbankan (teknik analisis kinerja keuangan bank). malang: universitas muhammadiyah malang (umm) press al arif, m. n. r. 2012. lembaga keuangan syariah: kajian teoritis praktis. bandung: pustaka setia ali, masyhud. 2006. manajemen risiko: strategi perbankan dan dunia usaha menghadapi tantangan globalisasi bisnis. jakarta: pt rajagrafindo persada artin, f. s. 2006. “analisis faktor-faktor yang berpengaruh terhadap capital adequecy ratio (studi empiris: bank umum di indonesia periode 20012004)”. tesis s2 program studi magister manajemen, universitas diponegoro dendawijaya, lukman. 2005. manajemen perbankan (edisi kedua). bogor: ghalia indonesia fitriyani, mena. 2011. “faktor-faktor yang mempengaruhi capital adequecy ratio pada bank umum syariah di indonesia periode 2006-2009”. skripsi s1 fakultas syariah dan hukum, universitas islam negeri sunan kalijaga hasibuan, malayu s.p. 2006. dasar-dasar perbankan. jakarta: pt bumi aksara kasmir. 2003. manajemen perbankan. jakarta: pt. raja grafindo persada ----------. 2009. analisis laporan keuangan. jakarta : pt. rajawali press ----------. 2008. bank dan lembaga keuangan lainnya. jakarta: pt rajagrafindo persada kuncoro, mudrajad. 2003. metode riset untuk bisnis dan ekonomi. jakarta: erlangga kuncoro, mudrajad dan suhardjono. 2002. manajemen perbankan teori dan aplikasi. edisi pertama. yogyakarta: bpfe yogyakarta laurence, a. m. 2002. ”analisis pengaruh rentabilitas terhadap rasio kecukupan modal pada bank tabungan pensiunan nasional”,mediariset bisnis dan manajemen, vol.2, no.1, 2002, pp.26 – 47. martono. 2002. bank dan lembaga keuangan lain. edisi pertama. yogyakarta: penerbit ekosinia mustofa. 2009. “analisa pengakuan laba dalam perbankan syariah dan pengaruhnya terhadap car”. skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarif hidyatullah jakarta nachrowi,n. d dan hardius usman. 2008. penggunaan teknik ekonometri: pendekatan popular dan praktis dilengkapi teknik analisis dan pengolahan data dengan menggunakan paket program spss. jakarta: pt. raja grafindo persada 58 noris, s. u. 2011. “analisis pengaruh ldr, npl dan inflasi terhadap car serta implikasinya terhadap penyaluran kredit di bank persero”. skripsi s1 fakultas ekonomi dan bisnis, universitas islam negeri syarif hidyatullah jakarta peraturan bank indonesia nomor: 6/10/pbi/2004 tentang sistem penilaian tingkat kesehatan bank umum. peraturan bank indonesia nomor: 7/13/pbi/2005 tanggal 10 juni 2005 tentang kewajiban penyediaan modal minimum bank umum berdasarkan prinsip syariah. riyadi, slamet. 2004. banking asset and liability management. jakarta: fakultas ekonomi ui rohamtul, s. a. 2011. cara cerdas menguasai eviews. jakarta: salemba empat siamat, dahlan. 2004. manajemen lembaga keuangan (edisi keempat). jakarta: fakultas ekonomi universitas indonesia soeratno dan l. arsyad. 2003. metodologi penelitian untuk ekonomi dan bisnis. yogyakarta: upp akademi manajemen perusahaan ykpn suhirman. 2001. kajian tentang perkembangan ldr dan dampaknya bagi rentabilitas bank. jakarta: institut bankir indonesia teguh, muhamad. 2005. metodologi penelitian ekonomi teori dan aplikasi, jakarta: pt. raja grafindo persada winarno, w wahyu. 2007. ekonometrika dan statistik dengan eviews. yogyakarta: sekolah tinggi ilmu manajemen ykpn muhamad nadratuzzaman hosen1, ferry jie2, syafaat muhari3, muhammad khairman4 abstract. this study aims to analyze the performance of capital adequacy ratio (car), financing to deposit ratio (fdr), net income margin (nim), operating expenses ratio (oer), maqasid sharia index (msi), and index of islamic social reporting (isr) to influence the level of profitability. the main purpose of this study is to complete the previous research with try to add the variables msi and index of isr to estimating the change of profitability of islamic banks in indonesia. the study conducted eight islamic banks to be analyzed in the period from 2010 to 2012. the tool of analysis is used multiple linear regression for predicting the level of profitability. the results of the study show that all of the independent variables are significantly affected simultaneously to the level of profitability. partially, nim and oer are significantly affected by the level of profitability. the low level of maqasid sharia index and islamic social reporting implementation of the islamic banks in indonesia in the period of the study proves that these two variables are not the main indicator or a major achievement of most islamic banks, even though islamic banks should refer to attain mashlalah (public interest). keywords: car, fdr, nim, oer, msi, and index of isr abstrak. penelitian ini bertujuan untuk menganalisis kinerja yang ditunjukkan oleh rasio capital adequacy ratio (car), financing to deposit ratio (fdr), net income marging (nim), biaya operasional terhadap pendapatan operasional (bopo), indeks maqasid syariah (msi), dan indeks islamic social reporting (isr) terhadap profitabilitas bank syariah di indonesia. tujuan dari penelitian ini adalah melengkapi penelitian-penelitian sebelumnya dengan menambahkan variabel msi dan isr untuk mengestimasi profitabilitas bank syariah di indonesia. penelitian ini menggunakan data tahunan pada delapan bank syariah diperiode antara 2010 hingga 2012 dimana penelitian ini menggunakan metode regresi linear berganda. hasil penelitian ini menunjukkan bahwa secara simultan seluruh variabel independen mempengaruhi profitabilitas bank syariah secara signifikan. secara parsial, hanya nim dan bopo yang berpengaruh signifikan terhadap profitabilitas. lemah nya pengaruh indeks maqasid syariah dan indeks islamic social reporting meng indikasikan bahwa kedua variabel tersebut bukanlah faktor utama dalam pen capaian bank syariah, meskipun bank syariah juga harus memperhatikan faktor mashlahah. kata kunci: car, fdr, nim, oer, msi, and index of isr the effect of financial ratios, maqasid sharia index, and index of islamic social reporting to profitability of islamic bank in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 201 222 1syarif hidayatullah state islamic university of jakarta 2edith cowan university, australia 3institute for qur’anic studies, jakarta 4syarif hidayatullah state islamic university of jakarta e-mail: 1nadratuzzaman@uinjkt.ac.id, 2f.jie@ecu.edu.au, 3smuhari@iiq.ac.id, 4muhammadkhairman@gmail.com 202 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 introduction normatively, islamic companies should be motivated by the willingness of every muslim to gain success in the world and the hereafter commonly called falah. the concept of falah should be implemented in the form of all the activities that aim to create individual and social benefit. in the teachings of islam, there is a concept of maqasid sharia as a purpose of applicable islamic law. maqasid sharia emphasis on the protection of religion (din), intellect (‘aql), life (nafs), lineage (nasl), and wealth (māl). to express maqasid sharia in economic model, mahmoud and razak (2008) developed maqasid sharia index (msi) for islamic banks, consists of the measurement of educating individual (educating individuals), establishing justice (justice enforce), and public interest (maslahah). islamic banks in its operations should consider maqasid in business activities, especially the protection and improvement of the quality of assets and all of the goods and services which have economic values. maqasid sharia also shows the islamic banks in operation should have a social responsibility because islamic banks have an obligation to create social benefit. for this purpose, there is index to incorporate components consists of investment, finance, products, and services; what is called islamic social reporting (isr). therefore, islamic banks should incorporate isr components to its annual report. the components are the assessment of investment and finance, products and services, labour incentive, social benefit, environmental benefit, and the good governance of the organization. the research method and data, on which the analysis is conducted, are presented in section 3. section 4 discusses the results and implications of the paper. lastly, section 5 concludes the paper. literature review there are many studies to measure the performance of islamic banks in indonesia consists of many aspects, such as aspect of efficiency by rahmawati and hosen (2012), hosen and sutisna (2012), firdaus and hosen (2013), shafitranata and hosen (2014), muhari and hosen (2015), amalia et al. (2015), profitability by hosen (2012), hosen and syukriyah (2012), abdillah et al. (2016), hosen and rahmawati (2016), solikhin et al. (2016), and liquidity by abdillah et al. (2016), solikhin et al. (2016), hosen and muhari (2017). the purpose of this study is to complete the previous research, which only uses common variables such as financial performance, macro-economic indicators, government policy, corporate structure, etc., for building a model of profitability. muhamad nadratuzzaman hosen. the effect of financial ratios 203 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 this study is to demonstrate additional variables of msi and isr. antonio et al. (2012), asutay and harningtyas (2015), al-mubarak and osmani (2010), and soleh (2016) used msi in their research to measure the level of performance of islamic banks in several countries and to rank the islamic banks from the best to the worst. the same design of the research was conducted by fauziah and yudho (2013), which measure and rank the islamic banks based on the index of isr. another research by sunarsih and ferdiyansyah (2017) examined factors which affect the changes of index on islamic social reporting at islamic banks in indonesia. all previous studies stated that the measurement of the financial performance of islamic banks should be based on the islamic teaching and islamic practice which represented by msi and isr. this study is to measure the effect of msi and isr on profitability, where msi and isr are independent variables which never used to previous studies for a model of profitability. thus, the results of this study are expected to describe how the effect of islamic variables to boost the financial performance of islamic banks, especially to measure the level of profitability. methods data and sample this study measures the factors which affect the profitability of islamic banks in regarding with aspects of maqasid sharia index and index of islamic social reporting and various aspects of the financial indicators from 2010 to 2012. islamic banks in this study are full-fledged islamic banks. currently, the numbers of fullfledged islamic banks in indonesia are thirteen. based on the data completeness from annual financial statements, there are only eight islamic banks to be analyzed. nevertheless, the eighth of islamic banks have sizable assets and represent 70% of the assets of all islamic banks in indonesia, both islamic full-fledged and islamic business unit. the data used in this study was secondary data. the sources of the data were the annual report of each islamic banks from 2010 to 2012, which obtained from the official website. there are eight banks can be examined in this research: 1. bank syariah mandiri (bsm) 2. bank muamalat indonesia (bmi) 3. bank rakyat indonesia syariah (bris) 4. bank negara indonesia syariah (bnis) 204 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 5. bank mega syariah (bms) 6. bank syariah bukopin (bsb) 7. bank central asia syariah (bcas 8. panin bank syariah (pbs) maqasid sharia index (msi) the model of the study is to refers to msi measurement model by mohammed et al. (2008) which adjust from the concept of maqasid sharia described by abu zahrah, namely tahdīb al-fard, iqāmah al-’adl, and jalb al-maslahah. the model is as follows: a. concept (c) the concept of maqasid sharia consists of three objectives of sharia which is derived from the maqasid syariah by abu zahra, namely tahzībul fardi (educating individuals), iqāmah al adl (justice enforce), and maslahah (public interest). b. dimensions (d), element (e) and performance ratio (r) dimensions are made to understand and to explain details of each maqasid sharia concepts. the dimensions for each maqasid sharia concept can be explained as follow: 1. tahzībul fardi (educating individuals), the dimensions are: i. (d1) advancement knowledge islamic banks have a significant role in encouraging knowledge both for employees and society. this role can be measured by how far islamic banks provide scholarships (e1.education grant) and conducted research and development (e2, research). the ratio of the measurement can be measured by how much a scholarship fund to total revenue (r1. education grant/total expense) and the ratio of research costs to total costs (r2. research expense/ total expense). thus, to prove the attention of advancement knowledge from islamic banks can be seen from the level of fund of scholarship and cost of research which spent by banks. the highest level of the ratio is the better one. ii. (d2) instilling new skill and improvement islamic banks have a duty to improve the skills and knowledge of its employees, which shown by the frequency of islamic banks to training and educating their muhamad nadratuzzaman hosen. the effect of financial ratios 205 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 employees (e3. training). this can be measured by comparing the ratio of training and education to total cost (r3. training expense/total expense). the greater the ratio of costs training implies that islamic banks have more attention to educate their employees. iii. (d3) creating awareness of islamic banking the creating awareness of islamic banking is one of the main purposes of islamic banks considering its role as a commercial entity. islamic banks can increase the knowledge about islamic banking to the public by disseminating and publish islamic banking products, operational, and islamic economics system. (e4. publicity). this can be measured by comparing the cost of publicity or promotion to the total cost (r4. publicity expense/total expense). islamic banks can increase more awareness if they spend more fund on promotion and publicity. 2. iqāmah al adl (enforce justice), the dimensions are: i. (d4) fair returns islamic banks are required to be able to conduct transactions which fair and not disadvantage customers. islamic banks can provide a fair and equitable return to customers using the method of profit equalization reserve (per). the ratio of per is measured by comparing profit equalization fund to net investment or income (r5. profit equalization reserves (per)/net investment or income). ii. (d5) cheap products and services the dimension of cheap products and services can be seen from the functional distribution, which measures by the ratio of profit sharing investment. the ratio is measured by comparing investment of profit-sharing aqd to total investment from all aqd (r6. mudaraba or musharaka aqd/total aqd). the high level of this ratio indicates that islamic banks have properly used aqd mudharaba and musharaka, which show the role of islamic banks to enhance socio-economic justice through profit-sharing transactions. iii. (d6) elimination of injustices riba (interest rate) is one of the forbidden instrument in islamic finance system due to the impact of riba, which has an adverse impact on the economy and led to inequities in an economic transaction. riba provides a big opportunity for the rich to exploit the poor. islamic banks are required to free from riba on their activities, especially at financing. the elimination of injustice can be calculated 206 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 by comparing free riba income to total income (r7. interest-free income/total income). the high level of this ratio is to affect the reduction of inequalities of income and wealth in society. 3. maslahah (public interest), the dimensions are: i. (d7) profitability of bank maximizing profits is one of the main purposes of every business entity. the high level of profitability can increase the welfare of owners and employees. moreover, the high level of profitability can maximize the profit-sharing of funding to customers. the ratio of profitability can be measured by dividing net profit to total assets (r8. net income/total aset). ii. (d8) redistribution of income and wealth islamic banks have a role in redistributing wealth to all groups of society. islamic banks can take the role by spending zakah from the business entity, owners, and employees. they can also maximize their function to distribute zakah. the role of this dimension can be measured by comparing the zakah spent by islamic banks to total net income (r9. zakah/net income). iii. (d9) investment in the real sector the presence of islamic banks is expected to drive the growth of the real sector, which has not balanced to the growth of the financial sector. the principles and islamic contract are expected to be more appropriate to develop the real sector. furthermore, financing of islamic banks is the most spent to the real sector of agriculture, mining, constructions, manufacturing and micro-enterprises. the ratio of real sector investment can be seen from the financing to the real sector compared to the total financing by a bank (r10. investment in real economic sectors /total investment). if the financing to the real sectors is getting high, the economic activities in the real sector will be encouraged and provide benefit to the whole society. mohammed et al. (2008) had chosen to finance in mudarabah and musharakah to measure the level of islamic banks financing in real sectors. muhamad nadratuzzaman hosen. the effect of financial ratios 207 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 the summaries model of maqasid sharia index (msi) measurement can be seen from table 1: table 1. model of maqasid sharia index (msi) measurement purposes dimension (d) element (e) performance ratio (pr) sources of data 1. tahdzīb alfard (educating individual) d1. advancement knowledge e1. education grant r1. education grant / total expenses annual report e2. research r2. research expense / total expenses annual report d2. instilling new skill and improvement e3. training r3. training expense / total expenses annual report d3. creating awareness of islamic banking e4. publicity r4. publicity expense / total expenses annual report 2. iqāmah al-’adl (estabilishing justice) d4. fair returns e5. fair returns r5. profit equalization reserves (per) / net or investment income annual report d5. cheap products and services e6. functional distribution r6. mudarabah and musharakah modes / total investment modes annual report d6. elimination of injustices e7. interestfree product r7. interest-free income / total income annual report 3. jalb almaslahah (public interest) d7. profitability e8. profit ratios r8. net income / total assets annual report d8. redistribution of income and wealth e9. personal income r9. zakat / net income annual report d9. investment to the real sectors e10. investment ratios in the real sector r10. investment in the real economic sector / total investment annual report source: mohammed et al. (2008) 208 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 islamic disclosure index (idi) in running its business, every company including bank has a social responsibility to the society related to the operations of business include economic aspects (profit), social (people), and environmental (planet) or so-called triple bottom line (3p), which are embodied in corporate social responsibility (csr). since the launch of iso 26000 in 2010 by international organization for standardization (iso) about the guidance on social responsibility, a component of the triple bottom line is added with the procedure as one aspect from 3p. this means that csr is a concern to companies to set aside some of its profits for the benefit of human development (people) and the environment (planet) sustainably based on the appropriate procedure. the sustainability of a company can be realized when concerning with these fourth aspects. islamic banks as an islamic company have a social responsibility to the society, these especially related to islamic values associated with its activities. this can be seen through the disclosure of islamic social reporting (isr), which is shown from the annual report. isr value is obtained from the annual reports of companies using content analysis. index of isr used in this study refers to the index of isr conducted by fauziah and yudho (2013), lestari (2013) and asutay and harningtyas (2016) with some adjustments. index of isr in this study consists of 48 items of disclosure which are structured in six themes. each item of disclosure contained in the annual report will be given a value of 1, islamic banks get a maximum value of 100 if they have all of the disclosure items. the formula to get the index of isr can be explained as follows: islamic disclosure= x100 disclosure item 48 where the disclosure items are: muhamad nadratuzzaman hosen. the effect of financial ratios 209 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 table 2. islamic social reporting components (isr) no islamic social reporting components a finance and investment 1 containing usury activities (e.g., interest expense and interest income) 2 activities that contain obscurity (gharar) includes the element of gambling 3 zakat (the amount and the recipient of zakat) 4 policy on late payment of receivables and the elimination of bad debts. 5 investment activities (in general) 6 project financing b products and services 7 sharia supervisory board approval for a new product 8 glossary/definitions of each product 9 services on consumer complaints c employee 10 working hours of employees 11 day off 12 employee benefits 13 remuneration of employees 14 education and training of employees 15 equality of rights between men and women 16 employee engagement 17 health and safety of employees 18 work environment 19 employees of special groups (e.g., physical disabilities or former drug users) 20 adequate prayer places for employees d society 21 alms, zakah, or donations 22 waqf 23 loans for good (hasan qard) 24 volunteers from among employees 25 granting scholarships 26 empowerment graduates work school/college 27 youth development 28 improving the quality of life 29 concern for children 30 supporting social activities (e.g., health, entertainment, sports, culture, education, and religion) 210 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 e environment 31 environmental conservation 32 activities that reduce the effects of global warming 33 education about the environment 34 awards / certifications environment 35 the environmental management system f corporate governance 36 status of compliance with sharia 37 details of names of directors/management 38 profile board of directors/management 39 details of management responsibilities 40 the statement on the remuneration of management 41 total implementation of management meetings 42 details of the name of sharia supervisory board 43 profile sharia supervisory board 44 details of the responsibility of sharia supervisory board 45 the statement on the remuneration of the supervisory board of sharia 46 total implementation of sharia supervisory board meeting 47 ownership structure 48 anti-corruption policy sources: fauziah and yudho (2013), lestari (2013) dan asutay and harningtyas (2016) other independent variables a. capital adequacy ratio (car) car is to measure how the capital owned by islamic banks can back up every risky activity, for example, activity in working capital financing and investment financing. the formula to calculate car is: b. financing to deposit ratio (fdr) fdr is one of the liquidity indicators of the islamic bank. the variable is measured by comparing the total financing to the total third-party funds. the formula to calculate fdr is: muhamad nadratuzzaman hosen. the effect of financial ratios 211 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 c. net income margin (nim) nim is obtained from revenue sharing of financing subtract by customer profit sharing and then divided by total financing. the formula to calculate nim is: d. operational expenses ratio (oer) oer is used to measure the efficiency of banks. it is measurement the ability of the islamic banks’ management to obtain operating income by using several operating expenses. the formula to calculate oer is: dependent variables the dependent variable in this study is a return on assets (roa), which is one of the profitability indicators. roa is used to measure the effectiveness of the islamic bank in generating profit from owned assets. the formula to calculate roa is: model of analysis this research used a quantitative approach which generally emphasis on experimentation, description, survey and correlation of two variables. the design of this study is quantitative by descriptive a variety of condition and situation. linear regression model of this study can be used to describe the relationship between two or more variables for quantitative variables. the regression equation is: roa = a + b1car1 + b2fdr2 + b3nim3 + b4oer4 + b5msi5 + b6isr6 + e where: roa = profitability a = intercept b = coefficient car1 = capital adequacy ratio fdr2 = financing to deposit ratio 212 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 nim3 = net income margin oer4 = operational expenses ratio msi5 = index of maqasid sharia isr6 = index of islamic social reporting e = error term results and discussion results of islamic social reporting (isr) index the content analysis result of index of islamic social reporting (isr) in islamic banks in indonesia from 2010 to 2012 can be seen in table 3: table 3. islamic social reporting index score banks years average 2010 2011 2012 bsm 34 36 36 35.3 bmi 32 36 34 34.0 bris 19 21 28 22.7 bnis 30 30 31 30.3 bms 24 26 26 25.3 bsb 21 23 26 23.3 bcas 25 25 26 25.3 pbs 12 13 22 15.7 table 3 shows the results of isr index of each sample during the 2010 to 2012 period. in overall, the score of the isr index has increased in the past two years, except for bank muamalat indonesia in 2012. bank syariah mandiri is the highest isr index score with the average score at 35.3. results of maqasid sharia index the results of maqasid sharia index of islamic banks in indonesia during 2010 to 2012 periods can be seen in table 4: muhamad nadratuzzaman hosen. the effect of financial ratios 213 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 table 4. maqasid sharia index (msi) of islamic banks bank 1 st goal (educating individual) 2 nd goal (establishing justice) 3 rd goal (public interest) msi rank ik 11 ik 21 ik 31 ik 41 ik 22 ik 13 ik 23 ik 33 bsm 0.0001 0.0001 0.0017 0.0032 0.0368 0.0012 0.0030 0.0482 0.0945 4 bmi 0.0001 0.0002 0.0009 0.0030 0.0587 0.0008 0.0012 0.0509 0.1159 2 bris 0.0016 0.0028 0.0285 0.0003 0.0071 0.0462 0.0865 5 bnis 0.0010 0.0038 0.0234 0.0007 0.0016 0.0256 0.0562 7 bms 0.0007 0.0006 0.0031 0.0015 0.0029 0.0059 0.0147 8 bsb 0.0006 0.0010 0.0429 0.0004 0.0393 0.0843 6 bcas 0.0017 0.0011 0.0483 0.0005 0.0617 0.1134 3 pbs 0.0012 0.0005 0.0755 0.0003 0.0441 0.1216 1 the indicator of performance for the first goal (to educate individuals) from table 4 can be seen that bsm and bmi have the same value in the subsection of providing educational assistance (ik11). in the subsection of research and development (ik21), bmi is better than bsm. in the subsection of employee training (ik31), bsm is better than bmi and other islamic banks. bnis is the best grades than other islamic banks in the subsection of promotion (ik41). from the overall section at educating individual, which is the first goal of maqasid sharia index, bsm is the best islamic bank on goal to educate the public. the indicator of performance for the second goal (to establish justice) from table 4 can be seen that pbs is the best for channel financing based on mudharabah and musharakah contract (ik22) than another islamic bank in indonesia during the period of study. thus, pbs is the best islamic bank on goal to establish justice. the indicator of performance for the third goal (public interest) from table 4 can be seen that bms is the best than other islamic banks to gain profitability (ik13), bris is the largest bank to pay zakat based on profit (ik23), and bcas is the best to channel financing to the real sector (ik33). from the overall section at public interest, which is the second goal of maqasid sharia index, bcas is the best. from the eight of islamic banks, panin bank syariah (pbs) is the highest of msi index with score 0.1216, bank muamalat indonesia (bmi) is the second highest with score 0.1169, following by bank bca syariah (bcas) as the third highest with a score of 0.1134. 214 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 results of data analysis a. test of classical assumption classical assumption test is used in this study before estimate the regression model. the tests of classical assumption are used to test data normality, multicollinearity, heteroscedasticity, and autocorrelation. the result of data normality in this study can be seen in figure 1 and 2: figure 1. histogram graph for normality test figure 2. normal probability plot graph for normality test test for data normality in this study is used histogram graph method and normal probability plot graph. the distribution of data from the histogram graph method in this study does not deviate to the left and/or right. similarly, in the normal probability plot graph, it could be seen that the dot of data in the graph is spread around the diagonal line. therefore this could be concluded the data used in this study is normal. muhamad nadratuzzaman hosen. the effect of financial ratios 215 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 the result of multicollinearity test in this study can be seen in table 5: table 5. multicollinearity test variable car fdr nim oer msi isr collinearity statistic tolerance 0.464 0.314 0.456 0.270 0.360 0.269 vif 2.155 3.184 2.195 3.707 2.778 3.715 multicollinearity test in this study is conducted by observing the vif score of each independent variable. based on these tests, all of the independent variables are free of multicollinearity because the tolerance score is more than 0.1 and vif are less than 10. the result of heteroscedasticity test in this study can be seen in figure 3: figure 3. scatterplot for heteroscedasticity test heteroscedasticity test in this study is estimated by using a graph method. based on graph test, there is no heteroscedasticity in the regression model because of the dot spread above or below number 0 on the y-axis. the result of the autocorrelation test in this study can be seen in table 6: table 6. autocorrelation test n k dl du 4-dl 4-du dw 24 6 0.8371 2.0352 3.1629 1.9648 2.248 216 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 autocorrelation test in this study is conducted by using the durbin-watson table. based on the dw test, the autocorrelation test cannot be concluded anything because dw score is between 4-du and 4-dl or located in the grey area. b. summary of regression result the result of the regression model in this study can be seen in table 7: table 7. summary of regression result regressors c car fdr nim oer msi isr coefficient 1.067 -0.002 0.014 0.114 -0.033 -0.013 0.020 sig. 0.647 0.782 0.155 0.020* 0.002* 0.749 0.172 model diagnostic (dependent variable = roa) r2 = 0.830 f = 19.709 sig. = 0.000 f = 19.709 car variable has a coefficient value at -0.002. if the car increases by 1%, roa decreases 0.002%, cateris paribus. a negative coefficient indicates there is a negative correlation between the variables of car and roa, the higher the value of car, the lower the value of roa, and vice versa. fdr variable has a coefficient value at 0.014. if the fdr increase 1%, roa increases by 0.014%, cateris paribus. a positive coefficient indicates there is a positive correlation between the variables of fdr and roa, the higher the value of fdr, the higher the value of roa, and vice versa. nim variable has a coefficient value at 0.114. if the nim increase 1%, roa increases by 0.114%, cateris paribus. a positive coefficient indicates there is a positive correlation between the variables of nim and roa, the higher the value of nim, the higher the value of roa, and vice versa. oer variable has a coefficient value at -0.033. if the oer increase 1%, roa decreases 0.033%, cateris paribus. a negative coefficient indicates there is a negative correlation between the variables of oer and roa, the higher the value of oer, the lower the value of roa, and vice versa. msi variable has a coefficient value at -0.013. if the oer increase 1%, roa decreases 0.033%, cateris paribus. a negative coefficient indicates there is a negative correlation between the variables of msi and roa, the higher the value of msi, the lower the value of roa, and vice versa. muhamad nadratuzzaman hosen. the effect of financial ratios 217 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 isr score variable has a coefficient value at 0.02. if the isr score increases by 1%, roa increase by 0.02%, cateris paribus. a positive coefficient indicates there is a positive correlation between the variables of isr score and roa, the higher the value of isr score, the higher the value of roa, and vice versa. c. summary of t-test the probability value of car is 0.782 or more than 0.05. the result shows that car is not statistically significantly affected to the level roa, then h0 accepted, and h1 rejected. this study is in line with the study by hutagalung et al. (2013), sabir et al. (2012) and musyarofatun (2013) and not in line with a study by sudiyatno (2010) and sukarno and syaichu (2006). bank indonesia has set a minimum car of islamic bank by 8%, but in reality, most islamic banks have a greater car more than 8%, some of those are reached to 40%. nevertheless, the ratio of car does not affect roa because capital injections from shareholders are used to purchase of securities assets such as treasury bills, bank indonesia certificates (sbi), bonds, etc. where the risk-weighted assets (rwa) is 0. islamic banks need to minimise rw because the main capital of banking is trust. meanwhile, the car is used to measure risk refers to rwa. the probability value of fdr is 0.155 or more than 0.05. the result showed that fdr is not statistically significantly affected to the level roa, then h0 accepted, and h1 rejected. this study is in line with the study by suryani (2011) and not in line with the study by pramuka (2010) and sabir et al. (2012). fdr cannot be separated from npf. if a high level of fdr ratio is followed by a high level of npf ratio, the islamic banks can not generate profit from funds which have distributed to the customers. data from the financial services authority (fsa) of indonesia (2017) stated that the level of npf from islamic banks is higher than the average of the national banking system. the level of npf of islamic banking is 3.32% compared to 2.29 of national banking average in march 2017. therefore islamic banks should be more strict in channelling the financing to the customers in order to maintain the level of profitability. the probability value of nim is 0.020 or less than 0.05. the result showed that nim is statistically significant affected to the level roa, then h0 rejected, and h1 accepted. this study is in line with the study by hutagalung et al. (2013) and sabir et al. (2012) and not in line with the study by arimi (2012). the results are also in line with the research suggested by hosen (2012), hosen and syukriyah (2012), abdillah et al. (2016), hosen and rahmawati (2016), and solikhin et al. 218 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 (2016). it explains that the customer will save more fund if islamic banks grant greater profit-sharing nisbah or ratio. efficiency has become a major concern for islamic banks in indonesia because the average level of oer was higher compared to conventional banks in indonesia, whereas if compared to other countries in the asean region, the efficiency of banks in indonesia is among the lowest. it can be concluded that islamic banks pay much attention to efficiency to maximize profit as proved from the results of this study. the probability value of oer is 0.002 or less than 0.05. the result showed that oer is statistically significant affected to the level roa, then h0 rejected, and h1 accepted. this study is in line with a study by sudiyatno (2010), sukarno and syaichu (2006), musyarofatun (2013), and hutagalung et al. (2013) and not in line with a study by arimi (2012). oer has a negative relationship with ro; it shows that if islamic banks decrease the ratio of oer, islamic banks are more profitable in doing business. therefore the efficient islamic bank can improve profitability. the probability value of msi is 0.794 or more than 0.05. the result showed that msi is not statistically significantly affected to the level roa, then h0 accepted, and h1 rejected. the result is inconsistent with the theory that there is a positive and statistically significant correlation between maqasid sharia index to the profitability of islamic banks, i.e. the greater the value of the maqasid sharia index will increase profitability. this could be caused from several factors like most of the islamic banks is always use murabahah contract, less of financing to the real sector, lack of bank attention to the welfare of society, and lack of education and training of employees. the probability value of isr index is 0.172 or more than 0.05. the result showed that the isr index is not statistically significantly affected to the level roa, then h0 is accepted, and h6 rejected. it could happen because most of the stakeholder of islamic banks was the least concern about islamic social reporting, even though the isr has covered all aspects such as spiritual, material, moral, and social responsibility information. responses from stakeholders on the disclosure of isr in islamic bank were still small as indicated by the small value of isr. d. the coefficient of determination (adjusted r2) based on the summary of the model in table 7 can be seen the coefficient of determination of the regression model in this study is 0.830 or 83%. this indicates that the roa could be explained by the variables of car, fdr, nim, oer, mi, and isr by 83% simultaneously, while the remaining 17% is explained by other variables outside the model. muhamad nadratuzzaman hosen. the effect of financial ratios 219 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 with the df1 = 6 and df2 = 17, f-table value is 2.70, then f-statistic (19.709) > f-table (2.70). the probability value of f-statistic is 0.000 or less than 0.05. this can be concluded that the independent variables in this study consist of car, fdr, nim, oer, mi, and isr are significantly affected by the level of roa simultaneously. thus h0 rejected, and h1 accepted. thus the regression model in this study is representative to explain changes in the profitability of islamic banks. it should be noted from the results above that maqasid sharia index (msi), and islamic social reporting (isr) were not statistically significantly affected by the profitability of islamic banks. the results also concluded that people in indonesia, which is predominantly muslim, were materialistic society. customers preferred to choose islamic banks that provide high-profit sharing ratio or nisbah rather than the islamic banks that had a high level of sharia compliance. during in indonesia are still sensible materialism, they will not care about the value of maqasid sharia and islamic social reporting. however, this case could be understandable because islamic bank in indonesia is still emerging. conclusion the efficiency variables have a significant effect on the profitability of islamic banks in indonesia. efficiency gets special attention to the islamic banks and the regulator because of the important role to minimise costs and to maximise the availability of operating funds. meanwhile, msi and isr variables have not a significant effect on the profitability of islamic banks in indonesia. the lack of the application of sharia in islamic banks shows that some islamic banks are less concerned with the application of the principle of mashlahah. another cause is the lack of standardization in reporting of maqasid sharia index and islamic social reporting, thus reporting in annual reports tend to inconsistent among islamic banks. therefore, the annual report is needed to be standardized in writing report related with maqasid sharia index and islamic social reporting in order to empower islamic banks to disclose all activities which can provide social benefits for the community. the low level of maqasid sharia index and islamic social reporting implementation of the islamic banks in indonesia in the period of the study approves that these two variables are not main indicators or major achievements for most islamic banks, even though islamic banks should refer to attain maslalah. thus, this can be concluded that the implementation of maqasid sharia index and the islamic social reporting are just complemented goals of islamic banks in indonesia. 220 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 as the islamic banks, the application of sharia 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(dea).” journal of islamic banking and finance 33(3): 82-93. hutagalung, esther novelina, djumahir & kusuma ratnawati. 2013. “the influence of financial ratios to performance of commercial banks in indonesia.” jurnal aplikasi manajemen 11(1): 122-130. imaniah, nia. 2014. “the effect of islamic social reporting disclosure, financial performance, and public ownership to corporate value (empirical study from listed company at jakarta islamic index between 2010 and 2013).” bachelor degree thesis. state islamic university of jakarta, indonesia. laldin, mohamad akram. 2010. “maqasid shari’ah as based of equal economics system.” paper presented at seminar maqasid syariah: menggagas model ekonomi berkeadilan sempena ijimak harakiy pertama wadah-abim-pkpim at german-malaysian institute, kajang, malaysia, august 7th. lestari, puji. 2013. “determinants of islamic social reporting in syariah banks: case of indonesia.” international journal of business and management invention 2(10): 28-34. maali, bassam, peter casson & christopher napier. 2006. “social reporting by islamic banks.” abacus 42(2): 266-289. 222 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.11588 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 mohammed, mustafa omar, dzuljastri abdul razak, & fauziah md taib. 2008. “the performance measures of islamic banking based on the maqasid framework.” paper presented at the iium international accounting conference (intac iv), putra jaya marriott, 25 june. muhari, syafaat & muhamad nadratuzzaman hosen. 2015. “the efficiency of the islamic rural bank in six zones of indonesia: using non-parametric and parametric method.” journal of islamic banking and finance 32(3): 49-63. musyarofatun, lia dwi. 2013. analysis factors that affect rentability of islamic rural banks at magelang regency.” accounting analysis journal 2(1): 59-66. pramuka, bambang agus. 2010. “analysis factors that affect profitability level of islamic commercial banks.” jurnal akuntansi, manajemen bisnis dan sektor publik 7(1): 63-79. raditya, amalia nurul. 2012. “analysis factors that affect islamic social reporting disclosure at listed company in jakarta islamic index.” bachelor degree thesis. university of indonesia, indonesia. rizkiningsih, priyesta. 2012. “factors that affect islamic social reporting disclosure: study at islamic banks in indonesia, malaysia, and the gulf cooperation council.” bachelor degree thesis. university of indonesia, indonesia. rochaety, etty, ratih tresnati & h abdul madjid latief. 2007. research business methodology using spss. jakarta: mitra wacana media. sabir, muh, muhammad ali & abd hamid habbe. 2012. “the effect on soundness level to performance of conventional and islamic commercial banks in indonesia.” jurnal analisis 1(1): 79-86. soleh, irfan. 2016. “the impact of maqasid shariah and core competency on performance of islamic banks.” international journal of economics, commerce, and management 4(10): 872-880. sudiyatno, bambang. 2010. “the influence of efficiency, capital, and liquidity to financial performance (empirical study of listed banks at jakarta composite index between 2005 and 2008).” dinamika keuangan dan perbankan 2(2): 125-137. sukarno, kartika wahyu & muhamad syaichu. 2006. “analysis factors that affect performance of commercial banks in indonesia.” jurnal studi manajemen and organisasi 3(2): 46-58. suryani. 2011. “the effect on financing to deposit ratio (fdr) to profitability of islamic banking in indonesia.” walisongo 19(1): 47-74. wirartha, i made. 2006. socio-economic research methodology. yogyakarta: andi. pendahuluan semua aspek perekonomian ke-na dampak sebagai akibat krisis moneter yang berlangsung se-jak 1997 sampai dengan medio 2010 terlebih lagi pasca krisis global yang tidak hanya me-nimpa indonesia bahkan negara maju-pun terkena dampaknya. hal ini tercermin dari beberapa indikator ekonomi makro se-perti pertumbuhan ekonomi yang merosot tajam, laju inflasi yang meningkat dan angka pengangguran yang melonjak. “indeks kepercayaan konsumen (ikk) bulan mei 2010 melemah sebesar 1,3% ke level 74. pelemahan ini didorong oleh meningkatnya harga bahan makanan pokok yang semakin membebani konsumen. dari 2 komponen yang membentuk ikk, indeks ekspektasi turun 2,6% ke level 88,2 (merupakan level terendah sejak november 2005); sedang indeks situasi sekarang justru naik sebesar 1,7% ke level 55,1. kenaikan harga bahan prospek rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat martono fakultas syariah dan hukum uin syarif hidayatullah jakarta jl. ir. h. juanda 95 ciputat jakarta abstrak: potensi gadai syari’ah (baca rahn bank muamalat indonesia, bank bni syari’ah dan bank syari’ah mandiri) untuk lebih berperan dalam pemberdayaan ekonomi rakyat dapat dilihat dari keberpihakan terhadap nasabah yang notabene pengusaha golongan ekonomi lemah dan koperasi (pegelkop). skala jasa gadai syari’ah yang diberikan relatif rendah yaitu berkisar antara rp.20.000,oo sampai dengan rp.200.000.000,oo dengan tarif ijarah (jasa simpan) yang dikenakan relatif rendah serta mudahnya prosedur administrasi. pemberdayaan potensi tersebut dilakukan dengan pembenahan berbagai kelemahan struktural yang ada. kata kunci: rahn, pemberdayaan ekonomi, kesejahteraan martono: prospel rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat34 makanan pokok merupakan faktor utama yang membebani kon-sumen. hampir 50% dari mereka yang di survei mengatakan bahwa mening-katnya harga itu terjadi dalam 3 bulan terakhir (danareksa research institute: jum’at, 21 mei 2010)”. dalam upaya penyehatan pere-konomian nasional pemerintah telah menempuh serangkaian langkah dan tindakan. “presiden susilo bambang yudoyono menegaskan bahwa program penyalu-ran penjaminan kredit melalui per-bankan yang disebut kredit usaha rakyat atau kur jumlahnya akan ditingkatkan menjadi 2 kali lipat tahun 2010 dari sebelumnya rp.6,8 triliun menjadi rp.15 triliun. tahun 2010 pemerintah akan meningkatkan kembali jumlahnya (kantor berita antara: rabu, 14 april 2010)”. “dalam pelaksanaan program kur perbankan yang telah me nandatangani kesepakatan menjalani program ini tetap tidak diperbolehkan meminta jaminan atau agunan kepada pelaku usaha. penegasan itu di sampaikan deputi restrukturisasi dan pengembangan usaha kecil menengah choirul djamhari di jakarta jum’at 30 april 2010, seusai pertemuan menda-dak menyangkut adanya pemaksaan agunan 30% atas kredit yang diajukan pengusaha kecil menengah (kompas: sabtu, 1 mei 2010)”. sektor keuangan khususnya per bankan yang selama ini berperan dalam menggerakkan roda perekonomian, tentunya sangat diperlukan untuk membantu pe-mulihan perekonomian. untuk itu diperlukan terobos an baru dalam hal ini jasa gadai syari’ah mendorong pertumbuhan ekonomi. bmi, bank bni syari’ah dan bsm merupakan 3 bank pelopor yang membuka rahn. kegiatan usaha gadai syari’ah dapat dikembangkan untuk men dukung perkembangan usaha pegelkop khususnya sektor in-formal. hal ini didukung oleh karakteristik 3 bank di atas ter-utama prosedurnya yang sederhana, mudah, cepat, sdm yang memadai dan jejaring usaha yang relatif luas. profil usaha dewasa ini jasa gadai bukan lagi milik orang pinggiran, yang datang dengan pakaian kumal. ternyata jasa gadai telah menyentuh pula kelompok masyarakat kelas atas, yang keperluan dananya hingga ratusan juta rupiah. al-iqtishad: vol. i, no. 2, juli 2009 35 perum pegadai-an dengan motonya “mengatasi masalah tanpa masalah” bahkan menerapkan sistem jemput bola, terutama untuk membidik pasar menengah ke atas. pinjaman berda-sarkan prinsip gadai ini tidak gratis karena tetap dikenakan bunga. hitungan bunga terasa mengganjal bagi masyarakat yang memegang teguh hukum riba. ganjalan ini mulai terobati karena bank syari’ah diperbolehkan melayani rahn. pada hakekatnya sebagai akad penyera-han barang/harta nasabah sebagai jaminan berdasarkan hukum gadai berupa emas/perhiasan/kendaraan. perbedaan mendasar antara rahn dengan gadai konvensional terletak pada pengenaan biaya. biaya rahn tidak berbentuk bunga namun be-rupa biaya penitipan, pemeliharaan, penaksiran dan penjagaan. disini rahn mirip tempat parkir, prinsipnya dimana kendaraan yang di parkir akan dipungut biaya. sedang gadai konvensional memungut bia-ya dalam bentuk bunga yang ber-sifat akumulatif (ganda). konsep rahn a. dasar hukum rahn antara lain: 1. al qur’an, surat al baqarah 282 “hai orang-orang yang beriman, bila kamu bermu’amalah tidak secara tunai untuk waktu yang ditentukan, hendak-lah kamu menuliskannya. .. dan per-saksikanlah dengan 2 orang lelaki saksi diantaramu. jika tiada 2 lelaki maka boleh seorang lelaki dan 2 orang pe-rempuan ......... ”. 2. al qur’an, surah al baqarah 283 “jika kamu dalam perjalanan dan ber-mu’amalah tidak secara tunai sedang kamu tidak memperoleh seorang penu-lis maka hendaklah ada barang tang-gungan yang dipegang ……....”. 3. dasar hukum lainnya adalah sunnah rasul. diriwayatkan oleh bukhari dari aisyah r.a.: “rasul saw pernah membeli makanan dari orang yahudi dan beliau mengga-daikan kepadanya baju besi beliau”. 4. ijma’ ulama atas hukum mubah perjanjian gadai. martono: prospel rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat36 b. unsur-unsur rahn antara lain: 1. orang yang menyerahkan barang gadai disebut rahin. 2. orang yang menerima barang ga-dai disebut murtahin. 3. barang yang digadaikan disebut marhun. 4. sighat akad. rukun dan sahnya akad gadai (pa-saribu dan lubis): � adanya lafaz yaitu pernyataan adanya perjanjian gadai � adanya pemberi dan penerima � adanya barang yang digadaikan � adanya hutang. marhun apa saja yang dapat digadai kan dijelaskan dalam kifayatul akh yar bahwa semua barang yang boleh dijualbelikan menurut syari’ah, bisa digadaikan sebagai tanggungan. hak dan kewajiban masing-masing pihak dalam situasi dan kondisi normal maupun tidak normal. situasi dan kondisi yang tidak normal bisa terjadi karena adanya force mayor seperti perampokan, bencana alam dan sebagainya. dalam situasi normal hak rahin setelah melaksanakan kewajibannya yakni menerima uang pinjaman dalam jumlah sesuai dengan yang disepakati. ke-wajiban rahin yakni menyerahkan barang agunan yang nilainya cukup. hak murtahin menerima barang jaminan dengan nilai yang aman untuk uang yang dipinjamkannya. kewajiban murtahin menyerahkan uang pinjaman sesuai akad. setelah jatuh tempo, rahin berhak menerima barang yang menjadi tanggungan hutangnya dan wajib membayar kembali hutangnya. se-baliknya murtahin berhak menerima pembayaran hutang; sedang ke-wajibannya menyerahkan barang utuh tanpa cacat. dalam keadaan tak normal dimana barang yang dijadikan jaminan hilang/rusak/sakit/mati yang berada di luar kekuasaan murtahin, tak menghapuskan kewajiban rahin meluna-si utangnya. namun dalam praktek murtahin telah menutupnya dengan asuransi kerugian. dalam hal rahin meninggal dan masih menanggung hutang maka penerima gadai boleh al-iqtishad: vol. i, no. 2, juli 2009 37 menjual barang gadai dengan harga umum. hasil penjualan apabila cukup dapat dipakai untuk menutup hutangnya; apabila lebih dikemba-likan kepada ahli waris namun bila kurang ahli waris tetap harus menu-tup kekurangannya. hasil pembahasan a. operasional lembaga rahn konsep utang-piutang dalam al-qardhul hassan tujuannya untuk memenuhi kewajiban moral seba-gai jaminan sosial. gadai yang melengkapi akad sekedar memenu-hi anjuran al baqarah 283. tiada tambahan biaya apapun di atas pokok pinjaman, adapun biaya seperti materai dan akte notaris menjadi beban peminjam. 1. akad dalam al-qardhul hassan pengusaha pemula yang baru mencoba membuka usaha biasa memilih akad ini. pengusaha lama akan memilih jika usaha-nya sedang lesu dan ingin bangkit lagi. akad ini sebagai perjanjian terhormat sehingga pihak yang terlibat harus memper-lakukan satu sama lain secara terhormat pula. saat jatuh tempo semua hak-kewajiban diselesai-kan dan bila rahin tak mampu melunasi, akad lama dapat diper-barui tanpa harus mengembalikan seluruh barang gadaiannya. jika terjadi perbedaan diselesai-kan me lalui arbitrasi/pengadilan. yang ditanggung rahin meliputi biaya bagi sahnya akad seperti: bea meterai, akte notaris, biaya pemeliharaan dan sewa tempat penyimpanan harta. 2. akad dalam al-mudharabah akad ini dipilih bila kedua pihak telah menghitung bahwa usaha yang akan dijalankan layak dan menguntungkan. akad al-mudharabah mempertemukan pengusaha yang ahli dibidangnya tapi hanya mempunyai harta tidak lancar dengan pihak lain yang mempunyai cukup dana tapi tidak mempunyai bidang usaha. keduanya sepakat bekerjasama/ bersinergi bahwa pada suatu porsi bagi hasil tertentu dari usaha yang dijalankan pada saat jatuh tempo semua hak dan kewajiban diselesaikan. bila rahin martono: prospel rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat38 tidak mampu melunasi hutangnya maka akad lama diperbaharui tanpa harus mengembalikan seluruh barang gadaiannya. jika terjadi perbedaan pendapat diselesaikan melalui arbitrasi atau pengadilan. yang ditanggung rahin meliputi biaya yang diperlukan bagi sahnya akad seperti: bea meterai, akte notaris, biaya pemeliharaan dan sewa tempat penyimpanan harta. hingga kini pegadaian masih aktor terkuat bisnis gadai; meski sudah beberapa bank syari’ah membuka jasa gadai, tetap saja masih belum mampu mengalahkannya. bmi, bni syari’ah dan bsm; tiga pelopor yang membuka jasa gadai syari’ah. tahun 2003 pegadaian dan bmi menjalin aliansi strategis mengembangkan rahn mendapat respon positif dengan rumus tarif ijarah (jasa simpan) per 10 hari: taksiran jumlah hari pinjaman rp.10.000,00 10 hari rp.90.000,00x x tabel administrasi marhun bih (pinjaman) biaya adm. 20.000 s/d 150.000 151.000 s/d 500.000 501.000 s/d 1.000.000 1.005.000 s/d 10.000.000 10.050.000 – 200.000.000 1.000 3.000 5.000 15.000 25.000 sumber: perum pegadaian adapun bni syari’ah menetapkan maksimal lama penitipan 3 bulan dan dapat diperpanjang dan di-tetapkan pula bahwa emas sebagai jaminan dengan minimal 16 karat dan minimal berat 10 gram. nilai pinjaman yang dapat diberikan 70% dari harga pasaran. atas penitipan ini dikutip 1,5% per bulan untuk biaya penyimpanan. meskipun perum pegadaian sudah menjalin kerjasama dengan bmi, bagi bsm bukan soal untuk niatnya menjalin juga kerjasama dengan perum pegadaian. justru rencana sinergi ini diharapkan semakin memperluas jejaring (networking) rahn hingga ke daerah terpencil. al-iqtishad: vol. i, no. 2, juli 2009 39 b. kinerja operasional 1. pendanaan, sdm dan konversi bagi bmi, bni syari’ah dan bsm jelas pendanaannya digu-lirkan dari kantor pusat masing masing. dalam hal perum pega daian belum diperkenankan menghimpun dana maka keter-gantungannya pada aliansinya sangat tinggi. perum pegadaian sangat membutuhkan dana bank syari’ah melalui aliansi sebagai cara bersinergi dengan bagi hasil dan channeling. publik makin mafhum membe-dakan yang syari’ah dan kon-vensional, terlebih lagi daerah yang berbasis religius terutama dari kalangan pesantren (pasti mereka memilih yang syari’ah). melihat trend pasar ini, perum pegadaian mengkonversi bebe-rapa cabang konvensional men-jadi cabang syari’ah. 2. omset gadai syariah conform penjelasan dedi kus-dedi omset tahun 2006 perum pegadaian mencapai rp.300 miliar dan bank syari’ah lainnya + rp.50 miliar. adapun omset 2007 pegadaian menca-pai rp.600 miliar dan bank syari’ah + rp.100 miliar. prospek rahn prospek perusahaan secara relatif dapat dilihat dari analisis swot sebagai berikut: a) kekuatan (strength) rahn (1) dukungan umat islam yang merupakan mayoritas penduduk. perusahaan gadai syari’ah telah lama menjadi dambaan umat islam indonesia sejak masa kebangkitan nasional yang pertama. hal ini menunjukkan besarnya harapan dan dukungan umat islam terhadap adanya gadai syari’ah. (2) dukungan dari lembaga keua-ngan islam di seluruh dunia. adanya gadai syari’ah yang sesuai dengan prinsip syariah sangat penting untuk menghindarkan umat dari kemungkinan terjerumus kepada yang haram. oleh karena itu pada konferensi ke 2 menterimartono: prospel rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat40 menteri luar negeri negara muslim di seluruh dunia bulan desember 1970 di karachi, pakistan telah sepakat untuk pada tahap pertama mendirikan islamic development bank (idb) yang dioperasikan sesuai dengan prinsip syariah. idb secara resmi didiri-kan pada bulan agustus 1974 dimana indonesia menjadi salah satu negara anggota pendiri. idb pada (articles of agreement-nya, 1994:6) pasal 2 ayat xi akan membantu berdirinya bank dan lembaga keuangan yang akan beroperasi sesuai dengan syariah islam di negara anggotanya. beberapa bank islam yang berskala internasional telah datang ke indonesia untuk menjajagi kemungkinan membuka lembaga ke uangan syariah secara patungan. hal ini menunjukkan besarnya harapan dan dukungan lembaga keuangan internasional terhadap adanya lembaga keuangan syariah di indonesia. (3) pemberian pinjaman lunak al-qardhul hassan dan pinjaman mudharabah dengan sistem bagi hasil gadai syariah sangat sesuai dengan kebutuhan pembangunan. (a) penyediaan pinjaman murah bebas bunga yang disebut al-qardhul hassan sebagai pinjam-an lunak yang diperlukan masyarakat saat ini mengingat kian tingginya tingkat bunga. (b) penyediaan pinjaman mudha-rabah mendorong terjalinnya kebersamaan antara bank syari’ah dan nasabahnya dalam menghadapi risiko usaha dan membagi laba/rugi secara adil. (c) pada pinjaman mudharabah, bank syariah takkan membe-bani nasabahnya dengan biaya tetap yang berada di luar jangkauannya. nasabah hanya wajib membagi hasil usahanya sesuai dengan akad yang ditetapkan sebelumnya. bagi hasil kecil kalau laba usahanya kecil dan bagi hasil besar kalau hasil usahanya besar. (d) investasi yang dilakukan nasa-bah mudharabah tidak tergan-tung kepada tinggi rendahnya tingkat bunga karena tidak ada biaya bunga pinjaman) yang harus diperhitungkan. (e) gadai syari’ah bersifat mandiri dan tidak terpengaruh oleh gejolak moneter baik dalam maupun luar negeri karena kegiatan operasional tidak menggunakan perangkat bunga. al-iqtishad: vol. i, no. 2, juli 2009 41 b. kelemahan (weakness) (1) berprasangka baik kepada semua nasabahnya dan berasumsi bahwa semua orang yang terlibat dalam akad bagi hasil adalah jujur dapat menjadi bumerang karena gadai syariah akan menjadi sasaran empuk bagi mereka yang beritikad tidak baik. contoh: pinjaman mudharabah yang diberikan dengan sistem bagi hasil akan sangat bergantung kepada itikad baik nasabah. bisa terjadi nasabah melaporkan keadaan usaha yang tidak sesuai dengan keadaan yang sebenarnya. misalnya suatu usaha yang untung dilaporkan rugi sehingga bank syari’ah tidak memperoleh bagian laba. (2) memerlukan perhitungan yang rumit terutama dalam menghitung biaya yang dibolehkan dan bagian laba nasabah yang kecil-kecil. dengan demikian kemungkinan salah hitung setiap saat bisa terjadi sehingga diperlukan kecermatan yang lebih besar. (3) karena membawa misi bagi hasil yang adil, maka rahn lebih banyak memerlukan tenaga-tenaga profesional yang andal. kekeliruan dalam menilai kelayakan proyek yang akan dibiayai dengan sistem bagi hasil akan membawa akibat lebih berat dari pada yang dihadapi dengan cara konvensional yang hasil pendapatannya sudah tetap dari bunga. (4) kemungkinan masih diperlu-kan juklak (petunjuk pelaksanaan) untuk pembinaan dan kontrol. masalah adaptasi sistem akuntansi gadai syari’ah terhadap sistem akuntansi yang telah baku. dengan mengenali kelemahan ini maka kewajiban kita semua untuk memikirkan solusinya. c. peluang (opportunity) (1) peluang karena pertimbangan kepercayaan agama (a) merupakan hal nyata di dalam masyarakat muslim indonesia, yang menganggap membayar/menerima bunga termasuk menyuburkan riba. karena riba dalam islam jelas-jelas dilarang maka banyak muslim yang tidak mau memanfaatkan jasa pegadaian yang telah ada sekarang. martono: prospel rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat42 (b) meningkatnya kesadaran ber-agama yang merupakan hasil pembangunan di sektor agama mem-perbanyak jumlah perorangan, yayasan, pondok pesantren, masjid, madrasah dan baitul-mal yang belum memanfaatkan jasa gadai konvensional yang sudah ada. (c) sistem pengenaan biaya uang / sewa modal dalam sistem pegadaian yang berlaku sekarang dikhawatirkan mengandung unsur-unsur yang tidak sejalan dengan syari’ah, antara lain: pertama, biaya ditetapkan dimuka secara pasti, dianggap mendahului takdir karena seolah-olah peminjam dipastikan akan memperoleh laba sehingga mampu rnembayar pokok pinjaman dan bunganya pada waktu yang telah ditetapkan (periksa surat luqman ayat 34). kedua, biaya ditetapkan dalam bentuk prosentase (%) sehingga apabila dipadukan dengan unsur ketidakpastian yang dihadapi manusia, secara matematis dengan berjalannya waktu akan bisa menjadikan hutang berlipat ganda (periksa surat al-imron ayat 130). ketiga, memperdagangkan/menye-wakan barang yang sama dan sejenis (misalnya rupiah dengan rupiah yang masih berlaku) dengan memperoleh keuntungan/kelebihan kualitas dan kuantitas, hukumnya riba (periksa terjemah hadits shahih muslim oleh ma’mur daud, bab riba no. 1551 1567). keempat, membayar hutang dengan lebih baik yaitu diberikan tambahan seperti yang dicontohkan dalam al-hadits, harus ada dasar sukarela dan inisiatifnya harus datang dari yang punya hutang pada waktu jatuh tempo, bukan karena ditetapkan dimuka dan dalam jumlah yang fixed (periksa terjemah hadis shabih muslim oleh ma’mur daud, bab riba no. 1569 s/d 1572) unsur-unsur yang dikhawatirkan tidak sejalan dengan syari’at islam tersebut diatas yang ingin dihindari dalam mengelola rahn. (2) adanya peluang ekonomi dari berkembangnya gadai syari’ah. (a) selama orde reformasi masih melanjutkan pembangunan yang diperkirakan akan mencapai jumlah yang sangat besar. dari jumlah tersebut diharapkan sebagian besar dapat disediakan al-iqtishad: vol. i, no. 2, juli 2009 43 dari tabungan dalam negeri dan dari dana luar negeri sebagai pelengkap saja. dari tabungan dalam negeri diharapkan dapat dibentuk melalui tabungan pemerintah yang kemampuannya kian kecil dibandingkan melalui tabungan masyarakat yang melalui sektor perbankan dan lembaga keuangan lainnya. (b) mengingat demikian besarnya peranan yang diharapkan dari tabungan masyarakat melalui sektor perbankan maka perlu dicarikan berbagai jalan dan peluang untuk mengerahkan dana dari masyarakat. rahn berfungsi mencairkan simpa-nan-simpanan berupa perhiasan dan barang tak produktif yang lalu diinvestasikan melalui mekanisme pinjaman mudharabah. (c) adanya rahn yang telah di sesuaikan agar tidak menyimpang dari ketentuan yang berlaku akan memperkaya khasanah lembaga keuangan di indonesia. iklim baru ini akan menarik penanaman modal di sektor lembaga keuangan khususnya idb dan pemodal dari negara-negara penghasil minyak di timur tengah. (d) konsep rahn yang lebih mengutamakan kegiatan produksi dan perdagangan serta kebersamaan dalam hal investasi, menghadapi risiko usaha dan membagi hasil usaha akan memberikan sumbangan yang besar kepada perekonomian indonesia dalam meng giatkan investasi, penyediaan kesempatan kerja dan pemerataan pendapatan. dari uraian di atas dapat diambil kesimpulan bahwa mengingat gadai syari’ah sesuai dengan prinsip-prinsip syari’at islam, maka bank syari’ah dengan sistem ini akan mempunyai segmentasi dan pangsa pasar yang baik sekali di indonesia. dengan sedikit modifikasi di sesuaikan ketentuan yang berlaku, peluang untuk dapat dikembang-kannya rahn cukup besar. d. ancaman (threat) (1) ancaman yang paling berbahaya apabila keinginan akan adanya rahn itu dianggap berkaitan dengan fanatisme agama. akan ada pihakpihak yang akan menghalangi berkembangnya gadai syari’ah ini semata-mata hanya karena tidak suka apabila umat islam bangkit dari martono: prospel rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat44 keterbelakangan ekonominya. mereka tidak mau tahu bahwa rahn itu jelas-jelas bermanfaat untuk semua orang tanpa pandang suku, agama, ras dan adat istiadat. isu primordial, eksklusivisme atau sara mungkin akan dilontarkan untuk mencegah eksistensi gadai syari’ah. (2) ancaman berikutnya adalah dari mereka yang merasa terusik kenikmatannya mengeruk kekayaan rak-yat yang sebagian besar muslim melalui sistem bunga. munculnya rahn yang menuntut pemerataan pendapatan lebih adil dirasakan oleh mereka sebagai ancaman terhadap status quo yang telah dinikmatinya selama puluhan tahun. isu tentang ketidakcocokan dengan sistem global dilontarkan untuk mencegah berkembangnya rahn. dari analisa swot di atas ternyata gadai syari’ah mempunyai prospek cerah, baik itu perum pegadaian yang telah mengoperasikan sistem syari’ah maupun bank syari’ah yang baru. prospek ini akan lebih cerah lagi apabila kelemahan (weakness) sistem mudharabah dapat dikurangi dan ancaman (threat) dapat diatasi. 4. program pemberdayaan ekonomi rakyat. perhatian terhadap ekonomi ke-rakyatan semakin meningkat sei-ring dengan meluasnya ketimpa-ngan ekonomi dan kesenjangan sosial. salah satu faktor pember-dayaan ekonomi rakyat adalah pemberian prioritas dan bantuan dalam pengembangan usaha pada ekonomi lemah. berkaitan dengan pemberdayaan ekonomi rakyat, pemerintah telah menempuh berbagai upaya yang antara lain: kredit program, jps (program jaring pengaman sosial) serta reformasi struktur sektor riil. penutup 1. pemikiran tentang berdirinya gadai syari’ah merupakan tanda syukur kita kehadirat allah swt yang telah memberikan nikmat dan telah diijinkannya oleh pemerintah berdirinya lembaga keuangan yang beroperasi sesuai dengan prinsip syariat islam. 2. rahn pijakannya hukum syari’at yang kuat dalam ajaran islam. hal yang perlu mendapat perhatian adalah unsur-unsur gadai, rukun dan al-iqtishad: vol. i, no. 2, juli 2009 45 sahnya akad, barang yang boleh digadaikan, hak-kewajiban masing masing pihak dan pemilikan barang gadai. 3. barang gadai syari’ah meru-pakan pelengkap dari konsep hutangpiutang antara individu. konsep hutang piutang yang sesuai dengan syari’at sebagai salah satu konsep ekonomi islam dimana bentuknya yang lebih tepat adalah al-qardhul hassan. 4. hutang piutang dalam bentuk alqardhul hassan dengan dukungan rahn dipergunakan bagi keperluan sosial-komersiil. peminjam punya 2 pilihan, yaitu memilih qardhul hassan atau menerima pemberi pinjaman atau penyandang dana (rabb al-mal) sebagai mitra usaha dalam perjanjian mudharabah. 5. untuk nasabah yang memilih rahn dalam bentuk mudharabah maka fungsi gadai yakni mencair-kan/memproduktifkan harta beku yang tidak produktif. 6. bank syari’ah bertindak seba-gai penyandang dana (rabb al-mal). nasabah bertindak sebagai rahin atau sebagai mudharib tergantung alternatif yang dipilih. 7. lembaga gadai syari’ah untuk hubungan antarpribadi sebenarnya sudah operasional karena setiap orang bisa melakukan akad hutang piutang dengan gadai syari’ah. 8. lembaga gadai syari’ah untuk hubungan antarpribadi dengan bank syari’ah khususnya gadai fidusia sebenarnya juga sudah operasional. contoh yang dapat dikemukakan disini bank syari’ah yang memberi pinjaman dengan agunan sertifikat tanah, sertifikat saham, sertifikat deposito atau bpkb (buku pemilik kendaraan bermotor) dan lainlain. pustaka acuan 1. al qur’anul karim 2. al hadits 3. danareksa institute: jum’at, 21 mei 2010. 4. kantor berita antara: rabu, 14 april 2010. martono: prospel rahn (gadai syari’ah) dalam mendukung pemberdayaan ekonomi rakyat46 5. kompas: sabtu, 1 mei 2010. 6. pasaribu dan lubis, ”gadai syariah” dalam danareksa ins-titute: jum’at, 21 mei 2010. 7. international development bank ”article of agreement (1994:6)”. 7-irfan.indd irfan syauqi beik & laily dwi arsyianti: construction of cibest model 87 construction of cibest model as measurement of poverty and welfare indices from islamic perspective irfan syauqi beik & laily dwi arsyianti1 first draft: october, 3rd 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 center of islamic business and economic studies, bogor agricultural university, jl. raya darmaga kampus ipb darmaga, bogor email : irfan_beik@ipb.ac.id, arsyianti@ipb.ac.id abstract. construction of cibest model as measurement of poverty and welfare indices from islamic perspective. one of the major challenges faced by most of the islamic countries is poverty. this paper attempts to construct the concept of poverty and welfare standards based on islamic perspective.the study tries to cover both material and spiritual dimensions. these standards are based on cibest quadrant, which is divided into four quadrants: welfare quadrant (i), material poverty quadrant (ii), spiritual poverty quadrant (iii) and absolute poverty quadrant (iv). determination of these quadrants is resulted from criteria and indicators of basic material needs and basic spiritual needs. by using household as unit of analysis, this study is able to developcibest model comprising welfare index, material poverty index, spiritual poverty index, and absolute poverty index. mathematical formula and illustration of the indices are also elaborated to strengthen the concept. keywords: basic needs approach, poverty, welfare indices abstrak. konstruksi atas model cibest sebagai pengukuran atas kemiskinan dan kesejahteraan dalam perspektif islam. salah satu permasalahan penting yang dihadapi negara-negara islam adalah kemiskinan. tulisan ini berupaya untuk mengkonstruksi konsep kemiskinan dan kesejahteraan menurut perspektif ajaran islam. penelitian yang dilakukan,berupaya untuk mengkombinasikan dimensi material dan dimensi sipiritual. alat ukur yng digunakandalam studi ini didasarkan pada kuadran cibest yang terbagi menjadi empat kuadran, yaitu : kuadran sejahtera (i), kuadran kemiskinan material (ii), kuadran kemiskinan spiritual (iii), dan kuadran kemiskinan absolut (iv).penetapan kuadran ini dibuat berdasarkan kriteria dan indikator kebutuhan dasar material dan kebutuhan dasar spiritual. dengan menggunakan rumahtangga sebagai unit analisis, penelitian ini berhasil memformulasikan model cibest yang terdiri dari indeks kesejahteraan, indeks kemiskinan material, indeks kemiskinan spiritual dan indeks kemiskinan absolut. formula matematika dan ilustrasi dari setiap indeks juga dielaborasi secara detil untuk memperkuat konsep yang ada. kata kunci: pendekatan kebutuhan dasar, kemiskinan, indeks kesejahteraan al-iqtishad: vol. vii no. 1, januari 2015 88 introduction poverty remains a major issue faced by the islamic world presently. the term ‘poverty’, however, could not be defined in a single term, which prevails across the globe. it is because of the differences in many aspects, such as demographical factors, geographical location, cultural diversity, etc., although various scholars have attempted to define poverty from different angles and perspectives. they also have tried to accommodate these differences in their definition of poverty. debate on this issue still continues including debate on measurement and criteria used to define poverty. despite these difficulties in constructing single definition of poverty, real practices taking place in different countries seem to provide the fact that poverty is always related with inability of certain group of people to fulfill their basic needs. this group of people is called the poor. definition of the poor is always connected with a standard of measurement called poverty line. it is a line that is measured in terms of minimum income, which must be earned by a person. if a person earns income below the line, he will fall under the poor category. for example, in indonesia, the national board of statistics (known as badan pusat statistik– abbreviated as bps) has determined poverty line to be equal to rp 293,000 (usd 25.04) per capita per month in 2014. the number of the poor living below the line is estimated to reach 28.55 million people (national board of statistics, 2014). this poverty line may change usually on annual basis. similarly, the world bank use usd 2 per capita per day as basic standard of absolute poverty, meaning that, earning income below the standard will put someone in the category of absolute poor. islam actually pays great concern on the issue of poverty. as a comprehensive religion covering all aspects of life, islam has clear rules and guidance regarding this matter. there are many ayah and hadith which can be made as source of reference. similarly, there are a large number of literatures discussing the concept of poverty from islamic perspective, which are written by classical as well as contemporary islamic scholars. it is interesting to note that most of the discussion on poverty from islamic perspective is based on the concept of maqasid al shariah. the term ‘maqasid’, which is the plural form of the word ‘maqsad’, reflects the basic objectives of revelation of islamic teaching. chapra (2008) states that the maqasid al shariahhave been either stated directly from the quran or inferred from these by a number of scholars. all of these address the basic objective of the shariah, which is to serve the interests of all human beings and to save them from harm (chapra, 2008). one of the most prominent classical islamic scholars in the history, imam irfan syauqi beik & laily dwi arsyianti: construction of cibest model 89 al-ghazali, has classified maqasid al shariah into five major categories. those are protection of faith (hifz al-din), protection of human self (hifz al-nafs), protection of intellect (hifz al-aql), protection of posterity (hifz al-nasl) and protection of wealth (hifz al-maal). these are basic elements in promoting the well-being of the people. imam al-shatibi furthermore classified the maqasid into three broad categories, i.e. daruriyyat (essentials), hajiyyat (supporting) and tahsiniyyat (embellishment). to alshatibi, al-ghazali’s five safeguarding fall under daruriyyat category. this paper attempts to construct this standard of measurement in the form of welfare index and poverty index. these indices will be based on certain criteria, which are derived from the quran and sunnah and compared with current practices in the contemporary islamic economies. the paper comprises five sections including introduction as the first one. second section shall elaborate overview on the conceptual framework of poverty from islamic perspective. section three discusses existing models of poverty standard and measurement by taking the case of indonesia. indonesia is purposively selected since it represents the most populous muslim country in the world. section four proposes model of welfare and poverty indices as standard of measurement combined with illustration on how to use those indices. this section will be started by elaborating conceptual foundation of the proposed model. last section concludes the paper. the poverty concep on islamic approach as mentioned in the previous section poverty basically is a multidimensional concept. shirazi (1994), narrayan (2000), and pramanik (1993, 1998) are of the view that poverty basically is an imprecise term. it is not possible to capture the idea of poverty based on unidirectional approach. they suggest that poverty is typically used to refer to a situation where individuals do not have sufficient resources to cover their basic needs to lead a reasonably comfortable life, not only by economic but also by social, psychological and even spiritual dimensions. suharto (2009) argues that while some economists discuss the concept of poverty based on subjective and comparative approach, some others favor moral and evaluative approach. poverty being mostly associated with economic dimension, it is, indeed, related to other dimensions including social, cultural, institutional, and structural. al-ghazali (1980) defines poverty as a state of not being able to fulfil one’s needs. inability to satisfy what is not needed is not poverty. if the needed items are available and affordable by a person, then he will not be treated as poor person. al-ghazali divides poverty into two parts: first, poverty in relation to material needs; and second, poverty in relation to spiritual needs. similar argument is also made by ahmed (2004). he says that poverty does not only represent deprivation of goods al-iqtishad: vol. vii no. 1, januari 2015 90 and services, but also lack of poverty in spirit. even rehman (1980) argues that in islam individuals can improve their spiritual life by improving their material life. al-ghazali further states that each and every being that exists is poor, except for the eternal being, allah. this is the meaning of the verse (47:38) “wa allah alghaniyywaantum alfuqara”, which means ‘and allah is rich and you all are poor’. to him, this is an absolute poverty (faqrmutlaq), which has both material and spiritual dimensions. in response to al-ghazali’s argument, sadeq (1992) says that the term faqrmutlaqin contemporary economics refers to two different meanings. first, it refers to a state below some absolute level of income that could purchase some minimal level of sustenance. second, it refers to poverty of the individuals or households in absolute terms without reference to their relative condition as compared to others. in this sense absolute poverty is used against relative poverty. ibn al-qayyim al-jauziyyah (1293 – 1350 ad), on the other hand, denies the relationship between poverty and zuhd, an important islamic value misconstrued as renunciation of wealth and the good things of life. he insists that zuhd is not poverty. it is an attitude of mind which purifies soul from the lust for worldly things and from making them the objectives of life. he argues that affluence is more preferable provided it accompanies gratitude to allah and the fulfilment of one’s obligations toward fellow human beings (islahi, 1992). the concept of poverty is indeed determined by the definition of the poor (faqir) and the needy (miskeen). hence, shirazi (1994) argues that the jurists from the four prominent schools have different ideas in this regard. according to shafi’ite and hanbalite schools, a person is called faqir if he possesses no wealth and earning, or earns income and wealth which satisfy less than half of his needs. a person is called miskeenif he earns income and wealth which satisfy more than half, but less than 100 percent of his needs. on the other hand, the other two schools, i.e. hanafite and malikite, have the opposite perceptions. however, shirazi (1994) argues that opinions are not much different from practical point of view. it is because both are not in a position to meet their needs without the provision of assistance provided by the society or state. hafidhuddin (2013) stated that poverty is part of god’s law in this life. as mentioned in the quran (43:32) that allah swt has determined people’s livelihood. some of them are lifted up higher than the others, so that they can synergize and help each other. islam, hence, does not discuss on how to eliminate poverty totally. rather, it discusses how to reduce the excessive gap between the rich and the poor. hafidhuddin also argues that the poor having good morals are one of important pillars of development. he cites ali bin abi thalib who states that the irfan syauqi beik & laily dwi arsyianti: construction of cibest model 91 resilience of the world and society affairs is due to five pillars: knowledge of the ulama, fair and just rulers, generosity of the rich, honesty and integrity of the employees and bureaucracy, and prayer of the poor. he concludes that poverty could not be observed only from material perspective, but also from spiritual perspective. existing model of poverty standard: case of indonesia the literatures above have demonstrated that poverty from islamic perspective covers both material and spiritual dimensions. another important issue is how to measure poverty and on what basis this poverty is determined. in this regard, some attempts have been made by various institutions and scholars. this section elaborates at least three models which have been applied, especially with the reference to indonesia. those are model of consumption or basic needs approach, model of decent living standard, and model of family welfare. the national board of statistics of indonesia uses consumption model or basic needs approach as basis for determining poverty standard. the model comprises food consumption and non-food consumption standard. food consumption is based on the consumption of 2,100 kilo calories per capita per day, and these calories are valued in terms of money. if a person consumes less than this calorie standard, then he will be categorized as poor. therefore, this standard is also called as food poverty line. in indonesia, non-food consumption for rural areas is different from urban areas. there are 47 commodities for rural areas while urban areas have 51 commodities (beik, 2013). similarly, these commodities are valued in terms of money. the standard resulted from this valuation is called non-food poverty line. summation of food poverty line and non-food poverty line forms national poverty line. according to the september 2013 data, contribution of food poverty line towards national poverty line reaches 73.43 percent. the rest is contributed by non-food poverty line (national board of statistics, 2014). unit of analysis in this approach is individual basis. however, spiritual dimension is not considered by this approach. it merely focuses on material aspect. another approach is the one that has been developed by the ministry of labor and transmigration of indonesia. the ministry has issued an index of decent living standard. initially, it is used as basis for determining minimum wage standard for labor. this minimum wage is decided by wage council which operates in every city and regency throughout the country (beik, 2012). this council consists of tripartite: government representative, labor representative and industrial representative. index of decent living standard is designed to observe capability of a person to fulfill his basic needs, such as food, clothes and housing needs. the index comprises al-iqtishad: vol. vii no. 1, januari 2015 92 seven basic elements: first, food and drink; second, clothes; third, housing; fourth, education; fifth, health; sixth, transportation; and seventh, recreation and saving. survey is always conducted annually as media of information on real prices of the basic elements. nevertheless, this index does not accommodate religiosity and freedom to express and to practice religious obligation. when the monetary value of the index has been decided by the wage council, labor office of city government must ensure that all industries obey the decision. unit of analysis of this index is individual basis. unlike the previous two standards, the national coordinating agency of family planning program of indonesia (known as badan koordinasi keluarga berencana nasional, abbreviated as bkkbn) applies the model of family welfare, which has been replicated in more than 90 countries globally (alimoeso, 2014). the model is designed on household or family basis. this is totally different from the previous two approaches, which are individual-based. bkkbn classifies family into five types: pre-prosperous family, prosperous family i, prosperous family ii, prosperous family iii, and prosperous family iii-plus. pre-prosperous family is considered as the poorest of the poor or the hardcore poor, while prosperous family i is classified as the poor. prosperous family i is used as the family poverty standard. criteria employed to determine poverty standard for family is qualitative in nature. bkkbn has determined six criteria, which are based on the basic needs approach. those are: first, food consumption at least twice a day although with minimum calories; second, family members have different clothes for school, work, travelling and during their stay at home; third, residential house has good roof, floor and wall; fourth, treatment for family member suffering illness is conducted at health facilities provided by government; fifth, when parents are still in productive age and willing to join family planning program, they consult official contraception service facilities; and sixth, all children aging between 7 to 15 years old are schooling. inability to fulfill at least one of these criteria will place a family in the category of hardcore poor or pre-prosperous family (alimoeso, 2014). bkkbn further determines the indicators of family that has been released from poverty. these indicators are used as basis to observe whether a poor family has changed their status from prosperous family i to prosperous family ii. criteria of the prosperous family ii comprise eight criteria, which are: first, family members are able to perform religious obligation; second, entire family members consume meat, egg and fish at least once in a week; third, all family members at least purchase one new clothes in a year; fourth, the floor size of the house at least 8 m2 for each family member; fifth, family members for the last three months are in a good health condition so that they are able to perform their functions and duties; sixth, at least irfan syauqi beik & laily dwi arsyianti: construction of cibest model 93 there exists one family member who work to earn sufficient income; sevent, all family members whose age are between 10-60 years old able to read and write in indonesian language; and eight, parents in productive age with 2 or more children use contraception medicine or other tools of contraception (alimoeso, 2014). cibest model on islamic poverty and welfare indices various attempts have been made in order to construct poverty and welfare standards from islamic perspective. one of the most significant efforts in the contemporary economy, which has been used in the real practice of zakat distribution, is the concept of lembaga zakat selangor (selangor zakat institution in malaysia, abbreviated as lzs). lzs has used had al-kifayahapproach as the basis to determine whether a family or a person is eligible to receive zakat or not. had al-kifayahby definition is standard of minimum needs, which must be fulfilled by a family. inability to fulfill these needs will place family in poor status and hence, that family is eligible to receive zakat fund. in this concept, lzs has divided a family into five groups: head of household, working adult, unemployed adult, children within the 7-17 years old age group, and children within the 1-6 age group (rasoolet al, 2011). the poor standard is determined by the ability of a household to satisfy their basic needs (daruriyyah), which consist of foods, clothes, houses, health, and education. thus, by applying had al-kifayah, a household is eligible to receive zakat fund only if their monthly income is less than rm 1,650 –this is 2011 data. in addition, if there were disable or people with severe illness in the family members, the minimum limit would be raised to rm 2,240/month/household (rasoolet al, 2011). the concept applied by lzs should be greatly appreciated since it attempts to go beyond poverty line income (pli) standard, which has been applied across the globe by many governments. sometimes the value of pli in many countries is too low compared to their economy condition. nevertheless, the lzs concept is still focusing on material aspect. had al-kifayahis merely translated into basic needs, which do not consider spiritual aspect. in this paper, we attempt to construct poverty and welfare standards which cover both material and spiritual aspects. these standards will be reflected in the poverty and welfare indices, which are measurable and comparable. basic spiritual needs could be defined as the needs to implement ibaadah (worship) to allah swt. bkkbn as mentioned in the third section includes capability to undertake religious obligation as an indicator of welfare family. however, bkkbn does not elaborate further criteria of this capability. this paper, hence, proposes that the concept of this ‘capability’ should be indicated by three factors, al-iqtishad: vol. vii no. 1, januari 2015 94 i.e. ability, strong will, and freedom. these three factors are strongly interrelated. the absence of one or more factors will reduce capability of a person to perform ibaadah. if this happens, a person may have poor spiritual condition. for example, the absence of willingness to pray will reduce capability to undertake worship. furthermore, there are five variables of basic spiritual needs: implementation of shalat(prayer), saum(fasting), zakat, household environment, and government policy environment. these variables will be used as basis in the calculation of spiritual poverty index, which will be discussed later. as already known, prayer, fasting and zakat are part of islamic pillars which must be fully implemented by muslims, in addition to declaration of shahadahand hajj (pilgrimage). reluctance to perform these ibaadah may reduce the quality of iman(faith). there is no excuse for all muslims, especially those who are included in the category of mukallaf, to avoid these religious obligations. pilgrimage, on the other hand, is excluded from the variables affecting spiritual poverty index. it is because pilgrimage requires certain conditions, such as availability of huge financial resources. another argument, when a person has strong awareness to undertake prayer, zakat and fasting obligations, he will automatically have awareness to perform hajj subject to his capability in removing financial constraint. spiritually, this person is rich. therefore, the focus should be directed to prayer, fasting and zakat. fourth variable is household environment. it is extremely important to have supportive household environment in fulfilling religious obligations. unsupportive household environment may create spiritually poor person. for example, when the husband has a very liberal opinion in which he disagrees with the existence of prayer, most probably the wife will face difficulty in performing prayer regularly. she may fall to spiritually poor person status. similarly, the fifth variable, i.e. government policy environment, is also affecting spiritual condition of the people. although not all ibaadah require specific government regulation, but the presence of supportive government policy environment is highly needed. this environment will determine the degree of freedom to execute islamic teaching in certain societies. unsupportive government policy environment may produce spiritually poor people. for example, although prayer act is not needed, but when government attempts to secularize the people by prohibiting prayer or by not providing sufficient prayer room in government offices, it may create spiritually poor bureaucrats. hence, this variable cannot be ignored. unit of analysis proposed is based on household rather than individual. it is because in islam, the smallest unit of society is household or family. given this reason, hence in this paper, lzs (lembaga zakat selangor)division of household is irfan syauqi beik & laily dwi arsyianti: construction of cibest model 95 adopted with modification. this modification could be observed in the presence of teenagers group. the main reason is due to different characteristic between teenagers and children, especially with respect to emotional maturity and puberty period. hence, the household is divided into six groups: head of the household, working adult, unemployed adult (>18 years old), teenagers between 15-18 years old group, children within 7-14 years old group, and children within ≤ 6 years old group. head of the household is defined as a person who is responsible to fulfill basic needs of the entire household members. the household head could be father, single mother (widow or divorced mother), or other responsible person in the absence of parents, such as elder brother or sister. working adult is defined as a person who is working but still under the responsibility of household head. this could be a working wife, son, daughter, or someone else, such as adopted son who has professional job. unemployed adult, furthermore, is defined as a person who is under the responsibility of household head but not working, such as housewife and unemployed son. teenager refers to a person attending school or school dropout teenage within the age group 15-18 and in puberty period. this group could be included in the category of mukallaf. child within the age group 7-14 is defined as the one who attend school or school dropout child. lastly, child within the age group ≤ 6 refers to the one whose age is less than or equal to 6 years old. these last two groups are not included in the category of mukallaf. from the concept of fulfillment of basic spiritual needs and material needs, we can construct typology of the household in the form of cibest quadrant. there are four typologies of household based on their ability to fulfill basic spiritual needs and basic material needs. it could be observed in the following figure 1. figure 1. cibest quadrant al-iqtishad: vol. vii no. 1, januari 2015 96 based on the figure 1, cibest quadrant is divided into four quadrants. material needs are shown by horizontal axis, while spiritual needs are represented by vertical axis. the (+) sign in the horizontal axis indicates that material needs have been sufficiently fulfilled by the household while (-) sign indicates the opposite, i.e. the household is lack of material needs. similarly, the (+) sign in the vertical axis portrays the ability of household to fulfill their spiritual needs while the (-) sign shows the opposite condition. in the first quadrant, it can be observed that the household is in the positive areas of both material needs and spiritual needs. it means that the household is spiritually and materially rich. hence, this area is called welfare quadrant. the second quadrant is combination of positive spiritual needs and negative material needs. this indicates that the household is spiritually rich but materially poor. this area is called material poverty quadrant. the third quadrant combines positive material needs and negative spiritual needs. the household in this area is found to be materially rich but spiritually poor. this area is called spiritual poverty quadrant. lastly, the fourth quadrant shows the mixture between negative spiritual needs and negative material needs. it means that the household in quadrant is spiritually and materially poor. hence, this area is called absolute poverty quadrant. the cibest quadrant has, at least, two advantages. firstly, it will be able to identify the number of households in each quadrant. secondly, it will assist government agencies to formulate precise development policy, which is needed in order to move households living in poverty quadrants towards the welfare quadrant. this model is based on the cibest quadrant. as has been discussed above, there are four cibest quadrants. cibest model is constructed from these four quadrants. the model is composed from four indices, namely, welfare index, material poverty index, spiritual poverty index, and absolute poverty index. this sub section attempts to formulate these indices mathematically. the first is the welfare index. this index is symbolized by w. formula of the index is as below: ......................................(1) whereby: w = welfare index; 0 < w < 1 w = the number of prosperous households (spiritually and materially rich) n = total number of observed households in this index, we simply calculate the number of households whom are irfan syauqi beik & laily dwi arsyianti: construction of cibest model 97 spiritually and materially rich (w). it will be then divided by the number of total population in order to get welfare index. the value of welfare index is between 0 and 1. it is because of the impossibility of having all population in the same welfare quadrant. the second index is material poverty index. this index is symbolized by pm. formula of pm can be observed below. ........................................(2) whereby: pm = material poverty index; 0 < pm < 1 mp = the number of materially poor but spiritually rich households n = total number of observed households we simply count the number of households living in the second quadrant of cibest in order to get the value of mp. furthermore, the third index is spiritual poverty index (ps). formula of this index is as follow. .......................................(3) whereby: ps = spiritual poverty index; 0 < ps < 1 sp = the number of spiritually poor but materially rich households n = total number of observed households the value of sp could be identified when the number of spiritually poor households living in the third quadrant of cibest is known. lastly, the fourth index is absolute poverty index, which is symbolized by pa. formula of this index is as below. .....................................(4) whereby: pa = absolute poverty index; 0 < pa < 1 ap = the number of absolute poor households (materially and spiritually poor) n = total number of observed households this index requires calculation of the number of absolute poor households (ap) in order to find out the value of pa. nevertheless, the values of w, mp, sp and ap cannot be computed unless we know the standard determining material poor and spiritual poor. regarding these, we will develop material line as the basis to separate materially poor and materially rich households. we will also develop spiritual line as the basis to separate spiritually poor and spiritually rich households. material line (mv) is derived from minimum standard of material needs, which must be fulfilled by a household. mathematical formula of this mv can be al-iqtishad: vol. vii no. 1, januari 2015 98 seen below. mv = ..........................(5) whereby: mv = minimum material needs standard (in terms of rp or local currency) pi = price of goods and services i (in terms of rp or local currency) mi = minimum number of goods and services needed table 1. spiritual needs indicator variables likert scale poverty standard1 2 3 4 5 prayer blocking others to pray against the concept of prayer performing obligatory prayer but not on regular basis always performing obligatory prayer but not in congregational prayer performing congregational prayer for obligatory one and perform recommended prayer average score for spiritually poor household is equal to 3 (sv = 3) fasting blocking others to undertake fasting against the concept of fasting not fully performing obligatory fasting performing only obligatory fasting performing obligatory fasting and recommendable fasting zakat and infak blocking others to pay zakat and infak against the concept of zakat and infak not paying infak at least once in a year paying zakat al-fitrand zakat al-maal paying zakat al-fitr, zakat almaal, and infak household environment forbid ibaadah against implementation of ibaadah consider ibaadahas private matter for household member support execution of ibaadah creating environment which obligates execution of ibaadah government policy environment forbid ibaadah against implementation of ibaadah consider ibaadahas private matter support execution of ibaadah creating environment which obligates execution of ibaadah based on the equation (5) above, a household is called materially poor when income of that household is less than the mv value. otherwise, the household is classified materially rich. however, the mv formula is not sufficient. we need to have spiritual line formula. irfan syauqi beik & laily dwi arsyianti: construction of cibest model 99 spiritual line (sv) is derived from five variables explained in the above sub section. it is the line showing actual spiritual condition of the households. likert scale is used to assist the evaluation of household spiritual condition. table 1 provides the indicators of the five variables of spiritual needs. based on the table 1, the likert scale used is ranging from 1 to 5. the value of 1 shows the worst indicator while that of 5 indicates the best condition. spiritual standard, which separates spiritually poor households and spiritually rich households, is determined to be equal to 3. mathematically, it can be written as follow. sv = 3 .......................................... (6) whereby: sv = absolute line (standard) for spiritual poverty the value of sv is based on three arguments. firstly, for prayer and fasting needs, the value of 3 shows that a person intentionally leaves his obligation in one time, and in other time, he performs his obligations. in islam, leaving our obligation intentionally will be considered as sinful acts, which reduce spiritual quality of a person. secondly, for zakat and infak payment, the value of 3 indicates that a person has no intention to pay infak, even once in a year. although paying infak is not obliged for the poor, but we believe that even the poorest of the poor will also have capability to pay infak. for example, a poor household should be able to pay infak usd 1 per annum. it is a very minimum amount. therefore, this score is made as spiritual line. thirdly, as for household environment and government policy environment, the score of 3 shows separation between worldly affairs and akheeraaffairs. there is no effort to encourage household members to execute ibaadahsince ibaadahis considered as private matter. it means that it is up to the household members whether they want to perform their religious obligation or not. we can also calculate general spiritual condition of households in one country. the formula to compute it is as below. ........................................(7) whereby: ss = average score of actual spiritual condition of the observed households shk = actual spiritual condition of the household k n = total number of observed households if the value of ss > sv, then generally speaking, spiritual condition of al-iqtishad: vol. vii no. 1, januari 2015 100 population in one country is in good condition. in other words, they are spiritually rich. similarly, if the value of ss ≤ sv, the residents of that country are spiritually poor. another important aspect is related on the calculation of shk. it is obtained from the score of all variables observed in the household. therefore, equation (8) below provides the formula to compute shk. .....................(8) whereby: sh = average score of actual spiritual condition of one household hh = actual spiritual score of household member h mh = total number of household members as for hi, its formula is as below: .........................(9) whereby: hi = actual spiritual score of household member i vp = prayer score vf = fasting score vz = score of zakat and infak vh = score of household environment vg = score of government policy environment determination of the number of households in each cibest quadrant is based on combination of results of mv standard and sv standard. there are four probabilities of combination between mv and sv results (vide table 2). table 2. combination of mv and sv values results ≤ mv value >mv value >sv value materially poor and spiritually rich household (quadrant ii) materially and spiritually rich household (quadrant i) ≤ sv value materially and spiritually poor household (quadrant iv) materially rich and spiritually poor household (quadrant iii) when the number of household in each quadrant is known, then calculation of all indices is easy to conduct. combining all values of welfare index, material poverty index, spiritual poverty index and absolute poverty index, we will get total values of those indices to be equal to 1. this is called as the generalized cibest model. irfan syauqi beik & laily dwi arsyianti: construction of cibest model 101 cibest model = 1 = w + pm + ps + pa............................(10) total summation of all indices must be equal to one. these indices could be utilized in mapping the population, in which quadrant that most of the population live. it will assist the government to design policy strategy that can be effectively executed. let us proceed to the following sub-section in order to understand computation of these indices. in this illustration, there are two basic assumptions which must be fulfilled. firstly, the collected data must be primary data. secondly, method of obtaining data must be census or sampling. there are four stages of calculating these indices. firstly, compute the value of mv, while that of sv is already given, i.e. 3. this mv value may be taken from official data of the observed country. in case available official data is on individual basis, we need to transform the data into household basis. for example, if usd 100 is found to be the individual poverty line and 4 person is the average size of a household, then multiplication of usd 100 and 4 person will yield household material line or mv value. secondly, calculate the value of sh and monthly income of the observed households. thirdly, put the observed households in the cibest quadrant whether they are in the first, second, third or fourth quadrant by using table 2 as reference. fourthly, calculate all indices by using available data. in order to understand deeper, let us begin with an islamic state. assume that there exist 10 households living in the country. regarding the mv value, let us assume that the mv standard is equal to usd 150. this mv standard may vary across countries. in our case, this assumption of mv value is needed in order to ease the calculation. as for sv, it is equal to 3. the actual condition of these 10 households is portrayed in the table 3. they have different number of household member. assume that we have conducted survey on them in order to find out their actual spiritual condition as well as their actual income. table 3. actual spiritual and material condition of the observed households household number household member sh household income/ month status cibest quadrant #1 5 members 3.8 usd 270 spiritually and materially rich quadrant i #2 7 members 2.9 usd 500 spiritually poor and materially rich quadrant iii al-iqtishad: vol. vii no. 1, januari 2015 102 #3 3 members 2.4 usd 100 spiritually and materially poor quadrant iv #4 4 members 1.9 usd 50 spiritually and materially poor quadrant iv #5 3 members 4.2 usd 600 spiritually and materially rich quadrant i #6 3 members 4.5 usd 100 spiritually rich and materially poor quadrant ii #7 3 members 3.7 usd 50 spiritually rich and materially poor quadrant ii #8 6 members 2.3 usd 100 spiritually and materially poor quadrant iv #9 7 members 3.6 usd 50 spiritually rich and materially poor quadrant ii #10 3 members 1.5 usd 350 spiritually poor and materially rich quadrant iii given the information provided in the table 3, we can calculate the value of each index. let us start with welfare index. total number of observed households or n is equal to 10, while the value of w is equal to 2. by using equation (1), we will obtain: w = 2/10 = 0.2 interpretation of this index is that there 20 percent of the households in the country whom are spiritually and materially rich. furthermore, the table 3 provides information on the values of mp, sp, and ap, respectively. it is known that mp = 3, sp = 2, and ap = 3. from these data, we can calculate material poverty index, spiritual poverty index and absolute poverty index. they are as below. pm = 3/10 = 0.3 ps = 2/10 = 0.2 pa = 3/10 = 0.3 it can be interpreted that 30 percent of the population live in material poverty, while 20 percent live under spiritual poverty. the remaining 30 percent live in the absolute poverty condition. general cibest model will be equal to: cibest model = w + pm + ps + pa = 0.2 + 0.3 + 0.2 + 0.3 = 1 irfan syauqi beik & laily dwi arsyianti: construction of cibest model 103 this information should be utilized by policy maker in the country. some policy implications may arise from this illustration. in the first priority, islamic government should focus on those living in the fourth quadrant as the primary target of development programs. these programs must be designed not only by targeting material progress but also spiritual progress. second priority is the second quadrant, in which the households are materially poor and spiritually rich. providing financial access and technical assistance may become the solution. third priority is the third quadrant. those who are in this quadrant can be requested to fulfil their religious obligation, such aspaying zakat, in order to purify their spiritual condition. the ultimate objective of the government is on how to move the people living in these quadrants to the first quadrant, which is welfare area. conclusion from the discussion and analysis above, some conclusions can be drawn. firstly, poverty and welfare concepts in the islamic perspective are not only seen from material dimension, but also spiritual dimension. however, various indicators prevailing in many parts of the world including islamic countries seem to focus only on material progress. lack of attention towards spiritual progress is still becoming development issue that needs to be overcome. secondly, attempts to construct various indicators determining level of poverty and prosperity in an islamic countries should be encouraged since these indicators could be used as development signal whether it is success or not. regarding this, this paper has attempted to develop four indices, namely, welfare index, material poverty index, spiritual poverty index, and absolute poverty index. these indices are based on the concept of cibest quadrant, which represents islamic concept on poverty and prosperity. thirdly, the presence of cibest quadrant and cibest model produces policy implications, which are expected to be beneficial for islamic government in providing direction of development. main target of development program is on how to mobilize households to the welfare quadrant, in which households are spiritually and materially rich. however, this study has also limitation. unless the muslim minority living in non-islamic countries attempt to use this model in order to observe their actual poverty and welfare level, cibest model may only be applied in the islamic countries. future research on the possibility to implement islamic concept of poverty and welfare level should be prioritized as an important agenda. al-iqtishad: vol. vii no. 1, januari 2015 104 references ahmed, h. 2004. role of zakat and awqaf in poverty alleviation. jeddah: irtiidb. al ghazali. 1980. ihyaulum al din. beirut: darulfikr. al-qardawi, y. 1993. fiqhuz zakat. jakarta: literaantarnusa. ------------------. 2002. zakat role in curing social and economic malaises. in m. kahf, (ed). economics of zakat. jeddah: irti – idb. alimoeso, s. 2014. utilization of family data in the development of family. paper presented at national zakat conference of baznas, balikpapan. badan amil zakat nasional. 2013. zakah report. jakarta: baznas beik, i.s. 2013. economic role of zakat in reducing poverty and income inequality: a case study in the province of dki jakarta, indonesia. germany: lambert academic publishing. chapra, m.u. 2008. the islamic vision of development in the light of maqasid alshariah. jeddah: irti idb. hafidhuddin, d. 2013. the poverty concept on islamic analysis. paper presented national focus group discussion on islamic poverty line, bogor. islahi, a. a. 1992. economic thought of ibn al-qayyim. in a.m. sadeq & a. ghazali. (ed), readings in islamic economic thought. petaling jaya: longman malaysia. pramanik, a.h. 1993. development and distribution in islam. petaling jaya: pelanduk publications. ---------------------. 1998. poverty from multidimensional perspectives: a micro level study of seven malaysian kampungs (villages). kuala lumpur: cahayapantai rasool, m.s.a, et.al. 2011. using shariah indicators to analyse poverty: experience from malaysian zakat institutions. paper presented at international zakat conference held by world zakat forum, baznas, and ipb, bogor. rehman, a. 1980. economic doctrine of islam. lahore: islamic publications limited. sadeq, a. m. & a. ghazali (eds). 1992. readings in islamic economic thought. petaling jaya: longman malaysia. shirazi, n.s. 1994. an analysis of pakistan’s poverty problem and its alleviation through infaq. (dissertation unpublished). islamabad: international islamic university, islamabad. sudarwati, n. 2009. the povery alleviation program. malang: intimedia suharto, e. 2009. poverty and social insurance in indonesia: the idea about universal social insurance in health. bandung: alfabeta. 104 pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi: studi di ajb bumiputera 1912 divisi syariah salamudin1 abstract. the influence of promotion cost to the increasing of number participants: study at ajb bumiputera 1912 shariah division. the purpose of this study was to analyze the effect of promotion costs to increase in the number of insurance participants. the analysis technique used is linear regression. the results indicate that there are significant show promotion costs to increase in the number of participants who use the benefits of insurance products iqro partner 'of ajb bumiputera 1912 division sharia. in promotional activities the joint life insurance company (ajb) bumiputera 1912 sharia to attract people is through media advertising and sales activities of the agent, of all existing forms of promotion joint life insurance company (ajb) prefers sharia bumiputera 1912 even most promotional activities performed by private sale (personal selling) because it is considered more effective way to increase the amount of insurance participants. keywords: promotion cost, insurance customer, linier regression abstrak. pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi: studi di ajb bumiputera 1912 divisi syariah. tujuan dari penelitian ini ialah untuk menganalisis pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi. teknik analisis yang dipergunakan ialah regresi linier. h a s i l y a n g d i d a p a t m e n u n j u k k a n menunjukan b a h w a t e r d a p a t pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi yang menggunakan manfaat produk mitra iqro' dari ajb bumiputera 1912 divisi syariah. dalam kegiatan promosi perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah untuk menarik minat masyarakat adalah melalui media periklanan dan kegiatan penjualan para agen, dari semua bentuk promosi yang ada perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah lebih mengutamakan bahkan sebagian besar kegiatan promosi dilakukan oleh penjualan pribadi (personal selling) karena cara ini dipandang lebih efektif dalam meningkatkan jumlah peserta asuransi. kata kunci: biaya promosi, peserta asuransi, regresi linier 1 naskah diterima: 12 oktober 2013, direvisi: 12 nopember 2013, disetujui: 20 nopember 2013 home credit, graha paramita, jl. denpasar raya blok d2, jakarta. email:salam_lagi@yahoo.com 105 pendahuluan asuransi syariah telah hadir di indonesia ditandai dengan berdirinya asuransi takaful umum pada 1994. asuransi syariah memiliki dua jenis asuransi yaitu asuransi jiwa syariah dan asuransi umum syariah. kedua jenis produk asuransi tersebut memiliki produk yang beraneka ragam. dalam pengelolaannya, perusahaan asuransi syariah bertindak sebagai pengelola yang harus bersifat amanah dan cerdas supaya hasil yang diperoleh menguntungkan bagi semua pihak. dana dari peserta asuransi dikelola dengan hati-hati dan cermat agar dapat memenuhi kebutuhan asuransi sesama peserta yang mengalami musibah dan hasil investasi yang optimal. dasar hukum yang berkaitan dengan asuransi syariah yaitu fatwa majelis ulama indonesia. majelis ulama indonesia telah mengeluarkan fatwa untuk dijadikan pedoman umum bagi perusahaan asuransi syariah di indonesia yang tertuang dalam himpunan fatwa dewan syariah nasional mui edisi revisi tahun 2006 no. 21 /dsn-mui/x/2001 tentang pedoman umum asuransi syariah. dari tahun ke tahun bisnis asuransi syariah semakin diminati. sejak adanya keputusan menteri keuangan republik indonesia nomor 426/kmk.06/2003 tentang perjanjian usaha dan kelembagaan perusahaan asuransi dan perusahaan reasuransi. peraturan ini yang dapat dijadikan dasar oleh perusahaan asuransi konvensional untuk mendirikan perusahaan asuransi syariah. sebagaimana ketentuan dalam pasal 3 yang menyebutkan bahwa "setiap pihak dapat melakukan usaha asuransi atau usaha reasuransi berdasarkan prinsip syariah" dalam perkembangannya asuransi syariah menghadapi kendala, seperti banyaknya pesaing dari sesama perusahaan asuransi syariah dan bank syariah yang menyediakan produk asuransi. masyarakat muslim sendiri banyak yang belum mengetahui apa itu asuransi syariah dan asuransi syariah belum dianggap menjadi sebuah kebutuhan untuk mengelola resiko yang akan terjadi di masa yang akan datang. hal ini sudah menjadi pekerjaan rumah dan ini sebagai tantangan yang harus dihadapi dan dipecahkan bagi industri asuransi syariah dalam usaha meningkatkan pendapatan jumlah nasabah. para pengusaha juga dituntut tidak hanya menguasai dalam membuat produk tetapi juga dituntut untuk menyusun strategi yang baik untuk bisa mengomunikasikan produknya sehingga bisa dikenal oleh masyarakat dan bisa mencapai target yang direncanakan. promosi adalah salah satu cara yang dapat digunakan untuk dapat memperkenalkan perusahaan, produk dan jasa asuransi syariah kepada masyarakat umum. dengan promosi masyarakat dapat mengetahui dan memiliki 106 minat untuk membeli manfaat dari produk yang ditawarkan oleh perusahaan. promosi adalah kegiatan yang ditujukan untuk mempengaruhi konsumen agar mereka mengenal produk atau jasa yang ditawarkan oleh suatu perusahaan kepada masyarakat. dalam teorinya pemasaran mempunyai empat prinsip dasar yang dikenal dengan sebutan marketing mix atau 4p, yang terdiri dari price, product, place, promotion. salah satu strategi pemasaran yang efektif yang harus dijalankan oleh perusahaan asuransi adalah strategi promosi. promosi adalah mengembangkan dan menyebarluaskan komunikasi persuasif berkenaan dengan suatu penawaran. begitu pula yang dilakukan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah, perusahaan harus bisa menentukan media apa yang cocok dan efektif sebagai alat untuk promosi serta dituntut harus cermat dalam menentukan berapa besaran biaya yang harus dikeluarkan untuk promosi, sehingga masyarakat tertarik unuk menggunakan manfaat dari salah satu produk perusahaan, salah satunya adalah produk asuransi mitra iqro'. berdasarkan data yang didapat dari ajb bumiputera syariah pada data biaya promosi dan jumlah nasabah terdapat sesuatu yang menarik. pada teorinya jika biaya promosi naik maka jumlah nasabah akan naik, dan sebaliknya apabila biaya promosi turun maka jumlah nasabah akan mengalami penurunan. tetapi terdapat periode dimana biaya promosi turun namun jumlah peserta asuransi meningkat, atau sebaliknya. atas dasar permasalahan diatas maka penulis tertarik untuk melakukan penelitian tentang pengaruh biaya promosi terhadap jumlah peserta asuransi tinjauan pustaka setiap perusahaan berusaha mempromosikan seluruh produk dan jasa yang dimiliki baik langsung maupun tidak langsung, karena tanpa promosi jangan diharapkan nasabah dapat mengenal produk dan jasa perusahaan tersebut. promosi merupakan arus informasi satu arah yang dibuat untuk mengarahkan seseorang atau organisasi kepada tindakan yang menciptakan pertukaran dalam pemasaran (swastha, 1999). promosi adalah sarana paling ampuh dalam menarik dan mempertahankan pemasaran modern, tidak hanya memerlukan pengembangan produk atau jasa yang baik, penetapan harga atau setiap tarif jasa yang menarik serta lancarnya arus barang atau jasa menuju pelanggan harus menjadi prioritas utama. promosi merupakan salah satu faktor penentu keberhasilan suatu program pemasaran. walaupun kualitas suatu produk sangat baik, hila konsumen belum pernah mendengar dan tidak yakin kalau produk itu akan berguna bagi mereka, maka mereka tidak akan pernah membelinya (tjiptono, 1997). 107 kotler mendefinisikan promosi "semua kegiatan yang dilakukan perusahaan untuk mengomunikasikan dan mempromosikan produknya kepada pasar sasaran” (suryadi, 2006). promosi juga merupakan semua jenis kegiatan pemasaran yang ditujukan untuk mendorong permintaan. promosi adalah pengomunikasian informasi antara penjual dan pembeli potensial atau pihak-pihak lainnya dalarn saluran distribusi guna mempengaruhi sikap dan prilakunya (simamora, 2000). promosi merupakan salah satu variabel dalam bauran pemasaran yang sangat penting dilaksanakan oleh perusahaan dalam memasarkan produk dan jasa. kegiatan promosi bukan saja berfungsi sebagai alat komunikasi antara perusahaan dengan konsumen, melainkan juga sebagai alat untuk mempengaruhi konsumen dalam kegiatan pembelian atau penggunaan jasa sesuai dengan keinginan dan kebutuhannya. hal ini dilakukan dengan menggunakan alat promosi. perangkat promosi yang dikenal mencakup aktivitas periklanan (advertising), penjualan pribadi (personal selling), promosi penjualan (sales promotion), hubungan masyarakat (public relation). periklanan juga merupakan salah satu bentuk dari komunikasi impersonal (impersonal comunication) yang digunakan oleh perusahaan baik jasa atau barang. peranan periklanan dalam pemasaran jasa adalah untuk membangun kesadaran (awareness) terhadap keberadaan jasa yang ditawarkan, untuk menambah pengetahuan komsumen tentang jasa yang ditawarkan, untuk membujuk calon customer, membeli atau menggunakan jasa tersebut, dan untuk membedakan diri perusahaan satu dengan perusahaan lainnya. pada dasarnya tujuan pengiklanan adalah komunikasi yang efektif dalam rangka mengubah sikap dan prilaku konsumen. pada bisnis jasa perasuransian misalnya, sasaran pengiklanan adalah memperkenalkan produk baru perusahaan asuransi syariah, menarik kelompok pengguna jasa baru, membangun atau memperbaiki citra perusahaan dan menjelaskan keadaan perusahaan secara umum. untuk itu ada beberapa pilihan media yang dapat digunakan untuk melakukan pengiklanan, antara lain melalui: surat kabar, majalah, radio, televisi, papan reklame (outdoor advertising), internet dan jenis media perilanan lainya promosi penjualan adalah intensif yang cepat atau lambat menggerakan orang untuk membeli atau mendapatkan, umumnya dalam jangka pendek, baik dalam bentuk uang maupun barang, sebuah produk atau jasa. rencana promosi penjualan digunakan oleh bermacam-macam organisasi termasuk pabrik, distribusi, pengecer dan asosiasi perdagangan. promosi penjualan dapat diarahkan pada tiga golongan utama: pelanggan, dunia perdagangan dan pegawai, setiap golongan mempunyai intensif promosi sendiri 108 untuk membangkitkan tanggapan dan tindakan. masing-masing harus dirancang khusus untuk memastikan bahwa investasi uang, manajemen dan sumber lain menghasilkan usaha ekstern yang mendatangkan laba. dalam dunia penjualan pribadi secara umum dilakukan oleh seluruh pegawai perusahaan, mulai dari cleaning service, satpam, sampai dengan pejabat perusahaan. secara khusus kegiatan penjualan pribadi (personal selling) dapat diwakili oleh account officer dan financial advisor. namun personal selling juga dapat dilakukan dengan merekrut tenaga-tenaga wiraniaga (salesman atau sales girl) untuk melakukan penjualan door to door. hubungan masyarakat yaitu membina hubungan baik dengan berbagai kelompok masyarakat yang berhubungan dengan perusahaan melalui publisitas yang mendukung, membina citra perusahaan yang baik, dan menangani atau menangkal desas-desus, cerita, dan peristiwa yang dapat merugikan perusahaan. dasar yang lebih sehat untuk menetapkan anggaran biaya promosi adalah menetapkan tugas-tugas apa yang harus dilaksanakan dalam program promosi dan kemudian menetapkan berapa biaya promosinya. berbagai variasi dari metode ini digunakan sekarang. metode tugas memaksa untuk menggambarkan realitis tujuan program promosi dan penyediaan dana promosi dibangun dengan menjumlah biaya tugas-tugas promosi satu persatu, yang diperlukan untuk melaksanakan tujuan memasuki daerah pemasaran baru. setelah menentukan alat promosi apa yang akan digunakan dan melaksanakan rencana promosi, perusahaan harus mengukur dampaknya pada target audience, apakah mereka mengenal atau mengingat pesan-pesan yang telah diberikan. berapa kali melihat pesan tersebut, apa saja yang masih diingat dan bagaimana sikap mereka terhadap produk atau jasa tersebut. penjualan dapat dianggarkan dengan menganalisis produk, wilayah, pelanggan dan tentu saja pola musiman perkiraan penjualan. anggaran harus dikompilasi oleh manajer penjualan. ia akan meminta pendapat para wiraniaga dan menggunakan teknik perarnalan statistik dalam riset pemasaran. misalnya setelah perusahaan melakukan riset pasaran dan perusahaan telah menentukan media apa saja media yang cocok dan efektif untuk promosi, ternyata pada bulan juli media promosi yang efektif dan cocok yang harus digunakan adalah tv, surat kabar dan personal selling. dari data tersebut, barulah perusahaan menentukan anggaran biaya promosi sesuai dengan kebutukan media promosi tersebut. mengingat manajemen penjualan merupakan fungsi yang terpenting dalam menentukan strategi pemasaran, penting sekali bagi seorang manajer penjualan untuk sedikit menyadari taktik pemasaran lain, sehingga ia dapat berkontribusi dan 109 mengarnbil manfaat dari berbagai taktik itu. dalam hal ini salah satunya adalah bagian promosi. manajer penjualan harus menginteraksikan kegiatannya dengan upaya pemasaran yang lain, dengan demikian biaya pemasaran dimaksimalkan semaksimal muangkin sehingga akan menghasilkan pendapatan peserta asuransi yang maksimal. pada prinsipnya dalam islam mempromosikan suatu barang diperbolehkan. hanya saja dalam promosi tersebut mengedepankan faktor kejujuran dan menjauhi penipuan. konsep promosi yang digunakan oleh rasulullah saw. ketika menjual, beliau tidak pernah melebih-lebihkan produk dengan maksud untuk memikat pembeli. rasulullah saw. menyatakan dengan tegas bahwa seorang penjual harus menjauhi diri dari sumpah-sumpah yang berlebihan dalam menjual suatu barang. rasulullah saw pun tidak pernah melakukan sumpah untuk melariskan dangangannya. sumpah yang berlebihan dalam promosi telah sejak dulu dianjurkan untuk dijauhi. metode penelitian ini merupakan jenis penelitian kuantitatif, yakni penelitian yang berupaya menarik faktor-faktor dan informasi-informasi yang ditemui secara angka dengan melihat inti objek penelitian berdasarkan tingkat homogenitas yang terungkap dalam data lapangan yang didapat secara akurat, tepat, dimana teknik yang akan digunakan adalah analisis regresi linier sederhana. dalam penelitian ini menggunakan analisa kualitatif deskriptif yang bertujuan untuk mengolah dan menafsirkan data yang diperoleh berdasarkan temuan di lapangan, sehingga dapat memberikan gambaran mengenai keadaan yang diteliti dan menjelaskan gambaran mengenai efektifitas kegiatan promosi yang dilaksanakan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah dalam meningkatkan jumlah peserta asuransi. dalam penelitian ini juga menggunakan metode analaisa kuantitatif statistik yang merupakan metode analisa data yang dilakukan untuk menjelaskan metode analisa regresi sederhana tentang pengaruh besaran biaya promosi terhadap peningkatan jumlah peserta asuransi. alasan menggunakan regresi linier sederhana adalah untuk mendapatkan tingkat akurasi dan untuk mengetahui apakah terdapat pengaruh yang signifikan. analisa regresi linier adalah hubungan secara linier antara satu variabel independent (xt) yaitu biaya promosi dengan variabel dependen (yt) yaitu jumlah peserta asuransi. analisis ini bertujuan untuk memprediksi nilai dari variabel dependent apabila nilai veriabel independent mengalami kenaikan atau penurunan, dan untuk mengetahui arah hubungan antara variabel dependen terhadap variabel independent apakah positif atau negatif. 110 suatu perhitungan statistik disebut signifikan secara statistik apabila nilai uji statistiknya berada dalam daerah kritis (daerah dimana ho ditolak). sebaliknya, disebut tidak signifikan bila nilai uji statistiknya berada dalam daerah dimana ho diterima. dalam penelitian analisis regresi ini terdapat tiga jenis kriteria pengujian yaitu: uji koefisien determinasi, uji t, dan uji f. pembahasan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah setiap bulannya telah menganggarkan biaya untuk promosi, hal ini dilakukan ole perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah guna menunjukan keberadaan dan konsistensi perusahaan kepada masyarakat bahwa perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah adalah salah satu asuransi syariah yang kompeten dan patut diperhitungkan oleh masyarakat. promosi harus dilakukan secara benar guna tercapainya tujuan yang telah direncanakan. jika promosi yang dilakukan tidak tepat maka hal itu hanya mengeluarkan biaya yang besar tetapi tidak mendapatkan hasil yang maksimal. untuk itu maka penerapannya harus benar-benar direncanakan serta dikelola sedemikian rupa guna mencapai target yang diharapkan. jumlah dana yang tersedia merupakan faktor penting yang mempengaruhi promotion mix, perusahaan yang memiliki anggaran biaya yang lebih besar dan konsisten untuk promosi, kegiatan promosinya akan lebih efektif. dari variabel-variabel promotion mix yang ada, promosi melalui personal selling yang menjadi prioritas utama dalam kegiatan promosi yang dilakukan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah. pelaksanaan suatu kegiatan promosi memerlukan anggaran atau dana yang m emadai. begitu juga dengan yang dilakukan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah, untuk melaksanakan kegiatan promosinya tidak terlepas dari anggaran yang dikeluarkan perbulan agar promosi tersebut dapat berjalan dengan lancar dan sesuai rencana sehingga mempero1eh hasil yang maksimal. untuk biaya promosi pada perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah sudah ada anggaran khusus setiap bulannya yang diarnbil dari dana operasional perusahaan. jumlah biaya promosi yang dikeluarkan oleh perusahaan asuransi bumiputera 1912 syariah sangat fluktuatif. data biaya promosi dimulai dari bulan januari 2009 sampai bulan september 2011. perkembangan biaya promosi perusahaan asuransi bumiputera 1912 syariah dari bulan januari 2009 hingga bulan september 2011 terlihat adanya peningkatan dan penurunan. grafik menunjukan bahwa pada bulan agustus dan november 2009 perusahaan asuransi bumiputera 1912 syariah mengalami penurunan biaya promosi sangat drastis sebesar -64% sampai -81%. untuk bulan januari 2010 sampai bulan september 2011 terlihat bahwa perkembangan 111 perusahaan asuransi bumiputera 1912 syariah melaju pesat dengan semakin meningkatnya angka pengeluaran biaya promosi setiap bulannya, pengeluaran biaya promosi terbesar terjadi pada bulan maret 2011 dan bulan september 2011 yaitu 768,3% dan 281%. jumlah kenaikan dan penurunan peserta asuransi di perusahaan asuransi bumiputera 1912 syariah yang menggunakan manfaat produk mitra iqro' pada periode januari 2009 sampai september 2011 juga mengalami fluktuatif. di bulan pertama yaitu januari 2009 jumlah peserta yang diperoleh sebesar 1.336 orang. pada bulan januari 2009 sampai bulan mei 2010 mengalami stabilitas perolehan jumlah peserta asuransi, namun pada kurun waktu itu juga perusahaan asuransi bumiputera 1912 syariah memperoleh peserta paling sedikit yaitu hanya 1028 orang. walaupun pada bulan mei 2010 sampai september 2011 perusahaan asuransi bumiputera 1912 syariah mengalami mengalami fluktuasi perolehan jumlah peserta asuransi peningkatan jumlah peserta asuransi yang menggunakan manfaat produk mitra iqro' secara signifikan terjadi pada bulan juni 2010 yaitu sebanyak 4960 dan bulan september 2011 yaitu sebanyak 5.938 orang. dan perolehan jumlah peserta asuransi yang paling banyak terjadi pada bulan september 2011 yaitu sebesar 5.938 orang atau 417,2%. nilai koefisien regresi (xt) biaya promosi sebesar 2.522, menyatakan bahwa setiap penambahan (karena tanda positif +) sebesar 1 juta rupiah untuk promosi maka akan meningkatkan jumlah peserta asuransi sebesar 2,522. artinya terjadi hubungan yang positif antara biaya promosi dengan jumlah peserta asuransi, semakin meningkat jumlah biaya promosi yang dikeluarkan maka akan semakin meningkatkan jumlah peserta asuransi. dan sebaliknya apabila setiap pengurangan (karena tanda negatif) sebesar 1 juta rupiah untuk promosi maka jumlah peserta asuransi akan mengalami penurunan sebesar -2,522. artinya terjadi hubungan yang negatif antara biaya promosi dengan jumlah peserta asuransi, apabila biaya untuk promosi mengalami penurunan maka jumlah peserta akan ikut mengalami penurunan. dapat diketahui bahwa nilai r sebesar 0,896 menunjukan bahwa korelasi antara jumlah peserta asuransi dengan variabel independen yaitu biaya promosi mempunyai hubungan yang sangat kuat. artinya jika variabel independent biaya promosi ditingkatkan, maka jumlah peserta asuransi akan ikut meningkat. nilai adjusted r square atau koefisien determinasi yang disesuaikan sebesar 0,797 adalah sebuah statistik yang berusaha untuk mengoreksi koefisien determinasi untuk mendekati ketepatan model dalam populasi. pada penelitian ini dapat disimpulkan bahwa variabel independent (biaya promosi) mampu menjelaskan variabel dependen (peserta asuransi) 112 sebesar 79,7% sedangkan sisanya 20,3% dijelaskan oleh faktor lain di luar regresi ini. terlihat bahwa thitung untuk variabel biaya promosi (xt) adalah 11.624 oleh karena thitung > ttabel (11.264>2.037), maka ho ditolak, sehingga dapat disimpulkan bahwa biaya promosi berpengaruh terhadap peningkatan jumlah peserta asuransi. berdasarkan hasil perhitungan didapat fhitung sebesar 126.879 dengan tingkat signifikansi atau tingkat keyakinan 95%, a=5%, df 1(dengan variabel-1) dan df 2 (n-k-1 ) atau 33-1-1=31, didapat nilai f tabel=4.160. karena nilai f hitung lebih besar dari f tabel (126.879>4.160) maka ho ditolak dan ha diterima, ini menunjukan bahwa secara bersama-sama variabel independen (biaya promosi) berpengaruh terhadap variabel dependen yaitu jumlah peserta asuransi dalam teori ekonomi,permintaan adalah keinginan konsumen dalarn membeli suatu barang atau jasa pada berbagai tingkat harga selama priode waktu tertentu. faktor-faktor yang harus diperharikan antara lain adalah harga barang itu sendiri, harga barang lain atau saingan, selera atau kebiasaan, perkiraan harga dimasa mendatang, distribusi pendapatan atau usaha produsen meningkatkan penjualan (promosi). fungsi permintaan adalah permintaan yang dinyatakan dengan hubungan matematis dengan faktor yang mempengaruhinya. perubahan permintaan terjadi karena dua faktor yaitu: perubahan harga dan perubahan faktor non harga, misalnya pendapatan, selera, usaha produsen dan sebagainya. dapat dinyatakan: perbandingan lurus antara permintaan terhadap harga yaitu apabila permintaan naik, maka harga relatif akan naik, dan sebaliknya hila permintaan turun, maka relatif harga akan turun. perbandingan lurus juga terjadi pada hasil penelitian yang penulis lakukan yaitu perbandingan lurus antara biaya yang dikeluarkan untuk promosi terhadap peningkatan jumlah peserta asuransi, apabila biaya promosi mengalami kenaikan maka jumlah peserta asuransi akan relatif bertambah, dan sebaliknya apabila biaya promosi mengalami penurunan maka peserta asuransi juga relatif akan mengalami penurunan. artinya terdapat adanya pengaruh yang signifikan antara besaran biaya promosi dengan pendapatan jumlah peserta asuransi. dapat diinterprestasikan bahwa salah satu faktor yang berpengaruh terhadap peningkatan jumlah peserta asuransi adalah jumlah besaran biaya promosi. dalam hal ini dapat dilihat bahwa besar dan kecilnya biaya promosi dapat mempengaruhi jumlah peserta asuransi. 113 simpulan kegiatan promosi perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah secara umum dilakukan oleh seluruh pegawai perusahaan, mulai dari cleaning service, satpam, sampai dengan pejabat perusahaan. secara khusus dan sebagian besar kegiatan promosi menggunakan jasa penjualan pribadi (personal selling) atau agen. bentuk promosi melalui personal selling lebih diutamakan karena sebagai tuntutan pasar indonesia dan dipandang lebih efektif, maksudnya langsung tepat sasaran serta mudah dikenal oleh masyarakat. dengan menggunakan bentuk promosi seperti ini agen dapat langsung bertatap muka dengan nasabah atau calon nasabah, sehingga dapat langsung menjelaskan tentang produk perusahaan kepada nasabah secara terperinci dan memahami dengan benar kebutuhan pembeli. media yang paling efektif untuk bisnis asuransi adalah penjualan pribadi yang dilakukan oleh agen. media periklanan yang digunakan perusahaan asuransi jiwa bersarna (ajb) bumiputera 1912 syariah adalah media massa, separti televisi. perusahaan dalarn menyusun strategi promosinya menetapkan bahwa iklan tidak menjadi prioritas utama dalam promosi. dari hasil wawancara dengan bapak syafwan selaku staf akutansi di perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah mengungkapkan bahwa hal itu karena untuk produk jasa seperti asuransi merupakan barang atau jasa yang belum menjadi kebutuhan dan kurang dicari oleh orang, iklan bukan cara yang efektif untuk mempromosikan jasa tersebut. asuransi jiwa bersama (ajb) bumiputera 1912 syariah memilih iklan sebagai salah satu dari sebagian kecil alat promosinya dengan maksud agar perusahaan dapat menginformasikan produkproduk yang ditawarkan kepada masyarakat luas. penggunaan majalah sebagai media periklanan juga dimanfaatkan oleh perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah. pada umumnya majalah memiliki segmen pembaca yang berasal dari kelas menengah ke atas. latar belakang para pembaca tersebut umumnya adalah kalangan profesi, bisnis dan politik. dengan melihat jatar belakang para pembaca diharapkan media ini dapat meningkatkan penjualan produk produk perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah. media elektronik (internet). iklan luar ruangan (papan nama perusabaan, spanduk). publisitas : koran, payung, kaos, kalender dan lain lain. distribusi yang digunakan oleh perusahaan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah adalah distribusi secara langsung biasa dari pihak perusahaan yaitu agen atau supervisor (unit manajer) mendatangi calon nasabah yang akan diprospek. kegiatan promosi yang dilakukan perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah belum secara mandiri dan besar-besaran 114 (masih menginduk dengan kantor pusat konvesional). dalam kegiatan promosi perusahaau asuransi jiwa bersama (ajb) bumiputera 1912 syariah untuk menarik minat masyarakat adalah melalui media periklauan dan kegiatan penjualan para agen, dari semua bentuk promosi yang ada perusahaan asuransi jiwa bersama (ajb) bumiputera 1912 syariah lebih mengutamakan bahkan sebagian besar kegiatan promosi dilakukan oleh penjualan pribadi (personal selling) karena cara ini dipandang lebih efektif dalam meningkatkan jumlah peserta asuransi. berdasarkan hasil analisa statistik nilai r menunjukan hubungan biaya promosi dengan peningkatan jumlah peserta asuransi yang menggunakan manfaat produk mitra iqro' bahwa adanya hubungan yang sangat kuat dan positif. ini dapat dibuktikan dari nilai koefisien korelasi (r) 0,896 yang diperkuat dengan nilai adjusted r square atau koefisien determinasi yang disesuaikan sebesar 0,797 atau menunjukan angka 79,7% artinya variansi jumlah peserta asuransi dipengaruhi oleh variabel biaya promosi, sedangkan sisanya 20,3% dipengaruhi oleh faktor lain yang tidak dijelaskan dalam variabel penelitian ini. berdasarkan pengujian hipotesis koefisien regresi didapat nilai thitung 11.264 lebih besar dari nilai t tabel yaitu 2.037 artinya ho ditolak, berarti perubahan variabel (xt) yaitu biaya promosi mempengaruhi perubahan variabel (yt) yaitu jumlah peserta asuransi, berarti ada pengaruh biaya promosi terhadap peningkatan jumlah peserta asuransi. nilai probabilitas pada kolom sig adalah 0,000 atau probabilitas dibawah 0,05 (0,000<0,05) dengan demikian ho ditolak, yang artinya biaya promosi berpengaruh secara signifikan terhadap peningkatan jumlah peserta asuransi. artinya apabila biaya promosi bertambah maka pendapatan jumlah peserta asuransi akan ikut bertambah. dan sebaliknya apabila biaya promosi mengalami penurunan maka jumlah peserta asuransi juga akan mengalami penurunan. pustaka acuan al-arif, m. n. r. 2 0 1 0 . dasar-dasar pemasaran bank syariah. bandung: alfabeta amrin, abdullah. 2006. asuransi syariah, keberadaan dan kelebihannya di tengah asuransi konvensional. jakarta: pt. elex media komputindo amstrong, gary dan p. kotler. 1997. prinsip-prinsip pemasaran. jakarta: erlangga assauri, sofyan. 2004. manajemen pemasaran; dasar konsep dan strategi. jakarta: pt. raja grafindo persada ari konto, suharsimi. 2002. prosedur penelitian suatu pendekatan praktek. jakarta: rineka cipta chandra, g. 2002. strategi dan program pemasaran. yogyakarta: penerbit andi gitosudarmo, indroyo. 1994. manajemen pemasaran. yogyakarta: bpfe yogyakarta irwan dan b. swasta. 1999. manajemen pemasaran modern.yogyakarta: liberty keegan, w. j. 2003. manajemen pemasaran global. jakarta: pt.indeks 115 kotler, p. 1997. manajemen pemasaran: analisis perencanaan implementasi dan kontrol. jakarta: prehallindo lupiyoadi, r. 2001. manajemen pemasaran jasa: teori dan praktek. jakarta: salemba empat manulang, m. 2004. pedoman taknis menulis skripsi. yogyakarta: andi stanton, w. j. 1993. prinsip-prinsip pemasaran. jakarta: erlangga sudibyo, h, dkk. 2007. strategi handal dan jitu praktik bisnis nabi muhammad saw. bandung: madania prima susanto, ab dan p. kotler. 2 0 0 1 . manajemen pemasaran di indonesia. jilid 2. jakarta: salemba empat suryadi, d. 2006. promosi efektif menggugah minat dan loyalitas pelanggan. yogyakarta: tugu publiser swukotjo, ibnu dan b. swasta. 1998. azas-azas marketing. yogyakarta:erlangga sula, m. s. 2 0 0 4 . asuransi syariah (life and general) konsep dan sistem operasional. jakarta: gema insani press simamora, h. 2000. manajemen pemasaran internasional. jakarta: salemba empat tjiptono, f. 1997. strategi pemasaran. yogyakarta: andi press umar, h. 2004. metode penelitian untuk skripsi dan tesis bisnis. jakarta: pt rajagrafindo persada irfan syauqi beik: pengaruh indeks harga saham syariah internasional 155 pengaruh indeks harga saham syariah internasional dan variabel makro ekonomi terhadap jakarta islamic index irfan syauqi beik & sri wulan fatmawati1 abstract: the impact of international islamic stock market and macroeconomic variables towards jakarta islamic index (jii). this research atempts to examine the impact of international islamic stock market and macroeconomic variables towards jakarta islamic index (jii). by using vector error correction model (vecm) as the method, this research utilizes time series monthly data from january 2007 to october 2012. the finding shows that jii is positively significantly affected by djieu, djimy and ipi, and it is negatively significantly affected by djijp, imus, m2 and sbis.jii reaches its stability condition fastest when dealing with money supply shock. this study recommends: strengthening coordination between monetary authority and financial services authority, strengthening real sector of the economy, minimizing the influence of interest rate towards islamic financial market, and developing early warning system to anticipate financial crises. keywords: macroeconomic variables, vecm, islamic stock, jii abstrak: pengaruh indeks harga saham syariah internasional dan variabel makroekonomi terhadap jakarta islamic indeks. penelitian ini bertujuan untuk menguji pengaruh indeks harga saham syariah internasional dan variabel makroekonomi terhadap jakarta islamic index (jii). penelitian ini menggunakan metode vector error correction model (vecm), dengan data runtut waktu bulanan dari januari 2007 sampai dengan oktober 2012. hasil studi menunjukkan bahwa jii dipengaruhi secara positif dan signifikan oleh djieu, djimy dan ipi, serta dipengaruhi secara negatif dan signifikan oleh djijp, imus, m2 dan sbis. jii paling cepat mencapai kestabilan ketika merespon guncangan terhadap jumlah uang yang beredar (m2). penelitian ini merekomendasikan penguatan koordinasi otoritas moneter dengan otoritas jasa keuangan, penguatan sektor riil, penguatan upaya meminimalisir pengaruh bunga terhadap pasar keuangan syariah, dan perlu dibangunnya sistem peringatan dini untuk mengantisipasi krisis keuangan. kata kunci: variabel makroekonomi, vecm, saham syariah, jii 1 diterima: 25 pebruari 2014, direvisi: 25 maret 2014, disetujui: 16 april 2014 fakultas ekonomi dan manajemen ipb, jl. raya darmaga kampus ipb darmaga, bogor, email: irfan_beik@ipb.ac.id; pusat studi bisnis dan ekonomi syariah (cibest) ipb, jl. raya darmaga kampus ipb darmaga, bogor. email: fatmawati.sriwulan@yahoo.co.id al-iqtishad: vol. vi no. 2, juli 2014 156 pendahuluan pasar modal memiliki peranan yang sangat penting dalam perekonomian global saat ini. sebagai negara yang pasar keuangannya tengah berkembang, pasar modal telah menjadi bagian penting dalam perekonomian indonesia, baik sebagai tempat untuk menghimpun dana, tempat alternatif investasi melalui penjualan saham dan penerbitan obligasi, maupun sebagai indikator stabilitas kondisi makroekonomi. investasi di indonesia saat ini sedang mengalami perkembangan yang cukup baik. hal ini ditandai dengan semakin baiknya kinerja indeks harga saham gabungan (ihsg), lq45, jakarta islamic index (jii), dan indeks saham syariah indonesia (issi), yang merepresentasikan kondisi aktual pasar modal syariah nasional. perkembangan pasar modal ini diharapkan mampu mendongkrak kinerja perekonomian nasional, sekaligus mengokohkan fundamental perekonomian dalam menghadapi kondisi dunia yang masih belum pulih benar akibat krisis keuangan global yang terjadi pada tahun 2008 lalu. munculnya produk syariah di pasar modal pada mulanya berawal dari keinginan untuk mengakomodasi kebutuhan umat islam yang ingin melakukan investasi dengan prinsip syariah. hal inilah yang kemudian melatarbelakangi pt danareksa investment management untuk meluncurkan danareksa syariah pada tanggal 3 juli 1997. kemudian pada tanggal 3 juli 2000, bursa efek indonesia bekerjasama dengan pt danareksa investment management meluncurkan jakarta islamic index (jii). selanjutnya, produk investasi syariah di pasar modal terus berkembang dengan kehadiran instrumen obligasi syariah (sukuk), reksadana syariah, dan daftar efek syariah (des) yang kemudian bertransformasi menjadi indeks saham syariah indonesia (issi). bahkan jumlah saham syariah yang terdaftar di bursa terus mengalami peningkatan yang signifikan, yaitu hampir dua kali lipat dalam kurun waktu lima tahun, mulai 2007 hingga 2012, sebagaimana ditunjukkan oleh tabel 1. tabel 1. perkembangan jumlah saham syariah tahun periode jumlah saham syariah 2007 i 174 ii 183 2008 i 191 ii 195 2009 i 198 irfan syauqi beik: pengaruh indeks harga saham syariah internasional 157 ii 199 2010 i 210 ii 228 2011 i 234 ii 253 2012 i 304 ii 321 sumber: bapepam lk (sekarang otoritas jasa keuangan) tabel 1 juga mengindikasikan bahwa keberadaan saham syariah sangat diminati oleh para investor. sedangkan nilai kapitalisasi saham syariah yang ditunjukkan oleh jakarta islamic index mengalami fluktuasi pada periode yang sama, dimana pada tahun 2008 sempat mengalami penurunan sebagai dampak dari subprime crisis di amerika serikat. namun, sebagaimana ditunjukkan oleh tabel 2, nilai kapitalisasi saham syariah ini kembali menunjukkan tren kenaikan secara positif mulai tahun 2009 hingga 2012. ini menunjukkan bahwa kinerja jakarta islamic index mengalami peningkatan yang cukup baik. tabel 2 tabel kapitalisasi saham syariah tahun jakarta islamic index (rp miliar) 2007 1.105.897,25 2008 428.525,74 2009 937.919,08 2010 1.134.632,00 2011 1.414.983,81 2012 1.671.004,23 sumber: bapepam lk (sekarang otoritas jasa keuangan) jika dilihat dari perspektif sejarah, negara yang pertama kali mengembangkan indeks syariah dan equity fund seperti reksadana adalah amerika serikat. hal ini ditandai dengan peluncuranthe north american islamic trust sebagai equity fund pertama di dunia pada tahun 1986 oleh the amana fund. selanjutnya pada bulan februari 1999, dow jones meluncurkan indeks pasar syariah yang pertama, yaitudow jones islamic market index (djimi) merupakan bagian dari kelompok indeks-indeks global dow jones (dow jones global index atau djgi). hal ini membuktikan al-iqtishad: vol. vi no. 2, juli 2014 158 bahwa amerika serikat adalah negara yang pertama kali melaksanakan kegiatan pasar modal syariahdi dunia (huda dan nasution, 2008). ini juga membuktikan bahwa konsep ekonomi syariah adalah konsep yang berlaku universal dan diterima oleh berbagai kalangan. dow jones islamic market index ini meliputi saham-saham dari 34 negara, serta mencakup 10 sektor ekonomi, 18 sektor pasar, 51 kelompok industri dan 89 subkelompok industri. beberapa negara yang termasuk ke dalam dow jones islamic market index diantaranya adalah dow jones islamic market index europe (djieu), dow jones islamic market index malaysia (djimy), dow jones islamic market index us (imus),dan dow jones islamic market index japan (djijp). saham-saham syariah yang ada di negara-negara tersebut merupakan saham dengan harga yang cukup tinggi dibandingkan dengan negara-negara lainnya. gambar 1 menunjukkan bagaimana pergerakan harga saham syariah yang ada di negara-negara tersebut jika dibandingkan dengan jakarta islamic index. gambar 1. indeks harga saham beberapa negara sumber: www.finance.yahoo.com dari gambar tersebut dapat dilihat bahwaharga saham syariah yang paling tinggi dimiliki oleh dow jones islamic market index europe, diikuti oleh dow jones islamic market index us, dow jones islamic market index malaysia, dow jones islamic market index japan dan jakarta islamic index. gambar tersebut juga menunjukkan bahwapada bulan september dan oktober 2008 saham-saham syariah tersebut mengalami penurunan akibat krisis keuangan global.meski demikian, menurut beik dan wardhana (2011) kinerja jakarta islamic index, yang beranggotakan 30 irfan syauqi beik: pengaruh indeks harga saham syariah internasional 159 saham yang paling likuid dan memiliki nilai kapitalisasi yang sangat besar, terbukti secara empiris lebih stabil dibandingkan dengan kinerja pasar-pasar saham lainnya. dari data dan fakta di atas, dapat dilihat bahwa kinerja pasar saham syariah sangat dipengaruhioleh gejolak yang terjadi di pasar saham internasional. hal ini terjadi sebagai akibat semakin terintegrasikannya pasar-pasar saham yang ada di dunia, sehingga gejolak yang terjadi di suatu negara, dapat memengaruhi kondisi negara lain secara signifikan. demikian pula dengan stabilitas kondisi makroekonomi. meski pasar saham syariah indonesia sempat terpukul akibat krisis 2008, namun karena kondisi makroekonomi nasional yang relatif stabil dan masih menunjukkan pertumbuhan yang positif, maka jakarta islamic index pun mampu menunjukkan kinerja recovery yang lebih baik. untuk itu, penelitian ini bertujuan untuk menganalisis pengaruh indeks harga saham syariah di beberapa negara dan variabel makroekonomi nasional terhadap kinerja jakarta islamic index. adapun pasar saham syariah negara lain yang diteliti pengaruhnya dalam studi ini adalah amerika serikat, uni eropa, jepang dan malaysia. tinjauan pustaka ada beberapa studi yang berusaha menguji pengaruh indeks harga saham dan variabel makroekonomi baik secara regional maupun global. ibrahim dan yusoff (2001), maghayereh (2003), maysami et al. (2004), menike (2006), nugraha (2007), yusof dan majid (2007), yusof dan majid (2009), asmy et al. (2010), savasa dan samiloglub (2010), syukma (2011), albaity (2011), beik dan wardhana (2011), rad (2011), kuwomu dan victor (2011), hosseini et al. (2011), istiqomah (2012), hussin et al. (2012), bekhet dan mugableh (2012), serta majid et al. (2012) adalah beberapa studi yang menguji pengaruh indeks harga saham dan variabel makroekonomi. pada studi-studi tersebut, variabel makroekonomi yang digunakan adalah industrial production index (ipi) yang terbukti memiliki hubungan yang positif dengan harga saham (maysami et al. 2004). hal ini juga sesuai dengan penelitian ibrahim dan yusoff (2001), maghayereh (2003), nugraha (2007), savasa dan samiloglub (2010), syukma (2011), hosseini et al. (2011), hussin et al. (2012), bekhet dan mugableh (2012), dan majid et al. (2012). peningkatan ipi akan memengaruhi harga saham melalui dampaknya terhadap keuntungan perusahaan. hubungan antara indeks harga konsumen atau consumer price index (cpi) dan harga saham dapat berpengaruh positif maupun negatif. menurut maghayereh (2003), syukma (2011), dan bekhet dan mugableh (2012) kedua variabel tersebut memiliki hubungan yang negatif. mereka menyatakan bahwa naiknya cpi al-iqtishad: vol. vi no. 2, juli 2014 160 mengindikasikan naiknya harga-harga barang konsumsi, yang berarti meningkatnya biaya hidup masyarakat. hal ini membuat masyarakat memilih mengalokasikan dananya untuk konsumsi daripada investasi. akibatnya, permintaan saham pada pasar modal akan mengalami penurunan. rendahnya permintaan membuat harga saham akan turun. namun demikian, beberapa penelitian lain menunjukkan bahwa kedua variabel tersebut memiliki hubungan yang positif. ibrahim dan yusoff (2001), maysami et al. (2004), menike (2006), asmy et al. (2010), kuwomu dan victor (2011), hosseini et al. (2011), hussin et al. (2012) menemukan bahwa cpi berhubungan positif dengan harga saham. selanjutnya, hubungan antara jumlah uang beredar dengan harga saham dapat berpengaruh positif maupun negatif. maysami et al. (2004), menike (2006), yusof dan majid (2009), hosseini et al. (2011), majid et al. (2012) menunjukkan bahwa ketika terjadi kenaikan jumlah uang beredar, suku bunga akan mengalami penurunan. dalam konteks ini investor akan menginvestasikan dananya pada pasar modal. peningkatan investasi yang terjadi di pasar modal akan memengaruhi permintaan saham. semakin banyak permintaan maka harga sahampun akan mengalami peningkatan. namun ibrahim dan yusoff (2001), asmy et al. (2010), hussin et al. (2012), bekhet dan mugableh (2012) menunjukkan fakta sebaliknya, dimana hubungan kedua variabel tersebut ternyata bersifat negatif. adapun nilai tukar dan harga saham dapat pula berpengaruh positif maupun negatif.studi yang dilakukan maysami et al. (2004), nugraha (2007), asmy et al. (2010) menunjukkan hubungan positif antara kedua variabel. namun menurut ibrahim dan yusoff (2001), menike (2006), yusof dan majid (2009), syukma (2011), kuwomu dan victor (2011), hussin et al. (2012), bekhet dan mugableh (2012), dan majid et al. (2012), hubungan kedua variabel tersebut negatif. hal ini mengindikasikan bahwa ketika nilai tukar rupiah mengalami depresiasi maka investor akan mengalihkan dananya ke luar negeri sehingga terjadi capital outflow. mengalirnya dana ke luar negeri menyebabkan investasi dalam negeri mengalami penurunan. penurunan ini berdampak pada berkurangnya investasi pada saham di pasar domestik sehingga harga saham pun ikut mengalami penurunan. menurut penelitian maghayereh (2003), menike (2006), kuwomu dan victor (2011), hussin et al. (2012) suku bunga berpengaruh negatif terhadap harga saham. hal ini dikarenakan oleh perilaku investor yang cenderung menanamkan dananya dalam bentuk investasi selain saham, sehingga harga saham menjadi turun. studi yang dilakukan yusof dan majid (2007) menunjukkan bahwa volatilitas tingkat suku bunga memengaruhi volatilitas pasar saham konvensional tetapi tidak memengaruhi pasar saham syariah. hal ini sejalan dengan prinsip syariah bahwa irfan syauqi beik: pengaruh indeks harga saham syariah internasional 161 suku bunga bukan merupakan variabel yang signifikan dalam menjelaskan volatilitas pasar saham. temuan ini memberikan dukungan lebih lanjut bahwa suku bunga berdampak tidak signifikan terhadap volatilitas pasar saham syariah. dalam konteks pasar modal antar negara, studi beik dan wardhana (2011), dengan menggunakan data bulan januari 2006 sampai dengan desember 2008, menunjukkan bahwa tidak ada hubungan jangka panjang antara pasar modal indonesia dengan malaysia dan amerika serikat. kemudian jakarta islamic index adalah yang paling stabil dibandingkan dengan indeks saham di malaysia dan amerika serikat. hal ini dapat dijadikan sebagai alternatif investasi bagi para investor. bagi indonesia sendiri, kondisi ini seharusnya dimanfaatkan untuk mempromosikan pasar modal dalam negeri sebagai tujuan investasi yang menguntungkan. sementara riset yang dilakukan rad (2011) menunjukkan bahwa respon indeks harga saham di iran terhadap guncangan dalam variabel ekonomi makro seperti indeks harga konsumen, nilai tukar dan jumlah uang yang beredar, sangat lemah dan membutuhkan waktu empat bulan untuk stabil. kemudian studi tersebut juga menunjukkan bahwa variabel makroekonomi seperti indeks harga konsumen, nilai tukar mata uang dan jumlah uang yang beredar berfluktuasi sekitar 12persen. metode analisis pengaruh indeks harga saham syariah di amerika serikat, uni eropa, jepang dan malaysia, dan variabel makroekonomi nasional terhadap jakarta islamic index (jii) dilihat dengan menggunakan sejumlah variabel, yaitu jakarta islamic index (jii), industrial production index (ipi), consumer price index (cpi), jumlah uang beredar (m2), nilai tukar atau exchange rate (er), suku bunga bank indonesia (bi rate), sertifikat bank indonesia syariah (sbis), dow jones islamic market index europe (djieu), dow jones islamic market index malaysia (djimy), dow jones islamic market index us (imus), dan dow jones islamic market index japan (djijp). adapun model penelitian ini adalah: tlnjiit = a 0 + = 1 ait i n / lnjii t i + = 1 bit i n / lnipi t i + = 1 cit i n / lncpi t i + = 1 dit i n / lnm2 t i + = 1 i it i n / lner t i + = 1 nit i n / birate t i + = 1 r it i n / sbis t i + = 1 t it i n / lndjieu t i + = 1 vit i n / lndjimy t i + = 1 xit i n / lnimus t i + = 1 { it i n / lndjijp t i + f t + co i nt eq = 1i n / lnjii t i 9 + = 1i n / lnipi t i + = 1i n / lncpi t i + = 1i n / lnm2 t i + = 1i n / lner t i + = 1i n / birate t i + = 1i n / sbis t i + = 1i n / lndjieu t i + = 1i n / lndjimy t i + = 1i n / lnimus t i + = 1i n / lndjijp t i c al-iqtishad: vol. vi no. 2, juli 2014 162 dimana: lnjii = jakarta islamic index lnipi = industrial production index (ipi) dengan tahun dasar 2010 lncpi = consumer price index (cpi) dengan tahun dasar 2007 lnm2 = jumlah uang yang beredar dalam arti luas lner = nilai tukar rupiah terhadap dolar as (rp/usd) birate = suku bunga bank indonesia sbis = sertifikat bank indonesia syariah (sbis) satu bulan lndjieu = dow jones islamic market index eropa lndjimy = dow jones islamic market index malaysia lnimus = dow jones islamic market index amerika serikat lndjijp = dow jones islamic market index jepang α0 =intersep ∈ = error term berikut ini penjelasan mengenai variabel-variabel yang digunakan dalam penelitian : a. jakarta islamic index (jii) adalah indeks saham berbasis syariah yang ada di indonesia. b. industrial production index (ipi) adalah sebuah indikator ekonomi yang mengukur produksi output riil. ipi sering digunakan sebagai representasi bagi pendapatan nasional untuk menggantikan ketiadaan data pdb bulanan. ipi yang digunakan dalam penelitian ini menggunakan tahun dasar 2010. c. consumer price index (cpi) adalah gambaran tingkat harga barang dan jasa yang dikonsumsi masyarakat. cpi ini dinyatakan dalam bentuk indeks dan berupa data bulanan. cpi juga merupakan gambaran tingkat inflasi, dan penelitian ini menggunakan cpi tahun dasar 2007. d. jumlah uang beredar (m2) merupakan jumlah uang beredar dalam arti luas. e. exchange rate (er) merupakan nilai tukar rupiah terhadap dolar as (rp/ usd). f. bi rate menggambarkan tingkat suku bunga bank indonesia. g. sbis adalah bonus sertifikat bank indonesia syariah (sbis).penelitian ini menggunakan data sbis satu bulan. h. dow jones islamic market index europe (djieu) adalah indeks harga saham berbasis syariah yang ada di eropa. i. dow jones islamic market index malaysia (djimy) adalah indeks harga saham berbasis syariah yang ada di malaysia. j. dow jones islamic market index us (imus) adalah indeks harga saham berbasis irfan syauqi beik: pengaruh indeks harga saham syariah internasional 163 syariah yang ada di amerika serikat. k. dow jones islamic market index japan (djijp) adalah indeks harga saham berbasis syariah yang ada di jepang. jenis data yang digunakan dalam penelitian ini merupakan data sekunder berupa time series bulanan dari januari 2007 sampai dengan oktober 2012. data-data untuk penelitian ini diperoleh dari berbagai sumber diantaranya: badan pengawas pasar modal lembaga keuangan (bapepam lk), bursa efek indonesia (bei), badan pusat statistik (bps), bank indonesia (bi), dan yahoofinance. adapun data yang digunakan adalah data indeks harga jakarta islamic index (jii), data industrial production index (ipi), data consumer price index (cpi), data jumlah uang beredar (m2), data exchange rate (er), data bi rate, data sertifikat bank indonesia syariah (sbis), data dow jones islamic market index europe (djieu), data dow jones islamic market index malaysia (djimy), data dow jones islamic market index us (imus), dan data dow jones islamic market index japan (djijp). penelitian ini menggunakan metode analisis yang bersifat deskriptif dan kuantitatif. alat analisis yang digunakan dalam penelitian ini adalah metode vector autoregression (var) apabila data yang digunakan stasioner pada level. namun bila data belum stasioner pada tingkat level maka dilanjutkan dengan metode vector error correction model (vecm). semua data dalam penelitian ini ditransformasikan ke dalam bentuk logaritma natural (ln) kecuali bi rate dan sbis. model vector autoregressive (var) diperkenalkan oleh christopher sims pada tahun 1980. firdaus (2011) memaparkan bahwa jika sebelumnya univariate autoregression merupakan sebuah persamaan tunggal (single equation) dengan model linier variabel tunggal (single-variable linear model), di mana nilai sekarang dari masing-masing variabel dijelaskan oleh nilai lag-nya sendiri, maka var merupakan sebuah n-persamaan dengan n-variabel, di mana masing-masing variabel dijelaskan oleh nilai lag-nya sendiri, serta nilai saat ini dan masa lampaunya (current and past values). menurut firdaus (2011), alat analisis yang disediakan oleh var bagi deskripsi data, peramalan, inferensi struktural, dan analisis kebijakan dilakukan melalui empat macam penggunaannya, yakni forecasting, impuls response function(irf), forecast error variance decomposition (fevd), dan granger causality test.adapun persamaan umum var adalah sebagai berikut (firdaus 2011): yt = a0 + a1yt-1 + a2yt-2 + ... + apyt-p + ∈t dimana: yt = vektor berukuran (n.1) yang berisikan n variabel yang terdapat dalam sebuah model var al-iqtishad: vol. vi no. 2, juli 2014 164 a0 = vektor intersep berukuran (n.1) ai = matriks koefisien/ parameter berukuran (n.n) untuk setiap i = 1,2,...,p ∈t = vektor error berukuran (n.1) vector error correction model (vecm) merupakan bentuk var yang terestriksi (firdaus, 2011). restriksi tambahan ini harus diberikan karena keberadaan bentuk data yang tidak stasioner pada level, vecm kemudian memanfaatkan informasi restriksi kointegrasi tersebut ke dalam spesifikasinya. oleh karena itu vecm sering disebut sebagai desain var bagi series nonstasioner yang memiliki hubungan kointegrasi. dengan demikian, dalam vecm terdapat speed of adjustment dari jangka pendek ke jangka panjang (firdaus 2011). adapun model vecm secara umum adalah sebagai berikut: δyt = µ0x + µ1xt + πxyt-1 + δyt-i + εt dimana: yt = vektor yang berisi variabel yang dianalisis dalam penelitian µ0x = vektor intersep µ1x = vektor koefisien regresi t = time trend πx = αx β’dimana b’ mengandung persamaan kointegrasi jangka panjang yt-1 = variabel in-level γ ix = matriks koefisien regresi k-1 = ordo vecm dari var εt = error term adapun tahap-tahap analisis yang dilakukan adalah sebagai berikut : uji stasionaritas data tahap pertama yang dilakukan dalam mengolah data time series adalah dengan uji akar unit (unit root test). uji akar unit ini dilakukan untuk melihat apakah data yang diamati stasioner atau tidak. data yang stasioner cenderung mendekati nilai rata-rata dan berfluktuasi di sekitar nilai rata-ratanya. data yang tidak stasioner dapat menghasilkan regresi yang lacung (spurious regression), yaitu regresi yang menggambarkan hubungan dua variabel atau lebih yang terlihat signifikan secara statistik padahal kenyatannya tidak. uji stasionaritas data dalam penelitian ini menggunakan augmented dickeyfuller (adf). dalam tes augmented dickey-fuller (adf), apabila nilai mutlak tadf lebih besar dari nilai mutlak mackinnon critical values-nya maka data telah stasioner pada taraf nyata yang telah ditentukan. selain itu dapat juga dilihat dari nilai probabilitasnya. jika data stasioner maka var dapat digunakan akan tetapi irfan syauqi beik: pengaruh indeks harga saham syariah internasional 165 jika tidak stasioner maka ada dua pilihan yaitu menggunakan var dalam bentuk first diference atau vecm. keberadaan variabel yang tidak stasioner meningkatkan kemungkinan adanya hubungan kointegrasi antar variabel. uji lag optimal lag dalam sebuah sistem var merupakan hal yang penting. di samping berguna untuk menunjukkan berapa lama reaksi suatu variabel terhadap variabel lainnya, penentuan lag optimal juga berguna untuk menghilangkan masalah autokorelasi dalam sebuah sistem var (firdaus 2011). pengujian panjang lag yang optimal dapat diidentifikasi dengan menggunakan akaike information criterion (aic), schwarz information criterion (sic), hannanquinn criterion (hq), dan sebagainya. lag yang dipilih adalah model dengan nilai aic dan sic terkecil dan nilai hq terbesar. uji stabilitas var uji stabilitas var dilakukan dengan menghitung akar-akar dari fungsi polinomial atau dikenal dengan roots of characteristic polinomial. jika semua akar dari fungsi polinomial tersebut berada di dalam unit circle maka model var tersebut dianggap stabil sehingga impuls response function (irf) dan forecast error variance decomposition (fevd) yang dihasilkan dianggap valid (firdaus 2011). uji kointegrasi uji kointegrasi bertujuan untuk menentukan apakah variabel-variabel yang tidak stasioner terkointegrasi atau tidak. konsep kointegrasi dikemukakan oleh engle dan granger (1987) sebagai kombinasi linear dari dua atau lebih variabel yang tidak stasioner akan menghasilkan variabel yang stasioner. kombinasi linear ini dikenal dengan istilah persamaan kointegrasi dan dapat diinterpretasikan sebagai hubungan keseimbangan jangka panjang di antara variabel (firdaus 2011). pengujian kointegrasi sendiri dapat dilakukan dengan uji kointegrasi englegranger, uji kointegrasi johansen, dan uji kointegrasi durbin-watson. salah satu uji kointegrasi yang dilakukan dalam penelitian ini adalah uji kointegrasi johansen. jika nilai trace statistic lebih besar dari nilai critical value, persamaan tersebut terkointegrasi, dengan h0 sama dengan non-kointegrasi dan h1 sama dengan kointegrasi. dalam konteks ini, ketika nilai trace statistic lebih besar dari nilai critical value,maka tolak h0 dan terima h1 yang artinya persamaan tersebut terkointegrasi. uji kausalitas granger uji kausalitas granger dilakukan untuk melihat hubungan kausalitas di antara variabel-variabel yang ada dalam model. uji ini untuk mengetahui apakah suatu variabel bebas (independent variable) meningkatkan kinerja forecasting dari variabel tidak bebas (dependent variable) (firdaus 2011). al-iqtishad: vol. vi no. 2, juli 2014 166 impulse response function (irf) impulse response function (irf) adalah suatu metode yang digunakan untuk menentukan respons suatu variabel endogen terhadap suatu shock tertentu. hal ini dikarenakan shock variabel, misalnya variabel ke-i, tidak hanya berpengaruh terhadap variabel ke-i itu saja tetapi ditransmisikan kepada semua variabel endogen lainnya melalui struktur dinamis atau struktur lag dalam var. dengan kata lain, irf mengukur pengaruh suatu shock pada suatu waktu kepada inovasi variabel endogen pada saat tersebut dan di masa yang akan datang. irf bertujuan untuk mengisolasi suatu guncangan agar lebih spesifik, yang artinya suatu variabel dapat dipengaruhi oleh shock atau guncangan tertentu. apabila suatu variabel tidak dapat dipengaruhi oleh shock, maka shock spesifik tersebut tidak dapat diketahui melainkan shock secara umum (firdaus 2011). forecast error variance decomposition (fevd) analisis fevd dalam model var bertujuan untuk memprediksi kontribusi prosentase varian setiap peubah karena adanya perubahan peubah tertentu dalam sistem var. pada analisis irf sebelumnya digunakan untuk melihat dampak guncangan dari satu peubah terhadap peubah lainnya, dalam analisis fevd digunakan untuk menggambarkan relatif pentingnya setiap peubah dalam sistem var karena adanya shock (juanda dan junaidi 2012). pembahasan uji stasionaritas data merupakan tahap yang penting dalam menganalisis data time series. hasil pengujian akar unit pada level dapat dilihat pada tabel 3. tabel 3 hasil pengujian akar unit pada level variabel nilai adf nilai kritis mackinnon keterangan 1% 5% 10% lnjii -1.643 -3.530 -2.905 -2.590 tidak stasioner lnipi -5.046 -4.099 -3.477 -3.166 stasioner lncpi -2.137 -4.099 -3.477 -3.166 tidak stasioner lnm2 -3.789 -4.097 -3.476 -3.166 stasioner lner -2.115 -3.530 -2.905 -2.590 tidak stasioner birate -3.041 -4.099 -3.477 -3.166 tidak stasioner sbis -2.345 -3.529 -2.904 -2.590 tidak stasioner lndjieu -1.596 -3.529 -2.904 -2.590 tidak stasioner irfan syauqi beik: pengaruh indeks harga saham syariah internasional 167 lndjimy -1.368 -3.530 -2.905 -2.590 tidak stasioner lnimus -1.014 -3.529 -2.904 -2.590 tidak stasioner lndjijp -2.102 -3.530 -2.905 -2.590 tidak stasioner hasil uji stasionaritas data pada level menunjukkan bahwa semua variabel tidak stasioner kecuali (ipi) dan (m2) yang stasioner pada taraf nyata 5%. hal ini dikarenakan nilai mutlak t-adf lebih kecil dari nilai mutlak mackinnon critical values-nya pada taraf 5%. penelitian dengan data yang tidak stasioner dapat menghasilkan regresi palsu (spurious regression). karena itu, uji stasionaritas dilanjutkan pada tingkat first difference. tabel 4 hasil pengujian akar unit pada first difference variabel nilai adf nilai kritis mackinnon keterangan 1% 5% 10% dlnjii -6.067 -3.530 -2.905 -2.590 stasioner dlnipi -6.852 -3.533 -2.906 -2.591 stasioner dlncpi -5.393 -4.101 -3.478 -3.167 stasioner dlnm2 -8.126 -3.532 -2.906 -2.590 stasioner dlner -6.203 -3.530 -3.530 -2.590 stasioner dbirate -3.603 -3.530 -2.905 -2.590 stasioner dsbis -13.004 -3.530 -2.905 -2.590 stasioner dlndjieu -6.583 -3.530 -2.905 -2.590 stasioner dlndjimy -6.422 -3.530 -2.905 -2.590 stasioner dlnimus -6.633 -3.530 -2.905 -2.590 stasioner dlndjijp -6.274 -3.530 -2.905 -2.590 stasioner hasil uji stasionaritas data pada tabel 4 menunjukkan bahwa semua data yang digunakan dalam penelitian telah stasioner pada tingkat first difference. hal ini dikarenakan nilai mutlak t-adf lebih besar dari nilai mutlak mackinnon critical values-nya pada taraf nyata 5%. dalam model var penentuan lag optimal sangat berguna untuk menghilangkan autokorelasi. hasil pengujian lag optimal dapat dilihat pada tabel 5. berdasarkan perhitungan nilai akaike information criterion (aic), lag optimal berada pada lag tiga. al-iqtishad: vol. vi no. 2, juli 2014 168 tabel 5. pengujian lag optimal lag aic 0 -25.32866 1 -41.28332 2 -42.08743 3 -42.70146* catatan: tanda * menunujukkan angka terkecil model var dianggap stabil apabila seluruh roots-nya memiliki modulus lebih kecil dari satu dan berada di dalam unit circle. nilai modulus untuk model penelitian jakarta islamic index ini berkisar antara 0.2179980.996523. berdasarkan hasil tersebut maka dapat disimpulkan bahwa model var stabil. semua variabel telah stasioner pada tingkat first difference, sehingga uji kointegrasi melalui johansen cointegration test dapat dilakukan. hasil dari uji kointegrasi ini adalah sebagaimana yang terangkum dalam tabel 6 berikut ini. tabel 6 hasil pengujian kointegrasi hypothesized no.of ce(s) eigenvalue trace statistic 5 persent critical value none * 0.757689 430.9355 263.2603 at most 1 * 0.660536 335.9607 219.4016 at most 2 * 0.612711 263.5748 179.5098 at most 3 * 0.581392 200.0198 143.6691 at most 4 * 0.494200 141.6748 111.7805 at most 5 * 0.365467 96.00665 83.93712 at most 6 * 0.305600 65.53065 60.06141 at most 7 * 0.260460 41.09533 40.17493 at most 8 0.184656 20.87958 24.27596 at most 9 0.090104 7.201838 12.32090 at most 10 0.012980 0.875343 4.129906 catatan: tanda * menunjukkan signifikan pada taraf 5% hasil pengujian pada tabel 6 menunjukkan bahwa dengan menggunakan taraf nyata 5%, terdapat delapan persamaan yang terkointegrasi. hal tersebut dapat dilihat saat nilai trace statistic > critical value. informasi mengenai terdapatnya persamaan yang terkointegrasi ini akan dilanjutkan dengan menggunakan model irfan syauqi beik: pengaruh indeks harga saham syariah internasional 169 vector error correction model (vecm). hasil uji kausalitas granger adalah sebagaimana terangkum pada tabel 7. hasil uji ini menunjukkan bahwa tidak terdapat hubungan hubungan dua arah diantara variabel. dapat diketahui bahwa secara granger cpi memengaruhi bi rate, bi rate memengaruhi djimy, bi rate memengaruhi jii, bi rate memengaruhi sbis, ipi memengaruhi cpi, cpi memengaruhi jii, dan m2 memengaruhi cpi. sementara itu, djieu memengaruhi er, djijp memengaruhi er, djimy memengaruhi er, djimy memengaruhi m2, imus memengaruhi er, dan jii memengaruhi er. tabel 7 hasil kausalitas granger hipotesis probability dlncpi does not granger cause dbirate 0.0089 dbirate does not granger cause dlndjimy 0.0364 dbirate does not granger cause dlnjii 0.002 dbirate does not granger cause dsbis 0.0001 dlnipi does not granger cause dlncpi 0.0113 dlncpi does not granger cause dlnjii 0.0267 dlnm2 does not granger cause dlncpi 0.0004 dlndjieu does not granger cause dlner 4.e-06 dlndjijp does not granger cause dlner 4.e-05 dlndjimy does not granger cause dlner 7.e-05 dlndjimy does not granger cause dlnm2 0.0279 dlnimus does not granger cause dlner 3.e-05 dlnjii does not granger cause dlner 8.e-09 estimasi vecm dilakukan untuk melihat adanya hubungan jangka pendek dan jangka panjang. pada jangka pendek terdapat koreksi kesalahan sebesar 0.74657, hal ini mengindikasikan untuk menuju keseimbangan jangka panjang diperlukan koreksi sebesar 0.74657 persen . tabel 8 hasil vecm jangka panjang variabel koefisien t-statistic birate(-1) -0.01154 -1.20634 lncpi(-1) 0.45827 1.12589 lndjieu(-1) 0.63652 5.56779 al-iqtishad: vol. vi no. 2, juli 2014 170 lndjijp(-1) -0.53719 -5.56169 lndjimy(-1) 1.04431 28.32000 lner(-1) -0.18877 -1.65012 lnimus(-1) -0.82999 -6.08749 lnipi(-1) 1.64438 10.52420 lnm2(-1) -0.42506 -2.43573 sbis(-1) -0.03183 -5.25776 c -0.64856 jangka pendek variabel koefisien t-statistic cointeq1 -0.74657 -1.97657 d(lnjii(-1)) 0.18710 0.56180 d(lnjii (-2)) 0.05910 0.17288 d(lnjii (-3)) 0.42413 1.33743 d(birate(-1)) 0.11791 0.89603 d(birate(-2)) -0.08831 -0.67981 d(birate(-3)) -0.08339 -0.88808 d(lncpi(-1)) -4.78917 -1.23061 d(lncpi (-2)) -0.97027 -0.19623 d(lncpi (-3)) -6.44818 -1.78322 d(lndjieu(-1)) -0.55385 -0.83121 d(lndjieu(-2)) 0.18203 0.26207 d(lndjieu(-3)) -0.70540 -1.12677 d(lndjijp(-1)) 0.45205 0.95687 d(lndjijp(-2)) -0.35314 -0.73910 d(lndjijp(-3)) 1.11652 2.12999* d(lndjimy(-1)) -0.21360 -0.47448 d(lndjimy(-2)) 0.21777 0.56826 d(lndjimy(-3)) -0.11112 -0.27233 d(lner(-1)) 0.75505 1.07020 d(lner(-2)) 0.55772 0.81596 d(lner(-3)) 0.05373 0.11670 d(lnimus(-1)) 1.13044 1.32693 d(lnimus(-2)) 0.07766 0.10314 d(lnimus(-3)) -0.12892 -0.21590 irfan syauqi beik: pengaruh indeks harga saham syariah internasional 171 d(lnipi(-1)) -1.47684 -1.95938 d(lnipi(-2)) -1.36728 -2.02174* d(lnipi(-3)) -0.81425 -1.64192 d(lnm2(-1)) 0.43578 0.54009 d(lnm2(-2)) 0.24299 0.30263 d(lnm2(-3)) 0.41502 0.46026 d(sbis(-1)) 0.00940 0.42952 d(sbis(-2)) 0.03116 1.18580 d(sbis(-3)) 0.02621 1.19119 c 0.05260 1.60846 catatan: tanda * menunjukkan signifikan pada taraf 5% hasil estimasi vecm pada jangka pendek menunjukkan bahwa djijp pada lag ketiga memengaruhi jii secara signifikan yaitu sebesar 1.11652.artinya, apabila terjadi kenaikan djijp sebesar satu persen maka jii naik sebesar 1.11652 persen. ipi pada lag kedua memengaruhi jii secara signifikan yaitu sebesar -1.36728. artinya, apabila terjadi kenaikan ipi sebesar satu persen maka jii menurun sebesar 1.36728 persen. hasil estimasi vecm pada jangka panjang menunjukkan bahwa bi rate tidak mempengaruhi jii secara signifikan, meski tanda hubungan keduanya adalah negatif. hasil ini berbeda dengan temuan hussin et al. (2012) yang menyatakan bahwa suku bunga berpengaruh negatif signifikan terhadap harga saham. terjadinya perbedaan ini dikarenakan prinsip dasar jii yang berlandaskan syariah, dimana suku bunga adalah instrumen yang tidak sesuai syariah. demikian pula dengan hubungan antara inflasi dengan jii, dimana cpi tidak memengaruhi jii secara signifikan. artinya, kenaikan inflasi tidak otomatis akan menaikkan harga saham yang terdaftar di jii. variabel berikutnya adalah nilai tukar rupiah terhadap dolar as (er). hasil riset menunjukkan bahwa er tidak berpengaruh signifikan terhadap jii, meskipun tanda hubungan keduanya adalah negatif. berbeda dengan penelitian ibrahim dan yusoff (2001), menike (2006), yusof dan majid (2009), syukma (2011), kuwomu dan victor (2011), hussin et al. (2012), bekhet dan mugableh (2012), dan majid et al. (2012) yang menunjukkan bahwa er dan harga saham memiliki hubungan signifikan dan negatif. tidak signifikannya pengaruh er terhadap jii mengindikasikan bahwa jumlah investor asing yang menginvestasikan dananya di jii tidak terlalu banyak. al-iqtishad: vol. vi no. 2, juli 2014 172 variabel makro lainnya, yaitu ipi terbukti berpengaruh signifikan dan positif terhadap jii. hasil studi menunjukkan bahwa peningkatan ipi sebesar satu persen akan meningkatkan jii sebesar 1.64438 persen. peningkatan ipi akan memengaruhi harga saham melalui dampaknya terhadap keuntungan perusahaan. ketika nilai ipi naik, maka kondisi sektor riil mengalami pertumbuhan positif. ini berarti kinerja perusahaan mengalami peningkatan. baiknya kinerja perusahaan, terutama perusahaan yang listed di bursa, akan memicu kenaikan harga saham perusahaan tersebut. ini membuktikan adanya korelasi yang kuat antara kinerja sektor riil dengan indeks harga di pasar saham syariah. jumlah uang yang beredar (m2) terbukti berpengaruh secara signifikan dan negatif terhadap jii. peningkatan m2 sebesar satu persen diketahui akan menurunkanjii sebesar 0.42506 persen. selain m2,sbis juga diketahui memengaruhi jii secara signifikan dan negatif. kenaikan sbis sebesar satu persen akan menyebabkan penurunan jii sebesar 0.03183 persen. hal ini sangat menarik karena sbis dan jii adalah dua instrumen yang berada di pasar yang berbeda. hasil ini mengindikasikan bahwa sbis di mata investor merupakan instrumen substitusi bagi jii, sehingga kenaikan di salah satu instrumen akan menyebabkan penurunan pada instrumen yang lain. selanjutnya, dalam konteks hubungan antar pasar saham syariah internasional dengan jii, hasil penelitian menunjukkan bahwa pasar saham syariah eropa memengaruhi jii secara positif dan signifikan. dari tabel 8 di atas dapat diketahui bahwa kenaikan djieu sebesar satu persen akan meningkatkan jii sebesar 0.63652 persen. demikian pula halnya dengan pasar saham syariah malaysia yang memengaruhi jii secara positif dan signifikan. kenaikan djimy sebesar satu persen akan meningkatkan jii sebesar 1.04431 persen. berbeda dengan kedua pasar di atas, pasar saham syariah jepang dan amerika serikat justru berkorelasi negatif dan signifikan dengan jii. peningkatan indeks djijp sebesar satu persen akan menurunkan jii sebesar 0.53719 persen. sedangkan kenaikan imus sebesar satu persen akan menyebabkan penurunan jii sebesar 0.82999 persen. hasil riset ini mengindikasikan bahwa para investor lebih memilih untuk menginvestasikan dananya di pasar saham syariah jepang dan amerika serikat dibandingkan dengan jii, jika pergerakan indeks di kedua negara tersebut menunjukkan tren yang positif. ini menunjukkan bahwa pasar saham syariah kedua negara tersebut adalah kompetitor bagi pasar saham syariah domestik. disinilah kemampuan indonesia diuji, bagaimana pasar saham syariah negeri ini mampu menarik sebanyak-banyaknya dana investasi bagi kemajuan dan stabilitas perekonomian nasional. dari gambar 2 di bawah ini, yang menunjukkan hasil impulse response function irfan syauqi beik: pengaruh indeks harga saham syariah internasional 173 (irf), dapat diketahui bahwa ketika terjadi guncangan pada bi rate, maka jii akan merespon secara negatif pada bulan kedua, dan kemudian menurun secara drastis hingga bulan kesembilan. setelah itu mengalami fluktuasi hingga bulan ke-35, dan baru kemudian mencapai kestabilan. -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnjii -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to birate -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lncpi -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lndjieu -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lndjijp -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lndjimy -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lner -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnimus -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnipi -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to lnm2 -.12 -.08 -.04 .00 .04 .08 5 10 15 20 25 30 35 40 45 50 response of lnjii to sbis response to chol esky one s.d. innovati ons gambar 2. hasil impulse response function ketika terjadi guncangan terhadap cpi, jii akan merespon negatif mulai bulan kedua hingga bulan kesembilan, kemudian berfluktuasi dan kembali stabil mulai bulan ke-35 hingga akhir periode pengamatan. demikian pula halnya dengan er. ketika terjadi guncangan pada nilai tukar rupiah terhadap dolar as, maka jii akan merespon secara positif pada bulan kesebelas, kemudian setelah itu kondisi relatif stabil, meski masih terdapat fluktuasi yang relatif sangat kecil. variabel makroekonomi selanjutnya adalah ipi. jii merespon secara negatif terhadap gejolak yang terjadi pada ipi atau sektor riil hingga bulan kesebelas. kemudian naik dan mengalami fluktuasi hingga bulan ke-30. setelah itu jii kembali stabil di respon negatif. adapun terhadap guncangan yang menimpa jumlah uang yang beredar (m2), jii relatif tidak terlalu merespon secara drastis. dengan kata lain, tingkat fluktuasinya sangat kecil. jii merespon negatif pada bulan kedua, kemudian direspon positif pada bulan keempat. pada bulan kelima, jii kembali meresponnya secara negatif. respon positif muncul pada bulan ke-10 dan setelah itu kembali stabil hingga akhir periode pengamatan. sedangkan guncangan terhadap sbis akan direspon secara negatif oleh jii pada bulan kedua. setelah itu kondisi kembali stabil al-iqtishad: vol. vi no. 2, juli 2014 174 direspon negatif hingga akhir periode pengamatan. dalam konteks keterkaitan dengan pasar saham syariah eropa, jii akan merespon secara positif guncangan terhadap djieu pada bulan kedua hingga bulan kelima. namun demikian, respon jii ini menjadi negatif pada bulan keenam, dan selanjutnya stabil di respon negatif hingga akhir periode pengamatan. ketika pasar saham syariah jepang mengalami shock, jii akan merespon secara negatif terhadap djijp pada bulan kedua, kemudian direspon positif pada bulan kedelapan, setelah itu stabil di respon positif. terhadap pasar malaysia, gambar 2 juga menunjukkan bahwa ketika terjadi gejolak pada pasar saham syariah malaysia, maka jii akan merespon positif djimy pada bulan kedua. setelah itu mengalami kestabilan di respon positif, meski sempat mengalami fluktuasi. sedangkan terkait pasar saham syariah amerika serikat, maka guncangan pada imus pada mulanya akan direspon secara positif di bulan kedua, kemudian respon negatif di bulan ketiga hingga bulan kedelapan. setelah itu imus pun stabil di respon negatif, meski sempat terjadi fluktuasi. dari penjelasan di atas, dapat disimpulkan bahwa jii paling cepat mencapai kestabilan ketika merespon guncangan yang terjadi terhadap jumlah uang yang beredar, dibandingkan dengan variabel-variabel lainnya. dari hasil fevd terhadap jii terlihat bahwa pada bulan pertama, kontribusi terhadap keragaman (variability) indeks jii 100 persen berasal dari jii itu sendiri. prosentase ini kemudian mengalami penurunan secara bertahap hingga akhir periode pengamatan. kemudian pada bulan ke-11 cpi adalah variabel yang paling besar kontribusinya terhadap keragaman jii, yaitu sebesar 25.99 persen.kondisi ini bertahan hingga bulan ke-50 dimana cpi ini tetap menjadi variabel yang paling besar kontribusinya terhadap keragaman jii, yaitu sebesar 26.11 persen. variabel-variabel lain di luar cpi juga berkontribusi terhadap keragaman jii dengan nilai yang berbeda-beda menunjukkan bahwa di akhir periode pengamatan, atau pada bulan ke-50, bi rate memberikan kontribusi sebesar 17.81 persen, er sebesar 2.39 persen,ipi sebesar 14.63 persen, m2 sebesar 0.04 persen dan sbis 0.38 persen. hal menarik dari hasil ini adalah masih besarnya kontribusi suku bunga bank indonesia terhadap keragaman jii. ini menunjukkan perilaku investor yang tidak sepenuhnya loyalis syariah, sehingga mereka masih membandingkan keuntungan berinvestasi di pasar modal syariah dengan di pasar uang konvensional. sementara itu, kontribusi pasar saham syariah internasional terhadap keragaman jii juga bervariasi. djieu memberikan kontribusi sebesar 4.73 persen, djijp sebesar 1.64 persen, djimy sebesar 7.67 persen, dan imus sebesar 1.94 persen. hasil ini mengindikasikan bahwa pasar saham syariah malaysia, sebagai negara tetangga irfan syauqi beik: pengaruh indeks harga saham syariah internasional 175 terdekat indonesia, memiliki kontribusi yang paling besar terhadap keragaman jii dibandingkan dengan ketiga negara lainnya. simpulan berdasarkan hasil penelitian maka diperoleh beberapa kesimpulan. pertama, hasil analisis vecm menunjukkan bahwa pada jangka pendek, hanya djijp dan ipi yang memengaruhi jii secara signifikan. sedangkan pada jangka panjang, djieu, djimy dan ipi memiliki hubungan positif secara signifikan terhadap jii. adapun djijp, imus, m2 dan sbis memiliki hubungan yang negatif signifikan terhadap jii. sementara itu, cpi, bi rate dan er tidak memiliki hubungan yang signifikan dengan jii. kedua, hasil irf menunjukkan bahwa jii mengalami fluktuasi dalam merespon guncangan atau shock yang terjadi terhadap seluruh variabel makroekonomi dan pasar saham syariah internasional yang diamati, sebelum kemudian mencapai kestabilan. waktu yang diperlukan untuk mencapai kondisi stabil ini berbeda-beda di antara variabel tersebut. jii paling cepat mencapai kestabilan ketika merespon guncangan pada jumlah uang yang beredar. ketiga, hasil analisis fevd menunjukkan bahwa setiap variabel memiliki kontribusi yang berbeda-beda terhadap keragaman jii. di akhir periode pengamatan, cpi adalah variabel yang memiliki kontribusi paling besar, sementara m2 adalah variabel yang memiliki kontribusi yang paling kecil. dari hasil penelitian di atas, ada empat rekomendasi kebijakan yang dapat diambil. pertama, dari hasil vecm diketahui bahwa instrumen moneter syariah ternyata memiliki hubungan jangka panjang dengan pasar saham syariah, dimana sbis berhubungan negatif dan signifikan dengan jii. dengan fakta seperti ini, maka koordinasi antara otoritas moneter dengan otoritas jasa keuangan yang mensupervisi pasar saham syariah, menjadi sangat krusial. kedua otoritas ini perlu melakukan edukasi yang tepat dan efektif kepada para investor bahwa instrumen sbis dan jii ini bukan instrumen yang saling mensubstitusi sehingga berpotensi untuk saling melemahkan. sehingga, diharapkanpara investor akan menjadikan sbis dan jii ini sebagai alat investasi yang bersifat komplementer, atau saling melengkapi dan memperkuat satu sama lain. kedua, perlunya penguatan sektor riil perekonomian. hasil vecm dan fevd menjadi bukti bahwa variabel ipi memiliki posisi yang sangat strategis karena ipi memiliki hubungan jangka panjang yang signifikan dengan jii, dan berkontribusi terhadap keragaman jii sebesar 14.63 persen. 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2009. pasar modal indonesia: pengantar dan studi kasus. bogor: ghalia indonesia. yusof, r.m, et.al. 2006. macroeconomic variables and stock returns in the post 1997 financial crisis: an application of the ardl model. global conference on business and economics, gutman conference center, usa, oktober 2006. yusof, r.m & majid, m.s.a. 2007. stock market volatility transmission in malaysia:islamic versus conventional stock market. journal islamic economics. vol. 20 no. 2, pp. 17-35. 1correspondent author 1stiu dia (dirosat islamiyah alhikmah) jakarta, indonesia 2state islamic university syarif hidayatullah jakarta, indonesia 3institute of quran studies jakarta, indonesia e-mail: 1sofwanjauhari@gmail.com, 2bukhori.muslim@uinjkt.ac.id, 3saepullah@iiq.ac.id muhammad sofwan jauhari1, bukhori muslim2, saepullah3 abstract. the purpose of this study is to explain the fatwa of the dsn-mui (dewan sharia nasional-majelis ulama indonesia) no. 75/dsn mui/ vii/2009, regarding guidelines for direct selling with sharia level (plbs) or multi-level marketing (mlm). the study analyses the methodology used by the dsn-mui in giving the fatwa on the mlm. this study is a qualitative research with a content-analysis method by analysing the fatwa on mlm using fiqh and ushul al-fiqh theories. it concludes that the fatwa issued by the dsn mui is accommodating and applicable for business people in indonesia. the dsn mui fatwa provides solutions and guidance for business people to make business activities in accordance with the sharia’s principles. keywords: fatwa, mlm, dsn, mui abstrak. tujuan penelitian ini adalah untuk menjelaskan fatwa dsn-mui (dewan syariah nasional-majelis ulama indonesia) no. 75/dsn mui/ vii/2009, tentang pedoman penjualan langsung bertingkat syariah (plbs) atau multi level pemasaran (mlm). kajian ini menganalisis metodologi yang digunakan dsn-mui dalam memberikan fatwa tentang mlm. penelitian ini merupakan penelitian kualitatif dengan metode analisis isi dengan menganalisis fatwa tentang mlm dengan menggunakan teori fiqh dan ushul al-fiqh. disimpulkan bahwa fatwa yang dikeluarkan dsn mui sudah akomodatif dan berlaku bagi para pelaku bisnis di indonesia. fatwa dsn mui memberikan solusi dan pedoman bagi para pelaku usaha untuk melakukan kegiatan usaha sesuai dengan prinsip syariah. kata kunci: fatwa, mlm, dsn, mui multi-level marketing (mlm) in dsn-mui fatwa al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 109 120 110 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction problems related to mu‘amalah or islamic economic issues will always emerge, develop, and change due to creativity and innovations. many of the contemporary economic issues remain unexplained explicitly by the text of the qur'an and hadith in detail. this makes people rely on the role of ulama to do ijtihad (independent legal reasoning) finding answers to those problems. the result of ijtihad by the ulama is called fatwa or legal opinions (masud, 2009). in some muslim countries, fatwa institutions become part of state institutions and issue a binding fatwa. however, in indonesia, fatwa is issued by non-government or civil society organizations such as mui, dsn-mui, nahdlatul ulama, muhammadiyah, persis, etc. because they are not government institutions, their fatwa may not always correspond to the government will and preference. from the number of fatwa institutions in indonesia, mui is the most prominent one, as it consists of representatives from various muslim civil society organizations (ichwan, 2005). mui formed a special institution to issue fatwas on mu‘amalah (islamic economy), called national sharia board (dewan syariah nasional). until october 2018, dsn-mui has issued 122 fatwas on mu‘amalah (fatwa dsn-mui, 2018). multi-level marketing (mlm) has positive and negative sides for society. mlm can be considered a new phenomenon, as it did not exist in the prophet era. requests for a fatwa on mlm emerged in many muslim countries, including in saudi arabia and indonesia. according to the world federation of direct selling association (wfsa), the indonesian people involving mlm members reached 16,622,000 in 2017, with the turnover amounting to 18,9 billion rupiah. this means that research on mlm becomes important because of its significant impact on the economic lives of the indonesian people (report of sales and independent representatives, 2017). fatwa needs to be regarded as implementing the notions rahmatan lil alamin (blessings for all universe). fatwa is not a revelation; it is a legal opinion from those who have competence in islamic law. differences in fatwa should be seen as the reflection of god's mercy (al-anbiya’, al-qur’an kemenag, 2018). those who uphold the notion of rahmatan lil alamin will possibly be leaders (kaptein & laffan, 2005). as leaders in islam, ulama is expected to contribute to society by giving their legal opinion on various issues. this study focuses on fatwa of dsn mui no. 75/ dsn mui/ vii/ 2009. this seeks to explain mlm and money games' definition and the legal reasoning methods used by mui on the mlm or tier direct selling. muhammad sofwan jauhari. multi-level marketing (mlm) in dsn-mui fatwa 111 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 literature review studies on fatwa have been conducted by scholars in islamic law and islamic studies. the first, atho mudzhar (1990), examines mui fatwas from 1975-1988. mudhzar concludes that most mui fatwas were issued to support the government's policies, such as iud and jeddah as miqat for indonesian pilgrims (mudzhar, 1996). nico jg kaptein (2004), in his study entitled the voice of the ulama, fatwas and religious authority in indonesia, finds that there are three typologies of fatwa in indonesia: 1) fatwa issued by the traditionalist muslim group; 2) fatwa issued by modernist muslim group; 3) and fatwas issued collectively by those two groups. dsn-mui fatwa is the third typology (kaptein, 2004). another study is by ahyar ari gayo and ade irawan taufik (2012), entitled kedudukan fatwa dsn-mui dalam mendorong perkembangan bisnis perbankan syariah (perspektif hukum perbankan syariah) (fatwa of dsn-mui in encouraging sharia banking development). this study reveals that law no. 21 of 2008 on shari’a banking has triggered the accommodation of dsn-mui fatwas in indonesian law. this implies that dsn-mui play active roles in the development of shari’a banking businesses (gayo & taufik, 2012). hidayah (2011, 2019) found that dsn-mui have used maslahah (public public) as the main methodology in its fatwas on many islamic financial products as maslahah provide rooms for innovations for islamic economy and finance in this contemporary era while still upholding to the islamic principles. methods this study is qualitative library research, focusing on the text of dsn-mui fatwa no. 75/ dsn/mui/vii/2009 on shari'a tier direct selling (plbs) dsnmui guidelines fatwa no. 83/dsn mui/vi/2012. descriptive analysis is used by describing and examining the fatwa. mui becomes significant in the study of fatwa because it is the institution with the most fatwa on mu‘amalah adopted by the government (ali, 2009). tools used in the analysis is fiqh (islamic jurisprudence) and ushul fiqh (principles of islamic jurisprudence. these are to explain methods used by mui in formulating fatwa, whether it uses al-thuruqu al-lafzhiyyah (textual method) or al-thuruqu al-ma'nawiyyah (contextual method) (al-ḥafnāwi, 2002). another consideration is whether the fatwa refers exclusively to the qur'an and hadith or uses other qiyas, maslahah or previous legal opinions from classical ulama. in some cases, the historical approach used to see the background of the fatwa issuance. the fatwas are available at mui's official website and mui's official fatwa publication. 112 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 results and discussions mui fatwa structure and its issuance the issuance of dsn-mui fatwa no. 75/ dsn/mui/vii/2009 on the guidelines of shari'a tier direct selling (plbs) and dsn-mui fatwa no. 83/ dsn mui/vi/2012 on shari'a tier direct selling in umrah traveling business were triggered by the request of a fatwa from some mlm companies. three companies requested the fatwa, such as ahadnet, ufo dan exxer. from those companies, only ufo remains survived, while the others no longer exist. the fatwas issued by the mui do not directly answer the question or respond to the problem. the fatwa is begun with the consideration causing the issuance of the fatwa, propositions that support the fatwa, previous ulama's opinions, and the existing regulations in indonesia. after that, mui stipulates its fatwa regarding the issue. mui fatwas do not mention the questions of mustafti (fatwa requesters). this makes the background tracing of mui fatwas uneasy. mui uses this approach to protect the privacy of the fatwa requesters by maintaining the principles. li´ibroti bi´umûmi al lafzhi lā bikhushûshi al sababi (the consideration is in the general texts, not in the specificity of the cause). with this principle (al-ghazziy, 2003), the reason behind the fatwa becomes unimportant because every fatwa universally applicable, not only for the requesters (qudamah, t.t.). the structure of mui fatwas on mlm and plbs consists of several parts (fatwa dsn-mui, 2018). the first part is the fatwa serial number and the title. the serial number of fatwa is sorted based on mui's number of fatwa since its establishment. the second part is the month and year of the issuance. the serial number is always followed by a dsn-mui code, a slash, and a roman numbering, showing the month of the issuance. it is, then, followed by the year of issuance. the fatwa on shari'a tier direct selling guidelines has a complete code of 75/ dsn/mui/vii/2009. this means that this is the fatwa number 75 issued in june 2009 (fatwa dsn-mui, 2018). the third part is the title of the fatwa. this is to enable readers to identify the fatwa. fatwa no 75/ dsn/mui/vii/2009 is entitled shari'a tier direct selling guidelines. the fourth part is the consideration part. this includes factors leading to the issuance of a fatwa. it can be said that this part is similar to asbāb al-nuzūl (revelation causes) in islamic exegesis and asbāb al-wurūd (causes of the emergence of hadith) in hadith science. as mentioned, the fatwa requester questions are not included for several reasons: 1) to protect the fatwa requesters' privacy; 2) to minimize the risks possibly gotten by the fatwa requesters, and 3) to minimize the legal consequences possibly gotten by the fatwa requesters (interview with j mubarok, 30 june 2017). muhammad sofwan jauhari. multi-level marketing (mlm) in dsn-mui fatwa 113 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 the fifth part is the arguments of the fatwa. this part begins with the word “take into account”. the arguments are based on qur'anic verses and hadith that become the consideration in legal reasoning and stipulation. this becomes a part of using naqli (text-based) arguments in responding to contemporary issues in society (jaghim, 2014). fatwas of dsn-mui always mention additional arguments based on principles and rules in islamic jurisprudence. in fatwa no. 75, two fiqh principles used as the basic foundation of the fatwa. additionally, the indonesian government regulations used in the fatwa consideration include the ministry of industry and trade regulations. the sixth part is the stipulation and legal decision consisting of several provisions. these are 1) general provision of mlm; 2) legal provisions containing twelve aspects that should be fulfilled by the shari'a mlm or plbs; 3) provisions on types of contract used in mlm or plbs; 4) closing provision. the seventh or last part is the date of the fatwa issuance and the signature of the mufti (fatwa makers). the mufti is represented by the head and secretary of mui. the fatwa no. 75 is signed by the head of mui, dr k.h. m.a. sahal mahfudz, and its secretary, drs. h.m. ichwan sam (governing board of dsn-mui, 2018). fatwa issuance sequence dsn-mui has determined the sequence of a fatwa issuance. first, there should be a request of fatwa or istifta by mustafti. the mustafti can be from shari’a financial institution (lembaga keuangan syari’ah/ lks), shari’a business institution (lembaga bisnis syari’ah, lbs), or other shari’a economic institutions. the mustafti can also from the financial services authority (otoritas jasa keuangan/ ojk), the indonesian stock exchange, bank of indonesia, or other ministries. to date, most fatwa requesters come from business institutions or the authorities and not individuals. the request is delivered in a written application to the dsn-mui office. masud argues that istifta and fatwa have a strong correlation, as the first determines the second. however, up to now, little attention paid to the istifta and mustafti'. the administration of istifta and mustafti has not yet become a priority (masud, 2009). second, dsn-mui arranges an in-depth discussion between the mustafti and the fatwa team. this discussion is intended to obtain tasawwur or a clear explanation of the problem. apart from the fatwa team and the mustafti, the dsn-mui also invites practitioners to obtain a concrete and objective explanation of the problems in istifta'. this step is important as the principle of tasawwur is crucial in a legal determination (al-hanbali, 1997). 114 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 third, the organization of the problem list (daftar isian masalah/ dim) by the dsn-mui team. dim is made to ensure that the fatwa is complete and comprehensive. this should be sufficient, understandable, and applicable without possible frictions between the fatwa and state's law. the mustafti does not need to request the fatwa repeatedly because the issued fatwa will be a comprehensive answer and guidelines to the inquired issues. fourth, dsn-mui conducts a literature study using classical and contemporary fiqh books published locally and internationally. fifth, the fatwa team formulate the draft of the fatwa. the draft is made into an academic script of the fatwa to be taken to the drafting. sixth, the team proposes the draft to the governing body (badan pengurus harian/ bph) of dsn-mui. in this step, the team requests suggestions and inputs from the bph in written or oral in a regular meeting, conducted once a week. this is to enrich the use of the references and minimize possible mistakes in ijtihad. this draft is also discussed with the relevant authorities, primarily to address the fatwa substance. seventh, the team revises the draft of the fatwa. all suggestions are documented and discussed by the team to be considered in the revision of the draft. this is to avoid the frictions between the fatwa and any state's regulations. this step is also to ensure that the fatwa complies with the code of conduct in fatwa making. al-nawawi argued that the code of conduct in fatwa making should be clear and does not raise further questions (al-nawawi, 1408). eighth, the fatwa is submitted for bph's approval. if the fatwa is considered satisfactory, bph conducts a plenary meeting to approve the fatwa. if revisions are still needed, the team will revise the fatwa based on the suggestion in the plenary meeting. ninth, dsn-mui conduct a plenary meeting to approve the fatwa. the fatwa is taken to the plenary to obtain suggestions from ulama from the representatives of the indonesian islamic civil society organizations, shari'a economic experts, the representatives of financial, business, monetary authorities, and the members of bph of dsn-mui. tenth, the team makes necessary revisions as suggested by the last plenary meeting and publish the fatwa. after the revision, the draft is signed by the head and secretary of dsn-mui. after that, the fatwa is printed and delivered to the related parties. makharij fiqhiyyah as a fatwa method dsn-mui uses a special method in formulating a fatwa, called makharij fiqhiyyah or a solution for fiqh related problem. this means that in the field of muhammad sofwan jauhari. multi-level marketing (mlm) in dsn-mui fatwa 115 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 mu‘amalah, the dsn-mui will never decide haram (prohibited) for any mu‘amalah issue; instead, it provides solutions. dsn-mui attempts to make particular mu‘amalah issues halal (permissible) by avoiding aspects prohibited by shari'a such as maysir, gharar, and riba. this is in line with the principle: al-ashlu fi al-mu’āmalati al-ibahah (the basic principle in transaction is permissibility (al-qahṭāni, 1420). makharij fiqhiyyah implemented by dsn-mui consists of four kinds of solutions (amin, 2017). first, al-taysir al-manḥaji or systematic leniency means that a fatwa chooses a favorable opinion as long as it is based on justifiable arguments, and avoiding tatabbu'u al-rukhas or tasāhul and talfiq (al-sulami, 2005). second, tafrīq al-halāl ‘an al-harām means that it is permissible to separate the halal matters from the haram one, such as money. if the halal and haram are mixed, then, the principle idzā ijtama'a al-halālu wa al-harāmu gholaba al-harāmu (if the haram and halal are mixed, then it is haram) does not always applicable (al-subkī, 1990). third, i'adatu an–nazhar means that dsn-mui can review a previous ulama's legal opinion it is difficult to be implemented. this can be done by reexamining the basis of the arguments. it is possible that the illat (legal cause) or the situation around the previous fatwa was different from now. this principle indicates that dsn-mui is a moderate fatwa institution and believes that the “door of ijtihad remains open”. in this case, there is a need to deliver a massive, continuous, and structured education about the importance of ijtihad. this is expected to encourage the emergence of new mujtahid to answer contemporary issues in mu‘amalah related legal issues (rasyid, 2012). as ibnu qayyim dan alshaukāni argued, ijtihad's door remains open as long as its conditions are fulfilled (alshaukānī, 1396; bakar, 1423). fourth, tahqiq al manat means that the mujtahid needs to examine the reasons behind particular legal determination. for example, it is prohibited to sell gold in debt. dsn-mui argues that this prohibition is when gold becomes the medium of exchange. if the gold is sold as a commodity, it is allowed to pay with an instalment payment system. the example of the fatwa using this principle is dsn-mui fatwa no. no.77/dsn mui/v/2000 on gold murabahah (amin, 2017; hasanudin, 2008). intiqa'i and insha'i methods in dsn-mui fatwas there are two kinds of ijtihad objects. these are the object that has been put into ijtihad, and the object has not yet been discussed in ijtihad (saiban, 116 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 2010). ulama uses three approaches in responding to that issue, namely intiqa'i, insha'i, and indimajiy (maulidi, 2014). the latest is the combination of the first two approaches. as for the ijtihad methods, there are three of them: bayani, qiyasi, and istislahi (mubarok, 2002). the intiqa'i method is the ijtihad started with a study of previous ulama' ijtihad and fatwas. after that, one of them is chosen and summarized. this can be done through tarjih or clarifying one of the ijtihad from several existing ijtihad. the insha'i method is for issues that have been taken into ijtihad before. this means no stipulation of the issues yet. according to hasounah, the insha'i method is also applicable to the ijtihad of the previous ulama that are considered unsuitable to address the problem (hasounah & hamid, 2005). in this case, new ijtihad is taken place to generate a new legal opinion. this will add to the variety of existing legal opinions (‘afīfī, 2015). the dsn-mui fatwa regarding mlm uses the method of ibda'i insha'i. the fatwa institution, in this case, formulates a newly legal product (ibda' and insha') in the form of an explanation about the legal status of mlm according to islamic law. this is based on the dsn-mui's analysis of the implementation of mlm businesses in its era and territory. dsn-mui also refers to the existing cases related to the mlm businesses. during the formulation of the fatwa on mlm, dsn-mui read previous fatwas on mlm from other countries (e. astiwara, interview on april 2017), including those that decided on haram or halal. the fatwa institutions that have stipulated the halal status for mlm include the fatwa institution of libya, tunisia, al-azhar of egypt, fatwa institution of the university of jordan, and ulama of malaysia. the ulama that has decided the haram status for mlm are jordanian fatwa directorate(mashuqah & husain, t.t.), saudi arabia, and markaz al-fatwa (center of fatwa) qatar. they considered that mlm contains maysir, gharar and riba. bayani, qiyasi, and istislahi method in dsn-mui fatwas in conducting ijtihad until finally produce a fatwa, ulama uses several ijtihad methods. there are two primary ijtihad method: ijtihad bayani and ijtihad bi al’ra’yi. ijtihad bi al ra'yi is divided into two methods: qiyasi and istislahi methods. in short, three methods can be used in ijtihad to answer matters that is not explained by the qur'anic verses or hadith. these are the bayani method, the qiyasi method, and the istislahi method (yulianti, 2007). from the examination of mui fatwas, including fatwa no. 75/dsn mui/vii/2009, it can be concluded that dsn-mui has used those three ijtihad methods. however, the istislahi method is the dominant one. this method becomes muhammad sofwan jauhari. multi-level marketing (mlm) in dsn-mui fatwa 117 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 an alternative method in ijtihad for contemporary issues that are not explicitly explained in the qur'an or hadith. the istislahi method is used in fatwa no. 75/dsn mui/vii/2009 by considering maslahah, and the dominant maslahah consideration is related to the protection of wealth (hifz māl). the dominant use of the istislahi method can be seen in several stipulations. first, dsn-mui prohibits the practice of excessive markup. in islam, price is determined depending on the market mechanism. the government is not obliged to determine the price of commodities. sellers and buyers can determine price according to the agreement of both parties, based on the principle of 'an taradin (based on the agreement) (an-nisa’ al-qur’an kemenag, t.t.). istislahi method in the dsn-mui fatwa on mlm can also be found in the prohibition of giving recruitment rewards or bonuses to its business partners or members. this prohibition, however, is not explicitly mentioned in the fatwa. the second stipulation, point 5, mentions that the commission awarded by the company to its members or partners should be based on the selling volume. point 6 states that the bonus should be clear and directly related to the product selling. another indication for the istislahi method application is in the second stipulation point 7 on the prohibition of passive income. it means incomes or bonuses received by the members regularly without any effort. these can be in the form of supervision to other members or product selling. passive income, according to dsn-mui, should be avoided by sharia-based mlm business people. the practice is incompatible with islamic law. the fatwa does not mention an explicit argument from the qur'an or hadith. however, there are qur'anic verses interpreted as the prohibition of the passive income, which is the qur'an, surah an nisa (4): 29. conclusions this research concludes that dsn-mui argues that mlm and money games are two different matters. the notion of money game is not compatible with shari'a because of the involvement of excessive markup, passive income, maysir, riba, and nasi'ah in the money game. products sold by mlm are merely a camouflage of the business for the business that relies upon the income from member recruitments and bonuses. dsn-mui argues that mlm is different from the pyramid scheme. even so, dsn-mui does not determine the status of haram or halal for mlm businesses. instead, the dsn-mui provides solutions and guidance for the mlm business people to operate their business with shari'a compliance by determining twelve conditions to be obeyed in the mlm businesses. 118 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.20439 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 the ijtihad of dsn-mui has mostly used the method of istislahi. this is reflected in the several points of the fatwa. these are the prohibition of excessive markup and passive income. even though no text-based argument used, dsnmui strongly prohibits those practices. this is a preventive action to avoid the mlm industries dragged into money game practice. considering the availability or unavailability of the previous ijtihad, the dsn-mui used the method of insha'i or ibda'i insha'i and not intiqa'i. recommendation this study proposes several recommendations. first, dsn-mui needs to maintain its positive attitude in the fatwa issuance by strictly maintaining the determined sequences and solutive and accommodative fatwa. at the same time, dsn-mui needs to maintain its independence in issuing fatwas. second, dsn-mui needs to conduct various activities such as education, information dissemination and literacy enhancement about the fatwa on mlm. another possible activity is research on the impact of the fatwa on the mlm industry. third, dsn-mui needs to conduct research on mlm companies that have obtained shari'a compliance certificates from dsn-mui to measure the degree of their compliance with shari'a. this is to acknowledge the difficulties faced in interpreting the dsn-mui fatwa on mlm. fourth. all stakeholders in the mlm industry, including apli and the ministry of trading, need to repair the image of the mlm industry. the practice of money games negatively impacts mlm business. better regulation and supervision by the government is needed to prevent illegal business practices. references ‘afīfī, a. m. 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(t.t.). raudlah al-nāzhir wa jannatu al-munāzhir fī ushûl al-fiqh ‘alā madhhab al-imām ahmad bin hanbal. ii. ar-rayyan. rasyid, h. (2012). optimalisasi peran mui sebagai mufti resmi indonesia di tengah benturan liberalisme dan fundamentalisme, fatwa majelis ulama indonesia dalam perspektif hukum dan perundang-undangan. puslitbang lektur dan khazanah keagamaan balitbang dan diklat kemenag ri. report of sales and independent representatives. (2017). https://wfdsa.org/?s=re port+of+sales+and+independent+representatives&lang=en saiban, k. (2010). metode intiqā’i dan insyai sebuah solusi pembentukan madhhab fiqh kontemporer di indonesia. jurnal ulumuddin universitas muhammadiyah malang, 6: 506–514. yulianti, r. t. (2007). pola ijtihad fatwa dewan syariah nasional mui tentang produk perbankan syariah. uii yogyakarta, 1(1): 57–75. the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 125 142 received: march 14, 2016; revised: september 21, 2016; accepted: november 21, 2016 state islamic university (uin) syarif hidayatullah jakarta, jl. ir. h. juanda no. 95, south tangerang e-mail: muniaty.aisyah@uinjkt.ac.id doi: 10.15408/aiq.v9i1.1867 abstract. consumers demand on halal cosmetics and personal care products in indonesian. this research aims to analyze the influential factors involved in moslem consumers’ decision to purchase halal cosmetics and personal care products in indonesia by using the theory of planned behavior. 100 questionnaires were analyzed using structural equation modeling, collected from respondents of female consumers who purchased wardah cosmetics and personal care products in south jakarta and south tangerang. the findings show that attitude, subjective norm, perceived behavioral control and purchase intention are positively related to the consumers’ decision to purchase halal cosmetics and personal care products. by addressing the consumers’ traits that can predict halal cosmetics and personal care products necessity, marketers could generate proper marketing strategies to validate consumers’ demand which in turn will stimulate the growth of halal products industry in indonesia. keywords: halal, cosmetics, personal care products, consumers purchase behavior, theory of planned behavior abstrak. permintaan konsumen pada kosmetik halal dan produk perawatan pribadi di indonesia. penelitian ini bermaksud menganalisis faktor-faktor yang mempengaruhi keputusan konsumen moslem membeli kosmetik dan produk perawatan tubuh berlabel halal di indonesia. 100 kuesioner dianalisis menggunakan structural equation model yang dikumpulkan dari para responden khususnya konsumen wanita yang telah membeli kosmetik dan produk perawatan tubuh halal bermerek wardah di jakarta selatan dan tangerang selatan. hasil penelitian ini menunjukkan bahwa sikap, norma subyektif, kontrol perilaku yang dirasakan, dan niat beli konsumen berpengaruh positif terhadap keputusan konsumen membeli kosmetik dan produk perawatan tubuh berlabel halal. dengan mempelajari perilaku pembelian konsumen yang dapat memprediksi kebutuhan akan kosmetik dan produk perawatan tubuh berlabel halal, pemasar dapat merancang strategi pemasaran yang tepat, guna memenuhi kebutuhan konsumen yang pada gilirannya akan dapat merangsang pertumbuhan industri produk halal di indonesia. kata kunci: halal, kosmetik, produk perawatan tubuh, perilaku pembelian konsumen, teori planned behavior consumers demand on halal cosmetics and personal care products in indonesian muniaty aisyah 126 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 introduction since the dawn of civilization, food and pharmaceutical products (drugs, cosmetics and personal care products) have been some of the earliest human needs (mursidi, 2013). however, moslems have strict religious guidelines with regard to consumption and use. allah commands moslems to consume only things that are halal (i.e. religiously permissible) and good (al qur’an, 23:51). thus, it is an obligation for moslem to consume and use only halal products (rezai et.al, 2009; salehudin and luthfi, 2011; rahim and junos, 2012). in the arabic language, halal refers to anything that is permissible under islamic law (sharia). it is usually used to describe activities that a moslem is permitted to engage in, i.e. eat, drink or use. the antithesis of halal is haram, which in the arabic language refers to anything prohibited under islamic law. accordingly, halal products are those that are sharia compliant, i.e. do not involve the use of haram (prohibited) ingredients, exploitation of labor or environment, and are not harmful or intended to harm (omar et.al, 2012). the prophet muhammad, also forbids moslem to avoid consuming things are ambiguous whether it is halal or haram (imam nawawi, hadist by bukhari and muslim). these commandments regulate the lives of moslems worldwide and its compliance are mandatory (soesilowati, 2010; salehudin and luthfi, 2011). the realm of halal may extend to all consumables such as pharmaceuticals, cosmetics, personal care products, toiletries, etc. the halal label or certificate not only guarantees moslems what they consume or use is in accordance to islamic law, but also encourages manufacturers to meet the halal standard. in the scope of halal cosmetics and personal care products, the concept covers critical aspects of production such as halal ingredients and usage of permissible substances which must be manufactured, stored, packaged and delivered in conformity with sharia requirements (elasrag, 2016). thus, halal labeling and certification can play an important role to assure moslem consumers that the products they purchase meet the necessary religious requirements and conditions (omar et.al, 2012). currently, there are numerous food, pharmaceuticals, cosmetics and personal care products available with nonspecific labeling. therefore, the halal verification and authentication of these products is urgently required (mursyidi, 2013). from a moslem perspective, knowing the origin of raw materials and production process of consumer items is essential due to the sharia obligation stating that any moslem must consume only halal and wholesome products. this situation is increasingly important since the verification and authentication of halal products is paramount in order to maintain the sanctity of the islamic religion (mursyidi, 2013). in order to protect the rights of moslem consumers and their efforts to 127 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics follow their commandments in consuming only halal products, halal certification institutions have emerged in several countries to provide certification for food, beverages, pharmaceuticals, cosmetics and personal care products that are halal or not containing haram (prohibited) components (salehudin and luthfi, 2011). malaysia has taken a serious approach towards developing halal products since 2009 because it realized that halal considerations is the new attraction for the country’s moslem customers. for cosmetics firms that operate in competitive markets, achieving satisfaction for their customers is particularly important if they want to survive in those markets. satisfied customers will repeat their purchases and they will be more loyal to the firm (yoe et.al, 2016). the malaysia external trade development corporation halal unit informed that halal cosmetics and personal care products as well as halal food and beverages were the only segments that reported an increase in exports during in the first half of 2015 while other halal ingredients, palm oil derivatives and industrial chemicals recorded a decrease (rasid, 2016). according to a thomson reuters report, global moslem spending on cosmetics increased one per cent to us$46 billion globally in 2013. this spending was 6.78 percent of the global sector expenditure and is expected to reach us$73 billion by 2019. based on 2013 estimates, top countries with moslem cosmetics consumers are the united arab emirates (us$4.9 billion), turkey (us$4.4 billion), india (us$3.5 billion), and russia (us$3.4 billion) (rasid, 2016). another study in 2015, conducted by the institute of personal care science of australia, calculated that the global cosmetic industry was worth approximately us$334 billion, with halal cosmetics contributing to us$13 billion of this amount a year (ramli, 2015). according to malaysian halal industry development corp (hdc), moslems have begun to look for halal cosmetics and personal care products. moslem consumers, with global population of nearly two billion, are increasingly aware that some cosmetics contain ingredients derived from animal origins and are thus concerned about the halal status (rasid, 2016). the increasing awareness among moslem consumers regarding halal cosmetics and personal care products has attracted the attention of the cosmetics retailers (abd jabar et.al, 2012). indonesia, country with the largest number of moslems in the world, is a large potential market for consumables such halal cosmetics and personal care products. the increasing preference for halal cosmetics and personal care products in indonesia is evident from markplus insight women survey in 2015 which shows that wardah—which positions itself as a moslem-friendly, halal cosmetics brand— was named the most popular cosmetics brand for women. the survey conducted in mid-2015 included 1,183 female respondents across 18 cities in indonesia, aged between 15 and 59 years. according to the result, 37.8% of the respondents claimed 128 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 wardah to be their favorite cosmetics brand, followed by pixy (10.1) and sari ayu (8.7%). ponds and viva were at fourth and fifth spot, with negligible margin. apart from wardah, sari ayu too is certified halal (markplus, 2016). the increasing preference of local halal brand cosmetics like wardah, sari ayu and many other products from overseas with halal certification indicates consumers demand on halal cosmetics and personal care products in indonesia is increasing. consumer demand is the willingness and ability of consumers to purchase a quantity of products in a given period of time, or at a given point in time (economicsonline, 2016). as the largest moslem population in the world, it is no surprise that halal cosmetics have caught on in indonesia. to set up business plan to penetrate the potential market, local and foreign marketers must have proper understanding of the consumers and operate carefully in order to avoid offending moslem consumers and obtain good and halal foothold in the market like indonesia. for a product to be halal, it should not contain alcohol, should not be tested on animals, and should not contain ingredients from animals. the desire to comply with the commandment in consuming only halal products could create consumers’ involvement and influence in purchasing or choosing what product they consume (salehudin and luthfi, 2011). by discovering the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products enables marketers to extend their production in indonesia as well as in global halal market. in order to understand how cosmetics and personal care products with halal labeling or certification influence the purchase decision of moslem consumers, a theoretical framework is necessary. lada et.al. (2009) discovered that the theory of reasoned action (tra) is applicable to describe moslem consumers’ intention to choose product with halal label. tra suggests that the best predictor of behavior is intention. intention is a function of a person’s attitude and subjective norm toward the behavior. intention is the cognitive representation of a person’s readiness to perform a given behavior, and it is considered to be the immediate antecedent of behavior. tra was further developed into the theory of planned behavior (tpb) by ajzen (1985, 1991, 2006) by adding a third belief, perceived behavioral control, to increase its domain of explanation which is the self-efficacy of the individual regarding certain behavior (salehudin and luthfi, 2011). this research aims to test the applicability of theory of planned behavior in explaining how halal labeling influence moslem consumers to purchase cosmetics and personal care products especially in indonesia, as a potential market for halal products. by analyzing consumers purchase behavior using the theory of planned behavior, this research could predict the consumers demand on halal cosmetics and personal care products and its influential factors in indonesian market. there are 129 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics two behavior of the moslem consumers in which the model will be tested, first is the purchase intention, and the second is the purchase decision on halal cosmetics and personal care products. in particular, this research has three specific objectives. first, to test whether the theory of planned behavior is applicable to explain the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products. second, to identify whether consumers’ attitude, subjective norm, perceived behavioral control and purchase intention influence consumers’ purchase decision. third, to identify whether purchase intention is an intervening variable, which indirectly influences or mediates consumers’ attitude, subjective norm, and perceived behavioral control toward their purchase decision on cosmetics and personal care products with halal label. this research is structured as follows: first, introduction; second, the literature review; third, research method; fourth, result and discussion; and the last is conclusion. literature review according to the theory of planned behavior (tpb) model by ajzen (1985, 1991), an individual’s performance of certain behavior is determined by his or her intention to perform that behavior. intention defines as an immediate antecedents of behavior (ajzen and fishbein, 1975). thus, it assumes that the probability of performing an act is a function of intention to perform the act (chang and cheung, 2001). there are three components in theory of planned behavior that explain further intention to behave and thus behavior itself (ajzen, 2006), such as: attitude, subjective norm and perceived behavioral control (see figure 1). attitude subjective norm intention behavior perceived behavioral control figure 1. theory of planned behavior (tpb) model (ajzen, 1985, 1991) attitude is the psychological tendency that is expressed by evaluating a particular entity with some degree of favor or disfavor (eagly and chaiken, 1995). attitude towards the behavior refers to the degree to which a person has a favorable or unfavorable evaluation or appraisal of the behavior in question. the tpb model determined that the more favorable the attitude with respect to a behavior, the 130 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 stronger is the individual’s intention to perform the behavior under consideration. the stronger the attitude, the stronger the intention will be, thus this will show in the purchase decision behavior and vice versa (ajzen, 2008). in many societies, religion plays an influential role shaping product purchase behaviors. considerable evidence indicates that religion can influence consumer attitude and behavior in general, and product purchasing or consuming habits in particular (rahim and junos, 2012). according to salehudin and luthfi (2011), attitude indicates individual belief about the personal evaluation regarding the good compliance to the commandment about halal consumption. the stronger the attitude, the stronger the consumer’s intention and decision to purchase halal products. subjective norm refers to the perceived social pressure to perform or not to perform the behavior (ajzen, 1991). the tpb model holds subjective norm as a function of belief. it is the function of how consumer’s referent others (i.e. parents, family, and friends) and view the regarding behavior and how motivated the consumer is to comply with those beliefs (miller, 2005). beliefs play important roles in performing the intention of consumers (ajzen and fishbein, 1985). in the context of islam, a religious society adheres to the teachings of their prophet muhammad who embraced and displayed exemplary behavior to his followers. as a result, the influence of prophet muhammad will have a positive effect on subjective norm thus affecting the intention to behave accordingly (rahim and junos, 2012). subjective norm deals with consumers’ motivation and behavior, which is constructed to incorporate the expectations of the approval or disapproval of others important to him or her (chen, 2008). according to rahim and junos (2012), if consumers believe those people important to them think that products with halal label is essential, they will have a higher intention of purchasing such products. the influence of significant others will have a positive effect on subjective norm thus affecting the intention and behavior accordingly. based on the tpb model, perceived behavioral control describes perceptions of the extent to which the behavior is considered to be controlled. it can account for considerable variance in behavioral intention and decision (ajzen, 1991). the link between perceived behavioral control and behavior suggests that consumers are more likely to engage in behavior they feel they have control over and prevented from carrying out behavior over which they feel they have no control (rezai et.al, 2009; rahim and junos, 2012). moslem’s intention to accept halal products is also determined by the control they feel they have over such behavior. perceived behavioral control positively influence consumers’ intention toward accepting products by the religious society. for the religious society, accepting halal products is something that should be within their control. consumers who consider themselves to be more or less moslems, are 131 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics sometimes also primarily guided by the important factors attached to halal products such as whether it is easy or difficult to purchase or get the product and the ease or difficulty to consume the product (rahim and junos, 2012). providing that when consumers believe they have more resources and opportunities needed such as time, money, skills, and control to perform religious obligation and the availability of the products (ajzen, 1991; miller, 2005; rezai et.al, 2009; rahim and junos, 2012; omar et.al, 2012). high perceived availability of halal products in a country may hinder consumers in that country from consuming other products (rezai et.al, 2009). intention and decision to purchase halal products is higher when consumers perceive more control over purchasing these products (omar et.al, 2012). therefore, it can be concluded that a positive personal attitude towards the consumption of halal cosmetics and personal care products, the positive influence of other important people, the positive perceived behavioral control over consuming halal cosmetics and personal care products, will predict the consumers’ intention and their decision to purchase halal cosmetics and personal care products. methods the method of analysis employed to the hypotheses in this research is structural equation modeling (sem). sem is an analysis method employed to test structural models that depicts structural relationships between latent constructs. when this research is translated into the hypotheses model (see figure 2), observed variables are drawn with the error terms for each latent variable. for the exogenous variables, attitude (x1) contains ten observed variables, while subjective norm (x2) and perceived behavioral control (x3) each one contains eight observed variables. for endogenous latent variables, halal cosmetics and personal care products purchase intention (y1) and purchase decision (y2), the observed variables of each, contains two variables. for structural equation model, the error of each item is drawn as unobserved variables in round circles. this research used convenience sampling method. respondents were female moslem consumers who live in south jakarta and south tangerang who already purchased and used wardah brand as the halal cosmetics and personal care products. wardah is one of the most popular halal cosmetics and personal care pro ducts brand in indonesia. for cosmetics are included compact powder, two way cake powder, face powder, lipsticks, lip gloss, foundation, eyeliner, eye shadow, and make up remover. for personal care products are included lip balm, hand and body lotion, body butter, eau de toilette, body mist, roll on, facial wash, facial scrub, face toner, sun screen gel, oil massage, cream moisturizer and acne gel. each respondents use minimum two items of these products for daily need. 132 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 this research used questionnaires as instrument to obtain the primary data needed. the questionnaire consists of 5 point of likert scale to evaluate the level of agreement of the respondents. there were 154 questionnaires distributed during the data collection period to target the respondents. the data was analyzed using structural equation model (sem), amos 22 version. from 154 observation number, there were 54 data profile causing outliers. after removing the outliers, there were 100 data used for this research. the next step was to see the level of normality data used. the result shows that the value of critical ratio (cr) of data multivariate is 2.484, which is in the range of -2.58 and 2.58, hence the data is normal. figure 2. hypotheses model figure 3. modification model result and discussion result respondents are female moslem consumers who live in south jakarta and south tangerang area who already purchased wardah brand as halal cosmetics and personal care products which are one of the most popular halal cosmetics and personal care products brand in indonesia. their age range averages is between 20 to 35 years old (55%), above 35 years old is 40%, and only 5% under the age of 20. respondents’ expenditure per month mostly average rp.1,000,001 to rp.2,500,000 (61%), followed by rp.2,500,001 to rp.5,000,000 (16%), 9% above rp.5,000,000, and 14% are under rp.1,000,000. this research also characterized the religious orientation of the respondents which consists of: (1) ignorant: i do not know how to pray; (2) less obedient: sometimes i forget to pray; (3) moderate: i carry out my religious obligation as long 133 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics as able to do so; (4) obedient: i always try to perform my religious obligations; (5) very obedient: i always perform my religious obligations. the distribution shows that 40% of the respondents are obedient, 36% are moderate, and 22% are less obedient, and 2% very obedient. in the scope of halal cosmetics and personal care products, the critical aspects comes from the production especially the sourcing of halal ingredients and the usage of permissible substances such as gelatin, placenta, collagen, etc. halal cosmetics and personal care products must also be manufactured, stored, packaged, and delivered in conformity with islamic religious requirements. according to the survey, 42% of the respondents do not understand the existence of potential non-halal ingredients and the usage of permissible substances in cosmetics and personal care products. moreover, the survey also shows that 30% of the respondents often inspect the halal label on cosmetics and personal care products packaging before buying, while 41% rarely inspect the halal label, and 29% of them never inspect the halal label before buying. confirmatory factor analysis (cfa) was conducted on every measurement model. the goodness of fit is the decision to see the model fit into the variancecovariance matrix of the dataset. the cfa of measurement model has a good fit with the data based on assessment criteria such as statistic chi-square (x2), cmin/ df, p-value goodness fit index (gfi), normed fit index (nfi), comparative fit index (cfi), pratio, root mean square error approximation (rmsea), and root mean square residual (rmr). table 1. goodness of fit model goodness of fit index cut-off value* indicator status revised indicator status (after modification) chi-square (x2) closed to 0 1048.852 poor fit 675.926 poor fit cmin/ df <2 2.669 poor fit 1.827 goodness of fit p-value > 0,05 0.000 poor fit 0.000 poor fit gfi > 0.90 0.623 poor fit 0.740 poor fit cfi > 0.90 0,788 poor fit 0.901 goodness of fit nfi > 0.90 0,703 poor fit 0.809 marginal fit pratio > 0.90 0,903 goodness of fit 0.851 marginal fit rmsea < 0,10 0,142 poor fit 0.091 goodness of fit rmr < 0,10 0.130 poor fit 0.021 goodness of fit *source: hair et.al (2006), haryono and parwoto (2012) 134 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 after several modification indices verifications (see figure 3), the confirmatory factor analysis of measurement model in this research indicates four adequate goodness of fit model and two marginal fit (see table 1). thus, it means that the theory of planned behavior model is fit and applicable to explain the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products. table 2. construct validity measurement variable indicator slf variable indicator slf variable indicator slf attitude (x1) x11 .549 subjective norm (x2) x21 .575 control (x3) x33 .866 x12 .739 x22 .547 x34 .827 x13 .672 x23 .549 x35 .825 x14 .813 x24 .567 x36 .906 x15 .859 x25 .908 x37 .823 x16 .843 x26 .926 x38 .816 x17 .843 x27 .842 purchase intention (y1) y11 .929 x18 .838 x28 .831 y12 .927 x19 .870 perceived behavioral x31 .714 purchase decision (y2) y21 .750 x110 .659 x32 .754 y22 .826 slf: standardized loading factor before the hypotheses can be tested, another step of analysis required is testing the construct validity of the measurement used in this research. good construct validity of the instrument must be established before any conclusion about the causal relationship among constructs can be determined. the result showed a construct validity measurement model with all standardized loading factors greater than 0.5 (see table 2). it means that construct validity of all items are established. before discussing the hypotheses result, this research also used descriptive statistics test to describe the consumers’ behavior level by using mean value as the type of estimate of central tendency (ghozali, 2011; morgan et.al., 1999). table 3 below shows that consumers have high level of attitude, subjective norm, perceived behavioral control, intention and decision to purchase halal cosmetics and personal care products with mean value from 4.22 to 4.32. 135 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics table 3. descriptive statistics n min. max. mean* std. dev. attitude 100 3.80 5.00 4.3190 .39764 sub. norm. 100 3.47 5.00 4.2247 .36222 pbc 100 3.62 5.00 4.2262 .35864 intention 100 3.65 5.00 4.2255 .35460 decision 100 3.64 5.00 4.2219 .35707 valid n (listw.) 100 *level: 1 – 2 = very low, 2.1 3 = low, 3.1 – 3.5 = average, 3.6 – 4.5 = high, 4.6 – 5 = very high after all assumptions are fulfilled, the hypotheses proposed in this research can be tested. the result of data analysis from the regression weight structural equation model (table 4) shows that this research has established five direct causal effects: perceived behavioral control and purchase intention, attitude and purchase decision, subjective norm and purchase decision, perceived behavioral control and purchase decision, purchase intention and purchase decision. table 4. regression weight estimate s.e. c.r. p status y1 <--x1 .165 .151 1.092 .275 not significant y1 <--x2 .080 .075 1.072 .284 not significant y1 <--x3 .578 .102 5.672 *** significant y2 <--x1 .374 .114 3.270 .001 significant y2 <--x2 .208 .051 4.115 *** significant y2 <--x3 .365 .089 4.108 *** significant y2 <--y1 .228 .085 2.674 .008 significant this research also presents three indirect effects (see table 5). however, compare with the result in table 6, each direct effect of attitude, subjective norm and perceived behavioral control is greater than its indirect effect. thus indirectly, purchase intention is not an intervening variable. it does not mediate each relationship between attitude, subjective norm, nor perceived behavioral control with consumers’ purchase decision. 136 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 table 5. standardized direct effects table 6. standardized indirect effects direct effect indirect effect x1 x2 x3 y1 y2 x1 x2 x3 y1 y2 y1 .111 .100 .661 .000 .000 y1 .000 .000 .000 .000 .000 y2 .260 .269 .430 .235 .000 y2 .026 .023 .155 .000 .000 discussion the result shows that the theory of planned behavior is applicable to explain the influential factors involved in consumers’ decision to purchase halal cosmetics and personal care products. since consumer demand is defined as consumers’ willingness and ability to purchase a quantity of products in a given period of time (economicsonline, 2016), hence this research can predict consumers demand on halal cosmetics and personal care products in indonesia market as in line with the influential factors involved in consumers’ purchase decision on halal cosmetics and personal care products. the result indicates that attitude, subjective norm, perceived behavioral control and intention directly affect consumers’ decision to purchase halal cosmetics and personal care products. however, indirectly, consumers’ purchase intention is not an intervening variable. it implies that even though consumers have the intention to purchase halal cosmetics and personal care products, but that do not necessarily mean they really going to purchase the products. only perceived behavioral control directly affect both consumers’ intention and consumers’ decision to purchase. it is also the most dominant one. thus, marketers should focus on the motivational factors driving the product acceptance process which primarily are guided whether it is easy or difficult to purchase or get the product. it means that intention and decision to purchase halal cosmetics and personal care products will be higher if consumers perceive more control to perform their religious obligation over purchasing or consuming only halal products, if consumers have sufficient resources and opportunities needed, like money, time and the availability of the products. the intention and decision to purchase the products will be higher if consumers have enough money to buy the products or the products are affordable for them. it is suggested that manufacturers and marketers need to enhance their market segmentation by dividing a broader target market into subsets of consumers so that consumers from lower economy class are able to purchase the products at affordable prices. the intention and decision to purchase the products will also be higher if consumers have enough and convenient time to get the products or the products are available in many stores. it is suggested that suppliers need to expand their distribution channel. the products should be easily available to consumers in 137 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics various types of shops, not only in malls or drugstores but also in convenient stores or minimarkets nearby the consumers’ homes, offices or colleges. for the religious society like indonesia, accepting halal products is something that should be within their control. halal-haram issue is important for moslem consumers as related to their religious beliefs because islamic teachings considers food and other products that are consumed or used by humans as a matter of urgency in addition to worshiping god. the higher the consumers’ religious behavior, the higher the intention to purchase halal-labeled products (aisyah, 2014). consumers who consider themselves to be more or less moslems, are primarily guided by the important factors attached to a product like halal label. halal label is the attribute that is believed and considered as an important matter by moslem consumers. empirically, consumers’ religious behavior which consists of hablumminallah behavior (relationship with god) and hablumminannas behavior (relationship among human beings) positively affect consumers’ decision to purchase halal-labeled cosmetics (aisyah, 2015). islamic teachings considers everything that is consumed or used by humans will have a major impact on human physical and spiritual development. physical impacts of consuming unlawful goods will be bad for human health, regardless of his religion. while spiritual impact of consuming unlawful goods cannot be measured from material only because the consequences of violating islamic law will have an impact on having miserable life on earth and punishment in the hereafter. hence, halal label as an attribute or element of a product is believed and considered essentially by moslem consumers to ensure that the product they used or consumed is halal guaranteed. in this research, since consumers have high level of attitude, subjective norm and perceived behavioral control to perform their religious obligation which have highly influenced to their intention and decision to purchase halal cosmetics and personal care products, marketers should focus on promoting various below the line campaigns to moslems community such as in islamic colleges and women’s majelis taklim. majelis taklim are regular gatherings for religious learning and performance that have become widespread among moslems in contemporary indonesia, gaining prominence also in public discourse about national religiosity. the rapid increase of majelis taklim over the last decade, particularly among moslem women, has been linked to the islamic revival in indonesia as a global trend involving moslem populations worldwide engaging more overtly with issues of religious identity and practice (winn, 2012). therefore, women’s majelis taklim or many other religious gathering from different economic classes in moslem societies are potential locations for marketers to promote their new halal cosmetics and personal care products line. the increasing global demand in halal cosmetics and personal care products is in trail with the growing interest and concerns of moslems relating to the halal status. 138 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 many of them are challenging the industry on the origins of the ingredients of these products and whether they are compliant with an islamic lifestyle. halal cosmetics and personal care products should not only be free from haram constituents, but they should also be tayyib which is a term given to goods and products which meet quality standards. in general, tayyib refers to products that are clean, pure and produced based on standard processes and procedures. thus, cosmetics and personal care products should not only be halal, but should also be judged clean according to sharia law (elasrag, 2016). the phenomenon of legalizing halal product does not only become the local and national business trend but also international one. based on the findings, the more favorable the consumers’ attitude, subjective norm, perceived behavioral control, and consumers’ intention, the greater their decision to purchase halal cosmetics and personal care products. thus, it is recommended for renowned local and international brands to consider adding halal label in to their cosmetics and personal care products line, so that moslem consumers in indonesia, from upper or middle economy class as their target markets, could ensure that the products they use, despite manufactured from non-moslem countries, remain guaranteed its halalness or permissible accordingly to islamic law. the establishment of codex, ifanca and aqis is the real manifestation of halal product legalization (said and elangkovan, 2013). according to elasrag (2016), the global halal market has emerged as a new growth sector in the global economy and is creating a strong presence in developed countries. the most promising halal markets are the fast–growing economies of the asia, middle east, europe and america. with a growing consumer base, and increasing growth in many parts of the world, the industry is set to become a competitive force in world international trade. the halal industry has now expanded well beyond the food sector further widening the economic potentials for halal. the emerging halal cosmetic and personal care market is seen as the next in line for growth after the lucrative halal food sector. according to a thomson reuters report, state of the global islamic economy 2014-2015, the global expenditure of moslem consumers on food and lifestyle sectors grew 9.5 per cent from previous years’ estimates to us$2 trillion (rm8.3 trillion) in 2013 and is expected to reach us$3.7 trillion by 2019, at a compound annual growth rate of 10.8 per cent (rasid, 2016). the main driver for this huge demand in halal cosmetics and beauty products stems from the demographic of young, religiously conscious, and dynamic professional moslem population. in the scope of halal cosmetics, the concept covers critical aspects of production such as halal ingredients and usage of permissible substances which must be manufactured, stored, packaged and delivered in conformity with 139 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 muniaty aisyah: consumers demand on halal cosmetics sharia requirements. interestingly, halal cosmetics has also gained momentum amongst modern consumers who are eco-ethical conscious and are willing to pay a premium for organic, natural and earthy cosmetics products to suit their modern lifestyle. halal products have developed far beyond a novelty. capitalizing on the burgeoning halal cosmetics market, a number of cosmetic companies are beginning to develop this market by producing halal-certified product lines that contain no animal ingredients, and not tested on animals to meet the growing demand of consumers who simply want more assurance that the cosmetics they are using are healthy and sustainably sourced (elasrag, 2016). in indonesia, halal certification is provided by mui (indonesia ulama’ assembly). mui halal certification is recognized internationally (salehudin and luthfi, 2011). according to mui, the increasing of technological developments is allowing the use of unlawful substances as raw materials, additives or auxiliary materials in variety of processed products. consequently, the halalness of the products becomes unclear or doubtful. that is why mui fatwa commission concluded that all processed products is basically doubtful and needs to be studied or explored furthermore before setting the status of its halal illegitimate, to provide certainty and reassuring moslem consumers to practice their religious teachings (amin, 2013). based on indonesian halal product protection act, only products that have halal certificates are allowed to put halal labeling on their packaging. therefore, in order to penetrate indonesia market it is important for local companies and overseas to label and certify their cosmetics and personal care products line with mui halal label and certification. conclusion it can be concluded that the theory of planned behavior can be applied to predict consumers demand on halal cosmetics and personal care products in indonesia as well as in global halal market. consumers’ attitude, subjective norm, perceived behavioral control and intention directly affect consumers’ decision to purchase halal cosmetics and personal care products. indirectly, consumers’ purchase intention is not an intervening variable, thus even though consumers have the intention to purchase halal cosmetics and personal care products, but that do not necessarily mean they really going to purchase the products. the more favorable the attitude, the stronger the subjective norm, the greater the perceived behavioral control, the stronger the consumers’ intention, will influencing consumers to have a strong decision to purchase halal cosmetics and personal care products. since consumers have high levels of attitude, subjective norm, perceived behavioral control, intention and decision to purchase, it implies that consumers in indonesia have a high demand of halal cosmetics and personal care products. 140 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.1867 halal cosmetics have become a global need. according to elasrag (2016) and rasid (2016), the market for halal cosmetics is booming in the middle east and asia. across the middle east, halal cosmetics are registering a 12% annual growth reaching usd12 billion in total value of cosmetic related sales. markets in asia, particularly malaysia and indonesia as well as europe, have seen a surge in interest in halal cosmetics. however, the global cosmetics industry is dominated, and to a certain degree monopolized, by non-moslems companies. this poses serious challenges to the issue of halal ingredients in cosmetic products manufactured by the companies. hence, it is important for local companies to enhance and provide their cosmetics and personal care products lines with halal label and certification, as this segment has high potential growth in indonesia (196 million moslems), as well as at overseas markets such as india (133 million moslems), pakistan (125 million moslems), bangladesh (104 million moslems) and china (133 million moslems). a challenge to further develop this halal sector is on how to best integrate halal cosmetics into the framework of the global beauty industry. according to elasrag (2016), active collaboration with key parallel interest groups such as organic, vegan, ethical and environmental rights may be key to further strengthen the value of halal cosmetic products in the global market. hence, indonesia could potentially become the global halal hub for the cosmetics and personal care 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(2016). study of malaysian customers purchase motivation of halal cosmetics retail products: examining theory of consumption value and customer satisfaction. procedia economics and finance, no.37: 176 – 182. 1correspondent author 1, 2mercubuana university, indonesia 3, 4state islamic university syarif hidayatullah, jakarta e-mail: 1wiwik.utami@mercubuana.ac.id, 2lin.oktris@mercubuana.ac.id, 3rini@uinjkt.ac.id, 4wachi@uinjkt.ac.id wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 abstract. the risks faced by islamic banks are similar to conventional banks. therefore, sharia banks must also carry out risk management disclosures. this study aims to examine the effect of governance, including the sharia supervisory board, independent commissioner, audit committee, risk committee, the doubling of the sharia supervisory board position, and the frequency of meetings on the quality of risk management disclosures. the population is sharia banks in asean; samples are selected purposively according to the data's completeness that can be accessed through the capital market website. risk management disclosures are measured using the index of completeness of risk items revealed. data analysis was performed using multiple regression analysis. the study found that the number of audit committees and meeting frequency had a significant and positive effect on the quality of risk management disclosures. the number of sharia supervisory boards has a significant effect on the negative coefficient. other governance variables do not affect risk management disclosures. keywords: sharia bank, corporate governance, risk management, disclosure abstrak. risiko yang dihadapi bank syariah hampir sama dengan bank konvensional. oleh karena itu, bank syariah juga wajib melakukan pengungkapan manajemen risiko. penelitian ini bertujuan untuk menguji pengaruh tata kelola antara lain dewan pengawas syariah, komisaris independen, komite audit, komite risiko, penggandaan jabatan dewan pengawas syariah, dan frekuensi rapat terhadap kualitas pengungkapan manajemen risiko. populasinya adalah bank syariah di asean. sampel dipilih secara purposif sesuai dengan kelengkapan data yang dapat diakses melalui website pasar modal. pengungkapan manajemen risiko diukur dengan menggunakan indeks kelengkapan item risiko yang diungkap. analisis data dilakukan dengan menggunakan analisis regresi berganda. hasil penelitian menyimpulkan bahwa jumlah komite audit dan frekuensi rapat berpengaruh signifikan dan positif terhadap kualitas pengungkapan manajemen risiko. jumlah dewan pengawas syariah berpengaruh signifikan dengan koefisien negatif. variabel tata kelola lainnya tidak mempengaruhi pengungkapan manajemen risiko. kata kunci: bank syariah, tata kelola perusahaan, manajemen risiko, pengungkapan corporate governance practices and disclosure of risk management sharia bank in asean al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (1), jan-jun 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 121 136 122 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 introduction in 2015, asean countries entered into an era of mutual agreement with the asean economic community (aec) or the asean economic community (aec). asean (association of southeast asian nations) is an association of countries in southeast asia with ten members, namely indonesia, malaysia, thailand, the philippines, singapore, brunei darussalam, vietnam, laos, myanmar, and cambodia. along with the existence of the aec, banks in asean have an increasingly important role. banks (including islamic banks) have a dominant role in developing a country's economy (ghosh, 2018). islamic banking has developed in asean since 1973 with the operation of the philippine amanah bank. furthermore, ten years later (1983), the islamic bank of malaysia was established, and in 1992 the bank muamalat indonesia was born (nugroho, 2020). during the economic crisis in 1997-1998, islamic banks showed higher resilience compared to conventional banks. an example is bank muamalat indonesia (bmi), which has performed better than conventional banks. this condition proves that islamic banks are more “survive.” is the resistance to the crisis in a sharia bank caused by the inherent characteristics of a sharia bank that must comply with sharia regulation? what risk management is carried out by sharia banks to anticipate changes in the global market? the implementation of corporate governance has a close relationship with risk management. two risk management approaches are widely applied in indonesia, namely enterprise risk management (erm) created by coso and risk management as stipulated in iso 31000 (2009). iso 31000: 2009 is a risk management process adapted from as/nzs 4360 (2004). its implementation includes: first, the company's risk management strategy must be supported by an integrated framework of responsibilities and functions that move from board level to operational level management, which covers all aspects of risk. second, the board of directors (or executive committee, if applicable) must approve the company's risk strategy and risk appetite, taking into account its risk tolerance, overall business strategy, and management experience and internal controls in each business unit. third, the framework should incorporate the board (or executive committee) as the primarily responsible body, a dedicated risk management group, and various support and control functions. all must have clear responsibilities and measurable performance goals. fourth, day-to-day responsibilities for risk monitoring, risk measurement, and risk evaluation must rest with a specialized risk management function close to the independent business unit that reports to the board (or wiwik utami. corporate governance practices and disclosure of risk management sharia bank 123 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 executive committee). fifth, the risk management function's role must ensure compliance with approved risk policies and establish specific limits related to market, credit, liquidity, and operational risks arising from daily activities. it must ensure that exposures are within agreed limits, well understood and evaluated before transactions; monitored on an ongoing basis; and reported on a timely basis to senior management. sharia banks that face more risk than conventional banks need the attention of various groups. like conventional banks, islamic banking also needs to manage risk to report the implementation of risk management. risk management reporting can be done by disclosing risk management in financial statement notes. it is hoped that with this disclosure, users will be able to participate in monitoring and anticipating the risks faced by islamic banks (utami, nugroho, mappanyuki, & yelvionita, 2020) research conducted by vilanova (2007) explains that risk management information is beneficial for stakeholders. therefore, risks must be disclosed promptly to meet stakeholders' interests (nugroho, wicaksono, & utami, 2018; utami, 2000). disclosure is an important aspect considered by investors because there is picture of the company's state and its performance in the future (ali, 2006). they are not mistaken in predicting the state of the company in the future. the national committee for governance policy (knkg) states that disclosing risk management information in a company is considered necessary because disclosing these risks can make decisions to overcome them. this guideline also describes several ways for the company to achieve sustainability by implementing transparency, accountability, responsibility, independence, fairness, and equality, which are the basic principles of implementing good corporate governance. safieddine (2009) suggests that an essential role in risk management is corporate governance under sharia. stakeholders use corporate disclosure in the decision-making process (thijssens, bollen, & hassink, 2015; utami, nugroho, & farida, 2017). banks with a good information system can face risks, especially if the company's governance is not good (morrison, 2004; pernamasari, 2018). hidayah, badawi, & nugroho (2019), and soltani (2014), states that good corporate governance can help prevent corporate scandals, fraud, and potential corporate civil and criminal liability. many studies discuss risk management disclosures (sari & sholikhah, 2019; tulung, saerang, & pandia, 2018). these studies were conducted at companies 124 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 listed on the indonesia stock exchange and conventional banks. research on risk management disclosure in islamic banks, so far, was carried out by amran et al., (2017), and darmadi (2013), who examined the role of corporate governance in the disclosure of financial risks in islamic banking. sharia banking faces more risks than conventional banking. for this reason, research is needed on the disclosure of risk management in islamic banking in indonesia by taking all types of risk, not just financial. this is strengthened because islamic banks have a reputation risk as a bank that carries the name of sharia and the risk of compliance with sharia. so, this study aims to investigate the effect of corporate governance on islamic banking disclosure in indonesia. corporate governance measures such as the number of commissioner boards, independent commissioner boards, audit committees, independent audit committees, and sharia supervisory boards can assist companies in implementing risk management disclosures. thus, they can influence the disclosure of risk management in islamic banking. literature review agency theory is a contract that involves company owners (principals) and managers (agents) (fama, 1980; jensen & meckling, 1976; watts & zimmerman, 1978). the owner entrusts the management of the company to the manager (agent). agency problems arise when each party wants to maximize their respective interests (jensen & meckling, 1976). in an agency contract, the owner does not have much access to company management, so a report/information from the manager is required in the form of a financial report. when the manager does not provide all the information required by the owner, there will be an assimilation of information between the two (jensen & meckling, 1976; satibi, utami, & nugroho, 2018). to ensure the required managers report information, the role of corporate governance mechanisms to protect owners' rights over the information should be obtained. in principle, in islamic banking, the agency not only occurs between owners and managers but also with other stakeholders, including customers (especially sharia-based customers), managers and recipients of islamic bank social funds (in the form of zakat (alms giving), infaq, fines, and non-halal incomes).in islamic banks, in essence, the agency theory is applicable between managers and the community related to operations and products and the distribution of social funds, which all should comply with sharia. therefore, islamic banks are expected to be able to provide adequate transparency in the form of fair disclosures. wiwik utami. corporate governance practices and disclosure of risk management sharia bank 125 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 principles of good corporate covernance implementation for islamic commercial banks and sharia business units must be managed using transparency, accountability, responsibility, professional (professional), and fairness, which are summarized in the definition of corporate governance. corporate governance has an important role in risk management; if the corporate governance is not implemented properly, it will cause an economic crisis, such as the emergence of several business risks, including in the banking world (rivai & ismal, 2013). risk management plays a vital role in ensuring the realization of gcg principles within the company. risk management was created to help companies deal with various uncertainties in achieving corporate performance targeted by stakeholders. the success of management in achieving performance is determined by the success of management in managing the risks inherent in each of the company's business activities. companies that understand and manage risk well are companies that can attract investors (gond & piani, 2012; utami & tatang ary gumanti, 2014). risk management plays a role in providing reasonable assurance of the achievement of organizational goals, providing protection to officeholders against the possible adverse effects caused by risk (arena, arnaboldi, & azzone, 2010). kedir & knapkova (2016) and olson & wu (2008), in their research, said that risk management identifies and manages risks that will affect the achievement of the desired value by the company. two risk management approaches widely applied in indonesia are enterprise risk management (erm) created by coso, and risk management as stipulated in iso 31000. iso 31000: 2009 is a risk management process adapted from as / nzs 4360: 2004. iso 31000 can encourage companies to manage risk proactively, facilitateg the level of accountability in decision making by balancing costs to avoid threats and seize the opportunities and benefits derived from implementing risk management. risk management must comply with the principles and guidelines that have been determined in order to ensure its effectiveness in supporting the successful implementation of risk management in a company. the main goal of risk management is to eliminate the possibility of low income earned by the organization and help the organization optimize its capital and ownership structure. so it can be said that risk management is an element that helps determine the success of gcg implementation in a company (disemadi, 2019). company risk information is used as a tool for careful and precise decisionmaking. the company is expected to be able to manage the disclosure of risk126 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 related information in a company. the information disclosed is not only positive information , but also the negative one, related to aspects of risk management. bank indonesia regulation number 13/23/pbi/2011 article 5 mentions several risks that must be disclosed by islamic banking, namely: credit risk, market risk, liquidity risk, operational risk, legal risk, reputation risk, strategic risk, compliance risk, and yield risk. investment returns and risks. risk management is a series of methods and procedures used to measure, identify, and control risks arising from islamic banking business activities. the implementation of good and correct risk management will support the realization of gcg through more prudent and realistic business planning by considering possible risks, provisions, allocation of capital based on risk levels, and the implementation of an effective internal control system. the board of commissioners has a role to supervise the operations in a company. the supervision carried out by the board of commissioners is expected to streamline one of the ways to manage risk, namely by managing it and disclosing risks in a financial report published annually. a large number of commissioner boards will create a mix of capabilities among its members to increase the accuracy of supervision and control of company management. thus, a large number of commissioners is expected to improve the quality of information disclosure (nugroho & nezzim bararah, 2018). the implementation of corporate governance will run well if the independent commissioners understand and carry out their duties properly in supervising, directing, and evaluating the implementation of corporate governance and strategic bank policies (nugroho & nezzim bararah, 2018). the more independent board of commissioners is, the better the supervision of the company's operational activities. an independent board of commissioners will act fairly in monitoring and reporting management's operational activities. thus, the number of independent commissioner boards will affect the risk management disclosure (ha1) an audit committee needs to be considered in healthy company management (rahmat, iskandar, & saleh, 2009). the audit committee has the primary function of bridging shareholders, stakeholders, and the commissioner board with control activities carried out by management, internal auditors, and external auditor funds (deborah, todd, & travis, 2008). the audit committee has a role in realizing gcg in the company by carrying out its duties following the principles of gcg itself. platonova, asutay, dixon, & mohammad (2018) examined the risk management disclosures in islamic banking through gcg principles. wiwik utami. corporate governance practices and disclosure of risk management sharia bank 127 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 the audit committee's role in examining internal audit reports is to review the ability of company management members to be responsible for errors or fraud that cause losses to the company (barua, rama, & sharma, 2010). meanwhile, the audit committee and independent audit committee take steps in disclosing company information by examining and supervising the financial reports preparation, so that these reports include financial reports, as well as company information that stakeholders and shareholders can use. thus, the number of audit committee (ha2) and audit committee's meeting frequencies (ha3) will affect risk management disclosure. the sharia supervisory board (dps) has the task of providing advice and advice to directors and supervising company activities to comply with sharia principles (nurkhin, rohman, rofiq, & mukhibad, 2019). the function of dps includes protecting customers' savings from the risks related to the asset side of islamic banks. in islamic banks, there is a risk of compliance, which includes obeying indonesian laws and regulations and islamic laws. to supervise this, a dps is required to provide input, check, and oversight of the sharia compliance (imaniyati, nu, & jamilah, 2019; isnaini, 2018; nurhisam, 2016). the sharia supervisory board is an independent body tasked with directing, consulting, evaluating, and supervising the activities of islamic banks to ensure their compliance with sharia principles as determined, among others, by fatwa. this task is performed at least once a month. apart from the number of dps members, the frequency of regular meetings held by dps can determine the level of management supervision. thus, the number of dps (ha4) and dps' meeting frequencies (ha5) also will affect rmd. bastomi, salim, & aisjah (2017) examine islamic banks' governance and risks in indonesia from 2008 to 2016. this research confirms that the number of board meetings and the number of risk monitoring committee meetings negatively affect the risk of islamic banks. meanwhile, other islamic bank organs, such as the board of commissioners and the sharia supervisory board, do not affect the risk of islamic banks. this study also proves that the risk of islamic banks is influenced by the number of risk monitoring committee meetings, which are a proxy for the effectiveness of the risk monitoring committee. thus, the number of risk monitoring committee (ha6) and risk monitoring committee's meeting frequencies (ha7) also will affect rmd. 128 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 methods the population used in this study are all sharia general banks in asean. the population of islamic banks in asean is 32 banks, including 11 islamic commercial banks in indonesia, 18 islamic banks in malaysia, 1 islamic bank in singapore, 1 islamic bank in brunei darussalam, and 1 sharia bank in the philippines. other sharia banks in asean. the sample is selected by the purposive sampling technique based on the following criteria: (1) having financial reports that can be accessed at least 2015-2018, (2) conducting disclosures related to elements of the gcg structure, and risks. the dependent variable in this study is the level of corporate risk management disclosure (rmd). the level of risk management disclosure is measured by calculating the items of each risk disclosed in the annual report of each islamic bank. each risk has several disclosure items. if these items are found in the annual report, it means that they are assigned a value of 1, and 0 otherwise. the risk disclosure items disclosed are in accordance with the prevailing laws in asean countries, including: credit risk, market risk, liquidity risk, operational risk, legal risk, reputation risk, strategic risk, compliance risk, return risk (rate), and investment risk (equity investment risk). the independent variable in this study is the sharia bank gcg mechanism. the gcg practice proxy is measured by the number of the board of independent commissioners (ki), the number of the audit committee (ka) and their meeting frequencies (fr_ka), the number of the sharia supervisory (dps) and their meeting frequencies (fr_dps), and the number of risk monitoring committee (kpr) and their meeting frequencies (fr_kpr). based on the research of causality design, the analytical method used is multiple regression analysis. rmdit = α ± β1 kiit ± β2 kait ± β3fr_kait ± β4dpsit ± β5 fr_dpsit ± β6kpr ± β7fr_kpr + ε results and discussions table 1 reports a description of the research variables to obtain an overview of the minimum, maximum, mean, and standard deviation values. based on table 1, it is known that the sample is 71. in the dependent variable risk management disclosure (rmd), the minimum score is 30, the average score is 74.37, and the highest score is 100. this indicates that the wiwik utami. corporate governance practices and disclosure of risk management sharia bank 129 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 rmd level of islamic commercial banks in asean relatively high, amounting to 74.37%. in the independent variable of the sharia supervisory board, the highest number of members is seven people, the lowest is two people, and the average is three people, with the highest meeting frequency of 30 times, the lowest is never at all, and the average is 11 meetings per year. in the independent variable of the audit committee, the highest number of members is seven people, the lowest is two people, and the average is four people, with the highest meeting frequency of 38 times, the lowest is four times, and the average is 12 meetings per year. for the independent variable of the risk monitoring committee, the highest number of members is seven people, the lowest is two people, and the average is four people, with the highest meeting frequency of 59 times, the lowest is two times, and the average is 11 meetings per year. the highest number of independent commissioners is six people, the lowest has no independent commissioners, and the the average number is 3 independent commissioners. table 1: statistics descriptive variables n mean minimum maximum dps 71 3,5493 2.00 7.00 fr_dps 71 10.9437 0.00 30.00 ka 71 3,9296 2.00 7.00 fr_ka 71 11.8028 4.00 38.00 kpr 71 4.0845 2.00 7.00 fr_kpr 71 11.4085 2.00 59.00 ki 71 3.0563 0.00 6.00 rmd 71 74.3662 30.00 100.00 after seeing the description of the research variables, a classic assumption test is first carried out so that the research model is blue (best linear unbiased estimate), and an assessment of the suitability of the model is carried out by looking at the f test and adjusted r2 values. all of these results as described in table 2. 130 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 table 2: classic assumption test results test name of testing result decision normality kolmogorov and smirnov test 0.200* normal autocorrelation run test 0.073* no autocorrelation r2 0.810 ftest 0.000** significant *) asymp. sig. (2-tailed) > α=5% **) sig < α=5% based on table 2, it can be concluded that the research data has been normally distributed and free from autocorrelation. also, based on table 2, it is known that the significance value of f is 0.000. this value is below the alpha of 0.05; thus, simultaneously, all independent variables in this research model affect the dependent variable. r square value is 0.810. this means that the independent variables contained in the research model are able to explain the dependent variable by 81%, while other variables beyond the model determine the rest (19%). the high r square value indicates that the research model is fit or suitable. to test the research hypothesis, it can be seen coefficients of variables (β) and significant values (p-value) , which are presented in table 3. table 3: hypothesis testing results variables β p-value (sig) decision dps -12,430 0.000 not rejected ha4 fr_dps .444 0.155 rejected ha5 ka 4,584 0.045 not rejected ha2 fr_ka .626 0.042 not rejected ha3 kpr -2,392 0.193 rejected ha6 fr_kpr .068 0.758 rejected ha7 ki .431 0.683 rejected ha1 based on table 3, it is known that three variables have not rejected the hypothesis or have significant results, namely dps (0.000), ka (0.045), and wiwik utami. corporate governance practices and disclosure of risk management sharia bank 131 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 ka frequency (0.042). the sharia supervisory board (dps = 0,000) affects risk management disclosure by islamic commercial banks in asean. still, the direction of the regression coefficient is negative, which means that the more dps, the lower the level of risk disclosure. this is not in line with the theory, explaining that the more dps, the more transparent or the higher the rmd. the empirical results show that the regression coefficient is negative. it can be interpreted that the more ssb, the smaller the risk, so there is no need for much disclosure about risk. the empirical results of this study contradict the study of darussamin, mara, ghani, & mara, (2018), concluding that the more supervisory boards, the higher the level of disclosure. asif et al., (2017) revealed that the functions of the sharia supervisory board involve providing fatwas, conducting sharia audits (ensuring bank products run according to sharia law), calculating zakat and so on. the board’s ultimate goal is to maintain the credibility of the islamic bank industry and increase stakeholders’ trusts in islamic banking products and activities. the frequency of ssb meetings did not show any significant effect, the results carried out showed a value (0.115) so that the meeting frequency of ssb did not have a significant effect on risk management disclosure at islamic commercial banks in asean or did not support ha5. according to (faozan, 2103), the effectiveness of dps affects the information disclosure. thus, the more frequent ssb meetings are held, the better the supervisory function will be performed by dps, especially related to sharia compliance and disclosure quality. however, the data in the descriptive statistics of this study show that, on average, ssb holds 11 meetings per year. that is, ssb at islamic commercial banks in asean only holds a meeting once a month, the number of audit committees and the frequency of audit committee meetings affect risk management disclosure with a significance value of (0.045) and (0.042), respectively. thus, these results support ha2 and ha3. this result is in line with a study by faozan (2013), stating that an audit committee, whose function is to improve the integrity and credibility of financial reporting, cannot operate properly if without supports from all company’s elements. the number of risk monitoring committees and the frequency of risk monitoring committee meetings (0.726) based on the results of this study do not affect risk management disclosure with significant values of (0.193) and (0.726), respectively. thus, these results do not support ha6 and ha7. the risk monitoring committee is influenced by the culture, economy, regulatory environment, and 132 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (1), jan-jun 2021 social context in which these banks operate (wajdi dusuki, 2008). the different regulations in various asean countries can influence the results of this study. in malaysia, for example, the regulation separates the risk monitoring committee from the audit committee. this separation is expected to generate a more effective operation. the number of independent commissioners also has no effect on risk management disclosure with a significance value of (0.683), so it does not support ha1. the ineffective function of independent commissioners in companies as a monitoring tool is due to the fact that the appointment of independent commissioners is only to comply with corporate governance rules and does not pay attention to competence and commitment to upholding good governance. the supervisory and monitoring function is weak due to the lack of communication and coordination of the commissioner board, which resulted in the nonoptimal functions of the board (faozan, 2013). conclusions sharia banking faces more risks than conventional banking. for this reason, research on the disclosure of risk management in islamic banking in indonesia is needed by taking all types of risks, not just financial ones. this risk is strengthened due to its sharia compliance responsiblity. this study aims to investigate the effect of corporate governance on islamic banking disclosure in indonesia. this research shows that the number of audit committees and the frequency of audit committee meetings have a significant and positive effect on risk management disclosure. so, the more the audit committee and the higher the meeting frequency, the higher the risk management disclosure. the number of sharia supervisory boards has a negative effect on risk management disclosure by islamic commercial banks in asean. with the increasing number of supervisory boards, the risk is getting lower, so several aspects that are not disclosed. the frequency of ssb meetings does not affect risk management disclosure. the frequency of the sharia supervisory board meetings has no impact on the level of disclosure. this is due to the very minimal number of meeting frequencies. the number of risk monitoring committees and the frequency of risk monitoring committee meetings do not affect risk management disclosure. meanwhile, the risk monitoring committee is influenced by the culture, economy, regulatory environment and social context in which these banks operate. therefore, the study among asean countries diversifies the roles and functions of the risk monitoring committee so that it is unable to explain variations in risk management disclosures. wiwik utami. corporate governance practices and disclosure of risk management sharia bank 133 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i1.19712 the number of independent commissioners does not affect the risk management disclosure. this shows that the more significant proportion of independent commissioners does not guarantee the representation minority shareholders’ interest. so the monitoring and internal control functions of upper-level management are expected not to run well. references amran, a., fauzi, h., purwanto, y., darus, f., yusoff, h., zain, m. m., … nejati, m. 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(1978). towards a positive theory of the determination of accounting standards. the accounting review. 53(1): 112–134. the integration of islamic stock markets of oic countries in china stock market crisis and us-china trade war deri siswara1, jaenal effendi2, marhamah muthoharroh3 estimation of duration gap and its determinants for islamic banks: empirical evidence using two-step robust gmm jamshaid anwar chattha1, syed musa alhabshi2 optimizing strategy for land-based waqf development in indonesia mutiara1, irfan syauqi beik2, aslam mei nur widigdo3 roles of islamic microfinance institutions in improving financial inclusion in indonesia: empirical evidence from baitulmaal wa tamwil adhitya ginanjar1, salina kassim2 multi-level marketing (mlm) in dsn-mui fatwa muhammad sofwan jauhari1, bukhori muslim2, saepullah3 corporate governance practices and disclosure of risk management sharia bank in asean wiwik utami1, lin oktris2, rini3, nur wachidah yulianti4 the relevance of islamic religiosity, islamic work ethics, and job satisfaction of employees in islamic financial isntitutions in gorontalo luqmanul hakiem ajuna corporate social responsibility on image and trust of bank syariah mandiri titin agustin nengsih1, nofrianto2, elyanti rosmanidar3, wisnu uriawan4 capital buffer, risk, profitability, size, and macroeconomics: empirical study on islamic banks dina fitriasia septiarini1, ulis choirotun hisan2, matsahri3, dian filianti4 significance of granting legal personality to waqf establishments in the republic of guinea mohamed sano pendahuluan salah satu kegiatan muamalat yang menjadi salah satu motor pembangunan ekonomi di suatu negara adalah kegaiatan perbankan, dimana dunia perbankan dijadikan sebagai tolak ukur keberhasilan suatu ekonomi di suatu negara. sehatnya dunia perbankan menggambarkan sehatnya perekonomian kita. dunia perbankan sudah cukup lama berkembang di indonesia, akan tetapi sempat mengalami goncangan ketika terjadinya krisis ekonomi pada tahun 1997 ketika banyaknya bank-bank konvensional yang berbasis bunga megalami depresi hebat dan bahkan tidak sedikit bank konvensional tutup akibat dilikuidasi hingga mencapai 55 bank tingkat kepuasan nasabah kpr btn syariah & btn konvensional terhadap kualitas layanan ahmad kailani universitas pamulang tangerang banten email: kailani@yahoo.com abstrak: tingginya tingkat suku bunga pinjaman dan terbatasnya kemampuan perbankan untuk menyalurkan dana kepada nasabah, hanya bank syariah di indonesia yang tetap dan semakin memperkuat eksistensinya setelah terjadinya ksrisis moneter ini. keadaan ekonomi yang belum pulih akibat krisis ekonomi hingga saat ini berdampak kepada tingkat kestabilan ekonomi yang lamban dan penurunan tingkat daya beli masyarakat terhadap barang-barang konsumsi terutama pada kebutuhan hajiat yang semakin hari semakin terjadi peningkatan harga. kebutuhan sandang, pangan, dan papan harus terus terpenuhi. oleh karenanya bank konvensional maupun bank syariah keduanya memberikan jasa layanan kepada nasabah melalui produknya demi untuk meningkatkan daya beli masyarakat yaitu melalui produk pinjaman dan pembiayaannya. kata kunci: suku bunga, pinjaman, kemampuan ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional170 pada bulan juli 1997 sampai dengan 13 maret 19991, karena disebabkan krisis ekonomi tersebut. sehingga berdampak pada lambannya proses pemulihan ekonomi di indonesia dan kepercayaan masyarakat terhadap perbankan nasional sempat menurun. pada saat tingginya tingkat suku bunga pinjaman dan terbatasnya kemampuan perbankan untuk menyalurkan dana kepada nasabah, hanya bank syariah di indonesia yang tetap dan semakin memperkuat eksistensi nya setelah terjadinya ksrisis moneter ini. keadaan ekonomi yang belum pulih akibat krisis ekonomi hingga saat ini berdampak kepada tingkat kestabilan ekonomi yang lamban dan penurunan tingkat daya beli masyarakat terhadap barang-barang konsumsi terutama pada kebutuhan hajiat yang semakin hari semakin terjadi peningkatan harga. kebutuhan sandang, pangan, dan papan harus terus terpenuhi. oleh karenanya bank konvensional maupun bank syariah keduanya memberikan jasa layanan kepada nasabah melalui produknya demi untuk meningkatkan daya beli masyarakat yaitu melalui produk pinjaman dan pembiayaannya. kebutuhan papan (prasarana tempat tinggal) merupakan salah satu kebutuhan yang amat penting dan merupakan salah satu tujuan pembangunan nasional yang sudah lama menjadi program pemerintah untuk mewujudkan kemakmuran dan kesejahteraan rakyat yaitu dibidang pemukiman dan perumahan. pembangunan dan pemukiman merupakan upaya untuk memenuhi salah satu kebutuhan dasar manusia, sehubungan dengan itu upaya pembangunan dengan jumlah yang semakin meningkat, dengan harga yang terjangkau oleh masyarakat terutama golongan menengah dan menengah kebawah dengan tetap memperhatikan persyaratan minimum bagi perumahan dan pemukiman yang layak, sehat dan aman. oleh karena itu pemerintah melalui perbankan merealisasikan pemberian kredit. salah satu bentuk kredit yang diberikan adalah berupa kredit pemilikan rumah atau fasilitas pemilikan kavling siap bangun (kpr). bukan hanya perbankan konvensional yang memberikan jasa kredit kepada nasabahnya akan tetapi perbankan syariah telah memberikan jasa 1 zainul arifin, memahami bank syariah lingkup, peluang, tantangan dan prospek, (jakarta : alfabet, 1999), edisi pertama, cet.ke-1, hal.vii al-iqtishad: vol. i, no. 2, juli 2009 171 produknya untuk kredit kepemilikan rumah (kpr) berupa pembiayaan kpr syariah kepada nasabahnya. kedua produk yang sama ini memiliki sistem yang berbeda dalam aplikasinya dikarenakan berbedanya prinsip dan sistem antara kedua bank tersebut. perbedaan yang sangat men dasar dan prinsipil antara bank syari’ah dengan bank konvensioanal adalah pelarangan riba (bunga) pada bank syari’ah dalam menjalankan kegiatannya, diantaranya pada pembiayaan syari’ah, baik berupa kontrak kerja seperti mudharabah, musyarakah, maupun pembiayaan salam, istishna’ maupun murabahah. yang tidak menggunakan system bunga (riba), akan tetapi berdasarkan prinsip bagi hasil. sebagaimana dalam firman allah swt dalam surat ali-imran ayat 130 : “hai orang-orang yang beriman, janganlah kamu memakan riba dengan berlipat ganda dan bertakwalah kamu kepada allah supaya kamu mendapat keutungan”. (qs. al imran/3:130) pelarangan riba juga diperkuat dengan surat al-baqarah ayat 275 : orang-orang yang makan (mengambil) riba tidak dapat berdiri melainkan seperti berdirinya orang yang kemasukan syaitan lantaran (tekanan) penyakit gila. keadaan mereka yang demikian itu, adalah disebabkan mereka berkata (berpendapat), sesungguhnya jual beli itu sama dengan riba, padahal allah telah menghalalkan jual beli dan mengharamkan riba. orang-orang yang telah sampai kepadanya larangan dari tuhannya, lalu terus berhenti (dari mengambil riba), maka baginya apa yang telah diambilnya dahulu (sebelum datang larangan); dan urusannya (terserah) kepada allah. orang yang kembali (mengambil riba), maka orang itu adalah penghuni-penghuni neraka; mereka kekal di dalamnya”.(al-baqarah 275). ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional172 bagi bank konvensional, sistem bunga masih menjadi tonggak pada aplikasinya, sehingga pada simpanan hingga pembiayaan (kredit) dalam hal ini kpr, sistem tersebut tetap diaplikasikan, yaitu dengan cara memberikan pinjaman uang oleh nasabah kepada bank untuk kredit kpr dengan sistem pembayaran menggunakan bunga yang harus dibayar nasabah kepada bank dan tidak berubah selama jangka waktu yang telah ditentukan. sedangkan bank syari’ah jelas tidak memakai sistem bunga pada aplikasinya, karena keharaman riba berdasarkan fatwa mui dan diganti dengan prinsip jual-beli murabahah dan disebut sebagai pembiayaan kpr murabahah, yaitu dengan cara jual-beli dimana penjual (bank) menyebutkan harga jual yang terdiri atas harga pokok barang dang tingkat keuntungan tertentu atas barang kepada pembeli (nasabah) dan telah disepakati oleh nasabah. pembeli (nasabah) dapat membayar secara angsur, ataupun secara kontan dengan biaya tambahan margin yang telah disepakati. dengan adanya kedua layanan dan sistem tersebut, dalam me nawarkan dan memberikan jasa produknya, tentunya semakin bersaing antara keduanya untuk memberikan pelayanan yang berkualitas dengan tujuan dapat memberikan kepuasan serta menentramkan kepada setiap nasabahnya. karena selain pelayanan dari petugas atau pegawai bank, kepuasan nasabah sangat bergantung kepada terpenuhinya kebutuhan dan manfaat dari produk dan jasa yang berkualitas. sebagaimana sabda rasulullah saw: 2 “dari ibnu umar, rasulullah saw bersabda “sebaik-baik kalian adalah yang memberikan manfaat kepada orang lain” (al-hadits). kualitas layanan (service quality) kualitas yang sering disebut mutu adalah sebuah kata yang bagi penyedia jasa merupakan sesuatu yang harus dikerjakan dengan baik. kualitas 2 jalaluddin ‘abdurrahman as suyuti, jaami’ al ahadits: al jam’ al shagir wa zawaid wa al jami’ al kabir, (beirut: daar al fikri, 1994) juz.iv, h.303 al-iqtishad: vol. i, no. 2, juli 2009 173 menurut kotler secara istilah adalah keseluruhan ciri serta sifat dari suatu produk atau pelayanan yang berpengaruh pada kemampuannya untuk memuaskan kebutuhan yang dinyatakan atau tersirat3. setiap perusahaan baik yang bergerak di bidang manufaktur maupun jasa untuk menjaga reputasi atau nama baiknya yaitu dengan cara memproduksi barang atau jasa yang bermutu baik atau berkualitas tinggi. kualitas memegang peranan penting dalam suatu perusahaan, karena keberhasilan perusahaan dalam memperluas pasar atau pelanggan adalah memproduksi barang atau jasa sesuai dengan standar kualitas yang telah ditetapkan. kepuasan pelanggan dan kemampuan perusahaan mencetak laba berkaitan erat dengan mutu atau kualitas dari produk atau jasa. oleh karena itu tugas memperbaiki mutu produk dan jasa seharusnya menjadi prioritas utama bagi perusahaan4. kualitas sebagai suatu yang memenuhi standar, yang berorientasi kepada konsumen. konsumen pada umumnya menghendaki barang atau jasa pelayanan yang baik, harga murah atau relatif, jumlah cukup serta pengiriman yang tepat waktu. maka dapat disimpulkan, kualitas suatu produk adalah keadaan atau sifat dan ciri suatu produk yang menunjukan tingkat kemampuan produk tersebut di dalam menjalankan fungsinya untuk memenuhi kebutuhan konsumen berarti semakin tinggi kualitas produk tersebut, sebaliknya semakin rendah kemampuan produk tersebut dalam memenuhi kebutuhan konsumen berarti kualitas produk tersebut semakin rendah. pelayanan atau jasa dapat didefinisikan sebagai setiap tindakan atau perbuatan yang dapat ditawarkan oleh suatu pihak kepada pihak lain yang pada dasarnya bersifat intangible (tidak berwujud fisik) dan tidak menghasilkan sesuatu. walaupun demikian produk jasa biasanya berhubungan dengan produk fisik maupun tidak. maksudnya ada produk jasa murni (seperti child care, konsultasi psikologi dan konsultasi menajemen). ada pula jasa yang membutuhkan produk fisik sebagai 3 philip kotler. manajemen pemasaran (jakarta, pt. indeka, 2005), hal.95. 4 philip kotler dan gary amstrong. dasar-dasar pemasaran (jakarta : prenhallindo, 1996), hal. 199. ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional174 persyaratan utama (contoh kapal untuk angkutan laut, pesawat dalam jasa penerbangan dan makanan direstoran)5. pelayanan atau jasa yang diberikan konsumen lebih lanjut kotler mengungkapkan bahwa jasa yang diberikan kepada konsumen mengandung karakteristik, seperti6 : 1. intangibility (tidak berwujud), artinya bahwa suatu jasa memiliki sifat tidak berwujud, tidak dapt dirasakan dan tidak dapat dilihat, didengar atau dicium sebelum membelinya. 2. inseparability (tidak dapat dipisahkan), artinya adalah bahwa pada umumnya jasa dikonsumsi (dihasilkan) dan dirasakan pada waktu bersamaan dan apabila dikehendaki oleh seseorang untuk diserahkan kepada pihak yang lain, dia akan merupakan bagian dari jasa tersebut, dan hal ini tidak berlaku bagi barang fisik yang diproduksi, ditempatkan pada persediaan dan didistribusikan ke berbagai pengecer dan akhirnya dikonsumsi. 3. variability (bervariasi), artinya bahwa barang yang sesungguhnya sangat mudah berubah-ubah, karena jasa bergantung pada siapa yang menyajikan dan dimana disajikan. pembeli akan berhati-hati terhadap keragaman ini dan sering kali membicarakannya dengan yang lain sebelum memilih seseorang penyedia jasa. 4. perishability (tidak tahan lama), artinya daya tahan suatu jasa tergantung suatu situasi yang diciptakan oleh berbagai variabel. kualitas pelayanan atau jasa berfokus pada upaya pemenuhan kebutuhan dan keinginan pelanggan, serta ketepatan penyampaiannya untuk mengimbangi harapan pelanggan. menurut rust sebagaimana dikutip oleh fandy tjiptono, harapan pelanggan bisa berupa tiga macam tipe. pertama, will expectation, yaitu tingkat kinerja yang diprediksi atau diperkirakan konsumen akan diterimanya, berdasarkan informasi yang diketahuinya. tipe ini merupakan tingkat harapan yang paling sering dimaksudkan oleh konsumen, sewaktu menilai kualitas jasa tertentu. kedua, should expectation, yaitu tingkat kinerja yang dianggap sudah sepantasnya diterima 5 fandy tjiptono, pemasaran jasa (malang : bayumedia publishing, 2005), hal 15. 6 philip kotler. dasar-dasar pemasaran, hal 231. al-iqtishad: vol. i, no. 2, juli 2009 175 konsumen. biasanya tuntutan dari apa yang seharusnya jauh lebih besar dari pada apa yang diperkirakan akan diterima. ketiga, ideal expectation, yaitu tingkat kinerja optimum atau terbaik yang diharapkan diterima konsumen7. jasa yang diharapkan model servqual (kualitas layanan) menekankan arti penting harapan pelanggan sebelum membeli atau mengkonsumsi suatu jasa sebagai standar atau acuan dalam mengevaluasi kinerja jasa yang bersangkutan. hasil penelitian zeithaml, sebagaimana dikutip oleh fandy tjiptono8, menunjukan bahwa terdapat sepuluh factor utama yang memenuhi harapan pelanggan terhadap suatu jasa. kesepuluh faktor tersebut di antaranya adalah, (1) harapan yang sebabkan oleh orang lain dan filosofi pribadi seseorang mengenai suatu jasa; (2) kebutuhan pribadi, meliputi kebutuhan fisik, sosial, dan psikologis; (3) transitory service intensifiers, terdiri atas situasi darurat yang membutuhkan jasa tertentu dan jasa terakhir yang pernah dikonsumsi pelanggan; (4) persepsi pelanggan terhadap tingkat layanan perusahaan lain; (5) self-perceived role, yaitu persepsi pelanggan terhadap tingkat keterlibatannya dalam proses penyampaian jasa; (6) faktor situasional yang berada di luar kendali penyedia jasa; (7) janji layanan eksplisit, baik berupa iklan, personal selling, perjanjian, maupun komunikasi dengan karyawan penyedia jasa; (8) janji layanan implisit, yang tercermin dari harga dan sarana pendukung jasa (9) word-of-mouth, baik dari teman, keluarga, rekan kerja, pakar, maupun publikasi media massa; dan (10) pengalaman masa lampau atau masa lalu. jasa yang dipersepsikan. kualitas jasa harus dimulai dari kebutuhan pelanggan dan berakhir pada persepsi pelanggan. sebagai pihak yang membeli dan mengonsumsi jasa, pelangganlah yang menilai tingkat kualitas jasa sebuah perusahaan. sayangnya, jasa memiliki karakteristik variability, sehingga kinerjanya acapkali tidak konsisten. hal ini menyebabkan pelanggan menggunakan isyarat intrinsik (output dan penyampaian jasa) dan isyarat ekstrinsik (unsur-unsur pelengkap jasa) sebagai acuan atau 7 fandy tjiptono, pemasaran jasa, hal 259. 8 ibid, hal. 270. ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional176 pedoman dalam mengevaluasi kualitas jasa. konsekuensinya, jasa yang sama bsa dinilai secara berlainan oleh konsumen berbeda. model kualitas pelayanan (servqual) yang mendominasi riset kualitas pelayanan menurut zeithaml sebagaimana dikutip oleh fandy tjiptono9 adalah gambar 2.1 model konseptual kualitas jasa sehingga pengukuran kualitas jasa dalam model servqual didasarkan pada skala multi item yang dirancang untuk mengukur harapan dan persepsi pelanggan, serta gap diantara keduanya dalam dimensi-dimensi 9 ibid, hal. 246. al-iqtishad: vol. i, no. 2, juli 2009 177 utama kualitas jasa di antaranya yaitu:10 1. realibilitas (reliability), yakni kemampuan memberikan layanan yang dijanjikan dengan segera, akurat, dan memuaskan. 2. daya tanggap (responsiveness), yaitu keinginan para staf untuk membantu para pelanggan dan memberikan layanan dengan tanggap. 3. jaminan (assurance), mencakup pengetahuan, kompetensi, kesopanan, dan sifat dapat dipercaya yang dimiliki para staf; bebas dari bahaya, risiko atau keragu-raguan. 4. empati (empathy), meliputi kemudahan dalam menjalin relasi, komunikasi yang baik, perhatian pribadi, dan pemahaman atas kebutuhan individual pelanggan. 5. bukti fisik (tangibles), meliputi fasilitas fisik, perlengkapan, pegawai dan sarana komunikasi. menurut muhammad dengan mengutip pendapat brill, perusahaan yang dapat survive dan bersaing dalam era persaingan pasar bebas adalah perusahaan yang diantaranya berfokus pada dorongan pelanggan dengan menekankan kualitas atau mutu baik produk ataupun jasa, memanfaatkan waktu seefisien mungkin pada setiap kegiatan dan proses serta inovatif11. kepuasan nasabah (satisfaction) 1. defini kepuasan kepuasan atau satisfaction berasal dari bahasa latin “statis” (artinya cukup baik memadai dan “facio” (melakukan atau membuat) secara sama kepuasan dapat diartikan sebagai pemenuhan sesuatu atau sesuatu memadai.12 kepuasan pelanggan menurut kotler adalah perasaan senang atau kecewa seseorang yang akan muncul setelah membandingkan kinerja produk yang diharapkan terhadap kinerja (atau hasil) yang diterimanya13. 10 ibid, hal. 273. 11 muhammad, bank syariah problem dan prospek di indonesia. (yogyakarta : graha ilmu, 2005 ) hal. 101. 12 fandy tijptono “pemasaran jasa”, hal. 349. 13 kotler, philip. “manajemen pemasaran”, hal. 70. ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional178 sedangkan menurut mowen sebagaimana dikutip oleh fandy tjiptono14, kepuasan pelanggan adalah penilaian evaluatif purnabeli yang dihasilkan dari seleksi pembelian spesifik. sebagaimana dalam tabel : gambar 2.2 model kepuasan/ketidakpuasan pelanggan 2. kepuasan nasabah nasabah merupakan aset perusahaan perbankan yang sangat ber pengaruh terhadap perkembangan perusahaan, oleh karena itu perlu adanya strategistrategi perusahaan untuk mempertahankan nasabah dengan me ningkat kan kepuasan nasabahnya. kepuasan nasabah berhubungan erat dengan keandalan produk jasa bank yang ditawarkan dan pelayanan yang diberikan bank. keandalan produk terkait dengan kualitas produk tersebut. dalam hal ini, kualitas merupakan jaminan terbaik kesetiaan nasabah yang lebih tinggi, sekaligus mendukung harga lebih tinggi dan sering juga biaya yang lebih rendah. oleh karena itu, program penyempurnaan kualitas (quality improvement programs) pada umumnya meningkatkan profitabilitas15. 14 fandy tijptono “pemasaran jasa”,, hal..350. 15 murti sumarni, manajemen pemasaran bank, (yogyakarta: liberty,2002), edisi revisi, h..229. al-iqtishad: vol. i, no. 2, juli 2009 179 strategi yang perlu dilakukan bank di antaranya adalah16 : � bank harus mendengarkan “suara” nasabah sehingga kualitas produk atau jasa bank tepat seperti yang diinginkan nasabah. penyempurnaan kualitas jasa bank hanya akan berarti jika disadari dan dirasakan oleh nasabah. kualitas produk ini harus diikuti dengan kualitas promosi, pelayanan dan lain-lain. � perbaikan kualitas memerlukan komitmen total dari para petugas bank. karyawan harus bekerja selakut team-work untuk memuaskan nasabah internal dan nasabah eksternal. � melalui bench marketing yaitu, mengukur kinerja bank dibandingkan dengan pesaing terbaik di kelasnya dan berupaya meniru bahkan melampauinya, penyempurnaan kualitas produk atau jasa bank dapat ditingkatkan. jadi, kualitas tidak dapat diperiksa saja tetapi harus direncanakan semenjak awal. 3. strategi peningkatan kepuasan nasabah (pelanggan) adapun strategi-strategi dalam meningkatkan kepuasan pelanggan adalah:17 a). strategi pemasaran berupa relationship marketing strategi pemasaran berupa relationship marketing yaitu strategi dimana transaksi pertukaran antara pembeli dan penjual berkelanjutan, dengan kata lain dijlalin suatu kemitraan dengan nasabah secara teusmenerus yang pada akhirnya akan menimbulkan kesetiaan nasabah atau yang sering dikenal dengan istilah loyalitas pelanggan sehingga terjadi bisnis ulangan. b). barang dan jasa berkualitas perusahaan yang ingin menerapkan program kepuasan pelanggan harus memiliki produk berkualitas baik dan layanan prima. paling tidak, standarnya harus menyamai para pesaing utama dalam industri. c). program promosi loyalitas program promosi loyalitas diterapkan untuk menjalin relasi antara 16 ibid, hal. 229. 17 fandy tijptono “pemasaran jasa” op.cit, hal 354. ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional180 perusahaan dan pelanggan.seperti program penghargaan (rewards) khusus (seperti bonus, diskon, voucher, dan hadiah yang dikaitkan dengan frekuensi pembelian atau pemakaian produk atau jasa perusahaan). d). fokus pada pelanggan terbaik (best customers) sekalipun program promosi loyalitas beraneka ragam bentuknya, namun semuanya memiliki kesamaan pokok dalam hal fokus pada pelanggan yang paling berharga yaitu pelanggan yang tidak hanya heavy users, tetapi juga berbelanja banyak, pembayaran yang lancar dan tepat waktu. d). strategi unconditional guarantees atau extraordinary guarantees unconditional guarantees dibutuhkan untuk mendukung keberhasilan program kepuasan pelanggan. garansi merupakan janji eksplisit yang disampaikan kepada para pelanggan mengenai tingkat kinerja yang dapat diharapkan akan mereka terima. garansi ini bermanfaat dalam mengurangi risiko pembelian oleh pelanggan, memberikan sinyal mengenai kualitas produk, dan secara tegas menyatakan bahwa perusahaan bertanggung jawab atas produk atau jasa yang diberikannya. e) strategi penanganan keluhan yang efisien penanganan komplain terkait erat dengan kualitas produk. perusahaan harus memastikan bahwa barang dan jasa yang dihasilkannya benar-benar berfungsi sebagaimana mestinya sejak awal, baru setelah itu jika ada masalah, perusahaan segera berusaha memperbaikinya lewat system penanganan komplain. jadi, jaminan kualitas harus men dahului penangan komplain. f). strategi peningkatan kinerja perusahaan sebagai ujung tombak perusahaan, karyawan perusahaan yang berinteraksi langsung dengan pelanggan berkewajiban memuaskan mereka, karyawan juga harus dipuaskan kebutuhannya.18 18 fandy tjiptono, prinsip-prinsip total quality service,(yogyakarta : andi, 2002),h.134. al-iqtishad: vol. i, no. 2, juli 2009 181 konsep kpr di bank konvensional dari definisi di atas, kredit pemilikan rumah (kpr) termasuk kredit konsumsi berupa rumah yang diberikan oleh bank kepada debitur untuk mem biayai rumah tersebut, yang pelunasannya dari penghasilan bulanan nasabah dengan jangka waktu tertentu. kpr adalah salah satu produk kepemilikan rumah yang sudah cukup lama dijalankan dan dikembangkan oleh dunia perbankan di indonesia hingga saat ini. karena merupakan salah satu program pembangunan pemerintah juga. kredit pemilikan rumah (kpr) adalah kredit perumahan rakyat yang akadnya didasarkan pada prinsip pinjam-meminjam (credit) dengan memanfaatkan bunga sebagai keuntungan bank. hubungan yang terjalin antara pihak bank dengan nasabah yang mengambil produk kpr ini adalah hubungan antara pihak kreditur dan pihak debitur. dimana bank sebaai pihak kreditur yang meminjamkan uang kepada pihak debitur, dan nasabah sebagai debitur yang meminjam kepada kreditur (bank). pada prakteknya, pihak bank mengucurkan pinjaman bagi nasabah yang dimanfaatkan untuk keperluan kpr. bank konvensional mengambil keuntungan (profit) dari bunga pinjaman yang dikenakan kepada nasabah. di sinilah letak perbedaan yang signifikan antara kpr konvensional dengan kpr syari’ah yaitu pelarangan keras terhadap bunga bank yang di praktekan oleh perbankan konvensional yang diaplikasikan pada setiap pinjaman (kredit) kepada debitur (nasabahnya). konsep pembiayaan kpr syariah di perbankan syariah jual-beli murabahah (bai’ al-murabahah) adalah jual-beli barang pada harga asal dengan tambahan keuntungan yang telah disepakati19. dalam ba’i al-murabahah, penjual harus memberi tahu harga produk yang ia beli dan menentukan suatu tingkat keuntunngan sebagai tambahannya. walaupun al-qur’an tidak pernah secara langsung membicarakan tentang murabahah, akan tetapi jual-beli murabahah dianggap halal dan boleh oleh imam syafi’i dan imam malik walaupun pendapat mereka tanpa diperkuat 19 muahammad syafi’i antonio, bank syari’ah dari teori ke praktek, (jakarta :gema insani, 2007), edisi kesebelas, h.101. ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional182 oleh satu hadits pun20. akan tetapi transaksi murabahah ini lazim dilakukan oleh rasulullah dan para sahaatnya. menurut adiwarman a karim dalam bukunya bank islam, murabahah adalah suatu penjualan barang seharga barang tersebut ditambah keuntungan yang disepakati. misalnya, seseorang membeli barang kemudian menjualnya kembali dengan keuntungan tertentu atau dalam bentuk presentase dari harga pembeliannya, misalnya 10% atau 20%21. secara sederhana, murabahah adalah akad jual-beli barang dengan menyatakan harga perolehan dan keuntungan (margin) yang disepakati oleh penjual dan pembeli. akad ini merupakan salah satu bentuk natural certainty contracts, karena dalam murabahah ditentukan berapa required rate profit-nya (keuntungan yang ingin diperoleh). jadi secara sederhana, kpr syari’ah dengan prinsip murabahah adalah akad jual beli rumah antara pihak nasabah sebagai pembeli dan pihak bank sebagai penjual, di mana nasabah mula-mula mengajukan usul pembiayaan ke bank untuk membeli rumah, kemudian bank mewakilkan pada nasabah untuk membeli rumah tersebut. kewajiban nasabah selanjutnya adalah memberitahu kepada bank tentang kriteria rumah tersebut secara rinci. setelah itu baru bank menjual rumah tersebut pada nasabah dengan angsuran. dan sewaktu menjual rumah kepada nasabah, bank meminta marjin keuntungan dari nasabah yang besarnya berdasarkan akad yang sudah disepakati bersama 22. landasan syari’ah a) al-qur’an 20 muhammad, manajemen pembiayaan bank syari’ah,(yogyakarta : akademi manajemen perusahaan ykpn 2005), h.121. 21 adiwarman a karim, bank islam analisis fiqih dan keuangan, (jakarta : pt.raja grafindo, 2007) h.113. 22 jusmaliai, investasi syari’ah implementasi konsep pada kenyataan empirik, (yogyakarta, kreasi wacana : 2008). hal 425. al-iqtishad: vol. i, no. 2, juli 2009 183 “hai orang-orang yang beriman janganlah kalian memakan harta diantara kalian dengan jalan yang batil kecuali dengan adanya perdagangan yang saling rela sama rela..(an-nisa : 24). ayat ini dengan tegas melarang kita untuk mengambil harta orang lain dengan jalan batil, terutama riba (yang memang pada kala itu praktik riba menjadi tradisi dalam masyarakat bahkan hingga kini) namun sebaliknya, kita dianjurkan untuk mencari harta (keuntungan) dari jalan yang diridhai allah yakni melalui jalan perniagaan (jual-beli). karena murabahah merupakan salah satu bentuk jual-beli maka ayat ini dapat dijadikan sebagai landasan syariah akan kebolehan murabahah. rasulullah saw bersabda: 23 “dari suhaib ar-rumi r.a. bahwa rasulullah saw. bersabda, “tiga hal yang di daalmnya terdapat keberkahan : jual beli secara tangguh, muqaradhah (mudharabah), dan mencampur gandum dengan tepung untuk keperluan rumah bukan untuk dijual.” (hr ibnu majah) al-ba’i wal l-ijarah al-muntahi bit-tamlik (financial lease with purchase option) transaksi yang disebut dengan al-ijarah al-muntahi bit-tamlik (imbt) adalah sejenis perpaduan dua buah akad antara kontrak jual beli (al-ba’i) dan sewa (al-ijarah) atau lebih tepatnya akad sewa yang diakhiri dengan kepemilikan barang ditangan si penyewa. sifat pemindahan kepemilikan ini pula yang membedakan dengan ijarah biasa. aplikasi imbt pada perbankan syari’ah adalah seperti leasing, baik dalam bentuk operating lease maupun financial lease. akan tetapi, 23 jalaluddin ‘abdurrahman as suyuti, jaami’ al ahadits: al jam’ al shagir wa zawaid wa al jami’ al kabir, (beirut: daar al fikri, 1994) juz.iv, h. 149. ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional184 pada umumnya, bank-bank syari’ah lebih banyak menggunakan al-ijarah al-muntahi bit-tamlik termasuk dalam pembiayaan kpr syari’ah karena lebih sederhana dari sisi pembukuan. selain itu, bank pun tidak direpotkan untuk mengurus pemeliaharaan asset, baik apda saat leasing maupun sesudahnya. pembiayaan kpr syari’ah dengan prinsip ijarah muntahia bit tamlik (imbt) adalah pelayanan akad jual beli rumah antara pihak nasabah sebagai penyewa sekaligus pembeli dengan pihak bank sebagai penjual dan pemberi sewa atas rumah sebagai objeknya. al-ijarah al-muntahia bi al-tamlik diawali dengan usulan dari nasabah ke bank untuk pembiayaan pembelian rumah, kemudian bank mewakilkan kepada nasabah untuk membeli rumah tersebut. langkah selanjutnya adalah rumah yang telah dibeli bank tersebut disewakan kepada nasabah. setelah masa sewanya berakhir bank memberikan pilihan pada nasabah apakah tetap akan menyewa atau sewa diakhiri dan rumah tersebut menjadi milik nasabah24. pada pelayanan kpr syariah dengan prinsip ini, pemindahan milik barang terjadi dengan salah satu dari dua cara berikut ini : 1. pihak yang menyewakan (bank syariah) berjanji akan menjual barang yang disewakan tersebut pada akir masa sewa; pada pilihan ini biasanya diambil bila kemampuan finansial penyewa untuk membayar sewa relatif kecil. karena sewa yang dibayarkan relatif kecil, akumulasi nilai sewa yang sudah dibayarkan sampai akhir periode sewa belum mencukupi harga beli rumah tersebut dan margin laba yang ditetapkan ileh bank. karena itu, untuk menutupi kekurangan tersebut, bila pihak penyewa ingin memiliki barang tersebut, ia harus membeli barang itu diakhir periode. 2. pihak yang menyewakan berjanji akan menghibahkan barang yang disewakan tersebut pada akhir sewa. pada pilihan ini biasanya diambil bila kemampuan finansial penyewa untuk membayar sewa relatif lebih besar. karena sewa yang yang dibayarkan relatif besar, akumulasi sewa diakhir peiode sewa sudah 24 ibid, hal. 426. al-iqtishad: vol. i, no. 2, juli 2009 185 mencukupi untuk menutup harga beli barang dan margin laba yang ditetapkan oleh bank. dengan demikian, bank dapat menhibahkan barang tersebut diakhir masa periode sewa kepada pihak penyewa. musyarakah al-mutanaqisah musyarakah mutanaqisah merupakan kombinasi antara akad musyarakah (perkongsian) dengan akad ijarah (sewa). akad musyarakah mutanaqisah diawali dengan akad antara nasabah dengan bank untuk berkongsi dalam investasi dibidang perumahan.kemudian disusul dengan akad kedua yaitu akad ijarah, yaitu akad yang diperlukan karena rumah tersebut disewa oleh nasabah25. transaksi musyarakah al-mutanaqisah adalah akad kerjasama antara pihak bank dengan nasabah yang bersekutu dalam modal untuk pembelian rumah secara kontan dan sisa pembayaran nasabah kepada bank dalam pembelian rumah tersebut dilunasi beserta penambahan biaya sewa kepada bank karena telah menempati rumah tersebut. biaya sewa rumah tersebut, sekaligus menjadi angsuran bagi nasabah kepada bank yang telah membiayai bagian yang rumah tesebut oleh bank.dengan demikian, bagian sewa yang dimiliki nasabah akan memperpendek waktu bagi nasabah untuk memiliki rumah secara penuh. pembiayaan musyarakah mutanaqisah diberikan kepada para nasabah utnuk keperluan investasi (perumahan). akad musyarakah mutanaqisah digunakan untuk pembiayaan jangka panjang sehingga harus memiliki perencanaan alokasi dana yang matang dan terarah. pada umumnya, pembiayaan investasi perumahan diberikan dalam jumlah besar, kompleks dan jangka waktu pembiayaan yang cukup lama. akad musyarakah mutanaqisah merupakan gabungan dari akad musyarakah dan akad ijarah maka ketentuan yang berlaku pada akad musyarakah dan akad ijarah berlaku dalam akad musyarakah mutanaqisah. skema musyarakah mutanaqisah adalah nasabah mengajukan pembiayaan ke bank untuk membeli rumah dengan dana yang tersedia (kurang dari harga rumah). jika disetujui bank dan nasabah mengadakan akad kerja sama 25 ibid, hal. 426. ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional186 untuk membeli rumah tersebut. karena tujuan nasabah adalah untuk memiliki rumah tersebut seutuhnya maka nasabah berusaha menebus rumah tersebut dengan cicilan. sewaktu nasabah mencicil rumah tersebut, nasabah menempati rumah tersebut sebagian milik nasabah dan sebagian lagi masih milik bank. bank dalam hal ini menyewakan bagian rumah yang merupakan milik bank kepada nasabah26. akad musyarakah mtanaqisah merupakan akad transaksi yang digunakan pada bank-bank luar negeri yang berprinsip syari’ah dan akad ini sudah digunakan di bank syariah indonesia. deskripsi profil nasabah kpr btn syari’ah untuk mendapatkan data primer dilakukan penyebaran kuisioner kepada nasabah kpr btn syariah sebanyak 50 orang nasabah dari jumlah minimal yaitu sebanyak 30 orang27. bagian ini menyajikan informasi mengenai gambaran umum secara umum responden berdasarkan jenis kelamin, usia, status pernikahan, pekerjaan, penghasilan rata-rata bulan, dan pendidikan terakhir nasabah. berikut ini adalah penjelasan masingmasing dari responden nasabah kpr btn syariah, yaitu : a. jenis kelamin mayoritas nasabah kpr btn syariah adalah laki-laki yaitu sebanyak 70%, sedangkan dari nasabah perempuan hanya sebesar 28%. hal ini dikarenakan pengguna kpr btn syariah adalah kepala keluarga yaitu dari kaum laki-laki. 26 ibid, hal. 445. 27 sukandarrumidi. metodologi penelitian untuk pemula, (jakarta : publishing media 1998).h. 54. al-iqtishad: vol. i, no. 2, juli 2009 187 b. usia saat ini dari 50 nasabah kpr btn syariah, rata-rata usia dari nasabah kpr btn syariah adalah 26-35 tahun. untuk usia 16-25 tahun sebesar 2%, sedangkan yang berusia 36-45 tahun sebesar 36%, dan yang berusia 46 keatas hanya sebanyak 10% saja. c. status pernikahan secara keseluruhan status pernikahan dari nasabah kpr btn syariah adalah sudah menikah dengan presentase 100%. d. pekerjaan saat ini mayoritas pekerjaan dari nasabah kpr btn syariah adalah pegawai atau karyawan swasta yaitu sebanyak 58%, sedangkan yang bekerja ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional188 sebagai pns sebesar 12%, wiraswasta sebanyak 14%, dan lain-lain seperti guru dan dosen sebanyak 16%. e. penghasilan perbulan mayoritas penghasilan perbulan dari nasabah kpr btn syariah adalah > rp. 2.500.000 yaitu sebanyak 48%, penghasilan nasabah rp.500.0001.500.000 sebanyak 8%, sedangkan penghasilan nasabah rp.1.500.0002.500.000 sebanyak 44%. sedangkan penghasilan nasabah < rp.500.000 tidak ada. f. tingkat pendidikan terakhir mayoritas tingkat pendidikan terakhir dari nasabah kpr btn syariah adalah lulusan perguruan tinggi yaitu sebanyak 74%, dan lulusan sma sebanyak 26%, sedangkan nasabah untuk lulusan tingkat sd dan smp tidak ada. al-iqtishad: vol. i, no. 2, juli 2009 189 deskripsi profil nasabah kpr btn konvensional sampel penelitian pengukuran tingkat kepuasan nasabah terhadap kualitas layanan di bank btn konvensional sebanyak 50 orang nasabah juga, dari jumlah minimal yaitu sebanyak 30 orang. berikut adalah penjelasan masing-masing gambaran nasabah kpr btn konvensional, yaitu: a. jenis kelamin mayoritas nasabah kpr btn konvensional adalah laki-laki yaitu sebanyak 72%, sedangkan dari nasabah perempuan hanya sebesar 28%. hal ini dikarenakan pengguna kpr btn konvensional adalah kepala keluarga yaitu dari kaum laki-laki. b. usia saat ini usia rata-rata dari 50 nasabah kpr btn konvensional adalah 2635 tahun sebanyak 48%, yang berusia 16-25 tahun sebesar 2%, ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional190 sedangkan yang berusia 36-45 tahun sebesar 46%, dan yang berusia 46 keatas hanya sebanyak 4% saja. c. status pernikahan secara mayoritas status pernikahan dari nasabah kpr btn konvensional adalah sudah menikah dengan presentase 82%, dan 18% belum menikah. d. pekerjaan saat ini mayoritas pekerjaan dari nasabah kpr btn konvensional adalah pegawai atau karyawan swasta yaitu sebanyak 76%, sedangkan yang bekerja sebagai pns sebesar 2%, wiraswasta sebanyak 12%, dan lain-lain seperti guru dan dosen sebanyak 10%. al-iqtishad: vol. i, no. 2, juli 2009 191 e. penghasilan perbulan mayoritas penghasilan perbulan dari nasabah kpr btn konvenional adalah rp. 1.500.00 rp. 2.500.000 yaitu sebanyak 44%, penghasilan nasabah rp.500.000-1.500.000 sebanyak 14%, sedangkan peng hasila n nasabah rp.1.500.000-2.500.000 sebanyak 42%. sedangkan penghasilan nasabah < rp.500.000 tidak ada. f. tingkat pendidikan terakhir mayoritas tingkat pendidikan terakhir dari nasabah kpr btn konvensional adalah lulusan sma atau seatara dengan sma yaitu sebanyak 58%, dan lulusan perguruan tinggi hanya sebanyak 42%, sedangkan nasabah untuk lulusan tingkat sd dan smp tidak ada. analisis reliabilitas dan validitas setelah dilakukan penyebaran angket yang sama kepada 50 nasabah kpr btn syariah dan 50 nasabah kpr btn konvensional, penulis menganalisis seluruh pertanyaan yang terdiri dari 18 butir pernyataan mengenai ekspektasi (harapan) dan 18 butir pernyataan mengenai persepsi, dari ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional192 analisis dapat ini diketahui hasil validitas dan reliabilitas dari sejumlah butir pernyataan. uji ini dilakukan untuk mengetahui konsistensi dan akurasi data yang dikumpulkan dari penggunaan instrument. untuk uji reliabilitas digunakan croanbach alpha sebesar minimal 0,700 yang menandakan instrumen valid dan reliable, hasil uji yang diperoleh sebagai berikut: 1. validitas dan reliabilitas untuk nasabah kpr btn syariah a. instrumen pernyataan harapan (ekspektasi) nasabah kpr btn syariah tabel 4.1 hasil analisis validitas dan realibilitas instrumen pernyataan harapan no pernyataan r-hitung r tabel = 0.05; n = 50 keputusan 1 1 0.571 > 0.279 valid 2 2 0.624 > 0.279 valid 3 3 0.712 > 0.279 valid 4 4 0.647 > 0.279 valid 5 5 0.846 > 0.279 valid 6 6 0.621 > 0.279 valid 7 7 0.662 > 0.279 valid 8 8 0.821 > 0.279 valid 9 9 0.810 > 0.279 valid 10 10 0.808 > 0.279 valid 11 11 0.751 > 0.279 valid 12 12 0.565 > 0.279 valid 13 13 0.793 > 0.279 valid 14 14 0.641 > 0.279 valid 15 15 0.658 > 0.279 valid al-iqtishad: vol. i, no. 2, juli 2009 193 16 16 0.638 > 0.279 valid 17 17 0.490 > 0.279 valid 18 18 0.788 > 0.279 valid n of cases = 50 n of items = 18 alpha = 0.948 berdasarkan tabel di atas, dimana jumlah item pertanyaan sebanyak 18 dan untuk perhitungan validitas digunakan rumus pearson product moment dengan bantuan spss 15.0 dan menggunakan taraf signifikan 5 %, dengan r tabel = 0.279. setelah diuji validitasnya, diperoleh hasil bahwa tidak satupun pertanyaan tesebut yang memiliki nilai korelasi negatif dan hasil analisis tersebut menunujukan bahwa r hitung > r tabel (0.279), maka dapat disimpulkan bahwa konstruk variabel diatas adalah valid. adapun nilai croanbach alpha sebesar 0.948, dimana 0.948 > 0.700 sehingga dapat langsung disimpulkan bahwa pernyataan diatas adalah reliabel. b. instrumen pernayataan kenyataan nasabah kpr btn syariah tabel 4.2 hasil analisis validitas dan realibilitas instrumen pernyataan kenyataan no pernyataan r-hitung r tabel = 0.05; n = 50 keputusan 1 1 0.487 > 0.279 valid 2 2 0.537 > 0.279 valid 3 3 0.481 > 0.279 valid 4 4 0.650 > 0.279 valid 5 5 0.587 > 0.279 valid 6 6 0.713 > 0.279 valid 7 7 0.630 > 0.279 valid 8 8 0.684 > 0.279 valid 9 9 0.673 > 0.279 valid ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional194 10 10 0.675 > 0.279 valid 11 11 0.723 > 0.279 valid 12 12 0.458 > 0.279 valid 13 13 0.458 > 0.279 valid 14 14 0.592 > 0.279 valid 15 15 0.733 > 0.279 valid 16 16 0.625 > 0.279 valid 17 17 0.392 > 0.279 valid 18 18 0.6287 > 0.279 valid n of cases = 50 n of items = 18 alpha = 0.915 berdasarkan tabel di atas, dimana jumlah item pertanyaan sebanyak 18 dan untuk perhitungan validitas digunakan rumus pearson product moment dengan bantuan spss 15.0 dan menggunakan taraf signifikan 5 %, dengan r tabel = 0.279. setelah diuji validitasnya, diperoleh hasil bahwa tidak satupun pertanyaan tesebut yang memiliki nilai korelasi negatif dan hasil analisis tersebut menunujukan bahwa r hitung > r tabel (0.279), maka dapat disimpulkan bahwa konstruk variabel diatas adalah valid. adapun nilai croanbach alpha sebesar 0.915, dimana 0.915 > 0.700 sehingga dapat langsung disimpulkan bahwa pernyataan diatas adalah reliabel. 2. validitas dan reliabilitas untuk nasabah kpr btn konvensional a. instrumen pernyataan harapan (ekspektasi) nasabah kpr btn konvensional. tabel 4.3 hasil analisis validitas dan realibilitas instrumen pernyataan harapan no pernyataan r-hitung r tabel = 0.05; n = 50 keputusan 1 1 0.650 > 0.279 valid 2 2 0.776 > 0.279 valid al-iqtishad: vol. i, no. 2, juli 2009 195 3 3 0.638 > 0.279 valid 4 4 0.628 > 0.279 valid 5 5 0.717 > 0.279 valid 6 6 0.771 > 0.279 valid 7 7 0.770 > 0.279 valid 8 8 0.642 > 0.279 valid 9 9 0.654 > 0.279 valid 10 10 0.736 > 0.279 valid 11 11 0.773 > 0.279 valid 12 12 0.532 > 0.279 valid 13 13 0.729 > 0.279 valid 14 14 0.707 > 0.279 valid 15 15 0.716 > 0.279 valid 16 16 0.500 > 0.279 valid 17 17 0.657 > 0.279 valid 18 18 0.609 > 0.279 valid n of cases = 50 n of items = 18 alpha = 0.944 berdasarkan tabel di atas, dimana jumlah item pertanyaan sebanyak 18 dan untuk perhitungan validitas digunakan rumus pearson product moment dengan bantuan spss 15.0 dan menggunakan taraf signifikan 5 %, dengan r tabel = 0.279. setelah diuji validitasnya, diperoleh hasil bahwa tidak satupun pertanyaan tesebut yang memiliki nilai korelasi negatif dan hasil analisis tersebut menunujukan bahwa r hitung > r tabel (0.279), maka dapat disimpulkan bahwa konstruk variabel diatas adalah valid. adapun nilai croanbach alpha sebesar 0.944, dimana 0.944 > 0.700 sehingga dapat langsung disimpulkan bahwa pernyataan diatas adalah reliabel instrumen pernayataan kenyataan nasabah kpr btn syariah b. instrumen pernyataan kenyatan nasabah kpr btn konvensional ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional196 penutup dari hasil analisis dan pengujian hipotesis yang menjadi parameter kualitas layanan berdasarkan persepsi dan ekspektasi nasabah kpr pada dua bank yaitu btn syariah dan btn konvensional cabang harmoni jakarta, adalah sebagai berikut: berdasarkan analisa deskriptif harapan nasabah kpr btn syariah dan nasabah kpr btn konvensional terhadap kualitas layanan pada masingmasing bank sangat tinggi. dengan nilai presentase sebesar 89 % dan 90 % yang berarti pelayanan yang diberikan harus terbaik sehingga menciptakan rasa aman, nyaman, tentram dan adil. berdasarkan analisa deskriptif kenyataan kualitas layanan yang diterima oleh nasabah kpr btn syariah dan nasabah kpr btn konvensional menunjukan skor rata-rata empat dengan presentase masing-masing sebesar 72 % dan 70 % yang berarti baik dan dapat dikatakan puas. pada btn syariah, kemudahan bertransaksi melalui keberadaan mesin atm berada pada level cukup baik atau dapat dikatakan cukup puas bagi nasabah kpr btn syariah. pada btn konvensional, kepekaan karyawan terhadap privasi nasabah kpr berada pada level cukup baik atau dapat dikatakan cukup puas. perbedaan pada setiap dimensi yang ada yaitu keandalan, daya tanggap, keyakinan, empati, dan fisik nyata signifikan dengan tingkat kpercayaan 95% melalui pengujian wilcoxon. dari hasil uji beda didapat bahwa terdapat perbedaan yang tidak signifikan antara kualitas layanan di btn syariah dengan kualitas layanan di btn konvensional cabang harmoni jakarta, dalam melayani nasabah mereka masing-masing dengan hasil sebesar 1,179. berdasarkan analisis rata-rata menunjukkan bahwa kualitas layanan di btn syariah lebih tinggi yaitu sebesar 65,22 dari kualitas layanan di btn konvensional yaitu sebesar 63,06 dengan selisih nilai rata-rata sebesar 2,16 . pustaka acuan al-qur’an al-kariim & al-hadits. jusmaliani, investasi syari’ah implementasi konsep pada kenyataan empirik, (yogyakarta, kreasi wacana : 2008). al-iqtishad: vol. i, no. 2, juli 2009 197 sugiyono, metode penelitian kuantitatif dan kualitatif r&d” (bandung : alfabeta, 2007). jalaluddin ‘abdurrahman as suyuti, jaami’ al ahadits: al jam’ al shagir wa zawaiduhu wa al jami’ al kabir, (beirut: daar al fikri, 1994). antonio, muhammad syafi’i, bank syari’ah dari teori ke praktek, (jakarta :gema insani, 2007), edisi kesebelas. arifin, zainul, memahami bank syari’ah linkup, peluang, tantangan dan prospek, (jakarta : alvabet, 1999), edidi pertama, cet.ke-1. muhammad, manajemen pembiayaan bank syari’ah,(yogyakarta : akademi manajemen perusahaan ykpn,2005. nazir, muhammad,. metode penelitian. (jakarta : omalia indonesia, 1983). sukandarrumidi. metodologi penelitian untuk pemula, (jakarta : publishing media 1998). karim, a adiwarman, bank islam analisis fiqih dan keuangan, (jakarta : pt.raja grafindo, 2007). dewan syari’ah nasional mui, himpunan fatwa dewan syari’ah nasional. (jakrta, mui pusat, 2003). tjiptono, fandi, pemasaran jasa, (malang : bayumedia publishing, 2005). prinsip-prinsip total quality service,(yogyakarta : andi,2002), sumarni, murti, manajemen pemasaran bank, (yogyakarta: liberty,2002), kotler dan armstong, dasar-dasar pemasaran, (jakarta. gramedia 2003). “manajemen pemasaran”(jakarta, pt. indeka, 2005) aini, noryamin. pengolahan dan analisis data kuantitatif melalui program spss. (jakarta : makalah program pembekalan calon pns uin syarif hidayatullah : 2004). umar, husein. riset pemasaran dan perilaku konsumen, (jakarta : pt. gramedia utama). 2002. yusuf al-qardhawi, muhammad. “norma dan etika ekonomi islam” (jakarta, gema insani :2006). ahmad kailani: tingkat kepuasan nasabah kpr btn syariah dan btn konvensional198 “peran nilai dan moral dalam perekonomian islam”, (rabbani press: jakarta 1998) ahmad, mustaq. etika bisnis dalam islam,(jakarta timur : pustaka alkautsar) 2001. supramono, gatot. perbankan dan masalah kredit suatu tinjauan yuridis. (djambatan : jakarta 1996) http.www.bumn online development.com http.www.btn syari’ah.com a l -i q t is h a d ju rn al il m u e ko n o m i s ya ri ah (j ou rn al o f i sl am ic e co no m ic s) issn: 2087-135x e-issn: 2407-8654 vol. 8 (1), january 2016 published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. a l -iq t is h a d ju rn al ilm u eko n o m i syariah (journal of islam ic econom ics) v o l. 8 (1), jan u ary 2016 al iqtishad is a peer-reviewed journal published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers both from indonesian and overseas. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014, valid until december 2018. issn: 2087-135x e-issn: 2407-8654 the short-run and long-run relationship in indonesian islamic stocks return m. shabri abd. madjid business process reengineering of funding on indonesia’s islamic banks aslam mei nur widigdo, marimin, idqan fahmi, irfan syauqi beik efficiency and profitability on indonesian islamic banking industry muhammad nadratuzzaman hosen, rafika rahmawati islamic work ethics and audit opinions: audit professionalism and dysfunctional behavior as intervening variables tulus suryanto dual monetary system and macroeconomic performance in indonesia sri herianingrum, imronjana syapriatama islamic business ethics implementation in marketing communication of haji/umroh travel agency “x” surabaya ari prasetyo, intan kusuma pratiwi risk of profit loss sharing financing: the case of indonesia ernawati the development of human resources in islamic financial industries from economic and islamic financial graduates nurul huda, nova rini, desti anggraini, khamim hudori, yosi mardoni application of theory reasoned action in intention to use islamic banking in indonesia andi reni, nor hayati ahmad issues and economic role of waqf in higher education institution: malaysian experience farra munna harun, bayu taufiq possumah, m hakimi bin mohd shafiai, abd. halim mohd. noor indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014, valid until december 2018. al iqtishad has been covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014 editor in chief m. nur rianto al arif associate editor maman rahman hakim sofyan rizal a chairul hadi english editor ummi kultsum editorial advisory board abbas mirakhor (inceif, malaysia) ahmad hidayat buang (university of malaya, malaysia) ahmad tholabie (syarif hidayatullah state islamic university of jakarta, indonesia) amir kia (utah valley university, usa) asep s. jahar (syarif hidayatullah state islamic university of jakarta, indonesia) ashraf md hasyim (isra, malaysia) djoni hartono (university of indonesia, indonesia) fathurrahman djamil (syarif hidayatullah state islamic university of jakarta, indonesia) m. kabir hassan (university of new orleans, usa) mehmet asutay (durham university business school, united kingdom) mervyn k lewis (university of south australia, australia) mohammad hudaib (adam smith business school, glasgow univ., united kingdom) mohamed s komi (the american university in cairo, egypt) mokhamad anwar (university of padjajaran, indonesia) monzer khaf (qatar faculty of islamic studies, qatar) muhammad amin suma (syarif hidayatullah state islamic university of jakarta, indonesia) mustafa edwin nasution (university of indonesia indonesia) ratno purnomo (jenderal soedirman university, indonesia) roszaini haniffa (heriot watt university, united kingdom) sadegh bakhtiari (isfahan university, islamic republic of iran) walid mansour (king abdulaziz university, saudi arabia) volume 8 (1) january 2016 al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) editorial office faculty of shariah and law syarif hidayatullah state islamic university jakarta jl. ir. h. juanda 95, ciputat, south tangerang, banten -15412phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id/index.php/iqtishad; email: iqtishad@uinjkt.ac.id contents 1 the short-run and long-run relationship in indonesian islamic stocks return m. shabri abd. madjid 19 business process reengineering of funding on indonesia’s islamic banks aslam mei nur widigdo, marimin, idqan fahmi, irfan syauqi beik 33 efficiency and profitability on indonesian islamic banking industry muhammad nadratuzzaman hosen, rafika rahmawati 49 islamic work ethics and audit opinions: audit professionalism and dysfunctional behavior as intervening variables tulus suryanto 65 dual monetary system and macroeconomic performance in indonesia sri herianingrum, imronjana syapriatama 81 islamic business ethics implementation in marketing communication of haji/umroh travel agency “x” surabaya ari prasetyo, intan kusuma pratiwi 101 risk of profit loss sharing financing: the case of indonesia ernawati 117 the development of human resources in islamic financial industries from economic and islamic financial graduates nurul huda, nova rini, desti anggraini, khamim hudori, yosi mardoni 137 application of theory reasoned action in intention to use islamic banking in indonesia andi reni, nor hayati ahmad 149 issues and economic role of waqf in higher education institution: malaysian experience farra munna harun, bayu taufiq possumah, m hakimi bin mohd shafiai, abd. halim mohd. noor cover al-iqtishad vol. 8, no. 1, jan 2016 00-daftar isi pendahuluan dewasa ini pertumbuhan ekonomi nasional indonesia telah berkembang dengan pesat dan menjadi salah satu elemen penting yang akan dijadikan dasar untuk menilai keberhasilan kebijakan pemerintah. pembangunan di bidang ekonomi ini tentu menyangkut masalah investasi baru dalam usaha untuk memperluas volume usaha. untuk melaksanakan keputusan berinvestasi tersebut mengharuskan pelaku bisnis untuk mencari dana baru. salah satu cara yang diambil dalam meyediakan dana baru ialah dengan meminjam kepada pihak lain. bank sebagai lembaga keuangan merupakan alternatif dalam mendapatkan dana tersebut. jasa-jasa yang tersedia dengan lengkap sangat penting bagi masyarakat. bank akan berperan memperlancar jalannya lalu lintas perhubungan antara pemeriksaan intern dengan tingkat penyaluran pembiayaan pada pt. bprs harum hikamahnugraha garut irfan nurul haq stai al ihsan curug email: nurul_haq@yahoo.com abstrak: tidak dapat dipungkiri kehadiran bank muamalat merupakan cikal bakal berkembangnya bank syariah di indonesia. sehingga ia menjadi tolok ukur bank syariah yang lainnya, karena ia merupakan bank syariah pertama dan yang terbesar asetnya. oleh karena itu, sangat menarik bagi penulis untuk mengkaji seberapa besar potensi bank muamalat untuk menjadi yang terdepan dan mampu mendongkrak dan mencapai target market share 5 % pada akhir 2008. kata kunci: pemeriksaan, penyaluran, biaya irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .116 ekonomian sebagai perantara terjadinya transaksi-transaksi usaha, sehingga bank akan menjadi urat nadi perekonomian dimana arus ekonomi dan keuangan akan mengalir. karena itu, semua servis bank kepada masyarakat, peralatan canggih yang dimilki, keterampilan personel dan lain-lainnya, adalah dalam rangka menjalankan peranan selaku perantara keuangan, artinya menjalankan dua fungsi utama bank yaitu, menghimpun dana masyarakat (to recive deposits) dan memberikan kredit (to make loans).1 sebagaimana halnya dengan bank konvensional, bank syariah juga mempunyai peran sebagai lembaga perantara (intermediary) antara satuan-satuan kelompok mayarakat atau unit-unit ekonomi yang mengalami kelebihan dana (surplus unit) dengan unit-unit lain yang mengalami kekurangan dana (deficit unit).2 melalui bank kelebihan dana-dana tersebut dapat disalurkan kepada pihak-pihak yang memerlukan dan memberikan manfaat kepada kedua belah pihak. saat ini perkembangan bank syariah semakin pesat. hal ini dapat dilihat dari semakin bertambahnya bank konvensional yang membuka unit usaha syariah (uus) dan juga jaringan kantor perbankan syariah dari tahun ke tahun. keberadaan bank maupun lembaga syariah diharapkan dapat dimanfaatkan dengan sebaik-baiknya oleh umat islam untuk dapat meningkatkan taraf hidupnya melalui produk perbankan yang disediakan. sebagaimana layaknya suatu bank, lembaga syariah juga menyediakan fasilitas penitipan uang dan pemberian kredit kapada semua sektor yang membutuhkan dana. sesuai dengan fungsi dan jenis dana yang dapat dikelola oleh lembaga islam yang mengembangkan konsep bebas bunga, selanjutnya melahirkan berbagai macam jenis produk pengumpulan dan penyaluran dana oleh lembaga syariah. tingkat persaingan antar bank dan resiko perkreditan yang tinggi, 1 muchdarsyah sinungan, manajemen dana bank, (jakarta: pt. bumi aksara, 2000), cet iv, h. 79 2 zainul arifin, dasar-dasar manajemen bank syariah, (jakarta: pustaka alvabet, 2006), cet iv, h. 46 al-iqtishad: vol. i, no. 2, juli 2009 117 menyebabkan manajemen bank perlu menerapkan suatu pengawasan intern yang memadai. hal ini dalam organisasi perkeriditan diharapkan dapat mengatasi kesulitan dalam mengendalikan dana yang diperlukan untuk pembiayaan kredit. dalam industri perbankan syariah kredit ini lebih dikenal dengan nama pembiayaan. masalah keamanan atas pembiayaan yang diberikan merupakan masalah yang harus diperhatikan oleh bank syariah, karena adanya risiko yang timbul dalam sistem pembiayaan. permasalahan ini bisa dihindari dengan menerapkan fungsi pengawasan yang bersifat menyeluruh (multi layers control), dengan tiga prinsip utama, yaitu: prinsip pencegahan dini (early warning system), prinsip pengawasan melekat (built in control) dan prinsip pemeriksaan internal (internal audit).3 dengan kata lain diperlukan suatu pengawasan intern yang dapat menunjang efektivitas sistem pembiayaan pada bank syariah. dengan terselenggaranya pengawasan intern yang memadai dalam bidang pembiayaan, berarti menunjukkan sikap kehati-hatian dalam tubuh bank syariah tersebut. dalam menjalankan bisnis perbankan yang penuh dengan resiko bank syariah juga tidak terlepas dari resiko pembiayaan bermasalah (non performing financing/npf) sehingga bank syariah perlu mengatur strategi agar tingkat npf di bank syariah tidak dalam kondisi yang mengkhawatirkan. pembiayaan bermasalah adalah suatu kondisi pembiayaan, dimana ada suatu penyimpangan utama dalam pembayaran kembali pembiayaan yang menyebabkan kelambatan dalam pengembalian. untuk mampu berperan sebagai badan usaha yang tangguh dan mandiri, bank syariah melalui usaha penyaluran dananya harus mampu meningkatkan efektivitas sistem pembiayaan dan berusaha sebaik mungkin mengurangi risiko kegagalan pembiayaan. jika diteliti lebih dalam, kegagalan pembiayaan terutama disebabkan oleh lemahnya pengendalian serta pengawasan terhadap pembiayaan tersebut, dimana terdapat suatu pemeriksaan yang dilakukan oleh audit intern sebagai lanjutan dari pengawasan pembiayaan, untuk memastikan bahwa pembiayaan dilakukan dengan benar sesuai dengan kebijakan pembiayaan, dan telah memenuhi 3 ibid., h. 221 irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .118 prinsip-prinsip pembiayaan yang sehat serta mematuhi ketentuan-ketentuan yang berlaku dalam pembiayaan. saat ini kondisi perekonomian yang khususnya dalam dunia perbankan tengah mengalami krisis, dimana salah satu penyebabnya adalah banyaknya kredit macet atau dalam perbankan syariah disebut dengan pembiayaan bermasalah sebagai akibat dari pengelolaan pembiayaan yang kurang baik. pembiayaan adalah kegiatan operasional terpenting dalam kegiatan operasi bank syariah, dimana pembiayaan memiliki nilai aset terbesar jika dibandingkan dengan kegiatan operasional bank yang lain. oleh kerena itu memang sudah sepantasnya bila bank syariah memberikan perhatian yang lebih kepada kegiatan pembiayaan dengan melakukan pengawasan pada bidang pembiayaan tersebut, karena pembiayaan yang bermasalah akan menjadi ancaman jika pihak perbankan syariah tidak dengan segera mengambil langkah penyelesaiannya. oleh karena itu sistem pemeriksaan intern terhadap pembiayaan menjadi suatu hal yang sangat penting untuk tercapainya tujuan dalam pem biayaan. pemeriksaan ini dimaksudakan untuk menentukan sampai seberapa jauh sistem yang telah ditetapkan dapat diandalkan kemampuannya untuk memberikan keyakinan yang memadai bahwa tujuan dan sasaran bank dapat dicapai secara efisien dan ekonomis serta menentukan sejauh mana struktur tersebut sudah berfungsi seperti yang diinginkan.4 hal ini harus didukung dengan sikap profesional dalam melaksanakan pekerjaannya dari para auditor intern/pemeriksa intern. berdasarkan laporan keuangan tahun 2007-2008 pada pt. bprs harum hikmahnugraha garut, maka ditemukan fenomena yang terjadi berkaitan dengan pemerikasaan intern dan penyaluran pembiayaan diantaranya pada tahun 2008 tingkat penyaluran pembiayaan mengalami penurunan yaitu sebesar 0,36%, walaupun secara total mengalami kenaikan dalam penyaluran tiap jenis pembiayaan, seperti yang terlihat pada data sebagai berikut: 4 veithzal rivai dan andria permata veithzal, credit management handbook :teori, konsep, prosedur dan aplikasi panduan praktis mahasiswa, bankir dan nasabah, (jakarta ; pt. rajagrafindo persada, 2006) h.725 al-iqtishad: vol. i, no. 2, juli 2009 119 tabel 1.1 tingkat penyaluran pembiayaan (1 =rp. 1000 ) no jenis pembiayaan jumlah total dan pesentase pembiayaan per tahun 2007 2008 rencana realisasi % rencana realiasi % 1 pembiayaan murabahah 1.753.919 1.452.725 82.83 1.932.000 1.575.959 81.57 2 pembiayaan mudharabah 845.208 794.925 94.05 1.245.250 1.045.208 83.94 3 pembiayaan musyarakah 1.435.005 1.225.525 85.40 1.936.085 1.585.105 81.87 4 pembiayaan al-qardul hasan 1.276.456 1.176.456 92.17 1.976.400 1.975.000 99.93 jumlah 5.310.588 4.649.631 87.55 7.089.735 6.181.272 87.19 sumber : laporan keuangan. berdasarkan tabel 1.1 di atas, terlihat bahwa tingkat penyaluran pembiayaan belum menunjukkan hasil yang optimal, dimana terlihat dari setiap jenis pembiayaan mengalami penurunan rata-rata 0,36%. hal ini disebabkan banyak nya nasabah yang ditolak dalam pemberian pembiayaan yang disebabkan kurangnya persyaratan yang ditentukan oleh pt.bprs harum hikmahnugraha, dampak lain dari penurunan realisasi tingkat penyaluran pembiayaan disebabkan masih lemahnya pemeriksaan intern terhadap tingkat penyaluran pembiayaan. disamping itu pula tingkat pelayanan yang diberikan oleh sebagian karyawan pt.bprs harum hikmahnugraha masih rendah, seperti kurangnya pemahaman atau sosialisasi pemberian pembiayaan kepada masyarakat, belum efektifnya pembinaan terhadap karyawan baik melalui pendidikan dan pelatihan maupun pembinaan secara langsung dari pimpinan. fenomena tersebut disebabkan oleh lemahnya pengawasan intern dari pimpinan baik dari tingkat dewan pengawas, direksi maupun tingkat manajer marketing. irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .120 pemeriksaan intern pengertian pemeriksaan intern dalam penyusunan skripsi ini, penulis menggunakan istilah pemeriksaan intern sebagai terjemahan dari bahasa aslinya yaitu internal auditing. terjemahan internal auditing adalah bermacam-macam diantaranya pemeriksaan intern, bagian pengawasan intern, staf audit intern, sedangkan bumn menggunakan istilah satuan pengawasan intern (spi). pengertian pemeriksaan internal dari waktu ke waktu mengalami perubahan seiring dengan perkembangan zaman pada era globalisasi. pada awal perkembagan, pemeriksaan intern hanya berfungsi sebagai penilaian independen pada suatu organisasi untuk mengkaji dan mengevaluasi aktivitas orgaisasi. sebagaimana yang disebutkan oleh robert r. moeller dalam bukunya brink’s modern internal auditing, yaitu: internal audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. 5 pengertian yang terkandung dalam definisi di atas adalah bahwa pemeriksaan intern merupakan suatu fungsi penilaian independen yang dibentuk dalam suatu organisasi untuk mengkaji dan mengevaluasi aktivitas organisasi sebagai bentuk jasa yang diberikan bagi organisasi. pada tahun 1999 bord of directors institute of internal auditors (iia) seperti yang disebutkan oleh akmal dalam bukunya pemeriksaan intern (internal audit) merubah definisi pemeriksaan intern lama menjadi sebagai berikut: internal auditing is an independent, objective assurance and consulting activity designed to add value an improve an organization’s operations. its help an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.6 5 robert r. moeller, brink’s modern internal auditing, (john wiley and sons, 2005), h. 3 6 akmal, pemeriksaan intern (internal audit), (jakarta: pt. indeks, 2007), cet. ii, h. 3 al-iqtishad: vol. i, no. 2, juli 2009 121 berdasarkan definisi tersebut dapat diartikan bahwa pemeriksaan intern adalah aktivitas pengujian yang memberikan keandalan/jaminan yang independen, dan objektif serta aktivitas konsultasi yang dirancang untuk memberikan nilai tambah dan melakukan perbaikan terhadap operasi organisasi. aktivitas tersebut membantu organisasi dalam mencapai tujuannya dengan pendekatan yang sistematis, disiplin untuk mengevaluasi den melakukan perbaikan keefektifan manajemen risiko, pengendalian dan proses yang jujur, bersih dan baik. perkembangan audit internal dapat dikatakan bersumber dari meningkatnya kompleksitas operasi perusahaan dan pemerintahan. pertumbuhan perusahaan menyebabkan keterbatasan kemampuan manajer untuk mengawasi masalah operasional sehingga menjadikan audit internal sebuah fungsi yang makin penting. audit internal modern menyediakan jasa-jasa yang mencakup pemeriksaan dan penilaian atas pengendalian intern, kinerja, risiko, dan tata kelola perusahaan publik maupun privat. aspek keuangan hanyalah salah satu aspek saja dalam lingkup pekerjaan audit internal. tujuan dan ruang lingkup pemeriksaan intern tujuan pemeriksaan intern adalah untuk membantu terhadap manajemen perusahaan secara berkesinambungan mengenai temuan-temuan kesalahan dan ketidakberesan dengan cara memberikan analisis, penilaiaan, rekomendasi dan komentar mengenai pengendalian dengan prosedur yang telah ditetapkan. adapun ruang lingkup pemeriksaan intern mencakup pengujian dan penilaian kelayakan dan keefektifan pengendalian manajemen bank syariah, disamping kualitas pegawai dalam melaksanakan tanggung jawabnya. lingkup pekerjaan tersebut terdiri dari: a. menelaah reabilitas dan integritas informasi keuangan dan operasi perusahaan yang digunakan untuk mengidentifikasi, mengukur, mengelompokkan, dan melaporkan informasi. b. menelaah sistem yang ada untuk menjamin ketaatan terhadap kebijakan, rencana, prosedur, hukum, dan peraturan yang dapat mempengaruhi pada operasi dan laporan, dan menentukan apakah irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .122 organisasi mentaatinya. c. menelaah cara mengamankan harta dari berbagai jenis kehilangan seperti kebakaran, pencurian dan manipulasi, serta memeriksa keberadaan harta tersebut. d. menilai keekonomisan dan keefisienan sumber-sumber yang digunakan.7 e. menelaah operasi atau program perusahaan untuk memastikan apakah hasilnya konsisten dengan tujuan dan sasaran yang ditetapkan, dan apakah operasi dan program dilaksanakan sesuai rencana.8 dengan demikian jelaslah bahwa ruang lingkup pekerjaan satuan kerja audit intern mencakup seluruh aspek dan unsur kegiatan perusahaan yang secara langsung/tidak langsung diperkirakan dapat mempengaruhi tingkat terselenggaranya perusahaan secara baik, namun perlu diingat bahwa dengan tidak adanya pembatasan ruang lingkup audit ini, berarti tuntutan atas kinerja auditor intern semakin besar atau dapat dikatakan masalah ini tidaklah ringan dan memerlukan upaya peningkatan yang terus menerus, selain itu auditor intern harus mampu mengkomunikasikan kewenangan ruang lingkup ini kepada segenap auditee dengan sebaik-baiknya agar pekerjaannya berjalan dengan lancar. wewenang dan tanggung jawab pemeriksaan intern wewenang dan tanggung jawab pemeriksa intern harus diuraikan dalam dokumen tertulis secara formal disetujui oleh manajemen dan diterima oleh dewan komisaris. wewenang tersebut harus memberikan keleluasaan bagi pemeriksa intern untuk melaksanakan pemeriksaan terhadap catatancatatan, harta milik, operasi/aktivitas yang sudah dilaksanakan atau sedang dilaksanakan, dan para pegawai perusahaan/organisasi.9 sedangkan tanggung jawab pemeriksa intern menurut arthur w. holmes dan david c. burns dalam bukunya auditing norma dan prosedur diantaranya adalah: 7 dan m. guy, dkk, auditing. editor yati sumiharti, (jakarta: erlangga, 2003), jilid 2, h. 410 8 akmal, pemeriksaan intern (internal audit), h. 10 9 ibid., h. 10 al-iqtishad: vol. i, no. 2, juli 2009 123 a. memberikan informasi dan nasihat kepada manajemen dan menjalankan tanggung jawab ini dengan cara yang konsisten dengan kode etik institute of internal auditors. b. mengkoordinasi kegiatan dengan orang lain agar berhasil mecapai sasaran audit dan sasaran perusahaan.10 indepedensi pemeriksaan intern indepedensi merupakan suatu hal pokok untuk mencapai efektivitas pemeriksa intern. pemeriksa intern harus independen terhadap aktivitas yang diperiksanya. hal ini dapat terwujud jika dia melakukan tugasnya dengan bebas dan objektif. indepedensi memungkinkan pemeriksa intern membuat keputusan pokok yang tidak biasa dan tidak memihak dalam melakukan tugasnya. indepedensi sangat penting bagi keefektifan pemeriksaan internal. indepedensi ini terutama diperoleh oleh dua aspek, yaitu: a. status organisasi kedudukan pemeriksaan intern dalam perusahaan hendaklah memungkinkannya untuk melaksanakan audit yang seluas-luasnya sehingga dapat melaksanakan penilaian-penilaian yang tidak memihak dan tanpa prasangka, dan juga dapat mempertimbangkan secara memadai tindakan yang efektif atas temuan-temuan pemeriksaan dan saran-sarannya. selain itu pemeriksan hendaknya berada dan bertanggung jawab terhadap pejabat yang memiliki kedudukan yang cukup tinggi dan dapat menjamin ruang lingkup pemeriksaan. b. objektivitas objektifitas merupakan sikap mental yang tidak memihak dan kejujuran atas pekerjaan yang dilakukannya. oleh karena itu, pemeriksa intern tidak boleh terlibat dalam perancangan, penerapan dan pengoperasian sistem dan prosedur, karena hal ini akan mengurangi objektivitas dari pemeriksa intern.11 10 arthur w. holmes, dkk, auditing norma dan prosedur. editor marianus sinaga, (jakarta: erlangga, 1993), h. 153 11 ibid,. h. 153 irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .124 profesionalisme pemeriksaan intern pemeriksaan intern harus dilaksanakan secara ahli dan dengan ketelitian profesional. kemampuan profesional merupakan tanggung jawab bagian pemeriksaan intern dan setiap pemeriksa intern. pimpinan pemeriksaan intern dalam setiap pemeriksaan haruslah menugaskan orang-orang yang secara bersama atau keseluruhan memiliki pengetahuan, kemampuan, dan berbagai disiplin ilmu yang diperlukan untuk melaksanakan pemeriksaan secara tepat dan pantas.12 kemampuan profesional itu sebagaimana disebutkan akmal dalam bukunya pemeriksaan intern (internal audit), diantaranya: a. kepegawaian unit pemeriksa intern harus menjamin dimilikinya keahlian teknis dan latar belakang pendidikan yang memadai bagi para pemeriksanya. b. pengetahuan dan kecakapan unit pemeriksa intern harus memperoleh para pemeriksa yang mempunyai pengetahuan dan kecakapan mengenai berbagai disiplin ilmu yang dibutuhkan untuk menjalankan tugas dan tanggung jawabnya. c. supervisi unit pemeriksa intern harus melakukan supervisi ke para pemeriksa yang melakukan tugas pemeriksaan.13 kode etik pemeriksaan intern selain standar, profesi pemeriksaan intern (internal audit) juga memiliki kode etik profesi yang harus ditaati dan dijalankan oleh segenap pemeriksa (auditor). standar perilaku tersebut membentuk prinsip-prinsip dasar dalam menjalankan praktik audit internal. para pemeriksa intern (auditor internal) wajib menjalankan tanggungjawab profesinya dengan bijaksana, penuh martabat dan kehormatan. dalam menerapkan kode etik ini, auditor internal harus memperhatikan peraturan perundang-undangan 12 hiro tugiman, standar profesional audit internal, (yogyakarta: penerbit kanisius, 1997), h. 27 13 akmal, pemeriksaan intern (internal audit), h. 13 al-iqtishad: vol. i, no. 2, juli 2009 125 yang berlaku. pelanggaran terhadap standar perilaku yang ditetapkan dalam kode etik ini dapat mengakibatkan dicabutnya keanggotaan auditor internal dari organisasi profesinya. beberapa kode etik yang harus dipatuhi para internal auditor yakni: a. auditor harus menunjukkan kejujuran, objektivitas dan kesungguhan dalam melaksanakan tugas dan memenuhi tanggungjawab profesinya. b. auditor internal harus menunjukkan loyalitas terhadap organisasinya atau terhadap pihak yang dilayani. c. auditor internal tidak boleh secara sadar terlibat dalam tindakan atau kegiatan yang dapat mendiskreditkan profesi audit internal atau mendiskreditkan organisasinya. d. auditor internal harus menahan diri dari kegiatan-kegiatan yang dapat menimbulkan konflik dengan kepentingan organisasinya, atau kegiatan-kegiatan yang dapat menimbulkan prasangka yang meragukan kemampuannya untuk dapat melaksanakan tugas dan memenuhi tanggung jawab profesinya secara objective. e. auditor internal tidak boleh menerima sesuatu dalam bentuk apapun dari karyawan, klien, pelanggan, pemasok, ataupun mitra bisnis organisasi nya yang dapat atau patut diduga dapat mempengaruhi pertimbangan profesionalnya. f. auditor internal hanya melakukan jasa-jasa yang dapat diselesaikan dengan menggunakan kompetensi profesional yang dimilikinya. g. auditor internal harus mengusahakan berbagai upaya agar senantiasa memenuhi standar profesi audit internal. h. auditor internal harus bersikap hari-hati dan bijaksana dalam menggunakan informasi yang diperolehnya dalam pelaksanaan tugasnya. auditor internal tidak boleh menggunakan informasi rahasia untuk dapat mendapatkan keuntungan pribadi, secara melanggar hukum atau yang dapat menimbulkan kerugian terhadap organisasinya. i. dalam melaporkan hasil pekerjaannya, auditor internal harus mengungkapkan semua fakta-fakta penting yang diketahuinya yaitu faktafakta yang jika tidak diungkap dapat mendistorsi laporan atas kegiatan yang di review atau menutupi adanya praktik yang melanggar hukum. irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .126 j. auditor internal harus senantiasa meningkatkan kemehirannya, serta efektivitas dan kualitas pelaksanaan tugasnya. k. auditor internal dalam peleksanaan profesinya harus selalu memelihara standar yang tinggi mengenai kompetensinya, moralitasnya, dan menjunjung tinggi hal-hal yang diputuskan oleh lembaga perhimpunan (iia).14 pembiayaan pengertian pembiayaan dewasa ini, istilah kredit hanya digunakan oleh bank konvensional, sedang kan bank yang berdasarkan prinsip syariah menggunakan istilah pembiayaan. pada dasarnya konsep kredit pada bank konvensional dengan konsep pembiayaan pada bank bank syariah tidak jauh berbeda, per bedaannya hanya terletak pada keuntungan yang diharapkan dari masing-masing bank tersebut. pada bank konvensional keuntungan yang di peroleh dari bunga, sedangkan pada bank syariah keuntungan didapat dari sistem bagi hasil.15 pengertian pembiayaan menurut muhammad dalam bukunya manajemen pembiayaan bank syariah yaitu pendanaan yang diberikan oleh suatu pihak kepada pihak lain untuk mendukung investasi yang telah di rencana kan, baik dilakukan sendiri maupun lembaga. dengan kata lain pem biayaan adalah pendanaan yang dikeluarkan untuk mendukung investasi yang telah direncanakan.16 menurut undang-undang perbankan no. 10 tahun 1998 pasal 1 ayat (12) yang dikutip oleh kasmir dalam bukunya dasar-dasar perbankan pengertian pembiayaan adalah: penyediaan uang atau tagihan yang dapat dipersamakan dengan itu, berdasarkan persetujuan atau kesepakatan antara bank dengan pihak lain yang mewajibkan pihak yang dibiayai untuk mengembalikan uang atau 14 ibid, h. 15 15 kasmir, manajemen perbankan, (jakarta: pt. raja grafindo persada, 2001) cet. i, h. 10 16 muhammad, manajemen pembiayaan bank syariah, (yogyakarta: upp amp ykpn, 2005), h. 17 al-iqtishad: vol. i, no. 2, juli 2009 127 tagihan tersebut dala jangka waktu tertentu dengan imbalan atau bagi hasil.17 berdasarkan uraian di atas, dapat ditarik kesimpulan bahwa pembiayaan bank syariah adalah fasilitas pinjaman yang diberikan oleh bank kepada pihak-pihak yang memerlukan defisit unit. dalam hal ini, yang membutuhkan dana tersebut diperoleh dari masyarakat pula, yaitu masyarakat yang menitipkan uangnya di bank. dasar pemberian pinjaman kepada nasabah ini adalah kepercayaan bahwa nasabah mempunyai kemempuan untuk mengembalikan pinjaman atau pembiayaan yang diberikan bank. bank syariah percaya kepada nasabah bahwa pinjaman akan dikembalikan sesuai dengan kesepakatan yang telah disepakati bersama. selain unsur kepercayaan bank syariah tidak akan membiayai usaha nasabah yang mengandung hal-hal yang diharamkan oleh syariat. pemeriksaan intern pada pt. bprs harum hikmahnugraha garut sebagaimana dikemukakan pada latar belakang penelitian bahwa pelaksanaan pemeriksaan intern terhadap tingkat penyaluran pembiayaan belum optimal, dimana terlihat dari setiap jenis pembiayaan mengalami penurunan, sebagaimana yang tercantum dalam tabel 1.1. maka untuk mengetahui penyebab belum optimalnya pelaksanaan penerapan pemeriksaan intern terhadap tingkat penyaluran pembiayaan, penulis meng gunakan analisis skoring untuk menilai setiap indikator variabel penelitian yang menjadi faktor dari pemeriksaan intern. pelaksanaan penerapan pemeriksaan intern atas pembiayaan dan prosedur penyaluran pembiayaan yang telah diterapkan oleh pt. bprs harum hikmahnugraha garut berpedoman pada standar profesional iia terdiri dari empat tahap kegiatan sebagai berikut: a. tahap perencanaan pemeriksaan b. tahap pengujian dan evaluasi c. tahap penyampaian hasil pemeriksaan 17 kasmir, dasar-dasar perbankan, (jakarta: pt. raja grafindo persada, 2001), h. 97 irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .128 d. tahap tindak lanjut18 keempat tahap tersebut sangat berhubungan erat dengan efektivitas penyaluluran pembiayaan yang dilaksanakan oleh setiap lembaga perbankan, baik perbankan konvensional maupun perbankan syariah, dimana pembiayaan dalam perbankan syariah atau istilahnya akitiva produktif, menurut ketentuan bank indonesia adalah pemahaman dana bank syariah baik dalam rupiah maupun valuta asing dalam bentuk pembiayaan piutang, qordh, surat berharga syariah, penempatan, peyertaan modal, penyertaan modal sementara, komitmen dan kontijensi pada rekening administratif serta sertifikat wadiah bank indonesia19. untuk mengnalisa setiap variabel peneitian digunakan analisis skoring yaitu penilaian dengan melihat bobot nilai hasil penjumlahan dari setiap jawaban yang diberikan oleh responden. jumlah tersebut kemudian di masukkan kedalam kriteria penilaian dimana harus dicari nilai rentang terlebih dahulu dengan rumus: rentang nilai maksimum — nilai min imun 2 = kemudian ditentukan kriteria penilaian sebagai berikut: tabel 4.1 kriteria penilaian 125 – 105 104 – 85 84 – 64 64 – 45 44 – 25 sangat baik baik cukup baik kurang baik sangat kurang baik selanjutnya penulis sajikan tanggapan responden tentang pelaksanaan pemeriksaan dengan cara melakukan analisis yaitu menghitung jumlah 18 akmal, pemeriksaan intern (internal audit), (jakarta: indek, 2007), cet.ii, h. 16 19 muhammad, manajemen dana bank syariah (yogyakarta: ekonisia, 2005) cet.ii, h. 196 al-iqtishad: vol. i, no. 2, juli 2009 129 bobot nilai dari setiap jawaban yang diberikan oleh responden terhadap indikator variabel pemeriksaan intern sebagaimana yang terdapat dalam lampiran, maka hasilnya sebagai berikut : tabel 4.2 nilai bobot variabel pemeriksaan intern no pertanyaan kriteria jawaban ss s cs ks sts jml kriteria 5 4 3 2 1 1 2 3 4 1 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut terlebih dahulu diarahkan pada bidang kepegawaian yang dilihat dari kinerja pegawai. 13 5 4 1 2 101 baik 2 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut didukung oleh tingkat profesional badan pemeriksa. 17 4 1 1 2 108 sangat baik 3 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut ditunjang tingkat pengetahuan yang memadai guna menghasilkan audit yang tepat 9 12 2 1 1 102 baik irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .130 4 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut ditunjang tingkat kecakapan yang optimal guna menghasilkan audit yang tepat 12 6 5 1 1 102 baik 5 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut dilakukan supervisi (pengawasan) dari atasan langsung secara rutin 10 12 1 1 1 104 baik 6 tingkat kejujuran merupakan faktor utama dalam pelaksanaan pemeriksaan intern di pt. bprs harum hikmahnugraha garut 13 5 4 1 2 101 baik 7 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut tingkat loyalitas pegawai selalu diperhatikan dalam meningkatkan kinerjanya. 10 12 1 1 1 104 baik 8 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut selalu diarahkan kepada efektivitas pelayanan terhadap nasabah. 13 5 4 1 2 101 baik al-iqtishad: vol. i, no. 2, juli 2009 131 9 dalam meningkatkan efektivitas pelayanan terhadap nasabah, setiap pegawai di pt.bprs harum hikmahnugraha garut mampu menjalankan tugas pokok dan fungsi tiap bidang. 9 12 2 1 1 102 baik 10 dalam meningkatkan kode etik pemeriksaan intern setiap badan pengawas di pt.bprs harum hikmahnugraha garut ditunjang kualitas kinerja yang optimal. 10 11 2 1 1 103 baik 11 guna meningkatkan kualitas kinerja dalam pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut, setiap pemeriksa wajib memiliki sertifikasi keahlian dalam bidang audit. 12 6 5 1 1 102 baik 12 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut setiap auditor diikutsertakan dalam pendidikan dan pelatihan auditing (pemeriksaan) terlebih dahulu dari pihak terkait. 15 5 4 1 109 sangat baik irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .132 13 setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut selalu dilakukan uji kompetensi bagi tim audit guna meningkatkan efektivitas kerja tim audit (pemeriksa) 13 7 4 1 107 sangat baik 14 uji kompetensi auditor merupakan faktor yang paling utama dalam menerapkan kode etik pemeriksaan intern di pt.bprs harum hikmahnugraha garut 12 8 3 1 1 104 baik jumlah 1450 rata-rata 103.57 sumber : hasil pengolahan berdasarkan tabel 4.2 di atas rata-rata tanggapan responden terhadap pelaksanaan pemeriksaan intern atas pembiayaan dan prosedur penyaluran pembiayaan yang telah diterapkan oleh pt. bprs harum hikmahnugraha garut berada pada kriteria baik, atau dengan jumlah skor nilai sebesar 103,57. hal ini menunjukkan bahwa pemeriksaan intern atas pembiayaan dan prosedur penyaluran pembiayaan yang telah diterapkan oleh pt. bprs harum hikmahnugraha garut telah dilaksanakan secara optimal, dimana hal ini sejalan dengan pendapat yang disebutkan oleh robert r. moeller dalam bukunya brink’s modern internal auditing, yaitu : internal audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization.20 20 robert r. moeller, brink’s modern internal auditing, (john wiley and sons, 2005), h. 3 al-iqtishad: vol. i, no. 2, juli 2009 133 pengertian yang terkandung dalam definisi di atas adalah bahwa pemeriksaan intern merupakan suatu fungsi penilaian independen yang dibentuk dalam suatu organisasi untuk mengkaji dan mengevaluasi aktivitas organisasi sebagai bentuk jasa yang diberikan bagi organisasi. skor nilai tertinggi ada pada item ke 12 sebesar 109 yaitu mengenai setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut setiap auditor diikutsertakan dalam pendidikan dan pelatihan auditing (pemeriksaan) terlebih dahulu dari pihak terkait. hal ini menunjukkan bahwa tanggapan responden terhadap setiap auditor diikutsertakan dalam pendidikan dan pelatihan auditing (pemeriksaan) terlebih dahulu dari pihak terkait ditanggapi responden sangat baik. kondisi tersebut menunjukkan bahwa pendidikan dan pelatihan bagi auditor sangat diperlukan dan diselenggarakan dengan pihak terkait yang berkompenten di bidangnya. sedangkan skor terendah pada item ke 1, 6 dan 8 sebesar 101 atau berada pada kriteria jawaban baik, yaitu mengenai setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut terlebih dahulu diarahkan pada bidang kepegawaian yang dilihat dari kinerja pegawai. tingkat kejujuran merupakan faktor utama dalam pelaksanaan pemeriksaan intern di pt. bprs harum hikmahnugraha garut dan setiap pelaksanaan pemeriksaan intern di pt. bprs harum hikmahnugraha garut selalu diarahkan kepada efektivitas pelayanan terhadap nasabah. kondisi ini menunjukkan bahwa pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut, belum sepenuhnya mengarah pada kinerja maupun pada efektivitas pelayanan terhadap nasabah melainkan pada faktor lain yang tidak diteliti dalam penelitian ini antara lain, kecakapan, keterampilan dan kemampuan maupun pengetahuan tim auditor. prosedur penyaluran pembiayaan di pt. bprs harum hikmahnugraha garut antara lain melalui tahapan-tahapan sebagai berikut: a. pemohon terlebih dahulu mengajukan permohonan pembiayaan (kredit) kepada pt. bprs harum hikmahnugraha garut melalui bagian pembiayaan. b. bagian pembiayaan meneliti administrasi pengajuan pembiayaan dari pemohon dengan terlebih dahulu memeriksa dokumen pemohon yang terdiri dari: irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .134 1) kartu tanda penduduk (ktp) 2) kartu keluarga 3) pas foto pemohon 4) tabungan sebagai nasabah pt. bprs harum hikmahnugraha garut 5) jaminan kredit ( surat keputusan, sertifikat rumah, bpkb ) 6) surat keterangan penghasilan / fotocopy slip gaji bagi karyawan / pns 7) persyaratan lainnya yang mengikat dalam kontrak pembiayaan. 8) surat keterangan penggunaan pembiayaan. c. apabila dokumen pemohon lengkap dan akurat, maka bagian pembiayaan memproses pengajuan pembiayaan sesuai persetujuan/ disposisi direksi, selanjutnya pemohon/nasabah menandatangani surat perjanjian kredit / pembiayaan. d. apabila dokumen pemohon tidak lengkap dan tidak memenuhi persyaratan yang ditetapkan, maka pihak pt. bprs menolak/tidak memproses penyaluran pembiayaan. e. pencairan/penyaluran pembiayaan dilakukan di bagian kas sesuai dengan dokumen pengajuan dari pemohon dan persetujuan pimpinan pt. bprs. f. pelunasan pembiayaan adalah kewajiban utang peminjam kepada bank telah terpenuhi sehingga terhapusnya ikatan perjanjian pembiayaan.21 a. pengujian validitas variabel pelaksanaan pemeriksaan intern pengujian validitas instrumen penelitian ini dilakukan dengan menggunakan uji korelasi product momen pearson yang perhitungannya terdapat dalam lampiran dengan hasil sebagai berikut: 21 standar operasional pembiayaan pt. bprs harum hikmahnugraha garut al-iqtishad: vol. i, no. 2, juli 2009 135 tabel 4.3 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan profesionalisme aspek kinerja rxy thit ttabel kesimpulan 0.630 3.893 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.3) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,630. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan professionalisme yang dilihat dari aspek kinerja di pt. bprs harum hikmahnugraha garut. tabel 4.4 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan profesionalisme aspek keahlian rxy thit ttabel kesimpulan 0,340 1,736 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.4) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,340. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan professionalisme yang dilihat dari aspek keahlian di pt. bprs harum hikmahnugraha garut. tabel 4.5 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan profesionalisme aspek tingkat keahlian rxy thit ttabel kesimpulan 0.405 2,123 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.5) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,405. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .136 profesionalisme yang dilihat dari aspek tingkat keahlian di pt. bprs harum hikmahnugraha garut. tabel 4.6 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan profesionalisme aspek tingkat kecakapan pemeriksa rxy thit ttabel kesimpulan 0,448 2,402 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.6) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,448. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan professionalisme yang dilihat dari aspek tingkat kecakapan pemeriksa di pt. bprs harum hikmahnugraha garut. tabel 4.7 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan profesionalisme aspek supervisi rxy thit ttabel kesimpulan 0,754 5.498 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.7) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,754. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan professionalisme yang dilihat dari aspek supervisi di pt. bprs harum hikmahnugraha garut. tabel 4.8 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek tingkat kejujuran rxy thit ttabel kesimpulan 0,661 4,226 1.714 karena nilai thitung > ttabel, maka h0 ditolak, ter-dapat hubungan yang signifikan al-iqtishad: vol. i, no. 2, juli 2009 137 berdasarkan hasil perhitungan (tabel 4.8) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,661. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan yang dilihat dari aspek tingkat kejujuran di pt. bprs harum hikmahnugraha garut. tabel 4.9 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek loyalitas rxy thit ttabel kesimpulan 0,374 1,935 1.714 karena nilai thitung > ttabel, maka h0 ditolak, ter-dapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.9) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,374. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksa intern yang dilihat dari aspek loyalitas di pt. bprs harum hikmahnugraha garut. tabel 4.10 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek efektivitas rxy thit ttabel kesimpulan 0,560 3,242 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.10) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,560. dari hasil tersebut dapat dinyatakan bahwa ter dapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan intern yang dilihat dari aspek efektivitas pelayanan di pt. bprs harum hikmahnugraha garut. irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .138 tabel 4.11 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek tupoksi rxy thit ttabel kesimpulan 0,405 2,123 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (table 4.11) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,405. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan intern yang dilihat dari aspek tupoksi di pt. bprs harum hikmahnugraha garut. tabel 4.12 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek kualitas kerja rxy thit ttabel kesimpulan 0,362 1,860 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.12) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,362. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan intern yang dilihat dari aspek kualitas kinerja di pt. bprs harum hikmahnugraha garut. tabel 4.13 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek sertifikasi rxy thit ttabel kesimpulan 0,422 2,235 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan al-iqtishad: vol. i, no. 2, juli 2009 139 berdasarkan hasil perhitungan (tabel 4.13) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,422. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan intern yang dilihat dari aspek sertifikasi di pt. bprs harum hikmahnugraha garut. tabel 4.14 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek pendidikan dan pelatihan auditing rxy thit ttabel kesimpulan 0,754 5,498 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.14) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,754. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan intern yang dilihat dari aspek pendidikan dan pelatihan auditing di pt. bprs harum hikmahnugraha garut. tabel 4.15 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek efektivitas kerja rxy thit ttabel kesimpulan 0,765 5,691 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.15) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,765. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan intern yang dilihat dari aspek efektivitas kerja di pt. bprs harum hikmahnugraha garut. irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .140 tabel 4.16 hasil uji korelasi product momen pearson antara pemeriksaan intern dengan kode etik pemeriksaan intern aspek kompetensi rxy thit ttabel kesimpulan 0,664 4,259 1.714 karena nilai thitung > ttabel, maka h0 ditolak, terdapat hubungan yang signifikan berdasarkan hasil perhitungan (tabel 4.16) diperoleh thitung > ttabel dengan taraf signifikasi 0,05 dan dk = 0,88 sehingga h0 ditolak dan h1 diterima dengan rxy = 0,664. dari hasil tersebut dapat dinyatakan bahwa terdapat hubungan yang signifikan antara pemeriksaan intern dengan kode etik pemeriksaan intern yang dilihat dari aspek kompetensi di pt. bprs harum hikmahnugraha garut. pengujian realibilitas pengujian realiabilitas alat ukur dalam penelitian ini digunakan teknik yang digunakan adalah alfa cronbach, hasil-hasil pengujian realiabilitas menunjukan bahwa seluruh alat ukur penelitian reliabel, sebagaimana yang terdapat dalam lampiran. adapun hasil pengujian menunjukkan sebagaimana terlihat pada table berikut ini: tabel 4.17 hasil uji reliabelitas pada variabel pemeriksaan intern var. total 44.153 var. butir 10.909 r alfa 0.811 t hitung 6.644 t table 1.714 keputusan reliabel penutup hasil analisis terhadap pelaksanaan pemeriksaan intern terhadap tingkat penyaluran pembiayaan (kredit) memiliki nilai rata-rata pelaksanaan al-iqtishad: vol. i, no. 2, juli 2009 141 pe meriksaan intern sebesar 103,57, artinya bahwa pelaksanaan pemeriksaan intern terhadap tingkat penyaluran pembiayaan kredit di pt. bprs harum hikmahnugraha garut telah dilaksanakan secara optimal dapat dikatakan baik karena berada pada interval 104 85. skor nilai tertinggi ada pada item ke 12 sebesar 109 yaitu mengenai setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut setiap auditor diikutserta kan dalam pendidikan dan pelatihan auditing (pemeriksaan) terlebih dahulu dari pihak terkait. hal ini menunjukkan bahwa tanggapan responden terhadap setiap auditor diikutsertakan dalam pendidikan dan pelatihan auditing (pemeriksaan) terlebih dahulu dari pihak terkait ditanggapi responden sangat baik. sedangkan skor terendah pada item ke 1, 6 dan 8 sebesar 101 atau berada pada kriteria jawaban baik, yaitu mengenai setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut terlebih dahulu diarahkan pada bidang kepegawaian yang dilihat dari kinerja pegawai. tingkat kejujuran merupakan faktor utama dalam pelaksanaan pemeriksaan intern di pt. bprs harum hikmahnugraha garut dan setiap pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut selalu diarahkan kepada efektivitas pelayanan terhadap nasabah. kondisi ini menunjukkan bahwa pelaksanaan pemeriksaan intern di pt.bprs harum hikmahnugraha garut, belum sepenuhnya mengarah pada kinerja maupun pada efektivitas pelayanan terhadap nasabah melainkan pada faktor lain yang tidak diteliti dalam penelitian ini antara lain, kecakapan, keterampilan dan kemampuan maupun pengetahuan tim auditor. hasil analisis terhadap tingkat penyaluran pembiayaan di pt. bprs harum hikmahnugraha garut, berada pada kriteria jawaban baik atau sebesar 103,78. kondisi tersebut menunjukkan bahwa tingkat penyaluran pembiayaan di pt. bprs harum hikmahnugraha garut telah optimal dalam pelaksanaannya baik dilihat dari prosedur penyaluran dan efektivitas pelayanan penyaluran pembiayaan. skor nilai tertinggi pada item 17 yaitu sebesar 110, mengenai tingkat kemampuan nasabah merupakan salah satu syarat penilaian kredit, hal ini sangat menunjang efektivitas penyaluran pembiayaan di pt. bprs harum hikmahnugraha garut. hal ini menunjukan bahwa efektivitas penyaluran pembiayaan di pt. bprs harum hikmahnugraha garut telah berorientasi pada tingkat irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .142 kemampuan nasabah. kondisi ini sesuai tanggapan sebagian besar responden terhadap hal tersebut sangat baik. sedangkan skor nilai terendah berada pada item ke 15 dan 20 sebesar 101 yaitu mengenai setiap penyaluran pembiayaan (kredit) di pt.bprs harum hikmahnugraha garut terlebih dahulu dilihat karakteristik nasabah dan setiap nasabah yang mengajukan kredit (pembiayaan) di pt.bprs harum hikmahnugraha garut, dilihat dari segi kemampuan modal (aset yang dimiliki baik berupa tanah/ bangunan maupun barang berharga lainnya ). hal ini menunjukkan bahwa dalam melaksanakan penyaluran pembiayaan, karakteristik nasabah belum sepenuhnya menjadi perhatian atau syarat penyaluran pembiayaan akan tetapi factor kemampuan nasabah dan jaminan yang selalu diperhitungkan dalam penentuan penyaluran pembiayaan. kondisi tersebut ditunjukan oleh tanggapan responden terhadap karakteristik nasabah dan kemampuan modal nasabah dengan skor nilai sebesar 101. hasil perhitungan menghasilkan nilai koefisien korelasi 0,7768 artinya bahwa hubungan yang terjadi antara kedua variabel sangat kuat karena berada pada interval 0,80 – 1,000. artinya hubungan pemeriksaan intern dengan varibael tingkat penyaluran pembiayaan sangat signifikan. hasil pengujian tersebut menunjukkan bahwa faktor yang berpengaruh terhadap tingkat penyaluran pembiayaan, dimana salah satunya pelaksanaan pemeriksaan intern, meskipun lebih dominan namun ada faktor lain yang mempengaruhinya. setelah melalui perhitungan statisti maka didapat t tabel = 1.714 dan t hitung = 8.946 dengan demikian t hitung > t tabel maka ho ditolak artinya terdapat pengaruh pemeriksaan intern berpengaruh terhadap varibael tingkat penyaluran pembiayaan sebesar 77,68%, sedangkan sisanya sebesar 22,32% dapat dijelaskan oleh faktor lain. pustaka acuan antonio, syafi’i. bank syariah bagi bankir dan praktisi keuangan. tazkia institute, 2001. akmal. pemeriksaan intern (internal audit). cet.ii. jakarta: indek, 2007. arifin, zainul. dasar-dasar manajemen bank syariah, cet.iv. jakarta: pustaka alvabet, 2006. al-iqtishad: vol. i, no. 2, juli 2009 143 guy, dan m. dkk. dan sumiharti, yati. ed. auditing, jilid 2. jakarta: erlangga, 2003. hartadi, bambang. sistem pengendalian intern dalam hubungannya dengan manajemen dan audit. yogyakarta: bpfe-yogyakarta, 1999. holmes, arthur w dan burns, david c. dan sinaga, marianus. ed. auditing: norma dan prosedur. jakarta: erlangga, 1993. indriantoro, nur dan supomo, bambang. metode penelitian bisnis untuk akuntansi dan manajemen. yogyakarta: bpfe-yogyakarta, 2002. karim, adiwarman. bank islam: analisis fiqh dan keuangan. jakarta: pt. raja grafiindo persada, 2004. kasmir. dasar-dasar perbankan. jakarta: pt. raja grafindo persada, 2001. _______, manajemen perbankan, cet. i. jakarta: pt. raja grafindo persada, 2001. mauludi, ali. statistika i: penelitian ekonomi islam dan sosial. jakarta: pt. prima heza lestari, 2006. moeller, robert r. brink’s modern internal auditing. john wiley and sons, 2005. muhammad. manajemen dana bank syariah, cet.ii. yogyakarta: ekonisia, 2005. _______, manajemen pembiayaan bank syariah. yoyakarta: upp amp ykpn, 2005. mulyadi, sistem akuntansi. jakarta: salemba empat, 2003. mulyono. manajemen prekreditan. yogyakarta: penerbit bpfe, 1996. nasution, harun. fiqh muamalah. jakarta: gaya media pratama. nazir, moh. metode penelitian, cet.vi. bogor: ghalia indonesia, 2005. rivai, veithzal dan veithzal, andria permata. credit management handbook: teori, konsep, prosedur, dan aplikasi panduan mahasiswa, bankir dan nasabah. jakarta: pt. raja grafindo persada, 2006. rochaety, ety. dkk. metodologi penelitian bisnis dengan aplikasi spss. irfan nurul haq: hubungan antara pemeriksaan intern dengan tingkat penyaluran . . .144 jakarta: mitra wacana media, 2007. singarimbun dan effendi, sofian. ed. metode penelitian survai. jakarta: lp3es, 2006. sinungan, muchdarsyah. manajemen dana bank syaria. cet.iv. jakarata: pt. bumi aksara, 2000. sugiyono. metode penelitian bisnis. bandung: alvabeta, 2005. tugiman, hiro. standar profesional audit internal. yogyakarta: penerbit kanisius, 1997. wawancara pribadi degan asep budi aliyasa. garut. 7 agustus 2009 _______, jakarta. 9 desember 2009 1. artikel merupakan karya asli penulis, bukan jiplakan, baik sebagian maupun seluruhnya, dan belum pernah dipublikasikan atau sedang dalam proses publikasi pada media lain yang dinyatakan dengan surat pernyataan yang ditandatangani di atas meterai rp 6000; 2. artikel dapat berupa konseptual, resume penelitian, atau pemikiran tokoh; 3. artikel dapat berbahasa indonesia, inggris, prancis, arab, atau bahasa internasional lainnya; 4. naskah harus memuat informasi keilmuan bidang ilmu ekonomi syariah; 5. aturan penulisan adalah sebagai berikut: a. judul. ditulis dengan huruf kapital, maksimum 12 kata diposisikan di tengah (centered); b. nama penulis. ditulis utuh, tanpa gelar, disertai afiliasi kelembagaan dengan alamat lengkap, dan alamat e-mail; c. abstrak. ditulis dalam bahasa indonesia dan inggris antara 80-100 kata; d. sistematika penulisan artikel sebagai berikut: 1) judul; 2) nama penulis (tanpa gelar akademik), nama dan alamat afiliasi penulis, dan e-mail; pedoman teknis penulisan artikel al-iqtishad (jurnal ilmu ekonomi syariah) 3) abstrak ditulis dalam dua bahasa, yaitu bahasa indonesia dan inggris, antara 80-100 kata; 4) kata-kata kunci, antara 2-5 konsep; 5) pendahuluan; 6) sub judul (sesuai dengan keperluan pembahasan); 7) penutup; dan 8) pustaka acuan (hanya memuat sumber-sumber yang dirujuk). e. ukuran kertas yang digunakan adalah kertas hvs 70 gram, ukuran a4, margin: atas 3 cm, bawah 3 cm, kiri 3 cm, dan kanan 3 cm; f. panjang naskah antara 10 s.d. 15 halaman, spasi 1, huruf times new roman, ukuran 12 poin; g. pengutipan kalimat: kutipan kalimat ditulis secara langsung apabila lebih dari empat baris dipisahkan dari teks dengan jarak satu spasi. sedangkan kutipan kurang dari empat baris diintegrasikan dalam teks, dengan tanda apostrof ganda di awal dan di akhir kutipan. setiap kutipan diberi nomor. sistem pengutipan adalah footnote (bukan bodynote atau endnote). penulisan footnote meng gunakan sistem turabian. setiap artikel, buku, dan sumber lainnya yang dikutip harus tercantum dalam pustaka acuan; h. pengutipan ayat alquran dan hadis: ayat yang dikutip menyertakan keterangan ayat dalam kurung, dengan menyebut nama surah, nomor surah, dan nomor ayat, seperti (q.s. al-baqarah [2]: 130). pengutipan hadis menyebutkan nama perawi (h.r. albukhâri dan muslim) ditambah referensi versi cetak kitab hadis yang dikutip. hadis harus dikutip dari kitab-kitab hadis standar (kutub al-tis‘ah); i. cara pembuatan footnote. footnote ditulis dengan font times new roman, 10, untuk pelbagai sumber, antara lain: 1) buku: nama utuh penulis (tanpa gelar), judul buku, (tempat terbit: penerbit, tahun terbit), jilid, volume, halaman. contoh: wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr al-mu’ashir, 2006), jilid v, h. 43. 2) buku terjemahan, contoh: syed nawab haider naqvi, menggagas il-mu ekonomi islam, diterjemahakan oleh m. saiful anam dan mu-hammad ufuqul mubin, (yogyakarta: pustaka pelajar, 2003), h. 50; 3) jurnal, contoh: arief r permana dan anton purba, “sekilas ulasan uu perbankan syariah”, dalam buletin hukum perbankan dan kebanksentralan, volume 6, nomor 2, agustus 2008, h. 14. 4) artikel sebagai bagian dari buku (antologi), contoh: amiur nuruddin, “kontribusi fiqh mu’amalah dalam pengembangan akti-vitas ekonomi islam,” dalam azhari akmal tarigan (ed), ekonomi dan bank syari’ah pada millennium ketiga: belajar dari pengalaman sumatera utara, (medan: uin press dan fkebi, 2002), h. 2. 5) artikel dari internet, contoh: ahmad tholabi kharlie, “problem yuridis ruu perbankan syariah” dalam http//www. ahmadtholabi. wordpress.com, diunduh pada 11 oktoer 2009; 6) makalah dalam seminar, contoh: mudzhar, m. atho, “penerapan pendekatan sejarah sosial dalam hukum islam”, makalah disam-paikan dalam diskusi yang diselenggarakan oleh pusat pengkajian islam unisba, bandung, 8 januari 1992, h. 5. j. pustaka acuan: daftar pustaka acuan ditulis sesuai urutan abjad, nama akhir penulis diletakkan di depan, contoh: 1) buku, contoh: zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr al-mu’ashir, 2006. 2) buku terjemahan: contoh: naqvi, syed nawab haider, menggagas ilmu ekonomi islam, diterjemahkan oleh m. saiful anam dan muhammad ufuqul mubin, yogyakarta: pustaka pelajar, 2003. 3) jurnal, contoh: permana, arief r. dan purba, anton, “sekilas ulasan uu perbankan syariah”, dalam buletin hukum perbankan dan kebanksentralan, volume 6, nomor 2, agustus 2008. 4) artikel sebagai bagian dari buku, contoh: nuruddin, amiur, “kontribusi fiqh mu’amalah dalam pengembangan aktivitas ekonomi islam,” dalam azhari akmal tarigan (ed.), ekonomi dan bank syari’ah pada millennium ketiga: belajar dari pengalaman sumatera utara, medan: uin press dan fkebi, 2002. 5) artikel yang dikutip dari internet, contoh: kharlie, ahmad tholabi, “problem yuridis ruu perbankan syariah” dalam http//www. ahmadtholabi.wordpress.com, diunduh pada 11 oktoer 2009 6) makalah dalam seminar, contoh: mudzhar, m. atho, “penerapan pendekatan sejarah sosial dalam hukum islam”, makalah disam-paikan dalam acara diskusi yang diselenggarakan oleh pusat peng-kajian islam unisba, di bandung, 8 januari 1992. k. pedoman transliterasi. ketentuan transliterasi (dari tulisan arab ke tulisan latin) yang digunakan dalam ahkam adalah sebagai berikut: konsonan (i i) = a ( ) = z ( ) = q ( ) = b ( ) = s ( ) = k ( ) = t ( ) = sy ( ) = l ( ) = ts ( ) = sh ( ) = m ( ) = j ( ) = dh ( ) = n ( ) = h ( ) = th ( ) = w ( ) = kh ( ) = zh ( ) = h ( ) = d ( ) = ‘ ( ) = ’ ( ) = dz ( ) = gh ( ) = y ( ) = r ( ) = f ( ) = t vokal pendek vokal panjang ___ ___ = a ( ) = â ___ ___ = i ( ) = î ___ ___ = u ( ) = û diftong pembauran ( ) = aw ( ) = al ( ) = ay ( ) = al-sh ( ) = wa all. istilah keislaman (syariah): istilah keislaman ditulis dengan berpedoman kepada kamus besar bahasa indonesia. berikut beberapa contoh: no. transliterasi asal dalam kbbi 1 shalât salat 2 nash nas 3 nusyûz nusyu 4 al-qur’ân alquran 5 al-hadîts hadis 6 fiqh fikih dan lain-lain (lihat kbbi) m. penutup: artikel ditutup dengan kesimpulan; n. biografi singkat: biografi penulis mengandung unsur nama (lengkap dengan gelar akademik), tempat tugas, riwayat pendidikan formal (s1, s2, s3), dan bidang keahlian akademik. o. penggunaan bahasa indonesia. para penulis harus merujuk kepada ketentuan bahasa indonesia yang baik dan benar berdasarkan eyd. muhamad nadratuzzaman hosen1, syafaat muhari2, kevin costner kardius3 abstract. this study is to measure and analyze the levels of productivity and liquidity of islamic banks in indonesia. this study uses a non-parametric method, contrived from the malmquist productivity index, to measure and analyze the level of productivity of islamic banks. also, this study uses the liquidity creation (lc) scale as a liquidity indicator. the regression of the tobit model is used to measure the effects of independent variables, namely; productivity, liquidity, financing to deposit ratios/fdr, non-performance financing/npf, and the capital adequacy ratio/car, on the profitability of islamic banks, as represented by return on assets/roa. this study shows that fdr, npf, and car are statistically significant to roa, while total factor productivity/tfp and lc are not statistically significant. other results show the level of productivity of islamic banks decreased during the period 2011-2020. in terms of liquidity level, islamic banks did have a sound level of liquidity, based on mapping the criteria of fdr, npf, and car, where the lc always grew. this study shows the novelty of integrating productivity, liquidity, and profitability techniques, to measure islamic banking performance in indonesia. keywords: islamic bank, total factor productivity, liquidity creation, profitability abstrak. tujuan dari penelitian ini adalah untuk mengukur dan menganalisis tingkat produktivitas dan likuiditas bank umum syariah di indonesia. penelitian ini menggunakan metode non parametrik yakni malmquist productivity index untuk mengukur dan menganalisis tingkat produktivitas bank umum syariah. selain itu, penelitian ini menggunakan liquidity creation (lc) sebagai indikator likuiditas. regresi model tobit digunakan untuk mengukur pengaruh variabel bebas, yaitu; produktivitas, likuiditas, financing to deposit ratio/fdr, non-performance financing/npf, dan capital adequacy ratio/car terhadap profitabilitas bank syariah yang direpresentasikan oleh return on assets/roa. penelitian ini menunjukkan bahwa fdr, npf, dan car berpengaruh signifikan terhadap roa, sedangkan total factor productivity/tfp dan lc tidak berpengaruh signifikan. hasil lainnya menunjukkan bahwa tingkat produktivitas bank umum syariah menurun selama periode 2011-2020. dari sisi tingkat likuiditas, bank syariah memang memiliki tingkat likuiditas yang sehat berdasarkan pemetaan kriteria fdr, npf dan car, dimana lc selalu meningkat setiap periode. studi ini menunjukkan kebaruan dalam integrasi teknik produktivitas, likuiditas, dan profitabilitas, untuk mengukur kinerja perbankan syariah di indonesia. kata kunci: bank syariah, total factor productivity, liquidity creation, profitability the effects of productivity and liquidity on the profitability of islamic banks in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 411 430 1, 3uin syarif hidayatullah jakarta, indonesia 2institute for qur'anic studies, jakarta, indonesia e-mail: 1nadratuzzaman@uinjkt.ac.id, 2smuhari@iiq.ac.id, 3k.costner10@gmail.com mailto:nadratuzzaman%40uinjkt.ac.id?subject= mailto:smuhari%40iiq.ac.id?subject= mailto:k.costner10%40gmail.com?subject= 412 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction since the establishment of the first islamic bank in indonesia in 1992, islamic banking businesses have constantly achieved significant assets growth. based on the cagr (compound annual growth rate), in the period 2008 to 2020, the growth of total assets, financing, and third-party funds of islamic banks was higher than the average growth in these aspects for the overall banking industry in indonesia. the growth of islamic banks was at twice the rate of conventional banks, where the growth of assets of islamic banks was 25.05%, compared to 12.89% for conventional banks. the growth of financing of islamic banks was 23.96%, compared to 14.50% for conventional banks, and the growth of funding of islamic banks was 25.80% compared to 11.95% for conventional banks. these figures indicate that islamic banks were more competitive than conventional banks from 2008 to 2020. this fact also indicates that islamic banks have a huge potential market in indonesian society because the average growth of islamic banks was higher than the average growth of the overall banking industry in indonesia (karim consulting indonesia, 2015). many techniques have examined islamic banking performance regarding productivity, liquidity, and profitability. historically, ratio analysis has been the standard technique used by regulators, industry analysts and management, to examine performance at all levels. the ratio analysis measures the relationship between two variables and has limitations when measuring more than two variables. although the traditional ratio measurements are attractive to analysts, many methodological problems and limitations need to be considered (paradi & zhu, 2013). measurement of productivity is very important in management to determine the ability to deliver services and identify opportunities for improvement. a bank is more productive than its competitors if the securities transaction is settled and cleared with fewer resources, such as minimizing operation costs. the effectiveness of islamic banks as intermediary institutions can be seen from how well islamic banks can offer innovative and sophisticated products at more competitive prices than conventional banks (sulfian, 2007). yeh (1996) stated that every single ratio must be compared with some benchmark ratio, one at a time, while assuming that other factors are fixed, and the benchmarks chosen are suitable for comparison. to ensure this occurs, the frontier-based analysis was developed to compute the efficiency and productivity by transforming multiple inputs into multiple outputs relative to its peers, which may provide a fine mechanism for deriving appropriate categories. this study used http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 413 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 the malmquist total factor productivity (malmquist tfp) to measure productivity based on frontier-based techniques. frontier-based analysis consists of non-parametric and parametric approaches (chen, 2002). the data envelopment analysis (dea) and malmquist tfp approaches use mathematical programming techniques to construct a precise linear frontier and can be referred to as a non-parametric programming approach. studies by chen (2002) and muhari and hosen (2013) stated that the non-parametric and parametric approaches do not exhibit significant differences in results. the malmquist tfp is a well-established method for analyzing the productivity of homogeneous decision-making units (dmus) performing the same tasks, e.g., schools, hospitals, banks and branches of a bank (porembski, breitenstein, & alpar, 2005). this study measured the malmquist tfp for islamic banks in indonesia because of their homogeneity. many studies conducted by athanassopoulos and giokas (2000), porembski, breitenstein, and alpar (2005), yeh (1996), paradi and zhu (2013), hsiao et al. (2011), azadeh et al. (2011), tortosa-ausina et al. (2008), sufian and kamaruddin (2014), zhang, et al. (2012), wu, yang, and liang (2006), and paradi, yang, and zhu (2011) proved that it is better to understand banking performance using the frontier-based techniques, rather than to use a financial ratio analysis. the main goals of the dea and the malmquist tfp are to identify best practices and worst practices and to find ways to improve company performance (porembski, breitenstein, & alpar, 2005). the study by abedifar et al. (2015) implied that one of the goals of islamic banking organizations, as business entities, is to improve their performance by increasing profitability. it may then be suggested that there is a link between efficiency and productivity regarding banks' profitability. studies by setyawati et al. (2017), zarrouk et al. (2016), ramlan and adnan (2016), and riyadi and yulianto (2014) also implied that efficiency and productivity could affect the profitability of islamic banks. unfortunately, the efficiency measurement from those previous studies was based upon financial ratio analysis, which has many limitations. moreover, profitability is also affected by the liquidity levels of islamic banks. the level of liquidity is likely to have an important impact on the funding structure and profitability (housa, 2013). based upon the financial intermediation theory, banks play two main roles in the economy; creating liquidity and transforming risk (berger et al., 2019). islamic banks with higher liquidity levels can have decreased levels of profitability. specifically, the study aimed to measure and analyze the levels http://journal.uinjkt.ac.id/index.php/iqtishad 414 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 of productivity and liquidity, and the effects of both, on the profitability of islamic banks in indonesia, during the period 2011 to 2020. productivity was measured using a non-parametric method, via the malmquist productivity index, to measure and analyze their productivity levels, with total factor productivity (tfp) as a productivity indicator, and using liquidity creation (lc) as the liquidity indicator. the regression of tobit model was used in this research to measure the effect of independent variables, namely; productivity, liquidity, financing to deposit ratios (fdr), non-performance financing (npf), and capital adequacy ratio (car), related to the profitability of islamic banks, as represented by their return on assets (roa). this study showed the novelty of integrating productivity, liquidity, and profitability techniques, to measure islamic banking performance in indonesia. literature review to observe the continued output growth in islamic banks in indonesia, productivity growth is needed in time series analysis. productivity in this study is used to measure the total factor productivity (tfp), consisting of the overall factors of production without partially differentiating factors of production. tfp can be measured using a non-parametric approach, namely the malmquist productivity index (mpi). the evaluation of productivity and liquidity in the banking business, including that of islamic banks, is not easy to achieve. a bank has an intermediary function as a financial institution. based on the theory of financial intermediation, banks play roles in the economy because of their ability to create liquidity and transform risks (berger and bouwman, 2009). furthermore, based on the writings of berger and bouwman (2009), “banks generally transform short-term funds from depositors to non-liquid long-term assets in the economy. in this case, banks also create risk transformation. banks will protect their customers from liquidity problems, but at the same time, they also face liquidity risks. in extreme cases, the liquidity problem arises when many customers withdraw their funds simultaneously. the liquidity problem will worsen if sudden cash withdrawal occurs across all banks”. liquidity is one of the guarantees for the public to encourage them to place their funds in banks. in addition, liquidity is also a benchmark for the public to show how far islamic banks can give freedom to their customers to withdraw their funds at any time, when needed (ahmed et al., 2011). problems related to the importance of maintaining the level of liquidity, and http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 415 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 the need to improve the productivity of islamic banks, will eventually be related to the objectives of islamic banks as profit-oriented institutions. banks are required to have a high level of productivity so that their production function can be effective and efficient and in line with profitability. saluja and kumar (2012) state that “liquidity and profitability also have a relationship based on the theory that, if the bank does not lend or invest its collected funds, to maintain liquidity, the idle funds will be higher, and the effect will be to decrease profitability ratios. it can then be said that there is a gap between profitability and liquidity”. thus, it may be concluded that the policy of islamic banks to maintain liquidity will impact their levels of profitability. many studies have been conducted on the productivity, liquidity and profitability levels of banks in a number of countries. sulfian (2007) studied the productivity levels of islamic banks in malaysia, using the malmquist productivity index, with the approach of financial intermediation theory, and compared the level of productivity of the domestic islamic banks with foreign islamic banks during the period 2001-2004. this study shows that the productivity of domestic banks was better than the productivity of foreign banks. the values of productivity were influenced, mainly, by changes in technology, as opposed to changes in efficiency. research conducted by linh and nguyen (2012) measured the total factor productivity (tfp) in the major banks in thailand, 2007-2010, using a deamalmquist index approach. variables used consisted of interest and non-interest expenses as inputs, and interest and dividend income and non-interest income, as outputs. this research shows that the level of productivity of banks in thailand decreased by the value of their tfp. this was owing to the influence of the global financial crisis, which occurred in 2008. lartey et al. (2013), in their study of the relationship between liquidity and profitability of a bank, are listed in ghana conclude that there is a positive relationship between the liquidity and profitability of commercial banks. meanwhile, olgunju et al. (2011) examined the relationship between the management of liquidity and the profitability of the commercial banks in nigeria. as a result, there is a significant relationship between liquidity and profitability. tran et al. (2016), in their study of the relationship between liquidity creation (lc), capital, and the profitability of banks, concluded that the bank which creates liquidity might reduce profitability, meaning liquidity creation may have a negative correlation to profitability. http://journal.uinjkt.ac.id/index.php/iqtishad 416 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 alharbi (2017) showed that bank size, equity, other operating income, income per capita, and oil prices, positively affected islamic bank profitability. moreover, abedifar et al. (2015) analyzed the profitability comparison between islamic and conventional banks. the study provided discussions, such as profit and loss sharing behaviour, risks, competition, financing of small businesses, and financial inclusion. the research indicated that most literature showed no major differences between islamic and conventional banks regarding competition, efficiency, and risks. meanwhile, ramlan and adnan (2016) conducted a similar study in malaysia. the results of this study showed that the performance of islamic banks in profit earning is better than that of conventional banks. riyadi and yulianto (2014) examined the impact of profit sharing, financing, purchase financing, non-performing financing (npf) and financing debt ratio (fdr) on profitability (proxied by roa) of islamic banks in indonesia. the results of this study indicated that npf does not affect profitability and that fdr has a positive effect on profitability. sabir et al. (2012) analyzed the effects of the ratio of bank soundness, using car and roa, resulting in the conclusion that the npf has a negative effect on roa and that car has a positive effect on roa. these results are similar to those in yuliani's (2007) study that car does have an effect. islamic banks' characteristics are; compliance with sharia (islamic law), by prohibiting interest rates and referring to islamic law, sharing revenue, risk sharing, concerning themselves with social functions, and limiting financial innovation. oubdi and elouali (2017) mentioned that “islamic banks face liquidity problems because of a limited number of participants, lack of secondary financial markets, difficulties in developing islamic financial instruments, and the absence of an islamic interbank market”. setyawati et al. (2017) investigated the internal and external matters that affect the profitability of islamic banking in indonesia and the effects of the global financial crisis (gfc). the study results showed that the profitability of islamic banks is significantly affected by non-performing financing and inflation. it was also found that the profitability of islamic banks had improved since the gfc. on the other hand, different results were found by hassan and aliyu (2018), that the performance of islamic banks in earning profits was below that of their conventional counterparts, even with the spill-over effect on the islamic banks from the gfc. yanikkaya (2018) suggested that developing new products and undertaking alternative financing development to enhance islamic banks' profitability was important. http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 417 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 the findings by zarrouk et al. (2016) showed that "the profitability of islamic banks is affected positively by their levels of capitalization, asset quality, bank cost-effectiveness, and the level of non-financing activities. besides that, non-financing activities, such as fee-based income allow islamic banks to increase profits. on the other hand, the level of inflation has a negative effect on the profitability of islamic banks. the study also found that islamic banks, at the higher levels of gross domestic product (gdp) and investment, enjoy higher levels of profitability”. nevertheless, similar research by narayan (2018) produced a somewhat different result; that islamic banking in emerging countries with high investment is more profitable than in developed countries. akhtar et al. (2011) concluded their research that conventional banks are better at managing liquidity than islamic banks. meanwhile, pappas et al. (2012) stated that islamic banks faced greater liquidity problems than conventional banks. alamsyah (2011) stated that, without installing the "lender of last resort" system, based again upon islamic law, islamic banks had higher levels of liquidity problems than conventional banks. for these reasons, study regarding liquidity is very important from the perspective of islamic banks in indonesia because indonesian scholars nowadays conduct very few studies. research method data and research variables the objects of this study are 11 islamic banks in indonesia, i.e. the bank muamalat indonesia, the bank syariah mandiri, the bank mega syariah, the bank bri syariah, the bank bni syariah, the bank bjb syariah, the bank bukopin syariah, the panin bank syariah, the bank bca syariah, and the bank victoria syariah in the period 2011 to 2020. the data used is secondary data, with timeseries data and panel data taken from the annual financial statements of each bank. the sources are "publication of financial statements and islamic banking statistics" from the financial services authority (fsa), the published statements of the central statistics agency (csa) and the financial statements of each islamic bank. this study uses a dea-malmquist productivity index to measure islamic banks' productivity. in determining the input and output variables, to calculate the value of total factor productivity (tfp), a reference is made to suffian (2007), who used islamic banks as intermediate institutions. input variables used in this http://journal.uinjkt.ac.id/index.php/iqtishad 418 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 study are fixed assets (i1), third party funds (i2), and labour costs (i3), while output variables used were total financing (o1) and operational income (o2). the measurement of liquidity is done by using a number of liquidity ratios. the first ratio is liquidity creation (lc), describing the ability of a bank to create liquidity in the economy. banks create liquidity when they lend to the real sector (berger and bouwman, 2009). for example, idr.1 liquidity in the economy is created by investing idr.1 of liquid liabilities (e.g. time deposits) into idr.1 of non-liquid assets. next is the financing to deposit ratio (fdr), the ratio between the amount of financing provided and the number of third-party funds. this ratio is mapped to the ratio of non-performing financing (npf) to describe the liquidity risk and the capital adequacy ratio (car) to indicate the ability of a bank to cover liquidity risks. the last stage is to analyze the influence of productivity and liquidity on profitability, represented by return on assets (roa), using regression of the tobit model. the independent variables are tfp (x1), lc (x2), fdr (x3), npf (x4) and car (x5), while the dependent variable is roa (y). malmquist productivity index the malmquist productivity index (mpi) is used to measure changes in productivity (productivity change). the index value can be composed of changes in technology (technological change) and change in efficiency (efficiency change). the mpi is based on the concept of the production function measurement at maximum production function, with input at a pre-determined limit. many previous studies have used the mpi to measure productivity because the index has several beneficial characteristics. firstly, the mpi is a method of nonparametric measurement, so it does not require the specification of the functional form of production. secondly, this index does not require the assumption of the economic behaviour of production units, such as cost minimization or profit maximization, so it is useful for measuring productivity at entities. thirdly, the index calculation does not require data prices, often unavailable. fourthly, the mpi can be broken down into two components: efficiency and technological change. measurement of productivity, in this index, refers to the change in total factor productivity (tfpch) of all factors used. the mpi can be formulated as follows: http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 419 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 total factor productivity change = or total productivity change = efficiency change technology change where efficiency change = technology change = total factor productivity (tfp) is the result of technological change (tech) and changes in efficiency (efch), based on changes at the latest production point (xt and yt + 1 + 1), against the previous production point (xt and yt) in the period t and t + 1. d is the distance function output. efficiency change (efch) is an indicator of efficiency, commonly referred to as technical efficiency. in the dea analysis model, variable returns to scale (vrs) reflect that technical efficiency consists of purely technical and scale efficiency. pure technical efficiency describes the ability of managers to take advantage of their resources, while scale efficiency represents how well a company can operate on proper scale production. in connection with the input and output used for measuring productivity in the mpi, three approaches can be used: the asset, production, and intermediation. in this research, the approach used is the intermediation approach. according to hadad (2003) and firdaus and hosen (2013), the activity of an intermediation approach is suitable for a banking institution. tobit model the tobit calculation was proposed by tobin (1958) when he analyzed the expenditures of households in the united states used in buying a car. spending on a car, in some households, would be zero (because the household did not buy a car). this affected the results of the regression analysis. tobin found that if the ols regression were still used, parameter calculation would tend to approach zero as well and become insignificant, or, if it were to become significant, the value could be biased (too high or too low) and also inconsistent. if there were to be new data, the results would not be the same or not be in accordance with the results of the original (firdaus and hosen, 2013). http://journal.uinjkt.ac.id/index.php/iqtishad 420 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the tobit method assumes that the independent variables are not limited in value (non-censured); only the dependent variable is censured; all variables are measured correctly; there is no autocorrelation; no heteroscedasticity; there is no perfect multicollinearity, and the mathematical model used is correct. empirical results productivity of islamic banks: the malmquist productivity index table i shows an average of the summary of tfpch, tech, efch and decomposition by pech and sech, from 2011 to 2020. from this period, the year 2011 was the year used as the reference, and therefore the overall indicator mpi score is 1 (100%). the score of each indicator changes in the following year, becoming either larger or smaller than 1 (100%) indicates the change in each indicator of the mpi. table 1. tfp decomposition of full fledged islamic banks in 2011 to 2020 period productivity change (tfpch) technology change (tech) efficiency change (efch) pure efficiency change (pech) scale efficiency change (sech) 2011-2020 0.880 0.924 0.952 0.971 0.952 2011-2012 1.070 0.008 0.061 1.026 0.983 2012-2013 0.418 0.409 0.022 0.632 0.647 2013-2014 0.671 0.336 0.503 1.163 1.149 2014-2015 0.612 0.341 0.457 0.995 1.348 2015-2016 0.568 0.030 0.551 1.019 1.011 2016-2017 2.177 0.977 2.228 1.043 0.937 2017-2018 0.830 0.693 1.197 0.694 0.999 2018-2019 1.118 0.296 0.863 1.485 0.872 2019-2020 0.880 0.924 0.952 0.971 0.952 source: islamic banks annual report, data processed during the period 2011-2020, islamic banks had increased productivity levels, which could be measured from the average score of tfpch, which is worth 0.880 or is 12.2% smaller than the value of the reference year (1.00). this shows that islamic banks' productivity levels decreased an average of 12.2% during this http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 421 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 period. the decreasing level of productivity was dominated by tech as a major source of the increase in tfpch, compared to efch. the average score of tech was 0.924, or a decrease of -7.6%, on the value of the reference year (1.00). that is, the overall increase in productivity of islamic banks was created, owing to the ability of banks to utilize a combination of technical inputs to the production of efficiency and to produce good output. at the same time, the efch decreased by -4.8%. the decline in most major efch was caused by the pech value also decreasing by -2.9% and by the sech, which also decreased slightly, by -4.8%. if the observations are of a specified period of years, the tfp increases trend both upwards and downwards. the main factors causing the increase of the tfpch of islamic banks each year were compared with the efch and the tech, where the values of the tech in 2010-2011 decreased by 99.2%. in 2014, it increased dramatically to 40.9%, although in 2020, it experienced an increase only to 92.4%, which was lower compared to the initial years. meanwhile, the value of the tech was an indicator of the inefficiency of the efch in islamic banks, which decreased dramatically in 2012 and the value of the efch in other years was below 100%, which illustrated the level of efficiency decreasing, or the occurrence of inefficiency. the decline in the efficiency performance of islamic commercial banks, based on the value of the efch, is dominated by banks based on pure efficiency performance pech than scale efficiency value based on the value sech. from 2011 to 2020, the value of the tech was always below 100%. meanwhile, the sech was a little better from 2012 to 2016. islamic banks increased productivity (tfp) is caused by changes in the technology used (technological change). this indicated that the production functions of the bank were better than the technical efficiency. overall, the bank's ability to utilize its inputs, which were assets, deposits and labour, may have produced output in the form of financing and maximum revenue. this showed in the productive performance of islamic banks. however, banks are not always efficient at earning. from 2011 to 2020, islamic banks increased productivity due to the increasing value of technological change, but not to a high-efficiency level. the decline in the efficiency performance of islamic banks in this regard was influenced by pure efficiency (pure efficiency, technical/pech), which indicated the ability of the leadership of islamic banks to utilize their resources and also the scale of efficiencies (scale of efficiency/sech), symbolizing that banks can operate at the right scale of production. if both values are increased, resources can be optimized, and the bank is located on the right production scale. http://journal.uinjkt.ac.id/index.php/iqtishad 422 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 if banks enjoy a rise in the value of their technical efficiency (efficiency), this will increase their productivity. conversely, if the value of both technical efficiency and productivity decrease, banks will become less efficient. this then will not affect productivity improvements. this occurred from 2011 to 2020, where the efficiency of islamic banks decreased (inefficiency), caused by a decline in technology change. still, this decline did not affect increasing productivity, owing to technological factors. liquidity of islamic banks in indonesia liquidity creation (lc) table 2 shows the lc of islamic banks in indonesia during the period 2011 to 2020: table 2. liquidity creation of full-fledged islamic banks in indonesia, in 2011 to 2020 year liquidity creation (lc) (in billion rupiahs) lc/total assets (ta) lc/equity (eq) 2011 1,594 22.66% 1.54 2012 1,025 14.32% 1.12 2013 1,310 12.99% 5.11 2014 2,615 13.37% 1.82 2015 2,601 12.97% 1.14 2016 3,210 17.59% 1.51 2017 3,978 16.72% 1.88 2018 3,658 16.34% 1.25 2019 4,624 16.80% 1.38 2020 4,508 20.50% 1.52 source: islamic banks annual report, data processed all indonesian islamic banks, in 2011, were able to create liquidity, or money, in the economy of indonesia, of rp. 1,594 billion, and were able to continue to grow each year. in 2012 the amount of money decreased to rp. 1.025 billion. in 2020, significant growth occurred, compared to figures from previous years, increasing to rp. 4,508 billion. when the lc of islamic banks is compared to equity (lc/eq), the result explains how equity can create liquidity. based on these results, the islamic banks http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 423 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 were able to generate rp. 1.54 of liquidity from rp 1 of capital in 2011. in 2020, the ratios slightly decreased to rp. 1.52. if islamic banks' liquidity level is compared to total assets (lc/ta), liquidity creation by islamic banks was 22.66% of total assets in 2011 and decreased to 20.50% in 2020. the value growth was in line with the growth of lcs, which both increased and decreased during the period under study. these scores indicated that the liquidity risk of islamic banks was relatively low. the results showed that the liquidity creation of islamic banks in the indonesian economy increased every year. besides this, the capability of islamic banks to create liquidity from equity can be stated to have been in "good" condition because every rp. 1.00 of equity can generate more than rp 1.00 of liquidity. financing to deposit ratio (fdr) the financing to deposit ratio (fdr) is one of the ratios used to measure the ability of banks to meet short term liability, based on the amount of financing and deposit. a high ratio of fdr shows the high usage of third-party funds issued by islamic banks. if the ratio of fdr is higher than 100%, this means that financing is higher than deposits, so it may be stated that the intermediary function of islamic banks is not working well. moreover, a high ratio of fdr can escalate the liquidity risk, whereas a lower ratio of fdr shows that islamic banks are not effectively transforming third party funds to financing. table 3. fdr of fully-fledged islamic banks, 2011 to 2020 bank average bank syariah mandiri 81.73 bank muamalat 84.14 bri syariah 85.66 bni syariah 83.35 bank mega syariah 89.31 bank syariah bukopin 101.39 bjb syariah 91.32 panin bank syariah 102.94 bca syariah 86.47 bank victoria syariah 80.50 source: islamic banks annual report, data processed http://journal.uinjkt.ac.id/index.php/iqtishad 424 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 in table 1.3, one can see the growth of the fdr ratio of islamic banks in indonesia between 2011 and 2020. the fdr ratio of islamic banks, in general, met the requirement of the regulator's standards (except panin bank syariah and bank syariah bukopin). overall, islamic banks in indonesia were classified as good and performed optimally to maximize the intermediation function to transform third party funds to financing while maintaining the correct liquidity risk level. mapping of the effects of npf and car on fdr the amount of financing disbursed can be influenced by several factors, including the performance involved in risk financing (npf) and the capital adequacy ratio (car). the risk of bad loans can affect the bank's decision-making to issue financing. the sufficiency of capital can cater for the risk of bad loans and risks regarding liquidity. in this subsection, the mapping of the effects of npf and car to fdr is demonstrated to compare each bank's performances in the period 2011 to 2020. the mapping can be classified into four categories based on the score of each variable. these are: 1) category 1; islamic banks with high npf/car and fdr scores. 2) category 2; islamic banks with a high npf/car score but a low fdr score. 3) category 3; islamic banks with a low npf score and a high fdr score. 4) category 4; islamic banks with npf/car and fdr scores low. the mapping between npf and fdr can be seen in figure 1. banks classified in category 4 were the majority, 46% of the total. the banks which were included in this category were bri syariah, bni syariah, bank mega syariah, bank bukopin syariah, and bank bca syariah. about 36% of banks were classified in category 2, i.e. bank syariah mandiri, bank muamalat, bjb syariah, and the bank victoria syariah. meanwhile, maybank syariah indonesia bank and the panin bank syariah were classified as category 1 and category 2. the mapping between car and fdr showed that the banks classified in category 4 were in the majority, with 64% of the total, which means that those banks had small car and fdr scores. the banks classified in this category were the bank syariah mandiri, bank muamalat, bri syariah, bni syariah, bank mega syariah, bank bukopin syariah, and bjb syariah bank. banks in category 1, with http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 425 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 18% of overall numbers, were bca syariah and the bank victoria syariah, whilst the maybank syariah bank and the panin bank syariah were included in category 2. none of the banks was included in category 3. figure 1. the results of the effects of npf and car to fdr source: islamic banks annual report, data processed the influences of productivity and liquidity on profitability in this section, measurement of the malmquist total factor productivity (malmquist tfp) is used as a productivity variable. for liquidity variables, liquidity creation to total assets (lc/ta) ratios are used, the financing to deposit ratio (fdr), non-performing financing (npf), and capital adequacy ratio (car). the return on assets (roa) is used as a profitability variable. in this section. the range of data covers the period 2012 to 2020. table 4 shows the effects of liquidity and profitability on productivity, using a tobit regression model. table 4. results of tobit model variable coefficient std. error z-statistic prob. c 2,18370 0,5984 3,649 0,0003 tfp -0,0001 0,0031 -0,0582 0,9536 lc -6,1776e-09 2,4352e-08 -0,2537 0,7997 fdr -0,0106 0,0054 -1,960 0,0500 car 0,0188 0,0109 1,725 0,0045 npf -0,3026 0,0669 -4,523 0,0000 source: islamic banks annual report, data processed http://journal.uinjkt.ac.id/index.php/iqtishad 426 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 based on table 4, total factor productivity (tfp) does not have a statistically significant effect on levels of profitability. it has no such statistically significant effect because of inefficiency problems. as mentioned in the previous section, the main factor affecting productivity is technological changes, while efficiency does not have any effect. this means that the raising of productivity does not optimize efficiency. the results of the tobit regression are in line with the mapping of tfp and roa, where tfp affects some islamic commercial banks. the results of this study are in accord with results from tran, lin, and nguyen (2016), which stated that the tfp has a significant effect on the profitability of banks. the liquidity creation (lc) variable is one of the liquidity indicators used to measure how islamic banks met short-term debt. high levels of lc ratio indicates a considerable amount of idle funds, so islamic banks lost the opportunity to optimize profit by providing loans or financing. lc is not statistically significant for profitability. meanwhile, the regression coefficient shows a negative value, which means that a lot of liquidity can reduce the level of productivity of islamic banks. the high level of lc allows islamic banks to increase their capability in maintaining liquidity risk. the fdr (financing to deposit ratio) has a statistically significant effect on the profitability of islamic banks, and the result is in line with riyadi and yulianto (2014). the fdr level shows the effectiveness of islamic banks in playing intermediary functions. the regression coefficient shows a positive value, which means that a large loan or financing ratio increased the profitability level of islamic banks. however, the level of fdr should be at a moderate level to maintain liquidity risks. from the study results, it can be seen that there is a difference between the concerns of the islamic banks, whether to maximize profits or to maintain liquidity risks. the ratio of non-performing financing (npf) is one of the factors used to measure poor performance loaning or financing at islamic banks. from the results of the tobit regression, it can be seen that the npf has a statistically significant effect on the profitability level of islamic banks. that result aligns with sabir, ali, and habbe (2011). furthermore, the coefficient regression of the npf shows a negative value, which means that poor performance financing can reduce the level of profitability. the high level of the npf decreases the level of payment from its debtors. islamic banks should put aside some funds to increase the level of their loan-loss provisions. the loan-loss provision is the requirement for money to be put aside by islamic banks to overcome bad debt problems. hence, a high level of npf is a serious problem that can reduce islamic banks' ability to generate profits. http://journal.uinjkt.ac.id/index.php/iqtishad muhamad nadratuzzaman hosen. the effects of productivity and liquidity on the profitability 427 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22585 a capital adequacy ratio (car) requirement is noteworthy for each bank because of its important role in mitigating risks, operating banking activities, and expanding business (riyadi, 2005). the level of car in an islamic bank should be moderate. a high level of car indicates that a bank is not optimally utilizing its capital, whilst a low level of car indicates a bank is in severe circumstances, considering its capability to mitigate risks. it can be seen from the results of the study that the car is statistically significant to the profitability levels of islamic banks. this result is in line with laurentia and lindawati (2010) but not in line with sabier (2012) and yuliani (2007). moreover, the coefficient regression of the car shows a negative value, meaning that islamic banks were too aggressive in generating business without considering risk mitigation. conclusion this study provides some important findings. islamic banks decreased their productivity in the study period, with tfp growth over ten years being -12.2%. the malmquist productivity index shows that technological changes (tech) influence is greater than efficiency changes (efch), with scores of -7.6% and -4/8%, respectively. even though it operated inefficiently, islamic banks could implement their production functions properly. based on the results of the tobit regression, it can be seen that the efforts of the islamic banks to generate profits often negated their efforts to mitigate risks. the variables represented in risk mitigation, such as lc, npf, and car, show negative values. therefore, islamic banks need to generate more profits. however, they should also meet the risk mitigation requirements, as one of the key roles of intermediary financial institutions. references abedifar, p., ebrahim, s. m., molyneux., p., & tarazi, a. 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https://www.researchgate.net/publication/319069533_hubungan_efisiensi_operasional_dengan_kinerja_profitabilitas_pada_sektor_perbankan_yang_go_publik_di_bursa_efek_jakarta https://www.ersj.eu/journal/661 https://doi.org/10.1016/j.pacfin.2018.01.006 https://doi.org/10.1108/imefm-12-2014-0120 pendahuluan masyarakat jakarta membelanjakan uangnya saat bulan ramadhan semakin banyak dibandingkan sebelum bulan ramadhan. hal ini dapat dilihat dari data ihk untuk bahan makanan (indeks harga konsumen) yang ada dalam situs bps (badan pusat statistik) kita dapat melihat terjadi kenaikan ihk pada bulan oktober 2006 sebelum ramadhan yaitu 137,70 dibandingkan dengan bulan november 2006 saat ramadhan yaitu 138,60 ini berarti terjadi kenaikan ihk sebesar 0,9. begitu juga ihk pada bulan september 2007 sebelum ramadhan yaitu 152,27 dibandingkan dengan saat ramadhan bulan oktober 2007 yaitu 155,11 ini berarti terjadi kenaikan ihk sebesar 2,84. dan pada bulan agustus 2008 sebelum ramadhan yaitu 119,70 dibandingkan dengan bulan september 2008 saat ramadhan yaitu 121,97 ini berarti terjadi kenaikan sebesar 2,27. sebagai fakta di lapangan perilaku konsumsi masyarakat jakarta timur sebelum dan saat ramadhan kholiq muhtarom universitas guna darma jakarta email: muhtarom_liq@yahoo.com abstrak: makanan dalam kemasan ditengarai menjadi penyebab makin menumpuknya sampah tersebut. agustus 2008, volume sampah di jakarta pusat mencapai 5.820 meter kubik. hal ini membuat tidak nyaman bagi masyarakat jakarta sendiri dan warga lain yang selama ini mengunjungi kota jakarta dan selama bulan ramadhan itu, diperkirakan terjadi peningkatan sampah sekitar 20 persen. melonjaknya volume sampah ini, didominasi dari kertas dan plastik sisa pembungkus makanan dan minuman seperti pembungkus nasi, atau styrofoam pembungkus makanan cepat saji, aqua botol, dan berbagai bekas produk makanan kemasan lainnya. kata kunci: perilaku, konsumsi, ramadhan kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .56 seperti dalam berita dalam media online pemprov dki jakarta selama bulan ramadhan volume sampah plastik di jakarta pusat meningkat dibanding hari biasa. hal tersebut dipengaruhi kebutuhan makanan yang begitu banyak di bulan puasa. makanan dalam kemasan ditengarai menjadi penyebab makin menumpuknya sampah tersebut. agustus 2008, volume sampah di jakarta pusat mencapai 5.820 meter kubik. hal ini membuat tidak nyaman bagi masyarakat jakarta sendiri dan warga lain yang selama ini mengunjungi kota jakarta dan selama bulan ramadhan itu, diperkirakan terjadi peningkatan sampah sekitar 20 persen. melonjaknya volume sampah ini, didominasi dari kertas dan plastik sisa pembungkus makanan dan minuman seperti pembungkus nasi, atau styrofoam pembungkus makanan cepat saji, aqua botol, dan berbagai bekas produk makanan kemasan lainnya. dan melonjaknya sampah tidak hanya terjadi di jakarta pusat tetapi juga di jakarta selatan, apalagi jika diikuti musim penghujan maka akan berdampak banjir yang cukup parah seperti pada tahun 2007 silam. dari situ kita melihat terjadi kenaikan indeks harga konsumen (ihk) seperti bahan kebutuhan pokok seperti beras, gula, minyak goreng, tepung terigu, cabai, tomat serta bahan makanan lainnya serta transportasi masal ikut pula meningkat seperti bis, pesawat, kereta api, dan sebagainya yang sering terjadi ketika akan memasuki lebaran bahkan hingga beberapa minggu setelah lebaran dan kenaikan volume sampah kertas dan sampah plastik sisa pembungkus makanan yang berulang kali setiap tahun di kalikali besar jakarta seperti kali ciliwung, kali cipinang, kali angke, dan lain-lain akan memberikan dampak atau efek negatif terhadap semua kalangan baik bagi masyarakat jakarta umumnya serta masyarakat jakarta timur khususnya yang dekat dengan bantaran kali tersebut. dan terutama terkait kenaikan harga barang-barang kebutuhan pokok yang diakibatkan karena peningkatan konsumsi masyarakat secara berlebihan karena ingin memuaskan rasa lapar dan haus di bulan ramadhan ini. ayat-ayat al-qur’an mengenai perilaku konsumsi al-qur’an memiliki ajaran yang bersifat universal sehingga mengatur pula perilaku konsumsi masyarakat tak terkecuali konsumsi masyarakat muslim khususnya di bulan ramadhan, hal itu penting terutama dalam pemenuhan al-iqtishad: vol. ii, no. 2, juli 2010 57 kebutuhan hidup masyarakat itu sendiri pada saat itu, dan al-qur’an mengajak masyarakat agar tidak berlebih-lebihan dalam mengkonsumsi makanan dan minuman baik saat berbuka ataupun saat sahur, seperti dalam ayat-ayat berikut, “makan dan minumlah, dan janganlah berlebihlebihan. sesungguhnya allah tidak menyukai orang-orang yang berlebihlebihan”.(al-a’raaf/7:31) ayat tersebut mengajak kita agar dalam konsumsi makanan dan minuman tidak boleh melebihi batas yang dibutuhkan oleh tubuh kita sendiri. karena perbuatan yang melebihi batas merugikan diri manusia itu sendiri sehingga allah tidak menyukai perbuatan tersebut. menjaga diri untuk tidak melampaui batas harus dijadikan norma bagi masyarakat agar dalam berperilaku konsumsi di bulan ramadhan disesuaikan dengan kebutuhan masyarakat karena akan membawa mamfaat bagi masyarakat itu sendiri dan menjauhi sifat boros seperti perbuatan setan yang jahil serta menyesatkan. dan ayat al-qur’an lainnya, “sesungguhnya pemborospemboros itu adalah saudara-saudara syaitan dan syaitan itu adalah sangat ingkar kepada tuhannya.(al-israa’/17:27) maksud dari ayat ini, pemborosan merupakan salah satu perbuatan tidak taat kepada allah dan perbuatan tidak taat atau pembangkangan tersebut merupakan perbuatan syaitan sehingga orang yang melakukannya adalah saudara syaitan.1 ayat secara implisit melarang berlebih-lebihan dalam mengkonsumsi makanan dan minuman tak terkecuali di bulan ramadhan. menurut para ahli tafsir, kata “tabzii” atau boros ialah mengkonsumsi barang dan jasa secara berlebihan untuk memenuhi hawa nafsunya saja,2 dan menurut ibnu mas’ud kata at­tabdzir ialah menginfakan hartanya di jalan yang bathil, dan termasuk orang-orang yang boros, namun orang yang menginfakan hartanya pada jalan yang benar maka ia tidak termasuk kedalamnya3 seperti memberikan makanan yang berlebihan kepada fakir dan miskin. dan seharusnya produk yang kita konsumsi tidak boleh berlebihan 1 al-hafizh imaduddin abil-fida’ isma’il bin katsir al-quraisyi ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir, (jakarta, gema insani press, 1999), cet.1, h. 51 2 afzalur rahman, doktrin ekonomi islam, (jakarta, dana bhakti wakaf, 1995), h. 59 3 ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir, h. 51 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .58 karena akan mengganggu permintaan orang lain dalam memenuhi kebutuhan hidupnya sebagai contoh konsumsi sebelum dan saat bulan ramadhan, terjadi kenaikan harga karena banyaknya permintaan terhadap barang serta jasa yang akan digunakan. dan dalam ayat lainnya allah menghalalkan makanan halal lagi baik dan menyuruh agar tidak mengikuti langkah-langkah setan yang tercela dan sesat, “hai sekalian manusia, makanlah yang halal lagi baik dari apa yang terdapat di bumi, dan jangan kamu mengikuti langkah-langkah syaitan; (al-baqarah / 2: 168). ayat secara implisit pula sebagaimana ayat sebelumnya melarang berlebih-lebihan dalam mengkonsumsi makanan dan minuman termasuk di bulan ramadhan. dan kata “janganlah mengikuti langkah-langkah syaitan” menyatakan bahwa nafsu manusia dapat diajak kepada sifat keborosan (berlebih-lebihan) seperti pada ayat sebelumnya, sehingga allah melarang hal tersebut.4 dan setiap pelanggaran terhadap perintah allah seperti pemborosan dan cenderung untuk boros merupakan bagian dari langkah syaitan5dan langkah syaitan tersebut membawa kepada kemudharatan bagi manusia yang mengikutinya dan akan menuntun kepada jalan kehancuran. dan kita harus menahan diri dari sifat berbagai sifat berlebih-lebihan dalam segala hal yang buruk tersebut dan agar menjauhi dari setiap langkah-langkah syaitan yang dimurkai allah swt menuju hidayah dan inayah-nya yang bermamfaat dan menguntungkan bagi kita di dunia maupun di akhirat. dan hidayah allah akan menunjukan kepada kita pada jalan-nya yang indah, mulia, bersinar, terang benderang, dan menyejukkan jiwa bagi siapa yang mengikutinya serta memberikan kita mamfaat dan keuntungan immaterial yang tidak ternilai serta material yang berkah. dan allah melarang melampaui batas sesuai ayat al-qur’an lainnya yaitu: hai orang-orang beriman, jangan kamu haramkan apa yang baik yang telah allah halalkan bagi kamu, dan jangan kamu melampaui batas.(almaaidah/5:87) 4 rahman, doktrin ekonomi islam, h. 50 5 ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir, h. 268 al-iqtishad: vol. ii, no. 2, juli 2010 59 ayat ini diturunkan sebab ada orang yang berkata kepada nabi bahwa dia mengharamkan dirinya makan daging karena menimbulkan syahwat kepada wanita.6 dan ayat ini menjelaskan bahwa sebagai muslim, kita dilarang untuk berlebih-lebihan dalam perkara yang halal dan melampaui batas7 termasuk disini dalam perkara makan dan minum. ayat ini pun secara eksplisit menyatakan bahwa dalam konsumsi sebagai contoh makan dan minum hendaknya tidak boleh melampaui batas (berlebihlebihan) karena akan menyebabkan gangguan pada pencernaannya,8 hal ini termasuk sebelum bulan ramadhan atau pun saat di bulan ramadhan sebagai contoh ketika berbuka puasa atau pun sahur. dan anjuran dari rasulullah saw.yaitu makanlah untuk sepertiga bagian kapasitas perut atau makanan, sepertiga untuk air dan sepertiga untuk udara akan membuat kita menjadi sehat. dan hal tersebut sangatlah diperlukan agar kita tidak sakit perut dan menjaga pencernaan kita yang selalu mengolah makan an yang telah kita makan baik pada siang hari maupun malam hari bahkan walaupun tanpa ada makanan sekalipun alat pencernaan tetap saja bekerja. dan ayat al-qur’an lainnya yaitu, “dan janganlah kamu berlebihlebihan. sesungguhnya allah swt tidak menyukai orang yang berlebihlebihan”.(al-an’am/6:141) sebab diturunkannya ayat ini berkaitan tsabit bin qais yang berpesta dari hasil panen kurma hingga tak tersisa9 dan tidak memberikan hak bagi kaum fakir dan miskin berupa zakat hasil panen. ayat ini menjelaskan bahwa kita tidak boleh berlebih-lebihan dalam segala hal termasuk dalam hal makan karena akan membahayakan fisik serta akal10 seperti menjadi malas berfikir, malas bekerja, atau pun malas untuk membantu orang lain, bahaya fisik dapat berupa obesitas tubuh, diabetes, tekanan darah, 6 kh. qamaruddin shaleh, dkk., asbabun nuzul, latar belakang historis turunhnya ayat­ayat al­qur’an, (bandung, cv. dipenogoro, 1982), h. 193 7 ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir, h. 141 8 prof. m. abdul mannan, m.a.,ph.d, ekonomi islam, teori dan praktek, (yogyakarta, p.t. dana bhakti wakaf, 1993), h. 47 9 shaleh, asbabun nuzul, latar belakang historis turunhnya ayat­ayat al­qur’an, h. 141 10 ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir, h. 301 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .60 kolesterol, stroke, jatung dan penyakit-penyakit lainnya. ayat ini selaras dengan asbabun nuzul ayat yaitu mengajak kepada kita agar melakukan konsumsi sesuai dengan kapasitas kebutuhan kita, tidak berlebihan, dan sesuai dengan norma-norma dalam islam.11 dan tak terkecuali saat berbuka dan sahur di bulan ramadhan atau pun di bulan lainnya, kita juga harus mengikuti ketentuan tersebut yaitu menahan diri dari sifat berlebihlebihan dalam makan atau pun minum, dan sebaiknya kita makan atau pun minum yang halal sewajarnya dan pertengahan tidak kekenyangan menyebabkan malas sehingga semua pekerjaan menjadi terlantar dan waktu menjadi sia-sia dan tidak makan sedikit sehingga badan tidak lemas. dan ayat al-qur’an lainnya, “dan janganlah kamu terlalu mengulurkannya karena itu kamu menjadi tercela dan menyesal.” (al-israa’/17:29) ayat ini secara implisit menjelaskan kepada kita agar tidak berlebihlebihan dalam mengkonsumsi barang atau melampaui batas, islam mengajarkan agar bersikap moderat (wajar)12 dalam melakukan konsumsi, termasuk di bulan ramadhan. ayat ini menjelaskan bahwa allah mengajarkan kepada kita untuk bersikap tengah-tengah dalam kehidupan dan tidak berlebih-lebihan melebihi batas kapasitas tubuh sehingga menjadikan perut kekenyangan menjadi lemah dan tak berdaya.13 dan pada ayat ini pula dijelaskan agar kita tidak berlebih-lebihan dalam hal makan karena akan menyebabkan kerugian bagi diri sendiri seperti obesitas, kolesterol, dan lain lain. hadits-hadits mengenai perilaku konsumsi terdapat banyak hadits yang mengatur perilaku konsumsi, hal ini menandakan betapa pentingnya rasulullah saw memperhatikan hal ini. hadist-hadist ini untuk menjelaskan ayat al-qur’an mengenai aturan dalam berkonsumsi secara lebih komprehensif dan sempurna, dan tak terkecuali dalam perilaku konsumsi sebelum dan saat bulan ramadhan dalam 11 monzer kahf, ph.d., ekonomi islam (telaah analitik terhadap fungsi sistem ekonomi islam), (yogyakarta, pustaka pelajar, 1995), h. 28 12 ibid., h. 28 13 ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir, h. 51 al-iqtishad: vol. ii, no. 2, juli 2010 61 hadits, rasulullah mencontohkan bagaimana menjadi seorang muslim yang mempunyai etika yang baik dalam makan dan minum, sehingga men jadi muslim yang berakhlak mulia. adapun hadist-hadist rasulullah saw mengenai perilaku konsumsi yaitu: diriwayatkan dari ‘umar bin abu salamah r.a. katanya: sewaktu saya masih kecil dalam asuhan rasulullah saw., kalau waktu makan tangan saya bebas saja berpindah dari piring ke piring. rasulullah saw. berkata kepada saya: ‘hai anak muda, bacalah ‘bismillah’, makanlah dengan mempergunakan tangan kanan dan ambillah dari piring yang berada dekatmu saja (dekat dengan posisi duduk) !” (hr.bukhari)14 hadist diatas diperkuat oleh hadist lainnya, yaitu, diriwayatkan dari ibnu umar r.a., bahwa rasulullah saw. telah bersabda. “apabila makan maka makanlah dengan tangan kanan, apabila seseorang minum maka minumlah dengan tangan kanan...”.(hr.muslim)15 dan hadits lainnya, diriwayatkan dari iyas bin salamah bin al-akwa’ r.a., bahwa dia diberitahu oleh ayahnya, bahwa ada seorang laki-laki makan dengan tangan kirinya di sisi rasulullah saw., beliau bersabda, “makanlah dengan tangan kananmu.” orang itu menjawab, “saya tidak bisa.” tanya beliau,”kau tidak bisa?” kata salamah: orang tersebut tidak bisa memakan dengan tangan kanannya karena sudah tua dan dia tidak bisa mengangkat tangannya ke mulutnya. (hr.muslim)16 dan hadits, dari aisyah r.a., ia berkata: “tangan kanan rasulullah saw. digunakan untuk bersuci dan makan, sedangkan kirinya untuk ber cebok dan segala hal yang kotor.”(hr.abu dawud)17 14 abu ‘abdillah muhammad bin isma’il bin ibrahim bin al-mughirah bin bardizbah, terjemah hadits shahih bukhari, (jakarta, fa. wijaya jakarta, 1992), jilid. 4. h. 24 15 abul-husain muslim bin al-hajaj al-qusyairi an-naisabury, ringkasan shahih muslim, (jakarta, pustaka amani, 2003), h. 760 16 ibid., h. 760 17 al-imam abu zakaria yahya bin syaraf an-nawawi, riyadhus shalihin, (jakarta, pustaka amani, 1999),cet.iv., h. 672 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .62 juga hadits, dari hasfhah r.a., ia berkata: “rasulullah saw. memper gunakan tangan kanan untuk makan, minum, dan memakai pakaian. dan mempergunakan tangan kiri untuk selain itu (sebagai contoh cebok atau pun segala hal yang kotor dan bernajis).”(hr.abu dawud)18 hadits-hadits ini secara implisit menerangkan bahwa dalam perilaku konsumsi termasuk saat konsumsi di bulan ramadhan dilarang berlebihlebihan, hal ini dilihat dari pernyataan hadits ini bahwa dalam mengambil makanan dengan satu tangan bukan dengan dua tangan dan satu tangan itu adalah tangan kanan, karena hal ini merupakan etika makan yang baik. dan di dalam hadits ini juga kita diberikan nasehat oleh rasulullah saw. bahwa kita seharusnya mengambil makanan yang terdekat dengan kita, hal ini secara implisit pula menerangkan bahwa kita tidak boleh berlebihlebihan dalam mengambil makanan apalagi mengambil makanan yang jauh dari jangkauan kita karena ada hak orang lain disekitar kita yang juga membutuhkan makanan tersebut. adapun hadits lainnya yaitu, dari abu hurairah r.a., katanya: rasulullah saw. bersabda: “makanan dua orang cukup untuk tiga orang. makanan untuk tiga orang cukup untuk empat orang.” (hr.bukhari)19 hadits diatas diperkuat oleh hadits, diriwayatkan dari jabir bin abdullah r.a., dia berkata: dia pernah mendengar rasulullah saw. bersabda, “makanan untuk satu orang cukup untuk dua orang, makanan untuk dua orang cukup untuk empat orang, dan makanan untuk empat orang cukup untuk delapan orang.”(hr.muslim)20 hadits ini secara implisit menerangkan bahwa kita tidak perlu berlebih-lebihan dalam mengkonsumsi makanan tanpa kecuali di bulan ramadhan, bahkan jumlah makanan dan minuman di bulan ramadhan tersebut cukup untuk berbagi pada sesama muslim, terutama kaum fakir dan miskin dengan zakat, infaq, shadaqah. zakat sebaiknya segera diberikan kepada orang-orang fakir yang membutuhkan. 18 ibid., h. 673 19 bardizbah, terjemah hadits shahih bukhari, h. 24 20 an-naisabury, ringkasan shahih muslim, h. 766 al-iqtishad: vol. ii, no. 2, juli 2010 63 dan hadits lainnya, dari abu hurairah r.a., katanya: ada seorang laki-laki yang biasanya banyak makan setelah masuk islam, makannya sedikit. hal itu diceritakan kepada rasulullah saw. beliau bersabda: “orang yang beriman makan untuk satu perut. orang kafir makan untuk tujuh perut.” (hr.bukhari)21 hadits diatas diperkuat oleh hadits, diriwayatkan oleh abu hurairah r.a. bahwa rasulullah saw. kedatangan seorang tamu kafir, lalu rasulullah saw. meminta agar disediakan seekor kambing untuk tamu tersebut. kemudian kambing tersebut diperah, lalu tamu itu meminum susu perahannya. kemudian diperahkannya kambing lain lagi lalu dia minum lagi. kemudian dia perahkan kambing lain lagi lalu dia minum lagi, sehingga dia minum susu yang diperah dari tujuh ekor kambing. pagi harinya dia masuk islam, lalu rasulullah saw. memerintahkan agar disediakan seekor kambing untuk orang itu, lalu dia minum susu yang diperah untuknya. kemudian rasulullah saw. memerintahkan agar orang tersebut diperahkan seekor kambing lagi, tetapi dia tidak sanggup menghabiskannya, kemudian rasulullah saw. bersabda, “orang mukmin minum dengan satu usus, sedangkan orang kafir minum dengan tujuh usus.”(hr.muslim)22 dan hadits lainnya, diriwayatkan dari jabir bin umar r.a. bahwa rasulullah saw. pernah bersabda, “orang mukmin makan dengan satu usus, sedangkan orang kafir makan dengan tujuh usus.”(hr.muslim)23 hadits-hadits ini menjelaskan kepada kita bahwa islam mempunyai norma-norma mengkonsumsi makanan dan minuman termasuk mengkonsumsi makanan sebelum maupun saat ramadhan, mengajak kepada umat islam agar mengkomsumsi makanan di bulan ramadhan tak melebihi kebutuhannya, dan hadits menyatakan orang yang beriman pada allah swt tak berlebih-lebihan dalam makan atau minum. dan hal itu karena allah menginginkan hambanya selalu dalam keadaan sehat. 21 bardizbah, terjemah hadits shahih bukhari, h. 24 22 an-naisabury, ringkasan shahih muslim, h. 767 23 ibid., h. 766 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .64 dan hadits rasulullah saw dalam makan maupun minum juga mengenai perilaku konsumsi yaitu: dari abu musa al-‘asy’ari r.a., rasulullah saw. bersabda: “beri makanlah orang yang lapar...”. (hr.bukhari)24 dari hadits secara implisit kita dilarang untuk berlebih-lebihan karena sudah sepantasnya kelebihan yang kita miliki temasuk dalam hal makanan dan minuman di bulan ramadhan tersebut merupakan hak bagi fakir dan miskin. jadi, kita dianjurkan dalam hadits ini untuk memberikan kelebihan makanan tersebut kepada fakir dan miskin. hadist lainnya, diriwayatkan dari ka’ab bin malik r.a., dia berkata: rasulullah saw. biasanya makan dengan tiga jari, dan beliau mengulum tangannya sebelum membersihkannya. (hr. muslim)25 hadist ini secara implisit menjelaskan kepada kita tentang cara makan yang baik, yaitu makan dengan tiga jari agar membantu pencernaan kita dalam mengolah makanan termasuk makan sebelum dan saat bulan ramadhan. hal ini sebagai norma-norma kepada kita sebagai seorang muslim yang baik agar pada saat makan tidak berlebih lebihan, sebagai contoh berlebih-lebihan adalah makan dengan porsi yang lebih besar dalam sekali suapan dan berakibat mengganggu pencernaan, karena sistem pencernaan tersebut memiliki beban melebihi kapasitasnya. dan hadist lainnya, diriwayatkan dari ibnu abbas r.a., dia berkata: rasulullah saw. pernah bersabda, “apabila seseorang selesai makan maka janganlah dia mem bersihkan tangannya sebelum mengulumnya.”(hr.muslim)26 hadits diatas diperkuat oleh hadits ini, diriwayatkan dari jabir r.a., bahwasanya nabi saw. memerintahkan menjilati jari-jari dan piring setelah makan. sabda beliau, “kalian tidak tahu makanan yang mana yang mengandung berkah”(hr.muslim)27 24 bardizbah, terjemah hadits shahih bukhari, h. 24 25 an-naisabury, ringkasan shahih muslim, h. 761 26 ibid., h. 761 27 ibid., h. 761 al-iqtishad: vol. ii, no. 2, juli 2010 65 dan hadits ini, diriwayatkan oleh jabir r.a., dia berkata: saya pernah men dengar nabi saw. bersabda, “sesungguhnya syaitan itu selalu hadir di sisi seseorang, bahkan ketika seseorang makan setan pun hadir di situ. apabila sebagian makananmu jatuh maka buanglah bagian yang kotor dan makanlah bagian yang tidak kotor, serta janganlah kau biarkan makananmu untuk syaitan. apabila kamu selesai makan, jilatlah jari-jarimu, karena kamu tidak tahu di bagian mana makananmu yang ada berkahnya.”(hr.muslim) secara implisit pada hadits-hadits ini mengajak kita agar menghargai makanan yang kita makan (sesuai dengan kebutuhan) dengan makan hingga habis, karena kita tidak mengetahui makanan yang mengandung berkah begitu pula saat makan di bulan ramadhan, namun hal ini berbeda dengan sikap berlebih-lebihan, biasanya masih banyak makanan yang tersisa di buang begitu saja. pendapat ulama mengenai perilaku konsumsi mengenai perilaku konsumsi, para ulama baik ulama klasik maupun kontemporer memperhatikannya, karena mereka memandang hal ini termasuk hal yang penting dalam pemenuhan kebutuhan umat islam sendiri. dan bukan hanya itu, rasulullah saw telah mencontohkan pada dirinya dalam berperilaku konsumsi, sehingga sudah sepatutnya para ulama mengikuti ketentuan allah dan rasul-nya agar mendapat hidayah serta inayah allah dalam kehidupan sehari-hari. 1. pendapat ulama klasik mengenai perilaku konsumsi a. umar bin abdul azis dia adalah seorang ulama di masa dinasti umayyah, dan pernah men jabat sebagai khalifah. perilakunya sungguh mulia saat itu, dia tidak berlebih-lebihan dalam berkonsumsi sejak menjadi khalifah, ini dapat dilihat dari pendapatannya hanya dari fai yang menjadi haknya bahkan ia mendirikan rumah makan khusus untuk para fakir dan miskin serta mengajak kepada norma-norma agama.28 jika dilihat dari 28 euis amalia, m.ag, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta, pusaka asatruss, 2005), cet.1, h. 48 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .66 perilakunya, secara implisit terdapat norma bahwa sudah sepatutnya muslim tidak berlebih-lebihan dalam hal makan termasuk saat bulan ramadhan, bahkan sebaiknya kita juga memberikan sebagian makanan yang biasa kita makan kepada orang-orang fakir dan miskin di sekitar kita. b. muhammad bin hasan al-syaibani (132-189 h) imam al syaibani adalah seorang murid dari ulama besar yaitu imam hanafi, dia mengatakan bahwa allah swt tidak menciptakan tubuh dari anak-anak bani adam berdiri sendiri, dan mereka membutuhkan makanan, minuman, pakaian dan tempat tinggal29 yang merupakan salah satu dari 5 unsur pokok kehidupan yang harus dipelihara yaitu agama, jiwa, akal, keturunan, dan harta.30 dari pendapatnya, secara implisit terdapat norma bahwa muslim harus membantu saudarasaudaranya yang lemah dari segi material berupa sedekah maupun immaterial berupa doa yang baik. c. imam yahya bin umar (213-289 h) nama lengkapnya adalah abu bakar yahya bin umar bin yusuf alkannani al andalusi. dia adalah fuqaha dari mazhab maliki, dia berpendapat bahwa salah satu bagian yang tidak terpisahkan dari ketakwaan kepada allah swt ialah aktivitas ekonomi, muslim seharusnya mengikuti sunnah dan perintah rasulullah saw. karena ketakwaan akan disertai keberkahan berdasarkan ayat:31 jikalau sekiranya penduduk negeri-negeri beriman dan bertakwa, pastilah kami akan melimpahkan kepada mereka berkah dari langit dan bumi, tetapi mereka mendustakan (ayat-ayat kami) itu, maka kami siksa mereka disebabkan perbuatannya.(al-a’raf/7:96) 29 ibid., h. 97 30 ibid., h. 93 31 ibid., h. 115 al-iqtishad: vol. ii, no. 2, juli 2010 67 dari pendapatnya, secara implisit terdapat norma dalam salah satu bagian aktivitas ekonomi seperti perilaku konsumsi termasuk saat bulan ramadhan, sebaiknya mengikuti perilaku konsumsi rasulullah saw. yang tidak berlebih-lebihan, wajar, dan sesuai dengan kebutuhan. ayat ini sebenarnya merupakan janji allah kepada hamba-hamba-nya serta sebuah pengharapan yang indah apabila mereka bertakwa maka akan ditinggikan derajatnya dengan keberkahan yang allah berikan dari arah yang tidak disangka-sangka. kata “jikalau sekiranya” merupakan kata-kata pengandaian, akan tetapi kata “pastilah” merupakan janji dan harapan yang ditawarkan allah kepada hamba-nya yang bertakwa. d. imam al-ghazali (450-505 h) beliau dikenal dengan sebutan sang hujjatul islam ini bernama lengkap abu hamid muhammad bin muhammad at-tusi al-ghazali, beliau murid dari imam al-haramain abu al-ma’ali al-juwaini, beliau seorang ulama besar pada masanya bahkan hingga saat ini. karya beliau dalam berbagai bidang patut untuk diberikan penghargaan setinggitingginya seperti ihya ulumuddin yang berarti menghidupkan ilmuilmu agama. beliau tidak hanya berpendapat dalam bidang tasawuf namun beliau juga seorang ekonom yang pandai dengan mengatakan uang itu ibarat cermin ia bisa merefleksikan semua warna yang ada disekitarnya namun ia sendiri tidak bernilai. dalam membahas persoalan aktivitas ekonomi beliau meninjaunya dengan konsep kesejahteraan sosial atau utilitas kebaikan bersama (maslahah).32 dalam konsep itu terdapat tujuan syariah yaitu menjaga agama (din), jiwa (nafs), akal (aql), keturunan (nasl), dan harta (maal).33 dari pendapat beliau, secara implisit terdapat norma yang mengatur perilaku konsumsi agar tidak berlebih-lebihan saat bulan ramadhan. dan berlebih-lebihan dalam konsumsi sebagai salah satu per soalan aktivitas ekonomi dapat ditinjau dari tujuan syariah itu sendiri, berlebihlebihan dalam konsumsi jelas merupakan pelanggaran norma-norma 32 ir. adiwarman a. karim, s.e., m.b.a., m.a.e.p, ekonomi mikro islam, (jakarta: pt rajagrafindo persada, 2007), h. 61 33 amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, h. 123 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .68 agama, memperburuk kesehatan jasmani serta rohani orang yang melakukannya, membuat malas bekerja serta beribadah, serta menjadi contoh yang buruk bagi anak dan keluarganya. e. ibnu hazm (944-1064 m) bernama lengkap abu muhammad ali ibn abu umar ahmad ibn sa’id ibn hazm al qurthubi al-andalusy. dia seorang ulama dari mazhab maliki, ibnu hazm mengatakan bahwa untuk memenuhi taraf hidupnya, maka manusia harus memenuhi makanan, minuman, pakaian dan tempat tinggalnya.34 dari pendapat beliau, secara implisit terdapat norma yang menyatakan bahwa dari pada berlebih-lebihan dalam makan termasuk makan saat berbuka dan sahur di bulan ramadhan sehingga tidak bermamfaat lebih baik memberikan sebagian makanannya untuk tetangga yang membutuhkan dalam rangka mengurangi kesulitan dalam memenuhi kebutuhan hidup mereka dan peduli pada sesama. f. ibnu khaldun (732-808 h) nama lengkapnya abdurrahman abu zaid waliuddin ibn khadun, dia adalah seorang ulama besar. menurutnya faktor yang mempengaruhi peningkatan konsumsi terhadap bahan-bahan kebutuhan pokok ialah karena peningkatan penawaran (supply) dan hal ini biasanya terjadi di kota-kota besar.35 jadi secara implisit terdapat norma untuk mengurangi konsumsi yang berlebihan terhadap bahan-bahan kebutuhan pokok dengan cara mengurangi pasokan persediaan bahan-bahan pokok makanan yang berlebihan termasuk sebelum dan saat bulan ramadhan. dan apabila bahan-bahan makanan tersebut tidak diolah lalu dibiarkan lama maka akan menjadi kadaluarsa, sehingga tidak dapat dikonsumsi. g. imam asy-syatibi (wafat 790h) bernama lengkap abu ishaq bin musa bin muhammad al-lakhmi algharnati asy-syatibi. menurutnya, setiap aktivitas ekonomi baik produksi, konsumsi dan pertukaran harus disertai kemaslahatan dan semua 34 amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, h. 140 35 ibid., h. 186 al-iqtishad: vol. ii, no. 2, juli 2010 69 aktivitas ekonomi yang maslahat disebut dengan kebutuhan (needs).36 secara implisit terdapat norma tentang konsumsi muslim agar tidak berlebih-lebihan mengikuti hawa nafsunya atau keinginannya (wants). dan mengajak muslim agar konsumsi di bulan ramadhan sesuai dengan kebutuhan (needs) masyarakat muslim umumnya dan masyarakat jakarta timur khususnya. 2. pendapat ulama kontemporer mengenai perilaku konsumsi a. abu a’la al-maududi (lahir 1321 h) menurutnya, islam tidak memisahkan harta yang dimiliki pada produksi atau konsumsi atau harta yang menghasilkan atau tidak meng hasilkan namun islam memisahkan pada cara memperoleh dan menyalurkannya halal atau haram. dan dia mengajak muslim kaya membantu tetangganya yang miskin dalam memenuhi kebutuhan.37 secara implisit terdapat norma bahwa seorang muslim dalam perilaku konsumsinya dilarang berlebih-lebihan termasuk di bulan ramadhan karena hal tersebut merupakan langkah-langkah syaitan, bahkan ia sebaiknya memberikan kelebihan makanan yang dimiliki kepada tetangganya yang miskin dan kelaparan. dan terutama pada bulan ramadhan penuh berkah dan ampunan allah swt. b. monzer kahf dia memandang bahwa dalam ada hak bagi orang lain atas anugerah yang allah berikan kepada sebagian orang dan hal ini dapat dilihat pada konsep fs (final spending).38 menurutnya konsumsi secara berlebih-lebihan merupakan ciri khas dari masyarakat yang tidak mengenal tuhan. dan dalam pandangan syariah, sebaiknya orang yang menghambur-hamburkan hartanya untuk konsumsi secara ber lebih-lebihan, hartanya diambil alih kemudian diberikan kepada wakilnya untuk menjaga hartanya dari perilaku pemiliknya tersebut.39 36 ibid., h. 211 37 ibid., h. 237 38 ibid., h. 237 39 kahf, ekonomi islam (telaah analitik terhadap fungsi sistem ekonomi islam), h. 29 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .70 secara implisit terdapat norma bahwa muslim yang memiliki kelebihan baik harta maupun makanan wajib memberikan kelebihan harta dan makanannya kepada muslim lain yang fakir dan miskin termasuk saat bulan ramadhan. c. prof. m. abdul mannan, m.a., ph.d. dia memandang dalam perilaku konsumsi sebaiknya memperhatikan pula kepentingan orang lain, tidak berlebih-lebihan, tidak boros, dinamis, dan wajar (moderat) sesuai dengan prinsip konsumsi islam yang bertujuan untuk memenuhi kebutuhan40 hidup masyarakat muslim. hal ini secara ekplisit menyatakan agar muslim tidak berlebih-lebihan dalam konsumsinya dan tidak boleh berlebih-lebihan saat konsumsi di bulan ramadhan serta menjadi umat yang pertengahan. karena dengan cara konsumsi tersebut akan membuat masyarakat menjadi lebih sehat jasmani dan rohaninya. d. afzalur rahman menurutnya, muslim dilarang untuk memenuhi semua keinginannya, karena jika keinginannya yang satu telah terpenuhi maka akan muncul keinginannya yang lain bahkan akan terjadi perilaku yang rakus. dia mengajak muslim agar berperilaku secara wajar dalam konsumsinya dan hanya dalam rangka pemenuhan kebutuhan.41 hal ini secara ekplisit menyatakan agar muslim tidak boleh berlebih-lebihan dalam makan dan tidak terkecuali saat bulan ramadhan. serta hendaknya muslim dalam berkonsumsi bertujuan untuk memenuhi kebutuhan hidupnya bukan untuk memenuhi hawa nafsunya belaka. pengertian perilaku konsumsi secara umum menurut bahasa, perilaku ialah perbuatan atau respon seseorang terhadap lingkungan sekitarnya,42 dan konsumsi ialah penggunaan barang dan jasa yang telah diproduksi atau barang dan jasa yang langsung 40 mannan, ekonomi islam, teori dan praktek, h. 50 41 rahman, doktrin ekonomi islam, h. 31 42 em zul fajri, ratu aprilia senja, kamus lengkap bahasa indonesia, (jakarta, difa publisher,t.t), h. 645 al-iqtishad: vol. ii, no. 2, juli 2010 71 dapat digunakan untuk kebutuhan hidup sehari-hari.43 sedangkan menurut istilah, perilaku konsumsi ialah tahap-tahap yang terdiri dari membuat keputusan pembelian barang atau jasa, pemakaian produk atau jasa, dan pembuangan produk atau jasa yang dibeli serta hal-hal yang mempengaruhi dalam hal itu semua.44 kesimpulan dari pengertian perilaku konsumsi menurut penulis ialah respon terhadap barang dan jasa yang akan dikonsumsi yang diawali dengan keputusan untuk membeli barang atau jasa yang disukai. pengertian perilaku konsumsi menurut para ahli ekonomi konvensional banyak para ahli ekonomi konvensional maupun ahli ekonomi islam mem berikan pengertian terhadap perilaku konsumsi, seperti: a. james f. engel et al. ia dan kawan-kawannya mengatakan perilaku konsumsi ialah tindakantindakan yang terlibat langsung dalam mendapat dan me makai produk dan jasa juga termasuk dalam pengambilan keputusan yang men dahului dan menyusulinya45 dan hal-hal yang dapat mem pengaruhi dalam tindakan-tindakan tersebut.46 b. david l. loudon dan albert j. della bitta mereka mengatakan bahwa perilaku konsumsi ialah proses mengambil keputusan serta ikut sertanya secara fisik dalam evaluasi, mendapat dan memakai atau dapat memakai produk serta jasa.47 menurut penulis pendapat david lebih fokus pada perilaku konsumen. c. gerald gerald zaltman dan melanie wallendorf mereka berpendapat perilaku konsumsi merupakan tahapan dan interaksi sosial dalam mendapatkan, memakai produk serta jasa yang 43 ibid., h. 484 44 charles w. lamb, dkk., pemasaran, (jakarta, salemba empat, 2001), buku 1, h. 188 45 drs.husein umar, se.,m.m.,mba, riset pemasaran dan perilaku konsumen, (jakarta, pt. gramedia pustaka utama, 2005), h. 49 46 dr.a.a. anwar prabu mangkunegara, perilaku konsumen, (jakarta, pt.refika aditama, 2005), h. 3 47 ibid. h. 3 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .72 didasari pengalaman tentang produk atau jasa, pelayanan dan lainlainnya.48 d. asosiasi marketing amerika asosiasi ini mendefinisikan perilaku konsumsi ialah interaksi yang bersifat dinamis disertai afeksi, kognisi, tindakan dan lingkungan dalam melakukan kegiatan pertukaran.49 e. monlee lee dan carla johnson mereka mendefinisikan perilaku konsumsi yaitu sebagai tahap-tahap yang dilalui dalam membeli suatu produk dan jasa. tahap-tahap tersebut terdiri dari mengenali kebutuhan, menemukan informasi tentang produk atau jasa, mencari alternatif produk dan jasa, membeli dan mengevalusi setelah pembelian produk dan jasa tersebut.50 maka jika disimpulkan dari pengertian diatas perilaku konsumsi secara terminologi atau istilah merupakan tahap-tahap tindakan fisik atau interaksi sosial (afeksi dan kognisi) yang dinamis atas dasar pengalaman yaitu mengenali kebutuhan pribadi atau organisasi, mencari informasi tentang produk dan jasa, mencari alternatif produk dan jasa lain, pengambilan keputusan untuk membeli produk dan jasa tersebut, mendapatkan produk dan jasa itu, me makai produk dan jasa tersebut, mengevalusi pasca pembelian produk atau jasa tersebut serta hal-hal yang mempengaruhi dalam tahap-tahap tersebut. sebagai contoh adalah pandangan secara subjektif terhadap citra penjual, motif-motif membeli, dan persepsi terhadap barang. pengertian perilaku konsumsi menurut para ahli ekonomi islam perilaku konsumsi memiliki banyak pengertian secara istilah menurut para ahli ekonomi islam, diantaranya yaitu: a. munrokhim misanam, m.a.ec., ph.d., dkk menurut beliau dan kawan-kawan bahwa perilaku konsumsi me rupa48 ibid. h. 4 49 nugroho j.setiadi, se., mm., perilaku konsumen; konsep dan implikasi untuk strategi dan penelitian pemasaran, (jakarta, kencana, 2005), h. 3 50 monle lee dan carla jason, prinsip­prinsip pokok periklanan dalam perspektif global, (jakarta, kencana, 2007), h. 110 al-iqtishad: vol. ii, no. 2, juli 2010 73 kan menggunakan sesuatu untuk mendapatkan manfaat (maslahah) dalam rangka pemenuhan psikis disertai berkah dari allah swt bila diniatkan.51 b. afzalur rahman menurut beliau, perilaku konsumsi ialah “pemamfaatan dengan sebaik baiknya terhadap hasil produksi dengan tepat guna tanpa menghambur hamburkanya”.52 menurut penulis, afzalur rahman lebih fokus agar seorang muslim lebih dekat kepada menghasilkan sesuatu dengan mengatakan “pemamfaatan dengan sebaik-baiknya terhadap hasil produksi”. c. drs. ahmad izzan, m.ag dan syahri tandjung, s.ag menurut beliau berdua yang mengutip ayat al-qur’an serta kaidahkaidah fikih menjelaskan bahwa perilaku konsumsi ialah menggunakan rezeki dari allah tanpa melampaui batas53 serta tidak menimbulkan mudharat.54 menurut penulis perilaku konsumsi ialah menggunakan rizki allah yang berbagai banyak bentuknya. teori mengenai perilaku konsumsi dalam ekonomi konvensional, perilaku konsumsi dikenal dengan teori utility, yaitu kegunaan barang yang dirasakan oleh seorang konsumen setelah mengkonsumsi barang.55 serta teori preferensi konsumen yaitu setiap konsumen bertujuan memaksimir tingkat kepuasannya yang ia peroleh dari sejumlah uang tertentu yang ia miliki.56 sedangkan kebutuhan dalam ekonomi konvensional ialah pertentangan antara kenyataan dengan 51 munrokhim misanam, m.a.ec., ph.d., dkk, ekonomi islam, (jakarta, pt.rajagrafindo persada, 2008), h. 129 52 afzalur rahman, doktrin ekonomi islam, (yogyakarta, pt. dana bhakti wakaf, 1995), jilid ii, h. 17 53 drs. ahmad izzan, m.ag dan syahri tandjung, s.ag, referensi ekonomi syariah, (bandung, pt. rosdakarya, 2006), h.240 54 ibid., h. 36 55 misanam, ekonomi islam, h. 127 56 ari sudarman, teori ekonomi mikro, (yoyakarta: bpfe, 1997), cet. ke. 6, h. 16 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .74 dorongan yang ada dalam diri seseorang.57 sedangkan dalam ekonomi islam, teori yang digunakan ialah teori maslahah serta berkah, jadi dalam perilaku konsumsi ditujukan untuk kepentingan maslahah bagi konsumen itu sendiri serta diniatkan dalam ibadah pula, karena hal ini ditujukan untuk memenuhi kebutuhan konsumen yang merupakan fitrah manusia.58 maslahah di sini bersifat universal tidak hanya bermamfaat bagi satu ciptaan namun bagi seluruh ciptaan, jadi kita diajarkan dalam berperilaku konsumsi untuk melihat orang-orang yang ada di sekitar kita dari segi keadaan kebutuhan penghidupan para tetangga maupun kebutuhan saudara lainnya sehingga kita mendapat keberkahan, dan keberkahan ini merupakan rasa cukup serta syukur atas apa-apa yang allah berikan seperti makanan, minuman, dan kesehatan sehingga bermamfaat dan berguna baik dari segi lahir dan batin bagi masyarakat. ruang lingkup perilaku konsumsi ruang lingkup perilaku konsumsi dapat dilihat dalam variabel-variabel yang ada dibawah ini, yaitu: 1. variabel stimulus ialah variabel yang berada diluar konsumen yang mempengaruhi konsumen itu sendiri. contohnya: iklan, barang, penataan barang dan lain-lain.59 2. varibel respons merupakan reaksi dari individu konsumen terhadap stimulus tadi, dapat berupa keputusan untuk membeli, penilaian terhadap barang serta perubahan sikap terhadap produk tersebut.60 3. variabel intervening varibel intervening merupakan internal dalam pribadi seorang 57 dr. a. a. anwar prabu mangkunegaran, perilaku konsumen, (bandung, pt. refika aditama, 2005), h. 5 58 misanam, ekonomi islam, h. 129 59 mangkunegaran, perilaku konsumen, h. 4 60 mangkunegaran, perilaku konsumen, h. 4 al-iqtishad: vol. ii, no. 2, juli 2010 75 konsumen seperti persepsi terhadap barang, motif-motif pembelian, serta sikap terhadap suatu hal.61 motif-motif yang mempengaruhi perilaku konsumsi menurut ekonomi konvensional terdapat berbagai motif-motif perilaku konsumsi dalam teori ekonomi konvensional, yaitu: a. teori insting menurut sigmund freud, motivasi pada insting bersifat agresif dan menurut william mc dougall, insting berhubungan pada semua tingkah laku termasuk perilaku konsumsi itu sendiri.62 b. teori drive menurut clark l. hull menyatakan bahwa motivasi didasari dari adanya habit strength, yang merupakan kendala pada diri seseorang, yang akan dipenuhi dengan drive atau pemuasan kebutuhan oleh orang itu sendiri.63 menurut ekonomi islam dalam ekonomi islam, motif-motif perilaku konsumsi didasari oleh maslahah serta berkah, yaitu untuk memenuhi kebutuhan manusia itu sendiri dalam rangka diniatkan untuk beribadah kepada allah swt.64 sebagaimana telah diterangkan sebelumnya bahwa maslahah merupakan konsep yang dapat dilakukan oleh siapa saja khususnya muslim. dalam konsep maslahah tersebut memiliki tujuan memberikan mamfaat kepada seluruh mahluk dan memberikan sesuatu hal dengan ikhlas karena allah swt. dan konsep maslahah dapat dilakukan dengan cara membagi kepada sesama dalam berbagai bentuk seperti sedekah , hibah, zakat maal, zakat fitrah maupun lainnya. 61 mangkunegaran, perilaku konsumen, h. 5 62 mangkunegaran, perilaku konsumen, h. 13 63 mangkunegaran, perilaku konsumen, h. 13 64 misanam, ekonomi islam, h. 129 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .76 sedangkan konsep berkah menngajurkan kita agar hidup secukupnya serta kelebihannya diberikan kepada orang lain. konsep ini lebih ditujukan kepada seorang muslim karena berkah merupakan pemberian allah kepada hambanya yang ia kehendaki bila hambanya berusaha untuk bersyukur atas seluruh rezeki. gambaran profil wilayah, populasi, kriteria sampel serta pedoman menentukan sampel masyarakat jakarta timur 1. profil wilayah secara administratif wilayah jakarta timur65 dibagi menjadi 10 kecamatan, 65 kelurahan, 673 rukun warga dan 7.513 rukun tetangga serta dihuni oleh penduduk sebanyak lebih kurang 1.959.022 jiwa terdiri dari 1.044.847 jiwa laki-laki dan 914.175 jiwa perempuan. penduduk jakarta timur ini jika dibandingkan dengan seluruh penduduk dki jakarta yang sekitar delapan juta jiwa, didapatkan sekitar 10 % dari jumlah penduduk dki jakarta dengan kepadatan mencapai 10.445 jiwa per km2. pada saat penulis melakukan survey di kelurahan – kelurahan yang terpilih dengan undian, mayoritas masyarakat jakarta timur yang penulis lihat berasal dari golongan menengah ke bawah. 2. populasi populasi seluruh masyarakat jakarta timur yang berjumlah lebih kurang 1.959.022 jiwa. sifat populasi adalah melakukan konsumsi sebelum dan saat bulan ramadhan, sehingga populasi bersifat homogen karena semua orang melakukan konsumsi sebelum dan saat bulan ramadhan. pustaka acuan abu ‘abdillah muhammad bin isma’il bin ibrahim bin al-mughirah bin bardizbah, terjemah hadits shahih bukhari, (jakarta, fa. wijaya jakarta, 1992), jilid. 4. 65 internet, keadaan administrasi, (jakarta, website resmi kota administrasi jakarta timur, 2008), h. 1 al-iqtishad: vol. ii, no. 2, juli 2010 77 abul-husain muslim bin al-hajaj al-qusyairi an-naisabury, ringkasan shahih muslim, (jakarta, pustaka amani, 2003) ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir afzalur rahman, doktrin ekonomi islam, (jakarta, dana bhakti wakaf, 1995) afzalur rahman, doktrin ekonomi islam, (yogyakarta, pt. dana bhakti wakaf, 1995), jilid ii al-hafizh imaduddin abil-fida’ isma’il bin katsir al-quraisyi ad-damsyiqi, kemudahan dari allah, ringkasan tafsir ibnu katsir, (jakarta, gema insani press, 1999), cet.1 al-imam abu zakaria yahya bin syaraf an-nawawi, riyadhus shalihin, (jakarta, pustaka amani, 1999),cet.iv. ari sudarman, teori ekonomi mikro, (yoyakarta: bpfe, 1997), cet. ke. 6 charles w. lamb, dkk., pemasaran, (jakarta, salemba empat, 2001), buku 1 dr. a. a. anwar prabu mangkunegaran, perilaku konsumen, (bandung, pt. refika aditama, 2005) drs. ahmad izzan, m.ag dan syahri tandjung, s.ag, referensi ekonomi syariah, (bandung, pt. rosdakarya, 2006) drs.husein umar, se.,m.m.,mba, riset pemasaran dan perilaku konsumen, (jakarta, pt. gramedia pustaka utama, 2005) em zul fajri, ratu aprilia senja, kamus lengkap bahasa indonesia, (jakarta, difa publisher,t.t) euis amalia, m.ag, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta, pusaka asatruss, 2005), cet.1 internet, keadaan administrasi, (jakarta, website resmi kota administrasi jakarta timur, 2008) ir. adiwarman a. karim, s.e., m.b.a., m.a.e.p, ekonomi mikro islam, (jakarta: pt rajagrafindo persada, 2007) kh. qamaruddin shaleh, dkk., asbabun nuzul, latar belakang historis turunhnya ayat­ayat al­qur’an, (bandung, cv. dipenogoro, 1982), h. 193 kholiq muhtarom: perilaku konsumsi masyarakat jakarta timur . . .78 monle lee dan carla jason, prinsip­prinsip pokok periklanan dalam perspektif global, (jakarta, kencana, 2007), h. 110 monzer kahf, ph.d., ekonomi islam (telaah analitik terhadap fungsi sistem ekonomi islam), (yogyakarta, pustaka pelajar, 1995), h. 28 munrokhim misanam, m.a.ec., ph.d., dkk, ekonomi islam, (jakarta, pt.rajagrafindo persada, 2008) nugroho j.setiadi, se., mm., perilaku konsumen; konsep dan implikasi untuk strategi dan penelitian pemasaran, (jakarta, kencana, 2005) prof. m. abdul mannan, m.a.,ph.d, ekonomi islam, teori dan praktek, (yogyakarta, p.t. dana bhakti wakaf, 1993) shaleh, asbabun nuzul, latar belakang historis turunhnya ayat­ayat al­qur’an, h. 141 wiwit ayu nofitasari1 & hikmah endraswati2 abstract. the purposes of this study are to examine the effect of company size, profitability, the board of commissioners, proportion of independent commissioners, and frequency of meetings on the level of islamic social reporting (isr) in indonesia and malaysia and to test whether there are difference isr systems in indonesia and malaysia. the sample of this study is ten companies that issued sukuk at indonesia sharia stocks index and eight companies on malaysia stock exchange in 20132017. multiple regression and different tests are used in this research as analysis techniques. the results show that the size of the company affects the level of isr positively in indonesia, but not in malaysia. profitability, board size, and the proportion of independent commissioners do not affect isr levels in both countries. the frequency of board of commissioner meetings affect isr levels in indonesia and malaysia positively, and there is difference isr system in the two countries. this research implies that there is a need for regulations considering isr disclosure in indonesia to improve the quality of isr disclosure to the stakeholders. keywords: indonesia, malaysia, islamic social reporting abstrak. tujuan penelitian ini adalah untuk menguji pengaruh ukuran perusahaan, profitabilitas, dewan komisaris, proporsi komisaris independen, dan frekuensi rapat terhadap tingkat isr (islamic social reporting) di indonesia dan malaysia, dan untuk menguji apakah ada perbedaan isr di indonesia dan malaysia. sampel penelitian ini adalah 10 perusahaan yang menerbitkan sukuk di indeks saham syariah indonesia dan 8 perusahaan di bursa saham malaysia pada 2013-2017. dalam analisis, penelitian ini menggunakan teknik regresi berganda (multiple regression) dan uji beda (difference tests). hasil penelitian menunjukkan bahwa ukuran atau besarnya perusahaan berpengaruh positif secara signifikan terhadap tingkat isr di indonesia namun tidak terbukti di malaysia. sementara itu, profitabilitas, ukuran dewan komisaris, dan proporsi dewan komisaris independen tidak berpengaruh terhadap tingkat isr di indonesia dan malaysia. frekuensi rapat dewan komisaris berpengaruh positif secara signifikan terhadap tingkat isr di indonesia dan malaysia; dan ada perbedaan tingkat isr di indonesia dan malaysia. implikasi dari penelitian ini adalah perlu adanya regulasi yang mengatur tentang isr di indonesia untuk meningkatkan kualitas penyajian isr kepada stakeholder. kata kunci: indonesia, malaysia, islamic social reporting islamic social reporting (isr) analysis in indonesia and malaysia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 341 356 1state islamic institute of salatiga 2state islamic institute of salatiga e-mail: 1wiwitayu92@gmail.com, 2h_endraswati@yahoo.co.id 342 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 introduction according to the world business council on sustainable development (wbcsd), corporate social responsibility (csr) is a commitment from the company to implement ethics behavior; and to contribute to the sustainable economic development by paying attention to corporate social responsibility and focusing on the balance between economic, social and environmental aspects. the concept of csr does not only exist in conventional economics but also develops in islamic economics. islamic measurement of csr does not only cover material aspects but also includes spiritual and moral aspects. the fulfilment of corporate responsibility in the islamic concept can be seen through the islamic social reporting (isr) disclosure. islamic social reporting framework was developed by haniffa (2002) and modified by othman and thani (2010), covering six themes namely, funding and investment, products and services, employees, society, environment, and corporate governance. the disclosure of corporate social responsibility in conventional context has been widely discussed in previous research, but research in isr disclosure is still limited, so this study uses research from a conventional social responsibility disclosure context. isr disclosure in the indonesian context is still voluntary up until now, and there are no specific regulations governing the isr index disclosure items (jannah and asrori, 2016). based on previous research, company size, profitability, the board of commissioners and the proportion of independent commissioners influence isr disclosure (kurniawati and yaya, 2017). this research supported othman et al. (2009) and ousama and fatimah (2006) and was different from murtanto and elvina (2004). othman et al. (2009) and ousama and fatimah (2006) stated that size has a significant positive effect on the level of isr disclosure. there are differences in research results related to factors that influence the level of isr disclosure. lestari (2013) stated that profitability has a significant positive effect on isr level disclosure, while sunarsih and ferdiyansyah (2017) stated that profitability does not affect isr disclosure. rizki et al. (2014) stated that the board of commissioners affect the disclosure of csr positively, while nur and priantinah (2012) stated that the board of commissioners affect csr disclosure negatively. haribowo (2015) maintained that the composition of the board of commissioners and the frequency of commissioners meetings effect on csr disclosure negatively, but rizki et al. (2014) stated that the frequency of commissioner wiwit ayu nofitasari. islamic social reporting (isr) analysis in indonesia and malaysia 343 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 meetings has a positive effect on csr disclosure. on the other hand, othman et al. (2009) found that board composition has a significant positive effect on isr disclosure index. the second purpose of this research is to study whether there is a difference isr disclosure in indonesia and malaysia. sofyani and ulum (2012) argued that overall social performance of islamic banking in malaysia is higher than in indonesia. looking at those previous studies on the issue, this study becomes interesting, considering there are still many differences in research results about isr. besides, isr disclosure is important because it could help investors to assess whether companies in the stock market maintain the principle of sharia in their operations. the differences between this research and previous studies are that: 1) this study uses data from companies that issued sukuk at indonesia shariah stocks index and malaysia stock exchange; 2) this research uses dummy variables to determine company size. 3) another purpose of this research is to compare isr levels in indonesia and malaysia. literatur review according to freeman (2010), stakeholder theory stated that companies are not entities that are only responsible for their own interests (shareholders) but are also responsible and provide benefits to stakeholders (shareholders, creditors, consumers, suppliers, government, society, and other parties). disclosure is to make something known or reveal something. the level of disclosure is strongly influenced by economic, political, and social circumstances (haniffa, 2002). based on the financial services authority regulation number: 92/ pojk.04/2016, the disclosure of information in financial statements is divided into mandatory disclosure and voluntary disclosure. in the context in indonesia, isr is still voluntary disclosure. the isr index is a benchmark for the implementation of sharia social responsibility that contains items of csr disclosure. this was set by the aaoifi (accounting and auditing organization for islamic financial institutions) and then was developed in sharia context by researchers (soraya and hartanti, 2010). isr index measurement is the content analysis of the company’s annual report to provide a checklist on every item that expresses social responsibility. if there is one item that is disclosed, it will get a score of ‘1’, and if not, then it will get a score of ‘0’. studies about company size and isr were done by othman et al. (2009) in 56 companies listed on malaysia stock exchange in the period of 2004-2006; lestari (2013) in 10 indonesian islamic banks in the period of 2010-2011; sirait 344 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 and bangun (2013) in non-financial companies listed in the stock exchange in the period of 2009 -2011; rama (2014) in 8 indonesia sharia banks in the period of 2010-2012, sunarsih and ferdiyansyah (2017) in 30 companies registered in the indonesian sharia stock list in the period of 2012-2014. they found that company size has a significant positive effect on the level of disclosure of isr. based on these studies, the hypotheses of this particular research are: h1: the company size has a significant positive effect on the level of isr in indonesia. h2: the company size has a significant positive effect on the level of isr in malaysia. with regards to the relationship between profitability and isr, othman et al. (2009) studied the relationship between profitability and isr disclosure in 56 companies listed in malaysia stock exchange in 2004-2006. he found that profitability has a positive effect on isr disclosure. this result is supported by lestari (2013), rama (2014), kurniawati and yaya (2017), and taufik et al. (2015). they studied indonesian sharia banks and sharia companies registered in indonesian sharia stock list generally. based on such finding, the hypotheses proposed are: h3: profitability has a significant positive effect on the level of isr in indonesia. h4: profitability has a significant positive effect on the level of isr in malaysia. khoirudin (2013) studied the size of the board of commissioner and isr disclosure on 10 sharia business units in indonesia, in 2010-2011. he found that the size of the board of commissioners has a positive effect on the level of isr disclosure in indonesia islamic banks. the result is supported by the study of sembiring (2005) in 78 companies listed in the indonesian stock exchange in 2002; rizki et al. (2014) in the companies listed by the indonesian stock exchange in 2010-2012; and haribowo (2015) in 10 islamic banks registered in bank of indonesia in 2012-2014. referring to those studies, the hypotheses developed are: h5: board of commissioners have a significant positive effect on the level of isr in indonesia. h6: board of commissioners have a significant positive effect on the level of isr in malaysia. othman et al. (2009) and jizi (2014) found board composition has a significant positive effect on isr index. othman et al. (2009) studied 56 companies listed in malaysia stock exchange in the period 2004-2006. jizi (2014), on the other hand, studied on 98 banks in the period 2009-2011. based on those studies, the next hypotheses are: wiwit ayu nofitasari. islamic social reporting (isr) analysis in indonesia and malaysia 345 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 h7: proportion of independent commissioners has a significant positive effect on the level of isr in indonesia. h8: proportion of independent commissioners has a significant positive effect on the level of isr in malaysia. in terms of the commissioner meetings, charles and chariri (2012) found that the frequency of commissioner meetings has a positive effect on csr disclosure at 10 sharia banks in the period of 20062010. the research result from rizki et al. (2014) in manufacturing companies listed on the stock exchange in 2010-2012 supported charles and chariri (2012). based on the research, the hypotheses proposed are: h9 : frequency of commissioners meetings has a significant positive effect on the level of isr in indonesia. h10: frequency of commissioner meetings has a significant positive effect on the level of isr in malaysia. sofyani and ulum (2012) stated that the overall social performance of islamic banks in malaysia is higher than in indonesia. merina and verawati (2016) stated that islamic banks were better in isr disclosures than the companies listed in jakarta islamic index. sunarto (2016), on the comparison of existing shariah banking governance in the period of 2010-2013, concluded that there was a difference between the average value of the index isr with the average gr index value. based on the research, the hypothesis is: h11: there are significant differences at the isr disclosure level in indonesia and malaysia methods this is quantitative descriptive research and uses secondary data for all variables, by analyzing the unit of sukuk issuing companies listed in the indonesian sharia stocks index and malaysia stock exchange in 2013-2017. the sampling technique in this study uses a purposive sampling method (azwar, 2014). criteria of the sample selection include: a) companies listed on indonesia sharia stocks index in 2013 -2017; b) companies listed on the malaysia stock exchange in 2013 -2017; c) companies that issue sukuk; d) companies with a complete annual report. the companies chosen as samples in this research do not include banks and capital companies. based on the above criteria, there are ten samples of companies issued sukuk in indonesian sharia stocks index and eight companies issued sukuk in the malaysian stock exchange. 346 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 table 1. operational definition and measurement of the variables no. variable definition measurement 1 company size (size) the total assets owned by the company are measured by dummy variables total assets of all companies total companies) the value one if the total assets company are above average, 0 if below the average 2 profitability (return on asset) the company’s ability to make a profit earning after tax total aset 3 board of commissioners (boc) total number board of commissioners in a company total number of board of commissioners 4 the proportion of independent commissioners (poic) total number of independent commissioners in a company total number of independent commissioners total number board of commissioners 5 frequency of commissioners meetings (focm) total number of meetings conducted by the board of commissioners in 1 year board of commissioners meeting in the year 6 islamic social reporting (isr) isr index disclosures include funding and investment, products and services, employees, society, environment, and corporate governance. total isr is measured by the score of the isr of each company through analysis content, the value 1 if the component is disclosed and 0 if not disclosed the model used in this research is: y= β0 + β1size + β2roa + β3boc+ β4poic + β5focm+ ɛ where: y : islamic social reporting (isr) β0 : constant size : company size roa : return on asset boc : board of commissioners poic : proportion of independent commissioners wiwit ayu nofitasari. islamic social reporting (isr) analysis in indonesia and malaysia 347 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 focm : frequency of commissioners meetings ɛ : prediction error data are analyzed with regression analysis and different t-test after run classical assumption test. result and discussion table 2. statistic descriptive in indonesia variable n minimum maximum mean std. dev isr in indonesia 50 4.00 28.00 19.16 5.708426 size 50 0.00 1.00 0.32 0.471212 roa 50 -0.14 1.91 0.0666 0.272034 boc 50 2.00 16.00 4.84 2.743155 poic 50 0.20 0.70 0.3866 0.082428 focm 50 0.00 24.00 6.26 5.306177 source: data processed based on table 2, the minimum isr level in indonesia is 4.00, and the maximum amount is 28.00. the average issi isr level is 19.16, with a standard deviation of 5.71. the company size has a minimum value of 0.00 and a maximum of 1.00. the average company size is 0.32, with a standard deviation of 0.47. profitability minimum value of -0.14 and a maximum of 1.91. the average value of profitability is 0.067, with a standard deviation of 0.27. the minimum board of commissioner is two people and a maximum of 16 people. the average board of commissioner is four people with a standard deviation of 2.74. the minimum amount of the proportion of independent commissioners is 20%, and a maximum of 70%. the average proportion of independent commissioner is 39% with a standard deviation of 0.082. the lowest frequency of commissioners meetings is 0. it means that there are no meetings in one year and the maximum frequency of the meetings is 24 times a year. the average frequency of meetings in one year is six times with a standard deviation of 5,306. 348 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 table 3. statistic descriptive in malaysia variable n minimum maximum mean std. dev isr in malaysia 40 12.00 28.00 17.75 3.656746 size 40 0.00 1.00 0.375 0.490290 roa 40 0.00 0.18 0.03625 0.042948 boc 40 7.00 16.00 10.75 3.069703 poic 40 0.13 0.70 0.38025 0.165877 focm 40 0.00 21.00 6.925 5.070718 source: data processed based on table 3, the minimum isr level in malaysia is 12.00, and the maximum is 28.00. the average isr in malaysia stock exchange is 17.75, with a standard deviation of 3.66. the company size has a minimum value of 0.00 and a maximum of 1.00. the average company sizes are 0.37, with a standard deviation of 0.49. the minimum value of profitability is 0.00 and a maximum of 0.18. the average value of profitability is 0.036, with a standard deviation of 0.043. the minimum size of board of commissioner is seven people, and maximum is 16 people. the average size of board of commissioners is ten people with a standard deviation of 3.07. the minimum amount of the proportion of independent commissioners is 13%, and the maximum is 70%. the average proportion of independent commissioners is 38% with a standard deviation of 0.166. the lowest frequency of commissioner’s meetings is 0. it means that there are no meetings in one year and the maximum frequency of the meetings is 21 times a year. the average frequency of meetings in one year is six times with a standard deviation is 5.07. based on the results of the normality, multicollinearity, heteroscedasticity and autocorrelation test, it is known that the test results have met the classical assumption criteria. table 4. isr regression test in indonesia variable coefficient std. error t-statistics prob. c 17.90863 4.146394 4.319086 0.0001 size 3.895005 1.598526 2.436623 0.0189 ** roa -3.691354 2.771175 -1.332054 0.1897 boc 0.208556 0.278436 0.749027 0.4578 wiwit ayu nofitasari. islamic social reporting (isr) analysis in indonesia and malaysia 349 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 poic -7.458235 9.146883 -0.815385 0.4192 focm 0.339418 0.142716 2,378,269 0.0218 ** adjusted r-squared 0.166362 prob (f-statistic) 0.021923 source: data processed *, **, *** shows a significant level at α = 10 %, 5% and 1% table 5. isr regression test in malaysia variable coefficient std. error t-statistics prob. c 16.74524 3.113995 5.377415 0.0000 size 0.995604 1.202722 0.827792 0.4136 roa 8,223,000 15.53703 0.529252 0.6001 boc -0.192280 0.232896 -0.825605 0.4148 poic -0.258121 3.911541 -0.065989 0.9478 focm 0.360792 0.129443 2.787260 0.0086 ** adjusted r-squared 0.210662 prob (f-statistic) 0.021214 source: data processed *, **, *** shows a significant level at α = 10 %, 5% and 1% based on table 4 the adjusted r-squared is 16.6%, it means that 16.6% of the variation of isr in indonesia could be explained by size, roa, boc, poic and focm while the remaining 83.4% is explained by other variables outside the model. the prob (f-statistic) value 0.02, so the variable size, roa, boc, poic and focm effect isr level in indonesia. based on table 5, the adjusted r-squared is 21%. it means that 21% of the variation of isr in malaysia could be explained by size, roa, boc, poic and focm while the remaining 79% is explained by other variables outside the model. the prob (f-statistic) value 0.02, so the variable size, roa, boc, poic and focm affect isr level in malaysia. based on table 4, the variable of company size has a significant positive effect on the level of isr in indonesia, the value of the t-statistic size of 2.436623 with prob value of 0.0189. prob value less than 0.05; it can be concluded that h1 is accepted. these results support the research of sunarsih and ferdiyansyah (2017) in 30 companies registered in indonesia sharia stock list in the period of 2012-2014. they stated that the company size has a positive effect on isr disclosure. it happened because large companies have large amounts of assets. therefore, the companies will disclose more information than small companies. the study of putri and yuyetta 350 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 (2014), in 142 companies registered in indonesia sharia stocks index in the period 2011-2012, found that the company size has a significant positive effect on isr disclosure. they stated that large companies usually have more complex activities and have a greater impact on society, so the isr disclosure increased. this result is supported by hartini (2018) who studied in companies listed in jakarta islamic index in the period 2011-2015. based on table 5, company size does not affect the level of isr in malaysia with a prob value is 0.4136. prob value is more than 0.05, and it can be concluded that h2 is rejected. this result supports the research of laksmitaningrum and purwanto (2013), and karina and yuyetta (2013). it happened because disclosure of corporate social responsibility is voluntary. based on table 4, roa does not affect the level of isr in indonesia with a prob value is 0.1897. prob value is more than 0.05, and it can be concluded that h3 is rejected. these results support the research by nugraheni and wijayanti (2017) in companies listed on sharia securities. nur and priantinah (2012) have the same finding in 66 companies listed on the indonesia stock exchange the period 20082010. this is because companies with high-profit rates are assumed to see a report of their social activities unnecessary. based on table 5, roa does not affect the isr level in malaysia with a prob value of 0.6001. the prob value is more than 0.05, and it can be concluded that h4 is rejected. this result supports research by sembiring (2005) on 38 companies listed on the jakarta stock exchange in 2002 and hartini (2018) in registered companies in jii in 2011-2015. this is because companies with high profitability do not necessarily carry out more social activities due to their profit orientation. companies are more interested in focusing on the disclosure of financial information. moreover, to these company, it is unnecessary to consider reporting matters that can disrupt information about a company’s financial success such as isr. the other reason is profits owned by the company are prioritized for operational purposes. therefore, the use of funds for social activities is smaller. based on table 4, the board of commissioners does not affect the level of isr in indonesia with prob value is 0.4578. the prob value is more than 0.05, and it can be concluded that h5 is rejected. this result is in line with the research by suaryana (2012) in 75 manufacturing companies listed in the indonesia stock exchange in 2007-2009 and the study of ramdhaningsih and utama (2013) on property and real estate companies listed in the indonesia stock exchange in 2009-2011. baidok and septiarini (2016) have the same result on bus in the period 2010-2014. this is because in carrying out their duties, the board of commissioners (tend to be wiwit ayu nofitasari. islamic social reporting (isr) analysis in indonesia and malaysia 351 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 passive), and cannot monitor directly. therefore, the board of commissioners does not support the ongoing isr disclosure in the company. the result in indonesia is the same as in malaysia. based on table 5, the board of commissioners does not affect the level of isr in malaysia with prob value is 0.4148. the prob value is more than 0.05, and it can be concluded that h6 is rejected. research by paramita and marsono (2014) in the mining sector listed on the idx in 2010-2012 stated that the board of commissioners has no significant effect on social disclosure. the insignificant results can be caused by the ineffectiveness of the board of commissioners in suppressing company management to disclose social and environmental responsibility (suaryana, 2012). based on table 4, the proportion of independent commissioners does not affect the level of isr in indonesia with prob value is 0.4192. the prob value is more than 0.05, and it can be concluded that h7 is rejected. this result supports the research by gantyowati and nugraheni (2014) on 114 non-financial companies listed in the indonesia stock exchange in 2009-2011, which stated that independent commissioners would not affect the disclosure of voluntary information. this is because the independent board is a part-time member. it seems very difficult to do an in-depth understanding of the complexity of the company’s operations, and ultimately it is impossible to influence the decision making. paramita and marsono (2014) supported that result, finding that the independent commissioners do not influence the decision making, because they are not involved in the company’s operations. based on table 5, the proportion of independent commissioners does not affect the level of isr in malaysia with a prob value is 0.9478. the prob value is more than 0.05, and it can be concluded that h8 is rejected. this result is similar to the research by ramdhaningsih and utama (2013) on property and real estate companies listed on the indonesian stock exchange in 2009-2011. the result shows that the proportion of independent commissioners does not have significant negative effects on social responsibility disclosures. permanasari (2018) studied 100 companies listed in the indonesia stock exchange in 2015-2016 and found that the proportion of independent commissioners did not affect voluntary disclosure. this insignificant result because the independent board of commissioners are not involved in the company’s operations. based on table 4, the frequency of commissioner meetings affects the level of isr in indonesia with prob value is 0.0218. prob values are less than 0.05, so it can be concluded that h9 is accepted. these results support research by 352 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 ullah et al. (2018) in 66 manufacturing companies listed on the pakistan stock exchange in 2013-2015. vafeas (2003) supported these result in manufacturing companies in the period 2000-2002. vafeas (2003) stated that the more frequency of commissioners meeting, the more it will improve company performance. this is because the frequency of commissioner meeting makes supervision effective so that the company’s performance gets better. if the company gets better, the disclosure of social responsibility is increasingly widespread. research by rizki et al. (2014) in manufacturing companies listed on the stock exchange in 2010-2012, revealed that the frequency of commissioner meetings has a significant positive effect on social responsibility disclosures. these results indicate that the number of board of commissioner meetings will give more time to discuss the implementation of corporate governance, including csr disclosure. based on table 5, the frequency of commissioner meetings affect the isr level in malaysia with prob value is 0.0086. prob values less than 0.05, so it can be concluded that h10 is accepted. these results support research by brick and chidambaran (2010) in companies listed on the malaysia stock exchange in the period 2007-2008. this is because the more frequent meetings between the board of commissioners will help in making corporate decisions both in financial and social. according to suhardjanto et al. (2012) the number of board of commissioner meetings as one form of supervision, so the number of meetings conducted by the board of commissioners gives more time to discuss the implementation of corporate governance. table 6. different test method df value probability f-test (39.49) 2.436930 0.0034 source: data processed based on a different test, t-test probability value is 0.0034. the value is less than 0.05, and it can be concluded that there is a difference between the level of isr in indonesia and malaysia, then h 11 accepted. isr disclosure in malaysia is higher than in indonesia. because companies which issued sukuk on malaysia stock exchange are more to reveal isr indicators totalling 43 items and focus on main core shariah business without combining conventional aspects, so it can be concluded that in indonesia there is a need for regulations in isr disclosure from the government to improve the quality of disclosure of social responsibility to stakeholders. wiwit ayu nofitasari. islamic social reporting (isr) analysis in indonesia and malaysia 353 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 conclusions based on the above results, it can be concluded that the company size has a significant positive effect on the level of isr in indonesia. this is because large companies have large amounts of assets so that companies will disclose more information than small companies. meanwhile, in malaysia, the size of the company does not affect the isl level. profitability, board of commissioners, and the proportion of independent commissioners do not affect isr levels in indonesia and malaysia. on the other hand, the frequency of commissioner meetings has a significant positive effect on the level of isr in indonesia and malaysia. this is because the frequency of commissioners meeting held regularly and weighted by the board of commissioners makes supervision more effective so that disclosure of social responsibility is getting better. there is a different level of isr in indonesia and malaysia because there are differences in regulations, culture, and situation between indonesia and malaysia. the implication from these results is that there is a need for regulations in isr issued by the governments to improve the quality of social responsibility disclosure to stakeholders. finally, this study suggests future research related to isr. first, the research objects can be further expanded not only indonesia and malaysia but also other islamic countries. second, the analysis techniques used can be more varied, for example, using moderated regression analysis or path analysis, and using different independent variables. references azwar, saifuddin. 2014. research methods. yogyakarta: student library. baidok, wardatul & dina fitrisia septiarini. 2016. “influence of the board of commissioners, composition of the independent commissioners, sharia supervisory board, frequency of sharia commissioners meetings, and frequency of audit committee meetings on disclosure of islamic social reporting index in sharia commercial banks 2010-2014.” journal of islamic economics theory and applied 3(12): 1020-1034. brick, ivan e & chidambaran, nk. 2010. “board meetings, committee structure and firm.” journal of corporate finance 16(4): 533-553. charles & chariri. 2012. “analysis of the effect of islamic corporate governance on disclosure of corporate social responsibility (case study on islamic banks in asia).” diponegoro journal of accounting 3(5): 1-15. freeman, r edward. 2010. stakeholder theory. new york: cambridge university press. 354 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.10630 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 gantyowati, evi & nugraheni, rosa lenna. 2014. “the impact of financial distress status and corporate governance structures on the level of voluntary disclosure 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oleh perorangan maupun dunia usaha di indonesia. asuransi merupakan sarana financial dalam tata kehidupan rumah tangga baik dalam menghadapi resiko yang mendasar seperti: resiko kematian, atau dalam menghadapi resiko atas harta benda yang dimiliki. demikian pula dunia usaha dalam menjalankan strategi pemasaran produk fulprotek pt. asuransi takaful keluarga dan bank muamalat indonesia siti mashnu’ah stai siliwangi garut email: mashuah@yahoo.co.id abstrak: pemasaran merupakan salah satu ilmu ekonomi yang telah lama berkembang, dan sampai pada saat ini pemasaran sangat mempengaruhi keberhasilan suatu perusahaan untuk bisa bertahan di dalam pangsa pasar. oleh karena itu perusahaan harus melakukan bauran pemasaran yang juga mempunyai pengaruh untuk menentukan berhasil tidaknya dalam memasarkan produknya. apabila bauran pemasaran yang di laksanakan perusahaan tersebut mampu memasarkan produknya dengan baik, hal ini akan berpengaruh terhadap tujuan perusahaan. kata kunci: pemasaran. ekonomi, fullprotek siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .104 kegiatannya menghadapi berbagai resiko yang mungkin dapat mengganggu kesinambungan usaha. walaupun banyak metode untuk menangani resiko, namun asuransi merupakan metode yang banyak dipakai. asuransi menjanjikan perlindungan kepada pihak tertanggung terhadap resiko yang di hadapi perorangan maupun resiko yang dihadapi perusahaan, semakin hari produk asuransi yang dipasarkan semakin variatif dan sudah di modifikasi dengan jenis produk keuangan lainnya, salah satunya adalah produk asuransi yang di kombinasikan dengan produk perbankan. sudah seharusnya industri perbankan dan asuransi lebih memperkuat dan memaksimalkan pendayagunaan dana masyarakat. di dunia perbankan maupun asuransi istilah bancassurance (pemasaran produk asuransi melalui bank) bukanlah suatu hal yang baru. istilah ini telah di pakai oleh kedua lembaga keuangan itu dalam menggembangkan jaringan bisnis yang di yakini memiliki prospek sangat cerah di masa mendatang. apalagi konsep ini merupakan konsep perpaduan antara produk jasa perbankan dengan produk asuransi yang menawarkan perlindungan (proteksi). pemasaran merupakan salah satu ilmu ekonomi yang telah lama berkembang, dan sampai pada saat ini pemasaran sangat mempengaruhi keberhasilan suatu perusahaan untuk bisa bertahan di dalam pangsa pasar. oleh karena itu perusahaan harus melakukan bauran pemasaran yang juga mempunyai pengaruh untuk menentukan berhasil tidaknya dalam memasarkan produknya. apabila bauran pemasaran yang di laksanakan perusahaan tersebut mampu memasarkan produknya dengan baik, hal ini akan berpengaruh terhadap tujuan perusahaan. salah satu strategi yang berperan penting adalah kebijakan harga, dimana dengan penetapan harga yang tepat sesuai dengan target marketnya, diharapkan tingkat penjualan produk perusahaan dapat meningkat dan bersaing dengan produk lain yang sejenis. usaha untuk mempertahankan atau bahkan meningkatkan volume penjualan ini dapat juga di tempuh perusahaan dengan cara melakukan promosi. tujuan dari promosi adalah menumbuhkan rangsangan pada orang terhadap produk yang dipasarkan. maka pemahaman tentang produk menjadi sesuatu yang sangat penting dalam dunia usaha asuransi syariah. asuransi sebagai lembaga al-iqtishad: vol. ii, no. 2, juli 2010 105 keuangan perlu mengkomunikasikan setiap produk yang mereka tawarkan. hal ini dilakukan agar masyarakat mengetahui dan memiliki minat membeli manfaat dari produk asuransi yang ditawarkan sesuai dengan kebutuhan dan keinginannya. banyak perusahaan asuransi yang menawarkan produkya, baik produk baru atau pengembangan dari produk lama. diantara mereka ada yang gagal dan tidak sukses dalam merebut kepuasan konsumen. hal ini disebabkan karena pembeli (buyer’s market) yang selalu berubah-ubah. sebagai perusahaan asuransi yang murni syariah, perusahaan asuransi takaful keluarga harus mempunyai strategi tersendiri dalam mengembangkan dan memasarkan produknya. persoalannya adalah bagaimana membuat produk asuransi yang baik dan berkualitas yang nantinya akan dapat menarik minat nasabah dalam membeli manfaat dari produk asuransi tersebut, dan bagaimana produk asuransi syariah tersebut dapat di pasarkan kepada masyarakat, terutama kepada masyarakat yang ber agama islam dan starategi apa yang lebih tepat digunakan dalam pemasaran tersebut. saat ini, pemasaran asuransi dengan menggunakan jasa perbankan me rupakan hal yang tidak asing lagi. karena produk-produk yang ditawarkan sangat beraneka macam untuk seluruh kebutuhan yang berkaitan dengan kepentingan industrinya. salah satu antaranya yaitu kartu fulprotek milik pt asuransi takaful keluarga (atk). produk ini merupakan sebuah produk kolaborasi dari takaful indonesia dengan bank muamalat. produk ini memberikan perlindungan sepenuhnya melalui investasi murni syariah. fulprotek adalah terobosan baru produk bancassurance, me nawarkan berbagai kelebihan meliputi kartu multiguna yang berfungsi sebagai kartu asuransi, atm dan debit, bedanya fulprotek merupakan kartu investasi berasuransi yang dikelola secara syariah dengan bagi hasil menguntungkan.1 keberadaan produk asuransi syariah selain karena tuntutan pasar juga di karenakan keberadaan suatu produk di perlukan dalam rangka menjaga komitmen terhadap prinsip-prinsip syariah terutama kemaslahatan ummat 1 http://www.takaful.com siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .106 dan rahmatan lil alamin.2 kondisi ini menunjukkan bahwa selain karena orientasi bisnis, asuransi syariah juga berorientasi pada syiar islam. hal inilah yang menjadikan asuransi syariah dituntut lebih aktif, kreatif dan inovatif terhadap berbagai perkembangan di dalam kehidupan masyarakat. perkembangan asuransi syariah dan banyaknya masalah masyarakat yang ditemui, akan berdampak semakin beragam produk yang ditawarkan kepada masyarakat. produk asuransi syariah merupakan representasi dari kondisi “permintaan” masyarakat akan keberadaan suatu produk. maka dengan keberadaan ini perlu dukungan dari berbagai elemen masyarakat untuk menjadikan posisi asuransi syariah dengan dukungan produkproduknya semakin berarti dalam pembangunan. strategi pemasaran strategi berasal dari kata yunani strategeta (stratos = militer, dan ag = memimpin), artinya seni atau ilmu untuk menjadi seorang jenderal.3 konsep ini relevan dengan situasi pada zaman dahulu yang sering diwarnai perang, dimana jenderal dibutuhkan untuk memimpin suatu angkatan perang agar dapat selalu memenangkan perang. bisnis adalah perang, karena pada dasarnya menjalankan bisnis adalah menjalankan strategi bertahan, menyerang dan menaklukan musuh. itulah sebabnya, banyak sekali falsafah perang yang kemudian di terap kan dalam strategi pemasaran. demikian halnya dengan teori pemasaran. pemasaran merupakan fungsi bisnis yang mengidentifikasikan keinginan dan kebutuhan yang belum terpenuhi saat sekarang, mengukur seberapa besarnya kebutuhan tersebut, menentukan sasaran mana yang paling baik untuk dilayani organisasi serta mencari program pelayanan yang tepat untuk mampu melayani keinginan pasar. jadi pemasaran merupakan media penghubung antara kebutuhan nasabah potensial dengan organisasi atau manajemen sebagai produsen produk dan jasa perusahaan. 2 heri sudarsono, bank dan lembaga keuangan syariah, (uii yogyakarta: ekonosia), edisi 2, h. 126 3 fandy tjiptono, strategi pemasaran, (yogyakarta: andi press, 2001), cet. ke-5, h.3. al-iqtishad: vol. ii, no. 2, juli 2010 107 seperti diketahui, tidak seorangpun terutama ahli-ahli pemasaran yang tidak memandang penting kehadiran sebuah sistem pemasaran di dalam setiap perusahaan. termasuk di dalamnya perusahaan asuransi baik itu konvensional maupun asuransi syariah. menurut m. syakir sula mendefinisikan pemasaran sebagai sebuah disiplin bisnis strategis yang mengarahkan proses penciptaan, penawaran, dan perubahan values dari satu inisiator kepada stakeholders-nya.4 kotler mendefinisikan pemasaran adalah suatu proses sosial dan manajerial yang di dalamnya terdiri dari individu dan kelompok dalam mendapatkan apa yang mereka butuhkan dan inginkan dengan menciptakan, menawarkan, dan mempertukarkan produk yang bernilai dengan pihak lain.5 menurut definisi dari ama (american marketing association) pemasaran memiliki dua hal. pertama, pemasaran merupakan filosofi, sikap, perspektif atau orientasi manajemen yang menekankan pada kepuasan konsumen. kedua, pemasaran adalah sekumpulan aktivitas yang digunakan untuk mengimplementasikan filosofi ini.6 jadi pemasaran merupakan suatu proses perencanaan dan menjalankan konsep, harga, promosi, dan distribusi sejumlah ide, barang, dan jasa untuk menciptakan pertukaran yang mampu memuaskan tujuan individu dan organisasi. pemasaran adalah sebuah disiplin bisnis strategis yang mengarah kan proses penciptaan, penawaran, dan perubahan value dari suatu inisiator kepada stakeholder-nya, yang dalam keseluruhan prosesnya sesuai dengan akad dan prinsip-prinsip muamalah dalam islam.7 strategi adalah rencana cermat tentang suatu kegiatan guna meraih 4 ir. m. syakir sula, aaij, ffis, asuransi syariah (life and general) konsep dan sistem operasional, (jakarta: gema insani press, 2004), cet. 1, h. 423. 5 abdullah amrin, se., strategi pemasaran asuransi syariah (memenangkan persaingan usaha bisnis asuransi dan bank syariah secara syariah), (jakarta: pt. grasindo, 2007), cet. pertama, h. 1. 6 lamb, hair, mcdaniel, penerjemah: david octarevia, pemasaran, (jakarta: pt. salemba empat petria, 2001), cet. 1, h. 6. 7 hermawan kartajaya dan m. syakir sula, syariah marketing, (jakarta: mizan, 2006), cet.ii, h. pendahuluan xxvi. siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .108 suatu target atau sasaran.8 sedang pemasaran adalah suatu sistem keseluruhan dari kegiatan-kegiatan usaha yang saling berkaitan antara satu dengan yang lain bertujuan untuk merencanakan, menentukan harga, melakukan promosi serta mendistribusikan barang dan jasa untuk memuas kan kebutuhan pembeli yang ada khususnya kepada pembeli potensial.9 adapun tujuan marketing atau pemasaran adalah untuk memahami keinginan dan kebutuhan konsumen agar produk atau jasa sesuai bagi konsumen sehingga produk-produk atau jasa tesebut dapat terjual dengan sendirinya. jika dewasa ini pasar barang dan jasa merupakan pasar pembeli (buyer’s market), dimana para pemakai dapat menentukan harga beli dikerenakan barang dan jasa sangat melimpah, sehingga penjual dapat menentukan harga produk (seller’s merket) atau dikatakan sebagai pasar penjual. menurut perspektif syariah pemasaran adalah segala aktivitas yang dijalankan dalam kegiatan bisnis berbentuk kegiatan penciptaan nilai (value creating activities) yang memungkinkan siapapun yang melakukannya bertumbuh serta mendayagunakan kemanfaatannya yang dilandasi atas kejujuran, keadilan, keterbukaan dan keikhlasan sesuai dengan proses yang berprinsip pada akad bermuamalah islami atau perjanjian transaksi bisnis dalam islam. pemasaran dalam fiqih islam disebut wakalah atau perwakilan. wakalah atau wikalah yang berarti penyerahan, pendelegasian, atau pemberian mandat. wakalah dapat juga didefinisikan sebagai penyerahan dari seseorang (pihak pertama/pemberi perwakilan) apa yang boleh dilakukan sendiri dan dapat diwakilkannya kepada yang lain (pihak kedua) untuk me lakukannya semasa ia (pihak prtama) masih hidup. dengan demikian orientasi produsen dalam buyer’s market adalah pada keinginan dan kebutuhan konsumen. untuk mengarah pada tujuan tersebut, maka kegiatan ataupun proses pertukaran itu harus dapat dikelola dengan baik oleh manusia dan organisasinya agar dapat menghasilkan 8 drs. peter salim dan yenny salim, kamus bahasa indonesia kontemporer, h. 1463. 9 william j stanton, prinsip­prinsip pemasaran,(jakarta: erlangga, 1994), h.34. al-iqtishad: vol. ii, no. 2, juli 2010 109 pendapatan bagi mereka sendiri serta kepuasan bagi pihak lain. dalam kegiatannya dengan pengelolaan dari proses pertukaran itu, strategi pemasaran akan dapat digunakan sebagai alat bantu agar dapat mem pengaruhi tingkat, pemilihan waktu (timeing) dan sifat permintaan sedemikian rupa sehingga membantu organisasi dalam mencapai tujuan nya. dari paparan diatas, maka strategi pemasaran sendiri dapat diartikan sebagai seleksi atas pasar sasaran, menentukan posisi bersaing dan pengembangan suatu bauran pemasaran yang efektif untuk mencapai dan melayani klien-klien yang telah terpilih.10 dari definisi tersebut, dalam memasarkan produk atau jasa yang dihasilkan perusahaan terlebih dahulu harus menentukan siapa yang akan menjadi pasar sasaran (target market), kemudian di ikuti dengan pengembangan strategi penentuan posisi bersaing dengan perusahaan-perusahaan lain yang telah memutuskan pasar yang sama sebagai target sasarannya. disamping itu, perusahaan harus juga selalu mengembangkan bauran pemasaran yang terdiri dari produk, harga, promosi dan distribusi sehingga dapat bersaing dengan perusahaan lain. setiap perusahaan mempunyai tujuan untuk dapat tetap hidup dan ber kembang, tujuan tersebut hanya dapat dicapai melalui usaha mempertahankan dan meningkatkan penjualannya, melalui usaha mencari dan membina langganan, serta usaha menguasai pasar. tujuan ini hanya dapat dicapai apabila bagian pemasaran perusahaan melakukan strategi yang mantap untuk dapat menggunakan kesempatan atau peluang yang ada dalam pemasaran, sehingga posisi atau kedudukan perusahaan dipasar dapat dipertahankan dan sekaligus ditingkatkan. oleh karena itu strategi pemasaran mempunyai peranan yang sangat penting untuk keberhasilan usaha perusahaan umumnya dan pemasaran khususnya. di samping itu, strategi pemasaran yang ditetapkan harus ditinjau dan dikembang kan sesuai dengan perkembangan pasar dan lingkungan pasar tersebut. dengan demikian, strategi pemasaran harus dapat memberi gambaran yang jelas dan terarah tentang apa yang akan dilakukan perusahaan dalam menggunakan setiap kesempatan atau peluang pada beberapa pasar sasaran. 10 philip kotler dan paul n. bloom, teknik dan strategi pemasaran jasa profesional, (jakarta: intermedia, 1995), h. 27. siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .110 strategi pemasaran produk fulprotek dewasa ini perusahaan-perusahaan jasa asuransi menerapkan strategi baru dalam memasarkan produk-produknya karena banyaknya persaingan yang ketat dalam setiap perusahaan, juga mempunyai tujuan agar dapat tetap bertahan hidup, berkembang dan diminati oleh konsumen. dalam memasarkan suatu produk, hal yang sangat penting untuk diketahui adalah mengenai bauran pemasaran (marketing mix). istilah bauran pemasaran mengacu pada paduan strategi produk, distribusi, promosi, dan penentuan harga yang bersifat unik yang dirancang untuk menghasilkan pertukaran yang saling memuaskan dengan pasar yang dituju. bauran pemasaran terdiri atas 4p yaitu: produk (product), harga (price), tempat (place), dan promosi (promotion). 1. produk (product) biasanya bauran pemasaran dimulai dengan produk “p”. inti dari bauran pemasaran, yang merupakan langkah awalnya adalah penawaran produk dan strategi produk. sangat sulit untuk mendisain suatu strategi distribusi, memutuskan kampanye promosi, atau menentukan harga tanpa mengenali produk yang akan dipasarkan. produk tidak hanya meliputi unit fisiknya saja tetapi juga kemasan, garansi, merek, nama baik perusahaan, nilai kepuasan dan masih banyak lagi faktor lainnya. hal inilah yang dijadikan dasar perusahaan asuransi takaful keluarga dalam membuat suatu produk, selain produk yang dihasilkan harus sesuai dengan keinginan dan kebutuhan pembeli (nasabah) produk tersebut juga mencerminkan kombinasi antara barang dan jasa yang ditawarkan. strategi pemasaran produk fulprotek adalah dengan memberi kan kemudahan dan keuntungan yang dapat diperoleh oleh nasabah dari produk fulprotek tesebut antara lain: a. merupakan kartu multiguna yang berfungsi sebagai kartu asuransi, atm, dan debit. b. memberikan kemudahan dalam bertransaksi dengan tarik tunai bebas biaya di lebih dari 8.888 atm muamalat, bca, dan atm bersama di seluruh indonesia. al-iqtishad: vol. ii, no. 2, juli 2010 111 c. akses debit di lebih dari 18.000 marchant. d. kemudahan pembayaran premi melalui automatic debit dan phone­ banking. e. saldo dapat ditambah setiap saat melalui 1.200 kantor pos online (sopp), bank muamalat, dan izi uang agen t3 (te tri) di seluruh indonesia. f. saldo investasi dapat diketahui kapan setiap saat melalui phone­ banking, atm, atau sms banking. g. bagi hasil halal dan kompetitif dari investasi murni syariah. h. manfaat asuransi lengkap meliputi: santunan meninggal dunia, cacat tetap total atau sebagian karena kecelakaan, penggantian biaya perawatan dan pengobatan karena kecelakaan. i. simple underwriting dan instant cover. j. bagi hasil dari surplus underwriting (jika ada). k. proteksi berlaku di seluruh dunia. 2. harga (price) menurut bayangan orang-orang, harga adalah uang yang dibayarkan atas suatu barang atau layanan yang diterima. memang daftar hargalah yang sering menjadi pusat perhatian saat membeli barang atau layanan. namun yang dinamakan harga adalah lebih luas dari sekedar daftar harga.11 menurut kotler harga adalah nilai yang diperuntukkan konsumen untuk suatu manfaat atas pengkonsumsian, penggunaan, atau kepemilikkan barang atau jasa. strategi penentuan harga sangat signifikan dalam memberikan nilai kepada konsumen dan mempengaruhi image produk, serta keputusan konsumen untuk membeli. penetapan harga juga berhubungan dengan pendapatan dan turut mempengaruhi suplai atau marketing chanels. akan tetapi yang paling penting dalam penetapan harga adalah harus konsisten dengan strategi pemasaran secara keseluruhan. 11 simamora bilson, memenangkan pasar dengan pemasaran efektif dan profitabel, (jakarta: pt.gramedia pustaka utama, 2001), h. 195. siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .112 harga adalah apa yang harus diberikan oleh pembeli untuk mendapatkan suatu produk. harga sering merupakan elemen yang paling fleksibel di antara keempat elemen bauran pemasaran yaitu elemen yang paling cepat berubah. harga merupakan senjata persaingan yang penting dan bahkan sangat penting bagi organisasi karena harga dikalikan dengan jumlah unit produk yang terjual sama dengan total penerima perusahaan. produk fulprotek merupakan produk co-branding antara pt. asuransi takaful keluarga dan pt. bank muamalat indonesia tbk. dimana pada produk tersebut terbagi menjadi 3 pilihan seri, yang masing-masing me miliki ketentuan harga dan manfaat yang akan diperoleh bagi calon nasabahnya antara lain sebagai berikut: 1) seri 175, dengan harga perdana rp. 175.000,manfaat yang akan didapat: a) saldo awal tabungan rp. 100.000,b) bila meninggal karena kecelakaan rp. 25.000.000,c) cacat tetap karena kecelakaan, makimum rp. 5.000.000,d) biaya perawatan karena kecelakaan, maksimum rp. 1.250.000, per-kecelakaan e) meninggal dunia biasa (bukan akibat kecelakaan) rp. 5.000.000,2) seri 275, dengan harga perdana rp. 275.000,manfaat yang akan didapat: a) saldo awal tabungan rp. 100.000,b) bila meninggal karena kecelakaan rp. 100.000.000,c) cacat tetap karena kecelakaan, makimum rp. 8.000.000,d) biaya perawatan karena kecelakaan, maksimum rp. 5.000.000, per-kecelakaan e) meninggal dunia biasa (bukan akibat kecelakaan) rp. 8.000.000,3) seri 750, dengan harga perdana rp. 750.000,manfaat yang akan didapat: a) saldo awal tabungan rp. 500.000,b) bila meninggal karena kecelakaan rp. 100.000.000,c) cacat tetap karena kecelakaan, makimum rp. 20.000.000,al-iqtishad: vol. ii, no. 2, juli 2010 113 d) biaya perawatan karena kecelakaan, maksimum rp. 5.000.000, per-kecelakaan e) meninggal dunia biasa (bukan akibat kecelakaan) rp. 20.000.000,dalam setiap penjualannya komisi yang akan diterima oleh seorang agen yaitu sebesar: seri 175 komisi agen sebesar rp. 12.500,per kartu seri 275 komisi agen sebesar rp. 30.000,per kartu seri 750 komisi agen sebesar rp. 70.000,per kartu 3. tempat (place) berbicara masalah tempat berarti pembahasannya tentang dimana pt. asuransi takaful keluarga sebagai perusahaan yang bergerak dibidang jasa, dalam menentukan tempat dimana perusahaan harus bermarkas tentunya memperhatikan saluran distribusi pemasaran produknya. dalam pemasaran produk fulprotek, pt asuransi takaful keluarga selain bekerjasama dengan bank muamalat indonesia juga masih menggunakan tenaga agen (financial consultant) dan juga 3 (tiga) distribusi chanel produk fulprotek yaitu diantaranya: 1) baznas 2) pt. pos 3) kopkar (koprasi karyawan), dan ao (alliance takaful officer). untuk kopkar (koprasi karyawan) pemasarannya berlokasikan di wilayah jakarta sedangkan ao (aliance takaful officer) berada di luar jakarta.12 pada kenyataannya, seluruh agen dan karyawan pun boleh menjual produk fulprotek tanpa ada batas karena, produk fulprotek tersebut di buat secara khusus dalam bentuk paket, yang mana didalam paket tersebut berisikan: a) starter pac lengkap (kartu, pin, tin, buku petunjuk shar-e / ringkasan syarat-syarat umum dan khusus polis fulprotek) 12 wawancara pribadi dengan bapak achmad firdaus, jakarta: 15 april 2008. siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .114 b) formulir aplikasi c) slip setoran perdana 4. promosi (promotion) promosi mencerminkan kegiatan-kegiatan yang mengkomunikasikan ke unggulan produk dan membujuk konsumen agar mereka mau membelinya. dalam melakukan promosi produk fulprotek, pt. asuransi takaful keluarga menggunakan media periklanan, seperti media masa (koran), internet, penjualan, brosur-brosur, dan publikasi. karena promosi sangat berhubungan erat dengan komunikasi. pt. asuransi takaful keluarga juga menggunakan sistem perseorangan (personal selling), terhadap penjualan produk asuransinya, alasan dalam menggunakan personal selling adalah karena sistem ini dianggap sistem yang paling berhasil dalam proses pemasaran produk. analisis swot strategi pemasaran produk fulprotek analisis swot adalah indentifikasi berbagai faktor secara sistematis untuk merumuskan strategi perusahaan. analisis ini didasarkan pada logika yang dapat memaksimalkan kekuatan (strengths), peluang (opportunities), namun secara bersamaan dapat meminimalkan kelemahan (weaknesses), dan ancaman (threats).13 penelitian menunjukkan bahwa kinerja perusahaan dapat ditentukan oleh kombinasi faktor internal dan eksternal. kedua faktor tersebut harus di pertimbangkan dalam analisis swot. swot adalah internal strenghts dan weaknesses serta lingkungan eksternal opportunities dan threats yang dihadapi dunia bisnis. kinerja perusahaan dapat ditentukan dengan analisis swot, yang merupakan hasil perbandingan dengan faktor eksternal (peluang dan ancaman / tantangan). faktor internal diperoleh dari data dalam lingkungan perusahaan, seperti dari laporan keuangan (neraca l/r, cash­flow 13 freddy rangkuti, analisis swot teknik membenah kasus bisnis, (jakarta: pt. gramedia pustaka utama, 2006), cet ke-14, h.18. al-iqtishad: vol. ii, no. 2, juli 2010 115 dll), kegiatan operasional, kegiatan pemasaran dan data staf karyawan. sedangkan faktor eksternal diperoleh dari data lingkungan di luar perusahaan, seperti dari analisis pasar, analisis kompetitor, analisis komunitas, analisis pemasok, analisis pemerintah dan analisis kelompok (untuk kepentingan tertentu). maksud dan tujuan dari analisis swot adalah untuk meneliti dan menentukan dalam hal manakah “lembaga” kuat sehingga dapat dioptimalkan, lemah sehingga dapat segera dibenahi, kesempatan-kesempatan atau peluang untuk dapat dimanfaatkan dan ancaman-ancaman dari luar untuk dapat diantisipasi. matrik swot ifas efas strenght (kekuatan) weaknesses (kelemahan) opportunities (peluang) strategi so (agresif) strategi wo (turn-around) threaths (ancaman) strategi st (difersifikasi) strategi wt (defensif) ifas adalah internalstrategic factors analysis summary, yaitu faktorfaktor strategis internal suatu perusahaan. efas adalah external strategic factor analysis summary, yaitu faktor-faktor strategi eksternal perusahaan. keduanya dibandingkan yang dapat menghasilkan alternatif strategi (so, st, wo, wt) pada kuadran 1-4, yaitu: strategi so = kuadran 1 14 ini merupakan situasi yang sangat penting menguntungkan. perusaha an tersebut memiliki peluang dan kekuatan, sehingga dapat memanfaatkan 14 muhammad ismail yustanto, menggegas bisnis islami, jakarta, gema insani press 2002, cet-1, h. 67. siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .116 peluang sebesar-besarnya. strategi yang harus diterapkan dalam kondisi ini adalah mendukung kebijakan pertumbuhan yang agresif (growth oriented strategy). strategi st = kuadran 2 ini adalah strategi dalam menggunakan kekuatan yang dimiliki pe rusaha an untuk mengatasi ancaman. strategi ini dipakai untuk me manfaatkan peluang jangka panjang dengan cara strategi diversifikasi ( produk/pasar ). strategi wo = kuadran 3 strategi ini diterapkan berdasarkan pemanfaatan peluang yang ada dengan cara meminimalkan kelemahan yang ada. perusahaan menghadapi peluang pasar yang sangat besar, tetapi di lain pihak harus menghadapi beberapa kendala / kelemahan internal. cara yang efektif adalah dengan peninjauan kembali teknologi yang digunakan untuk atau dengan menawarkan produk-produk baru. strategi wt = kuadran 4 strategi ini merupakan situasi yang sangat tidak menguntungkan. dimana perusahaan harus menghadapi berbagai ancaman dan kelemahan internal. kegiatan ini bersifat defensif dan berusaha meminimalkan kelemahan yang ada serta menghindari ancaman. kekuatan (strenght) strategi pemasaran produk fulprotek a. citra perusahaan yang baik. perusahaan asuransi takaful dikenal sebagai perusahaan asuransi syariah pertama kali yang menggunakan aplikasi sistem syariah di dalam mengoprasikan dananya. hal ini dapat dilihat dari banyaknya anak cabang yang telah beroprasi di seluruh indonesia dan juga sebagai contoh bagi perusahaan-perusahaan asuransi konvensional yang membuka cabang syariah. sampai saat ini citra perusahaan asuransi takaful keluarga sudah tidak diragukan lagi selain itu, atas upaya keras seluruh jajaran perusahaan, al-iqtishad: vol. ii, no. 2, juli 2010 117 asuransi takaful keluarga meraih mui award 2004 sebagai asuransi syariah terbaik di indonesia. dan memperoleh sertifikasi iso 9001:2000 dari det norske veritas (dnv), di belanda pada april 2004. b. menggunakan jasa perbankan didalam memasarkan produk untuk sebuah perusahaan asuransi strategi pemasaran merupakan masalah yang urgen. dalam memasarkan produk asuransi jasa bank sangat di perlukan karena selain adanya kerjasama yang terjalin antara bank dan asuransi nasabah juga mendapat pelayanan jasa tabungan sekaligus proteksi perlindungan dari asuransi. c. memberikan kemudahan berakses kepada nasabah dengan memiliki produk ini nasabah bisa melakukan transaksi di lebih dari 18.000 merchant, diseluruh indonesia. d. sistem personal selling merupakan cara yang paling efektif yang digunakan sistem personal selling atau agency merupakan salah satu kekuatan dari sistem pemasaran, besarnya kekuatan dan pengaruh agen dalam penjualan produk asuransi juga diperkuat oleh survei yang dilakukan limra (life insurance marketing and research assosiation) amerika. berdasarkan hasil survei yang dilakukan lembaga tersebut terungkap bahwa sekitar 90% premi asuransi diseluruh dunia dihasilkan oleh agen. temuan ini menunjukkan bahwa kehebatan agen dalam menjual produk asuransi memang belum bisa disaingi oleh jalur distribusi lainnya.15 e. memiliki agen yang mempunyai integritas tinggi pt. asuransi takaful keluarga memiliki agen yang menjunjung tinggi nilai moral dan profesi secara profesional, memiliki sikap pantang menyerah dalam mencari nasabah serta harus mencerminkan nilai-nilai keislaman seperti jujur dan amanah. 15 agen, pilihan utama asuransi jiwa, majalah proteksi, no.172, xxv, mei 2005. siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .118 agen yang juga sebagai penasihat keuangan (financial advisor) memiliki tanggung jawab untuk memberikan usulan dan saran kepada calon nasabahnya untuk menginvestasikan uang yang calon nasabah miliki kepada suatu instrumen investasi, selain itu agen juga mengungkapkan secara terbuka fakta-fakta yang berhubungan dengan transaksi dan juga tidak bersifat memaksakan. kelemahan (weakness) strategi pemasaran produk fulprotek a. kurangnya pemahaman masyarakat tentang produk asuransi syariah karena minimnya publikasi dan sosialisasi tentang ekonomi islam, termasuk juga asuransi syariah sebagai bagian dari ekonomi islam itu sendiri kepada masyarakat luas, mengakibatkan hanya sebagian kecil masyarakat yang mengetahui tentang keberadaan dan petingnya lembaga asuransi syariah. b. promosi yang dilakukan belum menyeluruh terhadap masyarakat promosi terhadap suatu produk dinilai sangat sangat penting bagi pemasar an produk tersebut, jika dilakukan secara besar-besaran kemungkinan besar produk tersebut dikenal oleh masyarakat luas dan kemungkinan masyarakat untuk membeli produk tersebut semakin besar. c. penyebaran brosur kurang maksimal dilihat dari bentuknya, brosur merupakan sarana yang sangat penting dan praktis dalam suatu pemasaran produk, dimana calon nasabah akan dengan mudah mengetahui informasi tentang suatu produk. namun yang terjadi dilapangan, penyebaran brosur tidak sepenuhnya maksimal, brosur hanya diberikan kepada calon nasabahnya saja, bukan masyarakat secara luas. jadi efektifitas brosur masih belum maksimal dilakukan sebagai suatu alat pemasaran produk. d. produk yang belum familiar kebanyakan masyarakat luas mengetahui bahwa asuransi hanya sebagai perlindungan jiwa saja, dan menganggap sama saja seperti produk asuransi yang lainnya. padahal dalam hal ini nasabah akan mendapatkan dua keuntungan sekaligus selain nasabah bisa menabung juga mendapatkan proteksi asuransi. al-iqtishad: vol. ii, no. 2, juli 2010 119 peluang (opportunities) strategi pemasaran produk fulprotek a. fatwa mui tentang bunga bank haram dengan dikeluarkannya fatwa mui bahwa “bunga bank haram”, diharapkan semua masyarakat beralih kepada lembaga-lembaga keuangan syariah walaupun tidak semua masyarakat indonesia tertarik dalam hal ini, namun paling tidak ini akan menjadi sebuah peluang besar terhadap perkembangan syariah. b. masyarakat indonesia yang mayoritas muslim dengan adanya fatwa mui yang menyebutkan “bunga bank haram” maka ini akan menjadi peluang baik bagi lembaga keuangan syariah, dimana masyarakat indonesia yang mayoritas muslim berindikasi untuk lebih memilih lembaga keuangan yang berbasis syariah guna menghindari riba. c. banyaknya bank-bank syariah dan konvensional yang membuka divisi syariah seiring meningkatnya pertumbuhan bank syariah, kebutuhan akan asuransi syariah pun meningkat, karena dalam operasionalnya bank syariah akan membutuhkan asuransi syariah untuk meng-cover resiko yang akan timbul dari transaksi-transaksi perbankan seperti, kemacetan kredit dan investasi, hingga resiko yang timbul dari inventaris-inventaris yang mereka miliki. d. banyaknya media massa yang beroperasi dan beredar bertambah banyaknya media massa yang ada di indonesia khususnya, baik itu media elektronik maupun media cetak dapat dijadikan suatu ajang promosi dan publikasi pt. asuransi takaful keluarga agar produk yang dihasilkannya dapat dikenal secara luas oleh masyarakat. e. dukungan pemerintah dalam melakukan operasionalnya lembaga keuangan syariah sangat memerlukan dukungan dari pemerintah karena, sistem perekonomian pertama di indonesia adalah lembaga keuangan. ancaman (threath) strategi pemasaran produk fulprotek a. adanya perusahaan yang memiliki produk yang sejenis banyak bermunculannya perusahaan asuransi yang juga melahirkan siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .120 produk yang sejenis, meskipun berbeda dalam konsep,dikhawatirkan ini akan menghambat perkembangan produk fulprotek b. tingginya tingkat persaingan antar lembaga keuangan syariah saat ini lembaga keuangan syariah mengalami pertumbuhan yang pesat, maka berimplikasi pada tingginya tingkat persaingan yang terjadi antar sesama lembaga. setiap lembaga akan berlomba untuk me menangi persaingan tersebut dengan berbagai cara, mulai dari peluncuran produk-produk baru dengan manfaat yang besar dengan tarif premi yang kecil hingga perbaikan pelayanan. untuk itu perusahaan asuransi takaful keluarga harus memiliki strategi-stretegi dalam upaya manghadapi persaingan antar lembaga keuangan khusus nya asuransi syariah. c. minimnya pemahaman dan pengetahuan masyarakat tentang asuransi syariah karena minimnya publikasi dan sosialisasi tentang ekonomi islam, termasuk juga asuransi syariah sebagai bagian dari ekonomi islam itu sendiri kepada masyarakat luas, mengakibatkan hanya sebagian kecil masyarakat yang mengetahui tentang keberadaan dan petingnya lembaga asuransi syariah. d. tingginya tingkat persaingan harga produk perusahaan dapat memperoleh keunggulan bersaing lebih tinggi dibandingkan dengan pesaingnya jika dia dapat memberikan harga jual yang lebih murah dari pada harga yang diberikan oleh pesaingnya dengan nilai/kualitas produk yang sama. harga jual lebih rendah dapat dicapai oleh perusahaan tersebut karena dia memanfaatkan skala ekonomis, efisiensi produksi, penggunaan teknologi, kemudahaan akses dengan bahan baku, dan sebagainya.16 setelah semua faktor internal (kakuatan dan kelemahan) dan eksternal (peluang dan ancaman) perusahaan diketahui langkah selanjut nya adalah dengan menentukan alternatif strategi yang dapat digunakan oleh pt. asuransi takaful keluarga untuk memasarkan produknya dengan matrik swot. 16 freddy rangkuti, analisis swot h.12. al-iqtishad: vol. ii, no. 2, juli 2010 121 strategi so strategi ini dibuat berdasarkan jalan pikiran perusahaan, yaitu dengan memanfaatkan kekuatan untuk merebut dan memanfaatkan seluruh peluang se besar-besarnya. setelah melihat kekuatan berupa citra perusahaan yang baik, menggunakan jasa perbankan didalam memasarkan produk, memberikan kemudahan berakses kepada nasabah, sistem personal selling merupakan cara paling efektif yang digunakan dan memiliki agen yang mempunyai integritas tinggi. peluang berupa fatwa mui tentang bunga bank haram, masyarakat indonesia yang mayoritas muslim, banyaknya bankbank syariah dan konvensional yang membuka divisi syariah, banyaknya media massa yang beroperasi dan beredar dan dukungan dari pemerintah. perusahaan asuransi takaful keluarga dapat meningkatkan kerjasama dengan lembaga keuangan dan perusahaan lain, hal ini dapat dilihat dengan banyaknya bank-bank konvensional yang membuka divisi syariah serta menggunakan media massa sebagai media promosi, serta menambah dan memaksimalkan media massa yang ada dengan memperbanyak iklan. strategi st setelah melihat kekuatan berupa citra perusahaan yang baik, menggunakan jasa perbankan didalam memasarkan produk, memberikan kemudahan berakses kepada nasabah, sistem personal selling merupakan cara paling efektif yang digunakan dan memiliki agen yang mempunyai integritas tinggi. dan melihat ancaman berupa adanya perusahaan yang memiliki produk sejenis, tingginya tingkat persaingan antar lembaga keuangan syariah, minimnya pemahaman dan pengetahuan masyarakat tentang asuransi syariah, dan tingginya tingkat persaingan harga produk. maka perusahaan asuransi takaful keluarga mengatasi kondisi ini dengan menjaga kualitas dan mutu produk fulprotek, meningkat kan pelatihan dan keahlian terhadap agen, memahami kebutuhan dan keinginan pasar (nasabah), identifikasi strategi pesaing serta differensiasi produk. penutup produk fulprotek merupakan produk co­branding antara pt. asuransi takaful keluarga dan pt. bank muamalat indonesia tbk. dimana pada siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .122 produk tersebut terbagi menjadi 3 pilihan seri, yang masing-masing memiliki ketentuan harga dan manfaat yang akan diperoleh bagi calon nasabahnya antara lain sebagai berikut: seri 175, dengan harga perdana rp. 175.000,manfaat yang akan didapat: � saldo awal tabungan rp. 100.000, � bila meninggal karena kecelakaan rp. 25.000.000, � cacat tetap karena kecelakaan, makimum rp. 5.000.000, � biaya perawatan karena kecelakaan, maksimum rp. 1.250.000,perkecelakaan � meninggal dunia biasa (bukan akibat kecelakaan) rp. 5.000.000,seri 275, dengan harga perdana rp. 275.000,manfaat yang akan didapat: � saldo awal tabungan rp. 100.000, � bila meninggal karena kecelakaan rp. 100.000.000, � cacat tetap karena kecelakaan, makimum rp. 8.000.000, � biaya perawatan karena kecelakaan, maksimum rp. 5.000.000,perkecelakaan � meninggal dunia biasa (bukan akibat kecelakaan) rp. 8.000.000,seri 750, dengan harga perdana rp. 750.000,manfaat yang akan didapat: � saldo awal tabungan rp. 500.000, � bila meninggal karena kecelakaan rp. 100.000.000, � cacat tetap karena kecelakaan, makimum rp. 20.000.000, � biaya perawatan karena kecelakaan, maksimum rp. 5.000.000,perkecelakaan � meninggal dunia biasa (bukan akibat kecelakaan) rp. 20.000.000,dalam pemasarannya menggunakan bauran pemasaran (marketing mix) yang terdiri dari produk, (product), harga (price), tempat (place), dan promosi (promotion). kekuatan (strength) dari strategi pemasaran pt. asuransi takaful keluarga yaitu disamping memiliki citra perusahaan yang baik, di dalam memasarkan produknya menggunakan jasa perbankan yang mana hal ini dilakukan agar masyarakat luas dapat mengenal produk-produk asuransi takaful. disamping itu, nasabah dalam menggunakan produknya juga mendapatkan pelayanan jasa tabungan sekaligus proteksi perlindungan dari asuransi. memberikan kemudahan dalam bertransakasi dengan tarik tunai al-iqtishad: vol. ii, no. 2, juli 2010 123 bebas biaya di lebih dari 8.888 atm muamalat, bca, dan atm bersama di seluruh indonesia, akses debit di lebih dari 18.000 marchant, system personal selling merupakan cara yang paling efektif yang digunakan, memiliki agen yang berintegritas tinggi. kelemahannya (weakness): kurangnya pemahaman masyarakat tentang prouk-produk asuransi syariah, promosi yang dilakukan belum menyeluruh, terhadap masyarakat, penyebaran brosur kurang maksimal, produk yang belum familiar. peluang (opportunity): fatwa mui tentang bunga bank haram, masyarakat indonesia yang mayoritas muslim, banyaknya bank-bank konvensional yang membuka devisi syariah, banyaknya media massa yang beroperasi dan beredar, dukungan dari pemerintah. tantangan (threats): adanya perusahaan yang memiliki produk sejenis, tingginya tingkat persaingan antar lembaga keuangan syariah, minim nya pemahaman dan pengetahuan masyarakat tentang asuransi syariah, dan tingginya tingkat persaingan harga produk. perkembangan pemasaran produk fulprotek dari awal hingga kini sudah mencapai 2% hal ini berpengaruh terhadap pendapatan premi perusahaan. dengan jumlah nasabah yang ada pada tahun 2006 sebanyak 14.886 nasabah, 2007 bertambah 15.830 nasabah dan 2008 sejumlah 10.234. pustaka acuan al-qur’an dan terjemahnya, departemen agama, jakarta. abdul kadir, muhammad, hukum asuransi indonesia, bandung: pt. citra aditya bakti, 1991. ali, am. hasan, asuransi dalam perspektif hukum islam (suatu tinjauan analisis historis, teoritis & praktis), jakarta, kencana, 2004, cet-1 amrin, abdullah strategi pemasaran asuransi syariah, jakarta: pt. gramedia widiasarana indonesia, 2007. artikel, bancassurance. ditinjau dari perspektif asuransi, jakarta: proteksi, maret, 1999. boyd, walker, larreche, manajemen pemasaran (suatu pendekatan strategi dengan orientasi global) jakarta: penerbit erlangga, 2000, edisi ke-2. kotler philip dan n. bloom, paul. teknik dan strategi pemasaran jasa profesional, jakarta: intermedia, 1995. kasmir, manajemen perbankan, jakarta: pt. raja grafindo persada, 2003, edisi 1. siti mashnu’ah: strategi pemasaran produk fulprotek pt. asuransi takaful keluarga . . .124 kartajaya. hermawan dan sula, muhammad syakir. syariah marketing, jakarta: mizan, 2006, cet.ii. lamb, jr, charles w. dkk. penerjemah: david octarevia, pemasaran, jakarta: pt. salemba empat petria, 2001, cet. 1. lupiyodi, rambat. manajemen pemasaran jasa: teori dan praktek, jakarta: salemba empat, 2000. nashirudin al-albani, muhammad, mukhtashar shahih muslim (ringkasan shahih muslim). jakarta: pt. pustaka azzam peter, salim dan yenny, salim, kamus bahasa indonesia kontemporer, h. 1463. pkes (pusat komunikasi ekonomi syariah), buku saku lembaga bisnis syariah+), jakarta, gd. arthaloka gf-05 jl. jend. sudirman kav.2. majalah, proteksi, edisi xxv, mei 2005. rangkuti, freddy. analisis swot teknik membedah kasus bisnis, jakarta: pt gramedia pustaka utama, juli 2006, cet ke-14. salim, peter dan yenny, salim. kamus bahasa indonesia kontemporer, h. 1463. simamora, bilson. memenangkan pasar dengan pemasaran efektif dan profitabel, jakarta: pt. gramedia pustaka utama, 2001. stanton, j. william. prinsip­prinsip pemasaran, jakarta: erlangga, 1994. subana, muhammad dan sudrajat. dasar­dasar penelitian ilmiah, bandung: pustaka setia, 2001. sudarsono, heri. bank dan lembaga keuangan syariah, jakarta: pt. ekonosia, uii yogyakarta, edisi 2. sula, muhammad syakir. asuransi syariah (life and general) konsep dan sistem operasional, jakarta: gema insani press, 2004, cet.i suma, muhammad amin. asuransi syariah dan asuransi konvensional, jakarta: kholam publishing, 2006. tim penulis fakultas syariah dan hukum, pedoman penulisan skripsi, jakarta, fakultas syariah dan hukum uin syarif hidayatullah. tjiptono, fandy. strategi pemasaran, yogyakarta: andi press, 2001, cet. ke-5. http://www.muamalatbank.com http://www.takaful.com 1. artikel merupakan karya asli penulis, bukan jiplakan, baik sebagian maupun seluruhnya, dan belum pernah dipublikasikan atau sedang dalam proses publikasi pada media lain yang dinyatakan dengan surat pernyataan yang ditandatangani di atas meterai rp 6000; 2. artikel dapat berupa konseptual, resume penelitian, atau pemikiran tokoh; 3. artikel dapat berbahasa indonesia, inggris, prancis, arab, atau bahasa internasional lainnya; 4. naskah harus memuat informasi keilmuan bidang ilmu ekonomi syariah; 5. aturan penulisan adalah sebagai berikut: a. judul. ditulis dengan huruf kapital, maksimum 12 kata diposisikan di tengah (centered); b. nama penulis. ditulis utuh, tanpa gelar, disertai afiliasi kelembagaan dengan alamat lengkap, dan alamat e-mail; c. abstrak. ditulis dalam bahasa indonesia dan inggris antara 80-100 kata; d. sistematika penulisan artikel sebagai berikut: 1) judul; 2) nama penulis (tanpa gelar akademik), nama dan alamat afiliasi penulis, dan e-mail; pedoman teknis penulisan artikel al-iqtishad (jurnal ilmu ekonomi syariah) 3) abstrak ditulis dalam dua bahasa, yaitu bahasa indonesia dan inggris, antara 80-100 kata; 4) kata-kata kunci, antara 2-5 konsep; 5) pendahuluan; 6) sub judul (sesuai dengan keperluan pembahasan); 7) penutup; dan 8) pustaka acuan (hanya memuat sumber-sumber yang dirujuk). e. ukuran kertas yang digunakan adalah kertas hvs 70 gram, ukuran a4, margin: atas 3 cm, bawah 3 cm, kiri 3 cm, dan kanan 3 cm; f. panjang naskah antara 10 s.d. 15 halaman, spasi 1, huruf times new roman, ukuran 12 poin; g. pengutipan kalimat: kutipan kalimat ditulis secara langsung apabila lebih dari empat baris dipisahkan dari teks dengan jarak satu spasi. sedangkan kutipan kurang dari empat baris diintegrasikan dalam teks, dengan tanda apostrof ganda di awal dan di akhir kutipan. setiap kutipan diberi nomor. sistem pengutipan adalah footnote (bukan bodynote atau endnote). penulisan footnote meng gunakan sistem turabian. setiap artikel, buku, dan sumber lainnya yang dikutip harus tercantum dalam pustaka acuan; h. pengutipan ayat alquran dan hadis: ayat yang dikutip menyertakan keterangan ayat dalam kurung, dengan menyebut nama surah, nomor surah, dan nomor ayat, seperti (q.s. al-baqarah [2]: 130). pengutipan hadis menyebutkan nama perawi (h.r. albukhâri dan muslim) ditambah referensi versi cetak kitab hadis yang dikutip. hadis harus dikutip dari kitab-kitab hadis standar (kutub al-tis‘ah); i. cara pembuatan footnote. footnote ditulis dengan font times new roman, 10, untuk pelbagai sumber, antara lain: 1) buku: nama utuh penulis (tanpa gelar), judul buku, (tempat terbit: penerbit, tahun terbit), jilid, volume, halaman. contoh: wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr al-mu’ashir, 2006), jilid v, h. 43. 2) buku terjemahan, contoh: syed nawab haider naqvi, menggagas il-mu ekonomi islam, diterjemahakan oleh m. saiful anam dan mu-hammad ufuqul mubin, (yogyakarta: pustaka pelajar, 2003), h. 50; 3) jurnal, contoh: arief r permana dan anton purba, “sekilas ulasan uu perbankan syariah”, dalam buletin hukum perbankan dan kebanksentralan, volume 6, nomor 2, agustus 2008, h. 14. 4) artikel sebagai bagian dari buku (antologi), contoh: amiur nuruddin, “kontribusi fiqh mu’amalah dalam pengembangan akti-vitas ekonomi islam,” dalam azhari akmal tarigan (ed), ekonomi dan bank syari’ah pada millennium ketiga: belajar dari pengalaman sumatera utara, (medan: uin press dan fkebi, 2002), h. 2. 5) artikel dari internet, contoh: ahmad tholabi kharlie, “problem yuridis ruu perbankan syariah” dalam http//www. ahmadtholabi. wordpress.com, diunduh pada 11 oktoer 2009; 6) makalah dalam seminar, contoh: mudzhar, m. atho, “penerapan pendekatan sejarah sosial dalam hukum islam”, makalah disam-paikan dalam diskusi yang diselenggarakan oleh pusat pengkajian islam unisba, bandung, 8 januari 1992, h. 5. j. pustaka acuan: daftar pustaka acuan ditulis sesuai urutan abjad, nama akhir penulis diletakkan di depan, contoh: 1) buku, contoh: zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr al-mu’ashir, 2006. 2) buku terjemahan: contoh: naqvi, syed nawab haider, menggagas ilmu ekonomi islam, diterjemahkan oleh m. saiful anam dan muhammad ufuqul mubin, yogyakarta: pustaka pelajar, 2003. 3) jurnal, contoh: permana, arief r. dan purba, anton, “sekilas ulasan uu perbankan syariah”, dalam buletin hukum perbankan dan kebanksentralan, volume 6, nomor 2, agustus 2008. 4) artikel sebagai bagian dari buku, contoh: nuruddin, amiur, “kontribusi fiqh mu’amalah dalam pengembangan aktivitas ekonomi islam,” dalam azhari akmal tarigan (ed.), ekonomi dan bank syari’ah pada millennium ketiga: belajar dari pengalaman sumatera utara, medan: uin press dan fkebi, 2002. 5) artikel yang dikutip dari internet, contoh: kharlie, ahmad tholabi, “problem yuridis ruu perbankan syariah” dalam http//www. ahmadtholabi.wordpress.com, diunduh pada 11 oktoer 2009 6) makalah dalam seminar, contoh: mudzhar, m. atho, “penerapan pendekatan sejarah sosial dalam hukum islam”, makalah disam-paikan dalam acara diskusi yang diselenggarakan oleh pusat peng-kajian islam unisba, di bandung, 8 januari 1992. k. pedoman transliterasi. ketentuan transliterasi (dari tulisan arab ke tulisan latin) yang digunakan dalam ahkam adalah sebagai berikut: konsonan (i i) = a ( ) = z ( ) = q ( ) = b ( ) = s ( ) = k ( ) = t ( ) = sy ( ) = l ( ) = ts ( ) = sh ( ) = m ( ) = j ( ) = dh ( ) = n ( ) = h ( ) = th ( ) = w ( ) = kh ( ) = zh ( ) = h ( ) = d ( ) = ‘ ( ) = ’ ( ) = dz ( ) = gh ( ) = y ( ) = r ( ) = f ( ) = t vokal pendek vokal panjang ___ ___ = a ( ) = â ___ ___ = i ( ) = î ___ ___ = u ( ) = û diftong pembauran ( ) = aw ( ) = al ( ) = ay ( ) = al-sh ( ) = wa all. istilah keislaman (syariah): istilah keislaman ditulis dengan berpedoman kepada kamus besar bahasa indonesia. berikut beberapa contoh: no. transliterasi asal dalam kbbi 1 shalât salat 2 nash nas 3 nusyûz nusyu 4 al-qur’ân alquran 5 al-hadîts hadis 6 fiqh fikih dan lain-lain (lihat kbbi) m. penutup: artikel ditutup dengan kesimpulan; n. biografi singkat: biografi penulis mengandung unsur nama (lengkap dengan gelar akademik), tempat tugas, riwayat pendidikan formal (s1, s2, s3), dan bidang keahlian akademik. o. penggunaan bahasa indonesia. para penulis harus merujuk kepada ketentuan bahasa indonesia yang baik dan benar berdasarkan eyd. pendahuluan manusia sebagai makhluk hidup, tidak akan bisa terlepas dari kegiatankegiatan yang berorientasi pada aspek pemenuhan kebutuhan hidup sehari-hari (ekonomi). ilmu ekonomi lahir bertujuan untuk membantu manusia dalam pemenuhan kebutuhannya. dalam ilmu ekonomi dipelajari pemanfaatan suatu benda secara efektif dan efisien, dipelajari pula bagaimana mengelola keuangan dengan baik. islam merupakan suatu sistem dan jalan hidup yang utuh dan terstrategi pemasaran produk gadai syariah dalam upaya menarik minat nasabah pada pegadaian syariah faridatun sa’adah stai al-muhlisin ciseeng bogor email: faridass@yahoo.com abstrak: islam merupakan suatu sistem dan jalan hidup yang utuh dan terpadu, islam memberikan panduan yang dinamis terhadap semua aspek kehidupan termasuk sektor bisnis dan transaksi keuangan. hal ini ter lihat dengan menggunakan prinsip syariah, karena diharapkan dengan menggunakan prinsip syariah islam dapat memberikan mashlahat bagi umat manusia dan salah satu kelebihan dari lembaga keuangan syariah adalah tidak boleh meminta kelebihan dari pokok pinjaman, karena hal yang demikian itu termasuk riba. sebagaimana kita ketahui bahwa riba didalam islam itu sangatlah diharamkan. perkembangan lembaga-lembaga keuangan islam di indonesia dapat dikategorikan cepat dan yang menjadi salah satu faktor tersebut adalah adanya keyakinan pada masyarakat muslim bahwa perbankan konvensional itu mengandung unsur riba yang dilarang oleh agama islam. kata kunci: strategi, pemasaran, nasabah bank faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 62 padu, islam memberikan panduan yang dinamis terhadap semua aspek kehidupan termasuk sektor bisnis dan transaksi keuangan. hal ini terlihat dengan menggunakan prinsip syariah, karena diharapkan dengan menggunakan prinsip syariah islam dapat memberikan mashlahat bagi umat manusia dan salah satu kelebihan dari lembaga keuangan syariah adalah tidak boleh meminta kelebihan dari pokok pinjaman, karena hal yang demikian itu termasuk riba. sebagaimana kita ketahui bahwa riba didalam islam itu sangatlah diharamkan. perkembangan lembaga-lembaga keuangan islam di indonesia dapat dikategorikan cepat dan yang menjadi salah satu faktor tersebut adalah adanya keyakinan pada masyarakat muslim bahwa perbankan konvensional itu mengandung unsur riba yang dilarang oleh agama islam.1 namun hendaknya kita tidak mengabaikan salah satu lembaga lainnya di tengah perkembangan lembaga keuangan ini. lembaga keuangan itu adalah pegadaian. perum pegadaian merupakan salah satu badan usaha di indonesia yang secara resmi mempunyai ijin untuk melaksanakan kegiatan lembaga keuangan berupa pembiayaan dalam bentuk penyaluran dana ke masyarakat atas dasar hukum gadai.2 pegadaian merupakan tempat bagi konsumen untuk meminjam uang dengan barang-barang pribadi konsumen sebagai jaminannya. mengusung slogan “ mengatasi masalah tanpa masalah”, perum pegadaian bahkan dinilai sebagai ekonomi kerakyatan.3 hal ini didasarkan pada kenyataan bahwa masyarakat kelas bawah pun bisa memanfaatkan jasa gadai dari perum pegadaian ini. pegadaian merupakan salah satu alternatif pendanaan yang sangat efektif karena tidak memerlukan persyaratan rumit yang dapat menyulitkan nasabah dalam pemberian dana.4 cukup dengan membawa barang 1 zainul arifin, dasar-dasar manajemen bank syariah, (jakarta: alvabet, 2002), h. 8. 2 heri sudarsono, bank dan lembaga keuangan syariah , (yogyakarta: ekonisia, 2003), h. 153. 3 “ gadai emas bank syariah: barang aman, uang di tangan “, http: //www.prospektif. com/ terkini/ artikel. html?id=969, 1 november 2002. 4 muhammad firdaus nh, dkk, mengatasi masalah dengan pegadaian syariah, (jakarta: renaisan, 2005), h. 13. al-iqtishad: vol. i, no. 2, juli 2009 63 jaminan yang bernilai ekonomis, masyarakat sudah bisa mendapat kan dana untuk kebutuhannya, baik produktif maupun konsumtif. di samping itu proses pencairan dana yang terbilang cepat dan mudah. pada masa krisis perum pegadaian mendapat peluang untuk semakin berperan dalam pembiayaan, khususnya untuk usaha kecil, dan ternyata selama kurun waktu krisis ekonomi nasional tersebut, perum pegadaian dapat menunjukkan kinerja yang memuaskan dan menjadi salah satu perusahaan yang tidak begitu berpengaruh oleh krisis.5 akan tetapi konsep operasional pegadaian pun juga menggunakan sistem bunga yang memang sangat dilarang dalam syariah islam. praktek ini dapat dilihat ketika nasabah yang meminjam uang yang menggadaikan barangnya dibebankan untuk mengembalikan pokok pinjaman plus sewa modal (bunga). bunga di pegadaian dihitung per 15 hari, dan apabila ada keterlambatan maka nasabah dibebankan untuk membayar bunga dua kali lipat, dan begitu seterusnya per 15 hari. namun hal itu tidak perlu dikhawatirkan lagi, karena sekarang ini selain terdapat pegadaian konvensional, beroperasi pula pegadaian syariah yang memang didirikan oleh perum pegadaian. pengembangan konsep syariah ini merupakan upaya pegadaian untuk menghindari rente atau riba. keberadaan pegadaian syariah pada awalnya didorong oleh perkembangan dan keberhasilan lembaga-lembaga keuangan syariah. di samping itu juga dilandasi oleh kebutuhan masyarakat indonesia terhadap hadirnya sebuah pegadaian yang menerapkan prinsip-prinsip syariah. implementasi operasional pegadaian syariah hampir mirip dengan pegadaian konvensional. seperti halnya pegadaian konvensional, pegadaian syariah juga menyalurkan uang pinjaman dengan jaminan barang bergerak. nasabah dapat memperoleh dana yang diperlukan dalam waktu yang relatif cepat, proses administrasi dan penaksiran hanya lebih kurang 15 menit, dan dana pinjaman dapat diterima nasabah kurang dari 1 jam. meski baru seumur jagung, pertumbuhan pegadaian syariah ternyata bisa mengimbangi industri perbankan islam di indonesia. karena selain pegadaian syariah, pemain dalam usaha ini adalah perbankan syariah yang 5 frianto pandia, dkk, lembaga keuangan, (jakarta: rineka cipta, 2005), h. 69. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 64 menyediakan layanan berupa gadai syariah atau yang biasa disebut rahn. namun dalam perjalanannya, pegadaian syariah tidak terlalu berpengaruh oleh beroperasinya sistem gadai syariah dari perbankan syariah. ini terbukti dengan pertumbuhan yang signifikan dari segi omzet. kenaikan tersebut adalah sebesar 123,84 % dari rp.19 miliar pada desember 2003 menjadi rp. 179,68 miliar pada desember 2004.6 minat masyarakat yang memanfaatkan jasa pegadaian syariah cukup besar. pegadaian syariah tidak menekankan pada pemberian bunga dari barang yang digadaikan. meski tanpa bunga, pegadaian syariah tetap memperoleh keuntungan seperti yang sudah diatur oleh dewan syariah nasional, yang memberlakukan biaya pemeliharaan dari barang yang digadaikan. biaya itu dihitung dari nilai barang, bukan dari jumlah pinjaman. suatu perusahaan yang bergerak dalam bidang apapun baik yang berorientasi terhadap perolehan laba jangka panjang maupun perusahaan nirlaba membutuhkan apa yang disebut dengan pemasaran. pemasaran adalah suatu proses sosial dan melalui proses itu individu dan kelompok akan memperoleh apa yang mereka butuhkan dan inginkan dengan cara menciptakan dan mempertukarkan produk dan nilai dengan individu dan kelompok lain. pada umumnya masyarakat tidak memahami pemasaran, mereka melihat pemasaran sebagai sebuah penjualan. padahal pemasaran ini mempunyai arti lebih luas karena pemasaran adalah suatu proses yang teratur dan jelas untuk memikirkan dan merencanakan pasar. proses pemasaran dapat diterapkan tidak sekedar pada barang dan jasa, tetapi juga pada segala sesuatu yang dapat dipasarkan seperti ide, kejadian, organisasi, tempat dan kepribadian. namun penting untuk ditekankan bentuk pemasaran tidak dimulai dengan suatu produk atau penawaran, tetapi dengan pencarian peluang pasar.7 menurut m. syakir sula ada 4 karakteristik syariah marketing yang dapat menjadi panduan bagi pemasar, yakni teistis (rabbaniyyah), etis 6 “pertumbuhan pegadaian syariah memuaskan”, http://www.republika.co.id/koran detail.asp?id=183268 & kat id 2=, 8 januari 2005. 7 hendra, dkk, manajemen pemasaran: analisis, perencanaan, implementasi dan kontrol, (jakarta: pt prenhallindo, 1997), jilid i, h. 18. al-iqtishad: vol. i, no. 2, juli 2009 65 (akhlaqiyyah), realistis (al-waqi’iyyah), dan humanistis (insaniyyah). inilah yang membedakan sistem ekonomi islam dengan sistem ekonomi konvensional. yang menarik pemasaran syariah meyakini bahwa perbuatan yang dilakukan seseorang akan dimintai pertanggungjawabannya kelak. selain itu, pemasaran syariah mengutamakan nilai-nilai akhlak dan etika moral di dalam pelaksanaannya. karena itu pemasaran syariah menjadi penting bagi para tenaga pemasaran untuk melakukan penetrasi pasar.8 strategi pemasaran antara konvensional dengan yang islami tentulah berbeda dalam prosesnya, akan tetapi mempunyai tujuan yang sama yaitu bagaimana meningkatkan jumlah nasabah. maju atau mundurnya perusahaan dapat dilihat dari strategi pemasaran mereka yang berdampak pada meningkatnya minat nasabah sehingga dapat meningkatkan jumlah nasabah dalam menggunakan produk jasa yang dikeluarkan oleh perusahaan, atau dengan kata lain, dapat meningkatkan volume penjualan, sehingga pemasaran yang baik akan berdampak signifikan terhadap pendapatan perusahaan. sehubungan dengan berkembangnya dunia pemasaran yang menimbulkan makin tingginya tingkat persaingan antara perusahaan-perusahaan di indonesia, maka perusahaan-perusahaan tersebut semakin berusaha untuk memperkuat strategi pemasarannya. untuk dapat bertahan dalam dunia bisnis yang kondisi persaingannya terus meningkat maka suatu perusahaan harus dituntut dapat menguasai pasar dengan menggunakan produk yang telah dihasilkan. dewi sartika adalah daerah yang terletak di jakarta timur yang merupakan daerah yang islami karena dikelilingi oleh beberapa mesjid besar dan sekolah-sekolah islam. oleh karena itu keberadaan pegadaian syariah sangat membantu para masyarakat yang mayoritas muslim untuk dapat melakukan transaksi gadai tanpa adanya unsur riba di dalamnya. seperti kita ketahui, pengetahuan masyarakat tentang keberadaan pegadaian syariah masih minim karena pegadaian syariah terbilang masih baru dan kantor cabang syariahnya pun masih terbilang sedikit, tetapi 8 hermawan kartajaya dan m. syakir sula, syariah marketing, (bandung: mizan, 2006), h. 28. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 66 pertumbuhan pegadaian syariah menunjukkan peningkatan yang pesat, sehingga penulis ingin mengetahui strategi pemasaran apa yang digunakan oleh pegadaian syariah atas produk gadai syariah sehingga tumbuh menjadi pesat dan dapat menarik minat nasabah dalam menggunakan jasa tersebut. dalam menarik minat nasabah memang tidak hanya dipengaruhi oleh strategi pemasaran yang digunakan oleh pegadaian syariah. ada beberapa faktor lain yang mempengaruhinya seperti kebutuhan nasabah yang mendesak yang memerlukan proses pencairan dana yang cepat, nasabah yang menginginkan transaksi gadai tanpa adanya unsur ribawi (bunga) di dalamnya, dan lain sebagainya. segmenting, targeting, dan positioning segmentasi pasar adalah membagi pasar menjadi kelompok pembeli yang terbedakan dengan kebutuhan, karakteristik, atau tingkah laku berbeda yang mungkin membutuhkan produk atau bauran pemasaran terpisah.9 dalam praktiknya segmentasi pasar terdiri dari segmentasi pasar konsumen dan segmentasi pasar industrial. setiap segmen memiliki variabel ter tentu, namun pada dasarnya variabel yang digunakan tidak jauh berbeda. variabel utama yang mungkin dipergunakan dalam segmentasi pasar konsumen adalah:10segmentasi geografik, yaitu membagi pasar men jadi beberapa unit secara geografik atau membagi pasar ber dasar kan wilayah tertentu, seperti negara, regional, kota, kabupaten, kecamatan, atau lainnya. segmentasi demografik, yaitu membagi pasar berdasarkan kependudukan secara umum seperti, umur, jenis kelamin, ukuran keluarga, pendapatan, pekerjaan, agama, ras, dan kebangsaan. segmentasi psikografik, yaitu mem bagi pasar menjadi kelompok berbeda berdasarkan pada karakteristik kelas sosial, gaya hidup, atau kepribadian. segmentasi tingkah laku, yaitu mengelompokkan pembeli berdasarkan pada pengetahuan, sikap, penggunaan, atau reaksi mereka terhadap suatu produk. segmentasi manfaat, yaitu membagi pasar menjadi kelompok menurut beraneka manfaat berbeda yang dicari konsumen dari produk. 9 ibid., h. 235. 10 kasmir, pemasaran bank, (jakarta: kencana, 2004), h. 115-116. al-iqtishad: vol. i, no. 2, juli 2009 67 sedangkan variabel untuk melakukan segmentasi pasar industrial adalah:11segmentasi berdasarkan demografik yaitu: jenis industri, ukuran perusahaan, lokasi perusahaan, dan lainnya. karakteristik pengoperasian, yaitu: teknologi yang difokuskan, gaya hidup, status pengguna, kepribadian, atau lainnya. pendekatan pembeli, yaitu: sifat hubungan yang ada, kriteria pembeli, atau lainnya. karakteristik personil industri, yaitu: kesamaan pembeli, kesetiaan, sikap terhadap resiko, atau lainnya. faktor situsional, seperti: urgensi, besarnya pesanan, atau lainnya. segmentasi pasar perlu dilakukan oleh suatu perusahaan karena di dalam suatu pasar terdapat banyak pembeli yang berbeda kebutuhan dan keinginannya. jadi, segmentasi pasar pada perusahaan dibuat bertujuan untuk dapat mengungkap peluang segmen pasar sebuah perusahaan. sehingga perusahaan dapat mengetahui segmen pasar mana yang paling efektif. menentukan sasaran pasar (targeting) setelah perusahaan selesai melakukan segmentasi pasar, maka langkah selanjutnya adalah menentukan sasaran pasar. menentukan sasaran pasar, artinya mengevaluasi keaktifan setiap segmen, kemudian memilih salah satu dari segmen pasar atau lebih untuk dilayani. menetapkan pasar sasaran dengan cara mengembangkan ukuran-ukuran dan daya tarik segmen kemudian memilih segmen sasaran yang diinginkan.12 kegiatan menetapkan pasar sasaran adalah:13pertama, evaluasi segmen pasar, meliputi: ukuran dan pertumbuhan segmen seperti data tentang usia nasabah, pendapatan, jenis kelamin, atau gaya hidup dari setiap segmen. struktural segmen yang menarik dilihat dari segi profitabilitas. kurang menarik jika terdapat pesaing yang kuat dan agresif. perhati k an juga ancaman dari produk pengganti (substitusi) misalnya dari lembaga keuangan lainnya, untuk pinjaman seperti bank, kantor pos dan giro, leasing atau money changer. sasaran dan sumber daya perusahaan dengan 11 ibid., h. 116-117. 12 ibid., h. 118-119. 13 ibid., h. 119. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 68 memperhatikan energi yang dimiliki perusahaan yaitu ketersediaan sumber daya manusia termasuk keterampilan yang dimilikinya. kedua, memilih segmen. memilih segmen adalah menentukan satu atau lebih segmen yang memiliki nilai tinggi bagi perusahaan. kemudian menentukan segmen mana dan berapa banyak yang dapat dilayani. pemilih an segmen dapat dilakukan dengan cara membagi pemasaran menjadi:14 pemasaran tanpa pembedaan, melayani semua pasar dan tawaran pasar dalam arti tidak ada perbedaan. mencari apa yang sama dalam kebutuhan konsumen. biasanya untuk produk massal seperti tabungan untuk semua orang, baik usia, pendapatan, maupun wilayah. keuntungan pemasaran tanpa pembedaan adalah hemat biaya pemasaran dengan pembedaan, strategi peliputan pasar dimana sebuah perusahaan memutuskan untuk memilih beberapa segmen pasar dan merancang barang yang berbeda untuk masing-masing segmen. contohnya procter dan gamble memperoleh pangsa pasar total yang lebih tinggi dengan sebelas merk deterjen pencuci pakaian dibandingkan dengan hanya satu merk deterjen saja. strategi ini jelas memerlukan biaya yang lebih tinggi.15 pemasaran terkonsentrasi, strategi peliputan pasar dimana sebuah perusahaan memutuskan untuk mencari pangsa pasar besar dalam satu atau beberapa sub pasar. pemasaran terkonsentrasi, khusus untuk sumber daya manusia yang terbatas. menentukan sasaran pasar dilakukan dengan cara mengevaluasi segmen pasar, setelah dievaluasi kemuadian langkah selanjutnya yaitu memilih segmen pasar berdasarkan apakah pemasaran perusahaan tersebut cocok dengan pemasaran tanpa pembeda, pemasaran dengan pembeda, atau pemasaran terkonsentrasi. menentukan posisi pasar (positioning) menentukan posisi pasar yaitu menentukan posisi yang kompetitif untuk produk atau suatu pasar. produk atau jasa diposisikan pada posisi yang diinginkan oleh nasabah, sehingga dapat menarik minat nasabah untuk 14 kasmir, pemasaran bank.h. 119. 15 kotler dan armstrong, dasar-dasar pemasaran, h. 252. al-iqtishad: vol. i, no. 2, juli 2009 69 membeli produk atau jasa yang ditawarkan. kegiatan ini dilakukan setelah menentukan segmen mana yang akan dimasuki dengan cara menentukan di mana posisi mana yang ingin ditempati dalam segmen tersebut.16 memilih dan melaksanakan strategi penentuan posisi pasar perlu di lakukan dengan berbagai tahap agar hasil yang diharapkan optimal. tahapan dalam memilih dan melaksanakan strategi penentuan posisi pasar sebagai berikut: pertama, identifikasi keunggulan kompetitif. di dalam suatu produk terdapat berbagai keunggulan jika dibandingkan dengan produk pesaing. tujuan manajemen mengidentifikasikan keunggulan tersebut sebanyak dan selengkap mungkin. identifikasi keunggulan kompetitif yang mungkin memberikan nilai yang terbesar dengan cara mengadakan perbedaan, yaitu: (1) diferensiasi produk; sebuah perusahaan dapat mendiferensiasikan produk secara fisik. contohnya, beberapa perusahaan menawarkan produk dengan standar tinggi yang hanya memungkinkan sedikit variasi.17 (2) diferensiasi jasa; beberapa perusahaan memperoleh keunggulan bersaing lewat penyerahan yang cepat, nyaman, atau cermat. contohnya, bank one telah membuka cabang di toserba dengan pelayanan lengkap untuk menyediakan lokasi yang mudah dijangkau di hari sabtu, minggu, dan di sore hari pada hari kerja.18 (3) diferensiasi personil; perusahaan dapat meraih keunggulan yang sangat bersaing lewat mempekerjakan dan melatih orang yang lebih baik ketimbang yang bekerja di perusahaan pesaing. contohnya, singapore airlines menikmati reputasi luar biasa karena keramahan pramugari dan pramugara.19 (4) diferensiasi citra; ketika pesaing menawarkan bentuk yang serupa, pembeli mungkin meng anggap berbeda berdasarkan pada citra perusahaan atau merek. contohnya, lengkung emas mc. donals.20 kedua, memilih keunggulan kompetitif yang tepat. setelah diidentifikasi kan keunggulan-keunggulan yang kompetitif, lalu langkah selanjut16 kasmir, pemasaran bank, h. 121. 17 kotler dan armstrong, dasar-dasar pemasaran, h. 256. 18 ibid. 19 ibid., h. 257. 20 ibid., h. 257-258. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 70 nya adalah dipilih yang paling memberikan keunggulan yang paling banyak. pertimbangan pemilihan keunggulan kompetitif adalah berapa banyak perbedaan yang dipromosikan. banyak pemasar berpendapat bahwa perusahaan harus secara agresif mempromosikan hanya satu manfaat kepada pasar sasaran. tokoh periklanan rosser reeves, misalnya, me ngatakan sebuah perusahaan harus mengembangkan unique selling proposition (usp, proposisi penjualan yang unik) untuk setiap merek dan tetap berpegang pada proposisi itu. setiap merek harus mengambil satu atribut dan menyatakan dirinya sebagai “nomor satu” pada atribut tersebut. 21 kemudian perbedaan mana yang dipromosikan. tidak semua pembedaan merk itu berarti atau cukup bernilai. tidak setiap perbedaan dapat menjadi pembeda yang baik. setiap perbedaan mempunyai potensi untuk menimbulkan biaya bagi perusahaan dan manfaat bagi pelanggan. suatu perbedaan itu bernilai jika memenuhi kriteria berikut ini: (1) penting: perbedaan memberikan suatu manfaat yang sangat bernilai bagi pembeli sasaran. (2) khas: perusahaan dapat menawarkan dengan cara yang khas. (3) terjangkau harganya: pembeli dapat membayar perbedaan itu. (4) dapat dikomunikasikan: perbedaan itu dapat dikomunikasikan dan dapat dilihat oleh pembeli.22 ketiga, mewujudkan dan mengkomunikasikan posisi yang dipilih. posisi pasar yang telah di pilih sebaiknya diwujudkan, kemudian dikomunikasikan ke berbagai pihak yang membutuhkan termasuk pihak intern perusahaan.23 dalam menentukan posisi pasar, produk atau jasa suatu perusahaan ditempatkan pada posisi yang banyak diinginkan oleh nasabah. dalam menentukan posisi pasar mengidentifikasi keunggulan produk yang di miliki merupakan langkah awal dalam menentukan posisi pasar dengan menggunakan diferensiasi produk, jasa, personil, atau citra. langkah selanjutnya adalah memilih keunggulan kompetitif yang tepat dengan per21 ibid., h. 258. 22 ibid., h. 259. 23 kasmir, pemasaran bank, h. 123. al-iqtishad: vol. i, no. 2, juli 2009 71 timbangan berapa banyak perbedaan yang dipromosikan atau perbedaan mana yang dipromosikan. dan langkah terakhir dalam penentuan posisi pasar adalah mewujudkan dan mengkomunikasikan posisi yang di pilih. bauran pemasaran (marketing mix) dalam dunia pemasaran selalu terkait dengan yang dinamakan marketing mix (bauran pemasaran). marketing mix adalah deskripsi dari suatu kumpulan alat-alat yang dapat digunakan oleh manajemen untuk mempengaruhi penjualan.24 kotler dan armstrong mendefinisikan bauran pemasaran sebagai perangkat alat pemasaran taktis yang dapat dikendalikan, yang dipadukan oleh perusahaan untuk menghasilkan respons yang diinginkan dalam pasar sasaran. bauran pemasaran terdiri dari segala sesuatu yang dapat dilakukan perusahaan untuk mempengaruhi permintaan produknya. kemungkinan yang banyak itu dapat digolongkan menjadi empat kelompok variabel yang dikenal sebagai “empat p”: product, price, place, dan promotion (produk, harga, distribusi, promosi).25 empat p dalam marketing mix yaitu: pertama, product (produk). menurut philip kotler “produk adalah sesuatu yang dapat ditawarkan ke pasar untuk mendapatkan perhatian untuk dibeli, untuk digunakan, atau untuk dikonsumsi yang dapat memenuhi keinginan dan kebutuhan.”26 dalam definisi secara luas produk meliputi objek secara fisik, jasa, orang, tempat, organisasi, ide, atau bauran dari semua bentuk-bentuk tadi. dari pengertian di atas dapat disimpulkan bahwa produk adalah sesuatu yang memberikan manfaat baik dalam hal memenuhi kebutuhan sehari-hari atau sesuatu yang ingin dimiliki oleh konsumen. produk biasanya digunakan untuk dikonsumsi baik untuk kebutuhan rohani maupun jasmani. untuk memenuhi keinginan dan kebutuhan akan produk, maka konsumen harus mengorbankan sesuatu sebagai balas 24 firdaus nh dkk, dasar & strategi pemasaran syariah, (jakarta: renaisan, 2005), h. 22. 25 kotler dan armstrong, dasar-dasar pemasaran, h. 48. 26 kotler dan armstrong, prinsip-prinsip pemasaran, (jakarta: erlangga, 2001), jilid i ed. ke-8 h. 346. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 72 jasanya. dalam perspektif syariah produksi merupakan sesuatu yang penting. al-qur’an menggunakan konsep produksi barang dalam arti yang sangat luas. tekanan al-qur’an diarahkan pada manfaat dari barang yang di produksi. memproduksi suatu barang harus mempunyai hubungan dengan kebutuhan hidup manusia. berarti barang itu harus diproduksi untuk kebutuhan manusia, bukan untuk memproduksi barang-barang mewah secara berlebihan yang tidak sesuai dengan kebutuhan manusia.27 islam juga mengajarkan untuk memperhatikan kualitas dan keber adaan produk tersebut. islam melarang jual beli suatu produk yang belum jelas (gharar) bagi pembeli. pasalnya di sini berpotensi terjadinya penipuan dan ketidakadilan terhadap salah satu pihak. selain keberadaan suatu produk, islam juga memerintahkan untuk memperhatikan kualitas produk. barang yang dijual harus terang dan jelas kualitasnya, sehingga pembeli dapat dengan mudah memberi penilaian.28 dari uraian di atas dapat penulis simpulkan bahwa produk dalam perspektif syariah (fiqh muamalah) harus memenuhi standarisasi mutu dan keberadaan barang. fiqh muamalah tegas mengharamkan praktik jual beli yang menipu dengan ketidakjelasan mutu dan keberadaan barang. setiap produk yang diluncurkan ke pasar tidak selalu mendapat respon yang positif. bahkan cenderung mengalami kegagalan jauh lebih besar dibandingkan keberhasilannya. untuk mengantisipasi agar produk yang diluncurkan berhasil sesuai dengan tujuan yang diharapkan, maka peluncuran produk diperlukan strategi-strategi tertentu. khusus dengan yang berkaitan dengan produk , strategi ini kita kenal dengan nama strategi produk.29 dalam strategi produk yang harus dilakukan untuk mengembangkan suatu produk adalah: (1) penentuan logo dan moto. logo merupakan ciri khas suatu perusahaan sedangkan moto merupakan serangkaian katakata yang berisi visi dan misi. (2) menciptakan merk. karena jasa me miliki beraneka ragam, maka setiap jasa harus memiliki nama. tujuannya agar 27 firdaus, dasar & strategi pemasaran syariah, h. 23. 28 ibid. 29 kasmir, pemasaran bank, h. 141. al-iqtishad: vol. i, no. 2, juli 2009 73 mudah dikenal dan diingat. (3) menciptakan kemasan. kemasan merupakan pembungkus suatu produk. dalam hal ini kemasan lebih diartikan kepada pemberian pelayanan atau jasa kepada para nasabah.30 dalam strategi produk, perusahaan harus dapat melihat produk apa yang lebih dibutuhkan dan diinginkan oleh pembeli sehingga perusahaan dapat memperoleh banyak nasabah. selain itu kualitas dan keberadaan produk juga harus diperhatikan sehingga tidak berpotensi terjadi penipuan. kedua, price (harga). harga adalah jumlah uang yang harus dibayar oleh pelanggan untuk memperoleh suatu produk.31 dalam konsep islam, penentuan harga ditentukan oleh mekanisme pasar, yakni bergantung pada kekuatan-kekuatan permintaan dan penawaran. dan pertemuan antara permintaan dan penawaran itu harus berlangsung secara sukarela. ini bermakna tidak ada yang menganiaya dan dizalimi. dalam praktik fiqh muamalah, harga mengambil posisi tengah, tidak berlebih-lebihan, tidak pula merendah-rendahkan. ini berarti bahwa dalam praktik fiqh muamalah harga mestinya harus proporsional.32 tujuan penentuan harga secara umum adalah: pertama, untuk bertahan hidup. artinya, dalam kondisi tertentu, terutama dalam kondisi persaingan yang tinggi. dalam hal ini perusahaan menentukan harga semurah mungkin dengan maksud produk atau jasa yang dipasarkan laku dipasaran. kedua, untuk memaksimalkan laba. tujuan harga ini dengan mengharapkan penjualan yang meningkat sehingga laba dapat ditingkatkan. penentuan harga biasanya dapat dilakukan dengan harga murah atau tinggi. ketiga, untuk memperbesar market share. penentuan harga ini dengan harga yang murah, sehingga diharapkan jumlah nasabah meningkat dan diharapkan pula nasabah pesaing beralih ke produk yang ditawarkan. keempat, mutu produk. tujuan dalam hal mutu produk adalah untuk memberikan kesan bahwa produk atau jasa yang ditawarkan memiliki kualitas yang tinggi dan biasanya harga ditentukan setinggi mungkin. kelima, karena pesaing. dalam hal ini, penentuan harga dengan melihat 30 ibid., h. 141-143. 31 kotler dan armstrong, prinsip-prinsip pemasaran, h. 48. 32 firdaus, dasar & strategi pemasaran syariah, h. 24-25. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 74 harga pesaing. tujuannya adalah agar harga yang ditawarkan jangan melebihi harga pesaing.33 strategi harga yang dilakukan perusahaan adalah strategi kedua pada bauran pemasaran. dimana perusahaan sebisa mungkin menawarkan harga yang terendah sehingga lebih banyak menarik minat nasabah. tetapi dalam islam harga haruslah proporsional tidak boleh terlalu tinggi tidak boleh juga terlalu rendah. ketiga, place (distribusi). dalam sektor jasa, distribusi didefinisikan sebagai setiap sarana yang meningkatkan keberadaan atau kenikmatan suatu jasa yang menambah penggunaannya atau pendapatan dari penggunaannya, baik dengan mempertahankan pemakai yang ada, me ningkatkan nilai kegunaannya diantara pemakai yang ada ataupun menarik pemakai baru.34 sarana-sarana tersebut dapat berupa kantor pusat, kantor cabang, , dan lain-lain yang dapat memudahkan nasabah untuk memperoleh manfaat dari jasa perusahaan tersebut. distribusi termasuk aktivitas perusahaan untuk membuat produk tersedia bagi konsumen sasaran. setiap perusahaan haruslah memiliki pandangan saluran distribusi keseluruhan terhadap masalah distribusi dari produknya ke pemakai akhir. dalam usaha untuk mencapai tujuan dan sasaran perusahaan di bidang pemasaran, setiap perusahaan melaku kan kegiatan penyaluran. penyaluran merupakan kegiatan penyampaian produk sampai ke tangan si pemakai atau konsumen pada waktu yang tepat. dalam kegiatan distribusinya perusahaan dapat memperhatikan, pertama, kantor pusat pemasaran, yaitu departemen ekspornya atau divisi yang membuat keputusan mengenai saluran distribusi dan elemen-elemen bauran pemasaran lainnya. kedua, mengenai jenis-jenis perantara nya, yaitu agen, perusahaan perdagangan dalam hal ini adalah kantor cabang. letak kantor-kantor cabang yang mudah dijangkau oleh masyarakat dapat mempermudah pendistribusian produk yang ditawarkan kepada nasabah.35 dalam strategi distribusi tempat yang mudah dijangkau oleh 33 kasmir, pemasaran bank, h. 153-154. 34 murti sumarni, marketing perbankan, (yogyakarta: liberty, 1997), h. 269. 35 philip kotler, manajemen pemasaran (analisis, perencanaan, implementasi, dan al-iqtishad: vol. i, no. 2, juli 2009 75 nasabah me rupakan hal yang penting. karena dapat menghemat waktu dan biaya dalam menjangkau kantor atau perusahaan yang menawarkan suatu produk yang dibutuhkan oleh nasabah. keempat, promotion (promosi). promosi merupakan kegiatan bauran pemasaran yang terakhir. promosi berarti aktivitas yang menkomunikasikan keunggulan produk dan membujuk pelanggan sasaran untuk membelinya. 36kegiatan ini setiap perusahaan berusaha untuk mempromosikan seluruh produk dan jasa yang dimilikinya baik langsung maupun tidak langsung. dalam islam mempromosikan suatu barang diperbolehkan. hanya saja dalam berpromosi tersebut mengedepankan faktor kejujuran dan menjauhi penipuan. disamping itu, metode yang dipakai dalam promosi tidak bertentangan dengan syariah islam.37 secara garis besar ada tiga macam sarana promosi yang dapat digunakan oleh perusahaan, yaitu:38 pertama, periklanan (advertising). merupakan promosi yang dilakukan dalam bentuk tayangan atau gambar atau kata-kata yang tertuang dalam spanduk, brosur, koran, majalah, televisi, atau radio. kedua, publisitas (publicity). merupakan promosi yang dilakukan untuk meningkatkan citra perusahaan di depan para calon nasabah atau nasabahnya melalui kegiatan sponsorship terhadap suatu kegiatan amal atau sosial. ketiga, penjualan pribadi. merupakan promosi yang dilakukan melalui pribadi-pribadi karyawan setempat dalam melayani serta ikut mempengaruhi nasabah. strategi promosi adalah sesuatu yang dapat memperkenalkan atau mensosialisasikan produk yang ditawarkan suatu perusahaan melalui berbagai macam media dan cara. tetapi dalam mempromosikan suatu produk harus mengedepankan kejujuran dan menjauhi unsur penipuan. pengendalian), (jakarta: lembaga penerbit feui, 1993), vol. ii ed. ke-7, h. 181. 36 kotler, dasar-dasar pemasaran, h. 49. 37 firdaus, dasar & strategi pemasaran syariah, h. 27. 38 kasmir, pemasaran bank, h. 176-177. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 76 sejarah singkat pegadaian syariah pegadaian merupakan lembaga perkreditan dengan sistem gadai untuk pertama kalinya. hadir di indonesia pada abad ke-17 yang dibawa dan dikembangkan oleh maskapai perdagangan dari negeri belanda yaitu v.o.c (vereenigde oost indische compagnie). dalam rangka memperlancar kegiatan perekonomiannya, pada tanggal 20 agustus 1746 v.o.c melalui surat keputusan gubernur jenderal van imhoff didirikanlah pegadaian yang bernama bank van leening. lembaga tersebut merupakan lembaga kredit yang memberikan pinjaman uang kepada masyarakat dengan jaminan gadai. sejak itu, bentuk usaha pegadaian telah mengalami beberapa kali perubahan sejalan dengan perubahan peraturan-peraturan yang mengaturnya.39 pada masa selanjutnya, pegadaian mengalami beberapa kali perubah an bentuk badan hukum, yaitu pada tahun 1969 perusahaan negara pegadaian diubah menjadi perusahaan jawatan (perjan) pegadaian, dan pada tahun 1990 perusahaan jawatan pegadaian diubah menjadi perusahaan umum (perum) pegadaian melalui peraturan pemerintah (pp) nomor 10 tahun 1990 tanggal 10 april 1990.40 seiring dengan dikeluarkannya fatwa dsnmui tentang haramnya riba maka perum pegadaian meresponnya dengan mendirikan unit layanan gadai syariah (ulgs) sebagai diversifikasi produk gadai. hal tersebut bukan semata-mata respon terhadap fatwa dsnmui, melainkan dalam rangka membentengi pegadaian sendiri terhadap persaingan dari perbankan syariah. perbankan syariah pun telah gencar meluncurkan produk serupa berkat pertolongan dari undang-undang no. 10 tahun 1998 tentang perbankan syariah, yang isinya menyatakan perbankan syariah boleh mendirikan usaha rahn (gadai).41 bank muamalat indonesia dalam mengembangkan usahanya mencoba untuk membuat produk gadai syariah, namun karena tidak mempunyai sumber daya manusia dan peralatan yang cukup memadai, kemuadian bank muamalat indonesia mengajak perum pegadaian untuk 39 pirgong matua, sejarah singkat perum pegadaian, (jakarta: perum pegadaian, 2003), h.1. 40 ibid., h.3. 41 perum pegadaian, manual operasional gadai syariah, (jakarta: perum pegadaian, 2003) al-iqtishad: vol. i, no. 2, juli 2009 77 bekerja sama mendirikan pegadaian syariah. tawaran tersebut mendapat tanggapan yang positif dari perum pegadaian yang juga sedang mempelajari pembentukan pegadaian syariah. pada tahun 2002 nota kesepakatan kerja sama dibuat antara perum pegadaian dengan bank muamalat indonesia. pada tanggal 20 desember 2002 penandatanganan kerja sama dilakukan dengan nomor 446/sp 300.233/2002 dan 015/bmi/pks/xii/2002. bank muamalat indonesia menandatangani kerja sama dengan perum pegadaian untuk tambahan modal, dengan bentuk pembiayaan musyarakah sejumlah rp. 40.000.000.000,-. kemudian pada tanggal 14 januari 2003 secara resmi dibentuk pegadaian syariah dengan nama unit layanan gadai syariah (ulgs) dan operasionalnya dewan direksi perum pegadaian nomor: 06.a/ul.3.00.22.3/2003 tentang pemberlakuan manual operasional unit layanan gadai syariah.42 pada tahun 2008 kontrak kerja sama dengan bank muamalat indonesia dihentikan. uang modal yang dipinjam dalam bentuk pem biayaan musyarakah telah dikembalikan. kini perum pegadaian bekerja sama dengan bank syariah mandiri dengan tambahan modal yang di berikan sebesar kurang lebih rp. 50.000.000.000. bank syariah mandiri me nawarkan harga yang lebih miring sehingga pemotongan tarif ijarah dapat dilakukan.43 pembentukan pegadaian syariah ini juga berdasarkan pada fatwa dsn no.25/dsn-mui/iii/2002 tentang rahn dan fatwa dsn no.26/dsn-mui/ iii/2002 tentang rahn emas. konsep operasi pegadaian syariah mengacu pada sistem administrasi modern, yaitu azas rasionalitas, efisiensi, dan efektifitas yang diselaraskan dengan nilai islam. fungsi operasi pegadaian syariah itu sendiri dijalankan oleh kantor-kantor cabang pegadaian syariah / ulgs sebagai unit organisasi dibawah binaan divisi usaha lain perum pegadaian. namun, baru pada awal tahun 2004 perum pegadaian me misahkan pegadaian syariah kedalam divisi tersendiri yaitu divisi usaha syariah serta menjadikan setiap cabangnya sebagai binaan kantor wilayah (kanwil) perum pegadaian. selain itu, perum pegadaian juga 42 pegadaian syariah, manual operasional ulgs, jakarta. 43 wawancara dengan ahmad zainuddin selaku manajer pegadaian syariah cabang dewi sartika, jakarta, 12 september 2008. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 78 telah memiliki dewan pengawas syariah (dps) sendiri yang berguna untuk memberikan pengarahan dan pengawasan terhadap kehalalan produk yang diluncurkan.44 pegadaian syariah pertama kali berdiri di jakarta pada tanggal 14 januari 2003 dengan nama unit layanan gadai syariah (ulgs) cabang dewi sartika, yang terletak di jalan. dewi sartika no.129a jakarta timur. bulan januari 2003 menyusul kemudian pendirian ulgs di surabaya, makasar, semarang, dan yogyakarta, di tahun yang sama hingga september 2003 4 kantor cabang pegadaian di aceh dikonversi menjadi pegadaian syariah. istilah ulgs kemudian berubah menjadi cabang pegadaian syariah (cps).45 saat ini sudah ada 10 cps dibawah binaan kanwilut (kantor wilayah utama) jakarta, yaitu cps dewi sartika, cps cinere, cps pondok aren, cps margonda, cps bogor baru, cps kramat raya, cps cipinang elok, cps islamic centre, cps kepandean, dan cps kebon jati. visi dan misi visi pegadaian: “pegadaian pada tahun 2010 menjadi perusahaan modern, dinamis, inovatif dengan usaha utama gadai”. dari visi pegadaian di atas dapat dijelaskan artinya sebagai berikut: modern, dilihat dari kondisi, sarana dan prasarana sistem kerja. sebagaimana halnya sebuah perkantoran yang modern. modern juga diartikan mampu menghasilkan produk atau jasa yang sesuai dengan kebutuhan masyarakat modern atau mampu memberi solusi bagi masalah ekonomi masyarakat yang hidup di zaman modern seperti sekarang ini. dinamis, dicerminkan dari sikap dan perilaku seluruh pegawai dalam hal kecepatan pelayanan dan kemampuan menyesuaikan diri dengan perusahaan yang tertumpu pada peningkatan keterampilan, sikap yang lebih komunikatif, efisien, dan integritas yang tinggi. dinamis juga berarti harus semakin mampu merespon dengan cepat kebutuhan konsumen baik internal maupun eksternal. inovatif, tercermin dari kemampuan perusahaan dalam menyempurnakan produk yang sudah ada dana menciptakan berbagai macam produk-produk baru yang 44 ibid. 45 ibid. al-iqtishad: vol. i, no. 2, juli 2009 79 menguntungkan. selain itu, sistem dan prosedur harus selalu diperbaiki dan disempurnakan. oleh karenanya, dimasa depan pegadaian diharapkan dapat tumbuh dan berkembang menjadi perusahaan yang solid. misi pegadaian: “ikut membantu program pemerintah dalam upaya meningkatkan kesejahteraan masyarakat golongan menengah kebawah, melalui kegiatan utama berupa penyaluran kredit gadai dan melakukan usaha lain yang menguntungkan”.46 budaya perusahaan pegadaian syariah di dalam tindakan operasionalnya sehari-hari mempunyai budaya perusahaan yang diaktualisasikan ke dalam bentuk simbol atau maskot si intan yang bermakna: inovatif : penuh gagasan (kreatif), aktif, dan menyukai tantangan. nilai moral tinggi : taqwa, jujur, berbudi luhur, dan royal. terampil : menguasai pekerjaan, tanggap, cepat, dan akurat. adi layanan : sopan, ramah, berkepribadian dan simpatik. nuansa citra : berorientasi bisnis, mengutamakan kepuasan pelanggan untuk selalu berusaha mengembangkan diri. makna yang terkandung dalam maskot si intan adalah: kepala yang berbentuk berlian memberi makna bahwa pegadaian mengenal batu intan sudah puluhan tahun. intan tidak lebih dari sebuah bongkahan batu yang diciptakan alam dari sebuah proses yang memakan waktu ratusan tahun lamanya. kekerasannya menjadikan ia tidak dapat tergores dari benda lain. tetapi ia juga dapat dibentuk menjadi batu yang sangat cemerlang (brilliant). dengan kecemerlangan itulah, kemudian ia disebut berlian. karakteristik batu intan itudiharapkan terdapat juga di dalam setiap insan pegadaian. sikap tubuh dengan tangan terbuka dan wajah tersenyummemberi makna sikap seorang pelayan yang selalu siap memberikan pelayanan prima kepada siapa saja. sedangkan rompi warna hijau memberikan makna keteduhan sebagai insan pegadaian. 46 perum pegadaian, pedoman operasional gadai syariah, h. i.e.1 faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 80 struktur organisasi pegadaian syariah cabang dewi sartika yang terletak di jalan. dewi sartika no.129a jakarta timur merupakan tingkatan kantor cabang kelas iii yang masih dibina oleh kantor wilayah perum pegadaian sesuai dengan tempat kedudukan kantor cabang tersebut. struktur organisasi kantor cabang pegadaian syariah adalah sesuai dengan surat keputusan direksi perum pegadaian no. 1095/sdm.200322/2004, tanggal 28 april 2004, antara lain:47 manajer cabang, bertugas mengelola operasional cabang yaitu menyalurkan uang pinjaman (qardh) secara hukum gadai yang didasarkan pada penerapan prinsip syariat islam. disamping itu, pimpinan cabang juga melaksanakan usaha-usaha lain yang telah ditentukan oleh manajemen serta mewakili kepentingan perusahaan dalam hubungan dengan pihak lain. penaksir, bertugas menaksir marhun (barang jaminan) untuk menentukan mutu dan nilai barang sesuai dengan ketentuan yang berlaku dalam rangka mewujudkan petetapan taksiran dan uang pinjaman yang wajar serta citra baik perusahaan. kasir, bertugas melakukan penerimaan, penyimpanan, dan pembayaran serta pembukuan sesuai dengan ketentuan yang berlaku untuk kelancaran pelaksanaan operasional kantor cabang. pemegang gudang, bertugas melakukan pemeriksaan, penyimpanan, pemeliharaan dan pengeluaran serta pembukuan marhun selain barang kantong sesuai dengan peraturan yang berlaku dalam rangka ketertiban dan keamanan serta keutuhan marhun. penyimpan marhun, bertugas mengelola gudang marhun emas dengan menerima, menyimpan, merawat, mengeluarkan, dan meng administrasikannya sesuai dengan ketentuan yang berlaku dalam rangka meng amankan serta menjaga keutuhan barang milik rahin (penggadai). keamanan, bertugas mengamankan harta perusahaan dan rahin dalam lingkungan kantor dan sekitarnya. staf, bertugas memelihara kebersihan, keindahan, ke nyamanan gedung ruang kerja, mengirim dan mengambil surat/dokumen untuk menunjang kelancaran tugas administrasi dan tugas operasional kantor cabang. 47 ibid. al-iqtishad: vol. i, no. 2, juli 2009 81 produk-produk yang dihasilkan pertama, ar-rahn (gadai syariah). usaha pokok dari kegiatan pegadaian syariah adalah menyalurkan marhun bih dalam jumlah skala kecil dengan jaminan harta bergerak maupun tidak bergerak atas dasar hukum gadai islam. hal ini sesuai dengan fatwa dewan syariah nasional no. 25/dsn-mui/ iii/2002 tentang rahn, tanggal 26 juni 2002,48 dan no. 26/dsn-mui/iii/2002 tentang rahn emas, tanggal 28 maret 2002.49 dimana rahin menyerahkan harta bergerak/tidak bergerak sebagai jaminan sekaligus memberi kuasa kepada pegadaian syariah untuk menjual/melelang (secara syariah) jika setelah jatuh tempo rahin tidak mampu/bersedia melunasinya. hasil lelang digunakan untuk melunasi pinjaman pokok ditambah jasa simpan dan biaya lelang. kelebihannya diserahkan kepada rahin, sedangkan kalau kurang menjadi resiko pegadaian. gadai syariah merupakan produk dengan menggunakan sistem penyaluran pinjaman secara gadai yang didasarkan pada penerapan sistem syariah islam. nasabah tidak dikenai bunga pinjaman ataupun sewa modal atas pinjaman yang diberikan. nasabah dikenakan biaya administrasi dan jasa simpan yang dipungut dengan alasan agunan yang diserahkan nasabah wajib disimpan, dirawat, dan diasuransikan.pegadaian syariah cabang dewi sartika sementara hanya menerima barang jaminan berupa emas/ perhiasan. hutang dapat diangsur sesuai kemampuan dan masa simpan dapat diperpanjang dengan membayar jasa simpan dan bea administrasi.50 kedua, ar-rahn.(ar-rahn untuk usaha mikro kecil). pegadaian syariah me rupakan suatu institusi yang mengelola usaha gadai, tetapi lebih luas dari itu menjadi institusi yang mengelola usaha pembiayaan mikro kecil berbasis sistem syariah. sebagai langkah awal untuk mengimplementasikan gagasan ini, maka skim pembiayaan dengan sistem ar-rahn, kini mulai dicoba untuk dikembangkan dengan konsep pelunasan pinjaman secara angsuran baik dengan cara gadai (menahan agunan) maupun fidusia (hanya dokumen kepemilikan barang yang ditahan). 48 ahmad kamil dan m. fauzan, kitab undang-undang hukum perbankan dan ekonomi syariah, (jakarta: kencana, 2007), h. 545. 49 ibid., h. 559. 50 perum pegadaian, manual operasional gadai syariah, jakarta. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 82 ar-rahn untuk usaha mikro kecil, selanjutnya disebut skim arrum adalah skim pemberian pembiayaan berprinsip syariah bagi para pengusaha mikro dan kecil untuk keperluan usaha yang didasarkan atas kelayakan usaha. surat edaran (se) no. 14/us.200/2008 tentang penyaluran pembiayan arrum. tujuan diluncurkannya pembiayaan arum disamping sebagai sebuah upaya diversifikasi produk di pegadaian syariah juga dengan maksud meningkatkan pemberdayaan para pengusaha mikro dan kecil yang membutuhkan pembiayaan modal kerja atau investasi secara syariah. pembiayaan diberikan dalam jangka waktu tertentu dengan pengembalian pinjaman dilakukan secara angsuran dengan menggunakan konstruksi penjaminan secara gadai maupun fidusia. skim arrum ini merupakan pinjaman kepada individual pengusaha mikro kecil.51 strategi pemasaran produk gadai syariah perum pegadaian merupakan badan usaha milik negara yang bergerak dalam bidang jasa keuangan non perbankan dengan kegiatan usaha utama menyalurkan kredit kepada masyarakat berdasarkan hukum gadai. pegadaian merupakan salah satu alternatif pendanaan yang sangat efektif karena tidak memerlukan persyaratan rumit yang dapat menyulitkan nasabah dalam pemberian dana. cukup dengan membawa barang jaminan yang bernilai ekonomis, masyarakat sudah bisa mendapatkan dana untuk kebutuhannya baik produktif maupun konsumtif. ar-rahn (gadai syariah) merupakan salah satu produk unggulan dari pegadaian syariah. ar-rahn adalah skim pinjaman untuk memenuhi kebutuhan dana bagi masyarakat dengan sistem gadai yang sesuai syariah islam dengan agunan berupa emas, berlian, elektronik, dan kendaraan bermotor. namun demikian, setiap usaha yang dilakukan oleh pegadaian syariah untuk memasarkan produknya dengan apa yang direncanakan merupakan bagian dari strategi pemasaran. salah satu hal yang paling mendasar dan sangat diperlukan dalam strategi pemasaran adalah bagaimana cara dan upaya untuk menarik minat nasabah sekaligus mempertahankan nasabah tersebut agar tetap setia dan loyal. oleh karena itu didalam menyusun rencana pemasaran produk gadai syariah, pegadaian 51 perum pegadaian, manual operasional arum, jakarta al-iqtishad: vol. i, no. 2, juli 2009 83 syariah menempatkan pengenalan produk terhadap calon nasabah pada urutan pertama guna memberikan pelayanan yang sebaik-baiknya kepada nasabah tersebut. hal ini dilakukan untuk menentukan terlebih dahulu segmen pasar yang akan dituju. setelah menentukan segmen pasar yang dituju, maka tahap selanjutnya pegadaian syariah memilih pasar sasaran yang ingin dipenuhi kebutuhannya. pemilihan pasar sasaran produk gadai syariah adalah kepada nasabah potensial, diantaranya adalah nasabah yang memerlukan dana cepat untuk kebutuhan perdagangan, pendidikan, pertanian, perumahan, kesehatan, dan konsumsi. penutup berdasarkan pembahasan yang telah dikemukakan di dalam bab-bab sebelumnya mengenai strategi pemasaran yang dilakukan oleh pegadaian syariah cabang dewi sartika terhadap produk gadai syariah, maka dapat ditarik kesimpulan sebagai berikut: peratama, strategi pemasaran produk gadai syariah yang dilakukan oleh pegadaian syariah cabang dewi sartika meliputi empat variabel dalam bauran pemasaran, yaitu: pertama dengan strategi produk, dengan cara pengembangan produk menjadi arrum (ar-rahn untuk usaha mikro kecil) dan pengoptimalan taksiran. kedua, dengan strategi harga, yaitu dengan memotong tarif ijarah dari rp.85 menjadi rp.80 setiap rp.10.000 nilai taksiran. ketiga, dengan strategi distribusi, yaitu dilakukan dengan cara membuka upc (unit pelayanan cabang) kecil agar mudah dijangkau oleh nasabah. keempat, dengan strategi promosi, yaitu dilakukan dengan cara periklanan, berupa leaflet, brosur, spanduk, souvenir. publisitas, dengan mengadakan kegiatan amal berupa sunatan masal pada ulang tahun pegadaian. dan melalui penjualan pribadi dengan cara sosialisasi dengan ibu-ibu pengajian dan melalui pribadi karyawan untuk mempromosikan produk tersebut. kedua, implementasi strategi pemasaran yang dilakukan oleh pegadai an syariah cabang dewi sartika ternyata mampu menarik minat nasabah, ini terbukti dengan peningkatan jumlah uang pinjaman/omset dan jumlah barang jaminan yang dimiliki pegadaian syariah cabang dewi sartika. peningkatan omzet pegadaian syariah cabang dewi sartika adalah sebesar 21,25 % pada periode januari-juni 2007 ke periode juli-desember 2007 yakni dari rp. 19.751.000.000 menjadi rp. 23.949.000.000 dan pefaridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 84 ningkatan sebesar 38,2% pada periode juli-desember 2007 ke periode januari-juni 2008 yakni dari rp. 23.949.000.000 menjadi rp. 33.100.000.000. serta peningkatan omzet sebesar 67,5 % pada periode januari-juni 2008 yakni rp. 33.100.000.000 dibandingkan periode sama tahun 2007, yakni sebesar rp. 19.751.000000. dari kesimpulan yang telah dikemukakan di atas, penulis mencoba untuk memberikan saran bahwa hendaknya pegadaian syariah semakin aktif untuk meningkatkan inovasi dalam kegiatan pemasaran, baik promosi dan sosialisasi, karena kegiatan pemasaran terbukti mampu meningkatkan jumlah nasabah. namun jika dilihat dari persentase peningkatan jumlah nasabah dari tahun ke tahun dirasakan masih belum berhasil secara maksimal. oleh karena itu perlu diadakan evaluasi terhadap pelaksanaan aktivitas promosi dan sosialisasi secara terus menerus untuk mengetahui seberapa efektif keberhasilan strategi pemasaran yang dilakukan, mengatasi berbagai kendala yang timbul dan sebagai bahan acuan perencanaan kegiatan promosi dan sosialisasi di masa mendatang. kemampuan sumber daya manusia perlu lebih ditingkatkan lagi baik melalui pendidikan dan pelatihan yang diberikan serta penyeleksian calon karyawan baru dalam rangka memperbaiki dan meningkatkan profesionalitas kerja pegadaian syariah. evaluasi juga perlu dilakukan dengan mendengarkan masukan yang diberikan oleh para nasabah sebagai upaya untuk membangun hubung an kekerabatan silaturahmi antara pegadaian syariah dengan para nasabahnya. hal ini akan menciptakan kesan positif sekaligus bagian dari sosialisasi pemahaman, pengetahuan, dan pengenalan produk. pustaka acuan al-qur’an al-karim ali, muhammad. kamus lengkap bahasa indonesia modern. jakarta: pustaka amani. 1996. arifin, zainul. dasar-dasar manajemen bank syariah. jakarta: alvabet, 2002. assauri, sofjan. manajemen pemasaran: dasar, konsep, dan strategi. jakarta: pt. raja grafindo persada, 2004. basyir, ahmad azhar. riba, utang-piutang, dan gadai. bandung: al-ma’arif, 1983. al-iqtishad: vol. i, no. 2, juli 2009 85 al-bukhari. shahih bukhari. beirut: maktabah ashriyah, 1997. dzajuli, a dan aen, nurol, ushul fiqh metodologi hukum islam, jakarta: pt. raja grafindo persada, 2000. firdaus nh, muhammad. mengatasi masalah dengan pegadaian syariah. jakarta: renaisan, 2005. -------, cara mudah memahami akad-akad syariah. jakarta: renaisan, 2005. -------, dasar dan strategi pemasaran syariah, jakarta: renaisan, 2005. furchan, ali. pengantar metode penelitian kualitatif. surabaya: usaha nasional, 1992. “ gadai emas bank syariah: barang aman, uang di tangan”, http://www. prospektif.com/terkini/artikel.html?id=969, 1 november 2002. hasan, m. ali. berbagai macam transaksi dalam islam, (fiqh muamalat). jakarta: pt raja grafindo persada, 2004. hendra, teguh dan ronny. a rusli. manajemen pemasaran: analisis, perencanaan, implementasi dan kontrol. jakarta: pt. prenhallindo, 1997. kamil, ahmad dan fauzan, m. kitab undang-undang hukum perbankan dan ekonomi syariah. jakarta: kencana, 2007. kartajaya, hermawan dan sula, m. syakir. syariah marketing. bandung: mizan, 2006. kasmir. pemasaran bank. jakarta: kencana, 2004. kotler, philip. marketing. jakarta: erlangga, 2004. ---------. manajemen pemasaran (analisis, perencanaan, implementasi, dan pengendalian). jakarta: feui, 1993. kotler dan amstrong. dasar-dasar pemasaran. jakarta: indeks, 2003. ---------. prinsip-prinsip pemasaran. jakarta: erlangga, 2001. kitab undang-undang hukum perdata (burgerlijk wetboek). penerjemah r. subekti dan r. tjitrosudibio. jakarta: pradnya paramita, cet. viii, pasal 1150, 1976. al-mashur bissayyiri al-bakri, al-alamah abi bakri. kitab ia’natut tholibin, beirut: daarul fikr, 2004. juz 3. matua, pirgong. sejarah singkat perum pegadaian. jakarta: perum pegadaian, 2003. moleong, lexy j. metodologi penelitian kualitatif. bandung: pt remaja rosda karya, 2002. faridatun sa’adah: strategi pemasaran produk gadai syariah dalam upaya menarik . . . 86 munawwir, a. w. kamus al-munawwir. surabaya: pustaka progressif, 1997. muslehuddin, muhammad. sistem perbankan dalam islam. jakarta: pt. rineka cipta, 2004. pandia, frianto, dkk. lembaga keuangan. jakarta: pt. rineka cipta. pegadaian syariah. manual operasional ulgs. jakarta. “perbedaan gadai dengan rahn” diakses pada 28 agustus 2008 dari www. pnm.co.id/content.asp?id=524&mid=54-23“pertumbuhan pegadaian syariah memuaskan”, http://www.republika. co.id/koran detail.asp?id=183268&kat id2=, 8 januari 2005. perum pegadaian. keputusan direksi perum pegadaian tentang pemberlakuan manual operasi unit layanan gadai syariah, kep. dir perum pegadaian nomor. 06.a/ul.3.00.22.3/2003 ps 1 ayat (1). --------. manual operasional gadai syariah. jakarta: perum pegadaian, 2003. --------. manual operasional arrum. --------. pedoman operasional gadai syariah. sabiq, sayid. fiqh sunnah. bandung: pt. al-ma’arif, 1996. ash-shiddieqy, hasbi. pengantar fiqh muamalah. jakarta: bulan bintang, 1984. stanton, william j. prinsip-prinsip pemasaran. jakarta: erlangga, 2004. sukandarrumidi, metodologi penelitian (petunjuk praktis untuk peneliti pemula). yogyakarta: ugm press, 2004. syafi’i antonio, muhammad. bank syariah dari teori ke praktik. jakarta: gema insani. 2001. sudarsono, heri. bank dan lembaga keuangan syariah. yogyakarta: ekonisia, 2003. suhendi, hendi. fiqh muamalah. jakarta: pt raja grafindo persada, 2007. sumarni, murti. marketing perbankan. yogyakarta: liberty, 1997. tjiptono, fandy. strategi pemasaran. yogyakarta: andi press, 2001. wasito, hermawan. pengantar metodologi penelitian. jakarta: pt gramedia pustaka utama, 1993. wawancara dengan ahmad zainuddin. jakarta. 12 september 2008. wawancara dengan supriyono, jakarta. 29 agustus 2008. zainuddin, ahmad.. “omzet pegadaian syariah cawang” artikel diakses pada 28 agustus 2008 dari republika online, http://www.republika.co.id. pendahuluan dalam perkembangan dunia modern, kebutuhan manusia tidak terbatas kepada sesuatu yang bersifat material belaka, tetapi juga meliputi jasa di berbagai bidang. kebutuhan hidup manusia juga memerlukan pengamanan terhadap jiwa, keturunan, dan harta mereka, karena semakin maju kebudayaan rnanusia semakin kompleks pula persoalan yang mereka hadapi. semakin berkembang ilmu penge tahuan, semakin kompleks pula resiko yang ditimbulkannya. dalam persoalan transportasi misal nya, semakin canggih alat transportasi yang ditemukan dan digunakan manusia, semakin tinggi dan besar pula resiko yang akan dihadapi mereka. berkendaraan dengan mobil, berlayar dengan kapal laut, dan asuransi dalam pandangan ulama fikih kontemporer abdurrauf fakultas syariah dan hukum uin jakarta jl. ir. h. juanda 95, ciputat, jakarta e-mail: abdurrauf_2010@yahoo.com abstrak: dalam khazanah fiqh islam klasik permasalahan asuransi dalam bentuk implementasinya yang sekarang ini memang belum dikenal, karena itu tidak didapatkan status hukumnya dalam kitab-kitab mereka. namun demikian, kajian tentang asuransi dalam perspektif islam kontemporer sebenarnya sudah cukup banyak dilakukan oleh para ahli hukum, baik ahli hukum islam secara khusus maupun ahli ekonomi islam secara umum. mengingat asuransi ini adalah masalah yang relatif baru yang belum ada kejelasan status hukumnya pada masa pra islam, maka perdebatan yang terjadi sekitar hukum asuransipun tidak bisa dielakkan. sebagian ulama ada yang mengharamkannya dengan alasan adanya unsur riba, sama dengan perjudian, mengandung penipuan, ekploitasi, dan lain-lain. kata kunci: asuransi, kontemporer, qiyâs, ‘illat, hukum, fikih. abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer140 terbang dengan pesawat udara, membawa kepada akibat yang bisa meng hilangkan jiwa seseorang. membangun gedung dan rumah sebagai kebutuhan hidup manusia, juga mengandung resiko kerugian benda-benda tersebut, misalnya, melalui kebakaran atau gedung dan rumah itu runtuh, baik disebabkan kelalaian manusia itu sendiri maupun oleh gejala alam (gempa) di luar kekuasaan manusia. lebih jauh dari itu, dalam upaya menjamin kebutuhan hidup tersebut, diperlukan persiapan yang matang oleh setiap orang. untuk mengatasi resiko-resiko yang disebutkan di atas, di dunia modern ini dikenal suatu bentuk muamalah baru yang disebut dengan asuransi. yaitu, suatu bentuk pertanggungan dari satu pihak kepada pihak lain berdasarkan persyaratan yang mereka sepakati. walaupun relatif baru dalam khazanah fikih islam, namun pembahasan tentang asuransi dewasa ini telah banyak dilakukan oleh para pakar hukum islam kontemporer. kita banyak menemukan hasil karya tentang asuransi, seperti al­ta’mîn wa hukmuhâ ‘alâ hudâ al­syarî’ah al­islâmiyah karya ‘ali al-khafîf, al­ta’mîn: min wujhah nazhr al­syarî’ah ai­islâmiyah karya ‘aisawi ahmad aisawi, hukm al­ta’mîn fi al­syarî’ah al­islâmiyah karya al-sâdiq muhammad al-amin, ‘aqd al­ta’mîn karya musthafâ ahmad al-zarqâ’, al­ta’mîn al­ijtimâ’i karya muhammad tal’at isâ, ‘aqd al­ta’mîn, karya abdullah al-qalqili, al­ribâ wa al­ta’mîn karya murtadha muthahhari, dan lain-lain. disamping karya ilmiah yang secara khusus membahas persoalan asuransi di atas, terdapat pula pembahasan tentang asuransi dalam kitabkitab fikih yang disusun oleh para ulama kontemprer, seperti wahbah alzuhayli, dari syiria, dalam kitab al­fiqh al­islâmi wa adillatuhû, mushtafâ ahmad al-zarqâ’, dalam buku al­madkhal al­fiqh al­‘am, kadang disebut juga al­fiqh al­islâmi fi tsawbihî al­jadîd, al-sayyid sâbiq, dalam buku fiqh al­sunnah, dan lain-lain. namun demikian, dari sekian banyak karya tulis yang ada, penulis buku lebih banyak menitikberatkan pembahasan asuransi dilihat dari aspek hukum muamlahnya, perbedaan pendapat yang terjadi di seputar hukumnya, sejarah kemunculannya, managemen dan sistim operasionalnya, dan lain-lain. bahkan, mayoritas penulis tentang asuransi selalu me nampilkan al-iqtishad: vol. ii, no. 2, juli 2010 141 per bedaan pendapat yang terjadi di kalangan ulama, walau memang hal demikian tidak bisa dielakkan, termasuk dalam artikel ini akan ditampilkan perbedaan ulama tersebut, tetapi itu dilakukan dalam rangka memudahkan untuk memetakan argumentasi dan metode penetapan hukumnya dan bukan menjadi inti tulisan. sedangkan dari aspek metodologis penetapan hukumnya, asuransi dalam hal ini tidak atau belum banyak disorot secara komperhensif dan mendalam. di sinilah tulisan ini menemukan tempatnya. maka berdasarkan alasan tersebut, penulis tertarik untuk melakukan suatu kajian tentang metode ulama fikih kontemporer dalam menetapkan hukumnya. pengertian dan sejarah asuransi asuransi dalam bahasa inggris dikenal dengan istilah insurance1, artinya asuransi dan jaminan. dan dalam bahasa belanda menurut wirjono prodjodikoro dikenal dengan istilah assurantie, artinya asuransi, dan verzekering, artinya pertanggungan.2 sementara bahasa arab menyebutnya dengan istilah ta’mîn (pengamanan), di samping juga beberapa istilah lainnya, di antaranya, takâful, tadlâmun, ta’âhud, yang semuanya dapat diartikan sebagai langkah penjaminan atau pertanggungan.3 sedangkan secara terminologi asuransi adalah suatu ikatan yang berbentuk penggabungan kesepakatan untuk saling menolong, yang telah diatur dengan sistim yang rapi untuk sejumlah manusia yang semuanya telah siap untuk menghadapi suatu peristiwa.4 dengan redaksi yang lain, wirjono prodjodikoro menyatakan bahwa asuransi adalah suatu persetujuan dimana pihak yang menjamin berjanji kepada pihak yang dijamin, untuk menerima sejumlah uang premi sebagai pengganti kerugian, yang mungkin akan diderita oleh yang dijamin, karena akibat dari suatu 1 lihat john m. echols dan hassan sadilly, kamus inggris­indonesia, (jakarta: gramedia, 1990), h. 326 2 wirjono prodjodikoro, hukum asuransi di indonesia, (jakarta: pembimbing, 1958), h. 1 3 lihat muhammad imârah, qâmûs al­mushthalahat al­iqtishâdiyah fi al­hadlârah al­ islâmiyah, (beirut: dâr al-syuruq, 1993), h. 124 4 ‘ali al-khafif, al­ta’mîn wa hukmuhâ ‘alâ hudâ al­syari’ah al­islâmiyah, h. 10 abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer142 peristiwa yang belum jelas.5 sementara abbas salim mengatakan asuransi adalah suatu kemauan mendapat kerugian-kerugian kecil (sedikit) yang sudah pasti sebagai pengganti (substitusi) kerugian-kerugaian besar yang belum pasti.6 dalam ensiklopedi hukum islam, asuransi didefinisikan dengan transaksi perjanjian antara dua pihak; pihak yang satu berkewajiban membayar iuran dan pihak yang lain berkewajiban memberikan jaminan sepenuhnya kepada pembayar iuran jika terjadi sesuatu yang menimpa pihak pertama sesuai dengan perjanjian yang dibuat.7 kemudian, terakhir untuk definisi, penulis juga menukil rumusan definitif yang dituangkan pada pasal 1 undang-undang no. 2 tahun 1992 tentang usaha perasuransian sebagai berikut: “asuransi atau pertanggungan adalah perjanjian antara dua pihak atau lebih, dengan mana pihak penanggung mengikatkan diri kepada tertanggung dengan menerima premi asuransi, untuk memberikan penggantian kepada tertanggung karena kerugian, kerusakan atau kehilangan keuntungan yang diharapkan, atau tanggung jawab hukum kepada pihak ketiga yang mungkin akan diderita tertanggung, yang timbul dari suatu peristiwa yang tidak pasti, atau untuk memberikan suatu pembayaran yang didasarkan atas meninggal atau hidupnya seseorang yang dipertanggungkan”.8 berdasarkan definisi tersebut dapat dikatakan bahwa asuransi merupakan salah satu bentuk pertanggungan terhadap musibah yang diperkirakan sewaktu-waktu akan terjadi. karena itu, muncullah berbagai macam jenis asuransi atau pertanggungan, seperti asuransi jiwa, asuransi kecelakaan, asuransi kebakaran, asuransi pendidikan, bahkan asuransi yang berkaitan dengan pertanian dan pelaksanaan ibadah haji. definisidefinisi di atas sekalipun secara redaksional ada sedikit perbedaan, namun terdapat benang merah yang menegaskan bahwa secara sub5 wirjono prodjodikoro, hukum asuransi di indonesia, h. 1 6 abbas salim, dasar­dasar asuransi (principiles of insurance), cet. ke-1, (jakarta: pt. rajagrapindo persada, 1995), h.1 7 abdul aziz dahlan, dkk (editor), ensiklopedi hukum islam, (jakarta: ictiar baru van hoeve, 1996), h. 138. 8 warkum sumitro, asas­asas perbankan islam dan lembaga­lembaga terkait, cet. ke-4 (jakarta: rajawali press, 2004), h. 186 al-iqtishad: vol. ii, no. 2, juli 2010 143 stansial asuransi bertujuan untuk saling membantu dan menolong sesama. mushtafâ ahmad al-zarqâ’ menyatakan bahwa akad asuransi itu merupakan suatu sistim tadlâmun dan ta’âwun yang bertujuan untuk menutupi kerugian yang disebabkan oleh musibah.9 jika ditelusuri dari sejarah kemunculannya, afzalur rahman mencatat konsep asuransi sangat berkaitan erat dengan kehidupan berkelompok. dalam masyarakat primitif, orang biasanya hidup bersama dalam suatu keluarga besar atau suku dimana kebutuhan-kebutuhannya terpenuhi dan terlindungi melalui kerjasama dan saling membantu. oleh karena itu, mereka merasa tidak memerlukan suatu asuransi karena resiko sepenuhnya dilindungi oleh masyarakat. dan pada waktu keluarga atau suku berubah menjadi kehidupan yang berpindah-pindah, secara individu keluarga tersebut mengahadapi berbagai macam bahaya tanpa adanya perlindungan dari keluarga maupun sukunya. karena keadaan yang demikian itu, seorang individu secara mandiri terlepas sepenuhnya dari perlindungan keluarga maupun sukunya, sehingga ia mencari bentukbentuk perlindungan lain.10 jadi menurut afzalur rahman, asuransi bermula dari manusia yang membutuhkan perlindungan terhadap kemungkinan resiko yang dihadapi atas dirinya, harta, maupun kepentingannya. hanya saja, sejak kapan, bagaimana dan oleh siapa asuransi itu dimulai masih merupakan teka-teki yang perlu dicari jawabannya.11 namun menurut muhammad sayyid al-dasûqi, peraturan yang mengatur tentang asuransi, pertama kali muncul di spanyol dan portugal pada abad ke-15 m. peraturan perasuransian ini dikenal dengan sebutan peraturan bercelona yang disahkan pada tahun 1436, 1458, 1461, dan 1484. pada tahun-tahun itu terjadi perkembangan peraturan perasuransian, ke mudian pada tahun 1601, pemerintah inggris mengeluarkan undangundang yang mengatur perasuransian, khususnya yang berkaitan dengan 9 mushtafâ ahmad al-zarqâ’, ‘aqd al­ta’mîn wa mawqif al­syarî’ah al­islâmiyah minhu, h. 403. 10 afzalur rahman, doktrin ekonomi islam, (terj. soeroyo dan nastangin,), vol. ke-4, (yogyakarta: pt. dana bakti wakaf, 1996), h. 29 11 afzalur rahman, doktrin ekonomi islam, h. 30 abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer144 asuransi kelautan (pelayaran).12 dengan demikian, asuransi yang pertama kali muncul di eropa adalah yang berkaitan dengan keselamatan pelayaran dan dilanjutkan dengan asuransi jiwa sebagai konsekuensi pertanggungan terhadap keselamatan pelayaran. pada perkembangan selanjutnya, asuransi berkembang pula terhadap pertanggungan kecelakaan di darat, seperti kebakaran, asuransi bangunan, asuransi mobil, pendidikan dan seterusnya yang bertujuan untuk memberikan pertanggungan dalam berbagai sektor kehidupan. muhammad muslehuddin menambahkan, bila tujuan utama asuransi itu adalah tindakan preventif dan antisipatif, maka sesungguhnya praktik asuransi sudah dikenal sejak zaman sebelum masehi dimana manusia pada masa itu telah melakukan suatu antisipasi untuk menyelamatkan jiwanya dari berbagai ancaman, antara lain dari kekurangan bahan makan. salah satu cerita yang dikemukakan mengenai tindakan antisipasi dari kekurangan bahan makanan itu adalah cerita pada zaman mesir kuno semasa raja fir’aun berkuasa.13 berdasarkan penjelasan di atas, asuransi dalam kontek tersebut dapat dikatakan sejalan dengan tujuan-tujuan umum syariah (maqâshid al­ syarî’ah)14, karena menurut rumusannya, asuransi adalah sebuah gabungan kesepakatan untuk saling tolong-menolong, yang diatur dalam suatu aturan antara sejumlah besar manusia, dengan tujuan untuk menghilangkan atau meringankan kerugian akibat peristiwa yang menimpa.15 asuransi dalam khazanah fikih kontemporer jika ditilik ke dalam khazanah fiqih islam kontemporer, akan kita jumpai berbagai silang pendapat di kalangan para pemikir islam dalam menentu12 muhammad sayyid al-dasûqi, al­ta’mîn wa mawqif al­syarî’ah al­islâmiyah minhu, (kairo: majlis al-a’lâ li al-syu’ûn al-islâmiyah, 1968), h. 13. 13 muhammad muslehuddin, insurance and islamic law, (terj. burhan wirasubrata, menggugat asuransi modern: mengajukan suatu alternative baru dalam perspektif islam, (jakarta: lentera, 1999), h. 7-12. 14 lihat, al-syâthibi, al­muwâfaqât fi ushûl al­syarî’ah, vol. 1, cet.ke-4, (beirut: dâr alma’rifah, 1420 h1999 m), h. 325-326. 15 husain hamid hasan, hukm al­syarî’ah al­islâmiyah fi ‘uqûd al­ta’mîn, (terj. aisyul muzakki ishak), (jakarta: pustaka firdaus, 1996), h. 4. al-iqtishad: vol. ii, no. 2, juli 2010 145 kan hukum asuransi ini. ada yang mengatakan bahwa asuransi itu hukumnya haram secara mutlak dengan dasar bahwa di dalam akad asuransi terdapat unsur riba, dan riba jelas-jelas dilarang oleh agama.16 ada pula yang ber pendapat bahwa asuransi termasuk perkara syubhat, dengan alasan tidak ada yang secara tegas menunjukkan hukumnya, halal atau haram.17 selain itu, ada pula ulama yang membolehkan sebagaian bentuk asuransi dan mengharamkan sebagian lainnya, karena menurut mereka asuransi termasuk ke dalam kategori muamalah yang mengandung manfaat.18 dewan yurisprudensi islam liga dunia muslim, mekkah, saudi arabia, menganggap bahwa semua transaksi asuransi modern termasuk asuransi jiwa dan niaga adalah bertentangan dengan ajaran islam, akan tetapi dewan menyetujui adanya “asuransi koperatif.”19 syaikh ahmad musthafâ al-zarqâ’ mengatakan bahwa hukum asuransi adalah boleh (mubâh), karena hukum asal dari segala sesuatu itu adalah halal/boleh (al­ibâhah), di samping juga syarak tidak hanya membatasi pada akad klasik yang sudah diketahui saja, dan juga tidak melarang adanya bentuk akad baru yang muncul kemudian sesuai kebutuhan zaman selama tidak bertentangan dengan aturan akad syariah dan syaratsyaratnya secara umum, di samping juga karena adanya kesesuaian antara akad asuransi dengan akad-akad mumalah yang berkembang pada masa pra islam yang diakui kebolehannya oleh syariah, seperti akad muwâlah,20 nizhâm ‘aqilah,21 dan lain-lain. 16 al-sayyid sâbiq, fiqh al­sunnah, vol.ke-3, (beirut: dâr al-kutub al-ilmiyah, 1998), h. 300-304. 17 yûsuf al-qaradlâwi, al­halâl wa al­harâm fi al­islâm, (mesir: dâr al-fikr al-‘arabi, 1984), h. 56 18 abd al-rahmân isâ, al­mu’âmalat al­haditsah wa ahkamuha, (mesir: al-mukhaimir, t.t.), h. 8. 19 muhammad abdul manan, teori dan praktik ekonomi islam, (editor, h.m. sonhadji, dkk), (yogyakarta: pt. dana bakti prima yasa, 1997), h. 305 20 akad muwalah adalah adalah kesepakatan yang terjadi antara seorang yang masuk agama islam dari kalangan non arab dengan seorang arab muslim agar: ia (arab muslim) membayar diyat jika muslim baru dari kalangan non arab tadi melakukan suatu jinayah, sementara muslim muallaf tadi menyepakati juga untuk menjadi ahli waris arab muslim itu jika ia tidak mempunyai ahli waris lain. (lihat isa abduh, al­ta’mîn baina al­hilli wa al­ tahrim, (al-qahirah: dar al-i’tisham, t.t.), h. 140) 21 nidham ‘aqilah adalah hubungan nasab menurut hirarki ahli waris. menurut konsep abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer146 sependapat dengan al-zarqâ’, ‘abd al-wahhâb al-khallâf mengatakan, asuransi hukumnya boleh (jâiz), karena termasuk akad mudlârabah. dan mudlârabah adalah akad berserikat di dalam keuntungan, dimana satu pihak bermodalkan harta, dan satu pihak lagi bermodalkan tenaga dan kerja. dan dalam praktik ta’mîn sendiri kata beliau, modal bersumber dari para peserta ta’mîn yang membayar premi dan sementara tenaga dan managemen ada pada pihak perusahaan yang mengembangkan modal tersebut, dan keuntungan dibagi antara perusahaan dan peserta sesuai akad.22 berbeda dengan dua pakar hukum islam di atas, yûsûf al-qaradlâwi dalam “al­halâl wa al­haram fi al­islâm” mengatakan bahwa diharamkan nya asuransi konvensional karena (1) semua anggota asuransi tidak membayar uangnya itu dengan maksud tabarru’, bahkan nilai ini sedikitpun tidak terlintas, (2) lembaga atau perusahaan asuransi pada umumnya memutar/ menginvestasikan kembali dana-dana tersebut dengan jalan riba.23 muhammad abu zahrah membolehkan asuransi yang bersifat sosial (ta’mîn ta’âwuni), dan mengharamkan yang bersifat komersial. alasan membolehkan yang bersifat sosial kurang lebih sama dengan alasan mereka yang membolehkan asuransi secara umum, demikian juga alasan mengharamkan asuransi yang bersifat komersial sama dengan alasan mereka yang mengharamkan asuransi.24 dari penjelasan di atas perbedaan pendapat tentang asuransi ber kisar pada empat status hukum; boleh, haram, syubhat, hukum yang membedakan antara asuransi sosial dan asuransi komersial. dan secara garis besar penulis di sini mempetakannya menjadi dua kelompok per bedaan, karena alasan mereka yang mengatakan asuransi komersial itu tidak boleh dan syubhat, sama dengan alasan mereka yang mengharamkan asuransi. ‘aqilah: apabila seseorang dari keluarga melakukan pembunuhan secara bersalah, maka yang menjamin dendanya adalah ahli warisnya. (lihat isa abduh, al­ta’mîn baina al­hilli wa al­tahrim, (al-qahirah: dar al-i’tisham, t.t.), h. 138) 22 isâ abduh, al­ta’mîn bayna al­hill wa al­tahrîm, (kairo: dâr al-i’tishâm, t.t.), h. 154. 23 isâ abduh, al­ta’mîn bayna al­hill wa al­tahrîm, h. 154. 24 masjfuk zuhdi, masâil fiqhiyah, (jakarta: haji masagung, 1994); m. ali hasan, masâil fiqhiyah, (jakarta: raja grafindo persada, 2003), h. 95. al-iqtishad: vol. ii, no. 2, juli 2010 147 dengan demikan, asuransi sebagai bentuk muamalah baru dalam dunia ekonomi modern merupakan masalah ijtihâdiyyah dan khilâfiyyah dalam khazanah fikih islam kontemporer, yaitu masalah yang status hukumnya didapat dari hasil ijtihad dan oleh sebab itu belum ada kesepakatan tentang status hukumnya. perbedaan hasil ijtihad ini muncul karena banyak faktor, di antaranya perbedaan cara melihat kasus, perbedaan latar belakang pendidikan, dll. perdebatan tentang hukum asuransi pada prinsipnya berbagai bentuk muamalah modern dapat diterima selama hal tersebut tidak bertentangan dengan prinsip-prinsip dasar islam. islam tidak menafikan bahwa kreasi manusia terhadap berbagai bentuk muamalah akan senantiasa berkembang sesuai dengan perkembangan peradaban dan ilmu pengetahuan yang mereka capai. menyadari hal tersebut, para ulama menyusun sebuah kaidah fikih yang sangat fleksibel dan elastis sebagai acuan dalam menyoroti suatu masalah baru, yaitu “al­ ashl fi al­mu’âmalah al­ibâhah hattâ yadullu al­dalîl ‘alâ tahrîmih” 25 artinya, “prinsip dasar dalam persoalan mu’amalah adalah boleh (dilakukan) sampai ada dalil yang menunjukkan keharamannya”. di antara bentuk muamalah yang kemudian direkayasa dan dikembang kan oleh para ilmuan modern adalah asuransi. dilihat dari segi tujuan dan sasaran yang akan dicapai sebagaimana yang telah dikemukakan pada pembahasan sebelumnya, bahwa asuransi mempunyai nilai positif bagi kehidupan manusia karena prinsip ta’ âwun dan takâful ijtimâ’i merupakan termasuk bagian dari ajaran islam yang amat fundamental sebagaimana termaktub dalam q.s. al-mâ’idah [5]: 2, “dan tolong­menolonglah kamu dalam (mengerjakan) kebajikan dan taqwa. namun pada tataran operasional, konsep ideal dengan tujuan dan sasaran yang baik di suatu perusahaan asuransi itu, terkadang terkesan adanya ketidaksesuaian antara konsep atau teori idealnya dengan praktik 25 jalâl al-dîn abd al-rahmân al-suyûthi, al­asybâh wa al­nazhâir, (singapore: sulaiman mar’ie, t.t.), h. 123. abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer148 yang terjadi di lapangan. di sinilah kemudian muncul persoalan dan perbedaan pendapat para ulama fikih kontemporer tentang kedudukan hukum asuransi tersebut. terkait dengan persoalan perbedaan pendapat ini, penulis akan memetakan perbedaan pendapat tersebut, berikut argumentasi-argumentasi masing-masing kelompok kepada dua kutub, 26 yakni pendapat yang mengharamkan asuransi dan yang membolehkan asuransi. kelompok pertama diwakili oleh wahbah al-zuhayli,27 al-sayyid sâbiq,28 jalâl mushtafâ al-shayyâd,29 husain hâmid hasan,30 yusuf al-qaradlâwi, 31 muhammad bakhit al-muthi’i,32 abd al-rahmân qarâ’ah,33 dan shâdiq muhammad amin.34 alasan-alasan yang dikemukakan oleh kelompok ini adalah (1) perusahaan asuransi yang ada selama ini dalam mengivestasikan dan mereasuransikan dana atau premi para pemegang polis dengan cara praktik riba, (2) asuransi pada hakikatnya sama atau serupa dengan judi. membantah alasan yang membolehkan, mereka mengatakan keridhaan kedua belah pihak tidak menjadi ukuran karena antara pemakan riba dan wakilnya sama-sama ridha, (3) mengandung unsur ketidakjelasan, (4) mengandung unsur riba/rente, (5) mengandung unsur eksploitasi, karena pemegang polis kalau tidak bisa melanjutkan pembayaran preminya, bisa 26 masjfuk zuhdi membagi perbedaan ulama dalam kasus asuransi menjadi 4 (empat) pendapat, namun dalam makalah ini penulis mempetakannya menjadi dua kelompok karena alasan kelompok yang mengatakan asuransi itu syubhat hampir sama dengan yang mengharamkannya, demikian pula yang mengatakan tidak haram secara mutlak alasannya hampir sama dengan yang mengatakan haram. (lihat, masjfuk zuhdi, masail fiqhiyah, (jakarta: haji masagung, 1994). 27 lihat dalam kitabnya, al­fiqh al­islâmiy wa adillatuhu, vol. ke-iv, (beirut: dar alfikr, 1982), h. 441. 28 al-sayyid sâbiq, fiqh al­sunnah, (beirut: dar al-kutub al-ilmiyah, 1983) 29 jalâl mushtafâ al-shayyâd “al­ta’mîn wa ba’dlus syubhât”, (makalah disampaikan pada seminar pertama tentang ekonomi islam di mekah, pebruari 1976). 30 lihat dalam karyanya, hukm al­syari’ah al­islâmiyah fi ‘uqud al­ta’mîn, (al-qâhirah: dâr al-nahdlah al-‘arabiyah, 1976). 31 lihat dalam karyanya al­halâl wa al­harâm fi al­islam 32 lihat dalam buku isâ abduh, al­ta’mîn bayna al­hill wa al­tahrîm, (al-qâhirah: dâr al-i’tisham, t.t.), h. 176 33 isâ abduh, al­ta’mîn bayna al­hill wa al­tahrîm, h. 176. 34 isâ abduh, al­ta’mîn bayna al­hill wa al­tahrîm, h. 176 al-iqtishad: vol. ii, no. 2, juli 2010 149 hilang atau dikurangi uang premi yang telah dibayarkan, (6) di samping akad ta’mîn mengandung unsur riba, ia juga mengandung unsur murâhanah, (7) bahwa akad ta’mîn termasuk akad spekulatif dan mengandung gharar, dan (8) hidup dan mati manusia dijadikan obyek bisnis, yang berarti mendahului takdir tuhan yang mahakuasa. kelompok kedua diwakili oleh ‘abd al-rahmân isâ,35 muhammad al-bâhi,36 abd al-munshif mahmûd, 37abd al-wahhâb al-khallâf, 38’ali alkhafîf, 39taufiq ‘ali wahbah, 40 muhammad yûsûf mûsa,41 dan lain-lain. kebolehan asuransi menurut kelompok ini mengacu pada sejumlah alasan, yakni (1) praktik perusahaan asuransi saat ini tidak lain bertujuan untuk memberi kan khidmah (pelayanan) kepada masyarakat, berupa jaminan atas ada nya resiko dan musibah yang menimpa, (2) akad ta’mîn menyerupai akad muwâlah karena pada kedua belah pihak adanya kewajiban-kewajiban yang harus dilaksanakan, (3) akad ta’mîn menyerupai nizhâm ‘awâqil dalam islam, (4) akad ta’mîn termasuk akad mudlârabah (5) akad ta’mîn bukanlah akad jual-beli, akan tetapi termasuk akad tadlâmun/takâfuli antara para peserta asuransi dalam menghadapi musibah dan meringankan dampaknya, (6) akad ta’mîn termasuk akad mu’âwadlah (pertukaran). di samping alasan-alasan di atas, faktor manfaat juga menjadi alasan bagi mereka membolehkan asuransi. di antara manfaat asuransi menurut mereka adalah (1) sebagai sarana atau langkah kehati-hatian dan tindakan preventif, (2) adanya rasa ketenangan dan keamanan, (3) dapat membantu 35 dalam bukunya, al­mu’âmalat al­haditsah wa ahkâmuha, (mesir: mukhaimir, t.t.), h. 83-89. 36 lihat muhammad al-bâhi, nidhâm alta’mîn fi hâdi ahkâm al­islâm wa darurat al­ mujtama’ al­mu’âshir, (al-qâhirah: maktabah wahbah, 1965), h. 12. 37 abdul munshif mahmûd, al­ta’mîn al­ta’âwuni wa al­ijtimâ’i fi al­mizân, dalam majalah minbar al­islam, no. ke-1, muharram tahun 1388 h. 38 abdul al-wahhâb al-khallâf, al­ta’mîn, dalam majalah, liwa’ al­islam, no.ke-11, tahun viii. 39 syaikh ali al-khafif, “al­ta’mîn wa hukmuhu ‘alâ hadyi al­syari’ah wa ushuluhâ al­ ‘ammah”, makalah disampaikan pada seminar pertama tentang ekonomi islam, di mekah, pebruari 1976. 40 isâ abduh, al­ta’mîn bayna al­hill wa al­tahrîm, h.161 41 isâ abduh, al­ta’mîn bayna al­hill wa al­tahrîm, h. 159 abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer150 mengurangi beban ketika terjadi musibah, yang belum tentu sanggup ia tanggung sendiri, (4) sebagai sarana untuk kemajuan ekonomi dan pembangunan, (5) termasuk akad mudlârabah, dimana peserta asuran sebagai penanam modal dan pihak asuransi sebagai pengemban usaha, dan keuntungan di antara mereka dibagi sesuai akad, (6) mengandung manfaat dan kepentingan umum (mashlahah ‘âmah), sebab premi-premi yang terkumpul bisa diinvestasikan untuk proyek -prpyek yang produktif dan untuk pembangunan. metode penetapan hukum asuransi bila kita cermati pandangan dari kedua kelompok di atas, maka dapat ditemukan kesamaan metode dalam pemaparan argumentasi, di mana kedua pihak menggunakan metode qiyâs42 (analogi) dalam menetapkan hukum asuransi. pada kelompok yang mengharamkan asuransi, metode qiyâs ini dapat dilihat, misalnya, asuransi dianalogikan dengan riba, la’ab al­maysir (permainan judi), bay’i’ garar (jual beli dengan unsur pe nipuan), dan lain-lain. dan pada kelompok yang membolehkan asuransi, metode qiyâs ini misalnya, tampak ketika mereka menganalogikan asuransi dengan akad mudlârabah43, muwâlah 44 dan nizhâm al­ ‘awâqil 45 dalam islam. untuk dapat memahami konsep qiyâs dalam penetapan hukum, ada baiknya ditelusuri terlebih dahulu cara kerja qiyâs itu sendiri. karena dengan demikian kita dapat memahami pokok masalah yang se42 secara definitif, abd al-wahhâb al-khallâf merumuskan qiyâs sebagai berikut: menyamakan suatu kasus yang tidak terdapat hukumnya dalam nash (alquran dan alsunnah) dengan kasus yang hukumnya terdapat dalam nash, karena adanya persamaan ‘illat dalam kedua kasus hukum itu. (lihat abd al-wahhâb al-khallâf, mashâdir al­tasyri’ al­islâmi fi ma lâ nashsha fih, (kuwait: dâr al-qalam, 1972), h. 19 43 akad mudlârabah adalah suatu sistem perniagaan di mana si pemilik modal (shâhib al­mâl) menyetorkan modalnya kepada pengusaha, yang selanjutnya disebut mudlârib, untuk diniagakan dengan keuntungan akan dibagi bersama sesuai dengan kesepakatan dari kedua belah pihak, sedangkan kerugian, jika ada, akan ditanggung oleh si pemilik modal. (lihat institut bankir indonesia, konsep, produk dan implementasi operasional bank syarî’ah, (jakarta: djambatan, 2001), h. 164. 44 pengertiannya lihat halaman 9 45 pengertiannya lihat halaman 10 al-iqtishad: vol. ii, no. 2, juli 2010 151 sungguhnya. disamping itu, qiyâs sebagai salah satu metode penetapan hukum, mempunyai syarat dan rukun yang menjadi standar kerjanya. rukun qiyâs yang dimaksud adalah,46 pertama: ashl (pokok), kadang disebut pula dengan maqîs ‘alaih. yang dimaksud dengan ashl adalah suatu kasus yang sudah ada nash­nya yang dijadikan dasar analogi. kedua, far’ (cabang), kadang disebut maqîs (yang dianalogikan) atau musyabbah (yang diserupakan). yang dimaksud dengan far’ adalah kasus baru yang belum ada nash­nya dan yang akan dianalogikan dengan ashl. ketiga, hukum ashl, yaitu hukum syarak terhadap ashl. hukum syarak di sini bisa halal, haram, dan seterusnya. keempat, ‘illat atau motif yang menjadi alasan untuk menetapkan suatu hukum. menurut fathurrahman djamil, dari keempat unsur (rukun) di atas, unsur yang disebut terakhir, ‘illat, adalah sangat penting dan menentukan. karena ada atau tidak adanya hukum dalam kasus baru sangat tergantung pada ada atau tidak adanya ‘illat pada kasus tersebut.47 hal ini berdasar kan kaidah “al­hukm yadûru ma’a al­‘illat wujûdan wa ‘adaman” hukum itu tergantung pada ada atau tidak adanya ‘illat. sedangkan yang dimaksud dengan ‘illat menurut wahbah al-zuhayli adalah sesuatu sifat yang jelas dan ada tolak ukurnya, menginformasikan tentang ada atau tidak adanya hukum yang akan ditetapkan berdasarkan sifat dimaksud.48 pengertian ‘illat yang dikemukakan di atas sekaligus menjelaskan fungsi ‘illat itu sendiri, yaitu sebagai alasan untuk menetapkan hukum suatu kasus, dimana keberadaannya merupakan penentu adanya suatu hukum. kasus lama yang banyak dicontohkan dalam kitab-kitab fikih adalah kasus seorang sahabat nabi saw. yang sengaja membatalkan puasa ramadhan dengan jima’ di siang hari.49 kemudian para ulama menarik hukum dari 46 rachmat syafe’i, ilmu ushul fiqh untuk iain, stain, ptais, (bandung: pustaka setia, 1999), h. 87 47 fathurrahman djamil, filsafat hukum islam, cet.ke-iii, (pamulang: logos wacana ilmu, 1999), h. 135-136 48 wahbah al-zuhayli, al­wasîth fî ushûl fiqh, (dimasyqi: al-mathba’at al-‘ilmiyyat, 1969), h. 415. 49 lengkap kasusnya dijelaskan dalam salah satu hadits nabi s.a.w. berikut: “seorang lelaki datang kepada rasulullah s.a.w. dan berkata: celaka aku ya rasulullah. rasulullah bertanya: celaka kenapa ?. ia menjawab: aku telah bersetubuh dengan isteriku (jima’) abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer152 kasus tersebut. sebahagian mereka, seperti abû hanifah, imâm mâlik, imâm tsawri, dan lain-lain mengatakan bahwa orang yang melakukan jima’ di siang hari ramadhan wajib baginya mengganti puasa ramadhannya di hari lain dan kaffârat. ‘illat (alasan) mereka menetapkan hukum wajib dan kaffârat adalah karena perbuatan tersebut dianggap merusak kehormatan bulan suci ramadhan. sedangkan kasus baru (far’) yang dianalogikan dengan kasus lama (ashl), yang belum ada nash atau ketetapan hukumnya adalah kasus makan dan minum dengan sengaja di bulan ramadhan. mereka menganggap orang yang makan dan atau minum di siang hari ramadhan dengan sengaja itu sama dengan orang yang melakukan jima’ di siang hari ramadhan. hukumnya sama, wajib qadla’ dan kaffârat, dan berdasarkan ‘illat yang sama pula menurut mereka. dalam kaitannya dengan kasus asuransi, di antara kasus lama yang dijadikan analogi adalah kasus praktik riba, bay’ al­garar (jual-beli yang mengandung penipuan dan ketidakjelasan), maysir (perjudian), mudlârabah, nizhâm ‘awâqil, dan muwâlah. namun mengingat keterbatasan yang ada, penulis hanya me ngetengahkan 3 (tiga) contoh kasus yang dapat dianalogikan dengan asuransi, yaitu analogi asuransi dengan praktik riba, analogi asuransi dengan bay’ al­garar, dan analogi asuransi dengan la’b al­maisir. agar lebih mudah memahami cara kerja qiyas dalam kasus asuransi ini, penulis menyajikannya dalam bentuk skema atau tabel berikut: di siang hari ramadhan. rasul s.a.w. berkata: apakah kamu mempunyai sesuatu untuk memerdekakan seorang budak ?. ia menjawab: tidak punya. nabi s.a.w. bertanya lagi: mampukah kamu berpuasa dua bulan berturut-turut ?. ia menjawab: tidak mampu. nabi s.a.w. berkata lagi: punyakah kamu sesuatu untuk disedekahkan kepada orang miskin ?. ia menjawab: tidak punya. kemudian ia duduk, lalu nabi s.a.w. memberikannya karung yang di dalamnya terdapat kurma. nabi s.a.w. berkata: bersedekahlah kamu dengan ini. ia berkata: apakah aku harus menyedekahkan kepada orang yang lebih miskin dariku, padahal tidak satu keluargapun di kampungku yang lebih membutuhkan dari keluargaku. nabi s.a.w. tertawa dan berkata: pergilah dan bersedekahlah kepada keluargamu dengan makanan tersebut. (hr. bukhari dan muslim). al-iqtishad: vol. ii, no. 2, juli 2010 153 contoh 1 kasus yang ada nash 1: (yang dianalogikan dengannya) praktik riba hukum illat riba adalah pengambilan tambahan dari harta pokok atau modal secara bathil1. atau dengan kata lain, menetapkan tambahan tertentu atas pokok harta pada awal akad misal: tuan a mau meminjamkan duit ke tuan b sebesar rp. 1.000.000, dalam tempo 3 bulan untuk keperluan keluarga, dengan syarat apabila tuan b tidak bisa melunasinya pada waktu yang telah disepakati maka ia wajib membayar uang tambahan sebesar 100.000,-. haram berdasarkan al-qur’an dan al-hadits 1. adanya tambahan pada pokok harta yang ditetapkan di awal berdasarkan tenggang waktu, yaitu dari rp. 1.000.000,menjadi rp. 1.100.000,-. 2. di anggap riba karena adanya unsur kedzaliman, dimana tuan b sudah jatuh ketimpan tangga lagi. ini dalam perspektif al-qur’an tindakan kedzaliman (qs. al-baqarah, 2: 278-280). kasus baru: (yang dianalogikan dengan kasus riba) asuransi hukum illat asuransi adalah transaksi perjanjian antara dua pihak; pihak yang satu berkewajiban membayar iuran dan pihak yang lain berkewajiban memberikan jaminan sepenuhnya kepada pembayar iuran jika terjadi sesuatu yang menimpa pihak pertama sesuai dengan perjanjian yang dibuat”2. contoh ilustrasi3: takaful dana siswa: bapak ali, usia 30 tahun, mengikuti program takaful dana siswa dengan membayar premi rp. 1.000.000,tiap tahun untuk jangka waktu 17 tahun. bila bapak ali panjang umur hingga perjanjian berakhir, akan menerima dana pendidikan untuk anaknya (dengan asumsi tingkat investasi 12 %) , sebagai berikut: tergantung illatnya. bagi yang menganggap ada unsur tambahan, akan berpendapat dalam asuransi ada praktik riba walaupun dinamakan mudharabah (bagi hasil). dan bagi yang menganggap ini adalah bagi hasil murni, asuransi seperti ini sama saja dengan menabung dengan skema bagi hasil. 1. adakah unsur tambahan atau penambahan nilai ?. 2. adakah unsur kedzaliman ? keduanya sangat menentukan hukum asuransi. abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer154 masuk rp. di pt. rp. sd1 1.700.000 thn ke-2 di pt 3.050.560 smp 2.550.000 thn ke-3 di pt 3.433.710 sma 3.400.000 thn ke-4 di pt 3.418.013 pt 6.800.000 thn ke-5 di pt 3.664.110 bila bapak ali meninggal dunia dalam masa perjanjian (misalnya pada tahun ke 5):  ahli warisnya menerima:  dana kebajikan rp. 12.000.000, rekening tabungan rp.2.625.000, bagi hasil rp. 975.521 total rp. 15.600.521  penerima hibah memperoleh:  dana pendidikan sesuai rencana contoh 2 kasus lama yang ada nash 2: (yang dianalogikan dengannya) jual beli garar hukum illat jual beli garar adalah jual beli yang didasarkan atas ketidakjelasan sejak dimulainya akad, atau jual beli yang ketidakjelasannya di waktu yang akan datang4. misal: 1. jual ikan yang masih di kolam. 2. menjual buah-buahan yang masih muda/belum laik dipetik. 3. menjual anak hewan yang masih berada dalam perut ibunya. haram berdasarkan al-qur’an dan al-hadits (hr. muslim) 1. adanya unsur penipuan karena belum jelas barangnya. 2. bisa saja ikan yang ada di kolam, buah-buahan yang masih muda, dan anak hewan yang masih dalam perut induknya mendapat musibah. 3. menjual sesuatu yang belum berada pada penguasaan penjual secara penuh. kasus baru: (yang dianalogikan dengan kasus jual beli garar) asuransi hukum illat asuransi adalah transaksi perjanjian antara dua pihak; pihak yang satu berkewajiban membayar iuran dan pihak yang tergantung ‘illatnya. bagi kelompok yang melihat adanya unsur penipuan, ketidakjelasan adakah illat­illat bai’ al-garar di di sini ?. adakah unsur penipuan ? al-iqtishad: vol. ii, no. 2, juli 2010 155 lain berkewajiban memberikan jaminan sepenuhnya kepada pembayar iuran jika terjadi sesuatu yang menimpa pihak pertama sesuai dengan perjanjian yang dibuat”5. (gharar) dalam asuransi, maka menganggap hukumnya sama dengan bai’ al-gharar, haram. sementara bagi kelompok yang menganggap tidak ada illat­illat tersebut, menganggap hukumnya boleh. adakah adakah ketidakjelasan ? contoh 3 kasus lama yang ada nash 3: (yang dianalogikan dengannya) la’bul maisir hukum illat berjudi adalah mempertaruhkan sejumlah uang atau harta dalam permainan tebak-tebakan berdasarkan kebetulan, dengan tujuan mendapatkan sejumlah uang atau harta yang lebih besar dengan jumlah uang atau harta semula6. misal: bermain judi; bermain dadu (kartu dsb) dengan bertaruh uang7. haram berdasarkan alqur’an (qs. al-maidah, 5: 90), dan al-hadits. 1. ada motif pelaku untuk mengundi nasib. 2. ada unsur untunguntungan. 3. adanya unsur ketidakjelasan. kasus baru: (yang dianalogikan dengan kasus la’bul maisir) asuransi hukum illat asuransi adalah transaksi perjanjian antara dua pihak; pihak yang satu berkewajiban membayar iuran dan pihak yang lain berkewajiban memberikan jaminan sepenuhnya kepada pembayar iuran jika terjadi sesuatu yang menimpa pihak pertama sesuai dengan perjanjian yang dibuat”8. tergantung ‘illatnya. bagi yang mengatakan adanya illat­illat perjudian pada kasus asuransi, menganggap asuransi sama dengan hukum perjudian, diharamkan. sementara bagi yang 1. adakah motif peserta asuransi untuk mengundi nasib ? 2. adakah unsur untung-untungan dalam asuransi ?. abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer156 mengatakan tidak ada illat-illat perjudian pada kasus asuransi, misalnya karena sudah adanya transparansi dari awal, menganggap asuransi tidak sama dengan la’bul maisir (permainan judi), bahkan menganggap qi­ yas tersebut bukan pada tempatnya. 3. adakah unsur ketidakjelasan dalam manajemen asuransi ?. penutup dari uraian yang telah dikemukakan di atas, jelaslah bahwa masalah asuransi adalah masalah ijtihâdiyyah dan sekaligus khilâfiyyah yang terjadi di kalangan pakar hukum islam kontemporer. artinya, suatu masalah yang belum mempunyai ketetapan hukum secara mutlak. dua kelompok yang mempunyai pendapat yang berbeda – boleh dan tidak boleh – pada dasarnya sepakat menyatakan bahwa riba, maysir, dan bay’ garar itu adalah sesuatu yang diharamkan karena adanya kezaliman, unsur perjudian dan penipuan di dalamnya, dan inilah ‘illat mengapa praktik muamalah seperti itu dilarang, namun kemudian mereka berbeda pendapat dalam merefleksikan ‘illat tersebut dalam kasus asuransi modern. menurut penulis, sebab perbedaan pendapat bukan pada metode penetapan hukumnya, karena keduanya sama-sama menggunakan metode qiyâs, akan tetapi sebab perbedaan lebih pada materi-materi qiyâs itu sendiri dan cara menginterpretasikan ‘illat­nya, yaitu ashl (yang dianalogikan dengannya), di mana satu pihak memandang adanya kesamaan ‘illat antara ashl atau kasus yang sudah status hukumnya secara jelas (dalam hal ini praktik riba, maysir, dan bay’ al­garar) dengan far’ (dalam hal ini asuransi). sementara pihak lain memandang sebaliknya, ‘illat pengharaman riba, maysir, dan bay’ al­garar tidak terdapat pada praktik asuransi. oleh karena itu, mengetahui ada tidaknya ‘illat dalam praktik asuransi modern dibutuhkan perlu adanya analisis oleh kolaborasi keahlian antara ahli asuransi dengan ahli hukum islam, artinya perlu melibatkan praktisi asuransi itu sendiri dalam menetapkan hukum asuransi. dimana dalam hal transparansi dan segala sesuatu yang terkait dengan managemen al-iqtishad: vol. ii, no. 2, juli 2010 157 asuransi, biarlah ahli asuransi yang berbicara. setelah itu biarkanlah para ahli hukum islam menentukan sikap dan status hukumnya. pustaka acuan abduh, isâ, al­ta’mîn bayna al­hill wa al­tahrîm, qâhirah: dâr al-i’tishâm, t.th. abdul manan, muhammad, teori dan praktik ekonomi islam, editor, h.m. sonhadji, dkk, yogyakarta: pt. dana bakti prima yasa, 1997. abu zahrah, muhammad, ushûl fiqh, dâr al-fikr al-arabi, 1377 h./1958 m., ali, hasan, asuransi dalam perpektif hukum islam, cet. ke-5 jakarta: prenada media, 2005. 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hassan sadilly, kamus inggris­indonesia, jakarta: gramedia, 1990 jurjâni, al-, kitâb at­ta’rifat, beirut, lubnân: dâr al-kutub al-’ilmiyyah 1408 h 1988 m. khafifi, al-, syaikh ali, al­ta’mîn wa hukmuhâ ‘alâ hudâ al­syarî’ah al­ islâmiyah, makkah, 1968. abdurrauf: asuransi dalam pandangan ulama fiqih kontemporer158 khallâf, al-, abd al-wahhâb, ‘ilmu ushûl al­fiqh, kuwait: dâr al-qalam, 1978. mushthafa, ibrahim, dkk, al­mu’jam al­wasith, turki, istambul: al-maktabah al-islâmiyah, t.th. muslim, al-, imâm, shahîh muslim, cet. 1, vol. 4, beirut: dâr ibnu hazam, 1416 h – 1995 m. musthafâ ahmad al-zarqâ’, ‘aqd al­ta’mîn wa mawqif al­syarî’ah al­ islâmiyah minhu, makkah, 1968. prodjodikoro, wirjono, hukum asuransi di indonesia, jakarta: pembimbing, 1958. qaradlâwi, al-, yusuf, al­halâl wa al­harâm fi al­islâm, mesir: dâr al-fikr al-arabi, 1984. rahman, afzalur, doktrin ekonomi islam, terj. soeroyo dan nastangin,, vol. ke-4, yogyakarta: pt. dana bakti wakaf, 1996 sâbiq, al-sayyid, fiqh al­sunnah, vol.ke-3, beirut: dâr al-kutub al-ilmiyah, 1998. salim, a. abbas, dasar­dasar asuransi principles of insurance, cet. ke-1, jakarta: pt. rajagrapindo persada, 1995. sumitro, warkum, asas­asas perbankan islam dan lembaga­lembaga terkait, cet. ke-4 jakarta: rajawali press, 2004. suyûthi, al-, jalâl al-dîn, al­asybâh wa al­nazhâir, singapore: sulaiman mar’ie, t.t.. syafe’i, rachmat, ilmu ushul fiqh untuk iain, stain, ptais, bandung: pustaka setia, 1999 syâthibi, al-, abu ishâq, al­muwâfaqât fi ushûl al­syarî’ah, vol. ke-1, cet.ke4, beirut: dâr al-ma’ârifah, 1999. zuhayli, wahbah, al-fiqh al-islâmi wa adillatuh, dimasyqi: dâr al-fikri, 1417h/1996 m. zuhdi, masjfuk, masail fiqhiyah, jakarta: haji masagung, 1994 zuhri, muh, riba dalam al­qur’an dan masalah perbankan sebuah tilikan antisipatif, cet. ke-2, jakarta: raja grafindo persada, 1997 pendahuluan pertanian di indonesia sedang berada di persimpangan jalan. sebagai penunjang kehidupan berjuta-juta masyarakat indonesia, sektor pertanian memerlukan pertumbuhan ekonomi yang kukuh dan pesat. sektor ini juga perlu menjadi salah satu komponen utama dalam program dan strategi pemerintah untuk mengentaskan kemiskinan. di masa lampau, pertanian indonesia telah mencapai hasil yang baik dan memberikan kontribusi penting dalam pertumbuhan ekonomi indonesia, termasuk menciptakan lapangan pekerjaan dan pengurangan kemiskinan secara drastis. hal ini dicapai dengan memusatkan perhatian pada bahan-bahan pokok seperti beras, jagung, gula, dan kacang kedelai. akan tetapi, dengan adanya strategi pemasaran pembiayaan pertanian wira noer riadho universitas tulung agung email: wira2001@yahoo.com abstrak: pertanian dianggap strategis, tapi kondisi petaninya kian termarginalkan. menurut sensus pertanian 2003, jumlah rumah tangga petani gurem (penggarap kurang dari 0,5 ha) adalah 13,7 juta rumah tangga, meningkat 26,85% dibanding tahun 1993 yang jumlahnya 10,8 juta rumah tangga. persentase rumah tangga petani gurem terhadap rumah tangga pertanian pengguna lahan juga meningkat, dari 52,7% (1993) menjadi 56,5% (2003). petani gurem ini mayoritas hidup di bawah garis kemiskinan. dari 16,6% rakyat indonesia yang termasuk kelompok miskin, 60%-nya adalah kalangan petani gurem. timbul pertanyaan, jika sektor pertanian sangat penting, mengapa petaninya “dibiarkan” tidak berdaya? hal tersebut tentunya tidak terlepas dari kebijakan nasional dalam mengembangkan sektor pertanian (politik pertanian). kata kunci: pemasaran, pembiayaan, pertanian wira noer ridho: strategi pemasaran pembiayaan pertanian64 penurunan tajam dalam hasil produktifitas panen dari hampir seluruh jenis bahan pokok, ditambah mayoritas petani yang bekerja di sawah kurang dari setengah hektar, aktifitas pertanian kehilangan potensi untuk menciptakan tambahan lapangan pekerjaan dan peningkatan penghasilan. walaupun telah ada pergeseran menuju bentuk pertanian dengan nilai tambah yang tinggi, pengaruh diversifikasi tetap terbatas hanya pada daerah dan komoditas tertentu di dalam setiap sub-sektor.1 sektor pertanian merupakan sektor yang sangat strategis, setidaknya ada lima alasan mengapa sektor pertanian menjadi strategis. pertama, pertanian merupakan sektor yang menyediakan kebutuhan pangan masyarakat. kedua, merupakan penyedia bahan baku bagi sektor industri (agroindustri). ketiga, memberikan kontribusi bagi devisa negara melalui komoditas yang diekspor. keempat, menyediakan kesempatan kerja bagi tenaga kerja pedesaan. dan kelima, perlu dipertahankan untuk keseimbangan ekosistem (lingkungan). ironisnya, meski pertanian dianggap strategis, tapi kondisi petaninya kian termarginalkan. menurut sensus pertanian 2003, jumlah rumah tangga petani gurem (penggarap kurang dari 0,5 ha) adalah 13,7 juta rumah tangga, meningkat 26,85% dibanding tahun 1993 yang jumlahnya 10,8 juta rumah tangga. persentase rumah tangga petani gurem terhadap rumah tangga pertanian pengguna lahan juga meningkat, dari 52,7% (1993) menjadi 56,5% (2003). petani gurem ini mayoritas hidup di bawah garis kemiskinan. dari 16,6% rakyat indonesia yang termasuk kelompok miskin, 60%-nya adalah kalangan petani gurem.2 timbul pertanyaan, jika sektor pertanian sangat penting, mengapa petaninya “dibiarkan” tidak berdaya? hal tersebut tentunya tidak terlepas dari kebijakan nasional dalam mengembangkan sektor pertanian (politik pertanian). pertanian (agriculture) bukan hanya merupakan aktivitas ekonomi untuk menghasilkan pendapatan bagi petani saja. lebih dari itu, per1prioritasmasalahpertaniandiindonesia,http://siteresources.worldbank.org/ intindonesia/resources/publication/280016-1106130305439//agriculture.pdf, diakses pada tanggal 30 november 2008. 2 ukay karyadi, politik pertanian untuk kesejahteraan petani, kamis, 09 februari 2006, http://www.sinarharapan.co.id/berita/0602/09/opi02.html, 2006. al-iqtishad: vol. ii, no. 1, januari 2010 65 tanian/agriculture adalah sebuah cara hidup (way of life atau livehood) bagi sebagian besar petani di indonesia. oleh karena itu pembahasan mengenai sektor dan sistem pertanian harus menempatkan subjek petani, sebagai pelaku sektor pertanian secara utuh. tidak saja petani sebagai homo economicus, melainkan juga sebagai homo socius dan homo religius. konsekuensi pandangan ini adalah dikaitkannya unsur-unsur nilai sosial-budaya lokal yang memuat aturan dan pola hubungan sosial, politik, ekonomi, dan budaya ke dalam kerangka paradigma pembangunan sistem pertanian.3 pembangunan pertanian tetap merupakan bagian dari pembangunan pedesaan (rural development) yang menekankan pada upaya-upaya meningkatkan kesejahteraan penduduk desa, termasuk di antaranya petani. fokus yang berlebihan pada agribisnis akan berakibat berkurangnya perhatian kita pada petani-petani kecil, petani gurem, dan buruh-buruh tani yang miskin, penyakap, petani penggarap, dan lain-lain yang kegiatannya tidak merupakan bisnis. pakar-pakar agribisnis rupanya lebih memikirkan bisnis pertanian, yaitu segala sesuatu yang harus dihitung untung-rugi, efisiensi, dan sama sekali tidak memikirkan keadilan dan moralnya. pembangunan pertanian indonesia harus berarti pembaruan penataan pertanian yang menyumbang pada upaya mengatasi kemiskinan atau meningkatkan kesejahteraan mereka yang paling kurang beruntung di pedesaan.4 jika kita mencermati, ada satu kesamaan yang ada pada sistem pertanian dan bank syariah. sektor perbankan dengan sistem syariah merupakan sektor terpenting dalam pergerakan ekonomi. begitu juga sektor pertanian dengan sistem agribisnis. dalam menghadapi badai krisis ekonomi, ternyata keduanya mampu bertahan dan terbukti memiliki pertumbuhan positif.5 3 mubyarto dan awan santosa, pembangunan pertanian berkelanjutan (kritik terhadap paradigma agribisnis), http://www.ekonomirakyat.org/edisi_15/artikel_7.htm, artikel-th.ii-no.3-mei 2003. 4 ibid 5 pusat pembiayaan pertanian, bunga rampai pembiayaan pertanian mendukung revitalisasi pertanian, jakarta: departemen pertanian, 2007, h.38. wira noer ridho: strategi pemasaran pembiayaan pertanian66 dengan satu kesamaan itu, sekarang bagaimana cara menyatukan sektor pertanian yang penuh dengan resiko dan sektor perbankan syariah yang menerapkan sistem bagi hasil menjadi sebuah kekuatan membangun perekonomian bangsa yang bebas bunga.6 apa mungkin? mungkin sekali. di satu sisi memang pelaku usaha di sektor pertanian sebagian besar adalah petani kecil dengan skala usaha mikro, kepemilikan lahan kecil dan selalu menghadapi kendala kurangnya permodalan. dengan kondisi seperti itu petani mengalami keterbatasan kemampuan untuk mengakses perbankan, karena kesulitan memenuhi persyaratan seperti agunan sertifikat tanah, dan lain-lain. di sisi lain usaha pertanian dapat lebih berkembang, karena keuntungan dan kerugian ditanggung bersama antara pemilik modal dengan pelaku usaha.7 karena itu, dengan sisitem bagi hasil yang diterapkan bank syariah sangant sesuai dengan usaha agribisnis yang memiliki resiko tinggi, karena sangat tergantung kepada iklim dan kondisi alam setempat.8 prinsip dalam pembiayaan syariah adalah aturan perjanjian berdasarkan hukum islam antara bank dengan nasabah. secara garis besar ada empat model pembiayaan syariah yang dapat diterapkan dalam pembiayaan pertanian yaitu, prinsip bagi hasil (mudharabah), prinsip penyertaan modal (musyarakah), prinsip jual beli barang (murabahah), dan pembiayaan barang modal berdasarkan prinsip sewa murni tanpa pilihan (ijarah).9 melihat fenomena-fenomena tersebut, maka perlulah kita untuk mem benahi segala macam permasalahan-permasalahan pertanian. dalam hal ini kesejahteraan petani, dan peningkatan hasil pangan sangat lah memprihatinkan, butuh banyak pendekatan-pendekatan dalam mem benahi hal ini. apakah mereka semua sudah tidak ada lagi di pertanian dan pedesaan kita? masih banyak sekali, dan merekalah penduduk miskin di perdesaan kita yang membutuhkan perhatian dan pemihakan para pakar terutama 6 ibid. 7 ibid, h. 38-39. 8 ibid, h. 39. 9 ibid. al-iqtishad: vol. ii, no. 1, januari 2010 67 pakar-pakar pertanian dan ekonomi pertanian. diantaranya yaitu pemberian pembiayaan-pembiayaan pada bidang pertanian oleh lembaga keuangan syariah dan tentunya juga andil dari pemerintah dalam kebijakan pembiayaan perbankan untuk usaha kecil menengah (ukm), hal ini dimaksudkan untuk memberikan modal terhadap petani-petani miskin yang hanya memiliki kurang dari setengah hektar tanah garapan. dan metode-metode strategi pemasaran pembiayaan pertanian yang baik pada lembaga keuangan mikro syariah akan sangat membantu dalam masalah-masalah yang banyak di hadapi oleh petani, dimana banyak petani-petani miskin masih takut, tidak mengetahui, dan ragu terhadap pengajuan pembiayaan pertanian kepada lembaga keuangan syariah. sehingga masalah demi masalah kian menumpuk dalam hal peningkatan hasil pangan dan kesejahteraan petani miskin. dengan penelitian ini diharapkan dapat mengetahui strategi pemasaran pembiayaan pertanian yang digunakan oleh lembaga keuangan mikro syariah kepada para petani-petani miskin, dimana dari pembiayaanpembiayaan tersebut diharapkan dapat memberi manfaat terhadap kesejahteraan petani dan peningkatan hasil pangan untuk pasokan yang cukup terhadap kebutuhan pangan masyarakat indonesia dan perbaikan ekonomi yang berkesinambungan untuk negara indonesia. pengertian strategi pemasaran pembiayaan pertanian pembiayaan merupakan pendanaan yang diberikan oleh suatu pihak kepada pihak lain untuk mendukung investasi yang telah direncanakan, baik dilakukan sendiri maupun kelembagaan. pembiayaan di bank syariah pada dasarnya mempunyai empat hal, yaitu: 1. bank sebagai pemberi pembiayaan, 2. nasabah sebagai pihak penerima pembiayaan, 3. objek yang dituju untuk dibiayai, 4. jaminan yang diberikan oleh nasabah kepada bank. pertanian adalah proses menghasilkan bahan pangan, ternak, serta produk-produk agroindustri dengan cara memanfaatkan sumber daya wira noer ridho: strategi pemasaran pembiayaan pertanian68 tumbuhan dan hewan. pemanfaatan sumber daya ini terutama berarti budi daya (bahasa inggris: cultivation, atau untuk ternak: raising). namun demikian, pada sejumlah kasus -yang sering dianggap bagian dari pertanian dapat berarti ekstraksi semata, seperti penangkapan ikan atau eksploitasi hutan (bukan agroforestri). usaha pertanian memiliki dua ciri penting: (1) selalu melibatkan barang dalam volume besar dan (2) proses produksi memiliki risiko yang relatif tinggi. dua ciri khas ini muncul karena pertanian melibatkan makhluk hidup dalam satu atau beberapa tahapnya dan memerlukan ruang untuk kegiatan itu serta jangka waktu tertentu dalam proses produksi. beberapa bentuk pertanian modern (misalnya budidaya alga, hidroponika) telah dapat mengurangkan ciri-ciri ini tetapi sebagian besar usaha pertanian dunia masih tetap demikian. pengertian pembiayaan pertanian setelah uraian di atas tentang pengertian pembiayaan dan pengertian pertanian, maka dapatlah kita simpulkan tentang pengertian pembiayaan pertanian, mempunyai pengertian yaitu pendanaan yang diberikan oleh lembaga keuangan syariah kepada para nasabahnya –dalam hal ini merupakan subjek dari pertanian yaitu petani– untuk mendukung suatu investasi yang menghasilkan bahan pangan, ternak, dan produk-produk agroindustri dengan cara memanfaatkan sumber daya tumbuhan dan hewan yang mana tentunya investasi tersebut telah direncanakan. pengertian strategi pemasaran pembiayaan pertanian strategi pemasaran dapat dipahami sebagai logika pemasaran yang dengannya unit usaha berharap dapat mencapai tujuan pemasarannya.10 selain itu strategi permasaran dapat diartikan seleksi atas pasar sasaran, me nentukan posisi bersaing dan pengembangan suatu bauran pemasaran yang efektif untuk mencapai dan melayani klien yang dipilih.11 10 philip kotler dan amstrong, prinsip-prinsip pemasaran, jakarta: erlangga, 1997, edisi 2, jilid 1, h.3. 11 philip kotler dan paul n. bloom, teknik dan strategi pemasaran dan jasa profesional, al-iqtishad: vol. ii, no. 1, januari 2010 69 adapun proses strategi pemasaran yang dilakukan oleh perusahaan mencakup: a. memilih konsumen yang ingin dituju. b. mengidentifikasi keinginan konsumen. c. menentukan bauran pemasaran. strategi pemasaran sangat penting terhadap pengoperasian suatu perusahaan, dimana dengan adanya strategi pemasaran maka usaha yang dijalankan oleh perusahaan mempunyai tindakan-tindakan jangka panjang yang mana mempunyai cara untuk mencapai tujuan perusahaan sehingga lebih terarah, direncanakan dan dipersiapkan lebih matang agar target yang dituju dapat tercapai. dan juga dapat mengantisipasi segala perubahan lingkungan dan perkembangan yang berlaku di pasar sasaran. jadi strategi pemasaran adalah logika pemasaran yang dilaksanakan dengan harapan bahwa unit bisnis akan mencapai sasaran pemasaran. strategi pemasaran terdiri dari strategi spesifik untuk pasar sasaran, penentuan posisi produk, bauran pemasaran, dan tingkat pengeluaran pemasaran.12 dari uraian di atas kita telah mengetahui tentang pengertian dari strategi pemasaran, bila kita korelasikan pengertian strategi pemasaran ini dengan masalah pembiayaan pertanian maka kita dapat kita menyimpulkan pengertian dari strategi pemasaran pembiayaan pertanian, yaitu logika pemasaran yang dilaksanakan oleh lembaga keuangan syariah dalam hal pendanaan terhadap investasi di bidang pertanian dengan harapan unit bisnis yang dijalankan akan mencapai sasaran pemasaran, dimana lembaga keuangan syariah akan memilih nasabah yag dituju, mengidentifikasi keinginan nasabah, dan menentukan bauran pemasaran. sedangkan strategi pemasaran pembiayaan pertanian menurut islam, yaitu suatu rencana jangka panjang yang dilaksanakan oleh lembaga keuangan syariah dalam hal pendanaan terhadap investasi di bidang pertanian dengan tujuan untuk mengarahkan proses penciptaan, jakarta: intermedia, 1995, h.5. 12 yusuf al-qardhawi, halal dan haram, penerjemah: drs. abu sa’id al-falahi & aunur rafiq shaleh tamhid, lc., jakarta: rabbani press, 2000, h.1. wira noer ridho: strategi pemasaran pembiayaan pertanian70 penawaran, dan perubahan value dari inisiator kepada stakeholdernya, yang dalam keseluruhan proses dan tindakannya sesuai dengan akad dan prinsip-prinsip muamalat dalam islam. fungsi dan tujuan pemasaran adapun fungsi-fungsi pemasaran tersebut terdiri dari:13 pertama, penjualan, fungsi ini merupakan fungsi utama, karena bertujuan untuk segera menjual barang/jasa ke konsumen sehingga memperoleh keuntungan. kedua, pembelian, bertujuan memilih barang yang akan dibeli untuk dijual kembali. misalnya memilih harga, jenis, bentuk, mutu dan warna yang sekira nya dijual kembali akan memperoleh keuntungan. ketiga, pengangkutan, fungsi pemindahan barang dari tempat barang dihasilkan ke tempat barang dikonsumsi. misalnya menentukan alat angkut ongkos dan lain-lain yang berhubungan dengan distribusi. keempat, penyimpanan, merupakan fungsi untuk menyimpan barng-barang pada saat barang selesai diproduksi sampai pada saat barang dikonsumsi. pembelanjaan, fungsi mendapatkan modal baik dari sumber intern (pemilik) maupun ekstern (bukan pemilik). kelima, penanggungan resiko, adalah fungsi menghindari dan mengurangi resiko yang berkaitan dengan pemasaran barang, misalnya dengan program asuransi. keenam,, standarisasi dan grading, standarisasi adalah batasbatas dasar dalam bentuk spesifikasi barang-barang, seperti ukuran jumlah, kapasitas, fisik dan kekuatan. ketujuh, grading adalah usaha menggolonggolongkan barang ke dalam golongan standar kualitas yang telah mendapat pengakuan dunia perdagangan. misalnya memeriksa dan menyortir dengan panca indera, dengan alat, atau melalui contoh. kedelapan, pengumpulan informasi pasar, tentang macam barang yang beredar di pasar, jumlahnya, barang yang dibutuhkan konsumen, harganya dan sebagainya. tujuan pemasaran tujuan pemasaran adalah untuk mewujudkan usaha pemasaran yang tangguh, berdaya saing dan berkelanjutan untuk perusahaan. tangguh 13 http://www.edukasi.net/mol/mo_full.php?moid=11&fname=eko206_10.htm, diakses pada tanggal 3 juni 2009. al-iqtishad: vol. ii, no. 1, januari 2010 71 dalam pengertian bahwa pemasaran yang unggul dalam persaingan dan tahan menghadapi gejolak ekonomi dan politik. berdaya saing memiliki pengertian bahwa pemasaran dilaksanakan dengan mengintergrasikan empat komponen pemasaran yaitu product, price, place, dan promotion. berkelanjutan mengandung pengertian bahwa pelaku pemasaran berorientasi jangka panjang dan tidak mengejar keuntungan sesaat.14 ada sembilan etika pemasaran, prinsip-prinsip pemasaran syariah menurut hermawan kartajaya dan muhammad syakir kula meliputi:15 (1) memiliki kepribadian spiritual (takwa). (2) berprilaku baik dan simpatik (shiddq). (3) belaku adil dalam bisnis (al-’adl). (4) bersikap melayani dan rendah hati (khidmah). (5) menepati janji dan tidak curang. (6) jujur dan terpercaya (al-amanah). (7) tidak suka berburuk sangka (su’uzh-zhann). (8) tidak suka menjelek-jelekan (ghibah). (9) tidak melakukan sogok (riswah). bauran pemasaran (marketing mix) bauran pemasaran adalah himpunan variabel yang dapat digunakan oleh lembaga keuangan untuk mempengaruhi nasabah, dimana variabel dari bauran pemasaran terdiri dari 4 variabel: pertama, strategi produk (product). produk adalah segala sesuatu yang memiliki nilai di pasar sasaran dan memberi manfaat serta kepuasan dalam bentuk barang dan jasa. strategi produk yang dilakukan oleh suatu lembaga keuangan dalam mengembangkan produknya yaitu: 16 (1) penentuan logo dan motto. logo adalah simbol suatu produk dan merupakan ciri khas produk tersebut, sedangkan motto adalah serangkaian kata-kata yang berisikan visi dan misi dari suatu produk yang akan dipasarkan. logo dan motto suatu produk haruslah semenarik mungkin, mudah dimengerti dan diingat. (2) menciptakan merek. merek adalah nama atau istilah suatu produk, hal-hal yang harus diperhatikan dalam menciptakan merek suatu produk adalah menarik, modern, mudah diingat dan terkesan luar biasa. (3) menciptakan 14 http://www.willymusse.com/artikel/revatalisai-pertanian.pdf, diakses pada tanggal 3 juni 2009. 15 hermawan kartajaya dan muhammad syakir kula, syariah marketing, h. 67. 16 kasmir dan jakfar, study kelayakan bisnis, jakarta: prenada media, 2003, h. 78. wira noer ridho: strategi pemasaran pembiayaan pertanian72 kemasan. kemasan merupakan tempat, wadah, atau pembungkus suatu produk. dimana kemasan yang akan dipasarkan haruslah memenuhi berbagai syarat, yaitu: kualitas kemasan, bentuk kemasan itu sendiri, dan warna dari kemasan tersebut yang akan membuat kemasan tersebut semakin menarik. (4) keputusan label. label adalah sesuatu yang harus diletakkan pada produk yang ditawarkan dan merupakan bagian dari kemasan, di dalam label harus menjelaskan siapa yang membuat, dimana dibuat, kapan dibuat, cara penggunaan dari produk tersebut, dan waktu kadaluarsa dari produk tersebut. variabel-variabel tersebut merupakan cara penyediaan produk yang tepat bagi pasar dalam hal ini adalah pencapaian kepuasan konsumen. kedua, strategi harga (price). harga merupakan suatu aspek penting dalam kegiatan marketing mix, dimana penentuan harga suatu produk yang akan ditawarkan menjadi sangat penting karena harga merupakan salah satu penyebab bisa diterima atau tidaknya suatu produk kepada konsumen. harga merupakan unsur bauran pemasaran (marketing mix) yang memberikan pendapatan kepada perusahaan, harga menjadi suatu ukuran dalam mutu suatu barang. harga mempunyai sifat yang fleksibel dimana dapat berubah dengan cepat, penetapan suatu harga bukanlah kekuasaan dari pemilik lembaga keuangan karena penetapan harga diberikan berdasarkan kepada keputusan pemerintah. penetapan harga oleh lembaga keuangan dimaksudkan untuk berbagai tujuan yang akan dicapai, tujuan penetapan harga adalah sebagai berikut:17 (1) untuk bertahan hidup. dalam hal ini tujuan penetapan harga semurah mungkin dengan maksud agar produk atau jasa yang akan dipasarkan laku dipasaran, dengan alasan harga murah tapi masih dalam kondisi yang menguntungkan. (2) untuk memaksimalkan laba. tujuan penetapan harga ini dengan mengharapkan penjalan yang meningkat sehingga laba dapat ditingkatkan, penetapan harga biasanya dapat dilakukan dengan harga murah atau harga mahal. (3) untuk memperbesar market share. penetapan harga ini dengan harga yang murah sehingga 17 ibid., h. 108. al-iqtishad: vol. ii, no. 1, januari 2010 73 diharapkan jumlah pelanggan meningkat dan diharapkan pula pelanggan beralih kepada produk yang ditawarkan. (4) mutu produk. tujuannya adalah untuk memberikan kesan bahwa produk yang ditawarkan memiliki kualitas yang tinggi dan lebih tinggi dari kualitas pesaing. biasanya dilakukan dengan cara meninggikan harga, karena masih ada anggapan bahwa harga tinggi memiliki kualitas yang tinggi pula. (5) karena pesaing. dalam hal ini penetapan harga bertujuan agar harga yang sudah ditetapkan tidak lebih besar dari harga pesaing. dengan adanya penetapan harga bertujuan agar memberikan pendapatan yang maksimal bagi perusahaan terhadap produk yang ditawarkan kepada konsumen. ketiga, strategi distribusi (place). distribusi adalah hal yang berkaitan erat dengan upaya perusahaan untuk mendistribusikan barang dan jasa kepada konsumen. adapun faktor-faktor yang mempengaruhi strategi distribusi adalah sebagai berikut: (1) pertimbangan pembeli atau faktor pasar. perusahaan harus mempertimbangkan jumlah dan frekuensi pembelian dan juga sasaran pelanggan, apakah sasarannya pasar konsumen atau pasar industri. (2) faktor produsen atau pertimbangan pengawasan dan keuangan. produsen yang memiliki sumber daya keuangan, manajerial dan pemasaran yang besar dapat menggunakan saluran langsung, sedangkan perusahaan yang kecil lebih baik menggunakan jasa perantara. dalam sektor jasa, distribusi didefinisikan sebagai setiap sarana yang meningkatkan keberadaan atau kenikmatan suatu jasa yang menambah penggunaannya atau pendapatan dari penggunaannya, baik dengan mempertahankan pemakai yang ada, meningkatkan nilai kegunaannya diantara pemakai yang ada ataupun menarik pemakai baru.18 sarana-sarana tersebut dapat berupa kantor pusat, kantor cabang, atm, dan lain-lain yang dapat memudahkan nasabah untuk memperoleh manfaat dari jasa perusahaan tersebut. distribusi termasuk aktivitas perusahaan untuk membuat produk tersedia bagi konsumen sasaran. setiap perusahaan haruslah memiliki pandangan saluran distribusi keseluruhan terhadap masalah distribusi dari produknya ke pemakai akhir. dalam usaha untuk mencapai tujuan 18 murti sumarni, marketing perbankan, yogyakarta: liberty, 1997, h.269. wira noer ridho: strategi pemasaran pembiayaan pertanian74 dan sasaran perusahaan di bidang pemasaran, setiap perusahaan melakukan kegiatan penyaluran. penyaluran merupakan kegiatan penyampaian produk sampai ke tangan si pemakai atau konsumen pada waktu yang tepat. penempatan barang adalah faktor vital dalam dunia usaha. berkaitan erat dengan posisi ini adalah sarana transportasi dan pengangkutan. dalam kegiatan distribusinya perusahaan dapat memperhatikan, pertama, kantor pusat pemasaran, yaitu departemen ekspornya atau divisi yang membuat keputusan mengenai saluran distribusi dan elemen-elemen bauran pemasaran lainnya. kedua, mengenai jenis-jenis perantara nya, yaitu agen, perusahaan perdagangan dalam hal ini adalah kantor cabang. letak kantor-kantor cabang yang mudah dijangkau oleh masyarakat dapat mempermudah pendistribusian produk yang ditawarkan kepada nasabah.19 keempat, strategi promosi (promotion). pemasaran bukan hanya sekedar pengembangan produk, penetapan harga, dan membuat bagaimana produk yang ditawarkan dapat dengan mudah diterima oleh konsumen, dimana perusahaan juga harus mengadakan komunikasi kepada konsumen dengan memberikan informasi yang faktual tentang produk yang akan ditawarkan kepada konsumen melalui kegiatan promosi. tidak adanya promosi menyebabkan konsumen tidak dapak dapat mengenal produk yang akan ditawarkan dengan baik, oleh karena itu promosi merupakan sarana yang baik dalam mencari dan mempertahankan konsumen yang ada. salah satu tujuan dari promosi adalah memperkenalkan segala jenis produk yang akan ditawarkan kepada konsumen dan berusaha menarik minat konsumen. ada 4 macam sarana promosi yang dapat digunakan oleh perusahaan dalam mempromosikan produknya, yaitu: (1) periklanan (advertising). iklan adalah sarana promosi yang digunakan oleh perusahaan guna meng informasikan, menarik dan mempengaruhi calon konsumennya, penggunaan promosi dalam iklan, dapat dilakukan dengan berbagai cara, 19 philip kotler, manajemen pemasaran (analisis, perencanaan, implementasi, dan pengendalian), jakarta: lembaga penerbit feui, 1993, vol. ii ed. ke-7, h.181. al-iqtishad: vol. ii, no. 1, januari 2010 75 yaitu: 20 (a) pencetakan brosur. (b) pemasangan spanduk. (c) pemasang an iklan melalui koran. (d) pemasangan iklan melalui majalah. (e) pemasangan melalui televisi. (f) pemasangan iklan melalui radio. (2) promosi pen jualan. tujuan promosi penjualan adalah untuk meningkatkan pen jual an atau untuk meningkatkan jumlah pelanggan. promosi penjualan dilaku kan untuk menarik pelanggan untuk segera membeli setiap produk yang ditawarkan. agar pelanggan tertarik untuk membeli produk yang di tawar kan maka perlu dilakukan promosi yang semenarik mungkin, yang dapat dilakukan perusahaan untuk promosi antara lain.21 pemberian harga khusus atau discount untuk produk tertentu. pemberian undian kepada pembeli yang membeli dalam jumlah tertentu. pemberian cenderamata serta kenangkenangan lainnya kepada pembeli. (3) publisitas (publicity). publisitas adalah suatu cara merangsang timbulnya permintaan yang ber sifat impersonal terhadap suatu produk, jasa, atau ide dengan cara memasang berita komersial di mass media dan tidak dibayar langsung oleh suatu sponsor. kegiatan-kegiatan hubungan masyarakat dapat mem beri kan konstribusi yang penting bagi strategi promosi jika kegiatan-kegiatan tersebut direncana kan dan dilakukan untuk mencapai tujuan-tujuan promosi tertentu. publisitas bisa bersifat negative atau positif dan sampai batas tertentu tidak dapat dikendalikan seperti komponen-komponen promosi lainnya. karena organisasi tidak membeli liputan media, maka publisitas merupakan cara berkomunikasi yang relative murah. media umumnya menyukai topictopik yang diminati masyarakat. (3) penjualan pribadi (personal selling). penjualan pribadi biasanya menggunakan salesman dan salesgirl untuk menawarkan produk yang akan ditawarkan perusahaan secara langsung kepada konsumen. penjualan langsung mempunyai beberapa kekuatan istimewa: (a) para penjual dapat berinteraksi dengan para pembeli untuk menjawab pertanyaan-pertanyaan dan mengatasi resistensi. (b) para penjual dapat menargetkan pembeli. (c) mereka mempunyai kapasitas untuk mengumpulkan pengetahuan pasar dan memberikan umpan balik. 20 m. ismail yusanto dan m. karebet widjajakusuma, menggagas bisnis islami, jakarta: gema insani press, 2002, cet. 1, hal. 172. 21 philip kotler dan gary amstrong, dasar-dasar pemasaran, jakarta: pt. indeks, 2003, edisi ke-9, jilid 2, hal. 34. wira noer ridho: strategi pemasaran pembiayaan pertanian76 strategi pemasaran pembiayaan pertanian strategi pemsaran pembiayaan pertanian yang dilakukan oleh lembaga keuangan syariah meliputi empat variabel dalam bauran pemasaran, yaitu: strategi produk dalam menyalurkan dananya pada nasabah, secara garis besar produk pembiayaan syariah terbagi kedalam empat kategori yang dibedakan berdasarkan tujuan penggunaannya, yaitu:22 pembiayaan dengan prinsip jual-beli prinsip jual-beli dilaksanakan sehubungan dengan adanya perpindahan kepemilikan barang atau benda. tingkat keuntungan bank ditentukan di depan dan menjadi bagian harga atas barang yang dijual.23 transaksi jula-beli dapat dibedakan berdasarkan bentuk pem bayarannya dan waktu penyerahannya, yakni sebagai berikut: a. pembiayaan murabahah murabahah (al-bai’ bitsaman al-’ajil) lebih dikenal sebagai murabahah saja. murabahah, yang berasal dari kata ribhu (keuntungan) adalah transaksi jual-beli dimana bank menyebut jumlah keuntungan nya. bank bertindak sebagai penjual, sementara nasabah sebagai pembeli. harga jual adalah harga beli bank dari pemasok ditambah keuntungan (margin).24 dalam pembiayaan pertanian biasanya barang yang diperjual-belikan ialah barang/jasa yang berhubungan dengan pertanian, seperti bibit, pupuk, kerbau, pembuatan irigasi sawah, dan lain-lain. b. pembiayaan salam salam adalah transaksi jual-beli dimana barang yang diperjual-belikan belum ada. oleh karena itu barang diserahkan secara tangguh sedangkan pembayaran dilakukan tunai. bank bertindak sebagai 22 adiwarman karim, bank islam analisis fiqh dan keuangan, hal. 87. 23 ibid., hal. 88. 24 ibid. al-iqtishad: vol. ii, no. 1, januari 2010 77 pembeli, sementara nasabah sebagai penjual. sekilas transaksi ini mirip jual-beli ijon, namun dalam transaksi ini kuantitas, kualitas, harga dan waktu penyerahan barang harus ditentukan secara pasti.25 harga jual dicantumkan dalam akad jual-beli dan jika telah disepakati tidak dapat berubah selama berlakunya akad. umumnya transaksi ini diterapkan dalam pembiayaan barang yang belum ada seperti pembelian komoditas pertanian oleh bank untuk kemudian dijual kembali secara tunai atau secara cicilan.26 c. pembiayaan dengan prinsip sewa (ijarah) transaksi ijarah dilandasi adanya perpindahan manfaat. jadi pada dasarnya prinsip ijarah sama saja dengan prinsip jual beli, tapi perbedaannya terletak pada objek transaksinya. bila pada jual beli objek transaksinya adalah barang, pada ijarah objek transaksinya adalah jasa. pada akhir masa sewa, bank dapat saja menjual barang yang disewakannya kepada nasabah. karena itu dalam perbankan syariah dikenal ijarah muntahiyyah bittamlik (sewa yang diikuti dengan berpindahnya kepemilikan). harga sewa dan harga jual disepakati pada awal perjanjian.27 d. pembiayaan dengan prinsip bagi hasil produk pembiayaan syariah yang didasarkan atas prinsip bagi hasil adalah sebagai berikut: � pembiayaan musyarakah bentuk umum dari usaha bagi hasil adalah musyarakah (syirkah atau syarikah). transaksi musyarakah dilandasi adanya keinginan para pihak yang bekerja sama untuk meningkatkan nilai aset yang mereka miliki secara bersama-sama. semua bentuk usaha yang melibatkan dua pihak atau lebih dimana mereka secara bersamasama memadukan seluruh sumber daya baik yang berwujud maupun 25 ibid, hal. 89. 26 ibid. 27 ibid, hal. 91. wira noer ridho: strategi pemasaran pembiayaan pertanian78 yang tidak berwujud.28 sesuai dengan firman allah swt. “dan sesungguhnya kebanyakan dari orang-orang yang berserikat itu sebahagian mereka berbuat zalim kepada sebahagian yang lain, kecuali orangorang yang beriman dan mengerjakan amal yang saleh.” (shaad: 24) biasanya dalam pembiayaan pertanian, pembiayaan musyarakah ini di gunakan pada usaha pertanian yang sudah besar (argo industri), di mana pengusaha pertanian yang sudah memiliki usaha pertanian dapat menggunakan pembiayaan musyarakah ini untuk meningkatkan nilai aset yang mereka miliki dengan bekerja sama dengan bank syariah. strategi harga dalam konsep islam, penentuan harga ditentukan oleh mekanisme pasar, yakni bergantung pada kekuatan-kekuatan permintaan dan penawaran. dan pertemuan antara permintaan dan penawaran itu harus berlangsung secara sukarela. ini bermakna tidak ada yang menganiaya dan dizalimi. dalam praktik fiqh muamalah, harga mengambil posisi tengah, tidak berlebih-lebihan, tidak pula merendah-rendahkan. ini berarti bahwa dalam praktik fiqh muamalah harga mestinya harus proporsional.29 pembiayaan dengan prinsip bagi hasil produk pembiayaan syariah yang didasarkan atas prinsip bagi hasil adalah sebagai berikut: pembiayaan musyarakah ketentuan umum strategi harga dalam pembiayaan musyarakah sebagai berikut:30 28 ibid, hal. 92. 29 firdaus, dasar dan strategi pemasaran syariah, (jakarta: renaisan, 2005), h.24-25. 30 ibid, hal. 92-93. al-iqtishad: vol. ii, no. 1, januari 2010 79 semua modal disatukan untuk dijadikan modal proyek mu syarakah dan dikelola bersama-sama. setiap pemilik modal berhak turut serta dalam menentukan kebijakan usaha yang dijalankannya oleh pelaksana proyek. pemilik modal dipercaya untuk menjalankan proyek musyarakah dan tidak boleh melakukan tindakan seperti: a. menggabungkan dana proyek dengan harta pribadi. b. menjalankan proyek musyarakah dengan pihak lain tanpa izin pemilik modal lainnya. c. memberi pinjaman kepada pihak lain. d. setiap pemilik modal dapat mengalihkan penyertaan atau digantikan oleh pihak lain. setiap pemilik modal dianggap mengakhiri kerja sama apabila a. menarik diri dari perseriakatan. b. meninggal dunia. c. menjadi tidak cakap hukum. biaya yang timbul dalam pelaksanaan proyek dan jangka waktu proyek harus diketahui bersama. keuntungan dibagi sesuai porsi kesepakatan sedangkan kerugian dibagi sesuai dengan porsi kontribusi modal. proyek yang akan dijalankan harus disebutkan dalam akad. setelah proyek selesai nasabah mengembalikan dana tersebut bersama bagi hasil yang disepakati untuk bank. pembiayaan mudharabah ketentuan umum strategi harga dalam pembiayaan mudharabah adalah sebagai berikut:31 1. jumlah modal yang diserahkan kepada nasabah selaku pengelola modal harus diserahkan tunai, dan dapat berupa uang atau barang yang dinyatakan nilainya dalam satuan uang. apabila modal diserahkan secara bertahap, harus jelas tahapannya dan disepakati bersama. hasil dari pengelolaan mudal pembiayaan mudharabah dapat di31 ibid, hal. 94. wira noer ridho: strategi pemasaran pembiayaan pertanian80 perhitngkan dengan cara, yakni: a. perhitungan dari pendapatan proyek (revenue sharing). b. perhitungan dengan keuntungan proyek (profit sharing). hasil usaha dibagi sesuai dengan persetujuan dalam akad, pada setiap bulan atau waktu yang disepakati. bank selaku pemilik modal menaggung seluruh kerugian kecuali akibat kelalaian dan kecurangan pihak nasabah, seperti penyelewengan, kecurangan, dan penyalahgunaan dana. bank berhak melakukan pengawasan terhadap pekerjaan, namun tidak berhak mencampuri urusan pekerjaan/usaha nasabah. jika nasabah cidera janji dengan sengaja, misalnya tidak mau membayar kewajiban atau menunda pembayaran kewajiban, maka ia dapat dikenakan sanksi administrasi. pembiayaan muzara’ah dalam konteks ini, lembaga keuangan islam dapat memberikan pembiayaan bagi nasabah yang bergerak pada bidang plantation atas dasar prinsip bagi hasil dari panen.32 strategi distribusi (place) dalam sektor jasa, distribusi didefinisikan sebagai setiap sarana yang meningkatkan keberadaan atau kenikmatan suatu jasa yang menambah penggunaannya atau pendapatan dari penggunaannya, baik dengan mempertahankan pemakai yang ada, meningkatkan nilai kegunaannya diantara pemakai yang ada ataupun menarik pemakai baru.33 dalam strategi pemasaran pembiayaan pertanian, lembaga keuangan syariah memberi kan beberapa sarana kepada nasabah, sarana-sarana tersebut dapat berupa kantor pusat, kantor cabang, dan lain-lain yang dapat memudahkan nasabah untuk memperoleh manfaat dari produk pembiayaan lembaga ke uangan syariah tersebut. 32 muhammad syafi’i antonio, bank syariah dari teori ke praktik, jakarta: gema insani, 2004, hal. 99. 33 murti sumarni, marketing perbankan, h. 269. al-iqtishad: vol. ii, no. 1, januari 2010 81 distribusi termasuk aktivitas perusahaan untuk membuat produk tersedia bagi konsumen sasaran. setiap perusahaan haruslah memiliki pandangan saluran distribusi keseluruhan terhadap masalah distribusi dari produknya ke pemakai akhir. dalam usaha untuk mencapai tujuan dan sasaran perusahaan di bidang pemasaran, setiap perusahaan melakukan kegiatan penyaluran. penyaluran merupakan kegiatan penyampaian produk sampai ke tangan si pemakai atau konsumen pada waktu yang tepat. strategi promosi (promotion) pemasaran bukan hanya sekedar pengembangan produk, penetapan harga, dan membuat bagaimana produk yang ditawarkan dapat dengan mudah diterima oleh konsumen, dimana perusahaan juga harus mengadakan komunikasi kepada konsumen dengan memberikan informasi yang aktual tentang produk yang akan ditawarkan kepada konsumen melalui kegiatan promosi. tidak adanya promosi menyebabkan konsumen tidak dapak dapat mengenal produk yang akan ditawarkan dengan baik, oleh karena itu promosi merupakan sarana yang baik dalam mencari dan mempertahankan konsumen yang ada. salah satu tujuan dari promosi adalah memperkenalkan segala jenis produk yang akan ditawarkan kepada konsumen dan berusaha menarik minat konsumen. dalam islam mempromosikan suatu barang diperbolehkan. hanya saja dalam berpromosi tersebut mengedepankan faktor kejujuran dan menjauhi penipuan. disamping itu, metode yang dipakai dalam promosi tidak bertentangan dengan syariah islam.34 dalam strategi pembiayaan pertanian lembaga keuangan syariah mengaplikasikan strategi promosi dengan berbagai cara, yaitu: periklanan (advertising) iklan adalah sarana promosi yang digunakan oleh perusahaan guna meng informasikan, menarik dan mempengaruhi calon konsumennya, 34 firdaus, dasar & strategi pemasaran syariah, h. 27. wira noer ridho: strategi pemasaran pembiayaan pertanian82 penggunaan promosi dalam iklan, dapat dilakukan dengan berbagai cara, yaitu: 35 1. pencetakan brosur. 2. pemasangan spanduk. 3. pemasangan iklan melalui koran. 4. pemasangan iklan melalui majalah. 5. pemasangan melalui televisi. 6. pemasangan iklan melalui radio. promosi penjualan tujuan promosi penjualan adalah untuk meningkatkan penjualan atau untuk meningkatkan jumlah pelanggan. promosi penjualan dilakukan untuk menarik pelanggan untuk segera membeli setiap produk yang ditawarkan. agar pelanggan tertarik untuk membeli produk yang ditawarkan maka perlu dilakukan promosi yang semenarik mungkin, yang dapat dilakukan perusahaan untuk promosi antara lain.36 1. pemberian harga khusus atau discount untuk produk tertentu. 2. pemberian undian kepada pembeli yang membeli dalam jumlah tertentu. 3. pemberian cenderamata serta kenang-kenangan lainnya kepada pembeli. publisitas (publicity) publisitas adalah suatu cara merangsang timbulnya permintaan yang bersifat impersonal terhadap suatu produk, jasa, atau ide dengan cara memasang berita komersial di mass media dan tidak dibayar langsung oleh suatu sponsor. kegiatan-kegiatan hubungan masyarakat dapat memberikan konstribusi yang penting bagi strategi promosi jika kegiatankegiatan tersebut direncanakan dan dilakukan untuk mencapai tujuantujuan promosi tertentu. 35 m. ismail yusanto dan m. karebet widjajakusuma, menggagas bisnis islami, hal. 172. 36 philip kotler dan gary amstrong, dasar-dasar pemasaran, hal. 34. al-iqtishad: vol. ii, no. 1, januari 2010 83 penjualan pribadi (personal selling) penjualan pribadi biasanya menggunakan salesman dan salesgirl untuk menawarkan produk yang akan ditawarkan perusahaan secara langsung kepada konsumen. penjualan langsung mempunyai beberapa kekuatan istimewa: 1. para penjual dapat berinteraksi dengan para pembeli untuk menjawab pertanyaan-pertanyaan dan mengatasi resistensi. 2. para penjual dapat menargetkan pembeli. 3. mereka mempunyai kapasitas untuk mengumpulkan pengetahuan pasar dan memberikan umpan balik. aplikasi strategi pemasaran pembiayaan pertanian di lkm talang emas lembaga keuangan mikro (lkm) talang emas merupakan suatu lembaga keuangan desa yang berada di dusun nogosari yang pembangunannya bertujuan untuk peningkatan kesejahteraan masyarakat.37 oleh karena itu didalam menyusun rencana pemasaran produk pem biayaan pertanian, lkm talang emas menempatkan pengenalan produk terhadap calon nasabah pada urutan pertama guna memberikan pelayanan yang sebaik-baiknya kepada nasabah tersebut. hal ini dilakukan untuk menentukan terlebih dahulu segmen pasar yang akan dituju. setelah menentukan segmen pasar yang dituju, maka tahap selanjutnya lembaga keuangan mikro tersebut memilih pasar sasaran yang ingin dipenuhi kebutuhannya. pemilihan pasar sasaran produk lkm adalah kepada nasabah potensial, diantaranya adalah nasabah yang memerlukan modal untuk kebutuhan pertanian, perdagangan, dan pendidikan.38 untuk mencapai pasar sasaran tersebut strategi pemasaran produk pembiayaan pertanian yang dilakukan oleh lkm talang emas meliputi menjalankan fungsi dan tujuan pemasaran, prinsip-prinsip pemasaran pembiayaan pertanian yang islami dan empat variabel bauran pemasaran 37 wawancara pribadi dengan bapak nardi harjowinoto. pengawas lkm talang emas, yogyakarta, tanggal 2 februari 2009. 38 ibid. wira noer ridho: strategi pemasaran pembiayaan pertanian84 dalam strategi pemasaran pembiayaan pertanian , yaitu:39 fungsi dan tujuan pemasaran pembiayaan pertanian yang telah dilakukan oleh lkm talang emas dalam menjalankan strategi pemasaran pembiayaan pertanian, lkm talang emas telah fungsi dan tujuan pemasaran pembiayaan pertanian, di antaranya yaitu:40 fungsi pemasaran adapun fungsi-fungsi pemasaran pembiayaan pertanian yang telah dilakukan oleh lkm talang emas, yaitu dari segi penjualan lkm talang emas telah dapat menjual barang dan jasa ke konsumen sehingga memperoleh keuntungan yang diharapkan, dari segi pembelian dalam hal ini lkm talang emas dapat dengan baik memilih barang yang akan dibeli untuk dijual kembali. misalnya memilih harga, jenis, bentuk, mutu dan warna yang sekiranya dijual kembali akan memperoleh keuntungan, dari segi pengangkutan lkm talang emas menentukan alat angkut, ongkos dan lain-lain yang berhubungan dengan pengangkutan barang menuju tempat barang akan dikonsumsi, dari segi penyimpanan lkm talang emas telah menyimpan barang-barang pada saat barang datang dan kemudian disalurkan kepada nasabah, dari segi pembelanjaan dalam hal ini lkm talang emas mendapatkan modal baik dari sumber intern (pemilik) maupun ekstern (bukan pemilik), dari segi penanggungan resiko lkm talang emas telah menghindari dan mengurangi resiko yang berkaitan dengan pemasaran produk pembiayaan pertanian, dengan memilih dengan tepat nasabah mana yang ingin diberikan pembiayaan, dari segi standarisasi dan grading lkm talang emas dapat menspesifikasi barang-barang, seperti ukuran jumlah, kapasitas, fisik dan kekuatan dan menggolong-golongkan barang ke dalam golongan standar kualitas yang telah mendapat pengakuan dunia perdagangan. misalnya memeriksa dan menyortir dengan panca indera, dengan alat, atau melalui contoh, dari segi 39 wawancara pribadi dengan bapak suparjo, pengelolalkm talang emas, yogyakarta, tanggal 3 februari 2009. 40 ibid. al-iqtishad: vol. ii, no. 1, januari 2010 85 pengumpulan informasi pasar lkm talang emas telah dapat mengetahui tentang macam barang yang beredar di pasar, jumlahnya, barang yang dibutuhkan konsumen, harganya dan sebagainya. tujuan pemasaran adapun tujuan pemasaran pembiayaan pertanian yang telah dilakukan oleh lkm talang emas adalah untuk mewujudkan usaha pemasaran yang tangguh, berdaya saing dan berkelanjutan untuk perusahaan. prinsip-prinsip pemasaran pembiayaan pertanian yang islami yang telah dilakukan oleh lkm talang emas dalam menjalankan strategi pemasaran pembiayaan pertanian, lkm talang emas telah mengaplikasikan prinsip-prinsip pemasaran pembiayaan pertanian yang islami, diantaranya yaitu:41 ikhtiar dalam menjalankan usahanya dalam hal ini pemasaran pembiayaan pertanian, lkm talang emas berupaya melakukan perubahan positif secara maksimal dengan kemampuan yang dimiliki dengan harapan ridha allah swt, dimana dengan modal yang sedikit dapat secara maksimal memasarkan produk pembiayaan pertanian kepada nasabah (petani), sehingga pemasaran akan produk pembiayaan pertanian dapat diterima nasabah, dan tentunya mengharapkan ridha allah swt. manfaat produk pembiayaan pertanian yang dipasarkan oleh lkm talang emas memberikan manfaat kepada nasabah, dimana produk tersebut memberikan nilai guna yang dapat dimanfaatkan oleh nasabah, misalnya setelah mempergunakan produk pembiayaan pertanian lkm talang emas nasabah dapat meningkatkan hasil produksi mereka (panen). 41 wawancara pribadi dengan bapak kh. m. nasrudin anshory ch. pengawas lkm talang emas, yogyakarta, tanggal 30 januari 2009. wira noer ridho: strategi pemasaran pembiayaan pertanian86 amanah/tanggung jawab dalam memasarkan produk-produk pembiayaan pertaniannya, lkm talang emas dapat merealisasikan kebenaran akan produk-produknya. dalam memasarkan produk-produk pembiayaan pertaniannya, lkm talang emas tidak melebih-lebihkan dan terlalu memuji akan keunggulan produk-produk yang ditawarkan dan tidak mencela terhadap produk yang ditawarkan oleh lembaga keuangan lainnya. nasihat produk-produk pembiayaan pertanian yang ditawarkan oleh lkm talang emas mengandung suatu nasihat kepada nasabahnya, dalam hai ini nasabah dapat mengetahui bahwa produk-produk pembiayaan pertanian yang ditawarkan sesuai prinsip-prinsip syariah dan tidak mengandung tadlis (penipuan). keadilan dalam pengajuan pembiayaan pertanian oleh nasabah, lkm talang emas bersikap adil dengan mendahulukan pemberian pembiayaan pertanian kepada nasabah yang lebih membutuhkan, dimana hal ini bertujuan supaya pemberian pembiayaan lebih tepat sasaran dan memberikan manfaat yang lebih besar terhadap nasabah yang lebih membutuhkan pembiayaan pertanian tersebut. transparan dan kejujuran lkm talang emas memberikan informasi yang sejelas-jelasnya dan menutupi informasi kepada nasabah, hal ini dilakukan dengan memberikan informasi yang sejujur-jujurnya terhadap keuntungan yang telah diperoleh lkm talang emas kepada nasabah dalam rapat anggota tahunan (rat). tulus dan ikhlas dalam pemasaran pembiayaan pertanian yang dilakukan oleh lkm talang emas mempunyai sikap ikhlas dan tulus dengan tidak adanya niat buruk terhadap konsumen. lkm talang emas dalam hal ini berupaya untuk al-iqtishad: vol. ii, no. 1, januari 2010 87 memberikan keuntungan kepada para nasabahnya dalam penggunaan produk-produk pembiayaan pertanian yang ditawarkan, selain juga memberikan keuntungan terhadap usaha yang dijalankan oleh lkm talang emas. bauran pemasaran dalam strategi pemasaran pembiayaan pertanian yang telah dilakukan oleh lkm talang emas dalam menjalankan strategi pemasaran pembiayaan pertanian, lkm talang emas telah mengaplikasikan bauran pemasaran dalam strategi pemasaran pembiayaan pertanian, diantaranya yaitu: strategi produk strategi pemasaran produk pembiayaan pertanian yang dilakukan oleh lkm talang emas dalam adalah dengan cara sebagai berikut: pembiayaan murabahah lkm talang emas sampai sekarang ini hanya mempunyai satu produk pem biayaan pertanian, yaitu produk pembiayaan murabahah (jual beli). dimana lkm talang emas bertindak sebagai penjual, sementara nasabah (petani) sebagai pembeli. barang/jasa yang diperjual belikan dalam produk pembiayaan murabahah di lkm talang emas adalah bibit, pupuk, dan pemberian modal (dana cair) kepada nasabah untuk suatu investasi, seperti membeli kerbau atau sapi untuk membajak sawah, membayar pajak tanah, dan digunakan untuk membayar buruh tani untuk penggarapan sawah. harga jual bibit, pupuk dan pemberian modal (dana cair) kepada nasabah adalah harga beli lkm talang emas dari pemasok ditambah keuntungan (margin).42 produk pembiayaan murabahah yang terdapat di lkm talang emas terdapat dua kategori, yaitu:43 42 wawancara pribadi dengan bapak suparjo, pengelola lkm talang emas, yogyakarta, tanggal 3 februari 2009. 43 ibid. wira noer ridho: strategi pemasaran pembiayaan pertanian88 produk pembiayaan usp (unit sektor pembiayaan) pembiayaan usp merupakan suatu pembiayaan berupa dana yang diberikan kepada nasabah, dana tersebut digunakan para nasabah untuk modal pertanian dan perdagangan. dalam pertanian dana tersebut digunakan untuk suatu investasi, seperti membeli kerbau atau sapi untuk membajak sawah, pembuatan irigasi pada sawah, dan lain-lain. produk pembiayaan usr (unit sektor riil) pembiayaan usr merupakan suatu pembiayaan berupa pembelian bibit dan pupuk oleh lkm talang emas untuk disalurkan kepada nasabah. strategi harga strategi harga pemasaran produk pembiayaan pertanian yang dilakukan oleh lkm talang emas menurut bapak nardi harjowinoto selaku pengurus lkm talang emas adalah “dengan cara seperti perhitungan produk pembiayaan murabahah, dimana lkm talang emas dan nasabah (petani) harus menyepakati harga jual dan jangka waktu pembayaran. harga jual dicantumkan dalam akad jual-beli dan jika telah disepakati tidak dapat berubah selama berlakunya akad. dalam hal ini barang diserahkan segera setelah akad, dan pembayaran produk pembiayaan murabahah yang selalu dilakukan oleh lkm talang emas dengan cara pembayaran langsung atau pembayaran saat panen”. strategi harga yang dilakukan oleh lkm talang emas mempunyai rincian sebagai berikut, yaitu:44 produk pembiayaan usp (unit sektor pembiayaan) lkm talang emas sebagai penyedia modal, memberikan pembiayaan pertanian kepada nasabah berupa modal (dana segar) kepada nasabah untuk digunakan untuk suatu investasi dibidang pertanian seperti membeli kerbau atau sapi untuk membajak sawah, pembuatan irigasi pada sawah, dan lain-lain. pemberian margin (keuntungan) oleh lkm talang emas 44 ibid. al-iqtishad: vol. ii, no. 1, januari 2010 89 menggunakan flat dari jumlah pengajuan pembiayaan dengan persetujuan dari kedua belah pihak (antara lkm dan nasabah) dan pengembalian pembiayaan dengan cara pengangsuran berjangka waktu sampai 1 tahun produk pembiayaan usr (unit sektor riil) dalam pembiayaan usr ini, lkm talang emas membeli bibit dan pupuk dari pemasok untuk dijual kembali kepada nasabah. nasabah membeli bibit dan pupuk yang telah disediakan oleh lkm talang emas dengan kesepakatan harga dan waktu pembayaran. harga atas bibit dan pupuk yang dijual oleh lkm talang emas merupakan harga beli bibit dan pupuk yang dibeli dari pemasok ditambah keuntungan yang telah disepakati antara nasabah dan lkm talang emas, dan pembayaran atas bibit dan pupuk tersebut dilakukan saat panen berlangsung (sekitar 3 bulan) atau dapat di bayar saat pengambilan bibit dan pupuk. analisis terhadap aplikasi strategi pemasaran pembiayaan pertanian di lkm talang emas dari uraian diatas kita telah membahas tentang aplikasi strategi pemasaran pembiayaan pertanian yang telah dilakukan oleh lkm talang emas, dimana lkm talang emas dalam memasarkan produk-produk pembiayaan pertaniannya sedikit banyak telah mengacu kepada landasan teoritis yang ada, seperti telah menerapkan dengan baik fungsi dan tujuan pemasaran pembiayaan pertanian, penerapan prinsip-prinsip pemasaran pembiayaan pertanian yang islami dan juga penerapan bauran pemasaran pembiayaan pertanian. dalam pembahasan ini kita akan menganalisis lebih lanjut terhadap aplikasi strategi pembiayaan pertanian yang telah dilakukan oleh lkm talang emas, pembahasan ini berorientasi kepada kelebihan dan kekurangan dalam pengaplikasian strategi pemasaran pembiayaan pertanian yang dilakukan oleh lkm talang emas, hal-hal apa saja yang dapat dilakukan oleh lkm talang emas dalam pengembangan strategi pemasaran produk-produk pembiayaan pertaniannya. untuk mengetahui lebih jelasnya analisis terhadap aplikasi strategi pembiayaan pertanian yang dilakukan oleh lkm talang emas adalah sebagai berikut: wira noer ridho: strategi pemasaran pembiayaan pertanian90 dalam penerapan fungsi dan tujuan pemasaran pembiayaan pertanian, lkm talang emas telah menerapkan dengan baik fungsi pemasaran pembiayaan pertanian seperti penjualan, pengangkutan, pembelanjaan, penanggungan resiko, standarisasi, grading, dan pengumpulan informasi pasar. namun, lkm talang emas belum terlalu berani untuk membeli hasil-hasil pertanian dari nasabah untuk dijual kembali kepada pihak lain, ini dikarenakan keterbatasan modal yang dimiliki oleh lkm talang emas. dengan menerapkan fungsi pemasaran pembiayaan pertanian ini di harapkan di masa mendatang lkm talang emas dapat meningkatkan volume penjualan dan pembelian barang untuk penyaluran barang kepada nasabah menjadi lebih luas, dan peningkatan mutu dan kualitas barang yang akan disalurkan kepada nasabah dan lkm talang emas juga telah dapat menerapkan tujuan pemasaran pembaiayaan pertanian dengan sangat baik dimana lkm talang emas berupaya untuk mewujudkan usaha pemasaran yang tangguh, berdaya saing dan berkelanjutan untuk perusahaan. dalam penerapan prinsip-prinsip pemasaran pembiayaan pertanian yang islami, lkm talang emas telah menerapkannya dengan sangat baik seperti ikhtiar terhadap usaha yang dilakukan, memberikan produk pembiayaan pertanian yang memberikan manfaat kepada nasabah, amanah terhadap produk pembiayaan pertanian yang telah dipromosikan dengan tidak melebih-lebihkan produk yang dipasarkan dan tidak mencela terhadap produk dari lembaga keuangan pesaing, produk yang ditawarkan oleh lkm talang emas mengandung suatu nasihat kepada nasabahnya, dalam hai ini nasabah dapat mengetahui bahwa produkproduk pembiayaan pertanian yang ditawarkan sesuai prinsip-prinsip syariah dan tidak mengandung tadlis (penipuan), adil dengan mendahulukan pemberian pembiayaan pertanian kepada nasabah yang lebih membutuhkan, transparan dan jujur dalam memberikan informasi yang sejelas-jelasnya dan menutupi informasi kepada nasabah serta ikhlas dan tulus dengan tidak adanya i’tikad buruk kepada konsumen dalam memasarkan produk pembiayaan pertanian. penerapan prinsip-prinsip pemasaran pembiayaan pertanian yang islami menghasilkan dampak positif terhadap respon nasabah terhadap produk pembiayaan pertanian yang ditawarkan oleh lkm talang emas, dimana akan meningkatnya al-iqtishad: vol. ii, no. 1, januari 2010 91 kesadaran masyarakat atas lembaga keuangan mikro yang berbasis syariah semakin meningkat karena dirasa lebih adil, transparan, jujur, dan pengembalian pembiayaan lebih ringan daripada lembaga keuangan mikro konvensional. penerapan bauran pemasaran pembiayaan pertanian yang telah dilakukan oleh lkm talang emas seperti pengaplikasian strategi produk, strategi harga, strategi distribusi (place), dan strategi promosi dengan baik dterapkan oleh lkm talang emas, seperti penerapan produk pembiayaan murabahah pada strategi produk, penerapan perhitungan pembiayaan murabah dengan menyepakati harga jual dan jangka waktu pembayaran, diamana harga jual dicantumkan dalam akad jual-beli dan jika telah disepakati tidak dapat berubah selama berlakunya akad. dalam hal ini barang diserahkan segera setelah akad, dan pembayaran produk pembiayaan murabahah yang selalu dilakukan oleh lkm talang emas dengan cara pembayaran langsung atau pembayaran saat panen pada penerapan strategi harga, penerapan strategi distribusi (place) dengan memberikan kemudahan-kemudahan kepada nasabah dalam pengajuan pembiayaan pertanian, dan bekerja sama dengan pinbuk yogyakarta, mengadakan pengajian, serta penjualan pribadi yang dilakukan oleh pengelola lkm talang emas dalam proses pensosialisasian produk-produk pem biayaan pertanian. namun, dalam penerapan strategi produk, lkm talang emas hanya mempunyai satu produk pembiayaan yaitu produk pembiayaan murabahah, walaupun begitu penerapan produk pembiayaan murabahah ini sudah sangat baik penerapannya dan diharapkan dimasa mendatang lkm talang emas dapat mengeluarkan produk-produk pembiayaan yang lain, seperti pembiayaan salam, pembiayaan dengan prinsip sewa (ijarah), pem biayaan musyarakah, pembiayaan mudharabah, dan pembiayaan muzara’ah, bila lkm talang emas dapat menerapkan bermacam-macam produk pem biaya an pertanian tersebut dengan baik, insya allah akan meng hasilkan lebih banyak keuntungan terhadap perusahaan dan tentunya sangat ber manfaat terhadap nasabah yang menggunakan produkproduk pembiayaan tersebut. dalam penerapan strategi harga hendaknya lkm talang emas lebih kompetitif, ini akan berdampak positif terhadap keuntungan yang didapat oleh lkm talang emas. dalam penerapan strategi wira noer ridho: strategi pemasaran pembiayaan pertanian92 distribusi (place) telah banyak memberikan kemudahan-kemudahan kepada nasabah dalam segi aksesbilitas, dan diharapkan lkm talang emas meningkatkan aksesibilitas petani terhadap lkm talang emas sebagai lembaga penyedia modal untuk wilayah dusun nogosari dan sekitarnya seperti mendirikan kantor pusat, kantor cabang, dan lain-lain. sehingga nasabah lebih mudah menjangkau produk-produk pembiayaan pertanian yang ada pada lkm talang emas. dalam penerapan strategi promosi, lkm talang emas telah berupaya semaksimal mungkin, namun masih banyak hal yang belum dilakukan oleh lkm talang emas dalam menerapkan strategi promosi, ini dikarenakan oleh keterbatasan modal yang dimiliki oleh lkm talang emas. diharapkan penerapan strategi promosi yang telah dilakukan tidak berhenti sampai disitu, lkm talang emas dapat memasarkan produk pembiayaan pertanian dengan berbagai cara lain, seperti periklanan dengan cara pencetakan brosur, pemasangan spanduk, pemasangan iklan melalui koran, majalah, televisi lokal, dan radio. strategi pemasaran pembiayaan pertanian yang dilakukan oleh lkm talang emas dengan penerapan fungsi dan tujuan pemasaran pembiayaan pertanian, penerapan prinsip-prinsip pemasaran pembiayaan pertanian yang islami dan juga penerapan bauran pemasaran pembiayaan pertanian. ternyata dapat menarik minat nasabah ini dibuktikan dengan perkembangan dan pertumbuhan jumlah pembiayaan pertanian yang diajukan oleh nasabah terhadap produk-produk lkm talang emas. sebagai lembaga keuangan non bank, lkm talang emas harus terus berupaya untuk menyediakan produk dan jasa yang lengkap dengan me ngembangkan produk-produk yang ada. untuk mencapai sasaran tersebut lkm talang emas bertekad untuk menyediakan layanan dengan sebaik-baiknya dan sesuai dengan peraturan pemerintah serta tuntunan syariah. hal ini dilaksanakan dengan mengidentifikasi kebutuhan nasabah dan menawarkan produk serta layanan yang beragam dengan lebih menekankan pada pembiayaan bagi para petani kecil. selanjutnya dalam memasarkan produk lkm talang emas lebih mengutamakan pada pemeliharaan hubungan baik dengan para nasabah agar tetap setia dan loyal. al-iqtishad: vol. ii, no. 1, januari 2010 93 penutup strategi pemasaran pembiayaan pertanian yang islami meliputi empat variabel dalam bauran pemasaran, yaitu dengan a). menerapkan strategi produk dengan penerapan produk pembiayaan seperti produk pembiayaan murbahah, produk pembiayaan salam, produk pembiayaan dengan prinsip ijarah (sewa), produk pembiayaan musyarakah, produk pembiayaan mudharabah, dan penerapan akad-akad pelengkap, seperti hiwalah, rahn, qardh, wakalah, kafalah. b). menerapkan strategi harga sesuai dengan ketentuan umum dari masing-masing produk pembiayaan pertanian yang digunakan. c). menerapkan strategi distribusi (place) dengan memberikan beberapa sarana kepada nasabah, sarana-sarana tersebut dapat berupa kantor pusat, kantor cabang, dan lain-lain yang dapat memudahkan nasabah untuk memperoleh manfaat dari produk pembiayaan lembaga keuangan syariah tersebut. d). menerapkan strategi promosi dengan periklanan, promosi penjualan, publisitas, dan penjualan pribadi. aplikasi strategi pemasaran produk pembiayaan pertanian yang dilakukan oleh lkm talang emas meliputi menjalankan fungsi dan tujuan pemasaran, prinsip-prinsip pemasaran pembiayaan pertanian yang islami dan empat variabel bauran pemasaran pembiayaan pertanian. kelebihan dan kekurangan dalam pengaplikasian strategi pemasaran pembiayaan pertanian yang dilakukan oleh lkm talang emas adalah sebagai berikut; a). dalam penerapan fungsi dan tujuan pemasaran pembiayaan pertanian, lkm talang emas telah menerapkan dengan baik fungsi pemasaran pembiayaan pertanian. namun, lkm talang emas belum terlalu berani untuk membeli hasil-hasil pertanian dari nasabah untuk dijual kembali kepada pihak lain, ini dikarenakan keterbatasan modal yang dimiliki oleh lkm talang emas dan lkm talang emas juga telah dapat menerapkan tujuan pemasaran pembiayaan pertanian dengan sangat baik dimana lkm talang emas berupaya untuk mewujudkan usaha pemasaran yang tangguh, berdaya saing dan berkelanjutan untuk perusahaan. b). dalam penerapan prinsip-prinsip pemasaran pembiayaan pertanian yang islami, lkm talang emas telah menerapkannya dengan sangat baik seperti ikhtiar, manfaat, amanah, nasihat, adil, transparan dan jujur, ikhlas dan wira noer ridho: strategi pemasaran pembiayaan pertanian94 tulus. c). penerapan bauran pemasaran pembiayaan pertanian yang telah dilakukan oleh lkm talang emas seperti pengaplikasian strategi produk, strategi harga, strategi distribusi (place), dan strategi promosi dengan baik dterapkan oleh lkm talang emas, namun, dalam penerapan strategi produk, lkm talang emas hanya mempunyai satu produk pembiayaan yaitu produk pembiayaan murabahah, walaupun begitu penerapan prharapkan dimasa mendatang lkm talang emas dapat mengeluarkan produk-produk pembiayaan yang lain, seperti pembiayaan salam, pembiayaan dengan prinsip sewa (ijarah), pembiayaan musyarakah dan pembiayaan mudharabah, dalam penerapan strategi harga hendaknya lkm talang emas lebih kompetitif, ini akan berdampak positif terhadap keuntungan yang didapat oleh lkm talang emas. dalam penerapan strategi distribusi (place) telah banyak memberikan kemudahankemudahan kepada nasabah dalam segi aksesbilitas, dan diharapkan lkm talang emas meningkatkan aksesibilitas petani terhadap lkm talang emas sebagai lembaga penyedia modal untuk wilayah dusun nogosari dan sekitarnya seperti mendirikan kantor pusat, kantor cabang, dan lain-lain. dalam penerapan strategi promosi, lkm talang emas telah berupaya semaksimal mungkin, namun masih banyak hal yang belum dilakukan oleh lkm talang emas dalam menerapkan strategi promosi, ini dikarenakan oleh keterbatasan modal yang dimiliki oleh lkm talang emas. pustaka acuan al-qur’an dan sunnah. amrin, abdullah, asuransi syariah, jakarta: pt. elex media kompuntindo, 2006. firdaus, dasar & strategi pemasaran syariah, jakarta: renaisan, 2005. karim, adiwarman, bank islam analisis fiqh dan keuangan, edisi kedua, jakarta: pt. rajagrafindo persada, 2004. kartajaya, hermawan dan syakir kula, muhammad, syariah marketing, bandung: pt. mizan pustaka, 2006. al-iqtishad: vol. ii, no. 1, januari 2010 95 kasmir dan jakfar, study kelayakan bisnis, jakarta: prenada media, 2003. philip kotler, manajemen pemasaran (analisis, perencanaan, implementasi, dan pengendalian), jakarta, lembaga penerbit feui, 1993. kotler, philip, dan amstrong, gary, dasar-dasar pemasaran, jakarta: pt. indeks, 2003. kotler, philip, amstrong, prinsip-prinsip pemasaran, jakarta: erlangga, 1997. kotler, philip, dan bloom, paul n., teknik dan strategi pemasaran dan jasa profesional, jakarta: intermedia, 1995. moleong, lexy j, metodologi penelitian kualitatif, bandung, pt remaja rosda karya, 2002. nazir, moh, metode penelitian, edisi kelima, jakarta: ghalia indonesia, 2003. pusat pembiayaan pertanian, bunga rampai pembiayaan pertanian mendukung revitalisasi pertanian, jakarta: departemen pertanian, 2007. pusat pembiayaan pertanian, buku saku skim pola pembiayaan bagi hasil / syariah untuk usaha sektor pertanian, jakarta: departemen pertanian, 2007. qardhawi, yusuf, halal dan haram, jakarta, rabbani press, 2000. siagian, sondang, anlisa serta perumusan kebijakan dan strategi organisasi, jakarta: pt. gunung agung, 1986. slamet, rakhmat, seminar akademik program bba jakarta institute of management studies, jakarta, 24 maret 2001. stainer, george, dan minner, john, manajemen stratejik, jakarta: erlangga, tt. stanton, william j, prinsip-prinsip pemasaran, jakarta, erlangga, 1994. sumarni, murti, marketing perbankan, yogyakarta: liberty, 1997. tjiptono, fandy, strategi pemasaran, yogyakarta, andi press, 2001. wira noer ridho: strategi pemasaran pembiayaan pertanian96 yusanto, m. ismail, dan widjajakusuma, m. karebet, menggagas bisnis islami, jakarta: gema insani press, 2002. definisi/pengertian harga, tujuan & metode pendekatan penetapan harga manajemen pemasaran, http://organisasi.org/definisi-pengertianharga-tujuan-metode-pendekatan-penetapan-harga-manajemenpemasaran. pendahuluan saat ini, masalah etos kerja telah menjadi salah satu mainstream utama dalam masyarakat kita. mainstream itu, tidak jarang menimbulkan kekhawatiran. jika kita sebagai bangsa tidak dapat menumbuhkan etos kerja yang baik, maka kemungkinan besar bangsa kita akan tetap tertinggal jauh dengan bangsa-bangsa lain, termasuk bangsa-bangsa tetangga dalam lingkungan asia tenggara, atau lebih-lebih lagi asia timur. bahkan, sudah mulai terdengar ramalan yang bernada pesimis, bahwa jika kita tidak berhasil menjadi negara maju, maka ketika seluruh bangsa asia timur telah menjadi negara industri, indonesia akan menjadi tidak lebih daripada “back yard“ pada kawasan ini. pengaruh tingkat keagamaan terhadap perilaku pedagang ahmad faiz bmt al-mu’awanah bogor email: faiz-awwal@gmail.com abstrak: kaitan antara etika kerja dengan agama islam dan orang-orang muslim, dan bangsa indonesia adalah bangsa muslim. sikap menyadari bahwa bangsa indonesia adalah bangsa muslim, tidak saja merupakan realisme kultural dan sosiologis, tetapi juga sebagai peringatan bahwa, dalam analisa terakhir, kaum muslim indonesia dengan ajaran islamnya, merupakan orang yang pertama bertanggung jawab atas usaha pembinaan dan pengembangan etos kerja nasional. untuk itu, perlu juga dibangkitkan keinsyafan pada kaum muslim indonesia bahwa maju-mundurnya bangsa indonesia akan mengakibatkan kredit-deskredit kepada agama islam dan umatnya. kata kunci: keagamaan, perilaku pedagang, pengaru ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang182 ada sinyalemen bahwa bangsa kita memang menderita kelemahan etos kerja. sebuah bahasan yang terdapat dalam majalah reader’s digest dikatakan, indonesia tidak akan menjadi negara maju dalam waktu dekat ini, karena “indonesia has lousy work ethic and serious corruption“ (indonesia mempunyai etika kerja yang cacat dan korupsi yang gawat).1 “etos” dari sudut pandang bahasa, berasal dari bahasa yunani (etos) yang bermakna watak atau karakter. maka, makna lengkap “etos” adalah karakteristik, sikap, kebiasaan, kepercayaan, dan seterusnya, yang sifatnya khusus tentang seorang individu atau sekelompok manusia. dari perkataan “etos” ini, terambil pula perkataan “etika” dan “etis” yang merujuk kepada makna “akhlaq” atau bersifat “akhlaqi.” yakni, kualitas esensial seseorang atau suatu kelompok, termasuk, termasuk suatu bangsa.2 bagi negeri kita, kaitan antara etika kerja dengan agama islam dan orang-orang muslim, dan bangsa indonesia adalah bangsa muslim. sikap menyadari bahwa bangsa indonesia adalah bangsa muslim, tidak saja merupakan realisme kultural dan sosiologis, tetapi juga sebagai peringatan bahwa, dalam analisa terakhir, kaum muslim indonesia dengan ajaran islamnya, merupakan orang yang pertama bertanggung jawab atas usaha pembinaan dan pengembangan etos kerja nasional. untuk itu, perlu juga dibangkitkan keinsyafan pada kaum muslim indonesia bahwa majumundurnya bangsa indonesia akan mengakibatkan kredit-deskredit kepada agama islam dan umatnya.3 perihal etos kerja ini, barangkali dapat dimulai dengan usaha menangkap makna secara mendalam dalam ajaran islam. bahwa, nilai setiap bentuk kerja itu sangat tergantung kepada niat-niat yang dimiliki pelakunya. jika tujuannya tinggi, seperti tujuan mencapai ridha allah, maka ia pun akan mendapatkan nilai kerja yang tinggi. begitu pula sebaliknya, jika tujuannya rendah, seperti hanya untuk memperoleh simpati sesama manusia belaka, 1 louis kraar, “the new power of asia” dalam reader’s digest, edisi asia (singapura, hongkong, tokyo), (desember, 1998), vol. 52, no. 309, h. 44. 2 webster’s new world dictionary of the american language, 1980, (edisi revisi), s.v. ethos, ethical, and ethics. 3 dr. nurcholish madjid, “tafsir islam perihal etos kerja” dalam nilai dan makna kerja dala islam, (jakarta: persada madani), h.59. al-iqtishad: vol. ii, no. 1, januari 2010 183 maka setingkat tujuan itu pulalah nilai kerja diperoleh.4 lebih dari itu, untuk memahami dimensi etis kerja dari sudut pandang islam tradisional, penting sekali mempraktikan realitas bahwa kata “kerja” dalam bahasa arab, tidak dipisahkan dari kata yang digunakan untuk menunjukkan “tindakan” dalam pengertiannya yang paling luas. maksud statemen ini adalah jika mencari kata “kerja” dalam kamus, kita biasanya dihadapkan pada dua kata: ‘amal dan shun’. makna generik pada pada kata: ’amal merupakan “tindakan-praktis” seperti yang secara umum dipertentangkan dengan kata “pengetahuan.” sedangkan shun’ bermakna “membuat” atau ”memproduksi” sesuatu dalam arti secara artistik dan keterampilan.5 jika dikaitkan dengan dunia sekitar kita, manusia memenuhi dua fungsi: pertama, bertindak di dalam atau terhadap dunia, dan kedua, membuat sesuatu dengan mengolah atau mengolah ulang bahan-bahan dan objek-objek yang diambil dari dunia sekelilingnya. secara prinsipil, etika kerja dalam islam ada dua macam fungsi ini: ‘amal dan shun’. hal ini disebabkan sifat syariah itu sendiri yang mencakup: “seluruh jaringan tindakan dan perbuatan manusia.” sementara prinsip dasar etis dari kata shun’, atau “seni”, berkaitan dengan dimensi spiritual pewahyuan islam. oleh karena itu, aspek etis atau apa yang yang secara lahiriah dikerjakan manusia, ditemukan dalam petunjuk-petunjuk serta ajaran-ajaran syariah. allah berfiman: “hai orang-orang yang beriman, penuhilah aqad-aqad itu6. dihalalkan 4 sebuah hadits yang amat terkenal, dan dikabarkan merupakan hadits yang paling otentik diantara semua hadits: “sesungguhnya (nilai) segala pekerjaan itu adalah (sesuai) dengan niat-niat yang ada, dan setiap orang akan mendapatkan apa yang diniatkan. maka barangsiapa hijrahnya (ditujukan) kepada (ridha) allah dan rasul-nya, maka ia (nilai) hijrahnya itu (mengarah) kepada ridha allah dan rasul-nya; dan barangsiapa hijrahnya itu kearah (kepentingan) dunia yang dikehendakinya atau wanita yang hendak dinikahinya, maka (nilai) hijrahnya itu pun mengarah kepada apa yang menjadi tujuannya.” (lihat, alsyayyid abd al-rahim anbar al-tahtawi, hidayat al-bari ila tartib ahadits al-bukhari, 2 jilid, (kairo: al-maktabat al-tijariyyat al-kubra, 1335 h.), jilid 1, h. 220-1; dan al-hafizh al-mundziri, mukhtashar shahih muslim, 2 jilid (kuwait: wazarat al-awqaf wa al-syu’un al-islamiyah, 1388 h/1969 m), jilid 2, h. 47 [hadits no. 1080]). 5 dengan perluasan makna, kata shina’ah atau shun’ah yang berhubungan erat dengan term shun’, belakangan ini juga dipakai untuk menunjukkan “industri” dalam arti kata modern. 6 aqad (perjanjian) mencakup: janji prasetia hamba kepada allah dan perjanjian yang dibuat oleh manusia dalam pergaulan sesamanya. ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang184 bagi mu binatang ternak, kecuali yang akan dibacakan kepadamu. (yang demikian itu) dengan tidak menghalalkan berburu ketika kamu sedang mengerjakan haji. sesungguhnya allah menetapkan hukum-hukum menurut yang dikehendaki-nya.” (q.s. al-maidah: 1) makna janji-janji (‘uqud) dalam ayat ini, menurut para mufassir tradisional, mencakup hubungan manusia dengan tuhan, dirinya sendiri, dan dunia. janji-janji ini juga dimaknai sebagai “tafsir tentang peningkatan moral” untuk suatu penilaian atas dimensi moral seluruh hidup manusia. oleh karena itu, landasan semua etika kerja islam ditentukan dengan karakter moral yang tak dapat dipisahkan dari seluruh tindakan manusia berikut tanggung jawab yang harus dipikulnya. namun, tanggung jawab manusia itu bukan sekedar dipertanggungjawabkan dihadapan majikan atau pegawai, melainkan juga dihadapan kerja itu sendiri, yang harus dilaksanakan sesempurna mungkin sejalan dengan kemampuan seseorang. meskipun demikian, tanggung jawab kerja manusia, tentu saja tetap berada dihadapan allah swt, yang maha menyaksikan segala tindak tanduk manusia. karena itulah, perspektif islam yang komprehensif, secara tegas menolak pemisahan antara ibadah dan kerja. dalam perspektif ini, kerja secara erat, dikaitkan dengan shalat dan ibadah dalam masyarakat. untuk memahami etika kerja islam: pola relasi positif antara kerja, ibadah dan leisure (bersenang-senang) jelas begitu penting. hal ini berlaku juga terhadap apa yang sekarang ini dipandang sebagai aktivitas budaya, yang berkaitan secara harmonis dan diintegrasikan kedalam suatu kesatuan. unsur dasar etika kerja islami yang semestinya diperhatikan oleh manusia adalah petunjuk syariah. yakni, petunjuk yang menegaskan bahwa penyelesaian kerja apapun secara baik adalah penting untuk menunjang kehidupan diri sendiri dan keluarga. hal ini dimata tuhan, memiliki nilai sebanding dengan ditunaikannya kewajiban-kewajiban keagamaan yang diklasifikasikan hukumnya wajib. namun demikian, dalam islam, kerja demi kerja itu sendiri tidak ditekankan, sebagaimana seseorang dapat menemukannya dalam bentukbentuk protestantisme tertentu. dalam perspektif islam, kerja di pandang bernilai sejauh dilaksanakan untuk memenuhi kebutuhan-kebutuhan maal-iqtishad: vol. ii, no. 1, januari 2010 185 nusia dan menciptakan keseimbangan dalam kehidupan individual dan sosial. tetapi kewajiban atas kerja ini dan perjuangan untuk memenuhi kebutuhan-kebutuhan seseorang berikut keluarganya, selalu dijaga dan dijauhkan dari akibat menjadi israf (berlebihan). ketentuan ini, tentu saja secara normatif, didasarkan pada penegasan al-quran atas kesementaraan hidup, bahaya kerakusan dan iri hati, serta pentingnya manusia untuk menjauhkan diri dari akumulasi kekayaan secara berlebihan. bukankah allah swt berfirman: “dan janganlah kamu iri hati terhadap apa yang dikaruniakan allah kepada sebahagian kamu lebih banyak dari sebahagian yang lain. (karena) bagi orang laki-laki ada bahagian dari pada apa yang mereka usahakan, dan bagi para wanita (pun) ada bahagian dari apa yang mereka usahakan, dan mohonlah kepada allah sebagian dari karunia-nya. sesungguhnya allah maha mengetahui segala sesuatu.” (q.s. an nisa 4:32). kerja, seperti apapun juga dalam kehidupan, harus dilihat dan dijalankan dalam kerangka suatu keseimbangan yang ingin diupayakan dalam islam. umat islam saat di makkah, lebih banyak berkonsentrasi pada aktivitas ibadah mahdhah seperti shalat dan tahajud. namun, saat di madinah nabi muhammad saw menekankan pentingnya warga masyarakat muslim menghabiskan sepertiga hari mereka untuk bekerja, sepertiga lainnya untuk tidur dan istirahat, dan sepertiga lagi untuk shalat, bersenang-senang dan termasuk juga aktivitas-aktivitas keluarga dan masyarakat. teladan nabi saw ini, telah menjadi sebuah teladan masyarakat islam sekarang ini. maksudnya, bekerja sebagai sebuah tugas untuk memenuhi kebutuhan keluarga, mesti dipandang sebagai tugas keagamaan. untuk itulah, doktrin kerja secara berlebihan hanya demi kerja itu sendiri, jelas ditentang islam, oleh karena dianggap merusakkan keseimbangan yang menjadi tujuan hidup islam. dalam perspektif islam, kerja itu sendiri jika dilihat dari aspek ekonomis nya, harus dijalankan sesuai perjanjian yang dibuat berdasarkan asas keadilan dan tanggung jawab, baik dari pihak pekerja maupun majik an. seorang pekerja harus bertanggung jawab baik kepada majikan maupun tuhan untuk menyelesaikan pekerjaan yang sudah ditentukan ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang186 oleh kemampuannya. hanya dengan jalan demikian, maka gaji yang diperoleh pekerja menjadi halal. kondisi-kondisi dan butir-butir tertentu harus tercakup dalam perjanjian kerja, baik masalah jam kerja, gaji yang harus dibayar, kuantitas yang dihasilkan, kualitas yang harus dicapai. jadi, ada unsur moral yang kuat dikalangan kaum muslim. dalam kerangka inilah, dari sudut pandang islam, telah diciptakan suatu sistem pemberian zakat, donasi, dan lain-lain, untuk menyucikan gaji tadi dan menjauhkan akibat-akibat negatif. dari sini, bisa dipahami kenapa konsep halal dan haram, juga mempengaruhi jenis pekerjaan yang dijalankan oleh kaum muslim. untuk itu, islam sangat mewajibkan umatnya untuk mencari pekerjaan yang halal dan baik. aspek kualitas dari etika kerja islami, tidak mungkin dapat dipahami sepenuhnya, kecuali jika seseorang menyelam ke dalam macam-macam kerja. dalam kasus ini, jika melibatkan manusia, maka tentu saja hubungan manusiawi dan interpersonal sangat erat ditekankan.7 berusaha mau tidak mau adalah bentuk suatu bentuk transaksi antar manusia, yang tentu saja akan melibatkan orang lain. agar usaha berjalan lancar, tanpa ada yang saling merugikan dan dirugikan, maka perlu ada etika yang mengatur dan mengikat. etika yang dimaksud adalah suatu perbuatan standard yang mengarahkan individu dalam membuat suatu keputusan. bila etika dikaitkan dengan usaha, maka maksudnya adalah norma-norma standar yang mengarahkan para pelaku usaha dalam melaksanakan dan membuat keputusan-keputusan. ajaran islam yang bersumber dari al-qur’an dan hadits sebagai pedoman telah menggariskan norma-norma etika dalam berusaha. ajaran itu adalah: 8 1. niat yang baik 2. tidak melalaikan kewajibannya kepada allah. 7 prof. dr. seyyed hossein, “perspektif islam perihal etika kerja” dalam nilai dan makna kerja dalam islam, (jakarta: persada madani), h. 84. 8 drs. h. rusydi am, lc, m ag, “etos kerja dan etika usaha: perspektif al-qur’an” dalam nilai dan makna kerja dalam islam, (jakarta: persada madani), h.101. al-iqtishad: vol. ii, no. 1, januari 2010 187 3. suka sama suka antara pihak yang bersangkutan. 4. dilandasi akhlak dan mental yang baik. 5. tidak mau melakukan kecurangan. 6. menerapkan administrasi yang baik dan manajemen yang tepat. 7. objek usaha haruslah yang halal. banyak kita jumpai akhir-akhir ini apabila kita melakukan jual beli, sering sekali para pedagang tidak jujur, adil dan amanat terhadap apa yang ia laksanakan. sebagaimana yang terdapat dilapangan sering sekali pembeli dirugikan oleh pedagang, ada yang mengurangi takaran dalam timbangan, ada yang berlaku curang dengan menyembunyikan cacat barang dagangannya. pelayanan terhadap konsumen pelayanan diberikan sebagai tindakan atau perbuatan seseorang atau organisasi untuk memberikan kepuasan kepada pelanggan atau nasabah. tindakan tersebut dapat dilakukan melalui cara langsung melayani pelanggan atau nasabah. artinya karyawan langsung berhadapan dengan pelanggan atau menempatkan sesuatu di mana pelanggan atau nasabah sudah tahu tempatnya atau pelayanan melalui telepon.9 dasar-dasar pelayanan pada dasarnya pelayanan terhadap konsumen tergantung dari latar belakang karyawan tersebut, baik suku bangsa, pendidikan, pengalaman, budaya atau adat istiadat. namun, agar pelayanan menjadi berkualitas dan memiliki keseragaman, setiap karyawan perlu dibekali dengan pengetahun yang men dalam tentang dasar-dasar pelayanan. berikut ini dasar-dasar pelayanan yang harus dipahami dan dimengerti seorang customer service, pramuniaga, public relation, satpam atau kasir. 1. berpakaian rapi dan berpenampilan menarik. 2. percaya diri, bersikap akrab dan penuh dengan senyum. 9 kasmir, s.e., m.m, etika custemer service, jakarta: pt. raja grafindo persada, 2005, h. 15. ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang188 3. menyapa dengan lembut dan berusaha menyebutkan nama jika sudah kenal. 4. tenang, sopan, hormat, serta tekun mendengarkan setiap pembicaraan. 5. berbicara dengan bahasa yang baik dan benar. 6. bergairah dalam melayani nasabah dan tunjukkan kemampuan. 7. tidak menyela atau memotong pembicaraan. 8. mampu meyakinkan nasabah serta memberikan kepuasan 9. jika tidak sanggup menangani permasalahan yang ada, maka mintalah bantuan. 10. bila belum dapat melayani,beritahukan kapan akan dilayani. semua dasar-dasar pelayanan ini harus dikuasi dan dilakukan oleh semua karyawan, terutama sekali bagi mereka yang berhubungan langsung dengan pelanggan.10 ciri-ciri pelayanan yang baik dalam praktiknya, pelayanan yang baik memiliki ciri-ciri tersendiri dan hampir semua perusahaan menggunakan kriteria yang sama untuk membentuk ciri-ciri pelayanan yang baik. terdapat beberapa faktor pendukung yang mempengaruhi langsung terhadap mutu pelayanan yang diberikan. yang mempengaruhi pelayanan yang baik pertama adalah faktor manusia yang memberikan pelayanan tersebut, kedua pelayanan yang baik juga harus diikuti oleh tersedianya sarana dan prasarana yang mendukung kecepatan, ketepatan, dan keakuratan pekerjaan. berikut ini beberapa ciri-ciri pelayanan yang baik yang harus diikuti oleh karyawan yang bertugas melayani pelanggan/nasabah adalah:11 1. tersedianya karyawan yang baik. 2. tersedianya sarana dan prasarana yang baik. 3. bertanggung jawab kepada setiap nasabah sejak awal hingga selesai. 10 ibid.. h. 18-21. 11 ibid., h. 33-38. al-iqtishad: vol. ii, no. 1, januari 2010 189 4. mampu melayani secara cepat dan tepat. 5. mampu berkomunikasi. 6. memberikan jaminan kerahasiaan setiap transaksi. 7. memiliki pengetahuan dan kemampuan yang baik. 8. berusaha memahami kebutuhan nasabah. 9. mampu memberikan kepercayaan kepada nasabah. hubungan antara pedagang manusia adalah makhluk sosial yang tidak dapat hidup sendiri. dalam menjalankan kehidupan, manusia menjalin hubungan baik dengan pencipta-nya maupun dengan sesamanya. hubungan manusia dalam berbisnis tidak hanya terhadap konsumen tetapi juga terhadap sesama pengusaha dengan memperhatikan hal-hal sebagai berikut:12 tepat dalam memilih rekan kerja. nilai-nilai akhlak mulia dan berprestasi, haruslah menjadi kriteria dalam memilih rekan kerja sehingga para pelaku bisnis diharapkan untuk lebih selektif dalam memilih rekan bisnis agar tidak terjadi perselisihan dan kerugian yang akan terjadi bila rekan bisnis tidak kompeten serta amanah. firman allah, “dan (kami tundukkan pula kepadanya) syaitan-syaitan semuanya ahli bangunan dan penyelam” (shaad: 37) tepat dalam memilih pekerjaan. tidak jauh berbeda dengan pe milihan rekan kerja, memilih pekerjaan juga harus mengutamakan kualitas akhlak dan kompetensi serta keahlian mereka. sebagaimana allah berfirman, “dan raja berkata: “bawalah yusuf kepadaku, agar aku memilih dia sebagai orang yang rapat kepadaku”. maka tatkala raja telah bercakap-cakap dengan dia, dia berkata: “sesungguhnya kamu (mulai) hari ini menjadi seorang yang berkedudukan tinggi lagi dipercayai pada sisi kami (54) berkata yusuf: “jadikanlah aku bendaharawan negara (mesir); sesungguhnya aku adalah orang yang pandai menjaga, lagi berpengetahuan (55)”. kerjasama diantara para pelaku bisnis. kerjasama dengan para pe12 siddiq muhammad, husain shahatoh, transaksi dan etika bisnis islam, jakarta: visi insani publishing, 2005, h. 60-66. ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang190 laku bisnis lain sangat dibutuhkan dalam rangka bertukar informasi dan pengalaman. islam menganjurka adanya kerjasama dalam hal kebajikan. sebagaimana allah berfirman: “hai orang-orang yang beriman, janganlah kamu melanggar syi’ar-syi’ar allah13, dan jangan melanggar kehormatan bulan-bulan haram14, jangan (mengganggu) binatang-binatang had-ya15, dan binatang-binatang qalaa-id16, dan jangan (pula) mengganggu orang-orang yang mengunjungi baitullah sedang mereka mencari kurnia dan keredhaan dari tuhannya17 dan apa bila kamu telah menyelesai kan ibadah haji, maka bolehlah berburu. dan jangan lah sekali-kali kebencian(mu) kepada sesuatu kaum karena mereka menghalang-halangi kamu dari masjidilharam, mendorongmu berbuat aniaya (kepada mereka). dan tolong-menolonglah kamu dalam (mengerjakan) kebajikan dan takwa, dan jangan tolongmenolong dalam berbuat dosa dan pelanggaran. dan bertakwalah kamu kepada allah, sesungguhnya allah amat berat siksa-nya.” konsultasi dalam ruang lingkup manajemen dan penentuan keputusan. dalam islam dikenal istilah syura (musyawarah) seperti yang difirmankan allah, “dan (bagi) orang-orang yang menerima (mematuhi) seruan tuhannya dan mendirikan shalat, sedang urusan mereka (diputuskan) dengan musyawarat antara mereka; dan mereka menafkahkan sebagian dari rezki yang kami berikan kepada mereka.” dapat dipahami bahwa islam menganjurkan untuk bermusyawarah dalam manajemen pengelolaan bisnis. dengan bermusyawarahsebelum mengambil keputusan akan terbentuk dukungan moral dari para rekan kerja dan pegawai serta mendatangkan solusi yang tepat atas permasalahan. 13 syi’ar allah ialah: segala amalan yang dilakukan dalam rangka ibadat haji dan tempat-tempat mengerjakannya. 14 maksudnya antara lain ialah: bulan haram (bulan zulkaidah, zulhijjah, muharram dan rajab), tanah haram (mekah) dan ihram., maksudnya ialah: dilarang melakukan peperangan di bulan-bulan itu. 15 ialah: binatang (unta, lembu, kambing, biri-biri) yang dibawa ke ka’bah untuk mendekatkan diri kepada allah, disembelih ditanah haram dan dagingnya dihadiahkan kepada fakir miskin dalam rangka ibadat haji. 16 ialah: binatang had-ya yang diberi kalung, supaya diketahui orang bahwa binatang itu telah diperuntukkan untuk dibawa ke ka’bah. 17 dimaksud dengan karunia ialah: keuntungan yang diberikan allah dalam perniagaan. keredhaan dari allah ialah: pahala amalan haji. al-iqtishad: vol. ii, no. 1, januari 2010 191 pengujian validitas dan reabilitas sebelum kuesioner disebarkan penulis melakukan pengujian validitas dan reliabilitas dengan menggunakan kuesioner sebanyak 30 responden. pengujian validitas dan reliabilitas adalah proses menguji butir-butir pertanyaan yang ada dalam kuesioner. jika butir-butir sudah valid dan reliabel, berarti butir-butir tersebut sudah bisa untuk mengukur faktornya. langkah selanjutnya adalah menguji apakah faktor-faktor sudah valid untuk mengukur konstrak yang ada. untuk mengetahui apakah setiap butir pertanyaan pada tiap-tiap variabel valid atau tidak dilakukan dengan membandingkan dengan r tabel. dari r tabel untuk df = (30-2) = 28, dengan alpha 5% didapat angka 0,361. pengambilan keputusan adalah jika r hasil hitung positif lebih besar dari r tabel dan r hasil hitung negatif lebih kecil dari r tabel maka butir tersebut valid. sebaliknya jika r hasil hitung positif lebih kecil dari r tabel dan r hasil hitung negatif lebih besar dari r tabel maka butir tersebut tidak valid. hasil pengujian validitas dan reliabilitas dijelaskan sebagi berikut. pengujian validitas variabel dimensi aqidah berdasarkan tabel 4.1 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,897 dan yang terendah 0,357. butir pertanyaan 11 memilki nilai corrected item-total correlation lebih kecil dari pada 0,361 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. tabel 4.1 hasil pengujian validitas dan reliabel variabel dimensi aqidah no pernyataan corrected item-total correlation 1 allah yang menciptakan alam ini .897 2 allah yang mengetahui apa yang kita perbuat .897 3 segala rezeki dan karunia berasal dari allah semata .613 4 nikmat maupun bencana yang terjadi karena allah yang menghendaki .577 ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang192 5 malaikat jibril diutus allah untuk menyampaikan wahyu kepada nabi muhammad .429 6 islam agama akhir zaman .734 7 nabi muhammad adalah nabi terakhir .897 8 al-qur’an adalah firman ta’ala .830 9 al-qur’an adalah wahyu allah yang diturunkan kepada nabi muhammad saw .830 10 ada surga dan neraka .794 11 setiap qadha dan qadar ditentukan ole allah swt .357 12 ada kehidupan setelah mati .572 13 segala amal manusia ditimbang di hari akhir .852 14 makhluk ghaib itu ada .544 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa me nyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.2 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,906 dan yang terrendah sebesar 0,434 lebih besar dari pada 0,361. sehingga semua pertanyaan tersebut telah valid dan dapat dipergunakan. tabel 4.2 hasil pengujian validitas dan reliabel variabel dimensi aqidah dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 1 allah yang menciptakan alam ini .906 2 allah yang mengetahui apa yang kita perbuat .906 3 segala rezeki dan karunia berasal dari allah semata .657 4 nikmat maupun bencana yang terjadi karena allah yang menghendaki .580 5 malaikat jibril diutus allah untuk menyampaikan wahyu kepada nabi muhammad .434 al-iqtishad: vol. ii, no. 1, januari 2010 193 6 islam agama akhir zaman .759 7 nabi muhammad adalah nabi terakhir .906 8 al-qur’an adalah firman ta’ala .848 9 al-qur’an adalah wahyu allah yang diturunkan kepada nabi muhammad saw .848 10 ada surga dan neraka .813 12 ada kehidupan setelah mati .570 13 segala amal manusia ditimbang di hari akhir .800 14 makhluk ghaib itu ada .507 berdasarkan hasil pengujian reliabilitas terlihat bahwa nilai cronbach’s alpha pada tabel 4.2 sebesar 0,930 lebih besar daripada 0,60 (0,930 > 0,60) sehingga dapat disimpulkan bahwa 13 butir pertanyaan tersebut valid dan reliabel. 1. pengujian validitas variabel dimensi ibadah berdasarkan tabel 4.3 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,748 dan yang terrendah -0,012. butir pertanyaan 1, 3, 5, 7, 8, 9 dan 10 memilki nilai corrected item-total correlation lebih kecil dari pada 0,361 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. tabel 4.3 hasil pengujian validitas dan reliabel variabel dimensi ibadah no pernyataan corrected item-total correlation 1 saya melaksanakan shalat dengan berjamaah walau banyak aktivitas .234 2 saya melaksanakan shalat sunnah .748 3 bagi saya puasa di bulan ramadahan merupakan wujud keataatan kepada allah -.012 4 saya mengerjakan puasa sunnah .698 ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang194 5 menunaikan zakat fitrah .028 6 membayar zakat mal .368 7 apakah menunaikan ibadah haji hanya bagi yang mampu .082 8 saya meluangkan waktu untuk membaca al-qur’an setiap hari .286 9 saya berzikir setelah melakukan shalat .268 10 saya berdoa setelah melaksanakan shalat .124 11 saya melaksanakn ibadah qurban pada hari raya idul adha .477 12 saya melaksanakan i’tikaf sepuluh hari di masjid pada akhir bulan ramadhan .517 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.4 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,834 dan yang terrendah sebesar 0,426 lebih besar dari pada 0,361. sehingga semua pertanyaan tersebut telah valid dan dapat dipergunakan. tabel 4.4 hasil pengujian validitas dan reliabel variabel dimensi ibadah dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 2 saya melaksanakan shalat sunnah .834 4 saya mengerjakan puasa sunnah .689 6 membayar zakat mal .426 11 saya melaksanakn ibadah qurban pada hari raya idul adha .591 12 saya melaksanakan i’tikaf sepuluh hari di masjid pada akhir bulan ramadhan .661 berdasarkan hasil pengujian reliabilitas terlihat bahwa nilai cronbach’s alpha pada tabel 4.4 sebesar 0,825 lebih besar daripada 0,60 (0,825 > 0,60) al-iqtishad: vol. ii, no. 1, januari 2010 195 sehingga dapat disimpulkan bahwa 5 butir pertanyaan tersebut valid dan reliabel. 2. pengujian validitas variabel dimensi akhlak berdasarkan tabel 4.5 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,678 dan yang terrendah 0,166. butir pertanyaan 1, 2, 3, 5 dan 10 memiliki nilai corrected item-total correlation lebih kecil dari pada 0,361 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. tabel 4.5 hasil pengujian validitas dan reliabel variabel dimensi akhlak no pernyataan corrected item-total correlation 1 saya menolong orang yang mengalami kesulitan menyebrang di jalan raya .245 2 saya suka ikut dalam kerja bakti .240 3 saya menyisihkan sebagian uang saya setiap bulannya, untuk diberikan kepada orang yang membutuhkan .166 4 dalam hubungan dengan manusia lain, saya berlaku jujur .528 5 saya selalu memaafkan kesalahan orang lain .316 6 saya menjaga setiap amanat yang diberikan kepada saya .508 7 saya tidak pernah mencuri barang orang lain .678 8 saya tidak akan korupsi, karena perbuatan tersebut merugikan orang lain .651 9 saya tidak pernah menipu orang lain .535 10 saya tidak berjudi .324 11 saya tidak meminum minuman yang memabukkan .563 12 saya menjaga fasilitas umum seperti halte bis yang ada di lingkungan saya, dengan tidak mengotori dan mencoretnya .546 13 dalam menjaga kebersihan lingkungan tempat sekitar, saya ikut berpartisipasi dengan membuang sampah pada tempatnya .526 ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang196 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.6 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,773 dan yang terrendah sebesar 0,306. butir pertanyaan 4 memiliki nilai corrected item-total correlation lebih kecil dari pada 0,361 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. tabel 4.6 hasil pengujian validitas dan reliabel variabel dimensi akhlak dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 4 dalam hubungan dengan manusia lain, saya berlaku jujur .306 6 saya menjaga setiap amanat yang diberikan kepada saya .516 7 saya tidak pernah mencuri barang orang lain .773 8 saya tidak akan korupsi, karena perbuatan tersebut merugikan orang lain .760 9 saya tidak pernah menipu orang lain .582 11 saya tidak meminum minuman yang memabukkan .576 12 saya menjaga fasilitas umum seperti halte bis yang ada di lingkungan saya, dengan tidak mengotori dan mencoretnya .580 13 dalam menjaga kebersihan lingkungan tempat sekitar, saya ikut berpartisipasi dengan membuang sampah pada tempatnya .594 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.7 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,759 dan yang terrendah sebesar 0,541. sehingga semua pertanyaan tersebut telah valid dan dapat dipergunakan. al-iqtishad: vol. ii, no. 1, januari 2010 197 tabel 4.7 hasil pengujian validitas dan reliabel variabel dimensi akhlak dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 6 saya menjaga setiap amanat yang diberikan kepada saya .541 7 saya tidak pernah mencuri barang orang lain .759 8 saya tidak akan korupsi, karena perbuatan tersebut merugikan orang lain .741 9 saya tidak pernah menipu orang lain .589 11 saya tidak meminum minuman yang memabukkan .588 12 saya menjaga fasilitas umum seperti halte bis yang ada di lingkungan saya, dengan tidak mengotori dan mencoretnya .592 13 dalam menjaga kebersihan lingkungan tempat sekitar, saya ikut berpartisipasi dengan membuang sampah pada tempatnya .595 berdasarkan hasil pengujian reliabilitas terlihat bahwa nilai cronbach’s alpha pada tabel 4.3 sebesar 0,856 lebih besar daripada 0,60 (0,856 > 0,60) sehingga dapat disimpulkan bahwa 8 butir pertanyaan tersebut valid dan reliabel. sehingga semua pertanyaan tersebut telah valid dan dapat dipergunakan. 3. pengujian validitas variabel dimensi ilmu berdasarkan tabel 4.8 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,496 dan yang terrendah -0,042. butir pertanyaan 5 memilki nilai corrected item-total correlation lebih kecil dari pada 0,361 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang198 tabel 4.8 hasil pengujian validitas dan reliabel variabel dimensi ilmu no pernyataan corrected item-total correlation 1 saya mengetahui bahwa semua ketentuan hidup telah diatur dalam al-qur’an .496 2 rukun islam itu ada lima .394 3 rukun iman ada enam .394 4 melaksanakn ibadah haji adalah kewajiban bagi setiap umat islam .078 5 isra mi’raj adalah perjalanan nabi muhammad dari masjidil haram ke masjidil aqsa -.042 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.9 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,507 dan yang terrendah sebesar 0,192 lebih besar dari pada 0,361. butir pertanyaan 4 memiliki nilai corrected item-total correlation diperoleh hasil tertinggi 0,507 dan yang terrendah sebesar 0,192 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. tabel 4.9 hasil pengujian validitas dan reliabel variabel dimensi ilmu dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 1 saya mengetahui bahwa semua ketentuan hidup telah diatur dalam al-qur’an .507 2 rukun islam itu ada lima .405 3 rukun iman ada enam .405 4 melaksanakn ibadah haji adalah kewajiban bagi setiap umat islam .192 al-iqtishad: vol. ii, no. 1, januari 2010 199 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.10 terlihat bahwa semua nilai corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,744 dan yang terrendah sebesar 0,333 lebih besar dari pada 0,361. butir pertanyaan 1 memiliki nilai corrected itemtotal correlation diperoleh hasil tertinggi 0,744 dan yang terrendah sebesar 0,333 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. tabel 4.10 hasil pengujian validitas dan reliabel variabel dimensi ilmu dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 1 saya mengetahui bahwa semua ketentuan hidup telah diatur dalam al-qur’an .333 2 rukun islam itu ada lima .744 3 rukun iman ada enam .744 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.11 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 1,000. sehingga semua pertanyaan tersebut telah valid dan dapat dipergunakan. tabel 4.11 hasil pengujian validitas dan reliabel variabel dimensi ilmu dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 2 rukun islam itu ada lima 1.000 3 rukun iman ada enam 1.000 ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang200 berdasarkan hasil pengujian reliabilitas terlihat bahwa nilai cronbach’s alpha pada tabel 4.10 sebesar 1,000 lebih besar daripada 0,60 (1,000 > 0,60) sehingga dapat disimpulkan bahwa 2 butir pertanyaan tersebut valid dan reliabel. 4. pengujian variabel dimensi penghayatan berdasarkan tabel 4.12 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,556 dan yang terrendah 0,100. semua butir pertanyaan memiliki nilai corrected item-total correlation lebih besar daripada 0,361 sehingga dapat disimpulkan bahwa semua pertanyaan tersebut telah valid dan dapat dipergunakan. tabel 4.12 hasil pengujian validitas dan reliabel variabel dimensi penghayatan no pernyataan corrected item-total correlation 1 saya merasakan dekat dengan allah dalam kehidupan sehari-hari .508 2 saya merasakn do’a-do’a saya sering dikabulkan oleh allah .435 3 perasaan saya tentram bahagia karena menuhankan allah .367 4 saya merasa bertawakal kepada allah .330 5 dengan bersyukur kepada allah, maka hati saya menjadi tenang .519 6 perasaan saya tergetar ketika mendengarkan adzan .527 7 allah menolong saya jika dalam kesuliatan keuangan dengan adanya ada orang yang memberikan kelebiahan rezeki kepada saya .100 8 keberhasilan saya dalam segala hal semata-mata karena pertolongan allah .556 al-iqtishad: vol. ii, no. 1, januari 2010 201 9 hidup saya bertambah berkah dengan dipermudahkan rezeki, karena melaksanakan shalat tahajud .128 kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.13 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,576 dan yang terrendah sebesar 0,423 lebih besar dari pada 0,361. kemudian dilakukan pengujian validitas dan realibilitas kembali tanpa menyertakan butir pertanyaan yang tidak valid. berdasarkan tabel 4.7 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,759 dan yang terrendah sebesar 0,541. sehingga semua pertanyaan tersebut telah valid dan dapat dipergunakan. tabel 4.13 hasil pengujian validitas dan reliabel variabel dimensi ilmu dengan mengeluarkan variabel yang tidak valid no pernyataan corrected item-total correlation 1 saya merasakan dekat dengan allah dalam kehidupan sehari-hari .423 2 saya merasakn do’a-do’a saya sering dikabulkan oleh allah .557 3 perasaan saya tentram bahagia karena menuhankan allah .477 5 dengan bersyukur kepada allah, maka hati saya menjadi tenang .576 6 perasaan saya tergetar ketika mendengarkan adzan .490 8 keberhasilan saya dalam segala hal semata-mata karena pertolongan allah .501 ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang202 berdasarkan hasil pengujian reliabilitas terlihat bahwa nilai cronbach’s alpha pada tabel 4.12 sebesar 0,761 lebih besar daripada 0,60 (0,761 > 0,60) sehingga dapat disimpulkan bahwa 6 butir pertanyaan tersebut valid dan reliabel. 5. pengujian validitas terhadap prilaku pedagang berdasarkan tabel 4.14 pada kolom corrected item-total correlation diperoleh hasil yang tertinggi sebesar 0,820 dan yang terendah -0,181. butir pertanyaan 1, 2, 3, 6, 7, 9, 10, 13, 14, 17, 18, 21, 28, 30 dan 31 memilki nilai corrected item-total correlation lebih kecil dari pada 0,361 sehingga dapat disimpulkan bahwa pertanyaan tersebut tidak valid dan harus dikeluarkan. tabel 4.14 hasil pengujian validitas dan reliabel variabel dimensi prilaku pedagang no pernyataan corrected item-total correlation 1 saya niat melakuakn usaha hanya untuk memenuhi kebutuhan materil semata .029 2 saya niat melakukan usaha semata-mata untuk mendapatkan pahal dari allah -.181 3 saya niat melakukan usaha bukan hanya untuk mendapatkan materi saja tetapi juga untuk mendapat ridha allah -.143 4 saya selalu melaksanakan shalat tepat pada waktunya .735 5 saya melaksanakan shalat sunnah .421 6 saya tidak pernah menimggalkan shalat jum’at .337 7 saya tetap melaksanakan puasa di bulan ramadhan .090 8 saya melaksanakan puasa sunnah .378 9 saya membakar zakat fitrah .162 al-iqtishad: vol. ii, no. 1, januari 2010 203 10 saya membakar zakat mal .146 11 dalam menjual barang saya memaksakan kepada pembeli untuk membeli barang .408 12 dalam menjual suatu barang saya tidak memaksakan pembeli untuk membeli barang, kecuali pembeli tersebut tertarik kepada barang saya .367 13 saya ingin usaha saya maju .206 14 saya bekerja tanpa mengenal waktu .358 15 saya membutuhkan tenaga kerja demi untuk kemajuan usaha saya .381 16 saya berpakaian yang rapi agar pembeli tertarik .381 17 saya bias menjalankan usaha dalam keadaan apapun .098 18 saya bisa mengambil keputusan apabila usaha yang saya jalankan dalam keadaaan yang terpuruk .157 19 saya belajar demi memajukan usaha .630 20 melakukan studi banding ke pengusaha lain yang memiliki usaha yang sama .366 21 saya melakukan usaha untuk emenuhi kebutuhan dan mendapat rizki yang halal .348 22 saya mempromosikan barang dagangan kepada konsumen .357 23 saya tidak membohongi konsumen terhadap kondisi barang dagangan yang saya jual .485 24 saya menerangkan barang yang saya jual dengan apa adanya .531 25 saya tidak pernah mengurangi ukuran timbangan .820 26 saya memberi hak kepada pembeli untuk memilih .570 27 menjaga amanah orang lain .571 ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang204 28 saya memberikan upah kepada pegawai sesuai dengan haknya .343 29 saya menepati amanat dalam melayani konsumen yang membeli barang dengan memesan sesuai dengan kesepakatan .403 30 saya mencatat barang yang masuk atau yang keluar .259 31 saya mencatat uang yang masuk .352 32 saya mencatat pembelian konsumen yang masih kurang pembayarannya .725 33 saya tidak menjual sesuatu yang memabukkan .447 34 saya tidak mencampur barang yang haram kedalam dagangan .447 35 saya berpakaian arapi dan menarik dalam menghadapi pelanggan .532 36 saya senyum dan bersifat akrab dalam menghadapi pelanggan .508 37 saya menyapa pelanggan dengan lembut .572 38 saya tenang, sopan, dan tidak memotong pembicaraan pelanggan .710 39 saya berbicara dengan bahasa yang baik dan benar kepada pelanggan .746 40 saya bersemangat dalam melayani pelanggan .668 41 saya selektif dalam memilih rekan kerja .375 42 saya selektif dalam memilih pekerjaan .382 43 saya bekerjasama dengan pedagang lain dalam berbisnis .526 44 saya bermusyawarah dalam manajemen pengelolaan bisnis .447 al-iqtishad: vol. ii, no. 1, januari 2010 205 statistik deskriptif dari grafik di bawah dijelaskan bahwa, pedagang ditinjau dari kelompok jenis kelamin, menggambarkan bahwa, padagang laki-laki lebih banyak dari pada pedagang perempuan. tabel 4.17 grafik jenis kelamin responden untuk pendidikan pedagang kebayoran lama , maka yang paling banyak adalah pendidikan sma/ma, kemudian pendidikan smp/mts, kemudian diikuti dengan pendidikan sd/mi, kemudian diikuti dengan pendidikan diploma, kemudian diikuti dengan pendidikan sarjana, dan dari semua pedagang tidak ada yang berasal dari pondok pesantren. tabel 4.18 kurva tingkat pendidikan responden ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang206 penutup berdasarkan analisis dan pembahasan yang dilakukan maka dapat disimpulkan sebagai berikut: berdasarkan hasil pengujian statistik dengan uji z (sampel > 30) secara parsial yang berpengaruh terhadap prilaku pedagang dari dimensidimensi religiusitas adalah dimensi akhlak dan dimensi ilmu. sedangkan dimensi aqidah, ibadah dan penghayatan tidak berpengaruh signifikan secara parsial terhadap variabel prilaku pedagang. berdasarkan hasil pengujian statistik dengan uji f mengindikasikan bahwa dari dimensi religiusitas, variabel dimensi aqidah, dimensi ibadah, dimensi akhlak, dimensi ilmu dan dimensi penghayatan tidak berpengaruh terhadap prilaku pedagang secara simultan. variabel tingkat religiusitas berpengaruh signifikan secara parsial terhadap prilaku pedagang. dilihat dari nilai koefisien determinasi (r2x1y) diperoleh hasil sebesar 0,5182 = 0,268 artinya keragaman yang terjadi pada variabel prilaku pedagang 26,8% ditentukan oleh keragaman yang terjadi pada variabel keagamaan. dalam dimensi-dimensi religiusitas tidak terdapat perbedaan antara para pedagang dalam variabel dimensi aqidah, ibadah dan akhlak. sedangkan dalam dimensi ilmu dan penghayatan terdapat perbedaan antara para pedagang. pustaka acuan ancok, djamaludin dan suroso, fuad nashori. psikologi islami: solusi islam atas problem-problem psikologi. yogyakarta: pustaka pelajar, 1993. ang, s.h, cheng, p. s. lim, e.a.c & tambyah, s.k. “spot the difference: consumer responses towards counterfeit,” journal of consumer marketing, vol. 18 no.3, 2001. arikunto, suharsimi. prosedur penelitian suatau pendekatan praktek. jakarta: rineka cipta, 1998. badroen, faisal, drs.mba. etika bisnis dalm islam. jakarta: uin jakarta press, 2005. bariadi, lili, muhammad zen, dan m. hudri. zakat dan wirausaha. jakarta: ced, 2005. al-iqtishad: vol. ii, no. 1, januari 2010 207 darajat, zakiah. ilmu jiwa agama. cet. ke-14. jakarta: bulan bintang, 1991. departemen agama ri. al-qur’an dan terjemahnya. semarang: pt. karya toha putra, 1995. departemen pendidikan dan kebudayaan. kamus besar bahasa indonesia. jakarta: balai pustaka, cet ke-2, 1989. dister, nico syukur. pengalaman dan motivasi beragama: pengantar psikologi agama. yogyakarta: kanisius, 1992. djairi, ibnu. erosi moral dan pemahaman kembali agama. artikel diakses pada 20 juni 2007 dari http://suaramerdeka.com/harian/0406/18/opi4. htm. echols, jhon m. and hasan shadily. kamus inggris – indonesia. jakarta: pt. gramedia, 1984. gujarati, d. basic econometrics. mc graw-hill.inc, 1978. hossein, seyyed, prof. dr. “perspektif islam perihal etika kerja” dalam nilai dan makna kerja dalam islam. jakarta: persada madani, 1999. jalaludin. psikologi agama. jakarta: rajawali press, edisi revisi, 2005. kraar, louis, “the new power of asia”: dalam reder’s digest, edisi asia (singapura, hongkong, tokyo), desember, 1998. madjid, nurcholish, dr. “tafsir islam perihal etos kerja” dalam nilai dan makna kerja dalam islam. jakarta: persada madani, 1999. mahmasani, subhi. konsep dasar hak-hak asasi manusia (studi perbandingan syariat islam dan perundang-undangan modern). jakarta: pt. pustaka lentara antarnusa. nasution, harun. islam ditinjau dari berbagai aspeknya. jilid i. jakarta: ui press, cet. ke-5, 1985. natsir, nanat fatah. etos kerja wirausahawan muslim. bandung: gunung djati press, 1999. nawami, hardani. kepemimpinan yang efektif. yogyakarta: gajah mada university press, 2004. nugroho, bhuono agung. strategi jitu memilih metode statistik penelitian dengan spss. yogyakarta: andi, 2005. prayitno, prof. dr. h. ahmad dan drs. trubus, ms. etika kemajemukan ahmad faiz: pengaruh tingkat keagamaan terhadap perilaku pedagang208 solusi strategis merenda kebersamaan dalam bingkai masyarakat majemuk. jakarta: universitas trisakti, 2004. putra, dalizar. hak asasi manusia menurut al-qur’an. jakarta: pustaka alhusna, 1995. qardhawi, al-yusuf. norma dan etika ekonomi islam. terjemahan zainul arifin, lc. dra. dahlia husin. jakarta: gema insani press, 1997. qardhawi, al-yusuf. peranan nilai dan moral dalam perekonomian islam. terjemahan didin hafiduddin. jakarta: robani press, 2001. rianto, yatim. tehnik metodologi penelitian. jakarta: sich, 2000. robertson, rolland. agama dalam analisa dan interprestasi sosiologis. jakarta: rajawali press, 1993. rusydi, drs. h. am, lc, m.ag. “etos kerja dan etika usaha: prespektif alqur’an” dalam nilai dan makna kerja dalam islam. jakarta: persada madani, 1999. santoso, singgih. menggunakan spss untuk spss non parametrik. jakarta: pt. elex media komputindo, 2005. santoso, singgih. menguasai statistik di era informasi dengan spss 12. jakarta: pt. elex media komputindo, 2004. singaribun, masri dan sofian efendi. metode penelitian survey singarimbun. jakarta: lp3es, 2005. singaribun, masri dan sofian efendi. metodogi penelitian survey. edisi revis. jakarta: lp3es, 2005. sukandarrumidi. metodologi penelitian petunjuk praktis untuk peneliti pemula. yogyakarta: gajah mada university, 2004. sukandarrumidi. metodologi penelitian petunjuk praktis untuk peneliti pemula. yogyakarta: gajah mada university, cet ke-2, juni 2004. perilaku masyarakat dalam memilih pembiayaan maesaroh stie widya wiwaha yogyakarta email: may_eroh@gmail.com abstrak: fenomena yang terjadi dalam masyarakat sumber adalah bahwa sebagian dari mereka yang bertransaksi dengan para renternir. bukan hanya masyarakat yang berprofesi sebagai pedagang kecil dan menengah saja yang mengajukan pinjaman kepada para renternir dalam rangka untuk dapat mengembangkan usahanya tersebut, melainkan sebagian ibuibu rumah tanggapun ikut mengajukan pinjaman kepada renternir hanya untuk memenuhi kebutuhan hidupnya yang sangat mendesak. kata kunci: pembiayaan, perilaku, masyarakat pendahuluan dewasa ini banyak sekali lembaga ataupun perorangan yang menyedia kan jasa untuk memberikan pembiayaan kepada orang yang membutuhkan dana baik dalam waktu yang cepat ataupun temporer, begitu juga sistem pengembalian pembiayaan tersebut ada yang tunai dan ada pula yang kredit. dalam ekonomi syariah, shahibul maal (kreditur) tidak boleh mensyaratkan kelebihan/bunga atas pembiayaan yang diberikannya tersebut kepada mudharib (debitur) karena hal ini merupakan salah satu praktik ribawi yang jelas-jelas larangan akannya telah diatur dalam al-qur’an dan as-sunnah. dalam ekonomi konvensional, pembiayaan dikenal dengan sebutan perkreditan/kredit yang dalam operasionalnya menggunakan sistem bunga. sedangkan dalam ekonomi islam pembiayaan menggunakan prinsip bagi hasil, sehingga pada akhirnya di antara kedua pihak yang berakad akan sama-sama merasa tidak terdzalimi atas akad tersebut. maearoh: perilaku masyarakat dalam memilih pembiayaan2 berbicara tentang pembiayaan atau yang dalam ekonomi konvensional lebih dikenal dengan nama perkreditan, maka secara otomatis tidak akan terlepas dari pembahasan mengenai para pemberi pinjaman atau kreditur itu sendiri, baik yang bersumber dari perorangan maupun lembaga. lembaga keuangan terbagi ke dalam 2 bagian, yaitu: (1) lembaga keuangan bank, dan (2) lembaga keuangan non bank. lembaga keuangan bank yaitu lembaga keuangan yang berbentuk bank. sedangkan definisi bank itu sendiri telah dijelaskan dalam undangundang nomor 10 tahun 1998, pasal 1 ayat (2) yaitu sebagai berikut: bank adalah badan usaha yang menghimpun dana dari masyarakat dalam bentuk simpanan dan menyalurkannya kepada masyarakat dalam bentuk kredit dan atau bentuk-bentuk lainnya dalam rangka meningkatkan taraf hidup rakyat banyak.1 jenis bank jika dilihat dari segi atau caranya menentukan harga baik harga jual maupun harga beli terbagi dalam dua kelompok, yaitu: perama, bank yang berdasarkan prinsip konvensional. dalam mencari keuntungan dan menentukan harga kepada para nasabahnya, bank yang berdasarkan prinsip konvensional menggunakan dua metode, yaitu: (1) menetapkan bunga sebagai harga, baik untuk produk simpanan seperti giro, tabungan maupun deposito. demikian pula harga untuk produk pinjamannya (kredit) juga ditentukan berdasarkan tingkat suku bunga tertentu. penentuan harga ini dikenal dengan istilah spread based. (2) untuk jasa-jasa bank lainnya pihak perbankan dari barat menggunakan atau menerapkan berbagai biaya-biaya dalam nominal atau persentase tertentu. sistem pengenaan biaya ini dikenal dengan istilah fee based. kedua, bank yang berdasarkan prinsip syariah. dalam menentukan harga atau mencari keuntungan bagi bank yang berdasarkan prinsip syariah adalah sebagai berikut: (1) pembiayaan berdasarkan prinsip bagi hasil (mudharabah); (2) pembiayaan berdasarkan prinsip penyertaan modal (musyarakah); (3) prinsip jual beli barang dengan memperoleh keuntungan (murabahah); (4) pembiayaan barang modal berdasarkan sewa 1 kasmir, bank dan lembaga keuangan lainnya, edisi keenam, (jakarta: pt. raja grafindo persada, 2005), h. 396. al-iqtishad: vol. ii, no. 2, juli 2010 3 murni tanpa pilihan (ijarah); (5) atau dengan adanya pilihan pemindahan kepemilikan atas barang yang disewa dari pihak bank oleh pihak lain (ijarah muntahiya bi tamlik). 2 pada prinsipnya, dalam sistem keuangan islam, lembaga-lembaga keuangan non-bank yang diperlukan memiliki peran yang hampir sama. perbedaan terletak pada prinsip dan mekanisme operasionalnya. dengan penghapusan prinsip bunga, baik dalam mekanisme investasi langsung ataupun tak langsung dan pasar uang antarbank, praktik sistem bebas bunga (bagi hasil) akan lebih mudah untuk diterapkan secara integral. oleh karena itu, untuk mewadahi kepentingan masyarakat yang belum tersalurkan oleh jasa perbankan syariah, maka telah dibentuk beberapa institusi keuangan non-bank dengan prinsip yang dibenarkan oleh syariah islam, diantaranya yaitu baitul maal wattamwil (bmt). lembaga ini didirikan dengan maksud untuk memfasilitasi masyarakat bawah yang tidak terjangkau oleh pelayanan bank syariah atau bpr syariah. prinsip operasinya didasarkan atas prinsip bagi hasil, jual-beli (tijarah), sewa (ijarah) dan titipan (wadiah).3 selain bentuk-bentuk dari pemberi pembiayaan di atas, pada kenyataannya terdapat bentuk kreditur lainnya yang karena mekanisme operasionalnya justru telah banyak dipilih oleh sebagian masyarakat kita. dengan pertimbangan bahwa kreditur tersebut akan dengan cepat dapat merealisasikan pembiayaan yang dibutuhkannya dan tanpa harus memberikan agunan yang dimiliki oleh calon debitur tersebut kepada calon krediturnya. namun sayangnya operasional kreditur ini menggunakan sistem bunga yang jelas bertentangan dengan prinsip syariah. kreditur dalam bentuk ini sering disebut dengan nama renternir. fenomena yang terjadi dalam masyarakat sumber adalah bahwa sebagian dari mereka yang bertransaksi dengan para renternir. bukan hanya masyarakat yang berprofesi sebagai pedagang kecil dan menengah saja yang mengajukan pinjaman kepada para renternir dalam rangka 2 ibid., h. 37-39. 3 heri sudarsono, bank dan lembaga keuangan syariah: deskripsi dan ilustrasi (yogyakarta: ekonisia, 2007), h. 8. maearoh: perilaku masyarakat dalam memilih pembiayaan4 untuk dapat mengembangkan usahanya tersebut, melainkan sebagian ibuibu rumah tanggapun ikut mengajukan pinjaman kepada renternir hanya untuk memenuhi kebutuhan hidupnya yang sangat mendesak. sebenarnya, alasan sebagian masyarakat yang meminjam uang kepada para renternir memang cukup ironis. betapa tidak, alasan mereka (terutama pedagang kecil dan menengah) bertransaksi dengan para renternir tidak lain karena ketika mereka membutuhkan pinjaman dana dengan segera, tidak ada pihak yang memfasilitasi akan kebutuhan mereka tersebut. hal ini dikarenakan perbankan sebagai salah satu lembaga keuangan yang berfungsi sebagai pemberi pinjaman kepada pihak yang membutuhkan dana, memberikan kriteria dan persyaratan yang cukup rumit bagi calon debiturnya, seperti: harus adanya jaminan, laporan ke­ uangan, slip gaji, dan sebagainya. sedangkan tidak semua masyarakat yang berprofesi sebagai pedagang kecil dan menengah mempunyai persyaratan-persyaratan yang diajukan oleh perbankan tersebut. penyebab lain alasan masyarakat bertransaksi dengan renternir adalah karena perbankan tidak dapat memenuhi pembiayaan yang diajukan oleh masyarakat terutama pedagang kecil dan menengah dengan nilai pembiayaan yang jumlah nominalnya cukup kecil seperti rp. 1.000.000 atau bahkan mungkin dibawah angka nominal tersebut, tanpa harus memberikan jaminan apapun. sedangkan dana atau modal yang mereka butuhkan tersebut rata-rata hanya berkisar pada nominal yang tidak besar. oleh karena tidak adanya lembaga yang memfasilitasi kebutuhan akan dana yang mereka butuhkan, maka lagi-lagi mereka bertransaksi dengan para renternir yang justru bersedia memberikan pinjaman yang mereka butuhkan dengan segera tanpa harus menyerahkan jaminan, namun tentu nya dengan pengembalian utang pokok ditambah bunganya yang berlipat-lipat. jika dilihat dari segi profesi masyarakatnya, di kelurahan sumber sebagian masyarakatnya adalah para pedagang baik itu pedagang kecil, pedagang menengah, atau bahkan pedagang besar. dari sisi tersebut, sangat dimungkinkan pedagang-pedagang tersebut menggunakan jasa pembiayaan baik berbentuk perorangan ataupun lembaga. profesi lainnya yang dijalankan oleh masyarakat kelurahan sumber adalah sebagai al-iqtishad: vol. ii, no. 2, juli 2010 5 pegawai negeri sipil (pns), sehingga dalam hal kebutuhan pembiayaan/ pinjaman yang pegawai negeri sipil (pns) butuhkan pihak instansi sudah memberikan pilihan mengenai lembaga pembiayaan mana yang akan memfasilitasi kebutuhan pembiayaan para pegawai negeri sipil (pns) tersebut. dimana dalam hal ini lembaga pembiayaan/pinjaman yang ditunjuk oleh instansi adalah bukan lembaga yang dalam operasionalnya menggunakan prinsip syariah. masih banyaknya sebagian masyarakat yang menggunakan jasa renternir dalam rangka memenuhi kebutuhannya akan dana pinjaman, hal ini membuktikan bahwa sebagian dari masyarakat banyak yang belum ingin memakai jasa lembaga keuangan baik itu bank (bank syariah) ataupun lembaga keuangan non bank seperti bmt. hal ini mungkin disebabkan oleh beberapa faktor seperti: proses dan prosedur pencairan dana pinjaman pada renternir lebih cepat dari pada prosedur pembiayaan di lembaga keuangan bank baik bank konvensional maupun bank syaraiah, ataupun lembaga keuangan syariah non bank. selain alasan-alasan yang diuraikan di atas, penyebab lain yang melatar belakangi masyarakat sumber masih bertransaksi dengan para renternir adalah dari perilaku masyarakat itu sendiri. faktor-faktor yang mempengaruhi perilaku konsumen pun dapat memberikan andil yang cukup besar kepada mereka dalam menentukan pilihan untuk memilih pembiayaan yang mereka butuhkan. latar belakang seperti pendidikan, pekerjaan, jabatan, besarnya pendapatan, dan lain-lainnya secara pasti dapat mempengaruhi perilaku masyarakat dalam memilih pembiayaan. dari sisi motif teologi (agama) pun besar kecilnya dapat mem pengaruhi perilaku masyarakat dalam memilih pembiayaan. secara teori apabila seseorang beragama islam maka secara otomatis perilaku orang tersebut dalam memilih pembiayaan pun akan berdasarkan ajaran agamanya, yaitu tidak akan memilih suatu bentuk pembiayaan yang sistem pengembaliannya berdasarkan sistem ribawi. pengertian perilaku konsumen menurut engel et al (1995), perilaku konsumen adalah tindakan yang langsung terlibat untuk mendapatkan, mengkonsumsi, dan menghabiskan maearoh: perilaku masyarakat dalam memilih pembiayaan6 produk atau jasa, termasuk proses keputusan yang mendahului dan mengikuti tindakan ini. sementara itu, david l. loudon dan albert j. della bitta lebih menekankan perilaku konsumen sebagai suatu proses pengambilan keputusan. mereka mengetahui bahwa perilaku konsumen adalah proses pengambilan keputusan yang mensyaratkan aktivitas individu untuk mengevaluasi, memperoleh, menggunakan, atau mengatur barang dan jasa. kotler dan amstrong mengartikan perilaku konsumen sebagai perilaku pembelian konsumen akhir, baik individu maupun rumah tangga, yang membeli produk untuk konsumsi personal. 4 perilaku konsumen adalah proses yang terjadi saat individu atau keluarga menyeleksi, membeli, menggunakan atau menghentikan pemakaian produk jasa atau pengalaman dalam rangka memuaskan keinginan dan hasrat tertentu. menurut gerald zalman dan melanie wallendroft, perilaku konsumen adalah tindakan, proses, dan hubungan sosial yang dilakukan individu, keluarga, dan organisasi dalam mendapatkan, menggunakan suatu produk atau lainnya sebagai suatu akibat dari pengalamannya dengan produk layanan dan sumber lainnya.5 the american marketing association mendefinisikan perilaku konsumen sebagai berikut: perilaku konsumen merupakan interaksi dinamis antara afeksi dan kognisi, perilaku, dan hubungannya dimana masyarakat melakukan kegiatan pertukaran dalam hidup mereka. dari definisi tersebut diatas terdapat 3 (tiga) ide penting, yaitu: (1) konsumen adalah dinamis; (2) hal tersebut melibatkan interaksi antara afeksi dan kognisi, perilaku dan kejadian disekitar; serta (3) hal tersebut melibatkan pertukaran. perilaku konsumen adalah dinamis. itu berarti bahwa perilaku seorang konsumen, grup konsumen, ataupun masyarakat luas selalu berubah dan bergerak sepanjang waktu. hal ini memiliki implikasi terhadap studi perilaku konsumen, demikian pula pada pengembangan strategi pemasaran. dalam hal studi perilaku konsumen, salah satu 4 bilson simamora, panduan riset perilaku konsumen (jakarta: pt. gramedia pustaka utama, 2004), h. 1-2. 5 fandi tjiptono, pemasaran jasa, cet. ke 3, (jatim: bayumedia publishing, 2007), h. 39. al-iqtishad: vol. ii, no. 2, juli 2010 7 implikasinya adalah bahwa generalisasi perilaku konsumen biasanya terbatas untuk jangka waktu tertentu, produk, dan individu atau grup tertentu. dalam hal pengembangan strategi pemasaran, sifat dinamis perilaku konsumen mengisyaratkan bahwa seseorang tidak boleh berharap bahwa suatu strategi pemasaran yang sama dapat memberikan hal yang sama disepanjang waktu, pasar, dan industri. perilaku konsumen melibatkan pemasaran. hal itu merupakan hal terakhir yang ditekankan dalam definisi perilaku konsumen yaitu pertukaran di antara individu. hal ini membuat definisi perilaku konsumen tetap konsisten dengan definisi pemasaran.6 faktor-faktor yang mempengaruhi perilaku konsumen kebudayaan adalah faktor penentu yang paling dasar dari keinginan dan perilaku seseorang. dengan kata lain merupakan faktor paling utama dalam perilaku pengambilan keputusan dan perilaku pembelian. kebudayaan didefinisikan sebagai kompleks simbol dan barang-barang buatan manusia (artifacts) yang diciptakan oleh masyarakat tertentu dan diwariskan dari generasi satu ke generasi yang lain sebagai faktor penentu (determinants) dan pengatur (regulator) perilaku anggotanya.7 faktor kebudayaan terdiri atas budaya (kultur), sub-budaya (subkultur), dan kelas sosial.8 pertama, budaya. kultur adalah faktor penentu paling pokok dari keinginan dan perilaku seseorang. makhluk yang paling rendah umumnya dituntun oleh naluri. sedangkan manusia, perilakunya biasanya dipelajari dari lingkungan sekitarnya. sehingga nilai, persepsi, preferensi, dan perilaku antara seseorang yang tinggal pada daerah tertentu dapat berbeda dengan orang lain yang berada di lingkungan yang lain pula.9 budaya adalah seperangkat pola perilaku yang secara sosial dialir6 nugroho j. setiadi, perilaku konsumen: konsep dan implikasi untuk strategi dan penelitian pemasaran, cet. i, (jakarta: kencana, 2003), h. 3-4. 7 ibid., h. 331-333. 8 ibid., h. 11. 9 simamora, panduan riset perilaku konsumen, h. 7. maearoh: perilaku masyarakat dalam memilih pembiayaan8 kan secara simbolis melalui bahasa dan cara-cara lain pada anggota dari masyarakat tertentu.10 budaya memperlengkapi orang dengan rasa identitas dan pengertian akan perilaku yang dapat diterima di dalam masyarakat. beberapa dari sikap dan perilaku yang lebih penting yang dipengaruhi oleh budaya adalah sebagai berikut: (1) rasa diri dan ruang; (2) komunikasi dan bahasa; (3) pakaian dan penampilan; (4) makanan dan kebiasaan makan; (5) waktu dan kesadaran akan waktu; (6) hubungan (keluarga, organisasi, pemerintah dan sebagainya); (7) nilai dan norma; (8) kepercayaan dan sikap; (9) proses mental dan pembelajaran; (10) kebiasaan kerja dan praktek.11 kedua, sub budaya/subkultur. tiap kultur mempunyai subkultur yang lebih kecil, atau kelompok orang dengan sistem nilai yang sama berdasarkan pengalaman dan situasi hidup yang sama. seperti kelompok kebangsaan yang bertempat tinggal pada suatu daerah mempunyai citarasa dan minat etnik yang khas. demikian pula halnya dengan kelompok keagamaan. daerah geografik adalah merupakan subkultur tersendiri. ketiga, kelas sosial. kelas sosial adalah susunan yang relative permanen dan teratur dalam suatu masyarakat yang anggotanya mempunyai nilai, minat, dan perilaku yang sama. kelas sosial tidak ditentukan oleh faktor tunggal seperti pendapatan tetapi diukur sebagai kombinasi pekerjaan, pendapatan, pendidikan, kekayaan, dan variabel lainnya. kelas sosial memperlihatkan preferensi produk dan merek yang berbeda. 12 faktor sosial perilaku konsumen juga akan dipengaruhi oleh faktor sosial seperti kelompok kecil, keluarga, peran dan status sosial dari konsumen. faktorfaktor ini sangat mempengaruhi tanggapan konsumen. pertama, kelompok. perilaku seseorang dipengaruhi oleh banyak kelompok kecil. kelompok yang berpengaruh langsung dan di dalam mana 10 setiadi, perilaku konsumen, h. 333. 11 ibid., h. 333-334. 12 simamora, panduan riset perilaku konsumen, h. 7-8. al-iqtishad: vol. ii, no. 2, juli 2010 9 seseorang menjadi anggotanya disebut kelompok keanggotaan. ada yang disebut kelompok primer, dimana anggotanya berinteraksi secara tidak formal seperti keluarga, teman, dan sebagainya. ada pula yang disebut kelompok sekunder, yaitu seseorang berinteraksi secara formal tetapi tidak regular. contohnya adalah organisasi. kelompok rujukan adalah kelompok yang merupakan titik perbandingan atau tatap muka atau tak langsung dalam pembentukan sikap se seorang. orang sering dipengaruhi oleh kelompok rujukan dimana ia tidak menjadi anggotanya. kelompok ini dapat mempengaruhi orang pada perilaku dan gaya hidup. mereka dapat mempengaruhi pilihan produk dan merek yang akan dipilih oleh seseorang.13 grup referensi seseorang dapat berasal dari kelas sosial, sub-budaya, atau bahkan budaya yang sama atau berbeda. pada dasarnya, seseorang memihak atau bergabung dengan sebuah referensi untuk tiga alasan, untuk mendapatkan pengetahuan yang berharga, untuk mendapat kan penghargaan atau menghindari hukum, dan untuk mendapatkan makna yang digunakan untuk membangun, memodifikasi atau memelihara konsep pribadi mereka. sasaran tersebut di atas mencerminkan tiga jenis pe ngaruh yang diberikan grup referensi: informasional, utilitarian, dan ekspresi­nilai. pengaruh informasional grup referensi mengirimkan informasi yang berguna kepada konsumen tentang diri mereka sendiri, orang lain, atau aspek lingkungan fisik seperti produk, jasa dan toko. informasi ini dapat disajikan secara langsung baik secara verbal atau melalui demonstrasi langsung. konsumen cenderung lebih terpengaruh oleh grup referensi jika informasi yang diberikan dianggap sahih dan relevan pada permasalahan yang dihadapi, dan sumber yang memberikan informasi tersebut dianggap dapat dipercaya. grup referensi yang sangat dipercaya cenderung memiliki pengaruh informasional terhadap konsumen. informasi dapat dipindahkan dari grup referensi ke konsumen dalam tiga cara. kadang kala pengaruh informasional dengan sengaja dicari oleh konsumen untuk mengurangi resiko dalam membuat suatu keputusan atau untuk membantu mereka 13 ibid., h. 8. maearoh: perilaku masyarakat dalam memilih pembiayaan10 mempelajari bagaimana cara melakukan suatu perilaku tertentu. dan selain itu informasi dikirim secara tidak sengaja, yang terakhir yaitu ketika anggota grup referensi memulai proses tersebut. pengaruh utilitarian grup referensi pada perilaku konsumen muncul ketika grup referensi memiliki kontrol atas imbalan atau hukuman yang penting. konsumen biasanya menyesuaikan diri dengan keinginan grup referensi jika mereka percaya bahwa grup tersebut dapat mengontrol imbalan dan hukuman, perilakunya nyata atau dapat diketahui oleh grup dan mereka dimotivasi untuk mendapatkan imbalan atau menghindari hukuman. pengaruh ekspresi-nilai grup referensi dapat mempengaruhi konsep pribadi seseorang. sebagai suatu unit budaya, grup referensi sekaligus memiliki dan menciptakan makna budaya (kepercayaan, nilai, sasaran, norma perilaku, gaya hidup). dengan menyamakan dan menggabungkan diri dengan grup referensi tertentu yang mencerminkan makna yang diinginkan tersebut, konsumen dapat mendapatkan sebagian dari makna tersebut dan menggunakannya dalam proyek pengembangan pribadi mereka.14 kedua, keluarga. anggota keluarga pembeli dapat memberikan pengaruh yang kuat terhadap perilaku pembeli. keluarga orientasi adalah keluarga yang terdiri dari orangtua yang memberikan arah dalam hal tuntunan agama, politik, ekonomi, dan harga diri. bahkan jika pembeli sudah tidak berhubungan lagi dengan orang tua, pengaruh terhadap perilaku pembeli tetap ada. sedangkan pada keluarga proteksi, yaitu keluarga yang terdiri atas suami-istri dan anak pengaruh pembelian itu akan sangat terasa,15 (dalam hal ini membeli sama dengan memilih jasa pembiayaan). ketiga, peran dan status. posisi seseorang dalam tiap kelompok dapat ditentukan dari segi peran dan status. tiap peran membawa status yang mencerminkan penghargaan umum oleh masyarakat. contohnya adalah direktur memakai pakaian yang mahal dan mengendarai mobil mercedes. 14 setiadi, perilaku konsumen, h. 267-268. 15 simamora, panduan riset perilaku konsumen, h. 9. al-iqtishad: vol. ii, no. 2, juli 2010 11 faktor pribadi keputusan pembeli juga dipengaruhi oleh karakteristik pribadi seperti umur dan tahap daur hidup pembeli, jabatan, keadaan ekonomi, gaya hidup, kepribadian dan konsep diri pembeli yang bersangkutan. pertama, usia dan tahap daur hidup. orang akan mengubah barang dan jasa yang mereka beli sepanjang kehidupan mereka. kebutuhan dan selera seseorang akan berubah sesuai dengan usia. pembelian dibentuk oleh tahap daur hidup keluarga. kedua, pekerjaan. pekerjaan seseorang mempengaruhi barang dan jasa yang dibelinya. dengan demikian pemasar dapat mengidentifikasi kelompok yang berhubungan dengan jabatan yang mempunyai minat di atas rata-rata terhadap produk mereka. ketiga, keadaan ekonomi. keadaan ekonomi sangat mempengaruhi pilihan produk.16 keempat, gaya hidup. gaya hidup secara luas di identifikasikan sebagai cara hidup yang diidentifikasikan oleh bagaimana orang menghabiskan waktu mereka, apa yang mereka pikirkan tentang diri mereka sendiri dan juga dunia sekitarnya. gaya hidup suatu masyarakat akan berbeda dengan masyarakat yang lainnya. bahkan dari masa ke masa gaya hidup suatu individu dan kelompok masyarakat tertentu akan bergerak dinamis. namun demikian, gaya hidup tidak cepat berubah, sehingga pada kurun waktu tertentu gaya hidup waktu tertentu gaya hidup relatif permanen.17 orang yang berasal dari subkultur, kelas sosial dan pekerjaan yang sama dapat mempunyai gaya hidup yang berbeda. gaya hidup seseorang menunjukkan pola kehidupan orang yang bersangkutan yang tercermin dalam kegiatan, minat, dan pendapatnya.18 kelima, kepribadian dan konsep diri. tiap orang mempunyai kepribadi an yang khas dan ini akan mempengaruhi perilaku pembeliannya. kepribadian mengacu pada karakteristik psikologis yang unik yang 16 ibid., h. 9-10. 17 setiadi, perilaku konsumen, h. 148. 18 simamora, panduan riset perilaku konsumen, h. 10. maearoh: perilaku masyarakat dalam memilih pembiayaan12 menimbulkan tanggapan relatif konstan terhadap lingkungannya sendiri.19 kepribadian adalah organisasi yang dinamis dari sistem psikofisis individu yang menentukan penyesuaian dirinya terhadap lingkungannya secara unik. kepribadian biasanya dijelaskan dengan menggunakan ciriciri seperti kepercayaan diri, dominasi, otonomi, ketaatan, kemampuan bersosialisasi, daya tahan dan kemampuan beradaptasi. 20 secara umum konsep diri diatur oleh dua prinsip yaitu keinginan untuk mencapai konsistensi dan keinginan untuk meningkatkan harga diri (self esteem). pencapaian konsistensi berarti bahwa konsumen akan bertindak menurut konsep diri yang sebenarnya. perilaku pembelian konsumen yang diarahkan untuk pencapaian konsep diri, itulah yang disebut sebagai keinginan yang konsisten antara konsep diri dan perilakunya.21 faktor psikologis pada suatu saat tertentu seseorang mempunyai banyak kebutuhan baik yang bersifat biogenik maupun biologis. kebutuhan ini timbul dari suatu keadaan fisiologis tertentu seperti rasa lapar, haus, dan sebagainya. sedangkan kebutuhan yang bersifat psikologis adalah kebutuhan yang timbul dari keadaan fisiologis tertentu seperti kebutuhan untuk diakui, harga diri, atau kebutuhan untuk diterima oleh lingkungannya.22 motivasi motivasi berasal dari bahasa latin yang berbunyi movere yang berarti dorongan atau menggerakkan. pentingnya motivasi karena motivasi adalah hal yang menyebabkan, menyalurkan dan mendukung perilaku manusia. motivasi semakin penting agar konsumen mendapatkan tujuan yang diinginkannya secara optimum. pengertian para ahli atau pendapat lain: dalam american encyclopedia motivasi adalah kecenderungan (suatu sifat yang merupakan pokok pertentangan) dalam diri seseorang yang 19 ibid., h. 10-11. 20 setiadi, perilaku konsumen, h. 130-131. 21 ibid., h. 144. 22 simamora, panduan riset perilaku konsumen, h. 11. al-iqtishad: vol. ii, no. 2, juli 2010 13 membangkitkan topangan dan tindakan. motivasi meliputi faktor krbutuhan biologis dan emosional yang hanya dapat diduga dari pengamatan tingkah laku manusia. menurut marie j. moskowits motivasi secara umum didefinisikan sebagai inisiasi dan pengarahan tingkah laku dan pelajaran sebenarnya merupakan pelajaran tingkah laku. sedangkan menurut edwin b. flippo motivasi adalah suatu keahlian, dalam mengarahkan pegawai dan organisasi agar mau bekerja secara berhasil, sehingga keinginan para pegawai dan tujuan organisasi sekaligus tercapai.23 jadi secara keseluruhan motivasi dapat diartikan sebagai pemberi daya penggerak yang menciptakan kegairahan seseorang agar mereka mau bekerjasama, bekerja efektif, dan terintegrasi dengan segala upayanya untuk mencapai kepuasan. dalam pengertian sehari-hari, motivasi dapat diartikan sebagai sesuatu yang mendorong seseorang untuk berperilaku tertentu. motivasi membuat seseorang memulai, melaksanakan, dan mempertahankan kegiatan tertentu. pemahaman mengenai motivasi bukanlah hal yang mudah. motivasi merupakan sesuatu yang ada dalam diri seseorang dan tidak tampak dari luar. motivasi akan kelihatan atau akan tampak melalui perilaku seseorang yang dapat dilihat atau diamati. motivasi dapat didefinisikan pula sebagai kesediaan untuk mengeluarkan tingkat upaya yang tinggi kearah tujuan-tujuan yang hendak dicapainya, yang dikondisikan oleh kemampuan upaya untuk memenuhi kebutuhan individual. konsumen selalu dihadapkan pada persoalan biaya atau pengorbanan yang akan dikeluarkan dan seberapa penting produk yang dibutuhkan dan diinginkan. oleh karena itu konsumen akan dihadapkan pada persoalan motivasi atau pendorong. motivasi konsumen adalah keadaan di dalam pribadi seseorang yang mendorong keinginan individu untuk melakukan kegiatan-kegiatan guna mencapai suatu tujuan. dengan adanya motivasi pada diri seseorang akan menunjukkan suatu perilaku yang diarahkan pada suatu tujuan untuk mencapai sasaran kepuasan. jadi motivasi adalah proses untuk mempengaruhi seseorang agar melakukan sesuatu yang kita inginkan.24 23 setiadi, perilaku konsumen, h. 94. 24 ibid., h. 94-96. maearoh: perilaku masyarakat dalam memilih pembiayaan14 agar pemberian motivasi berjalan dengan lancar maka harus ada proses motivasi yang jelas. proses motivasi tersebut terdiri dari: a. tujuan perusahaan harus bisa menentukan terlebih dahulu tujuan yang ingin dicapai, baru kemudian konsumen dimotivasi kearah itu. b. mengetahui kepentingan perusahaan harus bisa mengetahui konsumen tidak hanya dilihat dari kepentingan perusahaan semata. c. komunikasi efektif melakukan komunikasi dengan baik terhadap konsumen agar konsumen dapat mengetahui apa yang harus mereka lakukan dan apa yang bisa mereka dapatkan. d. integrasi tujuan proses motivasi perlu untuk menyatukan tujuan perusahaan dan tujuan kepentingan konsumen. e. fasilitas perusahaan memberikan fasilitas agar konsumen mudah mendapatkan barang dan jasa yang dihasilkan oleh perusahaan. 25 gambar 2.1 proses motivasi 25 ibid., h. 98-99. al-iqtishad: vol. ii, no. 2, juli 2010 15 a) tujuan motivasi konsumen 1. meningkatkan kepuasan. 2. mempertahankan loyalitas. 3. efisiensi. 4. efektivitas. 5. mencipta suatu hubungan yang harmonis antara produsen atau penjual dengan pembeli atau konsumen. 26 b) asas motivasi sedangkan untuk asas, motivasi menganut asas antara lain: (1) asas mengikutsertakan asas ini berusaha untuk memberikan kesempatan kepada konsumen untuk mengajukan ide-ide, rekomendasi dalam proses pengambilan keputusan. (2) asas komunikasi asas komunikasi maksudnya menginformasikan secara jelas tentang tujuan yang ingin dicapai, cara mengerjakannya, dan kendala yang dihadapi. (3) asas pengakuan asas pengakuan maksudnya memberikan penghargaan dan pengakuan yang tepat serta wajar kepada konsumen atas prestasi yang dicapainya. (4) asas wewenang yang didelegasikan maksudnya adalah memberikan kebebasan kepada konsumen untuk mengambil keputusan dan berkreativitas sebebas-bebasnya tapi masih ada aturan yang membatasi. (5) asas perhatian timbal balik asas perhatian timbal balik adalah memotivasi para konsumen dengan mengemukakan keinginan atau harapan perusahaan di samping berusaha memenuhi kebutuhan-kebutuhan yang diharapkan konsumen dari produsen. 26 ibid., h. 100. maearoh: perilaku masyarakat dalam memilih pembiayaan16 jadi kesimpulannya bahwa asas motivasi yang diterapkan harus dapat meningkatkan produktivitas pembelian dan memberikan kepuasan kepada konsumen. 27 teori-teori motivasi (1) teori motivasi freud freud beranggapan bahwa kebanyakan orang tidak menyadari kekuatan psikologis nyata yang membentuk perilaku mereka. ia melihat seseorang sebagai yang tumbuh makin dewasa dan menekan banyak dorongan. dorongan ini tidak pernah hilang atau berada di bawah kendali sempurna. menurutnya, seseorang tidak pernah utuh dalam memahami motivasinya. (2) teori motivasi maslow abraham maslow mencoba menjelaskan mengapa seseorang didorong oleh kebutuhan tertentu pada waktu tertentu. menurutnya, kebutuhan manusia tersusun secara berjenjang, mulai dari yang paling banyak menggerakkan sampai yang paling sedikit memberikan dorongan.28 persepsi seseorang yang termotivasi akan siap beraksi. bagaimana orang itu bertindak dipengaruhi oleh persepsi mengenai situasi. dua orang dalam kondisi motivasi yang sama dan tujuan situasi yang sama mungkin bertindak secara berbeda karena perbedaan persepsi mereka terhadap situasi itu. persepsi menurut philip kotler diartikan sebagai: proses di mana individu memilih, merumuskan, dan menafsirkan masukan informasi untuk menciptakan suatu gambaran yang berarti mengenai dunia.29 menurut william j. stanton:“persepsi dapat didefinisikan sebagai makna yang kita pertalikan berdasarkan pengalaman masa lalu, stimuli 27 ibid., h. 101-102. 28 bilson simamora, panduan riset perilaku konsumen, h. 11-12. 29 ibid., h. 12. al-iqtishad: vol. ii, no. 2, juli 2010 17 (rangsangan­rangsangan) yang kita terima melalui lima indra”30 sedangkan, menurut webster (1993):“persepsi adalah proses bagaimana stimuli­ stimuli itu diseleksi, diorganisasi, dan diinterpretasikan.”31 orang dapat mem berikan persepsi yang berbeda terhadap rangsangan yang sama karena tiga proses persepsi: 1. perhatian yang selektif (eksposur selektif) orang pada umumnya dihadapkan pada jumlah rangsangan yang sangat banyak setiap hari dan tidak semua rangsangan ini dapat diterima. perhatian yang selektif berarti harus dapat menarik perhatian konsumen, di mana pesan yang disampaikan akan hilang bagi kebanyakan orang yang tidak berada dalam pasar untuk produk tersebut, kecuali untuk pesan yang cukup menonjol atau dominan yang mengelilingi konsumen pasar tersebut. 2. gangguan yang selektif (distorsi selektif) rangsangan yang diperhatikan konsumen pun tidak selalu seperti apa yang dimaksud. setiap orang berusaha menyesuaikan informasi yang masuk dengan pandangannya. distorsi selektif menggambarkan kecenderungan orang untuk meramu informasi dengan cara yang lebih mendukung daripada menentang konsepsi-konsepsi yang telah dimilikinya. dengan demikian, pemasar harus berupaya memahami susunan pikiran konsumen dan dampak serta interpretasi iklan dan produk mereka. 3. mengingat kembali yang selektif (retensi selektif) orang cenderung melupakan apa yang mereka pelajari dan menahan informasi yang mendukung sikap dan kepercayaan mereka. mengingat yang selektif berarti mereka akan mengingat apa yang dikatakan sebagai keunggulan suatu produk dan melupakan apa yang dikatakan pesaing.32 30 setiadi, perilaku konsumen, h. 160. 31 ibid., h. 160. 32 simamora, panduan riset perilaku konsumen, h. 12-13. maearoh: perilaku masyarakat dalam memilih pembiayaan18 proses belajar proses belajar menjelaskan perubahan dalam perilaku seseorang yang timbul dari pengalaman dan kebanyakan perilaku manusia adalah hasil proses belajar. secara teori, pembelajaran seseorang dihasilkan melalui dorongan, rangsangan, isyarat, tanggapan, dan penguatan.33 pembelajaran dapat dipandang sebagai proses di mana pengalaman menyebabkan perubahan dalam pengetahuan, sikap dan atau perilaku. menurut assael (1992), pembelajaran konsumen adalah suatu perubahan dalam perilaku yang terjadi sebagai hasil dari pengalaman masa lalunya. konsumen memperoleh berbagai pengalamannya dalam pembelian produk dan merek produk apa yang disukainya. konsumen akan menyesuaikan perilakunya dengan pengalamannya di masa lalu. ada beberapa elemen dasar dalam pembelajaran: a) motivasi keadaan memotivasi seseorang pada waktu dihadapkan dengan informasi baru akan menimbulkan pengaruh besar sekali pada apa yang diingat. sebagai contoh, pertimbangkanlah sebuah iklan mobil yang dilihat oleh dua orang konsumen, yang salah satunya memang sedang mencari mobil baru. ia akan lebih aktif memproses iklan tersebut, yang mengakibatkan elaborasi yang lebih besar. biasanya, konsumen yang jauh lebih termotivasi selama pemrosesan pesan akan memperhatikan pembelajaran yang lebih besar daripada konsumen yang kurang berminat. b) reinforcement (penguatan) istilah penguatan muncul ketika konsumen berperilaku yang sama seperti sebelumnya, karena sebelumnya dia mendapatkan respon yang positif atas tindakannya. penguatan bisa diindikasikan dengan pembelian yang berulang kali terhadap merek produk tertentu. penguatan terjadi ketika konsumen memperoleh respon positif atas tindakannya di masa lalu. 34 33 ibid., h. 13. 34 setiadi, perilaku konsumen, h. 185-187. al-iqtishad: vol. ii, no. 2, juli 2010 19 kepercayaan dan sikap melalui tindak dan proses belajar, orang akan mendapatkan kepercaya an dan sikap yang kemudian mempengaruhi perilaku pembeli. kepercayaan adalah suatu pemikiraan deskriptif yang dimiliki seseorang tentang sesuatu. sedangkan sikap adalah organisasi dari motivasi, perasaan emosional, persepsi, dan proses kognitif kepada suatu aspek. dapat pula dikatakan bahwa sikap adalah cara kita berpikir, merasa dan bertindak melalui aspek di lingkungan seperti toko retail, program televisi atau produk.35 definisi awal sikap dikemukakan oleh thurstone pada tahun 1993, dia melihat sikap sebagai salah satu konsep yang cukup sederhana yaitu jumlah pengaruh yang dimiliki seseorang atas atau menentang suatu objek. beberapa tahun kemudian gordon allport mengajukan definisi yang lebih luas:”sikap adalah suatu mental dan syarat sehubungan dengan kesepian untuk menanggapi, diorganisasi melalui mengalaman dan memiliki pengaruh yang mngarahkan dan atau dinamis terhadap perilaku.” definisi yang dikemukakan oleh gordon allport tersebut mengandung makna bahwa sikap adalah mempelajari kecenderungan memberikan tanggapan terhadap suatu objek baik disenangi ataupun tidak disenangi secara konsisten. 36 fungsi-fungsi sikap daniel kazt mengklasifikasikan empat sikap yaitu: (1) fungsi utilitarian merupakan fungsi yang berhubungan dengan prinsip-prinsip dasar imbalan dan hukuman. di sini konsumen mengembangkan beberapa sikap terhadap produk atas dasar apakah suatu produk memberikan kepuasan atau kekecewaan. 35 simamora, panduan riset perilaku konsumen, h. 13-14. 36 setiadi, perilaku konsumen, h. 214. maearoh: perilaku masyarakat dalam memilih pembiayaan20 (2) fungsi ekspresi nilai konsumen mengembangkan sikap terhadap suatu merek produk bukan didasarkan atas manfaat produk itu, tetapi lebih didasarkan atas kemampuan merek produk itu mengekspresikan nilai-nilai yang ada pada dirinya. (3) fungsi mempertahankan ego sikap yang dikembangkan oleh konsumen cenderung untuk melindunginya dari tantangan ekternal maupun perasaan internal, sehingga membentuk fungsi mempertahankan ego. (4) fungsi pengetahuan sikap membentu konsumen mengorganisasikan informasi yang begitu banyak yang setiap hari dipaparkan pada dirinya. fungsi pengetahuan dapat membantu konsumen mengurangi ketidakpastian dan kebingungan dalam memilah-milah informasi yang relevan dan tidak relevan dengan kebutuhannya. 37 tiga komponen sikap (1) cognitive component semakin positif kepercayaan terhadap suatu merek dan semakin positif setiap kepercayaan, maka keseluruhan komponen kognitif akan terdukung, yang pada akhirnya akan mendukung keseluruhan dari sikap itu. (2) affective component perasaan dan reaksi emosional kepada suatu objek menunjukkan komponen afektif dari sikap. (3) behavioral component merupakan respons dari seseorang terhadap objek atau aktivitas. seperti keputusan untuk membeli atau tidaknya suatu produk akan memperlihatkan komponen behavioral. 38 37 ibid., h. 215. 38 simamora, panduan riset perilaku konsumen, h. 14. al-iqtishad: vol. ii, no. 2, juli 2010 21 gambar 2. 2 hubungan antar tiga komponen sikap hubungan antara tiga komponen itu mengilustrasikan hierarki pengaruh keterlibatan tinggi (high involvement) yaitu kepercayaan merek mempengaruhi evaluasi merek, dan evalusi merek mempengaruhi maksud untuk membeli. dari tiga komponen sikap, evaluasi merek adalah pusat dari telaah sikap karena evaluasi merek merupakan ringkasan dari kecenderungan konsumen untuk menyenangi atau tidak menyenangi merek tertentu. evaluasi merek sesuai dengan devinisi dari sikap terhadap merek yaitu kecenderungan untuk mengevaluasi merek baik disegani atau tidak disegani. dari gambar di atas dapat disimpulkan bahwa kepercayaan merek datang sebelum dan mempengaruhi evaluasi merek, dan evaluasi merek terutama menentukan perilaku berkehendak. 39 hubungan antara kepercayaan dan sikap hubungan antara kepercayaan dan sikap oleh beberapa teori, antara lain adalah: teori keseimbangan heider dalam teori ini, manusia dianggap selalu menjaga keseimbangan antara kepercayaan yang ada pada dirinya dengan evaluasi. artinya orang akan 39 setiadi, perilaku konsumen, h. 217. maearoh: perilaku masyarakat dalam memilih pembiayaan22 mencari keseimbangan jika misalnya informasi baru yang diterima nya tidak sesuai dengan kepercayaan yang selama ini diyakininya. dalam teori ini ada tiga elemen yang harus ada agar proses keseimbangan bias tercapai. tiga elemen tersebut adalah: (a) elemen pertama adalah orang yang merasakan. (b) elemen kedua adalah sikap terhadap suatu objek. (c) elemen ketiga yaitu objek lain yang berhubungan dengan objek pertama. teori ekspektasi dari rosenberg secara umum teori pengharapan nilai menyatakan bahwa perilaku pada umumnya lebih dipengaruhi oleh pengharapan untuk mencapai sesuatu hasil yang diinginkan daripada oleh dorongan dari dalam diri. konsumen memilih produk merek tertentu dibanding merek lainnya karena dia mengharapkan akibat positif atas pilihannya tersebut. dalam teori rosenberg, pengharapan ini didasarkan pada keseimbangan antara kepercayaan dan evaluasi. menurut rosenberg ketika evaluasi dan kepercayaan tidak seimbang, seperti terjadinya inkonsistensi afektif-kognitif, ketidakkonsistenan itu akan dikurangi atau dihilangkan melalui penataan kembali (reorganisasi) sikap secara keseluruhan. reorganisasi terjadi ketika perubahan dalam kepercayaan menimbulkan perubahan kepercayaan terhadap merek. teori multiatribut dari fishbein teori fishbein lebih dapat diaplikasikan dibandingkan dengan teori rosenberg, karena fishbein menjelaskan pembentukan sikap sebagai tanggapan atas atribut-atribut. sedangkan rosenberg menjelaskan pembentukan sikap sebagai tanggapan atas nilai-nilai. atribut bersifat lebih operasional, sedangkan nilai lebih bersifat abstrak dan susah diderivasi ke dalam bentuk yang lebih konkrit.40 40 ibid., h. 219-221. al-iqtishad: vol. ii, no. 2, juli 2010 23 motif teogenetis (agama) selain faktor-faktor di atas terdapat hal lainnya yang dapat mempengaruhi perilaku manusia, yang mempunyai peranan besar sekali dalam kegiatankegiatannya, dan merupakan latarbelakang dari perilaku manusia itu sendiri. hal itu tidak lain adalah motif teogenetis, yaitu motif yang berasal dari interaksi antara manusia dengan tuhan seperti yang nyata dalam ibadahnya dan dalam kehidupan sehari-hari di mana ia berusaha merealisasi norma-norma agama tertentu. dalam pada itu manusia memerlukan interaksi dengan tuhannya untuk dapat menyadari akan tugasnya sebagai manusia yang berketuhanan di dalam masyarakat yang serba ragam itu.41 proses keputusan pembelian suatu proses keputusan membeli bukan sekedar mengetahui berbagai faktor yang akan mempengaruhi pembeli, tetapi berdasarkan peranan dan pembelian dan keputusan untuk membeli. terdapat lima peran yang terjadi dalam keputusan membeli:42 (a) pemrakarsa (intiator). orang yang pertama kali menyarankan membeli suatu produk atau jasa tertentu. (b) pembeli pengaruh (influencer). orang yang pandangan/nasihatnya memberi bobot dalam pengambilan keputusan akhir. (c) pembeli keputusan (decider). orang yang sangat menentukan sebagian atau keseluruhan keputusan pembelian. (d) pembeli (buyer). orang yang melakukan pembelian nyata. (e) pemakai (user). orang yang mengkonsumsi atau menggunakan produk atau jasa. tahap-tahap dalam proses keputusan membeli ada lima tahap yang dilalui konsumen dalam proses pembelian, yaitu pengenalan masalah, pencarian masalah, evaluasi alternatif, keputusan pembelian, dan perilaku sesudah pembelian. model ini menekankan bahwa proses pembelian bermula sebelum pembelian dan berakibat jauh setelah pembelian. setiap konsumen tentu melewati kelima tahap 41 gerungan, psikologi sosial (bandung: eresco, 1988), h. 143. 42 simamora, panduan riset perilaku konsumen, h. 15. maearoh: perilaku masyarakat dalam memilih pembiayaan24 ini untuk setiap pembelian yang mereka buat. dalam pembelian yang lebih rutin, mereka membalik tahap-tahap tersebut. gambar berikut ini melukiskan proses tersebut.43 gambar 2.3 proses keputusan pembelian secara rinci tahap-tahap tersebut dapat diuraikan sebagai berikut: pertama, pengenalan masalah. proses dimulai saat pembeli menyadari masalah atau kebutuhan. pembeli merasakan adanya perbedaan antara yang nyata dan kebutuhan yang diinginkan. kebutuhan ini disebabkan karena adanya rangsangan internal maupun eksternal. dari pengalaman sebelumnya orang telah belajar bagaimana mengatasi dorongan ini dan dimotivasi ke arah produk yang diketahuinya akan memuaskan dorongan ini. kedua, pencarian informasi. seorang konsumen yang terdorong kebutuhannya mungkin, atau mungkin juga tidak, mencari informasi lebih lanjut. jika dorongan konsumen kuat dan dorongan ini berada di dekatnya, mungkin konsumen akan langsung membelinya. jika tidak, kebutuhan konsumen ini hanya akan menjadi ingatan saja. pencarian informasi terdiri dari dua jenis menurut tingkatnya. yang pertama adalah perhatian yang meningkat, yang ditandai dengan pencarian informasi yang sedang-sedang saja. kedua, pencarian informasi secara aktif yang dilakukan dengan mencari informasi dari segala sumber. ketiga, evaluasi alternatif. konsumen memproses informasi tentang pilihan merek untuk membuat keputusan terakhir. pertama, kita melihat bahwa konsumen mempunyai kebutuhan. konsumen akan mencari manfaat tertentu dan selanjutnya melihat kepada atribut produk. konsumen akan memberikan bobot berbeda untuk setiap atribut produk sesuai dengan kepentingannya. kemudian konsumen mengkin akan mengembangkan himpunan kepercayaan merek. 43 ibid., h. 15. al-iqtishad: vol. ii, no. 2, juli 2010 25 keempat, keputusan pembelian. pada tahap evaluasi, konsumen menyusun merek-merek dalam himpunan pilihan serta membentuk niat pembelian. biasanya ia akan memilih merek yang disukai. tetapi ada pula faktor yang mempengaruhi seperti sikap orang lain dan faktor-faktor keadaan yang tidak terduga. kelima, perilaku sesudah pembelian. sesudah pembelian terhadap suatu produk atau jasa, konsumen akan mengalami beberapa tingkat kepuasan atau ketidakpuasan. keenam, kepuasan sesudah pembelian. konsumen mendasarkan harapannya kepada informasi yang mereka terima tentang produk. jika kenyataannya yang mereka dapat ternyata berbeda dengan yang diharapkan maka mereka merasa tidak puas. bila produk tersebut memenuhi harapan, mereka akan merasa puas. ketujuh, tindakan sesudah pembelian. penjualan perusahaan berasal dari dua kelompok, yaitu pelanggan baru dan pelanggan ulang. mempertahankan pelanggan yang lama adalah lebih penting daripada menarik pelanggan baru. oleh karena itu, perusahaan harus memperhatikan kepuasan pelanggan. jika konsumen merasa puas ia akan memperlihatkan kemungkinan untuk membeli lagi produk tersebut. sedangkan konsumen yang tidak puas akan melakukan hal yang sebaliknya, bahkan menceritakan ketidakpuasannya kepada orang lain di sekitarnya, yang membuat konsumen lain tidak menyukai produk tersebut. memahami kebutuhan konsumen dan proses pembelian adalah dasar bagi suksesnya pemasar karena dengan demikian perusahaan dapat menyusun strategi yang efektif untuk mendukung penawaran yang menarik bagi pasar sasaran.44 engel et al (1995) memberikan pendapat berbeda. tahap awal nya adalah kesadaran kebutuhan (need recognition), lalu, pencarian informasi (information search), kemudian, evaluasi alternatif menjelaskan pem belian (pre­purchase alternative evaluation), setelah itu dilakukan pembelian, (purchase), terus konsumsi (consumption), baru hasil yang berupa kepuasan (satisfaction) ataupun ketidakpuasan (dissatifaction).45 44 ibid., h. 16-20. 45 ibid., h. 16. maearoh: perilaku masyarakat dalam memilih pembiayaan26 model-model perilaku pembelian konsumen banyak model yang dikembangkan oleh para ahli tentang perilaku konsumen. namun, semuanya mengarah pada prinsip yang sama bahwa perilaku konsumen melibatkan input, proses, dan output. hanya, masingmasing ahli mempunyai perbedaan dalam merangkai ketiga komponen tersebut. kotler menjelaskan bahwa keputusan seseorang atas merek, kategori produk, tempat untuk didatangi, waktu pembelian dan jumlah pembelian, merupakan hasil dari rangsangan (stimuli) yang berasal dari luar dirinya, yang diolah dalam diri konsumen. 46 dibanding model engel et al (1995), model kotler tergolong sederhana. namun, pada intinya, kedua model bertumpu pada suatu proses keputusan. hanya saja, model engel et al lebih terperinci dalam menggambarkan variabel-variabel yang mempengaruhi keputusan.47 pengertian pembiayaan pembiayaan berasal dari kata biaya yang berarti uang yang dikeluarkan untuk mengadakan (mendirikan, melakukan, dan sebagainya) sesuatu; ongkos; belanja; pengeluaran. jadi pembiayaan adalah segala sesuatu yang berhubungan dengan biaya.48 pembiayaan adalah penyediaan dana atau tagihan yang dipersamakan dengan itu berupa: (a) transaksi bagi hasil dalaam bentuk mudharabah dan musyarakah; (b) transaksi sewa-menyewa dalam bentuk ijarah atau sewa beli dalam bentuk ijarah muntahiya bittamlik; (c) transaksi jual beli dalam bentuk piutang murabahah, salam, dan istishna’; (d) transaksi pinjam-meminjam dalam bentuk piutang qardh; dan (e) transaksi sewame nyewa jasaa dalam bentuk ijarah untuk transaksi multijasa. berdasarkan persetujuan atau kesepakatan antara bank syariah dan/ atau uus dan pihak lain yang mewajibkan pihak yang dibiayai dan/atau 46 ibid., h. 21. 47 ibid., h. 22. 48 departemen pendidikan dan kebudayaan, kamus besar bahasa indonesia, cet. ke-3, (jakarta: balai pustaka, 1990), h. 113. al-iqtishad: vol. ii, no. 2, juli 2010 27 diberi fasilitas dana untuk mengembalikan dana tersebut setelah jangka waktu tertentu dengan imbalan ujrah, tanpa imbalan, atau bagi hasil.49 klasifikasi pembiayaan pertama, menurut sifat penggunaan, yakni: (1) pembiayaan produktif, yaitu pembiayaan yang ditujukan untuk memenuhi kebutuhan produksi dalam arti luas, yaitu untuk peningkatan usaha, baik usaha produksi, perdagangan, maupun investasi. (2) pembiayaan konsumsi. yaitu pembiayaan yang digunakan untuk memenuhi kebutuhan konsumsi, yang akan habis digunakan untuk memenuhi kebutuhan. 50 kedua, menurut keperluannya: (1) pembiayaan modal kerja, yaitu pembiayaan untuk memenuhi kebutuhan: (a) peningkatan produksi, baik secara kuantitatif, yaitu jumlah hasil produksi, maupun secara kualitatif, yaitu peningkatan kualitas atau mutu hasil produksi; dan (b) untuk keperluan perdagangan atau peningkatan utility of place dari suatu barang. (2) pembiayaan investasi, yakni untuk memenuhi kebutuhan barangbarang modal (capital goods) serta fasilitas-fasilitas yang erat kaitannya dengan itu. pembiayaan modal kerja unsur-unsur modal kerja terdiri atas komponen-komponen alat likuid (cash), piutang dagang (receivable), dan persediaan (inventory) yang umumnya terdiri atas persediaan bahan baku (raw material), persediaan barang dalam proses (work in proces), dan persediaan barang jadi (finished goods). oleh karena itu, pembiayaan modal kerja merupakan salah satu kombinasi dari pembiayaan likuiditas (cash financing), pembiayaan piutang (receivable financing), dan pembiayaan persediaan (inventory financing).51 49 redaksi sinar grafika, undang­undang perbankan syariah 2008 (uu no. 21 tahun 2008), cet. pertama, (jakarta: sinar grafika, 2008), h. 7. 50 muhammad syafi’i antonio, bank syariah: dari teori ke praktik, cet. pertama, (jakarta: gema insani press, 2001), h. 160-161. 51 ibid., h. 161. maearoh: perilaku masyarakat dalam memilih pembiayaan28 pembiayaan investasi pembiayaan investasi diberikan kepada para nasabah untuk keperluan investasi, yaitu keperluan penambahan modal guna mengadakan rehabilitasi, perluasan usaha, ataupun pendirian proyek baru. ciri-ciri pembiayaan investasi adalah: (a) untuk mengadakan barang-barang modal; (b) mempunyai perencanaan alokasi dana yang matang dan terarah; (c) berjangka waktu menengah dan panjang. pembiayaan konsumtif pembiayaan konsumtif diperlukan oleh pengguna dana untuk memenuhi kebutuhan konsumsi dan akan habis dipakai untuk memenuhi kebutuhan tersebut. kebutuhan konsumsi dapat dibedakan atas kebutuhan primer dan kebutuhan sekunder. kebutuhan primer adalah kebutuhan pokok, baik berupa barang, seperti makanan, pakaian, dan tempat tinggal, maupun berupa jasa, seperti pendidikan dasar dan pengobatan. adapun kebutuhan sekunder adalah kebutuhan tambahan, yang secara kuantitatif maupun kualitatif lebih tinggi atau lebih mewah dari kebutuhan primer, baik berupa barang, seperti perhiasan, bangunan rumah, kendaraan, dan sebagainya, maupun berupa jasa, seperti pendidikan, pelayanan kesehatan, pariwisata, hiburan, dan sebagainya.52 penutup setelah proses pengumpulan data melalui penyebaran kuesioner, pengolahan data dan analisis data maka pada bab ini penulis dapat menyimpulkan sebagai berikut: pertama, dari hasil output frequencies dapat diidentifikasikan bahwa bentuk pembiayaan yang dipilih oleh masyarakat kelurahan sumber dalam memenuhi kebutuhan pembiayaannya adalah sebagai berikut: (1) pada lembaga keuangan syariah, yang terdiri atas bmt (bmt al-falah kantor cabang sumber – cirebon) sebanyak 44 orang dan di bprs 2 orang, atau sebesar 14.0% dari jumlah sampel. (2) pada perorangan/lembaga keuangan konvensional sebanyak 91.9% dari jumlah 52 ibid., h. 167-168. al-iqtishad: vol. ii, no. 2, juli 2010 29 sampel. adapun perorangan/lembaga keuangan tersebut terdiri atas: (a) bank konvensional: (1) bri sebesar 12.2%; dan (2) bank jabar sebesar 36,7%. (b) renternir 36.1%. (c) bpr sebesar 7.05% pustaka acuan antonio, m. syafi’i. bank syariah: bagi bankir dan praktisi keuangan, cet. pertama, jakarta: gema insani press, 2001. antonio, m. syafi’i. bank syariah dari teori ke praktik, cet. i. jakarta: gema insani press, 2001. departemen pendidikan dan kebudayaan. kamus besar bahasa indonesia, cet. ketiga. jakarta: balai pustaka, 1990. data kelurahan sumber – cirebon tahun 2009 gerungan, w.a. psikologi sosial, cet. 11. bandung: eresco, 1998. hadi, sutrisno. metodologi research. yogyakarta: andi offset, 1993. haniyah. “perilaku nasabah purna pengguna jasa pada pt. bmi cabang slipi jakarta.” skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarif hidayatullah jakarta, 2005. james, j. dan spillane, sj. metodologi penelitian bisnis, cet. pertama. yogyakarta: universitas sanata dharma, 2008. jamli, ahmad dan winahjoe, sari. dasar­ dasar riset pemasaran, cet.i. yogyakarta: media widya mandala, 1992. kasmir. bank dan lembaga keuangan lainnya, edisi keenam. jakarta: pt. raja grafindo persada, 2005. muhamad. metodologi penelitian ekonomi islam: pendekatan kuantitatif. jakarta: rajawali pers, 2008. nachrowi d nachrowi dan usman, hardius. pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan. jakarta: lembaga penerbit fakultas ekonomi universitas indonesia, 2006. nugroho, bhuono agung. strategi jitu memilih metode statistik penelitian dengan spss. yogyakarta: andi, 2005. maearoh: perilaku masyarakat dalam memilih pembiayaan30 redaksi sinar grafika. undang­undang perbankan syariah 2008 (uu no. 21 tahun 2008), cet. pertama. jakarta: sinar grafika, 2008. santoso, singgih. buku latihan spss statistik parametric. jakarta: pt. elex media koputindo, 2000. sarniah. “analisis faktor-faktor yang mempengaruhi perilaku konsumen dalam pembelian air minum mineral (studi empiris di kotamadya tangerang).” skripsi s1 fakultas ekonomi dan ilmu sosial, universitas islam negeri syarif hidayatullah jakarta, 2005. setiadi, nugroho j. perilaku konsumen: konsep dan implikasi untuk strategi dan penelitian pemasaran, cet.i. jakarta: kencana, 2003. simamora, bilson. panduan riset perilaku konsumen, jakarta: pt. gramedia pustaka utama, 2002. singarimbun, masri dan effendi, sofian. metode penelitian survai. jakarta: lp3es,1989. sudarsono, heri. bank dan lembaga keuangan syariah: deskripsi dan ilustrasi, edisi 2, cet. keempat. jakarta: ekonisia, 2007. soekanto, soerjono. sosiologi suatu pengantar, ed. kesatu. jakarta: cv. rajawali, 1982. tim penulis fakultas syariah dan hukum. pedoman penulisan skripsi, cet. i. jakarta: fakultas syariah dan hukum, 2007. tjiptono, fandi. pemasaran jasa, cet. ke 3. jatim: bayumedia publishing, 2007. rochaety, ety. dkk. metodologi penelitian bisnis: dengan aplikasi spss. jakarta: mitra wacana media, 2007. wijaya, tony. analisis data penelitian menggunakan spss. yogyakarta: universitas atma yogyakarta, 2009. fitriana rahman1*, laily dwi arsyianti2 abstract. the financial services authority survey 2019 shows an islamic financial literacy rate of 8.93% and has not been evenly distributed in every sector, especially in the capital market. the capital market islamic financial inclusion index also has the lowest among other sectors. this study aims to analyze the level of islamic financial literacy of students of the fem ipb university and its influence on investment decisions through financial behavior with descriptive analysis and sem-pls methods. the results show the average level of islamic financial literacy of respondents is 81.17%. islamic financial literacy influences investment decisions and financial behavior. then, financial behavior directly influences investment decisions. it also mediates the influence of islamic financial literacy on investment decisions. the other finding indicates that gender has no influence, while income has a positive and significant effect on investment decisions. keywords: financial behavior; investment decision; islamic financial literacy; sem-pls abstrak. survei otoritas jasa keuangan 2019 menunjukkan tingkat literasi keuangan syariah sebesar 8,93% dan belum merata di setiap sektornya terutama pada pasar modal. indeks inklusi keuangan syariah pasar modal juga memiliki nilai terendah di antara sektor lain. penelitian ini bertujuan menganalisis tingkat literasi keuangan syariah mahasiswa fem ipb university dan pengaruhnya terhadap keputusan investasi melalui perilaku keuangan dengan metode analisis deskriptif dan sem-pls. hasil penelitian menunjukkan rata-rata tingkat literasi keuangan syariah responden adalah 81,17%. literasi keuangan syariah berpengaruh terhadap keputusan investasi dan perilaku keuangan, kemudian perilaku keuangan berpengaruh langsung terhadap keputusan investasi dan mampu memediasi pengaruh literasi keuangan syariah terhadap keputusan investasi. ditemukan pula bahwa jenis kelamin tidak memiliki pengaruh, sementara pendapatan berpengaruh positif dan signifikan terhadap keputusan investasi. kata kunci: literasi keuangan syariah; keputusan investasi; perilaku keuangan; sem-pls islamic financial literacy and its influence on investment decisions through student financial behavior al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 289 312 *coresspondent author 1, 2ipb university, indonesia e-mail: 1fitrianarahman99@gmail.com, 2arsyianti@apps.ipb.ac.id mailto:fitrianarahman99%40gmail.com?subject= mailto:arsyianti%40apps.ipb.ac.id?subject= 290 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction islam in its teachings attaches great importance to knowledge. the virtue of knowledge is widely explained in the qur'an and hadith, one of which is in the hadith “seeking knowledge is obligatory for every muslim male and female muslim” (hr. ibn abdil barr). a muslim is obliged to study as a guide in every aspect of life, both in worship and muamala, including in financial transactions (biplob and abdullah 2019). for this reason, financial knowledge in islam is an important aspect to consider to maintain islamic maqasid (lahsasna 2016). financial literacy according to the financial services authority (fsa) is insight, skills, and trust that affect the quality of decision-making and financial management to achieve prosperity (ojk 2016). from an islamic perspective, financial literacy is a person's knowledge and understanding of the concepts of money, debt, savings, spending, zakat, and transactions that are allowed and prohibited (lahsasna 2016). the fsa national survey of financial literacy and inclusion (nsfli) in 2019 showed growth in indonesia's financial literacy rate, from 29.7% in 2016 to 38.03%. likewise, the level of islamic financial literacy grew from 8.1% to 8.93%. these results can be interpreted that out of every 100 indonesian people, only about 9 people have good knowledge of islamic finance (well literate) (ojk 2016). geographically, the level of islamic financial literacy in indonesia is still not evenly distributed in each region. the islamic financial literacy index in the provinces in the sumatra and java islands is mostly better than other regions. on the island of java itself, west java province is in the last position of the islamic financial literacy index, even below the national average of 4.7% (ojk 2016). in addition, when viewed based on the financial services sector, the results of the 2016 fsa nsfli also show the inequality of the islamic financial literacy index in each sector. banks have the highest islamic financial literacy index of 6.6. then followed by the insurance sector, pawnshops, and financial institutions. the capital market sector is the sector with the lowest literacy index as visualized in figure 1. as a country with a muslim majority population, indonesian people's understanding of islamic finance is still very limited, especially in the capital market sector. this will have an impact on financial behavior because a person's financial behavior is influenced by their financial knowledge (xiao et al., 2007). financial behavior relates to how individuals use, control, and treat their financial resources. financial literacy and behavior determine a person's financial http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 291 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 decision-making, including investment decisions. the relationship between financial literacy and investment decisions is significant and positive. this means that with a low level of understanding, financial behavior in making investment decisions will also be worse (pranyoto et al., 2018). figure 1: islamic financial literacy index by the financial services sector source: financial services authority, 2016 the ratio of islamic investors based on data from the indonesia stock exchange (idx) in mid-2020 was 6.1% of the total investors on the idx. this figure has increased but is still relatively low, considering the total muslim population of indonesia which reaches 87% (bps 2010). the directorate of islamic capital markets at fsa formulated a roadmap for the islamic capital market for the period 2020 to 2024 as a strategy for developing the islamic capital market. there are four points of development direction in the roadmap, one of which is increasing the literacy and inclusion of the islamic capital market. the action plan in the program is to provide education and assistance through seminars and workshops. in addition, fsa also cooperates with several universities in issuing the islamic capital market module for higher education, with the hope of increasing student understanding and preparing competent graduates to meet the needs of the islamic capital market industry in indonesia (ojk 2020). students are also expected to be able to have a role in increasing capital market investment because they tend to have basic investment knowledge (nursing and son 2015). west java ranks third in the number of students after banten and east java (kemenristekdikti 2019). ipb university is a state university in bogor, west java with the number of registered students in 2019 reaching 28,015 with 16,711 http://journal.uinjkt.ac.id/index.php/iqtishad 292 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 undergraduate students (ipb university, 2019). in addition, ipb university is also in the first position of the best indonesian campus based on the results of the higher education clustering of the ministry of education and culture so it is expected to have a good level of financial literacy (kemendikbud 2020). several studies regarding the level of financial literacy of ipb students include research fadly (2019), which shows that the level of financial literacy of ipb undergraduate students is classified as sufficient literate. then research purba (2020) regarding capital market literacy, also shows that the capital market knowledge of ipb undergraduate students is 51% or is classified as sufficient literate. however, the two studies discussed conventional financial literacy, not focusing on islamic financial literacy. different from previous research, this study intends to analyze the level of islamic financial literacy of students and their influence on investment decisions through financial behavior. more specifically, this research is focused on students of the faculty of economics and management (fem) ipb university. this is because in this faculty students have been equipped with general economics and management knowledge. in this faculty, there is also a department of islamic economics, which is one of the universities that participated in compiling the islamic capital market module with fsa. the rest of the paper is organized in the following sequence: in the next section, the literature review. the research method and data, on which the analysis is conducted, are presented in section 3. section 4 discusses the results. lastly, section 5 concludes the paper. literature review according to financial services authority regulation number 76 financial literacy is knowledge, skills, and beliefs, which influence attitudes and behavior to improve the quality of decision making and financial management to achieve prosperity. islamic financial literacy is the development of financial literacy by paying attention to islamic law (pojk 2016). according to rahim (2016) islamic financial literacy is the ability of individuals to apply financial insight, as well as the ability to control their financial resources so as not to violate islamic teachings (rahim et al. 2016). several indicators in assessing islamic financial literacy were adapted from chen and volpe's financial literacy indicators, namely basic knowledge of islamic finance, knowledge of islamic savings and loans, knowledge of islamic insurance, and knowledge of islamic investment (chen and volpe 1998). financial literacy http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 293 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 is important because a high level of financial knowledge will have implications for one's expertise in optimizing the time value of money. this will then have implications for increasing profits so that they can improve their standard of living (yushita, 2017). financial literacy will also affect a person's financial behavior (xiao et al., 2007). according to ricciardi and simon (2000) financial behavior is a combination of three disciplines, namely psychology, sociology, and finance. financial behavior relates to how individuals use, control, and treat their financial resources. the more responsible a person's financial behavior is, the more effective his financial management will be, such as preparing a budget, saving and managing expenses, investing, and paying bills on time (nababan and sadalia 2012). a person's financial literacy and behavior influence individual financial decisions, including investment decisions (pranyoto et al. 2018). an investment decision is a decision to distribute funds in a certain form of investment, to generate profits within a certain period time. investment decisions are closely related to the process of choosing a form of investment that is considered more profitable from several existing options. in the consumer decision model, there are several stages in the decision-making process (bray 2008) namely need recognition, information search, alternative evaluation, purchase decision, consumption, post-consumption evaluation, and divestment. in investment decisions, the three basic investment decisions of a person are return, risk, the relationship between return and risk (tandelilin 2012). in addition to knowledge and behavior, demographic factors also influence investment decisions. baruah and parikh (2018) identified six demographic factors, namely age, gender, marital status, education, profession, and income. meanwhile, according to lewellen, lease and schlarbaum (1977) in (ariadi et al. 2015), which includes demographic factors are gender, income, age, and education. the demographic factors that will be examined in this study are gender and income. confidence in men when investing is relatively greater than women. in addition, women's divided focus on many things also makes women have a lower risk tolerance than men (violeta and linawati 2019). individual investor data in the 2019 fsa islamic capital market development report shows that there are more male individual investors than female investors in each islamic capital market instrument (ojk 2019). ikeobi and arinze's research found that income is one of the most influencing factors of all investment objectives. merawati and putra (2015) also stated that http://journal.uinjkt.ac.id/index.php/iqtishad 294 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 income is a consideration in investment decisions in students. this is due to the higher the amount of income, the interest in investing someone also tends to increase. so does research ariadi et al. (2015) which indicates a significant relationship between student income obtained from parents and investment. methods the data used in this study is primary data sourced from the results of distributing questionnaires to respondents by google form. the questionnaire is one of the data collection instruments, which is obtained through filling out questions or research statements by respondents (sugiyono 2013). secondary data is used as support and obtained from literature studies through various references such as journals, previous research, ojk publications and other sources related to research topics. the location for data collection was adjusted to the respondents, namely on the ipb campus located on dramaga, bogor, west java and online. data collection took place from march 2021 to april 2021. the research sample used a purposive sampling technique. according to sugiyono (2013) purposive sampling is one of the sampling techniques through certain considerations. the provisions of the research sample are active undergraduate students of the faculty of economics and management ipb university, have completed the general competency education program, muslim, and are willing to be respondents. the number of samples obtained based on the slovin formula is a minimum of 96 people. before the research, it is necessary to do some questionnare testing. a validity test is used to determine whether or not an indicator in the questionnaire is valid. the validity test is carried out through spss software by calculating the correlation coefficient (r) and comparing it with the value of r table, if r count > r table then it is valid. meanwhile, reliability is a test conducted to measure the consistency or reliability of a questionnaire in measuring a research variable. the instrument reliability test criteria use a limit of 0.6 if cronbach alpha is greater than 0.6 then the question is declared reliable (sugiyono, 2013). the results of the validity and reliability tests are presented in table 1. communality is the percentage of item variance that can explain the construct of the measure. this test is carried out for each indicator of the latent variable. the value of the tested indicator must meet the requirements of communality, which is more than 0.5 (widhiarso 2009). based on the results http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 295 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 of the communality test, two items have a communality value < 0.5, namely a statement regarding the understanding of maysir and a statement regarding financial behavior in providing emergency funds so that both items must be removed from the model. table 1: the results of the validity and reliability test variable number of questions number of valid questions cronbach's alpha islamic financial literacy 20 17 0.741 financial behavior 6 5 0.651 investation decision 7 7 0.684 source: primary data, processed 2021 descriptive statistical analysis descriptive statistics is a statistical analysis by interpreting the obtained original data without making conclusions (sugiyono, 2013). descriptive analysis in this study is useful for describing research variables, namely islamic financial literacy based on respondents' answers. the category of islamic financial literacy level of fem ipb students refers to three categories of financial literacy by chen and volpe (1998) namely low, medium, and high. the selection of the reference category is adjusted to the indicators used in this study because the chen and volpe indicators cover financial knowledge in various sectors. in addition, the research subjects at chen and volpe are also students so that it is matched with this study. determination of categories based on respondents' answers with the weight distribution for each category is presented in table 2. table 2: category of islamic financial literacy level islamic financial literacy category percentage high 80.00 medium 60.00-79.00 low <60.00 source: chen dan volpe (1998) http://journal.uinjkt.ac.id/index.php/iqtishad 296 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 partial least square analysis structural equation model (sem-pls) ghozali (2008) in haryono (2016) defines the structural equation model (sem) as a second-generation multivariate analysis technique that can measure the relationships between complex variables to describe the overall model comprehensively. in general, sem is divided into two types, namely covariancebased sem and variant-based sem. table 3: sem-pls model assessment criteria model test output criteria outer model (indicator) convergent validity: loading factor averagevariance extracted (ave) > 0.7 but the value of 0.5 – 0.6 is still tolerable > 0.5 discriminant validity: cross loading the value of loading the target construct > the value of cross-loading with other constructs composite reliability > 0.7 srmr < 0.1 inner model (hypothesis testing) parameter coefficients and t-statistics t-statistics >1.65 and >1.96 at a significance of 10% and 5%, respectively. r-square 0.67 good 0.33 moderate 0.19 weak q2 . prediction relevance q2 > 0 f-square 0.35 big 0.15 moderate 0.02 small overall model goodness of fit (gof) 0.36 big 0.25 moderate 0.1 small source: haryono (2016), cock (2020) the type of sem used in this study is variant-based sem with partial least square (pls) technique. the purpose of sem-pls is to test the prediction of the relationship between latent variables, based on the existence of a relationship or http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 297 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 influence between these latents. sem-pls is not based on many assumptions such as the assumption of normality, wherein research on attitudes, human behavior data normality is difficult to fulfill (haryono 2016). in addition, the sample size does not have to be large. in the sem-pls two types of models that must be evaluated. first, the measurement model or outer model to measure the relationship between latent variables and their indicators. second, the structural model or inner model is a simultaneous regression model consisting of several variables, either exogenous, endogenous, intervening, or moderating (haryono 2016). the assessment criteria for each model are presented in table 3. the reseacrh model is visualized in figure 2. figure 2: research model http://journal.uinjkt.ac.id/index.php/iqtishad 298 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 results and discussion characteristics of respondents the respondents of this research are active students of the faculty of economics and management, ipb university. the number of respondents who filled out the research questionnaire was 148 people. however, 18 of them are invalid, so that the remaining 130 respondents are eligible for analysis. characteristics of respondents include gender, study program, income, investment gallery membership, and investment behavior. table 4: characteristics of respondents characteristics information amount (person) percentage (%) gender male 32 24.6 female 98 75.4 study program islamic economics 72 55.4 non-islamic economic 58 44.6 income < rp800,000 46 35.4 idr 800,000 idr 1,000,000 37 28.5 idr 1,000,001 – idr 1,500,000 24 18.5 idr 1,500,001 23 17.6 investment gallery membership yes 9 6.9 not 121 93.1 investment behavior yes (islamic) 36 27.7 yes (conventional) 16 12.3 yes (both) 13 10 not 65 50 islamic investment instruments islamic mutual funds 30 41.7 islamic stock 18 25 islamic deposit 14 19.4 sukuk 7 9.7 others 3 4.2 source: primary data, processed 2021 http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 299 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 based on table 4, the majority of respondents are female, namely 98 people or 75.4%, while male respondents are 32 people or 24.6%. most of the respondents came from the islamic economics study program, amounting to 72 people or 55.4%, while the respondents from non-islamic economics study programs amounted to 58 people or 44.7%. then for the average income per month, most respondents are in the range of less than rp. 800,000.00 with a total of 46 people or 35.4% and the least in a range of more than rp. 1,500,001.00, namely 23 people. or 17.6%. in the investment gallery membership characteristics, only 9 respondents (6.9%) are members of the investment gallery while the remaining 121 respondents (93.1%) are not members of the investment gallery. the percentage of respondents who have not invested is 50% and those who invest purely in islamic are 27.7%. this means that the interest of fem ipb university students in investing still needs to be increased. of the types of islamic investment instruments owned by respondents, the most popular instrument is islamic mutual funds, which is 41.7%, followed by islamic shares at 25%, islamic deposits at 19.4%, then sukuk at 9.7% and other instruments at 4.2%. islamic financial literacy for fem ipb university students the level of islamic financial literacy of fem ipb university undergraduate students was obtained from filling out questionnaires by 130 respondents who were then grouped based on chen and volpe's criteria. the results of the islamic financial literacy level of s1 fem ipb university students are presented in figure 3. figure 3: the level of islamic financial literacy of fem ipb university students source: primary data, processed 2021 http://journal.uinjkt.ac.id/index.php/iqtishad 300 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 based on figure 3, the level of islamic financial literacy of fem ipb university students is shown in a donut diagram and is divided into three categories. the donut chart shows that there are 53.58% of students belonging to the high category which is dominated by respondents who come from the islamic economics study program, income rp. 80.000,00 rp. 1.000.000.000,00. individuals with a high level of financial literacy can be interpreted that individuals who are able to make financial decisions and are responsible for their actions (chen and volpe 1998). meanwhile, 46.15% of students belonging to the medium category are dominated by students who come from non-islamic economics study programs, have an income of less than rp. 800,000.00 and do not invest. individuals who fall into this category are considered to have an understanding of finances but their financial management abilities are still limited(akmal and saputra 2016). investment gallery membership status hardly gives any difference in respondents' islamic financial literacy. 56% or five of the nine respondents who are members or have been members of the investment gallery have high islamic financial literacy, while the remaining 44% have medium islamic financial literacy. of the respondents who are not members of the investment gallery, 54% of respondents have high islamic financial literacy and the remaining 46% are medium. from the results of this study, there were no fem ipb university students in the low category, which was defined as individuals who tended to think negatively about finances and make wrong decisions. the average level of islamic financial literacy for undergraduate students of fem ipb university is 81.17%. this shows that the level of islamic financial literacy of fem ipb university students is in the high category but is still close to the minimum limit of the high category. the highest score obtained by the respondents was 96.88% and the lowest score was 67.19%. the average islamic financial literacy based on indicators can be seen in table 5 below. based on table 5, the average islamic financial literacy level of students based on basic knowledge of islamic finance is 92.31% or classified as the high category. from the two aspects of the statement, the majority of respondents answered correctly. this is because all respondents are muslim so they already have knowledge of the legal basis and principles in islamic finance. http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 301 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 table 5: islamic financial literacy of respondents based on financial literacy indicators no statement financial literacy rate (%) low < 60 medium 60 79 high 80 basic knowledge of islamic finance 1. lks1.1 96.54 2. lks1.2 88.08 average 92.31 knowledge of islamic savings and loans 1. lks2.1 89.42 2. lks2.3 83.65 3. lks2.4 80.77 4. lks2.5 73.85 average 81.92 knowledge of islamic insurance 1. lks3.1 90.00 2. lks3.2 70.77 3. lks3.3 82.12 4. lks3.4 82.12 5. lks3.5 84.81 average 81.96 knowledge of islamic investment 1. lks4.1 87.50 2. lks4.2 94.23 3. lks4.3 47,50 4. lks4.4 92.69 5. lks4.5 54.62 average 75.31 source: primary data, processed 2021 http://journal.uinjkt.ac.id/index.php/iqtishad 302 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 the average level of islamic financial literacy based on knowledge of islamic savings and loans is in the high category (81.92%) but is close to the minimum threshold for the high category. the lks2.1 statement regarding islamic savings products has the highest value of 89.42% this is because islamic savings products are in great demand by students. meanwhile, the aspect of the financing system (lks2.5) has the lowest score of 73.85% or is classified as a medium category. of the four existing statements, students' knowledge of islamic savings is higher than knowledge of loans or financing. the knowledge of islamic insurance for fem ipb university students has an average of 81.96% which is classified as high but is still close to the minimum limit for the high category. the highest value is found in the principle aspect of islamic insurance (lks3.1) which is 90.00%. meanwhile, aspects regarding the concept of islamic and conventional insurance (lks3.2) have the lowest score of 70.77% and are still classified as medium. this can be interpreted that students have knowledge of islamic insurance but do not understand the difference in concepts between islamic insurance and conventional insurance. the last indicator is islamic investment knowledge. the average islamic investment knowledge of fem ipb university students is 75.31% and is still in the medium category. the highest score was obtained from the aspect of islamic capital market principles (lks4.2), which was 94.23%. meanwhile, the aspect of islamic investment supervision (lks4.3) and islamic stock index (lks4.5) are still classified as the low category with respective values of 47.50% and 54.62%. overall, the indicator of islamic investment knowledge in fem ipb university students has the lowest average so that it needs to be improved. structural equation model analysis – pls (sem-pls) measurement model evaluation (outer model) convergent validity convergent validity the model is evaluated based on the value of the loading factor with an assessment criterion of > 0.7 but if the value ranges from 0.5 to 0.6 it can still be tolerated (haryono, 2016). the loading factor describes the correlation of the indicator to the latent variable, the higher the correlation, the better the level of validity of the indicator. after testing, the model with indicators that meet the criteria is presented in figure 4. http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 303 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 figure 4: loading factor test results source: primary data, processed 2021 next, looking at the average variance extracted (ave) value with a value criterion of > 0.5. the test results show that the ave value of all variables meets the criteria with the largest value of 1,000 on the gender and income variables and the smallest value of 0.501 on the islamic financial literacy variable. so based on the loading factor and ave values, the model meet the criteria for convergent validity. 1. discriminant validity the assessment of discriminant validity is seen based on the cross-loading value which is declared good if the correlation value of the indicator with the intended latent must be greater than the correlation value of the indicator with other latents. based on the test results, all indicators meet the criteria for discriminant validity. 2. composite reliability the latent variable reliability test is carried out by measuring the composite reliability value with the criteria must be > 0.7. from the test results, the http://journal.uinjkt.ac.id/index.php/iqtishad 304 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 composite reliability value of all variables is above 0.7 so it can be concluded that all variables have good reliability. table 6: composite reliability test results composite reliability islamic financial literacy 0.833 gender 1,000 income 1,000 investation decision 0.833 financial behavior 0.750 source: primary data, processed 2021 3. the standardized rootmean square residual (srmr) the srmr value is used to see the approximate fit of this research model. model fit criteria if it has an srmr value of at least less than 0.1. the srmr value in this research model is 0.088, so it can be said that this study has a good model. structural model evaluation (inner model) 1. path coefficient the significance value in this study is 5% or 0.05. a variable is said to have a significant relationship if it has a p-value of less than 0.05 or t-statistic value greater than the t-table of 1.96. the results of the path coefficient test of the research model are shown in table 7. table 7: path coefficient test results original sample (o) t statistics (|o|stdev) p values islamic financial literacy → investment decisions 0.200 2,627 0.009 islamic financial literacy → financial behavior 0.294 3,398 0.001 financial behavior → investment decisions 0.212 3.042 0.002 gender → investment decision -0.030 0.470 0.638 income → investment decisions 0.516 7,210 0.000 source: primary data, processed 2021 http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 305 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 based on table 7, it is concluded that out of the five variable paths, there is one path variable that is not significant, namely the gender variable to the investment decision variable because its t-statistic value lower than 1.96 and a p-value of more than 0.05. while the other four variable paths are significant. 2. r-square test the r-square value serves to explain how much the endogenous variable can be explained by the exogenous variable (haryono, 2016). the standard r-square value consists of several categories, namely the value of 0.67 is good, 0.33 is moderate, and 0.19 is weak. the r-square value of the financial behavior variable is 0.086, meaning that the islamic financial literacy variable can explain its influence on the financial behavior variable by 8.6% while 91.4% is explained by other variables outside the model studied. the investment decision variable has an r-square value of 0.461, meaning that the variables of islamic financial literacy, financial behavior, gender, and income can simultaneously explain its influence on investment decisions by 46.1% and the remaining 53.9% is explained by other variables outside the model. researched. 3. q-square prediction relevance q-square results are said to be good if the value is more than zero, meaning that the exogenous variable is good or able to predict the endogenous. based on the test results, the q-square value of the investment decision variable is 0.242 and the financial behavior variable is 0.026 so it can be concluded that all variables have good predictive relevance. 4. f-square test the f-square test is used to see whether the effect of the exogenous latent variable on the endogenous latent variable has a substantive effect(haryono, 2016). the criterion value is the value of 0.02 small effect, 0.15 moderate effect, and 0.35 large influence. the results of the f-square values are presented in table 8. table 8: f-square test results f-square islamic financial literacy → investment decision 0.066 islamic financial literacy → financial behavior 0.095 financial behavior → investment decision 0.075 gender → investment decision 0.002 income → investment decision 0.447 source: primary data, processed 2021 http://journal.uinjkt.ac.id/index.php/iqtishad 306 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 combined model evaluation (goodness of fit (gof)) the gof index value ranges from 0 to 1 with an interpretation of 0.1 gof small, 0.25 moderate gof, and 0.36 large gof (haryono, 2016). the gof calculation is as follows: from the results of these calculations, it can be concluded that the gof value of the model belongs to the large gof category. this means that this research model is strong enough to explain research variables and is able to validate the overall model. hypothesis interpretation after the model meets the evaluation criteria for each model, it can be continued to interpret the research hypothesis. the output to be interpreted is the result of the bootstrapping model on smartpls which is presented in table 9 below. table 9: bootstrapping results original sample (o) t statistics (|o|stdev) p values path coefficients islamic financial literacy → investment decisions 0.200 2,627 0.009 islamic financial literacy → financial behavior 0.294 3,398 0.001 financial behavior → investment decisions 0.212 3.042 0.002 gender → investment decision -0.030 0.470 0.638 income → investment decisions 0.516 7,210 0.000 specific indirect effects islamic financial literacy → financial behavior → investment decisions 0.062 2.044 0.042 total effects islamic financial literacy → investment decisions 0.263 3,444 0.001 source: primary data, processed 2021 testing the path coefficients of islamic financial literacy towards investment decisions shows significant results with a t-statistic value of 2.627 or greater than http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 307 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 1.96. the direction of the relationship seen from the original sample is positive with a value of 0.200. this means that with increasing knowledge of islamic finance, the investment decisions of fem ipb university students will also increase. the results are consistent with kurniawan et al (2019) and upadana and herawati (2020). pranyoto et al (2018) also found the same thing, namely financial understanding has direct implications for individual investment decision making. the second hypothesis related to the relationship between islamic financial literacy and financial behavior resulted in a significant relationship with a t-statistic of 3.398 (> 1.96) and a p-value of 0.001 or less than 0.05. then from the original sample value, it is known that the direction of the relationship between the two is positive with a coefficient of 0.294. research atmaningrum et al (2021)also show similar results, namely that there is a unidirectional and significant relationship between financial knowledge and financial behavior. as in dwiastanti (2015), when the individual's knowledge of finances is good, their financial management will also be better so that they can achieve prosperity. therefore, adequate financial literacy is needed as a guide to financial behavior. in the path coefficients of financial behavior on investment decisions, the t-statistic value is 2.212 or greater than the t-table 1.96. that is, the investment decisions of fem ipb university students are significantly influenced by their financial behavior. then, the direction of a positive relationship is also obtained, namely the more positive the student's financial behavior, the more appropriate investment decisions are made. research kurniawan et al (2019) and research upadana and herawati (2020) also identify the same. in the path coefficients results, obtained results that are not significant on the gender path to investment decisions because the t-statistic value is 0.638 or less than the t-table 1.96. this means that there is no gender difference in the investment decisions of fem ipb university students. this result contradicts the research violeta and linawati (2019) and ariadi et al. (2015)which shows that gender influences a person's investment decisions. however, several studies agree with the results of this study, such as wahyuni and pramono (2021) and senda et al (2020), that there is no influence between gender and one's investment decisions. in this study, this could be due to the similarity of the age range and level of education taken by both male and female respondents, so that the information obtained tends to be the same. the path coefficient test of income on investment decisions shows significant results with a t-statistic value of 7.210 and a p-value of 0.000. the direction of the influence of income on investment decisions is positive at 0.516, meaning http://journal.uinjkt.ac.id/index.php/iqtishad 308 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 that the increase in respondents' income will be accompanied by an increase in investment decisions. these results are in line with research violeta and linawati (2019). likewise in research safryani et al (2020). testing the intervening variable relationship is done by looking at the specific indirect effects output. the results of specific indirect effects in table 22, show a significant positive influence of islamic financial literacy on investment decisions through financial behavior with a t-statistic value of 2.044. in this study, islamic financial literacy affects investment decisions either directly or through financial behavior. therefore, it can be concluded that financial behavior is able to mediate the effect of islamic financial literacy on investment decisions partially (partial mediation). the total effect seen through the total output effects indicates the relationship of islamic financial literacy to investment decisions is significant with a t-statistic value of 3.444 and the original sample value has increased from 0, 200 becomes 0.263. these results are supported by research kurniawan et al (2019) and research audini et al (2020) who found that financial behavior was able to mediate the effect of financial literacy on investment decisions with a positive influence. conclusion based on this study, it can be concluded that the level of islamic financial literacy of fem ipb university students is divided into two categories, namely 46.15% of students belonging to medium and 53.85% of students belonging to high. the average level of islamic financial literacy for fem ipb university students is 81.17% or classified as high category, but still close to the minimum limit of high category. islamic financial literacy has a positive and significant effect on investment decisions and financial behavior. then financial behavior has a positive and significant direct effect on investment decisions and is able to mediate the influence of islamic financial literacy on investment decisions in part (partial mediation). in addition, it was also found that the demographic factor of gender had no significant effect on investment decisions. meanwhile, income has a positive and significant effect on investment decisions. with this research, ojk and ipb university can make fem students, especially from islamic economics study programs as educational agents for students and other communities with islamic financial literacy that is relatively high. but before that, the equalization of islamic financial literacy for each financial services sector also needs to be considered. islamic investment companies http://journal.uinjkt.ac.id/index.php/iqtishad fitriana rahman. islamic financial literacy and its influence on investment 309 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 can cooperate with universities to increase the interest in islamic investment of students, one is through the use of investment galleries. the further research can be developed by expanding the scope of research, as well as adding variables that are not included in this study such as religiosity, psychological factors, or other demographic factors. references akmal, h. & saputra, y. e. k. a. 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(2009). estimasi reliabilitas pengukuran dalam pendekatan model persamaan struktural. buletin psikologi, 17(1), 33–38. http://journal.uinjkt.ac.id/index.php/iqtishad 312 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.22005 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 xiao, j. j., shim, s., barber, b. & lysons, a. (2007). academic success and wellbeing of college students : financial behaviors matter (tcai report). yushita, a. n. (2017). pentingnya literasi keuangan bagi pengelolaan keuangan pribadi. jurnal nominal, 6(1). http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid1, ahmad khaliq2, mohammed meeran jasir mohtesham3 abstract. to accelerate akhuwat microfinance growth and lessen its cost to assist the poor, the current study proposes fintech rich hybrid islamic micro-finance (frhimf) model. this study adopts a qualitative approach relying on the content analysis of secondary sources, such as research articles, journals, conference papers, and websites. the study reveals that to achieve socio-economic mobility, poor people are in requisite of adequate financing. however, islamic commercial banks generally finance major businesses and mediumto high-income proficient workers in consumer finance. thus, the poor are unable to access funding to meet their liquidity constraints and the needs of small business finance. akhuwat microfinance is a globally renowned institution that has played a vital role in supporting the underprivileged community. the implementation of frhimf has greater potential to increase akhuwat microfinance accessibility. keywords: microfinance, akhuwat, poverty, fintech rich hybrid islamic micro-finance abstrak. untuk mempercepat pertumbuhan keuangan mikro akhuwat dan menekan biayanya untuk membantu orang miskin, studi ini mengusulkan model fintech rich hybrid islamic micro-finance (frhimf). studi ini mengadopsi pendekatan kualitatif dengan melakukan analisis konten terhadap sumber-sumber sekunder berupa hasil-hasil penelitian, jurnal, makalah konferensi, dan situs web. kajian ini mengungkapkan bahwa untuk mencapai mobilitas sosial ekonomi, masyarakat miskin membutuhkan pembiayaan yang memadai. namun, bank syariah umumnya membiayai bisnis besar dan pekerja terampil berpenghasilan menengah ke atas untuk pembiayaan konsumsi. dengan demikian, masyarakat miskin tidak dapat mengakses pendanaan untuk memenuhi kendala likuiditas dan kebutuhan pembiayaan usaha kecil. keuangan mikro akhuwat adalah lembaga yang terkenal secara global yang telah memainkan peran penting dalam mendukung masyarakat yang kurang mampu. penerapan frhimf berpotensi besar untuk meningkatkan aksesibilitas keuangan mikro akhuwat. kata kunci: keuangan mikro, akhuwat, kemiskinan, fintech rich hybrid islamic micro-finance an innovative fintech model for the enhancement of akhuwat microfinance practices al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 229 254 1, 2, 3international islamic university malaysia e-mail: 1shahidazminadwi@gmail.com, 2ahmadkhaliq@iium.edu.my, 3meermoh8@gmail.com mailto:shahidazminadwi%40gmail.com?subject= mailto:ahmadkhaliq%40iium.edu.my?subject= mailto:meermoh8%40gmail.com?subject= 230 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction contemporary fintech is an incredible technology. by avoiding fintech, muslim nations' under-30 demography may be at a loss. given the majority of this technologically advanced generation owns a smartphone, it is challenging to suppose they would not take advantage of the option to manage their financial needs digitally, including paying bills, obtaining loans, and even opening a bank account. “while 76% of mena companies reported having a bank account, only 26% reported having received credit from a financial institution. despite this poor credit penetration at the corporate level in muslim nations, some solutions have been implemented to close the estimated credit gap of about us$ 140 billion” (todorof, 2018). apart from alienating the younger generation, shariah-compliant banks continue to lose perspective 'healthy' debtors as a result of their higher interest rates. additionally, when islamic banks agree to finance a project or lend money, they are known to charge higher interest rates than conventional banks. alternatively, islamic banks tend to attract many 'poor' debtors to offset economic losses. as a result, non-performing loans have increased significantly (todorof, 2018). it is beneficial to integrate fintech solutions that deliver quicker, more consumer-oriented, and cheaper transaction cost to address the issue. shariahcompliant banks may develop investment products that meet shariah requirements while also being more affordable (todorof, 2018). while embracing fintech, shariah finance will largely stay accessible to younger users, many of whom have already been exposed to fintech-related technology and investment opportunities in the west due to fintech's unique character. contrary to popular belief, western financial technology firms are often interested in entering and leveraging the islamic financial market. that is specifically true for financial technology firms that utilize blockchain technology. for example, the canadian company goldmine states that its gold-backed products are shariah-compliant, following the accounting and auditing organization for islamic financial institutions (aaoifi) requirements (vizcaino, 2017). islamic finance and microfinance could benefit from recognizing specific fintech instruments to increase their viability. while most fintech instruments are adaptable to the shariah industry's requirements, several of the most acceptable have been identified as peer-to-peer lending and robotic advising (vizcaino, 2017). akhuwat microfinance renowned microfinancing apparatus. akhuwat's mission is to eradicate poverty by empowering socially and financially disadvantaged http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 231 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 communities. in the provision of loans without interest. it allows needy and neglected families and reveal their business potential, builds their capacities, and provides social advice. all of them aspire to realize their goal of “a society free of poverty based on the ideals of compassion and equality.” in addition, akhuwat pioneered the islamic microfinance model and is taught at several western universities as a source of expertise and a popular model. the influence of islamic social finance, paired with modern technology, could better meet islamic social finance aims because the technology could assist in reducing the cost of providing services to islamic social financing through simple means while at the same time increasing the inclusiveness of islamic social finance (oseni & ali, 2019). however, despite the advantages, a lack of literature was found to study the akhuwat and fintech integration. thus, this study aims to propose fintech rich hybrid islamic microfinance (frhimf) model with the vision to increase its viability for long-term survival. in addition, adopting modern technology and providing online services can reduce operating costs such as administrative costs, collateral issues, and others. finally, some shariah-compliant fintech product which has been applied in many institutions with a positive outcome is proposed in this study. background of the akhuwat microfinance the word akhuwat comes from the arabic language, which means brotherhood. this is a sign of peace and firmness aligned with islamic teachings. the akhuwat organization was born as a person's dream called dr. amjad saqib. it began when dr. saqib talked about microfinance programs for poverty alleviation in 2001 with his friends sitting at lahore gymkhana. all friends thought that high microfinance interest rates could not relieve poverty. they found the interestfree microfinance system the only option for their nation's economic and social growth and entrepreneurial capacity building. they did not have any idea how this experiment would proceed. a friend has donated 10,000 rupees, while dr. saqib has used this donation to make an interest-free loan. he was initially facing criticism for his interest-free concept of microfinance. others classed his model as unsustainable. however, this criticism could not shake his deep resolve, commitment, and serious willpower to make the idea viable. instead, akhuwat became a pioneer in providing islamic microfinance and was taught as a source of expertise and a popular model in some western universities. http://journal.uinjkt.ac.id/index.php/iqtishad 232 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 initially, the ambition of akhuwat's founder was to provide support to over 10,000 underprivileged youngsters for further studies in the following years. he dreamed of establishing akhuwat university that has been effectively set up and operated since 2018. it is also the plan of akhuwat to select a licensed microfinance bank in the country to assist and facilitate their financial necessities under the shari'ah principles, especially for those unable to access the traditional banks due to lack of collateral and religious concerns. chaudhry et al. (2016) claimed that akhuwat initiated its operations with rs.10,000 as their first loan made to a widow. this widow did not demand money but rather a helping hand in an honorable way to live her life. within six months, she agreed to reimburse her loan. she bought a sewing machine and started earning money. she returned after six months as promised. dr. saqib felt she was returning to ask for additional loans. she arrived to repay the loan. dr. saqib and his friends were delighted to observe the success of their project. this efficient experiment led to the establishment of the group akhuwat. they were persuaded of the viability of their model. the lady also delivered a message that helps the vulnerable life in solid honesty with faith and integrity. the treatment of destitute and neglected people does not necessarily lead to a reluctance to repay the debts. the model of akhuwat is founded on the ideology of the qard hasan drawn from the islamic tradition, namely muakhat al-madinah. this sends a message to humanity that supporting a needy person with an interest-free loan is more accessible than paralyzing them and dismissing them from their dignity in charity. welfare is also not a poverty-reduction method. it permanently makes poor individuals reliant and wants help to live effortlessly. it damages the impoverished, their respect for themselves, and their honesty. each person has specific qualities and a certain capacity to do anything. people with some inspiration and extra help can find excellent ways of living. financing and creating capacity are long-term answers to poverty recovery. akhuwat was formally founded in 2003, and its initial branch in lahore city was opened. this has progressed, and its goals have been achieved year after year. the version has also gained prominence in both east and west. it is a reflection of the muakhat phenomenon. this has imprinted a pattern of turning lenders into donors in microfinance culture. akhuwat 's mission is to eradicate poverty by empowering socially and financially disadvantaged communities. the schemes enable needy and neglected families to provide interest-free loans, unveil their entrepreneurial potential, build their capacity, and provide social advice. all these activities seek to achieve its vision of a society free of poverty, based on the ideals http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 233 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 of compassion and equality.' akhuwat has started with a pkr gift of 10,000. it was subsequently awarded pkr 1.5 million grants in 2003. it was initially registered under the societies registration act of pakistan. it is officially listed under the pakistan securities and exchange commission. statistics in the first quarter of 2018 reported that akhuwat has an outstanding loan portfolio of pkr 1.4 billion, 901,513 active loans, 775 branches, 5,693 workers, and a total cumulative loan distribution of around rs. 58.7 billion (chaudhry et al., 2016). qard hasan the word qard is arabic, which means to separate by cutting, and also the word hasan, which means excellent and beautiful, is taken from arabic. the symbolic meaning of qard hasan is a valuable, kind, or costless loan. (anam et al., 2013; karim et al., 2008). qard hasan is the “interest-free loan extended” insurance of the employee, according to iqbal and mirakhor, the investor is looking for god's reward”( jaafar,2018; iqbal & shafiq, 2015). nevertheless, iqbal & shafiq said that qard had “a voluntary loan. qard hasan is described in the following terms by the international institute for islamic banking and insurance: “the qard hasan is an interest-free loan for welfare or short-term financing requirements. the borrower is simply required to repay the principal amount of the lending. most islamic banks offer these interest-free loans to their customers. although it is not practicable on a broad scale, at least some vulnerable people are targeted, even among bankers and students. the islamic stance concerning the loan is that the borrower should be given free; a person will only request a loan when they need it. hence, it is the moral obligation of the lender to aid his needy brother. the creditor should not try to exploit the necessities of somebody. he should provide the poor with free loaning of money. the remuneration for this act is for allah. it is also referred to as qard hasan, reflecting the peaceful existence of the loan act. due to the unique properties of qard hasan, it is highly potential for financial inclusion, which is characterized as an unpaid debt. at the same time, the borrower is liable for the loan repayment; any interest or amount beyond the principal amount is not appropriate for the borrower. the object is benign, and only allah compensates the lender for that charity deed in which he supports a needy individual without any additional payment being expected. for this life, the reward is just with god and the afterlife. the borrower is permitted to overpay the principal sum if he can pay without the lender's intention http://journal.uinjkt.ac.id/index.php/iqtishad 234 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 or demand. this will be the gesture of the borrower's appreciation towards the lender (iqbal et al., 2015). akhuwat operations akhuwat's sustainable and viable program is the solution for many critics. the success and contributions to resource redistribution are worthy of note. harmony and brotherhood-based framework suggested that poverty alleviation and nations' economic growth need customized programs for better outcomes. iqbal et al. (2015) argue that poverty alleviation programs must be planned according to the country's culture and customs. it is ineffective to generalize and apply the same poverty alleviation methods and techniques in all vulnerable countries. akhuwat is involved in health care, training and business growth, education scholarships, clothing bank. this also allows transvestite to live with dignity by providing good jobs. akhuwat’s operations reach widely more than a provider of interest-free loans. in addition to microfinance programs focused on shariah values, it supports society, serving multi-dimensional, marginalized communities. however, akhuwat has developed the concept of using holy places (i.e., mosques, churches) as the centers for public change rather than maintaining them as places of worship (chaudhry et al., 2016). the akhuwat organization believes they will feel more responsible for repaying those loans when loans are given to the poor in holy places. thomas krinc, the ilo consultant, complimented the activities of akhuwat and said that it is a competent framework whose architecture and operations are inspirational. as much more than conventional microfinance, akhuwat has accomplished what professor yunus accomplished in the late 1970s (chaudhry et al., 2016). gaama hishigsuren, director of research and development institute for development evaluation assistance and solutions, georgia, the usa, stated her view regarding akhuwat as says, akhuwat is one of the most groundbreaking models of microfinance. this is most cost-effective due to the innovative use of community resources and the participants' cooperative spirit within the group. in terms of microfinance, additional models like akhuwat need to be promoted, which effectively builds the socio-economic and cultural peculiarity of the local community it serves (chaudhry et al.,2016). the loan projects of akhuwat can be classified into three categories. the first is an enterprise loan which includes agricultural and small businesses loan. the second is liberation loans which consist of interest-free loans for people who have already earned loans from conventional http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 235 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 banks and have struggled with interest rates payment and want to get rid of it. such loans are given to them to liberate them from the burden of interest. the third category is consumption loans, including consumption loans, house loans, marriage loans, educational loans, vocational loans, etc. akhuwat not only offers interest-free microfinancing but also far beyond interest-free microfinancing in its reach and services. in many different ways, akhuwat reflects society. it offers housing construction/refurbishment loans for those who desire to renovate or extend their properties by constructing extra rooms but do not have enough money. marriage loans are granted to those who have no money to marry their children. akhuwat also offers its services to improve educational standards in society. this provides 100% of the scholarship for youth engaged in higher education but cannot afford the educational costs. akhuwat manages a bank of clothes that gives the needy new and old clothing. the transvestites (a marginalized party) lead it so that it has a fair social standing and a useful life. akhuwat also offers training and coaching to build skills to start a business. it supports the development of capacities in society so that the vulnerable can live with dignity through their abilities and not charity. sources of funds akhuwat’s scheme of qard hassan is better than the traditional microfinance model. this organization is funded for its operations by the public, local benefactors, governmental authorities, institutional contributors, and pakistanis residing abroad. like traditional microfinance institutions, akhuwat is not dependent on foreign assistance to reduce interest in loans. traditional banks are paying high-interest rates because financing depends on the credit line. it is based on locally funded donors. directorates and employees are very devoted to working hard to collect donations through such fundraising activities. akhuwat targets loans that comply with shariah rules and excludes all aspects prohibited by shariah. akhuwat has made a significant contribution to financial inclusion. the recovery rate with a zero interest rate is 99.9 percent. akhuwat lenders are so pleased with akhuwat programs that they want to become volunteers. some borrowers who have benefited from the akhuwat loan and have been able to grow their company happily become donors for the welfare of others. when they needed money, they had encountered a difficult time, and akhuwat answered their call. akhuwat is funded by grants, application fees, insurance, and collaborations with local and international organizations and governments (mahmood, 2019). http://journal.uinjkt.ac.id/index.php/iqtishad 236 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 regulatory and institutional framework akhuwat operates under the board of directors (bod) supervision, comprising 17 members including philanthropists, civil servants, and business people. bod functions on an honorary basis and has a term of 3 years. bod is responsible for the organization's internal administration, strategic policies, publicity, and fundraising. the board meets quarterly to discuss the policies of the company. there is an executive committee under bod consisting of three members. the committee meets regularly to oversee all of the organization's financial and organizational problems. the organizational structure has been kept very basic to keep running costs low; it consists of four central departments; the admin & hr department (ii) credit department, (iii) finance & accounts department, and (iv) internal audit department akhuwat website. (source: http://www.akhuwat.org.pk accessed on sep 10, 2021). the organization is made up of members of volunteers and paid. volunteers from all classes, irrespective of age, education, caste, and gender, are welcomed. paid workers, akhuwat follows a distinct recruiting strategy where positions are established, and there is also a minimum requirement for recruiting at various functions. the organization believes in training its workers before beginning their jobs. therefore, new employees start their jobs as interns, and after extensive training of three months, they are employed as regular staff. akhuwat is offering interest-free loans in seven broad categories; (i) family enterprise loan (ii) liberation loan (iii) education loan (iv) health loan (v) emergency loan (vi) housing loan (vii) marriage loan and (viii) silver loan. apart from other micro-finance institutions, the loan recovery rate of akhuwat microfinance continued to be above 99% every year. (source: http://www.akhuwat.org.pk accessed on sep 10, 2021). challenges in akhuwat microfinance several issues should be addressed further when learning akhuwat 's way and some difficulties that akhuwat may face. akhuwat has followed the qard hasan microfinance strategy, in which loans are issued to the borrower without interest. nevertheless, mfis may charge a certain percentage of the administrative / membership fee and allow two or more guarantors as social collateral. akhuwat charges 5 percent on the loan balance as a membership fee. but when operation expands, and there will be many borrowers, it will be difficult for akhuwat to maintain administrative expenses with a 5 percent membership fee that is not sufficient to cover the organization's administrative costs that are 7 percent per loan. http://journal.uinjkt.ac.id/index.php/iqtishad http://www.akhuwat.org.pk http://www.akhuwat.org.pk mohammad shahid. an innovative fintech model 237 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 the membership fee currently covers 76 percent of overall operating expenses, while the shortfall of 24 percent is covered by a donation from akhuwat's board of directors. when i asked dr. amjad saqib this question, he replied that akhuwat follows a two-pronged approach. one extends funding opportunities by introducing various methods, such as “akhuwat online” implementation, and plans to introduce murabaha's funding approach. but it is not finalized yet. another obstacle facing akhuwat is to lend to individuals, even though it has succeeded. the problem organization will face is that if the business goes to default and the individual has nothing to pay and no group-based social collateral, that will pressure them as a community of solidarity. this will add more expense to deal individually and keep the individual's loan case reviewed and monitored. but in response to this argument, dr. amjad saqib said that, as a result, we are using mosque as a platform for loan lending activities to reduce costs and maintain close relationships with clients. but still, this is a query that holds records of 25,000 borrowers taking less expense or having forms of 2500 groups. to get some clarity on this topic, we posed before zahid hussain, admitting that the big problem facing mfis is a considerable risk and financial back to mfis resulting in higher interest rates, there are two approaches to deal with the issue of financial risks and high administrative costs; another is to reduce operating costs by introducing new strategies, and the other is to add even more creativity to social security. on the other side, the difficulties faced by islamic microfinance include the unreasonable prices of the goods being sold, the shortage of professional and qualified management and administration, operational inefficiency, inadequate risk reduction, and lack of access for the vulnerable. on the other hand, financial institutions eager to grow were faced with sluggish technology, poor legal bases, unfitting financial systems, goods, weak socio-economic conditions, gender inequality, and low educational performance. therefore, the financial institutions' lack of financial literacy remains the primary obstacle (akhtar et al., 2009; anam et al., 2013). the importance of fintech in improving financial inclusion according to the world bank, there are over 1.7 billion unbanked individuals and over 200 million potential micro, small, and medium-sized companies globally, out of 7.6 billion (msme). the world findex report shows that bank account ownership in high-income economies is much greater at 94% than 37% in underdeveloped countries (world bank, 2017). then about 75% of the world's unbanked population lives in developing economies, with india accounting for the most significant proportion (20.8%), followed by china (11.6%), indonesia http://journal.uinjkt.ac.id/index.php/iqtishad 238 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 (5.6%), pakistan (5.2%), and bangladesh (3.9%). africa and latin america have a combined gdp of about 2.7 percent, with nigeria accounting for nearly 2.7 percent, mexico accounting for almost 2.6 percent, and brazil accounting for almost 2.4 percent (top 25 developed & developing countries list). the muslim-populated countries that make up over 50 percent of the unbanked global population dominate the unbanked people. possible revenue from this unbanked retail sector and msme is projected at 200 billion usd (center, 2011). government policy innovation and financial technology (fintech) are key enablers for increasing financial inclusion unbanked people are predicted to become more accessible through fintech and government policy innovation. there are several ways in which fintech can aid in the growth of financial inclusion. each sector should affect rural mobile payments, make digital verification easier for customers, and use crypto-activities to reduce transaction costs. at the same time, local governments can build credit protection programs, establish cyber safety rules and invest in digital education options. federal governments can also create incentives for financial firms to reach out to the unbanked and promote the development of a multi-access point financial ecosystem. in the absence of credit history, unique approaches for evaluating credit must be developed to deal with non-banked people (center, 2011). most new bank accounts have been opened via fintech in the last few years as per the world bank, 1.2 billion bank accounts were routinely opened in the financial institution's physical site and by fintech between 2011 and 2017. fintech is primarily responsible for this development, with three excellent examples from kenya, china, and india: 1. kenya has mobile money developed to enable the non-banked to open savings accounts, use mobile payments and transfer cash. 2. the digitization of the banking system has substantially reduced poverty in china. 3. india had reached 79 percent of its population by offering a digital economy and financial ecosystem platform in 2017 (world bank, 2017). mobile payments have emerged as a key tool for improving financial inclusion mobile payments have made the most substantial contribution to financial inclusion compared with other types of fintech. fortunately, almost two-thirds http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 239 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 of the 1.7 billion unbanked people own a mobile phone (either a simple or a smartphone), enabling them to make mobile payments. moreover, in the top 50 nations with global mobile phone penetration, most potential islamic fintech countries provide fintech with a further possibility for unbanked access. figure 1 displays the penetration of smartphones in a selected oic country sample. indonesia had the highest penetration rate (66%), followed by malaysia (57.5%) and pakistan (43%) in 2018. while the findings are encouraging, a significant gap persists between developing countries and industrialized ones, with an average penetration rate of 96 percent. figure 1. in chosen oic countries, smartphone penetration kenya has evidenced that accessibility to mobile financial services result in a savings increase m-pesa was introduced in kenya in 2007 as a mobile money transfer and financial services application (and some other countries in africa). m-pesa is accepted almost everywhere, and transactions may be done using mobile phones. other african fintech industries are also thriving – agreements with african fintech companies have expanded by more than threefold, from $80 million to usd 260 million, representing year-on-year growth of 44 percent to 63 percent. http://journal.uinjkt.ac.id/index.php/iqtishad 240 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 empirical studies conducted in kenya demonstrate the impact of mobile banking services on savings. users of mobile financial services are more likely to save than other users. along with increasing the frequency of protection, the amount kept increasing. hence, to promote and mobilize saves, there is a need to strengthen and extend mobile financial savings, especially for low-income and impoverished workers who have limited access to official banking systems. the two types of mobile savings, namely essential mobile savings held on the phone and built-in mobile savings offered by banks, should be promoted. mobile financial services' accessibility, comfort, affordability, and security are key accelerators in expanding and growth of mobile financial services (alfred ouma et al., 2017). fintech development could add usd 3.7 trillion to the gdp of developing countries globally, enough to close the annual funding gap according to the mckinsey global institute, fintech could benefit millions of people by boosting growth and increasing the developing world's gdp by around usd 3.7 billion by 2025. (mckinsey, 2016). certain sdgs are marketable, combining revenue with social impact and encouraging fintech providers to take the lead in financial integration development. furthermore, financially inclusive activities can contribute to the attainment of some sustainable development goals related to financial independence and reducing inequality. islamic fintech and islamic social finance, islamic fintech provides services to unbanked and volunteer masses in oic countries while fintech and financial inclusion have the potential to address many of the sdgs' concerns, many persons continue to be voluntarily excluded from financial services for religious and other reasons. individuals in oic countries who do not have bank accounts due to religious concerns can conduct risk-sharing financial transactions without incurring interest. the latter notion implies that both the entrepreneurs and the ifis support the transaction risk and encourage a partnership-based approach that promotes resilient enterprises and ultimately increases the wealth of associated persons and smes. through zakah, sadaqah, and waqf, the islamic charity idea provides financial services to the unbanked and needy. financial inclusion may facilitate the achievement of numerous related sdgs through shariah-compliant financial services and islamic social finance (mifc, 2014). http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 241 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 table 1. islamic fintech and financial exclusion islamic microfinance is an effective poverty reduction mechanism in oic countries microfinance refers to funding with a period of fewer than 12 months. the investment would typically be less than $500, and the perceived higher risk would give a sufficiently high-interest rate or necessary return. furthermore, there are minimal document requirements, and the intended customer category, such as individuals attempting to start micro-enterprises and micro-entrepreneurs seeking funds to expand into a small firm, is frequently disregarded by banks. sadly, religious grounds are a possible obstacle to microfinance use in the oic member states. shari'a-compliant islamic microfinance may be used to improve financial inclusion. qard-ul-hasan, a charity foundation, would be the significant contracts in which it could be used; murabaha, which entails purchasing and selling goods at a profit; profit and risk-sharing models such as mudaraba or musharaka, in which the investor, along with the entrepreneur, is exposed to transaction credit and market risks; salam which would finance the buying of a commodity using its forward sale; istisn'a that provides manufacturing finance, or waqf. over the whole world, islamic microfinance increased to 1.3 million in 2013 from 500,000 consumers in 2007 (karim et al., 2008). the focus of islamic microfinance is bangladesh, afghanistan, and indonesia, where 80 percent of the origin has been generated with development opportunities in the levant and north africa, where 20-40% of potential clients have cited religious grounds (particularly in jordan, syria, and algeria) to avoid microfinance (karim et al., 2008). likewise, islamic micro-finance will rise in asia, and the http://journal.uinjkt.ac.id/index.php/iqtishad 242 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 demand for shari'a-compliant funding is expected to increase. fintech is to promote financial inclusion for zakah, sadaqah, and waqf. people who fall below the poverty line (i.e., people who live on less than usd 1.9 per day as determined by the un) cannot save enough money, which precludes people from opening an account at banks. through zakah, sadaqah, and waqf, islamic finance may channel disadvantaged people into a social safety net, ensuring they can meet their daily needs. the purpose is to lift individuals out of poverty and self-sufficiency, allowing them to save, invest, and eventually become zakah, sadaqah, and waqf contributors. one of the social finance concerns is collecting and distributing collected money because cash is vulnerable to fraud and misuse. the ideal option would be to direct charitable donations or government aid payments through bank accounts or mobile payments, which may be handled by blockchain technology. this will reduce the occurrence of fraud while increasing financial inclusion. fintech can provide comprehensive solutions for the whole zakah value chain, from payment collection, distribution, and intermediation to increased recipient identification. technology can also assist in increasing the number of donations received through the network. in indonesia, the national zakah board (baznas) launched sobatku, a smartphone app for collecting and paying zakah. bukalapak, an online marketplace, has also developed an integrated payment channel ('bukazakah') for endowment, philanthropy, and zakah. furthermore, several zakah organizations have partnered with fintech for payments to provide collection and payment channels. the adoption of fintech in islamic social finance may contribute to improved financial inclusion because access to funds will need the opening of bank accounts. nonetheless, most recipients conduct a single transaction every period to withdraw all the cash utilized to meet their daily needs in the long run; islamic finance can help alleviate poverty by empowering the recipients of charitable donations. concerning this, the proposed model fintech rich islamic microfinance (frhimf) will accelerate the viability of the akhuwat microfinance and facilitate the underprivileged people to access through technology easily. eventually, it will meet their needs and uplift their potential entrepreneurial capability (leveraging islamic fintech to improve financial inclusion, 2020). literature review islamic social finance plays a critical role in the islamic financial intermediation process. numerous islamic social finance products and techniques exist, including zakah (obligatory alms), sadaqah (voluntary charity), and waqf ' http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 243 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 (trust). the zakah and waqf institutions have shaped fiscal policy throughout islamic history significantly. these organizations serve as the foundation for islamic philanthropy. solidarity, cooperation, and social and corporate ethics are fundamental in islamic social behavior. islamic social finance can play a significant role in addressing global poverty concerns and those specific to the muslim world. its primary goal is to combat poverty and raise the living standards of those in society who are the most disadvantaged (irti 2017). the impact of islamic social finance combined with contemporary technology could better achieve the objectives of islamic social finance because technology will help reduce the cost of providing islamic social financing services through simple ways, but, at the same time, it will make islamic social finance more inclusive. in addition, charitable projects related to zakah, awqaf, and microfinance always attract more small and medium-sized investors than large organizations due to less complicated risk and credit matrix and processes. individuals are also more preoccupied with the afterlife, and their rewards from allah than corporations are. microfinance projects can benefit from peer-to-peer systems that maximize their impact. it is possible to reproduce islamic grameen banks using fintech on a far greater scale than is now possible. microfinance services can be provided by a platform that combines zakah and awqaf services. the majority of the time, zakah is neither collected nor distributed systematically. perhaps the most significant social responsibility failing of the modern period is that muslims are unable to employ zakah efficiently for the reasons it has been committed. fintech has the potential to play a critical role in the efficient and sustainable collection and distribution of zakah to groups of lawful receivers. on the other hand, to revive and maximize earnings, awqaf necessitates efficient management and, in many cases, financial resources. risk-sharing or short-term bridge financing can be used by fintech to raise money for awqaf financing. finterra waqf and endowment blockchain, newly launched, is a viable solution for bridging the financial shortage to develop awqaf assets ( oseni & ali, 2019). bakar and rashid (2010) emphasized the importance of increasing the efficiency with which zakah is distributed and the role that social responsibility plays. regarding the distribution of zakah funds, several techniques are used to evaluate the qualification of zakah recipients. despite advances in technology, there is still potential for improvement to ensure that the system is effective and meets the ultimate goal of zakah in supporting societal welfare (nor et al.,2021). it is found that the use of fintech will have a favorable impact on zakah management because of the increased demand for fintech in financial operations. it is also believed http://journal.uinjkt.ac.id/index.php/iqtishad 244 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 that zakah institutions should embrace fintech and implement it in their zakah administration. the fourth industrial revolution has played a role in globalization by promoting a borderless world in all facets. new technologies such as the iot, big data analytics, robotics, and the cloud will unquestionably alter current business practices and methods of operation. hence, the zakah institution should adopt technological progress to meet current societal developmental demands. zakah institution is one of many zakah organizations utilizing cutting-edge technologies to handle zakah better. the growth of the zakah payment system, from manual operation in zakah offices to an internet payment system or other services provided by other organizations. technology has shown to be effective and straightforward to employ for current societal zakah obligation. in zakah collection, fintech has helped be more efficient because it provided stakeholders with an easier way to access the data ( nor et al., 2021). various islamic financing mechanisms, qardh hasan, zakah, social sukuk, and waqf, are available to assist in an emergency circumstance. during and after the covid-19, islamic banks and financial institutions can use these financial instruments to send cash to the impoverished, vulnerable, small and medium-sized businesses and individuals. using financial technology (fintech), these services can simply be linked to one other, and direct payments can be sent to the recipients. fintech-based financial mechanisms such as waqf, crowdfunding, zakah, and qard hasan, among others, can be used to combat covid-19's aftereffects and aid in a quick recovery. islamic microfinance institutions (imfis) play a critical role because of their reach into underserved and outlying areas of society. in the short term, zakah, qard hasan, and sadaqat can be used to transmit money directly to the impoverished and needy. these services can be personalized using fintech-based technology like artificial intelligence; the combination of blockchain technology and natural language processing (nlp) can contribute to the greater goal of poverty alleviation and financial inclusion (rabbani et al., 2020). methods in collecting the data, the following methods were applied, i.e., library research, content analysis, research articles, journals, conference papers and websites to discover the prominent and renewable experts’ views on the emerging fintech technology to enable socially and financially disadvantaged communities. overall, the study provides comprehensive and coherent material on the topic. the study http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 245 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 has adopted a qualitative approach, as the research paper proposed the fintech rich islamic microfinance (frhimf) model. results and discussions enhancing akhuwat microfinance viability through fintech technology the strategy 'microfinance plus' meets both financial and non-financial criteria. on the other hand, the “minimalistic” strategy discusses only financial criteria. there are few studies on the efficiency of the “microfinance plus” and “marginalistic” strategy. lensink et al. (2018) discover that improving the efficiency of credits and the breadth of access to them, including social intermediation and non-financial services, improves credits' efficiency and the breadth of access to them, in an empirical analysis of microfinance institutions from 77 countries. other case studies have demonstrated that the “microfinance plus” strategy has an impact on outcomes (copestake et al., 2011; dunford, 2011; halder, 2003; karlan et al., 2011; noponen et al., 2004; copestake et al., 2011; dunford, 2011; halder, 2003; karlan et al., 2011; mckernan, 2002; noponen et al., 2004; smith, 2002). nevertheless, in islamic microfinance, the literature recognizes the unique challenges that micro funds face, both obtaining funds and maintaining financial efficiency and long-term viability. to tackle these issues, researchers have developed an integrated approach to islamic microfinance that considers synergy, economies of scale, and scope economies. according to akhter et al. (2009), islamic microfinance institutions should be included in non-profit organizations like ngos. they also suggest that zakah and waqf could be used to raise funds. they also offer preference to reciprocal insurance and capacity-building financing in addition to the microcredits. in one hybrid organization, such services will lead to economic efficiency. ahmed (2002) also encourages the use of zakah, sadaqah, and waqf to raise financial capital. according to ali (2015), zakah, sadaqah, and waqf money will enable the islamic microfinance institution to give free financial aid. hassanain (2015) also presented an integrated microfinance strategy incorporating zakah and waqf to ensure that money to alleviate poverty is philanthropically available. many organizations, such as waqf that share the purpose of poverty reduction are recommended by haneef et al. (2015). in a two-tier concept of the mudarabah for commercial reasons, mobin et al. (2017) propose using cash waqf and mudarabah for financing and then allocating these funds to enterprises through microfinance organizations. one http://journal.uinjkt.ac.id/index.php/iqtishad 246 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 partnership with mudarabah lies between the waqf and islamic microfinance, the other between the islamic microfinance institution and micro firms. this study presents a hybrid model in the same spirit that involves fintech in islamic microfinance institutions. the fintech rich islamic microfinance hybrid (frhimf) is a comprehensive microfinance initiative that will provide financial and non-financial assistance. micro and takaful savings, as well as microcredits, are available through financial services. preparation, reimbursements, and long-term commitment advantages are all examples of non-financial funding. training provides computational, numerical, accounting, marketing, and financial management skills. qard hasan, murabaha, and ijarah are used to expand finance to cover operating capital needs and income-producing assets. fintech is employed in multiple product and distribution processes to have a higher cost-efficiency than the brickand-mortar paradigm of financial services. the reward structure of many programs encourages clients to stay with the program for a long time—the likelihood of deliberate default or shirk decreases (complacency in work). consumers who repay the installment over time receive greater rewards, making the incentives flexible. frhimf is a comprehensive microfinance program that provides financial and social intermediation to help clients improve their economic, social, and quality of life metrics. the frhimf provides both financial and non-financial assistance. nonfinancial support enables instant aid, enhanced skills, community engagement, long-term commitment, and relationships. individuals who want to offer their time and money are glad to attend the scheme. the program provides products finance to help clients increase sales by supporting their revenue-generating assets. the program comprises micro-credit, micro-savings, and micro-takeable products, and micro-credit. the whole finance framework enables consumers to receive funding for successful industries and aid with other life requirements and circumstances. this technique increases consumer confidence and establishes long-term relationships, allowing engaged customers to become change agents through investment impact and volunteer activity. frhimf is appropriate for launching in tiny, homogeneous communities in suburban and rural parts of developing muslim countries, where banking is often not accessible. the scheme has a strong chance of hitting both the supply and demand sides thanks to its electrical crowdfunding network, productive activities, usage of fintech, and various interactions. the frhimf program provides entrepreneurs with a one-of-a-kind program that http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 247 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 integrates microfinance and human development projects to alleviate poverty and promote self-sufficiency. the “impact” of the programme the primary objective of a microfinance institution is to provide small loans to needy borrowers who lack a proven marketable source of income. microfinance is an alternative to traditional banking for the underprivileged. there are no organized financial services offered to the world's two billion inhabitants. nearly half of all people in the poorest families are unbanked. (world bank, 2015). typically, muslim-majority countries are poorer than non-muslim-majority countries (alpay, 2013). as interest in islam is forbidden, muslims look forward to interest-free financing solutions. any exclusion from financial services could otherwise be relevant solely based on faith. this frhimf offers a workable islamic microfinance model capable of achieving size, sustainability, and outreach. this can have a more lasting and powerful effect on lives than a one-time non-repetitive loan. financial inclusion is critical for poverty reduction and advancing sustainable development goals (sdgs). poverty reduction may also have a multiplicative effect on other sdgs, such as food safety (sdg-2), health and education (sdg-3), and cleaner water and sanitation (sdg-6) (sdg-7). figure 2. shows an overview of the system's supply-side (frhimf's) and demand-side (client perspective) finance and operational structure http://journal.uinjkt.ac.id/index.php/iqtishad 248 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 implications of the proposed model on practical and social situations microfinance success is contingent upon attaining three objectives: scalability, sustainability, and outreach. a fintech is a valuable tool for accomplishing these goals. islamic tradition views innovation as an opportunity, not a threat. for instance, modern checks and corporations reflect muslim culture (koehler,2014). fintech represents a critical potential for islamic finance to organize additional administrative procedures efficiently. online and constructive ownership via automatic transfers enables the rapid transfer of ownership and funds for islamic transactions and the online receipt and acceptance of real-time transactions. as a result, fintech has an opportunity to boost efficiency and competitiveness, which can help achieve three goals: scaling, sustainability, and outreach. ashraf et al. (2014) found a positive correlation between islamic microfinance and the extent of islamic finance in oic and non-oic member countries through outreach and good techniques. this microfinance scheme incorporates fintech into both supply-side and demand-side activities. fintech's application in e-crowdfunding enables a more inclusive and transparent interaction. by employing a credit screening, asset scanning, and contract mechanics software application, such as real-time offers and receipts, transaction expenses, documentation, and ongoing monitoring can be minimized. the application of the e-volunteers program enables the use of human resources and effective programming of education and training programs. empirical evidence recommends that microcredit is insufficient to ensure socioeconomic mobility and a durable escape from poverty traps without complementary nonfinancial assistance (khandker, 2005; reed, 2011). this suggested microfinance plan encompasses a broader range of activities than microcredit. microfinance provides a broad range of financial services to low-income individuals and their microenterprises, including credit, savings, insurance, and money transfer. microfinance is a broad term that refers to financial services provided to people who cannot access official financial and banking institutions. microfinance assists the poor in achieving a successful and sustainable escape from poverty and meeting their general financial needs for survival and socioeconomic mobility. if microfinance is limited exclusively to microcredit, the effects would be far from outstanding. empirical evidence on the performance of microcredit in impoverished countries demonstrates that microcredit alone is insufficient to enable clients to leave poverty and achieve socioeconomic mobility. conventional microfinance consumers commit suicide in some countries, such as india, because they are under pressure to repay expensive interest-based micro-financial loans http://journal.uinjkt.ac.id/index.php/iqtishad mohammad shahid. an innovative fintech model 249 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 (samad, 2014). to ensure the success of microcredit, the financial element of the initiative will be supplemented with micro-savings and microinsurance. furthermore, poor consumers frequently require non-financial essentials such as financial literacy, business facilitation, primary education, and family health care for their young family members. they also need support and awareness to enhance their lifestyles to make life sustainable, hygienic, healthful, and healthy. corporate funding is often used to meet expenses related to these non-financial requirements. in that situation, the importance of non-financial support for deeper, effective, and financial intermediation should be highlighted as part of the entire microfinance scheme. thus, this proposed program provides financial and nonfinancial assistance to clients seeking economic and social development throughout the pre-financing, financing, and post-financing stages. conclusion this study addresses the operation of akhuwat microfinance. established as a dream of its founder dr. amjad saqib, he and his friends were concerned about poverty alleviation in 2001. they believed that high microfinance interest rates could further damage the poverty level. they found the interest-free microfinance system the only option for their nation's economic and social growth and entrepreneurial capacity building. akhuwat 's mission is to eradicate poverty by empowering socially and financially disadvantaged communities by providing interest-free loans. it enables poor and neglected families, reveals their entrepreneurial potential, develops their capacity, and offers social guidance. moreover, akhuwat seeks to build “a poverty-free society founded on ideals of compassion and equality.” akhuwat pioneered islamic microfinance and was taught in certain western universities as a source of expertise and a popular model. this study proposes a fintech-enabled hybrid islamic microfinance (frhimf) model for akhuwat microfinance to increase its long-term viability. moreover, adopting modern technology could reduce its cost, such as administrative cost, collateral problems, and so on, by providing online services. finally, some shariah-compliant fintech product is being proposed, which has been applied in many institutions, and positive results have been come out successfully. shariah-compliant fintech model application will hopefully reduce its executive cost and collateral difficulty, further speeding up its feasibility. it will be a strong pillar in eradicating poverty and uplifting poor and neglected families. moreover, the potential business skills and enhancing self-respect would be an emergence microfinance model in the future for the entire world. http://journal.uinjkt.ac.id/index.php/iqtishad 250 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(2018, august). shariah-compliant fintech in the banking industry. in era forum (vol. 19, no. 1, pp. 1-17). springer berlin heidelberg.6 43. vizcaino, b.: fintech platforms add islamic finance capabilities (2017). https:// www.reuters.com/ article/us-islamic-finance-fintech/fintech-platforms-addislamic-finance-capabilitiesiduskbn1580do (accessed 20-92021). ali, s.n. (2019), fintech in islamic finance: theory and practice. springer nature. rabbani, m. r., abdulla, y., basahr, a., khan, s., & moh'd ali, m. a. (2020, november). embracing of fintech in islamic finance in the post covid era. in 2020 international conference on decision aid sciences and application (dasa) (pp. 1230-1234). ieee. http://journal.uinjkt.ac.id/index.php/iqtishad https://www https://www.reuters.com/ https://www.reuters.com/ 254 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22498 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 nor, s. m., abdul-majid, m., & esrati, s. n. (2021). the role of blockchain technology in enhancing islamic social finance: the case of zakah management in malaysia. foresight. http://journal.uinjkt.ac.id/index.php/iqtishad pendahuluan berbeda dengan negara-negara maju, negara-negara berkembang, seperti indonesia, pemahaman tentang bank di negara ini belum utuh.1 sebagian masyarakat hanya memahami bank hanya sebatas tempat menyimpan dan meminjam uang belaka. bahkan terkadang sebagian masyarakat sama sekali belum memahami fungsi bank seutuhnya, sehingga tidak heran jika pandangan mereka tentang bank sering diartikan secara keliru. selebihnya banyak masyarakat yang tidak paham sama sekali tentang dunia perbankan. semua ini tentu dapat dipahami karena pengenalan dunia perbankan secara utuh terhadap masyarakat belum optimal, terutama melalui ilmu pemasaran bank. market share bank syari’ah di indonesia saat ini, relatif masih kecil, 1 kasmir, pemasaran bank (jakarta: kencana, 2005), cet. kedua, h. 7-8. efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana pihak ketiga puji lestari fakultas syariah dan hukum uin syarif hidayatullah jakarta jl. ir. h. juanda 95 ciputat jakarta email: puji_ls@yahoo.com abstrak: promosi merupakan salah satu variabel dalam bauran pemasaran yang sangat penting dilaksanakan oleh perusahan dalam memasarkan produk jasa. kegiatan promosi bukan saja berfungsi sebagai alat komunikasi antara perusahaan dengan konsumen, melainkan juga sebagai alat untuk mempengaruhi konsumen dalam kegiatan pembelian atau penggunaan jasa sesuai dengan keinginan dan kebutuhannya. hal ini dilakukan dengan menggunakan alat-alat promosi. kata kunci: promosi, pihak ketiga, dana puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .2 belum mencapai 2 % dari total asset bank secara nasional. menurut siti fajriyah2, salah seorang deputi gubernur bank indonesia, jumlah nasabah bank syari’ah saat ini, baru sekitar 3 juta orang. padahal jumlah umat islam potensial untuk menjadi konsumen bank syariah lebih dari 100 juta orang. dengan demikian, mayoritas umat islam belum berhubungan dengan bank syari’ah. banyak faktor yang menyebabkan mengapa umat islam belum berhubungan dengan banksyariah, antara lain: tingkat pemahaman dan pengetahuan umat tentang bank syariah masih sangat rendah, masih banyak yang belum mengerti dan salah memahami tentang bank syariah dan menggangapnya sama saja dengan bank konvensional. bahkan sebagian ustadz yang tidak memiliki ilmu yang memadai tentang ekonomi islam (ilmu ekonomi makro, moneter dan teknis perbankan) masih berpandangan miring tentang bank syariah, karena kurang informasi keilmuan tentang bank syariah. selain itu, belum ada gerakan bersama dalam skala besar untuk mempromosikan bank syariah dan terbatasnya pakar dan sdm ekonomi syari’ah. serta peran pemerintah masih kecil dalam mendukung dan mengembangkan ekonomi syariah. satu dari sepuluh pilar pengembangan bank syari’ah yakni dalam hal sosialisasi adalah sinergi3, sinergi sesama bank syari’ah merupakan sebuah keniscayaan yang tak terbantahkan untuk mengembangkan dan mempromosikan bank syari’ah secara signifikan. bank-bank syari’ah tak boleh promosi dan bekerja secara sendiri-sendiri. kegiatan indonesia syari’ah expo yang baru-baru ini dilaksanakan merupakan bentuk sinergi yang perlu diteruskan. masih banyak bentuk sinergi lain yang bisa dilakukan, seperti menggelar kegiatan bersama dalam promosi di tv, radio, menggelar workshop dan training ulama dan dosen ekonomi, penerbitan majalah dan buletin dan sebagainya. fakta membuktikan bahwa biaya untuk mengembangkan bank syari’ah oleh bank indonesia masih sangat kecil, sehingga dalam berbagai 2 siti fajriah, “10 pilar pengembangan bank syari’ah”, artikel diakses pada 11 januari 2008 dari http://kasei-unri.org/index.php?option=com. 3 ibid., al-iqtishad: vol. i, no. 2, juli 2009 3 momentum promosi bank syari’ah, sumbangan bank indonesia masih sangat kecil. berdasarkan data dari bi, biaya promosi dan belanja iklan industri perbankan syari’ah selama 2007 sebesar rp.91,3 miliar.4 biaya tersebut baru 1,9% dari biaya promosi bank konvensional. kecilnya market share sebagian besar disebabkan karena sedikitnya alokasi dana untuk pengembangan bank syari’ah dari bank indonesia. dibutuhkannya dana untuk edukasi dan pencerdasan masyarakat tentang bank syari’ah. promosi, pendidikan dan pelatihan membutuhkan biaya yang tidak sedikit. saat ini, eksistensi perbankan syariah tergolong masih belia. umurnya masih belasan tahun. jika ada orang yang membandingkan dengan umur bank konvensional, perbandingan semacam ini tidaklah seimbang. karena, dari sisi umur, bank konvensional sudah lama dikenal oleh masyarakat indonesia. wajar jika masyarakat lebih terbiasa bertransaksi dengan bank konvensional. sedangkan dalam prospek bank syari’ah tidak bisa dibantah, bahwa perbankan syari’ah mempunyai potensi dan prospek yang sangat bagus untuk dikembangkan di indonesia.5 prospek yang baik ini setidaknya ditandai oleh empat hal ; pertama, jumlah penduduk indonesia yang mayoritas beragama islam merupakan pasar potensial bagi perkembangan bank syari’ah di indonesia. kedua, perkembangan lembaga pendidikan tinggi yang mengajarkan ekonomi syari’ah semakin pesat, baik s1, s2, s3 juga d3. dalam lima tahun ke depan akan lahir sarjana-sarjana ekonomi islam yang memiliki paradigma, pengetahuan dan wawasan ekonomi syari’ah yang komprehensif. ketiga, fatwa mui tentang keharaman bunga bank, bagaimanapun akan tetap berpengaruh terhadap pertumbuhan perbankan syari’ah. pasca fatwa mui tersebut, terjadi shifting dana masyarakat dari bank konvensional ke bank syari’ah secara signifikan yang meningkat dari bulan-bulan sebelumnya. menurut data bi, dalam waktu satu bulan pasca fatwa mui, 4 “ biaya promosi dan iklan perbankan syariah”, diakses pada tanggal 11 januari 2008 dari situs http://www.bisnisonline.co.id 5 i akses pada tanggal 5 januari 2008 dari situs http//:www.bisnis indonesia.com puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .4 dana pihak ketiga yang masuk ke perbankan syari’ah hampir 1 triliyun.6 keempat, harapan kepada sikap pemerintah cukup besar untuk berpihak pada kebenaran, keadilan dan kemakmuran rakyat. political will pemerintah untuk mendukung pengembangan perbankan syari’ah di indonesia tinggal menunggu waktu, yakni dengan melihat keunggulan bank syari’ah. banyak peran bank indonesia dalam mendorong pertumbuhan bank syari’ah, khususnya dalam regulasi. namun kegiatan sosialisasi dan pencerdasan bangsa masih relatif kecil. tetapi, dalam strategi kebijakan pengembangan perbankan syariah di indonesia saat ini sudah ada langkah nyata yang dilakukan bi untuk mempercepat dan menyosialisasikan bank syariah kepada masyarakat adalah dengan diluncurkannya logi ib (islamic banking) pada 2 juli 2007.7 serta 6 pilar program akselerasi pengembangan perbankan syariah antara lain: penguatan kelembagaan bank syariah, pengembangan produk bank syariah, intensifikasi edukasi publik dan aliansi mitra strategis, peningkatan peranan pemerintah dan penguatan kerangka hukum bank syariah, penguatan sdm bank syariah, dan penguatan pengawasan bank syariah. setiap perusahaan selalu berusaha untuk dapat tetap hidup, berkembang, dan mampu bersaing. dalam rangka inilah, maka setiap perusahaan selalu menetapkan dan menerapkan strategi dan cara pelaksanaan kegiatan pemasarannya. kegiatan pemasaran yang dilakukan, diarahkan untuk dapat mencapai sasaran perusahaan yang dapat berupa tingkat laba yang diperoleh perusahaan dalam jangka panjang dan share pasar tertentu serta total unit dan total volume penjualan tertentu dalam suatu jangka tertentu.8 terbukti pertumbuhan jumlah bank syari’ah di negeri ini mencapai 13 persen. menurut data dari bank indonesia, hingga mei 2007 6 ibid, 7 ani murdiati “perkembangan dan kebijakan pengembangan bank syariah di indonesia”, dalam training perbankan syariah kerjasama pt. bank syariah mega indonesia dengan bem fakultas syariah dan hukum nr, 11-12 juni 2008, jakarta, uin syarif hidayatullah, 2008, h.3. 8 sofjan assauri, manajemen pemasaran, (jakarta: pt.raja grafindo persada, 2004), cet.keempat, h. 197. al-iqtishad: vol. i, no. 2, juli 2009 5 lalu jumlah bank syari’ah tercatat sebanyak 26 buah yang terdiri dari tiga bank umum syari’ah (bus) yang salah satunya adalah bank syari’ah mega indonesia dan 23 unit usaha syari’ah (uus).9 promosi merupakan salah satu variabel dalam bauran pemasaran yang sangat penting dilaksanakan oleh perusahan dalam memasarkan produk jasa. kegiatan promosi bukan saja berfungsi sebagai alat komunikasi antara perusahaan dengan konsumen, melainkan juga sebagai alat untuk mempengaruhi konsumen dalam kegiatan pembelian atau penggunaan jasa sesuai dengan keinginan dan kebutuhannya. hal ini dilakukan dengan menggunakan alat-alat promosi.10 promosi memang merupakan alat yang digunakan untuk meningkatkan angka, dalam hal ini penjualan.11 sementara, sosialisasi adalah suatu hal yang bersifat memberikan pemahaman kepada masyarakat akan hal yang baru. strategi promosi dan anggaran bank syariah mega indonesia setiap tahunnya disepakati dalam rapat anggaran. aktifitas promosi bank syariah mega indonesia telah memberikan kontribusi yang sangat signifikan. strategi yang saat ini dilakukan dalam hal promosi salah satunya adalah dimana saat ini bsmi berupaya meningkatkan dana murah yang dijaring dari tabungan dan giro.12 bank syariah mega indonesia (bsmi) melakukan kerja sama pembukaan layanan syariah di lima kantor cabang bank mega. kelima kantor cabang berada di wilayah dki jakarta. pembukaan tersebut bertujuan untuk mendorong penghimpunan dana pihak ketiga (dpk) retail dan murah. dengan demikian, komposisi dana murah pada dpk bsmi dapat ditingkatkan. rencananya, bsmi akan menama kan kantor channelling tersebut dengan sebutan galeri syariah. mengenai dpk, bsmi tengah berupaya meningkatkan dana retail karena dana tersebut merupakan dana murah. dana retail dimaksud adalah dpk 9 faizi, “bank syariah entaskan kemiskinan”, artikel di akses pada tanggal 11 januari 2008 dari situs http://www.republikaonline.co.id 10 rambat lupiyoadi, manajemen pemasaran jasa: teori dan praktik, (jakarta: pt. salemba emban patria, 2001), h. 108. 11 beny wicaksono, “pemilihan media dalam strategi promosi yang optimal untuk meningkatkan volume penjualan”, artikel diakses pada 2 februari 2008 dari www. republikaonline.co.id 12 ibid., puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .6 yang dijaring dari produk tabungan dan giro. rencana peningkatan dana murah tersebut bertujuan untuk menurunkan biaya dana (cost of fund). hal tersebut agar biaya dana dapat dapat ditekan sehingga tidak memukul sisi rentabilitas atau kemampuan memperoleh laba bsmi. penyediaan biaya promosi dapat dihubungkan dengan pendapatan penjualan perusahaan. ada anggapan bahwa biaya promosi harus mempunyai hubungan yang erat dengan pergerakan penjualan perusahaan selama siklus bisnis itu berjalan.13 dapat dikatakan pula bahwa dalam teorinya apabila biaya promosi besar atau dinaikan dari sebelumnya maka penjualan dalam hal ini adalah dana pihak ketiga pun ikut mengalami kenaikan, tetapi dalam faktanya di bank mega syariah dalam beberapa periode yang diteliti bahwasanya kenaikan dana pihak ketiga tidak diimbangi dengan besarnya biaya promosi yang dikeluarkan, artinya ketika bank mega syariah menaikan biaya promosi, dana pihak ketiga tetap tidak mengalami kenaikan yang berarti. guna menghadapi persaingan yang ketat dengan tetap memperoleh laba yang diinginkan, perbankan dituntut tidak hanya sekedar menguatkan profesionalisme dan perluasan usaha, tetapi harus pula, mengadakan komunikasi dengan para pemakai jasa perbankan, antara lain melalui kegiatan promosi, sehingga dapat memelihara kesehatan usaha dan meningkatkan kepercayaan terhadap usaha perbankan. sumber dana pihak ketiga sumber dana ini merupakan sumber dana terpenting bagi kegiatan operasi bank dan merupakan ukuran keberhasilan bank jika mampu mem biayai operasinya dari sumber dana ini. pencarian dana dari sumber ini relatif paling mudah jika dibandingkan dengan sumber lainnya. mudah dikarenakan asal dapat memberikan bunga yang relatif lebih tinggi dan dapat memberikan fasilitas menarik lainnya seperti hadiah dan pelayanan yang memuaskan menarik dana dari sumber ini tidak terlalu sulit. kemudian keuntungan lainnya dana yang tersedia di masyarakat tidak terbatas. 13 kotler, philip dan ab susanto, manajemen pemasaran di indonesia, jilid 2 (jakarta: salemba empat, 2001), h.795. al-iqtishad: vol. i, no. 2, juli 2009 7 kerugiannya adalah sumber dana dari sumber ini relatif lebih mahal jika dibandingkan dari dana sendiri baik untuk biaya bunga maupun biaya promosi. untuk memperoleh dana dari masyarakat luas dapat menggunakan tiga macam jenis simpanan (rekening). masing-masing jenis simpanan memiliki keunggulan tersendiri, sehingga bank harus pandai dalam menyiasati pemilihan sumber dana. sumber dana yang dimaksud adalah: simpanan giro, simpanan tabungan dan simpanan deposito.14 unsur-unsur dana pihak ketiga sumber dana atau unsur-unsur dana pihak ketiga adalah sebagai berikut: 1. simpanan giro dalam bahasa sehari-hari kata simpanan sering disebut dengan nama rekening atau accoun, di mana artinya sama. dengan memiliki simpanan atau rekening berarti memiliki sejumlah uang yang disimpan di bank tertentu atau dengan kata lain simpanaa adalah dana yang dipercayakan oleh masyarakat untuk dititipkan di bank. dana kemudian dikelola oleh bank dalam bentuk simpanan seperti rekening giro, rekening tabungan dan rekening deposito untuk kemudian diusahakan kembali dengan cara disalurkan ke masyarakat. pengertian giro menurut undang-undang perbankan nomor 10 tahun 1998 tanggal 10 november 1998 adalah15 simpanan yang penarikannya dapat dilakukan setiap saat dengan menggunakan cek, bilyet giro, sarana perintah pembayaran lainnya atau dengan cara pemindahbukuan. sedangkan giro wadiah adalah16 dana nasabah yang dititipkan di bank. setiap saat nasabah berhak mengambilnya dan berhak mendapatkan bonus dari keuntungan pemanfaatan dana giro oleh bank. besarnya bonus 14 kasmir, manajemen perbankan (jakarta: pt.raja grafindo persada, 2007), ed.1-7, h. 47-48. 15 ibid, h. 50. 16 syafi’i antonio, bank syariah: analisa kekuatan, peluang, kelemahan dan ancaman (yogyakarta: ekonisia, 2006), h. 19. puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .8 tidak ditetapkan dimuka tetapi benar-benar merupakan “kebijaksanaan” bank, sungguhpun demikian nominalnya diupayakan sedemikian rupa untuk senantiasa kompetitif. 2. simpanan tabungan berbeda dengan simpanan giro, simpanan tabungan memiliki ciri khas tersendiri. jika simpanan giro digunakan oleh para pengusaha atau para pedagang dalam bertransaksi maka simpanan tabungan digunakan untuk umum dan lebih banyak digunakan oleh perorangan baik pegawai, mahasiswa atau ibu rumah tangga. kemudian bank dalam menetapkan suku bunga juga berbeda dalam arti rata-rata suku bunga simpanan tabungan lebih tinggi dari jasa giro yang diberikan kepada nasabah. begitu pula metode perhitungan bunga serta berbagai keuntungan lainnya seperti hadiah atau cindera mata. pengertian tabungan menurut undang-undang perbankan nomor 10 tahun 1998 adalah17 simpanan yang penarikannya hanya dapat dilakukan menurut syarat-syarat tertentu yangd isepakati, tetapi tidak dapat ditarik dengan cek, bilyet giro dan atau alat lainnya yang dipersamakan dengan itu. sedangkan tabungan mudharabah adalah18 dana yang disimpan akan dikelola bank untuk memperoleh keuntungan. keuntungan akan diberikan kepada nasabah berdasarkan kesepakatan bersama. 3. simpanan deposito sumber dana dari masyarakat luas yang ketiga adalah simpanan deposito dan pemilik deposito disebut deposan. berbeda dengan dua jenis simpanan sebelumnya, di mana simpanan deposito mengandung unsur jangka waktu (jatuh tempo) lebih panjang dan dapat ditarik atau dicairkan setelah jatuh tempo. begitu juga dengan suku bunga yang relatif lebih tinggi dari kedua jenis simpanan sebelumnya. pengertian deposito menurut undang-undang no.10 tahun 1998 17 kasmir, manajemen perbankan, h. 57. 18 syafi’i, bank syariah: analisa kekuatan, peluang, kelemahan dan ancaman,h. 19. al-iqtishad: vol. i, no. 2, juli 2009 9 adalah19 simpanan yang penarikannya hanya dapat dilakukan pada waktu ter tentu berdasarkan perjanjian nasabah penyimpanan dengan bank. dan deposito investasi mudharabah adalah20 dana yang disimpan nasabah hanya bisa ditarik berdasarkan jangka waktu yang telah ditentukan dengan bagi hasil keuntungan berdasarkan kesepakatan bersama. pengaruh biaya promosi pada dana pihak ketiga biasanya kegiatan promosi dianggarkan sebagai biaya operasi (current expense) dan secara tersirat menganggap bahwa manfaatnya terpakai habis seketika itu. joel dean dan lainnya memajukan bahwa periklanan (dan agaknya juga usaha promosi lain) seharusnya diperlakukan sebagai penanaman modal. alasan mereka adalah bahwa manfaat dari hasil penanaman ini kerapkali (1) tidak segera tampak dan (2) timbul selama beberapa tahun berturut-turut.21 sementara untuk penentuan penyediaan dana guna usaha promosi terdapat empat cara. cara ini kerap kali dibahas dalam hubungan dengan penyediaan dana periklanan saja, akan tetapi cara ini memang juga dapat dilakukan dalam hubungan penentuan biaya seluruh kegiatan promosi.22 antara lain: a) perbandingan dengan pendapatan dana pihak ketiga. penyediaan dana promosi dapat dihubungkan dengan pendapatan jumlah dana pihak ketiga atas dasar berikut. pengeluaran ini dapat ditetapkan sebagai persentase dari angka pendapatan masa lalu atau yang akan datang. sebenarnya metode ini tidak sehat dan secara logis tidak konsisten. dengan memperkirakan pendapatan yang akan datang dan menetapkan penyediaan dana promosi, maka pimpinan tetap menganggap periklanan dan penjualan personal sebagai hasil pendapatan. jika pendapatan dana 19 kasmir, manajemen perbankan, h. 63. 20 syafi’i, bank syariah: analisa kekuatan, peluang, kelemahan dan ancaman,h. 19. 21 kotler, philip dan ab susanto, manajemen pemasaran di indonesia, jilid 2 (jakarta: salemba empat, 2001), h.152. 22 william, j stanton, prinsip-prinsip pemasaran (jakarta: erlangga, 1993), h.152. puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .10 pihak ketiga bergantung pada promosi, sebagaimana hal sebenarnya, maka pimpinan tidak dapat meramalkan pendapatan sebelum penyediaan dana promosi tersebut ditetapkan. hasil yang tidak diinginkan yang lain dari metode penentuan ini adalah bahwa pengeluaran untuk promosi dikurangi jika pendapatan dana pihak ketiga turun. dan sebenarnya pada saat itulah promosi makin banyak diperlukan. metode persentase dari pendapatan dana pihak ketiga dinyatakan memiliki sejumlah keuntungan. pertama, metode ini berarti pengeluaran promosi akan berubah sesuai “kemampuan” perusahaan. hal ini memuaskan manajer keuangan, yang menganggap bahwa biaya harus mempunyai hubungan yang erat dengan pergerakan penjualan perusahaan selama siklus bisnis itu. secara tidak langsung menyiratkan bahwa biaya promosi menjadi salah satu faktor yang dapat mempengaruhi dana pihak ketiga. kedua, metode ini memaksa manajer untuk berpikir menurut hubungan antara biaya promosi, harga jual, dan laba per unit. ketiga, mendorong stabilitas kompetitif sampai sejauh perusahaan pesaing menghabiskan persentase yang hampir sama dari pendapatan dana pihak ketiga mereka untuk promosi.23 b) tugas atau sasaran dasar yang lebih sehat untuk menetapkan anggaran promosi adalah menetapkan tugas-tugas apa yang yang harus dilaksanakan dalam program promosi dan kemudian menetapkan berapa biayanya. berbagai variasi dari metode ini digunakan sekarang. metode tugas memaksa untuk menggambarkan realistis tujuan program promosi. adakalanya pendekatan ini dinamai metode membangun (buildup method) berdasarkan atas bagaimana cara ia bekerja. umpamanya, sebagai tujuan, perusahaan dapat menetapkan akan mamasuki suatu pasaran geogarafis baru. para pejabat kemudian menetapkan bahwa usaha ini memerlukan tambahan 10 tenaga penjualan, gaji dan biaya tenaga ini akan berjumlah rp. 270 juta setahun. gaji pengawas penjualan tambahan dan biaya tambahan untuk keperluan kantor dan tata usaha akan berjumlah 23 kotler, manajemen pemasaran di indonesia, h. 794-795. al-iqtishad: vol. i, no. 2, juli 2009 11 rp. 35 juta. jadi, dalam bidang penjualan personal pada promotional mix dana tambahan sebesar rp. 305 juta perlu disediakan. perkiraan-perkiraan serupa dapat diadakan mengenai rancangan biaya periklanan, promosi penjualan dan cara-cara promosi lain yang akan digunakan. maka, penyediaan dana promosi dibangun dengan menjumlah biaya tugas-tugas promosi satu persatu, yang diperlukan untuk melaksanakan tujuan mamasuki daerah pemasaran baru.24 c) penggunaan semua dana yang tersedia. perusahaan baru kerapkali memasukkan seluruh dana yang tersedia ke dalam program promosi. sasaran disini adalah membangun pendapatan selama 1 hingga 5 tahun pertama. setelah masa itu, pimpinan meng harapkan memperoleh laba dan lebih mampu menyusun anggaran promosi dengan cara lain. d) mengikuti jejak pesaing cara lemah untuk menetapkan anggaran promosi, yaitu suatu cara yang tersebar cukup luas sehingga pantas untuk diajukan di sini, ialah cara mengikuti jejak pesaing dalam menetapkan anggaran promosi. metode ini lemah dalam dua segi. pertama, pesaing dapat saja sama-sama tidak mengikuti cara menyusun anggaran promosi secara tepat. kedua, tujuan dan strategi promosi perusahaan dapat berbeda sekali dengan keadaan pesaing, disebabkan karena perbedaaan perencanaan strategi pemasaran perusahaan.25 tujuan akhir dari beberapa promosi adalah untuk mendapatkan seseorang untuk membeli suatu produk maupun jasa atau dalam kasus organisasi nirlaba untuk mengambil beberapa tindakan (misalnya, donor darah). pemasar dapat mencari respons kognitif, afektif, atau perilaku audiens sasaran, yaitu, pemasar dapat memasuki sesuatu ke dalam pikiran konsumen, meng ubah sikap konsumen, atau membuat konsumen bertindak.26 24 william, prinsip-prinsip pemasaran, h. 153. 25 ibid 26 kotler, manajemen pemasaran di indonesia, h. 781. puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .12 penjualanpun dapat dianggarkan dengan menganilisis produk, wilayah, pelanggan dan tentu saja pola musiman perkiraan penjualan. anggaran harus dikompilasi oleh manajer penjualan. ia akan meminta pendapat para wiraniaga dan menggunakan teknik peramalan statistik dalam riset pasar.27 mengingat manajemen penjualan merupakan fungsi (sering yang terpenting) dalam strategi pemasaran, penting sekali bagi seorang manajer penjualan untuk sedikit menyadari taktik pemasaran lainnya sehingga ia dapat berkontribusi dan mengambil manfaat dari berbagai taktik itu.28 dalam hal ini salah satunya adalah bagian promosi. manajer penjualan harus mengintegrasikan kegiatannya dengan upaya pemasaran yang lainnya, dengan demikian biaya pemasaran dimanfaatkan semaksimum mungkin sehingga akan menghasilkan pendapatan dana pihak ketiga yang maksimum pula. pelaksanaan promosi pada pt.bank syari’ah mega indonesia dalam tingkat persaingan yang semakin tajam di antara sesama lembaga keuangan dan semakin kompleksnya masalah-masalah yang timbul dalam kegiatan pemasaran suatu produk, maka dituntut adanya ketelitian dalam memilih beberapa alternatif yang tepat agar dapat menyesuaikan diri dengan permintaan dan perubahan pasar. adapun pokok-pokok yang harus di pertimbangkan dalam menentukan bentuk-bentuk promosinya yaitu: 1. nasabah yang dituju sebelum menentukan bentuk promosi, bank melihat produk apa yang ditawarkan kepada nasabah dan sasaran apa yang akan dituju. kemudian dari kedua unsur tersebut dapat dilihat segmen mana yang akan dituju. 2. jumlah nasabah yang hendak dicapai sebelum pemilihan bentuk promosi, bank melakukan survey lapangan dengan maksud untuk mengetahui bentuk dan media apa yang paling tepat untuk digunakan saat ini. apabila jumlah nasabah yang ingin dicapai prefectif massal, maka personal selling kurang tepat 27 dennis lock, nigel farrow, manajemen umum, (jakarta: pt.elek media komputido, 1989), buku 1, h. 133. 28 ibid, h. 316. al-iqtishad: vol. i, no. 2, juli 2009 13 untuk digunakan. sebaiknya advertising publisitas sangat tepat untuk diterapkan dengan menempatkan iklan pada majalah atau surat kabar tertentu. 3. anggaran untuk promosi dalam pemilihan dan menggunakan bentuk maupun media promosi harus seefisien dan seefektif mungkin, untuk itu harus ditentukan terlebih dahulu sebagai bentuk maupun media yang akan digunakan sesuai dengan dana yang tersedia sehingga dapat mencapai sasaran yang telah ditetapkan. dalam kaitannya dengan pemasaran, perusaahaan harus dapat memilih cara promosi yang paling tepat dalam melaksanakan kegiatan promosinya, dalam hal ini efektif dalam pengumpulan dana. dalam hal ini bank mega syariah melakukan promosi melalui saluran komunikasi, baik sarana manusia maupun sarana bukan manusia dengan sasaran antara lain: a. untuk merangkul nasabah baru yang belum pernah berhubungan dengannya. b. merangkul kembali nasabah yang selama ini tidak aktif lagi membeli produk. c. berusaha menjaring para nasabah yang pernah berhubungan dengan bank-bank lain. d. menjerat nasabah yang suka berpindah-pindah dan dampaknya tidak loyal lagi dengan bank-bank yang selama ini dijalin oleh nasabah tersebut. e. meningkatkan jumlah nasabah, berarti meningkatkan volume penjualan kepada pemakai yang sudah menjadi nasabah suatu bank. dalam pemikiran kegiatan promosi ada beberapa cara yang dapat ditempuh oleh perusahaan untuk mengingkatkan penjualan, yaitu: 1. periklanan (advertising) iklan merupakan segala bentuk pesan tentang suatu produk yang disampaikan lewat media, ditujukan kepada sebagian atau seluruh masyarakat.29 29 direktorat bina pers dan grafika departemen penerangan ri, “tata krama dan tata cara perikalan indonesia” (jakarta: 1993), h.45. puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .14 iklan merupakan bagian dari strategi pemasaran yang bertujuan untuk memberitahukan serta memberi petunjuk serta kepada pembeli potensial dan untuk meningkatkan omset penjualan. jadi periklanan merupakan kegiatan untuk memperkenalkan produk guna memikat keinginan konsumen agar memiliki barang yang diiklankan. banyak media yang dipergunakan untuk mengiklankan produk dari bank mega syariah antara lain: a. surat kabar surat kabar dinilai oleh bank mega syariah sebagai media yang cukup baik karena dapat mencakup lapisan pembaca yang luas dan segala lapisan masyarakat sesuai dengan target marketnya, sehingga memberikan kesempatan kepada para pembaca baik di pasaran local maupun nasional. masyarakat dapat melihat keadaan ataupun peristiwa sehari-hari di halaman surat kabar, oleh karena itu iklan bank dapat diletakkan di halaman olah raga atau kolom-kolom berita ekonomi yang biasanya banyak menarik minat para pembaca untuk membacanya. surat kabar tersebut memuat informasi dalam bentuk tulisan atau lebih mengenai laporan keuangan dan sistem operasional bank serta komentar para ahli ekonomi tentang perbankan syariah yang tujuannya untuk menumbuhkan kepercayaan masyarakat untuk menyimpan dananya di bank mega syariah. adapun media yang digunakan atau surat kabar yang dipilih adalah republika, kompas, pelita, bisnis indonesia, media indonesia, sinar pagi, berita buana, suara pembaharuan, suara merdeka, dll. b. majalah salah satu keunggulan majalah adalah kualitas visual yang sangat prima karena umumnya dicetak diatas kertas berkualitas tinggi. sehingga memiliki daya tarik yang lebih dan terkesan enak untuk dibaca yang bertujuan menarik minat konsumen. majalah juga dapat dibaca berulang-ulang, tidak langsung dibuang. bank mega syariah memilih majalah yang sudah dikenal oleh masyarakat seperti info bank, gatra, sabili, tempo, modal, dll. bank mega syariah juga mengeluarkan majalah yang biasa terbit al-iqtishad: vol. i, no. 2, juli 2009 15 satu bulan sekali, yang menyajikan berbagai produk baru yang muncul, majalah ini biasanya diberikan kepada karyawan dan nasabah secara gratis. c. media elektronik 1) melalui radio radio merupakan salah satu alat media pengiklanan yang sifatnya sebagai pemberitahuan dan mengingatkan atas iklan yang telah dimuat di televisi, majalah, koran dsb. dan radio merupakan media yang fleksibel dan media yang memilki sifat instrusif yaitu orang akan terekspos oleh iklan pada saat iklan tersebut disiarkan dan iklan tersebut hadir di tengah-tengah siaran tanpa mengakibatkan orang beralih kesiaran lain. sifat instrutif ini menyebabkan radio memiki efektivitas untuk memutuskan perhatian konsumen dan menciptakan minat. hal ini yang menyebabkan radio cocok digunakan untuk pengenalan produk baru. penggunaan media ini sangat berbeda dengan media cetak, karena dengan radio orang buta huruf dan orang yang tidak sempat membaca koran atau majalah dapat mengerti pesan yang disampaikan. dengan media ini dapat dicapai para pendengar di rumah, mobil, tempattempat pekerjaan dan dimanapun mereka berada. berita peristiwa yang disiarkan oleh radio pada umumnya lebih cepat dari yang lain. 2) melalui televisi penggunaan media televisi ini sangat efektif sekali karena dapat dilihat sampai ke pelosok desa. iklan media televisi memberikan pelayanan yang sangat baik sekali. ditunjukkan kepada para nelayan dan petani yang oleh bank mega syariah yang memang menitikberatkan pada pelayan koperasi maupun masyarakat kecil, menengah, dan atas. dan pt.bank syariah mega indonesia (bank mega syariah) bekerja sama dengan pt.televisi transformasi (trans tv) dan trans 7. 3) internet pt.bank mega syariah indonesia (bank mega syariah) memilki homepage: http://www.megasyariah.co.id. yang bersifat publication untuk seluruh masyarakat yang ingin mengetahui lebih jauh bms, di mana di dalamnya terdapat informasi tentang bank mega syariah, puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .16 sekilas bank mega syariah, visi misi dan nilai-nilai, struktur organisasi, dewan komisaris, dewan pengawas syariah, dewan direksi, pemegang saham, penghargaan, produk layanan (produk pendanaan,produk pembiayaan dan jasa layanan), cabang atm (kantor cabang dan jaringan atm), simulasi (simulasi pembiayaan, table nisbah, kurs valas), berita, laporan keuangan (ikhtisar keuangan dan neraca). 4) outdoor media ini meliputi penggunaan neon sign yang ditempatkan pada jalurjalur yang ramai, dilewati lalu lintas ataupun tempat keramaian seperti, pertokoan, shelter bus, dan tempat strategis lainnya. pemasangan dilaksanakan selama satu tahun yang kemudian dapat diperpanjang atau pindah ke tempat lain pada periode promosi berikutnya. 5) brosur bank mega syariah menggunakan brosur dalam memperkenalkan pelayanan jasa yang ditawarkan dan mengenai ketentuan umum yang mudah dimengerti dan dipahami. brosur ini dibuat sedemikian rupa agar dapat mempunyai daya tarik tersendiri seperti dibuat dengan tata warna, desain, kata-kata dan desain grafis yang baik agar memberikan eksekutif dan menarik minat nasabah untuk membacanya dan biasanya ditempatkan pada tempat-tempat yang dapat terlihat dengan mudah oleh orang atau nasabah pada waktu nasabah datang untuk suatu keperluan di bank mega syariah. bank mega syariah juga menyediakan brosur tersebut di meja front office masing-masing cabang atau kantor kas dan di setiap kegiatan yang diadakan diikuti oleh bank mega syariah. adapun keputusan-keputusan yang diambil dalam periklanan adalah mengenai: a) besarnya anggaran periklanan b) cara prosentasi c) media yang dipakai d) jadwal pemasanagn iklan pelaksanaan promosi melalui periklanan yang dilaksanakan bank mega syariah mempunyai keunggulan antara lain: 1) bila dilihat dari medianya, seperti majalah dan surat kabar, maka al-iqtishad: vol. i, no. 2, juli 2009 17 periklanan di sini mempunyai keuntungan yaitu dapat mencapai target market yang telah ditetapkan oleh bank mega syariah. 2) sedangkan bila dilihat dari isinya, maka iklan tersebut mempunyai keuntungan yaitu dapat mengkomunikasikan benefit uatau keuntungan produk yang ditawarkan kepada calon nasabah (konsumen). adapun kekurangannya adalah: biaya yang dikeluarkan oleh bank mega syariah cukup besar. adapun strategi periklanan yang dijalankan oleh bank mega syariah adalah menggunakan keberadaan media massa dengan seoptimal mungkin. personal selling penjualan personal yaitu interaksi langsung antar satu atau lebih calon pembeli dengan tujuan melakukan penjualan.30 adapun cara yang ditempuh oleh bank mega syariah adalah a. kunjungan ke suatu forum untuk melakukan seminar atau pelatihan yang bertujuan memperkenalkan dan menawarkan produk bank mega syariah. b. kunjungan kepada nasabah yang potensial dan menawarkan produkproduk bms yaitu nasabah yang memiliki usaha dengan prospek yang cerah. c. kontak langsung dengan nasabah, yaitu melalui petugas bank dengan nasabah yang langsung datang ke bank, nasabah berhak untuk mendapatkan informasi dan penerangan tentang produk bank yang dihasilkan dan keunggulannya. kegiatan ini cukup efektif karena adanya komunikasi dua arah, nasabah datang langsung bertanya dengan petugas tentang apa saja yang berkaitan dengan produk tersebut. personal selling dilakukan oleh bank mega syariah sifatnya tidak terus menerus, dimana pihak bank mega syariah melakukan promosi ini hanya ditujukan kepada koperasi kecil dan menengah, juga diberikan 30 kotler, philip dan ab susanto, manajemen pemasaran di indonesia, jilid 2 (jakarta: salemba empat, 2001), h. 800. puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .18 kepada pengusaha kecil, menengah dan atas. biasanya pengusaha kecil ini diberikan penyuluhan-penyuluhan, karena biasanya sebagai petani dan nelayan pedesaan. jadi dana yang ditetapkan tidak terlalu besar. promosi penjualan strategi yang dikeluarkan oleh bank mega syariah dalam melaksanakan promosi penjualan adalah dengan cara memberikan kemudahankemudahan serta kelebihan-kelebihan dari pelayanan atau service kepada nasabah nya. karena yang dilayani disini menyangkut untuk kepentingan orang banyak, koperasi dan rakyat kecil. selain itu bank mega syariah juga memberikan hadiah-hadiah berupa kalender, buku, agenda, pena dan lain-lain yang diberikan kepada nasabah yang setia kepada bank mega syariah, dan juga diberikan kepada calon nasabah baru. adapun keuntungan yang didapat dari promosi ini yaitu biaya yang digunakan relatif rendah, karena pihak bank mega syariah lebih mengutamakan atas pelayanan atau service yang diberikan kepada konsumen. sedangkan kekurangannya yaitu adanya keterbatasan jumlah konsumen yang mendapat pelayanan tentang informasi dari bank mega syariah. publisitas pada saat publisitas, perusahaan harus mengeluarkan sejumlah biaya walaupun memang tidak banyak, karena biasanya publisitas ini diwujud kan dalam bentuk berita dengan maksud untuk menambah perhatian simpatisan, kepercayaan masyarakat terhadap keputusan dan kebijaksanaan dari perusahaan. dalam dunia perbankan, publisitas sering lebih disebut dengan humas dan sarana yang dipakai dalam berbagai sistem masyarakat. di sini apabila masyarakat merasa mendapatkan pelayanan yang kurang baik, maka publisitas akan bersifat negatif. oleh karena itu, pimpinan beserta seluruh karyawan bank mega syariah sedapat mungkin memberikan pelayanan sebaik-baiknya sehingga nantinya akan diperoleh publisitas perusahaan yang baik yang akan dinilai oleh nasabah itu sendiri. promosi melalui humas yang dilakukan bank mega syariah yaitu dengan membuat ulasan-ulasan, lembaran tulisan dan makalah yang dipulbikasikan yang terlibat dalam seminar-seminar atau pelatihan yang al-iqtishad: vol. i, no. 2, juli 2009 19 sering diselenggarakan oleh suatu pihak yang tujuannya untuk memberikan informasi seputar bank syariah semisal sistem operasional dan kegiatan usaha. seperti yang baru saja dilakukan oleh pt.bank syariah mega indonesia (mega syariah cabang kuningan) telah melakukan pelatihan atau pun kerjasama dengan universitas islam negeri syarif hidayatullah jakarta pada tanggal 11-12 juni 2008 di fakultas syariah dan hukum. keuntungan yang didapat dari publisitas ini adalah: a. biaya yang digunakan relatif rendah. b. dapat mencakup tentang promosi produk baru maupun informasi tentang kebijaksanaan yang dilakukan oleh bank mega syariah. sedangkan kekurangannya adalah dari tanggapan masyarakat bisa negatif apabila publisitas disampaikan dengan tidak baik. dengan melihat kelebihan-kelebihan dan kekurangannya yang terdapat dalam masing-masing elemen promosi tersebut dia atas, maka dapat dikatakan bahwa promosi yang menguntungkan bagi perusahaan dilihat dari kekurangan dan keuntungan masing-masing dari promosi perusahaan dapat mencapai target market yang telah ditetapkan. hal ini sangat beralasan karena pada periklanan selain kita dapat memperkenalkan produk yang diatawarkan, kita dapat menyampaikan segala keuntungan yang didapat bila calon nasabah atau konsumen memiliki produk tersebut, sehingga konsumen tertarik untuk produk yang dikeluarkan. penerapan promosi dalam perspektif islam pada pt. bank syariah mega indonesia (bank mega syariah) islam adalah agama yang bersifat komprehensif dan universal. komprehensif artinya mengatur seluruh aspek kehidupan manusia, yang secara garis besar dapat diklasifikasikan menjadi 3 sub sistem yaitu aqidah, syariah, dan akhlak. aqidah adalah hukum-hukum yang bersangkut paut dengan keimanan, dan ketauhidan yang merupakan dasar keimanan seorang muslim. syariah adalah hukum-hukum yang mengatur hubungan manusia dengan kholik maupun manusia dengan makhluk. sedangkan akhlak menitik beratkan pada pendidikan rohani dan pembersihan hati dari sifat-sifat tercela dan menghiasi dengan sifat-sifat yang terpuji. wahyu allah yang tertuang alpuji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .20 qur’an dan as-sunah mencakup semua fenomena kehidupan. dasar-dasar, aturan-aturan, serta semua hukum yang berkaitan dengan aqidah, ibadah dan muamalah. syariah islamiyah dan seluruh hukumnya tidak boleh dipisahpisahkan atau dipecah-pecah, karena bersifat kully. mengambil sebagian dan meninggalkan sebagian yang lain tidak akan mencapai objekyif syariah tujuan dan falsafahnya tidak akan dapat ditegakkan.31 deskripsi besaran biaya promosi dan dana pihak ketiga di pt.bank syariah mega indonesia promosi merupakan cara penyampaian pesan-pesan yang dapat mempengaruhi konsumen agar berubah sikapnya dengan tujuan permintaan dan penjualan. sebagai gambaran untuk pengeluaran biaya pertahun akan ditampilkan dalam hasil olah data yang dilakukan dengan menggunakan spss for windows versi 15.0 mengenai jumlah besaran biaya promosi yang digunakan dengan dana tertentu dan jumlah dana pihak ketiga yang dapat dikumpulkan. meskipun dana yang alokasikan untuk promosi ini terus mengalami peningkatan dari tahun ke tahun, namun hal itu lakukan oleh pt.bank syariah mega indonesia guna menunjukkan keberadaan bank kepada masyarakat luas merupakan salah satu bank yang berkompeten dan patut diperhitungkan oleh masyarakat luas dalam memilih sebuah bank syariah. promosi harus dilakukan secara benar demi mencapai tujuan yang telah direncanakan. jika promosi yang dilakukan tidak tepat maka hal itu hanya mengeluarkan beban biaya yang tidak mendatangkan hasil yang tidak optimal, untuk itu maka penerapannya harus benar-benar direncanakan, dilakukan dan dikelola sedemikian rupa guna mencapai sasaran yang diharapkan. data-data yang diperlukan dalam analisis ini didapat dari laporan neraca dan laporan laba rugi triwulan pt.bank syariah mega indonesia, yang dimulai dari tahun 2004-2008. dengan demikian diharapkan dapat diketahui perkembangan laporan keuangan tiap bulannya. dari hasil olah data yang dilakukan dengan menggunakan spss for windows versi 15.0 31 shamsul, falah, “makalah etika bisnis islam” (jakarta: 2004), h.4. al-iqtishad: vol. i, no. 2, juli 2009 21 dapat dijelaskan mengenai variabel-variabel yang terdapat pada model regresi linear sederhana dan korelasinya dapat dilihat pada tabel-tabel di bawah ini: 2. besaran biaya promosi di pt.bank syariah mega indonesia yang dimaksud besaran biaya promosi di pt.bank syariah mega indonesia adalah jumlah besaran biaya untuk kegiatan promosi yang dikeluarkan oleh divisi promosi di tiap periodenya (per triwulan). jumlah besaran biaya promosi diberikan secara umum dari desember 2004 sampai juni 2008 mengalami kenaikan saldo tahunan sebesar rp. 1.236.000.000 men jadi sebesar rp. 1.697.000.000 atau selisih kenaikan rp. 461.000.000. sebagimana tercermin dalam tabel 4.1 dibawah ini: tabel 4.1. data besaran biaya promosi (dalam jutaan rupiah) tahun triwulan besaran biaya promosi 2004 desember (1) 1236 2005 maret (2) juni (3) september (4) desember (5) 163 430 709 1544 2006 maret (6) juni (7) september (8) desember (9) 210 515 1071 2340 2007 maret (10) juni (11) september (12) desember (13) 696 1533 2110 3933 2008 maret (14) juni 525 1697 puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .22 gambar 2. besaran biaya promosi jumlah besaran biaya promosi pt.bank syariah mega indonesia tiap tahunnya mengalami kenaikan dan penurunan jumlah besaran biaya promosi terkecil pada periode bulan maret tahun 2005 atau triwulan ke-2 sebesar rp.163.000.000 dan jumlah besaran biaya promosi terbesar pada periode bulan desember tahun 2007 atau pada triwulan ke-13 yakni sebesar rp.3.933.000.000 tabel 4.2. perhitungan rata-rata, dan varians besaran biaya promosi descriptive statistics n minimum maximum mean std. deviation bp 15 163,00 3933,00 1247,4667 1004,47853 valid n (listwise) 15 sumber: data olahan spss 15.0 tabel 4.2 menunjukkan bahwa varian x (besaran biaya promosi), memiliki nilai rata-rata (mean) sebesar rp.1247,4667, standar deviasi sebesar 1004.47 dan jumlah data sebanyak 15 data. 3. jumlah dana pihak ketiga pt.bank syariah mega indonesia yang dimaksud dengan jumlah dana pihak ketiga pt.bank syariah mega indonesia terdiri atas tabungan, giro dan deposito yang tertera pada laporan keuangan. dana pihak ketiga secara umum dari desember 2004 sampai juni 2008 mengalami kenaikan sebesar rp. 274.875.000.000 menjadi sebesar rp. 1.877.502.000.000 pada juni 2008, atau selisih kenaikan rp. 1.602.627.000.000 al-iqtishad: vol. i, no. 2, juli 2009 23 tabel 4.3. data jumlah dana pihak ketiga (dalam jutaan rupiah) tahun triwulan jumlah dana pihak ketiga 2004 desember (1) 274875 2005 maret (2) juni (3) september (4) desember (5) 301056 297939 413126 825154 2006 maret (6) juni (7) september (8) desember (9) 696819 1039434 1567154 2159539 2007 maret (10) juni (11) september (12) desember (13) 2318519 2060055 2107725 2168531 2008 maret (14) juni (15) 1801940 1877502 gambar 3. jumlah dana pihak ketiga jumlah dana pihak ketiga pt.bank syariah mega indonesia tiap tahunnya cenderung mengalami kenaikan dan penurunan, jumlah dana pihak ketiga terkecil pada periode awal yakni bulan desember tahun puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .24 2004 atau triwulan pertama sebesar rp.274.875.000.000 dan jumlah dana pihak ketiga terbesar pada periode bulan desember tahun 2007 atau pada triwulan ke-14 yakni sebesar rp.1.877.502.000.000. tabel 4.4. perhitungan rata-rata dan deviasi jumlah dana pihak ketiga descriptive statistics n minimum maximum mean std. deviation dpk 15 274875,00 2318519,00 1327291,2000 797448,24575 valid n (listwise) 15 sumber: data olahan spss 15.0 tabel 4.4 menunjukkan bahwa variable x (jumlah dana pihak ketiga) memilki nilai rata-rata (mean) sebesar rp.1327291.2, standar deviasi sebesar 797448.24 dan jumlah data sebanyak 15 data. analisa kuantitatif statistik dan interpretasi data. analisis regresi dan korelasi disebut juga leas square analysis. tujuannya adalah untuk melihat pengaruh dan hubungan antar variabel.32 penulis mencoba mengkombinasikan dua cara penghitungan untuk mencari hasil regresi dan koefisien korelasi, yaitu menggunkan spss 15.0 dan menggunakan rumus uji t, uji f dan uji koefisien determinasi untuk korelasi. hal ini dilakukan untuk mendapatkan hasil yang valid. pengujian hipotesis 1. analisis regresi untuk persamaan regresi: y = a + bx dimana: x = variabel independen yaitu besaran biaya promosi y = variabel dependen yaitu jumlah dpk a = konstanta 32 freddy rangkuti, marketing analysis made easy: teknik analisis pemasaran dan analisis kasus menggunakan exel dan spss, (jakarta: pt.gramedia pustaka utama, 2005), h.37. al-iqtishad: vol. i, no. 2, juli 2009 25 b = koefisien regresi a) koefisien regresi dari table 4.5 dapat diketahui bahwa nilai variabel x (besaran biaya promosi) terhadap variable y (jumlah dana pihak ketiga) sebesar 2,2 %. angka ini lebih kecil dari taraf signifikan 5% (0,05). dari data ini maka dapat ditarik kesimpulan bahwa biaya promosi berpengaruh secara signifikan terhadap jumlah dana pihak ketiga. berdasarkan hasil pengolahan spss versi 15.0 didapat y = 272,302 + 0,001 x, memiliki arti bahwa jika biaya promosi 0 maka dana pihak ketiga 272,302, dan bila biaya promosi 1% maka dana pihak ketiga 0,1%. tabel 4.5 coefficients(a) model unstandardized coefficients standardized coefficients t sig. b std. error beta b std. error 1 (constant) bp 272.302 435.498 .625 .543 .001 .000 .583 2.589 .022 a dependent variable: dpk b) uji t dimana berdasarkan hasil pengolahan spss versi 15.0 untuk konstanta didapat nilai t sebesar 2,589 dan t tabel sebesar 1,771. karena nilai dari t hitung (2,589) > t tabel (1,771), maka secara individu variabel x (besaran biaya promosi) mempunyai pengaruh yang signifikan terhadap variabel y (jumlah dana pihak ketiga). c) uji f selanjutnya dilakukan uji f yang bertujuan untuk melihat seberapa besar pengaruh variabel independen secara bersama-sama mempengaruhi variabel dependen. berdasarkan pengolahan data menggunakan spss versi 15 (tabel 4.6) didapatkan hasil nilai f sebesar 6,703, kemudian diperbandingkan dengan nilai f tabel sebesar 4,67, atau f hitung (6,703) > f puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .26 tabel (4,67) sehingga dapat disimpulkan bahwa uji f adalah signifikan yang berarti bahwa secara bersama-sama variabel independen (besaran biaya promosi) mempengaruhi variabel dependen (jumlah dana pihak ketiga). tabel 4.6 anova(b) model sum of squares df mean square f sig. 1 regression residual total 4805701.137 1 4805701.137 6.703 .022(a) 9319978.596 13 716921.430 14125679.733 14 a predictors: (constant), y b dependent variable: x d) uji koefisien determinasi kemudian dilihat besaran koefisien determinasi(r2), berdasarkan tabel 4.7 didapat nilai r square sebesar 0,583² = 0,34 x 100% = 34%. hal ini berarti bahwa jumlah dana pihak ketiga dipengaruhi oleh besaran biaya promosi sebesar 34% dan sisanya 66% dipengaruhi oleh variabel lain selain besaran biaya promosi. seperti: pelayanan kepada nasabah, hadiah dan bonus, seminar, kurs, dll. tabel 4.7 model summary model r r square adjusted r square std. error of the estimate 1 .583(a) .340 .289 846.712 a predictors: (constant), y 2. analisis korelasi korelasi yang didapat yaitu sebesar 0,583 termasuk ke dalam korelasi sempurna positif dan merupakan korelasi yang kuat antara variabel besaran biaya promosi dengan variabel jumlah dana pihak ketiga. al-iqtishad: vol. i, no. 2, juli 2009 27 adapun statistik parameternya adalah sebagai berikut: ho = tidak terdapat hubungan positif antara variabel besaran biaya promosi dengan jumlah dana pihak ketiga h1 = terdapat hubungan positif antara variabel besaran biaya promosi dengan dana pihak ketiga berdasarkan hasil perhitungan statistik dengan mengkorelasikan x (besaran biaya promosi) dan y (jumlah dpk) maka diperoleh hasil sebagai berikut: tabel 4.8 correlations x y bp pearson correlation 1 .583(*) sig. (2-tailed) .022 n 15 15 dpk pearson correlation .583(*) 1 sig. (2-tailed) .022 n 15 15 * correlation is significant at the 0.05 level (2-tailed). a) uji t untuk hasil t hitung: dengan derajat kebebasan 15 – 2 = 12, dengan tingkat kepercayaan 5% didapat t tabel sebesar 1,782. karena t hitung (2,587) > daripada t tabel (1,771), maka ho ditolak dan h1 diterima yang berarti terdapat hubungan positif antara variabel besaran biaya promosi dengan jumlah dana pihak ketiga. b) uji koefisien determinasi untuk koefisien determinasi dilakukan penghitungan dengan rumus puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .28 r2 = r2 x 100% r2 = (0,583)2 x 100% = 33,89% untuk keperluan interpretasi hasil perhitungan dari koefisien korelasi sebesar 0,583 hubungan yang sedang atau cukup kuat. berdasarkan hasil tersebut maka diketahui bahwa variabel x (besaran biaya promosi) memberikan pengaruh sebesar 33,89% terhadap jumlah dana pihak ketiga dan sisanya 66,11% dipengaruhi oleh faktor lain di luar besaran biaya promosi, seperti; pelayanan kepada nasabah, hadiah atau bonus, seminar, kurs, dll analisis hasil empiris dan interpretasi data dalam tingkat persaingan yang semakin tajam di antara sesama lembaga keuangan dan semakin kompleksnya masalah-masalah yang timbul dalam kegiatan pemasaran suatu produk, maka dituntut adanya ketelitian dalam memilih beberapa alternatif yang tepat agar dapat menyesuaikan diri dengan permintaan dan perubahan pasar. adapun pokok-pokok yang sudah dijalankan oleh bank mega syariah dalam menentukan bentukbentuk promosinya. dalam anggaran untuk promosi, hal ini bank mega syariah melakukan promosi melalui saluran komunikasi, baik sarana manusia maupun sarana bukan manusia. adapun strategi periklanan yang dijalankan oleh bank mega syariah adalah menggunakan keberadaan media massa dengan seoptimal mungkin. personal selling yang dilakukan oleh bank mega syariah sifatnya tidak kontinyu, dimana pihak bank mega syariah melakukan promosi ini hanya ditujukan kepada koperasi kecil dan menengah, juga diberikan kepada pengusaha kecil, menengah dan atas. biasanya pengusaha kecil ini diberikan penyuluhan-penyuluhan, karena biasanya sebagai petani dan nelayan pedesaan. jadi dana yang ditetapkan tidak terlalu besar. strategi yang dikeluarkan oleh bank mega syariah dalam melaksanakan promosi penjualan adalah dengan cara memberikan kemudahan-kemudahan serta kelebihan-kelebihan dari pelayanan atau service kepada nasabahnya, selain itu bank mega syariah juga memberikan hadiah-hadiah berupa kalender, buku, agenda, pena dan lain-lain yang diberikan kepada nasabah al-iqtishad: vol. i, no. 2, juli 2009 29 yang setia kepada bank mega syariah, dan juga diberikan kepada calon nasabah baru. promosi melalui humas yang dilakukan bank mega syariah yaitu dengan membuat ulasan-ulasan, lembaran tulisan dan makalah yang terlibat dalam seminar-seminar atau pelatihan yang sering diselenggarakan oleh suatu pihak yang tujuannya untuk memberikan informasi seputar bank syariah semisal sistem operasional dan kegiatan usaha. berdasarkan hasil empiris di atas terlihat bahwa terdapat adanya pengaruh dan hubungan yang positif dan kuat antara besaran biaya promosi dengan jumlah dana pihak ketiga. sehingga hipotesis ini dapat diterima dan terbukti. dapat diinterpretasikan bahwa salah satu faktor yang berpengaruh terhadap peningkatan jumlah dana pihak ketiga bank mega syariah adalah jumlah besaran biaya promosi. dalam penelitian ini dapat dilihat bahwa besar dan kecilnya jumlah besaran biaya promosi dapat mempengaruhi jumlah dana pihak ketiga. penutup berdasarkan hasil analisis dan pembahasan yang telah dikemukakan pada bab sebelumnya, maka dapat diberikan suatu kesimpulan sebagai berikut: pertama, jumlah besaran biaya promosi yang dikeluarkan pt.bank syariah mega indonesia untuk keperluan promosinya cenderung mengalami kenaikan dan penurunan di tiap periodenya. kenaikan pada tahun 2006 periode akhir desember dikarenakan oleh adanya peningkatan promosi penjualan dan hubungan masyarakat (publisitas). peningkatan besaran biaya promosi di tahun 2007 periode akhir desember sebesar 3933 juta merupakan peningkatan terbesar selama periode yang diteliti. karena perusahaan mencanangkan strategi penghimpunan dana pihak ke tiga retaik dan murah yang dijaring dari tabungan dan giro. dimana pt.bank syariah mega indonesia (bank mega syariah) melakukan kerjasama membuka unit pelayanan syariah (ups) seperti: galery bms di bank mega, ups bsm di bank mandiri, dan ups bank muamalat di kantor pos. kenaikan mencolok di tahun 2008 akhir periode juni sebesar 1697 antara lain dikarenakan oleh gencarnya kegiatan promosi yang dilakukan perusahaan pada tahun itu yang meliputi pemasangan iklan di media puji lestari: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana . . .30 cetak, media elektronik dan media ruang. disamping itu pada periode ini perusahaan juga melakukan kegiatan promosi penjualan publisitas untuk jenis produk tabungan wadiah, deposito mudharabah dan giro wadiah seperti: tabungan wadiah (mega tama), deposito mudharabah (mega syariah depo), dan giro wadiah, agar para calon nasabah mengenal dan tertarik pada produk yang dikeluarkan bank mega syariah. kedua, hasil uji regresi dan korelasi. diketahui bahwa hasil perhitungan regresi dilihat dari nilai probabililitas variable x (besaran biaya promosi) terhadap variabel y (jumlah dana pihak ketiga) sebesar 2,2 %. angka ini lebih kecil dari taraf signifikan 5% (0,05). dari data ini maka dapat ditarik kesimpulan bahwa biaya promosi berpengaruh secara signifikan terhadap jumlah dana pihak ketiga. karena nilai dari t hitung (2,589) > t tabel (1,960), maka secara individu variabel x (besaran biaya promosi) mempunyai pengaruh yang signifikan terhadap variabel y (jumlah dana pihak ketiga). dengan nilai f tabel sebesar 4,67, atau f hitung (6,703) > f tabel (4,67) sehingga dapat disimpulkan bahwa uji f adalah signifikan yang berarti bahwa secara bersama-sama variabel independen (besaran biaya promosi) mempengaruhi variabel dependen (jumlah dana pihak ketiga). didapat nilai r square sebesar 0,583² = 0,34 x 100% = 34%. hal ini berarti bahwa jumlah dana pihak ketiga dipengaruhi oleh besaran biaya promosi sebesar 34% dan sisanya 66% dipengaruhi oleh variabel lain selain pelayanan biaya promosi. korelasi yang didapat yaitu sebesar 0,583 termasuk ke dalam korelasi sempurna positif dan merupakan korelasi yang kuat antara variabel besaran biaya promosi dengan variabel jumlah dana pihak ketiga. karena t hitung (2,587) > daripada t tabel (1,771), maka ho ditolak dan h1 diterima yang berarti terdapat hubungan positif antara variabel besaran biaya promosi dengan jumlah dana pihak ketiga. untuk keperluan interpretasi hasil perhitungan dari koefisien korelasi sebesar 0,583 hubungan yang sedang atau cukup kuat. berdasarkan hasil tersebut maka diketahui bahwa variabel x (besaran biaya promosi) memberikan pengaruh sebesar 33,89% terhadap jumlah dana pihak ketiga dan sisanya 66,11% dipengaruhi oleh faktor lain di luar pelayanan biaya promosi. al-iqtishad: vol. i, no. 2, juli 2009 31 pustaka acuan al-qur’anul karim alma, buchari, manajemen pemasaran dan pemasaran jasa. bandung: alfabeta, 2007. antonio, syafi’i, bank syariah: analisa kekuatan, peluang, kelemahan dan ancaman, yogyakarta: ekonisia, 2006. assauri, sofjan, manajemen pemasaran. jakarta: pt.raja grafindo persada, 2004. dennis lock, nigel farrow, manajemen umum, jakarta: pt.elek media komputido, 1989, buku 1 direktorat bina pers dan grafika departemen penerangan ri, tata krama dan tata cara perikalan indonesia, 1993, jakarta. eferin, sujoko, dkk, merode penelitian untuk akuntansi, sebuah pendekatan praktis , malang: bayu media publishing, juni, 2004, cet-1. fajriah, siti, “10 pilar pengembangan bank syari’ah”. artikel diakses pada tanggal 11 januari 2008 dari situs http://kaseiunri.org/index. php?option=com. faizi, “bank syariah entaskan kemiskinan”. artikel diakses pada tanggal 11 januari 2008 dari situs 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support to bank syariah indonesia (bsi), preparation of the asean framework agreement on services (afas) in 2025, strengthening halal value chain and improvement of the national insurance image. using qualitative descriptive analysis, this study recommends the ideal concept (models, mechanisms, market segmentation and distribution channels) for wcto formation. the ideal concept for wcto requires the combination of social and commercial insurance, consolidation with portfolio transfers, retail and corporate balance and existing distribution channels with digitalization. this finding becomes a new insight into takafful literature. keywords: sharia insurance; takāful; merger; spin-off abstrak. penelitian ini menganalisis urgensi pembentukan class takāful operator (wcto) yang telah di inisiasi komite nasional keuangan dan ekonomi syariah (kneks). hal ini karena adanya batas waktu rencana kerja dan pemisahan unit syariah tahun 2024, dukungan mitigasi risiko kepada bank syariah indonesia (bsi), persiapan asean framework agreement on services (afas) tahun 2025, penguatan rantai nilai halal dan meningkatkan citra asuransi nasional. dengan analisis deskriptif kualitatif, penelitian ini merekomendasikan konsep ideal (model, mekanisme, segmentasi pasar dan jalur distribusi) pembentukan wcto. adapun konsep ideal wcto dilakukan dengan kombinasi asuransi sosial dan komersial, konsolidasi dengan transfer portofolio, perimbangan retail dan korporasi dan existing jalur distribusi dengan digitalisasi. kata kunci: asuransi syariah; takāful; merger; spin-off the urgency of establishing a world class takāful operator in indonesia: reason and concept al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 63 94 1,2university of indonesia e-mail: 1wahyudinrahman22@gmail.com, 2nurfatwa@ui.ac.id author: wahyudin rahman received: 11 september 2021 accepted: 19 juni 2022 published: 20 juni 2022 mailto:wahyudinrahman22%40gmail.com?subject= mailto:nurfatwa%40ui.ac.id?subject= 64 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction indonesia has enormous potential in developing sharia finance, one of which is through the sharia insurance industry, which has been present since 1994. the development of sharia insurance is supported by law no. 40 of 2014 concerning insurance as a legal basis that can accommodate the development of the sharia insurance industry. this industry also has an essential role in maintaining the stability of the national economy. the application of maqasid sharia to the country's economic recovery due to the impact of the covid-19 pandemic on the community, micro, small, and medium enterprises (msmes), the potential for long-term funds for national development, and encouraging financial inclusion through various sharia insurance products. indonesia has 7 sharia life insurance operators, 6 sharia general insurance operators, and 1 sharia reinsurance operator, while in the form of sharia units there are 23 sharia life insurance operators, 20 sharia general insurance operators, and 3 sharia reinsurance operators (ojk, 2021). when compared to other countries, indonesia is ranked 1st in the number of sharia insurance operators with the highest number of 60 operators (including in the form of sharia units) but ranks fourth in terms of asset acquisition after saudi arabia, iran, and malaysia. while in the southeast asia region, it occupies the second position after malaysia, as shown in figure 1 below. this condition confirms that with a large number of sharia insurance operators, they are still unable to raise the value of assets. figure 1. total assets & world takāful operators in 2020 source: islamic finance development report, 2021 http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 65 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 based on table 1 below, in terms of the growth of sharia insurance assets in the last 5 years, there was an increasing trend until 2019 with an average growth of 11% and a contraction in 2020 and 2021 by -3% due to a decrease in investment in the capital market as a result of the covid-19. however, the contribution obtained shows an increasing but not significant trend with an average growth of 9% followed by claims acquisition with an average of 33%. this shows that sharia insurance remains solid in obtaining contributions in a situation of uncertain economic conditions due to covid-19. table 1. assets, contributions and claims in the last 5 years tahun aset (idr juta) kontribusi (idr juta) klaim (idr juta) pangsa pasar (%) 2017 39.839 13.743 4.948 5.48 2018 42.947 15.743 7.555 5.42 2019 45.453 16.703 10.605 5.20 2020 44.440 17.345 12.921 5.68 2021 43.550 23.691 20.091 5.33 source: ojk, 2022. processed furthermore, in terms of market share development, the national sharia insurance industry has stagnated in its 27-year journey. it cannot be separated from the numbers below 6%. this is considered very low compared to indonesia's total muslim population. the number reaches 229 million people, or 87.2% of the total population of 273.5 million people (world population review, 2020). indonesia also accounts for 12.7% of the world's muslim population. the total consumption of indonesian halāl goods and services in 2017 was around us $218.8 billion. this figure is expected to rise by an average of 5.3% per year until it reaches us $330.5 billion in 2025 (halal economy and strategy roadmap, 2018). meanwhile, according to projections from the compound annual growth rate (cagr), the halāl industry will increase by 6.2% in the period 2018 to 2024. this has huge potential to be accommodated by the sharia insurance industry in strengthening the halāl sector and expanding market share. currently, the majority are only accommodating the consumer segment of banks and islamic financial institutions. the new government requires sharia insurance for the pilgrimage through government regulation number 79 of http://journal.uinjkt.ac.id/index.php/iqtishad 66 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 2012 concerning the organization of the hajj, which is obliged to provide hajj protection by providing participants and hajj officers, and also the pilgrimage through the regulation of the minister of religion number 8 of 2018 concerning the implementation of the umrah worship. many halāl sectors have not been accommodated. whereas sharia insurance operators can become risk mitigation partners for every stage of business carried out by halāl industry players. this can strengthen the halāl value chain. strengthening the halāl value chain can be done by opening new relationships in the halāl sector. at the same time, awareness of sharia insurance in indonesia is still low. this problem has already taken root due to the community's attitude toward insurance, which is not a basic need, and the perception of some scholars regarding the prohibition of insurance, including sharia insurance. according to ojk financial literacy & inclusion statistics 2019, the public literacy index (understanding) of sharia insurance is only 3,74%, and the inclusion (access) rate is 1.9%. very small, still far below the islamic financial literacy and inclusion index of 8.93% and 9.1%, respectively. the condition is also exacerbated by the rise of default cases of several national life insurance companies, such as pt bumiputera, pt jiwasraya (persero), pt wanaartha life, pt kresna life, and others, regarding cash value returns to customers for investment features. this has an indirect impact on the islamic insurance industry. as a result, this is a tough task for education and requires time and effort that is not instantaneous and more energy to restore the image of national insurance. another challenge that is no less important in industrial development is the lack of capital. the strength of capital is a benchmark for the development of sharia insurance. the limited capital of islamic insurance reduces its means of competing with conventional insurance. the thing that has the most impact is the low acceptance capacity, which means that the potential of corporations has not been accommodated much. furthermore, ramadhani, (2015) and ichsan, (2016) found in their research that this challenge is very strong because of the global economic downturn, as well as the condition of the public who are not educated about insurance, the free market has begun to be implemented, and the lack of innovation in sharia insurance products. this is what limits the expansion, acceptance, and facilities for sharia insurance services to develop. in addition, it will also have an impact on limited access space, economies of scale, and business segmentation that can be served by sharia insurance operators. to answer this challenge, the national committee for sharia economics and finance (kneks) has taken the initiative in the master plan for sharia http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 67 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 economics and finance (maksi) 2019-2024 to establish a world-class sharia insurance state-owned enterprise (soes) or world-class takāful operator (wto). however, in its implementation until now, no concrete steps have been found regarding the need for consideration of various parties and indepth studies. in light of the numerous sharia insurance problems and future challenges mentioned above, as well as the lack of studies or literature on the subject, a comprehensive study is required to address the issues while encouraging the development of what is expected to be a great solution to sharia insurance problems. therefore, this study aims to explain the urgency of the establishment of a wcto in indonesia and provide an ideal concept (model, mechanism, market segmentation, and distribution channel) for the formation of a wcto. the study's findings are expected to provide new insights into the takāful literature as well as significant implications for the government and other stakeholders in determining policies and implementing the establishment of the wcto in order to improve the halāl ecosystem and bring indonesia to the center of islamic economic and finance by 2024. the papers are arranged in the following order: a literature survey of the relevant studies is provided in the next section. the research methods and data used to carry out the analysis are presented in section 3. section 4 discusses the results and implications of this paper. finally, section 5 concludes this paper. literature review until now, there has been no research on establishing the wcto in indonesia as a whole, and it is hoped that this research will be the beginning of further research. however, the researcher's present relevant research literature and approach or benchmarking methodologies from other industrial conditions, such as pandu adi (2021) with the title "policy analysis for the establishment of the sovereign wealth fund in indonesia" and renova siregar (2021) with the title "urgency for the establishment of a policy guarantee institution (lpp) in protecting and guaranteeing customer funds managed by insurance companies" and ni luh putu (2019) with the title "the urgency of establishing a special legislation institution in indonesia", iwan fahri (2019) with the title "the urgency of establishing a waqf lks", agus pandoman (2019) with the title "the islamic central bank in indonesia" and asep saipudin (2018) with the title "establishment of soe holding hospital". the difference between these five studies, on average, only shows reasons with a normative and comparative approach. therefore, in general, there is no gap in research in this research. still, http://journal.uinjkt.ac.id/index.php/iqtishad 68 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 we will present the relevant literature in part, which is the basis for the theory and review of this research, so that gap research can be found in detail so that solutions can be found in this study. sharia insurance principles, concepts, and models the term operators' identity using the name "takāful" globally is more widely used in almost all countries than the term islamic insurance. while in indonesia it is better known as the identity of the name "islamic insurance". this is adjusted to the terms contained in the regulation in order to distinguish it from conventional insurance. the term takāful is also synonymous with a sharia insurance operator who has become a pioneer of sharia insurance in indonesia. according to suma and qoimmudin (2020), in islamic fiqh literature, sharia insurance can and is commonly referred to, namely (1) takmin = safe, calm, and peaceful; (2) tadamun = solidarity, mutual responsibility; (3) tanahud/istikhad = mutual promise; and (4) takāful = mutual support. while aaoifi (2017) defines takāful as a process of agreement among a group of people to deal with injuries due to certain risks to which they are all vulnerable, it is supported by research conducted by man (2017) that islamic insurance exists based on the assumption that conventional insurance contains usury (interest), mayisīr (speculation), and gharar (uncertainty). according to him again, these three things are the main things that must be removed in sharia insurance. in the research literature, jannah and nugroho (2019) describe the characteristics of islamic insurance, namely the concept of risk-sharing, which is a concept where each member shares risk with the other. so when a member is affected by a disaster/loss, other members will help with the source of funds managed by islamic insurance operators. this is what distinguishes conventional insurance from the concept of risk transfer. this is a concept and a sharia insurance scheme that has its own characteristics and is certainly different from conventional insurance systems. marimin (2019) in his research, that the role of insurance in protecting al-kullīyah al khamsi can be in the form of ijabiyah (embodiment) and in the form of salbīyah (prevention/rejection). therefore, philosophically, the goal of muslims in participating in sharia insurance is to protect religion, life, mind, lineage, and property. according to prayitno p.d., et al. (2021), sharia insurance has implanted maqasid sharia. for example, insurance products that protect religion are hajj and umrah insurance products, islamic education insurance (scholarships), life insurance, and property insurance. http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 69 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 in terms of the sharia insurance model that has developed in the archipelago, there are several models of combination tabarru and tijarah contracts, such as social and commercial hybrids with a balanced composition (operator) and a larger composition of social hybrids than commercial (cooperative/mutual/participation). as well as the implementation of the tabarru contract as a whole, such as social insurance. in particular, social insurance is owned directly by the government. according to sula (2016), the takāful, ta’awun, and tadhamun systems are ideal and something that sharia wants takāful that is not dominated by commercial elements. the concept of social and mutual insurance needs to be initiated and refined in the future. however, both the world and indonesia still need an islamic commercial insurance system. meanwhile, chachi (2017) said the concept of mutual solidarity, cooperatives, and a combination of insurance models were left to the ijtihad of muslim jurists to decide, depending on the maṣlahah (public benefit or utility). therefore, this results in a different opinion. from various takāful theory literature, all world researchers agree on definitions, principles, and concepts that have the same essence. but not for the takāful model and mechanism that applies in each country; it varies according to the conditions of the country. in one country, several models can be applied with different classification mechanisms and takāful identities. sharia unit separation according to nasution (2019), the purpose of implementing a spin-off is to increase the growth rate of the sharia insurance industry. operators are more independent in determining strategies and speeding up decision-making. in addition (kuncoro and yulianto 2018), the spin-off will increase employment and healthy economic growth and company innovation, and entrepreneurial potential. different research from ramadhani, (2015), sihombing and yahya, (2016), al arif et al., (2018), and ghoni and ariyanti, (2021) shows that spin-off does not improve financial performance and operational efficiency in islamic financial institution entities. in addition, the spin-off becomes a burden for sharia unit players in increasing market share in the future. the sharia unit is generally not ready to spin-off from its parent company. most companies believe that staying in the form of a sharia unit can provide a better efficiency level than the full-fledged form. the existence of inconsistencies from various literature regarding spinoffs creates confusion for islamic insurance industry players in determining the right option. in-depth research is still needed, especially during the covid-19 http://journal.uinjkt.ac.id/index.php/iqtishad 70 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 pandemic. whether the spin-off option is selected, all of them will continue to transfer portfolios following applicable regulations. the halāl industry concept and the halāl value chain the halāl industry believes that every industrial product, including its management, must comply with islamic law. law number 33 of 2014 concerning guaranteed halal products is possible and guarantees the protection of the use of halāl food, including goods and services. the halāl industry also includes the process from beginning to the end of goods or services until they are in the hands of customers related to the supply chain (mohamad & backhouse, 2014). these processes include packaging, marketing, manufacturing, logistics, supply, maintenance, slaughter, and various activities from upstream to downstream, including environmental and social. the main requirement to strengthen the halāl industry is a commitment from the top management level through halāl policies, which are the basis for strengthening supply chain organizations (saad et al., 2016). a strong halāl industry will also legitimize its value chain to form a strong and mutually sustainable halāl ecosystem. this is what is called a halāl ecosystem. mergers, acquisitions, and consolidations reflecting on the merger of three large islamic banks owned by himbara, the mechanism for the formation of the wcto is also possible in the form of a merger. according to wiyono (2021), the merger of the three banks becomes more efficient and competitive, expands business diversification, has the capacity to finance large projects, has better financial performance, has a higher level of customer trust, and is taken into account in national and global markets, and has risk management stronger with more solid capital support. as supported by ulfa (2021), mergers can accelerate the completeness of the halāl value chain in developing the halāl industry, financing msmes that support it, and participating in large-scale project financing. then it will increase market share, efficiency, and competitiveness, so it can encourage inclusion and islamic financial literacy. in contrast to masud (2015), in his research, there were positive results after the acquisition. in addition, acquisitions greatly affect liquidity but do not occur in profitability ratios or the company's market value ratio (dianah et al., 2017). meanwhile, according to tarigan, j. et al. (2015), consolidation can be applied within the scope of business groups, especially bumn in the holding program. referring to the existing literature and facts, these three mechanisms can enable the http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 71 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 establishment of a wcto by taking into account the conditions and regulations of the islamic insurance industry. world class overview to quote rulindo (2019), the presence of the wcto must be able to sustainably prosper the people by integrating with islamic financial institutions and the real sector. the term "world class" in takāful operators does not have to be large in the number of branches or large in terms of the number of agents, but rather affordable services and easy access via mobile phones and other media. meanwhile, according to kandampully (2006), the world's leading companies are companies that have successfully introduced products or services to the market by providing and offering something that far exceeds consumer expectations. these companies maintain their market leadership positions by continuing to operate on the cutting edge and extending their conventional parameters to attract consumers with creativity and innovation, as well as by creating market-moving products or services through superior value to consumers. hardjosubroto (2015) defines "world-class" as companies that are considered to provide high and consistent values and have product and service quality standards that are on par with the world's leading companies. based on the literature, the requirements to become world-class in the formation of wcto must be mastering the domestic market and the international market with the power of creativity and innovation, as well as having a network that is able to meet the expectations of consumers in at least several countries in the world. swot and stakeholder analysis swot analysis is used to analyze the need for wcto formation. swot stands for an organization's internal and external strengths (strengths), weaknesses (weaknesses), opportunities (opportunities), and threats (threats). according to jogiyanto (2005), a swot analysis is carried out to determine the values of the strengths and weaknesses of the resources owned (internal), as well as opportunities and threats that come from outside the organization. sondang p. siagian (2019) argues that the swot analysis is one instrument that is good enough to be used as a reference in the process of determining the steps to take in a business project. then, irham fahmi (2014) added, that to conduct a more in-depth swot analysis, one must look at external and internal factors as part of the swot analysis, namely external factors (efas) and internal factors (ifas), david http://journal.uinjkt.ac.id/index.php/iqtishad 72 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 and fred r. (2005) explain the factors in the analysis of swot. then, in the formation of the wcto, it is necessary to identify the person or institution that will be involved in the overall operations and business of the company. individuals or organizations with an interest in and/or influence over a specific institution are referred to as stakeholders. stakeholders in each program can be classified as determinants and decision-makers of a policy; coordinators of other stakeholders; facilitators; policy implementers; and accelerators (nugroho, 2014). warsono et al., (2009) classified stakeholders into two parts, namely market stakeholders and non-market stakeholders. methods this study uses a qualitative descriptive analysis method to identify and analyze the reasons for the urgency of various conditions and situations and the data collected. in addition, using a phenomenological approach, which allows researchers to apply and apply their subjective and interpersonal skills in the exploratory process (alase, 2017), the researcher describes his understanding of the phenomenon being studied and rewrites what he finds and understands, and then rewrites what he understands. the author is not justified in giving his argument against what is obtained in the field. data sources are derived from primary data obtained directly from informants. interviews were conducted in november and december 2021 with 5 leaders of sharia operators in the soes insurance cluster, 1 sharia insurance expert, the general chair of aasi, and 1 person from the regulator. the purpose of the interview is to find out holistically and validly the reasons and needs, including providing recommendations for the ideal model, mechanism, segmentation, and distribution channel in the formation of the wcto. the problems investigated in the interview are the condition of the sharia insurance industry and the plan to establish a soe sharia insurance that has been proclaimed in maksi kneks 2019-2024. then there are secondary data sources, such as laws and regulations, government regulations, books, journals, webinars, and the internet, which do not directly provide data to data collectors. general analysis, legislation, comparative analysis, phenomenological analysis, swot analysis, and stakeholder analysis were all used to analyze the data. this study explores two things that, according to the researcher, deserve to be studied more deeply; among others, the reasons and urgency, as well as analysis of the needs of the wcto and stakeholders, as well as providing the ideal model, mechanism, segmentation, and distribution channel for the establishment of the wcto. http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 73 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 results and discussion the urgency of establishing a world class takāful operator establishment or formation becomes very urgent and important because of several factors, phenomena and facts that influence, among others; 1. deadline for revision of work plan for sharia units separation (rkpus) in 2021 and separation of sharia units in 2024 law number 40/2014, article 87 concerning insurance, requires the separation of sharia units if they have tabarru funds of at least 50% of the total value of the parent company's insurance funds or 10 years since their promulgation (no later than october 17, 2024). furthermore, pojk no. 67/2016 concerning business licensing and institutional insurance companies, sharia insurance companies, reinsurance companies, and sharia reinsurance companies specifically regulates article 17 paragraph 7 regarding the obligation to submit the rkpus no later than october 17, 2020 regarding spin-off options or portfolio transfer options to sharia insurance operators (full fledged) and paragraph 9 states that the company can revise the rkpus twice in 1 year since it was approved by the ojk (maximum end of 2021). after that, carry out the stages of the selected options until october 17th, 2024, according to the timeline in figure 2 below. figure 2: time line for spin off or portfolio transfer note: author`s compilation from regulation http://journal.uinjkt.ac.id/index.php/iqtishad 74 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 in table 2 below, the classification of several soes that have chosen the spin-off and portfolio transfer options in the rkpus is based on aasi survey data (2021). there are 9 grandchildren of soes, including 6 general sharia insurance operators, such as jasindo syariah, the sharia unit of brins, tugu, asei, jr putera, and magi. meanwhile, life sharia insurance operators include the sharia units of bni life, bri life, and axa financial. table 2. list of sharia insurance operators owned by soe operator/ description jasindo syariah brins tugu asei jr putera magi bni life bri life axa financial operator form full fledge window window window window window window window window rkpus options spin off spin off transfer portfolio transfer portfolio transfer portfolio spin off spin off spin off parent company jasindo (ifg holding) bank bri pertamina indonesia re jasa raharja bank mandiri bank bni bank bri bank mandiri source: company profile. observation and processed by the author. to substantiate this reason, the author interviewed tatang nurhidayat (chairman of aasi), who said that "the obligation to spin-off is also the right momentum to combine state-owned insurance companies that implement sharia and the government must be the investor, not just a regulator". according to syakir sula (sharia insurance expert), "sharia insurance and reinsurance operators must unite, especially those owned by soes in whatever form they take to increase their capital, so they can get greater insurance and reinsurance capacity". supported by reza ronaldo (director of sharia insurance owned by soes), said "the existence of a spin-off obligation and work plan makes it easier to combine the sharia units of soes in insurance clusters". according to the description above and the interviews that have been summarized, it can be explained that the reasons for the obligation to spin-off no later than 2024 and the rkpus in 2021, which have been included in the law and its supporting regulations in general, for the islamic insurance industry to have mapping, strategic planning, and risk management in the spin-off process. meanwhile, for soe insurance clusters, it is urgent and important to consolidate 9 grandchildren of soe insurance clusters, both general insurance, and sharia life insurance, to increase capital and business scale to support the strengthening http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 75 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 of ifg. furthermore, it also prevents excess costs incurred by the operator if the company has already been established, but after that, consolidation occurs. this aims to be more efficient in the administration of the children and grandchildren of soe insurance clusters. 2. risk mitigation support to pt bank syariah indonesia tbk (bsi). the presence of bsi is great hope and momentum for the revival of the sharia insurance industry. the majority of business sources come from islamic banking (aasi, 2020). based on an interview with tatang nurhidayat, "almost 65% of the sharia insurance industry's business comes from islamic banking, especially from the three merged islamic banks, and the sharia insurance market niche through bsi must be aligned within the scope of the sharia ecosystem". so this is the reason for the need for large insurance to support bsi. " reza ronaldo also said that "the existence of a large bsi must be balanced with the existence of a sharia insurance operator with large capital". so that we can enlarge our business scale, and it is undeniable that the majority of our business is filled with a portfolio from bsi, including its assets. " likewise, according to agung djatnika (head of the sharia division bni life), "54 percent of the sharia life insurance business comes from bsi financing". the sharia insurance industry also has the largest assets, which is 37.3% of the market share of sharia iknb (ojk, 2020). this is based on pojk no. 65/2016, which says banks are required to implement risk management for various types of risk, one of which is operational risk. with the increase in capital, business scope, and network, bsi needs a sharia insurance operator partner in risk mitigation to support the smooth running of all funding interests and the distribution of financing provided to customers, including bsi assets and interests. most sharia insurance operators have not been able to accommodate bsi's needs, especially in corporate and syndicated financing such as infrastructure, power generation, energy, and aviation. this is due to the limited acceptance of sharia insurance operators due to the maximum limit for retention of own capital according to pojk no. 39/2020 concerning the second amendment to pojk no. 14/2015. in practice, bsi is forced in an emergency to use conventional insurance. the presence of a wcto with a large capital capacity can help bsi minimize the use of conventional insurance. according to syakir sula in an interview, "the position of bsi and sharia insurance operators must be the same according to the principles of mutual support, benefit, and maintaining sharia maqāṣid". http://journal.uinjkt.ac.id/index.php/iqtishad 76 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 based on the results of the interview, it was concluded that the urgency of the establishment of the wcto was due to the presence of bsi to support the strengthening of mutually beneficial cooperation with the aim of benefiting the people and to become a commensurate partner in accommodating all financing risk mitigation needs, assets, and interests. according to thomson and perry (2006), in a strong collaboration, there will be collaboration and mutual benefit, complementing and supporting each other. 3. preparation for the 7th asean framework agreement on services (afas) in 2025 the government and the dpr have approved the protocol to implement the 7 package of commitments on financial services under the afas (financial services protocol) bill, october 2020. in this 7th protocol commitment, indonesia affirms the granting of permits for asean investors to open general insurance services. the incoming investment is expected to contribute to developing the domestic sharia insurance industry market. both conventional and sharia insurance have a foreign ownership limit in accordance with applicable regulations, namely 80% according to law no. 40/2014 and pp no. 3/2020 regarding amendments to no. 14/2018 concerning foreign ownership in insurance companies. referring to an interview with syakir sula, he said, "one of the existence of world-scale soe sharia insurance and reinsurance, which will later have a large capital, is to anticipate globalization, not only as a target market for other insurance but to become a big player in the country and region itself ". in line with what eka indria (head of the sharia division of brins) said, "the globalization of markets, both regionally and globally, has led to the need for the incorporation of insurance cluster soes that implement sharia, and this also takes a long time due to the culture and mindset of the combined identities being very different so that it can be 1 (one) to 2 (two) years to form a new culture and mindset. therefore, the formation must be carried out as soon as possible in 2022". meanwhile, basuki (head of the sharia division of bri life) said that "there is an urgency for the merger of the sharia unit soe in the insurance cluster because the merging itself requires a short time and the mea will occur in 2025". based on the summary of the interview results, it is stated that the reason for the establishment of the wcto is to prepare for market globalization, especially in the asean regional market in 2025. it takes time to prepare to be competitive and also to meet capital and other infrastructure needs. based on the description above, it can be concluded that in order to be competitive in the http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 77 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 face of the 7th afas protocol free market, it takes a long time the formation the wcto, and it takes time to unify the company's corporate culture, improve the structure of capital accumulation, and encourage transfers. sharia insurance product innovations provide consumers with a broader range of products at lower prices while also increasing the capacity of sharia reinsurance to provide protection. on the other hand, wcto opens opportunities to access the financial services industry of partner countries by opening branches or representative offices and competing in other countries. this is also why the sharia insurance company that is formed must be world-class. 4. strengthening halāl value chain furthermore, a representative from ojk said that "the authorities also continue to open up the potential for halāl with seminar programs, trainees for trainers aimed at islamic boarding schools, msmes, and students of the islamic economics study program. perhaps with the existence of large sharia insurance operators, they can work together to develop literacy and inclusion together to strengthen this halāl value chain". syakir sula said that "soes sharia insurance and reinsurance with large capital will be a game changer in supporting the halāl value chain both through the halāl product industry and the sharia financial and social industry so that it has an impact on the country's economy". the current halāl value chain has not been fully accommodated by sharia insurance. tatang nurhidayat, in an interview, "the halāl industry, including its halāl value chain, is a huge potential and a new market that the sharia insurance industry has not properly accommodated". many actors experience limited access because the halāl industry still uses conventional insurance and does not know the benefits and awareness of insurance. there is no sharia law and no government mandate. so it has an impact on the weakness of the halāl value chain and the halāl ecosystem itself. therefore, the author classifies and links the halāl value chain with risks and its mitigation solutions through sharia insurance products. according to table 3, business processes carried out by business actors, starting from business plans to customers, some risks can be harmful to business actors. moreover, they have financing from banks, financial institutions, and peer-topeer lending. landing/lease parties also have an interest so that there is a sense of concern, and prevention is carried out through risk management with sharia insurance options. with the classification, sharia insurance operators can optimize this potential. http://journal.uinjkt.ac.id/index.php/iqtishad 78 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 tabel 3. integrated halal value chain with sharia insurance islamic finance institution disbursement from bank & non bank small micro medium business actors start up business supplier production distribution customer 1. business plan 2. resources 1. raw material 2. equipment 3. supply management 1. processing 2. packaging 3. labeling 4. halal certification 1. branding 2. marketing & sales 3. shipping 4. storage 1. end customer 2. reseller 3. traditional market 4. outlets risk mitigation 1. failure to pay installments due to death and bad financing 2. damage or loss of guaranteed assets 3. work accident 1. damage or loss of raw materials and equipment 2. business interruption 1. damage or loss to production machinery 2. business interruption 3. environment liability 1. damage or loss of goods in transit 2. cyber risk 3. corporate liability product liability source: kneks fgd entitled “the role of wcto in the halal value chain”, november, 2020 and observation and processed by the author. in table 4, the author also classifies the takāful potential based on market segmentation from sectors/fields that have not been worked out properly. complex risks, large protection limits, and lack of product innovation and access cannot be met by several existing sharia insurance operators. these include the corporate, consumer, sme, micro non-kur/loan bank segments, and government/bumn. the presence of the wcto can maximize the potential of its capacity so that it can provide protection for the sector or field. in addition, the government's participation is required to require other insurance, such as the micro-sector. according to reza ronaldo, "the government is also a customer, namely buying sharia insurance products for state assets and individual state civil servants". so we believe that the government has a big role in strengthening the halāl value chain. meanwhile, according to the ojk representative, "the authorities also continue to open up the potential for halāl with seminar programs, trainees for trainers aimed at islamic boarding schools, msmes, and students of the islamic economics study program. perhaps with the existence of large sharia insurance operators, they can work together to develop literacy and inclusion together to strengthen this halāl value chain’’. http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 79 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 table 4. potential new halal market for sharia insurance segmentation sector corporate energy & powerplant aviation infrastruktur halal industry area consumer sharia tapera small medium enterprise (sme) halal tourism halal fashion halal cosmetics & pharmacy islamic boarding school mikro non kur/loan bank halal culinary micro community government /soe underlying sukuk (stated owned asset) agriculture farm fisheries & seafood disaster others islamic social finance (zakah, waqf, infāq & ṣadaqah) religious buildings & management (mosque, majelis ta`lim etc) note: author's observations and presented at the forum group discussion with kneks by the author in july 2021 based on the table above and the results of the interview, it can be concluded that the urgency of establishing a wcto can boost the halāl value chain because it is a priority business source so that it will increase the contribution or income of sharia insurance. the government and ojk also have a significant role in requiring sharia insurance according to potential classification and jointly increasing literacy and inclusion. this is in line with what was conveyed by saad et. al. (2016). the integration of sharia insurance with the halāl value chain in the halāl industry, as well as the cooperation of various parties, ultimately strengthens the halāl ecosystem. according to research by mckinsey (2020), as much as 30% of global income by 2025 will be generated from ecosystems. http://journal.uinjkt.ac.id/index.php/iqtishad 80 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 5. improving national insurance image the rise of defaults experienced by conventional life insurance companies such as pt asuransi jiwa bersama bumiputera, pt asuransi jiwasraya (persero), pt wanaartha life, pt asuransi kresna life, and others also had an impact on the sharia insurance industry. accelerating the establishment of the wcto could be the main solution to restore the image of the national insurance industry in indonesia. wcto implements an islamic economic system based on justice. the principles and concepts of sharia insurance have been tested to be strong and healthy even in the covid-19 pandemic because they offer different schemes and uphold sharia maqāṣid. this is in accordance with the theory presented by man (2017), prayitno p.d., et al. (2021), and marimin (2019). if the participant submits a claim and disburses the cash value, it will be from a different pocket. in addition, sharia reinsurance and qard al hasan schemes layer the power to prevent operator defaults. if the tabarru funds used for claim payments run into a deficit, funds will be assisted by the operator's retakaful fund and qard from the operator's ujrah fund. meanwhile, participants' investment funds have also been covered with underlying and placement obligations in sharia investment instruments as stipulated in the regulations. reflecting on the case of pt asuransi jiwa syar’iah mubārokah, which initially experienced a deficit of ujrah funds, then tabarru funds became jurisprudence for developing regulations that at that time had not been strictly regulated in 2010. in addition, the opposite was the case of pt asuransi takaful umum in 2016 regarding the erosion of ujrah funds. so it is necessary to perform cost-efficiency measures such as revitalizing branches and rationalizing employees. meanwhile, the tabarru funds can still be used to pay claims until now. then the added value is the use of clear contracts and transparent management. according to tatang nurhidayat says that "the establishment of a wcto is the right solution to restore the image of the national insurance industry in indonesia.. in the midst of the largest muslim population and a belief in insurance based on islamic principles, it is easier to restore that reputation through a new or joint corporate identity. this also indicates that the government is focusing on fixing the national insurance industry". added by kamiludin (sharia unit head of jasa raharja putera) said that "the initiation of this formation is also aimed at improving the reputation of insurance because it is a big case in the national insurance industry". in line with syakir sula's opinion, "the concept of sharia insurance has been tested to be strong and healthy even in the covid-19 pandemic because it offers a different scheme and upholds maqashid sharia". http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 81 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 as supported by the conclusion of the interview, the important reason that will be attached to the formation of a wcto is that the principles and concepts of sharia insurance are its own characteristics that distinguish it from conventional insurance. this is because it is in accordance with the teachings of islamic law in the midst of the indonesian population who are muslim. the management system is transparent, attractive, and survives in times of crisis so as to increase public trust in the national insurance industry. needs analysis for the establishment of wcto quantitatively, the reasons and urgency for the establishment of the wcto can be seen from what has been stated above. however, qualitatively, the raison d'être or reasons for the need for the existence of the wcto can be reviewed and collected based on existing facts and opinions or views of experts, the general chairperson of sharia insurance, the head of the sharia division of bumn insurance clusters, and the ojk, where a swot analysis is presented according to the table below. the goal is to emphasize all strengths and weaknesses that can be identified in order to provide development recommendations based on the potential that exists in the company's internal environment, as well as analyze opportunities and threats that come from the company's external environment. table 5. internal factors analysis summary (ifas) matrix industry internal factors weight rating score strength 1. financial services in accordance with syar`i principles 0,13 4 0,50 2. the operational concept of transparency and fairness 0,13 3 0,38 3. financial performance resilience (rbc, bopo, su and l/r) than conventional insurance 0,05 3 0,15 4. have the uniqueness and characteristics of the product 0,05 3 0,15 5. industry with the largest number of assets in iknb sharia 0,02 2 0,04 6. industry with 4th asset acquisition globally and 2nd in the asean region 0,01 1 0,01 1,23 weakness 1. limited capital 0,17 1 0,17 2. the small capacity of sharia reinsurance 0,14 1 0,14 3. lack of experienced experts 0,05 2 0,10 http://journal.uinjkt.ac.id/index.php/iqtishad 82 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 industry internal factors weight rating score 4. limited quality of experienced human resources 0,03 2 0,06 5. lack of branch network and supporting infrastructure 0,05 3 0,15 6. the information technology system that is owned is not yet as advanced as conventional insurance 0,10 1 0,10 7. lack of commitment by shareholders to existence of sharia insurance business 0,04 2 0,08 8. unfocused management or consider unit sharia only complements the business 0,04 3 0,12 0,92 total 1 2,15 table 6. external factors analysis summary (efas) matrix industry external factor weight rating score opportunity 1. government support for economic development and islamic finance 0,12 4 0,48 2. the public's passion for halāl consumption and potential large halal industry and other halāl sectors 0,08 4 0,32 3. the number of people who do not have insurance sharia is still high 0,06 3 0,18 4. significant developments in islamic banking and nonbank financial institutions 0,10 4 0,40 5. development of islamic social finance 0,03 3 0,09 6. development of digitization such as insurtech/takatech 0,10 4 0,40 7. regulations on the obligation to spin off 2024 0,05 3 0,15 2,02 threats 1. the level of public insurance awareness that is still low 0,15 1 0,15 2. the number of cases of default by insurance companies 0,08 2 0,16 3. globalization and the 7th afas protocol free market 0,05 3 0,15 4. implementation of ifrs 17 0,03 3 0,09 5. sharia insurance literacy and education is still low 0,10 1 0,10 6. there is no law that specifically regulates sharia insurance 0,05 2 0,10 0,75 total 1 2,77 http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 83 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 based on the table above, the total value of the efas matrix is 2.77. this shows that the strategy carried out by the industry effectively describes the external opportunities that exist and avoids the negative effects of threats even though they are not significant. furthermore, calculations are carried out in addition to the table above to find the most appropriate strategy. based on this difference, the coordinates of the company are determined as shown in the image below. figure 3. swot analysis chart from the table and figure above, it is explained that the score for the strength factor is 1.23 and for the weakness factor is 0.92, the difference is 0.31, while the score for the opportunity factor is 2.02, the score for the threat factor is 2.02. 0.75, then the difference is 1.27. the value of the different forms a coordinate point, namely (0.31 : 1.27). so that the position of the industry is already in quadrant 1, according to david and fred (2005), the position of quadrant i is a good condition because it is able to optimize opportunities with strengths. however, due to the small difference between the analyzed factors, it shows that industrial growth is still small and not yet significant. this means that the industry is growing every year but is stagnant. therefore, a special strategy that is concerned, big and aggressive, is needed to build a fast-growing industry (growth-oriented strategy). this strategy begins by reducing fundamental internal problems such as limited capital so as to maximize the number of opportunities. according to syakir sula in an interview, he said that "there are 3 strategies used in overcoming capital, namely increasing http://journal.uinjkt.ac.id/index.php/iqtishad 84 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 own retention to the maximum extent of acceptance capability, cooperation with global sharia reinsurance operators and combining and increasing the capital of takāful operators with the option of state capital participation of at least rp. 2 trillion and also adding shareholders. others such as bpkh, bsi and even on the stock market". in accordance with the above description, the need for world-class takāful operators is a strategic priority that must be implemented as quickly as possible to cover the industrial strength that has been formed in increasing significant industrial growth. combining several insurance cluster bumn identities into a new entity will overcome the limited capital, reduce other weaknesses, and overcome threats. stakeholder analysis the position of stakeholders based on the classification above uses a stakeholder map according to the theory proposed by warsono et al. (2009) with the aim of getting an overview of the position of stakeholders based on the level of influence and interest according to the picture below, which is also compiled based on the results of interviews. figure 4. stakeholder map based on the picture above, in the high interest-high influence quadrant, which is a critical aspect, the main stakeholders are the ministry of bumn and ifg, which are candidates for the main shareholders, bsi or bpkh can http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 85 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 become minority shareholders, then kneks as the initiator and compiler of the establishment, ojk as supervisor, licensors, and so on. with these stakeholders, it is necessary to approach the highest management level to ensure the support and commitment of relevant stakeholders to the proposed intervention. as for stakeholders in the high influence-low interest quadrant who have high influence but low interest, such as mes, bappenas, and the ministry of finance, they will be involved in formulating the formation and acceleration of coordination between other stakeholder lines. furthermore, in the high interestlow influence quadrant, which has high interest and low influence, such as employees, resources that must be maintained in the continuity of the process and after formation are in this quadrant. finally, the low interest-low influence quadrant, such as the director general of taxes and bpjs, have low influence and interest but have mutually supportive relationships for technical acceleration collaboration. the ideal model for establishing a world class takāful operator in implementing the establishment of the wcto, it is necessary to look at countries that have established islamic insurance companies, especially those with the largest market share in the world. the author explains the comparison of models and ownership of islamic insurance companies from sudan, saudi arabia, iran, malaysia, united arab emirates (uae), bahrain, and brunei darussalam in table 7 below. table 7. establishment of soe sharia insurance operators in various countries and other conditions country description sudan the first country to establish islamic insurance in the world was in 1977 under the name islami insurance co, a subsidiary of faisal islamic bank. in 2002 all insurance operators converted to a mutual insurance model in accordance with sharia principles. ownership of the operator is majority from private and public. saudi arabia national cooperative insurance company is a government insurance company established by royal decree in 1985. the company later changed its name to cooperative insurance company. cooperative model and has implemented a full islamic-based insurance system. currently, many corporate mergers are related to capital regulation. http://journal.uinjkt.ac.id/index.php/iqtishad 86 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 country description iran iran insurance co. was founded in 1938 and converted into islamic-based insurance after the islamic revolution in 1977. the main shareholder is the government of iran. iic is the holder of the commercial insurance market share. social insurance and other mutual insurance are also owned by the government of iran. malaysia syarikat takaful malaysia berhad operated 22 july 1985. its business is ftos and is the parent of gtos. the main shareholder is bimb holdings berhad (bhb) with 59.17% share ownership. bhb's parent company is dana hajj malaysia, the malaysian government's hajj savings institution. united emirat arab the abu dhabi national takaful company psc was established in 2003 by the abu dhabi islamic bank (adib) as a major shareholder of adtc. state ownership through the abu dhabi investment authority (adia). a strong player in the uae takāful market based in abu dhabi with a hybrid model and has general and family takāful products bahrain takaful international company was founded in 1989. the first sharia insurance company in the kingdom of bahrain and one of the pioneers of tos in the middle east. the main shareholder is the kingdom of bahrain. has a hybrid model with family and general takāful products brunei darussalam taib general takāful sdn berhad and taib family takāful sdn berhad were established in 1993. subsidiaries of the brunei islamic trust savings agency. in addition, takāful brunei am sdn berhad and takāful brunei keluarga sdn berhad 2001. subsidiaries of the brunei darussalam islamic bank owned by the ministry of finance and the sultan haji hassanal bolkiah foundation. the model is a hybrid and a dual insurance system source: author`s compilation from various sources. referring to the table above, sudan, saudi arabia, and iran, which dominate the world market share, have fully implemented the takāful concept. the development of the takāful concept in the three countries is also different, namely mutual in sudan, cooperative in saudi arabia and hybrid in iran. meanwhile, malaysia, brunei, bahrain, and the uae implement a dual insurance system and a hybrid model. based on this comparison, the ideal model for establishing a wcto in indonesia is not much different from that of the uae, malaysia, bahrain, and brunei. the hybrid model of social (tabarru) and commercial (tijārah) insurance is still compatible with the conditions of islamic insurance. indonesia also has operators of social, mutual, http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 87 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 and compulsory insurance models. in the majority of countries, except sudan, islamic insurance is owned by the state. this is in accordance with what was revealed by sula (2016) in his book and chachi (2017) in his research that commercial insurance is still needed according to the complexity and conditions of the country. supported by tatang nurhidayat in the interview, "the ideal model according to current conditions is a hybrid of social and commercial insurance with a balanced composition because it cannot be separated from being profit-oriented". supported by reza, ronaldo said that "the most appropriate model is a combination of social and commercial insurance with a balanced percentage between tabarru's funds". meanwhile, agung djatnika said, "the model fits the combination of social and commercial, but the social percentage is still higher". this is because it is to maintain people's funds and the purpose and character of sharia insurance, which is to help and work together". according to eka indria and kamiludin, "the model fits the existing one, namely the composition of tabarru's funds is greater than ujrah funds and the percentage can be adjusted according to the type of product”. as for being world-class, soes must play a role. soes can solve existing problems and are pioneers in every change. according to price waterhouse cooper (2015), for the next few years, soes will remain the main door and become increasingly "the big power" that has a global influence. then, according to moreno de acevedo sánchez (2016), globally, in terms of market capitalization, soes account for 10% of the largest companies, and approximately 2000 soes are in oecd countries. through bumn, this operator can reach a higher level and be recognized as a world-class company. the term "world-class" here is not a necessity but a real goal that can be realized. the key lies in making the right policies to direct state-owned companies to become world-class. as minister of soes, erick thohir (2021) has stated that he will integrate the soe program with islamic economy and finance. of course, with capital support and maximum quality of human resources, various product innovations and services, and networks both at home and abroad, and responsiveness in responding to international regulations, efficiency, and synergy by soes can reach a higher level and be recognized as a world-class company. this refers to the requirement to be world-class as defined by hardjosubroto (2015), which means those who are considered to provide high and consistent value and have product and service quality standards that are on par with the world's leading companies. to become a world-class company, of course, in stages, both in preparation and targets. the identity of the world-class name in wcto is, of course, a prayer and hope as well as a strategy to make it come true. http://journal.uinjkt.ac.id/index.php/iqtishad 88 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 based on the author's observations from various sources, currently the largest takāful operators in the world come from gulf cooperation council countries, such as islamic insurance co (iran), aman takaful (kuwait), salama takaful & noor takaful (uae). in the southeast, such as takaful malaysia (malaysia) and takaful brunei (brunei). others, such as takaful zurich, prudential takaful, and allianz takaful, were established in their respective countries. the company has assets of over 1 trillion with a network that has spread in various countries. therefore, in the first stage, indonesia, through the wcto, must compete and excel at the asean level in 2025 as the 7th afas protocol, and in the next stage, go international by opening several services in the middle east, europe, and other continents that have muslim and prospective customers interested in sharia protection. while the formation mechanism is also adjusted to the decision of the ministry of soes no. sk-315/mbu/12/2019 concerning restructuring subsidiaries or joint ventures within soes and no. per-8/mbu/08/2020 concerning the strategic plan of the ministry of soes for the 2020–2024 period, one of which is the plan to strengthen insurance holdings. efficiency and strengthening of holdings are the main factors for consolidation. the concept of consolidation proposed by tarigan, j. et al. (2015) is more in line with insurance conditions than mergers or acquisitions because it is still a sharia unit. based on an interview with syakir sula, he said that "merger is the right condition and is owned by the state directly. this is to get direct supervision from the state". in line with kamiludin, who said that "mergers can increase efficiency and productivity for companies, solve several problems, such as financial difficulties, and increase access to capital". as supported by reza ronaldo, "the formation can be through ifg by establishing a sharia ifg and/or becoming a joint shareholder with bsi and bpkh". meanwhile, according to tatang nurhidayat, "the mechanism is in accordance with existing regulations, but because the majority are in the form of sharia units, the ideal is to consolidate and be owned by the state at a minimum, with insurance and guarantee holding in the early stages, and the second stage can also be owned by the public or can be acquired in particular on wcto life". supported by eka indria, basuki and agung djatnika said, "the ideal mechanism is more suitable for consolidation by transferring portfolios from sharia units to full-fledged operators in accordance with existing regulations". based on interviews, reviews of the ministry of soe regulations, efficiency and strengthening of insurance holdings, the formation of the wcto can use a consolidation mechanism with the option of portfolio transfer. this is because all http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 89 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 operators are still in the form of sharia units except jasindo syariah, so that they can refer to the provisions of pojk no. 67/2016 article 17. in accordance with figure 5 above, it explains that for general sharia insurance, namely pt asuransi jasindo syariah, as a subsidiary of pt asuransi jasindo, which is a member of ifg as the operator anchor for the sharia unit of pt bri insurance, pt tugu insurance, pt asuransi asei indonesia, pt jasaraharja putera insurance, and pt asuransi magi. then ifg took direct share ownership of pt asuransi jasindo syariah from pt asuransi asuransi jasindo so that it became a direct subsidiary of ifg. pt asuransi jasindo syariah may change its name (e.g., to become pt asuransi syariah indonesia). as for sharia life insurance, ifg must first establish ifg life syariah and become the anchor operator of the sharia unit of pt bni life insurance, pt bri life insurance, and pt asuransi axa financial indonesia. figure 5. mechanism of establishment of world class takāful operator (general & life) note: author's observations and presented at the forum group discussion with kneks by the author in july 2021 wcto's ideal segmentation and distribution channel according to eka indria, in the interview, she said that “the retail segment, including the micro segment, must remain larger than the corporate segment. this aims to support the community and maintain an underwriting surplus or lower limit”. so far, kamiludin said, "the character of sharia insurance is retail due to limited capacity. with the existence of wcto, the portion may remain large in retail but the percentage is reduced, for example, to 55% retail and 45 percent corporations". meanwhile, according to syakir sula, "the ideal segmentation has a balanced position between corporations and retail because the objects of protection are more diverse". based on excerpts from several interviews, it can http://journal.uinjkt.ac.id/index.php/iqtishad 90 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 be concluded that the market segmentation of wcto general, the micro segment must be increased gradually to accommodate msme businesses in remote areas of the country with technological innovations and sales partners of a maximum of 15%. meanwhile, the corporate segment was increased to accommodate the large-scale industry and halāl sector with a maximum of 40%, and the retail segment remained the largest, but nominally there was a decrease of up to 45%. with this composition, the general wcto will be able to accommodate all protections for the interests of the people. as for wcto life, the individual segment is larger than the group segment. the policy of wcto life has a 60% individual segment and a 40% group segment, and it can be wcto life's policy. it is focused on providing benefits to the communities below. meanwhile, the ideal distribution channel will be used by world class takaful operators following the existing ones and in accordance with the ojk circular letter no. 19/seojk.05/2020, companies can only market insurance products through distribution channels, including direct marketing, insurance agents, bancassurance, and/or bus. according to an interview with tatang nurhidayat, "the distribution channel can use all channels according to ojk regulations but can be focused on the digitalization channel". supported by eka indria, who said, "digitalization is very important to reach the people of indonesia". based on this, distribution channels and business processes are still carried out by utilizing technology or digitizing processes from upstream to downstream. for example, collaborating with islamic banking is carried out using a host-to-host application programming interface (api) to obtain real-time insurance policies and process claims. this needs to be focused on developing in order to be able to access all indonesian people with the speed of membership and claim business processes at an affordable cost. digital distribution channels can enter direct marketing channels through web and smartphone applications, or they can be in the form of insurtech or takatech, which have been equipped with artificial intelligence. this is also the stage to become a world-class operator focused on technology. conclusion this study explains and analyzes the urgency of establishing a wcto in indonesia, initiated by kneks to overcome problems in the sharia insurance industry. this study resulted in five main reasons for the establishment of the wcto. these include the deadline for the revision of the rkpus in 2021 http://journal.uinjkt.ac.id/index.php/iqtishad wahyudin rahman. the urgency of establishing a world class takāful operator in indonesia 91 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 and the obligation to separate sharia units in 2024, risk mitigation support to indonesian islamic commercial banks, preparation for the implementation of the 7th afas protocol in 2025, strengthening the halāl value chain, and the national insurance image improvement. those are important for the indonesian government and relevant stakeholders to accelerate the establishment of the wcto, leading indonesia to become the world's islamic financial center before 2024. furthermore, the ideal model of the wcto is the hybrid of social (tabarru) and commercial (tijārah) insurance with a higher tabarru, value. this aligns with the theory of sula (2016) and chachi (2017) that commercial insurance is still needed in current countries. furthermore, the formation mechanism can be carried out through consolidation mentioned by tarigan, j. et al. (2015), by carrying out portfolio transfers. this is because insurance soes are almost entirely in the form of sharia units. this is also in line with soe regulations concerning holding strengthening and efficiency, implemented with ifg and the strengthening capital by the shareholders. soe is also the owner and a shortcut to becoming a worldclass company, starting from name identification to creating asean market share mastery in 2025. references al arif, m., et.al (2018). evaluation of the spinoffs criteria_a lesson from the indonesian islamic banking industry. jurnal iqtishad, vol. 11(1), pp. 86-104. alase, a., (2017). the interpretative phenomenological analysis: a guide to a good qualitative research approach. international journal of education and literacy studies, vol. 5(2), pp. 9-19. backhouse, c., & mohamad, n. 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(2015). merger dan akuisisi dari perspektif strategis dan kondisi indonesia (pendekatan konsep dan studi kasus). equilibria, jakarta. thompson, a.m. dan james l. p., (2006). collaboration processes : inside the black box public administration review. hal. 20-32 ulfa, a (2021). dampak penggabungan tiga bank syariah di indonesia. jurnal ilmiah ekonomi islam, vol. 7(02), pp. 1101-1106. warsono, et.al, (2009). corporate governance concept and model: preserving true organization welfare. center of good corporate governance. yogyakarta. http://journal.uinjkt.ac.id/index.php/iqtishad 94 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.22464 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 wiyono, w.m. (2021). dampak merger 3 (tiga) bank syariah bumn terhadap perkembangan ekonomi syariah. jurnal cakrawala hukum, vol. 23(1), pp. 65-73. http://journal.uinjkt.ac.id/index.php/iqtishad qaradhawi, yusuf, peran nilai dan moral dalam perekonomian islam (terj.), jakarta: rabbani press, 2001. shan’ânî, muhammmad ibn ismâ’il, subul al-salâm, juz 3. winardi, pengantar ilmu ekonomi, bandung: tarsita, 1975. sukuk mudhârabah muhammad fadlillah f abstract: sukuk mudhârabah. sukuk is a financing instrument in islamic economy. this can be beneficial for both parties. surplus spending unit parties (shâhib al-mâl) can include their funds to deficit spending units (emiten/mudhârib). it manages the funds in the business sectors that are allowed by the sharia with mudaraba contract and/or contract in accordance with the times. keywords: sukuk, mudhârabah, shâhib al-mâl abstrak: sukuk mudhârabah. sukuk sebagai salah satu instrumen pembiayaan dalam ekonomi islam merupakan hal sangat menguntungkan di antara dua pihak. pihak surplus spending unit (shâhib al-mâl) dapat menyertakan dananya kepada deficit spending unit (emiten/mudhârib) untuk mengelola dana tersebut pada bidang usaha yang diperbolehkan oleh syariah dengan akad mudhârabah dan/atau akad-akad lainnya sesuai dengan perkembangan zaman. kata kunci: sukuk, mudhârabah, shâhib al-mâl naskah diterima: 15 maret 2010, direvisi: 20 juli 2010, disetujui: 29 juli 2010.  fakultas ekonomi, universitas negeri tula, federasi rusia. e-mail: lintasdata@yahoo.co.id muhammad fadlillah: sukuk mudhârabah114 al-iqtishad: vol. iii, no. 1, januari 2011 115 konsep dasar dari sukuk mudhârabah adalah memproduktifkan modal dengan melakukan kegiatan usaha dalam pelbagai bidang usaha yang menguntungkan. kegiatan memproduktifkan modal dengan akad mudhârabah adalah salah satu kegiatan muamalah yang selalu akan berkembang mengikuti perkembangan zaman. karena itu konsepnya bisa diaktualisasikan dalam bentuk apa saja yang berguna dan bermanfaat sesuai dengan perkembangan sosio-ekonomi setempat. mudhârabah atau qirâdh (muqâradhah) adalah dua kata yang mempunyai makna yang sama. penduduk irak menyebutnya dengan mudhârabah yang banyak dipakai oleh ulama hanafiyyah dan hanâbilah dan penduduk hijâz menyebutnya dengan qirâdh atau muqâradhah yang banyak dipakai ulama syâfi’iyyah. secara etimologi, mudhârabah )مضاربة) adalah bentuk masdar dari dhâraba yudhâribu mudhârabah (ضارب يضارب مضاربة) berasal dari kata dharb fi alardh (ضرب فى االرضى) dengan makna safara (سافر) yang berarti pergi, bermigrasi dalam arti bepergian dalam urusan dagang.1 karena memang orang yang berdagang untuk mencari keuntungan berpergian. dengan menambahkan alif antara fa fi’il dan ‘ain fi’il maka jadilah dhâraba (ضارب ) untuk tsulâsî mazîd satu huruf bab mufâ’alah. muqâradhah juga masdar dari kata qâradha yuqâridhu muqâradhah ( قارض dengan menambahkan alif diantara fa fi’il dan ‘ain fi’il seperti (يقارض مقارضة halnya mudhârabah atau sering juga dipakai dengan sebutan qirâdh dengan mengkasrahkan fa fi’ilnya yang bermakna al-qath’u yang berarti memotong atau memisahkan.2 karena pemilik harta memang memotong sebahagian hartanya untuk diberikan kepada orang yang bekerja agar ia usahakan dan memberikan sebahagian keuntungannnya. dari segi ilmu sharaf, mudhârabah atau muqâradhah merupakan fi’il tsulâtsi mazîd satu huruf bab mufâ’alah yang biasanya menunjukkan suatu pekerjaan yang saling dilakukan antara dua orang. ini berarti bahwa mudhârabah atau muqâradhah tidak bisa dilakukan seorang diri dalam arti kata, shâhib al-mâl tanpa ada mudhârib tidak berarti, hanya menyebabkan hartanya nganggur, tidak produktif, begitu juga sebaliknya mudhârib tanpa ada shâhib al-mâl tidak ada nilainya. adanya kerjasama antara keduanya akan mendatangkan suatu keuntungan kepada kedua belah pihak. itulah bagusnya islam memberikan keuntungan kepada kedua belah pihak. 1 muhammad ‘imârah, qâmûs al-musthalahat al-iqtishâdiyyah fî al-hadhârah al-islâmiyyah, (bayrût: dâr al-masyrûq, 1993), h. 541. 2 abû luis ma’lûf al-yusu’i al-munjid fî al-lugah wa ‘a’lam, (bayrût: masyriq, 1986), h. 620. muhammad fadlillah: sukuk mudhârabah116 secara terminologi, banyak ahli fikih yang memberikan definisi mudhârabah, di antaranya: menurut ulama hanâbilah: memberikan harta untuk perdagangan kepada orang lain dan keuntungan (dibagi) pada keduanya. menurut ulama mâlikiyyah: pemodal memberikan uang dalam jumlah tertentu dan diketahui kepada pedagang dengan (memberikan) bagian dari keuntungan (yang diperoleh). menurut ulama hanafiyyah: akad kerja sama untuk mencari keuntungan di mana modal dari pemiliknya dan kerja dari pihak pengusaha. menurut ulama syâfi’iyyah: 3 ibn qudâmah, al-mughnî, (al-qâhirah: dâr al-manâr, 1367 h), jilid v, h. 124. 4 al-khâtib al-syaybânî, mughni al-mukhtâj, (bayrût: dâr al-fikr, 1994), jilid ii, h. 209. 5 hâsyiyah ibn ‘âbidîn, rad al-mukhtâr, (bayrût: dâr al-fikr, t.th), jilid v, h. 645. 6 ‘abd al-rahmân al-jaziri, al-fiqh ‘alâ al-mazâhib al-arba’ah, (bayrût: dâr al-kutub al‘ilmiyyah, 1990), juz. iii, h. 42. al-iqtishad: vol. iii, no. 1, januari 2011 117 secara terminologi, banyak ahli fikih yang memberikan definisi mudhârabah, di antaranya: menurut ulama hanâbilah: memberikan harta untuk perdagangan kepada orang lain dan keuntungan (dibagi) pada keduanya. menurut ulama mâlikiyyah: pemodal memberikan uang dalam jumlah tertentu dan diketahui kepada pedagang dengan (memberikan) bagian dari keuntungan (yang diperoleh). menurut ulama hanafiyyah: akad kerja sama untuk mencari keuntungan di mana modal dari pemiliknya dan kerja dari pihak pengusaha. menurut ulama syâfi’iyyah: 3 ibn qudâmah, al-mughnî, (al-qâhirah: dâr al-manâr, 1367 h), jilid v, h. 124. 4 al-khâtib al-syaybânî, mughni al-mukhtâj, (bayrût: dâr al-fikr, 1994), jilid ii, h. 209. 5 hâsyiyah ibn ‘âbidîn, rad al-mukhtâr, (bayrût: dâr al-fikr, t.th), jilid v, h. 645. 6 ‘abd al-rahmân al-jaziri, al-fiqh ‘alâ al-mazâhib al-arba’ah, (bayrût: dâr al-kutub al‘ilmiyyah, 1990), juz. iii, h. 42. akad yang menghendaki seseorang memberikan harta kepada orang lain untuk diperdagangkan dan keduanya mendapat bagian keuntungan yang disepakati bersama. menurut wahbah al-zuhaylî: pemilik harta memberikan harta kepada orang yang bekerja untuk menjalankan suatu usaha dan keuntungan dibagi menurut kesepakatan di antara mereka berdua. dari pelbagai definisi di atas secara umum kita lihat tidak ada perbedaan pendapat. mereka sama-sama mengatakan bahwa di dalam mudhârabah ada dua pihak, yang satu pemilik pemodal (shâhib al-mâl) dan pihak lainnya adalah lembaga atau perusahaan yang mempunyai skill untuk mengelola modal yang sudah diberikan dan keuntungannya nanti dibagi sesuai kesepakatan. jika kita amati lebih rinci, masing-masing defenisi mempunyai kriteria tersendiri. ulama hanafiyyah, hanâbilah, syâfi’iyyah, dan wahbah al-zuhaylî secara umum menyatakan bahwa modal yang diberikan kepada pekerja berupa mâl (harta), maknanya lebih umum. berbeda dengan ulama mâlikiyyah yang memberikan spesifikasi modal berupa nuqûd (uang) saja. mâl (مال) menurut pengertian ulama hanafiyyah adalah: segala yang diminati manusia dan dapat dihadirkan ketika diperlukan, dan segala sesuatu yang dapat dimiliki, disimpan dan dapat dimanfaatkan. 7 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr, 1989), cet. iii, juz v, h. 3924. 8 ibn âbidîn, radd al-mukhtâr ‘ala aldurr al-mukhtâr, (bayrût: dâr al-fikr, tth), jilid. iii, h. 3. muhammad fadlillah: sukuk mudhârabah118 al-iqtishad: vol. iii, no. 1, januari 2011 119 muhammad fadlillah: sukuk mudhârabah120 lah pertama, terkait dengan dua pihak (antara pemilik sukuk dengan emiten) yang berakad. dua pihak yang melakukan akad haruslah adanya pihak yang cakap untuk mewakilkan (pemilik sukuk/wali amanat) dan adanya pihak yang cakap menjadi wakil (emiten). pada satu sisi emiten yang mengelola modal adalah wakil dari pemilik sukuk karena ia mengurus harta atas keizinan dan perintah dari pemilik harta sehingga syarat-syarat sebagai wakil juga berlaku bagi emiten (mudhârib) dalam akad mudhârabah ini. kedua pihak yang berakad tidak disyaratkan beragama islam, maka boleh saja melakukan kerja sama dengan kafir dzimmî. namun menurut mâlikî hukumnya makruh.9 kedua, terkait dengan modal yang disetorkan saat pembelian sukuk. ada empat syarat yang terkait dengan modal yang disetorkan saat pembelian sukuk ini. pertama, berbentuk uang. para ulama sepakat tentang kebolehan modal berbentuk dinar atau dirham atau uang yang biasanya digunakan sehari-hari. imam mâlik dan imam syâfi’î tidak membolehkan modal berupa barang dagangan baik ‘aqar maupun manqûl dengan alasan bahwa barang perniagaan akan menimbulkan gharar (ketidakjelasan) sehingga modal dan keuntungan menjadi tidak jelas. nilai dari barang juga hanya diketahui dengan perkiraan. perkiraan dan sangkaan bisa menimbulkan perbedaan. perbedaan bisa menimbulkan pertikaian dan pertikaian akan menyebabkan mudhârabah menjadi fâsid.10 kedua, jumlahnya jelas. supaya ada perbedaan antara modal yang disertakan dengan keuntungan yang akan dibagikan maka modal yang disetorkan harus jelas berapa jumlahnya serta tertulis pada sertifikat sukuk (nominal sukuk). tidak jelasnya jumlah modal menyebabkan keuntungan juga tidak jelas dan akhirnya akad mudhârabah menjadi tidak sah. karena kejelasan keuntungan merupakan salah satu syarat dari akad mudhârabah.11 ketiga, tunai. akad sukuk mudhârabah tidak sah jika pembelian sukuk mudhârabah masih dalam utang atau pembelian sertifikat sukuk mudhârabah secara utang, karena jika dilakukan dengan cara utang maka pembeli sukuk mudhârabah bukan sebagai pemilik modal yang menyertakan modal tersebut pada sukuk mudhârabah, hal tersebut menyebabkan akad mudhârabah menjadi fasid. (4) diserahkan sepenuhnya kepada mudhârib. pemilik sukuk mudhârabah harus melepaskan kekuasaannya terhadap modal yang diberikan kepada emiten (mudhârib). jika masih dalam 9wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3931-3932. 10ibn rusyd, bidâyah al-mujtahid wa nihâyah al-muqtashid, (bayrût: dâr al-fikr, t.th.) jilid ii, h. 178. dan ‘abd al-rahmân al-jaziri, al-fiqh ‘alâ al-mazâhib al-arba’ah, h. 36. 11 sayyid sâbiq, fiqh al-sunnah, (bayrût: dâr al-fikr, 1992), jilid iii, h. 213. al-iqtishad: vol. iii, no. 1, januari 2011 121 lah pertama, terkait dengan dua pihak (antara pemilik sukuk dengan emiten) yang berakad. dua pihak yang melakukan akad haruslah adanya pihak yang cakap untuk mewakilkan (pemilik sukuk/wali amanat) dan adanya pihak yang cakap menjadi wakil (emiten). pada satu sisi emiten yang mengelola modal adalah wakil dari pemilik sukuk karena ia mengurus harta atas keizinan dan perintah dari pemilik harta sehingga syarat-syarat sebagai wakil juga berlaku bagi emiten (mudhârib) dalam akad mudhârabah ini. kedua pihak yang berakad tidak disyaratkan beragama islam, maka boleh saja melakukan kerja sama dengan kafir dzimmî. namun menurut mâlikî hukumnya makruh.9 kedua, terkait dengan modal yang disetorkan saat pembelian sukuk. ada empat syarat yang terkait dengan modal yang disetorkan saat pembelian sukuk ini. pertama, berbentuk uang. para ulama sepakat tentang kebolehan modal berbentuk dinar atau dirham atau uang yang biasanya digunakan sehari-hari. imam mâlik dan imam syâfi’î tidak membolehkan modal berupa barang dagangan baik ‘aqar maupun manqûl dengan alasan bahwa barang perniagaan akan menimbulkan gharar (ketidakjelasan) sehingga modal dan keuntungan menjadi tidak jelas. nilai dari barang juga hanya diketahui dengan perkiraan. perkiraan dan sangkaan bisa menimbulkan perbedaan. perbedaan bisa menimbulkan pertikaian dan pertikaian akan menyebabkan mudhârabah menjadi fâsid.10 kedua, jumlahnya jelas. supaya ada perbedaan antara modal yang disertakan dengan keuntungan yang akan dibagikan maka modal yang disetorkan harus jelas berapa jumlahnya serta tertulis pada sertifikat sukuk (nominal sukuk). tidak jelasnya jumlah modal menyebabkan keuntungan juga tidak jelas dan akhirnya akad mudhârabah menjadi tidak sah. karena kejelasan keuntungan merupakan salah satu syarat dari akad mudhârabah.11 ketiga, tunai. akad sukuk mudhârabah tidak sah jika pembelian sukuk mudhârabah masih dalam utang atau pembelian sertifikat sukuk mudhârabah secara utang, karena jika dilakukan dengan cara utang maka pembeli sukuk mudhârabah bukan sebagai pemilik modal yang menyertakan modal tersebut pada sukuk mudhârabah, hal tersebut menyebabkan akad mudhârabah menjadi fasid. (4) diserahkan sepenuhnya kepada mudhârib. pemilik sukuk mudhârabah harus melepaskan kekuasaannya terhadap modal yang diberikan kepada emiten (mudhârib). jika masih dalam 9wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3931-3932. 10ibn rusyd, bidâyah al-mujtahid wa nihâyah al-muqtashid, (bayrût: dâr al-fikr, t.th.) jilid ii, h. 178. dan ‘abd al-rahmân al-jaziri, al-fiqh ‘alâ al-mazâhib al-arba’ah, h. 36. 11 sayyid sâbiq, fiqh al-sunnah, (bayrût: dâr al-fikr, 1992), jilid iii, h. 213. kuasanya, bagaimana emiten (mudhârib) akan mengelolanya karena geraknya akan terbatas. ketiga, terkait dengan keuntungan. keuntungan disyaratkan: (1) pembagiannya jelas. keuntungan adalah tujuan akhir dari sukuk mudhârabah. ketidakjelasan keuntungan menyebabkan sukuk mudhârabah menjadi fâsid. menurut ulama hanafiyyah, jika pembagian keuntungan tidak jelas maka mudhârabah menjadi fâsid yang berarti syarat batal. meskipun syarat batal, akad tetap sah. maka harus jelas berapa bagiannya misalnya ½, 1/3, atau ¼ sesuai kesepakatan dari keuntungan. (2) keuntungan diambil dari hasil usaha tersebut. bagi hasil yang diberikan emiten kepada pemilik sukuk mudhârabah diambil dari keuntungan usaha tersebut dalam arti kata keuntungan tidak boleh diambil dari selain usaha yang didanai oleh modal tadi. secara umum, syarat-syarat yang tidak diperbolehkan semua fukaha adalah syarat-syarat yang dapat menyebabkan terjadinya gharar. tidak ada perbedaan pendapat di kalangan ulama tentang ketidaksahannya jika salah satu pihak mensyaratkan penambahan keuntungan untuk dirinya dari apa yang sudah ditetapkan dalam perjanjian. karena hal ini menyebabkan apa yang sudah disepakati dalam qirâdh menjadi majhûl (tidak diketahui).12 bila rukun dan syarat sudah terpenuhi, maka sukuk mudhârabah dipandang sah. sebaliknya, bila rukun dan syarat tidak terpenuhi maka sukuk mudhârabah dipandang tidak sah. bila salah satu syarat tidak terpenuhi, maka sukuk mudhârabah dipandang rusak (fâsid). beberapa keutamaan sukuk mudhârabah adalah: pertama, sukuk mudhârabah merupakan instrumen investasi yang memungkinkan pengembangan dana dalam bentuk penyertaan dana dalam pelbagai unit dengan nilai yang sama dalam bentuk sukuk tercatat yang mencerminkan kepemilikan atas aset, dengan kata lain sukuk mudhârabah adalah kontrak pembiayaan pemodal dengan pemilik proyek/perusahaan dengan ketentuan pemilik peroyek/ perusahaan dapat menggunakan dana tersebut dengan memberikan keuntungan yang telah disetujui pada saat emisi sukuk. kedua, sukuk mudhârabah harus mencerminkan kepemilikan pemodal sebagai ikatan untuk membiayai proyek/pengembangan usaha pada perusahaan secara spesifik, pemegang sukuk berhak atas kepemilikan yang berhubungan dengan proyek/perusahaan meliputi penjualan, hadiah, hipotek, dan semacamnya. kontrak dalam sukuk mudhârabah terbentuk akibat penawaran umum dari pihak issuer kepada pemodal kontrak tersebut harus sesuai dengan syariah. ke 12ibn rusyd, bidâyah al-mujtahid wa nihâyah al-muqtashid, h. 179. muhammad fadlillah: sukuk mudhârabah122 al-iqtishad: vol. iii, no. 1, januari 2011 123 sebut dan hari di mana emiten akan mengembalikan jumlah penyertaan. waktu antara tanggal penerbitan dan tanggal penebusan disebut tenor (jangka waktu) sukuk dan dinyatakan dalam tahun. jangka waktu jatuh tempo sangat penting dicantumkan dalam kontrak karena pada saat itulah emiten mengembalikan nilai nominal atau pokok penyertaan modal pada sukuk tersebut kecuali emiten melakukan pengembalian penyertaan modal sukuk (redemption) sebelum jatuh tempo. ketiga, besarnya nominal. penerbit umumnya menawarkan penyertaan modal pada sukuk persis seperti yang tertera dalam sertifikat sukuk. dalam bahasa teknis, sukuk dapat ditawarkan pada harga pari (par value). tetapi ada kalanya penerbit menawarkan obligasinya di bawah nilai parinya dan ini dikatakan dijual dengan harga diskon. nilai pari (par value) sukuk sering disebut juga nilai pokok sukuk (principal value) obligasi, nilai nominal (face value), nilai penebusan (redemption value), atau nilai maturitas (maturity value) yaitu jumlah yang setuju dibayarkan kembali oleh emiten kepada pemegang sukuk pada tanggal jatuh tempo. pencantuman besarnya nominal sukuk dalam perjanjian sangat penting sekali karena ini memberikan kejelasan berapa jumlah atau nilai yang harus dibayar oleh emiten pada saat jatuh tempo walaupun di pasar harga naik atau turun secara signifikan atau ditawarkan pada harga premium, discount atau par value pada saat penerbitan. prinsip dasar yang harus diperhatikan dalam sukuk mudhârabah ini adalah bahwa sukuk bukan surat utang dan jenis usaha yang dilakukan oleh emiten (issuer) tidak boleh bertentangan dengan syariah sehingga pendapatan yang diperoleh pun halal. dalam hal ini fatwa no. 20 dsn-mui/iv/2001 yang menjelaskan tentang kegiatan usaha yang bertentangan syariah yaitu: pertama, usaha perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang. kedua, usaha lembaga keuangan konvensional (ribawî), termasuk perbankan dan asuransi konvensional. ketiga, usaha yang memproduksi, mendistribusi, serta memperdagangkan makanan dan minuman haram. keempat, usaha yang memproduksi, mendistribusi, dan atau menyediakan barang-barang ataupun jasa yang merusak moral dan bersifat mudarat. pendapatan (hasil) yang diperoleh oleh pemegang sukuk berasal dari emiten sendiri bukan dari affiliasi atau perusahan lain dengan kata lain keuntungan yang akan dibagikan di ambil dari hasil usaha emiten sendiri. muhammad fadlillah: sukuk mudhârabah124 skema transaksi sukuk mudhârabah penentuan harga sukuk mudhârabah adalah jumlah present value aliran bagi hasil ditambah present value nilai nominal. contoh: berapakah harga sukuk mudhârabah bernilai nominal rp 10.000.000,dengan tingkat bagi hasil 16% dan jatuh tempo tiga tahun? dan investor mensyaratkan tingkat bagi hasil 18%. jawab: harga nominal = 16% x rp 10.000.000 = rp 1.600.000 harga = rp 1.600.000 : (1+18%) + rp 1.600.000 : (1+18%)2 + rp 1.600.000: (1+18%)3 + rp 10.000.000 : (1+18%)3 = rp 9.565.260 nominal yield adalah bagi hasil sukuk yang besarnya sama dengan tingkat bagi hasil (profit sharing rate) dikalikan dengan nilai nominalnya. tingkat bagi hasil sukuk merefleksikan tingkat bagi hasil yang mengandung komponen-komponen tingkat pertumbuhan ekonomi, tingkat inflasi dan risiko. penentuan tingkat bagi hasil didasarkan atas tingkat bagi hasil perbankan dan tingkat keuntungan emiten yang sedang berlaku, biasanya tingkat bagi hasil sukuk di atas tingkat bagi hasil perbankan. penetapan tingkat bagi hasil (profit sharing rate) di atas tingkat bagi hasil perbankan dimaksudkan sebagai premi risiko, premi risiko ini penting karena untuk mengkonpensasi kemungkinan beberapa risiko investasi sukuk. pembayaran bagi hasil dapat dilakukan setiap tahun (annual) atau semester (semiannual) atau triwulan, untuk perhitungan bagi hasil harus disesuaikan dengan peride pembayaran bagi hasil yang diberlakukan dengan model: pendapatan bagi hasil = tingkat bagi hasil (%) x nilai nominal. contoh: pt. lintas pemilik modal (shohibul mal) pemilik proyek / perusahaan (emitten) proyek yang dikerjakan / pengembangan usaha keuntungan bersih ketentuan bagi hasil, contoh 16 % untuk pemilik modal 84% untuk pemilik usaha rukun dan syarat sukuk al-iqtishad: vol. iii, no. 1, januari 2011 125 skema transaksi sukuk mudhârabah penentuan harga sukuk mudhârabah adalah jumlah present value aliran bagi hasil ditambah present value nilai nominal. contoh: berapakah harga sukuk mudhârabah bernilai nominal rp 10.000.000,dengan tingkat bagi hasil 16% dan jatuh tempo tiga tahun? dan investor mensyaratkan tingkat bagi hasil 18%. jawab: harga nominal = 16% x rp 10.000.000 = rp 1.600.000 harga = rp 1.600.000 : (1+18%) + rp 1.600.000 : (1+18%)2 + rp 1.600.000: (1+18%)3 + rp 10.000.000 : (1+18%)3 = rp 9.565.260 nominal yield adalah bagi hasil sukuk yang besarnya sama dengan tingkat bagi hasil (profit sharing rate) dikalikan dengan nilai nominalnya. tingkat bagi hasil sukuk merefleksikan tingkat bagi hasil yang mengandung komponen-komponen tingkat pertumbuhan ekonomi, tingkat inflasi dan risiko. penentuan tingkat bagi hasil didasarkan atas tingkat bagi hasil perbankan dan tingkat keuntungan emiten yang sedang berlaku, biasanya tingkat bagi hasil sukuk di atas tingkat bagi hasil perbankan. penetapan tingkat bagi hasil (profit sharing rate) di atas tingkat bagi hasil perbankan dimaksudkan sebagai premi risiko, premi risiko ini penting karena untuk mengkonpensasi kemungkinan beberapa risiko investasi sukuk. pembayaran bagi hasil dapat dilakukan setiap tahun (annual) atau semester (semiannual) atau triwulan, untuk perhitungan bagi hasil harus disesuaikan dengan peride pembayaran bagi hasil yang diberlakukan dengan model: pendapatan bagi hasil = tingkat bagi hasil (%) x nilai nominal. contoh: pt. lintas pemilik modal (shohibul mal) pemilik proyek / perusahaan (emitten) proyek yang dikerjakan / pengembangan usaha keuntungan bersih ketentuan bagi hasil, contoh 16 % untuk pemilik modal 84% untuk pemilik usaha rukun dan syarat sukuk data utama menerbitkan sukuk mudhârabah dengan nominal rp 10.000.000 dengan tingkat bagi hasil 18% per tahun. berapakah bagi hasil yang dibayarkan jika pembayarannya dilakukan setiap tahun, semester atau triwulan. jawab: pendapatan bagi hasil = tingkat bagi hasil (%) x nilai nominal, (1) pendapatan bagi hasil = 18% x rp 10.000.000 = rp 1.800.000 (setiap tahun); (2) pendapatan bagi hasil = rp 1.800.000 : 2 = rp 900.000 (setiap semester); (3) pendapatan bagi hasil = rp 1.800.000 : 4 = rp 450.000 (setiap triwulan). penutup pemanfaatan sukuk sebagai salah satu instrumen pembiayaan dalam ekonomi islam merupakan hal sangat menguntungkan diantara dua pihak, pihak surplus spending unit (shâhib al-mâl) dapat menyertakan dananya kepada deficit spending unit (emiten/mudhârib) untuk mengelola dana tersebut pada bidang usaha yang diperbolehkan oleh syariah dengan akad mudhârabah dan/atau akad-akad lainnya sesuai dengan perkembangan zaman. pihak surplus spending unit memperoleh keuntungan deviden atas modal yang disertakan pada emiten dalam bentuk sukuk mudhârabah sesuai dengan perjanjian yang disepakati, dan memperoleh gain ketika sukuk tersebut dijual pada pasar sekunder. sedangkan deficit spending unit (emiten/mudhârib) memperoleh dana murah (bagi hasil yang diberikan kepada pemilik sukuk lebih kecil dari pada memanfaatkan dana yang ada pada bank syariah) yang digunakan untuk memenuhi kebutuhan likuiditas dan pengembangan usahanya. [] pustaka acuan ‘imârah, muhammad, qâmûs al-musthalahat al-iqtishâdiyyah fî al-hadhârah alislâmiyyah, bayrût: dâr al-masyrûq, 1993. abû al-barakat, ahmad al-dardiri, al-syarh al-kabîr ma’a hasyiyah al-dasûqî, bayrût: dâr al-fikr, t.th. edwin j., elton, and martin j. gruber, modern portfolio theory and investment analisys, new york: jhon wiley, 1987. ibn âbidîn, radd al-mukhtâr ‘ala aldurr al-mukhtâr, bayrût: dâr al-fikr, t.th. ibn qudâmah, ‘abd allah ibn ahmad, al-mughni, (bayrût: dâr al-fikr 1405 h). ibn rusyd, bidâyah al-mujtahid wa nihâyah al-muqtashid, bayrût: dâr al-fikr, t.th. jaziri, al-, ‘abd al-rahmân, al-fiqh ‘alâ al-mazâhib al-arba’ah, bayrût: dâr alkutub al-‘ilmiyah, 1990. mun’in, al-, muhammad ‘abd, al-mudhârabah wa tathbîqâtihâ al-’amaliyyah fî almashârif al-islâmiyah, al-qâhirah: al-ma‘had al-’âlamî li al-fikr al-islâmî, 1996. muhammad fadlillah: sukuk mudhârabah126 robert c., radcliffe, investment, concept, analisys, strategy, fifth edition, florida: addison-wesley educational publisher inc. 1997. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-fikr, 1992. syaybânî, al-, al-khâtib, mughni al-mukhtâj, bayrût: dâr al-fikr, 1994. yusu’i, al-, abû luis ma’lûf, al-munjîd fî al-lugah wa ‘a’lam, bayrût: masyriq, 1986. zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr, 1989. nur hidayah1, ainun zamilah2, sofyan rizal3, jaharuddin4 abstract. this study aims to analyze the effect of covid-19 on banking resilience in indonesian islamic and conventional banks. using panel regression with robust standard error on 38 islamic and conventional banks going public in indonesia, covering the period before and during the covid-19 pandemic, shows that the covid-19 crisis has a significant effect on all bank financial performance but not significant on all bank risk indicators. using the independent t-test test with the assumption of unequal variance and welch correction on six panels of criteria, this study finds that islamic banks are more resilient than conventional banks. keywords: resilience; bank financial performance; bank risk; covid-19 abstrak. penelitian ini bertujuan untuk menganalisis pengaruh covid-19 terhadap resiliensi perbankan syariah dan konvensional di indonesia. menggunakan regresi panel dengan robust standard error pada 38 bank syariah dan konvensional yang sudah ‘go public’ di indonesia, meliputi periode sebelum dan selama pandemi covid-19, studi ini menunjukkan bahwa krisis covid-19 berpengaruh signifikan terhadap semua indikator kinerja keuangan bank, namun tidak signifikan terhadap semua indikator risiko bank. dengan menggunakan uji independent t-test dengan asumsi unequal variance dan welch correction terhadap enam panel kriteria, penelitian ini menemukan bahwa bank syariah lebih tangguh dibandingkan bank konvensional. kata kunci: ketahanan; kinerja bank; risiko bank; covid-19 the resilience of sharia and conventional banks in indonesia during the covid-19 pandemic crisis al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 209 228 1, 2, 3, 4uin syarif hidayatullah jakarta, indonesia e-mail: 1nurhidayah@uinjkt.ac.id, 2ainun_zamilah19@mhs.uinjkt.ac.id, 3sofyan.rizal@uinjkt.ac.id, 4jaharuddin20@mhs.uinjkt.ac.id mailto:nurhidayah%40uinjkt.ac.id?subject= mailto:ainun_zamilah19%40mhs.uinjkt.ac.id?subject= mailto:sofyan.rizal%40uinjkt.ac.id?subject= mailto:jaharuddin20%40mhs.uinjkt.ac.id?subject= 210 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction unlike the previous financial crises caused by financial system indiscipline and bubbles, the crisis since 2020, which is still ongoing until now, is caused by the covid-19 pandemic, which impacts various sectors, especially the economy. covid-19 reduced world gdp by -2.2 in may 2020. the financial sector experienced fluctuations as indicated by foreign capital outflows and fluctuating exchange rates. this condition triggers an increase in credit risk, thus motivating policymakers around the world to take extraordinary steps to provide assistance to affected borrowers (world bank, 2020). although banking regulators are trying to control the situation by continuing to make policy revisions, the oecd (2021) noted that there was an increase in the percentage of npls (non-performing loans) in 2020 from the previous year in several regions, as in north america increased by around 75%, europe 40%, the asia pacific by 80%, and emes increased by 42%. studies also show that covid-19 threatens to trigger a worldwide liquidity and solvency crisis (adrian and natalucci, 2020; ari, chen, and ratnovski, 2020). so that banks are required to increase provisions (miglionico, 2019) and control their risks (abu hussain & al-ajmi, 2012; ben selma mokni et al., 2014; khan & ahmed, 2001) so as not to worsen their balance sheet. in indonesia, covid-19 has caused a decline in macro and microeconomic indicators. these include recessions, current account deficits, and exchange rate volatility. macro conditions contributed to the slowdown in the banking sector. some of the risks that threaten banks are a decrease in tpf (third party funding), and an increase in npl/npf. the growth of atm-debit, credit cards, and electronic money is slowing, but the volume of digital banking transactions is increasing (warjiyo, 2020). other impacts on the banking sector include liquidity problems, increased credit/financing risk, decreased profits, and the need for financial restructuring. the long-term impacts include reducing bank capital, reducing its ability to channel financing, a decrease in the quality of financing for islamic rural banking, especially for smes (hidayat, 2020). in response to these problems, the government of indonesia issued various fiscal stimulus policies with a larger fiscal deficit and the government's national economic recovery program. the government has increased the deficit to 6.34% of gdp (rp 1,093.2 t), including the cost of the national economic recovery of rp 582.15 t: health of rp. 87.55 t, social protection of rp. 203.90 t, incentives rp. 120.61 t, msmes rp. 123.46 t, corporate financing rp. 44.57 t, sectoral and regional government rp. 97.11 t. in the banking sector, regulators (indonesia’s central bank (bi/bank of indonesia) and indonesia’s financial service authority http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 211 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 (ojk/otoritas jasa keuangan)) issued various policies to maintain banking stability and performance while taking into account the national banking intermediation function. bi has issued monetary and macroprudential stimulus, while ojk has issued a credit restructuring policy and relaxed a number of microprudential provisions. these policies include stabilizing the rupiah exchange rate, reducing interest rates, providing liquidity funds such as sbn (national security assets) repos, reducing the statutory reserves, and relaxing macroprudential policies. in the midst of these efforts, the performance of the national banking sector is still showing a slowdown. credit has decreased from rp. 5,712,040 billion in march 2020 to 5,496,419 billion in march 2021. meanwhile, npl increased from 2.77% in march 2020 to 3.17% in march 2021. based on ojk data, national banking performance from march 2020 to march 2021 shows that car (capital adequacy ratio) has increased from 21.67% to 24.04 %, oer (operating expense ratio) decreased from 88.84% to 86.44%, ldr (loan to deposits ratio) decreased 92.55% to 80.93%, nim (net income margin) increased from 4.31% to 4.62%, and roa (return on assets) decreased from 2.57% to 1.87%. the dual banking system (islamic and conventional) raises the question of the extent to which banks are better able to absorb crisis shocks. until now, the resilience study between islamic and conventional banks in facing the crisis continues to show inconsistent results. study shows that islamic banks are more resilient to crises than conventional banks (alqahtani et al., 2017; chazi & syed, 2010; fakhfekh et al., 2016; hashem, 2017; khediri et al., 2015; rajhi & hassairi, 2013), and perform better during the crisis (johnes et al., 2014; majeed & zainab, 2021). another study by cihak & hesse (2010), hassan & dridi (2011), and beck et al. (2013) found that islamic banking has a lower level of resilience to economic crises than conventional banking (beck et al., 2013; čihák & hesse, 2010). then, several studies have found no difference between islamic banks and conventional banks in dealing with the crisis (bourkhis & nabi, 2013; johnes et al., 2014; olson & zoubi, 2017). regarding the impact of covid-19 on the performance of islamic and conventional banking, recent studies have shown that the covid-19 outbreak has adversely affected financial performance across various financial performance indicators (i.e., accounting-based and market-based performance measures) and financial stability (i.e., risk indicators) in the global banking sector (elnahass et al., 2021). however, hartadinata & farihah (2021) found that there was no difference in performance between before (2019) and during the covid-19 crisis (2021) in indonesian banking based on return on assets (roa). thus, this study aims to http://journal.uinjkt.ac.id/index.php/iqtishad 212 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 contribute to the academic debate on the resilience of islamic and conventional banking in facing the covid-19 pandemic crisis. it will examine the effect of the covid-19 crisis on indonesian banking resilience based on financial performance indicators and risk indicators and analyze a comprehensive comparison of the resilience of conventional banks and islamic banks in indonesia, before and during crisis covid-19. literature review there are three streams of opinions on the resilience of islamic banks compared to the conventional ones. the first stream argues that islamic banking is better at resisting shocks due to the crisis than conventional banking. rosman et al. (2014) found that most islamic banks in middle eastern and asian countries were able to survive the 2007-2008 crisis even though their incomes decreased due to their smaller scale of operations. in addition, during the crisis period, islamic banks in persian gulf countries were relatively more stable and able to improve their credit growth performance compared to conventional banks (al-khouri and arouri 2016; hasan and dridi 2011). similarly, the ability of islamic banking to maintain a better capital ratio during the global financial crisis is also better than that of conventional banking (chazi and syed 2010). recent findings conclude that islamic banking is more resilient than conventional banking because the latter is more volatile than the former (fakhfekh et al., 2016). hashem (2017) found that conventional banks are the sector that is least resilient to systemic events and is one that has the highest contribution to systemic risk during times of crisis. the second stream argues that islamic banking is more vulnerable to shocks due to the crisis than conventional banking. beck et al. (2013) found that islamic banking has a lower level of resilience to economic crises than conventional banking. researching the determinant factors, hassan and dridi (2011) argue that islamic banking has poor risk management. johnes et al. (2014) concluded that both banks were affected by the 2008 crisis and began to recover in 2009; however, he found that although islamic banks performed quite efficiently during the crisis, conventional banking operating systems are more efficient during crisis periods. as a result of this financial crisis, the regulators have to strengthen various indicators to create a healthier financial ecosystem and provide a safety net for banks and their customers. as a strategy to protect their customers, banks are required to save a certain amount of funds from bearing the risk of a crisis that can be used to settle certain obligations. however, grira et al. (2016) found that sharia banking deposit insurance premiums did not increase during the crisis. this finding http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 213 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 indicates that islamic banking has lower deposit insurance premiums in times of crisis than conventional banking, which explains the fundamental differences in the business models of the two types of banking. therefore, regulators and policy makers need to consider the differences between islamic and conventional banking when formulating policies for these two different types of banking. the third stream argues that there is no difference between islamic banks and conventional banks facing a crisis (bourkhis & nabi, 2013; johnes et al., 2014; olson & zoubi, 2017). both experienced decreased profitability and increased risk during the crisis since both are intermediary companies. the crisis due to covid-19 has a different nature from 1998 asian and the 2008 global crisis. the impact of the covid-19 was significant on the decline in people's incomes and business activities which then spread to the financial sector. this resulted in a global financial market panic, capital outflows, and the exchange rate weakening. governments from various affected countries issued significant economic stimulus policies, both fiscal stimulus and monetary and financial stimulus (world bank, 2021). however, credit risk proxied by npl/npf still shows an increase in 2020 (oecd, 2021). the study of ghosh & saima (2021) found that most banks in bangladesh were affected by the covid-19 pandemic crisis, indicated by the decline in capital adequacy, liquidity ratio, profitability, non-performing loans, and resilience capacity to adverse effects of the covid-19 pandemic. elnahass et al. (2021) also showed that the covid-19 pandemic crisis lowered bank profitability and bank stability indicators. financial institutions are said to be financially stable if they meet the elements of profitability, liquidity, solvency (ghassan & krichene, 2017). this study adopts the previous literature indicating that capital adequacy, liquidity ratio, and non-performing loans (npls) are commonly used in measuring the resilience of financial institutions (maheswaran and rao, 2014; patra and padhi, 2020) and performance volatility (z-score) as stability measurement (fu et al., 2014; gamaginta & rokhim, 2009; khediri et al., 2015). methods this study analyzes and compares the effect of the covid-19 pandemic crisis on the resilience of islamic and conventional banks in indonesia. bank resilience in this study is measured using two indicators, namely financial performance, and risk indicators. referring to the study by elnahass et al. (2021), bank performance in this study is measured by profitability which shows the bank's ability to earn a profit, proxied by return on assets (roa) and return to equity (roe), and http://journal.uinjkt.ac.id/index.php/iqtishad 214 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 bank efficiency is measured using operating expense ratio (oer). while for the risk indicators, this study refers to aldoseri & worthington (2020); ali & puah (2019); ghassan & krichene (2017); mohammad yusuf & reza nurul ichsan (2021) that employed liquidity risk, credit risk, and capital adequacy. profitability shows the bank's ability to earn profit, proxied by return on assets (roa) and return on equity (roe).. liquidity is measured by using loan/financing to deposit ratio (ldr or fdr). credit quality is measured using non-performing loan/financing. to examine the available capital of a bank in relation to extended credit, this study employs capital adequacy ratio (car). to find out whether the covid-19 pandemic crisis influences bank resilience, this study uses panel regression model as follows: perfi,t = α+β1 cov + β2controli,t + ε then, to find out whether there are differences in resilience between islamic and conventional banks in the period before and during the crisis, this study adopts an independent t-test with the assumption of unequal variance and welch correction on the resilience indicators as follows: table 1. variables used in this study variables description measurements dependent variables: financial performance indicators roa return on assets earning after tax/total assets roe return on equity net income /shareholders' equity oer operating expenses ratio operating expenses/operating income risk indicators lfdr loan/financing to debt ratio loan atau financing/total deposit nplf non performing loan /financing npf or npl/total financing atau loan car capital adequacy ratio independen variables: covid-19 crisis covid-19 dummy variable, 1 to distinguish the period of the covid-19 crisis and 0 for the period before the covid-19 crisis. control variables: bank specific and macro factors lnbs bank size natural log of total assets lev bank’s leverage total liabilities/total assets gdp gdp gdp growth rate inf inflation inflation rate http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 215 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 data sources this study uses a balanced set of panel data from 47 banks (islamic and conventional) listed in the indonesia stock exchange. the data in this study is quarterly, from q3 2018 to q2 2021, covering the period before the covid-19 pandemic (q3 2018q4 2019) and during the covid-19 pandemic (q1 2020 – q2 2021). the data is sourced from each bank's annual and financial reports, which can be accessed online from the ojk website. results and discussion table 2 below shows a statistical description of a sample of indonesian islamic and conventional banks before and during the covid-19 pandemic crisis. table 2 indicates that almost all dependent variables have standard deviation and variance values that are higher than the mean so that it can be interpreted that all bank resilience indicator variables have a high level of variation and distribution of data. this is due to the diversity of the bank samples, both in terms of bank size and type. table 2. descriptive variables variable obs mean min max std. dev. variance skewness kurtois dependens: roa 456 1.544 -10.530 13.580 2.170 4.710 2.099 16.867 roe 456 7.342 -56.780 68.000 9.217 84.951 -0.784 15.554 fldr 456 89.932 20.170 231.740 23.770 565.019 1.542 8.879 npfnpl 456 1.782 -0.610 20.870 1.624 2.637 4.489 46.540 oerbopo 456 86.518 37.720 240.440 16.796 282.098 2.152 19.628 car 456 25.194 10.180 103.280 11.656 135.852 2.735 14.122 independen: covid-19 456 0.500 0.000 1.000 0.501 0.251 0.000 1.000 controls: gdp 456 15.181 15.121 15.245 0.033 0.001 0.044 2.600 inf 456 2.383 1.330 3.390 0.754 0.569 -0.198 1.445 lev 456 0.821 0.293 0.951 0.087 0.008 -2.572 12.699 lnbs 456 17.532 13.662 21.075 1.822 3.321 0.114 2.142 syariah 456 0.079 0.000 1.000 0.270 0.073 3.123 10.752 table 2 shows that only two of the six dependent variables are normally distributed based on the skewness value. still, based on the kurtois value, all http://journal.uinjkt.ac.id/index.php/iqtishad 216 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 variables have a value not equal to 3, so it can be concluded that the data are not normally distributed, which is reasonable in the data panel. therefore, gls (generalized least square) is more appropriate to use in this study. table 2 shows the correlation matrix of the independent variables, and all variables have a correlation value of less than 0.8, so it can be said that there is no multicollinearity. because this study uses various performance models, to ensure that multicollinearity is not a serious problem in this study, we performed the variance inflation factor (vif) test on each model test. we obtained a vif value of less than 10, so it can be concluded that there is no multicollinearity problem. however, several models have heteroscedasticity problems based on the breusch-pagan / cook-weisberg test. thus, we use a robust approach for each best model estimator. the mean value for the islamic banks variable is only 0.079, which means that the islamic bank samples are smaller than 10% of the total observations, so this study does not use the dummy variable to distinguish islamic and conventional banks. instead, this study adopts the independent t-test test with the assumption of unequal variance and welch correction for further comparative analysis. however, this study uses the dummy variable to distinguish the influence of the covid-19 pandemic on the bank resilience before and during the crisis. an empirical test for the bank performances table 3 shows the least square panel estimation with a robust standard errors approach to test the impact of covid-19 on the resilience of islamic and conventional banks in indonesia based on performance indicators (panel a) and risk indicators (panel b). this study found that covid-19 significantly affected all bank performance indicators while not on bank risk indicators based on the two-panel groups. in the bank performance indicator panel (a), it was found that covid-19 had a significant effect on both profitability indicators and bank efficiency indicators. in table 3, it is known that there is a negative relationship between covid-19 and the two profitability indicators. this means that the covid-19 has reduced the profitability of islamic and conventional banks in indonesia, both based on roa and roe. in contrast, the covid-19 has a positive effect on bank efficiency. this means that the covid-19 has forced the banks to be more efficient. in the control variables, all bank-specific variables (leverage & bank size) were found to have a significant effect on all bank performance indicators. it is known that leverage has a significant negative effect on profitability (roa and roe) but http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 217 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 has a significant positive effect on bank efficiency (oer). macro variables (gdp and inflation) were found to have no significant effect on all bank performance indicators except gdp on roe, where this effect had a negative relationship. in the bank risk indicator panel (b), it was found that covid-19 did not significantly affect all risk indicators of indonesian islamic and conventional banks. however, the relationship between the impact of the crisis on liquidity risk is positive, meaning that the ratio of financing/credit disbursed by the banks to the third party fund increases with the presence of covid-19. there are two possibilities that can explain this increase in liquidity risk. the first is a condition in which total credit/financing growth increases with constant growth in the third-party fund. the second is that the total credit/financing growth is constant, but the number of third-party funds decreases during the covid-19 pandemic. table 3 the effect of the covid-19 pandemic on bank resilience in indonesia bank performance indicators (a) bank risk indicators (b) roa roe oer lfdr nplf car covid-19 -0.364*** -2.155*** 4.902*** 1.747 -0.177 -0.021 0.086 0.078 0.08 0.304 0.249 0.957 lev -4.773* -21.686* 55.876* -210.663* 5.298** -152.933* 0.006 0.008 0.002 0.002 0.020 0.000 lnbs 0.965** 2.570* -12.702* 3.630 -0.364* 5.209 0.016 0.000 0.009 0.281 0.000 0.101 gdp -1.909 -14.838** 18.469 -47.968* -1.134 16.039** 0.177 0.028 0.116 0.00 0.428 0.017 inflasi 0.120 -0.076 0.733 4.757* -0.088 -1.006* 0.359 0.932 0.637 0.000 0.468 0.006 _cons 17.407 206.615** -21.247 915.275* 21.333 -181.638** 0.376 0.046 0.883 0.000 0.333 0.035 obs 456 456 456 456 456 456 bank 38 38 38 38 38 38 r-sq within 0.072 0.037 0.068 0.319 0.020 0.707 note: this table presents the results of the regression of the impact of covid-19 on each resilience indicator (bank performance and bank risk) with the standard error robust used to overcome the problem of heteroscedasticity. lev and lnbs are control variables for bank-specific factors, gdp and inflation are control variables for macroeconomic factors. lev is a proxy for bank leverage, lnbs as a proxy for bank size is obtained from the natural logarithm of total assets. gdp is a proxy for economic growth, and inflation shows the rate of inflation. ***, ** and * indicate a significance level of 10%, 5% and 1%, respectively. http://journal.uinjkt.ac.id/index.php/iqtishad 218 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 regarding the control variables, bank-specific factors were also found to have a significant influence on all bank risk indicators. while leverage has a negative effect on liquidity risk and bank adequacy, credit risk has a positive effect. on the other hand, bank size positively affects liquidity risk and bank adequacy, while credit risk has a negative effect. this shows that the larger the bank, the smaller the credit risk faced by the bank. meanwhile, based on macroeconomic factors, gdp and inflation significantly affect liquidity risk and bank adequacy but not on bank credit risk. the resilience of islamic and conventional banks in indonesia the comparison of the resilience of indonesian islamic and conventional banks in this study uses an independent t-test with the assumption of unequal variance and welch correction. comparative tests were carried out on six panels of criteria, namely 1) comparing indicators of indonesian banking resilience before and during the covid-19 pandemic; 2) comparing indicators of resilience between islamic and conventional banks before covid-19; 3) comparing indicators of resilience between islamic and conventional banks during covid-19; 4) comparing indicators of indonesian banking resilience between before and during covid-19; 5) comparing the conventional bank resilience indicators between before and during covid-19, and 6) comparing the islamic bank resilience indicators between before and during covid-19 comparison of resilience of islamic and conventional banks in indonesia: financial performance indicators table 4 shows that out of three bank financial performance indicators (roa, roe, and oer), only oer does not have significant differences on all six previous panel criteria above. however, the mean value of the oer of islamic banks tends to be lower than the conventional ones both in the pre and during covid-19. in general, the oer of banks in indonesia increased during the covid-19 pandemic. the results of this comparison support the regression findings in table 4, which finds a positive relationship between the covid-19 crisis and oer, meaning that the covid-19 increases the oer of banks, which means banks are increasingly inefficient. however, when divided by type of bank, the increase only occurred in conventional banks, while islamic banks tended to have lower oer values during the covid-19 pandemic. so it can be assumed that islamic banks were more efficient than conventional banks during the covid-19 pandemic. http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 219 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 on the roa indicator, the results show that there are differences in performance based on the roa indicator on all six-panel criteria above except for panel f, namely the comparison of the performance of indonesian islamic banks before and during the crisis, where the p-value shows a value of more than a significance level of 1%, 5% even 10% meaning that there is no significant difference in roa of indonesian islamic banks between before and during the covid-19 pandemic. comparison of roa of islamic and conventional banks shows a significant difference with the mean roa of islamic banks being higher than conventional banks, both in the entire study period, the period before the crisis, and during the crisis. suppose indonesia's banking performance based on roa is compared based on the crisis period. in that case, it is found that there is a significant difference in the performance of indonesian banking where before the crisis is better than during the crisis. however, if divided by type of bank, conventional banks appear to perform significantly worse during the crisis period. on the other hand, islamic banks also experience a decrease in performance but not significantly. the performance of islamic banks and conventional banks based on the roe indicator found significant differences in the entire study period, where the roe of islamic banks (10,586) was higher than the roe of conventional banks (7,064), but when divided by crisis period, there was no significant difference in roe between conventional and islamic banks both in the pre-crisis period and during the crisis. in general, table xx also shows that there was a significant decline in performance based on roe in indonesian banking during the crisis period. where conventional banks had an average roe level of 7,974 before the crisis and to 6,154 during the crisis, islamic banks also experienced a decline in roe performance on average from 11,301 before the crisis and to 9,870 during the period during the crisis. in general, the comparison of conventional and islamic banks' performance shows that islamic banks perform better than conventional banks in terms of profitability (roa and roe) in the entire research period, the period before the crisis, and during the crisis although with declining growth. however, if grouped by type of bank, the decline in roa and roe performance of islamic banks is not significant, so it can be concluded that islamic banks are more resilient than conventional banks in facing a crisis. http://journal.uinjkt.ac.id/index.php/iqtishad 220 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 ta bl e 4 c om pa ri so n of r es ili en ce o f is la m ic a nd c on ve nt io na l b an ks i n in do ne si an : fi na nc ia l pe rf or m an ce i nd ic at or s r o a r o e o e r m ea n o bs . st d. d ev . p v al u e m ea n o bs . st d. d ev . p v al u e m ea n o bs . st d. d ev . p v al u e a . c om pa ri so n of i sla m ic a nd c on ve nt io na l b an ks d ur in g th e r es ea rc h pe ri od c on ve nt io na l b an ks 1. 33 2 42 0 1. 47 3 0. 00 5 * 7. 06 4 42 0 8. 91 4 0. 09 1 ** * 86 .7 10 42 0 16 .8 25 0. 40 2 is la m ic b an ks 4. 01 7 36 5. 33 1 10 .5 86 36 11 .8 86 84 .2 78 36 16 .5 12 b . c om pa ri so n of i sla m ic a nd c on ve nt io na l b an ks b ef or e c ov id -1 9 c on ve nt io na l b an ks 1. 49 4 21 0 1. 36 3 0. 05 2 ** * 7. 97 4 21 0 8. 47 6 0. 33 0 85 .4 74 21 0 14 .2 80 0. 88 5 is la m ic b an ks 4. 48 3 18 6. 05 8 11 .3 01 18 13 .8 92 84 .8 47 18 17 .6 61 c . c om pa ri so n of i sla m ic a nd c on ve nt io na l b an ks d ur in g c ov id -1 9 c on ve nt io na l b an ks 1. 17 0 21 0 1. 56 2 0. 04 4 ** 6. 15 4 21 0 9. 26 3 0. 13 8 87 .9 47 21 0 18 .9 88 0. 29 4 is la m ic b an ks 3. 55 1 18 4. 62 0 9. 87 0 18 9. 83 8 83 .7 09 18 15 .7 71 d . c om pa ri so n of i nd on es ia n b an ks r es ili en ce b ef or e an d d ur in g th e c ri si s b ef or e c ri si s 1. 73 0 22 8 2. 26 1 0. 06 7 ** * 8. 23 7 22 8 9. 02 3 0. 03 8 ** 85 .4 24 22 8 14 .5 30 0. 16 5 d ur in g c ri si s 1. 35 8 22 8 2. 06 4 6. 44 7 22 8 9. 34 1 87 .6 12 22 8 18 .7 59 e . c om pa ri so n of r es ili en ce o f in do ne si an c on ve nt io na l b an ks b ef or e an d d ur in g c ri si s b ef or e c ri si s 1. 49 4 21 0 1. 36 3 0. 02 4 ** 7. 97 4 21 0 8. 47 6 0. 03 6 ** 85 .4 74 21 0 14 .2 80 0. 13 2 d ur in g c ri si s 1. 17 0 21 0 1. 56 2 6. 15 4 21 0 9. 26 3 87 .9 47 21 0 18 .9 88 f. c om pa ri so n of t he r es ili en ce o f in do ne si an i sla m ic b an ks b ef or e an d d ur in g th e c ri si s b ef or e c ri si s 4. 48 3 18 6. 05 8 0. 60 7 11 .3 01 18 13 .8 92 0. 72 4 84 .8 47 18 17 .6 61 0. 84 0 d ur in g c ri si s 3. 55 1 18 4. 62 0 9. 87 0 18 9. 83 8 83 .7 09 18 15 .7 71 n ot e: th is t ab le p re se nt s a co m pa ri so n of t he r es ili en ce o f in do ne si an i sla m ic a nd c on ve nt io na l ba nk s ba se d on b an k fin an ci al p er fo rm an ce i nd ic at or s. th er e ar e si x ty pe s of c om pa ri so ns , na m el y th e co m pa ri so n of r es ili en ce b as ed o n th e ty pe o f ba nk d ur in g th e st ud y pe ri od , be fo re t he c ov id -1 9 cr is is , an d du ri ng t he c ov id -1 9 cr is is ; an d a co m pa ri so n of r es ili en ce b y pe ri od ( be fo re t he c ov id -1 9 cr is is a nd d ur in g th e c ov id -1 9 cr is is ) fo r al l sa m pl es o f ba nk s in i nd on es ia , c on ve nt io na l b an ks a nd i sla m ic b an ks . th is t ab le p re se nt s th e ca lc ul at io n re su lts o f th e in de pe nd en t tte st w ith t he a ss um pt io n of un eq ua l va ri an ce a nd w el ch c or re ct io n. th e ** *, * * an d * m ar ks i nd ic at e th e si gn ifi ca nc e le ve l of 1 0% , 5% a nd 1 % , re sp ec tiv el y. http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 221 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 comparison of resilience of islamic and conventional banks in indonesia: risk indicators the liquidity risk indicator (lfdr) of banks shows that islamic banks have a significantly higher liquidity risk (94,801) than conventional banks (87,064) during the period during the covid-19 pandemic crisis. in the period before the crisis, islamic banks had a lower risk than conventional banks but were not significant. meanwhile, no significant differences were found in the general period and the period before the covid-19 pandemic. if grouped by period, it is generally found that liquidity risk decreased significantly during the covid-19 pandemic crisis. it seems that this significant decrease was caused by a significant reduction in the liquidity risk of conventional banks because, in islamic banks, it was found that liquidity risk increased during the covid-19 pandemic but was not significant. indonesia's banking credit risk generally decreased during the crisis, from 1,839 before the crisis to 1,725 during the crisis, although not significantly. interestingly, the comparison test results show that with the increase in the lfdr of islamic banks during the covid-19 pandemic, the risk level of islamic bank financing has decreased significantly. the calculation results in the 5 table also show that credit risk also decreased slightly during the covid-19 pandemic but was not significant. when compared by type of bank, in general, islamic banks have a higher credit risk than conventional banks, 2,064 and 1,758, respectively, but the difference is not significant. significant differences between islamic and conventional banks were found only in the period before the crisis due to the covid-19 pandemic, with conventional bank credit risk being lower than islamic banks at 1,777 and 2,563, respectively. table 4 shows that there is no significant difference in the capital adequacy ratio between the period before and during the crisis in general in indonesian banks, islamic and conventional banks, although there was an increase in the adequacy ratio in the period during the covid-19 pandemic crisis which was caused by an increase in the adequacy ratio. islamic bank car. significant car differences were found between islamic and conventional banks in the entire study period (24,794 and 29,864) and before the crisis due to the covid-19 pandemic (24,085 and 29,181), which is higher for islamic banks in both types of periods. http://journal.uinjkt.ac.id/index.php/iqtishad 222 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 ta bl e 5 c om pa ri so n of r es ili en ce o f c on ve nt io na l b an ks a nd i nd on es ia n is la m ic b an ks : b an k r is k in di ca to rs l f d r n p f /n p l c a r m ea n o bs . st d. d ev . p v al u e m ea n o bs . st d. d ev . p v al u e m ea n o bs . st d. d ev . p v al u e c om pa ri so n of i sla m ic a nd c on ve nt io na l b an ks d ur in g th e r es ea rc h pe ri od c on ve nt io na l b an ks 89 .6 87 42 0 24 .5 84 0. 13 4 1. 75 8 42 0 1. 61 9 0. 29 7 24 .7 94 42 0 11 .6 18 0. 01 3 ** is la m ic b an ks 92 .8 00 36 10 .0 33 2. 06 4 36 1. 67 4 29 .8 64 36 11 .2 19 c om pa ri so n of i sla m ic a nd c on ve nt io na l b an ks b ef or e c ov id -1 9 c on ve nt io na l b an ks 92 .3 09 21 0 18 .9 73 0. 51 2 1. 77 7 21 0 1. 45 7 0. 09 9 ** * 24 .0 85 21 0 10 .2 29 0. 04 5 ** is la m ic b an ks 90 .7 99 18 7. 92 3 2. 56 3 18 1. 87 2 29 .1 81 18 9. 68 9 c om pa ri so n of i sla m ic a nd c on ve nt io na l b an ks d ur in g c ov id -1 9 c on ve nt io na l b an ks 87 .0 64 21 0 28 .9 46 0. 02 8 ** 1. 73 9 21 0 1. 77 0 0. 60 9 25 .5 03 21 0 12 .8 43 0. 12 5 is la m ic b an ks 94 .8 01 18 11 .6 62 1. 56 6 18 1. 31 9 30 .5 47 18 12 .8 16 c om pa ri so n of b an k in do ne si a r es ili en ce b ef or e an d d ur in g th e c ri si s b ef or e c ri si s 92 .1 90 22 8 18 .3 39 0. 04 3 ** 1. 83 9 22 8 1. 50 4 0. 45 4 24 .4 87 22 8 10 .2 60 0. 19 6 d ur in g c ri si s 87 .6 75 22 8 28 .0 35 1. 72 5 22 8 1. 73 7 25 .9 01 22 8 12 .8 85 c om pa ri so n of t he r es ili en ce o f in do ne si an c on ve nt io na l b an ks b ef or e an d d ur in g th e c ri si s b ef or e c ri si s 92 .3 09 21 0 18 .9 73 0. 02 9 ** 1. 77 7 21 0 1. 45 7 0. 80 8 24 .0 85 21 0 10 .2 29 0. 21 2 d ur in g c ri si s 87 .0 64 21 0 28 .9 46 1. 73 9 21 0 1. 77 0 25 .5 03 21 0 12 .8 43 c om pa ri so n of t he r es ili en ce o f in do ne si an i sla m ic b an ks b ef or e an d d ur in g th e c ri si s b ef or e c ri si s 90 .7 99 18 7. 92 3 0. 23 7 2. 56 3 18 1. 87 2 0. 07 4 ** * 29 .1 81 18 9. 68 9 0. 72 1 d ur in g c ri si s 94 .8 01 18 11 .6 62 1. 56 6 18 1. 31 9 30 .5 47 18 12 .8 16 n ot e: th is t ab le p re se nt s a co m pa ri so n of t he r es ili en ce o f in do ne si an i sla m ic a nd c on ve nt io na l b an ks b as ed o n ba nk r is k in di ca to rs . th er e ar e si x ty pe s of c om pa ri so ns , na m el y th e co m pa ri so n of r es ili en ce b as ed o n th e ty pe o f ba nk d ur in g th e st ud y pe ri od , be fo re t he c ov id -1 9 cr is is , an d du ri ng t he c ov id -1 9 cr is is ; a nd a c om pa ri so n of r es ili en ce b y pe ri od ( be fo re t he c ov id -1 9 cr is is a nd d ur in g th e c ov id -1 9 cr is is ) fo r al l s am pl es o f b an ks in i nd on es ia , c on ve nt io na l b an ks a nd i sla m ic b an ks . th is t ab le p re se nt s th e ca lc ul at io n re su lts o f th e in de pe nd en t tte st w ith t he a ss um pt io n of u ne qu al v ar ia nc e an d w el ch c or re ct io n. th e ** *, * *, a nd * m ar ks i nd ic at e th e si gn ifi ca nc e le ve l of 1 0% , 5% , an d 1% , re sp ec tiv el y. http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 223 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 based on the comparison above, this study finds that islamic banks were more resilient during the covid-19 pandemic, despite declining profitability. these results contribute to the academic debate by giving the empirical evidence in the first stream opinion, which states that islamic banks are more resilient than conventional banks, where they survived the crisis despite decreasing profitability, similar to the findings of rosman et al. (2014). the results of this study support the study by al-khouri and arouri (2016) and hasan and dridi (2011), which also found that although islamic banks have a higher level of liquidity risk than conventional banks, proxied by the higher the f/ldr ratio of islamic banks indicates that the level of disbursement islamic bank financing is higher than conventional banks during the covid-19 pandemic crisis. this shows that islamic banks do not hold back their funds and provide opportunities for a capital deficit and help accelerate economic recovery. although liquidity risk has increased, islamic banks have shown good performance with a decreased level of credit risk, meaning that the quality of islamic bank financing has increased during the covid-19 pandemic crisis. although the difference in capital adequacy between islamic banks and conventional banks is not significant during the covid-19 pandemic, it can be assumed that islamic banks have better capital adequacy than conventional banks based on the higher capital adequacy ratio of islamic banks in all six panels comparison criteria. these results support the findings of chazi and syed (2010), who found that islamic banks were better at maintaining their capital than conventional banks during the crisis. regarding the impact of covid-19 on the reliance of bank indicators, this study found different results from the study of elnahass et al. (2001), who found that the covid-19 crisis affected various indicators of resilience, both indicators of financial performance and risk. meanwhile, this study found that covid-19 only affected financial performance indicators but not risk indicators in indonesia. these results indicate that it seems that the indonesian government's efforts to carry out economic recovery by providing stimulus and relaxation of credit and policies are able to contain bank risks. this study also found different results from hartadinata & farihah (2001), who found that there was no difference in performance between before (2019) and during the covid-19 crisis (2021) in indonesian banking-based on return on assets (roa). by using not only roa indicators, this study also finds significant differences in both roa and roe indicators. this difference could be due to http://journal.uinjkt.ac.id/index.php/iqtishad 224 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 differences in the types of data used. hartadinata & farihah (2021) used annual data. this study used quarterly data to show trends in bank performance before and during the covid-19 crisis. conclusion this study aims to provide empirical evidence regarding the effect of the covid-19 on indicators of banking resilience in indonesia and to find differences in the impact of covid-19 on two groups of resilience indicators. the results show that covid-19 affects all bank financial performance indicators and is not significant for all bank risk indicators. the existence of the covid-19 crisis was found to have a negative effect on all profitability indicators and had a negative effect on bank efficiency ratios. this study also aims to compare indicators of the resilience of islamic and conventional banks based on six panels of criteria, on the first criterion, 1) the comparison of indicators of indonesian banking resilience before and during the covid-19 pandemic shows that islamic banks, in general, have significantly higher profitability and liquidity risk. 2) the comparison of indicators of resilience between islamic and conventional banks before the covid-19 pandemic crisis shows that islamic banks have a higher return on assets but have higher credit risk and capital adequacy than conventional banks before the covid-19 pandemic crisis; 3) the comparison of indicators of resilience between islamic and conventional banks during the covid-19 pandemic crisis also shows that islamic banks have a higher return on assets but have higher credit risk and capital adequacy than conventional banks during the covid-19 pandemic crisis; 4) the comparison of indicators of indonesian banking resilience between before and during covid-19 shows that in general indonesian banks experienced a decline in profitability and liquidity during the covid-19 crisis; 5) the comparison of conventional bank resilience indicators between before and during covid-19 shows a significant decrease in all indicators of profitability and liquidity risk. 6) comparing the indicators of the resilience of islamic banks between before and during covid-19 shows no significant differences in all indicators except for the credit risk indicator, which was lower during the covid-19 crisis. so it can be concluded that islamic banks are more resilient than conventional ones. http://journal.uinjkt.ac.id/index.php/iqtishad nur hidayah. the resilience of sharia and conventional banks in indonesia 225 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v13i2.23964 references abu hussain, h., & al-ajmi, j. 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(2016). pricing beliefs: empirical evidence from the implied cost of deposit insurance for islamic banks. economic modelling, 55, 152-168. http://journal.uinjkt.ac.id/index.php/iqtishad pendahuluan musyarakah mutanaqishah merupakan produk turunan dari akad musyarakah, yang merupakan bentuk akad kerjasama antara dua pihak atau lebih. kata dasar dari musyarakah adalah syirkah yang berasal dari kata syaraka-yusyriku-syarkan-syarikan-syirkatan (syirkah), yang berarti kerjasama, perusahaan atau kelompok/kumpulan. musyarakah atau syirkah adalah merupakan kerjasama antara modal dan keuntungan. sementara mutanaqishah berasal dari kata yatanaqishu-tanaqishtanaqishan-mutanaqishun yang berarti mengurangi secara bertahap. musyarakah mutanaqishah (diminishing partnership) adalah bentuk musyarakah mutanaqishah nadratuzzaman hosen fakultas syariah dan hukum uin syarif hidayatullah jakarta jl. ir. h. juanda 95 ciputat jakarta abstrak: musyarakah mutanaqishah (diminishing partnership) adalah bentuk kerjasama antara dua pihak atau lebih untuk kepemilikan suatu barang atau asset. dimana kerjasama ini akan mengurangi hak kepemilikan salah satu pihak sementara pihak yang lain bertambah hak kepemilikannya. bentuk kerjasama ini berakhir dengan pengalihan hak salah satu pihak kepada pihak lain. dalam syirkah mutanaqishah harus jelas besaran angsuran dan besaran sewa yang harus dibayar nasabah. dan, ketentuan batasan waktu pembayaran menjadi syarat yang harus diketahui kedua belah pihak. harga sewa, besar kecilnya harga sewa, dapat berubah sesuai kesepakatan. dalam kurun waktu tertentu besar-kecilnya sewa dapat dilakukan kesepakatan ulang. bagi bank syariah, penerapan skim musyarakah mutanaqisah harus mendapatkan keuntungan sama atau lebih besar apabila bank menerapkan murabahah plus resiko yang sama atau lebih kecil. kata kunci: musyarakah mutanaqishah, akad, perbankan syariah nadratuzzaman hosen: musyarakah mutanaqishah48 kerjasama antara dua pihak atau lebih untuk kepemilikan suatu barang atau asset. dimana kerjasama ini akan mengurangi hak kepemilikan salah satu pihak sementara pihak yang lain bertambah hak kepemilikannya. perpindahan kepemilikan ini melalui mekanisme pembayaran atas hak kepemilikan yang lain. bentuk kerjasama ini berakhir dengan pengalihan hak salah satu pihak kepada pihak lain. implementasi dalam operasional perbankan syariah adalah merupakan kerjasama antara bank syariah dengan nasabah untuk pengadaan atau pembelian suatu barang (benda). dimana asset barang tersebut jadi milik bersama. adapun besaran kepemilikan dapat ditentukan sesuai dengan sejumlah modal atau dana yang disertakan dalam kontrak kerjasama ter sebut. selanjutnya nasabah akan membayar (mengangsur) sejumlah modal/dana yang dimiliki oleh bank syariah. perpindahan kepemilikan dari porsi bank syariah kepada nasabah seiring dengan bertambahnya jumlah modal nasabah dari pertambahan angsuran yang dilakukan nasabah. hingga angsuran berakhir berarti kepemilikan suatu barang atau benda tersebut sepenuhnya menjadi milik nasabah. penurunan porsi kepemilikan bank syariah terhadap barang atau benda berkurang secara proporsional sesuai dengan besarnya angsuran. selain sejumlah angsuran yang harus dilakukan nasabah untuk mengambil alih kepemilikan, nasabah harus membayar sejumlah sewa kepada bank syariah hingga berakhirnya batas kepemilikan bank syariah. pembayaran sewa dilakukan bersamaan dengan pembayaran angsuran. pembayaran angsuran merupakan bentuk pengambilalihan porsi ke pemilik an bank syariah. sedangkan pembayaran sewa adalah bentuk keuntungan (fee) bagi bank syariah atas kepemilikannya terhadap aset tersebut. pembayaran sewa merupakan bentuk kompensasi kepemilikan dan kompensasi jasa bank syariah. ketentuan pokok musyarakah mutanaqishah di dalam musyarakah mutanaqishah terdapat unsur kerjasama (syirkah) dan unsur sewa (ijarah). kerjasama dilakukan dalam hal penyertaan modal atau dana dan kerjasama kepemilikan. sementara sewa merupakan kompensasi yang diberikan salah satu pihak kepada pihak lain. ketentuan al-iqtishad: vol. i, no. 2, juli 2009 49 pokok yang terdapat dalam musyarakah mutanaqishah merupakan ketentuan pokok kedua unsur tersebut. berkaitan dengan syirkah, keberadaan pihak yang bekerjasama dan pokok modal, sebagai obyek akad syirkah, dan shighat (ucapan perjanjian atau kesepakatan) merupakan ketentuan yang harus terpenuhi. sebagai syarat dari pelaksanaan akad syirkah [1] masing-masing pihak harus menunjukkan kesepakatan dan kerelaan untuk saling bekerjasama, [2] antar pihak harus saling memberikan rasa percaya dengan yang lain, dan [3] dalam pencampuran pokok modal merupakan pencampuran hak masing-masing dalam kepemilikan obyek akad tersebut. sementara berkaitan dengan unsur sewa ketentuan pokoknya meliputi; penyewa (musta’jir) dan yang menyewakan (mu’jir), shighat (ucapan kesepakatan), ujrah (fee), dan barang/benda yang disewakan yang men jadi obyek akad sewa. besaran sewa harus jelas dan dapat di ke tahui kedua pihak. dalam syirkah mutanaqishah harus jelas besaran angsuran dan besar an sewa yang harus dibayar nasabah. dan, ketentuan batasan waktu pembayaran menjadi syarat yang harus diketahui kedua belah pihak. harga sewa, besar kecilnya harga sewa, dapat berubah sesuai ke sepakatan. dalam kurun waktu tertentu besar-kecilnya sewa dapat dilaku kan kesepakatan ulang. aspek hukum musyarakah mutanaqishah lembaga perbankan adalah highly regulated industry, apalagi perban kan syariah selain terikat oleh rambu-rambu hukum positif sistem operasional bank syariah juga terikat erat dengan hukum allah, yang pelanggaran nya berakibat kepada kemadharatan di dunia dan akherat. oleh karena uniknya peraturan yang memagari seluruh transaksi perbankan syariah tersebut, dalam kajian ini akan dicoba dibahas mengenai pelaksanaan akad terutama musyarakah mutanaqishah yang dapat dilaksanakan di bank syariah. kajian ini dilakukan dengan melihat kesesuaiannya dengan hukum positif di indonesia, yaitu hukum perdata kuh perdata dan hukum islam. sandaran hukum islam pada pembiayaan musyarakah mutanaqishah, pada saat ini, dapat disandarkan pada akad musyarakah (kemitraan) dan ijarah (sewa). karena di dalam akad musyarakah mutanaqishah terdapat unsur syirkah dan unsur ijarah. nadratuzzaman hosen: musyarakah mutanaqishah50 dalil hukum musyarakah adalah: al-qur’an surat shad [38], ayat 24: “. . . dan sesungguhnya kebanyakan dari orang-orang yang bersyarikat itu sebagian dari mereka berbuat zalim kepada sebagian lain, kecuali orang yang beriman dan mengerjakan amal shaleh; dan amat sedikitlah mereka ini….” al-qur’an surat al-ma’idah [5], ayat 1: “hai orang yang beriman! penuhilah akad-akad itu….” hadis riwayat abu daud dari abu hurairah, rasulullah saw berkata: “allah swt. berfirman: ‘aku adalah pihak ketiga dari dua orang yang bersyarikat selama salah satu pihak tidak mengkhianati pihak yang lain. jika salah satu pihak telah berkhianat, aku keluar dari mereka.” (hr. abu daud, yang dishahihkan oleh al-hakim, dari abu hurairah). hadis nabi riwayat tirmidzi dari ‘amr bin ‘auf: “perdamaian dapat dilakukan di antara kaum muslimin kecuali perdamaian yang mengharamkan yang halal atau menghalalkan yang haram; dan kaum muslimin terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.” kaidah fiqh: “pada dasarnya, semua bentuk muamalah boleh dilakukan kecuali ada dalil yang mengharamkannya.” dalil hukum ijarah adalah: al-qur’an surat al-zukhruf [43], ayat 32: “apakah mereka yang membagi-bagikan rahmat tuhanmu? kami telah menentukan antara mereka penghidupan mereka dalam kehidupan dunia, dan kami telah meninggikan sebagian mereka atas sebagian yang lain beberapa derajat, agar seba-gian mereka dapat mempergunakan sebagian yang lain. dan rahmat tuhanmu lebih baik dari apa yang mereka kumpulkan.” al-qur’an surat al-baqarah [2], ayat 233: “. . . dan jika kamu ingin anakmu disusukan oleh orang lain, tidak dosa bagimu apabila kamu memberikan pembayaran menurut yang patut. bertaqwalah kepada allah; dan ketahuilah bahwa allah maha melihat apa yang kamu kerjakan.” al-iqtishad: vol. i, no. 2, juli 2009 51 al-qur’an surat al-qashash [28], ayat 26: “salah seorang dari kedua wanita itu berkata, ‘hai ayahku! ambillah ia sebagai orang yang bekerja (pada kita), karena sesungguhnya orang yang paling baik yang kamu ambil untuk bekerja (pada kita) adalah orang yang kuat lagi dapat dipercaya.” hadis riwayat ibn majah dari ibnu umar, bahwa nabi bersabda: “berikanlah upah pekerja sebelum keringatnya kering.” hadis riwayat ‘abd ar-razzaq dari abu hurairah dan abu sa’id alkhudri, nabi s.a.w. bersabda: “barang siapa mempekerjakan pekerja, beritahukanlah upahnya.” hadis riwayat abu daud dari sa`d ibn abi waqqash, ia berkata: “kami pernah menyewankan tanah dengan (bayaran) hasil pertaniannya; maka, rasulullah melarang kami melakukan hal tersebut dan memerintahkan agar kami menyewakannya dengan emas atau perak.” hadis nabi riwayat tirmidzi dari ‘amr bin ‘auf: “perdamaian dapat dilakukan di antara kaum muslimin kecuali perdamaian yang mengharamkan yang halal atau menghalalkan yang haram; dan kaum muslimin terikat dengan syarat-syarat mereka kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram.” kaidah fiqh: “pada dasarnya, semua bentuk muamalah boleh dilakukan kecuali ada dalil yang mengharamkannya.” “menghindarkan mafsadat (kerusakan, bahaya) harus didahulukan atas mendatangkan kemaslahatan.” kajian pada kuh perdata melihat pada ketentuan pokok akad musyarakah dan ijarah di atas, keduanya memiliki kesesuaian dalam pasal 1313 kuh perdata, perjanjian diberi pengertian sebagai “suatu perbuatan dengan mana satu orang atau lebih mengikatkan dirinya terhadap satu orang lain atau lebih”. dimana pihak satu berjanji kepada pihak lain atau dimana dua orang yang saling berjanji untuk melaksanakan sesuatu hal. dalam hal ini adalah bank nadratuzzaman hosen: musyarakah mutanaqishah52 syariah dan nasabah saling berjanji. dari peristiwa itulah timbul suatu hubungan antara dua pihak tersebut yang dinamakan perikatan. dengan demikian hubungan antara perikatan dan perjanjian adalah bahwa perjanjian itu menimbulkan perikatan. pihak yang satu dapat menuntut realisasi dari apa yang diperjanjikan oleh pihak lain dan dapat menuntutnya di depan hakim jika tuntutan dari apa yang diperjanjikan itu tidak dipenuhi secara sukarela. pasal 1338 kitab undang-undang hukum perdata berbunyi: “semua perjanjian yang dibuat secara sah berlaku sebagai undang-undang bagi mereka yang membuatnya. suatu perjanjian tidak dapat ditarik kembali selain dengan sepakat kedua belah pihak. suatu perjanjian harus dilaksanakan dengan itikad baik”, pasal ini memberikan kebebasan untuk membuat berbagai macam perjanjian yang isinya tentang apa saja asalkan tidak bertentangan dengan undang-undang. pasal inilah yang mendasari lahirnya perjanjian-perjanjian seperti perjanjian yang dibuat oleh pihak bank dan pihak pengguna jasa layanan bank yang berfungsi sebagai undang-undang bagi para pihak. syarat-syarat yang harus dipenuhi agar suatu perjanjian menjadi sah dalam kitab undang-undang hukum perdata buku ketiga tentang perikatan bab kedua bagian kedua tentang syarat-syarat yang diperlukan untuk sahnya perjanjian yang dimulai dari pasal 1320 sampai dengan pasal 1337. secara garis besar syarat-syarat tersebut dapat dilihat pada pasal 1320, yang menyebutkan untuk sahnya suatu perjanjian diperlukan empat syarat sebagai berikut: 1. sepakat mereka yang mengikatkan diri; 2. kecakapan untuk membuat suatu perikatan; 3. suatu hal tertentu; 4. suatu sebab yang halal. syarat-syarat yang disebutkan pada pasal 1320 di atas dapat dibedakan menjadi syarat subjektif dan syarat objektif. dua syarat yang disebutkan pertama pada pasal 1320 disebut syarat subjektif yang apabila syarat tidak terpenuhi maka perjanjian dapat dimintakan pembatalan (canceling) sedangkan dua syarat yang terakhir disebut syarat objektif yang apabila ternyata tidak terpenuhi maka perjanjian akan batal demi hukum (null and void) yang artinya perjanjian tersebut tidak pernah ada atau dengan kata al-iqtishad: vol. i, no. 2, juli 2009 53 lain usaha pihak yang disebut di dalam perjanjian gagal melahirkan suatu perikatan. apabila syarat sah perjanjian tersebut sudah terpenuhi semua maka perjanjian tersebut sudah dapat dikatakan sah. ilustrasi musyarakah mutanaqishah bagan alur pembiayaan musyarakah mutanaqishah 1. negosiasi angsuran dan sewa 2. akad/kontrak kerjasama 3. beli barang (bank/nasabah) 4. mendapat berkas dan dokumen 5. nasabah membayar angsuran dan sewa 6. bank syariah menyerahkan hak kepemilikannya tahapan dalam pembiayaan musyarakah mutanaqishah untuk pengadaan suatu barang, adalah: 1. nasabah mengajukan permohonan kepada bank untuk menjadi mitra dalam pembiayaan/pembelian suatu barang yang dibutuhkan nasabah dengan menjelaskan data nasabah, diantaranya berkaitan dengan pen dapatan per bulan nasabah, sumber pengembalian dana untuk pelunasan kewajiban nasabah, serta manfaat dan tingkat kebutuh an nasabah atas barang sebut. pengajuan permohonan dilengkapi dengan persyaratan administratif pengajuan pembiayaan nadratuzzaman hosen: musyarakah mutanaqishah54 yang berlaku pada masing-masing bank dan yang telah ditentukan dalam pembiayaan syariah. 2. petugas bank akan menganalisa kelayakan nasabah untuk mendapatkan barang tersebut secara kualitatif maupun kuantitatif. 3. apabila permohonan nasabah layak disetujui oleh komite pembiayaan, maka bank menerbitkan surat persetujuan pembiayaan (offering letter) yang didalamnya antara lain: a. spesifikasi barang yang disepakati; b. harga barang; c. jumlah dana bank dan dana nasabah yang disertakan; d. jangka waktu pelunasan pembiayaan; e. cara pelunasan (model angsuran); f. besarnya angsuran dan biaya sewa yang dibebankan nasabah. 4. apabila nasabah menyetujui persyaratan yang dicantumkan dalam offering letter tersebut, maka pihak bank dan/atau nasabah dapat menghubungi distributor/agen untuk ketersediaan barang tersebut sesuai dengan spesifikasinya. 5. dilakukan akad musyarakah mutanaqishah antara bank dan nasabah yang memuat persyaratan penyertaan modal (kemitraan), persyaratan sewa menyewa dan sekaligus pengikatan jaminan berupa barang yang diperjualbelikan tersebut serta jaminan tambahan lainnya. penyerahan barang dilakukan oleh distributor/agen kepada bank dan nasabah, setelah bank dan nasabah melunasi harga pembelian barang kepada distributor/agen. setelah barang diterima bank dan nasabah, pihak bank akan melanjutkan menyerahkan barang tersebut kepada pihak nasabah dengan menerbitkan surat tanda terima barang dengan penjelasan spesifikasi barang yang telah disepakati. simulasi model musyarakah mutanaqishah rumus akad musyarakah mutanaqishah 1. p = b0 + c0 p: harga barang b0: nilai kontribusi bank syariah c0: nilai kontribusi nasabah al-iqtishad: vol. i, no. 2, juli 2009 55 dimana: c0 = c0 c1 = c0 + r0r + a c2 = c1 + r1r + a c3 = c2 + r2r + a .................... cn = cn-1 + rn-1r + a dimana: c0 = c0 c1 = c0 + r0r + a c2 = c0 + r0r + a + r1r + a = c0 + r(r0 + r1) + 2a c3 = c0 + r0r + a + r1r + a + r3r + a = c0 + r(r0 + r1 + r2) + 3a .................................. cn = c0 + r(r0 + r1 + r2 + ... + rn-1) + na cn = c0 + p r (c0 + c1 + c2 + ... + cn-1) + na karena ri = p ci oleh karena p r x = , maka c1 = c0 + xc0 + a = (1 + x)c0 + a c2 = c0 + x(c0 + c0 + xc0 + a) + 2a = (1 + 2x + x2)c0 + (x+2)a c3 = c0 + x[c0 + c0 + xc0 + a + c0 + (c0 + c0 + xc0 + a) + 2a] + 3a = (1 + 3x + 3x2 + x3)c0 + (x 2 + 3x + 3)a ......................... untuk itu: c1 = (1+x)c0 + a c2 = (1+x)2c0 + (x + 2)a c3 = (1+x)3c0 + (x2 + 3x + 3)a c4 = (1+x)4c0 + (x3 + 4x2 + 6x + 4)a ........................ ( ) ( ) a x x cxc n n n       −+ ++= 11 1 0 nadratuzzaman hosen: musyarakah mutanaqishah56 2. m = r + a m: total pembayaran per periode r: sewa per periode a: pembayaran angsuran nasabah per periode 3. ri = ci/p ri: rasio kepemilikan nasabah ci: nilai kepemilikan nasabah p: harga barang 4. [ ] 1)1( )1( 0 −+ +− = n n x cxpx a a: angsuran per bulan x: r/p n: jangka waktu c0: nilai kontribusi nasabah 5. p r x = internal rate return (irr) simulasi model terlampir al-iqtishad: vol. i, no. 2, juli 2009 57 risiko yang timbul dalam musyarakah mutanaqishah risiko kepemilikan dalam pembiayaan musyarakah mutanaqishah, status kepemilikan barang masih menjadi milik bersama antara pihak bank syariah dan nasabah. hal ini merupakan konsekuensi dari pembiayaan musyarakah mutanaqishah, dimana kedua belah pihak ikut menyertakan dananya untuk membeli barang. pada saat transfer kepemilikan barang, pihak nasabah dapat menguasai ke pemilikan barang sepenuhnya setelah dilakukan pembayaran bagian bank syariah oleh nasabah beserta besaran uang sewa yang disepakati bersama. risiko regulasi praktek musyarakah mutanaqishah untuk pembiayaan barang terikat dengan peraturan atau regulasi yang berlaku. salah satu regulasi yang diber lakukan untuk pola musyarakah mutanaqishah adalah masalah pembebanan pajak pertambahan nilai (ppn) pada kepemilikan barang. pengenaan ppn didasarkan atas undang-undang no. 18 tahun 2000 yang merupakan perubahan atas undang-undang no. 8 tahun 1983. dimana penyerahan barang kena pajak dan jasa kena pajak merupakan obyek pajak di dalam uu ppn dan pajak penjualan atas barang mewah. undang-undang ini menyatakan bahwa segala jenis barang, berwujud baik bergerak ataupun tidak bergerak, maupun barang tidak berwujud merupakan obyek ppn. pada pembiayaan musyarakah mutanaqishah berpotensi kena pajak dilihat dari beberapa ketentuan berikut ini, yaitu: pasal 1 angka 2 menyatakan bahwa barang adalah barang berwujud, yang menurut sifat atas hukumnya dapat berupa barang bergerak atau barang tidak bergerak, dan barang tidak berwujud. pasal 1 angka 3 menyatakan bahwa barang kena pajak adalah barang sebagaimana dimaksud dalam angka 2 yang dikenakan pajak berdasarkan undang-undang ini. pasal 1 angka 5 menyatakan bahwa jasa adalah setiap kegiatan berdasarkan suatu perikatan atau perbuatan hukum yang menyebabkan suatu barang atau fasilitas atau kemudahan atau hak bersedia untuk dipakai, termasuk nadratuzzaman hosen: musyarakah mutanaqishah58 jasa yang dilakukan untuk menghasilkan barang karena pesanan atau permintaan dengan bahan dan atas petunjuk dari pemesan. pasal 1 angka 6 menyatakan bahwa jasa kena pajak adalah sebagai mana dimaksud dalam angka 5 yang dikenakan pajak berdasarkan undangundang ini. pasal 1 angka 12 menyatakan bahwa perdagangan adalah kegiatan usaha membeli dan menjual, termasuk kegiatan tukar menukar barang, tanpa mengubah bentuk atau sifatnya. pasal 1a ayat (1) huruf a menyatakan bahwa termasuk dalam pengertian penyerahan barang kena pajak adalah penyerahan hak atas barang kena pajak karena suatu perjanjian. penjelasan pasal ini menyatakan bahwa perjanjian yang dimaksud dalam ketentuan ini meliputi jual beli, tukar menukar, jual beli dengan angsuran, atau perjanjian lain yang mengakibatkan penyerahan hak atas barang. pasal 4a ayat (3) jo. pasal 5 huruf d dan pasal 8 huruf a peraturan pemerintah no. 144 tahun 2000 tentang jenis barang dan jasa yang tidak dikenakan ppn pada jasa perbankan disesuaikan dengan ketentuan sebagaimana diatur dalam undang-undang no. 7 tahun 1992 yang telah diubah dengan undangundang no. 10 tahun 1998. yaitu, jasa-jasa yang merupakan kegiatan pokok perbankan yang tidak bisa dilakukan oleh lembaga non bank. surat edaran dirjen pajak nomor se-15/pj.5/1990, berkaitan dengan batasan jasa perbankan yang tidak dikenakan ppn. risiko pasar ketentuan pasar akan menyebabkan terjadinya fluktuasi harga suatu barang. perbedaan wilayah atas kerjasama muasyarakah tersebut akan menyebabkan perbedaan harga. jadi bank syariah tidak bisa menyamaratakan harga di. disamping itu, dalam pembiayaan kepemilikan barang dengan skim musyarakah mutanaqishah merupakan bentuk pembelian barang secara bersama-sama antara pihak bank syariah dengan nasabah. dimana kepemilikan bank akan berkurang sesuai dengan besaran angsuran yang dilakukan nasabah atas pokok modal bank bersangkutan. disamping besaran angsuran yang harus di bayar nasabah, dalam skim musyarakah mutanaqishah terdapat harga sewa yang harus di bayar nasabah tiap bulannya sebagai kompensasi keuntungan bank. al-iqtishad: vol. i, no. 2, juli 2009 59 dalam sewa dapat berfluktuasi sesuai dengan situasi dan kondisi saat berlangsungnya akad kerjasama tersebut. sewa yang ditentukan atas obyek barang akan dipengaruhi oleh; [1] waktu terjadinya kesepakatan, [2] tempat/wilayah, [3] supply dan demand atas barang tersebut. risiko kredit (pembiayaan) proses pelaksanaan pembiayaan musyarakah mutanaqishah yang dilakukan dengan cara mengangangsur setiap bulan akan terkena risiko kredit. dimana dimungkinkan tejadinya wan prestasi dari pihak nasabah yang tidak mampu menunaikan kewajibannya setiap bulan. ketidakmampuan nasabah melaksanakan kewajibannya untuk membayar angsuran setiap bulan berakibat pada kegagalan kontrak yang dapat menjadi penyebab munculnya kerugian pihak bank syariah. keunggulan dan kelemahan musyarakah mutanaqishah penerapan akad musyarakah mutanaqishah memiliki beberapa keunggul an sebagai pembiayaan syariah, diantaranya adalah: (1) bank syariah dan nasabah sama-sama memiliki atas suatu aset yang menjadi obyek perjanjian. karena merupakan aset bersama maka antara bank syariah dan nasabah akan saling menjaga atas aset tersebut. (2) adanya bagi hasil yang diterima antara kedua belah pihak atas margin sewa yang telah ditetapkan atas aset tersebut. (3) kedua belah pihak dapat menyepakati adanya perubahan harga sewa sesuai dengan waktu yang telah ditentukan dengan mengikuti harga pasar. (4) dapat meminimalisir risiko financial cost jika terjadi inflasi dan kenaikan suku bunga pasar pada perbankan konvensional. (5) tidak terpengaruh oleh terjadinya fluktuasi bunga pasar pada bank konvensional, dan/atau fluktuasi harga saat terjadinya inflasi. adapun kelemahan yang muncul dalam akad musyarakah mutanaqishah ketika diterapkan sebagai bentuk pembiayaan syariah adalah: (1) risiko terjadinya pelimpahan atas beban biaya transaksi dan pembayaran pajak, baik pajak atas hak tanggungan atau pajak atas bangunan, serta biaya-biaya lain yang mungkin dapat menjadi beban atas aset tersebut. (2) berkurangnya pendapatan bank syariah atas margin sewa yang dibebankan pada aset yang menjadi obyek akad. nadratuzzaman hosen: musyarakah mutanaqishah60 cicilan atas beban angsuran di tahun-tahun pertama akan terasa memberatkan bagi nasabah, dan menjadi ringan tahun-tahun berikutnya. penutup pada skim konvensional dan murabahah, tingkat harga cicilan barang yang menentukan tingkat keuntungan bank. cicilan ini dipengaruhi oleh harga pokok barang, harga barang yang dibeli nasabah, lamanya cicilan dan besarnya down-payment (dp). pada skim murabahah, tingkat suku bunga dan waktu pencicilan menjadi bench mark terhadap besarnya margin penjualan pada harga barang yang dibeli nasabah. dimana tingkat cicilan bersifat tetap untuk jangka waktu tertentu. pihak bank lebih menyenangi waktu pencicilan (pelunasan) dibawah 10 tahun daripada lebih dari 10 tahun. hal ini disebabkan adanya resiko bahwa nilai uang yang dikaitkan dengan waktu dan kemungkinan tidak mismatch antara asset dan likuiditas akibat perubahan yang terjadi pada besarnya margin dari hasil pembiayaan dan bagi hasil yang harus dibayar kepada pihak ketiga yang berasal dari dana pihak ketiga. dalam kaitannya misalnya dengan harga sebuah rumah, ada survey dari suatu lembaga bahwa masyarakat menginginkan cicilan bersifat flat (tetap), dp sebesar 15 % dari harga rumah/barang dan cicilan tidak lebih besar dari 20 % pendapatan. bagaimana dengan penerapan skim musyarakah mutanaqisah? skim ini cocok untuk waktu yang panjang melebihi 10 tahun pelunasan. bagi bank, keuntungan didapat bukan dari nilai cicilan tapi nilai sewa. dengan waktu yang panjang nilai cicilan akan rendah sedangkan sewa bisa disesuaikan untuk kurun waktu tertentu. bagi bank syariah, penerapan skim musyarakah mutanaqisah harus mendapatkan keuntungan sama atau lebih besar apabila bank menerapkan murabahah plus resiko yang sama atau lebih kecil. pendahuluan dalam perjalanan hidupnya, manusia akan selalu dihadapkan pada risiko kemungkinan terjadinya peristiwa-peristiwa yang dapat menyebabkan hilang atau berkurang nilai ekonominya, hal ini bisa terjadi karena berbagai sebab, secara fisik penyebab tersebut bisa berupa merosotnya kondisi kesehatan, usia lanjut, cacat badan bahkan kematian. hal ini akan berdampak pada beban hidup yang memberatkan pada diri sendiri maupun keluarga. risiko seseorang mengalami peristiwa-peristiwa seperti di atas memang bisa terjadi kapan saja tanpa bisa diperhitungkan secara pasti. ini menjadi wajar, karena adanya dinamika dalam siklus kehidupan yang ber ubah-ubah, namun hal ini dapat disiasati dengan mengalihkan atau membagi risiko tersebut pada pihak lain, dimana risiko perorangan dibagi kepada banyak orang dalam suatu skema asuransi. prosedur underwriting produk asuransi kesehatan kumpulan pada pt. asuransi takaful keluarga abstrak: risiko adalah sesuatu yang dapat mengancam aktifitas perusahaan dan dapat menyebabkan gagalnya tujuan. bagi perusahaan asuransi, risiko adalah ketika terjadi klaim dari peserta. dengan adanya klaim maka perusahaan akan mengeluarkan sejumlah dana untuk pembayaran klaim tersebut sesuai dengan manfaat yang dijanjikan. untuk itu, proses underwriting harus dilakukan dengan cermat dan akurat agar tidak menimbulkan kerugian bagi perusahaan. kata kunci: asuransi, prosedur, underwriting miftahul ulum universitas ibn khaldun bogor email: mifta_78@yahoo.com miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 126 tujuan dari perlindungan asuransi sendiri adalah untuk memulihkan kondisi finansial pihak tertanggung (insured) setelah terjadi suatu kerugian yang disebabkan suatu penyebab atau peril, sehingga tertanggung secara finansial bisa pulih kembali seperti sedia kala. bagi perusahaan agar tujuan perlindungan asuransi tersebut bisa tercapai, maka suatu program asuransi harus dirancang sedemikian rupa agar tidak ada potensi peril yang tidak dijamin. bila peril yang dijamin program asuransi adalah yang tidak relevan dengan yang dihadapi perusahaan, maka biaya yang dikeluarkan untuk perusahaan asuransi tersebut akan sia-sia karena perlindungan asuransi tersebut tidak akan ada manfaatnya dan kondisi ini dapat merugikan bagi perusahaan. hal utama yang harus diperhatikan dalam pengelolaan bisnis asuransi adalah pengelolaan risiko yang baik dan prudent underwriting, disamping aspek lain yang tak kalah penting seperti pemilihan portofolio bisnis yang tepat, serta pelayanan terhadap pengajuan klaim yang responsif dan profesional, dengan tidak henti-hentinya melakukan continuous improvement untuk menyediakan produk dan service yang inovatif sehingga bernilai tambah bagi tertanggung. dalam ilmu ekonomi, terdapat prinsip bagaimana menggunakan modal seminimal mungkin untuk memperoleh keuntungan yang sebesarbesarnya dalam rangka meningkatkan nilai perusahaan. namun dalam kenyataannya, tidak semua apa yang sudah direncanakan sesuai dengan yang diharapkan, karena adanya penyimpangan hasil dari tujuan awal yang dalam dunia asuransi disebut dengan risiko. risiko adalah sesuatu yang dapat mengancam aktifitas perusahaan dan dapat menyebabkan gagalnya tujuan. bagi perusahaan asuransi, risiko adalah ketika terjadi klaim dari peserta. dengan adanya klaim maka perusahaan akan mengeluarkan sejumlah dana untuk pembayaran klaim tersebut sesuai dengan manfaat yang dijanjikan. untuk itu, proses underwriting harus dilakukan dengan cermat dan akurat agar tidak menimbulkan kerugian bagi perusahaan. semua perusahaan ddirikan tentu untuk tujuan jangka panjang dengan target yang telah ditetapkan. sedangkan risiko dapat mengancam aktifitas organisasi tersebut dalam mencapai suatu tujuan. risiko juga berpotensi mengakibatkan kegagalan bagi perusahaan dalam memenuhi janji yang al-iqtishad: vol. ii, no. 1, januari 2010 127 telah dibuatnya. dengan kata lain risiko merupakan sesuatu yang harus selalu diperhatikan oleh sebuah organisasi bila tujuan yang ingin dicapai berhasil sesuai rencana. omer dan torando dalam sebuah tulisannya mengemukakan bahwa risiko bisnis merupakan fungsi ketidakpastian dari proteksi tingkat pengembalian aset perusahaan di masa yang akan datang1. beberapa peneliti berpendapat bahwa seorang manager memutuskan tingkat laverage perusahaan didasarkan pada tingkat risiko usaha perusahaan pada masa lalu, sehingga peneliti berpendapat bahwa tingkat risiko bisnis yang harus dipertimbangkan adalah tingkat risiko bisnis di masa lalu. mengingat risiko yang ada pada calon peserta adalah parameter yang menjadi tolok ukur diterima atau tidaknya suatu permohonan asuransi, maka di sini proses underwritng menjadi sesuatu yang amat penting. berdasarkan proses penaksiran dan penggolongan tingkat risiko tersebut suatu permohonan asuransi bisa diterima atau ditolak. oleh karena itu, perusahaan perlu menganalisis risiko-risiko apa aja yang ada pada calon tertanggung sesuai dengan prosedur yang berlaku. konsep risiko hal pertama yang perlu diperhatikan dalam memahami asuransi adalah dengan memahami konsep risiko dengan baik. dengan dasar pemikiran bahwa tanpa adanya suatu risiko maka tidak akan ada asuransi. karena asuransi adalah risiko itu sendiri dalam arti bahwa asuransi menjamin pada suatu ketidakpastian. dari sini dapat dipahami bahwa hubungan asuransi dan risiko adalah hubungan yang tak dapat dipisahkan. risiko merupakan bagian dari asuransi karena wilayah kerja asuransi adalah menangani risiko yang timbul dari ketidakpastian begitu juga sebaliknya asuransi adalah bagian dari cara mengendalikan risiko karena asuransi adalah pelaksanaan fungsi-fungsi dalam pengendalian risiko sebagai hasil perumusan strategi penanggulangan risiko. jadi memahami risiko adalah dasar yang esensial dalam mempelajari asuransi. secara sederhana risiko bisa dipahami sebagai suatu kondisi ketidak1 omer t.c dan torando, d. w (1999) the effek of risk and tax differences on corporate and limited patrnership capital strukture. national tax juornal. vol 52. h. 699-716 miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 128 pastian yang dapat menimbulkan kerugian khususnya kerugian finansial. dalam pengertian yang lain risiko adalah sesuatu yang cenderung mengarah pada hasil yang negatif. ketidakpastian menimbulkan dua kemungkinan yaitu keuntungan dan kerugian. bila ketidakpastian menimbulkan keuntungan disebut opportunity sedangkan kalau menimbulkan kerugian maka disebut risk. secara definitif risiko mempunyai beberapa pengertian seperti yang dikemukakan oleh para ahli berikut ini: menurut kamus besar bahasa indonesia yang dimaksud dengan risiko (risk) adalah akibat yang kurang menyenangkan (merugikan atau membahagiakan) dari suatu tindakan atau perbuatan2. risiko dapat dikatakan sebagai suatu peluang terjadinya kerugian atau kehancuran. secara lebih luas risiko dapat diartikan sebagai kemungkinan terjadinya hasil yang tidak diinginkan atau berlawanan dari yang diinginkan3. secara umum risiko tidak lain merupakan ketidakpastian (uncertainty) yang berujung pada terjadinya berbagai tingkat profitability yang memburuk atau bahkan menimbulkan kerugian4. abbas salim mengartikan risiko adalah ketidaktentuan (uncertainty) yang bisa melahirkan kerugian (loss). unsur ketidaktentuan ini bisa mendatangkan kerugian dalam asuransi5. dalam pandangan fachmi basyaib risiko didefinisikan sebagai peluang terjadinya hasil yang tidak diinginkan sehingga risiko hanya terkait dengan situasi yang memungkinkan munculnya hasil negatif serta berkaitan dengan kemampuan memperkirakan terjadinya hasil negatif tadi6. lebih lanjut fachmi basyaib menjelaskan bahwa kejadian risiko merupakan kejadian yang memunculkan peluang kerugian atau peluang terjadinya hasil yang tidak dinginkan. sementara itu, kerugian risiko memiliki arti kerugian yang diakibatkan oleh kejadian risiko baik secara 2 departemen pendidikan nasional, kamus besar bahasa indonesia (jakarta: balai pustaka, 2003), hal. 959 3 ferry n. idroes dan sugiarto, manajemen risiko perbankan (yogyakarta: graha ilmu, 2006) cet pertama, hal 7 4 masyhud ali, manajemen risiko (jakarta: pt. raja grafindo persada, 2006), hal. 101 5 salim, a. abbas, asuransi dan manajemen risiko, (jakarta: pt raja grafindo persada, 2005), hal..2 6 fachmi basyaib, manajemen risiko, (jakarta: pt. grasindo, 2007) cet ke, 1, hal.1 al-iqtishad: vol. ii, no. 1, januari 2010 129 langsung maupun tidak langsung. kerugian itu sendiri dapat berupa kerugian finansial maupun kerugia non-finansial7 dilihat dari beberapa definisi di atas dapat ditarik kesimpulan bahwa risiko adalah suatu kondisi ketidakpastian yang cenderung mengarah pada hasil yang negatif (kerugian). untuk itu, menjadi penting bagi setiap perusahaan untuk dapat mengelola risiko tersebut dengan baik agar tujuan maksimalisasi nilai perusahaan tidak terhalang oleh adanya risiko. membagi risiko dalam asuransi syariah tidak semua perusahaan asuransi mampu menjamin semua risiko yang ditanggung karena besarnya beban risiko yang ditanggung perusahaan. pada situasi seperti ini hal yang lazim dilakukan adalah dengan membagi risiko pada pihak lain (reasuransi) untuk mengurangi atau memperkecil beban yang ditanggung. pada tahap ini operator akan menentukan sejauh mana tingkat risiko yang akan ditahan di dalam skema (retensi) dan bagian mana yang tidak mampu ditahan (dicover) sendiri akan menjadi bagian yang akan direasuransikan. menurut muhaimin iqbal ada dua cara yang bisa dilakukan oleh operator asuransi syariah. dua cara tersebut aalah melalui reasuransi syariah dan melalui pembagian risiko lintas skema8. a. pembagian risiko melalui mekanisme reasuransi syariah cara ini lazim dipakai oleh para operator untuk membagi risiko. melalui mekanisme ini, fluktuasi risiko yang muncul dari satu operator dibagi bersama dengan operator lain agar tercipta sebuah kelompok yang lebih besar, atau pada beberapa kasus lebih luas areal geografisnya. dengan mekanisme ini, risiko yang muncul distabilkan sehingga biaya keseluruhan dalam mengelolah risiko dapat lebih terprediksi. menggunakan cara ini, kontribusi yang harus dibayarkan oleh setiap tertanggung juga dapat dikalkulasikan dengan tingkat akurasi yang tinggi. 7 ibid h. 1 8 muhaimin iqbal, asuransi umum syariah dalam praktik, (jakarta: gema insani press 2005), cet, ke 1. h. 37 miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 130 b. pembagian risiko lintas skema melalui mekanisme ini, risiko yang sama yang berasal dari skema berbeda dikelompokkan agar terbentuk peserta yang lebih besar ber dasarkan risiko-risiko tertentu. risiko yang timbul dari kelompokkelompok peserta yang lebih besar selalu lebih dapat diprediksi. estimasi keseluruhan biaya risiko disini lebih terprediksi secara akurat, yang kemudian didistribusikan lagi kepada setiap peserta dalam bentuk kontribusi di setiap skema. seleksi risiko terhadap asuransi kumpulan menurut eddy ka bertutu ketua departemen pendidikan, pelatihan dan pengembangan aaji mengatakan bahwa pada prinsipnya ada delapan faktor penting yang akan diteliti oleh perusahaan asuransi jiwa dalam rangka mengevaluasi polis penerbitan asuransi untuk suatu kelompok, yakni a) latar belakang keberadaan kelompok, b) jenis dan tipe kelompok, c) stabilitas, d) besaran jumlah peserta, e) jenis usaha, f) level partisipasi peserta dalam program, g) usia, dan h) jenis kelamin9. a. latar belakang keberadaan kelompok. umumnya, perusahaan asuransi jiwa kurang berkenan menerbitkan polis asuransi bagi kelompok, bila kelompok itu semata-mata dibentuk atau didirikan dengan tujuan untuk menutup kebutuhan asuransi bagi para anggota didalamnya. hal ini terkait dengan tendensi yang terjadi bahwa anti seleksi bisa terjadi pada kelompok yang seperti ini, karena jika tujuan utama adanya group adalah hanya untuk memperoleh proteksi asuransi, seleksi yang buruk akan menjadi lebih sesuai, karena orang-orang beresiko tinggi dengan sendirinya akan tertarik menjadi anggota group, sementara orangorang beresiko standart akan kurang tertarik untuk menjadi anggota group atau tetap berada dalam group. anti seleksi adalah istilah yang umum digunakan dalam bidang asuransi perihal situasi yang terjadi sebagai akibat dari informasi yang asimetris. dalam hal ini, calon tertanggung atau pemegang polis meng ajukan permohonan asuransi kepada perusahaan asuransi jiwa 9 seleksi risiko terhadap asuransi jiwa kumpulan, seputar indonesia 31 maret h. 65 al-iqtishad: vol. ii, no. 1, januari 2010 131 ter kait dengan penyakit berat atau tingginya risiko kesehatan yang sudah diketahui oleh yang bersangkutan. b. jenis dan tipe kelompok. dalam hal ini, yang menjadi perhatian perusahaan asuransi jiwa terkait dengan evaluasi suatu kelompok. misalnya adalah apakah suatu kelompok terbentuk karena adanya hubungan antara pekerja dan pemberi kerja? atau apakah kelompok tersebut merupakan koperasi, asosiasi, atau entitas lainnya. c. stabilitas. stabilitas terkait dimana kondisi group atau kelompok bisa mempertahankan arus masuknya anggota baru yang lebih muda dari waktu ke waktu sehingga kondisi ini lebih memungkinkan kelompok tersebut memiliki penyebaran anggota yang merata. pengalaman menunjukkan bahwa usia tua memiliki risiko morbiditas dan mortalitas yang lebih tinggi. group underwriter juga mempertimbangkan indikasi tingginya intensitas perubahan anggota dalam periode yang pendek. pada kondisi seperti ini, perusahaan asuransi jiwa akan terkena tambahan biaya administrasi coverage asuransi setiap anggota dalam kelompok tersebut. d. besaran jumlah tertanggung. saat ini ada banyak perusahaan asuransi jiwa yang memberikan batasan tidak terlalu ketat terhadap ukuran jumlah tertanggung dalam kelompok. meskipun demikian jumlah yang besar dalam sebuah kelompok cenderung memiliki tiga karakter sebagai berikut: a) semakin dekat dengan angka asumsi actuarial dalam hal tingkat morbiditas dan mortalitas, b) cenderung memiliki fluktuasi klaim yang kecil, c) pengelolaannya membutuhkan biaya administrasi yang lebih kecil (persentase terhadap jumlah premi) e. jenis usaha. dalam proses seleksi risiko, group underwriter sangat memerhatikan faktor ini. mengapa demikian? bagi perusahaan asuransi, tipe dan jenis usaha tertentu memiliki probabilitas risiko yang lebih tinggi ketimbang jenis usaha lainnya. f. level partisipasi peserta dalam program. perusahaan asuransi umum nya me ngelompokkan program asuransi group plan menjadi dua bagian, yakni noncontributory plan dan contributori plan, pada noncontributory plan, perusahaan memberi kerja pada yang mensponsori program ini akan membayar sepenuhnya premi asuransi kepada perusahaan miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 132 asuransi jiwa. dalam hal ini karyawan sebagai anggota atau peserta dalam group tidak ikut dalam membayar premi. sedangkan contributory plan, dalam hal ini peserta turut berkontribusi dalam membayar sebagian kecil premi. untuk mengurangi efek anti seleksi, dalam noncontributory plan, umumnya perusahaan asuransi mensyaratkan seluruh tertanggung wajib mengikuti program asuransi. sebalik nya untuk contributory plan, perusahaan asuransi membebaskan peserta untuk bergabung. g. usia, dalam seleksi terhadap usia meskipun group underwriter tidak melakukan evaluasi risiko terhadap setiap tertanggung dalam kelompok satu demi satu (kecuali group dengan peserta yang sangat sedikit), perusahaan asuransi tetap mengevaluasi penyebaran usia dari anggota atau peserta di dalamnya, secara khusus perusahaan asuransi jiwa akan menarik perhatian pada besarnya jumlah peserta yang sudah berusia tua. pengalaman menunjukkan bahwa kelompok ini memiliki risiko morbiditas dan mortalitas yang lebih tinggi. h. jenis kelamin proporsi jenis kelamin peserta dalam kelompok juga menjadi faktor evaluasi bagi perusahaan asuransi. umumnya kelompok wanita dalam group cenderung memiliki risiko yang lebih kecil. itu sebabnya group dengan proporsi wanita lebih besar secara statistik akan memiliki risiko yang lebih kecil untuk coverage asuransi. pandangan syariah tentang asuransi dan risiko dalam bahasa arab asuransi disebut at-ta’min, kata at-ta’min diambil dari kata amana yang memiliki arti memberi perlindungan, ketenangan, rasa aman, dan bebas dari rasa takut10. secara terminologi, asuransi adalah akad pertanggungan antara kedua belah pihak dimana pihak tertanggung memberikan sejumlah dana kepada pihak penanggung sebagai kom pensasi atas manfaat yang diteimanya. dalam literatur fiqih klasik terdapat beberapa konsep yang mengarah pada konsep at-ta’min atau asuransi yang menurut para pakar perundangundangan islam dapat dijadikan dasar dalam mengakomodir konsep 10 syakir sula, asuransi syariah (lifa and general), (jakarta: gema insani, 2004) hal. 28 al-iqtishad: vol. ii, no. 1, januari 2010 133 asuransi yang berdasarkan syariat islam, di antaranya adalah sebagai berikut: a. al-aqilah, saling memikul atau bertanggung jawab untuk keluarganya. jika salah satu anggota suku terbunuh oleh anggota suku lai, pewaris korban akan dibayar dengan uang darah (diyat) sebagai kompensasi saudara terdekat dari pembunuh. saudara terdekat dari pembunuh disebut aqilah. lalu mereka pengumpul dana (al-kanzu) yang mana dana tersebut untuk membantu keluarga yang terlibat dalam pembunuhan tidak disengaja11. b. al-muwalat “perjanjia jaminan” penjamin menjamin seseorang yang tidak memiliki waris dan tidak diketahui ahli warisnya. penjamin setuju untuk menanggung bayaran dia, jika orang yang dijamin tersebut melakukan jinayah. apabila yang dijamin mati, penjamin boleh mewarisi hartanya sepanjang tidak ada ahli warisnya12. al-qosamah konsep perjanjian ini juga berhubungan dengan jiwa manusia. sistam ini melibatkan usaha pengumpulan dana dalam sebuah tabungan atau atau pengumpulan uang iuran dari peserta atau majelis. manfaatnya akan dibayarkan kepada ahli waris yang dibunuh jika kasus pembunuhan itu tidak diketahui siapa pembnuhnya atau tidak ada keterangan saksi yang layak untuk benar-benar secara pasti mengetahui siapa pembunuhnya13. at-tanahud, makanan yang dikumpulkan dari para peserta safar kemudian dicampur jadi satu. makanan tersebut dibagikan pada saatnya kepada mereka, kendati mereka mendapatkan porsi yang berbeda-beda. al-umra (donatioan for life) al-baji (494 h) bermazhab maliki ketika mendiskusikan masalah jual beli gharar mengatakan, “jika a menyerahkan rumahnya kepada pihak b dengan kompensasi b memberikan biaya 11 al-mu’jam wasith, majama al-lughah al-arabiah, al maktabal-islami, turki,1972. hal.617. sebagai mana dikutib muhamamad syakir sula. dalam bukunya asuransi syariah (lifa and general), (jakarta: gema insani, 2004) hal. 82 12 az-zarqo, aqdud ta’min, hal. 23. mohd fadzli yusof, takaful sistem insurans islam, utusan publications& distributors sdn bhd, malaysia, 1996, hal. 8. sebagai mana dikutib muhamamad syakir sula. dalam bukunya asuransi syariah (lifa and general), (jakarta: gema insani, 2004) hal. 83 13 mohd fadzli yusof, ibid hal. 8-9. miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 134 hidup kepada a sampai ia meninggal”. al-baji berkomentar, “saya tidak setuju dengan model transaksi seperti itu. tapi jika terjadi, saya tidak membatalkannya14. berikut ini beberapa dalil yang mempunyai muatan nilai dalam praktek asuransi syariah: diriwayatkan dari amir bin sa’ad bin abi waqasy, telah bersabda rasulullah saw.: “lebih baik jika engkau meninggalkan anakanak kamu (ahli waris) dalam keadaan kaya raya, dari pada meninggalkan mereka dalam keadaan miskin (kelaparan) yang meminta-minta kepada menusia lainnya.15” rasulullah saw. sangat memperhatikan kehidupan yang terjadi dimasa yang akan datang dengan cara mempersiapkan sejak dini bekal yang diperlukan untuk kehidupan dan keturunan (ahli waris) di masa mendatang. meninggalkan keluarga (ahli waris) yang berkecukupan secara materi, dalam pandangan rasulullah saw., sangatlah baik dari pada meninggalkan mereka dalam keadaan terlantar yang harus memintaminta pada orang lain. hadits nabi saw. lainnya yang mempunyai muatan nilai menghindari risiko adalah seperti yang tertera berikut ini: diriwayatkan dari anas bin malik ra, bertanya seseorang kepada rasulullah saw. tentang (untanya): “apa (unta) ini saya ikat saja atau langsung saya bertawakkal pada (allah swt.)?” bersabda rasulullah saw.: “pertama ikatlah unta itu kemudian bertakwalah kepada allah swt.16” (hr. atturmudzi). 14 yunus, rafiqalmisri, al-khatar wat ta’min, darul qolam damaskus, cet i, 2002. sebagai mana dikutib muhamamad syakir sula. dalam bukunya asuransi syariah (lifa and general), (jakart: gema insani, 2004) hal. 83 15 muhamad bin ismail bin ibrahim bin mughiro al-bukhori, shahih bukhori, juz 6, (riyadh: nizar mushtofa alban), hadits ke 6733, hal. 1467 16 sunan at-turmudzi, kitab al-sifat al-qiyamah wa ar rakaik al-wara bab 60 no 2517, hal. 668. sebagaimana dikutip am. hasan ali, ma. dalam bukunya asuransi dalam perspektif hukum islam: sebuah tinjauan historis, teoritis dan aplikatif, (jakarta: kencana, 2004) cet ke 1, hal. 119 al-iqtishad: vol. ii, no. 1, januari 2010 135 rasulullah saw. memberi tuntunan kepada manusia agar selalu bersikap waspada terhadap kerugian atau musibah yang akan terjadi, bukannya langsung menyerahkan segalanya (bertawakal) kepada allah swt. hadits diatas mengandung nilai implisit agar kita selalu menghindar dari risiko yang membawa kerugian pada diri kita, baik itu berbentuk kerugian materi atau pun kerugian yang berkaitan langsung dengan diri manusia (jiwa). firman allah yang yang menganjurkan untuk melakukan strategi demi menghadapi kemungkinan buruk dimasa depan, bisa dilihat dalam kandungan surat yusuf ayat 4649: yusuf, hai orang yang amat dipercaya terangkanlah kepada kami tentang tujuh ekor sapi betina yang gemuk-gemuk yang dimakan oleh tujuh ekor sapi betina yang kurus-kurus dan tujuh bulir (gandum) yang hujau dan (tujuh) lainnya yang kering agar aku kembali kepada orang-orang itu agar mereka mengetahuinya. yusuf berkata: “supaya kamu bertanam tujuh tahun (lamanya) sebagai mana biasa: maka apa yang kamu tuai hendaklah kamu biarkan dibulirnya kecuali sedikit untuk kamu makan. kemudian sesudah itu akan datang tujuh tahun yang amat sulit, yang menghabiskan apa yang kamu simpan untuk menghadapinya (tahun sulit) kecuali sedikit dari (bibit gandum) yang kamu simpan. kemudian setelah itu akan datang tahun yang padanya manusia diberi hujan (dengan cukup) dan dimasa itu mereka memeras anggur. ayat diatas mengambarkan bahwa allah mengajarkan kepada kita untuk selalu mempersiapkan diri menghadapi kemungkinan-kemungkinan yang dapat membahayakan diri kita baik secara fisik maupun materi. pesan yang kita tangkap dari ayat diatas adalah agar hidup dijalani dengan penuh rencana dan strategi menghadapi hal-hal buruk yang mungkin timbul di masa yang akan datang. dari ayat al-qur’an dan hadits diatas menyiratkan bahwa setiap mamiftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 136 nusia dituntut untuk dapat hidup dengan rapi, penuh rencana dan strategi. perencanaan yang baik bukan saja dalam mencari nafkah dan menggapai ridho ilahi tetapi juga dalam mengantisipasi musibah dan kemalangan. di antara cara yang lazim dilakukan manusia dalam antisipasi musibah antara lain adalah dengan menabung atau meminjam, hanya saja terkadang cara ini tidak dapat memenuhi harapan. di sinilah manusia harus mengupayakan cara lain berupa saling membantu, saling menanggung dan saling menjamin dengan berasuransi. allah berfirman dalam al-qur’an surat al-maidah ayat 2 yang berbunyi: dan tolong-menolonglah kamu dalam (mengerjakan) kebajikan dan takwa, dan jangan tolong-menolong dalam berbuat dosa dan pelanggaran implementasi konsep tolong-menolong dalam kontek asuransi adalah adanya sejumlah dana dari tiap anggota yang disisikan dan diniatkan untuk diikhlas sebagai derma untuk memberi santunan kepada anggota yang mengalami musibah, dimana dalam asuransi syariah dana tersebut, disebut dengan dana tabarru’. dengan paradigma diatas, berasuransi bukanlah suatu upaya yang melawan taqdir, tetapi justru melakukan ikhtiar dengan hidup penuh rencana dan kebersamaan sesuai dengan anjuran allah swt. konsep underwriting underwriting disebut juga seleksi risiko adalah proses penaksiran dan penggolongan tingkat risiko yang ada pada seorang calon tertanggung. berdasarkan tingkat risiko yang ada pada calon tertanggung suatu permohonan asuransi dapat ditolak atau diterima17. terlaksana atau tidak17 huggins, kenneth, flmi/m. land, . robert d flmi. acs, operasi perusahaan asuransi jiwa dan asuransi kesehatan. (jakarta, yayasan darma bumi putra, 1996). edisi kedua, h. 264 al-iqtishad: vol. ii, no. 1, januari 2010 137 nya suatu akad kontrak oleh perusahaan amat tergantung pada proses underwriting yang mengidentifikasi kelayakan calon tertanggung. memahami sebuah konsep underwriting dengan baik merupakan hal yang amat esensial untuk dapat melakukan identifikasi risiko secara baik, tepat dan akurat, mengingat tanggung jawab utama dari underwriter dalam seleksi risiko adalah memastikan bahwa tidak ada risiko yang bisa menimbulkan masalah besar yang memberatkan bagi perusahaan di kemudian hari, sehingga proses seleksi risiko yang dilakukan oleh underwriter berkorelasi dengan tujuan perusahaan yakni maksimalisasi laba. underwriting menurut pengertian asuransi jiwa adalah proses penaksiran dan klasifikasi mortalitas atau morbiditas calon tertanggung untuk menetapkan apakah akan menerima atau menolak calon peserta. mortalitas adalah jumlah kejadian meninggal relatif diantara sekelompok orang tertantu, sedangkan morbiditas adalah jumlah kejadian relatif sakit atau penyakit diantara sekelompok orang tertentu18. dari definisi diatas ada dua elemen pokok dalam underwriting pertama seleksi yaitu proses dimana perusahaan mengevaluasi proposal individu mengenai ganti rugi untuk menentukan tingkat risiko yang disajikan pemohon. kedua klasifikasi yaitu proses penetapan peserta pada kelompok individu yang secara tepat memiliki kesamaan probabilitas kerugian yang diperkirakan. tugas underwriting tugas underwriting antara lain adalah melakukan proses penyelesaian dan pengelompokan risiko yang akan ditanggung. tugas itu merupakan elemen yang esensial dalam operasi perusahaan asuransi. sebab, maksud underwriting adalah mendatangkan laba melalui distribusi risiko yang diperkirakan akan men datang laba. tanpa underwriting yang efisien perusahaan asuransi tidak akan mampu bersaing. dalam prakteknya untuk menarik nasabah harus ada proporsi yang sama antara risiko yang baik dengan risiko yang 18 abdullah amrin, asuransi syariah keberadaan dan kelebihan ditengan asuransi konvensional, (jakarta: pt elex media komputindo, 2006), hal. 103 miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 138 kurang menguntungkan dalam kelompok yang diasuransikan19. peranan lain underwriter dalam perusahaan asuransi adalah sebagai berikut:20 a. mempertimbangkan risiko yang diajukan b. memutuskan menerima atau menolak risiko yang diajukan c. menentukan syarat dan beberapa ketentuan serta lingkup ganti rugi d. mengenakan biaya upah pada dana kontribusi peserta e. mempertahankan, meningkatkan dan mengamankan marjin profit jenis-jenis risiko yang mempengaruhi underwriting sebelum menetapkan suatu kondisi underwriting terhadap calon tertanggung, underrwriter harus mempertimbangkan dari segi pengaruh risiko dan jenis polis yang diinginkan oleh calon tertanggung. jenis-jenis risiko yang mempengaruhi penetapan underwriting adalah sebagi berikut:21 a. increasing risk (risiko menarik) ada beberapa penyakit tertentu, misalnya besarnya risiko akan bertambah berat sesuai dengan kenaikan umur calon tertanggung b. risiko yang tinggi dialami pada tahun-tahun pertama polis. makin lama polis berjalan, risiko semakin menurun c. constant extra risk (risiko ekstra yang menetap), pada jenis ini, risiko tambahan berada pada tingkat yang tetap selama masa pertanggungan. tujuan underwriting kewenangan underwriter adalah menyetujui dan menerbitkan polis. polis yang diterbitkan yang harus memenuhi 3 (tiga) kriteria yaitu: adil bagi nasabah (equitable to the client) dapat dijual oleh agen (deliverable by the agent) menguntungkan perusahaan (profitable to the company). a. equitable to the client salah satu prinsip dasar adalah bahwa tertanggung harus membayar 19 sula op cit, hal.183 20 abdullah, amrin opcit, hal. 104 21 ibid, hal. 105 al-iqtishad: vol. ii, no. 1, januari 2010 139 sejumlah premiyang proporsional dengan tingkat risiko tertanggung yang diasumsikan perusahaan. bila permohonan asuransi diterima, perusahaan asuransi harus menentukan tingkat risiko dan harus mengenakan suatu jumlah premi yang wajar untuk risiko ini. b. deliverable by the agent konsumen membuat keputusan terakhir mengenai apakah polis asuransi tertentu dapat diterima. jika konsumen memutuskan untuk tidak menerima polis sewaktu agen berusaha menyerahkannya, polis tersebut disebut tidak dapat diserahkan (undeliverable) atau tidak diambil (not taken) agar polis diterima oleh pembeli, maka harus memenuhi tiga persyaratan dasar, yaitu: 1) polis tersebut harus menyediakan benefit yang memenuhi kebutuhan konsumen 2) biaya polis untuk pertanggungan yang disediakan oleh polis harus sesuai dengan kemampuan konsumen 3) tingkat premi yang dikenakan untuk pertanggungan harus kompetitif dipasar c. profitable to the company akhirnya seorang underwriter harus mengambil keputusan yang akan menguntungkan perusahaan selama perusahaan asuransi me merlukan underwriter yang sehat untuk menjamin hasil yang memuaskan dalam segi keuangan. maka tujuan utama underwriting adalah untuk melindungi perusahaan seleksi risiko yang merugikan. lebih luas lagi dapat dikatakan bahwa tujuan underwriter adalah menjamin ganti rugi yang dikeluarkan atas dasar term and condition dan pada rate kontribusi asuransi syariah dengan maksud merefleksi secara akurat tingkat risiko yang diberikan kepada perusahaan. asuransi kesehatan kumpulan asuransi kesehatan meliputi bidang yang sangat luas, yang mana dengan asuransi tersebut seseorang akan memperoleh penggantian untuk perawatan rumah sakit, biaya pengobatan, dan penggantian atas ke hilangan miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 140 penghasilan yang diakibatkan oleh penyakit atau kecelakaan22. asuransi kesehatan biasa pula disebut dengan asuransi disability (ketidakmampuan bekerja) atau asuransi kecelakaan dan kesehatan. sedangkan ketidakmampuan didefinisikan sebagai ketidakmampuan tertanggung melaksanakan suatu pekerjaan atau jabatan yang memberikan penghasilan, gaji atau laba23. adapun pengertian asuransi kumpulan ialah jenis asuransi yang memberikan perlindungan untuk sekelompok orang24 asuransi kumpulan menyediakan asuransi untuk sejumlah orang dibawah sebuah kontrak asuransi yang disebut kontrak induk (master contrak), yaitu perjanjian antara perusahaan asuransi jiwa dan dan pemegang polis25. asuransi kumpulan juga bisa dipandang sebagai cara ekonomis dalam menyediakan perlindungan perlindungan terhadap kerugian finansial yang disebabkan oleh kematian, cacat, biaya pengobatan, atau pensiun dari sekumpulan individu yang mempunyai hubungan tertentu dengan pemegang polis selain asuransi26. jadi dapat disimpulkan bahwa asuransi kumpulan ialah jenis asuransi yang melibatkan perusahaan asuransi jiwa sebagai penanggung (insurer), sebuah kumpulan sebagai pemegang polis (policy holder) dan sekumpulan individu sebagai tertanggung (insured), dibawah sebuah kontrak induk antara penanggung dan pemegang polis, adapun kumpulan tersebut (hubungan antara pemegang polis dan tertanggung) keberadaannya harus mempunyai alasan tertentu selain alasan asuransi. 22 a. hasyim ali, bidang usaha asuransi, (jakarta: bumi aksara, 1993), hal. 115 23 ibid, hal. 110 24 ingrisano, john l. clu & corrine m ingrisano : the insurance dictionary, chicago, illinois, 1990, hal. 130 25 morton, gene a. & dani l. long, principles of life and health insuranse.flmi insurance education programe, life managenet institute loma, (usa, icn annapolis, marylad 1984) edisi kedua. hal. 253 26 health insuransce association of america : a course in group life and health insurance, part a washington, d. c, hal 4 al-iqtishad: vol. ii, no. 1, januari 2010 141 karakter dan konsep dasar asuransi kumpulan asuransi kumpulan berbeda dengan asuransi perorangan dalam banyak hal, diantaranya adalah sebagai berikut: a. sebuah kontrak induk hanya satu polis yang disebut kontrak induk yang diberikan kepada pemegang polis kumpulan untuk memberikan manfaat kepada sekumpulan individu yang mempunyai hubungan tertentu dengan pemegang polis. kontrak ini menyediakan berbagai macam perlindungan untuk sekumpulan individu tersebut, tetapi mereka bukan merupakan pihak dalam kontrak tersebut. mereka tidak menerima polis melainkan masing-masing menerima sertifikat sebagai bukti kepesertaan dalam polis induk tersebut. b. seleksi risiko tidak diterapkan untuk masing-masing individu dalam kumpulan tersebut. proses seleksi risiko dalam asuransi kumpulan berbeda dengan asuransi kesehatan perorangan. dalam asuransi perorangan, pemohon peserta asuransi dituntut untuk menjawab formulir kesehatan, menjalani pemeriksaan kesehatan sebelum dinyatakan layak untuk memperoleh perlindungan asuransi, atau memperoleh premi asuransi yang substandar (diatas standar), atau mendapat pengurangan benefit sesuai dengan evaluasi bagian underwriter. pada asuransi kumpulan, seleksi risiko untuk masing-masing induvidu jarang dilakukan karena hal itu lebih diperuntukkan untuk kumpulan itu sendiri. dengan kata lain, bukan kesehatan peserta asuransi kumpulan itu yang diseleksi, melainkan kesehatan kumpulan itu sendiri yang dijadikan pertimbangan oleh perusahaan asuransi jiwa untuk dapat dinyatakan layak oleh perusahaan asuransi. c. premi untuk asuransi kumpulan relatif lebih rendah dari premi asuransi perorangan. hal ini disebabkan adanya pengurang tarif dari komponen biaya. misalnya kalau kita membandingkan satu polis asuransi kumpuklan dengan 1000 peserta, dengan 1000 polis asuransi perorangan, tentu miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 142 biaya operasional asuransi kumpulan lebih murah. contoh dalam hal administrasi untuk asuransi kumpulan perusahaan asuransi cukup berhubungan dengan satu pihak, yaitu pemegang polis untuk 1000 peserta. sedangkan untuk asuransi perorangan, seluruh peserta harus diadministrasi satu persatu, yang menyebabkan biaya bertambah besar. administrasi asuransi kesehatan kumpulan dalam berbagai aspek banyak persamaan dan perbedaan antara asuransi jiwa kumpulan dan asuransi kesehatan kumpulan. berikut ini akan kita jelaskan persamaan dan perbedaannya dari sisi administrasi. persamaan administrasi antara asuransi jiwa kumpulan dan asuransi kesehatan kumpulan adalah sebagai berikut27: dalam berbagai aspek banyak kesamaan antara asuransi kesehatan kumpulan dan asuransi jiwa kumpulan. biasanya, tipe kesamaan asuransi kelompok tersebut adalah terpenuhinya syarat untuk memperoleh sejumlah santunan dibawah polis kedua asuransi tersebut. dan paling banyak polis asuransi kesehatan kumpulan diberikan pada para kelompok pekerja, begitu juga polis asuransi jiwa kumpulan. polis asuransi kesehatan kelompok adalah sebuah kontrak antara perusahaan asuransi dan pemegang polis induk (pekerja atau representasi dari pejabat kelompok pembeli polis tersebut). para anggota kelompok ter tanggung tertanggung bukanlah anggota dalam kontrak ini. oleh karena itu para anggota dalam kelompok tersebut tidak diberikan polis secara individu. sebagai gantinya anggota asuransi kelompok tertanggung diberikan sertifiket. ketika penanggung mengevaluasi sebuah asuransi kelompok untuk sejumlah santunan asuransi kesehatan kumpulan, penanggung mengajukan prinsip-prinsip underwriting yang sangat mirip prinsip-prinsip underwriting asuransi jiwa. biasanya satu kelompok secara keseluruhan lebih dari sekedar anggota, secara individu harus memenuhi persyaratan 27 morton, gene a. & dani l. long, op cit, hal. 253 al-iqtishad: vol. ii, no. 1, januari 2010 143 underwriting penanggung. apalagi underwriting asuransi kesehatan kelompok akan mengklasifikasi asuransi kelompok pada polis standart, substandart atau malah ditolakan, berdasarkan pada tarif perkiraan morbiditas asuransi kelompok. lebih dari perkiraan tarif mortalitas asuransi jiwa kumpulan. tarif morbiditas ini mengambarkan kegiatan normal pada kelompok seperti usia dan distribusi jenis kelamin kelompok. jika ukuran kelompok tersebut kecil, penanggung mungkin membutuhkan pada individu anggota kelompok untuk mengajukan fakta-fakta dan kelayakan untuk bisa dijamin. perbedaan administrasi asuransi jiwa kumpulan dan asuransi kesehatan kumpulan28 beberapa perbedaan administrasi asuransi jiwa kumpulan dan asuransi kesehatan kumpulan difokuskan pada hal-hal sebagai berikut: pertama jaminan pertanggungan asuransi. perlindungan total plan medicale expense biasanya disediakan pada keluarga anggota asuransi kumpulan serta yang dipertanggungkan. perlindungan pertanggungan ini biasanya mempunyai beberapa opsi, dan anggota asuransi kumpulan biasa nya diminta membayar sejumlah premi yang dibutuhkan untuk tambah an santunan jika opsi ini yang dipilih. jaminan pertanggungan asuransi tidak biasa ditawarkan pada plan asuransi jiwa kumpulan. ketika pertanggungan ini ditawarkan pada asuransi jiwa seringkali didibatasi pada sejumlah jaminan asuransi yang lebih kecil dari jumlah yang disediakan pada anggota kumpulan. kedua pengalaman tarif. tarif premi asuransi kesehatan kumpulan dipengaruhi oleh pengalaman tarif yang lebih besar dari tarif premi asuransi jiwa kumpulan. sekali terjadi klaim sudah harus dibayar. individu yang diasuransikan masa risikonya tidak lebih lama dari kumpulan pada penanggung. sebaliknya pada individu yang sama mungkin mengajukan beberapa pemisahan klaim asuransi kesehatan diakhir periode jaminan asuransi. oleh karenanya underwiter asuransi kesehatan kumpulan menggunakan tarif pengalaman ketika menentukan tarif premi pembaharuan 28 ibid, h. 254 miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 144 untuk jaminan asuransi kelompok. sebuah kelompok yang pengalaman klaim asuransinya menggambarkan lebih tinggi dari rata-rata biaya klaim akan dirubah tarif premi pembaharuannya lebih tinggi dari kelompok yang pengalaman klaimnya sesuai rata-rata atau lebih rendah dari rata. underwriter asuransi kesehatan kumpulan bisa juga menetapkan tingkat kredibilitas yang lebih besar pada pengalaman klaim masa lalu asuransi kumpulan tanpa underwriter asuransi jiwa kumpulan. asuransi kesehatan kumpulan bercirikan pada banyaknya frekuensi klaim perorang dari pada jaminan asuransi jiwa, oleh karenanya kelompok yang sama umumnya punya volume klaim yang lebih besar dimasa lalu dari pada klaim asuransi jiwa kumpulan. kuantitas pengalaman masa lalu yang lebih besar ini mengembangkan teory probabilitas bahwa pengalaman masa lalu secara akurat memprediksi pengalaman masa depan asuransi kelompok. bahkan jika ukuran kelompok tersebut relatif lebih kecil ketiga konversi. kedua sertifikat asuransi jiwa kumpulan dan dan sertifikat asuransi kesehatan kumpulan ini diberikan di negara amerika serikat di dalamnya sudah termasuk persyaratan konversi. di canada sertifikat asuransi jiwa kumpulan didalamnya harus ada persyaratan konversi, tapi persyaratan ini tidak dibutuhkan dalam plan asuransi kesehatan kumpulan. persyaratan konversi sertitifikat negeri asuransi kesehatan kelompok yang menjamin anggota kelompok yang meninggalkan kelompok punya hak membeli polis asuransi kesehatan individu dari group penjamin tanpa menunjukkan bukti perasuransian. anggota kelompok yang sudah menggunakan hak konversi dari dari polis asuransi kesehatan kelompok pada polis asuransi kesehatan individu akan menemukan bahwa konversi polis asuransi individu berbeda dalam beberapa hal dari polis asuransi kelompok. umumnya tarif premi akan lebih tinggi dan manfaat akan lebih terbatas pada polis individu dari pada polis kelompok. underwriting asuransi kesehatan kumpulan agar proses underwriting bisa berjalan dengan baik, underwriter harus mengumpulkan sebanyak mungkin informasi berkaitan dengan calon tertanggung untuk memperoleh data tambahan. underwriter akan meal-iqtishad: vol. ii, no. 1, januari 2010 145 ngelolah data yang telah dimasukkan oleh agen. underwriter dapat menerima calon peserta sepanjang memenuhi persyaratan underwriting yang telah ditetapkan oleh perusahaan. apabila calon peserta harus membayar premi lebih besar (extra premi), hal ini disebabkan underwriter merasa bahwa hazard yang berhubungan dengan risiko terlalu tinggi sehingga tarif yang dikenakan juga tinggi. underwriting dalam asuransi kesehatan kumpulan tidak mem perhatikan kesehatan tertanggung secara perorangan, risiko mortalita dan morbidita atau faktor lain apa saja dari anggota group, kecuali group tersebut kecil. dalam group kecil setiap anggota harus menyiapkan evidence of insurability dan di proses secara perorangan. sedangkan untuk group besar, underwriter mengevaluasi risiko group sebagai suatu keseluruhan. underwriter asuransi kumpulan berkepentingan untuk mengetahui bahwa group yang diajukan untuk dijamin mempunyai suatu penyebaran risiko yang baik, artinya terdapat kesehatan yang baik dari sejumlah besar individu untuk mengimbangi pengalaman klaim anggota-anggota group yang tidak sehat. dalam asuransi kesehatan kumpulan proses under writing dilakukan secara simpel, underwriting tidak dilakukan secara medis pada tiap peserta karena yang diperiksa bukan individu dalam kelompok tersebut tetapi sifat dan kondisi kelompok tersebut dan underwritng hanya dilakukan secara administratif. bila peserta memenuhi ketentuan polis underwriting, maka calon peserta tersebut berhak mendapatkan pertanggungan asuransi. jika kondisi calon peserta dibawah ketentuan polis maka berlaku pre existing condition. pre existing condition adalah masa tunggu suatu penyakit yang ada pada calon peserta. penyakit yang ada pada peserta tersebut ditunggu dahulu oleh pihak perusahaan untuk kemudian diambil keputusan underwriting setelah diketahui perkembangan dari penyakit tersebut. berikut adalah penjelasan lebih terperinci mengenai pre existing condition. 1. penyakkit-penyakit yang telah ada sebelumnya (pre existing condition), yaitu penyakit atau cedera yang timbul sebelum tanggal efektif dan berlaku pada peserta: a. menerima perawatan untuk kondisi tersebut dalam masa 3 (tiga) miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 146 tahun sebelum tanggal efektif. b. menunjukkan gejala-gejala dari kondisi tersebut dalam masa 3 (tiga) tahun sebelum tanggal efektif. c. menyadari atau sewajarnya menyadari gejala-gejala kondisi tersebut dalam masa 3 (tiga) tahun sebelum tanggal efektif. 2. penyakit-penyakit khusus dalam pre existing condition sebagai berikut: a. batu dalam saluran kencing atau saluran empedu atau radang kandung empedu b. segala jenis tumor yang tidak termasuk jenis karsinoma c. segala jenis hernia, kecuali akibat trauma atau bagi peserta berusia diatas 12 tahun d. haemorrhoid (wasir) e. tonsil (amandel) yang memerlukan pembedahan f. penyakit rongga hidung yang memerlukan pembedahan g. katarak h. hipertensi, stroke, penyakit jantung dan pembuluh darah i. kerusakan lambung dan usus dua belas jari j. endometriosis k. hypertrophy prostat l. asthma m. gout atau encok n. diabetes (kencing manis) o. tuberculosis disamping ada pre existing condition, ada hal-hal yang tidak termasuk dalam perlindungan asuransi yang mana perusahaan tidak memberikan manfaat takaful atas semua biaya yang disebabkan olehnya. hal tersebut masuk dalam pengecualian yang dijamin oleh perusahaan, seperti yang dijelaskan secara lebih terperinci berikut ini: 1. pelayanan kesehatan manfaat diluar manfaat program yang diberikan dan pelayanan kesehatan yang tidak mengikuti tata cara yang telah ditentukan dalam polis asuransi. 2. perang atau segala tindakan peperengan baik dinyatakan atau tidak; al-iqtishad: vol. ii, no. 1, januari 2010 147 partisipasi aktif dalam demonstrasi, huru hara, kerusuhan, pengacauan dan kekacauan, perbuatan teror, pemberontakan atau keributan sipil, kegaduhan sipil atau keadaan yang daat disamakan dengan itu; kegiatan melawan hukum; dinas aktif dalam militer; bencana alam; radiasi dan kontaminasi yang bersifat massal. 3. cedera atau penyakit yang sebabkan oleh perbuatan sendiri atau/ dengan bantuan pihak lain yang berkepentingan dengan polis ini, penyahgunaan narkotika, alkohol atau zat adiktif lainnya. 4. olah raga berbahaya yang bersifat memperbesar risiko, termasuk tapi tidak terbatas pada panjat tebing, arung jeram, hang-gliding, balap mobil/motor, menyelam parasut tinju, akrobatik, gantole, terbang layang, dan sejenisnya. 5. segala kondisi yang berhubungan dengan penyakit yang ditularkan melalui hubungan seksual / golongan penyakit kelamin dan segala akibatnya. 6. pengobatan dengan tindakan medis yang masih dikatagorikan eksperiman termasuk tapi tidak terbatas pada therapy ozon, hyperbaric, therapy, tindakan laser eximer, pengobatan akupuntur, perawatan kesehatan di spa, health hydros, dan tempat perawatan tradisional (alternatif) 7. pengobatan atau tindakan medis untuk kelainan congenital (bawaan dari lahir) yang termasuk tapi tidak terbatas pada hernia (khusus untuk peserta dibawah 12 tahun), vsd, asd, debil, embicil, mongoloid, cretinism, thallasemia, haemophilia, operasi bibir sumbing, telapak kaki leper, pertumbuhan otot atau tulang secara tidak normal, cerebral, palsy, dan cacat bawaan lain 8. pemeriksaan fisik secara berkala (medical chek-up) atau pengujian yang tidak berhubungan dengan pengobatan atau diagnosis dari penyakit atau cidera yang dijamin. 9. setiap pengobatan yang tidak berdasarkan indikasi medis atau7 tidak diperlukan secara medis. perawatan atau tindakan medis yang lebih bersifat kosmetik atau kenyamanan. 10. pengobatan atau tindakan medis yang dilakukan oleh keliarga dekat peserta atau oleh seseorang tinggal serumah atau bekerja sama dengan peserta. miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 148 11. segala sesuatu yang berhubungan dengan perawatan dan pengatan gigi kecuali akibat kecelakaan. 12. segalah sesuatu yang berhubungan dengan kehamilan, segala penyakit yang berhubungan dengan kehamilan, tindakan untuk mendapatkan dengan kesuburan, dan segala sesuatu yang berhubungan denga menstruasi (menstruasi disorder) serta upaya pecegahan kehamilan. 13. pembelian obat-obatan tanpa resep dokter, semua bentuk multi vitamin (kecuali untuk rawat inap), serta obat atau bahan yang tidak ada hubungannya dengan penyakit yang diderita termasuk bahan pembersih gigi, obat jerawat, obat-obatan untuk mempercantik diri dan obat-obatan tradisional. 14. pembelian alat bantu kesehatan termasuk tetapi tidak terbatas pada alat hearing aid, kursi roda, tongkat penyangga, dan alat pacu jantung. 15. pembelian protesa (alat artifisial) seperti protesa tangan, protesa mata, protesa kaki dan protesa lainnya. 16. pemeriksaan refraksi mata dan pembelian bingkai, lensa kaca mata dan lensa kontak. 17. home nursing (perwatan dirumah) atau untuk perawatan pribadi. 18. pengobatan kanker, segala jenis opersi jantung termasuk tapi tidak terbatas pada kateterisasi, balonisasi, pemasangan stent jantung, segala jenis transplantasi, gagal ginjal dan tindakanhaemodialisa (cuci darah0 19. jasa-jasa non medis yang diberikan oleh rumah sakit dan tidak ada hubungannya dengan pengobatan, seperti biaya telepon, fax, salon, video, televisi, sauna laundry, mini bar, alat-alat kesehatan seperti termometer, ice-up, warm watwr zak, dan sebagainya. 20. semua penyakit atau cedera dari seorang bayi yang baru yang terjangkit selama kelahiran atau dalam 14 hari kalender sesuadahnya. 21. pengobatan terhadap penyakit kejiwaan psikologis atau gangguan mental (mental disorder) termasuk semua gejala sisa atau sequele dari penyakit tersebut dan setiap manifestasi yang berhubungan dengan gangguan psikologi atau psikosomatik. 22. pengobatan dalam pre existing condition dan penyakit-penyakit al-iqtishad: vol. ii, no. 1, januari 2010 149 khusus dalam tahun pertama kepesertaan. 23. hiv, aids (aquired immune defienciency syndrome) dan arc (aids related complex) dan segala akibatnya. 24. segala jenis pencegahan penyakit termasuk tetapi tidak terbatas pada imunisasi/vaksinasi, pemberian zat untuk meningkatkankekebalan tubuh (imboost) dan pemberian supplement/nutrient. faktor-faktor risiko asuransi kesehatan kumpulan fokus underwriter atas risiko calon peserta pada asuransi kesehatan kumpulan adalah pada faktor-faktor risiko produk asuransi tersebut. ada beberapa faktor utama yang harus diperhatikan oleh underwriter dalam asuransi kesehatan kumpulan untuk menjamin bahwa calon peserta yang ditanggung layak untuk mendapatkan polis asuransi. untuk itu seleksi risiko terhadap faktor-faktor risiko tersebut harus dilakukan secara cermat dan sistematis. berikut adalah faktor-faktor risiko asuransi kesehatan kumpulan: 1. letak geografis. daerah tempat kelompok peserta asuransi akan dilihat apakah wilayah tersebut punya potensi bahaya yang besar atau tidak, seperti daerah yang rawan terhadap gempa atau wilayah yang sedang terpengaruh oleh endemis penyakit tertentu seperti demam berdarah, flu burung atau penyakit kaki gajah. faktor ini dijadikan bahan pertimbangan oleh underwriter dalam seleksi risiko. 2. usia, jika dalam group ditemukan ada seseorang yang usianya terlalu tua untuk perlindungan asuransi maka perusahaan akan menyelidiki lebih lanjut mengenai kepesertaan orang tersebut dalam group, juga kondisi badan secara medis, jika kondisinya tidak memungkinkan maka dinyatakan decline. berikut adalah klasifikasi usia peserta asuransi: usia anak : 15 hari s/d 23 tahun pria dewasa : kurang dari 55tahun wanita dewasa : kurang dari 55 tahun catatan: makin tua usia seseorang maka makin besar risiko terdapat pada seseorang tersebut. miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 150 3. jenis kelamin. salah satu faktor yang berpengaruh pada penyebaran risiko dalam asuransi kumpulan adalah jenis kelamin. dengan diketahui jumlah penyebaran jenis kelamin peserta dalam kelompok akan lebih mudah diprediksi potensi risiko yang mungkin terjadi. umumnya group dengan anggota wanita lebih banyak, potensi risikonya lebih kecil dari pada laki-laki. 4. bidang usaha dan jenis pekerjaan, underwriter sangat memperhatikan tipe ini karena jenis pekerjaan tertentu mempunyai risiko lebih tinggi dari pada pekerjaan lainnya. bidang usaha dan jenis pekerjaan dalam asuransi kesehatan kumpulan diklasifikasi sebagai berikut a. golongan 1: bidang usaha jasa keuangan seperti staf admin, staf keuangan, accaunt officer dan lain lain. b. golongan 2: bidang usaha agen penjualan grosir, super market, ritail, manufaktur seperti salesmen, buruh pabrik dan lain lain. c. golongan 3: bidang usaha teknisi dengan risiko tinggi seperti teknisi listrik d. golongan 4: bidang usaha pertambangan, pergudangan, properti seperti operator crane. 5. pembagian biaya. dalam asuransi kumpulan premi yang dibayar ada yang berupa contributory plan yaitu pembayaran premi yang melibatkan peserta untuk memperoleh manfaat yang lebih tinggi atau karena peserta mempunyai tingkat risiko yang lebih tinggi sehingga dikenakan premi yang lebih tingg pula. yang kedua adalah non contributory plan yaitu pembayaran premi yang tidak melibatkan peserta. bagi perusahaan asuransi premi non contributory plan lebih disukai karena mempunyai potensi risiko yang lebih sedikit dari premi contributory plan dengan alasan bahwa karyawan yang diasuransikan adalah orang-orang sehat, sehingga potensi risiko yang mungkin terjadi lebih kecil. selain faktor-faktor risiko asuransi, hal lain yang perlu dipertimbangkan dalam proses seleksi risiko asuransi kesehatan kumpulan adalah: 1. sifat group keberadaan group yang akan mengajukan permohonan perlindungan al-iqtishad: vol. ii, no. 1, januari 2010 151 asuransi harus mempunyai alasan tertentu selain alasan asuransi, kalau pembentukan kelompok tersebut hanya semata-mata untuk memperoleh perlindungan asuransi, maka bisa dipastikan orangorang yang terlibat dalam kelompok tersebut adalah orang-orang berisiko tinggi. 2. distribusi usia anggota-anggota group kriteria penting lain dari suatu group yang memenuhi syarat adalah tersedianya distribusi usia, yakni adanya anggota-anggota baru yang masih muda untuk menggantikan anggota lama yang sudah keluar dari group. jika dalam beberapa tahun group tidak menambah anggota-anggota baru yang masih muda, maka peningkatan usia anggota-anggota lama akan menimbulkan pengaruh yang merugikan terhadap distribusi usia, dan akan meningkatkan jumlah klaim group 3. benefit yang diharapkan para anggota-anggota group secara individual tidak boleh dibiarkan memilih jumlah benefit sesuai keinginginan mereka. peraturan ini untuk menjaga agar tidak terjadi seleksi yang merugiakan, orangorang yang dikelompokkan dalam risiko substandard cenderung me minta pertanggungan yang lebih tinggi dari orang-orang yang dikelompokkan kedalam risiko standard 4. risiko-risiko pekerjaan yang umum dalam group underwriter harus mengevaluasi risiko-risiko pekerjaan apapun yang dapat mempengaruhi tingkat klaim group. jika risiko-risiko tersebut terbatas pada pada beberapa anggota group dan group tersebut kecil, maka dapat menaikkan tarif premi dalam jumlah kecil khusus untuk anggota-anggota yang mempunyai risiko tambahan. jika risiko ini terdapat pada sebagian besar anggota group, maka hal ini akan menaikkan tarif premi untuk seluruh anggota group. 5. ukuran group untuk ukuran group dalam asuransi kelompok harus memenuhi jumlah tertentu untuk mencukupi suatu proporsi besar dari anggotaanggota group. ini untuk mengurangi kemungkinan terjadi seleksi yang buruk. jika ukuran group relatif kecil maka biasanya diberlakukan persyaratan khusus dalam underwriting. persyaratan khusus miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 152 ini di perlukan karena group kecil seperti ini tidak dapat menjamin adanya suatu distribusi risiko yang baik29. keputusan underwriting setelah melakukan proses underwriting dan identifikasi faktor-faktor risiko secara teliti dan benar, maka langka selanjutnya bagi underwriter adalah menetapkan keputusan underwriting dari suatu pertanggungan. dalam menetapkan keputusan underwriting pt asuransi takaful keluarga membagi menjadi empat jenis keputusan yaitu: 1. asuransi diterima standard adalah calon peserta yang hasil underwritingnya normal. pada kondisi ini perusahaan akan segera menerbitkan polis yang diminta tanpa adanya syarat tambahan dan dikenakan premi standard. 2. asuransi diterima substandard adalah calon peserta yang diterima dengan premi tambahan (ekstra premi) atau dengan persyaratan lain. hal ini karena hasil underwriting calon peserta tidak normal sehingga dibebani premi tambahan, tapi masih dalam batas insurable (batas toleransi untuk diterima sebuah sp) 3. asuransi ditunda (postpone) adalah calon peserta yang hasil underwritingnya mengalami gangguan kesehatan yang cukup serius atau telah mengalami gangguan kesehatan sehingga ditunggu dahulu oleh pihak perusahaan untuk kemudian diambil keputusan underwriting setelah diketahui perkembangan dari penyakit tersebut. 4. asuransi ditolak (decline) adalah permintaan asuransi calon peserta yang tidak bisa dipenuhi karena keadaan total risiko sudah di atas batas toleransi dan karena banyak faktor yang menjadi alasan untuk tidak menerima calon peserta tersebut. 29 kenneth huggins, log cit. hal al-iqtishad: vol. ii, no. 1, januari 2010 153 penutup proses underwriting asuransi kesehatan kumpulan dilakukan secara simple. seleksi risiko tidak dilakukan pada tiap individu sehingga seleksi risiko tidak serumit dan sekompleks seperti pada produk lainnya. pada asuransi kesehatan kumpulan juga tidak dilakukan seleksi risiko secara medis tapi hanya secara administratif, sehingga bila informasi yang di peroleh perusahaan dinilai wajar maka polis asuransi segara bisa di keluarkan. proses underwriting pt. asuransi takaful keluarga dilaksanakan secara cermat dan sistematis. proses underwriting dilaksanakan dengan berbagai cara seperti meninjau kembali pada daftar klaim dimasa lalu, manganalisis faktor-faktor risiko seperti kondisi group, distribusi usia, jenis kelamin dan jenis pekerjaan. dengan penerapan metode yang berlapis ini maka perusahaan akan merasa yakin bahwa potensi-potensi kerugian dapat ditekan seminimal mungkin, sehingga perusahaan bisa menjaga eksistensinya dalam bisnis asuransi. faktor-faktor risiko asuransi kesehatan kumpulan diawasi dan dievaluasi secara ketat mulai dari sejak akad asuransi disepakati sampai akad tersebut berakhir, dan jika terjadi klaim maka, klaim tersebut juga menjadi bahan evaluasi apakah apakah klaim tersebut sesuai dengan yang diperkirakan atau tidak. pustaka acuan al-qur’an dan terjemahannya (semarang: cv. asy syifa’, 1999) revisi terbaru ali, masyhud, manajemen risiko (jakarta: pt. raja grafindo persada, 2006) ali, hasyim, bidang usaha asuransi, (jakarta: bumi aksara, 1993), amrin, abdullah, asuransi syariah (keberadaan dan kelebihan di tengah asuransi konvensional), (jakarta: elex media komputindo, 2006). am. hasan ali, ma, asuransi dalam persepektif hukum islam: suatu tinjauan analisis historis, teoritis dan praktis, jakarta: kencana, 2004 cet. ke, 1 basyaib, fachmi, manajemen risiko, jakarta: pt. grasindo, 2007 cet ke, 1. bickelhaupt. david l, general insurance, (homewood, illinois: riichard d irwin inc, 1983) edisi ke, 11 darmawi, herman, manajemen risiko, jakarta: pt. bumi aksara, 2006 cet, ke 10. miftahul ulum: prusedur underwriting produk asuransi kesehatan . . . 154 departemen pendidikan nasional, kamus besar bahasa indonesia (jakarta: balai pustaka, 2003 djohanputro, brahmantyo, manajemen risiko korporat terintegrasi, jakarta: ppm, 2006 cet ke 2 djojosoedarjo, soeisno, prinsip-prinsip manajemen risiko asuransi, jakarta: salemba empat, 2003 edisi revisi. huggins, kenneth, flmi. land, robert d. flmi. acs, operasi perusahaan asuransi jiwa dan asuransi kesehatan. jakarta: yayasan darma bumi putra, 1996. edisi kedua. iqbal, muhaimin, asuransi umum syariah dalam praktik, jakarta: gema insani press idroes, ferry n. dan sugiarto, manajemen risiko perbankan (yogyakarta: graha ilmu, 2006) cet pertama ingrisano, john l, . clu & corrine m ingrisano : the insurance dictionary, chicago, illinois, 1990. morton, gene a. & dani l. long, principles of life and health insuranse. flmi insurance education programe, life managenet institute loma, (usa, icn annapolis, marylad 1984) edisi kedua. omer t.c dan torando, d. w (1999) the effek of risk and tax differences on corporate and limited patrnership capital strukture. national tax juornal. vol 52. 2005), cet, ke 1. salim, a. abbas, asuransi dan manajemen risiko, jakarta: pt raja grafindo persada, 2005. seputar indonesia, seleksi risiko terhadap asuransi jiwa kumpulan, 31 maret 2009 siahaan, hinsa, manajemen risiko: konsep dan aplikasi, jakarta: pt. elex media komputindo, 2007). stoner, james af dkk., manajemen, jakarta: prenhallindo, 1996, jilid 1 suhawan, asuransi, bandung: arimco, 1999 jilid, 1 sula, muhammad syakir, asuransi syariah (life and general) konsep dan system operasinal, (jakarta gema insani 2004) cet ke 1 www. media asuransi.com al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 19 32 received: august 10, 2015; revised: november 15, 2015; accepted: december 2, 2015 bogor agricultural university, jl. raya darmaga, bogor, west java -16680e-mail: aslam.mw@gmail.com; marimin_07@yahoo.com; ifahmi@mb.ipb.ac.id; irfan_beik@ipb.ac.id doi: 10.15408/aiq.v8i1.2506 abstract. business process reengineering of funding on indonesia’s islamic banks. this research attempts to analyze the value chain of islamic banking business processes and to develop a business processes model on depositors’ funds in order to improve the performance of islamic banks. four models of islamic banking operating in indonesia are used as the objects of the study. this research applies qualitative study (exploratory) approach and utilizes primary data obtained from questionnaire and interviews. this data are then processed by value stream mapping and process activity mapping. this study shows that the waiting time for services is the sub-stage of business process that does not have value added and categorized as pure waste based on vsm criteria. the reengineering of business process of the third party fundraising may reduce collection time up to 1490 minutes for corporate customer and 22 minutes for individual customer. keywords: islamic banking; business process reengineering; value stream mapping abstrak. rekayasa proses bisnis dari pendanaan pada perbankan syariah di indonesia. penelitian ini bertujuan untuk menganalisis rantai nilai pada proses bisnis perbankan syariah dan melaksanakan pemodelan kembali proses bisnis penghimpunan dana pihak ketiga (dpk) untuk meningkatkan kinerja perbankan syariah. obyek penelitian adalah empat model perbankan syariah yang beroperasi di indonesia. data berasal dari data primer yang diperoleh dari kuesioner dan wawancara. tipe penelitian ini adalah kualitatif. data yang diperoleh dari kuesioner dan wawancara diproses dengan pemetaan rantai nilai dan pemetaan proses berdasar aktifitas. hasil penelitian menunjukkan bahwa sub tahapan proses bisnis penghimpunan dpk yang tidak memiliki nilai tambah adalah waktu tunggu. rekayasa proses bisnis dapat memangkas 1490 menit pada proses bisnis penghimpunan dpk nasabah korporat dan 22 menit pada nasabah perorangan. kata kunci: perbankan syariah; rekayasa proses bisnis; pemetaan rantai nilai business process reengineering of funding on indonesia’s islamic banks aslam mei nur widigdo, marimin, idqan fahmi, irfan syauqi beik 20 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction according to the number of islamic banks, its development is very significant since its first operation in 1991. statistical data on december 2014 indicates that the number of islamic banks in indonesia at the end of the year has reached 197 units, which consist of 12 units of islamic commercial bank (bus), 22 units of islamic business unit (uus) and 163 units of islamic rural banks (bprs) (ojk, 2014). however, in terms of assets, the market share of islamic banking indonesia is still low, which is still below 5 percent by the end of 2014. it is still far behind the targeted market share as mentioned in the blueprint of bank indonesia for 2015, which equals 15 %. yet it is lower than the target for 2010 which is 10%, even though islamic banking in indonesia has been operating for more than two decades. this low percentage of total islamic banking assets is basically in line with the collected deposit fund. indonesia’s banking statistics shows that this third party fund of islamic commercial banks and islamic business units in december 2014 reach rp. 217.87 trillion, which equal a market share of 5 percent compared to the total third party funds of entire national commercial banks amounting to rp. 4,290 trillion. this limited amount of deposit fund consequently has direct impact to financing capacity to the customers. it also has indirect impact which is lack of contribution to the economic growth, particulary in real sector. the development of islamic banking is identical with the development of the real sector. based on growth of third party fund, assets and financing of islamic banks on year to year basis, there is a tendency of declining growth started in 2010/2011 (figure 1). figure 1. the growth of asset, deposit fund and financing of indonesian islamic banking 2003 – 2014 (source: bank indonesia) the development of islamic banking in indonesia is actually affected by the capabilities of islamic banks themselves. the internal problems, such as related to limitation of human resources (ben, 2011), technical aspects like the standard operating procedures as well as information technology (puspito, 2008; zuhdi, 2009; ascarya, 2010), could impact the sub-stages of business process that do aslam mei nur widiggo: business process reenginering of funding 21 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 not have value added, and ultimately affect its development. previous research on islamic banks indicates that the growth of islamic banking was influenced by assets, investments and human resources (ramzan et.al, 2011). the research problem is the gap of market share in term of deposit funds between the realities with the targets of indonesia central bank. one of the possible causes is the internal problems such as limited human resources and technologies that lead to constraints on business processes. the obstacle of business processes can lead to slow service to customers such as the long line for customers when registering or depositing their savings in several branches of islamic banks. this is likely to be one cause of the lack of interest of customers or prospective customers using islamic bank in indonesia. so even though indonesia is one country with the largest muslim population in the world, then the potential is not directly utilized indonesian islamic banks. based on the elucidation above, the problem statements which will be discussed in this paper are: first, how far the stages of the business process of islamic banking that do not have value added? second, how is the re-modeling of business process that can make the prospective customers have strong interest to open an account on the one hand and create customer interest for the fond of saving? the purposes of this study, therefore, are to analyze the value chain of islamic banking business processes and to develop a business processes model on third party fundraising in order to improve the performance of islamic banking. literature review islamic banking act no. 21 of 2008 define islamic banking as all matters related to the islamic commercial bank and islamic business unit, which also include their institutional design, business operation and all means and processes in the implementation of their business operation. meanwhile islamic bank is defined as the bank which is conducting its business activities based on sharia principles and which consists of islamic commercial banks and islamic rural bank. hamidi (2003) argues that the name of islamic bank in indonesia was known to public in 1998, while prior to that, i.e. in 1992, it was popular as the profit and loss sharing bank. before 1992 it was known as interest free banking. in general, the activities of islamic bank can be grouped into three major activities, i.e. fundraising, fund distribution, and services. each of these activities has a business process. fund raising in islamic banks can be done through three types of accounts i.e. current account, savings accounts and deposit accounts (investment accounts/ time deposit). the agreement used in the business process of fund raising comprises wadiah and mudharabah. wadiah is used in the current and savings accounts, while mudharabah is used on savings accounts and deposits 22 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 account (dsn, 2000; karim, 2003; sjahdeini, 2010; ifham, 2015). the business process is a collection of activities that require one or more types of input and create output which have value to the customer (hammer and champy, 1993, vergidis et.al, 2008, paul et.al, 1998). davenport and short (1990) define business process as a set of logically related tasks performed to achieve a defined business outcome. the purpose of the business process is the resolution of business issues (havey, 2005), customer satisfaction by providing what customer needs (cook, 1995). jacka and keller (2010) state that a process that only leads to action without transforming, is not a process that give value added. thus, the key words of process are input, output, transformation, and value added. business processes modeling is one way that can be used to improve the performance of an organization. business process reengineering (bpr) is the process of thinking and fundamental re-design to obtain a satisfactory improvement on the performance of companies that include cost, quality, service, delivery time and speed. bpr needs to be done if there are symptoms such as first the company facing major problems such as a high cost structure and poor customer service, second the company have a vision to anticipate the changes that would threaten the company in the future, third the company in peak condition and have ambitions to leave a competitor (hammer and champy, 1993). changes in business processes can be understood to change and improve business models, strategies and objectives (jaklic et.al, 2006). the method of improvement is the way in which different business activities are designed or managed (islam and ahmed, 2012). several previous studies related to business processes re-engineering provide benefit for the organization such as increase in the customer satisfaction (dignan, 1995), eliminating potential errors affecting cost reduction (shin and jamella, 2002), and improvement of efficiency and effectiveness (islam and ahmed, 2012). value stream mapping (vsm) is based on the fundamental principles of lean manufacturing, which has the meaning that the actions which do not provide added value to the products are categorized as waste and that must be eliminated or minimized. lean manufacturing expert define vsm in the slightly different terminology though essentially similar. according to browning (1998) vsm is all actions (whether having value added or not) required to bring the product, product group, which uses the same resources, the same way, by means of the main essential for every product, from raw materials up to customer destination. sullivan, et.al. (2001) define the value stream as all action and/or information that have value added (va) and non-value added (nva) which required to bring a product, service or specific combination of products and services through business processes such as the design concept for the production of raw materials to customers. according to rother and shooks (1998), there are two aslam mei nur widiggo: business process reenginering of funding 23 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 types of value stream maps. current state maps illustrate the current state of the flow of product value, and use special icons and terminology to identify potential waste and areas of improvement. future state maps is a blueprint for lean transformation on the conditions expected in the future. methods the research framework is based on some background issues such as low market share of third party fund and limited resources on islamic banking which could produce hindrance to sub-stages of the business process. area of business operations improved in this study is a business process that is based on islamic law, the provisions of bank indonesia, vsm (value stream mapping), bpr (business process reengineering). this type of research is qualitative approach. primary data is obtained through questionnaires and/or in-depth interviews with respondents. data are obtained from respondents representing four models of islamic banks operating in indonesia such as: first, the islamic commercial bank which is subsidiary company of conventional stateowned commercial bank and represented by bank syariah mandiri (bsm); second, the islamic commercial bank which since its establishment has operated as full pledge islamic bank and represented by bank muamalat indonesia (bmi); third, the islamic commercial bank which is subsidiary company of conventional private commercial bank and represented by bank bca syariah (bcas); fourth, islamic business unit (uus) from conventional commercial bank and represented by bank permata syariah (bps). data are collected through several stages. the first one is filling out the questionnaire by islamic bank customers to get input of expectation/desired customer values. the second one is filling out the questionnaire or interviews with respondents who understand business processes of third party fund raising. the third is in-depth interviews with respondents who have qualified expertise coming from practitioners of islamic banking and indonesia central bank to verify and validate the research model, questionnaires, and business process improvement models. questionnaire is made in a structured one, while type of interview is a semi-structured one. the collected data were started from august 2014 to january 2015. sampling method is purposive sampling. respondents are taken from various backgrounds, such as customer respondents, respondents who represent the management of islamic banks, islamic bank staff who understand business processes and expert respondents. customer respondents are utilized to determine customer expectations, while the management respondents used to determine the direction and policy of islamic banking management. meanwhile, islamic bank staffs are used to map business process and measure completion time the phases of business process. finally the 24 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 expert respondents are the ones that will verify and validate business process models. respondents are located in jakarta, bogor, depok and tangerang. some of the tools which used for data analysis are vsm (value stream mapping) and pam (process activity mapping), to map the value chain and re-modeling of business processes, and face validity to verify and validate the model. vsm is a method for determining the value added to a business process flow. vsm is done by drawing a flow of business process and classify every stage of the business process, include the stages of value-added, non-value-added or not added value but it is still needed. the stages which should be followed by vsm are: first, determine process/sub process family; second, draw the current state map; third, determine and draw future state map; fourth, draft a plan to arrive at the future state. the depiction of the current state map is started from the determination of the specific desired value of customers, identify the value stream of each process/sub-process family, and make the process flow (manos, 2006). pam is one tool that can be used to support the method of vsm. pam is used through several stages: first, mapping the activity based on business processes; second, mapping the activity based on customer’s needs and the islamic bank that build upon their perception; third, mapping the sub stages based on value added categorize. business process re-modeling of third party fundraising carried out with reference to the business process reengineering (bpr) developed by harrison and pratt (1993) which consists several stages such as: determination of customer needs and process objectives, mapping and measurement, analysis, redesign, and implementation. face validity is a method of verification and validation on business process models developed using in-depth interviews of the experts. face validity is carried out by verification and validation of the model of the business process third-party fundraising that are developed through in-depth interviews with experts. results and discussion in relation with the improvement goals of service and performance of islamic banks in the future, then the highest value that becomes customer expectations is the need for quick response in providing services (33.8%), followed by friendly attitude in services (32.3%) and low cost (32.3%). meanwhile, based on interviews with the management of islamic banks, islamic banks remain committed to improve sla (service level agreement) in order to increase responsiveness. the mapping of the business process third-party fundraising is done by using the pam (process activity mapping). womack and jones (2005) define the value as an activity that consumers are willing to pay because it is absolutely necessary to solve the problem. womack (2006) argues that each stage of the process should be valuable aslam mei nur widiggo: business process reenginering of funding 25 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 meaning that it should create value from the standpoint of the customer. the simplest measurement of this value is to find out the satisfaction level of customers when process steps are removed, whether they are satisfied or less satisfied. based on questionnaires that filled out by respondents and interviews with the management of islamic banks related to business process mapping of third party fund raising, the business process value chain in third-party fundraising can be mapped in detail (table 1). results of mapping the value chain of third party fundraising business process shows that the sub-stages of the business process can be grouped into three categories: first, value added (va) activities are approval of the amount of profit sharing ratio, contract, depositing funds, and book/ deposit certificate issuing; second, non-value added (nva) activity is pure waste, such as waiting time; third, necessary but nonvalue added (nnva) activities are form filling, data collection, and verification. table 1. process activity mapping of business process of funding no activity customer needs bank needs value 1. customer arrival important/not important important nnva 2. queuing/waiting time not important not important nva 3. form filling not important important nnva 4. waiting time not important not important nva 5. data collection not important important nnva 6. waiting time not important not important nva 7. verification not important important nnva 8. waiting time not important not important nva 9. approval of the amount of profit sharing ratio important important va 10. waiting time not important not important nva 11. akad important important va 12. waiting time not important not important nva 13. depositing funds important important va 14. book/deposit certificate issuing important important va nnva activities may be wasteful but are necessary under the current operating procedures. even though no value for customer, this sub stages cannot be eliminated due to the fulfillment of the provisions of indonesia central bank indonesia (bi) and financial service authority (ojk) in relation with principle of kyc (know your customer). moreover, this is fit with the concept of application of sharia values associated with the brotherhood principle that includes introduction (ta’aruf ) and mutual understanding (tahaluf ). 26 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 table 2. completion time of current business process of funding customer type completion time (minute) va nva dan nnva total time individual 16 39 55 corporate 2 973 1 579 4 552 measurement is conducted based on the data that obtained from the islamic bank staffs through questionnaires and interviews. data completion time of each sub-stage of business process is processed by using tables and vsm. in general, the typical customer deposits can be classified into groups of individual customers and corporate customer. the completion time of third-party fundraising processes in islamic bank under current circumstances can be found in the table 2. table 3. the technology type of indonesian islamic banking no. technology type technology availability bsm bmi bcas bps av na av na av na av na 1. atm v v v v 2. cdm v v v v 3. phone banking v v v v 4. sms/m-banking v v v v 5. internet banking v v v v 6. edc v v v v 7. debit card v v v v 8. credit card v v v v 9. prepaid card v v v v 10. ssbm v v v v 11. core banking v v v v note: av = available, na = not available mapping is performed in relation to application of information technology at islamic banks. the application of information technology will become the input for the re-design of business processes modeling. mapping the application of information technology in islamic banks in indonesia is based on interviews and questionnaires by internal respondents of islamic banks who understand the business processes and information technology. aslam mei nur widiggo: business process reenginering of funding 27 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 it is found that each islamic bank observed has its own core banking system that is different from its parent bank. besides using core banking system in supporting business processes, some islamic banks have been equipped with several technologies like internet banking and mobile banking as supporting system for existing core banking. data compilation from internal respondents of islamic banks related to application of technology is shown in table 3. based on the data in table 3, all islamic banks who become respondent are found to have no cdm (cash deposit machine) and ssbm (self service banking machine). result of this study also shows that online system registration is still scarce. in order to facilitate the analysis of the value chain, vsm (value stream mapping) is used. the mapping of business process of third-party fund raising based on vsm can be found in the figure 2. business process is designed to add value for the customers and therefore should not include unnecessary activities (eke and achilike, 2014). figure 2. current state map business process of funding critical stages in the process of third-party fundraising business for corporate customers occur in sub stages of approval of the amount of profit sharing ratio, data collection and waiting time. for the individual customers, critical stages occur in sub stages of data collection and waiting time/queuing. approval of the amount of profit sharing ratio is categorized as sub stages that have value added since it is important for customer to know the percentage of profit-sharing ratio. the completion of sub-stages of approval of the amount of profit sharing ratio for corporate customers are not solely determined by the bank, but also should be agreed by the customer, especially if the customer negotiate for that ratio. therefore, 28 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 based on the consideration that this sub-stage has value added, the stage should not be changed. however, management of islamic banks should speed up completion of this sub-stage, especially the speed of deciding the amount of profit sharing ratio proposed and expected by customers. the customer data collection is an important sub-stage for islamic banks, especially in order to comply with indonesia central bank or ojk regulation related to kyc principle (know your customer). on the other hand, from the customer’s perspective, this sub-stage is not important. therefore, this sub-stage can be reengineered but still maintaining rules imposed by the provisions of the indonesia central bank. meanwhile, the waiting time/queuing is a sub-stage which is not desired by the customer. waiting time or queue will be depending upon the service capacity of the branch office, and the volume of activities or the number of customer transaction. limited capacity of islamic banking services, such as limited number of branch offices, service lines, number of counters and/or the amount of human resources, consequently shall cause additional waiting time/queue. according to the rules of lean principle, it is undeniable that the waiting time is a waste category (hines and rich 1997; keyte and locher 2004). therefore, the waiting time should be eliminated as much as possible. generally, there are two major groups of activities in the business process of third-party fundraising, i.e. account opening process, which is performed once at the beginning of business processes, and depositing of funds that can be repeated as often as desired by customers. the mapping of information technology as elaborated in the previous part shows that all islamic banks that become sample in this study do not have ssbm (self service banking machine) and cdm (cash deposit machine). ssbm is a machine that has the technology to allow potential customers to register the account opening. while the cdm is a machine that may receive cash deposit funds from customers. both machines are important things that should be prepared by islamic banks since this machine may replace the role of customer service or tellers. ssbm and cdm will assist in improving access of islamic banking customers or potential customers without being limited by the presence of branches and the operation time. based on the analysis of existing conditions, the corrective actions that can be done on the redesign are the proposal to change business process by developing application of information technology. the application of information technology will become the enabler of business process changes. the proposal of business processes changes is the result of business process reengineering that is designed according to customer needs, but still in line with the provisions of bank indonesia/ aslam mei nur widiggo: business process reenginering of funding 29 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 financial services authority. as for the proposal to change funding business process, it is extremely important to eliminate waiting time, which is the sub-stage that provides no value-added and to re-setting the sub-stages that are necessary but not value-added (nnva), such as filling registration form, data collection and verification. restructuring of the nnva sub-stages should be supported by strong technology application, such as online registration and/or ssbm installation. areas that received improvement are those getting the mark of kaizen burst on the substages of form filling, data collection and verification, which are part of the activities of account opening, as well as sub-stages of depositing funds. based on the proposal, the future business process of funding, as portrayed in figure 3, should be modified from three sub-stages to one sub-stage that covers form filling, data upload and verification. figure 3. future state map – business process of funding technological development on account opening activities may be conducted through two alternatives, i.e. the application of online registration and account opening through ssbm. application of online registration may require the usage of internet network, while ssbm technology application is conducted by installing the ssbm machine at the branch office. furthermore, installation of the cdm is needed to improve customers’ easiness to frequently deposit their funds in islamic bank. cdm can serve as an engine to verify and accept deposits without involving the teller function. technological development such as online registration, ssbm and cdm will assist customer or prospective customers who have limited time to visit the office during working hours. in addition, it may also help islamic banks that have limited branches and personnel’s. based on business process reengineering plan of funding, then it can be estimated the time reduction in the sub-stages that do not have value added (vide table 4). 30 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 table 4. time reduction estimation due to business processes reengineering (bpr) customer type time completion (minute) va nva and nnva total tr*)existing after bpr tr*) existing after bpr tr*) individual 16 16 0 39 17 22 22 corporate 2 973 2 967 6 1 579 95 1 484 1 490 *) tc: time reduction implementation plan on re-modeling of business process of funding can be executed with condition that two requirements are in their place. the first requirement is for large size islamic bank, in which they have to implement business processes by installing ssbm or online system registration independently. meanwhile, for small size islamic bank, it may change business process by improving institutional connectedness with the parent bank or information technology provider. the second requirement is the fulfillment of kyc (know your customer) as the provisions of central indonesia bank regulation. as the implications, it still needs face to face interaction with customers after the online registration or ssbm processes. this is done in order to conduct final validation of the customers’ data. implementation of this requirement may be fulfilled by setting up, for example, a meeting plan with customer service for this validation. the waiting time provides no value-added stage for customers and shall be eliminated. management of islamic bank should always pay attention to the strategy of attracting prospective customers to become customers and maintaining customer loyalty. the results imply that islamic banks should regularly conduct survey to obtain input from their customers especially with regard to bank services aspect. the survey can be conducted by independent third party in a way that makes the customer open and feel no hesitation in giving input. the management of islamic banks should also produce a breakthrough policy to further accelerate the completion of the stages of business process that have not been accommodated in the re-modeling design. for example, the policy to overcome the problem of long duration sub-stage, such as approval of profit sharing ratio, agreement signing, and issuance of deposit certificates, especially for corporate segment. conclusion analysis of the value chain of sub-stages of the funding business process can be classified into three, such as: first, sub-stages which have added value, i.e. the approval of profit sharing ratio, agreement signing, depositing funds, and book/ aslam mei nur widiggo: business process reenginering of funding 31 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2506 certificate issuing; second, sub-stages that do not have value added but still required, i.e. form filling, data collection, verification, monitoring of funds; and third, substage that does not have value added such as waiting time. elimination of sub-stages is only performed on non value added process, namely waiting time. business process reengineering of funding is directed through two strategies, i.e. to increase the accessibility of prospective customers with the aim to make them interested in saving the money in islamic banks, as well as to increase customer accessibility to fond of saving. business process reengineering should be supported by the development of information technologies such as the use of online registration system and/or ssbm (self-service banking machine) and installation of cdm (cash deposit machine) to improve the accessibility of customers. the business process reengineering of funding will be able to reduce waiting time until for 1,490 minutes for corporate customer and 22 minute for individual customer. this study is confided to analysis and reengineering of business process of funding. in order to provide continuous feedback to the islamic banking industry in indonesia, it is also necessary to conduct further research to the business processes of financing. references ben. 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(2009.) jurus bank syariah menembus barikade konvensional. infobank. liputan khusus 366, pp. 44. jurn al ilm u ekon om i syariah a l -iq t is h a d vo l. i, n o. 2, ju li 2009 al-iqtishad (jurnal ilmu ekonomi syariah) adalah berkala ilmiah yang diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilmiah ini fokus pada kajian ilmu ekonomi syariah dan berupaya menyajikan pelbagai hasil riset ilmiah bermutu dalam bidang tersebut. seluruh artikel yang dipublikasikan dalam berkala ilmiah ini merupakan pandangan dari penulisanya dan tidak mewakili berkala ilmiah dan/atau lembaga afiliasi penulisnya ju rn al il m u ek on om i s ya ri ah diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei) artikel: efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana pihak ketiga puji lestari prospek rahn (gadai syariah) dalam mendukung pemberdayaan ekonomi rakyat martono musyarakah mutanaqishah nadratuzzaman hosen strategi pemasaran produk gadai syariah dalam upaya menarik minat nasabah pada pegadaian syariah faridatun sa’adah penggunaan ahp (analytical hierarchy process) dalam evaluasi penerapan pembiayaan berdasarkan analisis prinsip pembiayaan pada pt. bprs amana ummah irfan ibnu faaiz hubungan antara pemeriksa intern dengan tingkat penyaluran pembiayaan pada pt. bprs harum hikamahnugraha garut irfan nurul haq perilaku nasabah dalam memilih produk pembiayaan pegadaian pada pt. bank syariah mandiri tbk. novi rofiani tingkat kepuasan nasabah kpr btn syariah & btn konvensional terhadap kualitas layanan ahmad kailani vol. i, no. 2, juli 2009 diterbitkan oleh fakultas syariah dan hukum universitas islam negeri (uin) syarif hidayatullah jakarta bekerja sama dengan ikatan ahli ekonomi islam indonesia (iaei). berkala ilimiah ini fokus dalam kajian ilmu ekonomi syariah. terbit dua kali dalam satu tahun (januari dan juli). redaktur ahli muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) nadratuzzaman hosen (uin syarif hidayatullah jakarta) ahmad hidayat buang (universiti malaya malaysia) amiur nuruddin (iain sumatera utara) didin hafiduddin (institut pertanian bogor) uswatun hasanah (universitas indonesia) mustafa edwin nasution (universitas indonesia) muhammad syafii antonio (stei tazkiya jakarta) mohammad rusydi (acifs brisbane australia) md. sujimon (kolej pengajian islam johor malaysia) pemimpin redaksi euis amalia redaktur pelaksana ah. azharuddin lathif nuriyanto al-arief editor bahasa inggris ummi kultsum sekretariat maman rahman hakim alamat redaksi fakultas syariah dan hukum uin syarif hidayatullah jakarta jl. ir. h. juanda 95, ciputat, jakarta 15412. telp. (62-21) 74711537, faks. (62-21) 7491821 website: www.fsh-uinjkt.net; e-mail: redaktur.iqtishad@yahoo.com vol. i, no. 2, juli 2009 daftar isi 1 efektivitas pengaruh besaran biaya promosi dalam penghimpunan dana pihak ketiga puji lestari 33 prospek rahn (gadai syariah) dalam mendukung pemberdayaan ekonomi rakyat martono 47 musyarakah mutanaqishah nadratuzzaman hosen 61 strategi pemasaran produk gadai syariah dalam upaya menarik minat nasabah pada pegadaian syariah faridatun sa’adah 87 penggunaan ahp (analytical hierarchy process) dalam evaluasi penerapan pembiayaan berdasarkan analisis prinsip pembiayaan pada pt. bprs amana ummah irfan ibnu faaiz 115 hubungan antara pemeriksa intern dengan tingkat penyaluran pembiayaan pada pt. bprs harum hikamahnugraha garut irfan nurul haq 145 perilaku nasabah dalam memilih produk pembiayaan pegadaian pada pt. bank syariah mandiri tbk. novi rofiani 169 tingkat kepuasan nasabah kpr btn syariah & btn konvensional terhadap kualitas layanan ahmad kailani cover al-iqtishad vol. i, no. 2, juli 2009 00-daftar isi lalu hendra wijaya1, maimun sholeh2 abstract. this study aims to analyze the economic development of the west nusa tenggara province with the existence of halal tourism. it is expected that the halal tourism is able to support the economic development of the province. this is a quantitative research, using secondary data from the central statistics agency (bps) among others. the analysis tool used is spss. the results show that halal tourism has considerable potential as one of the leading sectors that can support the regional economy. the progress of the tourism sector in the west nusa tenggara province is marked by the increase in the number of foreign and domestic tourist visits every year. keywords: economic growth, halal tourism, west nusa tenggara abstrak. penelitian ini bertujuan untuk mengetahui perkembangan atau pertumbuhan ekonomi provinsi nusa tenggara barat dengan adanya pariwisata halal sehingga mampu menopang perekonomian regional provinsi. penelitian ini menggunakan pendekatan kuantitatif, dengan data sekunder yang di antaraya berasal dari badan pusat statistik (bps). alat analisis yang digunakan adalah spss. hasil penelitian menunjukkan bahwa pariwisata halal memiliki potensi yang cukup besar sebagai salah satu sektor unggulan yang dapat menopang ekonomi daerah. kemajuan sektor pariwisata di provinsi ntb ditandai dengan meningkatnya angka kunjungan wisatawan mancanegara dan nusantara setiap tahunnya. kata kunci: pertumbuhan ekonomi, wisata halal, nusa tenggara barat the impact of halal tourism on regional economic growth in lombok, west nusa tenggara, indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 12 (2), jul-dec 2020 p-issn: 2087-135x; e-issn: 2407-8654 page 303 318 1, 2yogyakarta state university email: 1laluhendra.2018@student.uny.ac.id, 2maimun_sholeh@uny.ac.id 304 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 introduction the economy is one of the patterns which determines how the stable condition achieve, since with a stable economy, the crucial conditions can be fixed and the improvements will be significant. economic growth always become one of the goals that want to be achieved, either esoterically or exoterically, as well as the country and region. economic factors are related to a problem called development. therefore, the economy significantly determines the achievement of stable development, from national development to regional development (riyadi & bratakusumah, 2014). furthermore, like in developing countries, the stable development can be achieved as long as the economy provide benefits and become a stepping stone for its goals, since economy plays an essential role to all developments, either national or regional level. by considering the economic matters, the economy has a huge impact for the development (riyadi & bratakusumah, 2014). meanwhile, indonesia is a very intensive country, with its best tourism in the world. based on the national scale, the tourism growth in indonesia has been increasing (subarkah, 2017), regarding the economic development in several regions. therefore, to achieve a stable development, the natural resources in the region should be exploited, since the existence of natural resources is certainly one of the factors that support the regional economy. besides, various tourisms are able to become part of economic resources in indonesia, either nationally or regionally. hence, regarding the paradigm, the existence of those tourisms is expected to be able to provide prosperity and empowerment to the community (atmoko p, 2014). regarding the tourism development plan from 2015 to 2019, indonesia is a part of the country which has many tourism potentials, and the indonesian government divides the tourism targets into growth targets and inclusive targets. there are three main aspects for the growth target, such as contribution to gross domestic product (gdp), foreign tourist visits, and domestic tourist visits. in 2014, the percentage of gdp obtained was around 4.2%, and expected to be 8% in 2019. foreign tourist from 2014 was about 9 million visit, and expected to reach 20 million in 2019. the number of domestic tourists visits which were calculated in 2014 were as much as 250 million, and reached 275 million in 2019. meanwhile, foreign exchange income in 2014 reached 120 trillion rupiahs, and its estimation in 2019 will reach 240 trillion rupiahs. inclusive development lalu hendra wijaya. the impact of halal tourism on regional economic growth in lombok 305 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 sector can increase local businesses in the tourism industry and can increase certified local employment. (bappenas, 2014). in the international scale, world tourism has followed the trend developments, one of them is halal tourism. this is a tourism segment by providing the basic needs of muslim tourists, based on islamic law. however, halal tourism facility can also be enjoyed by non-muslim tourists as well, since those intended facilities refer to foods and beverages which have halal labels, halal restaurants, and sharia hotels. in indonesia, the halal certificates are published by national sharia council from indonesian ulema council. (indonesian ministry of tourism, 2015). halal tourism not only develops in muslim-majority countries, but also develops in countries with a muslim minority, such as australia which provides muslim travel guide travel packages, the united states which have serendipity travel. at the same time, their facilities make muslim tourists easier to prayer, and they also provide the prayer schedule. hong kong, thailand, and south korea also provide halal tourism facilities. (indonesian ministry of tourism, 2015). in terms of economy, the muslim population is also calculated in the development of halal tourism. in 2010, the members of the population which aged 14 to 29 years reached 457,950 million people, and it was arranged that in 2020 it would reach 501,070 million people (global religious futures, 2019). with a high population of the productive age range, this can increase the tourists, so that the halal tourism will become one of the country’s foreign exchange potentials. regarding these developments, indonesian needs to develop tourism. one region that is good for the development of halal tourism is west nusa tenggara, with its vision “faithful, cultured, competitive, and prosperous.” as a result, west nusa tenggara province received an award from the world halal tourism summit in abu dhabi for two consecutive years (2015 to 2016) with the title: the world’s best halal travel destination, the best destination for honeymoon in the world, and the best halal tourism page (setyanti, 2019). the variety in lombok can be seen from one of its tourisms. lombok is one of the regions in indonesia that has a variety of tourisms, from the beach to mountain, and for the novelty one, halal tourism. according to the global muslim travel index (gmti) quoted by alwafi, halal tourism is a new form of a concept that is able to provide services and facilities which has its concept, and it is more friendly in providing services to muslim tourists. since we have entered the era of globalization, these developments will be an essential matter 306 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 to achieve prosperity and improve the regional economy. the development of tourism is claimed to be national and international trends, such as the halal tourism in lombok, west nusa tenggara, (subarkah, 2017). as a muslim-majority country, it is not surprising that indonesia provides a novelistic form of tourism, such as halal tourism. halal tourism combines the concept of tourism with islamic values and more sharia. therefore, islamic tourism or halal tourism is a new concept that aims to collaborate on islamic values in tourism. (widagdiyo k, 2015). in addition, islamic tourism or halal touris m aims to maintain de s tinations based on islamic values and build a place of worship for tourists, so from that concept, lombok is called as an island with 1000 mosques, which indeed becomes the foundation in enhancing the cultural and religious values contained in the region. (kovjanic, 2014). the significance of the research is to make the economy in west nusa tenggara province gets better with halal tourism, and able to introduce the local cultures in west nusa tenggara province, especially in lombok. literature review economic growth is a process of changing a country’s economic conditions significantly towards a better way during that period. economic growth is defined as the process of increasing the production capacity of an economy by increasing the national income. economic growth is an indicator of the success of economic development. economic growth shows the development of goods production and services in a specific region, with an exact time interval. the higher the level of economic growth, the faster the process of improving regional outputso that the regional development will be better. in economic growth, three main factors affect economic growth, such as capital accumulation, population growth, and technological progress (todaro & smith, 2014). economic growth is an increase for the long term in a country (region), focused on p r oviding a variety of economies to its population, which is manifested by a continuous increase in national output that is certain with technological advancements as well as the institutional adjustments, attitudes, and ideologi e s needed (todaro, 2000). economic growth can be explained briefly as t h e process of increasing output per capita in the long run, or in general, the increase in the total output of the gross domestic product (gdp). hence, it can be interpreted as how the increase is more tremendouslalu hendra wijaya. the impact of halal tourism on regional economic growth in lombok 307 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 more significant or smaller than the rate of population growth, or followed by economic structure or not. according to cohen (1984) in (aryunda, 2011), the impact of tourism on the economy made the tourism as a source of foreign exchange, a source of community income, income for the government, employment creation, influence, and on prices and tariffs, affect the distribution and the benefits, affect the management and ownership, and positively can affect development. meanwhile, according to(hairey, 2013) several things can affect a region’s income related to tourism, such as the number of consumption or expenditure, the distance from the tour or how long it takes time, the work experiences, and the number of tourists which visit the places. according to previous research by (kodir, karim, & kartika, 2019), the tourism industry significantly contributes to the japanese economy, this contribution almost suitable with the contribution of japanese flagship industry in the automotive field. it also can be seen from the increasing number of foreign tourists who visited japan until july 2018, as many as 18 million. one of the strategies that will be implemented is the halal industry. the japanese government was seriously considering implementing halal tourism, with a muslim-friendly concept. according to the organization of the islamic conference (oic), halal tourism or islamic tourism is a tour that aims to provide tourist services and facilities for muslim tourists, based on islamic rules islamic cooperation organization, 2017). halal tourism is tourism based on islamic principles, by providing facilities and services that are friendly to muslim tourists. (global muslim travel index, 2018). the concept of halal tourism can be interpreted as the values of islamic teachings which are implemented as a reference in making a tou r without discriminating non-muslim tourists. halal tourism is also able to attract muslim tourist visits (kusumaningrum, m, e.p, & amalia, 2017). according to (battor & ismail, 2015) it involves muslims, as the reference to other industries in tourism. (ramli, 2012) also explained that halal tourism is a travel tour which provides services based on islamic sharia, as well as tourism options for muslim tourists to avoid alcoholic drinks, porks, and places that do not separate men and women. 308 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 table 1. general criteria for halal tourism category indicator tourism destinations (natural, cultural, manmade there is a choice of tourism, arts and cultural activities that do not lead to pomoaction and polytheism. if possible hold at least one halal life style festival. guides dress and look modest. there are choices of separate beach and bath tourism attractions for women and men and / or have minimal visitor rules. hotel availability of halal food available facilities that make it easy to worship, such as mosques, prayer rooms and cleaning facilities. available during ramadhan to meet the needs of the meal and breaking the fast. the absence of non-halal activities, such as gambling, alcoholic drinks, and discotheque activities. there are the recreational swimming pool and fitness/ gym facilities that are separate between men and women. if the hotel provides spa facilities, then male therapists for male customers and female therapists for female customers. therapy does not use ingredients that contain pork, alcohol or its derivatives. travel agency providing tour packages that meet the general criteria for halal tourism. does not offer non-halal activities. have a list of halal food and beverage providers. tour guides understand and are able to carry out sharia values in carrying out their duties. look polite and attractive in accordance with islamic ethics source: (alwi, 2018) it can be concluded that halal tourism is tourism that wants to provide services and facilities to muslim tourists, but also can be enjoyed by non-muslim tourists, where muslim tourists can enjoy the adequate worship facilities and services, a place that is friendly to muslim tourists to stay (sharia hotels), food and beverages with halal certificates, in several destinations which has specific lalu hendra wijaya. the impact of halal tourism on regional economic growth in lombok 309 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 nature, culture, supported by the facilities and the infrastructure, such as mosques and prayer rooms around the tourism area. method this study uses a quantitative approach method that explains the existence of tourism in indonesia where there is a new concept of international tourism, namely halal tourism as an instrument in the achievement of the national economy through tourism as a tourist object or tourists traveling to indonesia, especially lombok ntb. indonesia, as a varied tourism country, certainly has the existence of halal tourism which aims to create islamic values at the tourism level. halal tourism in indonesia is also the basis for explaining the increasing escalation of the national economy and halal tourism areas owned by west nusa tenggara (ntb). the type of data used in this study is secondary data. the analysis tool uses spss. data collection in this study can be obtained through the west nusa tenggara statistics agency. results and discussion development of halal tourism is considered to be able to support the economic development, as well as improving the community welfare, providing business opportunities, and capable of facing the challenges in local, national, and global life. west nusa tenggara, as stated in the regional regulation number 2 (2016), concerned with halal tourism as a guideline in developing halal tourism model. the regulation aims to facilitate the tourists to be as comfortable as possible when travelling. one of the implementations is by providing islamic hotels to facilitate the tourists to stay and prayer (especially for muslim tourists, it provides facilitation for prayer, such as al-quran, and the direction of the qibla in each room). several sharia hotels that can be visited by tourists are grand madani hotel, lombok plaza hotel, legi hotel hotel, santika hotel, svarga hotel, villa senggi, holiday resort, lombok raya hotel, sheraton hotel, golden tulip hotel nirwan ruswir, graha hotel, and ayu tarpi jundi hotel (hassanuddin, 2016). west nusa tenggara province is outstanding with its tourism, which is potentially considered to be one of the leading sectors in order to sustain the regional economy. the progress of the tourism sector in west nusa tenggara province is indicated by the increasing number of foreign and domestic tourists every year. in 2016, the number of tourists which visit west nusa tenggara 310 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 was 3.1 million, while in 2017 it reached 3.8 million. it beyond the target in 2017, as much as 3.5 million. meanwhile, in 2018, the targets were up to 4 million tourists. the targets were optimistically achieved. table 2. tourist visits in 2009-2016 no year tourist total number international tourists domestic tourists 1 2009 232525 386845 619370 2 2010 282161 443227 725388 3 2011 364196 522684 886880 4 2012 471706 691436 1163142 5 2013 565944 791658 1357602 6 2014 752306 876816 1629122 7 2015 1061292 1149235 2210527 8 2016 1404328 1690109 3094437 9 2017 1430249 2078654 3508903 source: central statistics agency of west nusa tenggara province. from the table above, it reveals that the tourist’s visits have increased every year, either international or domestic tourists. this shows that west nusa tenggara province has been able to support economic growth, by improving its regional income. the number of tourist visits cannot be separated from the hotel lodgings for both international and domestic tourists. in 2017, there were 889 units, with the details: 75 units of star hotels, 814 units of non-star hotels, and several rooms in 4, 525 star hotels which have 6,721 beds, while for non-star hotels there were 8,892 units with 12,460 beds. the number of hotels or accommodations in west nusa tenggara province continues to increase from 2010, as many as 379 units, while in 2016, it increased to 889 units. by examining the number of hotels or accommodation development, it can be concluded that the economy in west nusa tenggara is increasing. lalu hendra wijaya. the impact of halal tourism on regional economic growth in lombok 311 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 tourism in west nusa tenggara (especially in lombok) has develops based on several factors, such as the number of tourists and various tourist activities. the number of tourists tends to increase every year. meanwhile, the various tourism activities can be seen from the introduction of a new tourism concept, such as halal tourism. the development of halal tourism in lombok is based on the regional regulation, or west nusa tenggara which covers the whole islands. by considering the immense potential in tourism which develops in west nusa tenggara, it tends to be better than the other island located near lombok, such as bali. halal tourism is a type of tourism that has just been developed based on the islamic beliefs, like in the hospitality, the religious facilities, the halal certified food, sharia lodging places, and other technical matters related to tourism. generally, halal tourism is not much different from other types of tourism. halal tourism is a tourism concept which makes muslim tourists easier, by facilitating their travel needs. those needs are the existence of halal certified restaurants, the availability of mosques in public places, the existence of swimming facilities which separate men and women, and others. west nusa tenggara province is outstanding with its natural destinations or its beautiful natural landscape, and it is also known as “thousand mosque island” since it has more than 4,500 mosques, scattered in 598 villages. (baskoro, 2014) in addition, lombok also figure 1. the development of hotels or accommodations in west nusa tenggara, from 2010 to 2016 source: hotel statistics of west nusa tenggara province 312 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 has an islamic center as a halal tourism icon, and it is the largest mosque in west nusa tenggara province. in addition, the islamic center has many events in ramadhan, as the host in the 26th national mtq event in 2016. muslim tourists can visit halal tourism destinations in lombok, as managed by the association of the indonesian tours and travel agencies or travel agents of indonesia (asita), west nusa tenggara. they provide halal travel packages for four days and three nights. the list of the recommended destinations is sade village, islamic center, karang bayan mosque, and benang kelambu waterfall. table 3. list of recommended destinations in lombok, west nusa tenggara kspd mataram metro senggigi, gili (s) kuta mandalika resimas, sembalun theme cultural, religious, and food destination, shopping center, and mice. diving, traditional sport, cultural, religious, and food destination diving, traditional sport, and cultural destination. agriculture sector, hills, cultural and food destination location mataram (city), islamic center, loang baloq, mayure park, sekarbela, banyumulek, narmada park, suranadi, lingsar. batu layar, batu bolong temple, senggigi, gili (terawangan, meno, air), sindang gile waterfall, senaru, traditional village, segenter. gili gede, gili nanggu, bangko-bangko, selong belanak beach, sade, kuta, gili ondah. benang stokel, gili sulat, sembalun, rinjani mount, otak kokoq. source: tourism plans of lombok islands (2015 to 2019) beside, to be a halal tourism destination, it cannot be separated from the kind of foods and beverages, which is one of the supporting factors to fulfill the tourist’s requirements. global muslim travel index (gmti) states that one indicator for conducting halal tourism is by considering the availability of halal food, or in other words, a destination must provide halal food for the tourist’s conveniences. this has been provided by the regional governments of west nusa tenggara province, by department of culture and tourism, lppom, and indonesian ulema council. eventhough lombok island has received world appreciation such as world’s best destination for honeymoon and world’s best halal tourism destination by international world’s best halal travel summit in abu dhabi, united arab emirates emirate, it does lalu hendra wijaya. the impact of halal tourism on regional economic growth in lombok 313 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 not mean that the government of west nusa tenggara is not facing various challenges in developing halal tourism. the first challenge is convincing its citizens about the urgency of halal tourism in west nusa tenggara since not all people in west nusa tenggara appreciate the government’s efforts in developing halal tourism. the second is the preparation of competent human resources, and the third is the regulation that encourages the stakeholders to conduct the halal certification process. year pdrb(miliar) period 2012 66,340.81 before 2013 69,755.56 before 2014 73,285.09 before 2015 89,344.58 before 2016 94,524.29 after 2017 94,639.54 after 2018 90,323.42 after 2019 94,014.74 after source: bps ntb, 2020 (process) from the data above shows that the contribution of tourism to ntb’s gross regional domestic product from year to year continues to increase in 2012 the contribution to grdp amounted to 66,340.81 billion, in 2013 it increased to 69,755.56 billion, in 2014 increased to 73,285.09 billion. in 2015 the contribution of tourism to pdrb ntb amounted to 89,344.58. it can be seen that before being designated as halal tourism, the contribution of tourism to grdp continued to increase. after the issuance of west nusa tenggara provincial regulation no.2 of 2016 concerning halal tourism, in 2016 the contribution of halal tourism to gross regional domestic product was 94,639.54 billion. this means that the contribution of halal tourism from year to year shows that there is an increase in the contribution of tourism to ntb’s grdp before and after it is determined as halal tourism. table 4. gross regional domestic product at current market prices by industry (billion rupiahs) 2012-2019 314 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 periode n mean std. deviation std. error mean pdrb before 4 7.47e4 10178.210 5089.105 after 4 9.34e4 2052.749 1026.375 based on the group statistics output table above, it is known that the number of years before tourism is designated as halal tourism uses the last four years, while after it is designated as halal tourism the number of years uses four years after it was determined. the average contribution value of ntb’s gross regional domestic product or the mean before the establishment of halal tourism was 7.47e4, while after it was designated as halal tourism, it was 9.34e4. thus, statistically descriptive it can be concluded that there is a difference in the average contribution of the year before and after. levene’s test for equality of variances t-test for equality of means f sig. t df sig. (2-tailed) mean difference std. error difference 95% confidence interval of the difference lower upper pdrb equal variances assumed 4.081 .090 -3.601 6 .011 -18693.988 5191.573 -31397.310 -5990.665 equal variances not assumed -3.601 3.244 .032 -18693.988 5191.573 -34535.518 -2852.457 based on the output above, it is known that the sig value. levane’s test for equality of variances is 0.090> 0.05, so it can be interpreted that the data variance between the years before and after is homogeneous or the same. so that the interpretation of the independent samples test output table above is guided by the values contained in the equal variances assumed table. source: spss 2020 table. 5 group statistics table 6. independent samples test source: spss 2020 lalu hendra wijaya. the impact of halal tourism on regional economic growth in lombok 315 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 from the independent samples test output table in the equal variances assumed section, the sig value is known. (2-tailed) 0.011 <0.05. thus it can be concluded that there is a significant (real) difference between the average contribution of tourism to ntb’s gross regional domestic product from the previous period and the year after being designated as halal tourism. the muslim population is currently around 30 percent of the world’s total population (kim et al. 2015). the number of the muslim population is expected to continue to increase from year to year. this increase is higher than the population of other religions (pew research center, 2017). it is estimated that the muslim population between 2015 and 2060 will increase by 70 percent (figure 2), while the world population will increase by 32 percent, or the total world population in 2060 is 9.6 billion people. this also indicates that muslim tourists will continue to increase. by 2020, muslim tourists are expected to increase by 30 percent and increase the value of expenditures by up to 200 billion usd (master card and crescent rating, 2016). an increase in muslim tourists is an opportunity for the tourism sector to develop halal tourism. so that several countries have begun to take this opportunity by developing halal tourism, both countries with a majority of muslims and non-muslims such as japan, south korea, australia and thailand. it is expected that tourist attractions, hotels, restaurants, airlines, travel agents and all those involved in tourism can be involved in halal tourism. travel agents have halal tourism opportunities in various fields (battour & ismail, 2015). source: pew research center figure 2. population growth projection by religion, 2015-2060 316 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 the number of halal restaurants and islamic hotels is still limited, both in muslim and non-muslim majority countries. this limitation is also influenced by a lack of understanding regarding halal (el-gohary, 2016; han et al. 2018; mohsin et al, 2016). therefore, education and training programs related to halal are required. so that this can be an opportunity for universities and training or research centers to offer these programs. in addition, standards are needed in halal tourism, namely in the form of halal certification in restaurants, hotels, and others. one of the challenges in developing halal tourism is related to marketing, because marketing halal tourism is not an easy one. this is due to the difference between the demands of non-muslim tourists and muslim tourists. non-muslim tourists can decide not to travel to a tourist attraction without specific attributes (battour & ismail, 2015). so that one of the challenges of halal tourism is how to serve non-muslim tourists and meet their needs without colliding with the concept of halal tourism. for example, some hotels state that they are islamic hotels in their promotion and this may not appeal to non-muslim tourists. therefore, halal tourism can be an obstacle in the tourism industry sector. however, it can also be a business opportunity to use creativity and flexibility in serving the various needs of muslim and non-muslim tourists. this can also be a study or research to solve the problem. conclusion halal tourism in west nusa tenggara province has shown its strength in the economic sector, by significantly contributing to the regional economic growth. the development of halal tourism supports the realization of the community’s prosperity, providing business opportunities, and capable of facing the challenges in local, national, and global life. halal tourism can be used as an alternative in improving the regional economy since it continues to increase, and the tourists with specific characteristics areas such as west nusa tenggara can fulfil the muslim tourists’ requirements. it is not only intended for muslim tourists but also non-muslim tourists. both of them can enjoy halal products, facilities, and services. references alwi, s. 2018. potensi dan prospek wisata halal dalam meningkatkan ekonomi daerah (studi kasus: nusa tenggara barat). jurnal sospol, 4(2), 49–72. lalu hendra wijaya. the impact of halal tourism on regional economic growth in lombok 317 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 aryunda, h. 2011. dampak ekonomi pengembangan kawasan ekowisata kepulauan seribu. jurnal perencanaan wilayah dan kota, 22(1), 1–16. atmoko p, h. 2014. strategi pembanguna potensi desa wisata brajan kabupaten sleman. jurnal media wisata, 12(2). bappenas. 2014. pembangunan pariwisata 2015-2019. jakarta. baskoro, d. 2014. pesona lombok pulau seribu masjid. battour, m., & ismail, m. 2015. halal tourism: concepts, practises, challenges and future. tourism management perspective, 19, 150–154. el-gohary, h. 2016. halal tourism, is it really halal ? 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(2019). data explorer: worldwide all population. hairey, l. 2013. dampak pariwisata terhadap pendapatan dan tingkat kesejahteraan pelaku usaha di kawasan wisata pantai nestapa, pulau ambon. jurnal organisasi dan manajemen, 9(1), 87–105. han, h., al-ansi, a., olya, h., & kim, w. 2018. exploring halal-friendly destination attributes in south korea: perceptions and behaviors of muslim travelers toward a non-muslim destination. tourism management. 71: 151-164., 71, 151-164. hassanuddin, l. 2016. lombok halal guide book. mataram: badan promosi pariwisata provinsi ntb. kementerian pariwisata ri. 2015. laporan akhir kajian pengembangan wisata syariah. jakarta. kim, s., im, h., & king, b. 2015. muslim travelers in asia: the destination preferences and brand perceptions of malaysian tourists. journal of vacation marketing., 21(1), 3–21. kodir, a., karim, a., & kartika, c. d. paksi. 2019. current issues of halal tourism. case study in japan. education and humanities research, 320(icskse 2018), 13–18. kovjanic, g. 2014. islamic tourism as a factor of the middle east regional development. turizam, 18(2). kusumaningrum, d. ., m, f. a., e.p, p., & amalia, e. 2017. trend pariwisata halal korea selatan. universitas muhammadiyah malang, pp. 855–865. mohsin, a., ramli, n., & alkhulayfi, b. 2016. halal tourism: emerging opportunities. tourism management perspective., 19, 137-143. 318 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v12i2.15127 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 12 (2), jul-dec 2020 organisasi kerjasama islam. 2017. strategic roadmap for development of islamic tourism in oic member countries. turkey. ramli, n. (2012). halal pharmaceuticals : a review on malaysian standard. journal of arts and humanities, 2012, 137–142. rating, m. c. and c. 2016. global muslim travel index 2016. retrieved from https://www.crescentrating.com/reports/mastercard-crescentrating-globalmuslim-travelindex-gmti-2016.html riyadi, & bratakusumah, s. 2014. perencanaan pembangunan daerah. jakarta: gramedia pustaka utama. setyanti, c. . (2019). indonesia raih tiga penghargaan wisata halal dunia. subarkah, a. r. 2017. strategi city branding nusa tenggara barat menjadikan lombok sebagai destinasi pariwisata halal. university of muhammadiyah malang. todaro, m. . p. 2000. pembangunan ekonomi di dunia ketiga (edisi ketu). jakarta: erlangga. todaro, m. p., & smith, s. c. 2014. economic development in developing countries. teheran: planning & budget organization. widagdiyo k, g. 2015. analisis pasar wisata halal indonesia. the journal of tauhidinomics, 1(1). al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 49 64 received: august 10, 2015; revised: october 27, 2015; accepted: october 30, 2015 the state islamic institute of raden intan lampung, indonesia jalan letnan kolonel endro suratmin, sukarame, lampung, 35131 e-mail: tulus_suryan70@yahoo.co.id doi: 10.15408/aiq.v8i1.2508 abstract. islamic work ethics and audit opinions: audit professionalism and dysfunctional behavior as intervening variables. this study examines the relationship between islamic work ethics and auditors’ opinion, focusing on the aspects of audit professionalism and dysfunctional behavior as intervening variables. the research involved in internal auditors working of islamic banking industry in sumatra island. a questionnaire was used for data collection. the study represents the empirical test employing census sampling. the data collected were analysed using amos. the results of the study confirmed the three hypotheses examined: there is a positive corelation between islamic work ethics and auditors’ opinions; auditors’ professionalism is an intervening variable of the correlation between islamic work ethics and auditors’ opinions and dysfunctional behavior is a negative intervening variable of the correlation between islamic work ethics and auditors’ opinions.” keywords: islamic work ethics; audit professionalism; dysfunctional behavior; auditors’ opinions abstrak. etika kerja islami dan opini audit: profesionalisme audit dan prilaku disfungsional sebagai variabel intervensi. penelitian ini menguji hubungan etika kerja islam dan pendapat auditor, berfokus pada aspek profesionalisme audit dan perilaku disfungsional sebagai variabel intervening. penelitian melibatkan auditor yang bekerja di industri perbankan islam di pulau sumatera. kuesioner digunakan untuk pengumpulan data. penelitian ini merupakan uji empiris menggunakan sensus sampling. data yang dikumpulkan dianalisis menggunakan program amos. hasil penelitian menegaskan tiga hipotesis diperiksa: ada korelasi positif antara etika kerja islam dan opini auditor; auditor profesionalisme adalah variabel moderator dari korelasi antara etika kerja islam dan auditor pendapat; perilaku disfungsional adalah variabel negatif moderator dari korelasi antara etika islam kerja dan opini auditor. kata kunci: etika kerja islam; profesionalisme audit; perilaku disfungsional; opini auditor islamic work ethics and audit opinions: audit professionalism and dysfunctional behavior as intervening variables tulus suryanto 50 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction in the process of making investment decisions, investors tend to invest in companies concerned with social and environmental issues (pinnarwan in zuhroh and sukmawati, 2003). based on reseach of deegan (1997) belkaoui (1999) and anggraini (2006) showed that companies which reveal social information to investors will certainly gain public trust. the increase of public trust is expected to lead to the increase of the stock trading volume and stock returns in the companies. this could be considered as the driving force of investors’ reactions in making investment decisions. to attract investors, companies have to work hard in order to present reports which are free from misstatements and irregularities or fraud. according to sas no. 99, there are four types of pressure that may lead to fraud in financial statements: financial stability, external pressure, personal financial need, and financial targets. financial statement fraud often begins with misstatements or management-quarter earnings from financial statements considered not material; these eventually grow into massive fraud and produce misleading annual financial statements (rezaee, 2002). cheating on financial statements will result in misperceptions of auditors and other users of financial statements, because they do not show the actual condition of the companies. this will necessarily bring the impact of losses for businesses one way the management of a company can prevent fraud is by focusing on the dividend policy. a company’s dividend policy has important implications for many parties involved in the community, because it determines whether the profits which the company makes will be distributed to shareholders as dividends or be detained in the form of retained earnings in order to finance an investment in the future (agus, 2001). the devidend policy is an indicator of the earning quality of the company; this has an impact on the corporate profites presented in the financial statements. the dividend policy applied by the management of the company to manage their finances will help to reduce the occurrence of fraud in earnings manipulation. furthermore, information technology can be used to assist the company in carrying out day-to-day operations. the implementation of information technology will increase the performance of the company. this minimizes the opportunity of fraud to occur in the company. in addition to information technology, another factor that is important in the prevention of fraud is accounting report. accounting report is an essential component of organizational accountability. the great demand of the implementation of public accountability has an implication for the way the management provides information to the public; one of which is the accounting informarion in the form of financial statements. one of the challenges of accounting reporting is whether tulus suryanto: islamic work ethics and audit opinions 51 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 it is able to provide information which can be used to monitor the management accountability, political accountability, and accountabiliy policies. one form of fraud prevention is the presentation of true accounting reporting which considers the implementation of policies, systems and procedures to assure that necessary actions have been carried out by commissioners, as well as the management and other personnels. this study examines the effect of the dividend policy, the application of information technology, and the accounting and reporting on fraud prevention. additionally, it investigates whether the reaction of investors, as a moderating variable, influences such variables as the dividend policy, the application of information technology, and the accounting reporting. literature review this study aims to describe the correlation between attitudes and behavior of individuals, especially the auditors in carrying out the audit process. the theory of reasoned action (tra), proposed by fishbein and ajzen (1975), is a theory related to the attitudes and behavior of individuals in implementing grounded activities/ actions (reasoned actions). many previous research which using tra model, hansen et al (2004) examined behavior of consumers to use online shopping method by using concept of theory of reasoned action. the research proves that the theory of reasoned action is appropriate theory to predict consumer behavior in online shopping. other research conducted by njite et al (2005) which examines application of theory reasoned action in influencing consumer to use online shopping through internet services. the result supports research by hansen et.al (2004) which proves that the theory of reasoned action is a appropriate theory to predict human behavior. in this case, we use theory of reasoned action to explain of auditor behavior. an auditor is required to be professional and to obey audit ethics in implementing the audit process. tra is able to explain the attitudes of auditors in the audit process, whether they do their job professionally or there is an element of dysfunctional behavior. one way of realizing public accounting professional conduct is the implementation of professional ethics established by ikatan akuntan indonesia (iai), namely the code of ethics of indonesian accountants. ethics can be defined as a set of moral principles or values (elder et al., 2011). regarding to ethics, a profession should have a high moral commitment that is manifested in a special regulation. this rule guides the way the profession is run or carried out, commonly referred to as ethics code. code of e t hics is created with the aim to 52 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 set standards of behavior for accountants, especially cpas. code of professional conduct is based on the following reasons: first, the need for public confidence in the quality of services rendered; second, people cannot be expected to assess the quality of services rendered by the profession; third, increased competition among members of the profession. the indonesian accountants ethical code is a code of conduct that consists of: first, the general provisions in the code of ethics of public accountants which have strength in terms of the emphasis on positive activities to produce high quality work. minimum standards of behaviour should exist in the profession; second, specific rules containing detailed explanations, which guide the implementation of the minimum standards of conduct and performance. this will assist in understanding the ethical code, which should be interpreted as a maximum standard rather than as a minimum one. in the perspective of islam, work ethics can be interpreted as ethics which include the values of the qur’an. a number of key parameters have been established for the islamic ethical system. the parameters are as follows (muhammad, 2004): first, various actions or decisions referring to the ethics depend on individuals’ intentions. allah the almighty knows the intentions fully and completely; second, good intentions followed by good actions will be counted as worship. kosher intentions cannot change the actions to either be halal or haram; third, islam gives freedom to individuals to believe and act upon any desire, but not in terms of responsibility and justice; fourth, believing in allah gives individuals complete freedom from anything or anyone except allah; fifth, decisions that benefit the majority or the minority are not directly ethical in itself; sixth, islam uses an open approach to ethics, not a closed system. selfishness has no place in islam; seven, ethical decisions should be based on an understanding of the qur’an and the universe; eight, unlike other ethical systems which are used by other religions, islam encourages mankind to carry out tazkiyah through active participation in life. by behaving ethically in life, muslims must be able to prove his obedience to god. an audit opinion is given by an auditor on the presentation of financial statements of the company where the auditor conducts the audit. the audit opinion is reflected by the opinion paragraph included in the audit report section. therefore, the audit opinion is an integral part of the audit report. the audit report informs the users of information about what the auditor and the conclusions obtained. “statements of the auditor’s opinion must be based on an audit carried out by auditing standards and findings.” (sa section 508, iapi, 2011). there are five types of opinion statements that may be given by a public accountant auditing financial statements, as described in section 508, spap (2011): an unqualified tulus suryanto: islamic work ethics and audit opinions 53 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 opinion, an unqualified opinion with an explanatory language, a qualifying opinion, an unreasonable opinion, and the statements do not contain opinions. a basic aspect that must be considered by an auditor is ethics in the profession. the implementation of professional works cannot be separated from ethics because professional behavior is necessary for all professions requiring the trust of the public. the american heritage directory (in gusti and ali, 2008) defines ethics as a set of rules or standards determining the behavior of members of a profession. with a high ethical awareness, an auditor can carry out their duties professionally in accordance with the code of ethics and auditing standards, so that the results of audits will be more indicative of the actual situation in the provision of audit opinion. someone who obeys the work ethics of islam will have a commitment to the profession. the work ethics of islam teach that a work is a virtue, making a person become a person responsible for the profession and do his/her job with honesty and sincerity. panemon (in aji & sabeni, 2003) states that the commitment to the profession can be produced from the process of acculturation and assimilation at the time when individuals enter the profession, also when the individuals choose to stay in the profession. further, he proposes that the ethical behavior of auditors is associated with the auditors’ high commitment to the profession. in the case of practicing a profession, individuals’ accountability is not only related to leadership, but also to their relationship with god. this is because human beings are considered as god’s servants who should realize the socioeconomic justice in the world and the hereafter (burhanuddin, 1996 in aji and sabeni, 2003). suraida’s (2005) study indicates that ethical factors have a positive influence on the precision of the provision of auditors’ opinions. the results of the study could be used as a reference suggesting that ethics also affect the accuracy of auditors’ opinions. based on these descriptions, the proposed hypotheses are as follows: h1: there is a influence between islamic work ethics to the precision of auditors’ opinions. simply put, professionalism means that an auditor shall carry out his/ her tasks with seriousness and rigor. as a professional, the auditor should avoid negligence and dishonesty. arens et al. (in noveria, 2006) defines professionalism as an individual’s responsibility to behave better than just complying with laws and regulations existing in the society. professionalism is also an element of motivation that contributes to an individual’s high job performance (guntur et al., in ifada & m. jafar, 2005). determining the level of opinions of financial statements is not easy. many factors influence auditors’ considerations in determining their opinions, including the professionalism of the auditors. the more professional an auditor 54 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 is, the better their considerations and professional ethics are, particularly with the implementation of the islamic work ethics in the executions of tasks; internal auditors will not commit fraud in determining the level of materiality. herawaty and susanto (2008) examined the professionalism and knowledge of public accountants in the detection of errors, professional ethics and materiality level considerations. the results indicate that professionalism has positive regression coefficient (0.231); therefore, it is significant. the islamic work ethics guiding an auditor is expected to increase his/her level of professionalism in the audit process; thus, the auditor can produce reasonable opinions without cheating and manipulation. in this case, the developed hypothesis is as follows: h2: the effects of islamic work ethics on audit opinions are mediated by the professionalism of auditors auditors’ work in generating opinions will not be successful if it is not accompanied by the auditors’ behaviours that support the audit process. according to jaworski and young (1992), the dysfunctional behavior can be defined as ‘an act in which an attempt is made less than the maximum by manipulating elements of the control system with the desired destination’. the islamic work ethics will help to produce a reasonable audit opinion if it is not influenced by the dysfunctional behaviour of auditors. the research of soobaroyen (2006) suggests that the dysfuntional behavior has a negative direct effect on the performance of auditors, and thus, on the results of the process. the hypothesis is formulated as follows: h3: the islamic work ethics will help to produce a reasonable audit opinion if it is not influenced by the dysfunctional behavior of auditors. methods the population in this study is the islamic banking industry sumatra, indonesia. the participants were internal auditors whose religion is islam and working in islamic banks. it is assumed that muslim auditors better understand their religion and practice it in their work environments. additionally, the auditors must have a minimum term of one year, with a consideration that the auditors have the time and experience to adapt to their work settings, and self-assess the work settings so as to identify and determine appropriate responses to questions in the questionnaire related to the variables of the study. in this research, we use of census sampling method for primary data collection by means questioner distribution, tabulation and presentation respondents tulus suryanto: islamic work ethics and audit opinions 55 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 characteristic. tabulation of the satisfactory results of data quality test use reliability test and validity test. reability test by means of value of cronbac’s alpha as well as validity test by means of bivariate pearson correlation between constructs for accomplishing meaningful empirical research on the subject (ballen, in ghozali, 2005). the hypothesis test use amos ver 20. results and discussion this study employed a questionnaire as a research instrument for collecting primary data from the participants. the primary data refer to the respondents’ responses. the questionnaire was distributed to the respondents by visiting them directly or by sending the questionnaire by mail to the respondents, particularly those outside the area of bandar lampung province. table 1. the characteristics of respondents no information total percentage (%) 1. gander male 44 77,19 female 13 22,81 the number of questionnaires that can be processed 57 100 2. age ≤ 40 years old 10 17,54 aged> 40 years 47 82,46 the number of questionnaires that can be processed 57 100 source: primary data were processed, 2014 questionnaires were distributed to islamic banking offices in bandar lampung, ranging from 1 to 15 questionnaires. they were specifically tailored to meet the demands of the banks. the number of questionnaires sent by mail to several islamic banking offices outside bandar lampung province was 10. a hundred and twenty two participants filled out the questionnaires; sixty six respondents returned them. in light of the above fact of low response rate has implication for the integrity of the sample. the characteristics of the respondents were obtained from data collected using the questionnaires (table 1). 56 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 table 2. reliability test results no variable cronbach alpha value information 1 islamic work ethics 0,773 reliable 2 professionalism in audit 0,683 reliable 3 dysfunctional behavior 0,622 reliable 4 audit opinion 0,889 reliable source: primary data processed in 2014 the data quality test includes reliability and validity tests. the reliability test was conducted with the cronbach alpha test using spss. a construct is said to be reliable if it provides the value of cronbach alpha > 0.60 (nunnaly, in ghozali, 2004). the results of the reliability test are presented in table 2. the validity test was performed by examining the bivariate correlation (pearson correlation) between the respective indicator scores and the total score of constructs. an indicator of the question is considered valid if the correlation between each indicator show significant results. the results of the validity test are presented in table 3. table 3. validity test result no variable range of correlation significant information 1 islamic work ethics 0,16 – 0,74** 0,01 valid 2 professionalism in audit 0,03 – 0,76** 0,01 valid 3 dysfunctional behavior 0,12 – 0,57** 0,01 valid 4 audit opinion 0,58 0,82** 0,01 valid source: primary data processed in 2014. note: ** means the significance of the correlation tulus suryanto: islamic work ethics and audit opinions 57 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 after being tested for normality and outliers using amos, the data can be submitted for filing the hypotheses. the comparison of models, built by the cut of goodness of fit indices, is set (table 4). table 4. goodness of fit goodness of fit index cut off value result model information chi-square 72.886 fit probability ≥ 0.05 0.052 fit cmin/df ≤ 2.00 1.181 fit gfi ≥ 0.90 0.910 fit agfi ≥ 0.90 0.935 fit tli ≥ 0.95 0.985 fit cfi ≥ 0.90 0.933 fit rmsea ≤ 0.08 0.074 fit in light of contents of table 4, the goodness of fit indicies show acceptable fit. the testing of the hypotheses can be examined from the magnitude and probability of critical ratio and the output regression weight (table 5). the first hypothesis (h1) is that there is a influence between the islamic work ethics to the precision of auditors in giving opinions. the test results of the estimation parameters (standardized regression weight) between islamic work ethics to the precision of auditors in giving opinions showed there are positive effect amount of 1231, with the value of the critical ratio (cr) of 3.359 and p-value of 0. the cr value is way above the critical value of ± 1.96 significance level of 0 (ie. significant), that p is under significant value of 0:05. it means there is a influence between the islamic work ethics to the precision of auditors in giving opinions. therefore, the first hypothesis can be accepted. 58 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 table 5. full model regression weights standardized regression weight standardized estimate critical ratio (cr) p value label pa <-ei 0,983 0,145 5,213 0 par-4 db <-ei 0,935 0,23 3,216 0,027 par-2 db <-pa 0,005 0,393 2,074 0,881 par-7 oa <-ei 1,231 1,339 3,359 0,646 par-3 oa <-pa 0,792 0,453 2,113 0,267 par-5 oa <-db 1,466 1,318 0,721 0,5 02 par-6 x5 <-ei 1 x2 <-ei 1 x7 <-pa 1 x8 <-pa 1 x9 <-pa 1 x15 <-oa 1 x19 <-oa 1,007 0,127 7,899 0 par-1 x22 <-oa 1 x14 <-pa 1 x12 <-pa 1 x10 <-pa 1 source: data processed, 2014 ei = islamic work ethics po = professionalism audit db = dysfunctional behavior oa = audit opinion tulus suryanto: islamic work ethics and audit opinions 59 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 the results of this study are consistent with kusuma’s (2012) research which suggests that the professional ethics have a significant positive effect on the level of materiality considerations of public accountants in providing an opinion. furthermore, the results also highlight the study conducted by sukmawati (2014) which indicates that professional ethics is related to audit opinions. every public accountant is expected to hold the firm professional ethics which has been established by the indonesian institute of certified public accountants, so that unfair competitions can be avoided. similarly, the islamic work ethics will make internal auditors understand islamic banking norms; thus, they will be more committed to the profession. ethics is important for the accounting profession as it is a provider of information for business decision-making processes. by upholding the professional ethics, it is expected that cheating does not occur among auditors. thus, the auditors’ opinions are in accordance with financial statements presented. hypothesis 2 is that the effects of islamic work ethics on audit opinions are mediated by the professionalism of auditors. for hypothesis 2, we use standardized direct effect to analyse the second hypothesis table. 6. standardized direct effect ei pa db oa pa 0,983 0 0 0 db 0,935 0,005 0 0 oa 1,231 0,793 1,466 0 the direct effect is the loading factor or lambda value of each indicator that form latent variables; they were analyzed (agusty, 2001). to determine the effect, the constructs of the work ethics of islam (ei) was closely examined through intermediate variables of professionalism audits (pa) to the audit opinion (oa). table. 7. the indirect influence of islamic work ethics through intermediate variables of professionalism audit to the opinion audit lane the direct effect ei-pa the direct effect pa-oa the indirect effect ei-pa-oa a b (a x b) ei-pa-oa 0.983 0.793 0.779 60 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 the indirect influence of islamic work ethics to professional audit and audit opinion is 0.779. that implies that audit professionalism is proven to mediate islamic work ethics and audit opinion. therefore, hypothesis two, that islamic work ethics and audit opinion are mediated by professionalism, can be accepted. an auditor is expected to uphold the professional ethics which has been established by the indonesian institute of certified public accountants, so that unfair competitions can be avoided. ethics is important for the profession because it provides information for business decision-making process. internal auditors of islamic banking should uphold islamic work ethics, so that their level of professionalism will be higher. this will prevent fraud, as the auditors’ opinions are in accordance with financial statements presented by the company. internal auditors of islamic banking that really understand and apply the work ethics of islam will be easier to commit to the organization. this could improve the professional level so as to produce a good performance. the results of this study are consistent with the results of research conducted by herath and susanto (2009), which provides evidence that professional ethics has a positive effect on provision of audit opinion. this study also supports research conducted by wahyudi et al. (2014) which proves that professional audit is one decisive factor in the provision of audit opinion. hypothesis three is the influence of islamic work ethics toward audit opinion is negatively mediated by dysfunctional behavior. for hypothesis three a model that connects the indirect effect constructs the work ethic of islam (ei) through intermediate variables dysfunctional behavior (db) of the opinion audit (oa) has been developed. table. 8. work ethics indirect influence of islam through intermediate variables dysfunctional behavior of the opinion audit lane the direct effect ei-db the direct effect db-oa the indirect effect ei-db-oa a b (a x b) ei-db-oa 0.935 1.466 1.370 the indirect influence of islamic work ethics toward audit opinion through dysfunctional behavior is amounted to 1.370. that implies that dysfunctional behavior is proven to negatively mediate islamic work ethics and audit opinion. tulus suryanto: islamic work ethics and audit opinions 61 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 therefore, hypothesis three can be accepted. the audit process will not be succesful in generating opinion if it is not accompanied by auditors’ behaviour which supports the process. according to jaworski and young (1992), dysfunctional behavior can be defined as “an act in which an attempt is made less than the maximum by manipulating elements of the control system with the desired destination”. islamic work ethics, accompanied with dysfuntional behavior, will certainly have a negative impact on audit work processes. because of this, auditors’ opinions could become incompatible with real situations happening in the companies they audit. to sum up, the relationship of the islamic work ethics and audit opinions will not be effective if it is influenced by dysfunctional attitudes. this is consistent with research done by soobaroyen (2004) and wiyantoro (2006) which suggest that dysfuntional behavior has a direct negative effect on the performance and the outcome of the audit process. there are several recommendations according these results, such as: first, auditors need to increase knowledge that can support their consideration in determining opinions on financial statements; second, collegial relationship needs to be improved to help auditors establish good communication, so that there are no different perceptions among the auditors; third, in performing their duties, auditors must comply with the professional ethics which has been set by professional organizations, so they do not act based on their personal preferences; fourth, the development of research instruments should be adjusted to the conditions and environments of the objects to be examined; conclusion there is a positive coorelation between the work ethics of islam with auditors’ precision in giving opinions. the results of this study are consistent with research conducted by kusuma (2012) and sukmawati (2014), which suggests that professional ethics is closely related to audit opinions. ethics is important in the accounting profession because it provides information for business decision-making processes. by upholding the work ethics of islam, it is expected that cheating does not occur among auditors of islamic banking, so that the auditors’ opinions are inaccordance with the financial statements presented. professional audit is proven to mediate islamic work ethics and audit opinion. the results of this study are consistent with the results of research conducted by herath and susanto (2009); it also supports the research of wahyudi et al. (2014) which suggests that professional audit is one decisive factor in the provision of audit opinion. by upholding the work ethics of islam, auditors’ level of professionalism will be higher, as more professional audits will prevent fraud among internal auditors 62 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 of islamic banking. this is because the audit opinions are in accordance with the financial statements presented by the company. dysfunctional behavior is proven to negatively mediate islamic work ethics and audit opinion. the results of this study suggest that due to dysfunctional behaviour, which violates ethical and professional attitudes, the audit opinion becomes incompatible with real situations happening in companies. to sum up, the effect of the work ethics of islam on the audit opinion will not be effective if auditors’ behavior is influenced by dysfuntional factors. this is consistent with research done by soobaroyen (2004) and wiyantoro (2006), which indicate that dysfuntional behavior has a direct negative effect on the performance or the outcome of the audit process. references anggraini, r. 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(2014). pengaruh etika profesi, kecerdasan intelektual, kecerdasan emosional dan kecerdasan spritual terhadap opini audit (studi empiris pada kantor akuntan publik wilayah bali. e-journal universitas pendidikan ganesha jurusan akuntansi program s1, vol:2 no:1..http://e-journal.uajy. ac.id/view/types/thesis.html suraida. (2005). uji model etika, kompetensi, pengalaman audit dan resiko audit terhadap skeptisisme profesional auditor. jurnal akuntansi, vol. ix/02/mei. pp.18-26 soobaroyen, t. (2006). management control system and dysfunctional behavior: an empirical investigation. management accounting section meeting conference reviewers wahyudi, p.d. (2014). hubungan etika profesi, keahlian, pengalaman dengan ketepatan waktu pemberian opini dalam audit laporan keuangan melalui pertimbangan materialitas dan skeptisme profesional auditor. jurnal akuntansi fakultas ekonomi riau vol.1 no. 2. pp 1-15 wijayanti, g.l. (2012). peran kecerdasan emosional dan kecerdasan spiritual dalam meningkatkan kinerja auditor. jurnal ilmiah mahasiswa akuntansi vol 1, no.2. maret 2012, pp 38-42 64 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2508 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 wiyantoro, l.s. (2008). hubungan antara sistem pengendalian manajemen dengan perilaku dysfunctional: budaya nasional sebagai variabel moderating. sna xii pontianak wawancara liem siok lan dengan mahathir tentang malaysia incorporated 2020 dalam buku menembus batas (beyond boundaries), jakarta: yayasan obor indonesia, 2008. faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah nina rusydiana & am hasan ali abstract: factors that influence the decision value of murâbahah. in economic aspect, the existence of home industry gives substantial impact on the economy of a village. tofu is one is potential household scale industries developed in indonesia. in running their business, the producers also has disadvantages like the availability of sufficient capital to balanced the ability to repay the loan in accordance with its characteristics. one solution to solve this is by giving murâbahah finance. reseach refeals that the factors that influence the decision value murâbahah financing to tofu iwul producers are value of installments, number of installments, the amount of the worker and the capital value of the coefficient of determination value contribution is 0.705. keywords: murâbahah, home industry, capital abstrak: faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah. keberadaan industri rumah tangga memberikan dampak yang cukup besar bagi perekonomian di suatu desa. salah satu industri skala rumah tangga yang potensial dikembangkan di indonesia adalah pengolahan tahu. salah satu kendalah para produsen tahu dalam menjalankan usahanya ialah adalah ketidaktersediaan modal yang cukup. salah satu solusi atas permasalahan tersebut adalah dengan menyalurkan pembiayaan murâbahah. hasil penelitian menunjukkan bahwa faktorfaktor yang berpegaruh dalam pengambilan nilai pembiayaan murâbahah kepada produsen tahu iwul yang berupa nilai pembiayaan murâbahah, nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja, dan nilai modal memberikan nilai kontribusi koefisien determinasi sebesar 0,705. kata kunci: murâbahah, industri rumah tangga, modal naskah diterima: 6 juni 2011, direvisi: 7 september 2011, disetujui: 15 september 2011.  fakultas sains dan teknologi uin syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, ciputat, jakarta. e-mail: nina.rusydiana09@yahoo.com; fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, ciputat, jakarta. e-mail: m_hasan_ali@yahoo.com nina rusydiana & am hasan ali: faktor-faktor yang berpengaruh terhadap pengambilan nilai 102 pendahuluan peranan industri kecil terhadap roda perekonomian suatu negara sangatlah besar. di indonesia, 99 persen dari total unit usaha berupa unit usaha kecil. sayangnya, kontribusi terhadap produk domestik bruto (pdb) baru 14 persen. potensi ini menjadi tantangan para pengusaha kecil untuk meningkatkan usahanya. cukup banyak usaha kecil yang dapat dikembangkan di indonesia, salah satu usaha kecil yang potensial untuk dikembangkan adalah usaha pengolahan tahu.1 untuk meningkatkan produktivitas, salah satu faktor penunjang yang paling penting adalah ketersediaan modal yang cukup. kendala permodalan tersebut, tidak mampu dipenuhi oleh perbankan modern. hal ini dikarenakan usaha mereka dianggap tidak bankable, karena tidak adanya agunan yang miliki. agunan adalah jaminan pembiayaan baik yang bersifat material maupun nonmaterial yang digunakan untuk memberikan keyakinan atas kemampuan dan kesanggupan debitur untuk melunasi pembiayaannya.2 menurut nadratuzzaman hosen, pembiayaan atas prinsip jual-beli cocok bagi nasabah yang membutuhkan tambahan aset, namun memiliki kekurangan dana dalam upaya melunasinya secara sekaligus3. artikel ini mencoba membahas tentang faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah. konsep jual beli (sale & purchase) jual beli berasal dari kata al-bay‘ artinya menjual, mengganti, dan menukar (sesuatu dengan sesuatu yang lain). kata al-bay‘ dalam bahasa arab terkadang digunakan untuk pengertian lawannya, yakni kata asy-syira’ (beli). dengan demikian maka kata al-bay‘ berarti “jual”, tetap sekaligus juga berarti “beli” .4 menurut kementerian koperasi dan usaha kecil menengah, jual beli adalah proses pemindahan hak milik barang atau aset lainnya dengan mempergunakan uang sebagai medium5. 1sarwono s dan yan pieter saragih, membuat aneka tahu, (jakarta: penebar swadaya, 2001), h. 5. 2kementerian koperasi dan usaha kecil menengah, modul diklat berbasis kompetensi kjks/ujks pola syariah, (jakarta: kukm, 2006), h. 223. 3nadratuzzaman hosen, dkk, buku saku lembaga bisnis syariah, (jakarta: kecana, 2006), h. 8. 4abdul aziz dahlan, ensiklopedi hukum islam 3, (jakarta: pt. ichtiar baru van hoeve, 1997), h. 827. 5kementerian koperasi dan usaha kecil menengah, modul diklat berbasis kompetensi kjks/ujks pola syariah, (jakarta: kukm, 2006), h. 78. al-iqtishad: vol. iv, no. 1, januari 2012 103 pendahuluan peranan industri kecil terhadap roda perekonomian suatu negara sangatlah besar. di indonesia, 99 persen dari total unit usaha berupa unit usaha kecil. sayangnya, kontribusi terhadap produk domestik bruto (pdb) baru 14 persen. potensi ini menjadi tantangan para pengusaha kecil untuk meningkatkan usahanya. cukup banyak usaha kecil yang dapat dikembangkan di indonesia, salah satu usaha kecil yang potensial untuk dikembangkan adalah usaha pengolahan tahu.1 untuk meningkatkan produktivitas, salah satu faktor penunjang yang paling penting adalah ketersediaan modal yang cukup. kendala permodalan tersebut, tidak mampu dipenuhi oleh perbankan modern. hal ini dikarenakan usaha mereka dianggap tidak bankable, karena tidak adanya agunan yang miliki. agunan adalah jaminan pembiayaan baik yang bersifat material maupun nonmaterial yang digunakan untuk memberikan keyakinan atas kemampuan dan kesanggupan debitur untuk melunasi pembiayaannya.2 menurut nadratuzzaman hosen, pembiayaan atas prinsip jual-beli cocok bagi nasabah yang membutuhkan tambahan aset, namun memiliki kekurangan dana dalam upaya melunasinya secara sekaligus3. artikel ini mencoba membahas tentang faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah. konsep jual beli (sale & purchase) jual beli berasal dari kata al-bay‘ artinya menjual, mengganti, dan menukar (sesuatu dengan sesuatu yang lain). kata al-bay‘ dalam bahasa arab terkadang digunakan untuk pengertian lawannya, yakni kata asy-syira’ (beli). dengan demikian maka kata al-bay‘ berarti “jual”, tetap sekaligus juga berarti “beli” .4 menurut kementerian koperasi dan usaha kecil menengah, jual beli adalah proses pemindahan hak milik barang atau aset lainnya dengan mempergunakan uang sebagai medium5. 1sarwono s dan yan pieter saragih, membuat aneka tahu, (jakarta: penebar swadaya, 2001), h. 5. 2kementerian koperasi dan usaha kecil menengah, modul diklat berbasis kompetensi kjks/ujks pola syariah, (jakarta: kukm, 2006), h. 223. 3nadratuzzaman hosen, dkk, buku saku lembaga bisnis syariah, (jakarta: kecana, 2006), h. 8. 4abdul aziz dahlan, ensiklopedi hukum islam 3, (jakarta: pt. ichtiar baru van hoeve, 1997), h. 827. 5kementerian koperasi dan usaha kecil menengah, modul diklat berbasis kompetensi kjks/ujks pola syariah, (jakarta: kukm, 2006), h. 78. nina rusydiana & am hasan ali: faktor-faktor yang berpengaruh terhadap pengambilan nilai 104 bahah di pt bprs amanah ummah kecamatan leuwiliang kabupaten bogor)” menyatakan bahwa pembiayaan murâbahah memberikan dampak perbedaan laba dan aset yang signifikan bagi nasabah. hal ini terbukti dari rata-rata hitung laba dan aset sebelum dan sesudah mendapatkan pembiayaan murabahah mengalami peningkatan dari sebelumnya sebesar rp 113.256.666,67 menjadi rp 178.660.000,00. penelitian yang dilakukan oleh rora farida (2007) dalam “analisis penilaian dan faktor-faktor penyaluran pembiayaan syariah dalam pembiayaan agribisnis pada bmt khidmatul ummah”, menyatakan bahwa skim murâbahah merupakan skim pembiayaan yang paling besar disalurkan. analisis regresi berganda menurut sugiyanto, analisis regresi berganda digunakan untuk menganalisis pengaruh lebih dari satu variabel independen terhadap variabel dependen. 11 menurut priyatno, uji f digunakan untuk mengetahui apakah variabel independen (x1, x2, … xn) secara bersama-sama berpengaruh secara signifikan terhadap variabel dependen (y). sedangkan uji t digunakan untuk mengetahui apakah dalam model regresi variabel independen (x1, x2, … xn) secara parsial berpengaruh signifikan terhadap variabel dependen (y). adapun analisis determinasi (r2) digunakan untuk mengetahui persentase sumbangan pengaruh variabel independen (x1, x2, …xn) secara serentak terhadap variabel dependen (y).12 analisis multiregresi adalah suatu metode untuk mengkaji akibat-akibat dan besarnya akibat dari lebih dari satu variabel bebas terhadap satu variabel terikat, dengan menggunakan prinsip-prinsip korelasi dan regresi.13 sedangkan sugiyono berpendapat bahwa analisis regresi ganda digunakan oleh peneliti, bila peneliti bermaksud meramalkan bagaimana keadaan (naik turunnya) variabel dependen (kriterium), bila dua atau lebih variabel independen sebagai faktor predictor dimanipulasi (dinaikturunkan nilainya). jadi, analisis regresi ganda akan dilakukan bila jumlah variabel independennya minimal 2.14 11sugiyanto, analisis statistika sosial, (malang: bayu media anggota ikapi jaktim, 2004), h. 195. 12dwi priyanto, paham analisa statistik data dengan spss, (jakarta: mediakom, 2010), h. 6668. 13fred n kerlinger, asas-asas penelitian behavioral, (yogyakarta: gadjah mada university press, 2006), h. 292. 14 sugiyono, metode penelitian administrasi dilengkapi dengan metode r&d, (bandung: alfabeta, 2007), h. 243. al-iqtishad: vol. iv, no. 1, januari 2012 105 bahah di pt bprs amanah ummah kecamatan leuwiliang kabupaten bogor)” menyatakan bahwa pembiayaan murâbahah memberikan dampak perbedaan laba dan aset yang signifikan bagi nasabah. hal ini terbukti dari rata-rata hitung laba dan aset sebelum dan sesudah mendapatkan pembiayaan murabahah mengalami peningkatan dari sebelumnya sebesar rp 113.256.666,67 menjadi rp 178.660.000,00. penelitian yang dilakukan oleh rora farida (2007) dalam “analisis penilaian dan faktor-faktor penyaluran pembiayaan syariah dalam pembiayaan agribisnis pada bmt khidmatul ummah”, menyatakan bahwa skim murâbahah merupakan skim pembiayaan yang paling besar disalurkan. analisis regresi berganda menurut sugiyanto, analisis regresi berganda digunakan untuk menganalisis pengaruh lebih dari satu variabel independen terhadap variabel dependen. 11 menurut priyatno, uji f digunakan untuk mengetahui apakah variabel independen (x1, x2, … xn) secara bersama-sama berpengaruh secara signifikan terhadap variabel dependen (y). sedangkan uji t digunakan untuk mengetahui apakah dalam model regresi variabel independen (x1, x2, … xn) secara parsial berpengaruh signifikan terhadap variabel dependen (y). adapun analisis determinasi (r2) digunakan untuk mengetahui persentase sumbangan pengaruh variabel independen (x1, x2, …xn) secara serentak terhadap variabel dependen (y).12 analisis multiregresi adalah suatu metode untuk mengkaji akibat-akibat dan besarnya akibat dari lebih dari satu variabel bebas terhadap satu variabel terikat, dengan menggunakan prinsip-prinsip korelasi dan regresi.13 sedangkan sugiyono berpendapat bahwa analisis regresi ganda digunakan oleh peneliti, bila peneliti bermaksud meramalkan bagaimana keadaan (naik turunnya) variabel dependen (kriterium), bila dua atau lebih variabel independen sebagai faktor predictor dimanipulasi (dinaikturunkan nilainya). jadi, analisis regresi ganda akan dilakukan bila jumlah variabel independennya minimal 2.14 11sugiyanto, analisis statistika sosial, (malang: bayu media anggota ikapi jaktim, 2004), h. 195. 12dwi priyanto, paham analisa statistik data dengan spss, (jakarta: mediakom, 2010), h. 6668. 13fred n kerlinger, asas-asas penelitian behavioral, (yogyakarta: gadjah mada university press, 2006), h. 292. 14 sugiyono, metode penelitian administrasi dilengkapi dengan metode r&d, (bandung: alfabeta, 2007), h. 243. selanjutnya nazir, menjelaskan jika parameter dari suatu hubungan fungsional antara satu variabel dependen dengan lebih dari satu variabel ingin diestimasikan, maka analisis regresi yang dikerjakan berkenaan dengan regresi berganda (multiple regression).15 metodologi penelitian ini dilakukan di kampung iwul, desa bojong sempu, kecamatan parung, kota bogor. teknik pengambilan sampel yang digunakan adalah total sampling bertujuan (pusposive sampling), yaitu seluruh populasi yang mengambil pembiayaan murabahah sebanyak 82 orang, penelitian dilakukan pada agustus-oktober 2007. penelitian ini dilakukan dengan menggunakan pendekatan kuantitatif, dengan analisis regresi berganda yang diolah dengan alat bantu spss 11.5. diskusi dan analisis metode pengumpulan data yang digunakan untuk mengetahui proses pembiayaan murâbahah antara ism dengan produsen tahu iwul dilakukan dengan teknik wawancara kepada pihak pengelola ism dan mm. untuk mengetahui faktor-faktor yang diduga berpengaruh terhadap nilai pembiayaan murâbahah, dilakukan dengan mewawancarai beberapa produsen tahu iwul. sedangkan untuk menganalisis pengaruh faktor nilai pembiayaan murâbahah, nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal, dianalisis dengan menggunakan analisis regresi berganda. hasil dan pembahasan pada penelitian ini, untuk lebih lengkapnya dapat dilihat pada data-data berikut ini. pertama, proses pembiayaan murâbahah antara ism dengan produsen tahu iwul. konsep pembiayaan di produsen tahu iwul adalah murâbahah yang didahului dengan akad wakâlah. proses pembiayaan murâbahah antara ism dengan produsen tahu iwul sangat sederhana, terdiri atas dua bagian, yakni prosedur pembiayaan dan penyaluran pembiayaan. dalam teknis prosedur pembiayaan murâbahah, persyaratan awal yang harus dimiliki oleh produsen tahu iwul (sebagai mitra usaha) tidaklah sulit. dalam menyalurkan pembiayaan murâbahah kepada produsen tahu iwul, ism juga tidak banyak memberikan persyaratan. bagi ism, kelayakan irt tahu iwul untuk dibiayai dilihat dari jaminan pasarnya dan kedisiplinan para mitra selama akad murâbahah diterapkan. 15 nazir, metode penelitian, (jakarta: ghalia indonesia, 2009), h. 463. nina rusydiana & am hasan ali: faktor-faktor yang berpengaruh terhadap pengambilan nilai 106 kedua, faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah. berdasarkan hasil penelitian, diperoleh empat faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. keempat faktor tersebut antara lain: (1) nilai angsuran (rupiah). adalah sejumlah rupiah tertentu yang dibayar oleh produsen tahu iwul kepada ism dalam mengangsur pembiayaan sampai dengan melunasi pembiayaan yang telah disepakati bersama. (2) jumlah angsuran (kali). adalah banyaknya jumlah selang waktu dalam mengangsur pembiayaan dalam jangka waktu tertentu. (3) jumlah tanggungan pekerja (orang). merupakan banyaknya jumlah pekerja yang ditanggung oleh produsen tahu iwul dalam memproduksi tahu, baik anggota keluarga sendiri maupun orang lain yang menjadi beban tanggungan. (4) nilai modal (rupiah). adalah besarnya jumlah modal usaha yang telah dikeluarkan oleh produsen tahu iwul dalam memproduksi tahu. keempat faktor tersebut merupakan variabel bebas yang diperoleh melalui hasil wawancara dengan produsen tahu iwul dan pendamping, sehingga pengambilan variabel bebas sudah disesuaikan dengan kondisi tempat penelitian. ketiga, pengaruh nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja, dan nilai modal terhadap pengambilan nilai pembiayaan murâbahah. berikut ini hasil analisis regresi berganda dari faktor nilai pembiayaan murâbahah, nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal, dapat dilihat pada tabel 1, sebagai berikut: tabel 1 hasil analisis berganda: faktor-faktor yang diduga berpengaruh terhadap pengambilan nilai pembiayaan murabahah no faktor koefisien regresi thitung signifikansi 1. nilai angsuran 33,769 9,503 0,000 2. jumlah angsuran 30.085,391 3,357 0,001 3. jumlah tanggungan pekerja 37.837,306 2,403 0,019 4. nilai modal 0,188 2,724 0,008 konstanta ttabel -1,475.835 1,66 berdasarkan tabel tersebut, maka persamaan regresi berganda untuk faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah adalah sebagai berikut: y = -1,475.835 + 33,769x1 + 30.085,391x2 + 37.837,306x3 + 0,188x4 al-iqtishad: vol. iv, no. 1, januari 2012 107 kedua, faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah. berdasarkan hasil penelitian, diperoleh empat faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. keempat faktor tersebut antara lain: (1) nilai angsuran (rupiah). adalah sejumlah rupiah tertentu yang dibayar oleh produsen tahu iwul kepada ism dalam mengangsur pembiayaan sampai dengan melunasi pembiayaan yang telah disepakati bersama. (2) jumlah angsuran (kali). adalah banyaknya jumlah selang waktu dalam mengangsur pembiayaan dalam jangka waktu tertentu. (3) jumlah tanggungan pekerja (orang). merupakan banyaknya jumlah pekerja yang ditanggung oleh produsen tahu iwul dalam memproduksi tahu, baik anggota keluarga sendiri maupun orang lain yang menjadi beban tanggungan. (4) nilai modal (rupiah). adalah besarnya jumlah modal usaha yang telah dikeluarkan oleh produsen tahu iwul dalam memproduksi tahu. keempat faktor tersebut merupakan variabel bebas yang diperoleh melalui hasil wawancara dengan produsen tahu iwul dan pendamping, sehingga pengambilan variabel bebas sudah disesuaikan dengan kondisi tempat penelitian. ketiga, pengaruh nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja, dan nilai modal terhadap pengambilan nilai pembiayaan murâbahah. berikut ini hasil analisis regresi berganda dari faktor nilai pembiayaan murâbahah, nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal, dapat dilihat pada tabel 1, sebagai berikut: tabel 1 hasil analisis berganda: faktor-faktor yang diduga berpengaruh terhadap pengambilan nilai pembiayaan murabahah no faktor koefisien regresi thitung signifikansi 1. nilai angsuran 33,769 9,503 0,000 2. jumlah angsuran 30.085,391 3,357 0,001 3. jumlah tanggungan pekerja 37.837,306 2,403 0,019 4. nilai modal 0,188 2,724 0,008 konstanta ttabel -1,475.835 1,66 berdasarkan tabel tersebut, maka persamaan regresi berganda untuk faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah adalah sebagai berikut: y = -1,475.835 + 33,769x1 + 30.085,391x2 + 37.837,306x3 + 0,188x4 pengujian parameter regresi secara tunggal (uji-t) pertama, pengujian nilai angsuran (x1) terhadap pengambilan nilai pembiayaan murâbahah (y). berdasarkan hasil perhitungan olah spss 11.5 dengan α = 5% (pada tabel 1), nilai thitung untuk nilai angsuran adalah sebesar 9,503 > ttabel = 1,66 atau nilai signifikansi untuk jumlah angsuran sebesar 0,000 < α =0,05. dengan demikian, disimpulkan bahwa ho ditolak (thitung > ttabel ; sig < α), yang berarti bahwa nilai angsuran memiliki pengaruh yang nyata atau signifikan secara statistik terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. kedua, pengujian jumlah angsuran (x2) terhadap pengambilan nilai pembiayaan murâbahah (y). berdasarkan hasil perhitungan olah spss 11.5 dengan α = 5% (pada tabel 1), nilai thitung untuk jumlah angsuran adalah sebesar 3,357 > ttabel = 1,66 atau nilai signifikansi untuk jumlah angsuran sebesar 0,001 < α =0,05. dengan demikian disimpulkan bahwa ho ditolak (thitung > ttabel ; sig < α), yang berarti bahwa jumlah angsuran memiliki pengaruh yang nyata atau signifikan secara statistik terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. ketiga, pengujian jumlah tanggungan pekerja (x3) terhadap pengambilan nilai pembiayaan murâbahah (y). berdasarkan hasil perhitungan olah spss 11.5 dengan α = 5% (pada tabel 1), nilai thitung untuk jumlah tanggungan pekerja adalah sebesar 2,403 > ttabel = 1,66 atau nilai signifikansi untuk jumlah tanggungan pekerja sebesar 0,019 < α =0,05. dengan demikian dapat disimpulkan bahwa ho ditolak (thitung > ttabel ; sig < α), yang berarti bahwa jumlah tanggungan pekerja memiliki pengaruh yang nyata atau signifikan secara statistik terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. keempat, pengujian nilai modal (x4) terhadap pengambilan nilai pembiayaan murâbahah (y). berdasarkan hasil perhitungan olah spss 11.5 dengan α = 5% (pada tabel 1), nilai thitung untuk nilai modal adalah sebesar 2,724 > ttabel = 1,66 atau nilai signifikansi untuk nilai modal sebesar 0,008 < α =0,05. dengan demikian dapat disimpulkan bahwa ho ditolak (thitung > ttabel ; sig < α), yang berarti bahwa nilai modal memiliki pengaruh yang nyata atau signifikan secara statistik terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. uji signifikansi simultan (uji statistik f) uji f digunakan untuk menunjukkan apakah semua variabel bebas (nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja, dan nilai modal) yang nina rusydiana & am hasan ali: faktor-faktor yang berpengaruh terhadap pengambilan nilai 108 dimasukkan dalam model mempunyai pengaruh secara bersama-sama terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. tabel 2 uji signifikansi simultan model sum of squares df mean square fhitung ftabel sig regression residual total 1.62e+12 6.79e+11 2.30e+12 4 77 81 4.0473e+11 8815359231 45.912 2.50 .000a ket.: predicted interval 95% berdasarkan hasil perhitungan uji f, dengan tingkat kepercayaan 95%, diperoleh nilai fhitung sebesar 45,912 > ftabel = 2,50 dengan nilai signifikansi = 0,000 < α = 0,05. dengan demikian dapat ditarik kesimpulan bahwa ho ditolak (fhitung > ftabel ; sig < α), artinya model regresi bisa dipakai untuk memprediksi pengambilan nilai pembiayaan murâbahah. atau bisa dikatakan, nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal secara bersamasama berpengaruh secara statistik terhadap pengambilan nilai pembiayaan murâbahah. uji koefisien determinasi (r2) uji koefisien determinasi (r2) digunakan untuk melihat seberapa besar nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal dalam menjelaskan pengambilan nilai pembiayaan murâbahah. berdasarkan hasil pengujian koefisien determinasi, diperoleh nilai r2 sebesar 0,705. artinya 70,5% dari variansi nilai pembiayaan murâbahah mampu dijelaskan oleh faktorfaktor seperti nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal. sedangkan sisanya sebesar 29,5% dijelaskan oleh faktor lain di luar penelitian ini seperti pendapatan usaha, produktivitas usaha, jaminan usaha, dan ketersediaan bahan baku serta besarnya kesepakatan selisih keuntungan (margin). penutup proses pembiayaan murâbahah antara ism dengan produsen tahu iwul diawali dengan akad wakâlah. proses pembiayaan murâbahah yang dilakukan tidaklah sulit, terdiri atas dua tahapan, yaitu prosedur pembiayaan dan penyaluran pembiayaan murâbahah. adapun faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah antara lain: nilai angsuran, jumlah al-iqtishad: vol. iv, no. 1, januari 2012 109 dimasukkan dalam model mempunyai pengaruh secara bersama-sama terhadap pengambilan nilai pembiayaan murâbahah di produsen tahu iwul. tabel 2 uji signifikansi simultan model sum of squares df mean square fhitung ftabel sig regression residual total 1.62e+12 6.79e+11 2.30e+12 4 77 81 4.0473e+11 8815359231 45.912 2.50 .000a ket.: predicted interval 95% berdasarkan hasil perhitungan uji f, dengan tingkat kepercayaan 95%, diperoleh nilai fhitung sebesar 45,912 > ftabel = 2,50 dengan nilai signifikansi = 0,000 < α = 0,05. dengan demikian dapat ditarik kesimpulan bahwa ho ditolak (fhitung > ftabel ; sig < α), artinya model regresi bisa dipakai untuk memprediksi pengambilan nilai pembiayaan murâbahah. atau bisa dikatakan, nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal secara bersamasama berpengaruh secara statistik terhadap pengambilan nilai pembiayaan murâbahah. uji koefisien determinasi (r2) uji koefisien determinasi (r2) digunakan untuk melihat seberapa besar nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal dalam menjelaskan pengambilan nilai pembiayaan murâbahah. berdasarkan hasil pengujian koefisien determinasi, diperoleh nilai r2 sebesar 0,705. artinya 70,5% dari variansi nilai pembiayaan murâbahah mampu dijelaskan oleh faktorfaktor seperti nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja dan nilai modal. sedangkan sisanya sebesar 29,5% dijelaskan oleh faktor lain di luar penelitian ini seperti pendapatan usaha, produktivitas usaha, jaminan usaha, dan ketersediaan bahan baku serta besarnya kesepakatan selisih keuntungan (margin). penutup proses pembiayaan murâbahah antara ism dengan produsen tahu iwul diawali dengan akad wakâlah. proses pembiayaan murâbahah yang dilakukan tidaklah sulit, terdiri atas dua tahapan, yaitu prosedur pembiayaan dan penyaluran pembiayaan murâbahah. adapun faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah antara lain: nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja, dan nilai modal. besarnya faktor-faktor nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja, dan nilai modal yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah kepada produsen tahu iwul adalah sebesar 0.705. artinya, 70,5% dari variansi nilai pembiayaan murâbahah mampu dijelaskan oleh faktor-faktor, seperti: nilai angsuran, jumlah angsuran, jumlah tanggungan pekerja, dan nilai modal. [] pustaka acuan antonio, muhammad syafi’i, bank syariah dari teori ke praktik, jakarta: gema insani press bekerjasama dengan tazkia cendikia, 2001. dahlan, abdul aziz, ensiklopedi hukum islam 3, jakarta: pt. ichtiar baru van hoeve, 1997. farida, rora, “analisis penilaian dan faktor-faktor penyaluran pembiayaan syariah dalam pembiayaan agribisnis pada kbmt khidmatul ummah”. fakultas pertanian, bogor: institut pertanian bogor, 2007. hartati, sri, “pengaruh pembiayaan terhadap pertumbuhan penjualan, laba dan aset nasabah (studi kasus pembiayaan murabahah di pt. bprs amanah ummah kecamatan leuwiliang, kabupaten bogor).” fakultas ekonomi dan manajemen, bogor: institut pertanian bogor, 2005. hosen, nadratuzzaman, dkk., buku saku lembaga bisnis syariah, jakarta: kencana, 2006. karim, adiwarman, bank islam analisis fiqih dan keuangan, jakarta: iiit indonesia, 2003. kementerian koperasi dan usaha kecil menengah, modul diklat berbasis kompetensi kjks/ujks pola syariah, jakarta: kukm, 2006. kerlinger, fred n, asas-asas penelitian behavioral, yogyakarta: gadjah mada university press, 2006. muhammad, manajemen pembiayaan bank syariah, yogyakarta: upp amp ykpn, 2002. nazir, metode penelitian, jakarta: ghalia indonesia, 2009. priyatno, dwi, paham analisa statistik data dengan spss, jakarta: mediakom, 2010. muhammad, manajemen baitul maal wa tamwil (bmt), yogyakarta: uii press yogyakarta, 2004. sarwono dan yan pieter saragih, membuat aneka tahu, jakarta: penebar swadaya, 2001. sugiyanto, analisis statistika sosial, malang: bayu media anggota ikapi jaktim, 2004. nina rusydiana & am hasan ali: faktor-faktor yang berpengaruh terhadap pengambilan nilai 110 sugiyono, metode penelitian administrasi dilengkapi dengan metode r&d, bandung: alfabeta, 2007. yusuf, muhammad dan junaedi, pengantar ilmu ekonomi & perbankan syariah, jakarta: ganeca press. zulkifli, sunarti, panduan praktis transaksi perbankan syariah, jakarta: zikrul hakim, 2003. subekti, hukum perjanjian, jakarta: pt. intermasa, 1984. syahrani, riduan, seluk-beluk dan asas-asas hukum perdata, bandung: pt. alumni, 2000. tim penyusun, kamus besar bahasa indonesia, jakarta: balai pustaka, 1995. yamani, ahmad zaki, syariat islam yang abadi menjawab tantangan masa kini, bandung: t.tp., 1980. pertumbuhan asuransi syariah di dunia dan indonesia muhammad maksum abstract: the growth of islamic insurance in the world and indonesia. the movement of islamic insurance growth as one of an islamic finance instruments is not as fast as the growth of islamic banking. nevertheless, it shows a significance growth wether in the world or indonesia. in the debate over the legal status of insurance, the insurance based on mutual help and free of ribâ can be an alternative for those who want a lawful economic transactions. the increasing public appreaciation of the islamic economic system allows the growth of islamic insurance in the future rapidly. keywords: islamic insurance, conventional insurance, gharâr, jahâlah, transactions abstrak: pertumbuhan asuransi syariah di dunia dan indonesia. geliat pertumbuhan asuransi syariah sebagai salah satu instrumen keuangan syariah tidak secepat pertumbuhan perbankan syariah. walaupun demikian, pertumbuhan industri asuransi syariah baik di indonesia maupun di dunia menunjukkan peningkatan yang signifikan. di tengah perdebatan status hukum asuransi, asuransi berbasis tolong-menolong dan bebas riba menjadi alternatif bagi mereka yang menghendaki transaksi ekonomi yang halal. semakin meningkatnya apresiasi masyarakat terhadap sistem ekonomi berbasis syariah ini, memungkinkan pertumbuhan asuransi syariah lebih cepat di masa yang akan datang. kata kunci: asuransi syariah, asuransi konvensional, gharâr, jahâlah, akad naskah diterima: 5 juni 2010, direvisi: 2 oktober 2010, disetujui: 13 oktober 2010.  stai al-hikmah jakarta. jl jeruk purut 10 rt 001/02, cilandak timur, pasar minggu kota jakarta kode pos 12560. e-mail: maksum.2010@gmail.com muhammad maksum: pertumbuhan asuransi syariah di dunia dan indonesia36 pendahuluan asuransi atau assurantie (belanda) atau insurance (inggris)1 mengandung arti menanggung suatu kerugian yang terjadi. sementara dalam bahasa arab, asuransi terambil dari kata أمن, yang berarti aman, yaitu berkenaan dengan ketenangan jiwa dan meniadakan rasa takut.2 muhammad sayyid al-dasûkî mengartikan asuransi sebagai transaksi yang mewajibkan kepada pihak tertanggung untuk menunaikan kewajiban-kewajibannya berupa jumlah uang kepada pihak penanggung, dan akan menggantikannya manakala terjadi peristiwa kerugian yang menimpa si tertanggung.3 sedangkan di indonesia, menurut undang-undang no. 1 tahun 1992, asuransi diartikan sebagai perjanjian antara dua pihak atau lebih, di mana pihak penanggung mengikatkan diri kepada tertanggung, dengan menerima premi asuransi untuk memberikan penggantian kepada tertanggung karena kerugian, kerusakan atau kehilangan keuntungan yang diharapkan, atau tanggung jawab hukum kepada pihak ketiga yang mungkin akan diderita tertanggung yang timbul dari suatu peristiwa yang tidak pasti, atau untuk memberikan suatu pembayaran yang didasarkan atas meninggal atau hidupnya seseorang yang dipertanggungkan.4 sementara menurut dsn bahwa yang dimaksud dengan asuransi syariah (ta’mîn, takâful atau tadhâmun) adalah usaha saling melindungi dan tolongmenolong di antara sejumlah orang/pihak melalui investasi dalam bentuk aset dan/atau tabarru’ yang memberikan pola pengembalian untuk menghadapi risiko tertentu melalui akad (perikatan) yang sesuai dengan syariah.5 pada mulanya, asuransi didirikan sebagai upaya untuk saling melindungi dan menolong di antara para pihak dalam rangka menghadapi kemungkinan yang akan terjadi yang tidak mungkin dapat ditanggung sendiri. kemungkinan terburuk dapat saja terjadi, dan karena itu perlu mempersiapkan diri untuk menghadapinya. persiapan itu dapat dilakukan oleh diri sendiri atau berkelompok dalam bentuk asuransi atau perkongsian untuk saling menanggung. kini asuransi lebih dekat pada nilai bisnisnya. sebagai perusahaan, baik asuransi konvensional maupun asuransi syariah, sama-sama merupakan lemba 1 lihat oxford learner's pocket dictionary, new edition. 2 abû al-fadhl jamâl al-dîn muhammad ibn makram ibn manzhûr, lisân al-‘arab, (lubnân: dâr shâdir bayrût, t.th.), h. 110. 3 muhammad sayyid al-dasûkî, al-ta'mîn wa mauqif al-syarî'ah al-islâmiyyah minhu, (kairo: direktorat tinggi urusan agama mesir, 1967), h. 16. 4 undang-undang republik indonesia nomor 2 tahun 1992 tentang usaha perasuransian. 5 dsn-mui dan bank indonesia, himpunan fatwa dewan syariah nasional mui, edisi revisi 2006 (jakarta: dsn-mui, 2006), h. 127. al-iqtishad: vol. iii, no. 1, januari 2011 37 pendahuluan asuransi atau assurantie (belanda) atau insurance (inggris)1 mengandung arti menanggung suatu kerugian yang terjadi. sementara dalam bahasa arab, asuransi terambil dari kata أمن, yang berarti aman, yaitu berkenaan dengan ketenangan jiwa dan meniadakan rasa takut.2 muhammad sayyid al-dasûkî mengartikan asuransi sebagai transaksi yang mewajibkan kepada pihak tertanggung untuk menunaikan kewajiban-kewajibannya berupa jumlah uang kepada pihak penanggung, dan akan menggantikannya manakala terjadi peristiwa kerugian yang menimpa si tertanggung.3 sedangkan di indonesia, menurut undang-undang no. 1 tahun 1992, asuransi diartikan sebagai perjanjian antara dua pihak atau lebih, di mana pihak penanggung mengikatkan diri kepada tertanggung, dengan menerima premi asuransi untuk memberikan penggantian kepada tertanggung karena kerugian, kerusakan atau kehilangan keuntungan yang diharapkan, atau tanggung jawab hukum kepada pihak ketiga yang mungkin akan diderita tertanggung yang timbul dari suatu peristiwa yang tidak pasti, atau untuk memberikan suatu pembayaran yang didasarkan atas meninggal atau hidupnya seseorang yang dipertanggungkan.4 sementara menurut dsn bahwa yang dimaksud dengan asuransi syariah (ta’mîn, takâful atau tadhâmun) adalah usaha saling melindungi dan tolongmenolong di antara sejumlah orang/pihak melalui investasi dalam bentuk aset dan/atau tabarru’ yang memberikan pola pengembalian untuk menghadapi risiko tertentu melalui akad (perikatan) yang sesuai dengan syariah.5 pada mulanya, asuransi didirikan sebagai upaya untuk saling melindungi dan menolong di antara para pihak dalam rangka menghadapi kemungkinan yang akan terjadi yang tidak mungkin dapat ditanggung sendiri. kemungkinan terburuk dapat saja terjadi, dan karena itu perlu mempersiapkan diri untuk menghadapinya. persiapan itu dapat dilakukan oleh diri sendiri atau berkelompok dalam bentuk asuransi atau perkongsian untuk saling menanggung. kini asuransi lebih dekat pada nilai bisnisnya. sebagai perusahaan, baik asuransi konvensional maupun asuransi syariah, sama-sama merupakan lemba 1 lihat oxford learner's pocket dictionary, new edition. 2 abû al-fadhl jamâl al-dîn muhammad ibn makram ibn manzhûr, lisân al-‘arab, (lubnân: dâr shâdir bayrût, t.th.), h. 110. 3 muhammad sayyid al-dasûkî, al-ta'mîn wa mauqif al-syarî'ah al-islâmiyyah minhu, (kairo: direktorat tinggi urusan agama mesir, 1967), h. 16. 4 undang-undang republik indonesia nomor 2 tahun 1992 tentang usaha perasuransian. 5 dsn-mui dan bank indonesia, himpunan fatwa dewan syariah nasional mui, edisi revisi 2006 (jakarta: dsn-mui, 2006), h. 127. ga bisnis, yang artinya memiliki tujuan yang sama yaitu mencari keuntungan. keduanya, dengan pelbagai cara dan metode, berupaya mencari sebanyak-banyaknya orang agar menjadi nasabah mereka. dari pengertian di atas, sebenarnya perbedaan utama dari asuransi syariah dan konvensional terletak pada tujuan dan landasan operasional. dari sisi tujuan, asuransi syariah bertujuan saling menolong (ta’âwunî) sedangkan dalam asuransi konvensional tujuannya penggantian (tabâdulî). dari aspek landasan operasional, asuransi konvensional melandaskan pada peraturan perundangan, sementara asuransi syariah melandaskan pada peraturan perundangan dan ketentuan syariah. dari kedua perbedaan ini muncul perbedaan lainnya, mengenai hubungan perusahaan dan nasabah, keuntungan, memperhatikan larangan syariah, dan pengawasan. berkaitan dengan hubungan perusahaan–nasabah, ini terkait dengan masalah kontrak (akad), di mana dalam asuransi syariah perusahaan adalah pemegang amanah (wakîl), sementara dalam asuransi konvensional perusahaan adalah pemilik dana asuransi. karena itu, keuntungan asuransi syariah adalah sebagiannya milik nasabah, sedangkan keuntungan asuransi konvensional seluruhnya menjadi milik perusahaan. dalam hal ketentuan syariah, asuransi syariah dibatasi dalam kegiatannya oleh larangan-larangan syariah, di antaranya larangan mempraktikkan riba dalam bentuk apapun, menghindarkan praktik perjudian, ketidakpastian, dan ketidakjelasan (maysir, gharar, jahâlah), dan berinvestasi dalam bidang yang halal. selain itu, dalam konteks indonesia, asuransi syariah wajib memiliki dewan pengawas syariah yang bertugas mengawasi kesesuaian praktik perusahaan asuransi dengan ketentuan syariah.6 namun demikian, ulama berbeda pendapat mengenai status hukum dari asuransi, baik asuransi syariah maupun asuransi konvensional. berikut dipaparkan perbedaan pendapat ulama tentang hukum dari asuransi. pertama, asuransi konvensional. ulama menanggapi berbeda mengenai status hukum dari kegiatan asuransi konvensional, ada yang membolehkan dan ada yang melarang. adapun ulama yang membolehkan7 di antaranya: syaykh ’abd al-rahmân ’isâ dan syaykh muhammad al-bâhî, guru besar universitas al-azhar, syaykh muhammad yûsuf, guru besar universitas kairo, syaykh ’abd al-wahhâb khallâf, guru besar hukum islam universitas kairo, bahjah hilmî, penasihat pengadilan tinggi mesir, syaykh 6 ahmad sâlim milhim, al-ta’mîn al-islâmî, (oman: dâr al-a’lâm, 2002), cet. i, h. 115–117; juga syakir sula, asuransi syariah, konsep dan sistem operasional, (jakarta, gema insani, 2004), cet. i, h. 293–319. 7 syakir sula, asuransi syariah, konsep dan sistem operasional, h. 71–76. muhammad maksum: pertumbuhan asuransi syariah di dunia dan indonesia38 muhammad dasûkî, syaykh muhammad najâtullâh shiddîqî, dosen universitas king abdul aziz, syaykh muhammad ahmad, pakar ekonomi dari pakistan, syaykh muhammad al-madhânî, dan syaykh musthafâ ahmad al–zarqâ, guru besar universitas syiria. para ulama di atas umumnya beranggapan bahwa asuransi adalah kreasi praktik baru, yang sebelumnya tidak ditemukan dengan tujuan untuk saling tolong-menolong. asuransi merupakan bentuk perkongsian (koperasi) yang dibenarkan dalam islam, selama tidak mempraktikkan riba. bahkan, syaykh muhammad al-bâhî, dalam bukunya, nizhâm al-ta`mîn fî hâdzihi ahkâm alislâm wa dharûrat al-mujtama’ al-mu’âshir, beralasan tentang kehalalan asuransi sebagai berikut: pertama, asuransi merupakan suatu usaha yang bersifat tolongmenolong. kedua, asuransi mirip dengan akad mudhârabah dan untuk mengembangkan harta benda. ketiga, asuransi tidak mengandung unsur riba. keempat, asuransi tidak mengandung tipu daya. kelima, asuransi tidak mengurangi tawakal kepada allah swt. keenam, asuransi suatu usaha untuk menjamin anggotanya yang jatuh melarat karena suatu musibah. ketujuh, asuransi memperluas lapangan kerja. kehalalan asuransi, menurut syaykh muhammad dasûkî, didasarkan atas pertimbangan agama pula. menurutnya, kehalalan itu dikarenakan beberapa sebab. pertama, asuransi sama dengan syirkah mudhârabah; kedua, asuransi sama dengan akad kafâlah atau syirkah `inan; ketiga, pelaksanaan asuransi dapat didasarkan atas firman allah dalam surah al-an’âm [6]: 82 yang menjelaskan bahwa orang-orang yang beriman dan tidak mencampuradukkan iman mereka dengan kezaliman (syirik), mereka itulah yang mendapat keamanan dan mereka itu adalah orang-orang yang mendapat petunjuk. selain ada yang menghalalkan, umumnya ulama mengharamkan asuransi konvensional. ulama fikih yang dianggap pertama kali membahas dan mengharamkan asuransi adalah ibn al-‘âbidîn (1784-1836), dari kalangan hanafiyyah, dalam kitabnya hâsyiyah ibn al-‘âbidîn (hâsyiyat rad al-mukhtâr ‘alâ al-dâr almukhtâr syarh tanwîr al-abshâr). menurutnya kegiatan asuransi hukumnya haram karena alasan mewajibkan sesuatu yang tidak wajib, iltizâm mâ lam yalzam. ia mencontohkan seorang pedagang yang hendak mengirim barang menyewa kapal dari seorang harbî. pedagang itu harus membayar biaya pengiriman dan biaya jaminan sukarah, semacam premi asuransi. dengan membayar premi ini, jika nanti ada kerusakan atau tenggelam, maka harbî akan membayar atau mengganti barang pedagang itu. praktik semacam ini, menurut ibn al-‘âbidîn, dilarang. haram hukumnya pedagang mengambil uang pengganti dari barangal-iqtishad: vol. iii, no. 1, januari 2011 39 muhammad dasûkî, syaykh muhammad najâtullâh shiddîqî, dosen universitas king abdul aziz, syaykh muhammad ahmad, pakar ekonomi dari pakistan, syaykh muhammad al-madhânî, dan syaykh musthafâ ahmad al–zarqâ, guru besar universitas syiria. para ulama di atas umumnya beranggapan bahwa asuransi adalah kreasi praktik baru, yang sebelumnya tidak ditemukan dengan tujuan untuk saling tolong-menolong. asuransi merupakan bentuk perkongsian (koperasi) yang dibenarkan dalam islam, selama tidak mempraktikkan riba. bahkan, syaykh muhammad al-bâhî, dalam bukunya, nizhâm al-ta`mîn fî hâdzihi ahkâm alislâm wa dharûrat al-mujtama’ al-mu’âshir, beralasan tentang kehalalan asuransi sebagai berikut: pertama, asuransi merupakan suatu usaha yang bersifat tolongmenolong. kedua, asuransi mirip dengan akad mudhârabah dan untuk mengembangkan harta benda. ketiga, asuransi tidak mengandung unsur riba. keempat, asuransi tidak mengandung tipu daya. kelima, asuransi tidak mengurangi tawakal kepada allah swt. keenam, asuransi suatu usaha untuk menjamin anggotanya yang jatuh melarat karena suatu musibah. ketujuh, asuransi memperluas lapangan kerja. kehalalan asuransi, menurut syaykh muhammad dasûkî, didasarkan atas pertimbangan agama pula. menurutnya, kehalalan itu dikarenakan beberapa sebab. pertama, asuransi sama dengan syirkah mudhârabah; kedua, asuransi sama dengan akad kafâlah atau syirkah `inan; ketiga, pelaksanaan asuransi dapat didasarkan atas firman allah dalam surah al-an’âm [6]: 82 yang menjelaskan bahwa orang-orang yang beriman dan tidak mencampuradukkan iman mereka dengan kezaliman (syirik), mereka itulah yang mendapat keamanan dan mereka itu adalah orang-orang yang mendapat petunjuk. selain ada yang menghalalkan, umumnya ulama mengharamkan asuransi konvensional. ulama fikih yang dianggap pertama kali membahas dan mengharamkan asuransi adalah ibn al-‘âbidîn (1784-1836), dari kalangan hanafiyyah, dalam kitabnya hâsyiyah ibn al-‘âbidîn (hâsyiyat rad al-mukhtâr ‘alâ al-dâr almukhtâr syarh tanwîr al-abshâr). menurutnya kegiatan asuransi hukumnya haram karena alasan mewajibkan sesuatu yang tidak wajib, iltizâm mâ lam yalzam. ia mencontohkan seorang pedagang yang hendak mengirim barang menyewa kapal dari seorang harbî. pedagang itu harus membayar biaya pengiriman dan biaya jaminan sukarah, semacam premi asuransi. dengan membayar premi ini, jika nanti ada kerusakan atau tenggelam, maka harbî akan membayar atau mengganti barang pedagang itu. praktik semacam ini, menurut ibn al-‘âbidîn, dilarang. haram hukumnya pedagang mengambil uang pengganti dari barangbarangnya yang musnah.8 ulama lain yang melarang adalah syaykh muhammad bakhit al-muthî`î (1854-1935), seorang mufti mesir. menurut dia, asuransi adakalanya menggunakan akad kafâlah atau ta’addî/itlâf. pada akad kafâlah, pertanggungan akan diganti barang yang hilang/rusak atau seharganya. sementara dalam asuransi tidak terjadi semacam itu. pendapat ini didasarkan pada firman allah dalam q.s. yûsuf [12]: 72:                          penyeru-penyeru itu berkata, "kami kehilangan piala raja, dan siapa yang dapat mengembalikannya akan memperoleh bahan makanan (seberat) beban unta, dan aku menjamin terhadapnya". (q.s. yûsuf [12]: 72) syaykh muhammad al-ghazâlî memerinci sebab-sebab keharaman dari asuransi konvensional. pertama, apabila waktu perjanjian telah habis, maka uang premi dikembalikan kepada terjamin dengan disertai bunganya dan ini riba. apabila jangka waktu yang tersebut di dalam polis belum habis dan perjanjian diputuskan, maka uang premi dikembalikan dengan dikurangi biayabiaya administrasi. muamalah semacam ini tidak sesuai dengan syariat islam. kedua, ganti kerugian yang diberikan kepada terjamin pada waktu terjadinya peristiwa yang disebutkan dalam polis, tidak dibenarkan islam. karena, orangorang yang mengerjakan asuransi bukan syarikat di dalam untung dan rugi, sedangkan orang-orang lain ikut memberikan sahamnya dalam uang yang diberikan kepada terjamin. ketiga, asuransi menjalankan usahanya dengan sistem riba. keempat, perusahaan asuransi menjalankan kinerjanya dengan sistem lotre, hanya sedikit pihak yang mendapat manfaat. kelima, kegiatan asuransi merupakan kegiatan yang mengarahkan pada dosa. ulama-ulama lain, seperti muhammad yûsuf qaradhawî, syaykh abû zahrah, muhammad muslehuddin, syaykh wahbah al-zuhailî, husain hâmid, mengharamkan asuransi karena adanya praktik riba, gharar, dan perjudian. begitu juga dengan ulama indonesia seperti ali yafie, mengharamkannya karena tidak sesuai dengan prinsip-prinsip syariah.9 kemudian perhimpunan ulama fikih (majma‘ al-fiqh al-islâmî), pada kongresnya tanggal 10 sya’ban tahun 1398 h telah bersepakat mengharamkan 8 ahmad sâlim milhim, al-ta’mîn al-islâmî, h. 43–44. 9 syakir sula, asuransi syariah, konsep dan sistem operasional, h. 58–70 muhammad maksum: pertumbuhan asuransi syariah di dunia dan indonesia40 asuransi konvensional dengan alasan: pertama, asuransi mengandung gharar; kedua, asuransi mempraktikkan riba; ketiga, mengandung permainan lotre; keempat, mengakibatkan memakan harta orang lain secara tidak sah.10 kedua, asuransi syariah. ulama dan umat islam sepakat atas kehalalan asuransi syariah. pendapat ini didasarkan atas kesepakatan muktamar ulama muslim ke-ii pada tahun 1960, muktamar ulama muslim ke-vii tahun 1392 h, dan pertemuan ulama fikih tahun 1938 h. kehalalan asuransi didasarkan pada pertimbangan praktiknya menjauhkan dari sistem riba, gharar, jahâlah, dan qimâr. asuransi syariah menggunakan sistem persekutuan dan pertolongan (syirkah wa ta’âwuniyyah). praktik ini dibenarkan menurut agama, bahkan didorong untuk saling menolong dalam takwa dan kebaikan.11 perkembangan di dunia asuransi yang pertama kali didirikan adalah asuransi takâful di sudan pada tahun 1979, yang dikelola oleh dâr al-mâl al-islâmî group. dâr al-mâl melebarkan sayap bisnisnya ke negara-negara eropa dan asia lainnya. setidaknya ada empat asuransi takâful dan re-takâful pada tahun 1983, yang berpusat di geneva, bahamas, luxembourg, dan inggris. padahal secara legalitas keislaman, sistem asuransi syariah baru diakui dan diadopsi oleh ulama dunia pada tahun 1985. pada tahun tersebut, majma alfiqh al-islâmî mengadopsi dan mengesahkan takâful sebagai sistem asuransi yang sesuai dengan syariah. artinya, perkembangan takâful lebih didasarkan atas kreasi dan kebutuhan umat muslim, ketimbang didorong oleh fatwa. sistem asuransi diadopsi sebagai sistem saling menolong dan membantu di antara para pesertanya.12 hingga saat ini, tidak kurang dari 65 perusahaan asuransi syariah tersebar di seluruh dunia. perkembangan asuransi dibilang cukup pesat. dari asset $550 juta pada tahun 2000, $193 juta diantaranya berada di asia pasifik, meningkat menjadi $1,7 milyar. angka ini terus meningkat seiring dengan peningkatan jumlah asuransi syariah di dunia. pada tahun 2004 asetnya sudah mencapai $2 milyar. angka-angka di atas merupakan kumulasi untuk asuransi jiwa dan selain jiwa. asuransi keluarga syariah mendominasi perkembangan asuransi dunia, 10ahmad sâlim milhim, al-ta’mîn al-islâmî, h. 45–47. 11ahmad sâlim milhim, al-ta’mîn al-islâmî, h. 65–70. 12salahuddin ahmed, islamic banking, finance, and insurance; a global overview, (kuala lumpur; a.s. noordeen, 2006), h. 516. al-iqtishad: vol. iii, no. 1, januari 2011 41 asuransi konvensional dengan alasan: pertama, asuransi mengandung gharar; kedua, asuransi mempraktikkan riba; ketiga, mengandung permainan lotre; keempat, mengakibatkan memakan harta orang lain secara tidak sah.10 kedua, asuransi syariah. ulama dan umat islam sepakat atas kehalalan asuransi syariah. pendapat ini didasarkan atas kesepakatan muktamar ulama muslim ke-ii pada tahun 1960, muktamar ulama muslim ke-vii tahun 1392 h, dan pertemuan ulama fikih tahun 1938 h. kehalalan asuransi didasarkan pada pertimbangan praktiknya menjauhkan dari sistem riba, gharar, jahâlah, dan qimâr. asuransi syariah menggunakan sistem persekutuan dan pertolongan (syirkah wa ta’âwuniyyah). praktik ini dibenarkan menurut agama, bahkan didorong untuk saling menolong dalam takwa dan kebaikan.11 perkembangan di dunia asuransi yang pertama kali didirikan adalah asuransi takâful di sudan pada tahun 1979, yang dikelola oleh dâr al-mâl al-islâmî group. dâr al-mâl melebarkan sayap bisnisnya ke negara-negara eropa dan asia lainnya. setidaknya ada empat asuransi takâful dan re-takâful pada tahun 1983, yang berpusat di geneva, bahamas, luxembourg, dan inggris. padahal secara legalitas keislaman, sistem asuransi syariah baru diakui dan diadopsi oleh ulama dunia pada tahun 1985. pada tahun tersebut, majma alfiqh al-islâmî mengadopsi dan mengesahkan takâful sebagai sistem asuransi yang sesuai dengan syariah. artinya, perkembangan takâful lebih didasarkan atas kreasi dan kebutuhan umat muslim, ketimbang didorong oleh fatwa. sistem asuransi diadopsi sebagai sistem saling menolong dan membantu di antara para pesertanya.12 hingga saat ini, tidak kurang dari 65 perusahaan asuransi syariah tersebar di seluruh dunia. perkembangan asuransi dibilang cukup pesat. dari asset $550 juta pada tahun 2000, $193 juta diantaranya berada di asia pasifik, meningkat menjadi $1,7 milyar. angka ini terus meningkat seiring dengan peningkatan jumlah asuransi syariah di dunia. pada tahun 2004 asetnya sudah mencapai $2 milyar. angka-angka di atas merupakan kumulasi untuk asuransi jiwa dan selain jiwa. asuransi keluarga syariah mendominasi perkembangan asuransi dunia, 10ahmad sâlim milhim, al-ta’mîn al-islâmî, h. 45–47. 11ahmad sâlim milhim, al-ta’mîn al-islâmî, h. 65–70. 12salahuddin ahmed, islamic banking, finance, and insurance; a global overview, (kuala lumpur; a.s. noordeen, 2006), h. 516. mencapai 75%, dimana 60%-nya berasal dari asuransi jiwa syariah. untuk merespons dan memajukan industri asuransi syariah, malaysia mendirikan lembaga penelitian dan pelatihan bank syariah (birti), yang concern pada bidang pendidikan dan pengembangan sumber daya manusia. lembaga ini telah memberi andil dalam pengembangan industri syariah di belahan asia. dengan dukungan birti, takâful malaysia menjalin kerjasama dengan sri lanka, arab saudi, dan pernah pula memberikan dukungan teknis (technical assistance) untuk operasionalisasi takâful australia. selain itu dukungan teknis dilakukan di negara lebanon, bangladesh, dan algeria. kemudian pada tahun 1997, didirikan lagi the asean re-takâful international labuan ltd (arill). perkembangan asuransi syariah yang cukup progresif terjadi di negaranegara arab, terutama negara arab saudi, qatar, kuwait, dan bahrain. negara ini pertama kali mendirikan asuransi takâful internasional pada tahun 1989. pangsa pasar asuransi di bahrain diperkirakan mencapai 65 juta dinar ($172 juta). produk yang diluncurkan oleh asuransi bahrain ini antara lain, asuransi haji dan umrah yang diperkenalkan pada januari 2004, asuransi kesehatan (the best doctors takâful health care) diluncurkan pada september 2004, dan takâful pendidikan. ketiga produk ini mendominasi dibanding produk lainnya.13 beberapa industri asuransi syariah yang berkembang di arab saudi antara lain: islamic arab insurance company (al-baraka group) (1980), islamic corporation for the insurance, investment dan export credit (1995), islamic insurance company ltd., islamic insurance and reinsurance company (1985), al-aman cooperative insurance (alrajhi) (1985), global islamic insurance co. (1986), islamic takafaul and re-takâful company (dmi group) (1986), dan lain sebagainya. di belahan benua afrika, asuransi syariah pertama kali didirikan di ghana, tahun 1994, yaitu metropolitan insurance company limited (mit). mit merupakan satu-satunya asuransi yang beroperasi secara syariah di ghana, dengan menerapkan sistem mudhârabah dan takâfulî. selaian ghana, di nigeria, african alliance insurance company limited, mendirikan islamic life insurance system (takâful) pada oktober 2003. di senegal didirikan islamic takâful and retakâful co. dan sonar alamane (albaraka group). juga takâful trinidad and tobago friendly society didirikan di trinidad dan tobago pada tahun 1999. sementara di eropa, negara inggris merupakan pelopor pengembangan asuransi syariah. melalui hsbs’s amanah, inggris bercita-cita menjadi leading sector bagi pengembangan asuransi syariah di eropa dan negara lainnya. di 13 salahuddin ahmed, islamic banking, finance, and insurance, h. 518–519. muhammad maksum: pertumbuhan asuransi syariah di dunia dan indonesia42 negara ini dirikan pula international cooperative and mutual insurance federation (icmif), yang menghimpun 150 orang dari 82 anggota organisasi dari 52 negara di dunia. lembaga ini bertujuan untuk memajukan dan memperkenalkan sistem asuransi syariah ke pelbagai negara.14 di amerika, asuransi syariah pertama kali berdiri pada desember 1996. takâful usa insurance company, asuransi pertama di amerika, didirikan untuk menampung sedikitnya 12 juta penduduk muslim di negara paman sam itu. demikian pula di australia telah berdiri australia takâful assosiation inc. malaysia dan bank pembangunan islam (idb) telah menandatangani kontrak kerjasama untuk memajukan industri asuransi syariah ini di negaranegara muslim, terutama di negara-negara anggota oki. perkembangan asuransi syariah ini menunjukkan respons yang positif dari masyarakat dunia akan sistem asuransi berbasis syariah. hal ini menunjukkan bahwa asuransi syariah dapat diterima dan menjadi alternatif bagi sistem asuransi yang berjalan selama ini. berikut data perusahaan asuransi yang ada di dunia:15 benua/negara perusahaan asuransi benua/negara perusahaan asuransi asian countries middle-east indonesia  pt. asuransi takâful keluarga (1994)  pt. asuransi takâful umum (1995) bahrain  al-salam islamic takâful (1992)  bahrain islamic insurance  islamic insce & reince (1985)  sarikat takâful alislamiyah (1983)  takâful international (1989) malaysia  syarikat takâful malaysia (1984)  takâful nasional (1993)  mayban takâful (2002)  takâful ikhlas (2003)  takâful aril labuan (1999) jordan islamic insurance co. plc srilanka  amanah takâful kuwait international co. for co 14 salahuddin ahmed, islamic banking, finance, and insurance, h. 541–542. 15 sumber diolah dari makalah presentasi m. syakir sula dan pelbagai sumber. al-iqtishad: vol. iii, no. 1, januari 2011 43 negara ini dirikan pula international cooperative and mutual insurance federation (icmif), yang menghimpun 150 orang dari 82 anggota organisasi dari 52 negara di dunia. lembaga ini bertujuan untuk memajukan dan memperkenalkan sistem asuransi syariah ke pelbagai negara.14 di amerika, asuransi syariah pertama kali berdiri pada desember 1996. takâful usa insurance company, asuransi pertama di amerika, didirikan untuk menampung sedikitnya 12 juta penduduk muslim di negara paman sam itu. demikian pula di australia telah berdiri australia takâful assosiation inc. malaysia dan bank pembangunan islam (idb) telah menandatangani kontrak kerjasama untuk memajukan industri asuransi syariah ini di negaranegara muslim, terutama di negara-negara anggota oki. perkembangan asuransi syariah ini menunjukkan respons yang positif dari masyarakat dunia akan sistem asuransi berbasis syariah. hal ini menunjukkan bahwa asuransi syariah dapat diterima dan menjadi alternatif bagi sistem asuransi yang berjalan selama ini. berikut data perusahaan asuransi yang ada di dunia:15 benua/negara perusahaan asuransi benua/negara perusahaan asuransi asian countries middle-east indonesia  pt. asuransi takâful keluarga (1994)  pt. asuransi takâful umum (1995) bahrain  al-salam islamic takâful (1992)  bahrain islamic insurance  islamic insce & reince (1985)  sarikat takâful alislamiyah (1983)  takâful international (1989) malaysia  syarikat takâful malaysia (1984)  takâful nasional (1993)  mayban takâful (2002)  takâful ikhlas (2003)  takâful aril labuan (1999) jordan islamic insurance co. plc srilanka  amanah takâful kuwait international co. for co 14 salahuddin ahmed, islamic banking, finance, and insurance, h. 541–542. 15 sumber diolah dari makalah presentasi m. syakir sula dan pelbagai sumber. (1999) op. insce. bangladesh  far east islami life insurance (1999)  islami life insurance (1999)  islami commercial insurance (2000)  islami takâful (2001)  prime islami life insurance (2002) qatar qatar islamic insce co. (1984) brunai  takâful ibb (1993)  takâful taib (1993)  takâful idbb (2001) sudan al-baraka insce co. (1984) islamic insce.co. (1979) sheikan insce. co the nat. re-ins. co united insce co. (1968) singapore  syarikat takâful singapore (1995) tunisia best re (1985) eropa dan lainnya  australia takâful insce co (australia)  islamic takâful and retakâful (bahamas)  metropolitan insxce co.ltd (ghana)  international takâful co (luxembourg)  takâful s.a (1982) (luxembourg)  sosar al-amane (senegal)  takâful trinidad & tobago  takâful uk (1982)  ubk iibu manzil programes (uk) (1998)  failaka investment inc (usa)  takâful usa management services (usa) uni emirat arab/ saudi arabia  alliance insce  oman insce  islamic arab insce co.  global islamic insce  al-aman coop. insce (1995)  islamic insce co. (2002)  international islamic insce co  islamic arab insurance (dallah baraka group) (1979)  islamic insce and reins. co (1985)  islamic insce and reins. co. (1985)  islamic corp. for isce of investment & export credit (1995)  islamic international insce. co (salamat)  islamic takâful and retakâful co. (1986)  bank al-jazira (takâful div) (2001)  islamic universal insce muhammad maksum: pertumbuhan asuransi syariah di dunia dan indonesia44  national coop insce co. (ncci) (1986)  takâful islamic insce co. perkembangan di indonesia perkembangan industri asuransi syariah juga terjadi di indonesia. pertumbuhan asuransi syariah didukung oleh ketentuan regulasi yang menjamin kepastian hukum kegiatan asuransi syariah. ketentuan hukum yang mengatur asuransi syariah antara lain: pertama, undang-undang no. 2 tahun 1992 tentang usaha perasuransian. kedua, peraturan pemerintah no. 73 tahun 1992 tentang penyelenggaraan usaha perasuransian, sebagaimana telah diubah dengan peraturan pemerintah no. 63 tahun 1992. ketiga, keputusan menteri keuangan nomor: 421/kmk.06/2003 tanggal 30 september 2003 tentang penilaian kemampuan dan kepatutan bagi direksi dan komisaris perusahaan perasuransian. keempat, keputusan menteri keuangan nomor: 422/kmk.06/2003 tanggal 30 september 2003 tentang penyelenggaraan usaha perusahaan asuransi dan perusahaan reasuransi. kelima, keputusan menteri keuangan nomor: 423/kmk.06/2003 tanggal 30 september 2003 tentang pemeriksaan perusahaan perasuransian. keenam, keputusan menteri keuangan nomor: 424/kmk.06/2003 tanggal 30 september 2003 tentang kesehatan keuangan perusahaan asuransi dan perusahaan reasuransi. ketujuh, keputusan menteri keuangan nomor: 426/kmk.06/ 2003 tanggal 30 september 2003 tentang perizinan usaha perusahaan asuransi dan perusahaan reasuransi. modus operandi pendirian asuransi syariah di indonesia dilakukan melalui empat bentuk. pertama, pendirian baru. kedua, konversi dari perusahaan asuransi atau perusahaan reasuransi konvensional. ketiga, pendirian kantor cabang baru dengan prinsip syariah oleh perusahaan asuransi atau perusahaan reasuransi konvensional. keempat, konversi kantor cabang konvensional menjadi kantor cabang dengan prinsip syariah dari perusahaan asuransi atau perusahaan reasuransi konvensional.16 untuk pendirian baru tidak terlalu banyak masalah yang dihadapi terutama terkait dengan nasabah. sedangkan untuk konversi ada ketentuan yang harus dipenuhi menyangkut kesediaan pemegang polis. berikut adalah ketentuan khusus konversi. pertama, tidak merugikan tertanggung atau pemegang polis. kedua, memberitahukan konversi tersebut kepada setiap pemegang polis. ketiga, memindahkan portfolio pertanggungan ke perusahaan asuransi konven 16 pasal 3 kmk nomor 426/kmk.06/2003. al-iqtishad: vol. iii, no. 1, januari 2011 45  national coop insce co. (ncci) (1986)  takâful islamic insce co. perkembangan di indonesia perkembangan industri asuransi syariah juga terjadi di indonesia. pertumbuhan asuransi syariah didukung oleh ketentuan regulasi yang menjamin kepastian hukum kegiatan asuransi syariah. ketentuan hukum yang mengatur asuransi syariah antara lain: pertama, undang-undang no. 2 tahun 1992 tentang usaha perasuransian. kedua, peraturan pemerintah no. 73 tahun 1992 tentang penyelenggaraan usaha perasuransian, sebagaimana telah diubah dengan peraturan pemerintah no. 63 tahun 1992. ketiga, keputusan menteri keuangan nomor: 421/kmk.06/2003 tanggal 30 september 2003 tentang penilaian kemampuan dan kepatutan bagi direksi dan komisaris perusahaan perasuransian. keempat, keputusan menteri keuangan nomor: 422/kmk.06/2003 tanggal 30 september 2003 tentang penyelenggaraan usaha perusahaan asuransi dan perusahaan reasuransi. kelima, keputusan menteri keuangan nomor: 423/kmk.06/2003 tanggal 30 september 2003 tentang pemeriksaan perusahaan perasuransian. keenam, keputusan menteri keuangan nomor: 424/kmk.06/2003 tanggal 30 september 2003 tentang kesehatan keuangan perusahaan asuransi dan perusahaan reasuransi. ketujuh, keputusan menteri keuangan nomor: 426/kmk.06/ 2003 tanggal 30 september 2003 tentang perizinan usaha perusahaan asuransi dan perusahaan reasuransi. modus operandi pendirian asuransi syariah di indonesia dilakukan melalui empat bentuk. pertama, pendirian baru. kedua, konversi dari perusahaan asuransi atau perusahaan reasuransi konvensional. ketiga, pendirian kantor cabang baru dengan prinsip syariah oleh perusahaan asuransi atau perusahaan reasuransi konvensional. keempat, konversi kantor cabang konvensional menjadi kantor cabang dengan prinsip syariah dari perusahaan asuransi atau perusahaan reasuransi konvensional.16 untuk pendirian baru tidak terlalu banyak masalah yang dihadapi terutama terkait dengan nasabah. sedangkan untuk konversi ada ketentuan yang harus dipenuhi menyangkut kesediaan pemegang polis. berikut adalah ketentuan khusus konversi. pertama, tidak merugikan tertanggung atau pemegang polis. kedua, memberitahukan konversi tersebut kepada setiap pemegang polis. ketiga, memindahkan portfolio pertanggungan ke perusahaan asuransi konven 16 pasal 3 kmk nomor 426/kmk.06/2003. sional lain atau membayarkan nilai tunai pertanggungan, bagi tertanggung atau pemegang polis yang tidak bersedia menjadi tertanggung atau pemegang polis dari perusahaan asuransi dengan prinsip syariah.17 baik pendirian baru maupun konversi, suatu perusahaan asuransi syariah dapat beroperasi apabila mendapat izin usaha dari kementerian keuangan. izin usaha itu diberikan setelah pengajuan pendirian atau konversi memenuhi syaratsyarat sebagai berikut: pertama, maksud dan tujuan di dalam anggaran dasar perusahaan. kedua, memiliki tenaga ahli. ketiga, memiliki dewan pengawas syariah (dps) perusahaan. keempat, memenuhi minimal modal disetor atau minimal modal kerja (bagi pendirian cabang). kelima, tingkat solvabilitas (bagi pendirian cabang). keenam, tidak sedang dalam pengenaan sanksi administratif (bagi pendirian cabang). ketujuh, persyaratan-persyaratan lainnya, sebagaimana halnya persyaratan dalam pembukaan kantor cabang konvensional.18 untuk mendukung perkembangan asuransi syariah di indonesia, dsn pada tahun 2001 mengeluarkan fatwa no.21/dsn-mui/x/2001 tentang pedoman umum asuransi syariah, yang menjadi acuan dari sisi syariah dalam penyelenggaraan kegiatan asuransi syariah di indonesia. perkembangan industri asuransi syariah di indonesia dapat dilihat pada tabel (data tahun 2000–juli 2007) berikut19: no. keterangan 2002 2003 2004 2005 2006 juli 2007 1. perusahaan asuransi jiwa syariah 2 2 2 2 2 2 2. perusahaan asuransi kerugian syariah 1 1 1 1 1 1 3. perusahaan asuransi jiwa yang memiliki kantor cabang syariah 1 2 3 8 9 12 4. perusahaan asuransi kerugian yang memiliki kantor cabang syariah 1 6 11 13 15 18 5. perusahaan reasuransi yang memiliki kantor cabang syariah 1 2 3 3 total 5 11 18 26 30 36 17 pasal 4 kmk nomor 426/kmk.06/2003. 18 pasal 4,31,32 dan 33 kmk nomor 426/kmk.06/2003. 19 sumber: bapepam & lk, biro asuransi. muhammad maksum: pertumbuhan asuransi syariah di dunia dan indonesia46 berikut adalah data perusahaan asuransi syariah yang ada di indonesia, baik yang bersifat asuransi umum atau unit usaha syariah dari asuransi konvensional. perusahaan asuransi dengan prinsip syariah perusahaan asuransi konvensional yang memiliki kantor cabang dengan prinsip syariah perusahaan as. jiwa 1. pt. as. takâful keluarga 2. pt. as. jiwa mubarakah perusahaan as. kerugian pt. as. takâful umum perusahaan as. jiwa 1. pt. maa life assurance 2. pt. a. j. asih great eastern 3. pt. a. j. bringin jiwa s. 4. ajb bumiputera 1912 5. pt. a. j. bni jiwasraya 6. pt. a. j. eka life 7. pt. as. aia indonesia 8. pt. as. panin life 9. pt. allianz life indonesia perusahaan reasuransi 1. pt. reasuransi int’l indonesia 2. pt. reasuransi nasional ind. 3. pt. maskapai reasuransi ind. perusahaan as. kerugian 1. pt. as. tripakarta 2. pt. as. bringin sejahtera a. m. 3. pt. maa general ins. 4. pt. as. jasa indonesia 5. pt. as. central asia 6. pt. as. binagriya upakara 7. pt. as. adira dinamika 8. pt. as. bumiputera muda 1967 9. pt. as. staco jasapratama 10. pt. as. sinar mas 11. pt. as. tokio marine ind. 12. pt. as. astra buana 13. pt. as. tugu pratama ind. 14. pt. as. ramayana 15. pt. as. allianz utama dari sisi kuantitas, jumlah perusahaan asuransi syariah terbilang banyak, namun dilihat dari perbandingannya dengan asuransi konvensional (market share), tergolong masing rendah. tahun 2006, perbandingan aset asuransi syariah hanya 0,87% dari asuransi konvensional untuk jenis asuransi jiwa. sedangkan untuk asuransi kerugian dan reasuransi hanya 1,41%. jumlah ini jelas tidak sebanding dengan jumlah umat islam yang mayoritas di indonesia. al-iqtishad: vol. iii, no. 1, januari 2011 47 berikut adalah data perusahaan asuransi syariah yang ada di indonesia, baik yang bersifat asuransi umum atau unit usaha syariah dari asuransi konvensional. perusahaan asuransi dengan prinsip syariah perusahaan asuransi konvensional yang memiliki kantor cabang dengan prinsip syariah perusahaan as. jiwa 1. pt. as. takâful keluarga 2. pt. as. jiwa mubarakah perusahaan as. kerugian pt. as. takâful umum perusahaan as. jiwa 1. pt. maa life assurance 2. pt. a. j. asih great eastern 3. pt. a. j. bringin jiwa s. 4. ajb bumiputera 1912 5. pt. a. j. bni jiwasraya 6. pt. a. j. eka life 7. pt. as. aia indonesia 8. pt. as. panin life 9. pt. allianz life indonesia perusahaan reasuransi 1. pt. reasuransi int’l indonesia 2. pt. reasuransi nasional ind. 3. pt. maskapai reasuransi ind. perusahaan as. kerugian 1. pt. as. tripakarta 2. pt. as. bringin sejahtera a. m. 3. pt. maa general ins. 4. pt. as. jasa indonesia 5. pt. as. central asia 6. pt. as. binagriya upakara 7. pt. as. adira dinamika 8. pt. as. bumiputera muda 1967 9. pt. as. staco jasapratama 10. pt. as. sinar mas 11. pt. as. tokio marine ind. 12. pt. as. astra buana 13. pt. as. tugu pratama ind. 14. pt. as. ramayana 15. pt. as. allianz utama dari sisi kuantitas, jumlah perusahaan asuransi syariah terbilang banyak, namun dilihat dari perbandingannya dengan asuransi konvensional (market share), tergolong masing rendah. tahun 2006, perbandingan aset asuransi syariah hanya 0,87% dari asuransi konvensional untuk jenis asuransi jiwa. sedangkan untuk asuransi kerugian dan reasuransi hanya 1,41%. jumlah ini jelas tidak sebanding dengan jumlah umat islam yang mayoritas di indonesia. muhammad maksum: pertumbuhan asuransi syariah di dunia dan indonesia48 edisi revisi 2006 jakarta: dsn-mui, 2006. keputusan menteri keuangan nomor 426/kmk.06/2003. manzhûr, abu al-fadhl jamâl al-dîn muhammad ibn makram ibn, lisân al-‘arab, lubnân: dâr shâdir beirut, t.th. milhim, ahmad sâlim, al-ta’mîn al-islâmy, oman: dâr al-a’lâm, 2002. oxford learner's pocket dictionary, new edition. qal’ahaji, muhammad rawwâs, al-mu’âmalât al-mâliyyah al-mu’âshirah fi dhau al-fiqh wa al-syarî’ah, bayrût: dâr al-nafâs, 1999. sula, syakir, ansuransi syariah, konsep dan sistem operasional, jakarta, gema insani, 2004. undang-undang republik indonesia nomor 2 tahun 1992 tentang usaha perasuransian. prosedur underwriting bancassurance dan asuransi jiwa syariah pada pt. asuransi takâful keluarga ela patriana & rijal assidiq mulyana abstract: underwriting bancassurance procedures and islamic life insurance at pt. asuransi takaful keluarga. this study explains the comparative risk selection (of underwriting) in bancassurance products and islamic life insurance products at pt. family takaful insurance. the result revealed that the underwriting procedures of each product are different based on their characteristics. full protection is designed as a simple of underwriting product only with age provisions and administrative requirements. financing takâful products cover all financing from the bank. thus, bank which does the insurance process will make these data as basic information about insurance customers. since the bank is insured, and apply risk selection process as risky selection process at most insurance companies. keywords : underwriting, full protection, takaful, risk selection process abstrak: prosedur underwriting bancassurance dan asuransi jiwa syariah pt. asuransi takâful keluarga. penelitian ini untuk menjelaskan seleksi risiko komparatif (underwriting) dalam produk bancassurance dan asuransi jiwa syariah di pt. asuransi takâful keluarga. hasil penelitian menunjukkan prosedur underwriting dari setiap produk berbeda berdasarkan karakteristik mereka. proteksi penuh dirancang sebagai produk underwriting sederhana, dengan ketentuan usia dan persyaratan administratif saja. produk pembiayaan takâful menutupi semua pembiayaan dari bank, sehingga bank yang memiliki minat untuk memproses asuransi dapat menjadikan data tersebut sebagai informasi dasar tentang pelanggan asuransi karena bank yang diasuransikan, dan menerapkan proses seleksi risiko sebagai proses seleksi berisiko di kebanyakan perusahaan asuransi. kata kunci: underwiting, full protect, takâful, risk selection process naskah diterima: 5 agustus 2011, direvisi 11 november 2011, disetujui: 17 november 2011.  fakultas ekonomi dan bisnis (feb) uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: ela.partriana.20@gmail.com. rachbini, didik j., ekonomi politik, paradigma, dan teori pilihan publik, jakarta: ghalia indonesia, 2002. saefudin, ahmad m., studi nilai-nilai sistem ekonom islam, jakarta: media dakwah, 1984. surbakti, ramlan, memahami ilmu politik, jakarta: penerbit pt. gramedia widiasarana indonesia, 1992. ibn taymiyyah, al-hisbah fi al-islâm, wazhîfah al-hukûmah al-islâmiyyah, bayrût: dâr al-fikr al-lubnân, 1992. media massa: kompas, 15 september 1992 kompas, 20 januari 1993 ela patriana & rijal assidiq mulyana: prosedur underwriting bancassurance126 pendahuluan produk bancassurance yang paling banyak dipraktikkan selama ini berupa penggabungan produk tabungan dari bank dengan produk asuransi jiwa dari asuransi. alasan pengembangan produk bancassurance didasari oleh kepraktisan dan fleksibilitas kedua produk tersebut yang tidak sulit untuk digabungkan. produk bancassurance dapat berupa produk tabungan dari bank dengan memberikan tambahan asuransi jiwa dari asuransi atau juga dapat terjadi sebaliknya produk asuransi jiwa dari asuransi yang mengaitkan dengan tabungan dari bank yang berfungsi sebagai sarana pembayaran premi. bagi perusahaan asuransi syariah, proses underwriting bertujuan untuk memastikan bahwa calon peserta asuransi syariah memiliki tingkat risiko sesuai dengan yang diasumsikan perusahaan, dengan demikian perusahaan dapat menjaga kecukupan dana tabarru’ untuk membayar klaim-klaim yang terjadi, sehingga peserta dan pemegang polis mendapatkan keadilan yang sama dalam berkontribusi tabarru’ sesuai dengan risiko yang dimilikinya. berdasarkan latar belakang tersebut, penulis merumuskan beberapa permasalahan sebagai berikut: pertama, bagaimana proses underwriting pada bancassurance dan asuransi jiwa syariah khususnya asuransi individual di pt. asuransi takâful keluarga? kedua, bagaimana keputusan underwriting yang ditetapkan underwriter pada bancassurance dan asuransi individual? underwrting dan faktor risiko underwriting disebut juga seleksi risiko adalah proses penaksiran dan penggolongan tingkat risiko yang terdapat pada seseorang calon peserta. berdasarkan tingkat risiko, suatu permohonan dapat diterima atau ditolak. para pegawai yang bertanggung jawab terhadap penerimaan atau penolakan permohonan asuransi berdasarkan penaksiran risiko ini dinamakan underwriter. pertama, faktor medikal meliputi: (1) berat badan. seseorang yang memiliki kelebihan berat badan yang mencolok mencerminkan risiko mortalita yang lebih besar dibandingkan seseorang yang memiliki berat badan sedang. seorang calon peserta yang memiliki berat badan di bawah normal lebih rendah kaitannya dengan risiko mortalita, tetapi jika aplikasi permohonan menunjukkan bahwa calon peserta baru saja kehilangan berat badan yang cukup mencolok. maka, biasanya underwriter akan melakukan penyelidikan guna mengetahui apakah kehilangan berat badan tersebut dikarenakan penyakit atau hal lain. (2) kondisi fisik selain berat badan. riwayat kesehatan calon peserta kadang-kadang menunjukkan risiko mortalita yang lebih tinggi dari rata-rata. misalnya seorang yang pernah mengalami serangan jantung cenderung berumur pendek, daripada al-iqtishad: vol. iv, no. 1, januari 2012 127 pendahuluan produk bancassurance yang paling banyak dipraktikkan selama ini berupa penggabungan produk tabungan dari bank dengan produk asuransi jiwa dari asuransi. alasan pengembangan produk bancassurance didasari oleh kepraktisan dan fleksibilitas kedua produk tersebut yang tidak sulit untuk digabungkan. produk bancassurance dapat berupa produk tabungan dari bank dengan memberikan tambahan asuransi jiwa dari asuransi atau juga dapat terjadi sebaliknya produk asuransi jiwa dari asuransi yang mengaitkan dengan tabungan dari bank yang berfungsi sebagai sarana pembayaran premi. bagi perusahaan asuransi syariah, proses underwriting bertujuan untuk memastikan bahwa calon peserta asuransi syariah memiliki tingkat risiko sesuai dengan yang diasumsikan perusahaan, dengan demikian perusahaan dapat menjaga kecukupan dana tabarru’ untuk membayar klaim-klaim yang terjadi, sehingga peserta dan pemegang polis mendapatkan keadilan yang sama dalam berkontribusi tabarru’ sesuai dengan risiko yang dimilikinya. berdasarkan latar belakang tersebut, penulis merumuskan beberapa permasalahan sebagai berikut: pertama, bagaimana proses underwriting pada bancassurance dan asuransi jiwa syariah khususnya asuransi individual di pt. asuransi takâful keluarga? kedua, bagaimana keputusan underwriting yang ditetapkan underwriter pada bancassurance dan asuransi individual? underwrting dan faktor risiko underwriting disebut juga seleksi risiko adalah proses penaksiran dan penggolongan tingkat risiko yang terdapat pada seseorang calon peserta. berdasarkan tingkat risiko, suatu permohonan dapat diterima atau ditolak. para pegawai yang bertanggung jawab terhadap penerimaan atau penolakan permohonan asuransi berdasarkan penaksiran risiko ini dinamakan underwriter. pertama, faktor medikal meliputi: (1) berat badan. seseorang yang memiliki kelebihan berat badan yang mencolok mencerminkan risiko mortalita yang lebih besar dibandingkan seseorang yang memiliki berat badan sedang. seorang calon peserta yang memiliki berat badan di bawah normal lebih rendah kaitannya dengan risiko mortalita, tetapi jika aplikasi permohonan menunjukkan bahwa calon peserta baru saja kehilangan berat badan yang cukup mencolok. maka, biasanya underwriter akan melakukan penyelidikan guna mengetahui apakah kehilangan berat badan tersebut dikarenakan penyakit atau hal lain. (2) kondisi fisik selain berat badan. riwayat kesehatan calon peserta kadang-kadang menunjukkan risiko mortalita yang lebih tinggi dari rata-rata. misalnya seorang yang pernah mengalami serangan jantung cenderung berumur pendek, daripada orang yang tidak pernah mengalaminya, walaupun faktor lainnya sama. (3) riwayat kesehatan keluarga. riwayat kesehatan keluarga biasanya dianggap faktor penting untuk menggambarkan kondisi kesehatan calon peserta. (4) merokok. riset membuktikan bahwa menghisap rokok meningkatkan risiko kematian cukup berarti. perusahaan asuransi biasanya membuat table aktuaria dan premi terpisah untuk calon peserta perokok dan tidak perokok. kedua, faktor-faktor non-medical, meliputi: (1) pekerjaan. setiap calon peserta memiliki pekerjaan dengan tingkat risiko yang berbeda-beda. misalnya pekerja tambang mempunyai tingkat mortalita yang lebih tinggi dibandingkan pekerja kantor. (2) avokasi dan kesenangan. kegemaran/hobi yang mengandung risiko-risiko yan tidak biasa, seperti balap motor memiliki tingkat mortalita yang lebih tinggi dibanding orang yang tidak memiliki hobi balap motor. (3) aviasi. istilah aviasi biasanya terkait dengan seseorang yang memiliki mobilitas perjalanan menggunakan pesawat terbang sangat tinggi. orang-orang seperti ini pun memiliki tingkat mortalita lebih tinggi dibanding orang yang jarang melakukan aktivitas perjalanan menggunakan pesawat terbang. (4) moral hazard. moral hazard adalah kemungkinan calon peserta melakukan tindakan yang tidak dapat diterima secara moral ataupun etika atau dengan sengaja menyembunyikan atau memberikan informasi yang tidak benar yang dapat berakibat terhadap keputusan underwriting yang merugikan. (5) tempat tinggal. tempat tinggal calon peserta yang sering dilanda konflik atau bencana. mengandung risiko kematian yang lebih tinggi. (6) keadaan ekonomi. underwriter mempertimbangkan keadaan ekonomi calon peserta dalam penetapan jumlah premi yang harus dibayar oleh peserta. (7) suku bangsa. suku bangsa tertentu yang memiliki penyakit bawaan yang diderita bukan karena alasan fisik tapi lebih disebabkan karena ras. (8) jenis kelamin. perempuan lebih rentan mengalami risiko dibanding laki-laki sehingga, premi yang harus dibayar oleh peserta asuransi perempuan lebih mahal dibanding laki-laki. (9) insurable interest. kepentingan orang-orang untuk mengasuransikan dirinya, karena ada risiko yang mesti ditanggung oleh perusahaaan. (10) anti seleksi keuangan. adalah kecenderungan orang-orang mempunyai tingkat kerugian diatas rata-rata yang mengajukan kembali permohonan asuransi. anti seleksi tidak hanya terjadi pada saat pengajuan asuransi tetapi dapat juga terjadi ketika polis diterbitkan. tingkat risiko yang paling umum diterapkan oleh perusahaan asuransi jiwa adalah: pertama, standard. yang termasuk dalam tingkat risiko standard adalah mereka yang mempunyai tingkat risiko kematian rata-rata. sehingga membayar tarif premi asuransi dengan tarif standar. ela patriana & rijal assidiq mulyana: prosedur underwriting bancassurance128 kedua, substandard. yang termasuk dalam risiko substandard adalah orang-orang yang mengalami penurunan kualitas medical dan non-medical, sehingga tingkat risiko kematiannya lebih tinggi daripada rata-rata. tingkat risiko ini dikenakan tarif premi lebih tinggi dari rata-rata, tergantung tingkat risiko yang dimiliki. ketiga, preffered (prioritas). yang termasuk kategori tingkat risiko ini adalah orang-orang yang mempunyai risiko kematian di bawah rata-rata. ciri khas orang-orang yang termasuk kategori tingkat risiko ini adalah orang-orang yang mempunyai kondisi fisik sangat baik, riwayat kesehatan pribadi dan keluarga baik, dan tidak merokok. tingkat risiko preferred dikenakan tarif premi dibawah rata-rata. keempat, nonsmoker (bukan perokok). yang termasuk dalam kategori ini adalah mereka yang tidak menghisap rokok atau bagi yang merokok jangka waktu dikategorisasikan tingkat risiko ini adalah 12 bulan. kelima, uninsurable (tidak dapat diasuransikan). yang termasuk ke dalam tingkat risiko uninsurable adalah orang-orang yang mempunyai risiko kematian tinggi, sehingga menyebabkan perusahaan tidak bersedia menanggung mereka. biasanya underwriter akan menolak permohonan calon peserta yang masuk dalam kategori ini. ada beberapa cara dalam menetapkan suatu kondisi underwriting. pertama, ekstra premi. jika suatu risiko adalah dari jenis risiko yang menaik, maka pengenaan tambahan level ekstra adalah metode yang tepat. perusahaan asuransi akan menerima risiko ekstra sebelum risiko tersebut semakin berat, karena sebagian risiko tersebut dikaitkan dengan kesehatan. kedua, debt on the sum assured. sebagai pengganti ekstra premi, pemegang polis dapat memilih alternatif yaitu membayar premi standar sesuai tabel dengan menerima penutupan asuransi jiwa lebih rendah dari uang pertanggungan yang telah ditetapkan. (1) masa observasi (liening condition). calon peserta yang dikenakan ekstra mortalita yang tinggi dapat diganti dengan alternatif manfaat meninggal pada awal tahun yang kecil. (2) perubahan kontrak (alteration of contract). (3) perubahan kontrak/jangka waktu perjanjian. (4) pengecualian (exclusion). daripada underwriting menolak suatu permintaan asuransi, karena adanya suatu medical impairment. (4) ditunda atau ditolak (postpone or decline). kesimpulan dari definisi di atas, bahwa asuransi jiwa bertujuan untuk memberikan jaminan/jasa dalam penanggulangan risiko kepada seseorang atau keluarga yang disebabkan oleh kematian, kecelakaan serta sakit. bancassurance adalah penjualan produk asuransi jiwa kepada nasabah bank. sebaliknya, kerjasama ini juga membuka kemungkinan untuk menarik al-iqtishad: vol. iv, no. 1, januari 2012 129 kedua, substandard. yang termasuk dalam risiko substandard adalah orang-orang yang mengalami penurunan kualitas medical dan non-medical, sehingga tingkat risiko kematiannya lebih tinggi daripada rata-rata. tingkat risiko ini dikenakan tarif premi lebih tinggi dari rata-rata, tergantung tingkat risiko yang dimiliki. ketiga, preffered (prioritas). yang termasuk kategori tingkat risiko ini adalah orang-orang yang mempunyai risiko kematian di bawah rata-rata. ciri khas orang-orang yang termasuk kategori tingkat risiko ini adalah orang-orang yang mempunyai kondisi fisik sangat baik, riwayat kesehatan pribadi dan keluarga baik, dan tidak merokok. tingkat risiko preferred dikenakan tarif premi dibawah rata-rata. keempat, nonsmoker (bukan perokok). yang termasuk dalam kategori ini adalah mereka yang tidak menghisap rokok atau bagi yang merokok jangka waktu dikategorisasikan tingkat risiko ini adalah 12 bulan. kelima, uninsurable (tidak dapat diasuransikan). yang termasuk ke dalam tingkat risiko uninsurable adalah orang-orang yang mempunyai risiko kematian tinggi, sehingga menyebabkan perusahaan tidak bersedia menanggung mereka. biasanya underwriter akan menolak permohonan calon peserta yang masuk dalam kategori ini. ada beberapa cara dalam menetapkan suatu kondisi underwriting. pertama, ekstra premi. jika suatu risiko adalah dari jenis risiko yang menaik, maka pengenaan tambahan level ekstra adalah metode yang tepat. perusahaan asuransi akan menerima risiko ekstra sebelum risiko tersebut semakin berat, karena sebagian risiko tersebut dikaitkan dengan kesehatan. kedua, debt on the sum assured. sebagai pengganti ekstra premi, pemegang polis dapat memilih alternatif yaitu membayar premi standar sesuai tabel dengan menerima penutupan asuransi jiwa lebih rendah dari uang pertanggungan yang telah ditetapkan. (1) masa observasi (liening condition). calon peserta yang dikenakan ekstra mortalita yang tinggi dapat diganti dengan alternatif manfaat meninggal pada awal tahun yang kecil. (2) perubahan kontrak (alteration of contract). (3) perubahan kontrak/jangka waktu perjanjian. (4) pengecualian (exclusion). daripada underwriting menolak suatu permintaan asuransi, karena adanya suatu medical impairment. (4) ditunda atau ditolak (postpone or decline). kesimpulan dari definisi di atas, bahwa asuransi jiwa bertujuan untuk memberikan jaminan/jasa dalam penanggulangan risiko kepada seseorang atau keluarga yang disebabkan oleh kematian, kecelakaan serta sakit. bancassurance adalah penjualan produk asuransi jiwa kepada nasabah bank. sebaliknya, kerjasama ini juga membuka kemungkinan untuk menarik nasabah asuransi jiwa menjadi nasabah bank. produk bancassurance yang paling banyak dipraktikkan selama ini berupa penggabungan produk tabungan dari bank dengan produk asuransi dari perusahaan asuransi. produk full protek full protek adalah produk bersama yang dihasilkan atas kerjasama pt. asuransi takâful keluarga dengan pt. bank muamalat indonesia (co-branding shar’e dan takâful). full protek merupakan kartu multiguna bertabungan dan memiliki manfaat asuransi syariah yang dapat digunakan untuk penarikan tunai (bebas biaya) di 8.888 atm bersama, sebagai kartu debit di lebih dari 18.000 merchant dan sekaligus sangat memungkinkan sebagai kartu anggota dalam sebuah organisasi. berikut deskripsi manfaat dan seri kepesertaan dari tiga jenis produk full protek yang ditawarkan pada masyarakat: seri full protek yang bisa dipilih & ditawarkan kepada nasabah: tahun pertama: ela patriana & rijal assidiq mulyana: prosedur underwriting bancassurance130 al-iqtishad: vol. iv, no. 1, januari 2012 131 pada saat nasabah mengajukan pembiayaan ke bank, pada umumnya bank mensyaratkan nasabah untuk ikut asuransi sebagai antisipasi terjadinya risiko khususnya kematian. bank menunjuk asuransi atau bank memiliki mitra kerjasama dengan asuransi sebagai pihak yang mengcover risiko nasabah/ peserta asuransi, sebenarnya bank memiliki agunan tetapi agunan memiliki aspek likuiditas yang sangat rumit berbeda dengan asuransi yang proses pencairannya paling lama 1 bulan. asuransi pembiayaan dibuat berdasarkan pola pembiayaan yang ada pada bank. ada dua jenis manfaat produk asuransi takâful pembiayaan, yaitu manfaat menurun setiap bulan (decreasing term) dan manfaat tetap. produk fulnadi fulnadi adalah program asuransi perorangan yang bermaksud menyediakan dana pendidikan, dalam mata uang rupiah dan us dolar untuk putraputrinya sampai sarjana. manfaat takâful dana pendidikan adalah sebagai berikut: pertama, jika peserta panjang umur sampai akhir perjanjian, anak sebagai penerima hibah mendapatkan: (1) tahapan saat masuk (tk, sd, smp, sma, perguruan tinggi) dan jika tahapan yang jatuh tempo tidak diambil, akan diinvestasikan dan akan menambah beasiswa pada saat di perguruan tinggi; (2) beasiswa selama empat tahun di perguruan tinggi (sesuai masa perjanjian). kedua, jika peserta mengundurkan diri sebelum masa perjanjian berakhir, peserta mendapatkan: nilai tunai, yaitu seluruh dana di rekening tabungan peserta yang berasal dari saldo tabungan dan bagian keuntungan atas hasil investasinya (mudhârabah). ketiga, jika anak sebagai penerima hibah meninggal sebelum seluruh tahapan diterima peserta/ ahli waris mendapatkan: (1) nilai tunai. (2) santunan sebesar 10% manfaat takâful awal (premi tahunan x masa perjanjian). keempat, jika peserta mengalami musibah dalam masa perjanjian. (1) polis bebas premi, ahli waris mendapatkan: (a) santunan sebesar 50% manfaat takâful awal (jika meninggal karena sakit atau cacat tetap total karena kecelakaan) atau 100% manfaat takâful awal (jika meninggal karena kecelakaan). (b) nilai tunai. (2) anak sebagai penerima hibah mendapatkan: (a) tahapan pada saat masuk tk, sd, smp, sma, dan perguruan tinggi (sesuai masa perjanjian). (b) beasiswa setiap tahun sejak peserta mengalami musibah sampai dengan empat tahun di perguruan tinggi. kelima, jika setelah masa perjanjian berakhir dan masih dalam pemberian beasiswa di perguruan tinggi peserta mengalami musibah: (1) meninggal karena sakit atau cacat tetap total karena kecelakaan, ahli warisnya akan menerima nilai ela patriana & rijal assidiq mulyana: prosedur underwriting bancassurance132 al-iqtishad: vol. iv, no. 1, januari 2012 133 secara benar dan tidak ada kecurangan), insurable interest (adanya kepentingan peserta untuk ikut asuransi), dan lain sebagainya. (2) sesuai dengan kebijakan perusahaan. berikut penulis gambarkan ketentuan perusahaan mengenai proses seleksi risiko pada produk takâful pembiayaan. jenis penutupan data dan dokumen yang disyaratkan free cover 1. daftar pengajuan asuransi dari pemegang polis yang memuat data sekurang-kurangnya: a. nama lengkap calon peserta sesuai dengan id yang masih berlaku. b. tanggal lahir calon peserta. c. mulai perjanjian asuransi yang dikehendaki. d. jangka waktu perjanjian asuransi. e. jumlah pembiayaan/pinjaman yang diasuransikan. 2. daftar pengajuan asuransi tersebut ditandatangani dan distempel oleh pemegang polis non-medical formulir pengajuan asuransi takâful kumpulan, yang sudah diisi dengan lengkap dan benar, terdiri dari: 1. data peserta telah diisi sekurang-kurangnya : nama calon peserta; tanggal lahir dan pekerjaan calon peserta. 2. data asuransi telah diisi sekurang-kurangnya: jumlah manfaat takâful; jenis asuransi (termasuk pilihan jenis produk menurun bulanan/flat); masa perjanjian asuransi dan tanggal mulai perjanjian asuransi. 3. pernyataan kesehatan yang meliputi tinggi berat dan badan serta 5 point pertanyaan kondisi kesehatan telah diisi dengan lengkap. 4. tempat dan tanggal penandatanganan formulir telah diisi dengan lengkap. 5. ditandatangani oleh calon peserta (tidak boleh diwakilkan/atas nama). 6. diberi stempel oleh pemegang polis/pihak bank medikal 1. formulir pengajuan asuransi takâful kumpulan. 2. data hasil pemeriksaan medis yang telah ditetapkan: a : lpk + urine + darah rutin b : lpk + urine + darah rutin + ekg + thorax foto c : lpk + urine + darah lengkap*) + ekg + thorax foto d : lpk + urine + darah lengkap*) + treadmill + thorax foto e : 2 lpk + urine + darah lengkap*) + ekg + thorax foto f : 1. data medis berupa : 2 lpk + urine + darah lengkap + ekg + thorax foto + hiv test 2. data keuangan berupa financial statement (terlampir) g : 1. data medis berupa : 2 lpk + urine + darah lengkap + ekg + thorax foto + hiv test + tumor marker ela patriana & rijal assidiq mulyana: prosedur underwriting bancassurance134 (afp + cea) + usg abdomen. 2. data keuangan berupa financial statement; surat persetujuan bank; siup/tdp; laporan keuangan auditted (neraca l/r = perubahan modal); spt pph pribadi dan badan validated; rekening perusahaan dan pribadi keterangan *) : darah lengkap meliputi : analisis darah; cholesterol total; hdl; ldl; trigliserida; gula darah puasa; gula darah 2 jam pp; sgot; sgpt; bilirubin total; direk; indirek hbsag; ureum; creatinin. berdasarkan sk direksi nomor: atk.du.sk-019.07.08, maka batasan penutupan asuransi takâful pembiayaan berlaku per 1 juli 2008 adalah sebagai berikut: manfaat takâful (akumulasi) usia masuk peserta s.d 50 51 s.d. 55 56-60 s.d. 100,000,000 fc fc nm 100,000,001 s.d. 400,000,000 nm nm m – a 400,000,001 s.d. 600,000,000 nm nm m – b 600,000,001 s.d. 850,000,000 nm nm m – c 850,000,001 s.d. 1,000,000,000 m – c m d m – d 1,000,000,001 s.d. 1,500,000,000 m – d m e m – e 1,500,000,001 s.d. 2,000,000,000 m – e m f m – f 2,000,000,001 s.d. 4,000,000,000 m – f m f m – f diatas 4,000,000,000 m – g m g m – g keterangan fc : free cover nm : non-medical m : medikal a : lpk + urine lengkap + darah rutin b : lpk + urine lengkap + darah rutin + ekg + thorax foto c : lpk + urine lengkap + darah lengkap + ekg + thorax foto d : lpk + urine lengkap + darah lengkap + treadmill + thorax foto e : 2 lpk + urine lengkap + darah lengkap + treadmill + thorax foto f : data medis berupa : 2 lpk + urine + darah lengkap + ekg + thorax foto + hiv test data keuangan berupa financial statement g : data medis berupa : 2 lpk + urine + darah lengkap + ekg + thorax foto + hiv test + tumor marker (afp + cea) + usg abdomen. data keuangan berupa financial statement; surat persetujuan bank; siup/tdp; laporan keuangan auditted (neraca l/r = perubahan modal); spt pph pribadi dan badan validated; rekening perusahaan dan pribadi (3) underwriter dapat menentukan jumlah premi bagi calon peserta. al-iqtishad: vol. iv, no. 1, januari 2012 135 (afp + cea) + usg abdomen. 2. data keuangan berupa financial statement; surat persetujuan bank; siup/tdp; laporan keuangan auditted (neraca l/r = perubahan modal); spt pph pribadi dan badan validated; rekening perusahaan dan pribadi keterangan *) : darah lengkap meliputi : analisis darah; cholesterol total; hdl; ldl; trigliserida; gula darah puasa; gula darah 2 jam pp; sgot; sgpt; bilirubin total; direk; indirek hbsag; ureum; creatinin. berdasarkan sk direksi nomor: atk.du.sk-019.07.08, maka batasan penutupan asuransi takâful pembiayaan berlaku per 1 juli 2008 adalah sebagai berikut: manfaat takâful (akumulasi) usia masuk peserta s.d 50 51 s.d. 55 56-60 s.d. 100,000,000 fc fc nm 100,000,001 s.d. 400,000,000 nm nm m – a 400,000,001 s.d. 600,000,000 nm nm m – b 600,000,001 s.d. 850,000,000 nm nm m – c 850,000,001 s.d. 1,000,000,000 m – c m d m – d 1,000,000,001 s.d. 1,500,000,000 m – d m e m – e 1,500,000,001 s.d. 2,000,000,000 m – e m f m – f 2,000,000,001 s.d. 4,000,000,000 m – f m f m – f diatas 4,000,000,000 m – g m g m – g keterangan fc : free cover nm : non-medical m : medikal a : lpk + urine lengkap + darah rutin b : lpk + urine lengkap + darah rutin + ekg + thorax foto c : lpk + urine lengkap + darah lengkap + ekg + thorax foto d : lpk + urine lengkap + darah lengkap + treadmill + thorax foto e : 2 lpk + urine lengkap + darah lengkap + treadmill + thorax foto f : data medis berupa : 2 lpk + urine + darah lengkap + ekg + thorax foto + hiv test data keuangan berupa financial statement g : data medis berupa : 2 lpk + urine + darah lengkap + ekg + thorax foto + hiv test + tumor marker (afp + cea) + usg abdomen. data keuangan berupa financial statement; surat persetujuan bank; siup/tdp; laporan keuangan auditted (neraca l/r = perubahan modal); spt pph pribadi dan badan validated; rekening perusahaan dan pribadi (3) underwriter dapat menentukan jumlah premi bagi calon peserta. kedua, keputusan underwriting. dari proses seleksi risiko diatas penulis dapat menyimpulkan bahwa faktor-faktor risiko pada asuransi takâful pembiayaan adalah sebagai berikut: (1) usia, (2) kondisi kesehatan/riwayat kesehatan calon peserta pada saat didaftarkan, (3) besar manfaat takâful, (4) tinggi, berat badan, (5) pekerjaan, (6) lamanya perjanjian asuransi. setelah proses seleksi risiko pada calon peserta takâful pembiayaan dilalui, maka underwriter akan melakukan pengambilan keputusan atas risiko tersebut, yaitu: (a) diterima dengan kondisi standard; (b) diterima dengan kondisi substandard (dikenakan ekstra tabarru bagi calon peserta); (c) ditunda atau ditolak. proses underwriting dan keputusan underwriting fulnadi adapun tahapan-tahapan kegiatannya terdiri atas: pertama, field underwriting. field underwriting dimulai sewaktu calon peserta fulnadi mengisi aplikasi permohonan asuransi. pada tahap ini para agen dilatih untuk dapat mengumpulkan informasi mengenai calon peserta dan memprediksi kelas risiko yang akan diterima.kedua, verifikasi berkas dan data aplikasi. setelah dikirim ke kantor pusat, aplikasi permohonan diperiksa, diverifikasi, dan diseleksi. sebelum ditaksir oleh underwriter kantor pusat. ketiga, mengumpulkan informasi tambahan. sumber informasi mengenai kondisi calon peserta fulnadi diperoleh dari surat permohonan asuransi (aplikasi), laporan pemeriksaan kesehatan, keterangan dokter pribadi, keterangan agen dan inspection report.keempat, menilai risiko. penilaian risiko dilakukan terhadap seluruh aspek yang dapat menimbulkan atau meningkatkan terjadinya musibah. manfaat takâful usia ulang tahun terakhir s/d 50 thn 51-55 thn 56-60 thn < 100.000.000 us $ 20.0000 nm nm nm rp. 100.000.001 s/d rp. 200.000.000 us $ 20.001 us $ 40.0000 nm nm a rp. 200.000.001 s/d rp. 300.000.000 us $ 40.001 us $ 60.000 nm a b rp. 300.000.001 s/d rp. 400.000.000 us $ 60.001 us $ 80.000 a b c rp. 400.000.001 s/d rp. 500.000.000 us $ 80.001 us $ 100.000 b c d rp. 500.000.001 s/d rp. 750.000.000 us $ 100.001 us $ 150.000 c d e > rp.750.000.001 > us $ 150.001 e e e ela patriana & rijal assidiq mulyana: prosedur underwriting bancassurance136 keterangan: nm : non-medical a : lpk + urine lengkap + darah rutin + ekg b : lpk + urine lengkap + darah rutin + ekg + thorax foto c : lpk + urine lengkap + darah lengkap + ekg + thorax foto d : lpk + urine lengkap + darah lengkap + treadmill + thorax foto e : 2 lpk + urine lengkap + darah lengkap + treadmill + thorax foto + hiv test + financial statement kemudian dilanjutkan proses penggolongan risiko, penggolongan risiko dilakukan untuk memproses klasifikasi calon peserta yang memiliki tingkat risiko yang sama, digolongkan dalam kelas yang sama. kelima, membuat keputusan underwriting. setelah tahapan proses seleksi risiko diatas dilalui, tahapan berikutnya adalah membuat keputusan underwriting. penutup pada takâful pembiayaan proses seleksi risiko dimulai ketika bank menyerahkan surat pengajuan asuransi, selanjutnya underwriter pusat atau cabang memverifikasi berkas dan menilai risiko. pada fulnadi proses seleksi risiko dimulai dari field underwriting, verifikasi berkas dan data yang dilakukan di kantor pusat dan cabang, selanjutnya penilaian dan penggolongan tingkat risiko untuk kemudian dilakukan keputusan underwriting oleh underwriter. khusus untuk produk full protek, tidak ditemukan serangkaian kegiatan underwriting oleh underwriter pt. asuransi takâful keluarga. dari analisis penulis dapat disimpulkan bahwa perbedaan dari masing-masing produk yang menjadi fokus penelitian lebih banyak dipengaruhi oleh karakterisitik dari masingmasing produk. letak persamaannya, lebih menitikberatkan pada aspek-aspek yang penulis anggap normatif dan prosedural. [] pustaka acuan bailey, richard, underwriting dalam perusahaan asuransi jiwa dan kesehatan, jakarta: yayasan dharma bumiputera, 1996. kenneth, huggins dan land, robert d. operasi perusahaan asuransi jiwa dan asuransi kesehatan, jakarta: yayasan dharma bumiputera, 1996. moleong, lexy j., metodologi penelitian kualitatif, bandung: pt. remaja rosdakarya, 2007. rohadi, seleksi risiko fulnadi, jakarta: pt. asuransi takâful keluarga, 2009. sula, muhammad syakir, asuransi syariah (life and general) konsep dan sistem operasional, jakarta: gema insani press, 2005. abd halim mohd. noor is a lecturer at universiti teknologi mara (uitm), malaysia. he’s also a research fellow at zakat research institute of malaysia (ikaz) and accounting research institute (ari). abd halim received his phd in economics from cardiff university, wales, uk in 1999. his area of research includes industrial economics, islamic economics, zakat and waqf. andi reni is ph.d candidate at college of business, universiti utara malaysia. she also as a lecture at airlangga university. she also as a researcher on islamic economics and finance studies. ari prasetyo is lecture at airlangga university. he finished his bachelor until doctoral degree at airlangga university. he also as a researcher on islamic economics and finance studies. aslam mei nur widigdo is a ph.d student at agricultural bogor university. he also as a researcher on islamic economics and finance studies bayu taufiq possumah is a ph.d in islamic economics from universiti kebangsaan malaysia (ukm). currently, he is a researcher at the research center for islamic economics and finance (ekonis) ukm and lecturer at tazkia university college of islamic economic about authors indonesia. he has published in several referred journals. he has presented papers at many international and local conferences. desti anggraini is a research staff at university indonesia. she finished bachelor degree at agricultural university of bogor and master degree at university of indonesia. she also as a researcher on islamic economics and finance studies. ernawati is lecture halu oleo university. she also as a researcher on islamic economics and finance studies farra munna harun currently is ph.d candidate of philosophy at institute islam hadhari-universiti kebangsaan malaysia and master degree from university of indonesia and also bachelor degree from universiti bina nusantara. idqan fahmi is the lecture at economics department at agricultural bogor university. he finished bachelor degree at agricultural bogor university, and got his master of economics from university of new england, australia and doctoral degree at agricultural bogor university. imronjana syapriatama is master student at airlangga university. he finished his bachelor degree padjajaran university. intan kusuma pratiwi is a master student at airlangga university. she also as a researcher on islamic economics and finance studies. irfan syauqi beik is the lecture at economics department at agricultural bogor university. he finished bachelor degree at agricultural bogor university, and got his master of science in islamic economics at institute of islamic economics international islamic university islamabad, pakistan. he got a doctoral degree of philosophy in islamic economics at kuliyyah of economics and management sciences di international islamic university of malaysia. khamim hudori is a researcher in islamic economics and finance. he finished master degree at university of indonesia. marimin is a lecture at agricultural bogor university. he finished the bachelor degree at agricultural bogor university. he also got his master at university of western ontario and doctor of philosophy from osaka university. muhamad nadratuzzaman hosen is the lecture at syarif hidayatullah state islamic university jakarta. he finished the bachelor degree at agricultural bogor university, and got his master at regional planning at ipb. he also got his master of economics and doctor of philosophy in economics from university of new england, australia. m shabri abd madjid received his sarjana ekonomi (se) from syiah kuala university, indonesia, in 1995. he completed his master of economics (mec) and phd in financial economics from the international islamic university malaysia (iium) in 1998 and 2005, respectively. his research interests include applied econometrics, islamic economics, banking and finance. muhammad hakimi bin mohd. shafiai is currently senior lecturer at school of economics, universiti kebangsaan malaysia. he received phd (islamic economics) from graduate school of asian and african area studies, kyoto university, japan. he holds a bachelor degree (shariah and economics) and also ma (shariah & economics) from university of malaya. nor hayati ahmad is lecture at college of business, universiti utara malaysia. she also as a researcher on islamic economics and finance studies. nova rini is a lecture stie of muhammadiyah jakarta. she finished bachelor degree at university of riau and master degree at university of indonesia. she also as a researcher on islamic economics and finance studies. nurul huda is a lecture at faculty of economic university of yarsi. finished his master degree at university of indonesia, and doctoral degree at university of airlangga. now he as a head of master of management department university of yarsi. also as a researcher on islamic economics and finance studies. rafika rahmawati is the lecture of university of islam 45. she finished her bachelor degree at syarif hidayatullah state islamic university of jakarta and master degree at agricultural bogor university. sri herianingrum is the lecture of sharia economics department, faculty of economics and business airlangga university. she finished her bachelor until doctoral degree at airlangga university. she also as a researcher on islamic economics and finance studies. tulus suryanto is the lecture of iain raden intan lampung indonesia. he also as a researcher on islamic economics and finance studies. yosi mardoni is the lecture at open university of indonesia. she finished her master degree at university of indonesia. she also as a researcher on islamic economics and finance studies copyright transfer agreement authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) as publisher of this journal. copyright encompasses exclusive rights to reproduce and deliver the article in all forms and media, including reprints, photographs, microfilms and any other similar reproductions, as well as translations. the reproduction of any part of this journal, its storage in databases and its transmission by any forms or media, such as electronic, electrostatic and mechanical copies, photocopies, recordings, magnetic media, etc., will be allowed only with a written permission from al-iqtishad: 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university islamabad–pakistan) ratno purnomo (university of general soedirman–indonesia) roszaini haniffa (heriot watt university–uk) abd. halim mohd. noor andi reni ari prasetyo aslam mei nur widigdo bayu taufiq possumah desti anggraini ernawati farra munna harun idqan fahmi imronjana syapriatama intan kusuma pratiwi irfan syauqi beik authors index khamim hudori marimin m hakimin bin moh shaifai m nadratuzzaman hosen m. shabri abd. majid nor hayati ahmad nova rini nurul huda rafika rahmawati sri herianingrum tulus suryanto yosi mardoni alignment index audit professionalism auditors’ opinions business process reengineering dual monetary policy dysfunctional behavior ecm efficiency exchange rate exploratory study higher education institution intention islamic banking islamic business ethics islamic economics islamic stock market islamic work ethics issues subject index macroeconomics malaysia marketing communication money supply mudharaba murabaha musharaka profitability profit-loss 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(ر) f = (ف) t = ( ة ) short vocal long vocal ______ = a â = (—ا) ______ = i î = (—ى) ______ = u û = (—و) diftong pembauran aw = (أو) al = (ال) ( ) = ay al-sy = (الش) -wa al = (وال) 20. the manuscript in microsoft word should be sent to iqtishad@uinjkt.ac.id or through online submission at: http://journal.uinjkt.ac.id/index.php/iqtishad/user/register 21. a brief cv that records full name, academic title, institution, telephone, fax and mobile number should accompany the manuscript. 22. the decision of the manuscript are: a. accepted, or b. accepted with minor revision, or c. accepted with major revision, or d. rejected. 23. upon the publication of the manuscript in the journal, the author will receive a publication proof number and 3 off-prints. 24. further information about the journal can be seen at http://journal.uinjkt.ac.id/index. php/iqtishad ibn mâjah, imam, sunan ibn mâjah, bayrût: dar al-kutub al-‘alamiyyah, t.th. qurthubî, al-, al-jâmi‘ li ahkâm al-qur’ân, al-qâhirah: dâr al-sya‘b, 1372 h. qutb, sayyid, fî zhilâl al-qur’ân, t.tp: dâr al-fikr , t.th. syawkânî, al-, fath al-qâdir, bayrût: dâr al-fikr, t.th. thabârî, al-, jâmi‘ al-bayân ‘an ta’wîl ay al-qur’ân, bayrût: dâr al-fikr ,1405 h. zuhaily, wahbah , al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr, 1985. zuhri, muh., riba dalam al-qur’an dan masalah perbankan: sebuah tilikan antisipatif, jakarta: rajagrafindo persada,1996. etos ekonomi kaum tarekat shiddiqiyyah syahrul a’dam abstract: the economic ethos of tharîqah of shiddiqiyyah. congregations are often used as a scapegoat in the deterioration of islam. concepts of zuhud, indigent, and trust activities of the congregation are considered distancing from worldly life. so, the lives of the congregation is a fatalist and a life away from the world. this opinion is not entirely true, because apparently shiddiqiyyah congregation very concerned in economic life. not only for the sake of his followers, but also for the surrounding community. moreover, the economic activity they do is considered as a manifestation practice of congregation itself. keywords: economic ethos, the congregation, shiddiqiyyah congregation abstrak: etos ekonomi kaum tarekat shiddiqiyyah. tarekat seringkali dijadikan kambing hitam kemunduran islam. konsep-konsep zuhud, fakir, dan tawakal dianggap menjauhkan aktivitas kaum tarekat dari kehidupan duniawi, sehingga kehidupan yang dijalani adalah kehidupan fatalis dan menjauhi dunia. pendapat tersebut tidaklah sepenuhnya benar, sebab ternyata tarekat shiddiqiyyah sangat memperhatikan kehidupan ekonomi. tidak hanya untuk kepentingan para pengikutnya, tetapi juga untuk masyarakat sekitar. bahkan aktivitas ekonomi yang mereka lakukan dianggap sebagai wujud pengamalan dari tarekat itu sendiri. kata kunci: etos ekonomi, kaum tarekat, tarekat shiddiqiyyah naskah diterima: 30 desember 2010, direvisi: 1 juni 2011, disetujui: 9 juni 2011.  institut agama islam (iai) al-aqidah jakarta. jl. jl kayumanis barat no 99 jakarta timur. e-mail: syahruladammufti@yahoo.com syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah314 pendahuluan menurut bambang pranowo, menghubungkan tarekat dengan aktivitas ekonomi sebenarnya dapat mengarah pada generalisasi yang mengandung keberatan. selain karena banyaknya aliran tarekat yang ada di dunia islam dengan karakteristik yang berbeda-beda, juga tempat hidup dan diamalkannya tarekat seringkali membuat variasi yang berbeda-beda pula.1 apalagi jika dikaitkan dengan pendapat yang umum yang mengatakan bahwa tarekat adalah urusan hubungan dengan allah yang lebih berorientasi pada akhirat, sementara ekonomi adalah aktivitas yang lebih mengarah kepada hubungan kepada sesama manusia dan lebih berorientasi duniawi. apalagi jika dikaitkan dengan tuduhan bahwa urusan tasawuf termasuk di dalamnya tarekat adalah yang mempunyai kontribusi besar terhadap kemunduran islam, terutama dengan sikap zuhud dan fakir yang dipahami sebagai anti dunia. dalam rangka memahami dan meluruskan pandangan tersebut, ada baiknya melihat secara riil etos dan aktivitas yang dilakukan kaum tarekat terkait dengan persoalan ekonomi, terutama yang dilakukan oleh tarekat shiddiqiyyah. berkenalan dengan tarekat shiddiqiyyah tarekat shiddiqiyyah adalah tarekat yang muncul dan diperkenalkan di ploso jombang pada tahun 1959 oleh seorang mursyid bernama kyai moch. muchtar ibn haji abdul mu’thi. kemunculan nama shiddiqiyyah sebenarnya bukan semata-mata keinginan kyai muchtar, tetapi atas anjuran gurunya, syekh syu‘aib jamali al-bantani.2 sebelum tarekat itu resmi dinamakan dengan tarekat shiddiqiyyah, mulanya disebut dengan tarekat khalwatiyah shiddiqiyyah.3 tetapi sejalan dengan perjalanan waktu, maka nama khalwâtiyah tidak lagi disebut dalam rangkaian nama tarekat tersebut, sehingga menjadi tarekat shiddiqiyyah saja. perubahan nama atau penamaan baru seperti itu dalam dunia tarekat merupakan sesuatu yang wajar dan diakui kebenarannya. aboebakar atjeh mengatakan, pergantian nama dalam tarekat merupakan sesuatu yang wajar sesuai dengan pengaruh syekh-syekh tarekat yang mengamalkan belakangan, keadaan setempat, dan keadaan bangsa yang menganut tarekat-tarekat tersebut. 1lihat bambang pranowo, "tarekat dan perilaku eonomi" dalam pesantren nomor 1 vol ix 1992: tarekat dan gerakan rakyat, (jakarta: p3m), h. 15. 2beliau diduga sebagai keturunan ketujuh dari syekh muhammad yûsuf al-makassari, mursyid tarekat khalwatiyah. 3setidaknya sampai tahun 1973 masih dikenal dengan nama tersebut, tetapi setelah mendirikan yayasan pendidikan shiddiqiyyah yang tercatat pada notaris goesti djohan tanggal 10 apri 1973, hanya nama tarekat shiddiqiyyah yang digunakan. al-iqtishad: vol. iii, no. 2, juli 2011 315 pendahuluan menurut bambang pranowo, menghubungkan tarekat dengan aktivitas ekonomi sebenarnya dapat mengarah pada generalisasi yang mengandung keberatan. selain karena banyaknya aliran tarekat yang ada di dunia islam dengan karakteristik yang berbeda-beda, juga tempat hidup dan diamalkannya tarekat seringkali membuat variasi yang berbeda-beda pula.1 apalagi jika dikaitkan dengan pendapat yang umum yang mengatakan bahwa tarekat adalah urusan hubungan dengan allah yang lebih berorientasi pada akhirat, sementara ekonomi adalah aktivitas yang lebih mengarah kepada hubungan kepada sesama manusia dan lebih berorientasi duniawi. apalagi jika dikaitkan dengan tuduhan bahwa urusan tasawuf termasuk di dalamnya tarekat adalah yang mempunyai kontribusi besar terhadap kemunduran islam, terutama dengan sikap zuhud dan fakir yang dipahami sebagai anti dunia. dalam rangka memahami dan meluruskan pandangan tersebut, ada baiknya melihat secara riil etos dan aktivitas yang dilakukan kaum tarekat terkait dengan persoalan ekonomi, terutama yang dilakukan oleh tarekat shiddiqiyyah. berkenalan dengan tarekat shiddiqiyyah tarekat shiddiqiyyah adalah tarekat yang muncul dan diperkenalkan di ploso jombang pada tahun 1959 oleh seorang mursyid bernama kyai moch. muchtar ibn haji abdul mu’thi. kemunculan nama shiddiqiyyah sebenarnya bukan semata-mata keinginan kyai muchtar, tetapi atas anjuran gurunya, syekh syu‘aib jamali al-bantani.2 sebelum tarekat itu resmi dinamakan dengan tarekat shiddiqiyyah, mulanya disebut dengan tarekat khalwatiyah shiddiqiyyah.3 tetapi sejalan dengan perjalanan waktu, maka nama khalwâtiyah tidak lagi disebut dalam rangkaian nama tarekat tersebut, sehingga menjadi tarekat shiddiqiyyah saja. perubahan nama atau penamaan baru seperti itu dalam dunia tarekat merupakan sesuatu yang wajar dan diakui kebenarannya. aboebakar atjeh mengatakan, pergantian nama dalam tarekat merupakan sesuatu yang wajar sesuai dengan pengaruh syekh-syekh tarekat yang mengamalkan belakangan, keadaan setempat, dan keadaan bangsa yang menganut tarekat-tarekat tersebut. 1lihat bambang pranowo, "tarekat dan perilaku eonomi" dalam pesantren nomor 1 vol ix 1992: tarekat dan gerakan rakyat, (jakarta: p3m), h. 15. 2beliau diduga sebagai keturunan ketujuh dari syekh muhammad yûsuf al-makassari, mursyid tarekat khalwatiyah. 3setidaknya sampai tahun 1973 masih dikenal dengan nama tersebut, tetapi setelah mendirikan yayasan pendidikan shiddiqiyyah yang tercatat pada notaris goesti djohan tanggal 10 apri 1973, hanya nama tarekat shiddiqiyyah yang digunakan. untuk memperkuat argumen ini, aboebakar atjeh, mencontohkan tarekat naqsyabandiyah yang pada ajaran-ajarannya banyak ditulis dengan memakai istilah-istilah persia.4 namun demikian, perubahan nama seperti itu hanya bisa dilakukan oleh seseorang yang sudah diberi kepercayaan oleh gurunya. di indonesia sendiri banyak tarekat yang merupakan kreasi ulama indonesia dan memberikan dengan nama yang baru, sebut saja tarekat qadiriyah wa naqsyabandiyah. tarekat ini adalah hasil kreasi syekh ahmad khatib al-sambasi al-makki yang menggabungkan ajaran-ajaran tarekat qadiriyah dan tarekat naqsyabandiyah.5 walaupun dalam banyak kasus, nama tarekat selalu diambil dari nama pendirinya, tetapi kyai muchtar tidak menamakan tarekatnya dengan nama yang identik dengan nama dirinya, misalnya tarekat muchtariyah, justru ia menggunakan nama shiddiqiyyah. ini dilakukan semata-mata karena sikap tawâdhu dan ta’zhîm pada gurunya yang memang telah berpesan supaya ia mengganti nama tarekat yang diajarkannya dengan nama shiddiqiyyah.6 kyai muchtar sendiri pada mulanya tidak hanya mempelajari tarekat dari syekh syu’aib jamli al-bantani, tetapi juga telah belajar tarekat naqsyabandiyah khâlidiyyah, tarekat anfasiyah, tarekat akmaliyah, dan tarekat nâriyyah. hanya saja ia tidak mempunyai izin untuk mengadakan pembaiatan tarekat-tarekat tersebut, kecuali tarekat anfasiyah, tarekat akmaliyah dan tarekat shiddiqiyyah.7 dari ketiga tarekat yang telah dipelajarinya tersebut, hanya tarekat shiddiqiyyahlah yang diajarkan dan dikembangkan sampai saat ini. tujuan pengajaran tarekat shiddiqiyyah adalah: pertama, mendidik dan membimbing manusia untuk dekat dan kenal kepada allah yaitu dengan melalui zikir, baik zikir jahr maupun zikir sirr. kedua, mendidik dan membimbing manusia supaya bertakwa kepada allah dengan sebenar-benarnya takwa dengan melalui pelaksanaan ibadah seperti salat, puasa, dan melakukan zikir. ketiga, mendidik dan membimbing manusia supaya menjadi hamba yang bersyukur kepada allah.8 pada mulanya, pengajaran tarekat shiddiqiyyah tidak menimbulkan gejolak di tengah-tengah masyarakat. paling tidak, sampai dengan tahun 1967-an telah tercatat sebanyak 30 orang yang menjadi murid tarekat shiddiqiyyah. 4 aboubakar atjeh, pengantar ilmu tarekat (uraian tentang mistik), (solo: ramadhani, 1992), cet. vii, h. 303. 5 harisuddin aqib, al-hikmah memahami teosifi tarekat qadiriyah wa naqsyabandiyah, (surabaya: dunia ilmu, 2000), cet. ii, h. 53-54. 6muhammad munif (khalifah tarekat shiddiqiyyah), wawancara, 6 juni 2004. 7kyai mochmmad muchtar mu’thi, metode khusyu’, (jombang: irrmmqm), h. 73. 8muhammad munif ( khalifah tarekat shiddiqiyyah), wawancara, 6 juni 2004. syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah316 mereka mempunyai semangat yang gigih untuk terus menyebarkan kelezatan zikir yang telah mereka rasakan kepada orang lain. berkat kegigihan mereka, pelan tapi pasti tarekat shiddiqiyyah mulai dikenal dan menarik masyarakat untuk berbaiat. pada tahun 1970-an jumlah pengikut tarekat diperkirakan sudah mencapai ratusan. bersamaan dengan itu, sudah tercatat lima orang yang mencapai tingkatan khalifah di kecamatan ploso jombang, yaitu slamet makmun, sunyoto hasan ahmad, saifu umar ahmadi, ahmad syafi‘in dan m. alimun. kelima khalifah tersebut sangat giat dalam melaksanakan usaha penyebaran dan mengadakan pembaiatan. kegigihan mereka dalam penyebaran barangkali terkait erat dengan umur mereka ketika menjadi khalifah yang relatif muda yakni sekitar 2341 tahun.9 tentu ini merupakan sesuatu yang agak berbeda jika dibandingkan dengan khalifah tarekat-tarekat lain yang biasanya sudah berusia yang relatif tua, yakni di atas usia 50 tahun. pada tahun-tahun inilah rintangan dan tantangan mulai muncul. tantangan itu selain bersifat politik, juga sentimen keagamaan. yang bersifat politik misalnya terjadi ketika mursyid tarekat shiddiqiyyah, kyai muchtar, menjadi anggota guppi (gabungan usaha perbaikan pendidikan islam) yang merupakan salah satu badan otonom golongan karya yang membidangi pendidikan islam.10 ini berarti bahwa tarekat shiddiqiyyah secara politik berafiliasi ke golkar, sementara kebanyakan murid-murid tarekat shiddiqiyyah berasal dari orang-orang partai nahdlatul ulama, dan sebagian kecil parmusi, pni, dan lainnya yang nota bene mestinya mereka harus loyal kepada partai masing-masing. loyalitas tarekat shiddiqiyyah kepada golkar menunjukkan hasil yang signifikan. ini terbukti dalam pemilu waktu itu golkar berhasil menjadi pemenangnya.11 sejak saat itu, bermunculanlah fitnah, baik yang ditujukan kepada tarekat shiddiqiyyah maupun juga kepada pribadi mursyid-nya. dikatakan bahwa ajaran tarekat shiddiqiyyah adalah ajaran yang batal, ajaran sihir, ajaran klenik, ajaran 9lihat muhammad sodli, tarekat shiddiqiyyah, h. 16. 10bergabungnya kyai muchtar ke dalam guppi setelah mempelajari anggaran dasar guppi yang dengan jelas menyatakan, ‚dasar pendidikan ialah ajaran islam mazhab ahl al-sunnah wa almja’ah di dalam rangka pelaksanaan falsafah negara pancasila. (pasal 2). tujuannya adalah membentuk manusia muslim indonesia berdasarkan ketentuan-ketentuan yang dikehendaki oleh pembukaan undang-undang dasar 1945 (pasal 3). dengan isi pendidikan yang diarahkan pada mempertinggi mental, moral, budi pekerti, dan memperkuat keyakinan, mempertinggi kecerdasan dan keterampilan, serta membina perkembangan jasmani yang kuat dan sehat. apa yang ada dalam anggran dasar tersebut dianggap sejalan dengan yang diinginkan oleh tarekat shiddiqiyyah. (lihat, muhammad munif, penjelasan thariqah shiddiqiyyah (jombang: yps, 1973), h. 6. 11muhammad munif (khalifah tarekat shiddiqiyyah), wawancara, 14 agustus 2004. al-iqtishad: vol. iii, no. 2, juli 2011 317 mereka mempunyai semangat yang gigih untuk terus menyebarkan kelezatan zikir yang telah mereka rasakan kepada orang lain. berkat kegigihan mereka, pelan tapi pasti tarekat shiddiqiyyah mulai dikenal dan menarik masyarakat untuk berbaiat. pada tahun 1970-an jumlah pengikut tarekat diperkirakan sudah mencapai ratusan. bersamaan dengan itu, sudah tercatat lima orang yang mencapai tingkatan khalifah di kecamatan ploso jombang, yaitu slamet makmun, sunyoto hasan ahmad, saifu umar ahmadi, ahmad syafi‘in dan m. alimun. kelima khalifah tersebut sangat giat dalam melaksanakan usaha penyebaran dan mengadakan pembaiatan. kegigihan mereka dalam penyebaran barangkali terkait erat dengan umur mereka ketika menjadi khalifah yang relatif muda yakni sekitar 2341 tahun.9 tentu ini merupakan sesuatu yang agak berbeda jika dibandingkan dengan khalifah tarekat-tarekat lain yang biasanya sudah berusia yang relatif tua, yakni di atas usia 50 tahun. pada tahun-tahun inilah rintangan dan tantangan mulai muncul. tantangan itu selain bersifat politik, juga sentimen keagamaan. yang bersifat politik misalnya terjadi ketika mursyid tarekat shiddiqiyyah, kyai muchtar, menjadi anggota guppi (gabungan usaha perbaikan pendidikan islam) yang merupakan salah satu badan otonom golongan karya yang membidangi pendidikan islam.10 ini berarti bahwa tarekat shiddiqiyyah secara politik berafiliasi ke golkar, sementara kebanyakan murid-murid tarekat shiddiqiyyah berasal dari orang-orang partai nahdlatul ulama, dan sebagian kecil parmusi, pni, dan lainnya yang nota bene mestinya mereka harus loyal kepada partai masing-masing. loyalitas tarekat shiddiqiyyah kepada golkar menunjukkan hasil yang signifikan. ini terbukti dalam pemilu waktu itu golkar berhasil menjadi pemenangnya.11 sejak saat itu, bermunculanlah fitnah, baik yang ditujukan kepada tarekat shiddiqiyyah maupun juga kepada pribadi mursyid-nya. dikatakan bahwa ajaran tarekat shiddiqiyyah adalah ajaran yang batal, ajaran sihir, ajaran klenik, ajaran 9lihat muhammad sodli, tarekat shiddiqiyyah, h. 16. 10bergabungnya kyai muchtar ke dalam guppi setelah mempelajari anggaran dasar guppi yang dengan jelas menyatakan, ‚dasar pendidikan ialah ajaran islam mazhab ahl al-sunnah wa almja’ah di dalam rangka pelaksanaan falsafah negara pancasila. (pasal 2). tujuannya adalah membentuk manusia muslim indonesia berdasarkan ketentuan-ketentuan yang dikehendaki oleh pembukaan undang-undang dasar 1945 (pasal 3). dengan isi pendidikan yang diarahkan pada mempertinggi mental, moral, budi pekerti, dan memperkuat keyakinan, mempertinggi kecerdasan dan keterampilan, serta membina perkembangan jasmani yang kuat dan sehat. apa yang ada dalam anggran dasar tersebut dianggap sejalan dengan yang diinginkan oleh tarekat shiddiqiyyah. (lihat, muhammad munif, penjelasan thariqah shiddiqiyyah (jombang: yps, 1973), h. 6. 11muhammad munif (khalifah tarekat shiddiqiyyah), wawancara, 14 agustus 2004. darmo gandul, olah raga gila, ajaran yang menyimpang dari ajaran islam, ajaran merusak islam, merugikan masyarakat dan lain sebagainya.12 dikatakan sebagai fitnah, sebab sebenarnya sudah ada aturan yang jelas untuk menyatakan suatu ajaran sesat atau tidak, yaitu dengan melalui prosesproses berikut: (a) masyarakat melaporkan aliran tersebut kepada aparat departemen agama setempat; (b) atas dasar laporan tersebut aparat departemen agama melakukan pengumpulan data dan informasi di lapangan; (c) selanjutnya hasil pengumpulan data dan informasi tersebut dirapatkan di antara pelbagai unsur yang tergabung dalam badan koordinasi pengawas aliranaliran kepercayaan masyarakat (bako pakem) yang berada di bawah instansi kejaksaan setempat; (d) hasil pembahasan kemudian disampaikan kepada majelis ulama setempat untuk dimintakan fatwanya; (e) majelis ulama setempat memberikan fatwa yang menyatakan sesat atau tidaknya ajaran atau aliran yang dilaporkan; (f) jika ajaran atau aliran tersebut oleh majelis ulama dinyatakan sesat, maka pihak kejaksaan akan mengeluarkan larangan terhadap ajaran atau aliran tersebut.13 pelbagai macam bentuk fitnahan tersebut selain dilakukan dengan lisan misalnya melalui pengajian, khutbah jum‘at, pidato pada beberapa pertemuan, dan siaran radio amatir, juga berbentuk tulisan misalnya dengan cara menyebarkan surat-surat edaran, surat laporan kepada pejabat, dan coretan-coretan di pelbagai tempat.14 salah satu bukti yang berupa surat edaran adalah yang dibuat oleh kepala dinas urusan agama kabupaten nganjuk yang ditandatangani oleh sekretarisnya dengan nama drs. azis abror tertanggal 27 maret 1972 nomor 128/di/fit/k/72 yang ditujukan kepada kua sawahan dan tanjung anom nganjuk yang ditembuskan kepada kepala kua se-kabupaten nganjuk, kepala purad kediri, dan kepala jawatan urusan agama propinsi jawa timur. adapun isi surat tersebut antara lain: (1) bahwa kyai muchtar telah mengajarkan tarekat shiddiqiyyah di desa ngliman dengan khalwat selama tujuh hari dalam empat gelombang bertempat di masjid ngliman; (2) para pengikutnya memberitahukan bahwa barangsiapa yang tidak mengikutinya masuk neraka, dan apabila mengikuti dan melakukan khalwat selama 40 hari akan bertemu allah dan masuk surga; (3) bila 12muhammad munif, penjelasan thariqah shiddiqiyyah, h. 8. 13 m. bambang pranowo, islam aktual antara tradisi dan relasi kuasa (yogyakarta: adicita karya nusa, 1998), h. 125. 14 muhammad munif, penjelasan thariqah shiddiqiyyah, h. 8. syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah318 ada orang yang menginginkan nomer buntut sip, supaya masuk tarekat tersebut.15 laporan dan fitnah lain mengatakan bahwa kegiatan tarekat shiddiqiyyah yang sedang melakukan khalwat di masjid ngliman, merupakan kegiatan untuk membabati orang-orang golkar. untungnya laporan seperti itu segera dijawab oleh ketua umum guppi jawa timur yang ditujukan kepada danres kepolisian nganjuk tertanggal 21 juni 1972, nomor: 067/vi/x/kos/72 dengan tembusan kepada bupati nganjuk, dandim nganjuk, kejaksaan nganjuk, pimpinan golkar tk. ii nganjuk, pimpinan guppi tk.ii nganjuk, pimpinan golkar tk.i jawa timur, kyai muchtar mu’thi, dan arsip. di antara isinya adalah menyatakan bahwa kyai muchtar selaku mursyid tarekat shiddiqiyyah dan para pengikutnya telah menjadi anggota guppi sejak sebelum pemilu, dan pelbagai kegiatannya telah ikut memenangkan gorkar dalam pemilu di pelbagai daerah.16 sedangkan yang bersifat sentimen keagamaan misalnya terjadi ketika melihat banyaknya orang yang mulai tertarik dan berbaiat kepada tarekat shiddiqiyyah, sehingga menimbulkan pelbagai kecurigaan terhadap ajaran dan cara penyebaran tarekat ini. kontroversi tersebut semakin mencuat ketika seorang guru pga nu yang bernama muhammad munif, berasal dari tapen jombang, bergabung dengan tarekat shiddiqiyyah. kontroversi itu terjadi, disebabkan muhammad munif—selain sebagai guru pga juga merupakan kader nu yang saat itu aktif di anshor—secara tiba-tiba ikut belajar tarekat akibat ajakan seseorang yang ilmu agamanya dianggap ‚sangat minim‛. bak seseorang yang kena ‚sihir‛ muhammad munif sejak ajakan itu menjadi rajin mengikuti pengajian di ploso. makanya warga tapen akhirnya menghembuskan isu bahwa kyai muctar mu’thi adalah dukun sihir yang sakti.17 selain itu, sebenarnya teman-teman munif juga telah memperingatkan kepadanya supaya tidak mengikuti ajaran kyai mochammad muchtar mu’thi di ploso. kalau memang ia ingin belajar tarekat, mengapa tidak mengikuti tarekat yang diajarkan di rejoso di bawah pimpinan kyai musta’in romli. hanya saja tawaran tersebut tidak diindahkan, dia merasa lebih tertarik dengan cara-cara pengajaran islam yang diajarkan oleh kyai muchtar.18 sejak saat itu, tarekat shiddiqiyyah yang diajarkan kyai muchtar mu’thi mulai diperhitungkan. bagaimana tidak, kader nu sekaliber muhammad munif yang militan bisa begitu saja ikut bergabung dengan tarekat yang baru saja 15muhammad munif, penjelasan thariqah shiddiqiyyah, h. 9. 16muhammad munif, penjelasan thariqah shiddiqiyyah, h. 10-11. 17muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. 18muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004 al-iqtishad: vol. iii, no. 2, juli 2011 319 ada orang yang menginginkan nomer buntut sip, supaya masuk tarekat tersebut.15 laporan dan fitnah lain mengatakan bahwa kegiatan tarekat shiddiqiyyah yang sedang melakukan khalwat di masjid ngliman, merupakan kegiatan untuk membabati orang-orang golkar. untungnya laporan seperti itu segera dijawab oleh ketua umum guppi jawa timur yang ditujukan kepada danres kepolisian nganjuk tertanggal 21 juni 1972, nomor: 067/vi/x/kos/72 dengan tembusan kepada bupati nganjuk, dandim nganjuk, kejaksaan nganjuk, pimpinan golkar tk. ii nganjuk, pimpinan guppi tk.ii nganjuk, pimpinan golkar tk.i jawa timur, kyai muchtar mu’thi, dan arsip. di antara isinya adalah menyatakan bahwa kyai muchtar selaku mursyid tarekat shiddiqiyyah dan para pengikutnya telah menjadi anggota guppi sejak sebelum pemilu, dan pelbagai kegiatannya telah ikut memenangkan gorkar dalam pemilu di pelbagai daerah.16 sedangkan yang bersifat sentimen keagamaan misalnya terjadi ketika melihat banyaknya orang yang mulai tertarik dan berbaiat kepada tarekat shiddiqiyyah, sehingga menimbulkan pelbagai kecurigaan terhadap ajaran dan cara penyebaran tarekat ini. kontroversi tersebut semakin mencuat ketika seorang guru pga nu yang bernama muhammad munif, berasal dari tapen jombang, bergabung dengan tarekat shiddiqiyyah. kontroversi itu terjadi, disebabkan muhammad munif—selain sebagai guru pga juga merupakan kader nu yang saat itu aktif di anshor—secara tiba-tiba ikut belajar tarekat akibat ajakan seseorang yang ilmu agamanya dianggap ‚sangat minim‛. bak seseorang yang kena ‚sihir‛ muhammad munif sejak ajakan itu menjadi rajin mengikuti pengajian di ploso. makanya warga tapen akhirnya menghembuskan isu bahwa kyai muctar mu’thi adalah dukun sihir yang sakti.17 selain itu, sebenarnya teman-teman munif juga telah memperingatkan kepadanya supaya tidak mengikuti ajaran kyai mochammad muchtar mu’thi di ploso. kalau memang ia ingin belajar tarekat, mengapa tidak mengikuti tarekat yang diajarkan di rejoso di bawah pimpinan kyai musta’in romli. hanya saja tawaran tersebut tidak diindahkan, dia merasa lebih tertarik dengan cara-cara pengajaran islam yang diajarkan oleh kyai muchtar.18 sejak saat itu, tarekat shiddiqiyyah yang diajarkan kyai muchtar mu’thi mulai diperhitungkan. bagaimana tidak, kader nu sekaliber muhammad munif yang militan bisa begitu saja ikut bergabung dengan tarekat yang baru saja 15muhammad munif, penjelasan thariqah shiddiqiyyah, h. 9. 16muhammad munif, penjelasan thariqah shiddiqiyyah, h. 10-11. 17muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. 18muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004 muncul. bersamaan dengan itu murid-murid shiddiqiyyah dengan samangat jihad yang terpatri dalam hati untuk menyebarkan zikir terus menggeliat di tengah-tengah masyarakat, sehingga ada kekhawatiran pihak-pihak tertentu yang barangkali takut kehilangan massa. permusuhan dan fitnahan terus bergulir, tidak hanya di ploso sebagai pusat tarekat shiddiqiyyah, tetapi juga di daerah-daerah yang sudah ada pengikut shiddiqiyyah, seperti nganjuk, bojonegoro, malang, dan demak. seringkali warga tarekat shiddiqiyyah yang melaksanakan kegiatan zikir, pengajian atau pembaiatan dipanggil ke kodim dan acaranya dibubarkan.19 peristiwa seperti ini misalnya dialami oleh muhammad munif, ketika melakukan acara di desa kauman, kabuh jombang. sewaktu acara sedang berlangsung, tiba-tiba datang aparat keamanan menyuruh untuk membubarkan acara tersebut. tetapi, muhammad munif sendiri menerima mandat dari kyai muchtar untuk tetap melanjutkan acara tersebut. dengan kata lain, kyai muchtar menyuruhnya memilih apakah ia lebih takut kepada aparat keamanan atau kepada beliau sebagi gurunya. karena yang layak ditakuti adalah kyai, maka acara tersebut tetap dilakukan, lagi pula ia tidak melakukan kegiatan apapun kecuali sekadar acara zikir.20 isu-isu miring yang dialamatkan kepada tarekat shiddiqiyyah semakin menjadi-jadi, terlebih ketika muhammad munif yang saat itu tercatat sebagai guru pga dengan status pegawai negeri mengikuti khalwat selama 40 hari sebagai salah satu ritual tarekat shiddiqiyyah. walaupun muhammad munif sudah mengikuti prosedur perizinan yang sah, tetapi secara sepihak tiba-tiba muhammad munif diberhentikan dari statusnya sebagai guru pga.21 pemberhentian itu segera mengundang tanda tanya dan kontroversi yang luar biasa. pemberhentian itu dinilai siswa dan orang tua siswa sebagai tindakan kesewenang-wenangan. mereka mengetahui muhammad munif sudah mengantongi izin untuk melakukan khalwat. gelombang protes dilancarkan kepada pihak sekolah, baik dari siswa dan orang tua siswa. mereka mengancam, jika keputusan menonaktifkan muhammad munif tetap dilaksanakan, mereka akan keluar dari sekolah. ancaman itu bukanlah gertak sambal belaka, ternyata mereka benar-benar keluar dari sekolah sehubungan dengan tetap dilaksanakannya keputusan itu. sebagai jalan keluar, muhammad munif mendirikan pga baru setelah bekerja sama dengan pihak departemen pendidikan. pga yang baru didirikan ini 19muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004 20muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004 21muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah320 mengalami kemajuan yang pesat, sementara pga yang ditinggalkan lambat laun semakin merosot. ketika ada usaha untuk menegrikan sekolah-sekolah swasta, ternyata pga yang dipimpin muhammad munif inilah yang paling memenuhi syarat untuk dinegerikan. penegerian pga ini menjadi bukti tonggak kemenangan tarekat shiddiqiyyah melawan pelbagai kontroversi yang terjadi di masyarakat.22 fitnah yang lebih besar tetap saja dihembuskan oleh pihak-pihak tertentu di tengah-tengah masyarakat, tidak hanya di kalangan masyarakat jombang, tetapi menjadi wacana se jawa timur. ada pihak-pihak tertentu yang membuat laporan palsu yang berisi fitnahan terhadap segala kegiatan tarekat shiddiqiyyah.23 di antara fitnahan yang mereka buat tidak hanya berkaitan dengan pengajaran agama yang lebih mengedepankan perdukunan, tetapi juga menganggap tarekat shiddiqiyyah sebagai gerakan garis keras yang ingin mendirikan negara islam. dalam hasil penyelidikan tim dari kodam brawijaya, ternyata semua laporan yang disampaikan adalah sesuatu yang dibuat-buat dan mengada-ada. hasil penyelidikan di lapangan menunjukkan bahwa tarekat shiddiqiyyah hanyalah sebuah tarekat yang mengajarkan zikir dan pembinaan umat sebagaimana tarekat-tarekat lainnya. setelah diadakan persidangan, akhirnya kejaksaan tinggi jawa timur dengan surat keputusan no r-1448/1/5.1.1/6/1973 tertanggal 30 juni 1973 memutuskan ajaran tarekat khalwatiyah shiddiqiyyah tidak bertentangan dengan ajaran agama islam.24 walaupun surat keputusan dari kejaksaan sudah ada, tetapi permusuhan tetap saja terjadi, termasuk dari kalangan pegawai pemerintah, terutama departemen agama. mereka banyak mengadakan intimidasi terhadap masyarakat yang bersimpati kepada tarekat shiddiqiyyah. tuduhan yang sama juga dilakukan oleh seorang akademisi yang tidak pernah mendatangi dan menyelidiki tarekat shiddiqiyyah secara langsung. dengan hanya mengutip penelitian muslim abdurrahman,25 zamakhsyari dhofier 22muhammad munif, draf buku sejarah shiddiqiyyah, 2005. 23muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. 24yayasan pendidikan shiddiqiyyah, kutipan surat pengakuan pemerintah (kejaksaaan tinggi jawa timur) terhadap thariqah shiddiqiyyah, h. 1-6. 25moeslim abdurrahman melakukan penelitian tentang sufisme di kediri, dengan sampel dua tarekat yang dianggap lokal yakni, tarekat shiddiqiyyah dan tarekat wahidiyah, di samping juga tarekat syattariyah. penelitian tersebut dilakukan dengan pendekatan kualitatif dan menggunakan metode grounded research. ada tiga persoalan yang diteliti yaitu: corak islam kediri, pola penyebaran sufisme dan interaksi sosial kaum sufi di kediri. menurut penemuan moeslim abdurrahman bahwa al-iqtishad: vol. iii, no. 2, juli 2011 321 mengalami kemajuan yang pesat, sementara pga yang ditinggalkan lambat laun semakin merosot. ketika ada usaha untuk menegrikan sekolah-sekolah swasta, ternyata pga yang dipimpin muhammad munif inilah yang paling memenuhi syarat untuk dinegerikan. penegerian pga ini menjadi bukti tonggak kemenangan tarekat shiddiqiyyah melawan pelbagai kontroversi yang terjadi di masyarakat.22 fitnah yang lebih besar tetap saja dihembuskan oleh pihak-pihak tertentu di tengah-tengah masyarakat, tidak hanya di kalangan masyarakat jombang, tetapi menjadi wacana se jawa timur. ada pihak-pihak tertentu yang membuat laporan palsu yang berisi fitnahan terhadap segala kegiatan tarekat shiddiqiyyah.23 di antara fitnahan yang mereka buat tidak hanya berkaitan dengan pengajaran agama yang lebih mengedepankan perdukunan, tetapi juga menganggap tarekat shiddiqiyyah sebagai gerakan garis keras yang ingin mendirikan negara islam. dalam hasil penyelidikan tim dari kodam brawijaya, ternyata semua laporan yang disampaikan adalah sesuatu yang dibuat-buat dan mengada-ada. hasil penyelidikan di lapangan menunjukkan bahwa tarekat shiddiqiyyah hanyalah sebuah tarekat yang mengajarkan zikir dan pembinaan umat sebagaimana tarekat-tarekat lainnya. setelah diadakan persidangan, akhirnya kejaksaan tinggi jawa timur dengan surat keputusan no r-1448/1/5.1.1/6/1973 tertanggal 30 juni 1973 memutuskan ajaran tarekat khalwatiyah shiddiqiyyah tidak bertentangan dengan ajaran agama islam.24 walaupun surat keputusan dari kejaksaan sudah ada, tetapi permusuhan tetap saja terjadi, termasuk dari kalangan pegawai pemerintah, terutama departemen agama. mereka banyak mengadakan intimidasi terhadap masyarakat yang bersimpati kepada tarekat shiddiqiyyah. tuduhan yang sama juga dilakukan oleh seorang akademisi yang tidak pernah mendatangi dan menyelidiki tarekat shiddiqiyyah secara langsung. dengan hanya mengutip penelitian muslim abdurrahman,25 zamakhsyari dhofier 22muhammad munif, draf buku sejarah shiddiqiyyah, 2005. 23muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. 24yayasan pendidikan shiddiqiyyah, kutipan surat pengakuan pemerintah (kejaksaaan tinggi jawa timur) terhadap thariqah shiddiqiyyah, h. 1-6. 25moeslim abdurrahman melakukan penelitian tentang sufisme di kediri, dengan sampel dua tarekat yang dianggap lokal yakni, tarekat shiddiqiyyah dan tarekat wahidiyah, di samping juga tarekat syattariyah. penelitian tersebut dilakukan dengan pendekatan kualitatif dan menggunakan metode grounded research. ada tiga persoalan yang diteliti yaitu: corak islam kediri, pola penyebaran sufisme dan interaksi sosial kaum sufi di kediri. menurut penemuan moeslim abdurrahman bahwa dalam disertasinya mengatakan bahwa tarekat shiddiqiyyah adalah buatan seseorang yang mengaku sebagai kyai.26 pendapat ini pula akhirnya yang dijadikan senjata tajam oleh orang-orang yang tidak senang kepada tarekat shiddiqiyyah untuk mendiskriditkannya terus menerus. setelah melewati masa-masa yang penuh tantangan tersebut, pada periode tahun 1970-1980-an pengikut tarekat shiddiqiyyah bertambah banyak, bahkan diperkirakan sudah mencapai ribuan. pada periode ini khalifah tarekat shiddiqiyyah bertambah lagi sebanyak lima orang, yaitu: muhammad munif, ahmad djazuli charzin, abdul mu’thi, ahmad djunaedi, lukman faqih. usia mereka pada saat diangkat menjadi khalifah berkisar antara 38-42 tahun. namun, pada periode ini seorang khalifah meninggal dunia, yaitu slamet makmun, pada tahun 1977.27 pada periode ini pengakuan terhadap keberadaan tarekat shiddiqiyyah semakin tampak. ini dibuktikan dengan pelbagai kunjungan pejabat pemerintah ke pusat tarekat shiddiqiyyah melalui pesantren majma al-bahrain. di antara mereka yang berkunjung adalah: gubernur jawa timur, soenandar prijosoedarmopoda pada tanggal 3 juni 1976. dalam kesempatan ini gubernur dengan sangat simpatik menyetujui pelbagai usaha yang dilakukan oleh tarekat shiddiqiyyah, ternyata pesantren majma al-bahrain mengambil segmen yang berbeda dengan kebanyakan pesantren yang berkembang di jawa timur. selain itu juga dan res pol 1084 jombang mayor pol. a. azis yang didampingi danramil ploso, kapten tni kusmi, dan ketua bapenkar jombang yang ingin mengetahui secara langsung data-data konkret tentang penyembuhan non medis yang dilakukan tarekat shiddiqiyyah.28 pada bulan mei tahun 1978 tarekat shiddiqiyyah juga dikunjungi oleh menteri agama ri, alamsyah ratu prawiranegara, beserta rombongan dengan proses rekruitmen tarekat shddiqiyyah di kediri dimulai dengan pengalaman frustasi seperti kebangkrutan ekonomi, keresahan jabatan, mengidap penyakit yang sudah putus asa melalui penyembuhan medis dan sebagainya. selanjutnya, pelbagai persoalan tersebut mampu diatasi oleh mursyid tarekat shiddiqiyyah, mochammad muchtar mu’thi, dengan kemampuan perdukunannya. dalam praktik perdukunan tersebut mochammad muchtar mu’thi menyisipkan anjuran agar mengucapkan doa-doa atau wirid-wirid tertentu. bahkan banyak cerita ghaib yang berkembang yang mengangkat popularitas mursyid tarekat ini, seperti bisa menjadi perantara memintakan taubat kepada orang yang telah meninggal, memohon perpanjangan umur dan semacamnya (moeslim abdurrahman, ‘sufisme kediri‛ dalam sufisme di indonesia (dialog edisi khusus: litbang depag ri, 1978), h. 24) 26 zamakhsyari dhofier, tradisi pesantren: studi tentang pandangan hidup kyai, (jakarta: lp3es: 1994), cet. iv, h. 142. 27 ahmad sodli, tarekat shiddiqiyyah, h. 16. 28 muhammad munif, sejarah pesantren majma al-bahrain shiddiqiyyah losari ploso jombang, (jombang, 1984), h. 31-35. syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah322 maksud meninjau pesantren. pada tahun yang sama juga dikunjungi oleh menteri pemuda dan olah raga, abdul gafur. pada bulan nopember 1978 dikunjungi oleh rombongan dprd irian jaya, pada desember 1978 juga dikunjungi delapan orang ulama banglades.29 pelbagai kunjungan itu menunjukkan pengakuan terhadap eksistensi tarekat shiddiqiyyah dengan pelbagai program yang dikembangkan. pada periode tahun 1980-1991-an pengikut tarekat shiddiqiyyah semakin berkembang, hanya saja jumlah yang pasti tidak dapat diketahui. pada tahun 1991 jumlah tarekat shiddiqiyyah di kecamatan ploso diperkirakan sudah lebih dari 10.000 (sepuluh ribu) orang. pada periode ini ada seorang yang diangkat menjadi khalifah yaitu bapak tarichol adib aziz. pada waktu diangkat menjadi khalifah, beliau berumur 36 tahun. mengenai jumlah murid di seluruh indonesia pada periode ini diperkirakan 1.000.000 (satu juta) orang. murid-murid ini tersebar diseluruh indonesia terutama di daerah jawa timur, jawa tengah, daerah istimewa yogyakarta, dan dki jakarta. pada saat ini tercatat empat puluh orang khalifah, dengan sebaran sebagai berikut jombang tiga belas orang, nganjuk dua orang, kediri satu orang, malang tiga orang, gresik satu orang, lamongan satu orang, banyuwangi satu orang, kodya surabaya satu orang, bojonegoro satu orang, jepara dua orang, dan di palembang satu orang.30 pada tahun 1996 tarekat shiddiqiyyah mendapatkan pengakuan yang sangat berarti dari pemerintah jawa timur, yaitu dengan dicantumkannya tarekat shiddiqiyyah pada buku gerakan kembali ke desa (gkd) pada sampul belakang yang meliputi nama yayasan pendidikan shiddiqiyyah (yps), foto mursyid tarekat shiddiqiyyah, foto gapura jam‘iatul mudzakkirin sebelah selatan, foto mushalla putri, nama-nama cabang yps sebanyak 42 cabang serta tulisan 8 kesanggupan.31 pengakuan keberadaan pusat tarekat shiddiqiyyah tersebut tentu saja disambut dengan gembira oleh warga tarekat shiddiqiyyah dan dijadikan sebagai motivator untuk berusaha memajukan tarekat shiddiqiyyah. pada tahun 1998, ketika musim pemilihan umum (pemilu) pada masa reformasi diselenggarakan para petinggi partai banyak yang mengunjugi pusat 29bandingkan dengan tri junni setyawan, perkembangan pondok pesantren majma albahrain shiddiqiyyah di jombang 1973-195, skripsi fakultas sastra universitas udayana denpasar 1998 (tidak diterbitkan), h. 82-83. 30lihat muhammad sodli, tarekat shiddiqiyyah, h. 16. 31muhammad muchtar mu'thi, informasi keberadaannya pusat pengembangan tarekat shiddiqiyyah di desa losari ploso jombang (jombangyps, 1996), h. 5-6. al-iqtishad: vol. iii, no. 2, juli 2011 323 maksud meninjau pesantren. pada tahun yang sama juga dikunjungi oleh menteri pemuda dan olah raga, abdul gafur. pada bulan nopember 1978 dikunjungi oleh rombongan dprd irian jaya, pada desember 1978 juga dikunjungi delapan orang ulama banglades.29 pelbagai kunjungan itu menunjukkan pengakuan terhadap eksistensi tarekat shiddiqiyyah dengan pelbagai program yang dikembangkan. pada periode tahun 1980-1991-an pengikut tarekat shiddiqiyyah semakin berkembang, hanya saja jumlah yang pasti tidak dapat diketahui. pada tahun 1991 jumlah tarekat shiddiqiyyah di kecamatan ploso diperkirakan sudah lebih dari 10.000 (sepuluh ribu) orang. pada periode ini ada seorang yang diangkat menjadi khalifah yaitu bapak tarichol adib aziz. pada waktu diangkat menjadi khalifah, beliau berumur 36 tahun. mengenai jumlah murid di seluruh indonesia pada periode ini diperkirakan 1.000.000 (satu juta) orang. murid-murid ini tersebar diseluruh indonesia terutama di daerah jawa timur, jawa tengah, daerah istimewa yogyakarta, dan dki jakarta. pada saat ini tercatat empat puluh orang khalifah, dengan sebaran sebagai berikut jombang tiga belas orang, nganjuk dua orang, kediri satu orang, malang tiga orang, gresik satu orang, lamongan satu orang, banyuwangi satu orang, kodya surabaya satu orang, bojonegoro satu orang, jepara dua orang, dan di palembang satu orang.30 pada tahun 1996 tarekat shiddiqiyyah mendapatkan pengakuan yang sangat berarti dari pemerintah jawa timur, yaitu dengan dicantumkannya tarekat shiddiqiyyah pada buku gerakan kembali ke desa (gkd) pada sampul belakang yang meliputi nama yayasan pendidikan shiddiqiyyah (yps), foto mursyid tarekat shiddiqiyyah, foto gapura jam‘iatul mudzakkirin sebelah selatan, foto mushalla putri, nama-nama cabang yps sebanyak 42 cabang serta tulisan 8 kesanggupan.31 pengakuan keberadaan pusat tarekat shiddiqiyyah tersebut tentu saja disambut dengan gembira oleh warga tarekat shiddiqiyyah dan dijadikan sebagai motivator untuk berusaha memajukan tarekat shiddiqiyyah. pada tahun 1998, ketika musim pemilihan umum (pemilu) pada masa reformasi diselenggarakan para petinggi partai banyak yang mengunjugi pusat 29bandingkan dengan tri junni setyawan, perkembangan pondok pesantren majma albahrain shiddiqiyyah di jombang 1973-195, skripsi fakultas sastra universitas udayana denpasar 1998 (tidak diterbitkan), h. 82-83. 30lihat muhammad sodli, tarekat shiddiqiyyah, h. 16. 31muhammad muchtar mu'thi, informasi keberadaannya pusat pengembangan tarekat shiddiqiyyah di desa losari ploso jombang (jombangyps, 1996), h. 5-6. tarekat shiddiqiyyah di ploso, jombang, di antaranya amin rais yang waktu itu menjabat sebagai ketua partai amanat nasional. kunjungan para pengurus partai tersebut jelas dapat dibaca sebagai kunjungan politik untuk meminta dukungan dari warga tarekat shiddiqiyyah. kunjungan itu secara implisit sebagai pengakuan atas keberadaan warga tarekat shiddiqiyyah yang keberadaannya tidak bisa dinafikan begitu saja.32 pada tahun 2004 ketika terjadi kongres pertama organisasi shiddiqiyyah (orshid) diperkirakan pengikut tarekat shiddiqiyyah sudah mencapai 6.000.000 (enam juta orang), tetapi jumlah ini juga sebatas perkiraan, sebab tidak ada catatan pasti yang terarsip.33 sedangkan khalifahnya sudah berjumlah 45 orang yang tersebar di daerah jombang, bojonegoro, nganjuk, malang, surabaya, dan jepara. jumlah tersebut semakin meningkat seiring dengan pembaiatan yang senantiasa terjadi, baik di pusat maupun di pelbagai daerah. hanya saja memang agak kesulitan untuk menghitung jumlah pastinya, pendataan jumlah anggota belum dilakukan secara menyeluruh. namun, belakangan ini organisasi shiddiqiyyah sebagai organisasi terbesar tarekat shiddiqiyyah memulai usaha untuk menertibkan administrasi murid-murid tarekat shiddiqiyyah, di antaranya dengan pemberian kartu anggota.34 di antara ajaran-ajaran tarekat shiddiqiyyah adalah: pertama, delapan kesanggupan utama yang terdiri atas: sanggup bakti kepada allah ta’ala, sanggup bakti kepada rasulullah, sanggup bakti kepada orangtua (ibu-bapak), sanggup bakti kepada sesama manusia, sanggup bakti kepada negara republik indonesia, sanggup cinta kepada tanah air indonesia, sanggup mengamalkan tarekat shiddiqiyyah, dan sanggup menghargai waktu. kedua, kesatuan syari’at, tarekat, dan hakikat. ketiga, salat. keempat, puasa. kelima, zikir yang terdiri atas tujug tingkatan yaitu: jahr, sirr, thabib ruhani tujuh hari, thabib ruhani 40 hari, surah alfatihah, ayat nûr, dan mi'raj al-rûh. keenam, doa. ketujuh, manunggale kawulo lan gusti dan manunggale gusti lan kawulo (kesatuan manusia dengan tuhan dan kesatuan tuhan dengan manusia). kedelapan, hari nahas. sedangkan upacara ritual dalam tarekat shiddiqiyyah antara lain: pembaiatan, kautsaran, khalwat, ziarah, pemberian berkah, perayaan haul, dan perayaan hari besar, baik islam maupun negara. 32syamsul huda, guru thgb, wawancara, 13 agustus 2004. 33sunardi,pengurus orshid, wawancara, 16 agustus 2004. 34sunardi,pengurus orshid, wawancara, 16 agustus 2000. syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah324 konsep-konsep ekonomi tarekat shiddiqiyyah tarekat shiddiqiyyah tidak pernah menganggap remeh urusan duniawi, bahkan harus mendapatkan perhatian serius, supaya dapat menopang ketenangan dalam beribadah kepada allah. zuhud tidak harus dipandang sebagai usaha menjauhkan diri dari persoalan-persoalan duniawi, tetapi urusan-urusan duniawi tidak pernah dimasukkan ke dalam hati. walaupun setiap hari berurusan dengan urusan-urusan duniawi tetapi hati tidak pernah berpaling dari allah swt.35 selain itu ada beberapa landasan untuk melakukan aktivitas penguatan dalam bidang ekonomi. pertama, ada ayat-ayat alquran yang ditafsirkan oleh mursyid dan disebarkan kepada murid-murid shiddiqiyyah yang menunjukkan diharuskannya berusaha misalnya penafsiran surah al-jumu‘ah [62]: 10,36 dan surah al-mâ‘ûn [107]: 1-7.37 ayat-ayat tersebut dengan jelas menunjukkan bahwa ibadah kepada allah saja tidak cukup untuk menunjukkan kesalehan seseorang, tetapi juga harus dibarengi dengan usaha-usaha yang menunjukkan kepedulian kepada sesama. kedua, filsafat yang terkandung dalam wudu, salat, dan masyarakat. wudu adalah sarana untuk membersihkan lahir dan batin manusia, salat mempererat hubungan dengan allah, setelah keduanya dilaksanakan dan berhasil, maka masyarakat sebagai tempat pengejawantahan dari nilai-nilai yang telah diraihnya.38 dalam rangka itu pula, tarekat shiddiqiyyah berusaha membuat konsep ekonomi thayyibah dengan beberapa tahapan. pertama, persamaan persepsi, visi, misi, dan aksi sosial ekonomi. kedua, membentuk organisasi yang berorientasi pada profit dan organisasi niralaba. ketiga, membentuk konsep-konsep perencanaan strategis, berfikir strategis, dan bertindak strategis. keempat, menciptakan visi keberhasilan perjuangan shiddiqiyyah dalam skala lokal, regional, nasional, maupun global. kelima, mengganti istilah ekonomi kerakyatan dengan istilah ekonomi gotong royong atau ekonomi pancasila atau ekonomi thayyibah. keenam, menyusun konsep-konsep wawasan thayyibah yang secara normatif telah ditunjukkan oleh alquran. ketujuh, menyusun agenda 35 muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. 36 artinya: ‚apabila telah ditunaikan sembahyang, maka bertebaranlah kamu di muka bumi, dan carilah karunia allah dan ingatlah allah banyak-banyak supaya kamu beruntung.‛ 37artinya: ‚tahukah kamu (orang) yang mendustakan agama?. itulah orang yang menghardik anak yatim. dan tidak menganjurkan memberi makan orang miskin. maka kecelakaanlah bagi orangorang yang salat, (yaitu) orang-orang yang lalai dari salatnya, orang-orang yang berbuat riya, dan enggan (menolong dengan) barang berguna). 38muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. al-iqtishad: vol. iii, no. 2, juli 2011 325 konsep-konsep ekonomi tarekat shiddiqiyyah tarekat shiddiqiyyah tidak pernah menganggap remeh urusan duniawi, bahkan harus mendapatkan perhatian serius, supaya dapat menopang ketenangan dalam beribadah kepada allah. zuhud tidak harus dipandang sebagai usaha menjauhkan diri dari persoalan-persoalan duniawi, tetapi urusan-urusan duniawi tidak pernah dimasukkan ke dalam hati. walaupun setiap hari berurusan dengan urusan-urusan duniawi tetapi hati tidak pernah berpaling dari allah swt.35 selain itu ada beberapa landasan untuk melakukan aktivitas penguatan dalam bidang ekonomi. pertama, ada ayat-ayat alquran yang ditafsirkan oleh mursyid dan disebarkan kepada murid-murid shiddiqiyyah yang menunjukkan diharuskannya berusaha misalnya penafsiran surah al-jumu‘ah [62]: 10,36 dan surah al-mâ‘ûn [107]: 1-7.37 ayat-ayat tersebut dengan jelas menunjukkan bahwa ibadah kepada allah saja tidak cukup untuk menunjukkan kesalehan seseorang, tetapi juga harus dibarengi dengan usaha-usaha yang menunjukkan kepedulian kepada sesama. kedua, filsafat yang terkandung dalam wudu, salat, dan masyarakat. wudu adalah sarana untuk membersihkan lahir dan batin manusia, salat mempererat hubungan dengan allah, setelah keduanya dilaksanakan dan berhasil, maka masyarakat sebagai tempat pengejawantahan dari nilai-nilai yang telah diraihnya.38 dalam rangka itu pula, tarekat shiddiqiyyah berusaha membuat konsep ekonomi thayyibah dengan beberapa tahapan. pertama, persamaan persepsi, visi, misi, dan aksi sosial ekonomi. kedua, membentuk organisasi yang berorientasi pada profit dan organisasi niralaba. ketiga, membentuk konsep-konsep perencanaan strategis, berfikir strategis, dan bertindak strategis. keempat, menciptakan visi keberhasilan perjuangan shiddiqiyyah dalam skala lokal, regional, nasional, maupun global. kelima, mengganti istilah ekonomi kerakyatan dengan istilah ekonomi gotong royong atau ekonomi pancasila atau ekonomi thayyibah. keenam, menyusun konsep-konsep wawasan thayyibah yang secara normatif telah ditunjukkan oleh alquran. ketujuh, menyusun agenda 35 muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. 36 artinya: ‚apabila telah ditunaikan sembahyang, maka bertebaranlah kamu di muka bumi, dan carilah karunia allah dan ingatlah allah banyak-banyak supaya kamu beruntung.‛ 37artinya: ‚tahukah kamu (orang) yang mendustakan agama?. itulah orang yang menghardik anak yatim. dan tidak menganjurkan memberi makan orang miskin. maka kecelakaanlah bagi orangorang yang salat, (yaitu) orang-orang yang lalai dari salatnya, orang-orang yang berbuat riya, dan enggan (menolong dengan) barang berguna). 38muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 9 agustus 2004. penguatan masyarakat komunitas shiddiqiyyah di bidang ekonomi yang meliputi pertanian, perdagangan, industri, jasa informasi, dan teknologi. kedelapan, menyusun langkah-langkah realitas program mursyid dalam bidang usaha. kesembilan, menumbuhkembangkan aktualisasi semangat cinta tanah air bagian dari iman sebagai tambang emasnya kehidupan bermasyarakat berbangsa dan bernegara dalam kesatuan dan persatuan indonesia. kesepuluh, menguatkan tukar pendapat dan musyawarah di antara sesama anggota.39 usaha-usaha perekonomian tarekat shiddiqiyyah dari landasan ekonomi tersebut, tarekat shiddiqiyyah juga mendirikan lembaga-lembaga usaha yang tidak hanya diperuntukkan bagi warga tarekat shiddiqiyyah, tetapi juga bagi warga sekitar secara umum. di antara usaha-usaha yang dilaksanakan adalah: pertama, perusahaan air minum maqo. perusahaan air minun kemasan yang diberi label maqo,40 merupakan usaha yang relatif besar. walaupun baru beberapa tahun didirikan, tetapi produksinya sudah lumayan besar. setidaknya dalam setiap hari mampu memproduksi 1000 kotak yang setiap kotaknya terdiri dari 48 buah air kemasan gelas. sumber air minum ini berada dekat dengan kota jombang. padahal di jombang juga banyak industri yang boleh jadi kualitas air yang muncul adalah kurang sehat, tetapi kenyataannya maqo setelah melalui uji klinis termasuk air yang bersih dan bebas dari unsur kimia yang membahayakan dan layak untuk dikonsumsi.41 kedua, yusro alfamart. ini adalah usaha niralaba antara tarekat shiddiqiyyah dengan pt. sumber alfalia trijaya (sampoerna group). sebagai sebuah minimarket di sini disediakan pelbagai macam kebutuhan rumah tangga dan kebutuhan lainnya sehari-hari. toko ini mulai dibuka tanggal 18 januari 2005. ketiga, kerajinan tangan. kerajinan tangan dimaksud adalah kerajinan yang berasal dari bahan baku bambu dan pandan. lokasi kerajinan ini adalah di desa kabuh kabupaten jombang. masyarakat dipekerjakan sebagai tukang anyam pandan dalam bentuk tikar, tas, dan lain sebagainya. begitu juga dalam menganyam bambu menjadi kursi, dan perabot-perabot rumah lainnya. tarekat 39lihat majalah al-kautsar, edisi september 2002, h. 16; bandingkan dengan sudirman, the tarekat shiddiqiyyah jombang: a study of a sufi order and its economic activities, (jakarta: tesis program pascasarjana, 2005), h. 62-64. 40 kata maqo sebagai label dari air kemasan dimabil dari ayat alquran surah al-jin [71]: 16, yang artinya, ‚dan bahwasanya jikalau mereka tetap berjalan lurus di atas jalan itu (agama islam), benar-benar kami akan memberi minum kepada mereka air yang segar (rezeki yang banyak).‛ 41syamsul huda, guru thgb, wawancara, 13 agustus 2004. syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah326 shiddiqiyyah menyediakan bahan mentah dan yang membeli hasilnya dan di pasarkan ke masyarakat di jombang dan sekitarnya.42 keempat, majalah dan madu al-kautsar. majalah al-kautsar ini terbit setiap dua bulan sekali. majalah ini dijadikan media komunikasi antara anggora tarekat shiddiqiyyah baik berupa tulisan tentang kegiatan-kegiatan ketarekatan maupun organisasi selama kurun waktu dua bulan. selain itu juga media pengiriman tulisan dan opini. sebagai media komunikasi, secara khusus disediakan rubrik sahabat pena shiddiqiyyah. majalah al-kautasar mulai terbit tahun 2003. sebenarnya majalah ini merupakan bagian dari kegiatan organisasi dm, dzilal almustad'afin. karena itu, di dalamnya juga sering dimuat kegiatan-kegiatan dm dan juga laporan keuangan dm. selain majalah juga ada produksi madu al-kautsar. madu ini sebenarnya diambil dari beberapa daerah tempat penghasil madu di jawa timur seperti di kediri. tetapi setelah sampai di ploso diberi label dan dimasukkan pada botol serta dikemas dengan pelbagai ukuran. jenis madu yang dipasarkan juga bermacam-macam di antaranya madu mangga, madu randu, dan madu kaliandra. jenis madu tersebut berdasarkan pada makanan lebah.43 kelima, perusahaan mufasufu sejati jaya lestari. perusahaan ini adalah perusahaan rokok yang merupakan mitra dari perusahaan rokok sampoerna. tarekat shiddiqiyyah menyediakan tempat produksi yang terletak di dua tempat yaitu di ploso dan di ngoro jombang. pemasok bahan bakunya berasal dari perusahaan sampoerna. perusahaan ini banyak menyerap tenaga kerja dari masyarakat sekitar yang nota bene tidak hanya warga tarekat shiddiqiyyah. keenam, restoran yusro. usaha ini baru dimulai pebruari tahun 2005 bertempat di desa keplaksari dekat dengan terminal bis jombang. restoran ini setiap harinya ramai dikunjungi orang, terutama untuk menyantap menu favoritnya yaitu ayam bakar. sampai saat ini restoran yusro sudah mempekerjakan 13 karyawan yang terdiri atas lima laki-laki dan delapan perempuan. karyawan ini juga bukan berasal dari tarekat shiddiqiyyah semua, tetapi juga berasal dari masyarakat non shiddiqiyyah. selain itu, dalam usaha menumbuhkan kemandirian di masyarakat, tarekat shiddiqiyyah juga mendirikan yayasan sanusiyah yang bertempat di kecamatan kabuh. di antara kegiatan yayasan ini adalah industri kecil anyaman pandan dan bambu. 42muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 12 september 2005. 43sudirman, the tarekat shiddiqiyyah jombang: a study of a sufi order and its economic activities, h. 65. al-iqtishad: vol. iii, no. 2, juli 2011 327 shiddiqiyyah menyediakan bahan mentah dan yang membeli hasilnya dan di pasarkan ke masyarakat di jombang dan sekitarnya.42 keempat, majalah dan madu al-kautsar. majalah al-kautsar ini terbit setiap dua bulan sekali. majalah ini dijadikan media komunikasi antara anggora tarekat shiddiqiyyah baik berupa tulisan tentang kegiatan-kegiatan ketarekatan maupun organisasi selama kurun waktu dua bulan. selain itu juga media pengiriman tulisan dan opini. sebagai media komunikasi, secara khusus disediakan rubrik sahabat pena shiddiqiyyah. majalah al-kautasar mulai terbit tahun 2003. sebenarnya majalah ini merupakan bagian dari kegiatan organisasi dm, dzilal almustad'afin. karena itu, di dalamnya juga sering dimuat kegiatan-kegiatan dm dan juga laporan keuangan dm. selain majalah juga ada produksi madu al-kautsar. madu ini sebenarnya diambil dari beberapa daerah tempat penghasil madu di jawa timur seperti di kediri. tetapi setelah sampai di ploso diberi label dan dimasukkan pada botol serta dikemas dengan pelbagai ukuran. jenis madu yang dipasarkan juga bermacam-macam di antaranya madu mangga, madu randu, dan madu kaliandra. jenis madu tersebut berdasarkan pada makanan lebah.43 kelima, perusahaan mufasufu sejati jaya lestari. perusahaan ini adalah perusahaan rokok yang merupakan mitra dari perusahaan rokok sampoerna. tarekat shiddiqiyyah menyediakan tempat produksi yang terletak di dua tempat yaitu di ploso dan di ngoro jombang. pemasok bahan bakunya berasal dari perusahaan sampoerna. perusahaan ini banyak menyerap tenaga kerja dari masyarakat sekitar yang nota bene tidak hanya warga tarekat shiddiqiyyah. keenam, restoran yusro. usaha ini baru dimulai pebruari tahun 2005 bertempat di desa keplaksari dekat dengan terminal bis jombang. restoran ini setiap harinya ramai dikunjungi orang, terutama untuk menyantap menu favoritnya yaitu ayam bakar. sampai saat ini restoran yusro sudah mempekerjakan 13 karyawan yang terdiri atas lima laki-laki dan delapan perempuan. karyawan ini juga bukan berasal dari tarekat shiddiqiyyah semua, tetapi juga berasal dari masyarakat non shiddiqiyyah. selain itu, dalam usaha menumbuhkan kemandirian di masyarakat, tarekat shiddiqiyyah juga mendirikan yayasan sanusiyah yang bertempat di kecamatan kabuh. di antara kegiatan yayasan ini adalah industri kecil anyaman pandan dan bambu. 42muhammad munif, khalifah tarekat shiddiqiyyah, wawancara, 12 september 2005. 43sudirman, the tarekat shiddiqiyyah jombang: a study of a sufi order and its economic activities, h. 65. usaha lain adalah dengan memberikan kambing kepada masyakarat yang tidak mampu. mereka disuruh memelihara kambing dan setelah mendapatkan hasil, mereka harus menggilir kambing kepada warga lainnya yang tidak mampu. jadi, kambing tersebut diberikan kepada masyarakat secara bergiliran dengan pengawasan supaya program dapat berjalan sebagaimana yang diinginkan. usaha lain yang langsung dikelola secara formal berupa koperasi simpan pinjam shiddiqiyyah. koperasi ini menyediakan pelbagai macam kebutuhan masyarakat. selain itu, juga membuka simpanan dan pinjaman kepada anggotaanggotanya serta masyarakat sekitar. koperasi ini dirasakan banyak membantu anggota dan masyarakat sekitar dalam meningkatkan ekonomi mereka. bahkan banyak juga yang diberi bantuan modal usaha secara cuma-cuma. dampak ekonomi yang juga dirasakan oleh masyarakat adalah adanya kegiatan rutin mingguan, bulanan dan tahunan tarekat shiddiqiyyah. pada acaraacara tersebut banyak warga masyarakat yang berdagang baik berupa makanan, minuman maupun barang-barang lainnya. mereka merasakan bahwa kegiatan itu sangat membantu kegiatan usaha mereka. bahkan ketika suatu waktu acara ditiadakan, masyarakat pada mengeluh dan memohon supaya kegiatan-kegiatan itu dibuka kembali seperti biasa.44 pelbagai macam usaha ekonomi yang dilakukan tarekat shiddiqiyyah telah banyak dirasakan oleh masyarakat sekitar, sehingga masyarakat merasa banyak berhutang budi terhadap tarekat shiddiqiyyah dan tidak ingin menjelekkan citra tarekat shiddiqiyyah. ini dibuktikan dengan walaupun ada kegiatan yang mendatangkan ribuan orang di ploso, tetapi tidak didapati seorang pun yang sengaja mengemis dan meminta belas kasihan orang lain. mereka semuanya berusaha bekerja walaupun hanya dengan menjual koran untuk tempat duduk. ini sangat berbeda dengan daerah-daerah lain yang apabila ada acara yang mengumpulkan banyak orang seringkali diikuti dengan banyaknya pengemis dan peminta-minta yang memohon belas kasihan orang lain.45 aktivitas ekonomi di atas sebenarnya tidak hanya akan berhenti sampai di situ, seiring dengan perkembangan tarekat shiddiqiyyah lewat anggota-anggotanya juga banyak melakukan aktivitas ekonomi yang dapat membantu kehidupan masyarakat sekitarnya. analisis terhadap etos ekonomi kaum tarekat apa yang dilakukan oleh tarekat shiddiqiyyah di atas memberikan gambaran bahwa kaum tarekat tidak sebagaimana anggapan kebanyakan pemikir 44 mat naim, ketua rt losari, wawancara, 8 juni 2004. 45 mat naim, ketua rt losari, wawancara, 8 juni 2004. syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah328 sebagai orang yang fatalis dan tidak mempunyai etos dalam bidang ekonomi. pandangan seperti itu pada dasarnya hanya didasarkan pada kanjian tentang konsep-konsep dalam tasawuf, tetapi melupakan kehidupan nyata pada pengamalannya. selain memang ada kaum sufi yang benar-benar hidup dalam kemiskinan dan kepapaan dalam rangka mengkonsentrasikan dirinya dengan sang khâliq, tetapi banyak juga sufi yang berlatar belakang bangsawan dan jutawan. sebut saja maulana jaluluddin rumi, fariduddin attar, ibrahim bin adham, dan masih banyak lagi lainnya. dalam konteks menganalisa etos ekonomi kaum tarekat, khususnya tarekat shiddiqiyyah, penulis melihat ada beberapa hal yang harus diperhatikan terkait dengan sesuatu yang membangkitkan etika ekonomi mereka. pertama, peran mursyid. dalam dunia tarekat mursyid adalah sebagai sesuatu yang sentral. apapun yang dilakukan oleh pengikut tarekat sebenarnya merupakan cerminan dari perintah mursyid. mursyid tarekat shiddiqiyyah termasuk yang sangat peduli terhadap kondisi ekonomi murid dan masyarakat sekitar. dalam pandangan mursyid tarekat shiddiqiyyah, ekonomi merupakan sesuatu yang tidak terpisahkan dari ajaran islam. kandungan surat al-mâ‘ûn yang melabeli sebagai pendusta agama bagi orang yang menghardik anak yatim dan menelantarkan fakir miskin, terkandung ajaran untuk menguasai akses ekonomi sehingga dapat memberikan perhatian bagi anak yatim dan fakir miskin. hal demikian diaplikasikan tarekat shiddiqiyyah dengan memberikan bantuan tunai dan produktif kepada mereka. kedua, perlu diperhatikan bahwa dalam dunia tarekat ada konsep berkah yang diyakini sebagai sesuatu yang akan mendatangkan kesuksesan dalam melaksanakan usaha, termasuk dalam bidang ekonomi. keyakinan ini biasanya datang dari nasehat dan petunjuk yang disampaikan oleh mursyid termasuk keyakinan pada doa-doa (amalan-amalan) yang diberikan mursyid untuk dijadikan wiridan. ketiga, sugesti yang ada pada diri pengikut tarekat sebagai pelaku ekonomi menjadi kuat sehingga setiap usaha dilakukan penuh semangat untuk menyongsong kesuksesan. apalagi usaha tersebut telah dikonsultasikan dan dimintakan petunjuk kepada mursyid atau khalifah tarekat. sebenarnya, etos ekonomi kaum tarekat tidak hanya terjadi pada tarekat shiddiqiyyah saja, pengikut tarekat lain juga menunjukkan etos ekonomi yang tinggi seperti tarekat idrisiyah di garut, tarekat syadziliyah di jawa tengah dan lainnya. jadi terbantahlan pendapat yang memandang sebelah mata kaum tarekat dan mengaitkannya dengan kemunduran. al-iqtishad: vol. iii, no. 2, juli 2011 329 sebagai orang yang fatalis dan tidak mempunyai etos dalam bidang ekonomi. pandangan seperti itu pada dasarnya hanya didasarkan pada kanjian tentang konsep-konsep dalam tasawuf, tetapi melupakan kehidupan nyata pada pengamalannya. selain memang ada kaum sufi yang benar-benar hidup dalam kemiskinan dan kepapaan dalam rangka mengkonsentrasikan dirinya dengan sang khâliq, tetapi banyak juga sufi yang berlatar belakang bangsawan dan jutawan. sebut saja maulana jaluluddin rumi, fariduddin attar, ibrahim bin adham, dan masih banyak lagi lainnya. dalam konteks menganalisa etos ekonomi kaum tarekat, khususnya tarekat shiddiqiyyah, penulis melihat ada beberapa hal yang harus diperhatikan terkait dengan sesuatu yang membangkitkan etika ekonomi mereka. pertama, peran mursyid. dalam dunia tarekat mursyid adalah sebagai sesuatu yang sentral. apapun yang dilakukan oleh pengikut tarekat sebenarnya merupakan cerminan dari perintah mursyid. mursyid tarekat shiddiqiyyah termasuk yang sangat peduli terhadap kondisi ekonomi murid dan masyarakat sekitar. dalam pandangan mursyid tarekat shiddiqiyyah, ekonomi merupakan sesuatu yang tidak terpisahkan dari ajaran islam. kandungan surat al-mâ‘ûn yang melabeli sebagai pendusta agama bagi orang yang menghardik anak yatim dan menelantarkan fakir miskin, terkandung ajaran untuk menguasai akses ekonomi sehingga dapat memberikan perhatian bagi anak yatim dan fakir miskin. hal demikian diaplikasikan tarekat shiddiqiyyah dengan memberikan bantuan tunai dan produktif kepada mereka. kedua, perlu diperhatikan bahwa dalam dunia tarekat ada konsep berkah yang diyakini sebagai sesuatu yang akan mendatangkan kesuksesan dalam melaksanakan usaha, termasuk dalam bidang ekonomi. keyakinan ini biasanya datang dari nasehat dan petunjuk yang disampaikan oleh mursyid termasuk keyakinan pada doa-doa (amalan-amalan) yang diberikan mursyid untuk dijadikan wiridan. ketiga, sugesti yang ada pada diri pengikut tarekat sebagai pelaku ekonomi menjadi kuat sehingga setiap usaha dilakukan penuh semangat untuk menyongsong kesuksesan. apalagi usaha tersebut telah dikonsultasikan dan dimintakan petunjuk kepada mursyid atau khalifah tarekat. sebenarnya, etos ekonomi kaum tarekat tidak hanya terjadi pada tarekat shiddiqiyyah saja, pengikut tarekat lain juga menunjukkan etos ekonomi yang tinggi seperti tarekat idrisiyah di garut, tarekat syadziliyah di jawa tengah dan lainnya. jadi terbantahlan pendapat yang memandang sebelah mata kaum tarekat dan mengaitkannya dengan kemunduran. penutup pengalaman tarekat shiddiqiyyah menunjukkan bahwa kaum tarekat tidak seperti yang disangkakan semua orang, yakni etos ekonomi rendah dan meninggalkan kepentingan dunia. justru sebaliknya, kaum tarekat yang mempunyai etos ekonomi tinggi, sebab aktivitas ekonomi tidak hanya dipandang sebagai aktivitas yang bernilai duniawi belaka, tetapi dianggap bagian yang tak terpisahkan dari aktivitas ukhrawi. konsep seperti di atas, mestinya harus menjadi pelajaran bagi seluruh perilaku ekonomi sehingga aktivitas ekonomi dapat menjadi lahan ibadah yang akhirnya akan dilaksanakan dengan sebaikbaiknya tidak hanya untuk kepentingan pribadi tetapi juga untuk kepentingan sosial. [] pustaka acuan buku/artikel/tesis: abdurrahman, moeslim, ‘‛sufisme kediri‛ dalam sufisme di indonesia, dialog edisi khusus: litbang depag ri, 1978. aqib, harisuddin, al-hikmah memahami teosifi tarekat qadiriyah wa naqsyabandiyah, surabaya: dunia ilmu, 2000. atjeh, aboubakar, pengantar ilmu tarekat (uraian tentang mistik), solo: ramadhani, 1992. dhofier, zamakhsyari, tradisi pesantren: studi tentang pandangan hidup kyai, jakarta: lp3es: 1994. majalah al-kautsar, edisi september 2002. mu’thi, mochmmad muchtar, metode khusyu’, jombang: irrmmqm. ---------------, informasi keberadaannya pusat pengembangan tarekat shiddiqiyyah di desa losari ploso jombang, jombang: yps, 1996. munif, muhammad, penjelasan thariqah shiddiqiyyah, jombang: yps, 1973. ---------------, sejarah pesantren majma al-bahrain shiddiqiyyah losari ploso jombang, jombang, 1984. pranowo, m. bambang, "tarekat dan periaku eonomi", dalam pesantren nomor 1 vol ix 1992: tarekat dan gerakan rakyat (jakarta: p3m). ---------------, islam aktual antara tradisi dan relasi kuasa, yogyakarta: adicita karya nusa, 1998. setyawan, tri junni, perkembangan pondok pesantren majma al-bahrain shiddiqiyyah di jombang 1973-195, skripsi fakultas sastra universitas udayana denpasar 1998 (tidak diterbitkan). sodli, muhammad, tarekat shiddiqiyyah. sudirman, the tarekat shiddiqiyyah jombang: a study of a sufi ordr and its syahrul a’dam: etos ekonomi kaum tarekat shiddiqiyyah330 economic activities, jakarta: tesis program pascasarjana, 2005. yayasan pendidikan shiddiqiyyah, kutipan surat pengakuan pemerintah (kejaksaaan tinggi jawa timur) terhadap thariqah shiddiqiyyah. wawancara: munif, muhammad (khalifah tarekat shiddiqiyyah), wawancara, 6 juni 2004. naim, mat (ketua rt losari), wawancara, 8 juni 2004. sunardi (pengurus orshid), wawancara, 16 agustus 2004. syamsul huda (guru thgb), wawancara, 13 agustus 2004. pendahuluan agama islam yang bersumber pada wahyu ilahi dan sunnah rasulullah saw mengajarkan kepada ummatnya untuk berusaha mendapatkan kehidupan yang baik di dunia dan sekaligus memperoleh kehidupan yang baik di akhirat. memperoleh kehidupan yang baik di dunia dan di akhirat inilah yang dapat menjamin dicapainya kesejahteraan lahir dan batin.1 dengan demikian kesejahteraan yang hendak dicapai itu adalah sebagaimana yang difirmankan oleh allah swt dalam surat al-baqârâh ayat 201: 1 karnaen a. perwataatmadja, membumikan ekonomi islam di indonesia (depok: usaha kami, 1996), h.3. peran lembaga perekonomian nahdlatul ulama (lpnu) dalam perkembangan umkm berbasis syariah muhtadi ahmad lpnu semedang email: m_tadi@gmail.com abstrak: indonesia yang merupakan negara berpenduduk terbesar keempat di dunia dan mayoritas penduduknya beragama islam, tentunya harus menjadi kiblat dari ekonomi islam. akan tetapi belum begitu banyak masyarakat indonesia yang mengenal adanya ekonomi islam dikarenakan sistem ekonomi konvensional yang telah begitu lama berkuasa di negeri ini. oleh karena itu diperlukan peran serta dari pemerintah dan unsurunsur masyarakat seperti organisasi kemasyarakatan yang berbasis agama dan lembaga-lembaga swadaya masyarakat yang peduli terhadap ekonomi islam dan memiliki akses informasi yang luas kepada masyarakat. kata kunci: lembaga perekonomian, nahdlatul ulama, umkm berbasis syariah muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 2 “dan di antara mereka ada orang yang berdoa: «ya tuhan kami, berilah kami kebaikan di dunia dan kebaikan di akhirat dan peliharalah kami dari siksa neraka”. hal yang demikian berarti bahwa dalam mengejar kehidupan di dunia tidak dapat dilakukan dengan menghalalkan segala cara tetapi harus dilakukan melalui perbuatan yang baik. salah satu perbuatan yang baik adalah bermuamalat dengan cara yang telah diajarkan oleh rasulullah saw. muamalat diajarkan oleh rasulullah saw untuk menjadi rules of the game (aturan main) manusia dalam kehidupan sosial, yang mengatur hubungan antar sesama umat manusia.2 muamalat mencakup kegiatan ekonomi, yang merupakan kegiatan yang urgent bagi kelangsungan hidup manusia. begitu pentingnya kegiatan ekonomi di mata manusia, bahkan manusia menghalalkan segala cara dengan cara apapun yang diharamkan oleh allah untuk memenuhi kebutuhan hidupnya. pada perkembangannya, ekonomi diseluruh dunia telah tercemar dengan sistem ekonomi kapitalis, sistem ekonomi sosialis dan sistem ekonomi lainnya yang tidak memberikan rasa adil dan ketentraman bagi umat manusia. oleh karena itu diperlukan sebuah sistem ekonomi yang bersifat universal dan memberikan rasa adil bagi seluruh umat manusia. dalam banyak ayat allah swt memerintahkan manusia untuk berbuat adil. islam mendefinisikan adil sebagai “tidak mendzalimi dan tidak di dzalimi.” implikasi ekonomi dari nilai ini adalah bahwa pelaku ekonomi tidak dibolehkan untuk mengejar keuntungan pribadi bila hal itu merugikan orang lain atau merusak alam. tanpa keadilan, manusia akan terkotakkotak dalam berbagai golongan. golongan yang satu akan mendzalimi golongan yang lain, sehingga terjadi eksploitasi manusia atas manusia. masing-masing berusaha mendapatkan hasil yang lebih besar daripada usaha yang dikeluarkannya karena kerakusannya.3 2 muhammad syafi’i antonio, bank syariah wacna ulama dan cendekiawan (jakarta: tazkia institute, 1999), h.38. 3 qs al-fajr, dalam akhmad mujahidin, ekonomi islam (jakarta:pt. raja grafindo persada, 2007), h.15. al-iqtishad: vol. ii, no. 1, januari 2010 3 adalah sistem ekonomi islam yang mencakup itu semua dan yang dapat mewujudkan harapan umat manusia dalam memenuhi kebutuhan hidupnya, karena sistem ekonomi islam ini diilhami oleh nilai-nilai islam sebagai dasar hukumnya. sistem ekonomi syariah islam di dunia telah diaplikasikan dalam dunia perbankan, asuransi dan bisnis lainnya baik itu yang berskala makro ataupun yang berskala mikro, kecil dan menengah (umkm). umkm di indonesia merupakan bisnis yang cukup dapat diandalkan, terbukti dengan keberadaan umkm yang sangat banyak dan mampu menyerap tenaga kerja yang lebih banyak dari usaha besar. hal ini dapat dilihat dari sumber bappenas, bahwa data usaha kecil mikro pada tahun 2007 adalah sebanyak 41,30 juta unit (99,85%), usaha menengah 61.052 unit (0.14%), usaha besar 2.198 unit (0,005%). dari jumlah tersebut dampaknya pada penyerapan tenaga kerja yaitu sekitar 84,5 juta orang (96,2% dari tenaga kerja nasional).4 selain itu umkm juga berperan penting sebagai penopang perekonomian nasional (dalam situasi mata uang berfluktuasi seperti pengalaman masa krisis moneter, umkm relatif bertahan karena fleksibel dan tidak tergantung bahan impor).5 akan tetapi, belum banyak umkm di indonesia yang dalam pe nge lolaanya menggunakan prinsip syariah. hal ini sangat disayangkan, karena dengan adanya umkm yang menggunakan prinsip syariah tentu nya akan menggairahkan dan mengembangkan perekonomian syariah di indonesia. indonesia yang merupakan negara berpenduduk terbesar ke-empat di dunia dan mayoritas penduduknya beragama islam, tentunya harus menjadi kiblat dari ekonomi islam. akan tetapi belum begitu banyak masyarakat indonesia yang mengenal adanya ekonomi islam dikarenakan sistem ekonomi konvensional yang telah begitu lama berkuasa di negeri ini. oleh karena itu diperlukan peran serta dari pemerintah dan unsurunsur masyarakat seperti organisasi kemasyarakatan yang berbasis agama dan lembaga-lembaga swadaya masyarakat yang peduli terhadap ekonomi 4 badan pusat statistik, pendapatan nasional indonesia 2003-2006, dalam euis amalia, keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia (jakarta: pt. raja grafindo persada, 2009), h.10. 5 euis amalia, keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia (jakarta: pt. raja grafindo persada, 2009), h.8. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 4 islam dan memiliki akses informasi yang luas kepada masyarakat. salah satu lembaga swadaya masyarakat yang istiqamah kepada pem ber dayaan umkm dan peduli terhadap ekonomi islam serta memiliki akses informasi yang luas adalah lembaga perekonomian nahdlatul ulama (lpnu). lpnu yang dapat dikatakan juga sebagai lembaga pendamping umkm ini me rupakan salah satu lembaga perekonomian yang konsen dalam hal pemberdayaan ekonomi masyarakat6 seperti melalui koperasi, umkm dan terus berupaya untuk menginformasikan kepada masyarakat tentang perekonomian dengan sistem syariah. dikarenakan lpnu adalah sebuah lembaga di bawah naungan pengurus besar nahdlatul ulama (pbnu) yang merupakan organisasi islam terbesar di indonesia dan memiliki pengikut atau penganut yang sangat besar. tentunya dalam menjalankan tugasnya lpnu akan memprioritaskan “warga nu” yang masih mengalami kehidupan perekonomian yang sulit khususnya yang berada di pedesaan atau daerah terpencil. walaupun begitu, tidak tertutup kemungkinan lpnu akan melayani masyarakat indonesia yang lainnya. definisi usaha mikro, kecil, dan menengah usaha kecil dan menengah terdiri dari empat kata yaitu “usaha”, “mikro” “kecil”, dan “menengah atau tengah”. dalam literatur yang terdapat di kamus besar bahasa indonesia. pengertian secara bahasa kata “usaha” adalah kegiatan dengan mengerahkan tenaga, pikiran, atau badan untuk mencapai suatu maksud; pekerjaan (perbuatan, prakarsa, ikhtiar, daya upaya) untuk mencapai sesuatu. dan untuk kata “mikro” adalah kecil; tipis; sempit atau berkaitan dengan jumlah yang sedikit atau ukuran yang kecil, sedangkan untuk “kecil’ menurut kamus besar bahasa indonesia adalah kurang besar (keadaannya dan sebagainya); tidak besar. serta untuk kata “menengah” yang berasal dari kata dasar tengah, kamus besar bahasa indonesia mengartikannya sebagai tempat (arah, titik) di antara dua tepi (batas). untuk kata “syariah atau syariat”, kamus besar bahasa indonesia mengartikannya adalah hukum agama yang menetapkan peraturan hidup 6 http:// www.nu.or.id al-iqtishad: vol. ii, no. 1, januari 2010 5 manusia, hubungan manusia dengan allah swt, hubungan manusia dengan manusia dan alam sekitar berdasarkan alquran dan hadis. 7 sedangkan pengertian usaha mikro, kecil dan menengah (ukm) di beberapa negara tidak selalu sama, tergantung kepada konsep yang digunakan oleh negara tersebut. oleh karena itu pengertian usaha kecil dan menengah ternyata berbeda di satu negara dengan negara lainnya. misalnya usaha kecil di united kingdom adalah suatu usaha bila jumlah karyawannya antara 1-200 orang, di jepang antara 1-300 orang, di usa antara 1-500 orang.8 untuk indonesia sendiri, mendefinisikan usaha kecil sebagai perusahaan yang mempunyai pekerja kurang dari 20 orang atau nilai aset rp. 200.000.000,(dua ratus juta rupiah). usaha yang terlalu kecil dengan jumlah pekerja yang kurang dari 5 orang dikatakan usaha kecil level mikro. di indonesia sendiri terdapat beberapa definisi usaha mikro, kecil dan menengah dari pemerintah atau institusi yang lainnya. definisi sektor usaha mikro menurut sk menteri keuangan no.40/kmk.06/2003 adalah usaha produktif milik keluarga atau perorangan wni dan memiliki hasil penjualan paling banyak rp. 100.000.000,(seratus juta rupiah) per tahun serta dapat mengajukan kredit ke bank paling banyak rp. 50.000.000, (lima puluh juta rupiah).9 berdasarkan uu no. 9/1995 tentang usaha kecil, yang dimaksud dengan usaha kecil adalah kegiatan ekonomi rakyat yang berskala kecil dan memenuhi kriteria kekayaan bersih atau hasil penjualan tahunan serta kepemilikan sebagaimana diatur dalam undang-undang ini. 1. usaha yang memenuhi kriteria adalah sebagai berikut: a) memiliki kekayaan bersih paling banyak rp. 200.000.000,(dua ratus juta rupiah) tidak termasuk tanah dan bangunan tempat usaha; atau 7 http://www.pusatbahasa.diknas.go.id diakses pada tanggal 19 maret 2009 8 titik sartika partomo m.s dan abd. rachman soejoedono, ekonomi skala kecil menengah dan koperai, dalam lilis sali satunnisa, “bmt sebagai mitra pengusaha kecil dan menengah, studi kasus pada bmt fajar shiddiq jakarta,”(skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarifhidaytullah jakarta, 2004), h.11. 9 saat soeharto, jurus ampuh mengatasi kemiskinan, dalam euis amalia keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia, (jakarta: pt. raja grafindo persada, 2009), h.42. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 6 b) memilki hasil penjualan tahunan paling banyak rp. 1.000.000.000,(satu milyar rupiah) c) milik warga negara indonesia (wni) d) berdiri sendiri, bukan merupakan anak perusahaan atau cabang perusahaan yang dimiliki, dikuasai atau berafiliasi baik langsung, maupun tidak langsung dengan usaha menengah atau besar; dan e) terbentuk usaha orang perseorangan, badan usaha yang tidak berbadan hukum, atau badan usaha yang berbadan hukum, termasuk koperasi.10 2. kriteria sebagaimana dimaksud dalam ayat (1) huruf a dan b, nilai nominalnya, dapat diubah sesuai dengan perkembangan per ekonomian, yang diatur dengan peraturan pemerintah. departemen keuangan memberi kriteria khusus mengenai usaha kecil yang termuat dalam keputusan menteri keuangan ri nomor 316/ kmk.616/1994 tentang pedoman pembinaan usaha kecil dan koperasi melalui pemanfaatan dana dari bagian laba badan usaha milik negara (bumn). keputusan tersebut membahas apa yang dimaksud dengan usaha kecil dan kemudian didefinisikan sebagai perorangan atau badan usaha yang telah melakukan kegiatan usaha dengan omzet per tahun setinggi-tingginya rp. 600.000.000,(enam ratus juta rupiah) 11 seiring dengan berjalannya waktu pada tahun 2008 yang lalu dengan per setujuan bersama dewan perwakilan rakyat (dpr) bersama pemerintah membuat undang-undang baru yaitu uu no.20 tahun 2008. berdasarkan uu no.20 tahun 2008 definisi dari usaha mikro, kecil dan menengah. yang dimaksud usaha mikro adalah usaha produktif milik orang perorangan dan atau badan usaha perorangan yang memenuhi kriteria usaha mikro sebagaimana diatur dalam undang-undang ini yaitu a. memiliki kekayaan bersih paling banyak rp50.000.000,00 (lima puluh juta rupiah) tidak termasuk tanah dan bangunan tempat usaha; atau 10 sri adiningsih, “regulasi dalam revitalisasi usaha kecil dan menengah di indonesia”, artikel diakses pada 18 maret 2009 dari httpwww.lfip.org 11 euis amalia, keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia, (jakarta: pt. raja grafindo persada, 2009), h.43. al-iqtishad: vol. ii, no. 1, januari 2010 7 b. memiliki hasil penjualan tahunan paling banyak rp. 300.000.000,00 (tiga ratus juta rupiah). untuk usaha kecil adalah usaha ekonomi produktif yang berdiri sendiri, yang dilakukan oleh orang perorangan atau badan usaha yang bukan merupakan anak perusahaan atau bukan cabang perusahaan yang dimiliki, dikuasai, atau menjadi bagian baik langsung maupun tidak langsung dari usaha menengah atau usaha besar yang memenuhi kriteria usaha kecil sebagaimana dimaksud dalam undang-undang ini. dan memiliki kriteria terhadap usaha kecil antara lain: a. memiliki kekayaan bersih lebih dari rp50.000.000,00 (lima puluh juta rupiah) sampai dengan paling banyak rp500.000.000,00 (lima ratus juta rupiah) tidak termasuk tanah dan bangunan tempat usaha; atau b. memiliki hasil penjualan tahunan lebih dari rp300.000.000,00 (tiga ratus juta rupiah) sampai dengan paling banyak rp2.500.000.000,00 (dua milyar lima ratus juta rupiah).12 sedangkan badan pusat stastik (bps) memberikan definisi usaha kecil yaitu usaha yang memiliki jumlah tenaga kerja 5-19 orang.13 sedangkan definisi usaha kecil yang didasarkan pada besar modal dan usaha menurut bank indonesia, departemen perindustrian dan perdagangan memberi batasan berdasarkan aset yang dimiliki (tidak termasuk tanah dan bangunan) bahwa usaha kecil adalah usaha yang memiliki aset kurang dari rp. 600.000.000,(enam ratus juta rupiah). sedangkan untuk definisi dari usaha menengah berdasarkan uu no. 20 tahun 2008 tentang usaha mikro, kecil dan menengah yang dimaksud dengan usaha menengah adalah usaha ekonomi produktif yang berdiri sendiri, yang dilakukan oleh orang perseorangan atau badan usaha yang bukan merupakan anak perusahaan atau cabang perusahaan yang dimiliki, dikuasai, atau menjadi bagian baik langsung maupun tidak langsung dengan usaha kecil atau usaha besar dengan jumlah kekayaan bersih atau hasil penjualan tahunan sebagaimana diatur dalam undang-undang 12 http://www.depkop.go.id di akses pada 20 maret 2009 13 http://infoukm.wordpress.com/2008/08/11/keragaman-definisi-ukm-di-indonesia/ diakses pad 20 maret 2009. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 8 ini. dengan memiliki kriteria sebagai berikut: a. memiliki kekayaan bersih lebih dari rp500.000.000,00 (lima ratus juta rupiah) sampai dengan paling banyak rp10.000.000.000,00 (sepuluh milyar rupiah) tidak termasuk tanah dan bangunan tempat usaha; atau b. memiliki hasil penjualan tahunan lebih dari rp2.500.000.000,00 (dua milyar lima ratus juta rupiah) sampai dengan paling banyak rp50.000.000.000,00 (lima puluh milyar rupiah).14 sementara itu, untuk mengakomodasi kalangan usaha menengah, pemerintah telah mengeluarkan inpres no. 10/1999. menurut inpres tersebut, usaha menengah adalah entitas usaha dengan aset bersih rp. 200.000.000,(dua ratus juta rupiah) sampai rp. 10.000.000.000,(sepuluh milyar rupiah) termasuk tanah dan bangunan.15 sedangkan untuk usaha mikro, kecil dan menengah berbasis syariah bila dikorelasikan antara pengertian kata “syariat atau syariah” menurut kamus besar bahasa indonesia adalah hukum agama yg menetapkan peraturan hidup manusia, hubungan manusia dengan allah swt, hubungan manusia dengan manusia dan alam sekitar berdasarkan alquran dan hadis, dengan definisi syariah tersebut umkm berbasis syariah dapat diartikan sebagai kegiatan ekonomi produktif rakyat yang berskala mikro, kecil dan menengah yang dikelola secara komersil, dan memenuhi ketentuan persyaratan yang ditetapkan serta pada pengelolaanya menggunakan prinsip-prinsip syariah atau dengan kata lain tidak melanggar aturan syariah seperti maisir, gharar dan riba. seperti pembiayaannya dengan bank syariah atau lembaga keuangan mikro syariah dan penjaminannya dengan asuransi syariah. karena sesuai dasar operasionalnya yang syariah, maka produk-produk pembiayaan yang dapat disediakan bank syariah dan lembaga keuangan mikro syariah kepada para calon nasabah didasarkan pada prinsip-prinsip syariah. setidaknya ada tiga metode utama pembiayaan yang diterapkan di perbankan syariah yaitu: 14 www.depkop.go.id di akses pada 20 maret 2009 15 sri adiningsih, “regulasi dalam revitalisasi usaha kecil dan menengah di indonesia”, artikel diakses pada 18 maret 2009 dari httpwww.lfip.org al-iqtishad: vol. ii, no. 1, januari 2010 9 1) metode pembiayaan dengan skema jual beli, seperti jual beli murabahah, salam, istisna, bay taqsith, dan bay mustarsal. 2) metode pembiayaan dengan skema bagi hasil, seperti musyarakah, musyarakah mutanaqishah, mudharabah, termasuk mudharabah muqayyadah (restricted investment). 3) ijarah, (sewa), seperti ijarah biasa, ijarah muwazi, sewa beli (bay attakjiri), dan imbt (ijarah muntahiyyah bittamliik). dengan demikian, banyak alternatif skim yang bisa digunakan untuk umkm, tergantung jenis dan bentuk umkm.16 ketiga metode utama pembiayaan syariah tersebut, saat ini sudah banyak digunakan oleh bank-bank syariah yang saat ini jumlahnya semakin bertambah. dengan begitu, para pengusaha umkm syariah akan semakin mudah dan memiliki banyak pilihan untuk membiayai usahanya. pengelompokan usaha mikro, kecil dan menengah ada sub kecil ukm yang memiliki entrepreneurship ,tetapi adapula yang tidak menunjukkan sifat tersebut. dengan menggunakan kriteria tersebut, maka kita dapat membedakan ukm dalam empat kelompok/bagian, sebagai berikut: 1. livelihood activities, ukm yang masuk kategori ini pada umumnya bertujuan mencari kesempatan kerja untuk mencari nafkah. para pelaku di kelompok ini tidak memiliki jiwa kewirausahaan. kelompok ini disebut sebagai sektor informal. di indonesia jumlah kategori ini sangat banyak. 2. micro enterprises, ukm ini lebih bersifat pengrajin dan tidak bersifat wirausaha, jumlahnya di indonesia juga besar. 3. small dynamic enterprise, ukm jenis ini cukup memiliki jiwa kewirausahaan, banyak usaha skala menengah dan besar yang tadinya berasal dari usaha kategori ini. 4. fast moving interprises, ini adalah ukm asli yang mempunyai jiwa 16 agustianto, “pembiayaan syariah unruk umkm”koran seputar indonesia, 30 maret 2009, h.38. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 10 kewirausahaan. kelompok ini akan menghasilkan pengusaha skala menengah dan besar. kelompok ini jumlahnya lebih sedikit dari ukm kategori satu dan dua.17 perkembangan umkm di indonesia sejak pelita iii (pembangunan lima tahun ketiga era orde baru) hingga tahun 2004, telah banyak program-program pengembangan dan fasilitasfasilitas yang diberikan pemerintah, dalam mendukung perkembangan usaha kecil dan menengah di indonesia. contohnya pengembangan sentrasentra industri di 27 provinsi, program pemitraan dengan sistem bapak angkat dan subkontrak, dan berbagai skema kredit lainnya. skema kredit yang didesain untuk pengusaha kecil, seperti: kredit investasi kecil (kik), dan kredit modal kerja permanen (kmkp), merupakan jenis kredit yang sangat populer sampai dengan tahun 1980-an dan jenis kredit ini disubsidi oleh pemerintah. di awal tahun 1990-an kedua skema kredit ini digantikan kredit usaha kecil (kuk) yang merupakan kredit yang tidak disubsidi. dan dalam berjalannya waktu dibentuklah program kredit usaha rakyat (kur) oleh pemerintah. walaupun pemerintah berusaha memberikan program-program usaha kecil hingga saat ini, efektifitas dari program ini masih perlu dipertanyakan. studi-studi empiris mengenai hasil program pembinaan usaha kecil, walaupun masih terbatas, tetapi dapat disimpulkan program ini kurang berhasil. kurang efektifnya program pembinaan usaha kecil di indonesia terutama disebabkan terlalu fokusnya kegiatan pada sisi penawaran dengan keterlibatan birokrasi pemerintah yang terlalu dalam.18 hingga dalam perkembangannya, ukm di akhir tahun 1990-an mengalami banyak hambatan di lapangan. sehingga perkembangan ukm di indonesia belum cukup berkembang secara pesat bahkan mengalami pasang surut. padahal apabila keberadaan usaha mikro, kecil dan menengah di 17 titik sartika pramono m. s dan abd. rachman soejoedono, dalam lilis sali satunnisa, “bmt sebagai mitra pengusaha kecil dan menengah, studi kasus pada bmt fajar shiddiq jakarta,”(skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarifhidaytullah jakarta, 2004), h.11. 18 sadono sukirno, dkk, pengantar bisnis, (jakarta: pt. prenada media, 2004), h.387. al-iqtishad: vol. ii, no. 1, januari 2010 11 indonesia lebih fokus untuk dikembangkan dapat lebih banyak membantu perekonomian masyarakat indonesia. hal ini terbukti dari beberapa survei yang dilakukan pemerintah dalam hal ini adalah badan pusat statistik (bps) maupun survei yang dilakukan oleh lembaga-lembaga survei lainnya. dengan sumbangsih yang positif dari sektor umkm dalam menghadapi resesi ekonomi, kususnya di era krisis ekonomi akhir tahun 90-an, dapat meminimalisir jumlah pengangguran dan mengurangi kemiskinan. gambar 2.2 gambar di atas disusun berdasarkan hasil survei usaha teri ntegrasi yang dilakukan bps—kiranya dapat berguna untuk mem berikan gambaran bagaimana peranan ukm bagi masyarakat di masa krisis. survei tersebut terbatas hanya pada ukm yang tidak ber badan hukum sehingga hasilnya dapat juga merefleksikan sektor informal. seluruh sektor ekonomi dicakup oleh survei tersebut, kecuali sektor pertanian. oleh karena tidak mencakup sektor pertanian, maka hasil survei tersebut akan lebih mencerminkan ukm di perkotaan mengingat sektor pertanian sebagian besar berada di wilayah pedesaan. hal ini menjadi penting karena watterberg dkk (1999) juga menyimpulkan bahwa dampak sosial dari krisis ekonomi lebih terkonsentrasi di wilayah perkotaan. data ukm tersebut bersumber dari publikasi bps berjudul profil uaha kecil dan menengah tidak berbadan hukum indonesia tahun 1998 dan tahun 2000. hasil survey tersebut hanya mencakup ukm non pertanian yang tidak berbadan hukum sehingga secara konseptual hasil survey tersebut juga merefleksikan sektor informal kendati secara terbatas (www.bps.go.id), oleh karena itu tidak mencakup sektor pertanian, mengingat sektor pertanian sebagian besar berada di wilayah pedesaan. perlu ditambahkan bahwa tahun 1997 tidak ada survei.19 19 aloysius gunadi brata, “distribusi spasial ukm di masa krisis ekonomi” artikel muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 12 secara umum, hasil survei bps di atas menunjukkan beberapa kecenderungan menarik. dari gambar di atas tampak bahwa jumlah unit usaha ukm cenderung berkurang. jumlah unit usaha pada tahun 2000 masih tetap lebih sedikit dibandingkan sebelum krisis ekonomi. hal yang sama juga terjadi pada jumlah tenaga kerja. hanya saja, penurunan jumlah tenaga kerja tidaklah setajam penurunan jumlah unit usaha. oleh karena itu, tenaga kerja yang diserap oleh masing-masing unit usaha secara rata-rata justru mengalami kenaikan. hal ini merupakan salah satu indikasi bahwa ukm sebetulnya juga mempunyai keunggulan dalam menyerap tenaga kerja di masa krisis ekonomi. krisis ekonomi rupanya telah mempertinggi kemampuan masing-masing ukm untuk menyerap tenaga kerja. dengan kata lain, sektor tersebut telah turut berperan dalam mengatasi persoalan pengangguran yang diakibatkan oleh krisis ekonomi.20 data-data tersebut dengan jelas menunjukkan bahwa ukm memiliki kemampuan untuk menjadi pilar penting bagi perekonomian masyarakat dalam menghadapi terpaan krisis ekonomi. hal ini tidak lepas dari kemampuan ukm untuk merespon krisis ekonomi secara cepat dan fleksibel dibandingkan kemampuan usaha besar (berry dkk, 2001). namun demikian, ada pendapat bahwa sektor informal tidaklah memberikan per baikan secara berarti terhadap taraf hidup para pekerjanya. hidup di sektor informal hanyalah hidup secara subsistem (basri, 2002).21 sedangkan perkembangan jumlah umkm periode 2006-2007 mengalami peningkatan sebesar 2,18 persen yaitu dari 48.779.151 unit pada tahun 2006 menjadi 49.840.489 unit pada tahun 2007. sektor ekonomi ukm yang memiliki proporsi unit usaha terbesar adalah sektor (1) pertanian, peternakan, kehutanan dan perikanan; (2) perdagangan, hotel dan restoran; (3) industri pengolahan; (4) pengangkutan dan komunikasi; serta (5) jasa-jasa dengan perkembangan masing-masing sektor tercatat sebesar 52,48 persen, 28,12 persen, 6,49 persen, 5,54 persen dan 4,60 persen. diakses pada 19 maret 2009 dari httpwww.ekonomirakyat.orgedisi_20artikel_7.htm 20 aloysius gunadi brata, “distribusi spasial ukm di masa krisis ekonomi” artikel diakses pada 19 maret 2009 dari httpwww.ekonomirakyat.orgedisi_20artikel_7.htm 21 aloysius gunadi brata, “distribusi spasial ukm di masa krisis ekonomi” artikel diakses pada 19 maret 2009 dari httpwww.ekonomirakyat.orgedisi_20artikel_7.htm al-iqtishad: vol. ii, no. 1, januari 2010 13 gambar 2.3: proporsi sektor ekonomi ukm berdasarkan jumlah unit usaha tahun 2007 sedangkan sektor ekonomi yang memiliki proporsi unit usaha terkecil secara berturut-turut adalah sektor (1) keuangan, persewaan dan jasa perusahaan; (2) pertambangan dan penggalian; (3) bangunan; serta (4) listrik, gas dan air bersih dengan perkembangan masing-masing tercatat sebesar 1,87 persen, 0,53 persen, 0,35 persen dan 0,02 persen.22 dalam perkembangannya di indonesia, umkm menjumpai banyak hambatan dan kendala yang terjadi. hambatan dan kendala yang umum dihadapi keterbatasan modal kerja, kesulitan mendapatkan bahan baku dengan kualitas yang baik dan harga yang terjangkau, keterbatasan teknologi, sdm dengan kualitas yang baik (terutama manajemen dan teknisi produksi), informasi khususnya mengenai pasar, dan kesulitan dalam pemasaran (termasuk distribusi).23 beberapa produk lembaga keuangan yang diperuntukkan bagi umkm beberapa lembaga keuangan seperti perbankan dan asuransi baik yang konvensional maupun yang berbasis syariah, mengeluarkan produknya yang diperuntukkan bagi sektor umkm. diantaranya antara lain: 22 www.depkop.go.id di akses pada 22 maret 2009 23 r hozin abdul fatah, artikel optimalisasi perbankan syariah dalam pembiayaan ukm, dalam ferlatim yulianto, “peran pt. pnm dalam pembiayaan usaha kecil dan menengah (ukm) melalui lembaga keuiangan syariah,”(skripsi s1 fakultas syariah dan hukum, universitas negeri syarif hidayatullah jakarta, 2006), h. 33 muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 14 produk perbankan 1. produk yang dikeluarkan oleh bni yaitu produk kredit bni tunas usaha dan produk pembiayaan bni tunas usaha syariah. dalam penyalurannya, produk bni tunas usaha akan disalurkan di seluruh indonesia melalui 50 sentra kredit kecil (skk), 62 unit usaha kecil (uuk) dan 64 kantor cabang bni. sedangkan untuk pembiayaan bni tunas usaha syariah akan disalurkan melalui 23 kantor cabang syariah dan 30 kantor cabang syariah pembantu. dalam pelaksanaannya menyalurkan kredit atau pembiayaan syariah, untuk menjamin pe nyaluran kredit tersebut bni bekerja sama dengan perusahaan asuransi yaitu pt. askrindo.24 2. kredit multiguna usaha bank mandiri adalah fasilitas kredit yang diberikan kepada pedagang retail atas dasar agunan berupa fixed aset atau kontrak sewa yang digunakan untuk memenuhi kebutuhan modal kerja yang sudah berjalan di sektor perdagangan retail, pembelian/ pengadaan (sewa) tempat usaha dan refinancing pembelian/pengada an tempat usaha yang telah dibeli nasabah di lokasi tertentu. 3. kredit investasi bank mandiri adalah fasilitas kredit yang diberikan untuk membiayai kebutuhan barang modal dalam rangka rehabilitasi, modernisasi, perluasan, pendirian proyek baru dan atau kebutuhan khusus terkait investasi. 4. kredit modal kerja bank mandiri adalah fasilitas kredit yang diberikan untuk memenuhi kebutuhan modal kerja yang habis dalam satu siklus usaha dan atau kebutuhan modal kerja yang bersifat khusus seperti untuk membiayai inventory/piutang/proyek atau kebutuhan khusus lainnya yang menurut evaluasi bank layak untuk dibiayai. 5. penyaluran kredit bank mandiri kepada bank perkreditan rakyat (bpr) yang ditujukan untuk pembiayaan kepada pengusaha mikro, baik perorangan maupun kelompok guna mengembangkan usahanya.25 6. pembiayaan bisnis modal kerja ib dari bank mega syariah adalah fasilitas pembiayaan dengan menggunakan konsep syariah mudharabah dan 24 http://www.endonesia.com diakses pada 30 maret 2009 25 http://www.bankmandiri.co.id diakses pada 9 april 2009 al-iqtishad: vol. ii, no. 1, januari 2010 15 musyarakah dengan nisbah bagi hasil yang telah di sepakati antara bank dan nasabah. 7. pembiayaan bisnis investasi ib dari bank mega syariah adalah fasilitas pembiayaan dengan menggunakan konsep syariah murabahah dengan angsuran sesuai kemampuan nasabah yang telah disepakati sejak awal sampai akhir masa pembiayaan sehingga memberikan ketenangan dan kepastian jumlah pembayaran (angsuran) bagi nasabah.26 8. pembiayaan mudharabah bsm adalah pembiayaan dimana seluruh modal kerja yang dibutuhkan nasabah ditanggung oleh bank. keuntungan yang diperoleh dibagi sesuai dengan nisbah yang disepakati. pembiayaan ini memiliki manfaat antara lain untuk membiayai total kebutuhan modal usaha nasabah dan nisbah bagi hasil tetap antara bank dan nasabah. 9. pembiayaan murabahah bsm adalah pembiayaan berdasarkan akad jual beli antara bank dan nasabah. bank membeli barang yang dibutuhkan dan menjualnya kepada nasabah sebesar harga pokok ditambah dengan keuntungan margin yang disepakati. pembiayaan ini memiliki manfaat antara lain untuk membiayai kebutuhan nasabah dalam hal pengadaan barang konsumsi seperti rumah, kendaraan atau barang produktif seperti mesin produksi, pabrik dan lain-lain.27 10. pembiayaan mudharabah bank muamalat dalam bentuk modal/ dana yang diberikan oleh bank untuk nasabah dikelola dalam usaha yang telah disepakati bersama. selanjutnya dalam pembiayaan ini nasabah dan bank sepakat untuk berbagi hasil atas pendapatan usaha tersebut. risiko kerugian ditanggung penuh oleh pihak bank kecuali kerugian yang diakibatkan oleh kesalahan pengelolaan, kelalaian dan penyimpangan pihak nasabah seperti penyelewengan, kecurangan dan penyalahgunaan. jenis usaha yang dapat dibiayai antara lain perdagangan, industri/manufacturing, usaha atas dasar kontrak, dan lain-lain berupa modal kerja dan investasi. 11. pembiayaan musyarakah dari bank muamalat adalah kerjasama 26 http:// www.bsmi.co.id di akses pada 10 april 2009 27 http://www.syariahmandiri.co.id diakses pada 10 april 2009 muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 16 perkongsian yang dilakukan antara anda dan bank muamalat dalam suatu usaha dimana masing-masing pihak berdasarkan kesepakatan memberikan kontribusi sesuai dengan kesepakatan bersama berdasarkan porsi dana yang ditanamkan. jenis usaha yang dapat dibiayai antara lain perdagangan, industri/manufacturing, usaha atas dasar kontrak dan lain-lain.28 produk asuransi 1. asuransi kredit perdagangan dari pt. askrindo adalah produk askrindo yang memberikan proteksi kepada pabrikan atau distributor atau seller sebagai tertanggung atas risiko tidak terbayarnya piutang kredit perdagangan dari distributornya atau buyernya. melalui layanan produk ini pihak tertanggung akan mendapatkan jasa manajemen kredit atau credit management service yang sangat bermanfaat baik untuk tertanggung maupun untuk buyernya, yaitu meliputi credit advice, credit control dan insurance protection. 2. penjaminan kredit bank dari pt. askrindo adalah produk askrindo yang memberikan penjaminan kepada bank atas resiko kemacetan kredit dari debitur ukmnya. fungsi penjaminan kredit adalah sebagai jaminan tambahan debitur ukm kepada bank. layanan jasa ini berperan dalam menjembatani sektor riil dan sektor finansial serta berperan dalam meningkatkan kepercayaan bank terhadap debitur ukmnya.29 3. produk asuransi syariah untuk usaha mikro, kecil dan menengah. produk asuransi jenis ini diarahkan untuk memenuhi kebutuhan asuransi usaha mikro, kecil, dan menengah yang apabila digabungkan memiliki konstribusi yang sangat besar pada produk domestik bruto (pdb) di negara-negara yang berpenduduk mayoritas muslim. di indonesia misalnya, yang memiliki konsentrasi penduduk muslim terbesar, sekitar 42,5 juta unit usaha tergolong dalam kategori umkm ini, dan menyediakan lebih dari 70 juta lapangan pekerjaan. usaha 28 http://www.muamalatbank.com diakses pada 10 april 2009 29 http://www.askrindo.co.id diakses pada 10april 2009 al-iqtishad: vol. ii, no. 1, januari 2010 17 yang mereka lakukan pun sangat bervariasi. beberapa diantara nya adalah toko, bengkel, restoran, kerajinan dan lain-lain jelas bahwa pasar yang potensial untuk umkm sangat menarik bagi pengembangan asuransi syariah. produk utama asuransi syariah untuk umkm di antaranya termasuk yang berikut ini: a. properti atau bangunan. ruang lingkup perlindungan asuransi syariah berupa: 1) kerusakan karena kebakaran, petir, ledakan, kejatuhan pesawat terbang dan resiko lain. 2) atau pilihan lain perlindungan untuk semua jenis kerugian atau kerusakan yang tidak disengaja, tetapi dengan batasan/pengecualian tertentu disebutkan—perlindungan ini umumnya dikenal sebagai perlindungan “all risk”. 3) ongkos-ongkos tambahan untuk kerusakan yang termasuk dalam pilihan perlindungan 1 atau 2 di atas. termasuk di dalam nya pembersih an puing, pelayanan darurat, biaya survey serta konsultan dan lain-lain. b. isi yang menjadi objek perlindungan dapat berupa persediaan barang peralatan dan perabotan, mesin dan perlengkapan, peralatan kantor, dan lain-lain. ruang lingkup perlindungan pada umumnya sama dengan yang ada di bangunan ditambah perlindungan terhadap risiko perampokan dan pencurian, yang bersifat khusus berlaku di isi, tetapi tidak berlaku di bangunannya sendiri. c. uang memberikan pelindungan terhadap uang baik di tempat kerja, tempat penyimpanan maupun dalam perjalanan. d. barang-barang dalam perjalanan ini dimaksudkan untuk perlindungan terhadap barang-barang peserta asuransi syariah baik berupa mesin/peralatan, bahan mentah, bahan setengah jadi, produk jadi ataupun perediaan barang untuk di perdagangkan terhadap kerusakan atau kerugian selama dalam perjalanan. e. kepentingan keuangan muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 18 memberikan perlindungan atas risiko gangguan usaha dengan memberikan penggantian atas biaya tetap fix cost, peningkatan biaya kerja, kehilangan pendapatan, upah, dan sebagainya. penggantian mulai dari saat terganggunya usaha oleh suatu risiko yang dijamin dalam skema asuransi syariah, sampai pulihnya usaha, kembali seperti sebelum kejadian. f. kejujuran (fidelity) dimaksudkan untuk melindungi peserta dari kerugian karena ketidakjujuran karyawan di bagian/bidang tertentu dalam hal yang spesifik terkait dengan pekerjaan. g. tanggung jawab hukum produk utamanya adalah tanggung jawab hukum terhadap publik dan tanggung jawab hukum terhadap produk. tanggung jawab hukum terhadap publik untuk melindungi peserta dari kemungkinan tuntutan yang diajukan oleh pihak ketiga yang mengalami bahaya dan atau kerugian karena kegiatan usaha atau aktivitas peserta yang bersangkutan. tanggung jawab hukum terhadap produk untuk melindungi peserta dari kemungkinan tuntutan yang diajukan oleh pihak ketiga yang mengalami bahaya dan atau kerugian karena mengonsumsi atau menggunakan produk yang dihasilkan oleh peserta yang bersangkutan. produk-produk asuransi syariah terebut dapat disatukan dalam satu paket produk gabungan untuk umkm, yang juga biasa disebut business package .30 dengan semakin bertambahnya produk-produk perbankan syariah dan asuransi syariah yang diperuntukkan bagi para pengusaha umkm baik yang konvensional ataupun berbasis syariah. diharapkan akan semakin menggairahkan bisnis umkm yang nantinya akan berpengaruh kepada perekonomian nasional. selain itu dengan semakin banyaknya bank atau perusahaan asuransi yang menawarkan pembiayaan syariah, para pengusaha umkm syariah akan semakin mudah dan memiliki banyak pilihan untuk membiayai usahanya. 30 muhaimin iqbal, asuransi umum syariah dalam praktik (jakarta: gema insani press,2006), h.53. al-iqtishad: vol. ii, no. 1, januari 2010 19 realisasi dari program-program lpnu sesuai dengan program-program kerja lpnu yang sudah ditetapkan diawal di dirikan maupun diawal periode kepengurusan. lpnu tetap fokus dalam pemberdayaan ekonomi kerakyatan seperti umkm dan koperasi. berikut ini adalah beberapa program-program lpnu yang telah direalisasikan: 1. pengembangan usaha kecil menengah dan koperasi lpnu a. pembinaan dan pengembangan 190 kelompok usaha syirkah muawanah (ksm) di seluruh indonesia b. pembinaan dan pengembangan 117 koperasi serba usaha syirkah muawanah (kopsim) di seluruh indonesia. 2. pelatihan usaha kecil menengah dan koperasi a. pelatihan manajemen ukm dan koperasi, jakarta 28-30 september 2004, kerjasama dengan pt. bank mandiri b. pelatihan ekonomi syariah yang mencakup pelatihan umkm syariah, keuangan syariah dan lain-lain untuk pondok pesantren sejawa dan sumatera, kerjasama dengan pt. bank rakyat indonesia (bri) syariah.31 c. pelatihan manajemen bmt untuk pimpinan pesantren dan ukm se-jawa tengah. di kota pati, kerjasama dengan pt. bank rakyat syariah (bri) syariah.32 selain itu, pp lpnu sebagai pelaksana kebijakan pbnu di bidang perekonomian, tergerak untuk ikut berperan aktif dalam mensosialisasikan sistem ekonomi syariah secara langsung ke tengah masyarkat luas, khusus nya warga nu yang merupakan pasar potensial untuk menjadi calon nasabah dari bank-bank syariah, asuransi syariah dan lain-lain. lpnu meyakini bahwa kedepannya sistem ekonomi syariah akan menjadi pilihan masyarakat dalam berbagai aktivitas keuangannya.33 berikut ini adalah beberapa pelaksanaan sosialisasi ekonomi syariah yang dilakukan pp lpnu kerjasama dengan instansi terkait: 31 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. 32 profil pengurus pusat lpnu lpnu masa kerja 2004-2009 h. 3 33 laporan pp lpnu 1999-2004 pada acara serah terima jabatan dengan pp lpnu 2004-2009. h. 16. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 20 1) sosialisasi perbankan syariah kerjasama dengan bank indonesia di cirebon, pekalongan, tasikmalaya, dan surabaya.34 respon masyarakat terhadap kegiatan sosialisasi tersebut sangat baik dan masyarakat begitu antusias, sebagaimana ditunjukkan oleh keikutsertaan berbagai kalangan di luar nu, seperti muhammadiyah, icmi, bmt, ukm, koperasi, dan kadin. dalam kegiatan sosialisasi yang dilakukan pp lpnu ini meninggalkan catatan penting yaitu membentuk beberapa bprs dan bmt yang dimilki oleh nu dengan harapan dapat membantu pendanaan para pengusaha mikro yang berada di pedesaan agar tidak lagi terjerat oleh rentenir, selain itu juga agar sistem ekonomi syariah dapat berkembang lebih luas samapi ke desa-desa. 2) simposium asuransi syariah pasca fatwa bunga haram mui kerjasama dengan dsn mui. pp lpnu melakukan simposium ini pada tahun 2004, setelah adanya fatwa yang dikeluarkan oleh dsn mui pada tahun 2003 yang menyatakan bahwa bunga haram. keluarnya fatwa ini ternyata berdampak positif bagi industri asuransi syariah nasional, khususnya dari sisi potensi nasabah. pengusaha asuransi syariah tidak perlu lagi ber debat dengan nasabah tentang halal haramnya asuransi.35 dengan diadakannya sosialisasi mengenai sistem ekonomi syariah kerjasama dengan beberapa pihak baik pihak pemerintah maupun pihak swasta. diharapkan perkembangan ekonomi syariah di indonesia akan semakin tumbuh dan berkembang lebih luas dan menyeluruh serta dapat memberikan rasa adil bagi masyarakat banyak. peluang yang dapat dimanfaatkan lpnu dalam mengembangkan umkm berbasis syariah resesi ekonomi yang melanda dunia internasional termasuk indonesia telah memberikan dampak yang buruk terhadap kondisi perekonomian 34 laporan pp lpnu 1999-2004 pada acara serah terima jabatan dengan pp lpnu 2004-2009. h. 14. 35 laporan pp lpnu 1999-2004 pada acara serah terima jabatan dengan pp lpnu 2004-2009. h. 33. al-iqtishad: vol. ii, no. 1, januari 2010 21 indonesia, seperti pemutusan hubungan kerja (phk) oleh perusahaan kepada para pekerja sehingga tingkat pengangguran dan kemiskinan semakin bertambah. menurut catatan bappenas, pada tahun 2004 pengangguran terbuka mencapai 10.3 juta jiwa (9,9%), setengah pengangguran mencapai 28,1 juta jiwa (27%) dan penduduk miskin mencapai 36,1 juta jiwa (16,7%) dengan tambahan 2,5 juta angkatan kerja baru setiap tahunnya.36 jumlah penduduk miskin di indonesia, pada bulan maret 2006 semakin meningkat sekitar 39.05 juta jiwa atau sekitar 17,75%. jika dibandingkan dengan jumlah penduduk miskin pada februari 2005 yang berjumlah 35,10 juta jiwa atau sekitar 15,97%, berarti jumlah penduduk miskin meningkat sebesar 3,95 juta. pada awal juli 2007, bps melaporkan jumlah penduduk miskin di indonesia per bulan maret 2007 sebesar 37,17 juta jiwa (16,58%). jika dibandingkan dengan angka pada bulan maret 2006 berarti jumlah penduduk miskin turun sebesar 2,13%. secara persentase dari total penduduk pun berarti terjadi penurunan angka kemiskinan.37 dengan jumlah kemiskinan yang melanda masyarakat indonesia, tentu sangat mempengaruhi daya beli masyarakat yang menjadi menurun dan tingkat kriminalitas semakin meningkat. krisis ekonomi yang terjadi telah menyebabkan usaha berskala makro yang memiliki modal sangat besar dan menyerap buruh atau pekerja yang sangat banyak menjadi sangat kesulitan untuk bertahan. disamping terpengaruh oleh nilai mata uang dollar amerika serikat dan gejolak perekonomian di luar negeri khususnya di amerika serikat, usaha berskala makro juga sangat rentan terhadap menurunnya daya beli masyarakat serta kondisi keamanan luar dan dalam negeri. krisis yang lalu menunjukkan bahwa pengusaha entrepreneur sejati sangat langka di bumi pertiwi ini. hampir seluruh pengusaha nasional berskala besar lumpuh karena usahanya bertopang pada fasilitas pemerintah termasuk pembiayaannya. kebanyakan mereka rapuh karena hanya ber36 bappenas, pokok-pokok rencana pembangunan jangka menengah tahun 20042009, dalam euis amalia keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia, (jakarta: pt. raja grafindo persada, 2009), h.4. 37 tingkat kemiskinan di indonesia tahun 2005-2006, www.depkop.go.id, dalam euis amalia keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia (jakarta: pt. raja grafindo persada, 2009), h.42. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 22 modalkan pertemanan dengan pejabat/penguasa.38 dengan begitu rapuh nya usaha berskala makro, harus ada alternatif lain yang dapat me nyerap tenaga kerja dan kuat dalam menghadapai kondisi per ekonomian nasional maupun internasional. salah satu alternatif yang dapat menyerap tenaga kerja dalam jumlah besar dan dapat mengurangi kemiskinan adalah memperbanyak dan memberdayakan usaha mikro kecil dan menegah (umkm). usaha kecil sendiri, pada dasarnya sebagian besar bersifat informal dan karena itu relatif mudah untuk dimasuki oleh pelaku-pelaku usaha baru sehingga persoalan pengangguran sedikit banyak dapat ditanggulangi dan implikasinya adalah pada pendapatan. bukan tidak mungkin produkproduk umkm justru menjadi substitusi bagi produk-produk usaha besar yang mengalami kebangkrutan. meski demikian, ada juga pendapat yang mengatakan bahwa sektor informal tidak memberikan perbaikan secara berarti terhadap taraf hidup para pekerjanya. hidup di sektor informal hanya ah hidup secara subsistem.39 terlepas dari cara pandang berbeda tersebut, realitas menunjukkan bahwa peran dan sumbangsih sektor umkm sebagai tulang punggung per ekonomian dalam penciptaan lapangan kerja dan penanggulang an kemiskinan di indonesia tidak dapat dipungkiri. umkm sudah terbukti mampu dalam menghadapi krisis ekonomi yang melanda negeri di akhir tahun 90-an. ada beberapa alasan yang menjadikan umkm sebagai prioritas. terhadap perekonomian nasional, umkm memberikan konstribusi antara lain: 1) sebagai penampung tenaga kerja dalam jumlah besar (sekitar 99,5%); 2) sebagai penyumbang pendapatan domestik bruto (pdb) sebesar 56,7%; 3) dalam ekspor non migas konstribusinya sebesar 19,1%; 4) berkonstribusi dalam pertumbuhan perekonomian nasional (perekonomian tumbuh umkm turut tumbuh); 5) sebagai penopang perekonomian nasional (dalam situasi mata uang berfluktuasi seperti pengalaman masa krisis moneter, umkm relatif bertahan karena fleksibel dan 38 euis amalia, keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia, (jakarta: pt. raja grafindo persada, 2009), h.7. 39 basri, m.c., wajah murung ketenagakerjaan kita, dalam euis amalia keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia, (jakarta: pt. raja grafindo persada, 2009), h.8. al-iqtishad: vol. ii, no. 1, januari 2010 23 tidak tergantung bahan impor); 6) tidak menjadi beban negara meskipun hampir seluruh sektor usaha terkena dampak krisis moneter, seperti yang terjadi pada kelompok konglomerat yang menyebabkan negara harus menanggung beban yang sangat besar.40 untuk lebih meningkatkan dan memberdayakan masyarakat melalui umkm, diperlukan sebuah inovasi sistem yang baru dari yang selama ini digunakan untuk mengembangkan umkm. sesuai dengan cita-cita bangsa yang tercantum di dalam pancasila sila kelima yang berbunyi keadilan sosial bagi seluruh rakyat indonesia, maka diperlukan sebuah sistem ekonomi yang lebih baik yang mampu mendorong kegiatan ekonomi tanpa berdampak buruk dan disisi lain sekaligus dapat menjembatani kesenjangan serta dapat memenuhi kebutuhan para pengusaha kecil terhadap modal. hal ini karena keberadaan sistem ekonomi konvensional melalui lembaga-lembaga keuangan konvensionalnya yang ada selama ini berbasis bunga yang telah memberikan dampak negatif bagi pengembangan ekonomi selama ini. suku bunga pinjaman yang tinggi telah mengakibatkan banyaknya unit usaha yang gulung tikar dan timbul kredit macet yang menimpah para pengusaha yang terlibat dengan lembaga-lembaga keuangan konvensional. oleh karena itu dibutuhkan kehadiran sistem ekonomi yang baru yang bersifat gotong royong menanggung risiko usaha nasabahnya yang saling berbagi keuntungan dan kerugian secara adil dan dapat survive walau guncangan ekonomi melanda dunia. sistem ekonomi berbasis syariah ternyata dapat memenuhi semua keinginan tersebut. sistem ekonomi berbasis syariah yang mulai mendapatkan kepercayaan masyarakat ini merupakan sistem ekonomi yang lebih adil. sistem ekonomi berbasis syariah ternyata telah dapat diaplikasi kan kedalam beberapa sektor berskala besar seperti yaitu sektor perbankan syariah, asuransi syariah maupun sektor informal seperti umkm berbasis syariah. dalam hal ini umkm berbasis syariah sangat tepat untuk meningkatkan dan memberdayakan masyarakat melalui umkm. umkm ber40 euis amalia keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di idonesia, (jakarta: pt. raja grafindo persada, 2009), h.8. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 24 basis syariah diharapkan mampu menopang perekonomian ma syarakat menjadi lebih baik. akan tetapi umkm berbasis syariah belum tersosialisasi dengan baik dan belum banyak diaplikasikan oleh masyarakat. oleh karena itu dibutuhkan peran serta dari masyarakat dan lembaga-lembaga yang peduli dengan keberadaan umkm berbasis syariah. salah satu lembaga yang peduli kepada eksistensi umkm berbasis syariah adalah lembaga perekonomian nahdlatul ulama (lpnu). lpnu me mandang bahwa saat ini terbukti bahwa ekonomi syariah menjadi solusi dari terjadinya krisis ekonomi, karena kalau kita melihat bahwa negara non muslim justru memandang syariah sebagai way of life atau sebagai sistem baru yang bisa diadopsi seperti negara singapura yang menjadi pusat ekonomi syariah dan juga inggris yang sudah lebih dahulu mengadopsi ekonomi syariah.41 jadi tidak mustahil hal ini menjadi daya dukung kedepan dan salah satu daya kompetisi yang bagus. indonesia sendiri justru terkesan sangat terlambat dibanding negara-negara eropa dan negara-negara asia tenggara yang sudah mempraktekan beberapa prinsip ekonomi syariah dalam ekonomi modern mereka, karena sesungguhnya prinsip ekonomi syariah sangat universal. kehadiran lpnu yang dikembangkan sebagai lembaga dibawah pbnu yang menangani permasalahan ekonomi warga nu memiliki tugas yaitu monitoring, supporting dan asistensing. monitoring adalah tugas yang dilakukan oleh lpnu dalam rangka memantau perkembangan sebuah kelompok atau perorangan yang memiliki usaha mikro, kecil dan menengah, baik usaha yang sudah berjalan ataupun memantau daerah mana saja yang banyak terdapat warga nu yang masih kurang kesejahteraan ekonominya untuk selanjutnya dibina agar menjadi pelaku usaha umkm. supporting adalah salah satu tugas lpnu, dimana lpnu mendukung umkm binaannya dengan menjadi jembatan penghubung antara pengusaha umkm yang belum memiliki modal yang cukup dengan lembaga pemberi modal dari pemerintah ataupun swasta seperti departemen koperasi, bank, bmt dll. asistensing adalah tugas yang diamanatkan kepada lpnu untuk menjadi pendamping umkm dengan menberikan pengarahan tentang manajemen usaha yang baik, 41 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. al-iqtishad: vol. ii, no. 1, januari 2010 25 produksi yang baik, distribusi yang baik dengan tujuan agar para pelaku umkm dapat meningkatkan usahanya.42 tentunya tugas-tugas lpnu tersebut mempunyai misi yang sejalan dengan program pemerintah yaitu pemberdayaan ekonomi masyarakat, sehingga diharapkan menjadi ujung tombak dalam meningkatkan taraf hidup warga nu khususnya yang berada di pedesaan yang masih banyak berada dibawah garis kemiskinan. lpnu berpotensi besar dalam mensosialisasikan dan mengembangkan umkm berbasis syariah di indonesia. bukan saja didasarkan pada jumlah warga nahdliyin yang berjumlah lebih dari seperempat penduduk indonesia tetapi juga karena pengalaman selama krisis ekonomi telah menunjukkan bahwa sistem ekonomi syariah merupakan sistem ekonomi yang dapat bertahan dalam krisis ekonomi dan dapat berperan lebih baik dari sistem konvensional. walaupun pada kenyataannya untuk saat ini para pengusaha umkm warga nu masih sedikit yang mengelola usahanya dengan sistem berbasis syariah dan lebih banyak yang mengelola nya dengan cara sistem konvensional dikarenakan sosialisasi yang kurang menyeluruh, namun begitu umkm berbasis syariah bisa diterima di kalangan warga nu, karena setiap kali lpnu mengadakan pelatihan umkm berbasis syariah lebih dari 60 orang peserta terdiri dari berbagai kalangan dan berbagai bidang usaha mengikuti pelatihan tersebut.43 keberadaan lpnu tidak hanya bersedia untuk membina umkm yang sudah mapan saja, tetapi juga juga membantu membina para calon pengusaha baru yang masih awam dengan manajemen berbasis syariah selain itu juga lpnu menjadi jembatan penghubung antara pengusaha dengan lembaga-lembaga pemberi modal seperti membantu para petani lada mendapatkan akses ke bank bukopin syariah untuk mendapatkan modal. cara kerjanya adalah lpnu membantu para petani, mereka dilatih baik itu mengelola cara tanam yang benar, mengelola hasil panen, memasarkan hasil pertaniannya, melatih mengelola keuangannya dan lainlain, setelah itu mengajukan permohonan kepada pihak perbankan untuk 42 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. 43 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 26 bekerjasama dengan lpnu untuk membantu para pengusaha kecil setelah itu terjadi kesepakatan antara keduanya untuk menangani para pengusaha umkm. untuk mendukung visi dan misi lpnu, keberadaannya didukung oleh beberapa lembaga keuangan syariah seperti bank-bank syariah yang dapat membantu memberikan modal atau pinjaman lunak dan perusahaan asuransi syariah yang memberikan proteksi terhadap aset-aset yang dimiliki pengusaha. akan tetapi dengan didukung oleh beberapa bank seperti bank bri syariah, bank bni syariah, bank bukopin syariah dan lainlain, yang memberikan pinjaman lunak ternyata belum cukup untuk lebih mengembangkan umkm berbasis syariah. karena ternyata dibutuhkan satu lembaga keuangan tersendiri yang kuat dan satu goodwill untuk pendanaan yang lebih. oleh karena itu tanpa menyampingkan beberapa lembaga keuangan pemberi modal, lpnu juga membentuk bpr syariah yang dimiliki oleh pbnu yang dapat membantu dan menaungi umkm berbasis syariah lebih baik lagi.44 keberadaan lembaga-lembaga seperti lpnu akan lebih berpeluang dalam mengembangkan umkm berbasis syariah, karena lpnu bukanlah sebuah lembaga yang meminta atau mendapatkan konstribusi dari para pengusaha umkm baik itu berupa hasil keuntungan atau yang lainnya, karena sifat dari lpnu itu sendiri adalah menjadi sistem supporting dan asistensing dan memang sudah menjadi tugas lpnu untuk monitoring, supporting dan asistensing seperti misalnya membantu para petani lada di daerah untuk akses ke bukopin syariah mendapatkan pinjaman modal.45 oleh karena itu, untuk memaksimalkan peran serta lpnu dalam pengembangan umkm berbasis syariah perlu mendapatkan support dari ummat muslim khususnya warga nahdliyin dengan membeli produkproduk hasil dari umkm khususnya umkm berbasis syariah. tidak hanya itu saja, perbaikan dan profesionalisme manajemen di tubuh lpnu juga harus lebih baik kedepannya, agar keberadaan lpnu dapat berjalan 44 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. 45 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. al-iqtishad: vol. ii, no. 1, januari 2010 27 dengan baik dan mampu melaksananakan program-programnya serta mampu mengembangkan jaringan kemitraan dengan lembaga-lembaga keuangan syariah yang dapat dimanfaatkan bagi pengembangan ekonomi kerakyatan sesuai dengan anggaran dasar dan anggaran rumah tangga (adart) nahdlatul ulama. kendala yang dihadapi lpnu dalam mengembangkan umkm berbasis syariah dalam melaksanakan program-programnya, lpnu sering kali menghadapi kendala-kendala yang dapat menghambat berkembangnya umkm ber basis syariah. dari wawancara yang dilakukan dengan pengurus pusat lpnu dan beberapa dokumen lpnu dapat diketahui bahwa kendala-kendala yang dihadapi tersebut berasal dari beberapa aspek internal maupun eksternal antara lain: 1. masih sangat terbatasnya sdm di lpnu.46 terbatasnya sdm masih menjadi kendala lpnu untuk lebih mengembangkan umkm berbasis syariah di seluruh penjuru nusantara. disamping karena keterbatasan dana untuk mengembangkan sdm, keterbatasan sdm di lpnu belum bisa ditangani karena masih banyak dari pengurus dan staf lpnu yang belum terkonsentrasi dalam melaksanakan program-program kerja di lpnu hal ini disebabkan oleh pekerjaan yang cukup banyak sedangkan jumlah staf sedikit. 2. pemahaman yang kurang di masyarakat.47 walaupun nahdlatul ulama adalah organisasi kemasyarakatan terbesar di indonesia, dengan penganut kurang lebih 50% dari jumlah penduduk indonesia. akan tetapi pemahaman anggota atau pengikutnya terhadap ekonomi syariah dianggap masih kurang. mereka masih menganggap sistem syariah sama saja dengan sistem konvensional bahwa bahkan masih terjadi pro dan kontra tentang praktek ekonomi syariah di dunia per bankan. hal ini yang menyebabkan kesadaran untuk pindah dari konvensional 46 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. 47 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 28 masih rendah dan pengembangan umkm berbasis syariah menjadi terkendala. 3. perwakilan di daerah masih kurang. lpnu hanya terbentuk di setiap pengurus cabang nahdlatul ulama (pcnu) setingkat kota/kabupaten belum menyentuh tingkat desa, sehingga kinerja lpnu dalam menjalankan program-programnya khususnya program dalam me ngembangkan umkm berbasis syariah menjadi kurang maksimal. 4. terbatasnya mitra untuk bekerja sama. dalam menjalankan programprogramnya lpnu tidak berjalan sendiri tetapi juga bekerja sama dengan beberapa mitra baik itu dari pemerintah maupun dari swasta. akan tetapi tidak semua dan tidak mudah meyakinkan dan menjalin kerjasama dengan pihak terkait untuk menjadi mitra dalam menjalankan program-program lpnu. 5. birokrasi yang masih berbelit-belit. salah satu permasalahan yang dihadapi masyarakat untuk mendapatkan ijin atau surat-surat penting dari pihak pemerintah baik pusat dan daerah adalah masalah birokrasi. hal ini juga dihadapi lpnu dalam melaksanakan program-program nya, perizinan dan aspek legalitas usaha dirasakan masih sangat berbelitbelit. 6. dana yang kurang. lpnu tidak memiliki dana yang memungkinkan lembaga ini dapat melaksanakan perannya dengan baik, karena selama ini dana organisasi yang dikelola sangat minim dan bersifat sesaat yang diperoleh dari bantuan rekan bisnis lpnu.48 7. usaha yang masih pereorangan. harus diakui memang masih banyak lembaga usaha yang berada di lingkungan nu masih dimiliki oleh perorangan tidak dimiliki oleh institusi pbnu.49 lpnu sendiri sampai akhir tahun 2009 memiliki 375 kegiatan usaha diberbagai bidang usaha.50 akibat dari masih banyaknya kegiatan usaha di lingkungan nu yang masih dimiliki oleh perorangan adalah program-program yang 48 program kerja lpnu 2006-2009 49 laporan pp lpnu 1999-2004 pada acara serah terima jabatan dengan pp lpnu 2004-2009. h. 5.. 50 program kerja lpnu 2006-2009 h. 9. al-iqtishad: vol. ii, no. 1, januari 2010 29 direncanakan lpnu menjadi terkendala karena dana yang diperoleh dari pbnu tidak cukup untuk memaksimalkan program-program lpnu. upaya yang ditawarkan oleh lpnu agar umkm berbasis syariah lebih berperan dalam pemberdayaan ekonomi rakyat. menurut kamus besar bahasa indonesia kata pemberdayaan berasal dari kata “daya” yang berarti kemampuan melakukan sesuatu atau kemampuan bertindak, sedangkan pemberdayaan berarti proses, cara, perbuatan memberdayakan.51 menurut kamus bahasa inggris pemberdayaan adalah terjemahan dari empowerment, sedang memberdayakan adalah terjemahan dari empower. menurut merriam webster dan oxford english dictionary, kata empower mengandung dua pengertian, yaitu: (1) to give power atau authority to atau memberi kekuasaan, mengalihkan kekuatan atau mendelegasikan otoritas ke pihak lain; (2) to give ability to atau enable atau usaha untuk memberi kemampuan atau keperdayaan.52 sedangkan menurut ahli ekonomi pemberdayaan adalah upaya untuk membangun daya masyarakat dengan mendorong, memotivasi dan membangkitkan kesadaran akan potensi yang dimiliki serta berupaya untuk mengembangkannya. memberdayakan masyarakat berarti upaya untuk meningkatkan harkat dan martabat lapisan masyarakat dalam kondisi yang kurang mampu untuk melepaskan diri dari perangkap kemiskinan dan keterbelakangan. dengan kata lain memberdayakan adalah memampukan dan memandirikan masyarakat. 53 untuk istilah ekonomi rakyat dalam wacana teori ekonomi tidak dapat ditemui. hal ini memang karena ekonomi rakyat sebagai sebuah pengertian bukan merupakan turunan dari mazhab atau school of thought tertentu me lainkan suatu konstruksi pemahaman dari realita ekonomi yang umum terdapat di negara berkembang. suatu realita ekonomi dimana selain ada sektor formal yang umumnya didominasi oleh usaha dan konglomerat 51 http://www.pusatbahasa.diknas.go.id/kbbi/ diakses pada tanggal 7 agustus 2009 52 http://www.bappenas.go.id diakses pada tanggal 11 agustus 2010 53 mubyarto, membangun sistem ekonomi dalam mohamad soleh, peranan bmt center dalam memberdayakan ekonomi masyarakat ,(skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarifhidaytullah jakarta, 2006), h.53. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 30 terdapat sektor informal dimana sebagian besar anggota masyarakat hidup.54 ekonomi rakyat dapat didefinisikan sebagai suatu sistem partisipatif yang memberikan akses fair dan adil bagi seluruh lapisan masyarkat dalam proses produksi, distribusi dan konsumsi tanpa harus mengorbankan fungsi sumber daya alam dan lingkungan sebagai sistem pendukung kehidupan masyarakat secara berkelanjutan.55 dari definisi diatas dapat disimpulkan bahwa pemberdayaan ekonomi rakyat adalah usaha untuk mengembangkan kemampuan serta meningkatkan potensi masyarakat dalam kegiatan perekonomian dengan memberikan rasa adil bagi seluruh lapisan masyarakat agar dapat memenuhi kebutuhan hidup dan mensejahterakan rakyat. tidak atau kurang terlaksananya pemberdayaan ekonomi rakyat adalah salah satu penyebab terpuruknya perekonomian indonesia yang berakibat timbulnya berbagai permasalahan seperti kemiskinan, pengangguran dan lain-lain. salah satu upaya untuk memperbaiki permasalahan tersebut adalah pemberdayaan ekonomi masyarakat harus teraplikasi dengan baik. karena pemberdayaan ekonomi rakyat berorientasi pada usaha mikro, kecil, dan menengah (umkm) serta koperasi yang dikelola oleh masyarakat lapisan bawah. tidak cukup dengan itu saja, sistem ekonomi syariah juga harus dapat teraplikasikan dengan menyeluruh. karena sistem ekonomi syariah merupakan solusi tepat setelah sistem ekonomi lainnya gagal me menuhi harapan rakyat. hal ini bukan tanpa alasan, sistem ekonomi syariah telah terbukti mampu bertahan pada saat krisis ekonomi. dengan dapat teraplikasikannya sistem ekonomi berbasis syariah ke sektor usaha mikro, kecil dan menengah (umkm) serta koperasi. diharapkan mampu meningkatkan taraf hidup masyarakat. akan tetapi hal tersebut pastinya akan mendapatkan kendala-kendala yang telah disebutkan diatas. oleh karena itu, untuk memberdayakan ekonomi masyarakat melalui umkm berbasis syariah dibutuhkan beberapa upaya antara lain: 54 http://www.ekonomirakyat.org diakses pada tanggal 11 agustus 2010 55 gunawan sumodiningrat, pemberdayaan masyarakat dan jaring pengaman sosial, dalam mohamad soleh, peranan bmt center dalam memberdayakan ekonomi masyarakat ,”(skripsi s1fakultas syariah dan hukum, universitas islam negeri syarifhidaytullah jakarta, 2006), h.53 al-iqtishad: vol. ii, no. 1, januari 2010 31 1. memperbanyak sdm yang memahami ekonomi syariah56 saat ini sdm yang memahami ekonomi syariah dirasakan oleh be berapa pihak masih terasa kurang. hal ini terlihat dari banyaknya masyarakat yang belum mengerti apa itu ekonomi syariah bahkan sistem ekonomi syariah yang digunakan oleh bank-bank atau perusahaan asuransi syariah dianggap sama dengan sistem konvensional. oleh karena itu untuk lebih berperan dalam pemberdayaan ekonomi rakyat, lembagalembaga pembina umkm seperti lpnu terus berupaya meningkat kan kualitas dan kuantitas sdm yang dimiliki dengan cara misalnya mengadakan atau mengikuti pelatihan ekonomi syariah disetiap perwakilan lpnu didaerah seperti di kota cirebon, pekalongan, tasikmalaya, dan surabaya.57 2. perluasan jaringan kerja58 umkm berbasis syariah perlu diberikan kemudahan dalam pemberian pinjaman modal usaha oleh pemerintah melalui dinas yang terkait maupun oleh pihak swasta. seperti kredit usaha rakyat (kur) modal usaha yang diberikan pemerintah kepada para pelaku umkm tanpa adanya jaminan dari peminjam. hal ini sangat dibutuhkan oleh para pengusaha umkm agar modal usaha yang mereka butuhkan dapat diterima dengan cepat dan mudah sehingga dapat digunakan untuk kebutuhan usahanya. akan tetapi pada kenyataannya berbeda dengan di lapangan. berkali-kali lpnu mengadakan pelatihan keliling indonesia selalu ada keluhan-keluhan dari para pelaku usaha umkm pada praktek-praktek perbankan yang tidak familiar terhadap umkm, selalu umkm itu dipandang sebelah mata oleh perbankan karena dianggap memang lemah pembukuannya, lemah menejemennya, lemah marketingnya dan lemah produksinya. 56 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. 57 laporan pp lpnu 1999-2004 pada acara serah terima jabatan dengan pp lpnu 2004-2009. h. 14. 58 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 32 3 adanya iklim usaha yang sehat59 iklim usaha yang sehat sangat dibutuhkan oleh pengusaha umkm. hal ini dapat mengembangkan sektor usaha mikro menjadi lebih maju, begitu juga sektor usaha kecil dan menengah. iklim usaha yang sehat seperti simbiosis mutualisme antara para pengusaha besar dan pengusaha umkm saling membutuhkan dan menguntungkan bagi keduanya. 4. regulasi atau peraturan yang tetap bagi para pelaku umkm60 sulit bagi pelaku umkm untuk mengembangkan usahanya apabila tidak di jamin dan tidak ada kepastian hukum yang pasti dari pemerintah. walaupun pemerintah dan dpr telah membuat beberapa regulasi untuk umkm cukup banyak tetapi apabila regulasi tersebut saling tindih dan tidak terimplementasikan dengan baik di lapangan akan mengganggu pengembangan umkm. oleh karena itu regulasi yang dibuat haruslah bersifat tetap dan tidak saling tindih dengan yang lainnya. setelah beberapa kali mengalami pembentukan atau perubahan regulasi baik itu berupa undang-undang atau berupa peraturan pemerintah, saat ini regulasi yang terbaru dan menjadi kiblat bagi para pelaku umkm adalah uu no.20 tahun 2008 tentang usaha mikro, kecil, dan menengah. regulasi yang tetap sangat diperlukan bagi para pengusaha atau pelaku umkm. regulasi tersebut berfungsi sebagai payung hukum agar yang dilakukan para pelaku umkm mendapatkan kepastian hukum dari pemerintah. dengan adanya regulasi yang tetap diharapkan para pelaku umkm dapat mengembangkan usahanya menjadi tumbuh dengan baik dan benar sehingga dapat membantu beban negara yaitu mengurangi pengangguran dan mensejahterakan rakyat. pustaka acuan adiningsih, sri. “regulasi dalam revitalisasi usaha kecil dan menengah di indonesia”, artikel diakses pada 18 maret 2009 dari httpwww.lfip.org abdul fatah, r hozin. “optimalisasi perbankan syariah dalam pembiayaan 59 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. 60 fathan subchi, wakil sekretaris pengurus pusat lembaga perekonomian nahdlatul ulama (pp lpnu), wawancara pribadi, jakarta, 24 juni 2009. al-iqtishad: vol. 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tinggi agama islam. dalam akhmad mujahidin, ekonomi islam. jakarta: pt. raja grafindo persada, 2007: h.9. haymans manurung, adler. modal untuk, buku bisnis ukm, jakarta kompas. 2008 hosen, m. nadratuzzaman. dkk. materi dakwah ekonomi syariah. jakarta: pkes, 2008. http://www.askrindo.co.id diakses pada 10april 2009 http://www.bappenas.go.id 11 agustus 2009 http://www.bankmandiri.co.id diakses pada 9 april 2009 http:// www.bsmi.co.id diakses pada 10 april 2009 http://www.depkop.go.id diakses pada 20 maret 2009 http://www.ekonomirakyat.org al-qaradhawi, yusuf. “al-ijtihad al-mu‘asir ahkam”. diakses pada 27 maret 2009 dari httpnurkolis77.staff.uii.ac.id korupsi-dan-akibatnyaanalisisperspektif-ekonomi-islam. sevila, coonsuelo g. pengantar metode penelitian, dalam vivi alfiyanti, muhtadi ahmad: peran lembaga perekonomian nahdatul ulama (lpnu) . . . 34 “aplikasi akad wakalah bil ujrah pada reasuransi syariah,”(skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarifhidaytullah jakarta, 2007: h. 11. soeharto, saat. “jurus ampuh mengatasi kemiskinan.” dalam euis amalia, ed. keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di indonesia. jakarta: pt. raja grafindo persada, 2009: h. 42. sukirno, sadono. dkk. pengantar bisnis. jakarta: prenada media, 2004. sudarsono, heri. bank dan lembaga keuangan syariah deskripsi dan ilustrasi, cet.iii. yogyakarta: ekonosia, 2005. sumodiningrat, gunawan. pemberdayaan masyarakat dan jaring pengaman sosial, dalam mohamad soleh, peranan bmt centre dalam memberdayakan ekonomi masyarakat,” (skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarif hidayatullah jakarta, 2006: h. 53 sula, muhammad syakir. asuransi syariah (life and general) konsep dan sistem operasional. jakarta: pt. gema insani press, 2004. samuelson, ilmu makro. dalam akhmad mujahidin, ed. ekonomi islam. jakarta: pt. raja grafindo persada, 2007: surisumantri, jujun s. filsafat ilmu sebuah pengantar populer. dalam akhmad mujahidin, ed. ekonomi islam. jakarta: pt. raja grafindo persada, 2007: syafi’i antonio, muhammad. bank syariah wacna ulama dan cendekiawan. jakarta: tazkia institute, 1999. al-syatibi (t.t.). “al-muwafaqat fi usul al-ahkam”. artikel dikases pada 27 maret 2009 dari httpnurkholis77.staff.uii.ac.id idkorupsi-danakibatnyaanalisis-perspektif-ekonomi-islam. tim prosiding lpnu. prospek perbankan syariah paca fatwa mui. jakarta: pp lpnu, 2004. wawancara pribadi dengan, fadhan subchi. jakarta, 24 juni 2009. yusuf, al-‘alim halim. alnizam al-siyasi wa al-iqtishadi fi al-islam. dalam akhmad mujahidin, ekonomi islam. jakarta: pt. raja grafindo persada, 2007: h.12. zarqa, anas. “islamic economics: an approach to human welfare”. diakses pada 27 maret 2009 dari httpnurkolis77.staff.uii.ac.id korupsi-danakibatnyaanalisis-perspektif-ekonomi-islam. 179al-iqtishad: vol. iii, no. 2, juli 2011 tabung haji malaysia dalam perspektif ekonomi nurhasanah abstract: malaysian hajj savings in economic perspective. the entity of malay muslims provide a heightened awareness to practice the teachings of islam. hajj as one of the fifth pillar of islam is a priority agenda of empire since the early nineteenth century. the maintenance of hajj initially became sultan competence as a symbol of islam in the malay leadership. this is because the malay customs affairs and the affairs of the religion of islam to be the competence of the king, not the government or the british empire. keywords: hajj savings, economics, hajj abstrak: tabung haji malaysia dalam perspektif ekonomi. entitas islam di kalangan muslim melayu memberikan kesadaran yang tinggi untuk mengamalkan ajaran-ajaran islam. ibadah haji sebagai rukun islam yang kelima menjadi prioritas agenda kerajaan sejak awal abad xix. pengurusan ibadah haji pada awalnya menjadi kompetensi sultan sebagai simbol kepemimpinan islam di tanah melayu karena urusan adat istiadat melayu dan urusan agama islam menjadi kompetensi raja, bukan pemerintah atau kerajaan inggris. kata kunci: tabungan haji, ekonomi, ibadah haji naskah diterima: 3 desember 2010, dirvisi: 4 mei 2011, disetujui: 12 mei 2011.  sekolah pascasarjana uin syarif hidayatullah jakarta. jl. ir. h. juanda 95 ciputat jakarta. email: nurzan_y@yahoo.co.id. daftar isi 179 tabung haji malaysia dalam perspektif ekonomi nurhasanah 193 problematika pembiayaan mudhârabah di perbankan syariah indonesia a. chairul hadi 209 zakat sebagai sumber investasi djawahir hejazziey 227 pemanfaatan lahan telantar dalam tinjauan undang-undang pokok agraria dan ekonomi islam djaka badranaya 235 statistik, polling, dan pemahaman metodologi pada teknik penelitian survai ekonomi islam rizqon halal syah aji 255 perbandingan kartu kredit dan kartu kredit berbasis syariah di indonesia zainul arifin yusuf 273 menyoal asuransi konvensional versus asuransi syariah fuad thohari 293 konsep riba dalam alquran dan literatur fikih mujar ibnu syarif 313 etos ekonomi kaum tarekat shiddiqiyyah syahrul a’dam 331 eksistensi dan tanggung jawab majelis ulama indonesia dalam penerapan sertifikasi dan labelisasi halal produk pangan di indonesia renny supriyatni 180 nurhasanah: tabung haji malaysia dalam perspektif ekonomi pendahuluan pada awalnya, penyelenggaraan haji di tanah melayu menggunakan jasa para “syekh haji”. laksamana hang tuah dan rombongan misalnya, telah diberi tempat oleh malek di mekah ketika menunaikan ibadah haji dalam perjalanan menuju turki. di medinah pun, laksamana hang tuah dan rombongan juga tinggal dua belas hari di tempat syekh jamaluddin.1 malek dan syekh jamaluddin ini berperan sebagai syekh haji. lebih jelas lagi dalam hikayat hang tuah yang dimuat dalam tuhfah al-nafîs karya raja ali haji dijelaskan bahwa raja ahmad (ayah raja ali), raja ali haji sendiri dan rombongan telah memilih syekh ahmad mushaffa sebagai jasa syekh haji. ketika raja ahmad, raja ali haji dan rombongan sampai di jedah pada tanggal 18 sya’ban 1243 h (1827 m), mereka telah ditawarkan jasa syekh haji oleh syekh ismail, syekh daud, dan syekh ahmad mushaffa.2 pada tahun 1950-an, kegiatan syekh haji diketuai oleh syekh ibrahim alsagoff yang berpusat di singapura dan dibantu oleh syekh ahmad al-mansyor yang berpusat di pulau pinang. mereka juga sebagai perwakilan syekh haji di tanah arab. secara umum, sistem syekh haji berfungsi sebagai institusi yang menyelenggarakan urusan pemberangkatan calon haji ke tanah suci. institusi syekh haji selain memberikan pelayanan kepada calon jemaah haji di tanah air juga memberikan pelayanan di tanah suci. adapun tugas syekh haji di tanah air adalah: pertama, mengurus pendaftaran haji pejabat daerah. keduaa, mengurus paspor haji, tiket kapal laut dan waktu pemberangkatan. ketiga, mengantar jemaah haji ke pusat haji pulau pinang atau ke singapura. keempat, memastikan transportasi kapal untuk jemaah haji. kelima, mengantar jemaah haji ke kapal-kapal haji (di singapura, pulau pinang, pelabuhan klang, kuching, dan lain-lain. keenam, mengantar barang-barang jemaah haji ke kapal haji. untuk kelancaran proses ibadah haji di tanah suci, syekh haji di tanah suci juga memberikan pelayanan untuk menyukseskan rangkaian ibadah haji terutama kepada jemaah haji dari tanah melayu. dari catatan musim haji tahun 1949 tergambar bahwa, syekh haji di tanah suci menjalankan tugas sebagai berikut. pertama, menyambut jemaah haji yang tiba di jedah; kedua, mengurus barang-barang jemaah haji; ketiga, menyediakan tempat tinggal sementara di jedah selama dua hari sebelum berangkat ke mekah; keempat, selama dua hari 1jabatan perdana menteri, sejarah perkembangan tabung haji malaysia 30 tahun, (kuala lumpur: utusan printcorp, 1993), h. 43. statemen ini telah dikutip dari kassim ahmad, ed. hikayat hangb tuah, h. 472-478 2 raja haji ahmad dan raja ali haji, tuhfah al-nafisî, virginia matheson, ed.; siri kajian sastera fajar bakti, (kuala lumpur: fajar bakti sdn. bhd, 1982), h. 304. 181al-iqtishad: vol. iii, no. 2, juli 2011 pendahuluan pada awalnya, penyelenggaraan haji di tanah melayu menggunakan jasa para “syekh haji”. laksamana hang tuah dan rombongan misalnya, telah diberi tempat oleh malek di mekah ketika menunaikan ibadah haji dalam perjalanan menuju turki. di medinah pun, laksamana hang tuah dan rombongan juga tinggal dua belas hari di tempat syekh jamaluddin.1 malek dan syekh jamaluddin ini berperan sebagai syekh haji. lebih jelas lagi dalam hikayat hang tuah yang dimuat dalam tuhfah al-nafîs karya raja ali haji dijelaskan bahwa raja ahmad (ayah raja ali), raja ali haji sendiri dan rombongan telah memilih syekh ahmad mushaffa sebagai jasa syekh haji. ketika raja ahmad, raja ali haji dan rombongan sampai di jedah pada tanggal 18 sya’ban 1243 h (1827 m), mereka telah ditawarkan jasa syekh haji oleh syekh ismail, syekh daud, dan syekh ahmad mushaffa.2 pada tahun 1950-an, kegiatan syekh haji diketuai oleh syekh ibrahim alsagoff yang berpusat di singapura dan dibantu oleh syekh ahmad al-mansyor yang berpusat di pulau pinang. mereka juga sebagai perwakilan syekh haji di tanah arab. secara umum, sistem syekh haji berfungsi sebagai institusi yang menyelenggarakan urusan pemberangkatan calon haji ke tanah suci. institusi syekh haji selain memberikan pelayanan kepada calon jemaah haji di tanah air juga memberikan pelayanan di tanah suci. adapun tugas syekh haji di tanah air adalah: pertama, mengurus pendaftaran haji pejabat daerah. keduaa, mengurus paspor haji, tiket kapal laut dan waktu pemberangkatan. ketiga, mengantar jemaah haji ke pusat haji pulau pinang atau ke singapura. keempat, memastikan transportasi kapal untuk jemaah haji. kelima, mengantar jemaah haji ke kapal-kapal haji (di singapura, pulau pinang, pelabuhan klang, kuching, dan lain-lain. keenam, mengantar barang-barang jemaah haji ke kapal haji. untuk kelancaran proses ibadah haji di tanah suci, syekh haji di tanah suci juga memberikan pelayanan untuk menyukseskan rangkaian ibadah haji terutama kepada jemaah haji dari tanah melayu. dari catatan musim haji tahun 1949 tergambar bahwa, syekh haji di tanah suci menjalankan tugas sebagai berikut. pertama, menyambut jemaah haji yang tiba di jedah; kedua, mengurus barang-barang jemaah haji; ketiga, menyediakan tempat tinggal sementara di jedah selama dua hari sebelum berangkat ke mekah; keempat, selama dua hari 1jabatan perdana menteri, sejarah perkembangan tabung haji malaysia 30 tahun, (kuala lumpur: utusan printcorp, 1993), h. 43. statemen ini telah dikutip dari kassim ahmad, ed. hikayat hangb tuah, h. 472-478 2 raja haji ahmad dan raja ali haji, tuhfah al-nafisî, virginia matheson, ed.; siri kajian sastera fajar bakti, (kuala lumpur: fajar bakti sdn. bhd, 1982), h. 304. syekh haji juga mengurus pendaftaran calon jemaah haji kepada kerajaan arab saudi. kelima, menyediakan tempat penginapan di mekah dan medinah; keenam, menyediakan transportasi ke arafah, muzdalifah dan mina; ketujuh, menjaga kebersihan kemah jemaah haji; kedelapan, mengurus visa keluar jemaah haji setelah selesai melaksanakan ibadah haji dan ziarah ke medinah. kerajaan-kerajaan negeri yang punya kompetensi terhadap persoalan agama islam turut terlibat dalam proses penyelenggaraan ibadah haji. tahun 1936, kerajaan johor berdasarkan intruksi dato onn bin jafar ketika itu menjadi anggota majelis mensyuarat negeri johor memberikan kemudahan dalam proses pelaksanaan ibadah haji. dato onn mengintruksikan supaya pegawai-pegawai melayu kerajaan negeri johor diberikan kesempatan untuk cuti dan diberikan ongkos haji seperti kemudahan yang diberikan kerajaan negeri kepada pegawaipegawai inggris untuk cuti dengan memberi ongkos pulang ke england.3 sesuai dengan perkembangan eksistensi syekh haji, tahun 1976 terjadi perubahan dalam peraturan syekh haji terutama di arab saudi. perubahan ini bertujuan untuk memantapkan sistem dengan menyalurkan peraturan atau cara administrasi yang sistematis. untuk selanjutnya syekh-syekh telah dibagi menjadi tujuh kumpulan, yaitu: pertama, iran, turki, eropa, dan orang-orang amerika yang beragama islam. kedua, negara-negara arab di afrika utara, mesir, sudan , maghrib, tunis. ketiga, amman, teluk yaman, yamin selatan, amiriah arab bersatu, bahrain kuwait dan qatar. keempat, negara-negara arab di asia barat, syiria, iraq, jordan, lebanon, dan palestina. kelima, pakistan, india, bangladesh, sri langka, burma, dan afghanistan. keenam, indonesia, malaysia, singapura, thailand, filipina, brunai, jepang, dan cina. ketujuh, afrika tengah, afrika selatan, dan afrika barat. adapun perubahan yang dimaksud adalah bahwa syekh-syekh haji hanya dilantik oleh kerajaan arab saudi. syekh-syekh haji yang tidak dilantik di arab saudi tidak dibenarkan untuk bekerja di arab saudi, dan makanan dan minuman disediakan oleh pihak syekh dengan tambahan bayaran 350 riyal. dalam pola kerja syekh haji, kerajaan arab saudi membuat aturan tentang penentuan kuota bagi setiap syekh haji supaya bisa memberikan pelayanan yang selaiknya kepada calon jemaah haji. untuk itu, kerajaan arab saudi juga mengutus pegawai-pegawai dari kementerian haji ke setiap negara untuk memberikan penjelasan dan membuat kerja sama khusus dalam pelaksanaan haji. setelah sistem syekh haji berjalan, namun masih ada beberapa persoalan yang timbul seperti ada di antara syekh haji yang tidak mahir dalam pengurusan jemaah haji, sehingga menimbulkan kekeliruan pada jemaah haji, karena di 3 jabatan perdana menteri, sejarah perkembangan, h. 46-47. 182 nurhasanah: tabung haji malaysia dalam perspektif ekonomi antara mereka juga ada yang tidak kenal dengan syekh hajinya, dan tidak jarang juga ada di antara jemaah haji yang kehilangan barang, suami isteri yang terpisah dan sebagainya.4 proses pelaksanaan ibadah haji di tanah melayu terkait dengan kondisi negara yang dipimpin oleh kerajaan inggris. pemerintah inggris melihat rangkaian pelaksanaan ibadah haji bagi muslim melayu punya implikasi politik dalam hal penentangan orang melayu terhadap kekuasaan mereka. pelaksanaan ibadah haji ini akan mempengaruhi pemikiran jemaah haji yang pergi ke mekah akibat islâh islâmiyyah yang sedang menjadi isu sentral. orang melayu akhirnya akan memberontak terhadap penjajahan inggris dan menginginkan kemerdekaan. oleh karena itu, pemerintah inggris tidak terlibat dalam persoalan pelaksanaan ibadah haji. selain sikap antipati inggris terhadap prosesi ibadah melayu muslim ini, kompetensi pemerintahan inggris di tanah melayu dalam hal adat istiadat dan agama islam telah terbatasi dengan adanya perjanjian pankor t.m. 1874 dan beberapa perjanjian antara pihak inggris dan raja-raja melayu. pelaksanaan ibadah haji terkait dengan prestasi kerja pemerintah dan hubungan luar negeri. karena motif politik seperti itu, pemerintah inggris mau tidak mau terlibat dalam kepengurusan penyelenggaraan ibadah haji. tahun 1922, pemerintah inggris mendirikan komite haji yang bertujuan mengendalikan hal-hal yang berkait dengan paspor haji dan pengembalian harta atau uang jemaah haji yang meninggal. pengarah biro perisik politik negeri-negeri selat dan negeri-negeri melayu mengetuai komite ini dan penguamcara negara (soliticator general) sebagai sekretaris dan dianggotai oleh ketua penasihat islam di singapura dan dua orang pemimpin melayu di negeri melayu bersekutu yaitu raja di hilir perak dan dato’ setia di raja selangor. khusus untuk urusan luar negeri, komite haji meminta pejabat di london untuk melantik pegawai melayu dengan seorang kerani untuk mengendalikan semua urusan jemaah haji melayu di hijaz.5 dengan upaya maksimal, syekh haji dan keikutsertaan pemerintah inggris dalam urusan penyelenggaraan ibadah haji, masih terdapat beberapa keluhan. berdasarkan catatan dato’ haji mohd. salleh bin haji awang (misbaha) yang telah menunaikan ibadah haji tahun 1947, menggambarkan bahwa ada beberapa kendala yang menjadi keluhan bagi jemaah haji dari tanah melayu, seperti 4dengan adanya beberapa masalah tersebut, upaya untuk ke arah perbaikan terus dilakukan. maka, tahun 1982 kerajaan arab saudi membuat perubahan terhadap sistem syekh haji yang sudah berlansung dengan sistem mu’assasah. di malaysia, sistem mu’assasah mulai berlaku pada tahun 1984. 5 w.r. raoff, the conduct of the haji from malaya, h. 91. 183al-iqtishad: vol. iii, no. 2, juli 2011 antara mereka juga ada yang tidak kenal dengan syekh hajinya, dan tidak jarang juga ada di antara jemaah haji yang kehilangan barang, suami isteri yang terpisah dan sebagainya.4 proses pelaksanaan ibadah haji di tanah melayu terkait dengan kondisi negara yang dipimpin oleh kerajaan inggris. pemerintah inggris melihat rangkaian pelaksanaan ibadah haji bagi muslim melayu punya implikasi politik dalam hal penentangan orang melayu terhadap kekuasaan mereka. pelaksanaan ibadah haji ini akan mempengaruhi pemikiran jemaah haji yang pergi ke mekah akibat islâh islâmiyyah yang sedang menjadi isu sentral. orang melayu akhirnya akan memberontak terhadap penjajahan inggris dan menginginkan kemerdekaan. oleh karena itu, pemerintah inggris tidak terlibat dalam persoalan pelaksanaan ibadah haji. selain sikap antipati inggris terhadap prosesi ibadah melayu muslim ini, kompetensi pemerintahan inggris di tanah melayu dalam hal adat istiadat dan agama islam telah terbatasi dengan adanya perjanjian pankor t.m. 1874 dan beberapa perjanjian antara pihak inggris dan raja-raja melayu. pelaksanaan ibadah haji terkait dengan prestasi kerja pemerintah dan hubungan luar negeri. karena motif politik seperti itu, pemerintah inggris mau tidak mau terlibat dalam kepengurusan penyelenggaraan ibadah haji. tahun 1922, pemerintah inggris mendirikan komite haji yang bertujuan mengendalikan hal-hal yang berkait dengan paspor haji dan pengembalian harta atau uang jemaah haji yang meninggal. pengarah biro perisik politik negeri-negeri selat dan negeri-negeri melayu mengetuai komite ini dan penguamcara negara (soliticator general) sebagai sekretaris dan dianggotai oleh ketua penasihat islam di singapura dan dua orang pemimpin melayu di negeri melayu bersekutu yaitu raja di hilir perak dan dato’ setia di raja selangor. khusus untuk urusan luar negeri, komite haji meminta pejabat di london untuk melantik pegawai melayu dengan seorang kerani untuk mengendalikan semua urusan jemaah haji melayu di hijaz.5 dengan upaya maksimal, syekh haji dan keikutsertaan pemerintah inggris dalam urusan penyelenggaraan ibadah haji, masih terdapat beberapa keluhan. berdasarkan catatan dato’ haji mohd. salleh bin haji awang (misbaha) yang telah menunaikan ibadah haji tahun 1947, menggambarkan bahwa ada beberapa kendala yang menjadi keluhan bagi jemaah haji dari tanah melayu, seperti 4dengan adanya beberapa masalah tersebut, upaya untuk ke arah perbaikan terus dilakukan. maka, tahun 1982 kerajaan arab saudi membuat perubahan terhadap sistem syekh haji yang sudah berlansung dengan sistem mu’assasah. di malaysia, sistem mu’assasah mulai berlaku pada tahun 1984. 5 w.r. raoff, the conduct of the haji from malaya, h. 91. berdesak-desakan dalam kapal selama berlayar, penipuan dalam urusan masuk keluar barang-barang jemaah di pelabuhan jeddah, service yang tidak memuaskan selama di jeddah, transportasi selama dalam rangkaian ibadah haji, dan persoalan ketersediaan air meskipun pada tahun 1947 merupakan awal terjadinya perubahan baru terhadap jemaah haji di tanah melayu. tahun 1948, menteri-menteri besar dan raja-raja melayu telah sepakat mendirikan jawatankuasa penasihat haji. eksistensi jawatankuasa penasihat haji yang sekarang sudah diubah namanya dengan majelis penasihat urusan haji setelah dibubarkan antara tahun 1969-1973, dapat mengurangi kesulitan yang menjadi keluhan jemaah haji ketika itu. tahun 1951, kerajaan inggris mengesahkan undang-undang yang berkaitan dengan urusan haji bagi orang-orang islam di tanah melayu. undang-undang ini dinamakan ordinan pengurusan haji orang-orang islam 1951 (federation of malaya no. 56 of 1951 “the muslim pilgrims ordinance 1951”). pengesahan undang-undang ini bertujuan untuk memberikan cara yang baik dalam kepengurusan haji muslim melayu supaya keberangkatan ke tanah arab dalam keadaan aman. undang-undang ini meliputi persoalan-persoalan yang berhubungan dengan pengurusan perjalanan haji seperti mendapatkan tiket kapal, paspor haji, kesehatan, makanan dalam kapal dan di tanah suci serta transportasi selama dalam ibadah haji. pada kenyataannya, hampir 6000 orang melaysia yang beragama islam mayoritas penduduk kampung menunaikan ibadah haji ke mekah. menurut tun haji abdul razak pada waktu itu sebagai timbalan perdana menteri, jumlah ini setiap tahun diperkirakan terus meningkat seiring dengan kemajuan ekonomi yang diraih melalui keberhasilan program pembangunan pemerintah. berdasarkan hasil kerja yang diajukan oleh diraja ungku aziz, kerajaan persekutuan tanah melayu membentuk suatu jawatankuasa kebajikan ekonomi bakal-bakal haji. jawatankuasa ditugaskan untuk mengkaji dan meneliti dan memberikaan laporan kepada kerajaan mengenai hal ihwal haji. setelah hasil kajian dan penelitian dirumuskan, jawatankuasa membuat laporan kertas putih/ 62 dan laporan tersebut disampaikan kepada kerajaan. berdasarkan laporan jawatankuasa, kerajaan mendirikan perbadanan wang simpanan bakal-bakal haji atau pejabat tabung haji melalui akta parlimen bil. 34/62 yang disahkan tanggal 1 nopember 1962 dan diresmikan september 1963. berdasarkan undang-undang tahun 1962 tentang pendirian perbadanan wang simpanan bakal-bakal haji (pwsbh), lembaga ini dibentuk di bawah pengawasan tun razak sebagai menteri pembangunan negara dan luar bandar dan bertujuan memberi kemudahan bagi jemaah haji malaysia untuk menunai184 nurhasanah: tabung haji malaysia dalam perspektif ekonomi kan ibadah haji dan menggalakkan deposit dalam rangka pembentukan modal untuk membeli saham-saham perniagaan dan terlibat lansung dalam pelbagai perusahaan dan perniagaan. tahun pertama pwsbh sampai tahun 1969, pwsbh telah berhasil menghimpun 40.000 sampai 1,500 orang deposan dengan deposit pada tahun 1969 sebanyak $ 12 juta. $ 8 juta dari deposit ini telah diinvestasikan dalam beberapa perniagaan. dari investasi ini telah diperoleh $ 1,4 juta keuntungan. tahun 1966, 3% dari keuntungan diberikan kepada deposan sebagai bonus sementara tahun 1967 meningkat menjadi 4% dan tahun 1968 menigkat lagi menjadi 5%.6 kompetensi pwsbh fokus kepada aktivitas menghimpun dana dan pemanfaatan dana. sementara tugas pengawasan, keselamatan, persoalanpersoalan yang berhubungan dengan pelaksanaan ibadah haji menjadi wewenang jabatan urusan haji (juh). meskipun juh memberikan pelayanan yang maksimal kepada jemaah haji seperti memberikan servis dengan mempersiapkan para koki dalam kapal haji di mana para koki telah dilatih oleh mara sebelumnya. namun secara ekonomi, dwi fungsi lembaga pwsbh dan juh belum maksimal menghasilkan profit. oleh karena itu, pemerintah memandang perlu untuk membentuk lembaga tunggal yang berkompeten untuk melaksanakan peran yang dilakukan pwsbh dan juh dalam kaitannya dengan dana dan ibadah haji. lembaga tunggal ini akan efektif dan efisien untuk meningkatkan profit. berdasarkan kesepakatan sidang dewan rakyat dan dewan negara di parlimen, maka disahkan undang-undang perbadanan-perbadanan wang simanan bakal-bakal haji tahun 1962. udang-undang ini diupayakan untuk mencakup beberapa sekshen undang-undang bakal haji tahun 1951 dan undang-undang perbadanan wang simpanan bakal haji tahun 1962 yang dipandang masih relevan. dengan terbentuknya undang-undang baru ini, maka pada tahun 1969, perbadanan wang simpanan bakal-bakal haji yang berpusat di kuala lumpur disatukan dengan pejabat urusan haji yang telah didirikan tahun 1951 dan berpusat di pulau pinang. gabungan dari kedua institusi ini melahirkan lembaga urusan dan tabung haji (luth) yang dibentuk tanggal 30 agustus 1969 atau yang dikenal sekarang dengan lembaga tabung haji (lth) yang sudah diubah nama pada tahun 1995. operasional tabung haji dalam konteks sosial, politik, dan ekonomi penyelenggaraan ibadah haji di malaysia terkait dengan kondisi sosial, politik, dan ekonomi. ketika muncul ide untuk membentuk suatu lembaga yang 6tun haji abdul razak, pernyata resmi perbahathan parlimen dewan rakyat yang kedua penggal kelima, jilid v no. 44, 13 februari 1969 185al-iqtishad: vol. iii, no. 2, juli 2011 kan ibadah haji dan menggalakkan deposit dalam rangka pembentukan modal untuk membeli saham-saham perniagaan dan terlibat lansung dalam pelbagai perusahaan dan perniagaan. tahun pertama pwsbh sampai tahun 1969, pwsbh telah berhasil menghimpun 40.000 sampai 1,500 orang deposan dengan deposit pada tahun 1969 sebanyak $ 12 juta. $ 8 juta dari deposit ini telah diinvestasikan dalam beberapa perniagaan. dari investasi ini telah diperoleh $ 1,4 juta keuntungan. tahun 1966, 3% dari keuntungan diberikan kepada deposan sebagai bonus sementara tahun 1967 meningkat menjadi 4% dan tahun 1968 menigkat lagi menjadi 5%.6 kompetensi pwsbh fokus kepada aktivitas menghimpun dana dan pemanfaatan dana. sementara tugas pengawasan, keselamatan, persoalanpersoalan yang berhubungan dengan pelaksanaan ibadah haji menjadi wewenang jabatan urusan haji (juh). meskipun juh memberikan pelayanan yang maksimal kepada jemaah haji seperti memberikan servis dengan mempersiapkan para koki dalam kapal haji di mana para koki telah dilatih oleh mara sebelumnya. namun secara ekonomi, dwi fungsi lembaga pwsbh dan juh belum maksimal menghasilkan profit. oleh karena itu, pemerintah memandang perlu untuk membentuk lembaga tunggal yang berkompeten untuk melaksanakan peran yang dilakukan pwsbh dan juh dalam kaitannya dengan dana dan ibadah haji. lembaga tunggal ini akan efektif dan efisien untuk meningkatkan profit. berdasarkan kesepakatan sidang dewan rakyat dan dewan negara di parlimen, maka disahkan undang-undang perbadanan-perbadanan wang simanan bakal-bakal haji tahun 1962. udang-undang ini diupayakan untuk mencakup beberapa sekshen undang-undang bakal haji tahun 1951 dan undang-undang perbadanan wang simpanan bakal haji tahun 1962 yang dipandang masih relevan. dengan terbentuknya undang-undang baru ini, maka pada tahun 1969, perbadanan wang simpanan bakal-bakal haji yang berpusat di kuala lumpur disatukan dengan pejabat urusan haji yang telah didirikan tahun 1951 dan berpusat di pulau pinang. gabungan dari kedua institusi ini melahirkan lembaga urusan dan tabung haji (luth) yang dibentuk tanggal 30 agustus 1969 atau yang dikenal sekarang dengan lembaga tabung haji (lth) yang sudah diubah nama pada tahun 1995. operasional tabung haji dalam konteks sosial, politik, dan ekonomi penyelenggaraan ibadah haji di malaysia terkait dengan kondisi sosial, politik, dan ekonomi. ketika muncul ide untuk membentuk suatu lembaga yang 6tun haji abdul razak, pernyata resmi perbahathan parlimen dewan rakyat yang kedua penggal kelima, jilid v no. 44, 13 februari 1969 berfungsi untuk menghimpun dana calon jemaah haji di era tahun 50-an, orang melayu (islam) berada dalam situasi dan kondisi sosial politik yang tidak menguntungkan. upaya kekuasaan pemerintahan inggris membangun kawasankawasan yang memberi manfaat kepada ekonominya melalui bisnis cina seperti kawasan barat semenanjung, mengakibatkan segala infrastruktur tertumpu di kawasan maraknya kegiatan ekonomi. pemerintah inggris membangun jalan raya dan transportasi kereta api yang memanjang dari utara sampai selatan pantai barat.7 kebijakan pembangunan inggris seperti ini membuat orang melayu hidup di kawasan pinggiran atau di perkampungan khususnya pantai timur, dimana secara ekonomi, orang melayu hidup sebagai petani tradisional yang masuk dalam kategori kebun kecil dan nelayan. berdasarkan hasil penelitian ungku aziz, pada tanggal 31 desember 1957, di tanah melayu ada tiga juta orang melayu dengan perkiraan 49% dari jumlah penduduk di tanah melayu. 76% di antara mereka bekerja sebagai petani dan nelayan dan 10% bekerja sebagai guru, pegawai-pegawai kerajaan (pemerintah), pedagang, tuan tanah dimana rata-rata pendapatan mereka $200 hingga $1.000 sebulan. kalau dibuat perbandingan, 3 dari 4 orang melayu bekerja sebagai petani dan nelayan. 80% dari orang melayu tinggal di perkampungan. dapat dipahami bahwa ekonomi melayu adalah ekonomi kampung yang berdasarkan pertanian dan perikanan.8 pertanian yang digeluti mayoritas orang melayu adalah menanam padi. tanah yang dimiliki petani melayu untuk menanam padi relatif kecil, sewanya tinggi dan hasilnya kurang. tidak jarang ditemukan mayoritas mereka selalu berutang dan harga padi ditentukan oleh para saudagar-saudagar yang memonopoli padi di pasaran. rata-rata pendapatan mereka sebulan tidak kurang dari $50 sebulan dan paling tinggi $100 sebulan. dengan pendapatan yang relatif kecil ini, orang melayu mengalami kemiskinan sebagai problem dalam perekonomian. menurut ungku aziz, ada tiga faktor utama yang menimbulkan kemiskinan di kalangan orang melayu yaitu hasil usahanya kecil, mereka tertindas dan mereka terbiar.9 selain penghasilan orang melayu yang relatif kecil sebagaimana yang telah dijelaskan, terjadi penindasan di kalangan mereka. penindasan ini dilakukan dengan empat cara. pertama, pekedai mengambil untung sangat berlebihan; 7chamhuri siwar, surtahman kastin hassan, dkk, ekonomi malaysia, (selangor: pearson malaysia. sdn. bhd, 2005), edisi vi, h. 9. 8 ua.aziz, renchana-renchana ekonomi dan kemiskinan, (singapore: pusaka melayu, 1969), cet. iv, h. 1, 3, dan 5. 9 u.a. aziz, renchana-renchana ekonomi, h. 7. 186 nurhasanah: tabung haji malaysia dalam perspektif ekonomi kedua, mereka diberi utang oleh pemodal dengan bunga yang tinggi. bunga yang sampai 100 hingga 200 persen pertahun; ketiga, sewa tanah tinggi; keempat penindasan gaji.10 tidak hanya pada ketidakseimbangan aspek kemudahan infrastruktur, tapi juga dalam aspek yang lebih khusus yaitu pendapatan. akibat kurangnya perhatian pemerintah inggris terhadap sektor pertanian tradisional yang mayoritas diisi oleh orang melayu, tidak mendapatkan kemudahan akses ekonomi untuk memajukan dan mengembangkan pertaniannya. akibatnya sektor ini mengalami pertumbuhan yang rendah dan pendapatan juga rendah. fenomena ini menyebabkan sektor ini gagal mewujudkan peluang kerja baru, sementara penduduk yang mayoritas melayu bertambah. selain semakin sempitnya lahan pertanian bagi orang melayu, tingkat pengangguran orang melayu juga meningkat drastis. kemiskinan eksis mayoritas di kalangan melayu. ketika ide pembentukan malayan union yang diformulasi oleh inggris muncul, kelompok melayu memperlihatkan perlawanan sebagai reaksi mereka dengan menghimpun kekuatan melayu. di bawah perisai partai umno yang berideologi nasionalis melayu, tampil mengadakan perlawanan terhadap pembentukan ide malayan union tersebut. pada tanggal 1 februari 1948, kesatuan tanah melayu atau malayan union berhasil dihapuskan dan diganti dengan persekutuan tanah melayu. keberhasilan umno untuk menyingkirkan malayan union dan mewujudkan kembali kedaulatan raja-raja melayu serta kebumiputraan melayu sembari terbentuknya perlembagaan (konstitusi) persekutuan tanah melayu 1948, memberikan kepercayaan diri kepada orang melayu untuk kembali terlibat aktif dan konsentrasi di bidang ekonomi dengan kekuatan asset melayu yang minim bila dibandingkan dengan etnis cina. umat islam melayu mulai punya keberanian untuk menyampaikan aspirasinya kepada pemimpin-pemimpin melayu. pemimpin-pemimpin islam di persekutuan tanah melayu dan singapura menyampaikan kecamannya terhadap persoalan pelaksanaan ibadah haji. persidangan menteri-menteri besar juga telah membuat kesepakatan untuk menciptakan sistem pengelolaan haji. berdasarkan reaksi-demi reaksi yang bersumber dari orang-orang muslim melayu ini, pada tahun 1949, pemerintahan inggris membentuk sebuah jawatankuasa (panitia) penasihat untuk menasihati kerajaan tentang hal ihwal haji.11 panitia ini terdiri atas satu orang ketua yang dicalonkan oleh persidangan menteri-menteri besar, seorang wakil dari tiap-tiap negeri yang dilantik oleh 10 u.a. aziz, renchana-renchana ekonomi, h. 8-10. 11tuan haji mustapha albakri bin haji hassan, sir kamil mohamad ariff binhadir mastan, report of the pilgrimage investigation committee, (1948), h. 2. 187al-iqtishad: vol. iii, no. 2, juli 2011 kedua, mereka diberi utang oleh pemodal dengan bunga yang tinggi. bunga yang sampai 100 hingga 200 persen pertahun; ketiga, sewa tanah tinggi; keempat penindasan gaji.10 tidak hanya pada ketidakseimbangan aspek kemudahan infrastruktur, tapi juga dalam aspek yang lebih khusus yaitu pendapatan. akibat kurangnya perhatian pemerintah inggris terhadap sektor pertanian tradisional yang mayoritas diisi oleh orang melayu, tidak mendapatkan kemudahan akses ekonomi untuk memajukan dan mengembangkan pertaniannya. akibatnya sektor ini mengalami pertumbuhan yang rendah dan pendapatan juga rendah. fenomena ini menyebabkan sektor ini gagal mewujudkan peluang kerja baru, sementara penduduk yang mayoritas melayu bertambah. selain semakin sempitnya lahan pertanian bagi orang melayu, tingkat pengangguran orang melayu juga meningkat drastis. kemiskinan eksis mayoritas di kalangan melayu. ketika ide pembentukan malayan union yang diformulasi oleh inggris muncul, kelompok melayu memperlihatkan perlawanan sebagai reaksi mereka dengan menghimpun kekuatan melayu. di bawah perisai partai umno yang berideologi nasionalis melayu, tampil mengadakan perlawanan terhadap pembentukan ide malayan union tersebut. pada tanggal 1 februari 1948, kesatuan tanah melayu atau malayan union berhasil dihapuskan dan diganti dengan persekutuan tanah melayu. keberhasilan umno untuk menyingkirkan malayan union dan mewujudkan kembali kedaulatan raja-raja melayu serta kebumiputraan melayu sembari terbentuknya perlembagaan (konstitusi) persekutuan tanah melayu 1948, memberikan kepercayaan diri kepada orang melayu untuk kembali terlibat aktif dan konsentrasi di bidang ekonomi dengan kekuatan asset melayu yang minim bila dibandingkan dengan etnis cina. umat islam melayu mulai punya keberanian untuk menyampaikan aspirasinya kepada pemimpin-pemimpin melayu. pemimpin-pemimpin islam di persekutuan tanah melayu dan singapura menyampaikan kecamannya terhadap persoalan pelaksanaan ibadah haji. persidangan menteri-menteri besar juga telah membuat kesepakatan untuk menciptakan sistem pengelolaan haji. berdasarkan reaksi-demi reaksi yang bersumber dari orang-orang muslim melayu ini, pada tahun 1949, pemerintahan inggris membentuk sebuah jawatankuasa (panitia) penasihat untuk menasihati kerajaan tentang hal ihwal haji.11 panitia ini terdiri atas satu orang ketua yang dicalonkan oleh persidangan menteri-menteri besar, seorang wakil dari tiap-tiap negeri yang dilantik oleh 10 u.a. aziz, renchana-renchana ekonomi, h. 8-10. 11tuan haji mustapha albakri bin haji hassan, sir kamil mohamad ariff binhadir mastan, report of the pilgrimage investigation committee, (1948), h. 2. kerajaan-kerajaan negeri dan dua wakil resmi yang dilantik oleh kerajaan persekutuan tanah melayu dan singapura. pada tahun 1952, dilantik lagi seorang wakil yang mewakili serawak, borneo utara dan brunai.12 tabung haji merupakan lembaga keuangan islam pertama di mana pendiriannya terkait dengan rendahnya keterlibatan muslim malaysia dalam sistem perbankan negara ketika itu. kondisi ini disebabkan oleh keyakinan muslim bahwa islam melarang perniagaan yang berunsur riba. mereka berkeinginan untuk menunaikan ibadah haji mesti dari hasil usaha yang halal dan benar-benar suci dari riba. masyarakat muslim malaysia melakukan simpanan atau tabungan yang bersifat primitif hanya dengan tujuan untuk menunaikan ibadah haji. ada di antara mereka yang menyimpan uang di bawah bantal, atau dalam kaleng tabungan yang memiliki resiko kecurian, rusak dan sebagainya. pada dasarnya simpanan untuk tujuan haji masyarakat muslim ini bersifat idle. setelah melakukan penelitian tentang ekonomi luar bandar pada tahun 50an, ungku aziz menemukan masyarakat muslim menyimpan uang hanya untuk tujuan menunaikan ibadah haji. tahun 1959, ungku aziz mengajukan momerandum kepada kerajaan (pemerintah) yang memandang perlu pendirian sebuah institusi atau lembaga keuangan untuk mengelola sumber-sumber tabung haji tersebut tanpa berdasarkan riba tapi dengan cara investasi-investasi yang tidak bertentangan dengan syariat islam serta boleh memberi return yang pas kepada mereka. menurut ungku aziz, kalau pemerintah menyetujui pendirian lembaga ini, maka bukan umat islam saja yang diuntungkan, tapi juga untuk pembangunan negara. dalam momerendum tahun 1969, ungku aziz menyampaikan bahwa satusatunya motif utama orang melayu menabung di malaya adalah untuk menunaikan ibadah haji. motif ini perlu dibantu dengan membuat institusi baru, di mana institusi ini tidak hanya untuk menolong mereka dengan mudah dan nyaman untuk menunaikan ibadah haji dengan waktu yang singkat dan dana yang efisien, tapi juga mampu menggalakkan ekonomi negara dan ekonomi luar bandar (kampung).13 investasi dana tabung haji investasi merupakan salah satu aktivitas lembaga tabung haji selain pelayanan haji dan penghimpunan dana. dana yang terkumpul dari penabung 12tuan haji mustapha albakri bin haji hassan, sir kamil mohamad ariff binhadir mastan, report of the pilgrimage, h. 2. 13terjemahan bebas penulis dari buku ungku abdul aziz, pilgrims economy improvement plan, (kuala lumpur: t.p, 1959), h. 5. 188 nurhasanah: tabung haji malaysia dalam perspektif ekonomi diinvestasikan untuk mendapatkan return lembaga tabung haji, selain memperoleh dana dari simpanan pendeposit dalam operasionalnya, juga bersumber dari pendapatan pelaburan (return) dan penerimaan pembayaran (sewaan misalnya). dana-dana yang terkumpul ini dikelola—selain digunakan untuk biaya (cost)—untuk diinvestasikan. lembaga tabung haji sebagai lembaga investasi telah menginvestasikan dananya dalam bentuk jangka pendek maupun di pasar uang islam. sejak tahun 1969, tabung haji sudah berinvestasi di sektor perkebunan dengan projek pertama yaitu kebun kelapa sawit seluas 4.047 hektar di keratong pahang. selanjutnya, secara bertahap, tabung haji mengembangkan projekprojek perkebunan lain sesuai dengan perkembangan nominal investasinya.14 tiga tahun setelah berdirinya lembaga tabung haji bertepatan dengan 28 agustus 1972, dibentuk perbadanan ladang-ladang tabung haji sdn. bhd (pllth). melalui pllth, lembaga tabung haji berinvestasi dengan melibatkan diri di bidang perkebunan. perkebunan pertama yang dibuka adalah perkebunan kota bahagia sungai mengah di keratong pahang seluas 4.000 hektar. dari sini, lembaga tabung haji mengembangkan aktivitas perniagaannya dengan membeli tanah untuk perkebunan baru serta mengadakan kerja sama dengan agensi negeri dan perusahaan-perusahaan pribadi. dalam perkembangannya, tabung haji menghadapi kendala dalam hal memajukan perkebunan kelapa sawit. karena sampai sekarang tabung haji punya ketergantungan kepada kerajaan–kerajaan negeri untuk mendapat tanah. tahun 1986, kerajaan negeri tidak memberi izin kepada tabung haji secara langsung untuk mengambil tanah guna mengembangkan perkebunan, bahkan proposal-proposal tabung haji untuk meminta tanah ditolak.15 sebagian besar tanah-tanah perkebunan diambil alih langsung oleh agensi-agensi kerajaan untuk diolah oleh perusahaan-perusahaan perkebunan yang dimiliki oleh agensi-agensi lain. artinya, tabung haji bersaing dengan perusahaan-perusahaan perkebunan lain melalui program swastanisasi pemerintah malaysia. pihak-pihak swasta diberi kemudahan untuk membeli tanah dalam rangka memperluas perkebunannya, sementara tabung haji selain tidak agresif untuk membeli tanah seperti yang dilakukan pihak swasta, juga menghadapi kesulitan untuk mendapatkan tanah.16 selain itu, seperti pihak lain di industri perkebunan mengalami ketergantungan tenaga kerja asing, tabung haji juga mengalami hal yang sama karena 14 jabatan perdana menteri, sejarah perkembangan, h. 325. 15 jabatan perdana menteri, sejarah perkembangan, h. 328. 16 jabatan perdana menteri, sejarah perkembangan, h. 328. 189al-iqtishad: vol. iii, no. 2, juli 2011 diinvestasikan untuk mendapatkan return lembaga tabung haji, selain memperoleh dana dari simpanan pendeposit dalam operasionalnya, juga bersumber dari pendapatan pelaburan (return) dan penerimaan pembayaran (sewaan misalnya). dana-dana yang terkumpul ini dikelola—selain digunakan untuk biaya (cost)—untuk diinvestasikan. lembaga tabung haji sebagai lembaga investasi telah menginvestasikan dananya dalam bentuk jangka pendek maupun di pasar uang islam. sejak tahun 1969, tabung haji sudah berinvestasi di sektor perkebunan dengan projek pertama yaitu kebun kelapa sawit seluas 4.047 hektar di keratong pahang. selanjutnya, secara bertahap, tabung haji mengembangkan projekprojek perkebunan lain sesuai dengan perkembangan nominal investasinya.14 tiga tahun setelah berdirinya lembaga tabung haji bertepatan dengan 28 agustus 1972, dibentuk perbadanan ladang-ladang tabung haji sdn. bhd (pllth). melalui pllth, lembaga tabung haji berinvestasi dengan melibatkan diri di bidang perkebunan. perkebunan pertama yang dibuka adalah perkebunan kota bahagia sungai mengah di keratong pahang seluas 4.000 hektar. dari sini, lembaga tabung haji mengembangkan aktivitas perniagaannya dengan membeli tanah untuk perkebunan baru serta mengadakan kerja sama dengan agensi negeri dan perusahaan-perusahaan pribadi. dalam perkembangannya, tabung haji menghadapi kendala dalam hal memajukan perkebunan kelapa sawit. karena sampai sekarang tabung haji punya ketergantungan kepada kerajaan–kerajaan negeri untuk mendapat tanah. tahun 1986, kerajaan negeri tidak memberi izin kepada tabung haji secara langsung untuk mengambil tanah guna mengembangkan perkebunan, bahkan proposal-proposal tabung haji untuk meminta tanah ditolak.15 sebagian besar tanah-tanah perkebunan diambil alih langsung oleh agensi-agensi kerajaan untuk diolah oleh perusahaan-perusahaan perkebunan yang dimiliki oleh agensi-agensi lain. artinya, tabung haji bersaing dengan perusahaan-perusahaan perkebunan lain melalui program swastanisasi pemerintah malaysia. pihak-pihak swasta diberi kemudahan untuk membeli tanah dalam rangka memperluas perkebunannya, sementara tabung haji selain tidak agresif untuk membeli tanah seperti yang dilakukan pihak swasta, juga menghadapi kesulitan untuk mendapatkan tanah.16 selain itu, seperti pihak lain di industri perkebunan mengalami ketergantungan tenaga kerja asing, tabung haji juga mengalami hal yang sama karena 14 jabatan perdana menteri, sejarah perkembangan, h. 325. 15 jabatan perdana menteri, sejarah perkembangan, h. 328. 16 jabatan perdana menteri, sejarah perkembangan, h. 328. rakyat malaysia tidak tertarik untuk bekerja di perkebunan. remaja-remaja melayu yang berpendidikan lebih tertarik untuk bekerja di lembaga-lembaga pemerintah dan di perusahaan-perusahaan. hal ini merupakan akibat dari program pendidikan dan urbanisasi yang diterapkan pemerintah. masalah kekurangan tenaga kerja asing dalam industri perkebunan semakin meruncing, karena negara sedang menuju ke arah sebuah negara industri, maka perkebunan-perkebunan yang ada termasuk perkebunan tabung haji terpaksa bersaing dengan sektor pembangunan dan pertambangan untuk memperoleh tenaga kerja asing.17 kondisi kekurangtenaga kerja asing, perkebunan-perkebunan mencoba menjalankan kerja dengan menggunakan mesin dan jentera (teknologi). mayoritas perkebunan menggunakan jentera dan kapal terbang untuk pembajakan kebun, membasmi hama dan rumput. di era ini, perkebunan menjadikan penggunaan tenaga kerja yang minimum sebagai solusi dimana sebelumnya seorang tenaga kerja dihitung bisa mengendalikan 15 hektar kelapa sawit, tapi sekarang seorang tenaga kerja bisa menjadi 20-25 hektar kebun kelapa sawit. tentu saja hal ini menghabiskan biaya yang mahal. biaya operasi meningkat juga turut menjadi kendala bagi perkebunan umum dan perkebunan tabung haji untuk memperoleh profit. pada tahun 1993, tabung haji telah memiliki kebun-kebun sawit di pahang, johor, trengganu, negeri sembilan, dan sabah seluas 23.067 hektar. 17.806 hektar dimiliki oleh tabung haji sendiri melalui anak-anak perusahaannya yaitu perbadanan ladang-ladang tabung haji sdn. bhddan ladang tabung haji sabah sdn. bhd. sedangkan sisanya seluas 5.261 hektar dimiliki melalui join venture dengan pertumbuhan peladang negeri terengganu dan majelis agama islam negeri sembilan dan perusahaan-perusahaan lainnya.18 seiring kemajuan dan perkembangan perkebunan lembaga tabung haji, pllth diganti menjadi th plantations sdh. bhd (thpsb) pada tanggal 15 september 1997. 26 mei 2005, thpsb terdaftar di papan utama bursa malaysia yang dikenal dengan th plantation berhad (th plantations). selain investasi di sektor perkebunan, ada empat pendekatan yang digunakan dalam berinvestasi yaitu: investasi ekuiti, instrumen pendapatan tetap, investasi hartanah, dan instrumen pasar uang.19 dari data tahun 2007 dijelaskan bahwa investasi lembaga tabung haji meliputi empat bidang yaitu ekuiti (modal), simpanan jangka pendek, investasi keuangan dan hartanah. di antara 17 jabatan perdana menteri, sejarah perkembangan, h. 328-329. 18 jabatan perdana menteri, sejarah perkembangan, h. 325. 19 norhazimah che hassan, “sitem pengurusan dana secara islam: satu penelitian”, dalam jurnal pengurusan jawhar, vol. 1, no. 2, 2007, h. 85. 190 nurhasanah: tabung haji malaysia dalam perspektif ekonomi empat bidang itu, ekuiti menempati posisi pos investasi terbesar bila dibandingkan dengan tiga bidang yang lain. investasi ekuiti yang dilaksanakan oleh lembaga tabung haji meliputi sektor riil dan lembaga-lembaga keuangan yang ada. bahkan dua bidang investasi ini meliputi nasional dan go international. pada tanggal 31 desember 2007, investasi di bidang ekuiti berjumlah hampir rm 7,6 bilion dan mendominasi alokasi asset lebih kurang 44%. dengan jumlah investasi yang besar ini, tabung haji memegang saham dalam 161 buah perusahaan yang terdaftar, 25 perusahaan yang tidak terdaftar merupakan perusahaan subsidiary. keuntungan dari penanaman saham dalam tahun 2007 juga telah menunjukkan peningkatan sebanyak rm 750 juta atau 155% dengan perolehan profit rm 1.233,1 pada tahun 2007 bila dibandingkan dengan profit rm 483,1 juta pada tahun 2006. selain itu dengan investasi ekuiti, tabung haji telah memberikan pendapatan deviden dan profit pemilikan saham sejumlah rm 279,8 juta. tentu saja pendapatan deviden dan profit saham ini merupakan penyumbang terbesar kepada jumlah keseluruhan pendapatan tabung haji tahun 2007 dengan masing-masing menyumbang sebanyak 66% dan 15%.20 pemerintah malaysia di bawah kementerian perdagangan antarbangsa dan industri (miti) menjadikan lembaga tabung haji sebagai sumber ekuiti (modal) bumiputera dalam perusahaan-perusahaan yang beroperasi di bursa malaysia. teknis pelaksanaan investasi yang ditawarkan oleh penawaran awl awm (ipo) diterima melalui agensi kerajaan dan lembaga-lembaga keuangan. tahun 2007, lembaga tabung haji telah meluluskan 10 penawaran investasi ipo dari 25 penawaran ipo yang diajukan. dengan jumlah investasi rm 151,5 juta. ipo yang yang telah dikucurkan dana investasi oleh lembaga tabung haji terdiri atas tujuh perusahaan di papan utama yaitu sektor hartanah, pembinan (bangunan), barangan pengguna, perladangan dan perniagaan (jasa) dan tiga perusahaan di papan kedua di sektor perindustrian dan barangan pengguna.21 selain ipo, lembaga tabung haji juga memberikan investasi saham terbitan khas pada enam perusahaan dengan investasi sejumlah rm 94,2 juta. adapun investasi lembaga tabung haji dalam investasi keuangan yang lain mencakup investasi pembiayaan kepada perusahaan subsidiari, pembiayaan korporat, investasi bon islam, dan unit tabungan islamic development bank (idb). investasi dalam kategori ini mencapai sejumlah 6% pendapatan lembaga tabung haji atau sebanyak rm 116,9 juta pada tahun 2007. khusus pada investasi pada idb infrastructure fund (iif) dibuat di negara-negara anggota idb bagi 20 annual report (laporan tahunan) lembaga tabung haji tahun 2007, h. 55-56. 21 annual report lembaga tabung haji, h. 56. 191al-iqtishad: vol. iii, no. 2, juli 2011 empat bidang itu, ekuiti menempati posisi pos investasi terbesar bila dibandingkan dengan tiga bidang yang lain. investasi ekuiti yang dilaksanakan oleh lembaga tabung haji meliputi sektor riil dan lembaga-lembaga keuangan yang ada. bahkan dua bidang investasi ini meliputi nasional dan go international. pada tanggal 31 desember 2007, investasi di bidang ekuiti berjumlah hampir rm 7,6 bilion dan mendominasi alokasi asset lebih kurang 44%. dengan jumlah investasi yang besar ini, tabung haji memegang saham dalam 161 buah perusahaan yang terdaftar, 25 perusahaan yang tidak terdaftar merupakan perusahaan subsidiary. keuntungan dari penanaman saham dalam tahun 2007 juga telah menunjukkan peningkatan sebanyak rm 750 juta atau 155% dengan perolehan profit rm 1.233,1 pada tahun 2007 bila dibandingkan dengan profit rm 483,1 juta pada tahun 2006. selain itu dengan investasi ekuiti, tabung haji telah memberikan pendapatan deviden dan profit pemilikan saham sejumlah rm 279,8 juta. tentu saja pendapatan deviden dan profit saham ini merupakan penyumbang terbesar kepada jumlah keseluruhan pendapatan tabung haji tahun 2007 dengan masing-masing menyumbang sebanyak 66% dan 15%.20 pemerintah malaysia di bawah kementerian perdagangan antarbangsa dan industri (miti) menjadikan lembaga tabung haji sebagai sumber ekuiti (modal) bumiputera dalam perusahaan-perusahaan yang beroperasi di bursa malaysia. teknis pelaksanaan investasi yang ditawarkan oleh penawaran awl awm (ipo) diterima melalui agensi kerajaan dan lembaga-lembaga keuangan. tahun 2007, lembaga tabung haji telah meluluskan 10 penawaran investasi ipo dari 25 penawaran ipo yang diajukan. dengan jumlah investasi rm 151,5 juta. ipo yang yang telah dikucurkan dana investasi oleh lembaga tabung haji terdiri atas tujuh perusahaan di papan utama yaitu sektor hartanah, pembinan (bangunan), barangan pengguna, perladangan dan perniagaan (jasa) dan tiga perusahaan di papan kedua di sektor perindustrian dan barangan pengguna.21 selain ipo, lembaga tabung haji juga memberikan investasi saham terbitan khas pada enam perusahaan dengan investasi sejumlah rm 94,2 juta. adapun investasi lembaga tabung haji dalam investasi keuangan yang lain mencakup investasi pembiayaan kepada perusahaan subsidiari, pembiayaan korporat, investasi bon islam, dan unit tabungan islamic development bank (idb). investasi dalam kategori ini mencapai sejumlah 6% pendapatan lembaga tabung haji atau sebanyak rm 116,9 juta pada tahun 2007. khusus pada investasi pada idb infrastructure fund (iif) dibuat di negara-negara anggota idb bagi 20 annual report (laporan tahunan) lembaga tabung haji tahun 2007, h. 55-56. 21 annual report lembaga tabung haji, h. 56. projek-projek infrastruktur seperti tenaga air, utiliti, telekomunikasi, transportasi dan petrokimia. iif dikelola oleh enginaring market partnership (emp) bahrain. investasi ini dibuat secara konsorsium dengan lembaga tabung haji sebagai ketua konsorsium dan tiga anggota konsorsium sebagai anggota yaitu: kumpulan wang simpanan pekerja (kwsp), lembaga tabung angkatan tentara (ltat) dan kumpulan wang persaraan (kwp). dengan investasi di iif ini, lembaga tabung haji telah memberikan investasi sejumlah rm 38,5 juta dengan return investasi yang diterima sejumlah rm 24,5 juta. investasi lembaga tabung haji dalam pembiayaan korporat adalah pada projek hospital pusrawi. projek ini terjalin dengan kerja sama antara lembaga tabung haji dengan majelis agama islam wilayah persekutuan (maiwp) dengan nisbah 70:30 dan berdasarkan konsep bina, pajak dan pindah (build, lease dan transfer/ blt). projek yang bernilai rm 70,0 juta ini terdiri atas bangunan hospital dan sebuah bangunan pendukung dengan perolehan return melalui pembayaran sewa pajak dari maiwp selama tempo waktu 15 tahun. desember 2007, ivestasi lembaga tabung haji di bidang hartanah mencapai hampir rm 1,8 billion. investasi ini meliputi pemilikan ruang pejabat, kompleks haji, kilang, perumahan dan rumah sakit. pemilikan hartanah ini bukan hanya untuk lembaga tabung haji saja, tapi juga ada yang disewakan sebagai sumber pendapatan. pendapatan sewaan tahun 2007 meningkat sejumlah rm 9,3 juta berbanding dari tahun 2006 sejumlah rm 57,2 juta dengan tahun 2007 sejumlah rm 66,5 juta. pada tahun 2007 ada peningkatan pendapatan dari tahun 2006 sebanyak 16%. pendapatan sewaan ini menempati posisi sebagai penyumbang pendapatan lembaga tabung haji sebanyak 4%. berikut ini adalah kutipan rincian sewaan lembaga tabung haji lima tahun terakhir berdasarkan jumlah kutipan sewaan dan jumlah ruang yang disewa. table 22 2003 2004 2005 2006 2007 kutipan sewa (rm juta) 40 49 60 57 67 rang disewa (%) 78 80 81 82 84 selain sewaan ini, lembaga tabung haji juga memiliki tiga kompleks haji (hotel) yang berlokasi di kelana jaya, selangor, bayan lepas, pulau pinang, dan kota kinabalu sabah. berikut ini adalah table tentang komplek haji berdasarkan jumlah kamar, jenis kamar, dan jumlah sewaan. 192 nurhasanah: tabung haji malaysia dalam perspektif ekonomi table 23 jenis kamar standar superior deluxe superior suite jumlah kamar 87 20 14 14 sewa perkamar (rm) 100 120 140 160 paket 20 kamar dan lebih (rm) penutup dari pembahasan diatas dapat ditarik kesimpulan betapa koordinasi pemberangkatan haji sangatlah penting. selain dibutuhkan keikutsertaan pemerintah secara langsung maupun tidak langsung. sebagaimana halnya di negeri malaysia, penanganan haji sudah dilakukan melalui syekh haji. upaya yang dilakukan pun dilakukan dengan aktivitas pengadaan tabung haji. sehingga calon jemaah haji mendapat kemudahan dalam menjalankan ibadahnya. [] pustaka acuan annual report (laporan tahunan) lembaga tabung haji tahun 2007. chamhuri siwar, surtahman kastin hassan, dkk, ekonomi malaysia, selangor: pearson malaysia. sdn. bhd, 2005 hassan, norhazimah che, “sitem pengurusan dana secara islam: satu penelitian”, jurnal pengurusan jawhar, vol.1 no. 2, 2007. jabatan perdana menteri, sejarah perkembangan tabung haji malaysia 30 tahun, kuala lumpur: utusan printcorp, 1993. raja haji ahmad dan raja ali haji, tuhfat al-nafis, virginia matheson, ed; siri kajian sastera fajar bakti , kuala lumpur : fajar bakti sdn. bhd, 1982. aziz, ungku abdul, pilgrims economy improvement plan, kuala lumpur: t.p, 1959. tuan haji mustapha albakri bin haji hassan, sir kamil mohamad ariff binhadir mastan, report of the pilgrimage investigation committee, 1948. tun haji abdul razak, pernyata resmi perbahathan parlimen dewan rakyat yang kedua penggal kelima, jilid v no. 44, 13 februari 1969 ua. aziz, renchana-renchana ekonomi dan kemiskinan, singapore: pusaka melayu, 1969. w.r. raoff, the conduct of the haji from malaya. efri syamsul bahri1*, juhary ali2, mohd mizan mohammad aslam3 abstract. qardhawi's opinion on the 2009 zakah disbursement model related to the empowerment of productive aṣnāf has encouraged the development of productive zakah in poverty alleviation. this study aims to examine the effect of intentions, opportunities, and resources on successful aṣnāf entrepreneurs. the method used is the mono method, namely quantitative research. data was obtained through a survey using purposive sampling. primary data were examined using the pls-sem method and the smartpls application. this study found that the intention and opportunity factors had a positive and significant effect on the success of aṣnāf entrepreneurs. meanwhile, resources have a negative impact on the success of aṣnāf entrepreneurs. this is evidence that the zakah resources given to aṣnāf entrepreneurs must be optimized so that they can have a significant impact. this finding provides recommendations to zakah management entities and policy makers to be able to increase the contribution of zakah funds in poverty alleviation through the aṣnāf entrepreneurial program. keywords: asnaf entrepreneurs; intention; opportunity; resource abstrak. pendapat qardhawi tentang model pencairan zakat tahun 2009 terkait pemberdayaan aṣnāf produktif telah mendorong berkembangnya zakat produktif dalam pengentasan kemiskinan. penelitian ini bertujuan menguji pengaruh niat, peluang, dan sumber daya terhadap pengusaha aṣnāf yang sukses. metode yang digunakan ialah metode mono yaitu penelitian kuantitatif. data diperoleh melalui survei dengan menggunakan purposive sampling. data primer diperiksa menggunakan metode pls-sem dan aplikasi smartpls. penelitian ini menemukan bahwa faktor niat dan peluang berpengaruh positif dan signifikan terhadap keberhasilan wirausaha aṣnāf. sementara itu, sumber daya berdampak negatif terhadap keberhasilan pengusaha aṣnāf. hal ini menjadi bukti bahwa sumber daya zakat yang diberikan kepada pengusaha aṣnāf harus dioptimalkan agar mampu memberikan pengaruh signifikan. temuan ini memberikan rekomendasi kepada entitas pengelola zakat dan pengambil kebijakan agar mampu meningkatkan kontribusi dana zakat dalam pengentasan kemiskinan melalui program wirausaha aṣnāf. kata kunci: pengusaha asnaf; niat; peluang; sumberdaya why do asnaf entrepreneurs become successful? the role of intention, opportunity, and resources al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 23 44 1*sekolah tinggi ekonomi islam sebi 2school of management, asia e university 3universiti malaysia perlis e-mail: 1efri.sb@sebi.ac.id, 2juhary.ali@aeu.edu.my, 3m.mizan@unimap.edu.my author: efri syamsul bahri received: 10 maret 2022 accepted: 19 juni 2022 published: 20 juni 2022 mailto:efri.sb%40sebi.ac.id?subject= mailto:juhary.ali%40aeu.edu.my?subject= mailto:m.mizan%40unimap.edu.my?subject= 24 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction zakah is the third pillar of islam that muslims must carry out. since the end of the ottoman empire, zakah has been managed by each muslimpopulated country with an obligatory and voluntary approach (beik 2015). it has done centralization and decentralization (masyita 2018). the collected zakah was then allocated to mustaḥiq on eight aṣnāf (ismail et al. 2018). however, zakah is still distributed consumptively, which has no impact on poverty alleviation (al-amin 2015). since qardhawi issued his opinion that the mechanism for collecting zakah has been established in islam but remains flexible concerning disbursement, the selangor zakat institute (lzs) initiated the aṣnāf entrepreneur program (shiyuti and al-habshi 2018). according to lzs, aṣnāfs entrepreneurship is an economic development program that aims to distribute zakah money so that aṣnāfs grows economically. shiyuti and al-habshi (2019) explained that the aṣnāf entrepreneur program encourages aṣnāf to generate income. as a result, many aṣnāf have experienced success, and their lives have improved (meerangani and azman 2019). the pilot study regarding the aṣnāf entrepreneur program in indonesia, guided by baznas, has also experienced success. the results of the puskas study (2019) showed an increase in material and spiritual aspects, with 243 entrepreneurs aṣnāf respondents. in terms of materials, income increased by 48.49% from idr 4,404,911 before accepting zakah funds to idr6,540,746 after receiving zakah funds. while in terms of spirituality, the value was 4.02 to 4.27 after getting zakah reserves. this achievement is verification that zakah adds to lightening destitution both really and profoundly. the aṣnāf entrepreneur program is related to those classified as aṣnāf. an aṣnāf entrepreneur receives support from a zakah managing entity for business capital, competency improvement, product marketing, technology support, and business assistance. the various supports given to aṣnāf entrepreneurs are expected to empower them in business, materially and spiritually prosperous. therefore, the success of this aṣnāf entrepreneur indicates that zakah funds effectively transform mustaḥiq into muzakki. unfortunately, zakah disbursement is more dominant in the consumptive zakah category (naimah 2014). it is seen from the number of beneficiaries of mustaḥiq who have received zakah assistance in indonesia. national zakah statistics data states that in 2019, zakah collected reached idr 10.2 trillion http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 25 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 (baznas 2020a). then, idr 8.6 trillion was distributed to mustaḥiq, amounting to 22.2 million people (2018) and 23.5 million people (2019). in the meantime, the neediness easing program dispatched by baznas broadly has a restricted commitment with accomplishments of 12,538 individuals (2018) and 191,090 individuals (2019) (baznas, 2020b; baznas, 2020a). based on existing regulations, zakah management aims to alleviate poverty, prosper mustaḥiq and alleviate poverty. therefore, the aṣnāf entrepreneur program must be high-quality to realize these goals. various analyses of aṣnāf entrepreneurs have been conducted. several studies have been conducted in malaysia (e.g., abai et al., 2020; halim et al., 2012; din et al., 2019; marzuki et al., 2019; shiyuti & al-habshi, 2019). the study results by abai et al. (2020) show that working capital assistance satisfies the aṣnāf entrepreneurs. the study of halim et al. (2012) found that aṣnāf successful entrepreneurs have a certain level of entrepreneurial orientation, are willing to take risks to develop their businesses, and have unique marketing strategies. furthermore, the study of din et al. (2019) found that the efforts of zakah institutions in streamlining their distribution have had a positive impact on the economy of the asnaf community. another study conducted by marzuki et al. (2019) shows that business success is strongly influenced by age and duration of trading. in the end, the study of shiyuti & al-habshi, 2019)) can provide an overview of the understanding of the program carried out by the selangor zakat institution as the initiator of the entrepreneur aṣnāf program to see the potential and prospects of each new opportunity and understand the strengths and weaknesses of existing programs. meanwhile, several studies in indonesia were also conducted related to productive zakah and its utilization, e.g., jalaluddin (2012) and rusli et al. (2013). the survey by jalaluddin (2012) found that, in general, productive zakah in the form of capital assistance has positively impacted the growth of micro-enterprises, employment, and welfare of mustaḥiq. the study results by rusli et al. (2013) found that productive zakah has a positive impact and can reduce the poverty rate in north aceh regency by 0.2 percent. several studies in indonesia discuss measuring the impact of the zakah program. at the same time, this study is related to the determinant factors that make aṣnāf entrepreneurs productive. therefore, it is expected to be able to clarify the aṣnāf entrepreneurial program, which adds to the cooperation of government http://journal.uinjkt.ac.id/index.php/iqtishad 26 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 assistance and poverty mitigation mustaḥiq. likewise, this disclosure contributes to the progress of the assessment regarding poverty moderation. moreover, the results can be used for zakah substances for leaders in indonesia. several studies in indonesia discuss measuring the impact of the zakah program. at the same time, this study is related to the determinant factors that make aṣnāf entrepreneurs productive. therefore, it is expected to be able to clarify the aṣnāf entrepreneurial program, which adds to the cooperation of government assistance and poverty mitigation mustaḥiq. likewise, this disclosure contributes to the progress of the assessment regarding poverty moderation. moreover, the results can be used for zakah substances for leaders in indonesia. therefore, the following section describes the literature and review, results and discussion, and conclusions. literature review theoretical background this examination utilizes three theoretical foundations: arranged conduct, hypothesis of chance, recognizable proof and advancement, and asset reliance hypothesis. the hypothesis of arranged behavior was started by ajzen (1991) to foresee and clarify human conduct in explicit settings. as per ajzen (1991), aim shows how hard somebody will attempt, how much exertion they plan, and take part in the conduct. moreover, in his most recent article, ajzen (1991) distinguishes three elements deciding social aims: perspectives toward conduct, emotional standards about behavior, and saw conduct control. the goal is a fundamental indication of innovative potential in business (hunjra et al., 2012). thompson (2009) contends that individual creative goals have become an essential build for making new organizations. it follows the assessment of a few scientists, for example, carr and sequeira (2007) and hmieleski and corbett (2006). they observed that the pioneering goal had been a fundamental and maintainable build in business venture hypothesis and examination (hunjra et al., 2012). consequently, this investigation utilizes assumption arranged conduct as a theoretical foundation to inspect the impact of aim on fruitful aṣnāf business people. ardichvili et al. (2003) argues that the greater the number of events identified with previous success, the higher the probability of successful identification of future events. this forms the theoretical basis for analyzing the impact of opportunities on influential business actors aṣnāf. therefore, in this study, the opportunity variable test refers to the theory expressed by ardichvili et al. (2003) http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 27 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 the way organizations reduce dependency and environmental uncertainty (hillman et al., 2009). roundy & bayer (2019) explain that resources are needed to create an entrepreneurial ecosystem and support its participants (entrepreneurs, investors, incubators). therefore, rdt assumes that organizations need help to survive by interacting with others to control these resources. therefore, this study uses resource dependency theory as a theoretical background to examine the effect of resources on successful aṣnāf entrepreneurs. asnaf entrepreneur according to balwi & halim (2008), aṣnāf are groups who are entitled to receive zakah. based on the qur’an in at-taubah verse 60, there are eight aṣnāf, namely: al-fuqārā (the needy), al-masākīn (the poor), al-‘āmilīn (the employer of zakah), al-mu’allafah qūlūbuhum (converts who is sought by his heart), al-riqāb (enslaved people), al-ghārimin (people owe), sabīlillah (people who are jihad in the way of allah), and ibnu sabil (the one who travels). saini (2004) identifies the type of assistance provided to aṣnāf consisting of two categories: consumptive and productive. according to saini (2004), consumptive aṣnāf includes eight groups. meanwhile, productive aṣnāf came from eight groups with additional criteria: ability, potential, and energy to work. productive aṣnāf, whose condition is mentally and physically strong and able to work, are also called aṣnāf entrepreneurs (rahman and ahmad, 2011) and (shiyuti and al-habshi, 2018). however, economically, they are poor and disadvantaged (muhamat et al., 2013). abai et al. (2020) argue that an aṣnāf entrepreneur is a group of aṣnāf who want their condition to change from nonproductive to productive aṣnāf by carrying out entrepreneurial activities. therefore, they are included in the category of the poor who need business capital assistance (raudha et al., 2011); abdul halim et al. (2012) and low income (mamun et al., 2017) and belong to the type of micro-entrepreneurs (nadzri, omar, and rahman 2018). asnaf entrepreneurs who have received zakah assistance are expected to experience success (muhamat et al., 2013). therefore, it is necessary to measure the success of an aṣnāf entrepreneur. several researchers have identified indicators of the success of aṣnāf entrepreneurs, such as profit and growth (rahman et al., 2014), business continuity (korunka et al., 2010), and changing conditions from mustaḥiq to zakah payers (fitri, 2017), independent and eradicated from poverty. poverty (zakaria and harun, 2019). http://journal.uinjkt.ac.id/index.php/iqtishad 28 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 several studies have been conducted related to aṣnāf entrepreneurs. for example, halim and said (2012) found that the attributes of a businessman's personality affect the level of development. then, the study results by muhamat et al. (2013) show that two factors are significant for achieving the aṣnāf of business actors, namely: capital and information. meanwhile, the test results of limsong et al. (2017) show that human resource factors (demography, character, and skills) and evidence of differentiating opportunities (openings, assets, and business attributes) have a significant effect on achievement. therefore, in this study, an analysis of three variables was carried out, namely intention, opportunity, and resource. intention and successful of asnaf entrepreneurs according to conner and armitage (1998) in shabbir et al. (2016), the intention is motivated to act on a conscious plan or decision. cohen and levesque (1990) define intention as a commitment to do something. furthermore, mokthar et al. (2018) argue that the intention in the language is the desire to do something to achieve a particular goal. rosidi (2017) explains that what a person gets is the fruit of what he intended. finally, ajzen (1991) argues that intention indicates how hard someone is willing to try and how much effort they plan to engage in the behavior. with regards to a business venture, the enterprising expectation is a crucial indication of the innovative potential to begin another business (hunjra et al., 2012); (shabbir et al., 2016) and turns into a significant development in the arrangement of another company (thompson, 2009). furthermore, tkachev and kolvereid (1999) argue that entrepreneurial intentions can be formed when exposed to external effects such as observing entrepreneurial practices, practical work experience, and relevant education and training (ndofirepi, 2020). ajzen (2020) distinguished three variables for deciding aim: mentalities toward conduct, emotional standards about behavior, and social control. mentalities related to conducting are thought to be a component of effectively honest convictions about the possible results of conduct called social convictions (ajzen, 2020). in the interim, conduct control is thought to be an open control conviction (ajzen, 2020). at last, ajzen (2020) contends that control factors are abilities and capacities expected to assemble execution. the examination results by dewi and dhewanto (2012) tracked down that the essential variable for accomplishment in an islamic privately-run http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 29 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 company is sincere goals. hence, given the conversation above, we guess that aim has a positive and critical impact on accomplishing asnaf business visionaries (h1). opportunity and successful of asnaf entrepreneurs shane (2003) argues that chance is a bunch of convictions, thoughts, and activities to catch the capability of a current market (mostafiz et al., 2019). short et al. (2010) allude to a favorable circumstance to accomplish possible benefits. moreover, short et al. (2010) clarified that innovative exercises could not happen without favorable circumstances. accordingly, ramadani et al. (2020) recognized that chances fall into the center classification of business. based on schumpeter's methodology, innovations will build the opportunity (dutta and crossan, 2005) and development (mostafiz et al., 2019). accordingly, the capacity of businesspeople to distinguish openings is fundamental (ardichvili et al., 2003). asnaf entrepreneurs’ chance measurements comprise innovative mindfulness (çolakoğlu and gözükara, 2016), market climate (lee and yang (2013), and informal organizations (qing, 2009), (dahalan et al. (2013). to begin with, kirzner (1997) contends that pioneering cautiousness is a mentality of acknowledgment of accessible freedoms (çolakoğlu and gözükara, 2016). then, at that point, lee and yang (2013) recognized three components identified with the market climate: area, contenders, and speculation assessment. at last, concerning informal communities, slopes and singh (2004) contend that 62% of chances come from colleagues, companions, and family (dahalan et al., 2013). the examination results directed by lee and yang, 2013) and limsong et al. (2017) on the chance variable show that chance is the essential driver of business achievement. besides, the most recent exploration directed by hermansyah and dahmiri (2020) found that possibilities emphatically influence business results. therefore, as needs are, considering the discussion above, we hypothesize that opportunity positively affects the success of aṣnāf entrepreneurs (h2). resource and successful of asnaf entrepreneurs according to wernerfelt (1984), company resources are tangible and intangible assets that are both strengths and weaknesses of a particular company. there are three components of assets utilized in this investigation. it includes http://journal.uinjkt.ac.id/index.php/iqtishad 30 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 sources of funds (das, 2000), family support, and government support (limsong et al., 2017). several previous studies, e.g., chang and chen (2020); lee and yang (2013); limsong et al., 2017) shows that the resource dimension is a critical factor in business success and affects entrepreneurial success. therefore, based on the discussion above, we hypothesize that resources have a positive and significant effect on the success of aṣnāf entrepreneurs (h3). measurement model a few examinations on business people have applied the hypothesis of arranged conduct, opportunity recognizable proof and improvement hypothesis, and asset reliance hypothesis. this examination utilizes the theory of arranged behavior, opportunity distinguishing proof and improvement hypothesis, and asset reliance hypothesis, which clarify the accomplishment of aṣnāf business people. likewise, this methodology can examine what factors influence the achievement of aṣnāf business visionaries, as recently depicted. for example, the reasonable system in figure 1 shows that the achievement of aṣnāf businesspeople relies upon expectations, openings, and resources. figure 1. conceptual model source: author’s own as the above illustration, it is hypothesised the following; h1: intention affects s the success of aṣnāf entrepreneur h2: opportunity affects s the success of aṣnāf entrepreneur h3: resource affects s the success of aṣnāf entrepreneur http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 31 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 methods a questionnaire with an online form approach was used to collect data from aṣnāf entrepreneurs located in west java, dki jakarta, and banten. the utilization of online polls helps accumulate data from respondents through their reactions to questions. the questionnaire contains 25 latent variable indicators (see table 1), compiled using a five-item likert scale. it ranges from 1 (strongly disagree category) to 5 (strongly agree category) to achieve validity and reliability. items are intended to measure variables adopted from previous studies and adapted to the objectives of this study. the sampling technique in this study used is purposive sampling, with three criteria: having received zakah funds from baznas, the business is running, and being in the location of the pilot program. as a result, the number of respondents gathered upwards of 363 of 817 aṣnāf. thus, based on hair et al.'s (2011) opinion, the minimum number of samples has been met, which exceeds the minimum sample of 250 respondents. therefore, it follows the number of indicator items tested in this study. the examination plan is with a quantitative mono technique approach. this plan follows the examination objective to analyze the impact of exogenous factors on endogenous factors. respondents came from aṣnāf entrepreneurs selected by purposive sampling: beneficiaries of the baznas program, businesses still running, and businesses located in west java, dki jakarta, and banten. the data was obtained by performing a survey using google forms. based on the study, 363 respondents were obtained who had filled out the form and have complied with the criteria. the primary data that has been collected was analyzed using the pls-sem method and the smartpls application. results and discussion results the examination of respondent information was interestingly completed to describe the attributes of important information—moreover, pls-sem investigations as the direct estimation and assessment model. the result is as follows. the results of data analysis consist of descriptive analysis, measurement models, and evaluation of structural models. table 1 presents the characteristics of aṣnāf entrepreneur by gender category. http://journal.uinjkt.ac.id/index.php/iqtishad 32 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 table 1. asnaf entrepreneur by gender gender amount (person) portio (%) male 85 25% female 251 75% total 336 100% source: authors’ analysis based on table 1, aṣnāf female entrepreneurs reached 75% (n=251). thus, it shows that the participation rate of women reaches 75% in the aṣnāf entrepreneurs' program in baznas. furthermore, table 2 presents the characteristics of aṣnāf entrepreneurs by age category. table 2. asnaf entrepreneur by age age amount (person) portio (%) ≤ 24 years 10 3% ≥ 55 years 42 13% 24-34 years 68 20% 35 44 years 113 34% 45 – 54 years 103 31% total 336 100% source: authors’ analysis based on table 2, aṣnāf entrepreneurs aged 35-44 reached 34% (n=113). it shows that the participation rate of aṣnāf entrepreneurs at the age of 35 44 years reaches 34% in the aṣnāf entrepreneurs' program at baznas. followed by the participation of aṣnāf entrepreneurs at the age of 45-54 years (n=103;31%), age 24-34 years (n=68;20%); age 55 years (n=42;13%), and 24 years (n=10;3%). the results of this study illustrate that the age of aṣnāf entrepreneurs is very diverse. evaluation of measurement model (outer model) item validity is measured based on the loading factor value with criteria above 0.7. figure 2 presents the result of the measurement model using the smartpls application. http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 33 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 based on figure 2, of the 25 items that become parameters, there are 23 valid items and two invalid items. invalid items are separated, namely: op_5 (a survey is required before starting a business) and re_3 (financial support from relatives and friends is important to increase capital and overcome cash shortage). furthermore, in this study, the measurement of construct reliability was carried out using discriminant reliability (ave), cronbach’s alpha, and composite reliability (c.r.) values. table 2 presents the results of the reliability measurement. figure 2. result of measurement model using pls-sem source: authors’ analysis using smartpls table 3. the results of the calculation of ave, composite reliability, and cronbach’s alpha cronbach's alpha rho_a composite reliability average variance extracted (ave) intention 0,889 0,894 0,915 0,643 opportunity 0,905 0,913 0,927 0,678 resource 0,885 0,894 0,920 0,743 success 0,960 0,962 0,966 0,780 source: authors’ analysis using smartpls http://journal.uinjkt.ac.id/index.php/iqtishad 34 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 in this study, the reliability testing criteria referred to hair et al. (2011) with ave discriminant reliability greater than 0.5. in addition, if the value of composite reliability obtained is more significant than 0.7, and cronbach’s alpha is also greater than 0.7, the construct is declared reliable. overall, from the results of the ave, composite reliability, and cronbach’s alpha measurements, it was found that 23 items on the instrument used were included in the reliable category. structural model assessment (inner model) a primary model appraisal is utilized to foresee the connection between factors in the underlying model by assessing three items: coefficient of determination (r2), predictive relevance (q2), and level of significance (ghozali and latan 2015). the coefficient of determination (r2) illustrates the strength of the model with three assessment criteria: r2=0.67 (substantial), r2=0.33 (moderate), and r2=0.19 (weak) (chin (1998). results of the structural model assessment are presented in table 3. table 4. r-square r square r square adjusted success 0.462 0.457 source: authors’ analysis using smartpls based on table 3, the r-square value is 0.462. it shows that exogenous variables (intention, opportunity, and resource) can explain their effect on the success of aṣnāf entrepreneurs by 46.2%. meanwhile, 53.8% is explained by other variables outside the model. thus, the model in this study is included in the moderate category because the r2 value is above 0.33. furthermore, predictive relevance (q2) explains how well the observation value generated by the research model is. if the value of q2 > 0, then the model in the category has predictive relevance (ghozali and latan 2015). meanwhile, if the value of q2 < 0, then the model in the category has less predictive relevance. anuraga, sulistiyawan, & munadhiroh (2017) explain that the magnitude of q2 is in the range of values 0 > q2 < 1, indicating that the model gets better the closer it is to one. based on the pls-sem analysis, q2 is obtained by blindfolding. table 4 presents the predictive relevance (q2). http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 35 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 table 5. predictive relevance sso sse q² (=1-sse/sso) intention 2016,000 2016,000 opportunity 2016,000 2016,000 resource 1344,000 1344,000 success 2688,000 1737,335 0,354 source: authors’ analysis using smartpls based on table 4, the results of blindfolding show that the value of q2 is 0.354. therefore, the model has predictive relevance, with a q2 value greater than 0. thus, the resulting model is included in the excellent category to use. the next structural assessment model calculates the significance value by calculating the path coefficient through bootstrapping. the path coefficient aims to determine the magnitude of the influence between variables. based on the value of the path coefficient is also used for testing research hypotheses. the significant value in this study is if the t-statistic > 1.96 and p-values < 0.05 (hair et al., 2011). at this evaluation stage, the procedure used is bootstrapping. table 5 presents the path coefficients as a result of the bootstrapping process. table 6. path coefficients with bootstrapping original sample (o) sample mean (m) standard deviation (stdev) t statistics (|o/ stdev|) p values intention -> success 0.462 0.474 0.080 5.795 0.000 opportunity -> success 0.278 0.270 0.080 3.467 0.001 resource -> success -0.031 -0.032 0.060 0.514 0.608 source: authors’ analysis using smartpls table 5 shows that the intention variable is significant to success. this can be seen from the t-statistic value <1.96 which is 5.795, and p-values > 0.05, which is 0.000. the effect of intention on the positive success is seen from the original sample value of 0.462. the opportunity variable has a significant effect on success. it is proven by the t-statistic value > 1.96 which is 3.467, and p-values < 0.05, which is 0.001. the effect of skills on success is positive, as indicated by the http://journal.uinjkt.ac.id/index.php/iqtishad 36 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 original sample value of 0.278. then, the resource variable has no significant effect on success. this is evidenced by the t-statistic value > 1.96, which is 0.514 and the p-values > 0.05, which is 0.608. the effect of resources on success is negative, as seen from the original sample of -0.031. discussion the effect of intention on success the intention has a positive and significant effect on the success of aṣnāf entrepreneur. it is consistent with the theory of planned behaviour described by ajzen (1991) that intention indicates how hard someone is willing to try and how much effort they plan to engage in the behaviour. however, the position of intention is not only an intermediate factor, but the results of this study indicate that intention is a determining factor for success. it is also in line with rosidi's research (2017) that the results obtained by a person are obtained from what he intended. the importance of intention is not only a sign of entrepreneurial potential, as argued (hunjra et al., 2012). the results of this study illustrate that intention is a determining factor for the success of an aṣnāf entrepreneur. it is in line with the opinion of thompson (2009), which states that individual entrepreneurial intentions are construction in creating new businesses. thus, baznas and zakah management entities need to respond to these findings by paying attention to the intentions of the aṣnāf entrepreneurs. it is in line with the hadith narrated from 'umar bin khaththab r.a., the prophet sallallaahu'alaihi wassallam said, "indeed, amal depend on intentions. therefore, for aṣnāf entrepreneurs who want to be successful, it is necessary to strengthen their purpose to manage their business well. the effect of opportunity on success an opportunity has a positive and significant effect on the success of aṣnāf entrepreneur. it is consistent with the theory of opportunity identification and development developed by ardichvili et al. (2003) that the greater the number of opportunities, the higher the probability of success. the results of this study are also in line with the results of research conducted (lee and yang (2013), (limsong et al. 2017), and hermansyah and dahmiri (2020) that the opportunity variable is the primary driver of success and opportunity has a positive effect on business results. http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 37 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 baznas and other zakah management entities need to respond to these findings by providing opportunities for aṣnāf entrepreneur. based on this research, there are three dimensions of opportunity that need to be given to aṣnāf entrepreneur, namely: entrepreneurial awareness (çolakoğlu and gözükara, 2016), market environment (lee and yang (2013), and social networking (qing, 2009) in dahalan et al., 2013). the effect of resources on success resources negatively affects the achievement of the business visionary aṣnāf. it is conflicting with the asset reliance hypothesis (rdt) proposed by pfeffer and salancik, which clarifies that a given asset is an approach to decrease reliance and ecological vulnerability (hillman et al., 2009). the consequences of this examination show an adverse consequence. likewise, it is not following the assessment of roundy & bayer (2019), which clarifies that assets are expected to make a pioneering biological system. the consequences of this investigation are likewise not following past research, e.g., chang and chen (2020); lee and yang (2013); limsong et al. (2017) tracked down that the measurements positively affected innovative achievement. baznas and zakah management entities need to respond to the effectiveness of the assistance provided to aṣnāf entrepreneur. when aid does not have a positive effect, it is necessary to evaluate further the quantity and quality of service that has been provided. it is essential to do this so that every rupiah of zakah fund distributed to aṣnāf entrepreneur can positively transform aṣnāf from mustaḥiq conditions to munfiq and muzakki. conclusion this study has assessed the influence of intention, opportunity, and resources on successful aṣnāf entrepreneurs. the study is based on three theoretical backgrounds: theory of planned behavior, theory of identification and development, and resource dependence theory. the results showed that the variables of intention and opportunity have positively and significantly affected the success of aṣnāf entrepreneurs. meanwhile, the resource variable has negatively affected the success of aṣnāf entrepreneurs. therefore, baznas and zakah management entities need to respond to this finding to create successful aṣnāf entrepreneurs. baznas and zakah management entities need to optimize zakah distribution to aṣnāf entrepreneurs http://journal.uinjkt.ac.id/index.php/iqtishad 38 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 by paying attention to the resource factor given to aṣnāf. the allocated resources need to be preceded by implementing intensive assessment and assistance to aṣnāf entrepreneurs. furthermore, on the intention variable, the zakah management entity needs to ensure the commitment and sincerity of the entrepreneur aṣnāf in running their businesses. regarding the opportunity factor, entrepreneurs need to be facilitated by giving them opportunities, especially those related to increasing sales turnover, to increase business profits. optimizing the variables of intention, opportunity, and resource is expected to increase the success of empowerment program of entrepreneur aṣnāf. the government and zakah management entities need to pay special attention to the aṣnāf entrepreneur program. it is an effort to increase the contribution of zakah to poverty alleviation through the aṣnāf entrepreneur program. the implication is that policies regarding zakah utilization for aṣnāf entrepreneurs need to be regulated in more detail. it is related to program planning, implementation, monitoring, and evaluation. in the future, further research is needed to monitor the development of the entrepreneurial aṣnāf program, which is increasingly developing in indonesia. references abai, dayang shobihah abang, mohd daud awang, ahmad nasir mohd yusoff, arfah ab. majid, and hadi hamli. 2020a. “assistant type of capital zakat distribution and achievement of asnaf entrepreneur in malaysia: an empirical study.” malaysian journal of social sciences and humanities 5(1):93–99. abai, dayang shobihah abang, mohd daud awang, ahmad nasir mohd yusoff, arfah ab. majid, and hadi hamli. 2020b. “bentuk bantuan modal agihan zakat asnaf dan pencapaian usahawan asnaf di malaysia: kajian empirikal.” malaysian journal of social sciences and humanities (mjssh) 5(1):93–99. abdul rahman, nurulhasanah, zulnaidi yaacob, and rafisah mat radzi. 2014. “determinants of successful financial management among micro entrepreneur in malaysia.” journal of asian scientific research 4(11):631–39. ajzen, icek. 2020. “the theory of planned behavior: frequently asked questions.” human behavior and emerging technologies 2(4):314–24. al-amin, haris. 2015. “pengelolaan zakat konsumtif dan zakat produktif (suatu kajian peningkatan sektor ekonomi mikro dalam islam).” jurnal ekonomi dan bisnis (ekonis). http://journal.uinjkt.ac.id/index.php/iqtishad efri syamsul bahri. why do asnaf entrepreneurs become successful? 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http://journal.uinjkt.ac.id/index.php/iqtishad pendahuluan kebijakan dual­banking system pada tahun 1992 masih belum tercermin dalam realitas karena dalam kenyataan sampai saat ini pangsa pasar bank syariah belum signifikan. sementara, survey preferensi (2000-2005) menunjukkan potensi pasar bank syariah (domestik) cukup besar ditambah dengan perkembangan yang pesat perbankan/lembaga keuangan internasional. industri perbankan secara nasional masih menghadapi permasalahan mengoptimalkan fungsi intermediasinya. selain itu bank indonesia memiliki komitmen mendukung pertumbuhan ekonomi nasional dimana sektor perbankan menjadi motor penggeraknya.1 1 latar belakang kebijakan akselerasi perbankan syariah, disampaikan oleh dr. mulya analisis kinerja keuangan bank muamalat indonesia dikaitkan dengan program akselerasi perbankan syariah roni hamdani universitas kuala syiah aceh email: roni_hamdani@yahoo.com abstrak:tahun 2008 bagi perbankan syari’ah nasional mungkin berbeda dengan tahun-tahun sebelumnya. kerja keras memenuhi target market share 5% dari total aset perbankan nasional merupakan implementasi visi cetak biru pengembangan perbankan syari’ah indonesia. kekhawatiran target pangsa pasar 5% tidak tercapai memang menjadi pemikiran kalangan pemerintah, praktisi, pemerhati, peneliti maupun akademisi perbankan syari’ah. kata kunci: bank mu’amalat, akselerasi, bank syariah roni hamdani: analisis kinerja keuangan bank muamalat indonesia dikaitkan . . .126 uraian di atas merupakan latar belakang dicanangkannnya program akselerasi pengembangan perbankan syariah oleh bank indonesia. program tersebut tersebut bertujuan untuk mencapai market share perbankan syariah sebesar 5 % pada akhir tahun 2008 dengan tetap meperhatikan prinsip kehati-hatian dan kepatuuhan terhadap prinsip syariah. tahun 2008 bagi perbankan syari’ah nasional mungkin berbeda dengan tahun-tahun sebelumnya. kerja keras memenuhi target market share 5% dari total aset perbankan nasional merupakan implementasi visi cetak biru pengembangan perbankan syari’ah indonesia. kekhawatiran target pangsa pasar 5% tidak tercapai memang menjadi pemikiran kalangan pemerintah, praktisi, pemerhati, peneliti maupun akademisi perbankan syari’ah. pada akhir 2006, pada saat pencanangan akselerasi pengembangan perbankan syariah market share bank syariah baru mencapai 1,58 %, yaitu sebesar 26,68 triliun. dan data terakhir sampai dengan juni 2008, diperoleh data dari statistik perbankan syariah (sps) bank indonesia bahwa market share bank syariah terhadap total aset perbankan nasional baru mencapai 2,08 %, yaitu 41,08 triliun, masih jauh dari angka yang ditargetkan bahkan belum mencapai setengahnya. untuk mempercepat hal tersebut bi me netapkan kebijakan akselerasi perkembangan perbankan syari’ah 2007-2008. pentingnya perencanaan kinerja menurut al quran pentingnya merencanakan kinerja keuangan secara implisit tercantum di dalam al quran, surat al ‘ashr (103) : 1-3. bahwasanya esok itu harus lebih baik dari sekarang, bahkan jika kualitas kinerja sekarang sama dengan sebelumnya, maka masih dikatakan merrugi. “demi masa. sesungguhnya manusia itu benar-benar dalam kerugian. kecuali orang-orang yang beriman dan mengerjakan amal saleh dan nasehat menasehati supaya mentaati kebenaran dan nasehat menasehati supaya menetapi kesabaran.” e. siregar (kepala biro penelitian, pengembangan dan pengaturan perbankan syariah bank indonesia) pada acara ijtima’ ulama (annual meeting) dps pada tanggal 14 agustus 2007 di cisarua-bogor. al-iqtishad: vol. ii, no. 2, juli 2010 127 selain itu, islam juga mengajarkan pentingnya merencanakan kinerja di masa yang akan datang terdapat dalam surat al hasyr (59) ayat 18. “hai orang-orang yang beriman, bertakwalah kepada allah dan hendaklah setiap diri memperhatikan apa yang telah diperbuatnya untuk hari esok (akhirat); dan bertakwalah kepada allah, sesungguhnya allah maha mengetahui apa yang kamu kerjakan.” secara implisit, ayat ini dapat diterapkan ke dalam berbagai sektor guna memicu peningkatan kualitas kinerja dalam semua segmen kehidupan termasuk di dalamnya sektor perbankan syariah yang mengiginkan adanya masa depan yang lebih baik dalam assetnya. sehingga kainginan tersebut harus disusun dan direncanakan secara sistematis, kemudian dilaksanakan dengan baik. dengan demikian, direktorat perbankan syariah bank indonesia telah mengamalkan intisari yang diajarkan oleh al quran mengenai planing kinerja yang terukur. program akselerasi pengembangan perbankan syariah program akselerasi pengembangan perbankan syariah 2007-2008 adalah program yang dicanangkan oleh bank indonesia. melalui gubernur pada saat itu, burhanuddin abdullah, program ini dicanangkan pada hari senin, 11 desember 2006 di jakarta. program ini bertujuan mencapai share perbankan syariah sebesar 5% pada akhir tahun 2008 dengan tetap mempertahankan prinsip kehatihatian dan kepatuhan terhadap prinsip syariah.2 menurut burhanudin peningkatan peran perbankan syariah yang lebih besar memerlukan kesamaan visi dari semua stakeholders. peran perbankan syariah yang semakin besar dalam perbankan nasional diyakini akan memberikan kontribusi positif bagi pertumbuhan ekonomi nasional. hal tersebut dijelaskan dalam sambutannya pada saat pencanangan program akselerasi tersebut.3 2 bank indonesia, “kebijakan akselerasi pengembangan perbankan syariah 2007­ 2008”, (jakarta : bank indonesia, 2006), h.3. 3 direktorat perencanaan strategis dan biro hubungan masyarakat bank indonesia, “program akselerasi pengembangan perbankan syariah dimulai”, diterbitkan pada tanggal roni hamdani: analisis kinerja keuangan bank muamalat indonesia dikaitkan . . .128 latar belakang pencanangan program akselerasi perbankan syariah 4 a. kebijakan dual banking system pada tahun 1992 masih belum tercermin dalam realitas karena dalam kenyataan karena sampai saat ini pangsa pasar bank syariah belum signifikan (oktober 2006 :1,5%) b. survey preferensi (2000-2005) menunjukkan potensi pasar bank syariah (domestik) yang cukup besar ditambah dengan perkembangan yang pesat perbankan/keuangan syariah internasional c. industri perbankan secara nasional masih menghadapi permasalahan mengoptimalkan fungsi intermediasi. selain itu bank indonesia memiliki komitmen mendukung pertumbuhan ekonomi nasional (pdb growth 6%) dimana sektor perbankan nasional menjadi motor penggeraknya. 6 pilar program akselerasi pengembangan perbankan syariah.5 a. penguatan kelembagaan bank syariah b. pengembangan produk bank syariah c. intensifikasi edukasi publik & aliansi mitra strategis d. peningkatan peranan pemerintah & penguatan kerangka hukum bank syariah e. penguatan sdm bank syariah f. penguatan pengawasan bank syariah profil bmi pt bank syariah muamalat indonesia tbk adalah bank umum pertama di indonesia yang menerapkan prinsip syariah islam dalam menjalankan operasionalnya. didirikan di republik indonesia pada tanggal 1 nopember 1991 atau 24 rabius tsani 1412 h berdasarkan akta notaris yudo paripurno, s.h., no. 1. akta pendirian ini telah disahkan oleh menteri kehakiman republik indonesia dalam surat keputusan no.c2-2413.ht.01.01.th.92 tanggal 21 maret 1992 dan diumumkan dalam berita negara no. 34 tanggal 11 desember 2006, artikel diakses pada 19 september 2008, dari http://www.bi.go.id. 4 bank indonesia, “kebijakan akselerasi pengembangan perbankan syariah 2007­ 2008”, jakarta : bank indonesia, 2006, h.2. 5 ibid., h.7 al-iqtishad: vol. ii, no. 2, juli 2010 129 28 april 1992, tambahan no. 1919a. bank muamalat mulai beroperasi tanggal 27 syawwal 1412 h atau 1 mei 1992.6 anggaran dasar bank telah mengalami beberapa kali perubahan, terakhir dengan perubahan yang didokumentasikan dalam akta notaris yudo paripurno, s.h., no. 237 tanggal 28 april 2005, yang kemudian direvisi dengan akta notaris no.150 tanggal 27 september 2005 khususnya mengenai perubahan modal dasar bank. perubahan tersebut telah disahkan oleh menteri kehakiman dan hak asasi manusia republik indonesia dengan surat keputusan no. c-32981.ht.01.04.th.2005 tanggal 13 desember 2005, serta telah diumumkan dalam berita negara republik indonesia nomor 13 tambahan no.1633, tanggal 14 pebruari 2006.7 ide mendirikan bank muamalat indonesia (bmi) tercetus dalam sebuah lokakarya mui bertema “masalah bunga bank dan perbankan” yang diadakan pada pertengahan agustus 1990 di cisarua, bogor. peserta lokakarya sepakat menugaskan komite pengembangan ekonomi umat membentuk sebuah bank yang kegiatannya berpedoman pada syariah islam. keputusan ini dikukuhkan dalam munas mui akhir agustus 1990 di jakarta. tim yang terbentuk, yang kemudian dikenal sebagai tim perbankan mui, diketuai dr. h.m. amin aziz. pada tanggal 27 oktober 1994, hanya dua tahun setelah didirikan, bank muamalat berhasil menyandang predikat sebagai bank devisa. pengakuan ini semakin memperkokoh posisi perseroan sebagai bank syariah pertama dan terkemuka di indonesia dengan beragam jasa maupun produk yang terus dikembangkan. sumber permodalan bmi sumber permodalan bank muamalat berasal lebih dari 800.000 masyarakat muslim indonesia dan muslim internasional melalui islamic development bank (idb) jeddah, arab saudi. pada rups tanggal 21 juni 1999 idb secara resmi menjadi salah satu pemegang saham bank muamalat. modal dan pengelolaan bank muamalat sampai saat ini tetap murni produk dan 6 “catatan atas laporan keuangan pt bank muamalat indonessia tbk periode juni 2008”, h.1, artikel ini diakses pada 9 oktober 2008 dari http://www.muamalatbank.com 7 ibid., h.1 roni hamdani: analisis kinerja keuangan bank muamalat indonesia dikaitkan . . .130 layanan perbankan muamalat didasarkan pada prinsip dan kaidah syariah sesuai komitmen: “berasal sumber yang bersih, berbagi hasil yang murni”. produk penghimpunan serta penanaman dana dilandaskan pada kaidah murni syariah dan pemberdayaan modal secara produktif.8 visi dan misi bmi9 visi menjadi bank syariah utama di indonesia, dominan di pasar spiritual, dikagumi di pasar rasional. misi menjadi role model lembaga keuangan syariah dunia dengan pe nekanan pada semangat kewirausahaan, keunggulan manajemen dan orientasi investasi yang inovatif untuk memaksimumkan nilai bagi stakeholder. 8 pt bank muamalat indonesia tbk, “laporan tahunan 2007” artikel ini diakses pada 24 september 2008 dari http://www. muamalatbank.com 9 pt bank muamalat indonesia tbk, “visi dan misi”, artikel diakses pada 18 september 2008 dari http://www. muamalatbank.com al-iqtishad: vol. ii, no. 2, juli 2010 131 struktur organisasi bank muamalat gambar 3.1. struktur organisasi bank muamalat struktur organisasi dan bagian-bagiannya internal audit group resident auditor administration and information technology system data control financing and treasury monitoring and audit analysis corporate support corporate secretary communication and public relation corporate legal and investor relation protocolair and internal relation corporate planning administration mis and tax personnel administration and logistic information and technology technical support and data center operation supervision and sop financing & settlement financing supervision & sop f.i and sharia financial institution financing product development business units operational head office coordinating branches and branches office dplk business innovation system development and sop product development and maintenance treasury network alliance (pos, da’i muamalat, pegadaian) shar-e and gerai optimizing virtual banking operations (call center and card center) roni hamdani: analisis kinerja keuangan bank muamalat indonesia dikaitkan . . .132 analisis camels terhadap kinerja bmi dalam menganalisa sejauh mana kinerja keuangan bmi digunakan “kacamata” camels yang fokus kepada car, fdr, npf, roa, roe, atmr dan modal. car capital adequacy rasio (car) adalah rasio kecukupan modal yang diwajibkan oleh bank indonesia, atau bisa disebut juga sebagai kewajban penyediaan modal minimum (kpmm), dimana setiap bank minimal harus mempunyai rasio car sebesar 8 % dalam operaionalnya. berikut ini rasio car bmi pada kwartal i 2007 sampai kwartal iii 2008. periode k i mar ‘07 k ii jun ‘07 k iii sep ‘07 k iv des ‘07 k i mar ‘08 k ii jun ‘07 k iii sep ‘07 car 14,85% 12,66% 11,23% 10,69% 11,46% 9,57% 11,25 tabel 4.1. rasio car kwartal i 2007 sampai kwartal iii 2008 sumber : bank muamalat indonesia dan ilustrasi car dapat dilihat dari grafik di bawah ini. gambar 4.1. grafik rasio car bmi al-iqtishad: vol. ii, no. 2, juli 2010 133 pada dasarnya semakin besar rasio car, menunjukkan semakin bagus kinerja keuangannya dan memberikan sinyal bahwa bank tersebut sehat. dari data di atas diketahui bahwa pada kwartal i (maret 2007) merupakan nilai car yang terbesar sebesar 14,85% dibandingkan dengan kwartal berikutnya. ini menunjukkan bahwa pada periode tersebut bmi ada pada tingkat kesehatan yang tinggi. dimana lebih besar 6,85% dibandingkan yang diwajibkan oleh bank sentral. namun sebenarnya semua rasio di atas menunjukkan bahwa bmi sehat, sebab rata-rata car nya di atas 8%. dan jika car ditekan hingga 8% sekalipun bmi masih tetap beroperasi dengan baik. akan tetapi jika rasio car berada di bawah 8%, maka bank tersebut berasda di ambang masalah permodalan, dan akan mengalami negative spreed. atmr aktiva tertimbang menurut risiko adalah faktor pembagi (denominator) dari car. dan atmr menjadi dasar dalam perhitungan berapa modal yang dibutuhkan oleh bank dalam menjalankan fungsi intermediarynya. yang dimaksud aktiva dalam perhitungan ini mencakup baik aktiva yang tercantum dalam neraca, maupun aktiva yang yang bersifat administratif sebagaimana tercermin dalam kewajiban yang masih bersifgat kontigen dan atau komitmen yang disediakan bagi pihak ketiga. terhadap masingmasing jenis aktiva tersebut ditetapkan bobot risiko yang besarnya didasarkan pada kadar risiko yang terkandung dalam aktiva itu sendiri. dengan demikian semakin besar nominal atmr, menunjukkan semakin bagus kinerja bank, namun hal ini tetap akan sejalan dengan besarnya car dan modal bank. berikut ini rasio atmr bmi periode 2007-2008. periode k i mar ‘07 k ii jun ‘07 k iii sep ‘07 k iv des ‘07 k i mar ‘08 k ii jun ‘07 k iii sep ‘07 atmr 6.499 7.248 8.291 7.914 9.085 9.879 10.754 roni hamdani: analisis kinerja keuangan bank muamalat indonesia dikaitkan . . .134 tabel 4.2. atmr bmi 2007-2008 (miliar rupiah) sumber bank muamalat gambar 4.2. grafik atmr kwartalan 2007-2008 (miliar rupiah) dari data di atas kita dapat mengetahui bahwa setiap kwartal mengalami kenaikan yang besarnya berbeda. kecuali untuk kwartal iv pada desember 2007, mengalami penurunan sebesar 377 miliar dari 8.291 miliar menjadi 7.914 miliar. hal ini pun akan berpengaruh kepada nilai car dan modal bank. dimana pada kwartal iv 2007 tersebut car juga mengalami penurunan sebesar 0,54% dari 11,23% pada kwartal iii menjadi 10,69% pada kwartal iv tahun 2007. perbedaan dan fluktuasi atmr disebabkan oleh berubahnya komposisi aktiva setiap saat karena pos-pos pada aktiva berubah. atmr diperoleh dengan cara mengalikan aktiva-aktiva dengan bobot resikonya masing-masing yang satu sama lain berbeda, sesuai dengan peraturan yang ditetapkan oleh bi dalam pbi no. 8/18/pbi/2006 dan pbi no. 8/6/pbi/2006. modal yang dimaksud modal disini adalah yang digunakan oleh bank untuk beroperasi terutama produk financing dan untuk mengcover risikonya, yaitu berupa risiko kredit dan risiko pasar. al-iqtishad: vol. ii, no. 2, juli 2010 135 berikut ini rasio modal bmi pada kwartal i 2007 sampai kwartal iii 2008 (dalam miliar rupiah). periode k i mar ‘07 k ii jun ‘07 k iii sep ‘07 k iv des ‘07 k i mar ‘08 k ii jun ‘07 k iii sep ‘07 modal 965 917 931 846 1.041 945 1.210 tabel 4.3. modal bmi periode 2007-2008 dalam kwartalan sumber : bank muamalat indonesia gambar 4.3. grafik modal bmi periode 2007-2008 (miliar rupiah) gambar di atas menunjukkan bahwa modal bmi mengalami fluktuasi sesuai dengan kebutuhan dan target pembiayaan yang direncanakan. selain itu, ada faktor non teknis yang berpengaruh, yaitu keadaan ekonomi dan merosotnya nilai tukar rupiah pada akhir 2007. sehingga mengakibatkan modal menurun ke level 846 miliar. meskipun ini tidak berarti bmi dalam keadaan kurang sehat namun hal ini hanya menjadi indikator menurunnya target pembiayaan yang diberikan kepada pihak ketiga yang mungkin telah direncanakan. karena biasanya pada akhir tahun bank dituntut untuk menjaga likuiditasnya agar pelaporan dalam annual report sesuai dengan yang diharapkan. roni hamdani: analisis kinerja keuangan bank muamalat indonesia dikaitkan . . .136 penutup pada dasarnya semakin besar rasio car, menunjukkan semakin bagus kinerja keuangannya dan memberikan sinyal bahwa bank tersebut sehat. pada kwartal i (maret 2007) nilai car yang tertinggi pada periode 2007 sebesar 14,85% dibandingkan dengan kwartal berikutnya. ini menunjukkan bahwa pada periode tersebut bmi ada pada tingkat kesehatan yang tinggi. dimana lebih besar 6,85% dibandingkan yang diwajibkan oleh bank sentral. namun sebenarnya semua rasio di atas menunjukkan bahwa bmi sehat, sebab rata-rata car nya di atas 8%. dan jika car ditekan hingga 8% sekalipun bmi masih tetap beroperasi dengan baik. akan tetapi jika rasio car berada di bawah 8%, maka bank tersebut berasda di ambang masalah permodalan, dan akan mengalami negative spreed. pada kwartal iv 2007, mengalami penurunan sebesar 377 miliar dari 8.291 miliar menjadi 7.914 miliar. hal ini pun akan berpengaruh kepada nilai car dan modal bank. dimana pada kwartal iv 2007 tersebut car juga mengalami penurunan sebesar 0,54% dari 11,23% pada kwartal iii menjadi 10,69% pada kwartal iv tahun 2007. perbedaan dan fluktuasi atmr disebabkan oleh berubahnya komposisi aktiva setiap saat karena pos-pos pada aktiva berubah. atmr diperoleh dengan cara mengalikan aktiva-aktiva dengan bobot resikonya masing-masing yang satu sama lain berbeda, sesuai dengan peraturan yang ditetapkan oleh bi dalam pbi no. 8/18/pbi/2006 dan pbi no. 8/6/pbi/2006. dari annual report diperoleh data bahwa aset bank muamalat pada desember 2007 sebesar 10,57 triliun. sedangkan market share bank syariah saat itu masih sekitar 1,76 % yaitu sebesar 33,28 triliun. sehingga kontribusi aset bank muamalat terhadap total aset bank syariah sebesar 31,76 %. pada periode yang sama fdr bank muamalat mencapai 99,16 % naik dari periode desember 2006 sebesar 2,22 % menjadi 96,94 %. sedangkan npf-nya 1,33 % turun dari tahun sebelumnya sebesar 3,51 % yang mencapai 4,84 %. ini menunjukkan dalam setauhn kinerja bank muamalat sangat bagus, dan ini terbukti pula dari catatan bahwa bank muamalat merupakan penyumbang terbesar naiknya market share perbankan syariah. sedangkan data terakhir yang diperoleh dari neraca bank muamalat al-iqtishad: vol. ii, no. 2, juli 2010 137 bahwa aset bmi pada posisi september 2008 mencapai 12,10 triliun. dengan rasio roa 2,62%, roe 33,21%, fdr 106,39 %, dengan npf sebesar 3,88%, dan car sebesar 11,34%. pada september 2008 aset bmi sebesar 12,10 triliun. dan pada posisi yang sama total aset perbankan syariah mencapai 45,86 triiun. ini berarti bank muamalat menyumbangkan 26,38%. sedangkan 73,62% disumbang oleh dua bank umum lainnya disertai unit usaha syariah dan bprs lainnya—23 unit usaha syariah (uus) serta 107 bank perkreditan rakyat syariah (bprs)—secara kolektif. namun secara individu, kontribusi bank muamlat lebih besar dibandingkan bank umum lainnya. pustaka acuan al quran dan hadits bank indonesia, kebijakan akselerasi pengembangan perbankan syariah 2007­2008, jakarta : bank indonesia, 2006 ———, upaya pencapaian akselerasi perbankan syariah ditinjau dari kinerja keuangan, jakarta : pcpm bank indonesia xxvii tahap 2, 2007 ———, tingkat kesehatan bank syariah, jakarta : bank indonesia, 2005 ———, statistik perbankan syariah, jakarta : bank indonesia, 2008 ———, statistik perbankan indonesia, jakarta : bank indonesia, 2008 ———, arsitektur perbankan indonesia, jakarta: bank indonesia, 2004 ———, cetak biru perbankan syariah indonesia, jakarta: bank indonesia, 2002 ———, pedoman akuntansi perbankan syariah indonesia (papsi), jakarta: bank indoensia, 2003 ———, peraturan bank indonesia nomor: 6/10/pbi/2004 tentang sistem penilaian tingkat kesehatan bank umum, jakarta : bank indonesia, 2004 ———, surat edaran kepada semua bank umum yang melaksanakan kegiatan usaha secara konvensional di indonesia perihal sistem penilaian tingkat kesehatan bank umum, jakarta : bank indonesia, 2004 dewan syariah nasional, himpunan fatwa deewan syariah nasional, jakarrta : dewan syariah nasional dan bank indonesia, edisi ketiga, roni hamdani: analisis kinerja keuangan bank muamalat indonesia dikaitkan . . .138 2006 http://www.bi.go.id http://www.muamalatbank.com http://www.islamicaccounting.blogspot.com http://www.republika.co.id http://www.pkes.org http://mrzie3r.wordpress.com husnan, suad, dr.,m.b.a., manajemen keuangan teori dan penerapan (keputusan jangka panjang), yogyakarta : bpfe-yogyakarta, 2000, edisi 4 jusuf, jopie, analisis kredit untuk account officer, jakarta : pt gramedia pustaka utama, 2006 karim, adiwarman, bank islam; analiis fiqh dan keuangan, jakarta : pt rajagrafindo persada, 2004 kasmir, se.,mm., dasar­dasar perbankan, jakarta: pt rajagrafindo persada, 2004 muhammad, manajemen pembiayaan bank syariah, yogyakarta : akademi manajemen perusahaan ykpn, 2005 ———, manajemen bank syariah, yogyakarta : (upp) ampykpn, 2005 a. mulawarman, aji said dedi, kritik market share 5% bank syariah, yogyakarta :www.mulawarman.blogspot.com, 2007 muljono, teguh pudjo, drs.,akuntan, analisa laporan keuangan untuk perbankan, jakartta : djambatan, 1990 sakti, ali, m.ec., analisis teoritis ekonomi islam ; jawaban atas kekacauan ekonomi modern, jakarta : paradigma & aqsa publishing, 2007 suprayitno, eko, ekonomi islam pendekatan ekonomi makro islam dan konvensional, yogyakarta : graha ilmu, 2005 suyatno, thomas, dr., dkk., kelembagaan perbankan, jakarta, pt gramedia pustaka utama dan stie perbanas, edisi ketiga taswan, se.,m.si., akuntansi perbankan transaksi dalam valuta rupiah, semarang : upp amp ykp, 2003 menyoal asuransi konvensional versus asuransi syariah fuad thohari abstract: discussing conventional insurance versus islamic insurance. insurance is a contract (agreement) between the insured risk coverage with the insurer. the insurer promises to pay any damages caused to the insured. some muslims argue, insurance allowed in all its forms; others refuse completely; others receive only for some forms of insurance. arguments are built where modern insurance contract becomes invalid in the perspective of islamic law. it must be determined various religious and ethical considerations, for example: the prohibition of ribâ (interest), the prohibition of gharâr (uncertainty), maysir (speculative), and other problems. keywords: conventional insurance, islamic insurance, transactions abstrak: menyoal asuransi konvensional versus asuransi syariah. asuransi merupakan suatu kontrak (perjanjian) pertanggungan risiko antara tertanggung dengan penanggung. penanggung berjanji akan membayar kerugian yang disebabkan risiko yang dipertanggungkan kepada tertanggung. sebagian umat islam berpendapat, asuransi boleh dalam segala bentuknya; sebagian lain menolak sama sekali; sebagian lain menerima hanya untuk beberapa bentuk asuransi. argumen yang dibangun di mana kontrak asuransi modern menjadi tidak sah dalam perspektif hukum islam ditentukan pelbagai pertimbangan agama dan etika; misalnya: pengharaman riba (bunga), pelarangan gharar (ketidakpastian), maysir (untung-untungan), dan problem lainnya. kata kunci: asuransi konvensional, asuransi syariah, akad naskah diterima: 17 november 2010, direvisi: 13 mei 2011, disetujui: 19 mei 2011.  komisi fatwa majelis ulama indonesia dki jakarta. jakarta islamic centre, keramat raya, jakarta utara. e-mail: fuadinfoulama@yahoo.com fuad thohari: menyoal asuransi konvensional versus asuransi syariah 274 pendahuluan asuransi dapat didefinisikan dalam pelbagai perspektif. dalam perspektif ekonomi, asuransi merupakan suatu metode untuk mengurangi risiko1 dengan jalan memindahkan dan mengkombinasikan ketidakpastian akan adanya kerugian keuangan (finansial). dalam perspektif hukum, asuransi merupakan suatu kontrak (perjanjian) pertanggungan risiko antara tertanggung dengan penanggung. penanggung berjanji akan membayar kerugian yang disebabkan risiko yang dipertanggungkan kepada tertanggung. sedangkan tertanggung membayar premi secara periodik kepada penanggung. dalam perspektif bisnis, asuransi merupakan perusahaan yang usaha utamanya menerima dan menjual jasa, pemindahan risiko dari pihak lain, dan memperoleh keuntungan dengan pelbagai risiko di antara nasabahnya. selain itu, asuransi merupakan lembaga keuangan bukan bank, yang kegiatannya menghimpun dana (berupa premi) dari masyarakat yang kemudian menginvestasikan dana itu dalam pelbagai kegiatan ekonomi.2 dari perspektif sosial, asuransi didefinisikan sebagai organisasi yang menerima pemindahan risiko dan mengumpulkan dana dari anggota-anggotanya guna membayar kerugian yang mungkin terjadi pada masing-masing anggota tersebut. karena kerugian tidak pasti akan terjadi pada setiap anggota, maka anggota yang tidak pernah mengalami kerugian dari sudut pandang sosial merupakan penyumbang organisasi. hal ini berarti kerugian setiap anggota 1risiko, ketidakpastian kerugian. definisi ini memuat dua konsep yaitu ketidakpastian dan kerugian. walaupun kedua konsep ini penting dalam asuransi, namun risiko ini merupakan ketidakpastian dan bukan kerugian. salah satu cara mengatasi risiko, dengan mangasuransikan suatu risiko kepada perusahaan asuransi. menurut soesino djojosoedarso risiko dibagi menjadi: (1) risiko murni, risiko yang tidak disengaja. misalnya: risiko terjadinya kebakaran, bencana alam, pencurian, penggelapan, kekacauan, dan sebagainya. (2) risiko spekulatif, risiko yang sengaja ditimbulkan, agar terjadinya ketidakpastian memberikan kentungan, seperti: risiko hutang-piutang. (3) risiko fundamental, risiko yang penyebabnya tidak dapat dilimpahkan kepada seseorang dan yang menderita tidak hanya satu atau beberapa orang saja, tetapi banyak orang. misalnya: banjir, angin topan, dan sebagainya. (4) risiko khusus, risiko yang bersummber pada peristiwa yang mandiri dan umumnya mudah diketahui penyebabnya. misalnya: kapal kandas, pesawat jatuh, tabrakan mobil, dan sebagainya. (5) risiko dinamis, risiko yang timbul karena perkembangan dan kemajuan (dinamika) masyarakat di bidang ekonomi dan teknologi. misalnya: risiko penerbangan luar angkasa. (6) risiko statis, kebalikan dari risiko dinamis, seperti hari tua, risiko kematian, dan sebagainya. dilihat, dapat atau tidaknya risiko tersebut dialihkan kepada pihak lain, risiko dapat dibedakan menjadi dua bagian. pertama, risiko yang dapat dialihkan kepada pihak lain, yaitu dengan mempertanggungkan suatu objek yang akan terkena risiko kepada perusahaan asuransi, dengan membayar sejumlah premi asuransi. kedua, risiko yang tidak dapat dialihkan kepada pihak lain (tidak dapat diasuransikan). umumnya meliputi semua jenis risiko spekulatif. lihat, ahmad hasymi ali, pengantar asuransi, (jakarta: pt. bumi aksara, 1993), cet. iii, h. 22; soesino djojosoedarso, prinsip-prinsip manajemen risiko dan asuransi, (jakarta: salemba empat, 1999), cet. i, h. 3. 2herman darmawi, manajemen asuransi, (jakarta: pt. bumi aksara, 2000), cet. ii, h. 2. al-iqtishad: vol. iii, no. 2, juli 2011 275 pendahuluan asuransi dapat didefinisikan dalam pelbagai perspektif. dalam perspektif ekonomi, asuransi merupakan suatu metode untuk mengurangi risiko1 dengan jalan memindahkan dan mengkombinasikan ketidakpastian akan adanya kerugian keuangan (finansial). dalam perspektif hukum, asuransi merupakan suatu kontrak (perjanjian) pertanggungan risiko antara tertanggung dengan penanggung. penanggung berjanji akan membayar kerugian yang disebabkan risiko yang dipertanggungkan kepada tertanggung. sedangkan tertanggung membayar premi secara periodik kepada penanggung. dalam perspektif bisnis, asuransi merupakan perusahaan yang usaha utamanya menerima dan menjual jasa, pemindahan risiko dari pihak lain, dan memperoleh keuntungan dengan pelbagai risiko di antara nasabahnya. selain itu, asuransi merupakan lembaga keuangan bukan bank, yang kegiatannya menghimpun dana (berupa premi) dari masyarakat yang kemudian menginvestasikan dana itu dalam pelbagai kegiatan ekonomi.2 dari perspektif sosial, asuransi didefinisikan sebagai organisasi yang menerima pemindahan risiko dan mengumpulkan dana dari anggota-anggotanya guna membayar kerugian yang mungkin terjadi pada masing-masing anggota tersebut. karena kerugian tidak pasti akan terjadi pada setiap anggota, maka anggota yang tidak pernah mengalami kerugian dari sudut pandang sosial merupakan penyumbang organisasi. hal ini berarti kerugian setiap anggota 1risiko, ketidakpastian kerugian. definisi ini memuat dua konsep yaitu ketidakpastian dan kerugian. walaupun kedua konsep ini penting dalam asuransi, namun risiko ini merupakan ketidakpastian dan bukan kerugian. salah satu cara mengatasi risiko, dengan mangasuransikan suatu risiko kepada perusahaan asuransi. menurut soesino djojosoedarso risiko dibagi menjadi: (1) risiko murni, risiko yang tidak disengaja. misalnya: risiko terjadinya kebakaran, bencana alam, pencurian, penggelapan, kekacauan, dan sebagainya. (2) risiko spekulatif, risiko yang sengaja ditimbulkan, agar terjadinya ketidakpastian memberikan kentungan, seperti: risiko hutang-piutang. (3) risiko fundamental, risiko yang penyebabnya tidak dapat dilimpahkan kepada seseorang dan yang menderita tidak hanya satu atau beberapa orang saja, tetapi banyak orang. misalnya: banjir, angin topan, dan sebagainya. (4) risiko khusus, risiko yang bersummber pada peristiwa yang mandiri dan umumnya mudah diketahui penyebabnya. misalnya: kapal kandas, pesawat jatuh, tabrakan mobil, dan sebagainya. (5) risiko dinamis, risiko yang timbul karena perkembangan dan kemajuan (dinamika) masyarakat di bidang ekonomi dan teknologi. misalnya: risiko penerbangan luar angkasa. (6) risiko statis, kebalikan dari risiko dinamis, seperti hari tua, risiko kematian, dan sebagainya. dilihat, dapat atau tidaknya risiko tersebut dialihkan kepada pihak lain, risiko dapat dibedakan menjadi dua bagian. pertama, risiko yang dapat dialihkan kepada pihak lain, yaitu dengan mempertanggungkan suatu objek yang akan terkena risiko kepada perusahaan asuransi, dengan membayar sejumlah premi asuransi. kedua, risiko yang tidak dapat dialihkan kepada pihak lain (tidak dapat diasuransikan). umumnya meliputi semua jenis risiko spekulatif. lihat, ahmad hasymi ali, pengantar asuransi, (jakarta: pt. bumi aksara, 1993), cet. iii, h. 22; soesino djojosoedarso, prinsip-prinsip manajemen risiko dan asuransi, (jakarta: salemba empat, 1999), cet. i, h. 3. 2herman darmawi, manajemen asuransi, (jakarta: pt. bumi aksara, 2000), cet. ii, h. 2. dipikul bersama. dalam perspektif matematika, asuransi merupakan aplikasi matematika dalam memperhitungkan biaya dan faedah pertanggungan risiko. hukum probabilitas dan teknik statistik dipergunakan untuk mencapai hasil yang dapat diramalkan.3 menurut pasal 246 kitab undang-undang hukum dagang (kuhd), asuransi didefinisikan sebagai berikut: asuransi atau pertanggungan adalah suatu perjanjian, dengan mana seorang penanggung mengikatkan diri kepada seorang tertanggung, dengan menerima suatu premi, untuk memberikan suatu penggantian kepadanya karena suatu kerugian, kerusakan atau kehilangan keuntungan yang diharapkan, yang mungkin akan dideritanya karena suatu peristiwa yang tidak tentu.4 dari penjelasan di atas terlihat ada kekurangan di mana definisinya hanya menyangkut asuransi kerugian umum. ini bisa dipahami karena kuhd yang ada merupakan terjemahan dari kitab undang-undang belanda (wetboek van koephandel), mungkin saat pembuatan undang-undang tersebut (1847) dipengaruhi situasi pertumbuhan asuransi kerugian di benua eropa. akan tetapi, beruntung sekali kekurangan tersebut telah dijawab dengan suksesnya bangsa indonesia menciptakan undang-undang no. 2 tahun 1992 tentang usaha perasuransian. dalam pasal 1 uu no. 12 tahun 1992 asuransi didefinisikan sebagai berikut: asuransi atau pertanggungan adalah perjanjian antara dua pihak atau lebih, dengan mana pihak penanggung mengikatkan diri kepada tertanggung karena kerugian, kerusakan atau kehilangan keuntungan yang diharapkan, atau tanggung jawab hukum kepada pihak ketiga yang mungkin akan diderita tertanggung, yang timbul dari suatu peristiwa yang tidak pasti, atau untuk memberikan suatu pembayaran yang didasarkan atas meninggal atau hidupnya seseorang yang dipertanggungkan.5 definisi yang ada pada uu no. 2 tahun 1992 (pasal 1) lebih lengkap dibandingkan dengan pasal 246 kuhd, karena menyangkut semua aspek 3herman darmawi, manajemen asuransi, h. 3. 4r. subekti dan tjitrosudibio, kitab undang-undang hukum dagang (kuhd) dan undangundang (uu) kepailitan, (jakarta: pt. pradya paramita, 1994), cet. i, h. 74. 5thomas subroto, tanya jawab undang-undang no. 2 tahun 1992 tentang usaha perasuransian, (semarang: dahara prize, 1996), cet. ii, h. 45. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 276 perasuransian. mulai dari asuransi kerugian, kerusakan, kehilangan, keuntungan, tanggung jawab hukum kepada pihak ketiga, dan asuransi jiwa. berdasarkan definisi tersebut, maka dalam asuransi terkandung empat unsur, yaitu: pertama, pihak tertanggung (insured) yang berjanji untuk membayar uang premi kepada penanggung sekaligus atau secara berangsur-angsur. kedua, pihak penanggung (insurer) yang berjanji akan membayar sejumlah uang (santunan) kepada pihak tertanggung, sekaligus atau secara berangsur. ketiga, suatu peristiwa (accident) yang semula belum jelas akan terjadi6. keempat, kepentingan (interest) yang mungkin akan mengalami kerugian akibat peristiwa yang tidak menentu (belum jelas akan terjadi).7 suatu peristiwa (accident) merupakan ketidakpastian (uncertainly) yang dapat melahirkan kerugian (loss). ketidakpastian ini dapat dibagi atas: pertama, ketidakpastian ekonomi (econoomic uncertainy), yaitu kejadian yang timbul akibat perubahan sikap konsumen. misalnya, perubahan selera atau minat konsumen atau perubahan harga, teknologi, penemuan baru, dan lain-lain. kedua, ketidaktentuan faktor alam (uncertainly of nature). misalnya: gunung meletus, kebakaran, badai, banjir, dan lain-lain. ketiga, ketidaktentuan yang disebabkan perilaku manusia (human uncertainly). misalnya pencurian, perampokan, pembunuhan, peperangan, dan lain-lain. tidak semua peristiwa atau risiko dapat diasuransikan. peristiwa yang dapat menimbulkan kerugian ini disebut peril. sedangkan keadaan yang dapat memperbesar kemungkinan terjadinya suatu peril disebut hazard. peril yang dapat diasuransikan harus bersifat universal. artinya risiko ini membawa kerugian dalam pelbagai aspek kegiatan; baik ekonomi, sosial, dunia usaha maupun hukum. dari tiga jenis ketidaktentuan di atas, yang dapat dipertanggungkan adalah ketidaktentuan alam dan manusia. sedangkan ketidaktentuan ekonomi tidak dapat diasuransikan karena bersifat spekulatif (unsur ekonomis) dan keparahannya sulit diukur.8 fungsi, tujuan, dan manfaat asuransi menurut fazlur rahman, fungsi asuransi secara umum dapat diklasifikasikan menjadi tiga bagian. pertama, fungsi primer, yakni menjamin kemanan individu terhadap bahaya tertentu sehingga kerugian finansialnya ditanggung bersama-sama. risiko yang ditaksir dan jumlah kontribusinya tergantung dari 6wijono prodjodikoro, hukum asuransi indonesia, (jakarta: pt. internusa, 1994), cet. x, h. 1. 7a. abbas salim, dasar-dasar asuransi, (jakarta: pt. raja grafindo persada, 1993), cet. i, h. 4. 8a. abbas salim, dasar-dasar asuransi, h. 4. al-iqtishad: vol. iii, no. 2, juli 2011 277 perasuransian. mulai dari asuransi kerugian, kerusakan, kehilangan, keuntungan, tanggung jawab hukum kepada pihak ketiga, dan asuransi jiwa. berdasarkan definisi tersebut, maka dalam asuransi terkandung empat unsur, yaitu: pertama, pihak tertanggung (insured) yang berjanji untuk membayar uang premi kepada penanggung sekaligus atau secara berangsur-angsur. kedua, pihak penanggung (insurer) yang berjanji akan membayar sejumlah uang (santunan) kepada pihak tertanggung, sekaligus atau secara berangsur. ketiga, suatu peristiwa (accident) yang semula belum jelas akan terjadi6. keempat, kepentingan (interest) yang mungkin akan mengalami kerugian akibat peristiwa yang tidak menentu (belum jelas akan terjadi).7 suatu peristiwa (accident) merupakan ketidakpastian (uncertainly) yang dapat melahirkan kerugian (loss). ketidakpastian ini dapat dibagi atas: pertama, ketidakpastian ekonomi (econoomic uncertainy), yaitu kejadian yang timbul akibat perubahan sikap konsumen. misalnya, perubahan selera atau minat konsumen atau perubahan harga, teknologi, penemuan baru, dan lain-lain. kedua, ketidaktentuan faktor alam (uncertainly of nature). misalnya: gunung meletus, kebakaran, badai, banjir, dan lain-lain. ketiga, ketidaktentuan yang disebabkan perilaku manusia (human uncertainly). misalnya pencurian, perampokan, pembunuhan, peperangan, dan lain-lain. tidak semua peristiwa atau risiko dapat diasuransikan. peristiwa yang dapat menimbulkan kerugian ini disebut peril. sedangkan keadaan yang dapat memperbesar kemungkinan terjadinya suatu peril disebut hazard. peril yang dapat diasuransikan harus bersifat universal. artinya risiko ini membawa kerugian dalam pelbagai aspek kegiatan; baik ekonomi, sosial, dunia usaha maupun hukum. dari tiga jenis ketidaktentuan di atas, yang dapat dipertanggungkan adalah ketidaktentuan alam dan manusia. sedangkan ketidaktentuan ekonomi tidak dapat diasuransikan karena bersifat spekulatif (unsur ekonomis) dan keparahannya sulit diukur.8 fungsi, tujuan, dan manfaat asuransi menurut fazlur rahman, fungsi asuransi secara umum dapat diklasifikasikan menjadi tiga bagian. pertama, fungsi primer, yakni menjamin kemanan individu terhadap bahaya tertentu sehingga kerugian finansialnya ditanggung bersama-sama. risiko yang ditaksir dan jumlah kontribusinya tergantung dari 6wijono prodjodikoro, hukum asuransi indonesia, (jakarta: pt. internusa, 1994), cet. x, h. 1. 7a. abbas salim, dasar-dasar asuransi, (jakarta: pt. raja grafindo persada, 1993), cet. i, h. 4. 8a. abbas salim, dasar-dasar asuransi, h. 4. banyaknya anggota pertahun. kedua, fungsi sekunder, asuransi dijadikan bisnis komersial, industri, dan bisnis besar. tanpa asuransi tidak mungkin dilaksanakan. ketiga, fungsi tidak langsung, dana asuransi yang sangat besar diinvestasikan pada pemerintah dan sebagian pada industri. secara tidak langsung asuransi memberikan bantuan keuangan kepada pemerintah daerah dan perindustrian.9 ditinjau dari sudut lain, asuransi mempunyai tujuan dan teknik pemecahan yang bermacam-macam. pertama, dari segi ekonomi, asuransi bertujuan untuk mengurangi ketidak-pastian dari hasil usaha yang dilakukan seseorang atau perusahaan dalam memenuhi kebutuhan atau mencapai tujuan. tekniknya dengan mengalihkan risiko pada pihak lain dan mengkombinasikan sejumlah risiko yang cukup besar, sehingga besaran kemungkinan terjadinya kerugian dapat diperkirakan lebih akurat. kedua, dari segi hukum, asuransi memiliki tujuan untuk memindahkan risiko yang dihadapi suatu objek atau kegiatan bisnis kepada pihak lain. tekniknya melalui pembayaran premi tertanggung kepada penanggung dalam kontrak ganti rugi (poli asuransi). ketiga, dari segi tata niaga, asuransi bertujuan untuk membagi risiko yang dihadapi kepada semua peserta asuransi. tekniknya dengan memindahkan risiko dari individu atau perusahaan ke lembaga keuangan yang bergerak dalam pengelolaan risiko (perusahaan asuransi), yang akan membagi risiko kepada seluruh peserta asuransi yang ditangani. keempat, dari segi kemasyarakatan, asuransi bertujuan untuk menanggung kerugian bersama antar semua peserta asuransi. tekniknya, semua anggota memberikan kontribusinya (premi) untuk menyantuni kerugian yang diderita seseorang atau beberapa anggota. kelima, dari segi matematis, asuransi bertujuan untuk meramalkan besarnya kemungkinan terjadinya risiko. hasil ramalan itu dipakai dasar untuk membagi risiko kepada semua peserta asuransi. tekniknya dengan menghitung besarnya kemungkinan berdasarkan teori kemungkinan (probability theory). menurut hasymi ali, tujuan pokok asuransi bukanlah pemerataan maupun pencegahan kerugian, melainkan mengurangi uncertainty (ketidakpastian, kerugian) kemungkinan kerugian. asuransi memberikan kepastian kepada masingmasing anggota kelompok itu dengan meratakan biaya kerugian.10 menurut hermawan darmawi, manfaat asuransi antara lain: melindungi risiko investasi, sebagai sumber dana investasi, melengkapi persyaratan kredit, 9fazlur rahman, doktrin ekonomi islam, (yogyakarta: pt. dana bhakti wakaf, 1995), jilid iv, h. 95. 10fazlur rahman, doktrin ekonomi islam, h. 70. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 278 mengurangi kekhawatiran, mengurangi biaya modal, menjamin kestabilan perusahaan, dan lain-lain. prinsip-prinsip dasar asuransi transaksi asuransi diikat suatu perjanjian yang sah, yang disebut kontrak (polis) dan kontrak tersebut tidak bisa lengkap dengan sendirinya. untuk melengkapinya perlu dilihat bagaimana kondisi nasabah dan bagaimana keadaan sosialnya. prinsip dasar asuransi yang mendasari kontrak asuransi. pertama, prinsip insurable interest (kepentingan yang dapat diasuransikan). jika suatu kejadian dapat menimbulkan kerugian seseorang, berarti yang bersangkutan mempunyai kepentingan terhadap kerugian tersebut. agar dapat mengasuransikan kerugian, maka kepentingan harus dapat diasuransikan. jadi, yang bersangkutan (yang akan berasuransi) harus menunjukkan kerugian terhadap suatu objek yang akan diasuransikan.11 kedua, prinsip indemnitas (penggantian kerugian). kebanyakan kontrak asuransi kerugian dan kontrak asuransi kesehatan merupakan kontrak indemnity (indemnitas) atau kontrak pergantian kerugian. penanggung menyediakan kerugian untuk kerugian yang nyata-nyata diderita tertanggung dan tidak lebih besar dari kerugian itu. batas tertinggi kewajiban penanggung berdasarkan prinsip ini adalah memulihkan tertanggung pada posisi ekonomi yang sama dengan posisinya sebelum terjadi kerugian.12 ketiga, prinsip subrogasi (peralihan pada pihak ketiga). prinsip subrogasi ini melengkapi prinsip indemnitas. prinsip subrogasi memberi penanggung yang telah membayarkan ganti kerugian, segala hak tertanggung terhadap pihak ketiga berkenaan terjadinya kerugian itu. contoh, jika rumah seseorang terbakar karena kelalaian tetangga yang membakar sampah di pekarangannya, maka pemilik rumah berhak meminta pertanggung jawaban tetangganya. akan tetapi, apabila rumah tersebut diasuransikan (kebakaran), maka perusahaan asuransi akan membayar kerugian tersebut, tetapi kemudian memperoleh hak tertanggung untuk menagih tetangganya. hak subrogasi ini menempatkan beban pada yang bertanggung jawab memikulnya dan mencegah tertanggung mendapatkan keuntungan dengan menagih dua kali untuk kerugian yang sama. keempat, prinsip utmost good faith (itikad baik). prinsip itikad baik atas dasar kepercayaan antara pihak penanggung dan tertanggung dalam melakukan penutupan asuransi. jadi, apabila masa jaminan telah selesai kedua belah pihak 11 soesino djojosoedarso, prinsip-prinsip manajemen risiko dan asuransi, h.105. 12herman darmawi, manajemen asuransi, h. 67. al-iqtishad: vol. iii, no. 2, juli 2011 279 mengurangi kekhawatiran, mengurangi biaya modal, menjamin kestabilan perusahaan, dan lain-lain. prinsip-prinsip dasar asuransi transaksi asuransi diikat suatu perjanjian yang sah, yang disebut kontrak (polis) dan kontrak tersebut tidak bisa lengkap dengan sendirinya. untuk melengkapinya perlu dilihat bagaimana kondisi nasabah dan bagaimana keadaan sosialnya. prinsip dasar asuransi yang mendasari kontrak asuransi. pertama, prinsip insurable interest (kepentingan yang dapat diasuransikan). jika suatu kejadian dapat menimbulkan kerugian seseorang, berarti yang bersangkutan mempunyai kepentingan terhadap kerugian tersebut. agar dapat mengasuransikan kerugian, maka kepentingan harus dapat diasuransikan. jadi, yang bersangkutan (yang akan berasuransi) harus menunjukkan kerugian terhadap suatu objek yang akan diasuransikan.11 kedua, prinsip indemnitas (penggantian kerugian). kebanyakan kontrak asuransi kerugian dan kontrak asuransi kesehatan merupakan kontrak indemnity (indemnitas) atau kontrak pergantian kerugian. penanggung menyediakan kerugian untuk kerugian yang nyata-nyata diderita tertanggung dan tidak lebih besar dari kerugian itu. batas tertinggi kewajiban penanggung berdasarkan prinsip ini adalah memulihkan tertanggung pada posisi ekonomi yang sama dengan posisinya sebelum terjadi kerugian.12 ketiga, prinsip subrogasi (peralihan pada pihak ketiga). prinsip subrogasi ini melengkapi prinsip indemnitas. prinsip subrogasi memberi penanggung yang telah membayarkan ganti kerugian, segala hak tertanggung terhadap pihak ketiga berkenaan terjadinya kerugian itu. contoh, jika rumah seseorang terbakar karena kelalaian tetangga yang membakar sampah di pekarangannya, maka pemilik rumah berhak meminta pertanggung jawaban tetangganya. akan tetapi, apabila rumah tersebut diasuransikan (kebakaran), maka perusahaan asuransi akan membayar kerugian tersebut, tetapi kemudian memperoleh hak tertanggung untuk menagih tetangganya. hak subrogasi ini menempatkan beban pada yang bertanggung jawab memikulnya dan mencegah tertanggung mendapatkan keuntungan dengan menagih dua kali untuk kerugian yang sama. keempat, prinsip utmost good faith (itikad baik). prinsip itikad baik atas dasar kepercayaan antara pihak penanggung dan tertanggung dalam melakukan penutupan asuransi. jadi, apabila masa jaminan telah selesai kedua belah pihak 11 soesino djojosoedarso, prinsip-prinsip manajemen risiko dan asuransi, h.105. 12herman darmawi, manajemen asuransi, h. 67. (tertanggung dan penanggung) sama-sama memberi kepercayaan atau itikad baik.13 pelbagai bentuk usaha asuransi usaha asuransi dapat dibagi menjadi beberapa macam, antara lain: pertama, ditinjau dari sifatnya, bidang asuransi dapat dibagi menjadi dua, yaitu: (1) asuransi sosial atau asuransi wajib di mana untuk ikut serta dalam asuransi tersebut terdapat unsur paksaan atau wajib bagi setiap warga negara. jadi semua warga negara wajib menjadi anggota atau membeli asuransi tersebut. asuransi ini biasanya diusahakan pemerintah atau badan usaha milik negara.14 contoh, astek (asuransi tenaga kerja), taspen (tabungan asuransi pegawai negeri), asabri (asuransi angkatan bersenjata republik indonesia). (2) asuransi sukarela, dalam asuransi ini tidak ada paksaan bagi siapapun untuk menjadi anggota/ pembeli. jadi setiap orang bebas untuk memilih menjadi anggota atau tidak. jenis asuransi ini biasanya diselenggarakan pihak swasta, tetapi ada juga yang diselenggarakan pemerintah.15 contohnya, pt. jiwasraya (bumn), pt. jasa indonesia (bumn), pt. asuransi ramayana, pt asuransi bintang, ajb, bumiputera, dsb. kedua, ditinjau dari jenis objeknya, asuransi dapat dibagi menjadi dua, yaitu: (1) asuransi atas orang (personal insurance). asuransi ini berkaitan dengan kesehatan, kehilangan pekerjaan, lanjut usia, atau kematian seseorang. pada umumnya, asuransi ini diselenggarakan perusahaan asuransi jiwa dan sebagian oleh asuransi kerugian. perusahaan asuransi swasta cenderung untuk mengkhususkan pada tanggungan kematian dan kesehatan. sedangkan perusahaan asuransi milik negara pada tanggungan lanjut usia dan pengangguran dengan program asuransi sosial.16 akan tetapi tidak menutup kemungkinan pemerintah untuk membuka jasa asuransi kematian, kecelakaan, dan sakit. begitu pula untuk perusahaan swasta diperbolehkan membuka jasa asuransi dengan peril pengangguran dan lanjut usia. (2) asuransi atas harta (property insurance). asuransi umum atau kerugian, yang berkenaan dengan hak/harta milik seseorang ataupun kepentingan yang meliputi asuransi kebakaran, asuransi pengangkutan barang, asuransi rangka kapal, asuransi kendaraan bermotor, asuransi penerbangan, asuransi enggineering, dan sebagainya.17 13ahmad hasymi ali, pengantar asuransi, h.185. 14soesino djojosoedarso, prinsip-prinsip manajemen risiko dan asuransi, h. 72. 15soesino djojosoedarso, prinsip-prinsip manajemen risiko dan asuransi, h. 72. 16herman darmawi, manajemen asuransi, h. 26. 17soesino djojosoedarso, prinsip-prinsip manajemen risiko dan asuransi, h. 73. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 280 beberapa perusahaan asuransi yang sekarang ada di indonesia antara lain: (1) perusahaan asuransi jiwa, perusahaan asuransi yang menangani risiko keuangan akibat meninggalnya tertanggung. (2) asuransi kerugian, perusahaan asuransi yang menangani risiko keuangan akibat kerugian karena peril yang menimpa barang atau kepentingan yang dipertanggungkan. (3) reasuransi, perusahaan yang mempertanggungkan kembali sejumlah risiko oleh perusahaan asuransi kepada perusahaan asuransi lainnya (reinsurer). (4) asuransi sosial, yaitu perusahaan asuransi yang bidang usahanya menanggung risiko finansial masyarakat kecil yang kurang mampu. perusahaan ini diselenggarakan pemerintah atau badan yang ditunjuk atau dibentuk pemerintah.18 dari segi sistem yang dipergunakan, asuransi di indonesia dibagi menjadi: (1) asuransi konvensional, yakni asuransi yang dijalankan sesuai dengan hukum positif atau undang-undang. (2) asuransi syariah, yakni asuransi yang dijalankan sesuai syariat islam (alquran dan hadis). kedua sistem di atas, baik konvensional dan syariah terus berkembang pesat. untuk asuransi syariah, banyak perusahaan baru yang membukanya, bahkan banyak perusahaan asuransi konvensional yang membuka cabang syariah. semua ini memerlukan sumber daya manusia yang berkualitas. asuransi dalam perspektif islam wahbah al-zuhaylî, pakar fikih dan usul fikih kontemporer mendefinisikan asuransi sesuai dengan pembagiannya. menurut dia, asuransi ada dua bentuk, yakni: al-ta'min al-ta‘âwunî (asuransi tolong-menolong) dan al-ta'min bi qisth tsâbit (asuransi dengan pembagian tetap). pertama, al-ta'min al-ta‘âwunî (asuransi tolong-menolong) merupakan kesepakatan beberapa orang untuk membayar sejumlah uang sebagai ganti rugi ketika di antara mereka mendapat musibah. musibah yang menimpa para peserta al-ta'min al-ta‘âwunî dapat berbentuk kecelakaan, kematian, kebakaran, kebanjiran, kecurian, dan kerugian lainnya sesuai kesepakatan bersama. kedua, al-ta'min bi qisth tsâbit (asuransi dengan pembagian tetap), akad yang mewajibkan seseorang membayar sejumlah uang kepada pihak asuransi yang terdiri atas beberapa pemegang saham dengan perjanjian, apabila peserta asuransi mendapat kecelakaan, ia diberi ganti rugi.19 perbedaan antara kedua asuransi ini terletak pada tujuan masing-masing. al-ta'min al-ta‘âwunî pada dasarnya tidak mencari keuntungan, tetapi semata 18warkum sumitro, asas-asas perbankan islam dan lembaga terkait di indonesia, (jakarta: pt. raja 1997), cet. ii, h. 165. 19ensiklopedia hukum islam, h. 138. al-iqtishad: vol. iii, no. 2, juli 2011 281 beberapa perusahaan asuransi yang sekarang ada di indonesia antara lain: (1) perusahaan asuransi jiwa, perusahaan asuransi yang menangani risiko keuangan akibat meninggalnya tertanggung. (2) asuransi kerugian, perusahaan asuransi yang menangani risiko keuangan akibat kerugian karena peril yang menimpa barang atau kepentingan yang dipertanggungkan. (3) reasuransi, perusahaan yang mempertanggungkan kembali sejumlah risiko oleh perusahaan asuransi kepada perusahaan asuransi lainnya (reinsurer). (4) asuransi sosial, yaitu perusahaan asuransi yang bidang usahanya menanggung risiko finansial masyarakat kecil yang kurang mampu. perusahaan ini diselenggarakan pemerintah atau badan yang ditunjuk atau dibentuk pemerintah.18 dari segi sistem yang dipergunakan, asuransi di indonesia dibagi menjadi: (1) asuransi konvensional, yakni asuransi yang dijalankan sesuai dengan hukum positif atau undang-undang. (2) asuransi syariah, yakni asuransi yang dijalankan sesuai syariat islam (alquran dan hadis). kedua sistem di atas, baik konvensional dan syariah terus berkembang pesat. untuk asuransi syariah, banyak perusahaan baru yang membukanya, bahkan banyak perusahaan asuransi konvensional yang membuka cabang syariah. semua ini memerlukan sumber daya manusia yang berkualitas. asuransi dalam perspektif islam wahbah al-zuhaylî, pakar fikih dan usul fikih kontemporer mendefinisikan asuransi sesuai dengan pembagiannya. menurut dia, asuransi ada dua bentuk, yakni: al-ta'min al-ta‘âwunî (asuransi tolong-menolong) dan al-ta'min bi qisth tsâbit (asuransi dengan pembagian tetap). pertama, al-ta'min al-ta‘âwunî (asuransi tolong-menolong) merupakan kesepakatan beberapa orang untuk membayar sejumlah uang sebagai ganti rugi ketika di antara mereka mendapat musibah. musibah yang menimpa para peserta al-ta'min al-ta‘âwunî dapat berbentuk kecelakaan, kematian, kebakaran, kebanjiran, kecurian, dan kerugian lainnya sesuai kesepakatan bersama. kedua, al-ta'min bi qisth tsâbit (asuransi dengan pembagian tetap), akad yang mewajibkan seseorang membayar sejumlah uang kepada pihak asuransi yang terdiri atas beberapa pemegang saham dengan perjanjian, apabila peserta asuransi mendapat kecelakaan, ia diberi ganti rugi.19 perbedaan antara kedua asuransi ini terletak pada tujuan masing-masing. al-ta'min al-ta‘âwunî pada dasarnya tidak mencari keuntungan, tetapi semata 18warkum sumitro, asas-asas perbankan islam dan lembaga terkait di indonesia, (jakarta: pt. raja 1997), cet. ii, h. 165. 19ensiklopedia hukum islam, h. 138. mata untuk kepentingan bersama ketika musibah menimpa salah seorang anggotanya20. hukum dibolehkannya al-ta'min al-ta‘âwunî, karena sejalan dengan prinsip islam (q.s. al-mâ'idah [5]: 2), sebagai berikut:                             dan tolong-menolonglah kamu dalam (mengerjakan) kebajikan dan takwa, dan jangan tolong-menolong dalam berbuat dosa dan pelanggaran. (q.s. almâ'idah [5]: 2) pro-kontra kontrak asuransi baik dalam alquran maupun hadis nabi saw., tidak ada satupun ketentuan yang mengatur secara eksplisit tentang asuransi.21 pembahasan juga tidak dijumpai dalam fikih klasik, karena transaksi ini baru muncul sekitar abad xiii dan xiv di italia dalam bentuk asuransi perjalanan laut.22 karenanya, asuransi dalam islam termasuk bidang ijtihâdî, di mana ketetapan hukum asuransi ini halal atau haram, masih memerlukan ijtihad kreatif dari ulama. ada empat macam pandangan ulama dan cendekiawan muslim tentang asuransi. pertama, kelompok ulama yang berpendapat, asuransi dalam segala macam bentuk dan cara operasinya hukumnya haram. pandangan pertama ini didukung beberapa ulama antara lain: yusuf al-qaradhawi, sayid sabiq, dll. menurut pandangan kelompok pertama asuransi diharamkan karena beberapa alasan, antara lain: asuransi mengandung unsur: (1) kontrak perjudian yang dilarang dalam islam, (2) ketidakpastian, (3) riba, (4) eksploitasi yang bersifat menekan, (5) termasuk jual beli (tukar-menukar) mata uang secara tidak tunai, dan (6) objek bisnisnya digantungkan pada hidup dan matinya seseorang, yang berarti mendahului takdir tuhan.23 kedua, kelompok ulama yang berpendapat bahwa asuransi halal atau diperbolehkan dalam islam. pendukung pandangan ini antara lain: ‘abd alwahhab khallâf, m. yusuf musa, abdur rachman isa, musthafâ ahmad al-zarqâ, dan m. nejatullah siddiqi. menurut mereka, asuransi diperbolehkan dengan alasan: pertama, tidak ada ketentuan dalam alquran dan hadis yang melarang asuransi. kedua, terdapat kesepakatan kerelaan dari keuntungan bagi kedua 20ensiklopedia hukum islam, h. 138. 21ensiklopedia hukum islam, h. 138. 22ensiklopedia hukum islam, h. 138. 23muhammad muslehuddin, menggugat asuransi modern, (jakarta: lentera, 1999), cet. i, h. 146. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 282 pihak, baik penanggung maupun tertanggung. ketiga, kemaslahatan dari usaha asuransi lebih besar dari bahayanya. keempat, termasuk akad mudhârabah (bagi hasil) atas dasar profit and loss sharing. kelima, dikategorikan koperasi (syirkah ta‘âwuniyyah) yang diperbolehkan islam. ketiga, kelompok ulama yang berpendapat, asuransi yang diperbolehkan hanya asuransi sosial, sedangkan asuransi komersial dilarang dalam islam. pendukung pandangan ini muhammad abû zahrah. keempat, kelompok ulama yang berpendapat, hukum asuransi termasuk subhât (tidak jelas), karena tidak ada dalil yang menghalalkan atau mengharamkan asuransi. oleh sebab itu, umat islam harus berhati-hati dalam berhubungan dengan asuransi.24 sekarang ini, asuransi merupakan tuntutan masa depan karena mengandung beberapa manfaat berikut ini: (1) membuat masyarakat atau perusahaan menjadi lebih aman dari risiko kerugian yang mungkin timbul; (2) menciptakan efisiensi perusahaan (bussiness effisienscy): (3) sebagai alat untuk menabung (saving) yang aman dari gejolak ekonomi. (4) sebagai sumber pendapatan (earning power), yang didasarkan pada financing the bussiness.25 hanya saja, untuk merespons asuransi dengan segala bentuknya yang berkembang saat ini, k.h. ali yafie mengingatkan, asuransi itu diciptakan di dunia barat, sehingga mempunyai watak, bentuk, sifat, dan tujuan yang berbeda dari wujud mu‘âmalah yang dikenal dalam fikih yang dikenal dalam dunia islam.26 landasan asuransi syariah asuransi islam lahir sejak tahun 1979 di sudan, yang kemudian diikuti perusahaan asuransi islam di negeri mayoritas muslim. hingga saat ini lebih dari 50 perusahan islam di dunia yang mengoperasikan asuransi di seluruh dunia yang mengoperasikan sistem asuransi islam (syariah), antara lain: 27 asuransi islam sudan (1979), asuransi islam arab (1979), dar al-maal al-islam, geneneva (1983), takaful islam bahamas (1983), at-takaful al-islamiah bahrain, e.c. (1983), syarikat takaful al-islamiah bahrain, e.c. (1983), dan syarikat takaful malaysia sdn, berhard (1984).28 24warkum sumitro, asas-asas perbankan islam dan lembaga terkait di indonesia, h.167. 25warkum sumitro, asas-asas perbankan islam dan lembaga terkait di indonesia, h. 168. 26ensiklopedia hukum islam, h.140. 27asosiasi asuransi jiwa indonesia (aaji), ‚makalah seminar asuransi jiwa syari'ah‛, jakarta: 19 juni 2002. 28muhammad syafi’i antonio, wawasan islam dan ekonomi; sebuah bunga rampai, (jakarta: lembaga penerbit fakultas ekonomi universitas indonesia, 1997), h. 256. al-iqtishad: vol. iii, no. 2, juli 2011 283 pihak, baik penanggung maupun tertanggung. ketiga, kemaslahatan dari usaha asuransi lebih besar dari bahayanya. keempat, termasuk akad mudhârabah (bagi hasil) atas dasar profit and loss sharing. kelima, dikategorikan koperasi (syirkah ta‘âwuniyyah) yang diperbolehkan islam. ketiga, kelompok ulama yang berpendapat, asuransi yang diperbolehkan hanya asuransi sosial, sedangkan asuransi komersial dilarang dalam islam. pendukung pandangan ini muhammad abû zahrah. keempat, kelompok ulama yang berpendapat, hukum asuransi termasuk subhât (tidak jelas), karena tidak ada dalil yang menghalalkan atau mengharamkan asuransi. oleh sebab itu, umat islam harus berhati-hati dalam berhubungan dengan asuransi.24 sekarang ini, asuransi merupakan tuntutan masa depan karena mengandung beberapa manfaat berikut ini: (1) membuat masyarakat atau perusahaan menjadi lebih aman dari risiko kerugian yang mungkin timbul; (2) menciptakan efisiensi perusahaan (bussiness effisienscy): (3) sebagai alat untuk menabung (saving) yang aman dari gejolak ekonomi. (4) sebagai sumber pendapatan (earning power), yang didasarkan pada financing the bussiness.25 hanya saja, untuk merespons asuransi dengan segala bentuknya yang berkembang saat ini, k.h. ali yafie mengingatkan, asuransi itu diciptakan di dunia barat, sehingga mempunyai watak, bentuk, sifat, dan tujuan yang berbeda dari wujud mu‘âmalah yang dikenal dalam fikih yang dikenal dalam dunia islam.26 landasan asuransi syariah asuransi islam lahir sejak tahun 1979 di sudan, yang kemudian diikuti perusahaan asuransi islam di negeri mayoritas muslim. hingga saat ini lebih dari 50 perusahan islam di dunia yang mengoperasikan asuransi di seluruh dunia yang mengoperasikan sistem asuransi islam (syariah), antara lain: 27 asuransi islam sudan (1979), asuransi islam arab (1979), dar al-maal al-islam, geneneva (1983), takaful islam bahamas (1983), at-takaful al-islamiah bahrain, e.c. (1983), syarikat takaful al-islamiah bahrain, e.c. (1983), dan syarikat takaful malaysia sdn, berhard (1984).28 24warkum sumitro, asas-asas perbankan islam dan lembaga terkait di indonesia, h.167. 25warkum sumitro, asas-asas perbankan islam dan lembaga terkait di indonesia, h. 168. 26ensiklopedia hukum islam, h.140. 27asosiasi asuransi jiwa indonesia (aaji), ‚makalah seminar asuransi jiwa syari'ah‛, jakarta: 19 juni 2002. 28muhammad syafi’i antonio, wawasan islam dan ekonomi; sebuah bunga rampai, (jakarta: lembaga penerbit fakultas ekonomi universitas indonesia, 1997), h. 256. sedangkan asuransi syariah yang telah beroperasi di indonesia antara lain: pt. asuransi (jiwa) syariah mubarakah/asm (18 okrober 1993), pt. asuransi takaful keluarga (25 agustus 1994), pt. asuransi (jiwa) mega arta alisiando/mma (16 februari 1995), pt. asuransi takaful umum (1 juni 1995), dan pt. asuransi bumi putera (syariah), dan lain-lain. landasan berdirinya asuransi syariah merupakan penghayatan terhadap semangat saling tanggungjawab, kerjasama, dan perlindungan dalam kegiatan masyarakat, demi tercapainya kesejahteraan umat dan masyarakat umum. hal ini berkaitan dengan konsep dan prinsip asuransi syariah, sebagaimana dibahas berikut ini.29 konsep asuransi syariah dengan merujuk kepada apa yang diterapkan dalam sistem akilah (sistem ganti-rugi yang ditanggung secara berkelompok), konsep asuransi dapat diterima islam. sistem akilah, merupakan tradisi yang telah berkembang pada masyarakat arab. sistem ini dipraktikkan pada awal islam, zaman nabi muhammad saw. antara kaum muhâjirîn dan anshâr. para imigran quraysy, berdasarkan adat pribadinya, berkewajiban membayar ganti rugi di antara anggotanya dan akan menebus orang yang dipenjarakan dengan cara yang sebaik-baiknya dan berlaku bijaksana kepada siapapun di antara orang yang beriman.30 dari sini terlihat, yang beriman tidak boleh melantarkan yang menderita di antara mereka dengan tidak mau membayar tebusan atau ganti rugi. menurut muhammad hidayat, secara umum ada dua aspek utama yang terkandung dalam konsep islam31. pertama, konsep kerjasama. di dalamnya setiap individu mempunyai keterbatasan dalam melindungi diri dan keluarga. untuk itu, dibutuhkan usaha yang dapat dilakukan secara bersama dalam memberi derma (tabarru’), yang dikumpulkan dalam bentuk tabungan. bila jumlah anggota banyak, walaupun derma atau iurannya kecil, secara akumulatif jumlahnya diharapkan cukup untuk melindungi anggota lain yang tertimpa musibah. 29karnaen a. pewataatmadja, membumikan ekonomi islam di indonesia, (depok: usaha kami, 1996), cet. ii, h.231. 30fazlur rahman, doktrin ekonomi islam, (yogyakarta: pt. dana bhakti wakaf, 1996), seri ekonomi islam no. 3, edisi lisensi, h. 88. 31muhammad hidayat, asuransi syari'ah teori-praktiknya di indonesia, h.199. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 284 kedua, konsep perlindungan. dalam kehidupan sehari-hari masyarakat modern senantiasa berhadapan dengan pelbagai macam risiko, baik risiko kehilangan tempat tinggal atau ketidak beruntungan (bangkrut), atau resiko lainnya. musibah harus diyakini merupakan bagian dari kehendak allah swt. kewajiban umat beragama, mencari jalan keluarnya untuk mengurangi risiko tersebut, misalnya dengan asuransi.32 dalam praktiknya, perusahaan asuransi dapat melakukan kerjasama dengan peserta (pemegang polis) atas prinsip mudhârabah, perusahaan sebagai mudhârib (penerima uang premi) dari peserta untuk diadministrasikan dan diinvestasikan sesuai ketentuan syariah. peserta sebagai shâhib al-mâl, akan mendapat manfaat jasa perlindungan dan bagi hasil dari keuntungan perusahaan. prinsip-prinsip asuransi syariah ajaran islam mendorong umatnya untuk saling tolong-menolong, bertanggung jawab, dan meringankan musibah yang diderita saudaranya. tujuannya untuk mencapai kehidupan bersama yang tentram, damai, dan sejahtera. asuransi syariah memiliki prinsip-prinsip yang harus dipegang teguh. pertama, saling bekerja sama untuk bantu-membantu. dalam alquran, allah swt. memerintahkan agar dimasyarakatkan nilai tolong-menolong dalam kebajikan dan takwa. kekayaan sebaiknya dipergunakan untuk membantu memberikan kelonggaran kepada sesama yang mengalami kesulitan (q.s. al-mâ’idah [5]: 2).                             dan tolong-menolonglah kamu dalam (mengerjakan) kebajikan dan takwa, dan jangan tolong-menolong dalam berbuat dosa dan pelanggaran. dan bertakwalah kamu kepada allah, sesungguhnya allah amat berat siksanya. (q.s. al-mâ’idah [5]: 2). nabi muhammad saw. dalam satu riwayat menyatakan: 32muhammad hidayat, asuransi syari'ah teori-praktiknya di indonesia, h.199. al-iqtishad: vol. iii, no. 2, juli 2011 285 kedua, konsep perlindungan. dalam kehidupan sehari-hari masyarakat modern senantiasa berhadapan dengan pelbagai macam risiko, baik risiko kehilangan tempat tinggal atau ketidak beruntungan (bangkrut), atau resiko lainnya. musibah harus diyakini merupakan bagian dari kehendak allah swt. kewajiban umat beragama, mencari jalan keluarnya untuk mengurangi risiko tersebut, misalnya dengan asuransi.32 dalam praktiknya, perusahaan asuransi dapat melakukan kerjasama dengan peserta (pemegang polis) atas prinsip mudhârabah, perusahaan sebagai mudhârib (penerima uang premi) dari peserta untuk diadministrasikan dan diinvestasikan sesuai ketentuan syariah. peserta sebagai shâhib al-mâl, akan mendapat manfaat jasa perlindungan dan bagi hasil dari keuntungan perusahaan. prinsip-prinsip asuransi syariah ajaran islam mendorong umatnya untuk saling tolong-menolong, bertanggung jawab, dan meringankan musibah yang diderita saudaranya. tujuannya untuk mencapai kehidupan bersama yang tentram, damai, dan sejahtera. asuransi syariah memiliki prinsip-prinsip yang harus dipegang teguh. pertama, saling bekerja sama untuk bantu-membantu. dalam alquran, allah swt. memerintahkan agar dimasyarakatkan nilai tolong-menolong dalam kebajikan dan takwa. kekayaan sebaiknya dipergunakan untuk membantu memberikan kelonggaran kepada sesama yang mengalami kesulitan (q.s. al-mâ’idah [5]: 2).                             dan tolong-menolonglah kamu dalam (mengerjakan) kebajikan dan takwa, dan jangan tolong-menolong dalam berbuat dosa dan pelanggaran. dan bertakwalah kamu kepada allah, sesungguhnya allah amat berat siksanya. (q.s. al-mâ’idah [5]: 2). nabi muhammad saw. dalam satu riwayat menyatakan: 32muhammad hidayat, asuransi syari'ah teori-praktiknya di indonesia, h.199. . diriwayatkan dari abû hurayrah, nabi muhammad saw. bersabda, ‚barang siapa yang memberi kelonggaran kepada seorang muslim dari suatu kesulitan, dari pelbagai kesulitan dunia, allah pasti akan memberikan kelonggaran atas perbuatannya itu dari kesulitan-kesulitan hari kiamat. barang siapa memudahkan kesulitan orang lain maka allah akan memudahkan lesulitannya di dunia dan akhirat. barang siapa menutupi aib orang lain maka allah akan menutupi aibnya di dunia dan akhirat. dan allah selalu akan menolong hambanya selama hamba itu selalu memberi pertolongan terhadap saudaranya‛.33 kedua, saling melindungi atau memberi rasa aman. keamanan dan keselamatan merupakan idaman setiap manusia, seperti halnya mencari rezeki. allah swt. menyediakan rezeki, sehingga terlepas dari rasa takut dalam menjalani kehidupan di dunia (q.s. al-quraysy [106]: 4), sebagai berikut:              allah yang telah memberi makan kepada mereka untuk menghilangkan lapar dan mengamankan mereka dari ketakutan (q.s. al-quraysy [106]: 4). nabi muhammad saw., dalam satu riwayat menyatakan, sebagai berikut: diriwayatkan dari anas ibn mâlik bahwasanya nabi bersabda, ‚bukanlah orang yang beriman, seorang yang tidur nyenyak dengan perut kenyang sedangkan tetangga di sampingnya meratap karena kelaparan‚34. 33muhammad ibn ‘îsâ abû ‘îsâ al-tirmidzî al-salamî, sunan al-tirmidzî, (bayrût: dâr al-turâts al’-arabî, t.th.), juz v, no. 34. 34al-hâkim, al-mustadrak ala al-shahîhayn, (t.tp.: al-tib’ah al-hindiyyah, t.th.), juz ii, h. 15, no. 2116. lihat juga, muh. ibn ismâ‘îl, al-adab al-mufrad, (bayrût: dâr al-kutub al-‘ilmiyyah, 1990), h. 4647. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 286 ketiga, bertanggung jawab antara sesama umat. hubungan sesama umat yang beriman berada dalam suasana penuh kasih sayang, ibarat satu badan, apabila salah satu anggotanya kesakitan maka seluruh badan akan ikut merasakannya. hal ini sekaligus mengilustrasikan, orang mukmin dengan mukmin lainnya bersaudara, ibarat sebuah bengunan, yang tiap bagian saling mengukuhkan. islam mengajarkan untuk tidak mementingkan diri sendiri, tetapi kebersamaan dan bertanggung jawab. rasa tanggung jawab antar warga dapat memperkokoh persatuan dan persaudaraan. nabi muhammad saw. dalam satu riwayat menyatakan, sebagai berikut: diriwayatkan dari abû mûsâ bahwasanya nabi bersabda, ‚seorang mukmin dengan mukmin yang lain ibarat sebuah bangunan, yang tiap-tiap bagiannya saling menguatkan bagian yang lain35. keempat, menghindari gharar (ketidakpastian), maysir (untung-untungan), dan ribâ. berbeda dengan asuransi konvensional, asuransi syariah harus beroperasi dengan prinsip syariat islam dengan cara menghilangkan sama sekali kemungkinan terjadinya unsur gharar, maysir, dan ribâ. bentuk usaha dan investasi yang dibenarkan dalam syariat islam, lebih menekankan kepada keadilan dengan mengharamkan riba, dan kebersamaan dalam menghadapi risiko usaha. prinsip operasional asuransi syariah dalam kehidupan, manusia senantiasa dihadapkan pada kemungkinan terjadinya malapetaka dan bencana, seperti kematian, kebakaran rumah, kecelakaan transportasi, dan sebagainya. bencana yang menimpa manusia merupakan bagian dari qadhâ dan qadar allah. namun manusia (muslim) wajib berikhtiar melakukan antisipasi, dan memperkecil risiko yang ditimbulkan dari bencana dan malapetaka tersebut (bukan melakukan proteksi pada kecelakaan itu sendiri).36 35abû husayn muslim ibn hajjâj al-qusyayrî, al-jâmi‘ al-shahîh, (makkah: isa al-bâbî al-halabî, 1955), juz iv, h. 1999, no. 2585. 36muhammad syafi’i antonio, arbitrase islam di indonesia, (jakarta: badan arbitrase mu'amalat indonesia dan bank mu'amalat indonesia, 1994), h.147. al-iqtishad: vol. iii, no. 2, juli 2011 287 ketiga, bertanggung jawab antara sesama umat. hubungan sesama umat yang beriman berada dalam suasana penuh kasih sayang, ibarat satu badan, apabila salah satu anggotanya kesakitan maka seluruh badan akan ikut merasakannya. hal ini sekaligus mengilustrasikan, orang mukmin dengan mukmin lainnya bersaudara, ibarat sebuah bengunan, yang tiap bagian saling mengukuhkan. islam mengajarkan untuk tidak mementingkan diri sendiri, tetapi kebersamaan dan bertanggung jawab. rasa tanggung jawab antar warga dapat memperkokoh persatuan dan persaudaraan. nabi muhammad saw. dalam satu riwayat menyatakan, sebagai berikut: diriwayatkan dari abû mûsâ bahwasanya nabi bersabda, ‚seorang mukmin dengan mukmin yang lain ibarat sebuah bangunan, yang tiap-tiap bagiannya saling menguatkan bagian yang lain35. keempat, menghindari gharar (ketidakpastian), maysir (untung-untungan), dan ribâ. berbeda dengan asuransi konvensional, asuransi syariah harus beroperasi dengan prinsip syariat islam dengan cara menghilangkan sama sekali kemungkinan terjadinya unsur gharar, maysir, dan ribâ. bentuk usaha dan investasi yang dibenarkan dalam syariat islam, lebih menekankan kepada keadilan dengan mengharamkan riba, dan kebersamaan dalam menghadapi risiko usaha. prinsip operasional asuransi syariah dalam kehidupan, manusia senantiasa dihadapkan pada kemungkinan terjadinya malapetaka dan bencana, seperti kematian, kebakaran rumah, kecelakaan transportasi, dan sebagainya. bencana yang menimpa manusia merupakan bagian dari qadhâ dan qadar allah. namun manusia (muslim) wajib berikhtiar melakukan antisipasi, dan memperkecil risiko yang ditimbulkan dari bencana dan malapetaka tersebut (bukan melakukan proteksi pada kecelakaan itu sendiri).36 35abû husayn muslim ibn hajjâj al-qusyayrî, al-jâmi‘ al-shahîh, (makkah: isa al-bâbî al-halabî, 1955), juz iv, h. 1999, no. 2585. 36muhammad syafi’i antonio, arbitrase islam di indonesia, (jakarta: badan arbitrase mu'amalat indonesia dan bank mu'amalat indonesia, 1994), h.147. dikaitkan dengan konsep qadhâ dan qadar, asuransi tidak memastikan terjadinya suatu musibah, melainkan risiko dan nilai kerugian yang mungkin terjadi. misalnya dalam asuransi jiwa tidak dapat dijelaskan kapan seseorang meninggal dunia. apabila peristiwa kematian itu terjadi, maka akan muncul kerugian yang membutuhkan biaya. setidaknya untuk pemakaman orang tersebut.37 gambaran tersebut sesuai dengan firman allah swt. dalam surah al-nisâ’ [4] ayat 9 berikut ini:                                        dan hendaklah takut kepada allah orang-orang yang meninggalkan di belakang mereka anak-anak yang lemah, yang mereka khawatir terhadap (kesejahteraan) mereka. oleh sebab itu, hendaklah mereka bertakwa kepada allah dan hendaklah mereka mengucapkan perkataan yang benar. (q.s. alnisâ’ [4]: 9). untuk menghadapi kemungkinan terjadinya bencana atau malapetaka solusinya dengan menabung. tetapi upaya ini seringkali tidak mencukupi, karena musibah yang harus ditanggung lebih besar dari yang diperkirakan (yang ditabung). oleh sebab itu, perusahaan asuransi menawarkan jasa perlindungan untuk musibah yang menimpa diri atau harta benda. namun, dalam pelaksanaannya masih ada unsur gharar, maysir, dan ribâ. semuanya ini perlu ditinjau terutama dari sudut pandang syariat islam.38 prinsip operasional asuransi syariah tidak lain berusaha menghilangkan hal-hal yang dilarang, antara lain: pertama, unsur gharar (ketidakpastian). gharar atau ketidakpastian ini ada dua bentuk, yakni bentuk akad yang melandasi penutupan polis dan sumber dana pembayaran klaim itu sendiri. secara konvensional, kontrak dalam asuransi jiwa dapat dikategorikan sebagai akad tabaddulî (akad pertukaran), yaitu pertukaran antara pembayaran premi dengan uang pertanggungan. dalam konsepsi syariah, akad pertukaran harus jelas berapa yang dibayarkan dan berapa yang diterima. keadaan ini akan menjadi rancu (gharar) karena hanya diketahui yang akan diterima (sejumlah uang 37yulian noor, mencari bentuk asuransi islam/harian pelita/16 juni 1992. 38muhammad syafi’i antonio, arbitrase islam di indonesia, h. 253. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 288 pertanggungan), tetapi tidak diketahui berapa yang akan dibayarkan (jumlah premi). karena hanya allah yang tahu kapan seseorang akan meninggal. dalam konsep syariah, keadaan ini akan lain karena akad yang akan dipakai bukanlah akad pertukaran (tabaddulî) tetapi akad takaffulî yaitu akad tolong-menolong dan saling menjamin. dalam konsep syariah semua peserta asuransi menjadi penolong dan penjamin satu sama lainnya.39 contoh: apabila peserta (a) meninggal, peserta yang lain (b), (c), (k), dan (z) harus membantu, demikian pula sebaliknya. selain itu, apabila ada peserta baru masuk, seminggu kemudian meninggal dunia, maka uang pertanggungannya berasal dari mana? padahal premi yang diterima penanggung sedikit. di sini terdapat ketidakjelasan (biaya klaim) dalam asuransi konvensional. tetapi dalam asuransi syariah, karena akad tolongmenolong, maka peserta tersebut akan mendapat jaminan pertolongan dari peserta yang lain melalui premi tabarrru’.40 dalam konsep syariah, setiap pembayaran premi sejak awal dibagi dua, masuk rekening pemegang polis dan masuk rekening khusus peserta yang harus diniatkan tabarru' atau derma untuk membantu yang lain. dengan demikian dari rekening khusus inilah uang pertanggungan (sisanya) diambil dan yang lain mengikhlaskan untuk memberikan derma. jual beli yang tidak jelas (gharar) dilarang nabi muhammad saw. sesuai riwayat sebagai berikut: dari abî hurayrah, rasululluh pernah melarang jual beli dengan melempar batu kecil yang di dalamnya ada tipuan41. kedua, unsur maysir (untung-untungan). dalam asuransi konvensional pihak yang satu mengalami keuntungan, sedang pihak yang lain mengalami kerugian. misalnya seorang pemegang polis, karena sebab tertentu membatalkan 39muhammad syafi’i antonio, arbitrase islam di indonesia, h. 253. 40tabarru’, premi yang dikeluarkan secara ikhlas untuk menolong/membantu peserta lain yang tertimpa musibah. 41abû husayn muslim ibn hajjâj al-qusyayrî, al-jâmi‘ al-shahîh,h. 372, no. 1513. al-iqtishad: vol. iii, no. 2, juli 2011 289 pertanggungan), tetapi tidak diketahui berapa yang akan dibayarkan (jumlah premi). karena hanya allah yang tahu kapan seseorang akan meninggal. dalam konsep syariah, keadaan ini akan lain karena akad yang akan dipakai bukanlah akad pertukaran (tabaddulî) tetapi akad takaffulî yaitu akad tolong-menolong dan saling menjamin. dalam konsep syariah semua peserta asuransi menjadi penolong dan penjamin satu sama lainnya.39 contoh: apabila peserta (a) meninggal, peserta yang lain (b), (c), (k), dan (z) harus membantu, demikian pula sebaliknya. selain itu, apabila ada peserta baru masuk, seminggu kemudian meninggal dunia, maka uang pertanggungannya berasal dari mana? padahal premi yang diterima penanggung sedikit. di sini terdapat ketidakjelasan (biaya klaim) dalam asuransi konvensional. tetapi dalam asuransi syariah, karena akad tolongmenolong, maka peserta tersebut akan mendapat jaminan pertolongan dari peserta yang lain melalui premi tabarrru’.40 dalam konsep syariah, setiap pembayaran premi sejak awal dibagi dua, masuk rekening pemegang polis dan masuk rekening khusus peserta yang harus diniatkan tabarru' atau derma untuk membantu yang lain. dengan demikian dari rekening khusus inilah uang pertanggungan (sisanya) diambil dan yang lain mengikhlaskan untuk memberikan derma. jual beli yang tidak jelas (gharar) dilarang nabi muhammad saw. sesuai riwayat sebagai berikut: dari abî hurayrah, rasululluh pernah melarang jual beli dengan melempar batu kecil yang di dalamnya ada tipuan41. kedua, unsur maysir (untung-untungan). dalam asuransi konvensional pihak yang satu mengalami keuntungan, sedang pihak yang lain mengalami kerugian. misalnya seorang pemegang polis, karena sebab tertentu membatalkan 39muhammad syafi’i antonio, arbitrase islam di indonesia, h. 253. 40tabarru’, premi yang dikeluarkan secara ikhlas untuk menolong/membantu peserta lain yang tertimpa musibah. 41abû husayn muslim ibn hajjâj al-qusyayrî, al-jâmi‘ al-shahîh,h. 372, no. 1513. kontraknya sebelum masa reversing periode42 biasanya pada tahun ke tiga yang bersangkutan tidak menerima kembali uang yang telah dibayarkan, kecuali hanya sebagian kecil.43 dalam asuransi syariah reversing periode sudah ada sejak awal, peserta akan mendapat cash value dan semua uang yang dibayarkan, kecuali uang yang telah dimasukkan ke rekening khusus peserta yang diikhlaskan (derma). ketiga, unsur riba (bunga). dalam asuransi konvensional terdapat usaha dan investasi dengan meminjamkan dananya atas dasar bunga. peminjam modal harus mengembalikan pinjamannya dengan tambahan (bunga) yang ditetapkan tanpa melihat untung atau rugi. dengan demikian, perusahaan asuransi konvensional menggunakan sistem bunga (riba) yang diharamkan, karena menzalimi orang lain dengan keuntungan besar (meskipun peminjam rugi dalam usahanya). perbuatan ini dapat menambah kemiskinan di masyarakat. pengharaman riba terdapat dalam q.s. al-baqarah [2]: 275 sebagai berikut:             allah telah menghalalkan jual beli dan mengharamkan riba. (q.s. al-baqarah [2]: 275) keempat, unsur komersial. dalam asuransi konvensional unsur komersialnya sangat menonjol, sebagai akibat dari penerapan sistem bunga. sedangkan dalam asuransi syariah, unsur komersialnya tertutup unsur ta'awun (saling tolong) akibat dari penerapan sistem mudhârabah (bagi hasil keuntungan).44 selain prinsip-prinsip di atas, asuransi syariah memiliki ciri-ciri, yakni:45 pertama, dana asuransi diperoleh dari pemodal dan peserta asuransi, yang didasarkan niat dan semangat persaudaraan untuk saling membantu. kedua, mekanisme pengelolaan tidak bertentangan dengan syariat islam. ketiga, terdapat dewan pengawas syariah yang bertugas mengawasi operasi perusahaan agar tidak menyimpang dari aturan syariat. keempat, manfaat asuransi syariah. 42reversing periode merupakan masa belum dapat dikeluarkannya nilai tunai. nilai tunai pada asuransi konvensional biasanya baru muncul pada tahun ke tiga. nilainyapun masih kecil/sedikit. dalam asuransi syariah, nilai tunai sudah ada sejak tahun pertama, kecilnya nilai tunai tersebut karena ada pengeluaran untuk rekening khusus yang diikhlaskan (derma). 43warkum sumitro, asasi-asas perbankan islam dan lembaga terkait, (bamui) dan takaful) di indonesia, (jakarta: pt. rajagrafindo persada,1997), cet. ii, h. 196. 44warkum sumitro, asasi-asas perbankan islam dan lembaga terkait, h. 196. 45m. fadzli yusof, h. 7. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 290 manfaat yang didapatkan pada asuransi jiwa syariah antara lain: (1) bagi peserta yang masih hidup pada masa kontrak, akan memperoleh seluruh iuran pada rekening peserta, memperoleh porsi bagi hasil investasi, kelebihan dari rekening khusus setelah dipakai untuk klaim. (2) bagi peserta yang meninggal pada masa kontrak, ahli warisnya akan memperoleh iuran peserta yang ada pada rekening peserta, memperoleh hasil investasinya dan memperoleh dana dari rekening khusus/derma. (3) bagi peserta yang mengundurkan diri akan memperoleh sisa iuran pada rekening peserta ditambah dengan hasil investasinya. manfaaat mengikuti asuransi kerugian (umum) syariah antara lain: pertama, apabila dalam masa kontrak terjadi musibah, maka peserta akan memperoleh santunan sebanyak kerugian yang diderita, sesuai dengan perhitungan kerugian yang wajar. kedua, apabila hingga masa kontrak tidak terjadi musibah, maka peserta akan memperoleh porsi bagi hasil investasi dari dana rekening peserta.46 pembinaan dan pengawasan asuransi syariah di indonesia operasional perusahaan pengawasan, dilakukan dewan pengawas syariah (dps) untuk tingkat perusahaan dan dewan syariah nasional untuk tingkat nasional. secara umum, pembinaan dan pengawasan perusahaan asuransi syariah sama dengan asuransi konvensional, diawasi menteri keuangan republik indonesia. pembinaan pemerintah (menkeu) meliputi: kesehatan keuangan (tingkat solvabilitas, reasuransi, investasi, cadangan teknis, dan lain-lain), dan pembinaan dalam penyelenggaraan usaha (terdiri dari: syarat polis, tingkat premi, penyelesaian klaim, dan lain-lain). pengawasan yang dilakukan bersifat aktif dengan melakukan pemeriksaaan berkala terhadap usaha perasuransian. selain itu setiap perusahaan asuransi wajib memperlihatkan buku, catatan, dokumen, dan laporan-laporan, serta memberi data-data yang diperlukan47. untuk pengawasan pasif melalui kewajiban perusahaan asuransi, yang terdiri atas: pertama, setiap perusahaan asuransi wajib menyampaikan laporan operasional dan neraca perhitungan laba rugi perusahaan beserta penjelasannya kepada menteri keuangan. kedua, setiap perusahaan asuransi wajib mengumumkan neraca dan perhitungan laba rugi perusahaan dalam surat kabar harian di indonesia. ketiga, khusus untuk asuransi jiwa, perusahaan asuransi wajib menyampaikan laporan investasi kepada menteri keuangan. 46karnaen a. pewataatmadja, membumikan ekonomi islam di indonesia, h. 239. 47warkum sumitro, asasi-asas perbankan islam dan lembaga terkait, h. 176. al-iqtishad: vol. iii, no. 2, juli 2011 291 manfaat yang didapatkan pada asuransi jiwa syariah antara lain: (1) bagi peserta yang masih hidup pada masa kontrak, akan memperoleh seluruh iuran pada rekening peserta, memperoleh porsi bagi hasil investasi, kelebihan dari rekening khusus setelah dipakai untuk klaim. (2) bagi peserta yang meninggal pada masa kontrak, ahli warisnya akan memperoleh iuran peserta yang ada pada rekening peserta, memperoleh hasil investasinya dan memperoleh dana dari rekening khusus/derma. (3) bagi peserta yang mengundurkan diri akan memperoleh sisa iuran pada rekening peserta ditambah dengan hasil investasinya. manfaaat mengikuti asuransi kerugian (umum) syariah antara lain: pertama, apabila dalam masa kontrak terjadi musibah, maka peserta akan memperoleh santunan sebanyak kerugian yang diderita, sesuai dengan perhitungan kerugian yang wajar. kedua, apabila hingga masa kontrak tidak terjadi musibah, maka peserta akan memperoleh porsi bagi hasil investasi dari dana rekening peserta.46 pembinaan dan pengawasan asuransi syariah di indonesia operasional perusahaan pengawasan, dilakukan dewan pengawas syariah (dps) untuk tingkat perusahaan dan dewan syariah nasional untuk tingkat nasional. secara umum, pembinaan dan pengawasan perusahaan asuransi syariah sama dengan asuransi konvensional, diawasi menteri keuangan republik indonesia. pembinaan pemerintah (menkeu) meliputi: kesehatan keuangan (tingkat solvabilitas, reasuransi, investasi, cadangan teknis, dan lain-lain), dan pembinaan dalam penyelenggaraan usaha (terdiri dari: syarat polis, tingkat premi, penyelesaian klaim, dan lain-lain). pengawasan yang dilakukan bersifat aktif dengan melakukan pemeriksaaan berkala terhadap usaha perasuransian. selain itu setiap perusahaan asuransi wajib memperlihatkan buku, catatan, dokumen, dan laporan-laporan, serta memberi data-data yang diperlukan47. untuk pengawasan pasif melalui kewajiban perusahaan asuransi, yang terdiri atas: pertama, setiap perusahaan asuransi wajib menyampaikan laporan operasional dan neraca perhitungan laba rugi perusahaan beserta penjelasannya kepada menteri keuangan. kedua, setiap perusahaan asuransi wajib mengumumkan neraca dan perhitungan laba rugi perusahaan dalam surat kabar harian di indonesia. ketiga, khusus untuk asuransi jiwa, perusahaan asuransi wajib menyampaikan laporan investasi kepada menteri keuangan. 46karnaen a. pewataatmadja, membumikan ekonomi islam di indonesia, h. 239. 47warkum sumitro, asasi-asas perbankan islam dan lembaga terkait, h. 176. apabila terjadi pelanggaran terhadap ketentuan yang berlaku (uu no. 2 tahun 1992), maka diberikan sanksi berupa peringatan tertulis jika peringatan tertulis tidak diindahkan, dilakukan pembatasan kegiatan usaha, dan jika dengan keluarnya dua sanksi tersebut tidak ada perhatian, dilakukan pencabutan izin usaha.48 penutup sebagian umat islam berpendapat bahwa asuransi boleh dalam segala bentuknya. sebagian lain menolak sama sekali dan sebagian lain menerima hanya untuk beberapa bentuk asuransi. argumen yang dibangun di mana kontrak asuransi modern menjadi tidak sah dalam perspektif hukum islam ditentukan pelbagai pertimbangan agama dan etika, misalnya: pengharaman riba (bunga), pelarangan gharar (ketidakpastian), maysir (untung-untungan), dan problem lainnya. saat ini, dunia dihadapkan pada realitas yang sulit dimungkiri, di mana baik asuransi konvensional maupun syariah keduanya terus berkembang pesat. bahkan banyak perusahaan asuransi konvensional yang membuka divisi syariah. apakah asuransi konvensional yang berganti baju ini akan serta-merta menjadi halal? wa allâh a’lam. [] pustaka acuan ali, ahmad hasymi, pengantar asuransi, jakarta: pt. bumi aksara, 1993. antonio, muhammad syafi'i, arbitrase islam di indonesia, jakarta: badan arbitrase mu'amalat indonesia dan bank mu'amalat indonesia, 1994. antonio, muhammad syafi'i, wawasan islam dan ekonomi; sebuah bunga rampai, jakarta: lembaga penerbit fakultas ekonomi universitas indonesia, 1997. asosiasi asuransi jiwa indonesia (aaji), makalah seminar asuransi jiwa syariah, jakarta: 19 juni 2002. darmawi, herman, manajemen asuransi, jakarta, pt. bumi aksara, 2000. djojosoedarso, soesino, prinsip-prinsip manajemen risiko dan asuransi, jakarta: salemba empat, 1999. hakim, al-, al-mustadrak ala al-shahîhayn, t.tp.: al-tib’ah al-hindiyah, t.th. ibn ismâ‘îl, muhammad, al-adab al-mufrad, bayrût: dâr al-kutub al-‘ilmiyyah, 1990. muslehuddin, muhammad, menggugat asuransi modern, jakarta: lentera, 1999. noor, yulian, mencari bentuk asuransi islam/harian pelita/16 juni 1992. 48warkum sumitro, asasi-asas perbankan islam dan lembaga terkait, h. 176. fuad thohari: menyoal asuransi konvensional versus asuransi syariah 292 pewataatmadja, karnaen a., membumikan ekonomi islam di indonesia, depok: usaha kami, 1996. prodjodikoro, wijono, hukum asuransi indonesia, jakarta: pt. internusa, 1994. qusyayrî, al-, abî husayn muslim ibn hajjaj, al-jâmi‘ al-shahîh, makkah: isa albabî al-halabî, 1955. r. subekti dan tjitrosudibio, kitab undang-undang hukum dagang (kuhd) dan undang-undang (uu) kepailitan, jakarta: pt. pradya paramita, 1994. rahman, fazlur, doktrin ekonomi islam, yogyakarta: pt. dana bhakti wakaf, 1995. rahman, fazlur, doktrin ekonomi islam, yogyakarta: pt.dana bhakti wakaf, 1996. salim, a. abbas salim, dasar-dasar asuransi, jakarta: pt. rajagrafindo persada, 1993. subroto, thomas, tanya jawab undang-undang no.2 tahun 1992 tentang usaha perasuransian, semarang: dahara prize, 1996. suhawan, pelajaran asuransi smk jurusan perdagangan/manajemen bisnis, bandung: armico, 1995. sumitro, warkum, asas-asas perbankan islam dan lembaga terkait di indonesia, jakarta: pt. raja 1997. tirmidzî, al-, muhammad ibn ‘îsâ abî ‘îsâ al-tirmidzi as-salami, sunan al-tirmidzî, bayrût: dâr al-turâts al-arabi, t.th. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 81 100 received: september 7th, 2015; revised : november 18th, 2015; accepted: december 8th, 2015 airlangga university. jl. airlangga no. 4 – 6, mulyorejo, surabaya, east java -60115 email: ari_feunair@yahoo.co.id, intankusumapratiwi@yahoo.co.id doi: 10.15408/aiq.v8i1.2510 abstract. islamic business ethics implementation in marketing communicati on of hajj/umroh travel agency “x” surabaya. this research aims to explore the implementation of islamic business ethics in marketing communications umrah/ hajj travel agency “x” tour and travel. this research uses qualitative descriptive approach with explanatory case studies as a type of qualitative research islamic business ethics which becomes reference in this study sifat (shiddiq, istiqamah, fathanah, amanah and talbligh). the technique used is the data collection through interviews with president and marketing manager “x” tour and travel, and participatory observation for two weeks at the operational office of “x” tour and travel. to support the data obtained from the results of the interviews as well as participatory observation, research is also equipped with the results of interviews with jamaah who have used the services of “x” tour and travel. the research results indicate that “x” tour and travel has implemented shiddiq, istiqamah, fathanah, amanah, and tabligh in marketing communications. keywords: islamic business ethics, marketing communication, sifat abstrak: implementasi etika bisnis islam dalam komunikasi pemasaran biro travel haji dan umroh “x” surabaya. penelitian ini bertujuan untuk mengetahui penerapan etika bisnis islam dalam komunikasi pemasaran biro perjalanan umroh/haji “x” tour and travel surabaya. penelitian ini menggunakan pendekatan penelitian kualitatif deskriptif dengan studi kasus eksplanatori sebagai jenis penelitian kualitatif yang digunakan. etika bisnis islam yang menjadi acuan dalam penelitian ini adalah sifat (shiddiq, istiqamah, fathanah, amanah dan tabligh). teknik pengumpulan data yang digunakan adalah melalui wawancara dengan pimpinan dan manajer pemasaran “x” tour and travel dan observasi partisipatif selama dua minggu di kantor operasional “x” tour and travel. untuk mendukung data yang diperoleh dari hasil wawancara serta observasi partisipatif, penelitian ini juga dilengkapi dengan hasil wawancara dengan jamaah yang telah menggunakan jasa “x” tour and travel. hasil peneltian menunjukkan bahwa “x” tour and travel telah mengimplementasikan shiddiq, istiqamah, fathanah, amanah, dan tabligh dalam komunikasi pemasaran yang dilakukan. kata kunci: etika bisnis islam, komunikasi pemasaran, sifat islamic business ethics implementation in marketing communication of hajj/umroh travel agency “x” surabaya ari prasetyo, intan kusuma pratiwi 82 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction a business is an activity organized individual to generate profits or sell goods and services to benefit in meeting community needs. gain or profit in business is reasonable and permissible, because with profits business can be maintained its continuity. the position of a significant profit in business doesn’t mean companies prefer a high achievement, neglecting the value or ethics in business. the company has a social responsibility that arises because of the existence of community interests in the form of the values of a society or order problems-social problems.with the social responsibility, a business no longer as an activity or entity that stands on its own, but is bound by civil systems. on this position, ethics have an important role and strategic in the activity as well as a bodyguard, mentors, business controller, so that business is not out of the objective nature of the business without violating the teachings of values of religion, law, government and civic values. hajj and umrah travel agency, as a business entity which organizes the travel services of hajj and umrah, has a obligation to carry out his duties professionally and always puts the interests of the people (jamaah), one of them in terms of service, the hajj and umrah travel agency must provide a variety of services such as lodging close to the masjidil haram, foods that contain nutrients that are good for consumption, held a tour or a series of activities to various attractions , and so on. responsibility for the implementation of the obligations by the organizer of the hajj and umrah is implied in the legislation, so the hajj and umrah travel agency must be mindful of the rights owned by the jamaah in the consume of goods or services provided. the rights are owned by the jamaah as consumers have been listed in article 4 of law no. 8 of 1999 on the protection of consumers, one of which states that the consumer has the right to correct information, clear and honest about the condition and guarantee of the goods and/or services. organizers of the hajj and umrah travel agency must give clear information, and honestly related to hajj and umrah, because information is very important for jamaah who will carry out the umrah or hajj. hajj and umrah travel agency as manufacturers must act honestly in providing information so jamaah can choose products they deem best. the information provided by the manufacturer about product information shall be honest, correct, and clearly so as not to confuse or fool consumers (sidabalo, 2006). however, in a reality, organization of the hajj and umrah reaping many problems and cause harm to jamaah. it is, as said by prabowo (2010) that there are still many weaknesses and issues being debated in organizing such there is agency, which does not implement its promise to the jamaah. as the hotel is not ari prasetyo: islamic business ethics implementation in marketing 83 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 as advertised, fraud, neglect the jamaah, brokers/intermediaries in the provision of housing services and catering, the poll of dam, etc. not to mention the case of existence of people who fail to depart due to the lack of official permission for hajj/ umrah travel agency to organize umrah or hajj. being duly as a business entity provides travel services, hajj and umrah travel agency protects the rights of the jamaah. as well know that the consumer is the parties who use or consume output or the goods and services offered by the company. the rights of consumers to get information that is clear and true about the product, making aspects of marketing communication (promotion) needs to get serious attention from the aspect of business ethics given the numerous violations perpetrated by the company in such matters, such as the mismatch between ads or promise given to consumers with what is accepted by consumers. through marketing communications, consumers can know the products offered by the company so that it can determine which option to use or not the product. islam has a complete guideline for his people in his life, including guidelines on how a business is run with no further differentiate it from ethics, because in islamic ethics and business are one inseparable unity. islam assume, in fact the business is not only materialy and only seeks material profit, but material altogether immaterial-qualitative (muhammad and fauroni, 2002). business activity in islam is not only done their fellow human beings, but also performed between man and allah swt, so the responsibility that arise not only among human beings, but also to allah swt. the business must be carried out with precision and accuracy in the process of administration and treaties. business should not be done by way of deception, lies just because want to gain short-term profits. in business, a business entity is allowed to do anything related with the activity or the activity of his business. but freedom here does not mean indefinitely and freed from responsibility. islamic sharia in the quran and sunnah has been giving signs or ethics in running a business, including the ethics of promotion of a product to the consumer. honesty, truth and justice become cornerstone of ethics in promoting a product to the consumer. prophet muhammad in its business activities have given examples of how he creates a concept of marketing communications of its trade goods honestly and correctly so that the consumers can learn more about qualifying products properly and feels satisfied and loyal towards products that he offer, which further increase the benefits obtained. with the profits of the business can survive and growing further. this proves that the application of ethics in business is not only able to provide advantages for the business entity/company, but also for consumers. 84 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 as a business that is engaged in the field of travel with a pretty tight competition with other hajj/umrah travel agency, making umrah hajj/umrah travel agency “x” surabaya is required to have a policy of marketing communications strategies that are effective and efficient in promoting its products. in accordance with the background that have been described in the previous paragraphs, this research aims to explore the application of islamic business ethics in marketing communications by hajj/umrah travel agency “x” surabaya. literatur review ethics definition etymologically, ethics means the science of what is commonly done as a compliance order, customs, which deals with the life of good and bad (wiranata, 2012). further, wiranata says that ethics are always associated with the concept of the ideal that contains the order of the bases in the association’s ethical behavior to realize the relationship of human relations based on the principles of basic, ideal and full harmonization when done.thus ethics is a moral philosophy that is thought-provoking that enshrined the fundamental, critical, rational, systematic, and normative. in the context of professionalism, ethics and accountability provide answers about the moral teachings, that is how a selfdescribed should behave, behave, and account for his actions. base of ethics is good deeds and true, therefore ethics is moral philosophy, as a part of philosophy. keraf (1998) says ethics is a branch of philosophy that examines the human and moral about the value that determines the man in his life. akhlak can also be defined as the description of the rational about the nature and basis of the deed, the correct decision and the principles that determine claims that deeds and the decision is morally commanded and forbidden. ethics in islam concerning norms and guidance or teaching of the governing system of living individuals, between groups or communities in the context of society as well as in the context of a relationship with god and the environment. according to muslich (2004), in the system of ethics of islam there is a scoring system over any act or behaviour that is worth the good and bad. good behavior is concerned all conduct or activity that is driven by the will of sense thought and conscience in the obligation to run the commands of god and are motivated to run god’s advice. bad behavior are concerned all activities prohibited by god whereby humankind in doing this bad behavior is driven by lust, temptation of satan to do the deed or bad behavior or evil that will bring sin. islam does not prohibit people to do things that are associated with its muamalah activities as long as these things not out of islamic sharia. islam does not recognize the ari prasetyo: islamic business ethics implementation in marketing 85 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 absolute freedom, since it regards everything is done by the human race must be accounted for. muslims cannot be free to do as they want in accordance with the its encouragement. otherwise, not all that hated or recommended sharia bad for him. islam does not advocate human attitude who makes the life of the world and matter into a scale of priority and greatest concern compared with the life hereafter, moral and spiritual (harahap, 2011). the prophet was the first man the intended and desired by allah swt, which was given instruction and education about good behavior and commendable. the messenger becomes an example of a great character for the whole human race. the prophet said, “i was sent to perfect glory of manners” (narrated by ahmad, hakim and al-bayhaqi). the morals of prophet’s glory reflected in the fifth nature such as: shiddiq (honest), istiqamah (consistent), fathanah (smart), amanah (trustworthy), and talbligh (convey). with the majesty and glory of its properties, the messenger is also known as an intelligent and ethical marketers. as a muslim, the prophet must already be a successful business figure at a young age for his people. was a businessman, an honest, successful merchants and earthy. business in a professional manner. these values become the foundation honest, and true as well as a blessing that bring also the almighty from allah swt. the prophet put a variety of ethic, moral and islamic work in a business, so the prophet can achieve success in business. islamic business ethics issue is key to the success of the prophet in running his business. this then deserves to be made an example for every businessman mainly muslims in administering its business. thus, a good marketing communication according to the teachings of islamic jurisprudence is by reference to the nature of the messenger. nature of business in islam busines according to alma (2007), is an activity organized individual efforts to make (profit) or sell goods and services in order to gain an advantage in meeting the needs of the community. in islam, the qur’an mentions the business in the u.s. al-tijarah al-bai’u, tadayantum and isytara ‘. the term of the four most widely used is al-tijarah that means trade. the integration of islamic ethics in business has created a business paradigm in islamic business ethics system. business paradigm (muhammad and fauroni, 2002) is a cluster of think or how a particular point of view, which serve as the foundation of business activity or as good as the entity. islamic business paradigms built and grounded by the following axioms: unity is the concept of tauhid (oneness) that blends the overall aspects of muslim life both in the field of economic, political, social or religious became a “homogeneous whole” or overall homogeneity as well as concerned with the concept 86 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 of consistency and an overall regularity. balance (equilibrium) or justice describe horizontal dimension of islamic teachings that related to the overall harmony of the universe. all aspects of life should be balanced in order to produce order and social security so that the human life in the world and in the hereafter achieve harmony and balance. free will, man as the caliph of the earth, up to certain limits, have the free will to direct his life to the achievement of the goal of sanctity. man awarded free will to perform his duties as the caliph. based on the free will of this axiom, in business, people have the freedom to make an agreement including the keep or deny. responsibility, this axiom is closely connected with the principle of free will. he set a limit as to what free performed by human beings with responsibility over all that is done. truth: virtue and honesty, the truth is the value that recommended and does not conflict with the teachings of islam. in the context of the business truths are intended as intention, attitude and behavior of the right which includes the process of contract (transactions), the process of seeking or obtaining commodities, development process as well as the process of grabbing or set a profit margin. marketing and service marketing, according to kotler and armstrong (2000), marketing is a social and managerial process conducted by individuals or groups in getting their needs and desires in a way to create and exchange of products and value with others. the sense of a different and more extensive diuangkapkan by ama (american marketing association) in suyanto (2007) that marketing is defined as a process of planning and implementation of the concept, pricing promotion and distribution of ideas, goods and services to establish a process of barter which could satisfy the interests, both individual and organizational interests. service (kotler, 2008) is any action or activity that can be offered by one party to another that is essentially intangible and does not result in ownership of any kind. production can be associated or not associated at one physical products. the decisions in marketing can be grouped into four strategies product, pricing, promotion, and distribution strategies, where these four strategies incorporated in the marketing. according to kotler and armstrong (2000), marketing mix is the tactical devices that can be controlled, combined by the company to produce the response it wants in the target market. as for the company’s services in lupiyoadi (2006) added three element from marketing mix namely human, process, and service consumer. ari prasetyo: islamic business ethics implementation in marketing 87 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 marketing communication shimp (2003) defines communication as a process by which the thinking and understanding are delivered between individuals or between the organization and the individual. further shimp (2003) argues that marketing communications represent a combined all the elements in the marketing mix that facilitates the occurrence of exchanges by creating a sense that disseminated to customers or clients. to create effective communication, the company can use the marketing communications mix (promotion mix) used the company to achieve the purpose of its marketing and advertising (kotler and keller, 2007). advertising, according to kotler in simamora (2003), advertising is any form of presentation and promotion of a non-personal products are paid for and sponsored by the sponsor. advertising (kotler and keller, 2007) can also be interpreted as a low-cost effective way to spread the message to build brand preference or to educate people. personal selling is the improvisation of the sales using the person-to-person communication. personal selling (shimp, 2003) as a form of communication between individuals where the salespeople/salespeople inform, educate and do persuasion to prospective buyers to buy products or services company. sales promotions, according to robert c. blatterg and scott a. neslin (kotler and keller, 2007) is a variety of incentive tools collection that is mostly short-term, designed to stimulate the purchase of a particular product or service with faster and larger by consumers. the incentive tools such as coupons, premiums, contests, purchase assurance, gifts, samples and more. public relations, according to tjiptono (1997), is a comprehensive communication effort from a company to influence the perceptions, opinions, beliefs and attitudes of different groups towards the company. while the publication is the utilization of news values contained in a product to form the image of the product in question. special event and experiences, kotler and keller (2007) holds through a sponsorship deal in special events, marketers can identify a specific target market or lifestyle. consumers can geographically targeted demographic, psychographic breakdown, or based on behavior and her lifestyle. in addition a sponsorship deal in the special events can also increase awareness of the name of the company or its products by consumers, as well as creates or reinforces the perception of consumers about the association’s image or brand product or company. direct marketing, kotler and keller (2007) suggests that direct marketing (direct marketing) is the use of direct consumer channels for reaching out and hand over the goods and services to customers without the use of intermediary marketing. word of mouth, the term communication was by word of mouth 88 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 (wom) according djatmiko in swa magazine (2009) specifically refers to the oral communication or passing conversation. in this evolving form of communication by word of mouth through human relationships such as intercultural communication face-to-face, over the phone, and sms as well as via e-mail, social networking sites, blogs and forums. sharia marketing is a discipline that directs strategic business process creation, supply and future modifications values from one initiator to its stakeholders in the overall process in accordance with the contract and muamalah principles in islam (sula, 2004). keyword in definition of sharia marketing is that in the whole process, both the process of creation, the process of supply as well as the process of changing the value (value) should not be there are things that are contrary to the covenant and muamalah principles in islam. all these things can be guaranteed and irregularities muamalah principles will not be the case then any transaction in the form of business allowed in islamic jurisprudence. islamic marketing communication, in islam the truth and accuracy of the information when a principal effort promoting goods and kept occupied a very significant study. islam prohibits existence of fraud, lies and reneged on the promise. islam does not recognize the term “let the buyer beware” (buyer that should be careful). but in islam that prevails is the principle of al-ta’dul or equilibrium where buyers and sellers should be careful, which is reflected in the theory of the covenant in islam. the prophet muhammad has provided an example of how to do marketing communications in marketing products to consumers. suyanto in his book entitled muhammad business strategy and ethics (2008) mentions that marketing communications which conducted the prophet put more emphasis on relationships with customers that include a well-composed, build relationships, give priority to blessing, understanding customers, gain trust, providing great service, communicate, in a relationship that is personal, responsive to, which create the feeling of a community, integrate, creating involvement and offers a choice. prophet muhammad prefer the blessing from on the success of the sale. in selling the prophet never overstate its products with the intent of luring buyers. the prophet expressly states that a seller should abstain from excessive vows in selling an item. prophet muhammad never did vow to increase sales of its trade goods. if there is a swear, prophet muhammad advises people not to make such an oath is excessive. excessive swear in the promotion has since long ago advised to avoid. because of excessive swear, done just to get more sales and will not grow the trust ari prasetyo: islamic business ethics implementation in marketing 89 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 of customers. in addition to perjury, indulgence in marketing the products and services of islam forbids doing fraud, lies, and reneged on the promise. therefore, in the implementation of marketing communications of muslim businessmen should avoid action lies, false promises, porn ads, as well as the publication of the product justifies any means. according to kartajaya and sula (2006) there are four things of the nature of the islamic prophet muhammad who became the key success factors in managing the business such as: shiddiq, amanah, fathanah, and tabligh. as for tasmara (2001) through labmend (laboratory for management development) introduced the sifat model (shiddiq, istiqamah, fathanah, amanah, tabligh). as explained in theory on the previous paragraph that the messenger properties contain islamic ethics, so that is can be the foundation for entrepreneurs, marketers particularly, in implementing the islamic business ethics in each marketing communication activity which have done. shiddiq mean correct. right within the meaning of the word tell something correctly and there is no element of fraud or concealment of the elements of something. shiddiq according at-tamimi (1992) means no lying, no cheating, no far-fetched facts, not traitorous, and never pick. shiddiq (kartajaya and sula, 2006) is the nature of the prophet muhammad which means true and honest. inside a marketer shiddiq properties must be embedded in him in conducting marketing activities and establish rapport with customers. marketers always seeks the truth of the information provided and to be honest in explaining the product benefits. if in the marketed product defects or shortcomings, and he honestly convey weakness or a defect in his product to potential buyers. istiqamah according to language is the establishment of the firm upon the straight path. istiqamah is the form of inner qualities that embody attitude consistent and firm establishment to enforce and form something towards a better condition (tasmara, 2001). marketers istiqamah is the marketers who are not quick to give up on the challenge or pressure. the prophet muhammad said: “is not a strong person that indicated with (victory in) the fight but a powerful person is the person who can control himself when angry.” (hr. ahmad). istiqamah market who has the vision, mission and objectives are clear so it is not easily affected due to focus on the things you want to accomplish. istiqamah does not cause a be rigid against the changes, but still an innovative idea towards dynamic. istiqamah marketers also perform regularity in its marketing activities such as by schedule each ad that will be promoted, contact client or customer returns they related to matters relating to the products or services they offer. 90 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 fathonah, according to kartajaya and syakirsula (2006) fathonah can be defined as intellectual, ingenuity or wisdom. shaykh muhammad al-nawawi define fathanah as intelligence capabilities in delivering arguments. ibrahim, et al (2003) adds that nature is wise in attitude fathanah run their businesses so as not to neglect the affairs of the hereafter. wise in that purpose is never desperate and disillusioned instead have positive thoughts toward something that applies particularly with regard to commerce. in terms of marketing, should possess fathanah (intelligence) in conveying information and statements to the consumer correctly. a marketer would be able to provide answers and solutions to questions or problems encountered by consumers if the marketers really know and understand the subject matter issues asked by the customer or its customers, otherwise a marketer will not be able to provide answers and solutions if not knowing and understanding the principal problems of consumers. in addition, a marketer not only claimed to have intelligence intellectually but also spiritual intelligence so that marketers can avoid all acts that violate the islamic sharia. amanah in the encyclopedia of islam (1994) comes from the arabic, amuna, which means not imitating, trustworthy, honest, or surrogate. amanah according to kartajaya and sula (2006) it means reliable, responsible and credible. an entrepreneur must have the mandate, because god almighty mention the nature of believers who are lucky who can keep the mandate given to him. amanah is the value that complements and is related to the value of honesty. so as a consequence of the nature of amanah is to restore any rights to their owners, either a little or a lot, it doesn’t take more than owned, and does not reduce the rights of others, whether it be sales, fee, wages or labor services (jusmaliani, 2008). amanah also means having responsibility in carrying out the tasks and duties conferred upon him. the mandate can be shown in openness, honesty and an optimal service to customers. the nature of amanah will establish credibility and attitude full responsibility to any individual muslim. an entrepreneur, especially shall amanah, because of the nature of the amanah is the value that complements and is related to the value of honesty. amanah also means responsible in carrying out the duties and obligations provided. in terms of marketing, should really be trusted keep everything into the right consumers, responsible for what has been entrusted by its customers, and always keep the promise it has made with its customers. tabligh in the encyclopedia of islam (1994), derived from the word balaghaari prasetyo: islamic business ethics implementation in marketing 91 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 yuballighu-tublīghan, which means to convey. hafiduddin and tanjung (2008) means tabligh in languages with the ability to communicate well. being in the term tabligh has the meaning of solicitation at once give an example to the other party to carry out the provisions of islamic teachings in daily life. jalaludin rakhmat in kartajaya and sula (2006) says, pitchall, an expert in communication, translate the words “qaulan sadidan” in the sense of speak justly. according kartajaya and sula (2006), tabligh also means communicative and argumentative. a promotion undertaken by the company are to be communicative, reflecting the qualifying product, the language used is clear and not convoluted so the message of promotion can be accepted by the consumer. a marketer must be able to deliver the excellence of its products by not lying and deceiving consumers. in addition a marketer should also be able to argue, dialogue and discussion with good. tabligh in marketing communications also means the ability of marketers in promoting its products by way of reading the consumer mind and mood as well as adjusts to the level of education, social and consumer culture. arifin (2009) added that in doing the promotion or marketing communications islam prohibits the placing of the seller or service women are beautiful, sexy and looks so in order to attract buyers. in addition the promotion done must be completely in accordance with the quality of the product without any information being covered up and redundant. the implementation of tabligh in marketing communications also invite at the same time give an example to the other party to carry out the provisions of islamic teachings in everyday life (hafiduddin and tanjung, 2008). methods the focus in this research is the implementation of islamic business ethics in marketing communication in umrah/hajj travel agency “x” surabaya. researcher examines the implementation of islamic business ethics in marketing communications made by “x” tour and travel, by using the properties of the messenger (shiddiq, istiqamah, fathanah, amanah and tabligh) as a reference to islamic business ethics. based on this research focus then design research in accordance with the method of this research is a explanatory case study. chosen as a case study approach in research because the case study approach study carefully a few social unit (such as a company or a division within a company) on the question of the real business in an effort to determine what factors can make successes and failures in an organization. reason for explanatori case study as a designation method that used in this research is the complexity 92 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 of the issue of business ethics which became the focus of the research. business ethics is an extreme and unique topics that are usually difficult to investigated and concerning confidentiality so that the method of case study explanatori is regarded as the appropriate method because researchers can analyze the application of the islamic business ethics in a comprehensive manner. in addition, the application of business ethics is a contemporary issue with real life context that although getting attention and many articles reported in the mass media but less examined in academic research. informants in this study is the owner at the same time the president of “x” tour and travel, and marketing manager of “x” tour and travel. in addition to conducting interviews with the president and marketing manager, researchers also conduct participatory observation i.e. by doing observation directly marketing communications made by the customer service “x” tour and travel in communicating their services to potential jamaah. other communication mix such as sponsorship, as well as special events and experiences only done temporarily by “x” tour and travel, not routine. marketing communications made by “x” tour and travel more through customer service (personal selling) because more people can communicate and ask directly related umrah or hajj products. during the observation, researcher pretending to be potential jamaah, observing the process of marketing communications made by the customer service “x” tour and travel. observation of participation was performed for two weeks at two operational offices of “x” tour and travel, i.e. at the graha “x” and at graha pena. to prove and to compare the results of the interviews as well as participatory observation with “x” tour and travel, this research is also equipped with the results of interviews with some people who have used the services of the travel hajj and umrah “x” tour and travel. a data analysis method used in this research is descriptive qualitative analysis techniques (in the form of words). descriptive methods can be defined as problem-solving procedure that examine by describing/illustrating the subject/ object state (a person, institution, community and others) at the time are now based on the facts that seem or as-is (soejono, 1999:23). with descriptive analysis, researchers described the information as is in accordance with the issues examined, so that in this case the researchers will describe about the implementation of islamic business ethics in marketing communications “x” tour and travel surabaya with siddiq, istiqamah, fathanah, amanah and tabligh as a reference to islamic business ethics. ari prasetyo: islamic business ethics implementation in marketing 93 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 results and discussion the emergence of a discourse of thought business ethics is driven by the business reality that ignores the values of ethics. for some, business is seen as economic activity that aims solely profit. to find the advantage every way is possible in doing business. the orientation of the profits with the waiver ethics in business behavior led to the large number of actions committed businessmen who not only harm consumers, but also society in general. as been widely reported in newspapers or news media concerning the breach of ethics committed by businessmen, no exception or hajj umrah travel agency, the reported violation of business ethics has done, like a mismatch between what was promised to the jamaah in the promotion with what obtained by jamaah. “x” tour and travel is a travel agency that provides travel services, like tour, umrah or hajj. as for travel programs of “x” tour and travel is the umrah and hajj program, domestic and international tickets, domestic/ international tour, inbound/ outbound tours, hotel reservation, travel document: passport/ visa, rent car/ tourist buses, and a money changer. the marketing communications mix done by “x” tour and travel is advertising, sales promotion, personal selling, granting sponsorship, and wom (word of mouth). as a business entity that is engaged in the field of religion, is already duly “x” tour and travel apply islamic business ethics in its business activities, including in marketing communications. here is an explanation regarding the implementation of the islamic business ethics in marketing communications hajj/umrah travel agency “x” tour and travel surabaya. shiddiq was the nature of the prophet which means true and honest (kertajaya and sula, 2006). correct in a sense tells a matter properly and there is no element of fraud or concealment of the elements of something. marketers must always uphold the truth of the information provided as well as honest in explaining the advantages as well as drawbacks of products offered. based on the results of the interviews have been conducted with “x” tour and travel (president and marketing manager) obtained information that “x” tour and travel in a marketing communication which is done always inform what has been programed in the umroh or hajj program. in the submission of information related to umrah or hajj, “x” tour and travel is never cover-up, trapping, manipulate information, or exaggerating the information presented to the jamaah. based on the observations also obtained results that the customer service is always explained according to what stated in the brochure. “x” tour and travel in marketing communicationsin the brochure. in the brochures, have been written any fees already include in the price as well as 94 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 any costs that have yet to include into the price, so the jamaah can understand the price of components. “x” tour and travel is also continually assure people that the jamaah will get what has been promised to them and informed. this isevidenced by the recognition from the jamah that whilst they get what has been informed and promised to them, such as hotels, equipment during ‘ umrah or hajj, food, timeliness of the implementation agenda for worship, and other facilities ‘ umrah or hajj. based on research has been described “x” tour and travel has implemented a business ethics of islam (shiddiq) in marketing communications. as explained in the theory, shiddiq means true, honest, not to cover up and not deceptive. in this case the overall “x” tour and travel has implemented shiddiq in marketing communications. a marketer who is istiqamah marketer that does not quickly give up on the challenge or pressure. istiqamah marketer who has the vision, mission and objectives are clear so it is not easily influenced because it focused on something i want to achieve. with that in mind, a marketing not being rigidly to any change, but still an innovative idea towards dynamic. based on the interviewsbeen conducted obtained information that “x” tour and travel schedule for all advertising, good advertising on television or advertising on the radio. but not closing the possibility when there is an event or exhibition of hajj and ‘ umrah, the “x” tour and travel will be scheduled to promote the programs ‘ umrah or hajj. “x” tour and travel is also always consistently and repeatedly in conveying information pertinent umrah or hajj to jamaah have become customers or jamaah who are new. this is done because every year there are certainly changes like price, facilities, hotel or package is doing itself. this is supported by the observations that show “x” tour and travel contact again the jamaah to inform the information related programs umrah and hajj, as well as recognition of the jamaah who say that “x” tour and travel always repeat and inform again the information which related programs umroh and hajj. the jamaah also states that the customer service is also always contact and follow up to ensure and confirm related stuff ‘ umrah or hajj, such as information assurance of the departure date, the completeness of administrative requirements, as well as the nearby agenda of jamaah before departure as ‘ umrah/hajj rituals. been explained in the previous paragraph can be obtained a description of that overall “x” tour and travel has implemented a business ethics of islam (istiqamah) in marketing communications. such theories have been described in the ari prasetyo: islamic business ethics implementation in marketing 95 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 previous paragraph that istiqamah contains regularity, consistency, and continuity in doing something. istiqamah marketers do regularity in its marketing activities such as by schedule each ad that will be promoted, contact again their client or customer related to matters relating to the products or services they offer. in this regard “x” tour and travel have scheduled any ads that will be promoted both on television and on the radio. “x” tour and travel is also constantly contacting the people related information related to hajj or ‘ umrah. fathanah generally defined as intelligence, finesse, or mastery of a particular area. according to kartajaya and sula (2006) fathanah defined as intellectual, cunning and wisdom. as for tasmara (2001) argues that the intelligence doesn’t just mean fathanah, proficiency or mastery of a particular area, but has a wider meaning i.e. includes intellectual, emotional intelligence, and especially spiritual. in terms of marketing, marketers should possess fathanah (intelligence) in conveying information and statements to the consumer correctly. a marketer would be able to provide answers and solutions to questions or problems encountered by consumers if the marketers really know and understand the subject matter issue asked by consumers or customers. in addition, a marketer not only claimed to have intelligence intellectually but also spiritual intelligence so that marketers can avoid all acts that violate the islamic sharia. based on the interviews with president and marketing manager of “x” tour and travel retrieved information that marketing communications “x” tour and travel is packed in such a way with the aim of attracting people to use the service “x” tour and travel. starting from a good display advertising on tv, radio and in the print media, and the package offered. “x” tour and travel has always emphasized on honesty in advertising from an interesting view, model used in ads on tv is also jamaah who are satisfied with us. the jamaah want to come voluntarily introduce “x” tour and travel through the ads on tv. in addition, “x” tour and travel also provides their customer service with product knowledge of programs that will be offered, and the various skills such as public speaking and service excellent, so that customer service can inform, serve and provide solutions to jamaah with good and proper. this is supported by the observations that suggest that customer service of “x” tour and travel have knowledge about product knowledge so that it can be explained by language that does not convuluted and clear so it is easy to understand, and explain in detail the alternative choices that are offered so that jamaah can easily determine the decision. jamaah also gave recognition that the customer service of “x” tour and travel master programs ‘umrah or hajj offered to jamaah so as to able to explain well. it has been 96 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 described, can be obtained by a reflection that overall “x” tour and travel has implemented a business ethics of islam (fathanah) in marketing communications. such theories have been described in the previous paragraph that fathanah defined as intellectual, intelligence, wisdom and ability in presenting arguments. “x” tour and travel has been to provide the customer service with some skill as mastery against the product knowledge, public speaking, as well as excellent service so that it can deliver programs properly and correctly as well as able to provide solutions to the problems faced by the jamaah. amanah is generally taken to mean “trustworthy”. amanah according to kartajaya and sula (2006) has the meaning of reliable, responsible and credible. an entrepreneur, especially marketers, you shall have amanah, because of the nature of the amanah is the value that complements and is related to the value of honesty. amanah also means responsible in carrying out the duties and obligations provided. in terms of marketing, a marketer should really be trusted keep everything into the right consumers as well as responsible for what has been entrusted by its customers. based on the interviews been conducted with the president and marketing manager of “x” tour and travel, obtained information that “x” tour and travel have always tried to keep what he has delivered and promised to the jamaah. if there are changes that are caused by external factors beyond the control of “x” tour and travel, “x” tour and travel will still deliver to jamaah as well as still lobbies for jamaah to get facilities that still has the same standard with facilities that are promised to the jamaah. this is supported by the observations, which suggest that “x” tour and travel immediately sent brochures to people who ask to be sent to the house and prepare supplies of jamaah which have promised as soon as possible so that when people come to take the supplies ready for taken. jamaah also confessed that they’ve got what had been informed and was promised to them. the jamaah also argued that “x” tour and travel is already keeping and responsible for the mandate that was entrusted by jamaah to “x” tour and travel. it has been described, can be obtained information that overall “x” tour and travel has implemented a business ethics of islam (amanah) in marketing communications. such theories have been described in the previous paragraph that amanah means responsible in carrying out the duties and obligations provided. a marketer should really be trusted keep everything into the right consumers as well as responsible for what has been entrusted by its customers. “x” tour and travel always tried to keep as well as responsible for what have been informed and promised to the jamaah. ari prasetyo: islamic business ethics implementation in marketing 97 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 the implementation of tabligh in marketing (kartajaya and sula: 2006) is a marketer must be able to communicate the excellence of its products with excellence-do not lie and deceive consumers. in addition a marketer should also be able to argue, dialogue and discussion with the language that can be understood by consumers so that the message is delivered can be understood by consumers. based on the results of the interviews have been conducted, obtained information that submission of information by “x” tour and travel to the jamah carried out flexible, adjusted with the needs of the jamaah, using language that is easily understood so the jamaah feel comfortable when communicating and don’t hesitate to ask anythings that are not yet understood related to umrah or hajj. “x” tour and travel also never proclaimed nor vilify another umrah/hajj travel agency. this is supported by the observations that show customer service “x” tour and travel using a language that is easily understood by jamaah so created good communication with jamaah, painstaking and patient in explaining the ‘ umrah/hajj information to the jamaah, humorous, charming, humble, and can build a family atmosphere in presenting information so the jamaah feel comfortable when communicating. jamaah also provides recognition that “x” tour and travel have informed the related information about the ‘ umrah or hajj clearly and openly, there’s no cover-up. the jamaah also argued that “x” tour and travel explains in clear and detailed, both regarding the registration until the departure process flow, the facilities which will be accepted by jamaah during worship, until the condition or circumstance in makkah or medina at that time, so that people can know and understand the products of hajj or ‘ umrah would they choose. based on the results of research that has been described, can be obtained information that overall “x” tour and travel has implemented a business ethics of islam (tabligh) in marketing communications. “x” tour and travel gave the related information about umrah or hajj clearly and in detail. in addition, “x” tour and travel also uses language that is easily understood by the jamaah in explains the hajj and umrah products. based on the theory, tabligh is the ability to convey information, communicate, discuss, and argue with good and true, without cheating or lying, with easy-to-understand language so that the message is delivered can be carried out well. conclusion based on the analysis and discussion are described in discussions, then it can be obtained a summary that outlines “x” tour and travel surabaya have implemented islamic business ethics in its marketing communications, with how to 98 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2510 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 deliver publicly, no cover-up, no trap, no exaggerating as well as in accordance with what has been added in the umrah or hajj (shiddiq); scheduled for all advertising, good ads on tv and radio , as well as scheduled when there is an event or hajj/umrah ekspo (istiqamah); provide customer service with a range of skills such as public speaking, product knowledge, and excellent service so that it is able to inform, serve and provide the right solution for the jamaah (fathanah); always strive to always keep what has been promised to the people, such as hotels, facilities, equipment, and so forth (amanah); as well as convey hajj or umrah information clearly, flexible, transparent, over and over, with easy-to-understand language so that the message is delivered can be carried out well (tabligh). as for suggestions for further research is researching about the application of islamic business ethics not only within the scope of marketing communications, but can also be in finance, operations, human resources management, marketing, and other areas. in addition to researching the application of islamic business ethics in the fields of business, further research could also examine the impact of the application of business ethics of islam against the achievement of goals/targets companies, such as customer satisfaction or customer loyalty, etc. references ali, a.j. & al-aali, a. 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(2010). etika bisnis & hukum bisnis (sebuah pemikiran awal). lampung: universitas lampung 1al-iqtishad: vol. iii, no. 1, januari 2011 titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan sofyan rizal abstract: meeting point and sinergy of islamic and populist economy. in fact, islamic and populist economy have the same objective: they are welfare and fairness for all people. in islam, the economical welfare and the fairness must be based on islamic norms and ethics. koperasi is a populist economic institution that has been long existed in indonesia. koperasi is the main institution that is expected by the founders of this nation as a tool of economical equality and fairness. at the concept of implementation level, koperasi has a lot of compatybility with the appropiate institutions of economic empowerment of islam. keywords: islamic economy, populist economy, islamic koperasi abstrak: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan. ekonomi islam dan ekonomi kerakyatan sesungguhnya mempunyai tujuan yang sama, yaitu kesejahteraan dan keadilan dalam ekonomi bagi semua orang. menurut islam, keadilan dan kesejahteran dalam kehidupan ekonomi harus berlandaskan norma dan etika islam, sehingga semua sistem ekonomi tersebut berjalan sesuai dengan syariat islam. ekonomi kerakyatan di indonesia sudah berjalan sejak lama dengan institusi yang sudah dirancang, yaitu koperasi. koperasi merupakan ujung tombak yang diharapkan oleh para pendiri bangsa ini sebagai alat untuk pemerataan dan keadilan ekonomi. pada tataran konsep dan pelaksanaan, institusi koperasi mempunyai banyak kesesuaian dengan institusi pemberdayaan ekonomi yang diharapkan islam. kata kunci: ekonomi islam, ekonomi kerakyatan, koperasi syariah naskah diterima: 4 juni 2010, direvisi: 15 september 2010, disetujui: 23 september 2010.  universitas nasional jakarta. jalan sawo manila, pejaten, pasar minggu, jakarta. e-mail: sofyanrizal@yahoo.com daftar isi 1 titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan sofyan rizal 19 dinamika akad dalam transaksi ekonomi syariah rahmawati 35 pertumbuhan asuransi syariah di dunia dan indonesia muhammad maksum 49 kapita selekta asuransi syariah: telaah umum tentang asuransi syariah di indonesia am hasan ali 65 transformasi nilai-nilai ekonomi islam dalam mewujudkan keadilan distributif bagi penguatan usaha kecil mikro di indonesia euis amalia 93 refleksi sistem distribusi syariah pada lembaga zakat dan wakaf dalam perekonomian indonesia yuke rahmawati 113 sukuk mudhârabah muhammad fadlillah 127 analisis faktor fundamental terhadap excess return saham syariah perusahaan jakarta islamic index azwar, indo yama, arief mufraini, suhendra, dan sihabudin noor 141 relevansi prinsip ekonomi islam dalam pembinaan umat islam indonesia mu’min rauf 155 multiakad dalam transaksi syariah kontemporer pada lembaga keuangan syariah di indonesia hasanudin 2 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan pendahuluan kegagalan sistem ekonomi—baik sistem ekonomi sosialis yang berporos pada begitu besarnya peran pemerintah terhadap kehidupan rakyat, yang kemudian runtuh dengan tumbangnya rezim komunis uni sovyet, juga ekonomi kapitalis, yang menyebabkan kekayaan terpusat pada segelintir orang atau negara, dan menyebabkan semakin besarnya ketimpangan antara kaya dan miskin—membuat banyak orang kemudian berpikir untuk terus mencari alternatif sistem ekonomi yang dapat memecahkan masalah akibat kegagalan dua sistem tersebut. indonesia, sebagai negara yang menganut sistem ekonomi kapitalis, mengalami hal serupa, dengan krisis berkepanjangan yang sampai saat ini belum seorang ahlipun yang memastikan bahwa indonesia telah keluar dari krisis. saat ini, berjuta-juta orang menganggur, puluhan juta orang berada di bawah garis kemiskinan, sektor moneter yang semakin jauh dari sektor riil sehingga berpotensi meledakkan bubble economic1 yang sudah terbentuk, dan pelbagai macam masalah melingkupi kehidupan perekonomian indonesia. lahirnya sejumlah pengusaha besar (konglomerat) yang bukan merupakan hasil derivasi dari kemampuan manejemen bisnis yang baik menyebabkan fondasi ekonomi nasional yang dibangun berstruktur rapuh terhadap persaingan pasar. mereka tidak bisa diandalkan untuk menopang perekonomian nasional dalam sistem ekonomi pasar. padahal ekonomi pasar diperlukan untuk menentukan harga yang tepat (price right) untuk menentukan posisi tawar-menawar yang imbang. ini pula yang menyebabkan sebagian masyarakat kembali berpikir untuk mencari alternatif sistem ekonomi yang lebih dapat menyejahterakan rakyat. ekonomi islam yang sebenarnya sudah ada ribuan tahun yang lalu (sejak jaman rasulullah saw.) perlahan kembali bangkit dan menggeliat. pelbagai macam kajian tentang ekonomi islam bermunculan. institusi-institusi ekonomi islam seperti bank syariah, koperasi syariah, baitulmal wa tamwil (bmt), dan bpr syariah pun tumbuh dengan subur. institusi pendidikan yang menggali ekonomi islam juga menggeliat dan terus tumbuh. ekonomi kerakyatan, sebagai khazanah pemikiran ekonom indonesia pun mulai diperbincangkan orang, kemudian dikuatkan dengan tap mpr no. xvi/1998. istilah ekonomi kerakyatan ini kemudian semakin dimantapkan dalam 1 suatu perekonomian dengan adanya gap yang sangat besar antara sektor moneter dengan sektor riil, sehingga kelihatan perekonomian besar karena besarnya sektor moneter, tetapi hal itu tidak membawa dampak pada sektor riil. 3al-iqtishad: vol. iii, no. 1, januari 2011 pendahuluan kegagalan sistem ekonomi—baik sistem ekonomi sosialis yang berporos pada begitu besarnya peran pemerintah terhadap kehidupan rakyat, yang kemudian runtuh dengan tumbangnya rezim komunis uni sovyet, juga ekonomi kapitalis, yang menyebabkan kekayaan terpusat pada segelintir orang atau negara, dan menyebabkan semakin besarnya ketimpangan antara kaya dan miskin—membuat banyak orang kemudian berpikir untuk terus mencari alternatif sistem ekonomi yang dapat memecahkan masalah akibat kegagalan dua sistem tersebut. indonesia, sebagai negara yang menganut sistem ekonomi kapitalis, mengalami hal serupa, dengan krisis berkepanjangan yang sampai saat ini belum seorang ahlipun yang memastikan bahwa indonesia telah keluar dari krisis. saat ini, berjuta-juta orang menganggur, puluhan juta orang berada di bawah garis kemiskinan, sektor moneter yang semakin jauh dari sektor riil sehingga berpotensi meledakkan bubble economic1 yang sudah terbentuk, dan pelbagai macam masalah melingkupi kehidupan perekonomian indonesia. lahirnya sejumlah pengusaha besar (konglomerat) yang bukan merupakan hasil derivasi dari kemampuan manejemen bisnis yang baik menyebabkan fondasi ekonomi nasional yang dibangun berstruktur rapuh terhadap persaingan pasar. mereka tidak bisa diandalkan untuk menopang perekonomian nasional dalam sistem ekonomi pasar. padahal ekonomi pasar diperlukan untuk menentukan harga yang tepat (price right) untuk menentukan posisi tawar-menawar yang imbang. ini pula yang menyebabkan sebagian masyarakat kembali berpikir untuk mencari alternatif sistem ekonomi yang lebih dapat menyejahterakan rakyat. ekonomi islam yang sebenarnya sudah ada ribuan tahun yang lalu (sejak jaman rasulullah saw.) perlahan kembali bangkit dan menggeliat. pelbagai macam kajian tentang ekonomi islam bermunculan. institusi-institusi ekonomi islam seperti bank syariah, koperasi syariah, baitulmal wa tamwil (bmt), dan bpr syariah pun tumbuh dengan subur. institusi pendidikan yang menggali ekonomi islam juga menggeliat dan terus tumbuh. ekonomi kerakyatan, sebagai khazanah pemikiran ekonom indonesia pun mulai diperbincangkan orang, kemudian dikuatkan dengan tap mpr no. xvi/1998. istilah ekonomi kerakyatan ini kemudian semakin dimantapkan dalam 1 suatu perekonomian dengan adanya gap yang sangat besar antara sektor moneter dengan sektor riil, sehingga kelihatan perekonomian besar karena besarnya sektor moneter, tetapi hal itu tidak membawa dampak pada sektor riil. banyak tap mpr berikutnya termasuk kemudian uu no. 25/2000 tentang propenas. demokrasi ekonomi, yang antara lain berisikan tentang keberpihakan yang sangat kuat terhadap usaha kecil-menengah serta koperasi adalah inti dari ekonomi kerakyatan. keputusan politik ini sebenarnya menandai suatu babak baru pembangunan ekonomi nasional dengan perspektif yang baru, di mana bangun ekonomi yang mendominasi struktur ekonomi nasional mendapat tempat tersendiri. komitmen pemerintah adalah untuk mengurangi gap penguasaan aset ekonomi antara sebagian besar pelaku ekonomi di tingkat rakyat dan sebagian kecil pengusaha besar (konglomerat). hasil yang diharapkan adalah terciptanya struktur ekonomi yang berimbang antar pelaku ekonomi dalam negeri, demi mengamankan pencapaian target pertumbuhan (growth). bahwa kegagalan kebijakan pembangunan ekonomi nasional masa orde baru dengan keberpihakan yang berlebihan terhadap kelompok pengusaha besar perlu diubah. sudah saatnya dan cukup adil jika pengusaha kecil-menengah dan bangun usaha koperasi mendapat kesempatan secara ekonomi untuk berkembang sekaligus mengejar ketertinggalan yang selama ini mewarnai buruknya tampilan struktur ekonomi nasional. artikel ini akan membahas ekonomi kerakyatan dalam perspektif ekonomi syariah. pembahasan akan dimulai dari pengertian dan pelaksanaan ekonomi kerakyatan, kemudian seputar ekonomi islam. hal ini untuk memberi gambaran untuk melihat hubungan antara ekonomi kerakyatan dan ekonomi islam. bagian selanjutnya akan melihat bagaimana perspektif ekonomi islam terhadap ekonomi kerakyatan. ekonomi kerakyatan ekonomi rakyat secara harfiah dilahirkan oleh ahli-ahli ekonomi indonesia sebagai usaha untuk menggali potensi ekonomi rakyat indonesia melalui sistem ekonomi alternatif yang sebenarnya sudah dijalankan oleh rakyat. secara praktik, ekonomi kerakyatan sudah dijalankan oleh rakyat sebelum kata ekonomi kerakyatan itu lahir.2 ekonomi rakyat atau ekonomi kerakyatan3 bukanlah sebuah mazhab ekonomi baru, namun hanya sebagai suatu konstruksi pemahaman dari realita 2 mengenai sejarah ekonomi kerakyatan, lihat dalam mubyanto, ‚membangkitkan ekonomi kerakyatan melalui gerakan koperasi‛, dalam jurnal ekonomi rakyat, tahun. 1 no. 6, 2002. 3 beberapa ahli mendefinisikan ekonomi rakyat berbeda dengan ekonomi kerakyatan. abimanyu mengatakan bahwa ekonomi rakyat adalah satuan ekonomi yang berskala kecil, sedangkan ekonomi kerakyatan lebih merupakan kata sifat yang lebih luas (lihat, abimayu, 2000, h. 4 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan ekonomi yang umum terdapat di negara berkembang. suatu realita ekonomi di mana selain ada sektor formal yang umumnya didominasi oleh usaha dan konglomerat terdapat sektor informal di mana sebagian besar anggota masyara-kat hidup4. oleh karena itu, ekonomi rakyat berkembang sesuai dengan kondisi masyarakat di suatu daerah tertentu. begitu banyak definisi tentang ekonomi rakyat, namun satu hal yang tampaknya menjadi pokok ekonomi rakyat adalah perekonomian ini dari rakyat, oleh rakyat, dan untuk rakyat.5 ekonomi yang digerakkan oleh usaha-usaha rakyat, terutama usaha kecil dan menengah yang dilakukan oleh rakyat banyak, untuk kemudian hasilnya pun akan kembali kepada rakyat. karena sifatnya yang merata, persebaran modal yang baik, sistem ekonomi yang benar-benar bergerak dalam sektor riil, ekonomi rakyat mempunyai dampak pemerataan terhadap pendapatan yang baik dan mampu menggerakkan sektor riil secara efektif. dalam dunia usaha, ekonomi rakyat adalah usaha-usaha kecil dan menengah yang dijalankan oleh rakyat. pada negara-negara maju seperti amerika, misalnya, penciptaan lapangan kerja yang diciptakan oleh bisnis kecil begitu dominan. di jerman, perusahaan yang digolongkan dalam bisnis kecil menghasilkan 2/3 produk nasional bruto (gdp). di amerika, 87,5 % tenaga kerja bekerja pada usaha kecil (usaha dengan jumlah sdm di bawah 20 orang)6. mereka menyadari bahwa usaha kecil adalah penopang pembangunan sehingga intervensi pemerintah pada negara kapitalis seperti amerika tetap dilakukan bahkan dengan sangat intens untuk membantu usaha kecil.7 di indonesia, ketika perusahaan-perusahaan dan bank-bank raksasa terpuruk oleh krisis ekonomi, usaha kecil relatif dapat bertahan menghadapi gempuran krisis tersebut. terbukti, setelah krisis, usaha yang kadangkala disebut usaha informal tetap eksis dan malah bermunculan di manamana. menurut data bps, jumlah usaha kecil, menengah, dan koperasi di indonesia sekitar 36 juta usaha. bagian terbesar yaitu sebesar 34 juta jiwa adalah 139; baswir, 1997, h. 4). pada artikel ini penulis memakai pendapat yang menyamakan ekonomi rakyat dan kerakyatan (mubyarto, ekonomi rakyat indonesia, 2002). 4 bambang ismawan, ‚ekonomi rakyat, sebuah pengantar‛, dalam jurnal ekonomi rakyat, th 1 no. 1, 2002. 5 bayu krisnamurthi, ‚krisis ekonomi moneter dan ekonomi rakyat‛, dalam jurnal ekonomi rakyat, th 1, no. 3, 2002. 6 griffin & ebert, 2004, business, (new jersey: pearson prentice hall, t.th.), h. 64-65. 7 amerika mempunyai badan pemerintah yang bernama small business administration (sba) yang berfungsi untuk membantu usaha-usaha berskala kecil. lihat, griffin & ebert, business, h. 64-65. 5al-iqtishad: vol. iii, no. 1, januari 2011 ekonomi yang umum terdapat di negara berkembang. suatu realita ekonomi di mana selain ada sektor formal yang umumnya didominasi oleh usaha dan konglomerat terdapat sektor informal di mana sebagian besar anggota masyara-kat hidup4. oleh karena itu, ekonomi rakyat berkembang sesuai dengan kondisi masyarakat di suatu daerah tertentu. begitu banyak definisi tentang ekonomi rakyat, namun satu hal yang tampaknya menjadi pokok ekonomi rakyat adalah perekonomian ini dari rakyat, oleh rakyat, dan untuk rakyat.5 ekonomi yang digerakkan oleh usaha-usaha rakyat, terutama usaha kecil dan menengah yang dilakukan oleh rakyat banyak, untuk kemudian hasilnya pun akan kembali kepada rakyat. karena sifatnya yang merata, persebaran modal yang baik, sistem ekonomi yang benar-benar bergerak dalam sektor riil, ekonomi rakyat mempunyai dampak pemerataan terhadap pendapatan yang baik dan mampu menggerakkan sektor riil secara efektif. dalam dunia usaha, ekonomi rakyat adalah usaha-usaha kecil dan menengah yang dijalankan oleh rakyat. pada negara-negara maju seperti amerika, misalnya, penciptaan lapangan kerja yang diciptakan oleh bisnis kecil begitu dominan. di jerman, perusahaan yang digolongkan dalam bisnis kecil menghasilkan 2/3 produk nasional bruto (gdp). di amerika, 87,5 % tenaga kerja bekerja pada usaha kecil (usaha dengan jumlah sdm di bawah 20 orang)6. mereka menyadari bahwa usaha kecil adalah penopang pembangunan sehingga intervensi pemerintah pada negara kapitalis seperti amerika tetap dilakukan bahkan dengan sangat intens untuk membantu usaha kecil.7 di indonesia, ketika perusahaan-perusahaan dan bank-bank raksasa terpuruk oleh krisis ekonomi, usaha kecil relatif dapat bertahan menghadapi gempuran krisis tersebut. terbukti, setelah krisis, usaha yang kadangkala disebut usaha informal tetap eksis dan malah bermunculan di manamana. menurut data bps, jumlah usaha kecil, menengah, dan koperasi di indonesia sekitar 36 juta usaha. bagian terbesar yaitu sebesar 34 juta jiwa adalah 139; baswir, 1997, h. 4). pada artikel ini penulis memakai pendapat yang menyamakan ekonomi rakyat dan kerakyatan (mubyarto, ekonomi rakyat indonesia, 2002). 4 bambang ismawan, ‚ekonomi rakyat, sebuah pengantar‛, dalam jurnal ekonomi rakyat, th 1 no. 1, 2002. 5 bayu krisnamurthi, ‚krisis ekonomi moneter dan ekonomi rakyat‛, dalam jurnal ekonomi rakyat, th 1, no. 3, 2002. 6 griffin & ebert, 2004, business, (new jersey: pearson prentice hall, t.th.), h. 64-65. 7 amerika mempunyai badan pemerintah yang bernama small business administration (sba) yang berfungsi untuk membantu usaha-usaha berskala kecil. lihat, griffin & ebert, business, h. 64-65. usaha mikro, baru diikuti oleh usaha kecil, koperasi, dan usaha menengah. sektor ini pada tahun 2000 menyerap 99,6% tenaga kerja indonesia. berdasarkan hal tersebut, tampaknya titik tekan ekonomi rakyat adalah bagaimana memberdayakan rakyat dalam perekonomian dan keberpihakan pemerintah kepada rakyat dalam hal ekonomi, serta memastikan tidak terjadinya ketidakadilan ekonomi karena adanya perlakuan yang tidak sama antara pemilik modal besar dengan rakyat sehingga timbul ketimpangan ekonomi. pertama, karakteristik ekonomi rakyat. sebagai sebuah entitas ekonomi yang cakupannya sangat signifikan dan luas8, karakteristik yang dimiliki ekonomi rakyat sangat beragam, tergantung dari jenis kegiatan yang dimaksud. meskipun demikian, kiranya dapat digambarkan beberapa karakteristik dasar antara lain informalitas, mobilitas, bersifat keluarga, kemandirian, dan berhubungan dengan sektor formal.9 informalitas dalam arti ekonomi kerakyatan sebagian besar bergerak di luar kerangka legal dan pengaturan yang ada. adanya kelemahan-kelemahan dalam aturan ekonomi yang ada atau ketidakmampuan pemerintah untuk membuat sistem dan kemudian memakai sistem yang ada (dan seringkali dianggap tidak memihak usaha kecil dan rakyat), membuat ekonomi kerakyatan ini berkembang dengan subur. namun hal ini juga berimplikasi negatif, misalnya dengan sifatnya yang informal menyebabkan akses modal ke lembaga keuangan formal seperti bank dan bantuan pemerintah menjadi sangat terbatas. akibat dari hal ini, maka kadang kala sektor informal harus berhubungan dengan lembaga keuangan nonformal yang berbunga sangat tinggi. kenyataan ini sering dijumpai di lapangan, misalnya nelayan dan petani yang harus meminjam uang kepada rentenir dan akhirnya terjerat dengan utang. karakteristik informal ini tampaknya sebagai suatu usaha yang inovatif dari masyarakat untuk memulai usaha atau mengatasi persoalan modal dalam memulai usaha, dan hambatan-hambatan birokrasi yang terjadi juga karena terbatasnya akses informasi masyarakat tentang aturan-aturan usaha. aspek mobilitas sebenarnya hal yang sangat wajar terjadi dalam sebuah sistem pasar.10 pada ekonomi kerakyatan yang mempunyai sifat informal, membawa konsekuensi tiadanya jaminan yang pasti akan keberlangsungan 8 mengenai signifikansi potensi dan realisasi ekonomi kerakyatan, lihat data bps tahun 2000 sebagaimana disadur bambang ismawan, ‚ekonomi rakyat, sebuah pengantar‛. 9 bambang ismawan, ‚ekonomi rakyat, sebuah pengantar‛. 10 dalam ekonomi konvensional dikenal dengan the firm’s long-run decision to exit or enter a market, keseimbangan dalam industri yang terjadi karena masuk dan keluarnya pelaku pasar karena dipengaruhi perilaku mengejar profit. lihat mankiw, the principles of economics, (orlando: harcourt inc, 2001), h. 300. 6 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan aktivitas yang dijalani. faktor eksternal sangat berpengaruh secara langsung dan cepat. exit and entrance to market menjadi hal yang sangat mudah dilakukan. sebagai contoh, apabila dalam satu sektor industri atau pasar terdapat peluang yang begitu terbuka dan menguntungkan, maka segera banyak yang akan terjun ke dalamnya. begitupun bila market tersebut tidak menguntungkan lagi, maka dengan cepat sektor tersebut ditinggalkan. sebagai contoh, kasus tumbuh suburnya wartel, yang kala itu menjanjikan keuntungan yang sangat besar untuk ukuran usaha kecil. masyarakat merespons dengan mendirikan wartel di manamana, sehingga yang terjadi malah sekarang market untuk wartel menjadi jenuh. pengecualian karakteristik ini terjadi pada sektor pertanian dan perikanan. karakteristik ini tampak menjadi keunggulan ekonomi kerakyatan, karena mekanisme yang dikembangkan untuk merespons tantangan ekonomi akibat berubahnya situasi dan kondisi eksternal dengan melakukan diversifikasi aktivitas ekonomi secara cepat dan mudah. kemandirian ekonomi kerakyatan adalah implikasi dari persepsi yang berkembang di masyarakat, pemerintah maupun pelaku ekonomi lain, sehingga membatasi interaksi dengan ekonomi kerakyatan. ekonomi kerakyatan masih dianggap sebagai sektor yang berisiko tinggi dan tidak bankable11, sehingga tidak mempunyai akses terhadap perbankan dan investasi. pada pemerintah, ekonomi kerakyatan masih dianggap sebagai sektor penanggulangan kemiskinan dan pemberdayaan usaha kecil dan menengah, sehingga masih digarap secara kurang serius. perlakuan seperti ini kemudian mendorong ekonomi kerakyatan menjadi mandiri. kedua, akar filosofis dan historis ekonomi kerakyatan. ekonomi kerakyatan tidak terlepas dari pengalaman bangsa indonesia yang mengalami penjajahan yang cukup lama. oleh penjajah belanda, rakyat pribumi hanya menjadi sapi perahan yang dilakukan sewenang-wenang dalam segala sektor, termasuk dalam bidang ekonomi. sebagai perlawanan ekonomi terhadap belanda, maka dilatarbelakangi keinginan untuk menyejahterakan umat islam, haji saman hudi mendirikan sarekat dagang islam (sdi) pada tahun 1909. berdirinya sdi dapat dikatakan sebagai bangkitnya ekonomi kerakyatan. wujud keberpihakan sdi terhadap umat dan masyarakat ini tergambar dalam anggaran dasarnya yang menegaskan bahwa organisasi ini akan berikhtiar supaya anggota-anggotanya satu sama lain bergaul seperti saudara, diupayakan timbullah kerjasama dan tolong-menolong 11 bankable adalah proposal usaha atau usaha yang tidak laik mendapatkan pinjaman dari bank karena faktor dan penilaian tertentu. 7al-iqtishad: vol. iii, no. 1, januari 2011 aktivitas yang dijalani. faktor eksternal sangat berpengaruh secara langsung dan cepat. exit and entrance to market menjadi hal yang sangat mudah dilakukan. sebagai contoh, apabila dalam satu sektor industri atau pasar terdapat peluang yang begitu terbuka dan menguntungkan, maka segera banyak yang akan terjun ke dalamnya. begitupun bila market tersebut tidak menguntungkan lagi, maka dengan cepat sektor tersebut ditinggalkan. sebagai contoh, kasus tumbuh suburnya wartel, yang kala itu menjanjikan keuntungan yang sangat besar untuk ukuran usaha kecil. masyarakat merespons dengan mendirikan wartel di manamana, sehingga yang terjadi malah sekarang market untuk wartel menjadi jenuh. pengecualian karakteristik ini terjadi pada sektor pertanian dan perikanan. karakteristik ini tampak menjadi keunggulan ekonomi kerakyatan, karena mekanisme yang dikembangkan untuk merespons tantangan ekonomi akibat berubahnya situasi dan kondisi eksternal dengan melakukan diversifikasi aktivitas ekonomi secara cepat dan mudah. kemandirian ekonomi kerakyatan adalah implikasi dari persepsi yang berkembang di masyarakat, pemerintah maupun pelaku ekonomi lain, sehingga membatasi interaksi dengan ekonomi kerakyatan. ekonomi kerakyatan masih dianggap sebagai sektor yang berisiko tinggi dan tidak bankable11, sehingga tidak mempunyai akses terhadap perbankan dan investasi. pada pemerintah, ekonomi kerakyatan masih dianggap sebagai sektor penanggulangan kemiskinan dan pemberdayaan usaha kecil dan menengah, sehingga masih digarap secara kurang serius. perlakuan seperti ini kemudian mendorong ekonomi kerakyatan menjadi mandiri. kedua, akar filosofis dan historis ekonomi kerakyatan. ekonomi kerakyatan tidak terlepas dari pengalaman bangsa indonesia yang mengalami penjajahan yang cukup lama. oleh penjajah belanda, rakyat pribumi hanya menjadi sapi perahan yang dilakukan sewenang-wenang dalam segala sektor, termasuk dalam bidang ekonomi. sebagai perlawanan ekonomi terhadap belanda, maka dilatarbelakangi keinginan untuk menyejahterakan umat islam, haji saman hudi mendirikan sarekat dagang islam (sdi) pada tahun 1909. berdirinya sdi dapat dikatakan sebagai bangkitnya ekonomi kerakyatan. wujud keberpihakan sdi terhadap umat dan masyarakat ini tergambar dalam anggaran dasarnya yang menegaskan bahwa organisasi ini akan berikhtiar supaya anggota-anggotanya satu sama lain bergaul seperti saudara, diupayakan timbullah kerjasama dan tolong-menolong 11 bankable adalah proposal usaha atau usaha yang tidak laik mendapatkan pinjaman dari bank karena faktor dan penilaian tertentu. satu sama lain, serta bergaul seperti saudara antara sekalian muslim12. boleh dikatakan umat islam dengan sdi–nya adalah pencetus ekonomi kerakyatan yang saat itu termotivasi untuk melawan kesewenang-wenangan belanda dalam sektor ekonomi. dalam masa kemerdekaan, bahkan ekonomi kerakyatan menjadi satu cita-cita para pendiri bangsa ini. hal ini tercermin dari uud 1945 pasal 33. ketiga, nilai dasar ekonomi kerakyatan. nilai dasar ekonomi kerakyatan adalah keadilan sosial dan pemerataan ekonomi13. pembangunan ekonomi indonesia harus bertumpu pada keadilan sosial. seluruh aktivitas ekonomi masyarakat harus mencerminkan keadilan. dalam konteks doktrin ekonomi, maka hal ini dapat dilihat pada pasal 33 undang-undang dasar 1945: (1) perekonomian disusun sebagai usaha bersama berdasarkan azas kekeluargaan. (2) cabang-cabang produksi yang penting bagi negara dan menguasai hajat hidup orang banyak, dikuasai oleh negara. (3) bumi, air dan kekayaan alam yang terkandung di dalamnya dikuasai oleh negara dan dipergunakan sebesarbesarnya untuk kemakmuran rakyat. prinsip-prinsip usaha bersama berdasarkan kekeluargaan adalah prinsip usaha saling tolong-menolong, saling asuh, dan seimbang. negara berfungsi sebagai fasilitator dan pengawas terhadap aktivitas usaha anggota masyarakat. sebagai fasilitator, negara akan menyediakan sarana, prasarana, undang-undang, peraturan yang kondusif bagi terlaksananya sistem ekonomi tersebut. sebagai pengawas, maka negara mengawasi dan menindak jika terjadi praktik usaha yang tidak sesuai dengan prinsip tersebut, seperti monopoli. cabang produksi yang penting dikuasai oleh negara untuk menghindari penguasaan swasta terhadap sektor produksi yang penting bagi masyarakat. kekayaan alam yang terkandung di dalamnya juga seharusnya dikuasai oleh negara, bukan oleh sektor swasta. keempat, pemerataan ekonomi. pemerataan ekonomi bukanlah berarti bahwa semua masyarakat harus mendapatkan hasil yang sama dalam usaha. pemerataan ekonomi adalah pemerataan kesempatan dalam menjalankan usaha atau perekonomian. perlakuan yang sama pada setiap orang tanpa diskriminasi. pada pasal 27 uud 1945 dikatakan bahwa setiap orang berhak atas pekerjaan dan penghidupan yang laik bagi kemanusiaan. ini artinya bahwa setiap orang berhak memperoleh aset ekonomi secara adil dan merata sesuai dengan bakat dan keahlian yang dimilikinya. penguasaan atas sumber pendapatan oleh satu kelompok akan bertentangan dengan semangat keadilan sosial. 12 dainy tara, strategi membangun ekonomi rakyat, (jakarta: nuansa madani, 2001). 13 dainy tara, strategi membangun ekonomi rakyat, h. 21. 8 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan keadilan sosial dan pemerataan ekonomi mempunyai hubungan yang sangat erat dan tidak terpisahkan. terciptanya keadilan sosial akan menjamin terwujudnya pemerataan ekonomi. ekonomi islam allah swt. berfirman:                                              supaya harta itu jangan beredar di antara orang-orang kaya saja di antara kamu. apa yang diberikan rasul kepadamu, maka terimalah dan apa yang dilarangnya bagimu, maka tinggalkanlah. dan bertakwalah kepada allah. sesungguhnya allah amat keras hukumannya. (q.s. al-hasyr [59]: 7) pemerataan pendapatan inilah yang sebenarnya menjadi kendala besar bagi ekonomi kapitalis. mereka berpendapat bahwa kemakmuran itu seperti air yang dituangkan ke dalam gelas. bila gelas sudah penuh, maka airpun akan melimpah ke daerah di sekitarnya. namun mereka lupa, bahwa manusia yang bebas nilai tidak akan cukup dengan harta sebanyak apapun. timbullah ketimpangan ekonomi, ketidakmerataan pendapatan yang semakin hari semakin besar. ini yang menjadi salah satu tujuan ekonomi islam. ada nilai moral yaitu qanâ’ah, menghindari mubazir, tidak serakah, tidak bersifat konsumtif. ada instrumen pemerataan seperti zakat, infak, dan sedekah. ada peran pemerintah (tadâkhul dawliyyah) yang menjaga maqâshid, menjaga kemaslahatan orang banyak. maqâshid syarî’ah menurut al-ghazâlî adalah meningkatkan kesejahteraan seluruh manusia yang terletak pada perlindungan keimanan, jiwa, akal, keturunan dan kekayaan mereka. apapun yang menjamin kelima hal ini menjamin kepentingan publik dan merupakan hal yang diinginkan14‛. pada awal masa berkembangnya, ekonomi islam juga diwarnai dengan aturan-aturan tidak tertulis yang sangat dijunjung tinggi oleh generasi awal mula islam. kita sering mendengar kisah para pedagang dan pengusaha (konglomerat) yang sangat memperhatikan kepentingan umat (rakyat) seperti kisah 14 umar chapra, the future of economics: an islamic perspective , (jakarta: sebi, 2001), h.124. 9al-iqtishad: vol. iii, no. 1, januari 2011 keadilan sosial dan pemerataan ekonomi mempunyai hubungan yang sangat erat dan tidak terpisahkan. terciptanya keadilan sosial akan menjamin terwujudnya pemerataan ekonomi. ekonomi islam allah swt. berfirman:                                              supaya harta itu jangan beredar di antara orang-orang kaya saja di antara kamu. apa yang diberikan rasul kepadamu, maka terimalah dan apa yang dilarangnya bagimu, maka tinggalkanlah. dan bertakwalah kepada allah. sesungguhnya allah amat keras hukumannya. (q.s. al-hasyr [59]: 7) pemerataan pendapatan inilah yang sebenarnya menjadi kendala besar bagi ekonomi kapitalis. mereka berpendapat bahwa kemakmuran itu seperti air yang dituangkan ke dalam gelas. bila gelas sudah penuh, maka airpun akan melimpah ke daerah di sekitarnya. namun mereka lupa, bahwa manusia yang bebas nilai tidak akan cukup dengan harta sebanyak apapun. timbullah ketimpangan ekonomi, ketidakmerataan pendapatan yang semakin hari semakin besar. ini yang menjadi salah satu tujuan ekonomi islam. ada nilai moral yaitu qanâ’ah, menghindari mubazir, tidak serakah, tidak bersifat konsumtif. ada instrumen pemerataan seperti zakat, infak, dan sedekah. ada peran pemerintah (tadâkhul dawliyyah) yang menjaga maqâshid, menjaga kemaslahatan orang banyak. maqâshid syarî’ah menurut al-ghazâlî adalah meningkatkan kesejahteraan seluruh manusia yang terletak pada perlindungan keimanan, jiwa, akal, keturunan dan kekayaan mereka. apapun yang menjamin kelima hal ini menjamin kepentingan publik dan merupakan hal yang diinginkan14‛. pada awal masa berkembangnya, ekonomi islam juga diwarnai dengan aturan-aturan tidak tertulis yang sangat dijunjung tinggi oleh generasi awal mula islam. kita sering mendengar kisah para pedagang dan pengusaha (konglomerat) yang sangat memperhatikan kepentingan umat (rakyat) seperti kisah 14 umar chapra, the future of economics: an islamic perspective , (jakarta: sebi, 2001), h.124. ‘utsmân ibn ’affân yang menginfakkan hartanya ketika medinah dalam masa paceklik. sumbangan yang tidak tanggung-tanggung, ratusan ekor onta beserta barang dagangan yang ada pada onta tersebut. inilah norma aturan tidak tertulis yang lahir dari inner beauty, keluhuran moral generasi islam dahulu sehingga adanya miskin dan kaya dijalani sebagai suatu nikmat, dan pemerataan ekonomi berjalan dengan landasan moral. islam, jelas dalam setiap sektornya, termasuk sektor ekonomi, sangat memperhatikan moral dan norma-norma syariah, sehingga apapun yang bertentangan dengan syariah, dan bertentangan juga dengan maqâshid syarî‘ah, akan ditolak. sedangkan ekonomi kerakyatan, yang sangat berpihak pada kepentingan rakyat banyak, sangat powerfull pada bagaimana pemerataan pendapatan dan kesempatan sehingga masyarakat dapat menikmati kesejahteraan. sinergi yang paling efektif adalah menanamkan nilai moral dan syariah pada ekonomi kerakyatan. kehalalan, kejujuran, keadilan, menghindari kezaliman, menghindari kemubaziran dan hal yang tidak bermanfaat, menghindari hal yang haram adalah suatu nilai moral yang dapat meningkatkan nilai lebih dari sinergi ini. inilah sebenarnya salah satu titik tekan ekonomi dalam islam, selain instrumen bebas riba dengan segala derivasinya, dalam sistem ekonomi islam. ekonomi yang berlandaskan pada moral yang tinggi. semua orang boleh menjadi kaya, boleh menjadi besar jika memungkinkan, namun dengan aturan yang jelas, sesuai syariat, tidak menzalimi, berlaku adil, asas kesetimbangan, bermanfaat bagi orang banyak dan peduli dengan sesama. ekonomi islam dan sistem ekonomi lainnya sistem ekonomi islam berbeda dari kapitalisme, sosialisme, maupun negara kesejahteraan (welfare state).15 berbeda dari kapitalisme karena islam menentang eksploitasi oleh pemilik modal terhadap buruh yang miskin, dan melarang penumpukan kekayaan.                  kecelakaanlah bagi setiap pengumpat lagi pencela, yang mengumpulkan harta dan kemudian menghitung-hitung. (q.s. al-humazah [104]: 1-2) 15 lihat mannan, teori dan praktik ekonomi islam, (jogjakarta: dbw, 19970, h.309-344. 10 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan ajaran islam yang paling nyata adalah menjunjung tinggi upaya pemerataan untuk mewujudkan keadilan sosial, yang tercermin dalam q.s. al-hasyr [59]: 7 di atas. disandingkan dengan sosialisme, islam berbeda dalam hal kekuasaan negara, yang dalam sosialisme sangat kuat dan menentukan. kebebasan individu diakui dan dinilai tinggi dalam islam jelas bertentangan dengan ajaran sosialisme. ajaran ekonomi kesejahteraan (welfare state) yang berada di tengahtengah antara kapitalisme dan sosialisme memang lebih dekat ke ajaran islam. bedanya hanyalah bahwa dalam islam etika benar-benar dijadikan pedoman perilaku ekonomi sedangkan dalam welfare state tidak demikian, karena etika welfare state adalah sekuler yang tidak mengarahkan pada integrasi vertikal antara aspirasi materi dan spiritual. ekonomi islam dan ekonomi kerakyatan untuk melihat titik temu dari ekonomi islam dan ekonomi kerakyatan, maka perlu kiranya kita melihat tujuan dari masing-masing. sistem ekonomi islam mempunyai tujuan sebagai berikut:16 pertama, kesejahteraan ekonomi dalam kerangka norma moral islam (q.s. al-baqarah [2]: 2 & 168, q.s. al-mâ’idah [4]: 87-88, q.s. al-jumu'ah [62]: 10. kedua, membentuk masyarakat dengan tatanan sosial yang solid, berdasarkan keadilan, dan persaudaraan yang universal (q.s. al-hujurât [49]: 13, q.s. al-mâ’idah [4]: 8, q.s. al-syu’arâ [26] 183. ketiga, mencapai distribusi pendapatan dan kekayaan yang adil dan merata (q.s. alan'âm [6]: 165, al-nahl [16]: 71, al-zukhruf [43]: 32. keempat, menciptakan kebebasan individu dalam konteks kesejahteraan sosial (q.s. al-ra'd [13]: 36, q.s. luqmân [31]: 22). sementara itu, tujuan ekonomi kerakyatan dapat dirumuskan menjadi empat tujuan pokok.17 pertama, mewujudkan pemerataan dan keadilan sosial yaitu tidak membiarkan terjadi dan berkembangnya ketimpangan ekonomi dan kesenjangan sosial. kedua, semangat nasionalisme ekonomi, dimana dalam era globalisasi makin jelas adanya urgensi terwujudnya perekonomian nasional yang kuat, tangguh, dan mandiri. ketiga, demokrasi ekonomi berdasar kerakyatan dan kekeluargaan, koperasi dan usaha-usaha kooperatif menjiwai perilaku ekonomi perorangan dan masyarakat. keempat, keseimbangan yang harmonis, efisien, dan adil, antara perencanaan nasional dengan desentralisasi ekonomi dan 16 lihat m. syafii antonio, bank syariah dari teori ke praktik, (jakarta: gip, 2001), h. 10-18. 17mubyanto ,‛ ekonomi rakyat dan reformasi kebijakan‛, dalam jurnal ekonomi rakyat, th 3 no. 6 tahun 2004. 11al-iqtishad: vol. iii, no. 1, januari 2011 ajaran islam yang paling nyata adalah menjunjung tinggi upaya pemerataan untuk mewujudkan keadilan sosial, yang tercermin dalam q.s. al-hasyr [59]: 7 di atas. disandingkan dengan sosialisme, islam berbeda dalam hal kekuasaan negara, yang dalam sosialisme sangat kuat dan menentukan. kebebasan individu diakui dan dinilai tinggi dalam islam jelas bertentangan dengan ajaran sosialisme. ajaran ekonomi kesejahteraan (welfare state) yang berada di tengahtengah antara kapitalisme dan sosialisme memang lebih dekat ke ajaran islam. bedanya hanyalah bahwa dalam islam etika benar-benar dijadikan pedoman perilaku ekonomi sedangkan dalam welfare state tidak demikian, karena etika welfare state adalah sekuler yang tidak mengarahkan pada integrasi vertikal antara aspirasi materi dan spiritual. ekonomi islam dan ekonomi kerakyatan untuk melihat titik temu dari ekonomi islam dan ekonomi kerakyatan, maka perlu kiranya kita melihat tujuan dari masing-masing. sistem ekonomi islam mempunyai tujuan sebagai berikut:16 pertama, kesejahteraan ekonomi dalam kerangka norma moral islam (q.s. al-baqarah [2]: 2 & 168, q.s. al-mâ’idah [4]: 87-88, q.s. al-jumu'ah [62]: 10. kedua, membentuk masyarakat dengan tatanan sosial yang solid, berdasarkan keadilan, dan persaudaraan yang universal (q.s. al-hujurât [49]: 13, q.s. al-mâ’idah [4]: 8, q.s. al-syu’arâ [26] 183. ketiga, mencapai distribusi pendapatan dan kekayaan yang adil dan merata (q.s. alan'âm [6]: 165, al-nahl [16]: 71, al-zukhruf [43]: 32. keempat, menciptakan kebebasan individu dalam konteks kesejahteraan sosial (q.s. al-ra'd [13]: 36, q.s. luqmân [31]: 22). sementara itu, tujuan ekonomi kerakyatan dapat dirumuskan menjadi empat tujuan pokok.17 pertama, mewujudkan pemerataan dan keadilan sosial yaitu tidak membiarkan terjadi dan berkembangnya ketimpangan ekonomi dan kesenjangan sosial. kedua, semangat nasionalisme ekonomi, dimana dalam era globalisasi makin jelas adanya urgensi terwujudnya perekonomian nasional yang kuat, tangguh, dan mandiri. ketiga, demokrasi ekonomi berdasar kerakyatan dan kekeluargaan, koperasi dan usaha-usaha kooperatif menjiwai perilaku ekonomi perorangan dan masyarakat. keempat, keseimbangan yang harmonis, efisien, dan adil, antara perencanaan nasional dengan desentralisasi ekonomi dan 16 lihat m. syafii antonio, bank syariah dari teori ke praktik, (jakarta: gip, 2001), h. 10-18. 17mubyanto ,‛ ekonomi rakyat dan reformasi kebijakan‛, dalam jurnal ekonomi rakyat, th 3 no. 6 tahun 2004. otonomi yang luas, bebas, dan bertanggung jawab, menuju perwujudan keadilan sosial bagi seluruh rakyat indonesia. islam bertujuan membentuk masyarakat dengan tatanan sosial yang solid. dalam tatanan yang solid tersebut setiap individu diikat oleh persaudaraan dan kasih sayang. tatanan yang solid akan tercapai bila keadilan dalam masyarakat dipenuhi termasuk keadilan ekonomi. kesenjangan pendapatan dan kekayaan yang berlangsung di masyarakat tentu berlawanan dengan konsep keadilan ekonomi. kesenjangan ini yang ingin diatasi oleh ekonomi islam . cara yang ditempuh oleh islam, misalnya dengan memperkecil peluangpeluang monopoli dan pemusatan penguasaan sektor ekonomi yang sangat besar pada beberapa pihak tertentu, menjamin hak dan kesempatan semua pihak untuk aktif dalam seluruh proses kegiatan ekonomi, menjamin pemenuhan kebutuhan dasar, dan melaksanakan sistem jaminan sosial. keadilan ekonomi yang diterapkan islam, selain berlandaskan asas syariah, tetapi tetap mengakui kebebasan individu dalam berusaha asal sesuai dengan bingkai syariah. bingkai tersebut antara lain kepentingan orang banyak lebih didahulukan daripada kepentingan individu. pemerataan keadilan sosial yang menjadi tujuan dari ekonomi kerakyatan jelas sesuai dan telah ter-cover dalam tujuan ekonomi islam. ketimpangan ekonomi dan kesenjangan sosial yang ingin diatasi oleh ekonomi kerakyatan memang menjadi titik perhatian dari ekonomi islam. demokrasi ekonomi yang ingin memberikan kesempatan seluas-luasnya kepada masyarakat untuk menjadi pelaku ekonomi tanpa diskriminasi dikembangkan pula dalam ekonomi islam. bahkan islam pun mengatur campur tangan pemerintah dalam sektor yang menyangkut hajat hidup orang banyak dengan membolehkan pemerintah memegang monopoli pada sektor tertentu. ini dilakukan agar kebutuhan masyarakat terhadap public good dapat terjamin, misalnya: air, energi, barang tambang, dan hutan. keseimbangan yang harmonis dan adil serta otonomi ekonomi yang bertanggungjawab juga menjadi perhatian dalam islam yang diakui dalam kebebasan individu yang bertanggung jawab dalam konteks kesejahteraan sosial bersama. konsep sharing dalam ekonomi islam dan kerakyatan konsep kebersamaan dan tolong-menolong dalam menghadapi ketidakpastian merupakan salah satu prinsip yang sangat mendasar dalam ekonomi islam. konsep ini dapat dianggap mendukung aspek keadilan yang merupakan prinsip dalam ekonomi islam. konsep kebersamaan dalam ekonomi islam ini termasuk di dalamnya kebersamaan menanggung risiko dan ketidakpastian 12 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan dalam berusaha. konsep ini kemudian dikenal dengan istilah sharing atau profit sharing. penetapan suatu hasil di depan dan kemudian mengesampingkan risiko dari seorang yang berusaha dipandang sebagai sesuatu yang tidak adil. konsep sharing dalam islam berkembang menjadi ujung tombak ekonomi islam yang mewarnai praktik institusi ekonomi islam. konsep itu terjelma misalnya dalam akad-akad transaksi dan kerjasama antara masyarakat, antara masyarakat dengan lembaga-lembaga permodalan, antara masyarakat dengan investor, ataupun antara masyarakat dengan pelaku usaha langsung. akad itu dikenal dengan mudhârabah dengan segala derivasi pengembangannya. pada ekonomi kerakyatan, sistem yang dikembangkan adalah sistem yang sebenarnya lebih sempit yaitu share ownership. konsep share ownership ini kemudian diejawantahkan dalam institusi yang bernama koperasi. koperasi di indonesia identik dengan wadah perekonomian masyarakat indonesia. bahkan, koperasi pada awal berdirinya republik ini diharapkan menjadi sokoguru perekonomian indonesia, walaupun dalam perkembangannya harapan ini tidak kunjung terwujud, bahkan boleh dikatakan gagal. koperasi syariah: titik temu institusi ekonomi sebagai pilar terpenting ekonomi bangsa yang diharapkan menjadi sokoguru perekonomian, secara ironis koperasi justru jauh tertinggal dari badan usaha swasta dan perusahaan negara. peran penting koperasi dalam mendorong pemberdayaan, pemerataan, dan demokrasi ekonomi ini telah dibuktikan di pelbagai negara di seluruh dunia. namun realitas memperlihatkan perkembangan koperasi hingga kini masih memprihatinkan. dari 140 ribu koperasi yang ada di indonesia, hanya 28,5% yang aktif, dan lebih sedikit lagi koperasi yang memiliki manajemen kelembagaan yang baik, partisipasi anggota yang optimal, usaha yang fokus, terlebih lagi skala usaha yang besar. institusi ekonomi yang menyentuh rakyat banyak baik dalam islam maupun dalam ekonomi kerakyatan akan tepat bertemu pada koperasi. oleh karena itulah pendekatan yang paling mungkin dan tepat secara institusi adalah koperasi syariah atau koperasi dengan menggunakan prinsip-prinsip syariah dalam pelaksanaannya. koperasi syariah adalah usaha ekonomi yang terorganisir secara mantap, demokratis, otonom, partisipasif, dan berwatak sosial yang operasionalnya menggunakan prinsip-prinsip yang mengusung etika moral dan berusaha dengan memperhatikan halal atau haram sebuah usaha yang 13al-iqtishad: vol. iii, no. 1, januari 2011 dalam berusaha. konsep ini kemudian dikenal dengan istilah sharing atau profit sharing. penetapan suatu hasil di depan dan kemudian mengesampingkan risiko dari seorang yang berusaha dipandang sebagai sesuatu yang tidak adil. konsep sharing dalam islam berkembang menjadi ujung tombak ekonomi islam yang mewarnai praktik institusi ekonomi islam. konsep itu terjelma misalnya dalam akad-akad transaksi dan kerjasama antara masyarakat, antara masyarakat dengan lembaga-lembaga permodalan, antara masyarakat dengan investor, ataupun antara masyarakat dengan pelaku usaha langsung. akad itu dikenal dengan mudhârabah dengan segala derivasi pengembangannya. pada ekonomi kerakyatan, sistem yang dikembangkan adalah sistem yang sebenarnya lebih sempit yaitu share ownership. konsep share ownership ini kemudian diejawantahkan dalam institusi yang bernama koperasi. koperasi di indonesia identik dengan wadah perekonomian masyarakat indonesia. bahkan, koperasi pada awal berdirinya republik ini diharapkan menjadi sokoguru perekonomian indonesia, walaupun dalam perkembangannya harapan ini tidak kunjung terwujud, bahkan boleh dikatakan gagal. koperasi syariah: titik temu institusi ekonomi sebagai pilar terpenting ekonomi bangsa yang diharapkan menjadi sokoguru perekonomian, secara ironis koperasi justru jauh tertinggal dari badan usaha swasta dan perusahaan negara. peran penting koperasi dalam mendorong pemberdayaan, pemerataan, dan demokrasi ekonomi ini telah dibuktikan di pelbagai negara di seluruh dunia. namun realitas memperlihatkan perkembangan koperasi hingga kini masih memprihatinkan. dari 140 ribu koperasi yang ada di indonesia, hanya 28,5% yang aktif, dan lebih sedikit lagi koperasi yang memiliki manajemen kelembagaan yang baik, partisipasi anggota yang optimal, usaha yang fokus, terlebih lagi skala usaha yang besar. institusi ekonomi yang menyentuh rakyat banyak baik dalam islam maupun dalam ekonomi kerakyatan akan tepat bertemu pada koperasi. oleh karena itulah pendekatan yang paling mungkin dan tepat secara institusi adalah koperasi syariah atau koperasi dengan menggunakan prinsip-prinsip syariah dalam pelaksanaannya. koperasi syariah adalah usaha ekonomi yang terorganisir secara mantap, demokratis, otonom, partisipasif, dan berwatak sosial yang operasionalnya menggunakan prinsip-prinsip yang mengusung etika moral dan berusaha dengan memperhatikan halal atau haram sebuah usaha yang dijalankan sebagaimana diajarkan dalam agama islam18. mengapa koperasi syariah? karena perekonomian islam yang dibangun dengan prinsip bebas riba tentu akan menolak segala hal yang berkaitan dengannya. koperasi, walaupun ia sebuah institusi ekonomi yang merakyat, namun tidak terlepas dari unsur riba. sedangkan prinsip koperasi yang lain bisa dikatakan sesuai dan bahkan didukung oleh islam, seperti shareownership, bagi hasil usaha, keberpihakan pada masyarakat, dan prinsip positif lainnya. kini terdapat lebih dari 3000 koperasi syariah di indonesia yang dalam waktu relatif singkat telah mampu membantu lebih dari 920.000 usaha mikro di tanah air dan telah merambah ke seluruh kabupaten di tanah air baik dalam bentuk koperasi pondok pesantren (kopontren), koperasi masjid, koperasi perkantoran, hingga koperasi pasar (kopas). secara konseptual, koperasi sendiri pada hakikatnya sangat selaras dengan budaya dan nilai-nilai islam, agama mayoritas di negeri ini. tidak heran bila kemudian koperasi yang beroperasi berdasarkan syariat islam, dengan mudah diterima oleh masyarakat indonesia. dalam perspektif islam, koperasi yang menjunjung asas kebersamaan dan kekeluargaan dapat dipandang sebagai bentuk syirkah ta’âwuniyyah yang bermakna bekerja sama dan tolong-menolong dalam kebaikan. ketika koperasi bekerja dalam bingkai syariah islam, seperti tidak berhubungan dengan aktivitas riba, maysir (judi), dan gharar (spekulan), maka lengkaplah keselarasan koperasi dengan nilai-nilai islam. sinergi ekonomi syariah dan kerakyatan tidaklah bijaksana bila terjebak terus-menerus pada konsep dan definisi tentang ekonomi kerakyatan ataupun ekonomi islam, apalagi berdasarkan uraian di atas, sesungguhnya dapat dikatakan ekonomi islam adalah ekonomi kerakyatan yang berjalan di atas norma-norma dan etika berlandaskan syariah. begitu pula dalam konteks institusi ekonomi. institusi ekonomi islam dan ekonomi kerakyatan yang bertemu pada institusi koperasi telah berjalan dan telah ada di masyarakat. hal yang lebih diperlukan adalah bagaimana semua konsep tersebut dapat berjalan dan bersinergi sehingga membuat kemiskinan di tengah masyarakat menjadi berkurang dan keadilan ekonomi ditegakkan. sesungguhnya masing-masing instrumen ekonomi tersebut sudah berjalan dan eksis di masyarakat. sekadar contoh, instrumen ekonomi kerakyatan semacam koperasi sudah lama ada dan sampai saat ini masih terus berkembang 18 nur s. buchori, pengelolaan koperasi syariah, (jakarta: departemen umkm bidang ekuintek dpp pks, 2007), hal 2. 14 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan walaupun porsinya masih teramat kecil dibandingkan usaha lainnya. data dari departemen koperasi menunjukkan saat ini modal koperasi hanya sekitar 3,5 trilyun saja, dengan jumlah koperasi sebanyak 97 ribuan. sektor ukm atau sektor lain yang sering dipinggirkan dengan sebutan sektor informal seperti pedagang kecil, kaki lima dan lain sebagainya, yang notabene bagian dari ekonomi kerakyatan pun sudah tumbuh sedemikian rupa. bahkan sektor ukm inilah yang paling banyak menyerap tenaga kerja dan menjadi solusi menanggulangi pengangguran yang semakin meningkat. begitupun yang terjadi dengan koperasi syariah. kini terdapat lebih dari 3.000 koperasi syariah di indonesia yang dalam waktu relatif singkat telah mampu membantu lebih dari 920.000 usaha mikro di tanah air dan telah merambah ke seluruh kabupaten di tanah air baik dalam bentuk koperasi pondok pesantren (kopontren), koperasi masjid, koperasi perkantoran, hingga koperasi pasar (kopas). secara konseptual, koperasi sendiri pada hakikatnya sangat selaras dengan budaya dan nilai-nilai islam, agama mayoritas di negeri ini. tidak heran bila kemudian koperasi yang beroperasi berdasarkan syariat islam dengan mudah diterima oleh masyarakat indonesia. dalam perspektif islam, koperasi yang menjunjung asas kebersamaan dan kekeluargaan dapat dipandang sebagai bentuk syirkah ta’âwuniyyah yang bermakna bekerja sama dan tolong-menolong dalam kebaikan. ketika koperasi bekerja dalam bingkai syariah islam, seperti tidak berhubungan dengan aktivitas riba, maysir (judi), dan gharar (spekulan), maka lengkaplah keselarasan koperasi dengan nilai-nilai islam. hal positif yang paling diperlukan adalah bagaimana agar kedua institusi tersebut dapat lebih berkembang dan maju sehingga dapat menjadi kekuatan ekonomi yang sesungguhnya dan bisa berdampak pada tujuan yang dicita-citakan masing-masing. ada beberapa syarat yang dapat menjadi faktor majunya koperasi, antara lain:19 pertama, koperasi akan mampu berperan secara baik kepada masyarakat ketika koperasi secara benar berjalan sesuai jati dirinya sebagai suatu organisasi otonom, lembaga yang diawasi anggotanya dan bila mereka tetap berpegang pada nilai dan prinsip koperasi. kedua, potensi koperasi dapat diwujudkan semaksimal mungkin hanya bila kekhususan koperasi dihormati dalam peraturan perundangan. ketiga, koperasi dapat mencapai tujuannya bila mereka diakui keberadaannya dan aktivitasnya. keempat, koperasi dapat hidup seperti laiknya perusahaan lainnya bila terjadi fair playing field. kelima, pemerintah 19noer sutrisno, ‚koperasi mewujudkan kebersamaan dan kesejahteraan‛, dalam jurnal ekonomi rakyat,th. 2 no. 5, 2003. 15al-iqtishad: vol. iii, no. 1, januari 2011 walaupun porsinya masih teramat kecil dibandingkan usaha lainnya. data dari departemen koperasi menunjukkan saat ini modal koperasi hanya sekitar 3,5 trilyun saja, dengan jumlah koperasi sebanyak 97 ribuan. sektor ukm atau sektor lain yang sering dipinggirkan dengan sebutan sektor informal seperti pedagang kecil, kaki lima dan lain sebagainya, yang notabene bagian dari ekonomi kerakyatan pun sudah tumbuh sedemikian rupa. bahkan sektor ukm inilah yang paling banyak menyerap tenaga kerja dan menjadi solusi menanggulangi pengangguran yang semakin meningkat. begitupun yang terjadi dengan koperasi syariah. kini terdapat lebih dari 3.000 koperasi syariah di indonesia yang dalam waktu relatif singkat telah mampu membantu lebih dari 920.000 usaha mikro di tanah air dan telah merambah ke seluruh kabupaten di tanah air baik dalam bentuk koperasi pondok pesantren (kopontren), koperasi masjid, koperasi perkantoran, hingga koperasi pasar (kopas). secara konseptual, koperasi sendiri pada hakikatnya sangat selaras dengan budaya dan nilai-nilai islam, agama mayoritas di negeri ini. tidak heran bila kemudian koperasi yang beroperasi berdasarkan syariat islam dengan mudah diterima oleh masyarakat indonesia. dalam perspektif islam, koperasi yang menjunjung asas kebersamaan dan kekeluargaan dapat dipandang sebagai bentuk syirkah ta’âwuniyyah yang bermakna bekerja sama dan tolong-menolong dalam kebaikan. ketika koperasi bekerja dalam bingkai syariah islam, seperti tidak berhubungan dengan aktivitas riba, maysir (judi), dan gharar (spekulan), maka lengkaplah keselarasan koperasi dengan nilai-nilai islam. hal positif yang paling diperlukan adalah bagaimana agar kedua institusi tersebut dapat lebih berkembang dan maju sehingga dapat menjadi kekuatan ekonomi yang sesungguhnya dan bisa berdampak pada tujuan yang dicita-citakan masing-masing. ada beberapa syarat yang dapat menjadi faktor majunya koperasi, antara lain:19 pertama, koperasi akan mampu berperan secara baik kepada masyarakat ketika koperasi secara benar berjalan sesuai jati dirinya sebagai suatu organisasi otonom, lembaga yang diawasi anggotanya dan bila mereka tetap berpegang pada nilai dan prinsip koperasi. kedua, potensi koperasi dapat diwujudkan semaksimal mungkin hanya bila kekhususan koperasi dihormati dalam peraturan perundangan. ketiga, koperasi dapat mencapai tujuannya bila mereka diakui keberadaannya dan aktivitasnya. keempat, koperasi dapat hidup seperti laiknya perusahaan lainnya bila terjadi fair playing field. kelima, pemerintah 19noer sutrisno, ‚koperasi mewujudkan kebersamaan dan kesejahteraan‛, dalam jurnal ekonomi rakyat,th. 2 no. 5, 2003. harus memberikan aturan main yang jelas, tetapi koperasi dapat dan harus mengatur dirinya sendiri di dalam lingkungan mereka (self-regulation). keenam, koperasi adalah milik anggota di mana saham adalah modal dasar, sehingga mereka harus mengembangkan sumber dayanya dengan tidak mengancam identitas dan jati dirinya. ketujuh, bantuan pengembangan dapat berarti penting bagi pertumbuhan koperasi, namun akan lebih efektif bila dipandang sebagai kemitraan dengan menjunjung tinggi hakekat koperasi dan diselenggarakan dalam kerangka jaringan. syarat kemajuan koperasi tersebut sesungguhnya memiliki dua faktor utama yaitu masyarakat dan pemerintah. masyarakat berperan dalam memberdayakan koperasi dengan pengelolaan yang profesional, transparan, dan akuntabel. pengelolaan koperasi harus dengan sumber daya manusia yang unggul. koperasi tidak dijadikan sebagai alat untuk mendapatkan dana dari pemerintah, ataupun proyek keluarga atau perangkat pemerintahan. pemerintah berperan dalam memajukan koperasi dengan mengeluarkan peraturan-peraturan dan kebijakan yang mendukung. pemerintah dituntut untuk memiliki komitmen yang kuat untuk menjalankan peraturan dan kebijakan yang memihak koperasi, bukan menjadikannya sebagai komoditas politik apalagi lahan penyelewengan dana. fungsi pemerintah sebagai regulator juga dituntut berperan dengan aktif, misalnya memberikan aturan main yang jelas bagi koperasi dan iklim usaha secara umum. fungsi pemerintah sebagai pengayom koperasi pun sangat penting diperhatikan, dengan bukan hanya memberikan bantuan dana saja, namun juga pembinaan, pengawasan, pemberdayaan dan pastisipasi aktif koperasi dalam sektor usaha. negara sumber kapitalis, seperti amerika, sesungguhnya tidak menjalankan ekonomi kapitalis secara murni. mereka masih memproteksi rakyatnya pada bidang tertentu seperti sektor pertanian. mereka punya lembaga pemberdayaan ekonomi kecil yaitu sba (small business administration) yang berfokus pada peningkatan usaha kecil. mereka memberlakukan undang-undang antimonopoli secara ketat. sektor-sektor publik seperti jalan tol, bandara, dan pelabuhan menjadi milik negara untuk dipergunakan sebesar-besarnya kemakmuran rakyat. hal ini demi meningkatkan pemberdayaan ekonomi rakyatnya. pemerintahan kita, malah sedang giat-giatnya melakukan kapitalisme ‛murni‛ yang sudah ditinggalkan orang. usaha kecil dan menengah tidak terkelola dengan baik. sebagai contoh, pasar pemerintah, yang banyak diisi oleh pedagang kecil dan menengah terpinggirkan oleh pasar modern dan hipermarket. ini bukanlah semata hasil persaingan yang fair. ketika pasar pemerintah tidak dikelola dengan baik, kumuh, berdesakan, panas, becek, banyak copet, pungli, 16 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan dan lain sebagainya, yang mengakibatkan ekonomi biaya tinggi, bagaimana bisa bersaing dengan hypermarket yang nyaman. mengapa tidak pemerintah memodernisasi pasar tradisional, menghilangkan pungli dan lain sebagainya, sehingga kompetisi yang terjadi adalah kompetisi yang fair. belum lagi bicara masalah modal ukm. akses terhadap modal dan pinjaman terbatas atau kalaupun ada, sangat sulit dan berbiaya tinggi. keberpihakan kepada perusahaan besar semakin kuat. hal ini dapat dilihat dari indikasi keberpihakan pemerintah terhadap bank-bank konvensional, peraturan kompetisi yang kurang tegas. privatisasi asetaset milik negara terus berlangsung, padahal jelas ditegaskan sumber hajat hidup orang banyak dikuasai oleh negara untuk kepentingan rakyat. kekayaan alam yang begitu berlimpah malah dinikmati sebagian besar oleh pihak asing. ekonomi bebas bunga yang diusung oleh sistem ekonomi islam pun masih belum direspon secara penuh oleh pemerintah. zakat, yang merupakan potensi sangat besar untuk mengentaskan kemiskinan masih belum didukung oleh peraturan yang baik untuk mengoptimalisasikan pengelolaannya. hasilnya, perolehan zakat yang ada hanya 2% dari potensi filantropi masyarakat. padahal, potensi berkembangnya ekonomi islam dan kerakyatan sangatlah besar. koperasi, yang jaringannya sampai ke desa-desa adalah sebuah aset ekonomi jaringan rakyat yang berharga. jika pemerintah punya peraturan yang cukup dan komitmen yang kuat untuk pemberdayaan koperasi baik sdm maupun modal dan kesempatan, maka koperasi akan menjadi kekuatan besar dalam menggerakkan sektor riil. perbankan syariah atau lembaga keuangan syariah, tumbuh sangat baik, walaupun kondisi masyarakat yang multikrisis dan dukungan pemerintah yang kurang. bmt sebagai jaringan akses modal yang luas bagi masyarakat menengah ke bawah, dengan jumlah yang masih sangat terbatas saja sudah dapat dirasakan manfaatnya. belajar dari orang lain menarik apa yang dilakukan muhammad yunus dengan instrumen ekonomi kerakyatannya di banglades yang bernama grameen bank, banking for the poor. sebagaimana yang diceritakan reynald kasali dalam bukunya, recode your change dna20, beliau melihat kemiskinan di masyarakatnya sudah begitu merajalela, karena masyarakat terjerat pada rentenir, padahal mereka hanya membutuhkan bantuan beberapa dolar saja. hal yang banyak orang mampu melakukannya. dengan koperasi yang sangat sederhana, melayani kaum wanita di desa, bahkan sampai pengemis, dengan pinjaman bebas bunga pada awalnya dan berbunga sangat rendah setelah mampu, dengan sistem grouping, grameen 20 reynald kasali, re-code your change dna, (jakarta: gramedia, 2007), h. 94-97. 17al-iqtishad: vol. iii, no. 1, januari 2011 dan lain sebagainya, yang mengakibatkan ekonomi biaya tinggi, bagaimana bisa bersaing dengan hypermarket yang nyaman. mengapa tidak pemerintah memodernisasi pasar tradisional, menghilangkan pungli dan lain sebagainya, sehingga kompetisi yang terjadi adalah kompetisi yang fair. belum lagi bicara masalah modal ukm. akses terhadap modal dan pinjaman terbatas atau kalaupun ada, sangat sulit dan berbiaya tinggi. keberpihakan kepada perusahaan besar semakin kuat. hal ini dapat dilihat dari indikasi keberpihakan pemerintah terhadap bank-bank konvensional, peraturan kompetisi yang kurang tegas. privatisasi asetaset milik negara terus berlangsung, padahal jelas ditegaskan sumber hajat hidup orang banyak dikuasai oleh negara untuk kepentingan rakyat. kekayaan alam yang begitu berlimpah malah dinikmati sebagian besar oleh pihak asing. ekonomi bebas bunga yang diusung oleh sistem ekonomi islam pun masih belum direspon secara penuh oleh pemerintah. zakat, yang merupakan potensi sangat besar untuk mengentaskan kemiskinan masih belum didukung oleh peraturan yang baik untuk mengoptimalisasikan pengelolaannya. hasilnya, perolehan zakat yang ada hanya 2% dari potensi filantropi masyarakat. padahal, potensi berkembangnya ekonomi islam dan kerakyatan sangatlah besar. koperasi, yang jaringannya sampai ke desa-desa adalah sebuah aset ekonomi jaringan rakyat yang berharga. jika pemerintah punya peraturan yang cukup dan komitmen yang kuat untuk pemberdayaan koperasi baik sdm maupun modal dan kesempatan, maka koperasi akan menjadi kekuatan besar dalam menggerakkan sektor riil. perbankan syariah atau lembaga keuangan syariah, tumbuh sangat baik, walaupun kondisi masyarakat yang multikrisis dan dukungan pemerintah yang kurang. bmt sebagai jaringan akses modal yang luas bagi masyarakat menengah ke bawah, dengan jumlah yang masih sangat terbatas saja sudah dapat dirasakan manfaatnya. belajar dari orang lain menarik apa yang dilakukan muhammad yunus dengan instrumen ekonomi kerakyatannya di banglades yang bernama grameen bank, banking for the poor. sebagaimana yang diceritakan reynald kasali dalam bukunya, recode your change dna20, beliau melihat kemiskinan di masyarakatnya sudah begitu merajalela, karena masyarakat terjerat pada rentenir, padahal mereka hanya membutuhkan bantuan beberapa dolar saja. hal yang banyak orang mampu melakukannya. dengan koperasi yang sangat sederhana, melayani kaum wanita di desa, bahkan sampai pengemis, dengan pinjaman bebas bunga pada awalnya dan berbunga sangat rendah setelah mampu, dengan sistem grouping, grameen 20 reynald kasali, re-code your change dna, (jakarta: gramedia, 2007), h. 94-97. bank telah menolong berjuta-juta orang terbebas dari kemiskinan. sampai tahun 2004, grameen bank telah menyalurkan pinjaman mikro sebesar $ 4,5 milliard. inilah yang sedang dan seharusnya dilakukan oleh bmt-bmt di daerah-daerah, sehingga akses terhadap modal bagi usaha kecil dapat lebih mudah. keberhasilan lain, juga terjadi pada koperasi di india yang sekarang sudah menjadi perusahaan raksasa yang sahamnya dimiliki oleh anggota masyarakat kecil. koperasi itu adalah gujarat cooperative milk marketing federation (gcmmf). usaha raksasa yang awalnya adalah koperasi susu yang didirikan untuk melawan ketidakberdayaan permainan harga susu dari pabrik besar. dengan pola semacam induk koperasi yang membawahi beberapa jaringan kud, gcmmf yang didirikan tahun 1946, saat ini menjadi produsen pelbagai macam produk susu terbesar di india dengan penjualan tahunan sebesar $ 500 juta21. penutup ekonomi islam dan ekonomi kerakyatan sesungguhnya mempunyai tujuan yang sama, yaitu kesejahteraan dan keadilan dalam ekonomi bagi semua orang. keadilan dan kesejahteran dalam kehidupan ekonomi tersebut, dalam islam harus berlandaskan pada norma dan etika islam, sehingga semua sistem ekonomi tersebut berjalan sesuai dengan syariah islam. selain merupakan konsep yang berlandaskan pada keadilan sosial dan pemerataan ekonomi yang adil, sesungguhnya ekonomi kerakyatan di indonesia sudah berjalan sejak lama dengan institusi yang sudah dirancang, yaitu koperasi. koperasi merupakan ujung tombak yang diharapkan oleh para pendiri bangsa ini sebagai alat untuk pemerataan dan keadilan ekonomi. institusi koperasi pada tataran konsep dan pelaksanaannya banyak memiliki kesesuaian dengan institusi pemberdayaan ekonomi yang diharapkan islam. oleh karena itulah, ekonomi syariah mengkonversi institusi koperasi itu dengan koperasi syariah. sinergi dari institusi ini diharapkan dapat menjadi ujung tombak sistem ekonomi islam sebagai ekonomi kerakyatan. hal ini dapat terwujud mengingat potensi yang begitu besar dari koperasi, yang menjangkau sampai kepada lapisan masayarakat terkecil. potensi itu juga terlihat pada koperasi syariah, yang saat ini baru berupa bmt yang keberadaannya sangat membantu sektor informal dalam mengakses modal. hal yang juga sangat penting agar ekonomi syariah— yang berbasis kerakyatan—ini berhasil adalah dukungan dan komitmen pemerintah dalam hal regulasi, kebijakan dan peraturan yang mendukung.[] 21 lihat, prasanda chandra, who want to be an interpreneur, (jakarta: prestasi pustaka, 2006), h.178-185. 18 sofyan rizal: titik temu dan sinergi ekonomi islam dan ekonomi kerakyatan pustaka acuan buku: antonio, muhammad syafi’i, bank syariah dari teori ke praktik, jakarta: gip, 2001. buchori, s. nur, pengelolaan koperasi syariah, jakarta: departemen umkm dpp pks, 2007. chandra, prasanna, who wants to be an enterpreneur, jakarta: prestasi pustaka, 2006. chapra, m. umar, the future of economics: an islamic perspective, jakarta: sebi, 2001. griffin, ricky w, and ronald j. ebert, business, ew jersey: pearson prentic hall, n 2004. kasali, reynald, re-code your change dna, jakarta: gramedia, 2007. mankiw, n gregory, principles of economics, second edition, harcourt: orlando, 2001. mannan, m abdul, teori dan praktik ekonomi islam, terjemahan oleh nastangin, yogyakarta: dana bhakti wakaf, 1997. artikel/makalah: ismawan, bambang ‚ekonomi rakyat, sebuah pengantar‛, dalam jurnal ekonomi rakyat, tahun 1, no. 1, 2002. krisnamurthi, bayu, ‚krisis ekonomi moneter dan ekonomi rakyat‛, dalam jurnal ekonomi rakyat, tahun 1, no. 3, 2002. mubyanto, ‚ekonomi rakyat dan reformasi kebijakan‛, dalam jurnal ekonomi rakyat, tahun 3, no. 6, 2004. ------------, ‚membangkitkan ekonomi kerakyatan melalui gerakan koperasi‛, dalam jurnal ekonomi rakyat, tahun 1, no. 6, 2002. sutrisno, noer, ‚koperasi mewujudkan kebersamaan dan kesejahteraan‛, dalam jurnal ekonomi rakyat tahun, 2, no. 5, 2003. ahmad rodoni1, haikal djauhari2, yusro rahma3, alhussaini alawad alhassan4 abstract. this study analyzes and compares the weak forms of islamic and conventional stock market efficiency in asean countries. the data were taken from bei syariah (jkissi), jakarta stock exchange (jkse), ftse bursa malaysia emas syariah (ftfbms), ftse malaysia klci (klse), set index (seti), and ftse set syariah (ftfstsh) from january 2015 to august 2021. to avoid analytical bias due to the covid-19 pandemic, the data is divided into two periods, january 2015 to december 2019 and january 2020 to august 2021. the contribution of this research is to compare the market efficiency of the weak form of islamic and conventional stocks over two periods with different methods, namely variance ratio test, run test, arima model, and recurrent neural network (rnn). this study shows that islamic stocks in these countries are more efficient from january 2015 to december 2019. on the other hand, conventional stocks are more efficient from january 2020 to august 2021 (during the covid-19 pandemic). keywords: sharia and conventional stocks, efficient market, asean countries abstrak. penelitian ini menganalisa dan membandingkan bentuk lemah dari efisiensi pasar saham syariah dan konvensional di negara-negara asean. data berasal dari bei syariah (jkissi), bursa efek jakarta (jkse), ftse bursa malaysia emas syariah (ftfbms), ftse malaysia klci (klse), set index (seti), dan ftse set syariah (ftfstsh) dari januari 2015 hingga agustus 2021. untuk menghindari bias analisa akibat pandemi covid-19, data dibagi menjadi dua periode, januari 2015 hingga desember 2019 dan januari 2020 hingga agustus 2021. penelitian ini membandingkan bentuk lemah dari efisiensi pasar saham syariah dan konvensional selama dua periode waktu dengan metode berbeda, yaitu variance ratio test, run test, model arima, dan recurrent neural network (rnn). studi menunjukkan bahwa saham syariah di negara-negara tersebut lebih efisien pada periode januari 2015 hingga desember 2019. di sisi lain, saham konvensional lebih efisien pada periode januari 2020 hingga agustus 2021 (selama pandemi covid-19). kata kunci: saham syariah dan konvensional, pasar efisien, negara asean comparative analysis of efficient market for sharia and conventional stocks in asean countries al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 1 22 1,2,3state islamic university syarif hidayatullah jakarta 4sakarya university, turkey e-mail: 1ahmad.rodoni@uinjkt.ac.id, 2haikal.djauhari20@mhs.uinjkt.ac.id, 3yusro.rahma@uinjkt.ac.id, 4bestgo1992@gmail.com author: ahmad rodoni received: 28 februari 2022 accepted: 19 juni 2022 published: 20 juni 2022 2 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction the efficient market hypothesis (emh), first introduced by fama (1970), is one of the important hypotheses in the financial sector. this hypothesis argues that if a market is efficient, then all information about the market is fully reflected in stock prices at any point in time, and the prices adjust rapidly to all new information. a consequence of the theory is that an investor can't take advantage only of the available information. there is no room to make abnormal profits by investing in some stocks since everything is fairly priced; hence nobody can constantly beat the market. regardless of the controversies, emh can be used as a benchmark to measure the efficiency of capital markets. based on what information is reflected in prices, there are three levels of an efficient market: weak form, semi-strong form, and strong form efficient market (fama, 1970). weak form efficiency states that current and future stock prices cannot be predicted by only using the past data of stock prices. semi-strong form efficiency suggests that the current prices reflect all publicly available information, while strong form efficiency claims that stock prices reflect all public and private information. with this hypothesis, investors can have a reference for making decisions in investing (dupernex, 2007). therefore, testing of market efficiency is still considered relevant to be carried out. there are underlying assumptions about emh. first, investors are rational beings who behave rationally. therefore every investment decision taken is completely based on consideration of the risks and returns of each invested fund. the second is that information about market conditions is open to everyone, and there is no cost to obtain such information. the assumption about this information disclosure is very important, as ackert et al. (2003) argued that investors' decisions are strongly influenced by the information circulating and the information received by investors. in the era of digital information as it is today, this assumption is getting closer to the real situation because information circulates quickly through various digital media and can be obtained at almost no cost.testing the efficient market hypothesis is not only important for conventional capital markets but also sharia capital markets. this is mainly because the sharia capital market has experienced significant growth in recent years (paltrinieri et al., 2018; saleem & ashfaque, 2020). in line with this growth, several conventional financial services companies such as citibank, barclays, morgan stanley, merrill lynch, and hsbc have begun to introduce sharia financial products (al-khazali & mirzaei, 2017). sharia stocks are also starting to get http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 3 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 attention from many groups, including non-muslim investors, especially because they can reduce systematic risk (jawadi et al., 2019). in addition, issues related to ethics, morals, and other social issues, considered an icon of sharia stocks, are considered attractive to several investors as alternative investments (anas & mounira, 2009). many studies have been conducted to examine the efficiency of capital markets and analyze various phenomena related to anomalies that occur in both conventional and sharia capital markets. however, some of these studies show different results, and thus they seem inconsistent. in the opinion of senthilnathan (2014), who conducted a literature review on market efficiency in asia and pacific countries, it is argued that some studies on capital market efficiency in these countries seem contradictory. the results may also be due to differences in the period and research methods (semuel & basana, 2017). this opinion is in line with mensi et al. (2017), who in their study said that the efficiency of the capital market could vary from time to time. the period used in the study may lead to different results in tests of market efficiency. therefore, it is essential in the research on market efficiency to pay attention to the period used in the study. this study aims to examine and compare the weak-from efficiency of conventional and sharia capital markets in southeast asia. there are three countries that have sharia and conventional capitals, namely indonesia, malaysia, and thailand. it is interesting to know how far the efficiency of the sharia capital markets is compared to conventional ones. the data used are six stock indices, idx shariah (jkissi), jakarta stock exchange composite (jkse), ftse bursa malaysia emas shariah (ftfbms), ftse malaysia klci (klse), set index (seti), and ftse set shariah (ftfstsh) from the period of january 2015 to august 2021. to avoid bias in the analysis of market efficiency due to sharp fluctuations during the covid-19 pandemic, the data is divided into two parts, namely the period january 2015 to december 2019 and the period january 2020 to august 2021. the methods used are run a test, variance ratio test, arima, and recurrent neural network (rnn). to the best of the author's knowledge, no studies specifically compare the efficiency of the sharia and conventional capital markets in asean. this research is not only academically essential to find out how far the sharia capital market is compared to conventional but can provide input for investors in making investment decisions. http://journal.uinjkt.ac.id/index.php/iqtishad 4 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the previous studies several studies have been conducted to test the efficiency of conventional markets in asean countries. one study by shaik & maheswaran (2017) tested eight asean capital market indices over several periods, as presented in table 1. the methods used to test the efficiency of the eight indices are adf unit root test, variance ratio test from lo & mac kinlay, choi, spectral & shape, average exponential, rank & signed based, and power transformed. table 1. the list of indices in the study of shaik & maheswaran (2017) no country index period 1 the philippines pcomp 1990 – 2016 2 indonesia jci 1990 – 2016 3 cambodia csx 2012 – 2016 4 laos lscx 2011 – 2016 5 malaysia fbmklci 1994 – 2016 6 singapore sti 1999 – 2016 7 thailand set50 1995 – 2016 8 vietnam vnin 2000 – 2016 the results of their study consistently show the efficiency in capital markets in cambodia, laos, and singapore with the lo & mac kinlay, choi, spectral & shape, average exponential, and power transformed test methods. in addition, the capital market in malaysia has only been proven efficient with the power transformed test method. the other four asean countries, namely the philippines, indonesia, thailand, and vietnam, are not classified as efficient markets. another study was conducted by senthilnathan (2014), which tested the efficiency of conventional capital markets in asia and the pacific, including four asean countries: malaysia, singapore, thailand, and vietnam. the results of the study show that of the four capital markets in the asean countries tested, only the capital market in singapore is included in the efficient market category, while the capital markets in the other three countries are not in line with the efficient market hypothesis. this study is in line with that of shaik & maheswaran (2017), which proves that the capital markets in indonesia, malaysia, thailand, and vietnam are inefficient. they tested the capital markets in eight asean countries, namely http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 5 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 indonesia, cambodia, laos, malaysia, the philippines, singapore, thailand, and vietnam, using the particular variance ratio test method from lo & mac kinlay, choi test, wright test, and chen & deo test. the study results show that only the capital markets in cambodia, laos, and singapore can be said to be efficient markets. the results of this study are also in line with the survey conducted by nghia & blokhina (2020), which tested the capital market in vietnam from 2015 to 2017 using the unit root test and kolmogorov smirnov methods. tests on the capital market, where most of the issuers are state-owned enterprises, show a discrepancy with the random walk pattern. thus, it can be categorized as an inefficient market. camba & camba (2020), which conducted tests on the philippines' capital market, said that its capital market was inefficient. a study conducted using the unit root method and the variance ratio test in the 2015 to 2019 time period shows that the capital market in the philippines is not in line with the random walk pattern. singh & kumar (2018) analyzed the efficiency of the malaysian capital market (composite index) using a run test from 1998 to 2014. the results show that the malaysian capital market did not follow the random walk pattern in that period. this result is not different from the study conducted by soon & abdulrahim (2016). they use chartnexus, a software for technical analysis that can provide recommendations to investors and traders in choosing stocks that are considered profitable. of the 547 recommendations, 64% of stocks gave positive returns, and the rest were harmful. the positive recommendations were tested statistically and showed significant results. as a result, the malaysian capital market can be categorized as inefficient because stock prices can be predicted significantly. rahima et al., who tested the lq45 index on the capital market in indonesia, found evidence that the index in the period 2011 to 2016 was inefficient. in this analysis, they used the run test method (the phillips perron test), the adf unit root test, and the autocorrelation function test. kartika et al., examined the capital markets in several asean countries, namely indonesia, the philippines, malaysia, singapore, and vietnam, in the period 2012 to 2016. this study, which was conducted using the run test and kolmogorov smirnov methods, shows that the capital market in the philippines has the highest efficiency level, followed by indonesia. yaya & olaoluwa et al., (2021) conducted a study of 19 countries in asia, including six asean countries, namely indonesia, the philippines, malaysia, http://journal.uinjkt.ac.id/index.php/iqtishad 6 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 singapore, thailand, and vietnam, in the period 28 july 2000 to 18 may 2020. the study was conducted using the generalized autoregressive conditional heteroskedasticity (garch) based unit root test, which was recently introduced by narayan et al. this shows that the index of the six asean countries is not in line with the efficient market hypothesis. phanrattinon et al. (2020), who tested the asia pacific capital market including six asean countries, namely indonesia, the philippines, malaysia, singapore, thailand, and vietnam during the period 2008 to 2018, obtained different results from the other studies. the study's results using the unit root test method show that the six asean capital markets are inefficient. however, conflicting results were obtained from testing using the durbin watson test, where all indices followed a random walk pattern. on the other hand, the run and variance ratio test results prove that only indonesia and thailand are efficient. furthermore, studies conducted to analyze the efficiency of the weak form of the sharia capital markets in asean were conducted by agustin (2019), who analyzed the indonesian sharia stock index (issi) for the period 2017 to 2019 using the run test, autocorrelation test, and the arima model. the study results show that the arima model used can predict stock prices with an accuracy rate of 78% and is significantly based on the paired sample t-test, so it can be concluded that the issi index is inefficient. however, different results were obtained in research conducted by andrianto & mirza, which analyzed the jakarta islamic index, lq45 index, and kompas 100 index between 2013 and 2014. according to the study, the three indices follow a random walk pattern. therefore, it can be said as an efficient market. methods the market efficiency testing method in this study, the methods used to test the market efficiency of the weak form of sharia and conventional stock indices in asean are run test, variance ratio test, arima model, and recurrent neural network. run and variance ratio tests are used to test whether the index follows a random walk pattern, while the arima model and recurrent neural network are used to predict the price for each index. 1. the run test the run test is used to test whether the return index is independent in a time range or not. run can be defined as a sequence of returns with the same sign, http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 7 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 namely the positive (+) run, which is obtained when the index experienced a price increase compared to the previous day, and the negative (-) run that is obtained when the index decreased compared to the previous day, and zero (0) that is executed if there is no index change. suppose the index return change is positively correlated. in that case, there will be a slight change in sign, and conversely, if the index is negatively correlated, there will be a lot of significant change between (+), (-), and (0). if the order of returns is random, the observed number of runs will be close to the expected number. the equation used to calculate the expected number of runs is as follows: (1) where m is the number of expected runs, ni is the number of price changes for each category (+), (-), and (0) and n is the total number of price changes. if the number of observations is large enough, the expected number of runs is normally distributed with a standard deviation of σm which has the equation: (2) the equations used to perform the z-test on the run test are as follows: (3) where r is the total number of expected runs and 0.5 is a continuous adjustment based on w. allen & harry v. (1956). 2. the variance ratio test the variance ratio test is a method that is also commonly used to test the random walk hypothesis, which was first introduced by lo & mackinlay. the variance ratio test is defined as follows: (4) in time series data that follows a random walk pattern, the variance of the q-difference is q times the variance of the first difference, as in the following equation: http://journal.uinjkt.ac.id/index.php/iqtishad 8 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 (5) where q is a positive integer. the variance ratio test as in equation 1 can be formulated as follows: (6) the variance ratio test assumes that the test is based on asymptotic estimates and requires a large number of samples (lo and mackinlay, 1988), so the data commonly used to test price index data is daily data. for statistical testing, lo & mackinlay propose two normal test statistics, namely tests for homoscedastic data, z(q) and heteroscedastic z*(q) as follows: (7) (8) where θ(q) is the asymptotic variance of the variance ratio assuming homoscedastic data, and θ*(q) for heteroscedastic data. (9) (10) where δ(j) is a heteroscedasticity consistent estimator which is formulated as follows: (11) 3. recurrent neural network neural networks consist of several layers connected to each other, namely the input layer, the output layer, and one or more hidden layers. the minimal architecture of neural networks which only consists of an input layer and an input layer without hidden is known as rosenblatt's perceptron, while those that have at least one hidden layer are known as multilayer perceptrons. connectors between neurons from each layer have their respective weights which as a whole will affect the magnitude of the output value. http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 9 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 figure 1: neural network's basic structure modeling using a neural network is carried out by finding the optimal weight of each link between neuron cells from the input layer to the hidden layer and from the hidden layer to the output layer. this is for the output to match the desired target. the process of finding the optimal weights is referred to as network training. training is carried out until the desired output target is achieved. the accuracy between the output value of the training results and the actual value is measured by how much error there is between the two. finding the optimum value is similar to the statistical model for the search for minimal risk (härdle & simar, 2014). although the principle of neural networks is quite easy to understand, namely finding the optimal weight of the connectors between neurons, the use of neural networks can be unique when compared to statistical methods or other methods whose characteristics can be well recognized (greff et al., 2017). the relationship between neuron connections and their weights is often not easy to explain, in contrast to statistical models where the relationship between input and output can be understood and analyzed mathematically(petnehazi, 2019). there are several commonly used neural network models or architectures. one of the best models to use for sequential or time-series data is the recurrent neural network. as the name implies, it is called an rnn because each cell uses information from the previous cell to calculate the output value. the output of the previous cell is entered as information on the hidden layer so that it resembles a chain(dautel et al., 2020). in this study, the rnn model is the short-term long memory (lstm) type. an lstm cell consists of an input gate, a forget gate, and an output gate. the input gate takes the output of the last cell and the new input as the input of the sigmoid function. the forget gate is part of cell that takes output at time t – 1 and input at time t, which is then used as input for the sigmoid activation function. the output gate controls how many states pass to the output and works in the same way as any other gate, generating a new state cell (ℎ𝑡). http://journal.uinjkt.ac.id/index.php/iqtishad 10 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the formal notation of input, forget, and output gates is as follows: (12) (13) (14) where: it, ft, ot: input gate, forget gate, and output gate at time t wi : weight of input gate wf : weight of forget gate wo : weight of output gate xi : input at time t ht : status at time t ht-1 : status at time t-1 σ : sigmoid function figure 2. the structure of an lstm network with these attributes, lstm is very appropriate to be used in forecasting time series data, although it is not limited to only that type of data. 4. arima model arima is a model for forecasting based on the synthesis of historical data patterns. this method fully uses past and present data as independent variables without paying attention to other independent variables that may affect the movement of the time series data. arima has two components, namely the autoregressive (ar) component and the moving average (ma) component. http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 11 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 the equations of the ar components can be denoted as follows: (15) where: yt : dependent variable at time t yt-p : independent variable or past data at time t-p φ0 : intercept φp : the coefficient of the ar component εt : residual at time t while the equation of the ma component can be denoted as follows: (16) where: yt : dependent variable at time t ω0 : intercept ωt-p : ma component coefficient εt-p : previous residual value (lag) εt : residual at time t therefore, the general equation of the arima model is as follows: (15) 5. the research data the data used in this study are sharia and conventional indices from three southeast asian countries namely indonesia, malaysia, and thailand which are downloaded from www.investing.com for the period january 2015 to august 2021. in order to avoid bias in market efficiency analysis due to sharp fluctuations at the beginning of the covid-19 pandemic, the data is divided into two parts, namely period i and period ii (table 2). index data for both periods are analyzed using the same method, namely run test, variance ratio test, arima and elman-type recurrent neural network (elman rnn). http://journal.uinjkt.ac.id/index.php/iqtishad 12 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 6. the research hypothesis the run test the hypothesis used in the run test is: ho: the data is random, following the random walk pattern h1: the data is not random, does not follow the pattern of random walk confidence interval is 95%. if the run test score is > 5%, the alternative hypothesis h1 is rejected, which means the data is random and follows a random walk pattern. table 2. the list of sharia and conventional stock indices of three asean countries no index country description 1 ftfbms malaysia sharia 2 ftfstsh thailand sharia 3 jkissi indonesia sharia 4 jkse indonesia conventional 5 klse malaysia conventional 6 seti thailand conventional table 3. the division of index testing period the data period period i january 2015 – december 2019 period ii january 2020 – august 2021 the variance ratio test the hypothesis used in the variance ratio test is: ho: the data is random, following the random walk pattern h2: the data is not random, does not follow the pattern of random walk confidence interval is 95%. if the variance ratio test score is > 5%, the alternative hypothesis h1 is rejected, which means the data is random and follows a random walk pattern. http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 13 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 the arima and rnn models to determine the significance of the stock index forecasting results using the arima and rnn models, it is necessary to perform a statistical test that compares the forecasting results with the actual index. two methods commonly used to test the results of a time series data forecast are the paired t-test and the wilcoxon test. in this study, the statistical test method used was the wilcoxon test. the wilcoxon test is a nonparametric test method to measure the significance of the difference between two groups of paired data that are not normally distributed. the wilcoxon method is commonly used as an alternative method of testing using a t-test if the data does not meet the normality assumption. the test hypothesis from the index forecasting results using arima and rnn is as follows: ho: the mean of the difference between the predicted data and the actual data is equal to 0 h3: the mean of the difference between the predicted data and the actual data is not equal to 0 the confidence interval used is 95%. if ho is rejected, the actual stock index is significantly different from the stock index predicted using the arima and rnn models. and conversely, if ho is accepted, there is no significant difference between the actual stock price and the stock price predicted using the rnn model. this means the market is inefficient in its weak form because the index price is predictable. to analyze the data using the run test method, variance ratio test and forecasting using arima and rnn, r-programming language was used in this study, which is a free programming language that is widely used for statistical computing and data science. results and discussion the presentation of data in the form of important descriptive statistics is presented to help understand the characteristics of each index. the descriptive statistical information can be seen in table 4. it can be seen that the index that has the highest difference between minimum maximum return is ftfstsh, which is 20.693%. this highest difference occurred in period ii, which was at the beginning of the covid-19 pandemic. meanwhile, http://journal.uinjkt.ac.id/index.php/iqtishad 14 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the index with the lowest difference is the klse index, which is 5.432% in the period before the covid-19 pandemic. the lowest return value was -10.779% experienced by the seti index and the highest of 10.181% experienced by the jkse index. both are in period ii. in period i the ftfstsh, jkissi, and jkse indices had the highest variance of 0.008%, indicating that the risk of the three indices was higher than the other indices. meanwhile, the index with the lowest variance in period i was ftfbms and klse at 0.003%. in period ii the index with the highest variance was ftfstsh at 0.029% and the lowest was klse at 0.011%. it can also be seen that the volatility of all indices is higher during period ii. this finding is not surprising, as information spread during a pandemic causes increased volatility. this condition could be due to high volatility in the market caused by the pandemic or financial crisis, as shown by various studies that health and financial crises caused an increase in volatility in the capital market (zhang et al.,2020; albulescu, 2021; baker et al., 2020). the results of testing the return index on six indices in asia using the run test and variance-ratio test are listed in table 5. while the results of testing using the arima and rnn models are presented in table 6 and table 7. table 4. the descriptive statistics of asean stock index index period n mean variance max min ftfbms period i 1220 -0.00001 0.00003 0.02404 -0.03365 period ii 430 0.00019 0.00012 0.05961 -0.05195 ftfstsh period i 1220 0.00005 0.00008 0.04610 -0.05946 period ii 390 0.00021 0.00029 0.10185 -0.10508 jkissi period i 1220 0.00013 0.00008 0.04579 -0.04333 period ii 390 -0.00005 0.00020 0.09073 -0.06347 jkse period i 1220 0.00019 0.00008 0.04552 -0.04006 period ii 390 0.00003 0.00021 0.10191 -0.06579 klse period i 1220 -0.00005 0.00003 0.02247 -0.03185 period ii 390 -0.00013 0.00011 0.06851 -0.05261 seti period i 1220 0.00008 0.00005 0.04586 -0.04727 period ii 390 0.00007 0.00025 0.07954 -0.10799 http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 15 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 table 5. test results using run test and variance ratio test index period the run test the variance ratio test stat p-value annotation stat p-value description ftfbms period i -1.1457 0.2519 ho accepted 4.3591 0.0368 ho accepted period ii -0.9914 0.3215 ho accepted 0.0299 0.8626 ho accepted ftfstsh period i -1.4894 0.1364 ho accepted 0.1415 0.7068 ho accepted period ii -0.5499 0.5824 ho accepted 2.0361 0.1536 ho accepted jkissi period i -0.8046 0.4210 ho accepted 0.0436 0.8346 ho accepted period ii 1.3016 0.1930 ho accepted 0.1393 0.7090 ho accepted jkse period i -0.8046 0.4210 ho accepted 1.0318 0.3097 ho accepted period ii 0.2996 0.7645 ho accepted 0.3710 0.5424 ho accepted klse period i -0.3434 0.7313 ho accepted 1.4157 0.2341 ho accepted period ii 1.1896 0.2342 ho accepted 0.1713 0.6789 ho accepted seti period i -1.0884 0.2764 ho accepted 1.2147 0.2704 ho accepted period ii 0.5993 0.5490 ho accepted 1.2439 0.2647 ho accepted table 6. test results using arima index period arima model wilcoxon test v p-value description ftfbms period i arima(2,1,3) 188.0 0.0010 ho rejected period ii arima(0,1,0) 146.0 0.1327 ho accepted ftfstsh period i arima(0,1,0) 187.0 0.0012 ho rejected period ii arima(1,1,2) 21.0 0.0009 ho rejected jkissi period i arima(0,1,0) 5,0 0.0002 ho rejected period ii arima(1,2,2) 205.0 0.0000 ho rejected jkse period i arima(0,1,0) 7.0 0.0000 ho rejected period ii arima(2,1,2) 209.0 0.0000 ho rejected klse period i arima(1,1,0) 208.0 0.0000 ho rejected period ii arima(0,1,0) 192.0 0.0005 ho rejected seti period i arima(0,1,0) 181.0 0.0032 ho rejected period ii arima(3,1,2) 188.0 0.0010 ho rejected http://journal.uinjkt.ac.id/index.php/iqtishad 16 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 table 7. test results using rnn index period wilcoxon test v p-value description ftfbms period i 15.0 0.0003 ho rejected period ii 9,0 0.0000 ho rejected ftfstsh period i 52.0 0.0484 ho rejected period ii 0.0 0.0000 ho rejected jkissi period i 174.0 0.0016 ho rejected period ii 1.0 0.0000 ho rejected jkse period i 202.0 0.0000 ho rejected period ii 1.0 0.0000 ho rejected klse period i 32.0 0.0049 ho rejected period ii 0.0 0.0000 ho rejected seti period i 82.0 0.4091 ho accepted period ii 33.0 0.0056 ho rejected based on the test using the run test and the variance ratio test, it is found that all indices followed a random walk pattern in both periods. this result is in line with the study from phanrattinon et al. (2020), which was conducted using durbin watson, variance ratio, unit root, and run test. their test using durbin watson showed that all indices are efficient, while the test using variance ratio and the run test revealed that only the market in indonesia and thailand is in line with the random walk pattern. however, the study conducted by yaya (2021) showed a different result. according to his study, which used the data from 28 july 2000 to 18 may 2020, indices from indonesia, malaysia, and thailand were not in line with the random walk pattern. senthilnathan (2014) who tested markets in four asean countries found that the market in malaysia and thailand were not random. shaik & maheswaran (2017) also proved that the capital markets in indonesia, malaysia, and thailand were not efficient. a similar finding also occurred for the indonesian sharia stock index jkissi. the result of this study is in line with andrianto & mirza (2016) who found that the jkissi follows a random walk pattern. however, agustin (2019) who tested the efficiency of the indonesian sharia stock index (jkissi) obtained different results and argued that the jkissi index was not efficient. http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 17 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 these differences in results can be caused by differences in the period and research methods used in the studies (semuel & basana, 2017). this opinion is in line with mensi et al. (2017), who said that the efficiency of the sharia capital market differs from time to time. the period used in the study may lead to different results in weak-form market efficiency tests. as stated by senthilnathan (2015) who conducted a literature review on market efficiency in asian and pacific countries, found that some studies on capital market efficiency in these countries seem contradictory to one another. the result in this study also reveals that sharia stocks have better efficiency compared to their counterparts during period i. all methods used in this study show that sharia stocks in indonesia, malaysia and thailand follow random walk pattern, so that future indices cannot be predicted properly and nobody can consistently beat the market in this period. this finding is in line with the study conducted by ben rejeb & arfaoui (2019). they conducted a study on ten shariah indices in the period january 1996 to 2016 using a state-space modeling approach and found that in general, the shariah indices are more efficient than their counterparts. while study by alkhazali & mirzaei (2017), and alam et al. (2016) showed different results. according to their study, conventional stocks are more efficient compared to sharia stocks. however, they found that shariah indices appear to have significantly improved in their efficiency. on the other hand, the test results in period ii or during the covid-19 pandemic using the run test, variance ratio test, arima and rnn model show that all indices except the malaysian sharia index ftfbms follow the random walk pattern. the arima model used in this study can predict the index ftfbms in period ii significantly, hence ftfbms is during the pandemic not efficient. interestingly, compared to other sharia indices, the index ftfbms has less volatility during the covid-19 pandemic. as shown in table 4, the other sharia indices, jkissi and ftfstsh have greater variance compared to ftfbms during the covid-19 pandemic. in terms of return, the index ftfstsh has a better return compared to other indices during the covid-19 pandemic. however, the index ftfstsh is also the most volatile stock among other indices. this finding is in line with the study from ben rejeb & arfaoui (2019), which showed that the indices with less volatility tended to be more efficient. however, there is no strong evidence showing a correlation between return, volatility, and efficiency. as malkiel (2003) argues, a market with high volatility can be efficient or inefficient. http://journal.uinjkt.ac.id/index.php/iqtishad 18 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the result of this study is also not in line with the study conducted by tuna (2021). he showed that conventional, as well as sharia stock markets in the period from 19 march 200 to 27 july 2020, were not efficient. in this short period at which time covid-19 cases were significantly increased, the investors could predict the stock prices using the news related to the covid-19 pandemic. however, his study did not reveal how the stock markets behave during another period during the pandemic. as yu et al. (2022) show in their study that in the second half of the year 2020, the anxiety indices in some countries are decreased even though the number of daily cases still arises. investors' decisions are strongly influenced by the information circulating and the information received by investors, so the decline in anxiety indices may cause different efficiency. to get more robust evidence for market efficiency during the covid-19 pandemic, it is suggested to divide the research data into more than one period, such as the study conducted by liu et al. (2022) that divided the data into three phases. conclusion this study aims to analyze whether sharia and conventional capital markets in indonesia, malaysia, and thailand follow the weak-form of the efficient market hypothesis and whether current and future indices can be predicted only based on past information. it is interesting to find out the performance of the stock market in these countries in the normal and extreme conditions. based on the test results, the sharia index in malaysia in period ii did not indicate an efficient market. in contrast, the conventional stock index in the country was consistent with the efficient market hypothesis. the opposite situation occurred in thailand. the sharia stock index in thailand was in the efficient category in both test periods, while the conventional index was only efficient in period ii. meanwhile, in indonesia, the two stock indices showed conditions as efficient markets in both period i and period ii. the results also show that using the run test, variance ratio test, arima, and rnn model in period i, the sharia stocks follow a random walk pattern. there is strong evidence that nobody can consistently get abnormal returns from sharia stocks in this period. in contrast, their counterpart is less efficient during this period. the rnn model used in this study can significantly predict the index seti's future price in period i. on the other hand, in period ii or during the covid-19 pandemic, the sharia stocks were less efficient compared to their counterparts. the arima http://journal.uinjkt.ac.id/index.php/iqtishad ahmad rodoni. comparative analysis of efficient market for sharia and conventional stocks 19 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 model used in this study can significantly predict malaysia shariah index (ftfbms). however, a deeper study is needed to get a more robust result of the weak-form of the efficient market during the covid-19 pandemic. in future research, it is suggested to divide research data into three periods: the initial phase when the first wave occurs, the second phase when the second wave occurs, and the third phase when many countries have vaccinated their citizens. the use of recurrent neural network and arima to test market efficiency and predict current and future prices or indices is also relatively good. however, rnn is not necessarily appropriate to be used in every situation. a suggestion for subsequent research is to add other methods to see the consistency of the various methods. references ackert, l. f., church, b. k., & deaves, r. 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(2021). predicting financial market returns in the presence of health crisis: evidence from conventional and islamic stock markets. economic research-ekonomska istraživanja, 1–21. https://doi.org/10.1080/1 331677x.2021.1922089 w. allen, w., & harry v., r. (1956). statistics: a new approach. the free press. yaya, o. s. (2021). market efficiency of asian stocks: evidence based on narayanliu-westerlund garch-based unit root test. 30. yu, x., xiao, k., & liu, j. (2022). dynamic co-movements of covid-19 pandemic anxieties and stock market returns. finance research letters, 46. http://journal.uinjkt.ac.id/index.php/iqtishad 22 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25025 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 zhang, d., hu, m., & ji, q. (2020). financial markets under the global pandemic of covid-19. finance research letters, 36, 101528. https://doi. org/10.1016/j.frl.2020.101528 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 117 136 received: september 10, 2015; revised: december 8, 2015; accepted: december 28, 2015 university of yarsi, kav. 13, jl. letjen suprapto, cempaka putih, jakarta stie muhammadiyah jakarta, jl. minangkabau, no. 60, jakarta university of indonesia, jl. salemba raya, jakarta open university of indonesia, jl. raya pondok cabe, pamulang, banten e-mail: pakhuda@yahoo.com; nvrin207@yahoo.com; saghi_sharia@yahoo.co.uk; khamim.hudori@gmail.com; mardoni3003@yahoo.co.id doi: 10.15408/aiq.v8i1.2512 abstract. the development of human resources in islamic financial industries from economic and islamic financial graduates. the purpose of this article is to determine the absorption level of islamic economics programme graduates into the islamic financial industry, in jakarta and west java. this research used exploratory studies method and alignment index (ai). the overall research results, of 2011 until 2014 graduates showed a low level of absorption into islamic finance industry. research result showed absorption level in university of muhammadiyah prof. hamka is by 20%, islamic university 45 bekasi absoption level continues to increase from year to year, and juanda university bogor absoption level is below 40%. this occured because the universities curriculum is still dominant in the application instead of the application of soft skills hardskill. keywords: exploratory study; alignment index; tracer study; islamic economics. abstrak. pengembangan sumber daya manusia dalam industri keuangan dan lulusan keuangan islam. tujuan dari artikel ini adalah untuk mengetahui tingkat penyerapan lulusan program ekonomi islam ke dalam industri keuangan syariah, di jakarta dan jawa barat. penelitian ini menggunakan metode penelitian eksplorasi dan keselarasan index (ai). hasil penelitian secara keseluruhan, dari 2011-2014 lulusan menunjukkan rendahnya tingkat penyerapan ke dalam industri keuangan islam. hasil penelitian menunjukkan tingkat penyerapan di universitas muhammadiyah prof. hamka adalah sebesar 20%, universitas islam tingkat penyerapan 45 bekasi terus meningkat dari tahun ke tahun, dan tingkat penyerapan juanda universitas bogor di bawah 40%. ini terjadi karena kurikulum universitas masih dominan dalam aplikasi bukan aplikasi lembut hardskill keterampilan. kata kunci: studi eksplorasi; alignment index (ai); penelusuran lulusan; ekonomi islam the development of human resources in islamic financial industries from economic and islamic financial graduates nurul huda, nova rini, desti anggraini, khamim hudori, yosi mardoni 118 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction the development of the islamic finance industry in indonesia began with the emergence of islamic banking, both the conversion of conventional banks and non convertible. the development of islamic banks give effect to the development of non-bank financial institutions that operate based on islamic economic system. the development of the islamic finance industry is characterized by ratings received from appraisal indonesia global islamic finance report (gifr) in 2013, gifr in 2013 ranked indonesia as fifth in the world, as countries with promising potential development of the islamic finance industry after iran, malaysia, saudi arabia, and united arab emirates. the development of islamic banks is quite impressive, with an average asset growth, more than 65% in the last five years. it is to be expected that the islamic banking industry’s role in supporting the national economy will increasingly significant in years to come. the development of the islamic finance industry have encourage the development of islamic economics studies programme, such as islamic economics programme and islamic banking programme, as well as another course based on sharia. islamic economic studies programme graduates are expected to be the work force of islamic financial industry in indonesia, but the expectations of the founders of islamic economics courses are not in accordance with reality. the research results of university of indonesia in 2003 showed that more than 90% of islamic bank employees does not have of islamic economics educational background. that indicated there was a gap between islamic economics programme graduates with the absorption of islamic economics programme graduates into the islamic finance industry. the gap between islamic economic programme graduates with islamic economic graduates absorption level occurs in all financial industry in indonesia, including in jakarta and west java. jakarta and west java had been an area of interest, because to be seen as the the center of the islamic finance industry development, to be analyzed regarding the absorption of islamic economics programme graduates in islamic finance industry. there are several university in west jawa area that have islamic economic programme study, and in jakarta only one university that has islamic economic programme study. this study will analyze the absorption of islamic economic programee graduates into islamic finance industry in jakarta and west java. islamic economics curriculum development is actually based on five grounds, namely normative treatises, the empirical socio-economic conditions, market demand, comparative advantages and demands of the times as well as the global trend.the religious values in this case islam must be internalized (learned, studied, nurul huda: the development of human resources in islamic 119 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 understood, conceived, believed) then externalized (practiced) by economic actors in all economic activity without exception whatsoever and under any circumstances, in order to achieve falah (welfare afterlife). the consequence is that all economic activity must be intentional as worship because the purpose of human life is none other than just to worship god. in fact, right now also has developed teaching and education of islamic economics started secondary level to universities both within and outside the country. this reality is an opportunity for state and private universities to develop its economy, especially faculty teaching islamic economics. robst define aligned (match) as the suitability of education or field of study that is held by workers with work undertaken now. college graduates can work in conditions that suit their competence or not with the field work. conditions under which work somewhat related to the field of competence of the workers may be called by partially mismatched and conditions under which work is completely unrelated to the fields referred to completely mismatched. while sloane in robst (2007) states that workers who fall into this category are those that are mismatched appropriate education level but the type of education is not in accordance with his work. if the jobs that are not held in accordance with the competence fields of education studies it can be said there is no alignment between jobs with workers’ competence. source: ministry of education, synchronizers team, modified figure 1. alignment framework demand model designed in the model concept of alignment must be able to produce the information needs of the workforce and business opportunities in the labor market and also to provide an overview of functions and roles should be given by the ministry of manpower and all the ministries that promote various sectors 120 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 of economic activity include manufacturing and processing, the agricultural sector (agriculture, plantation, fisheries and forestry), the telecommunications sector, the trade sector, transport sector, public works/construction and financial sectors and other services (tim aligning ministry of education). alignment framework for education with the workplace mentions that the market-driven approach in an effort alignment of education with the world of work, giving the consequence that the supply side or education should strive to respond to the dynamic needs of the workplace. quality of work refers to the quality of human resources, quality of human resources refer to: first, knowledge namely the ability of the employees who are more oriented towards intelligence and think power and mastery of broad employee owned; second, skill, ability and technical mastery of a specific field operations owned by employees; third, abilities, which is ability formed from a number of competency of an employee that includes loyalty, discipline, teamwork and responsibility. while flippo argued about the quality of work as follows: “although every organization is different views on the standard of work quality of employees, but in essence the effectiveness and efficiency become common measure.” based on the definition given by flippo, it can be said that the core of quality work is an outcome that can be measured by the effectiveness and efficiency of the work carried out by human resources or other resources in achieving the goals or targets companies with good and efficient. yorke and knight in agustin introduce the concept of employability or ability to work that is defined as a set of achievement includes the skills, understanding, and personal attributes more enables graduates to gain employment and be successful in the choice of works and provide benefits for themselves, the workforce, society, and economy as a whole. work environmental proved hard skills can be defined as the technical procedures or tasks that can be observed and measured. while soft skills, which is usually interpreted to mean “human skills” are not easily seen, although very needed in working life. these skills can be categorized into three main categories, which is the properties of personal, interpersonal skills, and the skills to overcome problems and make decisions. previous literature by kemper and mcmurchie, said that hardskills and soft skills complement each other. the same thing, the research by spencer and spencer, indicating that workers are workers who have superior technical skills and good manners. in the study of islamic human resources , human as driving a production process, must have the characteristics or traits that inspired shifatul anbiya or the prophets personalities. these personalities include: siddiq (right). itqan (professional), fathanah (smart), amanah (honest / can be trusted), and tabgligh (invite to the nurul huda: the development of human resources in islamic 121 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 truth). according agustianto (2011) in sari, qualifications and standards of islamic human resource are: first, understanding the moral values in the application of jurisprudence muamalah/islamic economics. second, comprehending on islamic economic concept and purpose. third, understand the concept and application transactions (contract) in muamalah islamic economics. fourth, knowing and understanding the working mechanism of economic institutions/financial/banking/ islamic business. fifth, knowing and understanding the mechanism of action and interaction of relevant institutions; regulators, supervisors, legal institutions, consultants in economics industrial /finance/banking/islamic business. muhammad (2003) said there are several types of human resource qualifications required in islamic financial institutions: first, specialist on islamic who understand economics (category type a). second, specialist on economics who recognize islamic (category type b). third, the human resources that have expertise in islamic and economics (category type c). type a is expected to contribute to normative aspects in the area of islamic economic system (islamic financial institutions). while type b is expected to perform the positive economic analysis on operational of islamic economic system. type c is the one that is most expected in the islamic financial institutions. alignment index model (ai) is an alignment of performance measurement model that uses the approach of the supply side. alignment index (ai) is an index that measures how much alignment has been reached between the world of education with the workplace. ai is calculated from how much education graduates produced is absorbed in the the workplace with conditions aligned according to the fourdimensional alignment of the dimensions of quantity, quality/competence, location, and time. alignment program is a program that is comprehensive from the supply side to the demand side. in this study, the model of performance measurement alignment will be directed to better accommodate conditions as the supply side of labor supply. demand side would vary in all sectors of the field of business (industrial goods and services). therefore, in formulating the program alignment between supply side and demand side is needed is comprehensive representation of the future of some relevant dimensions. based on the framework of the alignment and definition of alignment has been built upon, then there are four dimensions required in the alignment are: first, dimensions of quantity; second, dimensions of quality; third, dimensions of location; and fourth, dimension of time. exploratory research is research that aims to explore/search for variables or factors contained in a phenomenon/conditions/particular social setting and exploration of the unknown or not much information available about it or a place 122 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 or a particular situation. exploratory research methods will involve three main components, which is qualitative techniques, secondary data analysis, and field research. literature review research/graduate literature review on the gap between islamic financial programme graduates and labor requirements in the islamic finance industry until now there has been a lot done by researchers. amalia doing research on now condition survey and analysis of teaching economics and islamic finance in ptai and ptu. amalia mentions that the research results in terms of quality of human resources, sharia financial institutions is still limited, and has not met the required competence and qualifications. alumni are not ready for more than a theory or concept operational techniques learned during their education in universities, therefore the islamic financial industry is more likely to adopt a conventional employee is then given a short training on the concept of sharia. hasan’s research was entitled analysis of islamic banking industry in indonesia, produce that university graduates are not in accordance with the needs of communities and businesses that exist. high unemployment among scholars of this is due to lack of skills outside the core competency as an undergraduate. this certainly proves that as a bachelor’s degree does not guarantee employment. not surprisingly, the graduates still have difficulty obtaining a job that suits her abilities at this time. kartikasari’s research focused to analyze how large the gap between higher education input accounting, which is prospective students, with the output, which is with the industry, in terms of number and of the level. in addition, it also seeks to describe the interest of the input and output requirements for consideration for higher education providers of accounting in preparing the curriculum and networking strategy input. by using descriptive statistical methods to the results of a survey of 1970 students of high school, 40 companies, and the study documents the newspaper clippings for one year in the year to september 2013, this study indicates that the quantity of output produced by the organizers of accounting education in batam is still in the range of incoming mind the needs of the industry. however, a gap large enough to interest the input and output needs of higher education accounting views of his education. therefore, higher education providers in batam need to socialize this gap to avoid oversupplied in undergraduate level and undersupplied at diploma level. nurul huda: the development of human resources in islamic 123 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 ayu and hastuti (2010) wrote research analysis on the concord of graduates competence with requirements of taxation’s competency at the corporate, found a significant difference between the expected competencies with the provided competencies for the external tax payers and internal tax payers, then there was a significant difference between the expected competencies in external tax payers and the internal tax payers. the method of data analysis was descriptive statistics. methods this research used quantitative and qualitative approach. quantitative method was done to get output, namely demand, supply and gap of human resources in islamic economy and finance. whereas qualitative approach was conducted to find out the problems, solutions and strategies of human resources in islamic economy and finance practitioner that related to the supply gap in market of human resource in islamic economy and finance. then, in this research would be designed alignment index (ai) model. ai was calculated from how much graduates that was produced in education world absorbed in the work world with aligned conditions according to four harmonization dimension that was quantity dimension, quality/competence, location and time. ai cannot calculate demand or labor requirement which was demanded by the industry. because the calculation base of ai was amount of graduate who absorbed in the work world compared with the amount of graduates. to find out the problems, solutions, and strategy, in this research used exploratory research method. the data which collected was primary data and secondary data that obtained through surveys and interviews. the data was collected by interviewing that assisted by questionnaire, voice recorder and video recorder/ handy cam. the survey was conducted to determine supply islamic finance human resources, which was based on the capacity of the public university (ptu) and islamic university (ptai) which organized program of study that was islamic economics and finance for bachelor’s degree. survey was done at the directorate-general of higher education ministry had research technology and higher education as an institution that gives permission and accreditation for public colleges, and higher education directorate of the ministry of religion as an institution that gave permission and accreditation of islamic university (ptai). individual depth interview and focus group discussions were implemented to get more information on the problems, solutions and strategies of human resources in islamic economy and finance practitioner that concerned gap at market of human resources in islamic and financee. the purpose was to find information that will assist researchers in formulating the problems, solutions and strategies more 124 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 precisely. supporting information was done by finding the data from the literature, reports, mass media such as news / opinion / statements to officers and observers of the islamic financial industry that was published in print / on-line, and previous studies that had been published. figure 2. conceptual model alignment index for graduate of islamic economics and finance technique of data analysis in this research was quantitative and qualitative analysis: first, quantitative analysis. quantitative analysis used statistical technique to calculate the demand, supply and gap of economy human resources and islamic financial. to determine the ideal conditions of human resources in islamic economics financee, that was compatibility between demand and supply with the perception, expectations, plans and policies of the islamic financial industry players, both in terms of quantity and quality. second, qualitative analysis. in this research, qualitative analysis was conducted to analyze the data obtained through the individual depth interviews and focus group discussions. the steps of data nurul huda: the development of human resources in islamic 125 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 analysis were started from data reduction, data display and then make a conclusion and verification. data reduction at this stage was conducted to select the data that relevant with the purpose of research, information from the field as a raw material that will be summarized, compiled more systematically, and highlighted the important data so that it was easier to control. display the data was used to see the whole picture or certain parts of the overall picture. the draw of concussion was done to compare suitability between statement of subject of research and the meaning that was contained in the research. verification intended for assessment of compatibility with the intent of the data contained in the basic concepts in research precisely and objectiveely. the conceptual model of the islamic economics and financee was built on the pattern of islamic economics and financee graduates which was obtained from tracer study. the pattern was simplified into a conceptual model on the supply side. while the demand side adjusts of absorptive of islamic economics and financee graduates that refers to the results of tracer study. the pattern of islamic economics and financee graduates was shown in figure 2. the mathematical model was based on a conceptual model that had been created. the following was alignment index’s properties which includes the definition, purpose, calculation methods, formulas, interpretations, and other properties. first, definition. an index that measured how much absorption had been achieved between education world (college) and absorption of college graduate in employment, business field, and university. in employment will divided graduate that was absorbed in islamic financial industry and non islamic financial industry. second, purpose. to find out how much alignment that was achieved as measured by how much graduates produced by universities absorbed in the world of work as an employee, in the business world as an entrepreneur and college as a student. third, method of calculation. divide between the number of graduates who are absorbed in jobs, the field of business and universities, and the number of graduates of the number of college graduates. fourth, the formula this was the basic construction formula index of economy alignment and islamic financial: ai total = ai wifi + ai businessman +ai works niks + ai lecture (1) where is : ai work ifi = wifi tg ai work nifi = wnifi tg 126 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 ai businessmen = b tg ai lecture = l tg annotation : ai = alignment index ifi = islamic financial industry nifi = non islamic financial industry wifi = wor at islamic financial industry wnifi = wworking at non islamic financial industry b = businessman l = lecture (postgraduate level) tg = toctal graduate ai value for the graduate of islamic economics and financee (ief) will combine two elements, namely ai total and ai ief. ai ief had parameters, (t) = graduate of economy and islamic financial in the year (t). with the variable (t) of ai ief, then can be formulated into a new equation, namely: ai value range is 0 ≤ ai ief ≤ 1. getting closer to one (1) indicates the level of alignment the better. conversely the near zero (0) indicates the level of alignment that is less good or bad. ief ai is said to be good when the ai work in the islamic finance industry is higher than the ai work in except islamic financeial industry, entrepreneurial ai and ai lecture. results and discussion exploratory study on this research was done at universities which have graduate in 2011 to 2014, in public and private universities that have graduate in islamic economy and financial programme. for jakarta region, after conducting a survey toward universities that have graduate of economy and islamic financial, the result showed only one university that have graduate of economy and islamic financial, namely muhammadiyah prof. dr. hamka university. in west java region was found two university that become object of the research, that was djuanda bogor university and unisma bekasi. actually, there were several universities in west java that had been implemented program of study economy and islamic nurul huda: the development of human resources in islamic 127 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 financial and also have graduate from that program. however, there was obstacle in collecting the data that was caused by less of tracer study conducted by the universities, made it difficult to track the absorption of graduate in industries. special capital region of jakarta for jakarta area there was only one university conducting a program of study economy and islamic financial. the university was muhammadiyah prof. dr. hamka university. in that university, there was program of study islamic banking under the islamic religion faculty. based on secondary data that was obtained from the muhammadiyah prof. dr hamka university, it was known that in the program of economy and islamic financial continued experiencing an increase every year. in 2011 there were as many as 28 people graduate of islamic economics and finance program at muhammadiyah prof. dr hamka university. the number of graduates increased close to 100 percent in 2012, which were 54 people. in 2013 and 2014 the number of graduate continued to increase, to 88 people and 98 people. based on the results of tracer study was done by muhammadiyah prof. dr hamka university known that are two patterns of graduate as in figure 3 above, that was working in the islamic financial industry and continued studying in magister degree. graduate who work in the islamic financial industry in 2011 was the most widely compared with the following year. in 2011, there were 5 people was known graduate who work in the islamic financial industry. the number of graduate who work in the islamic financial industry was experiencing a decline in 2012, where in 2012 there were only 4 of alumnus who work in the islamic financeial industry, with details of 2 graduates was work in islamic bank, one person at a islamic rural bank and 1 person in bmt. in 2013 only one person graduate of economy and islamic financial that worked in the islamic financial industry. in 2014, there were not graduate of islamic economics and financee which worked in the islamic financial industry. the data of graduate that continued study to magister degree in muhammadiyah prof. dr. hamka university also not much. in 2011 and 2013, there was only one graduated of islamic economics and finance who continued study in magister degree. whereas in 2012 only one graduate. however, there were 3 graduates of islamic economics and financee program that continued study to magister degree. west java in the region of west java there were two universities that were the object of the research, namely the university of juanda and unisma bekasi. islamic banking was one of programs under the faculty of islamic studies (fai) in 128 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 unisma bekasi. islamic banking in unisma had been accredited by ban pt with grade b. learning curriculum was designed to mastery of concepts and practices of islamic banking operations so that graduate will get bachelor’s degree of islamic economics (s.e.sy) who have expertise in managing islamic bank and islamic financial institutions non-bank. in 2010 there were 13 people graduate of islamic banking program in unisma. in 2011 none graduate of islamic banking program study. in 2012 there were only 3 people in the program of study of islamic banking. in 2013 and 2014 the number of graduate of program study islamic banking was 8 people. based on tracer study that was done by unisma, graduate of program study of islamic banking in 2010, five of them worked in the islamic financial industry, then one of graduate continued study to magister degree and 4 people worked non islamic financial industry. then, in 2012 only one people worked in islamic financial industry, then 2 people worked in non islamic financial industry, specifically in the conventional financial institutions. in 2013, graduate of islamic banking that worked in islamic financial industry quite a lot, as many as 4 people, where 2 people work on public islamic bank and 2 people work in islamic financial bank. in 2013 there was also one graduate of islamic banking that worked as a teacher. in djuanda bogor university, there was also a program of study economic and islamic financial. based on the results of tracer study that was done djuanda bogor university. based on the data of tracer study that was done by djuanda bogor university, from 9 graduate of program of study in islamic economics and financee in 2011, 3 people worked in islamic financial industry. from 3 people who worked in islamic financial industry, 2 people worked in islamic bank, and 1 worked in institution of zakat. based on the data was known 1 people work as businessman and 1 worked in non islamic financial industry. graduate of islamic economics finance at unida in 2011 only 2 people worked in islamic financial industry. in 2013 was 16 people, 3 of them worked in islamic financial industry, 3 people as businessman and 5 people worked in non islamic financial industry, and 5 people continued study to magister degree. graduate in 2014 was same with previous year was 16 people. from 16 people who graduate in 2014, 4 people worked in islamic financial industry, where 3 people worked in public islamic bank and 1 people worked in islamic financial bank. then, in 2014 there were 3 people worked as businessman, and 4 people worked in non islamic financial industry, and 1 people continued study to magister degree. in 2012 there are only 3 graduated student of islamic banking programme, the number is increasing in 2013 and 2014, there are 8 graduated student of islamic banking programme. based on tracer study conducted by unisma, in nurul huda: the development of human resources in islamic 129 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 2010, student who have graduated from islamic banking programme, 5 of whom worked in islamic finace industry. one person continued his/her studies taking post graduated programme and 4 person worked in non related islamic finance industry. in 2012, only one graduated student worked in islamic finance industry, two graduated student worked outside islamic finance industry, they worked in conventional finance institution. in 2013 graduated, the number of graduated student whom worked in islamic finance industry have increased, there are 4 graduated student, 2 of them work in islamic bank, two person worked in islamic financing bank. one graduated worked as a teacher. in 2014, the number of student graduated from islamic banking programme have increased, there are 5 graduated student who worked in islamic finance industry, one person as a entreupeneur, and one person worked as a teacher. based on tracer study conducted by universitas juanda bogor, on their graduated student of islamic economic and finance programme. based on tracer study conducted by universitas djuanda bogor, from all 9 graduated student of islamic economic and finance programme in 2011, 3 person worked in islamic finance industry, from those 3 graduated student, two person worked in islamic bank and one person worked in a badan amil zakat one of islamic finance institution. one graduated student worked as an euntrepeneur and one person worked outside islamic finance industry. in unida bogor, islamic economic and finance programme in 2011, had two graduated student, both of them worked in islamic finace industry. in 2013, there were 16 graduated student, three person worked in islamic finance industry, three person work as an entreuperneur, five person worked outside islamic finance industry, also 5 person whose continued their study to post graduated programme. in 2014, the number of graduated student remain the same, 14 person, four person worked in islamic finance industry, of those 4 person, 3 person worked in islamic bank and one person worked in islamic finance institution. there are 3 person of the 2014 graduated worked as an euntreupeneur, 4 person worked outside islamic finance industry and one person continued to post graduated programme. implementation of ai model ai eks model which being implemented in universitas muhammadiyah prof. dr hamka dki jakarta, unisma bekasi dan universitas djuanda bogor can be discribe below. alignment index (ai) universitas muhammadiyah prof. dr. hamka dki jakarta in year 2011-2014 can be calculated in formula described below, 130 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 nurul huda: the development of human resources in islamic 131 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 132 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 ai model which had been implemented in all three universities have showed different results. the result is being influenced by the data collected in the tracer study. in addition, the different result in each universities can also be explained, because all three universities, each had different character of graduates. ai total calculation from three universities, unisma in 2012 and universitas juanda bogor in 2013 and 2014 resulted in the highest total ai, perfect ai value. this condition shows the absorption of graduates in economics and islamic finance programee at unisma in 2012 and universitas juanda bogor in 2013 and 2014 are very good. ai model which calculated 2011 graduates, showed that ai value for universitas juanda bogor based from ai from graduates whom work in islamic economic and finance industry (0.33) is greater than ai value for universitas muhammadiyah prof. dr. hamka (0.178). meanwhile unisma bekasi ai value can not be calculated, because they don’t have any graduate from islamic economic and finance programme in 2011. based on ai value above can be concluded that universitas juanda bogor is able to produce more graduates from islamic economic and finance programme who work related in islamic and finance industry, compare to unisma bekasi and universitas muhammadiyah prof. dr. hamka the result of ai value based on graduates whom work in islamic economic and finance industry in 2014, unisma bekasi ai value show that they relatively had better graduates absorption compare to universitas juanda bogor and universitas muhammadiyah prof. dr. hamka. unisma bekasi ai value score highest value of ai value graduates whom work in islamic economic and finance industry. in 2014, universitas muhammadiyah prof. dr. hamka ai value show that they in that year did not produce any graduates in islamic economic and finace programme which can be absord into the industry. ai value universitas juanda bogor, in 2011, showed same result for ai based on graduates who work outside islamic economic and finance industry and for ai based on graduates who became entrepreneur, which is 0.11. meanwhile in 2011, both universitas muhammadiyah prof. dr. hamka and unisma bekasi had zero score, for ai value based on graduates who work outside islamic economic and finance industry and for ai based on graduates who became entrepreneur. however unisma bekasi showed higher ai value based on graduates who continued persue to take post graduated programme (0.018) compare to universitas juanda and universitas muhammadiyah prof. dr. hamka, which mean that unisma bekasi is more able to produce graduates who continued persue to take post graduated programme. in universitas muhammadiyah prof. dr. hamka, ai value based on graduates who continued persue to take post graduated programme, based on 2011 to 2014 nurul huda: the development of human resources in islamic 133 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 data, show an increace value year by year, which means that the number of graduates from islamic economic and finance programme who continued to persue post graduated programme keep increasing every year. according to ai value based on graduades who became an entrepeneur in three universities, universitas djuanda bogor had higher ai value compare to unisma bekasi, universitas muhammadiyah prof. dr. hamka had zero value, based on tracer study known previously, which mean graduates absorption to entrepeneurship is low. in general based on 2011-2014 data, result showing low level of graduates absorption into islamic economic and finace industry. universitas muhammadiyah prof. dr. hamka showed level of absorption not even at 20%, which can be viewed by ai value score of 0.2. this ai value indicated that only small percentace of islamic economic and finance graduates who work at the islamic economic and finance industry it self. because of tracer study is not well being conducted by many university, we can not fully describe the absorption level of islamic economic and finance graduates into the industry it self. unisma bekasi showed an increasing level of absorption of graduates from year 2011-2014. this relates to the programs carried by islamic banking programme unisma in the form of cooperation with islamic financial institutions for programs miniature bank laboratory practice. universitas djuanda bogor showed level of absorption their islamic economic and finance programme not even at 40%. the low absorption of economics and islamic finance graduated to the islamic finance industry can be seen from several perspectives. the study exploratory performed on the academia in this case the study program of economics and islamic finance from the college that became the object of research suggests that the universities in this case study program economics and islamic finance is still not accommodate the needs of the islamic finance industry in terms of providing economics and islamic finance human resource. informants statement showed that islamic banking programme curriculum still not related to user or islamic finance industry needed. they need curriculum based on practice. it cause the number of islamic economic and finance graduate and islamic banking programme graduate is less absorbed in islamic finance industry. in alignment framework between education and working world (alignment team, 2010) stated that market-driven approach to align education and working world give consequences that education as an input have to response the working world need. 134 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 efforts to harmonize the needs of the islamic financial industry by providing human resources of islamic economic and finance have been done but still constrained. the role of human resource in an organization or company is very important, even as important as the work itself. therefore, the competence of human resources is also a very important thing. soft skill competency more needed than hardskill competency in islamic finance industry in indonesia. result of explanatory study showed soft skill of human resource of islamic economic and finance are less than other human resource. according to antonio in sari (2014), professionals are needed in the islamic finance industry is unique if compared to conventional industry. the professional on islamic finance industry are required to have scientific competence and skill that combining islamic science and finance. islamic principles should be “dissolved” in the operational aspects of islamic finance institution, including in designing banking products and islamic financial structures, financial and contract execution, liquidity and balance sheet management, and risk management. character of islamic economics graduated that exists today is far from ideal character of islamic human resource. the ideal character of human resource according suma is zikr, pikir and mikr. where the concept of zikr include: first, zero base, the concept of individuals who view everything with a pure. second, faith, human resources believers will give an indication that whatever is done will always be seen by god so that it will always avoid fraud and ethics violations. third, consistent, isalmic human resource is consistent in every movement, attitude, and his word will be able to produce a good productivity. fourth, result oriented, human resources capable of combining the concept of a zero base, faith and consistent will produce optimum result for common progress (result oriented). educational imbalance in the lecture hall are more reliant on hard skills, need to be addressed, such as by giving more weight to the development of soft skills. implementation of these soft skills can be done through the curriculum. curriculum developed to meet the needs and demands of society profession (professional needs), industrial society (industrial needs) and society at large (societal needs). society asks and require graduates who have personal competence (soft skills) and competencies of professions (hard skills). personal competence contains more elements of attitude, whereas the competence of professionalism more emphasis on the ability to use knowledge and skills with the wisdom in the field. nurul huda: the development of human resources in islamic 135 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2512 conclusion based on research, there are the conclusion: overall of graduates in 2011 till of 2014 showed a low level absorption at the islamic finance industry. at muhammadiyah university prof.dr. hamka not even reach 20%, it is seen from the ai works on the islamic finance industry which is still below 0.2. at islamic university 45 bekasi shows the level of absorption continues to increase from year to year. while at the universitas djuanda bogor as a whole showed absorption rate of the islamic economic and finance graduates are still below 40%. academician in this case study program of islamic economics and finance, still not accommodate the needs of the islamic finance industry in providing human resource of islamic economic and finance thus necessary to develop competency-based curriculum that meets the needs and demands of society profession (professional needs), industrial society 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(2009). soft skills at the malaysian institutes of higher learning. asia pacific educ. rev., 10, pp. 309-315. qaradhawi, yusuf, hukum zakat, alih bahasa salman harun, et. al., jakarta: pustaka litera antar nusa dan mizan, 1988. sadeq, abu al-hasan, a survey of the institution of zakah, jeddah: irti-idb, 1994. sekaran, uma, research methods for business, new york: john wiley & son ins, 2000. schmidt, stephen j., econometrics, new york: mc graw hill, 2005. sugiyono, statistik penelitian, bandung: alfabeta, 1999. ihtikâr dan dampaknya terhadap dunia ekonomi moch. bukhori muslim abstract: ikhtikâr and it’s influence in economy world. there are some economic transactions that prohibited by religion because they only give benefit for one party. they are gambling, riba, fraudulence, (al-ghabn), tadlîs practice in buying and selling and hourding (ihtikâr). therefore, it needs sence of transendence in every economical transaction. ihtikâr is the economic activity undertaken by an economic agent with a hoard of goods in order to get maximum profit without seeing another person distress. in this case, the government should keep the market system which includes prohibiting ihtikâr, so the economic system can move with normal speed and full fairness. keywords: ihtikâr, economy, marketing system abstrak: ihtikâr dan dampaknya terhadap dunia ekonomi. ada beberapa kegiatan ekonomi yang menguntungkan hanya satu pihak tetapi dilarang oleh agama, misalnya perjudian, riba, penipuan (al-ghabn), tadlîs dalam jual beli dan penimbunan (ihtikâr). untuk itu, di setiap kegiatan ekonomi harus didasari adanya rasa transendensi. apabila tidak ditemukan rasa transendensi, maka orang akan mengatakan larangan tersebut justru menimbulkan proses kerja ekonomi tidak akan berkembang secara baik. ihtikâr adalah kegiatan ekonomi yang dilakukan oleh seorang pelaku ekonomi dengan menimbun suatu barang dengan tujuan mendapatkan keuntungan sebesar-besarnya tanpa melihat kesusahan orang lain. dalam hal ini, pemerintah harus menjaga sistem pasar yang di dalamnya termasuk melarang ihtikâr agar sistem ekonomi dapat bergerak dengan laju yang normal dan penuh keadilan. kata kunci: ihtikâr, ekonomi, sistem pasar naskah diterima: 23 juli 2011, direvisi: 15 november 2011, disetujui: 24 november 2011.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta selatan. e-mail: mochmuslim@yahoo.com moch. bukhori muslim: ihtikâr dan dampaknya terhadap dunia ekonomi68 pendahuluan sistem ekonomi merupakan bahasan ekonomi yang tidak kalah penting dibandingkan dengan ilmu ekonomi. sebab, dalam sistem ekonomi yang menjadi bahasan adalah pemikiran yang memengaruhi dan terpengaruh oleh pandangan hidup. selain itu, masalah ekonomi yang ada akan terus mengikuti kebutuhan manusia dan alat pemuas kebutuhannya, termasuk pemanfaatan alat pemuas kebutuhan hidup. dalam islam, ekonomi juga diatur baik secara langsung oleh allah dalam alquran1, atau diatur oleh rasulullah dalam kehidupan praktis,2 atau atas ijtihad para ulama atas sistem ekonomi yang sesuai dengan kondisi perkembangan masyarakat. secara garis besar, persoalan ekonomi terdiri atas tiga hal, yaitu kepemilikan (property), tasharruf (pengelolaan), dan distribusi kekayaan. ketiga hal ini dalam islam diatur secara ketat dan memiliki beberapa prinsip yang dapat membedakan dengan konsep ekonomi yang lain. perbedaan utama yang harus dipegang dalam sistem ekonomi islam adanya transendensi dalam setiap menjalankan ketiga kaidah tersebut. dalam agama, ada beberapa kegiatan ekonomi yang menguntungkan satu pihak tetapi dilarang, misalnya perjudian, riba, penipuan (al-ghabn), tadlîs dalam jual beli dan ihtikâr (penimbunan). kegiatan ekonomi yang dilarang agama ini, sebenarnya secara ekonomis sangat menguntungkan bagi pelakunya, akan tetapi juga dapat merugikan pihak yang lain. apabila tidak ditemukan rasa transendensi, maka orang akan mengatakan larangan di atas justru menimbulkan proses kerja ekonomi tidak akan berkembang secara baik. begitu juga sebaliknya, bagi yang menyatakan transendensi itu penting, maka batasan itu justru akan memberikan dampak positif dalam sistem ekonomi. transendensi yang menjadi prinsip utama ini memberikan beberapa tawaran untuk menegakkan nilai yang bersifat instrumental, antara lain: (1) islam mengakui hak milik pribadi, akan tetapi juga mengakui hak umum yang dikuasai negara, (2) islam mementingkan kepentingan umat, (3) adanya larangan monopoli dalam islam, (4) islam memerintahkan untuk mengeluarkan zakat, infak dan sedekah, (5) negara 1 di antara ayat yang membahas ekonomi ialah surah al-baqarah [2]: 29, al-jâtsiyah [45]: 13, ‘abasa [80]: 24-32, al-anbiyâ’ [21]: 80, al-jumu‘ah [62]: 10, al-nisâ’ [4]: 5 dan masih banyak ayat yang lainnya. 2 sedangkan hadis yang membahas mengenai ekonomi banyak sekali, bahkan setiap masalah muamalat semua ada hadisnya, seperti hadis yang diriwayat oleh abû hurayrah dari nabi saw. انغرر بيع عن سهى و عهيه اهلل صهى اهلل رسىل نهى artinya, ‚rasulullah saw. melarang jual beli dengan menipu.‛ (h.r. muslim no: 1513, kitâb buyu’, bab: buthlân bay’ al-hashh wa al-bay’ alladzi fih algharar). al-iqtishad: vol. iv, no. 1, januari 2012 69 pendahuluan sistem ekonomi merupakan bahasan ekonomi yang tidak kalah penting dibandingkan dengan ilmu ekonomi. sebab, dalam sistem ekonomi yang menjadi bahasan adalah pemikiran yang memengaruhi dan terpengaruh oleh pandangan hidup. selain itu, masalah ekonomi yang ada akan terus mengikuti kebutuhan manusia dan alat pemuas kebutuhannya, termasuk pemanfaatan alat pemuas kebutuhan hidup. dalam islam, ekonomi juga diatur baik secara langsung oleh allah dalam alquran1, atau diatur oleh rasulullah dalam kehidupan praktis,2 atau atas ijtihad para ulama atas sistem ekonomi yang sesuai dengan kondisi perkembangan masyarakat. secara garis besar, persoalan ekonomi terdiri atas tiga hal, yaitu kepemilikan (property), tasharruf (pengelolaan), dan distribusi kekayaan. ketiga hal ini dalam islam diatur secara ketat dan memiliki beberapa prinsip yang dapat membedakan dengan konsep ekonomi yang lain. perbedaan utama yang harus dipegang dalam sistem ekonomi islam adanya transendensi dalam setiap menjalankan ketiga kaidah tersebut. dalam agama, ada beberapa kegiatan ekonomi yang menguntungkan satu pihak tetapi dilarang, misalnya perjudian, riba, penipuan (al-ghabn), tadlîs dalam jual beli dan ihtikâr (penimbunan). kegiatan ekonomi yang dilarang agama ini, sebenarnya secara ekonomis sangat menguntungkan bagi pelakunya, akan tetapi juga dapat merugikan pihak yang lain. apabila tidak ditemukan rasa transendensi, maka orang akan mengatakan larangan di atas justru menimbulkan proses kerja ekonomi tidak akan berkembang secara baik. begitu juga sebaliknya, bagi yang menyatakan transendensi itu penting, maka batasan itu justru akan memberikan dampak positif dalam sistem ekonomi. transendensi yang menjadi prinsip utama ini memberikan beberapa tawaran untuk menegakkan nilai yang bersifat instrumental, antara lain: (1) islam mengakui hak milik pribadi, akan tetapi juga mengakui hak umum yang dikuasai negara, (2) islam mementingkan kepentingan umat, (3) adanya larangan monopoli dalam islam, (4) islam memerintahkan untuk mengeluarkan zakat, infak dan sedekah, (5) negara 1 di antara ayat yang membahas ekonomi ialah surah al-baqarah [2]: 29, al-jâtsiyah [45]: 13, ‘abasa [80]: 24-32, al-anbiyâ’ [21]: 80, al-jumu‘ah [62]: 10, al-nisâ’ [4]: 5 dan masih banyak ayat yang lainnya. 2 sedangkan hadis yang membahas mengenai ekonomi banyak sekali, bahkan setiap masalah muamalat semua ada hadisnya, seperti hadis yang diriwayat oleh abû hurayrah dari nabi saw. انغرر بيع عن سهى و عهيه اهلل صهى اهلل رسىل نهى artinya, ‚rasulullah saw. melarang jual beli dengan menipu.‛ (h.r. muslim no: 1513, kitâb buyu’, bab: buthlân bay’ al-hashh wa al-bay’ alladzi fih algharar). moch. bukhori muslim: ihtikâr dan dampaknya terhadap dunia ekonomi70 ada juga yang mendefinisikan dengan: dari beberapa definisi tersebut di atas, dapat diketahui bahwa inti dari ihtikâr adalah membeli dan menahan sesuatu untuk dijual kembali dengan harga yang tinggi. dalam bidang ekonomi modern, ihtikâr diartikan dengan lebih luas yaitu monopoli. monopoli sendiri merupakan bagian dari pemikiran kelompok kapitalisme.8 berkaitan dengan barang yang dianggap sebagai ihtikâr, maka para ulama berbeda pendapat. ada ulama menyatakan bahwa semua barang yang dapat menyebabkan pasar bergejolak dianggap sebagai ihtikâr,9 ada juga yang menyatakan bahwa yang termasuk ihtikâr hanya makanan pokok saja.10 ulama yang berpendapat bahwa yang diangap ihtikâr hanya berlaku pada kebutuhan pokok saja, sedangkan kebutuhan sekunder atau tersier tidak termasuk dalam katagori ihtikâr berdasarkan hadis nabi saw.: 6 definisi ini adalah yang masyhur di kalangan syiah, untuk keterangan lebih lanjut ada pada abâ al-qâsim al-musâwî al-khu’î, minhâj al-shâlihîn, (qum: mu’assasah al-nasyr al-islâmî, 1410 h), h. 301. 7 muhammad rawwâs qal’ajî, mawsû’ah fiqh ‘umar ibn al-khaththâb, (kuwayt: maktabah alfallâh, 1981), h. 22. 8 untuk keterangan lebih lanjut ada pada tom bottomore (ed.), a dictionary of marxist thought, (oxford: basil blackwell ltd, 1983), h. 140-141. 9 di antara ulama yang berpendapat demikian adalah al-syawkânî, untuk keterangan lebih lanjut ada pada muhammad ibn ‘alî al-syawkânî, nayl al-awthâr, (bayrût: dâr al-fikr, 1983), jilid v, h. 337. 10 di antara ulama yang berpendapat demikian adalah al-ghazâlî. menurut dia, yang termasuk dalam ihtikâr adalah makanan pokok, selain itu tidak dianggap ihtikâr. sedangkan waktu penimbunan tidak ditentukan, hanya batasannya ketika dapat menimbulkan gejolak pasar sudah dianggap ihtikâr. untuk keterangan lebih lanjut ada pada, abû hâmid al-ghazâlî, ihyâ’ ‘ulûm al-dîn, (semarang: thaha putra, t.th), jilid ii, h. 74-75. al-iqtishad: vol. iv, no. 1, januari 2012 71 ada juga yang mendefinisikan dengan: dari beberapa definisi tersebut di atas, dapat diketahui bahwa inti dari ihtikâr adalah membeli dan menahan sesuatu untuk dijual kembali dengan harga yang tinggi. dalam bidang ekonomi modern, ihtikâr diartikan dengan lebih luas yaitu monopoli. monopoli sendiri merupakan bagian dari pemikiran kelompok kapitalisme.8 berkaitan dengan barang yang dianggap sebagai ihtikâr, maka para ulama berbeda pendapat. ada ulama menyatakan bahwa semua barang yang dapat menyebabkan pasar bergejolak dianggap sebagai ihtikâr,9 ada juga yang menyatakan bahwa yang termasuk ihtikâr hanya makanan pokok saja.10 ulama yang berpendapat bahwa yang diangap ihtikâr hanya berlaku pada kebutuhan pokok saja, sedangkan kebutuhan sekunder atau tersier tidak termasuk dalam katagori ihtikâr berdasarkan hadis nabi saw.: 6 definisi ini adalah yang masyhur di kalangan syiah, untuk keterangan lebih lanjut ada pada abâ al-qâsim al-musâwî al-khu’î, minhâj al-shâlihîn, (qum: mu’assasah al-nasyr al-islâmî, 1410 h), h. 301. 7 muhammad rawwâs qal’ajî, mawsû’ah fiqh ‘umar ibn al-khaththâb, (kuwayt: maktabah alfallâh, 1981), h. 22. 8 untuk keterangan lebih lanjut ada pada tom bottomore (ed.), a dictionary of marxist thought, (oxford: basil blackwell ltd, 1983), h. 140-141. 9 di antara ulama yang berpendapat demikian adalah al-syawkânî, untuk keterangan lebih lanjut ada pada muhammad ibn ‘alî al-syawkânî, nayl al-awthâr, (bayrût: dâr al-fikr, 1983), jilid v, h. 337. 10 di antara ulama yang berpendapat demikian adalah al-ghazâlî. menurut dia, yang termasuk dalam ihtikâr adalah makanan pokok, selain itu tidak dianggap ihtikâr. sedangkan waktu penimbunan tidak ditentukan, hanya batasannya ketika dapat menimbulkan gejolak pasar sudah dianggap ihtikâr. untuk keterangan lebih lanjut ada pada, abû hâmid al-ghazâlî, ihyâ’ ‘ulûm al-dîn, (semarang: thaha putra, t.th), jilid ii, h. 74-75. rasulullah saw. bersabda, ‚barang siapa yang menimbun makanan selama empat puluh hari, ia sungguh lepas dari allah dan allah lepas dari padanya‛. (h.r. ahmad) sedangkan ulama yang menyatakan bahwa yang termasuk ihtikâr adalah segala sesuatu yang berkaitan dengan kebutuhan umat islam. kebutuhan ini adalah segala hal yang menyebabkan keresahan atau kelangkaan dan bukan hanya kebutuhan pokok saja adalah hadis nabi saw.: 12 barangsiapa yang menimbun barang dengan tujuan membuat kesusahan bagi muslimin maka dia tercela. (h.r. ahmad) hadis di atas menunjukkan bahwa yang dianggap menimbun adalah barang timbunan dengan katagori umum. sementara itu, imam al-syawkânî menyatakan bahwa yang dijadikan pegangan dalam ihtikâr ini adalah ‘illah-nya, bukan barangnya. ‘illah-nya13 adalah menimbulkan bahaya bagi kaum muslim.14 ‘umar ibn al-khaththâb, salah satu sahabat nabi saw., menyatakan ihtikâr ini tidak hanya sebatas menimbun barang, akan tetapi tidak menjual barang yang ada di pasar atau menjual dengan harga yang melebihi harga pasar setempat. misalnya, apabila ada orang mempunyai barang dagangan di pasar dan tidak menjual dengan harga layak, akan tetapi ia mau menjual dengan harga yang sangat tinggi, maka perbuatan seperti itu sudah dikatakan ihtikâr. ‘umar juga menyatakan bahwa ihtikâr tidak hanya berlaku pada makanan pokok dan hewan ternak, akan tetapi juga pada setiap barang yang menyebabkan manusia menjadi susah karena kelangkaan barang tersebut, seperti pakaian, minyak tanah, dan 11 ahmad ibn hanbal, musnad al-imâm ahmad ibn hanbal, (bayrût: mu’assasah al-risâlah, 1999), jilid viii, h. 481. 12 ahmad ibn hanbal, musnad al-imâm ahmad ibn hanbal, jilid xiv, h. 265. 13 untuk cara menggunakan ‘illah, lihat, abû hâmid al-ghazâlî, al-mushtashfâ fî ‘ilm al-ushûl, (bayrût: dâr al-kutub al-‘ilmiyyah, 2000), h. 304. 14 muhammad ibn ‘alî al-syawkânî, nayl al-awthâr, jilid v, h. 338. moch. bukhori muslim: ihtikâr dan dampaknya terhadap dunia ekonomi72 al-iqtishad: vol. iv, no. 1, januari 2012 73 dari hadis tersebut, para ulama menetapkan suatu hukum bahwa diharamkannya menimbun adalah dengan dua syarat. pertama, akan menyebabkan penderitaan penduduk suatu negara. kedua, menaikkan harga yang sangat tinggi untuk mendapatkan keuntungan yang berlipat ganda, sehingga masyarakat merasa berat untuk mendapatkannya.22 berbeda dengan menimbun barang yang kepemilikannya tidak dengan jalan membeli. atau juga pembelian terjadi pada saat harga melambung dan dijual pada saat itu juga. karena praktik pembelian barang di saat harga masih stabil untuk kemudian dijual pada masa barang melambung adalah masih dalam kategori orang terpuji (marzuq) yang telah disebutkan di dalam hadis di atas. ihtikâr dalam arti menimbun secara umum ketika harga murah kemudian untuk dijual ketika barang sudah tidak ada dengan tujuan menolong kebutuhan orang banyak adalah sesuatu yang mulia. hal ini pernah dilakukan oleh nabi yûsuf sebagaimana telah dinyatakan dalam alquran surah yûsuf [12]: 47-49.                                                                                   yusuf berkata, "supaya kamu bertanam tujuh tahun (lamanya) sebagaimana biasa, maka apa yang kamu tuai hendaklah kamu biarkan dibulirnya kecuali sedikit untuk kamu makan. kemudian sesudah itu akan datang tujuh tahun yang amat sulit, yang menghabiskan apa yang kamu simpan untuk menghadapinya (tahun sulit), kecuali sedikit dari (bibit gandum) yang kamu simpan. kemudian setelah itu akan datang tahun yang padanya manusia diberi hujan (dengan cukup) dan di masa itu mereka memeras anggur.‛ tindakan seseorang yang menyimpan stok barang tertentu untuk kepentingan persediaan, seperti ketika terjadi panen raya atau untuk persediaan kebutuhan pribadinya tidak bisa dikatakan sebagai tindakan ihtikâr. sebab hal 22 lebih lanjut lihat al-ghazâlî, benang tipis antara halal dan haram, (surabaya: putra pelajar, 2002), h. 224-225. moch. bukhori muslim: ihtikâr dan dampaknya terhadap dunia ekonomi74 al-iqtishad: vol. iv, no. 1, januari 2012 75 semakin sedikit persediaan barang di pasar, maka harga barang semakin naik dan permintaan terhadap barang semakin berkurang. dalam kondisi seperti ini produsen dapat menjual barangnya dengan harga yang lebih tinggi dari harga normal. penjual akan mendapatkan keuntungan yang lebih besar dari keuntungan normal, sementara konsumen akan menderita kerugian. jadi, akibat ihtikâr masyarakat akan dirugikan oleh ulah sekelompok kecil manusia. oleh karena itu, dalam pasar monopoli seorang produsen dapat bertindak sebagai price maker (penentu harga). dalam situasi dan kondisi semacam ini yang dirasa adalah serba kesulitan dan kekurangan. implikasi lebih jauh, ihtikâr tidak hanya akan merusak mekanisme pasar, tetapi juga akan menghentikan keuntungan yang akan diperoleh orang lain dan dapat menghambat proses distribusi kekayaan di antara manusia. sebab, konsumen masih harus membayar harga produk yang lebih tinggi dari ongkos marginal. dengan demikian praktik ihtikâr akan menghambat kesejahteraan umat manusia. padahal salah satu tujuan dari sistem ekonomi, apapun bentuknya adalah kesejahteraan umat manusia. berangkat dari sudut inilah, ‘illah keharaman ihtikâr diangkat. karenanya, menurut imam al-syawkânî, keharaman ihtikâr tidak hanya tertentu pada barang-barang pokok semata. akan tetapi semua barang yang bila ditimbun akan bisa mengakibatkan ruwetnya perekonomian manusia. sebab menurut analisisnya, zahir hadis-hadis nabi tidak membedakan antara makanan pokok manusia, hewan, atau lainnya. sedangkan hadis yang langsung menjelaskan keharaman ihtikâr dikhususkan hanya pada makanan pokok yang ada dalam sebagian riwayat tidak bisa digunakan untuk mengkhususkan hadishadis lain yang redaksinya mutlak. namun pendapat ini, masih mungkin untuk ditepis dengan kaidah usul fikih yang menjelaskan bahwa bila ada dalil muthlaq, maka dalil tersebut bisa diarahkan pada dalil muqayyad. demikian pula bila ada dalil yang ‘âm, maka bisa di-takhshîish dengan dalil yang khâsh. akan tetapi, al-syawkânî mengelaknya dan menjawab, kata ‚الطعام‛ yang ada di dalam salah satu hadis hanyalah sekadar memberi contoh salah satu ba-rang yang tidak boleh ditimbun. bukan untuk men-takhshîsh-kan.‛23 sebab, meniadakan hukum selain makanan pokok itu diambil dari mafhûm-nya laqab (kata ,yang ada dalam hadis). pengambilan mafhûm mukhâlafah semacam ini ‚ الطعام"‚ menurut jumhûr ulama usul fikih jelas tidak bisa dibenarkan. sebab, tujuan disebutkannya laqab bukanlah untuk meniadakan hukum selainnya. kalau sudah demikian, maka penyebutan perkara/ lafaz dalam suatu dalil yang tujuan 23 muhammad ibn ‘alî al-syawkânî, nayl al-awthâr, jilid v, h. 340. moch. bukhori muslim: ihtikâr dan dampaknya terhadap dunia ekonomi76 penyebutannya bukan untuk meniadakan hukum lainnya, menurut kaidah usul fikih, tidaklah bisa digunakan menggarisbawahi dalil-dalil lain yang redaksinya muthlaq. jadi, pada hakikatnya ihtikâr dapat merusak sistem pasar yang sudah berjalan normal. oleh karena itu, wajar apabila sebagian ulama menyatakan ihtikâr adalah pelbagai bentuk, dan tidak terbatas pada makanan pokok. dengan mendasarkan ihtikâr adalah untuk semua barang yang dapat merusak sistem pasar, maka dapat diketahui bahwa sistem pasar seperti ini harus dipelihara oleh pelaku pasar. pasar harus berjalan secara normal. secara garis besar ketidaksempurnaan pasar terjadi karena tiga hal. pertama, penyimpangan terstruktur. suatu pasar akan mengganggu mekanisme pasar dengan cara yang sistematis dan terstruktur pula. struktur pasar yang dimaksudkan adalah monopoli dan kompetisi yang tidak sehat. struktur pasar seperti ini menjadi larangan dalam islam, sebab selain merusak sistem pasar juga berlawanan dengan maqâshid al-syarî‘ah. kedua, penyimpanan tidak terstruktur, yaitu adanya faktor internal insidental dan temporer yang mengganggu sistem pasar, misalnya ihtikâr, najasy, tadlîs, kolusi pedagang untuk membuat harga di atas normal. sistem seperti ini juga berlawanan dengan tujuan yang telah diatur syariat. ketiga, ketidaksempurnaan informasi dan penyesuaian. hal ini seperti yang terjadi membeli barang dari produsen ketika masih di tengah jalan (bukan di dalam pasar/talaqqi rukbân), membeli dari orang yang bodoh yang tidak mengerti harga pasar yang sebenarnya (al-ghubn). ketiga hal yang dapat merusak pasar ini harus dihindari dan dilarang dalam islam. oleh karena itu, setiap penjual dan pembeli harus berhati-hati dalam melakukan transaksi tersebut. larangan yang ada dalam agama ini memang tidak memberikan sanksi secara tegas, akan tetapi sanksinya berupa keharaman hukum yang perhitungannya kelak di akhirat. oleh karena itu, sebagai pelaku pasar harus tetap mengutamakan sistem transendensi seperti yang telah dibahas di atas. konsep transendensi ini salah satunya adalah dalam setiap kegiatan pasar harus didasarkan pada hal yang halal dan haram secara ketat dan kesadaran diri. artinya, apapun yang terjadi dalam sistem pasar pertimbangan halal dan haram dalam melakukan transaksi harus tetap menjadi pertimbangan utama dan pertama. seseorang tidak boleh terperdaya dengan harga atau lainnya, sebab hal ini akan menjadi pertanggungjawaban di akhirat kelak. al-iqtishad: vol. iv, no. 1, januari 2012 77 penyebutannya bukan untuk meniadakan hukum lainnya, menurut kaidah usul fikih, tidaklah bisa digunakan menggarisbawahi dalil-dalil lain yang redaksinya muthlaq. jadi, pada hakikatnya ihtikâr dapat merusak sistem pasar yang sudah berjalan normal. oleh karena itu, wajar apabila sebagian ulama menyatakan ihtikâr adalah pelbagai bentuk, dan tidak terbatas pada makanan pokok. dengan mendasarkan ihtikâr adalah untuk semua barang yang dapat merusak sistem pasar, maka dapat diketahui bahwa sistem pasar seperti ini harus dipelihara oleh pelaku pasar. pasar harus berjalan secara normal. secara garis besar ketidaksempurnaan pasar terjadi karena tiga hal. pertama, penyimpangan terstruktur. suatu pasar akan mengganggu mekanisme pasar dengan cara yang sistematis dan terstruktur pula. struktur pasar yang dimaksudkan adalah monopoli dan kompetisi yang tidak sehat. struktur pasar seperti ini menjadi larangan dalam islam, sebab selain merusak sistem pasar juga berlawanan dengan maqâshid al-syarî‘ah. kedua, penyimpanan tidak terstruktur, yaitu adanya faktor internal insidental dan temporer yang mengganggu sistem pasar, misalnya ihtikâr, najasy, tadlîs, kolusi pedagang untuk membuat harga di atas normal. sistem seperti ini juga berlawanan dengan tujuan yang telah diatur syariat. ketiga, ketidaksempurnaan informasi dan penyesuaian. hal ini seperti yang terjadi membeli barang dari produsen ketika masih di tengah jalan (bukan di dalam pasar/talaqqi rukbân), membeli dari orang yang bodoh yang tidak mengerti harga pasar yang sebenarnya (al-ghubn). ketiga hal yang dapat merusak pasar ini harus dihindari dan dilarang dalam islam. oleh karena itu, setiap penjual dan pembeli harus berhati-hati dalam melakukan transaksi tersebut. larangan yang ada dalam agama ini memang tidak memberikan sanksi secara tegas, akan tetapi sanksinya berupa keharaman hukum yang perhitungannya kelak di akhirat. oleh karena itu, sebagai pelaku pasar harus tetap mengutamakan sistem transendensi seperti yang telah dibahas di atas. konsep transendensi ini salah satunya adalah dalam setiap kegiatan pasar harus didasarkan pada hal yang halal dan haram secara ketat dan kesadaran diri. artinya, apapun yang terjadi dalam sistem pasar pertimbangan halal dan haram dalam melakukan transaksi harus tetap menjadi pertimbangan utama dan pertama. seseorang tidak boleh terperdaya dengan harga atau lainnya, sebab hal ini akan menjadi pertanggungjawaban di akhirat kelak. peran pemerintah islam memperkenankan negara untuk mengatur masalah perekonomian agar kebutuhan masyarakat baik secara individu maupun sosial dapat terpenuhi secara proporsional. islam memandang bahwa negara wajib melindungi kepentingan masyarakat dari ketidakadilan yang dilakukan oleh seseorang atau sekelompok orang ataupun dari negara lain. negara juga wajib memberikan jaminan sosial agar seluruh masyarakat dapat hidup secara layak. oleh karena itu, adalah wajar apabila negara indonesia dalam dalam uud nri 1945 menyatakan: (1) perekonomian disusun sebagai usaha bersama berdasar atas asas kekeluargaan. (2) cabang-cabang produksi yang penting bagi negara dan yang menguasai hajat hidup orang banyak dikuasai oleh negara. (3) bumi dan air dan kekayaan alam yang terkandung didalamnya dikuasai oleh negara dan dipergunakan untuk sebesar-besarnya kemakmuran rakyat. selain itu, dalam islam dikenal jenis-jenis kepemilikan, yaitu: kepemilikan individu, kepemilikan umum, dan kepemilikan negara.24 kepemilikan pribadi adalah kepemilikan yang dipunyai seseorang, baik itu berupa zat atau utility tertentu, yang memungkinkan bagi seseorang untuk mendapatkannya dan memanfaatkannya. kepemilikan individu ini seperti kepemilikan atas rumah, roti, daging dan lain sebagainya. sedangkan cara memperolehnya dengan cara yang baik seperti bertani, berniaga, dan lain sebagainya.25 jenis kepemilikan umum adalah benda yang dimiliki bersama dan mereka semua saling membutuhkan atas benda tersebut. benda ini ada tiga macam yaitu, merupakan fasilitias umum, bahan tambang yang tidak terbatas dan sumber daya alam yang sifat pembetukannya menghalangi untuk dimiliki hanya oleh individu.26 barang-barang milik umum ini mutlak diperlukan manusia dalam kehidupan sehari-hari, seperti air, api, minyak dan gas bumi, padang rumput atau hutan.27 sedangkan milik negara adalah harta yang menjadi milik seluruh kaum muslimin, sedangkan yang mengelola adalah menjadi kewajiban aparat pemerintah. harta ini, misalnya harta rampasan perang, jiz’yah, dan di dalam termasuk juga air, udara, api yang menjadi umum, akan tetapi negara berhak mengatur regulasinya. oleh karena itu adalah menjadi wewenang negara untuk membuat 24 taqiy al-dîn al-nabhanî, membangun sistem ekonomi alternatif: persektif islam, (surabaya: risalah gusti, 1996), h. 243. 25 untuk keterangan lebih lanjut, lihat, taqiy al-dîn al-nabhanî, membangun sistem ekonomi alternatif: persektif islam, h. 273. 26 taqiy al-dîn al-nabhanî, membangun sistem ekonomi alternatif: persektif islam, h. 237. 27 dalam hadis dikenal dengan ada tiga hal yang27 menjadi milik bersama yaitu: air, padang, dan api. moch. bukhori muslim: ihtikâr dan dampaknya terhadap dunia ekonomi78 peraturan yang ketat bagi penimbun untuk kepentingan bersama. hal ini juga berkaitan dengan kaidah: tindakan pemerintah terhadap rakyat harus selalu berorientasi pada kemashlahatan orang banyak. oleh karena itu, pemerintah harus mengadakan pengawasan terhadap pasar. pengawasan pasar ini berguna untuk menjamin berjalannya mekanisme pasar secara sempurna. dalam agama pengawas pasar didasarkan pada firman allah surah âli ‘imran [3]: 110. pengawasan pasar yang dilakukan oleh rasulullah saw. antara lain melakukan inspeksi secara langsung ke pasar untuk melihat harga dan mekanisme pasar. apabila ada harga yang tidak sesuai dengan mekanisme pasar, maka rasulullah menegur pelakunya dan memberi nasihat tentang perilaku pasar yang baik. secara garis besar hisbah mempunyai fungsi: (1) mengorganisasi pasar agar dapat memfungsikannya sebagai solusi permasalah ekonomi umat melalui mekanisme pasar yang sehat; (2) menjamin instrumen harga barang dan jasa yang ditentukan sesuai dengan hukum penawaran dan permintaan; (3) melakukan pengawasan produk-produk yang masuk ke pasar; (4) memberikan informasi di pasar mengenai harga dan sistem pasar; (5) menjamin tidak adanya praktik monopoli oleh pelaku pasar; (6) mengawasi praktik-praktik pencaloan di dalam pasar; (7) mengupayakan moral islami terutama yang berkaitan dengan mekanisme pasar. dengan adanya hisbah ini, maka akan menjadikan pasar beroperasi dengan dengan bebas dan dapat harga, gaji, dan keuntungan yang ditentukan oleh kekuatan supply dan demand, tetapi pada saat yang sama juga menjamin bahwa semua pranata ekonomi telah melaksanakan seluruh kewajibannya dan telah mematuhi aturan sariat. seluruh tindakan dan pencegahan dapat dilakukan untuk menjamin tidak adanya kecurangan, penipuan dan pelbagai praktik lainnya yang dapat merusak sistem pasar. tindakan yang bisa dilakukan oleh pemerintah adalah akan menjual barang dagangan hasil timbunan sesuai dengan harga pasar pada saat itu dan apabila ada keuntungan dari hasil penjualan, maka hasil penjualan tersebut disedekahkan kepada fakir miskin. sedangkan pelaku ihtikâr hanya berhak mendapat 28 al-suyûthî, al-asybah wa al-nazhâ’ir, (bayrût: dâr al-kutub al-islâmî, t.thh), h. 83. al-iqtishad: vol. iv, no. 1, januari 2012 79 peraturan yang ketat bagi penimbun untuk kepentingan bersama. hal ini juga berkaitan dengan kaidah: tindakan pemerintah terhadap rakyat harus selalu berorientasi pada kemashlahatan orang banyak. oleh karena itu, pemerintah harus mengadakan pengawasan terhadap pasar. pengawasan pasar ini berguna untuk menjamin berjalannya mekanisme pasar secara sempurna. dalam agama pengawas pasar didasarkan pada firman allah surah âli ‘imran [3]: 110. pengawasan pasar yang dilakukan oleh rasulullah saw. antara lain melakukan inspeksi secara langsung ke pasar untuk melihat harga dan mekanisme pasar. apabila ada harga yang tidak sesuai dengan mekanisme pasar, maka rasulullah menegur pelakunya dan memberi nasihat tentang perilaku pasar yang baik. secara garis besar hisbah mempunyai fungsi: (1) mengorganisasi pasar agar dapat memfungsikannya sebagai solusi permasalah ekonomi umat melalui mekanisme pasar yang sehat; (2) menjamin instrumen harga barang dan jasa yang ditentukan sesuai dengan hukum penawaran dan permintaan; (3) melakukan pengawasan produk-produk yang masuk ke pasar; (4) memberikan informasi di pasar mengenai harga dan sistem pasar; (5) menjamin tidak adanya praktik monopoli oleh pelaku pasar; (6) mengawasi praktik-praktik pencaloan di dalam pasar; (7) mengupayakan moral islami terutama yang berkaitan dengan mekanisme pasar. dengan adanya hisbah ini, maka akan menjadikan pasar beroperasi dengan dengan bebas dan dapat harga, gaji, dan keuntungan yang ditentukan oleh kekuatan supply dan demand, tetapi pada saat yang sama juga menjamin bahwa semua pranata ekonomi telah melaksanakan seluruh kewajibannya dan telah mematuhi aturan sariat. seluruh tindakan dan pencegahan dapat dilakukan untuk menjamin tidak adanya kecurangan, penipuan dan pelbagai praktik lainnya yang dapat merusak sistem pasar. tindakan yang bisa dilakukan oleh pemerintah adalah akan menjual barang dagangan hasil timbunan sesuai dengan harga pasar pada saat itu dan apabila ada keuntungan dari hasil penjualan, maka hasil penjualan tersebut disedekahkan kepada fakir miskin. sedangkan pelaku ihtikâr hanya berhak mendapat 28 al-suyûthî, al-asybah wa al-nazhâ’ir, (bayrût: dâr al-kutub al-islâmî, t.thh), h. 83. kan modal pokoknya saja. hal ini dilakukan sebagai pembelajaran terhadap pelaku ihtikâr. selanjutnya pemerintah akan memberikan teguran kepada pelaku ihtikâr agar tidak mengulangi perbuatannya lagi. apabila mereka tidak memperhatikan teguran tersebut, pemerintah berhak memberi hukuman. oleh karena itu, negara sebagai pengatur regulasi perdagangan harus memberikan pengawasan dan pengaturan melalui undang-undang atau peraturan pemerintah lainnya untuk menertibkan sistem pasar sehingga dapat berjalan dengan baik. di antara sistem yang dapat diterapkan adalah peraturan persaingan usaha yang sehat. dalam hal ini negara dapat mengeluarkan peraturan permainan persaingan usaha yang sehat, dengan melarang hal-hal berikut ini. pertama, larangan melakukan persengkongkolan bisnis yang merugikan pesaing lainnya. kedua, monopoli atau memperoleh hak khusus atas dasar kkn dengan birokrat. ketiga, proses tender yang tidak transparan, atau menggunakan perusahaan ‘alibaba’. keempat, differensiasi harga pada kelompok bisnis tertentu yang merugikan pihak pesaing. kelima, proses produksi, kualitas produk, dan kampanye iklan yang merugikan pihak konsumen. keenam, memberikan informasi tentang produk dan pelayanan yang menyesatkan kepentingan komsumen. dalam pasal 17 ayat (1), uu no. 5 tahun 1999 dinyatakan, ‚pelaku usaha dilarang melakukan penguasaan atas produksi dan atau pemasaran barang dan atau jasa yang dapat mengakibatkan terjadinya praktik monopoli dan atau persaingan usaha tidak sehat.‛ dan, pasal 47 dan 48 uu tahun 1999 disebutkan, apabila terjadi pelanggaran terhadap undang-undang tersebut maka pemerintah dapat mengenakan sanksi bagi pelakunya, baik sanksi administrasi (penggagalan perjanjian atau denda serendah-rendahnya rp 1.000.000.000,dan setinggi-tingginya rp 25.000.000.000,atau rp 1.000.000.000, dan sanksi berupa kurungan minimal tiga bulan sampai enam bulan. penutup ihtikâr merupakan sesuatu yang harus dicegah dalam sistem pasar. oleh karena itu, pemerintah harus menjaga sistem pasar yang di dalamnya termasuk melarang ihtikâr bagi pelaku pasar. dengan begitu, sistem pasar akan berjalan dengan baik dan sistem ekonomi dapat bergerak dengan laju yang normal dan penuh keadilan. untuk menumbuhkan sistem ini, maka para pelaku pasar dan pengawas pasar harus mendasarkan diri pada agama atau adanya kepercayaan dan menjalankan semua aturan agama. dengan begitu, semua sistem yang berkaitan dengan pasar akan berjalan dan mencapai kebaikan puncak, serta maqâshid al-syarî‘ah dan mashlahah al-‘ibâd akan tercapai. selaian itu, konsep baldah thayyibah wa rabb ghafûr menjadi kenyataan. [] moch. bukhori muslim: ihtikâr dan dampaknya terhadap dunia ekonomi80 pustaka acuan baghâwî, al-, syarh al-sunnah, bayrût: al-maktab al-islâmî, 1983. bayhaqî,, al-, sunan al-kubrâ, haidar abad: majlis dâ’irah al-ma‘ârif, 1344 h. bottomore, tom (ed.), a dictionary of marxist thought, oxford: basil blackwell ltd, 1983. ghazâlî, al-, abû hâmid, al-mushtasfâ fî ‘ilm al-ushûl, bayrût: dâr al-kutub al-‘ilmiyyah, 2000. ghazâlî, al-, abû hâmid, ihyâ’ ‘ulûm al-dîn, semarang: thaha putra, t.th. ghazali, al-, benang tipis antara halal dan haram, surabaya: putra pelajar, 2002. ibn rusyd, ahmad, bidâyah al-mujtahid wa nihâyah al-muqtashid, bayrût: dâr alfikr, t.th. ibn ‘âbidîn, radd al-mukhtâr ‘alâ al-dur al-mukhtâr, bayrût: dâr al-fikr, t.th. ibn hanbal, ahmad, musnad al-imâm ahmad ibn hanbal, bayrût: mu’assasah alrisâlah, 1999. ibn khaldûn, ‘abd al-rahmân, muqaddimah ibn khaldûn, bayrût: dâr al-kutub al‘ilmiyyah, 1993. ibn manzhûr, muhammad ibn mukarram, lisân al-‘arab, bayrût: dâr al-shâdir, t.th. ibn qudâmah, al-mughnî, riyâdh: maktabah al-riyadh al-hadîtsah, t.th. ibn zakariyyâ, ahmad husayn ibn faris, mu’jam maqâyis al-lughah, bayrût: dâr al-kutub, 2000. imam muslim, shahîh muslim, al-qâhirah: dâr al-hadîts, 1997. khû’î, al-, abû al-qâsim al-musâwî, minhâj al-shâlihîn, qum: muassasah al-nasyr al-islâmî, 1410 h. mâwardî, al-, al-ahkâm al-sulthâniyyah, bayrût: dâr al-fikr, 1960. nabhânî, al-, taqiy al-dîn, membangun sistem ekonomi alternatif: persektif islam, surabaya: risalah gusti, 1996. qal’ajî, muhammad rawwas, mawsû’ah fiqh ‘umar ibn al-khaththâb, kuwayt: maktabah al-fallâh, 1981. suyûthî, al-, jalâl al-dîn, al-ashbah wa al-nazhâ’ir, bayrût: dâr al-kutub al-islâmî, t.th suyûthî, al-, jalâl al-dîn, tanwîr al-hawâlik syarh al-muwaththa’, semarang: thaha putra, t.th. syarbaynî, al-, al-khâthib, mughni al-muhtâj, bayrût: dâr al-fikr, 1978. syawkânî, al-, muhammad ibn ‘alî, nayl al-awthâr, bayrût: dâr al-fikr, 1983. helza nova lita abstract. in resolving cross-border sharia economic disputes, the parties can agree on a choice of law and forum. both can choose arbitration forums, but in practice, the decisions cannot always be enforced due to the incompatibility with national law. using normative legal approach, this article discusses the arrangement of arbitration institutions in resolving such sharia economic disputes and the application of the principles of private international law, islamic law, national and international legal provisions. in islamic law, each party must carry out the agreement as long as it does not conflict with sharia principles. in international private law, parties can choose islamic law as the choice of law, and sharia arbitration as the choice of forum. to implement the inter-country sharia arbitral awards, there must be an agreement between countries to mutually recognize the awards and not conflict with national laws. keywords: arbitration; cross-border; sharia abstrak. dalam penyelesaian sengketa ekonomi syariah lintas batas, para pihak dapat menyepakati pilihan hukum dan forum. forum arbitrase dapat digunakan dalam kesepakatan, namun dalam praktiknya putusan tidak selalu dapat dilaksanakan karena bertentangan dengan hukum nasional. artikel ini membahas pengaturan lembaga arbitrase ini dan penerapan prinsip hukum perdata internasional, hukum islam, ketentuan hukum nasional maupun internasional. dalam hukum islam, setiap pihak harus melaksanakan perjanjiannya sepanjang tidak bertentangan dengan prinsip syariah. dalam hukum perdata internasional, para pihak dapat memilih hukum islam sebagai choice of law, dan arbitrase syariah sebagai choice of forum. untuk melaksanakan putusan arbitrase syariah, harus ada kesepakatan antar negara untuk saling mengakui putusan tersebut dan tidak boleh bertentangan dengan hukum nasional. kata kunci: arbitrase; lintas batas negara; syariah settlement of cross-border sharia economic disputes through arbitration forum al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 213 232 padjajaran univeristy, indonesian e-mail: helza.nova@unpad.ac.id author: helza nova lita received: 12 march 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:helza.nova%40unpad.ac.id?subject= 214 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction the implementation of economic transactions based on islamic sharia has experienced a fairly high level of development nationally and internationally. the use of the islamic sharia system in today's economic activities is developing in countries where the majority of the population is muslim and in countries with muslim minorities. the development of the islamic economy as a system of science and economics has received many positive responses at the global level (hamid in dina fitriasia septiarini, 2008). the increase in sharia-based economic activities does not rule out the possibility of disputes arising from economic activities in general with the parties involved, whether this occurs between one business actor (a company) with another business actor (a company) or a business actor (a company) with consumers, both in national and cross-border countries. settlement of sharia economic disputes can be carried out through litigation and non-litigation, also called adr (alternative dispute resolution), namely settlements carried out outside the court, one of which is through arbitration institutions. settlement through the arbitration institution in indonesia has been regulated in law number 30 of 1999 concerning arbitration and alternative dispute resolution. the recent growth of the islamic finance industry has also increased market demand for shariah-compliant dispute resolution (bhatti, 2019). companies generally use arbitration as an alternative dispute resolution method to resolve their business disputes, including international business disputes. interview to muhammad tahir mansoori (2022), international arbitration has been recognized in all countries as long as there is no conflict with the national law of the country concerned. pramudya (2018) explained that dispute resolution through arbitration has the following advantages: fast and economical, freedom in choosing arbitrators, guaranteed confidentiality; non-precedent, sensitivity or wisdom of the arbitrator towards a set of rules to be applied by the arbitrator in matters handled, as well as trust and security. arbitration provides great freedom and autonomy and is also relatively safe against uncertain conditions and uncertainty with respect to the system's different laws. the provisions of international civil law, especially regarding international business contract law, allow the parties to choose a contract law that they mutually agree on. in our discussion with achmad ramli (2021), he explained that the parties can choose the islamic law option clause to regulate the implementation of their business contract, including the material law used, if there is a dispute in the execution of their contract. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 215 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 current implementation provisions of islamic economics in many countries, including indonesia, are governed by fatwas (legal opinions) issued by the state based on religion, independent of any religious authority or institution (hasanuddin et al., 2022). in indonesia, the fatwa of the indonesian ulama national sharia council (dsn-mui) is used as a reference and guideline for applying islamic law in the economic field, including in preparing trade contracts between the parties. dsn-mui is independent outside the state power structure (hasanuddin et al., 2022). the entry into force of the dsn mui fatwa is based on the provisions of a law passed by the indonesian government. in indonesia, the ruling by the independent sharia arbitration establishments is final and compulsory for the parties in a dispute to abide by and implement voluntarily. the manner in which the verdict is executed implies that the contenders are not given alternative channels to legally challenge the verdicts in courts, which means that it is compulsory (arifin, 2019). to ensure that the foreign arbitral award is implemented, the parties must be mindful of the limitations in applying the chosen law so that it does not conflict with the law and legal order of the country where the award will be implemented. because the legal interpretation of each country may differ, including due to the different schools of thought used, the application of islamic law in settlement of sharia economic disputes must also be integrated with the provisions of the national law of the country concerned. the case of shamil bank of bahrain ec v. beximco pharmaceuticals limited in london is interesting to discuss. shamil bank raises the issue of whether parties could choose islamic law, as a generic and non-country specific system of law, to serve as the applicable or proper law of the commercial transaction. his area of law is primarily governed by the rome convention as incorporated into english law by means of an act of parliament, the contracts (applicable law) act 1990 ('the act") (chuah, 2006). the shamil bank defendants argued that, because of the governing law clause, the agreements were only enforceable if they were valid in the eyes of both english and sharia law (shamil bank, [2004] ewca (civ) 19, [27]. the defendants alleged that certain parts of the contract were contrary to sharia law because they were disguised loans requiring the payment of interest, thus rendering the entire contract invalid. "if the agreement were invalid, both the debtors and guarantors would be discharged. in the alternative, the defendants argued that the guarantees had been entered into on the basis of a common mistake as to the validity of the agreements under sharia law and were therefore of no effect". the judge held that english law was the governing law http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 216 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 because there could not be two separate systems of law governing the contract (shamil bank of bahr. ec v. beximco pharms. ltd., [2003] ewhc (comm) 2118). the judge also held that the parties had not chosen sharia law as the governing law because, as a set of religious principles, sharia law was not the law of a country. therefore the parties could not have intended for the secular english court to resolve matters of religious controversy. from this case, we can ask how compliance with islamic principles might be best achieved in a financing agreement governed by national law. regarding the required choice of applicable law, there is a fundamental difference between islamic fiqh and most modern arbitration law because the general rule in islamic fiqh is that only islamic law applies. in other words, the arbitral award may not differ from the principles of islamic law. this point has been confirmed by saudi arbitration law, article (20), which ensures that, before being issued, the arbitration award does not conflict with the principles of islamic jurisprudence (al-jarba, 2001). in implementing foreign arbitral awards in indonesia, the term "public order" refers to those not foreign to the indonesian judiciary. in some cases, such as e.d. & f. man sugar ltd v. yani haryanto and the astro group v. lippo group, the court refuses to implement foreign arbitral awards due to public order. e.d. and f. man sugar ltd v. yani haryanto is a case brought before the arbitral tribunal in london by e.d. and f. man sugar ltd. the london arbitration award went on to win e.d. & f. man sugar ltd. however, based on decision no. 001/pdt/arb. int/1999, the chairman of the central jakarta district court refused to give execution to the london arbitration award because it was based on the rules under indonesian law. only bulog has the right to import sugar, so the judge believed that the london arbitration award is contrary to public order (farsia, 2018). in terms of the limits of public order as provisions, the fundamental principles of law, and a nation's national interest, public order as a condition for obtaining an exequatur in indonesia is an order from new york convention 1958 article v paragraph (2) letter (b). however, the 1958 new york convention did not stipulate the definition of the term "public order", meaning that every state can determine the limits of public order in its jurisdiction (farsia, 2018). in practice, this explanation is still widely interpreted, so the boundaries and arrangements are unclear. likewise, in using islamic law to settle sharia economic disputes, adjustments between the provisions of sharia law and the state's national law need to be synergized together. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 217 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 the use of arbitration in indonesia certainly needs to be anticipated regarding the current development of the sharia economy in preparing for an effective sharia economic dispute resolution, especially in indonesia, in order to support the strengthening of the sharia ecosystem in indonesia, not only at the national level but also internationally. this article will further analyze the use of arbitration as an alternative to cross-border sharia economic dispute resolution. the study will discuss the regulation of arbitration institutions in settlement of international sharia economic disputes and how to integrate the application of the principles of international civil law and islamic law in the use of sharia arbitration clauses in settlement of international sharia economic disputes. this article is expected to provide benefits for strengthening arbitration institutions in the resolution of international economic disputes in order to make indonesia the center of the world's sharia economy and strengthen the role of academics, practitioners, and related institutions to support the success of national development programs, especially in the development of sharia economic law in indonesia. literature review there are three forms of dispute resolution mechanisms in classical islamic tradition—at the time of the prophet muhammad, his companions, the caliph of the bani umayyad, and bani abbas—namely; ulḥ (peace), taḥkīm (arbitration), and the litigation process called wilāyah al-qaḍā' (the power of law) (sari, 2016). arbitration is synonymuos with the term taḥkīm. taḥkīm comes from the word hakkama. etymologically, it means making someone a deterrent to a dispute (rosyadi in tri setiady, 2015). taḥkīm, in fiqh terms, is defined by wahbah zuhaili, among other things, as punishing two people who are at odds with another person in order to resolve the existing conflict between the two by following the instructions of islamic law. taḥkīm is recognized as a dispute resolution mechanism allowed outside the judiciary (al-qaḍā') (rasyid, 2017). this arrangement of taḥkīm is also clearly written in the quran and hadith. several verses in the koran regulate the implementation of dispute resolution through arbitration, including: "and if you fear that there will be a dispute between the two, then send a hakam from a male family and a hakam from a female family. if the two hakam intends to do good, allah will surely give taufik to the husband and wife. verily, allah is all-knowing, all-knowing." (qs an-nisa’ [4]:35) http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 218 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 "so, by your lord, they (in essence) do not believe until they make you a judge in the case they dispute, then they feel no objection in their hearts to the decision you give, and they accept it completely" (qs an-nisa’ [4]:65). arbitration institutions (hakams) have been known since prehistoric times in islam. at the time, the people of mecca as a trade center had a more developed tradition of dispute resolution through peacemakers; in addition to makkah arbitration, the people of medina as a region developed an agrarian system to deal with disputes over land ownership rights (sumitro in wagianto, 2020). arbitration is a non-litigation institution that can be used in settlement of sharia economic disputes. referring to the provisions of law no. 30 of 1999, the arbitration institution is the body chosen by the disputing parties to decide on a particular dispute; the institution can also provide a binding opinion regarding a certain legal relationship if a dispute has not arisen. based on the provisions of article 60 of law no. 30 of 1999, the arbitration award is final, has permanent legal force, and is binding on the parties. the use of arbitration based on the provisions of article 5 of law no. 30 of 1999 is only for settling disputes in the trade sector and regarding rights that, according to the law and statutory regulations, are fully controlled by the disputing parties. disputes that cannot be resolved through arbitration are those that cannot be reconciled according to the laws and regulations. in the practice of international trade, the parties can also use arbitration as a settlement institution if there is a dispute between them. in this case, it can be related to foreign arbitration. international arbitration in accordance with law no. 30 of 1999, an international arbitration award is a decision rendered by an arbitration institution or an individual arbitrator outside the jurisdiction of the republic of indonesia, or a decision rendered by an arbitration institution or an individual arbitrator that is considered an international arbitration award by the republic of indonesia's legal provisions. the parties can agree on the material law provisions to be used in resolving their dispute when using foreign arbitration. it should be noted that the choice of law does not conflict with the provisions of law and public order in the country where the decision will be implemented. according to winarta (in nahak, 2013), the principle of public order (public policy), which is specifically stated in article 3 paragraph (3) of supreme court regulation no. 1 of 1990, confirms that recognized and enforceable international arbitral awards in indonesia are only limited to decisions that are not contrary to public order. problems arising in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 219 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 implementing public order (public policy) are about the definition and scope of public order, which are not clearly defined in the regulation of the supreme court. in general, the definition of "public order" is limited to something that is considered contrary to public order at a certain time and place (a country). if it contains something or conditions contrary to the foundations and basic values of the system law and a nation's national interest (winarta in nahak, 2013). methods the method used in this article is normative legal research (legal research). normative legal research is commonly carried out in the development of legal science, which in the west is called legal dogmatics (sidharta, 2011). legal science is a scientific inquiry, including taking inventory, describing, interpreting, systematizing, and evaluating all positive laws. those are applied in a society or country based on concepts (understandings), categories, classifications, and methods formed and specially developed to solve legal problems in the community. the primary and secondary data analysis used in this study is a qualitative juridical data analysis using legal interpretation and legal construction, which is then stated systematically in the form of descriptions. the primary data was obtained directly from competent resource persons, namely arbitration law functionaries, both academics and practitioners. while secondary data is obtained through research and analysis of binding primary legal materials such as arbitration laws and regulations, secondary legal materials such as books, scientific works, and scholarly research aid in the analysis of primary legal materials. as for tertiary materials, among others, sources such as journals and magazines were used. results and discussion based on the provisions of positive indonesian law, the settlement of islamic economic disputes in indonesia can be done through litigation and non-litigation. the legal basis for dispute resolution through litigation is based on the provisions of article 49 of law number 3 of 2006 and the constitutional court's decision number 93/puu-x/2012. meanwhile, for non-litigation dispute resolution based on law no. 30 of 1999 concerning arbitration and alternative dispute resolution) and alternative service sector dispute resolution institutions (laps) – pojk no. 61/pojk.07/2020 (suadi, 2021). the non-litigation route is based on a written agreement between the parties based on the principles of http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 220 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 hurriyah and an-taradhin pactum de compromittendo acta compromis. pactum de compromittendo is an agreement between the parties in the form of an arbitration clause stated in the agreement written before a dispute arises, while an act of compromise is an agreement for separate arbitration made by the parties after the dispute arises (muskibah, 2018). in detail, below are the legal basis for resolving sharia economic disputes in indonesia: 1. article 49 of law no. 3 of 2006 concerning amendments to law no. 7 of 1989 concerning religious courts. article 49 stipulates that one of the duties and authorities of the court is to settle cases at the first level sharia economics. furthermore, in the elucidation of article 49, it is stated that "shari'ah economy" is an act or business activity carried out according to shari'ah principles, including, among others: islamic banks, sharia microfinance institutions, sharia insurance, sharia reinsurance, sharia mutual funds, sharia bonds and medium-term sharia securities, sharia securities, sharia financing, sharia pawnshops, sharia financial institution pension funds, and sharia business. 2. article 65 of law no. 30 of 1999 concerning arbitration and alternative dispute resolution states that the central jakarta district court has the authority to handle the issue of the recognition and implementation of international arbitration awards. furthermore, article 66 states that the international arbitration award is only recognized and can be enforced in the territory of indonesia if it fulfills the following requirements: submitted by an arbitrator or arbitral tribunal in a country with which indonesia has an agreement, either bilaterally or multilaterally, regarding the recognition and implementation of an international arbitration award, the decision falls within the scope of trade law the decision does not conflict with public order, obtain an exequatur from the chairman of the central jakarta district court. if the state of indonesia is one of the parties to the dispute, it will obtain an exequatur from the supreme court and then delegate it to the central jakarta district court. 3. regulation of the supreme court no. 14 of 2016 concerning procedures for settlement of sharia economic disputes. related provisions regarding the implementation of sharia arbitral awards in this rule are contained in article 13, paragraphs (2) and (3), which stipulate that the court in a religious court environment carries out the implementation and cancellation of sharia arbitral awards. the procedure for implementing the decision refers to law http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 221 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 no. 30 of 1999 concerning arbitration and alternative settlement disputes. 4. supreme court regulation no. 2 of 2008 concerning the compilation of sharia economic law (khes). khes is used as a guideline by judges in the neighborhood religious courts in examining, deciding, and resolving economic cases. 5. regulation of the supreme court, number 2 of 2015 concerning procedures for settlement of simple lawsuits, has been amended by regulation of the supreme court number 4 of 2019. with this provision, the lawsuit procedure is simpler and more effective and is in accordance with the principle of simple, fast, and low-cost dispute resolution. 6. regulation of the supreme court number 5 of 2016 concerning the certification of sharia economic judges. sharia economic cases need to be handled specifically by religious court judges who understand business theory and practice based on sharia principles. for this to be implemented, the supreme court needs to develop certification for sharia economic judges to handle sharia economic cases; 7. regulation of the supreme court no. 14 of 2016 concerns procedures for settlement of sharia economic cases. article 5 of this regulation states: all decisions and court decisions in the field of islamic economics, in addition to having to contain the reasons and basis for the decision, must also contain sharia principles used as a basis for trial. regarding the arbitration award, article 13 regulates the implementation of sharia arbitral awards, the religious court carries out the cancellation, and the procedure for implementing the decision is in law no 30 of 1999 concerning arbitration and alternative settlement dispute; 8. supreme court circular (sema) concerns the formulation of the results of the supreme court chamber's plenary meeting (since 2016-present). the provisions of article 72, paragraph 4, of law number 30 of 1999 concerning arbitration and its explanation are discussed in the meeting's results. there is no legal remedy for appeal or review against court decisions in a country that rejects the application for annulment of the arbitral award. the supreme court decides first and last, so there is no judicial review. of all the regulations above, there is no specific regulation regarding resolving cross-border sharia economic disputes either through litigation or non-litigation forums. provisions governing the resolution of cross-border sharia http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 222 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 economic disputes through arbitration forums are currently based on law number 30 of 1999. non-litigation settlement of sharia economic disputes is the settlement of disputes outside of the court in order to achieve settlement efforts through deliberation and consensus with the principle of a win-win solution. law no. 30 of 1999 states that alternative dispute resolution is an institution for resolving disputes or differences of opinion through a procedure agreed upon by the parties, namely, an out-of-court settlement by means of consultation, negotiation, mediation, conciliation, or expert judgment. the settlement of sharia economic disputes through alternative dispute resolution (aps), also known as alternative dispute resolution (adr): such as negotiation, mediation, and conciliation. according to islamic conception, the settlement of sharia economic disputes through arbitration institutions is called taḥkīm in terminology; it can mean the power to settle something with wisdom or peace by an arbitrator or referee. this is generally regulated in law number 30 of 1999 concerning arbitration and alternative dispute resolution. thus, since the enactment of law number 30 of 1999, the out-of-court dispute resolution model has been institutionalized in the indonesian legal system. the implementation of foreign arbitral awards in indonesia is based on the new york convention of 1958, known as the new york convention on the recognition and enforcement of foreign arbitral awards. the implementation of this convention is based on presidential decree no. 34 of 1981, which stipulates that the indonesian government imposes restrictions on the implementation of foreign arbitral awards based on the principle of reciprocity. this only applies to disputes arising from contractual or non-contractual legal relationships of a commercial nature under indonesian law. the arbitral award used includes not only the decisions of the arbitrators appointed for each case but also the decisions of the permanent arbitral tribunal (panjaitan, 2018). article 3 of presidential decree no. 34 of 1981 regulates the implementation procedure by stating that each participating country will recognize the arbitral award as binding and implement it in accordance with the procedural law rules in force in the area where the arbitral award is requested for implementation. in submitting a request for recognition and implementation of a foreign arbitral award, the requesting party is only required to submit the original or a copy that has been officially ratified and the original of the arbitration agreement or a ratified copy. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 223 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 hulman (2018) explains that the convention opens the possibility of refusing the implementation of foreign arbitral awards in the following circumstances: first, an arbitration agreement is declared invalid (invalid), second; one of the parties does not have the opportunity to defend himself, so the arbitration award is deemed to have been obtained improperly, third; the arbitration award is not in accordance with the assignment given, fourth; the appointment or arbitration procedure is not in accordance with the agreement of the parties, and last; the arbitral award has not yet been binding on the parties or has been set aside in the country in which it was made. furthermore, according to article 5, a foreign arbitral award can be rejected if the competent official in the country where the application for implementation of the award is submitted believes that: the dispute cannot be resolved through arbitration under the law of that country (hulman, 2018). in indonesia, the provisions for international arbitration awards are in article 66 of law number 30 of 1999. it is stated that international arbitration awards can only be recognized and implemented in indonesia only with certain criteria, including its compatibility with public order. furthermore, the international arbitration award is only limited to decisions that, according to indonesian law, are included in the scope of commercial law and do not conflict with public order. implementation of international arbitral awards takes place after receiving an exequatur from the chairman of the central jakarta district court. an international arbitration award related to the republic of indonesia as a party to the dispute can only be implemented after receiving an exequatur from the supreme court of the republic of indonesia, which is then transferred to the central jakarta district court. article 67 of law number 30 of 1999 stipulates that the application for implementation of the international arbitration award is carried out after the award is submitted and registered by the arbitrator or his proxies to the registrar of the central jakarta district court. the application for implementation must be accompanied by a copy of the original or authenticity of the international arbitration award, in accordance with the provisions regarding the authentication of foreign documents and an official translation in the indonesian language. also, the application is accompanied by a statement from the indonesian diplomatic representative in the country where the international arbitration award was made. this statement mentioned that the applicant country is bound by an agreement, bilaterally and multilaterally, with the republic of indonesia regarding the international arbitration award. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 224 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 furthermore, article 68 of law no. 30 of 1999 states that the decision of the chairman of the central jakarta district court, as referred to in article 66 letter d, that recognizes and implements the international arbitration award, cannot be appealed or challenged. meanwhile, the decision of the chairman of the central jakarta district court, as referred to in article 66 letter d, that refuses to recognize and enforce an international arbitration award may be appealed. the supreme court considers and decides on each cassation application within a maximum period of 90 (ninety) days after the supreme court receives the application. against the decision of the supreme court, as referred to in article 66, letter e (i.e., regarding the international arbitration award concerning the republic of indonesia as one of the parties to the dispute), efforts to challenge cannot be submitted. islamic economic transactions have distinctive and distinct characteristics that are different from conventional economic transactions. one of the most basic is the issue of the prohibition of usury in every economic transaction. the fatwa of the national sharia council of the indonesian ulema council (dsn mui) governs whether or not a sharia economic transaction is carried out. then, the decision on a dispute related to sharia economics requires a judge or referee (the arbitrator) who understands national law and sharia law and economics. religious courts are considered relevant institutions rather than general courts (district courts). this may be the reason why the handling of sharia economic disputes is separated from the general judiciary and the use of arbitration as a dispute resolution method. the absolute competence of the religious court is not complete if it has not been coupled with the authority to implement sharia arbitration decisions. the implementation of sharia arbitration decisions is still in the hands of the general court (district court) (indonesia jentera school of law, 2022). law number 30 of 1999 does stipulate that district courts do not have the competence to examine the substance of arbitral awards, except those related to public order (indonesia jentera school of law, 2022). in this case, the matters examined by the district court are only related to non-substantive aspects. however, it seems incomplete if absolute competence is still in the hands of the general court. law number 30 of 1999 needs to be revised to include provisions for implementing sharia arbitral awards in religious courts. besides that, the most important thing is the commitment of the leadership of the supreme court and the judiciary, as well as the strong encouragement of sharia economic actors in this country, including preparing the capacity of religious http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 225 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 judges and religious judicial apparatus for the implementation of registration and implementation of national and foreign sharia arbitral awards (indonesia jentera school of law, 2022). however, strengthening the role of religious courts in resolving sharia economic disputes can refer to the provisions of article 49 of the religious courts law, and supreme court regulation number 14 of 2016 concerning procedures for settlement of sharia economic cases in article 13, which regulates the implementation of sharia. the religious court carries out the arbitration award and its annulment, and the procedure for implementing the award is contained in law number 30 of 1999 concerning arbitration and alternative dispute resolution. integration of islamic law and international civil law in sharia arbitration forums in islamic law, every form of the agreement must be obeyed by the parties who make it as long as it does not conflict with sharia principles as stated in the word of allah qs al-maidah (5): 1: as follows: "o you who believe! fulfill those contracts…". likewise, the parties' agreement is contained regarding the choice of dispute resolution institution and material law that will be used if a dispute occurs in their business practices. settlement of sharia economic disputes can use litigation or non-litigation channels. however, legal problems can arise from the positive legal provisions used by judges in adjudicating dispute. for example, in settlement of civil disputes through the indonesian judiciary, the provisions based on the civil code are generally used. meanwhile, sharia economic provisions refer to the fact that in addition to complying with the provisions of national law, they must also not conflict with the provisions of islamic law. to overcome the legal differences that apply in the settlement of sharia economic disputes, whether the indonesian civil code or islamic law, other principles must be considered in contract law as stated in article 1338 of the civil code (sjahdeini, 2002). this principle stipulates that if the agreement is not regulated regarding the matters disputed by the parties but has been regulated by contract law in the civil code, then the provisions in the civil code apply. however, if this has been regulated in the agreement, but the content differs from the provisions in the civil code, then the provisions in the agreement must be applied, provided that the provisions in the law of the agreement do not constitute provisions that cannot be deviated from (the provisions are coercive or http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 226 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 dwingendrecht). suppose the provisions of the agreement law in the civil code are provisions that cannot be deviated from (forced), then in accordance with the principle that the contents of the agreement must not conflict with the law. in that case, the provisions of the agreement law must be enforced, while the agreement provisions are null and void. furthermore, sutan remy sjachdeini stated that most of the legal provisions of the agreement in the civil code are non-coercive (aanvullend recht), meaning that the parties may deviate from them by making other provisions and conditions in the agreement they make. the freedom to choose to use islamic sharia in economic activities includes "freedom to contract" for every individual, apart from being a natural and most basic right and being part of a broader understanding of the definition of "mu'amalah worship" (mugiyati in titik triwulan tutik, 2016). so, in relation with the state, it also gets the guarantee in article 29 of the 1945 constitution, namely, "the state guarantees the independence of each resident to embrace his religion and to worship according to his religion and beliefs". thus, the guarantee of the 1945 constitution must be interpreted as the existence of freedom for muslims to engage in civil activities consistent with their belief in islamic sharia. in trade relations in international contracts between importers and exporters, the parties are free to choose the law used, including the law used in the event of a dispute in the execution of their contract. if there is a dispute between them, the dispute resolution can use the principles of dispute resolution based on international civil law provisions. in settlement of international civil disputes, in general, the parties are given the freedom to determine their own forum and law that they can use to resolve disputes that may arise in the implementation of the transaction, as long as it does not conflict with the law, decency, and public order in their respective countries. if the international civil contract does not include the choice of forum or law, international civil law provides several theories regarding ways of resolving disputes, as follows: 1. lex loci contractus theory; i.e., the law of a contract is determined by the law under which the contract was made. however, in the development of international trade practices, it is difficult to determine a place if the parties to a contract do not meet faceto-face. (sudargo gautama, 1998) 2. the theory of lex loci solutionis; namely, the law that applies to a contract based on the place where the agreement is executed. in general, in accordance with customary trade practice, it is customary in international trade contracts that the place of delivery of the goods in question or the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 227 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 location of the services to be rendered will be determined. however, this theory can also create difficulties if there are several places to implement the contract. 3. the proper law of the contract; namely the law that applies to a contract based on the "intention of the parties" is determined by looking at the facts that indirectly indicate the parties' desire to enforce a certain law. 4. the most characteristic connection; i.e., the law that applies to a contract, is dependent on whose performance is the most characteristic or the most dominant. for example, in a sale and purchase transaction, the seller's interest is considered the most important factor in determining the applicable law in the contract. based on the explanation of several theories above, their use in the settlement of international trade disputes can be seen depending on the case that occurs. although, in practice, the theory of the proper law of the contract and the most characteristic connection for the present is more appropriate. agreements in international business contracts are made based on the principle of freedom of contract. this is consistent with the provisions of civil code article 1338: the parties are free to make the contents of the contract in accordance with the parties' desired interests. freedom in determining the contents of the agreement according to article 1337 of the civil code (as a source of international civil law in indonesia) is limited by the provisions that "must have a lawful cause" that is not contrary to the law, public order, and morality. the contents of the contract include the object of the agreement along with the arrangement of rights and obligations, including clause determining dispute resolution. in the dispute clause, the parties can make a choice of law. therefore, choice of law is the law chosen by the parties in the contract as a tool to interpret the contents of the agreement, including objects, setting rights and obligations, or resolving a dispute if one occurs. in general, there are different types of legal options, including: 1. choice of law: in this case, the parties determine for themselves in the contract which law applies to the interpretation of the contract. 2. choice of forum (choice of jurisdiction): where the parties determine which court or forum applies if there is a dispute between the parties in the contract. 3. choice of domicile: in this case, each party appoints the legal domicile of the parties. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 228 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the limitations of the choice of law in international business contracts includes the meaning of not violating public order is not violating things that have been regulated by law because the regulation was created for the benefit of a country so that the elements of an international business contract may not violate regulations or legislation in a choice of law. the choice of law can only be in the field of contract law, meaning that this choice of law only applies to international business contracts and cannot be used in any case. it should not be about employment contract law; in line with the statement above, an employment contract is not a business contract. therefore, this choice of law cannot be used. the choice of law may not be regarding civil provisions with a public nature, meaning that this public nature is related to public order in a country. the choice of law must be made in a bona fide (in good faith) manner and must not be made intentionally to smuggle the law. it is not permissible for the choice of law to be made for malicious purposes, which violates the provisions of the law chosen. the use of sharia arbitration forums can be agreed upon by the parties in the trade contracts they have agreed upon. for this reason, this sharia arbitration institution has also received recognition nationally and in countries where the parties are citizens. among them are those related to the provisions of article 66 of law no. 30 of 1999. there was already an agreement between countries regarding the respective recognition of the sharia arbitration award. in addition, the said sharia arbitration award can be adjusted to the legal provisions and limitations of the legal order in the country where the arbitral award will be executed. there are possible differences in implementing islamic economics in each country. although the source of sharia economic law comes from islamic law, which is universal, in its implementation, there can be differences in interpretation. this can happen because sharia economic law is included in the category of muamalah legal studies, where there are possible differences regarding the concept of ijtihad. to overcome this, the contract for sharia economic business transactions states which country's material law will be used if there is a dispute in their business transaction. so that the provisions of sharia economic law are adjusted to the interpretation of islamic law in the legal provisions of the selected country. in addition, the parties must also consider the legal decision that stipulates can also be applied and does not conflict with the provisions of law and public order in the country where the decision will be implemented. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 helza nova lita. settlement of cross-border sharia economic disputes through arbitration forum 229 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 conclusion settlement of sharia economic disputes through alternative dispute resolution or also known as alternative dispute resolution (adr), such as negotiation, mediation, and conciliation. settlement of sharia economic disputes through arbitration institutions. in indonesia, arbitration institutions are generally regulated in law number 30 of 1999 concerning arbitration and alternative dispute resolution. this provision is still the parent of arbitration institutions, including sharia. in islamic law, every form of the agreement must be obeyed by the parties who make it as long as it does not conflict with sharia principles. various laws and forums for resolving international business disputes under international civil law exist. this can also be used by the parties to choose a sharia arbitration forum as a dispute resolution institution in their business, as stated in the contract clauses they have agreed to. recognition of the implementation of foreign arbitral awards must first have an agreement between countries, and the decision must not conflict with public order or the legal provisions of the country where the award is implemented. it is necessary to pay attention to the parties so that international arbitration decisions in the settlement of sharia economic disputes can be carried out properly. the choice of islamic law is adjusted to the interpretation of the national law of the chosen country because there can be differences in the school of thought used by each country. islamic economics includes the field of muamalah, a study of ijtihad, which may differ based on the provisions of islamic law. in order to have the indonesian sharia arbitration decision recoginized in business dispute resolution forums, especially at the international level, the indonesian government needs to explore cooperation and make mutual recognition agreements between countries regarding sharia arbitration decisions. the indonesian government must also prepare special regulations regarding the settlement of cross-border sharia economic disputes, including recognition of the validity of islamic law in resolving these disputes. this needs to be done in anticipation of preparing and meeting indonesia's aspirations to become the center of the world's sharia economy. references arifina, m., & mansar, a. 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(2002). perbankan islam dan kedudukannya dalam tata hukum perbankan indonesia. raja grafindo persada, jakarta. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 232 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.25177 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 tutik, titik triwulan. (2016). kedudukan hukum perbankan syariah dalam sistem perbankan nasional .jurnal muqtasid, 7(1), 1-27. https://doi.org/10.18326/ muqtasid.v7i1.1-27. wagianto (2020). penegakan hukum melalui arbitrase syariah. arjasa pratama, bandar lampung. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.25177 tampilan facebook yang unik, juga bukanlah sesutu yang mahal. dengan pengelolaan jejaring sosial ini, nasabah bisa berkomunikasi, bertukar ide, berkeluh kesah secara langsung, mendapat informasi secara cepat, dan lain sebagainya. bagi lembaga keuangan mikro yang kecil, bahkan dapat membuat semacam kelompok-kelompok nasabah, sebagai wadah komunikasi. kelompok ini, meniru kesuksesan grament bank, dapat mennjadi tempat nasabah untuk belajar, berusaha, berkeluh kesah, tukar pengalaman dan lainsebagainya. value yang ditawarkan oleh organisasi seperti ini adalah menciptakan solusi. pendekatan yang digunakan adalah pendekatan konsultatif sehingga nasabah merasakan hubungan yang lebih erat lagi. penutup pelbagai pendekatan alternatif dalam markting dapat dilakukan untuk menggarap segmen lembaga perbankan dan keuangan syariah, di tengah semakin kompetitifnya persaingan dunia perbankan. di tengah sumber daya yang terbatas dan kompetitor yang demikian kuat, maka pendekatan marketing alternative seperti fokus pada segmen radikal marketing dan penciptaan value, serta menciptakan spiritual advocate menjadi hal yang sangat efektif agar dapat terus mempertahankan pasar dan bahkan dapat melebarkan pangsa pasar perbankan syariah. [] pustaka acuan fisk, peter, marketing genius, john wiley & sons: usa, 2006. hill, sam and glenn rifkin, radical marketing , jakarta: gramedia, 2003. jasfar farida, manajemen jasa, pendekatan terpadu, bogor: ghalia indonesia, 2005. kasmir, manajemen perbankan, jakarta: rajagrafindo persada, 2007. kertajaya, hermawan, markplus on marketing, the second generation, jakarta: gramedia, 2007. kertajaya, hermawan, dan sula, muhammad syakir sula, marketing syariah, bandung: mizan, 2006. kertajaya, hermawan, hermawan on marketing, jakarta: gramedia, 2006. kotler, philips, marketing management, millenium edition, new jersey: prenticehall, 2000. mussry, jacky, dkk., the next marketing strategy, that’s work, jakarta: gramedia, 2007. susanto, ab, dkk, value marketing, paradigma baru pemasaran, jakarta: quantum bisnis & manajemen, 2004. efek multiplier zakat terhadap pendapatan di provinsi dki jakarta m nur rianto al arif abstract: multiplier effects of the zakat revenue in dki jakarta. the aim of this research is to analyse the multiplier effect of zakâh revenue in dki jakarta. a study case at badan amil zakat, infak, and sadaqah (bazis) dki jakarta. least square method is used to analyze the data. the coefficients will be used to calculate the multiplier effect of zakâh-revenue and it twill be compared with the economy without zakah revenue. the results showed 2,522 multiplier effects of zakâh-revenue and 3.561 multiplier effect of economic income without zakâh-revenue. this suggests that the management of zakat in bazis jakarta still can have a significant influence on the economy. keywords: multiplier effect, two stage least square, zakâh abstrak: efek multiplier zakat terhadap pendapatan di provinsi dki jakarta. studi ini dimaksudkan untuk menganalisis pengaruh multiplier zakat terhadap pendapatan di dki jakarta, studi kasus pada badan amil zakat, infak, dan shadaqah (bazis) dki jakarta. adapun analisis datanya menggunakan metode least square. kemudian koefisiennya digunakan untuk menghitung efek multiplier dari zakat pendapatan. lalu, data tersebut dibandingkan dengan perekonomian tanpa zakat-pendapatan. hasil penelitian ini menunjukkan 2,522 efek multiplier zakat-pendapatan dan 3,561 efek multiplier dari pendapatan ekonomi tanpa zakat-pendapatan. hal ini menunjukkan bahwa pengelolaan zakat di bazis dki jakarta masih belum dapat memberikan pengaruh yang signifikan terhadap ekonomi. keywords: efek multiplier, dua tahap least square dan zakat naskah diterima: 1 oktober 2011, direvisi: 1 desember 2011, disetujui: 8 desember 2011.  ikatan ahli ekonomi islam indonesia (iaei). jl. gedung rm. noto hamiprodjo lt. 1, jln. dr. wahidin 1, senen raya, jakarta pusat. e-mail: agif08@gmail.com. m nur rianto al arif: efek multiplier zakat terhadap pendapatan 52 pendahuluan kemiskinan merupakan permasalahan yang selalu timbul di setiap negara, baik itu kemiskinan absolut maupun kemiskinan relatif. walaupun sudah banyak program-program yang ditujukan dalam upaya pengentasan kemiskinan, namun masalah ini tidak kunjung selesai. sulitnya penyelesaian masalah ini disebabkan permasalahan yang melibatkan penduduk miskin ternyata sangat kompleks. pendekatan dalam penyelesaiannya tidak hanya dilakukan dari segi ekonomi saja, namun segi sosialnya harus dipertimbangkan. faktor utama penyebab kemiskinan sebagian besar karena faktor alamiah. selain itu tidak terjadinya pemerataan hasil pembangunan juga merupakan faktor penyebab yang tidak dapat diabaikan. krisis ekonomi yang melanda indonesia sejak pertengahan 1997, diyakini berakibat buruk bagi kesejahteraan masyarakat, sehingga tingkat kemiskinan juga akan meningkat. sampai dengan 1996, jumlah penduduk miskin di indonesia mengalami penurunan. penurunan ini tidak hanya terlihat dari jumlah absolutnya, tetapi lebih dari itu persentase penduduk miskin juga selalu mengalami penurunan. krisis ekonomi yang melanda indonesia pada juli 1997 berakibat pada jumlah penduduk miskin yang tadinya mengalami penurunan, kembali mengalami peningkatan. dalam upaya untuk mengatasi kemiskinan, pemerintah telah mengeluarkan berbagai kebijakan agar permasalahan kemiskinan ini dapat terselesaikan, antara lain dengan kebijakan inpres desa tertinggal (idt) dan jaring pengaman sosial (jps) yang dikeluarkan pada saat krisis. namun semuanya masih belum dapat menyelesaikan permasalahan ini. timbul suatu pertanyaan tentang bagaimanakah penanganan masalah kemiskinan di ibukota negara kita dki jakarta? apakah pemerintah provinsi setempat telah memiliki kebijakan komprehensif dan terarah dalam menangani masalah ini? telah banyak program pengentasan kemiskinan di dki jakarta, baik dari pemerintah pusat maupun dari pemerintah provinsi dki jakarta sendiri. semua program yang telah ditempuh pada dasarnya telah memberikan hasil yang menggembirakan, terlihat pada semakin menurunnya penduduk miskin di dki jakarta, meskipun pada saat krisis ekonomi jumlah ini meningkat kembali secara drastis. usaha yang telah dilakukan ini dampaknya masih belum dirasakan secara optimal oleh masyarakat. di mana dalam evaluasi pelaksanaan program pengentasan kemiskinan tahun 2000 program yang tepat sasaran hanya 30,52% saja, sedangkan 41,81% tidak, serta 27,67% tidak diketahui (bps: 2001). hal ini menyebabkan perlunya dukungan dari sub-sistem pengentasan kemiskinan yang lain di mana bazis dki jakarta selaku perangkat pemerintah al-iqtishad: vol. iv, no. 1, januari 2012 53 pendahuluan kemiskinan merupakan permasalahan yang selalu timbul di setiap negara, baik itu kemiskinan absolut maupun kemiskinan relatif. walaupun sudah banyak program-program yang ditujukan dalam upaya pengentasan kemiskinan, namun masalah ini tidak kunjung selesai. sulitnya penyelesaian masalah ini disebabkan permasalahan yang melibatkan penduduk miskin ternyata sangat kompleks. pendekatan dalam penyelesaiannya tidak hanya dilakukan dari segi ekonomi saja, namun segi sosialnya harus dipertimbangkan. faktor utama penyebab kemiskinan sebagian besar karena faktor alamiah. selain itu tidak terjadinya pemerataan hasil pembangunan juga merupakan faktor penyebab yang tidak dapat diabaikan. krisis ekonomi yang melanda indonesia sejak pertengahan 1997, diyakini berakibat buruk bagi kesejahteraan masyarakat, sehingga tingkat kemiskinan juga akan meningkat. sampai dengan 1996, jumlah penduduk miskin di indonesia mengalami penurunan. penurunan ini tidak hanya terlihat dari jumlah absolutnya, tetapi lebih dari itu persentase penduduk miskin juga selalu mengalami penurunan. krisis ekonomi yang melanda indonesia pada juli 1997 berakibat pada jumlah penduduk miskin yang tadinya mengalami penurunan, kembali mengalami peningkatan. dalam upaya untuk mengatasi kemiskinan, pemerintah telah mengeluarkan berbagai kebijakan agar permasalahan kemiskinan ini dapat terselesaikan, antara lain dengan kebijakan inpres desa tertinggal (idt) dan jaring pengaman sosial (jps) yang dikeluarkan pada saat krisis. namun semuanya masih belum dapat menyelesaikan permasalahan ini. timbul suatu pertanyaan tentang bagaimanakah penanganan masalah kemiskinan di ibukota negara kita dki jakarta? apakah pemerintah provinsi setempat telah memiliki kebijakan komprehensif dan terarah dalam menangani masalah ini? telah banyak program pengentasan kemiskinan di dki jakarta, baik dari pemerintah pusat maupun dari pemerintah provinsi dki jakarta sendiri. semua program yang telah ditempuh pada dasarnya telah memberikan hasil yang menggembirakan, terlihat pada semakin menurunnya penduduk miskin di dki jakarta, meskipun pada saat krisis ekonomi jumlah ini meningkat kembali secara drastis. usaha yang telah dilakukan ini dampaknya masih belum dirasakan secara optimal oleh masyarakat. di mana dalam evaluasi pelaksanaan program pengentasan kemiskinan tahun 2000 program yang tepat sasaran hanya 30,52% saja, sedangkan 41,81% tidak, serta 27,67% tidak diketahui (bps: 2001). hal ini menyebabkan perlunya dukungan dari sub-sistem pengentasan kemiskinan yang lain di mana bazis dki jakarta selaku perangkat pemerintah provinsi dki jakarta yang bertugas mengelola zakat di dki jakarta, mengambil peranan pula dalam pelaksanaan pengentasan kemiskinan di dki jakarta terutama dalam mengangkat perekonomian umat. seberapa jauhkan? peranan bazis dki jakarta dalam memotong lingkaran kemiskinan? dari ketiga faktor tersebut yang sudah tersentuh secara langsung oleh bazis dki jakarta adalah kualitas sumber daya manusia dan akses permodalan, sedangkan tentang akses kepemilikan sumber daya merupakan bagian dari kebijakan pembangunan yang dilaksanakan pemerintah. seberapa jauh peranan yang telah diambil bazis dki jakarta dalam mengentaskan kemiskinan terutama dalam menanggulangi dampak krisis ekonomi? hal ini dikarenakan persentase kenaikan penerimaan zakat tidak diimbangi secara proporsional oleh penurunan tingkat kemiskinan. melihat pada peranan yang dilakukan bazis dki jakarta, bahwasanya telah terjadi perubahan dalam pendayagunaan zakat bagi fakir miskin dari yang sebelumnya hanya 55% dari total dana yang ada menjadi 75%. masih belum optimalnya program pengentasan kemiskinan yang dilakukan mungkin dikarenakan efek multiplier daripada zakat terhadap pendapatan yang masih kecil. sehingga peningkatan penerimaan zakat kurang mempengaruhi jumlah penduduk miskin yang digambarkan dengan tingkat pendapatan per kapita. alasan pemilihan dki jakarta sebagai objek penelitian adalah karena berdasarkan data bps, penduduk muslim dki jakarta mempunyai persentase di atas 70%, sehingga seharusnya pengelolaan zakat di provinsi dki jakarta dapat memberikan pengaruh positif dalam pengentasan kemiskinan. selain itu, bila dibandingkan dengan badan amil zakat (baz) lainnya yang dikelola oleh pemerintah, bazis dki jakarta adalah badan amil zakat yang paling lama berdiri bila dibandingkan dengan badan amil zakat di provinsi lain. sehingga dalam hal pengumpulan dan pengelolaan dana zakat, infak, dan sadaqah, bazis dki jakarta jauh lebih baik daripada baz provinsi lainnya. kemudian bazis dki jakarta merupakan salah satu badan dalam pemerintahan provinsi dki jakarta yang secara khusus menangani pengelolaan dana zakat. allah swt. berfirman:                                                        m nur rianto al arif: efek multiplier zakat terhadap pendapatan 54 perumpamaan (nafkah yang dikeluarkan oleh) orang-orang yang menafkahkan hartanya di jalan allah adalah serupa dengan sebutir benih yang menumbuhkan tujuh bulir, pada tiap-tiap bulir: seratus biji. allah melipatgandakan (ganjaran) bagi siapa yang dia kehendaki. dan allah mahaluas (karunia-nya) lagi maha mengetahui. (q.s. al-baqarah [2]: 261) berdasarkan ayat di atas, digambarkan bahwa zakat sebagai salah satu instrumen dalam islam sebagai alat pengentasan kemiskinan ternyata mempunyai efek multiplier terhadap pendapatan, di mana hal ini dinyatakan dengan sebutir benih yang menumbuhkan tujuh bulir dan tiap-tiap bulir seratus biji. permasalahan berdasarkan uraian di atas, berdasarkan teori yang ada seharusnya dengan penerimaan zakat yang selalu meningkat dari tahun ke tahun akan mampu menurunkan tingkat kemiskinan. namun kenyataannya yang terjadi peningkatan penerimaan dana zakat ternyata masih belum mampu menurunkan tingkat kemiskinan. hal ini menunjukkan bahwa pengelolaan zakat yang dikelola oleh bazis dki jakarta belum mampu memberikan pengaruh terhadap pendapatan. sehingga rumusan masalah dalam penelitian ini adalah mengapa pengelolaan zakat oleh bazis dki jakarta belum memberikan pengaruh yang signifikan kepada tingkat pendapatan di provinsi dki jakarta? berikut ini rumusan pertanyaan penelitiannya: (1) seberapa besar efek multiplier dana zakat yang dikelola oleh bazis dki jakarta dalam mengentaskan kemiskinan di jakarta dan mampu meningkatkan kesejahteraan mereka yang dilihat dari pendapatan per kapita? (2) bila dibandingkan dengan perekonomian tanpa memasukkan unsur zakat di dalamnya, manakah yang lebih baik, apakah perekonomian dengan zakat atau tanpa zakat? hal ini kemungkinan disebabkan oleh beberapa hal: (1) zakat belum memiliki efek multiplier yang cukup besar terhadap pendapatan; (2) masih jauhnya realisasi penerimaan dana zakat dibandingkan dengan potensinya; (3) penggunaan dana zakat yang masih kurang tepat sasaran. batasan penelitian yang dibahas dalam penelitian ini adalah hanya untuk melihat besaran efek multiplier zakat terhadap pendapatan, sebagai salah satu cara untuk melihat efektifitas pengelolaan zakat oleh bazis dki jakarta, serta implikasinya terhadap penurunan tingkat kemiskinan. al-iqtishad: vol. iv, no. 1, januari 2012 55 perumpamaan (nafkah yang dikeluarkan oleh) orang-orang yang menafkahkan hartanya di jalan allah adalah serupa dengan sebutir benih yang menumbuhkan tujuh bulir, pada tiap-tiap bulir: seratus biji. allah melipatgandakan (ganjaran) bagi siapa yang dia kehendaki. dan allah mahaluas (karunia-nya) lagi maha mengetahui. (q.s. al-baqarah [2]: 261) berdasarkan ayat di atas, digambarkan bahwa zakat sebagai salah satu instrumen dalam islam sebagai alat pengentasan kemiskinan ternyata mempunyai efek multiplier terhadap pendapatan, di mana hal ini dinyatakan dengan sebutir benih yang menumbuhkan tujuh bulir dan tiap-tiap bulir seratus biji. permasalahan berdasarkan uraian di atas, berdasarkan teori yang ada seharusnya dengan penerimaan zakat yang selalu meningkat dari tahun ke tahun akan mampu menurunkan tingkat kemiskinan. namun kenyataannya yang terjadi peningkatan penerimaan dana zakat ternyata masih belum mampu menurunkan tingkat kemiskinan. hal ini menunjukkan bahwa pengelolaan zakat yang dikelola oleh bazis dki jakarta belum mampu memberikan pengaruh terhadap pendapatan. sehingga rumusan masalah dalam penelitian ini adalah mengapa pengelolaan zakat oleh bazis dki jakarta belum memberikan pengaruh yang signifikan kepada tingkat pendapatan di provinsi dki jakarta? berikut ini rumusan pertanyaan penelitiannya: (1) seberapa besar efek multiplier dana zakat yang dikelola oleh bazis dki jakarta dalam mengentaskan kemiskinan di jakarta dan mampu meningkatkan kesejahteraan mereka yang dilihat dari pendapatan per kapita? (2) bila dibandingkan dengan perekonomian tanpa memasukkan unsur zakat di dalamnya, manakah yang lebih baik, apakah perekonomian dengan zakat atau tanpa zakat? hal ini kemungkinan disebabkan oleh beberapa hal: (1) zakat belum memiliki efek multiplier yang cukup besar terhadap pendapatan; (2) masih jauhnya realisasi penerimaan dana zakat dibandingkan dengan potensinya; (3) penggunaan dana zakat yang masih kurang tepat sasaran. batasan penelitian yang dibahas dalam penelitian ini adalah hanya untuk melihat besaran efek multiplier zakat terhadap pendapatan, sebagai salah satu cara untuk melihat efektifitas pengelolaan zakat oleh bazis dki jakarta, serta implikasinya terhadap penurunan tingkat kemiskinan. gambar 1 kerangka pemikiranteoritis latar belakang: negara berpenduduk muslim mayoritas terjadi peningkatan zakat dari tahun ke tahun masalah kemiskinan belum terselesaikan q.s. al-baqarah [2]: 261 permasalahan: tingkat penerimaan dana zakat yang meningkat belum memberikan pengaruh terhadap pendapatan yang diperlihatkan dengan tidak imbangnya dengan penurunan tingkat kemiskinan. pelaksanaan ibadah zakat efek multiplier zakat kemiskinan menurun pendapatan meningkat batasan penelitian: untuk melihat besaran efek multiplier zakat terhadap pendapatan di propinsi dki jakarta dalam kaitannya dengan pengentasan kemiskinan. muzakkî mustahiq zakat peningkatan konsumsi daya beli meningkat produksi meningkat investasi meningkat penerimaan negara meningkat pajak pembangunan meningkat dana pembangunan m nur rianto al arif: efek multiplier zakat terhadap pendapatan 56 metode analisis metode analisis adalah suatu cara yang didapatkan dalam suatu penelitian untuk menganalisis data yang diperoleh agar mendapatkan suatu hasil penelitian yang sempurna dari segi teoritis empiris serta dapat digunakan sebagai bahan masukan dalam kebijakan ekonomi pemerintah. metode analisis yang dipergunakan dalam penelitian ini adalah metode penelitian empiris menggunakan regresi dengan two stage least square. kemudian hasil yang didapat dimasukkan ke dalam persamaan multiplier zakat yang telah diturunkan dari model persamaan yang ada. dalam perekonomian tiga sektor keseimbangan pendapatan nasional dicapai apabila penawaran agregat adalah sama dengan permintaan agregat. perekonomian yang digunakan dalam persamaan ini adalah perekonomian tiga sektor karena diasumsikan setiap ekspor dan impor yang terkait dengan perdagangan ditangani langsung oleh pemerintah pusat. sehingga variabel ekspor dan impor ditiadakan dalam model persamaan ini. penawaran agregat=permintaan agregat. atau y=c+i+g. y adalah pendapatan regional bruto provinsi dki jakarta; c adalah konsumsi masyarakat termasuk konsumsi rumah tangga dan swasta; i adalah tingkat investasi di provinsi dki jakarta; g adalah pengeluaran pemerintah provinsi dki jakarta. sedangkan ditinjau dari aliran pendapatan, dalam perekonomian tiga sektor berlaku kesamaan berikut: y=c+s+t. di mana: y adalah pendapatan regional bruto provinsi dki jakarta. c adalah konsumsi masyarakat termasuk konsumsi rumah tangga dan swasta. s adalah tingkat tabungan masyarakat. t adalah tingkat penerimaan pajak yang diterima oleh pemerintah. dengan demikian pada keseimbangan pendapatan nasional berlaku kesamaan berikut: c+i+g=c+s+t. apabila c dikurangi dari setiap ruas, maka: i+g=s+t. dalam perekonomian tiga sektor i dan g adalah bocoran dari sirkulasi aliran pendapatan, sedangkan s+t adalah suntikan. dengan demikian dalam keseimbangan ekonomi tiga sektor juga berlaku keadaan: bocoran=suntikan. sebagai kesimpulan dapatlah dirumuskan bahwa dalam perekonomian tiga sektor yang mencapai keseimbangan akan berlaku keadaan sebagai berikut: y=c+i+g dan i+g=s+t. model yang digunakan dalam penelitian ini adalah: y=c+i+g. di mana: i=io; g=go; c=a+b (βy–αy)+δ[(1– β)y+αy]+μt. c adalah fungsi konsumsi yang merupakan fungsi dari pendapatan muzakkî (orang yang membayar zakat) dan mustahiq (orang yang menerima zakat). pendapatan muzakkî ditunjukkan pada persamaan (βy– αy), di mana pendapatan muzakkî bersih adalah pendapatan muzakkî (βy) dikurangi dengan zakat (αy). pendapatan mustahiq ditunjukkan pada persamaan [(1–β)y+αy], di mana pendaal-iqtishad: vol. iv, no. 1, januari 2012 57 metode analisis metode analisis adalah suatu cara yang didapatkan dalam suatu penelitian untuk menganalisis data yang diperoleh agar mendapatkan suatu hasil penelitian yang sempurna dari segi teoritis empiris serta dapat digunakan sebagai bahan masukan dalam kebijakan ekonomi pemerintah. metode analisis yang dipergunakan dalam penelitian ini adalah metode penelitian empiris menggunakan regresi dengan two stage least square. kemudian hasil yang didapat dimasukkan ke dalam persamaan multiplier zakat yang telah diturunkan dari model persamaan yang ada. dalam perekonomian tiga sektor keseimbangan pendapatan nasional dicapai apabila penawaran agregat adalah sama dengan permintaan agregat. perekonomian yang digunakan dalam persamaan ini adalah perekonomian tiga sektor karena diasumsikan setiap ekspor dan impor yang terkait dengan perdagangan ditangani langsung oleh pemerintah pusat. sehingga variabel ekspor dan impor ditiadakan dalam model persamaan ini. penawaran agregat=permintaan agregat. atau y=c+i+g. y adalah pendapatan regional bruto provinsi dki jakarta; c adalah konsumsi masyarakat termasuk konsumsi rumah tangga dan swasta; i adalah tingkat investasi di provinsi dki jakarta; g adalah pengeluaran pemerintah provinsi dki jakarta. sedangkan ditinjau dari aliran pendapatan, dalam perekonomian tiga sektor berlaku kesamaan berikut: y=c+s+t. di mana: y adalah pendapatan regional bruto provinsi dki jakarta. c adalah konsumsi masyarakat termasuk konsumsi rumah tangga dan swasta. s adalah tingkat tabungan masyarakat. t adalah tingkat penerimaan pajak yang diterima oleh pemerintah. dengan demikian pada keseimbangan pendapatan nasional berlaku kesamaan berikut: c+i+g=c+s+t. apabila c dikurangi dari setiap ruas, maka: i+g=s+t. dalam perekonomian tiga sektor i dan g adalah bocoran dari sirkulasi aliran pendapatan, sedangkan s+t adalah suntikan. dengan demikian dalam keseimbangan ekonomi tiga sektor juga berlaku keadaan: bocoran=suntikan. sebagai kesimpulan dapatlah dirumuskan bahwa dalam perekonomian tiga sektor yang mencapai keseimbangan akan berlaku keadaan sebagai berikut: y=c+i+g dan i+g=s+t. model yang digunakan dalam penelitian ini adalah: y=c+i+g. di mana: i=io; g=go; c=a+b (βy–αy)+δ[(1– β)y+αy]+μt. c adalah fungsi konsumsi yang merupakan fungsi dari pendapatan muzakkî (orang yang membayar zakat) dan mustahiq (orang yang menerima zakat). pendapatan muzakkî ditunjukkan pada persamaan (βy– αy), di mana pendapatan muzakkî bersih adalah pendapatan muzakkî (βy) dikurangi dengan zakat (αy). pendapatan mustahiq ditunjukkan pada persamaan [(1–β)y+αy], di mana pendapatan mustahiq bersih adalah pendapatannya [(1–β)y] ditambah dengan zakat (αy) yang diterima. zakat dalam persamaan ini diperlakukan sebagai pengeluaran konsumsi. sehingga: y=a+b (βy–αy)+δ[(1–β)y+αy]+io+go+μt; y=a+bβy–bαy+δ (1–β)y– δαy+io+go+μt; y–y (b(β+α)–δ [(1–β)+ α])=a+io+go+μt. bila diasumsikan: a=a+io+go+μt, maka y (1–[b(β+α)–δ[(1–β)+α]=a. a b y ])1([)]([1 1    maka multiplier zakat-pendapatan adalah: ])1([)]([1 1    b k diasumsikan bahwa: z1 = b( β + α ); z2 = δ [ (1 – β) + α] maka: 211 1 zz k   dimana: z1 adalah kecenderungan mengkonsumsi muzakkî; z2 adalah kecenderungan mengkonsumsi mustahiq. pada model persamaan di atas zakat diperlakukan tidak sama seperti pajak, melainkan diperlakukan sebagai salah satu pengeluaran konsumsi masyarakat untuk akhirat. meskipun zakat yang dikeluarkan tersebut dapat berguna pula bagi sosial kemasyarakatan. model persamaan konsumsi di atas menggunakan model absolute income hypothesis yang dikemukakan oleh metwally, di mana menurut hipotesa ini konsumsi seseorang tergantung sepenuhnya kepada pendapatan saat ini. hal ini sejalan dengan teori yang ada, di mana mustahiq dalam konsumsinya sangat bergantung pada besaran pendapatan yang diterimanya saat ini. persamaan konsumsi yang ada merupakan komponen dari pendapatan bersih muzakkî yaitu pendapatan yang telah dikurangi kewajiban zakat. hal ini terlihat dalam persamaan (βy–αy). βy merupakan pendapatan yang diterima oleh muzakkî, sementara αy merupakan kewajiban zakat yang harus dikeluarkan. sedangkan komponen kedua dalam persamaan konsumsi adalah pendapatan bersih mustahiq yaitu pendapatan yang telah ditambah oleh zakat yang diterima dari orang yang berkecukupan. ini terlihat dalam persamaan konsumsi kedua [(1–β)y+αy], di mana (1–β)y merupakan pendapatan yang dimiliki oleh mustahiq. sedangkan αy merupakan zakat yang didapat oleh mustahiq dari individu yang berkecukupan. persamaan identitas menggunakan persamaan dalam perekonomian tiga sektor di mana pendapatan domestik bruto (y) ditentukan oleh konsumsi (c), m nur rianto al arif: efek multiplier zakat terhadap pendapatan 58 investasi (i), dan pengeluaran pemerintah (g). hal ini dilakukan karena objek penelitian adalah provinsi dki jakarta. model ekonomi makro, dianalisis dengan ekonometrika berdasarkan pendekatan persamaan simultan (simultaneous equation). persamaan simultan adalah suatu proses estimasi lebih dari satu persamaan dalam satu waktu. alasan penggunaan 2sls adalah karena persamaan yang digunakan dalam penelitian ini adalah suatu model persamaan simultan yang tidak dapat dianalisis dengan metode regresi ols biasa. hasil perhitungan yang didapat pada persamaan di atas, kemudian diperbandingkan dengan hasil perhitungan yang didapat pada persamaan ekonomi konvensional. adapun persamaan ekonomi konvensional adalah sebagai berikut: y=c+i+g, di mana: i=io, g=go, c=a+by. sehingga menjadi: y=a+by+io+go+μ; y–by=a+io+go+μ. selanjutnya menjadi: goioa b y    )1( 1 sehingga multiplier pendapatan adalah: )1( 1 b y   proses analisis menggunakan pendekatan two stage least square (2sls), ada dua langkah dalam proses analisis yang dilakukan, yaitu: (1) untuk menghilangkan unsur korelasi, regresi persamaan yang pertama pada semua variabel eksogen di dalam sistem persamaan simultan. (2) pada langkah kedua menggantikan nilai yang ada pada persamaan dengan nilai yang telah kita dapat dari persamaan reduced form dan kemudian melakukan regresi dengan metode ols. (3) sifat-sifat penaksir pada 2sls adalah: pertama, dapat diterapkan pada persamaan individu dalam sistem tanpa melakukan perhitungan terhadap persamaan lainnya. kedua, walaupun secara khusus digunakan untuk persamaan yang over-identified akan tetapi dapat digunakan untuk persamaan yang exactly identified. ketiga, jika pada langkah pertama r2>0.8 maka ols dan 2sls akan menghasilkan taksiran yang cenderung sama, sebaliknya jika pada langkah pertama r2 rendah maka 2sls kurang berarti. keempat, dengan metode ils, kesalahan baku koefisien tidak bisa dilaporkan sedangkan metode 2sls dilaporkan. kelima, menurut henry theil, bila lag endogenous variable tidak ada maka koefisien hasil taksiran 2sls adalah konsisten bila variabel eksogen konstan pada sampel berulang dan jika disturbance term error iid. namun sebelum dilakukan pengujian menggunakan two stage least square perlu dilakukan identifikasi model terlebih dahulu. masalah identifikasi dimaksudkan apakah penaksiran numeris parameter persamaan struktural dapat al-iqtishad: vol. iv, no. 1, januari 2012 59 investasi (i), dan pengeluaran pemerintah (g). hal ini dilakukan karena objek penelitian adalah provinsi dki jakarta. model ekonomi makro, dianalisis dengan ekonometrika berdasarkan pendekatan persamaan simultan (simultaneous equation). persamaan simultan adalah suatu proses estimasi lebih dari satu persamaan dalam satu waktu. alasan penggunaan 2sls adalah karena persamaan yang digunakan dalam penelitian ini adalah suatu model persamaan simultan yang tidak dapat dianalisis dengan metode regresi ols biasa. hasil perhitungan yang didapat pada persamaan di atas, kemudian diperbandingkan dengan hasil perhitungan yang didapat pada persamaan ekonomi konvensional. adapun persamaan ekonomi konvensional adalah sebagai berikut: y=c+i+g, di mana: i=io, g=go, c=a+by. sehingga menjadi: y=a+by+io+go+μ; y–by=a+io+go+μ. selanjutnya menjadi: goioa b y    )1( 1 sehingga multiplier pendapatan adalah: )1( 1 b y   proses analisis menggunakan pendekatan two stage least square (2sls), ada dua langkah dalam proses analisis yang dilakukan, yaitu: (1) untuk menghilangkan unsur korelasi, regresi persamaan yang pertama pada semua variabel eksogen di dalam sistem persamaan simultan. (2) pada langkah kedua menggantikan nilai yang ada pada persamaan dengan nilai yang telah kita dapat dari persamaan reduced form dan kemudian melakukan regresi dengan metode ols. (3) sifat-sifat penaksir pada 2sls adalah: pertama, dapat diterapkan pada persamaan individu dalam sistem tanpa melakukan perhitungan terhadap persamaan lainnya. kedua, walaupun secara khusus digunakan untuk persamaan yang over-identified akan tetapi dapat digunakan untuk persamaan yang exactly identified. ketiga, jika pada langkah pertama r2>0.8 maka ols dan 2sls akan menghasilkan taksiran yang cenderung sama, sebaliknya jika pada langkah pertama r2 rendah maka 2sls kurang berarti. keempat, dengan metode ils, kesalahan baku koefisien tidak bisa dilaporkan sedangkan metode 2sls dilaporkan. kelima, menurut henry theil, bila lag endogenous variable tidak ada maka koefisien hasil taksiran 2sls adalah konsisten bila variabel eksogen konstan pada sampel berulang dan jika disturbance term error iid. namun sebelum dilakukan pengujian menggunakan two stage least square perlu dilakukan identifikasi model terlebih dahulu. masalah identifikasi dimaksudkan apakah penaksiran numeris parameter persamaan struktural dapat diperoleh dari taksiran koefisien reduced-form. jika taksiran koefisien persamaan struktural dapat dihasilkan dari taksiran koefisien reduced-form maka persamaan tertentu dikatakan teridentifikasi atau identified, jika tidak maka persamaan tertentu dikatakan unidentified atau underidentified. persamaan teridentifikasi terdiri dari dua tipe, yaitu exactly identified dan overidentified. satu persamaan dikatakan exactly identified bila nilai numeris parameter struktural adalah unik yang diperoleh dari reduced-form equation, dan satu persamaan dikatakan overidentified bila nilai numeris parameter struktural lebih dari satu yang diperoleh dari reduced-form equation. penentuan identifikasi persamaan simultan melalui reduced-form equation pada umumnya tidak digunakan. metode umum identifikasi model persamaan simultan adalah order and rank conditions of identification. aturan yang dilakukan adalah: k–k>m-. di mana: m=jumlah variabel endogen dalam model; m=jumlah variabel endogen pada persamaan tertentu; k=jumlah variabel predetermin dalam model termasuk titik potong; k=jumlah variabel predetermin pada persamaan tertentu. dalam model di atas jumlah variabel endogen ada dua yaitu y dan c. sementara variabel eksogen dalam model ini ada empat yaitu i, g, yzm, dan yzs. persamaan identitas, dalam persamaan ini terdapat dua variabel eksogen dan dua variabel endogen, sehingga 4– 2>2-1. jadi persamaan identitas dapat dikatakan terlalu teridentifikasi (overidentified). sedangkan dalam persamaan konsumsi terdapat satu variabel endogen dan dua variabel eksogen, sehingga 4–2>1-1, jadi persamaan konsumsi dapat dikatakan terlalu teridentifikasi (overidentified). karena model persamaan simultan dalam penelitian ini adalah terlalu teridentifikasi (overidentified). maka model penelitian di atas diolah dengan menggunakan metode two stage least squares (2sls). setelah dilakukan pengolahan regresi menggunakan two stage least square, perlu dilihat apakah model tersebut baik ataukah jelek, atau dalam bahasa statistik perlu dilihat goodness of fit dari model tersebut. untuk melihat goodness of fit dari model dengan melihat pada hasil t statisktik, f statistik, koefisien determinasi (r2), serta pengujian asumsi klasik yang meliputi heterokedastisitas, autokorelasi, dan multikolinearitas. pengujian t statistik adalah suatu prosedur dengan sampel yang digunakan untuk verifikasi kebenaran atau kesalahan dari hipotesis nol. ide kunci di belakang uji signifikansi adalah suatu uji statistik dan distribusi sampel dari suatu statistik hipotesis nol. keputusan menerima atau menolak h0 dibuat pada basis nilai uji statistik yang diperoleh dari data yang sudah ada. di bawah asumsi normalitas variabel mengikuti distribusi statistik t dengan derajat bebas n–k. m nur rianto al arif: efek multiplier zakat terhadap pendapatan 60 suatu statistik dikatakan signifikan secara statistik jika nilai uji statistik berada pada daerah kritis. begitu pula sebaliknya apabila uji statistik dikatakan tidak signifikan. dalam pengolahan uji statistik t bertujuan untuk melihat seberapa besar pengaruh variabel independen terhadap variabel dependen secara individu. t=[βs–β]/se(βs). pengujian hipotesis nol dengan statistik f sangat perlu untuk menguji apakah βk=0. perhitungan statistik f dari anova dilakukan dengan membandingkan dengan nilai kritis f yang diperoleh dari tabel distribusi f pada tingkat signifikansi tertentu. apabila hipotesis nol ditolak berarti variabel independen mempengaruhi variabel dependen. dalam pengolahan empiris hal ini bertujuan untuk melihat pengaruh variabel independen secara bersama-sama terhadap variabel dependen. koefisien determinasi atau r2 merupakan ukuran goodness of fit yang menhelaskan apakah regresi linear sesuai dengan data observasi. koefisien determinasi adalah suatu ukuran yang menjelaskan besar variasi regressan akibat perubahan variabel regressor. koefisien determinasi mengukur proporsi atau persentase dari total variasi regressan yang dijelaskan oleh model regresi. jika r2=1 artinya hubungan regressan dengan regressor sempurna, sebaliknya r2=0 artinya tidak ada hubungan regressan dengan regressor. dalam pengolahan empiris hal ini dilakukan untuk melihat seberapa besar model tersebut diterangkan oleh variabel yang ada. pembahasan dengan menggunakan regresi metode two stage least square terhadap persamaan identitas didapatkan konstanta sebesar: y=-282.2403+2.699051; co+0.455426; i+0.859407; g. (-0,487486); (5,116559); (3,279000); (3,065884); f=18,88796; r2=0.877895. hal ini berarti bahwa apabila semua variabel dianggap tidak ada, maka y yang didapat adalah -282.2403 milyar rupiah. sedangkan nilai koefisien co, berarti bahwa peningkatan 1 persen nilai konsumsi, maka pendapatan daerah akan meningkat sebesar 2.69 persen. nilai koefisien i, menandakan bahwa setiap kenaikan 1 persen nilai investasi maka pendapatan daerah akan meningkat sebesar 0.45 persen. sementara nilai koefisien g, menandakan bahwa setiap kenaikan 1 persen nilai g maka pendapatan daerah akan meningkat sebesar 0.85 persen. pengolahan regresi menggunakan metode two stage least square pada persamaan identitas mendapatkan hasil uji t pada variabel co (5.116559), variabel i (3.279000), dan variabel g (3.065884). semua variabel uji t ini signifikan al-iqtishad: vol. iv, no. 1, januari 2012 61 suatu statistik dikatakan signifikan secara statistik jika nilai uji statistik berada pada daerah kritis. begitu pula sebaliknya apabila uji statistik dikatakan tidak signifikan. dalam pengolahan uji statistik t bertujuan untuk melihat seberapa besar pengaruh variabel independen terhadap variabel dependen secara individu. t=[βs–β]/se(βs). pengujian hipotesis nol dengan statistik f sangat perlu untuk menguji apakah βk=0. perhitungan statistik f dari anova dilakukan dengan membandingkan dengan nilai kritis f yang diperoleh dari tabel distribusi f pada tingkat signifikansi tertentu. apabila hipotesis nol ditolak berarti variabel independen mempengaruhi variabel dependen. dalam pengolahan empiris hal ini bertujuan untuk melihat pengaruh variabel independen secara bersama-sama terhadap variabel dependen. koefisien determinasi atau r2 merupakan ukuran goodness of fit yang menhelaskan apakah regresi linear sesuai dengan data observasi. koefisien determinasi adalah suatu ukuran yang menjelaskan besar variasi regressan akibat perubahan variabel regressor. koefisien determinasi mengukur proporsi atau persentase dari total variasi regressan yang dijelaskan oleh model regresi. jika r2=1 artinya hubungan regressan dengan regressor sempurna, sebaliknya r2=0 artinya tidak ada hubungan regressan dengan regressor. dalam pengolahan empiris hal ini dilakukan untuk melihat seberapa besar model tersebut diterangkan oleh variabel yang ada. pembahasan dengan menggunakan regresi metode two stage least square terhadap persamaan identitas didapatkan konstanta sebesar: y=-282.2403+2.699051; co+0.455426; i+0.859407; g. (-0,487486); (5,116559); (3,279000); (3,065884); f=18,88796; r2=0.877895. hal ini berarti bahwa apabila semua variabel dianggap tidak ada, maka y yang didapat adalah -282.2403 milyar rupiah. sedangkan nilai koefisien co, berarti bahwa peningkatan 1 persen nilai konsumsi, maka pendapatan daerah akan meningkat sebesar 2.69 persen. nilai koefisien i, menandakan bahwa setiap kenaikan 1 persen nilai investasi maka pendapatan daerah akan meningkat sebesar 0.45 persen. sementara nilai koefisien g, menandakan bahwa setiap kenaikan 1 persen nilai g maka pendapatan daerah akan meningkat sebesar 0.85 persen. pengolahan regresi menggunakan metode two stage least square pada persamaan identitas mendapatkan hasil uji t pada variabel co (5.116559), variabel i (3.279000), dan variabel g (3.065884). semua variabel uji t ini signifikan pada tingkat kepercayaan 5%. variabel co mempunyai tanda ‘+’ yang menunjukkan bahwa hubungan antara variabel co dengan y adalah positif. hal ini berarti apabila co meningkat, maka y akan meningkat pula sebesar koefisien yang ada. sementara variabel i mempunyai tanda ‘+’ menunjukkan bahwa hubungan antara variabel i dengan y adalah positif. ini menandakan bahwa setiap peningkatan i akan diikuti dengan peningkatan y. dan g mempunyai tanda ‘+’ yang menunjukkan bahwa hubungan antara variabel g dengan y adalah positif. hal ini berarti bahwa setiap peningkatan g maka y akan meningkat pula. sementara uji f yang didapatkan (18.88796) signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. tujuan dari pengujian f adalah untuk melihat seberapa besar pengaruh variabel independen yang ada terhadap variabel dependen secara bersama-sama. sedangkan koefisien determinasi (r2) yang didapatkan adalah sebesar 0.877895. hal ini dilakukan untuk melihat seberapa besar variabel independen mampu menjelaskan model. pengolahan pada persamaan konsumsi dimana terdapat zakat didalamnya didapatkan nilai koefisien: co=367.3547 (0,048880)+0.281943 yzm (3,887257)+0.321621yzs (3,130343); f=10,10525; r2=0,866959. nilai konstanta yang didapat memiliki makna bahwa apabila semua variabel independen sama dengan nol, maka tingkat konsumsi yang terjadi adalah 367.3547 milyar rupiah. nilai koefisien yzm berarti bahwa apabila terjadi kenaikan pendapatan muzakkî sebesar 1 persen maka konsumsi akan meningkat sebesar 0.28 persen. variabel yzs berarti bahwa apabila terjadi kenaikan 1 persen pendapatan mustahiq maka akan terjadi peningkatan konsumsi sebesar 0.32 persen. sedangkan pengolahan pada persamaan konsumsi mendapatkan nilai uji t pada variabel yzm (3.887257) dan variabel yzs (3.130343). semua variabel uji t ini signifikan pada tingkat kepercayaan. variabel yzm mempunyai tanda ‘+’, hal ini menunjukkan bahwa hubungan antara variabel yzm dengan co adalah positif. ini menandakan bahwa apabila pendapatan muzakkî meningkat maka tingkat konsumsi akan meningkat pula. sedangkan variabel yzs mempunyai tanda ‘+’ menunjukkan hubungan yang positif antara variabel yzs dengan variabel co, yang berarti bahwa setiap terjadi peningkatan pendapatan mustahiq maka tingkat konsumsi rumah tangga akan meningkat pula. nilai uji f yang didapatkan (10.10525) signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. ini dapat ditunjukkan dengan nilai prob yang ditampilkan. hal ini untuk memperlihatkan apakah variabel independen yang ada secara bersama-sama berpengaruh terhadap variabel dependen co. koefisien determinasi (r2) yang didapat dalam perm nur rianto al arif: efek multiplier zakat terhadap pendapatan 62 samaan ini adalah 0.866959. maksud perhitungan ini adalah untuk melihat seberapa besar model ini mampu dijelaskan oleh variabel independen yang ada. pada persamaan konsumsi konvensional dimana tidak terdapat zakat didalamnya didapatkan nilai koefisien sebesar: co=1501.686+0.719152 y. (1,567554) (3,402312). f= 11,96479; r2=0,850759. hal ini menunjukkan bahwa pada saat variabel y sama dengan nol, maka tingkat konsumsi yang terjadi adalah 1501.686 milyar rupiah. sementara nilai koefisien y menunjukkan bahwa apabila terjadi peningkatan pendapatan sebesar 1 persen maka akan terjadi peningkatan konsumsi sebesar 0.71%. pengolahan pada persamaan konsumsi konvensional mendapatkan nilai uji t pada variabel y (3.402312). variabel y secara signifikan berpengaruh terhadap variabel co. variabel y mempunyai tanda ‘+’, hal ini menunjukkan bahwa hubungan antara variabel y dengan co adalah positif. ini menandakan bahwa apabila pendapatan meningkat maka tingkat konsumsi akan meningkat. nilai uji f yang didapatkan (11.96479) signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. hal ini memperlihatkan bahwa seberapa besar pengaruh variabel independen yang ada berpengaruh secara bersama-sama terhadap variabel dependen. ini dapat ditunjukkan dengan nilai prob yang ditampilkan. koefisien determinasi (r2) yang didapat dalam persamaan ini adalah 0.8507. nilai ini untuk menunjukkan seberapa besar variabel yang ada mampu menjelaskan model tersebut. berdasarkan pengolahan data yang telah dilakukan didapat angka-angka sebagai berikut: z1 adalah 0.281943; z2 adalah 0.32161. angka-angka tersebut dapat dimasukkan dalam model persamaan di atas: y = 1 (10.281943 0.32161) y = 1 0.396447 y = 2.522 hasil perhitungan yang didapat pada persamaan di atas, kemudian diperbandingkan dengan hasil perhitungan yang didapat pada persamaan ekonomi konvensional. adapun persamaan ekonomi konvensional adalah sebagai berikut: y=c+i+g. di mana: i=io, g=go, c=a+by. sehingga menjadi: y=a+by+io+go+μ, y–by=a+io+go+μ. selanjutnya menjadi: goioa b y    )1( 1 al-iqtishad: vol. iv, no. 1, januari 2012 63 samaan ini adalah 0.866959. maksud perhitungan ini adalah untuk melihat seberapa besar model ini mampu dijelaskan oleh variabel independen yang ada. pada persamaan konsumsi konvensional dimana tidak terdapat zakat didalamnya didapatkan nilai koefisien sebesar: co=1501.686+0.719152 y. (1,567554) (3,402312). f= 11,96479; r2=0,850759. hal ini menunjukkan bahwa pada saat variabel y sama dengan nol, maka tingkat konsumsi yang terjadi adalah 1501.686 milyar rupiah. sementara nilai koefisien y menunjukkan bahwa apabila terjadi peningkatan pendapatan sebesar 1 persen maka akan terjadi peningkatan konsumsi sebesar 0.71%. pengolahan pada persamaan konsumsi konvensional mendapatkan nilai uji t pada variabel y (3.402312). variabel y secara signifikan berpengaruh terhadap variabel co. variabel y mempunyai tanda ‘+’, hal ini menunjukkan bahwa hubungan antara variabel y dengan co adalah positif. ini menandakan bahwa apabila pendapatan meningkat maka tingkat konsumsi akan meningkat. nilai uji f yang didapatkan (11.96479) signifikan pada tingkat 5%, hal ini karena nilai f hitung lebih besar daripada nilai f tabel. hal ini memperlihatkan bahwa seberapa besar pengaruh variabel independen yang ada berpengaruh secara bersama-sama terhadap variabel dependen. ini dapat ditunjukkan dengan nilai prob yang ditampilkan. koefisien determinasi (r2) yang didapat dalam persamaan ini adalah 0.8507. nilai ini untuk menunjukkan seberapa besar variabel yang ada mampu menjelaskan model tersebut. berdasarkan pengolahan data yang telah dilakukan didapat angka-angka sebagai berikut: z1 adalah 0.281943; z2 adalah 0.32161. angka-angka tersebut dapat dimasukkan dalam model persamaan di atas: y = 1 (10.281943 0.32161) y = 1 0.396447 y = 2.522 hasil perhitungan yang didapat pada persamaan di atas, kemudian diperbandingkan dengan hasil perhitungan yang didapat pada persamaan ekonomi konvensional. adapun persamaan ekonomi konvensional adalah sebagai berikut: y=c+i+g. di mana: i=io, g=go, c=a+by. sehingga menjadi: y=a+by+io+go+μ, y–by=a+io+go+μ. selanjutnya menjadi: goioa b y    )1( 1 sehingga multiplier pendapatan adalah: )1( 1 b y   apabila angka-angka yang didapat dari hasil pengolahan adalah: a adalah sebesar 1501.686; b adalah sebesar 0.719152. sehingga apabila dimasukkan dalam persamaan menjadi: )719152.01( 1  y 280848.0 1 y y = 3.561 berdasarkan perhitungan multiplier di atas terlihat bahwa multiplier yang dihasilkan oleh persamaan konsumsi konvensional tanpa memasukkan unsur zakat ternyata lebih besar apabila dibandingan dengan persamaan konsumsi dengan adanya unsur zakat didalamnya. efek multiplier yang didapat memperlihatkan bahwa apabila dalam memasukkan unsur zakat dalam sistem perekonomian saat ini yang masih diliputi dengan sistem ekonomi kapitalis, maka zakat belum mampu memberikan pengaruh berarti dalam perekonomian. selain itu hal ini mempunyai implikasi bahwa pengelolaan dana zakat yang ada selama ini masih belum mampu meningkatkan tingkat konsumsi dari mustahiq, padahal seharusnya dengan teori yang ada zakat mampu memberikan efek multiplier yang besar terhadap tingkat pendapatan melalui mekanisme kenaikan daya beli mustahiq setelah menerima zakat dan selanjutnya berputar dalam suatu siklus ekonomi seperti terdapat dalam kerangka pemikiran teoritis pada penelitian ini dari hasil di atas terlihat pula bahwa kecenderungan mengkonsumsi pada suatu perekonomian dengan memasukkan unsur zakat di dalamnya lebih kecil bila dibandingkan dengan perekonomian tanpa adanya unsur zakat. hal ini menjadi suatu hal yang wajar sebab indonesia bukanlah negara yang menerapkan hukum syariat islam dalam perekonomiannya serta tidak semua penduduk indonesia pada umumnya dan provinsi dki jakarta pada khususnya beragama islam. dengan kecenderungan mengkonsumsi yang kecil menunjukkan masih banyak yang belum menyadari betapa pentingnya bagi instrumen distribusi pendapatan di dalam suatu perekonomian. mereka menganggap zakat masih seperti pajak yang hanya sebagai pengurang pendapatan semata. m nur rianto al arif: efek multiplier zakat terhadap pendapatan 64 hal ini sejalan dengan apa yang telah dilakukan oleh fahim khan dalam papernya yang berjudul the macro consumption function in islamic framework, beliau melakukan perbandingan antara tabungan, pertumbuhan, dan pengaruh distribusi pendapatan dengan melakukan simulasi pada berbagai skenario berbeda. berdasarkan simulasi yang dilakukan dapat disarankan bahwa apabila pemerintah hendak melakukan implementasi sistem zakat oleh legislasi. secara singkat, untuk titik awal setiap pemerintahan melakukan penarikan zakat sebesar 2.5% yang dilakukan dengan kebijakan untuk mengurangi konsumsi berlebihan (isrâf) baik untuk sektor publik maupun sektor swasta. sehingga dalam simulasi yang dilakukan dapat disimpulkan bahwa dalam pemerintahan yang tidak islami tidak dapat memaksimalkan peranan zakat dalam perekonomian. membandingkan dengan perhitungan yang dilakukan oleh metwally (1993) aplikasi prinsip-prinsip islam akan memberikan hasil yang berkelanjutan dan mungkin akan memberikan redistribusi pendapatan yang signifikan terhadap kaum miskin. ini terkait dengan penegakan kewajiban atas zakat dan membangkitkan semangat untuk melakukan perbelanjaan di jalan allah swt. efek distribusi yang dilakukan dalam prinsip islam tergantung pada prilaku konsumsi masyarakat. pada absolute income hypothesis, kita dalam mengharapkan bahwa redistribusi pendapatan dalam negara islam sebagai hasil atas peningkatan konsumsi dan penurunan sumber daya yang tersedia bagi investasi. melalui bukti empiris yang dilakukan terhadap 24 negara muslim memberikan hasil bahwa efek distribusi dari prinsip islam tidak akan memberikan hasil dalam meningkatkan jumlah konsumsi dan mengurangi jumlah tabungan yang digunakan untuk investasi. hal ini terjadi karena dalam negara muslim tidak menerapkan suatu perekonomian yang berbasis pada sistem ekonomi islam seperti yang diasumsikan pada model yang ada. penutup besaran efek multiplier zakat-pendapatan yang dikelola oleh bazis dki jakarta adalah 2.522. hal ini menandakan bahwa setiap penambaha sejumlah unit rupiah zakat yang dibayarkan, maka akan memberikan efek terhadap pendapatan sebesar 2.522 kali lipat. apabila diperbandingkan dengan perekonomian tanpa memasukkan unsur zakat didapat angka 3.561, hal ini memberi implikasi bahwa lebih besar efek multiplier terhadap pendapatan dalam suatu perekonomian tanpa unsur zakat bila dibandingkan dengan perekonomian dengan adanya zakat. al-iqtishad: vol. iv, no. 1, januari 2012 65 hal ini sejalan dengan apa yang telah dilakukan oleh fahim khan dalam papernya yang berjudul the macro consumption function in islamic framework, beliau melakukan perbandingan antara tabungan, pertumbuhan, dan pengaruh distribusi pendapatan dengan melakukan simulasi pada berbagai skenario berbeda. berdasarkan simulasi yang dilakukan dapat disarankan bahwa apabila pemerintah hendak melakukan implementasi sistem zakat oleh legislasi. secara singkat, untuk titik awal setiap pemerintahan melakukan penarikan zakat sebesar 2.5% yang dilakukan dengan kebijakan untuk mengurangi konsumsi berlebihan (isrâf) baik untuk sektor publik maupun sektor swasta. sehingga dalam simulasi yang dilakukan dapat disimpulkan bahwa dalam pemerintahan yang tidak islami tidak dapat memaksimalkan peranan zakat dalam perekonomian. membandingkan dengan perhitungan yang dilakukan oleh metwally (1993) aplikasi prinsip-prinsip islam akan memberikan hasil yang berkelanjutan dan mungkin akan memberikan redistribusi pendapatan yang signifikan terhadap kaum miskin. ini terkait dengan penegakan kewajiban atas zakat dan membangkitkan semangat untuk melakukan perbelanjaan di jalan allah swt. efek distribusi yang dilakukan dalam prinsip islam tergantung pada prilaku konsumsi masyarakat. pada absolute income hypothesis, kita dalam mengharapkan bahwa redistribusi pendapatan dalam negara islam sebagai hasil atas peningkatan konsumsi dan penurunan sumber daya yang tersedia bagi investasi. melalui bukti empiris yang dilakukan terhadap 24 negara muslim memberikan hasil bahwa efek distribusi dari prinsip islam tidak akan memberikan hasil dalam meningkatkan jumlah konsumsi dan mengurangi jumlah tabungan yang digunakan untuk investasi. hal ini terjadi karena dalam negara muslim tidak menerapkan suatu perekonomian yang berbasis pada sistem ekonomi islam seperti yang diasumsikan pada model yang ada. penutup besaran efek multiplier zakat-pendapatan yang dikelola oleh bazis dki jakarta adalah 2.522. hal ini menandakan bahwa setiap penambaha sejumlah unit rupiah zakat yang dibayarkan, maka akan memberikan efek terhadap pendapatan sebesar 2.522 kali lipat. apabila diperbandingkan dengan perekonomian tanpa memasukkan unsur zakat didapat angka 3.561, hal ini memberi implikasi bahwa lebih besar efek multiplier terhadap pendapatan dalam suatu perekonomian tanpa unsur zakat bila dibandingkan dengan perekonomian dengan adanya zakat. kecilnya efek multiplier zakat bila dibandingkan dengan perekonomian tanpa ada unsur zakat terjadi karena ada beberapa hal. pertama, masih jauhnya realitas penerimaan zakat apabila dibandingkan dengan potensi penerimaan yang bisa diterima. kedua, alokasi penggunaan dana zakat yang diterima oleh mustahiq tersebut tidak dipergunakan sebagaimana mestinya. sebagai salah satu contoh ada satu kasus di salah satu lembaga amil zakat, di mana mustahiq yang menerima bagian zakat fitrahnya yang berupa beras, ternyata dijual kembali dan dibelikan minuman keras. ketiga, pengelolaan zakat yang masih harus lebih ditingkatkan profesionalitasnya baik dari segi sdm maupun infrastruktur penunjang lainnya. keempat, pemerintah masih kurang memberikan perhatian yang cukup bagi pengelolaan zakat, meskipun sudah terdapat uu yang mengatur tentang zakat namun itu masih belum optimal. keempat, kurangnya koordinasi antar baz dan laz pengelola zakat, sehingga seringkali terjadi penumpukan penyaluran di satu tempat dan tidak tersentuhnya di tempat yang lain. [] pustaka acuan badan pusat statistik, evaluasi pelaksanaan program pengentasan kemiskinan terpadu 2000. jakarta: bps, 2001. blancahrd, olivier, macroeconomics, new york: prentice hall, 2003 choudhury, masudul alam, contribution to islamic economic theory, london: mac millan, 1986. enders, walter, applied econometric time series, new york: john wiley & son ins, 1995. gujarati, damodar, basic econometrics, 3rd ed. mc graw hill: new york, 1995. kahf, monzer (ed), economics of zakah (a book of readings), jeddah, irti-idb, 1997. ---------------, the principle of sosioeconomic justice in the contemporary fiqh of zakah, iqtishad journal of islamic economic, vol i, no. 1, muharram 1420 h / 1999 m. khan, fahim, the macro consumption function in an islamic framework, journal of research in islamic economics, jeddah: king abdul azis university, 1985. kuncoro, mudrajad, metode kuantitatif: teori dan aplikasi untuk bisnis dan ekonomi, jogjakarta: upp amp ykpn, 2001. metwally, m. m., essays on islamic economics, calcutta: academic publisher, 1993. nata, abudin, et. al., pengelolaan zakat dan infak/sedekah di dki jakarta, jakarta: bazis dki jakarta, 1999. m nur rianto al arif: efek multiplier zakat terhadap pendapatan 66 qaradhawi, yusuf, hukum zakat, alih bahasa salman harun, et. al., jakarta: pustaka litera antar nusa dan mizan, 1988. sadeq, abu al-hasan, a survey of the institution of zakah, jeddah: irti-idb, 1994. sekaran, uma, research methods for business, new york: john wiley & son ins, 2000. schmidt, stephen j., econometrics, new york: mc graw hill, 2005. sugiyono, statistik penelitian, bandung: alfabeta, 1999. lokot zein nasution1, diba anggraini aris2, m. suryadinata3, yanti nurhayanti4 abstract. this study aims to evaluate the position of waqf in the islamic financial ecosystem in indonesia. this study adopts an evaluative descriptive research method by distributing a set of questionnaires to expert informants which include wakif, nazir, indonesian waqf agency, the ministry of religious affairs, the ministry of finance, third parties that collaborate with nazir, and other relevant parties. the result shows that waqf can set religious norms and provide guidelines for economic activities. the most strategic instruments to apply in the islamic financial markets include zakat, infaq, sadaqah, and waqf (ziswaf). the four instruments have been considered to increase prosperity and manage income distribution in order to reduce income inequality. waqf, in particular, plays an important role in building and supporting economic development in the country, especially through the socioeconomic dimension. as one of the instruments to distribute wealth in islam, it is able to produce high-quality development. however, there are two fundamental issues regarding the national waqf, institutional and market problems. the national waqf requires institutional support and market order to build the established islamic finansical ecosystem. keywords: islamic finance, productive waqf, waqf ecosystem abstrak. penelitian ini bertujuan untuk mengevaluasi posisi wakaf dalam ekosistem keuangan syariah di indonesia. penelitian ini menggunakan metode penelitian deskriptif evaluatif dengan mendistribusikan kuesioner kepada informan ahli, meliputi wakif, nazhir, badan wakaf indonesia, kementerian agama, kementerian keuangan, dan pihak terkait lainnya. hasilnya menunjukkan bahwa wakaf memiliki kekuatan untuk menetapkan norma-norma agama dan memberikan pedoman untuk kegiatan ekonomi. instrumen yang paling strategis untuk diterapkan di pasar keuangan islam termasuk zakat, infaq, sadaqah, dan wakaf (ziswaf). keempat instrumen tersebut telah dipertimbangkan untuk meningkatkan kemakmuran dan mengelola distribusi pendapatan guna mengurangi ketimpangan pendapatan. wakaf, khususnya, memainkan peran penting dalam membangun dan mendukung pembangunan ekonomi di tanah air, terutama melalui dimensi sosial ekonomi. sebagai salah satu instrumen untuk mendistribusikan kekayaan dalam islam, wakaf mampu menghasilkan pembangunan berkualitas tinggi. namun, ada dua isu mendasar mengenai masalah wakaf nasional, kelembagaan dan pasar. wakaf nasional membutuhkan dukungan kelembagaan dan ketertiban pasar untuk membangun ekosistem keuangan islam yang mapan. kata kunci: keuangan syariah, waqf produktif, waqf ekosistem reinforcing the position of waqf in the islamic financial ecosystem in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 13 (2), jul-des 2021 p-issn: 2087-135x; e-issn: 2407-8654 page 343 368 1expert researcher, center for financial sector policies, fiscal policy agency, the ministry of finance, the republic of indonesia 2, 4faculty of business economics, binawan university 3faculty of theology, syarif hidayatullah state islamic university e-mail: 1lokot.nasution@yahoo.com, 2diba@binawan.ac.id, 3suryadinata@uinjkt.ac.id, 4yanti@binawan.ac.id mailto:lokot.nasution%40yahoo.com?subject= mailto:diba%40binawan.ac.id?subject= mailto:suryadinata%40uinjkt.ac.id?subject= mailto:yanti%40binawan.ac.id?subject= 344 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 introduction the islamic financial system has increasingly played a crucial role in domestic and global economies (tahiri jouti, 2019). several countries have finally acknowledged that islamic financial products are proven to have more advantages, one of which is the principles of economic justice. such a system can combine business orientations and ethical values (darwanto et al., 2019). here, the principles of economic justice include fair and proportional profit sharing, safe and reliable financial management, and the principles of contracts. some experts consider the natures of islamic financial products are more able to produce incentives for efficient resource allocation than conventional financial products (ahmed, 2014). iman & mohammad (2017) even argue that the islamic financial products fall into the category of instruments that have a double impact on economic growth, financial system inclusiveness, and economic stability. another advantage is the social security instrument to meet the following aspects: (i) the basic needs of the poor; (ii) the economic cycle; and (iii) encouragement on the productive use of idle funds. in a broader sense, the islamic financial products are classified into four muamalah domains: zakat, infaq, shadaqah, and waqf or also known as ziswaf. here, one of the domains with great potential is waqf, despite its management requiring improvement. it is an activity of transferring private property rights (movable and immovable properties) to the property of an entity that brings benefits to the community (musari, 2017). according to khalfan (2014), it serves four functions: (i) economic function; (ii) social function; (iii) ibadah (worship) function; and (iv) moral function. running the waqf in a more productive way may results in multiple impacts for economic, social and environmental interests. it also becomes a source of financial development to reduce the government fiscal burden, mainly resulted from social welfare, subsidies, infrastructure development, and incentives for economic activities. article 5 of the law number 41/2004 on waqf mentions it serves to realize the economic potential and benefits of waqf property for worship purposes and promoting public welfare. unfortunately, the waqf potentials have not optimally been applied in indonesia. for this reason, it has not shown any significant impact on the economy. fitri & wilantoro (2018) mentions the issue concerning the waqf in the country is closely related to unideal distribution management. practically, the potential for people to hand over waqf properties or assets is significantly voluminous. however, the properties are not properly distributed due to the incapability of nazhir (waqf organizer) to professionally manage them. (fitri & wilantoro, 2018). here, the http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 345 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 nazhir cannot mobilize the high potential of people willing to transfer their waqf properties. in the meantime, the government does not own a concrete strategy to collect movable properties in particular. regarding the immovable properties, the badan wakaf indonesia/bwi (herein referred to as indonesian waqf agency/iwa) has recorded the data on waqf land, but sadly it is not productively organized. many researchers, including muntaqo (2015) and fitri & wilantoro (2018) have claimed that most of the issues on waqf governance in indonesia circle around the uncertain position of waqf in the islamic financial ecosystem. here, such an ecosystem means a reciprocal environment surrounding the running of the islamic financial system in terms of regulation, demand and supply (ahyar, 2020). among the three aspects, regulation is seen as the primary source of the issue in the developmental delay of waqf. until now, only two regulators have shown interest in waqf development, the ministry of religious affairs and the ministry of finance. the ministry of religious affairs, for instance, has made an effort by implementing muamalah (commercial and civil acts or dealings under islamic law) regarding waqf properties. in the meantime, the ministry of finance has shown its interest by improving the financial sector, one of which comes from the waqf properties. for this reason, the position of waqf in the islamic financial ecosystem is said to be uncertain, which consequently causes its development strategy at the policy level to not properly work. as it serves as an instrument supporting sukuk, it is included under the indonesia stock exchange (idx) regulation, which the financial services authority supervises. such an issue has been circling and has not received attention from any parties. this, in turn, has become a source of issue for the developmental delay in waqf strategies which require cross-sectoral innovation. in the global context, abdul latif et al. (2018) mention that the root cause of the developmental delay is the uncertainty of regulators in intervening in the waqf policies. in fact, the inter-ministerial interests have caused the policies to be unclear. the study conducted by iman & mohammad (2017) points out the position of waqf in the islamic financial ecosystem is uncertain due to its nature and relationship with various muamalah domains, including social, trading, and financial domains. in addition, shukri et al. (2019) have also discovered that the developmental delay in several countries is mainly affected by a dependent policy and uncertainty in the main or dominating authorities that manage the waqf market. to that end, including waqf segment in the islamic financial ecosystem is necessary. according to ahmed (2014), reinforcing the position of financial instruments plays a crucial role in building developmental efficiency and effectiveness, especially in terms of institutional governance. http://journal.uinjkt.ac.id/index.php/iqtishad 346 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 in view of the above description, this study aims at responding to the challenges in reinforcing the position of waqf in the islamic financial ecosystem. in the future, the waqf is socially oriented and has the potential to accelerate the growth of the islamic financial markets. therefore, a strategy to integrate waqf and the islamic financial markets is essential. such reinforcement is needed to accelerate the waqf developmental strategy running at a slow speed. it mainly focuses on achieving the following three objectives: (i) strengthening the roles and functions of nazhir in building productive waqf governance; (ii) reviewing the duties and roles of indonesian waqf agency/iwa which can meet the demands for innovation in productive waqf governance; and (iii) formulating a strategy to reinforce the position of waqf in the islamic financial ecosystem, which is seen from the waqf regulator at the ministry level, iwa and nazhir governance. referring to the background and objectives, this study is considered essential to conduct. theoretical foundation islamic financial ecosystem in theory, the islamic financial ecosystem is similar to the conventional financial ecosystem. it is a macro-environment that surrounds the running of the financial system, which is shaped by regulation, demand, and offer. the financial system referred to here is a collection of institutions, markets and regulations in which their activities include securities trading, interest rate setting, and transactions in financial services (tahiri jouti, 2019). according to antara et al. (2016), the financial system usually consists of four activity orientations: (i) making efforts in increasing the financial industry; (ii) narrowing the gap between the regulatory and supervisory financial services sector; (iii) creating digital transformation of the financial services sector; and (iv) providing access to finance and encouraging the reinforcement in the application of market conduct and consumer protection. in the meantime, the islamic financial ecosystem involves many actors in the islamic financial sector, whose operations are in line with the sharia principles. the application of sharia principles in the financial sector in indonesia refers to the islamic teachings set by the national sharia council within the indonesian ulema council. despite the fact that the islamic financial system resembles the conventional financial system in general, there are fundamental differences between the two. it applies the sharia principles in every market activity, including products and transaction mechanisms. here, the principles originate from the highest law in http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 347 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 islam, the qur’an and hadith. departing from these two sources of law, muslim scholars have interpreted what is then referred to as fiqh (islamic jurisprudence). one of the topics in this discipline is muamalah, which is the relationship between humans. a common concept in fiqh muamalah is “all forms of muamalah are basically applicable unless a solid proof comes to forbid them”. the islamic financial markets in indonesia are subject to this concept, in the way that all activities in the markets are considered as economic activities, including muamalah activities. the islamic financial ecosystem is inseparable from financial regulators and actors. the financial regulators, for instance, play a crucial role considering the islamic financial ecosystem consists of a collection of institutions, markets, statutory provisions, and techniques by which financial instruments are transacted and financial services are produced and offered. this requires strict and compatible regulations in the way the regulators have a central position to guarantee or ensure that the financial activities comply with the sharia principles. in addition, the regulators also take a significant part in making policies that can help accelerate the growth of islamic finance, which has been running at a slow speed. like the conventional financial system, the smooth flow of funds which brings together supply and demand by involving the financial actors is the determining factor to achieve the islamic financial system set by the capacity of the regulators (mansori et al. 2015). the concept of waqf the word waqf (plural awqaf) derives from the word waqafa in arabic, which means to come to a stop or a standstill in english (fitri & wilantoro, 2018). the word “stop or standstill” is defined as an act of stopping the use of a property or an asset which is usually used for sale and purchase and turning the use for charity purpose. in theory, waqf means an act of charity, in the way waqf actors donate their properties for socio-religious purposes without intending to take them back. rahman (2009) says it is a property utilized for the common good and benefit and has been fully handed over by those who donate it (waqif ) to the organizer (nazhir). in another sense, it is said to give benefits in the present and future time. waqf is a social activity highly recommended for muslims because its reward in terms of endless deeds will continue even when the donor has passed away (ridwan, 2012). in short, the meaning of waqf is to provide or distribute the benefits of an object for public interest. waqf is property in which its rights are withheld and not entitled to sale http://journal.uinjkt.ac.id/index.php/iqtishad 348 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 and purchase or inheritance, but for good use to public facilities. the activities resulting from it are regarded as shadaqah jariyah, donating owned properties for public interest. the properties here cannot be reduced in value, sold or inherited (shukri et al. 2019). waqf is essentially handing over property ownership to allah on behalf of the people (syakir, 2016). some researchers define it as transferring private property rights to public property rights to benefit the community at large. in practice, it is a process of handing over the property rights of a durable object to certain individuals or institutions to benefit and use it for public interest according to the islamic law. in view of the different definitions, waqf is one of the islamic financial instruments with complex social, economic, and environmental dimensions. multiplier effect in waqf management economically, waqf aims at reinforcing the economic development in a region (rahman, 2009). it is a method of distributing wealth which is not based on market activities, such as zakat and alms. according to abdul latif et al. (2018), zakat, alms, and waqf are closely associated with wealth distribution activities to reduce or stop poverty. the basic difference in waqf is more intended to raise the living standards of individuals and communities in the long term due to its nature which cannot be traded and must be maintained in the long period. the improvement in living standards is made by increasing the number of non-profit sectors, including establishing health services, educational institutions, libraries, and lodging, which can accommodate the public in general regardless of their ethnicity, religion, and race (pitchay et al. 2015). a productive waqf management is needed to increase the multiplier effects. the demand required in managing productive waqf properties is transforming the proprerties into productive objects. here, nazhir needs to own professional capacity and support a strong iwa institution. in addition, they must also be able to collect waqf properties from potential wakif (donors). in turn, profits earned from the productive waqf management and development are distributed to mauquf alaih and used to build productive economy. nazhir in terms of individuals, organizations or legal entities, may perfrom and apply contemporary management principles in upholding the value of almaslahah (public interest) according to the islamic teachings. this plays an important role in managing waqf properties professionally. in this regard, nazhir as an organizer or manager need to make serious efforts and directed steps in http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 349 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 taking policies based on the work program that has been outlined. in the end, this can eliminate the social impression and assumption that nazhir is a side job and perfunctory (baharuddin & iman, 2018). in managing productive waqf properties, nazhir coordinates with stakeholders including wakif, religious affairs office, iwa, islamic financial institutions recipient of cash waqf, and third parties as professional managers (if urgently needed). they must follow norms to reinforce their professionalism (dahlan, 2016). in regard to the profits, some are handed over to nazhir as the organizer, and some are distributed to the beneficiaries (mauquf ‘alaih) and the economic development to create new businesses (shukri et al. 2019). such distribution has an important impact on increasing the economic development, such as providing infrastructure, reducing poverty, and improving social conditions. methods research method this study uses a descriptive evaluative research method. the method is based on the urgent need to evaluate the position of waqf in the islamic financial ecosystem in indonesia. the descriptive method, for instance, is used to find facts or evidence with the right interpretation (nassaji, 2015), whereas the evaluative method aims to evaluate a concept, theory, and policy which is considered necessary due to its significant contribution to the policy framework or the formation of science (gregory & jackson, 1992). in this sence, this study bases its activities on empirical conditions about the position of waqf. it then describes them in depth, referring to the relevant sub-topics to answer the research questions. the main objective of the evaluative method here is to reinforce the position of waqf in the islamic financial ecosystem by designing the right strategy, especially in dealing with regulations and authority and to review the existence of nazhir and iwa. data collection techniques to evaluate the position of waqf in the islamic financial ecosystem in indonesia, the reserach in this study was carried out through empirical investigation activities (field research). the field research plays a significant role in understanding the actual conditions and deeply analyzing the issues regarding waqf 's position in the islamic financial ecosystem. this aligns with long (2014), evaluative research will be more precise if carried out based on empiricism, case studies, and actual phenomena. the details of the field activities are outlined in the followings: http://journal.uinjkt.ac.id/index.php/iqtishad 350 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 respondents in this study are parties involved or relevant to the waqf development strategy. the parties include: (i) wakif, both individuals and groups; (ii) nazhir, both individuals and organizations; (iii) regulators, comprising of indonesian waqf agency, the ministry of religious affairs, and the ministry of finance; (iv) third parties, those who cooperate with nazhir in managing waqf properties. they are investors, professional organizations, private companies, stateowned enterprise, and municipal-owned enterprises; and (v) other relevant parties, selected according to the purposive technique. primary data is generated by mapping the respondents’ answers through a set of questionnaires. the set of questionnaires consists of closed questions (linkert scale) and open questions. the closed questions, for instance, aim to map the score of the answers, while the open questions are to explore the results of the closed questions. data analysis this study uses a descriptive qualitative analysis tool that root cause analysis or rca further supports to analyze the research data. the rca is an analysis aimed at discovering the root cause of a research problem (doggett, 2005). in many cases, some studies often fail to identify the root cause of waqf governance's low performance, which is associated with the islamic financial ecosystem. to this end, this study aims to reinforce the position of waqf in the islamic financial ecosystem and the rca plays important role in finding the root cause of why it performs poorly in the ecosystem. in details, the rca examines the roles and functions of iwa, nazhir, and waqf development authorities, particularly the ministry of religious affairs and the ministry of finance. the root cause of the analysis includes: (i) issues on making regulations or policies or professional norms; and (ii) issues on governance including management, finance, sops, waqf management policies and programs and waqf reporting and supervision. the issues on waqf governance are developed based on the following empirical issues: (i) the low number of waqf properties from the community; (ii) the poor management of waqf properties which have not been productive so far; and (iii) the unsatisfactory role and function of iwa and its constellation of authorities, particularly the ministry of religious affairs and the ministry of finance. http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 351 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 results and discussion nazhir institutional performance one of the objectives in this study is to reinforce the role and function of nazhir in building productive waqf governance. this objective plays an essential part in encouraging the reinforcement of the role of waqf in the islamic financial ecosystem. many studies, including the one conducted by fitri & wilantoro (2018) suggest that the majority of waqf governance in indonesia have not been considered productive due to nazhir’s lack of professionalism. the data issued by the iwa shows the majority of waqf properties managed by nazhir are immovable properties (92.9%), followed by cash waqf (35.7%) and copyright waqf (7.1%). this data confirms syakir’s (2016) study claiming that nazhir has managed the waqf properties traditionally instead of applying financial technology (fintech) and digital platform. according to sistem informasi wakaf/siwak (waqf information system) data (2020), 333,562 waqf locations are officially recorded in indonesia. however, the nazhir who manage the waqf properties have not been registered. this means they have not reported the properties. administrative record is an important indicator in producing reliable waqf governance (khusaeri, 2015). figure 1. nazhir performance in managing waqf properties source: data processing results, 2020 based on the study findings, although most of nazhir has already owned a legal entity (90 %), they have not carried out many activities in term of collecting, managing and developing waqf. figure 01 illustrates the findings that confirm that most respondents (14 respondents) are dissatisfied with nazhir performance. in fact, in terms of significance, their performance in managing waqf properties is very http://journal.uinjkt.ac.id/index.php/iqtishad 352 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 much needed (10 respondents). the respondents point out the low performance in waqf property management is due to the low level of their knowledge. their knowledge is vital to producing satisfying institutional governance performance (atan & johari, 2017). suffice to say; knowledge is the foundation to build a productive waqf property management. here, two types of knowledge are required: (i) knowledge about islamic finance; and (ii) knowledge about business management. these two have become a set that nazhir must have. figure 2 shows that nazhir does not have adequate knowledge about waqf management on average. this is in line with what fitri & wilantoro (2018) have found in their study. they mention the level of nazhir knowledge, particularly in fiqh muamalah has not met the suitable criteria. in fact, the significance level in acquiring such knowledge is essential, indicating that they are urgently required to master fiqh muamalah-based waqf management. according to dahlan (2016), nazhir must be able to meet at least 3 (three) basics of managing productive waqf: (i) raising funds; (ii) managing and developing waqf properties as capital; and (iii) distributing the profits of the waqf primarily to the beneficiary or mauquf ‘alaih. here, nazhir play their position as parties that have mandate and responsibility to grow and develop the waqf properties that have been collected. they are entitities very much needed to develop and reinforce the role of waqf for the economy. their knowledge about waqf properties management also affects the success rate of waqf productivity. this influences the respondents’ perceptions of their performance in managing waqf. their knowledge plays an essential part in producing excellent performance in institutional governance. their inadequate understanding on waqf governance has resulted in their poor performance in managing waqf properties. the waqf properties have not had a significant impact on the economic value added (eva). musari (2017) mentions one of the knowledge that nazhir should have is fiqh muamalah. this knowledge is needed for several purposes, including: (i) a source for the concept of business governance performed by nazhir; (ii) a source for the concept of pursuing social entrepreneurship orientation taken to manage waqf properties; and (iii) a source for taking the right actions by nazhir. nazhir are required to get final ends in increasing waqf profits, rising the number of new waqf properties, increasing production feasibility, performing cost efficiency, reducing the risk of damage, and protecting the basic needs of waqf propertis and utilizing them for public (rahman, 2009). due to such demands, ideally, nazhir not only knows about fiqh waqf, but is also expected to have managerial skills http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 353 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 to manage waqf properties as investments and develop profitable businesses. this leads nazhir to be an entity with social entrepreneur spirit. according to syakir (2016), to improve their level of knowledge, the vertical institutional structure, which is the relationship between them and the iwa, needs to reinforce. the goal is to ensure the coordination flow and performance report as moral and official accountabilities. sadly, the study findings prove that nazhir performance in meeting the goal is dissatisfactory. as illustrated in figure 02, the number of respondents who are dissatisfied with their performance is 11 respondents. as a matter of fact, their significance level is very much needed (stated 11 respondents). the poor coordination flow reflects the failure to build an ideal institutional model with the iwa support. figure 2. nazhir knowledge in understanding waqf business management source: data processing results, 2020 besides the vertical coordination, nazhir also needs horizontal coordination, which is coordinating with similar or at the same-level institutions and the public (senjiati et al. 2020). here, the horizontal coordination in a nazhir institution that manages waqf properties belonging to the public is manifested in terms of socialization or dissemination of financial performance as accountability for public satisfaction. this demand is in line with fitri & wilantoro’s opinion (2018), claiming that the nazhir entity is a public institution that must apply professionalism, transparency and accountability. however, as seen in figure 03, the accountability seems to be low due to the fact that its performance has been on moderate level (9 respondents) and has even been dissatisfactory (9 respondents). in fact, as stated by 14 respondents, the financial accountability before the public is very significant to implement by nazhir (ridwan, 2012). http://journal.uinjkt.ac.id/index.php/iqtishad 354 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 figure 3. nazhir performance in financial accountability source: data processing results, 2020 the figure points out that in terms of quality and quantity, nazhir’s waqf governance and human resources have not met satisfactory standards. the low capacity of human resources and management is the main cause for the weak position of waqf in the islamic financial ecosystem. ridwan (2012) states that human resources play a decisive role in determining the success of waqf management, and the level of successful management will affect its position as one of the islamic financial instruments, especially among the ziswaf (zakat, infaq, sadaqah, and waqf). this statement is supported by the study findings conducted by wulandari et al. (2019), saying that reinforcing the position of waqf largely depends on the success rate of management, public accountability and transparency, which are primarily determined by the presence of human resources and governance mechanism. all of these issues need to be addressed appropriately to support nazhir’s waqf governance which consists of three activities (fitri & wilantoro, 2018): (i) fundraising; (ii) managing and developing waqf properties as capital; and (iii) distributing the waqf profits to the beneficiary or mauquf ‘alaih. nazhir are parties that are responsible for growing and developing the waqf properties that have been collected. institutional performance of the indonesian waqf agency (iwa) in addition to nazhir performance, this study is also designed to review the duties and roles of iwa which must adapt to the demand for innovative and productive waqf governance. to reinforce the position of waqf in the islamic financial ecosystem, the demand for productive waqf depends on nazhir performance and the iwa (dahlan, 2016). the iwa plays a significant role in increasing nazhir capacity and offering incentives to reinforce the islamic financial http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 355 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 ecosystem (atan & johari, 2017). as an independent institution, the iwa is, on the one hand, under the ministry of religious affairs. on the other hand, however, the waqf variant has evolved from worship and social purposes to productive waqf, which enters the business sector. consequently, other institutions, including the ministry of finance and the financial services authority are also interested in developing it. to this end, the iwa has to guide and supervise islamic financial actors under these institutions. in such a position, reinforcing iwa's institutional role, which has various partners and demand for professional governance, is deemed necessary. accordingly, examining its institutional performance with a questionnaire-based empirical investigation is also essential. the study findings prove that the iwa representatives in the regions have not actively played their role. for this reason, an autonomous authority is a necessity to replace their role and carry out capacity building in all iwa representatives distributed in 34 (thirty-four) provinces and at the municipal level. figure 04 shows that the iwa has made quite a performance in making waqf policies at the national level (11 respondents). however, reinforcing the iwa institution as an independent institution to carry out the mandate to develop the national waqf needs to occur. the poor roles and functions of iwa are seen from the financing aspect, where its funding greatly depends on the ministry of religious affairs and space to explore the sources of its funds is required. figure 4. iwa performance in making national waqf policy source: data processing results, 2020 organizationally, the iwa has six work divisions (badan wakaf indonesia, 2020): (i) nazhir development and supervision division; (ii) waqf development, management and empowerment division; (iii) waqf public relations, socialization http://journal.uinjkt.ac.id/index.php/iqtishad 356 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 and literacy division; (iv) institutional and legal aid division; (v) research and development division; and (vi) foreign cooperation division. despite having relatively complete divisions, the waqf governance is said to cause performance distortions. for this reason, the iwa needs to make regulations, especially for waqf development and partnership arrangements between stakeholders. figure 05 indicates that the iwa has made enough, satisfying and even very satisfying performance in making regulations on waqf management according to the respondents. in regard to the level of significance, three respondents mention that the iwa performance is essential and another three even claim that it is essential. in short, these findings reflect the idea that the iwa has performed very well in making regulations and have played its roles and functions adequately. this is consistent with dahlan’s study findings (2016) suggesting that it should develop the waqf properties through professional business management by establishing competent fundraising management and creating a special agency with a corporate pattern. figure 5. iwa performance in making regulations on waqf management source: data processing results, 2020 one of the steps taken by the iwa to reinforce its regulations is developing partnerships between stakeholders, particularly with the ministry of religious affairs as its organization founder. such collaboration is required due to the fact that he ministry of religious affairs determines the iwa performances. here, the ministry acts as a capital source of provider. as illustrated in figure 06, two respondents say that the ministry of religious affairs and the iwa have made sufficiently good coordination. according to the other two and three respondents, the coordination they have made is satisfying and even very satisfying. in terms of significance, their http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 357 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 coordination is essential, and the significance level is consistent with the existing performance as mentioned by six respondents. dahlan (2016) highlights that the iwa needs cross-sectoral institutional reinforcement as benchmarks in strategic management success. strategic management is an effort to build a productive waqf institution. figure 6. coordination between the ministry of religious affairs and the iwa source: data processing results, 2020 strengthening the coordination between the ministry of religious affairs and the iwa plays an essential part in reinforcing the role and function of iwa in giving advice and considerations to the government to formulate policies in waqf. however, the iwa itself requires much reinforcement in formulating waqf policies, especially in creating effective waqf governance and strategies for empowering nazhir. in serving its function to draft national waqf regulations, the iwa requires more dissemination and socialization to all stakeholders, including the government. this dissemination and socialization are very essential, particularly in developing ideal nazhir management and empowerment (ridwan, 2012). without guidance and supervision offered by the iwa, nazhir institutional development will not work in the right direction, considering it requires assistance in terms of governance, business management, and knowledge about islamic finance. reinforcing the role and function of iwa in formulating the national waqf regulations is essential, especially to create a role model in supervising nazhir (senjiati, 2020). according to fitri & wilantoro (2018), without the supervision from the iwa, nazhir institutional development will slow down. this is because nazhir requires assistance, especially in governance, business management, and knowledge about islamic finance. operationally, reinforcing the supervision plays an http://journal.uinjkt.ac.id/index.php/iqtishad 358 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 important role, especially in making guidelines for waqf properties management and development which nazhir can easily understand. the issue on nazhir governance has so far resulted from their poor knowledge of waqf properties development, which requires an in-depth look at business management and islamic finance. the root cause of waqf reinforcement in the islamic financial ecosystem the root cause analysis (rca) is conducted to map the answers presented by respondents in the questionnaires. the mapping here uses coding by grouping the answers and drawing some statements from them as potential problems to the waqf reinforcement in the islamic financial ecosystem. according to the analysis, one of the potential problems is unfavorable conditions, particularly in managing the waqf properties, which have not been productive so far. besides the waqf governance, the poor agricultural regulatory system has caused low productivity. a large number of uncertified waqf land, for example, is due to the complicated agrarian procedures. several respondents claim that nazhir performance in registering the land has not shown satisfactory progress. this is because nazhir’s lack of professionalism which has consequently affected them to be less responsive and have insufficient knowledge to handle the land registration. in regard to the land registration, the government has held a waqf land certification program by having issued waqf deed of pledge or substitution to the waqf deed of pledge and waqf land certificates since the government regulation no. 28/1977 came into force. this proves that the waqf land certification started a long ago. the government, the minister of religious affairs, and the head of the national land agency have also issued joint decrees number 422/2004 and number 3/skb/bpn/2004 on waqf land certification. these joint decrees were issued on account of the fact that many waqf lands have not been certified. to that end, undergoing orderly administration and certainty of rights seems vital. although the government has held the waqf land certification program for a long time, it has not effectively worked, which means the regulators' implementation of waqf governance policies does run as expected. referring to the study findings, some respondents mention that the certification issues have led to high risks to change the role and function of waqf properties, one of which is the potential to transform the waqf uses for non-waqf purposes. on average, nazhir is not familiar with administrative institutions in obtaining waqf property certification. surprisingly, the iwa has limited knowledge and data regarding which properties have not been certified. the iwa has so far http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 359 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 relied on nazhir’s active role in registering their waqf properties, while the data collection at the grassroots is unlikely to take place. such issue has caused concern as the heirs of the person who donated the waqf properties often take them back. consequently, this complicates the efforts to develop and empower productive waqf as one of the conditions is a certificate issued by the national land agency (bpn). in addition to the issue on the certificate, waqf land has also faced several other issues including (i) embezzlement and reduction of land area; (ii) conflict between the nazhir entity and families who have donated the waqf land; (iii) abandoned waqf land; and (iv) in several cases, waqf land is being sold by parties entrusted with managing it, including unfair and disproportionate swaps. further, waqf management is hindered by nazhir’s limited knowledge of how to utilize the waqf properties productively. according to the coding results, nazhir’s management which is considered conventional is unlikely to lead to productive properties. a number of nazhir as respondents have even expressed their concern that they would mismanage if the waqf properties turn into a business entity. such concern results from their limited knowledge about fiqh muamalah and islamic finance. it certainly has a huge impact on the waqf developmental issues, most of which are related to nazhir’s unpreparedness in managing waqf properties according to their objective, which is being more productive and beneficial for public interest. in short, the main issue circling the waqf management is nazhir’s inadequate competence. in most cases, a nazhir is appointed based on patronage system. in such a system, prominent figures (both in rural and urban areas) are selected without considering reliable management capacity (senjiati et al. 2020). consequently, most of nazhir have applied conservative approaches in developing waqf properties. here, leaders and the community are more interested in protecting the properties than utilizing them. according to khalfan (2014), the majority of nazhir have been faced with the inability to make decisions, low entrepreneurship, and incompetence in managing business risks. the root cause in reinforcing the role and function of waqf in the islamic financial ecosystem involves all of the issues mentioned above including the iwa and nazhir. the first root cause is reinforcing the iwa performance in making waqf policies. although it has relatively shown a good performance, it still needs to improve in making the policies particularly. the policies have not taken the implementation aspects into account, such as how to empower nazhir. legally and formally, the iwa has the authority to guide and supervise them. this is mentioned in article 49 paragraph (1) of the law number 41/2004 on waqf. in http://journal.uinjkt.ac.id/index.php/iqtishad 360 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 details, the duties and authorities of the iwa are: (i) to guide nazhir in managing and developing waqf properties; (ii) to manage and develop waqf properties on a national and international scale; (iii) to approve and/or authorize the changes in the designation and status of waqf properties; (iv) to dismiss and replace nazhir; (v) to approve the waqf property exchange; and (vi) to give advice and considerations to the government in formulating waqf policies. given the duties and authorities, the iwa must certainly create the right regulations for waqf management. to reinforce the role of iwa, the coordination between the ministry of religious affairs and the iwa must be maintained. such coordination needs to be progressively maintained because the ministry of religious affairs plays a significant role in funding the iwa operation. in addition, coordination is also essential to increase the role of iwa in giving advice and considerations to the government to formulate waqf policies. funding is very essential as a component of strategic management. financially, the strategic management objectives to achieve business resilience, institutional improvement, and financial performance. these objectives are very much needed by the iwa which has to empower and develop nazhir, particularly in managing business-oriented productive waqf. further, coordination can encourage innovation and organizational excellence, which are required to meet the demand for productive waqf and business innovation. internally, the strategic management objectives to gain by the iwa are technological capability, excellence in the regulation making, and new policy launch which is able to accommodate the environment and the opinions of different stakeholders. the iwa and nazhir need these objectives to face economic digitalization and industry 4.0 as an important part of the environmental development of waqf property governance. the above illustration confirms the previous explanation that the iwa is supposed to improve its performance in guiding and supervising nazhir in order to be able to manage and develop waqf properties. in this context, the iwa should create an updated waqf property management and development guideline that nazhir can easily understand. the objective is to maintain nazhir performance, which has been considered insufficient. for this reason, the root cause lies in the unsynchronized development of nazhir carried out by the iwa. this root cause must be dealt with in order to: (i) encourage nazhir to show satisfying performance in managing waqf properties; (ii) increase nazhir knowledge about fiqh muamalah; (iii) increase nazhir knowledge about waqf and business management; (iii) maintain nazhir awareness and orderly administration in reporting financial performance to the iwa; and (iv) maintain nazhir awareness in reporting financial performance to the public. http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 361 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 the following figure describes the root cause of waqf reinforcement in the islamic financial ecosystem: figure 7. the root cause of waqf reinforcement in the islamic financial ecosystem strategies to reinforce waqf in the islamic financial ecosystem combining waqf instrument with other islamic financial instruments has resulted in the following waqf products (badan wakaf indonesia, 2020, the ministry of religious affairs, 2020): (i) stock waqf with cash waqf scheme and converted into shares is launched by the indonesia stock exchange (idx); (ii) cash waqf converted into sukuk (islamic financial certificate) a.k.a. cash waqf linked sukuk (cwls) is initiated by the ministry of finance; (iii) cash waqf insurance is offered by various insurance companies; (iv) cash waqf with instalment is launched by the iwa and lembaga keuangan syariah penerima wakaf uang/lks-pwu (islamic financial institutions recipient of cash waqf ); and (v) cash waqf with business investment options in the real sector. another example of the last waqf scheme is the combination of productive waqf management that results in public services such as hospitals. this scheme results from a variety of waqf land, cash waqf investment, and cash waqf linked sukuk (cwls). the cash waqf has been regulated under the law number 41/2004 on waqf, the government regulation no. 42/2004 on the implementation of the http://journal.uinjkt.ac.id/index.php/iqtishad 362 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 law no. 41/2004, the regulation of the minister of religious affairs number 4/2009 on administration of cash waqf registration and the regulation of the indonesian waqf agency number 4/2010 on the guidelines for waqf property management and development. here, the regulations have been considered to be able to accommodate the waqf development as stated by all respondents. this study offers several strategies resulting from the literature review and the respondents’ answers. a set of questionnaires on effective strategy in developing national waqf is delivered to get their answers. here, a strategic transformation that can realize waqf 's potential is necessary. the strategic components significantly considered to encourage the waqf reinforcement in the islamic financial ecosystem include: (i) regulation; (ii) iwa institutions; (iii) nazhir professionalism; and (iv) waqf literacy. regulation all respondents agree that the regulations on waqf can sufficiently accommodate the implementation of productive waqf development. however, the dynamics in the collaboration between waqf instruments and islamic financial instruments requires the legislation or regulation on waqf to revise, such as charge of tax for immovable waqf properties and movable waqf properties in term of cash. psak/ pernyataan standar akuntansi keuangan (statement of financial accounting standards) number 112/2018 as the basis for waqf reporting has only been effective as of january 2020 several different views concerning the distribution of waqf benefits need to be further clarified. a number of mechanisms that have not been included in the waqf regulations are: (i) waqf management and development mechanism implemented by the iwa which can receive national waqf properties; (ii) international waqf and abandoned waqf; and (iii) besides the iwa as the implementing agency the minster of religious affairs is also supposed to have the duties and authorities guide and supervise nazhir. these two institutions need to sit together to restructure the guidance and supervision according to their respective capacities. issues related to these regulations confirm what iman & mohammad (2017) state that the weak development of entrepreneurship-based waqf is due to the lack of supporting regulations, especially cross-sectoral regulations. http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 363 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 reinforcing the iwa institution article 47 paragraph 2 of the law number 41/2004 mentions that the indonesian waqf agency is an independent institution carrying out its duties. the synergy between the ministry of religious affairs and the iwa is to support the national waqf development in which the ministry does not have specific duties and functions. in regard to the task distribution, the duties and authorities of each entity should be further clarified, especially in waqf property management performed by nazhir as the party entrusted with it. there needs to be further discussion on the role of iwa as the parent institution to nazhir, mainly in dismissing and replacing them as stated in article 49 paragraph (1d) of law number 41/2004. to accelerate the development of productive national waqf, the iwa representatives spread across 34 provinces and cities also need to reinforce. currently, the iwa representatives have not performed adequately due to funding issue. in this study, the strategy to reinforce the iwa institution supports budiman’s argument (2011), claiming that iwa and nazhir are the most needed aspect in waqf management reinforcement. basically, the position of iwa in the constitutional structure needs reinforcement considering various state institutions have been categorized as nonstructural institutions after the reform era. these non-structural institutions are subject to several types of legislation, including the laws, government regulations, presidential regulations, and presidential decrees. in terms of duties, some nonstructural institutions supervise government duties, some help with government administration, and some are even independent. until now, no standardization has been made in the formation of non-structural institutions, which consequently leads to various forms. reffering to point c, the iwa was formed as an independent body based on the law no. 41/2004. however, the name of iwa is not listed in the registration of non-structural institutions based on the laws isued by the ministry of state secretariat. currently, the iwa is funded by the ministry of religious affairs. this is following article 59 of the law no. 41/2004 which states “for the indonesian waqf agency to perfrom their duties, the government is obliged to assist their operational costs” and article 52 paragraph (1) of the government regulation no. 42/2006 on the implementation of the law no. 41/2004 on waqf saying “the financial assistance for the iwa is charged to the state budget for the first 10 (ten) years through the ministry of religious affairs budget and extendable”. therefore, the challenge faced by the iwa representatives that have been formed in 34 provinces is funding issue. http://journal.uinjkt.ac.id/index.php/iqtishad 364 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 nazhir professionalism to develop productive waqf, the central nazhir is required to own professional management and development skills. on average, the nazhir are said to not have been competent in managing productive waqf. to this end, education and training will help improve their skills to adequately manage and develop waqf in the islamic economics and financial sector. besides managerial skill, the criteria that they must meet are strong entrepreneurial skill and business partnership strategy. their lack of professionalism has led to the needs for management transformation, one of which is the significant involvement of the ministry of religious affairs in the waqf development. the majority of respondents acknowledge that the ministry of religious affairs should directly handle the development, whereas the iwa is responsible for managing waqf properties. waqf literacy literacy has become a significant issue in developing productive waqf. even though waqf has practically existed along with the arrival of islam in indonesia, the public is not very much familiar with it compared to zakat. relevant to the survey conducted by the ministry of religious affairs, the badan amil zakat nasional/ baznas (national amil zakat agency) and the indonesian waqf agency recorded the waqf literacy index with a total score of 50.48, which is low, in 2020 (badan wakaf indonesia, 2020). the three respondent groups agree that the public is unfamiliar with waqf. the expert respondents even claim that literacy is a key factor in transforming the islamic financial sector. this means all respondents have considered that improving waqf literacy is essential. the indonesian waqf agency and nazhir are the right entities or parties to improve education and literacy and socialize it to the wider community. conclusion waqf product variants have evolved from religious and social purposes to productive waqf in which its management requires more professionalism by implementing good governance. the nature of waqf which must maintain the basic value of the properties handed over by the wakif (donor) is a challenge for nazhir as the waqf organizers. the potential for collecting waqf properties has been wide http://journal.uinjkt.ac.id/index.php/iqtishad lokot zein nasution. reinforcing the position of waqf in the islamic financial ecosystem 365 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 open, supported by a strong and integrated waqf system with other sharia financial ecosystems that have already been running. besides maintaining the value of the properties, another challenge is after being transformed into productive waqf, the properties become a capital that has a low or even zero cost of fund. reinforcing the national waqf system is a priority to take immediately. the iwa which is formed to work independently and professionally is supposedly recognized as a national and international institution that manages and develops waqf properties. being in charge of guiding and supervising nazhir, its position needs to be reinforced to encourage them to be more competent, skilful and professional. in addition, its duties as a guide and supervisor must be different from the ones carried out by the ministry of religious affairs. basically, its duties and roles in managing waqf have not been thoroughly regulated in the legislation because the recipient of the waqf is nazhir. the takeover mechanism for abandoned waqf mentioned in the bill, for example, requires legal support. in addition, the waqf registration and administrative services available at the offices of religious affairs, the islamic financial institutions recipient of cash waqf, and the indonesia stock exchange are not integrated with the iwa. for this reason, the following four components: (i) regulation; (ii) iwa institution; (iii) nazhir professionalism; and (iv) waqf literacy are essential to reinforce the position of waqf in the islamic financial ecosystem. referring to the results and discussion, this study offers some suggestions to policymakers and institutions to reinforce the position of waqf in the islamic financial ecosystem as follow: (i) recognizing the position of the indonesian waqf agency in the national structure; (ii) strengthening the role of iwa in managing and developing waqf properties, particularly in term of acquisition or takeover; (iii) accelerating the data integration between the iwa and relevant institutions that manage waqf properties; (iv) clearly deciding the duties and authorities between the ministry of religious affairs and the iwa in supervising nazhir; (v) making regulations that help support the iwa in accelerating nazhir’s professionalism and transparency in managing waqf properties; (vi) the ministry of religious affairs and the iwa are expected to increase the participation of nazhir that are registered under the iwa; and (vii) waqf literacy which is conducted by the institutions within the ministry of religious affairs and the iwa is supported by nazhir in a massive, structured, and systematic manner. the suggestion to increase the number of research on waqf can help dig deeper into nazhir competence according to the formulation set in the waqf core principles (wcp). http://journal.uinjkt.ac.id/index.php/iqtishad 366 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v%vi%i.22403 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 13 (2), jul-des 2021 references abdul latif, s., nik din, n. m., & mustapha, z. 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al-dhamân aw ahkâm al-mas’ûliyyah al-madaniyyah wa al-jinâ’iyyah fi al-fikih al-islâmî, suriyah: dâr al-fikr, 1998. djawahir hejazziey: zakat sebagai sumber investasi210 pendahuluan kajian tentang zakat dalam bentuk ibadah tidaklah merupakan hal yang baru, karena zakat adalah salah satu ibadah yang mesti dilakukan oleh umat islam. bahkan, membayar zakat merupakan salah satu rukun islam. sebagai suatu ibadah yang telah diatur oleh syariat secara jelas dan pasti melalui dalildalil naqlî, alquran, dan sunah, maka dalam pelaksanaan atau pembayaran zakat tidak lagi menjadi persoalan ikhtilaf di kalangan para ulama, sehingga dari aspek ini kita tidak dapat lagi untuk merubahnya dan menolak kewajiban zakat tersebut. dari aspek lain, dapat pula dilihat zakat dari sisi pandangan ekonomi. secara makro, zakat dapat dijadikan salah satu sumber ekonomi suatu negara atau daerah. karena zakat dijadikan sebagai salah satu bentuk distribusi masyarakat yang memiliki kekayaan atau yang berkecukupan terhadap masyarakat yang kurang mampu. jadi zakat dapat membantu beban biaya negara yang harus diperuntukkan untuk para fakir miskin, sesuai dengan jiwa undang-undang dasar 1945 bahwa orang miskin adalah termasuk tanggung jawab negara, supaya dapat hidup bahagia dan sejahtera. sementara itu, artikel ini akan mencoba melihat sisi zakat dari segi investasi, sehingga zakat dijadikan salah satu sumber ekonomi yang produktif untuk para fakir miskin. zakat sangat diharapkan dapat meningkatkan ekonomi rakyat miskin, sehingga filosofi zakat yang bertujuan agar kekayaan tidak hanya beredar di kalangan orang-orang kaya. untuk itu, selama zakat masih dikelola untuk bantuan-bantuan yang bersifat konsumtif, maka mustahil kekayaan itu dapat beredar di kalangan orang miskin, sebab bila ia dibantu untuk keperluan konsumtif tentu mereka tetap akan membelanjakannya kepada orang-orang kaya, maka untuk itu harus dikembangkan zakat dalam bentuk investasi, sehingga keuntungan dari harta zakat itu tetap mengalir kepada mustahiq zakat. hakikat zakat zakat mempunyai dua pengertian, yaitu dari segi bahasa dan dari segi istilah. dari segi bahasa zakat ini mempunyai pengertian keberkatan, kesucian, perkembangan, dan kebaikan, sebab dinamakan zakat adalah karena zakat dapat mengembangkan harta yang telah dikeluarkan zakatnya dan menjauhkannya dari segala kerusakan, sebagaimana ibn taymiyyah berkata, ‚diri dan harta orang yang mengeluarkan zakat menjadi suci dan bersih serta hartanya berkembang al-iqtishad: vol. iii, no. 2, juli 2011 211 pendahuluan kajian tentang zakat dalam bentuk ibadah tidaklah merupakan hal yang baru, karena zakat adalah salah satu ibadah yang mesti dilakukan oleh umat islam. bahkan, membayar zakat merupakan salah satu rukun islam. sebagai suatu ibadah yang telah diatur oleh syariat secara jelas dan pasti melalui dalildalil naqlî, alquran, dan sunah, maka dalam pelaksanaan atau pembayaran zakat tidak lagi menjadi persoalan ikhtilaf di kalangan para ulama, sehingga dari aspek ini kita tidak dapat lagi untuk merubahnya dan menolak kewajiban zakat tersebut. dari aspek lain, dapat pula dilihat zakat dari sisi pandangan ekonomi. secara makro, zakat dapat dijadikan salah satu sumber ekonomi suatu negara atau daerah. karena zakat dijadikan sebagai salah satu bentuk distribusi masyarakat yang memiliki kekayaan atau yang berkecukupan terhadap masyarakat yang kurang mampu. jadi zakat dapat membantu beban biaya negara yang harus diperuntukkan untuk para fakir miskin, sesuai dengan jiwa undang-undang dasar 1945 bahwa orang miskin adalah termasuk tanggung jawab negara, supaya dapat hidup bahagia dan sejahtera. sementara itu, artikel ini akan mencoba melihat sisi zakat dari segi investasi, sehingga zakat dijadikan salah satu sumber ekonomi yang produktif untuk para fakir miskin. zakat sangat diharapkan dapat meningkatkan ekonomi rakyat miskin, sehingga filosofi zakat yang bertujuan agar kekayaan tidak hanya beredar di kalangan orang-orang kaya. untuk itu, selama zakat masih dikelola untuk bantuan-bantuan yang bersifat konsumtif, maka mustahil kekayaan itu dapat beredar di kalangan orang miskin, sebab bila ia dibantu untuk keperluan konsumtif tentu mereka tetap akan membelanjakannya kepada orang-orang kaya, maka untuk itu harus dikembangkan zakat dalam bentuk investasi, sehingga keuntungan dari harta zakat itu tetap mengalir kepada mustahiq zakat. hakikat zakat zakat mempunyai dua pengertian, yaitu dari segi bahasa dan dari segi istilah. dari segi bahasa zakat ini mempunyai pengertian keberkatan, kesucian, perkembangan, dan kebaikan, sebab dinamakan zakat adalah karena zakat dapat mengembangkan harta yang telah dikeluarkan zakatnya dan menjauhkannya dari segala kerusakan, sebagaimana ibn taymiyyah berkata, ‚diri dan harta orang yang mengeluarkan zakat menjadi suci dan bersih serta hartanya berkembang secara maknawi.‛1 pemahaman secara bahasa ini tentu dapat diperluas maknanya, yaitu harta yang dizakatkan itu juga hendaknya dapat berkembang bagi mustahiq dalam bentuk usaha yang produktif. menurut syarak, zakat adalah mengeluarkan sebagian harta tertentu yang telah diwajibkan oleh allah swt. untuk diberikan kepada orang-orang yang berhak menerimanya sebagaimana yang telah dinyatakan di dalam alquran, atau zakat juga boleh diartikan dengan kadar tertentu dari harta tertentu yang diberikan kepada golongan tertentu. lafaz zakat juga digunakan terhadap bagian tertentu yang dikeluarkan dari harta orang yang wajib mengeluarkan zakat.2 yûsuf alqaradhâwî menyatakan bahwa arti zakat secara bahasa adalah bertambah dan tumbuh, sedangkan zakat menurut istilah fikih adalah sejumlah harta tertentu yang diwajibkan allah swt. untuk diserahkan kepada orang-orang yang berhak.3 zakat secara syarak kadangkala dinamakan sedekah di dalam bahasa alquran dan hadis, karena kata sedekah itu sendiri mempunyai makna dan pengertian yang lebih luas, termasuk di antaranya zakat, sehingga dikenal adanya istilah sedekah wajib. dalam undang-undang republik indonesia nomor 38 tahun 1999 tentang pengelolaan zakat disebutkan bahwa yang dimaksud dengan zakat adalah harta yang wajib disisihkan oleh seorang muslim atau badan yang dimiliki oleh orang muslim sesuai dengan ketentuan agama untuk diberikan kepada yang berhak menerimanya.4 dari pengertian di atas, ibadah zakat adalah ibadah yang telah diatur tata cara pembayarannya, jumlah pembayaran, harta yang akan diberikan dan kepada siapa diberikan oleh syarak, sehingga dalam membayarkan zakat mesti memenuhi syarat dan rukun tertentu. hukum membayar zakat bagi setiap muslim adalah wajib bila telah memenuhi syarat dan rukunnya. zakat adalah rukun islam yang ketiga dari lima rukun islam lainnya dan merupakan panji dan pondasi agama islam, apabila seseorang belum membayar zakat, padahal ia adalah orang yang punya kemampuan dan kesanggupan untuk itu, maka belum lengkap keislamannya. zakat merupakan ibadah materi atau mâl yang memiliki multifungsi, karena dengan zakat tersebut akan didapatkan rahmat dari allah swt.. begitu juga 1 abdul malik rahman, ibadah zakat dan segala masalahnya, (kuala lumpur: jasmin enterprise, 2003), h. 2. 2 abdul malik rahman, ibadah zakat dan segala masalahnya, h. 2. 3 yusuf al-qaradhâwî, fiqh al-zakâh, (bayrût: dâr al-irsa, 1979 m/1389 h), cet. i, h. 37. 4 hadi setia tunggal, undang-undang nomor 38 tahun 1999 tentang pengelolaan zakat, (jakarta: harvarindo, 2000), h. 3. djawahir hejazziey: zakat sebagai sumber investasi212 zakat adalah syarat untuk mendapatkan bantuan dari allah. di samping itu, zakat merupakan syarat persaudaraan dalam agama islam, dan sebagai salah satu sifat orang yang dapat meng-imârah-kan (memakmurkan) rumah allah (masjid). dalam ajaran islam, ibadah zakat memiliki filosofi yang begitu tinggi, baik dilihat dari segi hubungan vertikal dengan allah swt. ataupun horizontal dengan masyarakat, di ntaranya dapat disimpulkan sebagai berikut: pertama, tanda ungkapan rasa syukur seseorang atas nikmat harta yang dikaruniakan oleh allah swt. kepada dirinya. karena allah telah memberikan nikmat dan karunia kepada orang-orang kaya dengan memberikan kekayaan melebihi atau bahkan jauh melebihi keperluan asasnya sehingga mereka boleh hidup senang di dunia. kedua, zakat memberikan kesan untuk menjaga dan memelihara harta dari incaran mata dan tangan para pendosa seperti pencuri, perampok, dan pelbagai pelaku tindak kriminal yang muncul karena disebabkan oleh kemiskinan dan kesenjangan sosial, sebagai akibat secara tidak langsung dari sikap-sikap orang kaya yang tidak mempunyai kepedulian sosial. ketiga, melindungi masyarakat dari bahaya kemiskinan dan akibat kemelaratan, karena di antara tujuan zakat adalah mendistribusikan harta di tengahtengah masyarakat dengan cara sebaik mungkin, sehingga tidak seorangpun warga islam yang tinggal dalam keadaan miskin dan menderita. keempat, mewujudkan solidaritas dan kasih sayang di kalangan sesama manusia, karena zakat yang diberikan oleh orang kaya kepada fakir miskin sebagai bukti nyata wujud cinta kasih dan kepedulian, sehingga kaum dhu‘‘afâ akan membalasnya dengan sikap penuh rasa cinta kasih pula. kelima, menyucikan jiwa dari penyakit kikir, bakhîl, dan tamak, karena zakat merupakan suatu bentuk perjuangan melawan hawa nafsu, dan melatih jiwa dengan sifat dermawan yang akan mengangkat kehormatan, membersihkan jiwa dari sifat tercela seperti rakus dan bakhil. keenam, membina dan mengembangkan stabilitas sosial. kekuatan suatu masyarakat sangat tergantung pada kebijaksanaan distribusi hartanya. jika sebagian orang berkembang menjadi sangat kaya dan sebagian besar yang lain tetap dalam keadaan miskin, maka masyarakat ini menjadi lemah dan mudah dikalahkan oleh musuhnya. oleh karena itu, untuk mempertahankan stabilitas sosial, maka islam memerintahkan kepada orang kaya untuk membayar zakat. ketujuh, salah satu jalan untuk mewujudkan keadilan sosial. dalam islam, salah satu tugas utama negara adalah menciptakan keadilan di kalangan masyarakat. bukanlah suatu keadilan dan kebajikan jika orang-orang fakir miskin dibiarkan terlantar tanpa adanya kecukupan, seperti pakaian, makanan dan temal-iqtishad: vol. iii, no. 2, juli 2011 213 zakat adalah syarat untuk mendapatkan bantuan dari allah. di samping itu, zakat merupakan syarat persaudaraan dalam agama islam, dan sebagai salah satu sifat orang yang dapat meng-imârah-kan (memakmurkan) rumah allah (masjid). dalam ajaran islam, ibadah zakat memiliki filosofi yang begitu tinggi, baik dilihat dari segi hubungan vertikal dengan allah swt. ataupun horizontal dengan masyarakat, di ntaranya dapat disimpulkan sebagai berikut: pertama, tanda ungkapan rasa syukur seseorang atas nikmat harta yang dikaruniakan oleh allah swt. kepada dirinya. karena allah telah memberikan nikmat dan karunia kepada orang-orang kaya dengan memberikan kekayaan melebihi atau bahkan jauh melebihi keperluan asasnya sehingga mereka boleh hidup senang di dunia. kedua, zakat memberikan kesan untuk menjaga dan memelihara harta dari incaran mata dan tangan para pendosa seperti pencuri, perampok, dan pelbagai pelaku tindak kriminal yang muncul karena disebabkan oleh kemiskinan dan kesenjangan sosial, sebagai akibat secara tidak langsung dari sikap-sikap orang kaya yang tidak mempunyai kepedulian sosial. ketiga, melindungi masyarakat dari bahaya kemiskinan dan akibat kemelaratan, karena di antara tujuan zakat adalah mendistribusikan harta di tengahtengah masyarakat dengan cara sebaik mungkin, sehingga tidak seorangpun warga islam yang tinggal dalam keadaan miskin dan menderita. keempat, mewujudkan solidaritas dan kasih sayang di kalangan sesama manusia, karena zakat yang diberikan oleh orang kaya kepada fakir miskin sebagai bukti nyata wujud cinta kasih dan kepedulian, sehingga kaum dhu‘‘afâ akan membalasnya dengan sikap penuh rasa cinta kasih pula. kelima, menyucikan jiwa dari penyakit kikir, bakhîl, dan tamak, karena zakat merupakan suatu bentuk perjuangan melawan hawa nafsu, dan melatih jiwa dengan sifat dermawan yang akan mengangkat kehormatan, membersihkan jiwa dari sifat tercela seperti rakus dan bakhil. keenam, membina dan mengembangkan stabilitas sosial. kekuatan suatu masyarakat sangat tergantung pada kebijaksanaan distribusi hartanya. jika sebagian orang berkembang menjadi sangat kaya dan sebagian besar yang lain tetap dalam keadaan miskin, maka masyarakat ini menjadi lemah dan mudah dikalahkan oleh musuhnya. oleh karena itu, untuk mempertahankan stabilitas sosial, maka islam memerintahkan kepada orang kaya untuk membayar zakat. ketujuh, salah satu jalan untuk mewujudkan keadilan sosial. dalam islam, salah satu tugas utama negara adalah menciptakan keadilan di kalangan masyarakat. bukanlah suatu keadilan dan kebajikan jika orang-orang fakir miskin dibiarkan terlantar tanpa adanya kecukupan, seperti pakaian, makanan dan tempat tinggal. padahal mereka hidup di tengah atau di kalangan masyarakat yang memiliki kelebihan harta dan memiliki kemampuan untuk membantu orangorang miskin. pengelolaan zakat oleh lembaga (amil) ‘âmil adalah semua pihak yang bertindak mengerjakan yang berkaitan dengan pengumpulan, penjagaan, pencatatan, dan penyaluran harta zakat. mereka diangkat oleh pemerintah dan memperoleh izin dari pemerintah atau dipilih oleh pegawai pemerintah yang berkuasa atau oleh masyarakat islam yang memberikan kepercayaan kepada mereka untuk memungut dan mendistribusikannya serta tugas-tugas lain, guna kemaslahatan dan pemeliharaan harta zakat. lembaga-lembaga pengurus zakat pada saat sekarang ini adalah bentuk mutakhir bagi lembaga yang berkuasa untuk mengurus harta zakat. oleh karena itu para ‘âmilîn yang bertugas tersebut hendaklah memiliki sifat-sifat yang sesuai denga nilai-nilai islam dan memiliki profesional yang tinggi, sehingga harta zakat dapat diurus dengan baik dan tepat sasarannya. mereka harus mempunyai etika ke-islaman secara umum, seperti penyantun dan ramah kepada para wajib zakat dan selalu mendoakan mereka, dapat menjelaskan kepentingan zakat dalam menciptakan solidaritas sosial serta menyalurkan zakat secara efektif dan efesien sehingga harta zakat benar-benar dirasakan menfaatnya oleh muzakkî dan begitu juga terhadap mustahiq. pengurusan harta zakat harus dilakukan oleh ‘âmilîn tersebut secara baik sesuai dengan fungsinya. para ‘âmilîn pertama kali berfungsi sebagai pembawa amanah allah swt., kemudian ia mewakili rasulullah saw. sebagai iqâmah al-dîn wa siyâsah fi dun-yâ para umara’ setelah rasulullah, yaitu menegakkan agama dan mengatur kehidupan dunia. dari fungsi yang pertama ini akan melahirkan fungsi-fungsi berikutnya, karena zakat merupakan salah satu dari tiang agama, maka berarti para ‘âmil adalah bertugas sebagai pengurus atau pengelola zakat, dalam hal ini ia akan bertindak sebagai niyâbah al-rasûl dalam iqâmah al-dîn. ketiga, ‘âmilîn juga berfungsi untuk mewakili pengaturan dalam persoalan keduniaan. dari sisi ini kita dapat melihat betapa pentingnya posisi sebagai ‘âmil ini.5 satu hal penting yang harus dapat menjadi perhatian yang khusus bagi kita adalah tugas ‘âmilîn itu sendiri yang diisyaratkan dalam surah al-tawbah [9] ayat 103, ‚ambillah dari harta-harta mereka sadaqah (zakat).‛ dari ayat ini dapat di 5abdul malik rahman, ibadah zakat dan segala masalahnya, h. 181. djawahir hejazziey: zakat sebagai sumber investasi214 istinbat-kan bahwa adanya al-mubâdarah (inisiatif) dan manajemen yang baik. hal ini berarti para ‘âmilîn tidak hanya sekadar menunggu datangnya zakat. tetapi ‘âmilîn harus memperlihatkan sikap ‚khudz‛ (ambil) yang dituangkan dalam bentuk sistem perencanaan, strategi dan pengurusan serta pengelolaan yang baik. meskipun autoriti sepenuhnya belum dimiliki, (karena otoritas sesungguhnya ada pada tangan dawlah, maka inisiatif harus tetap dilakukan dengan menggunakan strategi yang baik dan profesional. pengelolaan zakat di indonesia sebenarnya sudah agak maju dari segi eksistensinya secara konstitusional. pengelolaan ini sudah diatur dengan undang-undang, yaitu undang-undang no 38 tahun 1999 tentang pengelolaan zakat, dan keputusan menteri agama (kma) no 581 tahun 1999 tentang pelaksanaan undang-undang tahun 1999 serta keputusan direktur jendral bimbingan masyarakat islam dan urusan haji no d/291 tahun 2000 tentang pedoman teknis pengelolaan zakat. dalam undang-undang tersebut dikenal dua bentuk lembaga, pertama badan amil zakat (baz) yang dibentuk oleh pemerintah, kedua lembaga amil zakat (laz) yang dikukuhkan, dibina dan dilindungi oleh pemerintah. meskipun sudah diatur dengan sedemikian rupa, terlihat bahwa pengelola zakat (baz atau laz) di indonesia belum memberikan sumbangan yang signifikan terhadap pertumbuhan ekonomi rakyat miskin, karena ini sangat tergantung kepada potensi zakat yang dapat dikumpulkan oleh lembaga tersebut. pengumpulan zakat oleh lembaga zakat sangat ditentukan oleh pengakuan masyarakat, dalam hal ini bagaimana masyarakat islam menyadari betapa pentingnya pengelolaan zakat oleh sebuah lembaga yang profesional, amanah, dan terpercaya. kesadaran dan partisipasi masyarakat akan sangat mendukung terhadap penghimpunan potensi zakat yang begitu besar. karena pada saat ini terlihat kecenderungan masyarakat untuk menyalurkan zakat kepada individu mustahiq secara langsung. hal ini didukung dengan hasil penelitian yang dilakukan di sumatera barat tentang cara muzakkî menyalurkan zakatnya dan alasan mereka tidak menyalurkannya melalui baz dan laz. metode menyalurkan zakat dalam cara atau metode menyalurkan zakat, masyarakat muslim jakarta melakukannya dengan berberapa cara. pertama, langsung menyalurkannya kepada mustahiq. kedua, menyalurkannya kepada badan amil zakat (baz). ketiga, melalui lembaga amil zakat (laz). keempat, melalui amil-amil yang dibentuk oleh panitia masjid. menurut survey baznas 2007, kebanyakan responden menyalurkan zakatnya dengan cara langsung kepada mustahiq, dan kepada panitia al-iqtishad: vol. iii, no. 2, juli 2011 215 istinbat-kan bahwa adanya al-mubâdarah (inisiatif) dan manajemen yang baik. hal ini berarti para ‘âmilîn tidak hanya sekadar menunggu datangnya zakat. tetapi ‘âmilîn harus memperlihatkan sikap ‚khudz‛ (ambil) yang dituangkan dalam bentuk sistem perencanaan, strategi dan pengurusan serta pengelolaan yang baik. meskipun autoriti sepenuhnya belum dimiliki, (karena otoritas sesungguhnya ada pada tangan dawlah, maka inisiatif harus tetap dilakukan dengan menggunakan strategi yang baik dan profesional. pengelolaan zakat di indonesia sebenarnya sudah agak maju dari segi eksistensinya secara konstitusional. pengelolaan ini sudah diatur dengan undang-undang, yaitu undang-undang no 38 tahun 1999 tentang pengelolaan zakat, dan keputusan menteri agama (kma) no 581 tahun 1999 tentang pelaksanaan undang-undang tahun 1999 serta keputusan direktur jendral bimbingan masyarakat islam dan urusan haji no d/291 tahun 2000 tentang pedoman teknis pengelolaan zakat. dalam undang-undang tersebut dikenal dua bentuk lembaga, pertama badan amil zakat (baz) yang dibentuk oleh pemerintah, kedua lembaga amil zakat (laz) yang dikukuhkan, dibina dan dilindungi oleh pemerintah. meskipun sudah diatur dengan sedemikian rupa, terlihat bahwa pengelola zakat (baz atau laz) di indonesia belum memberikan sumbangan yang signifikan terhadap pertumbuhan ekonomi rakyat miskin, karena ini sangat tergantung kepada potensi zakat yang dapat dikumpulkan oleh lembaga tersebut. pengumpulan zakat oleh lembaga zakat sangat ditentukan oleh pengakuan masyarakat, dalam hal ini bagaimana masyarakat islam menyadari betapa pentingnya pengelolaan zakat oleh sebuah lembaga yang profesional, amanah, dan terpercaya. kesadaran dan partisipasi masyarakat akan sangat mendukung terhadap penghimpunan potensi zakat yang begitu besar. karena pada saat ini terlihat kecenderungan masyarakat untuk menyalurkan zakat kepada individu mustahiq secara langsung. hal ini didukung dengan hasil penelitian yang dilakukan di sumatera barat tentang cara muzakkî menyalurkan zakatnya dan alasan mereka tidak menyalurkannya melalui baz dan laz. metode menyalurkan zakat dalam cara atau metode menyalurkan zakat, masyarakat muslim jakarta melakukannya dengan berberapa cara. pertama, langsung menyalurkannya kepada mustahiq. kedua, menyalurkannya kepada badan amil zakat (baz). ketiga, melalui lembaga amil zakat (laz). keempat, melalui amil-amil yang dibentuk oleh panitia masjid. menurut survey baznas 2007, kebanyakan responden menyalurkan zakatnya dengan cara langsung kepada mustahiq, dan kepada panitia masjid. responden yang menyerahkan secara langsung zakatnya kepada mustahiq adalah 53.0%, yang menyerahkan hanya melalui baz 0.8 %, dan yang menyerahkan kepada laz hanya 0.4%, dan yang melalui amil yang ditunjuk oleh pengurus masjid 0.4%. responden juga ada yang menyalurkan zakat dengan dua cara, yaitu langsung kepada mustahiq dan melalui baz 3.2%, langsung dan melalui laz 1.6%, langsung dan melalui amil yang dibentuk oleh pengurus masjid 26.3%, langsung dan melalui yang lain 1.2%, melalui laz dan pengurus masjid 0.4%. sementara responden yang membayar zakat melalui tiga cara adalah langsung, baz dan pengurus masjid 4.5%, dan langsung, laz dan pengurus masjid 3.2%. di samping itu responden ada yang menyalurkan zakatnya dengan banyak cara, yaitu: langsung, baz, laz, dan pengurus masjid 2.4%, langsung, baz, laz, pengurus masjid dan yang lainnya 0.4%, langsung, baz, pengurus masjid dan kepada yang lainnya 0.4%. dilihat dari kecenderungan masyarakat dalam cara menyalur zakat adalah lebih banyak disalurkan melalui perorangan atau langsung kepada yang berhak menerimanya. data ini dapat diperkuat dari hasil analisis responden ketika mereka ditanya tentang ‚bagaimana cara menyalurkan zakat yang paling utama dilakukan oleh responden.‛ responden yang menyatakan bahwa yang paling utama cara menyalurkan zakat adalah langsung kepada yang berhak 93.5%, melalui badan amil zakat (baz) 2.0%, melalui lembaga amil zakat (laz), 0.4%, dan melalui pengurus masjid 2.8%. (grafik 1) data ini juga bisa mendukung bahwa responden kurang berminat untuk memberikan zakat melalui lembaga yang dikelola oleh badan amil zakat (baz) atau lembaga amil zakat (laz). grafik 1 cara responden menyalurkan zakat 0 20 40 60 80 100 langsung laz mi ssi ng cara sumber baznas, 2007 djawahir hejazziey: zakat sebagai sumber investasi216 alasan-alasan tidak berzakat melalui baz data sebelumnya menunjukkan bahwa banyak orang (muzakkî) tidak menyalurkan zakat melalui lembaga pengelola zakat yang didirikan oleh pemerintahan, yang dikenal dengan badan amil zakat (baz). hal ini terjadi karena beberapa alasan, kenapa responden tidak berzakat melalui lembaga tersebut. alasan-alasan tersebut, adalah: pertama, karena tidak tahu informasi. kedua, karena tempat terlalu jauh dan sukar untuk mengantarkannya. ketiga, karena kurang percaya terhadap lembaga tersebut. keempat, karena kurang afdhal menurut pemahaman agamanya. kelima, karena tidak terlihat langsung manfaat zakat tesebut. keenam, karena alasan yang lain. untuk melihat kecenderungan responden, maka akan dilihat bagaimana pandangan mereka, apakah alasan tersebut sebagai alasan yang sangat utama, utama, kurang utama dan tidak utama. menurut responden, ketidaktahuan informasi tentang baz sebagai alasan yang sangat utama adalah sebanyak 32%, alasan yang utama sebanyak 20%, alasan yang kurang utama sebanyak 19.4%, dan yang menjadikan alasan yang tidak utama 15.0%, sementara yang tidak menyampaikan pernyataannya adalah 13.0%. hal ini menunjukkan bahwa masih banyak masyarakat yang tidak tahu tentang baz, karena banyak masyarakat menjadikan ketidaktahuan informasi tentang baz diajadikan sebagai alasan yang sangat utama dan utama mereka tidak berzakat kepada lembaga tersebut, yaitu lebih dari 50%. responden menjadikan alasan tempat terlalu jauh sebagai alasan yang sangat utama untuk tidak berzakat melalui lembaga baz sebanyak 21.1% sebagai alasan yang utama sebanyak 26.3%, sebagai alasan yang kurang utama 24.3%, sebagai alasan yang tidak utama sebanyak 11.7%, sedangkan 16.6% tidak memberikan jawaban. alasan tempat atau lokasi yang jauh untuk pembayaran zakat melalui baz tanpaknya tidak menjadi faktor yang dominan atau menjadikan alasan yang sangat utama bagi responden, hanya sebagian kecil saja responden yang menjadikannya alasan yang sangat utama dan lebih banyak menyatakan bahwa ini adalah alasan yang kurang utama. alasan kurang percaya kepada lembaga baz, menurut responden adalah alasan yang sangat utama sebanyak 17.0%, alasan yang utama sebanyak 19.4%, alasan yang kurang utama sebanyak 24.7%, alasan yang tidak utama 22.7%, dan responden yang tidak menyampaikan pernyataannya 16.2%. mayoritas responden menyatakan bahwa kurang percaya terhadap lembaga adalah alasan yang tidak begitu berarti, sehingga responden hanya menjadikan alasan ini sebagai al-iqtishad: vol. iii, no. 2, juli 2011 217 alasan-alasan tidak berzakat melalui baz data sebelumnya menunjukkan bahwa banyak orang (muzakkî) tidak menyalurkan zakat melalui lembaga pengelola zakat yang didirikan oleh pemerintahan, yang dikenal dengan badan amil zakat (baz). hal ini terjadi karena beberapa alasan, kenapa responden tidak berzakat melalui lembaga tersebut. alasan-alasan tersebut, adalah: pertama, karena tidak tahu informasi. kedua, karena tempat terlalu jauh dan sukar untuk mengantarkannya. ketiga, karena kurang percaya terhadap lembaga tersebut. keempat, karena kurang afdhal menurut pemahaman agamanya. kelima, karena tidak terlihat langsung manfaat zakat tesebut. keenam, karena alasan yang lain. untuk melihat kecenderungan responden, maka akan dilihat bagaimana pandangan mereka, apakah alasan tersebut sebagai alasan yang sangat utama, utama, kurang utama dan tidak utama. menurut responden, ketidaktahuan informasi tentang baz sebagai alasan yang sangat utama adalah sebanyak 32%, alasan yang utama sebanyak 20%, alasan yang kurang utama sebanyak 19.4%, dan yang menjadikan alasan yang tidak utama 15.0%, sementara yang tidak menyampaikan pernyataannya adalah 13.0%. hal ini menunjukkan bahwa masih banyak masyarakat yang tidak tahu tentang baz, karena banyak masyarakat menjadikan ketidaktahuan informasi tentang baz diajadikan sebagai alasan yang sangat utama dan utama mereka tidak berzakat kepada lembaga tersebut, yaitu lebih dari 50%. responden menjadikan alasan tempat terlalu jauh sebagai alasan yang sangat utama untuk tidak berzakat melalui lembaga baz sebanyak 21.1% sebagai alasan yang utama sebanyak 26.3%, sebagai alasan yang kurang utama 24.3%, sebagai alasan yang tidak utama sebanyak 11.7%, sedangkan 16.6% tidak memberikan jawaban. alasan tempat atau lokasi yang jauh untuk pembayaran zakat melalui baz tanpaknya tidak menjadi faktor yang dominan atau menjadikan alasan yang sangat utama bagi responden, hanya sebagian kecil saja responden yang menjadikannya alasan yang sangat utama dan lebih banyak menyatakan bahwa ini adalah alasan yang kurang utama. alasan kurang percaya kepada lembaga baz, menurut responden adalah alasan yang sangat utama sebanyak 17.0%, alasan yang utama sebanyak 19.4%, alasan yang kurang utama sebanyak 24.7%, alasan yang tidak utama 22.7%, dan responden yang tidak menyampaikan pernyataannya 16.2%. mayoritas responden menyatakan bahwa kurang percaya terhadap lembaga adalah alasan yang tidak begitu berarti, sehingga responden hanya menjadikan alasan ini sebagai alasan yang kurang utama dan tidak utama. maknanya sudah banyak responden mulai mempercayai lembaga baz untuk mengelola zakat. dalam pemahaman agama responden, berzakat melalui lembaga adalah kurang afdhal atau kurang baik merupakan alasan yang sangat utama sebanyak 16.2%, sebagai alasan yang utama 19.8%, sebagai alasan yang kurang utama sebanyak 25.5%, dan sebagai alasan yang tidak utama adalah 21.1%, sementara responden yang tidak memberikan pernyataan tentang pertanyaan ini adalah sebanyak 17.4%. terlihat bahwa dari segi pemahaman agama responden tidak menjadikan hal ini sebagai alasan yang utama, mayoritas mereka menjadikan ini sebagai alasan yang kurang utama dan tidak utama. hal ini berbeda tampaknya dengan pemahaman agama responden ketika mereka mengemukakan alasan berzakat secara langsung kepada individu-individu mustahiq, yang mana mayoritas menjawab bahwa berzakat melalui individu-individu lebih afdhal menurut pemahaman agama mereka. responden menjadikan alasan tidak membayarkan zakat melalui lembaga baz karena tidak dapat melihat secara langsung manfaat zakat sebagai alasan yang sangat utama sebanyak 25.5%, sebagai alasan yang utama sebanyak 31%, sebagai alasan yang kurang utama sebanyak 15.8%, dan sebagai alasan yang tidak utama 10.5%, semantara ada responden yang tidak menjawab pertanyaan ini, yaitu sebanyak 16.6%. dari aspek tujuan ibadah zakat, terlihat bahwa kecenderungan masyarakat adalah, bagaimana zakat itu dapat dilihat langsung manfaatnya. responden pada umunya menyatakan bahwa tidak dapat langsung merasakan manfaat zakat apabila disalurkan melalui baz, sehingga lebih dari 50% responden menjadikan hal ini sebagai alasan yang sangat utama dan utama untuk tidak berzakat kepada baz. data ini sakaligus dapat dijadikan sebagai kajian awal tentang bahwa lembaga baz belum memberikan pengelolaan dan pelayanan yang bisa dirasakan oleh masyarakat manfaatnya secara langsung bagi membantu orang yang dalam kesukaran, kemiskinan, dan kefakiran. dari beberapa alasan, kenapa masyarakat tidak mau berzakat kepada lembaga, terlihat bahwa alasan yang dominan dari responden adalah tidak tahu informasi dan karena zakat yang disalurkan melalui baz tidak terlihat manfaatnya secara langsung. terlihat alasan kurang kepercayaan terhadap baz bukan menjadi alasan yang dominan, sebagimana yang dianggap oleh masyarakat selama ini, meskipun masih ada yang yang menjadikan alasan ini sebagai sebab mereka tidak barzakat kepada baz. responden lebih banyak menjadikan alasan ini sebagai alasan yang kurang utama dan tidak utama. untuk menunjukkan djawahir hejazziey: zakat sebagai sumber investasi218 secara keseluruhan alasan responden tidak mau berzakat kepada baz dapat dilihat pada grafik di bawah ini. (garafik 2) grafik 2 alasan responden tidak berzakat melalui baz (%) 0 5 10 15 20 25 30 35 1 2 3 4 5 s.u u k.u t.u mis keterangan: ketegori jawaban s.u = sangat utama u = utama k.u = kurang utama t.u = tidak utama mis = missing alasan tidak berzakat melalui baz 1 = tidak tahu informasi. 2 = tempat terlalu jauh dan sukar untuk menghantarkannya. 3 = kurang percaya terhadap lembaga tersebut. 4 = kurang afdhal menurut pemahaman agama saya. 5 = tidak terlihat langsung manfaat zakat tesebut. alasan-alasan tidak berzakat melalui laz di samping pengelolaan zakat yang di bawah kuasa pemerintah, juga ada lembaga pengelola zakat yang didirikan oleh masyarakat atau swasta. dalam artikel ini juga akan dikemukakan beberapa alasan masyarakat tidak berzakat melalui lembaga tersebut, yaitu lembaga amil zakat (laz). di antara alasanalasan tersebut adalah: pertama, karena tidak tahu informasi. kedua, karena lokasi terlalu jauh, sehingga sukar untuk mengantarkannya. ketiga, karena kurang percaya terhadap laz. keempat, karena kurang afdhal menurut pemaal-iqtishad: vol. iii, no. 2, juli 2011 219 secara keseluruhan alasan responden tidak mau berzakat kepada baz dapat dilihat pada grafik di bawah ini. (garafik 2) grafik 2 alasan responden tidak berzakat melalui baz (%) 0 5 10 15 20 25 30 35 1 2 3 4 5 s.u u k.u t.u mis keterangan: ketegori jawaban s.u = sangat utama u = utama k.u = kurang utama t.u = tidak utama mis = missing alasan tidak berzakat melalui baz 1 = tidak tahu informasi. 2 = tempat terlalu jauh dan sukar untuk menghantarkannya. 3 = kurang percaya terhadap lembaga tersebut. 4 = kurang afdhal menurut pemahaman agama saya. 5 = tidak terlihat langsung manfaat zakat tesebut. alasan-alasan tidak berzakat melalui laz di samping pengelolaan zakat yang di bawah kuasa pemerintah, juga ada lembaga pengelola zakat yang didirikan oleh masyarakat atau swasta. dalam artikel ini juga akan dikemukakan beberapa alasan masyarakat tidak berzakat melalui lembaga tersebut, yaitu lembaga amil zakat (laz). di antara alasanalasan tersebut adalah: pertama, karena tidak tahu informasi. kedua, karena lokasi terlalu jauh, sehingga sukar untuk mengantarkannya. ketiga, karena kurang percaya terhadap laz. keempat, karena kurang afdhal menurut pemahaman agamanya. kelima, karena tidak terlihat langsung manfaat zakat tersebut, karena manajemen dan pengelolaan yang tidak terbuka. keenam, karena alasan-alasan lain. dari responden yang menyatakan bahwa alasan tidak berzakat kepada laz karena tidak tahu informasi sebagai alasan yang sangat utama adalah 27.1 %, sebagai alasan yang utama 18.2 %, sebagai alasan yang kurang utama 29.2 %, dan alasan yang tidak utama 15.0%, sementara yang tidak menyatakan alasannya adalah 19.4 %. data ini memperlihatkan bahwa kecenderungan masyarakat tidak berzakat kepada laz, juga masih dipengaruhi oleh ketidaktahuan mereka dengan lembaga tersebut. lokasi terlalu jauh merupakan alasan kenapa muzakkî tidak menyalurkan zakatnya kepada lembaga, bagi responden ini adalah alasan yang sangat utama 9.7%, alasan yang utama 22.3%, alasan yang kurang utama 24.3%, alasan yang tidak utama 18.2%, tetapi banyak responden yang tidak memberikan pernyataannya, yaitu 25.5%. hal ini menunjukkan bahwa jauhnya tempat menyalurkan zakat bukan dijadikan sebagai alasan yang terpenting. kurangnya kepercayaan kepada lembaga laz, menurut responden ini adalah alasan yang sangat utama, yaitu 18.2%, alasan yang utama 15.0%, alasan yang kurang utama 25.5%, alasan tidak utama 17.8%, sementara responden yang tidak menyatakan sikapnya 25.1%. sama halnya dengan alasan orang tidak berzakat kepada baz, alasan kurang percaya bukan menjadi alasan yang signifikan, karena mayoritas mereka menjadikan alasan ini sebagai alasan yang kurang utama dan tidak utama. responden yang menjadikan alasan kurang afdal menurut pemahaman agama mereka sebagai alasan yang sangat utama yaitu 13.4%, alasan yang utama 16.2%, alasan yang kurang utama 25.5%, alasan yang tidak utama 19.8%, sementara yang tidak menyatakan sikapnya adalah 25.1%. jadi pemahaman agama tidak merupakan alasan yang penting kenapa mereka tidak berzakat kepada laz, karena mayoritas mereka menjadikan alasan ini sebagai alasan yang kurang utama dan tidak utama. responden manjadikan alasan tidak berzakat kepada lambaga laz, karena tidak dapat melihat langsung dari kesan zakat yang diberikan sebagai alasan yang sangat utama sebanyak 26.7%, alasan yang utama 23.9%, alasan yang kurang utama 15%, alasan yang tidak utama 11.3 %, sementara yang tidak menjawab soal ini adalah 23.1%. sama halnya dengan kenapa orang tidak menyalurkan zakat melalu baz, alasan ini merupakan alasan yang dominan disampaikan oleh masyarakat. djawahir hejazziey: zakat sebagai sumber investasi220 dari aspek manajemen, menurut responden alasan tidak berzakat kepada lembaga laz karena tidak jelas dan tidak terbuka manajemen dalam pengelolaan sebagai alasan yang sangat utama 22.3%, alasan yang utama 20.3%, alasan yang kurang utama 16.6%, alasan yang tidak utama 16.6%, sementara banyak responden yang tidak menyampaikan sikapnya terhadap hal ini, yaitu 24.3%. sementara hanya 4.4% yang menjadikan alasan lain untuk tidak berzakat kepada lembaga. grafik 3 alasan responden tidak berzakat melalui laz 0 5 10 15 20 25 30 1 2 3 4 5 6 7 s.u u k.u t.u miss keterangan: ketegori jawaban: s.u = sangat utama u = utama k.u = kurang utama t.u = tidak utama mis = missing alasan tidak berzakat melalui laz 1 = karena tidak tahu informasi atau maklumat 2 = karena lokasi terlalu jauh dan sukar menghantarkannya 3 = karena kurang percaya terhadap lembaga 4 = karena kurang afdal menurut pemahaman agama saya 5 = karena tidak terlihat langsung manfaat zakat tersebut 6 = karena manajemen dan pengelolaan yang tidak jelas dan tidak terbuka al-iqtishad: vol. iii, no. 2, juli 2011 221 dari aspek manajemen, menurut responden alasan tidak berzakat kepada lembaga laz karena tidak jelas dan tidak terbuka manajemen dalam pengelolaan sebagai alasan yang sangat utama 22.3%, alasan yang utama 20.3%, alasan yang kurang utama 16.6%, alasan yang tidak utama 16.6%, sementara banyak responden yang tidak menyampaikan sikapnya terhadap hal ini, yaitu 24.3%. sementara hanya 4.4% yang menjadikan alasan lain untuk tidak berzakat kepada lembaga. grafik 3 alasan responden tidak berzakat melalui laz 0 5 10 15 20 25 30 1 2 3 4 5 6 7 s.u u k.u t.u miss keterangan: ketegori jawaban: s.u = sangat utama u = utama k.u = kurang utama t.u = tidak utama mis = missing alasan tidak berzakat melalui laz 1 = karena tidak tahu informasi atau maklumat 2 = karena lokasi terlalu jauh dan sukar menghantarkannya 3 = karena kurang percaya terhadap lembaga 4 = karena kurang afdal menurut pemahaman agama saya 5 = karena tidak terlihat langsung manfaat zakat tersebut 6 = karena manajemen dan pengelolaan yang tidak jelas dan tidak terbuka motivasi pengembangan zakat pengembangan ke arah yang lebih baik dalam pengeloaan harta zakat harus dilakukan, sehingga zakat yang diberikan kepada lembaga dapat lebih terlihat manfaatnya secara nyata di tengah-tengah masyarakat. untuk menuju ke arah sana harus dapat dilakukan dan menjadikan zakat sebagai investasi (investment). investment dalam bahasa arab dikenal dengan istilah al-istitsmâr, secara etimologi barasal dari kata tsamar yang berarti buah-buahan. maka kalimat wa tsamaruhu bermakna dia mengembangkan dan memperbanyaknya. istitsmâr secara terminologi berarti tambahan dalam modal dengan pelbagai bentuknya, artinya tambahan modal baik itu yang bersifat permanen atau modal yang bersifat bergulir. istitsmâr dalam syariat islam diarahkan kepada pengembangan harta dengan syarat menjaga hukum-hukum syariah dalam pengembangannya. untuk itu istitsmar adalah menginvestasikan harta dan mengembangkannya melalui produksi apapun, baik dalam perdagangan, pertanian, industri, atau aktivitasaktivitas ekonomi lainnya. artinya istitsmar menurut ekonomi islam adalah aktivitas manusiawi yang positif yang diambil dari syariat islam untuk mewujudkan dan mendukung tujuan-tujuan aturan ekonomi islam melalui prioritas-prioritas yang mencerminkan sebagai umat islam. ini dapat diwujudkan dengan cara pendayagunaan harta untuk menghasilkan keuntungan dan pengembangan harta masyarakat dengan kondisi yang dapat mewujudkan keselamatan individu dan kelompok. 6 kajian investasi melalui zakat dapat dilihat dari dua sisi. pertama, pengaruh kewajiban zakat terhadap investasi; kedua, pengaruh harta zakat ketika dikelola dengan pola investasi yang bersifat produktif. kewajiban zakat sangat memengaruhi kepada motivasi investasi yang dilakukan oleh umat islam. di dalam islam sangat dilarang terjadinya penimbunan atau ihtikâr, seorang muslim tidak dimotivasi untuk menyimpan modal atau kekayaannya, dia harus mengembangkan modalnya untuk usaha-usaha ekonomi yang bersifat produktif. untuk menggugurkan persamaannya dengan penimbunan dari harta yang dapat diproduktifkan, maka ketika harta itu sudah sampai nisabnya wajib dikeluarkan zakatnya. apabila seseorang tetap menyimpan kekayaanya tanpa menginvestasikannya, tetapi menimbunnya dalam pelbagai bentuk, ia wajib menge 6rif’at abd. al-latif masyhur, zakat penjana ekonomi islam, (kuala lumpur: al-hidayah, 2002), h. 405. djawahir hejazziey: zakat sebagai sumber investasi222 luarkan zakatnya sebagai kewajiban bagi hartanya. pengeluaran zakat yang terus menerus setiap tahun akan dapat mengancam harta dan tidak dapat diselamatkan dari kepunahan. hal ini dimaksudkan bahwa kewajiban zakat sangat mendukung para penyimpan harta untuk mengaktifkan harta simpanan (menginvestasikannya) dengan cara yang bisa menambah daya produktivitas untuk ekonomi. dengan demikian pendorong untuk investasi dalam ekonomi islam lebih kuat dari dorongan yang ada dalam ekonomi lain, disebabkan adanya kewajiban zakat. sebaliknya dukungan zakat terhadap penginvestasian harta dapat menimbulkan terjadinya pengeluaran zakat dari hasil investasinya (keuntungan) dan perlindungan terhadap asset asasnya (modal) serta pengembangannya. dari sisi lain, menginvestasikan harta zakat dalam usaha-usaha yang produktif. mengeluarkan zakat dengan menyalurkan dan memberikannya kepada fakir miskin dan mustahiq lainnya merupakan tanggung jawab bagi orang kaya, karena zakat tidak hanya sekedar tanggung jawab kepada allah tetapi institusi zakat juga dapat dijadikan sebagai jaminan sosial. sehingga pemberian zakat tidak hanya sekedar untuk memenuhi keperluan mereka saja, tetapi dengan maksud untuk mengangkat nama mereka dari kefakiran dan kemiskinan kepada kelompok yang mampu (kelas menengah) bahkan untuk meningkatkannya sebagai seorang muzakkî (pemberi zakat). memproduktifkan harta zakat ini juga sesuai dengan filosofi zakat itu sendiri, yaitu usaha bagaimana kekayaan itu tidak hanya beredar pada orang-orang kaya saja (q.s. al-hasyr [59]: 7). program ini tidak akan dapat berhasil, kecuali dengan menyediakan modal produksi bagi mereka yang memerlukannya. hal ini tidak boleh hanya mengandalkan kemampuan para mustahiq semata-mata, mereka harus dibantu oleh orang-orang yang ahli dibidangnya. maka di sinilah peranan terpenting dari lembaga pengelola zakat (‘âmil), yaitu membantu para muzakkî untuk dapat mengelola harta zakat dengan baik untuk menjamin tingkat perekonomian para mustahiq. dalam undang-undang no. 38 tahun 1999 tentang pengelolaan zakat, bab v, pasal 16, ayat (1), pendayagunaan hasil pengumpulan zakat berdasarkan skala prioritas kebutuhan mustahiq dan dapat dimanfaatkan untuk usaha yang produktif. juga diatur dalam keputusan menteri agama (kma) republik indonesia no 581 tahun 1999, tentang pelaksanaan undang-undang no. 38 tahun 1999 tentang pengelolaan zakat, bab v pasal 28 ayat (2). pendayagunaan hasil pengumpulan zakat untuk usaha produktif dilakukan berdasarkan persyaratan al-iqtishad: vol. iii, no. 2, juli 2011 223 luarkan zakatnya sebagai kewajiban bagi hartanya. pengeluaran zakat yang terus menerus setiap tahun akan dapat mengancam harta dan tidak dapat diselamatkan dari kepunahan. hal ini dimaksudkan bahwa kewajiban zakat sangat mendukung para penyimpan harta untuk mengaktifkan harta simpanan (menginvestasikannya) dengan cara yang bisa menambah daya produktivitas untuk ekonomi. dengan demikian pendorong untuk investasi dalam ekonomi islam lebih kuat dari dorongan yang ada dalam ekonomi lain, disebabkan adanya kewajiban zakat. sebaliknya dukungan zakat terhadap penginvestasian harta dapat menimbulkan terjadinya pengeluaran zakat dari hasil investasinya (keuntungan) dan perlindungan terhadap asset asasnya (modal) serta pengembangannya. dari sisi lain, menginvestasikan harta zakat dalam usaha-usaha yang produktif. mengeluarkan zakat dengan menyalurkan dan memberikannya kepada fakir miskin dan mustahiq lainnya merupakan tanggung jawab bagi orang kaya, karena zakat tidak hanya sekedar tanggung jawab kepada allah tetapi institusi zakat juga dapat dijadikan sebagai jaminan sosial. sehingga pemberian zakat tidak hanya sekedar untuk memenuhi keperluan mereka saja, tetapi dengan maksud untuk mengangkat nama mereka dari kefakiran dan kemiskinan kepada kelompok yang mampu (kelas menengah) bahkan untuk meningkatkannya sebagai seorang muzakkî (pemberi zakat). memproduktifkan harta zakat ini juga sesuai dengan filosofi zakat itu sendiri, yaitu usaha bagaimana kekayaan itu tidak hanya beredar pada orang-orang kaya saja (q.s. al-hasyr [59]: 7). program ini tidak akan dapat berhasil, kecuali dengan menyediakan modal produksi bagi mereka yang memerlukannya. hal ini tidak boleh hanya mengandalkan kemampuan para mustahiq semata-mata, mereka harus dibantu oleh orang-orang yang ahli dibidangnya. maka di sinilah peranan terpenting dari lembaga pengelola zakat (‘âmil), yaitu membantu para muzakkî untuk dapat mengelola harta zakat dengan baik untuk menjamin tingkat perekonomian para mustahiq. dalam undang-undang no. 38 tahun 1999 tentang pengelolaan zakat, bab v, pasal 16, ayat (1), pendayagunaan hasil pengumpulan zakat berdasarkan skala prioritas kebutuhan mustahiq dan dapat dimanfaatkan untuk usaha yang produktif. juga diatur dalam keputusan menteri agama (kma) republik indonesia no 581 tahun 1999, tentang pelaksanaan undang-undang no. 38 tahun 1999 tentang pengelolaan zakat, bab v pasal 28 ayat (2). pendayagunaan hasil pengumpulan zakat untuk usaha produktif dilakukan berdasarkan persyaratan sebagai berikut: pertama, apabila pendayagunaan zakat sebagaimana dimaksud pada ayat (1) sudah terpenuhi dan ternyata masih terdapat kelebihan. kedua, terdapat usaha-usaha nyata yang berpeluang menguntungkan. ketiga, mendapat persetujuan tertulis dari dewan pertimbangan. prosedur pendayagunaan hasil pengumpulan zakat untuk usaha produktif ditetapkan sebagai berikut: melakukan studi kelayakan, menetapkan jenis usaha yang produktif, melakukan bimbingan dan penyuluhan, melakukan pemantauan, pengendalian, dan pengawasan, mengadakan evaluasi, dan membuat pelaporan. apabila dilihat dari aturan-aturan yang ada, baik dari tinjauan syariah dengan tetap memberikan hak fakir miskin, dan tanpa mengeksploitasi dan mengebiri hak mereka, dan dengan landasan untuk kemaslahatan umat, atau perundang-undangan dan peraturan yang berlaku, maka dapat dikembangkan harta zakat dalam bentuk investasi. ini sejalan dengan pikiran yang disampaikan oleh djamal doa bahwa pendistribusian zakat harus segera dikonstruksi dari pola konsumtif menuju pola produktif,7 tanpa harus mengabaikan keperluan-keperluan yang mendesak dari mustahiq dengan cara mensubsidinya dari hasil keuntungan yang diperoleh. untuk mengembangkan produktivitas zakat, pengelola zakat (baz atau laz) dapat melakukan investasi dalam bentuk pengucuran saham, yang pemilik dan keuntungannya adalah untuk para mustahiq . hal ini dapat dilaksanakan dalam beberapa strategi. pertama, pemberian modal kerja secara lepas. kedua, sistem dana bergulir. ketiga, menginvestasikannya utuk usaha-usaha yang ril yang dikelola oleh para mustahiq. keempat, menginvestasikannya pada usahausaha yang sudah maju, dengan harapan mendapatkan kentungan bagi para mustahiq. kelima, menyalurkannya untuk pembangunan fasilitas umum, seperti rumah zakit, sehingga para fakir dan miskin mendapatkan pelayanan yang baik untuk kesehatan, dan mendapat keringanan pembayaran bahkan bila memungkinkan mereka tidak membayar sama sekali sebagai suatu jaminan sosial. strategi pengembangan zakat melalui pemberian modal kepada mustahiq, akan memberikan dampak positif terhadap pertumbuhan ekonomi di tengahtengah masyarakat. zakat dijadikan sebagai wasîlah atau alat produksi bagi fakir sesuai dengan kemampuan dan profesional kerja mereka. menurut imam 7m. djamal doa, membangun ekonomi umat melalui pengelolaan zakat harta, (jakarta: nuansa madani, 2001), h. 105. djawahir hejazziey: zakat sebagai sumber investasi224 nawawi, jika menurut kebiasaan mereka bekerja sebagai orang upahan, maka hendaklah diberikan kepadanya alat untuk dapat memudahkan pekerjaanya.8 strategi yang kedua adalah dengan cara peminjaman modal dari dana zakat. fakir miskin yang memiliki kemampuan untuk berdagang diberikan modal, dengan syarat modal akan dikembalikan kepada pengelola (baz/laz), sehingga nantinya juga dapat diberikan kepada mustahiq lain. strategi ini menjadikan harta zakat dikelola dalam bentuk qardh al-hasan (pinjaman kebaikan). strategi ketiga adalah dalam bantuk dana bergulir. harta zakat diberikan kepada mustahiq dengan harapan dana itu dapat diserahkan kepada mustahiq lain, setelah mustahiq penerima pertama mendapatkan keuntungan, kemudian menyerahkan modal kepada mustahiq yang berikutnya dan begitu seterusnya. misalnya, dalam pemeliharaan ternak, mustahiq akan diberi modal untuk pembelian sapi, setelah sapi itu mempunyai anak, maka anak sapi menjadi milik mustahiq pertama, sedangkan induk sapi akan diserahkan kepada mustahiq yang berikutnya. strategi keempat adalah dalam bentuk penyertaan saham dalam suatu usaha yang juga dikelola oleh para mustahiq itu sendiri. dalam suatu usaha tersebut masing-masing mustahiq diberikan saham dan sebagai pekerja pada usaha tersebut. jadi dia akan mendapat keuntungan dari saham yang dimilikinya dan akan mendapatkan upah dari pekerjaannya. strategi ini sekaligus akan meningkatkan daya produktifitas mereka, karena mereka pada hakikatnya adalah bekerja untuk memajukan usahanya sendiri. strategi kelima, manfaatnya lebih diarahkan untuk jaminan sosial bagi masyarakat yang tidak memiliki kemampuan atau para fakir miskin. hal ini tentu dapat diharapkan dapat menjamin kelangsungan kehidupan mereka, dengan mendapatkan kemudahan dan pelayanan yang baik dalam bidang kesahatan, pendidikan dan bidang sosial lainnya dalam rangka menjamin hak mereka di tengah-tengah masyarakat untuk hidup sejajar dengan masyarakat lainnya. penutup strategi dalam investasi zakat tentu hanya dapat dilakukan bila pengelola zakat (baz dan laz) memiliki kemampuan manajerial yang baik dan profesional, serta memliki sifat-sifat amanah dan dapat diperrcaya sesuai dengan ketentuan syariah. potensi zakat sesungguhnya bisa dikelola dalam bentuk lembaga keuangan yang bersifat mikro, sehingga pengelola dapat menghitung potensi 8rif’at abd. al-latif masyhur, zakat penjana ekonomi islam, h. 424. al-iqtishad: vol. iii, no. 2, juli 2011 225 nawawi, jika menurut kebiasaan mereka bekerja sebagai orang upahan, maka hendaklah diberikan kepadanya alat untuk dapat memudahkan pekerjaanya.8 strategi yang kedua adalah dengan cara peminjaman modal dari dana zakat. fakir miskin yang memiliki kemampuan untuk berdagang diberikan modal, dengan syarat modal akan dikembalikan kepada pengelola (baz/laz), sehingga nantinya juga dapat diberikan kepada mustahiq lain. strategi ini menjadikan harta zakat dikelola dalam bentuk qardh al-hasan (pinjaman kebaikan). strategi ketiga adalah dalam bantuk dana bergulir. harta zakat diberikan kepada mustahiq dengan harapan dana itu dapat diserahkan kepada mustahiq lain, setelah mustahiq penerima pertama mendapatkan keuntungan, kemudian menyerahkan modal kepada mustahiq yang berikutnya dan begitu seterusnya. misalnya, dalam pemeliharaan ternak, mustahiq akan diberi modal untuk pembelian sapi, setelah sapi itu mempunyai anak, maka anak sapi menjadi milik mustahiq pertama, sedangkan induk sapi akan diserahkan kepada mustahiq yang berikutnya. strategi keempat adalah dalam bentuk penyertaan saham dalam suatu usaha yang juga dikelola oleh para mustahiq itu sendiri. dalam suatu usaha tersebut masing-masing mustahiq diberikan saham dan sebagai pekerja pada usaha tersebut. jadi dia akan mendapat keuntungan dari saham yang dimilikinya dan akan mendapatkan upah dari pekerjaannya. strategi ini sekaligus akan meningkatkan daya produktifitas mereka, karena mereka pada hakikatnya adalah bekerja untuk memajukan usahanya sendiri. strategi kelima, manfaatnya lebih diarahkan untuk jaminan sosial bagi masyarakat yang tidak memiliki kemampuan atau para fakir miskin. hal ini tentu dapat diharapkan dapat menjamin kelangsungan kehidupan mereka, dengan mendapatkan kemudahan dan pelayanan yang baik dalam bidang kesahatan, pendidikan dan bidang sosial lainnya dalam rangka menjamin hak mereka di tengah-tengah masyarakat untuk hidup sejajar dengan masyarakat lainnya. penutup strategi dalam investasi zakat tentu hanya dapat dilakukan bila pengelola zakat (baz dan laz) memiliki kemampuan manajerial yang baik dan profesional, serta memliki sifat-sifat amanah dan dapat diperrcaya sesuai dengan ketentuan syariah. potensi zakat sesungguhnya bisa dikelola dalam bentuk lembaga keuangan yang bersifat mikro, sehingga pengelola dapat menghitung potensi 8rif’at abd. al-latif masyhur, zakat penjana ekonomi islam, h. 424. zakat secara baik dan dapat mendistribusikannya secara efektif dan efesian guna meningkatkan ekonomi rakyat. pengelolaan zakat harus dikelola dengan sistem kerakyatan pada tingkat kabupaten dan kota, dengan mengumpulkan potensi zakat dari para muzakkî dan preusan. [] daftar pustaka al-qur’an al-karim abu faris, muhammad abdul kadir, kajian kritis pendayagunaan zakat, semarang: dina utama, t.th. afzalurrahman, dokrin ekonomi islam, jakarta: logos, 1995. anis, ibrahim, al-mu‘‘jam al-wasith. dahlan, abdul aziz dahlan (ed.), ensiklopedi hukum islam, jakarta: ichtiar baru van hoeve, 1989. habsyi, muhammad baqir, fiqih praktis menurut al-qur’an, sunnah dan pendapat para ulama, bandung: mizan, 1989. hadi setia tunggal, undang-undang nomor 38 tahun 1999 tentang pengelolaan zakat. jakarta: harvarindo, 2000. hasballah, ali. 1959. ushul al-tasyric al-islam, mishr: dâr al-ma‘ârif, 1959. jâzirî, al-, ‘abd al-rahmân, al fiqh ‘alâ madzâhib al-arba‘ah, bayrût: dâr al-fikr, t.th. kamil, hasan, fiqh ibadah menurut mazhab imam malik, mesir: maktab al nahdhah, 1986. khallâf, ‘abd al-wahhâb, ‘ilmu ushul al-fiqh, mishr: dâr al-kalam, 1978. khudhâri, al-, muhammad, ushul al-fiqh, al-qâhirah: dâr al-hadîts, 2001. permono, syechul hadi, pendayagunaan zakat dalam rangka pembangunan nasional. jakarta: pustaka firdaus, 1995. qadir, abdurrachman, zakat dalam dimensi mahdah dan sosial. jakarta: raja grafindo persada, 1998. qarâdhâwî, yûsuf, fiqh al-zakat, bayrût: dâr al-irsa, 1979 m/1389 h. qâsim, yûsuf, zakâh al-tijârah wa al-shanâ‘ ah, t.tp.: dâr al-nahdhah, t.th. qurtubî, al-, jâmi‘ al-ahkâm al-fiqh, bayrût: dâr al-kutub al-‘ilmiyyah, 1414 h/1996 m. rahman, abdul malik, ibadah zakat dan segala masalahnya, kuala lumpur: jasmin enterprise, 2003. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-kitab al-‘arabiyah, t.th. sais, al-, muhammad ‘alî, tafsîr âyât al-ahkâm, mishr: mathba‘ah muhammad ‘alî sabih wa awlâduh, 1953. djawahir hejazziey: zakat sebagai sumber investasi226 zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, damsik: dâr al-fikri, 1978. ---------------, zakat kajian pelbagai zakat, diterjemahkan oleh agus efendi dan baharuddin fananny, bandung: pt remaja rosdakarya offset, t.th. pendahuluan dalam islam, permasalahan ekonomi merupakan salah satu yang sangat fundamental bagi umat islam. maka dari itu, tidak sedikit umat islam pada masa lampau yang bergelut dalam permasalahan tersebut.1 perlu diingat 1 m. dawam rahardjo, ensiklopendi al­qur’an, (jakarta: paramadina, 1996), cetakan 1. h. 575. penimbunan barang dalam perspektif hukum islam afidah wahyuni fakultas syariah institut ilmu alquran jakarta jl. ir. h. juanda, ciputat, tangerang selatan e-mail: afidah.wahyuni@yahoo.com abstraksi: ihtikâr dalam perspektif hukum islam merupakan taktik perdagangan yang sangat tidak bermoral dan juga tidak manusiawi, karena praktik perdagangan semacam itu banyak menimbulkan mudlarat bagi kehidupan manusia. di antara madlarat yang bisa ditimbulkannya adalah kesusahan (al­dlayyiq) bagi masyarakat di dalam mendapatkan kebutuhan pangan khususnya dalam hal-hal yang bersifat dlaruri (primer). dalam hal penimbunan barang-barang pangan yang bersifat primer dan berakibat kepada kondisi kesusahan (al­dlayyiq), bisa terjadi karena barang-barang itu secara nominal terbatas dan bisa juga karena harganya sangat tinggi sehingga tidak diragukan lagi bahwa hukumnya haram. karena tindakan muhtakir itu mengakibatkan maslahat orang banyak terabaikan. mengingat masalah ihtikar tersebut berkaitan dengan praktik monopoli, maka dengan sendirinya monopoli yang berakibat kesusahan (al­dhayyiq) bagi masyarakat juga haram hukumnya, karena ia merupakan penghantar dari praktik yang diharamkan hukum islam. untuk itu, diperlukan peran pemerintah guna menghindari praktik-praktik tidak terpuji. bahkan di dalam menanggulangi praktik-praktik itu pemerintah berhak menentukan hukuman. kata kunci: ihtikâr, ekonomi islam, hukum islam afidah wahyuni: penimbunan barang dalam perspektif hukum islam160 pula bahwa islam pada sekitar empat abad (ke-8, ke-9, ke-10, ke-11) lamanya menjadi penguasa di belahan dunia ini. hal itu bisa terjadi karena umat islam mendapat dukungan sektor ekonomi yang sangat besar. dalam sejarah tercatat bahwa negara islam pada masa itu menjadi transit perdagangan internasional sebelum barang-barang dagangan diekspor ke wilayah-wilayah eropa dan sekitarnya.2 namun, sayangnya umat islam pada masa-masa berikutnya malah tertindas, bahkan dijajah oleh bangsabangsa barat. permasalahan tersebut diduga oleh para pengamat akibat kurang nya perhatian para tokoh agama dalam masalah itu. perhatian mereka lebih banyak terfokus kepada masalah-masalah ibadat saja. akibatnya, dari banyak negara islam di dunia pada umumnya tergolong negara miskin.3 dalam rangka menggalakkan perekonomian umatnya, islam mem berikan motivasi yang sangat besar terhadap para pemeluknya. sehubung an dengan hal itu, di dalam al-qur’an banyak ditemukan ayat-ayat yang bertendensikan ekonomi. kata yang bertendensikan ke arah itu antara lain di dalam al-qur’an adalah (rizki). dawam rahardjo di dalam bukunya ensiklopedia al­qur’an mencatat bahwa kata-kata itu disebut sebanyak 112 kali dalam 41 surat. lokasinya yang terbanyak adalah surat al-baqarah (12 kali), al-nahl (9 kali), dan saba’ (7 kali). lebih lanjut ia mengatakan 45,6 persen dari jumlah itu berbentuk kata kerja ( ) dan sisanya berbentuk kata benda ( ).4 pemilahan allah swt ke dalam bentuk dan tersebut barangkali dimaksudkan untuk memberikan dimensi aktif dan pasif dalam memperolah rizqi tersebut. dengan kata lain, bahwasanya rizqi itu sudah disediakan oleh allah swt. akan tetapi, untuk mencapainya seseorang harus bekerja keras dan tidak boleh berpangku tangan me nunggu hujan rizqi. 2 h.a. mukti ali, “agama dan perkembangan ekonomi di indonesia”, dalam muhammad wahyuni nafis dkk, (ed), kontekstualisasi ajaran islam: 70 tahun prof. dr. munawir sjadzalie, m.a. (jakarta: paramadina, 1995), cetakan ke-1. h. 591 3 m. dawam rahardjo, perspektif deklarasi makkah menuju ekonomi islam, (bandung: mizan, 1987), cetakan ke-1. h. 121 4 m. dawam rahardjo, ensiklopedi al­qur’an…, h. 578 al-iqtishad: vol. ii, no. 2, juli 2010 161 dalam kaitan manusia sebagai makhluk sosial,5 umat islam tidak bisa menghindarkan diri dari proses ekonomi global seperti pada masa sekarang ini, karena ia merupakan salah satu tolak ukur bagi kesuksesan manusia itu sendiri. betapa banyak orang berekonomi lemah di dunia ini yang tersisa dari percaturan kehidupan, bahkan ditindas dan hampirhampir saja diperbudak oleh yang berekonomi kuat. ini merupakan salah satu indikasi yang bisa dijadikan sandaran analisis selanjutnya bagi penyamaan peran serta umat islam dalam bidang ekonomi. mengingat pentingnya ekonomi di dalam kehidupan manusia, sampai-sampai nabi muhammad dalam suatu kesempatan bersabda,”aku berlindung kepada­ mu (ya allah) dari (malapetaka) kufur dan kefakiran”.6 dengan demikian, dapat dipahami mengapa ekonomi sangat fundamental artinya bagi kehidupan umat islam. dalam ungkapan yang lebih sederhana, dapat dikatakan bahwa kefakiran dapat membawa kekufuran. konsep ekonomi islam sebagai mahluk sosial, manusia sangat berkepentingan dengan ekonomi, oleh karena ia merupakan penopang kehidupannya. karena sangat interesnya manusia akan hal itu, sampai-sampai allah swt ketika me nurunkan suatu wahyu-nya, ia memulai dengan kalimat “tijârah”. “apabila mereka melihat perniagaan atau permainan, mereka bubar untuk menuju kepadanya dan mereka tinggalkan kamu sedang berdiri (berkhotbah). katakanlah: “apa yang di sisi allah adalah lebih baik daripada permainan dan perniagaan”, dan allah sebaik-baik pemberi rizqi”(q.s./62:11) kata tijârah tersebut diproyeksikan untuk menarik perhatian manusia yang secara naluriah berkecimpung dengan masalah ekonomi (per dagangan). ini membuktikan bahwa prinsip ekonomi dalam islam bersifat religius yang bertendensikan tauhid.7 begitu juga sebaliknya orang yang taat beragama dan menghayati esensi ajarannya tidak akan mengabaikan aspek dunia. 5 ali yafi, menggagas fikih sosial, (bandung: mizan, 1994), h. 202. 6 abu daud sulaiman ibn al-asy’ari as-sajistani al-azdi, sunan abû dâud, (bairut: dar al-fikr, t.t.), jilid ii, h. 295. 7 m. dawam raharjo, ensiklopedi al­qur’an..., h. 586 afidah wahyuni: penimbunan barang dalam perspektif hukum islam162 “dan carilah pada apa yang telah dianugerahkan allah kepadamu (kebahagiaan) negeri akhirat, dan janganlah kamu melupakan bahagianmu dari (keni`matan) duniawi dan berbuat baiklah (kepada orang lain) sebagaimana allah telah berbuat baik kepadamu, dan janganlah kamu berbuat kerusakan di (muka) bumi. sesungguhnya allah tidak menyukai orang-orang yang berbuat kerusakan.” (q.s/28:77) di dalam ayat ini tercakup aspek ekonomi. oleh karena itu, aspek ekonomi tidak bisa dipisahkan dari tujuan untuk mencapai kehidupan akhirat karena ia merupakan pengantar bagi kehidupan itu.8 indikasi akan hal itu dapat tercermin dari ucapan nabi tersebut di atas bahwa antara kondisi kehidupan dunia berimplikasi kepada status keimanan seseorang. ekonomi islam dikatakan bersifat religius yang bertumpu kepada tauhid, karena setiap muslim berkeyakinan bahwa rizqi yang mereka peroleh merupakan pemberian allah swt kepadanya melalui sunnah-nya. al-qur’an juga menyebutkan bahwa setiap muslim harus berpartisipasi di dalam aktivitas ekonomi. “apabila telah ditunaikan sembahyang, maka bertebaranlah kamu di muka bumi; dan carilah karunia allah dan ingatlah allah banyak-banyak supaya kamu beruntung.” (q.s/62:10) dan harus bekerja keras. “dan orang-orang yang berjalan di muka bumi mencari sebagian karunia allah”. (q.s/73:20) di samping itu, disebutkan juga di dalamnya bahwa setiap muslim dijamin9 untuk mendapatkan dari apa yang diusahakannya. “dan janganlah kamu iri hati terhadap apa yang dikaruniakan allah kepada sebahagian kamu lebih banyak dari sebahagian yang lain. (karena) bagi 8 weber mengatakan bahwa ajaran sebagian agama seperti hidu, merupakan salah satu penghambat pengembangan ekonomi oleh karena para pengikutnya lebih mementingkan kehidupan setelah di dunia dibandingkan dengan kehidupan dunia sekarang ini. lihat haryati soebadio, bahan kuliah metodologi penelitian sosial budaya, pascasarjana iain jakarta, bagian ii, h. 17 9 abdul karim zaydan, al­fard wa al­daulah, (lebanon: dâr al qur’an al-karim, 1978), h. 75-76 al-iqtishad: vol. ii, no. 2, juli 2010 163 orang laki-laki ada bahagian daripada apa yang mereka usahakan, dan bagi para wanita (pun) ada bahagian dari apa yang mereka usahakan, dan mohonlah kepada allah sebagian dari karunia-nya. sesungguhnya allah maha mengetahui segala sesuatu.” (q.s/4:32) namun, perlu diingat pula bahwa tidak sepenuhnya dari apa yang mereka peroleh dan mereka miliki menjadi milik seutuhnya. hal ini terlihat dari adanya konsep infak wajib seperti zakat10 dan infak sunnah seperti sadaqah, hibah, dan lain-lain. dengan demikian dapat dimengerti bahwasanya harta itu berfungsi sosial.11 doktrin sosialisasi kepemilikan sangat penting artinya, karena dengan doktrin itu kondisi kesenjangan sosial12 yang menjurus kepada perilaku distorsi dapat dihambat.13 tidak bisa dipungkiri bahwa ketidakteraturan, distorsi dan bahkan revolusi yang terjadi pada masa-masa silam dipicu oleh masalah-masalah yang berkaitan dengan ekonomi. akibatnya isu ekonomi itu menjadi senjata yang sangat ampuh untuk menggugat hegemoni di dunia ini.14 untuk menghindari hal itu, perlu diciptakan suatu kondisi keseimbangan di dalam masyarakat untuk memperoleh dan mendapatkan harta kekayaan sehingga tidak terjadi konsentrasi di kalangan tertentu di dalam masyarakat. meskipun demikian perlu diingat bahwa keseimbangan tidak dimaksudkan pe nyamarataan sebagaimana di dalam sistem komunis, melainkan yang dimaksud adalah agar tidak terjadi kesenjangan yang luar biasa lebarnya antara si kaya dan si miskin, di samping agar setiap individu mempunyai kesempatan yang adil untuk mendapatkannya. oleh 10 al-qur’an (9:34) menyatakan yang arti lengkapnya sebagai berikut, “…. dan orang­ orang yang menimbun emas dan perak dan tidak menginfakkan (sebagian) darinya di jalan allah, maka beritahukanlah kepada mereka (bahwa mereka akan mendapatkan) siksa yang pedih”. 11 joesoef syuyb, masalah zakat dan sistem moneter, (medan: rainbow, 1987), cetakan i, h. 160-161 12 doktrin ini merupakan antipoda dari sistem kapitalis yang lebih mementingkan pengerukan dan penguasaan harta (kekayaan yang tidak terbatas bagi pemiliknya). lihat abu al-a’la al-maududi, problema­problema ekonomi islam dan pemecahannya dalam islam.., h. 37 13 muhammad bedjaouni, menuju tata ekonomi dunia baru, (jakarta: sumber bahagia, 1985), cetakan ii, h. 13-14. lihat juga sayid quthb, dasar­dasar ekonomi sosial dalam kitab tafsir fi dzilalil qur’an, h. 36-37 14 muhammad bedjaouni, menuju tata ekonomi..., h. 16 afidah wahyuni: penimbunan barang dalam perspektif hukum islam164 sebab itu, islam tidak menafikan persaingan di dalam ekonomi. hal ini terlihat dari firman-nya. “dan janganlah kamu iri hati terhadap apa yang dikaruniakan allah kepada sebahagian kamu lebih banyak dari sebahagian yang lain. (karena) bagi orang laki-laki ada bahagian daripada apa yang mereka usahakan, dan bagi para wanita (pun) ada bahagian dari apa yang mereka usahakan, dan mohonlah kepada allah sebagian dari karunia-nya. sesungguhnya allah maha mengetahui segala sesuatu.” (q.s/4:32) ayat di atas menunjukkan bahwa seseorang harus mencari harta secara wajar dan halal (usaha) meskipun dalam rangka mendapatkan hal itu harus terjadi suatu persaingan. namun persaingan yang dilakukan adalah yang wajar pula. usaha mencari harta seperti itu merupakan sebaik-baik cara bagi seorang muslim sebagaimana sabda nabi.15 “tidak seorangpun makan sesuatu yang lebih baik dari hasil kerja tangannya, dan sesungguhnya nabi allah daud makan dari hasil kerja tangannya.” dengan demikian, tidak ada jalan lain bagi seorang muslim untuk mendapatkan harta kekayaan selain harus berusaha, bekerja keras, karena ia merupakan cara yang halal baginya untuk mendapatkan harta (rizq). ekonomi dan keuntungan merupakan suatu keharusan di dalam proses ekonomi apabila para pe lakunya menginginkan keuntungan. hanya saja keuntungan yang ingin diperoleh hendaknya tidak bertendensikan eksploitasi dan ketidakwajaran. untuk menghindari hal itu allah swt menurunkan ayat alqur’an. “orang-orang yang makan (mengambil) riba tidak dapat berdiri melainkan seperti berdirinya orang yang kemasukan syaitan lantaran (tekanan) penyakit gila. keadaan mereka yang demikian itu, adalah disebabkan mereka berkata (berpendapat), sesungguhnya jual beli itu sama dengan riba, padahal allah telah menghalalkan jual beli dan mengharamkan riba. orang-orang yang 15 abû ‘abd allâh muhammad ibn ismâil ibn ibrahim ibn al-mu’asyarah ibn birdazbah al-bukhari al-ja’fa, sahih al bukhari, (kairo: mathabi’uay sya’bi, t.t.), h. 67 al-iqtishad: vol. ii, no. 2, juli 2010 165 telah sampai kepadanya larangan dari tuhannya, lalu terus berhenti (dari mengambil riba), maka baginya apa yang telah diambilnya dahulu (sebelum datang larangan); dan urusannya (terserah) kepada allah. orang yang mengulangi (mengambil riba), maka orang itu adalah penghuni-penghuni neraka; mereka kekal di dalamnya” (q.s. 2:75). ayat di atas menerangkan bahwa“allah swt menghalalkan jual beli dan mengahramkan riba”. dengan kata lain, firman-nya menegaskan bahwa praktek mencari keuntungan melalui jalan riba tidaklah sama dengan mencari keuntungan dengan cara yang wajar, yaitu jual beli. oleh sebab itu, cara riba dan cara jual beli sama sekali berbeda. di samping itu, juga dapat dipahami bahwa ayat tersebut menunjukkan bahwa manusia selaku makhluk sosial, ia tidak berdiri sendiri di dalam memenuhi kebutuhan hidupnya. untuk itulah berlaku proses perdagangan di antara sesamanya agar satu sama lain saling melengkapi. islam tidak membenarkan praktik di dalam mencari keuntungan seperti apa yang terjadi di dalam sistem kapitalis. yaitu, suatu sistem yang membenarkan segala cara untuk mendapatkan keuntungan yang besar termasuk di dalamnya bentuk monopoli dan penimbunan barang dagangan16 yang kesemuanya itu akan menimbulkan kepincangan ekonomi di dalam masyarakat pada umumnya dan pelaku ekonomi itu sendiri pada khususnya. oleh karena itu, pelaku ekonomi hanya diperkenankan mengambil keuntungan yang baik dan wajar, tidak terlalu tinggi yang akan berakibat kepada kesusahan masyarakat, dan juga tidak terlalu rendah yang akan berakibat kepada kebangkrutannya. dapat dipahami bahwa, untuk menghindari praktik-praktik ekonomi yang tidak wajar seperti pengerukan keuntungan yang berlebihan maka diperlukan partisipasi semua pihak dalam ekonomi. oleh sebab itu, tidak dibenarkan penguasaan barang dagangan di satu tangan agar hal semacam itu tidak terjadi. 16 abû al-a’lâ al-maududi, problema­problema ekonomi islam dan pemecahannya dalam islam…, h. 37 afidah wahyuni: penimbunan barang dalam perspektif hukum islam166 ihtikâr dalam sorotan hukum islam penimbunan barang 17 atau di dalam bahasa arabnya dikenal ihtikâr, merupakan salah satu problem ekonomi cukup serius tidak terkecuali islam yang secara normatif telah memprediksikan hal itu, tetapi juga non-islam. sebelum membicarakan hal itu lebih lanjut, ada baiknya apabila diadakan perenungan kembali terhadap kandungan surat yusuf mulai ayat 46 sampai dengan 48 berikut: “(setelah pelayan itu berjumpa dengan yusuf dia berseru): “yusuf, hai orang yang amat dipercaya, terangkanlah kepada kami tentang tujuh ekor sapi betina yang gemuk-gemuk yang dimakan oleh tujuh ekor sapi betina yang kuruskurus dan tujuh bulir (gandum) yang hijau dan (tujuh) lainnya yang kering agar aku kembali kepada orang-orang itu, agar mereka mengetahuinya.” yusuf berkata: “supaya kamu bertanam tujuh tahun (lama nya) sebagaimana biasa; maka apa yang kamu tuai hendaklah kamu biarkan dibulirnya kecuali sedikit untuk kamu makan. kemudian sesudah itu akan datang tujuh tahun yang amat sulit, yang menghabiskan apa yang kamu simpan untuk menghadapinya (tahun sulit), kecuali sedikit dari (bibit gandum) yang kamu simpan.” kandungan ayat-ayat di atas menunjukkan betapa nabi yusuf18 sangat prihatin terhadap apa yang akan menimpa orang-orang mesir apabila mereka tidak segera mengambil tindakan preventif guna mencegah musibah itu. oleh sebab itu, ia menganjurkan mereka untuk menanam gandum sebanyak-banyaknya dan menyisihkan sebagian besar darinya untuk dijadikan sebagai cadangan pangan nasional. tindakan itu sangat tepat menurut persepsi nabi yusuf agar nestapa akibat paceklik yang akan menimpa mereka dapat dihindari. namun demikian, perlu dikaji lebih lanjut apakah tindakan nabi yusuf tersebut relevan dengan pembicaraan ihtikâr di dalam makalah ini atau tidak. terlepas dari apakah hal itu relevan atau tidak, yang jelas banyak hadits nabi yang berkaitan dengan masalah ihtikâr. sebelum 17 berasal dari akar kata al­hukrah yang berarti mengumpulkan sesuatu dan menahannya untuk menunggu harga yang tinggi. lihat al­munjid, h. 146 18 pertimbangan yusuf tersebut berdasarkan permintaan raja mesir al-rayyah alwahid (perdana menterinya bernama al-aziz) untuk mentakwilkan mimpinya. lihat alsyawkâni di dalam fath al­ qadîr, h. 30-31 al-iqtishad: vol. ii, no. 2, juli 2010 167 membicarakan perihal masalah itu secara lebih mendetail dan korelasinya dengan kebijakan nabi yusuf, perlu diperhatikan terlebih dahulu haditshadits yang berkaitan dengan ihtikâr itu. hadits-hadits itu adalah sebagai berikut: pertama, hadits yang diriwayatkan oleh abu daud dari abu bakr ibn abi syaibah19 “tidak menimbun kecuali orang yang berdosa”. kedua, hadits dari nashr ibn ali al-jahdlam20 “orang-orang yang menawarkan barang dan menjualnya dengan harga murah (jalib) diberi rizqi, sedangkan orang yang menimbun dilaknat. ketiga, hadits dari yahya ibn hakim21 “siapa saja yang menimbun makanan orang islam allah swt akan meng­ hukumnya dengan penyakit kusta atau bangkrut.” hadis-hadis yang penulis tampilkan itu, secara umum memberikan justifikasi negatif terhadap praktik ihtikar tersebut. penilaian semacam itu ditandai dengan kata khâti’, la’an, majzûm dan iflas. khati’ dan lainnya itu mengandung pengertian bahwa pelaku ihtikâr (muhtakir) berdosa karena perbuatannya itu bisa berakibat kesulitan bagi masyarakat dalam hal mendapatkan keperluannya. kesulitan masyarakat untuk mendapatkan keperluannya di samping karena cadangan menipis atau bahkan tidak ada sama sekali, juga karena meskipun ada, harga sangat tinggi. kondisi inilah yang ditunggu-tunggu oleh muhtakir guna mendapatkan keuntungan yang berlipat ganda.22 keadaan ini menyebabkan masyarakat sulit untuk mendapatkan pangan (qût).23 praktik ekonomi semacam ini sangat ber19 abû ‘abd allâh ibn muhammad ibn yazîd al-qazwini, sunan ibn mâjah (bairut: darul fikr, t.t.), h. 728. di dalam sahih muslim hadits itu berbunyi, “man ihtakara fahuwa khâti”, (siapa saja yang menimbun maka ia berdosa). lihat sahih muslim, jilid ii, h. 52 20 abû ‘abd allâh ibn muhammad ibn yazîd al-qazwini, sunan ibn mâjah …, h. 728 21 abû ‘abd allâh ibn muhammad ibn yazîd al-qazwini, sunan ibn mâjah …, h. 728 22 taqiy al-dîn al-nabhani, membangun sistem ekonomi alternatif: perspektif islam, (surabaya: risalah gusti, 1996), h. 209. lihat juga zaydan, h. 72, yusuf qurdhawi, h. 442 23 ahmad al-riyadi, yas’alunaka fi al­dîn wal­hayah, (bairut: daul jail, 1990), h. 151 afidah wahyuni: penimbunan barang dalam perspektif hukum islam168 tentangan dengan prinsip hukum islam, 24 (tidak boleh berbuat yang berbahaya dan membahayakan orang lain). karena tujuan mereka hanya semata-mata mencari keuntungan pribadi sebanyak-banyaknya dan di dalam pikiran mereka tidak pernah terlintas kesulitan yang dialami masyarakat. apa yang mereka lakukan di dalam ihtikâr itu merupakan bentuk praktik ekonomi kapitalis yang hanya semata-mata mencari keuntungan belaka.25 melihat perilaku mereka yang tidak islami dan manusiawi itu, nabi memberikan gelar negatif itu kepada mereka. oleh sebab itu, ulama berpendapat bahwa ihtikâr itu pada prinsipnya haram, karena merusak kestabilan harga di pasar.26 meskipun demikian, tidak semua ikhtiar diharamkan. hal ini, terlihat dari kata di dalam hadits nabi di atas, pada dasarnya juga mengandung arti menimbun sebagaimana letak perbedaan pada kedua pedagang tersebut adalah pada motivasi mereka masing-masing. motivasi pada adalah menimbun untuk dijadikan sebagai cadangan guna menghadapi masa krisis dan kemudian menjualnya pada masa krisis itu dengan harga yang layak.27 sehubungan dengan hal itu perlu diperhatikan kisah umar ibn khattab ketika melakukan inspeksi pasar ketika itu. selengkapnya terjemahan dari kisah itu adalah sebagai berikut: diriwayatkan bahwa umar ibn khattab ra. keluar dengan para sahabatnya, maka (tiba-tiba) ia melihat tumpukan bahan makanan di pintu mekkah. (melihat itu) ia berkata “makanan apa ini?” mereka menjawab “makanan ini dijual kepada kami. umar berkata, “allah swt memberkati makanan itu dan orang yang menjualnya. dikatakan kepadanya, sesungguhnya makan itu sebelumnya ditimbun. ia berkata “siapa yang menimbunnya?” mereka menjawab budak usman dan budakmu. kemudian ia mengutus seseorang untuk menanyakan hal itu kepada mereka berdua. (setibanya utusan itu bertanya) “apa yang menyebabkan kamu menumpuk makanan orang islam? mereka menjawab “tidak, kami membeli dengan uang kami untuk kemudian 24 jalal al-dîn ‘abd al-rahmân ibn abî bakr al-suyûthi, al­asybah wa al­nadhair, (bairut: darul-fikr, t.t.), h. 113 25 yûsuf qardlawi, fatâwâ mu’âshirah, (kairo: dâr al-wafa’, 1993), h. 441 26 sayid sabiq, fiqh al­sunnah, (bairut: dâr al-fikr, 1983), h. 162. lihat juga yûsuf qardlawi, fatâwâ mu’âshirah.., h. 441. 27 sayid sabiq, fiqhus­sunnah..., h. 165. al-iqtishad: vol. ii, no. 2, juli 2010 169 menjualnya? lantas utusan umar tadi membacakan hadits nabi yang artinya, “siapa saja yang menimbun makanan orang islam, ia tidak akan meninggal sebelum terkena penyakit kusta atau bangkrut. tidak lama kemudian budak usman menjualnya kecuali budak umar. menurut riwayat budak umar tadi kena penyakit kusta.28 cerita di atas menunjukkan ada dua hal yang bisa dipahami. pertama bahwa orang yang menghimpun dan menahan makanan dengan maksud menjadikan sebagai cadangan pada masa krisis pangan dan untuk ke mudian menjualnya dengan harga yang wajar, tidaklah diharamkan. kedua bahwa apabila motivasi penimbunan itu hanya untuk menunggu harga tinggi guna mendapatkan keuntungan yang besar, sudah pasti hal ini diharamkan karena praktik itu bertentangan dengan maslahat ammah. sehubungan dengan hal itu, ulama memberikan kriteria tertentu terhadap bentuk ihtikâr (penimbunan) yang diharamkan.29 kriteria itu adalah sebagai berikut: a) barang-barang yang ditimbun hendaklah melalui proses pembelian sebelumnya dari masyarakat. adapun apabila barang dagangan itu semata-mata dari hasil pertanian30 sendiri (seperti apa yang dilakukan nabi yusuf itu) tidaklah termasuk ihtikâr yang diharamkan; b) barang-barang itu berupa makan pokok (qût);31 c) penimbunan barang dagangan itu hendaklah menyulitkan masyarakat. di antara yang mengindikasikan hal itu adalah apabila di dalam suatu kota terdapat muhtakir (memonopoli penguasaan barang dagangan). di samping itu juga, penimbunan dilakukan pada masa krisis pangan yang sudah mulai terjadi. apabila hal itu dilakukan jauh-jauh dari sebelumnya seperti apa yang dilakukan badan urusan logistik (bulog) di indonesia, tidak termasuk 28 ibn qudâmah, al­mughni li ibn qudâmah, (riyadl: maktabah al-riyâdliyah, t.t.), jus iv, h. 243. 29 sayid sabiq, fiqh al­sunnah.., 162. lihat juga yûsuf qardlawi, fatâwâ mu’âshirah, h. 441. 30 sayid sabiq, fiqh al­sunnah.., 162. 31 ibn qudâmah, al­mugni..., h. 244-245, jumhur ulama (selain syafi’i dan ahmad ibn hanbal) berpendapat bahwa ihtikar tidak hanya terbatas pada qut saja melainkan juga termasuk semua kebutuhan masyarakat yang apabila dengan adanya ihtikar itu harga menjadi tidak stabil di pasaran. sebagian lagi hanya membatasi kepada makan dan pakaian. yusuf qardlawi, h. 431-442. lihat juga al-kahlani di dalam subulus salam, hlm 25-26. afidah wahyuni: penimbunan barang dalam perspektif hukum islam170 di dalam bentuk ihtikâr yang diharamkan, karena hal itu bisa memberikan manfaat di kala krisis pangan terjadi.32 untuk menghidari terjadinya ihtikâr, salah satu cara yang harus ditempuh adalah mencegah praktik monopoli33 di dalam pengelolaan barang-barang dagangan. praktik semacam itu harus dicegah guna menghindari madlarat yang besar bagi masyarakat. tindakan ini sangat sesuai dengan prinsip di dalam islam. untuk merealisasikan hal itu peran serta pemerintah sangat besar mengingat ia mempunyai kekuasaan (otoritas). dengan otoritasnya itu ia berhak mengatur dan mencegah praktik ihtikar dan monopoli agar bisa terlindingi, meskipun di dalam melindungi tadi, (individu) harus dikorbankan.34 salah satu bukti bagi legalisasi intervensi pemerintah di dalam mengendalikan pasar adalah hadis-hadis nabi tersebut dan tindakan umar ibn khattab.35 penutup dalam rangka lebih menguatkan peran pemerintah di dalam melakukan pengawasan pasar, pemerintah berhak dan harus menentukan kriteria hukuman berupa ta’zîr.36 bentuk hukuman itu diperlukan agar kebijakan bisa berjalan secara tegas dan lancar. dengan demikian dapat dimengerti mengapa pembatasan pemilikan barang dagangan sangat diperlukan me ngingat masalah itu akan berakibat fatal terhadap kemaslahan umat manusia pada umumnya dan masyarakat islam pada khususnya. hal demikian menunjukkan bahwa, partisipasi pemerintah di dalam mencegah terjadinya praktik ihtikâr dan monopoli sebagaimana disebutkan di atas, sangat diperlukan agar kemaslahatan umum dapat dilindungi. 32 ibn qudâmah, al­mughni..., h. 244-245 33 ibn qudâmah, al­mughni..., h. 245 34 muhammad abû zahrah, ushul al­fiqh, (t.tp: dar al-fikr al-‘arabi, t.t.), h. 377. lihat juga abdul wahhab khallaf, di dalam ilm usul al­fiqh, h. 208 35 ibn qudâmah, al­mughni..., h. 244. lihat juga imam malik di dalam al­muwatta’, h. 421. irfan mahmud ra’ana, h. 57 36 ta’zir adalah suatu bentuk hukum yang semata-mata pertimbangan hakim (penguasa) menurut syaltut, segala bentuk hukum yang tidak dijelaskan masih disebut ta’zir. mahmûd syaltût, al­islam, aqîdah wa syarîah, (mesir: darul qalam, 1986), h. 316-317 al-iqtishad: vol. ii, no. 2, juli 2010 171 pustaka acuan ali, h.a. mukti, “agama dan perkembangan ekonomi di indonesia”, dalam muhammad wahyuni nafis dkk, (ed), kontekstualisasi ajaran islam: 70 tahun prof. dr. munawir sjadzalie, m.a. jakarta: paramadina, 1995, cetakan ke-1. azdi al-, abû daud sulaiman ibn al-asy’ari al-sajistani, sunan abû daud, bairut: dar al-fikr, t.t., jilid ii. bedjaouni, muhammad, menuju tata ekonomi dunia baru, jakarta: sumber bahagia, 1985, bukhari al-, abû ‘abd allâh muhammad ibn ismâil ibn ibrahim ibn almu’asyarah ibn birdazbah, sahih al bukhari, kairo: mathabi’uay sya’bi, t.t. ibn qudâmah, al­mughni li ibn qudâmah, riyadh: maktabah alriyâdliyah, t.t. nabhani al-, taqiy al-dîn, membangun sistem ekonomi alternatif: perspektif islam, surabaya: risalah gusti, 1996. qardlawi, yûsuf, fatâwâ mu’âshirah, kairo: dâr al-wafa’, 1993. qazwini al-, abû ‘abd allâh ibn muhammad ibn yazîd, sunan ibn mâjah (bairut: darul fikr, t.t.), rahardjo, m. dawam, ensiklopendi al­qur’an, jakarta: paramadina, 1996, cetakan 1. rahardjo, m. dawam, perspektif deklarasi makkah menuju ekonomi islam, bandung: mizan, 1987, cetakan ke-1. riyadi al-, ahmad, yas’alunaka fi al­dîn wal­hayah, bairut: daul jail, 1990. sayid sabiq, fiqh al­sunnah, bairut: dâr al-fikr, 1983. soebadio, haryati, bahan kuliah metodologi penelitian sosial budaya, pascasarjana iain jakarta, bagian ii. suyûthi al-, jalal al-dîn ‘abd al-rahmân ibn abî bakr, al­asybah wa al­ nadhair, bairut: darul-fikr, t.t.) afidah wahyuni: penimbunan barang dalam perspektif hukum islam172 syaltut, mahmûd, al­islam, aqidah wa syari’ah, mesir: dar aqalam, 1986. syuaib, joesoef, masalah zakat dan sistem moneter, medan: rainbow, 1987, cetakan i. yafi, ali, menggagas fikih sosial, bandung: mizan, 1994. zaydan, abdul karim, al­fard wa al­daulah, lebanon: darul qur’an alkarim, 1978. statistik, polling, dan pemahaman metodologi pada teknik penelitian survai ekonomi islam rizqon halal syah aji abstract: statistics, polling, and understanding methodology in islamic economic survai research techniques. statistics is a tool of survai research. there is polling in survai research. in survai research methodology, statistical techniques are used to design the sampling. in survai research, the precision factor that must always be considered is sampling error and nonsampling error. survai is also used for economic research, including the islamic economy. as a research tool, the statistics should always be considered carefully, how statistics used in polls and survais. as a science that emphasizes the scientific aspects, islamic economics also use survai research to see whether islamic economics has been able to provide a positive impact on the community of science. keywords: statistics, polling, survai research, islamic economic abstrak: statistik, polling, dan pemahaman metodologi pada teknik penelitian survai ekonomi islam. statistik merupakan tools bagi penelitian survai. dalam penelitian survai dikenal teknik polling. dalam metodologi penelitian survai, statistik digunakan untuk membantu mendesain teknik pengambilan sampelnya. dalam penelitian survai faktor presisi harus senantiasa diperhatikan, yakni sampling error dan non sampling error. survai juga digunakan untuk penelitian ekonomi, termasuk di dalamnya adalah ekonomi islam. sebagai alat penelitian statistik harus senantiasa diperhatikan secara seksama, bagaimanakah statistik dipergunakan dalam polling maupun survai. sebagai ilmu yang mengedepankan aspek ilmiah, ekonomi islam juga menggunakan penelitian survai untuk melihat apakah ilmu ekonomi islam sudah mampu memberikan dampak keilmuan secara positif terhadap masyarakat. kata kunci: statistik, polling, penelitian survai, ekonomi islam naskah diterima: 23 oktober 2010, direvisi: 19 maret 2011, disetujui: 24 maret 2011.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: risqon.hsa@gmail.com rizqon halal syah aji: statistik, polling, dan pemahaman metodologi236 pendahuluan pada mulanya, statistik dipahami oleh khalayak ramai berupa kumpulan angka-angka tentang jumlah penduduk, angka pendapatan masyarakat, dan angka-angka lain yang berhubungan dengan masalah-masalah pemerintahan. bahkan, berfungsi untuk melayani keperluan administrasi negara, misalnya pe-rihal angka mobilisasi penduduk dan angkatan perang. kata ‚statistika‛ (statistiks) sendiri berasal dari bahasa italia ‚statista‛ yang berarti negarawan. pada kisaran tahun 1719-1772, istilah ini digunakan kali pertama oleh gottfried achenwall, seorang profesor di marborough dan gottingen.1 sebagai suatu disiplin ilmu, statistika berkembang berkaitan dengan suatu negara, dalam arti kesatuan politik yang seperti disebut di atas. pada sekira abad kedelapan belas, kata ini kemudian masuk dalam kamus bahasa inggris sebagai ‚state‛. istilah statistik terbentuk dari konsep-konsep yang dipahami oleh masyarakat pada waktu itu, yaitu segala sesuatu yang berhubungan dengan negara atau state. dari kata state ini kemudian dikenal istilah statistik yang digunakan sampai saat ini. perkembangan statistika pun terus terjadi. sebagai kebutuhan negara (baca: penguasa), statistika digunakan berkaitan dengan pengumpulan informasi perekonomian, kependudukan, dan politik suatu negara. misalnya saja pada masa kejayaan kekaisaran yunani dan romawi dalam hal mengumpulkan informasi dilakukan terutama untuk keperluan menentukan pajak kepada penduduk dan ketentuan yang berkaitan dengan wajib militer. jadi jauh sebelum abad xviii terjadi, ilmu statistika sudah digunakan oleh manusia untuk pencatatan dan penggunaan data. dinamika keilmuan yang berkembang pada masyarakat menjadikan definisi statistik memiliki makna yang berlainan dengan konsep awalnya, pada kondisi yang lebih modern statistik diartikan sebagai prosedur yang digunakan untuk melakukan pengumpulan data, pengolahan data, penafsiran data, dan penarikan kesimpulan pada data. seiring dengan definisi statistik, mulanya pengertian statistik (statistik) dan statistika (statistiks) juga tidak berbeda, seiring dengan dinamika keilmuan kedua istilah kemudian dipisahkan. statistik (statistik) didefinisikan sebagai suatu besaran dalam sampel dan kemudian dapat memberikan informasi mengenai suatu fenomena. statistik juga merupakan taksiran dari populasi, artinya difungsikan sebagai penaksir parameter, artinya ukuran yang diperoleh berasal dari po 1 sri hartini & ririen, metode statistika,jakarta, prestasi pustaka, 2007. h.2 al-iqtishad: vol. iii, no. 2, juli 2011 237 pendahuluan pada mulanya, statistik dipahami oleh khalayak ramai berupa kumpulan angka-angka tentang jumlah penduduk, angka pendapatan masyarakat, dan angka-angka lain yang berhubungan dengan masalah-masalah pemerintahan. bahkan, berfungsi untuk melayani keperluan administrasi negara, misalnya pe-rihal angka mobilisasi penduduk dan angkatan perang. kata ‚statistika‛ (statistiks) sendiri berasal dari bahasa italia ‚statista‛ yang berarti negarawan. pada kisaran tahun 1719-1772, istilah ini digunakan kali pertama oleh gottfried achenwall, seorang profesor di marborough dan gottingen.1 sebagai suatu disiplin ilmu, statistika berkembang berkaitan dengan suatu negara, dalam arti kesatuan politik yang seperti disebut di atas. pada sekira abad kedelapan belas, kata ini kemudian masuk dalam kamus bahasa inggris sebagai ‚state‛. istilah statistik terbentuk dari konsep-konsep yang dipahami oleh masyarakat pada waktu itu, yaitu segala sesuatu yang berhubungan dengan negara atau state. dari kata state ini kemudian dikenal istilah statistik yang digunakan sampai saat ini. perkembangan statistika pun terus terjadi. sebagai kebutuhan negara (baca: penguasa), statistika digunakan berkaitan dengan pengumpulan informasi perekonomian, kependudukan, dan politik suatu negara. misalnya saja pada masa kejayaan kekaisaran yunani dan romawi dalam hal mengumpulkan informasi dilakukan terutama untuk keperluan menentukan pajak kepada penduduk dan ketentuan yang berkaitan dengan wajib militer. jadi jauh sebelum abad xviii terjadi, ilmu statistika sudah digunakan oleh manusia untuk pencatatan dan penggunaan data. dinamika keilmuan yang berkembang pada masyarakat menjadikan definisi statistik memiliki makna yang berlainan dengan konsep awalnya, pada kondisi yang lebih modern statistik diartikan sebagai prosedur yang digunakan untuk melakukan pengumpulan data, pengolahan data, penafsiran data, dan penarikan kesimpulan pada data. seiring dengan definisi statistik, mulanya pengertian statistik (statistik) dan statistika (statistiks) juga tidak berbeda, seiring dengan dinamika keilmuan kedua istilah kemudian dipisahkan. statistik (statistik) didefinisikan sebagai suatu besaran dalam sampel dan kemudian dapat memberikan informasi mengenai suatu fenomena. statistik juga merupakan taksiran dari populasi, artinya difungsikan sebagai penaksir parameter, artinya ukuran yang diperoleh berasal dari po 1 sri hartini & ririen, metode statistika,jakarta, prestasi pustaka, 2007. h.2 pulasi. statistik biasanya menggambarkan kumpulan angka-angka, grafik, gambar, dan diagram suatu keadaan tertentu. sedangkan statistika dimaknai sebagai cara pikir probabilistik yang berhubungan erat dengan ilmu peluang. statistika merupakan kumpulan konsep dan metode terpadu untuk mengumpulkan data, menyajikan data dengan bentuk yang mudah dipahami, menganalisis data, dan dan mengambil kesimpulan berdasarkan hasil analisis data dalam situasi yang memiliki ketidakpastian dan variasi. menurut sholeh, statistika merupakan suatu cabang ilmu pengetahuan yang bertujuan untuk mempelajari tata cara pengumpulan data (sampling), pengolahan data, penyajian data, dan pengambilan keputusan berdasarkan data. dalam metodologi penelitian survai statistik digunakan untuk membantu mendesain teknik pengambilan sampelnya. dalam penelitian survai ada dua hal yang harus senantiasa diperhatikan, yakni sampling error dan non-sampling error.2 statistik dalam prespektif ilmu statistik dapat dikatakan sebagai ilmu yang mempelajari seluk beluk pelbagai masalah dengan instrumen berupa angka. angka di sini mengandung makna informasi, karena itu angka dalam statistik merupakan fakta empiris. artinya, nilai yang digambarkan oleh statistik benar-benar diperoleh berdsarkan hasil pengukuran sejumlah objek pengamatan (baca: survai) atau penelitian (research). statistika dalam mempelajari perilaku dan seluk beluk angka hasil pengukuran mempunyai sefat agregat. dalam hal ini, yang menjadi ciri kekhasan statistika adalah memberikan arti dalam kumpulan hasil pengukuran. dengan keterangan ini dapat dimaknai bahwa spektrum fungsi statistika dapat ditelaah sebagai berikut: pertama, statistik sebagai satu disiplin ilmu mempunyai kekhasan untuk mendapatkan pemahaman corak keragaman nilai angka hasil pengukuran. sekumpulan angka yang diperoleh dari pengukuran sebenarnya dari sejumlah sasaran pengamatan, atau atas satu sasaran secara berulangulang, lazimnya tidak menghasilkan nilai-nilai yang persis sama antara satu nilai dan nilai lainnya. dalam statistik selalu ditemui keragaman atau variability. statistik meminati aspek keragaman ini dalam telaahnya, dan menggunakan ukuran keragaman itu sebagai salah satu parameter penting.3 2 achmad zanbar sholeh, ilmu statistika, bandung: rekayasa sains, 2005), h, 2. 3soetjipto wirosarjono, angka-angka berbicara, perbincangan tentang statistic di indonesia, (jakarta: lp3es, 2007), h. 204. rizqon halal syah aji: statistik, polling, dan pemahaman metodologi238 kedua, statistik juga meminati untuk menurunkan generalisasi atau gambaran umum tentang perilaku kumpulan angka yang banyak tadi. dari nilai-nilai yang banyak dan berserak itu diatur dan disusun sedemikian rupa sehingga dapat diturunkan sesuatu pola, suatu gambaran umum. kumpulan angka saja belumlah merupakan keterangan statistik yang baik. bentuk-bentuk generalisasi yang itu bermacam-macam. tetapi pada garis besarnya dapat digolongkan pada tiga bagian. ada generalisasi tentang kecenderungan memusatnya nilai-nilai (di sekitar suatu nilai tengah). di sini dicari suatu angka yang satu ini disebut sebagai ukuran pemusatan atau measure of central tendency. tergolong dalam dalam katagori ini adalah rata-rata, median dan modus (nilai yang paling sering muncul) dan sebagainya. ada juga generalisasi tentang penyebaran dan luasnya medan keragaman (variance). seperti yang sudah disitir di atas, nilai-nilai hasil pengukuran memang tidak diharapkan satu sama dengan yang lain, tingkat keragaman itu berbedabeda sesuai dengan spektrum besarannya. antara kumpulan yang satu dengan yang lain, tingkat keragaman bermacam-macam. generalisasi disini dilakukan dengan membakukan ukuran-ukuran yang dapat membandingkan tingkat keragaman antara kelompok data yang satu dengan yang lainnya. untuk itu, perlu ditempuh dengan mengembangkan beberapa ukuran penyebaran, dari yang paling sederhana, seperti beda, atau jarak, atau range, antara nilai yang tertinggi dan nilai yang terendah dari himpunan angka yang diamati. ada pula standar deviasi, yaitu suatu penggabungan penyimpangan nilai-nilai itu dengan nilai ratarata atau nilai tengahnya. kemudian, ada lagi variansi atau variance dan sebagainya. generalisasi berikutnya dalah tentang pola atau bentuk baku dari penyebaran (distribusi) nilai-nilai itu. dengan mengurutkan pada skala nilai dari yang terkecil ke yang terbesar atau sebaliknya. kemudian menghitung beberapa kali tiap nilai itu muncul dalam kumpulan data yang banyak itu, statistik biasanya menemukan pola-pola tertentu dari gambaran penyebaran nilai angka hasil pengukuran itu. ada yang pola penyebarannya berupa garis lengkung, normal simetris, atau menceng ke kanan atau ke kiri dan sebagainya. bila pola ini diketahui, menjadi tugas statistisi untuk mencari dan menerapkan instrumen angkaangka itu. ketiga, statistik berusaha untuk mengembangkan sarana yang memudahkan telaah dengan cara mendeskripsikan secara baik dan mudah. misalkan menyusun data yang banyak itu dalam table, mengelompokannya dalam klasifikasi dan katagorisasi, menggambarkannya dengan grafik, chart, gambaral-iqtishad: vol. iii, no. 2, juli 2011 239 kedua, statistik juga meminati untuk menurunkan generalisasi atau gambaran umum tentang perilaku kumpulan angka yang banyak tadi. dari nilai-nilai yang banyak dan berserak itu diatur dan disusun sedemikian rupa sehingga dapat diturunkan sesuatu pola, suatu gambaran umum. kumpulan angka saja belumlah merupakan keterangan statistik yang baik. bentuk-bentuk generalisasi yang itu bermacam-macam. tetapi pada garis besarnya dapat digolongkan pada tiga bagian. ada generalisasi tentang kecenderungan memusatnya nilai-nilai (di sekitar suatu nilai tengah). di sini dicari suatu angka yang satu ini disebut sebagai ukuran pemusatan atau measure of central tendency. tergolong dalam dalam katagori ini adalah rata-rata, median dan modus (nilai yang paling sering muncul) dan sebagainya. ada juga generalisasi tentang penyebaran dan luasnya medan keragaman (variance). seperti yang sudah disitir di atas, nilai-nilai hasil pengukuran memang tidak diharapkan satu sama dengan yang lain, tingkat keragaman itu berbedabeda sesuai dengan spektrum besarannya. antara kumpulan yang satu dengan yang lain, tingkat keragaman bermacam-macam. generalisasi disini dilakukan dengan membakukan ukuran-ukuran yang dapat membandingkan tingkat keragaman antara kelompok data yang satu dengan yang lainnya. untuk itu, perlu ditempuh dengan mengembangkan beberapa ukuran penyebaran, dari yang paling sederhana, seperti beda, atau jarak, atau range, antara nilai yang tertinggi dan nilai yang terendah dari himpunan angka yang diamati. ada pula standar deviasi, yaitu suatu penggabungan penyimpangan nilai-nilai itu dengan nilai ratarata atau nilai tengahnya. kemudian, ada lagi variansi atau variance dan sebagainya. generalisasi berikutnya dalah tentang pola atau bentuk baku dari penyebaran (distribusi) nilai-nilai itu. dengan mengurutkan pada skala nilai dari yang terkecil ke yang terbesar atau sebaliknya. kemudian menghitung beberapa kali tiap nilai itu muncul dalam kumpulan data yang banyak itu, statistik biasanya menemukan pola-pola tertentu dari gambaran penyebaran nilai angka hasil pengukuran itu. ada yang pola penyebarannya berupa garis lengkung, normal simetris, atau menceng ke kanan atau ke kiri dan sebagainya. bila pola ini diketahui, menjadi tugas statistisi untuk mencari dan menerapkan instrumen angkaangka itu. ketiga, statistik berusaha untuk mengembangkan sarana yang memudahkan telaah dengan cara mendeskripsikan secara baik dan mudah. misalkan menyusun data yang banyak itu dalam table, mengelompokannya dalam klasifikasi dan katagorisasi, menggambarkannya dengan grafik, chart, gambargambar yang menarik dan lain sebagainya. semua itu dimaksudkan untuk memudahkan pemakai statistik dalam menggunakan data yang banyak itu. keempat, menjadi kunci statistik sebagai ilmu terhormat dalam deretan ilmu-ilmu lainnya adalah kemampuan untuk menarik kesimpulan statistik (statistik inference) untuk keadaan yang diteliti, hanya berdasarkan hasil pengukuran atas sejumlah contoh atau sampel yang amat terbatas. seringkali pekerjaan mengukur sebuah fenomena yang sedang diselidiki, karena satu dan lain hal tidak dapat dilakukan secara menyeluruh. tidak lazim bagi statistik untuk mengukur atau mencacah semua satuan cacah. malah dalam kegiatan statistik modern, tidak ada lagi pengukuran menyeluruh itu. dalam hal ini, yang dikerjakan lazimnya adalah melakukan pengukuran pada contoh yang hanya terdiri atas sebagian kecil dari keseluruhan. dari hasil pengukuran yang sebagian kecil itu disimpulkan tentang keadaan seluruh fenomena. dalam rangka itu, berkembanglah bagian ilmu statistik yang meminati dan mengkhususkan pada tata cara pengambilan conton (sampling technique) dari populasi. tata cara pengambilan contoh ini harus dapat diselenggarakan secara efektif dan efisien, pada batas sumber dan biaya yang tersedia. juga, pemanfaatan statistik untuk mendasari upaya penyimpulan-penyimpoulan agar memiliki landasan logika matematika. cabang ilmu statistik yang bergerak di bidang ini disebut statistika (statistikal inference).4 polling sebagai bagian dari penelitian survai dari sisi penafsiran kebahasaan, secara umum polling diartikan sebagai upaya jejak pendapat—sementara lebih khusus polling dimaknai sebagai bentuk survai yang terfokus pada aspek “preference of adult population (citizens) on matters of relevance to government (politics).5 dari batasan itu, jelas polling dapat dibedakan dari survai dari segi tema dan tujuannya. sedangkan survai mempunyai beragam tujuan, misalnya saja hanya pendokumenan data, pengujian atas sebuah teori, atau mencari deskripsi atas sebuah realita. sementara polling lebih bertujuan untuk memberikan gambaran dalam skala agregat mengenai dinamika, misalnya dalam proses politik, lebih spesifik lagi pada aspek policy. 4 soetjipto wirosarjono, angka-angka berbicara, perbincangan tentang statistic di indonesia, h. 205. 5 robert s. erikson & kent l. tedin, american public opinion, its origin, content and impact, (massachuset: allyn and bacon, 1995), h. 7. rizqon halal syah aji: statistik, polling, dan pemahaman metodologi240 dalam survai informasi dikumpulkan dari responden dengan menggunakan kuesioner. umumnya, pengertian survai dibatasi pada pengertian survai sampel dimana informasi dikumpulkan dari sebagian populasi untuk mewakili seluruh populasi. jadi berbeda dengan sensus dimana informasi dikumpulkan dari atau tentang seluruh populasi. sedangkan poll adalah survai sampel yang terutama menyangkut pendapat umum seperti yang dilakukan gallup atau harris di amerika.6 polling lahir pada tahun 1824 dalam bentuk straw poll. satu abad kemudian sekitar 1936. polling yang sudah bernuansa ilmiah diperkenalkan oleh tiga serangkai: george gallup, elmo roper, dan archibald crossley. polling yang pengoleksian datanya langsung dari masyarakat dianggap sebagai group mind atau general will of everyday citizens. bahkan, gallup menyebutkan secara ekstrem bahwa polling adalah mandate from the people. ada beberapa kesaman secara metodologi maupun teknis dari polling dan survai. perencanaan sampel dimulai dari bagaimana merumuskan tujuan kegiatan ini, baik survai maupun polling biasanya dimulai dengan memperkirakan besaran dari populasi. hal ini dilakukan agar diperoleh indikasi tentang populasi. dalam mendiskusikan jumlah sampel populasi merupakan unsur yang paling kunci. sebuah sampel dalam populasi haruslah dipilih sedemikian rupa sehingga setiap satuan elementer mempunyai kesempatan dan peluang yang sama untuk dipilih dan peluang tersebut tidak boleh sama dengan nol. sebuah sampel diambil secara acak haruslah menggunakan metode yang tepat sesuai dengan ciri-ciri populasi dan tujuan penelitian. meskipun sebuah sampel terdiri atas sebagian populasi, tetapi sebagian populasi tidak selalu dapat disebut sampel apabila cara-cara pengambilan tidak benar.7 suatu metode pengambilan sampel yang ideal mempunyai sifat. pertama, dapat menghasilkan gambaran yang dapat dipercaya dari seluruh populasi. kedua, dapat menentukan presisi (presition) dari hasil penelitian dengan menentukan penyimpangan baku (standard error) dari taksiran yang diperoleh. ketiga, sederhana sehingga mudah dilaksanakan. empat, dapat memberikan keterangan sebanyak mungkin dengan biaya serendah rendahnya.8 6 masri singarimbun, tipe, metode dan proses penelitian, metode penelitian survai, (jakarta: lp3es, 1985), h. 4. 7 ida bagoes mantra & kasto dalam masri singarimbun dan soffan effendi, metode penelitian survai, (jakarta: lp3es, 1985), h. 105. 8 ida bagoes mantra & kasto dalam masri singarimbun dan soffan effendi, metode penelitian survai, h. 106. al-iqtishad: vol. iii, no. 2, juli 2011 241 dalam survai informasi dikumpulkan dari responden dengan menggunakan kuesioner. umumnya, pengertian survai dibatasi pada pengertian survai sampel dimana informasi dikumpulkan dari sebagian populasi untuk mewakili seluruh populasi. jadi berbeda dengan sensus dimana informasi dikumpulkan dari atau tentang seluruh populasi. sedangkan poll adalah survai sampel yang terutama menyangkut pendapat umum seperti yang dilakukan gallup atau harris di amerika.6 polling lahir pada tahun 1824 dalam bentuk straw poll. satu abad kemudian sekitar 1936. polling yang sudah bernuansa ilmiah diperkenalkan oleh tiga serangkai: george gallup, elmo roper, dan archibald crossley. polling yang pengoleksian datanya langsung dari masyarakat dianggap sebagai group mind atau general will of everyday citizens. bahkan, gallup menyebutkan secara ekstrem bahwa polling adalah mandate from the people. ada beberapa kesaman secara metodologi maupun teknis dari polling dan survai. perencanaan sampel dimulai dari bagaimana merumuskan tujuan kegiatan ini, baik survai maupun polling biasanya dimulai dengan memperkirakan besaran dari populasi. hal ini dilakukan agar diperoleh indikasi tentang populasi. dalam mendiskusikan jumlah sampel populasi merupakan unsur yang paling kunci. sebuah sampel dalam populasi haruslah dipilih sedemikian rupa sehingga setiap satuan elementer mempunyai kesempatan dan peluang yang sama untuk dipilih dan peluang tersebut tidak boleh sama dengan nol. sebuah sampel diambil secara acak haruslah menggunakan metode yang tepat sesuai dengan ciri-ciri populasi dan tujuan penelitian. meskipun sebuah sampel terdiri atas sebagian populasi, tetapi sebagian populasi tidak selalu dapat disebut sampel apabila cara-cara pengambilan tidak benar.7 suatu metode pengambilan sampel yang ideal mempunyai sifat. pertama, dapat menghasilkan gambaran yang dapat dipercaya dari seluruh populasi. kedua, dapat menentukan presisi (presition) dari hasil penelitian dengan menentukan penyimpangan baku (standard error) dari taksiran yang diperoleh. ketiga, sederhana sehingga mudah dilaksanakan. empat, dapat memberikan keterangan sebanyak mungkin dengan biaya serendah rendahnya.8 6 masri singarimbun, tipe, metode dan proses penelitian, metode penelitian survai, (jakarta: lp3es, 1985), h. 4. 7 ida bagoes mantra & kasto dalam masri singarimbun dan soffan effendi, metode penelitian survai, (jakarta: lp3es, 1985), h. 105. 8 ida bagoes mantra & kasto dalam masri singarimbun dan soffan effendi, metode penelitian survai, h. 106. presisi adalah tingkat ketepatan yang ditentukan oleh perbedaan hasil yang diperoleh dari sampel dibandingkan dengan hasil yang diperoleh dari pencacahan lengkap, dengan syarat bahwa keadaan-keadaan di mana kedua penelitian dilakukan, seperti daftar pertanyaan, teknik wawancara, kualitas pencacahan, dan sebagainya adalah sama. secara kuantitatif presisi disebut kesalahan baku (standard error). misalkan nilai rata-rata suatu populasi diberi symbol µ dan nilai rata diberi symbol bar x.9 polling dan problematika epistimologi sesuai dengan catatan-catatan polling di atas, setidaknya secara epistemologi dan akademis, masih bergulir banyaknya problematika. ketika polling diletakkan sebagai instrumen ilmu berarti tidak lagi an sich bicara polling itu sendiri, melainkan membicarakan bagaimana meletakkan epistimiloginya secara mendasar atas sebuah paradigma polling yang berdiri di atas bagian bagian corpus ilmu sosial-humaniora. lebih lanjut timbul pertanyaan yang menggelitik: apakah polling dapat menjawab persoalan sosial-kemanusiaan? yang di dalamnya bagaimana dinamika ekonomi individu bisa terbentuk? ada hal penting yang patut dicermati secara metodologis. ada dua sisi pandang yang selalu bersilangan yakni epistimologi dan filsafat pemikiran. ini masing-masing merupakan sisi pandang paradigmatik dalam corpus social-humaniora, yakni rasionalitas instrumentalis (paradigma positivistis), dan rasionalitas kritis (humanis). sisi positivistis meyakini bahwa ilmu sosial dapat meminjam inti sari ilmu alam sebagai metode cara memandang dan mendekati persoalan realita sosial. melalui metode ini diharapkan ilmu-ilmu sosial positivistis akan terjadi purifikasi, agar suatu realita tetap netral (tidak ada keberpihakan) dan terhindar dari ‚kepentingan‛ subjektif. demikian juga atas nama ‘kebenaran’ ilmiah dan objektivitas, seorang peneliti, pollster, observers atau apapun namanya yang melekat pada profesi sejenis, bahkan menanggalkan seluruh asumsi-asumsi nilai yang dianutnya. cara pandang yang sangat enumerative dan kuantitatif ini mendapatkan sanggahan dari kelompok humanis. menurut kelompok humanis, ilmu sosial tidak mudah begitu saja dapat diintervensi oleh metode ilmu pasti, yang mengedepankan matematis melalui perangkat ilmu statistik. para humanis menilai bahwa intervensi enumeratif (angka) dalam ilmu sosial cenderung akan menghilangkan efek emansipatoris dan pada gilirannya mereduksi aspek humanis dan kultural dari sebuah realita sosial yang sebenarnya. 9 ida bagoes mantra & kasto dalam masri singarimbun dan soffan effendi, metode penelitian survai, h. 107. rizqon halal syah aji: statistik, polling, dan pemahaman metodologi242 sesuai kebiasaannya, masyarakat sosial selalu mengedepankan kebebasan yang otonom guna menentukan sikap dan pandangannya. sehingga pandangan ini menggariskan bahwa betapapun canggihnya sebuah metodologi riset yang disiapkan, selalu ada overlap dan bias antara kesadaran bebasnya manusia dengan dominasi eksternal ‘kesadaraan’ di sisi yang lain. disinilah polling biasanya bermain dalam ranah ‘kesadaran’ model kedua yang seringkali terjadi. menurut max horkheimer yang merupakan pemikir sekaligus pendiri aliran filsafat kritis, mengatakan bahwa ‚sesuatu‛ yang diperoleh dari teknik positivistis-intrumentalis cenderung dipahami sebagai ‚realita yang sesungguhnya‛, padahal menurut dia, di balik ‚realita‛ yang berasal dari teknik positivistis-instrumentalis sesungguhnya bekerja ideologi dan kepentingan dominan. realitas yang terjadi dan dibayangkan ilmu sosial positivis bukanlah kenyataan yang sesungguhnya, melainkan refleksi atas sebuah proyek besar: conquest. sisi ini menjebak ‘realitas‛ yang terjadi adalah justru membenarkan ‚realitas‛ itu sendiri. ilmu-ilmu sosial yang menyitir positivis sebagai keyakinan ideologis ‚terlalu sering‛ gagal mengungkapkan faktor‛ yang bekerja di balik ‚realitas‛. terus bagaimana kita bisa mampu menerima sebuah realitas seoriginal mungkin dan apa adanya‛ jika realitas itu sendiri telah ditaklukkan oleh kekuatan yang dominan dan hegemonik? hal ini dapat diartikulasikan bahwa polling yang lazimnya menggunakan pendekatan kuantitatif (baca: statistik) adalah tindakan yang mencoba mereduksi dimensi humanisme-kultural dari realitas sosial yang ada. jadi deviasi berpikirnya ada tentang hal ini, jika ingin mengetahui dan memahami problematika kemanusian yang ada secara ilmiah, lihatlah sederetan angka ini. kalimat tersebut menerjemahkan bahwa angka-angka statistik yang harapannya berakhir sebagai representatif problem riil kemanusiaan. mengapa? karena ada suatu jawaban, yakni ‚numerical representation wasa key to normalizing the pathology of difference through which social body was represented.” upaya ‚memaksa‛ normalisasi ini bukan tidak berimplikasi. karena dengan upaya itu akan tercipta kondisi di mana bodies are counted, homogenized, and bounded in extent. ada hal yang patut dicermati untuk menerjemahkan hal di atas, seperti halnya terjadi homogenisasi dan dibatasi dengan angka, yakni dapat dicermati dari pertanyaan yang disusun pada suatu pertanyaan di kuesioner,10 di mana 10 r.b. agus sutanto mengatakan bahwa kuesioner adalah intrumen pengumpulan data, yang merupakan serangkaian pertanyaan yang akan ditanyakan kepada responden. makalah dalam seminar pengumpulan pendapat umum: permasalahan dan prospeknya di indonesia, desember 1993. al-iqtishad: vol. iii, no. 2, juli 2011 243 sesuai kebiasaannya, masyarakat sosial selalu mengedepankan kebebasan yang otonom guna menentukan sikap dan pandangannya. sehingga pandangan ini menggariskan bahwa betapapun canggihnya sebuah metodologi riset yang disiapkan, selalu ada overlap dan bias antara kesadaran bebasnya manusia dengan dominasi eksternal ‘kesadaraan’ di sisi yang lain. disinilah polling biasanya bermain dalam ranah ‘kesadaran’ model kedua yang seringkali terjadi. menurut max horkheimer yang merupakan pemikir sekaligus pendiri aliran filsafat kritis, mengatakan bahwa ‚sesuatu‛ yang diperoleh dari teknik positivistis-intrumentalis cenderung dipahami sebagai ‚realita yang sesungguhnya‛, padahal menurut dia, di balik ‚realita‛ yang berasal dari teknik positivistis-instrumentalis sesungguhnya bekerja ideologi dan kepentingan dominan. realitas yang terjadi dan dibayangkan ilmu sosial positivis bukanlah kenyataan yang sesungguhnya, melainkan refleksi atas sebuah proyek besar: conquest. sisi ini menjebak ‘realitas‛ yang terjadi adalah justru membenarkan ‚realitas‛ itu sendiri. ilmu-ilmu sosial yang menyitir positivis sebagai keyakinan ideologis ‚terlalu sering‛ gagal mengungkapkan faktor‛ yang bekerja di balik ‚realitas‛. terus bagaimana kita bisa mampu menerima sebuah realitas seoriginal mungkin dan apa adanya‛ jika realitas itu sendiri telah ditaklukkan oleh kekuatan yang dominan dan hegemonik? hal ini dapat diartikulasikan bahwa polling yang lazimnya menggunakan pendekatan kuantitatif (baca: statistik) adalah tindakan yang mencoba mereduksi dimensi humanisme-kultural dari realitas sosial yang ada. jadi deviasi berpikirnya ada tentang hal ini, jika ingin mengetahui dan memahami problematika kemanusian yang ada secara ilmiah, lihatlah sederetan angka ini. kalimat tersebut menerjemahkan bahwa angka-angka statistik yang harapannya berakhir sebagai representatif problem riil kemanusiaan. mengapa? karena ada suatu jawaban, yakni ‚numerical representation wasa key to normalizing the pathology of difference through which social body was represented.” upaya ‚memaksa‛ normalisasi ini bukan tidak berimplikasi. karena dengan upaya itu akan tercipta kondisi di mana bodies are counted, homogenized, and bounded in extent. ada hal yang patut dicermati untuk menerjemahkan hal di atas, seperti halnya terjadi homogenisasi dan dibatasi dengan angka, yakni dapat dicermati dari pertanyaan yang disusun pada suatu pertanyaan di kuesioner,10 di mana 10 r.b. agus sutanto mengatakan bahwa kuesioner adalah intrumen pengumpulan data, yang merupakan serangkaian pertanyaan yang akan ditanyakan kepada responden. makalah dalam seminar pengumpulan pendapat umum: permasalahan dan prospeknya di indonesia, desember 1993. pertanyaan sebenarnya adalah pertanyaan perceptual question. dari pertanyaan akan muncul model scoring, seperti contoh berikut ini: ‚bagaimana pendapat saudara dengan rencana banyaknya lembaga keuangan konvensional membentuk lembaga keuangan syariah, apakah anda.......?‛ 1. setuju 2. tidak setuju 3. tidak tahu/tidak jawab salah satu contoh pertanyaan dalam kuesioner di atas, ketika diajukan pada responden, maka ada beberapa kemungkinan yang dapat ditangkap oleh responden dan kemudian dijadikan reaksi atas pertanyaan tersebut. pertama, responden akan menjawab setuju karena memang sudah benar-benar dipikirkan sejak lama, atau bahkan malah asal-asalan. kedua, responden kan lama berpikir, karena bimbang, ragu bahkan bingung karena terbatasnya waktu wawancara. ketiga, responden tidak menjawabnya atau menjawab tidak tahu, karena responden merasa sangat bingung menemukan satu jawaban, atau bahkan ada jawaban lain yang mereka harapkan di benaknya akan tetapi tidak tersedia dalam kuesioner, sehingga membuat responden sungkan. kasus di atas walaupun diandaikan kuesioner dapat dijawab dengan sempurna oleh responden, namun rumusan pertanyaan dan jawaban tersebut tetap membatasi pilihan dan cenderung menghomogenisasi, karena pembatasan asumsi penyusunan jawaban pada kuesioner tadi. padahal jika tidak ada jumlah (numeric) yang membatasi jawaban, bisa jadi ada jawaban lain dari responden yang sifatnya kondisional bersyarat, atau lebih dari sekadar jawaban ‚setuju‛ dan ‚tidak setuju‛. hal ini dapat dimaknai bahwa representasi numeric tidak mampu mengangkat serta memotret struktur kesadaran yang berdinamika dalam sebuah realita sosial yang kompleks dan tidak berdiri sendiri. patut menjadi catatan, memang survai, terlebih polling sama sekali tidak dituntut untuk melacak asal usul sebuah kesadaran responden atas dirinya sendiri serta diminta pertanggungjawaban praksis atas upaya mengubah kesadaran semacam itu. akan tetapi, survai dilakukan oleh organisasi masyarakat sipil yang memiliki visi dan misi transformatif, perlu membaca ulang gagasan-gagasan terobosan baru, bukan saja di tingkat epistemnya saja namun lebih pada relevansi gagasan dan relevansi terhadap problematik. rizqon halal syah aji: statistik, polling, dan pemahaman metodologi244 statistik dan rancangan survai: beberapa faktor dominan statistik tidak bisa dielakan dalam perencanaan survai. dalam memperkirakan besaran-besaran mengenai populasi, (seperti jumlah, rata-rata), atau juga memperoleh indikasi kasar tentang sebuah besaran populasi. kemudian adalah rancangan sampling, merancang kuesioner, uji coba kuesioner, dan memilih sampel. tergantung pada tujuan survai, rancangan sampel bisa berbeda-beda. rancangan sampel juga juga banyak ditentukan oleh besarnya populasi. jika survai yang dirancang adalah bertujuan untuk melihat populasi secara serius dan melakukan uji statistik maka harus digunakan probability sampling: seperti simple random sampling, stratified sampling, cluster sampling, atau kombinasi dari teknik tersebut. dalam masalah probability sampling setiap unit observasi mempunyai kesempatan yang sama untuk terpilih dalam sampel. metode probability sampling yang paling sederhana adalah simple random sampling dimana sampel dipilih secara acak. pemilihan sampelnya bisa dilakukan dengan memilih nomor unit observasi secara acak dengan menggunakan table angka random. dalam menentukan metode pengambilan sampel, yang akan digunakan dalam suatu penelitian, peneliti juga harus memperhatikan perihal biaya, waktu dan tenggat. jika dari awal peneliti sudah dibatasi tiga hal tesebut, maka peneliti harus berusaha mendapatkan metode pengambilan sampel yang dapat menghasilkan presisi yang tertinggi. perlu menjadi catatan bahwa presisi tidak bisa didapat biaya, waktu dan biaya yang dibatasi.11 perlu juga diperhatikan masalah efisiensi dalam metode pengambilan sampel. menurut taken (1965: 3), metode a dikatakan lebih efisien daripada metode b apabila untuk sejumlah biaya, tenggat waktu yang sama, metode a dapat memberikan tingkat presisi yang lebih tinggi atau presisi yang sama diperlukan biaya, waktu dan tenaga yang relatif lebih efisien.12 menurut ib mantra dan kastro (1986:107), sering timbul pertanyaan, berapa besarnya sampel (sampel size) yang harus diambil untuk mendapatkan data yang representatif. kalangan peneliti tertentu ada yang mengatakan besarnya sampel tidak boleh kurang dari 10%, ada pula yang mengatakan bahwa besarnya sampel minimum 5% dari jumlah satuan-satuan elementer (elemetarary unit) 11soetjiopto wirosardjono, keterangan berupa angka yang diminati satistik bersifar agregat dalam, angka-angka berbicara, (jakarta: lp3es, 2007), h. 219. 12 ida bagoes mantra & kasto dalam masri singarimbun dan soffan effendi, metode penelitian survai, (jakarta: lp3es, 1985), h. 106. al-iqtishad: vol. iii, no. 2, juli 2011 245 statistik dan rancangan survai: beberapa faktor dominan statistik tidak bisa dielakan dalam perencanaan survai. dalam memperkirakan besaran-besaran mengenai populasi, (seperti jumlah, rata-rata), atau juga memperoleh indikasi kasar tentang sebuah besaran populasi. kemudian adalah rancangan sampling, merancang kuesioner, uji coba kuesioner, dan memilih sampel. tergantung pada tujuan survai, rancangan sampel bisa berbeda-beda. rancangan sampel juga juga banyak ditentukan oleh besarnya populasi. jika survai yang dirancang adalah bertujuan untuk melihat populasi secara serius dan melakukan uji statistik maka harus digunakan probability sampling: seperti simple random sampling, stratified sampling, cluster sampling, atau kombinasi dari teknik tersebut. dalam masalah probability sampling setiap unit observasi mempunyai kesempatan yang sama untuk terpilih dalam sampel. metode probability sampling yang paling sederhana adalah simple random sampling dimana sampel dipilih secara acak. pemilihan sampelnya bisa dilakukan dengan memilih nomor unit observasi secara acak dengan menggunakan table angka random. dalam menentukan metode pengambilan sampel, yang akan digunakan dalam suatu penelitian, peneliti juga harus memperhatikan perihal biaya, waktu dan tenggat. jika dari awal peneliti sudah dibatasi tiga hal tesebut, maka peneliti harus berusaha mendapatkan metode pengambilan sampel yang dapat menghasilkan presisi yang tertinggi. perlu menjadi catatan bahwa presisi tidak bisa didapat biaya, waktu dan biaya yang dibatasi.11 perlu juga diperhatikan masalah efisiensi dalam metode pengambilan sampel. menurut taken (1965: 3), metode a dikatakan lebih efisien daripada metode b apabila untuk sejumlah biaya, tenggat waktu yang sama, metode a dapat memberikan tingkat presisi yang lebih tinggi atau presisi yang sama diperlukan biaya, waktu dan tenaga yang relatif lebih efisien.12 menurut ib mantra dan kastro (1986:107), sering timbul pertanyaan, berapa besarnya sampel (sampel size) yang harus diambil untuk mendapatkan data yang representatif. kalangan peneliti tertentu ada yang mengatakan besarnya sampel tidak boleh kurang dari 10%, ada pula yang mengatakan bahwa besarnya sampel minimum 5% dari jumlah satuan-satuan elementer (elemetarary unit) 11soetjiopto wirosardjono, keterangan berupa angka yang diminati satistik bersifar agregat dalam, angka-angka berbicara, (jakarta: lp3es, 2007), h. 219. 12 ida bagoes mantra & kasto dalam masri singarimbun dan soffan effendi, metode penelitian survai, (jakarta: lp3es, 1985), h. 106. dari populasi. ada empat faktor yang harus dipertimbangkan dalam menentukan besarnya sampel dalam suatu penelitian. pertama, derajat keseragaman (degree of homogeneity) dari populasi. semakin seragam populasi itu, makin kecil sampel yang dapat diambil. apabila populasi itu seragam sempurna (completely homogeneous), maka satu satuan elementer saja dari seluruh populasi itu sudah cukup representatif untuk diteliti. sebaliknya apabila populasi itu amat tidak seragam (completely heterogeneous), maka hanya pencacahan lengkaplah yang dapat memberikan gambaran yang reprsentatif. kedua, presisi yang dikehendaki dari penelitian. semakin tinggi tingkat presisi yang dikehendaki, makin besar sampel yang harus diambil. jadi sampel yang benar cenderung memberikan penduga yang lebih mendekati nilai sesungguhnya (true value). pada sensus lengkap, presisi menjadi mutlak karena nilai taksiran sama dengan nilai parameternya. dengan kata lain dapat dikatakan bahwa antara besarnya sampel yang diambil dengan besarannya kesalahan (error) terdapat hubungan hubungan yang negatif. semakin besar sampel yang diambil semakin kecil kesalahan (penyimpangan terhadap nilai populasi) yang didapat. berikut ini diagram yang menjelaskan hubungan antara besarnya sampel dengan besarnya kesalahan: ketiga, rencana analisis. adakalanya besarnya sampel sudah mencukupi sesuai dengan partisi yang dikehendaki, tetapi kalau dikaitkan dengan kebutuhan analisis, maka jumlah sampel disebut kurang mencukupi. misalnya kita ingin menghubungkan tingkat pendidikan responden dengan pilihan bank dalam menabung. misalkan kita membagi tingkat pendidikan responden secara terperinci, misalkan saja sd, smp, dan seterusnya mungkin tidak cukup dengan mengkecil besar kesalahan kecil besar besarnya sampel rizqon halal syah aji: statistik, polling, dan pemahaman metodologi246 ambil 100 responden karena akan terdapat banyak sel-sel matriks yang kosong. begitu juga dengan perhitungan analisis yang menggunakan perhitungan statistika yang rumit. keempat, tenaga, biaya, dan waktu menjadi faktor yang dominan jika kita menginginkan presisi yang tinggi, maka jumlah sampel harus besar. tetapi apabila dana, tenaga, dan waktu yang terbatas, maka tidaklah mungkin untuk mengambil sampel yang besar, dan ini berarti bahwa presisinya akan menurun. walaupun besarnya sampel yang harus diambil dalam suatu penelitian didasarkan pada keempat pertimbangan ini, seorang peneliti harus dapat memperkirakan besarnya sampel yang diambil sehingga presisinya dianggap cukup untuk menjamin tingkat tingkat kebenaran hasil penelitian. perimbangan inilah yang kemudian sampling error harus menjadi pertimbangan yang akurat. uji validitas dan reliabilitas instrumen validitas menurut scarvia b anderson, menyebutkan bahwa “a test is valid if it measure whatit purpose to measure” secara umum dapat diartikan bahwa sebuah tes (instrument) dikatakan valid jika tes tersebut dapat mengukur apa yang hendak diukur.13 dalam aspek validitas atau kesahihan instrumen yang digunakan, setidaknya ada tiga konteks, yaitu validitas penelitian (research validity), validitas soal (item validity), dan validitas alat ukur tes (test validity).14 agar validitas alat ukur menjadi jelas, maka akan dikemukakan terlebih dahulu validitas penelitian dan validitas soal. validitas penelitian mempersoalkan derajat kesesuaian hasil penelitian dengan keadaan yang sebenarnya. seberapa jauh hasil penelitian mencerminkan keadaan yang sebenarnya. validitas penelitian mengandung dua sisi yaitu, validitas internal dan validitas ekaternal. validitas internal mempersoalkan bagaimana kesesuaian antara data hasil penelitian dengan keadaan sebenarnya. validitas internal dapat diperoleh bilamana penggunaan instrumen pengambil data yang memenuhi persyaratan ilmiah tertentu. sedangkan validitas eksternal mempersoalkan derajat kesesuaian antara generalisasi hasil penelitian dengan keadaan yang sebenarnya. untuk menjamin validitas eksternal hasil penelitian harus melalui tahapan penyusunan rancangan sampling yang cermat. validitas soal (item validity) adalah istilah yang mudah menimbulkan kerancuan, mungkin karena namanya yang mudah menimbulkan salah tafsir 13 syarih alhusin, aplikasi statistik praktis dengan menggunakan spss 10 for windows, yogyakarta: graha ilmu, 2003), h. 335. 14 sumadi suryabrata, alat ukur psikologis, (yogyakarta: andi, 2005), h. 40. al-iqtishad: vol. iii, no. 2, juli 2011 247 ambil 100 responden karena akan terdapat banyak sel-sel matriks yang kosong. begitu juga dengan perhitungan analisis yang menggunakan perhitungan statistika yang rumit. keempat, tenaga, biaya, dan waktu menjadi faktor yang dominan jika kita menginginkan presisi yang tinggi, maka jumlah sampel harus besar. tetapi apabila dana, tenaga, dan waktu yang terbatas, maka tidaklah mungkin untuk mengambil sampel yang besar, dan ini berarti bahwa presisinya akan menurun. walaupun besarnya sampel yang harus diambil dalam suatu penelitian didasarkan pada keempat pertimbangan ini, seorang peneliti harus dapat memperkirakan besarnya sampel yang diambil sehingga presisinya dianggap cukup untuk menjamin tingkat tingkat kebenaran hasil penelitian. perimbangan inilah yang kemudian sampling error harus menjadi pertimbangan yang akurat. uji validitas dan reliabilitas instrumen validitas menurut scarvia b anderson, menyebutkan bahwa “a test is valid if it measure whatit purpose to measure” secara umum dapat diartikan bahwa sebuah tes (instrument) dikatakan valid jika tes tersebut dapat mengukur apa yang hendak diukur.13 dalam aspek validitas atau kesahihan instrumen yang digunakan, setidaknya ada tiga konteks, yaitu validitas penelitian (research validity), validitas soal (item validity), dan validitas alat ukur tes (test validity).14 agar validitas alat ukur menjadi jelas, maka akan dikemukakan terlebih dahulu validitas penelitian dan validitas soal. validitas penelitian mempersoalkan derajat kesesuaian hasil penelitian dengan keadaan yang sebenarnya. seberapa jauh hasil penelitian mencerminkan keadaan yang sebenarnya. validitas penelitian mengandung dua sisi yaitu, validitas internal dan validitas ekaternal. validitas internal mempersoalkan bagaimana kesesuaian antara data hasil penelitian dengan keadaan sebenarnya. validitas internal dapat diperoleh bilamana penggunaan instrumen pengambil data yang memenuhi persyaratan ilmiah tertentu. sedangkan validitas eksternal mempersoalkan derajat kesesuaian antara generalisasi hasil penelitian dengan keadaan yang sebenarnya. untuk menjamin validitas eksternal hasil penelitian harus melalui tahapan penyusunan rancangan sampling yang cermat. validitas soal (item validity) adalah istilah yang mudah menimbulkan kerancuan, mungkin karena namanya yang mudah menimbulkan salah tafsir 13 syarih alhusin, aplikasi statistik praktis dengan menggunakan spss 10 for windows, yogyakarta: graha ilmu, 2003), h. 335. 14 sumadi suryabrata, alat ukur psikologis, (yogyakarta: andi, 2005), h. 40. (misleading). validitas soal adalah derajat kesesuaian antara sesuatu kelompok soal dengan perangkat soal lainnya. ukuran validitas soal adalah korelasi antara skor pada soal itu dengan skor pada perangkat soal (item total correlation), hal ini bisa dihitung dengan korelasi biserial. isi validitas soal adalah daya pembeda soal (item discriminating power) bukan validitas tes. jadi tidak bisa seorang peneliti tidak dapat mengkalim bahwa karena telah memiliki kumpulan validitas soal berarti telah memiliki validitas tes. validitas tes atau validitas alat ukur yang sudah klasik adalah seberapa jauh tes itu mengukur apa yang dimaksudkan untuk diukur (validity of test is the extent to which the test measures what it is purposed to measured).15 jadi validitas test pada dasarnya menunjukkan pada derajat fungsi pengukuran suatu tes, atau derajat kecermatan ukurannya sesuatu tes. untuk menguji validitas alat ukur, yaitu seberapa jauh alat ukur itu mengukur apa yang dimaksudkan untuk diukur, secara konvensional orang melihatnya dari tiga arah, yaitu dari arah sisi yang diukur, rekaan teoretis atau contruct atribut yang diukur, dan dari arah kriteria alat ukur. validitas tes terbagi menjadi tiga: validitas isi, validitas kontruksi teoretis, dan validitas berdasarkan kriteria. realibilitas lebih mudah dimengerti dengan memperhatikan tiga aspek alat ukur: kemantapan, ketepatan, dan homogenitas. kemantapan dalam reliabilitas apabila dalam mengukur sesuatu berulang kali, alat ukur tersebut memberikan hasil yang sama, tentu saja dengan syarat bahwa kondisi saat pengukuran tidak berubah. kemantapan ini berarti ‚dapat diandalkan‛ (dependability) dan hasilnya dapat diramalkan (predictability). sedangkan ketepatan pada realibitas menunjukkan apakah ukuran yang diperoleh merupakan ukuran yang benar dari suatu yang ingin diukur. kemudian homogenitas realibilitas di sini bermakna suatu karakteristik dapat diketahui secara mendalam, diperlukan bermacammacam keterangan. salah satu cara untuk meninjaunya dari pelbagai segi. untuk mengetahui tingkat kesukaan nasabah suatu bank syariah bukan hanya sematamata ditanya apakah memiliki rekening pada salah satu bank syariah, namun namun preferensi tersebut timbul karena apa, ideologikah, keyakinankah, kemudahankah atau faktor lainnya. dengan serangkaian pertanyaan yang berusaha mengukur karakteristik nasabah dari pelbagai segi, dapat disusun suatu skala. suatu skala dikatakan reliable apabila pertanyaan-pertanyaan yang merupakan unsur dasarnya mempunyai kaitan yang erat satu sama lain. ciri ini yang dinamakan homogenitas. 15 sumadi suryabrata, alat ukur psikologis, h. 41. rizqon halal syah aji: statistik, polling, dan pemahaman metodologi248 pengukuran reliabilitas mempunyai landasan dalam teori measurement error (salah ukur). secara sederhana dapat dikatakan bahwa mengukur itu tidak lain daripada memberikan angka-angka pada sesuatu berdsarkan aturan-aturan tertentu. angka yang diberikan itu menunjukkan pada kuantitas atribut yang diukur. sebagai contoh bila suatu waktu tidak ada meteran yang standar dan sebagai gantinya disepakati bahwa satu langkah sama panjangnya dengan satu meter, dapatkah dibayangkan bahwa hasil pengukuran akan berbeda, tergantung pada siapa yang melangkah dan bagaimana ia melangkah. selisih atau perbedaan antara hasil pengukuran meteran standar dengan yang diukur dengan langkah tersebut salah ukur atau measurement error. pengukuran panjang dengan menggunakan langkah adalah analogi buat pengukuran-pengukuran dalam ilmu sosial. perbedaannya adalah, hasil pengukuran dengan langkah dapat dicocokan dengan hasil instrumen yang standar sehingga dapat diketahui dengan tepat berapa besarnya salah ukur. dalam penelitian sosial, hasil pengukuran banyak variabel dengan suatu instrumen tertentu tidak dapat dibandingkan dengan hasil pengukuran instrumen yang standar. persoalannya, instrumen yang standar (dalam pengertian ukuran fisik seperti meteran) sesungguhnya sering tidak ada. oleh karena itu, reliabilitas menjadi masalah yang penting.16 berbeda dengan variabel-variabel ekonomi, suatu standar seringkali ada, tetapi keterangan yang lengkap mengenai standar tersebut sulit diperoleh. pendapatan adalah suatu ukuran yang mungkin dianggap tepat untuk menilai kekayaan atau status ekonomi. namun demikian, karena diperlukan waktu yang lama untuk memperoleh data mengenai pendapatan, banyak peneliti mencari satu ukuran yang menggambarkan status ekonomi dengan lebih mudah. misalkan kepada responden ditanyakan apakah dia memiliki beberapa barang berharga (rumah, radio, mobil), dan masing-masing barang diberi skor untuk menilai status ekonomi sosial seseorang. dalam kasus ini, salah ukur terjadi jika urutan seorang responden untuk skor indeks pemilikan berbeda dengan urutannya untuk angka pendapatan. reliabilitas alat ukur menunjukkan seberapa jauh hasil pengukuran dengan alat tersebut dapat dipercaya. hal ini menunjukkan derajat konsistensi skor yang diperoleh oleh subjek yang diukur dengan alat-alat yang sama, atau diukur dengan alat yang setara pada kondisi yang berbeda. sehingga dapat dimaknai secara tegas reliabilitas adalah berkaitan dengan masalah adanya kepercayaan 16 peter hagul, reliablitas dan validitas dalam metode penelitian survai, (jakarta: lp3es, 1986), h. 90. al-iqtishad: vol. iii, no. 2, juli 2011 249 pengukuran reliabilitas mempunyai landasan dalam teori measurement error (salah ukur). secara sederhana dapat dikatakan bahwa mengukur itu tidak lain daripada memberikan angka-angka pada sesuatu berdsarkan aturan-aturan tertentu. angka yang diberikan itu menunjukkan pada kuantitas atribut yang diukur. sebagai contoh bila suatu waktu tidak ada meteran yang standar dan sebagai gantinya disepakati bahwa satu langkah sama panjangnya dengan satu meter, dapatkah dibayangkan bahwa hasil pengukuran akan berbeda, tergantung pada siapa yang melangkah dan bagaimana ia melangkah. selisih atau perbedaan antara hasil pengukuran meteran standar dengan yang diukur dengan langkah tersebut salah ukur atau measurement error. pengukuran panjang dengan menggunakan langkah adalah analogi buat pengukuran-pengukuran dalam ilmu sosial. perbedaannya adalah, hasil pengukuran dengan langkah dapat dicocokan dengan hasil instrumen yang standar sehingga dapat diketahui dengan tepat berapa besarnya salah ukur. dalam penelitian sosial, hasil pengukuran banyak variabel dengan suatu instrumen tertentu tidak dapat dibandingkan dengan hasil pengukuran instrumen yang standar. persoalannya, instrumen yang standar (dalam pengertian ukuran fisik seperti meteran) sesungguhnya sering tidak ada. oleh karena itu, reliabilitas menjadi masalah yang penting.16 berbeda dengan variabel-variabel ekonomi, suatu standar seringkali ada, tetapi keterangan yang lengkap mengenai standar tersebut sulit diperoleh. pendapatan adalah suatu ukuran yang mungkin dianggap tepat untuk menilai kekayaan atau status ekonomi. namun demikian, karena diperlukan waktu yang lama untuk memperoleh data mengenai pendapatan, banyak peneliti mencari satu ukuran yang menggambarkan status ekonomi dengan lebih mudah. misalkan kepada responden ditanyakan apakah dia memiliki beberapa barang berharga (rumah, radio, mobil), dan masing-masing barang diberi skor untuk menilai status ekonomi sosial seseorang. dalam kasus ini, salah ukur terjadi jika urutan seorang responden untuk skor indeks pemilikan berbeda dengan urutannya untuk angka pendapatan. reliabilitas alat ukur menunjukkan seberapa jauh hasil pengukuran dengan alat tersebut dapat dipercaya. hal ini menunjukkan derajat konsistensi skor yang diperoleh oleh subjek yang diukur dengan alat-alat yang sama, atau diukur dengan alat yang setara pada kondisi yang berbeda. sehingga dapat dimaknai secara tegas reliabilitas adalah berkaitan dengan masalah adanya kepercayaan 16 peter hagul, reliablitas dan validitas dalam metode penelitian survai, (jakarta: lp3es, 1986), h. 90. terhadap alat tes (instrumen). suatu instrumen dapat memiliki tingkat kepercayaan yang tinggi jika hasil dari pengujian tes/intrumen tersebut menunjukkan hasil yang tetap. dengan demikian, masalah reliabilitas tes/intrumen berhubungan dengan masalah ketetapan hasil. maka jika terjadi perubahan hasil test/ instrumen, namun perubahan tersebut tidak berarti. statistik dan penelitian ekonomi islam ekonomi konvensional mendefinisikan bahwa ilmu ekonomi lahir dari adanya tujuan untuk mengalokasikan dan menggunakan sumber daya yang langka. karena sumber daya yang terbatas, maka perlu memproduksi barang dan jasa juga terbatas. salah satu asumsi yang digunakan oleh ekonom konvensional adalah adanya keinginan manusia yang tidak terbatas. dalam perekonomian pasar (tidak adanya intervensi pemerintah dalam mengendalikan kegiatan ekonomi), permasalahan kalangan dan tidak terbatasnya keinginan diserahkan pada mekanisme harga. bagaimana dengan ekonomi dalam ekonomi islam? beberapa ekonom islam dari kalangan muslim mencoba memberikan pemikiran yang menyatakan bahwa permasalahan ekonomi tidaklah linier seperti apa yang didefinisikan oleh ekonom konvensional. para ekonom muslim menyatakan, tidak selamanya benar bahwa kelangkaan menjadi sebab utama dari permasalahan ekonomi dan ketidakterbatasan keinginan manusia terhadap kebutuhan barang dan jasa masih menjadi perdebatan. walau demikian, dalam literatur ekonomi islam ditemukan beberapa mazhab yang diberikan definisi yang berbeda tentang permasalahan ekonomi tersebut. namun ekonomi konvensional maupun ekonomi islam, keduanya membutuhkan ilmu statistik. statistik sebagai tools dibutuhkan oleh setiap ilmu yang ‚berkeinginan‛ meneliti secara kuantitatif. ilmu ekonomi islam yang baru berkembang di indonesia butuh banyak penelitian, apakah ilmu ini benar-benar sudah bisa diterima oleh masyarakat atau belum. hal ini penting bagi ekonomi islam, apakah gejala sosial di indonesia sudah mendukung gagasan ini. sebagai bagian dari ilmu sosial, ekonomi islam perlu mencari hubunganhubungan antar fenomena sosial, karena dengan ini dapat melihat hubungan antar fenomena sosial. sebagai bagian dari berpikir ilmiah tentang survai, penelitian atau survai ekonomi islam harus didasari konsep, proposisi, teori, variable, hipotesis, dan definisi opersional. menurut al-ghazâlî, pangkal tolak sepajang karya-karyanya adalah konsep mashlahah, atau kesejahteraan sosial atau utilitas (kebaikan bersama), sebuah konsep yang mencakup semua urusan manusia, baik urusan ekonomi maupun urusan lainnya, dan yang membuat kaitan yang erat antara individu dengan rizqon halal syah aji: statistik, polling, dan pemahaman metodologi250 masyarakat. al-ghazâlî telah menemukan sebuah konsep fungsi kesejahteraan sosial yang sulit diruntuhkan dan yang telah dirindukan oleh ekonom-ekonom modern.17 gejala ini mengindikasikan bahwa ukuran-ukuran kesejahteraan manusia, harus senantiasa diukur. konsep pengukuran pada penelitian jelas adalah fungsi utama dari penelitian survai. maka dengan itu ekonomi islam tidak bisa lepas dari bagaimana menggunakan tools statistik dalam upaya melakukan penelitian survai untuk melihat ukuran-ukuran kesejahteraan manusia yang secara ideal diharapkan. masalah pada penelitian survai ekonomi islami pertama, masalah non-teknis. penelitian survai yang sering dilakukan oleh lembaga penelitian maupun perorangan penuh dengan problematik. terlebih ketika survai dilakukan berskala nasional. pemilihan sampel yang terpencar di banyak pelosok indonesia, akan terasa tantangan geografisnya. tidak jarang sampel jatuh di daerah terpencil yang sulit terjangkau. jika penelitian survai menggunakan metode pengumpulan data lewat interview atau tatap muka langsung, maka selalu ada masalah yang harus peneliti hadapi. masalah yang dihadapi meliputi latar belakang responden, hubungan sosial antara pewawancara dengan responden dan masalah sosial lainnya. hal ini dinamakan non-sampling error. salah satu kunci keberhasilan survai adalah pewawancara. sehingga garis tanggung jawab kepada pewawancara didasarkan terhadap hubungan yang baik antara pewawancara dengan responden. penampilan dan pengalaman pewawancara sangat penting. dalam beberapa hal pewawancara dituntut untuk berkomunikasi dengan baik dalam bahasa yang dimengerti oleh responden. ketidakmampuan responden memberikan jawaban sebuah pertanyaan seringkali juga teratasi karena pendekatan dan pengalaman pewawancara. isu ekonomi islam terkadang sensitif di kalangan masyarakat tertentu. pengalaman pewawancara akan lebih membantu dalam mengorek jawaban responden. kondisi lapangan yang sering terjadi, terkadang responden lebih mudah mengatakan ‚tidak tahu‛. kedua, masalah teknis wawancara. wawancara adalah suatu hal yang sangat penting dalam penelitian survai. tanpa wawancara peneliti akan kehilangan informasi yang hanya dapat diperolehdengan jalan bertanya langsung kepada responden. data semacam itu merupakan tulang punggung sutu penelitian survai. wawancara yang merupakan suatu proses interaksi dan komunikasi 17 adiwarman a. karim, ekonomi mikro islam, (jakarta: rajagrafindo persama, 2007), h. 62. al-iqtishad: vol. iii, no. 2, juli 2011 251 masyarakat. al-ghazâlî telah menemukan sebuah konsep fungsi kesejahteraan sosial yang sulit diruntuhkan dan yang telah dirindukan oleh ekonom-ekonom modern.17 gejala ini mengindikasikan bahwa ukuran-ukuran kesejahteraan manusia, harus senantiasa diukur. konsep pengukuran pada penelitian jelas adalah fungsi utama dari penelitian survai. maka dengan itu ekonomi islam tidak bisa lepas dari bagaimana menggunakan tools statistik dalam upaya melakukan penelitian survai untuk melihat ukuran-ukuran kesejahteraan manusia yang secara ideal diharapkan. masalah pada penelitian survai ekonomi islami pertama, masalah non-teknis. penelitian survai yang sering dilakukan oleh lembaga penelitian maupun perorangan penuh dengan problematik. terlebih ketika survai dilakukan berskala nasional. pemilihan sampel yang terpencar di banyak pelosok indonesia, akan terasa tantangan geografisnya. tidak jarang sampel jatuh di daerah terpencil yang sulit terjangkau. jika penelitian survai menggunakan metode pengumpulan data lewat interview atau tatap muka langsung, maka selalu ada masalah yang harus peneliti hadapi. masalah yang dihadapi meliputi latar belakang responden, hubungan sosial antara pewawancara dengan responden dan masalah sosial lainnya. hal ini dinamakan non-sampling error. salah satu kunci keberhasilan survai adalah pewawancara. sehingga garis tanggung jawab kepada pewawancara didasarkan terhadap hubungan yang baik antara pewawancara dengan responden. penampilan dan pengalaman pewawancara sangat penting. dalam beberapa hal pewawancara dituntut untuk berkomunikasi dengan baik dalam bahasa yang dimengerti oleh responden. ketidakmampuan responden memberikan jawaban sebuah pertanyaan seringkali juga teratasi karena pendekatan dan pengalaman pewawancara. isu ekonomi islam terkadang sensitif di kalangan masyarakat tertentu. pengalaman pewawancara akan lebih membantu dalam mengorek jawaban responden. kondisi lapangan yang sering terjadi, terkadang responden lebih mudah mengatakan ‚tidak tahu‛. kedua, masalah teknis wawancara. wawancara adalah suatu hal yang sangat penting dalam penelitian survai. tanpa wawancara peneliti akan kehilangan informasi yang hanya dapat diperolehdengan jalan bertanya langsung kepada responden. data semacam itu merupakan tulang punggung sutu penelitian survai. wawancara yang merupakan suatu proses interaksi dan komunikasi 17 adiwarman a. karim, ekonomi mikro islam, (jakarta: rajagrafindo persama, 2007), h. 62. yang melibatkan beberapa faktor, yaitu: pewawancara, responden, topik penelitian yang tertuang dalam pertanyaan dan situasi wawancara. dalam wawancara isi atau kalimat perkalimat tidak boleh mengandung multi interpretasi dari responden. terlebih jika banyak istilah-istilah yang kurang familier seperti halnya pada ekonomi islam. berikut ini faktor-faktor yang memengaruhi komunikasi dalam wawancara dalam bagan h berikut ini: bagan h faktor-faktor yang memengaruhi wawancara18 pada bagan di atas dilukiskan bahwa pewawancara dan responden masing-masing memiliki karakter sosial. perbedaan karakter sosial semisal ras tertentu dapat menghambat kelancaran proses wawancara khususnya pada penelitian ekonomi islam. misalnya pewawancaranya adalah beragama islam yang paham terhadap seluk belum ekonomi islam, mungkin kurang nyaman dalam lingkungan responden yang berasal dari agama berbeda. dalam praktek, hal ini penting diperhatikan. keadaan ini dapat diatasi melalui pemilihan wawancara yang tepat, dan penyelenggaraan latihan dan bimbingan yang direncanakan dengan baik hal ini juga menyangkut sampling error. 18 sumber: warwick, donald p. and lininger, charles a, ‚the sample survai: theory and practic‛, dalam irawati singarimbun, teknik wawancara, (jakarta: lp3es, 1985), h. 146. situasi wawancara waktu tempat kehadiran orang ketiga sikap masyarakat pewawancara karakteristik social keterampilan mewawancarai motivasi rasa aman responden karakteristik social kemampuan menangkap pertanyaan kemampuan untuk menjawab pertanyaan isi kuesioner peka untuk ditanyakan sukar ditanyakan tingkat minat sumber kekhawatiran rizqon halal syah aji: statistik, polling, dan pemahaman metodologi252 topik penelitian atau daftar pertanyaan dapat pula memengaruhi kelancaran dan hasil wawancara, karena kesediaan responden untuk menjawab tergantung pada apakah ia tertarik pada masalah itu dan apakah topik tersebut dalam penilainnya peka atau tidak peka. daftar pertanyaan tidak hanya memengaruhi responden melainkan juga pewawancara. adakalanya bagian tertentu dari daftar pertanyaan sulit untuk disampaikan ataupun sangat peka untuk ditanyakan. pertanyaan yang peka menyebabkan pewawancara merasa berat untuk mengajukannya, terutama bila dia kurang mendapat pelatihan yang baik. penutup statistik bertugas untuk membantu menelaah ilmu pengetahuan lain dalam menangani keterangan kuantitatif atau keterangan dapat diukur dan dinyatakan dalam angka. statistik sendiri hanya berminat pada ukuran angka-angka agregatif, secara kelompok. statistik tidak meminati dan tidak memiliki kepentingan keilmuan apa-apa terhadap satu persatu nilai ukuran. dalam melihat hamparan nilai yang banyak itu, statistik meminati untuk memahami keragamannya, pola umum penyebarannya, meringkas fakta yang banyak bertebaran dalam kumpulan data agregatif itu dengan mengembangkan ukuran pemusatan, keragaman, serta meringkas dan memudahkan telaah keterangan berupa angka yang banyak itu. ini dapat dikerjakan dengan mengelompokan, menabelkan, menggambarkan, dan menghubung-hubungkannya. inilah bidang statistik yang disebut statistik penyajian. di samping itu, statistik juga berkepentingan dengan tata cara pengukuran sehingga angka yang dihasilkan itu objektif, konsisten, valid dan akurat. dalam statistik, masing-masing atribut untuk data statistik yang baru disebutkan mempunyai konotasi yang unik khas, tertentu dan rigid pengertiannya. statistik sendiri berkembang sebagai cabang ilmu matematika terapan karena satu alasan, yaitu dalam mempertanggungjawabkan, keterangannya yang berupa angka, statistika menggunakan logika matematika. khususnya cabang ilmu probabilitas. ini tercermin dari cara statistikawan melakukan penyimpulan atau inference atas pengukuran yang hanya mendasarkan pada contoh saja untuk dipakai sebagai pendekatan atau taksiran mengenai keadaan populasi secara keseluruhan, yang dalam praktik memang tak pernah diukur semuanya, sehingga nilai kebenaran dari yang ditaksir itu tidak diketahui. statistik harus bias menyajikan seberapa dekat nilai hasil penaksiran dengan nilai sesungguhnya. berapa derajat validitasnya dan lain sebagainya. berhubungan dengan kegiatan survai mempunyai banyak tahapan yang harus dilalui, sedang kecermatan persiapan dan penanganan setiap tahapan teral-iqtishad: vol. iii, no. 2, juli 2011 253 topik penelitian atau daftar pertanyaan dapat pula memengaruhi kelancaran dan hasil wawancara, karena kesediaan responden untuk menjawab tergantung pada apakah ia tertarik pada masalah itu dan apakah topik tersebut dalam penilainnya peka atau tidak peka. daftar pertanyaan tidak hanya memengaruhi responden melainkan juga pewawancara. adakalanya bagian tertentu dari daftar pertanyaan sulit untuk disampaikan ataupun sangat peka untuk ditanyakan. pertanyaan yang peka menyebabkan pewawancara merasa berat untuk mengajukannya, terutama bila dia kurang mendapat pelatihan yang baik. penutup statistik bertugas untuk membantu menelaah ilmu pengetahuan lain dalam menangani keterangan kuantitatif atau keterangan dapat diukur dan dinyatakan dalam angka. statistik sendiri hanya berminat pada ukuran angka-angka agregatif, secara kelompok. statistik tidak meminati dan tidak memiliki kepentingan keilmuan apa-apa terhadap satu persatu nilai ukuran. dalam melihat hamparan nilai yang banyak itu, statistik meminati untuk memahami keragamannya, pola umum penyebarannya, meringkas fakta yang banyak bertebaran dalam kumpulan data agregatif itu dengan mengembangkan ukuran pemusatan, keragaman, serta meringkas dan memudahkan telaah keterangan berupa angka yang banyak itu. ini dapat dikerjakan dengan mengelompokan, menabelkan, menggambarkan, dan menghubung-hubungkannya. inilah bidang statistik yang disebut statistik penyajian. di samping itu, statistik juga berkepentingan dengan tata cara pengukuran sehingga angka yang dihasilkan itu objektif, konsisten, valid dan akurat. dalam statistik, masing-masing atribut untuk data statistik yang baru disebutkan mempunyai konotasi yang unik khas, tertentu dan rigid pengertiannya. statistik sendiri berkembang sebagai cabang ilmu matematika terapan karena satu alasan, yaitu dalam mempertanggungjawabkan, keterangannya yang berupa angka, statistika menggunakan logika matematika. khususnya cabang ilmu probabilitas. ini tercermin dari cara statistikawan melakukan penyimpulan atau inference atas pengukuran yang hanya mendasarkan pada contoh saja untuk dipakai sebagai pendekatan atau taksiran mengenai keadaan populasi secara keseluruhan, yang dalam praktik memang tak pernah diukur semuanya, sehingga nilai kebenaran dari yang ditaksir itu tidak diketahui. statistik harus bias menyajikan seberapa dekat nilai hasil penaksiran dengan nilai sesungguhnya. berapa derajat validitasnya dan lain sebagainya. berhubungan dengan kegiatan survai mempunyai banyak tahapan yang harus dilalui, sedang kecermatan persiapan dan penanganan setiap tahapan tersebut banyak memengaruhi keberhasilan survai. oleh karenanya pengalaman, kecermatan, dan penanganan pelbagai masalah baik dalam tahapan persiapan maupun pelaksanaan sangat berperan. rancangan survai sangat ditentukan oleh pengetahuan tentang populasi, besarnya populasi, serta biaya. jadi sampling error, walaupun bisa diestimasi dan ditekan, banyak ditentukan oleh ketiga hal tersebut. non-sampling error merupakan error yang terkait dengan setiap tahapan survai, dan tidak mudah penanganannya. namun demikian, dengan mempelajari beberapa aspek utamanya., banyak non-sampling error sebenarnya bisa ditekan. sumber penting dalam error jenis ini adalah ketidakcermatan peneliti menjabarkan konsep-konsep yang ia pegang dalam kuesioner. pengkalimatan pertanyaanpertanyaan juga banyak memengaruhi hasil survai. masalah yang tidak kalah penting adalah menstrasfer apa yang dikehendaki atau hal yang dimaksud responden, sehingga responden bisa memberikan apa yang sebenarnya dikehendaki peneliti. [] pustaka acuan alhusin, syahri, aplikasi statistik praktis dengan menggunakan spss 10 for windows, yogyakarta: graha ilmu, 2003. brannen, julia, memandu metode penelitian: kualitatif dan kuantitatif, yogyakarta: pustaka pelajar, 2007. creswell, john w., research desaign, jakarta: kik press, 2002. dhakidae, daniel, dalam seminar ‛sosial will, political demand, and public opinion political economy of indonesia social research‛, lp3es, 31 desember 1993 di jakarta. dhakidae, daniel, dalam seminar ‛tantangan jiwa dan badan rancangan undang-undang statistik‛, lp3es, oktober 1996 di jakarta. dumais, rita, dalam seminar ‚metodologi dan teknik pemasaran dan penerapannya di indonesia‛, lp3es, 31 desember 1993 di jakarta. erikson, robert s. & tedin, kent l., american public opinion, its origin, content and impact, allyn and bacon, massachuset, 1995. karim, adiwarman a., ekonomi mikro islami, jakarta: raja grfindo persada, 2007. lubis, t. mulya, dalam seminar ‛ruu statistik dalam perspektif politics of regulation‛, lp3es, 15 oktober 1996 di jakarta. muntohar, dalam seminar ‛sebuah pandangan praktis‛, lp3es, oktober 1996 di jakarta. rizqon halal syah aji: statistik, polling, dan pemahaman metodologi254 singarimbun, masri, & efendi, sofian, metode penelitia survai, jakarta: lp3es, 1986. sholeh, achmad zanbar, ilmu statistika, bandung: rekayasa sains, 2005. suryabrata, sumadi, alat ukur psikologis, yogyakarta: andi, 2005. sutanto, r.b. agus, dalam seminar ‚metodologi dan teknik penelitian survai: beberapa masalah dalam penerapan dan upaya mengatasinnya, lp3es, 31 desember 1993 di jakarta. tjondronegoro, sediono, dalam seminar ‚komentar atas ruu tentang statistik‛, lp3es, oktober 1996 di jakarta. wahid, abdurahman, dalam seminar ‚politik dan pengumpulan pendapat umum‛, lp3es, 31 desember 1993 di jakarta. wirosardjono, soetjipto, angka-angka berbicara, perbincangan tentang statistik di indonesia, jakarta: lp3es, 2007. seperti jii dalam pasar modal nasional, sehingga pasar modal syariah dapat memberikan kontribusi yang signifikan dalam perkembangan dan pertumbuhan ekonomi, khususnya dalam sektor keuangan. [] pustaka acuan achsein, i.h., investasi syariah di pasar modal: menggagas konsep dan praktek manajemen portfolio syariah. jakarta: pt gramedia pustaka utama, 2000. baroroh, utami, analisis pola dampak dinamis return saham akibat guncangan (shock) pada variabel makro ekonomi indonesia, jakarta: jurnal esensi vol 2 feb uin, 2011. huda, n & nasution, m.e., investasi pada pasar modal syariah, jakarta: kencana prenada n media group, 2008. humpe, andreas & macmilllan, peter, can macroeconomic variabels explain long term stock market movements? a comparison of the us and japan, cdma working paper no. 07/20. university of saint andrews, 2007. karim, a., ekonomi makro islami, jakarta: rajawali pers, 2007. mannan, m.a., understanding islamic finance: a study of the security market in an islamic framework, research paper, jeddah: islamic research and training institute of idb, 1993. manurung, adler haymans, pengaruh variabel makro, investor asing, bursa yang telah maju terhadap indeks bej, jakarta: tesis program pascasarjana ilmu ekonomi universitas indonesia, 1996. metwally, teori dan praktik ekonomi islam, jakarta: bangkita daya insani, 1995. muslich, m., manajemen risiko operasional, teori dan praktik, jakarta: pt. bumi aksara, 2007. nachrowi, n.d & usman, h., pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan, jakarta: lembaga penerbit fakultas ekonomi universitas indonesia, 2006. nasution, mustafa edwin dan usman, hardius, proses penelitian kuantitatif, jakarta: lp-feu, 2007. rivai, veitzhal, islamic financial management, jakarta: ghalia indonesia, 2010. sudarsono, h., bank dan lembaga keuangan syariah: deskripsi dan ilustrasi, yogyakarta: ekonisia kampus fe uii, 2003. tandelilin, e., analisis investasi & manajemen portofolio, yogyakarta: bpfe, 2001. pengaruh dan implikasi sistem rekrutmen keagenan terhadap kinerja sdm pada ajb bumiputera 1912 syariah riris agustya abstract: influence and implication of agency recruitment system on the performance of human recourses in sharia ajb bumiputera 1912. this study aimed to analyze the influence of the agency recruitment system and its implications for human resources performance on ajb bumiputera 1912 sharia. this analysis use descriptive quantitative method with simple regression calculation. the analysis results show that there is a significant influence between agency recruitment systems with human performance in ajb bumiputera 1912 syariah jakarta regional office. implications of the requirements that contained inagency recruitment system were also seen in human performance that is outside the employee's official now. keywords: recruitment system, agency, human resources abstrak: pengaruh dan implikasi sistem rekrutmen keagenan terhadap kinerja sdm pada ajb bumiputera 1912 syariah. penelitian ini bertujuan untuk menganalisis pengaruh sistem rekrutmen keagenan dan implikasinya terhadap kinerja sumberdaya manusia pada ajb bumiputera 1912 syariah. analisis ini menggunakan metode kuantitatif deskriptif dengan perhitungan regresi sederhana. hasil analisis menunjukkan bahwa terdapat pengaruh antara sistem rekrutmen keagenan terhadap kinerja sdm di ajb bumiputera 1912 syariah kanwil jakarta. implikasi dari persyaratan-persyaratan yang terdapat pada sistem rekrutmen keagenan juga terlihat dalam kinerja sdm yang merupakan karyawan dinas luar pada saat sekarang. kata kunci: sistem rekrutmen, keagenan, sumber daya manusia naskah diterima: 13 november 2011, direvisi: 4 mei 2012, disetujui: 10 mei 2012.  dpp ikatan ahli ekonomi islam indonesia (iaei). jl. dr. wahidin 1, senen raya, jakarta pusat. e-mail: ririsagustya89@gmail.com riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 272 pendahuluan perkembangan institusi keuangan syariah dapat terlihat berdasarkan data cibafi terdapat 284 islamic financial institutions (ifis) yang beroperasi di 38 negara dengan volume usaha +usd 178.5 miliar. jumlah ini belum termasuk islamic window operations dari conventional banks, yang volume usahanya diestimasi +usd 200 miliar, serta non-banking financial institutions, takâful atau asuransi dan volume usaha keuangan syariah di capital market.1 khusus untuk asuransi syariah berpeluang tumbuh 15% karena banyak operator asuransi syariah di indonesia yang akan meluncurkan produk dan layanan baru bagi nasabah dan juga calon nasabah.2 jalur distribusi produk asuransi syariah di indonesia memiliki peluang pasar besar dan prospek yang cukup baik. data pada tabel 1 menunjukkan gross premium life insurance dan general sharia insurance meningkat dari 0,97% menjadi 1,13% untuk sharia life insurance business dan untuk sharia general insurance business meningkat dari 1,21% menjadi 1,58%. untuk menangkap kesempatan tersebut segi sumber daya manusia lembaga keuangan khususnya asuransi syariah harus mumpuni dalam hal yang berkaitan dengan peningkatan kinerja lembaga keuangan terkait untuk pelbagai aspek sdm asuransi syariah seperti aktuaris, underwriter, agen, dan lainnya. tabel 1: pangsa pasar asuransi syariah (2006 -2007) no category number of policy gross premium claim total assets 2006 2007 2006 2007 2006 2007 2006 2007 1 total life insurance bussniess 32.148 32.274 29.148 45.070 15.167 19.477 70.926 102.137 shariah life insurance business 3.165 2.814 282 511 100 195 614 1.020 percentage of shariah life insurance business 9.85% 8,72% 0,97% 1.13% 0.66% 1.00% 0.877% 1.00% 1presentasi seminar bulanan. islamic finance: a global view: the 10 years masterplan of international ifsi, 2007. (masyarakat ekonomi syariah (mes) :jakarta. 2009) h. 4. 2 kiswanti soeryoko. industri asuransi syariah berpeluang tumbuh 15%. (sharing: jakarta. 2011) h. 29. al-iqtishad: vol. iv, no. 2, juli 2012 273 pendahuluan perkembangan institusi keuangan syariah dapat terlihat berdasarkan data cibafi terdapat 284 islamic financial institutions (ifis) yang beroperasi di 38 negara dengan volume usaha +usd 178.5 miliar. jumlah ini belum termasuk islamic window operations dari conventional banks, yang volume usahanya diestimasi +usd 200 miliar, serta non-banking financial institutions, takâful atau asuransi dan volume usaha keuangan syariah di capital market.1 khusus untuk asuransi syariah berpeluang tumbuh 15% karena banyak operator asuransi syariah di indonesia yang akan meluncurkan produk dan layanan baru bagi nasabah dan juga calon nasabah.2 jalur distribusi produk asuransi syariah di indonesia memiliki peluang pasar besar dan prospek yang cukup baik. data pada tabel 1 menunjukkan gross premium life insurance dan general sharia insurance meningkat dari 0,97% menjadi 1,13% untuk sharia life insurance business dan untuk sharia general insurance business meningkat dari 1,21% menjadi 1,58%. untuk menangkap kesempatan tersebut segi sumber daya manusia lembaga keuangan khususnya asuransi syariah harus mumpuni dalam hal yang berkaitan dengan peningkatan kinerja lembaga keuangan terkait untuk pelbagai aspek sdm asuransi syariah seperti aktuaris, underwriter, agen, dan lainnya. tabel 1: pangsa pasar asuransi syariah (2006 -2007) no category number of policy gross premium claim total assets 2006 2007 2006 2007 2006 2007 2006 2007 1 total life insurance bussniess 32.148 32.274 29.148 45.070 15.167 19.477 70.926 102.137 shariah life insurance business 3.165 2.814 282 511 100 195 614 1.020 percentage of shariah life insurance business 9.85% 8,72% 0,97% 1.13% 0.66% 1.00% 0.877% 1.00% 1presentasi seminar bulanan. islamic finance: a global view: the 10 years masterplan of international ifsi, 2007. (masyarakat ekonomi syariah (mes) :jakarta. 2009) h. 4. 2 kiswanti soeryoko. industri asuransi syariah berpeluang tumbuh 15%. (sharing: jakarta. 2011) h. 29. ii total non-life insurance business 17.918 18.618 8.603 9.372 24.379 29.297 sharia general insurance business 216.85 294.18 88.48 118.40 336.05 491.61 persentace of sharia general insurance business 0.00% 0.00% 1.21% 1.58% 1.03% 1.26% 1.38% 1.68% sumber: seminar pengembangan sdm asuransi syariah uin jkt. namun faktanya di indonesia, tidak mudah mencari dan memilih sumber daya (sdm) tepat yang memenuhi kualifikasi dan standar sdm ekonomi syariah. dalam sebuah data disebutkan bahwa institusi keuangan syariah masih didominasi oleh sdm yang berasal dari bank konvesional. padahal dalam perbankan syariah, sdm secara signifikan terbukti berpengaruh terhadap inovasi produk di perbankan syariah secara langsung yaitu sebesar 0,349 persen3. semakin tinggi keahlian/pengetahuan, pengalaman, inisiatif/cara kerja, dan kreativitas serta semakin sering pelatihan yang diperoleh sdm bank syariah, akan menyebabkan semakin tingginya inovasi produk pada perbankan syariah tersebut, hal itu bisa juga dialami lembaga keuangan asuransi syariah4. sehingga yang perlu menjadi perhatian dari manajemen tidak hanya masalah bagaimana mengemas produk asuransi syariah, tetapi juga administrasi dan sdm yang akan mengelolanya karena sdm merupakan faktor utama dalam berproduksi. banyak pemikiran yang menyatakan bahwa tenaga kerja (sdm) merupakan satu-satunya faktor produksi. tenaga kerja telah mengubah pelbagai input menjadi output, yang mana output tersebut pada akhirnya akan menjadi input dari proses produksi barang yang lain, demikian seterusnya5. hal itu membuat pelbagai perusahaan asuransi syariah terus membenahi sistem kinerja perusahaan di perusahaan mereka masing-masing. salah satunya ajb bumiputera 1912 ditandai dengan diangkatnya sugiharto menteri negara bumn sebagai anggota 3 henny indriati, faktor-faktor yang mempengaruhi inovasi produk di perbankan syariah indonesia, (dalam bahan-bahan terpilih dan hasil-hasll riset terbaik, (bandung: frps iv bank indonesia, 2011), h. 287. 4 henny indriati, faktor-faktor yang mempengaruhi inovasi produk di perbankan syariah indonesia, h. 287 5pusat pengkajian dan pengembangan ekonomi islam, ekonomi islam, (jakarta: rajawali press, 2009). h. 42. riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 274 baru bpa asuransi bumiputera mewakili wilayah dki jakarta6. ajb bumiputera 1912 syariah, seiring dengan perkembangannya telah membawa dampak pada persaingan di antara pelaku bisnis asuransi dengan pengembangan usaha pada tahun 2011 mencapai rp 5,5 triliun dan rata-rata karyawan yang terdapat di ajb bumiputera 1912 syariah mengawali karier mereka dari agen, yang merupakan keunikan dan keunggulan dari sisi agen di ajb bumiputera 19127. metodologi dalam penelitian ini penulis menggunakan jenis penelitian evaluasi8, dengan menggunakan desain penelitian kuantitatif deskriptif9. dalam penelitian ini terdapat dua sumber data yaitu sumber data primer berupa agen yang telah menjadi karyawan ajb bumi putera 1912 syariah di kantor wilayah jakarta selatan dan sekunder berasal dari peneliti-peneliti sebelumnya. metode pengumpulan data yang digunakan dalam penulisan ini adalah studi kepustakaan (library research), wawancara (interview), yaitu wawancara terstruktur dan tidak terstruktur, yaitu dengan mengajukan pertanyaan-pertanyaan saat melakukan pelatihan agen dan bertemu secara tidak langsung. instrumen utama yang digunakan dalam penelitian ini adalah kuesioner, dengan menggunakan skala likert 1-5 untuk memperoleh data yang bersifat ordinal dan diberi skor sebagai berikut: (1) sangat tidak setuju, (2) tidak setuju, (3) kurang setuju, (4) setuju dan (5) sangat setuju. variabel dan indikator dalam penelitian ini mencakup variabel independen dan dependen. hubungan variabel yang terdapat pada penelitian ini adalah hubungan simetris sebagai berikut: tabel 3: variabel dependent dan independent y x kinerja dm rekrutmen keagenan dependent independent 6 http://www.republika.co.id/berita/breaking-news/nasional/09/12/14/95690-sugiarto-terpilihsebagai-bpa-ajb-bumiputera, diakses pada 12 mei 2012. 7gayatri suroyo, ajb bumiputera bersiap lakukan transformasi, (jakarta: media indonesia corporate news, 2012), h. 19. 8 wirawan, evaluasi teori model standar aplikasi dan profesi contoh aplikasi evaluasi program: pengembangan sumber daya manusia program nasional pemberdayaan masyarakat (pnpm), mandiri pedesaan, kurikulum, perpustakaan dan buku teks, (jakarta: rajawali pers, 2011), h. 147. 9 wirawan, evaluasi teori model standar aplikasi dan profesi contoh aplikasi evaluasi program, h. 152. al-iqtishad: vol. iv, no. 2, juli 2012 275 baru bpa asuransi bumiputera mewakili wilayah dki jakarta6. ajb bumiputera 1912 syariah, seiring dengan perkembangannya telah membawa dampak pada persaingan di antara pelaku bisnis asuransi dengan pengembangan usaha pada tahun 2011 mencapai rp 5,5 triliun dan rata-rata karyawan yang terdapat di ajb bumiputera 1912 syariah mengawali karier mereka dari agen, yang merupakan keunikan dan keunggulan dari sisi agen di ajb bumiputera 19127. metodologi dalam penelitian ini penulis menggunakan jenis penelitian evaluasi8, dengan menggunakan desain penelitian kuantitatif deskriptif9. dalam penelitian ini terdapat dua sumber data yaitu sumber data primer berupa agen yang telah menjadi karyawan ajb bumi putera 1912 syariah di kantor wilayah jakarta selatan dan sekunder berasal dari peneliti-peneliti sebelumnya. metode pengumpulan data yang digunakan dalam penulisan ini adalah studi kepustakaan (library research), wawancara (interview), yaitu wawancara terstruktur dan tidak terstruktur, yaitu dengan mengajukan pertanyaan-pertanyaan saat melakukan pelatihan agen dan bertemu secara tidak langsung. instrumen utama yang digunakan dalam penelitian ini adalah kuesioner, dengan menggunakan skala likert 1-5 untuk memperoleh data yang bersifat ordinal dan diberi skor sebagai berikut: (1) sangat tidak setuju, (2) tidak setuju, (3) kurang setuju, (4) setuju dan (5) sangat setuju. variabel dan indikator dalam penelitian ini mencakup variabel independen dan dependen. hubungan variabel yang terdapat pada penelitian ini adalah hubungan simetris sebagai berikut: tabel 3: variabel dependent dan independent y x kinerja dm rekrutmen keagenan dependent independent 6 http://www.republika.co.id/berita/breaking-news/nasional/09/12/14/95690-sugiarto-terpilihsebagai-bpa-ajb-bumiputera, diakses pada 12 mei 2012. 7gayatri suroyo, ajb bumiputera bersiap lakukan transformasi, (jakarta: media indonesia corporate news, 2012), h. 19. 8 wirawan, evaluasi teori model standar aplikasi dan profesi contoh aplikasi evaluasi program: pengembangan sumber daya manusia program nasional pemberdayaan masyarakat (pnpm), mandiri pedesaan, kurikulum, perpustakaan dan buku teks, (jakarta: rajawali pers, 2011), h. 147. 9 wirawan, evaluasi teori model standar aplikasi dan profesi contoh aplikasi evaluasi program, h. 152. gambar 1: kerangka pemikiran populasi dalam penelitian ini adalah empat divisi di kantor wilayah jakarta dan 18 kantor cabang yang dibawahi oleh ajb bumi putera 1912 divisi syariah kantor wilayah jakarta yang telah memenuhi kriteria sebagai karyawan dinas luar (agen) dan sampelnya adalah peneliti memilih semua sampel dari 42 populasi karyawan dinas luar bumiputera yang tersebar di empat divisi di kantor wilayah jakarta dan 18 kantor cabang dibawahi oleh ajb bumiputera 1912 syariah wilayah jakarta. dalam pengolahan data yang dilakukan melalui beberapa tahap, yaitu copengaruhdanimplikasinyakinerja sdm di perusahaan ajb bumiputera 1912 syariah rekruitment langsung manajer sdm teknik keuangan sdm pemasaran investasi corporate manajement ajb bumiputera 1912 syariah analisis officer dll aktuaris underwriter claim rekruitment keagenan kepalacabang staf muda koordinator agen supervisor riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 276 ding,10 editing,11 entry data, dan cleaning. selanjutnya, uji validitas dan realibilitas instrumen, uji normalitas data untuk menguji normalitas data dalam penelitian ini digunakan uji kolmogorov sminorv-test. untuk menerima atau menolak hipotesis dengan cara membandingkan p-value dengan taraf signifikansi (α) sebesar 0.05. jika p-value >0.05, maka data berdistribusi normal12. analisis regresi linier sederhana, uji t yaitu diuji secara parsial untuk membuktikan analisis rekrutmen keagenan sebagai variabel bebas dan kinerja sdm sebagai variabel terikat.13 analisis deskriptif diperoleh dari hasil pengumpulan jawaban kuesioner oleh responden melalui perhitungan dari olah data skor instrumen dengan menghitung frekuensi data tersebut kemudian dipersentasekan menggunakan program spss v.16. tabel 4: variabel dan indikator no. variabel indikator item 1. rekrutmen keagenan perekrutan 2 mutasi 2 standarisasi 1 job des 1 persyaratan 1 test 1 outsourcing 1 reward 2 sop 1 buku potensi pasar 1 sales kit 1 networking 1 2. kinerja sdm sop 1 supervisior 2 produk 1 underwriting 1 polis inforse 1 marketing proces 1 strategi 3 10burhan bungin, metode penelitian kuantitatif: komunikasi, ekonomi,dan kebijakan publik serta ilmu sosial lainnya, (jakarta: kencana, 2008), h. 166. 11singarimbun dan sofyan effendi, metode penelitian survai, (jakarta: lp3es,1989), h. 254. 12sofyan yamin & heri kurniawan, spss complete|teknik analisis statistik, (jakarta: salemba empat, 2009), h. 242. 13 t. arielinda aziz, analisis pengaruh sistem rekruitment terhadap kinerja pada perusahaan pengekspor kopi, (2008:usu), h. 9. al-iqtishad: vol. iv, no. 2, juli 2012 277 ding,10 editing,11 entry data, dan cleaning. selanjutnya, uji validitas dan realibilitas instrumen, uji normalitas data untuk menguji normalitas data dalam penelitian ini digunakan uji kolmogorov sminorv-test. untuk menerima atau menolak hipotesis dengan cara membandingkan p-value dengan taraf signifikansi (α) sebesar 0.05. jika p-value >0.05, maka data berdistribusi normal12. analisis regresi linier sederhana, uji t yaitu diuji secara parsial untuk membuktikan analisis rekrutmen keagenan sebagai variabel bebas dan kinerja sdm sebagai variabel terikat.13 analisis deskriptif diperoleh dari hasil pengumpulan jawaban kuesioner oleh responden melalui perhitungan dari olah data skor instrumen dengan menghitung frekuensi data tersebut kemudian dipersentasekan menggunakan program spss v.16. tabel 4: variabel dan indikator no. variabel indikator item 1. rekrutmen keagenan perekrutan 2 mutasi 2 standarisasi 1 job des 1 persyaratan 1 test 1 outsourcing 1 reward 2 sop 1 buku potensi pasar 1 sales kit 1 networking 1 2. kinerja sdm sop 1 supervisior 2 produk 1 underwriting 1 polis inforse 1 marketing proces 1 strategi 3 10burhan bungin, metode penelitian kuantitatif: komunikasi, ekonomi,dan kebijakan publik serta ilmu sosial lainnya, (jakarta: kencana, 2008), h. 166. 11singarimbun dan sofyan effendi, metode penelitian survai, (jakarta: lp3es,1989), h. 254. 12sofyan yamin & heri kurniawan, spss complete|teknik analisis statistik, (jakarta: salemba empat, 2009), h. 242. 13 t. arielinda aziz, analisis pengaruh sistem rekruitment terhadap kinerja pada perusahaan pengekspor kopi, (2008:usu), h. 9. job description 1 sertifikasi 2 pengetahuan 2 profesionalitas 1 total 30 diskusi dan analisis kinerja usaha terkini kinerja usaha terkini yaitu hasil yang telah dicapai oleh perusahaan selama beberapa tahun belakangan. berikut ini adalah hasil yang telah dicapai oleh ajb bumiputera 1912 syariah: tabel 5: perkembangan ajb bumiputera 1912 keterangan tahun 2010 tahun 2009 tahun 2008 tahun 2007 pendapatan premi 5.572 tr 5.093 tr 4.796 tr 4.741 tr pembayaran klaim 3.682 tr 3.655 tr 2.732 tr 2.441 tr kekayaan(assets) 20.083 tr 15.867 tr 11.899 tr 12.040 tr pemegang polis 9.657.920 8.697.879 7.493.013 6.517.303 kantor pelayanan 472 437 538 488 sumber: laporan tahunan annual report 2010 ajb bumiputera 1912 berdasarkan tabel 5, dapat dilihat bahwa premi dan kepercayaan masyarakat meningkat dari tahun ke tahun. pembayaran klaim terbayar, sebagai bukti bahwa ajb bumiputera 1912 mengutamakan kewajibannya serta tertinggi dalam memenuhi kewajibannya. dilihat dari segi aset, kekayaan perusahaan ajb bumiputera dinilai baik. masyarakat atau pemegang polis tidak perlu ragu. terbukti bahwa manajemennya baik, serta terdapat faktor yang mempengaruhi kenaikan pendapatan premi dari tahun ke tahun. dalam prosesnya sistem rekruitement keagenan yang terdapat di perusahaan ajb bumiputera 1912 syariah terdapat beberapa hal penting yang digunakan dalam mengantarkan agen baru memasuki kantor dinas luar adalah dengan menemukan rekrut baru yang menjajikan. mengingat besarnya investasi waktu dan dana yang diperlukan dalam mendidik agen baru dan mendukung kegiatan mereka pada awal karier mereka, manajer dinas luar harus hati-hati dalam merekrut yaitu merekrut orang-orang yang tampaknya akan berhasil saja. selain itu, seleksi agen yang salah pilih dapat merusak hubungan perusahaan dengan nasabah, merugikan moral kedinasluaran dan menghambat pencapaian riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 278 sasaran dinas luar14. berikut deskripsi dari proses rekrutmen keagenan di ajb bumiputera 1912 syariah.15 mencari sumber-sumber calon agen, umumnya sumber-sumber rekrut terbaik adalah para agen yang sudah mantap dan para manajer dinas luar, yang dapat menghubungi orang-orang dalam lingkungannya dan meminta saran-saran dari mereka tentang calon agen yang diketahui. jaringan kontak masyarakat ini telah menjadi sumber terpercaya dalam menentukan rekrut bermutu tinggi. pertama, menyeleksi calon agen. dalam menjadi agen asuransi penekanan psikologis cukup tinggi dan sebagian orang yang berhasil memasuki bisnis ini antara umur 25 dan 45 tahun, sudah menikah, lulusan perguruan tinggi dan sebelumnya sudah pernah bekerja dalam bidang penjualan16, para manajer dinas luar tahu bahwa ciri-ciri tersebut sangat membantu dalam menyaring caloncalon agen. melaksanakan dan mengikuti bop (bisnis oportunity presentation) yaitu mengetahui secara lebih dalam hal-hal yang akan menjadi resposibility dan yang akan dikerjakan nanti jika diterima menjadi agen. kriteria maksa dalam ajb bumiputera 1912 syariah, seleksi artinya harus memenuhi kriteria seleksi yang lebih dikenal dengan istilah maksa. maksa merupakan singkatan dari market, attitude, knowledge, skill , dan appirance, berikut uraiannya: tabel 6: kriteria seleksi agen bumiputera 1912 syariah market orang yang akan direkrut menjadi agen, sebelumnya harus memiliki pasar diantaranya orang-orang yang berpotensi membuka polis asuransi. contoh: orang tersebut harus mengetahui jelas orang-orang yang akan dijadikan calon nasabah bagi oleh mereka. attitude sikap calon agen harus humble, artinya sikapnya baik, rendah hati, murah senyum, dan menarik serta bisa menjaga penampilan. contoh: ketika berhadapan dengan calon agen harus tersenyum, sehingga nasabahnya pun merasa nyaman dan tertarik dengan apa yang dibicarakan atau produk yang ditawarkan. 14 kenneth huggins & robert d. land, operasi perusahaan asuransi jiwa dan asuransi kesehatan, edisi ii, jakarta: yayasan dharma bumiputera, 1996), h. 159. 15 kenneth huggins & robert d. land, operasi perusahaan asuransi jiwa dan asuransi kesehatan, h. 159. 16 kenneth huggins & robert d. land, operasi perusahaan asuransi jiwa dan asuransi kesehatan, h. 160. al-iqtishad: vol. iv, no. 2, juli 2012 279 sasaran dinas luar14. berikut deskripsi dari proses rekrutmen keagenan di ajb bumiputera 1912 syariah.15 mencari sumber-sumber calon agen, umumnya sumber-sumber rekrut terbaik adalah para agen yang sudah mantap dan para manajer dinas luar, yang dapat menghubungi orang-orang dalam lingkungannya dan meminta saran-saran dari mereka tentang calon agen yang diketahui. jaringan kontak masyarakat ini telah menjadi sumber terpercaya dalam menentukan rekrut bermutu tinggi. pertama, menyeleksi calon agen. dalam menjadi agen asuransi penekanan psikologis cukup tinggi dan sebagian orang yang berhasil memasuki bisnis ini antara umur 25 dan 45 tahun, sudah menikah, lulusan perguruan tinggi dan sebelumnya sudah pernah bekerja dalam bidang penjualan16, para manajer dinas luar tahu bahwa ciri-ciri tersebut sangat membantu dalam menyaring caloncalon agen. melaksanakan dan mengikuti bop (bisnis oportunity presentation) yaitu mengetahui secara lebih dalam hal-hal yang akan menjadi resposibility dan yang akan dikerjakan nanti jika diterima menjadi agen. kriteria maksa dalam ajb bumiputera 1912 syariah, seleksi artinya harus memenuhi kriteria seleksi yang lebih dikenal dengan istilah maksa. maksa merupakan singkatan dari market, attitude, knowledge, skill , dan appirance, berikut uraiannya: tabel 6: kriteria seleksi agen bumiputera 1912 syariah market orang yang akan direkrut menjadi agen, sebelumnya harus memiliki pasar diantaranya orang-orang yang berpotensi membuka polis asuransi. contoh: orang tersebut harus mengetahui jelas orang-orang yang akan dijadikan calon nasabah bagi oleh mereka. attitude sikap calon agen harus humble, artinya sikapnya baik, rendah hati, murah senyum, dan menarik serta bisa menjaga penampilan. contoh: ketika berhadapan dengan calon agen harus tersenyum, sehingga nasabahnya pun merasa nyaman dan tertarik dengan apa yang dibicarakan atau produk yang ditawarkan. 14 kenneth huggins & robert d. land, operasi perusahaan asuransi jiwa dan asuransi kesehatan, edisi ii, jakarta: yayasan dharma bumiputera, 1996), h. 159. 15 kenneth huggins & robert d. land, operasi perusahaan asuransi jiwa dan asuransi kesehatan, h. 159. 16 kenneth huggins & robert d. land, operasi perusahaan asuransi jiwa dan asuransi kesehatan, h. 160. mencari sumber-sumber calon agen melaksanakan dan mengikuti bop (bisnisoportunity presentation) mewawancarai calon agen pelatihan agen pelaksanaan standar operasional produksi agen ajb bumiputera 1912 syariah tidak lolos seleksi lolos seleksi peningkatan profesi mengikuti sop dengan baik menyeleksi calon agen dengan kriteria maksa knowledge pengetahuan tentang pelbagai hal, tidak hanya pengetahuan mengenai ilmu asuransi secara empiris, tetapi juga semua hal yang bisa menarik minat seseorang untuk membuka polis. contoh: ketika calon nasabah mengajak berbicara tentang pelbagai hal misalnya hobby nasabah tersebut seperti bermain golf. maka agen harus mengerti juga mengenai hal tersebut. skill kemampuan atau keterampilan dalam berkomunikasi, berupa mimik, gerakan tubuh, nada suara serta bahasa pengantar yang digunakan. contoh: agen harus pandai berkomunikasi, memberikan feedback yang baik dengan nasabah. appirance bisa disebut juga dengan performance artinya berpenampilan menarik seperti memakai pakaian rapi dan bersih. contoh: jika agen tersebut seorang wanita maka harus menggunakan busana muslim serta berkerudung. sumber: ajb bumiputera 1912 syariah gambar 2: rekrutmen keagenan di ajb bumiputera 1912 syariah riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 280 kedua, peningkatan pofesi. agen yang melaksanakan sop secara baik dan sesuai dengan yang telah ditetapkan maka berhak untuk direkomendasikan untuk dapat diangkat menjadi karyawan. berikut tingkatan profesi dalam proses kenaikan jabatan: gambar 3: flow chart profesion17 berdasarkan data di atas responden laki-laki lebih banyak dari pada perempuan, dengan jumlah laki-laki sebanyak 26 orang dan perempuan sebanyak 10 orang. dengan tingkat presentase 72% untuk laki-laki dan 26% untuk perempuan. tabel 7: distribusi responden berdasarkan bidang keilmuan bidang keilmuan jumlah persentase ekonomi 18 50,0% ekonomi syariah 4 11,1% asuransi syariah 0 0% teknik 5 13,9% lainnya 9 25% total 36 100% sumber: output data spss v.16 dari tabel di atas dapat dideskripsikan bahwa responden yang rata-rata berlatar belakang ekonomi yaitu sebanyak 18 orang dengan persentase 50,0%. selanjutnya, untuk ekonomi syariah sebanyak 4 responden atau 11,1%, teknik 5 17tugiono saclan, persentase makalah: supervision development program, (ajb bumiputera 1912: 2011), h. 5. kepala cabang kepala unit operasional staf madya staf ahli madya staff muda al-iqtishad: vol. iv, no. 2, juli 2012 281 kedua, peningkatan pofesi. agen yang melaksanakan sop secara baik dan sesuai dengan yang telah ditetapkan maka berhak untuk direkomendasikan untuk dapat diangkat menjadi karyawan. berikut tingkatan profesi dalam proses kenaikan jabatan: gambar 3: flow chart profesion17 berdasarkan data di atas responden laki-laki lebih banyak dari pada perempuan, dengan jumlah laki-laki sebanyak 26 orang dan perempuan sebanyak 10 orang. dengan tingkat presentase 72% untuk laki-laki dan 26% untuk perempuan. tabel 7: distribusi responden berdasarkan bidang keilmuan bidang keilmuan jumlah persentase ekonomi 18 50,0% ekonomi syariah 4 11,1% asuransi syariah 0 0% teknik 5 13,9% lainnya 9 25% total 36 100% sumber: output data spss v.16 dari tabel di atas dapat dideskripsikan bahwa responden yang rata-rata berlatar belakang ekonomi yaitu sebanyak 18 orang dengan persentase 50,0%. selanjutnya, untuk ekonomi syariah sebanyak 4 responden atau 11,1%, teknik 5 17tugiono saclan, persentase makalah: supervision development program, (ajb bumiputera 1912: 2011), h. 5. kepala cabang kepala unit operasional staf madya staf ahli madya staff muda responden atau 13,9% dan bidang ilmu lainnya sebanyak 9 responden atau 25% yang terdiri atas bidang ekonomi, sosial, dan hukum. sedangkan latar belakang bidang keilmuan asuransi syariah 0%. hal itu menunjukkan lulusan pendidikan asuransi syariah yang telah terdapat pada beberapa perguruan tinggi seperti trisakti dan uin jakarta belum terserap di ajb bumiputera 1912 syariah kantor wilayah jakarta untuk karywan yang berasal dari agen. uji validitas kuesioner dilakukan untuk mengetahui sejauh mana pernyataan-pernyataan yang diajukan untuk dapat mewakili objek yang diamati. uji vailiditas dilakukan dengan menggunakan rumus korelasi person product moment dan hasilnya akan dibandingkan dengan harga rtabel yaitu 0,3291 untuk taraf kesalahan 5%. sebagai peneliti awal, sebanyak 30 pertanyaan diberikan kepada 42 orang responden yang kemudian kembali sebanyak 36 kuesioner. uji validitas yang pertama dilakukan adalah uji validitas pada variabel y yaitu kinerja sdm yang terdiri atas 16 pernyataan. tabel 8: uji validitas y (kinerja sdm) no. instrumen total pearson correlation validitas 1 marketing proces 0,747 valid 2 strategi -0.375 tidak valid 3 strategi 0.754 valid 4 strategi 0,880 valid 5 job description 0,817 valid 6 sertifikasi 0,866 valid 7 pengetahuan 0,776 valid 8 pengetahuan 0,849 valid 9 profesionalitas 0,919 valid 10 sertifikasi 0,822 valid 11 sop 0,890 valid 12 supervisior 0.843 valid 13 produk 0,886 valid 14 underwriting 0,647 valid 15 supervisior 0,768 valid 16 polis inforse 0,896 valid total 15 sumber: output data spss v.16 pada validitas kinerja sdm ini ada satu instrumen yang tidak valid yaitu terletak pada instrumen nomer 2 dengan pernyataan berupa, anda menyelesaikan pekerjaan anda karena ingin dipuji oleh pimpinan, dengan pearson correlation atau rhitung sebesar -0,334 lebih kecil dari rtabel yaitu sebesar df=(n-2)= (36-2)=34 riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 282 dengan signifikansi 5% maka rtabel adalah 0,3291, dengan pengertian semakin tinggi korelasi itu mendekati angka (1,00) maka semakin baik pula konsistensinya18. jadi rhitung< rtabel, dinyatakan tidak valid dan harus dihilangkan. validitas instrumen rekrutmen keagenan di atas terdapat 1 instrumen yang tidak valid dengan pernyataan, anda melamar pada ajb bumiputera 1912 syariah melalui outsourcing dengan rhitung < rtabel yaitu sebesar -0,605 < 0,3291 , sehingga harus dihilangkan. output spss untuk uji reliabilitas akan dihasilkan secara bersama-sama dengan hasil uji validitas. namun demikian untuk melihat hasil uji reliabilitas dlihat dari tabel realianility statistic. reliabilitas suatu variabel dikatakan baik jika memiliki cronbach’s alpha>dari 0,70.19untuk kuesioner kinerja sdm, koefisien reliabilitas keseluruhan adalah 0,955. untuk kuesioner rekrutmen keagenan, koefisien reliabilitas keseluruhan adalah 0,933. hal ini berarti item kuesioner 90 % bersifat konsisten, stabil, dapat memprediksi dan akurat. tabel 9: hasil uji reliabilitas untuk kinerja sdm (y) cases processing summary n % cases valid 36 100,0 excluded 0 0 total 36 100,0 sumber: output data spss v.16 reliability statistic cronbach’s alpha n of item 0,955 10 sumber: output data spss v.16 tabel 10: hasil uji reliabilitas untuk rekrutmen keagenan (x) cases processing summary n % cases valid 36 100,0 18 eti rochaety, dkk, metodologi penelitian bisnis: dengan aplikasi spss, (jakarta: mitra wacana media, 2009), h. 48. 19 bhuono agung nugroho, strategi jitu memilih metode statistik peneltian dengan spss, (yogyakarta: c.v. andi offset, 2005), h. 72. al-iqtishad: vol. iv, no. 2, juli 2012 283 dengan signifikansi 5% maka rtabel adalah 0,3291, dengan pengertian semakin tinggi korelasi itu mendekati angka (1,00) maka semakin baik pula konsistensinya18. jadi rhitung< rtabel, dinyatakan tidak valid dan harus dihilangkan. validitas instrumen rekrutmen keagenan di atas terdapat 1 instrumen yang tidak valid dengan pernyataan, anda melamar pada ajb bumiputera 1912 syariah melalui outsourcing dengan rhitung < rtabel yaitu sebesar -0,605 < 0,3291 , sehingga harus dihilangkan. output spss untuk uji reliabilitas akan dihasilkan secara bersama-sama dengan hasil uji validitas. namun demikian untuk melihat hasil uji reliabilitas dlihat dari tabel realianility statistic. reliabilitas suatu variabel dikatakan baik jika memiliki cronbach’s alpha>dari 0,70.19untuk kuesioner kinerja sdm, koefisien reliabilitas keseluruhan adalah 0,955. untuk kuesioner rekrutmen keagenan, koefisien reliabilitas keseluruhan adalah 0,933. hal ini berarti item kuesioner 90 % bersifat konsisten, stabil, dapat memprediksi dan akurat. tabel 9: hasil uji reliabilitas untuk kinerja sdm (y) cases processing summary n % cases valid 36 100,0 excluded 0 0 total 36 100,0 sumber: output data spss v.16 reliability statistic cronbach’s alpha n of item 0,955 10 sumber: output data spss v.16 tabel 10: hasil uji reliabilitas untuk rekrutmen keagenan (x) cases processing summary n % cases valid 36 100,0 18 eti rochaety, dkk, metodologi penelitian bisnis: dengan aplikasi spss, (jakarta: mitra wacana media, 2009), h. 48. 19 bhuono agung nugroho, strategi jitu memilih metode statistik peneltian dengan spss, (yogyakarta: c.v. andi offset, 2005), h. 72. excluded 0 0 total 36 100,0 sumber: output data spss v.16 reliability statistic cronbach’s alpha n of item 0,933 10 sumber: output data spss v.16 uji normalitas untuk mengetahui distribusi data dalam variabel yang akan digunakan dalam penelitian berdistribusi normal atau tidak. untuk menguji normalitas data dalam penelitian ini digunakan uji kolmogorov sminorv-test. untuk menerima atau menolak hipotesis dengan cara membandingkan p-value dengan taraf signifikansi (α) sebesar 0.05. jika p-value >0.05 , maka data berdistribusi normal. dalam asumsi kenormalan regresi, uji normalitas dilaksanakan terhadap residual dari regresi. berikut ini disajikan tabel uji normalitas skor variabel kuesioner dari 36 responden. tabel 11: hasil normalitas data one-sample kolmogorov-smirnov test unstandardized residual n 36 normal parametersa mean .0000000 std. deviation .27787452 most extreme differences absolute .109 positive .078 negative -.109 kolmogorov-smirnov z .657 asymp. sig. (2-tailed) .781 test distribution is normal. dari data di atas dapat terlihat nilai asysmtotic significant value uji kolmogrov-smirnov sebesar 0.781(>0,05), maka dapat disimpulkan bahwa data di atas berdistribusi normal. teknis analisis data dalam penelitian ini menggunakan analisis regresi linier sederhana, bertujuan untuk menguji pengaruh sistem rekrutmen keagenan terhadap kinerja sdm bumiputera 1912 syariah jakarta. sebelumnya dilihat hubungan antara rekrutmen keagenan dan kinerja sdm pada tabel iv.14. riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 284 tabel 12: correlations kualitas sdm rekrutmen keagenan pearson correlation kinerja sdm 1.000 .960 rekrutmen keagenan .960 1.000 sig. (1-tailed) kinerja sdm . .000 rekrutmen keagenan .000 . n kinerja sdm 36 36 rekrutmen keagenan 36 36 sumber: olah data spss v.16 dari hasil perhitungan diperoleh angka korelasi 0,960, artinya hubungan kedua variabel sangat kuat. korelasi positif menunjukkan bahwa hubungan yang searah. artinya semakin sering mengadakan rekrutmen keagenan maka akan memperoleh kinerja sdm yang lebih baik. untuk melihat hubungan antara kedua variabel tersebut signifikan atau tidak, dilihat dari angka probabilitas (sig) sebesar 0,000 lebih kecil dari 0,05.20 ketentuan yang berlaku jika angka probabilitas < 0,05 maka terdapat hubungan yang signifikan antara rekrutmen keagenan dan kinerja sdm. tabel 13 : model summaryb model r r square adjusted r square std. error of the estimate durbinwatson 1 .960a .922 .920 4.296 2.223 a. predictors: (constant), rekrutmen keagenan b. dependent variable: kinerja sdm sumber: output data spss v.16 untuk menentukan besarnya pengaruh rekrutmen keagenan terhadap kinerja sdm, maka digunakan r square atau koefisien determinasi (kd). besarnya angka r square adalah 0,922 artinya 92,2%, rekrutmen keagenan yang 20 eti rochaety dkk, metodologi penelitian bisnis: dengan aplikasi spss, (jakarta: mitra wacana media, 2009), h. 139. al-iqtishad: vol. iv, no. 2, juli 2012 285 tabel 12: correlations kualitas sdm rekrutmen keagenan pearson correlation kinerja sdm 1.000 .960 rekrutmen keagenan .960 1.000 sig. (1-tailed) kinerja sdm . .000 rekrutmen keagenan .000 . n kinerja sdm 36 36 rekrutmen keagenan 36 36 sumber: olah data spss v.16 dari hasil perhitungan diperoleh angka korelasi 0,960, artinya hubungan kedua variabel sangat kuat. korelasi positif menunjukkan bahwa hubungan yang searah. artinya semakin sering mengadakan rekrutmen keagenan maka akan memperoleh kinerja sdm yang lebih baik. untuk melihat hubungan antara kedua variabel tersebut signifikan atau tidak, dilihat dari angka probabilitas (sig) sebesar 0,000 lebih kecil dari 0,05.20 ketentuan yang berlaku jika angka probabilitas < 0,05 maka terdapat hubungan yang signifikan antara rekrutmen keagenan dan kinerja sdm. tabel 13 : model summaryb model r r square adjusted r square std. error of the estimate durbinwatson 1 .960a .922 .920 4.296 2.223 a. predictors: (constant), rekrutmen keagenan b. dependent variable: kinerja sdm sumber: output data spss v.16 untuk menentukan besarnya pengaruh rekrutmen keagenan terhadap kinerja sdm, maka digunakan r square atau koefisien determinasi (kd). besarnya angka r square adalah 0,922 artinya 92,2%, rekrutmen keagenan yang 20 eti rochaety dkk, metodologi penelitian bisnis: dengan aplikasi spss, (jakarta: mitra wacana media, 2009), h. 139. terjadi dapat dijelaskan oleh variabel kinerja sdm atau besarnya pengaruh rekrutmen keagenan terhadap kinerja sdm sebesar 92,2%, sedangkan sisanya 7,8%(100%-92,2%) dijelaskan oleh faktor lain di luar variabel rekrutmen keagenan yang tidak dilakukan dalam penelitian ini. tabel 14: coefficientsa sumber: output data spss v.16 dari hasil analisis regresi diperoleh persamaan regresi y = 5,625+ 1,065x nilai konstanta sebesar 5,625 menunjukkan bahwa jika variabel rekrutmen keagenan yang dilakukan oleh ajb bumiputera 1912 syariah (dianggap 0), maka kinerja sdm akan meningkat sebesar 1,065 skala. nilai koifisien variabel rekrutmen keagenan bernilai positif yaitu 1.065 skala. ini dapat diartikan bahwa pelaksanaan sistem rektuitment yang efisien, akan meningkatkan kinerja sdm sebesar 1.065 skala dan berpotensi mendapatkan kenaikan jabatan. uji t untuk menguji signifikansi konstanta dan variabel independent. hipotesis: ho = koifisien regresi tidak signifikan, artinya tidak terdapat pengaruh yang signifikan antara sistem rekrutmen keagenan sebagai variabel bebas (x) terhadap variabel terikat kinerja sdm (y). hi = koifisien regresi signifikan, artinya terdapat pengaruh yang signifikan antara sistem rekrutmen keagenan sebagai variabel bebas (x) terhadap variabel terikat kinerja sdm (y). berdasarkan probabilitas:  jika probabilitas >0,05 maka ho diterima model unstandardized coefficients standardized coefficients t sig. b std. error beta 1 (constant) 5.625 2.504 2.247 .031 rekrutmen keagenan 1.065 .053 .960 20.080 .000 a. dependent variable: kinerja sdm riris agustya: pengaruh dan implikasi sistem rekrutmen keagenan 286  jika probabilitas <0,05 maka ho ditolak dan thitung > ttabel yaitu 20,080 > 2,028 maka pengaruh rekrutmen keagenan terhadap kinerja sdm signifikan. dengan demikian, dapat disimpulkan bahwa sistem rekrutmen keagenan mempunyai pengaruh yang signifikan terhadap kinerja sdm. sehingga jika perusahaan ingin mendapatkan sdm yang berkualitas untuk dijadikan karyawan dinas luar, maka poin-poin persyaratan yang telah terdapat pada proses rekrutmen keagenan harus diperhatikan dan ditinggkatkan kuantitasnya serti mengetahui bauran pemasaran dan faktor pengetahuan yang bisa didapat dari agen asuransi. penutup penerapan sistem rekrutmen keagenan di ajb bumiputera 1912 syariah kanwil jakarta terdapat kriteria yang menjadi karatestik persyaratan bagi karyawan dinas luar adalah melaksanakan bop (business oportunity presentation) yaitu melakukan dan mendengarkan presentasi terhadap hal-hal yang akan menjadi pekerjaan dan tanggung jawab calon agen, market, attitude, knowledge, skill, dan appirance atau disingkat maksa. jadi, setiap calon karyawan dinas luar atau agen yang diterima telah memenuhi kriteria tersebut serta sudah terdapat lisensi keagenan yang didapat ketika melaksanakan diklat. dari hasil perhitungan diperoleh angka korelasi 0,962. artinya, hubungan kedua variabel sangat kuat. korelasi positif menunjukkan bahwa hubungan yang searah. artinya semakin sering mengadakan rekrutmen keagenan maka akan meningkatkan kinerja sdm menjadi lebih baik. untuk melihat hubungan antara kedua variabel tersebut signifikan atau tidak, dilihat dari angka probabilitas (sig) sebesar 0,000 lebih kecil dari 0,0521. ketentuan yang berlaku jika angka probabilitas <0,05 maka terdapat hubungan yang signifikan antara rekrutmen keagenan dan kualitas sdm. nilai koefisien variabel rekrutmen keagenan bernilai positif yaitu 1,065 skala. ini dapat diartikan bahwa pelaksanaan sistem rektrtmen yang efisien, akan meningkatkan kinerja sdm sebesar 1,065 skala. hal ini sa-ngat berguna dalam meningkatkan produksi perusahaan untuk menambah pendapatan premi perusahaan, di mana semakin baik kinerja sdm yang dipe-roleh dari rekrutmen yang baik maka perusahaan akan mandapatkan profit yang lebih besar pula dengan produksi yang meningkat dilihat dari perkembangan laporan keuangan 21 eti rochaety, dkk. metodologi penelitian bisnis:dengan aplikasi spss. jakarta: mitra wacana media. 2009 h. 139. al-iqtishad: vol. iv, no. 2, juli 2012 287  jika probabilitas <0,05 maka ho ditolak dan thitung > ttabel yaitu 20,080 > 2,028 maka pengaruh rekrutmen keagenan terhadap kinerja sdm signifikan. dengan demikian, dapat disimpulkan bahwa sistem rekrutmen keagenan mempunyai pengaruh yang signifikan terhadap kinerja sdm. sehingga jika perusahaan ingin mendapatkan sdm yang berkualitas untuk dijadikan karyawan dinas luar, maka poin-poin persyaratan yang telah terdapat pada proses rekrutmen keagenan harus diperhatikan dan ditinggkatkan kuantitasnya serti mengetahui bauran pemasaran dan faktor pengetahuan yang bisa didapat dari agen asuransi. penutup penerapan sistem rekrutmen keagenan di ajb bumiputera 1912 syariah kanwil jakarta terdapat kriteria yang menjadi karatestik persyaratan bagi karyawan dinas luar adalah melaksanakan bop (business oportunity presentation) yaitu melakukan dan mendengarkan presentasi terhadap hal-hal yang akan menjadi pekerjaan dan tanggung jawab calon agen, market, attitude, knowledge, skill, dan appirance atau disingkat maksa. jadi, setiap calon karyawan dinas luar atau agen yang diterima telah memenuhi kriteria tersebut serta sudah terdapat lisensi keagenan yang didapat ketika melaksanakan diklat. dari hasil perhitungan diperoleh angka korelasi 0,962. artinya, hubungan kedua variabel sangat kuat. korelasi positif menunjukkan bahwa hubungan yang searah. artinya semakin sering mengadakan rekrutmen keagenan maka akan meningkatkan kinerja sdm menjadi lebih baik. untuk melihat hubungan antara kedua variabel tersebut signifikan atau tidak, dilihat dari angka probabilitas (sig) sebesar 0,000 lebih kecil dari 0,0521. ketentuan yang berlaku jika angka probabilitas <0,05 maka terdapat hubungan yang signifikan antara rekrutmen keagenan dan kualitas sdm. nilai koefisien variabel rekrutmen keagenan bernilai positif yaitu 1,065 skala. ini dapat diartikan bahwa pelaksanaan sistem rektrtmen yang efisien, akan meningkatkan kinerja sdm sebesar 1,065 skala. hal ini sa-ngat berguna dalam meningkatkan produksi perusahaan untuk menambah pendapatan premi perusahaan, di mana semakin baik kinerja sdm yang dipe-roleh dari rekrutmen yang baik maka perusahaan akan mandapatkan profit yang lebih besar pula dengan produksi yang meningkat dilihat dari perkembangan laporan keuangan 21 eti rochaety, dkk. metodologi penelitian bisnis:dengan aplikasi spss. jakarta: mitra wacana media. 2009 h. 139. ajb bumiputera 1912 syariah. implikasi sistem rekrutmen keagenan terhadap sdm adalah karyawan yang memenuhi semua persyaratan dalam sistem rekrutmen keagenan di ajb bumiputera 1912 syariah akan memperoleh kompensasi berupa kenaikan jabatan sebagai karyawan dinas luar dengan tingkatan sebagai berikut: dari mulai agen, staff muda, staff ahli muda, staff madya, kepala operasional, kepala bagian, dan kepala cabang. [] pustaka acuan alwi, safaruddin, manajemen sumber daya manusia strategi keunggulan kompetitif, yogyakarta: bpfe, 2004. antonio, syafi’i, bank syariah dari teori ke praktik, jaarta: gema insani, 2001. aziz, t. arielinda, analisis pengaruh sistem rekrutmen terhadap kinerja pada perusahaan pengekspor kopi, sumatera utara: usu, 2008. basyah, fahmi, seminar pengembangan sdm asuransi syariah, universitas islam negeri (uin) syarif hidayatullah, 2009. bhuono, agung nugroho, strategi jitu memilih metode statistik peneltian dengan spss, yogyakarta: cv. andi offset, 2005. bungin, burhan, metode penelitian kuantitatif: komunikasi, ekonomi, dan kebijakan publik serta ilmu sosial lainnya, jakarta: kencana, 2008. d nachrowi, dan usman, hardius, pendekatan populer dan praktis ekonometrik untuk analisis ekonomi dan keuangan, jakarta: feui, 2006. dewi, gemala, aspek-aspek hukum dalam perbankan dan perasuransian syariah di indonesia, jakarta: kencana, 2006. e. siregar, mulya, strategi pengembangan kualitas sdm keuangan syariah berbasis kompetensi, dalam seminar bulanan masyarakat ekonomi syariah (mes), jakarta, 21 oktober 2009. hafidhuddin, didin dan tanjung, hendri, manajemen syariah dalam praktek, jakarta: gema insani, 2003. indriyati, henni, faktor-faktor yang mempengaruhi inovasi produk perbankan syariah di indonesia. dalam bahan-bahan terpilih dan hasil riset terbaik, bandung: frps v bank indonesia, 2011. irianto, manajemen sumber daya manusia, jakarta: kencana, 2001. meleong, lexy j. metode penelitian kualintatif. bandung: pt. remaja rosda karya, 2002. m. nadratuzzaman hosen, am hasan ali, a. bahrul muhtasib, materi dakwah ekonomi syariah, jakarta: pkes (pusat ekonomi syariah), 2008. nasution, m.e dan hardius u. proses penelitian kuantitatf. jakarta: lembaga perilaku nasabah dalam memilih produk pembiayaan pegadaian pada pt. bank syari’ah mandiri tbk novi rofiani universitas pamulang ciputat banten email: novi_rp@yahoo.co.id abstrak: aktivitas ekonomi syariah pada saat ini semakin meningkat, baik dari segi kualitas maupun kuantitasnya. indikasinya adalah tumbuhnya perbankan syariah yang telah memberikan stimulus kepada masyarakat tentang alternatif pembiayaan yang lebih adil dan distributif.1 pertumbuhan perbankan syariah di indonesia cukup menggembirakan. per desember 2008, tercatat ada lima bank syariah (bank muamalat indonesia, bank syariah mandiri, bank syariah mega indonesia, bank syariah bri, dan bank syariah bukopin), 28 unit usaha syariah (uus) dan 131 bank perkreditan rakyat syariah. dari jumlah ini, terdapat 951 kantor jaringan, belum termasuk jaringan kantor office channeling yang jumlahnya hampir mencapai 1.500 (desember 2008). kata kunci: pegadaian, produk, nasabah pendahuluan indonesia adalah negara kepulauan terbesar di dunia yang memiliki beragam suku bangsa, bahasa, dan agama dengan jumlah penduduk 240 juta jiwa. meskipun bukan negara islam, indonesia merupakan negara dengan penduduk muslim terbesar di dunia dengan jumlah penduduk beragama islam sebanyak 88 persen, kristen 5 persen, budha 1 persen, dan lainnya 1 persen. semakin majunya sistem keuangan dan perbankan serta 1 am. hasan ali dan m.nadratuzzaman hosen, tanya jawab ekonomi syariah, (jakarta: pkes, 2007), h. 75. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .146 semakin meningkatnya kesejahteraan, kebutuhan masyarakat, khusus nya muslim, menyebabkan semakin besarnya kebutuhan terhadap layanan jasa perbankan yang sesuai dengan prinsip syariah.2 krisis moneter dan ekonomi sejak juli 1997, yang disusul dengan krisis politik nasional telah membawa dampak besar dalam perekonomian nasional. krisis tersebut mengakibatkan perbankan indonesia yang didominasi oleh bank-bank konvensional mengalami kesulitan yang sangat parah. keadaan tersebut menyebabkan pemerintah indonesia terpaksa mengambil tindakan untuk merestrukturisasi dan merekapitalisasi sebagian bank-bank yang ada di indonesia. lahirnya undang-undang nomor 10 tahun 1998 tentang perubahan atas undang-undang 7 tahun 1992 tentang perbankan, pada bulan november 1998 telah memberi peluang sangat baik bagi tumbuhnya bankbank syariah di indonesia. undang-undang tersebut memungkinkan bank ber operasi sepenuhnya secara syariah atau dengan membuka cabang khusus syariah.3 menurut undang-undang nomor 21 tahun 2008 tentang perbankan syariah, dalam bab i pasal 1, dijelaskan bahwa bank syariah adalah bank yang menjalankan kegiatan usahanya berdasarkan prinsip syariah. prinsip syariah adalah prinsip hukum islam dalam kegiatan perbankan berdasarkan fatwa yang dikeluarkan oleh lembaga yang memiliki kewenangan dalam penetapan fatwa di bidang syariah. dari segi kelembagaan dimulai dengan didirikannya bank muamalat indonesia (bmi) pada tahun 1991. kemudian menyusul bank syariah mandiri yang merupakan konversi dari bank susila bakti. kedua bank tersebut adalah bank yang melaksanakan kegiatan usaha berdasarkan syariah secara murni.4 aktivitas ekonomi syariah pada saat ini semakin meningkat, baik dari segi kualitas maupun kuantitasnya. indikasinya adalah tumbuhnya 2 ascarya, akad dan produk bank syariah, (jakarta: pt. rajagrafindo persada, 2007), h. 203. 3 nurdin hasibuan, “menetapkan budaya perusahaan pada pada sikap ‘akhlaqul karimah’” artikel diakses pada 23 februari 2009 dari http://203.130.242.190/artikel /1353.shtml. 4 abdul ghafur anshori, perbankan syariah di indonesia, (yogyakarta: gadjah mada university press, 2007), h. 40. al-iqtishad: vol. i, no. 2, juli 2009 147 perbankan syariah yang telah memberikan stimulus kepada masyarakat tentang alternatif pembiayaan yang lebih adil dan distributif.5 pertumbuhan perbankan syariah di indonesia cukup menggembirakan. per desember 2008, tercatat ada lima bank syariah (bank muamalat indonesia, bank syariah mandiri, bank syariah mega indonesia, bank syariah bri, dan bank syariah bukopin), 28 unit usaha syariah (uus) dan 131 bank perkreditan rakyat syariah. dari jumlah ini, terdapat 951 kantor jaringan, belum termasuk jaringan kantor office channeling yang jumlahnya hampir mencapai 1.500 (desember 2008).6 saat ini perkembangan total aset perbankan syariah begitu besar, sehingga memberikan tantangan yang besar bagi bank syariah untuk mengembangkan produk-produk penyaluran dananya. jika dana yang tersimpan di perbankan syariah tidak disalurkan akan meng akibat kan berkurangnya bagi hasil yang akan diterima nasabah. kehadiran sistem gadai syari’ah sangatlah dibutuhkan oleh masyarakat indonesia yang mayoritas adalah muslim, yang menghendaki diterapkannya prinsipprinsip syari’at islam dalam berbagai transaksi atau muamalah sebagai upaya untuk memenuhi segala kebutuhan hidupnya. sistem gadai yang ada pada saat ini merupakan suatu jenis transaksi yang dipraktekkan oleh nabi muhammad saw., ketika itu nabi melakukan transaksi gadai pada saat beliau di madinah, dan pada saat itu nabi tidak mempunyai uang tunai untuk membeli gandum, maka praktek yang dilakukan adalah dengan cara menggadaikan baju besi beliau kepada orang yahudi untuk dijadikan jaminan hutangnya.7 pada dasarnya saat akad perjanjian gadai merupakan akad utang piutang. namun dalam akad utang piutang gadai mensyaratkan adanya penyerahan barang pihak yang berhutang sebagai jaminan utangnya. apabila terjadi penambahan sejumlah uang atau penentuan persentase tertentu dari pokok utang (dalam pembayaran utang tersebut), maka hal 5 am. hasan ali dan m.nadratuzzaman hosen, tanya jawab ekonomi syariah, (jakarta: pkes, 2007), h. 75. 6 a. riawan amin, menata perbankan syariah di indonesia, (ciputat: uin press, tth), h. 101. 7 nasrun haroen, fiqh muamalah, (jakarta: gaya media pratama, 2000), cet.ke-1, h. 253. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .148 tersebut termasuk perbuatan riba, dan riba merupakan suatu hal yang dilarang oleh syara.8 rahn saat ini sudah diaplikasikan dalam perbankan syariah di indonesia dan menjadi salah satu produk yang marketable, dikarena kan pangsa pasar bisnis di bidang pegadaian saat ini masih cukup besar, apalagi bagi kalangan yang ingin mendapatkan pinjaman dari bank atau lembaga keuangan syariah lainya. aplikasi rahn dalam bank syariah dapat sebagai produk pelengkap ataupun sebagai produk sendiri. rahn dipakai sebagai produk pelengkap, artinya sebagai akad tambahan jaminan atau collateral terhadap produk lain seperti dalam pembiayaan ba’i al-murabahah. bank syariah dapat menahan barang nasabah sebagai konsekuensi akad tersebut. sedangkan, rahn sebagai satu produk tersendiri dipakai sebagai alternatif dari pegadaian konvensional. saat ini tercatat ada beberapa lembaga keuangan syariah di indonesia yang telah menjadikan rahn sebagai salah satu produk unggulannya, termasuk di dalamnya bank muamalat indonesia dan bank syariah mandiri. bank syariah mandiri mengeluarkan produk gadai emas bsm yang penerapannya menggunakan akad qardh wal ijarah, yaitu akad pemberian pinjaman oleh bank kepada nasabah yang disertai dengan penyerahan tugas agar bank menjaga barang jaminan yang diserahkan. dalam teknis perbankan, akad ini dapat digunakan sebagai tambahan pada pembiayaan yang beresiko dan memerlukan jaminan tambahan. akad ini juga dapat menjadi produk tersendiri untuk melayani kebutuhan nasabah guna keperluan yang bersifat jasa dan konsumtif, seperti pendidikan, kesehatan dan sebagainya. bank atau lembaga keuangan tidak menarik manfaat apapun kecuali biaya pemeliharaan atau keamanan barang yang digadaikan tersebut.9 usaha jasa pegadaian di indonesia nampaknya akan terus menarik perhatian banyak pihak, tidak terkecuali kalangan perbankan.10 produk 8 muhammad, sholikul hadi, pegadaian syari’ah, ( jakarta: salemba diniyah, 2003), h. 63-64. 9 abdul ghofur anshori, perbankan syari’ah di indonesia, h. 158. 10 eko. b. supriyanto, pertumbuhan di tengah gejolak pasar global, (jakarta: biro riset info bank, 2008), h. 123-124. al-iqtishad: vol. i, no. 2, juli 2009 149 pembiayaan pegadaian merupakan suatu jenis pembiayaan yang mempunyai proses yang sangat cepat, syarat yang sangat mudah bagi nasabah yang ingin mendapatkan dana dan tidak beresiko tinggi bagi bank syariah sebagai lembaga yang menyalurkan pembiayaannya. adanya lembaga-lembaga keuangan yang menjalankan usaha gadai syariah, memberikan banyak pilihan kepada masyarakat dalam memilih produk pembiayaan pegadaian pada lembaga keuangan tersebut. tidak sedikit masyarakat yang memilih melakukan pembiayaan gadai syariah pada bank syariah dibandingkan pada perum. pegadaian syari’ah. berangkat dari paradigma diatas, maka penulis merasa tertarik untuk mengadakan penelitian tentang perilaku nasabah dalam memilih produk pembiayaan pegadaian, penelitian ini akan dilakukan pada bank syariah. untuk menguatkan argumen, diambil sampel bank syariah mandiri cabang rawamangun sebagai lembaga yang menjalankan produk pembiayaan pegadaian. maka dari itu penelitian ini diberi judul: “perilaku nasabah dalam memilih produk pembiayaan pegadaian pada pt. bank syariah mandiri tbk.” perilaku nasabah, pelayanan dan pengetahuan terhadap produk dalam wikipedia bahasa indonesia dijelaskan bahwa perilaku manusia adalah sekumpulan perilaku yang dimiliki oleh manusia dan di pengaruhi oleh adat, sikap, emosi, nilai, etika, kekuasaan, persuasi, dan atau genetika.11 perilaku konsumen yang tidak dapat secara langsung dikendalikan oleh perusahaan perlu dicari informasinya semaksimal mungkin.12 banyak pengertian perilaku konsumen yang dikemukakan para ahli, salah satunya yang didefinisikan oleh engel dan kawan-kawan (1994) yang mengatakan bahwa perilaku konsumen didefinisikan sebagai suatu tindakan individu secara langsung terlibat dalam usaha memperolehnya, menggunakan, dan 11 wikipedia bahasa indonesia. ensiklopedia bebas, perilaku manusia, artikel diakses pada 4 juni 2009 dari http://id.wikipedia.org/wiki/perilaku_manusia.htm 12 husein umar, riset pemasaran dan perilaku konsumen, (jakarta: pt. gramedia pustaka utama, 2005), h.49. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .150 menentukan produk dan jasa, termasuk proses pengambilan keputusan yang mendahului dan mengikuti tindakan tersebut.13 paul peter dan jerry c.olson memberikan definisi perilaku nasabah sebagai konsumen bank (consumer behavior) yaitu interaksi dinamis antara pengaruh dan kognisi, perilaku dan kejadian disekitar kita, yaitu tempat manusia melakukan aspek pertukaran didalam hidup mereka.14 menurut alex s. nitisemito, perilaku nasabah adalah ilmu yang mencoba mempelajari tingkah laku nasabah sebagai konsumen bank dalam arti tindakannya untuk membeli suatu barang atau jasa perbankan.15 menurut bearden, perilaku konsumen adalah: “as the mental and emotional process and the physical activities that people engange in when they select, purchase, use, and dispose of product or seruce to satisfy particular needs and desires”16 “segala tindakan nyata konsumen sebagai proses mental dan emosional pada saat mereka memilih, membeli, meng gunakan, bahkan membuang produk atau jasa untuk memenuhi kebutuhan dan keinginan tertentu”. perilaku konsumen, seperti didefinisikan oleh schiffman dan kanuk (2000), adalah ”proses yang dilalui oleh seseorang dalam mencari, membeli, menggunakan, mengevaluasi, dan bertindak pasca konsumsi produk, jasa maupun ide yang diharapkan bisa memenuhi kebutuhannya”.17 dari berbagai definisi yang dikemukakan oleh para ahli, maka dapat diambil kesimpulan bahwa perilaku konsumen merupakan studi tentang bagaimana pembuat keputusan (decision units), baik individu, kelompok, ataupun organisasi, membuat keputusan-keputusan beli atau melakukan transaksi pembelian suatu produk dan mengkonsumsinya. perilaku 13 engel, james, f.blackwell miniard, perilaku konsumen, (jakarta: binarupa aksara, 1996), edisi vi, h.4. 14 murti sumarni, manajemen pemasaran bank, (yogyakarta: liberty, 2002), edisi revisi, h.233. 15 alex s. natisemito, marketing, (jakarta: ghalia indonesia, 1997), h.119. 16 bearden. ingram. la farge, marketing prinsiples and persfectives, (new york: mc grow hill, 2001), h. 77. 17 ristiyanti prasetyo, john j.o.i ihalauw, perilaku konsumen, (yogyakarta: andi, 2005), h.9. al-iqtishad: vol. i, no. 2, juli 2009 151 nasabah mengacu pada perilaku yang ditunjukan oleh para individu dalam membeli dan menggunakan barang dan jasa. secara garis besar, perilaku konsumen mencakup aktivitas mental dan fisik berkenaan dengan proses mendapatkan, mengonsumsi, dan menghentikan pemakaian produk, jasa, ide, dan atau pengalaman tertentu. pengertian pelayanan pelayanan menurut bahasa adalah perbuatan, yaitu perbuatan untuk menyediakan segala yang diperlukan orang lain.18 sedangkan menurut istilah terdapat beberapa definisi, antara lain: 1. pelayanan adalah proses pemenuhan kebutuhan melalui aktifitas orang lain yang langsung.19 2. kotler mendefinisikan pelayanan atau jasa sebagai segala tindakan atau perbuatan yang ditawarkan oleh satu pihak kepada pihak lain yang pada dasarnya bersifat intangibles (tidak berwujud fisik) dan tidak menghasilkan kepemilikan sesuatu.20 3. pelayanan adalah setiap kegiatan atau manfaat yang ditawarkan suatu pihak kepada pihak lain yang pada dasarnya tidak berwujud dan tidak mengakibatkan kepemilikan apapun. produksi layanan bisa ber hubungan dengan produk fisik atau tidak.21 berdasarkan beberapa definisi diatas, dapat disimpulkan bahwa pelayanan atau servis adalah sebuah kegiatan atau keuntungan yang dapat ditawarkan oleh suatu pihak kepada pihak lain. pelayanan pada dasarnya bersifat intangible (tak teraba) dan tidak berujung pada kepemilikan.22 pelayanan diberikan sebagai tindakan atau perbuatan seseorang atau organisasi untuk memberikan kepuasan kepada pelanggan atau nasabah. 18 pusat pembinaan dan pengembangan bahasa depdikbud, kamus umum bahasa indonesia, (jakarta: balai pustaka, 1999). 19 moenir, manajemen pelayanan umum di indonesia, (jakarta: bumi aksara, 2002), h.17. 20 fandy tjiptono, startegi pemasaran, (yogyakarta: andi, 1997), h.134. 21 bilson simamora, memenangkan pasar dengan pemasaran efektif dan profitale, (jakarta: gramedia pustaka utama, 2001), h.172. 22 wira sutedja, panduan layanan konsumen, (jakarta: pt. grasindo, 2007), h.5. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .152 tidak dapat dipungkiri bahwa hampir semua jenis produk yang ditawar kan me merlukan pelayanan dari karyawan perusahaam. hanya pelayanan yang diberikan terkadang berbentuk langsung dan tidak langsung. untuk produk bank ada yang memerlukan pelayanan langsung seperti penyetoran uang tunai atau pembelian produk lainnya. dalam pelayanan tersebut ada yang memerlukan penjelasan, baik sekadarnya atau secara rinci. namun ada juga produk bank yang tidak memerlukan pelayanan karyawan misalnya pelayanan yang diberikan oleh mesin atm.23 pelayanan sangat penting, karena jika pelayanan diberikan dengan baik dan benar merupakan daya tarik bagi calon nasabah atau nasabah untuk tetap menjadi nasabah, bahkan pelayanan ini sangat menentukan organisasi mencapai sasaran.24 konsep pelayanan yang baik dan benar akan menciptakan simpati dari calon nasabah baik dari masyarakat maupun dari bank-bank saingan, jika masyarakat simpati akan menimbulkan keper cayaan, sehingga pemasaran produk jasa bank lebih lancar.25 dasar-dasar pelayanan nasabah dasar-dasar pelayanan yang perlu dikuasai oleh seorang petugas bank sebelum melakukan tugasnya, mengingat karakter masing-masing nasabah beragam. berikut ini dasar-dasar pelayanan yang harus dipahami ter sebut adalah: 1. berpakaian dan berpenampilan yang rapih dan bersih 2. percaya diri, bersikap akrab dan penuh dengan senyum 3. menyapa dengan lembut dan berusaha menyebutkan nama jika kenal 4. tenang, sopan, hormat dan tekun mendengarkan setiap pembicaraan 5. berbicara dengan bahasa yang baik dan benar 6. bergairah dalam melayani nasabah dan menunjukan kemampuannya 7. jangan menyela atau memotong pembicaraan 23 kasmis, etika customer service, (jakarta: pt. raja gravindo persada, 2005), h.15. 24 malayu hasibuan, teori dan praktek operasional bank, (jakarta: pt. citra masagung, 1996), h.193. 25 malayu hasibuan, dasar-dasar perbankan, (jakarta: bumi aksara, 2002), cet. ke-2, h.53. al-iqtishad: vol. i, no. 2, juli 2009 153 8. mampu meyakini nasabah serta memberikan kepuasan 9. jika tidak sanggup menangani permasalahan yang ada, maka mintalah bantuan kepada petugas lain yang mampu 10. bila belum dapat melayani, beri tahukan kapan harus melayani26. ciri-ciri pelayanan yang baik dalam prakteknya, pelayanan yang baik memiliki ciri-ciri tersendiri dan hampir semua perusahaan menggunakan kriteria yang sama untuk mem bentuk ciri-ciri pelayanan yang baik. terdapat beberapa faktor pendukung yang mempengaruhi pelayanan yang baik. pertama, adalah faktor manusia yang memberi pelayanan tersebut, yang melayani pelanggan harus memiliki kemampuan melayani pelanggan secara tepat dan cepat. kedua, pelayanan yang baik juga harus diikuti oleh tersediannya sarana dan prasarana yang mendukung kecepatan, ketepatan dan keakuratan pekerjaan. pada akhirnya, sarana dan prasarana yang dimiliki juga harus dioperasikan oleh manusia yang berkualitas pula. jadi dapat dikatakan kedua faktor tersebut saling menunjang satu sama lainnya. beberapa ciri pelayanan yang baik yang harus diikuti oleh karyawan yang bertugas melayani pelanggan atau nasabah yaitu, tersedianya karyawan yang baik, tersedianya sarana dan prasarana yang baik, bertanggung jawab kepada setiap nasabah dari awal hingga selesai, mampu berkomunikasi dengan baik, memberikan jaminan kerahasiaan setiap transaksi, memiliki pengetahuan dan kemampuan yang baik, berusaha memahami kebutuhan nasabah, dan mampu memberikan kepercayaan kepada nasabah27. pengetahuan terhadap produk pengetahuan adalah informasi atau maklumat yang diketahui atau disadari oleh seseorang. pengetahuan seseorang dipengaruhi oleh beberapa faktor, di antaranya: 26 kasmir, manajemen perbankan, (jakarta: pt. raja grafindo persada, 2003), ed. 1, cet ke-4, h.219-210. 27 kasmir, manajemen perbankan, h.223-225. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .154 � pendidikan pendidikan adalah sebuah proses pengubahan sikap dan tata laku seseorang atau kelompok dan juga usaha mendewasakan manusia melalui upaya pengajaran dan pelatihan, maka jelas dapat kita kerucutkan sebuah visi pendidikan yaitu mencerdaskan manusia. � media media yang secara khusus didesain untuk mencapai masyarakat yang sangat luas. jadi contoh dari media massa ini adalah televisi, radio, koran, dan majalah. � keterpaparan informasi informasi adalah sesuatu yang dapat diketahui. namun ada pula yang menekankan informasi sebagai transfer pengetahuan. pada hakekatnya informasi tidak dapat diuraikan (intangible), sedangkan informasi itu dijumpai dalam kehidupan sehari-hari, yang diperoleh dari data dan observasi terhadap dunia sekitar kita serta diteruskan melalui komunikasi.28 pengertian produk gadai (rahn) istilah yang digunakan fiqh untuk gadai adalah al-rahn,29 yaitu perjanjian menahan sesuatu barang sebagai tanggungan utang.30 secara etimologi, kata al-rahn berarti tetap, kekal, dan jaminan.31 menurut terminologi syara, rahn berarti:32 artinya: “penahanan terhadap suatu barang dengan hak sehingga dapat dijadikan sebagai pembayaran dari barang tersebut.” 28 dari wikipedia bahasa indonesia, ensiklopedia bebas, “pengetahuan”, artikel diakses pada 31 september 2009 dari http://id.wikipedia.org/wiki/pengetahuan.htm 29 ghufran a. mas’adi, fiqh muamalah konstektual. (jakarta: pt raja grafindo persada, 2002), h.175. 30 muhammad. sholikul hadi, pegadaian syari’ah, (jakarta: salemba diniyah, 2003), h.50. 31 ah. azharuddin latif, fiqh muamalat, (jakarta: uin jakarta press, 2005), h. 154. 32 rachmat syafe’i, fiqh muamalah, (bandung: pustaka setia, 2004), h. 159. al-iqtishad: vol. i, no. 2, juli 2009 155 rahn menurut syariah adalah menahan sesuatu dengan cara yang dibenarkan yang memungkinkan ditarik kembali. yaitu menjadikan barang yang mempunyai nilai harta menurut pandangan syariah sebagai jaminan hutang, sehingga orang yang bersangkutan boleh mengambil hutangnya semuanya atau sebagian.33 rahn berarti akad menggadaikan barang dari satu pihak ke pihak lain, dengan uang sebagai gantinya.34 imam taqiyyuddin abu bakar al-husaini dalam kitabnya kifayatul ahyar fii halli ghayati al-ikhtisar berpendapat bahwa definisi rahn adalah: akad atau perjanjian utang piutang dengan menjadikan harta sebagai kepercayaan atau penguat utang dan yang memberi pinjaman berhak menjual barang yang digadaikan itu pada saat ia menuntut haknya. lebih lanjut imam taqiyyuddin mengatakan bahwa barang-barang yang dapat dijadikan jaminan utang adalah semua barang yang dapat dijual belikan. artinya semua barang yang dapat dijual itu dapat digadaikan.35 para ulama fiqh pun mengemukakan beberapa definisi ar-rahn. ulama malikiyah mendefinisikannya dengan: harta yang dijadikan pemiliknya sebagai jaminan utang yang bersifat mengikat. menurut mereka, yang dijadi kan barang jaminan (agunan) bukan saja harta yang bersifat materi, tetapi juga harta yang bersifat manfaat tertentu. harta yang dijadikan barang jaminan (agunan) tidak harus diserahkan secara aktual, tetapi boleh juga pe nyerahannya secara hukum, seperti menjadikan sawah sebagai jaminan (agunan), maka yang diserahkan itu adalah surat jaminanya (sertifikat sawah). ulama hanafiyah mendefinisikannya dengan: menjadikan sesuatu (barang) sebagai jaminan terhadap hak (piutang) yang mungkin dijadikan sebagai pembayar hak (piutang) itu, baik seluruhnya maupun sebagiannya. sedangkan ulama syafi’iyah dan hanabilah mendefinisikan ar-rahn dengan: menjadikan materi (barang) sebagai jaminan utang, yang dapat dijadikan pembayar utang apabila orang yang berhutang tidak bisa membayar utangnya itu. 33 abdul ghafur anshori, perbankan syari’ah di indonesia, (yogyakarta: gadjah mada university press, 2007), h.157. 34 pusat komunikasi ekonomi syari’ah, buku saku lembaga bisnis syari’ah, (jakarta: pkes, 2006), h.8. 35 muhammad. sholikul hadi, pegadaian syari’ah, h.51. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .156 definisi yang dikemukakan syafi’iyah dan hanabilah ini mengandung pengertian bahwa barang yang boleh dijadikan jaminan (agunan) utang itu hanyalah harta yang bersifat materi; tidak termasuk manfaat sebagaimana yang dikemukakan ulama malikiyah, sekalipun sebenarnya manfaat itu, menurut mereka (syafi’iyah dan hanabilah), termasuk dalam pengertian harta.36 dari berbagai definisi diatas, dapat disimpulkan bahwa rahn merupakan suatu akad utang piutang dengan menjadikan barang yang mempunyai nilai harta menurut pandangan syara sebagai jaminan, hingga orang yang bersangkutan boleh mengambil utang. dalam tekhnis perbankan, akad ini dapat digunakan sebagai tambahan pada pembiayaan yang beresiko dan memerlukan jaminan tambahan. akad ini juga dapat menjadi produk tersendiri untuk melayani kebutuhan nasabah guna keperluan yang bersifat jasa dan konsumtif, seperti pendidikan, kesehatan, dan sebagainya. bank atau lembaga keuangan tidak menarik manfaat apapun kecuali biaya pemeliharaan atau keamanan barang yang digadaikan tersebut.37 landasan hukum gadai syari’ah boleh tidaknya transaksi gadai menurut islam diatur dalam al-quran, sunnah, dan ijtihad. dari ketiga sumber hukum tersebut disajikan dasar hukum sebagai berikut:38 a. al-qur’an dalam surat al-baqarah, 2:283 allah berfirman: 36 nasrun haroen, fiqh muamalah, (jakarta: gaya media pratama, 2007), h.252. 37 zainul arifin, dasar-dasar manajemen bank syari’ah, (jakarta: pustaka alvabet, 2006),h.27. 38 muhammad. sholikul hadi, pegadaian syari’ah, h.40. al-iqtishad: vol. i, no. 2, juli 2009 157 artinya: “jika kamu dalam perjalanan (dan bermu’amalah tidak secara tunai) sedang kamu tidak memperoleh seorang penulis, maka hendaklah ada barang tanggungan yang dipegang (oleh yang berpiutang). akan tetapi jika sebagian kamu mempercayai sebagian yang lain, maka hendaklah yang dipercayai itu menunaikan amanatnya (hutangnya) dan hendaklah ia bertakwa kepada allah tuhannya; dan janganlah kamu (para saksi) menyembunyikan persaksian. dan barangsiapa yang menyembunyikannya, maka sesungguhnya ia adalah orang yang berdosa hatinya; dan allah maha mengetahui apa yang kamu kerjakan.” para ulama fiqh sepakat menyatakan bahwa ar-rahn boleh di lakukan dalam perjalanana dan dalam keadaan hadir ditempat, asal barang jaminan itu bisa langsung dipegang atau dikuasai (al-qabdh) secara hukum oleh pemberi piutang. maksudnya, karena tidak semua barang jaminan dapat dipegang atau dikuasai oleh pemberi piutang secara langsung, maka paling tidak ada semacam pegangan yang dapat menjamin bahwa barang dalam status al-marhun (menjadi agunan utang). b. as-sunnah artinya: “dari siti aisyah r.a. bahwa rasulullah saw. pernah membeli makanan dengan menggadaikan baju besi.” (hr. bukhari)39 menurut kesepakatan pakar fiqh, peristiwa rasul saw. me-rahnkan baju besinya itu, adalah kasus ar-rahn pertama dalam islam dan dilakukan sendiri oleh rasulullah saw. kisah yang sama juga diriwayat kan oleh ahmad ibn hanbal, al-bukhari, al-nasa’i, dan ibn majah dari anas ibn malik. dalam riwayat abu hurairah, itu:40 39 bukhari, shahih bukhari, (beirut: maktabah ashriyah, 1997), jilid ii, h.755. 40 nasrun haroen, fiqh muamalah, h.253. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .158 artinya: ”dari abu hurairah r.a berkata: rasulullah saw. bersabda:”barang yang digadaikan itu tidak boleh tertutup dari pemiliknya yang menggadaikan barang itu, (sehingga mungkin dia) mendapat keuntungannya dan menanggung kerugiannya.” (hr. daruquthni).41 c. ijma’ berkaitan dengan pembolehan perjanjian gadai ini, jumhur ulama juga berpendapat boleh dan mereka tidak pernah berselisih pendapat mengenai hal ini. (al-zuhaili, al-fiqh al-islami wa adillatuhu, 1985, v: 181). jumhur ulama berpendapat bahwa disyariatkan pada waktu tidak bepergian maupun pada waktu bepergian, berdasarkan kepada perbuatan rasulullah saw dalam hadist tersebut diatas.42 d. kitab undang-undang hukum perdata pasal 1150, yang didalamnya menyebutkan bahwa gadai adalah suatu hak yang diperoleh seseorang yang mempunyai piutang atas suatu barang yang bergerak. barang yang bergerak tersebut diserahkan kepada orang yang berpiutang oleh seseorang yang mempunyai utang. seseorang yang mempunyai utang tersebut memberikan kekuasaan kepada orang untuk menggunakan barang bergerak yang telah diserahkan untuk melunasi utang. apabila hak yang berhutang tidak dapat memenuhi kewajibannya pada saat jatuh tempo. e. majelis ulama indonesia melalui dewan syari’ah nasional mengenai hukum gadai (rahn) tertuang dalam fatwa dewan syariah nasional nomor: 25/dsnmui/iii/2002 tentang rahn dan fatwa dewan syariah nasional nomor: 26/dsnmui/iii/2002 tentang rahn emas. dalam fatwa dewan syariah nasional nomor: 25/dsnmui/iii/2002 tentang rahn menyatakan bahwa pinjaman dengan menggadaikan barang sebagai jaminan utang dalam bentuk rahn diperbolehkan dengan ketentuan sebagai berikut: 1. murtahin (penerima barang) mempunyai hak untuk menahan marhun (barang) sampai semua utang rahin (yang menyerahkan barang) dilunasi. 41 imam al-kabir bin umar ad-daruquthni, (beirut:dar al-fikr, 1994), jilid 2, h.26. 42 abdul ghafur anshori, perbankan syari’ah di indonesia, h.159. al-iqtishad: vol. i, no. 2, juli 2009 159 2. marhun dan manfaatnya tetap menjadi milik rahin. pada prinsipnya marhun tidak boleh dimanfaatkan oleh murtahin kecuali seizin rahin, dengan tidak mengurangi nilai marhun dan pemanfaatannya itu sekedar pengganti biaya pemeliharaan perawatannya. 3. pemeliharaan dan penyimpanan marhun pada dasarnya menjadi kewajib an rahin, namun dapat dilakukan juga oleh murtahin, sedang kan biaya dan pemeliharaan penyimpanan tetap menjadi kewajiban rahin. 4. besar biaya administrasi dan penyimpanan marhun tidak boleh ditentu kan berdasarkan jumlah pinjaman. 5. penjualan marhun a. apabila jatuh tempo, murtahin harus memperingatkan rahin untuk segera melunasi utangnya. b. apabila rahin tetap tidak melunasi utangnya, maka marhun dijual paksa atau dieksekusi. c. hasil penjualan marhun digunakan untuk melunasi utang, biaya pemeliharaan dan penyimpanan yang belum dibayar serta biaya penjualan. d. kelebihan hasil penjualan menjadi milik rahin dan kekurangannya menjadi kewajiban rahin.43 dalam fatwa dewan syariah nasional nomor: 26/dsnmui/iii/2002 tentang rahn emas menyatakan bahwa: 1. rahn emas dibolehkan berdasarkan prinsip rahn (lihat fatwa dsn nomor : 25/ dsnmui/iii/2002/tentang rahn). 2. ongkos dan biaya penyimpanan barang (marhun) ditanggung oleh penggadai (rahin). 3. ongkos sebagai mana dimaksud ayat 2 besarnya didasarkan pada pengeluaran yang nyata-nyata diperlukan. 4. biaya penyimpanan barang (marhun) dilakukan berdasarkan akad ijarah. 43 ari agung nugraha, “gambaran umum kegiatan usaha pegadaian syariah”, artikel ini diakses pada tanggal 23 februari 2009 dari http:// rahn-gadai-syariah.html. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .160 rukun dan syarat gadai syariah para ulama fiqh berbeda pendapat dalam menetapkan rukun ar-rahn. menurut jumhur ulama rukun ar-rahn itu ada empat, yaitu:44 shigat (lafal ijab dan qabul), orang yang berakad (ar-rahin dan murtahin), harta yang dijadikan agunan (al-marhun), utang (marhun bih)45 ulama hanafiyah berpendapat bahwa rukun ar-rahn itu hanya: a. ijab; pernyataan menyerahkan barang sebagai agunan oleh pemilik barang b. qabul; pernyataan kesediaan memberi utang dan menerima barang agunan itu. disamping itu, menurut mereka, untuk sempurna dan mengikatnya akad ar-rahn ini, maka diperlukan al-qabdh (penguasaan barang) oleh pemberi utang. adapun kedua orang yang melakukan akad, harta yang dijadikan agunan, dan utang, menurut ulama hanafiyah termasuk syaratsyarat ar-rahn, bukan rukunnya.46 syarat-syarat ar-rahn para ulama fiqh mengemukakan syarat-syarat ar-rahn sesuai dengan rukun ar-rahn itu sendiri. dengan demikian, syarat-syarat ar-rahn meliputi: a. persyaratan aqid (orang yang berakad) syarat-syarat yang harus dipenuhi bagi orang-orang yang bertransaksi gadai yaitu rahin (pemberi gadai) dan murtahin (penerima gadai).47 pihak yang berakad harus memiliki kecakapan dalam melakukan tindakan hukum, berakal sehat, sudah baligh, serta mampu melaksanakan akad.48 menurut ulama syafi’iyah, orang yang berakad adalah orang yang telah sah untuk jual-beli, yakni berakal dan mumayyiz, tetapi tidak disyaratkan harus baligh. dengan demikian, anak kecil yang sudah 44 nasrun haroen, fiqh muamalah, h.254. 45 pusat komunikasi ekonomi syari’ah, buku saku lembaga bisnis syari’ah, h.17. 46 nasrun haroen, fiqh muamalah, h.254. 47 abdul ghafur anshori, perbankan syari’ah di indonesia, h.160. 48 pusat komunikasi ekonomi syari’ah, buku saku lembaga bisnis syari’ah, h.17. al-iqtishad: vol. i, no. 2, juli 2009 161 mumayyiz, dan orang yang bodoh berdasarkan izin dari walinya dibolehkan melakukan rahn.49 menurut ulama hanafiyah, kedua belah pihak yang berakad tidak disyaratkan baligh, tetapi cukup berakal saja. oleh sebab itu, menurut mereka, anak kecil yang mumayyiz boleh melakukan akad ar-rahn, dengan syarat akad ar-rahn yang dilakukan anak kecil yang sudah mumayyiz ini mendapat persetujuan dari walinya. kecakapan bertindak hukum, menurut jumhur ulama adalah orang yang telah baligh dan berakal.50 rahn tidak boleh dilakukan oleh orang yang mabuk, gila, bodoh, atau anak kecil yang belum baligh. begitu pula seorang wali tidak boleh menggadaikan barang orang yang dikuasainya, kecuali jika dalam keadaan mudarat dan meyakini bahwa pemegangnya yang dapat dipercaya.51 b. syarat shigat (lafal) shigat tidak boleh terkait dengan masa yang akan datang dan syarat tertentu.52ulama hanafiyah berpendapat bahwa shigat dalam rahn tidak boleh dikaitkan dengan sesuatu. hal ini karena, karena akad arrahn sama dengan akad jual-beli, jika memakai syarat tertentu, syarat tersebut batal dan rahn tetap sah.53 misalnya, orang yang berutang mensyaratkan apabila tenggang waktu utang telah habis dan utang belum terbayar, maka ar-rahn itu diperpanjang satu bulan; atau pemberi utang mensyaratkan harta agunan boleh ia manfaatkan. ulama malikiyah, syafi’iyah, dan hanabilah mengatakan bahwa apabila syarat itu adalah syarat yang mendukung kelancaran akad itu, maka syarat itu diperbolehkan, tetapi apabila syarat itu bertentangan dengan tabiat akad ar-rahn maka syaratnya batal. kedua syarat dalam contoh di atas (perpanjangan ar-rahn satu bulan dan agunan boleh dimanfaatkan), termasuk syarat yang tidak sesuai dengan tabiat ar-rahn, karenanya syarat itu dinyatakan batal. syarat yang dibolehkan itu, misalnya, untuk sah-nya ar-rahn itu pihak pemberi utang minta agar akad itu disaksikan oleh dua 49 rachmat syafe’i, fiqh muamalah, h.162. 50 nasrun haroen, fiqh muamalah, h.254. 51 rachmat syafe’i, fiqh muamalah, h.162. 52 pusat komunikasi ekonomi syari’ah, buku saku lembaga bisnis syari’ah, h.17. 53 rachmat syafe’i, fiqh muamalah, h.163. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .162 orang saksi. sedangkan syarat yang batal, misalnya, disyaratkan bahwa agunan itu tidak boleh dijual ketika ar-rahn itu jatuh tempo, dan orang yang berhutang tidak mampu membayarnya.54 c. syarat marhun bih (utang) syarat al-marhun bih (utang) adalah: 1. merupakan hak yang wajib dikembalikan kepada orang berhutang55 menurut ulama selain hanafiyah, marhun bih hendaklah berupa utang yang wajib diberikan kepada orang yang menggadai kan barang, baik berupa utang ataupun berbentuk benda. 2. marhun bih memungkinkan dapat dibayarkan jika marhun bih tidak dapat dibayarkan, rahn menjadi tidak sah, sebab menyalahi maksud dan tujuan dari disyariatkan rahn. 3. hak atas marhun bih harus jelas hak atas marhun bih harus jelas, dengan demikian tidak boleh memberikan dua marhun bih tanpa dijelaskan utang mana menjadi rahn.56 d. syarat marhun (barang yang dijadikan agunan) marhun adalah barang yang dijadikan jaminan oleh rahin. para ulama fiqh sepakat mensyaratkan marhun sebagaimana persyaratan barang dalam jual-beli, sehingga barang tersebut dapat dijual untuk memenuhi hak murtahin. ulama hanafiyah mensyaratkan marhun, antara lain yaitu, dapat di per jualbelikan, bermanfaat, jelas, milik rahin, bisa diserahkan, tidak bersatu dengan harta lain, dipegang (dikuasai) oleh rahin, harta yang tetap atau dapat dipindahkan57. profil nasabah didalam profil nasabah ini, peneliti mencoba membagi dalam beberapa tabel yaitu: usia, jenis kelamin, status perkawinan, jumlah anak, anak 54 nasrun haroen, fiqh muamalah, h.254-255. 55 ah. azharuddin latif, fiqh muamalat, h. 154. 56 rachmat syafe’i, fiqh muamalah, h.164. 57 rachmat syafe’i, fiqh muamalah, h.164. al-iqtishad: vol. i, no. 2, juli 2009 163 dalam tanggungan keuangan, asal kepemilikan barang gadai, dan tujuan melakukan pembiayaan gadai. 1. jawaban nasabah tentang usia nasabah gambar 5.1 jawaban nasabah tentang usia nasabah sumber: diolah dari data lapangan tahun 2009 rata-rata nasabah gadai emas bsm berumur antara 40-44 tahun, usia tersebut termasuk kedalam usia produktif. hal ini mengindikasikan bahwasanya rata-rata yang memiliki umur produktif sangat membutuhkan jasa perbankan khususnya pembiayaan, hal ini sangat wajar ketika mereka masih harus berurusan dengan jasa per bankan dikarena kan segudang aktivitasnya yang menuntut mereka ber hubung an dengan bank. 2. jawaban nasabah tentang jenis kelamin berdasarkan hasil penelitian, diperoleh data karateristik nasabah berdasarkan jenis kelamin seperti terlihat pada gambar berikut. gambar 5.2 jawaban nasabah tentang jenis kelamin sumber: diolah dari data lapangan tahun 2009 nasabah yang melakukan pembiayaan gadai emas bsm didominasi oleh laki-laki yaitu sebesar 73%, sedangkan wanita hanya 27%. hal itu karena laki-laki merupakan kepala keluarga yang tugasnya mencari pendapatan untuk pemenuhan kebutuhan keluarganya. novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .164 3. jawaban nasabah tentang status perkawinan sebagian besar nasabah gadai emas bsm yaitu berstatus sudah menikah, hal ini menjadi sangat wajar karena orang yang sudah menikah lebih banyak kebutuhannya dibandingkan yang belum menikah. misalnya saja adalah untuk menghidupi keluarganya. gambar 5.3 jawaban nasabah tentang status perkawinan sumber: diolah dari data lapangan tahun 2009 gambar 5.5 jawaban nasabah tentang jumlah anak dan tanggungan keuangan sumber: diolah dari data lapangan tahun 2009 hanya 8 nasabah yang belum memiliki anak, sedangkan sisa nya sudah memiliki anak. dan rata-rata nasabah, mempunyai tanggungan keuangan sebanyak 1-3 orang. jadi, mereka lebih banyak membutuhkan pem biaya an. hal ini dikarenakan orang yang sudah memiliki anak atau mem punyai tanggungan keuangan lebih banyak kebutuhan atau pengeluarannya. al-iqtishad: vol. i, no. 2, juli 2009 165 4. jawaban nasabah tentang asal kepemilikan barang gadai sebagian besar nasabah mendapatkan barang gadainya dari pembelian, sedangkan sisanya sebesar 29,5% nasabah mendapatkan barang gadainya dari warisan, hibah, dll. gambar 5.6 jawaban nasabah tentang asal kepemilikan barang gadai sumber: diolah dari data lapangan tahun 2009 5. jawaban nasabah tentang tujuan melakukan pembiayaan gadai gambar 5.7 jawaban nasabah tentang tujuan melakukan pembiayaan gadai sumber: diolah dari data lapangan tahun 2009 dari data yang peneliti dapatkan bahwa paling banyak nasabah melakukan pembiayaan gadai untuk modal kerja. penutup dari hasil penelitian yang penulis lakukan, didapat nilai t hitung untuk variabel pelayanan adalah 4,115, sementara nilai t tabel adalah 1,99, maka t hitung > t tabel, dan nilai alpha ( ) adalah 0,000 yang berarti lebih kecil dari 0,05 sehingga ho ditolak. berarti terdapat pengaruh yang nyata antara pelayanan terhadap perilaku nasabah. dari hasil penelitian yang penulis lakukan, didapat nilai t hitung untuk novi rofiani: perilaku nasabah dalam memilih produk pembiayaan pegadaian pada . . .166 variabel pengetahuan produk adalah 3,951, sementara nilai t tabel adalah 1,99 maka t hitung > t tabel, dan nilai alpha ( ) adalah 0,000 yang berarti lebih kecil dari 0,05 sehingga ho ditolak. berarti terdapat pengaruh yang nyata antara pelayanan terhadap perilaku nasabah. dari hasil penelitian yang penulis lakukan, didapat nilai f hitung untuk variabel pengetahuan produk adalah 43,809, sementara nilai f tabel adalah 3,11, maka f hitung > f tabel, dan nilai adalah 0,000 yang berarti lebih kecil dari 0,05 sehingga ho ditolak. berarti terdapat pengaruh yang nyata antara pelayanan dan pengetahuan produk secara bersama-sama terhadap perilaku nasabah. dari hasil analisis data yang diperoleh penulis, dapat diketahui bahwa variabel pengetahuan produk (x2) yang paling penting pengaruhnya secara nyata terhadap perilaku nasabah dalam memilih produk pembiayaan gadai emas bsm. hal tersebut ditunjukan pada nilai yaitu sebesar 0,286. pustaka acuan ali, am. hasan dan hosen, m.nadratuzzaman. tanya jawab ekonomi syariah. jakarta: pkes, 2007. amin, a. riawan. menata perbankan syariah di indonesia. ciputat: uin press, tth. anshori, abdul ghafur. perbankan syariah di indonesia. yogyakarta: gadjah mada university press, 2007. arifin, zainul. dasar-dasar manajemen bank syari’ah. jakarta: pustaka alvabet, 2006. ascarya. akad dan produk bank syariah. jakarta: pt. rajagrafindo persada, 2007. bearden. ingram. la farge. marketing prinsiples and persfectives. new york: mc grow hill, 2001. bukhari. shahih bukhari. beirut: maktabah ashriyah, 1997. jilid ii. engel. james. f.blackwell miniard. perilaku konsumen. jakarta: binarupa aksara, 1996. ed. vi. faktor-faktor yang mempengaruhi perilaku konsumen dalam pembelian suatu produk, artikel diakses pada 31 september 2009 dari http://jurnalsdm.blogspot.com/2009/06/ faktor-faktor-yang-mempengaruhi.html ghozali, h.imam. aplikasi analisis multivariat dengan program spss. al-iqtishad: vol. i, no. 2, juli 2009 167 semarang: badan penerbit universitas diponegoro. 2001 hasibuan, nurdin. “menetapkan budaya perusahaan pada pada sikap ‘akhlaqul karimah’” artikel diakses pada 23 februari 2009 dari http://203.130.242.190/artikel /1353.shtml. hasibuan, malayu. teori dan praktek operasional bank. jakarta: pt. citra masagung,1996. hasibuan, malayu. dasar-dasar perbankan. jakarta: bumi aksara, 2002. cet. ke-2. haroen, nasrun. fiqh muamalah. jakarta: gaya media pratama, 2007. imam al-kabir bin umar ad-daruquthni. beirut:dar al-fikr, 1994. jilid 2. kasmir. etika customer service. jakarta: pt. raja gravindo persada, 2005. _____. manajemen perbankan, (jakarta: pt. raja grafindo persada, 2003), ed. 1, cet ke-4, h.219-210. latif, ah. azharuddin. fiqh muamalat. jakarta: uin jakarta press, 2005. mas’adi, ghufran a. fiqh muamalah 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pengetahuan.htm penggunaan ahp (analy tical hierarchy process) dalam evaluasi penerapan pembiayaan berdasarkan analisis prinsip pembiayaan pada pt. bprs amanah ummah irfan ibnu faaiz stai al-munahayah garut email: ibnu_faaiz@gmail.com abstrak: di indonesia, terdapat dua jenis lembaga perbankan yaitu perbankan konvensional dan perbankan syariah. dalam undang-undang no. 21 tahun 2008 tentang perbankan syariah dikatakan “bahwa perbankan syariah memiliki kekhususan dibandingkan dengan perbankan konvensional”1. yaitu dalam pelaksanaan operasionalnya bank syariah menggunakan prinsip-prinsip syariah islam, dan tidak menjalankan sistem bunga. kata kunci: pembiayaan, bpr, perbankan pendahuluan semakin berkembangnya perekonomian suatu negara, maka semakin me ningkat pula kebutuhan pendanaan untuk membiayai proyek-proyek pem bangunan. namun, dana pemerintah yang bersumber dari apbn dan pihak swasta sangat terbatas untuk menutup kebutuhan dana tersebut. dengan keterbatasan kemampuan financial lembaga dan swasta tersebut, maka perbankan nasional memegang peranan penting dan strategis dalam kaitan nya penyediaan permodalan pengembangan sektor-sektor produktif.2 melihat keadaan tersebut, peranan perbankan dalam mencapai tujuan 1 undang-undang republik indonesia nomor. 21 tahun 2008 tentang perbankan syariah. 2 muhammad, manajemen pembiayaan bank syariah (yogyakarta: unit penerbit dan percetakan akademi manajemen perusahaan ykpn, 2005), h.15. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)88 pembangunan nasional sangat strategis yaitu dengan memenuhi kebutuhan pihak defisit unit dalam rangka mengembangkan dan mem perluas usaha. di indonesia, terdapat dua jenis lembaga perbankan yaitu perbankan konvensional dan perbankan syariah. dalam undang-undang no. 21 tahun 2008 tentang perbankan syariah dikatakan “bahwa perbankan syariah memiliki kekhususan dibandingkan dengan perbankan konvensional”3. yaitu dalam pelaksanaan operasionalnya bank syariah menggunakan prinsip-prinsip syariah islam, dan tidak menjalankan sistem bunga. secara kelembagaan, perkembangan perbankan syariah di indonesia ditandai dengan ditandatanganinya akte pendirian bank muamalat indonesia (bmi) pada tanggal 1 november 1991,4 dan baru mulai beroperasi pada 1 mei 1992. kemudian baru menyusul bank-bank lain yang membuka jendela syariah (islamic window) dalam menjalankan kegiatan usahanya dengan terlebih dahulu membentuk uus (unit usaha syariah). sedangkan secara yuridis dimulai dengan diundangkannya uu nomor 7 tahun 1992 yang memuat ketentuan-ketentuan yang secara implisit memperbolehkan pengelolaan bank dengan pronsip bagi hasil (profit and loss sharing ). kemudian dipertegas lagi dengan membedakan bank berdasarkan pada pengelolaannya yang terdiri dari bank konvensional dan bank syariah melalui uu nomor 10 tahun 1998 yang merupakan amandemen dari uu sebelumnya.5 dan dengan diberlakukannya uu nomor 21 tahun 2008 tentang perbankan syariah yang terbit pada tanggal 16 juli 2008, maka pengembangan industri perbankan syariah nasional semakin memiliki landasan hukum yang memadai dan akan mendorong pertumbuhannya secara lebih cepat lagi.6 perjalanan perbankan syariah di indonesia hingga saat ini telah meng alami kemajuan yang pesat, hal ini ditunjukkan dengan selalu ber3 undang-undang republik indonesia nomor. 21 tahun 2008 tentang perbankan syariah 4 muhammad syafi’i antonio, bank syariah: dari teori ke praktik (jakarta: gema insani press, 2001), h. 25. 5 abdul ghafur anshori, perbankan syariah di indonesia (yogyakarta: gadjah mada university press, 2007), h.30. 6 bank indonesia, “sekilas perbankan syariah di indonesia”, artikel diakses pada 11 desember 2009 dari http://www.bi.go.id/web/id/perbankan/perbankan+syariah/ al-iqtishad: vol. i, no. 2, juli 2009 89 tambahnya jaringan kantor perbankan syariah di indonesia dari tahun ke tahun. dalam statistik perbankan syariah yang dikeluarkan bi, hingga bulan januari 2010 terdapat 1.346 jaringan kantor perbankan syariah. tabel 1.1 jaringan kantor perbankan syariah (islamic banking network) (2006 – januari 2010) 2006 2007 2008 2009 jan2010 bank umum syariah (bus) jumlah bank 3 3 5 6 6 jumlah kantor 349 401 581 711 815 unit usaha syariah jumlah bank umum konvensional yang memiliki uus 20 26 27 25 25 jumlah kantor 183 196 241 287 268 bank pembiayaan rakyat syariah (bprs) jumlah bank 105 114 131 138 140 jumlah kantor 105 185 202 225 263 jumlah kantor 637 782 1024 1223 1346 sumber: statistik perbankan syariah januari 2010 (www.bi.go.id) menurut peneliti rodney wilson terdapat banyak potensi pasar yang perlu digali, hal tersebut menunjukkan masih luasnya potensi yang tersedia bagi bank syariah.7 penggalian potensi tersebut dapat dilakukan dengan pengalokasian penyaluran pembiayaan yang tepat. seperti layaknya bank konvensional, bank syariah merupakan lembaga keuangan (financial intermediary) yang tugas pokoknya adalah meng7 dhani gunawan, “perbankan syariah menuju millenium baru: suatu tinjau an pengembangan, pengawasan dan prospek”, artikel diakses pada tanggal 7 desember 2009 dari http://www.bi.go.id/nr/rdonlyres/e736319e-6d52-4199-acf9-247d719bf119/3018/ bempvol2no3des99.pdf irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)90 himpun dana dari masyarakat dan dari dana tersebut dapat memenuhi kebutuhan dana dalam bentuk pembiayaan.8 prinsip pembiayaan pada bank syariah harus sesuai dengan prinsip syariah, yaitu aturan perjanjian berdasarkan hukum islam. antara lain, pembiayaan berdasarkan prinsip bagi hasil (mudharabah), pembiayaan berdasarkan penyertaan modal (musyarakah), prinsip jual beli barang dengan prinsip jual beli barang dengan memperoleh keuntungan (murabahah), pembiayaan barang modal berdasarkan prinsip sewa murni tanpa pilihan (ijarah), pembiayaan barang modal berdasarkan prinsip dengan adanya pilihan pemindahan atas barang yang disewa dari pihak bank oleh pihak lain (ijarah wal iqtina).9 menjalankan kegiataan pembiayaannya, bank syariah memiliki pedoman berupa prinsip analisis pembiayaan, yaitu pedoman-pedoman yang harus diperhatikan oleh pejabat pembiayaan bank syariah pada saat melakukan analisis pembiayaan.10 salah satunya adalah bprs amanah ummah, dalam laporan keuangan tahun 2008 penyebaran pembiayaan menurut porsinya terhadap sektor ekonomi adalah sebagai berikut; sektor perdagangan (55.92%), disusul pembiayaan konsumtif (30.18%), jasa (5%), pertanian (2.39%), terakhir sektor industri (1.96%).11 tabel 1.2 pembiayaan per-sektor pt. bprs amanah ummah tahun 2007 2008 (dalam ribuan) sektor 2007 2008 nominal % nominal % perdagangan 12,275,309 36.02 19,053,922 55.92 8 muhammad, manajemen pembiayaan bank syariah, h.15. 9 rachmadi usman, aspek-aspek hukum perbankan di indonesia (jakarta: pt. gramedia pustaka utama, 2001), h. 40-41. 10 muhammad, manajemen pembiayaan bank syariah, h.60. 11 pt. bprs amanah ummah, laporan tahunan 2008 (bogor: pt. bprs amanah ummah, 2008), h. 21. al-iqtishad: vol. i, no. 2, juli 2009 91 konsumtif 7,371,908 30.08 10,282,778 30.18 jasa 3,454,213 10.14 3,254,441 5 pertanian 610,389 2.49 814,799 2.39 industri 796,793 2.34 669,022 1.96 sebagai salah satu lembaga kepercayaan masyarakat bprs amanah ummah harus mampu memenuhi kebutuhan masyarakat dalam sisi permodalan. namun, sebagai sektor keuangan yang bergerak dibidang moneter juga harus memperhatikan sisi likuiditas agar resiko yang akan dihadapi dapat diminimalisir dan pada akhirnya akan menciptakan pembiayaan yang produktif bagi bank. produk pembiayaan bank syariah menurut muhammad, pembiayaan atau financing adalah pendanaan yang diberikan oleh suatu pihak kepada pihak lain untuk mendukung investasi yang telah direncanakan, baik dilakukan sendiri ataupun lembaga. dengan kata lain, pembiayaan adalah pendanaan yang dikeluarkan untuk mendukung investasi yang telah direncanakan.12 dalam kaitannya dengan perbankan syariah, jenis pembiayaan menurut sifat penggunaannya, pembiayaan dapat dibagi dalam:13 (1) pembiayaan konsumtif. bank syariah dapat menyediakan pembiayaan konsumtif dengan menggunakan skema jual beli dengan angsuran (ba’i bitsaman ajil), atau sewa beli (ijarah muntahia bi tamlik), atau melalui ke mitraan dengan pertisipasi menurun (musyarakah mutanaqisah).14 (2) pembiayaan produktif.15 (3) pembiayaan modal kerja peningkatan produksi, bank syariah menggunakan skema pembiayaan mudharabah (trust financing). (4) pembiayaan modal kerja untuk perdagangan, bank syariah menggunakan skema pembiayaan mudharabah untuk perdagangan masal, dan skema pembiayaan murabahah dan musyarakah untuk perdagangan berdasarkan pesanan (impor). (5) pembiayaan 12 muhammad, manajemen pembiayaan bank syariah, h.17. 13 zainul arifin, dasar-dasar manajemen bank syariah, cet.iv, h. 200-208. 14 zainul arifin, dasar-dasar manajemen bank syariah, cet.iv, h. 201. 15 zainul arifin, dasar-dasar manajemen bank syariah, cet.iv, h. 201-206. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)92 likuiditas, bank syariah mengguakan giro wadiah. (6) pembiayaan piutang, bank syariah menggunakan skim bentuk qard dan wakalah. (7) pembiayaan persediaan, bank syariah menggunakan prinsip jual beli (ba’i) yaitu murabahah, istishna, ba’i salam. analisis kelayakan pembiayaan menurut muhammad, analisis pembiayaan dimaksudkan untuk: (1) menilai kelayakan usaha calon peminjam; (2) menekan resiko akibat tidak terbayarnya pembiayaan; (3) menghitung kebutuhan pembiayaan yang layak.16 setelah tujuan analisis pembiayaan dirumuskan dan disepakati, selanjutnya dapat ditemukan pendekatan-pendekatan yang akan digunakan dalam analisis pembiayaan. aslam hasan mengatakan, didalam buku mengenai credit management handbook karya prof. dr.h. veithzal rivai m.b.a dan andria permata veithzal, b.acct., m.b.a secara lengkap beberapa pendekatan yang dapat digunakan, yakni character approach, collateral approach, repayment approach, feasibility approach, agent of development approach dan relationship approach.17 hal tersebut dilakukan atas dasar pem biayaan yang diberikan mengandung resiko. dalam hal prinsip analisis pembiayaan, bank biasanya menerapkan prisip 5c atau disebut dengan the five c of credit analysis, dan ditambah dengan 1c yaitu:18 1. character, yaitu sifat atau karakter nasabah pengambil pinjaman. 2. capacity, artinya kemampuan nasabah untuk menjalankan usaha dan mengembalikan pinjaman yang diambil. 3. capital, artinya besarnya modal yang diperlukan peminjam. 4. collateral, artinya jaminan yang telah dimiliki yang diberikan peminjam kepada bank. 16 muhammad, manajemen pembiayaan bank syariah, h.59. 17 aslam hasan, “pendekatan-pendekatan dalam analisis kredit”, artikel diakses pada 5 januari 2010 dari http://belajarkredit.blogspot.com/2009/11/pendekatan-pendekatandalam-analisis.html 18 muhammad, manajemen pembiayaan bank syariah, h.60. al-iqtishad: vol. i, no. 2, juli 2009 93 5. condition, artinya keadaan usaha atau nasabah prospek atau tidak. 6. constraint, artinya hambatan-hambatan yang mungkin mengganggu proses usaha. disamping menggunakan prinsip pemberian kredit diatas, bank dalam memberikan kredit juga menggunakan 3r, yaitu:19 1. return, yang menunjukkan hasil yang diharapkan dapat diperoleh dengan penggunaan kredit tersebut. 2. repayment capacity, yaitu kemampuan perusahaan pemohon kredit untuk dapat membayar kembali pinjaman pada sat dimana kredit tersebut harus diangsur/dilunasi. 3. risk bearing capacity, yaitu kemampuan untuk menanggung resiko kegagalan atau ketidakpastian yang bersangkutan dengan penggunaan kredit tersebut. namun, selain menerapkan prinsip analisis-analisis tersebut, demi men dapat kan informasi mengenai itikad baik (willingness to pay) dan kemampuan membayar (ability to pay) bank juga menerapkan prinsip 5p, yaitu: 1. party (para pihak) para pihak merupakan titik sentral yang diperhatikan dalam setiap pem berian kredit. oleh karena itu, pihak pemberi kredit harus memperoleh suatu “kepercayaan” terhadap para pihak, dalam hal ini debitor. bagaimana karakternya, kemampuannya, dan sebagainya.20 2. purpose (tujuan) tujuan pemberian kredit juga sangat penting diketahui oleh pihak kreditor. harus dilihat apakah kredit akan digunakan untuk hal-hal yang positif yang benar-benar dapat menaikkan income perusahaan. dan harus pula diawasi agar kredit tersebut benar-benar diperuntukkan untuk tujuan sepertidiperjanjikan dalam suatu perjanjian kredit.21 3. payment (pembayaran) harus pula diperhatikan apakah sumber pembayaran debitor cukup 19 muhammad firdaus, manajemen agribisnis (jakarta: bumi aksara, 2008), h.112 20 rachmadi usman, aspek-aspek hukum perbankan di indonesia, h. 248. 21 rachmadi usman, aspek-aspek hukum perbankan di indonesia, h. 248. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)94 tersedia dan cukup aman, sehingga dengan demikian diharapkan bahwa kredit yang diluncurkan dapat dibayar kembali oleh debitor yang bersangkutan.22 4. profitability (perolehan laba) unsur perolehan laba oleh debitor tidak kurang pula pentingnya, untuk itu kreditor harus berantisipasi apakah laba yang akan diperoleh oleh perusahaan dapat menutupi pembayaran kembali.23 5. protection (perlindungan) hal ini diperlukan untuk berjaga-jaga sekiranya terjadi hal-hal di luar skenario atau di luar prediksi semula.24 sektor pembiayaan dilihat dari sektor yang dibiayai oleh bank syariah, maka pembiayaan bank syariah dapat dialokasikan untuk sektor ekonomi, diantaranya: sektor pertanian, pertambangan, perindustrian, listrik, air dan gas, konstruksi, perdagangan, pengangkutan, jasa dunia usaha, jasa sosial dan lain-lain.25 namun, pada umumnya, pengalokasian pembiayaan sektor pembiayaan dikelompokkan menjadi: pertama, sektor pertanian; kecendrungan akan peningkatan kebutuhan produk-produk bahan pangan menjadikan keberadaan sektor pertanian menjadi semakin penting. selain itu sebagai penyumbang produk domestik bruto terbesar, sektor ini menjadi sektor yang memiliki pengaruh terhadap setiap perekonomian.26 mengacu kepada sumber daya dan tersedianya potensi lahan yang cukup luas sektor pertanian memiliki prospek yang sangat cerah untuk dimasuki perbankan.27 kedua, sektor perindustrian; pembangunan sektor industri mampu 22 rachmadi usman, aspek-aspek hukum perbankan di indonesia, h. 248. 23 rachmadi usman, aspek-aspek hukum perbankan di indonesia, h. 249. 24 rachmadi usman, aspek-aspek hukum perbankan di indonesia, h. 249. 25 muhammad, manajemen pembiayaan bank syariah, h.39. 26 muhammad firdaus, manajemen agribisnis, h.4. 27 mangasa augustinus sipahutar, persoalan-persoalan perbankan indonesia (jakarta: gorga media, 2007), h. 85. al-iqtishad: vol. i, no. 2, juli 2009 95 men dorong peningkatan laju pertumbuhan ekonomi serta menjadi penggerak perkembangan pembangunan daerah. hal ini dapat membuka peluang perluasan kesempatan kerja bagi masyarakat. kemajuan ini turut mendukung pertumbuhan sektro-sektor lainnya seperti peningkatan agribisnis dan agroindustri.28 adapun laju pertumbuhan dan penyerapan tenaga kerja sektor industri tahun 2005-2009 digambarkan dalam tabel 2.1 berikut. tabel 2.1 laju pertumbuhan dan penyerapan tenaga kerja sektor industri 2005-2009 industri pertumbuhan (%) jumlah tenaga kerja kumulatif 5 tahun (orang) makanan, minuman dan tembakau 4.59 514,557 tekstil, barang kulit, dan alas kaki 6.65 485,955 barang kayu dan hasil hutan 4.91 133,119 kertas dan barang cetakan 7,82 42,595 pupuk, kimia, dan barang dari karet 10,63 143,273 semen dan galian non-logam 10,13 5,918 logam dasar, besi dan baja 3,94 341,388 alat angkut, mesin dan peralatan 12,46 96,51 barang lainnya 10,20 887,853 total 8.56 2,651,168 sumber: laporan pengembangan sektor industri 2004-2009 (www.depperin.go.id) ketiga, sektor jasa; sektor jasa merupakan sektor yang melayani sektor primer dan sektor sekunder.29 menurut philip kotler, jasa dapat didefinisikan sebagai setiap tindakan atau perbuatan yang dapat ditawar28 pemerintah kabupaten bogor, “industri”, artikel diakses pada 16 maret 2010 dari http:// www.bogorkab.go.id/index.php?option=com_content&task=view&id=63&itemid=286 29 soetrisno p.h, kapita selekta ekonomi indonesia (yogyakarta: andi offset, 1992), h.161. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)96 kan oleh suatu pihak kepada pihak lain yang pada dasarnya bersifat intangible (tidak berwujud fisik) dan tidak menghasilkan kepemilikian sesuatu.30 sektor jasa terdiri dari banyak subsektor, seperti jasa transportasi, komunikasi, konstruksi, kesehatan, perhotelan, dan keuangan. sektor jasa pada awalnya merupakan bagian dari sektor produksi, namun setelah semakin berkembang maka sektro jasa bisa dipisahkan menjadi sektor yang berdiri sendiri.31 keempat, sektor perdagangan; sektor ini menurut beberapa ahli disebut-sebut sebagai fondasi untuk memperkuat sektor moneter suatu negara. krugman dan obsfelt menyatakan bahwa proses menuju integrasi keuangan haruslah didahului oleh adanya integrasi di sektor perdagangan.32 dalam struktur ekonomi yang tangguh, perkembangan tiap-tiap sektor bersifat saling mendukung terhadap sektor lainnya. perkembangan sektor pertanian mendukung perkembangan sektor industri dan sebaliknya, perkembangan sektor perdagangan dapat mendukung perkembangan sektor pertanian dan industri dan sebaliknya, dan seterusnya.33 lain-lain untuk kategori lain-lain, biasanya bank menggolongkannya untuk pembiayaan konsumtif, yaitu pembiayaan yang digunakan untuk memenuhi kebutuhan barang untuk konsumsi.34 berikut adalah data pembiayaan bank pembiayaan rakyat syaraih berdasarkan sektor ekonomi. 30 mohamad najmudin, “bisnis dalam sektor jasa masih terbuka lebar”, artikel diakses pada 16 maret 2010 dari http://elearning-ujb.net/artikel/05-2510-6301bisnis%20 dalam%20sektor%20jasa.doc 31 sjamsul arifin, dkk, ed., integrasi keuangan dan moneter di asia timur (jakarta: elex media komputindo, 2007), h. 234. 32 sjamsul arifin, dkk, ed., integrasi keuangan dan moneter di asia timur, h. 20. 33 soetrisno p.h, kapita selekta ekonomi indonesia, h. 161. 34 wawancara pribadi dengan hasan basri. bogor, 2 februari 2010. al-iqtishad: vol. i, no. 2, juli 2009 97 tabel 2.2 pembiayaan bank pembiayaan rakyat syariah berdasarkan sektor ekonomi (juta rupiah) sumber: statistik perbankan syariah januari 2010 (www.bi.go.id) profil dan deskripsi responden untuk keperluan analisis dilakukan pengumpulan data dengan memberikan kuesioner kepada pihak yang kompeten dan sesuai dengan arah dan pembahasan skripsi ini yaitu pemegang keputusan pembiayaan bank. dan dalam hal ini adalah kabid marketing pt. bprs amanah ummah. dalam pt. bprs amanah ummah, kabid marketing merupakan komite awal pemutus penyaluran pembiayaan setelah account officer dan sebelum komite akhir yang dipegang oleh direksi. berikut adalah job description dari kabid marketing di pt. bprs amanah ummah35: 35 pt. bprs amanah ummah, job description (bogor: pt. bprs amanah ummah, 2004), h.3-4. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)98 1. menyusun taktik dan strategi pemasaran produk perbankan kepada ma syarakat dan dunia usaha. bersama direksi, asisten direksi, kepala bidang lain nya menyusun rencana kerja dan anggaran (rka) tahunan di bidang pemupukan dana dan pembiayaan serta memantau realisasinya. 2. menangani kegiatan pemasaran lainnya, antara lain permintaan dan atau pemberian informasi antar bank/instansi/pihak ketiga lainnya. 3. melakukan supervise terhadap kegiatan penghimpunan dana masyarakat yang dilakukan funding officer untuk memastikan ter capainya pelayanan yang memuaskan nasabah. 4. melakukan evaluasi kelayakan terhadap pembiayaan yang diajukan oleh account officer untuk memastikan analisa pembiayaan yang diajukan tersebut berkualitas sehingga dapat mengamankan dan meminimalkan resiko pembiayaan bank. 5. memonitor kelancaran dan ketepatan pengembalian angsuran pembiayaan nasabah untuk memastikan tingkat kolektabilitas dalam posisi sehat. 6. melakukan pembinaan terhadap kegiatan usaha nasabah yang telah memperoleh pembiayaan untuk menjamin keamanan dan kelancaran pengembalian pembiayaan nasabah kepada bank. 7. mengevaluasi pembiayaan yang kurang lancer, diragukan dan macet sertamemberikan solusi penyelesaiannya untuk memastikantingkat kolektabilitas nasabah dapat diperbaiki. 8. melakukan proses remedial seperti penagihan dan eksekusi jaminan bagi nasabah-nasabah tertentu yang tergolong macet untuk menjamin pengembaliankewajiban nasabah kepada bank. 9. melakukan pembinaan kepada pegawai di bawah supervisinya untuk memastikan pegawai memahami tugas dan tanggung jawabnya serta memiliki tingkat produktivitas yang tinggi. 10. membuat penilaian kinerja (performance apprasial) stafnya secara berkala. 11. bertanggung jawab atas segala tugas dan pekerjaanya kepada direksi. evaluasi penerapan pembiayaan pada pt. bprs amanah ummah evaluasi penerapan pembiayaan pada pt. bprs amanah ummah, dianalisis dengan menyusun hierarki dalam bentuk struktur. struktur pada level al-iqtishad: vol. i, no. 2, juli 2009 99 pertama adalah tujuan (goal) sebagai sasaran utama yaitu keputusan pembiayaan. penyusunan struktur pada level kedua adalah kriteria, kriteria pada penelitian ini adalah faktor-faktor yang mempengaruhi keputusan pembiayaan pada bprs amanah ummah berupa analisis prinsip pembiayaan yaitu return principle, repayment capacity, risk bearing, character, capacity, capital, condition, collateral dan purpose.36 pada level yang terakhir dalam struktur hierarki ini adalah alternatif, alternatif pada penelitian ini adalah sektor ekonomi yang menjadi sasaran pembiayaan bprs amanah ummah, yaitu sektor pertanian, industri, jasa, perdagangan, dan konsumtif.37 kemudian level-level penyusunan struktur tersebut akan dianalisis dengan menggunakan model ahp. masing-masing elemen dalam level tersebut akan dilakukan pengujian dengan membandingkan prioritas mana yang lebih penting atau tingkat profitabilitasnya lebih utama, beserta per hitungan tingkat konsistensi dari hasil analisis yang telah dilakukan. berikut adalah gambar struktur hierarki dalam penelitian ini. gambar 4.1 hierarki ahp untuk keputusan pembiayaan return principle risk bearing character capacity capital condition collateral purpose repayment capacity keputusan pembiayaan pertanian industri jasa perdagangan konsumtif 36 pt. bprs amanah ummah, pedoman pembiayaan, h. 2-3. 37 pt. bprs amanah ummah, laporan tahunan 2008, h. 20. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)100 analisis kriteria analisis kriteria ini dilakukan terhadap elemen kriteria berupa faktor-faktor yang mempengaruhi keputusan pembiayaan pada bprs amanah ummah yaitu analisis prinsip pembiayaan. kriteria pertama adalah return principle. return principle yang dimaksud adalah bank harus menilai apakah pembiayaan itu akan menghasilkan tambahan pendapatan sehingga calon nasabah mampu memenuhi kewajibannya untuk membayar pembiayaannya.38 kriteria kedua adalah repayment capacity yaitu kemampuan calon nasabah untuk membayar kembali pembiayaan tepat pada waktunya.39 kriteria ketiga adalah risk bearing yaitu tingkat resiko yang dihadapi usaha yang dibiayai oleh bank.40 kriteria keempat adalah character yaitu kepribadian atau akhlak calon nasabah yang berkaitan dengan niat untuk membayar kembali pembiayaan (willingness to pay).41 kriteria kelima adalah capacity yaitu kemampuan calon nasabah dalam mengelola usahanya.42 kriteria keenam adalah capital jumlah modal sendiri dari calon nasabah yang diharapkan dapat menanggung resiko usaha.43 kriteria ketujuh adalah condition yaitu kondisi perekonomian, terutama masalah pemasaran.44 kriteria kedelapan adalah collateral yaitu bentuk dan jenis jaminan yang disediakan nasabah seandainya nasabah ingkar janji.45 kriteria yang terakhir adalah purpose yaitu tujuan penggunaan pembiayaan.46 hasil analisis berupa nilai pendapat individu terhadap kriteriakriteria tersebut dari kuesioner yang diberikan kepada kabid marketing me nyatakan bahwa penilaian terhadap kepribadian atau akhlak calon 38 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 39 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 40 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 41 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 42 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 43 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 44 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 45 pt. bprs amanah ummah, pedoman pembiayaan, h.2. 46 pt. bprs amanah ummah, pedoman pembiayaan, h.2. al-iqtishad: vol. i, no. 2, juli 2009 101 nasabah yang berkaitan dengan willingness to pay merupakan kriteria yang paling penting dalam mempengaruhi keputusan pembiayaan pada pt. bprs amanah ummah. berikut akan diperlihatkan hasil analisis pada tabel 4.1 dibawah ini. tabel 4.1 hasil analisis kriteria rp rc rb ch ca cap con col pur ∑baris ev rp 9.00 8.75 5.97 4.01 5.90 32.72 31.72 29.57 7.46 135.09 0.080 rc 11.36 10.19 7.28 5.68 7.46 39.15 41.32 37.95 8.94 169.34 0.100 rb 20.55 19.57 10.00 6.49 12.86 58.00 55.00 54.00 13.88 250.35 0.148 ch 43.25 46.54 23.57 9.20 23.53 146.00 114.00 129.50 25.04 560.63 0.331 ca 15.70 15.63 10.17 5.59 8.99 60.00 52.00 56.80 10.67 235.54 0.139 cap 3.68 3.52 1.70 1.24 2.42 9.00 8.91 8.48 2.56 41.51 0.024 con 4.43 4.36 2.12 1.23 2.73 11.80 9.00 9.85 2.83 48.36 0.029 col 4.39 4.23 2.08 1.43 3.00 11.13 10.10 8.99 3.34 48.69 0.029 pur 14.65 14.43 8.93 4.94 8.41 51.25 44.25 49.00 8.99 204.85 0.121 total 1694.34 1.000 hasil analisis kriteria diperoleh bahwa character (ch) memiliki vector prioritas (bobot) yang paling tinggi sebesar 0,331 dengan rasio konsistensi 0,098 yang menyatakan bahwa penilaian akan konsistensi kurang atau sama dengan 0.1 (cr ≤ 0.1). kemudian yang diikuti oleh risk bearing (rb) yang memiliki bobot 0,148. kemudian capacity (ca) yang memiliki bobot 0,139. kriteria purpose (pur) memiliki bobot 0,121. kriteria repayment capacity (rc) memiliki bobot 0,100. kriteria return principle (rp) memiliki bobot 0,080. faktor collateral (col) memiliki bobot nilai yang sama yaitu 0,0287. sedangkan faktor condition (con) dan capital (cap) 0,0285 dan 0,024. langkah-langkah perhitungannya seperti yang tertera pada lampiran 3. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)102 1. analisis alternatif tahapan analisis selanjutnya adalah melakukan penilaian sektor-sektor yang menjadi sasaran keputusan pembiayaan di bprs amanah ummah ter hadap kriteria. ada lima sektor pembiayaan yang menjadi sasaran keputusan pembiayaan dan sembilan kriteria berupa analisis pembiayaan. maka aka nada sembilan analisis. analisis yang akan dilakukan adalah membuat peringkat dari masingmasing alternatif terhadap kriteria-kriteria. 1) return principle hasil analisis menyatakan bahwa sektor perdagangan merupakan sektor yang dipandang paling mampu menambah pendapatan calon nasabah dan membuatnya mampu memenuhi kewajibannya untuk membayar pembiayaannya yaitu dengan bobot 0,559 dengan rasio konsistensi sebesar 0,06. dan sektor yang dipandang paling lemah dalam hal menambah pendapatan pengelolanya adalah sektor pertanian yaitu dengan memiliki bobot terendah 0.046. sedangkan pembiayaan konsumtif memang tidak digunakan untuk usaha. sehingga walaupun memiliki nilai yang sama dengan sektor pertanian, pembiayaan konsumtif berada di bawah sektor pertanian. seperti yang diperlihatkan pada gambar 4.2 berikut ini. gambar 4.2 prioritas level alternatif pada return principle al-iqtishad: vol. i, no. 2, juli 2009 103 2) repayment capacity hasil analisis menyatakan bahwa calon nasabah sektor perdagangan dipandang paling memiliki kemampuan utnuk membayar kembali pembiayaan tepat waktu yaitu dengan nilai 0,582 dengan rasio konsistensi 0,05. dan calon nasabah dari sektor pertanian dan industri masih dipandang masih belum mampu membayar pembiayaan tepat waktu yaitu dengan nilai 0,059. seperti yang diperlihatkan pada gambar 4.3 berikut ini. gambar 4.3 prioritas level alternatif pada repayment capacity 3) risk bearing hasil analisis menyatakan bahwa untuk tingkat resiko yang dihadapi, sektor jasa dan perdagangan dipandang memiliki tingkat resiko yang rendah yaitu dengan memiliki bobot nilai tertinggi masingmasing 0,343 dengan rasio konsistensi sebesar 0,01. dan yang paling dipandang masih beresiko tinggi sehingga dapat menimbulkan lambatnya pengembalian atau bahkan tidak kembali adalah sektor pertanian dengan bobot nilai terendah bahkan dibawah bobot nilai pembiayaan konsumtif yaitu 0,055. seperti yang diperlihatkan pada gambar 4.4 berikut ini. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)104 gambar 4.4 prioritas level alternatif pada risk bearing 4) character hasil analisis menyatakan bahwa dalam hal kepribadian calon nasabah yang berkaitan dengan willingness to pay semua calon nasabah dari berbagai sektro dipandang sudah menunjukkan i’tikad yang baik untuk membayar pembiayaan yang diberikan oleh bank. hal ini ditunjukkan dengan bobot nilai sektor pertanian, sektor industri, sektor jasa, dan sektor perdagangan yaitu masing-masing 0,238 dengan rasio konsistensi 0,00. sedangkan untuk pembiayaan konsumtif memiliki bobot nilai 0.048. seperti yang diperlihatkan pada gambar 4.5 berikut. gambar 4.5 prioritas level alternatif pada character al-iqtishad: vol. i, no. 2, juli 2009 105 5) capacity hasil analisis menyatakan bahwa dalam penilaian kemampuan nasabah mengelola usahanya, calon nasabah dari sektor industri, sektro jasa, dan sektor perdagangan dipandang paling memiliki kemampuan tersebut sehingga dapat meminimalisir terhambat nya pengembalian pembiayaan yang diberikan oleh bank yaitu dengan bobot nilai sebesar 0.294 dengan rasio konsistensi sebesar 0,00. sedangkan untuk sektor pertanian masih dipandang belum dapat dikelola dengan baik hal tersebut ditunjukkan dengan nilai terkecil yaitu 0,059. seperti yang diperlihatkan pada gambar 4.6 berikut. gambar 4.6 prioritas level alternatif pada capacity 6) capital hasil analisis menyatakan bahwa dalam penilaian terhadap jumlah modal yang dimiliki calon nasabah sebagai penanggung resiko usaha adalah baik bagi semua sektor pembiayaan yaitu dengan nilai 0,2 dan rasio konsistensi sebesar 0,00. hal ini disebabkan oleh persyaratan yang diberikan bank atas pengajuan pembiayaan terhadap setiap usaha harus sudah berjalan minimal 1 tahun. hasil analisis diperlihatkan pada gambar 4.7 berikut. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)106 gambar 4.7 prioritas level alternatif pada capital 7) condition hasil analisis terhadap keadaan ekonomi secara luas, pemasaran, sampai kepada iklim yang akan mempengaruhi sektor usaha nasabah dalam pencapaian kemampuan pengembalian pembiayaan, sektor pertanian masih dipandang masih sangat beresiko, hal ini ditunjukkan dengan bobot nilai sektor ini yang kecil yaitu 0,059. sedangkan untuk sektor industri, jasa dan perdagangan dipandang tidak memiliki kendala yang dapat menyebabkan terhambatnya pengembalian pembiayaan dari segi condition dengan memiliki bobot nilai tertinggi yaitu 0.294. dengan rasio konsistensi 0,00. hasil analisis diperlihatkan pada gambar 4.8 berikut. gambar 4.8 prioritas level alternatif pada condition al-iqtishad: vol. i, no. 2, juli 2009 107 8) collateral hasil analisis terhadap bentuk dan jenis jaminan yang disediakan nasabah, sektor industri dan perdagangan yang dipandang paling memungkinkan untuk memenuhinya, yaitu dengan bobot nilai 0.385 dengan konsistensi rasio 0,00. sedangkan sektor pertanian, jasa dan pembiayaan konsumtif masih belum bisa memenuhi jaminan yang bank minta dengan bobot nilai 0,077. seperti yang diperlihatkan pada gambar 4.9 berikut. 9) purpose hasil analisis terhadap tujuan penggunaan pembiayaan, baik sektor pertanian, industri, jasa, perdagangan dan pembiayaan konsumtif dipandang bank memiliki tujuan penggunaan pembiayaan yang baik. hal ini ditunjukkan dengan bobot kelima sektor pembiayaan memiliki nilai yang sama yaitu 0,2 dengan rasio konsistensi 0,00. seperti diperlihatkan pada gambar 4.10 berikut. gambar 4.10 prioritas level alternatif pada purpose 2. analisis peringkat alternatif tahapan analisis akhir dalam penelitian ini adalah melakukan penilaian terhadap level alternatif. berdasarkan analisis penilaian alternatif sektor pembiayaan terhadap kriteria berupa analisis pembiayaan pada pt. bprs amanah ummah, dapat ditentukan alternatif prioritas atau sektor apa yang mendapat nilai prioritas tertinggi sebagai gambaran kelayakan sektor tersebut menerima pembiayaan dari bank. irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)108 hasil analisis menyatakan bahwa sektor perdagangan merupakan alternatif yang mendapat prioritas paling tinggi dengan bobot sebesar 0,287 dengan rasio konsistensi sebesar 0.05. hal ini dapat disebabkan oleh keadaan sektor perdagangan terhadap level kriteria, dimana sektor perdagangan dipandang memenuhi hampir setiap kriteria. selain itu, keadaan yang bankable dari sektor perdagangan disebabkan oleh lokasi pt. bprs amanah ummah yang berada di pasar leuwiliang bogor. sedangkan level alternatif yang menjadi prioritas kedua adalah sektor jasa dengan bobot sebesar 0,245. sektor memang masih memiliki potensi yang besar yang belum tergali. dari jasa pada bidang pariwisata dapat berupa resto atau penginapan pada dasarnya bisa menjadi sasaran pembiayaan bagi bank di kota bogor. karena sampai saat ini, bogor masih menjadi pilihan warga luar kota untuk menghabiskan liburan. kemudian level alternatif yang menjadi prioritas ketiga adalah sektor industri yang memiiliki bobot sebesar 0,218. hasil analisis level alternatif ini menunjukkan sisi kelemahan sektor ini adalah pada kriteria repayment capacity dengan menempati prioritas keempat dengan bobot nilai 0.059, kemudian pada kriteria risk bearing dengan menempati prioritas ketiga dengan bobot nilai 0.129. level alternatif yang menjadi prioritas keempat adalah sektor pertanian yang memiliki bobot sebesar 0,157. hasil analisis level alternatif ini menunjukkan sisi kelemahannya pada faktor return principle dengan menempati prioritas keempat dengan bobot nilai 0,046. dan untuk kriteria risk bearing sektor ini memiliki bobot nilai terendah bahkan dibawah pembiayaan konsumtif, hal tersebut menunjukkan bahwa resiko yang dihadapi sektor ini dipandang sangat tinggiyaitu dengan bobot nilai 0.055. untuk faktor capacity sektor ini memiliki bobot 0,059 menempati prioritas keempat. sedangkan pada level alternatif yang menjadi prioritas terakhir adalah pembiayaan konsumtif yang hanya memiliki bobot terendah yaitu 0,093. penilaian terhadap alternatif ini yang rendah dinilai wajar, karena pembiayaan konsumtif memang tidak menggunakan dana pembiayaan untuk modal kerja ataupun investasi. namun, bobot nilai alternatif ini terhadap risk bearing memiliki nilai lebih tinggi dibanding dengan sektor al-iqtishad: vol. i, no. 2, juli 2009 109 pertanian. dengan kata lain, pembiayaan konsumtif lebih memiliki tingkat resiko yang cukup kecil jika dibandingkan sektor pertanian. hasil dari analisis diatas ditampilkan pada gambar 4.11 berikut. gambar 4.11 prioritas level alternatif pada keputusan pembiayaan dari analisis-analisis yang telah dijelaskan dapat diketahui bahwa untuk mencapai efektivitas pembiayaan dengan melihat ketepatan keputusan pembiayaan pada pt. bprs amanah ummah adalah dengan menurut pada vektor prioritas terbesar pada masing-masing level tersebut. berdasarkan analisis yang telah dilakukan, pada level faktor dan level alternatif pada keputusan pembiayaan yang memiliki bobot terbesar adalah penilaian terhadap kepribadian atau akhlak calon nasabah berkaitan dengan willingness to pay atau character, dan sektor perdagangan. penutup dari hasil analisis data yang telah dilakukan pada bab iv, maka dapat diambil kesimpulan sebagai berikut: pengalokasian pembiayaan pada bprs amanah ummah belum sesuai (mismatch) dengan vektor prioritas terbesar berdasarkan analisis penilaian alternatif terhadap faktor yang mempengaruhi keputusan pem biayaan. pada realisasi pembiayaan di pt. bprs amanah ummah, porsi terbesar adalah sektor perdagangan (55,92%), disusul pembiayaan konsumtif (30,18%), jasa (9,55%), pertanian (2,39%), terakhir sektor industri (1,96%). sedangkan berdasarkan analisis yang telah dilakukan, irfan ibnu faaiz: penggunaan ahp (analytical hierarchy process)110 sektor perdagangan memiliki priritas tertinggi (0,287), disusul sektor jasa (0,245), sektor industri (0,218), sektor pertanian (0,157), terakhir pembiayaan konsumtif (0,093). kelemahan sektor-sektor pembiayaan berdasarkan prinsip analisis pembiayaan adalah sebagai berikut: 1) sektor pertanian masih dipandang lemah dalam tiga faktor. pertama adalah return principle, bank masih memandang sektor ini belum mampu menambah penghasilan para petani yang akan berdampak kepada ketidakmampuan mereka untuk membayar pembiayaan dari bank. kedua adalah faktor repayment capacity, bank memandang calon nasabah dari sektor ini belum mampu membayar kembali pembiayaan tepat waktu. ketiga adalah risk bearing, bank masih memandang tingkat resiko pada sektor ini masih sangat tinggi. keempat adalah faktor capacity, bank masih belum yakin akan kemampuan para petani dalam mengelola sektor pertanian. kelima adalah condition, bank masih memandang sektor pertanian tidak didukung oleh kondisi perekonomian, alam serta pemasarannya dalam mencapai tingkat profitabilitas yang maksimal. 2) sektor industri masih dipandang lemah dalam repayment capacity. 3) sektor jasa hanya dipandang lemah dalam faktor collateral. bank masih memandang sektor ini sulit untuk memenuhi bentuk dan jenis jaminan yang sewaktu-waktu dapat diminta oleh bank sebagai antisipasi jika nasabah ingkar janji. 4) sedangkan pembiayaan konsumtif dari sembilan faktor analisis pembiayaan memiliki nilai prioritas terendah terhadap enam faktor. yaitu faktor return principle, repayment capacity, character, capacity, condition, dan collateral. penilaian tersebut dipandang wajar karena pembiayaan konsumtif tidak digunakan untuk modal usaha atau investasi. namun, keadaan yang demikian menjadikan pembiayaan konsumtif tidak memberikan tingkat profitabilitas yang tinggi bagi bank. 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economic crisis occurred throughout history, it is necessary to bring out an alternative economic theory. economic theory aspired is an economic system that is able to create justice and the welfare accompanied with blessing the world and the here after. therefore, islamic economic theory can be considered as a way out to solve the contemporary economy problems. this article compare the system of islamic economic and the capitalist economic taking into account the philosophy, investment, distribution, theory of macro and micro aspects. keywords: crisis, inflation, justice, development, equality abstrak: perbandingan ekonomi islam dan ekonomi kapitalis. kehebatan teori ekonomi kapitalis sudah mulai dipertanyakan oleh banyak ekonom. oleh karena krisis ekonomi selalu terjadi sepanjang sejarah, maka diperlukan teori ekonomi alternatif. teori ekonomi yang dicita-citakan adalah sebuah sistem ekonomi yang mampu menciptakan keadilan dan kesejahteraan bersama, diiringi oleh konsep keberkahan dunia dan akhirat. inilah teori ekonomi islam yang akan membawa keadilan dan kesejahteraan menyeluruh. ekonomi islam dianggap sebagai jalan keluar untuk mengatasi persoalan ekonomi kontemporer. dalam artikel ini akan dibandingkan antara sistem ekonomi islam dengan sistem ekonomi kapitalis baik dari segi filosofis, investasi, distribusi, teori makro, maupun aspek mikronya. kata kunci: krisis, inflasi, keadilan, pembangunan dan kesamaan naskah diterima: 3 januari 2012, direvisi: 13 maret 2012, disetujui: 22 maret 2012.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir h. juanda 95, ciputat, jakarta. e-mail: mochmuslim@yahoo.com moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis306 pendahuluan di antara dua teori ekonomi yang menonjol, teori ekonomi kapitalis masih dianggap sebagai teori yang paling kuat saat ini di dunia, karena teori ekonomi sosialis sudah dianggap tidak ada seiring runtuhnya uni soviet. teori kapitalisme yang muncul dari barat menjadi tumpuan hampir di seluruh negara saat ini telah menimbulkan ketidakadilan ekonomi, karena hanya menguntungkan barat melalui hegemoni mata uang kertas dan sistem pinjaman ribawî.1 bahkan kedua teori, baik kapitalis murni maupun sosialis murni dianggap sudah tidak mampu berkembang.2 kedua aliran yang sama-sama ekstrem tersebut sudah tidak mampu lagi berkembang. teori kapitalis yang tumpuan utama dalam aktivitas ekonominya adalah ditentukan oleh individu. sedangkan sosialis bertumpu pada kekuasaan pemerintah. kemudian muncul teori ketiga yang dimunculkan oleh keynes, di mana perekonomian tidak semua diserahkan pada pasar, namun diperlukan campur tangan negara dalam batas-batas tertentu. saat ini, sistem perdagangan dan moneter dunia mengalami kebekuan. sistem moneter dan perdagangan dunia telah menimbulkan pelbagai permasalahan, seperti terjadinya inflasi, menurunnya nilai daya beli uang, ketimpangan ekonomi, risiko nilai tukar dalam perdagangan internasional dan penguasaan perekonomian dunia oleh negara-negara maju khususnya negara yang memiliki nilai tukar mata uang yang kuat.3 inflasi meredistribusikan pendapatan ke atas sehingga mereduksi keadilan sosio-ekonomi. sebenarnya, ini saja sudah cukup dengan tidak memberikan waktu istirahat untuk berpikir bagi ekonom pembangunan. namun, masih ada lagi dampak buruknya pada pembangunan dan akan terus begitu untuk beberapa waktu di masa yang akan datang. kehebatan teori ekonomi kapitalis sudah mulai dipertanyakan oleh banyak tokoh ekonom. sepanjang abad xx telah terjadi lebih dari dua puluh krisis di sektor finansial dan beberapa dekade terakhir kekerapannya semakin tinggi. 1 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta: pustaka asatruss, 2005), cet. 1, h. 4. 2 sri-edi swasono, ekspose ekonomi mewaspadai globalisasi dan pasar-bebas, (yogyakarta: pusat studi ekonomi pancasila (pustep)-ugm, 2010), h. 47. hal yang senada juga dikemukan oleh anwar abbas dalam kuliah filsafat sistem ekonomi islam di sps uin syarif hidayatullah jakarta, 14 maret 2012. 3 m. luthfi hamidi, gold dinar sistem moneter global yang stabil dan berkeadilan, (jakarta: senayan abadi publishing, 2007), cet. 1, h. 31. al-iqtishad: vol. iv, no. 2, januari 2012 307 pendahuluan di antara dua teori ekonomi yang menonjol, teori ekonomi kapitalis masih dianggap sebagai teori yang paling kuat saat ini di dunia, karena teori ekonomi sosialis sudah dianggap tidak ada seiring runtuhnya uni soviet. teori kapitalisme yang muncul dari barat menjadi tumpuan hampir di seluruh negara saat ini telah menimbulkan ketidakadilan ekonomi, karena hanya menguntungkan barat melalui hegemoni mata uang kertas dan sistem pinjaman ribawî.1 bahkan kedua teori, baik kapitalis murni maupun sosialis murni dianggap sudah tidak mampu berkembang.2 kedua aliran yang sama-sama ekstrem tersebut sudah tidak mampu lagi berkembang. teori kapitalis yang tumpuan utama dalam aktivitas ekonominya adalah ditentukan oleh individu. sedangkan sosialis bertumpu pada kekuasaan pemerintah. kemudian muncul teori ketiga yang dimunculkan oleh keynes, di mana perekonomian tidak semua diserahkan pada pasar, namun diperlukan campur tangan negara dalam batas-batas tertentu. saat ini, sistem perdagangan dan moneter dunia mengalami kebekuan. sistem moneter dan perdagangan dunia telah menimbulkan pelbagai permasalahan, seperti terjadinya inflasi, menurunnya nilai daya beli uang, ketimpangan ekonomi, risiko nilai tukar dalam perdagangan internasional dan penguasaan perekonomian dunia oleh negara-negara maju khususnya negara yang memiliki nilai tukar mata uang yang kuat.3 inflasi meredistribusikan pendapatan ke atas sehingga mereduksi keadilan sosio-ekonomi. sebenarnya, ini saja sudah cukup dengan tidak memberikan waktu istirahat untuk berpikir bagi ekonom pembangunan. namun, masih ada lagi dampak buruknya pada pembangunan dan akan terus begitu untuk beberapa waktu di masa yang akan datang. kehebatan teori ekonomi kapitalis sudah mulai dipertanyakan oleh banyak tokoh ekonom. sepanjang abad xx telah terjadi lebih dari dua puluh krisis di sektor finansial dan beberapa dekade terakhir kekerapannya semakin tinggi. 1 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta: pustaka asatruss, 2005), cet. 1, h. 4. 2 sri-edi swasono, ekspose ekonomi mewaspadai globalisasi dan pasar-bebas, (yogyakarta: pusat studi ekonomi pancasila (pustep)-ugm, 2010), h. 47. hal yang senada juga dikemukan oleh anwar abbas dalam kuliah filsafat sistem ekonomi islam di sps uin syarif hidayatullah jakarta, 14 maret 2012. 3 m. luthfi hamidi, gold dinar sistem moneter global yang stabil dan berkeadilan, (jakarta: senayan abadi publishing, 2007), cet. 1, h. 31. berikut ini tabel krisis yang terjadi di belahan dunia selama abad 20.4 tabel 1 krisis di beberapa negara no tahun negara yang mengalami krisis 1 1920 jepang mengalami depresi ekonomi 2 1922-1923 jerman mengalami hyperinflasi 3 1927 jepang kembali mengalami krisis (37 bank ditutup) 4 1931 austria mengalami krisi perbankan 5 1944 prancis dan hungaria mengalami hyperinflasi dan krisis moneter 6 1945 jerman mengalami hyperinflasi 7 1973-1974 ingrris mengalami krisis perbankan 8 1982 krisis utang di mexico, argentina, brazil, dan venezuela 9 1980 krisis utang di polandia 10 1987 the great crash di us 11 1994 mexico mengalami krisis akibat kebijakan finansial yang tidak tepat 12 1997 krisis keuangan di asia tenggara: thailand, malaysia, dan indonesia 13 1998 krisis keuangan di korea dan rusia 14 1999 krisis keuangan di brazil dan argentina 15 2011 krisi keuangan di eropa ketergantungan yang begitu besar pada bank-bank multinasional untuk pinjaman eksternal, yang pada mulanya dijustifikasi atas dasar ketidakmampuan mengembalikan pinjaman oleh pengutang, telah meningkatkan beban utang pada tingkat yang tidak dapat dipikul lagi. sehingga, ketidakmampuan negaranegara pengutang untuk membayar cicilan utangnya telah mengancam sendisendi kehidupan bank-bank ini. bahkan, proses pembangunan kini terancam berantakan. laju riil pertumbuhan juga turun. segala usaha untuk mengurangi inflasi dan ketidakseimbangan eksternal guna meningkatkan pertumbuhan telah dipikirkan solusinya, namun hal itu belum ditemukan jalan keluarnya.5 bagi indonesia, krisis ekonomi 1997 berdampak sangat besar, yang pada 4veithzal rivai, prospek lembaga keuangan islam di era krisis financial global ‚dengan melaksanakan sistem keuangan islam pada kekuatan bisnis & pelayanannya dapat mengatasi dampak krisis finansial global, jakarta, 30 maret 2009, h. 3. sumber lain dari website ss feui, penyebab krisis eropa, 20 desember 2011, diakses pada 12 juni 2012. 5m. umer chapra, islam dan tantangan ekonomi, (jakarta: gema insani press, 2000), h. 166167. moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis308 akhirnya mengakibatkan menurunnya kualitas kesejahteraan tiap warga negara. ini disebabkan sektor moneter tidak pernah dan tidak akan pernah lepas kaitan dengan sektor riil. karena bagaimanapun keberadaan sektor moneter dengan segala kebijakan dan pelbagai lembaga keuangan yang menopangnya tidak bisa berdiri sendiri. sehebat dan secanggih apapun sektor ini, pada dasarnya merupakan fasilitator bagi sektor riil. pada saat itu indonesia benar-benar terpuruk ke dalam krisis yang belum pernah terjadi sebelumnya.6 ketidakseimbangan antara sektor riil dan moneter yang terjadi dipicu oleh maraknya bisnis spekulasi pada kedua pasar keuangan di atas, yaitu di pasar modal dan pasar valas sehingga terjadi fenomena yang disebut balon ekonomi (bubble economy). bublle economy adalah sebuah ekonomi yang besar dalam perhitungan kuantitas moneternya, namun tidak diimbangi oleh sektor riil, bahkan sektor riil tersebut amat jauh ketinggalan perkembangannya. sebelum krisis moneter asia, dalam satu hari, dana yang gentayangan dalam transaksi maya di pasar modal dan pasar uang dunia, diperkirakan rata-rata beredar sekitar 2-3 triliun dolar as atau dalam satu tahun sekitar 700 triliun dolar as. padahal arus perdagangan barang secara international dalam satu tahunnya hanya berkisar 7 triliun dolar as. jadi, arus uang 100 kali lebih cepat dibandingkan dengan arus barang.7 pembangunan ekonomi di indonesia terus diupayakan agar terbebas dari belenggu krisis. namun demikian upaya tersebut belum nampak berhasil secara menyeluruh. sri edi swasono menyatakan bahwa pembangunan yang diupayakan oleh pemerintah indonesia bukan menggusur kemiskinan namun justru menggusur orang miskin. pembangunan dianggap tidak mampu menciptakan keadilan dan kesejarteraan rakyat.8 teori-teori ekonomi yang ditawarkan oleh para ahli tidak mampu menciptakan tatanan ekonomi masyarakat yang berkeadilan dan berkeadaban. bahkan menciptakan dikotomi antara kepentingan individu, masyarakat, negara serta hubungan antar negara. selain itu juga tidak mampu menjaga kelestarian sumber daya alam.9 6 sri-edi swasono, ekspose ekonomi mewaspadai globalisasi dan pasar-bebas, (yogyakarta: pusat studi ekonomi pancasila (pustep)-ugm, 2010), h. vi. 7veithzalrivai, ‚prospek lembaga keuangan islam di era krisis financial global ‚dengan melaksanakan sistem keuangan islam pada kekuatan bisnis & pelayanannya dapat mengatasi dampak krisis finansial global‛, jakarta, 30 maret 2009, h. 5. 8 sri-edi swasono, paradigma baru ilmu ekonomi, jakarta, 28 februari 2012, h. 1. 9m. umer chapra, islam dan tantangan ekonomi, h. 1-2. hal senada juga dikemukan a. riawan amin, menata perbankan di indonesia, (jakarta: uin press, 2009), cet.1, h. 5. al-iqtishad: vol. iv, no. 2, januari 2012 309 akhirnya mengakibatkan menurunnya kualitas kesejahteraan tiap warga negara. ini disebabkan sektor moneter tidak pernah dan tidak akan pernah lepas kaitan dengan sektor riil. karena bagaimanapun keberadaan sektor moneter dengan segala kebijakan dan pelbagai lembaga keuangan yang menopangnya tidak bisa berdiri sendiri. sehebat dan secanggih apapun sektor ini, pada dasarnya merupakan fasilitator bagi sektor riil. pada saat itu indonesia benar-benar terpuruk ke dalam krisis yang belum pernah terjadi sebelumnya.6 ketidakseimbangan antara sektor riil dan moneter yang terjadi dipicu oleh maraknya bisnis spekulasi pada kedua pasar keuangan di atas, yaitu di pasar modal dan pasar valas sehingga terjadi fenomena yang disebut balon ekonomi (bubble economy). bublle economy adalah sebuah ekonomi yang besar dalam perhitungan kuantitas moneternya, namun tidak diimbangi oleh sektor riil, bahkan sektor riil tersebut amat jauh ketinggalan perkembangannya. sebelum krisis moneter asia, dalam satu hari, dana yang gentayangan dalam transaksi maya di pasar modal dan pasar uang dunia, diperkirakan rata-rata beredar sekitar 2-3 triliun dolar as atau dalam satu tahun sekitar 700 triliun dolar as. padahal arus perdagangan barang secara international dalam satu tahunnya hanya berkisar 7 triliun dolar as. jadi, arus uang 100 kali lebih cepat dibandingkan dengan arus barang.7 pembangunan ekonomi di indonesia terus diupayakan agar terbebas dari belenggu krisis. namun demikian upaya tersebut belum nampak berhasil secara menyeluruh. sri edi swasono menyatakan bahwa pembangunan yang diupayakan oleh pemerintah indonesia bukan menggusur kemiskinan namun justru menggusur orang miskin. pembangunan dianggap tidak mampu menciptakan keadilan dan kesejarteraan rakyat.8 teori-teori ekonomi yang ditawarkan oleh para ahli tidak mampu menciptakan tatanan ekonomi masyarakat yang berkeadilan dan berkeadaban. bahkan menciptakan dikotomi antara kepentingan individu, masyarakat, negara serta hubungan antar negara. selain itu juga tidak mampu menjaga kelestarian sumber daya alam.9 6 sri-edi swasono, ekspose ekonomi mewaspadai globalisasi dan pasar-bebas, (yogyakarta: pusat studi ekonomi pancasila (pustep)-ugm, 2010), h. vi. 7veithzalrivai, ‚prospek lembaga keuangan islam di era krisis financial global ‚dengan melaksanakan sistem keuangan islam pada kekuatan bisnis & pelayanannya dapat mengatasi dampak krisis finansial global‛, jakarta, 30 maret 2009, h. 5. 8 sri-edi swasono, paradigma baru ilmu ekonomi, jakarta, 28 februari 2012, h. 1. 9m. umer chapra, islam dan tantangan ekonomi, h. 1-2. hal senada juga dikemukan a. riawan amin, menata perbankan di indonesia, (jakarta: uin press, 2009), cet.1, h. 5. karena kondisi yang semacam itu, maka diperlukan teori ekonomi alternatif sebagai pengganti teori ekonomi kapitalis yang dianggap sudah mulai redup. teori ekonomi yang dicita-citakan adalah sebuah sistem ekonomi yang mampu menciptakan keadilan dan kesejahteraan bersama yang diiringi dengan keberkahan dunia dan akhirat.10 teori tersebut adalah ekonomi islam yang akan membawa keadilan dan kesejahteraan bukan hanya umat islam namun juga seluruh umat manusia, karena islam adalah rahmat bagi seluruh alam. artikel ini akan membandingkan sistem islam dengan sistem ekonomi kapitalis, baik dari filosofi, investasi, distribusi, teori makro, dan aspek mikronya. aspek filosofi teori-teori ekonomi muncul karena ketidakseimbangan antara tersedianya sumberdaya dan keinginan manusia. kesejahteraan dan eksistensi manusia di dunia menuntut agar mencari solusi dari persoalan tersebut. maka muncul pelbagai macam teori ekonomi, seperti teori kapitalis dan teori ekonomi islam. dari aspek filosofi kedua teori ini pasti memiliki perbedaan. sumber hukum ekonomi islam adalah alquran dan hadis. alquran dan hadis memiliki nilai universal yang tidak hanya berisi kaidah ekonomi namun segenap dimensi kehidupan manusia. sedangkan ekonomi kapitalis sumber hukumnya adalah the wealth of nation, the general theory, dan buku-buku pendukungnya. ilmu ekonomi kapitalis tidak didasarkan atas wahyu. ilmu kapitalis dipengaruhi oleh asumsi-asumsi pemikirnya. sedangkan asumsi-asumsi pemikirnya dipengaruhi oleh latar belakang kehidupan yang memengaruhi maindset berpikirnya. sistem ini hanya bisa dipahami secara sempurna jika memahami lingkungan situasi di mana teori ini muncul.11demikian juga dasar pemikiran sosialis murni yang bertumpu pada kekuasaan, di mana segala aktivitas ekonomi diatur secara penuh oleh negara, merupakan hasil pikiran manusia yang bukan merupakan ilham dari wahyu. dasar pemikiran ekonomi islam dilhami dari alquran dan hadis yang berasal dari wahyu allah swt., sedangkan teori ekonomi kapitalis adalah hasil pemikiran manusia. maka kedua sistem ini pasti berbeda. walaupun ada yang menganggap bahwa urusan ekonomi adalah urusan dunia yang diserahkan 10 islam mengajarkan agar kita mampu menciptakan kesejahteraan yang diiringi dengan keberkahan, merujuk firman allah swt. dalam alquran surat saba’ [34] ayat 15: 11teori ekonomi juga disebut dengan mazhab ekonomi. lihat, ahmad muhammad al-assal dan fathî ahmad ‘abd al-karîm, sistem, prinsip, dan tujuan ekonomi islam, alih bahasa imam saefuddin, (jakarta: cv. pustaka setia, 1999), cet. i, h. 14-17. moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis310 kepada manusia, namun kebebasan manusia untuk menciptakan peradaban ekonomi yang baik tentu tidak boleh melanggar pokok-pokok aturan dari allah swt. karena sumbernya adalah wahyu maka segala aktivitas ekonomi islam harus bersifat pengabdian kepada allah swt.. hal itu berbeda dari kegiatan ekonomi dalam sistem yang dihasilkan oleh pemikiran manusia. teori kapitalis sangat mendewakan individualisme. sehingga teori ini menonjolkan rasionalisme dan materialisme. yang menjadi pedoman ajarannya adalah bebas berbuat dan bebas bertindak.12 teori kapitalis mengajarkan bahwa kesuksesan ekonomi ditentukan oleh diri sendiri atau disebut anthropocentrism indivi-dualism.13 sedangkan konsep dalam teori ekonomi islam adalah kalau manusia mau sukses, maka dia harus berusaha untuk mendapatkan karunia dari dzat yang mahakuasa dan maha penentu. oleh karena itu dalam islam yang menjadi penentu bagi berhasil atau tidaknya seseorang, hal itu tidak bisa terlepas dan dilepaskan kaitannya dengan kehendak-nya. manusia di muka bumi adalah sebagai khalifah, maka tidak boleh terlepas dari aturan yang menjadikannya khalifah. demikian juga dalam hal mencari dan mengumpulkan harta, teori kapitalis tidak membatasi cara manusia untuk mengumpulkan harta, namun islam membatasinya dengan jalan yang baik dan tidak melanggar aturan-aturan allah swt.. dalam bisnis islam dilarang gharar, maysir, najsy, dan barang haram namun dalam konsep kapitalis tidak ada aturan yang ditetapkan. karena tujuan utamanya adalah kepuasan individual. teori kapitalis mengajarkan bahwa harta yang sudah diperoleh mutlak menjadi hak milik pribadi. karena mendapatkannya dari usaha sendiri maka untuk menggunakannya juga bebas atas kemaunnya sendiri. sedangkan islam mengajarkan bahwa pemilik mutlak harta adalah allah swt., manusia hanyalah sebagai pemegang amanah untuk mengelola dan memanfaatkan untuk kesejahteraan bersama. hak milik dalam ekonomi islam terikat dengan aturan yang ditetapkan oleh syariat. jadi kepemikan dalam islam tidaklah mutlak namun nisbi. jika kita merujuk kepada nas alquran yang menyatakan bahwa semua yang ada dilangit dan bumi adalah milik allah swt.,14 maka kita bisa menyimpulkan bahwa semua harta bahkan kita sendiri adalah milik allah. jika seluruh harta adalah milik allah, maka manusia hanyalah diberi mandat untuk 12 andullah zaky al kaaf, ekonomi dalam perspektif islam, (bandung: penerbit pusataka setia bandung, 2002), cet. i, h. 40. 13anwar abbas, philopsopy sistem ekonomi islam, jakarta, 14 maret 2012, h. 3. 14 allah berfirman dalam q.s. thâhâ [20] ayat 6. al-iqtishad: vol. iv, no. 2, januari 2012 311 kepada manusia, namun kebebasan manusia untuk menciptakan peradaban ekonomi yang baik tentu tidak boleh melanggar pokok-pokok aturan dari allah swt. karena sumbernya adalah wahyu maka segala aktivitas ekonomi islam harus bersifat pengabdian kepada allah swt.. hal itu berbeda dari kegiatan ekonomi dalam sistem yang dihasilkan oleh pemikiran manusia. teori kapitalis sangat mendewakan individualisme. sehingga teori ini menonjolkan rasionalisme dan materialisme. yang menjadi pedoman ajarannya adalah bebas berbuat dan bebas bertindak.12 teori kapitalis mengajarkan bahwa kesuksesan ekonomi ditentukan oleh diri sendiri atau disebut anthropocentrism indivi-dualism.13 sedangkan konsep dalam teori ekonomi islam adalah kalau manusia mau sukses, maka dia harus berusaha untuk mendapatkan karunia dari dzat yang mahakuasa dan maha penentu. oleh karena itu dalam islam yang menjadi penentu bagi berhasil atau tidaknya seseorang, hal itu tidak bisa terlepas dan dilepaskan kaitannya dengan kehendak-nya. manusia di muka bumi adalah sebagai khalifah, maka tidak boleh terlepas dari aturan yang menjadikannya khalifah. demikian juga dalam hal mencari dan mengumpulkan harta, teori kapitalis tidak membatasi cara manusia untuk mengumpulkan harta, namun islam membatasinya dengan jalan yang baik dan tidak melanggar aturan-aturan allah swt.. dalam bisnis islam dilarang gharar, maysir, najsy, dan barang haram namun dalam konsep kapitalis tidak ada aturan yang ditetapkan. karena tujuan utamanya adalah kepuasan individual. teori kapitalis mengajarkan bahwa harta yang sudah diperoleh mutlak menjadi hak milik pribadi. karena mendapatkannya dari usaha sendiri maka untuk menggunakannya juga bebas atas kemaunnya sendiri. sedangkan islam mengajarkan bahwa pemilik mutlak harta adalah allah swt., manusia hanyalah sebagai pemegang amanah untuk mengelola dan memanfaatkan untuk kesejahteraan bersama. hak milik dalam ekonomi islam terikat dengan aturan yang ditetapkan oleh syariat. jadi kepemikan dalam islam tidaklah mutlak namun nisbi. jika kita merujuk kepada nas alquran yang menyatakan bahwa semua yang ada dilangit dan bumi adalah milik allah swt.,14 maka kita bisa menyimpulkan bahwa semua harta bahkan kita sendiri adalah milik allah. jika seluruh harta adalah milik allah, maka manusia hanyalah diberi mandat untuk 12 andullah zaky al kaaf, ekonomi dalam perspektif islam, (bandung: penerbit pusataka setia bandung, 2002), cet. i, h. 40. 13anwar abbas, philopsopy sistem ekonomi islam, jakarta, 14 maret 2012, h. 3. 14 allah berfirman dalam q.s. thâhâ [20] ayat 6. menggunakan dan memanfaatkan saja. sebagai khalifah di muka bumi, maka manusia terikat dengan ketentuan yang ditetapkan allah. allah swt. telah memberikan kuasa kepada manusia untuk memanfaatkannya.15hal ini bukan berarti bahwa islam tidak mengakui hak milik kekayaan, namun hak milik tersebut tersebut terikat oleh aturan-aturan untuk kepentingan orang banyak dan tidak membahayakan orang lain.16 hak kepemilikan menurut islam ada dua macam. pertama, hak milik khusus. manusia diciptakan allah swt. dengan fitrah untuk senang pada kekayaan. dari fitrah inilah manusia memiliki hak milik atas kekayaan. misalnya seperti dalam surah al-fajr [89] ayat 19-20. dalam ayat tersebut allah menyindir bahwa manusia sangat mencintai harta dengan berlebihan.17 kedua, hak milik umum atau hak milik orang banyak, yaitu harta yang dimanfaatkan untuk kepentingan bersama, seperti jalan, sungai, tambang, dan sumber minyak. semua jenis harta ini harus dikuasai negara dan dimanfaatkan untuk kepentingan bersama.18 pendapat ini didasarkan pada sebuah hadis rasulullah yang diriwayatkan oleh imam abû dâwud: semua orang islam berserikat dalam tiga hal: dalam hal air, rumput, dan api. (h.r. abî dâwud)19 paradigma teori ekonomi kapitalis adalah kebebasan individu sehingga instrument atau alat yang mereka junjung tinggi untuk tegaknya nilai-nilai kebebasan dan kepemilikan individual tersebutadalah mekanisme pasar bebas. hal ini berarti bahwa pemerintah tidak boleh ikut campur dalam hal pasar. sedangkan dalam teori ekonomi islam mengenalkan sebuah lembaga yang bernama hisbah. yaitu sebuah lembaga pemerintah yang berkewajiban meng 15 allah berfirman dalam q.s. al-hadîd [57] ayat 7. 16 konsep pemilik absolut harta adalah allah, sebagai firman allah dalam surah thâhâ [20]: 6. konsep hak milik dalam islam, lihat ahmad muhammad al-assal dan fathî ahmad ‘abd al-karîm, sistem, prinsip, dan tujuan ekonomi islam, alih bahasa imam saefuddin, (jakarta: cv pustaka setia, 1999), cet. i, h. 40-47. 17 ahmad muhammad al-assal dan fathî ahmad ‘abd al-karîm, sistem, prinsip, dan tujuan ekonomi islam, h. 47-52. 18 ahmad muhammad al-assal dan fathî ahmad ‘abd al-karîm, sistem, prinsip, dan tujuan ekonomi islam, h. 67-73. 19 abû dâwud, sunan abî dâwud, (bayrût: dâr al-kitâb al-‘arabî, t.th.), jilid iii, h. 295. moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis312 awasi kebijakan pasar agar tetap berjalan untuk kemaslahatan umat bukan hanya untuk segelintir orang.20 dalam aspek investasi, teori ekonomi kapitalis meletakkan dasar investasinya pada riba atau interest. di mana akibat yang muncul dari sistem ini adalah banyaknya spekulasi dan tidak terkait dengan sektor riil dengan sektor keuangan. sehingga banyak uang beredar di dunia maya, justru tidak beredar di sektor riil. sedangkan teori ekonomi islam mengaharamkan riba dan menggantinya dengan sistem bagi hasil. di mana sistem ini tidak akan menzalimi pihak lain dalam berbisnis. dalam teori ekonomi islam, kekayaan harus distribusikan secara adil dan merata. islam sangat mengecam harta hanya bergulir di kalangan orang-orang borjuis.21 islam menentang konsep ‚yang kaya makin kaya, yang miskin makin miskin‛ yang menjadi jargon ekonomi kapitalis. walaupun ekonomi kapitalis memiliki konsep pendistribusian harta melalui konsep pajak, namun konsep tersebut terbukti menzalami banyak orang. islam telah memberikan solusi untuk mendistribusikan kekayaan tersebut dengan banyak jalan, yaitu zakat, infak, sedekah, wakaf, dan hibah. konsep yang ditawarkan islam ini lebih adil dan tidak menzalimi orang lain. aspek sejarah ekonomi islam telah dipraktikkan oleh rasulullah saw. (569-632 m) bersama masyarakat mekah dan madinah, kemudian dilanjutkan oleh al-khulafâ’ alrâsyidûn yang membangun pemerintahan selama 29 tahun, dari 632-661 masehi. kemudian terus dipraktikkan hingga kejaayaan islam di turki. sejarah pemikiran ekonomi islam telah menciptakan peradaban besar. teori-teori ekonomi mulai dari kebijakan fiskal, kebijakan moneter, pengelolaan anggaran negara hingga mekanisme pasar telah dipraktikkan sejak zaman rasulullah saw. hingga masa kejayaan islam di turki.22 tokoh-tokoh pemikir ekonomi antara lain adalah abû yûsuf (182/798). dia telah menggagas teori kebijakan fiskal, keuangan publik, hingga mekanisme 20 peranan, sistem dan tugas lembaga hisbah lebih luas lihat surtahman kastin hasan dan sanep ahmad, ekonomi islam, (selangor: dawama sdn. bhd, 2005), edisi 2, cet. i, h. 198-199. lihat, juga dede abdul fattah, pasar dan keadilan dalam perspektif ekonomi islam (analisis peran lembaga hisbah era abbasiyah, (jakarta: gaung persada press, 2011), h. 94-95. 21 islam mengajarkan bahwa harta harus berputar dikalangan orang-orang saja (q.s. al-hasyr [59]: 7). 22 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta: pustaka asatruss, 2005), h. 16-61. al-iqtishad: vol. iv, no. 2, januari 2012 313 awasi kebijakan pasar agar tetap berjalan untuk kemaslahatan umat bukan hanya untuk segelintir orang.20 dalam aspek investasi, teori ekonomi kapitalis meletakkan dasar investasinya pada riba atau interest. di mana akibat yang muncul dari sistem ini adalah banyaknya spekulasi dan tidak terkait dengan sektor riil dengan sektor keuangan. sehingga banyak uang beredar di dunia maya, justru tidak beredar di sektor riil. sedangkan teori ekonomi islam mengaharamkan riba dan menggantinya dengan sistem bagi hasil. di mana sistem ini tidak akan menzalimi pihak lain dalam berbisnis. dalam teori ekonomi islam, kekayaan harus distribusikan secara adil dan merata. islam sangat mengecam harta hanya bergulir di kalangan orang-orang borjuis.21 islam menentang konsep ‚yang kaya makin kaya, yang miskin makin miskin‛ yang menjadi jargon ekonomi kapitalis. walaupun ekonomi kapitalis memiliki konsep pendistribusian harta melalui konsep pajak, namun konsep tersebut terbukti menzalami banyak orang. islam telah memberikan solusi untuk mendistribusikan kekayaan tersebut dengan banyak jalan, yaitu zakat, infak, sedekah, wakaf, dan hibah. konsep yang ditawarkan islam ini lebih adil dan tidak menzalimi orang lain. aspek sejarah ekonomi islam telah dipraktikkan oleh rasulullah saw. (569-632 m) bersama masyarakat mekah dan madinah, kemudian dilanjutkan oleh al-khulafâ’ alrâsyidûn yang membangun pemerintahan selama 29 tahun, dari 632-661 masehi. kemudian terus dipraktikkan hingga kejaayaan islam di turki. sejarah pemikiran ekonomi islam telah menciptakan peradaban besar. teori-teori ekonomi mulai dari kebijakan fiskal, kebijakan moneter, pengelolaan anggaran negara hingga mekanisme pasar telah dipraktikkan sejak zaman rasulullah saw. hingga masa kejayaan islam di turki.22 tokoh-tokoh pemikir ekonomi antara lain adalah abû yûsuf (182/798). dia telah menggagas teori kebijakan fiskal, keuangan publik, hingga mekanisme 20 peranan, sistem dan tugas lembaga hisbah lebih luas lihat surtahman kastin hasan dan sanep ahmad, ekonomi islam, (selangor: dawama sdn. bhd, 2005), edisi 2, cet. i, h. 198-199. lihat, juga dede abdul fattah, pasar dan keadilan dalam perspektif ekonomi islam (analisis peran lembaga hisbah era abbasiyah, (jakarta: gaung persada press, 2011), h. 94-95. 21 islam mengajarkan bahwa harta harus berputar dikalangan orang-orang saja (q.s. al-hasyr [59]: 7). 22 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta: pustaka asatruss, 2005), h. 16-61. pasar.23 imam yahyâ ibn ‘umar (213-289h), seorang tokoh ekonom yang mengupas masalah penetapan harga dan penimbunan.24 imam ghazâlî (450-505 h), ulama besar yang mengungkap persoalan mata uang, pasar, dan pajak.25ada juga ibn khaldûn (732-808 h), seorang ulama besar yang banyak mengkaji tentang pengangguran, keuangan publik, hingga perdagangan internasional.26 masih banyak lagi ulama-ulama yang berkontribusi dalam bidang ekonomi, sehingga menopang kebangkitan peradaban islam masa lalu. sedangkan teori ekonomi kapitalis diciptakan oleh adam smith pada tahun 1776 m. tentu masa itu jauh setelah munculnya para ekonom muslim yang mampu melampaui zamannya. mereka telah mengungkapkan ide-ide besar untuk mengatasi segala persoalan ekonomi yang muncul di masyarakat. apalagi dibandingkan dengan teori ekonomi sosialis. tentu islam lebih dahulu dan lebih mampu menyelesaikan persoalan ekonomi, karena teori ekonomi sosialis sudah dianggap runtuh seiring runtuhnya uni soviet. aspek mekanisme pasar dalam teori ekonomi kapitralis mekanisme pasar didasarkan pada prinsip pasar bebas dengan pengawasan atau free market with supervision. artinya, pemerintah hanya mengawasi saja tidak boleh ikut campur. pemerintah hanya sebagai penonton. sedangkan dalam ekonomi islam masih mengakui pasar bebas tapi harus diatur mekanismenya. mekanisme tersebut akan diatur oleh lembaga hisbah. dalam beberapa kasus pasar yang mengalami gejolak yang tidak normal maka pemerintah harus ikut menyelesaikannya.27 umer chapra menyatakan bahwa sistem pasar bebas telah merealisasikan kemakmuran dalam perekonomian barat. akan tetapi, kemakmuran itu tidak menunjukkan hubungan baik antara kepentingan sosial dan individu.28 artinya tidak bisa menciptakan pemerataan kemakmuran. sistem pasar bebas telah gagal merealisasikan pemerataan. kemakmuran yang terjadi tidak berhasil menghapuskan kemiskinan atau pemenuhan kebutuhan pokok bagi setiap orang. justru ketidakmerataan pendapatan dan keka 23 euis amalia, sejarah pemikiran ekonomi islam, h. 70-85. 24 euis amalia, sejarah pemikiran ekonomi islam, h. 116-118. 25 euis amalia, sejarah pemikiran ekonomi islam, h. 123-130. 26 euis amalia, sejarah pemikiran ekonomi islam, h. 192-202 . 27 pendapat ini diformulasikan antar pemahaman penulis dengan hasil kuliah bersama sri edi swasono selama bulan maret 2012. 28umer chapra, the fututre of economics: an islamic perspective (leicester: the islamic foundation, 2000), h. 61-63. moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis314 yaan justru semakin meningkat. di samping itu, tingkat ketidakstabilan ekonomi dan peningkatan jumlah pengangguran telah menambah beban kesulitan bagi si miskin. ini menunjukkan bahwa efisiensi berkeadilan dan pemerataan masih terabaikan, meskipun pembangunan mengalami kemajuan yang sangat cepat dan pertumbuhan yang luar biasa dalam kekayaan. tanpa pengawasan dari negara, pendapatan tidak bisa didistribusikan secara merata.29 distribusi pendapatan dan kekayaan yang diawasi oleh negaralah yang akan memberi keadilan ekonomi.30 hal ini menunjukkan bahwa ekonomi islam mengakui intervensi pemerintah dalam batas-batas tertentu, sebagaimana diterangkan dalam hadis tentang tiga hal yang tidak boleh dikuasai oleh individu, yaitu: api (sumber energi), rumput (sumber daya alam), dan air. aspek hubungan antarmitra bisnis teori ekonomi kapitalis menganggap bahwa orang lain yang sama-sama melakukan kegiatan ekonomi adalah lawan bisnis. hal ini didasarkan pada filosofi mereka yang berprinsip pada individualisme. adapun ekonomi islam mengajarkan bahwa orang lain yang melakukan kegiatan ekonomi bukanlah lawan namun sebagai mitra bisnis. konsep yang dibangun oleh islam adalah kesejahteraan bersama, bukan kesejahteraan individu. sehingga tidak ada saling menzalimi, menipu, curang dan berbuat aniaya terhadap pihak lain.31 konsep nasabah dalam perbankkan juga berbeda. hubungan antara nasabah peminjam modal dan bank disebut kreditur dan debitur. hubungan keduanya adalah utang-piutang. sehingga terbangun hubungan atas bawah. hak itu berpengaruh pada psikologi peminjam, karena merasa berutang dan harus segera mengembalikan pokok ditambah bunga. adapun di perbankan syariah, hubungan yang dibangun antara nasabah dengan bank adalah hubungan mitra bisnis. bank sebagai pemilik modal disebut shâhib al-mâl dan nasabah yang menggunakan dana bank disebut mudhârib. hubungan mitra bisnis yang diba 29ahmad sa‘ad, al-dawr al-iqtishâdhî li nizhâm al-hisbah fi al-islâm muqârina-n bi ajhizat alraqâbah al-mu‘âshirah fi al-urdûn (yarmuk: jâmi‘ah al-yarmûk, 2002), h. 89. 30shâlih shâlihî, makânah mu’assasah al-hisbah fî al-iqtishâd al-islâmî wa dawruhâ fî alqadhâ’ ‘ala al-fasâd al-iqtishâdî, (al-jazâ’ir: jâmi‘ah sathîf, t.th.), h. 20-22. 31 ekonomi kebersamaan dianggap oleh sri edi swasono sebagai ekonomi sangat islami karena mengutamakan ukhuwah. hal ini sering diutarakan dalam beberapa pertemuan dalam kuliah maupun dituang dalam buku. lihat, sri edi swasono: indonesia dan doktrin kesejahteraan sosial dari klasikal dan neoklasikal sampai ke the end of laissez-faire, (jakarta: perkumpulan prakarsa, 2010), h. 53. al-iqtishad: vol. iv, no. 2, januari 2012 315 yaan justru semakin meningkat. di samping itu, tingkat ketidakstabilan ekonomi dan peningkatan jumlah pengangguran telah menambah beban kesulitan bagi si miskin. ini menunjukkan bahwa efisiensi berkeadilan dan pemerataan masih terabaikan, meskipun pembangunan mengalami kemajuan yang sangat cepat dan pertumbuhan yang luar biasa dalam kekayaan. tanpa pengawasan dari negara, pendapatan tidak bisa didistribusikan secara merata.29 distribusi pendapatan dan kekayaan yang diawasi oleh negaralah yang akan memberi keadilan ekonomi.30 hal ini menunjukkan bahwa ekonomi islam mengakui intervensi pemerintah dalam batas-batas tertentu, sebagaimana diterangkan dalam hadis tentang tiga hal yang tidak boleh dikuasai oleh individu, yaitu: api (sumber energi), rumput (sumber daya alam), dan air. aspek hubungan antarmitra bisnis teori ekonomi kapitalis menganggap bahwa orang lain yang sama-sama melakukan kegiatan ekonomi adalah lawan bisnis. hal ini didasarkan pada filosofi mereka yang berprinsip pada individualisme. adapun ekonomi islam mengajarkan bahwa orang lain yang melakukan kegiatan ekonomi bukanlah lawan namun sebagai mitra bisnis. konsep yang dibangun oleh islam adalah kesejahteraan bersama, bukan kesejahteraan individu. sehingga tidak ada saling menzalimi, menipu, curang dan berbuat aniaya terhadap pihak lain.31 konsep nasabah dalam perbankkan juga berbeda. hubungan antara nasabah peminjam modal dan bank disebut kreditur dan debitur. hubungan keduanya adalah utang-piutang. sehingga terbangun hubungan atas bawah. hak itu berpengaruh pada psikologi peminjam, karena merasa berutang dan harus segera mengembalikan pokok ditambah bunga. adapun di perbankan syariah, hubungan yang dibangun antara nasabah dengan bank adalah hubungan mitra bisnis. bank sebagai pemilik modal disebut shâhib al-mâl dan nasabah yang menggunakan dana bank disebut mudhârib. hubungan mitra bisnis yang diba 29ahmad sa‘ad, al-dawr al-iqtishâdhî li nizhâm al-hisbah fi al-islâm muqârina-n bi ajhizat alraqâbah al-mu‘âshirah fi al-urdûn (yarmuk: jâmi‘ah al-yarmûk, 2002), h. 89. 30shâlih shâlihî, makânah mu’assasah al-hisbah fî al-iqtishâd al-islâmî wa dawruhâ fî alqadhâ’ ‘ala al-fasâd al-iqtishâdî, (al-jazâ’ir: jâmi‘ah sathîf, t.th.), h. 20-22. 31 ekonomi kebersamaan dianggap oleh sri edi swasono sebagai ekonomi sangat islami karena mengutamakan ukhuwah. hal ini sering diutarakan dalam beberapa pertemuan dalam kuliah maupun dituang dalam buku. lihat, sri edi swasono: indonesia dan doktrin kesejahteraan sosial dari klasikal dan neoklasikal sampai ke the end of laissez-faire, (jakarta: perkumpulan prakarsa, 2010), h. 53. ngun harus saling menguntungkan dan saling membantu untuk kesuksesan usahanya. sehingga kedua belah pihak bekerjasama membangun ekonomi untuk mencapai kesejahteraan bersama. pada bank konvensional tujuan utamanya adalah hanya keuntungan materi, sedangkan pada bank syariah selain keuntungan materi juga kebahagian dan ketenangan dunia dan akhirat. aspek hubungan moneter dan sektor riil prinsip yang dianut oleh ekonomi kapitalis adalah ekonomi berbasis keuangan. hal ini berarti bahwa sektor keuangan terpisah dengan sektor riil. ekonomi kapitalis yang tujuan utamanya adalah keuntungan tidak peduli dengan sektor riil, sehingga terjadi uang yang beredar lebih banyak dari barang dan jasa yang tersedia. akibatnya, terjadi penurunan nilai mata uang itu sendiri. tujuan utama bisnis yang dilakukan dalam ekonomi kapitalis adalah mengeruk keuntungan sebesar-besarnya dengan modal yang sedikit. apapun yang terjadi modal yang sudah diutangkan harus kembali utuh ditambah bunga. tidak peduli apakah uang yang dipinjam digunakan untuk keperluan produktif atau konsumtif, yang utama adalah kembalinya modal. demi mengejar keuntungan tersebut, maka banyak sekali transaksi derivatif yang tujuannya adalah uang berbunga uang. sistem ekonomi kapitalis telah menciptakan sistem perdagangan dunia yang semu. total perdagangan dunia yang jumlahnya jutaan dolar amerika ternyata 95% terjadi pada perdagangan pasar uang dalam bentuk derivasi keuangan tidak nyata dan tidak ada kaitannya dengan perdagangan soktor riil. jadi hanya 5% dari jumlah total peredaran uang bergerak pada sektor riil.32 dikotomi anntara sektor moneter dan sektor riil tidak disadari oleh banyak kalangan. tokoh-tokoh ekonomi konvensional telah mengakui bahwa antara sektor moneter dan sektor riil tidak ada keterkaitan antara keduanya.33 artinya penambahan uang beredar hanya akan meningkatkan harga saja, tanpa memengaruhi jumlah transaksi riil. jadi, tidak ada hubungan antara sektor riil dengan sektor moneter, antara keduanya berjalan secara sendiri-sendiri. ekonomi kapitalis telah menghasilkan sistem perekonomian yang lebih banyak dikuasai pasar bursa atau modal. kurang memberikan kontribusi yang cukup nyata terhadap sektor riil. bahkan, cenderung bersifat semu sehingga pertumbuhan ekonomi yang didorong oleh pasar bursa menjadikan pertum 32veithzal rivai, ‚prospek lembaga keuangan islam di era krisis financial global dengan melaksanakan sistem keuangan islam pada kekuatan bisnis & pelayanannya dapat mengatasi dampak krisis finansial global‛, jakarta, 30 maret 2009, h. 6. 33 nopirin, ekonomi moneter, (yogyakarta: bpfe universitas gadjah mada, 1987), h. 67. moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis316 buhan ekonomi seperti balon yang setiap saat mudah pecah. perdagangan yang dijalankan lebih banyak pada transaksi bunga bukan sesuatu yang riil. tetapi lebih banyak unsur derivatif dari uang sebagai komoditas, yang lebih banyak bersifat spekulatif. fenomena seperti itulah yang dinamakan dengan bubble economic. di sisi lain, peredaran uang hanya pada orang-orang tertentu saja. sedangkan mayoritas masyarkat harus berebut dari bagian yang sedikit. berbeda dengan ekonomi islam, prinsip yang ditanamkan adalah ekonomi yang berbasis sektor riil. artinya, modal harus berputar dalam bentuk investasi riil untuk mendapatkan keuntungan. berputarnya keuangan harus diiringi dengan bergeraknya sektor riil. investasi yang dilakukan harus mampu menciptakan lapangan kerja untuk menggerakkan ekonomi rakyat. dalam ekonomi islam tidak dikenal adanya pemisahan antara sektor moneter dan sektor riil.34 sektor keuangan dalam definisi ekonomi islam diartikan sebagai mekanisme pembiayaan transaksi atau produksi di pasar riil. perekonomian islam adalah perekonomian yang berbasis perdagangan. penghapusan sistem bunga dan penerapan loss and profit sharing merupakan konektor yang akan menghubungkan kedua sektor ini. keuntungan atau profit yang dibagi merupakan representasi dari hasil usaha di sektor riil. sebagaimana firman allah, ‚allah menghalalkan jual-beli dan mengharamkan riba‛ . ayat tersebut tergambar bahwa transaksi jual-beli atau perdagangan merupakan instrumen yang ditekan-kan dalam ekonomi islam. artinya, perekonomian islam adalah perekonomian riil. sistem ekonomi kapitalis menjadikan bunga sebagai jantung dari sektor keuangannya. berbeda dengan ekonomi islam, jantung sektor keuangannya adalah sistem bagi-hasil (profit and loss sharing). dalam ekonomi syariah, jumlah uang yang beredar harus sama banyaknya dengan nilai barang dan jasa dalam perekonomian. aspek sasaran pembangunan pembangunan ekonomi yang diutamakan dalam sistem ekonomi kapitalis adalah pertumbuhan ekonomi, sehingga tampak bahwa ekonomi dianggap maju jika indokatornya meningkat, seperti: pengangguran menurun, nilai ekspor naik, tingkat inflasi yang bisa dikendalikan, dan gnp-nya naik. konsep pembangunan ekonomi kapitalis hanya memperhatikan pada wilayah lingkungan fisik saja. pertumbuhan menurut teori ekonomi kapitalis adalah perkembangan dalam 34 ali sakti, ekonomi islam jawaban atas kekacauan ekonomi modern, (jakarta: aqsa publishing, 2007), h. 49. al-iqtishad: vol. iv, no. 2, januari 2012 317 buhan ekonomi seperti balon yang setiap saat mudah pecah. perdagangan yang dijalankan lebih banyak pada transaksi bunga bukan sesuatu yang riil. tetapi lebih banyak unsur derivatif dari uang sebagai komoditas, yang lebih banyak bersifat spekulatif. fenomena seperti itulah yang dinamakan dengan bubble economic. di sisi lain, peredaran uang hanya pada orang-orang tertentu saja. sedangkan mayoritas masyarkat harus berebut dari bagian yang sedikit. berbeda dengan ekonomi islam, prinsip yang ditanamkan adalah ekonomi yang berbasis sektor riil. artinya, modal harus berputar dalam bentuk investasi riil untuk mendapatkan keuntungan. berputarnya keuangan harus diiringi dengan bergeraknya sektor riil. investasi yang dilakukan harus mampu menciptakan lapangan kerja untuk menggerakkan ekonomi rakyat. dalam ekonomi islam tidak dikenal adanya pemisahan antara sektor moneter dan sektor riil.34 sektor keuangan dalam definisi ekonomi islam diartikan sebagai mekanisme pembiayaan transaksi atau produksi di pasar riil. perekonomian islam adalah perekonomian yang berbasis perdagangan. penghapusan sistem bunga dan penerapan loss and profit sharing merupakan konektor yang akan menghubungkan kedua sektor ini. keuntungan atau profit yang dibagi merupakan representasi dari hasil usaha di sektor riil. sebagaimana firman allah, ‚allah menghalalkan jual-beli dan mengharamkan riba‛ . ayat tersebut tergambar bahwa transaksi jual-beli atau perdagangan merupakan instrumen yang ditekan-kan dalam ekonomi islam. artinya, perekonomian islam adalah perekonomian riil. sistem ekonomi kapitalis menjadikan bunga sebagai jantung dari sektor keuangannya. berbeda dengan ekonomi islam, jantung sektor keuangannya adalah sistem bagi-hasil (profit and loss sharing). dalam ekonomi syariah, jumlah uang yang beredar harus sama banyaknya dengan nilai barang dan jasa dalam perekonomian. aspek sasaran pembangunan pembangunan ekonomi yang diutamakan dalam sistem ekonomi kapitalis adalah pertumbuhan ekonomi, sehingga tampak bahwa ekonomi dianggap maju jika indokatornya meningkat, seperti: pengangguran menurun, nilai ekspor naik, tingkat inflasi yang bisa dikendalikan, dan gnp-nya naik. konsep pembangunan ekonomi kapitalis hanya memperhatikan pada wilayah lingkungan fisik saja. pertumbuhan menurut teori ekonomi kapitalis adalah perkembangan dalam 34 ali sakti, ekonomi islam jawaban atas kekacauan ekonomi modern, (jakarta: aqsa publishing, 2007), h. 49. perekonomian yang menyebabkan barang dan jasa yang diproduksi meningkat, yang selanjutnya diiringi dengan peningkatan kemakmuran masyarakat. tingkat pertumbuhan ekonomi yang dicapai suatu negara diukur dengan perkembangan pendapatan nasional riil yang dicapai oleh suatu negara yaitu produk nasional bruto (pnb) atau produk domestik bruto (pdb). ekonomi islam tidak hanya menekankan pertumbuhan ekonomi, namun juga mengutamakan pemerataan dan keadilan. hal itu ditegaskan dalam alquran bahwa harta tidak boleh berputar di kalangan orang-orang kaya saja. menurut ‘abd allâh ‘abd al-husayn al-tharîqî, pertumbuhan ekonomi tidak sekadar aktivitas produksi material saja. lebih dari itu, pertumbuhan ekonomi merupakan aktivitas menyeluruh dalam bidang produksi yang terkait erat dengan keadilan distribusi. pertumbuhan ekonomi bukan hanya diukur dari aspek ekonomi, melainkan aktivitas manusia yang ditujukan untuk pertumbuhan dan kemajuan sisi material dan spiritual manusia sekaligus.35 m. a. mannan menyatakan bahwa konsep pembangunan ekonomi menurut ekonomi pembangunan islam memiliki keunggulan dibandingkan konsep ekonomi lainya, yakni terletak pada motivasi filosofi pembangunan ekonominya. motivasi pembangunan dalam islam, tidak hanya timbul dari masalah ekonomi manusia semata-mata tetapi juga dari tujuan ilahi yang tertera dalam alquran dan hadis.36 aspek mata uang uang adalah faktor uutama dalam dunia ekonomi. nilai mata uang yang stabil sangat menentukan pertumbuhan ekonomi. jika nilai mata uang runtuh maka sendi-sendi ekonomi juga akan mengalami keruntuhan. walapun masih diperselisihkan, islam telah menggunakan mata uangnya berupa dinar dan dirham. dinar dan dirham diakui sebagai mata uang yang tidak terpengaruh secara signifikan jika terjadi inflasi. dinar dan dirham telah digunakan sebagai mata uang resmi sejak zaman romawi hingga kejayaan islam di turki. namun, sejak as menetapkan uang dolarnya sebagai uang dunia, dinar dan dirham mulai hilang dalam kegiatan ekonomi.37 uang kertas yang disebut fiat money telah 35 ‘abd allâh ‘abd al-husayn al-tharîqî, al-iqtishâd al-islâmî, ushûluh wa mubaun wa ahdaf, (kuwayt: dâr al-nafâ’is, 1999), h. 282. 36 m. abdul mannan, islamic economiys, theory and practice, terj. m. nastangin, teori dan praktek ekonomi islam, (yogyakarta: dana bakti waqaf, 1997), h. 393-394. 37 pergantian dinar dan dirham dengan dolar berawal dari konferensi yang diprakarsai oleh amerika di bretton woods pada tahun 1944 yang isinya adalah janji amerika untuk mendukung uang moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis318 menggantikan dinar dan dirham. ternyata, uang kertas tersebut membuat ekonomi dunia menjadi hancur dengan sering terjadinya krisis keuangan hampir di setiap negara. nilai mata uang yang berbasis kertas semakin gari semakin tidak bernilai. nilai uang satu juta rupiah sekarang lebih rendah dari nilai satu juta setahun kemudian. hal ini membuktikan bahkan nilai mata uang berbasis kertas tidak bernilai. beberapa tokoh ulama salaf dan tokoh ekonom modern menggagas kembalinya penggunaan mata uang berbasis emas dan perak. ide itu muncul karena kegagalan mata uang kertas dalam mempertahankan nilainya. inflasi yang terjadi hampir sepanjang masa, menggugah mereka untuk kembali ke mata uang yang nilai intrinsiknya sama dengan barangnya. dalam hal pencetakan uang, ekonomi kapitalis tidak mendasarkannya pada sektor riil. sedangkan ekonomi islam, pencetakan uang harus didasarkan pada kebutuhan sektor riil. jika kegiatan sektor riil berjalan, maka uang atau modal baru diciptakan. berbeda dengan ekonomi kapitalis, uang dicetak untuk menciptakan kerja, sehingga terjadi gelembung ekonomi, di mana uang banyak tapi sepi investasi. penutup ekonomi islam memiliki definisi, filosofi, sejarah, dan ukuran berbeda dengan ekonomi kapitalis. perbedaan-perbedaan tersebut adalah ciri khusus yang menjadikan ekonomi islam menjadi jalan lain untuk menciptakan peradaban yang lebih baik. namun demikian, penerapan ekonomi islam masih banyak kendala di semua tingkatan, mulai dari pemerintah sebagai pemegang kebijakan hingga mindset masyarakat yang sudah nyaman dengan sistem ekonomi kapitalis. untuk mengubah pola pikir masyarakat yang sudah terlanjur mendarah daging tentang konsep ekonomi kapitalis dibutuhkan kesabaran dan kegigihan yang kuat. penerapan ekonomi islam harus menyeluruh, walaupun dilakukan secara bertahap. jihad untuk menegakkan teori ekonomi islam harus dimulai dari sekolah-sekolah dasar hingga perguruan tinggi. karena selama ini buku-buku pelajaran yang diajarkan adalah teori ekonomi kapitalis. [] dolarnya secara penuh dengan emas yang nilainya setara. namun janji itu diingkari bahkan tidak lagi mengizinkan mata uang lain disetarakan dengan emas, harus dengan dolar. hal itu juga diberlakukan kepada negara-negara anggota imf, termasuk indonesia. lihat, muhaimin iqbal, dinarnomics membangun keberkahan usaha dengan uang yang adil, (jakarta: sinergi publishing, 2010), cet. i, h. 106-108. al-iqtishad: vol. iv, no. 2, januari 2012 319 menggantikan dinar dan dirham. ternyata, uang kertas tersebut membuat ekonomi dunia menjadi hancur dengan sering terjadinya krisis keuangan hampir di setiap negara. nilai mata uang yang berbasis kertas semakin gari semakin tidak bernilai. nilai uang satu juta rupiah sekarang lebih rendah dari nilai satu juta setahun kemudian. hal ini membuktikan bahkan nilai mata uang berbasis kertas tidak bernilai. beberapa tokoh ulama salaf dan tokoh ekonom modern menggagas kembalinya penggunaan mata uang berbasis emas dan perak. ide itu muncul karena kegagalan mata uang kertas dalam mempertahankan nilainya. inflasi yang terjadi hampir sepanjang masa, menggugah mereka untuk kembali ke mata uang yang nilai intrinsiknya sama dengan barangnya. dalam hal pencetakan uang, ekonomi kapitalis tidak mendasarkannya pada sektor riil. sedangkan ekonomi islam, pencetakan uang harus didasarkan pada kebutuhan sektor riil. jika kegiatan sektor riil berjalan, maka uang atau modal baru diciptakan. berbeda dengan ekonomi kapitalis, uang dicetak untuk menciptakan kerja, sehingga terjadi gelembung ekonomi, di mana uang banyak tapi sepi investasi. penutup ekonomi islam memiliki definisi, filosofi, sejarah, dan ukuran berbeda dengan ekonomi kapitalis. perbedaan-perbedaan tersebut adalah ciri khusus yang menjadikan ekonomi islam menjadi jalan lain untuk menciptakan peradaban yang lebih baik. namun demikian, penerapan ekonomi islam masih banyak kendala di semua tingkatan, mulai dari pemerintah sebagai pemegang kebijakan hingga mindset masyarakat yang sudah nyaman dengan sistem ekonomi kapitalis. untuk mengubah pola pikir masyarakat yang sudah terlanjur mendarah daging tentang konsep ekonomi kapitalis dibutuhkan kesabaran dan kegigihan yang kuat. penerapan ekonomi islam harus menyeluruh, walaupun dilakukan secara bertahap. jihad untuk menegakkan teori ekonomi islam harus dimulai dari sekolah-sekolah dasar hingga perguruan tinggi. karena selama ini buku-buku pelajaran yang diajarkan adalah teori ekonomi kapitalis. [] dolarnya secara penuh dengan emas yang nilainya setara. namun janji itu diingkari bahkan tidak lagi mengizinkan mata uang lain disetarakan dengan emas, harus dengan dolar. hal itu juga diberlakukan kepada negara-negara anggota imf, termasuk indonesia. lihat, muhaimin iqbal, dinarnomics membangun keberkahan usaha dengan uang yang adil, (jakarta: sinergi publishing, 2010), cet. i, h. 106-108. pustaka acuan al-qur’ân al-karîm abbas, anwar, philopsopy sistem ekonomi islam, jakarta: 14 maret 2012. abdul fattah, dede, pasar dan keadilan dalam perspektif ekonomi islam: analisis peran lembaga hisbah era abbasiyah, jakarta: gaung persada press, 2011. al kaaf, abdullah zaky, ekonomi dalam perspektif islam, bandung: penerbit pusataka setia bandung, 2002. al-assal, ahmad muhammad dan fathi ahmad abdul karim, sistem, prinsip dan tujuan ekonomi islam, alih bahasa imam saefuddin, jakarta: cv. pustaka setia, 1999. amalia, euis, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, jakarta: pustaka asatruss, 2005. amin, a. riawan, menata perbankan di indonesia, jakarta: uin press, 2009. tharîqî, al-, ‘abd allâh ‘abd al-husayn, al-iqtishâd al-islâmî: ushûluh wa mubaun wa ahdaf, kuwayt: dâr al-nafâ’is, 1999. chapra, m. umer, islam dan tantangan ekonomi, jakarta: gema insani press, 2000. hamidi, m. luthfi, gold dinar sistem moneter global yang stabil dan berkeadilan, jakarta: senayan abadi publishing, 2007. iqbal, muhaimin, dinarnomics membangun keberkahan usaha dengan uang yang adil, jakarta: sinergi publishing, 2010. mannan, m. abdul, islamic economiys, theory and practice, penerjemah m. nastangin, teori dan praktek ekonomi islam, yogyakarta: dana bakti waqaf, 1997. nopirin, ekonomi moneter, yogyakarta: bpfe universitas gadjah mada, 1987. sakti, ali, ekonomi islam jawaban atas kekacauan ekonomi modern, jakarta: aqsa publishing, 2007. hasan, surahman kastin dan ahmad, sanep, ekonomi islam, selangor: dawama sdn. bhd, 2005. swasono, sri edi, indonesia dan doktrin kesejahteraan sosial dari klasikal dan neoklasikal sampai ke the end of laissez-faire, jakarta: perkumpulan prakarsa, 2010. ---------------, ekspose ekonomi mewaspadai globalisasi dan pasar-bebas, yogyakarta: pusat studi ekonomi pancasila (pustep)-ugm, 2010. ---------------, paradigma baru ilmu ekonomi, jakarta, 28 februari 2012. moch. bukhori muslim: perbandingan ekonomi islam dan ekonomi kapitalis320 djuwaini, dimyauddin, pengantar fiqh muamalah, yogyakarta: pustaka pelajar, 2008. harjowidigdo, rooseno, mengenal hak cipta indonesia, jakarta: pustaka sinar harapan, 1992. haroen, nasrun, fiqh muamalah, jakarta: gaya media pratama, 2007. khallâf, ‘abd al-wahhâb, ‘ilm ushûl al-fiqh, kuwayt: dâr al-qalam, 1978. margono, suyud dan angkasa, amir, aspek hukum dalam bisnis, jakarta: grasindo, 2002. marpaung, leden, tindak pidana terhadap hak atas kekayaan intelektual, jakarta: sinar grafika, 1995. muhammad, ekonomi mikro dalam perspektif islam, yogyakarta: bpfeyogyakarta, 2004. munawir, a.w., kamus al-munawir arab indonesia terlengkap, edisi ii, surabaya: pustaka progresif, 1997. qaradhawi, yusuf, al-qur’an berbicara tentang akal dan ilmu pengetahuan, diterjemahkan oleh abdul hayyi al-kattani, dkk. jakarta: gema insani press, 1998. redaksi sinar grafika, hak milik intelektual undang-undang dan peraturan paten dan merk. jakarta: sinar grafika, 1991. saidin, aspek hukum hak kekayaan intelektual, jakarta: pt raja grafindo persada, 2004. simatupang, richard burton, aspek hukum dalam bisnis, jakarta: pt rineka cipta, 1996. soenandar, tarnaya, perlindungan hak milik intelektual di negara-negara asean, jakarta: sinar grafika, 1996. syafe’i, rahmat, fiqih muamalah, bandung: pustaka setia, 2004. ulwan, abdullah nasih, islam syari’at abadi, jakarta: gema insani press, 1996. zuhaylî, al-, wahbah, al-mu‘âmalah al-mâliyah al-mu‘âshirah, damaskus: dâr alfikr, 2002. pengaruh pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah zaenudin & yoshi erlina abstract: the influence of mudhârabah and musyârakah towards islamic banking income. financing is one of the key factors of the development of the islamic banking industry. islamic bank financing should be ideally dominated by the profit-loss agreement, in which the system is run with the profit sharing system. in using regression analysis, correlation, and hypothesis testing, this study aimed to analyze the impact of mudhârabah and musyârakah financing toward revenue in bank muamalat indonesia. the research result showed that the financing of the profit sharing system either partially or simultaneously have a strong and significant influence on islamic banking income. keywords: mudhârabah, musyârakah, islamic banking, income abstrak: pengaruh pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah. pembiayaan merupakan salah satu faktor kunci dalam perkembangan industri perbankan syariah. secara ideal pembiayaan bank syariah harus didominasi oleh perjanjian untung-rugi, di mana dijalankan dengan sistem bagi hasil. dengan menggunakan analisis regresi, korelasi, dan uji hipotesis, penelitian ini bertujuan untuk menganalisis pengaruh pembiayaan mudhârabah dan musyârakah terhadap pendapatan di bank muamalat indonesia. hasil penelitian menunjukkan bahwa pembiayaan dari sistem bagi hasil baik secara parsial maupun simultan memiliki pengaruh yang kuat dan signifikan terhadap pendapatan bank syariah. kata kunci: mudhârabah, musyârakah, pendapatan bank syariah naskah diterima: 11 juni 2012, direvisi: 1 oktober 2012, disetujui: 11 oktober 2012.  stie ahmad dahlan jakarta. jl. ciputat raya no. 77, cirendeu, ciputat, tangerang selatan. e-mail: zensha_68@yahoo.com zaenudin & yoshi erlina: pengaruh pembiayaan mudhârabah dan musyârakah 52 pendahuluan perkembangan perbankan syariah memberi pengaruh luas terhadap upaya perbaikan ekonomi umat dan kesadaran baru untuk mengadopsi dan ekspansi lembaga keuangan islam. krisis perbankan yang terjadi sejak tahun 1997 telah membuktikan bahwa bank yang beroperasi dengan prinsip syariah dapat bertahan di tengah gejolak nilai tukar dan tingkat suku bunga yang tinggi. pada saat yang bersamaan, perbankan konvensional tidak memiliki ketersediaan dana liquid yang cukup untuk operasionalnya. nasabah peminjam mengalami ketidakmampuan untuk mengembalikan dana pinjaman karena tingginya nilai suku bunga. kemacetan pengembalian dana pinjaman dari pihak nasabah ke perbankan berimplikasi pada ketidakmampuan pihak perbankan untuk mengembalikan dana pinjaman kepada bank indonesia. selain itu perbankan konvensional juga cenderung kurang dalam pengembangan sektor riil dan lebih bermain pada transaksi yang spekulatif berdasarkan nilai suku bunga. terpuruknya perbankan konvensional menjadi suatu pelajaran bagi pengambil kebijakan moneter untuk mencoba menerapkan sistem moneter alternatif. sistem manajemen syariah diyakini dapat menjadi solusi dalam membangun kembali sistem perekonomian indonesia. para ulama, ahli fikih, dan islamic banker di kalangan dunia islam menyatakan bahwa bunga yang diterapkan dalam perbankan konvensional adalah riba dan riba diharamkan. begitu juga, ketika krisis keuangan yang berawal dari amerika serikat akibat sub prime mortgage menerpa negara-negara lainnya dan kemudian meluas menjadi krisis ekonomi global yang dirasakan sejak semester kedua tahun 2008, tidak berpengaruh terhadap eksistensi dari perbankan syariah. bahkan, pada 2009, jaringan pelayanan bank syariah mengalami penambahan sebanyak 45 jaringan kantor. hingga saat ini sudah ada 1492 kantor cabang bank konvensional yang memiliki layanan syariah. secara geografis, penyebaran jaringan kantor perbankan syariah saat ini telah menjangkau masyarakat di lebih dari 89 kabupaten/kota di 33 provinsi. perkembangan perbankan syariah yang sangat cepat belakangan ini ditandai pula dengan peningkatan penyaluran pembiayaan. pembiayaan menjadi sangat penting karena faktor pembiayaan inilah yang menjadi kunci perkembangan bank syariah di masa mendatang. idealnya, pembiayaan bank syariah didominasi oleh akad musyârakah dan mudhârabah yang dijalankan dengan sistem bagi hasil. kinerja pertumbuhan pembiayaan bank syariah terbukti terus mengalami peningkatan dari tahun ke tahun, pada februari 2009 dengan kinerja pembiayaan yang baik (npf, net performing financing di bawah 5%). penyaluran pemal-iqtishad: vol. v, no. 1, januari 2013 53 pendahuluan perkembangan perbankan syariah memberi pengaruh luas terhadap upaya perbaikan ekonomi umat dan kesadaran baru untuk mengadopsi dan ekspansi lembaga keuangan islam. krisis perbankan yang terjadi sejak tahun 1997 telah membuktikan bahwa bank yang beroperasi dengan prinsip syariah dapat bertahan di tengah gejolak nilai tukar dan tingkat suku bunga yang tinggi. pada saat yang bersamaan, perbankan konvensional tidak memiliki ketersediaan dana liquid yang cukup untuk operasionalnya. nasabah peminjam mengalami ketidakmampuan untuk mengembalikan dana pinjaman karena tingginya nilai suku bunga. kemacetan pengembalian dana pinjaman dari pihak nasabah ke perbankan berimplikasi pada ketidakmampuan pihak perbankan untuk mengembalikan dana pinjaman kepada bank indonesia. selain itu perbankan konvensional juga cenderung kurang dalam pengembangan sektor riil dan lebih bermain pada transaksi yang spekulatif berdasarkan nilai suku bunga. terpuruknya perbankan konvensional menjadi suatu pelajaran bagi pengambil kebijakan moneter untuk mencoba menerapkan sistem moneter alternatif. sistem manajemen syariah diyakini dapat menjadi solusi dalam membangun kembali sistem perekonomian indonesia. para ulama, ahli fikih, dan islamic banker di kalangan dunia islam menyatakan bahwa bunga yang diterapkan dalam perbankan konvensional adalah riba dan riba diharamkan. begitu juga, ketika krisis keuangan yang berawal dari amerika serikat akibat sub prime mortgage menerpa negara-negara lainnya dan kemudian meluas menjadi krisis ekonomi global yang dirasakan sejak semester kedua tahun 2008, tidak berpengaruh terhadap eksistensi dari perbankan syariah. bahkan, pada 2009, jaringan pelayanan bank syariah mengalami penambahan sebanyak 45 jaringan kantor. hingga saat ini sudah ada 1492 kantor cabang bank konvensional yang memiliki layanan syariah. secara geografis, penyebaran jaringan kantor perbankan syariah saat ini telah menjangkau masyarakat di lebih dari 89 kabupaten/kota di 33 provinsi. perkembangan perbankan syariah yang sangat cepat belakangan ini ditandai pula dengan peningkatan penyaluran pembiayaan. pembiayaan menjadi sangat penting karena faktor pembiayaan inilah yang menjadi kunci perkembangan bank syariah di masa mendatang. idealnya, pembiayaan bank syariah didominasi oleh akad musyârakah dan mudhârabah yang dijalankan dengan sistem bagi hasil. kinerja pertumbuhan pembiayaan bank syariah terbukti terus mengalami peningkatan dari tahun ke tahun, pada februari 2009 dengan kinerja pembiayaan yang baik (npf, net performing financing di bawah 5%). penyaluran pembiayaan oleh perbankan syariah per februari 2009 secara konsisten terus mengalami peningkatan dengan pertumbuhan sebesar 33,3% pada februari 2008 menjadi 47,3% pada februari 2009. sementara itu, nilai pembiayaan yang disalurkan oleh perbankan syariah mencapai rp 40,2 triliun.1 berdasarkan uraian di atas, penulis tertarik untuk melakukan penelitian bertajuk pengaruh pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank muamalat tbk., di mana pembiayaan mudhârabah dan musyârakah sebagai variabel bebas (independent variable) dan pendapatan bank sebagai variabel terikat (dependent variable). berdasarkan uraian di atas bahwa pendapatan yang diperoleh dari perbankan syariah salah satunya berasal dari pembiayaan mudhârabah dan musyârakah, maka identifikasi permasalahan yang dirumuskan oleh penulis sebagai berikut: pertama, bagaimana perbedaan antara pembiayaan mudhârabah dan pembiayaan musyârakah?; kedua, bagaimana mekanisme perhitungan bagi hasil pada pembiayaan mudhârabah dan musyârakah?; ketiga, bagaimana pengaruh pembiayaan mudhârabah dan musyârakah terhadap pendapatan perusahaan? dengan memperhatikan latar belakang masalah dalam penelitian ini, maka pokok permasalahan yang dirumuskan adalah, “apakah terdapat pengaruh yang signifikan antara pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank muamalat baik secara parsial maupun simultan?”. metode penelitian untuk melakukan penelitian diperlukan objek penelitian di mana objek penelitian tersebut memiliki produk produk operasional perusahaan, sesuai dengan apa yang akan diteliti oleh penulis. oleh karena itu, penelitian ini dilakukan oleh penulis di bank muamalat indonesia, tbk . variabel yang diteliti adalah pembiayaan mudhârabah (x1) dan musyârakah (x2) sebagai variabel bebas (independent variable), dan pendapatan bank muamalat (y) sebagai variabel terikat (dependent variable). dalam hal ini apakah terdapat pengaruh terhadap pendapatan perusahaan dari pembiayaan mudhârabah dan pembiayaan musyârakah yang di salurkan oleh perusahaan. analisis regresi sederhana digunakan untuk mengetahui ada tidaknya hubungan antara dua variabel, yakni variabel bebas (x) dengan variabel tidak bebas (y). dalam studi ini, seperti telah diuraikan di atas, ada dua variabel bebas, yakni pembiayaan mudhârabah (x1) dan pembiayaan musyârakah (x2), sedangkan variabel tidak bebas adalah pendapatan bank syariah (y). masingmasing variabel bebas secara satu-persatu akan dicari hubungannya melalui 1 laporan bank indonesia tahun 2009. zaenudin & yoshi erlina: pengaruh pembiayaan mudhârabah dan musyârakah 54 analisis regresi sederhana. hubungan tersebut dinyatakan dengan persamaan sebagai berikut: y = a + bx di mana: y = subjek dalam variabel dependen yang diprediksikan. a = konstanta (harga y bila x = 0). b = angka arah atau koefisien regresi, yang menunjukkan angka peningkatan atau penurunan variabel dependen yang didasarkan pada hubungan nilai variabel independen. bila b (+) maka naik, bila b (-) maka terjadi penurunan. x = subjek variabel independen yang memengaruhi nilai tertentu. nilai koefisien korelasi (r) akan berkisar antara nilai -1 dan nilai +1. nilai koefisien korelasi positif artinya nilai r menjelaskan hubungan yang searah. maksudnya hubungan searah adalah apabila variabel bebas (x) meningkat maka variabel tidak bebas (y) meningkat pula secara proporsional dan sebaliknya bila variabel bebas menurun maka variabel tidak bebas akan menurun pula. nilai koefisien korelasi (r) negatif, ini berarti nilai r menjelaskan hubungan yang berlawanan. yang dimaksud dengan hubungan berlawanan adalah bila variabel bebas (x) meningkat, maka variabel tidak bebas (y) secara proporsional akan menurun dan sebaliknya bila variabel bebas menurun maka variabel tidak bebas secara proporsional akan meningkat. sedangkan bila nilai koefisien korelasi (r) nilai nol ini berarti tidak ada hubungan secara statistik antara variabel bebas (x) dengan variabel tidak bebas (y). adapun kriteria untuk memberikan interpretasi koefisien korelasi hubungan antarvariabel digunakan pedoman, sebagaimana pendapat soegiono2, sebagai berikut: tabel 1 pedoman interpretasi koefisien korelasi nilai mutlak korelasi tingkat keeratan 0,00 – 0,199 0,20 – 0.399 0,40 – 0,599 sangat rendah rendah sedang 2 sugiyono, metode penelitian administrasi, (bandung: alfabeta, 2003), h. 149. al-iqtishad: vol. v, no. 1, januari 2013 55 analisis regresi sederhana. hubungan tersebut dinyatakan dengan persamaan sebagai berikut: y = a + bx di mana: y = subjek dalam variabel dependen yang diprediksikan. a = konstanta (harga y bila x = 0). b = angka arah atau koefisien regresi, yang menunjukkan angka peningkatan atau penurunan variabel dependen yang didasarkan pada hubungan nilai variabel independen. bila b (+) maka naik, bila b (-) maka terjadi penurunan. x = subjek variabel independen yang memengaruhi nilai tertentu. nilai koefisien korelasi (r) akan berkisar antara nilai -1 dan nilai +1. nilai koefisien korelasi positif artinya nilai r menjelaskan hubungan yang searah. maksudnya hubungan searah adalah apabila variabel bebas (x) meningkat maka variabel tidak bebas (y) meningkat pula secara proporsional dan sebaliknya bila variabel bebas menurun maka variabel tidak bebas akan menurun pula. nilai koefisien korelasi (r) negatif, ini berarti nilai r menjelaskan hubungan yang berlawanan. yang dimaksud dengan hubungan berlawanan adalah bila variabel bebas (x) meningkat, maka variabel tidak bebas (y) secara proporsional akan menurun dan sebaliknya bila variabel bebas menurun maka variabel tidak bebas secara proporsional akan meningkat. sedangkan bila nilai koefisien korelasi (r) nilai nol ini berarti tidak ada hubungan secara statistik antara variabel bebas (x) dengan variabel tidak bebas (y). adapun kriteria untuk memberikan interpretasi koefisien korelasi hubungan antarvariabel digunakan pedoman, sebagaimana pendapat soegiono2, sebagai berikut: tabel 1 pedoman interpretasi koefisien korelasi nilai mutlak korelasi tingkat keeratan 0,00 – 0,199 0,20 – 0.399 0,40 – 0,599 sangat rendah rendah sedang 2 sugiyono, metode penelitian administrasi, (bandung: alfabeta, 2003), h. 149. 0,60 – 0,799 0,80 – 1,000 kuat sangat kuat sumber: soegiono (2003) selanjutnya penelitian ini juga ingin menjelaskan pengaruh secara bersama-sama dua variabel bebas (x), yakni pengaruh pembiayaan mudhârabah (x1), dan musyârakah (x2) terhadap variabel tidak bebas (y) yakni pendapatan bank syariah, maka digunakan analisis regresi berganda. sedangkan untuk mengetahui arah dan bobot hubungannya maka digunakan analisis korelasi berganda. analisis regresi berganda ini digunakan untuk mengetahui ada tidaknya pengaruh antara dua variabel bebas (x) dengan variabel tidak bebas (y), hubungan tersebut dinyatakan dalam persamaan sebagai berikut: y = a + b1x1 + b2x2 . keterangan: y = pendapatan bank a = nilai konstanta x1 = mudhârabah x2 = musyârakah analisis korelasi berganda adalah alat analisis statistik yang digunakan untuk menjelaskan tentang besarnya atau kuatnya derajat hubungan garis lurus secara serentak dari variabel-variabel yang telah dianalisis dengan analisis regresi berganda seperti telah diuraikan di atas. dengan demikian dapat dikatakan bahwa analisis korelasi berganda merupakan alat bantu yang sangat bermanfaat untuk menarik yang diambil berdasarkan analisis regresi berganda. ada dua hal hasil yang diperoleh dari analisis korelasi berganda, yakni koefisien korelasi dan koefisien determinasi. pembahasan perkembangan pembiayaan pada pt. bank muamalat indonesia tbk. telah banyak mengalami kemajuan. hal ini dapat dilihat dari tingkat pertumbuhan pembiayaan baik pembiayaan mudhârabah maupun pembiayaan musyârakah yang terus bertambah nilainya dari tahun 2002 sampai dengan tahun 2008. berikut ini adalah perkembangan pembiayaan mudhârabah dan musyârakah juga pendapatan bagi hasil untuk periode 2002-2008: zaenudin & yoshi erlina: pengaruh pembiayaan mudhârabah dan musyârakah 56 tabel 2 sumber: laporan keuangan bank muamalat data tersebut memperlihatkan perkembangan pembiayaan mudhârabah dan musyârakah terus meningkat setiap tahunnya, kecuali pada tahun 2007 dan 2008. pembiayaan mudhârabah mengalami penurunan pada dua tahun tersebut, tetapi tidak berpengaruh signifikan terhadap total pembiayaan. hal ini bisa dilihat dari pertumbuhan total pembiayaan yang terus meningkat, disertai terus meningkatnya perolehan bagi hasil dari pembiayaan. peningkatan ini merupakan cerminan dari meluasnya kepercayaan masyarakat terhadap produk dan layanan perbankan syariah yang ditawarkan bank muamalat indonesia, juga menunjukkan semakin besarnya minat nasabah terhadap integritas serta kemurnian prinsip syariah yang ada sekarang. pada tahun 2002, total pembiayaan yang dikeluarkan oleh perusahaan hanya sebesar 510,7 miliar rupiah, yang terdiri atas pembiayaan mudhârabah 491,14 miliar dan pembiayaan musyârakah sebesar 19,5 miliar. bagi hasil yang diperoleh atas pembiayaan mudhârabah dan musyârakah adalah sebesar 65,2 miliar rupiah. nilai ini masih kecil dikarenakan pada tahun tersebut masyarakat masih banyak yang belum mengenal dan mengetahui produk dari bank syariah. sedangkan pada tahun 2003 total pembiayaan naik 61,8% dari tahun sebelumnya menjadi 826 miliar rupiah. hal tersebut disebabkan oleh naiknya pembiayaan mudhârabah sebesar 61,1% menjadi 791,2 miliar rupiah dan pembiayaan musyârakah sebanyak 78,5% yaitu menjadi sebesar 34,8 miliar rupiah. pendapatan atas bagi hasil pembiayaan meningkat 55,7% menjadi 101,5 miliar rupiah. pembiayaan pembiayaan total total mudharabah musyarakah pembiayaan pendapatan (dalam ribuan rp) (dalam ribuan rp) (dalam ribuan rp) (dalam ribuan rp) 2002 491,139,242 19,519,645 510,658,887 65,176,585 2003 791,195,161 34,840,704 826,035,865 101,497,416 2004 1,588,105,888 369,041,054 1,957,146,942 230,378,947 2005 2,156,090,613 493,207,002 2,649,297,615 390,888,662 2006 2,357,361,744 818,770,283 3,176,132,027 499,831,328 2007 2,323,324,841 1,768,580,721 4,091,905,562 545,077,345 2008 1,906,653,010 3,045,839,065 4,952,492,075 655,175,753 pertumbuhan pembiayaan mudharabah, musyarakah dan pendapatan perusahaan (bagi hasil) tahun 2002-2008 tahun al-iqtishad: vol. v, no. 1, januari 2013 57 tabel 2 sumber: laporan keuangan bank muamalat data tersebut memperlihatkan perkembangan pembiayaan mudhârabah dan musyârakah terus meningkat setiap tahunnya, kecuali pada tahun 2007 dan 2008. pembiayaan mudhârabah mengalami penurunan pada dua tahun tersebut, tetapi tidak berpengaruh signifikan terhadap total pembiayaan. hal ini bisa dilihat dari pertumbuhan total pembiayaan yang terus meningkat, disertai terus meningkatnya perolehan bagi hasil dari pembiayaan. peningkatan ini merupakan cerminan dari meluasnya kepercayaan masyarakat terhadap produk dan layanan perbankan syariah yang ditawarkan bank muamalat indonesia, juga menunjukkan semakin besarnya minat nasabah terhadap integritas serta kemurnian prinsip syariah yang ada sekarang. pada tahun 2002, total pembiayaan yang dikeluarkan oleh perusahaan hanya sebesar 510,7 miliar rupiah, yang terdiri atas pembiayaan mudhârabah 491,14 miliar dan pembiayaan musyârakah sebesar 19,5 miliar. bagi hasil yang diperoleh atas pembiayaan mudhârabah dan musyârakah adalah sebesar 65,2 miliar rupiah. nilai ini masih kecil dikarenakan pada tahun tersebut masyarakat masih banyak yang belum mengenal dan mengetahui produk dari bank syariah. sedangkan pada tahun 2003 total pembiayaan naik 61,8% dari tahun sebelumnya menjadi 826 miliar rupiah. hal tersebut disebabkan oleh naiknya pembiayaan mudhârabah sebesar 61,1% menjadi 791,2 miliar rupiah dan pembiayaan musyârakah sebanyak 78,5% yaitu menjadi sebesar 34,8 miliar rupiah. pendapatan atas bagi hasil pembiayaan meningkat 55,7% menjadi 101,5 miliar rupiah. pembiayaan pembiayaan total total mudharabah musyarakah pembiayaan pendapatan (dalam ribuan rp) (dalam ribuan rp) (dalam ribuan rp) (dalam ribuan rp) 2002 491,139,242 19,519,645 510,658,887 65,176,585 2003 791,195,161 34,840,704 826,035,865 101,497,416 2004 1,588,105,888 369,041,054 1,957,146,942 230,378,947 2005 2,156,090,613 493,207,002 2,649,297,615 390,888,662 2006 2,357,361,744 818,770,283 3,176,132,027 499,831,328 2007 2,323,324,841 1,768,580,721 4,091,905,562 545,077,345 2008 1,906,653,010 3,045,839,065 4,952,492,075 655,175,753 pertumbuhan pembiayaan mudharabah, musyarakah dan pendapatan perusahaan (bagi hasil) tahun 2002-2008 tahun pada tahun 2004 terjadi kenaikan yang sangat tinggi dari total pembiayaan yaitu mencapai 136,9%. kenaikan ini disebabkan oleh adanya kenaikan pada pembiayaan mudhârabah yaitu 100,7% dari tahun sebelumnya atau naik sebesar 797 miliar rupiah, dan meningkatnya pembiayaan musyârakah yang sangat tinggi yaitu 959,2% atau hampir sepuluh kali lipat dari tahun sebelumnya walaupun kenaikan nilai nominalnya lebih kecil dari mudhârabah yaitu sebesar 335 miliar rupiah. pada tahun ini masyarakat mulai mengenal dan menggunakan produk syariah terutama pembiayaan musyârakah. pendapatan atas bagi hasil pembiayaan mudhârabah dan musyârakah pun meningkat tajam yaitu 126% dari tahun sebelumnya 101,5 miliar menjadi 230,4 miliar rupiah. pada tahun 2005 terjadi kenaikan pembiayaan sebesar 35,4% dengan total pembiayaan 2,6 triliun yang terdiri dari 2,2 triliun pembiayaan mudhârabah atau naik 35,8% dari tahun sebelumnya dan 493 miliar rupiah pembiayaan musyârakah atau naik 33,6 % dari tahun 2004. total pendapatan atas bagi hasil yang diperoleh pada tahun 2005 meningkat 69,7% atau naik sebesar 160,5 miliar rupiah dari tahun sebelumnya. tahun 2006 total pembiayaan mengalami kenaikan sebesar 19,9% yang disebabkan oleh meningkatnya pembiayaan mudhârabah sebesar 9,3% atau naik hanya sebesar 9,3 miliar rupiah, dan pembiayaan musyârakah meningkat dalam jumlah yang besar yaitu 66% atau naik sebesar 325,6 miliar rupiah. pendapatan pun meningkat 27,9% atau naik sebesar 108,9 miliar. tahun 2007 total pembiayaan terus meningkat sebesar 28,8%, peningkatan ini atas kontribusi pembiayaan musyârakah yang meningkat sebesar 1,16% atau naik sebesar 949,8 miliar. walaupun pembiayaan turun 1,4 % atau turun sebesar 34 miliar rupiah, tetapi tidak mengganggu kinerja pertumbuhan pembiayaan secara total, begitu juga dengan pendapatan yang terus meningkat yaitu sebesar 45,2 miliar rupiah atau naik 9%. begitu juga pada tahun 2008 pembiayaan secara total terus meningkat sebesar 21%, kenaikan ini merupakan kontribusi yang besar pula dari pembiayaan musyârakah yang meningkat sebesar 72% atau naik sebesar 1,3 triliun rupiah. walaupun kontribusi pembiayaan mudhârabah menurun sebesar 17,9% tetapi tidak mengganggu terhadap pendapatan bagi hasil pada tahun tersebut, terbukti dengan meningkatnya pendapatan tahun 2008 sebesar 20,2% yaitu naik sebesar 110,1 miliar rupiah. untuk lebih jelasnya, pertumbuhan pembiayaan mudhârabah dan musyârakah beserta pendapatan bagi hasil pt. bank muamalat, tbk. periode tahun 2002-2008, akan di jelaskan oleh gambar grafik di bawah ini: zaenudin & yoshi erlina: pengaruh pembiayaan mudhârabah dan musyârakah 58 berikut adalah hasil/output analisis regresi linier variabel x1 dan x2 (independent variable) terhadap variabel y (dependent variable) dengan menggunakan program spss ver. 17. pembiayaan mudharabah dan musyarakah pt. bank muamalat indonesia tbk tahun 2002-2008 1,000 2,000 3,000 4,000 5,000 6,000 2002 2003 2004 2005 2006 2007 2008 tahun n ila i p em bi ay aa n (d lm m ily ar r up ia h) pembiayaan mudharabah pembiayaan musyarakah total pembiayaan perkembangan pendapatan bagi hasil pt bank muamalat indonesia tbk tahun 2002 2008 65 101 391 500 655 545 230 100 200 300 400 500 600 700 2002 2003 2004 2005 2006 2007 2008 tahun n ila i p en da pa ta n (d lm m ily ar r up ia h) al-iqtishad: vol. v, no. 1, januari 2013 59 berikut adalah hasil/output analisis regresi linier variabel x1 dan x2 (independent variable) terhadap variabel y (dependent variable) dengan menggunakan program spss ver. 17. pembiayaan mudharabah dan musyarakah pt. bank muamalat indonesia tbk tahun 2002-2008 1,000 2,000 3,000 4,000 5,000 6,000 2002 2003 2004 2005 2006 2007 2008 tahun n ila i p em bi ay aa n (d lm m ily ar r up ia h) pembiayaan mudharabah pembiayaan musyarakah total pembiayaan perkembangan pendapatan bagi hasil pt bank muamalat indonesia tbk tahun 2002 2008 65 101 391 500 655 545 230 100 200 300 400 500 600 700 2002 2003 2004 2005 2006 2007 2008 tahun n ila i p en da pa ta n (d lm m ily ar r up ia h) tabel 3 hasil analisis regresi pengaruh pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah analisis regresi sederhana variabel bebas konstanta koefisien regresi nilai t hitung korelasi r determina si r2 sig p x1 x2 -8,257 1,864 0,264 0,181 3,870 4,038 0,866 0,875 0,75 0,765 0,01 0,012 analisis regresi berganda x1 x2 -3,728 0,170 0,119 r = r2 = fhitung = 0,993 0,986 136,76 t tabel = f tabel = sig/p = 2,571 6,944 0,000 sumber: data diolah dari output spss ver 17 berdasarkan tabel 3 di atas dapat dilakukan analisis regresi, korelasi, determinasi, dan uji hipotesis baik secara parsial maupun simultan, untuk variabel pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah. berikut merupakan persamaan regresi parsial untuk melihat pengaruh pembiayaan mudhârabah terhadap pendapatan bank muamalat: y=-8,257+ 0,264x. dari persamaan regresi di atas diketahui bahwa nilai konstanta adalah 8,257, jika hasil penelitian ini diterjemahkan secara kuantitatif, dapat diartikan bahwa jika pembiayaan mudhârabah tidak ada (nol) maka pendapatan bank syariah adalah sebesar -8,257, dan koefesien regresi sebesar 0,264 menyatakan bahwa setiap kenaikan x1 (pembiayaan mudhârabah bertambah 1) maka akan menambah pendapatan bank syariah sebesar 0,264. sebaliknya, jika pembiayaan mudhârabah berkurang 1 maka pendapatan bank syariah akan berkurang sebesar 0,264. output spss pada tabel 4.2 di atas menghasilkan nilai r=0,866. artinya, disimpulkan bahwa terdapat korelasi positif antara variabel pembiayaan mudhârabah dengan pendapatan bank syariah. dengan nilai r=0,866 maka sesuai dengan tabel interpretasi koefisien korelasi, hubungan antara pembiayaan mudhârabah dengan pendapatan bank syariah tersebut dikategorikan sangat kuat. angka tersebut menunjukan bahwa semakin banyak pembiayaan mudhârabah, maka pendapatan bank syariah akan semakin tinggi, dan sebaliknya semakin rendah sedikit pembiayaan mudhârabah maka pendapatan bank akan semakin menurun. zaenudin & yoshi erlina: pengaruh pembiayaan mudhârabah dan musyârakah 60 koefisien determinasi (r2) adalah sebesar 0.75 artinya pendapatan bank syariah dipengaruhi oleh variabel pembiayaan mudhârabah sebesar 75% dan sisanya (100%-75%=25%) dipengaruhi oleh faktor-faktor lain. untuk menguji keberartian secara parsial pengaruh antara variabel pembiayaan mudhârabah terhadap pendapatan bank syariah, maka dilakukan uji hipotesis dengan rumus sebagai berikut: ho : diduga tidak terdapat pengaruh antara pembiayaan mudhârabah dengan pendapatan bank syariah. ha : diduga terdapat pengaruh antara pembiayaan mudhârabah dengan bank syariah. dengan level of significence sebesar 5% dan df=n–2 berarti 7–2=5 maka nilai t tabel adalah 2,571. sedangkan t (thitung) yang diperoleh dari hasil perhitungan spss adalah sebesar 3,870. maka aturan pengambilan keputusannya sebagai berikut: bila t-hitung < t-tabel berarti h0 diterima atau ha ditolak bila t-hitung > t-tabel maka h0 ditolak atau ha diterima maka 3,870 > 2,571. artinya nilai thitung lebih besar dari nilai ttabel, sehingga ha diterima dan h0 ditolak, artinya hipotesis penelitian pertama diterima. begitu juga dengan nilai probabilitas (p) terlihat pada kolom significance pada variabel x1 sebesar 0,01 lebih kecil dari 0,05 sehingga dapat diambil hipotesis bahwa “terdapat pengaruh yang signifikan antara pembiayaan mudhârabah terhadap pendapatan bank syariah pada pt. bank muamalat indonesia, tbk.” selanjutnya, akan dilihat pengaruh pembiayaan musyârakah terhadap pendapatan bank muamalat, sebagaimana pada persamaan berikut: y=1,864+ 0,181x. persamaan regresi untuk variabel pembiayaan musyârakah di atas, menjelaskan bahwa nilai konstanta sebesar 1,864, jika hasil penelitian ini diterjemahkan secara kuantitatif, dapat diartikan bahwa jika pembiayaan musyârakah tidak ada atau nilainya nol, maka pendapatan bank syariah adalah sebesar 1,864. koefesien regresi sebesar 0,181 menyatakan bahwa setiap kenaikan x2 (pembiayaan musyârakah bertambah 1) maka pendapatan bank syariah akan meningkat sebesar 0,181. sebaliknya, ketika pembiayaan musyârakah berkurang satu maka pendapatan bank syariah pun akan menurun sebesar 0,181. al-iqtishad: vol. v, no. 1, januari 2013 61 koefisien determinasi (r2) adalah sebesar 0.75 artinya pendapatan bank syariah dipengaruhi oleh variabel pembiayaan mudhârabah sebesar 75% dan sisanya (100%-75%=25%) dipengaruhi oleh faktor-faktor lain. untuk menguji keberartian secara parsial pengaruh antara variabel pembiayaan mudhârabah terhadap pendapatan bank syariah, maka dilakukan uji hipotesis dengan rumus sebagai berikut: ho : diduga tidak terdapat pengaruh antara pembiayaan mudhârabah dengan pendapatan bank syariah. ha : diduga terdapat pengaruh antara pembiayaan mudhârabah dengan bank syariah. dengan level of significence sebesar 5% dan df=n–2 berarti 7–2=5 maka nilai t tabel adalah 2,571. sedangkan t (thitung) yang diperoleh dari hasil perhitungan spss adalah sebesar 3,870. maka aturan pengambilan keputusannya sebagai berikut: bila t-hitung < t-tabel berarti h0 diterima atau ha ditolak bila t-hitung > t-tabel maka h0 ditolak atau ha diterima maka 3,870 > 2,571. artinya nilai thitung lebih besar dari nilai ttabel, sehingga ha diterima dan h0 ditolak, artinya hipotesis penelitian pertama diterima. begitu juga dengan nilai probabilitas (p) terlihat pada kolom significance pada variabel x1 sebesar 0,01 lebih kecil dari 0,05 sehingga dapat diambil hipotesis bahwa “terdapat pengaruh yang signifikan antara pembiayaan mudhârabah terhadap pendapatan bank syariah pada pt. bank muamalat indonesia, tbk.” selanjutnya, akan dilihat pengaruh pembiayaan musyârakah terhadap pendapatan bank muamalat, sebagaimana pada persamaan berikut: y=1,864+ 0,181x. persamaan regresi untuk variabel pembiayaan musyârakah di atas, menjelaskan bahwa nilai konstanta sebesar 1,864, jika hasil penelitian ini diterjemahkan secara kuantitatif, dapat diartikan bahwa jika pembiayaan musyârakah tidak ada atau nilainya nol, maka pendapatan bank syariah adalah sebesar 1,864. koefesien regresi sebesar 0,181 menyatakan bahwa setiap kenaikan x2 (pembiayaan musyârakah bertambah 1) maka pendapatan bank syariah akan meningkat sebesar 0,181. sebaliknya, ketika pembiayaan musyârakah berkurang satu maka pendapatan bank syariah pun akan menurun sebesar 0,181. dari output spss pada tabel 3 di atas diperoleh nilai r=0,875. artinya dapat disimpulkan bahwa terdapat korelasi positif dan nyata (signifikan) antara variabel pembiayaan musyârakah dengan pendapatan bank syariah. dengan nilai r = 0,875 maka sesuai dengan tabel interpretasi koefisien korelasi, hubungan antara pembiayaan musyârakah dengan pendapatan bank syariah tersebut dikategorikan sangat kuat. angka tersebut menunjukan bahwa semakin besar pembiayaan musyârakah maka pendapatan bank syariah pun akan semakin meningkat, begitu juga sebaliknya. koefisien determinasi (r2) adalah sebesar 0.537 artinya kinerja karyawan dipengaruhi oleh variabel motivasi sebesar 53,7% dan sisanya (100%-53,7%= 46,3%) dipengaruhi oleh faktor-faktor lain. untuk menguji keberartian secara parsial pengaruh antara variabel pembiayaan musyârakah terhadap pendapatan bank syariah, maka dilakukan uji hipotesis secara parsial, dengan rumusan hipotesis sebagai berikut: ho : diduga tidak terdapat pengaruh antara pembiayaan musyârakah dengan pendapatan bank syariah. ha : diduga terdapat pengaruh antara pembiayaan musyârakah dengan pendapatan bank syariah nilai t tabel adalah 2,571. sedangkan t (thitung) yang diperoleh dari hasil perhitungan spss pada tabel 4.2 kolom variabel x2 adalah sebesar 4,038. maka 4,038 > 2,571. artinya nilai thitung lebih besar dari nilai ttabel, sehingga hipotesis kedua diterima. begitu juga dengan nilai probabilitas (p) terlihat pada kolom significance pada variabel x2 sebesar 0,012, jauh lebih kecil dari 0,05 sehingga dapat diambil hipotesis bahwa “benar terdapat pengaruh antara pembiayaan musyârakah terhadap pendapatan bank syariah”. kemudian selanjutnya kita akan melihat pengaruh pembiayaan mudhârabah terhadap pembiayaan musyârakah secara bersama-sama terhadap pendapatan bank muamalat. untuk mengetahui pengaruh secara bersama-sama (simultan) antara variabel pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah, digunakan regresi linier dan korelasi berganda serta melakukan uji hipotesis, berdasarkan tabel 4.2 diperoleh hasil persamaan regresi berganda sebagai berikut: y=-3,728+0,170x1+0,119x2. dari persamaan regresi berganda di atas diketahui bahwa nilai konstanta adalah -3,728, jika hasil penelitian ini diterjemahkan secara kuantitatif, dapat diartikan bahwa jika tidak ada pembiayaan mudhârabah dan musyârakah (nol) zaenudin & yoshi erlina: pengaruh pembiayaan mudhârabah dan musyârakah 62 maka pendapatan bank syariah adalah sebesar -3,728, koefesien regresi x1 sebesar 0,170 menyatakan bahwa setiap kenaikan x1 (pembiayaan mudhârabah bertambah 1) maka pendapatan bank syariah akan meningkat sebesar 0,170 begitu juga sebaliknya. koefisien regresi x2 sebesar 0,119 menyatakan bahwa setiap kenaikan x2 (pembiayaan musyârakah bertambah satu) maka pendapatan bank syariah akan meningkat sebesar 0,119 dan sebaliknya. nilai korelasi variabel pembiayaan mudhârabah terhadap pendapatan bank adalah sebesar 0,866 dan korelasi variabel pembiayaan musyârakah terhadap pendapatan bank syariah sebesar 0,875. maka secara teoretis berdasarkan angka korelasi, variabel pembiayaan musyârakah lebih berpengaruh terhadap pendapatan bank syariah jika dibanding dengan variabel pembiayaan mudhârabah. sedangkan nilai korelasi secara simultan berdasarkan tabel 4.2 diperoleh r sebesar 0,993, angka ini menggambarkan adanya korelasi yang positif dan signifikan antara variabel pembiayaan mudhârabah dan musyârakah secara bersama-sama (simultan) terhadap pendapatan bank syariah. dengan nilai r = 0,993 sesuai dengan tabel interpretasi koefisien korelasi, pengaruh variabel pembiayaan mudhârabah dan musyârakah secara bersama-sama (simultan) terhadap pendapatan bank syariah tersebut dikategorikan sangat kuat. nilai r2 (r square) untuk analisis simultan adalah sebesar 0,986 hal ini berarti 98,6% pendapatan bank syariah bisa dijelaskan oleh variabel pembiayaan mudhârabah dan musyârakah dan sisanya dijelaskan oleh faktor-faktor lain, untuk melihat benar tidaknya terdapat pengaruh signifikan antara variabel pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah secara simultan, akan dilakukan uji hipotesis. uji hipotesis untuk menguji keberartian secara simultan pengaruh antara variabel pembiayaan mudhârabah (x1) dan musyârakah (x2) terhadap pendapatan bank syariah (y) dilakukan dengan membandingkan nilai fhitung dengan ftabel dan dengan melihat angka signifikansinya (probabilitas). rumusan hipotesis: h0 : diduga tidak terdapat pengaruh antara pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah. ha : diduga terdapat pengaruh antara pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah. al-iqtishad: vol. v, no. 1, januari 2013 63 maka pendapatan bank syariah adalah sebesar -3,728, koefesien regresi x1 sebesar 0,170 menyatakan bahwa setiap kenaikan x1 (pembiayaan mudhârabah bertambah 1) maka pendapatan bank syariah akan meningkat sebesar 0,170 begitu juga sebaliknya. koefisien regresi x2 sebesar 0,119 menyatakan bahwa setiap kenaikan x2 (pembiayaan musyârakah bertambah satu) maka pendapatan bank syariah akan meningkat sebesar 0,119 dan sebaliknya. nilai korelasi variabel pembiayaan mudhârabah terhadap pendapatan bank adalah sebesar 0,866 dan korelasi variabel pembiayaan musyârakah terhadap pendapatan bank syariah sebesar 0,875. maka secara teoretis berdasarkan angka korelasi, variabel pembiayaan musyârakah lebih berpengaruh terhadap pendapatan bank syariah jika dibanding dengan variabel pembiayaan mudhârabah. sedangkan nilai korelasi secara simultan berdasarkan tabel 4.2 diperoleh r sebesar 0,993, angka ini menggambarkan adanya korelasi yang positif dan signifikan antara variabel pembiayaan mudhârabah dan musyârakah secara bersama-sama (simultan) terhadap pendapatan bank syariah. dengan nilai r = 0,993 sesuai dengan tabel interpretasi koefisien korelasi, pengaruh variabel pembiayaan mudhârabah dan musyârakah secara bersama-sama (simultan) terhadap pendapatan bank syariah tersebut dikategorikan sangat kuat. nilai r2 (r square) untuk analisis simultan adalah sebesar 0,986 hal ini berarti 98,6% pendapatan bank syariah bisa dijelaskan oleh variabel pembiayaan mudhârabah dan musyârakah dan sisanya dijelaskan oleh faktor-faktor lain, untuk melihat benar tidaknya terdapat pengaruh signifikan antara variabel pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah secara simultan, akan dilakukan uji hipotesis. uji hipotesis untuk menguji keberartian secara simultan pengaruh antara variabel pembiayaan mudhârabah (x1) dan musyârakah (x2) terhadap pendapatan bank syariah (y) dilakukan dengan membandingkan nilai fhitung dengan ftabel dan dengan melihat angka signifikansinya (probabilitas). rumusan hipotesis: h0 : diduga tidak terdapat pengaruh antara pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah. ha : diduga terdapat pengaruh antara pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank syariah. taraf signifikansi adalah 5% dan aturan pengambilan keputusannya adalah: bila f-hitung  f-tabel berarti terima h0 bila f-hitung > f-tabel berarti tolak h0 f-hitung yang diperoleh dari output spss pada tabel 4.2 adalah sebesar 136,76 dan f tabel adalah 6,944. maka 136,76 > 6,944. artinya nilai fhitung lebih besar dari nilai ftabel, sehingga hipotesis ketiga diterima. begitu juga dengan nilai probabilitas (p) terlihat pada kolom signifikansi sebesar 0,000, jauh lebih kecil dari 0,05 sehingga dapat diambil hipotesis bahwa benar terdapat pengaruh antara pembiayaan mudhârabah dan musyârakah secara simultan (bersamasama) terhadap pendapatan bank syariah. penutup pembiayaan yang disalurkan bank syariah dari tahun ke tahun terus meningkat. pembiayaan yang memiliki nilai tertinggi dalam penyaluran dan pendapatannya adalah pembiayaan mudhârabah. dan musyârakah. berda-sarkan hasil analisis data melalui persamaan regresi, korelasi, dan determinasi secara parsial, hasilnya menunjukkan nilai positif, artinya terdapat hubungan searah antara variabel pembiayaan mudhârabah dan musyârakah, semakin banyak pembiayaan mudhârabah dan musyârakah yang disalurkan maka pen-dapatan bank syariah juga akan semakin meningkat, begitu juga sebaliknya. secara simultan, variabel pembiayaan mudhârabah dan musyârakah secara bersama-sama terbukti berpengaruh kuat dan signifikan terhadap pendapatan bank syariah. [] pustaka acuan dewan syariah nasional mui, himpunan fatwa dewan syariah nasional, jakarta: dsn & bi, 2003. gulo, w, metodologi penelitian, jakarta: grasindo, 2010. harahap, sofyan s, teori akuntansi, jakarta: pt rajagrafindo persada, 2007. ---------------, kerangka teori & tujuan akuntansi syariah, jakarta: pustaka quantum, 2008. hasan, m iqbal, pokok-pokok materi statistik 2, jakarta: sinar grafika, 2008. ikatan akuntansi indonesia, pernyataan standar akuntansi keuangan, jakarta: salemba empat, 2008. zaenudin & yoshi erlina: pengaruh pembiayaan mudhârabah dan musyârakah 64 kasmir, bank dan lembaga keuangan lainnya, jakarta: pt rajagrafindo indonesia, 2008. ramli, hasbi, teori dasar akuntansi syariah, jakarta: renaisan, 2005. sudarsono, heri, bank & lembaga keuamgan syariah, yogyakarta: ekonisia, 2004. santoso, singgih, panduan lengkap menguasai statistik dengan spss17, jakarta: pt. elex media komputindo, 2009. wiyono, slamet, cara mudah memahami akuntansi perbankan syariah berdasarkan psak dan papsi, jakarta: grasindo, 2005. sugiyono, metode penelitian administrasi, bandung: alfabeta, 2003. www.muamalat bank.com (sumber data dan informasi). makan kualitas pelayanan dan waktu pelayanan. kedua, segmen nasabah rasional, yaitu nasabah yang mengutamakan keuntungan jangka pendek yang ditawarkan berupa besaran bagi hasil yang diterima dibandingkan dengan sesama bank islam maupun dengan bank konvensional. ketiga, segmen nasabah religius, yaitu nasabah yang mengutamakan praktik operasional perbankan islam yang sesuai dengan syariah. masing-masing segmen nasabah ini memerlukan strategi pemasaran yang berbeda-beda. diharapkan dengan mengetahui karakteristik masing-masing, perbankan islam dapat merancang strategi pemasaran yang tepat bagi masing-masing segmen tersebut. [] pustaka acuan alma, buchari, manajemen pemasaran dan pemasaran jasa, bandung: alfabeta, 2004. al arif, m. nur rianto, dasar-dasar pemasaran bank syariah, bandung: alfabeta, 2010. antonio, m. syafii, bank syariah: teori dan praktik. jakarta: gema insani press, 2001. barata, atep adya, dasar-dasar pelayanan prima, jakarta: elex media komputindo, 2003. buchory, herry achmad dan djaslim saladin, dasar-dasar pemasaran bank, bandung: linda karya, 2006. karim, adiwarman azwar, bank islam: analisis fiqh dan keuangan, jakarta: rajawali press, 2004. kasmir, pemasaran bank, jakarta: kencana, 2004. kotler, philip, marketing management: analysis, planning, implementation and control 8th edition. englewood cliffs, nj: prentice hall international, 1994. ---------------, marketing management, the millennium edition. new jersey: prentice hall, 2000. ---------------, dan ab susanto, manajemen pemasaran di indonesia. jakarta: salemba empat, 2000. ---------------, dan kevin lane, manajemen pemasaran, alih bahasa benyamin molan, jakarta: indeks, 2007. perwaatmadja, karnaen dan muhammad syafii antonio, apa dan bagaimana bank islam, yogyakarta: dana bhakti prima yasa, 1992. soemitra, andri, bank dan lembaga keuangan syariah, jakarta: kencana prenada media, 2009. liquidity risk on banking industry: comparative study between islamic bank and conventional bank in indonesia harjum muharam & hasna penta kurnia abstrak: risiko likuiditas pada perbankan: studi banding antara bank syariah dan bank konvensional di indonesia. bank konvensional dan syariah kurang lebih memiliki risiko sama. oleh karena itu perlu pengamatan lebih lanjut untuk mengendalikan risiko likuiditas mereka. studi ini mengkaji pengaruh car, rasio profitabilitas, nim, kesenjangan likuiditas, dan rla milik risiko likuiditas di industri perbankan. analisis statistik menyimpulkan bahwa terdapat pengaruh negatif dan signifikan dari car dan roe terhadap risiko likuiditas pada bank konvensional, sementara roa dan rla berpengaruh positif dan signifikan. dalam bank syariah, dampak positif dan signifikan dari nim dan roe terhadap variabel dependen, sedangkan kesenjangan likuiditas dan rla memiliki pengaruh signifikan. kata kunci: bank konvensional, bank syariah, risiko likuiditas abstract: liquidity risk on banking industry: comparative study between islamic bank and conventional bank in indonesia. conventional and islamic banks approximately are similar in risk summary. therefore it needs further observations to control their liquidity risk. this study investigates the influence of car, profitability ratios, nim, liquidity gaps, and rla belongs to liquidity risk on banking industry. the statistical analysis concluded that there are negative and significant influence of car and roe to liquidity risk on conventional banks, while roa and rla have positive and insignificant effect. in islamic banks, a positive and significant impact of nim & roe to dependent variable, whereas liquidity gaps and rla have insignificant affect. keywords: conventional banks, islamic banks, liquidity risk received: 4th december 2012, revised: 10th may 2013, accepted: 16th may 2013.  faculty of economic and business, diponegjoro university. jl. prof. soedharto, tembalang, semarang, jawa tengah. e-mail: harjum_muharam@yahoo.co.id harjum muharam & hasna penta kurnia: liquidity risk on banking industry208 introduction in daily business transactions, bank has some risk as consequences caused by their activities. there will be no bank if there is no braveness to take risk. there are several risks that must be considered by banks, for example: market risk, operational risk, legal risk, compliance risk, credit risk, and liquidity risk. one of crucial risk is liquidity risk that comes from the mismatch timing between cashinflow and cashoutflow. this lack outcome from cash that hopefully to be invested in credit loans or outcome from deficit cash that needed to meet their short-term obligations1. conventional banks adopt interest system which it can be used to fulfill the cash needed, on the other hand this system is forbidden in islamic banks so they can not spend the profit of loans to cover their maturitity dates. banks are considered in liquid circumstances when they go through some requirements, bank has some liquid instruments and these are equal with the amount of liquidity needs. bank has the ability to obtain liquidity by creating or converting cash, and bank has less liquidity than needed. when bank meets the standard, this regulated entities has less troubled condition. it can be assumed the liquidity risk can be pushed. nowadays, many countries adopt two systems banking which are conventional and islamic or sharia banking system. similar in indonesia, many banks already have these kind of systems. the first established islamic bank is muammalat indonesia bank that has started their operation in 1992 and it was followed by other banks. today, sharia bank is an alternative for customers especially moeslems who disagree with interest system that forbbiden in islam. this study aims to analyze the influence of car, roa, roe, nim, liquidity gaps, and rla to liquidity risk between conventional and islamic banks in indonesia. theoritical framework and hypothesis formula the concept of liquidity lies at the heart of commercial banking and the mana-gement of its funds. it represents one of the crucial risk in banking industry. liquidity risk is the possibility of loss, generating the cash needed to meet short term maturity dates included. the banking industry requires liquidity be given important consideration in funds management2. the proxie that can be used to measure this risk by ratio between cash and total assets. according to 1 anas & mounira, “managing risk and liquidity in an interest free banking framework: the case of the islamic banks”, international journal of business and management, 2008. 2 haslem, bank funds management, (virginia: reston publishing company 22090, 1984). al-iqtishad: vol. v, no. 2, juli 2013 209 introduction in daily business transactions, bank has some risk as consequences caused by their activities. there will be no bank if there is no braveness to take risk. there are several risks that must be considered by banks, for example: market risk, operational risk, legal risk, compliance risk, credit risk, and liquidity risk. one of crucial risk is liquidity risk that comes from the mismatch timing between cashinflow and cashoutflow. this lack outcome from cash that hopefully to be invested in credit loans or outcome from deficit cash that needed to meet their short-term obligations1. conventional banks adopt interest system which it can be used to fulfill the cash needed, on the other hand this system is forbidden in islamic banks so they can not spend the profit of loans to cover their maturitity dates. banks are considered in liquid circumstances when they go through some requirements, bank has some liquid instruments and these are equal with the amount of liquidity needs. bank has the ability to obtain liquidity by creating or converting cash, and bank has less liquidity than needed. when bank meets the standard, this regulated entities has less troubled condition. it can be assumed the liquidity risk can be pushed. nowadays, many countries adopt two systems banking which are conventional and islamic or sharia banking system. similar in indonesia, many banks already have these kind of systems. the first established islamic bank is muammalat indonesia bank that has started their operation in 1992 and it was followed by other banks. today, sharia bank is an alternative for customers especially moeslems who disagree with interest system that forbbiden in islam. this study aims to analyze the influence of car, roa, roe, nim, liquidity gaps, and rla to liquidity risk between conventional and islamic banks in indonesia. theoritical framework and hypothesis formula the concept of liquidity lies at the heart of commercial banking and the mana-gement of its funds. it represents one of the crucial risk in banking industry. liquidity risk is the possibility of loss, generating the cash needed to meet short term maturity dates included. the banking industry requires liquidity be given important consideration in funds management2. the proxie that can be used to measure this risk by ratio between cash and total assets. according to 1 anas & mounira, “managing risk and liquidity in an interest free banking framework: the case of the islamic banks”, international journal of business and management, 2008. 2 haslem, bank funds management, (virginia: reston publishing company 22090, 1984). haslem, there are various strategies for bank to obtain liquidity: (a) holding adequate cash assets, (b) converting assets to cash, (c) borrowing. the ratio between cash and total assets describes how far the assets on banks can be converted to be cash to cover their liquidity risk. some determinants factors that may influence liquidity risk are capital adequacy ratio (car), return on assets (roa), return on equity (roe), net interest margin (nim), liquidity gaps, risky liquid assets to total assets (rla). car is the ratio which is used to measure capital adequacy to support the bank owned assets that contain or produce risk, such as loan3. roa measures the ability of bank management in acquiring and managing the profitability of the bank’s overall business effeciency4. roe measures the ability of the company in making a profit available to shareholders5. nim is the ratio of interest income that is received from loans made to average earning assets6. liquidity gaps are the disparities between assets and liabilities that cause liquidity risk7. rla is the ratio that is used to measure how big the risky liquid assets of banks which can be converted to cash by selling them in low price8. first, the influence of car to liquidity risk. car is the ratio that shows how far the risky bank assets (loans, investments, securities) financed of the bank’s own capital funds9. greater car means banks have big capital which it means the capital can be used to cover their maturity dates and bank will have less trouble or risky situation. the previous research conducted by akhtar10 and anjum iqbal11 shows that car has positive influence to liquidity risk. in contrary, greater car means banks have big capital which it means the capital can be used to cover their maturity dates and bank will have less trouble or risky 3 dendawijaya, manajemen perbankan, (jakarta: pt. ghalia indonesia, 2005). 4 mahrinasari, “liquidity risk management: a comparative study between conventional and islamic of pakistan”, usa: global journal of management and business research, 2003. 5hanafi & halim, analisis laporan keuangan, (yogyakarta: ykpn, 2013). 6 hasibuan, dasardasar perbankan, (jakarta: pt. bumi aksara, 2005). 7bessis, risk management in banking, 2nd edition, 2003. 8 c.-h. shen, c.-j. kuo, and h.-j. chen, “determinants of net interest margins in taiwan banking industry”, taiwan: journal of financial studies, vol. 9, 2001, p. 47-83. 9 c.-h. shen, c.-j. kuo, and h.-j. chen, “determinants of net interest margins in taiwan banking industry”, iii. 10m. akhtar, k. ali, & s. sadaqat, “liquidity risk management: a comparitive study between conventional and islamic bank of pakistan”, lahore: interdisciplinary journal of research in business, 2001. 11 anjum iqbal, “liquidity risk management: a comparative study between conventional and islamic of pakistan”, usa: global journal of management and business research, 2012. harjum muharam & hasna penta kurnia: liquidity risk on banking industry210 condition. based on this argument, the hypothesis formulated as follows: h1: car has negative influence to liquidity risk. second, the influence of roa to liquidity risk. roa is the ratio to mea-sure the ability of bank management in acquiring and amanging the profitability of the bank’s overall busines effeciency12. greater roa means banks have good revenue that it can be used to cover their short term obligation. it means banks will have less trouble or risky situation. the previous research conducted by shen13 and al-khouri14 shows this ratio has negative and significant impact to liquidity risk. based on this argument, the hypothesis formulated as follows: h2 : roa has negative influence to liquidity risk. third, the influence of roe to liquidity risk. roe decribes the ability of the company in making a profit to shareholders15. according to shen et al., banks that have higher liquidity risk or larger gap lack on cheap fund, and thus they should use liquid assets from external funding to meet the demand of fund. this external source of fund sometimes requires higher cost and it will decrease profitability (roe). in contrary, when banks have higher roe means they have big earnings that can be used to back up their short term obligations and banks will have less trouble or risky condition. the research by shen et al. shows roe has negative impact to liquidity risk16. based on this argument, the hypothesis formulated as follows: h3: roe has negative influence to liquidity risk. fourth, the influence of nim to liquidity risk. nim is the ratio of interest income that is received from loans made to average earning assets17. greater of this ratio means banks have higher interest net income that can be used to meet their maturity dates. it makes banks will have less possibilities in trouble. the previous research by sharma and gounder found that nim had negative impact to liquidity risk18. based on this argument, the hypothesis formulated as follows: h4 : nim has negative influence to liquidity risk. fifth, the influence of liquidity gaps to liquidity risk. liquidity gaps are the disparities between assets and liabilities that cause liquidity risk19. greater of 12 anjum iqbal, “liquidity risk management”, p. iv. 13 anjum iqbal, “liquidity risk management”, p. viii. 14r. al-khouri, “assessing the risk and performance of the gcc banking sector”, qatar: international research journal of finance and economics, 2011. 15 r. al-khouri, “assessing the risk and performance of the gcc banking sector”, p. v. 16 r. al-khouri, “assessing the risk and performance of the gcc banking sector”, p. viii. 17 r. al-khouri, “assessing the risk and performance of the gcc banking sector”, p. vi. 18 p. sharma & n. gounder, “determinants of bank net interest margins in a small island developing economy: panel evidence from fiji”, griffith university: department of accounting, finance and economics, discussion papers in finance, 2011. 19 p. sharma & n. gounder, “determinants of bank net interest margins”, p. vii. al-iqtishad: vol. v, no. 2, juli 2013 211 condition. based on this argument, the hypothesis formulated as follows: h1: car has negative influence to liquidity risk. second, the influence of roa to liquidity risk. roa is the ratio to mea-sure the ability of bank management in acquiring and amanging the profitability of the bank’s overall busines effeciency12. greater roa means banks have good revenue that it can be used to cover their short term obligation. it means banks will have less trouble or risky situation. the previous research conducted by shen13 and al-khouri14 shows this ratio has negative and significant impact to liquidity risk. based on this argument, the hypothesis formulated as follows: h2 : roa has negative influence to liquidity risk. third, the influence of roe to liquidity risk. roe decribes the ability of the company in making a profit to shareholders15. according to shen et al., banks that have higher liquidity risk or larger gap lack on cheap fund, and thus they should use liquid assets from external funding to meet the demand of fund. this external source of fund sometimes requires higher cost and it will decrease profitability (roe). in contrary, when banks have higher roe means they have big earnings that can be used to back up their short term obligations and banks will have less trouble or risky condition. the research by shen et al. shows roe has negative impact to liquidity risk16. based on this argument, the hypothesis formulated as follows: h3: roe has negative influence to liquidity risk. fourth, the influence of nim to liquidity risk. nim is the ratio of interest income that is received from loans made to average earning assets17. greater of this ratio means banks have higher interest net income that can be used to meet their maturity dates. it makes banks will have less possibilities in trouble. the previous research by sharma and gounder found that nim had negative impact to liquidity risk18. based on this argument, the hypothesis formulated as follows: h4 : nim has negative influence to liquidity risk. fifth, the influence of liquidity gaps to liquidity risk. liquidity gaps are the disparities between assets and liabilities that cause liquidity risk19. greater of 12 anjum iqbal, “liquidity risk management”, p. iv. 13 anjum iqbal, “liquidity risk management”, p. viii. 14r. al-khouri, “assessing the risk and performance of the gcc banking sector”, qatar: international research journal of finance and economics, 2011. 15 r. al-khouri, “assessing the risk and performance of the gcc banking sector”, p. v. 16 r. al-khouri, “assessing the risk and performance of the gcc banking sector”, p. viii. 17 r. al-khouri, “assessing the risk and performance of the gcc banking sector”, p. vi. 18 p. sharma & n. gounder, “determinants of bank net interest margins in a small island developing economy: panel evidence from fiji”, griffith university: department of accounting, finance and economics, discussion papers in finance, 2011. 19 p. sharma & n. gounder, “determinants of bank net interest margins”, p. vii. liquidity gaps means banks have higher liquidity risk and the vice versa, as lower as this ratio gives a sign to banks having a lower risks. based on this argument, the hypothesis formulated as follows: h5 : liquidity gaps have positive influence to liquidity risk. sixth, the influence of rla to liquidity risk. rla is the ratio that is used to measure how big the risky liquid assets of banks which can be converted to cash by selling them in low price20. eventhough on the way converting this assets, banks will get difficulties that is called credit freeze. in their research, shen et al. found that rla has negative impact to liquidity risk. based on this argument, the hypothesis formulated as follows: h6: rla has negative influence to liquidity risk. seventh, comparison liquidity risk between conventional bank and islamic bank. the red line that makes some differences between conventional and islamic banks is on their reward to customers. conventional bank adopts interest system to give profit to their customers which is forbidden in islamic bank. on the other hand, islamic bank adopts profit sharing system to give profit to their customers. interest system is more fluctuative and more risky than profit sharing system. it will give different influence on their liquidity risk. based on this argument, the hypothesis formulated as follows: h7 : there is difference that caused by liquidity risk between conventional bank and islamic bank. research method dependent variable in this study is liquidity risk that is measured by ratio between cash and total assets21. independent variables in this research are car, roa, roe, nim, liquidity gaps, and rla. car is the ratio between bank capital and total average assets by risk. roa is the ratio between earning after tax to total assets. roe is the ratio between earning after tax to total equity. nim is the ratio between net interest income to earning assets. liquidity gaps is the natural logarithma from assets minus liabilities. rla is the ratio between risky liquid assets to total assets. population in this research are conventional and islamic banks in indonesia that are listed in indonesia banking directory period 2007-2011 which are 43 conventional banks and 4 islamic banks. the selection of samples uses purposive sampling method. the criterion of sampling based on: (1) conventional banks and islamic banks that display their financial statement period 20072011 and available in indonesian banking directory. (2) conventional banks and 20 p. sharma & n. gounder, “determinants of bank net interest margins”, p. viii. 21 p. sharma & n. gounder, “determinants of bank net interest margins”, p. x. harjum muharam & hasna penta kurnia: liquidity risk on banking industry212 islamic banks that display their financial statement and finance ratio completly which are suitable with the ratios on this research. ((3) conventional banks and islamic banks that have no negative post in every finance ratio during period research. based on the purposive sampling, there are three conventional banks and three islamic banks that are selected as samples, that can be seen in table 1 in below: table 1: the sample of research o conventional bank islamic bank 1 permata bank mandiri sharia bank 2 cimb niaga bank mega sharia bank 3 bukopin bank muammalat indonesia bank source : indonesia banking directory the data used in this research are financial statements of conventional and islamic banks period 2007-2011. multiple regression method with ordinary least squared estimation is used for analyzing data. based on estimation results, t-test is conducted in hypothesis testing. chow test is used in comparing liquidity risk between islamic bank and conven-tional bank by analyzing structural break on the liquidity risk behavior. empirical model of this research as follows: y = a + b1x1 + b2x2 + b3x3 + b4x4 + b5x5 + b6x6 + e definition : y = liquidity risk a = constanta b1 – b6 = regression coefficient of independent variables x1 = capital adequacy ratio x2 = return on assets x3 = return on equity x4 = net interest margin x5 = liquidity gaps x6 = risky liquid assets to total assets e = error al-iqtishad: vol. v, no. 2, juli 2013 213 islamic banks that display their financial statement and finance ratio completly which are suitable with the ratios on this research. ((3) conventional banks and islamic banks that have no negative post in every finance ratio during period research. based on the purposive sampling, there are three conventional banks and three islamic banks that are selected as samples, that can be seen in table 1 in below: table 1: the sample of research o conventional bank islamic bank 1 permata bank mandiri sharia bank 2 cimb niaga bank mega sharia bank 3 bukopin bank muammalat indonesia bank source : indonesia banking directory the data used in this research are financial statements of conventional and islamic banks period 2007-2011. multiple regression method with ordinary least squared estimation is used for analyzing data. based on estimation results, t-test is conducted in hypothesis testing. chow test is used in comparing liquidity risk between islamic bank and conven-tional bank by analyzing structural break on the liquidity risk behavior. empirical model of this research as follows: y = a + b1x1 + b2x2 + b3x3 + b4x4 + b5x5 + b6x6 + e definition : y = liquidity risk a = constanta b1 – b6 = regression coefficient of independent variables x1 = capital adequacy ratio x2 = return on assets x3 = return on equity x4 = net interest margin x5 = liquidity gaps x6 = risky liquid assets to total assets e = error the formula of chow-test is : f : (rssr rssur)/k (rssur)/(n1+n2-2k) definition : rssr = restricted residual sum of squares rssur = unrestricted residual sum of squares k = sum of parameter that estimated n = sum of observation result and discussion table 2 below shows the result of descriptive analysis that consist of number of samples (n), the sample average (mean), maximum value, minimum value and stan-dard deviation for each variable. all that items descript sample characteristics that are used in this study22. table 2: the result of descriptive analysis variable conventional bank islamic bank mean std. deviation mean std. deviation car 14,0013 1,86767 12,5848 1,86427 roa 1,9535 0,45587 2,2483 1,09908 roe 18,8857 3,53752 37,72 18,77933 nim 5,4208 0,98297 8,3008 3,53042 lg 15,91 0,76638 15,8896 0,9231 rla 2,7932 0,72261 3,3883 1,53958 source: the secondary data is processed based on table 2 is known that the sample average (mean) on islamic banks is bigger than conventional banks in variable roa, roe, nim, and liquidity gaps. whereas car on conventional banks (14%) is bigger than islamic banks (12,58%). it means conventional banks have more ability to control their adequacy capital than islamic banks. other variables islamic banks are higher than conventional banks, those can be seen from roa (2,25% to 1,9%), roe (37,72% to 18,88%), nim (8,3% to 5,42%), and rla (3,38% to 2,79%). both conventional and islamic banks can control their capital that are needed and 22 imam ghozali, aplikasi analisis multivariate dengan program spss, (semarang: publisher of diponegoro university, 2012). harjum muharam & hasna penta kurnia: liquidity risk on banking industry214 generating their earnings. both capital and earning can be used to meet their short-term obligations and the banks will less possibility in troubled situation. based on assumption classic tests (normality test, heterocedasticity test, multi-colinearity test, and autocorrelation test) resulted that data are normally distributed, because the significance value of kolmogorov-smirnov test is bigger than the significance level at 0,05 both in conventional banks (0,341) and islamic banks (0,185). in addition, there are no heterocedasticity, multicolinearity, and autocorrelation in the regression model so this model is suitable to predict liquidity risk that is measured by cash to total assets which are influenced by car, profitability ratios, nim, lg, and rla. tabel 3 ______________________________________________________ multiple liniear regression model conventional banks liquidity risk (lr) = 0,867 – 0,70 car + 0,93 roa – 0,055 roe – 0,023 nim + 0,179 lg + 0,039 rla islamic banks liquidity risk (lr) = 0,171 – 0,016 car – 0,434 roa + 0,018 roe + 0,103 nim + 0,072 lg + 0,030 rla ______________________________________________________________ source: the secondary data is processed whereas, based on goodness of fit of hypothesis testing (coefficient determination, f-test, and t-test) shows the independent variables car, roa, roe, nim, and lg, have a strong effect to liquidity risk. in contrary, rla has a weak effect to the dependent variable. the first hypothesis is accepted in conventional banks because these banks have negative and significant effect to dependent variable, whereas in islamic banks is unaccepted because car has negative and insignificant effects to it. the significance value is 0,014 smaller than 0,05 in first model and in second model is 0,732 bigger than significance level. conventional banks already have good ability to control their capital from the risky possibility or losing their business. it can also be assumed that they have funds to cover their risk of loss from the capital. this finding support previous study conducted by shen and alkhouri that was discussed before. whereas islamic banks do not use the capital to cover their short-term obligations, but the profit. al-iqtishad: vol. v, no. 2, juli 2013 215 generating their earnings. both capital and earning can be used to meet their short-term obligations and the banks will less possibility in troubled situation. based on assumption classic tests (normality test, heterocedasticity test, multi-colinearity test, and autocorrelation test) resulted that data are normally distributed, because the significance value of kolmogorov-smirnov test is bigger than the significance level at 0,05 both in conventional banks (0,341) and islamic banks (0,185). in addition, there are no heterocedasticity, multicolinearity, and autocorrelation in the regression model so this model is suitable to predict liquidity risk that is measured by cash to total assets which are influenced by car, profitability ratios, nim, lg, and rla. tabel 3 ______________________________________________________ multiple liniear regression model conventional banks liquidity risk (lr) = 0,867 – 0,70 car + 0,93 roa – 0,055 roe – 0,023 nim + 0,179 lg + 0,039 rla islamic banks liquidity risk (lr) = 0,171 – 0,016 car – 0,434 roa + 0,018 roe + 0,103 nim + 0,072 lg + 0,030 rla ______________________________________________________________ source: the secondary data is processed whereas, based on goodness of fit of hypothesis testing (coefficient determination, f-test, and t-test) shows the independent variables car, roa, roe, nim, and lg, have a strong effect to liquidity risk. in contrary, rla has a weak effect to the dependent variable. the first hypothesis is accepted in conventional banks because these banks have negative and significant effect to dependent variable, whereas in islamic banks is unaccepted because car has negative and insignificant effects to it. the significance value is 0,014 smaller than 0,05 in first model and in second model is 0,732 bigger than significance level. conventional banks already have good ability to control their capital from the risky possibility or losing their business. it can also be assumed that they have funds to cover their risk of loss from the capital. this finding support previous study conducted by shen and alkhouri that was discussed before. whereas islamic banks do not use the capital to cover their short-term obligations, but the profit. table 4: the result of hypothesis testing variable conventional banks islamic banks standardized coefficients significance value (α=5%) standardized coefficients significance value (α=5%) car -2,554 0,014 -0,356 0,723 roa 0,527 0,600 -3,419 0,001 roe -2,886 0,006 2,634 0,011 nim -0,329 0,744 3,463 0,001 lg 2,008 0,050 0,454 0,652 rla 0,490 0,626 0,474 0,638 source: the secondary data is processed the second hypothesis is accepted in islamic banks because these banks have negative and significant effects to dependent variable, whereas in conventional banks is unaccepted because roa has positive and insignificant effects to it. islamic banks have good ability in generating earnings from the assets, and it can be used to cover their short term maturity dates so banks have less trouble situation. whereas in conventional banks, its variable has positive and insignificant effects to dependent variables. it is because these banks use their equity to cover their maturity dates. it makes the banks can use their assets to generate earnings. previous studies conducted by tafri and akhtar showed the same result as same as this study. economically we concluded that islamic banks use profit in managing their liquidity risk and conventional banks use their capital. the third hypothesis is accepted in conventional banks. roe has negative and significant effects to dependent liquidity risk. on the other hand, in islamic banks is unaccepted. conventional banks have good ability in generating earnings from the equity and it can be used to cover their short term maturity dates so banks have less trouble situation. whereas in islamic banks, its variable has positive and significant effects to liquidity risk. it is because these banks use their assets to cover their maturity dates. it makes the banks can use their equity to generate earnings. this finding supported previous research conducted by anjum iqbal that found that roe has positive and significant effects to liquidity risk. the fourth hypothesis is unaccepted in both models. in conventional banks, nim has negative and insignificant effect to liquidity risk. whereas in islamic banks, nim has positive and significant effects to dependent variable. conventional banks have good ability in generating net interest income from loans, and it can be used to cover their short term maturity dates so banks have harjum muharam & hasna penta kurnia: liquidity risk on banking industry216 less trouble. its finding is supported by the research of sharma and gounder that found that nim has negative influence to liquidity risk. whereas in islamic banks, its variable has positive and significant effects to dependent variables. its mean that the higher the nim the higher liquidity risk. in islamic bank as a consequence of profit sharing system, the more profit that company can rise from operation the more cash must be distributed to the fund owners. the fifth hypothesis is accepated in conventional banks because lg has negative and significant effects to dependent variable, whereas in islamic banks is unaccepted because this ratio has positive and insignificant effects to liquidity risk. in conventional banks, it shows that the gap between assets and liabilities is liniear and it influences on liquidity risk. this bank can not control yet their risk by using assets therefore it is needed to manage the gap. whereas islamic banks can not either yet predicting the upcoming risk. the sixth hypothesis is unaccepated in both models. it is because rla has positive and insignificant effects to liquidity risk. both banks use their risky liquid assets that can be converted to cash to fulfill their short-term obligations. eventhough on colaterezing this assets they can meet some difficulties such as credit freeze. table 5: the result of chow-test conventional banks islamic banks both banks residual value 7,316 20,769 35,148 n 60 60 120 chow test (f calculated) 4,115 f table (k=6 ; df=98) 2,46 source: the secondary data is processed the seventh hypothesis can be accepted. it is because from the result of chow-test which f calculated value is obtained at 4,115 while the value of f table is 2,46. it suggests that there is a structural break in liquidity risk between conventional and islamic bank. this finding proof the statement that difference system between conventional and islamic bank rise difference behavior of risk. conventional bank adopts interest system to give profit to their customers. the bank has fixed cost of fund and it is not depend on profit that was earned. on the other hand, islamic bank adopts profit sharing system to give profit to their customers. this condition make interest system is more risky than profit sharing system. so, conventional banks face higher liquidity risk than islamic banks from their business daily transaction. al-iqtishad: vol. v, no. 2, juli 2013 217 less trouble. its finding is supported by the research of sharma and gounder that found that nim has negative influence to liquidity risk. whereas in islamic banks, its variable has positive and significant effects to dependent variables. its mean that the higher the nim the higher liquidity risk. in islamic bank as a consequence of profit sharing system, the more profit that company can rise from operation the more cash must be distributed to the fund owners. the fifth hypothesis is accepated in conventional banks because lg has negative and significant effects to dependent variable, whereas in islamic banks is unaccepted because this ratio has positive and insignificant effects to liquidity risk. in conventional banks, it shows that the gap between assets and liabilities is liniear and it influences on liquidity risk. this bank can not control yet their risk by using assets therefore it is needed to manage the gap. whereas islamic banks can not either yet predicting the upcoming risk. the sixth hypothesis is unaccepated in both models. it is because rla has positive and insignificant effects to liquidity risk. both banks use their risky liquid assets that can be converted to cash to fulfill their short-term obligations. eventhough on colaterezing this assets they can meet some difficulties such as credit freeze. table 5: the result of chow-test conventional banks islamic banks both banks residual value 7,316 20,769 35,148 n 60 60 120 chow test (f calculated) 4,115 f table (k=6 ; df=98) 2,46 source: the secondary data is processed the seventh hypothesis can be accepted. it is because from the result of chow-test which f calculated value is obtained at 4,115 while the value of f table is 2,46. it suggests that there is a structural break in liquidity risk between conventional and islamic bank. this finding proof the statement that difference system between conventional and islamic bank rise difference behavior of risk. conventional bank adopts interest system to give profit to their customers. the bank has fixed cost of fund and it is not depend on profit that was earned. on the other hand, islamic bank adopts profit sharing system to give profit to their customers. this condition make interest system is more risky than profit sharing system. so, conventional banks face higher liquidity risk than islamic banks from their business daily transaction. closing remarks nowadays, due to global economic system, both conventional and islamic banks should be aware of the potential of liquidity risk. its study examines liquidity risk through a comparative study between conventional and islamic banks in indonesia from the period 2007-2011. the above results show the fitness of both models 1 and 2 at f-statistic of 4,209 and 5,684 at 5% significance level. its point out that both models are good fit. based on the result of hypothesis testing, independent variables that have negative and significant effects are car and roe in conventional banks. whereas in islamic banks, ratio that has same effect is roa. it means conventional banks have good ability to control their capital and generate earnings by their equity that can be used to meet their short term obligations. in contrary, islamic banks have good ability to generate earnings by their assets. the result of chow-test shows there is a difference influence of independent variables to liquidity risk between both models. the strength of this study compared from previous study is the data used which are more longer and up-to date (2007-2011). the influence of car, roa, roe, nim, lg, and rla to liquidity risk make some differences between conventional and islamic banks. the writer mention the function of its research to the bank management to well control their liquidity risk, by learning the pattern of the risk and economic circumtances. it is expected they will know the risk faced by them, and the possibility in trouble can be pushed. banks expected to estimate accurately the short-term demand of liquidity especially for undpredictable demand one. alco on these bank should make strategies to submit the liquidity principles in cooperation. the limitation of this study are the number of banks samples which are few number so there are still companies outside of the object research. based on adjusted r2 value, there are still other variables that can explain but they are not included in this study. the future studies might increase the number of companies samples as the research objects and should add variables that may effect the liquidity risk. as a matter of fact, further research should not be limited on banking industry only but should also be extended on others indutries. [] bibliography akhtar, m., ali, k., & sadaqat, s., “liquidity risk management: a comparitive study between conventional and islamic bank of pakistan”, lahore: interdisciplinary journal of research in business, 2011. harjum muharam & hasna penta kurnia: liquidity risk on banking industry218 al-khouri, r., “assessing the risk and performance of the gcc banking sector”, qatar: international research journal of finance and economics, 2011. anas, e., & mounira, b.a., “managing risk and liquidity in an interest free banking framework: the case of the islamic banks”. international journal of business and management, 2008. bessis, joel, “risk management in banking”, 2nd edition, 2002. dendawijaya, manajemen perbankan, jakarta: pt. ghalia indonesia, 2003. ---------------, manajemen perbankan, jakarta: pt. ghalia indonesia, 205. ghozali, imam, aplikasi analisis multivariate dengan program spss, semarang: publisher of diponegoro university, 2006. hanafi, mamduh & halim, abdul, analisis laporan keuangan, yogyakarta: ykpn, 2003. hasibuan, malayu, dasar-dasar perbankan, jakarta: pt. bumi aksara, 2005. haslem, a., john, bank funds management, reston, virginia: reston publishing company, 22090, 1984. iqbal, anjum, “liquidity risk management: a comparative study between conventional and islamic of pakistan”, usa: global journal of management and business research, 2012. mahrinasari, “pengelolaan kredit pada bank perkreditan rakyat di kota bandarlampung”, economics and business faculty, 3/8, universitas lampung, lampung, 2003. sharma, p. & gounder, n., “determinants of bank net interest margins in a small island developing economy: panel evidence from fiji. griffith university, department of accounting, finance and economics. discussion papers in finance: 2011. shen, c.-h., kuo, c.-j., and chen, h.-j., “determinants of net interest margins in taiwan banking industry”, taiwan: journal of financial studies, vol. 9, 2001. pendahuluan pertumbuhan ekonomi suatu bangsa memerlukan pola pengaturan pengolahan sumber-sumber ekonomi yang tersedia secara terarah dan ter padu serta dimanfaatkan bagi peningkatan kesejahteraan masyarakat. lembagalembaga perekonomian bahu-membahu mengelola dan menggerakkan semua potensi ekonomi agar berguna secara optimal. lembaga keuangan, khususnya lembaga perbankan mempunyai peranan yang amat strategis dalam menggerakkan roda perekonomian suatu negara. perbankan syariah di indonesia telah memberikan kontribusi positif bagi perekonomian nasional. hal ini dapat dilihat dari parameter rasio pembiayaan terhadap dana pihak ketiga dan ekuitas (fdr/financing to deposit ratio) yang rata-rata mencapai 105%. bandingkan dengan parameter sejenis di per bankan analisis pengaruh car, fdr, bopo dan npf terhadap profitabilitas pada pt bank muamalat indonesia tbk desi ariyani universitas marcubuana jakarta email: ariyani_ds@yahoo.co.uk abstrak: perbankan syariah di indonesia telah memberikan kontribusi positif bagi perekonomian nasional. hal ini dapat dilihat dari parameter rasio pembiayaan terhadap dana pihak ketiga dan ekuitas (fdr/financing to deposit ratio) yang rata-rata mencapai 105%. bandingkan dengan parameter sejenis di perbankan konvensional, ldr (loan to deposit ratio) yang ratarata tidak lebih dari 55%. konsep perbankan syariah yang selalu menjaga keseimbangan antara sektor moneter dan riil memengaruhi tercapainya prestasi itu. kata kunci: profitabilitas, bank muamalat, pengaruh car desi ariyani: analisis pengaruh car, fdr, bopo, dan npf98 konvensional, ldr (loan to deposit ratio) yang rata-rata tidak lebih dari 55%. konsep perbankan syariah yang selalu menjaga keseimbangan antara sektor moneter dan riil memengaruhi tercapainya prestasi itu.1 namun krisis moneter dan ekonomi sejak juli 1997, yang disusul dengan krisis politik nasional telah membawa dampak besar dalam per ekonomian nasional. krisis tersebut telah mengakibatkan perbankan indonesia yang didominasi oleh bank-bank konvensional mengalami kesulitan yang sangat parah. keadaan tersebut menyebabkan pemerintah indonesia terpaksa mengambil tindakan untuk merestrukturisasi dan merekapitalisasi sebagian bank-bank di indonesia. lahirnya undang-undang no. 10 tahun 1998, tentang perubahan atas undang-undang no. 7 tahun 1992 tentang perbankan, pada bulan november 1998 telah memberi peluang yang sangat baik bagi tumbuhnya bank-bank syariah di indonesia. undang-undang tersebut memungkin kan bank beroperasi sepenuhnya secara syariah atau dengan mem buka cabang khusus syariah. ada tiga bank syariah yang bersifat full pledged alias berdiri sendiri sampai saat ini, yaitu bank muamalat, bank mega syariah dan bank syariah mandiri.2 pt bank muamalat indonesia tbk didirikan pada tahun 1991, diprakarsai oleh majelis ulama indonesia (mui) dan pemerintah indonesia, dan memulai kegiatan operasinya pada bulan mei 1992. dengan dukungan nyata dari eksponen ikatan cendekiawan muslim se-indonesia (icmi) dan beberapa pengusaha muslim, pendirian bank muamalat juga menerima dukungan masyarakat, terbukti dari komitmen pembelian saham perseroan senilai rp 84 miliar pada saat penandatanganan akta pendirian perseroan. selanjutnya, pada acara silaturahmi peringatan pendirian tersebut di istana bogor, diperoleh tambahan komitmen dari masyarakat jawa barat yang turut menanam modal senilai rp 106 miliar.3 dari tahun 1998 sampai dengan 2007, total aset bank muamalat 1 media indonesia 11 juli 2006 ppn bebani bank syariah diakses pada tanggal 10-30-2007 dari htpp://www.halalguide.info/index2.php?option=com_content&do_ pdf=1&id=348 2 reader’s digest indonesia february 2008 diakses pada tanggal 10-30-2007 dari http://www.ditplb.or.id/2006/index.php?menu=news&id_news=4433&idsek 3 di akses pada tanggal 31-10-2008 http://www.muamalatbank.com/profil/label.asp al-iqtishad: vol. ii, no. 1, januari 2010 99 indonesia meningkat mendekati 2.100%, dan ekuitas tumbuh sebesar 2.000%. perkembangan tersebut menambah jumlah aset bank muamalat menjadi rp 10,57 triliun di akhir tahun 2007, dengan modal pemegang saham mencapai rp 846,16 miliar dan pencapaian laba bersih sebesar rp 145,33 miliar, menjadikannya bank syariah yang paling menguntungkan di indonesia. hingga pada juni tahun 2008, bank muamalat tetap merupakan bank syariah terkemuka di indonesia dengan jumlah aktiva sebesar rp 11,2 triliun, modal pemegang saham sebesar rp 492,7 miliar serta perolehan laba bersih sebesar rp 153,5 miliar pada juni 2008.4 perkembangan yang begitu pesat ini barangkali tidak terbayangkan pada 17 ahun silam, saat industri keuangan syariah baru saja menapaki jalan pertama dengan berdirinya sebuah bank umum syariah yaitu pt bank muamalat indonesia tbk. seiring waktu berlalu, ternyata penerimaan masyarakat yang begitu besar menjadikan industri ini menjadi bintang. kunci dari keberhasilan manajemen bank adalah bagaimana bank tersebut bisa merebut hati masyarakat sehingga peranannya sebagai financial intermediary berjalan dengan baik. bank adalah perantara keuangan masyarakat yaitu perantara dari mereka yang kelebihan uang dengan mereka yang kekurangan uang.5 bank adalah lembaga intermediasi antara para penabung dan investor. tabungan dapat berguna apabila diinvestasikan, sementara para penabung tidak dapat diharapkan untuk sanggup melakukannya sendiri dengan terampil dan sukses. nasabah mau menyimpan dananya dibank karena ia percaya bahwa bank dapat memilih alternatif investasi yang baik.6 proses pemilihan investasi itu harus dilakukan dengan seksama, karena kesalahan dalam pemilihan investasi akan mengakibatkan bank tidak dapat memenuhi kewajibannya kepada para nasabahnya. manajemen tidak bisa semaunya menarik nasabah untuk menyimpan uangnya di bank, tanpa adanya keyakinan bahwa dana itu dapat diinvestasikan secara 4 laporan keuangan publikasi di akses pada tanggal 31-10-2008 http://www. muamalatbank.com 5 muchdarsyah sinungan, manajemen dana bank (jakarta: bumi aksara, 2000), h. 6 zainul arifin, dasar-dasar manajemen bank syariah (jakarta: pustaka alvabet. 2005), h.l21. desi ariyani: analisis pengaruh car, fdr, bopo, dan npf100 menguntungkan dan dapat dikembalikan ketika dana itu sewaktu-waktu ditarik oleh nasabah atau dana tersebut telah jatuh tempo. oleh karena itu manajemen harus secara simultan mempertimbangkan berbagai risiko yang akan berpengaruh pada perubahan tingkat laba yang diperoleh.7 bank yang selalu dapat menjaga kinerjanya dengan baik terutama tingkat profitabilitas yang tinggi dan mampu membagikan dividen dengan baik serta prospek usahanya dapat selalu berkembang dan dapat memenuhi ketentuan prudential banking regulation dengan baik, maka kemungkinan nilai saham dari bank yang bersangkutan di pasar sekunder dan jumlah dana dari pihak ketiga yang berhasil dikumpulkan akan naik. kenaikan nilai saham dan jumlah dana pihak ketiga ini merupakan salah satu indikator naiknya kepercayaan masyarakat kepada bank yang bersangkutan. kepercayaan dan loyalitas pemilik dana terhadap bank merupakan faktor yang sangat membantu dan mempermudah pihak manajemen bank untuk menyusun strategi bisnis yang baik. sebaliknya para pemilik dana yang kurang menaruh kepercayaan kepada bank yang bersangkutan maka loyalitasnya pun juga sangat tipis, hal ini sangat tidak menguntungkan bagi bank yang bersangkutan karena para pemilik dana ini sewaktu-waktu dapat menarik dananya dan memindahkannya ke bank lain. penilaian terhadap kinerja suatu bank dapat dilakukan dengan melakukan analisis terhadap laporan keuangnya. laporan keuangan bank berupa neraca memberikan informasi kepada pihak di luar bank, misalnya bank sentral, masyarakat umum, dan investor, mengenai gambaran posisi keuangannya, yang lebih jauh dapat digunakan pihak eksternal untuk menilai besarnya resiko yang ada pada suatu bank. laporan laba rugi memberikan gambaran mengenai perkembangan bank yang ber sangkutan. pengukuran tingkat kesehatan bank harus dilakukan oleh semua bank baik bank konvensional maupun bank syariah karena ter kait dengan kepentingan semua pihak terkait, baik pemilik, pengelola (manajemen) bank, masyarakat pengguna jasa bank, bank indonesia selaku otoritas pengawasan bank, dan pihak lainnya. informasi mengenai kondisi suatu bank dapat digunakan oleh pihak-pihak tersebut untuk mengevaluasi kinerja bank dalam menerapkan 7 ibid., h. 121. al-iqtishad: vol. ii, no. 1, januari 2010 101 prinsip kehati-hatian, kepatuhan terhadap ketentuan ketentuan yang berlaku dan manajemen resiko. perkembangan metedologi penilaian kondisi bank senantiasa bersifat dinamis sehingga sistem penilaian tingkat kesehatan bank perlu di-review secara periodik untuk menyesuaikan kondisi terkini. tujuannya adalah agar lebih mencerminkan kondisi bank saat ini dan di waktu yang akan datang. dalam konteks inilah bank indonesia senantiasa melakukan perbaikan kembali terhadap sistem penilaian tingkat kesehatan yang meliputi penyempurnaan pendekatan penilaian kualitatif dan kuantitatif dan penambahan faktor penilaian. bagi perbankan, hasil akhir penilaian kondisi bank tersebut dapat digunakan sebagai salah satu sarana dalam menetapkan strategi usaha di waktu yang akan datang. sedangkan bagi bank indonesia, antara lain digunakan sebagai sarana penetapan dan implementasi strategi pengawasan bank. analisis laporan finansial (financial statement analysis), khususnya mencurahkan perhatian kepada perhitungan rasio agar dapat mengevaluasi keadaan finansial pada masa lalu, sekarang dan memproyeksikan masa yang akan datang. analisis rasional merupakan bentuk atau cara yang umum digunakan dalam analisis laporan finansial. dengan kata lain, diantara alat-alat analisis yang digunakan untuk mengukur kekuatan atau kelemahan yang dihadapi pasar dibidang keuangan, adalah analisis ratio (financial ratio analysis). rasio merupakan alat yang dinyatakan dalam artian relatif maupun absolut untuk menjelaskan hubungan tertentu antara faktor satu dengan yang lainnya dari suatu laporan finansial. rasio-rasio finansial umumnya diklasifikasikan menjadi 4 macam yaitu rasio likuiditas atau liquidity ratio, rasio laverage/solvabilitas, rasio aktivitas atau activity ratio, dan rasio keuntungan atau profitability ratio.8 rasio profitabilitas digunakan untuk mengukur efektifitas manajemen ber dasar kan hasil pengembalian yang dihasilkan dari pinjaman dan investasi. indikator yang biasa digunakan untuk mengukur kinerja profitabilitas bank adalah roe (return on equity) yaitu rasio yang menggambarkan besarnya kembalian atas total modal untuk menghasilkan keuntungan, roa (return on 8 sofyan syafri harahap, analisis kritis atas laporan keuangan (jakarta: pt rajagrafindo persada, 2002), h. 303. desi ariyani: analisis pengaruh car, fdr, bopo, dan npf102 assets) yaitu rasio yang menunjukkan kemampuan dari keseluruhan aktiva yang ada dan yang digunakan untuk menghasilkan keuntungan. laporan keuangan bank syariah laporan keuangan pada sektor perbankan syariah, sama seperti sektor lainnya, adalah untuk menyediakan informasi yang menyangkut posisi keuangan, kinerja, serta perubahan posisi keuangan aktifitas operasi bank yang bermanfaat dalam mengambil keputusan.9 laporan keuangan (financial statement) menyimpulkan setiap kegiatan dalam setiap bidang fungsional. neraca mewakili kesimpulan tentang keputusan manajemen yang telah diambil untuk bidang-bidang fungsional dan pernyataan laba-rugi mengukur tingkat kemampuan meng hasilkan laba (profitability) dari keputusan manajemen selama periode tertentu.10 financial statements terdiri atas: a. laporan laba/rugi (income statements) adalah laporan yang menggambarkan kinerja dan kegiatan usaha bank syariah pada suatu periode tertentu yang meliputi pendapatan dan beban yang timbul pada operasi utama bank dan operasi lainnya.11 penyusunan laporan laba rugi didasarkan pada pendapatan dan biaya diakui secara akrual sedangkan perhitungan distribusi pendapatan/ hasil usaha menggunakan dasar kas. oleh karena itu, bank syariah harus mampu membedakan pendapatan akrual dan pendapatan yang kasnya sudah diterima. b. neraca (balancesheet) berisi laporan sistematis keadaan aktiva/assets, utang/liabilities, dan modal sendiri/owners’ equity perusahaan pada saat tertentu.12 c. laporan arus kas (statements of cash flows) merupakan laporan yang menunjukkan penerimaan dan pengeluaran kas dan setara kas pada 9 tim penyusun pedoman akuntansi perbankan syariah indonesia (iai), pedoman akuntansi perbankan syariah indonesia (jakarta: ikatan akuntan indonesia, 2003). h. 1. 10 zainul arifin, dasar-dasar manajemen bank syariah, 2005. h.65 11 papsi 2003, h.195. 12 farah margaretha, teori dan aplikasi manajemen keuangan. grasindo: jakarta, 2004. h.12 al-iqtishad: vol. ii, no. 1, januari 2010 103 bank selama periode tertentu yang dikelompokkan dalam aktivitas operasi, investasi, dan pendanaan selama satu periode tertentu.13 d. laporan perubahan ekuitas adalah laporan yang menunjukkan perubahan ekuitas bank yang menggambarkan peningkatan atau penurunan aktiva bersih atau kekayaan selama periode pelaporan.14 e. laporan perubahan dana investasi terikat (mudharabah muqayyadah) adalah laporan dari akad mudharabah dimana shahibul maal memberikan batasan kepada mudharib mengenai tempat, cara, dan objek investasi. laporan perubahan dana investasi terikat memisahkan dana investasi terikat berdasarkan sumber dana dan memisahkan investasi berdasarkan jenisnya. f. pelaporan sumber dan penggunaan dana zakat, infaq, dan sadaqah merupakan laporan yang menunjukkan sumber dan penggunaan dana selama suatu jangka waktu tertentu, serta saldo zis pada tanggal tertentu.15 g. laporan sumber dan penggunaan dana qard merupakan laporan yang menunjukkan sumber dan penggunaan dana selama suatu jangka waktu tertentu, serta saldo qard pada tanggal tertentu.16 h. catatan atas laporan keuangan merupakan bagian tak terpisahkan dari laporan keuangan. catatan atas laporan keuangan memberi kan penjelasan mengenai gambaran umum bank syariah, ikhtisar kebijakan akuntansi, penjelasan pos-pos laporan keuangan dan informasi penting lainnya.17 fungsi laporan keuangan sebagai bahan informasi yang dapat digunakan oleh pihak-pihak yang membutuhkan, laporan keuangan setidaknya harus berfungsi sebagai berikut:18 13 papsi 2003,h. 205. 14 ibid, h. 213 15 ibid, h.224 16 ibid, h. 227 17 ibid, h. 231 18 ibid, h. 2 desi ariyani: analisis pengaruh car, fdr, bopo, dan npf104 a. menyediakan informasi yang bermanfaat bagi pihak-pihak yang berkepentingan dalam pengambilan keputusan yang rasional. pihakpihak yang berkepentingan antara lain: 1). sahibul maal/pemilik dana 2). kreditur 3). pembayar zakat, infak, dan sadaqah 4). pemegang saham 5). otoritas pengawasan 6). bank indonesia 7). pemerintah 8). lembaga penjamin simpanan 9). masyarakat b. informasi dalam menilai prospek arus kas, bertujuan untuk memberikan informasi yang dapat mendukung investor/pemilik dana, kreditur, dan pihak-pihak lain dalam memperkirakan jumlah, aset, dan ketidakpastian dalam penerimaan kas di masa depan atas deviden, bagi hasil, dan hasil dari penjualan, pelunasan (redemption), dan jatuh tempo dari surat berharga atau pinjaman. c. informasi atas sumber daya ekonomi, bertujuan memberikan informasi tentang sumber daya ekonomis bank (economic resources), kewajib an bank untuk mengalihkan sumber daya tersebut kepada entitas lain atau pemilik saham serta kemungkinan terjadinya transaksi, dan peristiwa yang dapat mempengaruhi perubahan sumber daya tersebut. d. informasi mengenai kepatuhan bank terhadap prinsip syariah serta informasi mengenai pendapatan dan pengeluaran yang tidak sesuai dengan prinsip syariah dan pegelolaan pendapatan dana bank tersebut. e. informasi untuk membantu pihak terkait di dalam menentukan zakat bank atau pihak lainnya. f. informasi untuk membantu mengevaluasi pemenuhan bank terhadap tanggung jawab amanah dalam mengamankan dana, menginvestasikannya pada tingkat keuntungan yang rasional. g. informasi mengenai pemenuhan fungsi sosial bank. al-iqtishad: vol. ii, no. 1, januari 2010 105 acuan penyusunan laporan keuangan penyusunan laporan keuangan bank syariah didasarkan dari beberapa acuan yang relevan, adapun acuan tersebut adalah:19 a. peraturan yang dikeluarkan oleh bank indonesia b. kerangka dasar penyusunan dan penyajian laporan keuangan umum, kerangka dasar penyusunan dan penyajian laporan keuangan syariah, pernyataan standar akuntansi keuangan umum, pernyataan standar akuntansi keuangan syariah (psaks) dan interprestasi standar akuntansi keuangan (isak). c. accounting and auditing standard for islamic financial institutions yang dikeluarkan oleh aaoifi (accounting and auditing organization of islamic financial institutions). d. international accounting standard (ias), statement of financial accounting standard (sfas), sepanjang tidak bertentangan dengan prinsip syariah. e. peraturan perundang-undangan yang relevan dengan laporan keuangan. f. praktik-praktik akuntansi yang berlaku umum, sepanjang tidak bertentangan dengan prinsip syariah. keterbatasan laporan keuangan pengambilan keputusan ekonomi tidak dapat semata-mata didasarkan atas informasi yang terdapat dalam laporan keuangan. hal ini disebabkan laporan keuangan memiliki keterbatasan, antara lain:20 a. bersifat historis yang menunjukkan transaksi dan peristiwa yang telah lampau. b. bersifat umum, baik dari sisi informasi maupun manfaat bagi pihak pengguna. c. bersifat lebih menekankan pada penyajian suatu peristiwa atau transaksi sesuai substansinya dan realitas ekonomi daripada bentuk 19 tim penyusun pedoman akuntansi perbankan syariah indonesia (iai), pedoman akuntansi perbankan syariah indonesia (jakarta: ikatan akuntan indonesia, 2003). h. 3 20 tim penyusun pedoman akuntansi perbankan syariah indonesia (iai), pedoman akuntansi perbankan syariah indonesia (jakarta: ikatan akuntan indonesia, 2003). h. 17 desi ariyani: analisis pengaruh car, fdr, bopo, dan npf106 hukumnya (formalitas). d. hanya melaporkan informasi yang material. e. informasi yang bersifat kualitatif dan fakta yang tidak dapat dikuantifikasikan umumnya diabaikan. analisis laporan keuangan (financial statement analysis) analisis laporan keuangan (financial statement analysis) adalah menghubungkan angka-angka yang terdapat dalam laporan keuangan dengan angka lain atau menjelaskan perubahan (trend)nya. angka-angka dalam laporan keuangan akan menjadi sedikit artinya kalau dilihat secara sendirisendiri. dengan analisis, pemakaian laporan keuangan lebih mudah menginterpretasikannya. interpretasi laporan keuangan (financial statement interpretation) meng hubungkan angka-angka dalam laporan keuangan, termasuk hasil analisis nya, dengan keputusan usaha yang akan diambil. analisis ter hadap laporan keuangan suatu perusahaan pada dasarnya karena ingin mengetahui tingkat profitabilitas (keuntungan) dan tingkat risiko atau tingkat kesehatan suatu perusahaan. analisis keuangan yang men cakup analisis rasio keuangan, analisis kelemahan dan kekuatan di bidang finansial akan sangat membantu dalam menilai prestasi manajemen masa lalu dan prospeknya di masa datang. laporan keuangan yang disusun secara baik dan akurat dapat memberikan gambaran keadaan yang nyata mengenai hasil atau prestasi yang telah dicapai oleh suatu perusahaan selama kurun waktu tertentu, keadaan inilah yang digunakan untuk me nilai kinerja keuangan. tujuan analisis laporan keuangan bank analisis laporan keuangan bank pada dasarnya untuk mengetahui masalah:21 a. posisi keuangan suatu bank. b. besarnya hasil operasi bank. c. perubahan-perubahan yang terjadi dalam posisi keuangan bank. 21 malayu s. p. hasibuan, manajemen perbankan: dasar dan kunci kehidupan perekonomian, cet 1, (cv: haji masagun: jakarta), 1993. h 157. al-iqtishad: vol. ii, no. 1, januari 2010 107 d. laporan data-data di laporan rugi-laba bank. e. merumuskan indikator-indikator penunjang dan penghambat operasional bank dalam pencapaian tujuan untuk tools of management bank itu. definisi profitabilitas rentabilitas atau profitabilitas adalah alat ukur menganalisa atau mengukur tingkat efisiensi usaha dan profitabilitas yang dicapai oleh bank yang bersangkutan.22 profitabilitas adalah ukuran spesifik dari performance sebuah bank, dimana ia merupakan tujuan dari manajemen perusahaan dengan memaksimalkan nilai dari para pemegang saham, optimalisasi dari berbagai tingkat return, dan minimalisasi resiko yang ada. tujuan analisis profitabilitas sebuah bank adalah untuk mengukur tingkat efisiensi usaha dan profitabilitas yang dicapai oleh bank yang bersangkutan.23 net income roe = ————— total equity bagi para pemilik bank/pemegang saham bank yang bersangkutan maka rumus ini mempunyai arti yang sangat penting untuk mengukur kemampuan manajemen dalam mengelola capital yang tersedia untuk mendapatkan net income. bagi manajemen bank yang mampu menaikkan return on equity biasanya ada petunjuk tentang kemampuan manajemen bank yang bersangkutan dalam menaikkan income-nya. kenaikan return on equity biasanya juga diikuti kenaikan dari saham-saham bank yang bersangkutan di pasar.24 semakin tinggi return semakin baik, berarti dividen yang dibagikan atau ditanamkan kembali sebagai retained earning juga semakin besar. rasio kesehatan bank 1. car (capital adequacy ratio) modal merupakan salah satu faktor penting dalam rangka pengembangan 22 lukman dendawijaya, manajemen perbankan ed. 2, (galia indonesia: bogor), 2005. h. 118 23 teguh pudja muljono, analisa laporan keuangan untuk perbankan, (djambatan: jakarta), 1990.h. 73 24 teguh pudja muljono, analisa laporan keuangan untuk perbankan, 1990.h. 74 desi ariyani: analisis pengaruh car, fdr, bopo, dan npf108 usaha bisnis dan menampung resiko kerugian, semakin tinggi car maka semakin kuat kemampuan bank tersebut untuk menanggung resiko dari setiap kredit/aktiva produktif yang berisiko. jika nilai car tinggi (sesuai ketentuan bi 8%) berarti bank tersebut mampu membiayai operasi bank, keadaan yang menguntungkan bank tersebut akan memberikan kontribusi yang cukup besar bagi profitabilitas.25 dalam menelaah car bank syariah, terlebih dahulu harus dipertimbangkan, bahwa aktiva bank syariah dapat dibagi atas:26 a. aktiva yang didanai oleh modal sendiri dan/kewajiban atau hutang (wadiah atau qard dan sejenisnya). b. aktiva yang didanai oleh rekening bagi hasil (profit and loss sharing investment account) yaitu mudharabah (general investment account/ mudharabah mutlaqah, restricted investment account/mudharabah muqayyadah) car diukur dengan membagi modal dengan aktiva tertimbang menurut resiko (atmr). modal bank car = ————— total atmr hasil perhitungan rasio diatas kemudian dibandingkan dengan kewajiban penyediaan modal minimum (yakni senesar 8%). berdasarkan hasil perbandingan tersebut, dapatlah diketahui apakah bank yang bersangkutan telah memenuhi ketentuan car atau tidak. jika hasil perbandingan antara rasio perhitungan rasio modal dan kewajiban penyediaan modal minimum sama dengan 100% atau lebih, modal bank yang bersangkutan telah memenuhi ketentuan car. sebaliknya, bila hasilnya kurang dari 100%, modal bank tersebut tidak memenuhi ketentuan car.27 2. fdr (financing deposit to ratio) fdr (financing deposit to ratio) adalah rasio antara seluruh jumlah kredit 25 mudrajad kuncoro dan suhardjono , manajemen perbankan: teori dan aplikasi, (penerbit bpfe yogyakarta: yogyakarta), 2002. h. 573 26 zainul arifin, dasar-dasar manajemen bank syariah.. h.138. 27 lukman dendawijaya, manajemen perbankan ed. 2, 2005. h. 41 al-iqtishad: vol. ii, no. 1, januari 2010 109 yang diberikan dengan dana yang diterima bank.28 kebutuhan likuiditas setiap bank berbeda-beda tergantung antara lain pada kekhususan usaha bank, besarnya bank dan sebagainya. rasio ini menunjukkan salah satu penilaian likuiditas bank dan dapat dirumuskan sebagai berikut: pembiayaan yang diberikan fdr = ————————————— dana masyarakat fdr tersebut menyatakan seberapa jauh kemampuan bank dalam mem bayar kembali penarikan dana yang dilakukan deposan dengan meng andalkan kredit yang diberikan sebagai sumber likuiditasnya. dengan kata lain, seberapa jauh pemberian kredit kepada nasabah kredt dapat mengimbangi kewajiban bank untuk segera memenuhi permintaan deposan yang ingin menarik kembali uangnya yang telah digunakan oleh bank untuk memberikan kredit. semakin tinggi rasio tersebut memberikan indikasi semakin rendahnya kemampuan likuiditas bank yang bersangkutan. hal ini disebabkan karena jumlah dana yang diperlukan untuk membiayai kredit menjadi semakin besar.29 rasio ini juga merupakan indikator kerawanan dan kemampuan dari suatu bank. sebagian praktisi perbankan menyepakati bahwa batas aman dari financing deposit to ratio suatu bank adalah sekitar 80%. namun, batas toleransi antara 85% dan 100%.30 bopo (biaya operasional terhadap pendapatan operasional) bopo menurut kamus keuangan adalah kelompok rasio yang mengukur efisiensi dan efektivitas operasional suatu perusahaan dengan jalur membandingkan satu terhadap lainnya. berbagai angka pendapatan dan pengeluaran dari laporan rugi laba dan terhadap angka-angka dalam neraca. rasio biaya operasional adalah perbandingan antara 28 ibid. h. 116 29 ibid h. 116 30 ibid h. 117 desi ariyani: analisis pengaruh car, fdr, bopo, dan npf110 biaya operasional dan pendapatan operasional. rasio biaya operasional digunakan untuk mengukur tingkat efisiensi dan kemampuan bank dalam melakukan kegiatan operasi.31 semakin rendah bopo berarti semakin efisien bank tersebut dalam mengendalikan biaya operasionalnya, dengan adanya efisiensi biaya maka keuntungan yang diperoleh bank akan semakin besar. biaya operasional bopo = ——————————— pendapatan operasional bopo merupakan upaya bank untuk meminimalkan resiko operasional, yang merupakan ketidakpastian mengenai kegiatan usaha bank. resiko operasional berasal dari kerugian operasional bila terjadi penurunan keuntungan yang dipengaruhi oleh struktur biaya operasional bank, dan kemungkinan terjadinya kegagalan atas jasa-jasa dan produkproduk yang ditawarkan. npf (non-performing financing) perkembangan pemberian pembiayaan yang paling tidak mengembirakan bagi pihak bank adalah apabila pembiayaan yang diberikannya ternyata menjadi bermasalah. hal ini terutama disebabkan oleh kegagalan pihak debitur memenuhi kewajibannya untuk membayar angsuran (cicilan) pokok pembiayaan beserta bagi hasil yang telah disepakati kedua belah pihak dalam perjanjian pembiayaan.32 npf (non-performing financing) adalah tingkat pengembalian pembiayaan yang diberikan deposan kepada bank dengan kata lain npf merupakan tingkat pembiayaan macet pada bank tersebut. npf diketahui dengan cara menghitung pembiayaan non lancar terhadap total pembiayaan. apabila semakin rendah npf maka bank tersebut akan semakin mengalami keuntungan, sebaliknya bila tingkat npf tinggi bank tersebut akan mengalami kerugian yang diakibatkan tingkat pengembalian kredit macet. 31 ibid h. 120 32 ibid, h. 81 al-iqtishad: vol. ii, no. 1, januari 2010 111 pembiyaan non lancar npf = —————————— total pembiayaan implikasi bagi pihak bank sebagai akibat dari timbulnya pembiayaan bermasalah tersebut dapat berupa berikut ini:33 a. hilangnya kesempatan untuk memperoleh income (pendapata) dari kredit yang diberikannya, sehingga mengurangi perolehan laba dan berpengaruh buruk bagi profitabilitas bank, b. rasio kualitas aktiva produktif atau yang lebih dikenal dengan bdr (bad debt ratio) menjadi semakin besar yang menggambarkan terjadinya situasi yang memburuk. c. bank harus memperbesar penyisihan untuk cadangan aktiva produktif yang diklasifikasikan berdasarkan ketentuan yang ada. hal ini pada akhirnya akan mengurangi besarnya modal bank dan akan sangat berpengaruh terhadap car (capital adequacy ratio). d. return on assets (roa) mengalami penurunan. e. sebagai akibat dari komplikasi butir 2, 3, dan 4 tersebut di atas adalah menurunnya nilai tingkat kesehatan bank berdasarkan perhitungan menurut metode camel. strategi bank muamalat indonesia dalam menerapkan konsep-konsep syari’ah yang islami dan meningkatkan fee based income, untuk mencapai tujuannya, bank muamalat indonesia mendasarkan usahanya dengan kegiatan sebagai berikut: a. sasaran pembinaan, yaitu membina dan mempercepat perkembangan mayarakat ekonomi menengah ke bawah bangsa indonesia untuk menjembatani kesenjangan sosial ekonomi yang terjadi karena dampak pembangunan, sehingga terbentuk dasar yang kokoh bagi pe ngembangan manusia indonesia seutuhnya dalam pembangunan nasional jangka panjang 25 tahun ke-dua. b. strategi pengembangan yaitu: 1. bekerjasama dengan baik dengan bank-bank perkreditan rakyat 33 ibid h. 82-83 desi ariyani: analisis pengaruh car, fdr, bopo, dan npf112 (bpr) yang telah ada. mendorong pengembangan bpr baru di daerah-daerah potensial. 2. bekerjasama dengan badan amil zakat, infaq dan sedekah (bazis) untuk menginsentifkan pengelolaan dana zis. 3. merangsang lembaga penyedia bantuan teknik menajemen pengusaha kecil dan menengah untuk tumbuh dan berkembang lebih baik. 4. merangsang lembaga penyedia bantuan pembinaan keterampil an akuntansi untuk tumbuh dan berkembang lebih baik. 5. mengembangkan peranan kelembagaan penyediaan teknologi paska panen. 6. mengembangkan peranan kelembagaan pemasaran hasil produksi.34 produk bank pt bank muamalat indonesia 1. produk penghimpunan dana a. tabungan ummat b. tabungan arafah c. deposito mudharabah d. deposito fulinves e. giro wadiah 2. produk penanaman dana a. murabahah b. salam c. istishna’ 3. jasa layanan a. pembayaran zakat, infak, sedekah (zis) b. jasa-jasa lainnya 4. sistem bagi hasil pada bank muamalat indonesia penetapan bagi hasil di bank muamalat dilakukan dengan terlebih dahulu mengitung hi-1000 (baca: ha-i-seribu), yakni angka yang me34 jurnal muamalat, tahun 2004 al-iqtishad: vol. ii, no. 1, januari 2010 113 nunjukkan hasil investasi yang diperoleh dari penyaluran setiap seribu rupiah dana nasabah. sebagai contoh: hi-1000 rupiah bulan juni 2005 adalah 11,57. hal tersebut berarti bahwa dari setiap rp. 1.000,dana nasabah yang dikelola bank muamalat akan menghasilkan rp. 11,57 (hi1000 sebelum bagi hasil). apabila nisbah bagi hasil antara nasabah dan bank untuk deposito 1 bulan adalah 52:48, maka dari rp. 11,57 tersebut, untuk porsi nasabah dikalikan dahulu dengan 52% sehingga untuk setiap rp. 1.000,dana yang dimiliki, nasabah akan memperoleh bagi hasil sebesar rp. 6,01 (berarti hi-1000 nasabah = 6,01 rupiah). secara umum hal tersebut dirumuskan sebagai berikut:35 bagi hasil nasabah = x hi 1000 * x rata-rata dana nasabah 1000 nisbah nasabah 100 *) hi-1000 sebelum bagi hasil deskripsi data data-data yang diperlukan dalam analisis ini didapat dari laporan keuangan bulanan pt bank muamalat indonesia tbk, yang dimulai dari januari: 2005–april: 2008. dengan demikian diharapkan dapat diketahui perkembangan laporan keuangan tiap bulannya. dari hasil olah data yang dilakukan dengan menggunakan spss for windows versi 11.0. dapat dijelaskan mengenai variabel-variabel yang terdapat pada model regresi berganda dapat dilihat pada table-tabel dibawah ini: data roe (return on equity) model awal regresi pengujian asumsi klasik meliputi pengujian multikolinieritas, heterokedasitas, autokorelasi. a. uji multikolinieritas uji ini bertujuan bertujuan untuk menguji apakah pada model regresi ditemukan adanya korelasi antara variabel independent. jika terjadi korelasi, maka terdapat multikolinieritas (multikol). dimana model 35 diakses tanggal 3-11-2008 dari http:// www.muamalat-institut.com desi ariyani: analisis pengaruh car, fdr, bopo, dan npf114 regresi yang baik seharusnya tidak terjadi korelasi diantara variabel independent. b. uji heterokedasitas uji ini untuk menguji apakah dalam sebuah model regresi terjadi ketidaksamaan varians dari residual dari satu pengamatan ke pengamatan yang lain tetap, maka hal tersebut disebut homoskedasitas. dan jika varians berbeda disebut sebagai heterokedasitas. model regresi yang baik adalah tidak terjadi heterokedasitas.36 dari hasil grafik heterokedasitas, terlihat titik-titik yang menyebar secara acak, dan tidak membentuk suatu pola tertentu yang jelas. titik-titik tersebut menyebar baik diatas namun dibawah angka 0 pada sumbu y. hal ini berarti tidak terjadi heterokedasitas pada model regresi berganda ini , sehingga model regresi berganda layak dipakai untuk memprediksi roe terhadap variabel independen lainnya, hal ini terlihat jelas pada gambar dibawah ini: gambar 4.2 hasil uji heterokedasitas sumber: data olahan spss 11.0 c. uji normalitas uji ini untuk menguji apakah dalam sebuah model regresi, variabel 36 singgih santoso, modul menggunakan spss untuk statistik parametrik. (jakarta: pt. elex media komputindo) 2005. h. 137 al-iqtishad: vol. ii, no. 1, januari 2010 115 dependen, variabel independen atau keduanya mempunyai distribusi normal ataukah tidak. model regresi yang baik adalah distribusi data normal atau mendekati normal. dari hasil pengujian normalitas diperoleh suatu grafik, dimana pada grafik hasil uji normalitas terlihat bahwa titik-titik menyebar disekitar garis diagonal, serta penyebarannya mengikuti arah garis diagonal. hasil tersebut dapat terlihat pada grafik hasil pengolahan spss 11.0 dibawah ini: gambar 4.3 hasil uji normalitas sumber: data olahan spss 11.0 hasil model awal regresi dari hasil uji mwd maka dapat dilihat model linier adalah baik, karena nilai durbin-watson yang diperoleh dari hasil analisis regresi sebesar 1.510. hal ini me nunjukkan bahwa angka dw diantara -2< dw < +2 maka ho diterima yaitu model regresi tidak terdapat masalah dan model ini layak untuk digunakan. y = 185,347 –1,134 car -7.612fdr -1,753bopo +0,769 npf dapat diartikan bahwa: 1. nilai elastisitas konstanta sebesar 185,347 menunjukkan bahwa apabila nilai car, fdr, bopo dan npf adalah 0 (nol) maka nilai y adalah 185,347. 2. car = –1,134 nilai elastisitas car sebesar -1,134 menunjukkan bahwa car naik sebesar 1% maka profitabilitas akan mengalami penurunan sebesar 1,134% dengan asumsi variabel lain dianggap tetap. 3. fdr = -7.612 nilai elastisitas fdr sebesar -7.612 menunjukkan bahwa fdr naik sebesar 1% maka profitabilitas akan mengalami penurunan sebesar -7.612% dengan asumsi variabel lain dianggap tetap. desi ariyani: analisis pengaruh car, fdr, bopo, dan npf116 4. bopo = -1,753 nilai elastisitas bopo sebesar -1,753 menunjukkan bahwa bopo sebesar 1% maka profitabilitas akan mengalami penurunan sebesar sebesar -1,753% dengan asumsi variabel lain dianggap tetap. 5. npf = 0,769 nilai elastisitas npf sebesar 0,769 menunjukkan bahwa peningkatan npf sebesar 1% akan meningkatkan profitabilitas bank sebesar 0,769% dengan asumsi variabel lain dianggap tetap. pengujian hipotesis setelah pengujian persyaratan analisis dan asumsi dasar regresi, langkah selanjutnya melakukan pengujian signifikan model dan interpretasi model regresi, untuk melihat pengaruh variabel independen terhadap variabel dependen secara individual. secara statistik dapat diukur dari nilai statistik uji t dan uji f (anova). hasil uji f tabel 4.14 hasil uji fanova model sum of squares df mean square f sig. 1 regression 1076.093 4 269.023 34.720 .000 residual 271.195 35 7.748 total 1347.288 39 a predictors: (constant), npf, bopo, car, fdr b dependent variabel: roe sumber: data olahan spss 11.0 uji f digunakan untuk mengetahui hubungan variabel independen secara simultan (bersama-sama) terhadap variabel dependen. hasil dari uji pada tabel diatas menunjukkan semua angka signifikan, karena tingkat probabilitas sig 0,000. nilai probabilitas (0,000) lebih kecil dari 0,05. f hitung sebesar 34,720 dan f tabel sebesar 2,64. maka dapat disimpulkan bahwa terdapat pengaruh yang signifikan antara car, fdr, bopo, dan npf al-iqtishad: vol. ii, no. 1, januari 2010 117 terhadap roe, maka ho ditolak dan ha diterima karena f hitung (34,720) > f tabel (2,64). uji f dapat digambarkan sebagai berikut: f hitung > f tabel, maka tolak ho 34,720 > 2,64 gambar 4.4 daerah penerimaan ho dan penolakan ho uji dua pihak hasil uji t tabel 4.15 hasil uji t coefficients unstandardized coefficients standardized coefficients t sig. model b std. error beta 1 (constant) 185.347 15.788 11.740 .000 car -1.134 .212 -.472 -5.353 .000 fdr -7.612e-02 .087 -.079 -.874 .388 bopo -1.753 .182 -.771 -9.647 .000 npf .769 .465 .160 1.654 .107 a dependent variabel: roe sumber: data olahan spss 11.0 uji t digunakan untuk mengetahui hubungan masing-masing variabel independen secara individual terhadap variabel dependen. berdasarkan desi ariyani: analisis pengaruh car, fdr, bopo, dan npf118 pengujian pada tabel diatas dapat disimpulkan sebagai berikut: a. pengaruh variabel car terhadap profitabilitas bank muamalat signifikan dimana nilai t hitung (-5,353) < t tabel (-1,97) dan signifikansi sebesar 0,000 < = 5% (0,05), sehingga ho ditolak dan ha diterima. maka dapat dirumuskan bahwa variabel car berpengaruh secara parsial terhadap variabel roe periode januari 2005-april 2008, yang memiliki hubungan negatif yang signifikan, artinya semakin besar nilai car maka semakin kecil tingkat profitabilitas bank yang dihasilkan oleh bank. b. pengaruh variabel fdr terhadap profitabilitas bank muamalat tidak signifikan dimana nilai t hitung (-0,874) > t tabel (-1,97) dan signifikansi sebesar 0,388 > = 5% (0,05), sehingga ho diterima dan ha ditolak. maka dapat dirumuskan bahwa variabel fdr tidak berpengaruh secara parsial terhadap variabel roe periode januari 2005april 2008. gambar 4.6 daerah penerimaan ho dan penolakan ho uji dua pihak c. pengaruh variabel bopo terhadap profitabilitas bank muamalat signifikan dimana nilai t hitung (-9,647) < t tabel (-1,97) dan signifikansi sebesar 0,000 < = 5% (0,05), sehingga ho ditolak dan ha diterima. maka dapat dirumuskan bahwa variabel bopo berpengaruh secara parsial terhadap variabel roe periode januari 2005april 2008, yang memiliki hubungan negatif yang signifikan, artinya semakin besar nilai bopo maka semakin kecil tingkat profitabilitas bank yang dihasilkan oleh bank. al-iqtishad: vol. ii, no. 1, januari 2010 119 gambar 4.7 daerah penerimaan ho dan penolakan ho uji dua pihak d. pengaruh variabel npf terhadap profitabilitas bank muamalat tidak signifikan dimana nilai t hitung (1,654) > t tabel (-1,97) dan signifikansi sebesar 0,107 > = 5% (0,05), sehingga ho diterima dan ha ditolak. maka dapat dirumuskan bahwa variabel npf tidak berpengaruh secara parsial terhadap variabel roe periode januari 2005april 2008. gambar 4.8 daerah penerimaan ho dan penolakan ho uji dua pihak hasil spss korelasi product moment tabel 4.16 uji korelasi car, fdr, bopo, npf dan roe sumber: data olahan spss 11.0 dari analisis korelasi pada tabel 4.14 diatas terlihat bahwa korelasi antara car dengan roe sebesar -0,484. hal ini menunjukkan hubungan kedua variabel tersebut adalah kuat dan berlawanan arah (memiliki desi ariyani: analisis pengaruh car, fdr, bopo, dan npf120 hubungan negatif). korelasi kedua variabel tersebut signifikan karena angka signifikansi sebesar 0,002 < 0,05. sedangkan korelasi antara bopo dengan roe sebesar -0,721. hal ini menunjukkan hubungan kedua variabel tersebut adalah kuat dan berlawanan arah (memiliki hubungan negatif). korelasi kedua variabel tersebut signifikan karena angka signifikansi sebesar 0,000 < 0,05. korelasi antara fdr dengan roe sebesar 0,050. hal ini menunjukkan hubungan kedua variabel tersebut adalah lemah dan searah (memiliki hubungan positif). semakin besar nilai fdr maka semakin besar roe yang didapat oleh bank muamalat. korelasi kedua variabel tersebut tidak signifikan karena angka signifikansi sebesar 0,761 > 0,05. dan korelasi antara npf dengan roe sebesar 0,115. hal ini menunjukkan hubungan kedua variabel tersebut adalah lemah dan searah (memiliki hubungan positif). semakin besar nilai npf maka semakin besar mempengaruhi roe yang didapat oleh bank muamalat. korelasi kedua variabel tersebut tidak signifikan karena angka signifikansi sebesar 0,478 > 0,05. interprestasi koefisien variabel independen berdasarkan uji t, dapat diketahui bahwa secara parsial terdapat pengaruh yang signifikan variabel car dan bopo terhadap profitabilitas bank muamalat.sedangkan variabel fdr dan npf secara parsial tidak mempunyai pengaruh yang signifikan terhadap profitabilitas bank muamalat. uji regresi stepwise uji regresi stepwise dilakukan untuk menghilangkan variabel independent yang tidak signifikan mempengaruhi variabel dependen. setelah dilakukan uji regresi stepwise, berdasarkan tabel tabel 4.17 dibawah ini, terjadi perubahan persamaan regresi, yaitu menjadi: persamaan y = 77,335 – 1,233 car 1,685 bopo tabel 4.17 sumber: data olahan spss 11.0 hasil uji koefisien determinasi (r square) tabel 4.18 diatas juga menunjukkan koefisien determinasi (r al-iqtishad: vol. ii, no. 1, januari 2010 121 square) adalah sebesar 0.783 atau 78,3% yang berarti bahwa 78,3% tingkat profitabilitas bank muamalat dapat dijelaskan oleh car dan bopo, selebihnya dijelaskan oleh faktor lain seperti return bagi hasil, npm (net profit margin) dan tidak termasuk dalam analisis ini. hal tersebut juga menunjukkan kemampuan variabel-variabel independen dalam menjelaskan variabel dependen mempunyai korelasi cukup kuat. hasil uji f regresi stepwise tabel 4.18 hasil uji f anova(c) model sum of squares df mean square f sig. 1 regression 699.865 1 699.865 41.078 .000(a) residual 647.423 38 17.037 total 1347.288 39 2 regression 1054.303 2 527.151 66.572 .000(b) residual 292.986 37 7.919 total 1347.288 39 a predictors: (constant), bopo b predictors: (constant), bopo, car c dependent variable: roe sumber: data olahan spss 11.0 uji f digunakan untuk mengetahui hubungan variabel independen secara simultan (bersama-sama) terhadap variabel dependen. hasil dari uji pada tabel diatas menunjukkan semua angka signifikan, karena tingkat probabilitas sig 0,000. nilai probabilitas (0,000) lebih kecil dari 0,05. f hitung sebesar 66.572 dan f tabel sebesar 2,64. maka dapat disimpulkan bahwa terdapat pengaruh yang signifikan antara car dan bopo terhadap roe, maka ho ditolak dan ha diterima karena f hitung (66.572) > f tabel (2,64). desi ariyani: analisis pengaruh car, fdr, bopo, dan npf122 uji f dapat digambarkan sebagai berikut: f hitung > f tabel, maka tolak ho 66.572 > 2,64 hasil uji t regresi stepwise uji t digunakan untuk mengetahui hubungan masing-masing variabel independen secara individual terhadap variabel dependen. berdasarkan pengujian pada tabel diatas dapat disimpulkan sebagai berikut: pengaruh variabel car terhadap profitabilitas bank muamalat signifi kan dimana nilai t hitung (-6.690) < t tabel (-1,97) dan signifikansi sebesar 0,000 < = 5% (0,05), sehingga ho ditolak dan ha diterima. maka dapat dirumuskan bahwa variabel car berpengaruh secara parsial terhadap variabel roe periode januari 2005-april 2008, yang memiliki hubungan negatif yang signifikan, artinya semakin besar nilai car maka semakin kecil tingkat profitabilitas bank yang dihasilkan oleh bank. gambar 4.10 daerah penerimaan ho dan penolakan ho uji dua pihak penutup berdasarkan hasil analisis penelitian mengenai analisis tingkat profitabilitas pada bank muamalat, yang dianalisis dengan dua kali analisis yaitu analisis regresi ganda dan analisis regresi stepwise maka dapat disimpulkan sebagai berikut: dengan analisis regresi ganda: dilihat dari r-squared sebesar 0,799 yang berarti bahwa 79,9% profitabilitas mampu dijelaskan oleh variabel independen yang digunakan dalam model (car, fdr, bopo, npl) dan al-iqtishad: vol. ii, no. 1, januari 2010 123 sisanya sebesar 20,1% dijelaskan oleh variabel lain diluar model yang digunakan. dari pengujian f statistik dengan menggunakan a = 5% diperoleh f-tabel sebesar 2,64 sementara diperoleh f-statistik sebesar 34,72 yang berarti f-statistik > f-tabel, maka dapat disimpulkan bahwa semua variabel independen secara bersama-sama (simultan) mempengaruhi variabel dependen. berdasarkan uji t, dapat diketahui bahwa secara parsial terdapat pengaruh yang signifikan variabel car dan bopo terhadap profitabilitas bank muamalat.sedangkan variabel fdr dan npf secara parsial tidak mempunyai pengaruh yang signifikan terhadap profitabilitas bank muamalat. pustaka acuan al-quran al-karim dan al-hadis antonio. syafi’i, bank dari teori ke praktik, jakarta: gema insani, 2006 arifin, zainul., dasar-dasar manajemen bank syariah. jakarta: pustaka alvabet. 2005 dendawijaya, lukman. manajemen perbankan ed. 2, (galia indonesia: bogor), 2005. firdaus, rachmat dan maya ariyanti., manajemen perkreditan bank umum, bandung, alfabeta:2004 harahap, sofyan syafri., analisis kritis atas laporan keuangan. jakarta: pt rajagrafindo persada. 2002 hasan, m. iqbal., pokok-pokok materi statistic 2 (statistic infrensif), jakarta, bumi aksara, 2003 http://www.muamalatbank.com kuncoro, mudrajad dan suhardjono , manajemen perbankan: teori dan aplikasi, (penerbit bpfe yogyakarta: yogyakarta), 2002. mauludi, ali., statistika i penelitian ekonomi islam dan sosial, ciputat, pt prima herza lestari, 2006 media indonesia 11 juli 2006 ppn bebani bank syariah muhammad, manajemen pembiayaan bank syariah. yogyakarta, upp amp desi ariyani: analisis pengaruh car, fdr, bopo, dan npf124 ypkn, 2005 muljono, teguh pudja., analisa laporan keuangan untuk perbankan, (djambatan:jakarta)1990. rivai, veithzal., credit management handbook: teori, konsep, prosedur dan aplikasi panduan praktis mahasiswa, bankir dan nasabah, jakarta, pt raja grafindo persada, 2006 santoso, singgih., latihan spss statistik parametrik, jakarta, pt elex media komputindo, 2000 setia atmaja, lukas, manajemen keuangan edisi revisi. pt. andi, yogyakarta. 2002. sinungan, muchdarsyah., manajemen dana bank. bumi aksara, jakarta: 2000 siswanto, sutojo., strategi manajemen kredit bank umum, jakarta, damar mulia pustaka subiyanto, ibnu ., metodologi penelitian. manajemen dan akuntansi, ed.3, ukp upp amp ykpn, yogyakarta: 2000 sujoko, efferin., dkk, metode penelitian untuk akuntansi, suatu pendekatan praktis, jawa timur, bayu media publishing 2004 surat edaran bank indonesia nomor 3/30/dpnp tanggal 14 desember 2001 syafri harahap, sofyan. analisis kritis atas laporan keuangan (jakarta: pt rajagrafindo persada, 2002). surat edaran bank indonesia nomor 3/30/dpnp tanggal 14 desember 2001 tim penyusun pedoman akuntansi perbankan syariah indonesia (iai), pedoman akuntansi perbankan syariah indonesia (jakarta: ikatan akuntan indonesia, 2003). malayu s. p. hasibuan, manajemen perbankan: dasar dan kunci kehidupan perekonomian, cet 1, (cv: haji masagun: jakarta), 1993. pudja muljono, teguh. analisa laporan keuangan untuk perbankan, (djambatan: jakarta), 1990. pendahuluan krisis yang berkepanjangan sejak tahun 1997 menimpa indonesia hingga kini dan merupakan krisis multidimensi yang menyentuh sendi-sendi negara. kondisi perekonomian negara yang menurun dan situasi politik yang tidak stabil menyebabkan semakin terpuruknya nilai tukar rupiah terhadap mata uang asing, harga barang-barang meningkat, daya beli masyarakat melemah dan dunia usaha mengalami ketidak bergairahan serta biaya pendidikan semakin hari semakin mahal. mahalnya biaya pendidikan saat ini membuat setiap orang tua harus benar-benar merencanakan dan mengganggarkan dana pendidikan anak sedini mungkin, bahkan sejak anak masih dalam kandungan. hal ini bertujuan untuk meringankan beban biaya yang harus dikeluarkan saat anak memasuki usia sekolah.1 1 widi fayra. “mempersiapkan dana pendidikan anak”. artikel diakses pada 03 oktober 2008 dari widyafayra.blogspot.com persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan biaya pendidikan anak firdaus stai al muhlisin ciseeng bogor email: firdaus99@yahoo.com abstrak: bagi semua orang, anak adalah aset yang tak terhingga nilainya. setiap orang tua tentu saja ingin memberikan yang terbaik bagi anaknya. besarnya dana yang dikeluarkan untuk membiayai sekolah dan pendidikan anak lainnya jangan dianggap sebagai biaya, namun itu adalah bagian dari investasi. bukankah semua orang tua bahkan negara ini mengharapkan setiap anak yang notabene cikal bakal pemimpin bangsa harus punya bekal pendidikan yang memadai. kata kunci: pegawai, perencanaan, pendidikan anak firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .210 bagi semua orang, anak adalah aset yang tak terhingga nilainya. setiap orang tua tentu saja ingin memberikan yang terbaik bagi anaknya. besarnya dana yang dikeluarkan untuk membiayai sekolah dan pendidikan anak lainnya jangan dianggap sebagai biaya, namun itu adalah bagian dari investasi. bukankah semua orang tua bahkan negara ini mengharapkan setiap anak yang notabene cikal bakal pemimpin bangsa harus punya bekal pendidikan yang memadai. perbandingan perkiraan biaya kuliah yang dikeluarkan pada lima perguruan tinggi terbesar di indonesia untuk tingkat s1 pada tahun 2009, universitas trisakti 100-160 juta rupiah, universitas gunadarma 50-85 juta rupiah, ui jalur khusus 150-250 juta, unpad jalur khusus 100-200 juta rupiah, dan undip jalur khusus 100-200 juta rupiah.2 tidak dapat dihindari semakin tinggi pendidikan yang ingin ditempuh semakin besar investasi yang harus dikeluarkan, dari mana dananya? pertanyaan ini seringkali dikeluarkan para orang tua, terutama pada masa-masa tahun ajaran baru. para orangtua mengeluh karena harus mengeluarkan dana yang besar untuk membayar sekolah, beli baju, buku, peralatan sekolah, dan lain-lain. mengapa baru terdengar dan diributkan pada saat pembayaran yang harus segera dibayarkan? padahal pengeluaran ini bukan merupakan pengeluaran yang insidentil karena terjadi setiap tahun sehingga harus dimasukkan dalam anggaran tahunan. apabila semua itu telah direncanakan sejak awal tentu tidak akan membebani anggaran pengeluaran. untuk itu, perlu adanya suatu rencana keuangan dari pihak orang tua dalam mengeluarkan biaya yang bersifat tak terduga tersebut. salah satunya adalah dengan mengasuransikan segala kebutuhan tersebut sehingga dapat dikelola dengan baik dan terhindar dari hutang yang tidak diingikan. memang untuk saat ini masyarakat belum banyak mengetahui tentang produk asuransi baik itu yang konvensional maupun asuransi berbasis syariah. kelebihan dan kekurangan bila berinvestasi untuk mempersiapkan 2 “tabel perbandingan biaya pendidikan di finlandia/ jerman & indonesia”. diakses tanggal 16 nopember 2009, dari www.europe-edu.com al-iqtishad: vol. ii, no. 1, januari 2010 211 biaya pendidikan anak dengan cara berasuransi. kelebihannya, apabila orang tua meninggal dunia, maka perusahaan asuransi akan tetap memberikan sejumlah dana pendidikan yang telah dijanjikan tanpa meneruskan lagi pembayaran premi selanjutnya. sedangkan kekurangannya, hasil investasi yang didapat dari asuransi akan kecil dibandingkan dengan jumlah dana yang dibutuhkan untuk biaya pendidikan, disebabkan karena naiknya inflasi.3 beberapa tahun terakhir industri keuangan syariah di indonesia tumbuh pesat, termasuk di antaranya asuransi syariah. perkembangannya yang cukup signifikan membuat sejumlah perusahaan asuransi konvensional membentuk unit syariah. kini terdapat 38 perusahaan yang telah memiliki unit syariah, di mana tiga perusahaan di antaranya adalah perusahaan murni syariah. di tahun ini industri asuransi syariah pun akan semakin ramai. pasalnya diperkirakan tiga perusahaan asuransi akan membuka unit syariah di 2009. dan indikasi menunjukan peningkatan premi asuransi syariah lebih dari 100 % di tahun 2007 dibandingkan dengan tahun sebelumnya, ini menunjukan masyarakat sudah mulai mengetahui tentang asuransi syariah.4 produk asuransi yang dikenal asuransi syariah pada dasarnya ada 2 (dua) jenis, yaitu produk asuransi jiwa (life insurance) dan produk asuransi kerugian (general insurance). salah satu produk asuransi jiwa yang ada unsur tabungannya adalah asuransi dana siswa. pada dasarnya asuransi dana siswa merupakan suatu bentuk perlindungan untuk perorangan yang bermaksud menyediakan dana pendidikan, dalam mata uang rupiah dan us dolar untuk putra-putrinya sampai sarjana.5 berinvestasi untuk mempersiapkan biaya pendidikan anak selain dengan menggunakan produk asuransi, ada pula persiapan biaya pendidikan anak dengan menggunakan produk perbankan. namun ada kelebihan dan kekurangannya berinvestasi untuk mempersiapkan dana pendidikan anak 3 safir senduk, seri perencanaan keuangan keluarga, mempersiapkan dana pendidikan anak, jakarta. elex media komputindo, 2007, cet ke-6, h. 25 4 mohammad shaifie zein (ketua umum aasi). “dorong asuransi syariah dengan sosialisasi simultan”. artikel diakses tanggal 13 november 2009 dari www.republika.ac.id 5 m. syakir sula, asuransi syariah life and general, konsep dan sistem operasional,, jakarta. gema insani press, 2004, h. 641 firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .212 dengan produk ini. kelebihannya, terdapat dua manfaat, yaitu manfaat tabungan dan manfaat asuransi. sedangkan kekurangannya di buku rekening harus ada saldo minimalnya, misalnya di bank syariah mandiri maka harus ada saldo minimal 1 juta rupiah. perkembangan bank syariah di indonesia cukup signifikan, ini dapat ditandai dengan aset perbankan syariah per juni 2009 mencapai rp. 55,2 triliun atau melonjak 262 % dibandingkan dengan aset bank syariah pada tahun 2004. sedangkan per agustus 2009 terdapat 4 bank umum syariah (bus) dan 24 unit usaha sariah (uus). pertumbuhan yang demikian besar saja hanya menjadikan market share asset perbankan syariah sebesar 2,21% dari industri perbankan indonesia.6 sedangkan pada produk perbankan syariah pada dasarnya ada 3 (tiga) jenis, yaitu produk penyaluran, produk penghimpunan dana, dan produk jasa.7 salah satu produk penghimpunan dana dalam bentuk tabungan adalah tabungan pendidikan. pada dasarnya tabungan pendidikan diperuntukan bagi orang tua yang menginginkan anaknya sekolah sampai sarjana. produk ini diharapkan bisa membantu para orang tua untuk meringankan biaya pendidikan dan juga bisa mengurangi jumlah kehilangan kesempatan memperoleh pendidikan. ada persamaan produk, antara asuransi dan perbankan salah satunya pada persiapan dana pendidikan anak. persiapan dana pendidikan yang sudah lama dikenal oleh orang tua kita dahulu adalah asuransi pendidikan. dengan membeli suatu produk asuransi pendidikan akan tersedia dana yang akan dicairkan oleh pihak asuransi saat anak memasuki tk, sd, smp, sma dan perguruan tinggi. pembelian produk ini dapat dibayar tunai sekaligus, maupun dengan cara diangsur per triwulan, 6 bulanan dan tahunan sampai jangka waktu yang telah ditentukan. sebenarnya hal ini sama saja seperti hanlya menabung, pencairan tabungan bisa dilakukan pada masa anak memasuki usia sekolah. manfaat yang diperoleh yakni adanya asuransi yang akan menjamin tersedianya dana tersebut bila orangtua telah meninggal dunia. 6 hadi purnomo. “dua pilar pengembangan perbankan syariah di indonesia.” diakses tanggal 16 nopember 2009 dari http:// ib-bloggercompetition.kompasiana.com 7 m. nadratuzzaman hosen, dkk, buku saku lembaga bisnis syariah, jakarta. pusat komunikasi ekonomi syariah (pkes), 2006, cet, ke-3, h. 6 al-iqtishad: vol. ii, no. 1, januari 2010 213 selain asuransi pendidikan yang telah ada, saat ini telah tersedia ber bagai produk tabungan dan asuransi yang dikemas dengan baik yang ditujukan untuk persiapan dana pendidikan. tidak hanya asuransi pendidikan namun tersedia juga tabungan pendidikan berasuransi yang akhirakhir ini marak dipasarkan di berbagai bank di tanah air. empat alasan kenapa orang tua perlu menyediakan dana pendidikan untuk anaknya,8 yaitu: 1. tingginya pendidikan saat ini; 2. naiknya biaya dari tahun ke tahun; 3. ketidakpastian ekonomi dimasa mendatang; 4. ketidakpastian fisik orang tua dimasa mendatang. sedangkan menurut mike rini ada empat langkah mempersiapkan dana penidikan anak, yaitu: menentukan target dana pendidikan yang di butuhkan, menetapkan cara pencapaian target dana pendidikan, melindungi investasi dari resiko dan melakukan evaluasi dan revisi.9 tahapan perencanaan biaya pendidikan anak ada beberapa tahapan perencanaan biaya pendidikan anak yang harus diperhatikan oleh orang tua untuk mempersiapkan biaya pendidikan anak, yaitu:10 a. tentukan kapan dana dibutuhkan. jika anda sedang mengandung anak pertama maka dana untuk masuk tk dibutuhkan 5 tahun lagi. dengan demikian waktu anda berinvestasi untuk dana pendidikan tk selama 5 tahun b. cari informasi dana pendidikan untuk anak anda saat ini. misal nya untuk tk tentukan standar sekolah yang diinginkan dan informasi keseluruhan biaya yang dibutuhkan, mulai dari uang pangkal, 8 safir senduk, seri perencanaan keuangan keluarga, mempersiapkan dana pendidikan anak, jakarta. elex media komputindo, 2007, cet ke-6, h. 7 9 mike rini. “mensiasati biaya pendidikan.” artikel diakse tanggal 11 nopember 2009 dari www.danareksa.com 10 baitul hikmah, “mempersiapkan biaya pendidikan anak”, www.baitulhikmah.com, diakses tanggal 3 desember 2009 firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .214 seragam, buku-buku, dan biaya extrakurikuler. c. kalikan dengan asumsi kenaikan biaya pendidikan per tahun hingga anak anda masuk sekolah. d. tentukan dana yang perlu ditabung per tahun atau perbulan. untuk mengetahuinya perlu dicari asumsi imbal hasil dari investasi yang anda lakukan. maka dapat ditentukan tabungan per tahun atau per bulan. semakin tinggi imbal hasil yang diharapkan maka tabungan semakin kecil. e. pilihlah produk investasi yang memberikan imbal hasil yang di harapkan, ada beberapa alternatif instrument investasi yang dipilih dalam mempersiapkan dana pendidikan anak, antara lain: tabungan di bank, deposito di bank, asuransi pendidikan, emas, dan reksadana. pada penelitian ini, penulis akan membahas investasi mempersiapkan biaya pendidikan anak dengan cara tabungan di bank, dan asuransi pendidikan. produk dana pendidikan asuransi syariah sebagai instrumen lembaga keuangan syariah non bank yang bergerak dalam bidang jasa penjaminan, asuransi syariah menawarkan produkproduknya kepada masyarkat.11 produk asuransi yang dimaksud disini adalah program atau fasilitas yang ditawarkan oleh perusahaan asuransi dan bisa dimanfaatkan dan digunakan oleh masyarakat sebagai calon peserta asuransi.12 produk-produk yang ditawarkan asuransi syariah terbagi kepada dua kategori utama sesuai dengan jenis asuransi itu sendiri, yakni produk asuransi jiwa (keluarga) dan produk asuransi umum (kerugian). sedangkan fokus pembahasan pada skripsi ini pada produk dana pendidikan yang termasuk pada asuransi jiwa yang ada unsur tabungannya (saving). 11 hendi suhendi dan deni k. yusup, asuransi takaful: dari teoritis ke praktis, bandung, mimbar pustaka, 2005, h. 68 12 yadi janwari, asuransi syariah, bandung, pustaka bani quraisy, 2005, h. 58 al-iqtishad: vol. ii, no. 1, januari 2010 215 definisi takaful dana siswa produk asuransi dana pendidikan adalah suatu bentuk perlindungan untuk perorangan yang bermaksud menyediakan dana pendidikan, dalam mata uang rupiah dan us dollar untuk putra-putrinya sampai sarjana.13 manfaat takaful dana siswa14 bila peserta mengundurkan diri sebelum perjanjian berakhir, maka peserta akan mendapatkan hal-hal berikut: 1) dana rekening tabungan yang telah disetor 2) bagian keuntungan atas hasil keuntungan tabarru’ (mudharabah) a. bila peserta ditakdirkan meninggal dalam masa perjanjian, maka ahli warisnya akan mendapatkan hal berikut: 1) dana rekening tabungan yang telah disetor 2) bagian keunutngan atas hasil investasi rekening tabungan (mudharabah) 3) selisih dari manfaat dari asuransi awal (rencana menabung) dengan premi yang sudah dibayar. selain itu bila anak (sebagai penerima hibah): 1) hidup sampai dengan 4 tahun di perguruan tinggi, yang bersangkutan akan mendapatkan dana pendidikan 2) meninggal, maka dana pendidikan yang belum sempat diterimanya akan dibayarkan pada ahli warisnya. bila peserta hidup sampai perjanjian berakhir dan bila anak (sebagai penerima hibah): 1) hidup sampai dengan 4 tahun di perguruan tinggi, yang bersangkutan akan mendapatkan dana pendidikan 2) meninggal sebelum seluruh dana pendidikannya diterima, maka kepada peserta akan mendapatkan semua saldo rekening tabungan dan sebagai keuntungan atas investasi rekening tabungan 13 m. syakir sula, asuransi syariah life and general, konsep dan sistem operasional, jakarta: gema insani press, 2004, h. 641 14 ibid firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .216 ketentuan takaful dana siswa15 a. masa perjanjian = 18 tahun usia anak usia anak = usia ulang tahun yang akan datang contoh: usia anak 1 tahun 3 bulan, maka dimasukan ke dalam usia 2 tahun b. besar tabungan tahun i = premi tabarru’ – biaya pengelolaan c. besar tabungan tahun ii dan selanjutnya = premi – tabarru’ produk dana pendidikan perbankan syariah dalam kamus bahasa indonesia “bank” diartikan badan usaha dibidang keuangan yang menarik dan mengeluarkan uang dalam masyarkat, terutama memberikan kredit dan jasa dalam lalu lintas pembayaran dan peredaran uang.16 sedangkan menurut heri sudarsono mengungkapkan bahwa perbankan syariah adalah lembaga keuangan yang usaha pokoknya memberikan kredit dan jasa-jasa lain dalam lalu lintas pembayaran serta peredaran uang yang beroperasi disesuaikan dengan prinsip-prinsip syariah.17 oleh karena itu, usaha bank akan selalu berkaitan dengan masalah uang sebagai dagangan utamanya. definisi tabungan bsm investa cendikia18 tabungan bsm investa cendekia adalah tabungan berjangka dalam valuta rupiah dengan jumlah setoran bulanan tetap (installment) yang dilengkapi perlindungan asuransi dengan tujuan menyediakan dana pendidikan utuk anak. 15 ibid, h. 642 16 departemen pendidikan nasional, kamus besar bahasa indonesia, jakarta, balai pustaka, 2005, edisi ke-3, h. 873 17 heri sudarsono, bank dan lembaga keuangan syariah: deskripsi dan ilustrasi, ,yogyakarta, ekonisa, 2004, edisi 2, h. 27 18 bank syariah mandiri, tabungan investa cendekia, www.syariahmandiri.co.id, diakses tanggal 12 oktober 2009 al-iqtishad: vol. ii, no. 1, januari 2010 217 karakteristik tabungan bsm investa cendika a. berdasarkan prinsip syariah mudharabah muthlaqah b. periode tabungan: minimal 1 tahun sampai dengan 20 tahun c. usia nasabah: minimal 17 tahun dan maks. 55 tahun (catatan: usia masuk ditambah periode kontrak sama atau tidak melebihi 60 tahun) d. saldo minimal: rp1.000.000, e. setoran bulanan: minimal rp100.000,s/d rp4.000.000,ketentuan umum tabungan bsm investa cendikia a. saldo tabungan tidak bisa ditarik dan tabungan tidak dapat ditutup hingga jatuh tempo (akhir masa kontrak), kecuali dalam keadaan mendesak/darurat b. penarikan sebagian saldo dengan kondisi tersebut di atas dapat dilakukan sampai dengan saldo minimal c. penabung telah memiliki tabungan bsm sebagai rekening asal (source account) d. jumlah setoran bulanan dan periode tabungan tidak dapat diubah syarat pembukaan tabunga bsm investa cendikia19 a. nasabah perorangan b. identitas yang berlaku (ktp / sim / paspor) c. akte kelahiran / kartu keluarga d. mengisi formulir aplikasi manfaat tabungan bsm investa cendekia20 manfaat tabungan 1) mendapat bagi hasil yang kompetitif 2) membantu perencanaan program investasi nasabah khususnya 19 ibid 20 ibid firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .218 perencanaan pendidikan kepada putera/puteri 3) keikutsertaan asuransi secara otomatis, tanpa pemeriksaan kesehatan manfaat asuransi 1) tahun pertama kepesertaan a) meninggal dunia karena sakit (bukan karena kecelakaan), maka akan mendapatkan santunan 50 x setoran bulanan (setelah 3 bulan kepesertaan dan maksimal rp. 50.000.000,-). b) meninggal dunia atau cacat tetap total karena kecelakaan, maka akan mendapatkan: � santunan manfaat asuransi sebesar 50x setoran bulanan � pembayaran sisa setoran bulanan untuk masa yang belum dijalani 2) tahun kedua kepesertaan dan seterusnya a) meninggal dunia karena sakit (bukan karena kecelakaan) maka akan mendapatkan manfaat: � santunan manfaat asuransi sebesar 100 kali setoran bulanan � pembayaran sisa setoran bulanan untuk masa yang belum dijalani b) meninggal dunia atau cacat tetap total akibat kecelakaan maka akan mendapatkan manfaat: � santunan manfaat asuransi sebesar 100x setoran bulanan � pembayaran sisa setoran bulanan untuk masa yang belum dijalani teori tentang prefrensi prefrensi adalah sebuah konsep, yang digunakan pada ilmu sosial, khususnya ekonomi. ini mengasumsikan pilihan ralitas atau imajiner antara alternatif-alternatif dan kemungkinan dari pemeringkatan alternatif tersebut, ber dasarkan kesenangan, kepuasan, gratifikasi, pemenuhan, kegunaan yang ada.21 21 http://id.wikipedia.org/wiki/preferensi, diakses tanggal 02 februari 2010 al-iqtishad: vol. ii, no. 1, januari 2010 219 dalam teori modern, indeks utility adalah merepresentasikan preferensi ordinal konsumen. para ahli membuat model maksimasi utility dengan menggunakan peralatan matematis karena dianggap sangat cocok untuk digunakan, yang jelas hasilnya tidak memilih angka tertinggi melainkan memilih mana yang bundle yang sangat sesuai dengan anggaran yang tersedia. preferensi juga diartikan sebagai pilihan suka atau tidak suka oleh seseorang terhadap suatu produk barang atau jasa yang dikonsumsi. kotler berpendapat bahwa preferensi digambarkan sebagai sikap konsumen terhadap produk dan jasa sebagai evaluasi dari sifat kognitif seseorang, perasaan emosional dan kecendrungan bertindak melalui objek atau ide.22 jadi preferensi adalah proses seseorang dalam memilih suatu informasi yang lebih disukai. dalam penelitian ini adalah pegawai uin syarif hidayatullah jakarta preferensi mengenai produk perencanaan biaya pendidikan anak yang dikeluarkan oleh asuransi syariah atau perbankan syariah. dalil-dalil yang menjelaskan tentang preferensi23 preferensi adalah komplet untuk setiap dua bundel konsumsi a dan b, konsumen dapat membuat satu dari tiga perbandingan berikut: � a lebih disukai dari b (dinotasikan apb) � b lebih disukai dari a (dinotasikan bpa) � a tidak berbeda dengan b (dinotasikan a’b) preferensi berarti bahwa seseorang akan mempunyai satu bundel yang disukai, dan indifference berarti seseorang tidak membedakan masingmasing bundel. dalil ini menyatakan bahwa konsumen dapat membuat perbandingan berkitu untuk setiap kemungkinan pasangan kombinasi dari bundel tersebut. 22 philips kotler, manajemen pemasaran, jakarta,prehalindo, 2005, h. 154 23 aulia tasman, “teori preferensi konsumen”, www.mie.unja.ac.id, diakses tanggal 02 februari 2010 firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .220 preferensi adalah refleksi jika konsumen diwakilkan dengan dua bundel yang identik, sehingga a=b dalam segala hal. a adalah indifference dari b. arinya bahwa jika a dan b adalah sama, maka konsemen mempunyai ranking terhadap bundel tersebut adalah sama. preferensi adalah transitif jika seorang konsumen menyukai a dari b, dan b lebih disukai dari c, maka konsumen harus menyukai a dari pada c. apb dan bpc apc. demikian juga jika konsumen indifference antara a dan b, dan antara b dan c, maka dia juga indifference antara a dan c. a’b, dan b’c, maka a’c. preferensi adalah kesinambungan jika bundel a lebih disukai dari bundel b dan bundel c, maka walaupun c lebih kecil sedikit dari b, selagi lebih kecil dari a, maka tetap saja kita katakana a lebih disukai dari c. teori tentang proses pengambilan keputusan konsumen mengambil keputusan untuk membeli jika produk, barang atau jasa, memenuhi kebutuhannya, akan di rasakan kefaedahannya, atau akan menunjang gaya hidupnya. dalam proses pengambilan keputusan untuk membeli, konsumen dipengaruhi selain oleh faktor-faktor dalam dirinya dan jenis produk yang di tawarkan kepadanya, juga oleh faktor-faktor lain dari lingkungannya, yaitu kebudayaan, keluarga, status social, dan kelompok acuannya.24 untuk lebih jelas memahami tentang proses pengambilan keputusan untuk membeli maka peneliti menggunakan model yang dikembangkan oleh hawkins dan rekan tentang ‘proses pengambilan keputusan dari konsumen’.25 24 ashar sunyoto munandar, psikologi industri dan organisasi, jakarta, ui-press, 2004, h. 436 25 ibid, h. 437 al-iqtishad: vol. ii, no. 1, januari 2010 221 gambar 2.2 proses pengambilan keputusan gambar di atas menunjukan unsur-unsur dasar dalam proses pengambilan keputusan dari konsumen. pengambilan keputusan konsumen semakin ekstensif dan mejemuk dengan meningkatnya keterlibatan dalam membeli.26 dalam pengambilan keputusan yang lebih selektif, maka pencarian informasi menjadi lebih lama dan luas, penilaian alternativ menjadi lebih luas dan majemuk, dan evaluasi pasca-pembelian menjadi lebih teliti dan mendalam. misalnya sabun mandi habis (pengenalan masalah), ingat akan merek-merek tertentu sabun menjadi (pencarian informasi), ingat merek tertentu lebih dapat dinikmati sehingga memilih merek tersebut (penilaian dan seleksi), pergi ke toko “f’ untuk membeli (seleksi saluran distribusi dan pelaksanaan keputusan), sabun digunakan dan timbul rasa kepuasaan (proses pasca-pembelian yang terbatas) 26 ibid, h. 437 firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .222 tahapan-tahapan dalam pengambilan keputusan untuk lebih dapat dipahami tentang unsur-unsur dasar dalam proses pengambilan keputusan konsumen, peneliti mengulas setiap tahap dalam proses pengambilan keputusan konsumen. pengenalan masalah (problem recognition). proses pengambilan keputusan konsumen mulai dengan mengenali adanya masalah. mengenali adanya masalah merupakan langkah penting dalam proses pengambilan keputusan konsumen. masalah konsumen adalah perbedaan antara keadaan yang ada (apa yang dipersepsikan oleh konsumen sebagai yang telah ada sekarang) dengan satu keadaan yang diinginkan (apa yang diinginkan oleh konsumen). keadaan yang diinginkan dan keadaan yang ada, kedua-duanya dipengaruhi oleh gaya hidup konsumen dan situasi yang berlaku sekarang. jika perbedaan antara kedua keadaan dirasakan sebagai cukup besar dan penting, maka konsumen mulai mencari jawaban terhadap masalahnya. pencarian informasi (information search). langkah kedua dalam proses pengambilan keputusan konsumen ialah pencarian informasi. konsumen dapat melakukan pencarian informasi yang ektensif internal dan eksternal, pencarian internal dan eksternal yang terbatas, atau hanya pencarian internal. informasi konsumen internal (informasi yang disimpan dalam ingatan) diperoleh secara aktif melalui pencarian-pencarian sebelumnya dan pengalaman pribadi atau diperoleh secara pasif melalui pembelajaran dengan keterlibatan yang rendah. informasi, selain dapat dicari dari ingatan sendiri, dapat dicari pula dari empat macam sumber eksternal, yaitu: satu, sumber-sumber pribadi seperti teman, kenalan dan keluarga; kedua, sumber-sumber bebas sperti kelompok-kelompok konsumen, professional bayaran, dan badanbadan pemerintah; ketiga, sumber-sumber pemasaran seperti karyawan penjualan dan iklan; dan keempat, sumber-sumber pengalaman langsung seperti pencobaan langsung dengan produk penilaian dan seleksi dari alternatif. selama dan setelah konsumen mengumpulkan informasi tentang jawaban-jawaban alternatif terhadap satu masalah yang dikenali, konsumen menilai alternatif-alternatif dan menyeleksi tindakan yang tampaknya paling baik memecahkan al-iqtishad: vol. ii, no. 1, januari 2010 223 masalahnya. kriteria penilain adalah berbagai ciri yang dicari konsumen sebagai jawaban terhadap satu masalah. seleksi saluran distribusi dan pelaksanaan keputusan. kebanyakan produk konsumen diperoleh melalui salah satu bentuk saluran distribusi atau penyaluran eceran. dengan demikian konsumen juga harus menyeleksi saluran distribusi sebagaimana harus menyeleksi produk. proses pasca pembelian. setelah melakukan pembelian, beberapa konsumen mengalami kesangsian atau kecemasan tentang kebijakan pembeliannya. gejala ini dikenal sebagai pertentangan pasca-pembelian (postpurchase dissonance). pada umumnya terjadi: satu, antara individuindividu dengan kecendrungan mengalami kecemasan; kedua, setelah satu pembelian yang tidak dapat ditiadakan; ketiga, jika penting bagi konsumen; dan keempat jika melibatkan pilihan yang sulit antara dua atau lebih alternativ. perusahaan sering memanfaatkan fakta bahwa konsumen mencari penguatan sesudah pembelian penting sebagai dasar dalam iklan untuk meyakinkan konsumen bahwa mereka telah membuat pilihan yang tepat. uji validitas dan reliabilitas untuk lebih meyakinkan skala yang digunakan adalah skala yang tepat, maka peneliti melakukan uji validitas dan reliabilitas pengukuran data. uji ini dilakukan untuk mengetahui konsistensi dan akurasi data yang dikumpulkan dari penggunaan instrument. untuk uji validitas digunakan rumus statistik korelasi product moment dari pearson. uji validitas dilakukan dengan membandingkan nilai r hitung dengan r tabel, dimana df = n-1. dalam hal ini n adalah jumlah atau responden. pada pengukuran pegawai uin syarif hidayatullah jakarta jumlah sample (n) = 30, maka besarnya df = 30-1 = 29. dengan alpha = 0,05, maka didapat nilai r tabel = 0,367. pengambilan keputusan adalah jika r hasil hitung positif dan r hitung lebih besar dari r tabel maka butir tersebut valid. sebaliknya jika r hitung lebih kecil dari r tabel maka butir tersebut tidak valid. sedangkan untuk uji reliabilitas digunakan cronbach alpha. adapun hasil uji yang diperoleh sebagai berikut. dari hasil pengujian atau try out dapat diperoleh data yang menyata kan firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .224 bahwa dari 19 pertanyaan yang diberikan kepada 30 responden terdapat 4 butir pertanyaan yang tidak valid atau tidak dapat digunakan karena nilai r-hitung < r-tabel, yaitu pertanyaan no. 2, 4, 14 dan 18. item pertanyaan yang valid penulis anggap sudah terstandarisasi kemudian disebarkan kepada pegawai uin syarif hidayatullah jakarta sebanyak 92 responden. tabel 4.8 uji validitas sebelum data-data tidak valid di hilangkan item-total statistics no butir instrumen scale mean if item deleted scale variance if item deleted corrected item-total correlation cronbach’s alpha if item deleted keterangan p1 71,83 41,040 ,502 ,841 valid p2 71,87 42,257 ,260 ,851 tidak valid p3 72,17 40,971 ,454 ,843 valid p4 71,70 40,976 ,365 ,847 tidak valid p5 71,83 41,868 ,444 ,844 valid p6 71,97 40,102 ,559 ,838 valid p7 72,00 40,621 ,505 ,841 valid p8 72,17 38,833 ,452 ,844 valid p9 71,97 41,275 ,456 ,843 valid p10 72,43 39,564 ,527 ,839 valid p11 72,37 36,861 ,828 ,824 valid p12 72,17 39,868 ,602 ,837 valid p13 72,33 41,195 ,373 ,846 valid p14 72,77 41,426 ,269 ,852 tidak valid p15 72,47 39,775 ,458 ,842 valid p16 72,30 41,528 ,439 ,844 valid p17 72,13 41,154 ,524 ,841 valid p18 72,40 43,214 ,167 ,854 tidak valid p19 72,73 39,926 ,392 ,847 valid sumber: data primer yang telah diolah al-iqtishad: vol. ii, no. 1, januari 2010 225 tabel 4.9 uji validitas setelah data-data tidak valid di hilangkan item-total statistics no butir instrumen scale mean if item deleted scale variance if item deleted corrected item-total correlation cronbach’s alpha if item deleted keterangan p1 55,77 31,013 ,496 ,854 valid p3 56,10 30,714 ,485 ,854 valid p5 55,77 31,771 ,431 ,857 valid p6 55,90 29,955 ,591 ,849 valid p7 55,93 30,340 ,548 ,851 valid p8 56,10 28,783 ,477 ,857 valid p9 55,90 31,197 ,453 ,856 valid p10 56,37 29,689 ,527 ,852 valid p11 56,30 27,597 ,796 ,836 valid p12 56,10 30,162 ,571 ,850 valid p13 56,27 30,754 ,420 ,857 valid p15 56,40 29,697 ,477 ,855 valid p16 56,23 31,357 ,446 ,856 valid p17 56,07 30,892 ,558 ,852 valid p19 56,67 29,954 ,393 ,861 valid sumber: data primer yang telah diolah persepsi responden mengenai perencanaan biaya pendidikan anak tabel 4.10 untuk meringankan biaya pendidikan anak dimasa yang akan datang penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 0 0 % ragu 1 1 % setuju 47 51 % firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .226 sangat setuju 44 48 % total 92 100% sumber: data primer yang telah diolah berdasarkan tabel 4.9 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 47 responden (51 %), sangat setuju sebanyak 44 responden (48 %), dan ragu sebanyak 1 responden (1 %), sedangkan untuk pilihan tidak setuju dan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa persepsi responden mengenai perencanaan biaya pendidikan anak setuju atau penting untuk meringankan biaya pendidikan anak di masa yang akan datang sebesar 51 %. tabel 4.11 untuk investasi hari tua penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 5 5 % ragu 7 8 % setuju 53 58 % sangat setuju 27 29 % total 92 100% sumber: data primer yang telah diolah berdasarkan tabel 4.10 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 53 responden (58 %), sangat setuju sebanyak 27 responden (29 %), ragu sebanyak 7 responden (8 %), dan yang menyatakan tidak setuju sebanyak 5 responden (5 %) sedangkan untuk pilihan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa persepsi responden mengenai perencanaan biaya pendidikan anak setuju atau penting untuk investasi hari tua sebesar 58 %. al-iqtishad: vol. ii, no. 1, januari 2010 227 tabel 4.12 untuk mengantisipasi tingginya biaya pendidikan anak masa mendatang penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 0 0 % ragu 6 6 % setuju 53 58 % sangat setuju 33 36 % total 92 100% sumber: data primer yang telah diolah berdasarkan tabel 4.11 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 53 responden (58 %), sangat setuju sebanyak 33 responden (36 %), dan ragu sebanyak 6 responden (6 %) sedangkan untuk pilihan tidak setuju dan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa persepsi responden mengenai perencanaan biaya pendidikan anak setuju atau penting untuk mengantisipasi tingginya biaya pendidikan anak di masa yang akan datang sebesar 58 %. tabel 4.13 untuk menghindari resiko yang kemungkinan terjadi di masa mendatang penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 0 0 % ragu 6 7 % setuju 47 51 % sangat setuju 39 42 % total 92 100% sumber: data primer yang telah diolah firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .228 berdasarkan tabel 4.11 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 47 responden (51 %), sangat setuju sebanyak 39 responden (42 %), dan ragu sebanyak 6 responden (7 %) sedangkan untuk pilihan tidak setuju dan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa persepsi responden mengenai perencanaan biaya pendidikan anak setuju atau penting untuk menghindari resiko yang kemungkinan terjadi di masa yang akan datang sebesar 51 %. preferensi produk perencanaan biaya pendidikan anak tabel 4.14 yang dikeluarkan oleh asuransi syariah karena brand perusahaan penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 5 5 % ragu 13 14 % setuju 59 64 % sangat setuju 15 17 % total 92 100% sumber: data primer yang telah diolah berdasarkan tabel 4.13 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 59 responden (64 %), sangat setuju sebanyak 15 responden (17 %), ragu sebanyak 13 responden (14 %), dan yang menyatakan tidak setuju sebanyak 5 responden (5 %) sedangkan untuk pilihan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa preferensi responden mengenai produk perencanaan biaya pendidikan anak yang dikeluarkan oleh asuransi syariah karena brand perusahaan sebesar 64 %. tabel 4.15 al-iqtishad: vol. ii, no. 1, januari 2010 229 yang dikeluarkan oleh asuransi syariah karena benefit yang diberikan perusahaan penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 3 3 % ragu 7 8 % setuju 70 76 % sangat setuju 12 13 % total 92 100% sumber: data primer yang telah diolah berdasarkan tabel 4.14 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 70 responden (76 %), sangat setuju sebanyak 12 responden (13 %), ragu sebanyak 7 responden (8 %), dan yang menyatakan tidak setuju sebanyak 3 responden (3 %) sedangkan untuk pilihan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa preferensi responden mengenai produk perencanaan biaya pendidikan anak yang dikeluarkan oleh asuransi syariah karena benefit atau manfaat yang diberikan oleh perusahaan sebesar 76 %. tabel 4.16 yang dikeluarkan oleh asuransi syariah karena aspek pelayanan yang baik dari perusahaan penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 1 1 % ragu 5 5 % setuju 63 69 % sangat setuju 23 25 % total 92 100% sumber: data primer yang telah diolah firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .230 berdasarkan tabel 4.15 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 63 responden (69 %), sangat setuju sebanyak 23 responden (25 %), ragu sebanyak 5 responden (5 %), dan yang menyatakan tidak setuju sebanyak 1 responden (1 %) sedangkan untuk pilihan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa preferensi responden mengenai produk perencanaan biaya pendidikan anak yang dikeluarkan oleh asuransi syariah karena pelayanan yang baik dari perusahaan sebesar 69 %. tabel 4.17 yang dikeluarkan oleh perbankan syariah karena brand perusahaan penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 7 8 % ragu 5 5 % setuju 63 69 % sangat setuju 17 18 % sumber: data primer yang telah diolah berdasarkan tabel 4.16 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 63 responden (69 %), sangat setuju sebanyak 17 responden (18 %), ragu sebanyak 5 responden (5 %), dan yang menyatakan tidak setuju sebanyak 7 responden (8 %) sedangkan untuk pilihan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa preferensi responden mengenai produk perencanaan biaya pendidikan anak yang dikeluarkan oleh perbankan syariah karena brand perusahaan sebesar 69 %. tabel 4.18 yang dikeluarkan oleh perbankan syariah karena benefit yang diberikan perusahaan penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % al-iqtishad: vol. ii, no. 1, januari 2010 231 tidak setuju 3 3 % ragu 4 4 % setuju 75 82 % sangat setuju 10 11 % total 92 100% sumber: data primer yang telah diolah berdasarkan tabel 4.17 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 75 responden (82 %), sangat setuju sebanyak 10 responden (11 %), ragu sebanyak 4 responden (4 %), dan yang menyatakan tidak setuju sebanyak 3 responden (3 %) sedangkan untuk pilihan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa preferensi responden mengenai produk perencanaan biaya pendidikan anak yang dikeluarkan oleh perbankan syariah karena benefit atau manfaat yang diberikan perusahaan sebesar 82 %. tabel 4.19 yang dikeluarkan oleh perbankan syariah karena aspek pelayanan yang baik dari perusahaan penilaian frekuensi persentase (%) sangat tidak setuju 0 0 % tidak setuju 1 1 % ragu 6 7 % setuju 67 73 % sangat setuju 18 19 % total 92 100% sumber: data yang telah diolah berdasarkan tabel 4.18 menunjukan bahwa mayoritas responden menyatakan setuju sebanyak 67 responden (73 %), sangat setuju sebanyak 18 responden (19 %), ragu sebanyak 6 responden (7 %), dan yang menyatakan tidak setuju sebanyak 1 responden (1 %) sedangkan untuk pilihan sangat tidak setuju tidak memberikan penilaian terhadap pernyataan. dapat diartikan bahwa preferensi responden mengenai produk firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .232 perencanaan biaya pendidikan anak yang dikeluarkan oleh perbankan syariah karena pelayanan yang baik dari perusahaan sebesar 73 %. pengaruh persepsi terhadap preferensi produk perencanaan biaya pendidikan anak pada asuransi syariah atau perbankan syariah tabel 4.20 coefficients(a) model unstandardized coefficients standardized coefficients t sig. collinearity statistics b std. error beta tolerance vif 1 (constant) 15,912 3,717 4,281 ,000 persepsi ,496 ,124 ,389 4,006 ,000 1,000 1,000 a dependent variable: preferensi dari hasil analisis pada tabel 4.19 telah diketahui bahwa nilai b = 0,496 dengan nilai signifikansi 0,000 < 0,05. sehingga hipotesis yang menyatakan terdapat pengaruh yang signifikan persepsi terhadap preferensi dapat dibuktikan. dengan demikian maka dapat disimpulkan bahwa keputusan preferensi produk perencanaan biaya pendidikan anak pada asuransi syariah dan perbankan syariah dipengaruhi persepsi responden mengenai perencanaan baiaya pendidikan anak. hasil analisis regresi tersebut di atas maka dapat diketahui fungsi regresi berganda yang dituliskan sebagai berikut: y = a + bx y = 15,912 + 0,496x dimana: y = variabel terikat (preferensi) x = variabel bebas (persepsi) a = bilangan konstanta b = koefesien regresi koefisien regresi dari persamaan tersebut adalah x = 0,496, hal ini berarti jika variabel persepsi (x) berubah 1% maka variabel preferensi (y) al-iqtishad: vol. ii, no. 1, januari 2010 233 berubah sebesar 0,496%. sedangkan jika persepsi (x) = 0, maka preferensi (y) adalah sama dengan konstan (a) yaitu 15,912. dari hasil analisis data diatas dapat diketahui bahwa variabel persepsi responden mengenai perencanaan biaya pendidikan anak (x) berpengaruh terhadap preferensi produk perencanaan biaya pendidikan anak pada asuransi syariah dan perbankan syariah. koefisien determinasi untuk mengetahui hubungan antara variabel independen dengan variabel dependen akan dihitung dengan menggunakan software spss 12.0 sebagai berikut: tabel 4.21 model summary (b) model r r square adjusted r square std. error of the estimate 1 ,389(a) ,151 ,142 3,550 a predictors: (constant), persepsi b dependent variable: preferensi nilai r square (r2) = 0.151 dapat dikatakan bahwa 15,1 %. hal ini berarti bahwa variabel persepsi (x) memiliki kontribusi sebesar 15,1 % terhadap preferensi (y) sedangkan sisanya 4,9 % dipengaruhi oleh tingkat pendapatan, promosi, kualitas produk, profit bagi hasil, dan lain sebaginya. nilai r = 0,389 menunjukan bahwa adanya hubungan yang cukup signifikan antara persepsi (x) terhadap preferensi (y). uji kebermaknaan model tabel 4.22 anova(b) model sum of squares df mean square f sig. 1 regres-sion 202,188 1 202,188 16,046 ,000(a) firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .234 residual 1134,018 90 12,600 total 1336,207 91 a predictors: (constant): persepsi b dependent variable: preferensi berdasarkan pada tabel analisis varian (anova), jika di lihat dengan meng gunakan nilai signifikansi, diketahui bahwa nilai sig (0.000 < 0.05) yang artinya signifikan, sedangkan fhitung sebesar 16,046 > ftabel, dengan tingkat signifikansi sebesar 5% didapat nilai ftabel sebesar 3,96. karena nilai fhitung (16,046) > nilai ftabel (3,96), maka dapat disimpulkan bahwa model baik dan dapat digunakan untuk memprediksi pengaruh persepsi terhadap preferensi. namun kemampuan model dalam menjelaskan variabel dependen masih lemah. penutup berdasarkan hasil analisis dapat diinterpretasikan bahwa persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan biaya pendidikan adalah setuju atau penting merencanakan biaya pendidikan anak untuk: a. meringankan biaya pendidikan anak dimasa yang akan datang; b. investasi hari tua; c. mengantisipasi tingginya biaya pendidikan anak dimasa yang akan datang, dan d. menghindari resiko yang kemungkinan terjadi dimasa yang akan datang. preferensi pegawai uin syarif hidayatullah jakarta mengenai produk perencanaan biaya pendidikan anak adalah produk perencanaan baiaya pendidikan anak yang dikeluarkan oleh perbankan syariah karena benefit atau manfaat yang diberikan oleh perusahaan yaitu sebanyak 75 pegawai (82 %) karena ada tambahan asuransi, apabila orang tua sebagai penyetor tabungan meninggal dunia maka setoran tabungan akan diteruskan oleh perusahaan asuransi. sedangkan hasil pengujian statistik dan hipotesisnya menunjukan bahwa nilai b = 0,496 dengan nilai signifikansi 0,000 < 0,05. sehingga hipotesis yang berbunyi terdapat pengaruh yang signifikan antara persepsi al-iqtishad: vol. ii, no. 1, januari 2010 235 dan preferensi dapat dibuktikan. untuk koefisien determinasi menunjukan bahwa nilai r square (r2) = 0,151 dapat dikatakan bahwa sebesar 15,1 % variabel persepsi memiliki kontribusi terhadap preferensi, sedangkan sisanya 4,9 % dipengaruhi oleh tingkat pendapatan, promosi, kualitas produk, profit bagi hasil dan lain sebagainya. sedangkan uji kebermaknaan model menjelaskan bahwa model baik dan dapat digunakan untuk memprediksi pengaruh persepsi terhadap preferensi. namun kemampuan model dalam menjelaskan variabel dependen masih lemah. pustaka acuan agus irianto, statistik konsep dasar dan aplikasi, jakarta: prenada media. 2004 bungin, h. m. burhan. metodologi penelitian kuantitatif. jakarta: kencana, 2005 baitul hikmah, mempersiapkan biaya pendidikan anak, www.baitulhikmah. com, diakses tanggal 3 desember 2009 bank syariah mandiri. “tabungan investa cendekia”. artikel diakses tanggal 12 oktober 2009 dari www.syariahmandiri.co.id, chaplin, j.p. kamus lengkap psikologi. penerjemah kartini kartono. jakarta: pt. raja grafindo persada, 2004 departemen pendidikan nasional. kamus besar bahasa indonesia, edisi. iii. jakarta: balai pustaka, 2005 didin hafidhuddin dan hendri tanjung. manajemen syariah dalam praktik. jakarta: gema insani press, 2003 fayra, widi. “mempersiapkan dana pendidikan anak”. artikel diakses pada 03 oktober 2008 dari widyafayra.blogspot.com ghozali, imam. aplikasi analisis mltivariat dengan program spss. semarang: badan penerbit universitas dipenogoro, 2007 hosen, m. nadratuzzaman. dkk. buku saku lembaga bisnis syariah, cet.iii. jakarta: pusat komunikasi ekonomi syariah (pkes), 2006 janwari, yadi. asuransi syariah. bandung: pustaka bani quraisy, 2005 kotler, philips. manajemen pemasaran. jakarta: preshalindo, 2005 munandar, ashar sunyoto. psikologi industri dan organisasi. jakarta: uipress, 2004 firdaus: persepsi pegawai uin syarif hidayatullah jakarta mengenai perencanaan . . .236 purnomo, hadi. “dua pilar pengembangan perbankan syariah di indonesia.” diakses tanggal 6 nopember 2009 dari http:// ib-bloggercompetition. kompasiana.com rahmat, jalaludin. psikologi komunikasi. bandung: rosda karya, 2005 rini, mike. “mensiasati biaya pendidikan”. artikel diakse tanggal 11 nopember 2009 dari www.danareksa.com rochaety, eti. dkk. metode penelitian bisnis: dengan aplikasi spss. jakarta: mitra wacana media, 2007 senduk, safir. seri perencanaan keuangan keluarga, mempersiapkan dana pendidikan anak, cet. vi. jakarta: elex media komputindo, 2007 setiadi, nugroho j. perilaku konsumen, konsep dan strategi dan penelitian pemasaran. jakarta: prenada media, 2003 silalahi, bennet. manajemen integratif, edisi vi. jakarta: sekolah tinggi manajemen lpmi, 2004 sula, m. syakir. asuransi syariah life and general, konsep dan sistem operasional. jakarta: gema insani press, 2004 suharnan. psikologi kognitif. surabaya. srikandi. 2005 suhendi, hendi dan yusup, deni k. asuransi takaful: dari teoritis ke praktis. bandung: mimbar pustaka, 2005 sudarsono, heri. bank dan lembaga keuangan syariah: deskripsi dan ilustrasi, edisi iii. yogyakarta: ekonisa, 2004 sugiono. metodologi penelitian bisnis. bandung: cv. alfabeta, 2004 syamsudin (staf kepegawaian bagian sistem informasi uin jakarta), peneliti melakukan wawancara pada tanggal 21-10-2009 tim penyusun. prospektus uin syarif hidayatullah jakarta tahun 2007, jakarta: uin press, 2007 tim penyusun. profil uin syarif hidayatullah jakarta tahun 2007, jakarta: uin press, 2007 zein, mohammad shaifie. “dorong asuransi syariah dengan sosialisasi simultan”. artikel diakses tanggal 13 november 2009 dari www. republika.ac.id multiakad dalam transaksi syariah kontemporer pada lembaga keuangan syariah di indonesia hasanudin maulana abstract: multiagreements in contemporary islamic transactions on indonesian islamic financial institutions. the development of islamic finance in indonesia affects the development of islamic finance products dynamically. the agreement in islamic transactions underwent a variety of innovations from several existing agreements in mu‘âmalah jurisprudence concept. one of them is the concept of multi-agreements in a transaction. transactions with these multiagreement forms exist in almost islamic products currently. this article also discusses various scholarly opinions with all variants of the concept multi-agreements. keywords: multiagreements, al-bay’, transactions abstrak: multiakad dalam transaksi syariah kontemporer pada lembaga keuangan syariah di indonesia. seiring dengan perkembangan ekonomi syariah, khususnya di indonesia, maka produk-produk ekonomi syariah pun berkembang secara dinamis. akad-akad dalam transaksi syariah pun mengalami pelbagai inovasi dari beberapa akad yang ada dalam konsep fikih muamalah yang telah ada selama ini. salah satu inovasi tersebut adalah lahirnya konsep multiakad dalam suatu transaksi. transaksi dengan bentuk multiakad ini hampir ada dalam semua produk syariah saat ini. artikel ini juga akan menyajikan beragam pendapat ulama dengan segala variannya tentang konsep multiakad tersebut. kata kunci: multiakad, al-bay‘ , transaksi naskah diterima: 27 oktober 2010, direvisi: 2 desember 2010, disetujui: 9 desember 2010.  dewan syariah nasional majelis ulama indonesia (dsn-mui). jl. proklamasi no. 51 menteng, jakarta pusat. e-mail: abumafaz@yahoo.co.id https://www.cia.gov/library/publications/ the-world-factbook/geos/id.html http://bisnis.vivanews.com/news/read/187866. http://edukasi.kompas.com/read/2010/02/18/16344910. http://edukasi.kompas.com/read/2010/02/18/16344910. http://www.gatra.com/2010-04-26/artikel. php?id=137136. http://www.jurnal-ekonomi.org/2004/04/22/. http://www.jurnal-ekonomi.org/2008/07/17/. kompas, kemiskinan kian merisaukan, senin, 12 juli 2010. hasanudin: multiakad dalam transaksi syariah kontemporer 156 pendahuluan pertumbuhan dan perkembangan pesat aktivitas dan lembaga keuangan syariah (lks) di indonesia saat ini, seperti perbankan syariah, asuransi syariah, pembiayaan syariah, obligasi syariah (sukuk al-istitsmâr), dan lain sebagainya menuntut para praktisi, regulator, dan bahkan akademisi bidang keuangan syariah untuk senantiasa aktif dan kreatif dalam rangka memberikan respon terhadap perkembangan tersebut. para praktisi dituntut melakukan penciptaan pelbagai produk, regulator membuat regulasi yang mengatur dan mengawasi produk yang ditawarkan dan laksanakan oleh praktisi, dan akademisi pun dituntut memberikan pencerahan dan tuntunan agar produk maupun regulasi benarbenar tidak menyimpang dari prinsip-prinsip syariah. dalam rangka memenuhi kebutuhan masyarakat dan mengembangkan industri atau bisnis praktisi telah melakukan pelbagai upaya untuk menciptakan produk-produk baru atau bahkan—dan ini yang paling banyak—melakukan adaptasi dan ‛syariatisasi‛ terhadap produk-produk lama (konvensional). untuk yang terakhir ini, mengingat fungsinya masih relavan dan diperlukan, nama produk lama tetap dipertahankan, tentu saja dengan diberi label khusus untuk membedakannya dari produk konvensional, misalnya diberi kata ‛syariah‛ atau kini—untuk di lingkungan perbankan syariah sesuai dengan peraturan perundang-undangan yang berlaku—diberi label ‛ib‛. sebagai contoh dapat dikemukakan antara lain kartu kredit syariah, asuransi syariah, obligasi syariah, fx ib, dan islamic swap. salah satu parameter untuk menilai suatu produk apakah telah memenuhi prinsip syariah atau tidak adalah dengan memperhatikan akad-akad dan pelbagai ketentuannya yang digunakan dalam produk tersebut. produk-produk dalam kegiatan keuangan syariah, jika terhadapnya dilakukan al-takyîf al-fiqhî, beberapa atau bahkan sebagian terbesar ternyata mengandung beberapa akad. sebagai contoh, dalam transaksi kartu kredit syariah terdapat akad ijârah, qardh, dan kafâlah; obligasi syariah mengandung sekurang-kurangnya akad mudhârabah (atau ijârah) dan wakâlah, serta terkadang disertai kafâlah atau wa’d; islamic swap mengandung beberapa kali akad tawarruq, bay‘, wakâlah, sharf, dan terkadang atau selalu disertai wa’d. dalam setiap transaksi, akad-akad tersebut dilakukan secara bersamaan atau setidak-tidaknya setiap akad yang terdapat dalam suatu produk tidak bisa ditinggalkan, karena kesemuanya merupakan satu kesatuan. transaksi seperti itulah yang dalam tulisan ini diistilahkan dengan ‛multiakad‛ yang kini dalam peristilahan fikih muamalah kontemporer (fiqh al-mu’âmalah al-mâliyah al-mu’âshirah) disebut dengan al-’uqûd al-murakkabah. dengan banyaknya transaksi modern yang menggunakan multiakad sebaal-iqtishad: vol. iii, no. 1, januari 2011 157 pendahuluan pertumbuhan dan perkembangan pesat aktivitas dan lembaga keuangan syariah (lks) di indonesia saat ini, seperti perbankan syariah, asuransi syariah, pembiayaan syariah, obligasi syariah (sukuk al-istitsmâr), dan lain sebagainya menuntut para praktisi, regulator, dan bahkan akademisi bidang keuangan syariah untuk senantiasa aktif dan kreatif dalam rangka memberikan respon terhadap perkembangan tersebut. para praktisi dituntut melakukan penciptaan pelbagai produk, regulator membuat regulasi yang mengatur dan mengawasi produk yang ditawarkan dan laksanakan oleh praktisi, dan akademisi pun dituntut memberikan pencerahan dan tuntunan agar produk maupun regulasi benarbenar tidak menyimpang dari prinsip-prinsip syariah. dalam rangka memenuhi kebutuhan masyarakat dan mengembangkan industri atau bisnis praktisi telah melakukan pelbagai upaya untuk menciptakan produk-produk baru atau bahkan—dan ini yang paling banyak—melakukan adaptasi dan ‛syariatisasi‛ terhadap produk-produk lama (konvensional). untuk yang terakhir ini, mengingat fungsinya masih relavan dan diperlukan, nama produk lama tetap dipertahankan, tentu saja dengan diberi label khusus untuk membedakannya dari produk konvensional, misalnya diberi kata ‛syariah‛ atau kini—untuk di lingkungan perbankan syariah sesuai dengan peraturan perundang-undangan yang berlaku—diberi label ‛ib‛. sebagai contoh dapat dikemukakan antara lain kartu kredit syariah, asuransi syariah, obligasi syariah, fx ib, dan islamic swap. salah satu parameter untuk menilai suatu produk apakah telah memenuhi prinsip syariah atau tidak adalah dengan memperhatikan akad-akad dan pelbagai ketentuannya yang digunakan dalam produk tersebut. produk-produk dalam kegiatan keuangan syariah, jika terhadapnya dilakukan al-takyîf al-fiqhî, beberapa atau bahkan sebagian terbesar ternyata mengandung beberapa akad. sebagai contoh, dalam transaksi kartu kredit syariah terdapat akad ijârah, qardh, dan kafâlah; obligasi syariah mengandung sekurang-kurangnya akad mudhârabah (atau ijârah) dan wakâlah, serta terkadang disertai kafâlah atau wa’d; islamic swap mengandung beberapa kali akad tawarruq, bay‘, wakâlah, sharf, dan terkadang atau selalu disertai wa’d. dalam setiap transaksi, akad-akad tersebut dilakukan secara bersamaan atau setidak-tidaknya setiap akad yang terdapat dalam suatu produk tidak bisa ditinggalkan, karena kesemuanya merupakan satu kesatuan. transaksi seperti itulah yang dalam tulisan ini diistilahkan dengan ‛multiakad‛ yang kini dalam peristilahan fikih muamalah kontemporer (fiqh al-mu’âmalah al-mâliyah al-mu’âshirah) disebut dengan al-’uqûd al-murakkabah. dengan banyaknya transaksi modern yang menggunakan multiakad sebagaimana disinggung di atas, kini atau bahkan pada dasawarsa terakhir ini mulai ramai diperbincangkan para ahli fikih sekitar keabsahan dari multiakad. sejumlah tulisan, mulai tulisan berbentuk artikel sampai dengan tulisan ilmiah serius seperti tesis dan disertasi, bermunculan. penulis pun menulis disertasi dengan topik konsep dan dhawâbith multiakad dalam fatwa dsn-mui. perbincangan dan perdebatan mengenai keabsahan multiakad ini muncul bukan tanpa sebab. sejumlah hadis nabi—sekurang-kurangnya tiga buah hadis—secara lahiriah (ma’na zhâhir)menunjukkan larangan penggunaan multiakad. misalnya, hadis tentang larangan untuk melakukan bay‘ dan salaf, larangan bay‘ atayn fî bay‘ ah, dan shafqatayn fî shafqah. dengan adanya hadis-hadis tersebut kiranya sangat wajar jika timbul pertanyaan, apakah produk-produk keuangan syariah yang menggunakan multiakad dapat dipandang memenuhi prinsip syariah atau sebaliknya. tulisan sederhana ini tidak dimaksudkan untuk menganalisis secara lengkap dan tafshîl terhadap produk-produk dimaksud, melainkan hanya sekadar akan membincang apa dan bagaimana sebenarnya konsep multiakad, multiakad seperti apa yang memenuhi prinsip syariah, dan tentu saja apa yang dimaksudkan oleh nabi dengan hadis-hadisnya tersebut, sebagai bahan diskusi. model multiakad multi dalam bahasa indonesia berarti: banyak, lebih dari satu, lebih dari dua, berlipat ganda.1 dengan demikian, multiakad dalam bahasa indonesia berarti akad berganda atau akad yang banyak, lebih dari satu. sedangkan menurut istilah fikih, kata multiakad merupakan terjemahan dari kata arab yaitu al-’uqûd al-murakkabah yang berarti akad ganda (rangkap). al-’uqûd al-murakkabah terdiri atas dua kata al-’uqûd (bentuk jamak dari ‘aqd) dan al-murakkabah. kata al-murakkabah (murakkab) secara etimologi berarti aljam‘u, yakni mengumpulkan atau menghimpun.2 kata murakkab sendiri berasal dari kata rakkaba-yurakkibu-tarkîban yang mengandung arti meletakkan sesuatu pada sesuatu yang lain sehingga menumpuk, ada yang di atas dan yang di bawah.3 sedangkan murakkab menurut pengertian para ulama fikih adalah: pertama, himpunan beberapa hal sehingga disebut dengan satu nama. seseorang menjadikan beberapa hal menjadi satu hal (satu nama) dikatakan sebagai 1 tim penyusun, kamus besar bahasa indonesia, (jakarta: balai pustaka, 1996), edisi ii, h. 671. 2 kata al-jam‘ menunjukkan berkumpulnya sesuatu (tadhâmm al-syay’). al-tahânawî, kasysyâf ishthilâhât al-funûn, (bayrût: dâr shâdir, tt.), jilid ii, h. 534. 3 al-jawharî, al-shihâh, jilid i, h. 139. al-fairûz al-abâdî, al-qâmûs al-muhîth, h.117. hasanudin: multiakad dalam transaksi syariah kontemporer 158 melakukan penggabungan (tarkîb). kedua, sesuatu yang dibuat dari dua atau beberapa bagian, sebagai kebalikan dari sesuatu yang sederhana (tunggal/ basîth) yang tidak memiliki bagian-bagian. ketiga, meletakkan sesuatu di atas sesuatu lain atau menggabungkan sesuatu dengan yang lainnya.4 ketiga pengertian ini memiliki kelebihan dan kekurangan masing-masing untuk menjelaskan makna persis dari istilah murakkab. pengertian pertama lebih tepat untuk digunakan karena mengandung dua hal sekaligus, yaitu terhimpunnya beberapa hal dan bersatunya beberapa hal itu yang kemudian menjadi satu pengertian tertentu. pengertian kedua tidak menjelaskan akibat dari terhimpunnya beberapa hal itu. walaupun pengertian kedua menyatakan adanya gabungan dua atau beberapa hal, tetapi tidak menjelaskan apa dan bagaimana setelah terjadi penggabungan tersebut. pengertian terakhir lebih dekat kepada pengertian etimologis, tidak menjelaskan pengertian untuk suatu istilah tertentu. dengan demikian pengertian pertama lebih dekat dan pas untuk menjelaskan maksud al-’uqûd al-murakkabah dalam konteks fikih muamalah. karena itu, akad murakkab menurut nazih hammad adalah: .5 kesepakatan dua pihak untuk melaksanakan suatu akad yang mengandung dua akad atau lebih, seperti jual beli dengan sewa menyewa, hibah, wakâlah, qardh, muzâra'ah, sharaf (penukaran mata uang), syirkah, mudhârabah, dst., sehingga semua akibat hukum akad-akad yang terhimpun tersebut, serta semua hak dan kewajiban yang ditimbulkannya dipandang seba 4 ‘abd allâh ibn muhammad bin ‘abd allâh al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah: dirâsah fiqhiyyah ta’shîliyyah wa tathbîqiyyah, (riyâdh: dâr kunûz eshbelia li al-nasyr wa al-tauzî’, 2006), cet. i, h. 45. 5 nazîh hammâd, al-’uqûd al-murakkabah fî al-fiqh al-islâmî, (damaskus: dâr al-qalam, 2005), cet. i, h. 7. al-iqtishad: vol. iii, no. 1, januari 2011 159 melakukan penggabungan (tarkîb). kedua, sesuatu yang dibuat dari dua atau beberapa bagian, sebagai kebalikan dari sesuatu yang sederhana (tunggal/ basîth) yang tidak memiliki bagian-bagian. ketiga, meletakkan sesuatu di atas sesuatu lain atau menggabungkan sesuatu dengan yang lainnya.4 ketiga pengertian ini memiliki kelebihan dan kekurangan masing-masing untuk menjelaskan makna persis dari istilah murakkab. pengertian pertama lebih tepat untuk digunakan karena mengandung dua hal sekaligus, yaitu terhimpunnya beberapa hal dan bersatunya beberapa hal itu yang kemudian menjadi satu pengertian tertentu. pengertian kedua tidak menjelaskan akibat dari terhimpunnya beberapa hal itu. walaupun pengertian kedua menyatakan adanya gabungan dua atau beberapa hal, tetapi tidak menjelaskan apa dan bagaimana setelah terjadi penggabungan tersebut. pengertian terakhir lebih dekat kepada pengertian etimologis, tidak menjelaskan pengertian untuk suatu istilah tertentu. dengan demikian pengertian pertama lebih dekat dan pas untuk menjelaskan maksud al-’uqûd al-murakkabah dalam konteks fikih muamalah. karena itu, akad murakkab menurut nazih hammad adalah: .5 kesepakatan dua pihak untuk melaksanakan suatu akad yang mengandung dua akad atau lebih, seperti jual beli dengan sewa menyewa, hibah, wakâlah, qardh, muzâra'ah, sharaf (penukaran mata uang), syirkah, mudhârabah, dst., sehingga semua akibat hukum akad-akad yang terhimpun tersebut, serta semua hak dan kewajiban yang ditimbulkannya dipandang seba 4 ‘abd allâh ibn muhammad bin ‘abd allâh al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah: dirâsah fiqhiyyah ta’shîliyyah wa tathbîqiyyah, (riyâdh: dâr kunûz eshbelia li al-nasyr wa al-tauzî’, 2006), cet. i, h. 45. 5 nazîh hammâd, al-’uqûd al-murakkabah fî al-fiqh al-islâmî, (damaskus: dâr al-qalam, 2005), cet. i, h. 7. gai satu kesatuan yang tidak dapat dipisah-pisahkan, sebagaimana akibat hukum dari satu akad. sedangkan menurut al-‘imrânî, akad murakkab adalah: .6 himpunan beberapa akad kebendaan yang dikandung oleh sebuah akad, baik secara gabungan maupun secara timbal-balik, sehingga seluruh hak dan kewajiban yang ditimbulkannya dipandang sebagai akibat hukum dari satu akad. selain istilah akad murakkab, ada beberapa istilah lain yang digunakan ahli fikih yang memiliki hubungan, kemiripan, dan kesamaan dengan pengertian akad murakkab. istilah-istilah itu antara lain al-’uqûd al-mujtami‘ah, al-’uqûd almuta’addidah, al-’uqûd al-mutakarrirah, al-’uqûd al-mutadâkhilah, al-’uqûd almukhtalithah. berikut adalah penjelasan pengertian dari beberapa istilah yang mirip dengan murakkab ini. pertama, al-ijtimâ’. kata ini mengandung arti terhimpun atau terkumpul, lawan dari terpisah. sesuatu yang terhimpun dari beberapa bagian meski tidak menjadi satu bagian adalah arti dari kata ijtimâ’.7 dengan begitu al-’uqûd al-mujtami‘ah berarti terhimpunnya dua akad atau lebih dalam satu akad. sekilas ada persamaan antara istilah murakkab dan mujtami‘ah, yaitu adanya unsur terhimpunnya beberapa akad dalam satu akad. bedanya, dalam murakkab beberapa akad itu lebur menjadi satu akad (transaksi) yang memiliki implikasi dan satu akibat hukum. sedangkan dalam mujtami‘ah, belum tentu terjadi peleburan akad. artinya, dalam ijtimâ‘ beberapa akad itu dapat melebur menjadi satu akad dan dapat pula akad-akad tersebut berdiri sendiri-sendiri. dalam kondisi pertama, akad mujtami‘ah dapat disebut dengan—dan merupakan salah satu bentuk—akad murakkab, sedangkan dalam kondisi kedua (tidak 6 ‘abd allâh bin muhammad bin ‘abd allâh al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.46. 7 ibn manzhûr, lisân al-‘arab, jilid viii, h. 53. lihat juga al-fayruz abâdi, al-qâmûs al-muhîth, h. 917. hasanudin: multiakad dalam transaksi syariah kontemporer 160 melebur menjadi satu), ia tidak dapat dikategorikan akad murakkab. contoh akad mujtami‘ah adalah akad sewa-menyewa (ijârah) dan jual beli (bay‘) yang digabungkan menjadi satu meskipun kedua akad tetap eksis. dengan demikian, pengertian ijtimâ‘ (mujtami‘ah) lebih luas dari pada murakkab, karena ijtimâ‘ mencakup murakkab dan tidak murakkab. ulama pun tidak sekata atas penggunaan istilah ijtimâ‘ ini. al-‘imrânî tampaknya membedakan istilah murakkab dan mujtami‘ah seperti diuraikan di atas.8 akan tetapi nazih terlihat mempersamakan istilah murakkab dan mujtami‘ah. dalam beberapa pembahasan, nazih mencampuradukkan antara istilah akad murakkab dan akad mujtami‘ah.9 kedua, al-ta'addud. kata ta'addud berarti berbilang dan bertambah. ta'addud dalam terminologi akad adalah adanya tambahan jumlah syarat, akad, pelaku, harga, objek, atau sejenisnya.10 istilah ta'addud lebih umum dari pada murakkab. akad murakkab yang diartikan sebagai terhimpunnya dua akad atau lebih dalam satu akad, adalah makna dari terbilang (ta'addud) dalam akad. bedanya, ta‘addud mengandung persoalan-persoalan yang tidak termasuk dalam tujuan akad murakkab, seperti berbilangnya dua pihak, atau dalam harga, benda, atau lainnya.11 karena itu ada perbedaan mendasar antara murakkab dan ta'addud, dimana murakkab mengandung konsekuensi satu, sedangkan ta'addud konsekuensinya bisa berbilang. ketiga, al-tikrâr. al-tikrâr berarti berulang. kata ini digunakan untuk menunjukkan adanya proses terhimpun atau terulangnya sesuatu. sedangkan secara terminologi al-tikrâr diartikan sebagai mengulangi sesuatu yang telah dilakukan. dalam hal akad, al-tikrâr berarti mengulangi akad yang telah dilakukan sebelumnya.12 bedanya dengan murakkab dalam akad, kalau al-tikrâr meski berarti pula mengumpulkan tetapi maksud yang paling tetap untuk istilah ini adalah mengulangi akad yang sudah dilakukan dalam beberapa transaksi. sedangkan dalam murakkab yang terjadi adalah terhimpunnya dua akad atau lebih menjadi satu akad atau transaksi. keempat, al-tadâkhul. al-tadâkhul secara bahasa berarti masuk (al-wulûj), masuknya sesuatu pada sesuatu yang lain, keserupaan beberapa hal dan saling meliputi. al-tadâkhul juga berarti masuknya suatu bagian pada bagian yang lain. 8 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 47-48. 9 nazih hammâd, al-‘uqûd al-murakkabah, h. 7 dst. lihat juga nazih hammâd, qadhâyâ fiqhiyyah mu'âshirah fi al-mâl wa al-iqtishâd, (damaskus: dâr al-qalam, 2001), h. 249-273. 10 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 49. 11 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 49. 12 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 50. al-iqtishad: vol. iii, no. 1, januari 2011 161 melebur menjadi satu), ia tidak dapat dikategorikan akad murakkab. contoh akad mujtami‘ah adalah akad sewa-menyewa (ijârah) dan jual beli (bay‘) yang digabungkan menjadi satu meskipun kedua akad tetap eksis. dengan demikian, pengertian ijtimâ‘ (mujtami‘ah) lebih luas dari pada murakkab, karena ijtimâ‘ mencakup murakkab dan tidak murakkab. ulama pun tidak sekata atas penggunaan istilah ijtimâ‘ ini. al-‘imrânî tampaknya membedakan istilah murakkab dan mujtami‘ah seperti diuraikan di atas.8 akan tetapi nazih terlihat mempersamakan istilah murakkab dan mujtami‘ah. dalam beberapa pembahasan, nazih mencampuradukkan antara istilah akad murakkab dan akad mujtami‘ah.9 kedua, al-ta'addud. kata ta'addud berarti berbilang dan bertambah. ta'addud dalam terminologi akad adalah adanya tambahan jumlah syarat, akad, pelaku, harga, objek, atau sejenisnya.10 istilah ta'addud lebih umum dari pada murakkab. akad murakkab yang diartikan sebagai terhimpunnya dua akad atau lebih dalam satu akad, adalah makna dari terbilang (ta'addud) dalam akad. bedanya, ta‘addud mengandung persoalan-persoalan yang tidak termasuk dalam tujuan akad murakkab, seperti berbilangnya dua pihak, atau dalam harga, benda, atau lainnya.11 karena itu ada perbedaan mendasar antara murakkab dan ta'addud, dimana murakkab mengandung konsekuensi satu, sedangkan ta'addud konsekuensinya bisa berbilang. ketiga, al-tikrâr. al-tikrâr berarti berulang. kata ini digunakan untuk menunjukkan adanya proses terhimpun atau terulangnya sesuatu. sedangkan secara terminologi al-tikrâr diartikan sebagai mengulangi sesuatu yang telah dilakukan. dalam hal akad, al-tikrâr berarti mengulangi akad yang telah dilakukan sebelumnya.12 bedanya dengan murakkab dalam akad, kalau al-tikrâr meski berarti pula mengumpulkan tetapi maksud yang paling tetap untuk istilah ini adalah mengulangi akad yang sudah dilakukan dalam beberapa transaksi. sedangkan dalam murakkab yang terjadi adalah terhimpunnya dua akad atau lebih menjadi satu akad atau transaksi. keempat, al-tadâkhul. al-tadâkhul secara bahasa berarti masuk (al-wulûj), masuknya sesuatu pada sesuatu yang lain, keserupaan beberapa hal dan saling meliputi. al-tadâkhul juga berarti masuknya suatu bagian pada bagian yang lain. 8 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 47-48. 9 nazih hammâd, al-‘uqûd al-murakkabah, h. 7 dst. lihat juga nazih hammâd, qadhâyâ fiqhiyyah mu'âshirah fi al-mâl wa al-iqtishâd, (damaskus: dâr al-qalam, 2001), h. 249-273. 10 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 49. 11 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 49. 12 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 50. arti terakhir ini lebih spesifik karena yang masuk adalah suatu bagian pada bagian yang lainnya, sedangkan pengertian pertama lebih luas karena mencakup masuknya sesuatu pada sesuatu yang lain. sesuatu itu dapat berupa bagian atau suatu yang utuh. dalam terminologi fikih, al-tadâkhul diartikan sebagai terhimpunnya suatu hal tertentu dalam dua ketentuan hukum agama (syar'i) dan cukup hanya melakukan salah satu ketentuan hukum tersebut pada umumnya boleh dipilih, namun akibat hukum keduanya atau salah satunya dapat tercapai.13 dari pengertian ini, al-tadâkhul mengandung pula makna pengumpulan. akan tetapi pengumpulan akad di sini dapat tercukupi dengan salah satu akadnya, tanpa akad yang lain. sementara pada murakkab, kedua akad atau lebih tidak bisa dipisahkan satu dari yang lainnya. keduanya digabungkan menjadi satu transaksi tersendiri yang berakibat hukum pada objek transaksi dengan akibat yang satu. jadi jelas, perbedaan mendasarnya bahwa murakkab meniscayakan leburnya dua atau lebih akad menjadi satu yang memiliki akibat hukum yang satu pula (dalam arti tidak bisa dipisahkan), namun akad-akad tersebut harus dilaksanakan. kelima, al-ikhtilâth. kata ini memiliki makna yang sama dengan al-jam’u. al-ikhtilâth berarti terhimpun, terkumpul, insert (tadâkhul), dan melebur. seperti contoh seseorang mencampurkan sesuatu pada yang lain, maka keduanya tercampur atau terkumpul. tercampurnya dua hal itu bisa berakibat melebur menjadi satu sehingga kedua hal itu tidak bisa dibedakan seperti tercampurnya barang-barang cair, dan bisa juga dibedakan seperti dikumpulkannya suatu hewan dengan hewan yang lain. multiakad (‘uqûd mukhtalithah) mengandung arti seperti akad murakkab, yaitu akad-akad yang terhimpun dalam satu akad yang menimbulkan akibat hukum satu akad.14 ‘uqûd mukhtalithah (contract mixed) adalah menghimpun beberapa akad modern di mana satu akad melebur dengan akad lainnya. dengan kata lain akad yang terdiri atas peleburan beberapa akad yang berbeda menjadi satu akad.15 contoh akad yang mukhtalith adalah mengontrak rumah. beberapa akad yang ada di dalamnya adalah akad sewa untuk ruangan tinggal, akad bekerja sebagai pembantu, akad jual beli berkenaan dengan makanannya, dan akad wadî'ah berkenaan dengan penitipan barang-barang (amti’ah). 13 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 51. 14 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 52. 15 ramadhân muhammad abû al-sa’ûd, mabâdi al-iltizâm fî al-qânûn al-mishri wa al-banânia, h.42. hasanudin: multiakad dalam transaksi syariah kontemporer 162 akad mukhtalith digunakan pula untuk menyebutkan akad murakkab. keduanya memiliki makna yang sama, hanya berbeda dari sisi kedalaman maknanya saja. kata murakkab lebih spesifik dan khusus untuk multiakad ketimbang mukhtalith yang dapat pula mengandung arti yang lain.16 baik akad murakkab maupun mukhtalith dimaksudkan untuk menyatakan terhimpunnya beberapa akad menjadi satu akad dan berimplikasi hukum satu pada objek akadnya. al-‘imrânî membagi multiakad dalam lima macam, yaitu: al-’uqûd almutaqâbilah, al-’uqûd al-mujtami‘ah, al-’uqûd al-mutanâqidhah wa al-mutadhâdah wa al-mutanâfiyah, al-’uqûd al-mukhtalifah, al-’uqûd al-mutajânisah. dari lima macam itu, menurut dia, dua macam yang pertama yaitu al-’uqûd almutaqâbilah dan al-’uqûd al-mujtami‘ah, adalah multiakad yang umum dipakai. berikut penjelasan dari lima macam multiakad tersebut. pertama, akad bergantung/akad bersyarat (al-’uqûd al-mutaqâbilah). taqâbul menurut bahasa berarti berhadapan. sesuatu dikatakan berhadapan jika keduanya saling menghadapkan kepada yang lain. sedangkan yang dimaksud dengan al-’uqûd al-mutaqâbilah adalah multiakad dalam bentuk akad kedua merespon akad pertama,17 di mana kesempurnaan akad pertama bergantung pada sempurnanya akad kedua melalui proses timbal balik. dengan kata lain, akad satu bergantung dengan akad lainnya. dalam tradisi fikih, model akad seperti ini sudah dikenal lama dan praktiknya sudah banyak. banyak ulama telah membahas tema ini, baik yang berkaitan dengan hukumnya, atau model pertukarannya. misalnya antara akad pertukaran (mu'âwadhah) dengan akad tabarru’, antara akad tabarru' dengan akad tabarru' atau akad pertukaran dengan akad pertukaran. ulama biasa mendefinisikan model akad ini dengan akad bersyarat (isytirâth ‘aqd bi ‘aqd).18 kedua, akad terkumpul (al-‘uqûd al-mujtami‘ah). al-’uqûd al-mujtami‘ah adalah multiakad yang terhimpun dalam satu akad. dua atau lebih akad terhimpun menjadi satu akad. seperti contoh, ‚saya jual rumah ini kepadamu dan saya sewakan rumah yang lain kepadamu selama satu bulan dengan harga lima ratus ribu". multiakad yang mujtami‘ah ini dapat terjadi dengan terhimpunnya dua akad yang memiliki akibat hukum berbeda di dalam satu akad terhadap dua objek dengan satu harga, dua akad berbeda akibat hukum dalam satu akad terhadap dua objek dengan dua harga, atau dua akad dalam satu akad yang 16 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.53. 17 imâm mâlik ibn anas, al-mudawwanah al-kubrâ, j. 4, (bayrût: dâr al-shâdir, 1323 h), cet. ke-1, h.126. 18 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.57. al-iqtishad: vol. iii, no. 1, januari 2011 163 akad mukhtalith digunakan pula untuk menyebutkan akad murakkab. keduanya memiliki makna yang sama, hanya berbeda dari sisi kedalaman maknanya saja. kata murakkab lebih spesifik dan khusus untuk multiakad ketimbang mukhtalith yang dapat pula mengandung arti yang lain.16 baik akad murakkab maupun mukhtalith dimaksudkan untuk menyatakan terhimpunnya beberapa akad menjadi satu akad dan berimplikasi hukum satu pada objek akadnya. al-‘imrânî membagi multiakad dalam lima macam, yaitu: al-’uqûd almutaqâbilah, al-’uqûd al-mujtami‘ah, al-’uqûd al-mutanâqidhah wa al-mutadhâdah wa al-mutanâfiyah, al-’uqûd al-mukhtalifah, al-’uqûd al-mutajânisah. dari lima macam itu, menurut dia, dua macam yang pertama yaitu al-’uqûd almutaqâbilah dan al-’uqûd al-mujtami‘ah, adalah multiakad yang umum dipakai. berikut penjelasan dari lima macam multiakad tersebut. pertama, akad bergantung/akad bersyarat (al-’uqûd al-mutaqâbilah). taqâbul menurut bahasa berarti berhadapan. sesuatu dikatakan berhadapan jika keduanya saling menghadapkan kepada yang lain. sedangkan yang dimaksud dengan al-’uqûd al-mutaqâbilah adalah multiakad dalam bentuk akad kedua merespon akad pertama,17 di mana kesempurnaan akad pertama bergantung pada sempurnanya akad kedua melalui proses timbal balik. dengan kata lain, akad satu bergantung dengan akad lainnya. dalam tradisi fikih, model akad seperti ini sudah dikenal lama dan praktiknya sudah banyak. banyak ulama telah membahas tema ini, baik yang berkaitan dengan hukumnya, atau model pertukarannya. misalnya antara akad pertukaran (mu'âwadhah) dengan akad tabarru’, antara akad tabarru' dengan akad tabarru' atau akad pertukaran dengan akad pertukaran. ulama biasa mendefinisikan model akad ini dengan akad bersyarat (isytirâth ‘aqd bi ‘aqd).18 kedua, akad terkumpul (al-‘uqûd al-mujtami‘ah). al-’uqûd al-mujtami‘ah adalah multiakad yang terhimpun dalam satu akad. dua atau lebih akad terhimpun menjadi satu akad. seperti contoh, ‚saya jual rumah ini kepadamu dan saya sewakan rumah yang lain kepadamu selama satu bulan dengan harga lima ratus ribu". multiakad yang mujtami‘ah ini dapat terjadi dengan terhimpunnya dua akad yang memiliki akibat hukum berbeda di dalam satu akad terhadap dua objek dengan satu harga, dua akad berbeda akibat hukum dalam satu akad terhadap dua objek dengan dua harga, atau dua akad dalam satu akad yang 16 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.53. 17 imâm mâlik ibn anas, al-mudawwanah al-kubrâ, j. 4, (bayrût: dâr al-shâdir, 1323 h), cet. ke-1, h.126. 18 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.57. berbeda hukum atas satu objek dengan satu imbalan, baik dalam waktu yang sama atau waktu yang berbeda. ketiga, akad berlawanan (al-’uqûd al-mutanâqidhah wa al-mutadhâdah wa al-mutanâfiyah). ketiga istilah ini, al-mutanâqidhah, al-mutadhâdah, almutanâfiyah, memiliki kesamaan bahwa ketiganya mengandung maksud adanya perbedaan. tetapi ketiga istilah ini mengandung implikasi yang berbeda. mutanâqidhah mengandung arti berlawanan, seperti pada contoh seseorang berkata sesuatu lalu berkata sesuatu lagi yang berlawanan dengan yang pertama. seseorang mengatakan bahwa sesuatu benar, lalu berkata lagi sesuatu itu salah. perkataan orang ini disebut mutanâqidhah, saling berlawanan. dikatakan mutanâqidhah karena antara satu dengan yang lainnya tidak saling mendukung, melainkan mematahkan.19 keempat, akad berbeda (al-’uqûd al-mukhtalifah). yang dimaksud dengan multiakad yang mukhtalifah adalah terhimpunnya dua akad atau lebih yang memiliki perbedaan semua akibat hukum diantara kedua akad itu atau sebagiannya. seperti perbedaan akibat hukum dalam akad jual beli dan sewa. dalam akad sewa diharuskan ada ketentuan waktu, sedangkan dalam jual beli sebaliknya. contoh lain, akad ijârah dan salam. dalam salam, harga salam harus diserahkan pada saat akad (fî al-majlis), sedangkan dalam ijârah, harga sewa tidak harus diserahkan pada saat akad. perbedaan antara multiakad yang mukhtalifah dengan yang mutanâqidhah, mutadhâdah, dan mutanâfiyah terletak pada keberadaan akad masingmasing. meskipun kata mukhtalifah lebih umum dan dapat meliputi ketiga jenis yang lainnya, namun dalam mukhtalifah meskipun berbeda tetap dapat ditemukan menurut syariat. sedangkan untuk kategori berbeda yang ketiga mengandung adanya saling meniadakan di antara akad-akad yang membangunnya.20 dalam kajian ini, yang dimaksud dengan mutanâqidhah adalah: pertama, dua hal yang tidak dapat terhimpun secara bersama (pada saat yang sama) dan tidak pula dapat tiada pada saat yang sama, seperti hadirnya seseorang dan ketidakhadirannya. jika seseorang hadir, maka tidak hadirnya tiada, tetapi jika tiada hadir yang ada, maka hadirnya tiada.21 kedua, dua hal yang saling bertolak belakang dan berlawanan, yang mana kehadiran yang satu menuntut ketiadaan yang lainnya, begitu pula sebaliknya. seperti contoh antara menyerahkan (îjâb) 19 ashfahânî, mu’jam mufradât alfâdz al-qur’ân, h.525. 20 ashfahânî, mu’jam mufradât alfâdz al-qur’ân, h.2157. 21 al-qarrâfî, syarh tanqîh al-fushûl, h.97 juga mahmûd hâmid utsmân, al-qâmûs al-mubîn fî ishthilâhât al-ushûliyyîn, (riyâdh: dâr al-zâhim, 1423 h), cet. ke-1, h. 292. hasanudin: multiakad dalam transaksi syariah kontemporer 164 dan menarik (salb).22 ketiga, dua hal yang saling menafikan antara yang satu dengan lainnya.23 sedangkan arti etimologi dari mutadhâdah adalah dua hal yang tidak mungkin terhimpun dalam satu waktu, seperti antara malam dan siang. secara terminologis, mutadhâdah diartikan: pertama, dua hal yang tidak dapat terhimpun pada saat yang sama, dan mungkin dapat hilang keduanya meskipun ada perbedaan dalam hakekatnya, seperti antara hitam dan putih. kedua, dua sifat yang saling mengganti (muta’âqibân) pada satu objek, namun tidak mungkin disatukan, seperti hitam dan putih. ketiga, saling menerima dan menafikan secara umum dan dalam kondisi tertentu, seperti hitam dan putih. keempat, sesuatu yang tidak mungkin dipersatukan dalam satu objek. tampak jelas perbedaan antara mutanâqidhah dan mutadhâdah. pada mutanâqidhah tidak mungkin dua hal bertemu dan keduanya tidak mungkin tiada pada saat yang sama, seperti pergi dan pulang. sedangkan mutadhâdah dua hal tidak mungkin dipersatukan saling meniadakan seperti hitam dan putih, tetapi keduanya mungkin tiada pada saat yang sama. sesuatu yang merah dapat menggantikan yang putih atau hitam.24 adapun arti dari mutanâfiyah adalah menafikan, lawan dari menetapkan. mutanâfiyah diartikan sebagai: pertama, mustahilnya penyatuan dua hal dalam satu waktu pada satu objek, seperti antara hitam dan putih, ada dan tiada. kedua, satu tempat (objek) dengan berbeda keadaan, baik karena kondisi bertolak belakang seperti bergerak dan diam, atau kondisi berlawanan seperti berdiri dan duduk. ketiga, mustahilnya kemungkinan bertemunya dua hal yang bertolak belakang dalam satu tempat, satu waktu, satu abjek. seperti mustahilnya ada dan tiada bersatu pada satu objek, satu waktu, dan satu tempat. dari pengertian di atas, para ahli fikih merumuskan maksud dari multiakad (‘uqûd murakkabah) yang mutanâqidhah, mutadhâdah, dan mutanâfiyah, yaitu: pertama, satu hal dengan satu nama tidak cocok untuk dua hal yang berlawanan, maka setiap dua akad yang berlawanan tidak mungkin dipersatukan dalam satu akad. kedua, satu hal dengan satu nama tidak cocok untuk dua hal yang berlawanan, karena dua sebab yang saling menafikan akan menimbulkan akibat yang saling menafikan pula. ketiga, dua akad yang secara praktik berlawanan dan secara akibat hukum bertolak belakang tidak boleh dihimpun. keempat, haram terhimpunnya akad jual beli dan sharf dalam satu akad. 22 al-jurjânî, al-ta’rîfât, h.93 juga al-kafawî, al-kulliyât, h.305. 23 ibn qudâmah, raudhah al-nâdzir, j. 1, h.114. 24 mahmûd hâmid utsmân, al-qâmûs al-mubîn fî ishthilâhât al-ushûliyyîn, h.197 juga aljurjânî, al-ta’rîfât, h.179. al-iqtishad: vol. iii, no. 1, januari 2011 165 dan menarik (salb).22 ketiga, dua hal yang saling menafikan antara yang satu dengan lainnya.23 sedangkan arti etimologi dari mutadhâdah adalah dua hal yang tidak mungkin terhimpun dalam satu waktu, seperti antara malam dan siang. secara terminologis, mutadhâdah diartikan: pertama, dua hal yang tidak dapat terhimpun pada saat yang sama, dan mungkin dapat hilang keduanya meskipun ada perbedaan dalam hakekatnya, seperti antara hitam dan putih. kedua, dua sifat yang saling mengganti (muta’âqibân) pada satu objek, namun tidak mungkin disatukan, seperti hitam dan putih. ketiga, saling menerima dan menafikan secara umum dan dalam kondisi tertentu, seperti hitam dan putih. keempat, sesuatu yang tidak mungkin dipersatukan dalam satu objek. tampak jelas perbedaan antara mutanâqidhah dan mutadhâdah. pada mutanâqidhah tidak mungkin dua hal bertemu dan keduanya tidak mungkin tiada pada saat yang sama, seperti pergi dan pulang. sedangkan mutadhâdah dua hal tidak mungkin dipersatukan saling meniadakan seperti hitam dan putih, tetapi keduanya mungkin tiada pada saat yang sama. sesuatu yang merah dapat menggantikan yang putih atau hitam.24 adapun arti dari mutanâfiyah adalah menafikan, lawan dari menetapkan. mutanâfiyah diartikan sebagai: pertama, mustahilnya penyatuan dua hal dalam satu waktu pada satu objek, seperti antara hitam dan putih, ada dan tiada. kedua, satu tempat (objek) dengan berbeda keadaan, baik karena kondisi bertolak belakang seperti bergerak dan diam, atau kondisi berlawanan seperti berdiri dan duduk. ketiga, mustahilnya kemungkinan bertemunya dua hal yang bertolak belakang dalam satu tempat, satu waktu, satu abjek. seperti mustahilnya ada dan tiada bersatu pada satu objek, satu waktu, dan satu tempat. dari pengertian di atas, para ahli fikih merumuskan maksud dari multiakad (‘uqûd murakkabah) yang mutanâqidhah, mutadhâdah, dan mutanâfiyah, yaitu: pertama, satu hal dengan satu nama tidak cocok untuk dua hal yang berlawanan, maka setiap dua akad yang berlawanan tidak mungkin dipersatukan dalam satu akad. kedua, satu hal dengan satu nama tidak cocok untuk dua hal yang berlawanan, karena dua sebab yang saling menafikan akan menimbulkan akibat yang saling menafikan pula. ketiga, dua akad yang secara praktik berlawanan dan secara akibat hukum bertolak belakang tidak boleh dihimpun. keempat, haram terhimpunnya akad jual beli dan sharf dalam satu akad. 22 al-jurjânî, al-ta’rîfât, h.93 juga al-kafawî, al-kulliyât, h.305. 23 ibn qudâmah, raudhah al-nâdzir, j. 1, h.114. 24 mahmûd hâmid utsmân, al-qâmûs al-mubîn fî ishthilâhât al-ushûliyyîn, h.197 juga aljurjânî, al-ta’rîfât, h.179. mayoritas ulama mâlikî berpendapat akadnya batal karena alasan ketentuan hukum kedua akad itu saling menafikan, yaitu bolehnya penundaan dan khiyâr dalam jual beli, sedangkan dalam sharf, penundaan dan khiyâr tidak diperbolehkan. ada dua pendapat mengenai terhimpunnya jual beli dan ijârah dan jual beli dengan sharf dengan satu imbalan (‘iwadh). pertama mengatakan kedua akad batal karena hukum dua akad berlawanan dan tidak ada prioritas satu akad atas yang lain karenanya kedua akad itu tidak sah. pendapat kedua mengatakan, sah kedua akad dan imbalan dibagi untuk dua akad sesuai dengan harga masing-masing objek akad. penggabungan ini tidak membatalkan akad. terhimpunnya dua akad atas objek yang memiliki harga berbeda dengan satu imbalan (‘iwadh), seperti sharf dan bay‘ atau menjual barang yang dinyatakan bahwa akad telah mengikat sebelum serah terima, hukumnya sah, karena keduanya dapat dimintakan imbalan sebagai harga masing-masing. oleh karena itu, kedua akad tersebut boleh dimintakan imbalan secara bersamaan. menurut pendapat yang lain tidak sah, karena ketentuan hukumnya berbeda. dari pendapat ulama di atas disimpulkan bahwa multiakad yang mutanâqidhah, mutadhâdah, dan mutanâfiyah adalah akad-akad yang tidak boleh dihimpun menjadi satu akad. meski demikian pandangan ulama terhadap tiga bentuk multiakad tersebut tidak seragam.25 kelima, akad sejenis (al-’uqûd al-mutajânisah). al-’uqûd al-murakkabah almutajânisah adalah akad-akad yang mungkin dihimpun dalam satu akad, dengan tidak mempengaruhi di dalam hukum dan akibat hukumnya. multiakad jenis ini dapat terdiri atas satu jenis akad seperti akad jual beli dan akad jual beli, atau dari beberapa jenis seperti akad jual beli dan sewa menyewa. multiakad jenis ini dapat pula terbentuk dari dua akad yang memiliki hukum yang sama atau berbeda. status hukum multiakad status hukum multiakad belum tentu sama dengan status hukum dari akad-akad yang membangunnya. seperti contoh akad bay‘ dan salaf yang secara jelas dinyatakan keharamannya oleh nabi. akan tetapi jika kedua akad itu berdiri sendiri-sendiri, maka baik akad bay‘ maupun salaf diperbolehkan. begitu juga dengan menikahi dua wanita yang bersaudara sekaligus haram hukumnya, tetapi jika dinikahi satu-satu (tidak dimadu) hukumnya boleh. artinya, hukum multiakad tidak bisa semata dilihat dari hukum akad-akad yang membangunnya. bisa jadi akad-akad yang membangunnya adalah boleh ketika berdiri sendiri, namun 25 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 64. hasanudin: multiakad dalam transaksi syariah kontemporer 166 menjadi haram ketika akad-akad itu terhimpun dalam satu transaksi. ketentuan seperti ini pernah diutarakan oleh al-syâtibî, menurutnya: .26 penelitian terhadap hukum islam menunjukkan bahwa dampak hukum dari sesuatu kumpulan (akad) tidak sama seperti saat akad itu berdiri sendirisendiri. dapat disimpulkan bahwa hukum dari multiakad belum tentu sama dengan hukum dari akad-akad yang membangunnya. dengan kata lain, hukum akad-akad yang membangun tidak secara otomatis menjadi hukum dari multiakad. meski ada multiakad yang diharamkan, namun prinsip dari multiakad ini adalah boleh dan hukum dari multiakad dianalogikan dengan hukum akad yang membangunnya (قياس المجمىع على احاده). artinya setiap muamalah yang menghimpun beberapa akad, hukumnya halal selama akad-akad yang membangunnya adalah boleh. ketentuan ini memberi peluang pada pembuatan model transaksi yang mengandung multiakad. ketentuan ini berlaku umum, sedangkan beberapa hadis nabi dan nas-nas lain yang mengharamkan multiakad adalah ketentuan pengecualian. hukum pengecualian ini tidak bisa diterapkan dalam segala praktik muamalah yang mengandung multiakad.27 mengenai status hukum multiakad, ulama berbeda pendapat terutama berkaitan dengan hukum asalnya. perbedaan ini menyangkut apakah multiakad sah dan diperbolehkan atau batal dan dilarang untuk dipraktikkan. mengenai hal ini ulama berada dalam dua pendapat tersebut, yaitu membolehkan dan melarang. mayoritas ulama hanafiyyah, sebagian pendapat ulama mâlikiyyah, ulama syâfi’iyyah, dan hanâbilah berpendapat bahwa hukum multiakad sah dan diperbolehkan menurut syariat islam. bagi yang membolehkan beralasan bahwa hukum asal dari akad adalah boleh dan sah, tidak diharamkan dan dibatalkan selama tidak ada dalil hukum yang mengharamkan atau membatalkannya.28 26 al-syâthibî, al-muwâfaqât, jilid iii, h.144-146. 27 nazîh hammâd, al-’uqûd al-murakkabah, h.11–12. 28 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 69. al-iqtishad: vol. iii, no. 1, januari 2011 167 menjadi haram ketika akad-akad itu terhimpun dalam satu transaksi. ketentuan seperti ini pernah diutarakan oleh al-syâtibî, menurutnya: .26 penelitian terhadap hukum islam menunjukkan bahwa dampak hukum dari sesuatu kumpulan (akad) tidak sama seperti saat akad itu berdiri sendirisendiri. dapat disimpulkan bahwa hukum dari multiakad belum tentu sama dengan hukum dari akad-akad yang membangunnya. dengan kata lain, hukum akad-akad yang membangun tidak secara otomatis menjadi hukum dari multiakad. meski ada multiakad yang diharamkan, namun prinsip dari multiakad ini adalah boleh dan hukum dari multiakad dianalogikan dengan hukum akad yang membangunnya (قياس المجمىع على احاده). artinya setiap muamalah yang menghimpun beberapa akad, hukumnya halal selama akad-akad yang membangunnya adalah boleh. ketentuan ini memberi peluang pada pembuatan model transaksi yang mengandung multiakad. ketentuan ini berlaku umum, sedangkan beberapa hadis nabi dan nas-nas lain yang mengharamkan multiakad adalah ketentuan pengecualian. hukum pengecualian ini tidak bisa diterapkan dalam segala praktik muamalah yang mengandung multiakad.27 mengenai status hukum multiakad, ulama berbeda pendapat terutama berkaitan dengan hukum asalnya. perbedaan ini menyangkut apakah multiakad sah dan diperbolehkan atau batal dan dilarang untuk dipraktikkan. mengenai hal ini ulama berada dalam dua pendapat tersebut, yaitu membolehkan dan melarang. mayoritas ulama hanafiyyah, sebagian pendapat ulama mâlikiyyah, ulama syâfi’iyyah, dan hanâbilah berpendapat bahwa hukum multiakad sah dan diperbolehkan menurut syariat islam. bagi yang membolehkan beralasan bahwa hukum asal dari akad adalah boleh dan sah, tidak diharamkan dan dibatalkan selama tidak ada dalil hukum yang mengharamkan atau membatalkannya.28 26 al-syâthibî, al-muwâfaqât, jilid iii, h.144-146. 27 nazîh hammâd, al-’uqûd al-murakkabah, h.11–12. 28 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 69. menurut ibn taymiyyah, hukum asal dari segala muamalah di dunia adalah boleh kecuali yang diharamkan allah dan rasul-nya, tiada yang haram kecuali yang diharamkan allah, dan tidak ada agama kecuali yang disyariatkan.29 hukum asal dari syariat adalah bolehnya melakukan transaksi multiakad, selama setiap akad yang membangunnya ketika dilakukan sendiri-sendiri hukumnya boleh dan tidak ada dalil yang melarangnya. ketika ada dalil yang melarang, maka dalil itu tidak diberlakukan secara umum, tetapi mengecualikan pada kasus yang diharamkan menurut dalil itu. karena itu, kasus itu dikatakan sebagai pengecualian atas kaidah umum yang berlaku yaitu mengenai kebebasan melakukan akad dan menjalankan perjanjian yang telah disepakati.30 demikian pula dengan ibn al-qayyim. dia berpendapat bahwa hukum asal dari akad dan syarat adalah sah, kecuali yang dibatalkan atau dilarang oleh agama.31 karena hukum asalnya adalah boleh, maka setiap akad dan syarat yang belum dijelaskan keharamannya oleh allah tidak bisa dinyatakan sebagai haram. allah telah menjelaskan yang haram secara rinci, karenanya setiap akad yang dinyatakan haram harus jelas keharamannya seperti apa dan bagaimana. tidaklah boleh mengharamkan yang telah dihalalkan oleh allah atau dimaafkan, begitu pula tidak boleh menghalalkan yang telah diharamkan oleh-nya.32 al-syâthibî menjelaskan perbedaan antara hukum asal dari ibadah dan muamalah. menurutnya, hukum asal dari ibadah adalah melaksanakan (ta‘abbud) apa yang diperintahkan dan tidak melakukan penafsiran hukum. sedangkan hukum asal dari muamalah adalah mendasarkan substansinya bukan terletak pada praktiknya (iltifât ilâ ma’ânî). dalam hal ibadah tidak bisa dilakukan penemuan atau perubahan atas apa yang telah ditentukan, sementara dalam bidang muamalah terbuka lebar kesempatan untuk melakukan perubahan dan penemuan yang baru, karena prinsip dasarnya adalah diperbolehkan (al-idzn) bukan melaksanakan (ta ‘abbud).33 pendapat ini didasarkan pada beberapa nas yang menunjukkan kebolehan multiakad dan akad secara umum. pertama firman allah dalam q.s. al-mâ’idah [5]: 1:                29 ibn taymiyyah, jâmi’ al-rasâ’il, jilid ii, h. 317. 30 nazîh hammâd, al-’uqûd al-murakkabah fi al-fiqh al-islâmî, h. 8. 31 ibn al-qayyim, i’lâm al-muwaqqi‘în, jilid i, h. 344. 32 ibn al-qayyim, i’lâm al-muwaqqi‘în, jilid i, h. 383. 33 al-syâthibî, al-muwâfaqât, jilid i, h. 284. hasanudin: multiakad dalam transaksi syariah kontemporer 168 wahai orang-orang yang beriman penuhilah olehmu akad-akad. (q.s. almâ’idah [5]: 1) akhir kalimat di atas adalah akad-akad (‘uqûd). dalam ayat ini allah memerintahkan agar orang yang beriman memenuhi akad antar mereka. kata akad ini disebutkan secara umum, tidak menunjuk pada akad tertentu. artinya, secara prinsip semua akad diperbolehkan oleh allah dan orang mukmin wajib memenuhi akad itu. karena itu, al-jashâsh menafsirkan ayat ini bahwa orang mukmin dituntut memenuhi akad-akad, termasuk akad jual-beli, sewa-menyewa, nikah, dan segala yang termasuk dalam kategori akad. jika ada perbedaan mengenai boleh-tidaknya suatu akad, sah dan berlakunya suatu nadzar, ayat di atas dapat dijadikan dalil, karena keumuman ayat menunjukkan kebolehan segala bentuk akad, termasuk akad penjaminan (kafâlah), sewa menyewa, jual beli, dan sebagainya.34 nas lain yang menjadi dasar pendapat kelompok ulama ini adalah q.s. alnisâ’ [4]: 29 yang menyebutkan:                                               hai orang-orang beriman janganlah kalian memakan harta-harta di antara kalian secara tidak benar kecuali atas dasar perniagaan dengan didasari saling rela di antara kalian. (q.s. al-nisâ’ [4]: 29) ayat di atas menjelaskan bahwa dalam perniagaan hanya disyaratkan suka sama suka. ini berarti bahwa suka sama suka adalah dasar kehalalan memperoleh sesuatu. jika kerelaan menjadi dasar bagi kehalalan, maka setiap aktivitas yang didasari kerelaan menjadi halal berdasarkan petunjuk alquran, selama tidak mengandung sesuatu yang diharamkan seperti perniagaan atas objek yang diharamkan, babi, khamr, barang najis dan sebagainya. dari sini dapat disimpulkan bahwa hukum asal dari akad adalah boleh. 34 abû bakar ahmad al-râzî al-jashâsh, ahkâm al-qur'an, jilid ii, (bayrût: dâr al-fikr, t.th.), cet. i, h. 418. al-iqtishad: vol. iii, no. 1, januari 2011 169 wahai orang-orang yang beriman penuhilah olehmu akad-akad. (q.s. almâ’idah [5]: 1) akhir kalimat di atas adalah akad-akad (‘uqûd). dalam ayat ini allah memerintahkan agar orang yang beriman memenuhi akad antar mereka. kata akad ini disebutkan secara umum, tidak menunjuk pada akad tertentu. artinya, secara prinsip semua akad diperbolehkan oleh allah dan orang mukmin wajib memenuhi akad itu. karena itu, al-jashâsh menafsirkan ayat ini bahwa orang mukmin dituntut memenuhi akad-akad, termasuk akad jual-beli, sewa-menyewa, nikah, dan segala yang termasuk dalam kategori akad. jika ada perbedaan mengenai boleh-tidaknya suatu akad, sah dan berlakunya suatu nadzar, ayat di atas dapat dijadikan dalil, karena keumuman ayat menunjukkan kebolehan segala bentuk akad, termasuk akad penjaminan (kafâlah), sewa menyewa, jual beli, dan sebagainya.34 nas lain yang menjadi dasar pendapat kelompok ulama ini adalah q.s. alnisâ’ [4]: 29 yang menyebutkan:                                               hai orang-orang beriman janganlah kalian memakan harta-harta di antara kalian secara tidak benar kecuali atas dasar perniagaan dengan didasari saling rela di antara kalian. (q.s. al-nisâ’ [4]: 29) ayat di atas menjelaskan bahwa dalam perniagaan hanya disyaratkan suka sama suka. ini berarti bahwa suka sama suka adalah dasar kehalalan memperoleh sesuatu. jika kerelaan menjadi dasar bagi kehalalan, maka setiap aktivitas yang didasari kerelaan menjadi halal berdasarkan petunjuk alquran, selama tidak mengandung sesuatu yang diharamkan seperti perniagaan atas objek yang diharamkan, babi, khamr, barang najis dan sebagainya. dari sini dapat disimpulkan bahwa hukum asal dari akad adalah boleh. 34 abû bakar ahmad al-râzî al-jashâsh, ahkâm al-qur'an, jilid ii, (bayrût: dâr al-fikr, t.th.), cet. i, h. 418. ayat lain yang menjadi dasar pertimbangan pendapat kelompok yeng menyatakan hukum asal dari akad adalah boleh berupa firman allah dalam q.s. al-baqarah [2]: 275 yang menjelaskan:             allah menghalalkan jual-beli dan mengharamkan riba. (q.s. al-baqarah [2]: 275) jual beli yang dihalalkan allah adalah segala bentuk jual beli, kecuali yang telah nyata diharamkan. karena itu, kegiatan yang berkaitan dengan transaksi kebendaan pada dasarnya diperbolehkan. pendapat ini juga didukung oleh kaidah fiqhiyyah yang mengelompokkan akad, syarat, dan kegiatan keuangan lainnya sebagai kegiatan hubungan sosial. dalam bidang ini berlaku kaidah umum al-ashl fî al-mu’âmalah al-ibâhah atau al‘âdah muhakkamah. berangkat dari sini, semua kegiatan sosial muamalah hukumnya boleh kecuali yang telah nyata jelas disebutkan keharamannya.35 pertimbangan lain dari pendapat pertama ini adalah tidak ditemukannya keterangan yang mengharamkan semua jenis akad atau syarat dalam agama. yang dijelaskan adalah secara umum tentang halalnya akad dan tidak dijelaskan keharamannya, kecuali atas objek tertentu. karena tidak ada penjelasan yang menyatakan haram, maka akad hukumnya halal. ulama lain, terutama dari kalangan zhâhiriyyah mengharamkan multiakad. menurut kalangan zhâhiriyyah hukum asal dari akad adalah dilarang dan batal kecuali yang ditunjukkan boleh oleh agama. merekan beralasan bahwa islam sudah sempurna, sudah dijelaskan apa yang diperlukan oleh manusia. setiap perbuatan yang tidak disebutkan dalam nas-nas agama berarti membuat ketentuan sendiri yang tidak ada dasarnya dalam agama. dan perbuatan seperti ini dianggap melampaui batas agama, seperti dinyatakan dalam surah al-baqarah [2]: 229:               barangsiapa yang melampaui ketentuan-ketentuan allah, maka mereka itulah orang-orang yang zalim. (q.s. al-baqarah [2]: 229) 35 lihat ibn taymiyyah, al-qawâ’id al-nûrâniyyah al-fiqhiyyah, h. 222. hasanudin: multiakad dalam transaksi syariah kontemporer 170 akad dan syarat yang tidak diajarkan oleh agama adalah bentuk tindakan melampaui ketentuan agama dan membuat hal baru dalam agama. allah telah menyempurnakan turunnya islam semasa muhammad, seperti dijelaskan dalam q.s. al-mâidah (5): 3, ‚pada hari ini telah aku sempurnakan untukmu agamamu‛. mendasarkan pada argumen di atas, kalangan zhâhiriyyah menyimpulkan bahwa hukum asal dari akad adalah dilarang, kecuali yang dinyatakan kebolehannya oleh agama. dalil lain yang menguatkan pendapat zhâhiriyyah ini adalah hadis nabi muhammad yang mengatakan: dari aisyah, nabi bersabda, ‛tiadalah sekelompok orang membuat syaratsyarat (perjanjian) yang tidak terdapat dalam alquran. setiap perjanjian yang tidak dinyatakan dalam alquran hukumnya batal, meskipun seratus perjanjian. ketentuan allah lebih benar dan perjanjian-nya lebih kuat. (h.r. al-bukhârî) menurut hadis ini, semua akad, syarat, dan janji dilarang selama tidak sesuai dengan apa yang telah dijelaskan dalam alquran dan hadis nabi. artinya, akad yang dibolehkan hanyalah akad yang telah dijelaskan dalam dua sumber hukum tersebut.36 istidlâl dengan dalil-dalil yang dijadikan dasar oleh kalangan zhâhiriyyah ini dapat dipatahkan dengan nas-nas lain dan relevansinya dengan kondisi perkembangan manusia terutama dalam bidang muamalah dan khususnya masalah kegiatan yang berkenaan dengan keuangan. nas-nas yang disebutkan oleh pendapat pertama membuktikan bahwa agama tidak membatasi manusia secara sempit dalam urusan muamalahnya. justru agama memberi peluang kepada manusia untuk melakukan inovasi dalam bidang muamalah agar memudahkan dalam kehidupan sehari-hari. islam adalah agama yang memberi kemudahan bagi hambanya. dan apa yang dijelaskan dalam nas dan hadis yang melarang di atas, bukan berarti menutup segala akad sehingga hukumnya haram. justru akad-akad yang tidak disebutkan dalam alquran dan hadis bukannya dilarang, melainkan bagi umat islam diberi kesempatan untuk melakukan inovasi. seperti dalam hadis nabi yang cukup dikenal, dimana nabi menyerahkan urusan dunia kepada yang ahlinya dalam salah satu sabdanya, ‚kalian lebih tahu dalam hal urusan dunia‛. 36 abû muhammad ‘ali ibn ahmad ibn sa'îd bin hazm, al-muhallâ, (al-qâhirah: dâr al-turâts, t.th.), jilid v, h.15. al-iqtishad: vol. iii, no. 1, januari 2011 171 akad dan syarat yang tidak diajarkan oleh agama adalah bentuk tindakan melampaui ketentuan agama dan membuat hal baru dalam agama. allah telah menyempurnakan turunnya islam semasa muhammad, seperti dijelaskan dalam q.s. al-mâidah (5): 3, ‚pada hari ini telah aku sempurnakan untukmu agamamu‛. mendasarkan pada argumen di atas, kalangan zhâhiriyyah menyimpulkan bahwa hukum asal dari akad adalah dilarang, kecuali yang dinyatakan kebolehannya oleh agama. dalil lain yang menguatkan pendapat zhâhiriyyah ini adalah hadis nabi muhammad yang mengatakan: dari aisyah, nabi bersabda, ‛tiadalah sekelompok orang membuat syaratsyarat (perjanjian) yang tidak terdapat dalam alquran. setiap perjanjian yang tidak dinyatakan dalam alquran hukumnya batal, meskipun seratus perjanjian. ketentuan allah lebih benar dan perjanjian-nya lebih kuat. (h.r. al-bukhârî) menurut hadis ini, semua akad, syarat, dan janji dilarang selama tidak sesuai dengan apa yang telah dijelaskan dalam alquran dan hadis nabi. artinya, akad yang dibolehkan hanyalah akad yang telah dijelaskan dalam dua sumber hukum tersebut.36 istidlâl dengan dalil-dalil yang dijadikan dasar oleh kalangan zhâhiriyyah ini dapat dipatahkan dengan nas-nas lain dan relevansinya dengan kondisi perkembangan manusia terutama dalam bidang muamalah dan khususnya masalah kegiatan yang berkenaan dengan keuangan. nas-nas yang disebutkan oleh pendapat pertama membuktikan bahwa agama tidak membatasi manusia secara sempit dalam urusan muamalahnya. justru agama memberi peluang kepada manusia untuk melakukan inovasi dalam bidang muamalah agar memudahkan dalam kehidupan sehari-hari. islam adalah agama yang memberi kemudahan bagi hambanya. dan apa yang dijelaskan dalam nas dan hadis yang melarang di atas, bukan berarti menutup segala akad sehingga hukumnya haram. justru akad-akad yang tidak disebutkan dalam alquran dan hadis bukannya dilarang, melainkan bagi umat islam diberi kesempatan untuk melakukan inovasi. seperti dalam hadis nabi yang cukup dikenal, dimana nabi menyerahkan urusan dunia kepada yang ahlinya dalam salah satu sabdanya, ‚kalian lebih tahu dalam hal urusan dunia‛. 36 abû muhammad ‘ali ibn ahmad ibn sa'îd bin hazm, al-muhallâ, (al-qâhirah: dâr al-turâts, t.th.), jilid v, h.15. hadis ini memberi peluang kepada manusia untuk membuat akad yang bahkan baru sama sekali dan belum pernah dipraktikkan pada zaman nabi, selama akad itu tidak melanggar prinsip-prinsip dasar dalam agama. dari sisi relevansi dengan kebutuhan zaman, pembaruan dan penemuan akad mutlak dibutuhkan. perkembangan modern membuktikan bahwa banyak praktik muamalah dan transaksi keuangan yang belum pernah dipraktikkan pada masa nabi dan tidak disebutkan secara jelas hukumnya dalam agama. kebutuhan akad transaksi baru menjadi sebuah keniscayaan seiring dengan pertumbuhan manusia dan perkembangan ilmu dan teknologi. kalangan mâlikiyyah dan ibn taymiyyah berpendapat bahwa multiakad merupakan jalan keluar dan kemudahan yang diperbolehkan dan disyariatkan selama mengandung manfaat dan tidak dilarang agama. karena hukum asalnya adalah sahnya syarat untuk semua akad selama tidak bertentangan dengan agama dan bermanfaat bagi manusia.37 dari paparan di atas, dapat diambil kesimpulan melalui metode muqâranah dan tarjîh bahwa pendapat pertama lebih kuat dan sesuai dengan perkembangan zaman dibanding dengan pendapat kedua. kesimpulan ini didasarkan atas beberapa pertimbangan. pertama, dalil yang digunakan pendapat pertama memiliki status yang kuat dan kejelasan makna yang dikandungnya. kedua, kesesuaian dengan tujuan syariah (maqâshid syarî‘ah), yaitu adanya kemudahan dalam muamalah, keringanan dalam beban, dan memberi peluang inovasi. ketiga, relevansi dengan perkembangan zaman dan kebutuhan manusia akan transaksi dan akad-akad modern.38 kebolehan multiakad yang didasarkan atas prinsip hukum asal dari akad adalah boleh dan hukum multiakad di-qiyâs-kan dengan hukum akad-akad yang membangunnya, harus memperhatikan ketentuan-ketentuan agama yang membatasinya. artinya, meskipun multiakad diperbolehkan, ada batasan-batasan yang tidak boleh dilanggar, karena batasan itu menjadi rambu bagi multiakad agar tidak terjerumus pada praktik muamalah yang diharamkan. batasan-batasan sebagaimana dijelaskan pada bagian sebelumnya adalah garis batas bagi praktik multiakad yang tidak boleh dilewati. batasan-batasan dan standar multiakad para ulama yang membolehkan praktik multiakad bukan berarti membolehkan secara bebas, tetapi ada batasan-batasan yang tidak boleh dilewati. karena batasan ini akan menyebabkan multiakad menjadi dilarang. di kalangan 37 ibn taymiyyah, nazhariyat al-‘aqd, h. 227. 38 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h. 74–75. hasanudin: multiakad dalam transaksi syariah kontemporer 172 ulama, batasan-batasan ini ada yang disepakati dan diperselisihkan. secara umum, batasan yang disepakati oleh para ulama adalah, pertama, multiakad dilarang karena nas agama. dalam hadis, nabi secara jelas menyatakan tiga bentuk multiakad yang dilarang, yaitu multiakad dalam jual beli (bay‘ ) dan pinjaman (بيع وسلف), dua akad jual beli dalam satu akad jual beli ( بيعتين فى بيعة dalam .(صفقتين فى صفقتين واحدة) dan dua transaksi dalam satu transaksi ,(واحدة sebuah hadis disebutkan: 39 dari abu hurairah, rasulullah saw. melarang jual beli dan pinjaman. (h.r. ahmad) suatu akad dinyatakan boleh selama objek, harga, dan waktunya diketahui oleh kedua belah pihak. jika salah satu di antaranya tidak jelas, maka hukum dari akad itu dilarang. al-syâfi’î memberi contoh, jika seseorang hendak membeli rumah dengan harga seratus, dengan syarat dia meminjamkan (salaf) kepadanya seratus, maka sebenarnya akad jual beli itu tidak jelas apakah dibayar dengan seratus atau lebih. sehingga harga dari akad jual beli itu tidak jelas, karena seratus yang diterima adalah pinjaman (‘âriyah). sehingga penggunaan manfaat dari seratus tidak jelas, apakah dari jual beli atau pinjaman.40 ibn qayyim berpendapat bahwa nabi melarang multiakad antara akad salaf (memberi pinjaman/qardh) dan jual beli, meskipun kedua akad itu jika berlaku sendiri-sendiri hukumnya boleh. larangan menghimpun salaf dan jual beli dalam satu akad untuk menghindari terjerumus pada riba yang diharamkan. hal itu terjadi karena seseorang meminjamkan (qardh) seribu, lalu menjual barang yang bernilai delapan ratus dengan harga seribu. dia seolah memberi seribu dan barang seharga delapan ratus agar mendapatkan bayaran dua ribu. di sini dia memperoleh kelebihan dua ratus.41 selain multiakad antara salaf dan jual beli yang diharamkan, ulama juga sepakat melarang multiakad antara pelbagai jual beli dan qardh dalam satu 39 imâm abû ‘abd allâh ahmad ibn hanbal, musnad ahmad, (bayrû: dâr al-ihyâ al-turâts al'arabî, 1414 h), jilid ii, cet. iii, h.178. 40 al-syâfi’î, mukhtashar al-muzanî, (bahâmis al-umm), jilid ii, h. 205. 41 ibn qayyim al-jawziyyah, i’lâm al-muwaqqi’în ‘an rab al-‘âlamîn, (al-qâhirah: maktabah ibn taymiyyah, t.th.), jilid iii, h. 153. al-iqtishad: vol. iii, no. 1, januari 2011 173 ulama, batasan-batasan ini ada yang disepakati dan diperselisihkan. secara umum, batasan yang disepakati oleh para ulama adalah, pertama, multiakad dilarang karena nas agama. dalam hadis, nabi secara jelas menyatakan tiga bentuk multiakad yang dilarang, yaitu multiakad dalam jual beli (bay‘ ) dan pinjaman (بيع وسلف), dua akad jual beli dalam satu akad jual beli ( بيعتين فى بيعة dalam .(صفقتين فى صفقتين واحدة) dan dua transaksi dalam satu transaksi ,(واحدة sebuah hadis disebutkan: 39 dari abu hurairah, rasulullah saw. melarang jual beli dan pinjaman. (h.r. ahmad) suatu akad dinyatakan boleh selama objek, harga, dan waktunya diketahui oleh kedua belah pihak. jika salah satu di antaranya tidak jelas, maka hukum dari akad itu dilarang. al-syâfi’î memberi contoh, jika seseorang hendak membeli rumah dengan harga seratus, dengan syarat dia meminjamkan (salaf) kepadanya seratus, maka sebenarnya akad jual beli itu tidak jelas apakah dibayar dengan seratus atau lebih. sehingga harga dari akad jual beli itu tidak jelas, karena seratus yang diterima adalah pinjaman (‘âriyah). sehingga penggunaan manfaat dari seratus tidak jelas, apakah dari jual beli atau pinjaman.40 ibn qayyim berpendapat bahwa nabi melarang multiakad antara akad salaf (memberi pinjaman/qardh) dan jual beli, meskipun kedua akad itu jika berlaku sendiri-sendiri hukumnya boleh. larangan menghimpun salaf dan jual beli dalam satu akad untuk menghindari terjerumus pada riba yang diharamkan. hal itu terjadi karena seseorang meminjamkan (qardh) seribu, lalu menjual barang yang bernilai delapan ratus dengan harga seribu. dia seolah memberi seribu dan barang seharga delapan ratus agar mendapatkan bayaran dua ribu. di sini dia memperoleh kelebihan dua ratus.41 selain multiakad antara salaf dan jual beli yang diharamkan, ulama juga sepakat melarang multiakad antara pelbagai jual beli dan qardh dalam satu 39 imâm abû ‘abd allâh ahmad ibn hanbal, musnad ahmad, (bayrû: dâr al-ihyâ al-turâts al'arabî, 1414 h), jilid ii, cet. iii, h.178. 40 al-syâfi’î, mukhtashar al-muzanî, (bahâmis al-umm), jilid ii, h. 205. 41 ibn qayyim al-jawziyyah, i’lâm al-muwaqqi’în ‘an rab al-‘âlamîn, (al-qâhirah: maktabah ibn taymiyyah, t.th.), jilid iii, h. 153. transaksi.42 semua akad yang mengandung unsur jual beli dilarang untuk dihimpun dengan qardh dalam satu transaksi, seperti antara ijarâh dan qardh, salam dan qardh, sharf dan qardh, dan sebagainya. meski penggabungan qardh dan jual beli ini dilarang, namun menurut al‘imrânî tidak selamanya dilarang. penghimpunan dua akad ini diperbolehkan apabila tidak ada syarat di dalamnya dan tidak ada tujuan untuk melipatkan harga melalui qardh. seperti seseorang yang memberikan pinjaman kepada orang lain, lalu beberapa waktu kemudian ia menjual sesuatu kepadanya padahal ia masih dalam rentang waktu qardh tersebut. yang demikian hukumnya boleh.43 sedangkan larangan penghimpunan dua akad jual beli dalam satu akad jual beli didasarkan pada hadis nabi yang berbunyi: dari abu hurairah, berkata, ‚rasulullah saw. melarang dua jual beli dalam satu jual beli‛. (h.r. mâlik) banyak pendapat dari para ulama mengenai maksud dari dua jual beli dalam satu jual beli. pendapat yang dipilih (râjih) dalam hal ini adalah pendapat yang mengatakan bahwa akad demikian menimbulkan ketidakjelasan harga dan menjerumuskan ke riba. pendapat ini menafsirkan bahwa seseorang menjual sesuatu dengan dibayar secara cicil, dengan syarat pembeli harus menjual kembali kepada yang menjual dengan harga lebih rendah secara kontan. akad seperti ini merupaka hîlah dari terjerumus pada riba, dan sebenarnya tidak terjadi akad jual beli dalam transaksi tersebut. jual beli seperti di atas dilarang manakala sebuah akad yang mengandung dua jual beli, salah satu dari jual beli itu dinyatakan sah dan mengikat (lâzim) sebelum para pihak berpisah namun tidak ditentukan jual beli manakah yang dinyatakan sah dan mengikat tersebut. 'illat larangan bentuk jual beli ini adalah ketidakpastian (غرر) yang timbul dari ketidakjelasan (جهالة) nilai harga. 42 ibn rusyd, bidâyah al-mujtahid, jilid ii, h. 162 juga ibn qudâmah, al-mughnî, jilid vi, h. 334. 43 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.180. 44 imâm mâlik ibn anas, al-muwaththa’, jilid ii, h. 663. hasanudin: multiakad dalam transaksi syariah kontemporer 174 kedua, multiakad sebagai hîlah ribawî. multiakad yang menjadi hîlah ribawî dapat terjadi melalui kesepakatan jual beli ‘înah atau sebaliknya dan hîlah riba fadhl. pertama, al-‘înah. contoh ‘înah yang dilarang adalah menjual sesuatu dengan harga seratus secara cicil dengan syarat pembeli harus menjualnya kembali kepada penjual dengan harga delapan puluh secara tunai. pada transaksi ini seolah ada dua akad jual beli, padahal nyatanya merupakan hîlah riba dalam pinjaman (qardh), karena objek akad semu dan tidak faktual dalam akad ini. sehingga tujuan dan manfaat dari jual beli yang ditentukan syariat tidak ditemukan dalam transaksi ini. ibn al-qayyim menjelaskan bahwa agama menetapkan seseorang yang memberikan qardh (pinjaman) agar tidak berharap dananya kembali kecuali sejumlah qardh yang diberikan, dan dilarang menetapkan tambahan atas qardh baik dengan hîlah atau lainnya. demikian pula dengan jual beli disyariatkan bagi orang yang mengharapkan memberikan kepemilikan barang dan mendapatkan harganya, dan dilarang bagi yang bertujuan riba fadhl atau riba nasa', bukan bertujuan pada harga dan barang.45 demikian pula dengan transaksi kebalikan ‘înah juga diharamkan. seperti seseorang menjual sesuatu dengan harga delapan puluh tunai dengan syarat ia membelinya kembali dengan harga seratus. transaksi seperti ini telah menyebabkan adanya riba.46 kedua, hîlah riba fadhl. hal ini terjadi apabila seseorang menjual sejumlah harta ribawi, misalnya 2 kg beras, dengan sejumlah harga, misalnya rp 10.000, dengan syarat bahwa ia—dengan harga yang sama (rp 10.000)—harus membeli dari pembeli tadi sejumlah harta ribawi sejenis yang kadarnya lebih banyak (misalnya 3 kilogram) atau lebih sedikit (misalnya 1 kilogram). transaksi seperti ini adalah model hîlah riba fadhl yang diharamkan.47 transaksi seperti ini dilarang didasarkan atas peristiwa pada zaman nabi saw. dimana para penduduk khaybar melakukan transaksi kurma kualitas sempurna satu kilo dengan kurma kualitas rendah dua kilo, dua kilo dengan tiga kilo dan seterusnya. praktik seperti ini dilarang nabi, dan beliau mengatakan agar ketika menjual kurma kualitas rendah dibayar dengan harga sendiri, begitu pula ketika membeli kurma kualitas sempurna juga dengan harga sendiri.48 45 ibn al-qayyim, i’lâm al-muwaqqi’în, jilid iii, h. 250. 46 ibn qudâmah, al-mughnî, jilid vi, h. 263 juga mansur ibn yûnus ibn idrîs al-bahuti, kasyâf al-qanâ’ 'an matn al-iqnâ', (bayrût: dâr al-fikr, 1402 h), jilid iii, h. 174. 47 ibn qudâmah, al-mughnî, jilid vi, h.114. 48 imâm muslim, shahîh muslim, jilid iii, h. 1208, juga imâm al-bukhârî, shahîh al-bukhârî, al-iqtishad: vol. iii, no. 1, januari 2011 175 kedua, multiakad sebagai hîlah ribawî. multiakad yang menjadi hîlah ribawî dapat terjadi melalui kesepakatan jual beli ‘înah atau sebaliknya dan hîlah riba fadhl. pertama, al-‘înah. contoh ‘înah yang dilarang adalah menjual sesuatu dengan harga seratus secara cicil dengan syarat pembeli harus menjualnya kembali kepada penjual dengan harga delapan puluh secara tunai. pada transaksi ini seolah ada dua akad jual beli, padahal nyatanya merupakan hîlah riba dalam pinjaman (qardh), karena objek akad semu dan tidak faktual dalam akad ini. sehingga tujuan dan manfaat dari jual beli yang ditentukan syariat tidak ditemukan dalam transaksi ini. ibn al-qayyim menjelaskan bahwa agama menetapkan seseorang yang memberikan qardh (pinjaman) agar tidak berharap dananya kembali kecuali sejumlah qardh yang diberikan, dan dilarang menetapkan tambahan atas qardh baik dengan hîlah atau lainnya. demikian pula dengan jual beli disyariatkan bagi orang yang mengharapkan memberikan kepemilikan barang dan mendapatkan harganya, dan dilarang bagi yang bertujuan riba fadhl atau riba nasa', bukan bertujuan pada harga dan barang.45 demikian pula dengan transaksi kebalikan ‘înah juga diharamkan. seperti seseorang menjual sesuatu dengan harga delapan puluh tunai dengan syarat ia membelinya kembali dengan harga seratus. transaksi seperti ini telah menyebabkan adanya riba.46 kedua, hîlah riba fadhl. hal ini terjadi apabila seseorang menjual sejumlah harta ribawi, misalnya 2 kg beras, dengan sejumlah harga, misalnya rp 10.000, dengan syarat bahwa ia—dengan harga yang sama (rp 10.000)—harus membeli dari pembeli tadi sejumlah harta ribawi sejenis yang kadarnya lebih banyak (misalnya 3 kilogram) atau lebih sedikit (misalnya 1 kilogram). transaksi seperti ini adalah model hîlah riba fadhl yang diharamkan.47 transaksi seperti ini dilarang didasarkan atas peristiwa pada zaman nabi saw. dimana para penduduk khaybar melakukan transaksi kurma kualitas sempurna satu kilo dengan kurma kualitas rendah dua kilo, dua kilo dengan tiga kilo dan seterusnya. praktik seperti ini dilarang nabi, dan beliau mengatakan agar ketika menjual kurma kualitas rendah dibayar dengan harga sendiri, begitu pula ketika membeli kurma kualitas sempurna juga dengan harga sendiri.48 45 ibn al-qayyim, i’lâm al-muwaqqi’în, jilid iii, h. 250. 46 ibn qudâmah, al-mughnî, jilid vi, h. 263 juga mansur ibn yûnus ibn idrîs al-bahuti, kasyâf al-qanâ’ 'an matn al-iqnâ', (bayrût: dâr al-fikr, 1402 h), jilid iii, h. 174. 47 ibn qudâmah, al-mughnî, jilid vi, h.114. 48 imâm muslim, shahîh muslim, jilid iii, h. 1208, juga imâm al-bukhârî, shahîh al-bukhârî, maksud hadis di atas, menurut ibn al-qayyim, adalah akad jual beli pertama dengan kedua harus dipisah. jual beli kedua bukanlah menjadi syarat sempurnanya jual beli pertama, melainkan berdiri sendiri. hadis di atas ditujukan agar dua akad itu dipisah, tidak saling berhubungan, apalagi saling bergantung satu dengan lainnya.49 ketiga, multiakad menyebabkan jatuh ke riba. setiap multiakad yang mengantarkan pada yang haram, seperti riba, hukumnya haram, meskipun akadakad yang membangunnya adalah boleh. penghimpunan beberapa akad yang hukum asalnya boleh namun membawanya pada yang dilarang menyebabkan hukumnya menjadi dilarang. hal ini terjadi seperti pada contoh: pertama, multiakad antara akad salaf dan jual beli. seperti dijelaskan sebelumnya, bahwa nabi melarang multiakad antara akad jual dan salaf. larangan ini disebabkan karena upaya mencegah (dzarî’ah) jatuh pada yang diharamkan berupa transaksi ribawi. jumhur ulama melarang praktik multiakad ini, yakni terjadinya penghimpunan akad jual beli (mu’âwadhah) dengan pinjaman (qardh) apabila dipersyaratkan. jika transaksi multiakad ini terjadi secara tidak disengaja diperbolehkan karena tidak adanya rencana untuk melakukan qardh yang mengandung riba.50 kedua, multiakad antara qardh dan hibah kepada pemberi pinjaman (muqridh). ulama sepakat mengharamkan qardh yang dibarengi dengan persyaratan imbalan lebih, berupa hibah atau lainnya. seperti contoh, seseorang meminjamkan (memberikan utang) suatu harta kepada orang lain, dengan syarat ia menempati rumah penerima pinjaman (muqtaridh), atau muqtaridh memberi hadiah kepada pemberi pinjaman, atau memberi tambahan kuantitas atau kualitas objek qardh saat mengembalikan. transaksi seperti ini dilarang karena mengandung unsur riba. apabila transaksi pinjam-meminjam ini kemudian disertai hadiah atau kelebihan, tetapi dilakukan sendiri secara sukarela oleh orang yang diberi pinjaman, tanpa ada syarat dan kesepakatan sebelumnya hukumnya halal, karena tidak mengandung unsur riba di dalamnya.51 keempat, multiakad terdiri atas akad-akad yang akibat hukumnya saling bertolak belakang atau berlawanan. kalangan ulama mâlikiyyah mengharamkan multiakad antara akad-akad yang berbeda ketentuan hukumnya dan/atau akibat jilid iii, h. 97. 49 ibn al-qayyim, i’lâm al-muwaqqi’în, jilid iii, h. 238. 50 abû barakat ahmad al-dardîr, al-syarh al-kabîr ‘alâ al-maqna’, jilid xii, (bayrût: dâr al-fikr, t.th.), h. 132; abû zakariyâ yahyâ ibn syaraf al-nawawî, raudhah al-thâlibîn, jilid iii, (bayrût: dâr alkutub, 1412 h), cet. i, h. 398. 51 ibn qudâmah, al-mughnî, j. 6, h.436, ibn taimiyah, majmû’ fatâwa ibn taimiyyah, j. 29, h.334. hasanudin: multiakad dalam transaksi syariah kontemporer 176 hukumnya saling berlawanan atau bertolak belakang. larangan ini didasari atas larangan nabi menggabungkan akad salaf dan jual beli. dua akad ini mengandung hukum yang berbeda. jual beli adalah kegiatan muamalah yang kental dengan nuansa dan upaya perhitungan untung-rugi, sedangkan salaf adalah kegiatan sosial yang mengedepankan aspek persaudaraan dan kasih sayang serta tujuan mulia. karena itu, ulama mâlikiyyah melarang multiakad dari akadakad yang berbeda hukumnya, seperti antara jual beli dengan ju’âlah, sharf, musâqah, syirkah, qirâdh, atau nikah.52 meski demikian, sebagian ulama mâlikiyyah dan mayoritas ulama nonmâlikiyyah membolehkan multiakad jenis ini. mereka beralasan perbedaan hukum dua akad tidak menyebabkan hilangnya keabsahan akad.53 dari dua pendapat ini, pendapat yang membolehkan multiakad jenis ini adalah pendapat yang unggul. larangan multiakad ini karena penghimpunan dua akad yang berbeda dalam syarat dan hukum menyebabkan tidak sinkronnya kewajiban dan hasil. hal ini terjadi karena dua akad untuk satu objek dan satu waktu, sementara hukumnya berbeda. sebagai contoh tergabungnya antara akad menghibahkan sesuatu dan menjualnya. akad-akad yang berlawanan (mutadhâdah) inilah yang dilarang dihimpun dalam satu transaksi. penutup keharaman multiakad pada dasarnya disebabkan oleh tiga hal. pertama, dilarang agama atau hîlah karena dapat menimbulkan ketidakpastian (gharar) dan ketidakjelasan (jahâlah). kedua, menjerumuskan ke praktik riba. ketiga, multiakad yang menimbulkan akibat hukum yang bertentangan pada objek yang sama. dengan kata lain, multiakad yang memenuhi prinsip syariah adalah multiakad yang memenuhi standar atau dhawâbith, sebagaimana yang telah dikemukakan. [] pustaka acuan ‘imrânî, al-, ‘abd allâh ibn muhammad bin ‘abd allâh, al-’uqûd al-mâliyah almurakkabah: dirâsah fiqhiyyah ta’shîliyyah wa tathbîqiyyah, riyâdh: dâr kunûz eshbelia li al-nasyr wa al-tauzî’, 2006. abâdi, al-, al-fairûz, al-qâmûs al-muhîth. al-qarrâfî, syarh tanqîh al-fushûl. 52 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.181–182. 53 ibn juzayy, al-qawânîn al-fiqhiyyah, tahqîq: ‘abd allâh al-minsyawi, (al-qâhirah: dâr alhadîts, 2005), h.209–210 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.126. al-iqtishad: vol. iii, no. 1, januari 2011 177 hukumnya saling berlawanan atau bertolak belakang. larangan ini didasari atas larangan nabi menggabungkan akad salaf dan jual beli. dua akad ini mengandung hukum yang berbeda. jual beli adalah kegiatan muamalah yang kental dengan nuansa dan upaya perhitungan untung-rugi, sedangkan salaf adalah kegiatan sosial yang mengedepankan aspek persaudaraan dan kasih sayang serta tujuan mulia. karena itu, ulama mâlikiyyah melarang multiakad dari akadakad yang berbeda hukumnya, seperti antara jual beli dengan ju’âlah, sharf, musâqah, syirkah, qirâdh, atau nikah.52 meski demikian, sebagian ulama mâlikiyyah dan mayoritas ulama nonmâlikiyyah membolehkan multiakad jenis ini. mereka beralasan perbedaan hukum dua akad tidak menyebabkan hilangnya keabsahan akad.53 dari dua pendapat ini, pendapat yang membolehkan multiakad jenis ini adalah pendapat yang unggul. larangan multiakad ini karena penghimpunan dua akad yang berbeda dalam syarat dan hukum menyebabkan tidak sinkronnya kewajiban dan hasil. hal ini terjadi karena dua akad untuk satu objek dan satu waktu, sementara hukumnya berbeda. sebagai contoh tergabungnya antara akad menghibahkan sesuatu dan menjualnya. akad-akad yang berlawanan (mutadhâdah) inilah yang dilarang dihimpun dalam satu transaksi. penutup keharaman multiakad pada dasarnya disebabkan oleh tiga hal. pertama, dilarang agama atau hîlah karena dapat menimbulkan ketidakpastian (gharar) dan ketidakjelasan (jahâlah). kedua, menjerumuskan ke praktik riba. ketiga, multiakad yang menimbulkan akibat hukum yang bertentangan pada objek yang sama. dengan kata lain, multiakad yang memenuhi prinsip syariah adalah multiakad yang memenuhi standar atau dhawâbith, sebagaimana yang telah dikemukakan. [] pustaka acuan ‘imrânî, al-, ‘abd allâh ibn muhammad bin ‘abd allâh, al-’uqûd al-mâliyah almurakkabah: dirâsah fiqhiyyah ta’shîliyyah wa tathbîqiyyah, riyâdh: dâr kunûz eshbelia li al-nasyr wa al-tauzî’, 2006. abâdi, al-, al-fairûz, al-qâmûs al-muhîth. al-qarrâfî, syarh tanqîh al-fushûl. 52 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.181–182. 53 ibn juzayy, al-qawânîn al-fiqhiyyah, tahqîq: ‘abd allâh al-minsyawi, (al-qâhirah: dâr alhadîts, 2005), h.209–210 al-‘imrânî, al-’uqûd al-mâliyah al-murakkabah, h.126. anas, imâm mâlik ibn, al-mudawwanah al-kubrâ, bayrût: dâr al-shâdir, 1323 h. ---------------, al-muwaththa’. ashfahânî, al-, mu’jam mufradât alfâzh al-qur’ân. bahuti, al-, mansur ibn yûnus ibn idrîs, kasyâf al-qanâ’ 'an matn al-iqnâ', bayrû: dâr al-fikr, 1402 h. dardîr, al-, abû barakat ahmad, al-syarh al-kabîr ‘alâ al-maqna’, bayrût: dâr alfikr, t.th. hammâd, nazîh, al-’uqûd al-murakkabah fî al-fiqh al-islâmî, damaskus: dâr alqalam, 2005. ---------------, qadhâyâ fiqhiyyah mu'âshirah fi al-mâl wa al-iqtishâd, damaskus: dâr al-qalam, 2001. hanbal, imâm abû ‘abd allâh ahmad ibn, musnad ahmad, bayrût: dâr al-ihyâ alturâts al-'arabî, 1414 h. hazm, abû muhammad ‘ali ibn ahmad ibn sa'îd bin, al-muhallâ, j.5, kairo: dâr alturâts, tt. ibn al-qayyim, i’lâm al-muwaqqi’în. ibn juzayy, al-qawânîn al-fiqhiyyah, tahqîq: ‘abd allâh al-minsyawi, kairo: dâr al-hadîts, 2005. ibn mandlûr, lisân al-‘arab. ibn qudâmah, al-mughnî. ---------------, raudhah al-nâdzir. ibn rusyd, bidâyah al-mujtahid. ibn taymiyyah, al-qawâ’id al-nûrâniyyah al-fiqhiyyah. ---------------, jâmi’ al-rasâil. ---------------, majmû’ fatâwa ibn taimiyyah. ---------------, nadzariyat al-‘aqd. imâm bukhârî, sahîh al-bukhârî. imâm muslim, sahîh muslim. jashâsh, al-, abû bakar ahmad al-râzî, ahkâm al-qur'an, j. 2, bayrû: dâr al-fikr, tt. jauharî,. al-, al-shihâh. jauziyyah, al-, ibn qayyim, i’lâm al-muwaqqi’în ‘an rab al-‘âlamîn, kairo: maktabah ibn taimiyyah, tt. jurjânî, al-, al-ta’rîfât. kafawî, al-, al-kulliyât. nawawî, al-, abû zakariyâ yahyâ ibn syaraf, raudhah al-thâlibîn, bayrût: dâr alkutub, 1412 h. sa’ûd, al-, ramadhân muhammad abû, mabâdi al-iltizâm fî al-qânûn al-mishri wa hasanudin: multiakad dalam transaksi syariah kontemporer 178 al-banânia. syâfi’î, al-, mukhtashar al-muzanî, bahâmis al-umm. syâtibî, al-, al-muwâfaqât. tahânawî, al-, kasysyâf ishthilâhât al-funûn, bayrût: dâr shâdir, t.th. tim penyusun, kamus besar bahasa indonesia, jakarta: balai pustaka, 1996. utsmân, mahmûd hâmid, al-qâmûs al-mubîn fî ishthilâhât al-ushûliyyîn, riyâdh: dâr al-zâhim, 1423 h. abstrak: krisis mengajarkan beberapa hal. bank syariah ternyata lebih tahan dari krisis dan tidak menyulitkan negara1. karena perbankan syariah bisa berperan sebagai lembaga intermediasi (penengah) yang berfungsi bahwa dana pihak ketiga yang ada di perbankan syariah hampir 100 % di distribusikan kembali kepada masyarakat. sementara bank konvensional hanya mendekati 70 %2, dan membebani negara karena meniscayakan bunga bagi pemerintah untuk dana bank di sbi. kata kunci: distribusi, baqir, krisis pendahuluan krisis ekonomi global yang terjadi di indonesia pada periode 1997 disusul pada periode 2008, sebenarnya di awali dari krisis di bidang distribusi. jika kita amati secara seksama bahwa krisis tersebut adalah ’buah’ dari kebijakan ekonomi yang keliru. beberapa indikatornya adalah sebagai berikut: krisis mengajarkan beberapa hal. bank syariah ternyata lebih tahan dari krisis dan tidak menyulitkan negara3. karena perbankan syariah 1 muhammad syakir sula, ”membumikan ekonomi syariah di indonesia,” artikel di akses pada 04 mei 2006 dari republikaonline 2 “perbankan syariah tidak akan membiayai rokok, miras dan hiburan malam,” warta media informasi fakultas syariah dan hukum uin syarif hidayatullah jakarta, 03 desember 2009, h.6 3 muhammad syakir sula, ”membumikan ekonomi syariah di indonesia,” artikel di akses pada 04 mei 2006 dari republikaonline konsep distribusi menurut muhammad baqir as-shadr rian maulana universitas uhamka email: riano@gmail.com rian maulana: konsep distribusi menurut muhammad baqir as-shadr80 bisa berperan sebagai lembaga intermediasi (penengah) yang berfungsi bahwa dana pihak ketiga yang ada di perbankan syariah hampir 100 % di distribusikan kembali kepada masyarakat. sementara bank konvensional hanya mendekati 70 %4, dan membebani negara karena meniscayakan bunga bagi pemerintah untuk dana bank di sbi.5 fakta ini menunjukan bahwa bank syariah lebih berpihak kepada sektor riil daripada bank konvensional. perlu di kemukakan bahwa pertumbuhan ekonomi yang tinggi sesungguhnya terjadi di sektor moneter, bukan di sektor riil yang bisa dirasakan langsung oleh rakyat banyak. ini mencerminkan bahwa jumlah hutang lebih besar dari pada anggaran untuk pendidikan, kesehatan dan pertahanan secara bersama-sama. jelasnya, jika sektor riil tidak bergerak, maka akan menyebabkan seperti praktik judi dan ekonomi ribawi. dalam konteks ekonomi, pelarangan bunga bank dan judi dipastikan akan meningkatkan distribusi kekayaan. karena penyimpangan distribusi yang secara akumulatif berakibat pada kesenjangan kesempatan memperoleh kekayaan. sementara itu, dari sisi penerimaan, pemerintah menjadikan pajak sebagai sumber utama penerimaan negara, sebagaimana dapat di lihat pula pada tabel berikut:6 4 ”perbankan syariah tidak akan membiayai rokok, miras dan hiburan malam,” warta media informasi fakultas syariah dan hukum uin syarif hidayatullah jakarta, 03 desember 2009, h.6 5 muhammad syakir sula, ”membumikan ekonomi syariah di indonesia,” artikel di akses pada 04 mei 2006 dari republika online 6 di akses pada 15 juni 2010 dari http//.badankebijakanfiskalkemenkeu.htm al-iqtishad: vol. ii, no. 2, juli 2010 81 ini berarti dapatlah dikatakan bahwa menurunnya penerimaan negara dari sumber bukan pajak merupakan dampak dari kebijakan pemerintah yang menyerahkan pengelolaan sumber daya alam kepada swasta, khusus nya asing. dengan payung liberalisasi dalam investasi dan privatisasi sektor publik, perusahaan multinasional asing seperti exxon mobil oil, caltex, newmount, freeport, dan lainnya dengan mudah mengeksploitasi ke kayaan alam indonesia dan semua potensi ekonomi yang ada. sehingga pemasukan apbn dari sektor sda migas dan non-migas makin lama makin kecil. di samping itu, privatisasi sektor publik mengakibatkan kenaikan tdl, telepon, dan bbm. kemudian dari sisi pengeluaran, terdapat alokasi belanja yang sangat bertolak belakang. menurut data tabel diatas dalam apbn-p 2007, anggaran belanja subsidi bbm dan lainnya sebesar rp.105 triliun, sedangkan pembayaran utang bunga rp.83,5 triliun dan cicilan pokok rp.54,7 triliun atau total sebesar rp.138,2 triliun, yang kemudian dana pajak yang dipungut dari masyarakat sebagian besar adalah untuk membayar hutang yang ratarata tiap tahun sebesar 25-30 % dari total anggaran.7 ini artinya yang perlu kita garis bawahi bahwa penyebab defisit apbn bukanlah besarnya subsidi, melainkan hutang yang sebagian besar hanya di nikmati oleh sekelompok kecil, yaitu konglomerat, untuk kepentingan restrukturisasi perbankan. maka jelaslah bahwa indikator terjadinya krisis ekonomi adalah krisis di sektor distribusi. kekacauan di sektor ini mengakibatkan kekacauan di sektor riil (produksi, perdagangan dan jasa). pada krisis tersebut terlihat bahwa fakta di lapangan membuktikan, kemiskinan terjadi bukan karena tidak ada uang, tetapi karena uang yang ada tidak merata. kemiskinan juga bukan karena kelangkaan sda, tetapi karena distribusinya yang tidak merata. tidak benarnya pendistribusian inilah yang menyebabkan kesenjangan yang luar biasa antara negara maju dan negara berkembang, ironisnya negara-negara yang berpenduduk mayoritas muslim8. 7 ibid., h.3 8 muhammad arif adiningrat dan farid wadjdi, “ kebijakan yang bertolak belakang,” artikel diakses pada sabtu, 21 mei 2005 dari www.hizbut-tahrir.or.id rian maulana: konsep distribusi menurut muhammad baqir as-shadr82 dalam hal ini sudah selayaknyalah kita menunjukkan, perlunya kita kembali kepada sistem perekonomian yang sesuai dengan seperangkat nilai islami (islamic set of values) yang dimiliki oleh mayoritas penduduk suatu bangsa. penyimpangan terhadap islamic set of values secara universal telah menimbulkan kemunduran dan kemiskinan.9 adiwarman karim10 menjelaskan bahwa respons terhadap maraknya praktik lembaga keuangan syariah (lks) di indonesia, menyusul terjadinya krisis ekonomi dan moneter dan pemberlakuan uu perbankan no 10 tahun 1998, serta fatwa mui tentang keharaman bunga bank, telah membangkitkan kesadaran bahwa kehadiran lks harus di iringi dengan pemahaman yang lebih komprehensif tentang ekonomi islam. menurutnya ” ... pemahaman sistem ekonomi islam tidak cukup hanya melalui sosialisasi teknis semata, tetapi juga latar belakang dan sejarah perkembangan pemikiran ekonomi para cendikiawan muslim hingga terwujudnya konsep mekanisme operasional lks...” sementara itu, euis amalia menyatakan bahwa di indonesia pengembangan ekonomi islam di mulai melalui pola kedua sehingga tidak heran jika pengembangan industri keuangan syariah tumbuh lebih cepat dibandingkan pengkajian teoritis dan konseptual dalam pembentukan sistem yang lebih komprehensif.11 dalam upaya untuk mengatasi krisis ekonomi, tidak hanya membenahi sektor riil dan moneter, tetapi juga harus membenahi persepsi tentang distribusi, fungsi, konsep dan kedudukannya. selintas sejarah kehidupan muhammad baqir ash-shadr sebagaimana telah dijelaskan sebelumnya bahwa untuk membedah pemikiran seorang tokoh, perlu telusuri perjalanan hidupnya untuk se9 karnaen perwataatmadja, ”kebutuhan dan strategi pengembangan kurikulum untuk membangun sdi syariah,” pada acara seminar ”peran perguruan tinggi dalam membangun sdi syariah profesional,” dalam indonesia syariah expo, 27 oktober 2007, (jakarta convention centre: mes, 2007), h.5 10 adiwarman azwar karim, “pengantar” , sejarah pemikiran ekonomi islam, cet.iii, (jakarta: pt. raja grafindo persada, 2006). h.vii 11 euis amalia. keadilan distributif dalam ekonomi islam penguatan peran lkm dan ukm di indonesia ,(jakarta: pt.raja grafindo persada, 2009). h.114 al-iqtishad: vol. ii, no. 2, juli 2010 83 lanjutnya ditemukan relasi-relasinya dengan pemikiran ekonomi yang menjadi fokus penelitian ini. berikut penelusurannya: ayatullah muhammad baqir ash-shadr dilahirkan pada tanggal 25 dzulqa’dah 1353 h / 1 maret 1935 m di kadzimiah, irak. beliau berasal dari suatu keluarga yang sejak satu abad sekarang berada dipusat keilmuan, dan telah menyumbangkan berbagai pelayanan kepada islam dan kaum muslim di irak, iran, dan lebanon. sayyid muhammad baqir ash-shadr yang berasal dari keluarga tersebut bangkit melawan kolonialisme inggris dan mengambil bagian dalam revolusi yang terjadi di irak pada abad ke-20.12 kakek buyutnya, sayyid shadruddin ash-shadr dari qum dan sayyid musa ash-shadr dari lebanon juga termasyhur karena aktivitas keagamaan dan politik mereka. salah seorang leluhur beliau, sayyid abdul husain syarafuddin al-musawi (pengarang kitab terkenal al­muraja’at (dialog sunnah­syiah) mengambil bagian dari perang kemerdekaan di jabal amil melawan perancis.13 muhammad baqir ash-shadr, seorang cendekiawan muslim terkemuka, fakih (yuris) dan pemikir genius, karena karya-karya yang telah beliau wariskan kepada kaum muslim, baik dari kalangan awam maupun kalangan terpelajar, dan karena kehidupan beliau yang penuh dengan usaha dan perjuangan, dan yang dipendekkan oleh tangan-tangan kriminalis (beliau syahid dibunuh oleh orang­orang saddam husein), beliau sudah terlalu terkenal dan masyhur sehingga rasanya tidak perlu mencantumkan biografi beliau dari terjemahan bahasa inggris buku beliau yang sangat terkenal ‘iqtishaduna’14. ayatullah muhammad baqir as-shadr datang dari satu keluarga cendikiawan dan intelektual islam terpandang, sadr menyadari secara alami mengikuti jejak mereka (leluhurnya). beliau pilih untuk mengikuti studi islam tradisional di hauzas atau sekolah tradisional di irak, di mana 12 muhammad baqir ash-shadr, sistem politik islam, (jakarta: penerbit lentera basritama, 2001), h. 150 13 ibid., h.150 14 muhammad baqir ash-shadr, buku induk ekonomi islam: iqtishaduna. (jakarta: penerbit zahra, 2008). h.29 rian maulana: konsep distribusi menurut muhammad baqir as-shadr84 beliau belajar fiqh (hukum), ushul (sumber hukum) dan teologi15. sadr berhasil menyelesaikan belajarnya dengan hasil yang baik, dan pada usia 20 tahun, sudah dipertimbangkan sebagai ‘mujtahid absolut’ (mujtahid mutlaq), dan kemudian, naik ke tingkatan otoritas tertinggi dari marja (hakim otoritas). otoritas cendikiawan dan spiritual ini dalam tradisi islam juga tertuang dalam karya sadr, dan dalam iqtishaduna (ekonomi kita)nya, beliau mendemonstrasikan metodologi independentnya (tradisi hukum islam), dengan pernyataan intelektual yang tegas16. muhammad baqir as-sayyid haidar ibn ismail ash-shadr, seorang sarjana, ulama, guru dan tokoh politik, lahir dari keluarga religius termasyhur yang telah melahirkan sejumlah tokoh kenamaan di irak, iran dan lebanon17, seperti: 1. sayyid shadr ad-din ash-shadr, seorang marja’ (otoritas rujukan tertinggi dalam mazhab syi’ah) di qum. 2. muhammad ash-shadr, salah seorang pemimpin religius yang memainkan peran penting dalam revolusi irak melawan inggris yang sebagian besar diorganisasikan dan dilancarkan oleh pemimpinpemimpin religius yang berhasil menumbangkan inggris. dia juga mendirikan haras al­istiqlal (pengawal kemerdekaan). 3. musa ash-shadr, pemimpin syi’ah di lebanon. muhammad baqir ash-shadr, lahir dalam keluarga alim yang ter masyhur di golongan syi’ah. kakeknya, sadruddin al-‘amili (w.1264/1847), dibesarkan di dusun lebanon selatan, ma’rakah, hijrah untuk belajar di isfahan dan najaf. hingga wafat dan dimakamkan di sana. kakeknya, isma’il, lahir di isfahan pada 1258 h/ 1842 m, pada 1280 h / 1863 m pindah ke najaf, kemudian ke samarra’18. di samarra’ inilah, konon, dia menggantikan al-mujaddid asy-syirazi di 15 m. aslam haneef, contemporary islamic thought: a selected comparative analysis, (kuala lumpur, 1995). h.110 16 ibid., h.110 17 muhammad baqir ash-shadr, falsafatuna: pandangan muhammad baqir ash­shadr terhadap pelbagai aliran filsafat dunia, (bandung: penerbit mizan, 1995), h.11 18 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.252 al-iqtishad: vol. ii, no. 2, juli 2010 85 hauzah (lingkungan alim syi’ah) lokal. putranya, haidar, ayah muhammad baqir ash-shadr, lahir di samarra’ pada 1309 h / 1891 m, dan belajar pada ayahnya dan ayatullah al-hai’ri al-yazdi di karbala. dia meninggal di kazimiah pada 1356 h / 1937 m, meninggalkan seorang istri, dua putra dan seorang putri19. kendatipun marja’ yang cukup terpandang, tampaknya dia meninggal dalam keadaan tak punya uang sepeser pun. konon, sampai lebih dari sebulan setelah meninggalnya keluarga ini, masih tidak dapat menyediakan roti sehari-hari, ‘kanu ha’irin fi luqmat al­‘aysy’20. pada usia empat tahun, muhammad baqir ash-shadr menjadi yatim, kemudian diasuh oleh ibunya yang religius dan kakak laki-lakinya, isma’il, yang juga seorang mujtahid kenamaan di irak (mujtahid adalah seorang yang sangat alim yang telah mencapai tingkat tertinggi dikalangan teolog muslim). muhammad baqir ash-shadr menunjukan tanda-tanda kejeniusan sejak usia kanak-kanak21. ketika berusia sepuluh tahun, beliau berceramah tentang sejarah islam, dan juga tentang beberapa aspek lain mengenai kultur islam. beliau mampu menangkap isu­isu teologis yang sulit dan bahkan tanpa bantuan seorang guru pun. pada usia sebelas tahun, beliau mengambil studi logika, dan menulis sebuah buku yang mengkritik para filosof22. falsafatuna begitu tergoda kategori marxis, sehingga bahasa islamnya jadi terpengaruh. tentu saja, dengan melihat ke belakang, mengkritiknya gampang, argumen stalin, politzer dan bahkan engels sudah lama kadaluarsa dilingkungan filsafat. dan kenyataan ini tidak mempengaruhi risalah filosofis sadr tapi justru membuat mereka memiliki arti penting yang tidak pantas mereka terima.23 pada usia tiga belas tahun, kakaknya mengajarkan kepadanya ‘ushul 19 ibid., h.253 20 ibid., h.253 / lihat juga ha’iri, ‘tarjamat’. h.28 21 muhammad baqir ash-shadr, falsafatuna: pandangan muhammad baqir ash­shadr terhadap pelbagai aliran filsafat dunia, (bandung: penerbit mizan, 1995), h.11 22 ibid., h.11 23 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.258 rian maulana: konsep distribusi menurut muhammad baqir as-shadr86 ‘ilm al­fiqh (asas-asas ilmu tentang prinsip-prinsip hukum islam – yang terdiri atas al-qur’an, hadist, ijma’, dan qiyas). pada usia sekitar enam belas tahun, beliau pergi ke najaf untuk menuntut pendidikan yang lebih tinggi dalam berbagai cabang ilmu-ilmu islami24. sekitar empat tahun kemudian, beliau menulis sebuah ensiklopedi tentang ‘ushul, ghayat al­fikr fi al­‘ushul (pemikiran puncak dalam ‘ushul). mengenai karya ini, hanya satu volume yang diterbitkan25. ketika usia dua puluh lima tahun, beliau mengajar bahts kharij (tahap akhir ‘ushul). saat itu sadr lebih muda daripada banyak muridnya. disamping itu, sadr juga mengajar fiqh. patut disebutkan juga bahwa pada usia tiga puluh tahun sadr telah menjadi mujtahid26. muhammad baqir al-sadr berasal dari keluarga syiah dan menjadi salah seorang pemikir terkemuka yang mela mbangkan kebangkitan intelektual di najaf antara 1950 m dan 1980 m. kebangkitan ini sangat berpengaruh dalam aspek politik di kawasan najaf timur tengah pada umumnya27. dalam karya-karyanya, beliau kerap menyerang dialektika­materialistik, dan menganjurkan, sebagai gantinya, konsep islam dalam membedakan antara kebenaran dan kesalahan. beliau banyak menulis tentang ekonomi islam, dan menjadi konsultan dari berbagai organisasi islam, seperti bank pembangunan islam28. dalam berbagai ceramahnya beliau kadang menganjurkan suatu gerakan islam yang terorganisasikan sebuah partai sentral yang dapat bekerjasama dengan berbagai unit dalam naungan kaum muslim untuk melahirkan perubahan sosial yang diinginkan. beliau adalah “bapak” hizb al­da’wah al­islamiyyah (partai dakwah islam)29. 24 muhammad baqir ash-shadr, falsafatuna: pandangan muhammad baqir ash­shadr terhadap pelbagai aliran filsafat dunia, (bandung: penerbit mizan, 1995), h.11 25 ibid., h.12 26 ibid., h.12 27 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontempore,. ( jakarta: pustaka asatruss, 2005). h. 251 28 muhammad baqir ash-shadr, falsafatuna: pandangan muhammad baqir ash­shadr terhadap pelbagai aliran filsafat dunia, (bandung: penerbit mizan, 1995), h.12-15 29 ibid., h.13 al-iqtishad: vol. ii, no. 2, juli 2010 87 sadr mengajarkan bahwa politik adalah bagian dari islam. beliau menyerukan kepada kaum muslim supaya mengenali kekayaan khazanah asli islam dan melepaskan diri dari pengaruh-pengaruh eksternal apapun, khususnya pengaruh-pengaruh kapitalisme dan marxisme30. sadr mendorong kaum muslim supaya bangun dari tidur dan menyadari bahwa kaum imperialis sedang berupaya membunuh ideologi islam dengan cara menyebarkan ideologi mereka di dunia muslim. kaum muslim harus bersatu padu dalam melawan intervensi semacam itu dalam sistem sosial, ekonomi dan politik mereka31. muhammad baqir ash-shadr banyak menuangkan fikirannya ke suratsurat kabar dan jurnal-jurnal. banyak juga dalam bentuk buku, terutama tentang ekonomi, sosiologi, teologi, dan filsafat. diantaranya yang terpopuler adalah (1) al­fatwa al­wadhihah (fatwa yang jelas), (2) manhaj ash­shalihin (jalan orang-orang saleh)—buku ini mencerminkan suatu pandangan modern tentang masa’il, (3) iqishaduna (ekonomi kita)—buku ini terdiri atas dua volume dan merupakan suatu diskusi terlengkap tentang ekonomi islam dan tanggapan terhadap kapitalisme dan komunisme, (4) al­madrasah al­islamiyyah (mazhab islam), (5) ghayat al­fikr fi al­‘ushul (pemikiran puncak dalam ‘ushul), (6) ta’liqat ‘ala al­asfar (ulasan tentang empat kitab perjalanan mulla sadhra), (7) manabi’ al­qudrah fi dawlat al­islam (sumbersumber kekuasaan dalam negara islam), penulis dalam buku ini menyatakan bahwa suatu negara islam harus didirikan menurut syari’ah, sebab hal ini adalah satu-satunya jalan untuk menjamin hukum allah di bumi, (8) al­insan al­mu’ashir wa al­musykilah al­ijtima’iyyah (manusia modern dan problem sosial), (9) al­bank al­islamiyyah (bank islam), (10) durus fi ‘ilm al­‘ushul (kuliah tentang ilmu prinsip hukum islam), (11) al­mursil wa al­rasul wa al­risalah (yang mengutus, rasul dan risalah), (12) ahkam al­hajj (hukumhukum haji), (13) al­‘ushul al­manthiqiyyah li al­istiqra (asas-asas logika dalam induksi), dan (14) falsafatuna (filsafat kita)32. 30 ibid., h.13 31 ibid., h.14 32 ibid., h.14 rian maulana: konsep distribusi menurut muhammad baqir as-shadr88 seyyed husein nashr33 dalam pengantar buku falsafatuna muhammad baqir ash-shadr mengatakan: “tulisan-tulisan allamah muhammad baqir ash-shadr mengandung makna teologis dan filosofis, sebab beliau adalah intelektual penting dalam kehidupan islam kontemporer, satu figur yang karya-karyanya melampaui sekadar mata-mata polemik dan retorik34.” buku falsafatuna dan iqtishaduna telah mencuatkan muhammad baqir ash-shadr sebagai teoritis kebangkitan islam terkemuka. sistem filsafat dan ekonomi alternatif ini di sempurnakan melalui masyarakat dan lembaga. dalam kedua buku ini, beliau menjanjikan jilid ketiganya dengan pola yang sama yang diberi judul, mujtama’una (masyarakat kita).35 tidak berlebihan jika dikatakan bahwa iqtishaduna merupakan satu karya pionir yang cukup komprehensif dalam literatur ekonomi islam modern mengupas masalah produksi, distribusi, konsumsi dan pertukaran. termasuk masalah fiskal dan moneter serta strategi pengelolaan aset produktif dan peranan pemerintah di dalamnya.36 karir intelektual dan politik di kadzimiah, muhammad baqir ash-shadr masuk sekolah dasar muntada an­nasyr. menurut keterangan teman sekolahnya, beliau sejak awal menjadi sasaran perhatian dan keingintahuan guru-gurunya, sedemikian rupa, sehingga beberapa murid meniru cara jalannya, cara bicaranya, dan cara 33 seyyed husein nasr adalah intelektual garda terdepan yang sangat disegani di segenap penjuru dunia. beliau menjadi guru besar di berbagai perguruan tinggi bergengsi di eropa, amerika, timur tengah. beliau di lahirkan di teheran, dari keluarga tradisional syi’ah ortodoks. masa kelahirannya merupakan masa ketegangan politis antara kelompok ulama dengan dinasti pahlevi. seyyed husein nasr, “antara tuhan, manusia dan alam: jembatan filosofis dan religius menuju puncak spiritual” (yogyakarta: ircisod, 2003). h.171. diterjemahkan juga oleh penyunting dari “pengantar” untuk our philosophy, the muhammad trust, london, 1987. 34 ibid., h.15 35 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, ( jakarta: pustaka asatruss, 2005), h. 252 36 muhammad syafii antonio “ulasan dan komentar”, dalam muhammad baqir ashshadr. buku induk ekonomi islam: iqtishaduna, ( jakarta: penerbit zahra, 2008), h.17 al-iqtishad: vol. ii, no. 2, juli 2010 89 duduknya di kelas.37 ayatullah muhammad baqir ash-shadr kehilangan ayahnya ketika beliau baru berusia empat tahun, kemudian dibesarkan oleh ibu dan kakak tertuanya, ismail ash-shadr. sejak kanak-kanak ia memperlihatkan tanda-tanda kecerdasan dan bakat keilmuan yang luar biasa.38 ketika berusia sepuluh tahun, beliau sudah membahas persoalanpersoalan doktrinal dan sejarah islam dengan suatu kepercayaan seakanakan ia telah melewati dekade­dekade dalam menguasai topik tersebut. di usia sebelas tahun, ia telah menulis buku tentang logika, dan juga mulai menyampaikan kuliah-kuliah tentang topik tersebut.39 pada tahun 1365 m ia menetap di najaf al­asyraf, dan mulai mempelajari sekaligus mengajar prinsip-prinsip yurisprudensi (al­ushul al­fiqh) islam dan cabang-cabang ilmu islam lainnya. beliau mempunyai suatu wawasan yang luar biasa, dimana beliau dapat memahami sepenuhnya pelajaranpelajaran dengan autodidak40 akhirnya beliau diposisikan sebagai mujtahid, dan mulai menyampaikan fatwa-fatwa dalam ijtihad serta mulai menulis banyak buku. sebanyak dua puluh enam buku dengan berbagai topik yang mencakup ushul fiqh, fiqih, ekonomi, filsafat, logika induktif, problem-problem sosial, dan administrasi publik.41 sebahagian bukunya telah diterjemahkan ke dalam bahasa persia, inggris, urdu, turki, yang merupakan masterpiece dalam bidangnya masingmasing.42 uraian pasca kematian sering kali memuji, dan harus disikapi dengan hati-hati. karena pemerintah irak tidak mengakui eksistensi shadr, apalagi pencapaian intelektual atau politiknya. karena itu, kita hanya terbatas pada 37 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998), h.254 / hairi, ‘tarjamat’.h.44. menyebutkan tuturan teman sekelas sadr, muhammad ‘ali al-khalili 38 muhammad baqir ash-shadr, sistem politik islam, (jakarta: penerbit lentera basritama, 2001), h. 150 39 ibid., h.150 40 ibid., h.150 41 ibid., h.151 42 ibid., h.151 rian maulana: konsep distribusi menurut muhammad baqir as-shadr90 teks itu saja, ingatan murid dan simpatisan almarhum.43 kalau ini pun tidak mungkin, beberapa cerita menyebutkan, misalnya, bahwa shadr menulis risalah pertamanya pada usia sebelas tahun. ‘abdul ghani al-ardabili, yang dikutip dalam biografi ha’iri, menyebut buku tersebut sebagai risalah logika. karya paling awal terbit yang dapat dilacak, berasal dari 1955.44 studi ini, berupa analisis episode fadak yang artinya dalam sejarah syi’ah memperlihatkan kematangan pemikiran alim muda, dilihat dari segi metode dan substansi. namun isinya tidak memperlihatkan noda sektarian syi’ah yang segera lenyap dari bahasa shadr, sampai masa konfrontasi dengan ba’ath pada akhir 1970-an.45 ciri lain yang mencolok dari kebangkitan itu adalah dimensi politiknya, dan saling berpengaruh antara apa yang terjadi di lorong gelap dan sekolah tinggi berdebu najaf, dan timur tengah pada umumnya.46 singkatnya, ini merupakan latar belakang politik kebangkitan di najaf. namun, tantangan politik islam yang bermula di najaf tak akan bersifat universal tanpa adanya dimensi intelektual dan kulturalnya yang khas.47 di tengah berbagai peristiwa yang dramatis, yang kian global jangkauannya, penting untuk dicamkan bahwa kebangkitan najaf merupakan gejala intelektual yang terutama melibatkan faqih dan keputusan hukum. inilah dimensi timur tengah bergolak yang kurang diketahui, dan merupakan dimensi yang lebih langgeng.48 di tengah pembaruan budaya dan pembentukan sistem, ada’ inter nasional syi’ah’ yang merupakan produk jaringan najaf. di najaf, muhammad baqir ash-shadr tampil sebagai pendiri suatu sistem konstitusi dan ekonomi baru.49 43 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.254 44 ibid. h.254 / muhammad baqir sadr, fadak fi at­tarikh (fadak dalam sejarah), edisi i, najaf.1955 45 ibid., h.254 46 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.246 47 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.252 48 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) ibid., h.252 49 ibid., h.252 al-iqtishad: vol. ii, no. 2, juli 2010 91 kendatipun banyak sumbangsih luar biasa shadr untuk tema-tema historis islam, ushul, dan filsafat, namun karya-karya shadr di bidang hukum konstitusi dan ekonomi islamlah yang paling inovatif.50 dalam ekonomi islam, shadr menulis beberapa risalah. dua yang paling penting adalah iqtishaduna, yang merupakan teori umum ekonomi islam, dan al-bank al-ala ribawi fi al-islam, yang merupakan teks terinci soal operasi bank islam dalam konteks lawannya, yaitu ‘kapitalisme’.51 dua unsur membeakan iqtishaduna dari literatur umum ekonomi islam. dari segi struktur dan metodologi, tak diragukan lagi inilah sumbangsih paling serius dan paling banyak disaluti dibidang ini.52 ada dua alasan untuk keseriusan ini: pertama, shadr jelas ingin menyajikan berbagai ideologi rival, khususnya marxisme, secara serius. kritiknya atas marxisme mungkin tidak memadai, meski ini merupakan upaya intelektual yang serius. adapun mengenai teori kapitalis, riset yang dilakukannya lebih terbatas. ini akibat pengaruh marxisme yang dominan. pada masa iqtishaduna, hingga akhir 1970-an, bidang intelektual ‘ilmu sosial’ didominasi oleh kaum kiri. dalam iqtishaduna, hanya tiga puluh halaman yang diperuntukkan untuk kritik struktural atas kapitalisme, yang jauh kurang tuntas dibanding tigaratus halaman yang diperuntukkan untuk membantah teori marxisme.53 dalam iqtishaduna, shadr mencoba menjawab himbauan komunis untuk mengubah ‘keseimbangan sosial’ dengan teori hukum terinci soal hak milik dan distribusi. dalam tulisannya soal perbankan, shadr dapat menawarkan cetak biru ‘bank islam’ yang kini lagi mode.54 dalam tulisannya soal konstitusi, dikemukakan tatanan terinci di jantung republik islam iran. dalam hal ini pemikiran shadr adalah penting bagi pembaruan hukum islam. karena kedalaman tulisannya dibidang 50 ibid., h.260 51 ibid., h.260 52 ibid., h.261 53 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.261 54 ibid., h.264 rian maulana: konsep distribusi menurut muhammad baqir as-shadr92 ‘baru’ tak dapat tertandingi oleh masyarakat muslim modern, maka di dunia syi’ah, dan lebih umum lagi di dunia islam, shadr tetap merupakan sumber inspirasi dan kekaguman yang unik.55 disebabkan oleh ajaran-ajaran dan keyakinan-keyakinan politiknya, yang menyebabkannya mengutuk rezim bha’at di irak sebagai melanggar hak-hak asasi manusia dan islam, ayatullah muhammad baqir ash-shadr di tahan dan di pindahkan dari najaf ke baghdad. beliau kemudian di bebaskan dan ditahan lagi di najaf pada 1979.56 saudara perempuannya, bint al-huda, yang juga seorang sarjana dalam teologi islam, mengorganisasikan suatu protes menentang penahanan atas seorang marja’. sejumlah protes lain, menentang pemenjaraan atas diri ash-shadr, juga diorganisasikan di dalam dan di luar irak. kesemuanya ini membuat ash-shadr dibebaskan dari penjara.57 namun, beliau tetap dikenai tahanan rumah selama sembilan bulan. ketegangan antara beliau dan partai bha’ath terus tumbuh. beliau mengeluarkan fatwa bahwa haram bagi seorang muslim bergabung dengan partai bha’ats yang tak islami itu. pada 5 april 1980 beliau ditahan lagi dan dipindahkan ke baghdad.58 beliau dan saudara perempuannya, bint al-huda, dipenjarakan dan dieksekusi tiga hari kemudian. jasad mereka dibawa dan dimakamkan di an-najaf. misteri menyelimuti kematian mereka. muncul banyak pertanyaan, misalnya, tentang maksud di balik eksekusi itu dan identitas mereka yang mengatur eksekusi ini.59 sejak 1970, pemerintah di najaf kembali mendapat tekanan sekali setahun. sadr, di tahan beberapa kali, di interogasi, dan di perlakukan dengan kejam. pada juni 1979, ketika sadr sedang bersiap memimpin delegasi untuk memberi salam kepada ayatullah khomeini di teheran, beliau di kenai tahanan rumah. setelah itu beliau di pindahkan ke baghdad 55 ibid., h.264 56 muhammad baqir ash-shadr, falsafatuna: pandangan muhammad baqir ash­shadr terhadap pelbagai aliran filsafat dunia, (bandung: penerbit mizan, 1995), h.12 57 ibid., h.12 58 ibid., h.12 59 ibid., h.12 al-iqtishad: vol. ii, no. 2, juli 2010 93 pada 5 april 1980. tanggal ini bertepatan dengan serangan kedua terhadap pejabat pemerintah dalam seminggu.60 bagi pemerintah, ini merupakan isyarat di mulainya konfrontasi final dengan apa yang di anggap pemerintah sebagai akar masalahnya. najaf di serbu pada malam hari. sadr dipindahkan ke baghdad. najaf ingat bahwa sadr lolos dari upaya penculikan, dan ditahan kembali pada juni karena bint al – huda mengerahkan orang yang sedang berbelasungkawa di sahn (masjid ‘ali di najaf) dengan pekikan ‘imam kalian mau di culik.’ kali ini, pemerintah membungkam saudara perempuan shadr ini dengan membawanya ke baghdad, dan dengan mengeksekusi shadr.61 pada dekade terakhir dari hidupnya adalah masa penyiksaan oleh rezim ba’ath di irak. pengaruhnya yang menakutkan terhadap media massa, dan setelah hukuman penjara dan siksaan, rezim ba’ath menghukum mati atasnya pada tanggal 8 april 1980.62 menurut laporan, tubuh muhammad baqir ash-shadr dimakam kan diwaktu fajar pada 9 april dihadiri keluarga dari najaf. ini berarti dia meninggal sehari sebelumnya. namun banyak pertanyaan masih belum terjawab.63 peristiwa pengeksekusian shadr bersama saudara perempuannya yang bernama bint al-huda, pada 8 april 1980, merupakan titik puncak tantangan terhadap islam di irak. dengan meninggalnya shadr, irak ke hilangan aktivis islamnya yang paling penting.64 semoga allah merahmati ruh sucinya. pengertian distribusi dalam kamus bahasa indonesia, distribusi menurut bahasa adalah: pembagian, pengiriman barang-barang kepada orang banyak atau ke beberapa tempat.65 60 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.251 61 ibid., h.251 62 m. aslam haneef, contemporary islamic thought: a selected comparative analysis, (kuala lumpur, 1995), h.111 63 chibli mallat, para perintis zaman baru islam, (bandung: mizan, 1998) h.251 64 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, ( jakarta: pustaka asatruss, 2005), h. 251 65 muhammad ali, kamus bahasa indonesia modern, (jakarta: pustaka amani), h.84. rian maulana: konsep distribusi menurut muhammad baqir as-shadr94 dalam kehidupan sehari-hari, distribusi biasa diartikan sebagai kegiatan membagi-bagi barang kepada orang atau pihak yang berhak untuk menerimanya. misalnya, dalam keadaan kesulitan ekonomi, pemerintah melakukan distribusi bahan makan kepada pegawai negeri dan penduduk; di pusat pembangkit tenaga listrik terdapat bagian distribusi yang mengurus penyaluran tenaga listrik ke seluruh wilayah. dalam kegiatan ekonomi, kegiatan distribusi tidak hanya sekedar membagi-bagi atau menyalurkan barang, tetapi mempunyai pengertian yang lebih luas lagi. kegiatan itu antara lain meliputi perdagangan, pengangkutan, penyimpanan, penanggungan resiko, dan seterusnya sampai barang yang bersangkutan diterima oleh konsumen dalam keadaan baik. dengan demikian, ruang lingkup kegiatan distribusi mencakup seluruh penanganan barang sejak lepas dari produsen sampai barang tersebut diterima oleh konsumen. meskipun pengertian distribusi sangat luas, dengan singkat dapat dikatakan bahwa yang dimaksud dengan distribusi adalah usaha menyampaikan barang dari produsen kepada konsumen.66 berkenaan dengan distribusi dalam arti penyebaran dan penukaran hasil produksi ini, islam telah memberikan tuntunan yang wajib diikuti oleh para pelaku ekonomi, pemerintah maupun masyarakat luas. tuntunan tersebut secara hukum normatif tertuang dalam fiqh al­mu’amalah.67 dalam fiqh al­mu’amalah ditetapkan kaidah hukum bahwa hukum asal dalam mu’amalah, sebagai bentuk distribusi, itu boleh sampai ada nash yang menyatakan keharamannya. berkaitan dalam prinsip ini, berbagai kegiatan ekonomi boleh dilakukan dalam upaya pendistribusian hasil produksi bila tidak ditemukan ketentuan nash yang melarangnya. oleh karena itu, distribusi dalam perspektif islam sangat luas, kegiatan distribusi apapun boleh dilakukan sepanjang tidak ada larangan dari nash. selain itu, dalam fiqh al-mu’amalah juga ditetapkan bahwa transaksi yang dilakukan dalam distribusi boleh dilakukan dengan cara apapun, termasuk kebiasaan baik dan benar (‘urf shahih) yang berjalan dalam 66 suradjiman, ekonomi 1 untuk sekolah menengah umum (jakarta: pusat perbukuan, departemen pendidikan dan kebudayaan, 1996), h.38 67 a. djazuli dan yadi janwari, h.a, lembaga­lembaga perekonomian umat sebuah pengenalan, (jakarta: pt.raja grafindo persada, 2002) h. 32 al-iqtishad: vol. ii, no. 2, juli 2010 95 kehidupan umat manusia.68 menurut ibn taimiyyah, sebagaimana dikutif al­‘assal, setiap cara yang oleh orang banyak dapat dihitung jual beli atau pengupahan adalah jual beli dan pengupahan. tetapi, kalau istilah orang-orang itu berlainan dalam lafazh dan prakteknya, maka transaksi pada setiap kaum diselenggarakan menurut bentuk dan praktek yang mereka pahami bersama. sebenarnya, distribusi merupakan lanjutan ekonomi setelah produksi. hasil produksi yang diperoleh kemudian dipindahtangankan dari pemilik ke pihak lain. mekanisme yang digunakan dalam distribusi ini tiada lain adalah dengan cara barter (mubadalah) atau antara hasil produksi dengan alat tukar (uang). di dalam syariat islam bentuk distribusi ini dikemukakan dalam pembahasan ‘aqd (transaksi). konsep distribusi menurut muhammad baqir ash-shadr distribusi (bersama-sama dengan hak milik) menduduki satu bagian penting dari pemikiran sadr. hampir sepertiga dari iqtishaduna-nya mendiskusikan secara mendalam tentang distribusi dan hak milik. sadr69 membagi bahasannya kedalam dua bagian, misalnya, distribusi pra produksi dan distribusi pasca produksi. menjadi seorang ahli hukum tradisional, penampilan sadr menjadi dasar atas ajaran hukum yang berkenaan dengan kepemilikan dan hak distributif. teori disribusi pra produksi pada dasarnya mendiskusikan distribusi dari tanah dan sumber alam yang lain, dimasukan sebagai kekayaan primer. dalam mendiskusikan status kepemilikan sumber alam, sadr 70membagi sumber alam ke dalam empat kategori, misalnya. daratan, bahan baku (sumber alam) di daratan, air alami dan sisanya kekayaan (sungai/hasil laut, bintang, tumbuh-tumbuhan). 68 ibid., h.32 69 m. aslam haneef, contemporary islamic economic thought: a selected comparative analiysis, (kuala lumpur, 1995), h.117 70 chibli mallat, the renewal of islamic law, penerjemah: santi indra astuti (bandung: mizan, 2001). h.191 rian maulana: konsep distribusi menurut muhammad baqir as-shadr96 sebuah ringkasan dari pandangannya didaratan (tanah) dan kategori yang lain dari sumber alam dapat dilihat pada tabel berikut:71 kepemilikan tanah kategori tanah / bentuk tanah yang ditanami (pertanian) tanah kosong (lahan tidak kepakai) secara alami membentuk lahan yang tertanami (hutan) penaklukan tanah kepemilikan umum (khalayak); penduduk membayar pajak yang digunakan untuk masyarakat secara keseluruhan kepemilikan pemerintah; individu dapat memperoleh hak untuk menggarapnya lewat buruh; pajak dibayar kepada pemerintah kepemilikan pemerintah; individu dapat memperoleh hak untuk menggarapnya tanah hasil da’wah kepemilikan pribadi oleh para penduduk kepemilikan pemerintah; individu dapat memperolah hak untuk menggarapnya kepemilikan pemerintah; individu dapat memperoleh hak untuk mengarapnya tanah hasil perjanjian tergantung pada perjanjian; kepemilikan pribadi atau umum (masyarakat) kepemilikan pemerintah kepemilikan pemerintah tanah yang lainya kepemilikan pemerintah kepemilikan pemerintah kepemilikan pemerintah kepemilikan sumber alam lainya sumber alam / bentuk zahir (terbuka) (sudah dalam bentuk yang terselesaikan) batin (tersembunyi) (belum dalam bentuk yang terselesaikan) i) sumber alam di tanah (minyak, batubara, dan sebagainya) kepemilikan umum dan kepemilikan pemerintah (negara) (a) jika dekat kepermukaan-kepemilikan umum atau pemerintah (b) jika didalam / membutuhkan usaha – kepemilikan pemerintah adalah aturannya tetpi kepemilikan pribadi untuk sejumlah penggalian dan area tambang ii) air alami lautan, sungai-kepemilikan umum sumur, dan sumber mata air-kepemilikan umum dan hanya prioritas penggunaan iii) kekayaan alam lainya kepemilikan pribadi dibolehkan lewat bekerja (menangkap burung, memotong kayu bakar) 71 m. aslam haneef, contemporary islamic economic thought: a selected comparative analiysis, ( kuala lumpur, 1995), h.117 al-iqtishad: vol. ii, no. 2, juli 2010 97 distribusi kekayaan (publik) pada dua tingkatannya sadr72 memandang sistem ekonomi islam memiliki format kepemilikan bersama yang berbeda. menurutnya, format kepemilikan tersebut ada dua yakni kepemilikan pribadi dan kepemilikan perusahaan secara bersama; (i) kepemilikan publik, (ii) milik negara. kepemilikan pribadi terbatas pada hak memetik hasil, prioritas dan hak berguna untuk menghentikan orang lain dari penggunaan milik seseorang. dalam prakteknya tidak ada kepemilikan pada individu. hal ini sama dengan pendapat taleghani (seorang alim) yang membedakan antara kepemilikan (hanyalah allah semata) dan pemilikan (yang dapat diwarisi kepada individu).73 sadr74 membagikan distribusi kekayaan berjalan pada dua tingkatan; yang pertama adalah distribusi sumber-sumber produksi, sedangkan yang kedua adalah distribusi kekayaan produktif. yang dimaksud dengan sumber-sumber produksi adalah; tanah, bahan-bahan mentah, alat-alat dan mesin yang dibutuhkan untuk memproduksi beragam barang dan komoditas, yang mana semua ini berperan dalam [proses] produksi pertanian (agricultural) dan [proses] produksi industri atau dalam keduanya.75 yang dimaksud dengan kekayaan produktif adalah komoditas (barangbarang modal dan aset tetap [fixed asset] yang merupakan hasil dari proses kombinasi sumber-sumber produksi yang dilakukan manusia.76 jadi, ada yang dinamakan primer dan ada yang dinamakan kekayaan sekunder adalah barang-barang modal yang merupakan hasil dari usaha (kerja) manusia menggunakan sumber-sumber tersebut. diskusi tentang distribusi harus mencakup kedua jenis kekayaan itu; kekayaan induk dan kekayan turunan, yakni sumber-sumber produksi dan barang-barang produktif.77 72 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta: pustaka asatruss, 2005), h. 255 73 ibid.h.255 74 muhammad baqir as shadr, iqtishaduna, (beirut: daar al-fikr. 1973), h.393 75 ibid., h.393 76 ibid., h.393 77 ibid., h.393 rian maulana: konsep distribusi menurut muhammad baqir as-shadr98 jelas bahwa distribusi sumber-sumber produksi yang dasar men dahului proses produksi itu sendiri, karena manusia hanya melakukan aktifitas produktif yang sesuai dengan metode atau cara melakukan aktivitasnya dalam mendistribusikanya sumber-sumber produksi. jadi yang pertama adalah sumber-sumber produksi, baru kemudian produksi. berkenaan dengan distribusi kekayaan produktif, ia terkait dengan produksi dan bergantung padanya, karena ia menguasai produk yang pada gilirannya menghasilkan produksi. dari sini dapat dipahami bahwa yang menjadi titik awal atau tingkatan pertama dalam sistem ekonomi islam adalah distribusi, bukan produksi sebagaimana dalam ekonomi-politik tradisional. dalam sistem ekonomi islam, distribusi sumber-sumber [produksi] mendahului proses produksi, dan setiap organisasi yang terkait dengan proses produksi otomatis berada pada tingkatan kedua.78 penutup dari penelitian kepustakaan yang telah penulis lakukan dengan menjelaskan konsep distribusi menurut muhammad baqir ash-shadr, penulis menemukan beberapa hal distribusi dapat di jadikan kesimpulan, yaitu: shadr membedakan distribusi ke dalam dua bagian, distribusi pra produksi dan pasca produksi. distribusi pra produksi adalah sumber alam yang merupakan faktor produksi alami yang terdiri kedalam empat kategori, seperti 1.) tanah, mineral yang terkandung dalam perut bumi, (batubara, belerang, emas, minyak dan lain sebagainya), 2.) aliran air (sungai), dan sisanya 3.) berbagai kekayaan alam lainnya yang terdiri atas kandungan laut (mutiara dan hewan-hewan laut), kekayaan yang ada dipermukaan bumi (hewan dan tumbuh-tumbuhan), kekayaan yang tersebar diudara (burung dan oksigen), kekayaan alam yang tersembunyi (air terjun yang bisa menghasilkan tenaga listrik yang dapat dialirkan melalui kabel ke titik manapun), juga kekayaan alam lainnya serta 4.) faktor turunan berupa modal dan kerja, kesemuanya itu merupakan kekayaan yang diperlukan dalam proses produksi. sementara itu pada distribusi pasca produksi menekankan pada teori 78 ibid., h.393 al-iqtishad: vol. ii, no. 2, juli 2010 99 pendapatan dalam perspektif islam, yaitu teori kompensasi dan bagi hasil. misalnya, seseorang berhak mendapatkan kompensasi atas barang yang digunakan dan berhak mendapatkan bagi hasil dari ikutsertanya dalam proses produksi. selain itu, sadr membagi elemen yang ada dalam sistem distribusi islam menjadi elemen primer yakni berupa kerja dan kebutuhan dan elemen sekunder berupa kepemilikan. pandangan sadr memiliki aspek positif dan negatif. sisi negatif, beliau mengatakan bahwa ‘tanpa tenaga kerja, tidak ada hak kekayaan pribadi’. sedangkan sisi positif menyatakan ‘tenaga kerja adalah sumber hak dan properti yang cocok dalam kekayaan alami.’ di sisi lain, sadr melengkapi konsepnya dengan menggandeng pendapat ahli fiqh sebagai suprastruktur (ajaran hukum), dan menjadikannya sebagai prinsip-prinsip umum dalam bidang distribusi. dalam konsep distribusi, pemerintah memainkan peranan penting dalam pencapaian ‘keadilan sosial’. sadr mengemukakan bahwa islam menekankan standar hidup yang lebih tinggi melalui larangannya berbuat berlebih-lebihan (boros). islam juga mengangkat hal tersebut pada tingkat yang lebih rendah dengan cara menyediakan sistem ‘jaminan sosial’. kemudian redistribusi (distribusi ulang) juga memerankan suatu bagian yang sangat vital dan berbagai bentuk pajak ditawarkan oleh sadr (zakat, khums, anfal fay). sadr juga melihat pemerintah memainkan peranan yang dinamis dalam mengimplementasikan kebijakan-kebijakannya untuk menghadapi tantangan dari masyarakat modern ini. jadi penulis dapat menyimpulkan bahwa konsep distribusi sadr terbagi dua bagian, pertama, distribusi kekayaan yang terdapat pada distribusi pra produksi (mentahnya). kedua, distribusi pendapatan, sebagaimana yang telah dijelaskan pada distribusi pasca produksi (kompensasi/hasilnya). relevansi konsep distribusi menurut baqir shadr dengan ekonomi islam di indonesia secara prakteknya dapat dilihat pada baz seperti baznas dan laz seperti dompet dua’fa, rumah zakat, pkpu dan lainlain. baz dibentuk pemerintah, sedangkan laz dibentuk oleh masyarakat. dengan demikian, modal dan kerja keduanya bisa didapat, pegawai dapat gaji, yang usaha berawal dari penerimaan zakat kemudian diusahakan lalu menjadi pendapatan. rian maulana: konsep distribusi menurut muhammad baqir as-shadr100 pustaka acuan departemen agama, al­qur’an dan terjemahannya. jakarta: yayasan penyelenggara penterjemah / pentafsir al-qur’an, 1971. a. djazuli dan yadi janwari, h.a. lembaga­lembaga perekonomian umat sebuah pengenalan. jakarta: pt.raja grafindo persada, 2002. adiningrat, muhammad arif dan wadjdi, farid. “ kebijakan yang bertolak belakang “. artikel diakses pada sabtu, 21 mei 2005 dari hizbut tahrir indonesia 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induk ekonomi islam: iqtishaduna. jakarta: penerbit zahra, 2008. baqir ash-shadr, muhammad. falsafatuna: pandangan muhammad baqir ash­shadr terhadap pelbagai aliran filsafat dunia. bandung: penerbit mizan, 1995. baqir ash-shadr, muhammad. sistem politik islam. jakarta: penerbit lentera basritama, 2001. baqir sadr, muhammad, islam and school economics, terjemahan: muslim arbi bandar, lampung: yapi, 1989. baqir sadr, muhammad, manusia masa kini dan problema sosial, bandung: al-iqtishad: vol. ii, no. 2, juli 2010 101 pustaka salman itb, 1984. bukhari, shahih bukhari, cet. ii. riyadh: daarus salam, 1997. chapra, m. umar. al­qur’an menuju sistem moneter yang adil, yogyakarta: pt. dana bhakti prima yasa, 1997. chapra, m. umer. islam dan tantangan ekonomi.jakarta: gema insani press, 2000. chapra. islam dan tantangan ekonomi, islamisasi ekonomi kontemporer, surabaya: risalah gusti, 1999. daud, abu. sunan abu daud, jilid.ii. beirut: daarul fikr, 1994. di akses pada 15 juni 2010 dari http//.badankebijakanfiskalkemenkeu.htm di akses pada 15 juni 2010 dari http://www.bi.go.id/web/id/moneter/ di akses pada 15 juni 2010 dari http://www.depkeu.go.id edwin nasution, mustafa. pengenalan eksklusif: ekonomi islam. jakarta: kencana, 2007. ed. i. cet. 2. eko suprayitno, ekonomi islam, yogyakarta: graha ilmu, 2005. fakultas syariah dan hukum, tim penulis. pedoman penulisan skripsi. jakarta: fakultas syariah dan hukum uin syarif hidayatullah jakarta, 2007. haneef, m. aslam, contemporary islamic thought: a selected comparative analysis, kuala lumpur, 1995. heru priono, djaka. “ konsep ekonomi islam baqir as-shadr dan monzer kahf: sebuah studi komparatif. “ skripsi s1 fakultas syariah dan hukum, universitas islam negeri syarif hidayatullah jakarta, 2006. hidayat, komaruddin. memahami bahasa agama: sebuah kajian hermeneutik, jakarta: paramadina, 1996. karim, adiwarman, sejarah pemikiran ekonomi islam. jakarta: pt. raja grafindo persada, 2006. karim, adiwarman. ekonomi mikro islami. jakarta: pt. raja grafindo persada, 2007. mallat, chibli, menyegarkan islam, bandung: mizan, 2001. mallat, chibli, the renewal of islamic law, penerjemah: santi indra astuti bandung: mizan, 2001. mallat, chibli. para perintis zaman baru. bandung: mizan, 1998. mengatasi kemiskinan. buletin dakwah al­islam hizbut tahrir indonesia, edisi 385 / tahun xiv. rian maulana: konsep distribusi menurut muhammad baqir as-shadr102 moloeng, lexy j. metode penelitian kualitatif. bandung: pt. remaja rosda karya, 2002. muhammad, ekonomi mikro dalam perspektif islam, yogyakarta: bpfe, 2004. nazir, muhammad, metode penelitian, jakarta: ghalia indonesia, 1988. perbankan syariah tidak akan membiayai rokok, miras dan hiburan malam, warta media informasi fakultas syariah dan hukum uin syarif hidayatullah jakarta, 03 desember 2009. perwataatmadja, karnaen, ”kebutuhan dan strategi pengembangan kurikulum untuk membangun sdi syariah,” pada acara seminar ”peran perguruan tinggi dalam membangun sdi syariah profesional,” dalam indonesia syariah expo, 27 oktober 2007, jakarta convention centre: mes, 2007. poepoprodjo, interpretasi: beberapa catatan pendekatan falsafatinya, bandung: remadja karya, 1987. qardhawi, yusuf. norma dan etika ekonomi islam. jakarta: gema insani press, 1997. qardhawy, yusuf, peran nilai moral dalam perekonomian islam, (jakarta: robbani press, 2001. renier, gj, metode dan manfaat ilmu sejarah, yogyakarta: pustaka pelajar, 1997. sholahuddin, m. asas­asas ekonomi islam. jakarta: pt. raja grafindo persada, 2007. sudarsono, heri. konsep ekonomi islam suatu pengantar, yogyakarta: ekonisia fakultas ekonomi uii, 2007. suradjiman, ekonomi 1 untuk sekolah menengah umum, jakarta: pusat perbukuan, departemen pendidikan dan kebudayaan, 1996. surur, miftakhus. “indonesia dan ekonomi syariah”, gontor, no.11 th.vi (maret 2009): h.58. syakir sula, muhammad, ”membumikan ekonomi syariah di indonesia,” artikel di akses pada 04 mei 2006 dari republika online. umar, husein. metode penelitian untuk skripsi dan tesis bisnis, jakarta: pt. raja grafindo persada, 2003. pendahuluan islam sebagai konsep atau sistem hidup merupakan panduan pokok bagi manusia untuk hidup dan kehidupannya, yang menjanjikan sebuah keteraturan, keselamatan, kedamaian dan kesejahteraan kehidupan dunia dan akherat. sebagai panduan pokok, islam memiliki konsekwensikonsekwensi bagi manusia yang meyakininya, yaitu berupa aturan yang harus dipatuhi atau bisa juga berupa tindakan-tindakan yang sepatutnya dilakukan oleh penganutnya dengan menjaga kefitrahannya sebagai individu (hamba allah swt) dan keharmonian interaksinya dengan individu lain (sosial kemasyarakatan).1 1 ali sakti, analisis teoritis ekonomi islam, (jakarta: paradigma & aqsa publishing, 2007), cet. ke-1 h 45 respon masyarakat hunian islami terhadap ekonomi islam irfan nurrahman stkip serang email: irfan_nur@yahoo.co.id abstrak: islam sebagai konsep atau sistem hidup merupakan panduan pokok bagi manusia untuk hidup dan kehidupannya, yang menjanjikan sebuah keteraturan, keselamatan, kedamaian dan kesejahteraan ke hidup an dunia dan akherat. sebagai panduan pokok, islam memiliki konsekwensi-konsekwensi bagi manusia yang meyakininya, yaitu berupa aturan yang harus dipatuhi atau bisa juga berupa tindakan-tindakan yang sepatutnya dilakukan oleh penganutnya dengan menjaga kefitrahannya sebagai individu (hamba allah swt) dan keharmonian interaksinya dengan individu lain (sosial kemasyarakatan). kata kunci: hunian islami, ekonomi islam irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam32 keberadaan sistem ekonomi islam berawal dari definisi atau pemahaman bahwa islam merupakan sistem hidup yang mengatur semua sisi kehidupan, yang menjanjikan keselamatan dunia dan akherat bagi para penganutnya. 2 dari sistem mikro ekonomi menurut adiwarman a. karim dalam bukunya ekonomi mikro islami, ekonomi mikro islami berbeda dengan ekonomi mikro konvensional yang hanya membahas bagaimana prilaku tiap-tiap individu dalam setiap unit ekonomi, baik sebagai konsumen, pekerja, investor, pemilik tanah atau resources yang lain, di dalam ekonomi mikro islami selain membahas bagaimana prilaku tiap individu dalam setiap unit ekonomi juga memperhatikan faktor moral atau norma ekonomi islam sebagai variabel yang penting dan prinsipprinsip ekonomi islam sebagai variabel yang utama yang diterapkan dalam pengambilan keputusan aktivitas ekonomi.3 kemudian adiwarman mengatakan landasan teori yang kuat, serta prinsip-prinsip sistem islam yang mapan belumlah cukup, harus ada manusia yang menerapkan nilai-nilai yang terkandung dalam teori dan sistem tersebut.4 terdapat dua faktor yang mencerminkan wajah ekonomi islam dalam pelaksanaannya oleh tiap individu, yaitu: preferensi bebas manusia yang begitu bergantung pada kadar keimanan mereka dan syariah (dimana syariah memberikan panduan dan batasan dalam bertindak ekonomi). faktor preferensi manusia yang di-drive oleh iman ini tentu dipengaruhi oleh nilai akidah dan akhlak islam, karena akidah dan akhlak merupakan elemen penting dalam memperoleh dan meningkatkan iman. pengetahuan dan pemahaman syariah pada tingkat dan kadar tertentu juga sangat mempengaruhi tingkat keimanan seseorang (yang kemudian tentu saja mempengaruhi preferensi). dan jika dilihat dari perspektif kebijakan ekonomi (pemerintah) faktor ini bersifat uncontrolable karena faktor ini tergantung pada manusiamanusia (individu-individu) yang nanti membentuk preferensi baik individu maupun kolektif. faktor ini tidak bisa dipengaruhi melalui kebijakan pemerintah yang bersifat instan. ia hanya bisa dibangun oleh 2 ibid, h 49. 3 adiwarman, a karim, ekonomi mikro islami, (jakarta: rajawali pers, 2007), h 1-2. 4 ibid, h 46. al-iqtishad: vol. ii, no. 2, juli 2010 33 suatu perencanaan dalam bidang pendidikan dan pengembangan masyarakat yang sistematis, terukur dan berkelanjutan.5 saat ini terdapat kecenderungan masyarakat urban (kota) akan pentingnya pemenuhan nilai-nilai agama dalam kehidupan dan juga pen didikan nilai-nilai agama terhadap keturunan mereka mulai dari lingkungan di sekitar tempat mereka tinggal. kondisi tersebut merupakan sebuah peluang yang diambil oleh beberapa pengembang perumahan dalam mengembangkan sebuah hunian yang menggunakan konsep islami. menurut nasrullah, direktur utama orchid realty pengembang perumahan griya rahmani, bahwa hunian islami adalah sebuah permukiman yang mengedepankan konsep islami dengan tujuan menciptakan sebuah lingkungan yang religious, konsep hunian islami memperhatikan fasilitas-fasilitas ibadah, seperti masjid, mushala, serta taman pendidikan al-quran (tpa).6 fenomena penggunaan label muslim untuk properti sudah ada sejak 1995. ditandai dengan munculnya griya islami di kecamatan kresek, balaraja tangerang, dan telaga sakinah (1996) di bekasi atau villa ilhami di karawaci, tangerang. konsep hunian islami terbentuknya sebuah permukiman dipengaruhi oleh beberapa faktor yang secara keseluruhan dapat dilihat unsur-unsur ekistiknya. 7 ekistik adalah ilmu tentang permukiman manusia, mencakup pola untuk pengembangan komunitas dari segala ukuran besarannya. ilmu ini ditemukan oleh c.a. doxiadis (1968), istilah ini berasal dari kata yunani oikos yg berarti “rumah” (dalam pengertian fungsinya, bukan arti fisik bangunannya) dan oiku yang berarti “menetap” atau “bertempat tinggal”. unsur-unsur ekistik tersebut ialah man, society, nature, shell, dan network. 8 kemudian unsur-unsur ekistik pada sebuah permukiman dapat di ke5 ali sakti, analisis teoritis ekonomi islam, h 77-78 6 kompas.com, “konsep perumahan islami, seperti apa?” artikel ini diakses pada sabtu, 4 juli 2009 dari http://www. kompas.com/konsep_perumahan_islami. html. 7 arch_thz, “unsur-unsur permukiman”, artikel ini diakses pada 7 oktober 2010 dari http://thzarch.wordpress.com/2010/09/15/unsur-unsurpermukiman/html. 8 kamusplanologi, “ekistik” di akses pada 30 september 2010 dari http://kamusplanologi-e. blogspot.com/2010/08/edar-peredaran-pangan-kegiatan.html. irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam34 lompokkan menjadi dua bagian yaitu: unsur isi dan unsur wadah. unsur isi terdiri dari manusia sebagai individu (man) dan manusia sebagai makhluk sosial (society). sedangkan unsur wadah terdiri dari tiga bagian yaitu alam (nature), tempat tinggal (shells) dan jejaring (network).9 karakteristik masyarakat hunian islami unsur isi merupan variabel yang dapat digunakan untuk melihat karakteristik masyarakat, yang termasuk unsur isi dalam sebuah permukiman ialah: human, yaitu identitas individu yang tinggal di lingkungan hunian yang memiliki agama dan budaya. dalam la distinction, pierre bourdieu mengatakan bahwa dominasi agama suatu masyarakat dalam pembentukan selera menjadi dasar perumahan islami. agama adalah sebuah institusi penjaga moral dan penentu beragam norma dalam kehidupan masyarakat.10 sehingga masyarakat hunian islami adalah individu yang memilih tinggal pada sebuah permukiman yang memiliki nuansa atau suasana islami. society, yaitu kondisi sosial masyarakat. menururt nasrullah, direktur utama orchid realty pengembanga perumahan griya rahmani, bahwa hunian islami adalah sebuah permukiman yang mengedepankan konsep islami dengan tujuan menciptakan sebuah lingkungan yang religius yang di ilhami oleh konsep masyarakat madani yang dibangun oleh nabi muhamad saw di madinah. 11 istilah masyarakat madani, kata madani berasal dari kata “madinah” yang diartikan sebagai “kota”. secara ilmu kebahasaan, perkataan itu mengandung makna “peradaban”. dalam bahasa arab, “peradaban” memang dinyatakan dalam kata-kata “madaniyah” atau “tamaddun”, selain dalam kata-kata “hadharah”. beliau membangun masyarakat yang adil, terbuka, dan demokratis, dengan landasan takwa kepada allah dan taat kepada ajaran-nya.12 9 arch_thz, “unsur-unsur permukiman”. 10 pusat studi prancis fib ui, representasi identitas dalam brosur dan artikel perumahan muslim, (jakarta: pusat studi prancis fib ui 2009), h. 13. 11 kompas.com, “konsep perumahan islami, seperti apa?” artikel ini diakses pada sabtu, 4 juli 2009 dari http://www. kompas.com/konsep_perumahan_islami. html. 12 nurcholish madjid, “ menuju masyarakat madani”. artikel diakses pada 7 oktober 2010 dari http://www.fortunecity.com/millennium/oldemill/498/civils/nmadjid.html al-iqtishad: vol. ii, no. 2, juli 2010 35 karakteristik hunian islami unsur wadah merupan variabel yang dapat digunakan untuk melihat karakteristik hunian, yang termasuk unsur wadah dalam sebuah permukiman ialah: alam, yaitu kondisi lingkungan dan letak geografis hunian yang bisa mempengaruhi kegiatan ekonomi suatu masyarakat.13 shells, yaitu wadah atau rumah tempat manusia dapat hidup dan berkehidupan. menurut widayati (2002) rumah merupakan bagian dari suatu permukiman. rumah saling berkelompok membentuk permukiman dengan pola tertentu.14 kata “islami” menurut kamus besar bahasa indonesia edisi ketiga tahun 2001, adalah kata sifat yang berarti bersifat keislaman.15 konsep hunian islami dari segi bentuk dan desain rumah, memiliki karakteristik seperti dinding bertabur ukiran kaligrafi, mushala di dalam rumah, ada keran khusus untuk berwudu, hingga kamar mandi yang tak boleh menghadap kiblat.16 dan dalam arti luas wadah bisa berfungsi sebagai wadah komoditas, wadah ekonomi, wadah untuk mewujudkan eksistensi individu atau pun sekelompok individu. network, yaitu akses dan fasilitas yang menunjang interaksi antara man to man dan man to sosial di lingkungan hunian. konsep hunian islami memperhatikan fasilitas-fasilitas ibadah, seperti masjid, mushala, serta taman pendidikan al-quran (tpa).17 maksudnya, posisi pengembang dalam hal ini sebagai pihak yang memberi fasilitas yang menunjang kebutuhan masyarakat. profile responden sampel penelitian respon masyarakat hunian islami terhadap ekonomi islam adalah warga yang tinggal di vila ilhami, tangerang, dengan jumlah responden sebanyak 60 orang dari setiap keluarga yang diwakili oleh satu 13 kompas.com, “konsep perumahan islami, seperti apa?” 14 ekahayu rakhmawati, dkk, “pola permukiman kampung kauman kota malang” arsitektur e-journal, volume 2 nomor 3, (november: 2009), h. 162. 15 kamus besar bahasa indonesia edisi ketiga, balai pustaka, jakarta: 2001. 16 kompas.com, “konsep perumahan islami, seperti apa?”. 17 ibid, kompas.com. irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam36 orang yaitu kepala keluarga atau istrinya. bagian ini menyajikan informasi mengenai gambaran secara umum reponden berdasarkan jenis kelamin, blok tempat tinggal, pekerjaan, pendidikan terakhir, penghasilan rata-rata per-bulan dan kendaraan yang digunakan setiap hari ke kantor. berikut ini adalah penjelasan masingmasing responden, yaitu: gambar 4.1 jenis kelamin responden sumber: data diolah dari angket yang diambil pada tahun 2010. dari gambar 4.1 diatas menunjukkan bahwa dari 60 responden 60% adalah laki-laki yaitu sebanyak 36 orang, dan 40% adalah perempuan yaitu sebanyak 24 orang. gambar 4.2 blok tempat tinggal responden sumber: data diolah dari angket yang diambil pada tahun 2010. dari gambar 4.2 menunjukkan bahwa responden tinggal di beberapa blok yang ada di vila ilhami, yaitu 18 orang tinggal di blok zaitun, 16 orang tinggal di blok arofah, 7 orang tinggal di blok mina, 4 orang tinggal di blok mawaddah, 5 orang tinggal di blok alam, 3 orang tinggal di blok qamari, al-iqtishad: vol. ii, no. 2, juli 2010 37 dan 7 orang tinggal di blok qadr. sehingga total responden berjumlah 60 orang. gambar 4.3 profesi responden sumber: data diolah dari angket yang diambil pada tahun 2010. dari gambar 4.3 menunjukkan bahwa pekerjaan responden yang paling banyak 28,3% adalah sebagai wirausaha yaitu sebanyak 17 orang dan selain tiga pilihan diatas sebanyak 17 orang, urutan ketiga 25% pekerjaannya adalah sebagai pegawai swasta yaitu 15 orang, urutan keempat 18,3% pekerjaannya adalah sebagai (pns) yaitu 11 orang. jadi dapat disimpulkan bahwa sebagian besar responden pekerjaannya adalah sebagai wirausaha dan selain ketiga pilihan diatas. gambar 4.4 tingkat pendidikan terakhir yang ditamatkan oleh responden sumber: data diolah dari angket yang diambil pada tahun 2010. dari gambar 4.4 menunjukkan bahwa responden sebagian besar 56,7% pendidikan terakhirnya adalah selain tiga pilihan diatas yaitu 34 orang, urutan kedua 36,7% pendidikan terakhirnya adalah s1yaitu 22 orang, dan urutan ketiga 6,6% pendidikan terakhirnya adalah s2 yaitu 4 orang. jadi dapat disimpulkan bahwa pendidikan terakhir responden paling tinggi adalah s2 dan pendidikan terakhir responden paling banyak adalah selain tiga pilihan diatas. irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam38 gambar 4.5 penghasilan responden setiap bulan sumber: data diolah dari angket yang diambil pada tahun 2010. dari gambar 4.5 menunjukkan bahwa responden sebagian besar 48,3% penghasilan perbulanya adalah 1 3 juta sebanyak 29 orang, urutan kedua 28,3% penghasilan perbulanya adalah 3 6 juta sebanyak 17 orang, urutan ketiga 15% penghasilan perbulanya adalah 6 9 juta sebanyak 9 orang, urutan keempat 8,3% penghasilan perbulanya adalah 9 juta lebih sebanyak 5 orang. jadi dapat disimpulkan bahwa responden sebagian besar penghasilan perbulanya adalah 1 3 juta, namun ada juga responden yang penghasilan perbulannya mencapai 9 juta lebih. gambar 4.6 kendaraan yang digunakan responden ke kantor setiap hari sumber: data diolah dari angket yang diambil pada tahun 2010. dari gambar 4.6 menunjukkan bahwa responden sebagian besar 45% kendaraan yang digunakan ke kantor setiap hari adalah mobil sebanyak 27 orang, urutan kedua 35% kendaraan yang digunakan ke kantor setiap hari adalah motor sebanyak 21 orang, urutan ketiga 20% kendaraan yang digunakan ke kantor setiap hari adalah angkutan umum sebanyak 12 orang. al-iqtishad: vol. ii, no. 2, juli 2010 39 jadi dapat disimpulkan bahwa responden sebagian besar kendaraan yang digunakan ke kantor setiap hari adalah mobil kemudian urutan kedua adalah motor dan angkutan umum. analisis deskriptis respon masyarakat hunian islami terhadap ekonomi islam bagian ini menyajikan informasi mengenai gambaran karakteristik masyarakat hunian islami berdasarkan alasan memilih tinggal di hunian islami, sosial kemasyarakatan dengan mengenal masyarakat sekitar lingkungan tempat tinggal, sosial keagamaan dengan rutin berjamaah di masjid atau mushala dan aktif dalam kegiatan keagamaan dilingkungan tersebut. berikut ini adalah penjelasan masing-masing peryataan, yaitu: tabel 4.4 alasan tinggal di vila ilhami karena memiliki nuansa / suasana yang islami. no 1 f present 1 sangat setuju 24 40% 2 setuju 36 60% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan alasan tinggal di vila ilhami karena vila ilhami memiliki nuansa / suasana yang islami. responden yang menjawab sangat setuju berjumlah 24 orang dengan prosentase 40% dan sisanya yang berjumlah 36 orang menjawab setuju dengan prosentase 60%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami tinggal di vila ilhami karena alasan vila ilhami memiliki nuansa / suasana yang islami. tabel 4.5 mengenal seluruh warga yang tinggal di lingkungan rw anda tinggal. no 2 f prosentase 1 sangat setuju 13 21,7% 2 setuju 26 43,3% irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam40 3 kurang setuju 14 23,3% 4 tidak setuju 6 10% 5 sangat tidak setuju 1 1,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan me ngenal seluruh warga yang tinggal di lingkungan rw anda tinggal. responden yang menjawab sangat setuju berjumlah 13 orang dengan prosentase 21,7%, setuju 26 orang dengan prosentase 43,3%, dan yang menjawab kurang setuju berjumlah 14 orang dengan prosentase 23,3%, tidak setuju 6 dengan prosentase 10%, sangat tidak setuju 1 orang dengan prosentase 1,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami mengenal seluruh warga yang tinggal di lingkungan rwnya tetapi masih banyak juga masyarakat yang tidak mengenal seluruh warga yang tinggal di lingkungan rw-nya. tabel 4.6 rutin melaksanakan jamaah sholat subuh di masjid / mushala. no 3 f prosentase 1 sangat setuju 19 31,7% 2 setuju 26 43,3% 3 kurang setuju 13 21,7% 4 tidak setuju 2 3,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan rutin melaksanakan jamaah sholat subuh di masjid / mushala. responden yang menjawab sangat setuju berjumlah 19 orang dengan prosentase 31,7%, setuju 26 orang dengan prosentase 43,3%, dan yang menjawab kurang setuju berjumlah 13 orang dengan prosentase 21,7%, tidak setuju 2 orang dengan prosentase 3,3%. jadi dapat disimpulkan bahwa sebagian besar al-iqtishad: vol. ii, no. 2, juli 2010 41 masyarakat hunian islami rutin melaksanakan jamaah sholat subuh di masjid / mushala tetapi masih banyak juga masyarakat yang tidak rutin melaksanakan jamaah sholat subuh di masjid / mushala. tabel 4.7 aktif & rutin dalam mengikuti kegiatan keagamaan yang diselenggarakan di lingkungan tersebut. no 4 f prosentase 1 sangat setuju 19 31,7% 2 setuju 35 58,3% 3 kurang setuju 5 8,3% 4 tidak setuju 1 1,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan aktif & rutin dalam mengikuti kegiatan keagamaan yang diselenggarakan di lingkungan tersebut. responden yang menjawab sangat setuju berjumlah 19 orang dengan prosentase 31,7%, setuju 35 orang dengan prosentase 58,3%, dan yang menjawab kurang setuju berjumlah 5 orang dengan prosentase 8,3%, tidak setuju 1 orang dengan prosentase 1,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami aktif & rutin dalam mengikuti kegiatan keagamaan di lingkungannya tersebut tetapi masih terdapat masyarakat yang tidak aktif & rutin dalam mengikuti kegiatan keagamaan di lingkungannya. pernyataan karakteristik hunian bagian ini menyajikan informasi mengenai gambaran karakteristik hunian islami berdasarkan respon masyarakat yang tinggal di hunian islami, dengan pertayaan tentang konsep islami yang ada pada rumah memberikan manfaat yang besar, fasilitas yang tersedia sudah cukup memberikan kenyamanan tinggal dan kemudahan dalam ibadah seta pemenuhan kebutuhan mentalspiritual dan kegiatan yang terdapat di irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam42 lingkungan tersebut bermanfaat dalam menambah pemahaman agama. berikut ini adalah penjelasan masing-masing peryataan, yaitu: tabel 4.8 konsep islami yang ada pada rumah memberikan manfaat yang besar. no 1 f prosentase 1 sangat setuju 29 48,3% 2 setuju 28 46,7% 3 kurang setuju 1 1,7% 4 tidak setuju 0 0% 5 sangat tidak setuju 2 3,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan konsep islami yang ada pada rumah memberikan manfaat yang besar. responden yang menjawab sangat setuju berjumlah 29 orang dengan prosentase 48,3%, setuju 28 orang dengan prosentase 46,7%, dan yang menjawab kurang setuju berjumlah 1 orang dengan prosentase 1,7%, sangat tidak setuju 2 orang dengan prosentase 3,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami menyatakan konsep islami yang ada pada rumah memberikan manfaat yang besar, tetapi ada juga masyarakat hunian islami menyatakan tidak. tabel 4.9 fasilitas yang tersedia sudah cukup memberikan kenyamanan tinggal dan kemudahan dalam ibadah seta pemenuhan kebutuhan mentalspiritual. no 2 f prosentase 1 sangat setuju 19 31,7% 2 setuju 31 51,6% 3 kurang setuju 8 13,3% al-iqtishad: vol. ii, no. 2, juli 2010 43 4 tidak setuju 1 1,7% 5 sangat tidak setuju 1 1,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan fasilitas yang tersedia sudah cukup memberikan kenyamanan tinggal dan ke mudahan dalam ibadah seta pemenuhan kebutuhan mentalspiritual. responden yang menjawab sangat setuju berjumlah 19 orang dengan prosentase 31,7%, setuju 31 orang dengan prosentase 51,6%, dan yang menjawab kurang setuju ber jumlah 8 orang dengan prosentase 13,3%, tidak setuju 1 orangdengan prosentase 1,7%, sangat tidak setuju 1 orang dengan prosentase 1,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami menyatakan fasilitas yang tersedia sudah cukup memberikan kenyamanan tinggal dan kemudahan dalam ibadah seta pemenuhan kebutuhan mentalspiritual, tetapi ada juga masyarakat hunian islami menyatakan tidak. tabel 4.10 kegiatan yang terdapat di lingkungan tersebut bermanfaat dalam menambah pemahaman agama. no 3 f prosentase 1 sangat setuju 23 38,3% 2 setuju 29 48,3% 3 kurang setuju 6 10% 4 tidak setuju 0 0% 5 sangat tidak setuju 2 3,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan kegiatan yang terdapat di lingkungan tersebut bermanfaat dalam menambah pemahaman agama. responden yang menjawab sangat setuju berjumlah 23 orang dengan prosentase 38,3 %, setuju 29 orang dengan prosentase 48,3%, dan yang menjawab kurang setuju berjumlah 6 orang dengan irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam44 prosentase 10%, sangat tidak setuju 2 orang dengan prosentase 3,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami menyatakan pernyataan kegiatan yang terdapat di lingkungan tersebut bermanfaat dalam menambah pemahaman agama, tetapi ada juga masyarakat hunian islami menyatakan tidak. pernyataan respon masyarakat hunian islami terhadap ekonomi islam. bagian ini menyajikan informasi mengenai respon masyarakat hunian islami terhadapa ekonomi islam, yang terdiri dari: respon kognitif (pemahaman masyarakat tentang ekonomi islam), respon afektif (keyakinan sikap) dan respon psikomotorik(kecenderungan bertindak). berikut ini adalah penjelasan masing-masing peryataan, yaitu: respon pemahaman tabel 4.11 islam adalah sistem hidup yang mengatur semua sisi kehidupan agar diridhoi oleh allah swt. no 1 f prosentase 1 sangat paham 33 55% 2 paham 17 28,3% 3 kurang paham 10 16,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan islam adalah sistem hidup yang mengatur semua sisi kehidupan agar diridhoi oleh allah swt. responden yang menjawab sangat paham berjumlah 33 orang dengan prosentase 55%, paham 17 orang dengan prosentase 28,3%, dan yang menjawab kurang paham berjumlah 10 orang dengan prosentase 16,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham. al-iqtishad: vol. ii, no. 2, juli 2010 45 tabel 4.12 melalui prinsip dan norma islam juga mengatur aktivitas ekonomi yang sesuai dengan nilai-nilai syariah. no 2 f prosentase 1 sangat paham 25 41,7% 2 paham 20 33,3% 3 kurang paham 13 21,7% 4 tidak paham 2 3,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan melalui prinsip dan norma islam juga mengatur aktivitas ekonomi yang sesuai dengan nilai-nilai syariah. responden yang menjawab sangat paham berjumlah 25 orang dengan prosentase 41,7%, paham 20 orang dengan prosentase 33,3%, dan yang menjawab kurang paham berjumlah 13 orang dengan prosentase 21,7%, tidak paham 2 orang dengan prosentase 3,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat sangat paham juga paham. tabel 4.13 sumber utama aturan-aturan ekonomi islam adalah al-qur’an dan as-sunnah. no 3 f prosentase 1 sangat paham 31 51,6% 2 paham 19 31,7% 3 kurang paham 9 15% 4 tidak paham 1 1,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan sumber utama aturan-aturan ekonomi islam adalah al-qur’an dan as-sunnah. responden yang menjawab sangat paham berjumlah 31 orang dengan prosentase 51,6%, paham 19 orang dengan prosentase 31,7%, dan yang irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam46 menjawab kurang paham berjumlah 9 orang dengan prosentase 15%, tidak paham 1 orang dengan prosentase 1,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham. tabel 4.14 tujuan utama dari ekonomi islam adalah tercapainya kebahagiaan (falah) di dunia dan akhirat. no 4 f prosentase 1 sangat paham 29 48,3% 2 paham 19 31,7% 3 kurang paham 7 11,7% 4 tidak paham 5 8,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan tujuan utama dari ekonomi islam adalah tercapainya kebahagiaan (falah) di dunia dan akhirat. responden yang menjawab sangat paham berjumlah 29 orang dengan prosentase 48,3%, paham 19 orang dengan prosentase 31,7%, dan yang menjawab kurang paham berjumlah 7 orang dengan prosentase 11,7%, tidak paham 5 orang dengan prosentase 8,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham. tabel 4.15 ekonomi islam berprinsip bahwa harta merupakan titipan allah yang harus dioptimalkan dalam pemanfaatannya. no 5 f prosentase 1 sangat paham 30 50% 2 paham 22 36,7% 3 kurang paham 6 10% 4 tidak paham 2 3,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. al-iqtishad: vol. ii, no. 2, juli 2010 47 berdasarkan pada tabel diatas, angket yang berisi pernyataan ekonomi islam berprinsip bahwa harta merupakan titipan allah yang harus dioptimalkan dalam pemanfaatannya. responden yang menjawab sangat paham berjumlah 30 orang dengan prosentase 50%, paham 22 orang dengan prosentase 36,7%, dan yang menjawab kurang paham berjumlah 6 orang dengan prosentase 10%, tidak paham 2 orang dengan prosentase 3,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham dan paham. tabel 4.16 zakat merupakan rukun islam yang ketiga yang juga merupakan kewajiban agama yang dibebankan atas harta kekayaan seseorang menurut aturan tertentu. no 6 f prosentase 1 sangat paham 30 50% 2 paham 21 35% 3 kurang paham 7 11,6% 4 tidak paham 1 1,7% 5 sangat tidak paham 1 1,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan zakat merupakan rukun islam yang ketiga yang juga merupakan kewajiban agama yang dibebankan atas harta kekayaan seseorang menurut aturan tertentu. responden yang menjawab sangat paham berjumlah 30 orang dengan prosentase 50%, paham 21 orang dengan prosentase 35%, dan yang menjawab kurang paham berjumlah 7 orang dengan prosentase 11,6%, tidak paham 1 orang dengan prosentase 1,7%, sangat tidak paham 1 orang dengan prosentase 1,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham dan paham. irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam48 tabel 4.17 riba ialah pengambilan tambahan atas harta pokok (modal) secara bathil dan hukumnya haram. no 7 f prosentase 1 sangat paham 33 55% 2 paham 21 35% 3 kurang paham 4 6,7% 4 tidak paham 2 3,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan riba ialah pengambilan tambahan atas harta pokok (modal) secara bathil dan hukumnya haram.responden yang menjawab sangat paham berjumlah 33 orang dengan prosentase 55%, paham 21 orang dengan prosentase 35%, dan yang menjawab kurang paham berjumlah 4 orang dengan prosentase 6,7%, tidak paham 2 orang dengan prosentase 3,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham dan paham. tabel 4.18 islam mengharamkan judi (maisir) dan spekulasi atau tindakan-tindakan tercela lainnya yang dilarang secara syariah. no 8 f prosentase 1 sangat paham 30 50% 2 paham 23 38,3% 3 kurang paham 4 6,7% 4 tidak paham 2 3,3% 5 sangat tidak paham 1 1,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. al-iqtishad: vol. ii, no. 2, juli 2010 49 berdasarkan pada tabel diatas, angket yang berisi pernyataan islam mengharamkan judi (maisir) dan spekulasi atau tindakan-tindakan tercela lainnya yang dilarang secara syariah. responden yang menjawab sangat paham berjumlah 30 orang dengan prosentase 50%, paham 23 orang dengan prosentase 38,3%, dan yang menjawab kurang paham berjumlah 4 orang dengan prosentase 6,7%, tidak paham 2 orang dengan prosentase 3,3%, sangat tidak paham 1 orang dengan prosentasi 1,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham dan paham. tabel 4.19 beramal shaleh sangat dianjurkan dalam islam diantaranya melalui instrument shadaqah, infak, wakaf. no 9 f prosentase 1 sangat paham 34 56,7% 2 paham 18 30% 3 kurang paham 7 11,6% 4 tidak paham 1 1,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan beramal shaleh sangat dianjurkan dalam islam diantaranya melalui instrument shadaqah, infak, wakaf. responden yang menjawab sangat paham berjumlah 34 orang dengan prosentase 56,7%, paham 18 orang dengan prosentase 30%, dan yang menjawab kurang paham berjumlah 7 orang dengan prosentase 11,6%, tidak paham 1 orang dengan prosentase 1,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham. tabel 4.20 berkerja merupakan suatu ibadah jika dijalankan sesuai dengan prinsip dan norma islam dan diniatkan karena mencari ridha allah swt. no 10 f prosentase 1 sangat paham 30 50% irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam50 2 paham 21 35% 3 kurang paham 7 11,6% 4 tidak paham 2 3,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan berkerja merupakan suatu ibadah jika dijalankan sesuai dengan prinsip dan norma islam dan diniatkan karena mencari ridha allah swt. responden yang menjawab sangat paham berjumlah 30 orang dengan prosentase 50%, paham 21 orang dengan prosentase 35%, dan yang menjawab kurang paham berjumlah 7 orang dengan prosentase 11,6%, tidak paham 2 orang dengan prosentase 3,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami sangat paham dan paham. tabel 4.21 untuk mengakomodir prinsip dan norma ekonomi islam yang sesuai dengan nilai-nilai islam maka lahirlah lembaga keuangan syariah. no 11 f prosentase 1 sangat paham 17 28,3% 2 paham 30 50% 3 kurang paham 9 15% 4 tidak paham 4 6,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan untuk mengakomodir prinsip dan norma ekonomi islam yang sesuai dengan nilai-nilai islam maka lahirlah lembaga keuangan syariah. responden yang menjawab sangat paham berjumlah 17 orang dengan prosentase 28,3%, paham 30 orang dengan prosentase 50%, dan yang menjawab kurang paham berjumlah 9 orang dengan prosentase 15%, tidak paham 4 orang dengan prosentase 6,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami paham. al-iqtishad: vol. ii, no. 2, juli 2010 51 tabel 4.22 ekonomi islam menggunakan sistem bagi hasil yang merupakan ciri khas dari sistem ekonomi islam yang dinilai lebih adil dari pada sistem bunga. no 12 f prosentase 1 sangat paham 21 35% 2 paham 27 45% 3 kurang paham 8 13,3% 4 tidak paham 4 6,7% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan ekonomi islam menggunakan sistem bagi hasil yang merupakan ciri khas dari sistem ekonomi islam yang dinilai lebih adil dari pada sistem bunga. responden yang menjawab sangat paham berjumlah 21 orang dengan prosentase 35%, paham 27 orang dengan prosentase 45%, dan yang menjawab kurang paham berjumlah 8 orang dengan prosentase 13,3%, tidak paham 4 orang dengan prosentase 6,7%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami paham. tabel 4.23 akad-akad (transaksi) yang dilakukan pada sistem ekonomi islam memiliki konsekuensi duniawi dan ukhrawi. no 13 f prosentase 1 sangat paham 18 30% 2 paham 27 45% 3 kurang paham 10 16,7% 4 tidak paham 5 8,3% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan akad-akad (transaksi) yang dilakukan pada sistem ekonomi islam memiliki konsekuensi duniawi dan ukhrawi. responden yang menjawab sangat paham berjumlah 18 orang dengan prosentase 30%, paham 27 orang dengan prosentase 45%, dan yang menjawab kurang paham berjumlah 10 orang dengan prosentase irfan nurrahman: respon masyarakat hunian islami terhadap ekonomi islam52 16,7%, tidak paham 5 orang dengan prosentase 8,3%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami paham. tabel 4.24 lembaga keuangan syariah tidak hanya bank saja, tetapi lebih luas lagi seperti, bmt, baz/laz, asuransi, dan reksadana. no 14 f prosentase 1 sangat paham 19 31,7% 2 paham 21 35% 3 kurang paham 14 23,3% 4 tidak paham 6 10% total 60 100% sumber: data diolah dari angket yang diambil pada tahun 2010. berdasarkan pada tabel diatas, angket yang berisi pernyataan lembaga keuangan syariah tidak hanya bank saja, tetapi lebih luas lagi seperti, bmt, baz/laz, asuransi, dan reksadana. responden yang menjawab sangat paham berjumlah 19 orang dengan prosentase 31,7%, paham 21 orang dengan prosentase 35%, dan yang menjawab kurang paham berjumlah 14 orang dengan prosentase 23,3%, tidak paham 6 orang dengan prosentase 10%. jadi dapat disimpulkan bahwa sebagian besar masyarakat hunian islami paham. penutup berdasarkan pembahasan pada bab iv yang diselesaikan menurut metode penelitian yang telah diuraikan sebelumnya, maka penulis dapat memberikan beberapa kesimpulan mengenai respon masyarakat hunian islami terhadap ekonomi islam sebagai berikut: pertama, karakteristik masyarakat vila ilhami berdasarkan alasan (memilih tinggal di hunian islami, sosial kemasyarakatan dengan mengenal masyarakat sekitar lingkungan tempat tinggal, sosial keagamaan dengan rutin berjamaah di masjid atau mushala dan aktif dalam kegiatan keagamaan) tidak bisa dijadikan gambaran untuk melihat respon masyarakat hunian islami terhadapa ekonomi islam. kedua, karakteristik hunian islami vila ilhami berdasarkan respon masyarakat yang tinggal di hunian islami, dengan pertayaan (tentang al-iqtishad: vol. ii, no. 2, juli 2010 53 konsep islami yang ada pada rumah memberikan manfaat yang besar, fasilitas yang tersedia sudah cukup memberikan kenyamanan tinggal dan kemudahan dalam ibadah seta pemenuhan kebutuhan mentalspiritual dan kegiatan yang terdapat di lingkungan tersebut bermanfaat dalam menambah pemahaman agama) tidak bisa dijadikan gambaran untuk melihat respon 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paradigma & aqsa publishing, 2007. sarkaniputra, murasa. pengantar ekonomi islam. bahan kuliah pada fakultas syari’ah uin syarif hidayatullah jakarta, 1999: h. 6. shiddiqi, m. nejatullah. kegiatan ekonomi dalam islam. jakarta: bumi aksara, 1996. singa, masri dan effendi, sofian. metode penelitian survei. jakarta:pt. pustaka lp3es, 1989. rahman, afzalur, doktrin ekonomi islam, yogyakarta: dana bhakti wakaf, 1993. rivai, veithzal dan buchari, andi, islamic economics: ekonomi syariah bukan opsi tetapi solusi, jakarta: bumi aksara, 2010. mengelola keuangan secara syariah dalam rangka menumbuhkan good money habit aini masruroh abstract: managing finance in islamic way in order to develop good money habit. the wealth owned by muslim basically is a trust from allah that must be spent or distributed responsibly. good habit in spending money is reflected on how the person makes a financial decision of his own. the main aspect in conducting the financial plan is the ability to save and invest. a person is qualified as having good money habits if he is able to ‚pay themselves‛ first than other interests. meaning that each earn he have, he is able to allocate it to charity, the primary consumption, and plans for the future. whereas the ‚spontaneous‛ type might probably refuses to make a financial planning. keywords: money, need, charity, investment, good money habits abstrak: mengelola keuangan secara syariah dalam rangka menumbuhkan good money habit. kekayaan yang dimiliki setiap orang pada dasarnya adalah suatu amanah yang harus digunakan atau dinafkahkan. kita diperintahkan bersyukur atas kenikmatan yang diberikan allah swt. tersebut. kebiasaan yang baik dalam membelanjakan uang ditunjukkan dari bagaimana seseorang membuat keputusan keuangannya. unsur utama dalam menjalankan rencana keuangan adalah kemampuan untuk menabung dan berinvestasi. seseorang dikatakan memiliki good money habit apabila ia mampu membayar dirinya terlebih dahulu dibandingkan kepentingan lain. maksudnya, setiap mendapatkan penghasilan, dia mampu mengalokasikannya untuk zakat, konsumsi primer, dan rencana-rencana masa depan. sedangkan seseorang bertipe ‚spontanitas‛ dalam membuat keputusan akan menolak untuk melakukan perencanaan keuangan. kata kunci: uang, kebutuhan, zakat, investasi, good money habit naskah diterima: 20 januari 2012, direvisi: 23 juli 2012, disetujui: 2 agustus 2012.  ikatan ahli ekonomi islam indonesia (iaei). jl. gedung rm. noto hamiprodjo lt. 1, jl. dr. wahidin 1, senen raya, jakarta pusat. e-mail: ainihida@yahoo.com aini masruroh: mengelola keuangan secara syariah 80 pendahuluan uang merupakan bagian yang tidak terpisahkan dalam kehidupan manusia sehari-hari. uang selalu digunakan untuk memenuhi pelbagai kebutuhan hidup dan untuk mendapatkannya diperlukan perjuangan dan upaya. begitu lekatnya uang dalam kehidupan sehingga muncul pertanyaan populer, ‛apakah anda hidup untuk uang?‛ atau ‚apakah anda perlu uang untuk hidup?‛. uang adalah kertas, emas, perak, atau logam mulia lain yang dicetak dan dikeluarkan oleh pemerintah suatu negara sebagai alat penukar atau standar pengukur nilai yang sah1. uang dalam ilmu ekonomi tradisional didefinisikan sebagai alat tukar yang dapat diterima secara umum. alat tukar itu dapat berupa benda apapun yang dapat diterima oleh setiap orang di masyarakat dalam proses pertukaran barang dan jasa. ilmu ekonomi modern mendefinisikan uang sebagai sesuatu yang tersedia dan secara umum diterima sebagai alat pembayaran bagi pembelian barang-barang dan jasa-jasa serta kekayaan berharga lainnya serta untuk pembayaran utang. fungsi uang beberapa ahli menjelaskan, selain memiliki fungsi asli, uang juga memiliki fungsi turunan. fungsi asli uang ialah sebagai alat tukar (medium of exchange) yang dapat mempermudah pertukaran. orang yang akan melakukan pertukaran tidak perlu menukarkan dengan barang, tetapi cukup menggunakan uang sebagai alat tukar. kesulitan-kesulitan pertukaran dengan cara barter dapat diatasi dengan adanya uang. kemudian, uang juga berfungsi sebagai satuan hitung (unit of account) karena uang dapat digunakan untuk menunjukkan nilai pelbagai macam barang/ jasa yang diperjualbelikan, menunjukkan besarnya kekayaan, dan menghitung besar kecilnya pinjaman. uang juga dipakai untuk menentukan harga barang/ jasa (alat penunjuk harga). sebagai alat satuan hitung, uang berperan untuk memperlancar pertukaran. selanjutnya, uang berfungsi sebagai alat penyimpan nilai (valuta) karena dapat digunakan untuk mengalihkan daya beli dari masa sekarang ke masa mendatang. ketika seorang penjual saat ini menerima sejumlah uang sebagai pembayaran atas barang dan jasa yang dijualnya, maka ia dapat menyimpan uang tersebut untuk digunakan membeli barang dan jasa di masa mendatang. sedangkan fungsi turunan uang, antara lain: pertama, uang sebagai alat pembayaran yang sah. kebutuhan manusia akan barang dan jasa yang semakin 1 kamus besar bahasa indonesia kontemporer, (jakarta: modern english press, 2002), h. 1665. al-iqtishad: vol. v, no. 1, januari 2013 81 pendahuluan uang merupakan bagian yang tidak terpisahkan dalam kehidupan manusia sehari-hari. uang selalu digunakan untuk memenuhi pelbagai kebutuhan hidup dan untuk mendapatkannya diperlukan perjuangan dan upaya. begitu lekatnya uang dalam kehidupan sehingga muncul pertanyaan populer, ‛apakah anda hidup untuk uang?‛ atau ‚apakah anda perlu uang untuk hidup?‛. uang adalah kertas, emas, perak, atau logam mulia lain yang dicetak dan dikeluarkan oleh pemerintah suatu negara sebagai alat penukar atau standar pengukur nilai yang sah1. uang dalam ilmu ekonomi tradisional didefinisikan sebagai alat tukar yang dapat diterima secara umum. alat tukar itu dapat berupa benda apapun yang dapat diterima oleh setiap orang di masyarakat dalam proses pertukaran barang dan jasa. ilmu ekonomi modern mendefinisikan uang sebagai sesuatu yang tersedia dan secara umum diterima sebagai alat pembayaran bagi pembelian barang-barang dan jasa-jasa serta kekayaan berharga lainnya serta untuk pembayaran utang. fungsi uang beberapa ahli menjelaskan, selain memiliki fungsi asli, uang juga memiliki fungsi turunan. fungsi asli uang ialah sebagai alat tukar (medium of exchange) yang dapat mempermudah pertukaran. orang yang akan melakukan pertukaran tidak perlu menukarkan dengan barang, tetapi cukup menggunakan uang sebagai alat tukar. kesulitan-kesulitan pertukaran dengan cara barter dapat diatasi dengan adanya uang. kemudian, uang juga berfungsi sebagai satuan hitung (unit of account) karena uang dapat digunakan untuk menunjukkan nilai pelbagai macam barang/ jasa yang diperjualbelikan, menunjukkan besarnya kekayaan, dan menghitung besar kecilnya pinjaman. uang juga dipakai untuk menentukan harga barang/ jasa (alat penunjuk harga). sebagai alat satuan hitung, uang berperan untuk memperlancar pertukaran. selanjutnya, uang berfungsi sebagai alat penyimpan nilai (valuta) karena dapat digunakan untuk mengalihkan daya beli dari masa sekarang ke masa mendatang. ketika seorang penjual saat ini menerima sejumlah uang sebagai pembayaran atas barang dan jasa yang dijualnya, maka ia dapat menyimpan uang tersebut untuk digunakan membeli barang dan jasa di masa mendatang. sedangkan fungsi turunan uang, antara lain: pertama, uang sebagai alat pembayaran yang sah. kebutuhan manusia akan barang dan jasa yang semakin 1 kamus besar bahasa indonesia kontemporer, (jakarta: modern english press, 2002), h. 1665. bertambah dan beragam tidak dapat dipenuhi melalui cara tukar-menukar atau barter. untuk mempermudah dalam mendapatkan barang dan jasa yang diperlukan, manusia memerlukan alat pembayaran yang dapat diterima semua orang, yaitu uang. kedua, uang sebagai alat pembayaran utang. uang dapat digunakan untuk mengukur pembayaran pada masa yang akan datang. ketiga, sebagai uang sebagai alat penimbun kekayaan. sebagian orang biasanya tidak menghabiskan semua uang yang dimilikinya untuk keperluan konsumsi. ada sebagian uang yang disisihkan dan ditabung untuk keperluan di masa datang. keempat, uang sebagai alat pemindah kekayaan. seseorang yang hendak pindah dari suatu tempat ke tempat lain dapat memindahkan kekayaannya yang berupa tanah dan bangunan rumah ke dalam bentuk uang dengan cara menjualnya. di tempat yang baru dia dapat membeli rumah yang baru dengan menggunakan uang hasil penjualan rumah yang lama. kelima, uang sebagai alat pendorong kegiatan ekonomi. apabila nilai uang stabil orang lebih bergairah dalam melakukan investasi. dengan adanya kegiatan investasi, kegiatan ekonomi akan semakin meningkat.2 kepemilikan uang dapat melambangkan kemakmuran, kesejahteraan, atau bahkan kebahagiaan. uang dapat mewujudkan impian, cita-cita, dan harapan. robert t. kiyosaki dalam bukunya, rich dad poor dad, mengatakan bahwa uang mungkin bukan hal terpenting dalam hidup. namun, uang memengaruhi segala sesuatu yang penting bagi siapapun. taraf pelayanan kesehatan yang bisa nikmati, kualitas pendidikan yang dapat diperoleh, dan tentu saja tingkat kualitas hidup yang dapat dijalankan. pada dasarnya, tujuan penciptaan manusia adalah untuk beribadah kepada allah swt., sebagaimana disebutkan dalam alquran:                                           tidaklah aku ciptakan jin dan manusia kecuali beribadah (mengesakan ibadahnya) kepada-ku, aku tidak menghendaki rezeki sedikitpun dari mereka dan aku tidak menghendaki supaya mereka memberi makan pada-ku, sesungguhnya dialah allah yang maha pemberi rezeki yang mempunyai kekuatan lagi maha sangat kuat‛ (q.s. al-dzâriyât [51]: 56-58). 2 id.wikipedia.org/wiki/uang. diakses pada 15 juni 2013 aini masruroh: mengelola keuangan secara syariah 82 hidup ini bukan untuk uang, namun untuk beribadah kepada allah swt. manusia diperintahkan untuk berusaha dengan baik, ikhlas dengan hasil yang diperoleh, dan senantiasa bersyukur atas kenikmatan yang diberikan allah swt. mencari rezeki untuk memenuhi kebutuhan hidup merupakan suatu ibadah jika dijalankan sesuai dengan ketentuan syariah. banyaknya uang yang diperoleh juga dapat menjadi sarana ibadah untuk mencari keselamatan dan kebahagiaan di dunia dan di akhirat nanti jika dikelola dengan baik dan tidak melanggar ketentuan syariah. oleh karena itu, memiliki kemampuan finansial untuk memberi rasa aman dan meningkatkan taraf hidup kita bukanlah hal yang buruk, tetapi bijaksana. sebagian besar manusia akan merasa bahagia bila telah mencapai cita-cita hidupnya. kemampuan finansial yang baik dapat membawa manusia pada keselamatan hidup di dunia dan akhirat. sebaliknya, kemampuan finansial yang buruk dapat pula membawa manusia pada malapetaka di dunia maupun akhirat. allah swt. telah berfirman:                        sesungguhnya harta manusia dan anak-anaknya adalah cobaan (fitnah) bagi manusia, namun sesungguhnya disisi allah pahala yang besar‛. (q.s. al anfaal [8]: 28). sehubungan dengan hal itu, rasulullah saw. bersabda, ‛manusia beriman yang kuat lebih baik daripada manusia beriman yang lemah.‛ dalam sabdanya yang lain, ‛lebih baik meninggalkan keturunanmu dalam keadaan sehat dan kaya daripada dalam keadaan miskin, sehingga harus meminta-minta.‛ pada satu sisi kelebihan kekayaan dapat membahayakan keimanan dan moral, tetapi pada sisi lain kemiskinan dapat menyeret kepada kekufuran. oleh karena itu, diperlukan adanya pemahaman dalam pengelolaan keuangan yang baik, sehingga kekayaan yang dimiliki dapat mengantarkan manusia pada keridaan allah swt. kebutuhan manusia kebutuhan adalah salah satu aspek psikologis yang menggerakkan mahluk hidup dalam aktivitas-aktivitasnya dan menjadi dasar (alasan) berusaha. pada dasarnya, manusia bekerja mempunyai tujuan tertentu, yaitu memenuhi kebutuhan. kebutuhan tidak terlepas dari kehidupan sehari-hari. selama hidup manusia membutuhkan bermacam-macam kebutuhan, seperti makanan, paal-iqtishad: vol. v, no. 1, januari 2013 83 hidup ini bukan untuk uang, namun untuk beribadah kepada allah swt. manusia diperintahkan untuk berusaha dengan baik, ikhlas dengan hasil yang diperoleh, dan senantiasa bersyukur atas kenikmatan yang diberikan allah swt. mencari rezeki untuk memenuhi kebutuhan hidup merupakan suatu ibadah jika dijalankan sesuai dengan ketentuan syariah. banyaknya uang yang diperoleh juga dapat menjadi sarana ibadah untuk mencari keselamatan dan kebahagiaan di dunia dan di akhirat nanti jika dikelola dengan baik dan tidak melanggar ketentuan syariah. oleh karena itu, memiliki kemampuan finansial untuk memberi rasa aman dan meningkatkan taraf hidup kita bukanlah hal yang buruk, tetapi bijaksana. sebagian besar manusia akan merasa bahagia bila telah mencapai cita-cita hidupnya. kemampuan finansial yang baik dapat membawa manusia pada keselamatan hidup di dunia dan akhirat. sebaliknya, kemampuan finansial yang buruk dapat pula membawa manusia pada malapetaka di dunia maupun akhirat. allah swt. telah berfirman:                        sesungguhnya harta manusia dan anak-anaknya adalah cobaan (fitnah) bagi manusia, namun sesungguhnya disisi allah pahala yang besar‛. (q.s. al anfaal [8]: 28). sehubungan dengan hal itu, rasulullah saw. bersabda, ‛manusia beriman yang kuat lebih baik daripada manusia beriman yang lemah.‛ dalam sabdanya yang lain, ‛lebih baik meninggalkan keturunanmu dalam keadaan sehat dan kaya daripada dalam keadaan miskin, sehingga harus meminta-minta.‛ pada satu sisi kelebihan kekayaan dapat membahayakan keimanan dan moral, tetapi pada sisi lain kemiskinan dapat menyeret kepada kekufuran. oleh karena itu, diperlukan adanya pemahaman dalam pengelolaan keuangan yang baik, sehingga kekayaan yang dimiliki dapat mengantarkan manusia pada keridaan allah swt. kebutuhan manusia kebutuhan adalah salah satu aspek psikologis yang menggerakkan mahluk hidup dalam aktivitas-aktivitasnya dan menjadi dasar (alasan) berusaha. pada dasarnya, manusia bekerja mempunyai tujuan tertentu, yaitu memenuhi kebutuhan. kebutuhan tidak terlepas dari kehidupan sehari-hari. selama hidup manusia membutuhkan bermacam-macam kebutuhan, seperti makanan, pa kaian, perumahan, pendidikan, dan kesehatan. kebutuhan dipengaruhi oleh kebudayaan, lingkungan, waktu, dan agama. semakin tinggi tingkat kebudayaan suatu masyarakat, semakin tinggi/banyak pula macam kebutuhan yang harus dipenuhi. teori yang sangat terkenal sampai sekarang tentang kebutuhan manusia adalah teori hierarchy of needs (heirarki kebutuhan) yang dikemukan abraham maslow (1908-1970). dia dilahirkan di brooklyn, new york, dikenal sebagai pelopor aliran psikologi humanistik. maslow percaya bahwa manusia tergerak untuk memahami dan menerima dirinya sebisa mungkin. menurut maslow, manusia termotivasi untuk memenuhi kebutuhan-kebutuhan hidupnya. kebutuhan-kebutuhan tersebut memiliki tingkatan atau hierarki, mulai dari yang paling rendah (bersifat dasar/psikologis) sampai yang paling tinggi (aktualisasi diri). hierarchy of needs (hierarki kebutuhan) dari maslow menyatakan bahwa manusia memiliki lima macam kebutuhan yaitu: physiological needs (kebutuhan psikologis), safety and security needs (kebutuhan akan rasa aman), love and belonging needs (kebutuhan akan rasa kasih sayang dan rasa memiliki), esteem needs (kebutuhan akan harga diri), dan self-actualization (kebutuhan akan aktualisasi diri).3 kebutuhan manusia yang pertama adalah kebutuhan psikologis (physiological). jenis kebutuhan ini berhubungan dengan pemenuhan kebutuhan dasar semua manusia seperti: makan, minum, menghirup udara, dan sebagainya. termasuk juga kebutuhan untuk istirahat, buang air besar atau kecil, menghindari rasa sakit, dan seks. jika kebutuhan dasar ini tidak terpenuhi, maka tubuh akan menjadi rentan terhadap penyakit, terasa lemah, tidak fit, sehingga proses untuk memenuhi kebutuhan selanjutnya dapat terhambat. hal ini juga berlaku pada setiap jenis kebutuhan lainnya, yaitu jika terdapat kebutuhan yang tidak terpenuhi, maka akan sulit untuk memenuhi kebutuhan yang lebih tinggi. kebutuhan lainnya ialah rasa aman dan perlindungan (safety and security needs). ketika kebutuhan psikologis seseorang telah terpenuhi secara laik, kebutuhan akan rasa aman mulai muncul. keadaan aman, stabilitas, proteksi, dan keteraturan akan menjadi kebutuhan yang meningkat. jika tidak terpenuhi, maka akan timbul rasa cemas dan takut sehingga dapat menghambat pemenuhan kebutuhan lainnya. selanjutnya, manusia membutuhkan akan rasa kasih sayang dan rasa memiliki (love and belonging needs). ketika seseorang merasa bahwa kedua jenis kebutuhan di atas terpenuhi, maka akan mulai timbul kebutuhan akan rasa 3 veitzal rivai, manajemen sumber daya manusia perusahaan, (jakarta: murai kencana, 2005), h. 458. aini masruroh: mengelola keuangan secara syariah 84 kasih sayang dan rasa memiliki. hal ini dapat terlihat dalam upaya seseorang untuk mencari dan mendapatkan teman, kekasih, anak, atau bahkan keinginan untuk menjadi bagian dari suatu komunitas tertentu seperti tim sepakbola, klub peminatan dan seterusnya. jika tidak terpenuhi, maka perasaan kesepian akan timbul. setelah itu manusia membutuhkan harga diri (esteem needs). setelah ketiga kebutuhan di atas terpenuhi, akan timbul kebutuhan akan harga diri yang menurut maslow terdapat dua jenis, yaitu lower one dan higher one. lower one berkaitan dengan kebutuhan seperti status, atensi, dan reputasi. sedangkan higher one berkaitan dengan kebutuhan akan kepercayaan diri, kompetensi, prestasi, kemandirian, dan kebebasan. jika kebutuhan ini tidak terpenuhi, maka dapat timbul perasaan rendah diri dan inferior. terakhir, manusia membutuhkan aktualisasi diri (self actualization). jenis kebutuhan ini berkaitan erat dengan keinginan untuk mewujudkan dan mengembangkan potensi diri. menurut maslow, kepribadian bisa mencapai peringkat teratas ketika kebutuhan-kebutuhan primer ini banyak mengalami interaksi satu dengan yang lain, dan dengan aktualisasi diri seseorang akan bisa memanfaatkan faktor potensialnya secara sempurna. selain maslow, al-ghazâlî, dalam bukunya, al-mustashfâ, menguraikan kaidah dasar hierarki kebutuhan manusia sebagai maqâshid al-syarî‘ah. al-ghazâlî menjelaskan bahwa manusia akan sejahtera bila kebutuhannya terpenuhi. kebutuhan tersebut harus berlandaskan syariah islam. pertama, kebutuhan untuk menjaga dien (agama/keimanan). menurut syariah, untuk menjaga dien al-iqtishad: vol. v, no. 1, januari 2013 85 kasih sayang dan rasa memiliki. hal ini dapat terlihat dalam upaya seseorang untuk mencari dan mendapatkan teman, kekasih, anak, atau bahkan keinginan untuk menjadi bagian dari suatu komunitas tertentu seperti tim sepakbola, klub peminatan dan seterusnya. jika tidak terpenuhi, maka perasaan kesepian akan timbul. setelah itu manusia membutuhkan harga diri (esteem needs). setelah ketiga kebutuhan di atas terpenuhi, akan timbul kebutuhan akan harga diri yang menurut maslow terdapat dua jenis, yaitu lower one dan higher one. lower one berkaitan dengan kebutuhan seperti status, atensi, dan reputasi. sedangkan higher one berkaitan dengan kebutuhan akan kepercayaan diri, kompetensi, prestasi, kemandirian, dan kebebasan. jika kebutuhan ini tidak terpenuhi, maka dapat timbul perasaan rendah diri dan inferior. terakhir, manusia membutuhkan aktualisasi diri (self actualization). jenis kebutuhan ini berkaitan erat dengan keinginan untuk mewujudkan dan mengembangkan potensi diri. menurut maslow, kepribadian bisa mencapai peringkat teratas ketika kebutuhan-kebutuhan primer ini banyak mengalami interaksi satu dengan yang lain, dan dengan aktualisasi diri seseorang akan bisa memanfaatkan faktor potensialnya secara sempurna. selain maslow, al-ghazâlî, dalam bukunya, al-mustashfâ, menguraikan kaidah dasar hierarki kebutuhan manusia sebagai maqâshid al-syarî‘ah. al-ghazâlî menjelaskan bahwa manusia akan sejahtera bila kebutuhannya terpenuhi. kebutuhan tersebut harus berlandaskan syariah islam. pertama, kebutuhan untuk menjaga dien (agama/keimanan). menurut syariah, untuk menjaga dien atau keimanan, manusia harus memenuhi rukun iman, yakni: (1) percaya akan keberadaan dan kekuasaan allah yang maha esa, (2) percaya bahwa allah telah menciptakan malaikat yang telah mengemban tugas-tugas tertentu dari allah, (3) percaya bahwa allah menyampaikan firman-nya sebagaimana termaktub dalam kitab-kitab-nya; (4) percaya bahwa allah telah mengutus para rasul untuk menyampaikan firman-nya kepada manusia; (5) percaya akan adanya akhirat yang abadi dan percaya terhadap takdir allah atas manusia. manusia yang baik akan berupaya dengan sungguh-sungguh melaksanakan tugas pengabdian atau ibadah sebagaimana yang disampaikan dan diajarkan oleh rasul-nya. pada bagian lain, dia akan berupaya mencari ilmu untuk melaksanakan tugas pengabdiannya sebagai hamba allah swt. dengan sebaikbaiknya. kedua, kebutuhan menjaga kehidupan (nafs). manusia dan kehidupan merupakan mahakarya allah swt. yang tidak dapat dinilai dengan uang, karena itu manusia harus menjaga kehidupannya dengan menjaga keimanannya. untuk menjaga kehidupan, manusia memerlukan hal-hal yang oleh maslow dikategorikan sebagai general needs, yaitu: kebutuhan fisik, kebutuhan keamanan, dan kebutuhan sosial. dalam memenuhi kebutuhan-kebutuhan tersebut, setiap manusia dapat melalui jalan yang berbeda-beda tergantung pada tingkat keimanannya. ketiga, kebutuhan menjaga akal (‘aql). menjaga akal berada pada peringkat ketiga, setelah keimanan, dan kehidupan. ’aql berarti kecerdasan, kepandaian, dan kemampuan untuk mengetahui. ’aql harus dapat digunakan dan dikembangkan untuk menjaga keimanan dan kehidupan manusia. ’aql dapat dikembangkan dengan proses belajar, sebagaimana ayat pertama yang disampaikan oleh malaikat jibril kepada nabi muhammad saw. yaitu ‛iqra‛ (bacalah). maksudnya, manusia harus aktif membaca ayat-ayat allah yang ada dalam firman-nya maupun membaca ‛ayat-ayat‛ allah yang ada di alam, dan menggunakan akalnya untuk berfikir. dengan berpegang pada keyakinan, sebagaimana dijabarkan dalam rukun iman, manusia harus berusaha mencari kebenaran dan mengembangkan manfaat sehingga menjadi rahmat bagi seluruh alam. keempat, kebutuhan menjaga keturunan/nasab (nasl). menjaga nasab atau nasl menempati urutan keempat setelah keimanan, kehidupan, dan akal. dalam bahasa arab, nasab berarti keturunan dari nenek moyang, sedangkan nasl berarti anak keturunan. agama memberikan ketentuan mengenai perkawinan, kelahiran, warisan, muhrim, dan ketentuan untuk menghormati orang tua, serta menghormati jenazah dan arwah orang yang telah meninggal dunia. agama juga membuat aini masruroh: mengelola keuangan secara syariah 86 ketentuan dalam mengelola rezeki untuk kepentingan anak keturunan dan generasi penerus. allah swt. juga mengingatkan bahwa keturunan, suami, istri, anak, dan harta dapat menjadi cobaan berat bagi manusia. keturunan dapat menjadi anugerah yang membawa kebahagiaan dunia dan akhirat, sekaligus dapat pula menjadi cobaan yang dapat membolak-balikkan hati manusia serta menyebabkan manusia kehilangan akal sehat. keempat, kebutuhan menjaga harta (mâl). harta merupakan karunia sekaligus cobaan. kekurangan harta dapat menyebabkan kekufuran, sebagaimana rasulullah saw. telah mengingatkan bahwa kefakiran atau kemiskinan lebih dekat dengan kekufuran. demikian juga kelebihan harta yang dapat menyeret seseorang ke dalam kesombongan dan maksiat. oleh karena itu, manusia diwajibkan untuk membersihkan harta dengan cara mengeluarkan zakat. sebaliknya, manusia dilarang menyimpan atau tidak mengeluarkan bagian harta yang menjadi hak orang lain, karena itu akan mengotori harta yang telah menjadi haknya. bagaimanapun kekayaan yang baik adalah kekayaan yang membawa rahmat dan dapat dinikmati dalam waktu yang lama4. mengelola kekayaan kekayaan/harta benda yang dimiliki setiap orang pada dasarnya adalah suatu ‛amanah‛ yang harus digunakan atau dinafkahkan sesuai dengan ketentuan allah swt. sehubungan dengan hal tersebut nabi muhammad saw. mengajarkan: pertama, setiap manusia akan ditanya tentang hartanya, dengan cara apa dia memperolehnya dan bagaimana dia menafkahkannya. kedua, harta yang sedikit tetapi cukup untuk memenuhi kebutuhan adalah lebih baik daripada harta yang banyak tetapi dapat menyesatkan manusia. ketiga, manusia yang kuat lebih baik daripada manusia yang lemah, karena bila diperlukan oleh orang lain akan dapat berguna, dan bila tidak diperlukan oleh orang lain, setidaknya ia dapat mengurus dirinya sendiri. harta kekayaan yang dimiliki harus dikelola sesuai ‛amanah‛ sang pencipta. islam menjelaskan pelbagai amanah tersebut. pertama, amanah yang berhubungan dengan hak orang lain. di dalam harta yang dimiliki oleh setiap manusia, terdapat hak-hak orang lain yang dititipkan kepadanya. hak-hak tertentu yang merupakan bagian dari orang lain yang diberikan melalui manusia 4 iwan p. pontjowinoto, kaya & bahagia cara syariah, (jakarta: mizan media utama, 2010), h.18. al-iqtishad: vol. v, no. 1, januari 2013 87 ketentuan dalam mengelola rezeki untuk kepentingan anak keturunan dan generasi penerus. allah swt. juga mengingatkan bahwa keturunan, suami, istri, anak, dan harta dapat menjadi cobaan berat bagi manusia. keturunan dapat menjadi anugerah yang membawa kebahagiaan dunia dan akhirat, sekaligus dapat pula menjadi cobaan yang dapat membolak-balikkan hati manusia serta menyebabkan manusia kehilangan akal sehat. keempat, kebutuhan menjaga harta (mâl). harta merupakan karunia sekaligus cobaan. kekurangan harta dapat menyebabkan kekufuran, sebagaimana rasulullah saw. telah mengingatkan bahwa kefakiran atau kemiskinan lebih dekat dengan kekufuran. demikian juga kelebihan harta yang dapat menyeret seseorang ke dalam kesombongan dan maksiat. oleh karena itu, manusia diwajibkan untuk membersihkan harta dengan cara mengeluarkan zakat. sebaliknya, manusia dilarang menyimpan atau tidak mengeluarkan bagian harta yang menjadi hak orang lain, karena itu akan mengotori harta yang telah menjadi haknya. bagaimanapun kekayaan yang baik adalah kekayaan yang membawa rahmat dan dapat dinikmati dalam waktu yang lama4. mengelola kekayaan kekayaan/harta benda yang dimiliki setiap orang pada dasarnya adalah suatu ‛amanah‛ yang harus digunakan atau dinafkahkan sesuai dengan ketentuan allah swt. sehubungan dengan hal tersebut nabi muhammad saw. mengajarkan: pertama, setiap manusia akan ditanya tentang hartanya, dengan cara apa dia memperolehnya dan bagaimana dia menafkahkannya. kedua, harta yang sedikit tetapi cukup untuk memenuhi kebutuhan adalah lebih baik daripada harta yang banyak tetapi dapat menyesatkan manusia. ketiga, manusia yang kuat lebih baik daripada manusia yang lemah, karena bila diperlukan oleh orang lain akan dapat berguna, dan bila tidak diperlukan oleh orang lain, setidaknya ia dapat mengurus dirinya sendiri. harta kekayaan yang dimiliki harus dikelola sesuai ‛amanah‛ sang pencipta. islam menjelaskan pelbagai amanah tersebut. pertama, amanah yang berhubungan dengan hak orang lain. di dalam harta yang dimiliki oleh setiap manusia, terdapat hak-hak orang lain yang dititipkan kepadanya. hak-hak tertentu yang merupakan bagian dari orang lain yang diberikan melalui manusia 4 iwan p. pontjowinoto, kaya & bahagia cara syariah, (jakarta: mizan media utama, 2010), h.18. itu harus diserahkan kepada yang berhak. dengan menafkahkan sebagian kelebihan kepada orang yang berhak, maka harta yang dikaruniakan kepadanya telah dibersihkan dari bagian yang bukan haknya. melalui zakat, infak, dan sedekah kita dapat mendistribusikan apa yang menjadi hak bagi orang lain.            dan pada harta-harta mereka ada hak untuk orang miskin yang meminta dan orang miskin yang tidak mendapat bagian/tidak meminta. (q.s. aldzâriyât [51]: 19).                   dan orang-orang yang dalam hartanya tersedia bagian tertentu, bagi orang (miskin) yang meminta dan orang yang tidak mempunyai apa-apa (yang tidak mau meminta). (q.s. al-ma‘ârij [70]: 24-25) kedua, amanah yang berhubungan hak hidup masa kini. setelah membersihkan kekayaan kita dari hak orang lain dengan mengeluarkan zakat, infak, dan sedekah, maka bagian kedua adalah hak hidup masa kini. setiap kita memiliki hak untuk menikmati kekayaan yang dimiliki untuk memperoleh kesenangan duniawi secara wajar dan tidak berlebihan. allah swt. telah menyatakan bahwa tidak semua manusia akan memperoleh rezeki yang banyak, adakalanya manusia diberi kondisi yang lapang dan adakalanya diberi kondisi yang sempit. oleh karena itu, setiap manusia harus dapat menafkahkan/menggunakan hartanya sesuai dengan tingkat kemampuannya.                                                 hendaklah orang yang mampu memberi nafkah menurut kemampuannya. dan orang yang disempitkan rezekinya hendaklah memberi nafkah dari harta yang diberikan allah kepadanya. allah tidak memikulkan beban kepada seseorang melainkan (sekadar) apa yang allah berikan kepadanya. allah kelak akan memberikan kelapangan sesudah kesempitan. (q.s. althalâq [65]: 7). aini masruroh: mengelola keuangan secara syariah 88 ketiga, amanah yang berhubungan dengan hak masa sulit. dalam kehidupan manusia selalu terdapat masa senang dan masa sulit, karena itulah allah swt. menyatakan bahwa manusia yang baik adalah mereka yang dalam menafkahkan hartanya tidak berlebih-lebihan, namun juga tidak kikir. allah swt. akan memberikan rahmat kepada manusia yang membelanjakan harta dengan hemat, serta menyisihkan kelebihan untuk menghadapi hari kefakiran.                        sesungguhnya orang-orang pemboros itu adalah saudara-saudara setan, (artinya berjalan pada jalan setan) dan setan itu adalah sangat ingkar kepada tuhannya. (q.s. al-isrâ [17]: 27) keempat, amanah yang berhubungan dengan hak masa depan. ayat di bawah menjelaskan bahwa allah telah memberi pelajaran mengenai menghadapi masa depan melalui kisah mimpi nabi yusuf. ia bermimpi tentang tujuh ekor sapi yang gemuk-gemuk dimakan oleh tujuh ekor sapi yang kurus-kurus, dalam mimpi itu nabi yusuf juga memegang tujuh bulir gandum yang hijau dan tujuh bulir gandum yang kering. mimpi tersebut ditafsirkan oleh nabi yusuf sebagai perintah untuk menyimpan kelebihan dari tujuh masa panen yang sangat baik untuk digunakan pada tujuh masa sulit. nabi saw. juga bersabda bahwa lebih baik meninggalkan keturunanmu dalam keadaan sehat dan kaya daripada meninggalkannya dalam keadaan miskin sehingga harus meminta-minta.                                                                                                              yusuf, hai orang amat dipercaya, terangkanlah kepada kami tentang tentang tujuh ekor sapi betina yang gemuk-gemuk yang dimakan oleh tujuh ekor al-iqtishad: vol. v, no. 1, januari 2013 89 ketiga, amanah yang berhubungan dengan hak masa sulit. dalam kehidupan manusia selalu terdapat masa senang dan masa sulit, karena itulah allah swt. menyatakan bahwa manusia yang baik adalah mereka yang dalam menafkahkan hartanya tidak berlebih-lebihan, namun juga tidak kikir. allah swt. akan memberikan rahmat kepada manusia yang membelanjakan harta dengan hemat, serta menyisihkan kelebihan untuk menghadapi hari kefakiran.                        sesungguhnya orang-orang pemboros itu adalah saudara-saudara setan, (artinya berjalan pada jalan setan) dan setan itu adalah sangat ingkar kepada tuhannya. (q.s. al-isrâ [17]: 27) keempat, amanah yang berhubungan dengan hak masa depan. ayat di bawah menjelaskan bahwa allah telah memberi pelajaran mengenai menghadapi masa depan melalui kisah mimpi nabi yusuf. ia bermimpi tentang tujuh ekor sapi yang gemuk-gemuk dimakan oleh tujuh ekor sapi yang kurus-kurus, dalam mimpi itu nabi yusuf juga memegang tujuh bulir gandum yang hijau dan tujuh bulir gandum yang kering. mimpi tersebut ditafsirkan oleh nabi yusuf sebagai perintah untuk menyimpan kelebihan dari tujuh masa panen yang sangat baik untuk digunakan pada tujuh masa sulit. nabi saw. juga bersabda bahwa lebih baik meninggalkan keturunanmu dalam keadaan sehat dan kaya daripada meninggalkannya dalam keadaan miskin sehingga harus meminta-minta.                                                                                                              yusuf, hai orang amat dipercaya, terangkanlah kepada kami tentang tentang tujuh ekor sapi betina yang gemuk-gemuk yang dimakan oleh tujuh ekor sapi betina yang kurus-kurus, dan tujuh bulir (gandum) yang hijau dan (tujuh) lainnya yang kering agar aku kembali kepada orang-orang itu, agar mereka mengetahuinya. yusuf berkata, ‛supaya kamu bertanam tujuh tahun (la-manya) sebagaimana biasanya, maka yang akan kamu tuai hendaklah kamu biarkan dibulirnya kecuali sedikit untuk kamu makan. kemudian sesudah itu akan datang tujuh tahun yang amat sulit, yang menghabiskan apa yang kamu simpan untuk menghadapinya (tahun sulit), kecuali sedikit dari bibit gandum yang kamu simpan. (q.s. yûsuf [12]: 4648). kelima, amanah yang berhubungan dengan hak masyarakat. di dalam rezeki yang dilimpahkan kepada manusia, terdapat hak orang lain yang dititipkan, hak dirinya, dan hak keturunannya, serta masa depannya, dan juga hak untuk masyarakat. karena itu, kelebihan rezeki dan harta harus digunakan untuk kegiatan produktif, sehingga dapat menyebarluaskan kemaslahatan kepada masyarakat, di sinilah akan muncul kerjasama. dalam menjalankan usaha manusia dianjurkan untuk bekerjasama dengan orang lain, baik dalam bentuk perserikatan maupun dengan mempekerjakan orang lain.                                                               hai orang-orang yang beriman, sesungguhnya sebagian besar dari orangorang alim yahudi dan rahib-rahib nasrani benar-benar memakan harta orang dengan jalan batil dan mereka menghalang-halangi (manusia) dari jalan allah. dan orang-orang yang menyimpan emas dan perak dan tidak menafkahkannya pada jalan allah, maka beritahukanlah kepada mereka, bahwa mereka akan mendapat siksa yang pedih. (q.s. al-tawbah [9]: 34).5 habit atau kebiasaan adalah suatu perilaku yang dilakukan secara terus menerus dan berulang-ulang yang akhirnya menjadi otomatis dan tidak membutuhkan pemikiran si pelaku, sehingga si pelaku dapat memikirkan hal-hal lain yang lebih menarik ketika ia sedang berperilaku yang merupakan kebiasaan tersebut. 5 iwan p. pontjowinoto, kaya & bahagia cara syariah, (jakarta: mizan media utama, 2010), h. 66. aini masruroh: mengelola keuangan secara syariah 90 konsep good money habit good money habit merupakan kebiasaan yang baik dalam menggunakan/ membelanjakan uang. kebiasaan yang baik ini dapat ditunjukkan dari bagaimana seseorang membuat keputusan finansialnya. kepribadian tentunya akan memengaruhi kebiasaan keuangan. seseorang yang spontan dan tidak khawatir, mungkin akan menolak untuk melakukan perencanaan keuangan, seperti anggaran dan tabungan. di lain pihak, seserang yang sangat mengontrol keuangannya dan memiliki otoritas yang tinggi akan menolak untuk membeli sesuatu kecuali barang tersebut memang sangat dibutuhkan, bukan hanya diinginkan. orang seperti ini mungkin akan sulit untuk berbagi kontrol keuangan dengan pasangannya. kebiasaan dalam mengelola keuangan bisa juga dipengaruhi oleh perilaku berkaitan dengan keuangan, di mana sebagian dipengaruhi oleh masa kecilnya. apa yang diberikan dan dilakukan orang tua terhadap anaknya dalam pola pengelolaan uang keluarga, dapat memberikan pengaruh yang kuat pada saat anaknya dewasa kelak. uang dapat dijadikan simbol kontrol, keamanan, kesalahan, ketakutan, dan masih banyak lagi. beberapa prinsip good money habit, yakni: pertama, biasakan membuat pe-rencanaan penggunaan dana, baik untuk kebutuhan rutin, kebutuhan tidak terduga, dan kebutuhan temporal. kedua, bangun kebiasaan mencatat pengeluaran yang dilakukan setiap bulannya. karena pada dasarnya anggaran adalah jantung perencanaan keuangan. ketiga, tentukan dan tetapkan tugas dan tanggung jawab masing-masing individu dalam kaitannya dengan keuangan. keempat, biasakan hidup sesuai dengan pendapatan, jangan sampai besar pasak daripada tiang. kelima, pisahkan antara kebutuhan dan keinginan. cobalah mempertahankan pengeluaran walau mendapat kenaikan pendapatan. keenam, pengeluaran merupakan hal terpenting dalam keuangan. pengeluaran sangat mempengaruhi perjalanan keuangan di masa datang. ketujuh, hindari belanja hanya karena bujukan iklan. kedelapan, tunda beberapa waktu dulu bila ingin membeli sesuatu barang yang mahal harga. kesembilan, biasakan berbagi pendapat/pertimbangan untuk segala sesuatu barang yang mahal harganya. kesepuluh, kendalikan masalah utang, jangan menjadikan utang sebagai solusi. bunga kredit dan cicilan bulanan bisa sangat membebani arus kas bulanan. jangan gunakan kredit untuk sesuatu yang tidak dibutuhkan. al-iqtishad: vol. v, no. 1, januari 2013 91 konsep good money habit good money habit merupakan kebiasaan yang baik dalam menggunakan/ membelanjakan uang. kebiasaan yang baik ini dapat ditunjukkan dari bagaimana seseorang membuat keputusan finansialnya. kepribadian tentunya akan memengaruhi kebiasaan keuangan. seseorang yang spontan dan tidak khawatir, mungkin akan menolak untuk melakukan perencanaan keuangan, seperti anggaran dan tabungan. di lain pihak, seserang yang sangat mengontrol keuangannya dan memiliki otoritas yang tinggi akan menolak untuk membeli sesuatu kecuali barang tersebut memang sangat dibutuhkan, bukan hanya diinginkan. orang seperti ini mungkin akan sulit untuk berbagi kontrol keuangan dengan pasangannya. kebiasaan dalam mengelola keuangan bisa juga dipengaruhi oleh perilaku berkaitan dengan keuangan, di mana sebagian dipengaruhi oleh masa kecilnya. apa yang diberikan dan dilakukan orang tua terhadap anaknya dalam pola pengelolaan uang keluarga, dapat memberikan pengaruh yang kuat pada saat anaknya dewasa kelak. uang dapat dijadikan simbol kontrol, keamanan, kesalahan, ketakutan, dan masih banyak lagi. beberapa prinsip good money habit, yakni: pertama, biasakan membuat pe-rencanaan penggunaan dana, baik untuk kebutuhan rutin, kebutuhan tidak terduga, dan kebutuhan temporal. kedua, bangun kebiasaan mencatat pengeluaran yang dilakukan setiap bulannya. karena pada dasarnya anggaran adalah jantung perencanaan keuangan. ketiga, tentukan dan tetapkan tugas dan tanggung jawab masing-masing individu dalam kaitannya dengan keuangan. keempat, biasakan hidup sesuai dengan pendapatan, jangan sampai besar pasak daripada tiang. kelima, pisahkan antara kebutuhan dan keinginan. cobalah mempertahankan pengeluaran walau mendapat kenaikan pendapatan. keenam, pengeluaran merupakan hal terpenting dalam keuangan. pengeluaran sangat mempengaruhi perjalanan keuangan di masa datang. ketujuh, hindari belanja hanya karena bujukan iklan. kedelapan, tunda beberapa waktu dulu bila ingin membeli sesuatu barang yang mahal harga. kesembilan, biasakan berbagi pendapat/pertimbangan untuk segala sesuatu barang yang mahal harganya. kesepuluh, kendalikan masalah utang, jangan menjadikan utang sebagai solusi. bunga kredit dan cicilan bulanan bisa sangat membebani arus kas bulanan. jangan gunakan kredit untuk sesuatu yang tidak dibutuhkan. perencanaan keuangan syariah maqâshid al-syarî‘ah atau tujuan dari syariah adalah dasar yang sangat penting dalam perencanaan keuangan islami. tujuan dari syariah islam adalah agar manusia mendapatkan al-falah yaitu keberhasilan atau kemenangan dalam hidupnya di dunia dan di alam akhirat nanti. keberhasilan hidup di dunia dan di akhirat adalah jika berhasil memperoleh kesejahteraan dan kebahagiaan di dunia dan sekaligus mendapatkan kesejahteraan dan kebahagiaan di akhirat kelak.6 perencanaan keuangan syariah memiliki beberapa tujuan. pertama, agar tidak meninggalkan utang bagi orang yang kita sayangi. dengan gaya hidup konsumtif, sering kali kita terjebak ke dalam utang yang bukan merupakan utang produktif. padahal utang merupakan sesuatu yang tidak disukai dalam islam, apalagi kalau utang tersebut memakai bunga (riba). mengapa demikian, sebab utang bisa menurunkan derajat kita sebagai manusia. dengan perencanaan finansial yang baik utang-utang yang buruk bisa dihindari, kalau pun perlu berutang perlu dilakukan manajemen yang baik agar menjadi utang yang produktif dan dibuat rencana yang matang untuk melunasinya. kedua, agar bisa menjalankan pelbagai ibadah yang diperintahkan oleh allah swt. tidak bisa dimungkiri, banyak sekali ibadah dalam agama islam yang harus dilakukan dengan biaya yang cukup besar seperti haji, umrah, kurban, wakaf, dan lainnya. walaupun ibadah-ibadah ini hanya diperuntukkan bagi mereka yang mampu, kita sebagai umat muslim pun ingin dapat melakukan semua ibadah tersebut sebelum kita mati sebagai bekal ke akhirat kelak. ketiga, proteksi, untuk dapat memberikan kehidupan yang baik dan sejahtera bagi keluarga dan keturunan. sebaik-baik kepala keluarga adalah mereka yang bisa memberikan kenyamanan hidup bagi istri dan anak-anaknya dan tidak meninggalkan mereka dalam keadaan miskin. keempat, mengelola kekayaan. perencanaan keuangan yang baik juga dimaksudkan untuk mencapai capital growth atau berkembangnya aset yang kita miliki. untuk itu diperlukan strategi alokasi aset dan investasi syariah yang baik sesuai dengan tujuan-tujuan kita dan sesuai dengan prioritas kehidupan di dalam islam. kelima, memelihara harta yang telah terakumulasi. setelah kita memiliki aset, kita harus menjaganya dari risiko-risiko finansial agar tidak terjadi kerugian yang besar. harta dan anak di dalam islam merupakan amanah yang harus dijaga. oleh karena itu, kita harus berupaya untuk menjaga amanah tersebut. 6 http://zelts-consulting.com/perencanaan-keuangan-syariah/ diakses 29 maret 2012. aini masruroh: mengelola keuangan secara syariah 92 pilar yang dibutuhkan dalam menjaga harta yang kita miliki adalah dengan membuat dan merumuskan manajemen aset, manajemen utang, dan investasi bisnis maupun instrumen lainnya, agar jangan sampai kita berinvestasi pada instrumen yang salah. keenam, distribusi kekayaan. ketika kita sudah memiliki kekayaan finansial, maka dalam perencanaan keuangan islami sangat penting untuk mendistribusikan harta tersebut kepada hal-hal yang sesuai dengan syariah islam baik melalui tujuan-tujuan yang sesuai dengan kehidupan dalam islam maupun untuk tujuan membantu kemaslahatan umat. perencanaan waris harus sesuai dengan farâ’idh dalam islam agar tidak terjadi perselisihan antara ahli waris yang ditinggalkan. implementasi good money habit good money habit adalah pondasi terpenting dalam mencapai kesejahteraan finansial. unsur utama dalam menjalankan rencana keuangan adalah kemampuan untuk menabung dan berinvestasi. seseorang dapat dikatakan memiliki good`money habit apabila dia mampu untuk membayar dirinya terlebih dahulu dibandingkan kepentingan lain. maksudnya, kalau kita memiliki penghasilan, maka mampu dialokasikan untuk zakat, konsumsi primer, dan rencanarencana masa depan. teori zapfin7 yang merupakan kependekan dari zakat, assurance, present consumption, future spending, dan investment dapat digunakan dalam mengimplementasikan good money habit yang uraiannya sebagai berikut. pertama, zakat. zakat adalah bagian tertentu dari kekayaan yang allah perintahkan untuk dikeluarkan dan diberikan kepada yang berhak (mustahiq). adapun ketentuan tentang berapa besar harta yang wajib dikeluarkan dalam bentuk zakat tergantung pada jenis hartanya. hal tersebut sebagaimana firman allah swt.:                                   ambillah zakat dari harta mereka, guna membersihkan dan menyucikan me-reka, dan berdoalah untuk mereka. sesungguhnya doamu itu menumbuhkan ketentraman jiwa bagi mereka. allah maha mendengar lagi maha menge-tahui. (q.s. al-tawbah [9]: 103) 7 prita h. ghazie, menjadi cantik, gaya, & tetap kaya, (jakarta: gramedia, 2010), h. 64. al-iqtishad: vol. v, no. 1, januari 2013 93 pilar yang dibutuhkan dalam menjaga harta yang kita miliki adalah dengan membuat dan merumuskan manajemen aset, manajemen utang, dan investasi bisnis maupun instrumen lainnya, agar jangan sampai kita berinvestasi pada instrumen yang salah. keenam, distribusi kekayaan. ketika kita sudah memiliki kekayaan finansial, maka dalam perencanaan keuangan islami sangat penting untuk mendistribusikan harta tersebut kepada hal-hal yang sesuai dengan syariah islam baik melalui tujuan-tujuan yang sesuai dengan kehidupan dalam islam maupun untuk tujuan membantu kemaslahatan umat. perencanaan waris harus sesuai dengan farâ’idh dalam islam agar tidak terjadi perselisihan antara ahli waris yang ditinggalkan. implementasi good money habit good money habit adalah pondasi terpenting dalam mencapai kesejahteraan finansial. unsur utama dalam menjalankan rencana keuangan adalah kemampuan untuk menabung dan berinvestasi. seseorang dapat dikatakan memiliki good`money habit apabila dia mampu untuk membayar dirinya terlebih dahulu dibandingkan kepentingan lain. maksudnya, kalau kita memiliki penghasilan, maka mampu dialokasikan untuk zakat, konsumsi primer, dan rencanarencana masa depan. teori zapfin7 yang merupakan kependekan dari zakat, assurance, present consumption, future spending, dan investment dapat digunakan dalam mengimplementasikan good money habit yang uraiannya sebagai berikut. pertama, zakat. zakat adalah bagian tertentu dari kekayaan yang allah perintahkan untuk dikeluarkan dan diberikan kepada yang berhak (mustahiq). adapun ketentuan tentang berapa besar harta yang wajib dikeluarkan dalam bentuk zakat tergantung pada jenis hartanya. hal tersebut sebagaimana firman allah swt.:                                   ambillah zakat dari harta mereka, guna membersihkan dan menyucikan me-reka, dan berdoalah untuk mereka. sesungguhnya doamu itu menumbuhkan ketentraman jiwa bagi mereka. allah maha mendengar lagi maha menge-tahui. (q.s. al-tawbah [9]: 103) 7 prita h. ghazie, menjadi cantik, gaya, & tetap kaya, (jakarta: gramedia, 2010), h. 64. pada dasarnya di dalam semua pendapatan dan harta yang diperoleh terdapat hak milik orang lain. oleh karena itu, kita harus mengeluarkannya dalam bentuk zakat, infak, sedekah, ataupun wakaf, agar kita menjadi orang yang bersih dari sifat kikir dan sombong. kedua, assurance. dalam perencanaan hidup, setiap orang harus mampu mengalokasikan pendapatannya untuk kebutuhan yang sifatnya tidak terduga. uang yang diperoleh harus dapat disisihkan dalam bentuk dana darurat dan pembayaran premi asuransi. asuransi sangat diperlukan untuk meng-cover suatu risiko atau kondisi di luar harapan. pernahkah membayangkan apabila anda terserang suatu penyakit yang sangat parah sementara tidak memiliki kesiapan finansial untuk menangani biaya-biaya yang harus ditanggung untuk pengobatannya? pernahkah membayangkan bagaimana masa depan keluarga apabila tanpa disangka mengalami suatu kecelakaan yang fatal yang berujung pada kelumpuhan atau bahkan kematian? tentu dirasa kurang nyaman dengan pertanyaan-pertanyaan yang diajukan di atas, namun kenyataan ini adalah hal-hal yang tidak dapat diduga dan mungkin saja dapat terjadi di dalam kehidupan ini. di sinilah pentingnya peranan asuransi dalam kehidupan. adanya asuransi dapat membantu mengurangi beban dan tanggung jawab akibat hilangnya kemampuan ekonomi seseorang yang terjadi karena suatu risiko kehidupan. terdapat banyak sekali jenis asuransi, di antaranya: ada asuransi jiwa, asuransi kesehatan, asuransi pendidikan, dan lain-lain.8 ketiga, present consumption. pendapatan yang diperoleh harus dapat digunakan untuk kebutuhan hidup saat ini secara wajar. artinya, kita harus memiliki sejumlah uang untuk membeli makanan, pakaian, dan sarana hidup lainnya yang bersifat primer. tujuan konsumsi dalam islam adalah untuk mewujudkan maslahah duniawi dan ukhrawi. maslahah duniawi ialah terpenuhinya kebutuhan dasar manusia, seperti makanan, minuman, pakaian, perumahan, kesehatan, dan pendidikan (akal). kemaslahatan akhirat ialah terlaksananya kewajiban agama seperti salat dan haji. artinya, manusia makan dan minum agar bisa beribadah kepada allah. manusia berpakaian untuk menutup aurat agar bisa salat, haji, bergaul sosial, dan terhindar dari perbuatan asusila. 8 abdullah amrin, meraih berkah melalui asuransi syariah, (jakarta: pt. elex media komputindo, 2011). aini masruroh: mengelola keuangan secara syariah 94 menurut abdul mannan, perintah islam mengenai konsumsi dikendalikan oleh lima prinsip,9 yaitu: prinsip keadilan, prinsip kebersihan, prinsip kesederhanaan, prinsip kemurahan hati, dan prinsip moralitas. keempat, future spending. cara terbaik untuk memperoleh pelbagai keinginan dalam hidup adalah melalui konsep menabung. secara harfiah menabung diartikan dengan ‚menyisihkan sebagian pendapatan untuk keperluan konsumsi di masa mendatang‛. tabungan yang saat ini kita lakukan akan digunakan untuk keperluan hidup dalam jangka waktu di bawah lima tahun. tabungan dalam islam jelas merupakan sebuah konsekuensi atau respons dari prinsip ekonomi dan nilai moral islam, yang menyebutkan bahwa manusia haruslah hidup hemat dan tidak bermewah-mewah serta mereka (diri sendiri dan keturunannya) dianjurkan ada dalam kondisi yang tidak fakir. jadi dapat dikatakan bahwa motivasi utama orang menabung di sini adalah nilai moral hidup sederhana (hidup hemat) dan keutamaan tidak fakir. tabungan dapat difungsikan sebagai alokasi dana untuk berjaga-jaga atas kondisi tidak baik di masa depan, dapat juga difungsikan untuk memenuhi kebutuhan yang lebih besar di masa mendatang, seperti untuk membeli rumah, mobil, biaya pendidikan, berlibur, dan sebagainya. keempat, investment. last but not least, investasi mutlak dilakukan sebagai sarana untuk memenuhi keperluan jangka panjang atau pada masa sudah tidak produktif lagi, baik karena faktor usia maupun faktor kesehatan. investasi adalah menempatkan sebagian harta yang merupakan sisa hasil penyisihan pendapatan dan akumulasi harta pada suatu kegiatan ekonomi dengan tujuan mendapatkan tambahan nilai di masa yang akan datang. investasi dalam arti luas terdiri atas dua bagian utama, yaitu investasi pada aktiva riil/real assets dan investasi pada financial assets. investasi pada aktiva berwujud/real assets dalam bentuk: emas/logam mulia, perak, permata, barangbarang seni, tanah, dan properti. sedangkan investasi pada aktiva keuangan/ financial assets dalam bentuk: surat-surat berharga yang biasanya diperdagangkan di bursa efek indonesia seperti saham, obligasi, sukuk, dan reksadana10. berikut ini tabel tentang contoh daftar ivestasi: no jenis investasi risiko potensi return jangka waktu 1 tabungan rendah rendah di bawah 2 th 9 m. abdul mannan, teori dan praktek ekonomi islam, (yogyakarta: pt. dana bhakti prima yasa, 1997) 10 sunariyah, pengantar pengetahuan pasar modal, (yogyakarta, upp-stim ykpms, 2011), h .4 al-iqtishad: vol. v, no. 1, januari 2013 95 menurut abdul mannan, perintah islam mengenai konsumsi dikendalikan oleh lima prinsip,9 yaitu: prinsip keadilan, prinsip kebersihan, prinsip kesederhanaan, prinsip kemurahan hati, dan prinsip moralitas. keempat, future spending. cara terbaik untuk memperoleh pelbagai keinginan dalam hidup adalah melalui konsep menabung. secara harfiah menabung diartikan dengan ‚menyisihkan sebagian pendapatan untuk keperluan konsumsi di masa mendatang‛. tabungan yang saat ini kita lakukan akan digunakan untuk keperluan hidup dalam jangka waktu di bawah lima tahun. tabungan dalam islam jelas merupakan sebuah konsekuensi atau respons dari prinsip ekonomi dan nilai moral islam, yang menyebutkan bahwa manusia haruslah hidup hemat dan tidak bermewah-mewah serta mereka (diri sendiri dan keturunannya) dianjurkan ada dalam kondisi yang tidak fakir. jadi dapat dikatakan bahwa motivasi utama orang menabung di sini adalah nilai moral hidup sederhana (hidup hemat) dan keutamaan tidak fakir. tabungan dapat difungsikan sebagai alokasi dana untuk berjaga-jaga atas kondisi tidak baik di masa depan, dapat juga difungsikan untuk memenuhi kebutuhan yang lebih besar di masa mendatang, seperti untuk membeli rumah, mobil, biaya pendidikan, berlibur, dan sebagainya. keempat, investment. last but not least, investasi mutlak dilakukan sebagai sarana untuk memenuhi keperluan jangka panjang atau pada masa sudah tidak produktif lagi, baik karena faktor usia maupun faktor kesehatan. investasi adalah menempatkan sebagian harta yang merupakan sisa hasil penyisihan pendapatan dan akumulasi harta pada suatu kegiatan ekonomi dengan tujuan mendapatkan tambahan nilai di masa yang akan datang. investasi dalam arti luas terdiri atas dua bagian utama, yaitu investasi pada aktiva riil/real assets dan investasi pada financial assets. investasi pada aktiva berwujud/real assets dalam bentuk: emas/logam mulia, perak, permata, barangbarang seni, tanah, dan properti. sedangkan investasi pada aktiva keuangan/ financial assets dalam bentuk: surat-surat berharga yang biasanya diperdagangkan di bursa efek indonesia seperti saham, obligasi, sukuk, dan reksadana10. berikut ini tabel tentang contoh daftar ivestasi: no jenis investasi risiko potensi return jangka waktu 1 tabungan rendah rendah di bawah 2 th 9 m. abdul mannan, teori dan praktek ekonomi islam, (yogyakarta: pt. dana bhakti prima yasa, 1997) 10 sunariyah, pengantar pengetahuan pasar modal, (yogyakarta, upp-stim ykpms, 2011), h .4 2 deposito rendah rendah di bawah 1 th 3 obligasi (ori/sukuk) sedang sedang di bawah 5 th 4 saham untuk investasi tinggi tinggi di atas 8 th 5 saham untuk trading tinggi tinggi di bawah 1 th 6 reksadana pendapatan tetap terproteksi sedang sedang di atas 3 th 7 reksadana pasar uang rendah rendah di bawah 2 th 8 reksadana saham tinggi tinggi di atas 8 th 9 reksadana campuran sedang sedang antara 8 th 10 emas sedang tinggi di atas 5 th 11 tanah sedang tinggi di atas 8 th 12 properti sedang sedang di atas 3 th penutup harta/uang/kekayaan merupakan anugerah yang diberikan oleh allah swt. kepada setiap hamba-nya. kekayaan yang dilimpahkan bukanlah semata-mata diberikan secara cuma-cuma, namun akan dituntut pertanggungjawaban atas sumber dan penggunaan uang tersebut. harta kekayaan sebagai suatu amanah harus dikelola sesuai dengan ketentuan sang maha memberi. hal pertama yang harus dilakukan dalam mengelola harta adalah membersihkan diri dari harta yang dimiliki dengan mengeluarkan zakat, infak, dan sedekah. kedua, menafkahkan harta untuk hidup masa kini sesuai dengan keleluasaan dan kesempitan, serta tidak melupakan hak atas kenikmatan yang halal di dunia. ketiga, membelanjakan harta dengan hemat dan menyisihkan kelebihan untuk masa-masa sulit. keempat, mempersiapkan untuk masa depan agar dapat hidup bahagia setelah tidak produktif, serta dapat meninggalkan keturunan dalam keadaan sehat dan kaya. kelima, mengembangkan harta untuk meningkatkan penyebarluasan kemaslahatan bagi masyarakat. [] pustaka acuan amrin, abdullah, meraih berkah melalui asuransi syariah, jakarta: pt. elex media komputindo, 2011. achsien, iggi h., investasi syariah di pasar modal, jakarta: gramedia pustaka utama, 2000. ghazie, prita h., menjadi cantik, gaya, & tetap kaya, jakarta: gramedia, 2010. huda, nurul dan mustafa edwin nasution, investasi pada pasar modal syariah, jakarta: kencana prenada media group, 2008. khan, tariqullah dan habib ahmed, manajemen risiko lembaga keuangan syariah (terjemahan), jakarta: bumi aksara, 2008. aini masruroh: mengelola keuangan secara syariah 96 mannan, m. abdul, teori dan praktek ekonomi islam, yogyakarta: pt dana bhakti prima yasa, 1997. pontjowinoto, iwan p., kaya & bahagia cara syariah, jakarta: mizan media utama, 2010. rivai, veitzal, manajemen sumber daya manusia perusahaan, jakarta: murai kencana, 2005. rivai, veitzal dkk., islamic financial manajement, jakarta: ghalia indonesia, 2010. sunariyah, pengantar pengetahuan pasar modal, yogyakarta: upp-stim ykpms, 2011. tim penyusun, kamus besar bahasa indonesia kontemporer, jakarta: modern english press, 2002. http://zelts-consulting.com/perencanaan-keuangan-syariah/ (29-03-2013) hâmis syarh fath al-qadîr vi, bayrût: dâr al-fikr, 1977. masyhûr, al-, ‘ubayd allah ibn mas‘ûd, syarh al-wiqâyah bi hâmisy kasyf alhaqâ’iq juz ii, al-mathba‘ah al-adabiyyah, 1318 h. maznî, al, ibrâhîm ismâ‘îl ibn yahyâ, mukhtashar al-maznî bi hamisy al-’umm juz iii, bayrût: dâr al-ma‘rifah, 1972. mahallî, al, jalâl al-dîn muhammad ibn ahmad, syarh jalâl al-dîn al-muhallâ ‘alâ minhâj al-thâlibîn juz ii, bayrût: dâr al-fikr, t.th. pusat pengkajian dan pengembangan ekonomi islam (p3ei) universitas islam indonesia yogyakarta kerjasama dengan bank indonesia, ekonomi islam. jakarta: pt rajagrafindo persada, 2008. râfi‘î, al-, abû al-qâsim ‘abd al-karîm ibn muhammad, fath al-‘azîz syarh alwajîz juz viii, bayrût: dâr al-fikr, t.th. ramlî, al-, syams al-dîn muhammad ibn abî al-‘abbâs ahmad ibn hamrah ibn shahâb al-dîn, nihâyat al-muhtâj ilâ syarh al-manhâj juz iii, al-maktabah alislâmiyyah, t.th. shan‘ânî, al-, muhammad ibn ismâ’il amîr al-dîn, subul al-salâm syarh bulûg almarâm min jam‘i adillat al-ahkâm juz iii, bayrût: dâr al-jayl, 1980. subkî, al-, tâj al-dîn ibn nashr ‘abd al-wahhâb ibn taqiy al-dîn, thabaqât alsyâfi‘iyyah al-kubrâ juz vi, bayrût: dâr al-ma‘rifah, t.th. syîrâzî, al-, majd al-dîn muhammad ibn ya‘qûb al-fayrûz abâdî, al-qâmûs almuhîth juz ii, bayrût: dâr al-fikr, 1398 h. syarbînî, al-, muhammad, mughnî al-muhtâj ilâ ma‘rifat ma‘ânî alfâzh al-minhâj juz ii, al-qâhirah: mushthafâ al-bâbî al-halabî wa awlâdih, 1958. syawkânî, al-, muhammad ibn ‘alî ibn muhammad, nayl al-awthâr juz v, alqâhirah: maktabah wa mathba‘at mushthafâ al-bâbî al-halabî wa awlâdih, t.th. syîrâzî, al-, ibrâhîm ibn ‘alî ibn yûsuf, al-muhadzdzab fî fiqh al-imâm al-syâfi‘î juz i, bayrût: dâr al-fikr, t.t. tirmidzî, al-, abû ‘isâ muhammad ibn ‘isâ ibn sûrah, sunan al-tirmidzî juz ii, almadînah al-munawwarah: al-maktabah al-salafiyyah, 1964. zuhaylî, al-, wahbah, al-wajîz fî ushûl al-fiqh, bayrût: dâr al-fikr, 1997. menimbang gadai emas sebagai instrumen investasi syariah a. chairul hadi abstract: reviewing gold pawn as an instrument of sharia investment. the increasing of gold prices and high interest of the community to invest in gold responded by islamic banking through islamic gold pawning services with the term "gardening gold". this investment is a modification of the mortgage system in islamic banks and pawnshops. this investment is not neither a product of islamic banks and islamic pawnshops. islamic financial institutions provide only mortgage facilities not including investment to customers. the nature of the gardening gold transaction is to borrow money to pay the storage fee pawned gold and then to expect a rise of the gold price at market exceeding the costs of the bank. keywords: islamic gold pawn, investment, gold gardening, tijârah, tabarru’ abstrak: menimbang gadai emas sebagai instrumen investasi syariah. kenaikan harga emas dan tingginya minat masyarakat untuk berinvestasi emas direspons oleh perbankan syariah melalui layanan gadai emas syariah dengan istilah ‚berkebun emas‛. investasi ini merupakan modifikasi dari sistem gadai di bank syariah maupun pegadaian. investasi ini bukanlah sebuah produk dari bank syariah dan pegadaian syariah. lembaga keuangan syariah hanya memberikan fasilitas gadai bukan investasi kepada nasabah. hakikat transaksi berkebun emas adalah meminjam uang di bank syariah dengan membayar biaya penyimpanan emas yang digadaikan, lalu mengharapkan kenaikan harga emas di pasar melebihi biaya-biaya bank. kata kunci: gadai emas syariah, investasi, berkebun emas, tijârah, tabarru’ naskah diterima: 3 januari 2012, direvisi: 8 juni 2012, disetujui: 14 juni 2012.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta selatan. e-mail: chairulhadi@ymail.com a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah182 pendahuluan perbankan syariah adalah lembaga investasi dan keuangan yang beroperasi sesuai dengan prinsip-prinsip syariah. sumber dana yang didapatkan harus sesuai dengan ketentuan syar’i, dan alokasi investasi yang dilakukan bertujuan untuk menumbuhkan ekonomi dan sosial masyarakat serta melakukan jasa-jasa perbankan yang sesuai dengan nilai-nilai syariah. dari definisi tersebut jelas, bahwa perbankan syariah tidak hanya semata-mata mencari keuntungan (profit) dalam operasionalnya, tetapi terdapat nilai-nilai sosial kemasyarakatan dan spiritualisme yang ingin dicapai.1 disamping keunikan pada fungsinya bank syariah memiliki keragaman produk yang sangat banyak. produk-produk ini memiliki kekhasan dan ciri-ciri yang berbeda. produk-produk tersebut dikembangkan dari akad-akad yang ada dalam hukum bisnis syariah (muamalah). setiap produk yang dikembangkan terse-but tidak dapat disamaratakan, masing-masing memiliki tata cara dan persya-ratan yang berbeda. perbedaan-perbedaan ini tentunya memiliki status dan konsekuensi hukum yang berbeda pula. undang-undang nomor 21 tahun 2008 tentang perbankan syariah (selanjutnya disebut uu perbankan syariah) merupakan payung yuridis dalam memberikan jaminan bagi kepastian usaha dan jaminan perlindungan hukum yang sangat diperlukan bagi kegiatan usaha perbankan syariah. uu perbankan syariah memberi keleluasaan ruang dan gerak bagi bank syariah untuk mengembangkan dan menciptakan inovasi dalam produk dan layanan jasa perbankan syariah, serta memberi rambu-rambu yang jelas dan tegas pada apa yang boleh dan tidak boleh dilakukan, termasuk mengatur pula sanksi pidana dan sanksi administratif kepada perbankan syariah ketika melanggar ketentuan yang diatur dalam undang-undang tersebut perkembangan produk-produk berbasis syariah kian marak di indonesia, tidak terkecuali perbankan syariah. perbankan syariah mengeluarkan produk berbasis syariah salah satunya adalah yang disebut dengan gadai syariah.2 pada dasarnya, produk-produk berbasis syariah memiliki karakteristik seperti, tidak memungut bunga dalam berbagai bentuk karena riba, menetapkan uang sebagai alat tukar bukan sebagai komoditas yang diper 1 said sa’ad marthon, ekonomi islam di tengah krisis ekonomi global, (jakarta: zikrul hakim, 2004), h. 127. 2 menurut kamus bahasa indonesia, gadai berarti barang sebagai tanggungan utang. sedangkan dalam kamus perbankan, gadai berarti menahan sesuatu dengan baik. barang yang ditahan tersebut memiliki nilai ekonomi, sehingga pihak yang menahan memperoleh jaminan untuk dapat mengambil kembali seluruh atau sebagian piutangnya. al-iqtishad: vol. iv, no. 2, januari 2012 183 pendahuluan perbankan syariah adalah lembaga investasi dan keuangan yang beroperasi sesuai dengan prinsip-prinsip syariah. sumber dana yang didapatkan harus sesuai dengan ketentuan syar’i, dan alokasi investasi yang dilakukan bertujuan untuk menumbuhkan ekonomi dan sosial masyarakat serta melakukan jasa-jasa perbankan yang sesuai dengan nilai-nilai syariah. dari definisi tersebut jelas, bahwa perbankan syariah tidak hanya semata-mata mencari keuntungan (profit) dalam operasionalnya, tetapi terdapat nilai-nilai sosial kemasyarakatan dan spiritualisme yang ingin dicapai.1 disamping keunikan pada fungsinya bank syariah memiliki keragaman produk yang sangat banyak. produk-produk ini memiliki kekhasan dan ciri-ciri yang berbeda. produk-produk tersebut dikembangkan dari akad-akad yang ada dalam hukum bisnis syariah (muamalah). setiap produk yang dikembangkan terse-but tidak dapat disamaratakan, masing-masing memiliki tata cara dan persya-ratan yang berbeda. perbedaan-perbedaan ini tentunya memiliki status dan konsekuensi hukum yang berbeda pula. undang-undang nomor 21 tahun 2008 tentang perbankan syariah (selanjutnya disebut uu perbankan syariah) merupakan payung yuridis dalam memberikan jaminan bagi kepastian usaha dan jaminan perlindungan hukum yang sangat diperlukan bagi kegiatan usaha perbankan syariah. uu perbankan syariah memberi keleluasaan ruang dan gerak bagi bank syariah untuk mengembangkan dan menciptakan inovasi dalam produk dan layanan jasa perbankan syariah, serta memberi rambu-rambu yang jelas dan tegas pada apa yang boleh dan tidak boleh dilakukan, termasuk mengatur pula sanksi pidana dan sanksi administratif kepada perbankan syariah ketika melanggar ketentuan yang diatur dalam undang-undang tersebut perkembangan produk-produk berbasis syariah kian marak di indonesia, tidak terkecuali perbankan syariah. perbankan syariah mengeluarkan produk berbasis syariah salah satunya adalah yang disebut dengan gadai syariah.2 pada dasarnya, produk-produk berbasis syariah memiliki karakteristik seperti, tidak memungut bunga dalam berbagai bentuk karena riba, menetapkan uang sebagai alat tukar bukan sebagai komoditas yang diper 1 said sa’ad marthon, ekonomi islam di tengah krisis ekonomi global, (jakarta: zikrul hakim, 2004), h. 127. 2 menurut kamus bahasa indonesia, gadai berarti barang sebagai tanggungan utang. sedangkan dalam kamus perbankan, gadai berarti menahan sesuatu dengan baik. barang yang ditahan tersebut memiliki nilai ekonomi, sehingga pihak yang menahan memperoleh jaminan untuk dapat mengambil kembali seluruh atau sebagian piutangnya. dagangkan, dan melakukan bisnis untuk memperoleh imbalan atas jasa dan atau bagi hasil.3 sistem gadai juga pernah dilakukan pada masa rasulullah saw. dalam sebuah hadis yang diriwayatkan oleh al-bukhârî, ahmad, al-nasâ’î, dan ibn mâjah diterangkan bahwa rasulullah saw. pernah menggadaikan baju besinya kepada orang yahudi untuk ditukarkan dengan gandum.4 berdasarkan hadis ini, maka fungsi sosial konsumtif itu jelas tersirat dan tersurat. artinya, gadai syariah dasarnya untuk kepentingan yang sifatnya mendesak, seperti untuk keperluan hidup sehari-hari (konsumsi, pendidikan dan kesehatan) yang sangat dibutuhkan kalangan masyarakat yang strata sosial ekonominya dalam gologan ekonomi menengah ke bawah dan bersifat sangat mendesak, bukan yang sifatnya untuk usaha yang sifatnya komersialproduktif yang notabene hal itu untuk orang-orang yang masuk golongan menengah ke atas. dalam perbankan syariah juga terdapat produk gadai yang berbentuk gadai emas. produk ini merupakan salah satu produk perbankan syariah yang sangat potensial untuk dikembangkan. gadai di perbankan syariah dikategorikan sebagai salah satu produk pemberian pembiayaan dengan perjanjian utang piutang, di mana kreditur harus menggadaikan barang jaminannya kepada debitur. produk gadai (rahn) memiliki kombinasi akad di dalamnya, yakni transaksi di mana satu pihak menerima pinjaman dengan akad (qardh) dengan jaminan tertentu. jaminan tersebut kemudian dipelihara pihak pemberi jaminan dengan menggunakan akad sewa-menyewa (al-ijârah), pihak pemelihara (murtahin) memungut keuntungan dari proses pemeliharaan.5 kenaikan harga emas beberapa waktu belakangan ini membuat banyak orang beramai-ramai menjadikan emas sebagai instrumen investasi karena menjanjikan keuntungan yang lebih baik. harga emas 10 tahun tumbuh 40 persen pertahun. harga emas yang tinggi dan terus naik dari waktu ke waktu juga membawa berkah untuk perbankan yang menyediakan produk jasa gadai emas syariah. menurut data dari bank indonesia, transaksi gadai emas syariah di industri perbakan syariah tumbuh hingga 15 persen sampai akhir semester 1 3 adiwarman karim, bank islam analisis fiqh dan keungan, (jakarta: pt. rajagrapindo, 2007), h.31-37. 4 nasrun harun, fiqh muamalah, (jakarta: gmp, 2000), h. 253. 5 sunarto zulkifli, panduan praktis transaksi perbankan syariah, (jakarta: zikrul hakim, 2003), h. 23. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah184 2012. hingga juli 2012, total tranksaksi akad qardh pada perbankan syariah mencapai rp 7,5 triliun atau 8,9 persen dari total pembiayaan yang diberikan sebesar 85 triliun.6 sementara itu porsi bisnis gadai emas syariah berada pada kisaran tiga sampai enam persen dari total pinjaman. hasilnya, perbankan meraup keuntungan yang besar dari transaksi tersebut. fatwa dewan syariah nasional mui no. 26/dsn-mui/iii/2002 tentang rahn emas membolehkan rahn emas berdasarkan prinsip rahn. fatwa itu megatur ketentuan ongkos dan biaya penyimpanan barang (marhûn) ditanggung oleh penggadai (râhin), namun fatwa ini memberikan batasan bahwa ongkos yang dibebankan kepada rahin besarnya didasarkan pada pengluaran yang nyata-nyata dikeluarkan.7 artinya fatwa ini menekankan bahwa tujuan utama produk rahn emas adalah bersifat sosial (tabarru’) bukan untuk kepentingan bisnis/komersial (tijârah). kecendrungan kenaikan harga emas dan tingginya minat masyarakat untuk berinvestasi emas direspons oleh perbankan syariah melalui lanyanan gadai emas syariah. kenaikan transaksi gadai emas syariah pada perbankan syariah memunculkan istilah ‚berkebun emas‛. skim gadai emas syariah digunakan sebagai sarana investasi untuk meraup keuntungan investor dan pelaku perbankan syariah di tengah kenaikan emas saat ini. pada prinsipnya, dalam investasi berkebun emas ini, investor berusaha memiliki emas yang lebih banyak dengan jumlah modal yang sama. salah satu cara yang akan dilakukan adalah membeli emas yang lebih kecil dari yang mampu dibeli, kemudian digadaikan. dana segar hasil dari transaksi gadai tersebut dibelikan emas batangan yang lain, kemudian digadaikan lagi. demikian seterusnya hingga batas kemampuan keuangan. pada saat dana habis, emas terakhir yang dipegang di tangan tidak digadaikan tetapi disimpan sampai harga naik selangit.8 investasi model berkebun emas di bank-bank syariah saat ini menjadi tren investasi baru. perkembangan investasi ini pun cukup pesat di kalangan para investor emas. investasi ini merupakan bentuk investasi kontemporer yang pada zaman rasulullah belum diatur mengenai hukumnya. bahkan sampai saat ini pun dsn mui belum mengeluarkan fatwa yang mengatur 6 statistk bi tahun 2012. 7 himpunan fatwa dewan syariah nasional (dsn) untuk lembaga keuangan syariah, (jakarta, dsn_mui-bi, 2001), h. 78. 8 ‚investasi maksimal dengan berkebun emas‛, majalah sharing edisi 54 juni 2011, h. 6467 al-iqtishad: vol. iv, no. 2, januari 2012 185 2012. hingga juli 2012, total tranksaksi akad qardh pada perbankan syariah mencapai rp 7,5 triliun atau 8,9 persen dari total pembiayaan yang diberikan sebesar 85 triliun.6 sementara itu porsi bisnis gadai emas syariah berada pada kisaran tiga sampai enam persen dari total pinjaman. hasilnya, perbankan meraup keuntungan yang besar dari transaksi tersebut. fatwa dewan syariah nasional mui no. 26/dsn-mui/iii/2002 tentang rahn emas membolehkan rahn emas berdasarkan prinsip rahn. fatwa itu megatur ketentuan ongkos dan biaya penyimpanan barang (marhûn) ditanggung oleh penggadai (râhin), namun fatwa ini memberikan batasan bahwa ongkos yang dibebankan kepada rahin besarnya didasarkan pada pengluaran yang nyata-nyata dikeluarkan.7 artinya fatwa ini menekankan bahwa tujuan utama produk rahn emas adalah bersifat sosial (tabarru’) bukan untuk kepentingan bisnis/komersial (tijârah). kecendrungan kenaikan harga emas dan tingginya minat masyarakat untuk berinvestasi emas direspons oleh perbankan syariah melalui lanyanan gadai emas syariah. kenaikan transaksi gadai emas syariah pada perbankan syariah memunculkan istilah ‚berkebun emas‛. skim gadai emas syariah digunakan sebagai sarana investasi untuk meraup keuntungan investor dan pelaku perbankan syariah di tengah kenaikan emas saat ini. pada prinsipnya, dalam investasi berkebun emas ini, investor berusaha memiliki emas yang lebih banyak dengan jumlah modal yang sama. salah satu cara yang akan dilakukan adalah membeli emas yang lebih kecil dari yang mampu dibeli, kemudian digadaikan. dana segar hasil dari transaksi gadai tersebut dibelikan emas batangan yang lain, kemudian digadaikan lagi. demikian seterusnya hingga batas kemampuan keuangan. pada saat dana habis, emas terakhir yang dipegang di tangan tidak digadaikan tetapi disimpan sampai harga naik selangit.8 investasi model berkebun emas di bank-bank syariah saat ini menjadi tren investasi baru. perkembangan investasi ini pun cukup pesat di kalangan para investor emas. investasi ini merupakan bentuk investasi kontemporer yang pada zaman rasulullah belum diatur mengenai hukumnya. bahkan sampai saat ini pun dsn mui belum mengeluarkan fatwa yang mengatur 6 statistk bi tahun 2012. 7 himpunan fatwa dewan syariah nasional (dsn) untuk lembaga keuangan syariah, (jakarta, dsn_mui-bi, 2001), h. 78. 8 ‚investasi maksimal dengan berkebun emas‛, majalah sharing edisi 54 juni 2011, h. 6467 khusus mengenai investasi model berkebun emas ini. padahal sudah banyak masyarakat muslim yang melakukan investasi berkebun emas ini dan investasi ini pun dilakukan menggunakan instrumen rahn emas di perbankan syariah. sebenarnya apakah investasi model berkebun emas ini sesuai dengan ketentuan investasi secara syariah?, dan bagaimana perspektif ekonomi syariah terhadap investasi berkebun emas yang merebak di masyarakat?. argumentasi hukum gadai emas syariah transaksi gadai dalam fikih islam disebut al-rahn, yakni suatu jenis perjanjian untuk menahan suatu barang sebagai tanggungan utang.9 pengertian al-rahn dalam bahasa arab adalah ats-tsubût wa ad-dawâm (الثبوت والدوام),10 yang berarti ‚tetap‛ dan "kekal‛. pengertian tersebut merupakan yang tercakup dalam kata al-habs, yang berarti menahan. kata ini merupakan makna yang bersifat materiil. karena itu, secara bahasa al-rahn berarti "menjadikan suatu barang yang bersifat materi sebagai pengikat‛11. adapun menurut terminologi hukum islam, rahn sebagaimana didefinisikan oleh para ulama adalah menjadikan barang yang berharga menurut tinjauan syariat sebagaimana jaminan utang, sekiranya pembayaran utang atau sebagian bisa diambil dari benda yang digadaikan tersebut sayyid sâbiq merumuskan gadai dengan, ‚menjadikan suatu barang yang mempunyai nilai harta dalam pandangan syarak sebagai jaminan utang, yang memungkinkan untuk mengambil seluruh atau sebagian utang dari barang tersebut.‛12 rahn juga dapat diartikan menahan salah satu harta milik si peminjam sebagai jaminan atas pinjaman yang diterimanya. barang tersebut memiliki nilai ekonomis. dengan demikian, pihak yang menahan memperoleh jaminan untuk dapat mengambil kembali seluruh atau sebagian piutangnya. sedangkan dalam pengertian istilah adalah kepercayaan/penguat marhûn bih dan murtahin berhak menjual/melelang barang yang digadaikan itu pada saat ia menuntut haknya. secara sederhana dapat dijelaskan bahwa ia adalah semacam jaminan utang atau gadai.13 9 zainuddin ali, hukum gadai syariah, (jakarta: sinar grafika, 2008), h. 1. 10’abd al-rahmân al-jâzirî, al-fiqh 'ala al-madzâhib ai-a r b a ' a h , (bayrût: dâr al-fikr, 1996), h. 76. 11 al-sayyid sâbiq, fiqh sunah, jilid iii, (jakarta: ai-i'tishom, 2008), h. 248. 12 alsayyid sâbiq, fiqh sunah, jilid iii, h. 248. 13 ahmad rodoni dan abdul hamid, lembaga keuargan syariah, (jakarta: zikrul hakim, 208), h. 187. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah186 pengertian gadai yang terungkap dalam pasal 1150 kitab undang-undang hukum dagang (kuhd) adalah suatu hak yang diperoleh seseorang yang mempunyai piutang atas suatu barang bergerak, karena itu makna gadai dalam bahasa hukum perundang-undangan tersebut sebagai barang jaminan, agunan, dan rungguhan.14 gadai emas syariah adalah penggadaian atau penyerahan hak penguasaan secara fisik atas harta/barang berharga (berupa emas) dari nasabah (alrâhin) kepada bank/pegadaian (al-murtahin) untuk dikelola dengan prinsip al-rahn yaitu sebagai jaminan (a1-marhûn bih) atas peminjam (al-marhûn) yang diberikan nasabah/peminjaman tersebut. pembiayaan gadai emas syariah adalah produk pembiayaan di mana lembaga keuangan syariah memberikan fasilitas pinjaman kepada nasabah dengan jaminan berupa emas dengan mengikuti prinsip gadai syariah, emas tersebut ditempatkan dalam penguasaan dan pemeliharaan pegadaian syariah dan atas pemeliharaan tersebut pegadaian syariah mengenakan biaya sewa atas dasar prinsip ijârah. landasan hukum dari gadai syariah yaitu alquran surah al-baqarah [2] ayat 283 dan hadis berikut ini:                                                                                 jika kamu dalam perjalanan (dan bermuamalah tidak secara tunai) sedang kamu tidak memperoleh seorang penulis, maka hendaklah ada barang tanggungan yang dipegang (oleh yang berpiutang). akan tetapi, jika sebagian kamu mempercayai sebagian yang lain, maka hendaklah yang dipercayai itu menunaikan amanatnya (utangnya) dan hendaklah ia bertakwa kepada allah tuhannya. dan janganlah kamu (para saksi) menyembunyikan persaksian. dan barangsiapa yang menyembunyikannya, maka sesungguhnya ia adalah orang yang berdosa hatinya. dan allah maha mengetahui apa yang kamu kerjakan. 14 zainuddin ali, hukum gadai syariah, (jakarta: sinar grafika, 2008), h. 2. al-iqtishad: vol. iv, no. 2, januari 2012 187 pengertian gadai yang terungkap dalam pasal 1150 kitab undang-undang hukum dagang (kuhd) adalah suatu hak yang diperoleh seseorang yang mempunyai piutang atas suatu barang bergerak, karena itu makna gadai dalam bahasa hukum perundang-undangan tersebut sebagai barang jaminan, agunan, dan rungguhan.14 gadai emas syariah adalah penggadaian atau penyerahan hak penguasaan secara fisik atas harta/barang berharga (berupa emas) dari nasabah (alrâhin) kepada bank/pegadaian (al-murtahin) untuk dikelola dengan prinsip al-rahn yaitu sebagai jaminan (a1-marhûn bih) atas peminjam (al-marhûn) yang diberikan nasabah/peminjaman tersebut. pembiayaan gadai emas syariah adalah produk pembiayaan di mana lembaga keuangan syariah memberikan fasilitas pinjaman kepada nasabah dengan jaminan berupa emas dengan mengikuti prinsip gadai syariah, emas tersebut ditempatkan dalam penguasaan dan pemeliharaan pegadaian syariah dan atas pemeliharaan tersebut pegadaian syariah mengenakan biaya sewa atas dasar prinsip ijârah. landasan hukum dari gadai syariah yaitu alquran surah al-baqarah [2] ayat 283 dan hadis berikut ini:                                                                                 jika kamu dalam perjalanan (dan bermuamalah tidak secara tunai) sedang kamu tidak memperoleh seorang penulis, maka hendaklah ada barang tanggungan yang dipegang (oleh yang berpiutang). akan tetapi, jika sebagian kamu mempercayai sebagian yang lain, maka hendaklah yang dipercayai itu menunaikan amanatnya (utangnya) dan hendaklah ia bertakwa kepada allah tuhannya. dan janganlah kamu (para saksi) menyembunyikan persaksian. dan barangsiapa yang menyembunyikannya, maka sesungguhnya ia adalah orang yang berdosa hatinya. dan allah maha mengetahui apa yang kamu kerjakan. 14 zainuddin ali, hukum gadai syariah, (jakarta: sinar grafika, 2008), h. 2. hadis dari anas ibn mâlik r.a. yang diriwayayatkan oleh ibn mâjah yang berbunyi, ‚telah meriwayatkan kepada kami nash ibn ‘alî ai-jahdhami, ayahku telah meriwayatkan kepadaku, meriwayatkan kepada kami hi syâm ibn qatâdah dari anas berkata, ‚sungguh rasulullah saw. menggadaikan baju besinya kepada seorang yahudi di madinah dan menukarkannya dengan gandum untuk keluarganya.‛15 (h.r. ibn mâjah) hadis abû hurayrah yang diriwayatkan oleh imam al-bukhârî, yang artinya: telah diriwayatkan kepada kami muhammad ibn mutaqil, mengabarkan kepada ‘abd allâh ibn mubarah mengabarkan kepada kami zakariyyâ dari sya'bî dari abî hurayrah, dari muhammad saw. bahwasanya beliau ber-sabda. ‚kendaraan dapat digunakan dan hewan ternak dapat pula diam-bil m a n f a a t n v a apabila digadaikan. pegadai wajib memberikan nafkah dan penerima gadai boleh mendapatkan manfaatnya.‛16 (h.r. albukhârî) jumhur ulama menyepakati kebolehan status hukum gadai. hal dimaksud, didasarkan pada kisah muhammad saw., yang menggadaikan baju besinya untuk mendapatkan makanan dari seorang yahudi. para ulama juga mengambil indikasi dari contoh nabi muhammad saw. tersebut, ketika beliau beralih dari yang biasanya, transaksi kepada para sahabat yang kaya kepada seorang yahudi, bahwa hal itu dipilih sebagai sikap nabi muhammad saw., yang tidak mau memberatkan para sahabat ya ng biasanya enggan mengambil ganti ataupun harga yang diberikan oleh nabi muhammad saw. kepada mereka. fatwa dewan syariah nasional memperkukuh status hukum gadai syariah dengan beberapa fatwanya antara lain: (1) fatwa dewan syariah nasional no. 25/dsn-mui/iii/2002 mengenai rahn; (2) fatwa dsn no. 26/dsn-mui/ iiii2002 tentang rahn emas; (3) fatwa dewan syariah nasional-mui no. 09/ dsn-muuiv/2000 tentang ijârah; (4) fatwa dewan syariah nasional-mui no. 1o/dsn-mui/iv/2000 tentang wakâlah; (5) fatwa dewan syariah nasionalmui no: 43/dsn-mui/iv/2000 tentang ganti rugi.17 15 nasrun haroen, fiqh muamalah, (jakart: gmp, 2000), h. 253 . 16 nasrun haroen, fiqh muamalah, h. 256. 17 zainuddin ali, hukum gadai syariah, (jakarta: sinar grafika, 2008), h. 8. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah188 sebelum dilakukan gadai (rahn), terlebih dahulu dilakukan akad. akad ini menurut musthafâ ahmad al-zarqâ18 adalah ikatan secara hukum yang dilakukan oleh kedua belah pihak dan beberapa pihak yang berkeinginan untuk mengikatkan diri. kehendak pihak yang diikatkan diri itu sifatnya tersembunyi dalam hati. karena itu, untuk menyatakan bagaimana keinginan masing-masing diungkapkan dalam suatu akad. ulama fikih berbeda pendapat dalam menctapkan rukun rahn. menurut jumhur ulama, rukun rahn itu ada 4 (empat), yaitu: (a) shighat (lafadz): ijab dan qabul, (b) orang yang berakad (râhin dan murtahin): (c) harta yang dijadikan (narhûn); dan (d) utang (marhûm bih). ulama hanafiyyah berpendapat, rukun rahn itu hanya ijâb (pernyataan menyerahkan dengan sebagai jaminan pemilik barang) dan qabûl (pernyataan kesediaan memberi utang menerima barang jaminan itu). menurut mereka, agar lebih sempurna dan mengikat akad rahn, maka diperlukan qabdh (penerimaan barang) oleh penerima gadai (murtahin). adapun râhin, murtahin, nurhûn, dan marhûn bih itu bukan termasuk syarat al-rahn, hanya sebagai pendukung akad saja.19 sedangkan syarat rahn, ulama fikih mengemukakannya sesuai dengan rukun rahn itu sendiri, yaitu:20 pertama, syarat yang terikat dengan orang yang berkat, adalah cakap bertindak hukum (balig dan berakal). ulama hanafiyyah hanya mensyaratkan cukup berakal saja. karenanya, anak kecil yang mumayyiz (dapat membedakan antara yang baik dan buruk) boleh melakukan akad rahn, dengan syarat mendapatkan persetujuan dari walinya. kedua, syarat sighah (lafadz). ulama hanafiyah mengatakan dalam satu akad itu tidak boleh dikaitkan dengan syarat tertentu atau dengan masa yang akan datang, karena akad rahn itu sama dengan akad jual-beli. ketiga, syarat marhûn bih adalah: (a) merupakan hak yang wajib dikembalikan kepada murtahin; (b) marhûn bih itu boleh dilunasi dengan marhûn tersebut; (c) marhûn bih itu jelas atau tetap dan tertentu. keempat, syarat marhûn, menurut pakar fikih adalah: (a) marhûn itu boleh dijual dan nilainya seimbang dengan marhûn bih; (b) marhûn itu bernilai harta dan boleh dimanfaatkan (halal); (c) marhûn itu jelas dan tertentu; (d) marhûn itu milik sah râhin; (e) marhûn itu tidak terikat dengan 18 m. ali hasan, berbagai macam transaksi dakrm islam, (jakarta: pt. rajagrafindo persada, 2003), h. 102-103. 19 nasrun haroen, fiqh muamalah, hal 254. 20 nasrun haroen, fiqh muamalah, hal 254-257. al-iqtishad: vol. iv, no. 2, januari 2012 189 sebelum dilakukan gadai (rahn), terlebih dahulu dilakukan akad. akad ini menurut musthafâ ahmad al-zarqâ18 adalah ikatan secara hukum yang dilakukan oleh kedua belah pihak dan beberapa pihak yang berkeinginan untuk mengikatkan diri. kehendak pihak yang diikatkan diri itu sifatnya tersembunyi dalam hati. karena itu, untuk menyatakan bagaimana keinginan masing-masing diungkapkan dalam suatu akad. ulama fikih berbeda pendapat dalam menctapkan rukun rahn. menurut jumhur ulama, rukun rahn itu ada 4 (empat), yaitu: (a) shighat (lafadz): ijab dan qabul, (b) orang yang berakad (râhin dan murtahin): (c) harta yang dijadikan (narhûn); dan (d) utang (marhûm bih). ulama hanafiyyah berpendapat, rukun rahn itu hanya ijâb (pernyataan menyerahkan dengan sebagai jaminan pemilik barang) dan qabûl (pernyataan kesediaan memberi utang menerima barang jaminan itu). menurut mereka, agar lebih sempurna dan mengikat akad rahn, maka diperlukan qabdh (penerimaan barang) oleh penerima gadai (murtahin). adapun râhin, murtahin, nurhûn, dan marhûn bih itu bukan termasuk syarat al-rahn, hanya sebagai pendukung akad saja.19 sedangkan syarat rahn, ulama fikih mengemukakannya sesuai dengan rukun rahn itu sendiri, yaitu:20 pertama, syarat yang terikat dengan orang yang berkat, adalah cakap bertindak hukum (balig dan berakal). ulama hanafiyyah hanya mensyaratkan cukup berakal saja. karenanya, anak kecil yang mumayyiz (dapat membedakan antara yang baik dan buruk) boleh melakukan akad rahn, dengan syarat mendapatkan persetujuan dari walinya. kedua, syarat sighah (lafadz). ulama hanafiyah mengatakan dalam satu akad itu tidak boleh dikaitkan dengan syarat tertentu atau dengan masa yang akan datang, karena akad rahn itu sama dengan akad jual-beli. ketiga, syarat marhûn bih adalah: (a) merupakan hak yang wajib dikembalikan kepada murtahin; (b) marhûn bih itu boleh dilunasi dengan marhûn tersebut; (c) marhûn bih itu jelas atau tetap dan tertentu. keempat, syarat marhûn, menurut pakar fikih adalah: (a) marhûn itu boleh dijual dan nilainya seimbang dengan marhûn bih; (b) marhûn itu bernilai harta dan boleh dimanfaatkan (halal); (c) marhûn itu jelas dan tertentu; (d) marhûn itu milik sah râhin; (e) marhûn itu tidak terikat dengan 18 m. ali hasan, berbagai macam transaksi dakrm islam, (jakarta: pt. rajagrafindo persada, 2003), h. 102-103. 19 nasrun haroen, fiqh muamalah, hal 254. 20 nasrun haroen, fiqh muamalah, hal 254-257. hak orang lain; (f) marhûn itu merupakan harta yang utuh, tidak bertebaran dalam beberapa tempat; dan (g) marhûn itu boleh diserahkan, baik materinya maupun manfaatnya. dewan syariah nasional mengeluarkan fatwa tersendiri mengenai rahn emas ini, yaitu dalam fatwa dewan syari'ah nasional no. 26/dsn mui/iii/2002. secara prinsip, ketentuan rahn emas juga berlaku ketentuan rahn yang diatur dalam fatwa dsn no. 25/dsn-mui/ii/2002. namun, ada ketentuan khusus mengenai rahn ini, sebagai berikut:21 (1) ongkos dan biaya penyimpanan barang (marhûn) ditanggung oleh penggadai (rahn). (2) ongkos tersebut besarnya didasarkan pada pengeluaran yang nyata nyata diperlukan. (3) biaya penyimpanan barang (marhûn) dilakukan berdasarkan akad ijarah. dalam alquran surah al-baqarah ayat 283 dijelaskan bahwa gadai pada mulanya merupakan salah satu bentuk dari konsep utang-piutang, di mana sikap tolong-menolong dan sikap amanah saling ditonjolkan. begitu juga dalam hadis rasulullah yang diriwayatkan abû hurayrah, di sana tampak sikap saling menolong antara rasulullah dengan seorang yahudi saat rasulullah menggadaikan baju besinya kepada orang tersebut. oleh sebab itu, hakikat dan fungsi dari gadai dalam islam adalah semata-mata untuk memberikan pertolongan kepada orang yang membutuhkan dengan bentuk marhûn sebagai jaminan, dan bukan untuk kepentingan komersial dengan mengambil keuntungan yang sebesar-besamya tanpa menghiraukan kemampuan orang lain.22bahkan, pada praktiknya rahn tersebut berfungsi bukan untuk sekedar tolong menolong, melainkan berfungsi sebagai jaminan atau utang piutang (qard). produk rahn disediakan untuk membantu nasabah dalam pembiayaan kegiatan multiguna. rahn sebagai produk pinjaman, berarti pegadaian syariah hanya memperoleh imbalan atas biaya administrasi, penyimpanan, pemeliharaan, dan asuransi marhûn, maka rahn ini biasanya digunakan bagi keperluan fungsi sosial-konsumtif, seperti kebutuhan hidup, pendidikan, dan kesehatan.23 sedangkan rahn sebagai produk pembiayaan, berarti pegadaian syariah mengeluarkan dana kepada nasabah. 21 brosur gadai emas pada bank bri syariah. 22 sasli rais, pegadaian syariah (konsep dan sistem operasional), (jakarta: ui-press, 2006). 23 yadi janwari dan ha djazuli, lembaga-lembaga perekonomian umat, (jakarta: pt. rajagrafindo persada, 2002), h. 82. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah190 sifat usaha pegadaian pada prinsipnya menyediakan pelayanan bagi kemanfaatan masyarakat umum dan sekaligus menumpuk keuntungan berdasarkan prinsip pengelolaan yang baik oleh karena itu, adanya pegadaian bertujuan sebagai berikut:24 (1) turut melaksanakan dan menunjang pelaksanaan kebijaksanaan dan program pemerintah di bidang ekonomi dan pembangunan nasional pada umumnya melalui penyaluran uang pembiayaan atau pinjaman atas dasar hukum gadai. (2) pencegahan praktik ijon, pegadaian gelap, dan pinjaman tidak wajar lainnya. (3) pemanfaatan gadai bebas bunga pada gadai syariah memiliki efek jaring pengaman sosial karena masyarakat yang membutuhkan dana mendesak tidak lagi dijerat pinjaman atau pembiayaan berbasis bunga. (4) membantu orang-orang yang membutuhkan pinjaman dengan syarat mudah dan proses cepat. adapun manfaat gadai itu sendiri antara lain: 25 pertama, bagi nasabah, yakni tersedianya dana dengan prosedur yang relatif lebih s ederhana dan dalam waktu yang lebih cepat dibandingkan dengan pembiayaan atau kredit perbankan, di samping itu nasabah juga mendapat manfaat penak siran nilai suatu barang bergerak secara professional serta mendapatkan fasilitas penitipan barang bergerak yang aman dan dapat dipercaya. kedua, bagi perusahaan pegadaian, yakni penghasilan yang bersumber dari sewa modal yang dibayarkan oleh peminjam dana, penghasilan yang bersumber dari ongkos yang dibayarkan oleh nasabah memperoleh jasa tertentu. bagi bank syariah yang mengeluarkan produk gadai syariah akan mendapat keuntungan dari pembebanan biaya administrasi dan biaya sewa tempat penyimpanan emas. investasi berkebun emas dengan instrumen gadai emas investasi berkebun emas adalah sebuah trend baru cara investasi emas yang sedang marak digeluti oleh para investor emas. metode kebun emas ini pertama kali dikenalkan oleh rully kustandar, seorang investor emas. dia adalah mantan manajer teknologi informasi pada salah satu perusahaan. dia menyebut jurusnya sebagai "berkebun emas". nama yang cukup unik dan membuat orang yang mendengarnya tertarik untuk mengetahuinya lebih lanjut. metode yang ia temukan pada tahun 2007 lalu itu melibatkan perbankan. syariah dan pegadaian. metode rully cukup sederhana. setelah 24 andri sumitra, bank dan lembaga keuangan syariah, (jakarta: kencana prenada media, 2010), h. 394. 25 andri sumitra, bank dan lembaga keuangan syariah, h. 395. al-iqtishad: vol. iv, no. 2, januari 2012 191 sifat usaha pegadaian pada prinsipnya menyediakan pelayanan bagi kemanfaatan masyarakat umum dan sekaligus menumpuk keuntungan berdasarkan prinsip pengelolaan yang baik oleh karena itu, adanya pegadaian bertujuan sebagai berikut:24 (1) turut melaksanakan dan menunjang pelaksanaan kebijaksanaan dan program pemerintah di bidang ekonomi dan pembangunan nasional pada umumnya melalui penyaluran uang pembiayaan atau pinjaman atas dasar hukum gadai. (2) pencegahan praktik ijon, pegadaian gelap, dan pinjaman tidak wajar lainnya. (3) pemanfaatan gadai bebas bunga pada gadai syariah memiliki efek jaring pengaman sosial karena masyarakat yang membutuhkan dana mendesak tidak lagi dijerat pinjaman atau pembiayaan berbasis bunga. (4) membantu orang-orang yang membutuhkan pinjaman dengan syarat mudah dan proses cepat. adapun manfaat gadai itu sendiri antara lain: 25 pertama, bagi nasabah, yakni tersedianya dana dengan prosedur yang relatif lebih s ederhana dan dalam waktu yang lebih cepat dibandingkan dengan pembiayaan atau kredit perbankan, di samping itu nasabah juga mendapat manfaat penak siran nilai suatu barang bergerak secara professional serta mendapatkan fasilitas penitipan barang bergerak yang aman dan dapat dipercaya. kedua, bagi perusahaan pegadaian, yakni penghasilan yang bersumber dari sewa modal yang dibayarkan oleh peminjam dana, penghasilan yang bersumber dari ongkos yang dibayarkan oleh nasabah memperoleh jasa tertentu. bagi bank syariah yang mengeluarkan produk gadai syariah akan mendapat keuntungan dari pembebanan biaya administrasi dan biaya sewa tempat penyimpanan emas. investasi berkebun emas dengan instrumen gadai emas investasi berkebun emas adalah sebuah trend baru cara investasi emas yang sedang marak digeluti oleh para investor emas. metode kebun emas ini pertama kali dikenalkan oleh rully kustandar, seorang investor emas. dia adalah mantan manajer teknologi informasi pada salah satu perusahaan. dia menyebut jurusnya sebagai "berkebun emas". nama yang cukup unik dan membuat orang yang mendengarnya tertarik untuk mengetahuinya lebih lanjut. metode yang ia temukan pada tahun 2007 lalu itu melibatkan perbankan. syariah dan pegadaian. metode rully cukup sederhana. setelah 24 andri sumitra, bank dan lembaga keuangan syariah, (jakarta: kencana prenada media, 2010), h. 394. 25 andri sumitra, bank dan lembaga keuangan syariah, h. 395. membeli batang emas yang pertama investor harus menggadaikan emas itu ke bank syariah atau pegadaian. di bank syariah metode kebun emas ini menggunakan produk gadai syariah, yang merupakan instrumen utama dari investasi ini. investasi berkebun emas merupakan modifikasi dari sistem gadai di bank syariah maupun pegadaian. salah satu cara yang dapat dilakukan adalah membeli emas yang lebih kecil dari yang mampu kita beli, kemudian langsung kita gadaikan. dana segar hasil transaksi gadai tersebut kita belikan emas batangan yang lain, kemudian digadaikan lagi. demikian seterusnya hingga batas kemampuan keuangan kita. pada saat dana habis. emas ter akhir yang kita pegang tangan tidak kita gadaikan, tetapi kita simpan sampai harganya naik selangit.26 rully merumuskan investasi berkebun emas ini dengan formula sebagai berikut: langkah pertama. investor harus membeli emas untuk investasi awal. saran rully, emas untuk investasi ini adalah emas batangan murni produksi unit logam mulia pt aneka tambang yang memiliki sertifikat. langkah kedua, setelah memiliki sebatang emas investor harus menggadaikannya ke bank syariah atau pegadaian. silahkan pilih mana yang menawarkan biaya penitipan paling murah dan memberikan nilai pembiayaan paling tinggi. langkah ketiga, investor akan menerima dana hasil gadai kurang lebih 60%-80% nilai emas yang digadaikan. ini menjadi modal baru investor untuk membeli emas lagi. tentu, investor harus mengeluarkan tambahan uang agar bisa membeli emas seberat emas yang pertama. emas kedua nanti juga harus digadaikan untuk mendapatkan modal baru lagi. begitu seterusnya, sampai investor merasa cukup. emas yang terakhir jangan digadaikan karena akan menjadi modal menebus emas-emas yang lain saat harganya naik.27 sebagai contoh, suatu waktu, harga emas adalah rp 350.000 per gram dan nilai taksir bank tersebut adalah 93 % dari harga pasar. kita anggap bahwa kita akan melakukan sistem kebun emas ini sebanyak 50 gram. berikut ini cata yang harus dilakukan:28 (1) beli emas batangan 10 gram di pasar / pt 26 joko salim, jangan investasi emas sebelum baca buku ini, (jakarta: visimedia, 2010), h. 24. 27 ‚menyemai bibit emas, mengalahkan inflasi‛. kontan, edisi 14-20 desember 2009. h. 16. 28 joko salim, jangan investasi emas sebelum baca buku ini!. (jakarta: visimedia, 2010). h. 27. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah192 aneka tambang; (2) gadaikan emas yang kita miliki tersebut; (3) belilah emas batangan 10 gram di pasar/ pt aneka tambang dengan dana pinjaman ditambah dana segar baru dari kantong kita; (4) gadaikan emas yang telah kita beli tersebut. jadi, jumlah emas yang telah kita gadaikan adalah 20 gram; (5) belilah 10 gram emas batangan baru lagi dari dana pinjaman ditambah dana segar baru lagi dari kantong kita; (6) gadaikan emas yang baru saja kita beli tersebut sehingga emas yang kita gadaikan menjadi 30 gram. (7) belilah 10 gram emas batangan baru lagi dari dana pinjaman ditambah dana segar baru lagi dari kantong kita; (8) gadaikan emas yang baru saja kita beli tersebut sehingga emas yang kita gadaikan menjadi 40 gram; (9) belilah emas baru lagi dari dana pinjaman yang telah ditambah dana segar baru; (10) simpan emas batangan yang baru saja kita beli (jangan digadaikan lagi) dan tunggulah hingga harga emas naik. analisis investasi emas dengan model “berkebun emas” dalam uu perbankan syariah semua pelaksanaan kegiatan operasional dari perbankan syariah harus berasaskan pada prinsip syariah, demokrasi ekonomi, dan prinsip kehati-hatian. dalam pasal 1 angka 12 uu perbankan syariah, prinsip syariah didefinisikan sebagai prinsip hukum islam dalam kegiatan perbankan berdasarkan fatwa yang dikeluarkan oleh lembaga yang memiliki kewenangan dalam penetapan fatwa di bidang syariah. lebih lanjut dalam penjelasan pasal 2 uu perbankan syariah disebutkan bahwa kegiatan usaha yang berasaskan prinsip syariah, antara lain, adalah kegiatan usaha yang tidak mengandung unsur riba, maysir, gharâr, haram, dan zalim. ketentuan mengenai prinsip-prinsip syariah dalam perbankan syariah juga diatur dalam peraturan bank indonesia nomor: 9/19/pbi/2007 tentang pelaksanaan prinsip syariah dalam kegiatan penghimpunan dana dan penyaluran dana serta pelayanan jasa bank, yang telah diubah dengan peraturan bank indonesia, nomor: 10/16/pbi/2008, selanjutnya disebut pbi pelaksanaan prinsip syariah.29 pelaksanaan prinsip syariah dalam setiap kegiatan usaha perbankan syariah ini merupakan kewajiban sebagaimana ditegaskan dalam pasal 24 ayat (1) huruf a uu perbankan syariah yang menyatakan bahwa bank umum 29muhammad djumhana, hukum perbankan di indonesia, (bandung: pt. citra ab, 2008), h. 352. al-iqtishad: vol. iv, no. 2, januari 2012 193 aneka tambang; (2) gadaikan emas yang kita miliki tersebut; (3) belilah emas batangan 10 gram di pasar/ pt aneka tambang dengan dana pinjaman ditambah dana segar baru dari kantong kita; (4) gadaikan emas yang telah kita beli tersebut. jadi, jumlah emas yang telah kita gadaikan adalah 20 gram; (5) belilah 10 gram emas batangan baru lagi dari dana pinjaman ditambah dana segar baru lagi dari kantong kita; (6) gadaikan emas yang baru saja kita beli tersebut sehingga emas yang kita gadaikan menjadi 30 gram. (7) belilah 10 gram emas batangan baru lagi dari dana pinjaman ditambah dana segar baru lagi dari kantong kita; (8) gadaikan emas yang baru saja kita beli tersebut sehingga emas yang kita gadaikan menjadi 40 gram; (9) belilah emas baru lagi dari dana pinjaman yang telah ditambah dana segar baru; (10) simpan emas batangan yang baru saja kita beli (jangan digadaikan lagi) dan tunggulah hingga harga emas naik. analisis investasi emas dengan model “berkebun emas” dalam uu perbankan syariah semua pelaksanaan kegiatan operasional dari perbankan syariah harus berasaskan pada prinsip syariah, demokrasi ekonomi, dan prinsip kehati-hatian. dalam pasal 1 angka 12 uu perbankan syariah, prinsip syariah didefinisikan sebagai prinsip hukum islam dalam kegiatan perbankan berdasarkan fatwa yang dikeluarkan oleh lembaga yang memiliki kewenangan dalam penetapan fatwa di bidang syariah. lebih lanjut dalam penjelasan pasal 2 uu perbankan syariah disebutkan bahwa kegiatan usaha yang berasaskan prinsip syariah, antara lain, adalah kegiatan usaha yang tidak mengandung unsur riba, maysir, gharâr, haram, dan zalim. ketentuan mengenai prinsip-prinsip syariah dalam perbankan syariah juga diatur dalam peraturan bank indonesia nomor: 9/19/pbi/2007 tentang pelaksanaan prinsip syariah dalam kegiatan penghimpunan dana dan penyaluran dana serta pelayanan jasa bank, yang telah diubah dengan peraturan bank indonesia, nomor: 10/16/pbi/2008, selanjutnya disebut pbi pelaksanaan prinsip syariah.29 pelaksanaan prinsip syariah dalam setiap kegiatan usaha perbankan syariah ini merupakan kewajiban sebagaimana ditegaskan dalam pasal 24 ayat (1) huruf a uu perbankan syariah yang menyatakan bahwa bank umum 29muhammad djumhana, hukum perbankan di indonesia, (bandung: pt. citra ab, 2008), h. 352. syariah dilarang melakukan kegiatan usaha yang bertentangan dengan prinsip syariah. bahkan dalam uu perbankan syariah diatur pengenaan sanksi atas pelanggaran dalam pelaksanaan prinsip syariah di kegiatan usaha perbankan syariah. investasi berkebun emas adalah sebuah model dan tren baru cara investasi emas yang sedang marak digeluti oleh para investor emas. bahkan beberapa toko emas pun melakukan investasi kebun emas ini di bank-bank syariah. investasi berkebun emas merupakan modifikasi dari sistem gadai di bank syariah maupun pegadaian. berkebun emas adalah teknik berinvestasi emas dengan modal awal yang minimal namun dapat memperoleh emas dalam jumlah yang banyak dengan cara memanfaatkan dana pinjaman dari produk rahn di bank syariah atau pegadaian. produk gadai syariah merupakan instrumen utama dari investasi ini. dari penjelasan tersebut, maka dapat dikatakan bahwa terdapat perubahan produk gadai (rahn) menjadi produk investasi. penggunaan produk layanan gadai emas syariah untuk kepentingan investasi/komersial dan bisnis/ treading (tijârah), melanggar dari prinsip dasar dari gadai emas syariah yang tujuan utamanya bersifat sosial (tabarru’), bukan untuk mencari keuntungan. karena hakekat produk gadai emas pada lembaga keuangan syariah adalah untuk membantu orang yang kesulitan keuangan jangka pendek, lalu mereka mendapatkan pinjaman (al-qardh) dengan jaminan gadai emas (rahn emas) dengan kewajiban untuk membanyar biaya penitipan dengan skim ijârah. skim akad ini diatur dalam fatwa dsn no. 26 tentang rahn emas dan qardh.30 dalam fatwa dsn no. 26 gadai emas menggabungkan tiga bentuk transaksi, yaitu transaksi qard, al-rahn, dan ijârah. pinjaman jangka pendek yang diberikan kepada nasabah menggunakan skim qard (pinjaman tanpa bunga), di mana emas sebagai jaminan atas pinjaman tersebut menggunakan skim rahn. sementara itu ongkos dan biaya penyimpanan barang (emas) yang dikenakan kepada nasabah didasarkan pada akad ijârah. apabila dicermati maka transaksi berkebun emas ini hakekatnya adalah penggadai minjam uang di bank syariah, dengan membanyar biaya penyimpanan emas yang digadaikan, lalu mengharapkan kenaikan harga emas di pasar melebihi biaya-biaya bank. apabila demikian maka investasi ini tidak memberikan dampak positif bagi ekonomi secara keseluruhan, 30 himpunan fatwa dewan syariah nasional (dsn) untuk lembaga keuangan syariah, (jakarta: dsn_mui-bi, 2001), h. 78. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah194 karena akan mendorong permintaan emas yang digunakan untuk kegiatan spekulasi (untung-untungan/ perjudian), padahal ekonomi syariah melarang maghrib (maysir, gharar, dan riba). karena itu berinvestasi dengan model berkebun emas jelas bukan bagian produk perbankan syariah. teknik investasi emas dengan cara ‚berkebun emas‛ memerlukan kajian yang lebih mendalam mengenai kesesuaiannya dengan prinsip-prinsip ekonomi syariah. terdapat beberapa prinsip dasar transakasi menurut syariah dalam investasi keuangan yang ditawarkan ponjowinoto (2003) sebagai berikut:31 pertama, transaksi dilakukan atas harta yang memberikan nilai manfaat dan menghindari setiap transaksi yang zalim. setiap transaksi yang memberikan manfaat akan dilakukan bagi hasil. kedua, uang sebagai alat pertukaran bukan komoditas perdagangan di mana fungsinya adalah sebagai alat pertukaran nilai yang menggambarkan daya beli suatu barang atau harta. sedangkan manfaat atau keuntungan yang ditimbulkannya berdasarkan atas pemakaian barang atau harta yang dibeli dengan uang tersebut. ketiga, setiap transaksi harus transparan, tidak menimbulkan kerugian atau unsur penipuan di salah satu pihak baik secara sengaja maupun tidak sengaja. keempat, risiko yang mungkin timbul harus dikelola sehingga tidak menimbulkan risiko yang besar atau melebihi kemampuan menanggung risiko. kelima, dalam islam setiap transaksi yang mengharapkan hasil harus bersedia menanggung risiko. kelima, manajemen yang diterapkan adalah manajemen islami yang tidak mengandung spekulatif dan menghormati hak asasi manusia serta menjaga lestari lingkungan hidup. selain itu terdapat rambu-rambu yang harus dicermati dalam investasi berkebun emas antara lain: pertama, terbebas dari unsur riba. riba merupakan kelebihan yang tidak ada padanan pengganti yang tidak dibenarkan syariah yang diisyaratkan oleh satu dari dua orang yang berakad. adapun jenis barang ribawi ada enam. barang-barang tersebut adalah emas. perak, garam, tepung, gandum. dan kurma. dari pemyataan di atas, emas termasuk dalam barang ribawi. dalam kaitannya dengan ekonomi sy.ariah, implikasi ketentuan tukar-menukar antar barang-barang ribawi dapat diuraikan sebagai berikut: (1) jual beli antara barang-barang ribawi sejenis hendaklah dalam jumlah dan kadar yang sama. barang tersebut pun harus diserahkan saat transaksi jual beli. (2) jual 31 iwan p pontjowinoto, prinsip-prinsip syariah di pasar modal, (jakarta: modal publication, 2003), h. 73. al-iqtishad: vol. iv, no. 2, januari 2012 195 karena akan mendorong permintaan emas yang digunakan untuk kegiatan spekulasi (untung-untungan/ perjudian), padahal ekonomi syariah melarang maghrib (maysir, gharar, dan riba). karena itu berinvestasi dengan model berkebun emas jelas bukan bagian produk perbankan syariah. teknik investasi emas dengan cara ‚berkebun emas‛ memerlukan kajian yang lebih mendalam mengenai kesesuaiannya dengan prinsip-prinsip ekonomi syariah. terdapat beberapa prinsip dasar transakasi menurut syariah dalam investasi keuangan yang ditawarkan ponjowinoto (2003) sebagai berikut:31 pertama, transaksi dilakukan atas harta yang memberikan nilai manfaat dan menghindari setiap transaksi yang zalim. setiap transaksi yang memberikan manfaat akan dilakukan bagi hasil. kedua, uang sebagai alat pertukaran bukan komoditas perdagangan di mana fungsinya adalah sebagai alat pertukaran nilai yang menggambarkan daya beli suatu barang atau harta. sedangkan manfaat atau keuntungan yang ditimbulkannya berdasarkan atas pemakaian barang atau harta yang dibeli dengan uang tersebut. ketiga, setiap transaksi harus transparan, tidak menimbulkan kerugian atau unsur penipuan di salah satu pihak baik secara sengaja maupun tidak sengaja. keempat, risiko yang mungkin timbul harus dikelola sehingga tidak menimbulkan risiko yang besar atau melebihi kemampuan menanggung risiko. kelima, dalam islam setiap transaksi yang mengharapkan hasil harus bersedia menanggung risiko. kelima, manajemen yang diterapkan adalah manajemen islami yang tidak mengandung spekulatif dan menghormati hak asasi manusia serta menjaga lestari lingkungan hidup. selain itu terdapat rambu-rambu yang harus dicermati dalam investasi berkebun emas antara lain: pertama, terbebas dari unsur riba. riba merupakan kelebihan yang tidak ada padanan pengganti yang tidak dibenarkan syariah yang diisyaratkan oleh satu dari dua orang yang berakad. adapun jenis barang ribawi ada enam. barang-barang tersebut adalah emas. perak, garam, tepung, gandum. dan kurma. dari pemyataan di atas, emas termasuk dalam barang ribawi. dalam kaitannya dengan ekonomi sy.ariah, implikasi ketentuan tukar-menukar antar barang-barang ribawi dapat diuraikan sebagai berikut: (1) jual beli antara barang-barang ribawi sejenis hendaklah dalam jumlah dan kadar yang sama. barang tersebut pun harus diserahkan saat transaksi jual beli. (2) jual 31 iwan p pontjowinoto, prinsip-prinsip syariah di pasar modal, (jakarta: modal publication, 2003), h. 73. beli antara barang-barang ribawi yang berlainan jenis diperbolehkan dengan jumlah dan kadar yang berbeda dengan syarat barang diserahkan pada saat akad jual beli. (3) jual beli barang ribawi dengan barang bukan ribawi tidak disyariatkan untuk sama dalam jumlah maupun untuk diserahkan pada saat akad. (4) jual beli antara barang-barang yang bukan ribawi diperbolehkan tanpa persamaan dan diserahkan pada waktu akad.32 di indonesia sampai saat ini masih menggunakan uang kertas dan logam sebagai mata uang. apabila emas dijadikan mata uang dalam bentuk uang dinar dan dirham, sehingga menjadi sebuah kebutuhan pokok, maka komoditas emas akan semakin dibutuhkan oleh banyak orang dan peme rintah. para investor yang melakukan investasi kebun emas, secara tidak langsung mereka menyimpan emas di bank, dan bank banyak meyimpan emas-emas dari para investor. apabila investor memang beniat investasi, bukan untuk melakukan penimbunan maka investasi ini masih sesuai dengan prinsip syariah. kedua, terhidar dari unsur haram. terhindar dari unsur haram baik dari zatnya maupun disebabkan adanya unsur: tadlîs, taghrîr/gharar, riba dan terjadinya: ikhtikâr dan bay’ najash. secara zatnya jelas bahwa emas bukanlah barang yang diharamkan oleh hukum islam. dari unsurnya sampai saat ini pun investasi kebun emas masih tidak termasuk ke dalam kategori haram, karena jelas, tidak mengandung penipuan, selama para pihak yang melakukan investasi ini saling mempunyai dan memberikan informasi yang cukup. para investor yang melakukan investasi ini diharapkan agar benar-benar mempunyai niat untuk melakukan investasi, yakni jangka panjang bukan untuk spekulasi atupun melakukan penimbunan yang dapat mengganggu mekanisme pasar dan peredaran jumlah emas di masyarakat. ketiga, terhindar dari unsur gharar. gharar dalam ilmu fiqh muamalah berarti melakukan sesuatu secara membabi buta tanpa pengetahuan yang mencukupi, atau mengambil risiko tanpa mengetahui dengan persis apa akibatnya, atau memasuki kancah risiko tanpa memikirkan konsekuensinya. dalam lnvestasi berkebun emas, tidak termasuk gharar sepanjang investor memiliki pengetahuan yang cukup baik sebelum meiakukan investasi ini, seperti (1) fluktuasi harga emas; (2) biaya-biaya pada produk gadai di bank 32 muhammad syafi’i antonio, bank syariah: dari teori ke praktik (jakarta: gema insani, 2000), h. 42. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah196 syariah yang bersangkutan, seperti biaya administrasi dan biaya sewa tempat; (3) ketentuan dan penetapan tanggal lelang sudah ditentukan pada saat akad. selain itu, pihak bank syariah juga mempunyai kewajiban untuk menginformasikan risiko-risiko di produk gadai dan risiko fluktuasi harga emas sehingga investor tidak hanya memiliki pengetahuan tentang kemungkinan keuntungan yang akan diperoleh tetapi juga memiliki gambaran mengenai kemungkinan kerugian yang akan timbul. dalam transaksi yang mengharapkan hasil harus bersedia menanggung risiko. risiko yang mungkin timbul harus dikelola sehingga tidak menimbulkan risiko yang lebih besar atau melebihi kemampuannya yang dapat menimbulkan kerugian yang sebenarnya dapat dihindari. keempat, terhindar dari unsur judi (masyir). maysir merupakan suatu bentuk objek yang diartikan sebagai tempat untuk memudahkan sesuatu. dikatakan memudahkan sesuatu karena seseorang yang seharusnya menempuh jalan yang susah payah akan tetapi mencari jalan pintas dengan harapan dapat mencapai apa yang dikehendaki, walaupun jalan pintas tersebut bertentangan dengan nilai serta aturan syariah. investasi kebun emas ini bisa termasuk ke dalam kategori maysir, karena ada unsur spekulasi, di mana investor mengetahui bahwa dalam investasi barang berupa emas memerlukan jangka waktu lama minimal 2 tahun atau kenaikan harga sebesar 20-30 %. kelima, terhindar dari unsur syubhat. syubhat adalah sesuatu perkara yang bercampur (antara halal haram) dan akan tetapi tidak diketahui secara pasti apakah is sesuatu yang halal atau haram, dan apakah ia hak ataukah batil. investasi kebun emas adalah sesuatu yang halal. tidak tercampur antara antara halal dan haram. karena emas adalah barang yang dihalalkan dan tidak bertentangan dengan syariah. dari pernyataan-pernyataan yang telah dikemukakan di atas, dapat ditarik kesimpulan bahwa jika perkembangan investasi dengan model berkebun emas ini tidak dapat terkendali, investasi ini memungkinkan untuk dikatakan kurang atau tidak lagi memenuhi kaidah syariah islam antara lain karena: pertama, dalam prinsip-prinsip umum investasi syariah terdapat larangan tidak boleh melakukan hal-hal yang menyebabkan gangguan yang disengaja mekanisme pasar. dalam investasi kebun emas ini, semakin banyak emas yang dijadikan jaminan atau digadaikan di bank syariah, maka semakin banyak emas yang mengendap di bank-bank syariah. hal ini dapat menyebabkan terganggunya kelancaran sistem peredaran emas di masyaal-iqtishad: vol. iv, no. 2, januari 2012 197 syariah yang bersangkutan, seperti biaya administrasi dan biaya sewa tempat; (3) ketentuan dan penetapan tanggal lelang sudah ditentukan pada saat akad. selain itu, pihak bank syariah juga mempunyai kewajiban untuk menginformasikan risiko-risiko di produk gadai dan risiko fluktuasi harga emas sehingga investor tidak hanya memiliki pengetahuan tentang kemungkinan keuntungan yang akan diperoleh tetapi juga memiliki gambaran mengenai kemungkinan kerugian yang akan timbul. dalam transaksi yang mengharapkan hasil harus bersedia menanggung risiko. risiko yang mungkin timbul harus dikelola sehingga tidak menimbulkan risiko yang lebih besar atau melebihi kemampuannya yang dapat menimbulkan kerugian yang sebenarnya dapat dihindari. keempat, terhindar dari unsur judi (masyir). maysir merupakan suatu bentuk objek yang diartikan sebagai tempat untuk memudahkan sesuatu. dikatakan memudahkan sesuatu karena seseorang yang seharusnya menempuh jalan yang susah payah akan tetapi mencari jalan pintas dengan harapan dapat mencapai apa yang dikehendaki, walaupun jalan pintas tersebut bertentangan dengan nilai serta aturan syariah. investasi kebun emas ini bisa termasuk ke dalam kategori maysir, karena ada unsur spekulasi, di mana investor mengetahui bahwa dalam investasi barang berupa emas memerlukan jangka waktu lama minimal 2 tahun atau kenaikan harga sebesar 20-30 %. kelima, terhindar dari unsur syubhat. syubhat adalah sesuatu perkara yang bercampur (antara halal haram) dan akan tetapi tidak diketahui secara pasti apakah is sesuatu yang halal atau haram, dan apakah ia hak ataukah batil. investasi kebun emas adalah sesuatu yang halal. tidak tercampur antara antara halal dan haram. karena emas adalah barang yang dihalalkan dan tidak bertentangan dengan syariah. dari pernyataan-pernyataan yang telah dikemukakan di atas, dapat ditarik kesimpulan bahwa jika perkembangan investasi dengan model berkebun emas ini tidak dapat terkendali, investasi ini memungkinkan untuk dikatakan kurang atau tidak lagi memenuhi kaidah syariah islam antara lain karena: pertama, dalam prinsip-prinsip umum investasi syariah terdapat larangan tidak boleh melakukan hal-hal yang menyebabkan gangguan yang disengaja mekanisme pasar. dalam investasi kebun emas ini, semakin banyak emas yang dijadikan jaminan atau digadaikan di bank syariah, maka semakin banyak emas yang mengendap di bank-bank syariah. hal ini dapat menyebabkan terganggunya kelancaran sistem peredaran emas di masyarakat. keadaan ini dapat menimbulkan berkurangnya pasokan emas dan sedikitnya jumlah emas yang beredar di masyarakat sehingga dapat menimbulkan harga emas menjadi naik dan berakibat masyarakat pun susah untuk mendapatkan emas. kedua, sampai saat ini. indonesia memang belum menggunakan emas sebagai mata uang, namun apabila indonesia ke depannya menggunakan emas sebagai mata uang dinar dan dirham, maka tentu saja investasi ini perlu kajian yang lebih mendalam lagi karena emas akan menjadi sebuah kebutuhan pokok. pemerintah harus dapat mengendalikan laju dari inves tasi kebun emas. emas termasuk sumber daya alam yang tidak dapat diperbaharui. walaupun indonesia memiliki banyak tambang emas, tetap saja harus dilakukan pengendalian dan pengawasan. memang akan berbeda cara, emas yang akan dijadikan koin (mata uang dinar dan dirham) dengan emas yang dijadikan alat untuk investasi (perhiasan, emas lantakan), namun dengan adanya investasi kebun emas ini dapat merangsang masyarakat untuk terjun ke dalam investasi ini karena iming-iming memiliki emas yang lebih banyak dengan modal awal yang minim sehingga bukan tidak mungkin para penambang emas melakukan penggalian emas yang dieksploitasi dari lingkungan tanpa terkendali. hal ini akan bertentangan dengan norma berinvestasi syariah khususnya dalam hal menjaga kelestarian lingkungan hidup. ketiga, bank dan pegadaian syariah turut melakukan usaha syubhat, yaitu terlibat melakukan transaksi yang mendorong untuk melakukan spekulasi karena orang yang menggadaikan emasnya bukan lagi orang yang kesulitan keuangan, tetapi sudah melakukan perdagangan (trading) yaitu bertindak sebagai pedagang emas dengan berspekulasi mengharapkan kenaikan harga secara jangka pendek. keempat, menurunkan image bank syariah yang konsen kepada sektor riel, menjadi bank yang mendorkong spekulasi dan ini membahayakan bank syariah dalam jangka panjang. hal penting yang perlu ditegaskan di sini adalah transaksi gadai emas syariah yang ditawarkan oleh perbankan syariah itu tidak melanggar prinsip syariah selama sesuai dengan ketentuan fatwa dsn. jual beli emas dan rahn emas itu diperbolehkan. masalah utamanya adalah jika aktivitas gadai emas ini direkayasa menjadi ‚berkebun emas‛ dan menjadi prioritas dan portofolio yang dominan dalam pembiayaan perbankan syariah. karena itu akan bertentangan dengan fungsi utama perbankan syariah sebagai penggerak sektor ekonomi masyarakat. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah198 penutup hakikat dan fungsi dari gadai dalam hukum islam adalah semata-mata untuk memberikan pertolongan (tabarru’) kepada orang yang membutuhkan dan bukan untuk kepentingan komersial dengan mengambil keuntungan yang sebesar-besamya tanpa menghiraukan kemampuan orang lain. bahkan pada praktiknya rahn tersebut berfungsi bukan untuk sekedar tolong menolong, melainkan berfungsi sebagai jaminan atau utang piutang (qard). produk gadai (rahn) disediakan untuk membantu nasabah dalam pembiayaan kegiatan multiguna. rahn sebagai produk pinjaman, berarti pegadaian syariah hanya memperoleh imbalan atas biaya administrasi, penyimpanan, pemeliharaan, dan asuransi marhûn, maka rahn ini biasanya digunakan bagi keperluan fungsi sosial-konsumtif, seperti: kebutuhan hidup, pendidikan, dan kesehatan. sedangkan rahn sebagai produk biayaan, berarti pegadaian syariah mengeluarkan dana kepada nasabah. investasi berkebun emas merupakan modifikasi dari sistem gadai di bank syariah maupun pegadaian. investasi ini bukanlah sebuah produk dari bank syariah dan pegadaian syariah, lembaga keuangan syariah hanya memberikan fasilitas gadai bukan investasi kepada nasabah/investor. transaksi berkebun emas pada hakekatnya adalah meminjam uang di bank syariah dengan membayar biaya peyimpanan emas yang digadaikan, lalu mengharapkan kenaikan emas di pasar melebihi biaya-biaya bank. investasi model ini tidak memberikan dampak yang positif bagi ekonomi secara keseluruhan, karena akan mendorong permintaan emas yang digunakan untuk spekulasi. padahal ekonomi islam melarang ‚maghrib” (maysir, gharâr, dan riba). [] pustaka acuan ali, zainuddin, hukum gadai syariah, jakarta: sinar grafika, 2008. anshori, abdul ghofur, pokok-pokok hukum perjanjian islam di indonesia, yogyakarta: citra media, 2006. ascarya, akad dan produk bank syariah, jakarta: pt. raja grafindo persada, 2007. ash-shawi, shalah, dan al-mushlih, abdullah, fikih ekonomi keuangan islam, jakarta: darul haq, 2008. asqalanî, al-, ahmad ibn ‘alî ibn hajar, fath al-bârî, bayrût: dâr al-fikr, 2000. assiddieqy, teuku muhammad hasby, hukum-hukum islam, semarang: pt. pustaka rizki putra, 1997. al-iqtishad: vol. iv, no. 2, januari 2012 199 penutup hakikat dan fungsi dari gadai dalam hukum islam adalah semata-mata untuk memberikan pertolongan (tabarru’) kepada orang yang membutuhkan dan bukan untuk kepentingan komersial dengan mengambil keuntungan yang sebesar-besamya tanpa menghiraukan kemampuan orang lain. bahkan pada praktiknya rahn tersebut berfungsi bukan untuk sekedar tolong menolong, melainkan berfungsi sebagai jaminan atau utang piutang (qard). produk gadai (rahn) disediakan untuk membantu nasabah dalam pembiayaan kegiatan multiguna. rahn sebagai produk pinjaman, berarti pegadaian syariah hanya memperoleh imbalan atas biaya administrasi, penyimpanan, pemeliharaan, dan asuransi marhûn, maka rahn ini biasanya digunakan bagi keperluan fungsi sosial-konsumtif, seperti: kebutuhan hidup, pendidikan, dan kesehatan. sedangkan rahn sebagai produk biayaan, berarti pegadaian syariah mengeluarkan dana kepada nasabah. investasi berkebun emas merupakan modifikasi dari sistem gadai di bank syariah maupun pegadaian. investasi ini bukanlah sebuah produk dari bank syariah dan pegadaian syariah, lembaga keuangan syariah hanya memberikan fasilitas gadai bukan investasi kepada nasabah/investor. transaksi berkebun emas pada hakekatnya adalah meminjam uang di bank syariah dengan membayar biaya peyimpanan emas yang digadaikan, lalu mengharapkan kenaikan emas di pasar melebihi biaya-biaya bank. investasi model ini tidak memberikan dampak yang positif bagi ekonomi secara keseluruhan, karena akan mendorong permintaan emas yang digunakan untuk spekulasi. padahal ekonomi islam melarang ‚maghrib” (maysir, gharâr, dan riba). [] pustaka acuan ali, zainuddin, hukum gadai syariah, jakarta: sinar grafika, 2008. anshori, abdul ghofur, pokok-pokok hukum perjanjian islam di indonesia, yogyakarta: citra media, 2006. ascarya, akad dan produk bank syariah, jakarta: pt. raja grafindo persada, 2007. ash-shawi, shalah, dan al-mushlih, abdullah, fikih ekonomi keuangan islam, jakarta: darul haq, 2008. asqalanî, al-, ahmad ibn ‘alî ibn hajar, fath al-bârî, bayrût: dâr al-fikr, 2000. assiddieqy, teuku muhammad hasby, hukum-hukum islam, semarang: pt. pustaka rizki putra, 1997. bank indonesia, kodifikasi produk perbankan syariah, jakarta: direktorat perbankan syariah bank indonesia, 2008. departeman pendidikan nasional, kamus besar bahasa indonesia, jakarta: balai pustaka, 2005. dini dan muslik, gold silver cerdas memilih emas dan perak, bandung: maximalis, 2008. dunil, z. kamus istilah perbankan indonesia, jakarta: pt gramedia pustaka utama, 2004. fatwa mui no. 25/dsn-mui/iii/2002 tentang rahn dan fatwa mui no: 26/dsn-mui/iii/2002 tentang rahn emas. hasan, m. ali, berbagai macam transaksi dalam islam, jakarta: pt. rajagrafindo persada, 2004. hs, salim, dkk, hukum investasi di indonesia, jakarta: pt. rajagrafindo persada, 2008. iman, nofie, investasi emas investasi bijak di masa krisis, jakarta: daras books, 2009. jâzirî, al-, ‘abd al-rahmân, al-fiqh ‘ala madzâhib al-arba‘ah, al-qâhirah: mathba’ah al-istiqâmah, t.th. marthon, said sa’ad, ekonomi islam di tengah krisis ekonomi global, jakarta: zikrul hakim, 2004. mas’adi, ghufron a., fiqh muamalah kontekstual, jakarta: pt. rajagrafindo persada, 2002. muhammad dan hadi, sholikun, pegadaian syariah, jakarta: salemba diniyah, 2003. nafik, muhamad, bursa efek dan investasi syariah, jakarta: pt. serambi ilmu semesta, 2009. naysabûrî, imam abî husayn muslim ibn hajjâj ibn muslim qusyairî, shahîh muslim, riyadh: dâr al-salâm, 1998 m/1419h. nazir, mohammad, metode penelitian, jakarta: ghalia indonesia, 2003. rais, sasli, pegadaian syariah: konsep dan sistem operasional (suatu kajian kontemporer), jakarta: ui, 2006. rodoni, ahmad dan hamid, abdul, lembaga keuangan syariah, jakarta: zikrul hakim, 2008. rodoni, ahmad, investasi syariah, jakarta: lembaga penelitian uin jakarta, 2009. salim, joko, jangan investasi emas sebelum baca buku ini, jakarta: trans media pustaka, 2010. a. chairul hadi: menimbang gadai emas sebagai instrumen investasi syariah200 sudarso, heri, bank dan lembaga keuangan syariah, yogyakarta: ekonisia, 2003. suhendi, hendi, fiqh muamalah, jakarta: pt. rajagrafindo persada, 2002. tanuwidjaja, william, cerdas investasi emas, yogyakarta: medpress, 2009. 16 hasan ali, am, asuransi dalam perspektif hukum islam; suatu tinjauan analisis historis, teoritis, dan praktis, jakarta: prenada media, 2005. hassan, husain hâmid, hukm al-syarî’ah al-islâmiyyah fî ‘uqûd al-ta’mîn, dâr al‘i’tishâm: arab saudi, t.th. muslehuddin, muhammad, insurance and islamic law, penerj: burhan wirasubrata, menggugat asuransi modern; mengajukan suatu alternatif baru dalam perspektif hukum islam, jakarta: lentera, 1999. zarqâ, al-, mushthhafâ ahmad, al-madkhal al-fiqh al-‘am, juz i, bayrût: dâr alfikr, 1968. transformasi nilai-nilai ekonomi islam dalam mewujudkan keadilan distributif bagi penguatan usaha kecil mikro di indonesia euis amalia abstract: the transformation of islamic economics values in delivering a distributive equity for strengthening small micro enterprise in indonesia. distributive unfairness still appears in various aspects including government budget allocation policies in an attempt to develop a small micro entrepreneurs, either through the state budget (apbn) and the allocation of bank financing to smes. the policies put forward the interests of big business are only owned by a handful of people. whereas the majority of indonesian people are in the small micro entepreneurs. economic values of islam in this article attempted to be transformed in a number of policies and efforts of the stakeholders to implement the instruments of islamic economics, free of ribâ, and put zakâh as the main tool of redistribution budget. keywords: transformation, distributive equity, islamic economics, syirkah abstrak: transformasi nilai-nilai ekonomi islam dalam mewujudkan keadilan distributif bagi penguatan usaha kecil mikro di indonesia. ketidakadilan distributif masih tampak di pelbagai aspek termasuk kebijakan alokasi anggaran pemerintah dalam usaha mengembangkan usaha kecil mikro, baik melalui kebijakan anggaran pendapatan belanja negara maupun alokasi pembiayaan perbankan untuk ukm. kebijakan yang ada lebih mengedepankan kepentingan usaha besar yang hanya dimiliki segelintir orang, sedangkan mayoritas masyarakat indonesia berada pada segmen usaha kecil mikro. nilai-nilai ekonomi islam dalam artikel ini dicoba untuk dapat ditransformasikan dalam sejumlah kebijakan dan upaya para stakeholders untuk mengimplementasikan instrumen ekonomi berbasis syariah, bebas riba, dan menjadikan zakat sebagai alat redistribusi pendapatan. kata kunci: transformasi, keadilan distributif, ekonomi islam, syirkah naskah diterima: 10 september 2010, direvisi 17 november 2010, disetujui: 25 november 2010.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, ciputat, jakarta. e-mail: euisamalia@yahoo.com euis amalia: transformasi nilai-nilai ekonomi islam 66 pendahuluan paradigma pembangunan konvensional yang ada merupakan penjabaran dari kebijakan ekonomi kapitalis yang menempatkan kebebasan pasar sebagai akarnya. pasar memiliki self regulating atau mengatur dengan sendirinya akibatnya hanya mereka yang memiliki kapital besar saja yang dapat terlibat dalam proses mekanisme pasar bebas tersebut. apalagi jika kebijakan dan dukungan pemerintah yang ada hanya ditujukan kepada kelompok tersebut sementara fasilitasi dan keberpihakan kepada kelompok masyarakat yang selama ini telah memiliki kontribusi terbesar dalam hal pendapatan negara maupun penyerapan tenaga kerja terabaikan, dampaknya yang terjadi adalah ketimpangan. fakta menunjukan, ketimpangan tersebut telah terjadi dalam hal alokasi anggaran pendapatan belanja negara maupun kredit perbankan yang lebih berpihak pada kelompok usaha besar daripada kelompok usaha kecil mikro yang merupakan mayoritas dari kelompok usaha yang ada di masyarakat indonesia. selain ketimpangan dalam alokasi anggaran juga diperparah dengan adanya ketimpangan pembangunan pada antarwilayah dan sektor-sektor usaha. dalam konteks ini, pemikiran ekonomi islam mencoba menawarkan solusinya berupa konsep yang menempatkan nilai-nilai keadilan termasuk keadilan di lapangan ekonomi sebagai wujud dari tujuan kemaslahatan. dengan menggunakan paradigma dan pemikiran ekonomi islam, artikel ini mencoba memberikan solusi dan jalan keluar dari adanya situasi ketimpangan ekonomi di indonesia, sekaligus pemikiran konkret yang strategis dan untuk memenuhi kebutuhan masyarakat dalam jangka panjang. dalam paradigma ini rakyat mayoritas adalah menempati posisi utama dan prioritas dalam proses penentuan arah dan kebijakan pembangunan indonesia. pemikiran ekonomi konvensional: sebuah kritik ada problem besar dan sangat mendasar dalam ilmu ekonomi konvensional yang mendominasi kajian bidang ilmu ekonomi kontemporer, yaitu ketidakmampuan ilmu tersebut dalam memecahkan persoalan kebutuhan ekonomi manusia. teori-teori ekonomi yang telah ada tidak mampu mewujudkan ekonomi global yang berkeadilan dan berkeadaban. yang terjadi justru dikotomi antara kepentingan individu, masyarakat dan negara dan hubungan antar negara. selain itu teori ekonomi yang ada tidak mampu menyelesaikan masalah kemiskinan dan ketimpangan pendapatan. juga tidak mampu menyelaraskan hubungan antar regional di suatu negara, antara negara-negara di dunia, terutama antara negara-negara maju dan negara-negara berkembang dan al-iqtishad: vol. iii, no. 1, januari 2011 67 pendahuluan paradigma pembangunan konvensional yang ada merupakan penjabaran dari kebijakan ekonomi kapitalis yang menempatkan kebebasan pasar sebagai akarnya. pasar memiliki self regulating atau mengatur dengan sendirinya akibatnya hanya mereka yang memiliki kapital besar saja yang dapat terlibat dalam proses mekanisme pasar bebas tersebut. apalagi jika kebijakan dan dukungan pemerintah yang ada hanya ditujukan kepada kelompok tersebut sementara fasilitasi dan keberpihakan kepada kelompok masyarakat yang selama ini telah memiliki kontribusi terbesar dalam hal pendapatan negara maupun penyerapan tenaga kerja terabaikan, dampaknya yang terjadi adalah ketimpangan. fakta menunjukan, ketimpangan tersebut telah terjadi dalam hal alokasi anggaran pendapatan belanja negara maupun kredit perbankan yang lebih berpihak pada kelompok usaha besar daripada kelompok usaha kecil mikro yang merupakan mayoritas dari kelompok usaha yang ada di masyarakat indonesia. selain ketimpangan dalam alokasi anggaran juga diperparah dengan adanya ketimpangan pembangunan pada antarwilayah dan sektor-sektor usaha. dalam konteks ini, pemikiran ekonomi islam mencoba menawarkan solusinya berupa konsep yang menempatkan nilai-nilai keadilan termasuk keadilan di lapangan ekonomi sebagai wujud dari tujuan kemaslahatan. dengan menggunakan paradigma dan pemikiran ekonomi islam, artikel ini mencoba memberikan solusi dan jalan keluar dari adanya situasi ketimpangan ekonomi di indonesia, sekaligus pemikiran konkret yang strategis dan untuk memenuhi kebutuhan masyarakat dalam jangka panjang. dalam paradigma ini rakyat mayoritas adalah menempati posisi utama dan prioritas dalam proses penentuan arah dan kebijakan pembangunan indonesia. pemikiran ekonomi konvensional: sebuah kritik ada problem besar dan sangat mendasar dalam ilmu ekonomi konvensional yang mendominasi kajian bidang ilmu ekonomi kontemporer, yaitu ketidakmampuan ilmu tersebut dalam memecahkan persoalan kebutuhan ekonomi manusia. teori-teori ekonomi yang telah ada tidak mampu mewujudkan ekonomi global yang berkeadilan dan berkeadaban. yang terjadi justru dikotomi antara kepentingan individu, masyarakat dan negara dan hubungan antar negara. selain itu teori ekonomi yang ada tidak mampu menyelesaikan masalah kemiskinan dan ketimpangan pendapatan. juga tidak mampu menyelaraskan hubungan antar regional di suatu negara, antara negara-negara di dunia, terutama antara negara-negara maju dan negara-negara berkembang dan negara-negara terbelakang. lebih parah lagi adalah terlalaikannya pelestarian sumber daya alam (non-renewable resources).1 asumsi yang selama ini dijadikan acuan dalam pengembangan ekonomi konvensional adalah paradigma lama yang bersumber dari mitos kapitalisme smithian.2 pertama, kebutuhan manusia yang tidak terbatas. kedua, sumbersumber ekonomi yang relatif terbatas berupa memaksimumkan kepuasaan pribadi (utility maximization of self interest). ketiga, kompetisi sempurna (perfect competition). keempat, informasi sempurna (perfect information). pandangan ini kontradiksi dengan realitas yang menunjukkan informasi tidak sempurna (imperfect information), kompetisi tidak sempurna (imperfect competition) dan tidak pernah terwujud. asumsi dasar yang terlalu sederhana juga adalah bahwa manusia rasional adalah manusia yang berdasar inisiatifnya sendiri mengejar utilitas ekonomi optimal, yaitu mencari keuntungan maksimal (maximum gain) dengan pengorbanan yang minimal (minimum sacrifice). ia bersaing di pasar bebas (free market) dan menjadi pelaku yang bebas dengan berpedoman pada laissez-faire laissez-passer yang meneguhkan doktrin individual freedom of action. manusia rasional semacam ini disebut sebagai homo economicus yang berlawanan dengan homo ethicus.3 belakangan pemikiran ini banyak menuai kritik dari para pakar ekonomi konvensional sendiri dan juga dari para pakar ekonomi islam. bahkan pernyataan yang cukup berani dikemukan oleh paul ormerod dalam the death of economics (1994),4 mengatakan bahwa teori ekonomi telah mati. 1murasa sarkaniputra, adil dan ihsan dalam perspektif ekonomi islam (jakarta: p3ei, 2004), h. 6. asumsi-asumsi tersebut selama ini telah menjadi paradigma pembangunan yang berujung pada lahirnya ketidakadilan dalam masyarakat (pen.). 2sri-edi swasono menegaskan pengajaran ilmu ekonomi mainstream selama ini bertitik tolak dari paradigma ilmu ekonomi klasikal parsial tidak terlepas dari asumsi-asumsi dasar yang disebutnya sebagai mitos-mitos kapitalisme smithian. lihat, sri-edi swasono, ekspose ekonomika: mewaspadai globalisme dan pasar bebas, (yogyakarta, pustep-ugm, 2005), h. 2-3. 3dapat dikutip di sini, ‚...homo economicus’ is the individual agent at the center of neoclassical economic theory (a utilitarian, hedonistic and self centred, rationalist and individualist ethical theory). he is a selfish, rational, utility maximizer.he acts independently and non cooperatively, as an isolated social atom with no sense of community or society, and his behaviour is strictly motivated by narrow self interest...‛. sebaliknya, ‚...’homo ethicus’ is completely different and indeed opposite to that of homo economicus. he is an altruistic and cooperative individual, honest, truth telling, trusty and who trusts others. he drives moral and emotional well-being from honouring his obligations to others, has a strong sense of duty and strong commitment to social goals...”. selengkapnya lihat, m. teresa lunati, ethical issues in economics: from altruism to cooperation to equity, (london: mac millan press, 1997), h. 139-140. 4paul ormerod, the death of economics, (london: faber and faber, 1994). euis amalia: transformasi nilai-nilai ekonomi islam 68 sejalan dengan pakar ekonomi islam, umar vadillo (1991),5 dalam bukunya, the end of economics: an islamic critique of eonomics, menyatakan bahwa ilmu ekonomi konvensional telah berakhir dan sebagai solusinya adalah dibangun teori ekonomi islam. istilah ilmu ekonomi konvensional yang dimaksudkan adalah mengacu pada ilmu ekonomi yang didasarkan pada paradigma sekularisasi, fragmentasi, dan kebebasnilaian pengetahuan. kritik terhadap teori ekonomi lama ini telah disampaikan oleh sismondi (1773-1842), carlyle (1795-1881), dan lain-lain sampai dengan kenneth boulding (1910-1993).6 mereka sepakat, dalam konteks upaya menanggulangi krisis paradigmatik ilmu ekonomi konvensional, untuk menciptakan bangunan paradigma ilmu ekonomi baru yang lebih manusiawi dan berkeadilan melalui pendekatan yang bersifat interdisipliner dan holistik. pendekatan ini mengintegrasikan antara kebutuhan material dengan kebutuhan spiritual manusia, interaksi antar manusia, serta interaksi manusia dengan alam semesta. dalam ilmu ekonomi, hasil kritikan ini melahirkan mazhab-mazhab baru, di antaranya grant economics, humanistic economics, social economics dan institutional economics. namun, empat mazhab ekonomi alternatif tersebut tidak dapat sepenuhnya diterima oleh ekonom muslim karena mazhab ini menghadapi problem perbedaan standar nilai. kritik terhadap ekonomi konvensional juga muncul dari kalangan ahli konvensional yang memahami konteks budaya asia, seperti gunnar myrdal (swedia),7 hla myint (burma/myanmar),8 amartya sen (india),9 dan amitai etzioni.10 demikian pula para tokoh dari indonesia seperti sukadji ranuwihardjo11, roekmono markam12, mubyarto13, ace partadiredja14, dan sri-edi 5umar vadillo, the end of economics: an islamic critique of eonomics (granada: madinah press,1991). 6tim p3ei uii yogyakarta dan bank indonesia, ekonomi islam (jakarta: pt rajagrafindo persada, 2008), h.35. 7gunnar myrdal, ‚institutional economics‛, dalam journal of economic issues, xiii (4), 771783, desember 1978. 8hla mynt. ‚economic theory and the underdeveloped countries‛, dalam jurnal of political economic, lxxxiii (5): 477-491, oktober 1965. 9amartya sen, on etics and economics, (oxford: basil blackwell, 1991). lihat juga ajit kumar sinha dan raj kumar sen, economics of amartya sen, (new delhi: deep & deep publications ltd., 2000). 10amitai etzioni, the moral dimension: toward a new economics, (new york: the free press, 1988). 11sukadji ranuwihardjo, teori model dan masalah pembangunan ekonomi, pidato pengukuhan guru besar dalam ilmu ekonomi pada fakultas ekonomi ugm, 20 agustus 1973, yogyakarta. al-iqtishad: vol. iii, no. 1, januari 2011 69 sejalan dengan pakar ekonomi islam, umar vadillo (1991),5 dalam bukunya, the end of economics: an islamic critique of eonomics, menyatakan bahwa ilmu ekonomi konvensional telah berakhir dan sebagai solusinya adalah dibangun teori ekonomi islam. istilah ilmu ekonomi konvensional yang dimaksudkan adalah mengacu pada ilmu ekonomi yang didasarkan pada paradigma sekularisasi, fragmentasi, dan kebebasnilaian pengetahuan. kritik terhadap teori ekonomi lama ini telah disampaikan oleh sismondi (1773-1842), carlyle (1795-1881), dan lain-lain sampai dengan kenneth boulding (1910-1993).6 mereka sepakat, dalam konteks upaya menanggulangi krisis paradigmatik ilmu ekonomi konvensional, untuk menciptakan bangunan paradigma ilmu ekonomi baru yang lebih manusiawi dan berkeadilan melalui pendekatan yang bersifat interdisipliner dan holistik. pendekatan ini mengintegrasikan antara kebutuhan material dengan kebutuhan spiritual manusia, interaksi antar manusia, serta interaksi manusia dengan alam semesta. dalam ilmu ekonomi, hasil kritikan ini melahirkan mazhab-mazhab baru, di antaranya grant economics, humanistic economics, social economics dan institutional economics. namun, empat mazhab ekonomi alternatif tersebut tidak dapat sepenuhnya diterima oleh ekonom muslim karena mazhab ini menghadapi problem perbedaan standar nilai. kritik terhadap ekonomi konvensional juga muncul dari kalangan ahli konvensional yang memahami konteks budaya asia, seperti gunnar myrdal (swedia),7 hla myint (burma/myanmar),8 amartya sen (india),9 dan amitai etzioni.10 demikian pula para tokoh dari indonesia seperti sukadji ranuwihardjo11, roekmono markam12, mubyarto13, ace partadiredja14, dan sri-edi 5umar vadillo, the end of economics: an islamic critique of eonomics (granada: madinah press,1991). 6tim p3ei uii yogyakarta dan bank indonesia, ekonomi islam (jakarta: pt rajagrafindo persada, 2008), h.35. 7gunnar myrdal, ‚institutional economics‛, dalam journal of economic issues, xiii (4), 771783, desember 1978. 8hla mynt. ‚economic theory and the underdeveloped countries‛, dalam jurnal of political economic, lxxxiii (5): 477-491, oktober 1965. 9amartya sen, on etics and economics, (oxford: basil blackwell, 1991). lihat juga ajit kumar sinha dan raj kumar sen, economics of amartya sen, (new delhi: deep & deep publications ltd., 2000). 10amitai etzioni, the moral dimension: toward a new economics, (new york: the free press, 1988). 11sukadji ranuwihardjo, teori model dan masalah pembangunan ekonomi, pidato pengukuhan guru besar dalam ilmu ekonomi pada fakultas ekonomi ugm, 20 agustus 1973, yogyakarta. swasono15. amartya sen, yang merupakan salah satu pendukung aliran pemikiran ekonomi kritis social economics, mengatakan, ‚menjauhkan ilmu ekonomi dan etika telah memelaratkan kesejahteraan dan juga melemahkan landasan keterkaitan yang erat antara deskriptif dan prediktif ilmu ekonomi.‛16 lebih lanjut, sen menjelaskan bahwa sebagai ilmu moral, ilmu ekonomi secara imperatif mengenal keadilan (justice/fairness), peduli dengan persamaan (equality) dan pemerataan (equity), mengedepankan kemanusiaan (humanity), serta mengemban nilai-nilai agama (religious values). secara etikal mengenal dan menghormati kepentingan-kepentingan bersama, seperti societal welfare, public needs, public interests, solidarity, juga menghormati kepentingankepentingan individu seperti kebebasan (liberty), kebahagiaan (happiness), bahkan the pursuit of happiness, kejujuran, compassion, goodness, altruism dan semacamnya.17 ilmu ekonomi bisa dikembangkan lebih produktif dengan memberikan perhatian secara eksplisit terhadap pertimbangan etikal yang membentuk tingkah laku (behaviour) dan penilaian (judgment). amartya sen dalam on ethics and economics (1981) dan tulisan-tulisan berikutnya yang gemilang (1981,1991) membedah ortodoksi neoklasikal kaum smithian ini.18 dawam rahardjo dalam pengantar buku masih adakah harapan bagi kaum miskin? mengatakan bahwa sen melakukan diskursus etika terhadap teori keadilan john rawls (yang kiri) dan teori kebebasan robert nozick (yang libertarian) secara seimbang. 19 dengan rawls dia mempunyai kesamaan dalam perhatiannya terhadap kelompok masyarakat yang paling dirugikan dalam proses kemasyarakatan dan pembangunan. dengan nozick dia mempunyai 12roekmono markam, menuju ke definisi ekonomi post robbins, pidato pengukuhan jabatan guru besar dalam ilmu ekonomi pada fakultas ekonomi ugm, 19 september 1978, yogyakarta. 13mubyarto, gagasan dan metode berpikir tokoh-tokoh besar ekonomi dan penerapannya bagi kemajuan kemanusiaan, pidato pengukuhan sebagai guru besar pada fakultas ekonomi ugm, 19 mei 1979, yogyakarta. 14ace partadiredja, ‚ekonomika etik‛, pidato pengukuhan sebagai guru besar pada fakultas ekonomi ugm, 23 mei 1981, yogyakarta. 15sri-edi swasono, indonesia dan doktrin kesejahteraan sosial (jakarta: perkumpulan prakarsa, 2005), lihat juga, ekspose ekonomika: mewaspadai globalisme dan pasar bebas, edisi baru, (yogyakarta: pustep-ugm, 2005). 16amartya sen, on etics and economics. lihat juga, ekonomi islam, (jakarta: tim p3ei uii yogykarta dan bi, 2008), h. 37. 17sen, on etics and economics, sebagaimana dikutip oleh sri-edi swasono dalam ekspose ekonomika: mewaspadai globalisasi dan pasar bebas, (yogyakarta: pustep-ugm, 2005), h. 9. 18sen, on ethics and economics (1987), (oxford: basil blackwell, 1991). 19sen, on ethics and economics terjemahan oleh rahmani astuti dalam masih adakah harapan bagi kaum miskin, (bandung: mizan, 2001), h. xxi. euis amalia: transformasi nilai-nilai ekonomi islam 70 kesamaan pandangan tentang arti kebebasan sebagai nilai yang paling dasar. gagasan sen dari kedua pikiran ini adalah bahwa kebebasan dapat diterima sepanjang ia dapat meningkatkan kesejahteraan lapisan masyarakat yang paling tidak diuntungkan. demi keadilan, diperlukan pengaturan masyarakat yang mendasari proses menuju keadilan. oleh karena itu bagi sen, negara mempunyai peranan besar dalam menciptakan kesejahteraan dan kebebasan. peran negara tidak bisa dihapuskan. dia menentang ide meminimalkan peran negara. peran negara dan intervensi negara dibutuhkan sesuai kebutuhan. di samping itu sen juga mempunyai teori pilihan bersama (collective action) dan gagasannya mengenai aksi publik (public action) sebagai variabel dalam pemberantasan kemiskinan, penanggulangan kelaparan, dan perluasan pendidikan.20 dia juga berjasa dalam menggali dan mengembangkan gagasan tentang indeks perkembangan manusia (human development index). amitai etzioni21 dalam the moral dimensions: toward a new economics seiring dengan pemikiran lama para pemimpin dan tokoh freedom fighters dari negara-negara asia, afrika, dan amerika latin mengenai peran negara, ideologi, tanggung jawab moral, keadilan sosial dan juga mengenai paradigma ilmu. mereka memperjuangkan kemerdekaan bangsa dan negaranya dari penindasan dan eksploitasi kolonial, subordinasi dan ketergantungan sejak sebelum pecahnya perang dunia kedua. sebenarnya fenomena pendikotomian normatif dan positif dalam ekonomi konvensional keluar dari sejarah awalnya. buku tentang ekonomi yang pertama ditulis oleh adam smith adalah theory of moral sentiment (1759) tidak mendikotomikan realitas dan norma, sebelum dia menulis buku an inquiry into the nature and causes of the wealth of nations (1776).22 upaya untuk menanggalkan ‘baju’ moral sebenarnya berawal dari adam smith sendiri, setidaknya hal itu tampak pada dua buku tersebut. positivisasi ilmu ekonomi kemudian berkembang pesat, terutama dipelopori oleh david ricardo dan diperkuat oleh alfred marshal, stanley jevons dan walras pendiri aliran neo klasik.23 mereka dengan menggunakan perangkat matematikanya dengan kalkulus diferensial dan perasamaan simultannya (ceteris paribus) telah 20sen, on ethics and economics terjemahan oleh rahmani astuti dalam masih adakah harapan bagi kaum miskin , h. 6. 21amitai etzioni, the moral dimensions: toward a new economics, (new york: the free press, 1988). 22adam smith, an inquiry into the nature and causes of the wealth of nations, edited with an introduction and commentary by kathryn sutherland, (oxford: oxford university press, tt.). 23tim p3ei uii yogyakarta dan bank indonesia, ekonomi islam, h.24. al-iqtishad: vol. iii, no. 1, januari 2011 71 kesamaan pandangan tentang arti kebebasan sebagai nilai yang paling dasar. gagasan sen dari kedua pikiran ini adalah bahwa kebebasan dapat diterima sepanjang ia dapat meningkatkan kesejahteraan lapisan masyarakat yang paling tidak diuntungkan. demi keadilan, diperlukan pengaturan masyarakat yang mendasari proses menuju keadilan. oleh karena itu bagi sen, negara mempunyai peranan besar dalam menciptakan kesejahteraan dan kebebasan. peran negara tidak bisa dihapuskan. dia menentang ide meminimalkan peran negara. peran negara dan intervensi negara dibutuhkan sesuai kebutuhan. di samping itu sen juga mempunyai teori pilihan bersama (collective action) dan gagasannya mengenai aksi publik (public action) sebagai variabel dalam pemberantasan kemiskinan, penanggulangan kelaparan, dan perluasan pendidikan.20 dia juga berjasa dalam menggali dan mengembangkan gagasan tentang indeks perkembangan manusia (human development index). amitai etzioni21 dalam the moral dimensions: toward a new economics seiring dengan pemikiran lama para pemimpin dan tokoh freedom fighters dari negara-negara asia, afrika, dan amerika latin mengenai peran negara, ideologi, tanggung jawab moral, keadilan sosial dan juga mengenai paradigma ilmu. mereka memperjuangkan kemerdekaan bangsa dan negaranya dari penindasan dan eksploitasi kolonial, subordinasi dan ketergantungan sejak sebelum pecahnya perang dunia kedua. sebenarnya fenomena pendikotomian normatif dan positif dalam ekonomi konvensional keluar dari sejarah awalnya. buku tentang ekonomi yang pertama ditulis oleh adam smith adalah theory of moral sentiment (1759) tidak mendikotomikan realitas dan norma, sebelum dia menulis buku an inquiry into the nature and causes of the wealth of nations (1776).22 upaya untuk menanggalkan ‘baju’ moral sebenarnya berawal dari adam smith sendiri, setidaknya hal itu tampak pada dua buku tersebut. positivisasi ilmu ekonomi kemudian berkembang pesat, terutama dipelopori oleh david ricardo dan diperkuat oleh alfred marshal, stanley jevons dan walras pendiri aliran neo klasik.23 mereka dengan menggunakan perangkat matematikanya dengan kalkulus diferensial dan perasamaan simultannya (ceteris paribus) telah 20sen, on ethics and economics terjemahan oleh rahmani astuti dalam masih adakah harapan bagi kaum miskin , h. 6. 21amitai etzioni, the moral dimensions: toward a new economics, (new york: the free press, 1988). 22adam smith, an inquiry into the nature and causes of the wealth of nations, edited with an introduction and commentary by kathryn sutherland, (oxford: oxford university press, tt.). 23tim p3ei uii yogyakarta dan bank indonesia, ekonomi islam, h.24. membawa ilmu ekonomi jauh dari matriks norma atau nilai. lebih jauh daniel bell menjelaskan perkembangan ilmu ekonomi tidak terpisahkan dengan kebijaksanaan karenanya dinamakan political economics.24 sejak tahun 1890 nama ini diganti menjadi economics oleh alfred marshal, kemudian diganti lagi menjadi positive economics. penggunaan istilah positive economics ini adalah untuk mempertegas perbedaannya dengan normative economics. pemikiran seperti ini terus mengakar dalam pembelajaran ilmu ekonomi di sekolah-sekolah sehingga membentuk cara pandang yang keliru terhadap persoalan ekonomi. hal ini dijelaskan oleh kenneth e. boulding sebagai ‚trained incapasity‛.25 untuk itu sri-edi swasono menegaskan perlunya kritik dan koreksi terhadap pengajaran ekonomi konvensional selama ini. pengkajian ekonomi konvensional pada umumnya (mainstream) adalah pemikiran neoklasik yang dikaji secara parsial (parsialistik neoklasikal).26 pendapat yang sama juga dikemukakan oleh mubyarto bahwa ada kekeliruan pengajaran ilmu ekonomi di kampus. ungkapan yang ditulis galbraith dan dikutip oleh mubyarto sebagai berikut: inilah doktrin yang ada. mahasiswa berdatangan: sesutu harus diajarkan: (dan) yang ada adalah model-model ekonomi neoklasik. dengan meningkatnya kompleksitas terkesan bertambahnya ketepatan dan ketelitian. dan dengan keruwetan yang dapat dipecahkan maka seakan-akan ada kesan telah diperoleh pengertian. jika ekonom cukup terpesona dalam data dan tekniknya, ia bisa mengabaikan konsekuensi-konsekuensi sosialnya dengan perhatian tertuju ke tempat lain, bahkan ia bisa tanpa sadar mendukung satu sistem yang merugikan banyak orang.27 lebih lanjut, swasono menjelaskan bahwa ada sepuluh kelemahan pengajaran ekonomi di kampus yang telah mengakar dan membentuk paradigma 24daniel bell and irving kristol (ed.) the crisis of economic theory, new york: basic inc publisher, 1981). 25kenneth e. boulding, economics as a science, (bombay: tata mcgraw hill, 1970), h.156. pernyataannya adalah: ‚our graduate schools may easily be producing a good deal of the ”trained incapacity”, which veblen saw being produced in his day, and this is a negative commodity unfortunately with a very high price. ‚ 26sri-edi swasono, ekspose ekonomika: mewaspadai globalisme dan pasar bebas, h. 2-3. 27mubyarto, gagasan dasar ekonomi dan kemajuan manusia: antara ilmuwan dan seni, diangkat dari pidato guru besar fe ugm, 1979, (yogya: aditya, 2004), h. 21. asli lihat john kenneth galbraith, economic and the public purpose (london: andre deutsch), h. 27. euis amalia: transformasi nilai-nilai ekonomi islam 72 berpikir para ahli ekonomi.28 ilmu ekonomi yang dipelajari adalah pemikiran neoklasikal secara parsial. hal ini, menurut dia, harus segera dikoreksi dan diluruskan agar aspek etika juga menjadi sebuah pertimbangan dalam melakukan analisis dan pengambilan keputusan. selanjutnya, swasono menyarankan agar dalam menjelaskan tentang kesalahkaprahan dalam pengajaran ilmu ekonomi selama ini, perlu dipelajari pemikiran lain di luar ortodoksi paham kapitalisme dan sosialisme dan perlu dilakukan pendalaman tentang sistem ekonomi yang bebas riba atau yang dikenal dengan ekonomi syariah, sehingga ekonomi syariah menjadi sebuah pemikiran alternatif yang perlu untuk dikembangkan terutama dalam kerangka teoretis dan konsepnya. pemikiran lama yang berakar pada neoklasikal smithtian tidak mendasarkannya pada suatu sistem nilai (value based) atau sekuler. sekularisme berusaha untuk memisahkan ilmu pengetahuan dari agama dan bahkan mengabaikan dimensi normatif atau moral sehingga berdampak kepada hilangnya kesakralan kolektif (yang diperankan oleh agama) yang dapat digunakan untuk menjamin penerimaan keputusan ekonomi sosial. sedangkan paham materialisme cenderung mendorong orang untuk memiliki pemahaman 28kelemahan pengajaran ekonomi di kampus selama ini adalah: (1) ilmu ekonomi yang diajarkan tidak terlepas dari pemikiran neoklasikal yang bertitik tolak dari paham self interest; (2) menyadarkan diri pada pemikiran neoklasikal yang berpaham kompetitivisme tanpa memerhatikan asumsi-asumsi yang mendasarinya realistik atau tidak dalam kerangka empirik maupun moral; (3) pengajaran sejak semula diawali dengan paham market fundamentalism; (4) tidak ada sinkronisasi pengajaran mikro-makro dimana ilmu ekonomi mikro-makro tidak selalu mudah tersambung sehingga banyak terjadi ketidakcocokan dalam mentransformasikan kepentingan perorangan menjadi kepentingan publik; (5) kurang memberikan perhatian yang cukup terhadap sistem ekonomi komparatif di luar ortodoksi kapitalisme vs sosialisme, apalagi kemudian dipersempit dengan pemikiran kompetitivisme neoklasikal; (6) dalam pengajaran tidak dibedakan antara prinsipprinsip ekonomi dengan hukum-hukum ekonomi (yang bersifat teknis dan bebas nilai); (7) selain pengajaran ekonomi mengalami kekeliruan juga seringkali tidak mengaitkan dengan konteks keindonesiaan dalam hal ideologi, sosial, kutural, institusional, agama, histori, dan geografi indonesia; (8) metode yang digunakan lebih menekankan pada induktif daripada metode deduktif membuat kehilangan pemahaman tentang realita empirik sehingga ada kecanggungan dalam penyelesaian masalah; (9) pembahasan tentang isu globalisasi secara berlebihan dan tidak tepat telah mengukuhkan opinion building tentang berakhirnya negara-negara bangsa (the end of nation states). globalisasi perlu dipahami secara kritis terutama dalam kaitannya dengan mempertahankan ciri kebangsaan dan budaya yang unik dalam masyarakat; (10) pengajaran ekonomi perlu memerhatikan perkembangan ‚non usurious economic system yang dikenal saat ini dengan ekonomi syariah. al-iqtishad: vol. iii, no. 1, januari 2011 73 berpikir para ahli ekonomi.28 ilmu ekonomi yang dipelajari adalah pemikiran neoklasikal secara parsial. hal ini, menurut dia, harus segera dikoreksi dan diluruskan agar aspek etika juga menjadi sebuah pertimbangan dalam melakukan analisis dan pengambilan keputusan. selanjutnya, swasono menyarankan agar dalam menjelaskan tentang kesalahkaprahan dalam pengajaran ilmu ekonomi selama ini, perlu dipelajari pemikiran lain di luar ortodoksi paham kapitalisme dan sosialisme dan perlu dilakukan pendalaman tentang sistem ekonomi yang bebas riba atau yang dikenal dengan ekonomi syariah, sehingga ekonomi syariah menjadi sebuah pemikiran alternatif yang perlu untuk dikembangkan terutama dalam kerangka teoretis dan konsepnya. pemikiran lama yang berakar pada neoklasikal smithtian tidak mendasarkannya pada suatu sistem nilai (value based) atau sekuler. sekularisme berusaha untuk memisahkan ilmu pengetahuan dari agama dan bahkan mengabaikan dimensi normatif atau moral sehingga berdampak kepada hilangnya kesakralan kolektif (yang diperankan oleh agama) yang dapat digunakan untuk menjamin penerimaan keputusan ekonomi sosial. sedangkan paham materialisme cenderung mendorong orang untuk memiliki pemahaman 28kelemahan pengajaran ekonomi di kampus selama ini adalah: (1) ilmu ekonomi yang diajarkan tidak terlepas dari pemikiran neoklasikal yang bertitik tolak dari paham self interest; (2) menyadarkan diri pada pemikiran neoklasikal yang berpaham kompetitivisme tanpa memerhatikan asumsi-asumsi yang mendasarinya realistik atau tidak dalam kerangka empirik maupun moral; (3) pengajaran sejak semula diawali dengan paham market fundamentalism; (4) tidak ada sinkronisasi pengajaran mikro-makro dimana ilmu ekonomi mikro-makro tidak selalu mudah tersambung sehingga banyak terjadi ketidakcocokan dalam mentransformasikan kepentingan perorangan menjadi kepentingan publik; (5) kurang memberikan perhatian yang cukup terhadap sistem ekonomi komparatif di luar ortodoksi kapitalisme vs sosialisme, apalagi kemudian dipersempit dengan pemikiran kompetitivisme neoklasikal; (6) dalam pengajaran tidak dibedakan antara prinsipprinsip ekonomi dengan hukum-hukum ekonomi (yang bersifat teknis dan bebas nilai); (7) selain pengajaran ekonomi mengalami kekeliruan juga seringkali tidak mengaitkan dengan konteks keindonesiaan dalam hal ideologi, sosial, kutural, institusional, agama, histori, dan geografi indonesia; (8) metode yang digunakan lebih menekankan pada induktif daripada metode deduktif membuat kehilangan pemahaman tentang realita empirik sehingga ada kecanggungan dalam penyelesaian masalah; (9) pembahasan tentang isu globalisasi secara berlebihan dan tidak tepat telah mengukuhkan opinion building tentang berakhirnya negara-negara bangsa (the end of nation states). globalisasi perlu dipahami secara kritis terutama dalam kaitannya dengan mempertahankan ciri kebangsaan dan budaya yang unik dalam masyarakat; (10) pengajaran ekonomi perlu memerhatikan perkembangan ‚non usurious economic system yang dikenal saat ini dengan ekonomi syariah. yang parsial tentang kehidupan dengan menganggap materi adalah segalanya baginya.29 sistem kapitalisme menggunakan asas bahwa penyelesaian kemiskinan dalam suatu negara dengan cara meningkatkan produksi dalam negeri dan memberikan kebebasan bagi penduduk untuk mengambil hasil produksi (kekayaan) sebanyak yang mereka produksi untuk negara.30 dengan terpecahkannya kemiskinan dalam negeri maka, terpecahkan pula masalah kemiskinan individu sebab perhatian mereka menekankan produksi yang dapat memecahkan masalah kemiskinan pada mereka. maka solusi yang terbaik untuk menyelesaikan permasalahan masyarakat adalah dengan meningkatkan produksi. ekonomi hanya difokuskan pada penyediaan alat yang memuaskan kebutuhan masyarakat secara makro dengan cara menaikkan tingkat produksi dan meningkatkan pendapatan nasional (national income), sebab dengan banyaknya pendapatan nasional maka seketika itu terjadilah pendistribusian pendapatan dengan cara memberikan ‚kebebasan memiliki‛ dan ‚kebebasan berusaha‛ bagi semua individu masyarakat sehingga setiap individu dibiarkan bebas memperoleh kekayaan sejumlah yang dia mampu sesuai dengan faktorfaktor produksi yang dimilikinya. paradigma pembangunan yang semata-mata untuk pertumbuhan ekonomi dari yang sekadar meningkatkan pendapatan perkapita harus diubah menjadi pembangunan yang bertujuan untuk pemberdayaan dan peningkatan kapabilitas masyarakat. kekeliruan selama ini paradigma pembangunan didasarkan pada pemikiran kelompok liberal yang berujung pada disempowerment, impoverisment yang dapat menumbuhkan self disempowerment. partisipasi dan emansipasi masyarakat harus menjadi tujuan pembangunan. adapaun subsidi dan proteksi yang diberikan untuk kelompok bawah dan marginal tidak dimaknai secara keliru sebagai pemborosan sosial dan beban negara. subsidi dan proteksi memproleh peran strategis dalam melaksanakan people empowerment. subsidi dan proteksi terkait dengan strategi human resource development dan human investment sebagai cost of human empowerment.31 29m.b. hendri anto, pengantar ekonomika mikro islami, (yogyakarta: ekonomisia uii, 2003) h. 34. 30abdurrahman al maliki, politik ekonomi islam, penerjemah ibnu sholah, (bangil: al izzah, 2001), h. 12. 31 sri-edi swasono dalam indonesia dan doktrrin kesejahteraan sosial: dari klasikal dan neoklasikal sampai ke the end of laissez-faire, h. 66-69. euis amalia: transformasi nilai-nilai ekonomi islam 74 sistem sosialis (al-isytirâkiyyah) tidak mengakui kepemilikan individu kecuali pada sektor-sektor tertentu seperti alat-alat yang sederhana dan tanah yang terbatas, begitu pula tidak diakui adanya pemindahan kekayaan melalui warisan dan investasi, sehingga menyebabkan tidak terpenuhinya keadilan dalam distribusi pendapatan.32 oleh karena itu pendapatan masyarakat menurut sistem sosialis ditentukan oleh negara itu sendiri disesuaikan dengan pendapatan negara dan ke mana pendapatan itu diinvestasikan ditentukan oleh kebijakan pemerintah tanpa memerhatikan kesejahteraan masyarakat, dengan kata lain distribusi pendapatan dalam sistem sosialis tidak memerhatikan skill dan etos kerja masyarakat serta sejauh mana kontribusi mereka dalam proses produksi. kompetisi di dalam sistem sosialis adalah hal yang tidak diperkenankan, sehingga tentu saja dorongan untuk berprestasi dan meningkatkan produktivitas kerja menjadi menurun. akibatnya sistem sosialis tidak mampu mendorong pertumbuhan ekonomi dengan baik. berbeda dengan sistem sosialis, sistem kapitalis (al-ra`sumâliyyah) mengakui adanya kepemilikan individu, akan tetapi pemikiran positivisme pada kelompok ini melepaskan pemikirannya dari kerangka nilai atau norma-norma sehingga menimbulkan ketidakadilan distribusi pendapatan dan kecemburuan sosial. perilaku ekonomi dengan tidak mempertimbangkan moral akan melahirkan tindakan monopoli (ihtikâr), penimbunan (iktinâz), penarikan bunga (fâidah) dan yang lainnya yang dapat menyebabkan ketidakadilan distribusi pendapatan (tauzî al-dakhl).33 asas distribusi yang diterapkan oleh sistem kapitalis ini pada akhirnya berdampak pada realitas bahwa yang menjadi penguasa sebenarnya adalah para kapitalis (pemilik modal dan konglomerat), oleh karena itu hal yang wajar kalau kebijakan-kebijakan yang dikeluarkan oleh pemerintah selalu berpihak kepada para pemilik modal atau konglomerat dan selalu mengorbankan kepentingan rakyat sehingga terjadilah ketimpangan (ketidakadilan) pendistribusian pendapatan dan kekayaan. lebih lanjut sarkaniputra mengatakan bahwa teori, model, dan sistem ekonomi kapitalis yang sekarang berlangsung dijadikan alat oleh negara-negara kaya (maju) untuk memperkaya negaranya sendiri dengan cara mengeksploitasi kekayaan alam negara-negara berkembang dan terbelakang melalui investasi 32 muhammad ‘abd al-mun’im ghafâr, aliqtishâd al-islamî: al-iqthishâd al-juz’i, jilid 3, (iraq: dâr al-bayân, 1985), h. 407. 33 ghafâr, al iqtishâd al islamî: al-iqthishâd al-juz’î, h. 408. al-iqtishad: vol. iii, no. 1, januari 2011 75 sistem sosialis (al-isytirâkiyyah) tidak mengakui kepemilikan individu kecuali pada sektor-sektor tertentu seperti alat-alat yang sederhana dan tanah yang terbatas, begitu pula tidak diakui adanya pemindahan kekayaan melalui warisan dan investasi, sehingga menyebabkan tidak terpenuhinya keadilan dalam distribusi pendapatan.32 oleh karena itu pendapatan masyarakat menurut sistem sosialis ditentukan oleh negara itu sendiri disesuaikan dengan pendapatan negara dan ke mana pendapatan itu diinvestasikan ditentukan oleh kebijakan pemerintah tanpa memerhatikan kesejahteraan masyarakat, dengan kata lain distribusi pendapatan dalam sistem sosialis tidak memerhatikan skill dan etos kerja masyarakat serta sejauh mana kontribusi mereka dalam proses produksi. kompetisi di dalam sistem sosialis adalah hal yang tidak diperkenankan, sehingga tentu saja dorongan untuk berprestasi dan meningkatkan produktivitas kerja menjadi menurun. akibatnya sistem sosialis tidak mampu mendorong pertumbuhan ekonomi dengan baik. berbeda dengan sistem sosialis, sistem kapitalis (al-ra`sumâliyyah) mengakui adanya kepemilikan individu, akan tetapi pemikiran positivisme pada kelompok ini melepaskan pemikirannya dari kerangka nilai atau norma-norma sehingga menimbulkan ketidakadilan distribusi pendapatan dan kecemburuan sosial. perilaku ekonomi dengan tidak mempertimbangkan moral akan melahirkan tindakan monopoli (ihtikâr), penimbunan (iktinâz), penarikan bunga (fâidah) dan yang lainnya yang dapat menyebabkan ketidakadilan distribusi pendapatan (tauzî al-dakhl).33 asas distribusi yang diterapkan oleh sistem kapitalis ini pada akhirnya berdampak pada realitas bahwa yang menjadi penguasa sebenarnya adalah para kapitalis (pemilik modal dan konglomerat), oleh karena itu hal yang wajar kalau kebijakan-kebijakan yang dikeluarkan oleh pemerintah selalu berpihak kepada para pemilik modal atau konglomerat dan selalu mengorbankan kepentingan rakyat sehingga terjadilah ketimpangan (ketidakadilan) pendistribusian pendapatan dan kekayaan. lebih lanjut sarkaniputra mengatakan bahwa teori, model, dan sistem ekonomi kapitalis yang sekarang berlangsung dijadikan alat oleh negara-negara kaya (maju) untuk memperkaya negaranya sendiri dengan cara mengeksploitasi kekayaan alam negara-negara berkembang dan terbelakang melalui investasi 32 muhammad ‘abd al-mun’im ghafâr, aliqtishâd al-islamî: al-iqthishâd al-juz’i, jilid 3, (iraq: dâr al-bayân, 1985), h. 407. 33 ghafâr, al iqtishâd al islamî: al-iqthishâd al-juz’î, h. 408. dan bunga pinjaman.34 investasi tersebut secara internasional dikuasai oleh bank dunia (world bank) dan dana moneter internasional (imf). keterpurukan negara-negara berkembang saat ini adalah akibat dari itu semua. programprogram pendanaan yang dilakukan oleh lembaga keuangan internasional tidak dimaksudkan untuk menolong negara dunia ketiga tetapi lebih pada upaya pemiskinan dan menjebak dalam lingkaran setan kemiskinan. jhon perkins dan kelompoknya mengaku dirinya sebagai bagian dari economic hit man,35 yaitu preman ekonomi yang merusak negara-negara berkembang melalui lembaga keuangan internasional untuk tunduk pada kekuasaan amerika. dengan demikian pembicaraan tentang keadilan distributif dalam ekonomi konvensional tidak dapat difahami dengan baik tanpa melakukan analisis terhadap cara pandang dan paradigma yang melandasi pemikirannya. kritik dari para ekonom konvesional pada masa belakangan terhadap pemikiran neoklasik smithian merupakan kontribusi yang luar biasa dalam pembentukan paradigma ilmu ekonomi yang beretika. kecenderungan pemikiran ini juga turut memberikan porsi yang lapang bagi berkembangnya ekonomi islam sebagai sebuah disiplin ilmu yang mandiri. pembentukan ilmu ekonomi islam ini tentu tidak dapat dilepaskan dari pemikiran sebelumnya dengan cara mengambil nilai-nilai lama yang baik dan mereduksi nilai-nilai yang tidak sejalan dengan etika moral ajaran islam sebagaimana dalam kaidah diungkapkan: al muhâfazhah li al-qadîm al-shâlih wa al-akhdz bi al-jadîd al-ashlah. pertanyaan lebih lanjut adalah bagaimana ekonomi islam dapat bekerja pada situasi dan kondisi ketiadaan instrumen bunga, ditegakkannya zakat, terimplemen-tasikannya sistem bagi hasil dan terealiasinya sistem upah yang adil. kiranya menjadi tugas para ilmuwan yang concern dalam bidang ini untuk mengkonstruksi ilmu dan sistem ekonomi islam yang mampu menyelesaikan pelbagai persoalan ekonomi. dalam konteks keindonesiaan perlu dirumuskan bentuk transformasi nilai-nilai dan karakterististik ekonomi islam dalam kerangka kehidupan berbangsa dan bernegara dengan common pfatform pancasila. 34murasa sarkaniputra, adil dan ihsan dalam perspektif ekonomi islam, h. 7. lihat juga sarkaniputra, ‚adil dan ihsan dalam perspektif ekonomi islam‛, dalam jurnal al iqtishâdiyyah, jakarta: p3ei uin, 2004, h.2. 35jhon perkins, confensions of an economic hit man, penerjemah hermawan tirtaatmadja dan dwi karyani, (jakarta: abadi tandur, 2005). euis amalia: transformasi nilai-nilai ekonomi islam 76 ukm dan realitas ketidakadilan distributif dari hasil kajian tentang ukm dapat dlihat bahwa ukm memiliki kontribusi yang besar terhadap pembangunan ekonomi nasional seperti: mampu menampung banyak tenaga kerja (padat karya), menyumbang pdb, sumber devisa non migas, mandiri dan tidak banyak bergantung, menjadi penyangga (buffer) yang tangguh saat krisis tetapi keadaannya tidak serta merta diimbangi dengan adanya keadilan distributif. kelompok masyarakat bawah dihadapkan pada rendahnya akses terhadap sumber-sumber potensial. dengan mengacu pada kerangka kerja yang sering digunakan dalam pelbagai penelitian tentang kemiskinan yaitu kerangka kerja sl (sustainable livelihood) atau yang sering diterjemahkan sebagai kerangka mata pencaharian berkelanjutan,36 yaitu sebagai alat untuk mempelajari faktor-faktor yang memengaruhi kehidupan. berdasarkan pendekan sl ini setidaknya kemiskinan muncul karena rendahnya akses seseorang atau kelompok terhadap lima modal dasar yaitu: pertama, modal manusia (sdm) adalah minimnya keahlian, pengetahuan, kemampuan kerja. kedua, modal fisik: keterbatasan sarana prasarana dan teknologi sehingga usaha dikelola secara tradisional. ketiga, modal sosial, sumber-sumber sosial seperti: jaringan, keanggotaan, kepercayaan, akses pasar dan akses informasi pada komunitas yang lebih luas. keempat, modal finansial. lemahnya akses terhadap sumber-sumber keuangan yang ada, tidak memiliki jaminan sehingga sering dianggap tidak bankable. kelima, modal alam: penguasaan sebagian kelompok terhadap sumberdaya alam terutama menyangkut hajat hidup orang banyak membuat sebagian yang lain tidak mampu untuk mendapatkan manfaat dari resource tersebut. berdasarkan hasil penelitian penulis pada 25 buah lkm berbasis syariah, bmt/koperasi syariah/kjks dengan 511 nasabah ukm mitranya ditemukan bahwa sebagian besar kelompok ukm masih mengandalkan modal sendiri.37 akan tetapi bukan berarti mereka tidak memerlukan adanya modal dari luar karena pada umumnya mereka mengharapkan adanya tambahan modal namun tidak mempunyai akses untuk itu. modal yang mereka miliki pada umumnya kecil padahal diperlukan pengembangan usaha agar menjadi besar. pertama, sulitnya ukm pada akses permodalan di lembaga bank maupun lembaga keuangan lain terutama dalam hal agunan dan juga proses pengurusan 36ashley, cand carney, d., sustainable livelihood: lessons year early experience, (london: dfid, 1999), h. 53. 37selengkapnya lihat, euis amalia, ‚reformasi kebijakan bagi penguatan peran lkm dan ukm di indonesia: analisis keadilan distributif dalam ekonomi islam‛, disertasi , 2008. al-iqtishad: vol. iii, no. 1, januari 2011 77 ukm dan realitas ketidakadilan distributif dari hasil kajian tentang ukm dapat dlihat bahwa ukm memiliki kontribusi yang besar terhadap pembangunan ekonomi nasional seperti: mampu menampung banyak tenaga kerja (padat karya), menyumbang pdb, sumber devisa non migas, mandiri dan tidak banyak bergantung, menjadi penyangga (buffer) yang tangguh saat krisis tetapi keadaannya tidak serta merta diimbangi dengan adanya keadilan distributif. kelompok masyarakat bawah dihadapkan pada rendahnya akses terhadap sumber-sumber potensial. dengan mengacu pada kerangka kerja yang sering digunakan dalam pelbagai penelitian tentang kemiskinan yaitu kerangka kerja sl (sustainable livelihood) atau yang sering diterjemahkan sebagai kerangka mata pencaharian berkelanjutan,36 yaitu sebagai alat untuk mempelajari faktor-faktor yang memengaruhi kehidupan. berdasarkan pendekan sl ini setidaknya kemiskinan muncul karena rendahnya akses seseorang atau kelompok terhadap lima modal dasar yaitu: pertama, modal manusia (sdm) adalah minimnya keahlian, pengetahuan, kemampuan kerja. kedua, modal fisik: keterbatasan sarana prasarana dan teknologi sehingga usaha dikelola secara tradisional. ketiga, modal sosial, sumber-sumber sosial seperti: jaringan, keanggotaan, kepercayaan, akses pasar dan akses informasi pada komunitas yang lebih luas. keempat, modal finansial. lemahnya akses terhadap sumber-sumber keuangan yang ada, tidak memiliki jaminan sehingga sering dianggap tidak bankable. kelima, modal alam: penguasaan sebagian kelompok terhadap sumberdaya alam terutama menyangkut hajat hidup orang banyak membuat sebagian yang lain tidak mampu untuk mendapatkan manfaat dari resource tersebut. berdasarkan hasil penelitian penulis pada 25 buah lkm berbasis syariah, bmt/koperasi syariah/kjks dengan 511 nasabah ukm mitranya ditemukan bahwa sebagian besar kelompok ukm masih mengandalkan modal sendiri.37 akan tetapi bukan berarti mereka tidak memerlukan adanya modal dari luar karena pada umumnya mereka mengharapkan adanya tambahan modal namun tidak mempunyai akses untuk itu. modal yang mereka miliki pada umumnya kecil padahal diperlukan pengembangan usaha agar menjadi besar. pertama, sulitnya ukm pada akses permodalan di lembaga bank maupun lembaga keuangan lain terutama dalam hal agunan dan juga proses pengurusan 36ashley, cand carney, d., sustainable livelihood: lessons year early experience, (london: dfid, 1999), h. 53. 37selengkapnya lihat, euis amalia, ‚reformasi kebijakan bagi penguatan peran lkm dan ukm di indonesia: analisis keadilan distributif dalam ekonomi islam‛, disertasi , 2008. surat-surat seperti siup, tdp, npwp yang merupakan prasyarat dalam pengajuan kredit/ pembiayaan. kedua, kebijakan alokasi kredit atau proporsi kredit yang diberikan perbankan pada sektor umkm masih terlalu kecil dibandingkan sektor-sektor lain. belum lagi alokasi untuk umkm ternyata masih banyak untuk konsumsi dibandingkan untuk modal kerja dan modal investasi. diketahui bahwa pada tahun 2006 modal kerja yang tersalurkan kepada umkm sebesar rp. 171, 118 milyar dan pada oktober 2007 menjadi rp. 193,066 milyar (naik 11,37%), untuk modal investasi dari rp. 37,147 milyar menjadi rp. 43, 107 milyar (naik 13,82 %), sementara untuk alokasi konsumsi dari rp. 202, 177 milyar menjadi rp. 242,569 milyar (naik 16,65%). ketiga, angka kemiskinan dan pengangguran terus meningkat, angka kemiskinan tahun 2005 adalah 16,6% naik menjadi 17,8 % pada tahun 2006. pada tahun 2007 memang ada penurunan menjadi 16,6% tetapi kondisi ini diprediksi tidak akan tahan lama karena angka kemiskinan akan kembali meningkat akibat kenaikan harga bahan bakar minyak (bbm). alokasi subsisdi bbm melalui bantuan langsung tunai (blt) tidak dapat dijadikan solusi ketika harga kebutuhan pokok di pasaran meningkat lebih tinggi. wijaya adi mengatakan bahwa kenaikan harga bbm akan memicu peningkatan angka pengangguran sebesar 9,7 juta jiwa atau sebesar 8,6% dari seluruh angkatan kerja.38 jumlah pengangguran pada bulan februari 2008 tercatat 9,43 juta atau 8,46% dari seluruh jumlah angkatan kerja, lebih rendah jika dibandingkan periode yang sama pada tahun 2007 yang mencapai 10,55 juta atau 9,75% dari jumlah angkatan kerja. dengan kondisi seperti ini penduduk miskin pada desember 2008 akan bertambah menjadi 41,7 juta jiwa atau 21,92%. padahal sebagaimana telah dijelaskan pada bagian pendahuluan tulisan ini bahwa prioritas pembangunan diarahkan pada pengurangan angka kemiskinan dan pengangguran. target yang ingin dicapai adalah mengurangi angka pengangguran menjadi 5,1% tahun 2009 dan mengurangi angka kemiskinan menjadi 8,2% tahun 2009.39 dengan demikian dapat dikatakan bahwa alokasi blt yang dialokasikan bagi 19,1 juta keluarga miskin sebenarnya hanya menambah penghasilan semu, sementara kenaikan harga bbm akan mengakibatkan 38pernyataan wijaya adi berdasarkan hasil penelitian p2e-lipi, koran jakarta, kamis, 29 mei 2008. 39teuku syarif, ‚proporsi panyaluran dana perbankan untuk umkm‛, jurnal infokop, vol. 15 no.2, (desember 2007), h. 1. lihat juga, anonimus, ‚presiden meresmikan program kredit usaha rakyat untuk mempercepat proses pemberdayaan umkm‛, harian republika, 8 november 2007, h. 7. euis amalia: transformasi nilai-nilai ekonomi islam 78 harga-harga naik yang pada gilirannya membuat penduduk miskin semakin banyak. upaya pengentasan kemiskinan dapat dilakukan antara lain dengan memutus mata rantai kemiskinan itu sendiri, di antaranya adalah dengan penguatan pelbagai aspek di sektor usaha menengah, kecil, dan mikro (umkm) yang pada dasarnya merupakan bagian dari masyarakat miskin yang mempunyai kemauan dan kemampuan produktif.40 arti penting umkm tidak terbantahkan lagi tetapi hingga kini umkm dan lembaga jasa keuangan yang bergerak di sektor usaha kecil dan mikro masih berada dalam kondisi yang belum berubah meskipun pelbagai program telah dijalankan. ukm adalah representasi grassroots, dalam konstitusi indonesia rakyat berada pada posisi substansial buakan residual, hal ini dapat dimaknai dari pasal 33 undang-undang dasar 1945. artinya kebijakan pemerintah harus berorintasi pada kelompok ini people center-grassroots basedpeople based. merujuk pada pemikiran sri edi swasosno, dijelaskan bahwa demokrasi ekonomi harus diwujudkan dalam hubungan participatory-emancipatory, bukan hubungan subordinasi yang discriminatory, yang menumbuhkan ketergantungan pihak buruh kepada majikan, hamba kepada tuan, ‘koeli’ kepada ‘taoke.’ paradigma pembangunan selama ini didasarkan atas asumsi–asumsi yang tidak realistis, mendewakan pasar bebas free market and free competition serta menafikan nilai-nilai moral harus diubah dengan paradigma ekonomi yang beretika dan berkeadilan. cara pandang lama tersebut hanya akan melahirkan sistem ekonomi kapitalistik yang berujung pada disempowerment, impoverisment yang dapat menumbuhkan self disempowerment. pemikiran ini sejalan dengan pernyataan amartya sen dalam bukunya, on etics and economics (1991), bahwa ‚development is expention of people’s capabilities” dan (kotari, 1976), pembangunan adalah suatu strategi yang tidak hanya untuk memproduksi kebutuhan pokok sebanyak mungkin untuk rakyat tetapi sebanyak mungkin rakyat itulah yang memproduksi kebutuhan pokoknya, ‚..a strategy which not only producers for the mass of people but which the mass of the people are also producers‛. orientasi pembangunan selayaknya tidak untuk sekadar meningkatkan pendapatan perkapita tetapi harus diarahkan pada penguatan kapabilitas masyarakat, kemampuan berproduksi dan penegakan nilai-nilai moral. 40wiloejo wirjo wijono, apresiasi terhadap tahun keuangan mikro 2005 dan millenium development goal (mdg): pemberdayaan lembaga keuangan mikro sebagai salah satu pilar sistem keuangan nasional, upaya konkret memutus mata rantai kemiskinan”, 2005, h. 1. al-iqtishad: vol. iii, no. 1, januari 2011 79 harga-harga naik yang pada gilirannya membuat penduduk miskin semakin banyak. upaya pengentasan kemiskinan dapat dilakukan antara lain dengan memutus mata rantai kemiskinan itu sendiri, di antaranya adalah dengan penguatan pelbagai aspek di sektor usaha menengah, kecil, dan mikro (umkm) yang pada dasarnya merupakan bagian dari masyarakat miskin yang mempunyai kemauan dan kemampuan produktif.40 arti penting umkm tidak terbantahkan lagi tetapi hingga kini umkm dan lembaga jasa keuangan yang bergerak di sektor usaha kecil dan mikro masih berada dalam kondisi yang belum berubah meskipun pelbagai program telah dijalankan. ukm adalah representasi grassroots, dalam konstitusi indonesia rakyat berada pada posisi substansial buakan residual, hal ini dapat dimaknai dari pasal 33 undang-undang dasar 1945. artinya kebijakan pemerintah harus berorintasi pada kelompok ini people center-grassroots basedpeople based. merujuk pada pemikiran sri edi swasosno, dijelaskan bahwa demokrasi ekonomi harus diwujudkan dalam hubungan participatory-emancipatory, bukan hubungan subordinasi yang discriminatory, yang menumbuhkan ketergantungan pihak buruh kepada majikan, hamba kepada tuan, ‘koeli’ kepada ‘taoke.’ paradigma pembangunan selama ini didasarkan atas asumsi–asumsi yang tidak realistis, mendewakan pasar bebas free market and free competition serta menafikan nilai-nilai moral harus diubah dengan paradigma ekonomi yang beretika dan berkeadilan. cara pandang lama tersebut hanya akan melahirkan sistem ekonomi kapitalistik yang berujung pada disempowerment, impoverisment yang dapat menumbuhkan self disempowerment. pemikiran ini sejalan dengan pernyataan amartya sen dalam bukunya, on etics and economics (1991), bahwa ‚development is expention of people’s capabilities” dan (kotari, 1976), pembangunan adalah suatu strategi yang tidak hanya untuk memproduksi kebutuhan pokok sebanyak mungkin untuk rakyat tetapi sebanyak mungkin rakyat itulah yang memproduksi kebutuhan pokoknya, ‚..a strategy which not only producers for the mass of people but which the mass of the people are also producers‛. orientasi pembangunan selayaknya tidak untuk sekadar meningkatkan pendapatan perkapita tetapi harus diarahkan pada penguatan kapabilitas masyarakat, kemampuan berproduksi dan penegakan nilai-nilai moral. 40wiloejo wirjo wijono, apresiasi terhadap tahun keuangan mikro 2005 dan millenium development goal (mdg): pemberdayaan lembaga keuangan mikro sebagai salah satu pilar sistem keuangan nasional, upaya konkret memutus mata rantai kemiskinan”, 2005, h. 1. transformasi nilai-nilai ekonomi islam dalam rangka keadilan distributif keadilan distributif adalah prinsip utama dalam ekonomi islam. sebagaimana telah dipaparkan oleh para pemikir muslim bahwa ada dua sendi utama dalam distribusi, yaitu kebebasan dan keadilan. ekonomi islam bertujuan untuk menyejahterakan masyarakat secara adil dan seimbang karena dengan landasan ini para pihak yang terlibat dalam proses ekonomi tidak akan saling menindas atau mengeksploitasi satu sama lain. nilai-nilai moral menjadi bagian fundamental bagi kegiatan ekonomi. dalam kehidupan ekonomi makna transformasi ini adalah berarti ‚mengubah sistem ekonomi yang eksploitatif dan subordinatif menjadi sistem ekonomi berkeadilan dan demokratis.‛ dalam kaitan ini, mengubah sistem ekonomi ribawî yang mengandung aspek ‘zhulm’ menjadi ekonomi syariah yang berdasarkan qisth, ‘adl, birr yang bersesuaian dengan makna keadilan, keseimbangan dan kebaikan dengan tujuan maslahah lil ammâh. konsep ekonomi islam ini dapat mengakomodasi demokrasi ekonomi indonesia yang secara substantif memiliki keselarasan. melalui sistem ekonomi islam penumpukan kekayaan oleh sekelompok orang dihindarkan dan langkah-langkah dilakukan secara otomatis untuk memindahkan aliran kekayaan kepada masyarakat yang lemah. melalui sendi kebebasan sistem ekonomi islam memberikan peluang dan akses yang sama dan memberikan hak-hak alami kepada semua orang. kepemilikan individu dilindungi tetapi perlu diimbangi dengan rasa tanggung jawab dan dibatasi oleh landasan moral dan hukum. dalam kerangka moral islam setiap individu tidak akan melalukan monopoli, tindakan korupsi, mengabaikan kepentingan orang lain untuk diri sendiri, keluarga atau kerabat. semua individu memiliki peluang dan kesempatan yang sama untuk berusaha dan mengalokasikan pendapatannya secara efisien41 tanpa mengganggu keseimbangan ekonomi masyarakat. 41 efisiensi di sini harus dimaknai secara proporsional, moderasi dalam melakukan pilihanpilihan konsumsi dan investasi sesuai kebutuhan dengan memanfaatkan resource yang tersedia didasarkan pada kontes mashlahah. dalam hal ini kebutuhan pokok (dharûriyyâ) harus prioritas, baru kemudian meningkat pada kebutuhan yang bersifat hajjiyât, dan tahsîniyyât. lihat fahim khan, ‚the theory of consumer behaviour in an islamic perspective‛ dalam ausaf ahamad, lectures on islamic economis (jeddah: irti, 1991); lihat juga euis amalia, ‚teori perilaku konsumen dalam perspektif ekonomi islam‛, dalam jurnal jauhar, vol. 4 no. 1 (jakarta: pascasarjana uin, juni 2003) h. 15. adapun efisiensi ekonomi dalam doktrin neoklasikal yang menegaskan individual maximum satisfaction sedangkan yang dikejar sampai pada titik singgung antara individual indifference-curve dengan budget-line, ataupun dalam arti maximum profit badan usaha privat (private firm) pada tingkat produksi di mana marginal cost sama tingginya dengan marginal revenue, haruslah dikoreksi dengan kepentingan dan kaidah-kaidah social yang berlaku secara institusional. tercapainya kepuasan maksimal orang-seorang individu dan laba maksimal badan usaha privat tidak harus dikejar selama hal ini mengorbankan kepentingan sosial. adagium seperti berhenti makan sebelum euis amalia: transformasi nilai-nilai ekonomi islam 80 pemaknaan efisiensi dalam konteks ekonomi syariah berbeda dengan efisiensi dalam pemahaman ekonomi konvensional (baca neoklasik/smitihan). melalui prinsip-prinsip ekonomi islam tidak memungkinkan individu menumpuk kekayaan secara berlebihan sementara mayoritas masyarakat berada dalam kemiskinan dan tidak dapat memenuhi kebutuhan pokoknya. keberhasilan sistem ekonomi islam terletak pada sejauh mana keselarasan dan keseimbangan dapat dilakukan antara kebutuhan material dan kebutuhan akan pemenuhan etika dan moral itu sendiri. islam memandu nilai kebebasan dan keadilan ini dalam kerangka tauhid, yaitu menyadari potensi yang ada pada diri manusia adalah anugerah ilahi yang harus digunakan untuk pengabdian dan menjalankan misi moral yang tidak berkesudahan di muka bumi ini. haider naqvi,42 mengemukakan beberapa aksioma dasar ekonomi islam atau disebut juga prinsip dasar. prinsip-prinsip dasar pemahaman bahwa materi adalah segalanya bagi kehidupan sebagaimana pandangan kapitalisme tidak dapat dibenarkan dalam pemikiran ekonomi islam. dalam ekonomi yang berbasis islam kedua dimensi (material dan non material) termuat di dalamnya sebagaimana tercermin dari nilai dasar (value based) yang dimilikinya, yaitu ketauhidan, keadilan dan keseimbangan, kebebasan kehendak, dan betanggung jawab.43 pertama, prinsip tauhid. menurut imaduddin abdurrahim, orang yang mampu mentauhidkan allah swt. secara konsisten akan melihat manusia lain sama dengan dirinya, dan karena itu dia akan memperlakukan orang lain sebagaimana ia sendiri ingin diperlakukan orang.44 sejalan dengan itu, mausudul kenyang, menghindari tidur kenyang selama tetangganya kelaparan, merupakan suatu kaidah sosial berdimensi keadilan yang perlu diikuti. demikian pula badan usaha public, seperti rumah sakit, sekolah umum, perkeretaapian dan transportasi rakyat pada umumnya, boleh merugi dan negara menutup kerugian dengan subsidi demi kesejahteraan masyarakat, namun dalam kerugian tersebut tidak diperbolehkan mengandung unsure pemborosan ekonomi. lihat sri-edi swasono, ‚beyond the rule of neo-classical marginal cost and marginal revenue, and the compassion utility curve mimeo‛ (gspia, university of pittsburgh, january, 1992). 42syed nawab haider naqvi, islam, economics, and society, (new york: kegan paul international, 1994). lihat juga naqvi, menggagas ilmu ekonomi islam, terjemahan m. saiful anam, (yogyakarta: pustaka pelajar, 2003), h..37. 43syed nawab haider naqvi, etics and economics an islamic syinthesis, (london: the islamic foundation, 1981), h. 21. 44 imaduddin abdurrahim, ‚sikap tauhid dan motivasi kerja‛, dalam jurnal ulumul qur’an, ii, 6 (juli-september, 1990), h. 40. al-iqtishad: vol. iii, no. 1, januari 2011 81 pemaknaan efisiensi dalam konteks ekonomi syariah berbeda dengan efisiensi dalam pemahaman ekonomi konvensional (baca neoklasik/smitihan). melalui prinsip-prinsip ekonomi islam tidak memungkinkan individu menumpuk kekayaan secara berlebihan sementara mayoritas masyarakat berada dalam kemiskinan dan tidak dapat memenuhi kebutuhan pokoknya. keberhasilan sistem ekonomi islam terletak pada sejauh mana keselarasan dan keseimbangan dapat dilakukan antara kebutuhan material dan kebutuhan akan pemenuhan etika dan moral itu sendiri. islam memandu nilai kebebasan dan keadilan ini dalam kerangka tauhid, yaitu menyadari potensi yang ada pada diri manusia adalah anugerah ilahi yang harus digunakan untuk pengabdian dan menjalankan misi moral yang tidak berkesudahan di muka bumi ini. haider naqvi,42 mengemukakan beberapa aksioma dasar ekonomi islam atau disebut juga prinsip dasar. prinsip-prinsip dasar pemahaman bahwa materi adalah segalanya bagi kehidupan sebagaimana pandangan kapitalisme tidak dapat dibenarkan dalam pemikiran ekonomi islam. dalam ekonomi yang berbasis islam kedua dimensi (material dan non material) termuat di dalamnya sebagaimana tercermin dari nilai dasar (value based) yang dimilikinya, yaitu ketauhidan, keadilan dan keseimbangan, kebebasan kehendak, dan betanggung jawab.43 pertama, prinsip tauhid. menurut imaduddin abdurrahim, orang yang mampu mentauhidkan allah swt. secara konsisten akan melihat manusia lain sama dengan dirinya, dan karena itu dia akan memperlakukan orang lain sebagaimana ia sendiri ingin diperlakukan orang.44 sejalan dengan itu, mausudul kenyang, menghindari tidur kenyang selama tetangganya kelaparan, merupakan suatu kaidah sosial berdimensi keadilan yang perlu diikuti. demikian pula badan usaha public, seperti rumah sakit, sekolah umum, perkeretaapian dan transportasi rakyat pada umumnya, boleh merugi dan negara menutup kerugian dengan subsidi demi kesejahteraan masyarakat, namun dalam kerugian tersebut tidak diperbolehkan mengandung unsure pemborosan ekonomi. lihat sri-edi swasono, ‚beyond the rule of neo-classical marginal cost and marginal revenue, and the compassion utility curve mimeo‛ (gspia, university of pittsburgh, january, 1992). 42syed nawab haider naqvi, islam, economics, and society, (new york: kegan paul international, 1994). lihat juga naqvi, menggagas ilmu ekonomi islam, terjemahan m. saiful anam, (yogyakarta: pustaka pelajar, 2003), h..37. 43syed nawab haider naqvi, etics and economics an islamic syinthesis, (london: the islamic foundation, 1981), h. 21. 44 imaduddin abdurrahim, ‚sikap tauhid dan motivasi kerja‛, dalam jurnal ulumul qur’an, ii, 6 (juli-september, 1990), h. 40. alam choudhoury dalam contibution to islamic economic theory,45 menghubungkan aspek ketauhidan ini dengan dimensi persaudaraan (tauhîd and brotherhood). dalam pemikirannya konsep tauhid tidak saja tercermin dalam hubungan vertikal (manusia dengan khâliq-nya) tetapi terwujud dalam hubungan horisontal (manusia dengan sesamanya). sebagai refleksi dari prinsip unitas (kesatuan) ini, maka seseorang yang tunduk pada nilai-nilai islam (islamic man) tidak akan melakukan: pertama, mendiskriminasi di antara pekerja, penjual, pembeli, mitra kerja, dan sebagainya atas dasar pertimbangan ras, warna kulit, gender, agama, dan lainnya. kedua, terpaksa melakukan praktik yang tidak etis, karena hanya allah-lah yang ditakuti dan dicintai. ketiga, menimbun kekayaan (iktinâz), karena kekayaan merupakan amanah allah. ketauhidan berfungsi untuk membedakan sang khâliq dan makhluk-nya yang diikuti dengan penyerahan tanpa syarat oleh setiap makhluk terhadap kehendak-nya serta memberikan suatu perspektif yang pasti dan menjamin proses pencarian kebenaran oleh manusia yang pasti tercapai sepanjang menggunakan petunjuk allah swt. kedua, prinsip keadilan. dalam islam, keadilan merupakan ajaran yang sangat fundamental dan mencakup keseluruhan aspek kehidupan: ekonomi, sosial, politik, bahkan lingkungan hidup. luasnya dimensi aplikatif keadilan, alquran memaknakannya dengan pelbagai arti, seperti: ‚sesuatu yang benar, sikap tidak memihak, penjagaan hak-hak seseorang, cara yang tepat dalam mengambil keputusan,46 keseimbangan, dan pemerataan‛.47 dalam konteks ekonomi, choudhury memaknainya dengan distributional equity (keadilan distributif) sebagai pilar utama dalam penegakan keadilan ekonomi.48 pada tataran sosiologis, keadilan berarti bahwa ‚setiap orang harus diperlakukan sebagaimana mestinya, tanpa tekanan yang tidak wajar atau diskriminasi‛,49 sehingga ia mencakup ‚perlakuan yang fair, persamaan serta 45 mausudul alam choudhury, contribution to islamic economic theory, (new york: st. martin press, 1986), h. 8. 46abdurrahman wahid, ‚konsep-konsep keadilan‛ dalam budhy munawar rachman, ed., kontekstualisasi doktrin islam dalam sejarah, (jakarta: yayasan wakaf paramadina, 1994), cet. i, h. 76. 47 nejatullah siddieqi, the economic enterprise in islam, (lahore: islamic publications ltd., 1979). lihat juga, najatullah siddiqi, kegiatan ekonomi dalam islam, terjemahan oleh anas sidik, (jakarta: bumi aksara, 1988), h. 42. 48 mausudul alam choudhury, contribution to islamic economic theory, h. 10. 49 sayyid fayyaz ahmad, ‚ethical responsibility of business: islamic principles and implications‛ dalam f.r faridi ed., islamic principles of business organization and management, (new delhi: qazi publisher and distributors, 1995), h. 25. euis amalia: transformasi nilai-nilai ekonomi islam 82 rasa proporsional dan keseimbangan‛.50 tanpa keadilan dalam kehidupan, maka tatanan sosial juga akan mengalami distorsi yang pada akhirnya membahayakan diri sendiri. keseimbangan merupakan dimensi horisontal dari islam yang dalam perspektif yang lebih praktis meliputi keseimbangan jasmani-ruhani, materialnon material, individu dan sosial. ketiga, prinsip kebebasan. sedangkan yang dimaksud dengan kebebasan kehendak disini adalah kebebasan yang dibingkai dengan tauhid, artinya manusia bebas tidak sebebas-bebasnya tetapi terikat dengan batasan-batasan yang diberikan oleh allah. dalam islam, prinsip ini merupakan unsur komplementer dari konsep khalifah. karena ‚sampai pada tingkat tertentu, manusia dianugerahi kehendak bebas (free will) untuk mengarah dan membimbing kehidupannya sendiri sebagai khalifah di bumi‛.51 kebebasan manusia untuk mengaplikasikan potensi nalar kreatifnya akan mendorong fungsi kekhalifahannya terimplementasi secara aktual. keempat, prinsip pertanggungjawaban. kebebasan ini juga menyiratkan tanggung jawab sebagai penyertanya. refleksi adanya tanggung jawab ini, antara lain dengan adanya pembalasan terhadap setiap tindakan manusia. prinsip kebebasan ini berwujud dengan adanya kebolehan kepemilikan individu terhadap harta, legalitas perdagangan dan kebolehan menjalin akad kerjasama. sedangkan refleksi tanggung jawab dalam aspek kebebasan ini antara lain berwujud pertanyaan allah di akherat akan asal muasal dan arah pengelolaan harta. tanggung jawab merupakan konsekuensi logis dari adanya kebebasan yang tidak hanya mencakup seluruh perbuatan di dunia dan akhirat saja tetapi juga terhadap lingkungan di sekitarnya.52 berkenaan dengan teori distribusi, dalam ekonomi kapitalis dilakukan dengan cara memberikan kebebasan memiliki dan kebebasan berusaha bagi semua individu masyarakat, sehingga setiap individu masyarakat bebas memperoleh kekayaan sejumlah yang ia mampu dan sesuai dengan faktor produksi yang dimilikinya tanpa memperhatikan apakah pendistribusian tersebut merata dirasakan oleh semua individu masyarakat atau hanya bagi sebagian saja. teori yang diterapkan oleh sistem kapitalis ini tidak dibenarkan dan dalam pandangan ekonomi islam adalah zhulm, sebab apabila teori tersebut diterapkan maka 50 ahmad, ‚ethical responsibility of business: islamic principles and implications‛ dalam f.r. faridi ed., islamic principles of business organization and management, h. 26. 51 rafik isaa beekun, ‚etika bisnis islam: sebuah perspektif lingkungan global‛, dalam jurnal ulumul qur’an, vii, 3, (desember, 1997), h.14-16. 52syed nawab haider naqvi, etics and economics an islamic syinthesis, (london: the islamic foundation, 1981), h. 26. al-iqtishad: vol. iii, no. 1, januari 2011 83 rasa proporsional dan keseimbangan‛.50 tanpa keadilan dalam kehidupan, maka tatanan sosial juga akan mengalami distorsi yang pada akhirnya membahayakan diri sendiri. keseimbangan merupakan dimensi horisontal dari islam yang dalam perspektif yang lebih praktis meliputi keseimbangan jasmani-ruhani, materialnon material, individu dan sosial. ketiga, prinsip kebebasan. sedangkan yang dimaksud dengan kebebasan kehendak disini adalah kebebasan yang dibingkai dengan tauhid, artinya manusia bebas tidak sebebas-bebasnya tetapi terikat dengan batasan-batasan yang diberikan oleh allah. dalam islam, prinsip ini merupakan unsur komplementer dari konsep khalifah. karena ‚sampai pada tingkat tertentu, manusia dianugerahi kehendak bebas (free will) untuk mengarah dan membimbing kehidupannya sendiri sebagai khalifah di bumi‛.51 kebebasan manusia untuk mengaplikasikan potensi nalar kreatifnya akan mendorong fungsi kekhalifahannya terimplementasi secara aktual. keempat, prinsip pertanggungjawaban. kebebasan ini juga menyiratkan tanggung jawab sebagai penyertanya. refleksi adanya tanggung jawab ini, antara lain dengan adanya pembalasan terhadap setiap tindakan manusia. prinsip kebebasan ini berwujud dengan adanya kebolehan kepemilikan individu terhadap harta, legalitas perdagangan dan kebolehan menjalin akad kerjasama. sedangkan refleksi tanggung jawab dalam aspek kebebasan ini antara lain berwujud pertanyaan allah di akherat akan asal muasal dan arah pengelolaan harta. tanggung jawab merupakan konsekuensi logis dari adanya kebebasan yang tidak hanya mencakup seluruh perbuatan di dunia dan akhirat saja tetapi juga terhadap lingkungan di sekitarnya.52 berkenaan dengan teori distribusi, dalam ekonomi kapitalis dilakukan dengan cara memberikan kebebasan memiliki dan kebebasan berusaha bagi semua individu masyarakat, sehingga setiap individu masyarakat bebas memperoleh kekayaan sejumlah yang ia mampu dan sesuai dengan faktor produksi yang dimilikinya tanpa memperhatikan apakah pendistribusian tersebut merata dirasakan oleh semua individu masyarakat atau hanya bagi sebagian saja. teori yang diterapkan oleh sistem kapitalis ini tidak dibenarkan dan dalam pandangan ekonomi islam adalah zhulm, sebab apabila teori tersebut diterapkan maka 50 ahmad, ‚ethical responsibility of business: islamic principles and implications‛ dalam f.r. faridi ed., islamic principles of business organization and management, h. 26. 51 rafik isaa beekun, ‚etika bisnis islam: sebuah perspektif lingkungan global‛, dalam jurnal ulumul qur’an, vii, 3, (desember, 1997), h.14-16. 52syed nawab haider naqvi, etics and economics an islamic syinthesis, (london: the islamic foundation, 1981), h. 26. berimplikasi pada penumpukan kekayaan pada sebagian pihak dan ketidakmampuan di pihak lain. sistem ekonomi yang berbasis islam menghendaki bahwa dalam hal pendistribusian harus berdasarkan dua sendi, yaitu sendi kebebasan dan keadilan kepemilikan.53 kebebasan di sini adalah kebebasan dalam bertindak yang dibingkai oleh nilai-nilai agama dan keadilan, tidak seperti pemahaman kaum kapitalis yang menyatakannya sebagai tindakan membebaskan manusia untuk berbuat dan bertindak tanpa campur tangan pihak mana pun. dalam hal ini, keseimbangan antara individu dengan unsur materi dan spiritual yang dimilikinya, keseimbangan antara individu dan masyarakat serta antara suatu masyarakat dengan masyarakat lainnya.54 keberadilan dalam pendistribusian ini tercermin dari larangan dalam alquran agar harta kekayaan tidak menjadi barang dagangan yang hanya beredar di antara orang-orang kaya saja (q.s. alhasyr (59):7), akan tetapi diharapkan dapat memberi kontribusi pada kesejahteraan masyarakat sebagai suatu kesatuan. prinsip-prinsip kebijakan distribusi faktor-faktor kepemilikan adalah distribusi yang berkaitan dengan sumber daya alam. keadilan dalam distribusi pendapatan akan terealisasi seiring dengan terealisasinya distribusi kekayaan, begitu pula pendapatan seseorang ditentukan dengan sejauh mana kontribusinya dalam kegiatan ekonomi dan proses produksi, oleh karena itu keuntungan mereka tergantung kepada skill dan kontribusi mereka terhadap proses produksi. dengan demikian keadilan distrbusi pendapatan dapat terealisasi di kalangan masyarakat. dari keterangan di atas dapat diambil kesimpulan bahwa kebijakan ekonomi dan politik ekonomi mempunyai peranan penting dalam merealisasikan keadilan dalam distribusi pendapatan. dalam sistem ekonomi kapitalis bahwa kemiskinan dapat diselesaikan dengan cara menaikkan tingkat produksi dan meningkatkan pendapatan nasional (national income) adalah teori yang tidak sepenuhnya benar, bahkan kemiskinan menjadi salah satu produk dari sistem ekonomi kapitalistik yang melahirkan pola distribusi kekayaan secara tidak adil. fakta empirik menunjukkan bahwa bukan karena tidak ada makanan yang membuat rakyat menderita kelaparan melainkan buruknya distribusi makanan. pemikiran 53yusuf qaradhawi, dawr al-qiyâm wa al-akhlâq fî al-iqtishâd al-islâmî, h. 368. 54zainuddin ahmad, islam, poverty and income distribution, (u.k. leicester: islamabad foundation, 1991), h. 7. lihat juga zianuddin ahmad, islam, kemiskinan dan pemerataan pendapatan, (yogyakarta: dhana bakti prima yasa, 1998), h. 7. euis amalia: transformasi nilai-nilai ekonomi islam 84 ekonomi kritis amartya sen (1987),55 bahwa pembangunan harus berorientasi pada kebutuhan rakyat, pembangunan harus diupayakan pemerintah untuk membuat masyarakat menjadi berdaya dan kapabel. lebih jauh lagi kotari (1976),56 telah menyatakan bahwa pembangunan adalah suatu strategi yang bukan hanya pemerintah mampu sebanyak mungkin memenuhi kebutuhan pokok rakyat tetapi rakyat sebanyak mungkin memiliki kemampuan untuk memproduksi kebutuhannya. hal ini juga sejalan dengan pasal 33 yang mengisyaratkan bahwa kemakmuran bukan untuk orang seorang tetapi untuk kemakmuran masyarakat banyak seperti telah dijelaskan di atas. dalam kaitan ini bâqir al-shadr,57 menolak asumsi ekonomi konvensional bahwa masalah ekonomi muncul disebabkan oleh faktor kelangkaan. menurut shadr masalah ekonomi muncul karena distribusi yang tidak merata dan tidak adil sebagai akibat sistem ekonomi yang membolehkan eksploitasi pihak yang kuat terhadap pihak yang lemah. yang kuat memiliki akses terhadap sumber daya sehingga menjadi sangat kaya. sementara yang miskin tidak memiliki akses terhadap sumber daya sehingga menjadi sangat miskin. berangkat dari pemikiran ini, shadr tidak setuju dengan pemikiran ekonomi yang ada tetapi menggantinya dengan istilah iqtishâd,58 yang bermakna seimbang, adil, pertengahan, dan keadilan inilah yang harus melandasi sistem ekonomi yang berkembang. pemikirannya ini ditulis secara sangat lengkap dalam bukunya yang diberi judul iqtishâdunâ (ekonomi kita) dan yang dimaksud yaitu ekonomi islam yang dikonstruksi dari sumber-sumber utama, yaitu alquran dan sunah, bukan atas dasar pemikiran manusia. 55amartya sen, on etics and economics, (1987) (oxford: basil blackwell , 1991). lihat swasono, indonesia dan doktrin kesejahteraan sosial: dari klasikal dan neoklasikal sampai ke the end of laissez-faire, (jakarta: perkumpulan pra karsa, 2005), h. 71. 56 rajni kotari, democratic policy and social change in india: crisis anad opportunities, (new delhi: allied publishers, 1976). baca swasono, ‚strategi-strategi pembangunan,‛ bahan kuliah sistem ekonomi, unair, surabaya, 2 mei 2008., h. 3. 57 m. baqir as-sadr, iqtishâdunâ, cet. iv, (beirût: dâr al-fikr, 1973), h. 25. lihat juga euis amalia, sejarah pemikiran ekonomi islam: dari masa klasik hingga kontemporer, (jakarta: pustaka asatruss, 2007), h. 252-253. lihat juga, tim p3ei uii jogjakarta dan bank indonesia, ekonomi islam, (jakarta: rajawali pers, 2008), h. 8. dalam buku tersebut dijelaskan bahwa ketidakadilan distribusi adalah disebabkan karena kelangkaan ‘relatif’, yaitu kelangkaan tidak secara alamiah tetapi lebih disebabkan karena keserakahan sekelompok orang atau bangsa sehingga sangat menguasai sebagian sumber daya sementara yang lain tidak dapat mengaksesnya. 58 as-sadr, iqtishâdunâ, h. 26. al-iqtishad: vol. iii, no. 1, januari 2011 85 ekonomi kritis amartya sen (1987),55 bahwa pembangunan harus berorientasi pada kebutuhan rakyat, pembangunan harus diupayakan pemerintah untuk membuat masyarakat menjadi berdaya dan kapabel. lebih jauh lagi kotari (1976),56 telah menyatakan bahwa pembangunan adalah suatu strategi yang bukan hanya pemerintah mampu sebanyak mungkin memenuhi kebutuhan pokok rakyat tetapi rakyat sebanyak mungkin memiliki kemampuan untuk memproduksi kebutuhannya. hal ini juga sejalan dengan pasal 33 yang mengisyaratkan bahwa kemakmuran bukan untuk orang seorang tetapi untuk kemakmuran masyarakat banyak seperti telah dijelaskan di atas. dalam kaitan ini bâqir al-shadr,57 menolak asumsi ekonomi konvensional bahwa masalah ekonomi muncul disebabkan oleh faktor kelangkaan. menurut shadr masalah ekonomi muncul karena distribusi yang tidak merata dan tidak adil sebagai akibat sistem ekonomi yang membolehkan eksploitasi pihak yang kuat terhadap pihak yang lemah. yang kuat memiliki akses terhadap sumber daya sehingga menjadi sangat kaya. sementara yang miskin tidak memiliki akses terhadap sumber daya sehingga menjadi sangat miskin. berangkat dari pemikiran ini, shadr tidak setuju dengan pemikiran ekonomi yang ada tetapi menggantinya dengan istilah iqtishâd,58 yang bermakna seimbang, adil, pertengahan, dan keadilan inilah yang harus melandasi sistem ekonomi yang berkembang. pemikirannya ini ditulis secara sangat lengkap dalam bukunya yang diberi judul iqtishâdunâ (ekonomi kita) dan yang dimaksud yaitu ekonomi islam yang dikonstruksi dari sumber-sumber utama, yaitu alquran dan sunah, bukan atas dasar pemikiran manusia. 55amartya sen, on etics and economics, (1987) (oxford: basil blackwell , 1991). lihat swasono, indonesia dan doktrin kesejahteraan sosial: dari klasikal dan neoklasikal sampai ke the end of laissez-faire, (jakarta: perkumpulan pra karsa, 2005), h. 71. 56 rajni kotari, democratic policy and social change in india: crisis anad opportunities, (new delhi: allied publishers, 1976). baca swasono, ‚strategi-strategi pembangunan,‛ bahan kuliah sistem ekonomi, unair, surabaya, 2 mei 2008., h. 3. 57 m. baqir as-sadr, iqtishâdunâ, cet. iv, (beirût: dâr al-fikr, 1973), h. 25. lihat juga euis amalia, sejarah pemikiran ekonomi islam: dari masa klasik hingga kontemporer, (jakarta: pustaka asatruss, 2007), h. 252-253. lihat juga, tim p3ei uii jogjakarta dan bank indonesia, ekonomi islam, (jakarta: rajawali pers, 2008), h. 8. dalam buku tersebut dijelaskan bahwa ketidakadilan distribusi adalah disebabkan karena kelangkaan ‘relatif’, yaitu kelangkaan tidak secara alamiah tetapi lebih disebabkan karena keserakahan sekelompok orang atau bangsa sehingga sangat menguasai sebagian sumber daya sementara yang lain tidak dapat mengaksesnya. 58 as-sadr, iqtishâdunâ, h. 26. menurut pakar ekonomi islam, seperti: m.a. mannan,59 monzer kahf,60, umar chapra,61 ekonomi islam adalah teori dan sistem yang memiliki paradigma sendiri, ia berbeda dengan kapitalis dan sosialisme. meski berbeda dalam memahami bangunan sistem ini namun substansi yang diambil adalah sama. demikian pula choudoury,62 menjelaskan lebih lanjut bahwa ekonomi islam secara teoretis disebutnya sebagai tauhidi epistimology melalui suatu proses yang disebutnya sebagai shuratic process bermula dari alquran, sunah, ijmak, dan qiyâs dalam menghasilkan kententuan hukum islam. dalam paradigma ekonomi islaminya, choudoury menjelaskan tiga prinsip mayor dalam ekonomi islam, yaitu: tauhid and brotherhood, work and productivity, dan distributional equity, akan melahirkan keadilan dan keseimbangan ekonomi dalam masyarakat.63 akan tetapi, menurut dia hal ini dapat diwujudkan dengan adanya peran dari pemerintah melalui kebijakan yang dibuatnya. menurut dia ada empat instrumen kunci yang dapat dibangun dalam mewujudkan keadilan ini yaitu: pelarangan riba, institusi mudhârabah, pelarangan tindakan isrâf, dan penegakan institusi zakat. keempat instrumen tersebut adalah karakteristik dasar sistem ekonomi islam yang dikembangkan saat ini. lembaga keuangan mikro syariah adalah wujud paling konkret dalam upaya mewujudkan keadilan distributif. beberapa karakteristik sistem ekonomi islam menurut para pemikir ekonomi islam seperti m.a. manan64 dan monzer kahf65, setidaknya meliputi: pertama, mengakui kepemilikan individu dan kolektif dalam konteks kemaslahatan. kedua, tiadanya transaksi berbasis bunga dan mengunggulkan sistem bagi hasil/profit and loss sharing seperti dalam mudhârabah atau musyârakah. ketiga, berfungsinya institusi zakat sebagai salah satu sarana distribusi. keempat, mengakui 59 m.a. mannan, islamic economic: theory and practice, h. 16. lihat juga m.a. mannan, teori dan praktek ekonomi islam edisi lisensi, (yogyakarta: dana bhakti wakaf, 1993). 60 monzer kahf, the islamic economy: analytical study of the functioning of the islamic economic system, (t.tt.: plainfield in muslim studies association of u.s. and canada, 1979), h. 11. 61 umar chapra, the future of economics: an islamic perspective: lanscap baru perekonomian masa depan, penerjemah sigit pramono, (jakarta: sebi, 2001), h. 12. 62 masudul alam choudhury, studies in islamic economic social sciences, (london: mc millan press ltd., 1998), h. 32. 63 masudul alam choudhury, contribution to islamic economic theory, h. 15-18. 64 m.a mannan, islamic economics theory and practice, (delhi: idarah al adabi, 1980). lihat juga m.a. mannan, teori dan praktek ekonomi islam, edisi lisensi, (yogyakarta: dana bhakti wakaf, 1993), h. 19. 65 monzer kahf, the islamic economy: analytical study of the functioning of the islamic economic system, (t.tt.: plainfield in muslim studies association of u.s. and canada, 1979). euis amalia: transformasi nilai-nilai ekonomi islam 86 mekanisme pasar. kelima, perlu adanya peranan negara atau pemerintah dalam fungsinya sebagai regulator dan supervisor. senada dengan pemikir-pemikir sebelumnya, prinsip-prinsip ekonomi islam menurut sakti66 antara lain: pertama, tindakan ekonomi sekadar memenuhi kebutuhan (needs), bukan memuaskan keinginan (wants). jadi hidup hemat dan tidak bermewah-mewah (abstain from wasteful and luxurious living). kedua, implementasi zakat. pada tingkat negara mekanisme zakat adalah obligatory zakat system, bukan voluntary zakat system. di samping itu ada instrumen yang bersifat sukarela yaitu infak, sedekah, wakaf, dan hadiah. ketiga, penghapusan/pelarangan riba (prohibition of riba), gharar, dan maysir; menjadikan sistem bagi hasil (profit and loss sharing) sebagai pengganti dari sistem kredit dan bunganya (interst rate) dan membersihkan ekonomi dari segala perilaku buruk yang merusak sistem, seperti menipu, judi, dan korupsi. keempat, menjalankan usaha-usaha yang halal (permissible conduct); dari produk atau komoditi, manajemen, proses produksi, hingga proses sirkulasi atau distribusi harus dalam kerangka halal (tidak dilarang secara syariah) atau sepanjang belum ada dalil yang melarang aktivitas tersebut. tujuan dari prinsip-prinsip tersebut adalah agar segala aktivitas manusia benar-benar dapat mencapai kesejahteraan, kebahagiaan, kedamaian dan kemenangan dunia dan akhirat, sesuai visi sistem ekonomi islam itu sendiri. prinsip-prinsip tersebut menjadi tuntunan garis besar perilaku baik secara individu maupun kolektif. aktivitas usaha distribusi ini kemudian dituntut untuk dapat memenuhi hak dan kewajiban yang diinginkan oleh syariat bagi konsumen dan produsen, yaitu pemenuhan kebutuhan masyarakat luas. kebutuhan utama adalah kebutuhan dasar atau pokok yang harus menjadi prioritas utama untuk dipenuhi dari perekonomian yang dijalankan produsen, konsumen, dan distributor. dalam ekonomi islam kebutuhan dasar meliputi hifzh al-dîn, hifzh al‘aql, hifzh al-mâl, hifzh al-nafs, dan hifzh al-nasl yang sering disebut kebutuhan dharûriyyât. pemenuhan kebutuhan dasar dan penjaminan kelancarannya dalam perekonomian menjadi faktor penentu kestabilan ekonomi, politik dan sosial dalam kehidupan manusia. peran pemerintah atau negara juga sangat diperlukan dalam memastikan kelancaran distribusi ini. negara memiliki banyak pilihan berupa kebijakan (melalui regulasi atau perundang-undangan) atau instrumen lainnya untuk melakukannya. peran pemerintah adalah memastikan bahwa perilaku warganya 66 ali sakti, ekonomi islam: jawaban atas kekacauan ekonomi modern, (jakarta, paradigma & aqsa publishing, 2007), h. 59-60. al-iqtishad: vol. iii, no. 1, januari 2011 87 mekanisme pasar. kelima, perlu adanya peranan negara atau pemerintah dalam fungsinya sebagai regulator dan supervisor. senada dengan pemikir-pemikir sebelumnya, prinsip-prinsip ekonomi islam menurut sakti66 antara lain: pertama, tindakan ekonomi sekadar memenuhi kebutuhan (needs), bukan memuaskan keinginan (wants). jadi hidup hemat dan tidak bermewah-mewah (abstain from wasteful and luxurious living). kedua, implementasi zakat. pada tingkat negara mekanisme zakat adalah obligatory zakat system, bukan voluntary zakat system. di samping itu ada instrumen yang bersifat sukarela yaitu infak, sedekah, wakaf, dan hadiah. ketiga, penghapusan/pelarangan riba (prohibition of riba), gharar, dan maysir; menjadikan sistem bagi hasil (profit and loss sharing) sebagai pengganti dari sistem kredit dan bunganya (interst rate) dan membersihkan ekonomi dari segala perilaku buruk yang merusak sistem, seperti menipu, judi, dan korupsi. keempat, menjalankan usaha-usaha yang halal (permissible conduct); dari produk atau komoditi, manajemen, proses produksi, hingga proses sirkulasi atau distribusi harus dalam kerangka halal (tidak dilarang secara syariah) atau sepanjang belum ada dalil yang melarang aktivitas tersebut. tujuan dari prinsip-prinsip tersebut adalah agar segala aktivitas manusia benar-benar dapat mencapai kesejahteraan, kebahagiaan, kedamaian dan kemenangan dunia dan akhirat, sesuai visi sistem ekonomi islam itu sendiri. prinsip-prinsip tersebut menjadi tuntunan garis besar perilaku baik secara individu maupun kolektif. aktivitas usaha distribusi ini kemudian dituntut untuk dapat memenuhi hak dan kewajiban yang diinginkan oleh syariat bagi konsumen dan produsen, yaitu pemenuhan kebutuhan masyarakat luas. kebutuhan utama adalah kebutuhan dasar atau pokok yang harus menjadi prioritas utama untuk dipenuhi dari perekonomian yang dijalankan produsen, konsumen, dan distributor. dalam ekonomi islam kebutuhan dasar meliputi hifzh al-dîn, hifzh al‘aql, hifzh al-mâl, hifzh al-nafs, dan hifzh al-nasl yang sering disebut kebutuhan dharûriyyât. pemenuhan kebutuhan dasar dan penjaminan kelancarannya dalam perekonomian menjadi faktor penentu kestabilan ekonomi, politik dan sosial dalam kehidupan manusia. peran pemerintah atau negara juga sangat diperlukan dalam memastikan kelancaran distribusi ini. negara memiliki banyak pilihan berupa kebijakan (melalui regulasi atau perundang-undangan) atau instrumen lainnya untuk melakukannya. peran pemerintah adalah memastikan bahwa perilaku warganya 66 ali sakti, ekonomi islam: jawaban atas kekacauan ekonomi modern, (jakarta, paradigma & aqsa publishing, 2007), h. 59-60. agar tetap berada pada arah realisasi dan pemenuhan akan nilai-nilai tersebut. umer chapra (1999)67, merinci beberapa fungsi yang harus dilakukan pemerintah negara islam, yaitu: pertama, memberantas kemiskinan. kedua, menciptakan kondisi full employment dan pertumbuhan yang tinggi. ketiga, menjaga stabilitas nilai riil uang. keempat, menegakkan hukum dan ketertiban. kelima, menjamin keadilan sosial dan ekonomi. keenam, mengatur jaminan sosial dan mendorong distribusi pendapatan dan kekayaan yang adil. ketujuh, mengharmoniskan hubungan internasional dan menjaga pertahanan negara. lebih jauh lagi umar chapra mengembangkan pemikiran ibn khaldûn dalam kitab muqaddimah, tentang suatu hubungan yang dinamis antara pelbagai variabel agar keadilan dapat terwujud yang disebut lingkaran keadilan (circle of equity).68 reformasi anggaran negara wujud konkret yang perlu dilakukan dalam upaya transformasi nilai-nilai ekonomi islam tersebut adalah dengan melakukan reformasi anggaran belanja negara. hal ini dilakukan dengan cara restrukturisasi alokatif. menyangkut alokasi dana-dana pembangunan, baik dana anggaran nasional maupun daerah, baik yang berasal dari perbankan ataupun lembaga-lembaga nonbank. bank-bank dan lembaga keuangan non-bank harus tetap memlihara perannya sebagai agen pembangunan, agen reformasi, agen restrukturisasi ke arah tercapainya keseimbangan struktural yang lebih baik dan keadilan distributif. anggaran berorientasi pada pemenuhan belanja pegawai dan investasi. belanja pegawai ditentukan berdasarkan keahlian dan kapasitasnya, hal yang mudah diukur adalah jabatan dan jenjangnya kemudian besaran gajinya diukur berdasarkan kebutuhan dasarnya yang diacu pada kehidupan yang layak bagi kemanusiaan sejalan degan uud 1945 pasal 27 ayat (2). lima kebutuhan dasar (five basic 67 umer chapra, islam and economic development, (islamabad: irti, 1993), h. 45. 68lingkaran keadilan itu menghubungkan antara beberapa variabel yaitu: syariah (s), kekuasaan politik atau peran pemerintah (g), peran masyarakat (n), kekayaan atau sumber daya potensial (w), pembangunan (g) dan keadilan (j). dua variable paling penting yang merupakan tujuan utama adalah pembangunan (g) dan keadilan (j). dua hal ini sangat ditentukan oleh tata aturan perilaku berdasarkan sistem nilai yang berlaku pada masyarakat yang pedoman utamanya adalah syariah (s). syariah (s) tidak akan mampu memainkan peranan kecuali dijalankan secara benar, hal ini merupakan tanggung jawab masyarakat (n) dan pemerintah (g) untuk berusaha mewujudkan kesejahteraan (w) berdasarkan sumber daya (resources) yang ada. analisis ibnu khaldun dalam bentuk relasi fungsional dinyatakan dengan rumus: g = f (s, n, w, g dan j). lebih jauh lihat umar chapra, the future of economics: an islamic perspective: lanscap baru perekonomian masa depan. penerjemah sigit pramono, (jakarta: sebi, 2001), h. 153-155. euis amalia: transformasi nilai-nilai ekonomi islam 88 needs/ dharûriyyât) menjadi bench marking bagi alokasi rencana belanja apbn dan apbd.69 demikian juga untuk alokasi investasi disesuaikan dengan sasaran pemenuhan kebutuhan dasar dengan menumbuhkan sektor ril melalui pengembangan usaha kecil mikro di tiap wilayah. kebutuhan investasi bagi penguatan lkm dan ukm harus diposisikan perioritas dipandang basic needs, sejalan dengan pemaknaan demokrasi ekonomi maka pembangunan harus berdasar pada penguatan rakyat (people centered-grassroots based-people based). pembangunan harus diarahkan agar rakyat memiliki kebebasan dan kemampuan berproduksi sehingga sebanyak mungkin dapat memenuhi kebutuhan pokoknya. restrukturisasi anggaran tersebut perlu diimbangi juga dengan restrukturisasi spasial dan sektoral. sebuah upaya untuk mengurang kesenjangan antar wilayah dan ketimpangan antar sektor. untuk itu, kerangka otonomi daerah juga membuka ruang bagi pemerintah daerah dalam alokasi anggaran belanja daerahnya untuk kepentingan tumbuh kembangnya usaha-usaha potensial rakyat berdasarkan komoditas unggulan tiap daerah dalam pelbagai sektor antara lain: pertanian, industri, jasa, maupun pariwisata daerah. sinergitas antar wilayah adan antar sektor menjadi niscaya untuk dilakukan agar usaha rakyat secara keseluruhan menjadi sebuah kekuatan nasional yang mampu berkompetisi dalam kancah global. penutup usaha kecil mikro terbukti telah memberikan kontribusi yang besar bagi ekonomi indonesia. akan tetapi kontirbusinya yang luar biasa tersebut tidak diikuti dengan adanya kebijakan yang responsif terutama untuk kemudahan dalam hal akses permodalan. kondisi ini sangat berbeda dengan perusahaan besar yang mendapatkan porsi terbesar dalam penguasaan aset negara. dampaknya adalah terjadi kesenjangan dan ketimpangan yang cukup besar dalam struktur ekonomi masyarakat. untuk itu yang sangat diperlukan adalah reformasi kebijakan melalui restrukturisasi alokatif bagi penguatan peran usaha kecil mikro tersebut. wujud konkret untuk memenuhi kebutuhan ini adalah alokasi dana-dana pembangunan, program kredit usaha rakyat, dana bergulir baik dana anggaran 69murasa sarkaniputra, hutanku hutanmu hutan kita semua, (bogor: yayasan bina gunung salak, 2003), h. 75, 76. dalam analisisnya murasa menyebutkan dna anggaran adalah five basic needs yang disebut dharûriyyât yaitu: kebutuhan al-dîn, al-‘aql, al-mâl, al-nafs, dan al-nashl yang diturunkan dari al-syathibî tentang konsep mashlahah, lihat al-syathibî, al-muwâfaqât fî ushûl alsyarî‘ah, (al-qâhirah: musthafâ muhammad ltd, t.th), jilid xxi. al-iqtishad: vol. iii, no. 1, januari 2011 89 needs/ dharûriyyât) menjadi bench marking bagi alokasi rencana belanja apbn dan apbd.69 demikian juga untuk alokasi investasi disesuaikan dengan sasaran pemenuhan kebutuhan dasar dengan menumbuhkan sektor ril melalui pengembangan usaha kecil mikro di tiap wilayah. kebutuhan investasi bagi penguatan lkm dan ukm harus diposisikan perioritas dipandang basic needs, sejalan dengan pemaknaan demokrasi ekonomi maka pembangunan harus berdasar pada penguatan rakyat (people centered-grassroots based-people based). pembangunan harus diarahkan agar rakyat memiliki kebebasan dan kemampuan berproduksi sehingga sebanyak mungkin dapat memenuhi kebutuhan pokoknya. restrukturisasi anggaran tersebut perlu diimbangi juga dengan restrukturisasi spasial dan sektoral. sebuah upaya untuk mengurang kesenjangan antar wilayah dan ketimpangan antar sektor. untuk itu, kerangka otonomi daerah juga membuka ruang bagi pemerintah daerah dalam alokasi anggaran belanja daerahnya untuk kepentingan tumbuh kembangnya usaha-usaha potensial rakyat berdasarkan komoditas unggulan tiap daerah dalam pelbagai sektor antara lain: pertanian, industri, jasa, maupun pariwisata daerah. sinergitas antar wilayah adan antar sektor menjadi niscaya untuk dilakukan agar usaha rakyat secara keseluruhan menjadi sebuah kekuatan nasional yang mampu berkompetisi dalam kancah global. penutup usaha kecil mikro terbukti telah memberikan kontribusi yang besar bagi ekonomi indonesia. akan tetapi kontirbusinya yang luar biasa tersebut tidak diikuti dengan adanya kebijakan yang responsif terutama untuk kemudahan dalam hal akses permodalan. kondisi ini sangat berbeda dengan perusahaan besar yang mendapatkan porsi terbesar dalam penguasaan aset negara. dampaknya adalah terjadi kesenjangan dan ketimpangan yang cukup besar dalam struktur ekonomi masyarakat. untuk itu yang sangat diperlukan adalah reformasi kebijakan melalui restrukturisasi alokatif bagi penguatan peran usaha kecil mikro tersebut. wujud konkret untuk memenuhi kebutuhan ini adalah alokasi dana-dana pembangunan, program kredit usaha rakyat, dana bergulir baik dana anggaran 69murasa sarkaniputra, hutanku hutanmu hutan kita semua, (bogor: yayasan bina gunung salak, 2003), h. 75, 76. dalam analisisnya murasa menyebutkan dna anggaran adalah five basic needs yang disebut dharûriyyât yaitu: kebutuhan al-dîn, al-‘aql, al-mâl, al-nafs, dan al-nashl yang diturunkan dari al-syathibî tentang konsep mashlahah, lihat al-syathibî, al-muwâfaqât fî ushûl alsyarî‘ah, (al-qâhirah: musthafâ muhammad ltd, t.th), jilid xxi. nasional maupun daerah kepada lembaga keuangan mikro yang merupakan mitra strategis bagi kelompok usaha kecil mikro dalam akses financial sehingga tercapai keseimbangan struktural yang lebih baik. tentu saja restrukturisasi anggaran tersebut perlu diimbangi juga dengan restrukturisasi spasial dan sektoral, yaitu sebuah upaya untuk mengurangi kesenjangan antar wilayah dan ketimpangan antar sektor. dengan restrukturisasi ini akan menempatkan rakyat pada posisi utama (substansial), bukan residual apalagi marginal. dengan kata lain, kebutuhan masyarakat dan kesejahteraannya adalah prioritas pembangunan. pemikiran ini sangat sejalan dengan nilai-nilai ekonomi islam yang menempatkan kemaslahatan sebagai pilar utama untuk mewujudkan keadilan distributif bagi masyarakat. selain fasilitasi dari pemerintah, pemikiran ekonomi islam telah memberikan tawaran berupa implementasi instrumen zakat sebagai alat untuk redistribusi pendapatan dan sistem transaksi syariah yang terbebas dari aspek riba, gharar dan maysir sebagai mekanisme operasional dalam program kemitraan keuangan mikro syariah untuk memperkuat usaha kecil mikro di indonesia. 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‚ethical responsibility of business; islamic principles and implications‛ dalam f.r faridi ed., islamic principles of business orgaeuis amalia: transformasi nilai-nilai ekonomi islam 92 nization and management, new delhi: qazi publisher and distributors, 1995. amalia, euis, ‚reformasi kebijakan bagi penguatan peran lkm dan ukm di indonesia: analisis keadilan distributif dalam ekonomi islam‛, disertasi , 2008. ---------------, ‚teori prilaku konsumen dalam perspektif ekonomi islam‛, dalam jurnal jauhar, vol. 4 no. 1, jakarta: pascasarjana uin, juni 2003. adi, wijaya berdasarkan hasil penelitian p2e-lipi, koran jakarta, kamis, 29 mei 2008. anonimus, ‚presiden meresmikan program kredit usaha rakyat untuk mempercepat proses pemberdayaan umkm‛, dalam harian republika, 8 november 2007. beekun, rafik isaa, ‚etika bisnis islam: sebuah perspektif lingkungan global‛, jurnal ulumul qur’an, vii, 3, desember, 1997. mynt, hla. ‚economic theory and the underdeveloped countries‛, dalam jurnal of political economic, lxxxiii (5): 477-491, oktober 1965. myrdal, gunnar, ‚institutional economics‛, journal of economic issues, xiii (4), 771-783, desember 1978. syarif, teuku, ‚proporsi panyaluran dana perbankan untuk umkm‛, jurnal infokop, vol. 15 no.2, desember 2007. undang-undang no. 10 tahun 1998 tentang perbankan, jakarta: bank indonesia, 2000. wijaya, a., analisis segmen pasar dan perilaku nasabah terhadap bank syariah di wilayah yogyakarta dan implikasi pemasarannya, tesis tidak diterbitkan, bogor: manajemen dan bisnis institut pertanian bogor, 2006. analisis intensi muzakkî dalam membayar zakat profesi nurul huda & abdul gofur abstract: intention muzakkî analysis in fulfilling zakâh of profession. the aims of this research is to determine the influence of attitude, subjective norm, behavioral control, muzakkî income, muzakkî education, and muzakkî knowledge to the muzakkî intention of paying profession zakâh. the method of the research is a quantitative method while data analysis techniques use multiple regression analysis. number of samples analyzed are 150 respondents drawn at random from all areas of jakarta. based on multiple regression analysis, it can be seen that the variables together attitudes, subjective norms, behavior control, income, education, and knowledge has significant influence on the variable of muzakkî intention. keywords: subjective norms, income, education, intention, muzakkî abstrak: analisis intensi muzakkî dalam membayar zakat profesi. tujuan penelitian ini untuk mengetahui pengaruh sikap, norma subjective, kendali perilaku, penghasilan muzakkî, dan pendidikannya terhadap intensi dalam membayar zakat profesi. metode yang digunakan dalam penelitian ini adalah metode kuantitatif dengan teknik analisis data menggunakan multiple regression analysis. jumlah sampel yang dianalisis sebanyak 150 responden se-dki jakarta. berdasarkan analisis multiple regression dapat diketahui bahwa secara bersama-sama variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan memiliki pengaruh yang signifikan terhadap variabel intensi muzakkî. kata kunci: norma subjective, pendapatan, pendidikan, intensi, muzakkî naskah diterima: 3 maret 2012, direvisi: 23 juni 2012, disetujui 28 juni 2012.  fakultas ekonomi universitas yarsi. jl. letjen soeprapto, cempaka putih, jakarta pusat. email: pakhuda@yahoo.com; universitas islam az-zahra. jl. jatinegara barat 144, kampung melayu, jatinegara, jakarta, 13320. e-mail: guf_tangsel@yahoo.com nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi218 pendahuluan potensi zakat dari masyarakat indonesia menurut hasil penelitian baznas dan fem ipb (2011) sampai tahun 2011 adalah mencapai rp 217 triliun. sementara yang sudah terhimpun hanya mencapai rp 1,8 triliun. menurut riset uzaifah, hal tersebut salah satu penyebabnya adalah ketidakpuasan muzakkî dalam menggunakan jasa badan amil zakat (baz) sebagai sarana dalam menyalurkan kewajiban zakatnya sehingga menimbulkan sebuah perilaku dalam penyaluran zakat yaitu penyaluran zakat yang dilakukan secara individu di mana muzakkî akan mencari mustahiq secara individu pula. berdasarkan hasil riset tersebut sebesar 44% muzakkî memilih menyalurkan zakatnya secara individual.1 zakat profesi baru dikembangkan di indonesia oleh majelis ulama indonesia (mui) pada 20032. namun sampai saat ini masih banyak masyarakat yang belum memahami zakat profesi tersebut, sehingga masyarakat lebih banyak membayar zakat mâl sekali setahun sesuai nisab. sehingga realiasi zakat tidak sebesar potensi zakat, terutama masyarakat muslim yang bekerja di bidang jasa, bukan di bidang pertanian. sehingga perlu dilakukan penelitian lebih mendalam mengenai faktor-faktor yang memengaruhi intensi muzakkî dalam membayar zakat, khususnya zakat profesi. beberapa riset terdahulu telah dilakukan mengenai faktor-faktor yang memengaruhi muzakkî dalam membayar zakat. teori yang digunakan oleh riset terdahulu adalah mengenai perilaku konsumen. teori tersebut adalah theory planned behavior (tpb) yang dikembangkan fishbein dan ajzen3 dan model perilaku konsumen yang dikembangkan assael 4 . namun belum ada yang menggabungkan dua model tersebut untuk mengetahui faktor-faktor yang memengaruhi muzakkî dalam membayar zakat. sehingga penelitian ini mengajukan pertanyaan penelitian sebagai perumusan masalah: (1) bagaimana pengaruh sikap, norma subjective, kendali perilaku, penghasilan muzakkî, pendidikan muzakkî, dan pengetahuan muzakkî terhadap intense muzakkî dalam membayar zakat profesi baik secara parsial maupun simultan? (2) berapa besar 1 uzaifah, ‚studi deskriptif prilaku dosen perguruan tinggi islam diy dalam membayar zakat‛, la riba jurnal ekonomi islam, vol. 1 no. 1, tahun 2007, h. 127-143. 2 dodik siswantoro dan hanna siska, ‚analysis of zakat on income payers preference in indonesia (potency of double zakat)‛, 3rd international conference on business and economic research (3rd icber 2012), bandung. 3 m. fishbein & i. ajzen, belief, attitude, intention, and behavior: an introduction to theory and research, (reading, ma: addison-wesley, 1975). 4 henry assael, consumer behavior and marketing action, fifth edition, (south-western college publishing, cincinnati, ohio, 1995). al-iqtishad: vol. iv, no. 2, juli 2012 219 pendahuluan potensi zakat dari masyarakat indonesia menurut hasil penelitian baznas dan fem ipb (2011) sampai tahun 2011 adalah mencapai rp 217 triliun. sementara yang sudah terhimpun hanya mencapai rp 1,8 triliun. menurut riset uzaifah, hal tersebut salah satu penyebabnya adalah ketidakpuasan muzakkî dalam menggunakan jasa badan amil zakat (baz) sebagai sarana dalam menyalurkan kewajiban zakatnya sehingga menimbulkan sebuah perilaku dalam penyaluran zakat yaitu penyaluran zakat yang dilakukan secara individu di mana muzakkî akan mencari mustahiq secara individu pula. berdasarkan hasil riset tersebut sebesar 44% muzakkî memilih menyalurkan zakatnya secara individual.1 zakat profesi baru dikembangkan di indonesia oleh majelis ulama indonesia (mui) pada 20032. namun sampai saat ini masih banyak masyarakat yang belum memahami zakat profesi tersebut, sehingga masyarakat lebih banyak membayar zakat mâl sekali setahun sesuai nisab. sehingga realiasi zakat tidak sebesar potensi zakat, terutama masyarakat muslim yang bekerja di bidang jasa, bukan di bidang pertanian. sehingga perlu dilakukan penelitian lebih mendalam mengenai faktor-faktor yang memengaruhi intensi muzakkî dalam membayar zakat, khususnya zakat profesi. beberapa riset terdahulu telah dilakukan mengenai faktor-faktor yang memengaruhi muzakkî dalam membayar zakat. teori yang digunakan oleh riset terdahulu adalah mengenai perilaku konsumen. teori tersebut adalah theory planned behavior (tpb) yang dikembangkan fishbein dan ajzen3 dan model perilaku konsumen yang dikembangkan assael 4 . namun belum ada yang menggabungkan dua model tersebut untuk mengetahui faktor-faktor yang memengaruhi muzakkî dalam membayar zakat. sehingga penelitian ini mengajukan pertanyaan penelitian sebagai perumusan masalah: (1) bagaimana pengaruh sikap, norma subjective, kendali perilaku, penghasilan muzakkî, pendidikan muzakkî, dan pengetahuan muzakkî terhadap intense muzakkî dalam membayar zakat profesi baik secara parsial maupun simultan? (2) berapa besar 1 uzaifah, ‚studi deskriptif prilaku dosen perguruan tinggi islam diy dalam membayar zakat‛, la riba jurnal ekonomi islam, vol. 1 no. 1, tahun 2007, h. 127-143. 2 dodik siswantoro dan hanna siska, ‚analysis of zakat on income payers preference in indonesia (potency of double zakat)‛, 3rd international conference on business and economic research (3rd icber 2012), bandung. 3 m. fishbein & i. ajzen, belief, attitude, intention, and behavior: an introduction to theory and research, (reading, ma: addison-wesley, 1975). 4 henry assael, consumer behavior and marketing action, fifth edition, (south-western college publishing, cincinnati, ohio, 1995). sumbangan sikap, norma subjective, kendali perilaku, penghasilan muzakkî, pendidikan muzakkî, dan pengetahuan muzakkî terhadap intense muzakkî dalam membayar zakat profesi? (3) sumbangan mana yang paling menentukan dari keenam determinan intense muzakkî dalam membayar zakat profesi? esensi zakat profesi yûsuf al-qaradhawi, dalam hafidhuddin5, menyatakan bahwa di antara hal yang sangat penting untuk mendapatkan perhatian kaum muslimin saat ini adalah penghasilan atau pendapatan yang diusahakan melalui keahliannya, baik keahliannya yang dilakukan secara sendiri maupun secara bersama-sama. hal yang dilakukan sendiri misalnya profesi dokter, arsitek, ahli hokum, penjahit, pelukis dan lain sebagainya. hal yang dilakukan secara bersama-sama misalnya pegawai (pemerintah maupun swasta) dengan menggunakan sistem upah atau gaji. sementara itu, fatwa ulama yang dihasilkan pada waktu muktamar internasional i tentang zakat di kuwait pada 29 rajab 1404 h atau 30 april 1984 m, bahwa salah satu kegiatan yang menghasilkan kekuatan bagi manusia sekarang adalah kegiatan profesi yang menghasilkan amal yang bermanfaat, baik yang dilakukan sendiri seperti kegiatan dokter, arsitek dan lainnya, maupun yang dilakukan secara bersama-sama, seperti para karyawan atau pegawai. semua penghasilan melalui kegiatan profesional tersebut adalah telah mencapai nisab, maka wajib dikeluarkan zakatnya. dalam q.s. al-dzâriyât [51]: ayat 19 dinyatakan, ‚dan pada harta-harta mereka ada hak untuk orang miskin yang meminta dan orang miskin yang tidak mendapat bagian.‛ yusuf al-qaradhâwi menjelaskan zakat profesi menurut ulama fikih dalam pandangan ulama fikih. 6 pertama, menurut imam abû hanîfah, yakni harta penghasilan dikeluarkan zakatnya bila mencapai masa setahun penuh pada pemiliknya, kecuali jika pemiliknya mempunyai harta sejenis yang harus dikeluarkan zakatnya yang untuk itu zakat harta penghasilan/profesi itu dikeluarkan pada permulaan tahun dengan syarat sudah mencapai nisab. dengan demikian bila ia memperoleh penghasilan sedikit ataupun banyak, meski satu jam menjelang waktu setahun dari harta yang sejenis tiba, ia wajib mengeluarkan zakat penghasilannya itu bersamaan dengan pokok harta yang sejenis 5 didin hafidhuddin, zakat dalam perekonomian modern, (jakarta: gema insani, 2002). 6 yûsuf al-qaradhâwî, fiqh al-zakâh, a comparative study of zakah, regulations and philosophy in the light of quran and sunnah (volume 1), tranlated, monzer kahf, (scientific publishing centre king abdulaziz university jeddah, kingdom of saudi arabia, 2004). nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi220 tersebut, meskipun berupa emas, perak, binatang piaraan, atau anak-anak binatang piaraan atau lainnya. kedua, imam mâlik berpendapat bahwa harta penghasilan tidak dikeluarkan zakatnya sampai penuh waktu setahun, baik harta tersebut sejenis dengan jenis harta pemiliknya atau tidak sejenis, kecuali jenis binatang piaraan. karena itu orang yang memperoleh penghasilan berupa binatang piaraan bukan anaknya sedang ia memiliki binatang piaraan yang sejenis dengan yang diperolehnya, zakat dikeluarkan bersamaan pada waktu penuhnya batas satu tahun binatang piaraan miliknya itu bila sudah mencapai nisab. kalau tidak atau belum mencapai nisab maka tidak wajib zakat. tetapi bila binatng piaraan penghasilan itu berupa anaknya, maka anaknya itu dikeluarkan zakatnya berdasarkan masa setahun induknya baik induk tersebut sudah mencapai nisab ataupun belum mencapai nisab. ketiga, imam syâfi‘î, berpendapat bahwa harta penghasilan atau profesi itu dikeluarkan zakatnya bila mencapai waktu setahun meskipun ia memiliki harta sejenis yang sudah cukup nisab. tetapi zakat anak-anak binatang piaraan dikeluarkan bersamaan dengan zakat induknya yang sudah mencapai nisab, dan bila tidak mencapai nisab maka tidak wajib zakatnya. ketentuan zakat profesi terdapat beberapa pendapat mengenai nisab dan cara mengeluarkannya.7 pertama, jika dianalogikan dengan zakat pertanian, baik nisabnya senilai 653 kilogram gabah kering atau gandum, kadarnya 5% dan dikeluarkannya pada saat mendapatkan gaji atau penghasilan. kedua, jika dianalogikan dengan zakat emas atau perdagangan, maka nisabnya 85 gram dan kadarnya 2,5%, dikeluarkan setahun sekali setelah dikurangi oleh kebutuhan pokok. ketiga, jika dianalogikan dengan zakat rikaz, maka zakatnya 20% tanpa ada nisab dan dikeluarkannya pada saat menerimanya. berdasarkan beberapa pendapat mengenai nisab dan zakat profesi di atas, menurut muhammad amin suma, harus berdasarkan kepada pertimbangan maslahah bagi muzakkî dan mustahiq. apabila dianalogikan dengan pertanian, maka akan memberatkan muzakkî karena zakatnya 5%. jika dianalogikan dengan zakat emas atau perdagangan maka akan mengurangi maslahah bagi mustahiq karena tingginya nisab akan mengurangi jumlah orang yang sampai pada nisab. oleh karena itu diambillah jalan tengah maslahah antara muzakkî 7 sapingi , r,. ahmad, n,. & mohamad, m., a study on zakah of employment income: factors that influence academics’ intention to pay zakah, 2nd international conference on business and economic research (2nd icber 2011) proceeding al-iqtishad: vol. iv, no. 2, juli 2012 221 tersebut, meskipun berupa emas, perak, binatang piaraan, atau anak-anak binatang piaraan atau lainnya. kedua, imam mâlik berpendapat bahwa harta penghasilan tidak dikeluarkan zakatnya sampai penuh waktu setahun, baik harta tersebut sejenis dengan jenis harta pemiliknya atau tidak sejenis, kecuali jenis binatang piaraan. karena itu orang yang memperoleh penghasilan berupa binatang piaraan bukan anaknya sedang ia memiliki binatang piaraan yang sejenis dengan yang diperolehnya, zakat dikeluarkan bersamaan pada waktu penuhnya batas satu tahun binatang piaraan miliknya itu bila sudah mencapai nisab. kalau tidak atau belum mencapai nisab maka tidak wajib zakat. tetapi bila binatng piaraan penghasilan itu berupa anaknya, maka anaknya itu dikeluarkan zakatnya berdasarkan masa setahun induknya baik induk tersebut sudah mencapai nisab ataupun belum mencapai nisab. ketiga, imam syâfi‘î, berpendapat bahwa harta penghasilan atau profesi itu dikeluarkan zakatnya bila mencapai waktu setahun meskipun ia memiliki harta sejenis yang sudah cukup nisab. tetapi zakat anak-anak binatang piaraan dikeluarkan bersamaan dengan zakat induknya yang sudah mencapai nisab, dan bila tidak mencapai nisab maka tidak wajib zakatnya. ketentuan zakat profesi terdapat beberapa pendapat mengenai nisab dan cara mengeluarkannya.7 pertama, jika dianalogikan dengan zakat pertanian, baik nisabnya senilai 653 kilogram gabah kering atau gandum, kadarnya 5% dan dikeluarkannya pada saat mendapatkan gaji atau penghasilan. kedua, jika dianalogikan dengan zakat emas atau perdagangan, maka nisabnya 85 gram dan kadarnya 2,5%, dikeluarkan setahun sekali setelah dikurangi oleh kebutuhan pokok. ketiga, jika dianalogikan dengan zakat rikaz, maka zakatnya 20% tanpa ada nisab dan dikeluarkannya pada saat menerimanya. berdasarkan beberapa pendapat mengenai nisab dan zakat profesi di atas, menurut muhammad amin suma, harus berdasarkan kepada pertimbangan maslahah bagi muzakkî dan mustahiq. apabila dianalogikan dengan pertanian, maka akan memberatkan muzakkî karena zakatnya 5%. jika dianalogikan dengan zakat emas atau perdagangan maka akan mengurangi maslahah bagi mustahiq karena tingginya nisab akan mengurangi jumlah orang yang sampai pada nisab. oleh karena itu diambillah jalan tengah maslahah antara muzakkî 7 sapingi , r,. ahmad, n,. & mohamad, m., a study on zakah of employment income: factors that influence academics’ intention to pay zakah, 2nd international conference on business and economic research (2nd icber 2011) proceeding dan mustahiq. sehingga, zakat profesi dapat dianalogikan pada dua hal secara sekaligus, yaitu zakat pertanian dan zakat pada emas dan perdagangan. dari sudut nisab dianalogikan pada zakat pertanian, yaitu lima wasaq atau 653 kilogram gabah kering/gandum atau 522 kilogram beras dan dikeluarkan pada saat menerimanya. dan dari sudut kadar zakat, dianalogikan dengan zakat emas, dan uang karena memang gaji, honorarium, upah, dan yang lainnya, pada umumnya diterima dalam bentuk uang, karena itu kadar zakatnya adalah 2,5%. misalnya, setiap bulan bagi karyawan yang menerima gaji bulanan langsung dikeluarkan zakatnya (sama seperti zakat pertanian yang dikeluarkan pada saat panen) sebagaimana yang dijelaskan dalam q.s. al-an’âm [6]: 141aya dan kadarnya 2,5%.8 beberapa teori pertama, theory of planned behaviour (tpb). teori ini yang awalnya dinamai theory of reasoned action (tra), dikembangkan pada 1967, selanjutnya teori tersebut terus direvisi dan diperluas oleh icek ajzen dan martin fishbein. mulai 1980 teori tersebut digunakan untuk mempelajari perilaku manusia dan untuk mengembangkan intervensi yang lebih tepat. pada 1988, variabel lain ditambahkan pada model reasoned action yang sudah ada tersebut dan kemudian dinamai theory of planned behavior (tpb), untuk mengatasi kekurangan dan kekuatan yang ditemukan oleh ajzen dan fishbein melalui penelitian-penelitian mereka dengan menggunakan tra. berawal dari timbulnya kritik terhadap teori dan pengakuan sikap yang seringkali tidak tepat, yaitu tidak dapat memperkirakan perilaku yang akan timbul. ajzen dan fishbein, dalam sarlito, mengemukakan teori tindakan beralasan (theory of reasoned action) dengan melihat anteseden atau penyebab perilaku volisional /perilaku yang dilakukan atas kemauan sendiri. 9 menurut ajzen dalam saifuddin, menambahkan menurut kerangka teori reasoned action intensi merupakan kekuatan utama yang menjadi sumber motivasi seseorang untuk bertingkah laku tertentu. semakin kuat intensi melakukan tingkah laku tertentu, maka semakin besar kemungkinannya untuk melakukan tingkah laku tersebut.10 8 didin hafidhuddin, zakat dalam perekonomian modern, (jakarta: gema insani, 2002). 9 sarlito w. sarwono, psikologi sosial, (jakarta: balai pustaka, 2006). 10 sarlito w. sarwono, psikologi sosial. nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi222 gambar 1 hubungan antara sikap, norma subjective, dan niat berperilaku menurut teori reasoned action keyakinan tentang konsekuensi tertentu penilaian tentang keyakinan tokoh panutan motivasi untuk mengikuti tokoh panutan sumber: fishbein, et al., 1980 dalam sarlito w. sarwono, 2006 sarlito w. sarwono memaparkan bahwa teori ini mengesampingkan perilaku-perilaku yang menuntut keterampilan atau keahlian, seperti mengecat, melukis, dan sebagainya. 11 teori ini mengesampingkan kebiasaan (habit), keahlian, dan tindakan refleks. sementara the theory of planned behavior menggambarkan integrasi yang menyeluruh dari komponen sikap, norma subjective, dan persepsi atas control perilaku ke dalam struktur yang didesain untuk mendapatkan penjelasan dan prediksi yang lebih baik tentang perilaku. model ini menyarankan bahwa alat prediksi terbaik terhadap perilaku adalah minat untuk membeli (intention to buy). kerangka pemikiran teori ini dimaksudkan untuk mengatasi masalah control volisional yang belum lengkap dalam teori terdahulu. inti dari teori planned behavior tetap berada pada faktor intensi perilaku namun determinan intensi tidak hanya dua (sikap terhadap perilaku yang bersangkutan dan normanorma subjective) melainkan tiga, dimana dengan diikutsertakannya aspek perceived behavioral control /pbc. 11 sarlito w. sarwono, psikologi sosial. perilaku intensi untuk berperilaku sikap norma subjektif al-iqtishad: vol. iv, no. 2, juli 2012 223 gambar 1 hubungan antara sikap, norma subjective, dan niat berperilaku menurut teori reasoned action keyakinan tentang konsekuensi tertentu penilaian tentang keyakinan tokoh panutan motivasi untuk mengikuti tokoh panutan sumber: fishbein, et al., 1980 dalam sarlito w. sarwono, 2006 sarlito w. sarwono memaparkan bahwa teori ini mengesampingkan perilaku-perilaku yang menuntut keterampilan atau keahlian, seperti mengecat, melukis, dan sebagainya. 11 teori ini mengesampingkan kebiasaan (habit), keahlian, dan tindakan refleks. sementara the theory of planned behavior menggambarkan integrasi yang menyeluruh dari komponen sikap, norma subjective, dan persepsi atas control perilaku ke dalam struktur yang didesain untuk mendapatkan penjelasan dan prediksi yang lebih baik tentang perilaku. model ini menyarankan bahwa alat prediksi terbaik terhadap perilaku adalah minat untuk membeli (intention to buy). kerangka pemikiran teori ini dimaksudkan untuk mengatasi masalah control volisional yang belum lengkap dalam teori terdahulu. inti dari teori planned behavior tetap berada pada faktor intensi perilaku namun determinan intensi tidak hanya dua (sikap terhadap perilaku yang bersangkutan dan normanorma subjective) melainkan tiga, dimana dengan diikutsertakannya aspek perceived behavioral control /pbc. 11 sarlito w. sarwono, psikologi sosial. perilaku intensi untuk berperilaku sikap norma subjektif theory of planned behavior secara khusus menghubungkan antara beliefs dengan attitudes. berdasarkan model tersebut seseorang akan mengevaluasi sikap terhadap perilaku ditentukan oleh aksesibilitas keyakinan mereka, yang mana keyakinan merupakan probabilitas subjective bahwa perilaku tersebut akan menghasilkan hasil yang pasti.12 kedua, konsep prilaku konsumen perpektif umum. hawkins mengemukakan bahwa perilaku konsumen (consumer behavior) adalah studi terhadap individu, kelompok atau organisasi dan proses yang mereka gunakan untuk memilih, mengamankan, menggunakan dan menentukan produk, service, pengalaman atau ide untuk memuaskan kebutuhan dan dampak proses tersebut pada konsumen atau masyarakat. 13 engel menyatakan bahwa perilaku konsumen adalah tindakan yang langsung terlibat untuk mendapatkan, mengonsumsi dan menghabiskan produk dan jasa, termasuk proses yang mendahului dan mengikuti tindakan ini.14 menurut loudon15 dan schiffman16 perilaku konsumen merupakan kegiatan sejak dari mencari, membeli, menggunakan, mengevaluasi dan menghentikan pemakaian dari produk dan jasa yang diharapkan akan dapat memuaskan kebutuhan. jadi perilaku konsumen bukan hanya dilihat dari apakah seseorang membeli atau tidak suatu produk, melainkan proses yang menyeluruh sejak dari mencari hingga menghentikan pemakaian suatu produk atau jasa. model perilaku konsumen dari assael17, ada tiga faktor yang memengaruhi konsumen dalam membuat keputusan pembelian yaitu konsumen individu, lingkungan dan penerapan strategi pemasaran. selengkapnya dapat dilihat pada gambar berikut ini: 12 m. fishbein & i. ajzen, belief, attitude, intention, and behavior: an introduction to theory and research. 13 d. hawkins, consumer behavior: building marketing strategy, (7th edition,. new york: mcgraw-hill, 1998. 14 j.f. engel, perilaku konsumen, (edisi keenam), alih bahasa budijanto, jakarta: binarupa aksara, 1995. 15 david loudon and a. j. della bitta, consumer behavior, concept and application, fourth edition, mcgraw-hill companies, hic, new york. 16 schiffman, leon g. and kanuk, leslie lazar, consumer behavior, , fourth edition, 1991. 17 henry assael, consumer behavior and marketing action, fifth edition, ohio: south-western college publishing, cincinnati, 1995. nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi224 gambar 2 di atas dijelaskan bahwa terdapat tiga faktor yang memengaruhi pilihan konsumen dalam membeli barang/jasa yaitu: (1) konsumen individual, (2) lingkungan, dan (3) penerapan strategi pemasaran. faktor pertama konsumen individual artinya bahwa pilihan untuk membeli barang/jasa dipengaruhi oleh hal-hal yang ada pada diri konsumen seperti kebutuhan, persepsi, sikap, kondisi geografis, gaya hidup, karakteristik kepribadian individu, pendidikan, dan penghasilan konsumen. perubahan sosial ekonomi memengaruhi perilaku konsumen dalam membeli, baik untuk kebutuhan primer maupun sekunder. perubahan sosial ekonomi meliputi pendapatan dan tingkat pendidikan yang merupakan karakteristik pembeli. terdapat korelasi langsung antara tingkat pendidikan, pendapatan dan kemampuan membeli seseorang. pendidikan secara langsung berkaitan dengan kemampuan membeli karena terdapat korelasi yang kuat antara pendidikan dan pendapatan. pendidikan memengaruhi konsumen dalam membuat keputusan, konsumen yang pendidikannya tinggi mempunyai pandangn yang berbeda terhadap alternatif merk dan harga dibandingkan dengan konsumen berpendidikan yang lebih rendah. faktor kedua, yaitu lingkungan. artinya bahwa pilihan konsumen terhadap barang/jasa dipengaruhi oleh lingkungan yang mengitarinya. ketika konsumen membeli barang/jasa mereka didasari oleh banyak pertimbangan misalnya karena meniru temannya, karena tetangganya telah membeli lebih dulu, dan konsumen individu pengaruh lingkungan strategi pemasaran pembuatan keputusan tanggapan konsumen umpan balik bagi pemasar gambar 2. model perilaku konsumen menurut assael (sumber: assael, 1992) al-iqtishad: vol. iv, no. 2, juli 2012 225 gambar 2 di atas dijelaskan bahwa terdapat tiga faktor yang memengaruhi pilihan konsumen dalam membeli barang/jasa yaitu: (1) konsumen individual, (2) lingkungan, dan (3) penerapan strategi pemasaran. faktor pertama konsumen individual artinya bahwa pilihan untuk membeli barang/jasa dipengaruhi oleh hal-hal yang ada pada diri konsumen seperti kebutuhan, persepsi, sikap, kondisi geografis, gaya hidup, karakteristik kepribadian individu, pendidikan, dan penghasilan konsumen. perubahan sosial ekonomi memengaruhi perilaku konsumen dalam membeli, baik untuk kebutuhan primer maupun sekunder. perubahan sosial ekonomi meliputi pendapatan dan tingkat pendidikan yang merupakan karakteristik pembeli. terdapat korelasi langsung antara tingkat pendidikan, pendapatan dan kemampuan membeli seseorang. pendidikan secara langsung berkaitan dengan kemampuan membeli karena terdapat korelasi yang kuat antara pendidikan dan pendapatan. pendidikan memengaruhi konsumen dalam membuat keputusan, konsumen yang pendidikannya tinggi mempunyai pandangn yang berbeda terhadap alternatif merk dan harga dibandingkan dengan konsumen berpendidikan yang lebih rendah. faktor kedua, yaitu lingkungan. artinya bahwa pilihan konsumen terhadap barang/jasa dipengaruhi oleh lingkungan yang mengitarinya. ketika konsumen membeli barang/jasa mereka didasari oleh banyak pertimbangan misalnya karena meniru temannya, karena tetangganya telah membeli lebih dulu, dan konsumen individu pengaruh lingkungan strategi pemasaran pembuatan keputusan tanggapan konsumen umpan balik bagi pemasar gambar 2. model perilaku konsumen menurut assael (sumber: assael, 1992) sebagainya. dengan demikian, interaksi sosial yang dilakukan oleh seseorang akan turut memengaruhi pilihan produk yang akan dibeli. faktor ketiga, yaitu penerapan strategi pemasaran ini merupakan stimuli pemasaran yang dikendalikan oleh pemasar/pelaku bisnis. dalam hal ini pemasar berusaha memengaruhi konsumen dengan menggunakan stimuli pemasaran seperti iklan, dan sejenisnya agar konsumen bersedia memilih produk yang ditawarkan. strategi pemasaran yang lazim dikembangkan oleh pemasar biasanya berhubungan dengan produk yang ditawarkan, harga jual produknya, strategi pemasaran yang dilakukan dan bagaimana pemasar melakukan distribusi produk kepada konsumen. strategi pemasaran tersebut biasa disebut bauran pemasaran (marketing mix). marketing mix adalah elemen pengendalian organisasi yang dapat memberikan kepuasan atau sebagai sarana komunikasi dengan konsumen. marketing mix tradisional terdiri atas 4p yaitu: product, price, place, dan promotion. bila strategi marketing mix ini diaplikasikan ke bidang jasa, maka perlu mengalami beberapa modifikasi. oleh karena karakteristik jasa biasanya diproduksi dan dikonsumsi secara simultan (bersama-sama), maka konsumen sering bertanya langsung kepada perusahaan tentang proses pemberian jasa tersebut. metodologi jenis penelitian penelitian ini merupakan desain penelitian kuantitatif. desain penelitian menggunakan suatu instrumen untuk melakukan eksplorasi dan mengidentifikasi variabel sikap (attitude), norma subjective (sujective norm), kendali perilaku (perceived behaviour control), penghasilan, pendidikan, dan pengetahuan dalam memengaruhi intensi membayar zakat profesi. desain penelitian kuantitatif digunakan untuk mengetahui seberapa besar variabel sikap (attitude), norma subjective (sujective norm), kendali perilaku (perceived behaviour control), peng-hasilan, pendidikan dan pengetahuan dapat memengaruhi intensi membayar zakat profesi. instrumen penelitian instrumen yang dipakai dalam penelitian ini adalah instrumen kuesioner untuk mengetahui sikap (attitude), norma subjective (sujective norm), kendali pe-rilaku (perceived behaviour control), penghasilan, pendidikan, dan pengetahuan serta intensi muzakkî dalam membayar zakat profesi. skala yang dipakai dalam penyusunan kuesioner adalah skala ordinal atau sering disebut skala likert. dengan skala likert ini memungkinkan responden untuk mengekspresikan intensitas perasaan mereka. jawaban setiap pertanyaan nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi226 memiliki angka 1 sampai 5 pada tiap kategori. jawaban setiap pertanyaan mempunyai gradasi dari sangat setuju, setuju, tidak berkomentar, tidak setuju, dan sangat tidak setuju. angka pilihan respons yang digunakan hanya 1 sampai 5 saja, dengan alasan jika respons terlalu sedikit, maka hasilnya terlalu kasar. sebaliknya, jika pilihan respons terlalu banyak, responden dikhawatirkan akan sulit membedakan antara pilihan respons yang satu dengan pilihan respons yang lain. cara menjawab pertanyaan kuesioner ini dengan memberikan tanda chek list (√) pada kolom yang tersedia. sampel penelitian menurut tabachink dan fidell 1998 ukuran sampel yang dibutuhkan adalah antara 10-25 kali jumlah variabel independen. model dalam penelitian ini terdiri dari 6 variabel independen maka jumlah sampel yang dibutuhkan adalah antara 60-150 sampel. berpedoman pada hair dkk 1995 maka sampel yang disarankan adalah berkisar 100-200. jumlah sampel dalam penelitian ini adalah 150 responden, jumlah ini telah memenuhi ukuran sampel yang ditentukan.18 responden penelitian adalah muzakkî pada lingkungan institusi-institusi baik milik pemerintah dan swasta yang ada di wilayah dki jakarta. teknik sampling yang akan digunakan adalah probability sampling, yaitu dengan menggunakan simple random sampling. teknik ini dipilih karena responden yang diteliti merupakan responden yang sesuai dengan tujuan penelitian.19 metode analisis data sesuai tujuan penelitian, maka analisis data yang akan digunakan yaitu metode analisis multiregresi (multiple regression analysis). dengan metode ini dapat dilihat pengaruh variabel-variabel bebas terhadap variabel terikat pada penelitian. variabel bebasnya adalah sikap (attitude), norma subjective (subjective norm), kendali perilaku (perceived behavior control), penghasilan, pendidikan, dan pengetahuan. sedangkan variabel terikatnya adalah intensi. metode persamaannya, sebagai berikut: y = a + b1 x1 + b2 x2 + b3 x3 + b4 x4 + b5 x5 + b6 x6 + e 18 augisty ferdinand, structural equation modelling dalam penelitian manajemen: aplikasi model-model rumit dalam penelitian untuk tesis magister dan disertasi doktor, (badan penerbit universitas diponegoro, semarang, 2005). 19 f.n. kerlinger, asas-asas penelitian behavioral (terjemahan), (jogjakarta: gadjah mada university press, 2002). al-iqtishad: vol. iv, no. 2, juli 2012 227 memiliki angka 1 sampai 5 pada tiap kategori. jawaban setiap pertanyaan mempunyai gradasi dari sangat setuju, setuju, tidak berkomentar, tidak setuju, dan sangat tidak setuju. angka pilihan respons yang digunakan hanya 1 sampai 5 saja, dengan alasan jika respons terlalu sedikit, maka hasilnya terlalu kasar. sebaliknya, jika pilihan respons terlalu banyak, responden dikhawatirkan akan sulit membedakan antara pilihan respons yang satu dengan pilihan respons yang lain. cara menjawab pertanyaan kuesioner ini dengan memberikan tanda chek list (√) pada kolom yang tersedia. sampel penelitian menurut tabachink dan fidell 1998 ukuran sampel yang dibutuhkan adalah antara 10-25 kali jumlah variabel independen. model dalam penelitian ini terdiri dari 6 variabel independen maka jumlah sampel yang dibutuhkan adalah antara 60-150 sampel. berpedoman pada hair dkk 1995 maka sampel yang disarankan adalah berkisar 100-200. jumlah sampel dalam penelitian ini adalah 150 responden, jumlah ini telah memenuhi ukuran sampel yang ditentukan.18 responden penelitian adalah muzakkî pada lingkungan institusi-institusi baik milik pemerintah dan swasta yang ada di wilayah dki jakarta. teknik sampling yang akan digunakan adalah probability sampling, yaitu dengan menggunakan simple random sampling. teknik ini dipilih karena responden yang diteliti merupakan responden yang sesuai dengan tujuan penelitian.19 metode analisis data sesuai tujuan penelitian, maka analisis data yang akan digunakan yaitu metode analisis multiregresi (multiple regression analysis). dengan metode ini dapat dilihat pengaruh variabel-variabel bebas terhadap variabel terikat pada penelitian. variabel bebasnya adalah sikap (attitude), norma subjective (subjective norm), kendali perilaku (perceived behavior control), penghasilan, pendidikan, dan pengetahuan. sedangkan variabel terikatnya adalah intensi. metode persamaannya, sebagai berikut: y = a + b1 x1 + b2 x2 + b3 x3 + b4 x4 + b5 x5 + b6 x6 + e 18 augisty ferdinand, structural equation modelling dalam penelitian manajemen: aplikasi model-model rumit dalam penelitian untuk tesis magister dan disertasi doktor, (badan penerbit universitas diponegoro, semarang, 2005). 19 f.n. kerlinger, asas-asas penelitian behavioral (terjemahan), (jogjakarta: gadjah mada university press, 2002). notasi : a : konstanta b1 b2 b3 b4 b5 b6 : koefisien regresi y : intensi membayar zakat x1 : attitude (sikap) x2 : subjective norm (norma subjective) x3 : perceived behaviour control (kendali perilaku) x4 : penghasilan x5 : pendidikan x6 : pengetahuan e : variabel residual teknik untuk analisis ini dilakukan dengan bantuan computer melalui program spss versi 17.0. pengertian terhadap hasil-hasil analisis adalah berdasarkan print out perhitungan tersebut, setelah itu dilakukan pengujian sebagai berikut. pertama, uji hipotesis parsial. uji hipotesis dengan uji t pada tingkat signifikan 0,05 untuk masing-masing variabel bebas dengan dua sisi (two tails). jadi masing-masing 0,025. pengujian dilakukan dengan membandingkan besarnya nilai thitung terhadap ttabel. adapun kriteria pengujian yang digunakan yaitu jika thitung > ttabel maka h0 ditolak dan jika thitung < ttabel maka h0 diterima. kedua, uji hipotesis simultan. uji hipotesis simultan dengan uji f pada tingkat signifikan 0,05 untuk semua variabel bebas secara bersama-sama. pengujian dilakukan dengan membandingkan besarnya fhitung. adapun kreteria pengujian yang digunakan yaitu jika fhitung > ftabel maka h0 ditolak dan jika fhitung < ftabel maka h0 diterima. ketiga, koefisien determinasi (r2), koefisien determinasi dimaksudkan sebagain dari keragaman total variabel terikat (y) yang dapat diterangkan atau diperhitungkan oleh keragaman variabel bebas (x). koefisien determinasi ini adalah suatu ukuran yang mempunyai arti lebih pasti dan di hitung dengan maksud mengkuadratkan koefisien korelasi. keempat, uji autokorelasi. uji autokorelasi berarti terdapatnya korelasi anggota populasi atau data pengamatan yang diurutkan berdasarkan waktu, sehingga munculnya suatu datum sebelumnya memengaruhi datum berikutnya. autokorelasi muncul pada regresi yang menggunkan data berkala. masalah autokorelasi dalam persamaan regresi linier berganda dapat dideteksi dengan nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi228 menggunakan metode durbin-watson (dw). metode ini merupakan suatu teknik hitung yang paling umum dipakai. kelima, uji multikolinieritas. uji multikolinieritas dipergunakan untuk menunjukkan kuat lemahnya hubungan yang terjadi anatara variabel bebas. pendeteksian terhadap gejala multi kolinieritas dapat ditemui pada koefisien korelasi. koefisien korelasi anatar vaeiabel bebas, untuk daerah positif yang lebih besar dari 0,50 atau untuk daerah negatif lebih kecil -0,05 dinilai hubungan antara variabel tersebut relatif kuat, berarti mengandung multikolinieritas. bila daerah positif nilai koefisien korelasi lebih kecil dari 0,05 atau daerah negatif lebih besar dari 0.05 maka hubungan antara variabel tersebut lemah, berarti tidak mengandung multikolineritas. diskusi dan analisis semua butir-butir pernyataan yang ada dalam instrumen untuk mengukur sikap muzakkî adalah valid. pada uji validitas untuk instrumen norma subjective butir pernyataan 1 sampai 5 yang diajukan sebagai instrumen mengukur norma subjective valid. sementara butir pernyataan nomor 6 dan 7 tidak valid karena memiliki signifikansi di atas 0.05 dan nilai r hitung lebih kecil dari nilai r tabel. sehingga butir 6 dan 7 dihilangkan kemudian dilakukan pengujian kembali. hasil uji validitas untuk variabel norma subjective setelah menghilangkan butir pernyataan yang tidak valid memberikan hasil semua butir valid. untuk uji validitas variabel kendali perilaku, semua butir pernyataan yang mewakili variabel kendali perilaku memiliki signifikansi dibawah 0,05 dan nilai r hitung lebih besar dari nilai r tabel, sehingga dapat disimpulkan bahwa semua butir pernyataan tersebut adalah valid. begitu pula butir-butir pernyataan yang mewakili variabel intensi dalam penelitian ini semua butir-butir pernyataan tersebut adalah valid. untuk pengujian reliabilitas instrumen ditunjukan oleh suatu angka yang disebut koefisien reliabilitas. semakin tinggi koefisien reliabilitasnya maka uji coba tersebut semakin reliabel. sebaliknya semakin kecil korelasi uji coba tersebut, semakin rendah pula nilai reliabilitasnya, sesungguhnya tes dituntut untuk memiliki koefisien reliabilitas setinggi mungkin. metode uji reliabilitas yang digunakan adalah dengan alpha cronbach. berikut ini hasil uji reliabilitas setiap variabel dalam penelitian ini. tabel 1 hasil uji reliabilitas no keterangan alpha cronbach 1 sikap 0.663 al-iqtishad: vol. iv, no. 2, juli 2012 229 menggunakan metode durbin-watson (dw). metode ini merupakan suatu teknik hitung yang paling umum dipakai. kelima, uji multikolinieritas. uji multikolinieritas dipergunakan untuk menunjukkan kuat lemahnya hubungan yang terjadi anatara variabel bebas. pendeteksian terhadap gejala multi kolinieritas dapat ditemui pada koefisien korelasi. koefisien korelasi anatar vaeiabel bebas, untuk daerah positif yang lebih besar dari 0,50 atau untuk daerah negatif lebih kecil -0,05 dinilai hubungan antara variabel tersebut relatif kuat, berarti mengandung multikolinieritas. bila daerah positif nilai koefisien korelasi lebih kecil dari 0,05 atau daerah negatif lebih besar dari 0.05 maka hubungan antara variabel tersebut lemah, berarti tidak mengandung multikolineritas. diskusi dan analisis semua butir-butir pernyataan yang ada dalam instrumen untuk mengukur sikap muzakkî adalah valid. pada uji validitas untuk instrumen norma subjective butir pernyataan 1 sampai 5 yang diajukan sebagai instrumen mengukur norma subjective valid. sementara butir pernyataan nomor 6 dan 7 tidak valid karena memiliki signifikansi di atas 0.05 dan nilai r hitung lebih kecil dari nilai r tabel. sehingga butir 6 dan 7 dihilangkan kemudian dilakukan pengujian kembali. hasil uji validitas untuk variabel norma subjective setelah menghilangkan butir pernyataan yang tidak valid memberikan hasil semua butir valid. untuk uji validitas variabel kendali perilaku, semua butir pernyataan yang mewakili variabel kendali perilaku memiliki signifikansi dibawah 0,05 dan nilai r hitung lebih besar dari nilai r tabel, sehingga dapat disimpulkan bahwa semua butir pernyataan tersebut adalah valid. begitu pula butir-butir pernyataan yang mewakili variabel intensi dalam penelitian ini semua butir-butir pernyataan tersebut adalah valid. untuk pengujian reliabilitas instrumen ditunjukan oleh suatu angka yang disebut koefisien reliabilitas. semakin tinggi koefisien reliabilitasnya maka uji coba tersebut semakin reliabel. sebaliknya semakin kecil korelasi uji coba tersebut, semakin rendah pula nilai reliabilitasnya, sesungguhnya tes dituntut untuk memiliki koefisien reliabilitas setinggi mungkin. metode uji reliabilitas yang digunakan adalah dengan alpha cronbach. berikut ini hasil uji reliabilitas setiap variabel dalam penelitian ini. tabel 1 hasil uji reliabilitas no keterangan alpha cronbach 1 sikap 0.663 2 norma subjective 1 0.424 3 norma subjective 2 0.866 4 kendali perilaku 0.595 5 intensi 0.652 sumber: kuesioner, data diolah berdasarkan tabel 1 terlihat bahwa variabel sikap memiliki nilai alpha cronbach sebesar 0.663 lebih besar dari 0.6, sehingga menunjukkan bahwa butirbutir pernyataan dalam kuesioner untuk mengukur sikap muzakkî dapat diandalkan. sementara untuk variabel norma subjective memiliki nilai alpha cronbach dua buah. nilai alpha cronbach variabel norma subjective 1 sebesar 0.424 lebih kecil dari 0.6, sehingga dapat menunjukkan bahwa kuesioner untuk mengukur variabel norma subjective kurang diandalkan karena ada 2 butir pernyataan yang tidak valid. setelah dua butir pernyataan yang tidak valid tersebut dihapus dan dilakukan uji ulang, nilai alpha cronbach untuk variabel norma subjective menjadi sebesar 0.866 lebih besar dari 0.6. sehingga 5 butir pernyataan yang valid untuk mengukur variabel norma subjective adalah andal. untuk variabel kendali perilaku dan intensi memiliki nilai alpha cronbach masing-masing sebesar 0.595 dan 0.652. nilai alpha cronbach untuk variabel kendali perilaku dibulatkan akan menjadi 0.6 sehingga butir-butir pernyataan untuk mengukur variabel kendali perilaku adalah andal. begitu juga dengan alpha cronbach variabel intensi yang lebih besar dari 0.6, menunjukkan butirbutir pernyataan untuk mengukur intensi muzakkî dalam membayar zakat profesi adalah andal. setelah dilakukan uji validitas dan reliabilitas, maka tahap berikutnya penyebaran kuesioner ke wilayah sampel yaitu jakarta pusat, jakarta timur, jakarta utara, jakarta barat, dan jakarta selatan. pengaruh terhadap intensi berzakat muzakkî pertanyaan pertama dalam penelitian ini adalah mengenai bagaimana pengaruh sikap, norma subjective, kendali perilaku, penghasilan muzakkî, pendidikan muzakkî, dan pengetahuan muzakkî mengenai zakat profesi terhadap intensi muzakkî dalam membayar zakat profesi. untuk menjawab pertanyaan penelitian tersebut, maka data-data yang diperoleh dari responden sebanyak 150 orang responden menggunakan instrumen kuesioner dianalisis dengan metode multiple regression. analisis multiple regression ini dibantu dengan menggunakan software spss versi 18.00, untuk mendapatkan nilai koefisien regresi, nilai r2, nilai beta, dan nilai signifikansi. hasil perhitungannya adalah sebagai berikut: nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi230 tabel 2 regression dari sikap, norma subjective, kendali perilaku, penghasilan muzakkî, pendidikan muzakkî, dan pengetahuan muzakkî terhadap intensi zakat profesi b se t sig. constant 0.356 0.775 0.440 sikap 0.196 9.81 1.451 0.149 norma subjective 0.318 16.64 3.917 0.000* kendali perilaku 0.333 3.84 2.639 0.009* penghasilan 0.016 0.28 0.433 0.665 pendidikan 0.011 0.10 0.377 0.707 pengetahuan -0.057 0.20 -0.297 0.767 f value of model 10.250 0.000* r2 0.301 adjusted r2 0.271 sumber: kuesioner, data diolah hasil analisis multiple regression ditunjukkan pada tabel 2 di atas. pada tabel 2 di atas menunjukkan bahwa variabel sikap, norma subejctive, kendali perilaku, penghasilan, pendidikan, dan pengetahuan berpengaruh terhadap intensi muzakkî dalam membayar zakat profesi. hal ini terlihat dari nilai adjusted r2 adalah sebesar 0.271 dan nilai f statistiknya sebesar 10.250, serta memiliki nilai signifikansi lebih kecil dari 0.05 yaitu sebesar 0.000. hasil ini berarti bahwa sebesar 27.1% intensi muzakkî dalam membayar zakat profesi dapat dijelaskan oleh keenam variabel bebas yaitu sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan. sehingga, model tersebut dapat diterapkan untuk menjelaskan intensi muzakkî dalam membayar zakat profesi. sehingga didasarkan analisis diatas, maka model intensi muzakkî membayar zakat profesi adalah sebagai berikut: i = 0.356 + 0.196( a ) + 0.318( sn ) + 0.333 (pbc) + 0.016 (i) + 0.011 (e) – 0.057 (k) dimana : i = intensi untuk berperilaku a = attitude (sikap) sn = subjective norm (norma subjective) pbc = perceived behavioral control (kendali perilaku) al-iqtishad: vol. iv, no. 2, juli 2012 231 tabel 2 regression dari sikap, norma subjective, kendali perilaku, penghasilan muzakkî, pendidikan muzakkî, dan pengetahuan muzakkî terhadap intensi zakat profesi b se t sig. constant 0.356 0.775 0.440 sikap 0.196 9.81 1.451 0.149 norma subjective 0.318 16.64 3.917 0.000* kendali perilaku 0.333 3.84 2.639 0.009* penghasilan 0.016 0.28 0.433 0.665 pendidikan 0.011 0.10 0.377 0.707 pengetahuan -0.057 0.20 -0.297 0.767 f value of model 10.250 0.000* r2 0.301 adjusted r2 0.271 sumber: kuesioner, data diolah hasil analisis multiple regression ditunjukkan pada tabel 2 di atas. pada tabel 2 di atas menunjukkan bahwa variabel sikap, norma subejctive, kendali perilaku, penghasilan, pendidikan, dan pengetahuan berpengaruh terhadap intensi muzakkî dalam membayar zakat profesi. hal ini terlihat dari nilai adjusted r2 adalah sebesar 0.271 dan nilai f statistiknya sebesar 10.250, serta memiliki nilai signifikansi lebih kecil dari 0.05 yaitu sebesar 0.000. hasil ini berarti bahwa sebesar 27.1% intensi muzakkî dalam membayar zakat profesi dapat dijelaskan oleh keenam variabel bebas yaitu sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan. sehingga, model tersebut dapat diterapkan untuk menjelaskan intensi muzakkî dalam membayar zakat profesi. sehingga didasarkan analisis diatas, maka model intensi muzakkî membayar zakat profesi adalah sebagai berikut: i = 0.356 + 0.196( a ) + 0.318( sn ) + 0.333 (pbc) + 0.016 (i) + 0.011 (e) – 0.057 (k) dimana : i = intensi untuk berperilaku a = attitude (sikap) sn = subjective norm (norma subjective) pbc = perceived behavioral control (kendali perilaku) i = income (penghasilan) e = education (pendidikan) k = knowledge (pengetahuan) penelitian ini mengemukakan enam hipotesis. untuk menguji hipotesis tersebut maka dihitung nilai t hitung. kemudian nilai t hitung tersebut dibandingkan dengan nilai t tabel. apabila t hitung > t tabel, maka hipotesis diterima. selain membandingkan nilai t hitung dengan t tabel, uji hipotesis juga dapat dilihat dari signifikansi nilai t hitung. apabila signifikansi lebih kecil dari 0,05 atau p < 0,05, maka hipotesis alternatif diterima, dan apabila p > 0,05 maka hipotesis awal yang diterima. pertama, hipotesis 1 adalah: h01: tidak ada pengaruh antara sikap terhadap intensi muzakkî membayar zakat profesi. ha1: terdapat pengaruh antara sikap terhadap intensi berzakat muzakkî membayar zakat profesi. berdasarkan hasil analisa regresi yang ada pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel sikap terhadap intensi muzakkî membayar zakat profesi adalah sebesar 0.149. hasil ini menunjukkan bahwa nilai p > 0.05, yang berarti hipotesis awal diterima sementara hipotesis alternatif ditolak. sehingga variabel sikap tidak ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. hasil ini menunjukkan bahwa intensi muzakkî dalam membayar zakat profesi bukan saja ditentukan oleh sikap muzakkî yang percaya dengan membayar zakat profesi berarti membantu saudara semuslim yang mengalami kekurangan. kedua, hipotesis 2 adalah: h02: tidak ada pengaruh antara norma subjective terhadap intensi muzakkî membayar zakat profesi. ha2: terdapat pengaruh antara norma subjective terhadap intensi muzakkî membayar zakat profesi. pada hasil analisa regresi yang ada pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel norma subjective terhadap intensi berzakat adalah sebesar 0.000. hasil ini menunjukkan bahwa nilai p < 0.05, yang berarti hipotesis awal ditolak sementara hipotesis alternatif diterima. sehingga variabel norma subjective ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. berdasarkan hasil uji hipotesis ini menunjukkan bahwa kecendrungan jawaban responden dalam penelitian ini mengenai variabel norma subjective bahwa peran ustaz cukup besar dalam mendukung responden membayar zakat profesi signifikan memengaruhi intensi berzakat para responden yang meru-pakan muzakkî. hasil ini juga menunjukkan bahwa nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi232 intensi berzakat seseorang ditentukan oleh ustaz atau guru pengajian dan orang tua, serta saudara maupun teman. ketiga, hipotesis 3 adalah: h03 : tidak ada pengaruh antara kendali perilaku terhadap intensi muzakkî membayar zakat profesi. ha3: terdapat pengaruh antara kendali perilaku terhadap intensi muzakkî membayar zakat profesi. berdasarkan nilai signifikan yang ada pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel kendali perilaku terhadap intensi berzakat adalah sebesar 0.009. hasil ini menunjukkan bahwa nilai p < 0.05, yang berarti hipotesis awal ditolak sementara hipotesis alternatif diterima. sehingga variabel kendali perilaku ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. berdasarkan jawaban responden mengenai kendali perilaku yang sudah diuraikan sebelumnya, diketahui bahwa rata-rata skor tertinggi pada variabel kendali perilaku adalah responden melakukan pembayaran zakat karena membayar zakat akan membantu kesejahteraan mustahiq dan merupakan salah satu rukun islam yang wajib dipatuhi. hasil penelitian ini menunjukkan tingkat kepatuhan responden dalam penelitian ini pada ajaran islam khususnya pelaksanaan rukun islam membayar zakat cukup besar, sehingga dapat memengaruhi secara signifikan intense responden dalam membayar zakat. pernyataan-pernyataan lain yang merupakan indicator variabel kendali perilaku juga memiliki pengaruh yang signifikan terhadap intensi berzakat muzakkî. keemppat, hipotesis 4 adalah: h04: tidak ada pengaruh antara penghasilan muzakkî terhadap intensi muzakkî membayar zakat profesi. ha4: terdapat pengaruh antara penghasilan muzakkî terhadap intensi muzakkî membayar zakat profesi. hasil nilai signifikan yang ada pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel penghasilan terhadap intensi berzakat adalah sebesar 0.665. hasil ini menunjukkan bahwa nilai p > 0.05, yang berarti hipotesis awal diterima sementara hipotesis alternatif ditolak. sehingga variabel penghasilan tidak ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. berdasarkan jawaban responden mengenai penghasilan yang sudah diuraikan sebelumnya, diketahui bahwa mayoritas responden memiliki penghasilan kurang dari 3.5 juta rupiah sebulan, sehingga hasil penelitian ini menunjukkan bahwa besar kecil penghasilan yang dimiliki muzakkî tidak memengaruhi intense muzakkî dalam membayar zakat profesi. kelima, hipotesis 5 adalah: h05 : tidak ada pengaruh antara pendidikan muzakkî terhadap intensi muzakkî membayar zakat profesi. ha5: terdapat pengaruh antara pendidikan muzakkî terhadap intensi muzakkî membayar zakat al-iqtishad: vol. iv, no. 2, juli 2012 233 intensi berzakat seseorang ditentukan oleh ustaz atau guru pengajian dan orang tua, serta saudara maupun teman. ketiga, hipotesis 3 adalah: h03 : tidak ada pengaruh antara kendali perilaku terhadap intensi muzakkî membayar zakat profesi. ha3: terdapat pengaruh antara kendali perilaku terhadap intensi muzakkî membayar zakat profesi. berdasarkan nilai signifikan yang ada pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel kendali perilaku terhadap intensi berzakat adalah sebesar 0.009. hasil ini menunjukkan bahwa nilai p < 0.05, yang berarti hipotesis awal ditolak sementara hipotesis alternatif diterima. sehingga variabel kendali perilaku ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. berdasarkan jawaban responden mengenai kendali perilaku yang sudah diuraikan sebelumnya, diketahui bahwa rata-rata skor tertinggi pada variabel kendali perilaku adalah responden melakukan pembayaran zakat karena membayar zakat akan membantu kesejahteraan mustahiq dan merupakan salah satu rukun islam yang wajib dipatuhi. hasil penelitian ini menunjukkan tingkat kepatuhan responden dalam penelitian ini pada ajaran islam khususnya pelaksanaan rukun islam membayar zakat cukup besar, sehingga dapat memengaruhi secara signifikan intense responden dalam membayar zakat. pernyataan-pernyataan lain yang merupakan indicator variabel kendali perilaku juga memiliki pengaruh yang signifikan terhadap intensi berzakat muzakkî. keemppat, hipotesis 4 adalah: h04: tidak ada pengaruh antara penghasilan muzakkî terhadap intensi muzakkî membayar zakat profesi. ha4: terdapat pengaruh antara penghasilan muzakkî terhadap intensi muzakkî membayar zakat profesi. hasil nilai signifikan yang ada pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel penghasilan terhadap intensi berzakat adalah sebesar 0.665. hasil ini menunjukkan bahwa nilai p > 0.05, yang berarti hipotesis awal diterima sementara hipotesis alternatif ditolak. sehingga variabel penghasilan tidak ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. berdasarkan jawaban responden mengenai penghasilan yang sudah diuraikan sebelumnya, diketahui bahwa mayoritas responden memiliki penghasilan kurang dari 3.5 juta rupiah sebulan, sehingga hasil penelitian ini menunjukkan bahwa besar kecil penghasilan yang dimiliki muzakkî tidak memengaruhi intense muzakkî dalam membayar zakat profesi. kelima, hipotesis 5 adalah: h05 : tidak ada pengaruh antara pendidikan muzakkî terhadap intensi muzakkî membayar zakat profesi. ha5: terdapat pengaruh antara pendidikan muzakkî terhadap intensi muzakkî membayar zakat profesi. berdasarkan nilai signifikan yang ada pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel pendidikan terhadap intensi berzakat adalah sebesar 0.707. hasil ini menunjukkan bahwa nilai p > 0.05, yang berarti hipotesis awal diterima sementara hipotesis alternatif ditolak. sehingga variabel pendidikan tidak ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. berdasarkan jawaban responden mengenai pendidikan yang sudah diuraikan sebelumnya, diketahui bahwa mayoritas responden sudah menyelesaikan pendidikan sampai tingkat sma, sehingga hasil penelitian ini menunjukkan bahwa tinggi rendah tingkat pendidikan yang sudah dilaksanakan muzakkî tidak memengaruhi intense muzakkî dalam membayar zakat profesi. keenam, hipotesis 6 adalah: h06 : tidak ada pengaruh antara pengetahuan muzakkî terhadap intensi muzakkî membayar zakat profesi. ha6: terdapat pengaruh antara pengetahuan muzakkî terhadap intensi muzakkî membayar zakat profesi. berdasarkan hasil analisa regresi yang menunjukkan nilai signifikan pada tabel 2 di atas, maka terlihat bahwa nilai signifikansi untuk variabel pengetahuan terhadap intensi berzakat adalah sebesar 0.767. hasil ini menunjukkan bahwa nilai p > 0.05, yang berarti hipotesis awal diterima sementara hipotesis alternatif ditolak. sehingga variabel pengetahuan tidak ada pengaruh terhadap intensi muzakkî membayar zakat profesi secara signifikan. berdasarkan jawaban responden mengenai pengetahuan muzakkî tentang zakat profesi bahwa masih banyak muzakkî yang tidak mengetahui nisab dan kadar zakat profesi, tidak memengaruhi intense muzakkî dalam membayar zakat profesi. hasil penelitian ini tidak jauh berbeda dengan hasil penelitian sapingi et. al. (2011) dan huda et.al (2012). hasil penelitian sapingi et.al dan huda et.al menunjukkan variabel sikap dan kendali perilaku memiliki pengaruh yang signifikan terhadap intense muzakkî dalam membayar zakat. namun hasil penelitian ini variabel norma subjective dan kendali perilaku yang memiliki pengaruh yang signifikan terhadap intense muzakkî dalam membayar zakat. penelitian yang dilakukan kanji et.al (2012) menunjukkan hasil bahwa secara simultan faktor ibadah, pengetahuan zakat, harta kekayaan atau pendapatan, peran pemerintah, peran ulama dan kredibilitas lembaga amil zakat berpengaruh positif dan signifikan terhadap motivasi membayar zakat. hasil penelitian ini juga menunjukkan bahwa secara simultan variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan memiliki pengaruh yang positif terhadap intense muzakkî dalam membayar zakat profesi. nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi234 sumbangan terhadap intensi muzakkî membayar zakat profesi pertanyaan kedua yang diajukan dalam penelitian ini adalah seberapa besar sumbangan efektif variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan dan pengetahuan terhadap intensi muzakkî dalam membayar zakat profesi. nilai sumbangan efektif (se) dapat terlihat pada tabel 2 di atas. pada tabel 2, dapat diketahui bahwa nilai sumbangan efektif (se) variabel sikap terhadap variabel intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.0981 atau sebesar 9.81%. hasil ini menunjukkan bahwa variabel sikap hanya bisa memengaruhi variabel intensi muzakkî membayar zakat profesi sebesar 9.81%. hal ini menunjukkan bahwa variabel lain yang tidak dibahas dalam penelitian ini memiliki sumbangan efektif yang lebih besar terhadap intensi berzakat muzakkî. sementara nilai sumbangan efektif untuk variabel norma subjective adalah sebesar 0.1664 atau sebesar 16.64%. nilai sumbangan efektif ini lebih besar dari sumbangan efektif variabel sikap terhadap intensi berzakat muzakkî. hasil ini menunjukkan masih banyak variabel lain yang tidak dibahas dalam penelitian ini memiliki sumbangan efektif lebih besar terhadap intensi berzakat muzakkî. oleh karena memiliki sumbangan efektif yang cukup besar, sehingga pengaruh norma subjective memiliki pengaruh yang signifikan terhadap intensi berzakat muzakkî. nilai sumbangan efektif untuk variabel kendali perilaku terhadap intensi berzakat muzakkî adalah sebesar 0.0384 atau sebesar 3.84%. nilai sumbangan efektif variabel kendali perilaku ini lebih kecil dari nilai sumbangan efektif variabel sikap dan norma subjective terhadap intensi berzakat muzakkî. sehingga pengaruh yang ada antara variabel kendali perilaku terhadap variabel intensi berzakat muzakkî signifikan. namun nilai sumbangan efektif variabel kendali perilaku terhadap intensi berzakat muzakkî masih kecil, sehingga masih banyak variabel lain yang tidak dibahas dalam penelitian ini memiliki nilai sumbangan efektif yang lebih besar terhadap intensi berzakat muzakkî. nilai sumbangan efektif untuk variabel penghasilan terhadap intense muzakkî dalam membayar zakat profesi adalah sebesar 0.0028 atau sebesar 0.28%. nilai sumbangan efektif variabel pendidikan adalah sebesar 0.0010 atau sebesar 0.10%, sementara nilai sumbangan efektif variabel pengetahuan adalah sebesar 0.0020 atau sebesar 0.20%. ketiga variabel tersebut memiliki sumbangan efektif lebih kecil dari nilai sumbangan efektif norma subjective dan kendali perilaku, sehingga pengaruh yang ada tidak signifikan. al-iqtishad: vol. iv, no. 2, juli 2012 235 sumbangan terhadap intensi muzakkî membayar zakat profesi pertanyaan kedua yang diajukan dalam penelitian ini adalah seberapa besar sumbangan efektif variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan dan pengetahuan terhadap intensi muzakkî dalam membayar zakat profesi. nilai sumbangan efektif (se) dapat terlihat pada tabel 2 di atas. pada tabel 2, dapat diketahui bahwa nilai sumbangan efektif (se) variabel sikap terhadap variabel intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.0981 atau sebesar 9.81%. hasil ini menunjukkan bahwa variabel sikap hanya bisa memengaruhi variabel intensi muzakkî membayar zakat profesi sebesar 9.81%. hal ini menunjukkan bahwa variabel lain yang tidak dibahas dalam penelitian ini memiliki sumbangan efektif yang lebih besar terhadap intensi berzakat muzakkî. sementara nilai sumbangan efektif untuk variabel norma subjective adalah sebesar 0.1664 atau sebesar 16.64%. nilai sumbangan efektif ini lebih besar dari sumbangan efektif variabel sikap terhadap intensi berzakat muzakkî. hasil ini menunjukkan masih banyak variabel lain yang tidak dibahas dalam penelitian ini memiliki sumbangan efektif lebih besar terhadap intensi berzakat muzakkî. oleh karena memiliki sumbangan efektif yang cukup besar, sehingga pengaruh norma subjective memiliki pengaruh yang signifikan terhadap intensi berzakat muzakkî. nilai sumbangan efektif untuk variabel kendali perilaku terhadap intensi berzakat muzakkî adalah sebesar 0.0384 atau sebesar 3.84%. nilai sumbangan efektif variabel kendali perilaku ini lebih kecil dari nilai sumbangan efektif variabel sikap dan norma subjective terhadap intensi berzakat muzakkî. sehingga pengaruh yang ada antara variabel kendali perilaku terhadap variabel intensi berzakat muzakkî signifikan. namun nilai sumbangan efektif variabel kendali perilaku terhadap intensi berzakat muzakkî masih kecil, sehingga masih banyak variabel lain yang tidak dibahas dalam penelitian ini memiliki nilai sumbangan efektif yang lebih besar terhadap intensi berzakat muzakkî. nilai sumbangan efektif untuk variabel penghasilan terhadap intense muzakkî dalam membayar zakat profesi adalah sebesar 0.0028 atau sebesar 0.28%. nilai sumbangan efektif variabel pendidikan adalah sebesar 0.0010 atau sebesar 0.10%, sementara nilai sumbangan efektif variabel pengetahuan adalah sebesar 0.0020 atau sebesar 0.20%. ketiga variabel tersebut memiliki sumbangan efektif lebih kecil dari nilai sumbangan efektif norma subjective dan kendali perilaku, sehingga pengaruh yang ada tidak signifikan. secara keseluruhan sumbangan variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan terhadap intensi berzakat muzakkî terlihat pada nilai adjusted r2 model regresi dalam penelitian ini yaitu sebesar 27.1%. nilai tersebut menunjukkan bahwa keenam variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan hanya dapat memberikan kontribusi memengaruhi variabel intensi berzakat muzakkî sebesar 27.1%, sementara sisanya sebesar 72.9% dipengaruhi oleh variabel lain yang tidak dibahas dalam penelitian ini. sumbangan efektif paling dominan memengaruhi variabel intensi muzakkî membayar zakat profesi pertanyaan ketiga dalam penelitian ini adalah sumbangan efektif yang paling dominan memengaruhi variabel intensi muzakkî dalam membayar zakat profesi. untuk menjawab pertanyaan ini, maka dapat dilihat pada tabel 2 di atas. berdasarkan hasil analisa data yang ditampilkan pada tabel 2, dapat diketahui bahwa variabel yang memiliki nilai sumbangan efektif terbesar dalam memengaruhi variabel intensi berzakat muzakkî adalah variabel norma subjective. hal ini terlihat nilai sumbangan efektif variabel norma subjective sebesar 0.1664 atau sebesar 16.64% lebih besar dari variabel sikap, kendali perilaku, penghasilan, pendidikan, dan pengetahuan terhadap variabel intensi muzakkî dalam membayar zakat profesi. selain memiliki nilai sumbangan yang terbesar, variabel norma subjective juga memiliki pengaruh yang signifikan terhadap variabel intensi muzakkî dalam membayar zakat profesi. hasil ini penelitian ini sesuai dengan teori yang disampaikan oleh ajzen (2005) lewat teori planned behavior. ajzen dan fishbein dalam ‚theory of reasoned action‛ menyatakan bahwa norma subjective adalah determinan dari niat/kehendak berperilaku. norma adalah suatu konvensi sosial yang mengatur kehidupan manusia. norma subjective adalah suatu fungsi keyakinan individu dalam hal menyetujui atau tidak menyetujui perilaku tertentu (refiana: 2002). untuk menyetujui/tidak menyetujui suatu perilaku, kondisi tersebut didasari oleh suatu keyakinan yang dinamakan dengan keyakinan normatif. dengan demikian, faktor lingkungan keluarga (ayah, ibu, saudara) merupakan orang yang dapat memengaruhi tindakan individu. seorang individu akan melakukan/ berperilaku tertentu apabila persepsi orang lain terhadap perilaku tersebut bersifat positif. artinya, orang lain mempersepsikan bahwa perilaku individu tersebut diperbolehkan/sebaiknya dilakukan. sehingga hasil penelitian ini menunjukkan bahwa muzakkî memiliki intense yang besar dalam membayar zakat profesi nurul huda & abdul gofur: analisis intensi muzakkî dalam membayar zakat profesi236 dipengaruhi oleh lingkungan sekitar muzakkî yang mendukung muzakkî untuk melakukan pembayaran zakat profesi, khususnya dukungan dari ustaz atau guru pengajian. penutup secara bersama-sama variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan memiliki pengaruh yang signifikan terhadap variabel intensi muzakkî dalam membayar zakat profesi. namun secara parsial variabel norma subjective dan kendali perilaku memiliki pengaruh yang positif dan signifikan terhadap variabel intensi muzakkî dalam membayar zakat profesi. nilai sumbangan efektif variabel sikap terhadap variabel intensi berzakat muzakkî adalah sebesar 9.81%. sumbangan efektif variabel norma subjective terhadap variabel intensi berzakat muzakkî adalah sebesar 16.64%. sumbangan efektif variabel kendali perilaku terhadap variabel intensi berzakat muzakkî adalah sebesar 3.84%. nilai sumbangan efektif variabel penghasilan terhadap intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.28%. nilai sumbangan efektif variabel pendidikan terhadap intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.10%. sementara nilai sumbangan efektif variabel pengetahuan terhadap intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.20%. nilai sumbangan efektif yang paling dominan memengaruhi variabel intensi muzakkî membayar zakat profesi adalah variabel norma subjective yaitu sebesar 16.64%. [] pustaka acuan abu bakar, nur barizah, rashid, hafiz majdi abdul, motivations of paying zakat on income: evidence from malaysia, international journal of economics and finance, vol. 2, no. 3, august 2010. ajzen, icek dan driver, b.l., prediction of leisure participation from behavioral, normative and control beliefs: an application of theory of planned behavior, leisure sciences, vol. 13, 1991. ajzen, icek, attitude, personality, and behavior, buckingham: open university press, milton keynes, 1988. ---------------, the theory of planned behavior, organizational behavior and human decision processes, 50, 1991. ---------------, attitudes, personality, and behavior, edisi kedua, new york: open university press, 2005. al-iqtishad: vol. iv, no. 2, juli 2012 237 dipengaruhi oleh lingkungan sekitar muzakkî yang mendukung muzakkî untuk melakukan pembayaran zakat profesi, khususnya dukungan dari ustaz atau guru pengajian. penutup secara bersama-sama variabel sikap, norma subjective, kendali perilaku, penghasilan, pendidikan, dan pengetahuan memiliki pengaruh yang signifikan terhadap variabel intensi muzakkî dalam membayar zakat profesi. namun secara parsial variabel norma subjective dan kendali perilaku memiliki pengaruh yang positif dan signifikan terhadap variabel intensi muzakkî dalam membayar zakat profesi. nilai sumbangan efektif variabel sikap terhadap variabel intensi berzakat muzakkî adalah sebesar 9.81%. sumbangan efektif variabel norma subjective terhadap variabel intensi berzakat muzakkî adalah sebesar 16.64%. sumbangan efektif variabel kendali perilaku terhadap variabel intensi berzakat muzakkî adalah sebesar 3.84%. nilai sumbangan efektif variabel penghasilan terhadap intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.28%. nilai sumbangan efektif variabel pendidikan terhadap intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.10%. sementara nilai sumbangan efektif variabel pengetahuan terhadap intensi muzakkî dalam membayar zakat profesi adalah sebesar 0.20%. nilai sumbangan efektif yang paling dominan memengaruhi variabel intensi muzakkî membayar zakat profesi adalah variabel norma subjective yaitu sebesar 16.64%. 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rosdakarya, 2008. penutup kerjasama antara nabi musa dan nabi syu‘ayb dapat diletakkan sebagai pembelajaran simbolik yang disampaikan alquran tentang upaya mengembangkan bisnis. meski usaha yang mereka kembangkan dalam bingkai kerjasama jauh dari bentuk kerjasama bisnis di era modern ini, namun kerjasama itu mengungkap sejumlah nilai yang relevan bahkan patut diterapkan dalam dunia bisnis dewasa ini. kisah itu telah menegaskan kebolehan perempuan untuk terlibat langsung dalam berbisnis, pentingnya pengenalan yang cukup tentang karyawan yang akan direkrut yang meliputi mental dan keahliannya, baik pengenalan itu melalui penuturan yang bersangkutan tentang dirinya secara lisan/ tertulis (curriculum vitae) maupun melalui penuturan orang lain dalam bentuk rekomendasi. kisah ini juga menunjukkan bahwa jalinan kerjasama harus didasarkan pada kontrak yang secara jelas menyebutkan segala materi yang terkait seperti masa kerja, jumlah upah/salary, jaminan keamanan (asuransi), dan hal-hal lainnya yang terkait dengan hak dan kewajiban keduanya. semua isi perjanjian itu disepakati tanpa tekanan, dan sebaiknya dipersaksikan disamping komitmen kuat memelihara perjanjian atas dasar relegiusitas. kontekstulisasi dan penerapan nilai-nilai yang terkandung di dalam kisah ini menjamin dunia bisnis berjalan dengan baik, bukan hanya akan memberikan keuntungan duniawi, tetapi juga keuntungan ukhrawi. [] pustaka acuan hanafi, segi-segi kesusastraan kisah-kisah al-qur’an, jakarta: pustaka al husna, 1983. quthb, sayyid, al-tashwîr al-fannî fî al-qur’ân, al-qâhirah: 1962. shihab, muhammad quraish, tafsir al-misbah: pesan, kesan, dan keserasian, jakarta: lentera hati, 2009. ibn katsîr, tafsîr ibn katsir, jilid vi (al-maktabah al-syâmilah). thâhir ibn asyûr, al-tahrîr wa al-tanwîr, jilid 10, (al-maktabah al-syâmilah). jalâl al-dîn al-suyûthî, al-dûr al-mantsûr fî tafsîr bi al-ma’tsûr, jilid 7, (almaktabah al-syâmilah). fakhr al-râzî, tafsîr al-râzî, jilid 12 (al-maktabah al-syâmilah). nasaruddin umar, ‚pembagian peran dalam islam‛, papar tidak diterbitkan. penerapan teori akad pada perbankan syariah abdurrauf abstract: the aplication of transaction theory in islamic banking. this article discuss about theory concept of transactions in islamic banking products. in collecting and distributing funds, islamic banking used variety of transactions, such as deposit transactions (wadî’ah yad amânah, wadî’ah yad dhamânah), transactions for results (mudhârabah, musyârakah), buying and selling (murâbahah, salâm, istishnâ’), lease transactions (ijârah, ijârah wa iqtinâ’, atau ijârah muntahiyah bi al-tamlîk), loan transactions (qardh), and transactions with other patterns (wakâlah, kafâlah, hiwâlah, rahn). murâbahah and salâm transactions are used for collecting the funds and mudhârabah muthlaqah and wadî’ah are used for funding. meanwhile, ijârah and wakâlah are used in loan transactions that implemented in a bank guarantee. keywords: transactions, islamic bank, wadhî’ah, mudhârabah, qardh abstrak: penerapan teori akad pada perbankan syariah. artikel ini menjelaskan konsep penerapan teori akad-akad dalam produk perbankan syariah. dalam menghimpun dan menyalurkan dana, perbankan syariah menggunakan pelbagai jenis akad, antara lain: akad titipan (wadî’ah yad amânah, wadî’ah yad dhamânah); akad bagi hasil (mudhârabah, musyârakah); akad jual beli (murâbahah, salâm, istishnâ’); akad sewa (ijârah, ijârah wa iqtinâ’, atau ijârah muntahiyah bi al-tamlîk; akad pinjaman (qardh); dan akad dengan pola lainnya (wakâlah, kafâlah, hiwâlah, rahn). dalam penghimpunan, menggunakan akad murâbahah dan salâm. untuk pembiayaan menggunakan akad mudhârabah muthlaqah dan wadî’ah. sementara dalam bidang jasa menggunakan akad ijârah dan wakâlah yang diimplementasikan dalam bentuk bank garansi. kata kunci: akad, bank syariah, wadhî’ah, mudhârabah, qardh naskah diterima: 4 juli 2011, direvisi: 17 november 2011, disetujui: 24 november 2011.  himpunan ilmuwan dan sarjana syariah indonesia; jl. ir. h. juanda 95, ciputat, jakarta selatan; e-mail: abd.rauf@gmail.com abdurrauf: penerapan teori akad pada perbankan syariah 16 pendahuluan kehadiran perbankan syariah dalam beberapa tahun terakhir telah memberikan warna baru terhadap dunia perbankan di indonesia, terlebih lagi setelah disahkannya undang-undang perbankan syariah nomor 21 tahun 2008 oleh dpr ri. hal ini tentu tidak hanya dilihat dari aspek kepastian hukum dan eksistensi perbankan syariah secara legal formal, tetapi juga akan menambah geliat industri perbankan syariah secara umum sehingga dapat berpartisipasi secara lebih maksimal dalam menumbuhkan perekonomian nasional dan meningkatkan taraf hidup rakyat banyak. sesuatu yang sangat menggembirakan dalam undang-undang yang baru ini menurut saya adalah terjadinya banyak perubahan dari uu no. 10 tahun 1998, terutama terkait dengan rumusan-rumusan istilah. hal ini paling tidak dapat membantu merubah paradigma atau maindset masyarakat yang selama ini susah membedakan cara kerja perbankan syariah dan perbankan konvensional. dalam undang-undang nomor 21 tahun 2008 tersebut dinyatakan secara jelas perbedaan rumusan istilah antara bank syariah dan bank konvensional yang berimplikasi kepada cara pandang masyarakat pada lapisan lapangan. lihat perbedaan rumusannya pada tabel berikut sesuai undang-undang yang baru:1 no bank konvensional bank syariah 1 1 bank konvensional adalah bank yang menjalankan kegiatan usahanya secara konvensional dan berdasarkan jenisnya terdiri atas bank umum konvensional dan bank perkreditan rakyat. bank syariah adalah bank yang menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menurut jenisnya terdiri atas bank umum syariah dan bank pembiayaan rakyat syariah. 2 2 bank umum konvensional adalah bank konvensional yang dalam kegiatannya memberikan jasa dalam lalu lintas pembayaran. bank umum syariah adalah bank syariah yang dalam kegiatannya memberikan jasa dalam lalu lintas pembayaran. 2 3 bank perkreditan rakyat adalah bank konvensional yang dalam kegiatannya tidak memberikan jasa dalam lalu lintas pembayaran. bank pembiayaan rakyat syariah adalah bank syariah yang dalam kegiatannya tidak memberikan jasa dalam lalu lintas pembayaran. 1 lihat, pasal 1 uu no. 21 tahun 2008 tentang perbankan syariah, dalam dihttp:// www.setneg.go.id/index.php?option=com_perundangan&id=2027&task=detail&catid=1&itemid=4 2&tahun=2008. al-iqtishad: vol. iv, no. 1, januari 2012 17 pendahuluan kehadiran perbankan syariah dalam beberapa tahun terakhir telah memberikan warna baru terhadap dunia perbankan di indonesia, terlebih lagi setelah disahkannya undang-undang perbankan syariah nomor 21 tahun 2008 oleh dpr ri. hal ini tentu tidak hanya dilihat dari aspek kepastian hukum dan eksistensi perbankan syariah secara legal formal, tetapi juga akan menambah geliat industri perbankan syariah secara umum sehingga dapat berpartisipasi secara lebih maksimal dalam menumbuhkan perekonomian nasional dan meningkatkan taraf hidup rakyat banyak. sesuatu yang sangat menggembirakan dalam undang-undang yang baru ini menurut saya adalah terjadinya banyak perubahan dari uu no. 10 tahun 1998, terutama terkait dengan rumusan-rumusan istilah. hal ini paling tidak dapat membantu merubah paradigma atau maindset masyarakat yang selama ini susah membedakan cara kerja perbankan syariah dan perbankan konvensional. dalam undang-undang nomor 21 tahun 2008 tersebut dinyatakan secara jelas perbedaan rumusan istilah antara bank syariah dan bank konvensional yang berimplikasi kepada cara pandang masyarakat pada lapisan lapangan. lihat perbedaan rumusannya pada tabel berikut sesuai undang-undang yang baru:1 no bank konvensional bank syariah 1 1 bank konvensional adalah bank yang menjalankan kegiatan usahanya secara konvensional dan berdasarkan jenisnya terdiri atas bank umum konvensional dan bank perkreditan rakyat. bank syariah adalah bank yang menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menurut jenisnya terdiri atas bank umum syariah dan bank pembiayaan rakyat syariah. 2 2 bank umum konvensional adalah bank konvensional yang dalam kegiatannya memberikan jasa dalam lalu lintas pembayaran. bank umum syariah adalah bank syariah yang dalam kegiatannya memberikan jasa dalam lalu lintas pembayaran. 2 3 bank perkreditan rakyat adalah bank konvensional yang dalam kegiatannya tidak memberikan jasa dalam lalu lintas pembayaran. bank pembiayaan rakyat syariah adalah bank syariah yang dalam kegiatannya tidak memberikan jasa dalam lalu lintas pembayaran. 1 lihat, pasal 1 uu no. 21 tahun 2008 tentang perbankan syariah, dalam dihttp:// www.setneg.go.id/index.php?option=com_perundangan&id=2027&task=detail&catid=1&itemid=4 2&tahun=2008. kemudian bandingkan dengan undang-undang nomor 10 tahun 19982 di mana belum begitu tampak secara jelas perbedaan pengertian antara perbankan syariah dan konvensional bahkan bank syariah cenderung dimaknai sebagai pelengkap saja dari rumusan yang sudah ada sebelumnya. perhatikan misalnya, dikatakan, ‛bank umum adalah bank yang melaksanakan kegiatan usaha secara konvensional dan/atau berdasarkan prinsip syariah yang dalam kegiatannya memberikan jasa dalam lalu lintas pembayaran‛. begitu juga ketika merumuskan pengertian bpr atau bprs, dinyatakan sebagai berikut, ‛bank perkreditan rakyat adalah bank yang melaksanakan kegiatan usaha secara konvensional atau berdasarkan prinsip syariah yang dalam kegiatannya tidak memberikan jasa dalam lalu lintas pembayaran‛. selain itu, yang perlu dikritisi dan disempurnakan juga adalah mengenai rumusan bank itu sendiri. dalam mendeskripsikan bank, uu nomor 21 tahun 2008 sama dengan uu nomor 10 tahun 1998 dan belum terjadi perubahan. perhatikan rumusan berikut ini, ‚bank adalah badan usaha yang menghimpun dana dari masyarakat dalam bentuk simpanan dan menyalurkannya kepada masyarakat dalam bentuk kredit dan/atau bentuk-bentuk lainnya dalam rangka meningkatkan taraf hidup rakyat banyak‛.3 mestinya menurut penulis, bunyinya begini, ‛bank adalah badan usaha yang menghimpun dana dari masyarakat dalam bentuk simpanan dan menyalurkannya kepada masyarakat dalam bentuk kredit atau pembiayaan, dan/atau bentuk-bentuk lainnya dalam rangka meningkatkan taraf hidup rakyat banyak‛. kata pembiayaan perlu dinyatakan secara eksplisit dalam rangka mengakomodasi cara kerja perbankan syariah dalam menyalurkan dananya kepada masyarakat, karena pembiayaan tentu berbeda dengan kredit, sebab kredit lebih berkonotasikan pinjaman utang dengan tambahan bunga4, sedangkan pembiayaan adalah penyediaan dana dengan kesepakatan berbagi hasil5. 2 lihat, sinar grafika, undang-undang perbankan, uu no. 10 th. 1998 pasal 1, tentang perubahan uu no. 7 tahun 1992 tentang perbankan, (jakarta: sinar grafika, 2002), cet. i, h. 9. 3 lihat, bab i ketentuan umum, pasal 1, uu no. 21 tahun 2008 tentang perbankan syariah. 4 kredit adalah penyediaan uang atau tagihan yang dapat dipersamakan dengan itu berdasarkan persetujuan atau kesepakatan pinjam-meminjam antara bank dengan pihak lain yang mewajibkan pihak peminjam untuk melunasi utangnya setelah jangka waktu tertentu dengan pemberian bunga. lihat, tim penyusun kamus istilah perbankan ii, kamus perbankan, edisi ke-2, (jakarta: institut bankir indonesia, 1999), h. 92. 5 pembiayaan (menurut uu perbankan syariah no. 21 tahun 2008, bab 1 pasal 1 adalah penyediaan dana atau tagihan yang dipersamakan dengan itu berupa: (a) transaksi bagi hasil dalam bentuk mudhârabah dan musyârakah; (b) transaksi sewa-menyewa dalam bentuk ijarah atau sewa beli dalam bentuk ijârah muntahiyah bi tamlîk; (c) transaksi jual-beli dalam bentuk piutang abdurrauf: penerapan teori akad pada perbankan syariah 18 terlepas dari kekurangan yang ada, mengacu kepada pengertian bank di atas maka ada tiga kegiatan utama bank syariah, yaitu: (1) menghimpun dana dari masyarakat (funding) dalam bentuk simpanan; (2) menyalurkan dana kepada masyarakat dalam bentuk pembiayaan (financing); (3) menyediakan jasa bagi masyarakat. melalui jalur pertama (funding) bank mendapatkan suntikan dana untuk membesarkan dirinya. karena pada dasarnya dana bank berasal dari dua sumber, yaitu sumber intern dan sumber ekstern. sumber ekstern berasal dari tabungan masyarakat, perusahaan, dan pemerintah, dan biasanya disebut modal asing. dan sumber intern berasal dari pemilik dari bank itu sendiri, biasanya disebut modal sendiri, yang sifatnya tetap.6 kemudian melalui jalur financing, bank dapat mengembangkan dananya dan memperluas jaringan investasinya. sedangkan melalui penyediaan jasa-jasa (services) lainnya, dia mendapatkan tambahan dana (fee), seperti: menerima layanan setoran pajak, pembayaran telpon, listrik, air, pembayaran gaji, trans fer (kiriman uang), dan lain-lain. dalam menghimpun/menyalurkan dana dari dan ke masyarakat, perbankan syariah menggunakan pelbagai jenis akad yang dapat dikelompokkan menjadi enam pola akad7, yaitu: (1) akad dengan pola titipan, seperti wadî’ah yad amânah dan wadî’ah yad dhamânah; (2) akad dengan pola bagi hasil, seperti mudhârabah dan musyârakah; (3) akad dengan pola jual beli, seperti murâbahah, salam, dan istishnâ’; (4) akad dengan pola sewa, seperti ijârah dan ijârah wa iqtinâ’ atau ijârah muntahiyah bi al-tamlîk (imbt); (5) akad dengan pola pinjaman, seperti qard; (6) akad dengan pola lainnya, seperti wakâlah, kafâlah, hiwâlah, rahn, dan lain-lain. deskripsi rukun akad kata rukun berasal dari bahasa arab, rukn, jamaknya arkân, artinya: bagian/sisi dan fondasi. dikatakan rukn al-syay’, berarti jânibuh al-aqwâ, sisi yang terkuat dari sesuatu, rukn al-insân, berarti kekuatannya8. dengan demikian, rukun adalah sesuatu yang menentukan tegak atau tidak tegaknya sesuatu dan sah atau tidak sahnya suatu perbuatan. contoh klasik yang biasa diumpamakan se murâbahah, salâm, dan istishnâ’; (d) transaksi pinjam meminjam dalam bentuk piutang qardh; dan (e) transaksi sewa-menyewa jasa dalam bentuk ijarah untuk transaksi multijasa. 6 h. melayu s.p hasibuan, dasar-dasar perbankan, (jakarta: bumi aksara, 2001), cet. i, h. 61; lihat juga, kasmir, manajemen perbankan, (jakarta: raja grafindo persada, 2004), cet. 5, h. 34-35. 7 ascarya, akad dan produk bank syariah, (jakarta: raja grafindo persada, 2007), h. 41. 8 lihat ibn mandzûr, lisân al-‘arab, (bayrût: dâr shâdir, 2005), cet. iv, vol. v, h. 218. al-iqtishad: vol. iv, no. 1, januari 2012 19 terlepas dari kekurangan yang ada, mengacu kepada pengertian bank di atas maka ada tiga kegiatan utama bank syariah, yaitu: (1) menghimpun dana dari masyarakat (funding) dalam bentuk simpanan; (2) menyalurkan dana kepada masyarakat dalam bentuk pembiayaan (financing); (3) menyediakan jasa bagi masyarakat. melalui jalur pertama (funding) bank mendapatkan suntikan dana untuk membesarkan dirinya. karena pada dasarnya dana bank berasal dari dua sumber, yaitu sumber intern dan sumber ekstern. sumber ekstern berasal dari tabungan masyarakat, perusahaan, dan pemerintah, dan biasanya disebut modal asing. dan sumber intern berasal dari pemilik dari bank itu sendiri, biasanya disebut modal sendiri, yang sifatnya tetap.6 kemudian melalui jalur financing, bank dapat mengembangkan dananya dan memperluas jaringan investasinya. sedangkan melalui penyediaan jasa-jasa (services) lainnya, dia mendapatkan tambahan dana (fee), seperti: menerima layanan setoran pajak, pembayaran telpon, listrik, air, pembayaran gaji, trans fer (kiriman uang), dan lain-lain. dalam menghimpun/menyalurkan dana dari dan ke masyarakat, perbankan syariah menggunakan pelbagai jenis akad yang dapat dikelompokkan menjadi enam pola akad7, yaitu: (1) akad dengan pola titipan, seperti wadî’ah yad amânah dan wadî’ah yad dhamânah; (2) akad dengan pola bagi hasil, seperti mudhârabah dan musyârakah; (3) akad dengan pola jual beli, seperti murâbahah, salam, dan istishnâ’; (4) akad dengan pola sewa, seperti ijârah dan ijârah wa iqtinâ’ atau ijârah muntahiyah bi al-tamlîk (imbt); (5) akad dengan pola pinjaman, seperti qard; (6) akad dengan pola lainnya, seperti wakâlah, kafâlah, hiwâlah, rahn, dan lain-lain. deskripsi rukun akad kata rukun berasal dari bahasa arab, rukn, jamaknya arkân, artinya: bagian/sisi dan fondasi. dikatakan rukn al-syay’, berarti jânibuh al-aqwâ, sisi yang terkuat dari sesuatu, rukn al-insân, berarti kekuatannya8. dengan demikian, rukun adalah sesuatu yang menentukan tegak atau tidak tegaknya sesuatu dan sah atau tidak sahnya suatu perbuatan. contoh klasik yang biasa diumpamakan se murâbahah, salâm, dan istishnâ’; (d) transaksi pinjam meminjam dalam bentuk piutang qardh; dan (e) transaksi sewa-menyewa jasa dalam bentuk ijarah untuk transaksi multijasa. 6 h. melayu s.p hasibuan, dasar-dasar perbankan, (jakarta: bumi aksara, 2001), cet. i, h. 61; lihat juga, kasmir, manajemen perbankan, (jakarta: raja grafindo persada, 2004), cet. 5, h. 34-35. 7 ascarya, akad dan produk bank syariah, (jakarta: raja grafindo persada, 2007), h. 41. 8 lihat ibn mandzûr, lisân al-‘arab, (bayrût: dâr shâdir, 2005), cet. iv, vol. v, h. 218. perti membaca al-fâtihah, rukuk, sujud, dan lain-lainnya dikatakan rukun salat karena ia menentukan hukum, sah atau tidak sahnya salat. dalam konteks akad, rukun akad berarti sesuatu yang menentukan dapat berlangsung atau tidak dapat berlangsungnya suatu akad kontrak, dan sekaligus menentukan sah atau tidak sahnya suatu akad9. sementara kata akad juga berasal dari bahasa arab, al-‘aqd secara bahasa berarti al-rabthu, yaitu mengikat atau ikatan. dikatakan rabatha al-syai’ rabthan, berarti ia mengikat sesuatu dengan kuat10. dalam al-mu'jam al-wasith, kata al'aqdu adalah sinonim dari kata al-'ahdu bermakna perjanjian dan al-ittifaq, yaitu kesepakatan yang terjadi antara dua belah pihak yang mana keduanya diharuskan untuk melakukan sesuai kesepakatan, seperti akad jual beli dan pernikahan.11 dikatakan ikatan (al-rabth) maksudnya adalah menghimpun atau mengumpulkan dua ajung tali dan mengikatkan salah satunya pada yang yang lainnya hingga keduanya bersambung dan menjadi seperti seutas tali yang satu.12 kata al-‘aqdu dijelaskan oleh allah dalam surah al-maidah ayat 1 yang berbunyi:                                                      hai orang-orang yang beriman, penuhilah aqad-aqad itu, dihalalkan bagimu binatang ternak, kecuali yang akan dibacakan kepadamu. (yang demikian itu) dengan tidak menghalalkan berburu ketika kamu sedang mengerjakan haji. sesungguhnya allah menetapkan hukum-hukum menurut yang dikehendaki-nya‛. (q.s. al-mâ’idah [5]: 1) 9 dalam masalah menentukan apa saja yang menjadi rukun akad ini, terjadi silang pendapat antara jumhur ulama dengan hanafiyah. di mana jumhur berpendapat, rukun akad itu ada tiga; yaitu ‘aqid (para pihak yang melakukan akad), ma'qûd alayh (harga dan barang yang diakadkan), dan shighah al-‘aqd (bentuk atau cara melakukan akad yang biasa disebut ijâb dan qabûl). sementara menurut hanafiyyah, rukun akad hanya satu, yaitu ijab dan qabul saja, dan yang lainnya masuk dalam kategori konsekuensi (lawazim) akad, karena adanya ijab dan kabul menuntut adanya ‘aqid. lihat, wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (damaskus: dâr al-fikr, 1996), cet. iii, vol. 4, h. 92. 10 ibrahim anis dkk., al-mu'jam al-wasith, vol. 1, (istambul-turki: al-maktabah al-islâmiyah, t.th), h. 323. 11 ibrahim anis dkk., al-mu'jam al-wasith, vol. 1, h. 614. 12 gufraon a. mas’adi, fiqh mu’amalah kontekstual, (jakarta: rajagrafindo persada, 2002), h. 75. abdurrauf: penerapan teori akad pada perbankan syariah 20 dalam perspektif al-qur’an, ‘aqad (perjanjian) itu mencakup: janji prasetia seorang hamba kepada allah s.w.t. dan perjanjian yang dibuat oleh manusia dalam pergaulan sesamanya. sedangkan menurut pengertian istilah, akad berarti: pertalian ijab (pernyataan melakukan ikatan) dengan kabul (pernyataan penerimaan ikatan), sesuai dengan kehendak syariat yang berimplikasi (hukum) pada objek perikatan.13 dari rumusan di atas, ada tiga hal yang dapat digarisbawahi di sini, yaitu: pertama, kalimat irtibath îjâb bi qabul (pertalian antara ijab dan qabul). îjâb adalah pernyataan kehendak oleh satu pihak (mujib) untuk melakukan sesuatu atau tidak melakukan sesuatu. sedangkan qabûl adalah pernyataan menerima atau menyetujui kehendak mujîb tersebut oleh pihak lainnya. ijab dan kabul ini harus ada dalam mel aksanakan suatu akad. kedua, k a l i m a t ‘ a l â w a j h m a s y r û ‘ ( dibenarkan oleh syarak). kal i mat ini menunjukkan bahwa pelaksanaan akad, tujuan akad, dan objek akad tidak boleh bertentangan dengan syariah. jika bertentangan, akan mengakibatkan akad itu tidak sah. sebagai c onto h, misal nya suatu perikatan yang mengandung riba, atau objek pe rikatan yang tidak halal menurut syariat (seperti dendeng/abon babi atau minuman keras), mengakibatkan tidak sahnya suatu perikatan menurut hukum islam. ketiga, kalimat yatsbut âtsâruh fi mahallih (mempunyai akibat hukum terhadap objeknya). akad merupakan salah satu bentuk tindakan hukum (tasharruf al-hukm). adanya akad menimbulkan akibat hukum terhadap objek hukum yang diperjanjikan oleh para pihak dan juga memberikan konsekuensi hak dan kewajiban yang mengikat para pihak. dalam konteks jual beli misalnya, jual beli merupakan perbuatan hukum, di mana pelakunya adalah penjual dan pembeli, sementara ob jeknya adalah sesuatu yang diperjualbelikan. ketika terjadi transaksi jual -beli, maka di sinilah terjadi konsekuensi hukum dan sekaligus melahirkan hak dan kewajiban. konsekuensi hukumnya adalah perpindahan kepemilikan 13 teungku muhammad hasbi ash-shiddieqy, pengantar fiqh mu’amalah, (semarang: pustaka rizki putra, 1997), cet. i, edisi ii, h.14. al-iqtishad: vol. iv, no. 1, januari 2012 21 dalam perspektif al-qur’an, ‘aqad (perjanjian) itu mencakup: janji prasetia seorang hamba kepada allah s.w.t. dan perjanjian yang dibuat oleh manusia dalam pergaulan sesamanya. sedangkan menurut pengertian istilah, akad berarti: pertalian ijab (pernyataan melakukan ikatan) dengan kabul (pernyataan penerimaan ikatan), sesuai dengan kehendak syariat yang berimplikasi (hukum) pada objek perikatan.13 dari rumusan di atas, ada tiga hal yang dapat digarisbawahi di sini, yaitu: pertama, kalimat irtibath îjâb bi qabul (pertalian antara ijab dan qabul). îjâb adalah pernyataan kehendak oleh satu pihak (mujib) untuk melakukan sesuatu atau tidak melakukan sesuatu. sedangkan qabûl adalah pernyataan menerima atau menyetujui kehendak mujîb tersebut oleh pihak lainnya. ijab dan kabul ini harus ada dalam mel aksanakan suatu akad. kedua, k a l i m a t ‘ a l â w a j h m a s y r û ‘ ( dibenarkan oleh syarak). kal i mat ini menunjukkan bahwa pelaksanaan akad, tujuan akad, dan objek akad tidak boleh bertentangan dengan syariah. jika bertentangan, akan mengakibatkan akad itu tidak sah. sebagai c onto h, misal nya suatu perikatan yang mengandung riba, atau objek pe rikatan yang tidak halal menurut syariat (seperti dendeng/abon babi atau minuman keras), mengakibatkan tidak sahnya suatu perikatan menurut hukum islam. ketiga, kalimat yatsbut âtsâruh fi mahallih (mempunyai akibat hukum terhadap objeknya). akad merupakan salah satu bentuk tindakan hukum (tasharruf al-hukm). adanya akad menimbulkan akibat hukum terhadap objek hukum yang diperjanjikan oleh para pihak dan juga memberikan konsekuensi hak dan kewajiban yang mengikat para pihak. dalam konteks jual beli misalnya, jual beli merupakan perbuatan hukum, di mana pelakunya adalah penjual dan pembeli, sementara ob jeknya adalah sesuatu yang diperjualbelikan. ketika terjadi transaksi jual -beli, maka di sinilah terjadi konsekuensi hukum dan sekaligus melahirkan hak dan kewajiban. konsekuensi hukumnya adalah perpindahan kepemilikan 13 teungku muhammad hasbi ash-shiddieqy, pengantar fiqh mu’amalah, (semarang: pustaka rizki putra, 1997), cet. i, edisi ii, h.14. dari satu pihak kepada pihak lainnya . sedangkan adanya hak dan kewajiban di mana pihak pertama (penjual) berhak mendapatkan harga jual dan berkewajiban menyerahkan barang, sementara pihak kedua (pembeli) berhak memiliki dan mengua sai penuh barang dan berkewajiban menyerahkan harga jual kepada pihak pertama. de mikian juga dalam kasus ijârah, di mana terjadinya pengalihan pemanfaatan suatu benda dan sekaligus melahirkan hak dan kewajiban 14. unsur-unsur akad yang dimaksud dengan unsur akad adalah komponen-komponen yang dapat membentuk akad itu sendiri, yaitu terdiri atas unsur rukun dan syarat serta derivatifnya. menurut wahbah al-zuhaylî, ada empat komponen yang harus terpenuhi untuk terbentuknya suatu akad. artinya, suatu akad tidak akan terbentuk kecuali dengan keempat komponen/ unsur ini, yaitu: shighah al-’aqd, al-’aqidân, mahal al-’aqd, dan mawdhû’ al-‘aqd.15 teknik akad (shighah al-‘aqd atau îjâb dan qabûl) shîghah al-'aqd adalah suatu ekspresi yang lahir/muncul dari kedua belah pihak yang menunjukkan keinginan batinnya untuk membentuk akad dan atau membatalkannya. keinginan batin itu diekpresikan melalui ucapan/perkataan atau isyarat dan tulisan. dan shîghah ini disebut dengan istilah ijab dan kabul16. ijab adalah suatu pernyataan janji atau penawaran dari pihak pertama untuk melakukan atau tidak melakukan sesuatu. kabul adalah suatu pernyataan menerima dari pihak kedua atas penawaran yang dilakukan oleh pihak pertama17. dalam hal melakukan ijab dan kabul ini, para fukaha mensyaratkan tiga syarat sahnya, yaitu:18 (1) wudhûh dilâlah al-ijâb wa al-qabûl, yaitu masing-masing dari ijab dan kabul ini harus menunjukkan kehendak yang jelas dan pasti dari kedua belah pihak; (2) tathâb al-qabûl wa al-ijâb, yaitu adanya kesesuaian antara ijab dan kabul; (3) ittishâl al-qabûl wa al-ijâb, yaitu antara ijab dan kabul 14 lihat keterangan lebih lanjut, wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (damaskus: dâr al-fikr, 1996), cet. iii, vol. iv, h. 177. 15 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 92. lihat juga, teungku muhammad hasby ash-shiddieqy, pengantar fiqih mu’amalah, (semarang: pustaka rizki putra, 1997), cet. i, edisi ii, h. 23. 16 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 92. 17 gemala dewi, hukum perikatan islam di indonesia, (jakarta: prenada, 2005), cet. i, h. 48. 18 muhammad rusydî, muhammad ismail, al-’uqûd fi al-syarî‘ah al-islâmiyyah, (al-qâhirah: mathba’ah al-jablawi, 1986), cet. i, edisi ii, h. 48. abdurrauf: penerapan teori akad pada perbankan syariah 22 harus dilakukan secara langsung atau menyambung manakala akad itu dilakukan di satu majlis. adapun cara untuk menyatakan ijab dan kabul ini, dapat dilakukan dengan pelbagai macam cara. pertama, pernyataan kehendak secara lisan/ucapan. di mana para pihak dapat mengungkapkan kehendaknya dalam bentuk per kataan secara jelas. dan hal ini tentu ijab dan kabul dapat diketahui atau dipahami secara jelas. kedua, pernyataan kehendak melalui tulisan. para pihak yang hendak melakukan akad dapat menggunakan media tulisan untuk menunjukkan keinginan batinnya manakala tidak dapat dilakukan secara langsung atau lisan. dalam kaidah fiqhiyyah19 dinyatakan, ‚al-kitâb ka al-khithâb‛ (tulisan itu sama dengan ungkapan secara lisan). ketiga, pernyatan kehendak melalui is y a r a t . d a l a m k o n t e k s i n i s uatu akad tidaklah hanya dilakukan oleh orang normal saja, akan tetapi orang cacat pun dapat melakukannya melalui bahasa atau gerakan yang dapat dipahami seperti isyarat. seperti mereka yang mengalami cacat berupa tuna wicara, maka dimungkinkan akad dilakukan melalui isyarat, asalkan para pihak yang melakukan akad tersebut memili ki pemahaman yang sama dan dengan tujuan yang sama pula. dalam kaidah fiqhiyyah dikatakan, ‚ al-isyarah al-ma‘hûdah li al-akhras ka al-bayân bi al-isân (isyarat yang jelas dari orang bisu sama dengan penjelasan dengan lisan).20 keempat, pernyataan kehendak melalui p erbuatan. suatu akad dapat dilangsungkan tan pa melalui ucapan atau perkataan. akan tetapi terjadi melalui sikap dan tindakan yang dilakukan oleh kedua belah pihak. dalam fikih islam, akad yang dilangsungkan dengan cara seperti ini dina makan al-’aqd bi al-mu’athah (al-ta’athi), yaitu suatu akad yan g dilakukan cukup dengan cara saling memberi dan menerima tanpa adanya proses tawar-menawar di antara kedua belah pihak . mekanisme jual beli semacam ini sudah biasa kita temukan di pasar-pasar swalayan atau supermarket. subjek akad (ai-‘âqidân) al-‘aqidân adalah para pihak yang melakukan akad. subekti menyebutnya dengan istilah personalia dalam suatu perjanjian, yaitu orang-orang yang tersangkut dalam suatu perjanjian.21 atau disebut juga dengan istilah subjek hukum. sebagai 19 mukhlis usman, kaidah-kaidah ushuliyah dan fiqhiyyah, (jakarta: rajagrafindo persada, 2002), cet iv, h. 196. 20 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 103. 21 subekti, hukum perjanjian, (jakarta: intermasa, 2002), cet. xix, h. 29. al-iqtishad: vol. iv, no. 1, januari 2012 23 harus dilakukan secara langsung atau menyambung manakala akad itu dilakukan di satu majlis. adapun cara untuk menyatakan ijab dan kabul ini, dapat dilakukan dengan pelbagai macam cara. pertama, pernyataan kehendak secara lisan/ucapan. di mana para pihak dapat mengungkapkan kehendaknya dalam bentuk perkataan secara jelas. dan hal ini tentu ijab dan kabul dapat diketahui atau dipahami secara jelas. kedua, pernyataan kehendak melalui tulisan. para pihak yang hendak melakukan akad dapat menggunakan media tulisan untuk menunjukkan keinginan batinnya manakala tidak dapat dilakukan secara langsung atau lisan. dalam kaidah fiqhiyyah19 dinyatakan, ‚al-kitâb ka al-khithâb‛ (tulisan itu sama dengan ungkapan secara lisan). ketiga, pernyatan kehendak melalui is y a r a t . d a l a m k o n t e k s i n i s uatu akad tidaklah hanya dilakukan oleh orang normal saja, akan tetapi orang cacat pun dapat melakukannya melalui bahasa atau gerakan yang dapat dipahami seperti isyarat. seperti mereka yang mengalami cacat berupa tuna wicara, maka dimungkinkan akad dilakukan melalui isyarat, asalkan para pihak yang melakukan akad tersebut memili ki pemahaman yang sama dan dengan tujuan yang sama pula. dalam kaidah fiqhiyyah dikatakan, ‚ al-isyarah al-ma‘hûdah li al-akhras ka al-bayân bi al-isân (isyarat yang jelas dari orang bisu sama dengan penjelasan dengan lisan).20 keempat, pernyataan kehendak melalui p erbuatan. suatu akad dapat dilangsungkan tan pa melalui ucapan atau perkataan. akan tetapi terjadi melalui sikap dan tindakan yang dilakukan oleh kedua belah pihak. dalam fikih islam, akad yang dilangsungkan dengan cara seperti ini dina makan al-’aqd bi al-mu’athah (al-ta’athi), yaitu suatu akad yan g dilakukan cukup dengan cara saling memberi dan menerima tanpa adanya proses tawar-menawar di antara kedua belah pihak . mekanisme jual beli semacam ini sudah biasa kita temukan di pasar-pasar swalayan atau supermarket. subjek akad (ai-‘âqidân) al-‘aqidân adalah para pihak yang melakukan akad. subekti menyebutnya dengan istilah personalia dalam suatu perjanjian, yaitu orang-orang yang tersangkut dalam suatu perjanjian.21 atau disebut juga dengan istilah subjek hukum. sebagai 19 mukhlis usman, kaidah-kaidah ushuliyah dan fiqhiyyah, (jakarta: rajagrafindo persada, 2002), cet iv, h. 196. 20 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 103. 21 subekti, hukum perjanjian, (jakarta: intermasa, 2002), cet. xix, h. 29. pelaku dari suatu tindakan hukum tertentu, sering kali diartikan sebagai pihak pengemban hak dan kewajiban. dalam islam, manusia sebagai subjek perikatan (‘âqid) adalah pihak yang sudah dapat dibebani hukum yang lazim dikenal mukallaf. mukal l af adalah orang yang telah mampu bertindak secara hukum. istilah "mukallaf" berasal dari bahasa arab yang berarti "yang dibebani hukum", di mana dalam hal ini mereka adalah orang-orang yang telah dapat mempertanggungjawabkan perbuatan atau tindakannya dan telah memenuhi kriteria dan syarat-syaratnya.22 pertama, ‘âqil (berakal). orang yang bertransaksi haruslah berakal sehat, bukan orang gila, terganggu akalnya, ataupun kurang akalnya karena masih di bawah umur, sehingga dapat mempertanggungjawabkan transaksi yang dibuatnya. ini berarti orang sakit, orang gila, atau orang yang tidur, tidak dapat menjadi subjek hukum. rasulullah bersabda, "diangkatkan pembebanan hukum dari tiga macam orang: orang tidur sampai dia bangun, anak kecil sampai dia balig, dan orang gila sampai ia sadar. (h.r. al-bukhârî) kedua, tamyîz (dapat membedakan). orang yang bertransaksi haruslah dalam keadaan dapat membedakan yang baik dan yang buruk, sebagai pertanda kesadarannya sewaktu bertransaksi. ketiga, mukhtâr (bebas dari paksaan). syarat ini didasarkan oleh ketentuan surah al-nisâ’ [4] ayat 29 dan hadis nabi yang mengemukakan prinsip ’an tarâdh (rela sama rela). hal ini berarti para pihak harus bebas dalam bertransaksi, lepas dari paksaan, dan tekanan. di samping syarat-syarat utama di atas, masih ada tiga hal yang harus diperhatikan juga, yaitu ahliyah (kecakapan), wilâyah (kewenangan/otoritas), dan wakâlah (perwakilan/ pendelegasian)23. pertama, ahliyah (kecakapan), yaitu kecakapan seseorang untuk memiliki hak dan dibebankan suatu kewajiban, dan kecakapan melakukan tindakan. sekalipun dari segi umur dia sudah balig, berakal, dan tamyîz, atau dengan kata sudah memenuhi standar, namun itu saja belumlah cukup, tetapi dia juga harus mempunyai kecakapan dalam bertasharruf sehingga tidak merugikan dirinya sendiri. kedua, wilâyah (kewenangan/otoritas), yaitu kekuasaan hukum yang pemiliknya dapat ber-tasharruf dan melakukan akad dan menunaikan segala akibat hukum yang ditimbulkan. orang yang berhak atau berwenang untuk 22 hamzah ya’cub, kode etik dagang menurut islam, pola pembinaan hidup dalam berekonomi, (bandung: cv. diponegoro, 1984), h., 90. bandingkan, muhammad rusydî muhammad ismâ‘îl, al-’uqûd fi al-syarî‘ah al-islâmiyyah, (al-qahirah: mathba’ah al-jablawi, 1986), h. 47. 23 gufraon a mas’adi, fiqh mu’amalah kontekstual, (jakarta: rajagrafindo persada, 2002), cet. i, h. 82-86. abdurrauf: penerapan teori akad pada perbankan syariah 24 melakukan suatu akad adalah orang yang mempunyai kecakapan sempurna untuk bertindak. ini berarti orang yang belum cakap sempurna, tidak mempunyai otoritas untuk melangsungkan suatu akad. ketiga, wakâlah (pendelegasian), yaitu pengalihan kewenangan tertentu dari seseorang kepada orang lain untuk mengambil suatu tindakan. dalam wakâlah ini, seorang wakil (penerima mandat) dan muwakkil (pemberi mandat) harus sama-sama memiliki kecakapan ber-tasharruf secara sempurna. dan biasanya, wâkil (penerima mandat) memiliki hak untuk mendapatkan fee dari muwakkil (pemberi mandat). muhammad rusydî muhammad ismâ‘îl menambahkan, dalam kapasitasnya sebagai subjek hukum, dan dalam kaitannya dengan kecakapan (ahliyah) ini, manusia itu dapat diklasifikasi menjadi tiga macam. pertama, manusia yang tidak mempunyai wewenang sama sekali, seperti anak bayi di bawah umur tujuh tahun, orang gila, dan orang yang tidak mumayyiz. kedua, manusia yang tidak sempurna kecakapannya, yaitu anak berumur mulai dari tujuh tahun sampai dia balig dan orang yang mumayyiz. ketiga, manusia yang sempurnya kecakapannya, yaitu mulai dari umur baligh24. objek akad (mahall al-‘aqd) mahall al-'aqd adalah sesuatu yang dijadikan objek akad dan dikenakan padanya akibat hukum yang ditimbulkan. bentuk objek akad dapat berupa benda berwujud, seperti mobil dan rumah, maupun benda tidak berwujud, seperti manfaat. syarat-syarat yang harus dipenuhi dalam mahall al-‘aqd adalah sebagai berikut:25 pertama, objek akad harus telah ada ketika akad dilangsungkan. suatu akad yang objeknya tidak ada pada waktu dilangsungkan maka dianggap akad batal, seperti larangan menjual anak hewan yang masih di dalam perut induknya 26 atau menjual buah-buahan sebelum tampak matang buahnya27. alasannya, bahwa sebab hukum dan akibat akad tidak mungkin bergantung pada sesuatu yang belum ada. namun demikian, terdapat pengecualian terhadap bentuk akadakad tertentu, seperti salam, istishnâ’, dan musâqah. pengecualian ini didasarkan pada istihsân untuk memenuhi kebutuhan kegiatan muamalah. 24 lihat, muhammad rusydî muhammad ismâ ‘îl, al-’uqûd fi al-syarî‘ah al-islâmiyyah, h. 37. 25 muhammad firdaus, at. al., cara mudah memahami akad-akad syariah, (jakarta: renaisan, 2005), cet. i, h. 18. lihat juga, muhammad rusydî muhammad ismâ ‘îl, al-’uqûd fi al-syarî‘ah alislâmiyyah, h. 49. 26 hadis muttafaq ‘alayh. lihat, al-shan’anî, subul al-salâm, (riyâdh: mathbu’ah jâmi‘ah alimâm muhammad ibn su‘ûd al-islâmiyyah, 1408), cet. iv, vol. ii, h. 473. 27 h.r. al-bukhârî. lihat, al-bukhârî, mukhtashar shahîh al-bukhârî, (bayrût: al-yamâmah li althiba’ah wa al-nasyr wa al-tawzi’, 1999), cet. vii, h. 303. al-iqtishad: vol. iv, no. 1, januari 2012 25 melakukan suatu akad adalah orang yang mempunyai kecakapan sempurna untuk bertindak. ini berarti orang yang belum cakap sempurna, tidak mempunyai otoritas untuk melangsungkan suatu akad. ketiga, wakâlah (pendelegasian), yaitu pengalihan kewenangan tertentu dari seseorang kepada orang lain untuk mengambil suatu tindakan. dalam wakâlah ini, seorang wakil (penerima mandat) dan muwakkil (pemberi mandat) harus sama-sama memiliki kecakapan ber-tasharruf secara sempurna. dan biasanya, wâkil (penerima mandat) memiliki hak untuk mendapatkan fee dari muwakkil (pemberi mandat). muhammad rusydî muhammad ismâ‘îl menambahkan, dalam kapasitasnya sebagai subjek hukum, dan dalam kaitannya dengan kecakapan (ahliyah) ini, manusia itu dapat diklasifikasi menjadi tiga macam. pertama, manusia yang tidak mempunyai wewenang sama sekali, seperti anak bayi di bawah umur tujuh tahun, orang gila, dan orang yang tidak mumayyiz. kedua, manusia yang tidak sempurna kecakapannya, yaitu anak berumur mulai dari tujuh tahun sampai dia balig dan orang yang mumayyiz. ketiga, manusia yang sempurnya kecakapannya, yaitu mulai dari umur baligh24. objek akad (mahall al-‘aqd) mahall al-'aqd adalah sesuatu yang dijadikan objek akad dan dikenakan padanya akibat hukum yang ditimbulkan. bentuk objek akad dapat berupa benda berwujud, seperti mobil dan rumah, maupun benda tidak berwujud, seperti manfaat. syarat-syarat yang harus dipenuhi dalam mahall al-‘aqd adalah sebagai berikut:25 pertama, objek akad harus telah ada ketika akad dilangsungkan. suatu akad yang objeknya tidak ada pada waktu dilangsungkan maka dianggap akad batal, seperti larangan menjual anak hewan yang masih di dalam perut induknya 26 atau menjual buah-buahan sebelum tampak matang buahnya27. alasannya, bahwa sebab hukum dan akibat akad tidak mungkin bergantung pada sesuatu yang belum ada. namun demikian, terdapat pengecualian terhadap bentuk akadakad tertentu, seperti salam, istishnâ’, dan musâqah. pengecualian ini didasarkan pada istihsân untuk memenuhi kebutuhan kegiatan muamalah. 24 lihat, muhammad rusydî muhammad ismâ ‘îl, al-’uqûd fi al-syarî‘ah al-islâmiyyah, h. 37. 25 muhammad firdaus, at. al., cara mudah memahami akad-akad syariah, (jakarta: renaisan, 2005), cet. i, h. 18. lihat juga, muhammad rusydî muhammad ismâ ‘îl, al-’uqûd fi al-syarî‘ah alislâmiyyah, h. 49. 26 hadis muttafaq ‘alayh. lihat, al-shan’anî, subul al-salâm, (riyâdh: mathbu’ah jâmi‘ah alimâm muhammad ibn su‘ûd al-islâmiyyah, 1408), cet. iv, vol. ii, h. 473. 27 h.r. al-bukhârî. lihat, al-bukhârî, mukhtashar shahîh al-bukhârî, (bayrût: al-yamâmah li althiba’ah wa al-nasyr wa al-tawzi’, 1999), cet. vii, h. 303. kedua, objek akad dibenarkan oleh syariah. maksudnya, sesuatu yang menjadi objek akad haruslah memiliki nilai, manfaat, dan berguna bagi manusia bukan malah merusak kehidupan manusia. benda-benda yang sifatnya tidak suci, seperti bangkai, minuman keras, babi, atau darah dianggap tidak memiliki nilai dan tidak memiliki manfaat bagi manusia28. karena itu, bendabenda tersebut tidak boleh diperjual belikan atau dijadikan objek akad. demikian pula manakala objek akadnya berupa berupa jasa, seperti jasa pelacuran, perdukunan, human traficing, dan lain-lain, tidak boleh dijadikan akad karena bertentangan dengan syariah. dijelaskan dalam hadis,29 ‛rasulullah melarang harga anjing, mahar pelacur, dan jasa perdukunan‛. (h.r. albukhârî). ketiga, objek akad harus jelas dan dikenali. suatu benda yang menjadi objek akad harus jelas dan diketahui oleh para pihak, terutama pihak kedua (pembeli). ini bertujuan agar tidak terjadi kesalahpahaman di antara mereka yang berakibat pada timbulnya sengketa dan perselisihan di kemudian hari. jika objek tersebut berupa benda, maka benda tersebut harus jelas bentuk dan keadaannya serta dimiliki penuh oleh si penjual dan bukan dalam penguasaan orang lain. rasulullah bersabda,30 ‛janganlah kamu menjual sesuatu yang bukan milikimu‛. keempat, objek akad dapat diserahterimakan. sesuatu yang menjadi objek akad harus dapat diserahkan kepada pihak kedua. ini berarti objek tersebut harus dalam penguasaan penuh pihak pertama dan bukan dalam penguasaan pihak lain atau bukan sesuatu yang dijadikan jaminan atas utang. karena itu mengapa burung di udara, ikan di lautan, atau budak yang lari tidak boleh dijadikan objek akad? itu tidak lain karena memang tidak dapat diserahterimakan pada saat akad dilangsungkan. karenanya rasulullah melarang jual-beli gharar.31 tujuan perikatan (mawdhû' al-‘aqd) m a w d h û ' a l ‘ a q d adalah tujuan suatu akad dilakukan. dalam islam, tujuan suatu akad harus sejalan dengan syariah. ini berarti, apabila suatu akad dilangsungkan untuk tujuan yang merusak atau membahayakan, maka ia dapat dikatakan tidak sah atau batal. sebagai contoh, tiga orang dewasa, berakal, balig, dan memenuhi kecakapan hukum melakukan suatu akad 28 h.r. al-bukhârî. lihat, al-bukhârî, mukhtashar shahîh al-bukhârî, h. 206. 29 h.r. al-bukhârî. lihat, al-bukhârî, mukhtashar shahîh al-bukhârî, h. 206. 30 h.r. al-nasâ’i. lihat, al-shan’anî, subul al-salâm, h. 479. 31 h.r. muslim. lihat, al-shan’anî, subul al-salâm, h. 475. abdurrauf: penerapan teori akad pada perbankan syariah 26 kerjasama dalam hal perampokan atau pembunuhan, di mana masingmasing di antara mereka memberikan kontribusi yang berbeda -beda: ada yang menyiapkan pedang/senjata api; ada yang tukang menunjuki jalan (navigator); dan ada yang tukang ekskusi. dan masing-masing di antara mereka juga sepakat dalam pembagian hasil rampokannya itu sesuai kesepakatan awal. maka tentu akad kerjasama semacam ini dilarang karena jelas bertentangan dengan syarak. sesuai dengan firman allah dalam alquran surah al-mâ’idah [5] ayat 2:                                           dan tolong-menolonglah kamu dalam (mengerjakan) kebajikan dan takwa, dan jangan tolong-menolong dalam berbuat dosa dan pelanggaran. dan bertakwalah kamu kepada allah, sesungguhnya allah amat berat siksa-nya. (q.s. al-mâ’idah [5]: 2). jadi, dapat disimpulkan bahwa komponen-komponen akad yang telah dijelaskan di atas adalah satu kesatuan yang saling berhubungan. kesempurnaan suatu akad pada satu komponen saja, misalnya pada subjek akad telah memenuhi standar syarak, atau pada objek akadnya telah memenuhi kriteria yang ditentukan syarak, tidak menjamin keshahihannya sampai ia memenuhi komponen lainnya. asas-asas yang melandasi suatu akad menurut fathurrahman djamil, d alam hukum islam terdapat beberapa asas yang melandasi suatu akad. walaupun tidak tertulis menjadi bagian dari rukun akad seperti yang telah dipaparkan sebelumnya, tetapi ia sangat berpengaruh pada status akad itu sendiri. di mana ketika asas ini tidak terpenuhi, maka akan mengakibatkan batal atau tidak sahnya perikatan (akad perjanjian) yang dibuat32. pertama, ai-hurriyah (kebebasan). berdasarkan akad ini maka para pihak mempunyai kebebasan untuk membuat akad kontrak (freedom of making contract), baik dari segi objeknya maupun dari segi persyaratan-persyaratan lainnya, termasuk menetapkan cara-cara penyelesaian bila terjadi seng 32 fathurrahman djamil, ‚hukum perjanjian syariah‛, dalam kompilasi hukum perikatan, oleh mariam darus badrulzaman at al., (bandung: citra aditya bakti, 2001), cet. i, h. 249-251. al-iqtishad: vol. iv, no. 1, januari 2012 27 kerjasama dalam hal perampokan atau pembunuhan, di mana masingmasing di antara mereka memberikan kontribusi yang berbeda -beda: ada yang menyiapkan pedang/senjata api; ada yang tukang menunjuki jalan (navigator); dan ada yang tukang ekskusi. dan masing-masing di antara mereka juga sepakat dalam pembagian hasil rampokannya itu sesuai kesepakatan awal. maka tentu akad kerjasama semacam ini dilarang karena jelas bertentangan dengan syarak. sesuai dengan firman allah dalam alquran surah al-mâ’idah [5] ayat 2:                                           dan tolong-menolonglah kamu dalam (mengerjakan) kebajikan dan takwa, dan jangan tolong-menolong dalam berbuat dosa dan pelanggaran. dan bertakwalah kamu kepada allah, sesungguhnya allah amat berat siksa-nya. (q.s. al-mâ’idah [5]: 2). jadi, dapat disimpulkan bahwa komponen-komponen akad yang telah dijelaskan di atas adalah satu kesatuan yang saling berhubungan. kesempurnaan suatu akad pada satu komponen saja, misalnya pada subjek akad telah memenuhi standar syarak, atau pada objek akadnya telah memenuhi kriteria yang ditentukan syarak, tidak menjamin keshahihannya sampai ia memenuhi komponen lainnya. asas-asas yang melandasi suatu akad menurut fathurrahman djamil, d alam hukum islam terdapat beberapa asas yang melandasi suatu akad. walaupun tidak tertulis menjadi bagian dari rukun akad seperti yang telah dipaparkan sebelumnya, tetapi ia sangat berpengaruh pada status akad itu sendiri. di mana ketika asas ini tidak terpenuhi, maka akan mengakibatkan batal atau tidak sahnya perikatan (akad perjanjian) yang dibuat32. pertama, ai-hurriyah (kebebasan). berdasarkan akad ini maka para pihak mempunyai kebebasan untuk membuat akad kontrak (freedom of making contract), baik dari segi objeknya maupun dari segi persyaratan-persyaratan lainnya, termasuk menetapkan cara-cara penyelesaian bila terjadi seng 32 fathurrahman djamil, ‚hukum perjanjian syariah‛, dalam kompilasi hukum perikatan, oleh mariam darus badrulzaman at al., (bandung: citra aditya bakti, 2001), cet. i, h. 249-251. keta. kebebasan menentukan persyaratan ini dibenarkan se lama tidak bertentangan dengan ketentuan syariah isla m. berdasarkan asas ini pula maka semua bentuk paksaan, tekanan, dan penipuan dari pihak manapun, dapat berakibat pada legalitas akad, d i mana dapat dianggap tidak sah atau batal. landasan asas ini adalah firman allah dalam surah al-baqarah [2] ayat 256, al-mâ’idah [5] ayat 1, dan al-rûm [30] ayat 30. kedua, al-musâwah (persamaan atau kesetaraan). asas ini memberikan landasan bahwa kedua belah pihak yang sedang melakukan suatu akad perjanjian mempunyai kedudukan yang sama dan setara. sehingga, pada saat menentukan hak dan kewajiban masing-masing didasarkan pada asas almusâwah ini. landasan asas ini adalah surah al-hujurât [49] ayat 13. ketiga, al-'adâlah (keadilan). keadilan adalah lawan dari kezaliman. berdasarkan asas ini maka para pihak dituntut untuk bersikap jujur dan terbuka tanpa ada yang ditutup-tutupi serta sungguh-sungguh dalam pengungkapan kehendak, keadaan, dan memenuhi semua butir-butir akad yang telah disepakati serta memenuhi semua kewajibannya. sebab tanpa demikian, maka bukannya keadilan yang menjadi raja, malah justru kezaliman yang akan terjadi. betapa pentingnya sikap keadilan ini sehingga alquran menyebutnya sebagai sifat yang lebih dekat kepada takwa (q.s. al-mâ’idah [5]: 8-9). dalil asas ini adalah perintah umum untuk menegakkan keadilan dalam segala bidang, yaitu firman allah dalam suras al-mâ’idah [5], ayat 8, dan al-baqarah [2] ayat 177. keempat, al-ridhâ (kerelaan, rida sama rida). berdasarkan asas ini maka semua bentuk akad yang dibuat harus dilakukan karena kerelaan diri, bu kan karena keterpaksaan atau dipaksa . karena kerelaan antar pihak yang berakad termasuk prasyarat bagi terwujudnya semua transaksi. dengan demikian bila asas ini tidak terpenuhi, maka akad dapat dianggap batal atau tidak sah, dan bila keadaan itu tetap dilangsungkan maka sama artinya dengan memakan sesuatu dengan cara yang batil (al-akl bi al-bâthil). singkatnya, asas ini mengharuskan tidak adanya paksaan dari pihak manapun dalam proses transaksi. dalilnya adalah firman allah dalam surah al-nisâ’ [4] ayat 29. kelima, al-shidq (kejujuran dan kebenaran). jujur adalah salah satu sifat utama dalam islam. lawannya adalah al-kidzb, dusta. dalam pelaksanaan akad, jujur mempunyai peranan yang sangat penting. sebab, bilamana asas ini diabaikan, maka akan berdampak terhadap legalitas akad itu sendiri , di mana dapat menghentikan semua proses perjanjian tersebut karena dianggap melakukan pembohongan, penipuan dan pemalsuan, bahkan wanprestasi. landasan asas ini adalah firman allah dalam surah al-ahzâb [33] ayat 70. abdurrauf: penerapan teori akad pada perbankan syariah 28 keenam, ai-kitâbah (tertulis). asas terakhir yang juga mempunyai peran penting dalam suatu akad adalah asas tertulis. tulisan merupakan salah satu alat bukti sah yang paling kuat di antara alat-alat bukti lainnya. terlebih lagi ketika terjadi suatu persengketaan di kemudian hari antara para pihak , maka tulisan atau catatan menjadi lebih sangat dibutuhkan sebagai pembuktian tertulis di depan pengadilan. itulah barangkali sebabnya mengapa alquran memerintahkan untuk mencatat segala sesuatu yang ditransaksikan. di mana allah menjelaskan hikmahnya pada penggalan ayat 282 surah al-baqarah, ‚... yang demikian itu, lebih adil di sisi allah dan lebih menguatkan persaksian dan lebih dekat kepada tidak (menimbulkan) keraguanmu‛. dan ayat 282 dari surah albaqarah ini sekaligus menjadi landasan asas al-kitabah ini. ketujuh, ai-iltizâm (konsistensi)33. setelah unsur-unsur akad terpenuhi dan kedua belah pihak sepakat atas semua butir-butir akad, maka mereka harus konsisten terhadap hal itu, dan tidak boleh salah satu pihak berkhianat terhadap yang lain dengan melakukan tindakan-tindakan yang dapat merugikannya, sebab rsulullah pernah bersabda: orang-orang muslim itu terikat dengan syarat-syarat yang telah mereka buat kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. (h.r. al-tirmidzî) penerapan teori akad dalam produk pembiayaan pertama, penerapannya pada akad murâbahah. murâbahah adalah jual beli barang pada harga asal dengan tambahan keuntungan yang telah disepakati.34 karakteristik murâbahah ini adalah penjual harus memberi tahu harga pokok yang ia beli dan menentukan suatu tingkat keuntungan sebagai tambahannya35. 33 asas al-luzûm (konsistensi) ini merupakan masukan dari dr. surahman hidayat, m.a. pada waktu makalah ini diseminarkan pada kamis, 14 mei 2009. alasannya adalah, manakala asas-asas sebelumnya terpenuhi tetapi kalau tidak ada will untuk melaksanakannya secara konsisten maka akad perjanjian tersebut tidak akan bisa terlaksana. 34 ibn rusyd, bidâyah al-mujtahid wa nihâyah al-muqtashid, (bayrût: dâr al-qalam, 1988), vol. ii, h. 216. 35 lihat juga, sa‘îd sa‘ad marthon, madkhal li al-fikr al-iqtishâdî fi al-islâm, (bayrût: mu’assasah al-risâlah, 1999m/1420 h.), h. 228. lihat juga, tim pengembangan perbankan syariah ibi, konsep, produk dan implementasi operasional bank syariah, (jakarta: penerbit djambatan, 2001), h. 66. al-iqtishad: vol. iv, no. 1, januari 2012 29 keenam, ai-kitâbah (tertulis). asas terakhir yang juga mempunyai peran penting dalam suatu akad adalah asas tertulis. tulisan merupakan salah satu alat bukti sah yang paling kuat di antara alat-alat bukti lainnya. terlebih lagi ketika terjadi suatu persengketaan di kemudian hari antara para pihak , maka tulisan atau catatan menjadi lebih sangat dibutuhkan sebagai pembuktian tertulis di depan pengadilan. itulah barangkali sebabnya mengapa alquran memerintahkan untuk mencatat segala sesuatu yang ditransaksikan. di mana allah menjelaskan hikmahnya pada penggalan ayat 282 surah al-baqarah, ‚... yang demikian itu, lebih adil di sisi allah dan lebih menguatkan persaksian dan lebih dekat kepada tidak (menimbulkan) keraguanmu‛. dan ayat 282 dari surah albaqarah ini sekaligus menjadi landasan asas al-kitabah ini. ketujuh, ai-iltizâm (konsistensi)33. setelah unsur-unsur akad terpenuhi dan kedua belah pihak sepakat atas semua butir-butir akad, maka mereka harus konsisten terhadap hal itu, dan tidak boleh salah satu pihak berkhianat terhadap yang lain dengan melakukan tindakan-tindakan yang dapat merugikannya, sebab rsulullah pernah bersabda: orang-orang muslim itu terikat dengan syarat-syarat yang telah mereka buat kecuali syarat yang mengharamkan yang halal atau menghalalkan yang haram. (h.r. al-tirmidzî) penerapan teori akad dalam produk pembiayaan pertama, penerapannya pada akad murâbahah. murâbahah adalah jual beli barang pada harga asal dengan tambahan keuntungan yang telah disepakati.34 karakteristik murâbahah ini adalah penjual harus memberi tahu harga pokok yang ia beli dan menentukan suatu tingkat keuntungan sebagai tambahannya35. 33 asas al-luzûm (konsistensi) ini merupakan masukan dari dr. surahman hidayat, m.a. pada waktu makalah ini diseminarkan pada kamis, 14 mei 2009. alasannya adalah, manakala asas-asas sebelumnya terpenuhi tetapi kalau tidak ada will untuk melaksanakannya secara konsisten maka akad perjanjian tersebut tidak akan bisa terlaksana. 34 ibn rusyd, bidâyah al-mujtahid wa nihâyah al-muqtashid, (bayrût: dâr al-qalam, 1988), vol. ii, h. 216. 35 lihat juga, sa‘îd sa‘ad marthon, madkhal li al-fikr al-iqtishâdî fi al-islâm, (bayrût: mu’assasah al-risâlah, 1999m/1420 h.), h. 228. lihat juga, tim pengembangan perbankan syariah ibi, konsep, produk dan implementasi operasional bank syariah, (jakarta: penerbit djambatan, 2001), h. 66. sebagai ilustrasi dalam teknis perbankan, misalnya, seorang nasabah bernama ali membutuhkan sebuah mobil merek daehatsu xenia buatan tahun 2009 untuk keperluan keluarganya. karena pak ali tidak mempunyai uang cukup untuk membeli mobil tersebut secara cash dari dealer, maka ia datang ke salah satu bank syariah dan minta dibelikan sesuai spesifikasi yang telah ditentukan. lalu bank syariah pun membelinya dari dealer seharga rp 110.000.000,dan menjualnya kembali ke pak ali seharga, misalnya, rp 125.000.000,-. nah, pada saat bank menjualnya kembali ke nasabah tersebut, ia harus memberitahu harga belinya dari dealer itu. di sini sudah dapat diketahui rukun jual beli dengan konsep murâbahah, yaitu: pertama, ketika bank berhubungan dengan dealer, ia berposisikan sebagai pembeli dan dealer sebagai penjual (keduanya berarti sebagai muta‘âqidân), dan objek akadnya adalah mobil beserta harganya (rp 110.000.000,-) dan cara bayarnya. kedua, pada saat bank berhubungan dengan nasabah, ia berposisikan sebagai penjual dan nasabah pemesan sebagai pembeli (di sini keduanya sebagai muta‘âqidân), sedangkan mobil beserta harganya (rp 125.000,000,-) sebagai objek akad, dan dengan cara kredit. sedangkan syaratnya, dalam kasus di atas adalah spesisikasi mobil yang telah ditentukan, seperti tahun perakitan, merek, harga pembelian awal dan keuntungan tambahan atas penjualan serta ketentuan waktu penyerahan. jadi, dalam murâbahah, nasabah mengetahui keuntungan yang diambil oleh bank. dan selama akad belum berakhir, maka harga jual beli antara nasabah dan bank tidak boleh berubah. apabila terjadi perubahan, akad tersebut menjadi batal. kedua, penerapannya pada akad salam. salam adalah akad pembelian suatu barang dengan menyebutkan spesifikasi tertentu yang penghantarannya dilakukan di kemudian waktu dan pembayarannya di awal. akad salam bermanfaat bagi penjual karena mereka menerima pembayaran di muka. dan ia juga bermanfaat bagi pembeli karena pada umumnya harga dengan akad salam lebih murah dari pada harga dengan akad tunai. jual beli dengan akad salam agak berbeda dengan jual beli pada umumnya yang melarang jual beli forward sehingga kontrak salam memiliki syaratsyarat ketat yang harus dipenuhi, di antaranya: (1) pembeli harus membayar penuh barang yang dipesan pada saat akad salam di tandatangani. hal ini diperlukan karena jika pembayaran belum penuh, maka dikawatirkan terjadinya penjualan utang dengan utang yang secara tegas dilarang. (2) kuantitas, kualitastas, dan ukuran dari komoditas yang dipesan harus mempunyai spesifikasi yang jelas tanpa keraguan yang dapat menimbulkan perselisihan di kemudian abdurrauf: penerapan teori akad pada perbankan syariah 30 hari dan semua yang dapat dirinci harus disebutkan secara eksplisit. (3) tanggal dan tempat penyerahan barang harus ditetapkan secara pasti di dalam kontrak perjanjian. penerapan teori akad dalam produk penghimpunan pertama, penerapannya pada akad mudhârabah.36 mudhârabah menurut literatur fikih adalah akad kerja sama antara pemilik dana (shâhib al-mâl) dengan pengusaha (mudhârib) untuk melakukan suatu usaha bersama. keuntungan yang diperoleh dibagi antara keduanya dengan perbanding an nisbah yang disepakati di awal dan tertuang di dalam akad kontrak. 37 karakteristik mudhârabah adalah keuntungan dan kerugian diterima dan ditanggung bersama, kecuali kalau kerugian diakibatkan oleh kelalaian si pengelola. kerjasama dengan pola akad mudhârabah ini, biasanya digunakan bank untuk menerima simpanan dari nasabah, baik dalam bentuk tabungan atau deposito atau juga untuk melakukan pembiayaan38. ketika bank menerima simpanan dari nasabah (funding), ia biasanya menggunakan akad mudhârabah muthlaqah. alasannya adalah karena bank ingin bebas untuk menginvestasikan simpanan tersebut bersama simpanan lainnya ke pelbagai sektor usaha halal, di samping itu juga biar ia mendapat keleluasaan dalam mengalokasikan pembiayaannya. tetapi kebalikannya, ketika bank melakukan pembiayaan (financing) kepada nasabahnya, ia menggunakan akad mudhârabah muqayyadah agar memudahkan dalam pengawasan ketika nasabah menyalahgunakan modal tersebut.39 sebagai contoh ilustrasi penerapan akad mudhârabah ini dalam pembiayaan adalah sebagai berikut: seorang pengusaha kelas menengah bernama habibi mengajukan proposal pembiayaan untuk mengerjakan suatu 36 secara linguistic, mudhârabah berasal dari kata dharaba-yudhâribu-mudharabatan, wa mudhârib, artinya spekulasi, orangnya spekulator. dinamakan demikian karena memang orang yang melakukan kerjasama usaha atau bisnis itu sebenarnya ia sedang melakukan untung-untungan atau spekulasi usaha dimana bisa untung atau bisa rugi. lihat, musthafa henni, a dictionary of economic and commerce (al-mu‘jam al-iqtishâdî wa al-tijârî), first edition, (lebanon, bayrût, 1984), h. 193. lihat juga, atabik ali dan ahmad zuhdi muhdlor, kamus kontemporer arab-indonesia, (yogyakarta: pondok krapyak, 1999), h. 1744. 37 lihat abdullah seed, islamic banking and interest, (leiden: new york; koln: bril, 1996), vol. ii, h. 51. 38 muhammad syafi’i antonio, bank syariah dari teori ke praktek, (jakarta: gema insani press, 2001), cet. i, h. 97. 39 fathurrahman djamil, pada seminar mata kuliah fikih muamalah dan keuangan islam, kamis, 4 dan 18 juni 2009. al-iqtishad: vol. iv, no. 1, januari 2012 31 hari dan semua yang dapat dirinci harus disebutkan secara eksplisit. (3) tanggal dan tempat penyerahan barang harus ditetapkan secara pasti di dalam kontrak perjanjian. penerapan teori akad dalam produk penghimpunan pertama, penerapannya pada akad mudhârabah.36 mudhârabah menurut literatur fikih adalah akad kerja sama antara pemilik dana (shâhib al-mâl) dengan pengusaha (mudhârib) untuk melakukan suatu usaha bersama. keuntungan yang diperoleh dibagi antara keduanya dengan perbanding an nisbah yang disepakati di awal dan tertuang di dalam akad kontrak. 37 karakteristik mudhârabah adalah keuntungan dan kerugian diterima dan ditanggung bersama, kecuali kalau kerugian diakibatkan oleh kelalaian si pengelola. kerjasama dengan pola akad mudhârabah ini, biasanya digunakan bank untuk menerima simpanan dari nasabah, baik dalam bentuk tabungan atau deposito atau juga untuk melakukan pembiayaan38. ketika bank menerima simpanan dari nasabah (funding), ia biasanya menggunakan akad mudhârabah muthlaqah. alasannya adalah karena bank ingin bebas untuk menginvestasikan simpanan tersebut bersama simpanan lainnya ke pelbagai sektor usaha halal, di samping itu juga biar ia mendapat keleluasaan dalam mengalokasikan pembiayaannya. tetapi kebalikannya, ketika bank melakukan pembiayaan (financing) kepada nasabahnya, ia menggunakan akad mudhârabah muqayyadah agar memudahkan dalam pengawasan ketika nasabah menyalahgunakan modal tersebut.39 sebagai contoh ilustrasi penerapan akad mudhârabah ini dalam pembiayaan adalah sebagai berikut: seorang pengusaha kelas menengah bernama habibi mengajukan proposal pembiayaan untuk mengerjakan suatu 36 secara linguistic, mudhârabah berasal dari kata dharaba-yudhâribu-mudharabatan, wa mudhârib, artinya spekulasi, orangnya spekulator. dinamakan demikian karena memang orang yang melakukan kerjasama usaha atau bisnis itu sebenarnya ia sedang melakukan untung-untungan atau spekulasi usaha dimana bisa untung atau bisa rugi. lihat, musthafa henni, a dictionary of economic and commerce (al-mu‘jam al-iqtishâdî wa al-tijârî), first edition, (lebanon, bayrût, 1984), h. 193. lihat juga, atabik ali dan ahmad zuhdi muhdlor, kamus kontemporer arab-indonesia, (yogyakarta: pondok krapyak, 1999), h. 1744. 37 lihat abdullah seed, islamic banking and interest, (leiden: new york; koln: bril, 1996), vol. ii, h. 51. 38 muhammad syafi’i antonio, bank syariah dari teori ke praktek, (jakarta: gema insani press, 2001), cet. i, h. 97. 39 fathurrahman djamil, pada seminar mata kuliah fikih muamalah dan keuangan islam, kamis, 4 dan 18 juni 2009. proyek pengembangan perumahan real estate di bilangan bekasi timur kepada bank syariah x dengan pola bagi hasil. setelah mempelajari dan studi atas kelayakan proyek tersebut, maka bank menyetujui dan memberikan modal 100% kepada sang pengusaha untuk digunakan melaksanakan kepentingan proyek tadi menggunakan akad mudhârabah muqayyadah, dan keuntungan proyek dibagi menurut porsi yang disepakati di awal, dengan ketentuan nisbah berbaginya adalah (misalnya) 65% : 35%, di mana bank sebagai penyandang mendapat 65%, dan pengusaha (mudhârib) mendapat 35% dari hasil usaha yang didapat. dari contoh kasus di atas sudah dapat diketahui rukun mudhârabah itu, yaitu: bank sebagai shahib al-mal, pengusaha tadi sebagai mudharib, keduanya berarti muta’aqidani, dan objek akadnya adalah proyek pengembangan perumahan real estet. kedua, penerapannya pada akad wadî’ah.wadî’ah adalah titipan murni nasabah yang harus dijaga dan dikembalikan kapan saja menghendakinya. aplikasi dalam perbankan, wadî’ah ini merupakan bentuk produk untuk penghimpunan dana dalam bentuk giro (giro syariah). karakteristik rekening giro ini sebagai pengembangan dari prinsip wadî’ah yad dhamânah, yaitu di mana titipan dapat ditarik setiap saat, dikembalikan secara utuh, dapat dipungut biaya, dan dapat ditentukan syarat-syarat tertentu untuk menjaga keselamatan barang titipan. dari karakteristik tersebut, maka konsekuensi prinsip wadî’ah yad dhamânah adalah semua keuntungan atau kerugian menjadi milik bank. tidak dilarang bank memberikan insentif berupa "bonus" asalkan tidak disyaratkan sebelumnya, asalkan jumlahnya tidak ditetapkan dalam nominal atau persentase di awal. sebagai contoh, pak ahmad sebagai bendahara yayasan pengembangan lks yang berdomisili di wilayah jakarta timur diberi amanah oleh ketua yayasan untuk ‛mengamankan‛ dana yayasan sebesar rp 100.000.000,(seratus juta rupiah). maka pak ahmad pergi ke salah satu bank syariah x dan membuka rekening giro syariah berdasarkan wadî’ah yad dhamânah. maka pihak bank pun memberikan lembaran kertas (brosur) yang berisi beberapa persyaratan dan ketentuan lainnya. setelah membaca, memahami dan menyetujuinya, dia pun mengisi aplikasi dan membubuhi tanda tangan di atasnya dan ditandatangani pula oleh pihak bank. dalam perjalanan waktu, karena kebutuhan yayasan pak ahmad pun menarik kembali dana tersebut. berdasarkan kebijakan bank, pak ahmad mendapat bonus sebesar rp 500.000,sebagai tanda terima kasih bank karena telah memercayainya untuk menyimpan dana. abdurrauf: penerapan teori akad pada perbankan syariah 32 berdasarkan prinsip wadî’ah yad dhamânah di atas maka dalam aplikasi perjanjian antara bank dan pak ahmad, pihak bank tidak dapat memastikan jumlah "bonus" yang akan diterima oleh pak ahmad, sedangkan bonus sebesar rp 500.000,itu merupakan pemberian bank berdasarkan hitung-hitungan bisnisnya. dan itu bukanlah bagi hasil sebagaimana dalam konsep mudhârabah. dan berdasarkan prinsip wadî’ah yad dhamânah ini juga maka: (1) pak ahmad berhak menarik dananya kapan saja dia menghendakinya; (2) bank harus siap mengembalikannya sewaktu pak ahmad membutuhkannya; (3) bonus sebesar rp 500.000, tersebut merupakan kebijakan bank dan bukan diperjanjikan sebelumnya. artinya, bisa saja bank tidak memberi bonus apa-apa kepada nasabah; (4) nasabah dalam hal ini pak ahmad tidak berhak menuntut bonus apapun kepada bank atas dana titipannya. penerapannya pada produk jasa pertama, penerapannya pada akad ijârah dan al-ijârah wa al-iqtinâ’. akad ijârah adalah akad pemindahan hak guna (manfaat) atas suatu barang atau jasa dalam waktu tertentu melalui pembayaran sewa/upah, tanpa diikuti dengan pemindahan kepemilikan barang itu sendiri40. sedangkan akad al-ijârah wa aliqtinâ’ adalah akad pemindahan hak guna (manfaat) atas suatu barang atau jasa dalam waktu tertentu melalui pembayaran sewa/upah, yang diikuti dengan pemindahan kepemilikan barang itu sendiri. al-ijârah wa al-iqtinâ’ biasanya dikenal dengan istilah sewa-beli, yaitu perjanjian sewa menyewa yang disertai dengan opsi pengalihan hak milik atas suatu benda kepada penyewan setelah selesai masa sewa41. dalam dunia finacial sering dikenal dengan istilah hire-purchase.42 jadi, akad al-ijârah wa aliqtinâ’ pada dasarnya kombinasi dua akad antara sewa menyewa (ijârah) dan jual beli atau hibah di akhir masa sewa. jadi, dalam ijârah muntahiya li al-tamlik, pemindahan hak milik barang terjadi dengan salah satu dari dua cara berikut ini: pertama, pihak yang menyewakan berjanji akan menjual barang yang disewakan tersebut pada akhir masa sewa. kedua, pihak yang menyewakan berjanji akan menghibahkan barang yang disewakan tersebut pada akhir masa sewa. 40 dewan syariah nasional mui, kumpulan fatwa dewan syariah nasional, (jakarta: pt. intermasa, 2003), cet. ii, h. 58. 41 dewan syariah nasional mui, kumpulan fatwa dewan syariah nasional, h. 164. 42 muhammad syafi’i antonio, bank syariah dari teori ke praktek, (jakarta: gema insani press, 2001), cet. i, h. 118. al-iqtishad: vol. iv, no. 1, januari 2012 33 berdasarkan prinsip wadî’ah yad dhamânah di atas maka dalam aplikasi perjanjian antara bank dan pak ahmad, pihak bank tidak dapat memastikan jumlah "bonus" yang akan diterima oleh pak ahmad, sedangkan bonus sebesar rp 500.000,itu merupakan pemberian bank berdasarkan hitung-hitungan bisnisnya. dan itu bukanlah bagi hasil sebagaimana dalam konsep mudhârabah. dan berdasarkan prinsip wadî’ah yad dhamânah ini juga maka: (1) pak ahmad berhak menarik dananya kapan saja dia menghendakinya; (2) bank harus siap mengembalikannya sewaktu pak ahmad membutuhkannya; (3) bonus sebesar rp 500.000, tersebut merupakan kebijakan bank dan bukan diperjanjikan sebelumnya. artinya, bisa saja bank tidak memberi bonus apa-apa kepada nasabah; (4) nasabah dalam hal ini pak ahmad tidak berhak menuntut bonus apapun kepada bank atas dana titipannya. penerapannya pada produk jasa pertama, penerapannya pada akad ijârah dan al-ijârah wa al-iqtinâ’. akad ijârah adalah akad pemindahan hak guna (manfaat) atas suatu barang atau jasa dalam waktu tertentu melalui pembayaran sewa/upah, tanpa diikuti dengan pemindahan kepemilikan barang itu sendiri40. sedangkan akad al-ijârah wa aliqtinâ’ adalah akad pemindahan hak guna (manfaat) atas suatu barang atau jasa dalam waktu tertentu melalui pembayaran sewa/upah, yang diikuti dengan pemindahan kepemilikan barang itu sendiri. al-ijârah wa al-iqtinâ’ biasanya dikenal dengan istilah sewa-beli, yaitu perjanjian sewa menyewa yang disertai dengan opsi pengalihan hak milik atas suatu benda kepada penyewan setelah selesai masa sewa41. dalam dunia finacial sering dikenal dengan istilah hire-purchase.42 jadi, akad al-ijârah wa aliqtinâ’ pada dasarnya kombinasi dua akad antara sewa menyewa (ijârah) dan jual beli atau hibah di akhir masa sewa. jadi, dalam ijârah muntahiya li al-tamlik, pemindahan hak milik barang terjadi dengan salah satu dari dua cara berikut ini: pertama, pihak yang menyewakan berjanji akan menjual barang yang disewakan tersebut pada akhir masa sewa. kedua, pihak yang menyewakan berjanji akan menghibahkan barang yang disewakan tersebut pada akhir masa sewa. 40 dewan syariah nasional mui, kumpulan fatwa dewan syariah nasional, (jakarta: pt. intermasa, 2003), cet. ii, h. 58. 41 dewan syariah nasional mui, kumpulan fatwa dewan syariah nasional, h. 164. 42 muhammad syafi’i antonio, bank syariah dari teori ke praktek, (jakarta: gema insani press, 2001), cet. i, h. 118. pilihan untuk menjual barang di akhir masa sewa (alternatif 1) biasanya diambil bila kemampuan finansial penyewa untuk membayar sewa relatif kecil. karena sewa yang dibayarkan relatif kecil, akumulasi nilai sewa yang sudah dibayarkan sampai akhir periode sewa belum mencukupi harga beli barang tersebut dan margin laba yang ditetapkan oleh bank. karena itu, untuk menutupi kekurangan tersebut, bila pihak penyewa ingin memiliki barang tersebut, ia harus membeli barang itu di akhir periode. pilihan untuk menghibahkan barang di akhir masa sewa (alternatif 2) biasanya diambil bila kemampuan finansial penyewa untuk membayar sewa relatif lebih besar. karena sewa yang dibayarkan relatif besar, akumulasi sewa di akhir periode sewa sudah mencukupi untuk menutup harga beli barang dan margin laba yang ditetapkan oleh bank. dengan demikian, bank dapat menghibahkan barang tersebut di akhir masa periode sewa kepada pihak penyewa43. secara ketentuan teknis, pihak yang akan melakukan al-ijârah wa al-iqtinâ’ harus melaksanakan akad ijârah terlebih dahulu. sedangkan akad pemindahan/ pengalihan kepemilikan, baik dengan jual beli atau pemberian (hibah), hanya dapat dilakukan setelah masa ijârah selesai. dan janji pemindahan kepemilikan yang disepakati di awal akad ijârah adalah bersifat wa‘ad, janji yang hukumnya tidak mengikat. apabila janji itu ingin dilaksanakan, maka harus ada akad baru guna pemindahan kepemilikan yang dilakukan setelah masa ijârah selesai.44 ketiga, penerapannya pada akad kafâlah. akad kafâlah adalah jaminan yang diberikan oleh penanggung (kâfil) kepada pihak ketiga untuk memenuhi kewajiban pihak kedua atau yang ditanggung (makfûl ‘anh)45. di antara bentuk transaksi perbankan yang dapat menggunakan akad kafâlah adalah bank garansi46 dengan segala variasinya. 43 adiwarman a. karim, bank islam, analisa fiqih dan keuangan, (jakarta: rajagrafindo persada, 2004), edisi iii, h. 149. 44 dewan syariah nasional mui, kumpulan fatwa dewan syariah nasional, (jakarta: pt. intermasa, 2003), cet. ii, h. 167-168. 45 dewan syariah nasional mui, kumpulan fatwa dewan syariah nasional, h. 73. 46 bank garansi adalah surah jaminan yang diterbitkan oleh bank untuk menjamin pihak ketiga atas permintaan nasabah sehubungan dengan transaksi ataupun kontrak yang telah mereka sepakati sebelumnya. pemberian jaminan ini pada umumnya disyaratkan oleh pihak ketiga terhadap mitra kerjanya yang bertujuan untuk mendapatkan kepastian dilaksanakannya isi kontrak sesuai yang telah disepakati. apabila terjadi cidera janji oleh mitra kerjanya, berdasarkan surah jaminan bank (bank garansi) tadi maka pihak ketiga itu dapat mengajukan klaim kepada bank penerbit garansi tersebut, asal saja semua syarat-syarat untuk pengajuan klaim terpenuhi. bank garansi berfungsi sebagai covering risk jika salah satu pihak lalai untuk memenuhi kewajibannya dimana pihak bank mengambil alih risiko tersebut. lihat, tim pengembangan perbankan syariah ibi, konsep, produk dan implementasi operasional bank syariah, (jakarta: penerbit djambatan, 2001), h. 242. abdurrauf: penerapan teori akad pada perbankan syariah 34 secara teknis perbankan dikatakan bahwa pihak bank dalam hal ini memberikan jaminan kepada nasabahnya sehubungan dengan kontrak kerja/ perjanjian yang telah disepakati antara nasabah dengan pihak ketiga. pihak bank sebagai lembaga yang memberikan jaminan akan memperoleh manfaat berupa peningkatan pendapatan atas upah yang mereka terima sebagai imbalan atas jasa penjaminan yang diberikan. sebagai sebuah ilustrasi sederhana, misalnya tuan ahmad, seorang pengusaha perhotelan islami, ingin membangun sebuah gedung berlantai 20 di bilangan kuningan jakarta selatan. maka ia pun melakukan kontrak perjanjian dengan salah seorang kontraktor untuk kepentingann tersebut. dan untuk menjamin keseriusan tuan ahmad dalam memenuhi kewajiban-kewajibannya, pihak kontraktor tadi meminta jaminan kepada salah satu perbankan syariah dengan skim akad kafâlah (dalam hal ini ‚bank garansi‛). maka pihak perbankan melakukan analisa kelayakan terhadap proyek tersebut dan kemudian menyetujuinya. berdasarkan ilustrasi di atas dapat diketahui rukun-rukun akad yang terdapat pada akad kafâlah atau bank garansi tersebut, yaitu dengan rincian sebagai berikut: (1) bank dan pihak kontraktor adalah muta‘âqidân, di mana bank sebagai kâfil (penanggung) dan kontraktor sebagai makful (pihak tertanggung). (2) pembangunan gedung berlantai 20 di bilangan kuningan jakarta selatan adalah sebagai objek akad (sesuatu yang tertanggung). (3) pengembangan perhotelan islami adalah tujuan dari akad tersebut. (4) surah pernyataan yang disepakati dan ditandatangani kedua belah pihak sebagai manifestasi shighah al-‘aqd (ijab dan kabul). (5) sementara fee, menurut penulis, masuk dalam kategori syarat, bukan rukun. karena kafâlah pada dasarya adalah akad sukarela yang tanpa harus dengan imbalan. penutup pada dasarnya untuk menerapkan teori akad pada suatu kontrak perjanjian, maka prinsip-prinsip akad sebagaimana yang telah dibahas di atas harus terpenuhi. pertama, dalam uu no. 21 tahun 2008 tentang perbankan syariah dinyatakan perbedaan rumusan istilah antara bank syariah dan bank konvensional. bank syariah adalah bank yang menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menurut jenisnya terdiri atas bank umum syariah dan bank pembiayaan rakyat syariah. sedangkan bank konvensional adalah bank yang menjalankan kegiatan usahanya secara konvensional dan berdasarkan jenisnya terdiri atas bank umum konvensional dan bank perkreditan rakyat. al-iqtishad: vol. iv, no. 1, januari 2012 35 secara teknis perbankan dikatakan bahwa pihak bank dalam hal ini memberikan jaminan kepada nasabahnya sehubungan dengan kontrak kerja/ perjanjian yang telah disepakati antara nasabah dengan pihak ketiga. pihak bank sebagai lembaga yang memberikan jaminan akan memperoleh manfaat berupa peningkatan pendapatan atas upah yang mereka terima sebagai imbalan atas jasa penjaminan yang diberikan. sebagai sebuah ilustrasi sederhana, misalnya tuan ahmad, seorang pengusaha perhotelan islami, ingin membangun sebuah gedung berlantai 20 di bilangan kuningan jakarta selatan. maka ia pun melakukan kontrak perjanjian dengan salah seorang kontraktor untuk kepentingann tersebut. dan untuk menjamin keseriusan tuan ahmad dalam memenuhi kewajiban-kewajibannya, pihak kontraktor tadi meminta jaminan kepada salah satu perbankan syariah dengan skim akad kafâlah (dalam hal ini ‚bank garansi‛). maka pihak perbankan melakukan analisa kelayakan terhadap proyek tersebut dan kemudian menyetujuinya. berdasarkan ilustrasi di atas dapat diketahui rukun-rukun akad yang terdapat pada akad kafâlah atau bank garansi tersebut, yaitu dengan rincian sebagai berikut: (1) bank dan pihak kontraktor adalah muta‘âqidân, di mana bank sebagai kâfil (penanggung) dan kontraktor sebagai makful (pihak tertanggung). (2) pembangunan gedung berlantai 20 di bilangan kuningan jakarta selatan adalah sebagai objek akad (sesuatu yang tertanggung). (3) pengembangan perhotelan islami adalah tujuan dari akad tersebut. (4) surah pernyataan yang disepakati dan ditandatangani kedua belah pihak sebagai manifestasi shighah al-‘aqd (ijab dan kabul). (5) sementara fee, menurut penulis, masuk dalam kategori syarat, bukan rukun. karena kafâlah pada dasarya adalah akad sukarela yang tanpa harus dengan imbalan. penutup pada dasarnya untuk menerapkan teori akad pada suatu kontrak perjanjian, maka prinsip-prinsip akad sebagaimana yang telah dibahas di atas harus terpenuhi. pertama, dalam uu no. 21 tahun 2008 tentang perbankan syariah dinyatakan perbedaan rumusan istilah antara bank syariah dan bank konvensional. bank syariah adalah bank yang menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menurut jenisnya terdiri atas bank umum syariah dan bank pembiayaan rakyat syariah. sedangkan bank konvensional adalah bank yang menjalankan kegiatan usahanya secara konvensional dan berdasarkan jenisnya terdiri atas bank umum konvensional dan bank perkreditan rakyat. kedua, dalam menghimpun/menyalurkan dana dari dan ke masyarakat, perbankan syariah menggunakan pelbagai jenis akad yang dapat dikelompokkan menjadi enam pola akad, yaitu: (1) akad dengan pola titipan, seperti wadî’ah yad amânah dan wadî’ah yad dhamânah. (2) akad dengan pola bagi hasil, seperti mudhârabah dan musyârakah. (3) akad dengan pola jual beli, seperti murâbahah, salam, dan istishnâ’. (4) akad dengan pola sewa, seperti ijârah dan ijârah wa iqtinâ’ atau ijârah muntahiyah bi al-tamlik (imbt). (5) akad dengan pola pinjaman, seperti qard. (6) akad dengan pola lainnya, seperti wakâlah, kafâlah, hiwâlah, rahn, dan lain-lain. [] pustaka acuan ânis, ibrâhîm, dkk., al-mu‘jam al-wasîth, istanbul-turki: al-maktabah al-islâmiyyah, t.th. antonio, muhammad syafi’i, bank syariah dari teori ke praktek, jakarta: gema insani press, 2001. ascarya, akad dan produk bank syariah, jakarta: raja grafindo persada, 2007. ash-shiddieqy, teungku muhammad hasbi, pengantar fiqh mu’amalah, semarang: pustaka rizki putra, 1997. dewan syariah nasional mui, kumpulan fatwa dewan syariah nasional, jakarta: pt. intermasa, 2003. dewi, gemala, hukum perikatan islam di indonesia, jakarta: prenada, 2005. djamil, fathurrahman, ‚hukum perjanjian syariah‛, dalam mariam darus badrulzaman at. al., kompilasi hukum perikatan, bandung: citra aditya bakti, 2001. hasibuan, melayu s.p., dasar-dasar perbankan, jakarta: bumi aksara, 2001. ibn manzhur, lisân al-‘arab, bayrût: dâr shadir, 2005. ibn rusyd, bidâyah al-mujtahid wa nihayah al-muqtashid, bayrût: dâr al-qalam, 1988. ismâ‘îl, muhammad rusyd muhammad, al-’uqûd fi al-syarî‘ah al-islâmiyyah, alqâhirah: mathba‘ah al-jablawî, 1986. karim, adiwarman a., bank islam, analisa fiqih dan keuangan, jakarta: rajagrafindo persada, 2004. kasmir, manajemen perbankan, jakarta: rajagrafindo persada, 2004. mas’adi, gufraon a., fiqh mu’amalah kontekstual, jakarta: rajagrafindo persada, 2002. muhammad firdaus, at. al., cara mudah memahami akad-akad syariah, jakarta: renaisan, 2005. abdurrauf: penerapan teori akad pada perbankan syariah 36 mushthafâ dib al-biga, mukhtashar shahîh al-bukhârî, bayrût: al-yamâmah li althiba‘ah wa al-nasyr wa al-tawzi’, 1999. sinar grafika, undang-undang perbankan, uu no. 10 tahun 1998 tentang perubahan uu no. 7 tahun 1992 tentang perbankan, jakarta: sinar grafika, 2002. subekti, hukum perjanjian, jakarta: intermasa, 2002. tim pengembangan perbankan syariah ibi, konsep, produk dan implementasi operasional bank syariah, jakarta: penerbit djambatan, 2001. usman, mukhlis, kaidah-kaidah ushuliyah dan fiqhiyyah, jakarta: rajagrafindo persada, 2002. ya’cub, hamzah, kode etik dagang menurut islam, pola pembinaan hidup dalam berekonomi, bandung: cv diponegoro, 1984. zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, damaskus: dâr al-fikr, 1996. neter dalam islam lebih pada aktivitas investasi dan pengelolaan uang beredar. keseimbangan ini terlihat pada gambar siklus ekonomi yang merujuk pada aktivitas yang sesuai dengan prinsip dan aturan syariah. para pemikir islam pada masa awal dan pertengahan telah merumuskan dengan sangat komprehensif tentang makna keadilan dalam hal harga dan juga kebijakan ekonomi yang sangat relevan dengan kondisi saat ini sehingga koreksi terhadap sistem yang ada dapat dilakukan. [] pustaka acuan amalia, euis, sejarah pemikiran ekonomi islam, jakarta: pustaka asatruss, 2005. deliarnov, perkembangan pemikiran ekonomi, jakarta: rajawali pers, 1995. ibn qudâmah, al-mughnî ‘alâ mukhtashar al-kharqî, lubnân: dâr al-maktab al‘ilmiyyah, 1994. ibn taymiyyah, al-hisbah fi al-islâm, lubnan: dâr al-kitâb al-islâmiyyah, 1996. ---------------, majmû‘ fatâwâ, riyâdh: matbi’ riyâdh, 1993. islahi, a.a., konsepsi pemikiran ekonomi ibn taymiyyah, surabaya: pt. bina ilmu, 1997. kahf, monzer, the islamic economy: analytical study of the functioning on the islamic economic system, plainfield in muslim studies association of u.s. and canada, 2008. karim, adiwarman a., ekonomi mikro islami, jakarta: iiit-indonesia, 2002. kuswanto, adi, pengantar ekonomi, depok: gunadarma, 1993. qaradhawi, yusuf, peran nilai dalam perekonomian islam, diterjemahkan didin hafidudin, jakarta: robbani press, 1977. rahardja, pratama dan manurung, mandala, teori ekonomi mikro suatu pengantar, jakarta: lpfeui, 1999. schumpeter, joseph a., history of economic analysis, new york: oxford university press, 1954. shiddiqi, m. nejatullah, kegiatan ekonomi dalam islam, jakarta: bumi aksara, 1996. stiglizt, joseph e., the roaring nineties: seeds of destruction, london: allen lane, 2003. syâthibî, al-, abû ishâq ibrâhîm, al-muwâfaqât fî ushûl al-ahkam, al-qâhirah: musthafâ muhammad, t.th, jilid ii. thurow, lester c, the dangerous currents: the state of economics, new york: random house, 1983. fatwa tentang pembiayaan pengurusan dana haji dan status dana calon haji daftar tunggu jaih mubarok & hasanudin  abstract: fatwâ regarding to financing hajj arrangements and the status of waiting list hajj candidate. there are different fatwâ between dsn-mui and council hisbah persis relating to financing hajj arrangements and the status of waiting list hajj candidate. however, in substance, the dsn-mui fatwâ and is not in contradiction with the council hisbah persis because both fatwas forbid bailout that ta‘alluq between qardh with ujrah. to reach istithâ'ah fi adâ’ al-hajj, a person is prohibited to invade other parties that is istithâ‘ah, mui fatwa requires that recipients must pay off the fund before the hajj realized. bpih funds is belong to depositors and is placed at islamic banks in form of savings or deposit belonging to depositor. keywords: istithâ‘ah, fatwâ, hajj abstrak: fatwa tentang pembiayaan pengurusan dana haji dan status dana calon haji daftar tunggu. dinamika dana haji dan status dana calon haji daftar tunggu di indonesia ditandai silang-fatwa antara dsn-mui dengan dewan hisbah persis. secara substansi, fatwa dsn-mui dan dewan hisbah persis tidak bertentangan karena kedua-duanya melarang dana talangan yang ta‘alluq antara qardh dengan ujrah yang juga diharamkan dsn-mui. untuk mencapai istithâ‘ah fi adâ’ al-hajj, tidak menyerobot pihak lain yang sudah istithâ‘ah, fatwa mui mensyaratkan penerima pembiayaan haji harus melunasi sebelum pelaksanaan haji. dana bpih yang masuk daftar tunggu ditetapkan sebagai milik penyetor dan ditempatkan di bank syariah dalam bentuk tabungan atau deposito sebagai milik penyetor. kata kunci: istithâ‘ah, fatwa, haji naskah diterima: 2 juli 2012, direvisi: 7 november 2012, disetujui: 22 november 2012.  dewan syariah nasional majelis ulama indonesia (dsn-mui). jl. proklamasi no. 51, menteng, jakarta pusat. e-mail: jaihmubarok@yahoo.com & abumafaz@yahoo.co.id jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 24 pendahuluan produk perbankan syariah yang ramai menjadi wacana hukum di tanah air pada saat ini adalah dana talangan haji. terminologi ini sebenarnya berasal dari fatwa dsn-mui nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah. menurut sejumlah pengamat, fatwa ini menjadi salah satu pemicu panjangnya antrean calon haji (baca: waiting list). oleh karena itu, pada 29 juni-2 juli 2012 topik yang sama dibahas dalam forum ijtimak ulama komisi fatwa mui yang dilangsungkan di pesantren cipasung, tasikmalaya. forum itu juga membahas mengenai status kepemilikan dana jemaah calon haji yang termasuk daftar tunggu.1 artikel ini mendiskusikan dua topik tersebut, yaitu dana talangan haji dan kepemilikan dana jemaah calon haji yang termasuk daftar tunggu yang bersinggungan dengan undang-undang tentang penyelenggaraan ibadah haji.2 1dalam hukum islam dikenal empat produk pemikiran ulama: fikih, fatwa, qânûn, dan qadhâ. fikih sebagai jenis produk pemikiran hukum islam bersifat menyeluruh dan meliputi semua aspek hukum islam, sehingga di antara cirinya cenderung kebal pada perubahan karena revisi atas sebagiannya dianggap mengganggu keutuhan isi keseluruhannya. dalam sejarah terbukti bahwa beberapa buku fikih telah diperlakukan sebagai kitab undang-undang, meskipun ketika kitab-kitab fikih itu ditulis tidak dimaksudkan untuk diberlakukan secara umum di suatu negara. kitab-kitab fikih ketika ditulis oleh pengarangnya tidak secara eksplisit disebut masa berlakunya sehingga cenderung dianggap berlaku untuk sepanjang masa. fatwa adalah produk pemikiran hukum islam yang bersifat kasuistik karena merupakan respons atau jawaban terhadap pertanyaan yang diajukan oleh peminta fatwa. fatwa cenderung bersifat dinamis karena merupakan respons terhadap perkembangan baru yang sedang dihadapi masyarakat peminta fatwa, meskipun isi fatwa itu sendiri belum tentu dinamis. qânûn adalah adalah produk pemikiran hukum islam yang berupa peraturan perundang-undangan di negara-negara islam bersifat mengikat, bahkan daya ikatnya lebih luas dalam masyarakat. pihak yang terlibat dalam perumusannya juga tidak terbatas pada kalangan ulama atau fukaha, tetapi juga para politisi dan cendekiawan lainnya. masa berlaku peraturan perundang-undangan biasanya dibatasi, baik dibatasi secara eksplisit maupun secara implisit. qadhâ adalah keputusan-keputusan pengadilan agama. qadhâ cenderung bersifat dinamis karena merupakan respons terhadap perkara-perkara nyata yang dihadapi masyarakat. ciri keputusan pengadilan agama adalah tidak meliputi semua aspek pemikiran hukum islam seperti halnya fikih. tetapi dari segi kekuatan hukumnya, dia lebih mengikat terutama bagi pihak-pihak yang bersangkutan. lihat m. atho mudzhar, ‚penerapan pendekatan sejarah sosial dalam hukum islam‛, makalah disampaikan dalam acara diskusi yang diselenggarakan oleh pusat pengkajian islam unisba, di bandung, 8 januari 1992, h. 2-4 dan m. atho mudzhar, ‚fiqh dan reaktualisasi ajaran islam,‛ dalam budhy munawar-rachman (ed.), kontekstualisasi doktrin islam dalam sejarah, (jakarta: yayasan wakaf paramadina, 1994), h. 369370. 2fatwa terkait haji secara umum dapat dikelompokkan menjadi dua: fatwa internal mui dan fatwa eksternal mui. fatwa eksternal mui yang dimaksud adalah fatwa dewan hisbah persis (persatuan islam), sedangkan fatwa internal mui adalah: (1) fatwa dsn-mui no: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lks; (2) fatwa ijtimak ulama komisi fatwa mui tentang dana talangan haji dan istithâ‘ah untuk menunaikan haji; (3) fatwa ijtimak ulama komisi fatwa tahun 2012 tentang status dana setoran bpih daftar tunggu; dan (4) fatwa mui tentang istithâ‘ah dalam al-iqtishad: vol. v, no. 1, januari 2013 25 pendahuluan produk perbankan syariah yang ramai menjadi wacana hukum di tanah air pada saat ini adalah dana talangan haji. terminologi ini sebenarnya berasal dari fatwa dsn-mui nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah. menurut sejumlah pengamat, fatwa ini menjadi salah satu pemicu panjangnya antrean calon haji (baca: waiting list). oleh karena itu, pada 29 juni-2 juli 2012 topik yang sama dibahas dalam forum ijtimak ulama komisi fatwa mui yang dilangsungkan di pesantren cipasung, tasikmalaya. forum itu juga membahas mengenai status kepemilikan dana jemaah calon haji yang termasuk daftar tunggu.1 artikel ini mendiskusikan dua topik tersebut, yaitu dana talangan haji dan kepemilikan dana jemaah calon haji yang termasuk daftar tunggu yang bersinggungan dengan undang-undang tentang penyelenggaraan ibadah haji.2 1dalam hukum islam dikenal empat produk pemikiran ulama: fikih, fatwa, qânûn, dan qadhâ. fikih sebagai jenis produk pemikiran hukum islam bersifat menyeluruh dan meliputi semua aspek hukum islam, sehingga di antara cirinya cenderung kebal pada perubahan karena revisi atas sebagiannya dianggap mengganggu keutuhan isi keseluruhannya. dalam sejarah terbukti bahwa beberapa buku fikih telah diperlakukan sebagai kitab undang-undang, meskipun ketika kitab-kitab fikih itu ditulis tidak dimaksudkan untuk diberlakukan secara umum di suatu negara. kitab-kitab fikih ketika ditulis oleh pengarangnya tidak secara eksplisit disebut masa berlakunya sehingga cenderung dianggap berlaku untuk sepanjang masa. fatwa adalah produk pemikiran hukum islam yang bersifat kasuistik karena merupakan respons atau jawaban terhadap pertanyaan yang diajukan oleh peminta fatwa. fatwa cenderung bersifat dinamis karena merupakan respons terhadap perkembangan baru yang sedang dihadapi masyarakat peminta fatwa, meskipun isi fatwa itu sendiri belum tentu dinamis. qânûn adalah adalah produk pemikiran hukum islam yang berupa peraturan perundang-undangan di negara-negara islam bersifat mengikat, bahkan daya ikatnya lebih luas dalam masyarakat. pihak yang terlibat dalam perumusannya juga tidak terbatas pada kalangan ulama atau fukaha, tetapi juga para politisi dan cendekiawan lainnya. masa berlaku peraturan perundang-undangan biasanya dibatasi, baik dibatasi secara eksplisit maupun secara implisit. qadhâ adalah keputusan-keputusan pengadilan agama. qadhâ cenderung bersifat dinamis karena merupakan respons terhadap perkara-perkara nyata yang dihadapi masyarakat. ciri keputusan pengadilan agama adalah tidak meliputi semua aspek pemikiran hukum islam seperti halnya fikih. tetapi dari segi kekuatan hukumnya, dia lebih mengikat terutama bagi pihak-pihak yang bersangkutan. lihat m. atho mudzhar, ‚penerapan pendekatan sejarah sosial dalam hukum islam‛, makalah disampaikan dalam acara diskusi yang diselenggarakan oleh pusat pengkajian islam unisba, di bandung, 8 januari 1992, h. 2-4 dan m. atho mudzhar, ‚fiqh dan reaktualisasi ajaran islam,‛ dalam budhy munawar-rachman (ed.), kontekstualisasi doktrin islam dalam sejarah, (jakarta: yayasan wakaf paramadina, 1994), h. 369370. 2fatwa terkait haji secara umum dapat dikelompokkan menjadi dua: fatwa internal mui dan fatwa eksternal mui. fatwa eksternal mui yang dimaksud adalah fatwa dewan hisbah persis (persatuan islam), sedangkan fatwa internal mui adalah: (1) fatwa dsn-mui no: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lks; (2) fatwa ijtimak ulama komisi fatwa mui tentang dana talangan haji dan istithâ‘ah untuk menunaikan haji; (3) fatwa ijtimak ulama komisi fatwa tahun 2012 tentang status dana setoran bpih daftar tunggu; dan (4) fatwa mui tentang istithâ‘ah dalam fatwa dsn-mui tentang pembiayaan pengurusan haji dsn-mui menetapkan fatwa nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah. fatwa ini merupakan jawaban terhadap permohonan industri keuangan (baca: bank) yang ingin meningkatkan kualitas pelayanan yang berupa semakin ragamnya metode pembiayaan terhadap masyarakat.3 fatwa dsn nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah, menetapkan bahwa: pertama, dalam pengurusan haji bagi nasabah, lembaga keuangan syariah (lks) dapat memperoleh imbalan jasa (ujrah) dengan menggunakan prinsip al-ijârah sesuai fatwa dsnmui nomor 9/dsn-mui/iv/2000. kedua, apabila diperlukan, lks dapat membantu menalangi pembayaran bpih nasabah dengan menggunakan prinsip al-qardh sesuai fatwa dsn-mui nomor: 19/dsn-mui/iv/2001. ketiga, jasa pengurusan haji yang dilakukan lks tidak boleh dipersyaratkan dengan pemberian talangan haji. melakukan ibadah haji (2 pebruari 1979). secara tidak langsung, fatwa dsn-mui no: 29/dsnmui/vi/2002 tentang pembiayaan pengurusan haji lks berhubungan dengan dua fatwa lainnya, yaitu: 1) fatwa dsn-mui no: 09/dsn-mui/iv/2000 tentang pembiayaan ijarah, dan (2) fatwa dsn-mui nomor: 19/dsn-mui/iv/2001 tentang al-qardh. 3dalam lingkungan mui terdapat tiga forum yang menghasilkan fatwa: (1) forum kajian dan pembahasan komisi fatwa; (2) forum kajian dan pembahasan dsn-mui; dan (3) forum ijtimak ulama komisi fatwa. forum pertama dalam kajian dan pembahasan topik yang difatwakan melibatkan pimpinan mui dan ketua serta anggota komisi fatwa dan peminta fatwa. forum kedua dalam kajian dan pembahasan topik yang difatwakan melibatkan pimpinan dan anggota dsn-mui serta mustaftî dan regulasi serta pihak terkait; dan forum ketiga yang dilibatkan melakukan kajian dan pembahasan adalah ulama utusan komisi fatwa mui provinsi dan kabupaten/kota serta melibatkan pihak-pihak terkait. unsur-unsur fatwa adalah: (1) mustaftî (peminta/pemohon fatwa), (2) mufti/pihak otoritatif yang memiliki kewenangan untuk menyampaikan opini/fatwa, (3) as’ilah/pertanyaan atau permasalahan yang diajukan agar mendapkan fatwa; dan (4) ajwibah/fatwa/ketetapan yang berupa pendapat mufti yang merupakan solusi atas hal-hal yang dipertanyakan. adapun langkah-langkah penerbitan fatwa dsn-mui dirincikan sebagai berikut: pertama, masalah yang diajukan oleh industri/regulator/masyarakat ke bph dsn-mui dilakukan kajian oleh kelompok kerja/pokja yang relevan dengan melakukan langkah-langkah: (1) case hearing dengan pemohon, (2) klarifikasi dengan pihak terkait, (3) draft formulasi masalah, (4) konfirmasi para pihak, dan (5) formulasi masalah. kedua, formulasi masalah disampaikan oleh pokja kepada bph dsn-mui yang selanjutnya dilakukan: (1) kajian hukum yang berupa: (a) analisis dalil/adillah, dan (b) analisis terhadap aqwal ulama, (2) industry and regulatory hearing, (3) draft formulasi solusi, (4) konfirmasi kepada regulator, (5) formulasi solusi/draf fatwa; dan ketiga, draf fatwa dari bph dsn-mui disampaikan kepada pleno dsn-mui untuk diadakan sidang pleno dengan rangkaian kegiatan: (1) presentasi draft fatwa oleh bph dsn-mui, (2) tanggapan pleono (umum dan khusus), (3) penyempurnaan draft fatwa, (4) harmonisasi dengan fatwa dan regulasi lain, dan (5) persetujuan fatwa. lihat h.m. ichwan sam, dkk (tim penyunting), tanya jawab seputar dewan syariah nasional majelis ulama indonesia, (jakarta: dsn-mui. 2011), h. 19-20. jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 26 keempat, besar imbalan jasa al-ijârah tidak boleh didasarkan pada jumlah talangan al-qardh yang diberikan lks kepada nasabah. fatwa tersebut memberlakukan dua akad secara pararel: akad ijârah dan akad qardh sebagai akad pendukung. lks yang mengurus dan membantu nasabah untuk memperoleh porsi (seat) haji dari pihak otoritas berhak mendapatkan ujrah atas pekerjaan yang berupa pelayanan tersebut. oleh karena itu, berlakulah norma ijârah sebagai terdapat dalam fatwa dsn-mui, yaitu: pertama, ketentuan objek ijârah adalah: (1) objek ijârah adalah manfaat dari penggunaan barang dan/atau jasa; (2) manfaat barang atau jasa harus bisa dinilai dan dapat dilaksanakan dalam kontrak; (3) manfaat barang atau jasa harus yang bersifat dibolehkan (tidak diharamkan); (4) kesanggupan memenuhi manfaat harus nyata dan sesuai dengan syariah; (5) manfaat harus dikenali secara spesifik sedemikian rupa untuk menghilangkan jahâlah (ketidaktahuan) yang akan mengakibatkan sengketa; (6) spesifikasi manfaat harus dinyatakan dengan jelas, termasuk jangka waktunya. bisa juga dikenali dengan spesifikasi atau identifikasi fisik; (7) sewa atau upah adalah sesuatu yang dijanjikan dan dibayar nasabah kepada lks sebagai pembayaran manfaat. sesuatu yang dapat dijadikan harga dalam jual beli dapat pula dijadikan sewa atau upah dalam ijârah; (8) pembayaran sewa atau upah boleh berbentuk jasa (manfaat lain) dari jenis yang sama dengan objek kontrak; dan (9) kelenturan (flexibility) dalam menentukan sewa atau upah dapat diwujudkan dalam ukuran waktu, tempat, dan jarak. kedua, kewajiban lks sebagai pemberi manfaat barang atau jasa: (1) menyediakan barang yang disewakan atau jasa yang diberikan; (2) menanggung biaya pemeliharaan barang; dan (3) menjamin bila terdapat cacat pada barang yang disewakan. ketiga, kewajiban nasabah sebagai penerima manfaat barang atau jasa adalah: (1) membayar sewa atau upah dan bertanggung jawab untuk menjaga keutuhan barang serta menggunakannya sesuai kontrak; (2) menanggung biaya pemeliharaan barang yang sifatnya ringan (tidak material); dan (3) jika barang yang disewa rusak, bukan karena pelanggaran dari penggunaan yang dibolehkan, juga bukan karena kelalaian pihak penerima manfaat dalam menjaganya, ia tidak bertanggung jawab atas kerusakan tersebut.4 akad qardh antara lks dengan nasabah berupa pembiayaan dilakukan untuk mendukung pelayanan yang diberikan oleh lks kepada nasabah dalam rangka membantu nasabah mendapatkan porsi haji sebagaimana dimaksudkan di atas. untuk hal ini berlakulah ketentuan mengenai pembiayaan qardh, yaitu: 4 fatwa dsn-mui nomor: 19/dsn-mui/vi/2002 tentang pembiayaan al-qardh. al-iqtishad: vol. v, no. 1, januari 2013 27 keempat, besar imbalan jasa al-ijârah tidak boleh didasarkan pada jumlah talangan al-qardh yang diberikan lks kepada nasabah. fatwa tersebut memberlakukan dua akad secara pararel: akad ijârah dan akad qardh sebagai akad pendukung. lks yang mengurus dan membantu nasabah untuk memperoleh porsi (seat) haji dari pihak otoritas berhak mendapatkan ujrah atas pekerjaan yang berupa pelayanan tersebut. oleh karena itu, berlakulah norma ijârah sebagai terdapat dalam fatwa dsn-mui, yaitu: pertama, ketentuan objek ijârah adalah: (1) objek ijârah adalah manfaat dari penggunaan barang dan/atau jasa; (2) manfaat barang atau jasa harus bisa dinilai dan dapat dilaksanakan dalam kontrak; (3) manfaat barang atau jasa harus yang bersifat dibolehkan (tidak diharamkan); (4) kesanggupan memenuhi manfaat harus nyata dan sesuai dengan syariah; (5) manfaat harus dikenali secara spesifik sedemikian rupa untuk menghilangkan jahâlah (ketidaktahuan) yang akan mengakibatkan sengketa; (6) spesifikasi manfaat harus dinyatakan dengan jelas, termasuk jangka waktunya. bisa juga dikenali dengan spesifikasi atau identifikasi fisik; (7) sewa atau upah adalah sesuatu yang dijanjikan dan dibayar nasabah kepada lks sebagai pembayaran manfaat. sesuatu yang dapat dijadikan harga dalam jual beli dapat pula dijadikan sewa atau upah dalam ijârah; (8) pembayaran sewa atau upah boleh berbentuk jasa (manfaat lain) dari jenis yang sama dengan objek kontrak; dan (9) kelenturan (flexibility) dalam menentukan sewa atau upah dapat diwujudkan dalam ukuran waktu, tempat, dan jarak. kedua, kewajiban lks sebagai pemberi manfaat barang atau jasa: (1) menyediakan barang yang disewakan atau jasa yang diberikan; (2) menanggung biaya pemeliharaan barang; dan (3) menjamin bila terdapat cacat pada barang yang disewakan. ketiga, kewajiban nasabah sebagai penerima manfaat barang atau jasa adalah: (1) membayar sewa atau upah dan bertanggung jawab untuk menjaga keutuhan barang serta menggunakannya sesuai kontrak; (2) menanggung biaya pemeliharaan barang yang sifatnya ringan (tidak material); dan (3) jika barang yang disewa rusak, bukan karena pelanggaran dari penggunaan yang dibolehkan, juga bukan karena kelalaian pihak penerima manfaat dalam menjaganya, ia tidak bertanggung jawab atas kerusakan tersebut.4 akad qardh antara lks dengan nasabah berupa pembiayaan dilakukan untuk mendukung pelayanan yang diberikan oleh lks kepada nasabah dalam rangka membantu nasabah mendapatkan porsi haji sebagaimana dimaksudkan di atas. untuk hal ini berlakulah ketentuan mengenai pembiayaan qardh, yaitu: 4 fatwa dsn-mui nomor: 19/dsn-mui/vi/2002 tentang pembiayaan al-qardh. jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 28 kewajiban lks dan nasabah dalam pembiayaan ijârah adalah: (1) kewajiban lks sebagai pemberi manfaat barang atau jasa ialah: a) menyediakan barang yang disewakan atau jasa yang diberikan, b) menanggung biaya pemeliharaan barang, dan c) menjamin bila terdapat cacat pada barang yang disewakan; (2) kewajiban nasabah sebagai penerima manfaat barang atau jasa ialah: a) membayar sewa atau upah dan bertanggung jawab untuk menjaga keutuhan barang serta menggunakannya sesuai kontrak, b) menanggung biaya pemeliharaan barang yang sifatnya ringan (tidak material), c) jika barang yang disewa rusak, bukan karena pelanggaran dari penggunaan yang dibolehkan, juga bukan karena kelalaian pihak penerima manfaat dalam menjaganya, ia tidak bertanggung jawab atas kerusakan tersebut. ketentuan fatwa tentang qardh akad qardh yang terdapat dalam fatwa nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah, berhubungan dengan fatwa dsn-mui nomor: 19/dsn-mui/iv/2001 tentang al-qardh. ketentuan fatwa yang terdapat dalam fatwa dsn-mui nomor: 19/dsnmui/iv/2001 terdiri atas tiga bagian: (1) ketentuan umum tentang al-qardh, (2) ketentuan tentang sanksi, dan (3) ketentuan tentang sumber dana. ketentuan umum tentang qardh adalah: (1) qard adalah pinjaman yang diberikan kepada nasabah (muqtaridh) yang memerlukan; (2) nasabah qardh wajib mengembalikan jumlah pokok yang diterima pada waktu yang telah disepakati bersama; (3) biaya administrasi dibebankan kepada nasabah; (4) lks dapat meminta jaminan kepada nasabah bilamana dipandang perlu; (5) nasabah al-qardh dapat memberikan tambahan (sumbangan) dengan sukarela kepada lks selama tidak diperjanjikan dalam akad; dan (6) jika nasabah tidak dapat mengembalikan sebagian atau seluruh kewajibannya pada saat yang telah disepakati dan lks telah memastikan ketidakmampuannya, lks dapat: a) memperpanjang jangka waktu pengembalian, atau b) menghapus (write off) sebagian atau seluruh kewajibannya. ketentuan mengenai sanksi adalah: (1) dalam hal nasabah tidak menunjukkan keinginan mengembalikan sebagian atau seluruh kewajibannya dan bukan karena ketidak-mampuannya, lks dapat menjatuhkan sanksi kepada nasabah; (2) sanksi yang dijatuhkan kepada nasabah sebagaimana dimaksud dapat berupa—dan tidak terbatas pada—penjualan barang jaminan; dan (3) jika barang jaminan tidak mencukupi, nasabah tetap harus memenuhi kewajibannya secara penuh. al-iqtishad: vol. v, no. 1, januari 2013 29 kewajiban lks dan nasabah dalam pembiayaan ijârah adalah: (1) kewajiban lks sebagai pemberi manfaat barang atau jasa ialah: a) menyediakan barang yang disewakan atau jasa yang diberikan, b) menanggung biaya pemeliharaan barang, dan c) menjamin bila terdapat cacat pada barang yang disewakan; (2) kewajiban nasabah sebagai penerima manfaat barang atau jasa ialah: a) membayar sewa atau upah dan bertanggung jawab untuk menjaga keutuhan barang serta menggunakannya sesuai kontrak, b) menanggung biaya pemeliharaan barang yang sifatnya ringan (tidak material), c) jika barang yang disewa rusak, bukan karena pelanggaran dari penggunaan yang dibolehkan, juga bukan karena kelalaian pihak penerima manfaat dalam menjaganya, ia tidak bertanggung jawab atas kerusakan tersebut. ketentuan fatwa tentang qardh akad qardh yang terdapat dalam fatwa nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah, berhubungan dengan fatwa dsn-mui nomor: 19/dsn-mui/iv/2001 tentang al-qardh. ketentuan fatwa yang terdapat dalam fatwa dsn-mui nomor: 19/dsnmui/iv/2001 terdiri atas tiga bagian: (1) ketentuan umum tentang al-qardh, (2) ketentuan tentang sanksi, dan (3) ketentuan tentang sumber dana. ketentuan umum tentang qardh adalah: (1) qard adalah pinjaman yang diberikan kepada nasabah (muqtaridh) yang memerlukan; (2) nasabah qardh wajib mengembalikan jumlah pokok yang diterima pada waktu yang telah disepakati bersama; (3) biaya administrasi dibebankan kepada nasabah; (4) lks dapat meminta jaminan kepada nasabah bilamana dipandang perlu; (5) nasabah al-qardh dapat memberikan tambahan (sumbangan) dengan sukarela kepada lks selama tidak diperjanjikan dalam akad; dan (6) jika nasabah tidak dapat mengembalikan sebagian atau seluruh kewajibannya pada saat yang telah disepakati dan lks telah memastikan ketidakmampuannya, lks dapat: a) memperpanjang jangka waktu pengembalian, atau b) menghapus (write off) sebagian atau seluruh kewajibannya. ketentuan mengenai sanksi adalah: (1) dalam hal nasabah tidak menunjukkan keinginan mengembalikan sebagian atau seluruh kewajibannya dan bukan karena ketidak-mampuannya, lks dapat menjatuhkan sanksi kepada nasabah; (2) sanksi yang dijatuhkan kepada nasabah sebagaimana dimaksud dapat berupa—dan tidak terbatas pada—penjualan barang jaminan; dan (3) jika barang jaminan tidak mencukupi, nasabah tetap harus memenuhi kewajibannya secara penuh. ketentuan mengenai sumber dana adalah bahwa dana qardh dapat bersumber dari: a) bagian modal lks, b) keuntungan lks yang disisihkan, dan c) lembaga lain atau individu yang mempercayakan penyaluran infaknya kepada lks. fatwa dewan hisbah persis tentang talangan haji di antara substansi yang tidak dicantumkan dalam fatwa dsn nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah adalah tidak terdapat ketentuan mengenai metode/cara mendapatkan ujrah atas jasa pelayanan yang dilakukan oleh lks. ketentuan yang ada hanya menyatakan bahwa penerimaan ujrah oleh lks tidak boleh berhubungan langsung dengan pembiayaan al-qardh kepada nasabah. oleh karena itu, industri menentukan caranya sendiri yang pada akhirnya timbul dugaan mengenai adanya hubungan langsung antara jumlah ujrah yang diterima lks dengan pembiayaan al-qardh sehingga ujrah tersebut dipandang sebagai riba yang sebenarnya tidak demikian. dewan hisbah pengurus pusat persatuan islam (pp persis) merupakan institusi yang merespons praktik industri keuangan syariah yang cenderung menyimpang tersebut dengan fatwa tentang ‚dana talangan haji‛ yang ditandatangani k.h. usman shalahuddin (ketua) dan k.h. zae nandang (sekretaris) pada 11 april 2011/7 jumadil ula 1432 h. isi fatwa tersebut adalah: pertama, akad dalam dana talangan haji yang mensyaratkan ‚ujrah‛ (imbalan dari pinjaman) bagi talangan pinjaman uang sebesar biaya untuk mendapatkan nomor porsi lebih cepat disebut akad ijârah tidak tepat. kedua, beban biaya yang ditanggung oleh peminjam dana talangan haji termasuk syarat mendapat pinjaman dana talangan haji. ketiga, besaran beban biaya yang ditanggung peminjam dana talangan haji bergantung atas lamanya waktu pelunasan pembayaran disebut ujrah tidak tepat. keempat, beban pembayaran yang ditanggung peminjam dana talangan haji umpamanya sebesar rp 1.200.000,untuk satu tahun masa pelunasan pinjaman, dan rp 2.400.000,untuk dua tahun masa pelunasan pinjaman dan seterusnya, adalah riba.6 antara fatwa dsn-mui nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah dengan fatwa dewan hisbah pp persis tentang ‚dana talangan haji‛ tidaklah terdapat pertentangan secara 6 fatwa dewan hisbah pengurus pusat persatuan islam (pp persis) tentang ‚dana talangan haji‛ yang ditandatangani k.h. usman shalahuddin (ketua) dan k.h. zae nandang (sekretaris) pada 11 april 2011/7 jumadil ula 1432 h. jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 30 substantif. hanya saja komunikasi efektif antara dsn-mui dengan dewan hisbah pp persis tidak terbangun sehingga terjadi kekuranglengkapan informasi. terdapat pertautan antara fatwa dsn-mui dengan fatwa dewan hisbah persis, yaitu praktik ‚pembiayaan dana talangan haji‛ di lembaga keuangan syariah yang dijelaskan kepada dewan hisbah persis oleh industri adalah riba (haram) karena praktik ‚pembiayaan kepengurusan haji‛ berubah menjadi ‚pembiayaan dana talangan haji.‛ dalam skema fatwa dsn mui dirancang bahwa: pertama, dalam hal nasabah berkehendak untuk mendapatkan porsi haji tapi tidak memiliki uang yang cukup (misalnya 25 juta rupiah), lks dibolehkan menalanginya (misal nasabah mempunyai dana 10 juta rupiah, maka lks menyalurkan pembiayaan sebesar 15 juta rupiah dengan akad qardh). dalam penyaluran dana diberlakukan rukun dan syarat qardh, antara lain lks tidak boleh meminta imbalan kepada nasabah atas jasa qardh, karena qardh termasuk akad kebajikan (tabarru’) yang substansinya nasabah wajib mengembalikan sejumlah dana yang dipinjamnya (tidak boleh ada syarat tambahan terdapat dana tersebut). dengan demikian, fatwa dewan hisbah persis yang menyatakan bahwa ‚akad dalam dana talangan haji yang mensyaratkan ‚ujrah‛ (imbalan dari pinjaman) bagi talangan pinjaman uang sebesar biaya untuk mendapatkan nomor porsi lebih cepat disebut akad ijârah tidak tepat‛, merupakan fatwa yang sejalan dengan fatwa dsn-mui karena, sekali lagi, pembiayaan dengan tujuan agar mendapatkan nomor porsi lebih cepat bukanlah ijârah (maka tidak ada ujrah). kedua, akad ijârah antara nasabah (pengguna jasa/penerima manfaat/ musta’jir) dengan lks (penyedia jasa/ajir) karena ia memiliki prestasi berupa ‚pengurusan fasilitas agar nasabah memperoleh porsi.‛ fatwa dsn-mui nomor 29 tahun 2002 menetapkan bahwa: pertama, dalam pengurusan haji bagi nasabah, lks dapat memperoleh imbalan jasa (ujrah) dengan menggunakan prinsip al-ijârah sesuai fatwa dsn-mui nomor 9/dsn-mui/iv/2000. kedua, apabila diperlukan, lks dapat membantu menalangi pembayaran bpih nasabah dengan menggunakan prinsip al-qardh sesuai fatwa dsn-mui nomor 19/dsnmui/iv/2001. kketiga, jasa pengurusan haji yang dilakukan lks tidak boleh dipersyaratkan dengan pemberian talangan haji. keempat, besar imbalan jasa alijârah tidak boleh didasarkan pada jumlah talangan al-qardh yang diberikan lks kepada nasabah. dalam lampiran putusan dewan hisbah persis terlihat bahwa pembiayaan pengurusan haji yang dilakukan lks tertentu terdapat hubungan secara langsung antara jumlah pembiayan qardh yang disalurkan dengan jangka waktu pengembalian serta ujrah (upah) yang diterima oleh lembaga keuangan syariah. al-iqtishad: vol. v, no. 1, januari 2013 31 substantif. hanya saja komunikasi efektif antara dsn-mui dengan dewan hisbah pp persis tidak terbangun sehingga terjadi kekuranglengkapan informasi. terdapat pertautan antara fatwa dsn-mui dengan fatwa dewan hisbah persis, yaitu praktik ‚pembiayaan dana talangan haji‛ di lembaga keuangan syariah yang dijelaskan kepada dewan hisbah persis oleh industri adalah riba (haram) karena praktik ‚pembiayaan kepengurusan haji‛ berubah menjadi ‚pembiayaan dana talangan haji.‛ dalam skema fatwa dsn mui dirancang bahwa: pertama, dalam hal nasabah berkehendak untuk mendapatkan porsi haji tapi tidak memiliki uang yang cukup (misalnya 25 juta rupiah), lks dibolehkan menalanginya (misal nasabah mempunyai dana 10 juta rupiah, maka lks menyalurkan pembiayaan sebesar 15 juta rupiah dengan akad qardh). dalam penyaluran dana diberlakukan rukun dan syarat qardh, antara lain lks tidak boleh meminta imbalan kepada nasabah atas jasa qardh, karena qardh termasuk akad kebajikan (tabarru’) yang substansinya nasabah wajib mengembalikan sejumlah dana yang dipinjamnya (tidak boleh ada syarat tambahan terdapat dana tersebut). dengan demikian, fatwa dewan hisbah persis yang menyatakan bahwa ‚akad dalam dana talangan haji yang mensyaratkan ‚ujrah‛ (imbalan dari pinjaman) bagi talangan pinjaman uang sebesar biaya untuk mendapatkan nomor porsi lebih cepat disebut akad ijârah tidak tepat‛, merupakan fatwa yang sejalan dengan fatwa dsn-mui karena, sekali lagi, pembiayaan dengan tujuan agar mendapatkan nomor porsi lebih cepat bukanlah ijârah (maka tidak ada ujrah). kedua, akad ijârah antara nasabah (pengguna jasa/penerima manfaat/ musta’jir) dengan lks (penyedia jasa/ajir) karena ia memiliki prestasi berupa ‚pengurusan fasilitas agar nasabah memperoleh porsi.‛ fatwa dsn-mui nomor 29 tahun 2002 menetapkan bahwa: pertama, dalam pengurusan haji bagi nasabah, lks dapat memperoleh imbalan jasa (ujrah) dengan menggunakan prinsip al-ijârah sesuai fatwa dsn-mui nomor 9/dsn-mui/iv/2000. kedua, apabila diperlukan, lks dapat membantu menalangi pembayaran bpih nasabah dengan menggunakan prinsip al-qardh sesuai fatwa dsn-mui nomor 19/dsnmui/iv/2001. kketiga, jasa pengurusan haji yang dilakukan lks tidak boleh dipersyaratkan dengan pemberian talangan haji. keempat, besar imbalan jasa alijârah tidak boleh didasarkan pada jumlah talangan al-qardh yang diberikan lks kepada nasabah. dalam lampiran putusan dewan hisbah persis terlihat bahwa pembiayaan pengurusan haji yang dilakukan lks tertentu terdapat hubungan secara langsung antara jumlah pembiayan qardh yang disalurkan dengan jangka waktu pengembalian serta ujrah (upah) yang diterima oleh lembaga keuangan syariah. isu yang kedua yang berkaitan dengan fatwa tentang pembiayaan pengurusan haji lembaga keuangan syariah berkaitan dengan istithâ‘ah; yaitu orang yang sudah istithâ‘ah (mampu) untuk melakukan ibadah haji merasa terhalangi oleh orang yang memperoleh fasilitas dari bank yang berupa talangan haji sehingga mendapatkan porsi haji lebih awal. syarat dalam pembahasan haji dibedakan menjadi dua, yakni syarat wajib dan syarat sah. akan tetapi tampaknya ulama ikhtilâf mengenai keabsahan haji yang berkaitan dengan syarat-syarat tersebut. penjelasan mengenai syarat haji secara sederhana adalah: (1) beragama islam (haji tidak diwajibkan kepada orang kafir dan hukum orang kafir yang melakukan ibadah haji adalah tidak sah); (2) al-hurriyah (merdeka). hamba sahaya tidak diwajibkan haji; (3) al-taklîf dewasa (al-bulûgh) dan berakal (al‘aql); anak kecil dan orang gila tidak wajib haji; dan (4) istithâ‘ah (mampu). orang yang mampu tidak wajib melakukan ibadah haji. ulama menjelaskan bahwa yang dimaksud dengan al-istithâ‘ah fi al-hajj adalah kemampuan untuk sampai/tiba ke mekah (al-qudrah ‘ala al-wushûl ilâ makkah). sedangkan ulama mâlikiyyah menjelaskan bahwa yang dimaksud istithâ‘ah adalah memungkinkannya seseorang sampai ke mekah sesuai kebiasaan, baik jalan kaki maupun berkendaraan (imkân al-wushûl ilâ makkah bi hasab al-‘âdah immâ masyiyya aw rakîba).7 ulama sepakat bahwa istithâ‘ah termasuk syarat yang berkaitan dengan wajibnya haji, bukan berkaitan dengan syarat sah haji. ulama berbeda-beda dalam menjelaskan kriteria (termasuk indikator) istithâ‘ah haji. di antara ulama yang mengomentarinya adalah hanafiyyah, mâlikiyyah, dan hanâbilah. ulama hanafiyyah menjelaskan bahwa istithâ‘ah haji dibedakan menjadi tiga. pertama, istithâ‘ah dari segi fisik/badan (sehat badan/al-istithâ‘ah al-badaniyyah). haji tidak wajib bagi muslim yang sakit dan yang sudah renta. kedua, istithâ‘ah dari segi harta (al-istithâ‘ah al-mâliyyah, yaitu harus memiliki harta yang cukup untuk bekal selama melakukan ibadah haji, bekal untuk memenuhi kebutuhan pangan (makan-minum), sandang (pakaian), maupun papan (tempat tinggal dan kendaraan). ketiga, istithâ‘ah dari segi keamanan (al-istithâ‘ah alamâniyyah), yaitu jalur yang dilalui untuk sampai ke mekah (untuk melakukan haji) termasuk jalur yang aman (tidak dalam keadaan perang yang membahayakan calon jemaah yang lewat). warga sebuah negara yang pempimpinnya 7wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr al-mu‘âshir, 2006), vol. iii, h. 2082 dan 2084. al-sayyid sâbiq dalam kitab fiqh al-sunnah menjelaskan bahwa syarat wajib haji adalah lima: (1) beragama islam, (2) dewasa (bâligh), (3) berakal, (4) merdeka (hurriyah), dan (5) mampu (istithâ‘ah). lihat al-sayyid sâbiq, fiqh al-sunnah, (bayrût: dâr al-fikr, 1983), vol. i, h. 530. jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 32 melarang warganya untuk melakukan ibadah haji, termasuk dalam kategori tidak aman. jadi, muslim yang dilarang pemimpinnya untuk melakukan ibadah haji, berarti tidak istithâ‘ah dari segi kemanan.8 ulama mâlikiyyah menjelaskan cakupan istithâ‘ah yang secara substansi hampir sama dengan penjelasan ulama hanafiyyah. ulama mâlikiyyah berpendapat bahwa indikator istithâ‘ah adalah: pertama, badan yang kuat (quwwah al-badan) sehingga memungkinkan yang bersangkutan sampai di mekah baik dengan jalan kaki maupun berkendaraan sesuai kebiasaan. kedua, memiliki bekal yang cukup untuk memenuhi kebutuhannya selama melakukan ibadah haji (wujûd al-zad al-muballagh). ketiga, keamanan di perjalanan, yaitu keselamatan yang mencakup terjaminnya keselamatan jiwa (dari pembunuhan), harta (dari perampasan/pencurian), dan penyamun (qath‘î al-tharîq).9 ulama syâfi‘iyyah merincikan istithâ‘ah ke dalam tujuh indikator, yakni: (1) al-qudrah al-badaniyyah (kemampuan fisik/badan), (2) al-qudrah al-mâliyah (kemampuan harta), (3) adanya media/kendaraan yang memadai (wujûd alrâhilah), (4) adanya air dan perbekalan serta tempat pengisian bahan bakar kendaraan (wujûd al-mâ’ wa al-zad wa ‘alafa al-dâbbah), (5) aman perjalanannya (al-istithâ‘ah al-amaniyyah), (6) bagi perempuan diharuskan ada suami/muhrim, (7) imkân al-maysir (memungkinkan mendapat kemudahan dalam menunaikan haji).10 sedangkan ulama hanâbilah menjelaskan bahwa indikator istithâ‘ah hanyalah dua, yaitu: (1) mampu secara materi sehingga memiliki bekal yang cukup untuk melakukan ibadah haji dan (2) adanya kemampuan untuk melakukan perjalanan baik jalan kaki maupun berkendaraan.11 pendapat ulama mengenai istiha’ah sebagai syarat wajib haji tidak berhubungan langsung dengan adanya pembiayaan pengurusan haji oleh lks. oleh karena itu, kiranya dapat dijelaskan melalui nalar umum mengenai posisi pinjaman (baca: pembiayaan) tersebut. pertama, istithâ‘ah untuk melakukan haji bukan sesuatu yang terjadi secara alamiah (taken for granted/taqdir semata), akan tetapi harus diusahakan/ diupayakan. oleh karena itu, dari segi penerima pembiayaan pengurusan haji dengan akad qardh, dapat dipahami bahwa pembiayaan yang ia peroleh merupakan usaha (effort/kasab/ikhtiyâr) dari orang yang bersangkutan. sebagai analogi, orang indonesia akan merasa berat jika membeli kendaraan bermotor secara tunai, mereka mampu memiliki kendaraan bermotor karena pembelian 8wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2082-2083. 9wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2084-2085. 10wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2086-2089. 11wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2089. al-iqtishad: vol. v, no. 1, januari 2013 33 melarang warganya untuk melakukan ibadah haji, termasuk dalam kategori tidak aman. jadi, muslim yang dilarang pemimpinnya untuk melakukan ibadah haji, berarti tidak istithâ‘ah dari segi kemanan.8 ulama mâlikiyyah menjelaskan cakupan istithâ‘ah yang secara substansi hampir sama dengan penjelasan ulama hanafiyyah. ulama mâlikiyyah berpendapat bahwa indikator istithâ‘ah adalah: pertama, badan yang kuat (quwwah al-badan) sehingga memungkinkan yang bersangkutan sampai di mekah baik dengan jalan kaki maupun berkendaraan sesuai kebiasaan. kedua, memiliki bekal yang cukup untuk memenuhi kebutuhannya selama melakukan ibadah haji (wujûd al-zad al-muballagh). ketiga, keamanan di perjalanan, yaitu keselamatan yang mencakup terjaminnya keselamatan jiwa (dari pembunuhan), harta (dari perampasan/pencurian), dan penyamun (qath‘î al-tharîq).9 ulama syâfi‘iyyah merincikan istithâ‘ah ke dalam tujuh indikator, yakni: (1) al-qudrah al-badaniyyah (kemampuan fisik/badan), (2) al-qudrah al-mâliyah (kemampuan harta), (3) adanya media/kendaraan yang memadai (wujûd alrâhilah), (4) adanya air dan perbekalan serta tempat pengisian bahan bakar kendaraan (wujûd al-mâ’ wa al-zad wa ‘alafa al-dâbbah), (5) aman perjalanannya (al-istithâ‘ah al-amaniyyah), (6) bagi perempuan diharuskan ada suami/muhrim, (7) imkân al-maysir (memungkinkan mendapat kemudahan dalam menunaikan haji).10 sedangkan ulama hanâbilah menjelaskan bahwa indikator istithâ‘ah hanyalah dua, yaitu: (1) mampu secara materi sehingga memiliki bekal yang cukup untuk melakukan ibadah haji dan (2) adanya kemampuan untuk melakukan perjalanan baik jalan kaki maupun berkendaraan.11 pendapat ulama mengenai istiha’ah sebagai syarat wajib haji tidak berhubungan langsung dengan adanya pembiayaan pengurusan haji oleh lks. oleh karena itu, kiranya dapat dijelaskan melalui nalar umum mengenai posisi pinjaman (baca: pembiayaan) tersebut. pertama, istithâ‘ah untuk melakukan haji bukan sesuatu yang terjadi secara alamiah (taken for granted/taqdir semata), akan tetapi harus diusahakan/ diupayakan. oleh karena itu, dari segi penerima pembiayaan pengurusan haji dengan akad qardh, dapat dipahami bahwa pembiayaan yang ia peroleh merupakan usaha (effort/kasab/ikhtiyâr) dari orang yang bersangkutan. sebagai analogi, orang indonesia akan merasa berat jika membeli kendaraan bermotor secara tunai, mereka mampu memiliki kendaraan bermotor karena pembelian 8wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2082-2083. 9wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2084-2085. 10wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2086-2089. 11wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 2089. jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 34 qardh yang timbul sebagai dana talangan haji tidak boleh dikenakan tambahan, hukumnya boleh (mubâh/jâ’iz). ketiga, dana talangan haji sebagaimana poin pertama yang tidak sesuai dengan ketentuan fatwa dsn-mui nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji oleh lembaga keuangan syariah/atau menyebabkan terhalanginya hak orang yang sudah berkemampuan untuk menunaikan ibadah haji, hukumnya haram. keempat, istithâ‘ah merupakan syarat wajib haji (syarth al-wujûb), bukan syarat sah haji (syarth al-shihhah). upaya untuk mendapatkan porsi haji dengan cara memperoleh dana talangan haji dari lks adalah boleh, karena hal itu merupakan usaha/kasab/ikhtiar dalam rangka menunaikan haji. jika upaya tersebut madharat bagi dirinya atau orang lain, maka tidak diperbolehkan. kelima, umat islam tidak boleh memaksakan diri untuk melaksanakan ibadah haji sebelum benar-benar istithâ‘ah dan tidak dianjurkan untuk memperoleh dana talangan haji terutama dalam kondisi antrian haji yang sangat panjang seperti saat ini. keenam, umat islam yang menerima dana talangan haji tidak boleh menunaikan ibadah haji sebelum pembiayaan talangan haji dari lks lunas. ketujuh, umat islam tidak boleh mengajukan dana talangan haji jika tidak memiliki kekayaan yang memadai untuk membayarnya. kedelapan lks wajib melakukan seleksi dan memilih nasabah penerima dana talangan haji, meliputi kemampuan finansial, standar penghasilan, persetujuan suami/isteri, serta tenor pembiayaan. kesembilan, pemerintah c.q. bank indonesia wajib mengatur dan mengawasi lks dalam pembiayaan dana talangan haji. komisi fatwa majelis ulama indonesia dalam sidangnya pada 2 pebruari 1979 (4 rabiul awal 1399 h) yang dipimpin oleh k.h. m. syukri ghozali (ketua) dan m. musytari yusuf (sekretaris) atas pertanyaan/surat dari direktur jenderal bimbingan masyarakat islam dan urusan haji departemen (baca: kementerian) agama ri, 17 januari 1979, nomor: h/115/1979, hal permohonan fatwa tentang istithâ‘ah dalam melakukan ibadah haji, memutuskan/ memfatwakan sebagai berikut:13 pertama, bahwa keputusan musyawarah alim ulama yang diadakan pada tahun 1975 tentang istithâ‘ah yang selengkapnya berbunyi, ‚orang islam dianggap mampu (istithâ‘ah) melaksanakan ibadah haji, apabila jasmaniah, ruhaniah, dan pembekalan memungkinkan ia untuk menunaikan tanpa menelantarkan kewajiban terhadap keluarga,‛ dianggap telah cukup memadai. 13k.h. ma‘ruf amin (ketua tim penyusun), himpunan fatwa majelis ulama indonesia sejak 1975 (jakarta: majelis ulama indonesia dan penerbit erlangga. 2011), h. 130-131. al-iqtishad: vol. v, no. 1, januari 2013 35 qardh yang timbul sebagai dana talangan haji tidak boleh dikenakan tambahan, hukumnya boleh (mubâh/jâ’iz). ketiga, dana talangan haji sebagaimana poin pertama yang tidak sesuai dengan ketentuan fatwa dsn-mui nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji oleh lembaga keuangan syariah/atau menyebabkan terhalanginya hak orang yang sudah berkemampuan untuk menunaikan ibadah haji, hukumnya haram. keempat, istithâ‘ah merupakan syarat wajib haji (syarth al-wujûb), bukan syarat sah haji (syarth al-shihhah). upaya untuk mendapatkan porsi haji dengan cara memperoleh dana talangan haji dari lks adalah boleh, karena hal itu merupakan usaha/kasab/ikhtiar dalam rangka menunaikan haji. jika upaya tersebut madharat bagi dirinya atau orang lain, maka tidak diperbolehkan. kelima, umat islam tidak boleh memaksakan diri untuk melaksanakan ibadah haji sebelum benar-benar istithâ‘ah dan tidak dianjurkan untuk memperoleh dana talangan haji terutama dalam kondisi antrian haji yang sangat panjang seperti saat ini. keenam, umat islam yang menerima dana talangan haji tidak boleh menunaikan ibadah haji sebelum pembiayaan talangan haji dari lks lunas. ketujuh, umat islam tidak boleh mengajukan dana talangan haji jika tidak memiliki kekayaan yang memadai untuk membayarnya. kedelapan lks wajib melakukan seleksi dan memilih nasabah penerima dana talangan haji, meliputi kemampuan finansial, standar penghasilan, persetujuan suami/isteri, serta tenor pembiayaan. kesembilan, pemerintah c.q. bank indonesia wajib mengatur dan mengawasi lks dalam pembiayaan dana talangan haji. komisi fatwa majelis ulama indonesia dalam sidangnya pada 2 pebruari 1979 (4 rabiul awal 1399 h) yang dipimpin oleh k.h. m. syukri ghozali (ketua) dan m. musytari yusuf (sekretaris) atas pertanyaan/surat dari direktur jenderal bimbingan masyarakat islam dan urusan haji departemen (baca: kementerian) agama ri, 17 januari 1979, nomor: h/115/1979, hal permohonan fatwa tentang istithâ‘ah dalam melakukan ibadah haji, memutuskan/ memfatwakan sebagai berikut:13 pertama, bahwa keputusan musyawarah alim ulama yang diadakan pada tahun 1975 tentang istithâ‘ah yang selengkapnya berbunyi, ‚orang islam dianggap mampu (istithâ‘ah) melaksanakan ibadah haji, apabila jasmaniah, ruhaniah, dan pembekalan memungkinkan ia untuk menunaikan tanpa menelantarkan kewajiban terhadap keluarga,‛ dianggap telah cukup memadai. 13k.h. ma‘ruf amin (ketua tim penyusun), himpunan fatwa majelis ulama indonesia sejak 1975 (jakarta: majelis ulama indonesia dan penerbit erlangga. 2011), h. 130-131. kedua, jika terdapat calon jemaah haji yang dalam pelaksanaan istithâ‘ah mengalami kejanggalan-kejanggalan, dikarenakan yang bersangkutan kurang memperhatikan bunyi dan isi (arti) istithâ‘ah itu. ketiga, perlu adanya penerangan yang seksama, guna menjelaskan pelaksanaan istithâ‘ah, kesehatan, pokok-pokok manasik haji dan lain-lain yang dianggap sangat perlu bagi calon jemaah haji. kempat, jika calon haji diharuskan berusia, menguasai bahasa arab, dan menguasai sepenuhnya manasik haji, akan timbul anggapan bahwa pemerintah mempersulit pelaksanaan haji. kelima, banyak jemah haji indonesia setiap tahun meskipun belum seimbang dengan jumlah penduduk (140 juta jiwa, dulu-pen) berarti menunjukkan besarnya umat islam indonesia. keenam, memang jemaah haji indonesia sebagian besar terdiri atas masyarakat kampung dan pedesaan yang sangat kurang/buta pengalaman. jika di antara mereka terdapat sekadar ketidakwajaran, kejanggalan merupakan hal yang lumrah dan tidak perlu dibesar-besarkan, malah hendaknya ditingkatkan bimbingannya. ketujuh, masyarakat kampung dan perdesaan jika mempunyai kelebihan kekayaan tidak membiasakan menyimpannya berupa uang, akan tetapi berupa barang (sawah, kebun, dan rumah) yang oleh karena setiap ada keperluan dan kebutuhan yang besar, mereka menjual barang-barang itu. yang sangat penting, asal mereka tidak mengabaikan kewajiban yang lebih utama seperti nafkah keluarga. kedelapan, siapa yang akan menilai tentang baik tidaknya pelaksanaan haji indonesia harus mengingat segala pertimbangan sebagaimana tersebut di atas. kesembilan, bagaimanapun keadaannya, masyarakat bangsa indonesia perlu ditingkatkan dalam segala hal. dalam rumusan masalah fatwa tentang status kepemilikan dana setoran bpih yang termasuk daftar tunggu (waiting list) dipertanyakan mengenai tiga hal. pertama, pemilik dana setoran haji yang waiting list. kedua, boleh tidaknya dana setoran bpih yang termasuk daftar tunggu diinvestasikan. ketiga, siapakah yang berhak mengelola investasi (jika dibolehkan) dan hasilnya untuk siapa. dalam ketetapan hukum fatwa terdapat empat butir keputusan yang bunyi lengkapnya sebagai berikut.14 pertama, dana setoran haji yang ditampung dalam rekening menteri agama yang pendaftarnya termasuk daftar tunggu (waiting list) secara syar‘î adalah milik pendaftar (calon haji). oleh sebab itu, apabila yang 14ijtima’ ulama tahun 2012: himpunan keputusan ijtima’ ulama komisi fatwa se-indonesia iv tahun 2012 di ponpes cipasung tasikmalaya (jakarta: majelis ulama indonesia. 2012), h. 98-99. jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 36 bersangkutan meninggal atau ada halangan syar‘î yang membuat calon haji tersebut gagal berangkat, dana setoran haji wajib dikembalikan kepada calon haji atau ahli warisnya. kedua, dana setoran bpih bagi calon haji yang termasuk daftar tunggu dalam rekening menteri agama, boleh di-tasharruf-kan untuk hal-hal yang produktif (memberikan keuntungan), antara lain penempatan di perbankan syariah atau diinvestasikan dalam bentuk sukuk. ketiga, hasil pemanfatan/investasi tersebut merupakan milik calon haji yang termasuk dalam daftar tunggu (antara lain sebagai penambah dana simpanan calon haji atau pengurang biaya haji yang riil/nyata). sebagai pengelola, pemerintah (kementerian agama) berhak mendapatkan imbalan yang wajar/tidak berlebihan. keempat, dana bpih milik calon haji yang masuk dalam daftar tunggu, tidak boleh digunakan untuk keperluan apapun kecuali untuk membiayai keperluan yang bersangkutan. substansi fatwa ini merupakan respons terhadap undang-undang nomor 13 tahun 2008 tentang penyelenggaraan ibadah haji, pasal 23 yang lengkapnya: (1) bpih yang disetor ke rekening menteri melalui bank syariah dan/atau bank umum nasional sebagaimana dimaksud dalam pasal 22 dikelola oleh menteri dengan mempertimbangkan nilai manfaat; (2) nilai manfaat sebagaimana dimaksud pada ayat (1) digunakan langsung untuk membiayai belanja operasional penyelenggaraan ibadah haji. atas dasar ketentuan tersebut, pemerintah (kementerian agama) menggunakan hasil pengelolaan dana calon haji yang termasuk daftar tunggu sebagai dana operasional penyelenggaraan haji pada tahun berjalan (baca: dana optimalisasi). oleh karena itu, uang hasil pengelolaan bpih calon haji yang termasuk daftar tunggu digunakan untuk keperluan bukan calon haji yang bersangkutan. tegasnya, calon haji yang termasuk daftar tunggu membantu calon haji yang menunaikan ibadah haji pada tahun berjalan. hal ini melahirkan pertanyaan di masyarakat sehingga muncul fatwa ijtima’ ulama komisi fatwa tahun 2012 di pesantren cipasung jawa barat. fatwa ini diharapkan mendorong pemerintah untuk melakukan perbaikan dalam pengelolaan dana haji yang daftar tunggu dilakukan secara transparan dan di antara hasilnya menjadi hak pemilik dana, yaitu calon jemaah haji yang termasuk daftar tunggu. hal kedua yang penting untuk dikritik adalah dalam undang-undang nomor 13 tahun 2008 tentang penyelenggaraan ibadah haji tentang dibolehkannya penerimaan dan penempatan dana bpih di lembaga-lembaga keuangan nonsyariah, tepatnya uu nomor 13 tahun 2008 pasal 22 (1) berbunyi, ‚bpih al-iqtishad: vol. v, no. 1, januari 2013 37 bersangkutan meninggal atau ada halangan syar‘î yang membuat calon haji tersebut gagal berangkat, dana setoran haji wajib dikembalikan kepada calon haji atau ahli warisnya. kedua, dana setoran bpih bagi calon haji yang termasuk daftar tunggu dalam rekening menteri agama, boleh di-tasharruf-kan untuk hal-hal yang produktif (memberikan keuntungan), antara lain penempatan di perbankan syariah atau diinvestasikan dalam bentuk sukuk. ketiga, hasil pemanfatan/investasi tersebut merupakan milik calon haji yang termasuk dalam daftar tunggu (antara lain sebagai penambah dana simpanan calon haji atau pengurang biaya haji yang riil/nyata). sebagai pengelola, pemerintah (kementerian agama) berhak mendapatkan imbalan yang wajar/tidak berlebihan. keempat, dana bpih milik calon haji yang masuk dalam daftar tunggu, tidak boleh digunakan untuk keperluan apapun kecuali untuk membiayai keperluan yang bersangkutan. substansi fatwa ini merupakan respons terhadap undang-undang nomor 13 tahun 2008 tentang penyelenggaraan ibadah haji, pasal 23 yang lengkapnya: (1) bpih yang disetor ke rekening menteri melalui bank syariah dan/atau bank umum nasional sebagaimana dimaksud dalam pasal 22 dikelola oleh menteri dengan mempertimbangkan nilai manfaat; (2) nilai manfaat sebagaimana dimaksud pada ayat (1) digunakan langsung untuk membiayai belanja operasional penyelenggaraan ibadah haji. atas dasar ketentuan tersebut, pemerintah (kementerian agama) menggunakan hasil pengelolaan dana calon haji yang termasuk daftar tunggu sebagai dana operasional penyelenggaraan haji pada tahun berjalan (baca: dana optimalisasi). oleh karena itu, uang hasil pengelolaan bpih calon haji yang termasuk daftar tunggu digunakan untuk keperluan bukan calon haji yang bersangkutan. tegasnya, calon haji yang termasuk daftar tunggu membantu calon haji yang menunaikan ibadah haji pada tahun berjalan. hal ini melahirkan pertanyaan di masyarakat sehingga muncul fatwa ijtima’ ulama komisi fatwa tahun 2012 di pesantren cipasung jawa barat. fatwa ini diharapkan mendorong pemerintah untuk melakukan perbaikan dalam pengelolaan dana haji yang daftar tunggu dilakukan secara transparan dan di antara hasilnya menjadi hak pemilik dana, yaitu calon jemaah haji yang termasuk daftar tunggu. hal kedua yang penting untuk dikritik adalah dalam undang-undang nomor 13 tahun 2008 tentang penyelenggaraan ibadah haji tentang dibolehkannya penerimaan dan penempatan dana bpih di lembaga-lembaga keuangan nonsyariah, tepatnya uu nomor 13 tahun 2008 pasal 22 (1) berbunyi, ‚bpih disetorkan ke rekening menteri melalui bank syariah dan/atau bank umum nasional yang ditunjuk oleh menteri.‛ ketentuan dalam pasal ini tidak sesuai dengan spirit pengembangan dan penguatan lembaga keuangan syariah. oleh karena itu, substansi pasal tersebut layak diajukan untuk diubah menjadi ‚bpih disetorkan ke rekening menteri melalui bank syariah yang ditunjuk oleh menteri.‛15 oleh karena itu, menempatkan dana calon haji daftar tunggu pada rekening bank konvensional nasional yang tidak memiliki layanan syariah (baca: unit usaha syariah/uus) adalah pelanggaran terhadap undang-undang nomor 13 tahun 2008, pasal 22 (1). usul agar kata-kata ‚dan/atau bank umum nasional‛ adalah semata-mata untuk melakukan sadd al-dzarî‘ah (preventif) agar tidak lagi ada peluang penempatan dana pada rekening bank konvensional. penutup fatwa dsn-mui tentang pengurusan dana haji dipahami secara beragam oleh industri sehingga terdapat lks yang dalam praktiknya masih terdapat hubungan langsung antara dana qardh yang disalurkan dengan ujrah yang diterima oleh lks. fatwa dewan hisbah persis relevan dengan praktik tersebut, yaitu praktik pengurusan haji yang menyimpang dari ketentuan fatwa 29/dsnmui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah. tegasnya terdapat ta‘aluq antara dana qardh dengan ujrah yang diterima lembaga keuangan syariah. isu istithâ‘ah yang dihubungkan dengan dugaan terjadinya gangguan bagi yang sudah istithâ‘ah oleh orang yang belum istithâ‘ah terjawab dalam ketentuan fatwa, yaitu peminjam harus melunasi pembiayaannya terlebih dahulu kepada lembaga keuangan syariah sebelum menunaikan ibadah haji. dengan demikian, pembiayaan pengurusan haji hanyalah fasilitas bagi yang sudah mampu (memiliki harta yang cukup) tapi tidak ‚liquid.‛ dengan kata lain, pembiayan pengurusan haji berfungsi sebagai kasab/ikhtiar/effort bagi penerima pembiayaan haji dari lembaga keuangan syariah yang sementara ini pembiayaan yang dikembalikan secara taqsîth atas utang qardh dianggap lebih memudahkan dibandingkan dengan cara menabung. keputusan ijtima’ ulama komisi fatwa majelis ulama indonesia tahun 2012 di pesantren cipasung tidak lepas dari semangat mengembangkan industri 15 penjelasan uu nomor 13 tahun 2008 pasal 22 (1) ditulis ‚yang dimaksud dengan ‚menteri‛ dalam hal bpih disetorkan ke rekening menteri‛ adalah menteri sebagai lembaga yang dalam pelaksanaannya menteri dapat menunjuk pejabat di lingkungan tugas dan wewenangnya bertindak untuk dan/atau atas namanya. bank umum nasional yang dapat ditunjuk menjadi bank penerima setoran bpih adalah bank umum yang memiliki layanan yang bersifat nasional dan memiliki layanan syariah. jaih mubarok & hasanudin: fatwa tentang pembiayaan pengurusan dana haji 38 keuangan syariah, yaitu diharapkan agar pemerintah menempatkan dana calon haji yang termasuk daftar tunggu di bank-bank syariah, dan hasil investasinya dikembalikan kepada pemiliknya sebagai shâhib al-mâl. [] pustaka acuan amin, ma‘ruf (ketua tim penyusun), himpunan fatwa majelis ulama indonesia sejak 1975, jakarta: majelis ulama indonesia dan penerbit erlangga, 2011. anonimous, ijtima’ ulama tahun 2012: himpunan keputusan ijtima’ ulama komisi fatwa se-indonesia iv tahun 2012 di ponpes cipasung tasikmalaya. jakarta: majelis ulama indonesia, 2012. fatwa dsn-mui nomor: 09/dsn-mui/iv/2000 tentang pembiayaan ijârah. fatwa dsn-mui nomor: 19/dsn-mui/vi/2002 tentang pembiayaan al-qardh. fatwa dsn-mui nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah. fatwa dewan hisbah pengurus pusat persatuan islam (pp persis) tentang ‚dana talangan haji‛ yang ditandatangani k.h. usman shalahuddin (ketua) dan k.h. zae nandang (sekretaris) pada tanggal 11 april 2011/7 jumadil ula 1432 h. fatwa mui tentang istithâ‘ah dalam melakukan ibadah haji (1979). mudzhar, m. atho, ‚penerapan pendekatan sejarah sosial dalam hukum islam‛, makalah disampaikan dalam acara diskusi yang diselenggarakan oleh pusat pengkajian islam unisba, di bandung, 8 januari 1992. rachman, budhy munawar (ed.), kontekstualisasi doktrin islam dalam sejarah, jakarta: yayasan wakaf paramadina, 1994. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-fikr, 1983. sam, h.m. ichwan dkk. (tim penyunting), tanya jawab seputar dewan syariah nasional majelis ulama indonesia, jakarta: dsn-mui, 2011. undang-undang nomor 13 tahun 2008 tentang penyelenggaraan ibadah haji. zuhaylî, al-wahbah, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr al-mu’ashir, 2006. anwar, muhammad, ‚comparative study of insurance and takafol (islamic insurance)‛, the pakistan development review, vol. 33, issue: 4, yr. winter 1994. arifin, muhammad taufik, asuransi kerugian; study course, jakarta: universitas indonusa esa unggul, september, 2007. badar al-dîn al-‘aynî, abî mahmûd ibn ahmad al-‘aynî, ‘umdah al-qârî’ sharh shahîh al-bukhârî, bayrût: dâr al-fikr, t.th. baghdâdî, al-, abû muhammad ibn ghânim ibn muhammad, majma’ aldhamânât fî al-madzhab imâm abî hanîfah al-nu’mân, mishr: dâr alsalâm, 1999 m. billah, mohd. ma’sum, islamic law of trade and finance a selection of issues, kuala lumpur: ilmiyah publishers, 2003, 2nd ed. elsefy, hasan, islamic finance a comparative jurisprudential study, kuala lumpur: university of malaya press, 2007. emanuel, insurance: law, theory and practice, t.t, t.p, t.th. fatwa dewan syariah nasional no.21/dsn-mui/x/2001 tentang pedoman umum asuransi syariah. ghazâlî, al-, abû hâmid muhammad ibn ahmad, al-mustasyfâ, bayrût: dâr alkutub al-‘ilmiyyah, 1413 h. ghazalî, al-, syams al-dîn abî ‘abd allâh muhammad ibn muhammad, al-wajîz, mishr: al-adâb wa al-muayyad, 1317 h. ghazâlî, al-, syams al-dîn abi ‘abd allâh muhammad ibn muhammad, i‘lâm almuwaqqi‘în ‘an rabb al-‘âlamîn, al-qâhirah: kurdistan al-‘ilmiyyah, 1325 h. ghazâlî, al-, syams al-dîn abi ‘abd allâh muhammad ibn muhammad, al-wajîz, mishr: al-âdâb wa al-muayid, 1317 h. hartono, sri rejeki, hukum asuransi dan perusahaan asuransi, jakarta: sinar grafika, 2008. hasan, husayn hâmid, hukm al-syarî‘ah al-islâmiyyah fî ‘uqûd al-ta’mîin, alqâhirah: t.p, 1976. haydar, ‘alî, durar al-hukkâm sharh majallah al-ahkâm al-‘adliyyah, bayrût: dâr al-kutub al-‘ilmiyyah, 1991. haydar, ‘alî, durar al-hukkâm syarh majallah al-ahkâm al-‘adliyyah, bayrût: dâr al-kutub al-‘ilmiyyah, 1991. iqbal, muhaimin, asuransi syari'ah umum dalam praktik, jakarta: gema insani , 2006. jam‘iyyah al-majallah, majallah al-ahâm al-‘adliyyah, bayrût: shâraku, 1377 h.  abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012.  faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. hamzah malaysia: psaian sengketa perjanjian syariah162 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. al-iqtishad: vol. v, no. 1, januari 2013 163 hamzah malaysia: psaian sengketa perjanjian syariah164 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia.   al-iqtishad: vol. v, no. 1, januari 2013 165       hamzah malaysia: psaian sengketa perjanjian syariah166 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. al-iqtishad: vol. v, no. 1, januari 2013 167 hamzah malaysia: psaian sengketa perjanjian syariah168 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia.   al-iqtishad: vol. v, no. 1, januari 2013 169   hamzah malaysia: psaian sengketa perjanjian syariah170 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia.   al-iqtishad: vol. v, no. 1, januari 2013 171   hamzah malaysia: psaian sengketa perjanjian syariah172 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. al-iqtishad: vol. v, no. 1, januari 2013 173 hamzah malaysia: psaian sengketa perjanjian syariah174 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. al-iqtishad: vol. v, no. 1, januari 2013 175 hamzah malaysia: psaian sengketa perjanjian syariah176 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. al-iqtishad: vol. v, no. 1, januari 2013 177 hamzah malaysia: psaian sengketa perjanjian syariah178 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. al-iqtishad: vol. v, no. 1, januari 2013 179 hamzah malaysia: psaian sengketa perjanjian syariah180 abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877 nilai negeri sembilan malaysia. abstrak: perubahan nilai uang kertas: studi perbandingan fikih perbankan. artikel ini membahas salah satu isu penting dalam fikih keuangan islam karena memiliki hubungan erat dengan komitmen keuangan. banyak penyelesaian fikih dari perspektif syariah ditemukan dalam fikh islam klasik. masalah ini muncul pada investasi bank syariah, khususnya pada murâbahah. studi ini menyimpulkan bahwa adalah suatu keharusan bagi yang berutang sejumlah uang yang nilainya dapat berubah, untuk membayar perubahan nilainya tersebut pada saat yang akan datang, dan bukan berdasarkan nilai aktual. selanjutnya, hal itu menunjukkan bahwa perlakuan fluktuasi nilai uang datang dengan menghubungkan nilai uang tersebut dengan beberapa indikator, termasuk mata uang yang relatif stabil dan hubungannya dengan emas atau perak. kata kunci: nilai uang kertas perubahan, fikih, bank islam abstract: paper money value change: comparative banking fiqhiyyah study. this article considered one of the significant issues in islamic financial fiqh because it bears a close relation to financial commitment. many fiqh treatments from a sharia perspective were found in islamic ancient fiqh. this issue was apparent in islamic banks investment especially in murâbahah. the study concludes that it is a must who owes amount of money and its value changes to high or low to pay the value of money then, and not the actual amount. furthermore, it shows that the treatment of fluctuations in money value comes by linking its value with some indicators, including stable currency and the linkage to gold or silver. keywords: paper money value change, fiqh, islamic bank received: 7th may 2012, revised: 1st december 2012, accepted: 6th december 2012. 1 faculty of syariah & law universiti sains islam malaysia. bandar baru nilai 00877, nilai negeri sembilan, malaysia. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 65 80 received: september 5, 2015; revised: december 2, 2015; accepted: december 30, 2015 airlangga university. jl. airlangga no. 4 – 6, mulyorejo, surabaya, east java -60115 email: sriheria@yahoo.co.id; imron.js@gmail.com doi: 10.15408/aiq.v8i1.2509 abstract. dual monetary system and macroeconomic performance in indonesia. this research aims to evaluate the impact of dual monetary policy shock on macroeconomic indicators of indonesia: growth and inflation. in addition, this study will also examine whether conventional monetary policy has a particular impact upon islamic banking sector. this research apply var (vector auto regressive) method on monthly data from bank of indonesia during the period of january 2010 to december 2013. the result of irf explain that the interest rate channel find the hard way to accomplished the macroeconomic goals while the islamic monetary instrument indicates the potential growth of output and hold the inflation low. the result of vdc describes that the islamic instrument still affected by conventional monetary policy because of slow development in islamic monetary system. keywords: dual monetary policy; macroeconomics; var abstrak. sistem moneter ganda dan kinerja makroekonomi di indonesia. penelitian ini bertujuan untuk mengevaluasi dampak kebijakan moneter ganda terhadap indikator makroekonomi di indonesia yakni pertumbuhan dan inflasi. sebagai tambahan, penelitian ini juga menguji apakah kebijakan moneter konvensional memiliki dampak khusus terhadap sektor perbankan islam. penelitian ini menggunakan metode var (vector auto regressive) dengan data bulanan yang bersumber dari bank indonesia dari january 2010 sampai desember 2013. hasil irf menjelaskan bahwa jalur suku bunga memiliki kesulitan untuk mencapai target makroekonomi sedangkan instrumen moneter islam mengindikasikan adanya potensi pertumbuhan output dan menahan laju inflasi. hasil vdc menggambarkan bahwa instrumen islam masih dipengaruhi oleh kebijakan moneter konvensional karena lambatnya perkembangan sistem moneter islam. kata kunci: kebijakan moneter ganda; makroekonomi; var dual monetary system and macroeconomic performance in indonesia sri herianingrum, imronjana syapriatama 66 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction monetary policy is an instrument of the central bank for accomplishing the macroeconomics objective such as the growth of output, price stability, and indirectly affects the unemployment rate. however, it can not be denied that sometimes the implementation of an instrument of monetary policy could potentially produce a wide range of impacts that are not expected (mishkin, 1995), so, to be successful in conducting monetary policy, the monetary authorities must have an accurate assessment and better understanding of the mechanisms through which monetary policy supports the macroeconomic goals. indonesia uses the dual monetary system to control the circulation of funds in order to encourage the conventional loan and islamic financing on variety business sectors. the dual banking system in indonesia has been formally running since 1998, marked with the promulgation of act (the act) of banking in 1998 and continued with the designation of the banking act in 1999, which gives the authority to bank of indonesia (the central bank) to run the dual monetary policy: conventional and islam. conventional monetary policy applied the interest rate in the transmission of monetary policy. however, this action is most likely does not comply with the expectation, because, first, there is trade-off in the implementation of tight and loose monetary policy. tight monetary policy means there is the potential of low inflation but followed by low output as a result of the higher cost of capital, while the loose monetary policy would bring output growth but it seems that inflation might be accelerate because of the overheated economy. second, the change of economics agent motives like speculation activity, especially in the trading of derivative products, this case would make the money does not flow enough to the real sectors. in other words, macroeconomic goals are not accomplished. instrument of islamic monetary policy using profit loss sharing, margin, and fee to replace the interest rate system because islamic economic agent believe that the insterest as riba component within the transmission of monetary policy. profit loss sharing (pls) system has the sense of justice that can be seen when the owners of capital and entrepreneurs work together in running business. if businesses are losing, then the loss will be bear along. otherwise, if business makes profit then it will be divided according to the agreed ratio/nisbah (abdullah & chee, 2010). islamic economic insists that the role of money must be able to optimally support the real sector and not making it as a tradable commodity. therefore, islamic economic agents are not recommended to play active in derivatives trading that do not involve an underlying assets, according to islamic economics doctrine that forbid the existence of riba, gambling, and uncertainty in the economic activity. banks has a strategic role in allocating funds within the private sector, so, sri herianingrum: dual monetary system and macroeconomic 67 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 the monetary authority should control the activity of their transactions in order to avoid negative impact that generated by such event. bank of indonesia (bi) can do expansionary or contractive monetary policy depend situation within the economy, operationally, the stance of monetary policy is described through the setting of the policy rate which in this case is bank indonesia benchmark interest rate (bi rate). the mechanism of bi rate to affects the macroeconomic indicators called monetary transmission mechanism, this mechanism using various channels to connect the monetary policy and economy. this paper uses output growth and inflation as the indicators of macro economy because they are the goals of conducting monetary policy. since bi formally using the inflation targeting framework (itf) in 2005, the highest level of inflation reachs 13,11% in 2006, during the same period, the highest economic growth in indonesia is 6.35% in 2007. itf uses bi rate as benchmark policy to affect the interest rate, this action is expected may keep the inflation target. dual monetary policiy in indonesia is not only implementing conventional rate policy that reflected by conventional interbank money market (puab), but also uses islamic policy rate that reflected by islamic interbank money market (puas). puab then could affect the level of deposits and credit of conventional bank whereas puas affects the level of deposits and financing of islamic banks. finally, changes in credit/financing would affect the level of output and inflation. the research about relationship between monetary policy, output growth, and inflation has been discussed by fung (2002), dabla-norris & floerkemier (2006), and cheng (2006). these researchs just studied the interest-based monetary policy that affect the macroeconomic indicators namely output and inflation but did not discuss the interest-free monetary policy. figure 1. macroeconomics performance in indonesia source: world development indicators 68 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 unfortunately, it is said by siddiqui (in ascarya, 2012) that islamic monetary development still has no firm concept regard the transmission of monetary policy including its channel. to our knowledge, the idea of pls as a core of monetary policy is still immature to be applied in the monetary system especially in indonesia. therefore, it is become the great need among scholars to empirically prove the effectiveness of islamic monetary system. in indonesia’s case, because the design is dual monetary system, it is important to measure how the changes in conventional and islamic monetary policy could impact the macroeconomics indicator. based on these thought, this research aims to evaluate how the instruments of dual monetary policy could affect the macroeconomic indicators of indonesia: growth and inflation. in addition, this study will also examine whether conventional monetary policy has a particular impact against islamic banking sector. the second session of the study discusses the study of literature, the third session discusses the methodology, fourth session discusses the results, while the conclusion will be presented in the fifth session. literature review the mechanism of conventional monetary transmission describes how policy changes in short-term nominal interest rates impact the real variables such as output and unemployment. specific channels of monetary transmission operate through the effects that monetary policy has on interest rates, exchange rates, equity and real estate prices, bank lending, and firm balance sheets (ireland, 2005). monetary policy transmission in indonesia that conducted via interest rate became the major issue in this discussion. one of the founders of contemporary islamic monetary economics named chapra (in ascarya, 2012) did not describe specifically about the transmission policy. therefore, to examine the effectiveness of islamic monetary policy, some researchers adopt the concept of interest rates channel with equivalent modification. naveed (2015) suggested that the conventional banks are more sensitive to interest rate, while the islamic bank did not get such impact. interest rate did not make high impact against islamic banks because islamic banks are not using interest rate in their system. however, conventional banks are more stable than islamic banks because they have higher amount of capital. according to the results of variance decomposition analysis, monetary policy had no effect on the level of islamic banks deposits. only about 1% of the changes at the level of the islamic bank deposits accounted for the impact of the monetary policy rate changes, while deposits and conventional loan are affected by the onr (overnight rate) by 10% and 6%. interesting thing here is the financing of islamic banks are also affected sri herianingrum: dual monetary system and macroeconomic 69 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 by the onr amounted to 6%. this suggests that conventional instruments also indirectly might affect the islamic instruments. kassim (2009) found the result that contrary to the general expectations, the result show that the islamic banks are relatively more sensitive to monetary policy changes, while the conventional banks items, particularly the conventional loan, are insensitive to the interest rate changes. this implies that the impact of monetary policy is more destabilizing on the islamic banks than the conventional. the result of the study have important implications for the risk management practices of the islamic banks, specially in dual banking system such as in malaysia. hakan and gulumser (2011) explained in their research that the changes in interest rate not only affect to the conventional deposit and loan, but it affects the islamic bank instruments too. this study shows that interest rate could negatively impact on islamic deposit because the raise of interest rate would divert the attention of the third party so they prefer to deposit their money in conventional bank rather than islamic banks. this research disproving the arguments claiming that islamic banks are more stable than conventional bank just because their product is interest-free and the claim that said islamic banks could gave positive contributions to achieve finance stability. those previous studies just provide the information about the impact of monetary policy against the islamic and conventional banks, while the research about the impact on macroeconomic indicator is started by sukmana and kassim (2010). the macroeconomic indicator is economic growth and the research method using var model with the following: ipi = f (if,id,onight) (1) ipi (industrial production index) is a proxy of economic growth, if is the financing of islamic bank, id is third party funds in islamic bank, and onight is the overnight interest rate in the conventional interbank money market as an indicator of monetary policy. ascarya (in ascarya, 2012) did the same thing by using islamic instruments and macroeconomic indicators namely economic growth and inflation. research methods using var model as follows: ipi = f (ifin,idep,puas,sbis) (2) cpi = f (ifin,idep,puas,sbis) (3) ipi is used as proxy of economic growth, cpi (consumer price index) as proxy for inflation, ifin is financing of the islamic banks, idep is third party funds in islamic banks, puas is the islamic interbank money market, and sbis is islamics certificate of bank indonesia. 70 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 methods to analyze the impact of dual monetary policy against macroeconomic performance, then this study adapt the research model of sukmana & kassim (2010) and ascarya (2010). the macroeconomics indicators are output (industrial production index) and inflation (consumer price index). source of the data is from bank indonesia: january 2010 – december 2013. equation (4), (5) and (6) are used as research model 1, 2, and 3. pi = f (cd,cl,id,if,pb,ps) (4) cpi = f (cd,cl,id,if,pb,ps) (5) ps = f (br,cd,cl,id,if,pb) (6) dual monetary policy instruments for this study are conventional interbank money market and islamic interbank money market that represent conventional and islamic monetary policy. we believe that choosing interbank money market as proxy for monetary policy is still fairly compatible eventough other studies are using conventional and islamic bi’s certificate. the reasons for choosing interbank money market are because it considerably relevant with deposits interest rate, reflected the condition of money market, and it may be affected by open market (warijoyo and zuverdi, 1998). meanwhile the reason for choosing the bi certificate is to reach the base money target (ramayandi & rosario, 2010). these policies would drive the rate of conventional bank deposits, conventional bank loans, islamic bank deposits, and islamic bank financing, then finally impact the level of output and inflation. in addition, the study also examined whether conventional monetary policy, i.e. bi rate has a particular impact against islamic banking. variables are transformed into the natural logarithm (ln) except for variables that already in the units of percent (%). table 1. list of variables variable definition variable definition cd convensional deposits br (%) bi rate cl convensional loan pb (%) conventional interbank money market id islamic deposits ps (%) islamic interbank money market if islamic financing cpi consumer price index ipi industrial production index sri herianingrum: dual monetary system and macroeconomic 71 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 results and discussion unit root test the technique of testing method using adf (augmented dickey-fuller), the length of the lag are automatically selected based on sic (schwartz information criterion) with maximum lag of 9. test results in table 2 shows that most of the variables are not stationary at i (0). therefore, this model can be extended on the model of estimation of var i (1) or vecm in accordance with the test results of the cointegration test. table 2. adf test results adf test results series level first difference series level first difference prob. prob. prob. prob. cd 0.0120** 0.0000*** cpi 0.9173 0.0000*** cl 0.9508 0.0000*** br 0.9417 0.0098*** id 0.1954 0.0000*** pb 0.9995 0.0767* if 0.5634 0.0632* ps 0.0056*** 0.0000*** ipi 0.0013*** 0.0000*** *significant at 10% ** significant at 5% *** significant at 1% cointegration test cointegration is defined to exist if two or more series are linked to form an equilibrium long run relationship, eventhough the series themselves may contain stochastic trends (non-stationary). they will nevertheless move closely together over time and difference between them will be stable (harris, 1995). the johansen cointegration test is a technique to find out the longterm relationship between variables. test results that based on trace statistics suggest that the three of research model has cointegrated variables at least in one rank at the level of 5% significance. thus, due to the existence of cointegration 72 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 relationship within variable then estimation technique will be extended to the vec model. impulse response function and variance decomposition model 1 and 2 use the irf analysis to answer the impact of dual monetary policy shock against macroeconomic indicator, while model 3 uses the vdc analysis to invetigate the particular impact of conventional monetary policy against the islamic variable. irf result for model 1 (lnipi) illustrates that the conventionals variables shock do not always get positive response by variable output. pb has negative impact to output in the 2nd period then return to the equilibrium in the 6th period and then increasing output at the next period. cd affects the raise of output in the 2nd period but otherwise in the 4th period, cd affects the raise of output again after back at the equilibrium in the 6th period. cl only has positive impact upon output in the 2nd period, then return to equilibrium in the 3rd period and subsequent impact on the decreasing output. meanwhile, compared to conventional factor, the shocks of islamics variables consistently get the positif response by the level of output. impact of id and if to the ouput growth can be seen in the 3rd and 2nd period after moving along in the equilibrium point. on the other hand, the level of ouput has positif response to variable ps because ps is not based on interest rate but it based on profit loss sharing of ima’s certificate (interbank mudharabah investment). table 3. johansen cointegration test result model 1 hypothesized trace eigenvalue statistic critical value prob.** none * 0.878517 254.4989 139.2753 0.0000 at most 1 * 0.749319 161.7476 107.3466 0.0000 at most 2 * 0.675954 100.8703 79.34145 0.0005 at most 3 0.436729 51.28807 55.24578 0.1068 sri herianingrum: dual monetary system and macroeconomic 73 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 model 2 hypothesized trace eigenvalue statistic critical value prob.** none * 0.919880 331.6028 139.2753 0.0000 at most 1 * 0.853455 220.5369 107.3466 0.0000 at most 2 * 0.699732 136.0383 79.34145 0.0000 at most 3 * 0.619692 83.10271 55.24578 0.0000 model 3 hypothesized trace eigenvalue statistic critical value prob.** none * 0.878193 279.6831 139.2753 0.0000 at most 1 * 0.747734 187.0492 107.3466 0.0000 at most 2 * 0.673949 126.4492 79.34145 0.0000 at most 3 * 0.575922 77.13843 55.24578 0.0002 ** significant at 5% irf result for model 2 (lncpi) describes that the shock of conventional variable which get negative response by the level of inflation is variable cd only, whereas pb and cl have positive response. in other words, pb and cl cause the raise of general price while cd could decrease the level of inflation in the 8th period. raising the interest rate is a reflection of tight monetary policy that makes the cost of capital become more expensive, signaling higher price, then accelerates inflation. unlike the conventional variable, shocks of islamic instruments have negative response from inflation. ps, id, and if could decrease inflation in the 4th, 2nd, and 2nd period. islamic interbank money market affects the level of islamic deposit and financing, than this action would impact the composition of islamic bank financing. funds that distributed by islamic banks use the pls system, this system keep the output production from the high cost of capital that drived by interest rate and finally gave some contribution to restrain the level of inflation. 74 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 figure 2. irf model 1 the result of vdc shows that the ps is dominantly affected by itself in the 1st period and than continue to fall until 20th periode but it still dominant by itself. in the 6th period, the effect of br starting to show as a variable that has particular impact upon ps and keep slowly going up until the 20th period with maximum value of 11,67%. this condition describe that ps is affected by conventional instrument i.e bi rate. conceptually, bi rate should not affect the islamic variable because it is an interest-based instrument. however, practically, bi rate is the benchmark for the rate of ps. therefore, islamics monetary instrument yet can not be said free from conventionals policy. sri herianingrum: dual monetary system and macroeconomic 75 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 figure 3. irf model 2 some lessons from dual monetary the goal of monetary policy is to fulfill the macroeconomic objectives such as output growth, price stability, and indirectly affects the unemployment rate. in order to achieve these goals, monetary authority uses interest rate as core design for conducting the policy. however, it requires accurate information to decide between tight and loose monetary policy that could comply with those monetary objectives. there are some suggestions that interest rates do not play the central role that they do in traditional monetary theories. the interest rate is not like conventional price, but it is looks like a “promise” between lenders and borrowers to pay an amount in the future. promises are often broken, if they are not, there would be no issues in 76 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 determining the credit worthness. credit is not primarily allocated via something like an auction market but allocated by system of which potential lenders make judgements about the risk associates with various borrowers (greenwald and stiglitz, 2003). meanwhile, the islamic monetary policy suggest pls system that could control the economics because money does not generate itself but it increase or accumulates, justifiably, through “actual” investment in accordance with various islamic modes/akad of investment (el-ghazali, 1994). impact of conventional monetary policy against the growth of output in this study shows that the interest rate channel has low contribution on the level of output. the rate of interbank money market is influenced by bi rate. the range of bi rate between 6,5%-7,5% from 2010-2013 reflects the implementation of tight monetary policy that aims to achieve the price stability but could not highly increase the level of output, when the impulse is interbank money market, the response of output is slightly positive. growth in output is the result of improving variety of resources, one of which is financed by the capital savings, so, higher cost of capital that drived by interest rate would not highly increase the level of output. the result also shows that conventional monetary policy accelerates the level of inflation, it could be said that the more interest-based loan circulate within economy, the more it raises inflation. meanwhile, islamic monetary policy has positive relationship with the level of output. islamic interbank money market is not interest-based instrument but based on interbanks profit-loss sharing, so, it is not only could increase the level of output but also hold the inflation. according to islamic principle, the cost of capital lies in the profit of projects investement. on the other hand, share in the profit is the cost of capital (el-ghazali, 1994). so the “promise” between lenders and borrowers is not to pay an amount in the future like interest rate, but to share the profit and loss according to their contract. however, it can not be denied that islamic banks only have 5% market share with below 10 million of customers, so, they still have a long way to go to become the main focus of monetary policy. vdc analysis shows the obvious result that islamic monetary instrument yet can not be said free form conventional influence, it is because the monetary policy design is based on interest rate that represented by bi rate, so the islamic instrument has to follow that stance. the result is slightly different with banjarnahor (2008), anuniyyah et al (2010), anuniyyah et al (2013), ascarya (2012), and sanrego (2013). eventough we did not employ sbi and sbis as we explained earlier, our finding is fairly consistent with those previous study, these researchs show that conventional monetary has positive relationship with inflation while islamic monetary has sri herianingrum: dual monetary system and macroeconomic 77 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 negative relationship. on the other side, anuniyyah et al (2010) and anuniyyah et al (2013) employed sbis as their proxy for islamic monetary instrument but this study is not. their result shows that sbis is unable to support the growth of output because it is used just as an instrument of absorbing the idle fund that did not allocated to the real sector financing, while this study shows that islamic monetary proxied by islamic interbank could increase the output because that idle fund is allocated (with islamic akad) to the other banks so the fund could be injected to real sector. conclusion monetary policy is an instrument of the central bank for accomplishing the macroeconomics objective such as the growth of output, price stability, and indirectly affects the unemployment rate. the result of irf explain that the interest rate channel find the hard way to accomplish the macroeconomic goals while the islamic instrument indicates the potential growth of output and holding the inflation low. interest rate would raise the cost of capital, signaling the higher price, and lower output. islamic instrument uses the profit loss sharing system, this system keep the output production from the high cost of capital that drived by interest rate. the result also shows that islamic monetary instrument yet can not be said free form conventional influence because the monetary policy design is based on interest rate that represented by bi rate, it disproving the claim that islamic banks are not affected with interest-based policy instrument. this condition occurs because conventional banks are the old players that have higher market share than islamic banks. those findings empirically conclude that, compared to conventional monetary, islamic monetary policy could fulfill the macroeconomics goals: growth of output and low inflation. the results show that islamic monetary is fairly more relevant to achieve macroeconomic goals. so the monetary authority should have more attention to development of islamic monetary, like trying to slowly reduce the domination of interest-based instrument e.g sbi or conventional interbank money market, encourage the islamic instruments, and convince the government to shift part of their deposit from conventional to islamic banks, because, the greater chances is what the islamic monetary need to make a room for its improvement and achieving macroeconomic objectives. monetary authority also may reduce using sbi/sbis to absorb the funds, but keep them circulate enough through financing to produce goods and service instead generate them through bonus (sbis) and interest (sbi). 78 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 we believe that there are some limitations in this research because it must be another islamic instrument beside islamic interbank money market and another control variable that could reflect the condition of indonesia’s macro economy. so it would be usefull for the future research to find more comprehensive discussion regarding islamic monetary. references abdullah, d.v. & chee. k. (2010). buku pintar keuangan syariah. jakarta: zaman. anuniyyah, q, et.al. (2010). analisis pengaruh instrumen moneter syariah dan konvensional terhadap pertumbuhan sektor riil di indonesia. iqtisodia, jurnal ekonomi islam republika, pp. 6. anuniyyah, q, et.al. (2013). dynamic analysis of islamic bank and monetary instrument towards real output and inflation in indonesia. proceeding of sharia economics conference, hannover, pp. 154-162. ascarya. (2012). alur transmisi dan efektifitas kebijakan moneter ganda di indonesia. buletin ekonomi moneter dan perbankan, vol. 14, no. 3, hlm. 283-315. asteriou, d. & hall, s. g. (2007). applied econometrics: a modern approach. revised edn. new york: palgrave macmillan. banjarnahor, n. r. (2008). mekanisme suku bunga sbi sebagai sasaran operasi kebijakan moneter dan variabel makroekonomi indonesia: 1990.1-2007.4. buletin ekonomi moneter dan perbankan, pp. 22-51. cheng, k.c. (2006). a var analysis of kenya’s monetary policy transmission mechanism: how does the central bank’s repo rate affect the economy? imf working paper no. 300 pp. 1-28. dabla-norris, e. & floerkemier, h. (2006). transmission mechanisms of monetary policy in armenia: evidence from var analysis. imf working paper no. 248, pp 1-29. el-ghazali, a. h. (1994). profit versus bank interest in economic analysis and islamic law. islamic economics translation. jeddah: idb-irti. enders, w. (2004). applied econometric time series. new york: john wiley & sons. ertürk, m. & yüksel, s. (2013). casual link between islamic and conventional banking: evidence from turkish banking sector. research department of borsa istanbul, working paper series, no. 6, pp. 1-20. sri herianingrum: dual monetary system and macroeconomic 79 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 fung, b. s. c. (2002). a var analysis of the effects of monetary policy in east asia. bis working papers no. 119, pp 1-23. greenwald, b. & stiglitz, e. j. (2003). toward a new paradigm in monetary economics. united kingdom: cambridge university press. hakan, e.e. & gulumser, a.b. (2011). impact of interest rates on islamic and conventional banks: the case of turkey. mpra paper no. 29848, pp. 1-18. haron, s. & ahmad, n. (2000). the effects of conventional interest rates and rate of profit on funds deposited with islamic banking system in malaysia. international journal of islamic financial services, vol. 1, no. 4, pp. 1-7. ireland, n. p. (2005). the monetary transmission mechanism. federal reserve bank of boston, no. 06-1, pp. 1-13. kassim, s.h. (2009). impact of monetary policy shocks on the conventional and islamic banks in a dual banking system: evidence from malaysia. journal of economic cooperation and development, vol. 30, no. 1, pp. 41-58. kasri, r. & kassim, s. (2009). empirical determinants of saving in the islamic banks: evidence from indonesia. jkau, islamic econ, vol. 22, no. 2, pp. 181-201. mishkin, f.s. (1995). symposium on the monetary transmission mechanism. journal of economics perspectives, vol. 9, no. 4, pp. 3-10. naveed, m.y. (2015). impact of monetary policy shocks in a dual banking system in pakistan: a vector auto regressive approach. european academic research vol. 1i, issue 11, pp. 14684-14700. pesaran, m.h. & shin, y. (1998). generalized impulse response analysis in linear multivariate models. economic letters, vol. 58, pp. 17-29. ramayandi, a. & rosario, a. (2010). monetary policy discipline and macroeconomics performance: the case of indonesia. adb economics wp series no. 238, pp 1-31. sanegro, y. d. & rusydiana, a.s. (2014). transmission mechanism in dual monetary system: comparison between shariah and conventional monetary system. journal of islamic economics, banking, and finances, vol. 9, no. 2, pp. 27-44. sukmana, r. & kassim, s. h. (2010). roles of the islamic banks in the monetary transmission process in malaysia. international journal of islamic and middle eastern finance and management, vol. 3, no. 1, pp 7-19. 80 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 warijoyo, p. & zuverdi, d. (1998). penggunaan suku bunga sebagai sasaran operasional kebijakan moneter di indonesia. buletin ekonomi moneter dan perbankan, pp 25-53. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 33 48 received: august 27, 2015; revised: october 18, 2015; accepted: october 22, 2015 syarif hidayatullah state islamic univ. of jakarta, jl. ir. h juanda no. 95, south tangerang, banten university of islam 45, jl. cut mutia, bekasi, west java e-mail: mnhosen@yahoo.com; fika_annaliez@yahoo.co.id doi: 10.15408/aiq.v8i1.2507 abstract. efficiency and profitability on indonesian islamic banking industry. the aims of this study are to know the level of efficiency and profitability among islamic full pledge banks in indonesia. using parametric approach namely stochastic frontier approach (sfa) to calculate efficiency and using roa’s ratio to calculate profitability. the result showed that the bms was the greatest level of efficiency among islamic banks in indonesia which influence the input and output level of efficiency of bms are personnel expenses, cost-sharing expenses, and total financing which owned. besides, the result showed that it was the greatest level of profitability which factors influencing of profitability of bms is bopo’s ratio. the result also showed that the bmi had low efficiency but sufficient profitability. it has sufficient efficiency and high profitability, the bms have sufficient efficiency and profitability, the bris have low efficiency and profitability, and the bsb have high efficiency and low profitability. keywords: efficiency, profitability, islamic bank, stochastic frontier analysis abstrak. efisiensi dan profitabilitas pada industri perbankan syariah di indonesia. tujuan kajian ini adalah untuk mengetahui tingkat efisiensi dan profitabilitas diantara bank umum syariah di indonesia. pendekatan yang dipergunakan ialah stochastic frontier analysis (sfa) dalam mengukur tingkat efisiensi dan rasio roa dalam mengukur tingkat profitabilitas. hasil kajian menunjukkan bahwa bms memiliki tingkat efisiensi tertinggi di antara bank umum syariah dimana tingkat efisiensi bms dipengaruhi oleh biaya sumber daya manusia, biaya bagi hasil dan pembiayaan. selain itu, bms memiliki tingkat profitabilitas tertinggi dimana faktor yang memengaruhinya ialah rasio bopo. hasil kajian juga menunjukkan bahwa bmi memiliki tingkat efisiensi rendah namun tingkat profitabilitas yang baik, bsm tingkat efisiensi yang baik dan tingkat profitabilitas yang tinggi, bms memiliki tingkat efisiensi dan profitabilitas yang baik, bris memiliki tingkat efisiensi dan profitabilitas yang rendah, serta bsb memiliki tingkat efisiensi yang tinggi dan tingkat profitabilitas yang rendah. kata kunci: efisiensi, profitabilitas, bank syariah, stochastic frontier analysis efficiency and profitability on indonesian islamic banking industry muhammad nadratuzzaman hosen, rafika rahmawati 34 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction nowadays, islamic banking in indonesia continue to need to be able to compete with conventional banks. the opening of the asean economic community (aec), the competition is not only occurs between local banks but also with banks of other countries. local banks would be difficult to compete with foreign banks because foreign banks are better to offer lower interest rates than local banks. interest rates on foreign banks are generally offered 3% in the form of currency, while at the local bank, the interest rate is pegged at least 3.5% -5% (neraca.co.id, 2014). in order to compete in the industry, islamic banks are required to operate efficiently, so they can achieve maximum profit and productivity and be able to maintain financial health. the need for performance measurement in islamic banks is very high, in order to know the level of efficiency and profitability of islamic banks. according to berger and humphrey (1992), there are two general approaches are often used to measure the performance of efficiency in the banking industry namely, traditional and frontier approach. the traditional approach is an approach that compares the financial ratios that exist in the bank. meanwhile the frontier approach or efficiency frontier approach uses a combination of assets (input-output) in a specific standard. measurement of the efficiency of the financial ratios can’t detect internal and external factors cause inefficiency. banking management also cannot be analyzed through financial ratios. therefore, it is necessary to measure the efficiency to get more good approach. as it is described above, the measurement of efficiency and profitability in islamic banking is very important. with known levels of efficiency and profitability levels, it will show the overall performance of islamic banks. there are some factors that cause inefficiencies which can also be known that islamic banks can do a proper evaluation to improve performance and increase competitiveness. there are several identification problems from this research: first, what is the level of cost efficiency of islamic banks in indonesia period of january 2010 to december 2013 based on parametric approach? second, what has the greatest influence from component of the input and output on the level of cost efficiency of islamic banks? third, what is the level of profitability (return on asset/roa) of islamic banks in indonesia period of january 2010 to december 2013 based on parametric approach? fourth, how non performing financing (npf), financing to deposit ratio (fdr), operational cost operational income (bopo), and capital adequacy ratio (car) influence on the level of profitability (return on asset/ roa) in islamic banks? the purposes of this research are: first, measure the cost efficiency level of islamic banks in indonesia period of january 2010 to december 2013 based on muhammad nadratuzzaman hosen: efficiency and profitability 35 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 parametric approach. second, analyze the component of input and output which affect the level of cost efficiency of islamic banks. third, measure the profitability level of islamic banks in indonesia period of january 2010 to december 2013. fourth, analyze the non performing financing (npf), financing to deposit ratio (fdr), operational cost operational income (bopo), and capital adequacy ratio (car) which affect the level of profitability of islamic banks. literature review haddad, et.al (2003) compared measurements of the indonesian banking efficiency levels with the method of stochastic frontier approach (sfa) and the method of distribution free approach (dfa). object of this study are 167 banks operating in the period of january 1995 to june 2003, overall of bank data had been grouped by category. the results of these studies are the efficiency of dfa scores more diverse than the score for sfa if it is used monthly data and annual data that incorporate the entire bank. nevertheless, the banks most efficiently generated by using both methods remain the same. the results of efficiency calculations based on the sfa and dfa by using a data bank which first grouped by bank category, resulting in the calculation results are not consistent. this inconsistency is probably due to lack of observation of cross section is used, so the diversity of data is reduced. the results of this calculation also concluded that the banks with foreign banks mixed category were the category that most efficiently compared with other categories. mokhtar, et.al (2007) studies on technical efficiency and cost efficiency of islamic bank in malaysia using methods of stochastic frontier approach in the period 1997 to 2003. object of study are 20 business units of islamic, 2 islamic banks, and 20 conventional commercial banks. the result is known that the average technical efficiency and cost of conventional commercial banks are higher than islamic banks. however, in terms of trends that the average efficiency of islamic banks tend to increase from seven periods, while the efficiency of conventional banks did not change much during the same period. efficiency based on type, islamic banks are significantly more efficient than islamic business units. and the average efficiency of banks according to ownership status, it is known that foreign islamic business units more efficient than domestic banks islamic business unit. al-timimi (2010) compares factors that influence profitability among islamic bank with conventional bank for the period of 1996 to 2008. it used regression models roa and roe as dependent variables. it determaind internal and external factors as independent variables, such as gdp per capita, size of bank, financial development indicator (fir), liquidity, concentration of bank, cost of bank, and number of branch. the result identification that liquidity and concentration of 36 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 bank is factors that most significant in conventional bank. whereas in islamic bank, factors that most significant are cost of bank and number of branch to influence performance of islamic bank. methods object of the research in this paper is the monthly financial report of the islamic commercial bank (bus) in indonesia that is bank of muamalat indonesia (bmi), bank of shariah mandiri (bsm), bank of mega shariah (bms), bank of bri shariah (bris), and bank of bukopin shariah (bsb) period january 2010 to december 2013. there are two analysis methods from this research, such as: analysis of efficiency and analysis of profitability. this paper used the calculation of the efficiency of islamic banks in terms of costs by using the method of approach cost efficiency, while for the calculations using the method of approach the stochastic frontier approach (sfa) to calculate the deviation of the cost function estimated in advance with its profit frontier. cost efficiency is defined as the ratio between the minimum cost which the company can produce a certain output, with the actual costs that incurred by the banking company. the smaller the actual costs are used compared with the minimum cost, and then the level of cost efficiency of banks will be even greater. in this study, the determination of input and output using asset approach as used by haddad, so that the input and output variables are determined as follows: input variables (x) : price of labor (p1) and price of fund (p2). output variables (y) : total financing (q1) and securities which owned (q2). sfa method was developed by aigner, lovell, schmidt (1977). in this method, the cost of a bank’s modeled for deviation of its cost efficiency frontier due to random noise and inefficiency. standard function of stochastic cost frontier has the general form (log) as follows: ln ci = f (ln xji , ln yki) + ei ………………………………………... (1) where: ci = total cost of bank n xji = input j of bank n yji = output k of bank n ei = error muhammad nadratuzzaman hosen: efficiency and profitability 37 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 e i consist of 2 functions: e i = u i + v i ……………………………………………………… (2) where : u i = error factor that can controlled. v i = error factor that random characteristic that cannot controlled. assumption that v is distribution in normal n(0, σ2v) dand u is distribution in half-normal, |n(0, σ2v)| where uit = (ui exp(-h(t-t)) 3 and h is parameter that will estimation. cost efficiency is essentially measuring a level of bank’s cost compared with a bank that has the best operating cost (best practice bank’s cost) that produces the same output with the same technology. cost efficiency is the derivation of a cost function, eg the cost function with the general form of equation (log) as follows: ln c = f (w,y) + e …………………………………………………... (3) by using the stochastic cost frontier equation form of the cost equation can be written as follows: ln c = f (w,y) + ln u + ln v ……………………………………….... (4) where: c = total cost atau cost efficiency w = total input y = total output u dan v = error so, cost efficiency can be writed as follows: profitability levels of bus were measured by roa (return on assets), the indicator of the ability of banks to earn a return on certain assets owned by the bank. roa can be obtained by calculating the ratio between profit after tax to total assets (net income divided by total assets). after multiple linear regression equation is formed, there should be some test classic assumptions, namely the normality test, autocorrelation test, heteroskedastisitas test, and multicollinearity test. then the analysis of hypothesis test are both partially and simultanly. partial test with t test and simultan test with f test. 38 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 in this study, the performance is measured by the level of cost efficiency and the level of profitability (roa), so here are two models of the regression equation: model (i) : cost efficiency (ceff) tc = αa + ba1p1 + ba2p2 + ba3q1 + ba4q2+ ea model (ii) : profitability/return on assets (roa) roa = αb + bb1npf + bb2fdr + bb3bopo+ bb4car + eb table 1. research variables variable indicator definition scale dependent tc total cost ratio roa return on assets ratio independent p1 price of labor ratio p2 price of fund ratio q1 total financing ratio q2 securities which owned ratio npf non performing financing ratio fdr financing to deposit ratio ratio bopo operational cost operational income ratio car capital adequacy ratio ratio results and discussion analysis of cost efficiency by using methods of stochastic frontier approach (sfa) with panel data model, the efficiency of each of the islamic commercial bank can be measured. the panel data is intended to consider the period of observation of a bank and will result in efficiency levels based on the study period that is during the period january 2010 to december 2013. form of the model in predicting bank cost efficiency can be written as follows: ln tc= -0,267 + 0,542 lnp1 + 0,538 lnp2 0,971 lnq1 + 0,109 lnq2 in the regression equation above, the tc is constant at -0.267. this means if the input variables and output variables are considered constant the islamic commercial bank will issue a minimum cost for a particular output level that is equal to 0,7657 million of total assets (ex -0,267 = 0,7657). the variable price of labor (lnp1) coefficient of 0,542 indicates that if the price of labor exponent increased 1%, then the total cost will increase 0,542%. those results indicate that muhammad nadratuzzaman hosen: efficiency and profitability 39 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 price of labor not give positive contribution to the islamic commercial bank, so as the price of labor is high, the total cost will increase too and will bring inefficiency. the variable price of fund (lnp2) coefficient of 0,538 indicates that if the price of fund exponent increased 1%, then the total cost will increase 0,538%. that result indicates that the islamic commercial bank not optimal manages deposit funds. it should deposit funds will increase income for the islamic commercial bank, not be burden because the islamic commercial bank must pay return to the customers that take their money in bank. the variable total financing (lnq1) coefficient of -0,971 indicates that if the total financing exponent increased 1%, then the total cost will decrease 0,971%. those results indicate that total financing give good return to the islamic commercial bank. but, the islamic commercial bank must immediately increase productivity of financing to increase efficiency in the islamic commercial bank. table 2. level of cost efficiency in the islamic commercial bank period level of cost efficiency bmi bsm bms bris bsb march 2010 0.9727 0.9459 0.9277 0.7545 0.9051 june 2010 0.9697 0.9032 0.9329 0.8827 0.8737 september 2010 0.9567 0.8825 0.8951 0.8162 0.8716 december 2010 0.9467 0.8417 0.8754 0.8096 0.8913 march 2011 0.8491 0.9708 0.9701 0.8399 0.9531 june 2011 0.8356 0.8247 0.9378 0.7630 0.9769 september 2011 0.8452 0.8081 0.9452 0.6433 0.9548 december 2011 0.7940 0.8093 0.9177 0.6960 0.9560 march 2012 0.7774 0.8445 0.9838 0.9549 0.9866 june 2012 0.7841 0.8482 0.9441 0.7948 0.9441 september 2012 0.7831 0.8645 0.9022 0.7944 0.9683 december 2012 0.7559 0.8705 0.8828 0.8644 0.9557 march 2013 0.7845 0.8980 0.9715 0.7100 0.6231 june 2013 0.7674 0.9322 0.9340 0.7339 0.5492 september 2013 0.7444 0.9281 0.9122 0.7795 0.5935 december 2013 0.7585 0.9009 0.8484 0.6984 0.5837 average 0,8328 0,8796 0,9238 0,7835 0,8492 40 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 the variable securities which owned (lnq2) coefficient of 0,109 indicates that if the securities which owned exponent increased 1%, then the total cost will increase 0,109%. that result indicate that securities which owned by the islamic commercial bank give return lower than cost that must the islamic commercial bank pay. the result of cost efficiency on islamic commercial bank in indonesia period of january 2010 to december 2013. the average level of cost efficiency islamic commercial bank period january 2010 to december 2013, the highest achieved by bms that is equal to 0.9238 or 92.38%. islamic commercial bank with a lowest level of cost is efficiency achieved by bris that is equal to 0.7835 or 78.35%. table 3. category of cost efficiency level of cost efficiency category 65% 85% low efficiency 86% 96% medium efficiency 97% 100% high efficiency from these results, it shows that the five islamic commercial banks has not reached the optimum level of efficiency. therefore, the increase in cost efficiency needs to be continued. the cost efficiency level of five islamic commercial bank also looks have variation ranging from 0.7835 (bris efficiency level) up to 0.9238 (bms efficiency level). it is proved that every islamic commercial bank has managerial implementation strategies vary in terms of reduced cost-sharing, suppression personnel costs, investment arrangements, and so on. table 4. grouping of level of cost efficiency the islamic commercial bank level of cost efficiency category bank of muamalat indonesia 83,28% low bank of shariah mandiri 87,96% medium bank of mega shariah 92,38% medium bank of bri shariah 78,35% low bank of shariah bukopin 84,92% low muhammad nadratuzzaman hosen: efficiency and profitability 41 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 so, all the islamic commercial bank can be rated, as in table 4. table 4 showed bsm and bms into category medium of cost efficiency. whereas bmi, bris, and bsb into category of low cost efficiency. table 5. level of profitability in the islamic commercial bank period level of profitability bmi bsm bms bris bsb march 2010 1,48% 2,04% 3,18% 1,12% 0,65% june 2010 1,07% 2,22% 2,98% 0,97% 0,59% september 2010 0,81% 2,30% 2,47% 0,24% 0,43% december 2010 1,36% 2,21% 1,90% 0,35% 0,74% march 2011 1,38% 2,22% 1,77% 0,23% 0,62% june 2011 1,74% 2,12% 1,87% 0,20% 0,65% september 2011 1,55% 2,03% 1,65% 0,40% 0,51% december 2011 1,52% 1,95% 1,58% 0,20% 0,52% march 2012 1,51% 2,17% 3,52% 0,17% 0,54% june 2012 1,61% 2,25% 4,13% 1,21% 0,52% september 2012 1,62% 2,22% 4,11% 1,34% 0,61% december 2012 1,54% 2,25% 3,81% 1,19% 0,55% march 2013 1,72% 2,56% 3,57% 1,71% 1,08% june 2013 1,69% 1,79% 2,94% 1,41% 1.04% september 2013 1,68% 1,51% 2,57% 1,36% 0,79% december 2013 1,37% 1,53% 2,33% 1,15% 0,69% average 1,48% 2,09% 2,77% 0,83% 0,59% 42 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 analysis of profitability the indicators that used to measure the performance of the bank’s profitability is roa (return on assets) is the ratio that indicates the ability of the entire existing assets and are used to generate a profit. here are the results of the average level of profitability (roa) in the 2010-2013 from five islamic commercial banks; it can be seen at table 5. it is known that islamic commercial bank with the highest of profitability level in the period 2010-2013, it is bank of mega shariah (bms) that is equal to 2.77%. while the lowest profitability, it is bank of shariah bukopin (bsb) that is equal to 0.59%. from these results, it is known that the islamic commercial banks (bus) with large assets such as bank of shariah mandiri (bsm) is not a factor to be able to achieve great profitability. the result of profitability level above if we take to a category, can be seen at table 6. table 6. category of level of profitability level of profitability category 0% – 0,99% low profitability 1,00% – 1,99% medium profitability 2,00% ∞ high profitability according table 7, that bmi into category medium of profitability. whereas bsm and bms into category high of profitability. bris and bsb into category low of profitability. table 7. grouping of level of profitability the islamic commercial bank level of profitability category bank muamalat indonesia 1,48% medium bank syariah mandiri 2,09% high bank mega syariah 2,77% high bri syariah 0,83% low bank syariah bukopin 0,59% low muhammad nadratuzzaman hosen: efficiency and profitability 43 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 analysis of multiple linear regression cost efficiency (ceff) based on the test results of the classical assumptions (ols test), it can be concluded that the regression model is normally distributed, contains no autocorrelation, heteroscedasticity, but still there is a problem of multicollinearity. then regression result in model 1, can be summarize as follow. first, we see from the adjusted r square test (adj r2). to find out how much the independent variables simultaneously can explain the dependent variable can be seen from the adjusted r square atau adj r2. table 8. result of adjusted r square (adj r2) adj r2 bmi bsm bms bris bsb 0,987 0,988 0,998 0,926 0,964 second, to determine the significance of the influence of all independent variables simultaneously on the dependent variable used f test, ie by comparing fhitung generated by multiple linear regression with ftabel in the significant level of 95% (α = 5%). here are the results of f test from each of the islamic commercial bank. it is known that f table with level =5%, df1 = 4 and df2 = 43, obtained ftabel is 2,61. while the f-test each bus obtained fhitung bmi is 888,409, bsm is 937,703, bms is 6,446, bris is 148,221, and bsb is 313,708. thus, it can be concluded that the entire fhitung bus greater than ftabel, so that h0 is rejected and ha accepted. that is, there are input and output variables have a significant influence together on the efficiency of the bus. third, t-test used to test the strength of the relationship of each independent variable on the dependent variable individually. by comparing the values obtained thitung with ttable of each variable using 95% significant level (α = 5%). here are the results of the t test of each the islamic commercial bank. table 9. result of t-test of level efficiency the islamic commercial bank variable bmi bsm bms bris bsb cost of labor significant (+) no significant significant (+) no significant significant (+) cost of fund significant (+) significant (+) significant (+) significant (+) significant (-) total financing significant (+) no significant significant (-) significant (-) significant (+) securities significant (-) significant (-) no significant significant (-) no significant 44 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 profitabilitas/return on assets (roa) based on the test results of the classical assumptions (ols test), it can be concluded that the regression model is normally distributed, contains no autocorrelation, heteroscedasticity, and multicollinearity. then regression result in model 2, can be summarize as follow: first, we see from the adjusted r square test (adj r2). to find out how much the independent variables simultaneously can explain the dependent variable can be seen from the adjusted r square atau adj r2. table 10. result of adjusted r square (adj r2) adj r2 bmi bsm bms bris bsb 0,778 0,889 0,895 0,772 0,822 second, to determine the significance of the influence of all independent variables simultaneously on the dependent variable used f test, such as by comparing fhitung generated by multiple linear regression with ftabel in the significant level of 95% (α = 5%). here are the results of f test from each of the islamic commercial bank. it is known that f table with level =5%, df1 = 4 and df2 = 43, obtained ftabel is 2,61. while the f-test each bus obtained fhitung bmi is 42,178; bsm is 95,459; bms is 101,519; bris is 40,880; and bsb is 55,246. thus, it can be concluded that the entire fhitung bus greater than ftabel, so that h0 is rejected and ha accepted. that is, there are independent variables (npf, fdr, bopo, and car) have a significant influence together on the profitability of the bus. third, t-test used to test the strength of the relationship of each independent variable on the dependent variable individually. by comparing the values obtained thitung with ttable of each variable using 95% significant level (α = 5%). here are the results of the t test of each the islamic commercial bank: table 11. result of t-test of profitability the islamic commercial bank variable bmi bsm bms bris bsb npf no significant no significant no significant no significant no significant fdr significant (-) no significant no significant significant (-) significant (+) bopo significant (-) significant (-) significant (-) no significant significant (-) car significant (-) no significant no significant significant (+) no significant muhammad nadratuzzaman hosen: efficiency and profitability 45 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 from two method of calculation of the performance of the five-bus has been analyzed previously, namely the approach of cost efficiency and profitability, it can be seen. table 12. the islamic commercial bank performance in period 2010-2013 bus category of cost efficiency category of profitability bank muamalat indonesia low medium bank syariah mandiri medium high bank mega syariah medium high bri syariah low low bank syariah bukopin low low from the table 12, it can be seen that there are inconsistencies between the results of the method efficiency and profitability. the bmi is known that has a low level of cost efficiency and has a medium profitability. that is, bmi has not emphasized the efficient of fund’s management; bmi has not cut costs that are not important, so that the profitability of the acquired bmi becomes optimal. the bsm known that has an efficiency level is medium and has a high profitability. that is, bsm has a sufficient good fund management, because it can minimize costs and can manage their funds in profitable sectors. as bus with the largest total assets, bsm is able to compete well. the bms known that have medium levels of cost efficiency and has a high profitability. that is, bms still need to do a cost-efficiency, because there are costs that do not matter much incurred by bms. however, bms have long operated able to obtain a fairly good profitability, although not optimal. the bris known that have a low level of cost efficiency and low profitability. that is, bris must continue to improve cost efficiency by minimizing costs that are not important and do not add to profitability. with more efficient expected level of profitability bris will also increase. the bsb is known that has a low level of cost efficiency and low profitability. that is, the management of funds in bsb has not been good. bsb has not been able to minimize the costs that are not important. therefore, bsb should be able to place their funds in investments that provide good profit, so the profitability of the bsb can be increased and the profitability can reduce the cost burden on the bsb. 46 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 conclusion during the period january 2010 until december 2013 the average level of the largest cost efficiency of islamic commercial bank in indonesia is on bmi amounting to 83,28%; bsm is 87,96%; bms is 92,38%; bris 78,35%; and bsb 84,92%. the hypothesis of this study which states that there is influence between component inputs (cost of labor and cost of fund) and output (total financing and securities which owned) to the level of cost efficiency simultaneously, can be accepted. where the bmi amounting to 98,7% and its influence on the bsm influence 98,8%, and the bms effect of 99,8%. on bris effect of 92,6%, and the bsb effect 96,4%. during the period january 2010 until december 2013 the average level of the largest profitability of islamic commercial bank in indonesia is on bmi amounting to 1,48%; bsm is 2,09%; bms is 2,77%; bris 0,83%; and bsb 0,59%. the hypothesis of this study which states that there is influence between npf, fdr, bopo, and car to the level of profitability simultaneously, can be accepted. where the bmi amounting to 77,8% and its influence on the bsm influence 88,9%, and the bms effect of 89,5%. on bris effect of 77,2%, and the bsb effect 82,2%. there are several recommendations that suggested by this research. first, to management each the islamic commercial bank, to continue to raise the level of cost efficiency, because from the cost is still no funds are not used efficiently. it can be seen from the level of cost efficiency that has not reached 100%. second, in level of profitability, management each the islamic commercial bank have to raise the level of profitability because level of roa still low. the need for the placement of funds in order to fund the existing productive can generate profits greater. third, for further research, the determination of the independent variables to be more numerous and varied to model better formulated. in addition, it should be associated with the level of liquidity bus. references al-tamimi, h.a.h. (2010). factors influencing performance of the uea islamic and conventional national banks. global journal of bussiness research, volume 4 no.2, pp. 1-10. akhtar, m.f, et al. (2011). factors influencing the probability of islamic banks of pakistan. international research journal of finance and economics. issues 66, pp. 126-132. muhammad nadratuzzaman hosen: efficiency and profitability 47 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 berger, a.n. & humphrey, d.b. (1997). efficiency of financial institutions: international survey and directions for future research. european journal of operational research, volume 98, pp 175-212. gozali, i. (2007). pengaruh car (capital adequacy ratio), fdr (financing to deposit ratio), bopo (biaya operasional terhadap pendapatan operasional) dan npl (non performing loan) terhadap profitabilitas bank syariah mandiri (january:2004 – oktober:2006). (unpublished thesis). yogyakarta: universitas islam indonesia. haddad, m.d. et.al. (2003) “analisis efisiensi industri perbankan indonesia: penggunaan metode nonparametrik data envelopment analysis (dea).” jurnal bank indonesia, desember 2003. hartono, e. (2009). analisis efisiensi biaya industri perbankan indonesia dengan menggunakan metode parametrik stochastic frontier analysis (studi pada perbankan yang terdaftar di bursa efek indonesia periode 2004-2007). (unpublished thesis). semarang: universitas diponegoro. idris et. al. (2011). determinant of islamic banking institutions’ profitability in malaysia. world applied sciences journal 12. pp. 1 – 7. idroes, f.n & sugiarto. (2006). manajemen risiko perbankan dalam konteks kesepakatan basel dan peraturan bank indonesia. yogyakarta: graha ilmu. kusmargiani, i.s. (2006). analisis efisiensi operasional dan efisiensi profitabilitas pada bank yang merger dan akuisisi di indonesia (studi pada bank setelah rekapitalisasi dan restrukturisasi tahun 1999-2002). (unpublished thesis). semarang: universitas diponegoro. mokhtar, h.s.a, et.al. (2006). efficiency of islamic banking in malaysia, a stochastic frontier approach. journal of economic cooperation. vol.2 (27), pp. 37-70. muhari, s. & hosen, m.n. (2013). efficiency of the islamic rural bank in indonesia lead to modified camel. journal of academic research in economics and management sciences. vol.2 (5), pp. 34-53. rahmawati, r & hosen, m.n. (2012). efficiency of fund management of islamic banking in indonesia (based on parametric approach). international journal of academic research in economics and management sciencies. vol. 1. (2), pp. 144-157. yaumidin, u.k. (2007). efficiency in islamic banking: a non-parametric approach. buletin ekonomi moneter dan perbankan, volume 9 number 4, pp. 23-55. 48 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2507 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 yilmaz, a.a. (2013). profitability of banking system: evidence from emerging markets. wei international academic conference proceedings, january 14-16, 2013, antalya turkey: pp. 105 – 111. petunjuk penulisan.indd al-iqtishad journal of islamic economics vguidance for writing in journal of al-iqtishad the manuscripts represent academic research in islamic economics and finance disci-1. pline. upon the publication of the manuscript, the author should provide a letter states that the 2. manuscripts have never been, or under consideration to be, published in other journal publications. structure of the manuscripts3. title.a. the title should be short, clear, and informative, but does not exceed 9 words. author’s names and institutionsb. . the author’s names should be accompanied by the author’s institutions and email addresses, without any academic titles and/or job title. abstract and keywordsc. . the abstract should be less than 150 words. the key words should be 2 to 5 phrases. introduction.d. this section explains the backround of the study, and aims of the manuscripts. it should be written without numbers and/or pointers. literature review.e. this section explains the theoretical framework that used on this research, a review on the previous research in the area. methods.f. this section describes the tools of analysis along with the data and their sources. discussion.g. this section explains the results of the study. conclusions.h. this section concludes and provides policy implications, if any, of the study. references.i. this section lists only the papers, books, or other types of publications referred in the manuscript. the authors should provide an index of subject, namely the specific terms in the 4. manuscript. the authors should also provide the index of authors, namely the key authors of papers referred in the manuscript. please write the family name followed by the given name. estimation result from a software package is not allowed to be directly presented in the 5. paper. they should be presented in equations with the appropriate estimation results. table format should contains only heading and contents. please provide the top 6. and bottom lines, along with the line(s) that separate the heading and the contents. example: table 1. the growth of third party fund, financing and asset (billion rupiah) 2009 2010 2011 2012 2013 2014* fundraising 52.271 76.036 115.415 147.512 174.018 186.608 financing 46.886 68.181 102.655 147.505 179.284 187.886 asset 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia acknowledgment, if any, should be written as the foot-note of the manuscript’s title.7. the manuscript is prepared in a quarto paper, single-sided, and double-space format. a 8. new paragraph should start 5 characters from the left margin, using 12-size, times-newromans font type. the manuscript is written in proper english, either british or american english, but not 9. the combination of both, except for special editions. the manuscript should be in no less than 25 pages long.10. the top and bottom margins are 1 inch.11. the title is written using capital letters of 14 font size, centre position.12. sub titles are written using capital letters, started from the left margin.13. sub of sub titles are written using capital letters only at the beginning of each word ex-14. cept for connecting words. they should be started from the left margin. references should be those of the last ten years publication, unless they are key refer-15. ences. citation in the text body should be written using the family name and years of publica-16. tion. example: hill (2001) suggests that the objective of depreciation ….a. according to kotter (1867), intra industry trade can be …b. wagner (in mccain, 1982) states that …c. the definition of flypaper effect is … (wagner, 1976).d. tables and figures should be presented as follows:17. the name of tables and figures should follow a numbering system (arabic number-a. ing system). the names of the tables and figures are on the top and bottom parts of the tables, respectively. the tables and figures should provide the source of information, if any, at the bottom b. part of both. references should be written in alphabetical order, without any number. they should be 18. written using the following criteria: for books, the format should follow the following example:a. al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta. for papers that are part of a book, the format should follow the following example:b. bahl, r. 2000. how to design a fiscal decentralization. in sahid, y. (eds.), local dynamics in an era of globalization, 25-26, london: oxford university press. for journal/magazine papers, the format should follow the following example:c. al arif, m. n. r. 2012. efek multiplier wakaf uang dan pengaruhnya terhadap program pengentasan kemiskinan. jurnal asy-syir’ah fakultas syariah uin sunan kalijaga yogyakarta, vol. 46, no. 1, januari 2012, hlm. 10 – 12. for internet references, the format should follow the following example:d. kharlie, ahmad tholabi. 2006. “formalisasi syariat islam, mengapa tidak?”, http// www.ahmadtholabi.wordpress.com, accesed on 17 maret 2014 fore. magazine, the format should follow the following example: asa, syu’bah. 2004 “pengantin darah”, dalam tempo, no. 30/xxx111/20, 20 september 2004 transliteration19. guidance (from arabic to latin) consonant a = (ا) z = (ز) q = (ق) b = (ب) s = (س) k = (ك) t = (ت) sy = (ش) l = (ل) ts = (ث) sh = (ص) m = (م) j = (ج) dh = (ض) n = (ن) h = (ح) th = (ط) w = (و) kh = (خ) zh = (ظ) h = (ه) d = (د) ‘ = (ع) ’ = (ء) dz = (ذ) gh = (غ) y = (ي) r = (ر) f = (ف) t = ( ة ) short vocal long vocal ______ = a â = (ـــ ا) ______ = i î = (ـــ ى) ______ = u û = (ـــ و) diftong pembauran aw = (أو) al = (ال) ay = (أي) al-sy = (الش) -wa al = (وال) the manuscript in microsoft word should be sent to 20. editor.iqtishad@yahoo.com a brief cv that records full name, academic title, institution, telephone, fax and mobile 21. number should accompany the manuscript. the decision of the manuscript are:22. accepted without revision, ora. accepted with minor revision, orb. accepted with major revision, orc. rejected.d. upon the publication of the manuscript in the journal, the author will receive a publica-23. tion proof number and 3 off-prints. 159al-iqtishad: vol. iv, no. 2, juli 2012 monopoli dalam perspektif ekonomi islam dede abdul fatah abstract: monopoly in islamic economic perspective. monopoly in islamic economic perspective means withholding or hoarding goods on purpose, especially in times of scarcity, with the goal of raising the price at a later date in order to obtain greater profits. monopolistic practices is a type of violation will result in mu‘âmalah because market mechanisms disrupted, so that producers will get a big profit (monopolistic rent), while the consumer due to the accumulation of actions will suffer and get loss. therefore, this monopoly will bring people in general harmed by the act of a small group of monopolists very unjust, selfish and irresponsible. keyword: monopoly, scarcity, market mechanism abstrak: monopoli dalam perspektif ekonomi islam. monopoli dalam perspektif ekonomi islam adalah menahan atau menimbun barang dengan sengaja, terutama pada saat terjadi kelangkaan, dengan tujuan menaikkan harga di kemudian hari agar mendapatkan keuntungan yang lebih besar. praktik monopoli merupakan jenis pelanggaran dalam bermuamalah sebab akan mengakibatkan mekanisme pasar terganggu, sehingga produsen akan mendapatkan untung besar, sedangkan konsumen akibat tindakan penimbunan tersebut akan mengalami penderitaan dan kerugian. jadi, akibat monopili, masyarakat luas akan dirugikan akibat ulah sekelompok kecil pelaku monopoli yang sangat zalim, egois, dan tidak bertanggung jawab. kata kunci: monopoli, kelangkaan, mekanisme pasar naskah diterima: 5 september 2011, direvisi: 6 januari 2012, disetujui: 12 januari 2012. universitas al-azhar indonesia (uai). jl. sisingamangaraja, jakarta selatan. e-mail: dedefatah@yahoo.com daftar isi 159 monopoli dalam perspektif ekonomi islam dede abdul fatah 181 menimbang gadai emas sebagai instrumen investasi syariah a. chairul hadi 201 analisis segmen pasar dan perilaku nasabah bank syariah: kajian hukum islam terhadap produk hsbc amanah indonesia mansur chadi mursid & rr. kathrin irviana 217 analisis intensi muzakkî dalam membayar zakat profesi nurul huda & abdul gofur 241 dampak kebijakan spin-off terhadap kinerja bank syariah amalia nasuha 259 analisis responsivitas bursa syariah oleh variabel makro ekonomi yoghi citra pratama 273 pengaruh dan implikasi sistem rekrutmen keagenan terhadap kinerja sdm pada ajb bumiputera 1912 syariah riris agustya 293 kontribusi islam terhadap akuntansi ivo sabrina 309 perbandingan ekonomi islam dan ekonomi kapitalis moch. bukhori muslim 325 elaborasi penyusunan laporan keuangan konsolidasi ke dalam nilai syariah islam bambang waluyo & ali masjono 160 dede abdul fatah: monopoli dalam perspektif ekonomi islam pendahuluan pasar merupakan sarana pertemuan penawaran dan permintaan antara penjual dan pembeli. islam menghendaki kesempurnaan pasar yang bebas dari upaya pihak-pihak yang menghendaki distorsi pasar demi meraup keuntungan tinggi dalam waktu singkat. oleh karena itu, ketidaksempurnaan pasar merupakan musuh bersama yang harus diantisipasi terutama oleh pihak yang memiliki otoritas, yaitu pemerintah bahkan negara. ketidaksempurnaan pasar dapat disebabkan oleh upaya rekayasa pada sisi permintaan dan penawaran. rekayasa dari segi permintaan bisa berupa bay‘ najasy, yaitu penciptaan permintaan semu untuk menaikkan harga, sedangkan rekayasa dari segi penawaran bisa berupa ihtikâr (monopoli), yaitu upaya menghambat pasokan barang agar harga sesungguhnya menjadi tinggi, bisa juga berupa talaqqî al-rukbân, yaitu menghalangi transaksi pada harga sesungguhnya, dan bay‘ al-hâdhir li al-bâdî, yaitu praktik makelar (samsarah) yang dilakukan oleh seseorang (orang kota) terhadap orang yang datang dari perkampungan (gurun sahara) untuk menjadi perantara dalam menjual barang dengan mengambil keuntungan yang sangat besar. ketidaksempurnaan pasar juga bisa muncul disebabkan ketidaksempurnaan informasi yang dimiliki oleh para pelaku ekonomi. informasi merupakan hal yang penting, sebab ia menjadi dasar bagi pembuatan keputusan. produsen berkepentingan untuk mengetahui seberapa besar permintaan dan tingkat harganya, berapa harga input dan teknologi yang tersedia, dan lain-lain, sehingga dapat menawarkan barangnya secara akurat. demikian pula konsumen, ia harus mengetahui tingkat harga yang berlaku, kualitas barang yang dibelinya, dan lainlain, sehingga dapat menentukan permintaannya dengan akurat pula. dari sekian banyak penyebab ketidaksempurnaan pasar, tampaknya ihtikâr (monopoli) merupakan faktor yang paling sering dilakukan oleh pihak-pihak yang tidak bertanggung jawab. dengan demikian, kajian ini akan menfokuskan pembahasannya pada masalah monopoli (ihtikâr) dalam perspektif ekonomi islam. interpretasi monopoli monopoli dalam perspektif ekonomi islam memiliki pengertian yang berbeda dengan monopoli dalam perspektif ekonomi konvensional. dalam perspektif ekonomi islam secara etimologi monopoli (ihtikâr) berasal dari kata alhukr yang artinya al-zhulm wa al-‘isâ’ah al-mu‘âsyarah, yaitu berbuat aniaya dan sewenang-wenang.1 sedangkan secara terminologis, monopoli(ihtikâr)2 adalah 1majd al-dîn muhammad ibn ya‘qûb al-fayrûz abâdî al-syîrâzî, al-qâmûs al-muhîth juz ii, (bayrût: dâr al-fikr, 1398 h), h. 12. 161al-iqtishad: vol. iv, no. 2, juli 2012 pendahuluan pasar merupakan sarana pertemuan penawaran dan permintaan antara penjual dan pembeli. islam menghendaki kesempurnaan pasar yang bebas dari upaya pihak-pihak yang menghendaki distorsi pasar demi meraup keuntungan tinggi dalam waktu singkat. oleh karena itu, ketidaksempurnaan pasar merupakan musuh bersama yang harus diantisipasi terutama oleh pihak yang memiliki otoritas, yaitu pemerintah bahkan negara. ketidaksempurnaan pasar dapat disebabkan oleh upaya rekayasa pada sisi permintaan dan penawaran. rekayasa dari segi permintaan bisa berupa bay‘ najasy, yaitu penciptaan permintaan semu untuk menaikkan harga, sedangkan rekayasa dari segi penawaran bisa berupa ihtikâr (monopoli), yaitu upaya menghambat pasokan barang agar harga sesungguhnya menjadi tinggi, bisa juga berupa talaqqî al-rukbân, yaitu menghalangi transaksi pada harga sesungguhnya, dan bay‘ al-hâdhir li al-bâdî, yaitu praktik makelar (samsarah) yang dilakukan oleh seseorang (orang kota) terhadap orang yang datang dari perkampungan (gurun sahara) untuk menjadi perantara dalam menjual barang dengan mengambil keuntungan yang sangat besar. ketidaksempurnaan pasar juga bisa muncul disebabkan ketidaksempurnaan informasi yang dimiliki oleh para pelaku ekonomi. informasi merupakan hal yang penting, sebab ia menjadi dasar bagi pembuatan keputusan. produsen berkepentingan untuk mengetahui seberapa besar permintaan dan tingkat harganya, berapa harga input dan teknologi yang tersedia, dan lain-lain, sehingga dapat menawarkan barangnya secara akurat. demikian pula konsumen, ia harus mengetahui tingkat harga yang berlaku, kualitas barang yang dibelinya, dan lainlain, sehingga dapat menentukan permintaannya dengan akurat pula. dari sekian banyak penyebab ketidaksempurnaan pasar, tampaknya ihtikâr (monopoli) merupakan faktor yang paling sering dilakukan oleh pihak-pihak yang tidak bertanggung jawab. dengan demikian, kajian ini akan menfokuskan pembahasannya pada masalah monopoli (ihtikâr) dalam perspektif ekonomi islam. interpretasi monopoli monopoli dalam perspektif ekonomi islam memiliki pengertian yang berbeda dengan monopoli dalam perspektif ekonomi konvensional. dalam perspektif ekonomi islam secara etimologi monopoli (ihtikâr) berasal dari kata alhukr yang artinya al-zhulm wa al-‘isâ’ah al-mu‘âsyarah, yaitu berbuat aniaya dan sewenang-wenang.1 sedangkan secara terminologis, monopoli(ihtikâr)2 adalah 1majd al-dîn muhammad ibn ya‘qûb al-fayrûz abâdî al-syîrâzî, al-qâmûs al-muhîth juz ii, (bayrût: dâr al-fikr, 1398 h), h. 12. menahan atau menimbun (hoarding) barang dengan sengaja, terutama pada saat terjadi kelangkaan barang dengan tujuan untuk menaikkan harga di kemudian hari. praktik ihtikâr akan menyebabkan mekanisme pasar terganggu, di mana produsen kemudian akan menjual dengan harga yang lebih tinggi dari harga normal. penjual akan mendapatkan untung besar (monopolistic rent), sedangkan konsumen akan menderita kerugian. jadi, akibat ihtikâr, masyarakat luas akan dirugikan akibat ulah sekelompok kecil yang tidak bertanggung jawab. sedangkan monopoli (dari bahasa yunani: monos yang berarti satu dan polein yang berarti menjual) dalam perspektif ekonomi konvensional adalah suatu keadaan di mana di pasar hanya ada seorang penjual suatu barang, sehingga tidak ada pihak lain yang menyainginya.3 ketentuan di atas termasuk ketentuan monopoli murni atau pure monopoly. dalam kenyataan sulit untuk mendapatkan perusahaan yang tergolong monopoli murni. di mana tidak ada unsur persaingan dari perusahaan lain. karena seandainya hanya ada satu penjual di pasar, tetap masih ada kemungkinan perusahaan tidak langsung, misalnya produk-produk dari perusahaan lain yang bisa dijadikan sebagai substitusi (meski bukan substitusi sempurna) bagi produk-produk yang dihasilkan oleh perusahaan monopoli. misalnya, pln mendapat persaingan dari perusahaan yang menjual genset. monopoli mengharuskan adanya suatu cara untuk menyingkirkan para pe 2menurut mâlikiyyah ihtikâr adalah menimbun barang dengan tujuan mencari keuntungan ketika pasar dalam keadaan tidak stabil. lihat, al-bâjî, al-muntaqâ syarh al-muwaththa’ juz v, (bayrût: dâr al-kitâb al-‘arabî, 1332 h), h. 15. menurut al-kâsânî, ihtikâr adalah menimbun makanan pokok ketika masyarakat sangat membutuhkannya. lihat, ‘alâ’ al-dîn abû bakr ibn mas‘ûd al-kâsânî, badâ’i‘ al-shanâ’i‘ fî tartîb al-syarâ’i‘ juz vi, (zakariyâ ‘alî yûsuf, t.th.), h. 2973. menurut al-syâfi‘iyyah, ihtikâr adalah menimbun barang yang sangat dibutuhkan masyarakat banyak dengan tujuan mengambil keuntungan yang berlipat ganda. lihat al-syarbînî al-khatîb, mughnî al-muhtâj ilâ ma‘rifat ma‘ânî alfâzh al-manhâj juz ii, (mathba‘at mushthafâ al-bâbî al-hanbalî, t.th), h. 38. menurut hanabilah, ihtikâr adalah membeli makanan pokok yang dibutuhkan masyarakat banyak dan menimbunnya dengan tujuan untuk mengambil keuntungan yang berlipat ganda. lihat, ibn taymiyyah, al-hisbah (riyâdh: al-mu’assasah al-su‘ûdiyyah, t.th), h. 37-38. lihat juga manshûr ibn yûsuf ibn idrîs al-buhûtî, kasysyâf al-qinâ‘ ‘an matn al-iqnâ‘ juz iii, (bayrût: ‘âlam al-kitâb, t.th), h. 187. 3ada beberapa ciri khusus suatu pasar dikatakan pasar monopoli di antaranya: pertama, terdiri atas satu perusahaan, sehingga barang atau jasa yang dihasilkannya tidak dapat diperoleh dari perusahaan lain. kedua, tidak mempunyai barang pengganti yang mirip. artinya barang atau jasa yang dihasilkan tidak dapat digantikan oleh barang atau jasa lain yang ada di pasar. ketiga, tidak terdapat kemungkinan perusahaan lain untuk masuk ke dalam industri. keempat, dapat mempengaruhi penentuan harga. kelima, promosi berupa iklan tidak diperlukan. keenam, hanya satu produsen yang menguasai penawaran. ketujuh, tidak dipengaruhi dan tidak mempengaruhi harga serta output dari produk-produk lain yang dijual dalam perekonomian. lihat, karl e. case and ray c. fair, principles of economics, terj. benyamin molan, prinsip-prinsip ekonomi mikro (jakarta: pt prenhallindo, 2002), h. 341-344. 162 dede abdul fatah: monopoli dalam perspektif ekonomi islam saing dari arena sebuah industri tertentu. akan tetapi untuk merealisasikan usaha tersebut harus menghadapi rintangan (barriers) yang tidak sedikit di antaranya hak paten4 dan lisensi5 yang dilakukan oleh pemerintah, pengendalian bahan baku, penggunaan nama merk, kebijakan harga yang dirancang untuk menahan pesaing di luar industri, investasi modal besar yang diperlukan untuk memasuki industri, dan luasnya pasar. kepemilikan suatu sumber daya yang unik (istimewa) yang tidak dimiliki oleh orang atau perusahaan lain merupakan salah satu penyebab terjadinya pasar monopoli.6 di samping sumber daya yang unik dan istimewa skala ekonomis merupakan faktor yang dipertimbangkan terbentuknya pasar monopoli. pada waktu perusahaan mencapai keadaan di mana ongkos produksi mencapai batas minimum, jumlah produksi adalah hampir menyamai jumlah permintaan yang ada di pasar. dengan demikian, sebagai akibat dari skala ekonomis, perusahaan dapat menurunkan harga barangnya apabila produksi semakin tinggi. pada tingkat produksi yang sangat tinggi, harga secara otomatis akan semakin rendah, sehingga perusahaan-perusahaan baru tidak sanggup bersaing dengan perusahaan yang terlebih dahulu berkembang. keadaan ini menyebabkan terbentuknya pasar monopoli.7 pasar monopoli juga dapat 4paten berfungsi merangsang penemuan dan pembaharuan. produk baru dan proses baru dikembangkan melalui riset yang dikembangkan melalui riset yang dilakukan oleh penemu perorangan dan oleh perusahaan. riset membutuhkan sumber daya, waktu, biaya, dan peluang. tanpa perlindungan yang berikan oleh paten, hasil riset akan menjadi cepat tersedia bagi masyarakat umum. apabila riset tidak menjurus pada berkembangnya laba, maka sedikit sekali riset yang akan dilakukan. namun pada sisi negatifnya, paten memang menghalangi munculnya persaingan dan memperlambat mengalirnya manfaat riset yang mengalir dari pasar menuju konsumen. lihat karl e. case and ray c. fair, principles of economics, h. 344. 5habisnya masa paten (20 tahun yang berlaku di amerika) setelah beberapa tahun tertentu merupakan usaha untuk menyeimbangkan manfaat bagi perusahaan dan manfaat bagi masyarakat. di samping pembatasan masa paten alternatif lain yang dilakukan agar suatu riset dapat dinikmati oleh masyarakat adalah memberi lisensi. dengan memberi lisensi, teknologi baru bisa digunakan oleh semua produsen, dan sipenemu berbagi manfaat dengan para konsumen. karena memaksa produsen yang tidak memegang paten untuk menggunakan teknologi yang tidak efisien akan menimbulkan pemborosan, sejumlah analis telah mengusulkan menambahkan pemberian lisensi yang bersifat wajib pada sistem paten yang berlaku sekarang. lihat, karl e. case, principles of economics, h. 344. 6contohnya suara emas yang dimiliki oleh seorang penyanyi terkenal atau kemampuan bermain yang sangat luar biasa dari seorang pemain sepak bola. hanya merekalah yang mempunyai kepandaian tersebut dan harus dibayar lebih mahal dari biasanya apabila masyarakat ingin menikmatinya. lihat, sadono sukirno, pengantar teori mikroekonomi, h. 263. 7suatu industri yang skala ekonomisnya mempunyai sifat seperti ini disebut monopoli alamiah (natural monopoly). monopoli alamiah pada umumnya dijumpai dalam perusahaan jasa umum seperti perusahaan listrik, perusahaan telepon, dan perusahaan angkutan kereta api. di 163al-iqtishad: vol. iv, no. 2, juli 2012 saing dari arena sebuah industri tertentu. akan tetapi untuk merealisasikan usaha tersebut harus menghadapi rintangan (barriers) yang tidak sedikit di antaranya hak paten4 dan lisensi5 yang dilakukan oleh pemerintah, pengendalian bahan baku, penggunaan nama merk, kebijakan harga yang dirancang untuk menahan pesaing di luar industri, investasi modal besar yang diperlukan untuk memasuki industri, dan luasnya pasar. kepemilikan suatu sumber daya yang unik (istimewa) yang tidak dimiliki oleh orang atau perusahaan lain merupakan salah satu penyebab terjadinya pasar monopoli.6 di samping sumber daya yang unik dan istimewa skala ekonomis merupakan faktor yang dipertimbangkan terbentuknya pasar monopoli. pada waktu perusahaan mencapai keadaan di mana ongkos produksi mencapai batas minimum, jumlah produksi adalah hampir menyamai jumlah permintaan yang ada di pasar. dengan demikian, sebagai akibat dari skala ekonomis, perusahaan dapat menurunkan harga barangnya apabila produksi semakin tinggi. pada tingkat produksi yang sangat tinggi, harga secara otomatis akan semakin rendah, sehingga perusahaan-perusahaan baru tidak sanggup bersaing dengan perusahaan yang terlebih dahulu berkembang. keadaan ini menyebabkan terbentuknya pasar monopoli.7 pasar monopoli juga dapat 4paten berfungsi merangsang penemuan dan pembaharuan. produk baru dan proses baru dikembangkan melalui riset yang dikembangkan melalui riset yang dilakukan oleh penemu perorangan dan oleh perusahaan. riset membutuhkan sumber daya, waktu, biaya, dan peluang. tanpa perlindungan yang berikan oleh paten, hasil riset akan menjadi cepat tersedia bagi masyarakat umum. apabila riset tidak menjurus pada berkembangnya laba, maka sedikit sekali riset yang akan dilakukan. namun pada sisi negatifnya, paten memang menghalangi munculnya persaingan dan memperlambat mengalirnya manfaat riset yang mengalir dari pasar menuju konsumen. lihat karl e. case and ray c. fair, principles of economics, h. 344. 5habisnya masa paten (20 tahun yang berlaku di amerika) setelah beberapa tahun tertentu merupakan usaha untuk menyeimbangkan manfaat bagi perusahaan dan manfaat bagi masyarakat. di samping pembatasan masa paten alternatif lain yang dilakukan agar suatu riset dapat dinikmati oleh masyarakat adalah memberi lisensi. dengan memberi lisensi, teknologi baru bisa digunakan oleh semua produsen, dan sipenemu berbagi manfaat dengan para konsumen. karena memaksa produsen yang tidak memegang paten untuk menggunakan teknologi yang tidak efisien akan menimbulkan pemborosan, sejumlah analis telah mengusulkan menambahkan pemberian lisensi yang bersifat wajib pada sistem paten yang berlaku sekarang. lihat, karl e. case, principles of economics, h. 344. 6contohnya suara emas yang dimiliki oleh seorang penyanyi terkenal atau kemampuan bermain yang sangat luar biasa dari seorang pemain sepak bola. hanya merekalah yang mempunyai kepandaian tersebut dan harus dibayar lebih mahal dari biasanya apabila masyarakat ingin menikmatinya. lihat, sadono sukirno, pengantar teori mikroekonomi, h. 263. 7suatu industri yang skala ekonomisnya mempunyai sifat seperti ini disebut monopoli alamiah (natural monopoly). monopoli alamiah pada umumnya dijumpai dalam perusahaan jasa umum seperti perusahaan listrik, perusahaan telepon, dan perusahaan angkutan kereta api. di terbentuk melalui peraturan pemerintah yang mengatur kegiatan perusahaanperusahaan yang mewujudkan kekuasaan monopoli seperti peraturan paten dan hak cipta, hak usaha eksklusif yang diberikan kepada perusahaan jasa umum. berdasarkan pengertian di atas, maka terdapat titik persamaan dan perbedaan antara ekonomi islam dan konvensional dalam mendefinisikan monopoli. titik persamaannya adalah sama-sama menghendaki adanya keuntungan yang besar, sedangkan perbedaannya pada cara dan motif mendapatkan keuntungan besar tersebut. monopoli dalam islam dilakukan dengan cara menimbun barang, sedangkan ekonomi konvensional bukan hanya dengan menimbun saja, akan tetapi dengan banyak cara, seperti kepemilikan suatu sumber daya unik (istimewa) yang tidak dimiliki oleh orang atau perusahaan lain, skala ekonomis, dan lain sebagainya. dengan demikian, apapun yang dilakukan pihak tertentu untuk mencari keuntungan dengan cara membuat kelangkaan suatu barang dapat disebut monopoli (ihtikâr) dalam perspektif ekonomi islam. definisi-definisi monopoli dalam perspektif konvensional yang tujuan dan motifnya menzalimi dan merugikan orang lain, maka dapat dikategorikan monopoli, begitu pula sebaliknya, apabila motifnya tidak untuk menzalimi pihak lain, maka tidak dikatakan monopoli. hukum monopoli jumhur ulama berpendapat bahwa monopoli hukumnya haram sebagaimana dikemukakan oleh ulama kalangan hanâbilah, mâlikiyyah, hanafiyyah, dan mayoritas syâfi‘iyyah. argumentasi yang mereka bangun adalah dalil naqlî dan ‘aqlî. di antara dalil naqlî yang mereka jadikan landasan hukum adalah alquran dan sunah. allah swt. berfirman dalam surah al-hajj [22] ayat 25:                                                                sesungguhnya orang-orang yang kafir dan menghalangi manusia dari jalan allah dan masjidil haram yang telah kami jadikan untuk semua manusia, baik yang bermukim di situ maupun di padang pasir dan siapa yang bermaksud di dalamnya melakukan kejahatan secara zalim, niscaya akan beberapa jenis industri lain skala ekonomis tidak mewujudkan monopoli, tetapi satu atau beberapa perusahaan memproduksi barang yang hampir sama jumlahnya dengan yang ditawarkan di pasar seperti perusahaan baja, pembuatan mobil dan pertambangan minyak. lihat, n. gregory mankiw, principles of economics (new york: harcourt college publishers, 2001), h. 318-319. 164 dede abdul fatah: monopoli dalam perspektif ekonomi islam kami rasakan kepadanya sebagian siksa yang pedih. (q.s. al-hajj [22]: 25) ibn katsîr dalam karya fenomenalnya, tafsîr ibn katsîr, menyatakan bahwa yang dimaksud dengan ِإْلَحاد dalam ayat tersebut adalah perilaku monopoli yang mana pelakunya diancam dengan siksaan yang sangat pedih. hal ini menunjukkan bahwa monopoli yang dapat menimbulkan kelangkaan suatu barang yang sangat dibutuhkan masyarakat merupakan suatu kezaliman dan kejahatan.8 hal ini diperkuat oleh hadis yang diriwayatkan oleh abû dâwûd dari ya‘lâ ibn umayyah: dari ya‘lâ ibn umayyah berkata, sesungguhnya rasulullah saw. bersabda, ‚monopoli suatu makanan di sekitar masjid al-haram adalah suatu kejahatan‛. (h.r. abû dâwud)9 begitu pula hadis yang diriwayatkan oleh ibn mâjah dari ‘umar ibn alkhaththâb: : : dari sa‘îd ibn al-musayyab dari ‘umar ibn al-khaththâb berkata, rasulullah saw. bersabda, ‚orang yang menawarkan barangnya untuk dijual akan memperoleh keberkahan rezeki, sedangkan orang yang melakukan monopoli, baginya laknat allah swt.‛ (h.r. ibn mâjah)10 8ibn katsîr, tafsir ibn katsîr juz iii, (mishr: dâr ihyâ al-kutub al-‘arabiyyah, t.t), h. 215. 9abû dâwûd, sunan abî dâwud juz ii,(bayrût: dâr al-kitâb al-‘arabî, tt), h. 161. 10ibn mâjah, sunan ibn mâjah juz ii, (bayrût: dar al-fikr, tt), h. 728. lihat juga hadis yang diriwayatkan oleh imam muslim dari sa‘îd ibn musyyab: ) barang siapa yang melakukan ihtikâr maka ia berdosa (h.r. muslim). lihat imâm muslim, shahîh muslim juz v (bayrût: dâr al-jayl, t.th), h. 56. begitu pula hadis rasulullah saw.: 165al-iqtishad: vol. iv, no. 2, juli 2012 kami rasakan kepadanya sebagian siksa yang pedih. (q.s. al-hajj [22]: 25) ibn katsîr dalam karya fenomenalnya, tafsîr ibn katsîr, menyatakan bahwa yang dimaksud dengan ِإْلَحاد dalam ayat tersebut adalah perilaku monopoli yang mana pelakunya diancam dengan siksaan yang sangat pedih. hal ini menunjukkan bahwa monopoli yang dapat menimbulkan kelangkaan suatu barang yang sangat dibutuhkan masyarakat merupakan suatu kezaliman dan kejahatan.8 hal ini diperkuat oleh hadis yang diriwayatkan oleh abû dâwûd dari ya‘lâ ibn umayyah: dari ya‘lâ ibn umayyah berkata, sesungguhnya rasulullah saw. bersabda, ‚monopoli suatu makanan di sekitar masjid al-haram adalah suatu kejahatan‛. (h.r. abû dâwud)9 begitu pula hadis yang diriwayatkan oleh ibn mâjah dari ‘umar ibn alkhaththâb: : : dari sa‘îd ibn al-musayyab dari ‘umar ibn al-khaththâb berkata, rasulullah saw. bersabda, ‚orang yang menawarkan barangnya untuk dijual akan memperoleh keberkahan rezeki, sedangkan orang yang melakukan monopoli, baginya laknat allah swt.‛ (h.r. ibn mâjah)10 8ibn katsîr, tafsir ibn katsîr juz iii, (mishr: dâr ihyâ al-kutub al-‘arabiyyah, t.t), h. 215. 9abû dâwûd, sunan abî dâwud juz ii,(bayrût: dâr al-kitâb al-‘arabî, tt), h. 161. 10ibn mâjah, sunan ibn mâjah juz ii, (bayrût: dar al-fikr, tt), h. 728. lihat juga hadis yang diriwayatkan oleh imam muslim dari sa‘îd ibn musyyab: ) barang siapa yang melakukan ihtikâr maka ia berdosa (h.r. muslim). lihat imâm muslim, shahîh muslim juz v (bayrût: dâr al-jayl, t.th), h. 56. begitu pula hadis rasulullah saw.: sebagian ulama menyatakan bahwa yang dimaksud ِإْلَحاٍد dalam ayat tersebut adalah menyekutukan allah swt., menghalalkan yang haram, menghardik pembantu, dan sebagainya. selain alquran dan hadis rasulullah, keharaman monopoli ini diperkuat oleh âtsâr al-shahâbah, di antaranya âtsâr ‘umar ibn al-khththâb11, ‘utsmân ibn ‘affân12, dan ‘alî ibn abî thâlib.13 argumentasi yang dibangun oleh ulama yang mengharamkan monopoli (ihtikâr) tidak hanya bersumber dari dalil naql saja, akan tetapi bersumber pula dari dalil ‘aql. mereka mengemukakan bahwa monopoli sangat erat kaitannya dengan hajat orang banyak yang ketika salah satu pihak melakukannya akan menghambat pihak lain untuk memenuhi kebutuhannya, kalaupun dapat memenuhinya, mereka mendapatkannya dengan harga yang cukup tinggi. hal tersebut merupakan kezaliman yang tidak bisa diteloransi. ihtikâr hanya merea-lisasikan kemaslahatan individu, bukan kemaslahatan umum, apabila kemas-lahatan individu berbenturan dengan kemaslahatan umum, maka kemaslahatan umumlah yang didahulukan14 namun tidak termasuk monopoli yang dilakukan pada situasi di mana dari zayd ibn abî mu‘allâ al-‘adawî saya mendengar al-hasan berkata, ‘ubayd allâh ibn ziyâd bertemu dengan ma‘qal ibn yasâr, ma‘qal ibn yasâr berkata, saya mendengar rasulullah saw. bersabda, ‚barangsiapa yang menjual barangnya kepada kaum muslimin dengan harga yang sangat tinggi, maka allah akan memasukkannya ke dalam api neraka.‛ (h.r. ahmad). lihat abû bakr ahmad ibn al-husayn ibn ‘alî al-bayhaqî, al-sunan al-kubrâ juz vi, (haydar âbâd: majlis dâ’irat al-ma‘ârif al-nizhâmiyyah al-kâ’inah fî al-hind, 1344 h), h. 30. 11‘umar ibn al-khaththâb berkata: . lihat al-bâjî, al-muntaqâ juz v, h. 15. 12‘utsmân ibn ‘affân berkata: utsmân ibn ‘affân melarang perilaku monopoli. lihat al-bâjî, al-muntaqâ juz v, h. 17. 13‘alî ibn abî thâlib berkata: dari ‘alî ibn abî thâlib beliau mengnjungi syath al-furath tiba-tiba beliau menemukakan beberapa pedagang menimbun dagangan (makanan) mereka dengan maksud meninggikan harganya, maka seketika itu ali membakar dagangan mereka. lihat ‘alî ibn hisyâm al-dîn, kanz al-‘ummal iv, (jam‘iyyat dâ’irah al-ma‘ârif, 1395 h), h. 103. 14sebagaimana yang dikemukakan oleh hanafiyyah, syâfi‘iyyah, hanâbilah, dan mâlilikiyyah. lihat al-ikhtiyâr, juz iii, h. 115. lihat juga al-muhadzdzabjuz i, h. 318. lihat juga al-mughnî juz iv, h. 283. lihat juga al-mudawwanah, juz i, h. 123. 166 dede abdul fatah: monopoli dalam perspektif ekonomi islam pasokan barang melimpah,15 misalnya ketika terjadi panen besar, dan segera menjualnya ketika pasar membutuhkannya atau menimbun barang dengan tujuan untuk memenuhi kebutuhan keluarganya dan bukan untuk dijual dengan harga yang tinggi ketika masyarakat sangat membutuhkannya.16 karena dalam situasi panen besar, apabila tidak ada pihak yang bersedia membeli/menampung hasil panen tersebut, maka harga yang terbentuk di pasar akan semakin melemah. hal ini justru akan merugikan petani yang dalam hal ini merupakan pemasok terbesar. al-bâjî (403-494 h) seorang ulama mâlikiyyah dalam karyanya, al-muntaqâ,17 mengategorikan ihtikâr sebagai perbuatan yang diharamkan dengan alasan bahwa ihtikâr merupakan kezaliman yang dapat merugikan orang lain. pendapat al-bâjî (403-494 h) diperkuat oleh ibn qudâmah (w 620 h) yang mengatakan bahwa ihtikâr dapat membahayakan jiwa orang banyak terlebih apabila yang ditimbun berupa makanan pokok. berbeda dengan al-bâjî dan ibn qudâmah, al-syîrâzî (w 476 h)18 dalam karyanya, al-muhadzdzab, menyatakan bahwa hukum ihtikâr adalah makrûh tanzîh19, sedangkan menurut al-subkî (w 750 h), hukum ihtikâr adalah makrûh tahrîm.20 argumentasi yang mereka bangun adalah kekhususan larangan yang terkadung dalam atsar hanya berlaku untuk hâkim ibn hizâm tidak yang lainnya. hal ini sesuai dengan kaidah العبرة بعموم اللفظ ال بخصوص السبب kecuali ada qarînah 15‘alâ’ al-dîn abî bakr ibn mas‘ûd al-kâsânî, badâ’i‘ al-dhâ’i‘ fî tartîb al-syarâ’i‘ juz vi (zakariyâ ‘alî yûsuf, t.t), h. 2973. lihat juga al-bâjî, al-muntaqâ juz v,16. lihat juga muhammad alsyarbînî al-khatîb, mughnî al-muhtâj ilâ ma‘rifat ma‘ânî alfâzh al-minhâj juz ii (qâhirah: mushthafâ albâbî al-halibî wa aulâdih, 1958), h. 38. lihat juga abu muhammad ‘abd allah ibn ahmad ibn muhammad ibn qudâmah, al-mughnî juz iv (qâhirah: maktab al-qâhirah, 1968), h. 167. lihat juga manshûr ibn yûsuf ibn idrîs al-buhûtî, kasysyâf al-qinâ‘ ‘an matan al-iqnâ‘ juz iii, h. 187. 16al-bâjî, al-muntaqâ syarh al-muwaththa’ juz v, 15. lihat juga al-syarbînî, mughnî al-muhtâj juz ii , 38. lihat juga al-buhûtî, kasysyâf al-qinâ‘an matan al-iqnâ‘ juz iii, h 188. 17al-bâjî, al-muntaqâsyarh al-muwaththa’ juz v, h. 16. 18ibrâhîm ibn ‘alî ibn yûsuf al-syîrâzî, al-muhadzdzab fî fiqh al-imâm al-syâfi‘î juz i (bayrût: dâr al-fikr, t.t), h. 292. 19makruh dibagi dua makrûh tahrîm dan makrûh tanziî. makrûh tahrîm adalah sesuatu yang diperintahkan allah untuk meninggalkannya yang bersifat pasti dan wajib dengan dalil yang bersifat zhannî seperti membeli barang yang sudah dibeli orang lain atau melamar perempuan yang sudah dilamar orang lain. sedangkan makrûh tanzîh adalah sesuatu yang diperintahkan allah untuk meninggalkannya yang tidak bersifat pasti dan wajib seperti memakan daging kuda dalam keadaan perang. lihat wahbah al-zuhaylî, al-wajîz fî ushûl al-fiqh, (bayrût: dâr al-fikr, 1997), h. 133-134. 20tâj al-dîn ibn nashr ‘abd al-wahhâb ibn taqiy al-dîn al-subkî, thabaqât al-syâfi‘iyyah alkubrâ juz vi (bayrût: dâr al-ma‘rifah), h. 146, 213, 216. 167al-iqtishad: vol. iv, no. 2, juli 2012 pasokan barang melimpah,15 misalnya ketika terjadi panen besar, dan segera menjualnya ketika pasar membutuhkannya atau menimbun barang dengan tujuan untuk memenuhi kebutuhan keluarganya dan bukan untuk dijual dengan harga yang tinggi ketika masyarakat sangat membutuhkannya.16 karena dalam situasi panen besar, apabila tidak ada pihak yang bersedia membeli/menampung hasil panen tersebut, maka harga yang terbentuk di pasar akan semakin melemah. hal ini justru akan merugikan petani yang dalam hal ini merupakan pemasok terbesar. al-bâjî (403-494 h) seorang ulama mâlikiyyah dalam karyanya, al-muntaqâ,17 mengategorikan ihtikâr sebagai perbuatan yang diharamkan dengan alasan bahwa ihtikâr merupakan kezaliman yang dapat merugikan orang lain. pendapat al-bâjî (403-494 h) diperkuat oleh ibn qudâmah (w 620 h) yang mengatakan bahwa ihtikâr dapat membahayakan jiwa orang banyak terlebih apabila yang ditimbun berupa makanan pokok. berbeda dengan al-bâjî dan ibn qudâmah, al-syîrâzî (w 476 h)18 dalam karyanya, al-muhadzdzab, menyatakan bahwa hukum ihtikâr adalah makrûh tanzîh19, sedangkan menurut al-subkî (w 750 h), hukum ihtikâr adalah makrûh tahrîm.20 argumentasi yang mereka bangun adalah kekhususan larangan yang terkadung dalam atsar hanya berlaku untuk hâkim ibn hizâm tidak yang lainnya. hal ini sesuai dengan kaidah العبرة بعموم اللفظ ال بخصوص السبب kecuali ada qarînah 15‘alâ’ al-dîn abî bakr ibn mas‘ûd al-kâsânî, badâ’i‘ al-dhâ’i‘ fî tartîb al-syarâ’i‘ juz vi (zakariyâ ‘alî yûsuf, t.t), h. 2973. lihat juga al-bâjî, al-muntaqâ juz v,16. lihat juga muhammad alsyarbînî al-khatîb, mughnî al-muhtâj ilâ ma‘rifat ma‘ânî alfâzh al-minhâj juz ii (qâhirah: mushthafâ albâbî al-halibî wa aulâdih, 1958), h. 38. lihat juga abu muhammad ‘abd allah ibn ahmad ibn muhammad ibn qudâmah, al-mughnî juz iv (qâhirah: maktab al-qâhirah, 1968), h. 167. lihat juga manshûr ibn yûsuf ibn idrîs al-buhûtî, kasysyâf al-qinâ‘ ‘an matan al-iqnâ‘ juz iii, h. 187. 16al-bâjî, al-muntaqâ syarh al-muwaththa’ juz v, 15. lihat juga al-syarbînî, mughnî al-muhtâj juz ii , 38. lihat juga al-buhûtî, kasysyâf al-qinâ‘an matan al-iqnâ‘ juz iii, h 188. 17al-bâjî, al-muntaqâsyarh al-muwaththa’ juz v, h. 16. 18ibrâhîm ibn ‘alî ibn yûsuf al-syîrâzî, al-muhadzdzab fî fiqh al-imâm al-syâfi‘î juz i (bayrût: dâr al-fikr, t.t), h. 292. 19makruh dibagi dua makrûh tahrîm dan makrûh tanziî. makrûh tahrîm adalah sesuatu yang diperintahkan allah untuk meninggalkannya yang bersifat pasti dan wajib dengan dalil yang bersifat zhannî seperti membeli barang yang sudah dibeli orang lain atau melamar perempuan yang sudah dilamar orang lain. sedangkan makrûh tanzîh adalah sesuatu yang diperintahkan allah untuk meninggalkannya yang tidak bersifat pasti dan wajib seperti memakan daging kuda dalam keadaan perang. lihat wahbah al-zuhaylî, al-wajîz fî ushûl al-fiqh, (bayrût: dâr al-fikr, 1997), h. 133-134. 20tâj al-dîn ibn nashr ‘abd al-wahhâb ibn taqiy al-dîn al-subkî, thabaqât al-syâfi‘iyyah alkubrâ juz vi (bayrût: dâr al-ma‘rifah), h. 146, 213, 216. jelas yang menunjukkan keharamannya untuk semua orang.21 al-kâsânî22 (w. 587 h/hanafiyyah) dalam karyanya, badâ’i‘ al-shanâ’i‘, menyatakan bahwa keharaman ihtikâr hanya berlaku untuk dua makanan pokok yaitu kurma dan anggur. pendapat al-kâsânî diperkuat oleh ibn al-qudâmah23(w. 620 h/hanâbilah) dalam karyanya, al-mughnî, yang menyatakan bahwa ihtikâr yang diharamkan adalah ihtikâr makanan pokok, karena semua orang membutuhkannya, sedangkan selain makanan pokok tidak diharamkan, karena tidak semua orang membutuhkannya.24 berbeda dengan al-kâsânî dan ibn qudâmah, ibn hazm (w. 456 h) dalam karyanya, al-muhallâ25, menyatakan bahwa ihtikâr terhadap barang-barang yang dibutuhkan masyarakat suatu kesalahan yang dapat merugikan dan menyengsarakan masyarakat banyak. sedangkan ihtikâr yang tidak dilandasi dengan semangat mencari keuntungan serta masyarakat tidak membutuhkannya maka tidak dikategorikan ihtikâr yang diharamkan oleh syariah. pendapat ibn hazm diperkuat oleh al-bâjî (403-494 h) dalam karyanya, almuntaqâ26, yang menyatakan bahwa pelarangan ihtikâr tidak hanya terbatas terhadap makanan pokok, akan tetapi semua barang atau jasa yang benar-benar dibutuhkan oleh masyarakat banyak, karena ‘illat pengharamannya adalah alidhrâr bi al-nâs (dibutuhkan masyarakat), sehingga bersifat umum atau muthlaq, tidak muqayyad, karena berdasarkan kaidah umum penyebutan salah satu barang yang bersifat umum tidak bisa mengkhususkan keumumannya. pendapat ibn hazm (w 456 h) dan al-bâjî (403-494 h) selaras dengan pendapat imam mâlik (93-179 h) dalam karyanya, al-mudawwanah al-kubrâ27, dan ibn taymiyyah (661-728 h) dalam karyanya, al-hisbah,28 peran pemerintah terhadap perilaku monopoli ketidaksempurnaan ekonomi yang diakibatkan oleh perilaku yang dapat merusak struktur ekonomi berupa rekayasa dari sisi penawaran seperti monopoli (ihtikâr) perlu dicarikan solusi alternatif yang dapat melindungi para pelaku ekonomi seperti pedagang dan pembeli. islam menawarkan konsep yang 21muhammad al-husaynî, miftah al-karamah fi syarh qawa’id al-‘allâmah, (al-qâhirah: 1326 h), h. 107. 22al-kâsânî, badâ’i‘ al-shanâ’i‘ juz vi, h. 2972. 23ibn qudâmah, al-mughnî juz iv, h. 167. 24al-syarbînî, mughnî al-muhtâj juz ii, h. 38. 25ibn hazm, al-muhallâ juz ix (al-qahirah: al-maktabah al-munîriyyah, 1947), h. 64. 26al-bâjî, al-muntaqâ juz v, h. 160. 27mâlik ibn anas, al-mudawwanah al-kubrâ juz iii (bayrût: dâr al-fikr, 1978), h. 290. 28ibn taymiyah, al-hisbah, h. 38. 168 dede abdul fatah: monopoli dalam perspektif ekonomi islam antisipatif dan preventif terhadap perilaku-perilaku yang dapat merusak struktur ekonomi, yaitu dengan memaksimalkan peran pemerintah untuk melakukan pengawasan terhadap aktivitas ekonomi, sehingga akses informasi dapat dirasakan dan dinikmati oleh semua pihak yang terlibat dalam aktivitas ekonomi serta menciptakan harga yang adil (tsaman al-mitsl) yang pada akhirnya dapat mewujudkan keseimbangan ekonomi (economic equilibrium). hal tersebut dapat direalisasikan dengan upaya-upaya sebagai berikut. tindakan preventif pertama, mencegah talaqqî al-rukbân. yakni tindakan yang dilakukan oleh pedagang yang memiliki informasi lengkap untuk membeli barang produsen yang tidak memiliki informasi benar tentang harga untuk mendapatkan harga yang lebih murah dari yang sesungguhnya.29 para ulama berbeda pendapat mengenai status hukum talaqqî al-rukbân. transaksi ini dalam pandangan abû hanîfah hukumnya makrûh tahrîm apabila tujuannya untuk merekayasa penawaran, yaitu mencegah masuknya barang ke pasar (entry barrier) atau mencegah penjual dari luar kota untuk mengetahui harga sesungguhnya yang berlaku.30 akan tetapi apabila tujuannya bukan untuk merekayasa penawaran atau mencegah penjual dari luar kota untuk mengetahui harga sesungguhnya, sehingga tidak merugikan pedagang yang datang dari daerah lain juga tidak merugikan masyarakat banyak maka hukumnya boleh menurut ketentuan syariah.31 menurut abû hanîfah ada dua kemungkinan efek yang diakibatkan oleh talaqqî al-rukbân. pertama, efek di mana masyarakat akan membeli barang dengan harga yang sangat tinggi karena tingginya permintaan terhadap barang tersebut sedangkan pelaku talaqqî al-rukbân tidak menjual barangnya kecuali dengan harga di atas harga sesungguhnya. kedua, efek di mana pelaku talaqqî al-rukbân akan menjual barangnya di bawah harga, karena mereka tidak mengetahui harga sesungguhnya. talaqqî al-rukbân yang mengakibatkan efek 29muhammad ibn ismâ’il amîr al-dîn al-shan‘ânî, subul al-salâm syarh bulûg al-marâm min jam‘i adillat al-ahkâm juz iii (bayrût: dâr al-jayl, 1980), 21. lihat juga al-ramlî, nihâyat al-muhtâj juz iii, h. 449. lihat juga abû al-qâsim ‘abd al-karîm ibn muhammad al-râfi‘î, fath al-‘azîz syarh al-wajîz juz viii (bayrût: dâr al-fikr, t.t), h. 218-219. 30damân afandî, majma‘ al-anhar juz ii (dâr ihyâ’ al-turâts al-‘arabî, 1319 h), h. 70. lihat juga ‘alâ’ al-dîn ibn ‘alî ibn muhammad ibn ‘alî ibn ‘abd al-rahmân al-hashkafî, al-darr al-muhktâr juz v (bayrût: dâr al-fikr, 1966), 102. lihat juga badr al-dîn abû muhammad mahmûd ibn ahmad ibn mûsâ ibn ahmad ibn al-husayn al-‘ainî, ‘umdat al-qârî syarh shahîh al-bukhârî xi (bayrût: dâr al-fikr, t.t), h. 284. 31‘ubayd allâh ibn mas‘ûd al-masyhûr bi shadr al-syarî‘ah, syarh al-wiqâyah bi hâmisy kasyf al-haqâ’iq juz ii, (al-mathba‘ah al-adabiyyah, 1318 h), h. 20. 169al-iqtishad: vol. iv, no. 2, juli 2012 antisipatif dan preventif terhadap perilaku-perilaku yang dapat merusak struktur ekonomi, yaitu dengan memaksimalkan peran pemerintah untuk melakukan pengawasan terhadap aktivitas ekonomi, sehingga akses informasi dapat dirasakan dan dinikmati oleh semua pihak yang terlibat dalam aktivitas ekonomi serta menciptakan harga yang adil (tsaman al-mitsl) yang pada akhirnya dapat mewujudkan keseimbangan ekonomi (economic equilibrium). hal tersebut dapat direalisasikan dengan upaya-upaya sebagai berikut. tindakan preventif pertama, mencegah talaqqî al-rukbân. yakni tindakan yang dilakukan oleh pedagang yang memiliki informasi lengkap untuk membeli barang produsen yang tidak memiliki informasi benar tentang harga untuk mendapatkan harga yang lebih murah dari yang sesungguhnya.29 para ulama berbeda pendapat mengenai status hukum talaqqî al-rukbân. transaksi ini dalam pandangan abû hanîfah hukumnya makrûh tahrîm apabila tujuannya untuk merekayasa penawaran, yaitu mencegah masuknya barang ke pasar (entry barrier) atau mencegah penjual dari luar kota untuk mengetahui harga sesungguhnya yang berlaku.30 akan tetapi apabila tujuannya bukan untuk merekayasa penawaran atau mencegah penjual dari luar kota untuk mengetahui harga sesungguhnya, sehingga tidak merugikan pedagang yang datang dari daerah lain juga tidak merugikan masyarakat banyak maka hukumnya boleh menurut ketentuan syariah.31 menurut abû hanîfah ada dua kemungkinan efek yang diakibatkan oleh talaqqî al-rukbân. pertama, efek di mana masyarakat akan membeli barang dengan harga yang sangat tinggi karena tingginya permintaan terhadap barang tersebut sedangkan pelaku talaqqî al-rukbân tidak menjual barangnya kecuali dengan harga di atas harga sesungguhnya. kedua, efek di mana pelaku talaqqî al-rukbân akan menjual barangnya di bawah harga, karena mereka tidak mengetahui harga sesungguhnya. talaqqî al-rukbân yang mengakibatkan efek 29muhammad ibn ismâ’il amîr al-dîn al-shan‘ânî, subul al-salâm syarh bulûg al-marâm min jam‘i adillat al-ahkâm juz iii (bayrût: dâr al-jayl, 1980), 21. lihat juga al-ramlî, nihâyat al-muhtâj juz iii, h. 449. lihat juga abû al-qâsim ‘abd al-karîm ibn muhammad al-râfi‘î, fath al-‘azîz syarh al-wajîz juz viii (bayrût: dâr al-fikr, t.t), h. 218-219. 30damân afandî, majma‘ al-anhar juz ii (dâr ihyâ’ al-turâts al-‘arabî, 1319 h), h. 70. lihat juga ‘alâ’ al-dîn ibn ‘alî ibn muhammad ibn ‘alî ibn ‘abd al-rahmân al-hashkafî, al-darr al-muhktâr juz v (bayrût: dâr al-fikr, 1966), 102. lihat juga badr al-dîn abû muhammad mahmûd ibn ahmad ibn mûsâ ibn ahmad ibn al-husayn al-‘ainî, ‘umdat al-qârî syarh shahîh al-bukhârî xi (bayrût: dâr al-fikr, t.t), h. 284. 31‘ubayd allâh ibn mas‘ûd al-masyhûr bi shadr al-syarî‘ah, syarh al-wiqâyah bi hâmisy kasyf al-haqâ’iq juz ii, (al-mathba‘ah al-adabiyyah, 1318 h), h. 20. pertama menurut abû hanîfah hukumnya makrûh tahrîm, sedangkan yang mengakibatkan efek yang kedua dalam pandangan abû hanîfah diperbolehkan menurut ketentuan syariah.32 berbeda dengan abû hanîfah, imam mâlik (93-179 h) berpendapat bahwa transaksi ini hukumnya haram, karena orang yang melakukan talaqqî al-rukbân diindikasikan akan menawarkan barangnya dengan harga yang sangat tinggi jauh di bawah harga ketika ia membeli.33 hal ini menurut mâlik ibn anas akan merugikan penjual yang tidak mengetahui harga sesungguhnya, juga akan merugikan masyarakat (pihak-pihak yang bertransaksi) karena membeli barang yang ditawarkan dengan harga yang sangat tinggi.34 imam mâlik mensyaratkan jarak antara pasar dengan tempat terjadinya talqqî al-rukbân yaitu 6 mil, apabila jaraknya kurang dari 6 mil maka menurut mâlik diperbolehkan. dalam pandangan imam mâlik orang yang melakukan talaqqî al-rukbân yang jaraknya di atas 6 mil menuju pasar diindikasikan akan melakukan permainan harga dengan cara merekayasa penawaran yaitu mencegah masuknya barang atau mencegah penjual dari luar kota untuk mengetahui harga yang berlaku. 35 pendapat imam mâlik diperkuat oleh imam syâfi‘i (150-204 h) yang menyatakan bahwa orang yang melakukan transaksi talaqqî al-rukbân apabila tujuannya merekayasa penawaran, yaitu mencegah masuknya barang (entry barrier) atau mencegah penjual dari luar kota untuk mengetahui harga yang berlaku maka hukumnya haram.36 alasan utama pengharamannya menurut syâfi‘i adalah untuk melindungi konsumen yang ada di pasar dari melambungnya harga yang diakibatkan oleh praktik talaqqî al-rukbân dan bukan dalam rangka melindungi penjual, karena penjual mempunyai hak memilih (khiyâr) 32akmâl al-dîn muhmmad ibn mahmûd al-bâbartî, syarh al-‘inâyah ‘alâ al-hidâyah bi hâmisy fath al-qadîr juz vi, (bayrût: dâr al-fikr, 1977), h. 476-477. 33pendapat mâlik ibn anas ini merujuk pada hadis rasulullah saw.: dan janganlah kamu mencegat barang-barang sebelum sampai ke pasar (h.r. al-bukhârî). lihat abû ‘abd allâh muhammad ibn ismâ‘îl al-bukhârî, shahîh al-bukhârî, (istambul: al-maktabah alislâmiyyah muhammad auzdamîr, 1981), h. 28. 34muhammad ibn ahmad ibn muhammad ibn ahmad ibn rusyd al-qurthubî, bidâyat almujtahid wa nihâyat al-muqtashid juz ii (al-qahirah: al-maktabah al-tijâriyyah al-habrî bi mishrâ, t.t), 144. lihat juga al-bâjî, al-muntaqâ juz v, h. 101. 35syams al-dîn muhammad ibn ‘urfah al-dasûqî, hâsyiyat al-dasûqî ‘alâ al-syarh al-kabîr juz iii, (bayrût: dâr al-fikr, t.t), h. 70. 36jalâl al-dîn muhammad ibn ahmad al-muhallâ, syarh jalâl al-dîn al-muhallâ ‘alâ minhâj althâlibîn juz ii, (bayrût: dâr al-fikr, t.t), h. 183. 170 dede abdul fatah: monopoli dalam perspektif ekonomi islam antara menjual barangnya atau tidak.37 alasan syâfi‘i ini juga dikemukan oleh imam mâlik.38 sedikit berbeda dengan ketiga ulama di atas ahmad ibn hanbal melarang transaksi ini walaupun tujuannya bukan untuk merekayasa penawaran, yaitu mencegah masuknya barang ke pasar (entry barrier) atau mencegah penjual dari luar kota untuk mengetahui harga yang berlaku.39dalam pandangan imam ahmad ibn hanbal, alasan pelarangan praktik talaqqî al-rukbân bukan hanya melindungi hak-hak masyarakat yang bertransaksi di pasar, akan tetapi melindungi penjual yang tidak mengetahui harga sesungguhnya, sehingga khiyâr (hak memilih untuk menjual atau tidaknya barang) berdasarkan informasi yang sempurna mengenai harga yang berlaku di pasar40 dan mereka tidak merasa ditipu oleh pelaku talaqqî al-rukbân.41 berdasarkan keterangan di atas maka pada dasarnya mayoritas ulama melarang praktik talaqqî al-rukbân karena tidak adilnya tindakan yang dilakukan oleh pedagang kota yang tidak menginformasikan harga yang sesungguhnya. islam tidak melarang umatnya mencari barang dengan harga yang lebih murah, namun apabila transaksi jual beli antara dua belah pihak di mana yang satu memiliki informasi yang lengkap tentang harga dan yang lainnya tidak, kemudian kondisi ini dimanfaatkan untuk mencari keuntungan yang lebih, maka terjadilah perilaku aniaya yang dilakukan oleh satu pihak (pedagang kota) terhadap pihak lain (penjual/petani di luar kota). berdasarkan analisis yang penulis lakukan terhadap perdebatan di atas maka mayoritas ulama merekomendasikan campur tangan pemerintah terhadap pasar untuk membuat regulasi yang dapat meminimalisasi atau bahkan menghilangkan praktik-praktik yang mengarah kepada talaqqî al-rukbân, karena ia akan mengakibatkan praktik monopoli (ihtikâr) yang dapat merugikan masyarakat banyak, sehingga dengan demikian ekonomi senantiasa dalam keseimbangannya, tidak ada yang menzalimi juga tidak ada yang dizalimi. kedua, mencegah bay‘ al-hâdhir li al-bâdî. yakni praktik makelar (sam 37al-mahallî, syarh jalâl al-dîn al-mahallî ‘alâ al-minhâj juz ii, 183. lihat juga syahâb al-dîn ahmad al-barlisî al-mulaqqab bi ‘amîrah, hâsyiyat ‘amîrah ‘alâ syarh jalâl al-dîn muhammad ibn ahmad al-mahallî juz ii (bayrût: dâr al-fikr, t.t), h. 183. 38ibn rusyd al-qurthubî, bidâyat al-mujtahid wa nihâyat al-muqtashid juz ii, 144. lihat juga albâjî, al-muntaqâ juz v, h. 101. 39al-buhûtî, kasysyâf al-qinâ‘ juz ii, 211. lihat juga ibn qudâmah, al-mughnî juz iv, h. 166. 40ibn qudâmah, al-mughnî juz iv, h. 165. 41muhammad ibn ‘alî ibn muhammad al-syawkânî, nayl al-awthâr juz v, (al-qâhirah: maktabah wa mathba‘ah mushthafâ al-bâbî al-halibî wa awlâdih, t.t), h. 189. 171al-iqtishad: vol. iv, no. 2, juli 2012 antara menjual barangnya atau tidak.37 alasan syâfi‘i ini juga dikemukan oleh imam mâlik.38 sedikit berbeda dengan ketiga ulama di atas ahmad ibn hanbal melarang transaksi ini walaupun tujuannya bukan untuk merekayasa penawaran, yaitu mencegah masuknya barang ke pasar (entry barrier) atau mencegah penjual dari luar kota untuk mengetahui harga yang berlaku.39dalam pandangan imam ahmad ibn hanbal, alasan pelarangan praktik talaqqî al-rukbân bukan hanya melindungi hak-hak masyarakat yang bertransaksi di pasar, akan tetapi melindungi penjual yang tidak mengetahui harga sesungguhnya, sehingga khiyâr (hak memilih untuk menjual atau tidaknya barang) berdasarkan informasi yang sempurna mengenai harga yang berlaku di pasar40 dan mereka tidak merasa ditipu oleh pelaku talaqqî al-rukbân.41 berdasarkan keterangan di atas maka pada dasarnya mayoritas ulama melarang praktik talaqqî al-rukbân karena tidak adilnya tindakan yang dilakukan oleh pedagang kota yang tidak menginformasikan harga yang sesungguhnya. islam tidak melarang umatnya mencari barang dengan harga yang lebih murah, namun apabila transaksi jual beli antara dua belah pihak di mana yang satu memiliki informasi yang lengkap tentang harga dan yang lainnya tidak, kemudian kondisi ini dimanfaatkan untuk mencari keuntungan yang lebih, maka terjadilah perilaku aniaya yang dilakukan oleh satu pihak (pedagang kota) terhadap pihak lain (penjual/petani di luar kota). berdasarkan analisis yang penulis lakukan terhadap perdebatan di atas maka mayoritas ulama merekomendasikan campur tangan pemerintah terhadap pasar untuk membuat regulasi yang dapat meminimalisasi atau bahkan menghilangkan praktik-praktik yang mengarah kepada talaqqî al-rukbân, karena ia akan mengakibatkan praktik monopoli (ihtikâr) yang dapat merugikan masyarakat banyak, sehingga dengan demikian ekonomi senantiasa dalam keseimbangannya, tidak ada yang menzalimi juga tidak ada yang dizalimi. kedua, mencegah bay‘ al-hâdhir li al-bâdî. yakni praktik makelar (sam 37al-mahallî, syarh jalâl al-dîn al-mahallî ‘alâ al-minhâj juz ii, 183. lihat juga syahâb al-dîn ahmad al-barlisî al-mulaqqab bi ‘amîrah, hâsyiyat ‘amîrah ‘alâ syarh jalâl al-dîn muhammad ibn ahmad al-mahallî juz ii (bayrût: dâr al-fikr, t.t), h. 183. 38ibn rusyd al-qurthubî, bidâyat al-mujtahid wa nihâyat al-muqtashid juz ii, 144. lihat juga albâjî, al-muntaqâ juz v, h. 101. 39al-buhûtî, kasysyâf al-qinâ‘ juz ii, 211. lihat juga ibn qudâmah, al-mughnî juz iv, h. 166. 40ibn qudâmah, al-mughnî juz iv, h. 165. 41muhammad ibn ‘alî ibn muhammad al-syawkânî, nayl al-awthâr juz v, (al-qâhirah: maktabah wa mathba‘ah mushthafâ al-bâbî al-halibî wa awlâdih, t.t), h. 189. sarah)42 yang dilakukan oleh seseorang (orang kota) terhadap orang yang datang dari perkampungan (gurun sahara) untuk menjadi perantara dalam menjual barang dengan mengambil keuntungan yang sangat besar dan keuntungan yang diperoleh dari harga yang naik diambil untuk dirinya sendiri.43 transaksi ini berpotensi untuk melambungkan harga yang dapat merugikan masyarakat.44 para ulama berbeda pendapat mengenai hukum dari bay‘ al-hâdhir li albâdî, al-marghînânî (w. 593 h), dalam karyanya, syarh bidâyat al-mubtadî bi hâmis syarh fath al-qadîr, menyatakan bahwa transaksi ini dilarang ketika dalam keadaan paceklik (krisis ekonomi) yaitu ketika masyarakat sangat membutuhkan barang tersebut. akan tetapi transaksi ini diperbolehkan ketika stabilitas ekonomi dalam keadaan normal.45 karena ketika dalam keadaan 42samsarah adalah seseorang menjadi penghubung antara pembeli yang ada di kota dengan penjual yang ada di desa. lihat jamâl al-dîn muhammad ibn mukarram ibn manzhûr, lisân al-‘arab juz i (bayrût: dâr shâdir, t.t), h. 380. lihat juga syams al-dîn muhmmad ibn ibn ‘urfah al-dasûqî, hâsyiyat al-dasûqî ‘alâ al-syarh al-kabîr juz iii, h. 29. lihat juga al-syarbînî al-khatîb, mughnî al-muhtâj ilâ ma‘rifat ma‘ânî alfâzh al-manhâj juz iii, 36. lihat juga ibn qudâmah, al-mughnî juz iv, h. 162. 43al-ghazâlî, al-wajîz fî fiqh madzhab al-syâfi‘î juz i (bayrût: dâr al-ma‘rifah, 1979), h. 129. 44transaksi ini dilarang berdasarkan hadis rasulullah saw.: dari ‘abd allâh ibn ‘umar semoga allah meridhai keduanya, rasulullah saw. melarang seseorang (orang kota) menjadi perantara orang padang pasir (orang kampung) untuk menjual barangnya (h.r. al-bukhârî). lihat al-bukhârî, shahîh al-bukhârî juz ii, h. 27. dan hadis rasulullah saw. yang lain: dari ibn ‘umar semoga allah meridhai keduanya berkata, rasulullah saw. bersabda, janganlah kamu sekalian mencegat orang-orang yang membawa barang dari desa dan membeli barang itu sebelum tiba di pasar begitu pula jangan menjadi perantara orang padang pasir (orang kampung) untuk menjual barangnya. beliau menegaskan terhadap ibn ‘abbâs yang di maksud dengan bay‘ hadhir li bâdin adalah janganlah kamu menjadi makelar (hadis riwayat bukhari). lihat al-bukhârî, shahîh al-bukhârî juz ii, h. 27. dan dipertegas dengan hadis rasulullah saw. yang lain: dari jâbir ibn ‘abd allah semoga allah meridhai keduanya bahwasannya rasulullah saw. bersabda, ‚janganlah menjadi perantara orang padang pasir (orang kampung) untuk menjual barangnya. biarkanlah mereka bertransaksi sesuai kehendaknya niscaya allah akan memberi satu sama lain di antara mereka.‛ (h.r. al-tirmidzî). lihat abû ‘isâ muhammad ibn ‘isâ ibn sûrah al-tirmidzî, sunan al-tirmidzî juz ii, (al-madînah al-munawwarah: al-maktabah alsalafiyyah, 1964), h. 347. 45burhân al-dîn ‘alî ibn abî bakr al-marghînânî, syarh bidâyat al-mubtadî bi hâmis syarh fath al-qadîr vi, (bayrût: dâr al-fikr, 1977), h. 478. 172 dede abdul fatah: monopoli dalam perspektif ekonomi islam normal tidak akan merugikan pihak-pihak yang bertransaksi secara khusus, dan bagi semua masyarakat secara umum. pendapat al-marghînânî (w 593 h) diperkuat oleh al-râfi‘î (w 623 h) dalam karyanya, fath al-‘azîz46, yang menyatakan bahwa apabila masyarakat sangat membutuhkan terhadap barang yang menjadi objek transaksi (bay‘ al-hâdhir li al-bâdî), maka tidak seorangpun yang diperbolehkan untuk melakukan transaksi tersebut. karena apabila transaksi terjadi maka menurut al-râfi‘î ada indikasi orang tersebut (pelaku transaksi bay‘ al-hâdhir li al-bâdî) akan melakukan manipulasi harga dengan cara melipatgandakan harga jauh di atas harga yang sebenarnya. hal ini mereka lakukan untuk mencari keuntungan yang sangat besar, karena mereka mengetahui bahwa berapapun harga yang mereka tentutan, masyarakat pasti menerimanya, karena mereka sangat membutuhkannya. berbeda dengan al-marghînânî dan al-râfi‘î, al-bâjî (403-494 h) dalam karyanya, al-muntaqâ47, lebih menitikberatkan pada keterlibatan ahl al-bâdî (orang kampung) dalam transaksi. apabila transaksi ini tidak melibatkan ahl albâdî (orang kampung) maka transaksi ini (transaksi yang melibatkan orang ketiga sebagai penghubung atau makelar) menurut pandangan mereka diperbolehkan. hal ini disebabkan karena biasanya ahl al-bâdî (orang kampung) tidak mengetahui harga sesungguhnya, sehingga dengan mudahnya seorang makelar akan mempermainkan harga demi mendapatkan keuntungan yang sangat besar. berbeda halnya dengan orang kota yang senantiasa mengetahui harga yang sebenarnya berlaku, sehingga mereka dapat menjual barangnya sendiri atau menggunakan jasa makelar tanpa harus mengalami penipuan yang dapat merugikannya. sedangkan ibn qudâmah (w 620 h) dalam karyanya al-mughnî48 mempunyai argumen yang sedikit berbeda dengan pandangan ulama sebelumnya. ibn qudâmah mensyaratkan ahl al-bâdî (orang kampung) tidak mengetahui harga sesungguhnya, sedangkan ahl al-hâdhir (orang kota) mengetahui harga sesungguhnya. dengan demikian transaksi ini menjadi boleh ketika keduanya sama-sama mengetahui harga sesungguhnya, karena ketika ahl al-bâdî memiliki pengetahuan yang sempurna tentang harga sesungguhnya, maka mereka tidak akan tertipu dengan upaya ahl al-hâdhir untuk mengelabuinya sehingga menjual barangnya dengan harga jauh di bawah harga sesungguhnya. para ulama juga berbeda pendapat mengenai status hukum ketika transaksi benar-benar telah berlangsung. ibn rusyd (w 595 h) dalam karyanya, 46al-râfi‘î, fath al-‘azîz juz viii, h. 217. 47al-bâjî, al-muntaqâ juz v, h. 103. 48ibn qudâmah, al-mughnî juz iv, h. 163. 173al-iqtishad: vol. iv, no. 2, juli 2012 normal tidak akan merugikan pihak-pihak yang bertransaksi secara khusus, dan bagi semua masyarakat secara umum. pendapat al-marghînânî (w 593 h) diperkuat oleh al-râfi‘î (w 623 h) dalam karyanya, fath al-‘azîz46, yang menyatakan bahwa apabila masyarakat sangat membutuhkan terhadap barang yang menjadi objek transaksi (bay‘ al-hâdhir li al-bâdî), maka tidak seorangpun yang diperbolehkan untuk melakukan transaksi tersebut. karena apabila transaksi terjadi maka menurut al-râfi‘î ada indikasi orang tersebut (pelaku transaksi bay‘ al-hâdhir li al-bâdî) akan melakukan manipulasi harga dengan cara melipatgandakan harga jauh di atas harga yang sebenarnya. hal ini mereka lakukan untuk mencari keuntungan yang sangat besar, karena mereka mengetahui bahwa berapapun harga yang mereka tentutan, masyarakat pasti menerimanya, karena mereka sangat membutuhkannya. berbeda dengan al-marghînânî dan al-râfi‘î, al-bâjî (403-494 h) dalam karyanya, al-muntaqâ47, lebih menitikberatkan pada keterlibatan ahl al-bâdî (orang kampung) dalam transaksi. apabila transaksi ini tidak melibatkan ahl albâdî (orang kampung) maka transaksi ini (transaksi yang melibatkan orang ketiga sebagai penghubung atau makelar) menurut pandangan mereka diperbolehkan. hal ini disebabkan karena biasanya ahl al-bâdî (orang kampung) tidak mengetahui harga sesungguhnya, sehingga dengan mudahnya seorang makelar akan mempermainkan harga demi mendapatkan keuntungan yang sangat besar. berbeda halnya dengan orang kota yang senantiasa mengetahui harga yang sebenarnya berlaku, sehingga mereka dapat menjual barangnya sendiri atau menggunakan jasa makelar tanpa harus mengalami penipuan yang dapat merugikannya. sedangkan ibn qudâmah (w 620 h) dalam karyanya al-mughnî48 mempunyai argumen yang sedikit berbeda dengan pandangan ulama sebelumnya. ibn qudâmah mensyaratkan ahl al-bâdî (orang kampung) tidak mengetahui harga sesungguhnya, sedangkan ahl al-hâdhir (orang kota) mengetahui harga sesungguhnya. dengan demikian transaksi ini menjadi boleh ketika keduanya sama-sama mengetahui harga sesungguhnya, karena ketika ahl al-bâdî memiliki pengetahuan yang sempurna tentang harga sesungguhnya, maka mereka tidak akan tertipu dengan upaya ahl al-hâdhir untuk mengelabuinya sehingga menjual barangnya dengan harga jauh di bawah harga sesungguhnya. para ulama juga berbeda pendapat mengenai status hukum ketika transaksi benar-benar telah berlangsung. ibn rusyd (w 595 h) dalam karyanya, 46al-râfi‘î, fath al-‘azîz juz viii, h. 217. 47al-bâjî, al-muntaqâ juz v, h. 103. 48ibn qudâmah, al-mughnî juz iv, h. 163. muqaddimât ibn rusyd, menyatakan bahwa status jual belinya tidak batal atau sah, karena menurut ibn rusyd status larangan yang terkandung dalam hadis tidak berkaitan dengan akad, akan tetapi lebih kepada upaya perbuatan untuk melakukan transaksi tersebut.49 pendapat ibn rusyd memperkuat argumen al-ghazâlî (450-505 h) dalam karyanya, al-wajîz fî fiqh mazhab al-imâm al-syâfi‘î50. yang menyatakan bahwa status hukum jual belinya makrûh apabila masyarakat dalam keadaan sangat membutuhkan terhadap barang yang menjadi objek jual beli. akan tetapi status jual belinya tidak fasâd (rusak), karena makna larangan yang terkandung dalam hadis tersebut tidak mengandung makna fasâd.51 pendapat ibn rusyd (w 595 h) dan al-ghazâlî diperkuat oleh al-ramlî dalam karyanya, nihâyat al-muhtâj ilâ syarh al-manhâj52, dan al-maznî dalam karyanya mukhtashar al-maznî bi hamisy al-’umm,53 berbeda dengan ibn rusyd dan al-ghazâlî, al-bâjî (403-494 h) dalam karyanya al-muntaqâ menyatakan bahwa status akadnya fasakh dan fasad, karena larangan terhadap bay‘ al-hâdhir li al-bâdî menunjukkan kepada fasakh dan fasad-nya akad jual beli tersebut.54 berdasarkan perdebatan di atas, maka campur tangan pemerintah terhadap ekonomi merupakan solusi alternatif untuk meminimalisasi atau bahkan menghilangkan praktik-praktik yang mengarah kepada bay‘ al-hâdhir li al-bâd yang mengakibatkan terjadinya monopoli (ihtikâr) dari pihak tertentu. sehingga dengan demikian perekonomian senantiasa dalam keadilan, tidak ada yang menzalimi juga tidak ada yang dizalimi. tindakan represif islam memberikan wewenang kepada pemerintah untuk melakukan tindakan-tindakan yang menyebabkan efek jera terhadap mereka yang melakukan perbuatan yang dapat merusak tatanan perekonomian masyarakat secara umum. pemerintah dapat melakukan beberapa alternatif di antaranya dengan cara intervensi harga, memaksanya menjual barang yang ia monopoli, menyita barangnya dan memberi hukuman. menurut sebagian ulama, intervensi harga sebenarnya merupakan hal yang 49muhammad ibn muhammad ibn rusyd, muqaddimât ibn rusyd li bayân mâ iqtad}athu almudawwanah min ahkâm juz iii, (bayrût: dâr al-fikr, t.t), h. 203. 50al-ghazâlî, al-wajîz juz i, h. 139. 51al-bâbartî, syarh al-‘inâyah ‘alâ al-hidâyah bi hâmisy fath al-qadîr juz vi, h. 479. 52al-ramlî, nihâyat al-muhtâj juz iii, h. 450. 53ibrâhîm ismâ‘îl ibn yahyâ al-maznî, mukhtashar al-maznî bi hamisy al-’umm juz iii, (bayrût: dâr al-ma‘rifah, 1972), h. 92. 54al-bâjî, al-muntaqâ juz v, h. 104. 174 dede abdul fatah: monopoli dalam perspektif ekonomi islam tidak popular dalam khazanah pemikiran ekonomi islam, sebab intervensi harga pada dasarnya dapat menciptakan ketidakadilan. intervensi harga diperkenankan pada kondisi-kondisi tertentu dengan tetap berpegang teguh pada nilai keadilan. ketika pelaku ekonomi mengarahkan aktivitas ekonominya kepada cara-cara yang negatif (curang, tipu daya, permainan harga, manipulasi timbangan, dan sebagainya), maka islam merekomendasikan campur tangan pemerintah melalui sistem hisbah yang berfungsi sebagai pengawas aktivitas ekonomi yang mempunyai otoritas untuk menindak para pelaku ekonomi yang berlaku curang dan membuat intervensi harga. mannan dalam karyanya, the behaviour of firm and its objectives in an islamic framework, menyatakan bahwa intervensi harga hendaklah mempunyai landasan yang berbasis kepada peningkatan produktivitas dan peningkatan pendapatan masyarakat miskin melalui alokasi dan relokasi sumber daya ekonomi. mannan juga menekankan perlunya fungsi sosial dalam memelihara keseimbangan sosial antara masyarakat kaya dan masyarakat miskin. tidak kalah pentingnya fungsi moral merupakan hal yang sangat urgen demi menegakkan nilai-nilai syariah islam, khususnya yang berkaitan dengan transaksi ekonomi.55 pada dasarnya, jika aktivitas ekonomi telah bekerja dengan sempurna, maka tidak ada alasan untuk mengatur tingkat harga. penetapan harga kemungkinan justru akan mendistorsi harga sehingga akhirnya mengganggu aktivitas ekonomi itu sendiri. pada masa rasulullah saw. dan masa khalifah ‘umar ibn al-khaththâb (w 23 h) kota madinah pernah mengalami kenaikan tingkat harga barang-barang seperti gandum karena menurunnya pasokan, karena kegagalan panen. beliau menolak permintaan para sahabat untuk mengatur harga pasar, tetapi kemudian melakukan impor gandum besarbesaran dari mesir, sehingga penawaran barang-barang di madinah kembali melimpah dan tingkat harga mengalami penurunan. namun demikian, pada masa khalifah ‘umar ibn al-khaththâb (w 23 h) langkah ini ternyata tidak efektif untuk dijadikan alternatif dalam menyelesaikan masalah distorsi yang berlaku di zamannya. daya beli masyarakat pada waktu itu sangat rendah sehingga umar mengeluarkan sejenis kupon (yang dapat ditukarkan dengan sejumlah barang tertentu) yang dibagikan kepada fakir miskin.56 oleh karena itu, apabila pemerintah ingin memengaruhi harga, maka yang 55muhammad ‘abd al-mannân, the behaviour of firm and its objectives in an islamic framework, (malaysia: longman, 1992), h. 218-219. 56al-hasani baqir and mirakhoi abbas, essay on iqtishâd: the islamic approach to economic (1989), h. 78. 175al-iqtishad: vol. iv, no. 2, juli 2012 tidak popular dalam khazanah pemikiran ekonomi islam, sebab intervensi harga pada dasarnya dapat menciptakan ketidakadilan. intervensi harga diperkenankan pada kondisi-kondisi tertentu dengan tetap berpegang teguh pada nilai keadilan. ketika pelaku ekonomi mengarahkan aktivitas ekonominya kepada cara-cara yang negatif (curang, tipu daya, permainan harga, manipulasi timbangan, dan sebagainya), maka islam merekomendasikan campur tangan pemerintah melalui sistem hisbah yang berfungsi sebagai pengawas aktivitas ekonomi yang mempunyai otoritas untuk menindak para pelaku ekonomi yang berlaku curang dan membuat intervensi harga. mannan dalam karyanya, the behaviour of firm and its objectives in an islamic framework, menyatakan bahwa intervensi harga hendaklah mempunyai landasan yang berbasis kepada peningkatan produktivitas dan peningkatan pendapatan masyarakat miskin melalui alokasi dan relokasi sumber daya ekonomi. mannan juga menekankan perlunya fungsi sosial dalam memelihara keseimbangan sosial antara masyarakat kaya dan masyarakat miskin. tidak kalah pentingnya fungsi moral merupakan hal yang sangat urgen demi menegakkan nilai-nilai syariah islam, khususnya yang berkaitan dengan transaksi ekonomi.55 pada dasarnya, jika aktivitas ekonomi telah bekerja dengan sempurna, maka tidak ada alasan untuk mengatur tingkat harga. penetapan harga kemungkinan justru akan mendistorsi harga sehingga akhirnya mengganggu aktivitas ekonomi itu sendiri. pada masa rasulullah saw. dan masa khalifah ‘umar ibn al-khaththâb (w 23 h) kota madinah pernah mengalami kenaikan tingkat harga barang-barang seperti gandum karena menurunnya pasokan, karena kegagalan panen. beliau menolak permintaan para sahabat untuk mengatur harga pasar, tetapi kemudian melakukan impor gandum besarbesaran dari mesir, sehingga penawaran barang-barang di madinah kembali melimpah dan tingkat harga mengalami penurunan. namun demikian, pada masa khalifah ‘umar ibn al-khaththâb (w 23 h) langkah ini ternyata tidak efektif untuk dijadikan alternatif dalam menyelesaikan masalah distorsi yang berlaku di zamannya. daya beli masyarakat pada waktu itu sangat rendah sehingga umar mengeluarkan sejenis kupon (yang dapat ditukarkan dengan sejumlah barang tertentu) yang dibagikan kepada fakir miskin.56 oleh karena itu, apabila pemerintah ingin memengaruhi harga, maka yang 55muhammad ‘abd al-mannân, the behaviour of firm and its objectives in an islamic framework, (malaysia: longman, 1992), h. 218-219. 56al-hasani baqir and mirakhoi abbas, essay on iqtishâd: the islamic approach to economic (1989), h. 78. dilakukan adalah dengan cara memengaruhi permintaan dan penawaran, sehingga harga secara otomatis akan menyesuaikan. penambahan pasokan akan menggeser kurva penawaran ke kanan bawah sehingga tingkat harga turun (cateris paribus), sedangkan peningkatan daya beli masyarakat akan menggeser kurva permintaan ke kanan atas. menurut sebagian ulama penetapan harga adalah kebijakan yang tidak dianjurkan oleh ajaran islam jika pasar dalam situasi normal.57 satu dari empat mazhab terkenal, yaitu hanbalî, menolak keras kebijakan penetapan harga ini. mengenai hal ini, ibn qudâmah (w. 1239 m/620 h) mengutarakan dua argumentasi. pertama rasulullah tidak pernah menetapkan harga walaupun penduduk menginginkannya. jika penetapan harga ini dibolehkan niscaya rasulullah akan mengabulkan permintaan masyarakat pada waktu itu. kedua menetapkan harga menurut ibn qudâmah (w. 1239 m/620 h) merupakan ketidakadilan (zhulm) yang dilarang.58 menurut ibn qudâmah penetapan harga akan mendorong harga tersebut menjadi lebih mahal. karena jika para pedagang dari luar mendengar adanya kebijakan penetapan harga ini, maka mereka tidak mau membawa barang dagangannya ke daerah tersebut, di mana ia akan dipaksa menjualnya barang dagangannya di luar yang ia inginkan. begitu pula pedagang lokal—yang memiliki dagangan—akan menyembunyikan barang dagangannya. para konsumen yang membutuhkan barang-barang tersebut akan kehilangan kesempatan untuk memenuhi kebutuhannya, karena pasokan barang terbatas. hal ini akan membuat kedua belah pihak (penjual dan pembeli) menderita. penjual akan menderita karena penjualan barang mereka dibatasi, sedangkan pembeli menderita karena mereka tidak dapat memenuhi kebutuhannya. akan tetapi, yang menjadi pertanyaan selanjutnya adalah, apakah pasar 57pendapat ini dikemukakan oleh abû muhammad ‘alî ibn sa‘îd ibn hazm dalam karyanya almuhallâ juz ix , ibn taymiyah dalam karyanya majmû‘ fatâwâ ibn taymiyah , ‘abd al-rahmân altharâbalsî dalam karyanya mawâhib al-jalîl li syarh al-khalîl, ibrâhîm ibn ‘alî ibn yûsuf abû ishâq alsyîrâzî dalam karyanya al-muhadzdzab fî fiqh al-imâm al-syâfi‘î, syams al-dîn abû ‘abd allâh muhammad ibn muhammad ibn ‘abd al-rahmân al-tharâbalsî al-maghribî dalam karyanya mawâhib al-jalîl li syarh mukhtashar al-khalîl: tahqîq zakariyâ ‘umayrât juz v, al-ghazâlî alam karyanya ihya’ ‘ulûm al-dînjuz ii, syams al-dîn muhammad ibn ‘abd allâh ibn ahmad ibn tamratâsy al-ghazzî dalam karyanya tanwîr al-abshâr juz vi, muhammad ibn ahmad ibn juzî al-gharnâthî al-mâlikî dalam karyanya qawânîn al-ahkâm al-syar‘iyyah wa masâ’il al-furû‘ al-fiqhiyyah, ibn taymiyyah dalam karyanya al-hisbah li ibn taymiyah, dan irbrâhîm ibn mûsâ ibn muhammad al-lakhamî al-gharnâthî al-syâthibî, dalam karyanya al-muwâfaqât juz iii. 58pusat pengkajian dan pengembangan ekonomi islam (p3ei) universitas islam indonesia yogyakarta kerjasama dengan bank indonesia, ekonomi islam, (jakarta: pt rajagrafindo persada, 2008), h. 337. 176 dede abdul fatah: monopoli dalam perspektif ekonomi islam akan selalu dalam keseimbangan atau dalam keadaan normal? dalam pandangan sebagian ulama, pasar akan mencerminkan keadilan, kerjasama, kesetaraan, dan menjunjung tinggi moralitas ketika ada upaya untuk melakukan pengawasan terhadapnya, baik berupa kontrol sosial maupun kontrol pemerintah, sehingga tercipta keseimbangan ekonomi yang pada akhirnya akan menciptakan keadilan dan kesejahteraan masyarakat secara umum.59 pemerintah dalam islam mempunyai peran dalam mengatur dan mengawasi ekonomi, memastikan kompetisi berlangsung dengan sempurna, informasi yang merata dan keadilan ekonomi. penolakan rasululullah untuk melakukan penetapan harga sebagaimana yang terekam dalam hadisnya tidak lantas menunjukkan bahwa rasulullah menolak campur tangan pemerintah terhadap aktivitas ekonomi, karena kenaikan harga pada waktu itu terjadi secara alami sesuai dengan kekuatan penawaran dan permintaan. seandainya kenaikkan harga pada waktu itu tidak terjadi secara alami dan tidak sesuai dengan kekuatan penawaran dan permintaan seperti tindakan monopoli (ihtikâr) yang dapat merugikan masyarakat umum, niscaya rasulullah akan melakukan intervensi. apabila orang yang memonopoli barang enggan menjual barang dan jasanya yang ia monopoli, maka menurut imam abû hanîfah pemerintah harus menyuruhnya untuk menjual barang dan jasa yang dimonopoli, akan tetapi sifatnya tidak memaksa (ijbâr), karena memaksa seseorang untuk menjual barang dan jasanya sudah termasuk kategori hajr (melarang seseorang untuk membelanjakan hartanya) sedangkan ihtikâr menurut imam abû hanîfah tidak termasuk kategori pelanggaran yang dikenakan hajr.60 berbeda dengan abû hanîfah, mazhab mâlikî dan sebagian pengikut abû hanîfah mengharuskan pemerintah untuk memaksa pelaku monopoli menjual barang dan jasanya sesuai dengan harga ketika ia membeli barang dan jasanya tersebut. mereka menyamakan muhtakir dengan al-muftî al-mâjin (mufti yang tidak mempunyai keahlian di bidangnya), al-makârî al-muflis (penjahat yang bangkrut), al-thabîb al-jâhil (dokter yang bodoh) yang mana pemerintah harus melakukan hajr kepada mereka yaitu mencabut hak untuk menjual barang dan 59pendapat ini dikemukakan oleh al-bâjî dalam karyanya al-muntaqâ syarh al-muwaththa’ juz v, al-râfi‘î dalam karyanya fath al-‘azîz syarh al-wajîz viii, al-mâwardî dalam karyanya al-hâwî fî fiqh al-syâfi‘î dan al-nukat wa al-‘uyûn juz iii, muhammad ibn jarîr ibn yazîd ibn katsîr ibn ghâlib al’âmilî dalam karyanya jâmi‘ al-bayân fî ta’wîl al-qur’ân: tahqîq ahmad muhammad syâkir juz xvii, al-nawawî dalam karyanya al-majmû‘ syarh al-muhadzdzab juz xiii. 60al-kâsânî, badâ’i‘ al-shanâ’i‘ juz vi, 2974. lihat juga ‘abd allah ibn muhammad ibn sulaymân, majma‘ al-anhar fî syarh mutalaqqâ al-abhar juz v, (dâr al-turâts al-‘arabî, 1319 h), h. 442. 177al-iqtishad: vol. iv, no. 2, juli 2012 akan selalu dalam keseimbangan atau dalam keadaan normal? dalam pandangan sebagian ulama, pasar akan mencerminkan keadilan, kerjasama, kesetaraan, dan menjunjung tinggi moralitas ketika ada upaya untuk melakukan pengawasan terhadapnya, baik berupa kontrol sosial maupun kontrol pemerintah, sehingga tercipta keseimbangan ekonomi yang pada akhirnya akan menciptakan keadilan dan kesejahteraan masyarakat secara umum.59 pemerintah dalam islam mempunyai peran dalam mengatur dan mengawasi ekonomi, memastikan kompetisi berlangsung dengan sempurna, informasi yang merata dan keadilan ekonomi. penolakan rasululullah untuk melakukan penetapan harga sebagaimana yang terekam dalam hadisnya tidak lantas menunjukkan bahwa rasulullah menolak campur tangan pemerintah terhadap aktivitas ekonomi, karena kenaikan harga pada waktu itu terjadi secara alami sesuai dengan kekuatan penawaran dan permintaan. seandainya kenaikkan harga pada waktu itu tidak terjadi secara alami dan tidak sesuai dengan kekuatan penawaran dan permintaan seperti tindakan monopoli (ihtikâr) yang dapat merugikan masyarakat umum, niscaya rasulullah akan melakukan intervensi. apabila orang yang memonopoli barang enggan menjual barang dan jasanya yang ia monopoli, maka menurut imam abû hanîfah pemerintah harus menyuruhnya untuk menjual barang dan jasa yang dimonopoli, akan tetapi sifatnya tidak memaksa (ijbâr), karena memaksa seseorang untuk menjual barang dan jasanya sudah termasuk kategori hajr (melarang seseorang untuk membelanjakan hartanya) sedangkan ihtikâr menurut imam abû hanîfah tidak termasuk kategori pelanggaran yang dikenakan hajr.60 berbeda dengan abû hanîfah, mazhab mâlikî dan sebagian pengikut abû hanîfah mengharuskan pemerintah untuk memaksa pelaku monopoli menjual barang dan jasanya sesuai dengan harga ketika ia membeli barang dan jasanya tersebut. mereka menyamakan muhtakir dengan al-muftî al-mâjin (mufti yang tidak mempunyai keahlian di bidangnya), al-makârî al-muflis (penjahat yang bangkrut), al-thabîb al-jâhil (dokter yang bodoh) yang mana pemerintah harus melakukan hajr kepada mereka yaitu mencabut hak untuk menjual barang dan 59pendapat ini dikemukakan oleh al-bâjî dalam karyanya al-muntaqâ syarh al-muwaththa’ juz v, al-râfi‘î dalam karyanya fath al-‘azîz syarh al-wajîz viii, al-mâwardî dalam karyanya al-hâwî fî fiqh al-syâfi‘î dan al-nukat wa al-‘uyûn juz iii, muhammad ibn jarîr ibn yazîd ibn katsîr ibn ghâlib al’âmilî dalam karyanya jâmi‘ al-bayân fî ta’wîl al-qur’ân: tahqîq ahmad muhammad syâkir juz xvii, al-nawawî dalam karyanya al-majmû‘ syarh al-muhadzdzab juz xiii. 60al-kâsânî, badâ’i‘ al-shanâ’i‘ juz vi, 2974. lihat juga ‘abd allah ibn muhammad ibn sulaymân, majma‘ al-anhar fî syarh mutalaqqâ al-abhar juz v, (dâr al-turâts al-‘arabî, 1319 h), h. 442. jasanya kecuali untuk kemaslahatan masyarakat umum.61 pendapat mâlikiyyah dan sebagian mazhab hanafî diperkuat oleh mazhab syâfi‘î62 dan mazhab hanbalî63 yang merekomendasikan pemerintah untuk memaksa muhtakir menjual barangnya sesuai dengan harga yang telah ditentukan oleh pemerintah. gambar ihtikâr mendistorsi harga pasar64 gambar di atas menunjukkan bagaimana dampak dari tindakan ihtikâr dan pengaruhnya terhadap pembentukan harga. akibat ihtikâr yang dilakukan penjual, maka kurva penawaran ss bergeser menjadi s’s’ dengan tingkat harga berubah dari pp menjadi pi. pemerintah dapat menetapkan harga dengan mengacu kepada harga pasar. penetapan harga yang wajar ini akan memaksa penjual untuk menjual kembali barang-barang yang ditimbunnya, sehingga kurva penawaran s’s’ kembali menuju ss. berdasarkan perdebatan di atas, maka campur tangan pemerintah terhadap pasar ketika terjadi monopoli merupakan solusi alternatif untuk mengem 61al-bâjî, al-muntaqâ juz v, h. 17. 62syams al-dîn muhammad ibn abî al-‘abbâs ahmad ibn hamrah ibn shahâb al-dîn al-ramlî, nihâyat al-muhtâj ilâ syarh al-manhâj juz iii, (al-maktabah al-islâmiyyah, t.t), h. 456. 63al-buhûtî, kasysyâf al-qinâ‘ juz iii, 188. lihat juga ‘alâ’ al-dîn abû al-hasan ‘alî ibn sulaymân al-mardawî, al-anshâf fî ma‘rifat al-râjih min al-khilâf juz iv, (dâr ihyâ’ al-turâts al-‘arabî, 1980), h. 339. 64pusat pengkajian dan pengembangan ekonomi islam universitas islam indonesia yogyakarta, ekonomi islam, h. 334. p pi pp s’ d s q s’ s 178 dede abdul fatah: monopoli dalam perspektif ekonomi islam balikan keseimbangan pasar, yaitu dengan cara menentukan harga yang adil (tsaman al-mitsl) baik untuk penjual maupun pembeli. apabila dengan kebijakan ini penimbun tidak menjual barang yang ia timbun sedangkan masyarakat sangat membutuhkannya, maka pemerintah mempunyai hak untuk memaksa pelaku penimbunan menjual barang yang ditimbunnya. penutup monopoli dalam ekonomi islam dikenal dengan istilah ihtikâr, yaitu upaya yang dilakukan oleh salah satu pihak dengan cara menimbun barang. berbeda dengan ekonomi konvensional yang bukan hanya dengan menimbun saja, akan tetapi dengan banyak cara seperti kepemilikan suatu sumber daya yang unik (istimewa) yang tidak dimiliki oleh orang atau perusahaan lain, skala ekonomis dan lain sebagainya. dengan demikian, apapun yang dilakukan pihak tertentu untuk mencari keuntungan dengan cara membuat kelangkaan suatu barang dikatakan monopoli (ihtikar) dalam perspektif ekonomi islam. definisi-definisi monopoli dalam perspektif konvensional yang tujuan dan motifnya menzalimi dan merugikan orang lain, maka dapat dikategorikan monopoli dalam perspektif ekonomi islam. [] pustaka acuan ‘abd al-mannân, muhammad, the behaviour of firm and its objectives in an islamic framework, malaysia: longman, 1992. abû dâwud, sunan abî dâwud juz ii, bayrût: dâr al-kitâb al-‘arabî, t.th. afandî, damân, majma‘ al-anhar juz ii, dâr ihyâ’ al-turâts al-‘arabî, 1319 h. ‘aynî, al-, badr al-dîn abû muhammad mahmûd ibn ahmad ibn mûsâ ibn ahmad ibn al-husayn, ‘umdat al-qârî syarh shahîh al-bukhârî xi, bayrût: dâr alfikr, t.th. ‘alî, ibn hisam al-din, kanz al-‘ummal iv, jam’iyyat dâ’irah al-ma‘ârif, 1395 h. bâbartî, al-, akmal al-dîn muhammad ibn mahmûd, syarh al-‘inâyah ‘alâ alhidâyah bi hâmisy fath al-qadîr juz vi, bayrût: dâr al-fikr, 1977. bâjî, al-, al-muntaqâ syarh al-muwaththa’ juzv, bayrût: dâr al-kitâb al-‘arabî, 1332 h. baqir, al-, hasani and mirakhoi abbas, essay on iqtishâd: the islamic approach to economic, 1989. barlisî, al-, syahâb al-dîn ahmad al-mulaqqab bi ‘amîrah, hâsyiyat ‘amîrah ‘alâ syarh jalâl al-dîn muhammad ibn ahmad al-mahallî juz ii, bayrût: dâr alfikr, t.th. bayhaqî, al-, abû bakr ahmad ibn al-husayn ibn ‘alî, al-sunan al-kubrâ juz vi, 179al-iqtishad: vol. iv, no. 2, juli 2012 balikan keseimbangan pasar, yaitu dengan cara menentukan harga yang adil (tsaman al-mitsl) baik untuk penjual maupun pembeli. apabila dengan kebijakan ini penimbun tidak menjual barang yang ia timbun sedangkan masyarakat sangat membutuhkannya, maka pemerintah mempunyai hak untuk memaksa pelaku penimbunan menjual barang yang ditimbunnya. penutup monopoli dalam ekonomi islam dikenal dengan istilah ihtikâr, yaitu upaya yang dilakukan oleh salah satu pihak dengan cara menimbun barang. berbeda dengan ekonomi konvensional yang bukan hanya dengan menimbun saja, akan tetapi dengan banyak cara seperti kepemilikan suatu sumber daya yang unik (istimewa) yang tidak dimiliki oleh orang atau perusahaan lain, skala ekonomis dan lain sebagainya. dengan demikian, apapun yang dilakukan pihak tertentu untuk mencari keuntungan dengan cara membuat kelangkaan suatu barang dikatakan monopoli (ihtikar) dalam perspektif ekonomi islam. definisi-definisi monopoli dalam perspektif konvensional yang tujuan dan motifnya menzalimi dan merugikan orang lain, maka dapat dikategorikan monopoli dalam perspektif ekonomi islam. 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alfikr, t.th. bayhaqî, al-, abû bakr ahmad ibn al-husayn ibn ‘alî, al-sunan al-kubrâ juz vi, haydar âbâd: majlis dâ’irat al-ma‘ârif al-nizhâmiyyah al-kâ’inah fî al-hind, 1344 h. buhûtî, al-, manshûr ibn yûsuf ibn idrîs kasysyâf al-qinâ‘ ‘an matan al-iqnâ‘, juz iii, bayrût: ‘âlam al-kitâb, t.th. bukhârî, al-, abû ‘abd allâh muhammad ibn ismâ‘îl, shahîh al-bukhârî, istambul: al-maktabah al-islâmiyyah muhammad auzdamîr, 1981. case, karl e. and ray c. fair, principles of economics, terj benyamin molan, prinsip-prinsip ekonomi mikro, jakarta: pt prenhallindo, 2002. dasûqî, al-, syams al-dîn muhammad ibn ‘urfah, hâsyiyat al-dasûqî ‘alâ al-syarh al-kabîr juz iii, bayrût: dâr al-fikr, t.th. ghazâlî, al-, al-wajîz fî fiqh madzhab al-syâfi‘î juz i, bayrût: dâr al-ma‘rifah, 1979. hashkafi, al-, ‘alâ’ al-dîn ibn ‘alî ibn muhammad ibn ‘alî ibn ‘abd al-rahmân, aldarr al-muhktâr juz v, bayrût: dâr al-fikr, 1966. husaynî, al-, muhammad, miftâh al-karâmah fî syarh qawa’id al-‘allâmah, alqahirah: 1326 h. ibn anas, mâlik, al-mudawwanah al-kubrâ juz iii, bayrût: dâr al-fikr, 1978. ibn hazm, al-muhallâ juz ix, al-qâhirah: al-maktabah al-munîriyyah, 1947. ibn katsîr, tafsîr ibn katsîr juz iii, mesir: dâr ihyâ al-kutub al-‘arabiyyah, t.th. ibn mâjah, sunan ibn mâjah juz ii, bayirut: dâr al-fikr, t.th. ibn manzhûr, jamâl al-dîn muhammad ibn mukarram, lisân al-‘arab juz i, bayrût: dâr shâdir, t.th. ibn qudâmah, abû muhammad ‘abd allâh ibn ahmad ibn muhammad, almughnî juz iv, al-qâhirah: maktab al-qâhirah, 1968. ibn rusyd, muhammad ibn ahmad ibn muhammad ibn ahmad al-qurthubî, bidâyat al-mujtahid wa nihâyat al-muqtashid juz ii, al-qâhirah: almaktabah al-tijâriyyah al-habrî bi mishrâ, t.th. ibn rusyd, muhmmad ibn muhmmad, muqaddimâh ibn rusyd li bayân mâ iqtadhath al-mudawwanah min ahkâm juz iii, bayrût: dâr al-fikr, t.th. ibn sulaymân, ‘abd allâh ibn muhammad, majma‘ al-anhar fî syarh mutalaqqâ alabhar juz v, dâr al-turâts al-‘arabî, 1319 h. ibn taymiyah, al-hisbah, riyâdh: al-mu’assasah al-su‘ûdiyyah, t.th. kâsânî, al-, ‘alâ’ al-dîn abû bakr ibn mas‘ûd, badâ’i‘ al-shanâ’i‘ fî tartîb al-syarâ’i‘ juz vi, zakariyyâ ‘alî yûsuf, t.th. mankiw, n. gregory, principles of economics, new york: harcourt college publishers, 2001. mardawî, al-, ‘alâ’ al-dîn abû al-hasan ‘alî ibn sulaymân, al-anshâf fî ma‘rifat alrâjih min al-khilâf juz iv, dâr ihyâ’ al-turâts al-‘arabî, 1980. marghînânî, al-, burhân al-dîn ‘alî ibn abî bakr, syarh bidâyah al-mubtadî bi 180 dede abdul fatah: monopoli dalam perspektif ekonomi islam hâmis syarh fath al-qadîr vi, bayrût: dâr al-fikr, 1977. masyhûr, al-, ‘ubayd allah ibn mas‘ûd, syarh al-wiqâyah bi hâmisy kasyf alhaqâ’iq juz ii, al-mathba‘ah al-adabiyyah, 1318 h. maznî, al, ibrâhîm ismâ‘îl ibn yahyâ, mukhtashar al-maznî bi hamisy al-’umm juz iii, bayrût: dâr al-ma‘rifah, 1972. mahallî, al, jalâl al-dîn muhammad ibn ahmad, syarh jalâl al-dîn al-muhallâ ‘alâ minhâj al-thâlibîn juz ii, bayrût: dâr al-fikr, t.th. pusat pengkajian dan pengembangan ekonomi islam (p3ei) universitas islam indonesia yogyakarta kerjasama dengan bank indonesia, ekonomi islam. jakarta: pt rajagrafindo persada, 2008. râfi‘î, al-, abû al-qâsim ‘abd al-karîm ibn muhammad, fath al-‘azîz syarh alwajîz juz viii, bayrût: dâr al-fikr, t.th. ramlî, al-, syams al-dîn muhammad ibn abî al-‘abbâs ahmad ibn hamrah ibn shahâb al-dîn, nihâyat al-muhtâj ilâ syarh al-manhâj juz iii, al-maktabah alislâmiyyah, t.th. shan‘ânî, al-, muhammad ibn ismâ’il amîr al-dîn, subul al-salâm syarh bulûg almarâm min jam‘i adillat al-ahkâm juz iii, bayrût: dâr al-jayl, 1980. subkî, al-, tâj al-dîn ibn nashr ‘abd al-wahhâb ibn taqiy al-dîn, thabaqât alsyâfi‘iyyah al-kubrâ juz vi, bayrût: dâr al-ma‘rifah, t.th. syîrâzî, al-, majd al-dîn muhammad ibn ya‘qûb al-fayrûz abâdî, al-qâmûs almuhîth juz ii, bayrût: dâr al-fikr, 1398 h. syarbînî, al-, muhammad, mughnî al-muhtâj ilâ ma‘rifat ma‘ânî alfâzh al-minhâj juz ii, al-qâhirah: mushthafâ al-bâbî al-halabî wa awlâdih, 1958. syawkânî, al-, muhammad ibn ‘alî ibn muhammad, nayl al-awthâr juz v, alqâhirah: maktabah wa mathba‘at mushthafâ al-bâbî al-halabî wa awlâdih, t.th. syîrâzî, al-, ibrâhîm ibn ‘alî ibn yûsuf, al-muhadzdzab fî fiqh al-imâm al-syâfi‘î juz i, bayrût: dâr al-fikr, t.t. tirmidzî, al-, abû ‘isâ muhammad ibn ‘isâ ibn sûrah, sunan al-tirmidzî juz ii, almadînah al-munawwarah: al-maktabah al-salafiyyah, 1964. zuhaylî, al-, wahbah, al-wajîz fî ushûl al-fiqh, bayrût: dâr al-fikr, 1997. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 137 148 received: september 16, 2015; revised: december 2, 2015; accepted: december 28, 2015 college of business, universiti utara malaysia, 06010 sintok kedah email: andirenireni@yahoo.co.id; nor.hayati.@uum.edu.my doi: 10.15408/ijies.v8i1.2513 abstract. application of theory reasoned action in intention to use islamic banking in indonesia. this paper investigates the constructs of theory of reasoned action (tra), and theory of planned behavior (tpb) (attitude, subjective norm, religion, knowledge, pricing, and government support) on customer behavioral intention and islamic banking selection. this research using partial least square structural equation modeling with variables such as: attitude, subject norm, religion, knowledge and government support, and pricing. the result shows that attitude, subject norm, religion, knowledge and government support are statistically significant effect on intention to select islamic bank in indonesia. pricing however is not significant. the results imply that indonesian islamic banks should strategize ways to develop positive attitude and reference amongst their customers through greater dissemination of knowledge about islamic banking while emphasizing on the religious compliance. keyword: islamic banking; intention; theory reasoned action abstrak. aplikasi teori alasan tindakan dalam intensi penggunaan perbankan syariah di indonesia. artikel ini bertujuan untuk mengkonstruksi teori alasan tindakan dan teori prilaku terencana pada prilaku intensi konsumen dan seleksi perbankan syariah. penelitian ini menggunakan model persamaan struktural kuadrat terendah parsial dengan variabel seperti sikap, norma, agama, pengetahuan dan dukungan pemerintah, dan penetapan harga. hasil menunjukkan bahwa sikap, norma, agama, pengetahuan dan dukungan pemerintah memiliki pengaruh terhadap intensi dalam memilih perbankan syariah di indonesia. namun penetapan harga tidak memiliki pengaruh dalam pemilihan perbankan syariah di indonesia. hasil yang ada berimplikasi bahwa perbankan syariah harus menyusun suatu strategi untuk mengembangkan sikap yang positif dan memberikan referensi di antara para konsumen untuk diseminasi pengetahuan yang lebih besar pada perbankan syariah dalam menyesuaikan dengan kesesuaian pada prinsip syariah. kata kunci: perbankan syariah: intensi; teori alasan tindakan application of theory reasoned action in intention to use islamic banking in indonesia andi reni, nor hayati ahmad 138 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction indonesia is the most populated moslem country in the world with a total population of 207.18 million moslem (indonesian central bureau of statistics, 2010). although, it has the world’s largest population of moslems, islamic banking came fairly late to indonesia. the work of the islamic bureau of bank indonesia showed that indonesia, especially in certain parts of the country, has considerable unmet demand for islamic banking (blue print of islamic banking of bank indonesia, 2010). in indonesia, the banking industry becomes highly competitive since the government deregulated the banking sector in 1998. a deregulation program known as pakto eliminated various rules and regulations in which on one side has restricted establishment of new private banks while on the other side, the government permitted foreign banks to operate in indonesia in the form of joint venture with local banks. the local banks including islamic banks face stiff competition from foreign banks entry. however, judging from the vast untapped islamic banking market, indonesian islamic banks are eager to expand their market share as a strategy to have the competitive edge over its competitors. considerable efforts to expand islamic banking in indonesia have shown good results as shown in table 1. islamic banking deposits on average have grown by 31.6%, while financing recorded an average growth rate 37.5%. table.1. statistics of islamic bank vs commercial bank: 2009 – 2013 (in billion idr) year/div of unit 2010 2011 % gr 2012 % gr 2013 % gr %av gr asset of ib asset of cb 97,519 3,008,853 145,467 3,652,832 49.1 21.4 195,018 3,542,518 34.1 -3.0 223,503 3,197,384 14.6 -9.7 32.6 2.9 total asset 3,106,372 3,798,299 22.3 3,737,536 -1.6 3,420,887 -8.5 4.1 % ib asset 3.14 3.83 21.97 5.23 3.7 6.5 24.3 18.3 ib deposit cb deposit 76, 036 2,563,562 115,415 3,093,848 51.8 20.9 147,512 3,542,518 27.8 14.5 170,222 3,197,384 15.4 9.7 31.6 15.1 total deposit 2,639,598 3,209,263 21.6 3,690,030 14.98 3,367,606 -8.4 9.4 % ib of deposit 2.88 3.6 25 3.99 10.8 5.05 26.6 28.15 ib financing cb financing 68,81 2,765,912 102,655 3,412,463 50.6 23.38 147,505 4,172,672 43.7 22.28 174,537 4.627.191 18.3 10.9 37.5 9.4 total financing 2,834,093 3,515,118 24.1 4,320,177 22.9 4,801,728 11.2 19.96 % ib financing 2.41 2.92 21.2 3.414 16.9 3.635 6.5 16.13 source: statistik perbankan islamic (islamic banking statistics), august 2013 andi reni: application of theory reasoned action in intention 139 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 table 1. shows that the end 2013, total deposits at conventional banks was rp.3,197,384 billion idr, while total deposit islamic bank system was rp.170,222 billion. this represents 5.05% market share for islamic banking deposis of the total deposit of the banking system in 2013. islamic financing is rp.174,537 million idr representing 3.6% of the total banking system. despite the increasing trend, it can be observed that until august 2013, the islamic banking share was only 6.5% to total banking assets, 5.1% the amount of funding and 3.64% of financing of the total indonesian banking system. the statistics suggests that the indonesian islamic banking market share of 6.5% was very small when compared with the 93.5% market share of the conventional banking. the statistics also indicate weak participation by the indonesian population with the largest number of muslim populations in the world in particular when compared to malaysia which has achieved a 20.6 percent share of islamic banking although its total population was only 29.7 million in 2013 (economic report, ministry of finance, malaysia 2013). this situation presents a challenge to indonesian islamic banks in marketing of their financial services to their retail customers who are in the culture which greatly depends on face to face relationship to build sales (global business indonesia, 2013). the challenge motivates an investigation to be undertaken to identify factors which could assist islamic banks to develop appropriate strategies to create demand for islamic banking. against this backdrop, this study intends to identify the factors which could increase the islamic banking share in indonesia based on the application of theory of reasoned action and theory of planned behavior. literature review the slow growth of islamic banking in indonesia could be due to many factors: religion, limited knowledge, attitude and weak government support. the knowledge and understanding of society on islamic banking is still low as claimed by fansuri (2010). this might be due the lack of socialization or promotion by the bank indonesia to the community throughout the regions. some people did know about islamic banking presence. fansuri (2010) asserts that people might have good or even bad perception on sharia banking. the public’s attitudes are that they are still in doubt or do not even believe in islamic banking performance. the lack of empirical evidence to proof the influence of attitude on islamic bank selection is a void intended to be addressed in this study. weak government support is cited by vizcaino and suroyo, (2014) in tra, attitude is an important variable that predicts direclty and indirectly the behavioral intention (fishbein & ajzen, 1975). the researchers assert that 140 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 attitude towards the object is the function of the individual’s belief towards the object and the individual implicit evaluation of the beliefs he/she holds as well as the function of perceived consequences of performing the behavior of interest he subjective evaluation of the individuals towards the consequences (fishbein & ajzen, 1975). past studies have proven significant direct relationship of attitudes towards behaviorial intention but conducted in internet banking setting. (athiyaman, 2002; davis et al., 1989; gopi & ramayah, 2007; ma’ruf et al., 2003; may, 2005; ramayah et al.,2004; shih & fang, 2004; taylor & todd, 1995; eri, 2004). amin et al. (2011) found that attitude is positively related with the intention to use islamic home financing. this study measures attitude from 5 elements of attitude i.e. awareness, knowledge, religion obligation which may influence lecturers’ behavioral intention to select islamic home financing. hence the proposed hypothesis is: tra and tpb theory postulate that subject norm (sn) affect behavioral intention ( ajzen & fishbein, 1980; fishbein & ajzen,1975). fishbein and ajzen (1975) find that subjective norm is a function of the perceived expectation by individual or group who are important to the person and by the persons’ motivation to comply with the expectations. the results on the influence of subjective norm on behavioral intention is conflicting. davis et al. (1989), chau and hu (2001), and lewis, agarwal, and sambamurthy (2003) found subjective norm to be insignificant towards behavioral intention. however, taylor and todd (1995), venkatesh and davis (2000), ma’ruf et al. (2003), ramayah, noor, nasurdin, and sin (2004), eri (2004), chan and lu (2004), ramayah, ling, norazah, and ibrahim (2005), may (2005), and gopi and ramayah (2007) found that subjective norm has a positive direct relationship towards behavioral intention. in the context of islamic finance, subjective norms have a direct impact to the intention (amin et al., 2011). religion is a key element a group of trust. (haq and smithson, 2003). earlier studies pointed that religion (islam) as the main reason for choosing islamic banks (dusuki and abdullah, 2007; wilson, 1995; owen and othman, 2001; metawa and almossawi, 1998; rashid et al; 2009.) however, haron (1994) and erol, c and el-bdour (1989) founded religion is not significant but profit motivated criteria were an important factor to choose islamic banking in malaysia and jordan respectively. in the malaysian context, amin et al, (2011) provides evidence that religion obligation significntly influence intention to choose islamic home financing. tang et al, (2011) on personal computer users in china found knowledge of the owned computer has positive effect on the purchase intentions. kaplan et al, (2007) who conducted a study of print media customers shows that knowledge of the print media category has significantly direct impact on intention to subscribe. salamah wahyuni, (2012) study about moslem community behavior confirms tang andi reni: application of theory reasoned action in intention 141 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 et al (2011) that knowledge is a significant determinant of intention to use/choose islamic banks. pricing refers to the appropriate price to sell the financing product and striking a balance between the bank and the consumer’s interest (ebert and griffin, 1998). olson and zoubi (2008) islamic banks use profit and loss sharing in charging for the financial transactions services. abdullah and dusuki (2006) found that islamic banks charge hire purchase price was more expensive than conventional bank. however, amin (2008) found lower pricing was one of the motivators for customers to use islamic banks. makiyan, (2004) found that in iran, the government intervention played more important role in islamic banking than economic factors. in the uk, the main problems facing the development of islamic banks are the legal structure and the government’s reluctance to give islamic banking license (karbhari et al., 2004). in thailand, the future of islamic banking is very much dependent upon individual muslims and muslim organizations’ support during the growth phase (haron and yamirudeng, 2003). in malaysia, government supports for islamic banking is strong and could be seen in the 9th malaysian plan, issuance of manyislamic banking licenses and development of islamic regulatory framework. (amin et al., 2006; bis review, 2004). (teo & polk, 2003) found government support gprovides significant effect to intention but tan & teo, 2000; hernandez & mazzon, 2007 results found otherwise. however, based on the experience of malaysia, it is expected that government support could affect customers intention to use islamic banking in indonesia. methods data was collected through questionnaires distributed to a sample of 500 respondents who are lecturers of 4 public universities. 375 was collected representing 75 % response rate. however, 275 questionnaires were actually used. the questionnaire was adapted from past studies: the intention to use/select islamic banking was measured using 6 items from ajzen et al (1980); attitude and subjective norm from ajzen (1980), religion (4 items), price (6 items) from amin et al. (2011), knowledge (11 items) from erol c bdour and sudin haron (1989), and government support (6 items) from amin and tan & teo, (2000). the data was analysed and showed high reliability with cronbach’s coefficient alpha greater than 0.7 and validity score above 0.7 kaiser-meyer olkin. subsequently, the research model was tested using partial least square structural equation modeling. 142 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 the present study proposes the general equation of the model as follows: inti = α + βatdi +δsni + γrlgi+ λknli+ ψprci + χgsi + eit where: int = intention; atd = attitude; sn =subject norm; rlg=religion; knl=knowledge; prc=pricing; gs=government support. results and discussion the demographic profile of the respondents shows 43.3% of the respondents were male and 56.7% were female with 35.3% of the participants were in the group of 30-39 years. 64.7% of the lecturers have masters degree. in terms of religion, 97% are islam 97%, 1.7 were christians and 1.3% were hindubudha. in terms of income, 35.3% earns between rp.5,000,000-7,000,000 while 27.7% earns rp 3,000,0005,000,000. the respondents came from diverse region backgrounds, namely, west region (16%), center region (59.3%), and east region (24.3%). the descriptive analysis shows that lecturers using islamic bank less than 1 year are 8.3%, 1-5 years were 63%, 6-10 years were 24.3%, and more than 10 years were 4.3%. numbers of frequency using islamic bank per month in 1-3 times were (18%), 4-6 times were (30%), 7-9 times were (22%), and more than 10 times were (29%). table 2. descriptive statistics for latent variables latent constructs number of items mean standard deviation attitude 5 3.786 .636 subjective norm 5 2.674 1.011 religion 4 3.385 .968 knowledge 11 3.664 .855 pricing 6 2.910 .996 government support 6 3.518 .763 andi reni: application of theory reasoned action in intention 143 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 table 2 shows that the overall mean for the latent variables ranged between 2.674 and 3.786. in particular, the mean and standard deviation for the attitude were 3.786 and 0.636, respectively. this suggests that respondents tended to have moderate level of attitude to select islamic banking. the statistics also indicate that the mean for the subjective norm was 2.674 out of scale of 5. this suggests that the respondents perceived the influence from the refereed groups on the intention to select islamic banks is moderate. however, there was some differences in the responses between the repondents as indicated by the standard deviation of 1.011.the results show a higher mean score for religion (mean = 3.385) and knowledge with mean of 3.664. this means suggest that the respondents incline to strongly agree that religion and knowledge are important in creating intention to use islamic banks. assessment of measurement model and assessment of structural model using pls path model assessment adopted from twostep processes by hair et.al. (2014) and heseler et.al (2009). assessment of measurement model in the showed individual items reliability, internal consistency reliability, convergent validity and discriminant validity. the composite reliability coefficient of the latent construct. the composite reliability of each construct ranged from 0.856 to 0.977, this namely internal consistency of the scale. the composite reliability of all constructs is above the threshold of 0.70. the validity and reliability of the measurement model having established, the next was to test the hypothesized relationship by running algorithm and bootstrapping in smart pls 3.0. predictive relevance of the model: the quality of the structural model can be assessed by r2. this depicts the variance in the endogenous 144 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 variable. based on the result reported in the table 4.5, the r2 was found to be 0.499, indicating that intention to select islamic bank for 49.9%. table 3. results of the structural model and hypotheses testing betha s e t value p values decision attitude -> intention 0.272 0.068 4.008 0.000 supported subject norm -> intention 0.093 0.044 2.115 0.017 supported religiosity -> intention 0.237 0.068 3.494 0.000 supported knowledge -> intention 0.213 0.064 3.341 0.000 supported pricing -> intention -0.154 0.049 3.158 0.001 not-supported government support -> intention 0.113 0.050 2.253 0.012 supported note: * p < 0.10, ** p < 0.05, *** p < 0.01 (one-tailed test) at the outset, hypothesis 1 predicted that attitude is significantly and positively influences intention to select ib. result revealed a significant positive relationship between attitude and intention (β = .272, t = 4.008, p=0.000 < 0.05), supporting hypothesis 1. hypothesis 2 predicted that subject norms significantly and positively influences to intention. a significant positive relationship between subject norms and intention (β = -0.093, t = 2.115, p = 0.017 < 0.05) was found, indicating support for hypothesis 2. similarly, in examining the influence of religion on intention to select ib, result indicated that religion have significantly and positively relationship with intention (β = 0.237, t = 3.494, p = 0.000 < 0.05), was support hypothesis 3. hypotheses 4, knowledge have significantly and positively influences to intention. the result indicated that knowledge have significantly and positively relationship with intention (β = .213, t= 3.341, p= 0.000), supporting hypotheses 4. hypotheses 5, pricing have significantly and negative relationship between pricing and intention to select ib. the result showed significant with (β = -0.154, t=0.49, p= 0.000<0.05), this hypotheses notsupported. with respect to hypothesis 6 on the influence of government support on intention, result showed government andi reni: application of theory reasoned action in intention 145 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 support significant and positively influences to intention (β = 0.113, t = 2.253, p= 0.012 < 0.05). hence, this hypothesis supported. overall, the research model suggests that the six sets of exogenous latent variables collectively explain 49.9% of the variance of intention to select islamic banking. table 4. variance explained in the endogenous latent variables latent variables variance explained (r2) intention to use/select ib 49.9% conclusion in conclusion, this study examines the factors derived from tra and tpb which are postulated to influence the intention of customers to use islamic banking in indonesia. using pls-sem analysis technique, the findings show there are five factors exhibiting direct and significance impact on intention to use/ select islamic banking. these are attitude, subjective norm, religión, knowledge, pricing. therefore, all the direct relationship are supported, except for government support. pls-sem results also indicate that the underpinning tra is applicable to test the intention to use/select islamic banking in indonesia. the results imply that indonesian islamic banks should strategize ways to develop positive attitude and reference amongst their customers through greater dissemination of knowledge about islamic banking while emphasizing on the religious compliance. however, since this study employs only lecturers as respondents, it is recommended that future research should expand the scope of the respondents and inclusion of external variables in the model. references ajzen, i. & fishbein, m. 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(2007). applicability of theory of planned behavior in predicting intention to trade online: some evidence from a developing country. international journal of emerging markets, vol. 2 no. 4, 2007, pp. 348-360. haron, s. et.al. (1994). bank patronage factors of muslim and non-muslim customers. international journal of bank marketing, 12(1), pp. 32-40 haron, s. & yamirudeng, k. (2003). islamic banking in thailand: prospects and challenges. international journal of islamic financial services, 5 (2), 1-11. andi reni: application of theory reasoned action in intention 147 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 kaplan, a.m, et.al. (2007). factors influencing the adoption of mass customization: the impact of base category consumption frequency and need satisfaction. the journal of product innovation management, vol. 24 no. 1, pp. 101-16. karbhari, y, et.al. (2004). problems and challenges facing the islamic banking system in the west : the case of the uk. thunderbird international business review, vol 46 (5), pp. 521-543 khazeh, k. & decker, w. (1992). how customers choose banks. journal of retail banking, 14(4), pp. 41-44. lewis, w, et.al. (2003). sources of influence on beliefs about information technology use: an empirical study of knowledge workers. mis quarterly, vol. 27 no. 4, pp. 657-78. makiyan, s.n. (2003). role of rate of return on loans in the islamic banking system of iran. managerial finance, 29(7), pp. 62-69. metawa, s.a. & al-mossawi, m. (1998). banking behavior of islamic bank customer: perspectives and implications. international journal of bank marketing, 16 (7), pp. 299-313. metwally. (2006). economic consequences of applying islamic principles in muslim societies. journal of islamic banking and finance 23(1), pp. 11-33 othman, a. & owen, l. (2001). adopting and meauring customer service quality (sq) inislamic banks: case study in kuwait finance house. international journal of islamic financial services, vol.3 no.1, pp.1-26. olzon, d. & zoubi, t.a. (2008). using accounting ratios to distinguish between islamic and conventional banks in the gcc. the international journal of accounting, 43, pp. 46-65 ramayah, t. et.al. (2004). the relationships between belief, attitude, subjective norm, intention, and behavior towards infant food formula selection: the views of the malaysian mothers. gadjah mada international journal of business, vol. 6 no. 3, pp. 405-18. ramayah, t. et.al. (2005). determinants of intention to use an online bill payment system among mba students. e-business, no. 9, pp. 80-91. rashid, m. et.al. (2008). quality perception of the customers towards domestic islamic banks in bangladesh. working paper, dhaka shih, y.y. & fang, k. (2004). the use of decomposed theory of planned behavior to study internet banking in taiwan. internet research, vol. 14 no. 3, pp. 213-223. tang, z. et.al. (2011). antecedents of intention to purchase mass customized products. journal of product & brand management, vol 20 (4), pp. 316–326. 148 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2513 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 tan, m. & teo, t.s.h. (2000). factors influencing the adoption of internet banking. journal of the association for information systems, vol. 1 no. 5, pp. 1-42. teo, t.s.h. & pok, s.h. (2003). adoption of wap-enabled mobilephones among internet users. the international journal of management science, vol. 31, pp. 483-98. venkatesh, v. & davis, f.d. (2000). a theoretical expansion of the technology acceptance model: four longitudinal field studies. management science, vol. 46 no. 2, pp. 186-204. wahyuni, s. (2012). moslem community behavior in the conduct islamic bank: the moderation role of knowledge and pricing. international conference on asia pacific business innovation and technology management, procedia-social and behavioral sciencies 57 (2012), pp 290-298 zainuddin, y. et.al. (2004). perception of islamic banking: does it differ among users and non users. journal management and bisnis, 6(3), pp. 221-232. tim dakwatuna, ‚hukum wakaf dengan uang tunai”, dalam http/ www.dakwatuna.com, diunduh 19 desember 2006. zamhari, arif, ‚implementasi lks dalam pengembangan wakaf uang di indonesia‛, dalam hhtp//www.bwi.or.id, diunduh 07 juni 2012. penyelesaian sengketa perjanjian syariah pada lembaga keuangan syariah maskufa abstract: dispute settlement sharia agreement in islamic financial institutions. dispute settlement in islamic tradition has been carried out since the era of prophet muhammad saw. this is done through the courts (litigation) and through shulh, fatwâ, mazhâlim, and hisbah, known as nonlitigation. the form of mu‘âmalah dispute settlement especially applicable nowadays is almost the same as those prevailing at the time of the prophet. litigation through the judicial institutions and non litigation settlement called as alternative dispute resolution (adr) is known by the term shulh in fiqh, while the path through arbitration is known in fiqh as tahkîm. keywords: litigation, non litigation, shulh, tahkîm abstrak: penyelesaian sengketa perjanjian syariah di lembaga keuangan syariah. penyelesaian sengketa muamalah dalam tradisi islam sudah dilakukan sejak masa nabi muhamad saw. hal tersebut dilakukan melalui jalur pengadilan yang dikenal sekarang dengan istilah litigasi dan melalui jalur shulh, fatwa, tahkîm, mazhâlim, dan hisbah atau yang dikenal sekarang dengan istilah nonlitigasi. bentuk-bentuk penyelesaian sengketa muamalah khusus yang berlaku pada saat ini hampir sama dengan yang berlaku pada masa rasulullah. jalur litigasi melalui lembaga-lembaga peradilan dan jalur nonlitigasi melalui perdamaian atau alternative dispute resolution (adr) dikenal dalam fikih dengan istilah shulh, sedangkan jalur melalui arbitrase atau yang dikenal dalam fikih sebagai tahkîm. kata kunci: litigasi, nonlitigasi, shulh, tahkîm naskah diterima: 19 september 2012, direvisi: 29 november 2012, disetujui: 6 desember 2012.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: sopadr2008@yahoo.co.id maskufa: penyelesaian sengketa perjanjian syariah118 pendahuluan sejak lahirnya bank muamalah indonesia pada 1 november 1990 yang dibidani oleh pemerintah, mui, dan icmi, laju perkembangan bank yang bernuansa syariah cukup signifikan. pada perkembangannya yang mutakhir, walaupun bila dibandingkan dengan bank konvensional sangat tidak imbang1, akan tetapi animo masyarakat untuk berkenalan dengan bank yang jargonnya bebas riba ini semakin tinggi. terlebih pascahuru-hara ekonomi dengan dilikuidasinya bank-bank besar pra dan pascareformasi bank islam menunjukkan eksistensinya. pada perkembangannya praktik bisnis syariah tidak hanya dengan mendirikan bank-bank yang operasionalnya menggunakan prinsip syariah akan tetapi merambah ke bidang lainnya yaitu pembiayaan dan lembaga-lembagan keuangan nonbank lainnya, seperti reksadana syariah, obligasi syariah, asuransi syariah, dan lain-lain. ketentuan-ketentuan umum yang mengatur operasional lembaga-lembaga keuangan syariah ini adalah uu no. 7 tahun 1992 yang telah diubah dengan uu no. 10 tahun 1998 tentang perbankan dan uu no. 23 tahun 1999 yang telah diubah dengan uu no. 3 tahun 2004 tentang bank indonesia. acuan dan ketentuan khusus untuk operasional lembaga keuangan ini lebih banyak diatur dalam bentuk surat edaran bank indonesia. dari segi teori ilmu hukum, ketentuan dalam bentuk surat edaran itu sebenarnya mempunyai kelemahan dalam hal kekuatan mengikatnya, karena suatu aturan itu akan menimbulkan hak dan kewajiban kepada masyarakat indonesia. oleh karenanya pada tanggal 21 juli 2008 mengesahkan uu no.21 tahun 2008 tentang perbankan syariah. lazimnya transaksi maka praktik bisnis syariah di lembaga keuangan syariah secara umum diawali oleh adanya perjanjian-perjanjian yang mengikat antara para pihak. perjanjian itu dalam perjalanannya ada yang berjalan mulus ada juga yang tidak. adanya cedera janji (wanprestasi) atau tidak terpenuhinya faktor-faktor tertentu yang tertuang dalam perjanjian menjadi sebab terjadinya 1 sampai tahun 2007, walaupun dalam beberapa tahun terakhir perbankan syariah menunjukkan peningkatan dari segi total aset yaitu dari rp 20.880 miliar pada desember 2005 menjadi rp 36.538 miliar pada desember 2007 atau meningkat 74,9%, penghimpunan dana meningkat 79,7% dari rp 15.582 miliar pada desember 2005 menjadi rp 28.012 miliar pada desember 2007 pembiayaan meningkat 83,4%, dari rp 15.232 miliar pada desember 2005 menjadi rp 27.944 miliar pada desember 2007, namun apabila ditinjau dari pangsa total aset perbankan syariah dibandingkan perbankan konvensional masih relatif kecil, yaitu baru mencapai 1,84% atau rp 36.538 miliar dibanding rp1.986.501 miliar pada desember 2007. lihat, arief r. permana dan anton purba, ‚sekilas ulasan uu perbankan syariah‛, dalam buletin hukum perbankan dan kebanksentralan 1, volume 6, nomor 2, agustus 2008. al-iqtishad: vol. v, no. 1, januari 2013 119 pendahuluan sejak lahirnya bank muamalah indonesia pada 1 november 1990 yang dibidani oleh pemerintah, mui, dan icmi, laju perkembangan bank yang bernuansa syariah cukup signifikan. pada perkembangannya yang mutakhir, walaupun bila dibandingkan dengan bank konvensional sangat tidak imbang1, akan tetapi animo masyarakat untuk berkenalan dengan bank yang jargonnya bebas riba ini semakin tinggi. terlebih pascahuru-hara ekonomi dengan dilikuidasinya bank-bank besar pra dan pascareformasi bank islam menunjukkan eksistensinya. pada perkembangannya praktik bisnis syariah tidak hanya dengan mendirikan bank-bank yang operasionalnya menggunakan prinsip syariah akan tetapi merambah ke bidang lainnya yaitu pembiayaan dan lembaga-lembagan keuangan nonbank lainnya, seperti reksadana syariah, obligasi syariah, asuransi syariah, dan lain-lain. ketentuan-ketentuan umum yang mengatur operasional lembaga-lembaga keuangan syariah ini adalah uu no. 7 tahun 1992 yang telah diubah dengan uu no. 10 tahun 1998 tentang perbankan dan uu no. 23 tahun 1999 yang telah diubah dengan uu no. 3 tahun 2004 tentang bank indonesia. acuan dan ketentuan khusus untuk operasional lembaga keuangan ini lebih banyak diatur dalam bentuk surat edaran bank indonesia. dari segi teori ilmu hukum, ketentuan dalam bentuk surat edaran itu sebenarnya mempunyai kelemahan dalam hal kekuatan mengikatnya, karena suatu aturan itu akan menimbulkan hak dan kewajiban kepada masyarakat indonesia. oleh karenanya pada tanggal 21 juli 2008 mengesahkan uu no.21 tahun 2008 tentang perbankan syariah. lazimnya transaksi maka praktik bisnis syariah di lembaga keuangan syariah secara umum diawali oleh adanya perjanjian-perjanjian yang mengikat antara para pihak. perjanjian itu dalam perjalanannya ada yang berjalan mulus ada juga yang tidak. adanya cedera janji (wanprestasi) atau tidak terpenuhinya faktor-faktor tertentu yang tertuang dalam perjanjian menjadi sebab terjadinya 1 sampai tahun 2007, walaupun dalam beberapa tahun terakhir perbankan syariah menunjukkan peningkatan dari segi total aset yaitu dari rp 20.880 miliar pada desember 2005 menjadi rp 36.538 miliar pada desember 2007 atau meningkat 74,9%, penghimpunan dana meningkat 79,7% dari rp 15.582 miliar pada desember 2005 menjadi rp 28.012 miliar pada desember 2007 pembiayaan meningkat 83,4%, dari rp 15.232 miliar pada desember 2005 menjadi rp 27.944 miliar pada desember 2007, namun apabila ditinjau dari pangsa total aset perbankan syariah dibandingkan perbankan konvensional masih relatif kecil, yaitu baru mencapai 1,84% atau rp 36.538 miliar dibanding rp1.986.501 miliar pada desember 2007. lihat, arief r. permana dan anton purba, ‚sekilas ulasan uu perbankan syariah‛, dalam buletin hukum perbankan dan kebanksentralan 1, volume 6, nomor 2, agustus 2008. pertikaian dan persengketaan antara pelbagai pihak. tidak terpenuhinya faktorfaktor yang sudah disepakati dalam perjanjian dapat terjadi karena faktor kesengajaan atau ketidaksengajaan. perundang-undangan tidak melihat itu, kelalaian atau ingkar janji dalam bentuk apapun harus dipertanggungjawabkan. penyelesaian sengketa itu dapat dilakukan melalui pelbagai jalur baik yang sifatnya litigasi yakni penyelesaian sengketa melalui lembaga peradilan atau nonlitigasi yakni penyelasain sengketa di luar peradilan seperti negosiasi, arbitrase, mediasi konsiliasi, dan ombudsman. wacana ekonomi berbasis syariah termasuk bagaimana proses penyelesaian hukumnya terhadap sengketa yang terjadi antara para pihak sangat terkait dengan fikih. fikih sebagai produk hukum yang sangat dipengaruhi oleh kondisi sosial, politik, dan budaya pada zamannya telah turut memberi warna bagi diskursus ini. bagaimana masa islam klasik dari masa rasulullah saw., sampai dinasti-dinasti dapat menghadirkan lembaga-lembaga peradilan formal maupun nonformal sebagai media dalam menyelesaikan sengketa yang terjadi di antara umat islam pada saat itu akan coba dibahas dalam artikel ini. selanjutnya, sejalan dengan bertebarannya umat islam di pelbagai belahan dunia dengan pelbagai karakteristiknya mengharuskan adanya lembaga penyelesai konflik itu juga hadir secara formal. bagaimana dengan indonesia yang masyarakatnya mayoritas muslim dalam menyelesaikan sengketa yang terjadi di antara mereka. penyelesaian sengketa dalam tradisi islam hubungan antar manusia dalam kaitan apapun membuka peluang untuk terjadinya silang pendapat yang berujung pada adanya persengketaan antara mereka. oleh karena itu, islam yang ajarannya tidak hanya berhubungan dengan terjalinnya hubungan yang baik dengan yang maha pencipta, tetapi yang juga sangat penting adalah terjalinnya hubungan yang baik antara sesama bahkan keimanan akan dipertanyakan manakala hubungan sosial tidak dibina dengan baik, maka rasulullah saw. memberikan pelbagai aturan tentang hidup bermasyarakat dan bernegara dengan baik termasuk memberikan solusi manakala ada sengketa yang terjadi. oleh karena itu, rasulullah saw. berfungsi selain sebagai mubalig yang menyampaikan firman allah kepada umatnya juga berfungsi sebagai mufti dan hakim. ini sesuai dengan firman allah dalam surah al-mâ’idah [6] ayat 26 dan ayat 105. pada masa ini, penyelesaian sengketa yang dihadapkan kepada rasulullah saw. mencakup pelbagai kasus, seperti kasus pidana tentang perzinaan, pembunuhan, dan kasus perdata seperti perceraian, kewarisan, perdagangan, maskufa: penyelesaian sengketa perjanjian syariah120 dan lain-lain. proses beracara pada masa tersebut para pihak dihadirkan di hadapan rasul untuk didengarkan keterangannya dengan alat-alat bukti meliputi: bayyinah, sumpah, saksi, bukti tertulis, firasat, undian, dan lain-lain.2 rasulullah bersabda, ‚al-bayyinah ‘ala al-mudda‘î wa al-yamîn ‘alâ man ankara” (keterangan (pembuktian) itu diminta kepada penggugat dan sumpah dikenakan kepada tergugat). dan sabdanya yang lain, ‚aku diperintahkan tuhanku memutuskan perkara menurut bukti-bukti (alasan-alasan) yang nyata, sedang hakikat urusan itu terserah kepada allah sendiri.‛ (h.r. al-bukhârî dan muslim). seiring dengan berkembangnya islam ke pelbagai tempat, pendelegasian wewenang mulai diberikan kepada sahabat yang diutus ke beberapa daerah yang jauh dari pusat negara, seperti ‘alî ibn abî thâlib diutus untuk menyelesaikan kasus hukum di yaman dengan membawa pesan nabi, ‚apabila duduk di hadapanmu dua pihak yang berperkara maka janganlah tergesa-gesa memutuskan hukum sebelum kamu mendengar pembicaraan kedua belah pihak karena hal itu lebih patut bagimu dalam mengambil keputusan‛. kemudian mu’âdz ibn jabal juga diutus ke yaman untuk menjadi gubernur dengan pelbagai fungsinya termasuk menjadi hakim, demikian juga nabi mengangkat attab ibn asid sebagai gubernur sekaligus hakim di mekah3. upaya banding dan kasasi serta peninjauan kembali (pk) sudah ada pada masa ini. misalnya keputusan ‘alî yang disanggah oleh para pihak agar dimintakan banding ke rasul. masa khulafâ’ al-râsyidîn putusan hukum didasarkan pada alquran, sunah, dan ijmak sahabat. pada masa ‘umar ibn al-khaththâb, mengingat semakin meluasnya wilayah islam dan keharusan untuk mulai memperhatikan urusan-usuran pemerintahan di daerah-daerah maka mulailah dilakukan pemisahan antara eksekutif dan yudikatif. hakim-hakim mulai diangkat dengan kewenangan berdasarkan wilayah dan materi perkara, misalnya abû darda (madinah), syurayh (bashrah), abû mûsâ al-asy‘arî (kufah), dan lain-lain. untuk hukum publik dipegang oleh ‘umar atau penguasa daerah sedang untuk perdata dipegang oleh hakim-hakim yang diangkat oleh khalîfah. pada masa ‘utsmân ibn ‘affân lembaga pengadilan mulai diadakan yang sebelumnya kegiatan peradilan dilakukan di masjid-masjid. pendelegasian wewenang juga dilakukan oleh khalifah ‘alî ibn abî thâlib dengan mengutus al-nakha’î ke mesir sebagai gubernur sekaligus hakim. 2 hasbi ash-shiddieqy, peradilan dan hukum acara islam, (bandung: pt. al-ma’arif, t.th), h. 11. lihat juga muhammad salam madkur, peradilan dalam islam, terjemahan dari al-qadhâ’ fi alislâm, oleh imran am, (surabaya: pt bina ilmu, 1990), cet. iv, h. 36. 3 muhammad salam madkur, peradilan dalam islam , h. 39. al-iqtishad: vol. v, no. 1, januari 2013 121 dan lain-lain. proses beracara pada masa tersebut para pihak dihadirkan di hadapan rasul untuk didengarkan keterangannya dengan alat-alat bukti meliputi: bayyinah, sumpah, saksi, bukti tertulis, firasat, undian, dan lain-lain.2 rasulullah bersabda, ‚al-bayyinah ‘ala al-mudda‘î wa al-yamîn ‘alâ man ankara” (keterangan (pembuktian) itu diminta kepada penggugat dan sumpah dikenakan kepada tergugat). dan sabdanya yang lain, ‚aku diperintahkan tuhanku memutuskan perkara menurut bukti-bukti (alasan-alasan) yang nyata, sedang hakikat urusan itu terserah kepada allah sendiri.‛ (h.r. al-bukhârî dan muslim). seiring dengan berkembangnya islam ke pelbagai tempat, pendelegasian wewenang mulai diberikan kepada sahabat yang diutus ke beberapa daerah yang jauh dari pusat negara, seperti ‘alî ibn abî thâlib diutus untuk menyelesaikan kasus hukum di yaman dengan membawa pesan nabi, ‚apabila duduk di hadapanmu dua pihak yang berperkara maka janganlah tergesa-gesa memutuskan hukum sebelum kamu mendengar pembicaraan kedua belah pihak karena hal itu lebih patut bagimu dalam mengambil keputusan‛. kemudian mu’âdz ibn jabal juga diutus ke yaman untuk menjadi gubernur dengan pelbagai fungsinya termasuk menjadi hakim, demikian juga nabi mengangkat attab ibn asid sebagai gubernur sekaligus hakim di mekah3. upaya banding dan kasasi serta peninjauan kembali (pk) sudah ada pada masa ini. misalnya keputusan ‘alî yang disanggah oleh para pihak agar dimintakan banding ke rasul. masa khulafâ’ al-râsyidîn putusan hukum didasarkan pada alquran, sunah, dan ijmak sahabat. pada masa ‘umar ibn al-khaththâb, mengingat semakin meluasnya wilayah islam dan keharusan untuk mulai memperhatikan urusan-usuran pemerintahan di daerah-daerah maka mulailah dilakukan pemisahan antara eksekutif dan yudikatif. hakim-hakim mulai diangkat dengan kewenangan berdasarkan wilayah dan materi perkara, misalnya abû darda (madinah), syurayh (bashrah), abû mûsâ al-asy‘arî (kufah), dan lain-lain. untuk hukum publik dipegang oleh ‘umar atau penguasa daerah sedang untuk perdata dipegang oleh hakim-hakim yang diangkat oleh khalîfah. pada masa ‘utsmân ibn ‘affân lembaga pengadilan mulai diadakan yang sebelumnya kegiatan peradilan dilakukan di masjid-masjid. pendelegasian wewenang juga dilakukan oleh khalifah ‘alî ibn abî thâlib dengan mengutus al-nakha’î ke mesir sebagai gubernur sekaligus hakim. 2 hasbi ash-shiddieqy, peradilan dan hukum acara islam, (bandung: pt. al-ma’arif, t.th), h. 11. lihat juga muhammad salam madkur, peradilan dalam islam, terjemahan dari al-qadhâ’ fi alislâm, oleh imran am, (surabaya: pt bina ilmu, 1990), cet. iv, h. 36. 3 muhammad salam madkur, peradilan dalam islam , h. 39. seperti halnya rasulullah saw. dalam setiap mengutus sahabatnya ke pelbagai daerah selalu memberikan bimbingan dan pesan-pesan yang berhubungan dengan penyelesaian sengketa. para al-khulafâ’ al-râsyidîn juga melakukan hal yang sama, yang terkenal adalah surat khalifah ‘umar ibn khaththâb kepada abû mûsâ al-asy‘arî (kûfah) yang isinya menyangkut pokokpokok penyelesaian perkara di pengadilan4. alat bukti pada masa itu saksi dan sumpah. adapun hasil putusan penyelesaian setiap sengketa belum dibukukan. masa ‘umayyah, hakim-hakim yang berada di pusat pemerintahan diangkat oleh khalifah sedangkan yang ada di daerah diangkat oleh penguasa daerah dengan kewenangan pada perkara-perkara khusus. hakim pada masa ini adalah juga seorang mujtahid dan sangat independen5. masa ‘abbâsiyyah, peradaban makin maju, masalahpun makin banyak muncul. sementara itu kecenderungan bermazhab mulai muncul termasuk di kalangan hakim sehingga seringkali menyulitkan pihak yang berperkara yang berbeda mazhabnya dengan hakim. akibatnya, tidak ada kepastian hukum yang harus dipegangi oleh hakim. oleh karena itu, ‘abd allâh ibn al-muqaffâ menulis risalah tentang pedoman beracara yang berlaku umum untuk seluruh wilayah negara kepada khalifah abû ja‘far al-manshûr. abû yûsuf, ahli fikih mazhab hanafî, diangkat menjadi qâdhî al-qudhât6 yang bertugas mengawasi, mengangkat, dan memecat kadi serta meninjau kembali putusan. qâdhî al-qudhât ini berkedudukan di ibukota. persidangan dilakukan di majelis-majelis yang luas dan representatif. hari-hari persidangan ditentukan dan hakim tidak dibenarkan melakukan persidangan di tempat lain. registrasi putusan dan pendaftran perkara wasiat dan utang-piutang mulai dilakukan. yurisdiksi absolut hakim mulai bertambah selain menyelesaikan perkara perdata juga perkara pidana, penganiayaan yang dilakukan oleh penguasa, hisbah, pembuatan mata uang dan kas negara. pada masa itu selain penyelesaian sengketa dilakukan di lembaga peradilan juga di lembaga-lembaga di luar pengadilan, yaitu hakam atau tahkîm, wilayah al-hisbah dan wilâyah al-mazhâlim. pasca ‘abbâsiyyah dan ‘utsmâniyyah, keadaan pemerintahan di seluruh dunia islam mengalami kemunduran yang sangat signifikan yang berimbas pada sistem peradilan islam yang pada mulanya yurisdiksinya sangat luas sekarang 4 surat ‘umar ibn al-khaththâb kepada gubernur abû mûsâ al-as‘arî ini dikenal dengan nama risâlah al-qadhâ. 5 hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 20. 6 muhammad salam madkur mengidentikkan qâdhî al-qudhât dengan ketua mahkamah agung, lihat muhammad salam madzkur, peradilan dalam islam, h. 49. sementara hasbi ashshidieqy mengidentikkannya dengan menteri kehakiman, lihat: hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 23. maskufa: penyelesaian sengketa perjanjian syariah122 hanya mengurusi perkara-perkara al-ahwal al-syakhshiyyah (hukum keluarga) saja. beberapa penjelasan di atas terkait dengan proses penyelesaian sengketa dari masa rasul sampai daulat-daulat dapat disimpulkan bahwa penyelesaian sengketa dalam tradisi islam dapat dilakukan melalui jalur litigasi dan nonlitigasi sebagai berikut: qadhâ (peradilan) tujuan dari risalah allah adalah keadilan yang memiliki nilai tinggi dalam agama islam. keadilan dapat dicapai manakala hak dapat ditunaikan dengan baik kepada orang yang berhak menerimanya, menetapkan hukum sesuai dengan yang disyariatkan oleh allah dan memutuskan perkara yang terjadi diantara manusia dengan tanpa pandang bulu (musâwah), bahwa para pihak di depan hukum mempunyai kedudukan yang sama. mengingat pentingnya lembaga yang dapat mengayomi semua pihak maka adanya lembaga peradilan menjadi sangat penting. lembaga peradilan ini di dalam tradisi islam dikenal dengan nama qadhâ yakni lembaga yang memutuskan/menyelesaikan persengketaan antar manusia berdasarkan hukum allah7sehingga perselisihan itu menjadi hilang8. keberadaan lembaga ini termasuk rukun dalam suatu negara9 dan termasuk fardh kifâyah10, wajib bagi pemimpin negara untuk mengadakannya.11 7 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (damaskus: dâr al-fikr, 1997), juz viii, h. 5921. 8 al-sayyid sâbiq, fiqh al-sunnah, (bayrût: dâr al-fikr, t.th ), h. 312. 9 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, juz viii, h. 5921. 10 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, juz viii, h. 5935, lihat juga ibn qudâmah, al-mughnî wa syarkh al-kabîr, (bayrût: dâr al-fikr, t.th), juz xi, h. 374. 11 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, juz viii, h. 5935. al-iqtishad: vol. v, no. 1, januari 2013 123 hanya mengurusi perkara-perkara al-ahwal al-syakhshiyyah (hukum keluarga) saja. beberapa penjelasan di atas terkait dengan proses penyelesaian sengketa dari masa rasul sampai daulat-daulat dapat disimpulkan bahwa penyelesaian sengketa dalam tradisi islam dapat dilakukan melalui jalur litigasi dan nonlitigasi sebagai berikut: qadhâ (peradilan) tujuan dari risalah allah adalah keadilan yang memiliki nilai tinggi dalam agama islam. keadilan dapat dicapai manakala hak dapat ditunaikan dengan baik kepada orang yang berhak menerimanya, menetapkan hukum sesuai dengan yang disyariatkan oleh allah dan memutuskan perkara yang terjadi diantara manusia dengan tanpa pandang bulu (musâwah), bahwa para pihak di depan hukum mempunyai kedudukan yang sama. mengingat pentingnya lembaga yang dapat mengayomi semua pihak maka adanya lembaga peradilan menjadi sangat penting. lembaga peradilan ini di dalam tradisi islam dikenal dengan nama qadhâ yakni lembaga yang memutuskan/menyelesaikan persengketaan antar manusia berdasarkan hukum allah7sehingga perselisihan itu menjadi hilang8. keberadaan lembaga ini termasuk rukun dalam suatu negara9 dan termasuk fardh kifâyah10, wajib bagi pemimpin negara untuk mengadakannya.11 7 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (damaskus: dâr al-fikr, 1997), juz viii, h. 5921. 8 al-sayyid sâbiq, fiqh al-sunnah, (bayrût: dâr al-fikr, t.th ), h. 312. 9 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, juz viii, h. 5921. 10 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, juz viii, h. 5935, lihat juga ibn qudâmah, al-mughnî wa syarkh al-kabîr, (bayrût: dâr al-fikr, t.th), juz xi, h. 374. 11 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, juz viii, h. 5935. unsur-unsur yang terkait dengan pelaksanaan lembaga peradilan ini meliputi: pertama, hakim adalah orang yang diberi kewenangan untuk memutuskan atau menyelesaikan gugatan-gugatan dan persengketaan, seseorang dapat menjadi hakim dengan persyaratan: balig dan berakal, merdeka, islam, sehat pancaindera, mengerti hukum syarak.12 kedua, hukum yaitu putusan hakim terhadap suatu perkara yang dipersengketakan, bentuk putusan ini ada dua macam. pertama, qadhâ ilzâm, yaitu menetapkan hak atau macam hukuman kepada salah satu pihak atau menetapkan suatu hak dengan tindakan, misalnya pembagian dengan paksa. kedua, qadhâ tarkî, yaitu penetapan berupa penolakan gugatan. diktum keputusan ini harus harus jelas dan kata-katanya harus mengena.13 ketiga, mahkûm bih, yaitu objek sengketa atau disebut juga dengan ‚hak‛. bila hak tersebut terkait dengan kasus perdata, maka yang menuntut adalah pihak penggugat. sedangkan bila yang menjadi hak itu terkait dengan hak publik, maka yang menuntut adalah penuntut umum. ini dilakukan agar tidak ada upaya balas dendam dari pihak tergugat.14 keempat, mahkum ‘alayh, yaitu tergugat/ terhukum. dan kelima, mahkûm lah, yaitu penggugat. yurisdiksi hakim terbagi dua. pertama, yurisdiksi absolut, yakni kasuskasus yang ditangani sesuai dengan penugasannya sebagai hakim baik materi hukum pidana atau materi hukum perdata. kedua, yurisdiksi relatif yakni sah memutuskan hukum di wilayah hukum di mana ia diangkat oleh penguasa, perselisihan domisili mengikuti domisili tergugat. upaya banding dan kasasi dapat dilakukan manakala para pihak tidak puas dengan keputusan hukum yang ditetapkan pada peradilan tingkat pertama, pembatalan juga dapat dilakukan apabila: (1) putusan berlawanan dengan nas dan ijmak; (2) wewenang hakim dalam memutuskan perkara diperselisihkan; (3) peninjauan kembali putusan oleh hakim dapat dilakukan manakala putusan belum dijatuhkan, bila sudah dijatuhkan maka untuk kasus yang sama yang terjadi di masa depan shulh (perdamaian) shulh adalah suatu perjanjian untuk menghentikan/mengakhiri persengketaan atau suatu kesepakatan untuk menyelesaikan sengketa secara damai dan saling memaafkan.15 dasar penyelesaian sengketa melalui perdamaian ini merujuk pada q.s. al-nisa [4] ayat 128 dan q.s. al-hujarât [49]: 9. islam 12 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 6236. 13 muhammad salam madkur, peradilan islam, h. 29. 14 muhammad salam madkur, peradilan islam, h. 30. 15 lihat ibn qudâmah, al-mughnî, juz v, h. 3. lihat juga al-sayyid sâbiq, fiqh al-sunnah, h. 305. maskufa: penyelesaian sengketa perjanjian syariah124 mengajarkan agar pihak-pihak yang bersengketa (berselisih) melakukan perdamaian. perdamaian dilakukan dengan cara musyawarah dan negosiasi oleh pihak-pihak yang bersengketa (langsung atau tidak langsung) untuk menyelesaikan perselisihan di antara mereka. dari segi sosial (keterjagaan nama baik) dan efesiensi ekonomi, penyelesaian perselisihan melalui institusi ini dianggap paling baik. oleh karena itu, dalam q.s. al-nisâ’ [4]: 128 secara implisit ditetapkan bahwa perdamaian adalah cara terbaik dalam menyelesaikan masalah (wa al-shulh khayr). di samping itu, dalam fikih juga terdapat kaidah yang menyatakan bahwa shulh adalah instrumen penyelesaian hukum yang utama (al-shulh sayyid al-ahkâm)16. shulh dapat dilakukan dalam kasus-kasus kehartabendaan, permusuhan, rumah tangga, dan sengketa muslim dan nonmuslim. pelaksana perjanjian damai bisa dilaksanakan dengan dua cara, yakni di luar sidang pengadilan atau melalui sidang pengadilan. di luar sidang pengadilan, penyelesaian sengketa dapat dilaksanakan baik oleh mereka sendiri (yang melakukan perdamaian) tanpa melibatkan pihak lain, atau meminta bantuan orang lain untuk menjadi penengah (wasit), itulah yang kemudian disebut dengan arbitrase, atau dalam syariat islam disebut dengan hakam. perjanjian perdamaian (shulh) yang dilaksanakan sendiri oleh kedua belah pihak yang berselisih atau bersengketa, dalam praktik dibeberapa negara islam, terutama dalam hal perbankan syariah disebut dengan ‚tafâwud‛ dan ‚tawfîq‛ (perundingan dan penyesuaian). kedua hal yang terakhir ini biasanya dipakai dalam mengatasi persengketaan antara intern bank, khususnya bank dan lembaga-lembaga keuangan pemerintah. peraturan tentang mekanisme dan halhal lainnya yang terkait dengan shulh sekarang sudah dimuat dalam kompilasi hukum ekonomi syariah pada bab xviii. dalam fikih dikenal ada tiga bentuk shulh.17pertama, al-shulh ‘an iqrâr (perdamaian terhadap kasus yang sudah ada pengakuan tergugat), contoh: seorang menggugat pihak lain tentang suatu utang dan pihak tergugat membenarkan isi gugatan itu sehingga kesepakatan dapat dilakukan. kedua, al-shulh ‘an inkâr (perdamaian terhadap yang diingkari tergugat), contoh: seorang penggugat menggugat pihak lain, tetapi tergugat menyangkal gugatan itu. ketiga, 16 jaih mubarok, ‚penyelesaian sengketa ekonomi syariah di indonesia‛, dalam www.badilag.net, diunduh 10 desember 2010. 17 al-sayyid sâbiq, fiqh al-sunnah, h. 309; ibn qudâmah membagi bentuk shulh ini pada dua macam, yaitu al-sulh ‘an iqrâr dan al-sulh ‘an inkâr. lihat ibn qudâmah, al-mughnî wa syarh al-kabîr, (bayrût: dâr al-fikr, t.th ), juz v, h. 309. al-iqtishad: vol. v, no. 1, januari 2013 125 mengajarkan agar pihak-pihak yang bersengketa (berselisih) melakukan perdamaian. perdamaian dilakukan dengan cara musyawarah dan negosiasi oleh pihak-pihak yang bersengketa (langsung atau tidak langsung) untuk menyelesaikan perselisihan di antara mereka. dari segi sosial (keterjagaan nama baik) dan efesiensi ekonomi, penyelesaian perselisihan melalui institusi ini dianggap paling baik. oleh karena itu, dalam q.s. al-nisâ’ [4]: 128 secara implisit ditetapkan bahwa perdamaian adalah cara terbaik dalam menyelesaikan masalah (wa al-shulh khayr). di samping itu, dalam fikih juga terdapat kaidah yang menyatakan bahwa shulh adalah instrumen penyelesaian hukum yang utama (al-shulh sayyid al-ahkâm)16. shulh dapat dilakukan dalam kasus-kasus kehartabendaan, permusuhan, rumah tangga, dan sengketa muslim dan nonmuslim. pelaksana perjanjian damai bisa dilaksanakan dengan dua cara, yakni di luar sidang pengadilan atau melalui sidang pengadilan. di luar sidang pengadilan, penyelesaian sengketa dapat dilaksanakan baik oleh mereka sendiri (yang melakukan perdamaian) tanpa melibatkan pihak lain, atau meminta bantuan orang lain untuk menjadi penengah (wasit), itulah yang kemudian disebut dengan arbitrase, atau dalam syariat islam disebut dengan hakam. perjanjian perdamaian (shulh) yang dilaksanakan sendiri oleh kedua belah pihak yang berselisih atau bersengketa, dalam praktik dibeberapa negara islam, terutama dalam hal perbankan syariah disebut dengan ‚tafâwud‛ dan ‚tawfîq‛ (perundingan dan penyesuaian). kedua hal yang terakhir ini biasanya dipakai dalam mengatasi persengketaan antara intern bank, khususnya bank dan lembaga-lembaga keuangan pemerintah. peraturan tentang mekanisme dan halhal lainnya yang terkait dengan shulh sekarang sudah dimuat dalam kompilasi hukum ekonomi syariah pada bab xviii. dalam fikih dikenal ada tiga bentuk shulh.17pertama, al-shulh ‘an iqrâr (perdamaian terhadap kasus yang sudah ada pengakuan tergugat), contoh: seorang menggugat pihak lain tentang suatu utang dan pihak tergugat membenarkan isi gugatan itu sehingga kesepakatan dapat dilakukan. kedua, al-shulh ‘an inkâr (perdamaian terhadap yang diingkari tergugat), contoh: seorang penggugat menggugat pihak lain, tetapi tergugat menyangkal gugatan itu. ketiga, 16 jaih mubarok, ‚penyelesaian sengketa ekonomi syariah di indonesia‛, dalam www.badilag.net, diunduh 10 desember 2010. 17 al-sayyid sâbiq, fiqh al-sunnah, h. 309; ibn qudâmah membagi bentuk shulh ini pada dua macam, yaitu al-sulh ‘an iqrâr dan al-sulh ‘an inkâr. lihat ibn qudâmah, al-mughnî wa syarh al-kabîr, (bayrût: dâr al-fikr, t.th ), juz v, h. 309. al-shulh ‘an sukût (perdamaian dalam kasus diamnya tergugat), contoh: seorang menggugat pihak lain tapi tergugat tidak memberikan jawaban atas gugatan itu. untuk shulh bentuk kedua dan ketiga jumhur membolehkan dengan alasan allah dan rasul-nya membolehkan shulh dalam segala keadaan dengan syarat tidak menghalalkan yang haram dan sebaliknya. sedangkan imam alsyâfi‘î dan ibn hazm melarangnya dengan alasan adanya pengingkaran menunjukkan tidak jelasnya objek gugatan dan diam bukan termasuk alat bukti karena pengakuan/pengingkaran baru dapat dimaknai manakala sudah diperdengarkan18. dari perjanjian damai itu lahir suatu ikatan hukum, yang masing-masing pihak berkewajiban untuk melaksanakannya. perlu diketahui bahwa perjanjian damai yang sudah disepakati itu tidak bisa dibatalkan secara sepihak. jika ada pihak yang tidak menyetujui isi perjanjian itu, maka pembatalan perjanjian itu harus atas persetujuan kedua belah pihak. shulh sebagai perbuatan hukum dan berakibat hukum apabila sudah terpenuhi syarat dan rukunnya. adapun rukun shulh menurut mazhab hanafî adalah adanya ijab-kabul, sedangkan menurut jumhur selain ijab kabul juga adanya dua pihak yang bersengketa, objek shulh dan bentuk perdamaian. syarat-syarat sahnya suatu perjanjian damai dapat diklasifikasi kepada bebarapa hal. pertama, subjek shulh yakni para pihak harus berakal dan sudah dewasa. shulh kehartabendaan pada anak-anak dilakukan oleh walinya. kedua, objek shulh, yakni harta yang bernilai, diketahui dan jelas, milik para pihak, hanya terkait dengan hak hamba dan yang dapat ganti rugi, misalnya qishâsh. hak allah terkait dengan perzinaan, pencurian tidak boleh shulh. ketiga, bentuk shulh, yakni harta benda yang dibolehkan oleh agama dan mempunyai nilai19. keempat, pelaksanaan perjanjian damai bisa dilaksanakan dengan dua cara, yakni di luar sidang pengadilan atau melalui sidang pengadilan. di luar sidang pengadilan, penyelesaian sengketa dapat dilaksanakan baik oleh mereka sendiri (yang melakukan perdamaian) tanpa melibatkan pihak lain, atau meminta bantuan orang lain untuk menjadi penengah (wasit), itulah yang kemudian disebut dengan arbitrase, atau dalam syariat islam disebut dengan hakam. pelaksanaan perjanjian damai melalui sidang pengadilan dilangsungkan pada saat perkara sedang diproses dalam sidang pengadilan. di dalam ketentuan perundang-undangan ditentukan bahwa sebelum perkara diproses, atau dapat juga selama diproses bahkan sudah diputus oleh pengadilan tetapi belum mempunyai kekuatan hukum tetap, hakim harus menganjurkan agar para pihak 18 al-sayyid sâbiq, fiqh al-sunnah, h. 309; ibn qudâmah, al-mughnî wa syarh al-kabîr, h. 309. 19 al-sayyid sâbiq, fiqh al-sunnah, h. 309; ibn qudâmah, al-mughnî wa syarh al-kabîr, h. 307. maskufa: penyelesaian sengketa perjanjian syariah126 yang bersengketa supaya berdamai. seandainya hakim berhasil mendamaikan pihak-pihak yang bersengketa, maka dibuatlah putusan perdamaian, kedua belah pihak yang melakukan perdamaian itu dihukum untuk mematuhi perdamaian yang telah mereka sepakati. akad shulh batal bila: (1) pencabutan akta damai; (2) cacatnya bentuk perdamaian; (3) adanya kecelakaan sebelum eksekusi damai. tahkîm (arbitrase) tahkîm adalah pihak yang bersengketa mengutus seseorang untuk menyelesaikan masalahnya berdasarkan hukum syarak20, menurut said agil husein al munawar, pengertian ‚tahkîm‛ menurut kelompok ahli hukum islam mazhab hanafî adalah memisahkan persengketaan atau menetapkan hukum di antara manusia dengan ucapan yang mengikat kedua belah pihak yang bersumber dari pihak yang mempunyai kekuasaan secara umum. sedangkan pengertian ‚tahkîm‛ menurut ahli hukum dari mazhab syâfi‘î yaitu memisahkan pertikaian antarpihak yang bertikai atau lebih dengan hukum allah atau menyatakan dan menetapkan hukum syarak terhadap suatu peristiwa yang wajib dilaksanakannya21. secara umum, tahkîm memiliki pengertian yang sama dengan arbitrase yang dikenal dewasa ini, yakni pengangkatan seseorang atau lebih sebagai wasit oleh dua orang yang berselisih atau lebih untuk menyelesaikan perselisihan mereka secara damai. orang yang menyelesaikan disebut dengan hakam, hukum yang diberikan muhakam hanya mengikat pihak yang menerima putusannya. landasan tahkîm terdapat dalam q.s. al-nisâ’ [4]: 128 yang menjelaskan bahwa al-tahkîm ditetapkan sebagai salah satu institusi untuk menyelesaikan sengketa/perselisihan. secara teknis, tahkîm dapat dilakukan dalam dua bentuk, yaitu hakam tunggal dan hakam majelis. arbitrase dengan hakam tunggal adalah para pihak sepakat menunjuk (meminta) seseorang atau badan tertentu untuk menyelesaikan sengketa/perselisihan yang mereka hadapi. sementara hakam majelis adalah masing-masing pihak menunjuk orang atau badan tertentu untuk menyelesaikan sengketa/perselisihan yang mereka hadapi. adapun hal-hal yang terkait dengan proses tahkîm adalah sebagai berikut:22 pertama, muhakam, mempunyai sifat hakim (ahli dalam bidang yang 20 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 6250. 21 said agil husein al munawar, ‚pelaksanaan arbitrase di dunia islam‛, dalam arbitrase islam di indonesia, (jakarta: bamui & bmi, 1994), h.48-49. 22 hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 71-72. al-iqtishad: vol. v, no. 1, januari 2013 127 yang bersengketa supaya berdamai. seandainya hakim berhasil mendamaikan pihak-pihak yang bersengketa, maka dibuatlah putusan perdamaian, kedua belah pihak yang melakukan perdamaian itu dihukum untuk mematuhi perdamaian yang telah mereka sepakati. akad shulh batal bila: (1) pencabutan akta damai; (2) cacatnya bentuk perdamaian; (3) adanya kecelakaan sebelum eksekusi damai. tahkîm (arbitrase) tahkîm adalah pihak yang bersengketa mengutus seseorang untuk menyelesaikan masalahnya berdasarkan hukum syarak20, menurut said agil husein al munawar, pengertian ‚tahkîm‛ menurut kelompok ahli hukum islam mazhab hanafî adalah memisahkan persengketaan atau menetapkan hukum di antara manusia dengan ucapan yang mengikat kedua belah pihak yang bersumber dari pihak yang mempunyai kekuasaan secara umum. sedangkan pengertian ‚tahkîm‛ menurut ahli hukum dari mazhab syâfi‘î yaitu memisahkan pertikaian antarpihak yang bertikai atau lebih dengan hukum allah atau menyatakan dan menetapkan hukum syarak terhadap suatu peristiwa yang wajib dilaksanakannya21. secara umum, tahkîm memiliki pengertian yang sama dengan arbitrase yang dikenal dewasa ini, yakni pengangkatan seseorang atau lebih sebagai wasit oleh dua orang yang berselisih atau lebih untuk menyelesaikan perselisihan mereka secara damai. orang yang menyelesaikan disebut dengan hakam, hukum yang diberikan muhakam hanya mengikat pihak yang menerima putusannya. landasan tahkîm terdapat dalam q.s. al-nisâ’ [4]: 128 yang menjelaskan bahwa al-tahkîm ditetapkan sebagai salah satu institusi untuk menyelesaikan sengketa/perselisihan. secara teknis, tahkîm dapat dilakukan dalam dua bentuk, yaitu hakam tunggal dan hakam majelis. arbitrase dengan hakam tunggal adalah para pihak sepakat menunjuk (meminta) seseorang atau badan tertentu untuk menyelesaikan sengketa/perselisihan yang mereka hadapi. sementara hakam majelis adalah masing-masing pihak menunjuk orang atau badan tertentu untuk menyelesaikan sengketa/perselisihan yang mereka hadapi. adapun hal-hal yang terkait dengan proses tahkîm adalah sebagai berikut:22 pertama, muhakam, mempunyai sifat hakim (ahli dalam bidang yang 20 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, h. 6250. 21 said agil husein al munawar, ‚pelaksanaan arbitrase di dunia islam‛, dalam arbitrase islam di indonesia, (jakarta: bamui & bmi, 1994), h.48-49. 22 hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 71-72. menjadi objek hakam-nya). kedua, objek, yang merujuk ibn qudâmah meliputi semua perkara kecuali li’ân, qadzaf, dan qishâsh. sedangkan menurut ibn farhun berupa: harta, tidak berlaku pada pidana, li’ân, qishâsh, qadzaf, talak, dan penentuan keturunan. ketiga, sifat dan akibat hukum dari berlangsungnya proses tahkîm adalah: (1) para pihak boleh menolak dan memakzulkan hakam sebelum ia menjatuhkan putusannya; (2) hakam boleh mendengar keterangan saksi, ikrar, dan nuqul; (3) bila pihak yang kalah mengingkari adanya ikrar padahal keterangan cukup dan mengajukan kasusnya ke hakim maka hakim boleh menerima putusan hakam tersebut. keempat, menurut jumhur ulama putusan hakam harus dijalani oleh yang bersangkutan, sebagian ulama lainnya berpendapat bahwa putusan hakam dapat dijalankan apabila kedua pihak mau melaksanakan putusan itu. fatwa fatwa adalah jawaban atas pertanyaan terhadap sesuatu yang tidak jelas hukumnya.23 pada hakikatnya memberikan fatwa adalah menyampaikan hukum-hukum allah kepada manusia lainnya. oleh karenanya, pemberi fatwa hendaknya adalah orang-orang yang mengerti hukum-hukum agama dan dikenal sebagai orang yang berakhlak mulia. lembaga fatwa memberi fatwa terhadap masalah yang diajukan, baik perorangan maupun instansi-instansi resmi. saat ini lembaga fatwa yang menyelesaikan dan memberi fatwa terkait lalu lintas bisnis syariah adalah mui dengan dewan syariah nasionalnya (dsn). walaupun secara struktur hukum fatwa mempunyai titik lemah karena sifatnya hanya seperti imbauan moral akan tetapi produk-produk fatwa dari dsn menjadi rujukan yang sangat berharga bagi dikeluarkannya beberapa peraturan bank indonesia, baik yang menyangkut substansi, materi, maupun praktik hukum ekonomi islam di perbankan syariah. di samping itu telah banyak pula dikeluarkan fatwa-fatwa dewan syariah nasional. dsn adalah sebuah institusi di bawah majelis ulama indonesia yang dibentuk pada awal tahun 1999. menurut pasal 1 ayat (9) peraturan bank indonesia no. 6/24/pbi/2004 tentang bank umum yang melaksanakan usaha berdasarkan prinsip syariah. lembaga ini diberi dan memiliki wewenang menetapkan fatwa tentang produk jasa dalam kegiatan usaha bank yang melaksanakan kegiatan usaha berdasarkan prinsip syariah. dari segi ilmu hukum timbul pertanyaan-pertanyaan terhadap keberadaan fatwa dewan syariah nasional dalam mengatur keberadaan perkembangan praktik bisnis yang dinamakan bisnis syariah tersebut. 23 hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 73. maskufa: penyelesaian sengketa perjanjian syariah128 pertanyaan serupa sebetulnya tidak perlu sampai menjadikan suatu pro dan kontra tentang keberadaannya, karena di dalam ilmu hukum dikenal apa yang disebut dengan doktrin atau ajaran dari ahli. mengingat dewan syariah di bawah mui, sementara itu mui merupakan kumpulan dari ahli-ahli agama islam. untuk itu fatwa ini tidak perlu dijadikan perdebatan tentang keberadaannya sebagai salah satu sumber hukum.24 produk fatwa dan produk peradilan dalam implementasinya memiliki perbedaan, yakni produk qadhâ yang harus dituruti dan ada eksekusi (alat-alat negara berusaha untuk melaksanakan putusan itu). sedangkan produk fatwa tidak mengharuskan untuk diikuti dan alat-alat negara tidak dapat campur tangan untuk melaksanakan fatwa itu.25 tidak dibenarkan orang awam yang telah meminta fatwa kepada seorang mufti kemudian pergi ke mufti lain untuk menanyakan hal yang sama. bahkan ia diharuskan untuk mengikuti fatwa dari mufti tersebut. sebagai salah satu bentuk produk hukum fatwa tidak mengikat selama belum diakui secara resmi dalam undang-undang. wilâyah al-mazhâlim wilâyah al-mazhâlim merupakan kekuasaan di bidang peradilan yang lebih tinggi daripada kekuasaan kehakiman dan kekuasaan muhtasib. badan ini dibentuk oleh pemerintah untuk membela orang-orang teraniaya akibat sikap semena-mena dari pembesar negara atau keluarganya, yang biasanya sulit untuk diselesaikan oleh pengadilan biasa dan kekuasaan hisbah. kewenangan yang dimiliki oleh lembaga ini adalah menyelesaikan kasus-kasus pelanggaran hukum yang dilakukan oleh aparat atau pejabat pemerintah seperti suap-menyuap, korupsi, dan kebijakan pemerintah yang merugikan masyarakat. dilihat dari kedudukan dan fungsinya lembaga wilâyah al-mazhâlim ini mirip dengan pengadilan tata usaha negara. tugas-tugas dari wilâyah al-mazhâlim, menurut al-mâwardî, ada sepuluh perkara yang menjadi yurisdiksi relatif dari lembaga ini: (1) penganiayaan; (2) kecurangan pegawai; (3) pengawasan terhadap pejabat; (4) pemotongan/ pelambatan gaji secara sepihak; (5) pengembalian harta rakyat yang dirampas pejabat; (6) memperhatikan harta-harta wakaf; (7) melaksanakan putusan hakim yang tidak dapat dilaksanakan oleh hakim yang bersangkutan karena 24 hermayulis, ‚perkembangan ekonomi syariah dan penyelesaian sengketa ekonomi syariah di indonesia‛, kertas kerja ini disiapkan untuk dibentangkan pada fakultas hukum universitas yarsi, 10 juni 2010, h. 6. 25 hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 73. al-iqtishad: vol. v, no. 1, januari 2013 129 pertanyaan serupa sebetulnya tidak perlu sampai menjadikan suatu pro dan kontra tentang keberadaannya, karena di dalam ilmu hukum dikenal apa yang disebut dengan doktrin atau ajaran dari ahli. mengingat dewan syariah di bawah mui, sementara itu mui merupakan kumpulan dari ahli-ahli agama islam. untuk itu fatwa ini tidak perlu dijadikan perdebatan tentang keberadaannya sebagai salah satu sumber hukum.24 produk fatwa dan produk peradilan dalam implementasinya memiliki perbedaan, yakni produk qadhâ yang harus dituruti dan ada eksekusi (alat-alat negara berusaha untuk melaksanakan putusan itu). sedangkan produk fatwa tidak mengharuskan untuk diikuti dan alat-alat negara tidak dapat campur tangan untuk melaksanakan fatwa itu.25 tidak dibenarkan orang awam yang telah meminta fatwa kepada seorang mufti kemudian pergi ke mufti lain untuk menanyakan hal yang sama. bahkan ia diharuskan untuk mengikuti fatwa dari mufti tersebut. sebagai salah satu bentuk produk hukum fatwa tidak mengikat selama belum diakui secara resmi dalam undang-undang. wilâyah al-mazhâlim wilâyah al-mazhâlim merupakan kekuasaan di bidang peradilan yang lebih tinggi daripada kekuasaan kehakiman dan kekuasaan muhtasib. badan ini dibentuk oleh pemerintah untuk membela orang-orang teraniaya akibat sikap semena-mena dari pembesar negara atau keluarganya, yang biasanya sulit untuk diselesaikan oleh pengadilan biasa dan kekuasaan hisbah. kewenangan yang dimiliki oleh lembaga ini adalah menyelesaikan kasus-kasus pelanggaran hukum yang dilakukan oleh aparat atau pejabat pemerintah seperti suap-menyuap, korupsi, dan kebijakan pemerintah yang merugikan masyarakat. dilihat dari kedudukan dan fungsinya lembaga wilâyah al-mazhâlim ini mirip dengan pengadilan tata usaha negara. tugas-tugas dari wilâyah al-mazhâlim, menurut al-mâwardî, ada sepuluh perkara yang menjadi yurisdiksi relatif dari lembaga ini: (1) penganiayaan; (2) kecurangan pegawai; (3) pengawasan terhadap pejabat; (4) pemotongan/ pelambatan gaji secara sepihak; (5) pengembalian harta rakyat yang dirampas pejabat; (6) memperhatikan harta-harta wakaf; (7) melaksanakan putusan hakim yang tidak dapat dilaksanakan oleh hakim yang bersangkutan karena 24 hermayulis, ‚perkembangan ekonomi syariah dan penyelesaian sengketa ekonomi syariah di indonesia‛, kertas kerja ini disiapkan untuk dibentangkan pada fakultas hukum universitas yarsi, 10 juni 2010, h. 6. 25 hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 73. terperiksa adalah orang yang pangkatnya tinggi; (8) meneliti dan memeriksa perkara-perkara yang terkait dengan maslahat umum; (9) memelihara hak-hak allah; (10) menyelesaikan sengketa.26 adapun perangkat yang diperlukan dari lembaga mazhâlim ini meliputi: (1) pengawal dan penjaga untuk pengamanan proses pemeriksaan; (2) majelis hakim; (3) ahli-ahi fikih; (4) panitera mencatat segala keterangan yang diberikan para pihak; (5) saksi dan saksi ahli wilâyah al-hisbah al-hisbah adalah lembaga resmi negara yang diberi wewenang untuk menyelesaikan masalah-masalah atau pelanggaran ringan yang menurut sifatnya tidak memerlukan proses peradilan untuk menyelesaikannya. kedudukan lembaga hisbah ini adalah menjalankan tugas keagamaan yang masuk dalam lingkup amar ma‘rûf nahy munkar, penguasa berkewajiban untuk mengadakan lembaga ini. dari bentuknya saat ini ada kemiripan dengan lembaga penuntut umum, polisi, dan satpol pp. adapun dasar hukumnya ialah perilaku nabi muhamamad saw. ketika melihat kecurangan para pedagang yang menampakkan yang baik dan menutupi yang tidak baik dengan cara menumpuk dagangannya. nabi kemudian memasukkan tangannya ke dalam makanan itu dan ternyata ada kecurangan di sini.27 adapun tugas dari muhtasib adalah sebagai berikut: pertama, memberikan bantuan kepada orang-orang yang tidak dapat mengembalikan haknya. kedua, mengawal berlaku tidaknya undang-undang dan adab-adab kesusilaan yang tidak boleh dilanggar siapapun. ketiga, memberikan putusan terhadap hal-hal yang perlu untuk segera diselesaikan. muhtasib berwenang dalam menangani perkara sebagai berikut: (1) dakwaan yang terkait dengan penipuan dalam komoditas dan harga seperti pengurangan takaran dan timbangan di pasar serta menjual bahan makanan yang sudah kadaluarsa; (2) dakwaan yang terkait dengan kecurangan dan pengurangan takaran atau timbangan; (3) dakwaan yang terkait dengan penundaan pembayaran utang padahal pihak yang berutang mampu membayarnya. penyelesaian sengketa ekonomi islam dalam tata hukum indonesia lahirnya uu no. 7 tahun 1992, uu no. 10 tahun 1998, dan uu no. 23 tahun 1990 sebenarnya sudah menjadi dasar hukum yang kuat bagi terseleng 26 imam al-mâwardî, al-ahkâm al-sulthâniyyah, (bayrût: dâr al-fikr, t.th), h. 80-83. 27 hasbi ash-shidieqy, peradilan dan hukum acara islam, h. 81. maskufa: penyelesaian sengketa perjanjian syariah130 garanya perbankan syariah di indonesia, walaupun masih ada beberapa hal yang masih perlu disempurnakan, di antaranya perlunya penyusunan dan penyempurnaan ketentuan perundang-undangan mengenai operasionalisasi bank syariah secara tersendiri agar apabila terjadi suatu persengketaan dalam hal ini hubungannya dengan perbankan syariah dapat teratasi dengan merujuk pada uu yang berlaku. pada awalnya yang menjadi kendala hukum bagi penyelesaian sengketa perbankan syariah adalah hendak dibawa ke mana penyelesaiannya. pengadilan negeri tidak menggunakan syariah sebagai landasan hukum bagi penyelesaian perkara, sedangkan wewenang pengadilan agama dalam pasal 49 uu no. 7 tahun 1989 hanya terbatas mengadili perkara perkawinan, kewarisan, wasiat, hibah, wakaf, dan sedekah. sehingga kemudian untuk mengantisipasi kondisi darurat maka didirikan badan arbitrase muamalah indonesia (bamui) yang didirikan secara bersama oleh kejaksaan agung ri dan mui. dengan ditetapkannya uu no. 3 tahun 2006 tentang peradilan agama sebagai perubahan dari uu no. 7 tahun 1989, maka kewenangan pengadilan agama menurut pasal 49 uu no. 3 tahun 2006 adalah bertugas dan berwenang memeriksa, memutus, dan menyelesaikan perkara di tingkat pertama antara orang-orang yang beragama islam di bidang: perkawinan, waris, wasiat, hibah, wakaf, zakat, infak, sedekah, dan ekonomi syariah. dalam penjelasan terhadap bunyi pasal 49 itu khususnya pada poin huruf i atau ekonomi syariah disebutkan bahwa penyelesaian sengketa tidak hanya dibatasi di bidang perbankan syariah, melainkan juga di bidang ekonomi syariah lainnya yaitu yang dimaksud dengan ‚ekonomi syari’ah‛ adalah perbuatan atau kegiatan usaha yang dilaksanakan menurut prinsip syariah, antara lain meliputi: (a) bank syariah; (b) lembaga keuangan mikro syariah; (c) asuransi syariah; (d) reasuransi syariah; (e) reksadana syariah; (f) obligasi syariah dan surat berharga berjangka menengah syariah; (g) sekuritas syariah; (h) pembiayaan syariah; (i) pegadaian syariah; (j) dana pensiun lembaga keuangan syariah; dan (k) bisnis syariah. pasal 4 pbi no.9/19/2007 tentang pelaksanaan prinsip syariah dalam kegiatan penghimpunan dana dan penyaluran serta pelayanan jasa bank syariah juga menjelaskan bahwa penyelesaian sengketa antara nasabah dan bank dengan jalan musyawarah, bila tercapai kesepakatan maka dilakukan mediasi termasuk mediasi perbankan, bila tidak tercapai kesepakan pula maka dilakukan melalui mekanisme arbitrase syariah atau melalui lembaga peradilan yang ditentukan oleh undang-undang28. 28 zubairi hasan, undang-undang perbankan syariah titik hukum islam dan hukum nasional, (jakarta: rajawali pers, 2009), h. 227. al-iqtishad: vol. v, no. 1, januari 2013 131 garanya perbankan syariah di indonesia, walaupun masih ada beberapa hal yang masih perlu disempurnakan, di antaranya perlunya penyusunan dan penyempurnaan ketentuan perundang-undangan mengenai operasionalisasi bank syariah secara tersendiri agar apabila terjadi suatu persengketaan dalam hal ini hubungannya dengan perbankan syariah dapat teratasi dengan merujuk pada uu yang berlaku. pada awalnya yang menjadi kendala hukum bagi penyelesaian sengketa perbankan syariah adalah hendak dibawa ke mana penyelesaiannya. pengadilan negeri tidak menggunakan syariah sebagai landasan hukum bagi penyelesaian perkara, sedangkan wewenang pengadilan agama dalam pasal 49 uu no. 7 tahun 1989 hanya terbatas mengadili perkara perkawinan, kewarisan, wasiat, hibah, wakaf, dan sedekah. sehingga kemudian untuk mengantisipasi kondisi darurat maka didirikan badan arbitrase muamalah indonesia (bamui) yang didirikan secara bersama oleh kejaksaan agung ri dan mui. dengan ditetapkannya uu no. 3 tahun 2006 tentang peradilan agama sebagai perubahan dari uu no. 7 tahun 1989, maka kewenangan pengadilan agama menurut pasal 49 uu no. 3 tahun 2006 adalah bertugas dan berwenang memeriksa, memutus, dan menyelesaikan perkara di tingkat pertama antara orang-orang yang beragama islam di bidang: perkawinan, waris, wasiat, hibah, wakaf, zakat, infak, sedekah, dan ekonomi syariah. dalam penjelasan terhadap bunyi pasal 49 itu khususnya pada poin huruf i atau ekonomi syariah disebutkan bahwa penyelesaian sengketa tidak hanya dibatasi di bidang perbankan syariah, melainkan juga di bidang ekonomi syariah lainnya yaitu yang dimaksud dengan ‚ekonomi syari’ah‛ adalah perbuatan atau kegiatan usaha yang dilaksanakan menurut prinsip syariah, antara lain meliputi: (a) bank syariah; (b) lembaga keuangan mikro syariah; (c) asuransi syariah; (d) reasuransi syariah; (e) reksadana syariah; (f) obligasi syariah dan surat berharga berjangka menengah syariah; (g) sekuritas syariah; (h) pembiayaan syariah; (i) pegadaian syariah; (j) dana pensiun lembaga keuangan syariah; dan (k) bisnis syariah. pasal 4 pbi no.9/19/2007 tentang pelaksanaan prinsip syariah dalam kegiatan penghimpunan dana dan penyaluran serta pelayanan jasa bank syariah juga menjelaskan bahwa penyelesaian sengketa antara nasabah dan bank dengan jalan musyawarah, bila tercapai kesepakatan maka dilakukan mediasi termasuk mediasi perbankan, bila tidak tercapai kesepakan pula maka dilakukan melalui mekanisme arbitrase syariah atau melalui lembaga peradilan yang ditentukan oleh undang-undang28. 28 zubairi hasan, undang-undang perbankan syariah titik hukum islam dan hukum nasional, (jakarta: rajawali pers, 2009), h. 227. sementara itu yang dimaksud dengan ‚antara orang-orang yang beragama islam‛ adalah termasuk orang atau badan hukum yang dengan sendirinya menundukkan diri dengan sukarela kepada hukum islam mengenai hal-hal yang menjadi kewenangan peradilan agama sesuai dengan ketentuan pasal ini. kewenangan peradilan agama untuk menangani kasus sengketa ekonomi syariah itu terusik oleh lahirnya uu no 21 tahun 2008 tentang perbankan syariah dalam pasal 55 yang menjelaskan bahwa: (1) penyelesaian sengketa perbankan syariah dilakukan oleh pengadilan dalam lingkungan peradilan agama; (2) dalam hal para pihak telah memperjanjikan penyelesaian sengketa selain sebagaimana dimaksud pada ayat; (3) penyelesaian sengketa dilakukan sesuai dengan isi akad; (4) penyelesaian sengketa sebagaimana dimaksud pada ayat (4) tidak boleh bertentangan dengan prinsip syariah. penjelasan dari ayat (2) di atas menyebutkan bahwa pihak yang berwenang menyelesaikan sengketa sesuai dengan isi akad adalah upaya dengan musyawarah, mediasi perbankan, badan arbitrase syariah nasional atau lembaga arbitrase lain serta melalui pengadilan dalam lingkungan peradilan umum. secara material, substansial pasal 55 undang-undang perbankan syariah telah memunculkan kembali kompetensi absolut peradilan umum terhadap sengketa ekonomi syariah yang sebelumnya telah dilimpahkan kepada peradilan agama. penyelesaian sengketa selain melalui peradilan agama (mediasi, arbitrase, dan peradilan umum) sangat tergantung terhadap kontrak yang dibuat ketika nasabah dan bank melakukan transaksi perbankan. dengan demikian setelah lahirnya undang-undang perbankan syariah selain pengadilan agama, yaitu pengadilan negeri dan arbitrase mempunyai peluang yang sama dalam menyelesaian sengketa syariah. dengan demikian, walaupun undang-undang menjelaskan bahwa lembaga peradilan dan arbitrase sebagai lembaga penyelesai sengketa ekonomi syariah akan tetapi para pihak dibolehkan untuk memilih penyelesaian sengketa ekonomi syariah itu melalui litigasi atau nonlitigasi. dalam bentuk litigasi yaitu penyelesaian sengketa melalui badan peradilan yang dibentuk oleh pemerintah untuk menyelesaikan perselisihan-perselisihan dalam masyarakat. selain menjelaskan tentang penyelesaian sengketa dapat dilakukan melalui jalur peradilan atau nonperadilan, uu no. 21 tahun 2008 ini juga menjelaskan pada pasal 58 tentang sanksi administrasi yang akan dikenakan pada bank syariah dan unit usaha syariah dan pengurusnya, berupa: (1) denda uang, (2) teguran tertulis, (3) penurunan tingkat kesehatan bank dan uus, (4) pelarangan untuk turut serta dalam proses kliring, (5) pembekuan unit usaha tertentu, (6) maskufa: penyelesaian sengketa perjanjian syariah132 penghentian pengurus bank, (7) pencantuman pengurus dan yang terkait dengannya yang telah melakukan kesalahan itu dalam daftar orang tercela, (8) pencabutan izin usaha29. dengan melihat beberapa peraturan perundang-undangan yang berhubungan dengan penyelesaian sengketa ekonomi syariah, maka ada beberapa jalur alternatif yang ditawarkan kepada para pihak yang melakukan transaksi akad syariah, apabila di kemudian hari terjadi cedera janji atau adanya beberapa hal yang menyebabkan masalah. bentuk-bentuk penyelesaian sengketa dan lembaga yang berwenang untuk menyelesaikannya di antaranya adalah alternative dispute resolution (adr) dan alternatif penyelesaian sengketa (aps). bentuk lembaga ini adalah partikulir,30, ia tidak dibentuk oleh pemerintah tetapi oleh kebutuhan masyarakat. mengenai lembaga ini telah diatur dalam uu no. 30 tahun 1999 tentang arbitrase dan aps. di indonesia ada dua badan arbitrase yang dibentuk secara permanen, yaitu badan arbitrase nasional indonesia (bani) dibentuk oleh kadin tahun 1997, badan arbitrase syariah nasional (basyarnas) dibentuk oleh mui tahun 2003, yang semula bernama bamui badan arbitrase muamalat indonesia (bamui) dibentuk tahun 1993. perdamaian dan alternatif penyelesaian sengketa perdamaian dan alternatif penyelesaian sengketa (adr) dikenal dalam khazanah fikih sebagai shulh. konsep shulh (perdamaian) sebagaimana yang tersebut dalam pelbagai kitab fikih merupakan satu dokrin utama hukum islam dalam bidang muamalah untuk menyelesaikan suatu sengketa. undang-undang nomor 30 tahun 1999 tentang arbitrase dan alternatif penyelesaian sengketa dapat dikatakan upaya negara dalam menyosialisasikan institusi perdamaian dalam sengketa bisnis. dalam undang-undang ini pula dikemukakan bahwa negara memberi kebebasan kepada masyarakat untuk menyelesaikan masalah sengketa bisnisnya di luar pengadilan, baik melalui konsultasi, mediasi, negosiasi, konsiliasi, atau penilaian para ahli. dengan adanya pengaturan secara positif mengenai perdamaian, maka segala hal yang berkaitan dengan perdamaian, baik yang masih dalam bentuk upaya, proses teknis pelaksanaan, hingga 29 zubairi hasan, undang-undang perbankan syariah, h. 227-228. 30 yusuf bukhori, ‚litigasi sengketa perbankan syariah dalam perspektif undang-undang nomor 3 tahun 2006‛, dalam hhtp//www.badilag.net, diunduh 10 desember 2010. al-iqtishad: vol. v, no. 1, januari 2013 133 penghentian pengurus bank, (7) pencantuman pengurus dan yang terkait dengannya yang telah melakukan kesalahan itu dalam daftar orang tercela, (8) pencabutan izin usaha29. dengan melihat beberapa peraturan perundang-undangan yang berhubungan dengan penyelesaian sengketa ekonomi syariah, maka ada beberapa jalur alternatif yang ditawarkan kepada para pihak yang melakukan transaksi akad syariah, apabila di kemudian hari terjadi cedera janji atau adanya beberapa hal yang menyebabkan masalah. bentuk-bentuk penyelesaian sengketa dan lembaga yang berwenang untuk menyelesaikannya di antaranya adalah alternative dispute resolution (adr) dan alternatif penyelesaian sengketa (aps). bentuk lembaga ini adalah partikulir,30, ia tidak dibentuk oleh pemerintah tetapi oleh kebutuhan masyarakat. mengenai lembaga ini telah diatur dalam uu no. 30 tahun 1999 tentang arbitrase dan aps. di indonesia ada dua badan arbitrase yang dibentuk secara permanen, yaitu badan arbitrase nasional indonesia (bani) dibentuk oleh kadin tahun 1997, badan arbitrase syariah nasional (basyarnas) dibentuk oleh mui tahun 2003, yang semula bernama bamui badan arbitrase muamalat indonesia (bamui) dibentuk tahun 1993. perdamaian dan alternatif penyelesaian sengketa perdamaian dan alternatif penyelesaian sengketa (adr) dikenal dalam khazanah fikih sebagai shulh. konsep shulh (perdamaian) sebagaimana yang tersebut dalam pelbagai kitab fikih merupakan satu dokrin utama hukum islam dalam bidang muamalah untuk menyelesaikan suatu sengketa. undang-undang nomor 30 tahun 1999 tentang arbitrase dan alternatif penyelesaian sengketa dapat dikatakan upaya negara dalam menyosialisasikan institusi perdamaian dalam sengketa bisnis. dalam undang-undang ini pula dikemukakan bahwa negara memberi kebebasan kepada masyarakat untuk menyelesaikan masalah sengketa bisnisnya di luar pengadilan, baik melalui konsultasi, mediasi, negosiasi, konsiliasi, atau penilaian para ahli. dengan adanya pengaturan secara positif mengenai perdamaian, maka segala hal yang berkaitan dengan perdamaian, baik yang masih dalam bentuk upaya, proses teknis pelaksanaan, hingga 29 zubairi hasan, undang-undang perbankan syariah, h. 227-228. 30 yusuf bukhori, ‚litigasi sengketa perbankan syariah dalam perspektif undang-undang nomor 3 tahun 2006‛, dalam hhtp//www.badilag.net, diunduh 10 desember 2010. pelaksanaan putusan dengan sendirinya telah sepenuhnya didukung oleh negara31. kecenderungan memilih alternatif dispute resolution (adr) oleh masyarakat dewasa ini didasarkan atas beberapa pertimbangan. pertama, kurang percaya pada sistem pengadilan dan pada saat yang sama sudah dipahaminya keuntungan mempergunakan sistem arbitrase dibanding dengan pengadilan, sehingga masyarakat pelaku bisnis lebih suka mencari alternatif lain dalam upaya menyelesaikan pelbagai sengketa bisnisnya yakni dengan jalan arbitrase. kedua, kepercayaan masyarakat terhadap lembaga arbitrase khususnya bani mulai menurun yang disebabkan banyaknya klausul-klausul arbitrase yang tidak berdiri sendiri sendiri32, melainkan mengikuti dengan klausul kemungkinan pengajuan sengketa ke pengadilan jika putusan arbitrasenya tidak berhasil diselesaikan. dengan kata lain, tidak sedikit kasus-kasus sengketa yang diterima oleh pengadilan merupakan kasus-kasus yang sudah diputus oleh arbitrase bani. dengan demikian penyelesaian sengketa dengan cara adr merupakan alternatif yang menguntungkan. adapun bentuk-bentuk adr33 meliputi: pertama, konsultasi. konsultasi adalah aktivitas konsultasi atau perundingan seperti klien dengan penasihat hukumnya. selain itu, konsultasi juga dipahami sebagai pertimbangan orangorang (pihak) terhadap suatu masalah. konsultasi sebagai pranata adr dalam praktiknya dapat berbentuk menyewa konsultan untuk dimintai pendapatnya dalam upaya menyelesaikan suatu masalah. dalam hal ini konsultasi tidak dominan melainkan hanya memberikan pendapat hukum yang nantinya dapat dijadikan rujukan para pihak untuk menyelesaikan sengketanya. kedua, negoisasi. negosiasi adalah proses yang dilakukan oleh dua pihak dengan permintaan (kepentingan) yang saling berbeda dengan membuat suatu persetujuan secara kompromis dan memberikan kelonggaran. negosiasi ini dilakukan dengan sederhana dan penuh dengan persahabatan.34 bentuk adr seperti ini memungkinkan para pihak tidak turun langsung dalam bernegosiasi yaitu mewakilkan kepentingannya kepada masing-masing negosiator yang telah ditunjuknya untuk melakukan secara kompromi dan saling melepas atau memberikan kelonggaran-kelonggaran demi tercapainya penyelesaian secara 31 abdul manan, ‚penyelesaian sengketa ekonomi syariah: sebuah kewenangan baru peradilan agama‛, dalam hhtp//www. badilag net, diunduh 10 desember 2010. 32 abdul manan, ‚penyelesaian sengketa ekonomi syariah‛. 33 ‚penyelesaian sengketa ekonomi syariah: sebuah kewenangan baru peradilan agama‛, dalam hhtp//www.badilag net, diunduh 10 desember 2010. 34 ahmad ali, sosiologi hukum, kajian empiris terhadap pengadilan, (jakarta: bp iblam, 2004), h. 21. maskufa: penyelesaian sengketa perjanjian syariah134 damai. agar mempunyai kekuatan mengikat, kesepakatan damai melalui negosiasi ini wajib didaftarkan di pengadilan negeri dalam jangka waktu 30 hari terhitung setelah penandatangannya dan dilaksanakan dalam waktu 30 hari terhitung sejak pendaftarannya sebagaimana yang diatur dalam pasal 6 ayat 7 dan 8 undang-undang nomor 30 tahun 1999 tentang arbitrase dan alternatif penyelesaian sengketa. negosiasi hanya dapat dilakukan di luar proses persidangan ketiga, konsiliasi. konsiliasi adalah penciptaan penyesuaian pendapat dan penyelesaian suatu sengketa dengan suasana persahabatan dan tanpa ada rasa permusuhan yang dilakukan di pengadilan sebelum dimulainya persidangan dengan maksud untuk menghindari proses litigasi. proses konsiliasi ini dapat dilakukan di dalam proses persidangan maupun di luar proses persidangan. keempat, pendapat dan penilaian ahli. bentuk adr dikenalkan dalam undang-undang nomor 30 tahun 1990 adalah pendapat dan penilaian ahli. rumusan pasal 52 undang-undang ini menyatakan bahwa para pihak dalam suatu perjanjian berhak untuk memohon pendapat yang mengikat dari lembaga arbitrase atas hubungan hukum tertentu dari suatu perjanjian. arbitrase (tahkîm) arbitrase adalah suatu penyelesaian sengketa yang dilakukan oleh seorang atau beberapa arbiter berdasarkan persetujuan para pihak yang akan menaati keputusan yang diberikan oleh arbiter yang mereka pilih. dalam pasal 1 ayat (1) undang-undang nomor 30 tahun 1999 tentang arbitrase dan alternatif penyelesaian sengketa bahwasanya arbitrase adalah cara penyelesaian sengketa perdata diluar peradilan umum yang didasarkan pada perjanjian arbitrase yang dibuat secara tertulis oleh pihak yang bersengketa. gagasan berdirinya lembaga arbitrase islam di indonesia, diawali dengan bertemunya para pakar cendikiawan muslim, praktisi hukum, dan para ulama untuk bertukar pikiran tentang perlunya lembaga arbitrase islam di indonesia. pertemuan ini dimotori oleh dewan pimpinan mui yang dilaksanakan pada 22 april 1992. setelah mengadakan rapat beberapa kali penyempurnaan terhadap rancangan struktur organisasi dan prosedur beracara, akhirnya 23 oktober 1993 telah diresmikan badan arbitrase muamalat indonesia (bamui), pada 24 desember bamui ini berganti nama menjadi badan arbitrase syariah nasional (basyarnas). sk dewan pimpinan mui no. kep-09/mui/xii/2003 tanggal 24 desember 2003 tentang badan arbitrase syariah nasional. badan arbitrase syariah nasional (basyarnas) adalah lembaga hakam (arbitrase syariah) satusatunya di indonesia yang berwenang memeriksa dan memutus sengketa al-iqtishad: vol. v, no. 1, januari 2013 135 damai. agar mempunyai kekuatan mengikat, kesepakatan damai melalui negosiasi ini wajib didaftarkan di pengadilan negeri dalam jangka waktu 30 hari terhitung setelah penandatangannya dan dilaksanakan dalam waktu 30 hari terhitung sejak pendaftarannya sebagaimana yang diatur dalam pasal 6 ayat 7 dan 8 undang-undang nomor 30 tahun 1999 tentang arbitrase dan alternatif penyelesaian sengketa. negosiasi hanya dapat dilakukan di luar proses persidangan ketiga, konsiliasi. konsiliasi adalah penciptaan penyesuaian pendapat dan penyelesaian suatu sengketa dengan suasana persahabatan dan tanpa ada rasa permusuhan yang dilakukan di pengadilan sebelum dimulainya persidangan dengan maksud untuk menghindari proses litigasi. proses konsiliasi ini dapat dilakukan di dalam proses persidangan maupun di luar proses persidangan. keempat, pendapat dan penilaian ahli. bentuk adr dikenalkan dalam undang-undang nomor 30 tahun 1990 adalah pendapat dan penilaian ahli. rumusan pasal 52 undang-undang ini menyatakan bahwa para pihak dalam suatu perjanjian berhak untuk memohon pendapat yang mengikat dari lembaga arbitrase atas hubungan hukum tertentu dari suatu perjanjian. arbitrase (tahkîm) arbitrase adalah suatu penyelesaian sengketa yang dilakukan oleh seorang atau beberapa arbiter berdasarkan persetujuan para pihak yang akan menaati keputusan yang diberikan oleh arbiter yang mereka pilih. dalam pasal 1 ayat (1) undang-undang nomor 30 tahun 1999 tentang arbitrase dan alternatif penyelesaian sengketa bahwasanya arbitrase adalah cara penyelesaian sengketa perdata diluar peradilan umum yang didasarkan pada perjanjian arbitrase yang dibuat secara tertulis oleh pihak yang bersengketa. gagasan berdirinya lembaga arbitrase islam di indonesia, diawali dengan bertemunya para pakar cendikiawan muslim, praktisi hukum, dan para ulama untuk bertukar pikiran tentang perlunya lembaga arbitrase islam di indonesia. pertemuan ini dimotori oleh dewan pimpinan mui yang dilaksanakan pada 22 april 1992. setelah mengadakan rapat beberapa kali penyempurnaan terhadap rancangan struktur organisasi dan prosedur beracara, akhirnya 23 oktober 1993 telah diresmikan badan arbitrase muamalat indonesia (bamui), pada 24 desember bamui ini berganti nama menjadi badan arbitrase syariah nasional (basyarnas). sk dewan pimpinan mui no. kep-09/mui/xii/2003 tanggal 24 desember 2003 tentang badan arbitrase syariah nasional. badan arbitrase syariah nasional (basyarnas) adalah lembaga hakam (arbitrase syariah) satusatunya di indonesia yang berwenang memeriksa dan memutus sengketa muamalah yang timbul dalam bidang perdagangan, keuangan, industri, jasa, dan lain-lain. semua fatwa dewan syariah nasional majelis ulama indonesia (dsnmui) perihal hubungan muamalah (perdata) senantiasa diakhiri dengan ketentuan, "jika salah satu pihak tidak menunaikan kewajibannya atau jika terjadi perselisihan di antara kedua belah pihak, maka penyelesaiannya dilakukan melalui badan arbitrase syariah setelah tidak tercapai kesepakatan melalui musyawarah.35 adapun wewenang basyarnas adalah: (1) menyelesaikan secara adil dan cepat sengketa muamalah (perdata) yang timbul dalam bidang perdagangan, keuangan, industri, jasa, dan lain-lain yang menurut hukum dan peraturan perundang-undangan dikuasai sepenuhnya oleh pihak yang bersengketa, dan para pihak sepakat secara tertulis untuk menyerahkan penyelesaiannya kepada basyarnas sesuai dengan prosedurnya. (2) memberikan pendapat yang mengikat atas permintaan para pihak tanpa adanya suatu sengketa mengenai persoalan berkenaan dengan suatu perjanjian. apabila jalur arbitrase tidak dapat menyelesaikan perselisihan, maka lembaga peradilan adalah jalan terakhir sebagai pemutus perkara tersebut. hakim harus memperhatikan rujukan yang berasal dari arbiter yang sebelumnya telah menangani kasus tersebut sebagai bahan pertimbangan untuk menghindari lamanya proses penyelesaian.36 peradilan sengketa yang tidak dapat diselesaikan, baik melalui shulh (perdamaian) maupun secara tahkîm (arbitrase) akan diselesaikan melalui lembaga peradilan. dalam konteks ekonomi syariah, lembaga peradilan agama melalui pasal 49 undang-undang nomor 7 tahun 1989 yang telah diubah dengan undang-undang nomor 3 tahun 2006 tentang peradilan agama telah menetapkan hal-hal yang menjadi kewenangan lembaga peradilan agama dalam pasal 49. akan tetapi dengan keluarnya uu no. 3 tahun 2008 tentang perbankan syariah, para pihak 35 himpunan fatwa dsn mui, edisi revisi tahun 2006, (jakarta: dsn mui & bi, 2006). lihat fatwa dsn no. 05 tentang jual beli salâm, h. 34; fatwa no. 06 tentang jual beli istishnâ', h. 46; fatwa no. 07 tentang pembiayaan mudhârabah; fatwa no. 08 tentang pembiayaan musyârakah, h. 54; fatwa dsn no. 09 tentang pembiayaan ijârah, dan lain-lain. 36 misalnya putusan nomor : 792/pdt.g/2009/pa.jp pengadilan agama jakarta pusat yang memeriksa dan mengadili perkaraperkara tertentu dalam tingkat pertama telah menjatuhkan putusan atas perkara pembatalan putusan badan arbritrase syariah nasional (basyarnas) nomor 16/tahun 2008/basyarnas/ka.jak tentang akad pembiayaan murâbahah diputuskan dalam permusyarawaratan majelis hakim pengadilan agama jakarta pusat pada hari kamis tanggal 10 desember 2009 masehi bertepatan dengan tanggal 22 dzulhijjah 1430. maskufa: penyelesaian sengketa perjanjian syariah136 boleh memilih untuk menyelesaikan kasusnya baik melalui pengadilan agama, pengadilan umum, atau jalur lain. sejak diundangkannya uu no. 3 tahun 2006, peradilan agama di indonesia mulai menyelesaikan sengketa ekonomi. perkara sengketa ekonomi yang diterima pa yurisdiksi mahkamah provinsi/pta seluruh indonesia pada tahun 2007 dapat diketahui bahwa pengadilan agama di indonesia telah menerima sejumlah dua belas (0,006 %) perkara yang berkaitan dengan sengketa ekonomi syariah dari jumlah kasus keseluruhan 217.084 kasus. dari dua belas kasus sengketa ekonomi syariah itu hanya dua (0.001%) kasus yang telah mempunyai kekuatan hukum tetap dari jumlah kasus keseluruhan 200.795 kasus.37 adapun perkara sengketa ekonomi syariah yang diterima dan diputus lembaga peradilan agama tahun 2008 ada delapan (0,003%) perkara ekonomi syariah yang diajukan ke pa dari keseluruhan 245,023 kasus yang ada. dari delapan kasus itu baru empat perkara (0,002%) dari 223,999 perkara yang sudah berkekuatan hukum tetap.38 tahun 2009 perkara sengketa ekonomi syariah yang diterima lembaga peradilan berjumlah dua belas perkara ekonomi syariah yang diajukan dari 284,749 perkara yang masuk, atau hanya sekitar 0,004 % saja, dari ke 12 perkara yang masuk ke pta itu hanya 5 (0,002 %) dari 257,798 perkara yang sudah berkekuatan hukum tetap.39 kecenderungan tidak banyaknya penyelesaian sengketa ekonomi syariah yang diajukan ke lembaga pengadilan agama tidak dapat disimpulkan bahwa para pihak kurang respek terhadap lembaga ini, untuk mencari jawabannya diperlukan adanya penelitian lebih lanjut. penutup penyelesaian sengketa muamalah dalam tradisi islam sudah dilakukan sejak masa nabi muhammad saw. kapasitas beliau mencakup juga sebagai hakim, selain mubalig. penyelesaian sengketa dapat dilakukan melalui jalur pengadilan yang dikenal sekarang dengan istilah litigasi dan melalui jalur shulh, 37 lihat berita mahkamah agung ri tentang tabel jenis perkara yang masuk dan diputus tahun 2007, 2008, dan 2009. 38 lihat berita mahkamah agung ri tentang tabel jenis perkara yang masuk dan diputus tahun 2007, 2008, dan 2009. 40 lihat berita mahkamah agung ri tentang tabel jenis perkara yang masuk dan diputus tahun 2007, 2008, dan 2009. al-iqtishad: vol. v, no. 1, januari 2013 137 boleh memilih untuk menyelesaikan kasusnya baik melalui pengadilan agama, pengadilan umum, atau jalur lain. sejak diundangkannya uu no. 3 tahun 2006, peradilan agama di indonesia mulai menyelesaikan sengketa ekonomi. perkara sengketa ekonomi yang diterima pa yurisdiksi mahkamah provinsi/pta seluruh indonesia pada tahun 2007 dapat diketahui bahwa pengadilan agama di indonesia telah menerima sejumlah dua belas (0,006 %) perkara yang berkaitan dengan sengketa ekonomi syariah dari jumlah kasus keseluruhan 217.084 kasus. dari dua belas kasus sengketa ekonomi syariah itu hanya dua (0.001%) kasus yang telah mempunyai kekuatan hukum tetap dari jumlah kasus keseluruhan 200.795 kasus.37 adapun perkara sengketa ekonomi syariah yang diterima dan diputus lembaga peradilan agama tahun 2008 ada delapan (0,003%) perkara ekonomi syariah yang diajukan ke pa dari keseluruhan 245,023 kasus yang ada. dari delapan kasus itu baru empat perkara (0,002%) dari 223,999 perkara yang sudah berkekuatan hukum tetap.38 tahun 2009 perkara sengketa ekonomi syariah yang diterima lembaga peradilan berjumlah dua belas perkara ekonomi syariah yang diajukan dari 284,749 perkara yang masuk, atau hanya sekitar 0,004 % saja, dari ke 12 perkara yang masuk ke pta itu hanya 5 (0,002 %) dari 257,798 perkara yang sudah berkekuatan hukum tetap.39 kecenderungan tidak banyaknya penyelesaian sengketa ekonomi syariah yang diajukan ke lembaga pengadilan agama tidak dapat disimpulkan bahwa para pihak kurang respek terhadap lembaga ini, untuk mencari jawabannya diperlukan adanya penelitian lebih lanjut. penutup penyelesaian sengketa muamalah dalam tradisi islam sudah dilakukan sejak masa nabi muhammad saw. kapasitas beliau mencakup juga sebagai hakim, selain mubalig. penyelesaian sengketa dapat dilakukan melalui jalur pengadilan yang dikenal sekarang dengan istilah litigasi dan melalui jalur shulh, 37 lihat berita mahkamah agung ri tentang tabel jenis perkara yang masuk dan diputus tahun 2007, 2008, dan 2009. 38 lihat berita mahkamah agung ri tentang tabel jenis perkara yang masuk dan diputus tahun 2007, 2008, dan 2009. 40 lihat berita mahkamah agung ri tentang tabel jenis perkara yang masuk dan diputus tahun 2007, 2008, dan 2009. fatwa, tahkîm, mazhâlim, dan hisbah atau yang dikenal sekarang dengan istilah nonlitigasi. bentuk-bentuk penyelesaian sengketa muamalah khusus yang berlaku pada saat ini hampir sama dengan yang berlaku pada masa tradisi islam, walaupun dengan penamaan yang berbeda tetapi prinsip dasarnya sama. misalnya jalur litigasi melalui lembaga-lembaga peradilan dan jalur nonlitigasi melalui perdamaian atau alternative dispute resolution (adr). jalur ini dikenal dalam fikih dengan istilah shulh, dan melalui arbitrase atau yang dikenal dalam fikih sebagai tahkîm. para pihak dibolehkan memilih pada saat akad berlangsung dan dituliskan dalam akad itu, ke mana penyelesaian perkara akan dilakukan apabila kelak terjadi sengketa, apakah akan dilakukan di lembaga peradilan atau di luar peradilan seperti shulh atau perdamaian dan arbitrase di basyarnas. dari tahun 2006 pasca ditetapkannya ekonomi syariah sebagai kompetensi absolut pa, secara kuantitatif perkara ekonomi syariah yang diajukan ke pa tidak signifikan karena kurang dari 1% dari keseluruhan perkara yang diajukan. tidak signifikannya perkara sengketa ekonomi syariah yang masuk dan diselesaikan di pengadilan agama bukan berarti bahwa para pihak tidak responsif terhadap lembaga ini. namun demikian, untuk mengetahui faktor penyebabnya perlu dilakukan penelitian lebih lanjut.[] pustaka acuan ali, ahmad, sosiologi hukum, kajian empiris terhadap pengadilan, jakarta: bp iblam, 2004. al munawar, said agil husin, pelaksanaan arbitrase di dunia islam, dalam arbitrase islam di indonesia, jakarta: bamui & bmi, 1994. ash-shiddieqy, hasbi, peradilan dan hukum acara islam, bandung: pt al-ma’arif, t.th. berita mahkamah agung ri tentang tabel jenis perkara yang masuk dan diputus tahun 2007, 2008, dan 2009 bukhori, yusuf, ‚litigasi sengketa perbankan syariah dalam perspektif undangundang nomor 3 tahun 2006‛, dalam hhtp//badilag.net, diunduh 10 desember 2010. hasan, zubairi, undang-undang perbankan syariah titik hukum islam dan hukum nasional, jakarta: rajawali pers, 2009. hermayulis, ‚perkembangan ekonomi syariah dan penyelesaian sengketa ekonomi syariah di indonesia‛, kertas kerja ini disiapkan untuk dibentangkan pada fakultas hukum universitas yarsi, 10 juni 2010. himpunan fatwa dsn mui, edisi revisi tahun 2006, jakarta: dsn mui & bi, 2006. maskufa: penyelesaian sengketa perjanjian syariah138 ibn qudâmah, al-mughnî wa syarh al-kabîr, bayrût: dâr al-fikr, t.th., juz xi. madkur, muhammad salam, peradilan dalam islam, terjemahan dari al-qadhâ fi al-islâm oleh imran am, surabaya: pt. bina ilmu, 1990. manan, abdul, ‚penyelesaian sengketa ekonomi syariah: sebuah kewenangan baru peradilan agama‛, dalam hhtp//www.badilag.net, 10 desember 2010. mâwardî, al-, al-ahkâm al-sulthâniyyah, bayrût: dâr al-fikr, t.th. mubarok, jaih, ‚penyelesaian sengketa ekonomi syariah di indonesia‛, dalam hhtp//www. badilag.net, diunduh 10 desember 2010. permana, arief r., dan anton purba, ‚sekilas ulasan uu perbankan syariah‛, dalam buletin hukum perbankan dan kebanksentralan, 1 volume 6, nomor 2, agustus 2008. putusan nomor: 792/pdt.g/2009/pa.jp pengadilan agama jakarta pusat diputuskan, kamis 10 desember 2009 masehi bertepatan dengan tanggal 22 dzulhijjah 1430. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-fikr, t.th . zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, damaskus: dâr al-fikr, 1997, juz viii. sugiyono, metode penelitian administrasi dilengkapi dengan metode r&d, bandung: alfabeta, 2007. yusuf, muhammad dan junaedi, pengantar ilmu ekonomi & perbankan syariah, jakarta: ganeca press. zulkifli, sunarti, panduan praktis transaksi perbankan syariah, jakarta: zikrul hakim, 2003. sistem ekonomi islam: suatu pendekatan filsafat, nilai-nilai dasar, dan instrumental anwar abbas abstract: islamic economical system: a phylosophy approach, basic values, and instrumental. islamic economical system has its’ own system. it is not a combination between capitalism and sosialism. islamic economical system did not put human as a central (anthroposentrism) but as a god servant (âbid) that should serve and carry out the tasks entrusted to the servant (khalîfah). therefore, the economic practice must uphold the values of ownership, the values of justice, freedom, balance, and in accordance with the fraternity and togetherness guided by religious teachings in order to create good personal living arrangements, social and national. keywords: islamic economy, capitalist economy, socialist economy abstrak: sistem ekonomi islam: suatu pendekatan filsafat, nilai-nilai dasar, dan instrumental. sistem ekonomi islam adalah sistem ekonomi tersendiri, bukan merupakan perpaduan dan atau campuran antara sistem ekonomi kapitalis dan sosialis. sistem ekonomi islam menempatkan manusia bukanlah sebagai sentral (anthroposentrism) tetapi sebagai hamba tuhan (âbid) yang harus mengabdi dan mengemban tugas yang dipercayakan-nya sebagai hamba (khalîfah). untuk itu, dalam kegiatan ekonomi harus menjunjung tinggi nilai-nilai kepemilikan, nilai-nilai keadilan, kebebasan, keseimbangan, dan persaudaraan serta kebersamaan sesuai dengan tuntunan ajaran agama agar tercipta sebuah tatanan hidup pribadi dan bermasyarakat serta bernegara yang baik. kata kunci: ekonomi islam, ekonomi kapitalis, ekonomi sosialis naskah diterima: 16 januari 2011, direvisi: 12 juli 2011, disetujui: 21 juli 2011.  dewan syariah nasional majelis ulama indonesia (dsn-mui). jl. proklamasi no. 51, menteng, jakarta pusat. e-mail: anwarabbas62@gmail.com anwar abbas: sistem ekonomi islam: suatu pendekatan filsafat112 pendahuluan manusia mempunyai banyak kebutuhan. zaman dahulu, ketika rumah tangga masih bersifat tertutup, kebutuhan manusia masih bersifat terbatas dan sederhana sehingga setiap keluarga menghasilkan sendiri produk-produk yang dibutuhkannya. tetapi dengan semakin majunya tingkat peradaban, makin banyak dan bervariasi pula kebutuhan manusia. usaha untuk memenuhi kebutuhan tersebut tidak lagi merupakan sesuatu yang sederhana. akibatnya terjadilah ketidakseimbangan antara kebutuhan dan keinginan yang selalu meningkat dengan kemampuan manusia menyediakan alat pemuas bagi kebutuhan dan keinginan tersebut.1 untuk itu, agar kemakmuran masyarakat dan individu tetap tercapai, maka muncullah beberapa sistem ekonomi.2 abad xix dan xx terdapat dua sistem ekonomi yang dominan yang menjadi kiblat bagi negara-negara di dunia yaitu sistem ekonomi kapitalisme dan sistem ekonomi sosialisme. sistem kapitalisme murni, secara relatif, sudah tidak ada lagi dan hanya berlangsung selama 50 tahun pertama abad xix. sejak bagian kedua abad tersebut dan terlebih dalam abad xx sistem kapitalisme murni telah kehilangan wajahnya dan mengalami banyak perubahan sehingga timbullah apa yang dikategorikan dengan "kapitalisme historis" yang bentuk dan jenisnya disesuaikan dengan situasi, kondisi, waktu, tempat serta negara, dan masyarakat yang melaksanakannya. menurut frans seda ada tiga faktor yang menyebabkan dan mempengaruhi mengapa kapitalisme tidak dapat dilaksanakan secara murni di berbagai negara yang menerima atau menyetujui prinsip-prinsipnya, yaitu: timbulnya permasalahan sosial, timbulnya konsentrasi kekuasaan di pasar bebas, dan diperlukannya intervensi negara.3 hal itu menyebabkan di amerika serikat, yang menganggap dirinya sebagai negara kapitalis yang paling murni dan paling besar, 1pandangan ekonomi konvensional menjelaskan bahwa kebutuhan manusia tidak terbatas sementara alat untuk pemuasnya terbatas sehingga muncullah masalah ekonomi yang disebut dengan scarcity (kelangkaan). sedangkan dalam pandangan ekononi islam (sebagian pakar) potensi sumber daya untuk itu cukup tersedia tetapi kemampuan manusia untuk mengolahnya terbatas sehingga timbullah masalah kelangkaan tersebut. jadi, dalam pandangan ekonomi konvensional yang terbatas adalah sumber daya sementara dalam ekonomi islam yang terbatas adalah kemampuan manusia untuk mengolahnya. 2sistem ekonomi ialah seperangkat mekanisme dan lembaga untuk membuat dan melaksanakan keputusan mengenai produksi, pendapatan, dan konsumsi di dalam suatu wilayah tertentu. lihat ramlan surbakti, memahami ilmu politik, (jakarta: penerbit pt. gramedia widiasarana indonesia), 1992, h. 207. 3kompas, 15 september 1992. al-iqtishad: vol. iv, no. 1, januari 2012 113 pendahuluan manusia mempunyai banyak kebutuhan. zaman dahulu, ketika rumah tangga masih bersifat tertutup, kebutuhan manusia masih bersifat terbatas dan sederhana sehingga setiap keluarga menghasilkan sendiri produk-produk yang dibutuhkannya. tetapi dengan semakin majunya tingkat peradaban, makin banyak dan bervariasi pula kebutuhan manusia. usaha untuk memenuhi kebutuhan tersebut tidak lagi merupakan sesuatu yang sederhana. akibatnya terjadilah ketidakseimbangan antara kebutuhan dan keinginan yang selalu meningkat dengan kemampuan manusia menyediakan alat pemuas bagi kebutuhan dan keinginan tersebut.1 untuk itu, agar kemakmuran masyarakat dan individu tetap tercapai, maka muncullah beberapa sistem ekonomi.2 abad xix dan xx terdapat dua sistem ekonomi yang dominan yang menjadi kiblat bagi negara-negara di dunia yaitu sistem ekonomi kapitalisme dan sistem ekonomi sosialisme. sistem kapitalisme murni, secara relatif, sudah tidak ada lagi dan hanya berlangsung selama 50 tahun pertama abad xix. sejak bagian kedua abad tersebut dan terlebih dalam abad xx sistem kapitalisme murni telah kehilangan wajahnya dan mengalami banyak perubahan sehingga timbullah apa yang dikategorikan dengan "kapitalisme historis" yang bentuk dan jenisnya disesuaikan dengan situasi, kondisi, waktu, tempat serta negara, dan masyarakat yang melaksanakannya. menurut frans seda ada tiga faktor yang menyebabkan dan mempengaruhi mengapa kapitalisme tidak dapat dilaksanakan secara murni di berbagai negara yang menerima atau menyetujui prinsip-prinsipnya, yaitu: timbulnya permasalahan sosial, timbulnya konsentrasi kekuasaan di pasar bebas, dan diperlukannya intervensi negara.3 hal itu menyebabkan di amerika serikat, yang menganggap dirinya sebagai negara kapitalis yang paling murni dan paling besar, 1pandangan ekonomi konvensional menjelaskan bahwa kebutuhan manusia tidak terbatas sementara alat untuk pemuasnya terbatas sehingga muncullah masalah ekonomi yang disebut dengan scarcity (kelangkaan). sedangkan dalam pandangan ekononi islam (sebagian pakar) potensi sumber daya untuk itu cukup tersedia tetapi kemampuan manusia untuk mengolahnya terbatas sehingga timbullah masalah kelangkaan tersebut. jadi, dalam pandangan ekonomi konvensional yang terbatas adalah sumber daya sementara dalam ekonomi islam yang terbatas adalah kemampuan manusia untuk mengolahnya. 2sistem ekonomi ialah seperangkat mekanisme dan lembaga untuk membuat dan melaksanakan keputusan mengenai produksi, pendapatan, dan konsumsi di dalam suatu wilayah tertentu. lihat ramlan surbakti, memahami ilmu politik, (jakarta: penerbit pt. gramedia widiasarana indonesia), 1992, h. 207. 3kompas, 15 september 1992. menunjukkan adanya deviasi-deviasi dari sistem ekonomi kapitalisme murni itu.4 begitu juga di jerman, menurut didik j. rachbini, negara tersebut menerapkan sosialis market ekonomi, yaitu suatu upaya pelunakan terhadap sistem ekonomi pasar sehingga mempunyai wajah lebih manusiawi. sebuah inisiatif tidak dikekang agar dinamika masyarakat tumbuh secara optimal tetapi dipihak lain dituntut tanggung jawab sosial untuk meminimalkan bias yang negatif.5 demikian pula halnya di negara-negara yang terkenal dengan sistem ekonomi sosialisme dan komunisme, di negara-negara tersebut terjadi proses transformasi dengan diserapnya sistem mekanisme pasar ke dalam sistem ekonomi mereka seperti terlihat di negara-negara eropa timur dan di cina.6 tetapi meskipun demikian kata umar chapra, ‚negara-negara ini (tetap) gagal pada berbagai tingkat untuk merealisasikan tujuan-tujuan yang hendak mereka capai. banyak diantaranya yang menghadapi ketidakseimbangan makro ekonomi secara serius. bahkan problem-problem yang harus mereka hadapi kian bertambah. kekacauan sosial dan kejahatan juga meningkat, secara umum mereka menghadapi suatu situasi krisis.‛7 mengapa hal itu masih terjadi? chapra melihat hal ini sebagai sebuah konsekuensi alamiah dan dapat diperkirakan secara baik atas suatu cacat struktural yang inheren dalam sistem-sistem itu sendiri. cacat-cacat itu timbul dari konflik dalam tujuan-tujuannya yang berakar pada moral dan agama pada masa lalunya dan pada pandangan dunia dan strateginya sebagai suatu basil dari sekulerisme dan cerminan sebuah pertentangan dengan tradisi-tradisi agamanya.‛8 untuk itu, menurut chapra diperlukan pemikiran kembali sebuah fisafat yang benar tentang manusia. hal ini juga dirasakan oleh para pemikir ekonomi kontemporer lainnya yang menyadari betapa pentingnya kajian ekonomi yang berkarakter religius, bermoral, dan humanis. gunnar myrdal misalnya dalam bukunya yang berjudul asian drama (1968), menyusun kembali ilmu ekonomi yang berkaitan dengan nilai-nilai kemanusiaan, baik perorangan, masyarakat 4contoh deviasi tersebut diantaranya adalah adanya peraturan dan pengaturan yang tidak lagi rnemberikan kebebasan penuh kepada pemilikan perseorangan dan juga karena keterbatasannya sehingga kepemilikan pribadi tersebut semakin terdesak oleh kepemilikan oleh negara dan korporasi. begitu juga motif profit yang mereka jadikan sebagai dasar pijakan dalam berusaha, terusik oleh adanya sistem perpajakan yang semakin rumit dan progresif dan adanya pembatasanpembatasan dalam persaingan seperti adanya undang-undang anti-trust, dll. 5kompas, 20 januari 1993, h. 4. 6didik j. rachbini, ekonomi politik, paradigma, dan teori pilihan publik, (jakarta : ghalia indonesia, 2002) 7m. umer chapra, islam dan tantangan ekonomi, islamisasi ekonomi kontemporer, diterjemahkan nur hadi ihsan dan rifki amar, (surabaya: risalah gusti, 1999), cet. i, h. 8. 8 m. umer chapra, islam dan tantangan ekonomi, h. 8. anwar abbas: sistem ekonomi islam: suatu pendekatan filsafat114 maupun bangsa. hal yang sama juga dirasakan dan dilakukan oleh eugene lovell dalam bukunya, humanomics, dan schumacher dalam bukunya, small is beautiful, economics as if people matered, dan terakhir oleh joseph e. stiglits, mantan anggota dewan penasihat ekonomi presiden bill clinton yang menulis buku, globalization and its discontents. para ekonomi ini menyadari bahwa meniadakan hubungan kajian ekonomi dengan nilai-nilai moral humanis adalah suatu kekeliruan besar dan mencerminkan sikap tidak bertanggung jawab dalam menjaga keselamatan manusia dan alam semesta. untuk itu, di sinilah letak arti pentingnya mengkaji sistem ekonomi islam yang oleh taqiy al-dîn al-nabhânî dilihat sebagai sebuah sistem ekonomi alternatif. paradigma dan nilai-nilai yang terdapat dalam sistem ekonomi ini berakar dan dikembangkan dari ajaran islam yang bersumber kepada alquran dan sunah. filsafat ekonomi islam filsafat ekonomi merupakan orientasi dasar dari ilmu ekonomi yang dapat berlainan antara satu agama dengan agama lain, atau aliran dengan aliran lain karena kerangka referensi yang berbeda. misalnya, orang-orang yang menganut filsafat kapitalisme masih percaya akan adanya tuhan tetapi dalam keyakinannya, tuhan setelah menciptakan alam dan meletakkan hukum-hukumnya tidak lagi ikut campur dengan urusan alam, termasuk dalam urusan ekonomi manusia. semua persolan terserah kepada masing-masing individu. oleh karena itu, manusia dalam pandangan filsafat ini memainkan peranan yang sangat sentral sehingga aliran ini bersifat antropocentrismeindividualisme. paham antropocentrisme ini juga diyakini oleh faham marxisme-sosialisme tetapi bedanya mereka tidak percaya akan adanya tuhan yang telah menciptakan alam dan tidak menekankan pentingnya individu, tetapi lebih mengutamakan kebersamaan atau kolektivitas. bagi mereka semuanya adalah materi dan mereka tidak mengakui adanya sesuatu yang bersifat nonmateri. oleh karena itu, paham mereka juga disebut dengan faham materialisme-sosialisme. ini jelas berbeda dengan filsafat dan keyakinan yang terdapat dalam ajaran islam. islam meyakini bahwa alam semesta ini berikut dengan isinya termasuk manusia adalah diciptakan oleh allah swt. (q.s. al-fâtihah [1]: 2), ‚tuhan yang maha pencipta dan mahakuasa tersebut telah menunjuk manusia sebagai khalifah-nya di muka bumi (q.s. al-baqarah [2]: 30). ini artinya manusia telah ditunjuk menjadi ‚wakil dan manajer tuhan di muka bumi‛. oleh karena itu, manusia berkewajiban untuk berbuat, termasuk di dalam mengelola alam ini dan atau melakukan tindakan ekonomi, sesuai dengan keinginan dan ketentuan al-iqtishad: vol. iv, no. 1, januari 2012 115 maupun bangsa. hal yang sama juga dirasakan dan dilakukan oleh eugene lovell dalam bukunya, humanomics, dan schumacher dalam bukunya, small is beautiful, economics as if people matered, dan terakhir oleh joseph e. stiglits, mantan anggota dewan penasihat ekonomi presiden bill clinton yang menulis buku, globalization and its discontents. para ekonomi ini menyadari bahwa meniadakan hubungan kajian ekonomi dengan nilai-nilai moral humanis adalah suatu kekeliruan besar dan mencerminkan sikap tidak bertanggung jawab dalam menjaga keselamatan manusia dan alam semesta. untuk itu, di sinilah letak arti pentingnya mengkaji sistem ekonomi islam yang oleh taqiy al-dîn al-nabhânî dilihat sebagai sebuah sistem ekonomi alternatif. paradigma dan nilai-nilai yang terdapat dalam sistem ekonomi ini berakar dan dikembangkan dari ajaran islam yang bersumber kepada alquran dan sunah. filsafat ekonomi islam filsafat ekonomi merupakan orientasi dasar dari ilmu ekonomi yang dapat berlainan antara satu agama dengan agama lain, atau aliran dengan aliran lain karena kerangka referensi yang berbeda. misalnya, orang-orang yang menganut filsafat kapitalisme masih percaya akan adanya tuhan tetapi dalam keyakinannya, tuhan setelah menciptakan alam dan meletakkan hukum-hukumnya tidak lagi ikut campur dengan urusan alam, termasuk dalam urusan ekonomi manusia. semua persolan terserah kepada masing-masing individu. oleh karena itu, manusia dalam pandangan filsafat ini memainkan peranan yang sangat sentral sehingga aliran ini bersifat antropocentrismeindividualisme. paham antropocentrisme ini juga diyakini oleh faham marxisme-sosialisme tetapi bedanya mereka tidak percaya akan adanya tuhan yang telah menciptakan alam dan tidak menekankan pentingnya individu, tetapi lebih mengutamakan kebersamaan atau kolektivitas. bagi mereka semuanya adalah materi dan mereka tidak mengakui adanya sesuatu yang bersifat nonmateri. oleh karena itu, paham mereka juga disebut dengan faham materialisme-sosialisme. ini jelas berbeda dengan filsafat dan keyakinan yang terdapat dalam ajaran islam. islam meyakini bahwa alam semesta ini berikut dengan isinya termasuk manusia adalah diciptakan oleh allah swt. (q.s. al-fâtihah [1]: 2), ‚tuhan yang maha pencipta dan mahakuasa tersebut telah menunjuk manusia sebagai khalifah-nya di muka bumi (q.s. al-baqarah [2]: 30). ini artinya manusia telah ditunjuk menjadi ‚wakil dan manajer tuhan di muka bumi‛. oleh karena itu, manusia berkewajiban untuk berbuat, termasuk di dalam mengelola alam ini dan atau melakukan tindakan ekonomi, sesuai dengan keinginan dan ketentuan yang telah ditetapkan oleh yang diwakilinya dan melaporkan serta mempertanggungjawabkan segala perbuatannya tersebut kepada komisaris besar tersebut (allah swt.) di hari kemudian (q.s. al-baqarah [2]: 202). untuk itu, sebagai khalifah manusia harus tahu garis-garis besar dan pedoman yang telah dibuat dan ditetapkan-nya yang terdapat dalam kitab suci dan sunah rasul-nya (q.s. al-baqarah [2]: 2). nilai-nilai dasar sistem ekonomi islam implikasi dari filsafat dan keyakinan di atas tentu akan melahirkan sejumlah nilai dasar yang akan mempengaruhi bentuk dan substansi dari organisasi pemilikan dan tingkah laku dari para pelaku ekonomi itu sendiri. ada beberapa nilai dasar yang dapat diturunkan dari keyakinan dan pandangan filosofis di atas. pertama, nilai dasar kepemilikan. konsep kepemilikan dalam islam tidak sama dengan konsep kepemilikan dalam faham liberalisme seperti yang dikemukakan john lock. bagi john lock, setiap manusia adalah tuan serta penguasa penuh atas kepribadiannya, atas tubuhnya, dan atas tenaga kerja yang berasal dari tubuhnya.9 ini berarti kepemilikan yang ada pada seseorang adalah bersifat absolut. oleh karena itu, untuk apa dan bagaimana dia menggunakan hartanya sepenuhnya adalah tergantung kepada dirinya. ini tidak disetujui oleh karl marx. pandangan tersebut, menurut dia, sangat berbahaya karena akan membawa kepada kehidupan yang eksploitatif dan penuh konflik. untuk itu, agar tercipta suatu kehidupan yang baik (tidak ada konflik antar kelas) kata marx, kepemilikan individual terutama kepemilikan terhadap alat-alat produksi harus dihapus karena inilah yang menjadi biang dan membuat kaum proletar atau buruh menderita selama ini.10 berbeda dengan dua pandangan di atas, islam mengakui kepemilikan individual. bahkan di samping itu, islam juga mengakui akan adanya kepemilikan oleh masyarakat dan oleh negara. tetapi kepemilikan tersebut sifatnya tidaklah absolut, tetapi relatif. apa artinya? kepemilikan yang ada pada seseorang atau masyarakat atau negara tersebut bukanlah sepenuhnya milik dan hasil usaha mereka, tetapi itu adalah amanat dan kepercayaan dari tuhan kepada mereka (q.s. al-ra’d [13]: 28, al-fajr [89]: 16) yang harus dijaga, dipelihara, dan dipergunakan dengan sebaik-baiknya (q.s. al-mâ’idah [5]: 7). oleh karena itu, seseorang tidak boleh menghambur-hamburkan hartanya (q.s. al-isrâ’ [17]: 26 9 k. bertens, pengantar etika bisnis, (yogyakarta: penerbit kanisius, 2000), cet. v, h. 111-122. 10paham komunisme memiliki konsep bahwa kepemilikan individual benar-benar dihapus sama sekali dan diganti dengan kepemilikan oleh negara. kalau dalam sosialisme, individu masih boleh memiliki kekayaan selain alat-alat produksi penting. anwar abbas: sistem ekonomi islam: suatu pendekatan filsafat116 27) dan atau mendiamkan hartanya (q.s. muhammad [47]: 38). karena hal itu akan kehilangan fungsi sosialnya dan akan kehilangan multiplier effect dan maslahat dari kehadiran hartanya tersebut. kedua, nilai dasar kebebasan. dalam ekonomi kapitalisme, individu diberi kebebasan yang seluas-luasnya untuk memanfaatkan atau tidak memanfaalkan harta yang dimilikinya. juga untuk masuk atau tidak masuk ke dalam pasar baik sebagai produsen, distributor atau konsumen. dalam bahasa yang lebih ekstrem tidak ada yang bisa membatasi kebebasan seorang individu kecuali dirinya sendiri. hal ini tidak dapat diterima oleh faham sosialisme-komunisme. mereka melihat kebebasan yang seperti itu akan membawa kepada anarkisme. oleh karena itu, kebebasan tersebut harus ditundukkan untuk kepentingan bersama. di dalam islam kebebasan manusia sangat dihormati. namun, kebebasan tersebut bukanlah tidak ada batasnya. hal-hal tersebut direstriksi oleh ahkâm alsyarî‘ah atau hukum-hukum dan ketentuan-ketentuan agama.11 jika hal itu dilanggar maka menjadi kewajiban bagi negara untuk ikut campur. ketiga, nilai dasar keadilan. keadilan yaitu memberikan setiap hak kepada para pemiliknya masing-masing tanpa melebihkan dan mengurangi.12 persoalannya sekarang, siapakah yang berkompeten untuk menentukan hal tersebut? dalam sistem sosialisme dan komunisme, hal itu menjadi otoritas negara, dalam sistem kapitalisme menjadi otoritas individu. sedangkan dalam sistem ekonomi islam, hal itu menjadi otoritas dan kewenangan tuhan (qs. 42; 17). konsekuensi konsep ini dalam kehidupan tentu akan menimbulkan perbedaan. misalnya dalam sistem sosialisme-komunisme yang menjadikan kebersamaan dan kesamarataan sebagai nilai utama, maka kebutuhan dijadikan dasar untuk menentukan sesuatu itu adil atau tidak. mereka berpendapat bahwa suatu masyarakat akan dikatakan adil jika kebutuhan semua warganya terpenuhi, seperti kebutuhan akan sandang, pangan, (dan) papan.13 jika hal itu tidak terjadi maka berarti telah terjadi praktik kezaliman. dalam kapitalisme liberal, konsep keadilan tidaklah didasarkan kepada kebutuhan tetapi kepada kebebasan itu sendiri. menurut konsep ini, adilnya suatu perolehan itu haruslah dibagi menurut usaha-usaha bebas dari individuindividu bersangkutan. yang tidak berusaha tidak mempunyai hak pula untuk 11‘adnân khâlid al-turkmânî, al-madzhab al-iqtishâdî al-islâmî, (riyâdh: maktabah al-sawadi, jâmi‘ah al-imâm muhammad ibn su‘ûd al-islâmiyyah, t.th), h. 144. 12 yusut qardhawi, peran dan nilai moral dalam perekonomian, (jakarta: robbani press, 1995), h. 390. 13 k. bertens, pengantar etika bisnis, (yogyakarta: penerbit kanisius, 2000), cet. v, h. 99. al-iqtishad: vol. iv, no. 1, januari 2012 117 27) dan atau mendiamkan hartanya (q.s. muhammad [47]: 38). karena hal itu akan kehilangan fungsi sosialnya dan akan kehilangan multiplier effect dan maslahat dari kehadiran hartanya tersebut. kedua, nilai dasar kebebasan. dalam ekonomi kapitalisme, individu diberi kebebasan yang seluas-luasnya untuk memanfaatkan atau tidak memanfaalkan harta yang dimilikinya. juga untuk masuk atau tidak masuk ke dalam pasar baik sebagai produsen, distributor atau konsumen. dalam bahasa yang lebih ekstrem tidak ada yang bisa membatasi kebebasan seorang individu kecuali dirinya sendiri. hal ini tidak dapat diterima oleh faham sosialisme-komunisme. mereka melihat kebebasan yang seperti itu akan membawa kepada anarkisme. oleh karena itu, kebebasan tersebut harus ditundukkan untuk kepentingan bersama. di dalam islam kebebasan manusia sangat dihormati. namun, kebebasan tersebut bukanlah tidak ada batasnya. hal-hal tersebut direstriksi oleh ahkâm alsyarî‘ah atau hukum-hukum dan ketentuan-ketentuan agama.11 jika hal itu dilanggar maka menjadi kewajiban bagi negara untuk ikut campur. ketiga, nilai dasar keadilan. keadilan yaitu memberikan setiap hak kepada para pemiliknya masing-masing tanpa melebihkan dan mengurangi.12 persoalannya sekarang, siapakah yang berkompeten untuk menentukan hal tersebut? dalam sistem sosialisme dan komunisme, hal itu menjadi otoritas negara, dalam sistem kapitalisme menjadi otoritas individu. sedangkan dalam sistem ekonomi islam, hal itu menjadi otoritas dan kewenangan tuhan (qs. 42; 17). konsekuensi konsep ini dalam kehidupan tentu akan menimbulkan perbedaan. misalnya dalam sistem sosialisme-komunisme yang menjadikan kebersamaan dan kesamarataan sebagai nilai utama, maka kebutuhan dijadikan dasar untuk menentukan sesuatu itu adil atau tidak. mereka berpendapat bahwa suatu masyarakat akan dikatakan adil jika kebutuhan semua warganya terpenuhi, seperti kebutuhan akan sandang, pangan, (dan) papan.13 jika hal itu tidak terjadi maka berarti telah terjadi praktik kezaliman. dalam kapitalisme liberal, konsep keadilan tidaklah didasarkan kepada kebutuhan tetapi kepada kebebasan itu sendiri. menurut konsep ini, adilnya suatu perolehan itu haruslah dibagi menurut usaha-usaha bebas dari individuindividu bersangkutan. yang tidak berusaha tidak mempunyai hak pula untuk 11‘adnân khâlid al-turkmânî, al-madzhab al-iqtishâdî al-islâmî, (riyâdh: maktabah al-sawadi, jâmi‘ah al-imâm muhammad ibn su‘ûd al-islâmiyyah, t.th), h. 144. 12 yusut qardhawi, peran dan nilai moral dalam perekonomian, (jakarta: robbani press, 1995), h. 390. 13 k. bertens, pengantar etika bisnis, (yogyakarta: penerbit kanisius, 2000), cet. v, h. 99. memperoleh sesuatu.14 oleh karena itu, di dalam teori keadilan liberalis ini, membantu orang yang miskin atau dalam kesulitan sebagai sesuatu yang sangat tidak etis karena mereka mendapatkan sesuatu tanpa mengeluarkan air keringat sendiri.15 sementara dalam islam keadilan dilihat dari sisi kesesuaian dan ketidaksesuaiannya dengan ajaran agama seperti yang telah digariskan di dalam alquranan dan sunah. oleh karena itu, kepedulian kepada orang yang miskin dan tertindas dalam islam akan dilihat sebagai sebuah praktik keadilan karena hal demikian diperintahkan oleh agama (q.s. al-tawbah [9]: 61). sementara mengabaikan hal itu merupakan sebuah praktik kezaliman (q.s. al-mâ‘ûn [107]:1-3). keempat, nilai dasar keseimbangan. sistem ekonomi kapitalisme lebih mementingkan individu dari masyarakat sehingga orang merasakan harga diri dan eksistensinya. orang diberi kesempatan untuk mengembangkan segala potensi dan kepribadiannya, akan tetapi pada umumnya, individu tersebut terkenal penyakit egoistis, materialistis, pragmatis, dan rakus untuk memiliki segala sesuatu.16 hal itu didorong oleh pandangan dan pola hidupnya yang individualistis dan berorientasi kepada profit motive. sementara sistem sosialis lebih mementingkan masyarakat dari individu. roh sistem ini sangat berprasangka buruk terhadap individu. oleh karena itu, pemasungan terhadap naluri ingin memiliki dan menjadi kaya harus dilakukan. akibat dari kedua sistem ini terjadilah ketegangan, disharmoni, dan ketidakseimbangan antara kepentingan individu dan kepentingan masyarakat. dalam islam, masalah keseimbangan ini sangat mendapat tekanan dan perhatian. tidak hanya keseimbangan antara kepentingan orang perorang dengan kepentingan bersama, antara kepentingan dunia dan akhirat, jasmani dan rohani, akal dan rohani, idealisme dan fakta, tetapi juga keseimbangan dalam modal dan aktivitas, produksi dan konsumsi serta sirkulasi kekayaan. oleh karena itu, islam melarang dan mencegah terjadinya akumulasi dan sirkulasi kekayaan hanya pada segelintir orang, seperti terkandung dalam makna surah al 14 k. bertens, pengantar etika bisnis, h. 100. 15bagi malthus persoalan ini tidak hanya berdimensi etis tetapi juga berdimensi rasional karena menurut pendapatnya jika orang miskin tadi dibantu dan sudah mulai hidup sejahtera maka libido seksualnya akan tersalurkan. mereka mempunyai anak yang banyak dan pada titik tertentu, kata malthus pertumbuhan penduduk kan menurut deret ukur (1,2,4,8,16) dan pertambahan produksi makanan menurut deret hitung (1,2,3,4, dst.). maka, jumlah populasi akan melebihi jumlah persediaan makanan yang ada sehingga masyarakat kembali miskin. lihat steven pressman, dalam bukunya, fifty major economist. 16 yusuf qardhawi, peran nilai dan moral dalam perekonomian islam, (jakarta: robbani press, 1997), cet. i, h. 84. anwar abbas: sistem ekonomi islam: suatu pendekatan filsafat118 hasyr [59]: 7) yang artinya supaya harta itu jangan hanya beredar di antara orangorang kaya saja di antara kamu. bila terjadi kesenjangan kepemilikan yang tajam antar individu kaitannya dengan pemenuhan kebutuhan-kebutuhannya, maka berarti telah terjadi praktik kezaliman. untuk itu, negara harus turun melakukan intervensi agar keseimbangan ekenomi di tengah-tengah masyarakat dapat terwujud kembali. begitu juga dalam hal pembelanjaan dan pengeluaran, islam mendorong umat kepada berperilaku moderat, yaitu tidak isyrâf (boros) tetapi juga tidak bakhîl (pelit), dalam orientasi pembangunan, kebijakan yang diambil tidak boleh hanya menekankan kepada pertumbuhan (growth) tetapi juga kepada pemerataan (equity) agar tercipta keamanan dan ketentraman di tengah-tengah masyarakat (stability). kelima, nilai dasar persaudaraan dan kebersamaan. dalam paham sosialisme-komunisme, persaudaraan dan kebersamaan merupakan nilai yang utama dan pertama. untuk itu, agar nilai-nilai tersebut tidak rusak dan tidak terganggu maka kepemilikan individual yang menjadi penyebab terjadinya perselisihan dan persengketaan harus dihapuskan dan digantikan oleh negara. negara yang mengatur produksi, distribusi, dan konsumsi masyarakat sehinga dengan demikian secara teoretis tidak akan ada kesenjangan sosial ekonomi dan permusuhan. di dalam paham kapitalisme liberalisme hal ini tidak terlalu menjadi perhatian. bagi mereka persaudaraan akan dapat terjadi seolah-olah secara otomatis di luar maksud para pelaku ekonomi itu sendiri, karena perekat dari persaudaraan itu bagi mereka adalah kepentingan. hal ini berbeda dengan ajaran islam. kebersamaan dalam islam merupakan indikator dari keberimanan seseorang (q.s. al-hujurât [49]: 10). nilai-nilai persaudaraan dan kebersamaan ini merupakan konsekuensi logis dari penunjukan manusia sebagai khalifah karena penunjukan tersebut bukan hanya untuk orang-orang tertentu saja tetapi adalah untuk semua orang (q.s. al-baqarah [2]: 30). dengan demikian, seluruh manusia secara potensial di mata allah dan memiliki status, kedudukan, dan martabat yang sama. oleh karena itu, perbedaan ras, etnik, dan bahasa bukanlah menjadi variabel pembeda di mata tuhan. yang menjadi pembeda bagi allah adalah keimanan dan ketakwaannya (q.s. al-hujurât [49]: 13). untuk itu, islam melarang adanya praktik kezaliman dan ketidakadilan terhadap sesama dan adanya praktik-praktik eksploitasi sumber daya alam tertentu oleh seseorang atau kelompok tertentu. hal tersebut akan merusak nilainilai persaudaraan dan kebersamaan yang digariskan islam. namun, kebersamaan yang dimaksud di sini juga harus dibingkai dengan kebersamaan etis yaitu suatu kebersamaan dalam kebaikan dan ketaqwaan, tidak dalam melanggar al-iqtishad: vol. iv, no. 1, januari 2012 119 hasyr [59]: 7) yang artinya supaya harta itu jangan hanya beredar di antara orangorang kaya saja di antara kamu. bila terjadi kesenjangan kepemilikan yang tajam antar individu kaitannya dengan pemenuhan kebutuhan-kebutuhannya, maka berarti telah terjadi praktik kezaliman. untuk itu, negara harus turun melakukan intervensi agar keseimbangan ekenomi di tengah-tengah masyarakat dapat terwujud kembali. begitu juga dalam hal pembelanjaan dan pengeluaran, islam mendorong umat kepada berperilaku moderat, yaitu tidak isyrâf (boros) tetapi juga tidak bakhîl (pelit), dalam orientasi pembangunan, kebijakan yang diambil tidak boleh hanya menekankan kepada pertumbuhan (growth) tetapi juga kepada pemerataan (equity) agar tercipta keamanan dan ketentraman di tengah-tengah masyarakat (stability). kelima, nilai dasar persaudaraan dan kebersamaan. dalam paham sosialisme-komunisme, persaudaraan dan kebersamaan merupakan nilai yang utama dan pertama. untuk itu, agar nilai-nilai tersebut tidak rusak dan tidak terganggu maka kepemilikan individual yang menjadi penyebab terjadinya perselisihan dan persengketaan harus dihapuskan dan digantikan oleh negara. negara yang mengatur produksi, distribusi, dan konsumsi masyarakat sehinga dengan demikian secara teoretis tidak akan ada kesenjangan sosial ekonomi dan permusuhan. di dalam paham kapitalisme liberalisme hal ini tidak terlalu menjadi perhatian. bagi mereka persaudaraan akan dapat terjadi seolah-olah secara otomatis di luar maksud para pelaku ekonomi itu sendiri, karena perekat dari persaudaraan itu bagi mereka adalah kepentingan. hal ini berbeda dengan ajaran islam. kebersamaan dalam islam merupakan indikator dari keberimanan seseorang (q.s. al-hujurât [49]: 10). nilai-nilai persaudaraan dan kebersamaan ini merupakan konsekuensi logis dari penunjukan manusia sebagai khalifah karena penunjukan tersebut bukan hanya untuk orang-orang tertentu saja tetapi adalah untuk semua orang (q.s. al-baqarah [2]: 30). dengan demikian, seluruh manusia secara potensial di mata allah dan memiliki status, kedudukan, dan martabat yang sama. oleh karena itu, perbedaan ras, etnik, dan bahasa bukanlah menjadi variabel pembeda di mata tuhan. yang menjadi pembeda bagi allah adalah keimanan dan ketakwaannya (q.s. al-hujurât [49]: 13). untuk itu, islam melarang adanya praktik kezaliman dan ketidakadilan terhadap sesama dan adanya praktik-praktik eksploitasi sumber daya alam tertentu oleh seseorang atau kelompok tertentu. hal tersebut akan merusak nilainilai persaudaraan dan kebersamaan yang digariskan islam. namun, kebersamaan yang dimaksud di sini juga harus dibingkai dengan kebersamaan etis yaitu suatu kebersamaan dalam kebaikan dan ketaqwaan, tidak dalam melanggar ketentuan-ketentuan agama (qs. al-mâ’idah [5]: 3). hal ini secara ekonomis tentu mempunyai makna dan pengaruh yang positif terutama di dalam membangun hubungan kepercayaan (trust) dan kesetiaan (loyality) dalam bermuamalah dan akan menghindarkan rasa iri atau persaingan tidak sehat serta permusuhan antara sesama yang akhirnya akan merugikan semua pihak. nilai-ilai instrumental ekonomi islam nilai-nilai dasar sebuah sistem ekonomi baru bisa dioperasionalkan hanya bila terdapat basis kebijakan (nilai instrumental) yang mendukung. yang dimaksud dengan nilai instrumental ialah segala sesuatu yang akan menjadi persyaratan bagi pelaksanaan dan terlaksananya sistem tersebut. dalam sistem ekonomi kapitalis, nilai instrumental tersebut terletak pada nilai persaingan sempurna dan kebebasan keluar masuk pasar tanpa restriksi, informasi, dan bentuk pasar atomistik dari tiap unit ekonomi, pasar yang monopolisitik untuk mencegah perang harga dan pada waktu yang sama menjamin produsen dengan kemampuan untuk menetapkan harga lebih tinggi dari pada biaya marginal. sedangkan dalam sistem marxisme, semua perencanaan ekonomi dilaksanakan secara sentral melalui proses yang mekanistik, pemilikan kaum proletar terhadap faktor-faktor produksi diatur secara kolektif; proses iterasi dan kolektivitas ini adalah beberapa nilai instrumental yang pokok dari marxisme.17 dalam sistem ekonomi islam ada beberapa nilai instrumental yang strategis yang mempengaruhi tingkah laku ekonomi seseorang, masyarakat, dan pembangunan ekonomi pada umumnya. pertama, zakat. zakat merupakan bagian dari harta yang harus dikeluarkan oleh seorang muslim bila harta mereka telah mencapai nisab dan sudah memenuhi ketentuan-ketentuan yang ditetapkan oleh syariah (q.s. al-baqarah [2]: 2, 176), yang ukuran dan peruntukannya juga sudah ada ketetapannya dari tuhan sendiri (q.s. al-tawbah [9 ]: 60). pasa masa awal islam zakat dihimpun oleh negara dan merupakan sumber pendapatan utama negara. zakat pada waktu itu benar-benar merupakan sarana utama untuk menciptakan keadilan sosial, politik, dan ekonomi. aktivitas ini benar-benar berfungsi menciptakan persaudaraan dan kebersamaan di kalangan umat, karena dana zakat merupakan salah satu pilar penting dari sumber dana jaminan sosial. adanya instrumen ini secara ekonomi tentu memiliki beberapa makna, yakni: (1) zakat mendorong terjadinya pendistribusian pendapatan dan kekayaan dari orang yang berpunya kepada orang yang miskin atau yang memerlukannya, sehingga kebutuhan pokok masyarakat terpenuhi dan 17ahmad m. saefudin, studi nilai-nilai sistem ekonom islam, (jakarta: media dakwah, 1984), h. 66. anwar abbas: sistem ekonomi islam: suatu pendekatan filsafat120 kesenjangan ekonomi bisa dikurangi; (2) zakat secara langsung atau tidak tentu akan mempunyai pengaruh nyata terhadap tingkah laku konsumsi umat dan penciptaan lapangan kerja apalagi bila zakat tersebut dikelola melalui usahausaha produktif sehingga secara sosial, zakat dapat memberikan dampak bagi terciptanya keamanan masyarakat dan menghilangkan pertentangan kelas yang diakibatkan oleh perbedaan pendapatan yang tajam; (3) zakat dapat meningkatkan produktivitas dan daya beli masyarakat dan serta membendung inflasi. kedua, pelarangan riba. nilai instrumental ini sangat terkait erat dengan pemberantasan praktik kezaliman dan ketidakadilan (q.s. al-baqarah [2]: 278279). secara sempit penghapusan riba berarti penghapusan eksploitasi yang terjadi dalam utang-piutang maupun jual-beli (tetapi), secara luas penghapusan riba dimaknai sebagai penghapusan segala bentuk praktik ekonomi yang menimbulkan kezaliman atau ketidakadilan.18 secara ekonomi, praktik riba jelas tampak tidak berpihak kepada full employment (terciptanya tenaga kerja penuh) karena sistem riba atau bunga jelas tidak memberi peluang kepada nasabah untuk masuk ke sektor-sektor usaha yang tingkat profitnya sama atau di bawah dari suku bunga yang ada. akibatnya, peluang lapangan kerja menjadi tertutup dan rekruitmen terhadap tenaga kerja menjadi tidak bisa dilakukan. praktik ini diperparah oleh perbankan konvensional yang tidak mau mengambil risiko rugi sehingga mereka meminta jaminan kepada para nasabahnya. kebijakan ini dapat diterapkan kepada kaum yang berpunya karena merekalah yang memiliki jaminan. sementara itu, orang yang miskin meskipun secara teknis mereka lebih layak untuk mendapatkan kredit karena keahlian dan kemampuan yang dimilikinya. namun, karena mereka tidak memiliki apa-apa untuk dijaminkan, maka mereka tidak bisa mendapatkannya. hal ini akan berdampak kepada produktivitas dan efisiensi. di samping itu sistem riba ini secara makro akan meningkatkan inflasi, karena tingkat suku bunga yang dikenakan kepada nasabah jelas akan meningkatkan biaya produksi sehingga secara keseluruhan harga akan naik (inflasi). bila harga-harga secara umum meningkat, maka pasti ada kelompok masyarakat yang terpukul dan akan terkena dampak negatif dari inflasi tersebut yaitu orang yang berpendapatan rendah sehingga tidak mustahil mereka yang semula sebagai muzaki akan jatuh miskin. hal ini disebabkan terjadinya kenaikan harga-harga yang menyebabkan mereka tidak mampu memenuhi kebutuhan-kebutuhan pokoknya. 18mb. hendri anto, pengantar ekonomi mikro islami, (yogyakarta: penerbit ekonomi, 2003), cet. i, h. 39. al-iqtishad: vol. iv, no. 1, januari 2012 121 kesenjangan ekonomi bisa dikurangi; (2) zakat secara langsung atau tidak tentu akan mempunyai pengaruh nyata terhadap tingkah laku konsumsi umat dan penciptaan lapangan kerja apalagi bila zakat tersebut dikelola melalui usahausaha produktif sehingga secara sosial, zakat dapat memberikan dampak bagi terciptanya keamanan masyarakat dan menghilangkan pertentangan kelas yang diakibatkan oleh perbedaan pendapatan yang tajam; (3) zakat dapat meningkatkan produktivitas dan daya beli masyarakat dan serta membendung inflasi. kedua, pelarangan riba. nilai instrumental ini sangat terkait erat dengan pemberantasan praktik kezaliman dan ketidakadilan (q.s. al-baqarah [2]: 278279). secara sempit penghapusan riba berarti penghapusan eksploitasi yang terjadi dalam utang-piutang maupun jual-beli (tetapi), secara luas penghapusan riba dimaknai sebagai penghapusan segala bentuk praktik ekonomi yang menimbulkan kezaliman atau ketidakadilan.18 secara ekonomi, praktik riba jelas tampak tidak berpihak kepada full employment (terciptanya tenaga kerja penuh) karena sistem riba atau bunga jelas tidak memberi peluang kepada nasabah untuk masuk ke sektor-sektor usaha yang tingkat profitnya sama atau di bawah dari suku bunga yang ada. akibatnya, peluang lapangan kerja menjadi tertutup dan rekruitmen terhadap tenaga kerja menjadi tidak bisa dilakukan. praktik ini diperparah oleh perbankan konvensional yang tidak mau mengambil risiko rugi sehingga mereka meminta jaminan kepada para nasabahnya. kebijakan ini dapat diterapkan kepada kaum yang berpunya karena merekalah yang memiliki jaminan. sementara itu, orang yang miskin meskipun secara teknis mereka lebih layak untuk mendapatkan kredit karena keahlian dan kemampuan yang dimilikinya. namun, karena mereka tidak memiliki apa-apa untuk dijaminkan, maka mereka tidak bisa mendapatkannya. hal ini akan berdampak kepada produktivitas dan efisiensi. di samping itu sistem riba ini secara makro akan meningkatkan inflasi, karena tingkat suku bunga yang dikenakan kepada nasabah jelas akan meningkatkan biaya produksi sehingga secara keseluruhan harga akan naik (inflasi). bila harga-harga secara umum meningkat, maka pasti ada kelompok masyarakat yang terpukul dan akan terkena dampak negatif dari inflasi tersebut yaitu orang yang berpendapatan rendah sehingga tidak mustahil mereka yang semula sebagai muzaki akan jatuh miskin. hal ini disebabkan terjadinya kenaikan harga-harga yang menyebabkan mereka tidak mampu memenuhi kebutuhan-kebutuhan pokoknya. 18mb. hendri anto, pengantar ekonomi mikro islami, (yogyakarta: penerbit ekonomi, 2003), cet. i, h. 39. ketiga, kerjasama ekonomi. kalau dalam ekonomi kapitalis sangat ditonjolkan masalah kompetisi bebas, sehingga mereka melihat orang lain sebagai kompetitor atau pesaing yang harus ditundukkan. sedangkan dalam sistem ekonomi sosialis terjadi sebaliknya. sistem ini tidak mengenal persaingan karena segala-galanya sudah diatur oleh negara baik di tingkat produksi, distribusi maupun konsumsi. tetapi berbeda dengan kedua sistem ekonomi di atas, sistem ekonomi islam sangat dianjurkan adanya kerjasama dalam semua tingkat kegiatan ekonomi baik pada sektor produksi maupun distribusi dan konsumsi. kerjasama tersebut bisa dilakukan dalam bentuk syirkah, mudhârabah, dan/atau koperasi yang fungsinya, menurut daud ali,19 akan dapat menciptakan kerja produktif sehari-hari dari masyarakat (q.s. al-baqarah [2]: 190), meningkatkan kesejahteraan, mencegah kesengsaraan sosial (q.s. âli ‘imrân [3]: 103, almâidah [5]: 3, al-tawbah [9]: 71, 105 ), mencegah penindasan ekonomi dan distribusi kekayaan yang tidak merata (q.s. al-isrâ’ [17]: 16, al-hâqqah [69]: 25 37, 89 : 17-20,107 :1-7), dan melindungi kepentingan ekonomi lemah (q.s. alnisâ’ [4]: 5-10, al-fajr [89]: 17-26 ). dengan adanya kerjasama ini maka prinsip yang kuat membantu yang lemah (q.s. al-zukhruf [43]: 32) dan adanya pembagian kerja dan spesialisasi tentu bisa ditegakkan sehingga kebersamaan, keadilan, dan pertumbuhan serta pemerataan akan dapat diwujudkan. keempat, jaminan sosial. islam memberikan jaminan terhadap tingkat dan kualitas hidup yang minimum (basic needs) bagi seluruh lapisan masyarakat (q.s. al-tawbah [9]: 6). pentingnya jaminan sosial tersebut terkandung dalam ajaran-ajaran yang mengatakan bahwa: (1) manfaat sumber-sumber alam harus dapat dinikmati oleh semua makhluk allah (q.s. al-an’âm [6]: 38, al-rahmân [55]: 10); (2) kehidupan fakir miskin harus diperhatikan oleh masyarakat terutama oleh mereka yang punya (q.s. al-dzâriyât [51]:19, al-ma‘ârij [70]: 24); (3) kekayaan tidak boleh dinikmati dan hanya berputar di antara orang-orang kaya saja. (4) berbuat kebaikanlah kepada masyarakat sebagaimana allah telah berbuat baik kepadamu (q.s. al-qashash [28]: 77), antara lain dengan menyediakan sumber-sumber alam itu; (5) seorang muslim yang tidak mempunyai kekayaan harus mau dan mampu menyumbangkan tenaganya untuk tujuantujuan sosial (q.s. al-tawbah [9]: 79); (6) seseorang janganlah menyumbang untuk kepentingan sosial dan juga untuk keperluan pribadi serta keluarga sebagai unit kecil masyarakat agar dipuji oleh orang lain (q.s. al-tawbah [9]: 262); (7) jaminan sosial itu harus diberikan sekurang-kurangnya kepada mereka 19mohammad daud ali, sistem ekonomi islam, zakat dan wakaf, (jakarta: ui press, 1998), cet. i, h.16. anwar abbas: sistem ekonomi islam: suatu pendekatan filsafat122 yang disebutkan dalam alquran sebagai pihak-pihak yang berhak atas jaminan tersebut (q.s. al-baqarah [2]: 273, al-tawbah [9]: 60 ), dan lain-lain.20 dengan melaksanakan ajaran tentang jaminan sosial di atas berarti manusia di samping telah berusaha mendekatkan dirinya kepada allah, membersihkan hartanya, dan membuang sifat riba dan tamak serta egoismenya, dan telah memberlakukan hartanya sesuai dengan ketentuan agama. hal ini akan menciptakan kehidupan yang berkeadilan dan berkeseimbangan yang penuh dengan semangat persaudaraan dan kebersamaan. peranan negara berbeda dengan sistem ekonomi kapitalisme yang sangat memproduksi peran pemerintah dan memberikan kebebasan yang sangat luas kepada para pelaku pasar (swasta) dan sistem ekonomi sosialisme yang mereduksi peran swasta dan memberikan peran yang teralu besar kepada pemerintah atau negara, sistem ekonomi islam berada ditengah-tengah. artinya islam menghormati mekanisme pasar tetapi juga sekaligus memberikan peran kepada pemerintah untuk mendorong para pelaku ekonomi agar berbuat baik dan mencegah mereka untuk tidak berbuat munkar.21 dengan demikian tidak terjadi distorsi alau pelanggaran aturan moral di pasar seperti adanya praktik penipuan, kecurangan, penimbunan dan lain-lain. selain itu dapat mendorong bagi terciptanya pertumbuhan, pemerataan dan stabilitas ekonomi yang mantap. di zaman awal islam peran ini di laksanakan oleh sebuah lembaga independen yang dinamakan lembaga hisbah yang fungsi dan tugasnya seperti dikemukakan oleh a. a. islahi adalah memerintahkan semua yang berada di bawah wewenangnya untuk melaksanakan salat jumat, menunaikan salat wajib lainnya, menegakkan kebenaran, membayar kembali simpanan, melarang perbuatan buruk seperti berkata dusta, tidak jujur, mengurangi timbangan dan takaran, melakukan penipuan pada masalah industri, perdagangan, agama dan sebagainya.22 ini artinya kehadiran pemerintah selain untuk menegakkan mekanisme pasar yang baik juga sekaligus untuk mengatasi kegagalan pasar itu sendiri. semua itu tentunya akan sangat berpengaruh terciptanya kebebasan, keseimbangan, kebersamaan, dan keadilan di tengah-tengah masyarakat. 20 mohammad daud ali, sistem ekonomi islam, zakat dan wakaf, h. 17. 21 ibn taymiyyah, al-hisbah fi al-islâm, wâzhifah al-hukûmah al-islâmiyyah, (bayrût : dâr alfikr al-lubnân, 1992), h. 15. 22a.a. islahi, konsepsi ekonomi ibnu taimiyah, diterjemahkan oleh anshari thayib, (surabaya: pt. bina ilmu, 1997), cet. i, h. 242. al-iqtishad: vol. iv, no. 1, januari 2012 123 yang disebutkan dalam alquran sebagai pihak-pihak yang berhak atas jaminan tersebut (q.s. al-baqarah [2]: 273, al-tawbah [9]: 60 ), dan lain-lain.20 dengan melaksanakan ajaran tentang jaminan sosial di atas berarti manusia di samping telah berusaha mendekatkan dirinya kepada allah, membersihkan hartanya, dan membuang sifat riba dan tamak serta egoismenya, dan telah memberlakukan hartanya sesuai dengan ketentuan agama. hal ini akan menciptakan kehidupan yang berkeadilan dan berkeseimbangan yang penuh dengan semangat persaudaraan dan kebersamaan. peranan negara berbeda dengan sistem ekonomi kapitalisme yang sangat memproduksi peran pemerintah dan memberikan kebebasan yang sangat luas kepada para pelaku pasar (swasta) dan sistem ekonomi sosialisme yang mereduksi peran swasta dan memberikan peran yang teralu besar kepada pemerintah atau negara, sistem ekonomi islam berada ditengah-tengah. artinya islam menghormati mekanisme pasar tetapi juga sekaligus memberikan peran kepada pemerintah untuk mendorong para pelaku ekonomi agar berbuat baik dan mencegah mereka untuk tidak berbuat munkar.21 dengan demikian tidak terjadi distorsi alau pelanggaran aturan moral di pasar seperti adanya praktik penipuan, kecurangan, penimbunan dan lain-lain. selain itu dapat mendorong bagi terciptanya pertumbuhan, pemerataan dan stabilitas ekonomi yang mantap. di zaman awal islam peran ini di laksanakan oleh sebuah lembaga independen yang dinamakan lembaga hisbah yang fungsi dan tugasnya seperti dikemukakan oleh a. a. islahi adalah memerintahkan semua yang berada di bawah wewenangnya untuk melaksanakan salat jumat, menunaikan salat wajib lainnya, menegakkan kebenaran, membayar kembali simpanan, melarang perbuatan buruk seperti berkata dusta, tidak jujur, mengurangi timbangan dan takaran, melakukan penipuan pada masalah industri, perdagangan, agama dan sebagainya.22 ini artinya kehadiran pemerintah selain untuk menegakkan mekanisme pasar yang baik juga sekaligus untuk mengatasi kegagalan pasar itu sendiri. semua itu tentunya akan sangat berpengaruh terciptanya kebebasan, keseimbangan, kebersamaan, dan keadilan di tengah-tengah masyarakat. 20 mohammad daud ali, sistem ekonomi islam, zakat dan wakaf, h. 17. 21 ibn taymiyyah, al-hisbah fi al-islâm, wâzhifah al-hukûmah al-islâmiyyah, (bayrût : dâr alfikr al-lubnân, 1992), h. 15. 22a.a. islahi, konsepsi ekonomi ibnu taimiyah, diterjemahkan oleh anshari thayib, (surabaya: pt. bina ilmu, 1997), cet. i, h. 242. penutup sistem ekonomi islam adalah sebuah sistem ekonomi tersendiri, bukan merupakan perpaduan dan atau campuran antara sistem ekonomi kapitalisme dan sosialisme, karena falsafah, nilai-nilai dasar, dan nilai-nilai instrumental dari sistem ekonomi islam sangat berbeda dengan kedua sistem tersebut. sistem ekonomi islam menempatkan manusia bukan sebagai sentral (antroposentrisme) tetapi sebagai hamba tuhan (abid) yang harus mengabdi dan mengemban tugas yang dipercayakan-nya sebagai khalifah. untuk itu, dalam kegiatan ekonomi yang dilakukannya harus menjunjung tinggi nilai-nilai kepemilikan, nilai-nilai keadilan, kebebasan, keseimbangan, persaudaraan, serta kebersamaan sesuai ajaran agama agar tercipta sebuah tatanan hidup pribadi dan bermasyarakat serta bernegara yang baik. untuk itu, islam telah meletakkan basis-basis kebijakannya berupa: (1) perintah membayar zakat kepada orang-orang yang mampu untuk para mustahiq; (2) melarang praktik-praktik riba (eksploitasi); (3) memberikan jaminan sosial kepada orang yang berhak menerimanya; (4) mendorong terciptanya kerjasama ekonomi tidak hanya antara individu dengan individu atau masyarakat dengan masyarakat lainnya tetapi juga kerjasama antar negara; (5) memfungsikan lembaga pemerintah untuk menjadi polisi sehingga sinergi para pelaku pasar akan dapat mewujudkan dan menciptakan kemakmuran, keamanan, dan keadilan di tengah-tengah masyarakat. [] pustaka acuan buku: anto, mb. hendri, pengantar ekonomi mikro islami, yogyakarta: penerbit ekonomi, 2003. turkmânî, al-, ‘adnân khâlid, al-madzhab al-iqtishâdî al-islâmî, riyâdh: maktabah al-sawâdî, jâmi‘ah al-imâm muhammad ibn su‘ûd al-islâmiyyah, t.th.. ali, mohammad daud, sistem ekonomi islam, zakat dan wakaf, jakarta: ui press, 1998. bertens, k. pengantar etika bisnis, yogyakarta: penerbit kanisius, 2000. chapra, m. umer, islam dan tantangan ekonomi, islamisasi ekonomi kontemporer, diterjemahkan nur hadi ihsan dan rifki amar, surabaya: risalah gusti, 1999. islahi, a.a., konsepsi ekonomi ibnu taimiyah, diterjemahkan oleh anshari thayib, surabaya: pt bina ilmu, 1997. qaradhawi, yusut, peran dan nilai moral dalam perekonomian, jakarta: robbani press, 1995. anwar abbas: sistem ekonomi islam: suatu pendekatan filsafat124 rachbini, didik j., ekonomi politik, paradigma, dan teori pilihan publik, jakarta: ghalia indonesia, 2002. saefudin, ahmad m., studi nilai-nilai sistem ekonom islam, jakarta: media dakwah, 1984. surbakti, ramlan, memahami ilmu politik, jakarta: penerbit pt. gramedia widiasarana indonesia, 1992. ibn taymiyyah, al-hisbah fi al-islâm, wazhîfah al-hukûmah al-islâmiyyah, bayrût: dâr al-fikr al-lubnân, 1992. media massa: kompas, 15 september 1992 kompas, 20 januari 1993 zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, damsik: dâr al-fikri, 1978. ---------------, zakat kajian pelbagai zakat, diterjemahkan oleh agus efendi dan baharuddin fananny, bandung: pt remaja rosdakarya offset, t.th. pemanfaatan lahan telantar dalam tinjauan undang-undang pokok agraria dan ekonomi islam djaka badranaya abstract: abandoned land use in review basic agrarian law and economics of islam. abandon efforts to land, both state owned and private, in the view of islamic economics is not justified. even the country with its authorities have the right to redistribute those asets for the prosperity of the people. it takes political will of government, consistency, and the rules of the land, which is accountable and comprehensive in order to encourage the utilization of unused land. abandoned land use policy really is not just for big private interests in oil palm plantations, but the utilization policy is intended for the benefit and public welfare widely. keywords: abandoned land, poverty alleviation, social welfare abstrak: pemanfaatan lahan telantar dalam tinjauan undang-undang pokok agraria dan ekonomi islam. upaya menelantarkan tanah, baik yang dimiliki negara maupun swasta, dalam pandangan ekonomi islam tidak dibenarkan. bahkan negara dengan otoritas yang dimilikinya berhak melakukan redistribusi aset tersebut demi kemakmuran rakyat. diperlukan political-will pemerintah, konsistensi, serta kebijakan pertanahan yang akuntabel dan komprehensif dalam rangka mendorong pemanfaatan lahan tidur. kebijakan pemanfaatan lahan telantar sejatinya tidak hanya untuk kepentingan swasta besar dalam perkebunan sawit saja, tetapi justru kebijakan pemanfaatan tersebut ditujukan untuk kemaslahatan dan kesejahteraan rakyat secara luas. kata kunci: tanah telantar, pengentasan kemiskinan, kesejahteraan rakyat naskah diterima: 24 februari 2011, direvisi: 16 juni 2011, disetujui: 23 juni 2011.  sekolah pascasarjana, program studi doktor ilmu ekonomi, universitas padjadjaran, bandung. jl. dipati ukur no. 35, bandung, e-mail: d_badranaya@yahoo.com djaka badranaya: pemanfaatan lahan telantar 228 pendahuluan dalam sebuah konferensi pers setelah penandatanganan program pelestarian hutan di norwegia,1 presiden susilo bambang yudhoyono (sby) menyampaikan, untuk dua tahun ke depan pemerintah menghentikan sementara pemberian izin konversi hutan alam dan lahan gambut untuk perkebunan sawit. dalam kesempatan itu, presiden menyampaikan solusi dan alternatifnya dengan pemanfaatan lahan telantar yang jumlahnya, menurut presiden, masih sangat luas. solusi yang ditawarkan tersebut, tampaknya telah membuka jalan untuk wacana pemanfaatan lahan telantar yang secara kuantitatif jumlahnya masih sangat luas. pernyataan presiden sby tersebut sekaligus menjadi pintu masuk (entry point) pada kajian mengenai lahan, tanah, kepemilikan tanah, reformasi agraria, hak pengelolaan dan yang terpenting pemanfatan lahan atau tanah— yang nota bene merupakan salah satu faktor produksi strategis—bagi pengembangan ekonomi rakyat. tanah atau lahan merupakan barang ekonomi. sebagai barang ekonomi, tanah bersifat spesifik. penawarannya terbatas (fixed supply) dan bentuk kurvanya inelastis sempurna. tanah tidak mempunyai barang pengganti seperti barang ekonomi lainnya. konsekuensi ini menyebabkan harga tanah sangat ditentukan oleh permintaannya. permintaan tanah cenderung semakin meningkat seiring kompleksitas aktivitas ekonomi manusia sehingga menyebabkan harga tanah terus meningkat. kondisi ini menyebabkan pasar tanah selalu tidak sempurna dan cenderung melahirkan monopoli tanah. di samping itu, tanah mempunyai sifat multidimensi. selain bersifat ekonomi, tanah juga mempunyai sifat fisik, sosial, budaya, politik, bahkan pertahanan dan keamanan. salah satu penyebab dan akar kemiskinan yang terjadi indonesia dan negara berkembang pada umumnya, adalah terbatasnya akses kepemilikan aset tanah kelompok miskin karena rendahnya pendapatan mereka. padahal tanah atau lahan adalah salah satu faktor produksi penting dalam kehidupan ekonomi masyarakat. kelompok masyarakat miskin cenderung tidak memiliki akses terhadap kepemilikan tanah. posisi dan kepemilikan lahan/aset tanah justru cenderung dikuasai oleh kelompok minoritas pemegang kapital dan negara yang memiliki otoritas. data statistik menunjukkan, jumlah kelompok miskin di perdesaan adalah para petani penggarap yang tidak memiliki lahan. pada saat yang bersamaan, eksistensi tanah negara yang telantar dan atau lahan milik swasta yang tidak produktif jumlahnya masih sangat luas. kepemilikan lahan yang luas tersebut secara de jure, memang dikuasai oleh negara 1 konferensi pelestarian lingkungan hidup di oslo, norwegian, 26 mei 2010. al-iqtishad: vol. iii, no. 2, juli 2011 229 pendahuluan dalam sebuah konferensi pers setelah penandatanganan program pelestarian hutan di norwegia,1 presiden susilo bambang yudhoyono (sby) menyampaikan, untuk dua tahun ke depan pemerintah menghentikan sementara pemberian izin konversi hutan alam dan lahan gambut untuk perkebunan sawit. dalam kesempatan itu, presiden menyampaikan solusi dan alternatifnya dengan pemanfaatan lahan telantar yang jumlahnya, menurut presiden, masih sangat luas. solusi yang ditawarkan tersebut, tampaknya telah membuka jalan untuk wacana pemanfaatan lahan telantar yang secara kuantitatif jumlahnya masih sangat luas. pernyataan presiden sby tersebut sekaligus menjadi pintu masuk (entry point) pada kajian mengenai lahan, tanah, kepemilikan tanah, reformasi agraria, hak pengelolaan dan yang terpenting pemanfatan lahan atau tanah— yang nota bene merupakan salah satu faktor produksi strategis—bagi pengembangan ekonomi rakyat. tanah atau lahan merupakan barang ekonomi. sebagai barang ekonomi, tanah bersifat spesifik. penawarannya terbatas (fixed supply) dan bentuk kurvanya inelastis sempurna. tanah tidak mempunyai barang pengganti seperti barang ekonomi lainnya. konsekuensi ini menyebabkan harga tanah sangat ditentukan oleh permintaannya. permintaan tanah cenderung semakin meningkat seiring kompleksitas aktivitas ekonomi manusia sehingga menyebabkan harga tanah terus meningkat. kondisi ini menyebabkan pasar tanah selalu tidak sempurna dan cenderung melahirkan monopoli tanah. di samping itu, tanah mempunyai sifat multidimensi. selain bersifat ekonomi, tanah juga mempunyai sifat fisik, sosial, budaya, politik, bahkan pertahanan dan keamanan. salah satu penyebab dan akar kemiskinan yang terjadi indonesia dan negara berkembang pada umumnya, adalah terbatasnya akses kepemilikan aset tanah kelompok miskin karena rendahnya pendapatan mereka. padahal tanah atau lahan adalah salah satu faktor produksi penting dalam kehidupan ekonomi masyarakat. kelompok masyarakat miskin cenderung tidak memiliki akses terhadap kepemilikan tanah. posisi dan kepemilikan lahan/aset tanah justru cenderung dikuasai oleh kelompok minoritas pemegang kapital dan negara yang memiliki otoritas. data statistik menunjukkan, jumlah kelompok miskin di perdesaan adalah para petani penggarap yang tidak memiliki lahan. pada saat yang bersamaan, eksistensi tanah negara yang telantar dan atau lahan milik swasta yang tidak produktif jumlahnya masih sangat luas. kepemilikan lahan yang luas tersebut secara de jure, memang dikuasai oleh negara 1 konferensi pelestarian lingkungan hidup di oslo, norwegian, 26 mei 2010. dan kalangan swasta besar. namun secara de facto tanah tersebut cenderung dibiarkan iddle, menganggur, tidak produktif. di sinilah letak pentingnya kebijakan pemanfataan lahan bahkan dalam tingkatan tertentu kebijakan landreform atau reformasi agraria. asumsi yang dibangun, jika lahan nganggur, tidak produktif dan idle tersebut dikerjasamakan atau dimanfaatkan dengan skema pemanfataan yang produktif, maka nilai ekonomi dari tanah tersebut sangat strategis dan kontributif terhadap perekonomian masyarakat di perdesaan. dalam ekonomi islam, persoalan kepemilikan tanah menjadi salah satu isu penting dalam pembangunan ekonomi. konsep ekonomi islam dalam kaitannya dengan pemanfataan lahan sangat jelas dan tegas. dalam pandangan islam, tanah merupakan faktor produksi yang sangat penting. islam sangat concern pada upaya produktivitas faktor produksi termasuk lahan atau tanah. bahkan dalam konsep islam, tanah telantar atau tanah yang dibiarkan nganggur, iddle, tidak produktif maka otoritas negara wajib mengambil alih kepemilikan lahan tersebut dan mendistribusikannya pada kelompok masyarakat yang akan dan mampu memproduktifkannya. banyak pilihan skema yang ditawarkan dalam ekonomi islam untuk memanfaatkan lahan agar bernilai ekonomi. semua konsep pemanfaatan lahan dalam ekonomi islam tersebut berbasis pada prinsip kerjasama (syirkah) dan berorientasi pada produktivitas lahan yang pada gilirannya memberikan dampak pendapatan masyarakat dan peningkatan kesejahteraan. konsep, kebijakan, dan permasalahan pertanahan negara indonesia, sesuai dengan amanat uud 1945, memandang tanah sebagai modal utama bangsa, sehingga peranan negara dalam pengelolaan sumber daya tanah menjadi sangat vital bagi terwujudnya pembangunan yang adil, makmur, dan merata bagi seluruh rakyat indonesia. aspek kemakmuran dan kesejahteraan bangsa indonesia tersebut dijabarkan dalam uu nomor 5 tahun 1960 tentang peraturan dasar pokok-pokok agraria yang dikenal dengan uupa sebagai dasar kebijakan pertanahan. secara normatif, jika implementasi kebijakan pertanahan dilaksanakan secara konsisten, maka sejatinya tujuan untuk pemanfaatan ”tanah untuk sebesar-besarnya kemakmuran rakyat” dapat tercapai. namun, fokus pembangunan ekonomi orde baru yang menitikberatkan pada pencapaian tingkat pertumbuhan yang tinggi dengan pendekatan politik represif-otoriter telah menimbulkan penyimpangan-penyimpangan dalam pelaksanaan uupa itu sendiri. berdasarkan uupa itu sendri, aspek-aspek pertanahan dapat dikelompokan menjadi beberapa kebijakan yaitu: kebijakan penguasaan djaka badranaya: pemanfaatan lahan telantar 230 pemilikan tanah, kebijakan tata guna tanah, kebijakan hak atas tanah, kebijakan mengenai pendaftaran tanah. selain berdimensi ekonomi atau barang ekonomi, tanah juga mempunyai sifat multidimensi. tanah mempunyai sifat fisik, sosial, budaya, politik, bahkan pertahanan dan keamanan. secara teoretis, menurut lutfie nasution,2 tanah digambarkan dalam lima rent, yaitu: pertama, rent recardian, yang timbul sebagai akibat adanya sifat kualitas tanah yang berhubungan dengan penggunaan tertentu atau kelangkaannya. kedua, rent lokasi, yang timbul akibat lokasi suatu tanah relatif terhadap lokasi yang lainnya. ketiga, rent lingkungan, yang timbul akibat adanya fungsi ekologis tanah dalam suatu ekosistem; keempat, rent sosial, yang timbul akibat adanya fungsi sosial atas tanah. kelima, rent politik, yang timbul jika pemilikan tanah dan penguasaan tanah memberikan sejumlah kekuatan atau posisi politik yang lebih menguntungkan kepada pemilik dan penguasanya. kebijakan pertanahan dari masa kemerdekaan hingga orde baru menurut hasil penelitian tentang kebijakan pertanahan, fisco3, paling tidak, periode pelaksanaan kebijakan pertanahan mulai dari masa kemerdekaan hingga masa orde baru dikelompokan menjadi tiga periode, yakni: tahun 19451960, tahun 1961-1965, dan periode tahun 1966-1998. periode pertama, tahun 1945-1960, merupakan masa persiapan dan perencanaan pembuatan hukum tanah nasional. puncaknya adalah dengan diundangkannya uupa sebagai pengganti agrarische wet3. periode kedua, tahun 1961-1965, merupakan masa pelaksanaan landrefom sebagai amanat dari uupa, namun mengalami kegagalan. periode ketiga, tahun 1966-1998, merupakan masa terjadinya penyimpangan pelaksanaan uupa, yaitu dari ”tanah bagi sebesar-besarnya kemakmuran rakyat” berubah menjadi ”tanah untuk mendukung pembangunan ekonomi.” pada masa kegagalan pelaksanaan uupa, mengingat hal yang paling mendesak setelah diundangkannya uupa adalah masalah pertanian rakyat, pemerintah melakukan persiapan pelaksanaan landrefom. tujuannya adalah untuk meningkatkan penghasilan dan tarap hidup petani penggarap tanah, sebagai landasan atau prasyarat untuk menyelenggarakan pembangunan ekonomi. salah satu program utama landrefom adalah redistribusi aset tanah. dengan ditetapkan 2 lutfie nasution, “beberapa masalah pertanahan dan kebijakan untuk menanggulanginya”, jurnal csis, vol. xx, no. 2, tahun 1991. 3 fisco, “kebijakan pertanahan tahun 1966-1998”, jurnal kebijakan ekonomi, vol. 1, no. 3, mpkp fe-ui, tahun 2006. al-iqtishad: vol. iii, no. 2, juli 2011 231 pemilikan tanah, kebijakan tata guna tanah, kebijakan hak atas tanah, kebijakan mengenai pendaftaran tanah. selain berdimensi ekonomi atau barang ekonomi, tanah juga mempunyai sifat multidimensi. tanah mempunyai sifat fisik, sosial, budaya, politik, bahkan pertahanan dan keamanan. secara teoretis, menurut lutfie nasution,2 tanah digambarkan dalam lima rent, yaitu: pertama, rent recardian, yang timbul sebagai akibat adanya sifat kualitas tanah yang berhubungan dengan penggunaan tertentu atau kelangkaannya. kedua, rent lokasi, yang timbul akibat lokasi suatu tanah relatif terhadap lokasi yang lainnya. ketiga, rent lingkungan, yang timbul akibat adanya fungsi ekologis tanah dalam suatu ekosistem; keempat, rent sosial, yang timbul akibat adanya fungsi sosial atas tanah. kelima, rent politik, yang timbul jika pemilikan tanah dan penguasaan tanah memberikan sejumlah kekuatan atau posisi politik yang lebih menguntungkan kepada pemilik dan penguasanya. kebijakan pertanahan dari masa kemerdekaan hingga orde baru menurut hasil penelitian tentang kebijakan pertanahan, fisco3, paling tidak, periode pelaksanaan kebijakan pertanahan mulai dari masa kemerdekaan hingga masa orde baru dikelompokan menjadi tiga periode, yakni: tahun 19451960, tahun 1961-1965, dan periode tahun 1966-1998. periode pertama, tahun 1945-1960, merupakan masa persiapan dan perencanaan pembuatan hukum tanah nasional. puncaknya adalah dengan diundangkannya uupa sebagai pengganti agrarische wet3. periode kedua, tahun 1961-1965, merupakan masa pelaksanaan landrefom sebagai amanat dari uupa, namun mengalami kegagalan. periode ketiga, tahun 1966-1998, merupakan masa terjadinya penyimpangan pelaksanaan uupa, yaitu dari ”tanah bagi sebesar-besarnya kemakmuran rakyat” berubah menjadi ”tanah untuk mendukung pembangunan ekonomi.” pada masa kegagalan pelaksanaan uupa, mengingat hal yang paling mendesak setelah diundangkannya uupa adalah masalah pertanian rakyat, pemerintah melakukan persiapan pelaksanaan landrefom. tujuannya adalah untuk meningkatkan penghasilan dan tarap hidup petani penggarap tanah, sebagai landasan atau prasyarat untuk menyelenggarakan pembangunan ekonomi. salah satu program utama landrefom adalah redistribusi aset tanah. dengan ditetapkan 2 lutfie nasution, “beberapa masalah pertanahan dan kebijakan untuk menanggulanginya”, jurnal csis, vol. xx, no. 2, tahun 1991. 3 fisco, “kebijakan pertanahan tahun 1966-1998”, jurnal kebijakan ekonomi, vol. 1, no. 3, mpkp fe-ui, tahun 2006. uupa, uupbh (undang-undang nomor 2 tahun 1960 tentang perjanjian bagi hasil tanah pertanian), uupltp (undang-undang nomor 56 prp tahun 1960 tentang penetapan luas tanah pertanian), dan peraturan pemerintah (pp) nomor 224 tahun 1961 tentang pelaksanaan pembagian tanah dan pemberian ganti kerugian, maka pelaksanaan landrefom memiliki sandaran hukum yang kuat. hanya saja, pelaksanaan landrefom waktu itu, banyak sekali diwarnai oleh soal politik. tanah yang direstribusikan merupakan bidang-bidang yang kecil sehingga tidak menimbulkan kemakmuran bagi penerimanya. penerima redistribusi tanah kebanyakan dari bti (barisan tani indonesia) atau menjadi anggota bti atas propaganda pki. proses administrasi pun menjadi sangat kacau karena pelbagai hal. penyelenggaranya adalah panitia landrefom yang para anggotanya tidak profesional dan mempunyai pelbagai kepentingan politik. data tentang tanah juga tidak akurat dan tanpa peta. dalam penentuan penerima redistribusi tanah banyak terjadi kkn (kolusi, korupsi, dan nepotisme). sejak tahun 1964, banyak dilakukan aksi sepihak pendudukan tanah oleh bti yang merupakan penyebab utama kemacetan pelaksanaan landrefom. setelah peristiwa gerakan 30 september 1965 (g30s-pki) meletus, sejak tahun 1966 landrefom praktis tidak jalan sama sekali. pada masa penyimpangan uupa tahun 1966-1998, berkembang pendapat di kalangan pemerintah orde baru dan masyarakat luas bahwa uupa merupakan hasil produk pki. pki memang lebih berhasil mengambil hati rakyat perdesaan dengan memperjuangkan landreform untuk petani miskin tanah dan buruh tani. pada awal orde baru, pemerintah mengeluarkan sejumlah peraturan perundangan, antara lain uu no. 1 tahun 1967 tentang penanaman modal asing, uu no. 5 tahun 1967 tentang kehutanan, uu no 11 tahun 1967 tentang pertambangan dan uu no. 1 tahun 1968 tentang penanaman modal dalam negeri. adanya uu tersebut menjadi dasar dimulainya eksploitasi sember-sumber agraria secara besar-besaran terutama di bidang kehutanan dan pertambangan. sejak berakhirnya orde baru tahun 1998 hingga saat ini, warisan persoalan pertanahan akibat kebijakan pertanahan yang keliru periode orde baru masih terus membayangi. pemerintah sby misalnya memang berupaya untuk melanjutkan program land-reform atau redistribusi tanah meskipun dalam implementasinya belum menunjukkan progres yang signifikan. dalam konteks pidato sby tentang pemanfataan tanah telantar, boleh jadi merupakan lampu hijau untuk mereview kembali kebijakan pertanahan serta mengembalikan fungsi sosial tanah seperti dimanatkan uupa yang ideal. djaka badranaya: pemanfaatan lahan telantar 232 problematika pertanahan pelbagai persoalan seputar sumber daya tanah muncul akibat kebutuhan yang terus meningkat. sementara potensi dan luas tanah yang tersedia sangat terbatas. peranan tanah menjadi semakin penting seiring semakin kompleksnya aktivitas manusia sejalan dengan pertambahan jumlah penduduk. menurut effendi anwar4, kelangkaan sumber daya tanah bukan hanya disebabkan karena persediaannya yang terbatas secara fisik tetapi juga oleh adanya kendala-kendala kelembagaan dan institusional menyangkut hak-hak tanah. problematika pertanahan relatif terjadi pada semua aspek kebijakan pertanahan, kebijakan penguasaan pemilikan tanah (landreform), penertiban kelebihan tanah maksimum dan absentee, konsolidasi pertanahan, kebijakan tata guna tanah, kebijakan hak atas tanah, dan kebijakan pendaftaran tanah. konsep ekonomi islam tentang tanah telantar dalam pandangan ekonomi islam, baik sebagai ilmu, maupun sebagai perwujudan perilaku ekonomi yang didasarkan pada ajaran islam, atau cara pandang terhadap persoalan ekonomi berdasarkan islam5, tanah merupakan salah satu faktor produksi yang sangat vital dan strategis. bahkan menurut akram khan6, persoalan tanah merupakan salah satu tema ekonomi islam yang sangat penting. persoalan tanah pada periode awal islam tentu saja menjadi bagian yang tidak terpisahkan dari dinamika masyarakat muslim. ketika periode penyebaran agama islam dan masyarakat muslim mulai ekspansif melalui jalur dakwah dan penaklukan dengan damai, maka saat itu pula persoalan penguasaan lahan atau tanah hadir dan mendapat perhatian rasulullah. setiap jenis tanah mempunyai lahan sekaligus kegunaan. lahan adalah zat atau fisik tanahnya itu sendiri se-dangkan kegunaan adalah penggunaannya, misalnya untuk pertanian dan sebagainya. istilah “kharâj,” 7 misalnya, menjadi contoh nyata persoalan yang terkait pertanahan pada periode awal islam. 4 effendi anwar, ekonomi sumber daya lahan, bahan kuliah, program pascasarjana perencanaan pembangunan wilayah, ipb, bogor, 1996, h. 3. 5 pembahasan istilah ekonomi islam dieksplorasi secara mendalam di bab i buku ekonomi islam, p3ei uii yogyakarta kerjasama dengan bi diterbitkan oleh rajagrafindo, jakarta, h. 16-19. 6 muhammad akram khan, economic teaching of prophet muhammad a select anthology of hadits literature on economic, (islamabad: iiiei and ips islamabad, 1996). 7 kharâz atau pajak tanah yang diambil dari non-muslim ketika khaybar ditaklukan. tanahnya diambil oleh orang muslim sebagai tanah kharajiyyah, dan pemilik lamanya menawarkan untuk mengelola tanah tersebut sebagai ganti sewa dan bersedia memberikan sebagian hasil produksinya kepada negara. al-iqtishad: vol. iii, no. 2, juli 2011 233 problematika pertanahan pelbagai persoalan seputar sumber daya tanah muncul akibat kebutuhan yang terus meningkat. sementara potensi dan luas tanah yang tersedia sangat terbatas. peranan tanah menjadi semakin penting seiring semakin kompleksnya aktivitas manusia sejalan dengan pertambahan jumlah penduduk. menurut effendi anwar4, kelangkaan sumber daya tanah bukan hanya disebabkan karena persediaannya yang terbatas secara fisik tetapi juga oleh adanya kendala-kendala kelembagaan dan institusional menyangkut hak-hak tanah. problematika pertanahan relatif terjadi pada semua aspek kebijakan pertanahan, kebijakan penguasaan pemilikan tanah (landreform), penertiban kelebihan tanah maksimum dan absentee, konsolidasi pertanahan, kebijakan tata guna tanah, kebijakan hak atas tanah, dan kebijakan pendaftaran tanah. konsep ekonomi islam tentang tanah telantar dalam pandangan ekonomi islam, baik sebagai ilmu, maupun sebagai perwujudan perilaku ekonomi yang didasarkan pada ajaran islam, atau cara pandang terhadap persoalan ekonomi berdasarkan islam5, tanah merupakan salah satu faktor produksi yang sangat vital dan strategis. bahkan menurut akram khan6, persoalan tanah merupakan salah satu tema ekonomi islam yang sangat penting. persoalan tanah pada periode awal islam tentu saja menjadi bagian yang tidak terpisahkan dari dinamika masyarakat muslim. ketika periode penyebaran agama islam dan masyarakat muslim mulai ekspansif melalui jalur dakwah dan penaklukan dengan damai, maka saat itu pula persoalan penguasaan lahan atau tanah hadir dan mendapat perhatian rasulullah. setiap jenis tanah mempunyai lahan sekaligus kegunaan. lahan adalah zat atau fisik tanahnya itu sendiri se-dangkan kegunaan adalah penggunaannya, misalnya untuk pertanian dan sebagainya. istilah “kharâj,” 7 misalnya, menjadi contoh nyata persoalan yang terkait pertanahan pada periode awal islam. 4 effendi anwar, ekonomi sumber daya lahan, bahan kuliah, program pascasarjana perencanaan pembangunan wilayah, ipb, bogor, 1996, h. 3. 5 pembahasan istilah ekonomi islam dieksplorasi secara mendalam di bab i buku ekonomi islam, p3ei uii yogyakarta kerjasama dengan bi diterbitkan oleh rajagrafindo, jakarta, h. 16-19. 6 muhammad akram khan, economic teaching of prophet muhammad a select anthology of hadits literature on economic, (islamabad: iiiei and ips islamabad, 1996). 7 kharâz atau pajak tanah yang diambil dari non-muslim ketika khaybar ditaklukan. tanahnya diambil oleh orang muslim sebagai tanah kharajiyyah, dan pemilik lamanya menawarkan untuk mengelola tanah tersebut sebagai ganti sewa dan bersedia memberikan sebagian hasil produksinya kepada negara. prinsip dasar yang terdapat dalam konsep ekonomi islam, setiap lahan atau tanah harus diproduktifkan oleh pemiliknya, baik negara, masyarakat, ataupun individu. jika lahan yang dimiliki justru tidak dimanfaatkan dalam waktu yang cukup lama sehingga cenderung mubazir, tidak bernilai ekonomisdan tidak memberikan manfaat kesejahteraan bagi masyarakat, maka negara berhak untuk mengambil alih lahan tanah tersebut dan mendayagunakannya untuk kesejahteraan masyarakat. dalam islam, setiap orang yang memiliki tanah, akan dipaksa untuk mengelola tanahnya secara optimal. dalam praktik sejarah periode awal islam, bagi siapa saja yang membutuhkan biaya perawatan akan diberi sesuatu (modal) dari bait al-mâl, sehingga orang yang bersangkutan bisa mengelolanya secara optimal. namun, jika orang tersebut mengabaikan tanahnya selama tiga tahun,8 maka tanah tersebut akan diambil alih oleh negara dan diberikan kepada orang lain. dalam pandangan ekonomi islam, hak kepemilikan tanah berbanding lurus dengan upaya untuk memproduktifkan tanah tersebut. konsep menghidupkan—memproduktifkan—tanah yang mati (ihyâ al-amwât) menjadi dasar pemilikan tanah yang proporsional.9 prinsip produktivitas tanah juga nampak dari perkembangan ajaran islam terkait dengan pemanfaatan tanah yaitu dengan konsep muzâra’ah, mukhâbarah, dan musâqah. ketiga istilah dan konsep ini pernah dipraktikkan pada periode awal islam. praktik ini semakin meneguhkan konsep islam untuk memanfaatkan lahan atau tanah untuk aktivitas produktif yang berdampak pada tingkat pendapatan dan kesejahteraan masyarakat. pemanfaatan lahan telantar berdasarkan review terhadap uupa—dengan pelbagai perubahan dan dinamikanya dari periode orde lama sampai orde baru sampai periode tap mpr ix/tahun 2001 tentang pembaruan agraria— serta berdasarkan kajian terhadap konsep ekonomi islam tentang tanah, tampaknya keduanya memiliki titik temu pada pemanfaatan tanah untuk kemakmuran rakyat dengan cara menggunakan lahan tersebut untuk kegiatan ekonomi produktif. upaya menelantarkan tanah, baik yang dimiliki negara maupun swasta, dalam pandangan ekonomi islam tidak dibenarkan. bahkan negara dengan otoritas yang dimilikinya berhak untuk melakukan redistribusi aset tersebut demi kemakmuran rakyat. diperlukan 8 berdasarkan hadis ‘mar ibn al-khaththâb r.a, “orang yang memagari tanah tidak berhak atas tanah yang telah dipagarinya setelah membiarkannya selama tiga tahun.” 9 berdasarkan hadis yang diriwayatkan imam al-bukhârî dari aisyah r.a bahwa rasulullah saw. pernah bersabda, “siapa saja yang mengelola sebidang tanah, yang bukan hak orang lain, maka dialah yang lebih berhak.” djaka badranaya: pemanfaatan lahan telantar 234 political will pemerintah, konsistensi, serta kebijakan pertanahan yang akuntabel dan komprehensif dalam rangka mendorong pemanfaatan lahan tidur. kebijakan pemanfaatan lahan telantar sejatinya tidak hanya untuk kepentingan swasta besar dalam perkebunan sawit saja, tapi justru kebijakan pemanfaatan tersebut ditujukan untuk kemaslahatan dan kesejahteraan rakyat secara luas. jika melihat data statistiknya, jumlah lahan tidur atau lahan telantar yang dimiliki oleh negara dan swasta sangat besar. penutup ekonomi islam menawarkan konsep nyata agar tanah telantar tersebut dikerjasamakan dengan masyarakat melalui pelbagai skema kerjasama (syirkah) baik mengacu pada bentuk praktik muzâra’ah, musâqah, mukhâbarah, atau penyesuaian bentuknya dengan kondisi saat ini dengan tanpa menghilangkan substansinya, yaitu: produktivitas, proporsional, berkeadilan, dan berorientasi untuk kemaslahatan rakyat. [] pustaka acuan anwar, effendi, ekonomi sumber daya lahan, bahan kuliah program studi perencanaan pembangunan wilayah, program pascasarjana ipb bogor, 1996. badan pertanahan nasional, data pelaksanaan konsolidasi tanah seluruh indonesia, jakarta: direktorat ppt, bpn, 2004. barlowe, releigh, (1978), land resource economics: the economics of real estate, third edition, new jersey: printice-hall, 1978. budiman, arif, “fungsi tanah dalam kapitalisme”, jurnal analisa sosial no. 3, tahun 1996, akatiga bandung. bungin, burhan, metodologi penelitian kuantitatif, jakarta: prenada media grup, 2008. khan, muhammad akram, economic teaching of prophet muhammad a select anthology of hadits literature on economic, islamabad: iiiei and ips islamabad, 1996. muhammad, metodologi penelitian ekonomi islam, jakarta: rajawali press, 2008. nabhani, al-, taqiy al-dîn, membangun sistem ekonomi alternatif, jakarta: risalah gusti, 1990. robert c., radcliffe, investment, concept, analisys, strategy, fifth edition, florida: addison-wesley educational publisher inc. 1997. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-fikr, 1992. syaybânî, al-, al-khâtib, mughni al-mukhtâj, bayrût: dâr al-fikr, 1994. yusu’i, al-, abû luis ma’lûf, al-munjîd fî al-lugah wa ‘a’lam, bayrût: masyriq, 1986. zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr, 1989. analisis faktor fundamental terhadap excess return saham syariah perusahaan jakarta islamic index azwar, indo yama, arief mufraini, suhendra, & sihabudin noor abstract: fundamental factor analysis of the company's islamic excess stock return in jakarta islamic index. the study concluded that based on the results of testing by using multiple regression analysis, there are four variables that significantly affect the excess return variables, they are: bv, der, roe and swbi. besides, they are other variables such as per, nflation, and exchange rate had no significant effect on the variable excess stock returns. thus, it can be assumed that the jii firms during the study period was fulfilling aspects of sharia compliance. the indications are book value can represent the real value of the assets of the company itself and the highest ratio of debt to asset is 2.84%. meanwhile, the highest determination of islamic national council is 33%. keywords: fundamental factors, excess return, stock abstrak: analisis faktor fundamental terhadap excess return saham syariat perusahaan jakarta islamic index. penelitian ini menyimpulkan bahwa berdasarkan hasil pengujian dengan menggunakan analisis regresi berganda terdapat empat variabel yang secara signifikan berpengaruh terhadap variabel excess return, yaitu: bv, der, roe, dan swbi. sedangkan tiga variabel lainnya, yaitu: per, inflasi, dan kurs tidak berpengaruh signifikan terhadap variabel excess return saham. dengan demikian, dapat diasumsikan bahwa perusahaan-perusahaan jii selama periode penelitian ini sudah memenuhi aspek kepatuhan syariah. indikasinya antara lain: book value mampu merepresentasikan nilai riil aset perusahaan itu sendiri dan rasio utang terhadap aset paling tinggi 2,84%, sedangkan ketetapan dewan syariah nasional paling tinggi adalah 33%. kata kunci: faktor fundamental, excess return, saham naskah diterima: 9 agustus 2010, direvisi: 27 november 2010, disetujui: 9 desember 2010.  fakultas ekonomi bisnis uin syarif hidayatullah. jl. ir. h. juanda no.95, ciputat, jakarta. email: arif.mufraini@yahoo.com azwar, dkk: analisis faktor fundamental terhadap excess return saham syariah 128 pendahuluan perkembangan pasar modal syariah di indonesia, secara umum ditandai oleh pelbagai indikator di antaranya adalah semakin maraknya para pelaku pasar modal syariah yang mengeluarkan efek-efek syariah yaitu saham-saham yang tergabung dalam jakarta islamic indeks (jii). jakarta islamic indeks (jii) yang dikeluarkan oleh bej merupakan indeks dari 30 saham perusahaan yang kegiatannya dipandang tidak bertentangan dengan syariah dan dievaluasi setiap enam bulan. jakarta islamic index dimaksudkan untuk digunakan sebagai tolok ukur (benchmark) untuk mengukur kinerja suatu investasi pada saham dengan basis syariah. melalui index ini diharapkan dapat meningkatkan kepercayaan investor untuk mengembangkan investasi dalam ekuiti secara syariah. jakarta islamic index terdiri atas 30 jenis saham yang dipilih dari saham-saham yang sesuai dengan syariah islam. penentuan kriteria pemilihan saham dalam jakarta islamic index melibatkan pihak dewan pengawas syariah pt. danareksa invesment management. saham-saham yang masuk dalam indeks syariah adalah emiten yang kegiatan usahanya tidak bertentangan dengan syariah seperti usaha perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang, usaha lembaga keuangan konvensional (ribawî) termasuk perbankan dan asuransi konvensional, usaha yang memproduksi, mendistribusi serta memperdagangkan makanan dan minuman yang tergolong haram, usaha yang memproduksi, mendistribusi dan/atau menyediakan barang-barang ataupun jasa yang merusak moral dan bersifat mudarat. pengkajian ulang akan dilakukan enam bulan sekali dengan penentuan komponen index pada awal bulan januari dan juli setiap tahunnya. sedangkan perubahan pada jenis usaha emiten akan dimonitoring secara terus menerus berdasarkan data-data publik yang tersedia. nilai nominal saham saat penerbitan adalah nilai yang dibayarkan oleh investor untuk memiliki bagian dari kepemilikan perusahaan. nilai yang dibayar oleh investor harus sama dengan nilai nominal saham (par value). akad transaksi penerbitan saham syariah berbasis kepada prinsip transaksi syirkah atau perkongsian. konsep yang dipakai dalam hal pembagian keuntungan dan tanggung jawab adalah: al-iqtishad: vol. iii, no. 1, januari 2011 129 pendahuluan perkembangan pasar modal syariah di indonesia, secara umum ditandai oleh pelbagai indikator di antaranya adalah semakin maraknya para pelaku pasar modal syariah yang mengeluarkan efek-efek syariah yaitu saham-saham yang tergabung dalam jakarta islamic indeks (jii). jakarta islamic indeks (jii) yang dikeluarkan oleh bej merupakan indeks dari 30 saham perusahaan yang kegiatannya dipandang tidak bertentangan dengan syariah dan dievaluasi setiap enam bulan. jakarta islamic index dimaksudkan untuk digunakan sebagai tolok ukur (benchmark) untuk mengukur kinerja suatu investasi pada saham dengan basis syariah. melalui index ini diharapkan dapat meningkatkan kepercayaan investor untuk mengembangkan investasi dalam ekuiti secara syariah. jakarta islamic index terdiri atas 30 jenis saham yang dipilih dari saham-saham yang sesuai dengan syariah islam. penentuan kriteria pemilihan saham dalam jakarta islamic index melibatkan pihak dewan pengawas syariah pt. danareksa invesment management. saham-saham yang masuk dalam indeks syariah adalah emiten yang kegiatan usahanya tidak bertentangan dengan syariah seperti usaha perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang, usaha lembaga keuangan konvensional (ribawî) termasuk perbankan dan asuransi konvensional, usaha yang memproduksi, mendistribusi serta memperdagangkan makanan dan minuman yang tergolong haram, usaha yang memproduksi, mendistribusi dan/atau menyediakan barang-barang ataupun jasa yang merusak moral dan bersifat mudarat. pengkajian ulang akan dilakukan enam bulan sekali dengan penentuan komponen index pada awal bulan januari dan juli setiap tahunnya. sedangkan perubahan pada jenis usaha emiten akan dimonitoring secara terus menerus berdasarkan data-data publik yang tersedia. nilai nominal saham saat penerbitan adalah nilai yang dibayarkan oleh investor untuk memiliki bagian dari kepemilikan perusahaan. nilai yang dibayar oleh investor harus sama dengan nilai nominal saham (par value). akad transaksi penerbitan saham syariah berbasis kepada prinsip transaksi syirkah atau perkongsian. konsep yang dipakai dalam hal pembagian keuntungan dan tanggung jawab adalah: keuntungan harus diikuti oleh tanggung jawab atau risiko. (h.r. al-bukhârî) atau dalam bahasa kaidah fiqhiyyah disebutkan bahwa potensi keuntungan harus diiringi oleh potensi kerugian, sebagai berikut:1 keuntungan dibagi sesuai kesepakatan, sedang kerugian dibagi berdasarkan besaran modal dari pihak-pihak terkait. dengan begitu, keuntungan dapat dibagikan sesuai dengan kesepakatan (‘an tarâdhin) tetapi kerugian harus berdasarkan kontribusi saham masingmasing investor. bagi investor, ketidakpastian memperoleh return inilah yang didefinisikan sebagai risiko investasi di pasar modal. lintner (1968) serta miller dan scholes (1972) secara terpisah berhasil merumuskan model keseimbangan umum antara return dan risiko yang hampir sama. model tersebut dikenal dengan nama capital asset pricing model (capm). menurut capm, satu-satunya risiko yang patut dipertimbangkan dalam menjelaskan return adalah beta (risiko sistematik). pengaruh beta terhadap return tersebut adalah positif. model capm ini menggunakan mean variance efficient dalam konteks markowitz, yang telah banyak digunakan, baik di kalangan akademisi maupun praktisi. akan tetapi, pada studi empiris terjadi pelbagai kontradiksi pada model capm. kontradiksi tersebut karena adanya fakta-fakta yang menunjukkan bahwa ada faktor-faktor lain selain beta seperti: size (kapitalisasi pasar saham [me]), leverage (debt to equity ratio, der), rasio book equity terhadap market equity, be/me (kebalikannya adalah price to book value, pbv), rasio pendapatan/harga (earning/price ratio, e/p) yang berperan besar dalam menjelaskan pergerakan harga saham perusahaan. penelitian mengenai analisis expected return serta faktor yang memengaruhinya telah dilakukan oleh suhadak (2005). sampel dalam penelitian ini dikelompokkan menjadi sembilan kelompok industri yang go publik di bej pada periode 1996-2000. variabel independen yang digunakan terdiri atas fundamental mikro yang terdiri atas: dpr, growth, leverage, liquidity, asset size, dan variability of earning, dan fundamental makro yang terdiri atas: inflasi, suku bunga, nilai 1 al-nadwâ, al-qawâ’id al-fiqhiyyah, (bayrût: dâr el-qalâm, 1998), h. 113. azwar, dkk: analisis faktor fundamental terhadap excess return saham syariah 130 tukar mata uang dan gdp. variabel dependen dalam penelitian ini adalah risiko pasar dan expected return. hasil pengujian menunjukkan bahwa pada hipotesis satu faktor fundamental mikro berpengaruh negatif terhadap risiko pasar adalah terbukti. hipotesis dua, yaitu faktor fundamental mikro berpengaruh positif terhadap expected return adalah terbukti karena menunjukkan nilai yang positif. hipotesis tiga, yaitu faktor fundamental makro berpengaruh positif terhadap risiko pasar hasilnya terbukti karena menunjukkan nilai positif. hipotesis empat, yaitu faktor fundamental makro berpengaruh negatif terhadap expected return hasil-nya tidak terbukti. hipotesis lima, yaitu faktor fundamental mikro dan makro berpengaruh terhadap risiko pasar, hasilnya adalah terbukti. hipotesis enam, yaitu faktor fundamental mikro dan makro berpengaruh terhadap expected return hasilnya tidak terbukti. hipotesis tujuh, yaitu di antara faktor fundamental mikro yakni dpr dan diantara faktor fundamental makro yakni inflasi mempunyai pengaruh paling dominan terhadap risiko pasar dan expected return adalah terbukti. hipotesis delapan, yaitu risiko pasar berpengaruh positif terhadap expected return hasilnya tidak terbukti.2 penelitian terakhir dilakukan oleh sulastri (1999) terhadap perbedaan risiko saham di bursa-bursa saham negara asia antara periode krisis dan sebelumnya yang juga menggunakan standar capm. hasilnya adalah terdapat variasi pada beberapa bursa tersebut, khususnya di negara indonesia yang diambil dari saham yang terdaftar pada jakarta stock exchange. hasil penelitian menunjukan bahwa terdapat perbedaan risiko yang signifikan bagi pemodal asing antara periode krisis dan sebelumnya, sedang bagi pemodal domestik ada perbedaan risiko tetapi tidak signifikan secara statistik. perbedaan tersebut disebabkan risiko saham pada masa krisis adalah lebih besar. karena faktor-faktor yang memengaruhi harga saham sangatlah banyak, maka untuk melakukan analisis, diperlukan beberapa tahapan analisis. tahapan yang dilakukan diawali dengan analisis dari: pertama, kondisi makro ekonomi atau kondisi pasar. kedua, analisis industri. ketiga, analisis kondisi spesifik perusahaan. berdasarkan uraian di atas, maka masalah yang akan diteliti dan dibahas melalui penelitian ini adalah untuk melihat sekaligus menganalisis faktor-faktor fundamental yang signifikan memengaruhi pergerakan harga saham perusahaan kelompok jakarta islamic index (jii). oleh karena itu, maka tujuan penelitian adalah untuk menganalisis apakah terdapat pengaruh faktor fundamental price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity 2 suhadak, analisis expected return serta faktor yang memengaruhinya, (jakarta: arthavidya, tahun 6 no.1, 2005), h. 41. al-iqtishad: vol. iii, no. 1, januari 2011 131 tukar mata uang dan gdp. variabel dependen dalam penelitian ini adalah risiko pasar dan expected return. hasil pengujian menunjukkan bahwa pada hipotesis satu faktor fundamental mikro berpengaruh negatif terhadap risiko pasar adalah terbukti. hipotesis dua, yaitu faktor fundamental mikro berpengaruh positif terhadap expected return adalah terbukti karena menunjukkan nilai yang positif. hipotesis tiga, yaitu faktor fundamental makro berpengaruh positif terhadap risiko pasar hasilnya terbukti karena menunjukkan nilai positif. hipotesis empat, yaitu faktor fundamental makro berpengaruh negatif terhadap expected return hasil-nya tidak terbukti. hipotesis lima, yaitu faktor fundamental mikro dan makro berpengaruh terhadap risiko pasar, hasilnya adalah terbukti. hipotesis enam, yaitu faktor fundamental mikro dan makro berpengaruh terhadap expected return hasilnya tidak terbukti. hipotesis tujuh, yaitu di antara faktor fundamental mikro yakni dpr dan diantara faktor fundamental makro yakni inflasi mempunyai pengaruh paling dominan terhadap risiko pasar dan expected return adalah terbukti. hipotesis delapan, yaitu risiko pasar berpengaruh positif terhadap expected return hasilnya tidak terbukti.2 penelitian terakhir dilakukan oleh sulastri (1999) terhadap perbedaan risiko saham di bursa-bursa saham negara asia antara periode krisis dan sebelumnya yang juga menggunakan standar capm. hasilnya adalah terdapat variasi pada beberapa bursa tersebut, khususnya di negara indonesia yang diambil dari saham yang terdaftar pada jakarta stock exchange. hasil penelitian menunjukan bahwa terdapat perbedaan risiko yang signifikan bagi pemodal asing antara periode krisis dan sebelumnya, sedang bagi pemodal domestik ada perbedaan risiko tetapi tidak signifikan secara statistik. perbedaan tersebut disebabkan risiko saham pada masa krisis adalah lebih besar. karena faktor-faktor yang memengaruhi harga saham sangatlah banyak, maka untuk melakukan analisis, diperlukan beberapa tahapan analisis. tahapan yang dilakukan diawali dengan analisis dari: pertama, kondisi makro ekonomi atau kondisi pasar. kedua, analisis industri. ketiga, analisis kondisi spesifik perusahaan. berdasarkan uraian di atas, maka masalah yang akan diteliti dan dibahas melalui penelitian ini adalah untuk melihat sekaligus menganalisis faktor-faktor fundamental yang signifikan memengaruhi pergerakan harga saham perusahaan kelompok jakarta islamic index (jii). oleh karena itu, maka tujuan penelitian adalah untuk menganalisis apakah terdapat pengaruh faktor fundamental price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity 2 suhadak, analisis expected return serta faktor yang memengaruhinya, (jakarta: arthavidya, tahun 6 no.1, 2005), h. 41. (roe), tingkat sertifikat wadiah bank indonesia (swbi), tingkat inflasi dan kurs terhadap excess return (saham) perusahaan baik secara parsial maupun simultan. metodologi penelitian ini dilakukan untuk menguji apakah terdapat pengaruh faktor fundamental price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs terhadap excess return perusahaan perusahaan yang termasuk dalam jakarta islamic index sejak tahun 2004 sampai dengan tahun 2006. adapun kriteria dalam pemilihan sampel adalah perusahaan yang terdaftar dalam jakarta islamic indeks secara terus menerus sejak tahun 2004 sampai dengan tahun 2006 dan perusahaan tersebut mengeluarkan data atau laporan keuangan perusahaan per quarter dari tahun 2004 sampai dengan tahun 2006. berdasarkan data tersebut maka perusahaan yang selalu masuk dalam daftar jakarta islamic indeks periode februari 2004 sampai februari 2006 terdapat enam perusahaan, yaitu: aneka tambang, indofood, indosat, timah, united tractor, dan telkom. untuk menggunakan statistik parametrik harus diuji terlebih dahulu datanya. asumsi utama yang harus dipenuhi adalah data yang akan dianalisis berdistribusi normal. selain itu dalam regresi harus dipenuhi asumsi linieritas. kemudian juga akan dilakukan pengujian persyaratan lainnya seperti uji multikolinieritas, heteroskedastisitas, dan autokorelasi. model regresi yang baik adalah bahwa hubungan antara variabel independen dengan variabel dependen bersifat linear, tidak terjadi multikolinieritas antar variabel independen, heteroskedastisitas (ketidaksamaan varians dari residual satu pengamatan ke pengamatan yang lain) dan autokorelasi (korelasi antara sesama urutan pengamatan dari waktu ke waktu). oleh karenanya diperlukan pengujian dan pembersihan terhadap pelanggaran asumsi dasar, jika memang terjadi. model regresi berganda untuk melihat pengaruh variabel independen terhadap variabel dependen digunakan model persamaan regresi berganda sebagai berikut: y = a + b1x1 + b2 x2 + b3 x3+ b4 x4+ b5 x5 + b6 x6+ b7 x7+ i dimana : y = excess return x1 = price earning ratio (per) azwar, dkk: analisis faktor fundamental terhadap excess return saham syariah 132 al-iqtishad: vol. iii, no. 1, januari 2011 133 pengaruh variabel debt to equity ratio (der) terhadap excess return diperoleh hasil t-hitung sebesar -1,789. ini berarti t-hitung lebih besar daripada ttabel (-1,789 > –1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,078 lebih besar daripada 0,05 (0,078 > 0,05). sehingga hipotesis nol (h0) diterima dan hipotesis alternatif (ha) ditolak. namun pada alpha 10% diperoleh nilai t-tabel sebesar 1,665. ini berarti t-hitung lebih kecil daripada ttabel (-1,789 < –1,665). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,078 lebih kecil daripada 0,10 (0,078 < 0,10). artinya bahwa terdapat pengaruh yang signifikan antara variabel debt to equity ratio (der) terhadap excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan variabel debt to equity ratio (der) secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return dapat dibuktikan. pengaruh variabel return on equity (roe) terhadap excess return diperoleh hasil t-hitung sebesar -2,007. ini berarti t-hitung lebih kecil daripada t-tabel (-2,007 < -1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,049 lebih kecil daripada 0,05 (0,049 < 0,05). sehingga hipotesis nol (h0) ditolak dan hipotesis alternatif (ha) diterima. ini artinya bahwa terdapat pengaruh yang signifikan antara variabel return on equity (roe) terhadap excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan bahwa variabel return on equity (roe) secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return dapat dibuktikan. tabel 3.1. hasil output regresi pengaruh variabel independen terhadap excess return coefficients(a) model unstandardized coefficients standardized coefficients t sig. b std. error beta b std. error 1 (constant) .157 .185 .848 .400 per -.002 .001 -.195 -1.629 .108 bv -3.79e-005 .000 -.534 -2.284 .026 der -.046 .026 -.375 -1.789 .078 roe -.180 .090 -.293 -2.007 .049 swbi 34.639 7.352 .523 4.712 .000 inflasi 2.193 1.698 .177 1.291 .201 kurs -1.15e-005 .000 -.072 -.649 .519 a dependent variable: exces_return sumber: data diolah, 2007 azwar, dkk: analisis faktor fundamental terhadap excess return saham syariah 134 pengaruh variabel sertifikat wadiah bank indonesia (swbi) terhadap excess return diperoleh hasil t-hitung untuk swbi sebesar 4,712 dan nilai t-tabel dengan alpha 5% dan df 71 sebesar 1,991. ini berarti t-hitung lebih besar daripada t-tabel (4,712 > 1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,00 lebih kecil daripada 0,05 (0,00 < 0,05). sehingga hipotesis nol (h0) ditolak dan menerima hipotesis alternatif (ha). artinya bahwa terdapat pengaruh yang signifikan antara variabel sertifikat wadiah bank indonesia (swbi) terhadap variabel excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan sertifikat wadiah bank indonesia (swbi) secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return dapat dibuktikan. pengaruh variabel inflasi terhadap excess return diperoleh hasil t-hitung untuk inflasi sebesar 1,291 dan nilai t-tabel dengan alpha 5% dan df 71 sebesar 1,991. ini berarti t-hitung lebih kecil daripada t-tabel (1,291<1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,201 lebih besar daripada 0,05 (0,201> 0,05). sehingga hipotesis nol (h0) diterima dan menolak hipotesis alternatif (ha). artinya bahwa tidak terdapat pengaruh yang signifikan antara variabel inflasi terhadap variabel excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan inflasi secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return tidak dapat dibuktikan. pengaruh variabel kurs terhadap excess return diperoleh hasil t-hitung untuk variabel kurs sebesar -0,649 dan nilai t-tabel dengan alpha 5% dan df 71 sebesar -1,991. ini berarti t-hitung lebih besar daripada t-tabel (-0,649 > -1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,519 lebih besar daripada 0,05 (0,519 > 0,05). sehingga hipotesis nol (h0) diterima dan menolak hipotesis alternatif (ha). artinya bahwa tidak terdapat pengaruh yang signifikan antara variabel kurs terhadap variabel excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan kurs secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return tidak dapat dibuktikan. pengaruh per, bv, der, roe, tingkat swbi, tingkat inflasi dan kurs terhadap excess return secara simultan hipotesis yang akan dibuktikan adalah terdapat pengaruh variabel price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs terhadap excess return secara simultan. dari hasil uji anova atau f-hitung pada tabel 3.2 diketahui bahwa nilai f al-iqtishad: vol. iii, no. 1, januari 2011 135 pengaruh variabel sertifikat wadiah bank indonesia (swbi) terhadap excess return diperoleh hasil t-hitung untuk swbi sebesar 4,712 dan nilai t-tabel dengan alpha 5% dan df 71 sebesar 1,991. ini berarti t-hitung lebih besar daripada t-tabel (4,712 > 1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,00 lebih kecil daripada 0,05 (0,00 < 0,05). sehingga hipotesis nol (h0) ditolak dan menerima hipotesis alternatif (ha). artinya bahwa terdapat pengaruh yang signifikan antara variabel sertifikat wadiah bank indonesia (swbi) terhadap variabel excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan sertifikat wadiah bank indonesia (swbi) secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return dapat dibuktikan. pengaruh variabel inflasi terhadap excess return diperoleh hasil t-hitung untuk inflasi sebesar 1,291 dan nilai t-tabel dengan alpha 5% dan df 71 sebesar 1,991. ini berarti t-hitung lebih kecil daripada t-tabel (1,291<1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,201 lebih besar daripada 0,05 (0,201> 0,05). sehingga hipotesis nol (h0) diterima dan menolak hipotesis alternatif (ha). artinya bahwa tidak terdapat pengaruh yang signifikan antara variabel inflasi terhadap variabel excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan inflasi secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return tidak dapat dibuktikan. pengaruh variabel kurs terhadap excess return diperoleh hasil t-hitung untuk variabel kurs sebesar -0,649 dan nilai t-tabel dengan alpha 5% dan df 71 sebesar -1,991. ini berarti t-hitung lebih besar daripada t-tabel (-0,649 > -1,991). selanjutnya dilihat dari probabilitas signifikansi diperoleh hasil sebesar 0,519 lebih besar daripada 0,05 (0,519 > 0,05). sehingga hipotesis nol (h0) diterima dan menolak hipotesis alternatif (ha). artinya bahwa tidak terdapat pengaruh yang signifikan antara variabel kurs terhadap variabel excess return. berdasarkan uji statistik-t ini, dapat disimpulkan bahwa hipotesis yang menyatakan kurs secara individual (sendiri-sendiri) memiliki pengaruh yang signifikan terhadap excess return tidak dapat dibuktikan. pengaruh per, bv, der, roe, tingkat swbi, tingkat inflasi dan kurs terhadap excess return secara simultan hipotesis yang akan dibuktikan adalah terdapat pengaruh variabel price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs terhadap excess return secara simultan. dari hasil uji anova atau f-hitung pada tabel 3.2 diketahui bahwa nilai f hitung sebesar 4,091 dan f-tabel sebesar 2,121 untuk alpha 5%, sehingga f hitung lebih besar daripada f tabel (4,091 > 2,121) sehingga h0 ditolak dan menerima ha. ini mengindikasikan bahwa variabel price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs berpengaruh terhadap excess return secara simultan. sehingga hipotesis yang menyatakan bahwa terdapat pengaruh variabel independen price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs terhadap excess return secara simultan dapat dibuktikan. tabel 3.2. hasil pengujian statistik f (anova) anova(b) model sum of squares df mean square f sig. 1 regression .095 7 .014 4.091 .001(a) residual .212 64 .003 total .306 71 a predictors: (constant), kurs, bv, swbi, per, inflasi, roe, der b dependent variable: exces_return sumber : data diolah, 2007 bila dilihat dari nilai koefisien determinasinya sebagaimana yang terlihat dalam tabel 3.3 ternyata pengaruh variabel independen dalam menjelaskan perubahan variabel excess return relatif rendah, yaitu sebesar 0,309. namun untuk jumlah variabel independen dua atau lebih sebaiknya digunakan adjusted r2 (singgih santoso, 2004: 167). berdasarkan nilai adjusted r2 diketahui bahwa kemampuan variabel independen untuk menjelaskan perubahan variabel excess return secara bersamasama adalah sebesar 23,4%. atau dapat juga dikatakan bahwa variabel price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs dapat menjelaskan variabel excess return sebesar 23,4%. sehingga dengan demikian bahwa variabel excess return dapat dijelaskan oleh variabel price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), swbi, tingkat inflasi dan kurs sebesar 23,4% sedangkan 76,6% dijelaskan oleh variabel lain yang tidak diteliti, seperti harga minyak dunia, harga emas, kondisi politik dalam negeri dan lain-lain. azwar, dkk: analisis faktor fundamental terhadap excess return saham syariah 136 tabel 3.3. koefisien korelasi, determinasi dan adjusted r2 model summary model r r square adjusted r square std. error of the estimate 1 .556(a) .309 .234 .05751224 a predictors: (constant), kurs, bv, swbi, per, inflasi, roe, der sumber : data diolah, 2007 dengan demikian dapat dikatakan meskipun secara simultan variabel independen price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs berpengaruh terhadap excess return, namun pengaruh tersebut lemah karena kemampuan variabel tersebut dalam menjelaskan excess return relatif rendah. berdasarkan tabel di atas, maka dapat disusun persamaan regresi untuk penelitian ini sebagai berikut: y = 0,157-0,000379 bv 0,046 der 0,180 roe + 34,64 swbi. pembahasan ini ditujukan untuk membuktikan kebenaran hipotesis yang telah diajukan, dengan melakukan pengujian menggunakan metode regresi berganda. dari metode tersebut didapatkan hasil yang memuaskan, dimana ada empat variabel yang secara parsial berpengaruh signifikan terhadap variabel dependen, keempat variabel tersebut adalah bv, der, roe dan swbi sedangkan tiga variabel independen yang lainnya, yaitu per, inflasi dan kurs tidak berpengaruh terhadap variabel dependen. berdasarkan tabel nilai adjusted r square diproleh hasil yang rendah. rendahnya nilai r square kemungkinan disebabkan oleh beberapa hal. pertama, ada variabel lain yang lebih memengaruhi variabel independen yang peneliti tidak masukkan dalam penelitian sebagai variabel bebas dalam model persamaan regresi. kedua, tidak semua variabel bebas berpengaruh signifikan secara parsial terhadap variabel bebas, hanya empat variabel yang berpengaruh secara signifikan terhadap variabel bebas. pembahasan selanjutnya yaitu mengenai koefisien regresi. nilai koefisien regresi untuk variabel independen bv adalah signifikan, artinya perubahan bv berpengaruh signifikan terhadap perubahan excess return perusahaan jakarta islamic index (jii) selama periode penelitian. nilai koefisien untuk bv adalah sebesar -0,000379. artinya apabila variabel independen bv mengalami kenaikan atau penurunan sebesar 1 satuan akan mengakibatkan penurunan atau kenaikan excess return sebesar 0,000379. fenomena empiris ini dapat diinterpretasikan al-iqtishad: vol. iii, no. 1, januari 2011 137 tabel 3.3. koefisien korelasi, determinasi dan adjusted r2 model summary model r r square adjusted r square std. error of the estimate 1 .556(a) .309 .234 .05751224 a predictors: (constant), kurs, bv, swbi, per, inflasi, roe, der sumber : data diolah, 2007 dengan demikian dapat dikatakan meskipun secara simultan variabel independen price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat swbi, tingkat inflasi dan kurs berpengaruh terhadap excess return, namun pengaruh tersebut lemah karena kemampuan variabel tersebut dalam menjelaskan excess return relatif rendah. berdasarkan tabel di atas, maka dapat disusun persamaan regresi untuk penelitian ini sebagai berikut: y = 0,157-0,000379 bv 0,046 der 0,180 roe + 34,64 swbi. pembahasan ini ditujukan untuk membuktikan kebenaran hipotesis yang telah diajukan, dengan melakukan pengujian menggunakan metode regresi berganda. dari metode tersebut didapatkan hasil yang memuaskan, dimana ada empat variabel yang secara parsial berpengaruh signifikan terhadap variabel dependen, keempat variabel tersebut adalah bv, der, roe dan swbi sedangkan tiga variabel independen yang lainnya, yaitu per, inflasi dan kurs tidak berpengaruh terhadap variabel dependen. berdasarkan tabel nilai adjusted r square diproleh hasil yang rendah. rendahnya nilai r square kemungkinan disebabkan oleh beberapa hal. pertama, ada variabel lain yang lebih memengaruhi variabel independen yang peneliti tidak masukkan dalam penelitian sebagai variabel bebas dalam model persamaan regresi. kedua, tidak semua variabel bebas berpengaruh signifikan secara parsial terhadap variabel bebas, hanya empat variabel yang berpengaruh secara signifikan terhadap variabel bebas. pembahasan selanjutnya yaitu mengenai koefisien regresi. nilai koefisien regresi untuk variabel independen bv adalah signifikan, artinya perubahan bv berpengaruh signifikan terhadap perubahan excess return perusahaan jakarta islamic index (jii) selama periode penelitian. nilai koefisien untuk bv adalah sebesar -0,000379. artinya apabila variabel independen bv mengalami kenaikan atau penurunan sebesar 1 satuan akan mengakibatkan penurunan atau kenaikan excess return sebesar 0,000379. fenomena empiris ini dapat diinterpretasikan bahwa dalam hal ini mekanisme jual beli saham pada jii sudah berlaku sesuai syariah (syariah compliance), dimana harga saham seharusnya merepresentasikan modal perusahaan. konsep saham syariah menekankan bahwa harga saham sama dengan modal saham (+) keuntungan (-) kerugian (+) akumulasi keuntungan (-) akumulasi kerugian, yang kesemuanya dibagi dengan jumlah saham, maka seharusnya pada saham jii tidak terdapat selisih yang terlalu jauh antara harga pasar dan harga bukunya. dalam aturan islam, penentuan harga saham berbeda dengan penentuan harga seperti yang terjadi pada saat ini, dimana harga saham ditentukan oleh kekuatan supply dan demand. jika kita melihat balance sheet dari joint stock company, maka terlihat bahwa aset sama dengan modal saham ditambah dengan kewajiban. aset tersebut merupakan representasi dari modal, dimana kewajiban diasumsikan sama dengan nol. sehingga, sertifikat sahamnya memiliki nilai tertentu, dimana nilainya akan sama dengan nilai asetnya. setiap harga saham yang di atas atau di bawah nilai asetnya, tidak menunjukkan kondisi sesungguhnya. tetapi kekuatan pasar mampu membuat harga saham tersebut berada di atas/di bawah nilai asetnya. dalam pandangan islam, untuk mencegah terjadinya distorsi ini, harga saham harus sesuai dengan nilai intrinsiknya. sedangkan nilai koefisien regresi untuk variabel independen der juga signifikan berpengaruh terhadap variabel independen, akan tetapi negatif dengan nilai sebesar -0,046. hal ini berarti bahwa apabila terjadi kenaikan atau penurunan terhadap variabel independen der sebesar 1 satuan maka akan mengakibatkan penurunan atau kenaikan excess return sebesar 0,046. hal ini berlaku karena sebagai akibat dari ketentuan screening prosess saham-saham pada pasar modal untuk dapat masuk dalam index jii. dan sebagaimana diketahui bahwa dsn menetapkan nilai der tidak boleh lebih dari 33%. ketentuan ini sudah merupakan standar internasional yang diaplikasikan pada semua institusi pasar modal syariah. dalam pembahasan desain besar keuangan islam, fenomena empiris ini memberikan gambaran yang mengembirakan, dimana para investor kurang memperhatikan faktor fundamental inflasi untuk menanamkan modalnya pada perusahaan yang tergabung dalam jii. hal ini secara tidak langsung, pada tataran mikro, dapat dijadikan momentum dimana perhitungan discount factor return saham syariah untuk lepas dari pengaruh suku bunga dan inflasi. kemudian pada tataran makro, dapat dibaca bahwa para investor jii cenderung lebih dipengaruhi oleh emosi keagamaan ketimbang perhitungan rupiah dari investasi yang dikembangkan mekanisme konvensional. azwar, dkk: analisis faktor fundamental terhadap excess return saham syariah 138 untuk variabel yang paling dominan berpengaruh terhadap excess return dalam penelitian ini adalah variabel swbi. sedangkan hasil penelitian seno (2000) variabel harga saham masa lalu mempunyai pengaruh yang paling dominan terhadap harga saham. erna (2002) variabel yang paling dominan berpengaruh terhadap harga saham adalah nilai tukar valuta asing. dilain pihak, hasil empiris ini dapat menguatkan argumentasi dari desain besar pengembangan sistim keuangan islam untuk menjadikan swbi sebagai tolok ukur penentuan tingkat return investasi (cost of equity) pada struktur modal perusahaan emiten jii. dari semua hasil temuan yang peneliti dapatkan, dapat peneliti simpulkan bahwa keempat variabel yang berpengaruh signifikan dapat dijadikan indikator bagi para investor untuk menilai dan memprediksikan excess return perusahaan. di samping itu, para investor dan para manajer perusahaan untuk bisa memperhatikan variabel swbi, karena variabel tersebut mempunyai pengaruh yang paling dominan terhadap excess return. penutup berdasarkan hasil pengujian dengan menggunakan analisis regresi berganda secara parsial terdapat empat faktor yang secara signifikan berpengaruh terhadap variabel excess return, yaitu: bv, der, roe dan swbi, sedangkan tiga variabel lainnya yaitu per, inflasi dan kurs tidak berpengaruh signifikan terhadap variabel excess return saham. hal ini dapat menjawab tujuan penelitian yang diajukan. variabel yang paling dominan memengaruhi harga saham adalah variabel swbi dengan nilai koefisien sebesar 34,64. berdasarkan nilai adjusted r2 diketahui bahwa kemampuan variabel independen untuk menjelaskan perubahan variabel excess return secara bersama-sama adalah sebesar 23,4%. atau dapat juga dikatakan bahwa variabel price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat sertifikat wadiah bank indonesia (swbi), tingkat inflasi dan kurs dapat menjelaskan variabel excess return sebesar 23,4%. sedangkan 76.6% dijelaskan oleh variabel lain yang tidak diteliti, misalkan faktor politik dalam negeri, harga emas, dan terutama sekali harga minyak dunia. dalam penelitian ini, faktor fundamental yang signifikan memengaruhi pergerakan harga saham di jakarta islamic index adalah book value, debt equity ratio, return on equity serta swbi. dengan demikian, dapat diasumsikan bahwa perusahaan-perusahaan jii selama periode penelitian ini sudah memenuhi aspek kepatuhan syariah. indikasinya antara lain: pertama, book value mampu al-iqtishad: vol. iii, no. 1, januari 2011 139 untuk variabel yang paling dominan berpengaruh terhadap excess return dalam penelitian ini adalah variabel swbi. sedangkan hasil penelitian seno (2000) variabel harga saham masa lalu mempunyai pengaruh yang paling dominan terhadap harga saham. erna (2002) variabel yang paling dominan berpengaruh terhadap harga saham adalah nilai tukar valuta asing. dilain pihak, hasil empiris ini dapat menguatkan argumentasi dari desain besar pengembangan sistim keuangan islam untuk menjadikan swbi sebagai tolok ukur penentuan tingkat return investasi (cost of equity) pada struktur modal perusahaan emiten jii. dari semua hasil temuan yang peneliti dapatkan, dapat peneliti simpulkan bahwa keempat variabel yang berpengaruh signifikan dapat dijadikan indikator bagi para investor untuk menilai dan memprediksikan excess return perusahaan. di samping itu, para investor dan para manajer perusahaan untuk bisa memperhatikan variabel swbi, karena variabel tersebut mempunyai pengaruh yang paling dominan terhadap excess return. penutup berdasarkan hasil pengujian dengan menggunakan analisis regresi berganda secara parsial terdapat empat faktor yang secara signifikan berpengaruh terhadap variabel excess return, yaitu: bv, der, roe dan swbi, sedangkan tiga variabel lainnya yaitu per, inflasi dan kurs tidak berpengaruh signifikan terhadap variabel excess return saham. hal ini dapat menjawab tujuan penelitian yang diajukan. variabel yang paling dominan memengaruhi harga saham adalah variabel swbi dengan nilai koefisien sebesar 34,64. berdasarkan nilai adjusted r2 diketahui bahwa kemampuan variabel independen untuk menjelaskan perubahan variabel excess return secara bersama-sama adalah sebesar 23,4%. atau dapat juga dikatakan bahwa variabel price earning ratio (per), book value (bv), debt to equity ratio (der), return on equity (roe), tingkat sertifikat wadiah bank indonesia (swbi), tingkat inflasi dan kurs dapat menjelaskan variabel excess return sebesar 23,4%. sedangkan 76.6% dijelaskan oleh variabel lain yang tidak diteliti, misalkan faktor politik dalam negeri, harga emas, dan terutama sekali harga minyak dunia. dalam penelitian ini, faktor fundamental yang signifikan memengaruhi pergerakan harga saham di jakarta islamic index adalah book value, debt equity ratio, return on equity serta swbi. dengan demikian, dapat diasumsikan bahwa perusahaan-perusahaan jii selama periode penelitian ini sudah memenuhi aspek kepatuhan syariah. indikasinya antara lain: pertama, book value mampu merepresentasikan nilai ril aset perusahaan itu sendiri. kedua, rasio utang terhadap aset paling tinggi 2,84%, sedangkan ketetapan dewan syariah nasional paling tinggi adalah 33%. ketiga, roe perusahaan. 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al-nasyr li al-jâmi’ât, 1998. fischer, donald e, ronald j jordan, security analysis and portofolio management, new jersey: prentice-hall, inc., 1987. hamad, nazyah, qadhâyah fiqhiyyah al-mu’âshshirah fî al-mâl wa al-iqtishâdiyyah, (bayrût: dâr al-qalam, 2001. husnan, suad, pasar modal indonesia masih efisienkah?: pengamatan selama tahun 1990, manajemen dan usahawan indonesia, juni, 1991. ibn al-qayyim, syamsuddin abû ‘abdullah muhammad abû bakar, ‚i’lâm almuwaqi’in ‘an rabb al-âlamîn”, .kairo: maktabah kuliyah al-azhariyyah, 1968. kamâl, yûsuf, al-islâm wa al-madzâhib al-iqtishâdiyyah al-mu’âhirah”, mansurahmesir: dâr el-wafa li al-tabâ’ah wa al-nasr wa al-tauzî’, 1990. khayat, al-, ‘abd al-‘azîz, al-syarîkah fî al-syarî’ah al-islâmiyyah wa al-qânûn alwadh’î”, bayrût: muassasah risâlah, 1983. nabhânî, al-, taqiyuddin, 2004, al-nizhâm al-iqtishâdî fî al-islâm, bayrût: dâr elummah, 2004. nawâwî, al-, imâm abû zakariyâ yahyâ bin syaraf, raudhah al-thâlibîn‛, bayrût: dâr al-kutub al-‘ilmiyyah, tanpa tahun terbit. azwar, dkk: analisis faktor fundamental terhadap excess return saham syariah 140 salûsy, al-, alî ahmad, al-iqtishâd al-islâmiyyah wa qadhâyâ al-fiqhiyyah almu’âshir”, bayrût: muassasah al-rayyân li al-tauzî wa al-nasyr, 1997. suhadak, analisis expected return serta faktor yang memengaruhinya, jakarta: arthavidya, 2005, tahun 6, no.1. usman, muhammad, pengaruh dividen payout ratio, return on equity, earning growth terhadap price earning ratio pada perusahaan perbankan, dalam journal ekoma, september, 2001. yarnest, analisis pengaruh faktor fundamental terhadap return saham perusahaan food & beverage yang listed di bej, dalam jurnal ekonomi, 2001, tahun 5, no. 2. artikel/makalah: anastasia, njo, ‚analisis faktor fundamental dan risiko sistematik terhadap harga saham properti di bej‛, jakarta: jurnal akuntansi dan keuangan, 2003 november, vol. 5, no. 2. ahmad, ausaf, ‚towards an islamic finacial market‛, jeddah: paper, islamic development bank, 1997. dualeh, sulaiman abdi, ‚islamic securitisation: practical aspects‛, jenewa: paper paper world conference on islamic banking, 1998. fama, eugene f., ‚efficient capital market ii‛, dalam journal of finance, 1991 december. ---------------, ‚efficient capital market: a review of theory and empirical works‛, dalam journal of finance, 1970, may. ---------------, jensen, roll f., ‚the adjustment of stock price to new information‛, new york: international economic review, 1969, february. lestari, murni & christianti, ari, ‚analisis pengaruh nilai saham yang beredar, struktur modal, risiko pasar dan suku bunga terhadap return saham di bej dengan pendekatan model dinamis: studi kasus pada sektor aneka industri tahun 1996 – 2002‛, jakarta: jurnal riset akuntansi dan keuangan, 2005, vol.1 no.1. pendahuluan islam mewajibkan umatnya untuk bekerja, karena bekerja adalah suatu usaha manusia untuk memehuhi kebutuhan hidupnya dan allah swt melarang muslim bermalas-malasan. bekerja bagi seorang muslim adalah “suatu upaya yang sungguh-sungguh dengan mengerahkan seluruh asset, pikir, dan zikirnya untuk mengaktualisasikan atau menampakkan arti dirinya sebagai hamba allah yang harus menundukkan dunia dan menempatkan diriya sebagai bagian dari masyarakat yang terbaik (khairu ummah)”.1 1 toto tasmara, membudayakan etos kerja islami, (jakarta: gema insani press, 2002), cet.ke-1, h.25. analisis hubungan kepuasan kerja terhadap prestasi kerja karyawan muhammad lukman nasrih stie ahmad dahlan email: lukman_nasrih@gmail.com abstrak: kinerja merupakan suatu fungsi dari motivasi dan kemampuan. untuk menyelesaikan tugas atau pekerjaan seseorang sepatutnya memiliki derajat kesediaan dan tingkat kemampuan tertentu. kesediaan dan keterampilan seseorang tidaklah cukup efektif untuk mengerjakan sesuatu tanpa pemahaman yang jelas tentang apa yang akan dikerjakan dan bagaimana mengerjakannya. kinerja merupakan perilaku nyata yang ditampilkan setiap orang sebagai prestasi kerja yang dihasilkan oleh karyawan sesuai dengan perannya dalam perusahaan. kinerja karyawan merupakan suatu hal yang sangat penting dalam upaya perusahaan untuk mencapai tujuannya. kata kunci: kepuasan kerja, prestasi, karyawan muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .156 maka dari itu setiap pekerja atau karyawan pada suatu perusahaan diperintahkan dalam islam untuk bekerja sebaik dan seoptimal mungkin agar tujuan suatu organisasi tercapai, yang mana pada nantinya akan terpenuhinya kesejahteraaan karyawan sebagai timbal balik dari apa yang telah dikerjakan sebagai jasa untuk perusahaan. wibowo mengatakan, “suatu organisasi dibentuk untuk mencapai suatu tujuan tertentu. tujuan organisasi dapat berupa perbaikan pelayanan pelanggan, pemenuhan permintaan pasar, peningkatan kualitas produk atau jasa, meningkatnya daya saing, dan meningkatnya kinerja organisasi”.2 dalam era globalisasi ini, setiap perusahaan berusaha meningkatkan serta mengembangkan perusahaan dengan mengadakan berbagai cara yang tersusun dalam program untuk meningkatkan kinerja para karyawan. banyak faktor yang terkait dalam perbaikan kinerja perusahaan. diantaranya adalah pihak perusahaan kurang menerapkan sistem promosi jabatan dengan benar. selain itu kemungkinan perusahaan tidak memperhati kan kesejahteraan karyawannya, sehingga karyawan bekerja tidak sepenuh hati yang pada akhirnya akan menurunkan tingkat kinerja. promosi jabat an merupakan salah satu faktor yang perlu dipertimbangkan untuk dapat meningkatkan prestasi kerja karyawan sehingga karyawan bisa bekerja mencapai target perusahaan, yang akhirnya akan memampukan perusahaan mampu bersaing dengan perusahaan lainnya. secara sederhana dapat dikatakan bahwa faktor-faktor diatas adalah hal-hal yang mempengaruhi kepuasan kerja. karyawan yang merasa puas atau cocok dengan pekerjaanya, akan selalu bekerja dengan optimal sehingga prestasi kerjanya meningkat. sementara itu ada yang menyatakan bahwa justru dengan prestasi kerja yang tinggi, maka kepuasan kerja karyawan secara tidak langsung akan meningkat. menurut gibson seperti yang dikutif dalam bukunya wibowo, secara jelas menggambarkan adanya hubungan timbal balik antara kinerja dan kepuasan kerja. disatu sisi dikatakan kepuasan kerja menyebabkan peningkatan kinerja sehingga pekerja yang puas akan lebih produktif. disisi 2 wibowo, manajemen kinerja, (jakarta: pt rajagrafindo persada, 2007), ed.i, h.9. al-iqtishad: vol. ii, no. 1, januari 2010 157 lain dapat pula terjadi kepuasan kerja disebabkan oleh adanya kinerja atau prestasi kerja sehingga pekerja yang lebih produktif akan mendapatkan kepuasan.3 kinerja merupakan suatu fungsi dari motivasi dan kemampuan. untuk menyelesaikan tugas atau pekerjaan seseorang sepatutnya me miliki derajat kesediaan dan tingkat kemampuan tertentu. kesediaan dan keterampilan seseorang tidaklah cukup efektif untuk mengerjakan sesuatu tanpa pemahaman yang jelas tentang apa yang akan dikerja kan dan bagaimana mengerjakannya. kinerja merupakan perilaku nyata yang di tampilkan setiap orang sebagai prestasi kerja yang dihasilkan oleh karyawan sesuai dengan perannya dalam perusahaan. kinerja karyawan merupakan suatu hal yang sangat penting dalam upaya perusahaan untuk mencapai tujuannya.4 pengertian kepuasan kerja sebelum menjelaskan arti kepuasan kerja ada baiknya penulis membahas arti kepuasan secara umum. menurut bahasa kepuasan berasal dari kata ”puas” yang artinya ”merasa senang (lega, gembira, kenyang, dsb karena sudah terpenuhi hasrat hatinya) dan kepuasan adalah perihal (yang bersifat) puas; kesenangan; kelegaan; dsb”.5 ”kerja adalah sesuatu yang dilakukan untuk mencari nafkah; mata pencaharian”.6 definisi kepuasan yang dikemukakan philip kotler, ”kepuasan adalah tingkat perasaan seseorang setelah membandingkan kinerja (atau hasil) yang dia rasakan dibandingkan dengan harapannya”.7 pada dasarnya kepuasan kerja merupakan hal yang bersifat individual. setiap individu akan memiliki tingkat kepuasan yang berbeda-beda sesuai 3 ibid, h.307. 4 veithzal rivai, manajemen sumber daya manusia untuk perusahaan : dari teori kepraktik, (jakarta: pt rajagrafindo persada, 2004), ed.i, cet.ke-1, h.309. 5 departemen pendidikan nasional, kamus besar bahasa indonesia, editor. hasan alwi, (jakarta: balai pustaka, 2005), ed.iii, cet.ke-3, h.902. 6 departemen pendidikan nasional, kamus besar bahasa indonesia, h.554. 7 philip kotler, manajemen pemasaran : analisis, perencanaan, implementasi, dan pengendalian, penerjemah ancella anitawati hermawan, (jakarta : salemba empat, 1995), ed.viii, jilid.i, h.46. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .158 dengan sistem nilai-nilai yang berlaku pada dirinya. ini disebabkan karena adanya perbedaan pada masing-masing individu. semakin banyak aspekaspek dalam pekerjaan sesuai dengan keinginan individu tersebut, maka semakin tinggi tingkat kepuasan yang dirasakannya, dan sebaliknya. secara umum kepuasan kerja adalah perasaan seseorang terhadap pekerjaannya. adapun menurut beberapa ahli bahwa kepuasan kerja adalah sebagai berikut : hasibuan mengatakan, ”kepuasan kerja (job statisfaction) adalah sikap emosional yang menyenangkan dan mencintai pekerjaannya. sikap ini dicerminkan oleh moral kerja, kedisiplinan, dan prestasi kerja”.8 sedangkan veithzal rivai menyatakan bahwa “kepuasan kerja adalah perasaan individu terhadap pekerjaannya. persaan ini berupa satu hasil penilaian mengenai seberapa jauh pekerjaannya secara keseluruhan mampu memuaskan kebutuhannya”.9 handoko juga menyebutkan, “kepuasan kerja (job satisfaction) adalah keadaan emosional yang menyenangkan atau idak menyenangkan dengan mana para karyawan memandang pekerjaan mereka. kepuasan kerja mencerminkan perasaan seseorang terhadap pekerjaannya”.10 menurut pendapat keith devis, wexley dan yuki, “kepuasan kerja adalah suatu perasaan yang menyokong atau tidak menyokong dalam diri pegawai yang berhubungan dengan pekerjaannya maupun kondisi dirinya. perasaan yang berhubungan dengan pekerjaan melibatkan aspek-aspek seperti upah atau gaji yang diterima, kesempatan pengembangan karir, hubungan dengan pegawai lainnya, penempatan kerja, jenis pekerjaan, struktur organisasi perusahaan, mutu pengawasan. sedangkan perasaan yang berhubungan dengan dirinya antara lain umur, kondisi kesehatan, kemampuan, pendidikan”.11 8 malayu s.p. hasibuan, manajemen sumber daya manusia, (jakarta: pt bumi aksara, 2007), ed.revisi, cet.ke-9, h.202. 9 veithzal rivai dan ahmad fawzi basri, performance appraisal : sistem yang tepat untuk menilai kinerja karyawan dan meningkatkan daya saing perusahaan, (jakarta: pt rajagrafindo persda, 2005), h.16. 10 t.hani handoko, manajemen perusahaan dan sumber daya manusia, (yogyakarta: bpfe yogyakarta, 2001), ed.ii, cet.ke-15, h.193. 11 anwar prabu mangkunegara, manajemen sumber daya manusia perusahaan, (bandung: pt remaja rosdakarya, 2007), cet.ke-7, h.117. al-iqtishad: vol. ii, no. 1, januari 2010 159 dalam islam, kepuasan kerja diidentikkan dengan keikhlasan, artinya semua pekerjaan yang dilakukan harus dilandasi dengan niat yang ikhlas semata-mata mencari ridha allah swt. al-a’sal dan fathi mengatakan “orang islam dalam melakukan pekerjaannya tidak boleh membedakan antara pekerjaan yang khusus untuk dirinya dan pekerjaan yang merupakan tugasnya. dia dituntut untuk ikhlas dan menunaikan semua pekerjaannya, juga dituntut untuk tekun agar berhasil dalam pekerjaannya”.12 allah azza wa jalla menjanjikan akan memberinya pahala bila ia dapat melakukannya dengan cermat dan baik. dari definisi-definisi diatas, dapat ditarik suatu kesimpulan bahwa kepuasan kerja adalah sikap yang dimiliki karyawan terhadap pekerjaannya dimana dia merasa senang dan mencintai pekerjaannya, baik dari dalam pekerjaan maupun dari luar pekerjaan serta mempunyai rasa keikhlasan yang semata-mata diniatkan untuk ibadah. faktor-faktor yang mempengaruhi kepuasan kerja hasibuan menyebutkan bahwa faktor-faktor yang mempengaruhi kepuasan kerja karyawan adalah (a) balas jasa yang adil dan layak; (b) penempatan yang tepat sesuai dengan keahlian; (c) berat ringannya pekerjaan, suasana dan lingkungan pekerjaan; (d) peralatan yang menunjang pelaksanaan pekerjaan; (e) sikap pimpinan dalam kepemimpinannya; dan (f) sifat pekerjaan monoton atau tidak.13 sementara itu, faktor-faktor yang mendorong kepuasan kerja menurut munandar adalah (a) ciri-ciri intrinsik pekerjaan; (b) gaji penghasilan; (c) penyeliaan; (d) rekan-rekan sejawat yang menunjang; dan (e) kondisi kerja yang menunjang.14 sedangkan menurut smith, kendall dan hulin dalam bukunya the mesurement of satisfaction in work and retirement seperti yang dikutif 12 ahmad muhammad al-‘assal dan fathi ahmad abdul karim, sistem, prinsip dan tujuan ekonomi islam, penerjemah:.imam saefudin, (bandung: cv pustaka setia, 1999), cet.ke-1, h.157. 13 hasibuan, manajemen sumber daya manusia, h.203. 14 “sukses tidaknya suatu organisasi”. artikel diakses pada 10 april 2008 dari http:// jurnal-sdm.blogspot.com/2007/11/sukses tidaknya suatu organisasi.html. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .160 oleh sedarmayanti, ada lima hal yang terutama memiliki ciri-ciri penting pada kepuasan kerja, yaitu: (a) gaji atau upah yang diterima, yaitu jumlah gaji atau upah yang diterima dan kelayakan imbalan tersebut; (b) pekerjaan, yaitu tingkat dimana tugas-tugas pekerjaan dianggap menarik dan memberikan peluang untuk belajar dan menerima tanggung jawab; (c) peluang-peluang promosi, yaitu tersedianya peluang-peluang untuk mencapai kemajuan dalam jabatan; (d) supervisor, yaitu kemampuan sang supervisor untuk menunjukkan perhatian terhadap para karyawan; dan (e) para rekan sekerja, yaitu tingkat hingga dimana para rekan sekerja bersikap bersahabat, kompeten dan saling bantu membantu.15 mengenai kepuasan kerja, dalam islam juga dijelaskan faktor-faktor yang mempengaruhi kepuasan kerja, yaitu dengan memperhatikan hakhak kaum buruh diantaranya adalah pelunasan upah, hak jaminan dan pemeliharaan.16 a. pelunasan upah/gaji pelunasan upah/gaji adalah kewajiban bagi setiap perusahaan kepada para karyawannya, islam melarang menyepelekan masalah gaji apalagi jika sampai terjadi penundaan atau tidak diberikannya gaji, karena upah atau gaji merupakan hak bagi karyawan. sebagaimana sabda rasulullah saw: 17 “dari ibnu umar berkata, bahwa rasulullah bersabda, “berikanlah upah buruh itu selagi belum kering keringatnya” (h.r. ibnu majah). b. hak jaminan dan pemeliharaan selain memperhatikan masalah upah, juga perlu diperhatikan hak 15 sedarmayanti, manajemen sumberdaya manusia: reformasi birokrasi dan manajemen pegawai negeri sipil, (bandung: pt refika aditama, 2007), cet.ke-1, h.216 – 217. 16 al-‘assal dan fathi, sistem, prinsip dan tujuan ekonomi islam, h.164 – 175. 17 muhammad fuad abdul baqi, sunan al hafiz abi abdillah muhammad bin yazid al qozwini ibnu majah, (beirut: daar al ihya al kutub al ‘arabiyah), h.817. al-iqtishad: vol. ii, no. 1, januari 2010 161 jaminan dan pemeliharaan karyawan, yaitu jaminan kesejahteraan, jaminan kesehatan dan jaminan keamanan dalam bekerja. serta perlu dilakukan pelatihan dan pengembangan bagi karyawan sehingga karyawan menjadi lebih professional dalam melaksanakan tugasnya. hal ini merupakan tanggung jawab setiap pemimpin atau manajer terhadap bawahannya dan termasuk tanggung jawab yang diemban dan dikelola oleh suatu organisasi perusahaan. sebagaimana sabda rasulullah saw: 18 “dari ibnu umar ra. dari nabi muhammad saw beliau telah bersabda. “setiap orang dari kalian adalah pemimpin dan setiap kalian akan di mintai pertanggungjawaban terhadap apa yang dipimpinnya, setiap raja adalah pemimpin bagi rakyatnya, dan ia akan dimintai pertanggungjawaban terhadap apa yang dipimpinnya. seorang suami adalah pemimpin bagi anggota keluarganya dan ia akan dimintai pertanggungjawaban terhadap apa yang dipimpinnya. seorang istri adalah pemimpin bagi rumah tangga suami dan anak-anaknya, ia akan dimintai pertanggungjawaban terhadap apa yang dipimpinnya. seorang hambasahaya adalah pemimpin bagi harta tuannya dan ia akan dimintai pertanggungjawaban terhadap apa yang dipimpinnya. ketahuilah bahwa setiap orang dari kalian adalah pemimpin dan setiap kalian akan dimintai pertanggungjawaban terhadap apa yang dipimpinnya” (hr.muslim). dalam hadis lain rasulullah saw juga bersabda: 18 muhammad fuad abdul baqi, shahih abi husain muslim bin hajaj al khusyairi an naisaburi, (beirut: daar ihya al kutub al arabiyah), juz.iii, h.1459. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .162 19 “dari ma’rur ibnu suwaid bahwasanya nabi saw bersabda, “sesungguhnya diantara kamu ada orang jahiliyah, mereka adalah saudara-saudaramu. allah jadikan mereka dalam tanggunganmu. maka beri makanlah mereka dari makanan yang kamu makan dan beri mereka pakaian seperti pakaian yang kamu pakai. dan jangan kamu bebani mereka dengan pekerjaan yang berat. jika kamu bebani juga pekerjaan yang terlampau berat, maka hendaklah kamu membantunya” (h.r. muslim). dari penjelasan diatas, penulis menyimpulkan bahwa faktor-faktor yang mempengaruhi kepuasan kerja adalah faktor individu pegawai sendiri dan faktor pekerjaan. faktor individu pegawai seperi cara berpikir, ke pribadian, emosi dan sikap kerja sedangkan fakor pekerjaan seperti jenis pekerjaan, jaminan finansial, kesempatan promosi dalam karir dan hubung an kerja. penilaian kepuasan kerja dalam literatur yang ada, kata lain dari penilaian kepuasan kerja adalah survey kepuasan kerja. “survey kepuasan kerja adalah suatu prosedur dimana pegawai-pegawai mengemukakan perasaan mengenai jabatan atau pekerjaannya melalui laporan kerja. survey kepuasan kerja juga untuk mengetahui moral pegawai, pendapat, sikap, iklim, dan kualitas kehidupan kerja pegawai”.20 tujuan survey kepuasan kerja tujuan dari survey kepuasan kerja, antara lain: kepuasan kerja secara umum, komunikasi, meningkatkan sikap kerja, dan kebutuhan pelatihan.21 a. kepuasan kerja secara umum keuntungan survey kepuasan kerja dapat memberikan gambaran kepada pemimpin mengenai tingkat kepuasan kerja pegawai di perusahaan. 19 ibid, h.1282 – 1283. 20 mangkunegara, manajemen sumber daya manusia perusahaan, h.124. 21 ibid, h.124. al-iqtishad: vol. ii, no. 1, januari 2010 163 b. komunikasi survey kepuasan kerja sangat bermanfaat dalam mengkomunikasikan keinginan pegawai dengan pikiran pemimpin. pegawai yang kurang berani berkomentar terhadap pekerjaannya dengan melalui survey dapat membantu mengkomunikasikan kepada pemimpin. c. meningkatkan sikap kerja survey kepuasan kerja dapat bermanfaat dalam menigkatkan sikap kerja pegawai. hal ini karena pegawai merasa pelaksanaan kerja dan fungsi jabatannya mendapat perhatian dari pihak pemimpin. d. kebutuhan pelatihan survey kepuasan kerja sangat berguna dalam menentukan kebutuhan pelatihan tertentu. pegawai-pegawai biasanya diberikan kesempatan untuk melaporkan apa yang mereka rasakan dari perlakuan pemimpin pada bagian jabatan tertentu. dengan demikian kebutuhan pelatihan disesuaikan dengan kebutuhan bagi bidang pekerjaan pegawaipegawai peserta pelatihan. jenis-jenis survey kepuasan kerja mangkunegara menyebutkan ada dua macam jenis survey kepuasan kerja, yaitu survey objektif dan survey deskriptif. 22 a. survey objektif jenis survey objektif yang paling populer menggunakan pertanya an pilihan berganda (multiple choice). responden membaca semua pertanyaan yang tersedia, kemudian memilih salah satu dari beberapa alternatif jawaban yang sesuai dengan keadaannya. disamping itu pula, ada bentuk pertanyaan yang menggunakan benar atau salah, setuju atau tidak setuju. b. survey deskriptif jenis survey deskriptif merupakan lawan dari survey objektif. pada jenis survey deskriptif, responden memberikan jawaban dari pertanyan secara bebas sesuai dengan yang mereka pikirkan atau yang mereka inginkan. mereka dapat menjawab dengan kata-kata mereka sendiri. 22 ibid, h.125. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .164 pengukuran kepuasan kerja menurut hasibuan, “tolok ukur tingkat kepuasan yang mutlak tidak ada karena setiap individu karyawan berbeda standar kepuasannya. indikator kepuasan kerja hanya diukur dengan kedisiplinan, moral kerja dan turn over kecil maka secara relatif kepuasan kerja karyawan baik. sebaliknya jika kedisiplinan, moral kerja, dan turn over besar maka kepuasan kerja karyawan di perusahaan berkurang ”.23 metode pengukuran kepuasan kerja pengukuran kepuasan kerja dapat digunakan skala indeks deskripsi jabatan, skala kepuasan kerja dengan berdasarkan ekspresi wajah, dan kuesioner kepuasan kerja minnessota.24 a. pengukuran kepuasan kerja dengan skala indeks deskripsi jabatan skala pengukuran ini dikembangkan oleh smith, kendall, dan hulin pada tahun 1969. dalam penggunaannya pegawai ditanya mengenai pekerjaan maupun jabatannya yang dirasakan sangat baik dan sangat buruk, dalam skala mengukur sikap dari lima area, yaitu kerja, pengawasan, upah, promosi, dan co worker, setiap pertanyaan yang diajukan harus dijawab oleh pegawai dengan cara menandai jawaban ya, tidak, atau tidak ada jawaban. b. pengukuran kepuasan kerja dengan berdasarkan ekspresi wajah pengukuran kepuasan kerja ini dikembangkan oleh kunin pada tahun 1955. skala ini terdiri dari seri gambar wajah orang-orang dari mulai sangat gembira, gembira, netral, cemberut, dan sangat cemberut. pegawai diminta untuk memilih ekspresi wajah yang sesuai dengan kondisi pekerjaan yang dirasakan pada saat itu. c. pengukuran kepuasan kerja dengan kuesioner minnessota pengukuran kepuasan kerja ini dikembangkan oleh weiss, dawiss, dan england pada tahun 1967. skala ini terdiri dari pekerjaan yang dirasakan sangat tidak puas, tidak puas, netral, memuaskan, dan 23 hasibuan, manajemen sumber daya manusia, h.202. 24 mangkunegara, manajemen sumber daya manusia perusahaan, h.126 – 127. al-iqtishad: vol. ii, no. 1, januari 2010 165 sangat memuaskan. pegawai diminta untuk memilih satu alternatif jawaban yang sesuai dengan kondisi pekerjaaannya. penilaian prestasi kerja evaluasi kinerja atau penilaian prestasi karyawan yang dikemukakan leon c.mengginson adalah sebagai berikut: “penilaian prestasi kerja (performance appraisal) adalah suatu proses yang digunakan pimpinan untuk me nentukan apakah seorang karyawan yang melakukan pekerjaannya sesuai dengan tugas dan tanggung jawabnya”. selanjutnya andrew e.sikula menge mukakan bahwa “penilaian pegawai merupakan evaluasi yang sistematis dari pekerjaan pegawai dan potensi yang dapat dikembangkan. penilaian dalam proses penafsiran atau penentuan nilai, kualitas atau status dari beberapa obyek orang ataupun sesuatu (barang)”.25 hasibuan mengatakan “penilaian prestasi adalah kegiatan manajer untuk mengawasi perilaku prestasi kerja karyawan serta menetap kan kebijaksanan selanjutnya”.26 sementara ilyas mengatakan, “penilaian kinerja adalah proses formal yang dilakukan untuk mengevaluasi tingkat pelaksana an pekerjaan atau unjuk kerja (performance appraisal) seseorang personel dan memberikan umpan balik untuk kesesuaian tingkat kinerja (performance review), atau penilaian personel (employee appraisal), atau evaluasi personel (employee evaluation)”.27 dari beberapa definisi yang dijelaskan di atas dapat disimpulkan bahwa penilaian prestasi kerja merupakan cara sistematis untuk mengevaluasi kinerja, kontribusi, potensi/kemampuan dan nilai dari seorang karyawan oleh orang-orang yang diberi wewenang perusahaan sebagai landasan pengembangan dan sebagainya. tujuan penilaian prestasi kerja prestasi kerja setiap individu berbeda-beda, perbedaan prestasi kerja karyawan dapat diketahui dengan adanya penilaian, dan tujuan umum 25 mangkunegara, evaluasi kinerja sdm , h.10. 26 hasibuan, manajemen sumber daya manusia, h.87. 27 ilyas, kinerja, h.88. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .166 dari penilaian kinerja atau prestasi kerja adalah untuk mengetahui siapa yang terbaik dalam melakukan suatu pekerjaan. penilaian prestasi kerja atau kinerja digunakan untuk berbagai tujuan dalam organisasi. setiap organisasi menekankan pada tujuan yang berbeda-beda dan organisasi lain pun dapat menekankan tujuan yang berbeda pula meskipun dengan sistem penilaian yang sama. penilaian kinerja merupakan suatu yang sangat bermanfaat bagi perencanaan kebijakan organisasi karena pada dasarnya tujuan penilaian kinerja adalah membuat setiap karyawan mendukung kelancaran proses bisnis dan tujuan perusahaan. dibawah ini dijelaskan beberapa pendapat mengenai tujuan penilaian prestasi kerja. tujuan penilaian kinerja pada dasarnya adalah untuk mengukur tanggung jawab karyawan dan sebagai dasar bagi peningkatan dan pengembangan karyawan.28 dengan demikian kedua tujuan ini dapat dijelaskan sebagai berikut: a. pertanggungjawaban apabila standar dan sasaran digunakan sebagai alat mengukur pertanggungjawaban, maka dasar untuk pengambilan keputusan kenaikan gaji atau upah, promosi, penugasan khusus, dan sebagainya adalah kualitas hasil pekerjaan karyawan yang bersangkutan (bentuknya atau kualitasnya). b. pengembangan jika standar dan sasaran digunakan sebagai alat untuk keperluan pengembangan, hal itu mengacu pada dukungan yang diperlukan karyawan dalam melaksanakan pekerjaan mereka. dukungan itu dapat berupa pelatihan, bimbingan, atau bantuan lainnya. sedangkan menurut armstrong, penilaian prestasi kerja mempunyai tiga tujuan, yaitu: 29 1. membantu memperbaiki prestasi dengan mengetahui kekuatan 28 agus dharma, manajemen supervisi : petunjuk praktis bagi para supervisor, (jakarta : pt rajagrafindo persada, 2003), ed.revisi, cet.ke-5, h.350. 29 michael armstrong, seri manajemen sumber daya manusia, penerjemah sofyan cikmat & haryanto, (jakarta: pt alex media komputindo), cet.ke-2, h.172. al-iqtishad: vol. ii, no. 1, januari 2010 167 dan kelemahan serta dengan melakukan hal-hal yang akan mengembangkan kekuatan dan mengatasi kelemahan. 2. mengenal karyawan yang berpotensi untuk menerima tanggung jawab yang lebih besar, sekarang atau dimasa yang akan datang, dan memberikan bimbingan mengenai apa yang harus dilakukan untuk memastikan bahwa potensial ini akan berkembang. 3. membantu dan memutuskan kenaikan gaji yang seimbang antara tingkat prestasi dan tingkat gaji. adapun hasibuan secara lebih rinci menyebutkan tujuan dan kegunaan penilaian prestasi kerja karyawan adalah: 30 a. sebagai dasar dalam pengambilan keputusan yang digunakan untuk promosi, demosi, pemberhentian dan penetapan besarnya balas jasa. b. untuk mengukur prestasi kerja yaitu sejauh mana karyawan bisa sukses dalam pekerjaannnya. c. sebagai dasar untuk mengevaluasi efektivitas seluruh kegiatan di dalam perusahaan. d. sebagai dasar untuk mengevaluasi program latihan dan keefektifan jadwal kerja, metode kerja, struktur organisasi, gaya pengawasan, kondisi kerja dan peralatan kerja. e. sebagai indikator untuk menentukan kebutuhan akan latihan bagi karyawan yang berada didalam organisasi. f. sebagai alat untuk meningkatkan motivasi kerja karyawan sehingga dicapai tujuan untuk mendapatkan performance kerja yang baik. g. sebagai alat untuk mendorong atau membiasakan para atasan (supervisor, managers, administrator) untuk mengobservasi perilaku bawahan (subordinate) supaya diketahui minat dan kebutuhankebutuhan bawahannya. h. sebagai alat untuk bisa melihat kekurangan atau kelemahan-kelemahan dimasa lampau dan meningkatkan kemampuan karyawan selanjutnya. 30 hasibuan, manajemen sumber daya manusia, h.89. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .168 i. sebagai kriteria didalam menentukan seleksi dan penempatan karyawan. j. sebagai alat untuk mengidentifikasi kelemahan-kelemahan personel dan dengan demikian bisa diikutsertakan dalam program latihan kerja tambahan. k. sebagai dasar untuk memperbaiki atau mengembangkan kecakapan karyawan. l. sebagai dasar untuk memperbaiki dan mengembangkan uraian pekerjaan (job description). dari data di atas, dapat diketahui bahwa setiap perusahaan didalam menetapkan tujuan penilaian prestasi kerja tidak ada yang diprioritaskan atau hanya memiliki satu tujuan saja dari beberapa tujuan yang ada, tetapi memiliki beberapa tujuan seperti yang telah disebutkan diatas. jenis-jenis penilaian prestasi kerja mengenai penilaian yang digunakan dalam penilaian kerja tidak ada kesepakatan antara ahli yang satu dengan yang lain, namun demikian pada dasarnya penilaian ini dapat dibedakan atas beberapa metode, yaitu: penilaian teknik essai, penilaian komparasi, penilaian daftar periksa, penilaian langsung kelapangan, penilaian didasarkan perilaku, penilaian didasarkan efektivitas dan penilaian didasarkan peringkat.31 a. penilaian teknik essai pada metode ini, penilai menuliskan deskripsi tentang kelebihan dan kekurangan seseorang personel yang meliputi prestasi, kerjasama dan pengetahuan personel tentang pekerjaannnya. dalam penilaian ini atasan melakukan penilaian secara menyeluruh atas hasil kerja bawahan. keuntungan cara ini dapat dilakukannya analisis secara mendalam, tetapi teknik ini memakan waktu banyak dan sangat tergantung kepada kemampuan penilai. b. metode penilaian komparasi penilaian yang didasarkan perbandingan ini dilakukan dengan cara 31 ilyas, kinerja, h.96 – 101. al-iqtishad: vol. ii, no. 1, januari 2010 169 mem bandingkan hasil pelaksanaan pekerjaan seorang personel dengan personel yang lain yang melakukan pekerjaan sejenis. c. metode penggunaan daftar periksa dalam melakukan penilaian kinerja seseorang personel, kita dapat menggunakan daftar periksa (check list) yang telah disediakan sebelumnya. daftar ini berisi komponen-komponen yang dikerjakan seorang personel yang dapat diberi bobot “ya” atau “tidak”; “selesai” atau “belum”, atau dengan bobot persentase penyelesaian pekerjaan yang bersangkutan. d. metode penilaian langsung melakukan penilaian kinerja tidak hanya dapat dilakukan diatas kertas berdasarkan catatan atau laporan-laporan yang ada. tetapi dapat pula melihat langsung pelaksanaan pekerjaan dilapangan. e. metode penilaian bedasarkan perilaku penilaian kinerja yang didasarkan uraian pekerjaan yang sudah disusun sebelumnya. biasanya uraian pekerjaan tersebut menentukan perilaku apa saja yang diperlukan oleh personel untuk melaksanakan pekerjaan itu. oleh sebab itu metode ini memberi kesempatan kepada personel yang dinilai untuk mendapat umpan balik. dengan umpan balik ini, ia dapat memperbaiki kelemahaannya dalam melaksanakan pekerjaaan sesuai dengan tuntutan uraian pekerjaan. melalui metode ini akan jelas terlihat apa yang menyebabkan tidak memuaskannya pelaksanaan pekerjaan tersebut. f. metode penilaian berdasarkan kejadian kritis penerapan penilaian berdasarkan insiden kritis itu dilaksanakan oleh atasan melalui pencatatan atau perekaman peristiwa-peristiwa yang berkaitan dengan perilaku personel yang dinilai dalam melaksanakan pekerjan. penilaian berdasarkan kritis ini, menghendaki kerajinan seseorang atasan untuk selalu mencatat peristiwa perilaku yang terjadi baik positif ataupun negatif. g. metode penilaian berdasarkan efektivitas penilaian berdasarkan efektivitas (effectiveness based evaluation) dengan menggunakan sasaran perusahaan sebagai indikasi penilaian muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .170 kinerja. metode penilaian ini biasanya dilakukan oleh perusahaanperusahaan besar yang memperkerjakan banyak personel dan meng gunakan sistem pengelolaan perusahaan berdasarkan sasaran (manajemen berdasarkan sasaran =mbs). metode ini cukup rumit karena dalam penilaian yang diukur adalah kontribusi personel, bukan kegiatan ataupun perilaku seperti yang dilakukan dalam metode-metode penilaian lainnya. dalam metode mbs ini para personel tidak dinilai bagaimana menggunakan waktunya dalam pelaksanaan pekerjaaan, tetapi yang dinilai adalah apa yang mereka hasilkan (karena hasil kerja merupakan sasaran akhir yang dituntut perusahaan dari personelnya). h. metode penilaian berdasarkan peringkat metode penilaian peringkat berdasarkan pembawaan (trait based evaluation) yang ditampilkan oleh personel. penilaian berdasarkan metode ini dianggap lebih baik, karena keberhasilan pekerja yang dilaksanakan seorang personel amat ditentukan oleh beberapa unsur ciri pembawaan (trait) yang bersangkutan. oleh sebab itu dalam metode ini yang dinilai adalah unsur-unsur: kesetiaan, tanggung jawab, ketaatan, prakarsa, kerjasama, kepemimpinan, dan sebagainya. unsur-unsur yang dinilai dalam prestasi kerja dale timpe mengatakan, “penilaian kinerja harus dilakukan secara adil, tidak memihak, dan harus menggambarkan kinerja aktual yang akurat. karena itu, untuk memastikan penilaian yang adil dan akurat, harus ada kepastian bahwa penyebab-penyebab kinerja sebenarnya dapat dikenali”.32 menurut hasibuan, unsur-unsur yang dinilai dalam penilaian kinerja adalah.33 a. kesetiaan penilai mengukur kesetiaan karyawan terhadap pekerjaannya, jabatan nya dan organisasi. kesetiaan ini dicerminkan oleh kesediaan 32 dale timpe, seri manajemen sumber daya manusia, h.234. 33 hasibuan, manajemen sumber daya manusia, h.95 – 96. al-iqtishad: vol. ii, no. 1, januari 2010 171 karyawan menjaga dan membela organisasi didalam maupun diluar pe kerjaan dari rongrongan orang yang tidak bertanggung jawab. b. prestasi kerja penilai menilai hasil kerja, baik kualitas maupun kuantitas yang dapat dihasilkan karyawan tersebut dari uraian pekerjannya. c. kejujuran penilai menilai kejujuran dalam melaksanakan tugas-tugasnya memenuhi perjanjian baik bagi dirinya sendiri maupun terhadap orang lain seperti kepada para bawahannya. d. kedisiplinan penilai menilai disiplin karyawan dalam mematuhi peraturanperaturan yang ada dan melakukan pekerjaannya sesuai dengan instruksi yang diberikan kepadanya. e. kreativitas penilai menilai kemampuan karyawan dalam mengembangkan kreativitas nya untuk menyelesaikan pekerjaannya, sehingga bekerja lebih berdaya guna dan berhasil guna. f. kerjasama penilai menilai kesediaan karyawan berpartisipasi dan bekerjasama dengan karyawan lainnya secara vertikal atau horizontal didalam maupun diluar pekerjaan sehingga hasil pekerjaan akan semakin baik. g. kepemimpinan penilai menilai kemampuan untuk memimpin, berpengaruh, mempunyai pribadi yang kuat, dihormati, berwibawa, dan dapat memotivasi orang lain atau bawahannya untuk bekerja secara efektif. h. kepribadian penilai menilai karyawan dari sikap perilaku, kesopanan, periang disukai, memberi kesan menyenangkan, memperlihatkan sikap yang baik, serta berpenampilan simpatik dan wajar. i. prakarsa penilai menilai kemampuan berpikir orisinil dan berdasarkan inisiatif muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .172 sendiri untuk menganalis, menilai, menciptakan, memberikan alasan, mendapatkan kesimpulan, dan membuat keputusan penyelesaian masalah yang dihadapinya. j. kecakapan penilai menilai kecakapan karyawan dalam menyatukan dan menyeleraskan bermacam-macam elemen yang semuanya terlibat didalam penyusunan kebijaksanaan dan didalam situasi manajemen. k. tanggung jawab penilai menilai kesediaan karyawan dalam mempertanggungjawabkan kebijaksanaannya, pekerjaan, dan hasil kerjanya, sarana dan prasarana yang dipergunakannya, serta perilaku kerjanya. sedangkan mangkunegara aspek-aspek yang dinilai, adalah sebagai berikut: 34 a. kemampuan teknis, yaitu kemampuan menggunakan pengetahuan, metode, teknik, dan peralatan yang digunakan untuk melaksanakan tugas serta pengalaman dan pelatihan yang diperolehnya. b. kemampuan konseptual, yaitu kemampuan untuk memahami kompleksitas perusahaan dan penyesuaian bidang opersional perusaha an secara menyeluruh, yang pada intinya individual tersebut me mahami tugas, fungsi serta tanggung jawabnya sebagai seorang karyawan. c. kemampuan hubungan interpersonal, yaitu antara lain kemampuan untuk bekerjasama dengan orang lain, memotivasi karyawan, melakukan negosiasi, dan lain-lain. sementara itu didalam islam kewajiban-kewajiban dalam melakukan pekerjaan adalah (a) mengetahui hal-hal yang diperlukan dalam suatu pekerjaan; (b) keikhlasan dan ketekunan; (c) menunaikan janji; dan (d) perhitungan dan pertanggungjawaban. keempat hal tersebut akan dijelaskan sebagai berikut:35 a. mengetahui hal-hal yang diperlukan dalam suatu pekerjaan hal-hal yang berkaitan dengan suatu pekerjaan harus diketahui oleh 34 veithzal, manajemen sumber daya manusia, h.324. 35 al-‘assal dan fathi, sistem, prinsip dan tujuan ekonomi islam, h.156 – 161. al-iqtishad: vol. ii, no. 1, januari 2010 173 pekerja itu sendiri sehingga orang yang melakukan pekerjan dapat memenuhi hal-hal yang diperlukan, dan ia pun dapat menekuni pekerjaannya dan menyelesaikan sebaik-baiknya. dalam hadis disebutkan bahwa jika suatu pekerjaan dilakukan oleh orang yang bukan ahlinya atau tidak mengetahui hal-hal yang berkaitan dengan pekerjaan tersebut, maka pekerjaan tersebut akan terbengkalai atau bahakan mengalami suatu kehancuran bagi organisasi perusahaan. 36 “dari abu hurairah ra berkata: bahwa rasulullah saw bersabda “apabila perkara diserahkan kepada orang yang bukan ahlinya, tunggulah saat (kehancurannya)” (hr.bukhari). b. keikhlasan dan ketekunan orang islam dalam melakukan pekerjaannya tidak boleh membedakan antara pekerjaan yang khusus untuk dirinya dan pekerjaan yang merupakan tugasnya. dia dituntut untuk ikhlas dan menunaikan semua pekerjaannya, juga dituntut untuk tekun agar berhasil dalam pekerjaannya. “orang yang bekerja dengan ikhlas itu adalah orang yang melaksanakan tugasnya secara profesional tanpa motivasi lain kecuali bahwa pekerjaan itu merupakan amanat yang harus di tunaikannya dengan sebaik-baiknya”.37 allah swt menjanjikan akan memberinya pahala bila ia dapat melakukannya dengan ikhlas dan tekun, “sesungguhnya mereka yang beriman dan beramal saleh, tentulah kami tidak akan menyia-nyiakan pahala orang-orang yang mengerjakan amalan(nya) dengan yang baik” (qs.al-kahfi:30). c. menunaikan janji hak pekerjaan yang wajib dipenuhi oleh pelakunya ialah terpenuhinya isyarat-isyarat akad (kontrak) pekerjaan yang telah disetujui bersama, 36 al-imam abi zakariyayahya bin syarof an nawawi, riyadlu as-sholihin min kalami sayyidi al-mursalin lil imam an-nawawi, (kairo: daar al-fajri liturats,2003), cet.ke-1, h.748. 37 toto, membudayakan etos kerja islami, cet.i, h.79. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .174 “hai orang-orang yang beriman, penuhilah aqad-aqad itu. (qs. al maidah : 1). d. perhitungan dan pertanggungjawaban untuk menumbuh kembangkan karyawan yang bertanggung jawab atau amanah, dibutuhkan paradigma, sikap mental, serta cara berpikir yang benar-benar menghujam kedalam kalbu yang dsebut dengan takwa. takwa merupakan bentuk rasa tanggung jawab yang di laksanakan dengan penuh rasa cinta dengan menunjukkan amal prestatif dibawah semangat ridha allah.38 jadi kewajiban lainnya dalam islam yang membangun kehidupan dalam segala bidang adalah perlunya perhitungan dan pertanggungjawaban atas pekerjaannya, atau lebih dikenal dengan istilah amanah, dan allah melarang penghianatan. “hai orang-orang yang beriman, janganlah kamu mengkhianati allah dan rasul (muhammad) dan (juga) janganlah kamu mengkhianati amanat-amanat yang dipercayakan kepadamu, sedang kamu mengetahui” (qs.al-anfal :27). faktor-faktor yang menghambat penilaian prestasi kerja penilaian prestasi kerja merupakan media yang tepat dan bermanfaat untuk mengevaluasi pekerjaan, mengembangkan dan memotivasi karyawan. namun, penilaian prestasi kerja dapat juga menjadi sumber kerisauan, keributan, atau frustasi bagi karyawan. hal tersebut dikarenakan masih adanya ketidakpastian dan ambiguitas dalam sistem penilaiannya. maka dari itu penilaian prestasi harus dilakukan dengan adil dan tidak memihak. berikut ini dijelaskan beberapa hal yang menghambat penilaian prestasi kerja. hambatan yang sering ditemukan dalam menilai kinerja karyawan menurut agus dharma , adalah sebagai berikut: 39 a. akibat halo. ini terjadi kalau karyawan dinilai lebih tinggi dari yang seharusnya diperoleh karena berkinerja bagus dalam bidang tertentu, tetapi tidak dalam bidang-bidang lainnya. 38 ibid, h.94. 39 agus dharma, manajemen supervisi, h.372 – 374. al-iqtishad: vol. ii, no. 1, januari 2010 175 b. kecenderungan menilai rata-rata. memutuskan semua karyawan mem peroleh nilai rata-rata lebih mudah ketimbang memutuskan bahwa sebagian memperoleh nilai memuaskan, sebagian sedang, dan sebagian lain dibawah rata-rata. c. kekakuan kemurahan hati. harapan supervisor terhadap bawahannya berbeda-beda. sebagian supervisor tidak pernah puas, sedangkan yang lainnya gampang puas dengan kinerja karyawan. hal ini mengimbas pada cara mereka menilai kinerja. d. peristiwa akhir-akhir ini. karena waktu yang diperlukan untuk melakukan penilaian formal cukup banyak, supervisor cenderung menilai karyawan atas hal-hal yang terjadi belum lama sebelumnya. jika supervisor tidak memiliki catatan atas perilaku kerja karyawan, kecenderungan ini akan sangat mempengaruhi penilaian kinerja. e. akibat penilaian sebelumnya. para supervisor cenderung dipengaruhi oleh hasil penilaian kinerja sebelumnya. jika karyawan telah menerima penilaian yang bagus sebelumnya, ada kecenderungan untuk memberikan penilaian yang sama sekarang, sekalipun kinerjanya saat ini tidak bagus. f. pertemanan. setelah beberapa saat. supervisor mengenal dan berteman dengan bawahan yang sebagian lebih disukai ketimbang yang lain. g. akibat perbandingan. ada juga kecenderungan supervisor menilai karyawan dibandingkan dengan karyawan lain, bukan atas persyaratan kinerja yang sebenarnya. h. kesan pertama. kesan yang ditimbulkan karyawan pada mingguminggu pertama masa kerja mereka dapat berlangsung lama dan ini dapat mempengaruhi cara supervisor menilai kinerja mereka. i. sama dengan saya. para supervisor cenderung menilai lebih baik karyawan yang sikap dan latar belakangnya serupa dengan mereka. korelasi antara kepuasan kerja dengan prestasi kerja karyawan disini penulis menjelaskan bagaimana korelasi antara kepuasan kerja dengan prestasi kerja, hubungan antara kepuasan kerja dengan prestasi muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .176 kerja memang merupakan suatu yang kontroversial, disatu pihak ada yang berpendapat bahwa kepuasan kerja akan mempengaruhi prestasi kerja dan di pihak lain berpendapat bahwa dengan prestasi kerjalah akan mempengaruhi kepuasan kerja. sama halnya pada kasus antara ayam dan telur mana yang lebih dahulu. handoko mengatakan “secara historis, sering dianggap bahwa para karyawan yang mendapatkan kepuasan kerja akan melaksanakan pekerjan dengan lebih baik. dalam banyak kasus, memang sering ada hubungan positif antara kepuasan tinggi dan prestasi kerja tinggi, tetapi tidak selalu cukup kuat dan berarti (signifikan)”. lebih lanjut ia mengemukakan bahwa “kepuasan kerja yang lebih tinggi terutama dihasilkan oleh prestasi kerja. bukan sebaliknya. prestasi kerja lebih baik mengakibatkan penghargaan yang lebih tinggi. bila pekerjaan tersebut dirasakan adil dan memadai, maka kepuasan kerja karyawan akan meningkat karena mereka menerima penghargaan dalam proporsi yang sesuai dengan prestasi kerja mereka. dilain pihak, bila penghargaan dipandang tidak mencukupi untuk suatu tingkat prestasi kerja mereka, ketidakpuasan kerja cenderung terjadi. kondisi kepuasan atau ketidakpuasan kerja tersebut selanjutnya menjadi umpan balik yang akan mempengaruhi prestasi kerja diwaktu yang akan datang. jadi, hubungan prestasi dan kepuasan kerja suatu sistem yang berlanjut (kontinyus)”.40 gambar 2.1 hubungan kepuasan kerja dengan prestasi kerja umpan balik prestasi kerja prestasi kerja peng hargaan persepsi keadilan terhadap penghargaan prestasi kerja hal senada juga dikatakan oleh sedarmayanti bahwa “seorang karyawan yang puas tidak selalu merupakan seorang karyawan yang 40 handoko, manajemen personalia dan sumberdaya manusia, h.195. al-iqtishad: vol. ii, no. 1, januari 2010 177 menunjukkan unjuk kerja tinggi, begitu pula asumsi yang menyatakan bahwa seorang karyawan dengan unjuk kerja tinggi, adalah seorang karyawan yang puas, tidak ditunjang oleh fakta-fakta”.41 sementara itu gibson menyatakan, “adanya hubungan timbal balik antara kinerja dan kepuasan kerja. disatu sisi dikatakan kepuasan kerja menyebabkan peningkatan kinerja sehingga pekerja yang puas akan lebih produktif. disisi lain dapat pula terjadi kepuasan kerja disebabkan oleh adanya kinerja atau prestasi kerja sehingga pekerja yang lebih produktif akan mendapatkan kepuasan”.42 adapun menurut strauss dan sayless, “kepuasan kerja juga penting untuk aktualisasi diri. karyawan yang tidak memperoleh kepuasan kerja tidak akan pernah mencapai kematangan psikologis, dan pada gilirannya akan menjadi prustasi. karyawan seperti ini akan sering melamun, mempunyai semangat kerja rendah, cepat lelah dan bosan, emosinya tidak stabil, sering absen dan melakukan kesibukkan yang tidak ada hubungannya dengan pekerjaan yang harus dilakukan. sedangkan karyawan yang mendapat kepuasan kerja biasanya mempunyai catatan kehadiran dan perputaran yang lebih baik, kurang aktif dalam kegiatan serikat karyawan, dan kadang-kadang berprestasi kerja lebih baik dari pada karyawan yang tidak memperoleh kepuasan kerja. oleh karena itu, kepuasan kerja mempunyai arti penting baik bagi karyawan maupun perusahaan, terutama karena menciptakan keadaan positif didalam ling kung an kerja perusahaan”.43 dan menurut hanisch dan hulin, “karyawan yang merasa tidak puas dalam bekerja akan melakukan beberapa kombinasi perilaku seperti tidak menghadiri rapat, tidak masuk kerja, menampilkan kinerja yang rendah dan mengurangi keterlibatannya secara psikologis dari pekerjaan yang dihadapi”.44 hasibuan juga mengatakan, “seseorang cenderung bekerja dengan penuh semangat apabila kepuasan dapat diperolehnya dari pekerjaannya dan kepuasan kerja karyawan merupakan kunci pendorong moral, 41 sedarmayanti, manajemen sumberdaya manusia, h.218. 42 wibowo, manajemen kinerja, h.307. 43 handoko, manajemen personalia dan sumberdaya manusia, h.196. 44 luvi kurniasari, artikel diakses pada 22 november 2008 dari http://www.damandiri. or.id/file/luvikurniasariunairbab2.pdf. muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .178 kedisiplinan, dan prestasi kerja karyawan dalam mendukung terwujudnya tujuan perusahaan”.45 penutup berdasarkan hasil pembahasan, didapat bahwa dalam pandangan islam, bekerja adalah suatu kewajiban atas setiap orang baik laki-laki maupun perempuan, tujuan bekerja selain untuk mendapatkan kebaikan di dunia juga untuk mendapatkan kebaikan di akhirat, jadi bekerja merupakan suatu ibadah. kemudian diperoleh juga bahwa terdapat hubungan yang erat antara kepuasan kerja dengan prestasi kerja. jika tingkat kepuasan kerja karyawan tinggi maka mereka akan semakin loyal pada perusahaan, dan mereka bekerja dengan nyaman dan semangat, yang pada akhirnya akan meningkatkan prestasi kerja. data penelitian terhadap kepuasan kerja dan prestasi kerja karyawan bni syariah, menunjukkan bahwa tingkat kepuasan kerja karyawan bni syariah adalah tinggi dengan nilai 72,13%, dan tingkat prestasi kerja karyawan bni syariah adalah juga baik dengan nilai 75%. hasil analisis penelitian menunjukkan bahwa besarnya koefisien korelasi antara kepuasan kerja dengan prestasi kerja adalah 0,752, dimana menurut kriteria yang ada, menunjukkan bahwa hubungan kedua variabel tersebut adalah kuat. koefisien korelasi tersebut juga telah dibuktikan secara signifikan dengan uji t, karena diperoleh nilai thitung = 9,051 sedangkan nilai ttabel = 1,980, sehingga thitung > ttabel. sedangkan besarnya kontribusi hasil yang diberikan kepuasan kerja terhadap prestasi kerja ditunjukkan oleh koefisien determinasi sebesar 56%. ini artinya bahwa selebihnya yaitu sebesar 44% dipengaruhi oleh faktorfaktor lain yang tidak termasuk dalam penelitian ini. pustaka acuan ‘assal, ahmad muhammad dan fathi ahmad abdul karim, sistem, prinsip dan tujuan ekonomi islam, penerjemah imam saefudin, cet.ke-1, bandung: cv pustaka setia, 1999. abdul baqi, muhammad fuad, shahih abi husain muslim bin hajaj al 45 hasibuan, manajemen sumber daya manusia, h.203. al-iqtishad: vol. ii, no. 1, januari 2010 179 khusyairi an naisaburi, juz. iii, beirut: daar ihya al kutub al ‘arabiyah. ———, sunan al hafiz abi abdillah muhammad bin yazid al qozwini ibnu majah, beirut daar al ihya al kutub al ‘arabiyah. arikunto, suharsimi, prosedur penelitian : suatu pendekatan praktek, cet. ke-11, jakarta : pt rineka cipta, 1998. armstrong, michael, seri manajemen sumber daya manusia. penerjemah sofyan cikmat & haryanto, cet.ke-2, jakarta: pt alex media komputindo. departemen pendidikan nasional, kamus besar bahasa indonesia, editor. hasan alwi, ed.iii, cet.ke-3, jakarta: balai pustaka, 2005. dharma, agus, manajemen supervisi : petunjuk praktis bagi para supervisor, ed.revisi, cet.ke-5, jakarta : pt rajagrafindo persada, 2003. handoko, t.hani, manajemen personalia dan sumberdaya manusia, ed.ii, cet.ke-15, yogyakarta: bpfe yogyakarta, 2001. hasibuan, malayu s.p, manajemen sumber daya manusia, ed.revisi, cet. ke-9, jakarta: bumi aksara, 2007. ilyas, yaslis, kinerja; teori, penilaian, dan penelitian, cet.ke-3, depok: pusat kajian ekonomi kesehatan fkmui, 2002. kindhi, ali sumanto, bekerja sebagai ibadah: konsep memberantas kemiskinan, kebodohan dan keterbelakangan umat, cet.ke-1, solo: cv aneka,1996. kotler, philip, manajemen pemasaran: analisis, perencanaan, implementasi, dan kontrol, perjemahan hendra teguh dan ronny a. rusli, jilid i, jakarta: prenhallindo, 1997. mangkunegara, anwar prabu, evaluasi kinerja sdm, cet.ke-2, bandung: pt refika aditama, 2006. ———, manajemen sumber daya manusia perusahaan, cet.ke-7, bandung: pt remaja rosdakarya, 2007. muhammad, abu abdillah bin ismail al bukhari, matan masykul al bukhari bihasyiyah as sandi, beirut: daar al fikr, 2006. riduwan dan sunarto, pengantar statistika: untuk penelitian pendidikan, sosial, komunikasi, ekonomi dan bisnis, bandung: alfabeta, 2007. rivai, veithzal dan basri, ahmad fawzi, performance appraisal : sistem yang tepat untuk menilai kinerja karyawan dan meningkatkan daya muhammad lukman nasrih: analisis hubungan kepuasan kerja terhadap prestasi . . .180 saing perusahaan, jakarta: rajagrafindo persada, 2005. rivai, veithzal, manajemen sumber daya manusia untuk perusahaan : dari teori kepraktik, ed.i, cet.ke-1, jakarta: rajagrafindo persada,2004. sedarmayanti, manajemen sumberdaya manusia: reformasi birokrasi dan manajemen pegawai negeri sipil, cet.ke-1, bandung: pt refika aditama, 2007. sudjono, anas, pengantar statistik pendidikan, jakarta: pt rajagrafindo persada, 2008. sugiyono, metode penelitian kuantitatif, kualitatif dan r & d, bandung: alfabeta, 2007. suyuthi, jalaluddin abdurrahman bin abi bakr, al jami’ as shagir fi ahaadisi al basyir an naszir, juz. i, indonesia, daar ihya al kutub al ‘arabiyah. tasmara, toto, membudayakan etos kerja islami, cet.ke-1, jakarta: gema insani press, 2002. timpe, dale, seri manajemen sumber daya manusia : kinerja, performance. penerjemah sofyan cikmat, cet.ke-4, jakarta: pt.alex media komputindo, 1999. wibowo, manajemen kinerja, ed.i, jakarta: pt rajagrafindo persada, 2007. winardi, manajemen perilaku organisasi, ed.revisi, cet.ke-1, jakarta: prenada media, 2004. yahya, al-imam abi zakariya bin syarof an nawawi, riyadlu as-sholihin min kalami sayyidi al-mursalin lil imam an-nawawi, cet.ke-1, kairo: daar al-fajri liturats,2003. “sukses tidaknya suatu organisasi”. artikel diakses pada 10 april 2008 dari http://jurnal-sdm.blogspot.com/2007/11/sukses tidaknya suatu organisasi.html. anshori, “etos kerja si bulan suci ramadhan” artikel diakses pada 22 januari 2009 dari http://www.hupelita.com/baca.php?id=3590. kurniasari, luvi, artikel diakses pada 22 november 2008 dari http://www. damandiri.or.id/file/luvikurniasariunairbab2.pdf. mangkuprawira, sjafri, “kinerja apa itu” diakses pada 30 maret 2008 dari / http://ronawajah.wordpress.com/2007/05/29/ kinerja-apa-itu. surat edaran bank indonesia no.9/24/dpbs/2007 tentang sistem penilaian tingkat keshatan bank syariah. diakses pada 6 januari 2012 dari http: //www.bi.go.id website: http://www.bankmegasyariah.co.id http://www.bmi.co.id http://www.bsm.co.id sumber-sumber pendapatan dan pengeluaran negara islam muh. fudhail rahman abstract: the sources of islamic state revenue and expenditure. the state is a place for some people to realize a better life. one of the most urgent instrument is the existence of government as manager of the state. through the national budget of a state, it taps revenues and expenditures will be managed in a planned manner with the aim at prosperity of all people. for example, increasing the rate of economic growth (pro-growth), expanding new jobs (pro-job), and improve protection programs for the poor (propoor). in the classical discourse, islamic government that had been present in the scene of history, has also pointed out the state opinion forms. this article briefly describes the ratio of budget revenues and expenditures between islam and the indonesian government system. keywords: state revenue, state expenditure, islamic states abstrak: sumber-sumber pendapatan dan pengeluaran negara islam. negara adalah wadah dan tempat bagi sebagian orang untuk mewujudkan kehidupannya ke arah yang lebih baik. salah satu instrumen yang sangat urgen adalah keberadaan pemerintah yang bertugas dan berfungsi untuk mengelola negara. melalui apbn suatu negara, maka kran-kran pendapatan dan belanja akan dapat dikelola secara terencana yang endingnya untuk kemakmuran seluruh rakyat. misalnya meningkatkan laju pertumbuhan ekonomi (pro-growth), memperluas lapangan kerja baru (pro-job), dan meningkatkan program perlindungan kepada masyarakat miskin (pro-poor). dalam wacana klasik, pemerintah islam yang pernah hadir dalam pentas sejarah, juga telah mencontohkan bentuk-bentuk pendapat negara. artikel ini mendeskripsikan secara sekilas perbandingan anggaran pendapatan dan belanja negara antara sistem pemerintahan islam dan indonesia. kata kunci: pendapatan negara, pengeluaran negara, negara islam naskah diterima: 7 januari 2013, direvisi: 10 juni 2013, disetujui: 20 juni 2013. fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: mfudhailrahman@gmail.com muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam238 238 pendahuluan isu peran negara dalam pembangunan ekonomi melalui pelbagai intervensi pada pasar berupa kebijakan-kebijakan tertentu, telah menjadi perhatian yang hangat dalam diskusi-diskusi ekonomi konvensional, demikian pula dalam alur pemikiran cendekiawan muslim. bahkan bahasan ini menjadi salah satu faktor utama yang membelah pemikiran ekonomi konvensional menjadi dua mazhab, yaitu klasik dan keynessian. klasik yang garapan utamanya di sekitar ekonomi mikro, konsisten dengan kepercayaan bahwa kekuatan pasar adalah kekuatan yang menyeimbangkan. kekuatan pasar adalah kekuatan yang tidak boleh diganggu oleh siapapun, sekalipun negara. pasar memiliki kemampuannya (melalui jargon saktinya invisible hand) mengefisiensikan ekonomi. dengan demikian, klasik menempatkan negara pada posisi peran yang minimalis dalam perekonomian. klasik yang dikenal pula sebagai basis awal tumbuhnya kapitalis adalah mazhab yang dewasa ini tengah menjadi mainstream pembangunan ekonomi dunia, terlihat dalam perwujudan kampanye globalisasi ekonomi. sedangkan, mazhab keynessian yang dipandang sebagai neo kapitalis lebih berpihak pada ekonomi makro. mazhab ini berkeyakinan bahwa pasar tidak selalu sempurna sehingga diperlukan peran negara dalam pembangunan ekonomi. kebijakan-kebijakan yang mereduksi distorsi pasar, asimetris informasi, distribusi dan alokasi sumber daya sangat diperlukan bagi berlangsungnya ekonomi yang lebih adil dan sempurna. pasar diyakini tidak sempurna memastikan kesempurnaan interaksi ekonomi seperti yang dimaksud klasik. dibuktikan oleh gejala kegagalan globalisasi dewasa ini. mengingat peran dan posisi negara menjadi objek perdebatan yang menarik bagi pakar ekonom, menimbulkan pertanyaan. bagaimana islam memandang peran dan campur tangan negara dalam roda perekonomian. paling kurang ada dua pendapat dari kalangan cendekiawan muslim antara yang menginginkan adanya campur tangan pemerintah yang menganggap tidak perlu. pertama, meniadakan campur tangan negara dalam urusan ekonomi. imam al-ghzâlî menafikan campur tangan pemerintah secara berlebihan dalam dalam perekonomian karena persaingan bebas yang terjadi di pasar akan menemukan efektivitasnya dan pada akhirnya akan menemukan keadilan.1 menurutnya, bahwa biarlah pasar sendiri melalui aktivitas individu-individu berjalan secara 1 abû hâmid al-ghazâlî, ihyâ ‘ulûm al-dîn, (bayrût: dâr al-ma‘rifah, t.th.), juz iii, h. 83-87. al-iqtishad: vol. v, no. 2, juli 2013 239 238 pendahuluan isu peran negara dalam pembangunan ekonomi melalui pelbagai intervensi pada pasar berupa kebijakan-kebijakan tertentu, telah menjadi perhatian yang hangat dalam diskusi-diskusi ekonomi konvensional, demikian pula dalam alur pemikiran cendekiawan muslim. bahkan bahasan ini menjadi salah satu faktor utama yang membelah pemikiran ekonomi konvensional menjadi dua mazhab, yaitu klasik dan keynessian. klasik yang garapan utamanya di sekitar ekonomi mikro, konsisten dengan kepercayaan bahwa kekuatan pasar adalah kekuatan yang menyeimbangkan. kekuatan pasar adalah kekuatan yang tidak boleh diganggu oleh siapapun, sekalipun negara. pasar memiliki kemampuannya (melalui jargon saktinya invisible hand) mengefisiensikan ekonomi. dengan demikian, klasik menempatkan negara pada posisi peran yang minimalis dalam perekonomian. klasik yang dikenal pula sebagai basis awal tumbuhnya kapitalis adalah mazhab yang dewasa ini tengah menjadi mainstream pembangunan ekonomi dunia, terlihat dalam perwujudan kampanye globalisasi ekonomi. sedangkan, mazhab keynessian yang dipandang sebagai neo kapitalis lebih berpihak pada ekonomi makro. mazhab ini berkeyakinan bahwa pasar tidak selalu sempurna sehingga diperlukan peran negara dalam pembangunan ekonomi. kebijakan-kebijakan yang mereduksi distorsi pasar, asimetris informasi, distribusi dan alokasi sumber daya sangat diperlukan bagi berlangsungnya ekonomi yang lebih adil dan sempurna. pasar diyakini tidak sempurna memastikan kesempurnaan interaksi ekonomi seperti yang dimaksud klasik. dibuktikan oleh gejala kegagalan globalisasi dewasa ini. mengingat peran dan posisi negara menjadi objek perdebatan yang menarik bagi pakar ekonom, menimbulkan pertanyaan. bagaimana islam memandang peran dan campur tangan negara dalam roda perekonomian. paling kurang ada dua pendapat dari kalangan cendekiawan muslim antara yang menginginkan adanya campur tangan pemerintah yang menganggap tidak perlu. pertama, meniadakan campur tangan negara dalam urusan ekonomi. imam al-ghzâlî menafikan campur tangan pemerintah secara berlebihan dalam dalam perekonomian karena persaingan bebas yang terjadi di pasar akan menemukan efektivitasnya dan pada akhirnya akan menemukan keadilan.1 menurutnya, bahwa biarlah pasar sendiri melalui aktivitas individu-individu berjalan secara 1 abû hâmid al-ghazâlî, ihyâ ‘ulûm al-dîn, (bayrût: dâr al-ma‘rifah, t.th.), juz iii, h. 83-87. 239 normal dan menemukan keadilannya, pasar sendiri tidak memiliki kekuasaan untuk menetapkan jenis-jenis yang bisa dikonsumsi maupun diproduksi. ibn taymiyyah berada pada posisi yang sama. namun, beliau menegaskan bahwa intervensi boleh dilakukan ketika dalam keadaan pasar berjalan secara tidak normal. dalam kondisi tidak ada penyelewangan maupun distorasi harga, negara tidak boleh ikut campur.2 kedua, pendapat al-bâjî ketika mengutip sikap ‘umar ibn al-khaththâb yang menegur seorang pedagang yang menetapkan harga murah barang dagangannya di bawah dari harga pasar, ‚naikkan harga barang daganganmu atau tinggalkan pasar kami‛. teguran ‘umar ini menunjukkan bahwa perekonomian yang adil akan terbentuk bila tidak pihak yang memaminkan harga. dan ini juga menjadi dalil bahwa kontrol dalam arti pengawasan diperlukan dari pemerintah, atau penguasa yang berjalan.3 bangunan ekonomi secara garis besar dibagi menjadi dua sektor4, yaitu sektor swasta dan sektor publik. sektor swasta beraktivitas ekonomi secara bebas yang tergambar pada mekanisme penentua harga, alokasi sda, redistribusi pendapatan dan kekayaan, keseimbangan tergantung pada ingkat supplay dan demand pasar. sementara, sektor publik berfungsi melakukan koreksi-koreksi ketika swasta tidak mampu melayani dinamika ekonomi. ditambahkan oleh farid5, bahwa selain dua sektor di atas, ada lagi sektor sukarela atau sesial. sektor ini berfungsi ketika memang kedua sektor terdahulu tidak berfungsi dengan baik. bahkan diyakini bahwa sektor sosial ini menjadi penopang akhir dari perekonomian dalam menghadapi kegagalan kebijakan pada dua sektor sebelumnya. dalam islam, selain kebijakan dari para pemain atau pihak-pihak sentral ekonomi yang memang diharapkan dapat memberikan kestabilan dan kesejahteraan ekonomi, sistem ekonominya juga diyakini memiliki mekanisme sendiri dalam upaya menjaga kestabilan ekonomi. dan memang dalam beberapa instrumen yang bisa berjalan setelah ada keikutsertaan negara. misalnya, pember 2 dipaparkan oleh al-ghazzi, tanwir al-absar, juz. iv, h. 399. 3 abû wâlid sulaymân ibn khalâf ibn sa‘ad al-bâjî, al-muntaqâ syarh al-muwaththa’, (bayrût: dâr al-kitâb al-‘arabî, 1332 h), juz v, h. 18. 4 ali sakti, ekonomi islam: jawaban atas kekacauan ekonomi modern, (jakarta: paradigma dan aqsa publishing, 2007), cet. i, h. 356. 5 f.r. farid, a theory of fiscal policy in an islamic state, reading in public finance in islam, islamic research dan training institute (irti), islamic development bank (idb), 1996. (dikutip dari ali sakti: ekonomi islam) muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam240 240 lakuan zakat serta pelarangan praktik riba, yang bisa dikatakan tidak akan berjalan tanpa adanya campur tangan pemerintah. peran dan fungsi negara fungsi negara adalah untuk mengatur dan menjembatani interaksi-interaksi manusia yang ada di dalamnya. negara menjadi partner bagi segenap masyarakatnya dalam mencapai tujuan-tujuan yang diinginkan bersama. dalam institusi negara tidak lepas dari konsep kolektif yang ada dalam landasan moral dan syariah islam. konsep ukhuwah, kepemimpinan (khilâfah), tawshiyah, dan seterusnya menjadi bagian dari fungsi berdirinya suatu institusi negara islam. kesuksesan negara islam dalam lukisan sejarah telah menjadi bukti nyata dapat membawa kepada kesejahteraan masyarakat secara umum, muslim maupun non muslim, tepatnya pada era al-khulafâ’ al-râsyidîn, dawlah ‘umawiyah di syam serta dawlah ‘abbâsiyah di baghdag. ibn taymiyyah6, sebagaimana para pemikir islam lainnya, memandang pemerintah sebagai institusi yang sangat penting. dengan bekal moralitas dan religiusitas manjadi instrumen pokok dalam proses pengambilan kebijakan, "tujuan terbesar dari negara adalah mengajak penduduknya melaksanakan kebaikan dan mencegah mereka berbuat munkar". amar ma'ruf nahi munkar adalah tujuan yang sangat kompleks. termasuk tentunya dalam mengajak manusia dalam setiap aktivitas ekonominya. "kamu adalah umat yang terbaik yang dilahirkan untuk manusia, menyuruh kepada yang makruf, dan mencegah dari yang munkar, dan beriman kepada allah. sekiranya ahli kitab beriman, tentulah itu lebih baik bagi mereka, di antara mereka ada yang beriman, dan kebanyakan mereka adalah orang-orang yang fasik". (q.s. âli ‘imrân [3]: 110). fungsi ekonomi dari negara dan pelbagai kasus di mana negara berhak melakukan intervensi terhadap hak individu untuk mendapatkan manfaat yang lebih besar. misanya, upaya bersama untuk memerangi kemiskinan dan ketertinggalan secara ekonomi, mengatur regulasi kebijakan moneter, perencanaan ekonomi, dll. imam al-ghazâlî7 menyatakan bahwa agama adalah dasar atau pondasi. sementara kekuasaan, dalam hal ini negara, adalah berfungsi untuk menjaga 6 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta: granada press, 2007), cet. ii, h.179. 7 imam al-ghazâlî, ihyâ’ ‘ulum al-dîn, 1990. al-iqtishad: vol. v, no. 2, juli 2013 241 240 lakuan zakat serta pelarangan praktik riba, yang bisa dikatakan tidak akan berjalan tanpa adanya campur tangan pemerintah. peran dan fungsi negara fungsi negara adalah untuk mengatur dan menjembatani interaksi-interaksi manusia yang ada di dalamnya. negara menjadi partner bagi segenap masyarakatnya dalam mencapai tujuan-tujuan yang diinginkan bersama. dalam institusi negara tidak lepas dari konsep kolektif yang ada dalam landasan moral dan syariah islam. konsep ukhuwah, kepemimpinan (khilâfah), tawshiyah, dan seterusnya menjadi bagian dari fungsi berdirinya suatu institusi negara islam. kesuksesan negara islam dalam lukisan sejarah telah menjadi bukti nyata dapat membawa kepada kesejahteraan masyarakat secara umum, muslim maupun non muslim, tepatnya pada era al-khulafâ’ al-râsyidîn, dawlah ‘umawiyah di syam serta dawlah ‘abbâsiyah di baghdag. ibn taymiyyah6, sebagaimana para pemikir islam lainnya, memandang pemerintah sebagai institusi yang sangat penting. dengan bekal moralitas dan religiusitas manjadi instrumen pokok dalam proses pengambilan kebijakan, "tujuan terbesar dari negara adalah mengajak penduduknya melaksanakan kebaikan dan mencegah mereka berbuat munkar". amar ma'ruf nahi munkar adalah tujuan yang sangat kompleks. termasuk tentunya dalam mengajak manusia dalam setiap aktivitas ekonominya. "kamu adalah umat yang terbaik yang dilahirkan untuk manusia, menyuruh kepada yang makruf, dan mencegah dari yang munkar, dan beriman kepada allah. sekiranya ahli kitab beriman, tentulah itu lebih baik bagi mereka, di antara mereka ada yang beriman, dan kebanyakan mereka adalah orang-orang yang fasik". (q.s. âli ‘imrân [3]: 110). fungsi ekonomi dari negara dan pelbagai kasus di mana negara berhak melakukan intervensi terhadap hak individu untuk mendapatkan manfaat yang lebih besar. misanya, upaya bersama untuk memerangi kemiskinan dan ketertinggalan secara ekonomi, mengatur regulasi kebijakan moneter, perencanaan ekonomi, dll. imam al-ghazâlî7 menyatakan bahwa agama adalah dasar atau pondasi. sementara kekuasaan, dalam hal ini negara, adalah berfungsi untuk menjaga 6 euis amalia, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, (jakarta: granada press, 2007), cet. ii, h.179. 7 imam al-ghazâlî, ihyâ’ ‘ulum al-dîn, 1990. 241 dasar tersebut. model hubungan yang adalah (simbiosis mutualime). pada satu sisi, agama menjadi pondasi negara dalam menyebarkan nilai-nilai kesejahteraan buat rakyatnya. sedangkan negara bagi agama adalah alat agar agama dapat menyebar secara benar dan efesien. nejatullah siddiqi8 menegaskan bahwa masyarakat tidak akan dapat diorganisasi atau diatur menggunakan prinsip-prinsip islam kecuali menggunakan negara sebagai media. seperti mekanisme pembayaran zakat dan penghapusan praktik riba. era kepemimpinan rasulullah pasca beliau diangkat jadi rasul otomatis memegang tampuk kekuasaan yang sangat besar. beliau selain sebagai pemimpin agama, juga selaku pemimpin negara. kedua bidang garapan tersebut secara lengkap setelah beliau berhijrah ke kota madinah. apa yang telah dilakukan beliau adalah untuk menjalankan misi ketahuidan dengan jalan mensejahterakan umat, sejahtera di dunia dan sejahtera di akhirat. di sektor politik, beliau telah merancang sebuah bentuk dakwah yang secara simultan sangat dapat mempengaruhi kesuksesan penyebaran islam. di antaranya dengan mengirim utusan-utusan diplomatik ke negara-negara tetangga. pada sektor ekonomi, sebagaimana telah disebutkan di atas, adalah mengurus hal-hal penting di mana keterlibatan pemerintah cukup urgen supaya program tersebut dapat berjalan dengan baik. secara garis besar, yûsuf al-qaradhawî mengemukakan fungsi negara dalam beberapa poin. pertama, negara menjamin segala kebutuhan pokok masyarakat. fungsi ini dimaksudkan bahwa negara harus menyediakan dan menjaga tingkat kecukupan kebutuhan minimun masyarakat. terkecuali, bagi yang mampu secara ekonomis, pemerintah hanya berfungsi untuk memenuhinya dan dapat dijangkau oleh mereka. sedangkan, bagi yang tidak mampu, atau yang masuk dalam golongan mustahiq, negara harus dapat menamin kebutuhan masyarakat. kedua, negara berfungsi mendidik dan membina masyarakat. dalam kerangka ini, negara dibebankan untuk menyiapkan fasilitas infrastruktur, regulasi, institusi, sumber daya manusia, pengetahuan sekaligus kualitasnya. sehingga keilmuan yang luas dan mendalam serta menyeluruh (syâmil mutakâmil) tersebut berkorelasi positif pada pelestarian dan peningkatan keimanan yang telah dimunculkan oleh poin pertama. 8 m. nejatullah siddiqi, role of the state in the economy: an islamic perspective, (leicester uk: the islamic fondation, 1996). muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam242 242 menurut hasanuzzaman9, segala fungsi negara ditujukan untuk memastikan bahwa keadilan dan keseimbangan di masyarakat dapat terjaga. di antaranya: membuat kebijakan dan legislasi, pertahanan negara, pendidikan, dan penelitian, pembangunan dan pengawasan moral sosial masyarakat, menegakkan hukum, menjaga ketertiban dan menjalankan hukum, kesejahteraan publik, dan hubungan luar negeri. termasuk di antara fungsi negara adalah mencetak mata uang yang beredar resmi dalam negara. dalam sejarah, tercatat bahwa yang pertama mencetak nilai mata uang yang resmi bersumber dari pemerintah islam adalah pada era khalifah ‘alî ibn abî thâlib. karena sebelum itu, yang digunakan adalah mata uang yang berasal dari negara lain. dinar emas berasal dari kerajaan byzantium dan dirham perak dan kerajaan sassanian10. dari penjelasan di atas, tampak bahwa peran negara cukup intensif dalam memenuhi kebutuhan dasar masyarakat. sifat pemenuhan itu sendiri tidak statis, yang bisa jadi berubah sesuai dengan kebutuhan pokok. boleh jadi pada masa itu, kebutuhan pokok yang disebutkan bersifat primer, namun pada saat lain, ia bersifat sekunder. demikian pula sebaliknya. anaz zarqa11 mengklasifikasikan kebutuhan dasar menjadi dua kelompok, yaitu kebutuhan untuk hidup (necessary needs) dan kebutuhan yang layak (needs). lebih lanjut zarqa berpendapat, sepatutnya negara dapat memenuhi kebutuhan warganya minimal pada tingkat hidup yang laik, bukan hanya sekadar memenuhi kebutuhan untuk dapat hidup. anggaran pendapatan negara dalam struktur anggaran pendapatan belanja negara (apbn) terdapat beberapa cara yang digunakan untuk menghimpun dana guna menjalankan pemerintahan.12 pertama, melakukan bisnis. pemerintah dapat melakukan bisnis seperti perusahaan lainnya, misalnya dengan mendirikan badan usaha milik negara (bumn). seperti halnya perusahaan lain, dari perusahaan negara ini 9 hassanuzaman, economic functions of an islamic state (the early experience), the islamic foundation, leicester uk, 1991. 10 mahmood m. sanusi, gold dinar, paper currency and monetary stability, an islamic view, international conference on stable and just global monetary system, viability of the islamic dinar, (kuala lumpur-malaysia, 2002). 11 anaz zarqa, a partial relationship in a muslim's utility function, readings in microeconomics: an islamic perspectivew, longman malaysia, (kuala lumpur, 1992). 12 adiwarman karim, ekonomi makro islam, (jakarta: rajagrafindo persada, 2007), cet. ii, h. 255-257. al-iqtishad: vol. v, no. 2, juli 2013 243 242 menurut hasanuzzaman9, segala fungsi negara ditujukan untuk memastikan bahwa keadilan dan keseimbangan di masyarakat dapat terjaga. di antaranya: membuat kebijakan dan legislasi, pertahanan negara, pendidikan, dan penelitian, pembangunan dan pengawasan moral sosial masyarakat, menegakkan hukum, menjaga ketertiban dan menjalankan hukum, kesejahteraan publik, dan hubungan luar negeri. termasuk di antara fungsi negara adalah mencetak mata uang yang beredar resmi dalam negara. dalam sejarah, tercatat bahwa yang pertama mencetak nilai mata uang yang resmi bersumber dari pemerintah islam adalah pada era khalifah ‘alî ibn abî thâlib. karena sebelum itu, yang digunakan adalah mata uang yang berasal dari negara lain. dinar emas berasal dari kerajaan byzantium dan dirham perak dan kerajaan sassanian10. dari penjelasan di atas, tampak bahwa peran negara cukup intensif dalam memenuhi kebutuhan dasar masyarakat. sifat pemenuhan itu sendiri tidak statis, yang bisa jadi berubah sesuai dengan kebutuhan pokok. boleh jadi pada masa itu, kebutuhan pokok yang disebutkan bersifat primer, namun pada saat lain, ia bersifat sekunder. demikian pula sebaliknya. anaz zarqa11 mengklasifikasikan kebutuhan dasar menjadi dua kelompok, yaitu kebutuhan untuk hidup (necessary needs) dan kebutuhan yang layak (needs). lebih lanjut zarqa berpendapat, sepatutnya negara dapat memenuhi kebutuhan warganya minimal pada tingkat hidup yang laik, bukan hanya sekadar memenuhi kebutuhan untuk dapat hidup. anggaran pendapatan negara dalam struktur anggaran pendapatan belanja negara (apbn) terdapat beberapa cara yang digunakan untuk menghimpun dana guna menjalankan pemerintahan.12 pertama, melakukan bisnis. pemerintah dapat melakukan bisnis seperti perusahaan lainnya, misalnya dengan mendirikan badan usaha milik negara (bumn). seperti halnya perusahaan lain, dari perusahaan negara ini 9 hassanuzaman, economic functions of an islamic state (the early experience), the islamic foundation, leicester uk, 1991. 10 mahmood m. sanusi, gold dinar, paper currency and monetary stability, an islamic view, international conference on stable and just global monetary system, viability of the islamic dinar, (kuala lumpur-malaysia, 2002). 11 anaz zarqa, a partial relationship in a muslim's utility function, readings in microeconomics: an islamic perspectivew, longman malaysia, (kuala lumpur, 1992). 12 adiwarman karim, ekonomi makro islam, (jakarta: rajagrafindo persada, 2007), cet. ii, h. 255-257. 243 diharapkan memberikan keuntungan yan dapat digunakan sebagai salah satu sumber pendapatan negara. kedua, pajak. penghimpunan dana yang umum dilakukan adalah dengan cara menarik pajak dari masyarakat. pajak dikenakan dalam pelbagai bentuk seperti pajak pendapatan, pajak penjualan, pajak bumi dan bangunan, dan lainlain. pajak yang dikenakan kepada masyarakat tidak dibedakan terhadap bentuk usahanya sehingga dapat menimbulkan ketidakstabilan. dalam sistem dan tradisi kepemimpinan islam, yang paling dipentingkan dalam pajak adalah faktor distribusi yang harus dibangun di atas prinsip penyamarataan dan netralitas. di sisi lain, juga menekankan pada prinsip-prinsip kemudahan dan produktivitas. menurut ibn khaldûn, penetapan pajak harus didasarkan pada prinsip keadilan yang sesuai dengan syariah.13 seperti pada pajak, tanah, kharâj, jizyah, dan lain-lain. semua itu memiliki batas yang tidak dapat dilebihkan.14 beliau juga menganalisis efek dari pengeluaran belanja pemerintah dalam perekonomian, yang nantinya diikuti oleh keyness. ia berpendapat, "penurunan dalam penghasilan pajak disebabkan juga oleh penurunan belanka pemerintah". alasannya adalah negara sebagai pasar paling besar, ibu semua pasar, dasar semua perdagangan, substansi dari semua pemasukan dan pengeluaran. apabila bisnis pemerintah merosot dan volume perdagangan kecil, secara alami pasar yang tergantung akan menunjukkan hal yang sama, atau lebih hebat lagi. selanjutnya, uang selalu beredar di antara raja dan rakyatnya. oleh karena itu, apabila raja menyimpan atau menahan uangan, maka kerugian akan menimpa rakyat. sunah allah berlaku atas hamba-hamba-nya.15 ketiga, meminjam uang. sebagaimana dipahami sekarang ini pada perekonomian modern, utang merupakan instrumen yang sangat lazim terjadi, sehingga seakan-akan tidak akan ada pembangunan bila tidak ditunjang dengan utang luar negeri. perlu dipahami bahwa dalam perekonomian saat ini, utang sebagai kebijakan pembangunan bukan hanya timbul akibat kebutuhan yang berlebihan daripada penerimaan, namun juga akibat kelaziman yang telah 13 lihat ibnu hazm, risalah al-naql al-arus fi tawarikh al-khulafa, (bayrût: mu’assasah al‘arabiyah, 1987), jil. viii, s. rizwan 'ali rizvi, nizam al-mulk tusi, (lahore: pakistan : sh. muhammad asraf, 1978). 14 ibn khaldûn, muqaddimah, edisi indonesia, pener, ahmad thaha, (jakarta: pustaka firdaus, 2000), h. 348. 15 ibn khaldûn, muqaddimah, h. 360. muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam244 244 mentradisi, sehingga mau tidak mau sebuah negara akan sulit keluar atau bahkan menghindari kondisi utang. dalam islam, sangat dianjurkan untuk tidak berutang, baik individu maupun kolektif (negara). apalagi dalam konteks negara, kita dihadapkan pada situasi di mana sebuah negara islam memiliki fungsi untuk menyebarkan dakwah islam dalam diplomatik internasional secara mandiri dan bebas. fungsi ini sangat menuntut kondisi negara islam yang memiliki integritas tinggi. bagaimana mungkin suatu negara dapat menjalankan fungsinya seperti itu bila kemandirian dan integritas sebagai bangsa tidak ada akibat dililit oleh utang. bagi pemerintah di suatu negara dapat saja meminjam dana dari masyarakat atau sumber-sumber lainnya, namun harus dikembalikan di kemudian hari. dan masyarakat perlu mengetahui dan mendapat informasi yang jelas bahwa di kemudian hari mereka akan membayar pajak yang lebih besar untuk membayar utang yang dipinjam hari ini. meminjam uang hanya sementara dan tidak boleh dilakukan secara terus-menerus. anggaran pendapatan pemerintah islam sumber-sumber pendapatan negara di zaman rasulullah saw. tidak hanya terbatas pada zakat semata, namun ada beberapa pos lain yang tidak kalah pentingnya dalam menyokong keuangan negara. zakat sendiri baru disyariatkan pada tahun kedelapan hijriyah.16 pertama, zakat. pada masa awal-awal islam, penerimaan pendapatan negara yang bersumber dari zakat berupa uang tunai, hasil pertanian dan hasil peternakan. zakat merupakan unsur penting karena sistemnya penunaiannya yang bersifat wajib (obligatory zakat system), sedangkan tugas negara adalah sebagai ‘âmil dalam mekanismenya. zakat merupakan kewajiban bagi golongan kaya untuk memberikan perimbangan harta di antara sesama masyarakat. dalam negara yang memiliki sistem pemerintahan islam, maka negara berkewajiban untuk mengawasi pemberlakuan zakat. negara memiliki hak untuk memaksa bagi mereka yang enggan berzakat jika mereka berada pada taraf wajib untuk mengeluarkan zakat. apalagi jika mempertimbangkan keadaan masyarakat yang secara umum lemah perekonomiannya.17 16 disebutkan dalam kitab mabâdî' al-iktishâdi fi al-islâm, instrumen-instrumen pemasukan dan pendapatan negara di atas, telah diberlakukan semenjak era nabi dan abû bakr al-shiddîq. sedangkan unsur lain, seperti kharraj dan usyûr baru diberlakukan pada era pemerintahan amîr almu'minîn, ‘umar ibn al-khaththâb. 17 ‘alî ‘abd al-rasûl, mabâdi' al-iqtishâdî fi al-islâm, (al-qâhirah: dâr fikr al-arabî, 1980), cet. ii, h. 323. al-iqtishad: vol. v, no. 2, juli 2013 245 244 mentradisi, sehingga mau tidak mau sebuah negara akan sulit keluar atau bahkan menghindari kondisi utang. dalam islam, sangat dianjurkan untuk tidak berutang, baik individu maupun kolektif (negara). apalagi dalam konteks negara, kita dihadapkan pada situasi di mana sebuah negara islam memiliki fungsi untuk menyebarkan dakwah islam dalam diplomatik internasional secara mandiri dan bebas. fungsi ini sangat menuntut kondisi negara islam yang memiliki integritas tinggi. bagaimana mungkin suatu negara dapat menjalankan fungsinya seperti itu bila kemandirian dan integritas sebagai bangsa tidak ada akibat dililit oleh utang. bagi pemerintah di suatu negara dapat saja meminjam dana dari masyarakat atau sumber-sumber lainnya, namun harus dikembalikan di kemudian hari. dan masyarakat perlu mengetahui dan mendapat informasi yang jelas bahwa di kemudian hari mereka akan membayar pajak yang lebih besar untuk membayar utang yang dipinjam hari ini. meminjam uang hanya sementara dan tidak boleh dilakukan secara terus-menerus. anggaran pendapatan pemerintah islam sumber-sumber pendapatan negara di zaman rasulullah saw. tidak hanya terbatas pada zakat semata, namun ada beberapa pos lain yang tidak kalah pentingnya dalam menyokong keuangan negara. zakat sendiri baru disyariatkan pada tahun kedelapan hijriyah.16 pertama, zakat. pada masa awal-awal islam, penerimaan pendapatan negara yang bersumber dari zakat berupa uang tunai, hasil pertanian dan hasil peternakan. zakat merupakan unsur penting karena sistemnya penunaiannya yang bersifat wajib (obligatory zakat system), sedangkan tugas negara adalah sebagai ‘âmil dalam mekanismenya. zakat merupakan kewajiban bagi golongan kaya untuk memberikan perimbangan harta di antara sesama masyarakat. dalam negara yang memiliki sistem pemerintahan islam, maka negara berkewajiban untuk mengawasi pemberlakuan zakat. negara memiliki hak untuk memaksa bagi mereka yang enggan berzakat jika mereka berada pada taraf wajib untuk mengeluarkan zakat. apalagi jika mempertimbangkan keadaan masyarakat yang secara umum lemah perekonomiannya.17 16 disebutkan dalam kitab mabâdî' al-iktishâdi fi al-islâm, instrumen-instrumen pemasukan dan pendapatan negara di atas, telah diberlakukan semenjak era nabi dan abû bakr al-shiddîq. sedangkan unsur lain, seperti kharraj dan usyûr baru diberlakukan pada era pemerintahan amîr almu'minîn, ‘umar ibn al-khaththâb. 17 ‘alî ‘abd al-rasûl, mabâdi' al-iqtishâdî fi al-islâm, (al-qâhirah: dâr fikr al-arabî, 1980), cet. ii, h. 323. 245 mencoba memperbandingkan dengan sistem konvensional, maka pemasukan zakat sangat tergolong kecil. meskipun demikian, negara islam tidak berada pada posisi yang terbebani, karena secara mendasar, sistem zakat telah secara langsung dan signifikan telah mengurangi beban negara dari spesifikasi syariat yang ada dalam aturan aplikasinya, yaitu menanggulangi kecenderungan negatif dan pengangguran, kemiskinan dan masalah-masalah sosial lainnya. di lain sisi, zakat merupakan ujung tombak pertama dari negara yang berfungsi untuk menjamin kebutuhan minimal rakyat. kedua, ghanîmah. ghanîmah merupakan pendatan negara yang didapatkan dari hasil kemenangan dalam peperangan. distribusi hasil ghanîmah secara khusus diatur langsung dalam alquran surah al-anfâl ayat 41. empat perlima dibagi kepada para prajurit yang ikut dalam perang, sedangkan seperlimanya sendiri diberikan kepada allah, rasul-nya, karib kerabat nabi, anak-anak yatim, kaum miskin dan ibnu sabil. dalam konteks perekonomian modern, pos penerimaan ini boleh saja menggolongkan barang sitaan akibat pelanggaran hukum antar negara sebagai barang ghanîmah. ketiga, khumus. khumus atau seperlima bagian dari pendapat ghanîmah akibat ekspedisi militer yang dibenarkan oleh syariah, dan kemudian oleh negara dapat digunakan sebagai biaya pembangunan. meskipun demikian, perlu hatihati dalam penggunaannya karena aturan pembagiannya telah jelas, seperti pada ayat di atas. khumus, juga bisa diperoleh dari barang temua (harta karun) sebagaimana terjadi pada periode rasul. ulama syiah mengatakan bahwa sumber pendapatan apa pun harus dikenakan khumus sebesar 20%. sedangkan ulama sunni, beranggapan bahwa ayat ini hanya berlaku untuk harta rampasan perang saja. ‘uman abû 'ubayd menyatakan bahwa yang dimaksud khumus itu bukan hasil perang saja, tapi juga barang temuan dan barang tambang. dengan demkian, di kalangan ulama sunni ada sedikit perkembangan dan memaknai khumus. keempat, fay’. fay’ adalah sama dengan ghanîmah. namun bedanya, ghanîmah diperoleh setelah menang dalam peperangan. sedangkan, fay’ tidak dengan pertumpahan darah. menurut muhammad nejatullah siddiqi, harta fay’ adalah pendapatan negara selain dari zakat. jadi termasuk di dalamnya: kharâj, jizyah, ghanîmah, ‘usyur, dan pendapatan-pendapatan dari usaha komersil pemerintah. definisi ini lebih mempertimbangkan kondisi ekonomi kontemporer saat ini yang strukturnya cukup berbeda dengan keadaan pada masa rasulullah. muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam246 246 kelima, jizyah. jizyah merupakan pajak yang hanya diberlakukan bagi warga negara non-muslim yang mampu. bagi yang tidak mampu seperti mereka yang sudah uzur, cacat, dan mereka yang memiliki kendala dalam ekonomi akan terbebas dari kewajiban ini. bahkan untuk kasus tertentu, negara harus memenuhi kebuhhuhan pendiudik bukan muslim tersebut akibat ketidak mampuan mereka memenuhi kebutuhan minimalnya, sepanjang penduduk tersebut rela dalam pemerintahan islam. hal ini berkaitan erat dengan fungsi pertama dari negara. jadi pemenuhan kebutuhan tidak terbatas hanya kepada penduduk muslim saja. jizyah ini bisa disebut pula dengan istilah pajak perlindungan. ketika nonmuslim hidup dengan tenang dan mendapat jaminan perlindungan dari pemerintah islam, maka dengan jizyah tersebut bisa menjadi imbalannya. perlindungan yang dimaksud baik dalam maupun gangguan-gangguan dari pihak luar. dan ini sejalan secara adil dengan penduduk muslim sendiri, yang telah dibebani beberapa instrumen biaya yang harus dikeluarkan ke negara, seperti zakat. keenam, kharâj. kharâj merupakan pajak khusus yang diberlakukan negara atas tanah-tanah yang produktif yang dimiliki rakyat. pada era awal islam, kharâj sebagai pajak tanah dipungut dari non-muslim ketika khaybar ditaklukkan. tanahnya diambil alih oleh orang muslim dan pemilik menawarkan untuk mengolah tanah tersebut sebagai pengganti sewa tanah dan bersedia memberikan sebagian hasil produksi kepada negara. jumlah dari kharâj bersifat tetap, yaitu setengah dari hasil produksi.18 kharâj adalah pajak terhadap tanah, yang bila dikonversi ke indonesia, ia dikenal sebagai pajak bumi dan bangunan (pbb). oleh karena itu, perbedaan mendasar antara sistem kharâj dan sistem pbb adalah kharâj ditentukan berdasarkan tingkat kesuburan produktivitas dari tanah (land productivity), dan bukan berdasarkan zona sebagaimana dalam aturan sistem pbb (zona strategi). hal ini bisa jadi dalam sistem kharâj, tanah yang bersebelahan, yang satu ditanami buah kurma dan tanah lainnya ditanami buah anggur, mereka harus membayar kharâj yang berbeda. yang menentukan jumlah besar pembayaran kharâj adalah pemerintah. secara spesifik, besarnya kharâj ditentukan berdasarkan tiga hal19, yaitu: karak 18 pusat pengkajian dan pengembangan ekonomi islam (p3ei) universitas islam indonesia yogyakarta, bank indonesia, (jakarta: pt. rajagrafindo persada, 2008), edisi i, h. 488. 19 adiwarman karim, ekonomi, h. 257. al-iqtishad: vol. v, no. 2, juli 2013 247 246 kelima, jizyah. jizyah merupakan pajak yang hanya diberlakukan bagi warga negara non-muslim yang mampu. bagi yang tidak mampu seperti mereka yang sudah uzur, cacat, dan mereka yang memiliki kendala dalam ekonomi akan terbebas dari kewajiban ini. bahkan untuk kasus tertentu, negara harus memenuhi kebuhhuhan pendiudik bukan muslim tersebut akibat ketidak mampuan mereka memenuhi kebutuhan minimalnya, sepanjang penduduk tersebut rela dalam pemerintahan islam. hal ini berkaitan erat dengan fungsi pertama dari negara. jadi pemenuhan kebutuhan tidak terbatas hanya kepada penduduk muslim saja. jizyah ini bisa disebut pula dengan istilah pajak perlindungan. ketika nonmuslim hidup dengan tenang dan mendapat jaminan perlindungan dari pemerintah islam, maka dengan jizyah tersebut bisa menjadi imbalannya. perlindungan yang dimaksud baik dalam maupun gangguan-gangguan dari pihak luar. dan ini sejalan secara adil dengan penduduk muslim sendiri, yang telah dibebani beberapa instrumen biaya yang harus dikeluarkan ke negara, seperti zakat. keenam, kharâj. kharâj merupakan pajak khusus yang diberlakukan negara atas tanah-tanah yang produktif yang dimiliki rakyat. pada era awal islam, kharâj sebagai pajak tanah dipungut dari non-muslim ketika khaybar ditaklukkan. tanahnya diambil alih oleh orang muslim dan pemilik menawarkan untuk mengolah tanah tersebut sebagai pengganti sewa tanah dan bersedia memberikan sebagian hasil produksi kepada negara. jumlah dari kharâj bersifat tetap, yaitu setengah dari hasil produksi.18 kharâj adalah pajak terhadap tanah, yang bila dikonversi ke indonesia, ia dikenal sebagai pajak bumi dan bangunan (pbb). oleh karena itu, perbedaan mendasar antara sistem kharâj dan sistem pbb adalah kharâj ditentukan berdasarkan tingkat kesuburan produktivitas dari tanah (land productivity), dan bukan berdasarkan zona sebagaimana dalam aturan sistem pbb (zona strategi). hal ini bisa jadi dalam sistem kharâj, tanah yang bersebelahan, yang satu ditanami buah kurma dan tanah lainnya ditanami buah anggur, mereka harus membayar kharâj yang berbeda. yang menentukan jumlah besar pembayaran kharâj adalah pemerintah. secara spesifik, besarnya kharâj ditentukan berdasarkan tiga hal19, yaitu: karak 18 pusat pengkajian dan pengembangan ekonomi islam (p3ei) universitas islam indonesia yogyakarta, bank indonesia, (jakarta: pt. rajagrafindo persada, 2008), edisi i, h. 488. 19 adiwarman karim, ekonomi, h. 257. 247 teristik tanah/tingkat kesuburan tanah, jenis tanaman (termasuk marketability dan quantity), dan jenis irigasi. kharâj ini dibayarkan oleh seluruh anggota masyarakat baik orang-orang muslim maupun orang-orang non-muslim. pertama, ‘usyur. ‘usyur merupakan pajak khusus yang dikenakan atas barang niaga yang masuk ke dalam negara islam (barang impor). pada masa rasul, ‘usyur hanya dibayar sekali dalam setahun dan hanya berlaku pada barang yang nilainya lebih dari 200 dirham. rasulullah saw. berinisiatif mempercepat peningkatan perdagangan, walaupun menjadi beban pendapatan negara. ia menghapusksan semua bea masuk dan dalam banyak perjanjian dengan pelbagai suku menjelaskan hal tersebut. barang-barang milik utusan dibebaskan dari bea impor di wilayah muslim, bila sebelumnya telah terjadi tukar-menukar barang.20 menurut ‘umar ibn al-khaththâb, ketentuan ini berlaku sepanjang ekspor negara islam kepada negara yang sama juga dikenakan pajak ini. dan jika dikenakan besarnya juga harus sama dengan tarif yang diberlakukan negara lain atas barang islam yang diekspor. kedua, infak, sedekah, dan wakaf. infak, sedekah, dan wakaf merupakan pemberian sukarela dasri rakyat demi kepentingan umat untuk mengharapkan ridha allah swt. semata. namun, oleh negara dapat dimanfaatkan untuk melancarkan proyek-proyek pembangunan negara. penerimaan ini sangat tergantung pada kondisi spiritual masyarakat secara umum. diyakini ketika keimanan masyarakat begitu baik, maka penerimaan negara melalui instrumen ini akan besar. sebaliknya jika keimanan masyarakat buruk, maka penerimaan negara melalui instrumen ini akan relatif kecil. ketiga, lain-lain. masa rasul, selain diperoleh dari pendapatan primer, ada pula yang didapatkan dari peroleh sekunder. fiskal pemerintahan masa rasul, di antaranya: pertama, uang tebusan untuk para tawanan perang. pada perang hunain, enam ribu tawanan dibebaskan tanpa uang tebusan. kedua, pinjamanpinjaman (setelah penaklukan kota mekah) untuk pembayaran uang pembebasan kaum muslimin dari judhaimah atau sebelum pertempuran hawazin 30.000 dirham dari abdullah bin rabiah dan meminjam beberapa pakaian dan hewan-hewan tunggangan dari sofwan bin umaiyyah (sampai waktu tidak ada perubahan)21. ketiga, nawaib, yaitu pajak yang jumlahnya cukup besar yang 20 pusat pengkajian dan pengembangan ekonomi islam (p3ei) univ. islam indonesia yogyakarta-bank indonesia, (jakarta: pt. rajagrafindo persada, 2008), edisi i, h. 489. 21 shibli nomani, seeratun-nabi (urdu) matbee maarif azamgarh, 6th print, 1962, vol. i, h. 573. muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam248 248 dibebankan pada kaum muslimin yang kaya dalam rangka menutupi pengeluaran negara selama masa darurat. dan ini pernah terjadi pada masa perang tabuk. keempat, amwâl fadhlâ, yaitu bersumber dari harta kaum muslimin yang meninggal tanpa meninggalkan ahli waris. atau bisa pula bersumber dari kaum muslilmin yang meninggalkan tanah kelahirannya tanpa ada kabar berita maupun wasiat. kelima, bentuk lain bisa diperoleh dari kurban dan kaffârah.22 penerimaan negara dapat juga bersumber dari variabel seperti warisan yang memiliki ahli waris, hasil sitaan, denda, hibah, atau hadiah dari negara sesama islam serta bantuan-bantuan lain yang sifatnya tidak mengikat, baik dari negara luar maupun lembaga-lembaga keuangan dunia. dalam konteks ekonomi modern saat ini, tentu saja negara akan memiliki pos penerimaan yang cukup variatif. misalnya berupa penerimaan devisa dan berupa keuntungan dari badan usaha milik negara (bumn). bumn tersebut tentu saja harus dikelola secara profesional dan efesien sehingga dapat mendatangkan hasil yang optimal. dalam khasanah ideal pemerintah islam, pengelolaan usaha-usaha milik negara tidak melibatkan penguasa secara langsung dalam kegiatan perekonomian pasar. hal tersebut akan cenderung membuat pasar tidak berjalan secara wajar dan efesien. praktik kolusi, korupsi, dan nepotisme relatif akan terjadi, jika para pemimpun atau pejabat negara juga berperan sebagai pelaku pasar. abû bakr al-shiddiq, sebagai khalifah pertama, pernah mengingatkan sahabatnya ‘umar ibn al-khaththâb untuk tidak berniaga (bertani), karena cukup baginya upah sebagai pejabat negara yang diberikan oleh bayt al-mâl kepadanya. abû bakr al-shiddiq menyadari betul bahwa sukar bagi siapapun untuk dapat berlaku adil dan maksimal pada masing-masing perannya, jika pada saat yang sama seseorang berperan ganda, sebagai pemegang otoritas politik dan sebagai saudagar. pengeluaran di negara islam dalam pos pengeluaran negara, tentu saja sangat dipengaruhi oleh fungsi negara islam itu sendiri. sesuai dengan fungsinya, maka alokasi dana hendaknya meliputi kesejahteraan sosial, pendidikan dan penelitian, infrastruktur, pertahanan dan keamanan, dakwah islam, dan lain-lain. 22 kaffârat merupakan pembayaran sebagai bentuk hukuman atau sanksi yang berlakukan kepada kaum musilmin yang melanggar aturan syariah. misalnya, kaffarat yang bersenggama suami istri pada bulan ramadan siang hari, atau denda terhadap mereka yang melanggar aturan syar’î pada saat melaksanaakan prosesi ibadah haji. al-iqtishad: vol. v, no. 2, juli 2013 249 248 dibebankan pada kaum muslimin yang kaya dalam rangka menutupi pengeluaran negara selama masa darurat. dan ini pernah terjadi pada masa perang tabuk. keempat, amwâl fadhlâ, yaitu bersumber dari harta kaum muslimin yang meninggal tanpa meninggalkan ahli waris. atau bisa pula bersumber dari kaum muslilmin yang meninggalkan tanah kelahirannya tanpa ada kabar berita maupun wasiat. kelima, bentuk lain bisa diperoleh dari kurban dan kaffârah.22 penerimaan negara dapat juga bersumber dari variabel seperti warisan yang memiliki ahli waris, hasil sitaan, denda, hibah, atau hadiah dari negara sesama islam serta bantuan-bantuan lain yang sifatnya tidak mengikat, baik dari negara luar maupun lembaga-lembaga keuangan dunia. dalam konteks ekonomi modern saat ini, tentu saja negara akan memiliki pos penerimaan yang cukup variatif. misalnya berupa penerimaan devisa dan berupa keuntungan dari badan usaha milik negara (bumn). bumn tersebut tentu saja harus dikelola secara profesional dan efesien sehingga dapat mendatangkan hasil yang optimal. dalam khasanah ideal pemerintah islam, pengelolaan usaha-usaha milik negara tidak melibatkan penguasa secara langsung dalam kegiatan perekonomian pasar. hal tersebut akan cenderung membuat pasar tidak berjalan secara wajar dan efesien. praktik kolusi, korupsi, dan nepotisme relatif akan terjadi, jika para pemimpun atau pejabat negara juga berperan sebagai pelaku pasar. abû bakr al-shiddiq, sebagai khalifah pertama, pernah mengingatkan sahabatnya ‘umar ibn al-khaththâb untuk tidak berniaga (bertani), karena cukup baginya upah sebagai pejabat negara yang diberikan oleh bayt al-mâl kepadanya. abû bakr al-shiddiq menyadari betul bahwa sukar bagi siapapun untuk dapat berlaku adil dan maksimal pada masing-masing perannya, jika pada saat yang sama seseorang berperan ganda, sebagai pemegang otoritas politik dan sebagai saudagar. pengeluaran di negara islam dalam pos pengeluaran negara, tentu saja sangat dipengaruhi oleh fungsi negara islam itu sendiri. sesuai dengan fungsinya, maka alokasi dana hendaknya meliputi kesejahteraan sosial, pendidikan dan penelitian, infrastruktur, pertahanan dan keamanan, dakwah islam, dan lain-lain. 22 kaffârat merupakan pembayaran sebagai bentuk hukuman atau sanksi yang berlakukan kepada kaum musilmin yang melanggar aturan syariah. misalnya, kaffarat yang bersenggama suami istri pada bulan ramadan siang hari, atau denda terhadap mereka yang melanggar aturan syar’î pada saat melaksanaakan prosesi ibadah haji. 249 ada hal-hal tertentu yang perlu dipahami di negara islam terkait dengan pemasukan dan pengeluaran anggaran. khususnya pada pengeluaran, ada kekhususan atau karakteristik tersendiri terkait dengan pengeluaran. karakteristik tersebut sangat menonjol pada perhatian yang besar pada belanja atau pengeluaran bagi masyarakat yang tidak mampu. alokasi dengan dasar ketikdakmampuan menjadi barometer yang cukup membedakannya dengan sistem belanja pada ekonomi konvensional. di konvensioanl, terlihat jelas ketergantungan perekonomian terhadap mekanisme pasar begitu dominan. bahkan sudah menjadi suatu idiologi bahwa penyerahan perekonomian pada pasar akan berakhir pada kesejahteraan rakyat. karakteristik dalam sistem islam, paling tidak dapat dibagi dua. yaitu, karakateristik pengeluaran terikat dan pengeluaran yang tidak terikat. pengeluaran yang terikat adalah di mana distribusi pengeluaran dari penerimaan dialokasikan hanya kepada objek tertentu. misalnya: zakat, khumus, dan wakaf. pada pos zakat, akumulasi dana yang terhimpun tidak dibenarkan oleh syariat untuk dipergunakan selain kepada delapan golongan mausia yang berhak atas zakat, atau yang dikenal dengan mustahiq. sementara, pengeluaran tidak terikat, sesuai kondisi dan kebutuhan an sich. tabel anggaran penerimaan dan balanja negara islam penerimaan pengeluaran jenis regulasi zakat kebutuhan dasar kharâj kesejahteraan sosial jizyah pendidikan dan penelitian ‘usyur infrastruktur (fasilitas publik) jenis sukarela dakwah islam infak-sedekah administrasi negara wakaf pertahanan dan keamanan hadiah – hibah jenis kondisional khumus pajak (nawaib) keuntungan bumn dan lain-lain sumber: adiwarman karim, modul iseg-unpad, 1997. muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam250 250 muhammad nejatullah siddiqi23, berpendapat bahwa besar subjek pembelanjaan publik oleh suatu negara yang menerapkan ekonomi islam tidaklah tetap. hal ini berkaitan dengan fungsi negara yang bersifat fungsional. siddiqi menjelaskan karakterisitik belanja publik sesuai dengan tiga macam fungsi negara. pertama, fungsi negara berdasarkan syariah yang bersifat permanen. kedua, berdasarkan turunan syariah yang ditentukan oleh ijtihad dengan melihat keadaan pada saat itu. ketiga, fungsi negara pada satu waku dan keadaaan berdasarkan kemauan masyarakat melalui sebuah keputusan syura. pembiayaan defisit anggaran pendapat dan belanja yang baik adalah apabila terjadi keseimbangan antara angggaran pendapatan dan pengeluaran negara. namun, bila terjadi penerimaan kurang daripada pendapatan maka akan terjadi defisit. sebaliknya, pengeluaran lebih sedikit daripada pendapatan maka terjadi surplus. masalah muncul bila yang terjadi adalah defisit. oleh karena itu, harus mengambil dari biaya defisit. di kalangan ekonom muslim, terdapat perbedaan pandangan, ada yang membolehkan, dan ada pula yang tidak. menurut abd. mannan, tidaklah pantas menolak pembiayaan defisit sebagai suatu ketentuan. karena hasil dari pada biaya defisit tersebut diperuntukkan buat kesejahteraan masyakat serta membuka lapangan kerja yang luas. mekanisme yang dapat diambil ditempuh dalam pembiayaan defisit adalah dengan mekanisme mudhârabah, musyârakah, dan murâbahah. dengan demikian, pola tersebut dapat pula diatur berdasarkan laba dan partisipasi sosial. di samping itu, pemerintah islam juga dapat mengumpulkan dana dengan menerbitkan sertifikat investasi atau obligasi bersasarkan pembagian laba dan kerugian.24 penutup pada masa awal-awal islam, pendapatan negara bersumber dari beberapa instrumen yang dianggap sebagai pajak, di antaranya: zakat, ghanîmah, jizyah, dan ‘usyur. namun tidak menutup kemungkinan bahwa pemerintah islam boleh saja mengambil unsur-unsur pendapatan lainnya bila dibutuhkan (mendesak). penggunaan dana ini diperuntukkan untuk membiayai kebutuhan dan program pokok pemerintah. sedangkan sumber dana lain dianggap sebagai unsur 23 lihat muhammad akram khan, an introduction to islamic economics, (iiit, 1981) h. 158159. 24 abd. mannan, islamic economics, theory and practice. (alih bahasa: drs. m. nastangin, dengan judul: teori dan praktik ekonomi, (yogyakarta: dana bhakti prima yasa, 1997). h. 237. al-iqtishad: vol. v, no. 2, juli 2013 251 250 muhammad nejatullah siddiqi23, berpendapat bahwa besar subjek pembelanjaan publik oleh suatu negara yang menerapkan ekonomi islam tidaklah tetap. hal ini berkaitan dengan fungsi negara yang bersifat fungsional. siddiqi menjelaskan karakterisitik belanja publik sesuai dengan tiga macam fungsi negara. pertama, fungsi negara berdasarkan syariah yang bersifat permanen. kedua, berdasarkan turunan syariah yang ditentukan oleh ijtihad dengan melihat keadaan pada saat itu. ketiga, fungsi negara pada satu waku dan keadaaan berdasarkan kemauan masyarakat melalui sebuah keputusan syura. pembiayaan defisit anggaran pendapat dan belanja yang baik adalah apabila terjadi keseimbangan antara angggaran pendapatan dan pengeluaran negara. namun, bila terjadi penerimaan kurang daripada pendapatan maka akan terjadi defisit. sebaliknya, pengeluaran lebih sedikit daripada pendapatan maka terjadi surplus. masalah muncul bila yang terjadi adalah defisit. oleh karena itu, harus mengambil dari biaya defisit. di kalangan ekonom muslim, terdapat perbedaan pandangan, ada yang membolehkan, dan ada pula yang tidak. menurut abd. mannan, tidaklah pantas menolak pembiayaan defisit sebagai suatu ketentuan. karena hasil dari pada biaya defisit tersebut diperuntukkan buat kesejahteraan masyakat serta membuka lapangan kerja yang luas. mekanisme yang dapat diambil ditempuh dalam pembiayaan defisit adalah dengan mekanisme mudhârabah, musyârakah, dan murâbahah. dengan demikian, pola tersebut dapat pula diatur berdasarkan laba dan partisipasi sosial. di samping itu, pemerintah islam juga dapat mengumpulkan dana dengan menerbitkan sertifikat investasi atau obligasi bersasarkan pembagian laba dan kerugian.24 penutup pada masa awal-awal islam, pendapatan negara bersumber dari beberapa instrumen yang dianggap sebagai pajak, di antaranya: zakat, ghanîmah, jizyah, dan ‘usyur. namun tidak menutup kemungkinan bahwa pemerintah islam boleh saja mengambil unsur-unsur pendapatan lainnya bila dibutuhkan (mendesak). penggunaan dana ini diperuntukkan untuk membiayai kebutuhan dan program pokok pemerintah. sedangkan sumber dana lain dianggap sebagai unsur 23 lihat muhammad akram khan, an introduction to islamic economics, (iiit, 1981) h. 158159. 24 abd. mannan, islamic economics, theory and practice. (alih bahasa: drs. m. nastangin, dengan judul: teori dan praktik ekonomi, (yogyakarta: dana bhakti prima yasa, 1997). h. 237. 251 pelengkap yang dapat digunakan untuk kemasalahatan umum masyarakat warga negara. sumbernya yang bersifat sukarela adalah untuk menambal pos-pos anggaran yang masih kekurangan dana. ada pula sumber lain yang sifatnya kondisional, sesuai dengan situasi dan perkembangan keadaan, seperti pembagian harta rampasan perang yang seperlimanya diperuntukkan buat negara. [] pustaka acuan buku/artikel: adiwarman karim, ekonomi makro islam, jakarta: rajagrafindo persada, 2007. amalia, euis, sejarah pemikiran ekonomi islam dari masa klasik hingga kontemporer, jakarta: granada press, 2007. bâji, al-, abû walid sulaymân ibn khalaf ibn sa’ad, al-muntaqâ syarh almuwaththa’, bayrût: dâr al-kitâb al-‘arabî, 1332h. farid, f.r., a theory of fiscal policy in an islamic state, reading in public finance in islam, islamic research dan training institute (irti), islamic development bank (idb), 1996. ghâzzi, al-, tanwîr al-abshâr, juz. iv hassanuzaman, economic functions of an islamic state (the early experience), the islamic foundation, leicester uk, 1991. ibn hazm, risâlah al-naql al-arus fi tawârikh al-khulafâ’, (bayrût: mu’assasah al‘arabiyyah, 1987. ibn khaldûn, muqaddimah, edisi indonesia, penerjemah ahmad thaha, jakarta: pustaka firdaus, 2000. imam al-ghazâlî, ihyâ ‘ulûm al-dîn, al-syifâ, 1990. mannan, abd., islamic economics, theory and practice, alih bahasa: drs. m. nastangin, dengan judul: teori dan praktik ekonomi, yogyakarta: dana bhakti prima yasa, 1997. muhammad akram khan, an introduction to islamic economics, iiit, 1981. pusat pengkajian dan pengembangan ekonomi islam (p3ei) univ. islam indonesia yogyakarta-bank indonesia, jakarta: pt. rajagrafindo persada, ed.1, 2008. rasûl, al-, ‘alî ‘abd, mabâdi' al-iktishâdî fi al-islâm, al-qâhirah: dâr fikr al-‘arabî, 1980. rizvi, s. rizwan 'ali, nizhâm al-mulk tusi, lahore, pakistan: sh. muhammad asraf, 1978. sakti, ali, ekonomi islam: jawaban atas kekacauan ekonomi modern, jakarta: paradigma dan aqsa publishing, 2007. muh. fudhail rahman: sumber-sumber pendapatan dan pengeluaran negara islam252 252 sanusi, mahmood m., gold dinar, paper currency, and monetary stability, an islamic view, international conference on stable and just global monetary system, viability of the islamic dinar, kuala lumpur-malaysia, 2002. siddiqi, m. nejatullah, role of the state in the economy: an islamic perspective, the islamic fondation, leicester uk, 1996. zarqa, anaz, a partial relationship in a muslim's utility function, readings in microeconomics: an islamic perspectivew, longman malaysia, kuala lumpur, 1992. peraturan perundang-undangan: uu nomor 17 tahun 2003 tentang keuangan negara. pasal 15 ayat 4. uu nomor 47 tahun 2009 tentang apbn 2010. pasal 23 ayat 2 & 3. potensi dan strategi marketing perbankan syariah pada segmen kelas menengah indonesia sofyan rizal abstract: potential and marketing strategy of islamic banking in indonesia's middle class segment. group of middle-class society is a tremendous market for islamic business, especially islamic banking. the fact that the majority of indonesia's population is muslim, islamic business institutions should work on the mid-market segment earnestly. the potential of middle class development in indonesia gives an opportunity for islamic banks to compete in the market. various characteristics of the middle class used as a valuable input in conducting market segmentation, targets, and formulate strategies to create the accepted products. keywords: strategy, marketing, islamic banking, midle-class abstrak: potensi dan strategi marketing perbankan syariah pada segmen kelas menengah indonesia. kelompok masyarakat kelas menengah adalah pasar yang luar biasa bagi bisnis syariah, khususnya perbankan syariah. fakta bahwa penduduk indonesia mayoritas beragama islam, sejatinya lembaga bisnis syariah menggarap segmen pasar kelas menengah ini dengan sungguh-sungguh. kelas menengah yang terus berkembang dan sangat berpotensi di indonesia adalah sebuah peluang bagi perbankan syariah untuk berkompetisi dan turut memperebutkan pasar tersebut. pelbagai macam karakteristik dari kelas menengah menjadi masukan berharga sebagai dasar dalam melakukan segmentasi pasar, target, dan merumuskan strategi dalam menciptakan produk yang bisa diterima. kata kunci: strategi, marketing, perbankan syariah, kelas menengah naskah diterima: 4 januari 2013, direvisi: 23 maret 2013, disetujui: 28 maret 2013.  universitas nasional (unas) jakarta. jalan sawo manila, pejaten, pasar minggu, jakarta. email: sofyanrizal@yahoo.com daftar isi 181 potensi dan strategi marketing perbankan syariah pada segmen kelas menengah indonesia sofyan rizal 195 peningkatan efektivitas pemasaran jasa perbankan islam melalui pemahaman terhadap segmentasi pelanggan burhanuddin yusuf 207 liquidity risk on banking industry: comparative study between islamic bank and conventional bank in indonesia harjum muharam & hasna penta kurnia 219 penerapan metode multiple discriminant analysis untuk mengukur tingkat kesehatan yang mengindikasikan gejala financial distress pada bank umum syariah shofaun nada 237 sumber-sumber pendapatan dan pengeluaran negara islam muh. fudhail rahman 253 zakat, infak, dan sedekah: modal dan model ideal pembangunan ekonomi dan keuangan modern muhammad amin suma 275 pengaruh instrumen moneter syariah dan ekspor terhadap pertumbuhan ekonomi di indonesia wulan asnuri 289 islam, globalization, and poverty alleviation dwi sulastyawati 311 konsep, teori, dan praktik obligasi syariah muhammad fadlillah f 337 analisis komparasi investasi dinar dan investasi reksadana pasar uang syariah nur ayu eva feriyani 182 sofyan rizal: potensi dan strategi marketing pendahuluan saat ini, indonesia menjadi salah satu negara dengan pertumbuhan ekonomi yang cepat di asia, bahkan di dunia. pertumbuhan ekonomi indonesia mencapai 6%1, dan masih terus berpotensi untuk tumbuh karena didorong oleh fundamental ekonomi yang baik. income per kapita indonesiapun terus tumbuh. saat ini saja, income sudah menembuh angka $ 35002, dan diperkirakan oleh bi tahun 2014, pendapatan per kapita indonesia sudah menembus angka $40003. fenomena pertumbuhan ekonomi yang baik ini memicu tumbuhnya kelas menengah di indonesia. berdasarkan data dari bank pembangunan asia (adb), pada 2010, penduduk kelas menengah indonesia telah mencapai 135 juta orang atau 56% dari total jumlah penduduk4. jumlah sebesar itu tentu saja sebuah potensi yang besar dilihat dari pasar pelbagai macam produk. tidak berlebihan, karena potensi konsumsi pasar kelas menengah tersebut mencapai rp 7695 trilyun5. melihat potensi di atas, sesungguhnya kelas menengah adalah sebuah pasar yang luar biasa bagi semua bidang usaha, tidak terkecuali lembaga bisnis syariah, khususnya perbankan syariah. dengan asumsi bahwa mayoritas penduduk indonesia beragama islam, begitupun dengan kelas menengah indonesia, maka lembaga bisnis syariah sudah seharusnya menggarap dengan serius segmen pasar kelas menengah yang sangat potensial ini. salah satu lembaga bisnis syariah yang paling berpeluang dalam menggarap pasar ini adalah perbankan syariah. hal ini karena berdasarkan karakteristik penggolongannya, kelas menengah memiliki potensi berinvestasi yang lebih besar, karena dari segi pendapatan per kapita, kebutuhan untuk konsumsi dasar pada kelas menengah sudah terlewati, sehingga mereka punya potensi untuk dimodalisasi sebagai sumber dana pihak ketiga atau konsumen (nasabah) produk-produk perbankan. namun, untuk masuk serius menggarap segmentasi kelas menengah indonesia, perbankan syariah perlu memiliki pe 1 tepatnya 6,02%. baca, laporan badan pusat statistik tentang pertumbuhan ekonomi indonesia 2013, dalam www.bps.go.id 2 tepatnya $ 3420. lihat, laporan worldbank, http://data.worldbank.org/country/id#cp_wdi. perkiraan bps pun tidak jauh berbeda, dalam rupiah, pendapatan indonesia mencapai hampir tiga jutaan pada 2012, dalam www.bps.go.id 3www.antaranews.com/berita/347545/bi-2014-pendapatan-perkapita-4000-dolar-as. 4 laporan asian development bank pada key indicator for asia and pasific 2010, special chapter the rise of asia’s middle class, 41st edition, , asian developmentbank, august 2010. 5laporan utama dari majalah swa bertajuk “dasyatnya daya beli kelas menengah”, menyebutkan bahwa potensi konsumsi kelas menengah indonesia mencapai 769,5 trilyun rupiah. swa 02/xxii/23 januari-6 februari 2013, h. 26. 183al-iqtishad: vol. v, no. 2, juli 2013 pendahuluan saat ini, indonesia menjadi salah satu negara dengan pertumbuhan ekonomi yang cepat di asia, bahkan di dunia. pertumbuhan ekonomi indonesia mencapai 6%1, dan masih terus berpotensi untuk tumbuh karena didorong oleh fundamental ekonomi yang baik. income per kapita indonesiapun terus tumbuh. saat ini saja, income sudah menembuh angka $ 35002, dan diperkirakan oleh bi tahun 2014, pendapatan per kapita indonesia sudah menembus angka $40003. fenomena pertumbuhan ekonomi yang baik ini memicu tumbuhnya kelas menengah di indonesia. berdasarkan data dari bank pembangunan asia (adb), pada 2010, penduduk kelas menengah indonesia telah mencapai 135 juta orang atau 56% dari total jumlah penduduk4. jumlah sebesar itu tentu saja sebuah potensi yang besar dilihat dari pasar pelbagai macam produk. tidak berlebihan, karena potensi konsumsi pasar kelas menengah tersebut mencapai rp 7695 trilyun5. melihat potensi di atas, sesungguhnya kelas menengah adalah sebuah pasar yang luar biasa bagi semua bidang usaha, tidak terkecuali lembaga bisnis syariah, khususnya perbankan syariah. dengan asumsi bahwa mayoritas penduduk indonesia beragama islam, begitupun dengan kelas menengah indonesia, maka lembaga bisnis syariah sudah seharusnya menggarap dengan serius segmen pasar kelas menengah yang sangat potensial ini. salah satu lembaga bisnis syariah yang paling berpeluang dalam menggarap pasar ini adalah perbankan syariah. hal ini karena berdasarkan karakteristik penggolongannya, kelas menengah memiliki potensi berinvestasi yang lebih besar, karena dari segi pendapatan per kapita, kebutuhan untuk konsumsi dasar pada kelas menengah sudah terlewati, sehingga mereka punya potensi untuk dimodalisasi sebagai sumber dana pihak ketiga atau konsumen (nasabah) produk-produk perbankan. namun, untuk masuk serius menggarap segmentasi kelas menengah indonesia, perbankan syariah perlu memiliki pe 1 tepatnya 6,02%. baca, laporan badan pusat statistik tentang pertumbuhan ekonomi indonesia 2013, dalam www.bps.go.id 2 tepatnya $ 3420. lihat, laporan worldbank, http://data.worldbank.org/country/id#cp_wdi. perkiraan bps pun tidak jauh berbeda, dalam rupiah, pendapatan indonesia mencapai hampir tiga jutaan pada 2012, dalam www.bps.go.id 3www.antaranews.com/berita/347545/bi-2014-pendapatan-perkapita-4000-dolar-as. 4 laporan asian development bank pada key indicator for asia and pasific 2010, special chapter the rise of asia’s middle class, 41st edition, , asian developmentbank, august 2010. 5laporan utama dari majalah swa bertajuk “dasyatnya daya beli kelas menengah”, menyebutkan bahwa potensi konsumsi kelas menengah indonesia mencapai 769,5 trilyun rupiah. swa 02/xxii/23 januari-6 februari 2013, h. 26. ngetahuan yang cukup, agar strategi marketing yang diterapkan dapat menjadi tepat. berdasarkan paparan di atas, maka tulisan ini ingin menjawab pertanyaan tentang bagaimana potensi kelas menengah indonesia, khususnya pada perbankan syariah, dan bagaimana strategi marketing perbankan syariah yang tepat untuk menggarap segmen kelas menengah indonesia. siapa kelas menengah indonesia? kelas menengah adalah fenomena yang menarik yang biasanya timbul karena terus tumbuhnya ekonomi suatu negara. semakin tinggi pertumbuhan ekonomi suatu negara, maka semakin tumbuh pula kelas menengah di negara tersebut. dalam perspektif pemasaran, kelas menengah tentu dilihat dari potensi untuk membeli produk atau purchasing power dari segmen tersebut. berdasarkan hal itu, maka dapat diambil definisi dari kelas menengah yang melihat dari perspektif pendapatan per kapita seseorang yang dapat digolongkan menjadi kelas menengah. menurut adb, kelas menengah adalah penduduk yang memiliki pengeluaran per kapita per hari di kisaran $2-$206. berdasarkan pedoman itu, dengan kurs rp 10.000 ini berarti golongan kelas menengah adalah orang dengan pendapatan setara dengan rp 20.000-200.000/hari atau rp 600.000-6.000.000/bulan. dengan dasar perhitungan seperti itu, maka wajar jika jumlah kelas menengah indonesia sangat besar, sekira 135 juta orang atau sekira 56% dari jumlah penduduk indonesia. jika potensi itu dikonversi menjadi peluang bisnis, maka terdapat pasar sekira 700 t dari kelas menengah. jumlah yang luar biasa jika digarap secara serius dan fokus. namun tentu saja yang penting adalah bukan sekadar jumlah penduduk menengah yang besar, melainkan bagaimana pendapatan kemudian mewujud menjadi daya beli yang memadai. dalam perhitungan demografi, kelas menengah ini kemudian terbagi menjadi tiga kelompok, yaitu: kelompok kelas menengah bawah dengan batasan $2-$4 per kapita, kelompok kelas menengah pertengahan dengan batasan $ 4-10, dan kelas menengah atas dengan batasan $ 10-20 per kapita per hari7. angka-angka di atas tentu tidak akan berarti banyak jika hanya sekadar data statistik saja. potensi pasar kelas menengah dengan data statistik tersebut 6 lihat dalam laporan asian development bank pada key indicator for asia and pasific 2010, special chapter the rise of asia’s middle class, 41st edition, , asian development bank, august 2010, h. 5. 7 laporan asian development bank pada key indicator for asia and pasific 2010, h. 9. 184 sofyan rizal: potensi dan strategi marketing akan lebih berarti jika diikuti dengan pelbagai macam informasi tambahan mengenai pelbagai macam hal yang berkaitan dengan strategi segmentasi. temuan survai dari center for middle class studies bekerjasama dengan majalah swa8, dapat menjadi acuan kita untuk melihat dan melengkapi secara lebih mendalam potret dari kelas menengah baik secara demografis maupun secara psikografis. pelbagai macam temuan tersebut dapat kita sinergikan dengan bagaimana strategi segmentasi yang bisa dilakukan oleh perbankan syariah dalam menggarap pasar kelas menengah. segmentasi dan profil psikografis segmentasi pasar adalah kegiatan membagi pasar yang bersifat heterogen dari suatu produk ke dalam satuan pasar yang bersifat homogen atau suatu proses membagi pasar kedalam segmen yang potensial dengan kesamaan karakteristik yang menunjukkan adanya kesamaan perilaku konsumen9. segmentasi dilakukan karena perusahaan tidak dapat berfokus pada semua pasar atau tidak dapat memuaskan pelbagai macam segmen yang ada di masyarakat. perusahaan memiliki sumber daya yang terbatas, sehingga agar efisien dan efektif, maka pasar harus dipilih, di pilah, dan kemudian masuk kedalam pasar yang paling potensial. jika perusahaan tidak melakukan segmentasi ini, kemudian terjebak melakukan generalisasi dan menggarap semua pasar, maka tanpa sumber daya yang memadai, perusahaan akan kewalahan dan hasilnya akan mengecewakan konsumennya. segmentasi pasar dilakukan dengan pelbagai macam pendekatan, dari pendekatan tradisional, misalnya pendekatan geografis dan pendekatan demografis, sampai pada pendekatan psikografis. pendekatan geografis adalah pendekatan berdasarkan daerah atau wilayah, sedangkan pendekatan demografis adalah pendekatan berdasarkan umur, tingkat pendidikan, dan tingkat pendapatan. pendekatan yang lebih dalam lagi adalah psikografis. pendekatan ini melihat segmentasi berdasarkan value dan perilaku konsumen, yang merupakan faktor yang sangat penting dalam keputusan untuk memakai produk10. langkah selanjutnya dari strategi segmentasi adalah targeting. targeting adalah proses evaluasi dan pemilihan dari sgmentasi. (marketing the basic h. 8 majalah swa edisi 02/xxix/23 januari-6februari 2013 bekerjasama dengan cmcs (center for middle class studies) mempublikasikan hasil survai yang sangat menarik tentang kelas menengah indonesia. hasil survai inilah yang menjadi salah satu acuan data dalam menyusun tulisan ini. 9moore and pareek, marketing the basics, (new york: routledge, 2006), h. 132. 10lebih lengkap tentang segmentasi psikografis ini lihat dalam kotler, marketing management millenium edition, (new jersey: prentice-hall inc, 2000), h. 148-150. 185al-iqtishad: vol. v, no. 2, juli 2013 akan lebih berarti jika diikuti dengan pelbagai macam informasi tambahan mengenai pelbagai macam hal yang berkaitan dengan strategi segmentasi. temuan survai dari center for middle class studies bekerjasama dengan majalah swa8, dapat menjadi acuan kita untuk melihat dan melengkapi secara lebih mendalam potret dari kelas menengah baik secara demografis maupun secara psikografis. pelbagai macam temuan tersebut dapat kita sinergikan dengan bagaimana strategi segmentasi yang bisa dilakukan oleh perbankan syariah dalam menggarap pasar kelas menengah. segmentasi dan profil psikografis segmentasi pasar adalah kegiatan membagi pasar yang bersifat heterogen dari suatu produk ke dalam satuan pasar yang bersifat homogen atau suatu proses membagi pasar kedalam segmen yang potensial dengan kesamaan karakteristik yang menunjukkan adanya kesamaan perilaku konsumen9. segmentasi dilakukan karena perusahaan tidak dapat berfokus pada semua pasar atau tidak dapat memuaskan pelbagai macam segmen yang ada di masyarakat. perusahaan memiliki sumber daya yang terbatas, sehingga agar efisien dan efektif, maka pasar harus dipilih, di pilah, dan kemudian masuk kedalam pasar yang paling potensial. jika perusahaan tidak melakukan segmentasi ini, kemudian terjebak melakukan generalisasi dan menggarap semua pasar, maka tanpa sumber daya yang memadai, perusahaan akan kewalahan dan hasilnya akan mengecewakan konsumennya. segmentasi pasar dilakukan dengan pelbagai macam pendekatan, dari pendekatan tradisional, misalnya pendekatan geografis dan pendekatan demografis, sampai pada pendekatan psikografis. pendekatan geografis adalah pendekatan berdasarkan daerah atau wilayah, sedangkan pendekatan demografis adalah pendekatan berdasarkan umur, tingkat pendidikan, dan tingkat pendapatan. pendekatan yang lebih dalam lagi adalah psikografis. pendekatan ini melihat segmentasi berdasarkan value dan perilaku konsumen, yang merupakan faktor yang sangat penting dalam keputusan untuk memakai produk10. langkah selanjutnya dari strategi segmentasi adalah targeting. targeting adalah proses evaluasi dan pemilihan dari sgmentasi. (marketing the basic h. 8 majalah swa edisi 02/xxix/23 januari-6februari 2013 bekerjasama dengan cmcs (center for middle class studies) mempublikasikan hasil survai yang sangat menarik tentang kelas menengah indonesia. hasil survai inilah yang menjadi salah satu acuan data dalam menyusun tulisan ini. 9moore and pareek, marketing the basics, (new york: routledge, 2006), h. 132. 10lebih lengkap tentang segmentasi psikografis ini lihat dalam kotler, marketing management millenium edition, (new jersey: prentice-hall inc, 2000), h. 148-150. 142). perusahaan harus memutuskan segmen yang mana yang akan dituju. setelah target ditetapkan, maka perusahaan harus mengalokasikan segala sumber daya pada target yang telah dipilihnya. ketika target sudah ditetapkan maka perusahaan dapat fokus dengan mengalokasikan lebih banyak sumber daya kepada pelanggan yang lebih valuable. valuable konsumen berhak mendapatkan jasa yang lebih premium, sementara yang bukan, akan mendapatkan sumber daya yang biasa11. jika kita kaitkan dengan kelas menengah indonesia, maka pembagian kelas menengah berdasarkan dari pendapatannya semata, adalah segmentasi berdasarkan pendekatan demografis. kelas mengah dengan pendapatan rp 600.000-1.200.000/bulan, kelas menengah dengan pendapatan rp 1.200.0003.000.000/bulan dan kelas menbgtah dengan pendapatan rp 3.000.0006.000.000/bulan. segmentasi berdasarkan demografis ini tentu belum dapat menjelaskan secara lebih lengkap, tentang preferensi konsumen, dan masih bersifat terlalu umum. untuk menerjemahkannya ke dalam suatu strategi pemasaran dan menginterpretasikannya menjadi strategi, segmentasi berdasarkan demografis ini masih terlalu dangkal. oleh karena itulah, sebagai masukan dalam penyusunan strategi pemasaran, digunakan segmentasi kelas menengah berdasarkan psikografis, karena salah satu proses melakukan segmentasi yang baik adalah dengan melakukan profiling pada pasar yang akan disegmentasi12. proses profiling inilah yang membutuhkan informasi yang lengkap tentang pelbagai macam, termasuk perilaku dan karakteristik konsumen. pendekatan segmentasi psikografis adalah salah satu cara yang baik dalam melihat segmen lebih lengkap dan mendalam. segmentasi psikografis kelas menengah indonesia riset dari banerjee dan duflo, dapat memberikan kita masukan yang berharga tentang karakteristik perilaku kelas menengah. dalam hal membelanjakan uangnya, kelas menengah cenderung menginginkan membelanjakan uangnya untuk makanan, hiburan, dan hidup yang lebih berkualitas13. ini artinya, perilaku kelas menengah dalam mengonsumsi lebih mengutamakan kualitas 11 lihat dalam kotler, marketing management millenium edition, (new jersey: prentice-hall inc, 2000), h. 154-156; lihat pula dalam mussry, dkk, the next marketing strategy, that’s work, (jakarta: gramedia, 2007), h. 22. 12 baca lebih lengkap bagaimana proses melakukan profiling dalam kotler, marketing management millenium edition, h. 147. 13 banerjee & duflo, “what is middle class about the middle classes around the world?”, dalam journal of economic perspectives, 2008, h. 3. 186 sofyan rizal: potensi dan strategi marketing produk yang lebih baik. dalam hal keterkaitan dengan perbankan dan investasi, kelas menengah cenderung sudah menaruh perhatian pada pelbagai macam instrumen, misalnya berinvestasi dalam kegiatan perekonomian riil, melalui perbankan, atau investasi pada aset produktif14. kelas menengah selain merupakan pasar bagi industri jasa perbankan dan merupakan pasar yang menarik untuk jasa keuangan lain seperti asuransi dan dana investasi masa depan, karena karakteristik kelas menengah adalah cenderung peduli dan berinvestasi pada pendidikan anak dan kesehatan. informasi ini memberitahukan kita pada perilaku kelas menengah yang potensial dapat dijadikan masukan untuk membuat strategi yang tepat bagi marketing. survei yang lebih dalam lagi bisa kita dapati dalam riset cmcs mengenai potensi pasar kelas menengah indonesia. riset ini secara terperinci mengungkap bagaimana perilaku kelas menengah indonesia yang dapat dijadikan acuan untuk strategi marketing. berbasis pada segmen yang dipakai untuk membagi kelas menengah dari adb, cmcs mengembangkan segmen kelas menengah menjadi lebih detil dengan delapan kelas berdasarkan daya beli, yang masing-masing mewakili karakteristik yang berbeda yang dinilai dari tiga aspek, yaitu: kepemilikan sumber daya (ownership of resourchs), tingkat pengetahuan (knowledgeability), dan tingkat koneksi social (social connection). hasil dari studi tersebut antara lain: aspirator, performer, expert, climber, trendsetter, follower, settler, dan follower15. empat kelompok pertama (climber, performer, flow-er, follower), memiliki sumber daya yang lebih rendah (juga memiliki daya beli yang rendah). sedangkan kelompok kedua (expert, aspirator, settler, dan trend setter) memiliki sumber daya yang lebih baik dan berdaya beli lebih tinggi. dari segi karakteristik, survai tersebut juga mengungkap beberapa hal yang sangat berguna bagi penyusunan strategi pemasaran. berdasarkan survai, secara segmentasi psikografis, didapat pelbagai karakteristik yang detil tentang masing-masing segmen kelas menengah indonesia tersebut, antara lain: 14 asian development bank pada key indicator for asia and pasific 2010, h. 3-4. 15lebih lengkap baca, “karakteristik 8 segmen kelas menengah indonesia”, majalah swa/02 /xxix/ 23 januari-6 februari 2013, h. 32. 187al-iqtishad: vol. v, no. 2, juli 2013 produk yang lebih baik. dalam hal keterkaitan dengan perbankan dan investasi, kelas menengah cenderung sudah menaruh perhatian pada pelbagai macam instrumen, misalnya berinvestasi dalam kegiatan perekonomian riil, melalui perbankan, atau investasi pada aset produktif14. kelas menengah selain merupakan pasar bagi industri jasa perbankan dan merupakan pasar yang menarik untuk jasa keuangan lain seperti asuransi dan dana investasi masa depan, karena karakteristik kelas menengah adalah cenderung peduli dan berinvestasi pada pendidikan anak dan kesehatan. informasi ini memberitahukan kita pada perilaku kelas menengah yang potensial dapat dijadikan masukan untuk membuat strategi yang tepat bagi marketing. survei yang lebih dalam lagi bisa kita dapati dalam riset cmcs mengenai potensi pasar kelas menengah indonesia. riset ini secara terperinci mengungkap bagaimana perilaku kelas menengah indonesia yang dapat dijadikan acuan untuk strategi marketing. berbasis pada segmen yang dipakai untuk membagi kelas menengah dari adb, cmcs mengembangkan segmen kelas menengah menjadi lebih detil dengan delapan kelas berdasarkan daya beli, yang masing-masing mewakili karakteristik yang berbeda yang dinilai dari tiga aspek, yaitu: kepemilikan sumber daya (ownership of resourchs), tingkat pengetahuan (knowledgeability), dan tingkat koneksi social (social connection). hasil dari studi tersebut antara lain: aspirator, performer, expert, climber, trendsetter, follower, settler, dan follower15. empat kelompok pertama (climber, performer, flow-er, follower), memiliki sumber daya yang lebih rendah (juga memiliki daya beli yang rendah). sedangkan kelompok kedua (expert, aspirator, settler, dan trend setter) memiliki sumber daya yang lebih baik dan berdaya beli lebih tinggi. dari segi karakteristik, survai tersebut juga mengungkap beberapa hal yang sangat berguna bagi penyusunan strategi pemasaran. berdasarkan survai, secara segmentasi psikografis, didapat pelbagai karakteristik yang detil tentang masing-masing segmen kelas menengah indonesia tersebut, antara lain: 14 asian development bank pada key indicator for asia and pasific 2010, h. 3-4. 15lebih lengkap baca, “karakteristik 8 segmen kelas menengah indonesia”, majalah swa/02 /xxix/ 23 januari-6 februari 2013, h. 32. karakteristik aspi rator perfor mer expert clim ber trendsetter follo wer settler flow-er tujuan hidup kontri busi pada sesama penca paian dalam karier punya ekspertis di antara rekan dan kolega meraih kebebas an finan sial menjadi contoh dan teladan bagi orang lain eksis di komu nitas ketenangan hidup kehidupan yang lebih baik faktor penting dalam hidup terwu jud masyarakat yang lebih baik sukse karier dan bisnis pencapaian standar ekspertis yang tinggi pekerjaan yang lebih baik demi keluarga punya penga ruh terhadap orang lain ikut trend agama dan spiritual sukses anak sebagai generasi penerus persepsi tentang hidup berkontribusi dan menjadi inspirasi orang lain hidup adalah persaingan hidup adalah belajar hidup adalah mengejar impian menjadi terdepan hidup adalah tentang konformitas stabili tas dan kenyamanan hidup adalah perjuangan norma dan nilai nilai universal nilai global, prestasi, kompetisi, aktualisasi, berasi mengambil resiko belajar sepanjang hidup kerja keras, produk tif, orientasi keluarga bagian dari trend, menjadi yang terdepan diakui eksistensinya, kebersamaan, setia kawan harmoni dalam idup, konservatif, nyaman, respek terhadap nilai tradisi keamanan, nilai keluarga, mejaga tradisi motivasi berkontribusi pada masyarakat pertumbuhan personal terde pan dalam keahlian kelas sosial ekonomi yang lebih baik terde pan dalam tren diterima oleh komunitas seimbang materi dan spiritual stabilitas dan keamanan dalam hidup relasi sosial terhubung dengan isu universal, aktiv dalam isu publik gabung dalam komunitas dalam rangka aktualisasi menjalin jaringan profesional untuk menunjang keahlian keharmonisan dalam kelaurga berusa ha menjadi pusat perha tian menjaga agar tetap relevan di tengah masyarakat bergabung dalam kegiatan masyarakat, agama menjaga kebersamaan keluarga 188 sofyan rizal: potensi dan strategi marketing pola manajemen aset investasi jangka panjang bersivat konservatif investasi jangka pendek yang cepat menghasilkan berhatihati dalam pola investasi standar (deposito, tanah, properti, dll) investasi terbatas (tabungan, emas) investasi pada instrumen resiko tinggi investasi terbatas (tabungan, rek sadana) investasi tradisional (tanah, properti, emas) investasi terbatas (tabungan, emas) karakteristik middle class indonesia berdasarkan segmentasi psikografis sumber: survei kelas menengah indonesia 2013, cmcs. data dioleh peluang segmen kelas menangah bagi perbankan syariah berdasarkan karakteristik di atas, dapat dipetakan potensi dari setiap segmen psikografis yang diperlukan terutama untuk industri perbankan syariah. pertama, segmen aspirator, memiliki perilaku filantropis yang tinggi, mempunyai kepedulian pada orang lain, memiliki motivasi untuk berkontribusi pada masyarakat, peduli dengan nilai moral, berwawasan luas melalui relasi sosial yang tinggi, memilih berinvestasi jangka panjang yang bersifat konservatif, misalnya: deposito, pasar saham, surat utang negara, reksadana, emas, atau properti. karakter tersebut, jika dihubungkan dengan potensi perbankan syariah, mereka adalah pasar yang potensial terutama ketika kita mengedepankan fiturfitur perbankan syariah yang sifatnya spiritual dan emosional, misalnya menonjolkan religuitas atau produk yang menunjukkan kepedulian kepada sesama. kedua, segmen expert, memiliki perilaku ingin terus berkembang dan belajar, mencoba hal yang baru, dan memiliki pola manajemen asset yang konservatif, selalu berhati-hati dalam berinvestasi, sehingga memilih investasi yang standar. melihat karakter di atas, fitur yang dapat diunggulkan dari perbankan syariah untuk segmen ini adalah produk yang senantiasa baru atau produk standar dengan keamanan yang tinggi, seperti deposito. ketiga, trendsetter, memiliki sifat ingin selalu update dan berusaha menjadi yang pertama dalam trend di masyarakat, namun memilih investasi pada instrumen investasi berisiko tinggi. segmen ini mungkin kurang tepat dikembangkan oleh perbankan syariah, mengingat pola investasi mereka. keempat, settler, memiliki karakterisitik mengedepankan keamanan dan keseimbangan dalam hidup, sehingga memilih investasi yang tradisional dan aman, tidak beresiko tinggi. segmen ini cocok untuk fitur produk perbankan syariah yang mengedepankan sisi religius (seperti: aman, sesuai dengan syariah, halal, berkah) dan investasi jangka panjang yang aman seperti investasi pada dana pensiun. 189al-iqtishad: vol. v, no. 2, juli 2013 pola manajemen aset investasi jangka panjang bersivat konservatif investasi jangka pendek yang cepat menghasilkan berhatihati dalam pola investasi standar (deposito, tanah, properti, dll) investasi terbatas (tabungan, emas) investasi pada instrumen resiko tinggi investasi terbatas (tabungan, rek sadana) investasi tradisional (tanah, properti, emas) investasi terbatas (tabungan, emas) karakteristik middle class indonesia berdasarkan segmentasi psikografis sumber: survei kelas menengah indonesia 2013, cmcs. data dioleh peluang segmen kelas menangah bagi perbankan syariah berdasarkan karakteristik di atas, dapat dipetakan potensi dari setiap segmen psikografis yang diperlukan terutama untuk industri perbankan syariah. pertama, segmen aspirator, memiliki perilaku filantropis yang tinggi, mempunyai kepedulian pada orang lain, memiliki motivasi untuk berkontribusi pada masyarakat, peduli dengan nilai moral, berwawasan luas melalui relasi sosial yang tinggi, memilih berinvestasi jangka panjang yang bersifat konservatif, misalnya: deposito, pasar saham, surat utang negara, reksadana, emas, atau properti. karakter tersebut, jika dihubungkan dengan potensi perbankan syariah, mereka adalah pasar yang potensial terutama ketika kita mengedepankan fiturfitur perbankan syariah yang sifatnya spiritual dan emosional, misalnya menonjolkan religuitas atau produk yang menunjukkan kepedulian kepada sesama. kedua, segmen expert, memiliki perilaku ingin terus berkembang dan belajar, mencoba hal yang baru, dan memiliki pola manajemen asset yang konservatif, selalu berhati-hati dalam berinvestasi, sehingga memilih investasi yang standar. melihat karakter di atas, fitur yang dapat diunggulkan dari perbankan syariah untuk segmen ini adalah produk yang senantiasa baru atau produk standar dengan keamanan yang tinggi, seperti deposito. ketiga, trendsetter, memiliki sifat ingin selalu update dan berusaha menjadi yang pertama dalam trend di masyarakat, namun memilih investasi pada instrumen investasi berisiko tinggi. segmen ini mungkin kurang tepat dikembangkan oleh perbankan syariah, mengingat pola investasi mereka. keempat, settler, memiliki karakterisitik mengedepankan keamanan dan keseimbangan dalam hidup, sehingga memilih investasi yang tradisional dan aman, tidak beresiko tinggi. segmen ini cocok untuk fitur produk perbankan syariah yang mengedepankan sisi religius (seperti: aman, sesuai dengan syariah, halal, berkah) dan investasi jangka panjang yang aman seperti investasi pada dana pensiun. kelima, karakteristik performer antara lain sukses dalam karier, ingin bersaing, dan kompetitif, terbuka, dan memilih investasi portfolio jangka pendek yang cepat menghasilkan. bagi segmen ini, fitur deposito dengan bagi hasil bersaing dan benefit lain menjadi produk yang tepat untuk dikedepankan. keenam, climber, memiliki perilaku pekerja keras, ingin mencapai kebebasan finansial, pragmatis, namun memilih investasi yang terbatas. climber adalah pekerja keras namun pragmatis, nilai perbankan syariah yang religius mungkin tidak tepat dikedepankan sebagai fitur unggulan bagi mereka. keuntungan yang didapatlah yang menjadi daya tarik bagi mereka untuk memilih produk. ketujuh, follower memiliki perilaku ikut trend yang ada, eksis di komunitas masing-masing, dan pola manajemen aset yang terbatas pada tabungan atau reksadana. perbankan syariah dapat mengedepankan fitur community banking atau trend komunitas, membuat produk agar dapat menjadi trending topic di masyarakat, sehingga cocok dengan perilaku mereka. kedelapan, flow-er berprilaku konservatif dan cenderung keras dalam beragama, namun memiliki pola investasi terbatas seperti tabungan dan emas. segmen flow-er dapat di dekati dengan menampilkan fitur produk yang aman, baik aman secara resiko, maupun aman secara agama. berdasarkan jumlah dari kelompok tersebut, maka dapat disegmentasikan potensi kelas menengah sebagai berikut: kelompok pertama adalah kelompok dengan share yang besar, climber 26,8 %, performer 15,6%, flow-er 7,8 % dan follower 6,25%, yang menandakan bahwa kelompok terbesar dari kelas menengah indonesia masih memiliki daya beli yang tidak terlalu tinggi. mereka biasanya berada pada early phase yang berpendapatan 2-4 juta rupiah per bulan. kelas ini kelihatan kurang potensial, namun karena jumlah yang banyak, segmen ini tidak bisa diabaikan. melihat dari karakter dan perilaku lain selain daya beli, misalnya, perilaku dalam pola manajemen aset, kesemua segmen kelas low middle class ini punya potensi untuk berinvestasi dalam tabungan, emas, atau portfolio investasi sederhana lainnya. kelas yang kedua adalah kelompok dengan share yang lebih kecil, antara lain aspirator (23,98 %), expert (4,9 %), trend setter (2,55 %), dan settler (11,91 %). kelas ini merupakan kelas menengah yang sudah mapan, dengan sumber daya yang lebih baik. bagi industri perbankan, kelas ini malah menjadi kelas yang memiliki tantangan yang lebih besar. pola manajemen aset kelas ini sudah lebih kompleks dan beragam. mereka sudah berinvestasi pada portfolio yang lebih terdiversifikasi seperti reksadana, unit link, saham, dan surat berharga, surat utang negara, obligasi, ataupun pola investasi terbatas, seperti properti. 190 sofyan rizal: potensi dan strategi marketing potensi perbankan syariah di pasar kelas menengah kelas menengah merupakan pasar yang sangat baik untuk industri perbankan. hal ini karena pasar kelas menengah sebagaimana telah diterangkan di atas, memiliki karekteristik berinvestasi dalam pelbagai macam cara. pada kelas menengah yang paling besar, seperti segmen menengah-bawah (climber dan follower), karakteristik investasi yang mereka pilih adalah tabungan, dan deposito. karakteristik ini tentu menjadi peluang untuk industri perbankan dalam hal menghimpun dana dari pihak ketiga. lebih riil, dapat dilihat dari data mengenai kepemilikan produk keuangan. alokasi pengeluaran per bulan untuk investasi yang paling tinggi adalah tabungan sebesar 14,1%, investasi lain (5.3%), dan asuransi 6.5%16. data lain yang menarik dan dapat dianalisis adalah estimasi uang beredar pada kalangan kelas menengah di indonesia. sebagai contoh, berdasarkan data, uang yang beredar di kelas menengah diestimasikan sebesar 129.6 trilyun17, maka akan kita dapati potensi tabungan yang dapat diraih untuk industri perbankan terutama dana pihak ketiga sebesar rp 18 trilyun. jumlah yang sangat besar yang tentu saja sangat menarik untuk diperebutkan oleh industri perbankan, termasuk bank syariah. strategi perbankan syariah melihat peluang yang sedemikian besar tersebut, maka ada beberapa strategi yang dapat ditempuh oleh perbankan syariah agar dapat bersaing dan berkompetisi dengan perbankan konvensional dalam menggarap kelas menengah. salah satu yang menghubungkan kelas menengah indonesia adalah mereka sangat familiar dengan pelbagai macam teknologi komunikasi, internet, dan media sosial.18 indikator tersebut menguatkan asumsi bahwa kelas menengah indonesia adalah orang-orang yang berpendidikan dan terbuka dengan informasi, yang 16 diolah dari data susenas 2012 bps dan hasil survai kelas menengah majalah swa dan inventure. 17 diolah dari data susenas 2012 bps dan hasil survai kelas menengah majalah swa dan inventure. 18berdasarkan data dari asosiasi penyelenggara jasa internet indonesia, pengguna internet pada tahun 2012 sudah mencapai 63 juta orang atau 24,23% dari penduduk indonesia , dari jumlah tersebut, sebanyak 53,5% orang yang sudah bekerja. lihat, www.antaranews.com. hasil survai lain yang fokus pada pemakaian internet kelas menengah menunjukkan bahwa pengguna internet di indonesia 63 juta, dari survai 2012 markplus insight netizen ini terkuak angka terbaru pengguna internet indonesia saat ini yang berjumlah 61 juta orang, atau meningkat 6 juta dari tahun sebelumnya yang ada pada angka 55 juta. pengguna internet indonesia didominasi oleh kalangan middle-class, tercermin dari mayoritas pengguna internet indonesia memiliki kendaraan: 88.6% memiliki motor, 17.4% memiliki mobil, dan 16.8% memiliki keduanya. sumber: http://the-marketeers.com. 191al-iqtishad: vol. v, no. 2, juli 2013 potensi perbankan syariah di pasar kelas menengah kelas menengah merupakan pasar yang sangat baik untuk industri perbankan. hal ini karena pasar kelas menengah sebagaimana telah diterangkan di atas, memiliki karekteristik berinvestasi dalam pelbagai macam cara. pada kelas menengah yang paling besar, seperti segmen menengah-bawah (climber dan follower), karakteristik investasi yang mereka pilih adalah tabungan, dan deposito. karakteristik ini tentu menjadi peluang untuk industri perbankan dalam hal menghimpun dana dari pihak ketiga. lebih riil, dapat dilihat dari data mengenai kepemilikan produk keuangan. alokasi pengeluaran per bulan untuk investasi yang paling tinggi adalah tabungan sebesar 14,1%, investasi lain (5.3%), dan asuransi 6.5%16. data lain yang menarik dan dapat dianalisis adalah estimasi uang beredar pada kalangan kelas menengah di indonesia. sebagai contoh, berdasarkan data, uang yang beredar di kelas menengah diestimasikan sebesar 129.6 trilyun17, maka akan kita dapati potensi tabungan yang dapat diraih untuk industri perbankan terutama dana pihak ketiga sebesar rp 18 trilyun. jumlah yang sangat besar yang tentu saja sangat menarik untuk diperebutkan oleh industri perbankan, termasuk bank syariah. strategi perbankan syariah melihat peluang yang sedemikian besar tersebut, maka ada beberapa strategi yang dapat ditempuh oleh perbankan syariah agar dapat bersaing dan berkompetisi dengan perbankan konvensional dalam menggarap kelas menengah. salah satu yang menghubungkan kelas menengah indonesia adalah mereka sangat familiar dengan pelbagai macam teknologi komunikasi, internet, dan media sosial.18 indikator tersebut menguatkan asumsi bahwa kelas menengah indonesia adalah orang-orang yang berpendidikan dan terbuka dengan informasi, yang 16 diolah dari data susenas 2012 bps dan hasil survai kelas menengah majalah swa dan inventure. 17 diolah dari data susenas 2012 bps dan hasil survai kelas menengah majalah swa dan inventure. 18berdasarkan data dari asosiasi penyelenggara jasa internet indonesia, pengguna internet pada tahun 2012 sudah mencapai 63 juta orang atau 24,23% dari penduduk indonesia , dari jumlah tersebut, sebanyak 53,5% orang yang sudah bekerja. lihat, www.antaranews.com. hasil survai lain yang fokus pada pemakaian internet kelas menengah menunjukkan bahwa pengguna internet di indonesia 63 juta, dari survai 2012 markplus insight netizen ini terkuak angka terbaru pengguna internet indonesia saat ini yang berjumlah 61 juta orang, atau meningkat 6 juta dari tahun sebelumnya yang ada pada angka 55 juta. pengguna internet indonesia didominasi oleh kalangan middle-class, tercermin dari mayoritas pengguna internet indonesia memiliki kendaraan: 88.6% memiliki motor, 17.4% memiliki mobil, dan 16.8% memiliki keduanya. sumber: http://the-marketeers.com. berarti konsumen kelas menengah indonesia adalah orang yang memiliki pengetahuan tentang produk yang baik. keterbukaan akses terhadap internet dan media komunikasi lainnya juga menyebabkan asymmetric information pada kelas menengah menjadi berkurang, karena informasi bukan hanya didominasi oleh produk dan produsen saja, namun juga bisa berasal dari experience konsumen. karakteristik ini kemudian berimbas pada pola konsumsi kelas menengah yang kerap mencoba hal yang baru dari info yang baru, atau berusaha mencari sebanyak mungkin tentang produk yang akan dipakainya. melihat fakta pemakaian internet di atas juga dapat berarti bahwa pelaku perbankan syariah, mulai aware untuk membangun komunikasi aktif dengan konsumernya melalui media alternatif tersebut. media konvensional memang tidak bisa ditinggalkan, namun media baru, seperti internet, harus menjadi perhatian, mengingat dari tahun ke tahun, porsi penggunaan media internet semakin meningkat, dan sifat dari media internet yang lebih detil dari personal, bersifat timbal balik, yang justru disukai oleh kelas menengah yang bersifat kritis. sampai saat ini, harus diakui bahwa, perbankan syariah masih tertinggal dalam menggarap media internet sebagai ajang untuk mengomunikasikan produk-produknya ataupun meningkatkan pelayanan nasabah melaui media ini.19 media internet yang digarap bukanlah terbatas pada aplikasi e-banking saja, namun lebih jauh lagi bagaimana memanfaatkan media internet sebagai media promosi yang dapat masuk bahkan pada jejaring sosial. pemanfaatan media sosial dengan penggarapan website yang baik dapat mencakup enam hal, yaitu: content, konteks, customization, connection, community, dan commerze. konten adalah keragaman isi dari website yang ditampilkan oleh bank syariah, termasuk update yang selalu dilakukan agar isi dari website tersebut tidak membosankan. contex adalah bagaimana website dibuat menarik untuk dilihat. customization adalah kemampuan untuk menjalankan menu yang personal dalam website tersebut. connection adalah kemudahan dalam mengakses menu yang lain yang terdapat dalam website tersebut. community adalah bagaimana situs tersebut mengembangkan komunitas di antara para anggotanya agar terus meningkat. commerze adalah kemampuan situs tersebut dalam melakukan hal yang berhubungan dengan transaksi pelanggan20. 19 berdasarkan pengunjung atau banyaknya diakses, maka peringkat pertama dari perbankan di indonesia adalah: klikbca, kedua bankmandiri, ketiga bri. lihat, www.alexa.com. 20 lebih jelas bagaimana menilai ketertarikan pengunjung dalam mengunjungi sebuah website, baca dalam survai majalah marketing tentang promosi terbaik media digital pada methodology the best digital & website, majalah marketing 10/xi/oktober 2011, h. 42. 192 sofyan rizal: potensi dan strategi marketing ada beberapa strategi umum yang dapat dipakai oleh perbankan syariah dalam menggarap pelbagai macam segmen. pertama, membidik pasar yang sesuai dengan karakter segmen yang dituju. perbankan syariah perlu menetapkan bahwa ada pelbagai macam segmen yang dapat digarap, untuk kemudian memperlakukan pelbagai macam segmen dengan cara yang berbeda atau fokus menggarap satu segmen tertentu yang paling potensial jika sumber daya terbatas. perbankan syariah dapat memilih untuk menggarap segmen berdasarkan strategi segmentasi tunggal atau strategi multi segmental. strategi multisegmental, jika perbankan syariah memiliki sumber daya yang kuat dan berlimpah, sedangkan untuk perbankan syariah yang memiliki sumber daya terbatas, dapat memilih segmentasi tunggal21. sebagai contoh, ketika perbankan syariah menentukan terget pasar adalah segmen aspirator, maka strategi yang dilakukan disesuaikan dengan karakter dan perilaku segmen aspirator. salah satu karakter aspirator adalah investasi jangka panjang, dalam manajemen aset, namum memiliki karakteristik dengan cita-cita berbagi pada sesama, maka diciptakanlah produk investasi yang mengakomodasi karakter tersebut. misalnya produk perbankan yang ramah, dengan cara mem-bundle produk perbankan berdurasi panjang, seperti deposito satu tahun dengan filantropi, karena karakter aspirator adalah kecenderungan berjiwa sosial yang tinggi. kedua, melakukan inovasi yang berkelanjutan, karena kelas menengah adalah segmen yang kritis dan terbuka dengan pelbagai informasi yang saat ini sifatnya sudah dua arah. informasi dua arah ini menyebabkan perusahaan dituntut untuk selalu mengakomodasi aspirasi dari konsumen terhadap produk tersebut. salah satu cara yang dapat dilakukan adalah meminimalisasi komplen pelayanan dari nasabah bank syariah. nasabah perbankan biasanya sangat peka dengan pelayanan, apalagi kelas menengah ke atas pada segmen midlle class upper. produk yang tepat sebagai contoh, adalah tabungan premium atau preferent di mana nasabah mendapatkan pelayanan yang lebih personal. ketiga, menciptakan produk yang berkualitas. salah satu karakteristik dari kelas menengah adalah perhatian terhadap produk yang lebih baik, dan peduli 21segmentasi tunggal adalah sebuah strategi yang mensegmentasikan pasar ke dalam pelbagai macam segmen namun fokus pada satu segmen yang paling potensial dan paling berpeluang untuk dapat bersaing. strtaegi segmen tunggal biasa dipakai oleh perusahaan yang emiliki sumber daya yang terbatas, atau tidak ingin berhadapan langsung dengan market leader. strategi mukltisegmental adalah stratagi bermain pada semua segmen dan mengembangkan strategi yang unik pada masing segmen, multisegmental biasanya dilakukan oleh perusahan dengan sumber daya yang cukup. lebih jelasnya, lihat, longenecker, moore, petty, kewirausaahaan, manajemen usaha kecil, terjemahan dari small bussines management, (jakarta: salemba empat, 2001), h. 130-131. 193al-iqtishad: vol. v, no. 2, juli 2013 ada beberapa strategi umum yang dapat dipakai oleh perbankan syariah dalam menggarap pelbagai macam segmen. pertama, membidik pasar yang sesuai dengan karakter segmen yang dituju. perbankan syariah perlu menetapkan bahwa ada pelbagai macam segmen yang dapat digarap, untuk kemudian memperlakukan pelbagai macam segmen dengan cara yang berbeda atau fokus menggarap satu segmen tertentu yang paling potensial jika sumber daya terbatas. perbankan syariah dapat memilih untuk menggarap segmen berdasarkan strategi segmentasi tunggal atau strategi multi segmental. strategi multisegmental, jika perbankan syariah memiliki sumber daya yang kuat dan berlimpah, sedangkan untuk perbankan syariah yang memiliki sumber daya terbatas, dapat memilih segmentasi tunggal21. sebagai contoh, ketika perbankan syariah menentukan terget pasar adalah segmen aspirator, maka strategi yang dilakukan disesuaikan dengan karakter dan perilaku segmen aspirator. salah satu karakter aspirator adalah investasi jangka panjang, dalam manajemen aset, namum memiliki karakteristik dengan cita-cita berbagi pada sesama, maka diciptakanlah produk investasi yang mengakomodasi karakter tersebut. misalnya produk perbankan yang ramah, dengan cara mem-bundle produk perbankan berdurasi panjang, seperti deposito satu tahun dengan filantropi, karena karakter aspirator adalah kecenderungan berjiwa sosial yang tinggi. kedua, melakukan inovasi yang berkelanjutan, karena kelas menengah adalah segmen yang kritis dan terbuka dengan pelbagai informasi yang saat ini sifatnya sudah dua arah. informasi dua arah ini menyebabkan perusahaan dituntut untuk selalu mengakomodasi aspirasi dari konsumen terhadap produk tersebut. salah satu cara yang dapat dilakukan adalah meminimalisasi komplen pelayanan dari nasabah bank syariah. nasabah perbankan biasanya sangat peka dengan pelayanan, apalagi kelas menengah ke atas pada segmen midlle class upper. produk yang tepat sebagai contoh, adalah tabungan premium atau preferent di mana nasabah mendapatkan pelayanan yang lebih personal. ketiga, menciptakan produk yang berkualitas. salah satu karakteristik dari kelas menengah adalah perhatian terhadap produk yang lebih baik, dan peduli 21segmentasi tunggal adalah sebuah strategi yang mensegmentasikan pasar ke dalam pelbagai macam segmen namun fokus pada satu segmen yang paling potensial dan paling berpeluang untuk dapat bersaing. strtaegi segmen tunggal biasa dipakai oleh perusahaan yang emiliki sumber daya yang terbatas, atau tidak ingin berhadapan langsung dengan market leader. strategi mukltisegmental adalah stratagi bermain pada semua segmen dan mengembangkan strategi yang unik pada masing segmen, multisegmental biasanya dilakukan oleh perusahan dengan sumber daya yang cukup. lebih jelasnya, lihat, longenecker, moore, petty, kewirausaahaan, manajemen usaha kecil, terjemahan dari small bussines management, (jakarta: salemba empat, 2001), h. 130-131. dengan kualitas. masuk pada pasar kelas menengah adalah kesiapan untuk menghasilkan produk yang berkualitas dan memiliki nilai lebih. keempat, memberikan akses yang luas kepada produk, baik dari segi distribusi maupun dari segi informasi. kelas menengah indonesia adalah orang yang memiliki mobilitas dan kesibukan yang cukup tinggi, sehingga akses yang mudah untuk mendapatkan produk atau informasi dapat berpengaruh signifikan terhadap produk. produk perbankan syariah, misalnya, meningkatkan pelayanan kemudahan dalam pelbagai transaksi. penutup kelas menengah yang terus berkembang dan berpotensi sangat besar di indonesia adalah sebuah peluang bagi perbankan syariah untuk berkompetisi dan turut memperbutkan pasar gemuk tersebut. pelbagai macam karakteristik dari kelas menengah adalah suatu masukan yang berharga sebagai bahan dasar melakukan segmentasi pasar yang tepat, targeting yang tepat, dan merumuskan strategi yang tepat dalam rangka menciptakan produk yang bisa diterima oleh pasa kelas menengah. [] pustaka acuan buku dan jurnal: asian development bank, key indicator for asia and pasific 2010, special chapter the rise of asia’s middle class, 41st edition, august 2010 banerjee, abhijit, esther duflo, what is middle class about the middle classes around the world? journal of economic perspectives , 22(2): 3–28 2008. kotler, phillips, marketing management, millenium edition, new jersey: prentice hall, 2000. longenecker, justin, carlos w moore, petty, william petty, kewirausaahaan , manajemen usaha kecil, terj. small bussines management, jakarta: salemba empat, 2001. moore and pareek, marketing the basics, new york: routledge, 2006. mussry, dkk, the next marketing strategy, that’s work, jakarta: gramedia, 2007. majalah marketing 10/xi/oktober 2011 website dan sumber lainnya: swa 02/xxii/23 januari-6 februari 2013 www.bps.go.id www.data.worldbank.org/country/id#cp_wdi www.antaranews.com 194 sofyan rizal: potensi dan strategi marketing www.the-marketeers.com. www.alexa.com. mizaj iskandar usman abstract. this study aims to determine the factors of non-compliance with islamic principles in islamic financial institutions (ifis). this article argues that ifis must comply with islamic principles based on the dsn-mui fatwa, even though in the indonesian legal hierarchy, dsn-mui fatwas are not binding. ifis show ambiguity in complying with islamic principles when carrying out their intermediation function. several other factors also cause ifis' lack of compliance with sharia principles. these include the lack of applicability of the dsn-mui fatwas, the conflict of interest of the sharia supervisory board (ssbs), and competency issues among ssbs members. to address these issues, it is necessary to strengthen the regulations that make dsn-mui an authoritative institution in establishing the sharia principles and the fatwas methodology. thus, the fatwas are more applicable and avoid ambiguity. furthermore, ssbs need re-structurization to be independent internal supervisory agencies. keywords: islamic principles, dsn-mui, sharia supervisory board, islamic financial institutions, sharia compliance abstrak. penelitian bertujuan mengetahui faktor-faktor ketidakpatuhan lembaga keuangan syariah (lks) pada prinsip-prinsip islam. artikel ini menyebutkan lks harus mematuhi prinsip-prinsip islam sesuai fatwa dsn-mui, walaupun dalam hierarki hukum indonesia, dsn-mui bukanlah sebuah lembaga otoritatif yang menerbitkan hukum mengikat. lks tampak ambigu dalam mematuhi prinsipprinsip islam saat menjalankan fungsi intermediasinya. ketidakpatuhan lks kepada prinsip-prinsip syariah juga disebabkan oleh beberapa faktor lain, seperti: tidak aplikatifnya fatwa dsn-mui; munculnya konflik kepentingan dps; dan masalah kompetensi anggota dps. untuk mengatasi masalah-masalah tersebut, perlu adanya perbaikan regulasi yang menjadikan dsn-mui sebagai lembaga otoritatif, agar fatwa yang dikeluarkan lebih aplikatif dan tidak menimbulkan multi tafsir. sementara dari sisi dps, perlu adanya regulasi merestrukturisasi organisasi dps dengan menepatkannya sebagai lembaga pengawas internal yang independen. kata kunci: prinsip-prinsip islam, dsn-mui, dps, lks, kepatuhan syariah sharia financial institutions compliance towards islamic principles in performing intermediation functions al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 45 62 ar-raniry islamic state university, banda aceh, indonesia e-mail: mizaj@ar-raniry.ac.id author: mizaj iskandar usman received: 12 april 2022 accepted: 19 juni 2022 published: 20 juni 2022 mailto:mizaj%40ar-raniry.ac.id?subject= 46 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction this study examines the level of compliance of ifis towards islamic principles in conducting their intermediary financial functions. it will discuss why the islamic principles in intermediation activities at ifis have not been well integrated. in this article, the discussion on the compliance of islamic principles in the activities of sharia financial institutions is carried out through a study of the norms governing islamic principles and the supervision of ifis. the issue of islamic principles compliance in the intermediation function by ifis is motivated by three reasons. first, compliance with islamic principles in the intermediation activities of ifis is a mandatory matter. this obligation is due to ifis being a financial institution that uses islamic values and principles in all its financial transactions, making it impossible for a financial institution that has used the word "sharia" not to comply with the provisions stipulated in islamic principles. in addition, the background of the presence of ifis itself aims to provide a guarantee of the compliance of its financial products in accordance with islamic principles (jaballah et al., 2018). second, the existence of ifis in indonesia has now reached an age of more than 30 years. in the two decades of its journey, of course, it becomes important to reflect on how it adheres to islamic principles. the presence of ifis has actually existed since 1991 (kristianti, 2020). however, its presence is formally marked by the stipulation of a dual banking system in indonesia through law number 10 of 1998 concerning amendments to law number 7 of 1992 concerning banking (widyastuti et al., 2020). during this period, the practice of financial contracts in ifis was widely questioned by the public regarding their halalness. data from indonesia central bank shows that 67% of indonesians believe that the difference between ifis and conventional financial institutions lies in the name of the financial product offered (bank indonesia, 2021). this proves that the issue of sharia compliance has always been problematic because it has not been fully integrated into the activities of ifis. third, various studies have revealed there are indications that islamic principles are not complied with by ifis. this is known from the various studies that have been produced. aris biyantoro and nunung ghoniyah, for example, highlighted that the implementation of the intermediation function in ifis is not much different from conventional financial institutions (biyantoro & ghoniyah, 2019). anip dwi saputro also criticized ifis for having a low commitment to carrying out their business activities in accordance with islamic principles (dwi http://journal.uinjkt.ac.id/index.php/iqtishad mizaj iskandar usman. sharia financial institutions compliance towards islamic principles 47 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 saputro et al., 2018). eko rial nugroho's study also concludes that various regulations related to ifis have not fully supported islamic principles (nugroho, 2021). the three studies above also reveal the same argument behind the noncompliance of ifis to islamic principles, namely the high orientation of ifis to economic profits, which tends to ignore business ethics in islam. hence, the disparity between the fatwa of the national sharia board-indonesia ulama council (dsn-mui) and the practices conducted by ifis is unavoidable. meanwhile, fitriyani zein's research found that many ifis in indonesia has problems with sharia compliance due to poor governance, as well as the role of the sharia supervisory board (ssbs) that has not been maximized in supervising sharia compliance by ifis (zein, 2018). the results of the study by muhammad dulal miah and yasushi suzuki also conclude that the murābaḥah financing model does not meet the definition and understanding of murābaḥah based on islamic principles, which indicates there are problems related to compliance with islamic principles through murābaḥah contracts (miah & suzuki, 2020). to discuss the above problems, this article will firstly discuss the islamic principles that ifis must comply with in carrying out their intermediation function. this study is important because these principles will later become a measuring tool in assessing whether the intermediation function of ifis has reflected sharia compliance contained in islamic law. in the second section, the discussion focuses on legal norms regarding islamic principles in the intermediation activities of ifis, as stated in a number of fatwas of dsn-mui, bank indonesia regulations, financial services authority regulation, and contracts which is a product of ifis. the third section discusses the problems of institutional supervision of islamic financial institutions in complying with islamic principles. the article closes with the presentation of conclusions and suggestions for improvement regarding the reasons why sharia principles have not been well integrated into ifis in conducting their intermediation function. islamic ethics as a principle in performing the intermediation function basically, ifis has the same function as conventional financial institutions, namely as intermediary institutions (satibi et al., 2018). an intermediary institution is an institution tasked with bridging people who have excess funds that are not used and people who lack funds to fulfill their respective interests (miah & suzuki, 2020). in the definition of an ifis, it is stated that an ifis is a business entity or institution that activities in the field of sharia finance by raising funds and http://journal.uinjkt.ac.id/index.php/iqtishad 48 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 distributing funds to the public, especially in financing development investments (herry et al., 2019). in carrying out the intermediation function, ifis are given the flexibility to be able to conduct business transactions to meet the needs of human life and achieve prosperity (biyantoro & ghoniyah, 2019). however, there are a number of restrictions on transactions or business activities that are permitted and forbidden. these rules are a manifestation of islamic law, which aims to protect society from transactions that are contrary to the objectives of islamic law (maqāṣid syar'iyyah) (achmad soediro, 2018). business in islamic ethics is not allowed to contain several things, including the first principle is ḥarām. ḥarām is any behavior that is prohibited in islamic law. if the unlawful act is violated, it will result in an illegal act and get a sin. the second principle is bāṭil or fāsid (invalid transaction), namely transactions that do not meet the requirements and pillars of transactions regulated in islamic law. this causes the transaction to be considered invalid, such as reducing the scales, manipulating goods, hoarding, monopolies, transactions under coercion or threats, and transactions made when the time for friday prayer (al-zuhaili, 2007). the purpose of prohibiting bāṭil transactions is an effort to reduce business transactions that will cause a lot of losses for the parties involved in the transaction. the third principle is ribā (usury), which is the advantage gained over the exchange between two or more similar goods. according to wahbah al-zuhaili, usury is considered an act of exaggerating assets originating from a transaction that is actually prohibited from providing compensation in any form (al-zuhaili, 2007). this means that ribā is related to additional goods or money originating from an activity or loans, debts, or deposits transaction that must be repaid in accordance with the agreed time period. included in the usury transactions are the increasing, growing, increasing, or exceeding that occur in contracts, such as exchange transactions for similar goods, but there is no similarity in the quality and quantity of the goods, and the delivery of goods is not carried out at the same time as the goods are exchanged. likewise, transactions that provide conditions will provide an excess of the loan principal because it passes the time limit (nasī'ah) (al-nawawi, 2017). the fourth principle is maysīr, which literally means gambling or transactions that are uncertain and contain the nature of mere luck (al-mawardi, 2020). maysīr is prohibited because the business transactions carried out will cause great damage compared to the benefits. this is because a business transaction that contains elements of maysīr is not a productive business activity in the form of economic http://journal.uinjkt.ac.id/index.php/iqtishad mizaj iskandar usman. sharia financial institutions compliance towards islamic principles 49 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 activity in the real sector, which has an impact on increasing the supply of goods and services, but a form of activity that wants a quick profit without having to work hard. the fifth principle is gharār. the arabic root for gharār means fraud, but in practice, the term is employed quite widely, encompassing risk, hazard, uncertainty, and deception (zein, 2018). gharār is prohibited because it refers to uncertainty or hazard caused by ambiguity regarding the object agreement or price agreed upon in a transaction. the prohibition of gharār aims to promote transparency in transactions and avoid ambiguity in business. thus, it is hoped that all parties involved in the business have sufficient knowledge of the business and know the risks that may arise from the business. as an intermediary institution, ifis has several characteristics. first, ifis must be able to improve the economic welfare of the community through real sector financing activities that provide broad employment opportunities for the community; thus the rate of economic growth will grow optimally (widyastuti et al., 2020). ifis must pay attention to the concept of economic welfare in the islamic economic system, not to the high growth rate. this is because the operationalized economic system seeks to implement real welfare through the production of goods and services that do not conflict with islamic principles. ifis must also be able to reduce the gap between rich and poor through fund distribution activities. this means that islamic financial institutions must be able to pay attention to equity in economic growth. in addition, ifis, in distributing funds, are prohibited from carrying out financing activities for business activities that have the potential to damage the environment and natural resources. second, ifis should pay attention to socio-economic justice in carrying out wealth and income distribution activities in order to achieve the goal of economic equity at every level of society (azid & sunar, 2019). third, ifis must be able to carry out savings mobilization activities through investment activities for economic development in a fair manner. therefore, ifis can provide profit sharing that can be felt by everyone involved. savings mobilization is very important to realize socio-economic goals. this is because savings collected by ifis must be productive funds for the welfare of the community. consequently, ifis must be able to provide literacy education to the public who deposit funds regarding the concept of property in islam which strictly prohibits the act of accumulating unproductive assets (nugroho, 2021). fourth, ifis must be able to optimize zakāt (almsgiving), infāq (pious spending), and ṣadaqah (voluntary charity). in the concept of islamic finance, ifis is an institution that functions as a bayītul al-māl (collector and distributor of social funds) and bait al-tamwīl http://journal.uinjkt.ac.id/index.php/iqtishad 50 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 (an institution that collects and distributes for-profit financing funds) at once (satibi et al., 2018). the intermediation function carried out by ifis as business entities are to conduct the financial sector based on contract principles in islamic law. this shows that every stipulation regarding the agreement in islam is a legal norm that regulates and must be obeyed and applied in the ifis's activities. islamic legal norms regarding financial institutions, according to uṣūl al-fiqh (the principles of islamic jurisprudence), are the result of developing mu'āmalah (commercial and civil acts or dealings) contracts in islamic law, the application of which is frequently based on islamic principles. islamic legal norms regarding mu'amalah contracts are norms that regulate contracts in all business transaction activities, whether carried out by individuals or companies such as ifis. the intermediation function of ifis is more varied than the intermediation function of non-sharia financial institutions. that matter due to the system for obtaining profits at ifis consists of various kinds, including profit and loss sharing, profit margins, and profits through the provision of fees (satibi et al., 2018). the various systems of obtaining these benefits result in the various contracts performed by each ifis, and customers have many options in choosing transaction contracts that are appropriate to the needs and goals of the ifis's customers. customers who want their funds to be stored safely and not exposed to any risk are offered savings products shaped like clearing accounts or deposits based on the wadī'ah principle (deposit of assets by a customer with an ifis) (widyastuti et al., 2020). meanwhile, if the customer wants his funds to be saved to pursue economic benefits, then a savings product is offered to him based on the profit-sharing principle ('aqd almuḍārabah) (miah & suzuki, 2020). ifis will collect funds from the public through various types, including savings, deposits or investments, and clearing accounts (herry et al., 2019). after collecting funds from the public, ifis will redistribute them through financing activities in the real sector with the aim of being productive using commercebased financing and investment-based financing. commerce-based financing is a financing pattern through buying – selling, and leasing, while the investment-based financing model is a profit-sharing pattern. in addition, ifis shall provide bailout funds with a loan pattern. all financing in ifis will be tied to various financing contracts, including aiding on the basis of trade-based financing transactions. this financing consists of two types of transactions, namely: first, financing with a buying and selling pattern by exchanging assets between both parties on the basis of an agreement in http://journal.uinjkt.ac.id/index.php/iqtishad mizaj iskandar usman. sharia financial institutions compliance towards islamic principles 51 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 exchange for something permitted by using several contracts, including murābaḥah (cost-plus financing), salam (a trade agreement which involves preceding payment for the specific commodity to be consignment later) and istiṣnā (a sale by order of property) (nur'aeni & setiawan, 2020). second, financing with a lease transaction pattern by including compensation which is carried out on the basis of a benefit in exchange for services. in such a pattern, frequently, the contract used is ijārah (rental agreement) and ijārah mumtahiyah bi al-tamlīk (lease agreement which leads to the transfer of ownership to the lessee) (achmad soediro, 2018). another form of disbursement of funds is by financing using an investmentbased financing pattern. this pattern is financing with a profit-sharing pattern which is carried out by means of a partnership between both parties, namely the owner of capital and the manager of the business. the contract commonly used is muḍārabah or musyārakah (joint enterprise) (biyantoro & ghoniyah, 2019). in addition to the two patterns already mentioned, the distribution of funds to ifis can also be carried out with a financing pattern with a bailout using a qarḍ contract (an interest-free loan). the description above shows ifis as institutions that carry out intermediation functions widely and in various ways with various contracts. therefore, ifis must pay attention to certain variants of provisions relating to all rights and obligations between customers and ifis, including paying attention to the types of responsibilities of the parties arising from each type of contract or agreement. ifis must be able to adjust funding needs for customers as agreed with the islamic principles, whether in the form of contracts or agreements for commerce-based financing, investment-based financing, or financing with bailouts, including banking services. ifis should as well meet obligations as a provider of funds and goods as agreed. this must be done by ifis as a form of fulfilling the responsibilities of ifis to customers. customers also cannot be separated from various obligations that must be fulfilled as a responsibility of the existence of contracts or agreements that have been made with ifis. furthermore, to include incumbency, a contract or agreement must also include responsibilities that confirm islamic principles. the intermediation function in ifis requires the existence of an underlying transaction and/or underlying assets as a basis for transactions in ifis (narayan & phan, 2019). whereas in conventional financial institutions, there are no such requirements. the legality of a transaction is mutually beneficial to the financial institution and the customer (meslier et al., 2020). based on such a contract scheme, the halalness of a transaction can be ensured. thus, the intermediation http://journal.uinjkt.ac.id/index.php/iqtishad 52 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 function of ifis is closely related to the characteristics of islamic financial products based on the real sector. dsn-mui half-hearted authority in formulating islamic principles based on the foregoing explanation, the intermediation function of ifis in various financing by following various patterns of sharia contracts, placing ifis possible carry out business practices on a broad scale, which is not limited to distributing funds needed by the community. therefore, the role and position of ifis in carrying out the intermediation function do not only place ifis as credit distribution institutions. the various intermediation functions in ifis should comply with islamic principles. the islamic principles in this article refer to all the principles that have been established by law number 21 of 2008 regarding sharia banking (sharia banking law) and the fatwa of dsn-mui. nevertheless, sharia banking law regulations follow the fatwa of dsn-mui in determining islamic principles that must be adhered to by ifis. thus, the difference between both regulations lies in the area of their application. according to article 1 paragraph 12 of the sharia banking law, islamic principles are islamic legal principles in banking activities based on fatwas issued by institutions that have the authority to issue fatwas in the sharia sector. furthermore, in paragraph 13, it is stated that a contract is a written covenant between an islamic bank or islamic business unit and another party that contains incumbency for each party in conformation with islamic principles. although the regulation doesn't explicitly state what is meant by an institution that has the authority to define a fatwa in the sharia sphere, the only institution that has such authority in indonesia is dsn-mui. even though the sharia banking law has provided legitimacy for the dsnmui to stipulate islamic principles applied to ifis, these fatwas contain abstract provisions (adinugraha et al., 2021). the fatwa material only gives consideration to a contract from the halāl-harām viewpoint without mentioning any elements that make a contract halal or haram. this encourages interested parties to interpret these fatwas. these interpretations have an impact on the emergence of a diversity of understandings that frequently clash with one another. for example, the dsnmui fatwa number 4/dsn-mui/iv/2000 concerning murābahah states that banks and customers must enter into a usury-free murābahah contract without further explaining how the murābahah contract is free of usury. this causes each bank to have its own understanding of the usury-free murābahah contract. it is not http://journal.uinjkt.ac.id/index.php/iqtishad mizaj iskandar usman. sharia financial institutions compliance towards islamic principles 53 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 uncommon to find in a bank a murābahah contract is forbidden, but in another bank, it is permissible. moreover, the dsn-mui in the indonesian constitutional system is not a state as an institution that has the authority to issue regulations. this raises questions about the legitimacy of the fatwas issued by the dsn-mui. as explained earlier, several islamic principles have been stated in the dsnmui fatwa in the indonesian context. the fatwa stipulated by the dsn-mui then became a legal opinion used by a number of stakeholders. fatwa itself is a ulemas response to an event that is formulated in the form of explanations and legal decisions on the matter. the legal basis used in producing a fatwa is the alqurān, ḥadīth (prophet tradition), ijmā' (consensus), qiyās (analogy), and ijtihād (the thoughts of the ulemas). in the indonesian context, the formulation of the dsn-mui fatwa, which is applied to ifis, must comply with the guidelines for determining the mui fatwa number u-596/mui/x/1997. these guidelines were prepared by the mui fatwa commission. in this guideline, it is stated, "every issue discussed in the fatwa commission (including fatwas on sharia economics) must be found on the al-qurān, ḥadīth, ijmā' and qiyās." before the fatwa is stipulated, the scholars are obliged to review the fatwa with the opinions of the school's priests. from the explanation above, it is known that every fatwa made by dsn-mui for ifis has basically made every effort to fulfill islamic principles. each type of transaction in various sharia contracts that apply to ifis can be ascertained to be in compliance with general islamic principles. recently, three categories of fatwas have been issued by the dsn-mui relating to ifis (zein, 2018). first, fatwas related to fund-raising activities, namely sharia demand deposits (fatwa number 1/dsn-mui/iv/2000); sharia savings (fatwa number 2/ dsn-mui/iv/2000); and sharia deposits (fatwa number 3/dsnmui/iv/2000). second, fatwas related to funding distribution activities, namely transactions through muḍārabah contracts (fatwa number 7/dsn-mui/iv/2000); transactions through a musyārakah contract (fatwa number 8/dsn-mui/iv/2000); transactions through murābaḥah contracts (fatwa number 4/dsn-mui/iv/2000). third, fatwas related to service activities, namely foreign exchange (ṣarf ) (fatwa number 28/dsnmui/ iii/2002); transaction letter of credit (l/c), imported sharia (fatwa number 34/ dsn-mui/ix/2002); and activities regarding sharia bank guarantee (fatwa number 11/dsn-mui/iv/2000) (kristianti, 2020). the fatwas issued by dsn-mui are only for consideration (adinugraha et al., 2021). this means the formulation in these fatwas is a general guideline that must be elaborated further into various policies or regulations that apply to every transaction activity of islamic financial institutions. more details, for example, the http://journal.uinjkt.ac.id/index.php/iqtishad 54 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 provisions in fatwa number 137/dsn-mui/iv/2020 regarding ṣukūk (financial certificate), will be described in the table below. table i. dsn-mui fatwa regarding ṣukūk (financial certificate) general requirements special requirements 1. ṣukūk are islamic guarantee in the pattern of certificates or legal paper which has the identical value, and represents an indeterminate share of ownership of the elemental asset after receipt of the ṣukūk funds, closing of the order and the commencement of the use of the funds according to their designation. 2. ṣukūk assets are assets that form the basis for the issuance of ṣukūk consisting of tangible assets (al-a‘yān), the value of benefits on tangible assets (manāfi' al-a‘yan), services (al-khadamāt), certain project assets (maujūdat masyrū‘ mu‘ayyan) and/or assets predetermined investment activities (nasyah istitsmār khāṣ). 1. ṣukūk assets (uṣūl al-ṣukūk) used as the basis for issuing ṣukūk must comply with sharia principles; 2. ṣukūk assets belong to the ṣukūk holders 3. each unit of ṣukūk must have the same value (mutasāwiyah al-qīmah); 4. ṣukūk at the time of issuance do not reflect the debt of the issuer to the ṣukūk holder, but rather reflects the ṣukūk holder's ownership of the ṣukūk assets; 5. ṣukūk can be turned into debt/receivable (daīn) in terms of assets the ṣukūk turns into receivables of the ṣukūk holder; 6. in principle, the issuance of ṣukūk must have a certain term of time unless otherwise agreed in the contract or regulated by applicable laws and regulations; 7. issuers are required to discharge income to ṣukūk holders in the pattern of sharing the margin fee and repaying the ṣukūk funds when due date in accordance with the contract scheme; 8. ṣukūk yields with muḍārabah and musyārakah contracts must be derived from business activities that become ṣukūk assets. the fatwa formulation, as shown in the table above, seems to regulate more general matters. therefore, when an ifis makes sharia contracts using the fatwa, it still has to interpret the transactions related to the fatwa, which do not violate islamic principles. in addition, the structure and format of the fatwa is also limited to determining the basis or legal status of a transaction for which a fatwa is requested and determining the possibilities of what activities are lawful and unlawful. thus, the nature of the fatwa is exhortations, which is an effort to provide education to the public and ifis regarding transactions in islam. the fatwas must again be reinterpreted by the ssbs in every ifis. frequently, the reinterpretation conducted by the sharia supervisory board at every ifis differs greatly from the http://journal.uinjkt.ac.id/index.php/iqtishad mizaj iskandar usman. sharia financial institutions compliance towards islamic principles 55 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 intent and purpose of the dsn-mui fatwa. interpretation gaps can be found, for instance, in the reinterpretation made by ifis toward the dsn-mui fatwa regarding murābaḥah financing. in fatwa number 04/dsn-mui/iv/2000 concerning murābaḥah, dsn-mui stipulates that the financing offered by banks to customers must be in the pattern of real commodity with a selling cost equal to the purchase price plus revenue. however, in current practice, islamic banks seem to offer sharia financial products such murābaḥah, muḍārabah, and musyārakah contracts, but in fact, they offer conventional loan financing schemes (miah & suzuki, 2020). the consequence that occurs is not buying and selling financing based on a murābaḥah contract but buying and selling money wrapped in a murābaḥah contract (ibrahim & salam, 2021). differences in interpretation are also inevitable between the ssbs in an ifis and the ssbs at another ifis. these differences in interpretation can be found, for instance, in the condition that islamic banks are unable to provide goods offered to customers in murābaḥa financing, as required in the dsn-mui fatwa. some ssbs at certain islamic banks allows murābaḥa financing to be carried out by lending money to customers under wakālah contracts. it is hoped that with this loan, customers can represent islamic banks to find their own goods. however, this practice is not justified by the ssbs in other ifis, such as bank muamalah. these interpretive gaps have made policy makers at islamic financial institutions unable to fully comply with the dsn-mui fatwas. the essence of the fatwa issued by the dsn-mui is to give signs for islamic financial institutions not deviating from islamic principles. however, the dsnmui fatwa is still difficult to implement because the rules are still general and not operational. the reason behind the non-operation of the dsn-mui fatwa is due to the ambiguity of the ijtihad method used (hasyim, 2019). dsn-mui, on the one hand, still respects the fatwas of classical scholars contained in various classical books. but on the other hand, dsn-mui is aware that many of the classic fatwas are no longer relevant to modern economic developments (lindsey, 2014). for example, in its fatwa, dsn-mui states that the current practice of interest-bearing money has met the criteria for usury that occurred at the time of the prophet. however, dsn-mui, for reasons of emergency, allows muslims to interact with conventional banks in areas where there are no sharia banks. whereas sharia banks also practice bank interest like conventional banks, although with different names. to overcome this methodological problem, dsn-mui must develop a fatwa methodology that respects the latest economic developments while still upholding sharia principles. http://journal.uinjkt.ac.id/index.php/iqtishad 56 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 in addition, the non-compliance of ifis with islamic principles regulated by dsn-mui is since dsn-mui is not included as one of the institutions authorized to establish regulations and laws as formed in law no. 12 of 2011 regarding the formulation of legislation. the absence of such authority causes the dsn-mui fatwas to have no binding legal implications (ibrahim & salam, 2021). this is found, for example, in the indonesia central bank regulation number 10/16/ pbi/2008 concerning the implementation of islamic principles in fundraising and funding scheme as well as sharia bank services. in this regulation, the intermediation purpose of ifis is interpreted as equal to the capital distribution in the form of debt financing. in article 1, point 8, it is stated that "... financing is the stipulation of funds or claims that can be equated with it". when referring to the dsn-mui fatwa, the intermediation function of ifis must be based on the agreed contract. the indonesian central bank regulations concerning sharia financing activities in ifis also do not include the dsn-mui fatwa as one of their legal considerations, as found in the indonesian central bank regulation number 10/16/pbi/2008. although the dsn-mui is not an authoritative institution with the power to make laws and regulations, several other regulations issued by the indonesia central bank and the financial services authority (ojk) have referred to the dsn-mui fatwa. to overcome these problems, strategic steps are needed to improve the regulatory system regarding islamic financial institutions. improve the authority of dsn-mui from just a fatwa council to becoming an institution authorized to issue regulations that are more binding and enforce unavoidable actions. initially, such a scenario was planned in the draft of the islamic banking bill; however, it was rejected due to the mui's opposition to placing dsn-mui as part of bi's regulatory body. this opposition makes the issue even more complicated to resolve. on the other hand, dsn-mui must also transform its fatwa method. the development of the fatwa methodology can be carried out in three ways: (1) fatwas must be more appreciative of the latest findings in modern economics; (2) the utilization of fiqh and other islamic sciences is limited to seeking principles and values, not as a sich law; (3) the employ of clear and firm legal terms, and avoiding the use of ambiguous words that have the potential to give rise to multiple interpretations. these fatwas will be understood by ifis more as binding and coercive regulations than just an advisory fatwa. these improvements are expected to increase the level of compliance of ifis to islamic principles in carrying out the intermediation function. http://journal.uinjkt.ac.id/index.php/iqtishad mizaj iskandar usman. sharia financial institutions compliance towards islamic principles 57 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 effectiveness of ssbs supervision toward ifis compliance regarding institutional structure, the distinction between conventional financial institutions and ifis lies in the presence or absence of a ssbs as an internal sharia compliance supervisory agency (salman & nawaz, 2018). every ifis is required to have at least three supervisors on the ssbs. the existence of a ssbs in the structure of ifis is regulated in article 109 of law number 40 of 2007 concerning limited liability companies; article 32 of law number 21 of 2008 concerning sharia banking and regulation of the minister of cooperatives and small and medium enterprises of the republic of indonesia number 16/per/m. kum/ix/2015 concerning implementing sharia savings, loans and financing business activities by cooperatives. in these regulations, the ssbs supervises every sharia activity or transaction carried out by ifis. in the governance of ifis, the position of the ssbs is compatible with the ḥisbah concept in classical islamic law (jaballah et al., 2018). the similarity lies in the goals and functions of the ḥisbah and the ssbs, which are both trying to encourage community activities in conformability with islamic principles. in the ḥisbah concept, supervisory institutions such as ssbs are called muḥtasib, while supervised institutions such as ifis are called muḥtasib 'alai (al-zuhaili, 2007). muḥtasib is in charge of providing advice and supervision. such advice and supervision are expected to direct ifis to comply with islamic principles in the execution of their business activities. therefore, the ssbs is a highly prominent element in the structure and governance of ifis. the ssbs position, which is highly crucial in the ifis activities, is, in fact, often ineffective (nugroho, 2021). the function of the ssbs is regulated in indonesian central bank regulation number 6/24/pbi/2004. the regulation states that the ssbs performs supervisory duties at the internal level of ifis. structurally, the position of the ssbs as the internal supervisor of the sharia financial institution is equivalent to the directors' board position of the ifis. thus, the relationship between the ssbs and the directors' board of ifis in an organizational structure of ifis is coordinating, in which a ssbs has the right and competency to serve advice and feedback to the directors' board of ifis regarding all ifis business activities related to islamic principles. the equal position between the ssbs and the directors' board in an ifis also has the consequence that as a company has an organizational structure, internally, ifis puts ssbs position under the commissioner's board and the shareholders. such an organizational structure is problematic for the ssbs in conducting its duties as advisory and supervisory. this is because the ssbs consideration of ifis business activities also must adjust to the interests of http://journal.uinjkt.ac.id/index.php/iqtishad 58 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 shareholders and the commissioners board to pursue the maximum profit. this cross-interest often lead the ssbs frequently involved in conflicts of interest with these stakeholders. another problem related to institutional supervision of ifis is the concurrent position of a ssbs in several ifis. this has actually been regulated in indonesia central bank circular no. 12/13/dpbs/2010, a member of the ssbs can only hold concurrent positions on the ssbs for no more than four sharia financial institutions with details, a maximum of concurrent positions on the ssbs in two banking institutions and two non-banking institutions. a ssbs is also prohibited from concurrently serving as a consultant in other financial institutions outside the four islamic financial institutions (biyantoro & ghoniyah, 2019). however, the legality of these dual positions creates problems. these problems originate from the unfocused supervision work carried out by the ssbs. moreover, these overlapping positions create the bias of policies and decisions made by the ssbs in supervising ifis under its authority. generalizing problems with the character and needs of each different ifis requires different considerations. this is often ignored by the ssbs who concurrently holds positions in several ifis. furthermore, other problems in the supervisory institutions of ifis are the permissibility of dsn-mui component to become fellow of the ssbs. this actually causes the occurrence of multiple positions, not even double positions, but also dual supervisory functions of a member of the dsn-mui and the ssbs. whereas the supervisory function carried out by members of the dsn-mui is an external supervisory agency, the supervision of ssbs focuses on internal supervision (meslier et al., 2020). therefore, the overlap of these positions can appear biased toward internal and external supervision. the dual membership of the dsn-mui members and, at the same time, serving as a fellow of the ssbs raises problems regarding the independence between the functions of the two supervisory institutions. according to indonesian central bank regulation number 6/24/pbi/2004, a member of the ssbs at an lsk has an obligation to compile a supervisory report related to the implementation of islamic principles in an ifis to the dsn-mui periodically. this has great potential to create an acute conflict of interest and the loss of checks and balances in business activities and the intermediation function of ifis. lastly, apart from the issue of concurrent positions, matters related to the absence of regulations governing the competency testing of the ssbs also contributed to the inability of ifis to fully adapt to islamic principles. the competence of the ssbs in indonesia is more concerned with islamic religious figures and not with the competence of sharia economics and finance. http://journal.uinjkt.ac.id/index.php/iqtishad mizaj iskandar usman. sharia financial institutions compliance towards islamic principles 59 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 to unravel this problem, it is necessary to revamp the rules governing the traffic of sharia supervisory organizations. the new regulation clearly and firmly regulates the duties and functions of each sharia supervisory agency. thus, tiered supervisory work can overcome overlapping positions and conflicts of interest that cause ifis to not comply with islamic principles. ssbs focuses on internal monitoring of an ifis without concurrent positions in other ifis. and periodically report the results of the internal control to the dsn-mui, whose members only focus on external supervision and do not serve as members of the ssbs. in addition to regulatory issues, it is also essential to increase the competence of ssbs. especially competence in the field of modern economics and islamic economics. the current practice is that ifis prefers to recruit religious leaders who have significant influence in society as ssbs. the recruitment of religious figures aims to strengthen the image of an ifis as a sharia financial institution that implements islamic economic principles, which in turn affects the marketing of financial services and products of an ifis. unfortunately, most of these religious figures have less knowledge about the development of modern economics and islamic economics. conclusion in carrying out the intermediation function, ifis are required to comply with islamic principles decreed by the dsn-mui. in its implementation, there are obstacles frequently faced by ifis in complying with these principles. these include regulatory, supervision agency structure, and the competence of supervisory agency members-related constraints. regulatory obstacles stem from the absence of the dsn-mui authority as an institution with the power to make regulations equivalent to laws. this absence of authority causes ifis to regard the fatwas issued by the dsn-mui as mere advice or appeals and not binding. the dsn-mui's fatwas are very abstract and have not accommodated technical and operational provisions, leading to multiple interpretations at the level of implementation by ifis. the discourse of making dsn-mui an authoritative institution appeared in the draft islamic banking law. the compliance of ifis with islamic principles also faces problems related to supervisory institutions. even though the sharia supervisory board's (ssb) position is equal to the directors' board, it still finds difficulties carrying out its supervisory duties and is repeatedly trapped in the interests of the shareholders and the commissioners' board. the concurrent position of dsn-mui members as sharia supervisors in four different ssbs and ifis is caused by the unfocused sharia compliance supervision. eventually, this leads to the lack of compliance of ifis with islamic principles. http://journal.uinjkt.ac.id/index.php/iqtishad 60 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25632 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 references abu hasan al-mawardi. 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(2018). legislation fatwa national sharia board-indonesian council of ulama (dsn-mui) in the state economic policy. jurnal cita hukum: indonesian law journal, 6(1), 10–27. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.35808/ijeba/483 edisi revisi 2006 jakarta: dsn-mui, 2006. keputusan menteri keuangan nomor 426/kmk.06/2003. manzhûr, abu al-fadhl jamâl al-dîn muhammad ibn makram ibn, lisân al-‘arab, lubnân: dâr shâdir beirut, t.th. milhim, ahmad sâlim, al-ta’mîn al-islâmy, oman: dâr al-a’lâm, 2002. oxford learner's pocket dictionary, new edition. qal’ahaji, muhammad rawwâs, al-mu’âmalât al-mâliyyah al-mu’âshirah fi dhau al-fiqh wa al-syarî’ah, bayrût: dâr al-nafâs, 1999. sula, syakir, ansuransi syariah, konsep dan sistem operasional, jakarta, gema insani, 2004. undang-undang republik indonesia nomor 2 tahun 1992 tentang usaha perasuransian. 1 kapita selekta asuransi syariah: telaah umum tentang asuransi syariah di indonesia am hasan ali abstract: capita selekta of islamic insurance: a general study of islamic insurance in indonesia. the discoures of islamic insurance can be studied in ijtihâdî ways. some scolars could receive insurance practice as long as it does not contradict with islamic values. the acceptence of islamic insurance for ulamas comes from mutual agreement institution (ijmâ‘ jamâ’î), such as fatwa comission of indonesia ulama council (mui) or bahtsul masa’il council of nahdlatul ulama, and tarjih muhammadiyah council. in 2001, mui through national sharia council (dsn), has issued a fatwa on the general guidelines for takâful, as an initial guide operational takâful industry in indonesia. keywords: islamic insurance, capita selekta, islamic economics abstrak: kapita selekta asuransi syariah: telaah umum tentang asuransi syariah di indonesia. wacana tentang asuransi syariah memungkinkan untuk dikaji secara ijtihâdî. sebagian kalangan ulama kontemporer dapat menerima praktik asuransi dengan catatan tidak bertentangan dengan nilainilai yang ada dalam ajaran islam. penerimaan praktik asuransi di kalangan ulama dapat melalui institusi ijmak jamâ’î (kesepakatan bersama), seperti komisi fatwa majelis ulama indonesia (mui) atau lembaga bahtsul masa’il di nahdlatul ulama dan majelis tarjih muhammadiyah. pada 2001, mui melalui dewan syariah nasional (dsn) telah mengeluarkan fatwa tentang pedoman umum asuransi syariah sebagai panduan awal operasional industri asuransi syariah di indonesia. kata kunci: asuransi syariah, kapita selekta, ekonomi syariah naskah diterima: 17 juli 2010, direvisi: 17 september 2010, disetujui: 30 september 2010.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, ciputat, jakarta. e-mail: m_hasan_ali@yahoo.com am hasan ali: kapita selekta asuransi syariah: telaah umum 50 2 pendahuluan pada mulanya, wacana tentang asuransi syariah termasuk dalam hukum islam kontemporer. pada zaman awal islam, yaitu pada zaman nabi muhammad saw. dan periode islam berikutnya, belum dikenal institusi keuangan asuransi. tidak ada nas alquran atau hadis nabi yang menjelaskan tentang teori dan praktik operasional asuransi yang difahami seperti saat ini. secara historis pembahasan tentang asuransi baru muncul pada abad xviii, yaitu pada masa hidupnya ibn âbidîn (1784-1836), seorang ulama ahli fikih dari kalangan mazhab hanafî, yang memberi tanggapan praktik asuransi pada kitabnya radd almukhtâr, pada bab al-musta’min (pihak yang meminta jaminan). sebagai bagian dari masalah fikih kontemporer, wacana tentang asuransi syariah memungkinkan untuk dikaji secara ijtihâdî. di kalangan ulama kontemporer, di antaranya mushthafâ ahmad al-zarqâ, termasuk salah satu ulama yang bisa menerima praktik asuransi dengan catatan tidak bertentangan dengan nilainilai yang ada dalam ajaran islam. dalam hal ini, asuransi dapat diterima dan dijalankan setelah melalui penyesuaian-penyesuaian melalui proses ‚islamisasi‛. praktik yang tidak sesuai dengan islam dikeluarkan dalam operasional kegiatan asuransi, seperti praktik riba (bunga), maysîr, dan gharar. penerimaan praktik asuransi di kalangan ulama dapat melalui institusi ijmâ’ jamâ’î (kesepakatan bersama), seperti lembaga fatwa yang ada dalam majelis ulama indonesia (mui), lembaga bahtsul masa’il di nu, atau majelis tarjih muhammadiyah. pada tahun 2001, mui melalui dewan syariah nasional (dsn), telah mengeluarkan fatwa tentang pedoman umum asuransi syariah seba-gai panduan awal operasional industri asuransi syariah di indonesia. tujuan adanya fatwa ini sebagai panduan awal operasional asuransi syariah di indonesia. pada tahap berikutnya, fatwa tentang asuransi syariah yang dikeluarkan oleh dsn-mui dapat dijadikan bahan materi dalam proses positivisasi hukum ekonomi syariah yang sedang dikerjakan oleh kelompok kerja (pokja) mahkamah agung ri. di sisi lain, perlu mendapat perhatian dalam masalah asuransi syariah adalah sistem operasional dan akad yang digunakan dalam kegiatan asuransi syariah. pada masalah akad banyak ditemukan dalam operasional asuransi syariah yang tidak didasarkan pada satu akad saja, tetapi lebih banyak menggunakan gabungan dari beberapa akad. contohnya, produk asuransi syariah yang memakai dua rekening, rekening saving, dan rekening non-saving (tabarru’), mendasarkan akadnya pada akad tabarru’ dan akad tijârah. al-iqtishad: vol. iii, no. 1, januari 2011 51 2 pendahuluan pada mulanya, wacana tentang asuransi syariah termasuk dalam hukum islam kontemporer. pada zaman awal islam, yaitu pada zaman nabi muhammad saw. dan periode islam berikutnya, belum dikenal institusi keuangan asuransi. tidak ada nas alquran atau hadis nabi yang menjelaskan tentang teori dan praktik operasional asuransi yang difahami seperti saat ini. secara historis pembahasan tentang asuransi baru muncul pada abad xviii, yaitu pada masa hidupnya ibn âbidîn (1784-1836), seorang ulama ahli fikih dari kalangan mazhab hanafî, yang memberi tanggapan praktik asuransi pada kitabnya radd almukhtâr, pada bab al-musta’min (pihak yang meminta jaminan). sebagai bagian dari masalah fikih kontemporer, wacana tentang asuransi syariah memungkinkan untuk dikaji secara ijtihâdî. di kalangan ulama kontemporer, di antaranya mushthafâ ahmad al-zarqâ, termasuk salah satu ulama yang bisa menerima praktik asuransi dengan catatan tidak bertentangan dengan nilainilai yang ada dalam ajaran islam. dalam hal ini, asuransi dapat diterima dan dijalankan setelah melalui penyesuaian-penyesuaian melalui proses ‚islamisasi‛. praktik yang tidak sesuai dengan islam dikeluarkan dalam operasional kegiatan asuransi, seperti praktik riba (bunga), maysîr, dan gharar. penerimaan praktik asuransi di kalangan ulama dapat melalui institusi ijmâ’ jamâ’î (kesepakatan bersama), seperti lembaga fatwa yang ada dalam majelis ulama indonesia (mui), lembaga bahtsul masa’il di nu, atau majelis tarjih muhammadiyah. pada tahun 2001, mui melalui dewan syariah nasional (dsn), telah mengeluarkan fatwa tentang pedoman umum asuransi syariah seba-gai panduan awal operasional industri asuransi syariah di indonesia. tujuan adanya fatwa ini sebagai panduan awal operasional asuransi syariah di indonesia. pada tahap berikutnya, fatwa tentang asuransi syariah yang dikeluarkan oleh dsn-mui dapat dijadikan bahan materi dalam proses positivisasi hukum ekonomi syariah yang sedang dikerjakan oleh kelompok kerja (pokja) mahkamah agung ri. di sisi lain, perlu mendapat perhatian dalam masalah asuransi syariah adalah sistem operasional dan akad yang digunakan dalam kegiatan asuransi syariah. pada masalah akad banyak ditemukan dalam operasional asuransi syariah yang tidak didasarkan pada satu akad saja, tetapi lebih banyak menggunakan gabungan dari beberapa akad. contohnya, produk asuransi syariah yang memakai dua rekening, rekening saving, dan rekening non-saving (tabarru’), mendasarkan akadnya pada akad tabarru’ dan akad tijârah. 3 asuransi syariah kata asuransi berasal dari bahasa inggris, insurance, yang dalam bahasa indonesia telah menjadi bahasa populer dan diadopsi dalam kamus besar bahasa indonesia dengan padanan kata ‚pertanggungan‛. echols dan shadilly memaknai kata insurance dengan: asuransi dan jaminan. dalam bahasa belanda biasa disebut dengan istilah assurantie (asuransi) dan verzekering (pertanggungan). dalam bahasa arab istilah asuransi biasa diungkapkan dengan kata alta’mîn yang secara bahasa berarti tuma’ninah al-nafs wa zawâl al-khauf, tenangnya jiwa dan hilangnya rasanya takut. maksudnya, orang yang ikut dalam kegiatan asuransi, jiwanya akan tenang dan tidak ada rasa takut ataupun waswas dalam menjalani kehidupan, karena ada pihak yang memberikan jaminan atau pertanggungan. hal ini sama dengan seseorang yang sedang kuliah atau sekolah yang keperluan sehari-harinya ada yang menjamin dalam pelaksanaan kuliah dia akan merasa tenang dan tidak perlu khawatir. berbeda dengan seseorang yang menjalani kuliah tanpa adanya jaminan dari orang tua atau orang lain, kuliah sambil kerja, orang tersebut menjalani kuliah tidak tenang dan ada perasaan khawatir, karena harus mencari biaya sendiri selama kuliah. mengenai definisi asuransi secara baku dapat dilacak dari peraturan (perundang-undangan) dan beberapa buku yang berkaitan dengan asuransi. pertama, muhammad muslehuddin dalam bukunya, insurance and islamic law, mengadopsi pengertian asuransi dari encyclopaedia britanica sebagai suatu persediaan yang disiapkan oleh sekelompok orang, yang dapat tertimpa kerugian, guna menghadapi kejadian yang tidak dapat diramalkan, sehingga bila kerugian tersebut menimpa salah seorang di antara mereka maka beban kerugian tersebut akan disebarkan ke seluruh kelompok. lebih jauh muslehuddin menjelaskan pengertian asuransi dalam sudut pandang yang berbeda, serta mengalami kesimpangsiuran. ada yang mendefinisikan asuransi sebagai perangkat untuk menghadapi kerugian, dan ada yang mengatakannya sebagai persiapan menghadapi risiko. dilihat dari signifikansi kerugian, adam smith berpendapat bahwa asuransi dengan menyebarkan beban kerugian kepada orang banyak, membuat kerugian menjadi ringan dan mudah bagi seluruh masyarakat. kedua, dalam ensiklopedi hukum islam disebutkan bahwa asuransi (arab: al-ta’mîn) adalah transaksi perjanjian antara dua pihak: pihak yang satu berkewajiban membayar iuran dan pihak yang lain berkewajiban memberikan am hasan ali: kapita selekta asuransi syariah: telaah umum 52 4 jaminan sepenuhnya kepada pembayar iuran jika terjadi sesuatu yang menimpa pihak pertama sesuai dengan perjanjian yang dibuat. ketiga, dalam kitab undang-undang hukum dagang (kuhd) pasal 246 dijelaskan bahwa yang dimaksud asuransi atau pertanggungan adalah suatu perjanjian (timbal balik), dengan mana seorang penanggung mengikatkan diri kepada seorang tertanggung, dengan menerima suatu premi, untuk memberikan penggantian kepadanya, karena suatu kerugian, kerusakan, atau kehilangan keuntungan yang diharapkan, yang mungkin akan dideritanya, karena suatu peristiwa tak tentu (onzeker vooral). keempat, asuransi menurut undang-undang no. 2 tahun 1992 tentang usaha perasuransian, bahwa yang dimaksud dengan asuransi atau pertanggungan adalah perjanjian antara dua pihak atau lebih, dengan mana pihak penanggung mengikatkan diri kepada tertanggung, dengan menerima premi asuransi untuk memberikan penggantian kepada tertanggung karena kerugian, kerusakan, atau kehilangan keuntungan yang diharapkan, atau tanggung jawab hukum kepada pihak ketiga yang mungkin diderita tertanggung, yang timbul dari suatu peristiwa yang tidak pasti atau untuk memberikan suatu pembayaran yang didasarkan atas meninggal atau hidupnya seseorang yang dipertanggungkan. kelima asuransi syariah menurut fatwa dsn-mui, yang lebih dikenal dengan ta’mîn, takâful, atau tadhâmun adalah usaha saling melindungi dan tolong-menolong di antara sejumlah orang atau pihak melalui investasi dalam bentuk aset dan atau tabarru’ memberikan pola pengembalian untuk menghadapi risiko tertentu melalui akad yang sesuai dengan syariah. dari definisi asuransi syariah di atas dapat dijelaskan bahwa: pertama, asuransi syariah berbeda dengan asuransi konvensional. pada asuransi syariah setiap peserta sejak awal bermaksud saling menolong dan melindungi satu dengan yang lain dengan menyisihkan dananya sebagai iuran kebajikan yang disebut tabarru’. jadi sistem ini tidak menggunakan pengalihan risiko (transfer of risk) di mana tertanggung harus membayar premi, tetapi lebih merupakan pembagian risiko (sharing of risk) di mana para peserta saling menanggung. kedua, akad yang digunakan dalam asuransi syariah harus selaras dengan hukum islam (syariah), artinya akad yang dilakukan harus terhindar dari riba, gharar (ketidak jelasan dana), dan maysir (gambling), di samping itu investasi dana harus pada objek yang halâl-thoyyibah. al-iqtishad: vol. iii, no. 1, januari 2011 53 4 jaminan sepenuhnya kepada pembayar iuran jika terjadi sesuatu yang menimpa pihak pertama sesuai dengan perjanjian yang dibuat. ketiga, dalam kitab undang-undang hukum dagang (kuhd) pasal 246 dijelaskan bahwa yang dimaksud asuransi atau pertanggungan adalah suatu perjanjian (timbal balik), dengan mana seorang penanggung mengikatkan diri kepada seorang tertanggung, dengan menerima suatu premi, untuk memberikan penggantian kepadanya, karena suatu kerugian, kerusakan, atau kehilangan keuntungan yang diharapkan, yang mungkin akan dideritanya, karena suatu peristiwa tak tentu (onzeker vooral). keempat, asuransi menurut undang-undang no. 2 tahun 1992 tentang usaha perasuransian, bahwa yang dimaksud dengan asuransi atau pertanggungan adalah perjanjian antara dua pihak atau lebih, dengan mana pihak penanggung mengikatkan diri kepada tertanggung, dengan menerima premi asuransi untuk memberikan penggantian kepada tertanggung karena kerugian, kerusakan, atau kehilangan keuntungan yang diharapkan, atau tanggung jawab hukum kepada pihak ketiga yang mungkin diderita tertanggung, yang timbul dari suatu peristiwa yang tidak pasti atau untuk memberikan suatu pembayaran yang didasarkan atas meninggal atau hidupnya seseorang yang dipertanggungkan. kelima asuransi syariah menurut fatwa dsn-mui, yang lebih dikenal dengan ta’mîn, takâful, atau tadhâmun adalah usaha saling melindungi dan tolong-menolong di antara sejumlah orang atau pihak melalui investasi dalam bentuk aset dan atau tabarru’ memberikan pola pengembalian untuk menghadapi risiko tertentu melalui akad yang sesuai dengan syariah. dari definisi asuransi syariah di atas dapat dijelaskan bahwa: pertama, asuransi syariah berbeda dengan asuransi konvensional. pada asuransi syariah setiap peserta sejak awal bermaksud saling menolong dan melindungi satu dengan yang lain dengan menyisihkan dananya sebagai iuran kebajikan yang disebut tabarru’. jadi sistem ini tidak menggunakan pengalihan risiko (transfer of risk) di mana tertanggung harus membayar premi, tetapi lebih merupakan pembagian risiko (sharing of risk) di mana para peserta saling menanggung. kedua, akad yang digunakan dalam asuransi syariah harus selaras dengan hukum islam (syariah), artinya akad yang dilakukan harus terhindar dari riba, gharar (ketidak jelasan dana), dan maysir (gambling), di samping itu investasi dana harus pada objek yang halâl-thoyyibah. 5 nilai filosofis asuransi syariah allah swt. menciptakan manusia di muka bumi sebagai khalifah (wakil allah) yang bertugas untuk memakmurkan kehidupan di muka bumi. firman allah swt. dalam q.s. al-baqarah [2]: 30:                          ingatlah ketika tuhanmu berfirman kepada para malaikat, ‚sesungguhnya aku hendak menjadikan khalifah di muka bumi. (q.s. al-baqarah [2]: 30) sebagai makhluk yang lemah, manusia harus senantiasa sadar bahwa keberadaannya tidak akan mampu hidup sendiri tanpa bantuan orang lain atau sesamanya. solusinya adalah firman allah swt. dalam q.s. al-mâ’idah [5]: 2:                                       tolong-menolonglah kamu dalam (mengerjakan) kebaikan dan takwa, dan jangan tolong-menolong dalam berbuat dosa dan permusuhan. dan bertakwalah kamu kepada allah, sesungguhnya allah amat berat siksa-nya. (q.s. al-mâ’idah [5]: 2). dengan ayat ini, manusia dituntun oleh allah swt. agar selalu berbuat tolong-menolong (ta’âwun) antar sesamanya dalam kebaikan dan didasari atas nilai takwa kepada allah swt. hal ini merupakan satu prinsip dasar yang harus dipegang manusia dalam menjalani kehidupannya di atas permukaan bumi ini. dengan saling melakukan tolong-menolong (ta’âwun), manusia telah menjalankan satu fitrah dasar yang diberikan allah swt. kepadanya. prinsip dasar inilah yang menjadi salah satu nilai filosofi dari berlakunya asuransi syariah. di sisi lain, manusia mempunyai sifat lemah dalam menghadapi kejadian yang akan datang. sifat lemah tersebut berbentuk ketidaktahuannya terhadap kejadian yang akan menimpa pada dirinya. manusia tidak dapat memastikan bagaimana keadaannya pada waktu di kemudiaan hari (future time). firman allah swt. telah ditegaskan dalam q.s. al-taghâbun [64]:11 dan q.s. luqmân [31]: 34: am hasan ali: kapita selekta asuransi syariah: telaah umum 54 6                                tidak ada sesuau musibahpun yang menimpa seseorang kecuali dengan izin allah (q.s. al-taghâbun [64]: 11)                                                      sesungguhnya allah, hanya pada sisi-nya sajalah pengetahuan tentang hari kiamat; dan dia-lah yang menurunkan hujan, dan mengetahui apa yang ada dalam rahim. dan tidak seorangpun yang dapa mengetahui (dengan pasti) apa yang akan diusahakannya besok, dan tiada seorangpun yang dapat mengetahui di bumi mana ia akan mati. sesungguhnya allah maha mengetahui lagi maha mengenal. (q.s. luqmân [31]: 34) apakah hari esok dia (manusia) masih dalam keadaan sehat wal afiat dan masih dapat melihat terbitnya matahari di sebelah timur atau apakah harta kekayaannya masih dalam keadaan aman dan tidak akan mengalami kehancuran atau terkena kebakaran? sebuah pertanyaan yang tidak akan dapat dipastikan jawabannya oleh manusia, karena kemampuan dasar yang dimiliki oleh manusia tidak dapat menjangkau hal-hal yang belum terjadi. allah swt. tidak memberikan kemampuan tersebut kepada manusia. kemampuan yang diberikan kepada manusia hanya sebatas memprediksikan dan merencanakan (planning) sesuatu yang belum terjadi serta memproteksi segala sesuatu yang dirasa akan memberikan kerugian di masa mendatang. suatu yang telah menjadi ketetapan-nya adalah ajal (kematian) yang akan dialami oleh setiap manusia. firman allah swt. dalam surah âli ‘imrân [3]: 145 dan 185: al-iqtishad: vol. iii, no. 1, januari 2011 55 6                                tidak ada sesuau musibahpun yang menimpa seseorang kecuali dengan izin allah (q.s. al-taghâbun [64]: 11)                                                      sesungguhnya allah, hanya pada sisi-nya sajalah pengetahuan tentang hari kiamat; dan dia-lah yang menurunkan hujan, dan mengetahui apa yang ada dalam rahim. dan tidak seorangpun yang dapa mengetahui (dengan pasti) apa yang akan diusahakannya besok, dan tiada seorangpun yang dapat mengetahui di bumi mana ia akan mati. sesungguhnya allah maha mengetahui lagi maha mengenal. (q.s. luqmân [31]: 34) apakah hari esok dia (manusia) masih dalam keadaan sehat wal afiat dan masih dapat melihat terbitnya matahari di sebelah timur atau apakah harta kekayaannya masih dalam keadaan aman dan tidak akan mengalami kehancuran atau terkena kebakaran? sebuah pertanyaan yang tidak akan dapat dipastikan jawabannya oleh manusia, karena kemampuan dasar yang dimiliki oleh manusia tidak dapat menjangkau hal-hal yang belum terjadi. allah swt. tidak memberikan kemampuan tersebut kepada manusia. kemampuan yang diberikan kepada manusia hanya sebatas memprediksikan dan merencanakan (planning) sesuatu yang belum terjadi serta memproteksi segala sesuatu yang dirasa akan memberikan kerugian di masa mendatang. suatu yang telah menjadi ketetapan-nya adalah ajal (kematian) yang akan dialami oleh setiap manusia. firman allah swt. dalam surah âli ‘imrân [3]: 145 dan 185: 7           sesuatu yang bernyawa tidak akan mati melainkan dengan izin allah, sebagai ketetapan yang tertentu waktunya. (q.s. âli ‘imrân [3]: 145)        tiap-tiap yang berjiwa akan merasakan mati. (q.s. âli ‘imrân [3]: 185) dalam hal ini manusia ditugaskan hanya mengatur bagaimana cara mengelola kehidupannya agar mendapatkan kebahagiaan di dunia dan akhirat (sa‘âdah al-dârayn), seperti firman allah swt. dalam q.s. al-baqarah [2]: 201. adapun salah satu caranya adalah dengan menyiapkan bekal (proteksi) untuk kepentingan di masa datang agar segala sesuatu yang bernilai negatif, baik dalam bentuk musibah, kecelakaan, kebakaran ataupun kematian, dapat diminimalisir kerugiannya. hal semacam ini telah dicontohkan oleh nabi yusuf secara jelas dalam mentakwilkan mimpi raja mesir tentang tujuh ekor sapi betina yang gemuk dimakan oleh tujuh ekor sapi betina yang kurus. firman allah swt. dalam surah yûsuf [12]: 46-49:                                                                                                                                   (setelah pelayan itu berjumpa dengan yusuf dia berseru): ‚yusuf, hai orang yang amat dipercaya, terangkanlah kepada kami tentang tujuh ekor sapi betina yang gemuk-gemuk yang dimakan oleh tujuh ekor sapi betina yang am hasan ali: kapita selekta asuransi syariah: telaah umum 56 8 kurus-kurus dan tujuh bulir (gandum) yang hijau dan (tujuh) lainnya yang kering agar aku kembali kepada orang-orang itu, agar mereka mengetahuinya‛. yusuf berkata, ‚supaya kamu bertanam tujuh tahun (lamanya) sebagaimana biasa, maka apa yang kamu tuai hendaklah kamu biarkan di bulirnya kecuali sedikit untuk kamu makan. kemudian sesudah itu akan datang tujuh tahun yang amat sulit, yang menghabiskan apa yang kamu simpan untuk menghadapinya (tahun sulit), kecuali sedikit dari (bibit gandum) yang kamu simpan. kemudian setelah itu akan datang tahun yang padanya manusia diberi hujan (dengan cukup) dan di masa itu mereka memeras anggur). (q.s. yâsuf [12]: 46-49) ayat di atas memberikan pelajaran berharga bagi manusia pada saat ini yang secara ekonomi dituntun agar mengadakan persiapan secara matang untuk menghadapi masa-masa yang sulit jikalau menimpanya pada waktu yang akan datang. praktik asuransi ataupun bisnis pertanggungan dewasa ini telah mengadopsi semangat yang timbul dari nilai-nilai yang telah berkembang sejak zaman dahulu dan ada bersamaan dengan kehadiran manusia. paling tidak terekam melalui cerita nabi yusuf di atas dan penjelasan dalam alquran atau sunah nabi muhammad saw. jadi, prinsip dasar inilah yang menjadi tolok ukur dari nilai filosofi asuransi syariah yang berkembang pada saat ini, yaitu dalam bentuk semangat tolongmenolong, bekerjasama dan proteksi terhadap peril (peristiwa yang membawa kerugian). pendapat ulama tentang asuransi para ulama awalnya berbeda pendapat dalam menentukan keabsahan praktik hukum asuransi. secara garis besar, kontroversi terhadap masalah ini dapat dipilah menjadi dua kelompok, yaitu pertama ulama yang mengharamkan asuransi, dan kedua ulama yang membolehkan asuransi. kedua kelompok ini mempunyai hujjah (dasar hukum) masing-masing dan memberikan alasanalasan hukum sebagai penguat terhadap pendapat yang disampaikannya. di antara pendapat para ulama dalam masalah asuransi ini ada yang mengharamkan asuransi dalam bentuk apapun dan ada yang membolehkan semua bentuk asuransi. disamping itu ada yang berpendapat membolehkan asuransi yang bersifat sosial (ijtimâ’î) dan mengharamkan asuransi yang bersifat komersial (tijârî) serta ada pula yang meragukannya (syubhât). alasan ulama yang mengharamkan praktik asuransi, adalah: pertama, asuransi mengandung unsur perjudian yang dilarang di dalam islam. kedua, asuranal-iqtishad: vol. iii, no. 1, januari 2011 57 8 kurus-kurus dan tujuh bulir (gandum) yang hijau dan (tujuh) lainnya yang kering agar aku kembali kepada orang-orang itu, agar mereka mengetahuinya‛. yusuf berkata, ‚supaya kamu bertanam tujuh tahun (lamanya) sebagaimana biasa, maka apa yang kamu tuai hendaklah kamu biarkan di bulirnya kecuali sedikit untuk kamu makan. kemudian sesudah itu akan datang tujuh tahun yang amat sulit, yang menghabiskan apa yang kamu simpan untuk menghadapinya (tahun sulit), kecuali sedikit dari (bibit gandum) yang kamu simpan. kemudian setelah itu akan datang tahun yang padanya manusia diberi hujan (dengan cukup) dan di masa itu mereka memeras anggur). (q.s. yâsuf [12]: 46-49) ayat di atas memberikan pelajaran berharga bagi manusia pada saat ini yang secara ekonomi dituntun agar mengadakan persiapan secara matang untuk menghadapi masa-masa yang sulit jikalau menimpanya pada waktu yang akan datang. praktik asuransi ataupun bisnis pertanggungan dewasa ini telah mengadopsi semangat yang timbul dari nilai-nilai yang telah berkembang sejak zaman dahulu dan ada bersamaan dengan kehadiran manusia. paling tidak terekam melalui cerita nabi yusuf di atas dan penjelasan dalam alquran atau sunah nabi muhammad saw. jadi, prinsip dasar inilah yang menjadi tolok ukur dari nilai filosofi asuransi syariah yang berkembang pada saat ini, yaitu dalam bentuk semangat tolongmenolong, bekerjasama dan proteksi terhadap peril (peristiwa yang membawa kerugian). pendapat ulama tentang asuransi para ulama awalnya berbeda pendapat dalam menentukan keabsahan praktik hukum asuransi. secara garis besar, kontroversi terhadap masalah ini dapat dipilah menjadi dua kelompok, yaitu pertama ulama yang mengharamkan asuransi, dan kedua ulama yang membolehkan asuransi. kedua kelompok ini mempunyai hujjah (dasar hukum) masing-masing dan memberikan alasanalasan hukum sebagai penguat terhadap pendapat yang disampaikannya. di antara pendapat para ulama dalam masalah asuransi ini ada yang mengharamkan asuransi dalam bentuk apapun dan ada yang membolehkan semua bentuk asuransi. disamping itu ada yang berpendapat membolehkan asuransi yang bersifat sosial (ijtimâ’î) dan mengharamkan asuransi yang bersifat komersial (tijârî) serta ada pula yang meragukannya (syubhât). alasan ulama yang mengharamkan praktik asuransi, adalah: pertama, asuransi mengandung unsur perjudian yang dilarang di dalam islam. kedua, asuran 9 si mengandung unsur ketidakpastian. ketiga, asuransi mengandung unsur riba yang dilarang dalam islam. keempat, asuransi termasuk jual-beli atau tukar menukar mata uang tidak secara tunai. kelima, asuransi objek bisnisnya digantungkan pada hidup matinya seseorang, yang berarti mendahului takdir allah swt. keenam, asuransi mengandung unsur eksploitasi yang bersifat menekan. menurut mahdi hasan, pelarangan praktik asuransi dikarenakan: pertama, asuransi tak lain adalah riba berdasarkan kenyataan bahwa tidak ada kesetaraan antara dua pihak yang terlibat, padahal kesetaraan demikian wajib adanya. kedua, asuransi juga adalah perjudian, karena ada penggantungan kepemilikan pada munculnya risiko. ketiga, asuransi adalah pertolongan dalam dosa, karena perusahaan asuransi, meskipun milik negara, merupakan institusi yang mengadakan transaksi dengan riba. keempat, dalam asuransi jiwa juga ada unsur penyuapan (risywah), karena kompensasi di dalamnya adalah untuk sesuatu yang tidak dapat dinilai. argumentasi ulama dalam membolehkan asuransi adalah: pertama, tidak terdapat nas alquran atau hadis yang melarang asuransi. kedua, dalam asuransi terdapat kesepakatan dan kerelaan antara kedua belah pihak. ketiga, asuransi menguntungkan kedua belah pihak. keempat, asuransi mengandung kepentingan umum, sebab premi-premi yang terkumpul dapat diinvestasikan dalam kegiatan pembangunan. kelima, asuransi termasuk akad mudhârabah antara pemegang polis dengan perusahaan asuransi. keenam, asuransi termasuk syirkah al-ta’âwuniyyah, usaha bersama yang didasarkan pada prinsip tolongmenolong. akad pada asuransi syariah akad pada operasional asuransi syariah dapat didasarkan pada akad tabarru’, yaitu akad yang didasarkan atas pemberian dan pertolongan dari satu pihak kepada pihak yang lain.1 akad tabarru’ merupakan bagian dari tabaddul alhaq (pemindahan hak). walaupun pada dasarnya akad tabarru’ hanya searah dan tidak disertai dengan imbalan, tetapi ada kesamaan prinsip dasar di dalamnya, yaitu adanya nilai pemberian yang didasarkan atas prinsip tolong-menolong dengan melibatkan perusahaan asuransi sebagai lembaga pengelolah dana. dengan akad tabarru’ berarti peserta asuransi telah melakukan persetujuan dan perjanjian dengan perusahaan asuransi (sebagai lembaga pengelola) untuk menyerahkan pembayaran sejumlah dana (premi) ke perusahaan agar dikelola dan dimanfaatkan untuk membantu peserta lain yang kebetulan meng 1 mushthafâ ahmad zarqâ, al-madkhal al-fiqh al-‘am, juz i, (bayrût: dâr al-fikr, 1968), h. 291. am hasan ali: kapita selekta asuransi syariah: telaah umum 58 10 alami kerugian. akad tabarru’ ini mempunyai tujuan utama yaitu terwujudnya kondisi saling tolong-menolong antara peserta asuransi untuk saling menanggung (takâful) bersama. zarqâ tidak menyebutkan akad takâful dalam mengilustrasikan kondisi semacam ini, tetapi dengan memakai istilah akad tabarru’.2 sebagai implikasinya, adalah peniadaan prinsip pertukaran (tabaddul) yang laik terjadi pada akad al-bay’ (jual-beli). akad tabaddulî adalah akad yang selama ini dipakai oleh perusahaan asuransi konvensional, yaitu memosisikan nasabah asuransi sebagai pembeli polis yang dikeluarkan oleh perusahaan asuransi, sedang pihak perusahaan adalah penjual polis yang harus dibayar melalui pembayaran premi. akibat dari akad ini (tabadulî) adalah keharusan pemindahan hak.3 akad lain yang dapat diterapkan dalam bisnis asuransi adalah akad mudhârabah, yaitu satu bentuk akad yang didasarkan pada prinsip profit and loss sharing (berbagi atas untung dan rugi), di mana dana yang terkumpul dalam total rekening tabungan (saving) dapat diinvestasikan oleh perusahaan asuransi yang risiko investasi ditanggung bersama antara perusahaan dan nasabah. secara ringkas, dapat dikatakan bahwa dalam praktik asuransi paling tidak ada dua akad yang membentuknya, yaitu: akad tabarru’ dan akad mudhârabah. akad tabarru’ terkumpul dalam rekening dana sosial yang tujuan utamanya digunakan untuk saling menanggung (takâful) peserta asuransi yang mengalami musibah kerugian. sedang akad mudhârabah terwujud ketika dana yang terkumpul dalam perusahaan asuransi itu diinvestasikan dalam wujud usaha yang diproyeksikan menghasilkan keuntungan (profit). karena landasan dasar yang awal dari akad mudhârabah ini adalah prinsip profit and loss sharing, maka jika dalam investasinya mendapat keuntungan, maka keuntungan tersebut dibagi bersama sesuai dengan porsi (nishbah) yang disepakati. sebaliknya jika dalam investasinya mengalami kerugian (loss atau negative return) maka kerugian tersebut juga dipikul bersama antara peserta asuransi dan perusahaan. perbedaan asuransi syariah dan asuransi konvensional ada beberapa perbedaan antara asuransi syariah dan asuransi konvensional. pertama, masalah akad. dalam operasional asuransi, akad antara perusahaan dengan peserta harus jelas. apakah akadnya jual beli (tabadulî) atau tolong-menolong (takâful). dalam asumsi biasa (konvensional) terjadi kerancuan/ 2 mushthafâ ahmad al-zarqâ, al-madkhal al-fiqh al-‘am, juz i, h. 291. 3 pemindahan hak ini berupa perpindahan kepemilikan harta (dana) yang disetor melalui pembayaran premi, yang awalnya masih menjadi milik peserta asuransi tetapi setelah dibayarkan ke perusahaan asuransi, dana tersebut menjadi milik perusahaan, bukan lagi menjadi milik peserta. al-iqtishad: vol. iii, no. 1, januari 2011 59 10 alami kerugian. akad tabarru’ ini mempunyai tujuan utama yaitu terwujudnya kondisi saling tolong-menolong antara peserta asuransi untuk saling menanggung (takâful) bersama. zarqâ tidak menyebutkan akad takâful dalam mengilustrasikan kondisi semacam ini, tetapi dengan memakai istilah akad tabarru’.2 sebagai implikasinya, adalah peniadaan prinsip pertukaran (tabaddul) yang laik terjadi pada akad al-bay’ (jual-beli). akad tabaddulî adalah akad yang selama ini dipakai oleh perusahaan asuransi konvensional, yaitu memosisikan nasabah asuransi sebagai pembeli polis yang dikeluarkan oleh perusahaan asuransi, sedang pihak perusahaan adalah penjual polis yang harus dibayar melalui pembayaran premi. akibat dari akad ini (tabadulî) adalah keharusan pemindahan hak.3 akad lain yang dapat diterapkan dalam bisnis asuransi adalah akad mudhârabah, yaitu satu bentuk akad yang didasarkan pada prinsip profit and loss sharing (berbagi atas untung dan rugi), di mana dana yang terkumpul dalam total rekening tabungan (saving) dapat diinvestasikan oleh perusahaan asuransi yang risiko investasi ditanggung bersama antara perusahaan dan nasabah. secara ringkas, dapat dikatakan bahwa dalam praktik asuransi paling tidak ada dua akad yang membentuknya, yaitu: akad tabarru’ dan akad mudhârabah. akad tabarru’ terkumpul dalam rekening dana sosial yang tujuan utamanya digunakan untuk saling menanggung (takâful) peserta asuransi yang mengalami musibah kerugian. sedang akad mudhârabah terwujud ketika dana yang terkumpul dalam perusahaan asuransi itu diinvestasikan dalam wujud usaha yang diproyeksikan menghasilkan keuntungan (profit). karena landasan dasar yang awal dari akad mudhârabah ini adalah prinsip profit and loss sharing, maka jika dalam investasinya mendapat keuntungan, maka keuntungan tersebut dibagi bersama sesuai dengan porsi (nishbah) yang disepakati. sebaliknya jika dalam investasinya mengalami kerugian (loss atau negative return) maka kerugian tersebut juga dipikul bersama antara peserta asuransi dan perusahaan. perbedaan asuransi syariah dan asuransi konvensional ada beberapa perbedaan antara asuransi syariah dan asuransi konvensional. pertama, masalah akad. dalam operasional asuransi, akad antara perusahaan dengan peserta harus jelas. apakah akadnya jual beli (tabadulî) atau tolong-menolong (takâful). dalam asumsi biasa (konvensional) terjadi kerancuan/ 2 mushthafâ ahmad al-zarqâ, al-madkhal al-fiqh al-‘am, juz i, h. 291. 3 pemindahan hak ini berupa perpindahan kepemilikan harta (dana) yang disetor melalui pembayaran premi, yang awalnya masih menjadi milik peserta asuransi tetapi setelah dibayarkan ke perusahaan asuransi, dana tersebut menjadi milik perusahaan, bukan lagi menjadi milik peserta. 11 ketidakjelasan dalam masalah akad. pada asuransi biasa akad yang melandasi adalah jual beli (aqd tabaduli). oleh karena itu syarat-syarat dalam akad jual beli harus terpenuhi dan tidak boleh dilanggar ketentuan syariahnya. syarat dalam transaksi jual beli adalah adanya penjual, pembeli, terdapatnya harga, dan barang yang diperjualbelikan. pada asuransi biasa, penjual, pembeli, barang atau yang akan diperoleh ada, yang dipersoalkan adalah berapa besar premi yang harus dibayar kepada perusahaan asuransi, padahal hanya allah swt. yang tahu tahun berapa kita meninggal. jadi pertanggungan yang akan diperoleh sesuai dengan perjanjian, akan tetapi jumlah yang akan disetorkan tidak jelas tergantung usia kita, dan hanya allah swt. yang tahu kapan kita meninggal. dengan demikian akadnya jual beli maka dalam asuransi biasa terjadi cacat secara syariah karena tidak jelas (gharar). yaitu berapa besar yang akan dibayarkan kepada pemegang polis (pada produk saving) atau berapa besar yang akan diterima pemegang polis (pada produk non saving). kedua, ada gharar (ketidakjelasan). definisi gharar menurut mazhab syâfi’î adalah apa-apa yang akibatnya tersembunyi dalam pandangan kita dan akibat yang paling kita takuti. ibn taimiyyah bicara tentang gharar, yaitu al-gharar yang tidak diketahui akibatnya. sedangkan ibn al-qayyim berkata al-gharar adalah yang tidak bisa diukur penerimaannya baik barang itu ada atau tidak ada, seperti menjual hamba yang melarikan diri dan onta liar meskipun ada. pada asuransi konvensional, terjadi karena tidak ada kejelasan ma‘qûd ‘alayh (sesuatu yang diakadkan), yaitu meliputi beberapa sesuatu akan diperoleh (ada atau tidak, besar atau kecil). tidak diketahui berapa yang akan dibayarkan, tidak diketahui berapa lama kita harus membayar (karena hanya allah swt. yang tahu kapan kita meninggal). karena tidak lengkapnya rukun dari akad maka terjadilah gharar. oleh karena itu para ulama berpendapat bahwa akad jual beli atau akad pertukaran harta benda dalam hal ini adalah cacat secara hukum. takâful mengganti akad tadi dengan niat tabarru (aqd takâfulî), yaitu suatu niat tolong-menolong pada sesama peserta takâful apabila ada yang ditakdirkan mendapat musibah. pertolongan tersebut tentunya tidak tertutup kemungkinan untuk kita atau keluarga apabila allah swt. mentakdirkan kita lebih dahulu mendapat musibah. mekanisme ini oleh para ulama dianggap paling selamat, karena kita menghindari larangan allah dalam praktik muamalah yang gharar seperti yang disebutkan dalam beberapa hadis. rasulullah saw. pernah melarang jual beli gharar (h.r. muslim). dari ‘ali r.a., rasulullah saw. pernah melarang jual beli orang terpaksa, jual beli gharar (h.r. abû dâwud). am hasan ali: kapita selekta asuransi syariah: telaah umum 60 12 konsekuensi dari akad dalam asuransi konvensional, dana peserta menjadi milik perusahaan asuransi. sedangkan dalam asuransi takâful, dana yang terkumpul adalah milik peserta dan takâful tidak boleh mengklaim milik takâful. ketiga, masalah tabarru’. tabarru’ berasal dari kata tabarra’a-yatabarra’utabarru’an, yang artinya sumbangan atau derma. orang yang menyumbang disebut mutabarri (dermawan). niat tabarru’ merupakan alternatif uang yang sah dan diperkenankan. tabarru’ bermaksud memberikan dana kebajikan secara ikhlas untuk tujuan saling membantu satu sama lain sesama peserta takâful, ketika di antaranya ada yang mendapat musibah. oleh karena itu dana tabarru’ disimpan dalam rekening khusus. apabila ada yang tertimpa musibah, dana klaim yang diberikan adalah dari rekening tabarru’ yang sudah diniatkan oleh sesama takâful untuk saling tolong-menolong. menyisihkan harta untuk tujuan membantu orang yang terkena musibah sangat dianjurkan dalam agama islam, dan akan mendapat balasan yang sangat besar di hadapan allah swt., sebagaimana digambarkan dalam hadis nabi saw. bahwa barang siapa memenuhi hajat saudaranya maka allah swt. akan memenuhi hajatnya (h.r. al-bukhârî, muslim, dan abû dâwud). keempat, masalah maysir (judi, untung-untungan). dalam mekanisme asuransi konvensional terdapat maysir (untung-untungan), sebagai akibat dari status kepemilikan dana dan adanya gharar. al-gharar menurut bahasa artinya penipuan, yang tidak ada unsur rela pada pelaksanaannya sehingga termasuk memakan harta batil. pada bagian lain, wahbah al-zuhaylî berujar bahwa bay’ al-gharar adalah jual beli yang mengandung risiko bagi salah seorang yang mengadakan akad sehingga mengakibatkan hilangnya harta. faktor inilah yang dalam asuransi konvensional disebut maysir (gambling). musthafâ ahmad al-zarqâ berkata bahwa dalam asuransi konvensional terdapat unsur gharar yang pada gilirannya menimbulkan qimâr. sedangkan alqimâr sama dengan al-maysir. muhammad fadhlî yûsuf menjelaskan bahwa dalam asuransi konvensional terdapat unsur maysir karena adanya unsur gharar, terutama dalam kasus asuransi jiwa. apabila pemegang polis asuransi jiwa meninggal dunia, sebelum periode akhir polis asuransinya, namun telah membayar preminya sebagian maka tanggungannya akan menerima sejumlah uang tertentu. bagaimana cara memperoleh uang dan dari mana asalnya tidak diberitahukan kepada pemegang polis. hal ini dipandang sebagai al-maysir. unsur ini pula yang terdapat dalam bisnis asuransi, dimana keuntungan yang diperoleh al-iqtishad: vol. iii, no. 1, januari 2011 61 12 konsekuensi dari akad dalam asuransi konvensional, dana peserta menjadi milik perusahaan asuransi. sedangkan dalam asuransi takâful, dana yang terkumpul adalah milik peserta dan takâful tidak boleh mengklaim milik takâful. ketiga, masalah tabarru’. tabarru’ berasal dari kata tabarra’a-yatabarra’utabarru’an, yang artinya sumbangan atau derma. orang yang menyumbang disebut mutabarri (dermawan). niat tabarru’ merupakan alternatif uang yang sah dan diperkenankan. tabarru’ bermaksud memberikan dana kebajikan secara ikhlas untuk tujuan saling membantu satu sama lain sesama peserta takâful, ketika di antaranya ada yang mendapat musibah. oleh karena itu dana tabarru’ disimpan dalam rekening khusus. apabila ada yang tertimpa musibah, dana klaim yang diberikan adalah dari rekening tabarru’ yang sudah diniatkan oleh sesama takâful untuk saling tolong-menolong. menyisihkan harta untuk tujuan membantu orang yang terkena musibah sangat dianjurkan dalam agama islam, dan akan mendapat balasan yang sangat besar di hadapan allah swt., sebagaimana digambarkan dalam hadis nabi saw. bahwa barang siapa memenuhi hajat saudaranya maka allah swt. akan memenuhi hajatnya (h.r. al-bukhârî, muslim, dan abû dâwud). keempat, masalah maysir (judi, untung-untungan). dalam mekanisme asuransi konvensional terdapat maysir (untung-untungan), sebagai akibat dari status kepemilikan dana dan adanya gharar. al-gharar menurut bahasa artinya penipuan, yang tidak ada unsur rela pada pelaksanaannya sehingga termasuk memakan harta batil. pada bagian lain, wahbah al-zuhaylî berujar bahwa bay’ al-gharar adalah jual beli yang mengandung risiko bagi salah seorang yang mengadakan akad sehingga mengakibatkan hilangnya harta. faktor inilah yang dalam asuransi konvensional disebut maysir (gambling). musthafâ ahmad al-zarqâ berkata bahwa dalam asuransi konvensional terdapat unsur gharar yang pada gilirannya menimbulkan qimâr. sedangkan alqimâr sama dengan al-maysir. muhammad fadhlî yûsuf menjelaskan bahwa dalam asuransi konvensional terdapat unsur maysir karena adanya unsur gharar, terutama dalam kasus asuransi jiwa. apabila pemegang polis asuransi jiwa meninggal dunia, sebelum periode akhir polis asuransinya, namun telah membayar preminya sebagian maka tanggungannya akan menerima sejumlah uang tertentu. bagaimana cara memperoleh uang dan dari mana asalnya tidak diberitahukan kepada pemegang polis. hal ini dipandang sebagai al-maysir. unsur ini pula yang terdapat dalam bisnis asuransi, dimana keuntungan yang diperoleh 13 tergantung dengan pengalaman si penanggung, keuntungan dipandang sebagai hasil mengambil risiko, bahkan sebagai hasil kerjanya yang riil. lebih jauh muhammad fadhlî yûsuf mengatakan, tetapi apabila pemegang polis mengambil (ikut) asuransi tidak dapat disebut judi. yang boleh disebutkan judi, jika perusahaan asuransi mengandalkan banyak sedikitnya klaim yang dibayar. sebab keuntungan perusahaan asuransi sangat dipengaruhi oleh banyak sedikitnya klaim yang dibayarnya. kelima, masalah riba. dalam hal riba, semua asuransi konvensional menginvestasikan dananya dengan bunga. dengan demikian asuransi konvensional selalu melibatkan diri dalam riba. demikian juga dengan perhitungan kepada peserta, dilakukan dengan menghitung keuntungan di depan. takâful menyimpan dananya di bank yang berdasarkan syariat islam dengan sistem mudhârabah. demikian pula investasinya, selain di bank-bank syariah juga pada bidangbidang lain yang tidak bertentangan dengan syariah. allah dengan tegas melarang praktik riba, ‚hai orang-orang yang beriman janganlah kamu memakan riba yang memang riba itu bersifat berlipat ganda dan bertakwalah kepada allah supaya kamu mendapatkan keberuntungan‛ (âli ‘imrân [3]: 130). sedangkan hadis nabi saw. mengutuk orang-orang yang terlibat dalam transaksi riba, ‚rasulullah mengutuk pemakan riba, pemberi makan riba, penulisnya dan saksinya seraya bersabda kepada mereka semua sama‛. (h.r. muslim) keenam, masalah dana hangus. hal lain yang sering dipermasalahkan oleh para ulama pada asuransi konvensional adalah adanya dana yang hangus, dimana peserta yang tidak dapat melanjutkan pembayaran premi dan ingin mendundurkan diri sebelum masa reversing period, maka dana peserta itu hangus. demikian pula juga asuransi non-saving (tidak mengandung unsur tabungan) atau asuransi kerugian jika habis masa kontrak dan tidak terjadi klaim, maka premi yang dibayarkan akan hangus yang sekaligus menjadi milik pihak asuransi. hal ini menurut para ulama sangat merugikan peserta terutama bagi mereka yang tidak mampu melanjutkan karena suatu hal. di satu sisi tidak punya dana untuk melanjutkan, sedangkan jika tidak melanjutkan dana yang sudah masuk akan hangus. pada kaitan ini peserta dalam posisi yang dizalimi, padahal dalam praktik muamalah dilarang saling menzalimi antara kedua belah pihak, lâ dharar wa lâ dhirâr (tidak ada yang merugikan dan dirugikan). tabel 1: perbedaan asuransi syariah dan asuransi konvensional am hasan ali: kapita selekta asuransi syariah: telaah umum 62 14 no materi pembeda asuransi syariah asuransi konvensional 1 akad tolong-menolong jual-beli (tabadulî) 2 kepemilikan dana dana yang terkumpul dari nasabah (premi) merupakan milik peserta, perusahaan hanya sebagai pemegang amanah untuk mengelolahnya dana yang terkumpul dari nasabah (premi) menjadi milik perusahaan. perusahaan bebas untuk menentukan investasinya 3 investasi dana investasi dana berdasar syariah dengan sistem bagi hasil (mudhârabah) investasi dana berdasarkan bunga (riba) 4 pembayaran klaim dari rekening tabaru’ (dana sosial) seluruh peserta. dari rekening dana perusahaan 5 keuntungan dibagi antara perusahaan dengan peserta, sesuai prinsip bagi hasil seluruhnya menjadi milik perusahaan 6 dewan pengawas syariah ada dewan pengawas syariah. mengawasi manajemen, produk dan investasi. tidak ada masalah-masalah aktual dalam praktik asuransi syariah pertama, payung hukum yang belum kuat. saat ini, eksistensi asuransi syariah di indonesia masih didasarkan pada surat keputusan direktorat jenderal lembaga keuangan nomor: kep. 4499/lk/2000 tentang jenis, penilaian dan pembatasan investasi perusahaan asuransi dan perusahaan reasuransi dengan sistem syariah. oleh karena itu, perlu adanya terobosan konstruktif dan bentuk penguatan secara yuridis eksistensi asuransi syariah baik berupa undang-undang (uu) atau peraturan pemerintah (pp). kedua, perlu adanya kejelasan antara hak dan kewajiban antara pihakpihak yang terlibat dalam kegiatan asuransi syariah. dalam hal ini, hak dan kewajiban antara pihak tertanggung dan pihak penanggung perlu ditegaskan secara transparan. karena saat ini, disinyalir adanya ketidakjelasan terhadap dana tabarru’ yang terhimpun dalam perusahaan asuransi syariah dan belum ada kontrol pengawasan terhadap kumpulan dana tabarru’ yang jumlahnya disinyalir akan terus bertambah. ketiga, pembenahan di tingkat sumber daya insani (sdi) pada perusahaan asuransi syariah yang saat ini masih berorientasi paradigma konvensional. oleh al-iqtishad: vol. iii, no. 1, januari 2011 63 14 no materi pembeda asuransi syariah asuransi konvensional 1 akad tolong-menolong jual-beli (tabadulî) 2 kepemilikan dana dana yang terkumpul dari nasabah (premi) merupakan milik peserta, perusahaan hanya sebagai pemegang amanah untuk mengelolahnya dana yang terkumpul dari nasabah (premi) menjadi milik perusahaan. perusahaan bebas untuk menentukan investasinya 3 investasi dana investasi dana berdasar syariah dengan sistem bagi hasil (mudhârabah) investasi dana berdasarkan bunga (riba) 4 pembayaran klaim dari rekening tabaru’ (dana sosial) seluruh peserta. dari rekening dana perusahaan 5 keuntungan dibagi antara perusahaan dengan peserta, sesuai prinsip bagi hasil seluruhnya menjadi milik perusahaan 6 dewan pengawas syariah ada dewan pengawas syariah. mengawasi manajemen, produk dan investasi. tidak ada masalah-masalah aktual dalam praktik asuransi syariah pertama, payung hukum yang belum kuat. saat ini, eksistensi asuransi syariah di indonesia masih didasarkan pada surat keputusan direktorat jenderal lembaga keuangan nomor: kep. 4499/lk/2000 tentang jenis, penilaian dan pembatasan investasi perusahaan asuransi dan perusahaan reasuransi dengan sistem syariah. oleh karena itu, perlu adanya terobosan konstruktif dan bentuk penguatan secara yuridis eksistensi asuransi syariah baik berupa undang-undang (uu) atau peraturan pemerintah (pp). kedua, perlu adanya kejelasan antara hak dan kewajiban antara pihakpihak yang terlibat dalam kegiatan asuransi syariah. dalam hal ini, hak dan kewajiban antara pihak tertanggung dan pihak penanggung perlu ditegaskan secara transparan. karena saat ini, disinyalir adanya ketidakjelasan terhadap dana tabarru’ yang terhimpun dalam perusahaan asuransi syariah dan belum ada kontrol pengawasan terhadap kumpulan dana tabarru’ yang jumlahnya disinyalir akan terus bertambah. ketiga, pembenahan di tingkat sumber daya insani (sdi) pada perusahaan asuransi syariah yang saat ini masih berorientasi paradigma konvensional. oleh 15 karena itu diperlukan adanya pemahaman secara mendasar oleh sdi yang bergerak pada industri asuransi syariah tentang ekonomi syariah. perlu dukungan yang kuat (political will) dari pihak pemerintah, dalam hal ini kementerian keuangan ri, untuk memberikan dukungan pengembangan industri asuransi syariah di indonesia. penutup kabar menggembirakan sekaligus tantangan bagi peradilan agama yang mulai tahun 2006 mendapat limpahan wewenang dalam menangani sengketa yang berkaitan dengan masalah ekonomi syariah. berkenaan dengan wewenang tersebut diperlukan segera hukum ekonomi syariah positif, sebagai pedoman sekaligus panduan bagi para hakim di lingkungan peradilan agama untuk menyelesaikan sengketa di antara pelaku bisnis ekonomi syariah. oleh karena itu, maksud mahkamah agung untuk segera menyusun kompilasi hukum ekonomi syariah merupakan langkah nyata dan perlu mendapat dukungan dari pelbagai pihak dalam ikut berperan serta mengawal berlangsungnya kegiatan industri keuangan syariah di indonesia. adapun bahan materi kompilasi hukum ekonomi syariah yang berkaitan dengan masalah asuransi dapat dirujuk dari: pertama, fatwa dewan syariah nasional mui no.21 tahun 2001 tentang pedoman umum asuransi syariah. kedua, surat keputusan direktorat jenderal lembaga keuangan nomor: kep. 4499/lk/2000 tentang jenis, penilaian dan pembatasan investasi perusahaan asuransi dan perusahaan reasuransi dengan sistem syariah. ketiga, literatur tentang asuransi syariah. [] pustaka acuan ‘abduh, ‘îsâ, al-ta’mîn bayn al-hill wa al-tahrîm, maktabah al-iqtishâd al-islâmî, t.th. billah, mohd. ma’sum, principles & practices of takaful and insurance compared, kuala lumpur: iium press, 2001. dahlan, abdul aziz, dkk. (editor), ensiklopedi hukum islam, jakarta: ichtiar baru van hoeve, 1996. dewan syariah nasional (dsn) majelis ulama indonesia (mui), fatwa dewan syariah nasional no:21/dsn-mui/x/2001 tentang pedoman umum asuransi syariah, jakarta, 2001. fanjarî, al-, muhammad syauqî, al-islâm wa al-ta’mîn, akadz: riyâdh saudi arabiah, 1984. am hasan ali: kapita selekta asuransi syariah: telaah umum 64 16 hasan ali, am, asuransi dalam perspektif hukum islam; suatu tinjauan analisis historis, teoritis, dan praktis, jakarta: prenada media, 2005. hassan, husain hâmid, hukm al-syarî’ah al-islâmiyyah fî ‘uqûd al-ta’mîn, dâr al‘i’tishâm: arab saudi, t.th. muslehuddin, muhammad, insurance and islamic law, penerj: burhan wirasubrata, menggugat asuransi modern; mengajukan suatu alternatif baru dalam perspektif hukum islam, jakarta: lentera, 1999. zarqâ, al-, mushthhafâ ahmad, al-madkhal al-fiqh al-‘am, juz i, bayrût: dâr alfikr, 1968. 1al-iqtishad: vol. iv, no. 1, januari 2012 pesan alquran dalam kerjasama musa dengan syu‘ayb tentang pengelolaan bisnis alimin mesra abstract: a message in the quran about moses and syu'ayb cooperation on business management. prophet moses and prophet syu'ayb companion ultimately led them to work together. this case reveals a number of values that should be developed and applied in life related to business management. this story (q.s. al-qashash [28]: 23-28) reveals a relation between employyees and owners of capital, recruitment patterns, appreciation of performance, professionalism, and some related matters. the cooperation between them can be considered as a symbolic learning delivered by the quran, especially in business development. this story also shows that a partnership should be based on a clear contract that shows such related materials, working period, the amount of wages, security, and others related to their right and obligation. keywords: contextualization, messages, stories, effort, business abstrak: pesan alquran dalam kerjasama musa dengan syu‘ayb tentang pengelolaan bisnis. pertemuan nabi musa dengan nabi syu‘ayb yang pada akhirnya mengantar mereka pada kerja sama mengungkap sejumlah nilai yang patut dikembangkan dan diterapkan dalam kehidupan terkait dengan pengelolaan usaha. penggalan kisah ini (q.s. al-qashash [28]: 23-28) mengungkap relasi antara karyawan dan pemilik modal, pola rekrutmen, apresiasi terhadap kinerja, profesionalisme, dan beberapa hal yang terkait. kerja sama antara keduanya dapat diletakkan sebagai pembelajaran simbolik yang disampaikan alquran tentang upaya pengembangan bisnis. kisah ini juga menunjukkan bahwa jalinan kerjasama harus didasarkan pada kontrak yang secara jelas menyebutkan segala materi yang terkait, seperti masa kerja, jumlah upah, jaminan keamanan, dan hal-hal lainnya yang ter-kait dengan hak dan kewajiban keduanya. kata kunci: kontekstualisasi, pesan, kisah, usaha, bisnis naskah diterima: 2 juli 2011, direvisi: 8 oktober 2011, disetujui: 13 oktober 2011.  nusa istitute. jl. kertamukti, gg. nipan, no. 15, ciputat, tangerang selatan, banten. e-mail: aliminmesra@yahoo.co.id daftar isi 1 pesan alquran dalam kerjasama musa dengan syu‘ayb tentang pengelolaan bisnis alimin mesra 15 penerapan teori akad pada perbankan syariah abdurrauf 37 strategi alternatif marketing perbankan dan lembaga keuangan syariah sofyan rizal 51 efek multiplier zakat terhadap pendapatan di provinsi dki jakarta m nur rianto al arif 67 ihtikâr dan dampaknya terhadap dunia ekonomiˇ moch. bukhori muslim 81 zakat di malaysia dalam perspektif ekonomi nurhasanah 101 faktor-faktor yang berpengaruh terhadap pengambilan nilai pembiayaan murâbahah nina rusydiana & am hasan ali 111 sistem ekonomi islam: suatu pendekatan filsafat, nilai-nilai dasar, dan instrumental anwar abbas 125 prosedur underwriting bancassurance dan asuransi jiwa syariah pada pt. asuransi takâful keluarga ela patriana & rijal assidiq mulyana 137 peran negara dalam hisbah akhmad mujahidin 2 alimin mesra: pesan alquran dalam kerjasama musa dengan syu‘ayb pendahuluan sebuah kenyataan bahwa selain memuat aturan mengenai ibadah dan ketetapan hukum, alquran juga memuat kisah-kisah umat pada masa lampau, terutama para nabi yang diutus allah sebelum nabi muhammad saw. bahkan, hal yang terakhir ini tampak mendapatkan porsi besar dalam lembaran kitab suci alquran, melebihi jumlah ayat-ayat alquran yang berbicara mengenai hukum. menurut pakar ilmu alquran, ayat-ayat hukum dalam alquran berjumlah sekira 600 ayat atau 10% dari keseluruhan ayat. sementara ayat-ayat mengungkap kisah umat terdahulu dan para nabi-nya jauh lebih dari itu, yakni sekitar 1600 atau mencapai 30% dari seluruh ayat dalam alquran.1 ditemukan surah tertentu yang relatif panjang, ayat-ayatnya didominasi oleh kisah, seperti surah yûsuf yang sepenuhnya memuat cerita tentang nabi yûsuf, surah al-kahfi yang setidaknya memuat tiga kisah, dan lain-lain. pengungkapan kisah dalam alquran bukan tanpa tujuan, atau hanya sekadar pengenalan peristiwa yang diceritakan, melainkan bagian dari keragaman cara allah untuk menyampaikan petunjuk-petunjuk-nya. dengan kata lain, kisah tidak menyimpang dari posisi alquran sebagai petunjuk (guidance). kisah-kisah itu dipaparkan oleh allah agar orang-orang yang mengimaninya dapat mengambil pelajaran. tidak sedikit kisah yang dimaksud memberi pesan dengan kalimat ringkas, ‚fa ‘tabirû yâ ulî al-albâb‛ (maka ambillah pelajaran, wahai orang-orang yang berpikir), dan beberapa kalimat yang semakna dengan itu. sayyid quthb menjelaskan bahwa kisah-kisah alquran tidaklah dimaksudkan sebagai suatu uraian sejarah yang utuh dan lengkap mengenai kehidupan satu bangsa dan tokoh tertentu, tetapi hanyalah sebagai suatu bahan pelajaran bagi manusia. dengan demikian, pengungkapan kisah dalam alquran adalah salah satu ciri penyampaian dakwah dalam meyakinkan objeknya.2 nabi musa adalah salah seorang nabi yang paling banyak diceritakan di dalam alquran. pengamatan selintas yang dilakukan penulis menunjukkan bahwa nama ‚musa‛ disebut sampai 135 kali di dalam alquran yang tersebar pada 34 surah.3 dia disebutkan alquran dalam pelbagai konteks, mulai dari 1 hanafi ma., segi-segi kesusastraan kisah-kisah al-qur’an, (jakarta: pustaka al husna, 1983), h. 23. 2 sayid quthb, al tashwîr al-fanniy fî al-qur’ân, (al-qâhirah: 1962), h. 117. 3 data ini didasarkan pada hasil pencarian dengan menggunakan program holy qur’an melalui kata kunci ‚musa’ (arab). pencarian dengan menggunakan kata kunci yang sama (indonesia/melayu) menemukan hasil lebih dari itu. perbedaan ini terjadi karena pencarian melalui tulisan melayu dengan area pencarian pada terjemahan mengakomodasi nama musa yang di dalam teks arab disebut dengan menggunakan dhâmir (kata ganti). 3al-iqtishad: vol. iv, no. 1, januari 2012 pendahuluan sebuah kenyataan bahwa selain memuat aturan mengenai ibadah dan ketetapan hukum, alquran juga memuat kisah-kisah umat pada masa lampau, terutama para nabi yang diutus allah sebelum nabi muhammad saw. bahkan, hal yang terakhir ini tampak mendapatkan porsi besar dalam lembaran kitab suci alquran, melebihi jumlah ayat-ayat alquran yang berbicara mengenai hukum. menurut pakar ilmu alquran, ayat-ayat hukum dalam alquran berjumlah sekira 600 ayat atau 10% dari keseluruhan ayat. sementara ayat-ayat mengungkap kisah umat terdahulu dan para nabi-nya jauh lebih dari itu, yakni sekitar 1600 atau mencapai 30% dari seluruh ayat dalam alquran.1 ditemukan surah tertentu yang relatif panjang, ayat-ayatnya didominasi oleh kisah, seperti surah yûsuf yang sepenuhnya memuat cerita tentang nabi yûsuf, surah al-kahfi yang setidaknya memuat tiga kisah, dan lain-lain. pengungkapan kisah dalam alquran bukan tanpa tujuan, atau hanya sekadar pengenalan peristiwa yang diceritakan, melainkan bagian dari keragaman cara allah untuk menyampaikan petunjuk-petunjuk-nya. dengan kata lain, kisah tidak menyimpang dari posisi alquran sebagai petunjuk (guidance). kisah-kisah itu dipaparkan oleh allah agar orang-orang yang mengimaninya dapat mengambil pelajaran. tidak sedikit kisah yang dimaksud memberi pesan dengan kalimat ringkas, ‚fa ‘tabirû yâ ulî al-albâb‛ (maka ambillah pelajaran, wahai orang-orang yang berpikir), dan beberapa kalimat yang semakna dengan itu. sayyid quthb menjelaskan bahwa kisah-kisah alquran tidaklah dimaksudkan sebagai suatu uraian sejarah yang utuh dan lengkap mengenai kehidupan satu bangsa dan tokoh tertentu, tetapi hanyalah sebagai suatu bahan pelajaran bagi manusia. dengan demikian, pengungkapan kisah dalam alquran adalah salah satu ciri penyampaian dakwah dalam meyakinkan objeknya.2 nabi musa adalah salah seorang nabi yang paling banyak diceritakan di dalam alquran. pengamatan selintas yang dilakukan penulis menunjukkan bahwa nama ‚musa‛ disebut sampai 135 kali di dalam alquran yang tersebar pada 34 surah.3 dia disebutkan alquran dalam pelbagai konteks, mulai dari 1 hanafi ma., segi-segi kesusastraan kisah-kisah al-qur’an, (jakarta: pustaka al husna, 1983), h. 23. 2 sayid quthb, al tashwîr al-fanniy fî al-qur’ân, (al-qâhirah: 1962), h. 117. 3 data ini didasarkan pada hasil pencarian dengan menggunakan program holy qur’an melalui kata kunci ‚musa’ (arab). pencarian dengan menggunakan kata kunci yang sama (indonesia/melayu) menemukan hasil lebih dari itu. perbedaan ini terjadi karena pencarian melalui tulisan melayu dengan area pencarian pada terjemahan mengakomodasi nama musa yang di dalam teks arab disebut dengan menggunakan dhâmir (kata ganti). wahyu yang didapatkan oleh ibunya, perjalanannya ke madyan, perjalanannya bersama dengan haidir, dan tentu saja perseteruannya dengan firaun.4 artikel ini mengangkat satu episode dari kisah nabi musa sebagai fokus untuk dimaknai secara kontekstual sebagai upaya mengejawantahkan pesanpesan kitab suci di dalam kehidupan. bagian yang dimaksud adalah q.s. alqashash [28]: 22-28 tentang pertemuannya dengan nabi syu‘ayb yang kemudian berkembang menjadi jalinan kerjasama ekonomi, nabi musa bekerja menjalankan peternakan milik nabi syu‘ayb dan keluarganya. pertanyaan yang akan dijawab dalam artikel ini adalah pesan apa yang disampaikan di dalam rangkaian kisah tersebut yang patut dan memungkinkan untuk diterapkan dalam dunia usaha pada sistem ekonomi modern saat ini? pertanyaan ini penting untuk dikaji, sebab jika hanya dipahami sebagai kisah tentu merupakan cerminan pengabaian posisi utama alquran sendiri sebagai petunjuk. kerjasama nabi musa-nabi syu‘ayb dua pelaku kerjasama di dalam kisah ini mempunyai tingkat kejelasan yang berbeda. musa disebutkan dengan menampilkan nama dirinya (prover name) di dalam teks, sementara pihak kedua ditampilkan dalam bentuk kata ganti (personal pronoun). karena itulah, figur yang dimaksud tampaknya diperselisihkan oleh para pakar tafsir. menurut mayoritas mufassir, bahwa sosok yang digambarkan sebagai ayah dari dua orang perempuan pada rangkaian ayat yang sedang dibahas ini adalah syu‘ayb, nabi yang diutus oleh allah kepada penduduk madyan.5 keterangan ini sama dengan informasi yang ditemukan di dalam kitab taurat sebagaimana yang dinukil oleh ibn asyur di dalam kitabnya, ‚syu‘ayb adalah pemilik kambing dan musa adalah gembalanya‛.6 informasi lain menyebutkan bahwa laki-laki yang dimaksud adalah keponakan nabi syu‘ayb, adapula yang menyebutkannya dengan nama yitro, atau ruhael, dan yang lebih kabur lagi sebuah riwayat yang menyatakan bahwa ia adalah seorang warga madyan.7 artikel ini tidak dimaksudkan untuk mendiskusikan hal tersebut. yang sangat dibutuhkan di sini adalah penyebutan nama ‚mitra kerja musa‛, terutama untuk keperluan teknis penulisan. untuk itu, penulis mengikuti pandangan 4 alquran juga memaparkan kisah nabi musa pada saat menerima wahyu, pelariannya melintasi laut merah saat dikejar oleh firaun, permohonan agar ia ditemani saudaranya, harun, untuk menyampaikan dakwah, kisah penyembelihan sapi betina, patung anak sapi, dan lain-lain. 5 muhammad quraish shihab, tafsir al-misbah: pesan, kesan dan keserasian, (jakarta: lentera hati, 2009), vol. 10, h. 331; ibn katsîr, tafsir ibn katsîr, (al-maktabah al-syâmilah), jilid vi, h. 228. 6 thâhir ibn asyûr, al-tahrîr wa al-tanwîr, (al-maktabah al-syâmilah), jilid 10, h. 374. 7 ibn katsîr, tafsir ibn katsîr, (al-maktabah al-syâmilah), jilid vi, h. 228. 4 alimin mesra: pesan alquran dalam kerjasama musa dengan syu‘ayb mayoritas bahwa figur yang disebut sebagai ayah bagi kedua perempuan itu adalah nabi syu‘ayb.8 episode perjalanan nabi musa yang membawa dirinya ke madyan berawal dari upayanya melerai dua orang laki-laki yang berkelahi, seorang dari bani israil dan yang lainya dari bani qibthi. secara tidak sengaja, salah satu di antaranya, bani qibthi, terkena pukulan nabi musa yang mengakibatkan bersangkutan tewas. tidak lama kemudian, datang seorang laki-laki dari kota menyampaikan padanya tentang adanya pertemuan yang membicarakan rencana pembunuhan atas dirinya. guna menghindari rencana tersebut, musa meninggalkan mesir tanpa mengetahui tempat pelarian yang akan dituju. hal ini terungkap pada q.s. alqashash [28]: 22. seolah di luar kesadarannya, akhirnya musa sampai di suatu tempat di wilayah madyan, sebuah sumur yang sedang ramai dengan para gembala yang hendak meminumkan ternak-ternak mereka, di antara mereka terdapat dua orang gadis yang di dalam tafsir diidentifikasi sebagai putri nabi syu‘ayb, namanya shafira dan layya.9 mereka ada di bagian belakang antrean menghalangi ternak-ternaknya agar tidak bercampur dengan ternak milik orang lain. melihat kejadian itu, musa bertanya pada mereka tentang apa gerangan yang sedang mereka lakukan. mereka pun menjawab bahwa mereka hendak meminumkan kambingnya dan baru akan mendapatkan giliran setelah semua orang selesai, padahal orang tuanya yang sudah renta pasti sudah menunggunya (q.s. alqashash [28]: 24). setelah mendengar pengakuan keduanya, musa membantu meminumkan ternak-ternaknya. ditemukan riwayat yang dikutip para mufassir yang menjelaskan bahwa sumur itu tertutup batu besar yang kira-kira dapat diangkat oleh sepuluh orang dewasa, namun musa mampu melakukannya seorang diri.10 setelah selesai, ia kembali berteduh di bawah pohon seraya berdoa, "ya tuhanku, sesungguhnya aku sangat memerlukan sesuatu kebaikan yang engkau turunkan kepadaku". para mufassir menjelaskan bahwa doa tersebut dipanjatkan oleh musa, lahir dari kondisi yang dia alami pada saat itu. setelah melakukan perjalanan dia merasa sangat lapar, penat, di samping kebingungan ke arah mana dia akan melanjutkan perjalanan.11 8 thâhir ibn asyûr, al-tahrîr wa al-tanwîr, (al-maktabah al-syâmilah), jilid 10, h. 374. 9 nama ini juga tampil dalam versi yang beragam di kitab-kitab tafsir. jalâl al-dîn al-suyûthî, al-dur al-mantsûr fî tafsîr bi al-ma’tsûr, (al-maktabah al-syâmilah), jilid 7, h. 487. 10 jalâl al-dîn al-suyûthî, al-dur al-mantsûr fî tafsîr bi al-ma’tsûr, h. 483 11 fakhr al-râzî, tafsîr al-râzî, (al-maktabah al-syâmilah), jilid 12, h. 73. 5al-iqtishad: vol. iv, no. 1, januari 2012 mayoritas bahwa figur yang disebut sebagai ayah bagi kedua perempuan itu adalah nabi syu‘ayb.8 episode perjalanan nabi musa yang membawa dirinya ke madyan berawal dari upayanya melerai dua orang laki-laki yang berkelahi, seorang dari bani israil dan yang lainya dari bani qibthi. secara tidak sengaja, salah satu di antaranya, bani qibthi, terkena pukulan nabi musa yang mengakibatkan bersangkutan tewas. tidak lama kemudian, datang seorang laki-laki dari kota menyampaikan padanya tentang adanya pertemuan yang membicarakan rencana pembunuhan atas dirinya. guna menghindari rencana tersebut, musa meninggalkan mesir tanpa mengetahui tempat pelarian yang akan dituju. hal ini terungkap pada q.s. alqashash [28]: 22. seolah di luar kesadarannya, akhirnya musa sampai di suatu tempat di wilayah madyan, sebuah sumur yang sedang ramai dengan para gembala yang hendak meminumkan ternak-ternak mereka, di antara mereka terdapat dua orang gadis yang di dalam tafsir diidentifikasi sebagai putri nabi syu‘ayb, namanya shafira dan layya.9 mereka ada di bagian belakang antrean menghalangi ternak-ternaknya agar tidak bercampur dengan ternak milik orang lain. melihat kejadian itu, musa bertanya pada mereka tentang apa gerangan yang sedang mereka lakukan. mereka pun menjawab bahwa mereka hendak meminumkan kambingnya dan baru akan mendapatkan giliran setelah semua orang selesai, padahal orang tuanya yang sudah renta pasti sudah menunggunya (q.s. alqashash [28]: 24). setelah mendengar pengakuan keduanya, musa membantu meminumkan ternak-ternaknya. ditemukan riwayat yang dikutip para mufassir yang menjelaskan bahwa sumur itu tertutup batu besar yang kira-kira dapat diangkat oleh sepuluh orang dewasa, namun musa mampu melakukannya seorang diri.10 setelah selesai, ia kembali berteduh di bawah pohon seraya berdoa, "ya tuhanku, sesungguhnya aku sangat memerlukan sesuatu kebaikan yang engkau turunkan kepadaku". para mufassir menjelaskan bahwa doa tersebut dipanjatkan oleh musa, lahir dari kondisi yang dia alami pada saat itu. setelah melakukan perjalanan dia merasa sangat lapar, penat, di samping kebingungan ke arah mana dia akan melanjutkan perjalanan.11 8 thâhir ibn asyûr, al-tahrîr wa al-tanwîr, (al-maktabah al-syâmilah), jilid 10, h. 374. 9 nama ini juga tampil dalam versi yang beragam di kitab-kitab tafsir. jalâl al-dîn al-suyûthî, al-dur al-mantsûr fî tafsîr bi al-ma’tsûr, (al-maktabah al-syâmilah), jilid 7, h. 487. 10 jalâl al-dîn al-suyûthî, al-dur al-mantsûr fî tafsîr bi al-ma’tsûr, h. 483 11 fakhr al-râzî, tafsîr al-râzî, (al-maktabah al-syâmilah), jilid 12, h. 73. doa yang dipanjatkan musa itu didengar oleh kedua putri syu‘ayb dan menjadi bagian cerita yang disampaikan kepada ayahnya. ibn katsîr menuturkan bahwa ketika mereka sampai di rumah, syu‘ayb bertanya perihal kedatangannya yang lebih cepat dari biasanya. mereka pun menceritakan pengalaman pertemuannya dengan musa dan pertolongan yang diberikannya. atas dasar cerita itu, nabi syu‘ayb meminta salah satu putrinya menyampaikan undangan agar musa berkenan datang ke rumahnya. lalu datanglah kepada musa salah seorang dari kedua wanita itu berjalan malu-malu, ia berkata, "sesungguhnya bapakku memanggil kamu agar ia memberi balasan terhadap (kebaikan)-mu memberi minum (ternak) kami". sebagian mufassir meletakkan panggilan dari syu‘ayb ini sebagai jawaban atas doa musa yang telah dipanjatkannya itu. musa menyambut baik undangan itu, dan ia pun datang menemui syu‘ayb. kisah populer mengenai perjalanan mereka pulang ke rumah menyebutkan bahwa musa meminta putri syu‘ayb itu berjalan di belakangnya sembari memberi isyarat jalan mana yang harus dilalui.12 percakapan tentu saja berlangsung di antara keduanya setelah sampai. materinya antara lain tuturan nabi musa tentang dirinya. setelah mengetahui perihal pelarian musa, nabi syu‘ayb pun menyatakan jaminan keamanan atas dirinya, yakni dari ancaman orang-orang mesir. selanjutnya, salah seorang putri syu‘ayb mengusulkan kepada syu‘ayb agar musa dipekerjakan dengan alasan dia adalah orang jujur dan kuat. tampaknya syu‘ayb menyetujui usulan tersebut, dan dia pun memintanya menggembalakan kambing selama delapan hingga sepuluh tahun dengan upah menikahkan salah satu putrinya dengannya (musa). musa menyetujui permintaan tersebut dan menegaskannya sebagai perjanjian di antara mereka, seraya menyatakan allah sebagai saksi atas apa yang mereka sepakati. kontekstualisasi kisah dalam dunia bisnis secara umum, tujuan kisah tidak berbeda dengan tujuan ayat-ayat alquran secara umum, yakni sebagai petunjuk kepada manusia. namun dari pelbagai konteks, kita dapat mengatakan bahwa tujuan kisah-kisah alquran antara lain: pertama, mengukuhkan keberadaan wahyu dan kerasulan; kedua, menjelaskan bahwa agama yang didakwakan oleh para nabi semuanya bersumber dari allah, karena itu mereka yang beriman merupakan satu ummat yang berserah diri mengakui keesaan allah swt. sebagai tuhan yang patut disembah, kisah mengenai figur yang taat merupakan keteladanan dan figur yang berperangai buruk tentu 12 jalâl al-dîn al-suyûthî, al-dur al-mantsûr fî tafsîr bi al-ma’tsûr, (al-maktabah al-syâmilah), jilid 7, h. 487. 6 alimin mesra: pesan alquran dalam kerjasama musa dengan syu‘ayb membawa pesan untuk menghindar dari sikap yang mereka tunjukkan agar tidak mendapat celaka atau azab.13 nilai-nilai yang terkandung di dalam kisah ini patut digali dan diterapkan di dalam kehidupan sosial, terutama dalam konteks kerjasama dalam kegiatan bisnis adalah sebagai berikut: pertama, keterlibatan perempuan dalam satu usaha. di dalam rangkaian kisah ini diceritakan bahwa putri nabi syu‘ayb seharihari menggembalakan kambingnya. dapat dipahami bahwa bagian dari pekerjaan itu adalah memberi minum ternak-ternak tersebut setiap hari. alquran menyebutkan bahwa pertemuan antara nabi musa dan putri nabi syu‘ayb terjadi pada saat yang bersangkutan mengalami kesulitan ketika akan meminumkan kambing-kambingnya di sebuah sumur di wilayah madyan. beberapa tafsir mengklarifikasi bahwa kesulitan itu karena sumur yang dijadikan sebagai sumber air tertutup oleh batu besar sehingga tidak memungkinkan menimbanya. namun jika mengikuti alur cerita sebagaimana yang tertuang di dalam teks, tersirat makna bahwa kesulitan yang mereka temui terkait dengan banyaknya orang yang ingin meminumkan ternaknya sementara sebagai perempuan, mereka memiliki keterbatasan. entri poin yang penting untuk ditekankan pada bagian ini bahwa dunia usaha bukan domain salah satu jenis kelamin (baca: laki-laki) melainkan wilayah yang dapat dirambah oleh baik laki-laki maupun perempuan. dalam sebuah tulisannya, nasaruddin umar meletakkan pengalaman putri nabi syu‘ayb dan profesi yang dilakoninya ini sebagai argumen untuk membantah pandangan yang membatasi perempuan pada ranah domestik sekaligus menegaskan bolehnya perempuan berkiprah di sektor publik untuk kegitan-kegiatan ekonomis.14 senada dengan itu, ibn asyur meletakkan ayat ini sebagai dalil bahwa perempuan boleh terlibat dalam mengurus harta, tidak terkecuali dalam kondisi yang menuntut interaksi dengan kaum laki-laki. yang mesti diperhatikan dalam hal ini, lanjut asyur, adalah memelihara etika seperti menutup apa yang menurut agama tidak boleh ditampakkan.15 pandangan ini didasarkan pada argumen bahwa apa yang diungkapkan oleh alquran dalam hal ini merupakan bagian dari syariat ummat terdahulu (syar’ man qablanâ) dan hal itu merupakan syariat bagi kita (islam) selama tidak ada pernyataan tegas menasakhnya.16 13 sayyid quthub, al-tashwîr al fannî fî al-qur’ân, h. 144 155. 14 nasaruddin umar, ‚pembagian peran dalam islam‛, h.7; muhammad quraish shihab, tafsir al-misbah, h. 331. 15 thâhir ibn asyûr, al-tahrir wa al-tanwir, jilid 10, h. 376. 16 thâhir ibn asyûr, al-tahrîr wa al-tanwîr, jilid 10, h. 376. 7al-iqtishad: vol. iv, no. 1, januari 2012 membawa pesan untuk menghindar dari sikap yang mereka tunjukkan agar tidak mendapat celaka atau azab.13 nilai-nilai yang terkandung di dalam kisah ini patut digali dan diterapkan di dalam kehidupan sosial, terutama dalam konteks kerjasama dalam kegiatan bisnis adalah sebagai berikut: pertama, keterlibatan perempuan dalam satu usaha. di dalam rangkaian kisah ini diceritakan bahwa putri nabi syu‘ayb seharihari menggembalakan kambingnya. dapat dipahami bahwa bagian dari pekerjaan itu adalah memberi minum ternak-ternak tersebut setiap hari. alquran menyebutkan bahwa pertemuan antara nabi musa dan putri nabi syu‘ayb terjadi pada saat yang bersangkutan mengalami kesulitan ketika akan meminumkan kambing-kambingnya di sebuah sumur di wilayah madyan. beberapa tafsir mengklarifikasi bahwa kesulitan itu karena sumur yang dijadikan sebagai sumber air tertutup oleh batu besar sehingga tidak memungkinkan menimbanya. namun jika mengikuti alur cerita sebagaimana yang tertuang di dalam teks, tersirat makna bahwa kesulitan yang mereka temui terkait dengan banyaknya orang yang ingin meminumkan ternaknya sementara sebagai perempuan, mereka memiliki keterbatasan. entri poin yang penting untuk ditekankan pada bagian ini bahwa dunia usaha bukan domain salah satu jenis kelamin (baca: laki-laki) melainkan wilayah yang dapat dirambah oleh baik laki-laki maupun perempuan. dalam sebuah tulisannya, nasaruddin umar meletakkan pengalaman putri nabi syu‘ayb dan profesi yang dilakoninya ini sebagai argumen untuk membantah pandangan yang membatasi perempuan pada ranah domestik sekaligus menegaskan bolehnya perempuan berkiprah di sektor publik untuk kegitan-kegiatan ekonomis.14 senada dengan itu, ibn asyur meletakkan ayat ini sebagai dalil bahwa perempuan boleh terlibat dalam mengurus harta, tidak terkecuali dalam kondisi yang menuntut interaksi dengan kaum laki-laki. yang mesti diperhatikan dalam hal ini, lanjut asyur, adalah memelihara etika seperti menutup apa yang menurut agama tidak boleh ditampakkan.15 pandangan ini didasarkan pada argumen bahwa apa yang diungkapkan oleh alquran dalam hal ini merupakan bagian dari syariat ummat terdahulu (syar’ man qablanâ) dan hal itu merupakan syariat bagi kita (islam) selama tidak ada pernyataan tegas menasakhnya.16 13 sayyid quthub, al-tashwîr al fannî fî al-qur’ân, h. 144 155. 14 nasaruddin umar, ‚pembagian peran dalam islam‛, h.7; muhammad quraish shihab, tafsir al-misbah, h. 331. 15 thâhir ibn asyûr, al-tahrir wa al-tanwir, jilid 10, h. 376. 16 thâhir ibn asyûr, al-tahrîr wa al-tanwîr, jilid 10, h. 376. bukan hanya itu, penjelasan yang lebih konkret, sebagaimana ditampilkan di dalam tafsir-tafsir, memberikan pemahaman bahwa perempuan mempunyai hak untuk menjalin kerjasama dan sinergi dengan laki-laki sepanjang semua pihak dapat menjaga etika dan moral yang diatur dalam agama. sebuah riwayat menyebutkan bahwa selama bantuan diberikan kepada kedua putri syu‘ayb itu, musa as. berusaha untuk menahan pandangannya kepada mereka. bagian teks juga menggambarkan bahwa putri syu‘ayb berjalan malu-malu ketika akan menyampaikan panggilan syu‘ayb ke rumahnya. kata istihyâ (malu-malu ) yang digambarkan oleh abû bakr r.a. dengan ‚menutup kepala dan wajahnya. 17 kedua, urgensi curiculum vitae. segera setelah hewan ternak selesai diberikan minum, kedua perempuan itu melaporkan kejadian yang dialaminya kepada ayahnya, nabi syu‘ayb. setelah mendengarkan keterangan maka nabi syu‘ayb meminta putrinya untuk menemui musa dan mengundangnya ke rumah. musa menerima undangan itu dan meminta kepada putri syu‘ayb berjalan di belakangnya. dalam konteks dunia usaha, hal ini dapat diletakkan sebagai proses negosiasi antara dua pihak yang bakal menjalin kerjasama. lebih tegas lagi, bahwa pada pembicaraan yang terjadi dalam pertemuan antara nabi musa dan syu‘ayb, musa mengenalkan diri dengan menceritakan jati dirinya. agaknya, tidak berlebihan jika kita meletakkan hal ini sebagai simbol upaya meyakinkan pihak lain, yang dalam kontekss kekinian terwujud dalam bentuk riwayat hidup (curiculum vitae) untuk individu, atau profil perusahaan (company profile) dalam konteks kerjasama antar dua perusahaan. ketiga, urgensi rekomendasi. pentingnya preferensi dan rekomendasi yang didasarkan pada track record dalam rangkaian seleksi calon pekerja atau mitra usaha juga terungkap secara simbolik dalam kisah ini, tepatnya pada ungkapan putri nabi syu‘ayb yang meminta ayahnya merekrut nabi musa untuk pekerjanya, "wahai bapakku, ambillah ia sebagai orang yang bekerja pada kita‛. tentu saja, usulan tersebut didasarkan pada track record yang benar sebagaimana yang akan dijelaskan kemudian. hal yang penting ditegaskan dalam hal ini, bahwa alquran mencontohkan melalui kisah ini bahwa rekomendasi itu diberikan oleh pihak yang mengerti masalah dan memihak kepada siapa rekomendasi itu ditujukan, bukan karena keberpihakan pada siapa rekomendasi itu diberikan. putri syu‘ayb sebagai pihak pemberi rekomendasi dalam hal ini tentu lebih memihak pada kepentingan syu‘ayb. keempat, jaminan keamanan bagi karyawan. deskripsi kisah yang dipaparkan di atas menyiratkan bahwa ketika pertemuan keduanya terjadi, nabi 17 fakhr al-râzî, tafsîr al-râzî, h. 73. 8 alimin mesra: pesan alquran dalam kerjasama musa dengan syu‘ayb musa dalam kondisi ‚tak berdaya‛, baik secara politik maupun secara ekonomis. secara politis, dia adalah seorang pelarian menghindari tekanan para penguasa di negerinya, sementara secara ekonomis dia datang tanpa membawa apa-apa, bahkan dalam kondisi lapar pada saat itu. gambaran kisah pada teks mengarahkan pemahaman bahwa jaminan yang diberikan oleh nabi syu‘ayb adalah jaminan/perlindungan politik. syu‘ayb adalah seorang tokoh masyarakat di madyan, suatu wilayah di luar kekuasaan firaun. dengan demikian dia mempunyai kapasitas untuk memberikan jaminan keamanan itu kepada musa, apalagi setelah mengetahui bahwa yang bersangkutan memang patut dilindungi. jaminan ekonomi tergambar pada penafsiran yang diberikan oleh para ulama. tidak lama setelah musa tiba di rumah, syu‘ayb menawarkan makanan kepadanya. sebuah riwayat menyebutkan bahwa musa bertanya perihal makanan itu, apakah disuguhkan sebagai balas jasa atas bantuan yang diberikannya. lalu syu‘ayb menjawab bahwa apa yang dia lakukan berdasarkan kebiasaan penduduk setempat, memperlakukan tetamu dengan baik dan memberi makan bagi orang-orang yang lapar.18 sedang dalam teks, jaminan ekonomi ini tergambar pada kebaikan hati nabi syu‘ayb dan keluarganya untuk merekrut nabi musa menjadi pekerjanya. pemahaman ini semakin menguat berdasarkan informasi yang menyebutkan bahwa kondisi ekonomi nabi syu‘ayb pada saat itu juga tidak dalam keadaan baik. kisah ini dapat diletakkan sebagai pesan bahwa dalam konteks relasi kerja, majikan sepatutnya memberikan jaminan keamanan—dalam pelbagai hal—bagi karyawannya. jaminan itu diperlukan agar karyawan dapat melaksanakan tugas dan tanggung jawabnya secara optimal. dalam konteks kekinian, tampaknya hal ini diterapkan pada perusahan-perusahan besar dalam bentuk asuransi kesehatan dan jaminan sosial tenaga kerja. kelima, kejujuran karyawan. kejujuran nabi musa dalam rangkaian kisah ini diungkapkan dengan kata ‚amîn‛. sifat itu dijadikan sebagai salah satu dasar sehingga putri nabi syu‘ayb merekomendasikannya ‚karena sesungguhnya orang yang paling baik yang kamu ambil untuk bekerja (pada kita) ialah orang yang kuat lagi dapat dipercaya". usaha adalah upaya untuk mencari keuntungan material melalui pengelolaan sejumlah modal (capital). dalam praktiknya, pada skala tertentu pemilik modal membutuhkan karyawan untuk menjalankan usahanya. ini artinya, pemilik usaha tertuntut untuk menyerahkan pengelolaan modal kepada pihak 18 jalâl al-dîn al-suyûthî, al-durr al-mantsûr, h. 488. 9al-iqtishad: vol. iv, no. 1, januari 2012 musa dalam kondisi ‚tak berdaya‛, baik secara politik maupun secara ekonomis. secara politis, dia adalah seorang pelarian menghindari tekanan para penguasa di negerinya, sementara secara ekonomis dia datang tanpa membawa apa-apa, bahkan dalam kondisi lapar pada saat itu. gambaran kisah pada teks mengarahkan pemahaman bahwa jaminan yang diberikan oleh nabi syu‘ayb adalah jaminan/perlindungan politik. syu‘ayb adalah seorang tokoh masyarakat di madyan, suatu wilayah di luar kekuasaan firaun. dengan demikian dia mempunyai kapasitas untuk memberikan jaminan keamanan itu kepada musa, apalagi setelah mengetahui bahwa yang bersangkutan memang patut dilindungi. jaminan ekonomi tergambar pada penafsiran yang diberikan oleh para ulama. tidak lama setelah musa tiba di rumah, syu‘ayb menawarkan makanan kepadanya. sebuah riwayat menyebutkan bahwa musa bertanya perihal makanan itu, apakah disuguhkan sebagai balas jasa atas bantuan yang diberikannya. lalu syu‘ayb menjawab bahwa apa yang dia lakukan berdasarkan kebiasaan penduduk setempat, memperlakukan tetamu dengan baik dan memberi makan bagi orang-orang yang lapar.18 sedang dalam teks, jaminan ekonomi ini tergambar pada kebaikan hati nabi syu‘ayb dan keluarganya untuk merekrut nabi musa menjadi pekerjanya. pemahaman ini semakin menguat berdasarkan informasi yang menyebutkan bahwa kondisi ekonomi nabi syu‘ayb pada saat itu juga tidak dalam keadaan baik. kisah ini dapat diletakkan sebagai pesan bahwa dalam konteks relasi kerja, majikan sepatutnya memberikan jaminan keamanan—dalam pelbagai hal—bagi karyawannya. jaminan itu diperlukan agar karyawan dapat melaksanakan tugas dan tanggung jawabnya secara optimal. dalam konteks kekinian, tampaknya hal ini diterapkan pada perusahan-perusahan besar dalam bentuk asuransi kesehatan dan jaminan sosial tenaga kerja. kelima, kejujuran karyawan. kejujuran nabi musa dalam rangkaian kisah ini diungkapkan dengan kata ‚amîn‛. sifat itu dijadikan sebagai salah satu dasar sehingga putri nabi syu‘ayb merekomendasikannya ‚karena sesungguhnya orang yang paling baik yang kamu ambil untuk bekerja (pada kita) ialah orang yang kuat lagi dapat dipercaya". usaha adalah upaya untuk mencari keuntungan material melalui pengelolaan sejumlah modal (capital). dalam praktiknya, pada skala tertentu pemilik modal membutuhkan karyawan untuk menjalankan usahanya. ini artinya, pemilik usaha tertuntut untuk menyerahkan pengelolaan modal kepada pihak 18 jalâl al-dîn al-suyûthî, al-durr al-mantsûr, h. 488. lain. keterlibatan pemilik modal dalam menjalankan manajemen tentu saja tetap ada, meski bukan jaminan tertutupnya semua peluang bagi karyawan untuk berlaku curang. selalu ada peluang untuk melakukan ragam kecurangan dan penyalahgunaan kepercayaan demi kepentingan pribadi. apalagi seperti disebutkan oleh alquran, harta benda memiliki daya tarik dan sikap rakus merupakan salah satu potensi jahat dalam diri setiap manusia. perpaduan kedua hal ini melahirkan potensi besar bagi seseorang untuk melakukan kecurangan. cara mengetahui kejujuran calon karyawan, tidak semata-mata didasarkan pada penuturan yang bersangkutan mengenai dirinya. dalam kisah ini, kejujuran nabi musa bagi syu‘ayb diketahui melalui penuturan putrinya setelah melihat indikator-indikator ketakwaan yang dilakukan terlepas dari pretensi apapun. para mufassir umumnya mengungkapkan bahwa pengakuan putri syu‘ayb atas kejujuran nabi musa didasarkan pada pengamalan yang dialaminya pada saat menjemput dan menemani menemui ayahnya. nabi musa pada saat itu meminta putri nabi syu‘ayb itu berjalan di belakangnya karena menghindari pandangannya tertuju pada seorang perempuan yang bukan muhrimnya.19 hal ini juga menunjukkan bahwa bukti kejujuran tidak mesti terkait dengan tugas yang bakal diembankan kepada karyawan. jujur adalah sebuah sifat universal, dan sifat jujur seseorang dalam arti yang sesungguhnya tentu tetap terjaga dalam hal apapun. orang yang tidak jujur dalam satu masalah kemungkinan tidak jujur dalam masalah yang lain. kita juga dapat berkata bahwa kejujuran seseorang dapat diketahui melalui ekspresi ketakwaan yang tampak pada perbuatanperbuatannya. keenam, profesionalisme. di dalam rangkaian kisah ini secara implisit terungkap juga penekanan pentingnya prrofesionalisme dalam pengembangan usaha. hal ini antara lain dapat diukur berdasarkan kesesuaian antara kapasitas/ keahlian seseorang dengan tugas (job description) yang bakal diembannya. pekerjaan yang ditawarkan oleh nabi syu‘ayb kepada nabi musa adalah menggembalakan ternak, dan ini selaras dengan kelebihan nabi musa. rangkaian kisah ini menggambarkan kelebihan tersebut dengan kata ‚qawiyy‛. jika dihubungkan dengan kisah lain, kita mengetahui bahwa kekurangan yang ada pada diri nabi musa tidak ada hubungannya dengan tugas yang ditawarkan oleh syu‘ayb dan keluarganya. kisah lain mengenai profil nabi musa mengungkap bahwa dia memiliki kekurangan dalam soal komunikasi, dan ini tidak dibutuhkan dalam melaksanakan tugas untuk menggembalakan kambing. karena kekurangan nabi musa itulah, ketika akan menjalankan tugas suci dari allah 19 ibn katsîr, tafsîr ibn katsîr, h. 230. 10 alimin mesra: pesan alquran dalam kerjasama musa dengan syu‘ayb untuk menyampaikan kerasulan dan menyerukan misi/agama, dia memohon kepada allah agar saudaranya, harun, menjadi rekannya. sekali lagi, permohonan ini juga mengisyaratkan prosfesionalisme. pemilihan harun untuk menjadi rekan dalam menyampaikan dakwah berdasarkan atas kenyataan bahwa saudaranya itu mempunyai komunikasi yang lebih baik, ‚innahû afsah minnî lisâna-n‛ (sesungguhnya harun lebih fasih dari saya dalam soal komunikasi). dalam ayat lain yang masih terkait, nabi musa menyampaikan permohonannya agar allah memilih keluarganya untuk menutupi kekurangan yang dimilkinya itu, ‚jadikanlan bagiku pembantu dari kalangan keluargaku‛. pengetahuan akan kelebihan yang dibutuhkan syu‘ayb terdapat di dalam diri nabi musa juga didasarkan pada keterangan dari orang dekatnya sebagai pemilik usaha/modal, yakni putrinya sendiri, bukan orang dekat nabi musa sebagai calon pekerja. hal ini juga mengisyaratkan satu nilai bahwa rekomendasi itu hendaklah dari orang yang diyakini membela kepentingan kita. rekomendasi itupun didasarkan pada bukti konkret. para mufassir tampaknya seragam dalam hal ini. bahwa ketika musa sampai pada sumur di daerah madyan dia menemukan sumur itu tertutup batu besar, yang menurut perkiraan hanya dapat digerakkan oleh sepuluh orang. namun nabi musa dapat melakukan hal itu seorang diri. sejenak kita melihat bukti kejujuran dan bukti kekuatan yang dimiliki musa dalam ungkapan kisah ini. dalam soal kejujuran bukti yang dirujuk adalah indikator implisit yang menguatkan dugaan, sementara ketika berbicara soal kekuatan merujuk pada bukti yang konkret. kiranya hal ini dapat diterapkan dalam upaya atau proses rekrutmen karyawan. ketujuh, optimalisasi kinerja/pelayanan. pada rangkaian kisah, terungkap bahwa ada dua alternatif masa kerja yang disepakati oleh musa dan syu‘ayb yakni delapan atau sepuluh tahun. pelaksanaan isi perjanjian secara maksimal terungkap di dalam sejumlah riwayat dalam pelbagai tafsir. ketika menafsirkan ayat ini, ibn katsîr menukil beberapa riwayat, salah satunya adalah riwayat yang menyatakan bahwa musa menunaikan masa yang sempurna, yakni sepuluh tahun. pemenuhan aspek waktu secara sempurna dalam kisah ini sepatutnya dipahami sebagai simbol optimalisasi pelayanan/kinerja yang ditunjukkan oleh karyawan kepada pemilik modal. pemahaman yang demikian didukung oleh sejumlah ayat-ayat alquran menyangkut tanggung jawab dan pelaksanaan amanah. sejumlah pernyataan alquran mengenai hal ini mengisyaratkan bahwa optimalisasi kinerja atau menunaikan kewajiban hendaknya didahulukan daripada menuntut hak. pesan ini bukan berarti meletakkan kewajiban lebih penting 11al-iqtishad: vol. iv, no. 1, januari 2012 untuk menyampaikan kerasulan dan menyerukan misi/agama, dia memohon kepada allah agar saudaranya, harun, menjadi rekannya. sekali lagi, permohonan ini juga mengisyaratkan prosfesionalisme. pemilihan harun untuk menjadi rekan dalam menyampaikan dakwah berdasarkan atas kenyataan bahwa saudaranya itu mempunyai komunikasi yang lebih baik, ‚innahû afsah minnî lisâna-n‛ (sesungguhnya harun lebih fasih dari saya dalam soal komunikasi). dalam ayat lain yang masih terkait, nabi musa menyampaikan permohonannya agar allah memilih keluarganya untuk menutupi kekurangan yang dimilkinya itu, ‚jadikanlan bagiku pembantu dari kalangan keluargaku‛. pengetahuan akan kelebihan yang dibutuhkan syu‘ayb terdapat di dalam diri nabi musa juga didasarkan pada keterangan dari orang dekatnya sebagai pemilik usaha/modal, yakni putrinya sendiri, bukan orang dekat nabi musa sebagai calon pekerja. hal ini juga mengisyaratkan satu nilai bahwa rekomendasi itu hendaklah dari orang yang diyakini membela kepentingan kita. rekomendasi itupun didasarkan pada bukti konkret. para mufassir tampaknya seragam dalam hal ini. bahwa ketika musa sampai pada sumur di daerah madyan dia menemukan sumur itu tertutup batu besar, yang menurut perkiraan hanya dapat digerakkan oleh sepuluh orang. namun nabi musa dapat melakukan hal itu seorang diri. sejenak kita melihat bukti kejujuran dan bukti kekuatan yang dimiliki musa dalam ungkapan kisah ini. dalam soal kejujuran bukti yang dirujuk adalah indikator implisit yang menguatkan dugaan, sementara ketika berbicara soal kekuatan merujuk pada bukti yang konkret. kiranya hal ini dapat diterapkan dalam upaya atau proses rekrutmen karyawan. ketujuh, optimalisasi kinerja/pelayanan. pada rangkaian kisah, terungkap bahwa ada dua alternatif masa kerja yang disepakati oleh musa dan syu‘ayb yakni delapan atau sepuluh tahun. pelaksanaan isi perjanjian secara maksimal terungkap di dalam sejumlah riwayat dalam pelbagai tafsir. ketika menafsirkan ayat ini, ibn katsîr menukil beberapa riwayat, salah satunya adalah riwayat yang menyatakan bahwa musa menunaikan masa yang sempurna, yakni sepuluh tahun. pemenuhan aspek waktu secara sempurna dalam kisah ini sepatutnya dipahami sebagai simbol optimalisasi pelayanan/kinerja yang ditunjukkan oleh karyawan kepada pemilik modal. pemahaman yang demikian didukung oleh sejumlah ayat-ayat alquran menyangkut tanggung jawab dan pelaksanaan amanah. sejumlah pernyataan alquran mengenai hal ini mengisyaratkan bahwa optimalisasi kinerja atau menunaikan kewajiban hendaknya didahulukan daripada menuntut hak. pesan ini bukan berarti meletakkan kewajiban lebih penting daripada hak, sebab sekiranya semua pihak mengerti dan menunaikan kewajibannya dengan baik, maka niscaya tidak ada hak yang terabaikan. kewajiban karyawan bekerja dengan baik adalah hak bagi pemilik modal, dan kewajiban pemilik modal membayar upah adalah hak bagi karyawan. dengan demikian, jika karyawan dan dan pemilik modal mengerti dan menunaikan kewajibannya dengan baik maka dengan sendirinya hak-hak mereka pun terlaksana dengan baik. dunia usaha yang kerap diwarnai demonstrasi dewasa ini disebabkan karena pesan ini tidak terejawantahkan dengan baik. mental kapitalis mewujudkan kegiatan eksploitatif, keinginan perusahan atau pemilik modal mendapatkan keuntungan sebesar-besarnya memaksa para karyawan untuk bekerja siangmalam, namun di sisi lain memberikan upah yang tidak seimbang. sebaliknya, keinginan karyawan mendapatkan salary yang tinggi kadang tidak dibarengi dengan optimalisasi pelayanan/kinerja. kedelapan, reward atas prestasi. perjanjian kerjasama yang berimbang meniscayakan kesiapan menunaikan hak orang lain sebagaimana harapan agar karyawan yang dipercaya melaksanakan kewajibannya secara maksimal. seperti telah dijelaskan di atas bahwa kewajiban dan hak dalam relasi antar manusia selalu terwujud dalam bentuk silang, maksudnya kewajiban satu pihak merupakan hak pihak lain, dan demikian sebaliknya. dalam konteks dunia usaha, harapan pemilik modal untuk mendapatkan hak-hak secara sempurna atau lebih dari target minimal sebagaimana yang disepakati dalam kontrak kerja semestinya harus dibarengi dengan kesiapan memberikan reward, yakni lebih dari apa yang menjadi kewajiannya. dalam bahasa atau istilah lain hal tersebut disebut bonus. pesan inipun terungkap di dalam hubungan kerja antara musa dengan syu‘ayb. berdasarkan perjanjian, kewajiban musa adalah delapan tahun. nabi syu‘ayb tidak memiliki alasan untuk menuntut sekiranya masa kerja delapan tahun itu terpenuhi oleh musa. namun yang terjadi adalah musa melakukan tugas itu selama sepuluh tahun, target maksimal yang disebutkan di dalam perjanjian. di sisi lain, berdasarkan kontrak yang disepakati, nabi syu‘ayb menjanjikan upah dalam bentuk menikahkan musa dengan salah seorang putrinya. lalu reward atau tambahan apa yang diberikan syu‘ayb kepada musa atas kinerjanya yang ditunaikan secara maksimal? sebuah riwayat menceritakan bahwa pada tahun terakhir syu‘ayb menjanjikan bahwa setiap kambingnya yang beranak dengan warna tertentu akan menjadi bagiannya dan atas karunia allah semua kambing melahirkan anak dengan warna yang dimaksud. lalu pada tahun itu juga, musa pergi 12 alimin mesra: pesan alquran dalam kerjasama musa dengan syu‘ayb bersama dengan istrinya pergi dan membawa kambing-kambing yang telah menjadi bagiannya itu.20 terlepas dari validitasnya, riwayat yang banyak ditampilkan di dalam tafsir ini menunjukkan bahwa baik musa demikian pula syu‘ayb sama-sama membuktikan diri sebagai karyawan dan pemilik modal yang tidak hanya menuntut hak, tetapi juga mengerti dan memahami kewajibannya dengan baik. sebagai karyawan, musa telah menunaikan tugasnya sesempurna mungkin sementara syu‘ayb sebagai pemilik modal menghargai prestasi itu dalam bentuk reward/ bonus. perlu disampaikan di sini, bahwa meski tidak disebutkan secara eksplisit di dalam kontrak, namun optimalisasi kinerja dan reward yang akan diberikan telah diisyaratkan sedari awal. ini terlihat pada ungkapan syu‘ayb, kelak engkau akan mendapati saya sebagai bagian dari orang-orang yang berbuat baik. artinya, meski tidak disebutkan secara tegas, isyarat tentang kemungkinan adanya bonus dan penghargaan khusus bagi karyawan berprestasi sebaiknya diberikan sebagai rangsangan (insentif), dengan catatan hal tersebut benar-benar diunaikan. kesembilan, memorandum of understanding. kejelasan kontrak sedari awal di antara karyawan dan pemilik modal juga merupakan pesan penting yang terungkap melalui kisah ini, "itulah (perjanjian) antara aku dan kamu. mana saja dari kedua waktu yang ditentukan itu aku sempurnakan, maka tidak ada tuntutan tambahan atas diriku (lagi).‛ bagian inilah yang menandai kontrak antara nabi musa dengan nabi syu‘ayb. tentu saja, karena alasan keterbatasan sarana pendukung pada saat itu, kontrak yang dimaksud tidak dibuat secara tertulis, melainkan hanya dengan cara lisan. namun seiring dengan perkembangan, dunia usaha dewasa ini menuntut kontrak dibuat secara tertulis. disamping sarana pendukung lebih dari memadai untuk mewujudkannya, hukum dan perundang-undangan yang berlaku saat ini meniscayakan kontrak tertulis untuk menjaga hak-hak kedua belah pihak yang terikat kontrak. perbedaan bentuk ini bukanlah bentuk penyimpangan melainkan semata perbedaan tekhnis sebagai konsekuensi perkembangan radikal yang terjadi dalam pelbagai hal. ditinjau dari perspektif hukum islam, perkembangan ini merupakan terapan dari kaidah ‚memelihara nilai-nilai lama yang baik, dan mengambil nilai-nilai baru yang lebih baik‛. kejelasan kontrak/ perjanjian adalah satu nilai yang dikenal sejak dulu, dan tentunya harus dipelihara, tetapi budaya 20 jalâl al-dîn al-suyûthî, al-durr al-mantsûr, h. 487; ibn katsîr, tafsîr ibn katsîr, h. 233. 13al-iqtishad: vol. iv, no. 1, januari 2012 bersama dengan istrinya pergi dan membawa kambing-kambing yang telah menjadi bagiannya itu.20 terlepas dari validitasnya, riwayat yang banyak ditampilkan di dalam tafsir ini menunjukkan bahwa baik musa demikian pula syu‘ayb sama-sama membuktikan diri sebagai karyawan dan pemilik modal yang tidak hanya menuntut hak, tetapi juga mengerti dan memahami kewajibannya dengan baik. sebagai karyawan, musa telah menunaikan tugasnya sesempurna mungkin sementara syu‘ayb sebagai pemilik modal menghargai prestasi itu dalam bentuk reward/ bonus. perlu disampaikan di sini, bahwa meski tidak disebutkan secara eksplisit di dalam kontrak, namun optimalisasi kinerja dan reward yang akan diberikan telah diisyaratkan sedari awal. ini terlihat pada ungkapan syu‘ayb, kelak engkau akan mendapati saya sebagai bagian dari orang-orang yang berbuat baik. artinya, meski tidak disebutkan secara tegas, isyarat tentang kemungkinan adanya bonus dan penghargaan khusus bagi karyawan berprestasi sebaiknya diberikan sebagai rangsangan (insentif), dengan catatan hal tersebut benar-benar diunaikan. kesembilan, memorandum of understanding. kejelasan kontrak sedari awal di antara karyawan dan pemilik modal juga merupakan pesan penting yang terungkap melalui kisah ini, "itulah (perjanjian) antara aku dan kamu. mana saja dari kedua waktu yang ditentukan itu aku sempurnakan, maka tidak ada tuntutan tambahan atas diriku (lagi).‛ bagian inilah yang menandai kontrak antara nabi musa dengan nabi syu‘ayb. tentu saja, karena alasan keterbatasan sarana pendukung pada saat itu, kontrak yang dimaksud tidak dibuat secara tertulis, melainkan hanya dengan cara lisan. namun seiring dengan perkembangan, dunia usaha dewasa ini menuntut kontrak dibuat secara tertulis. disamping sarana pendukung lebih dari memadai untuk mewujudkannya, hukum dan perundang-undangan yang berlaku saat ini meniscayakan kontrak tertulis untuk menjaga hak-hak kedua belah pihak yang terikat kontrak. perbedaan bentuk ini bukanlah bentuk penyimpangan melainkan semata perbedaan tekhnis sebagai konsekuensi perkembangan radikal yang terjadi dalam pelbagai hal. ditinjau dari perspektif hukum islam, perkembangan ini merupakan terapan dari kaidah ‚memelihara nilai-nilai lama yang baik, dan mengambil nilai-nilai baru yang lebih baik‛. kejelasan kontrak/ perjanjian adalah satu nilai yang dikenal sejak dulu, dan tentunya harus dipelihara, tetapi budaya 20 jalâl al-dîn al-suyûthî, al-durr al-mantsûr, h. 487; ibn katsîr, tafsîr ibn katsîr, h. 233. menulis kontrak menyusul perkembangan yang terjadi merupakan nilai-nilai yang lebih baik, karenanya harus diterima. pesan universal yang dapat dipahami dari kisah ini adalah kejelasan materi yang disepakati. ungkapan ‚itulah perjanjian antara aku dan kamu‛ yang ditegaskan oleh nabi musa merujuk kepada beberapa materi yang disepakati di antaranya masa kerja yang harus ditunaikan minimal delapan tahun dan maksimal sepuluh tahun. kaitannya dengan penyebutan dua masa, ditegaskan lagi melalui klausul lain bahwa yang manapun di antara keduanya ditunaikan maka tidak ada pihak yang dapat berkeberatan. upah nabi musa juga disebutkan secara jelas, yakni dia dinikahkan dengan salah seorang putri nabi syu‘ayb. karena itu, sekiranya syu‘ayb tidak meberikan apa-apa lagi, maka musa tentunya tidak mempunyai alasan untuk menuntut. dari segi etika, pernyataan kesiapan tampaknya kisah ini mengungkapkan bahwa kontrak harus dibuat tanpa ada tekanan. penerimaan karyawan terhadap kontrak yang ditawarkan harus diputuskan oleh yang bersangkutan berdasarkan pilihan dan kebebasannya. kesepuluh, religiusitas. bagian terakhir dari kisah ini menunjukkan pentingnya kesepakan kontrak didasarkan pada relegiusitas. di dalam teks, alquran tidak menyebutkan keberadaan pihak ketiga sebagai saksi atas perjanjian/ kontrak yang disepakati oleh keduanya. namun ini bukan berarti bahwa saksi tidak dibutuhkan atau tidak disyaratkan dalam perjanjian. bagian lain dari alquran justru meletakkan keberadaan saksi sebagai hal penting untuk menguatkan perjanjian. perjanjian antara dua orang salih ini menyebutkan allah sebagai saksi atas kesepakatan yang terjadi di antara mereka, ‚allah menjadi saksi atas apa yang kita katakan‛. ungkapan yang sama ditemukan pada perjanjian antara nabi ya’kub dan putera-puteranya, sebelum menyerahkan putera bungsunya kepada mereka untuk dibawa serta menemuai nabi yusuf. relegiusitas kedua pihak sesungguhnya lebih menjamin terpeliharanya perjanjian/kontrak. bagian penting relegiusitas adalah keyakinan bahwa tiada sesuatu perbuatan dan perkataan yang luput dari pengetahuan allah, dan pengingkaran atas perjanjian merupakan dosa yang akan mendapat balasan siksa. keyakinan inilah menjadi pengawasan melekat, dan menghalangi seseorang inkar dari janji-janji yang telah diberikan kepada sesamanya. selain itu, kitapun dapat memahami bahwa pelibatan seoang saksi dalam pembuatan kontrak/perjanjian, hendaknya saksi yang memiliki religiusitas. bukankah banyak fakta yang telah membuktikan bahwa dewasa ini seringkali saksi berbohong karena motif-motif tertentu? al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 101 116 received: august 15, 2015; revised: november 27, 2015; accepted: december 24, 2015 halu oleo university. hea modokompit street, anduonohu, kendari, 93232 e-mail: erna_unhalu@yahoo.com doi: 10.15408/aiq.v8i1.2511 abstract. risk of profit loss sharing financing: the case of indonesia. this study analyzes the risk of profit-and-loss sharing finance in indonesian islamic banking. data used is secondary data obtained from the financial services authority’s 2009-2014 publication. financing risk is measured by risk return and opportunity cost. results of the study show that risk return in mudharaba financing is more volatile than that in musharaka as it is potentially driven by agency problems. in all groups of banks, higher incomes are more promising in mudharaba than musharaka; but individually musharaka is more attractive to islamic rural bank groups, and vice versa for the sharia bank groups. the one side it is more secure for islamic banking to allocate funds in musharaka contract, which is an alternative to murabaha. however, musharaka contract is less attractive due to lower potential returns. although high returns are more promising in mudaraba, this financing mode has higher risk of returns. keywords: mudharaba; musharaka; murabaha; profit-loss sharing; risk averse abstrak. risiko pembiayaan profit loss sharing: kasus indonesia. penelitian ini menganalisis risiko pembiayaan profit loss sharing perbankan islam di indonesia. data yang digunakan merupakan data sekunder hasil publikasi otoritas jasa keuangan periode 2009-2014. risiko pembiayaan diukur dengan risiko pengembalian dan opportunity cost. hasil penelitian menunjukkan bahwa risiko pengembalian pada pembiayaan mudharaba lebih berfluktuasi dibanding musharakah yang secara potensial didorong oleh agency problem. untuk seluruh kelompok bank, mudharaba lebih menjanjikan pendapatan yang lebih tinggi dibanding musharaka; tetapi secara individual musharaka lebih menarik bagi kelompok bank pembiayaan rakyat syariah, dan sebaliknya bagi bank syariah. pada satu sisi perbankan islam lebih aman untuk mengalokasikan dananya pada kontrak musharaka sebagai alternatif murabaha, namun kontrak musharaka kurang menarik karena memiliki potensi pengembalian yang rendah. sementara mudharaba menjanjikan pengembalian yang tinggi namun memiliki risiko pengembalian yang tinggi pula. kata kunci: mudharaba; musharaka; murabaha; profit-loss sharing; risk averse risk of profit loss sharing financing: the case of indonesia ernawati 102 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction islamic banking refers to a system of banking that is consistent with the principles of islamic law (sharia). sharia prohibits the interest charges (riba) for the lending and accepting of money. islamic banking actually promotes the concept of profit and loss sharing. there are two types of islamic bank operating in indonesia presently: sharia bank (sharia commercial bank and sharia business unit) and islamic rural bank. sharia commercial bank (bank umum syariah, bus) is a islamic bank providing services in the transaction of payments. sharia business unit (unit usaha syariah, uus) is a work unit of a conventional commercial bank that conduct business activities based on sharia principles. islamic rural bank (bank pembiayaan rakyat syariah, bprs) is islamic bank which do not provide services in the transaction of payment. islamic banking still has a relatively low share in indonesia banking industry, with only about 5 percent. however, there has been a significant growth over the last five years. in data from the financial services authority (otoritas jasa keuangan, ojk) indicates that in december 2014 the number of third party funds (dana pihak ketiga, dpk) customers rose to nearly 10 million new accounts in the sharia bank, and the number of dpk deposit accounts increased from 4.5 million in 2009 to 14.4 million in 2014. along with the increase in deposits, there was also an increase in the sharia bank financing, as indicated by 3.8 million funding requests that they serve, which is a huge number compared to 800 thousand financing requests that the finances were able to serve in 2009. increased financing also occurs in bprs, which in 2014 served twice the number of customers demanding financing in 2009. table 1. the islamic banking network indikator 2008 2009 2010 2011 2012 2013 2014 sharia commercial bank (bus) number of bank 5 6 11 11 11 11 12 number of office 581 711 1,215 1,401 1,745 1,998 2,151 sharia business unit (uus) number of bank 27 25 23 24 24 23 22 number of office 241 287 262 336 517 590 320 islamic rural bank (bprs) number of bank 131 138 150 155 158 163 163 number of office 202 225 286 364 401 402 439 total office 1,024 1,223 1,763 2,101 2,663 2,990 2,910 source: ojk (2015) ernawati: risk of profit loss sharing financing 103 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 as can be seen on table 1, the network of bus and bprs branches has also increased. the number of bus was relatively stagnant from 2010 to 2013, where as the uus experienced a declining trend. similarly, the number of their offices has been declining sharply since 2012. data obtained from the ojk (2015) show that over the last five years islamic banking assets has grown by an average of 33 percent. bus and uus assets have increased almost five-fold since 2009; while bprs assets multiplied by 3.4-fold. asset grow this certainly sourced from either debt or capital and the creation of new sources of revenue for islamic banking. however, from the aspect of financing allocation it appears to be less encouraging since the financing disbursed only relied on one type, namely murabaha, a mode of cost plus sales financing; while other modes of profit-and-loss sharing, namely mudharaba and musharaka, leases or ijara, and loan or qardh, only contributed insignificantly to the total finance. as for the sharia bank, the average proportion of murabaha financing in 2014 was nearly 60 percent, whereas for the bprs it reached to more than 80 percent. the tendency of financing allocation in the murabaha of islamic banking is not without reason. the murabaha is a cost plus sales financing, where the purchaser (debtor) promise to purchase at a price which includes the cost of the purchase plus a pre-agreed profit. thus, murabaha is risk-free. the other sides, profit and loss sharing (pls) contract in islamic banking is sourced from mudharaba and musharaka. the mudharaba is a profit-sharing agreement that fund owner (investor) provides capital to entrepreneurs (mudharib) on condition that profits generated will be divided among the parties according to specified agreement. in the event of a loss due to normal process of business, the losses was borne entirely by the capital owner. however, if a loss is due to the manager’s negligence and fraud, then the entrepreneurs is fully held responsible for the loss. the musharaka involves a partnership between two parties who both provide capital towards the financing of new or established projects. both parties share the profits on a pre-agreed ratio, allowing managerial skills to be remunerated, with losses being shared on the basis of equity participation (el massah and alsayed, 2013). the differences in the types of the financing (portfolio) imply a difference in risks. the fund managers will prefer a financing that promises low risks but high profit. they will take into account potential profit or desirable profit rate and the relative income levels of various types of financing. a comparison of the relative income levels in different types of financing termed as opportunity cost. where as a comparison between the level of desirable profit and the level of real income is 104 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 called expected profit. markowitz (1959) was studied a linkage between financing portfolio and risk in the context of expected utility theory. studies on islamic banking risks have been conducted by several researchers, but they generally focused on credit risk (abusharbeh, 2014; said, 2013; misman, 2012; arifin and tafri, 2014); liquidity risk (said, 2013; muhammad et al, 2011; ahmed et al, 2011; arifin and tafri, 2014); operational risk (said, 2013; marliana, et al, 2011); management risk (arifin, et al; 2009; al-tamimi and al-mazrooei, 2007). there is a paucity in the study of financing risks in the context of expected utility, and opportunity cost between murabaha and pls financing. this study is an attempt to examine the risk of profit loss sharing (pls) financing in the context of expected utility in indonesian islamic banking. it attempts to reveal the natural risk musharaka and mudharaba financing; and between type of banks (sharia and islamic rural bank). this paper is justified on the following reasons. (1) it provides an important point for research involving the risk of pls financing of indonesian islamic banking industry. (2) it is one of the first empirical studies that use opportunity cost (pls financing against murabaha financing) to examine risks of islamic banks in indonesia. (3) the empirical results of this study could help indonesian financial service authority in providing solutions for the lack of participation in pls financing. relatively few islamic banking literatures evolved study of risk in expected utility context which may make a strong contribution to the area of islamic banking. significantly, this research has a new contribution in filling the gap of previous literatures to manage risk taking behaviour of islamic banking. the reminder of this article is organized as follows. the next section explores the literature of the study. the third section describes research methodology. the fourth section analyzes the data variables and the implications. moreover, the final part concludes the research. literature review the type of contract in islamic banking can be categorized into contract for profit and non profit. islamic banking recognizes the profit contract consits profit loss sharing and non profit loss sharing. the profit loss sharing contract refers to a type of financing that has uncertain returns such as mudharaba and musharaka, whereas non sharing contract is applicable to a type with more certain returns, such as cost plus sales and lease. included in the cost plus sales contract are murabaha, salam and istishna, whereas lease mode includes ijara contract. the murabaha is a term of islamic fiqh which means a specific form of trading when the seller said the acquisition cost of the goods and other charges incurred for ernawati: risk of profit loss sharing financing 105 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 acquiring goods and margin of the desired (ascarya, 2006). the mudharaba is a profit sharing contract, with one party providing 100 per cent of the fund to invest and the other party (the mudarib). the musharaka involves a partnership between two parties who both provide fund of new or established business. both parties share the profits on a pre-agreed ratio, with losses being shared on the basis of equity participation. one or both parties can undertake management of the business. thus, naturally both mudharaba and musharaka financing are highly risky, causing banks’ inclination to avoid them, or to adopt a risk-averse attitude towards the financing, which inevitably result in financing concentrated in murabaha. chapra (2007) expresses his views that the share of pls modes is so far relatively small in the financing operations of islamic banks, and that of sales-based modes is predominantly high. chapra (2007) emphasizes that the socioeconomic benefits of the prohibition of interest may not be realized fully until the share of pls modes rises substantially in total financing. khan and bhatti (2008) considers that the pls system is the heart of islamic financial intermediation abid (2014) conclude two factors inflict the most significant effect on the lower level of application of musharaka by islamic banks: (1) management’s monitoring and controlling technique causes effect on the application of musharaka at a greater scale because of the fact that they are not fully equipped to deal with the issues relating to musharaka based financing and (2) the risk aversion approach of top management has also affected the larger reliance on musharakah based financing by the islamic banks. islam views business as something that has no ‘fixed’ income; therefore it is only natural that any business is vulnerable to risks. risk is defined as the possibility of one or more components of bank portofolio to fail (freixas and rochet, 2008), and this includes the possibility of debtor’s failure to repay its obligations or in ability to completely return their debts (ghozali, 2007). credit risk can be classified into individual risk and portfolio risk (saunders and cornett, 2003). a research on portfolio risks and how to determine optimal risks was first conducted by markowitz (1959). risk is measured quantitatively by markowitz and treated as a statistical measure called variance. a risk variance is a return distribution that measures the firmness of the return distribution around the average, or better known as the expected return (expected utility). markowitz assumes that investors prefer larger return with lesser risks. markowitz treats any portfolio as a single point (beste et al, 2002). to avoid or minimize risks, investors diversify their investment strategies by creating a portfolio of several stocks that are considered efficient. thus investors themselves are more likely to adopt a risk-averse behavior. in the context 106 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 of their behavior towards the risk it self, three types of behavior are possible: (1) risk-averse, giving a choice between two assets with equal rates of return, an investor will select the asset with lower level of risk; (2) risk-lover (seeking), giving a choice between two assets with equal rates of return, an investor will select the asset with higher level of risk; and (3) risk neutral, giving a choice between two assets with equal rates of return, the investor is indifferent to select any of them (reilly and brown, 2012). islamic bank transactions are more suitable for risk-lover or aggressive depositors, but on the contrary, it is more suitable for risk-averse or conservative borrowers, because pls helps the borrower to share risk with islamic bank, for example musharaka (el massah and al-sayed, 2013). abid (2014) revealed the various factors influencing the application of musharaka financing by islamic banks in three major categories: (1) internal factors; include: management’s monitoring and controlling techniques; the role of top management, and effect of shariah supervision; (2) external factors: customers’ preferences, dan government policies; and (3) communal factors: moral hazard, operational difficulties, and high risk. a risk-averse attitude of fund owners can also be seen from their choice of a contract, where a revenue-sharing contact is more preferable than a profit-and-loss sharing contract, since the revenue-sharing type can reduce financial risks, although it still has an equal rate of return as the value of gross receipts is always greater or at least break even, while the value of receipts minus production cost will result in profit or loss. this means that in the revenue-sharing type, fund owners will never lose (at least for the revenue-sharing = 0 yet the capital remains intact), whereas in the profit-and-loss sharing type, fund owners may suffer losses to the extent of the amount of their capital (ascarya: 2006). methods this study analyzes secondary data obtained from the monthly publication of the indonesian financial services authority in 2009-2014 period. the analysis is focused on the assessment of potential risks which consists: risk of return and risk of income losses as a result of participating in a particular type of financing (opportunity cost). the risk of return under uncertainty is measured by expected utility and variance of profit. this study use equivalent rate of return as proxy rate profit variable, thus risk of return is estimated by the standard deviation of equivalent of pls return. a high standard deviation means that the profit is volatile (uncertain) or high risk, while a low standard deviation means a profit is generally consistent in producing similar returns or low risk. ernawati: risk of profit loss sharing financing 107 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 where: s = risk of return of pls financing xi = each value of equivalent rate of return of pls financing = mean of equivalent rate of return of pls financing n = the total number of data points the risk of opportunity cost (oc) in islamic bankingis the average ratio of the equivalent rate of return of pls against murabaha financing, or: where: ocpls = opportunity cost of pls financing x = equivalent rate of return pls = mudharaba, musharaka financing m = murabaha financing oc > 1 means that it is more attractive to invest in the pls financing on theother hand, risk-taking behavior is one that is adopted by islamic banking to avoid a financing that has uncertain returns (pls financing). the higher of proportion of pls financing, the higher of willingness to share risk. risk taking behavior estimated by: rt > 1 risk lover; rt ≤ 1 risk averse where: rt = risk-taking relative s = share of financing pls = mudharaba, musharaka financing m = murabaha financing 108 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 results and discussion the financing development of islamic banking the types of financing currently offered in sharia bank (sb) are mudharaba, musharaka, murabaha, istishna, ijara and qardh. in addition to these, bprs also provides salam and multi-services contracts. the composition of financing services provided by sb over the period of 2009-2014 is presented in table 2. in general, there was a tendency for the amount of financing to increase, except for qardh which has decreased since 2012. up to 2014, the total value of qardh financing was 5.9 billion. the biggest financing on sb was murabaha which has increased more than five times since 2009. the average proportion of murabaha contracts over the last six years was 58 percent; on the next place was musharaka contracts, about 22 percent; and the third one was mudharaba, reaching only 9 percent. the dominance of murabaha finance was also apparent in bprs as can be seen in figure 1, with a proportion of 80 percent. in contrast to these, the total amount of ijara, istishna, and salam contracts is below 1 percent. table 2. the composition of financing of sharia bank (billions of rupiah) contract 2009 2010 2011 2012 2013 2014 mudharaba 6,597 8,631 10,229 12,023 13,625 14,354 musharaka 10,412 14,624 18,960 27,667 39,874 49,387 murabaha 26,321 37,508 56,365 88,004 110,565 117,371 istishna 423 347 326 376 582 633 ijara 1,305 2,341 3,839 7,345 10,481 11,620 qardh 1,829 4,731 12,937 12,090 8,995 5,965 total 46,886 68,181 102,655 147,505 184,122 199,330 source: ojk (2015) on the other hand, based on the types of use, banking financial allocation can be categorized into productive (working capital and investment) and consumptive financing. a statistical data about islamic banking in december 2014 period reveals that allocation for productive financing was about 60 percent, and the remaining ernawati: risk of profit loss sharing financing 109 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 percentage went to consumptive financing. this financing variation would surely affect the variation of existing non-performing financing (npf) because working capital, investment, and consumption financing pose different risks. the percentage of npf occurred in islamic banking financing in 2014 are as follows: 6.24 on working capital, 4.45 on investment, and 2.6 on consumer. the data indicates that consumer financing has a rate of refund that is smoother and less risky than the othert ypes, and as a result consumer financing has a sufficiently high share in islamic banking. furthermore, although financing allocation is used for productive, pls is not the only contract offered, since other contracts, such as murabaha are also available. as of december 2014, the proportion of productive financing which used pls contract on sb was 53.27 percent, while on bprs it was only 21.29 percent. that pls contract has an insignificant role in productive financing is a further indication of islamic banking’s reluctance to share risks. (a) financing proportion of sharia bank source: ojk (2015) processed (b) financing proportion of islamic rural bank figure 1. the proportion of financing in islamic banking 2009-2014 the islamic banking in indonesia more risk averse, as shows average value risk taking lower than one (or 0.35) as presented in table 3. that means, proportion of pls financing is 35 percent of murabaha financing. the risk averse behavior is more restrained in the sb groups than bprs, as indicated by the risk averse average of the sb, which reached 0.55, while bprs reached 0.16. thus, bprs is highly risk-averse in financing allocation. in fact, the bprs group is extremely rigid in allocating funds to pls contract, as was indicated by the small standard of deviation which was 0.01. figure 2 provide a comparative development of risk-averse of islamic banking in indonesia within the period 2009-2014. 110 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 table 3. descriptive statistics risk taking behaviour of islamic banking in indonesia description sharia bank (sb) islamic rural bank (bprs) total of bank maximum 0.66 0.18 0.66 minimum 0.44 0.14 0.14 average 0.55 0.16 0.35 standard deviation 0.07 0.01 0.20 source: result of research a relatively high spike of risk-averse behavior was experienced by sb group up to 2012. in the beginning of 2013, this risk-averse tendency seemed to decrease both in the groups of bprs and sb. at the end of 2014, the proportion of pls against murabaha financing of bprs was still low or about 17 percent, while that of the sb was 54 percent. the downward trend in the risk aversion is expected to continue in the sb group, which controls more than 90 percent of islamic banking financing in indonesia. the risk aversion of bprs group is also expected to continue to decline, given that bprs is a financial institution that closer to small medium enterprise’s (sme’s). in fact, the financial share of sme’s in bprs reaches 60 percent of the total financing distributed. source: ojk (2015) processed figure 2. risk averse behavior of indonesian islamic banking 2009-2014 table 4 presents risk of return of pls financing. based on the type of financing in total, the risk of return of mudharaba is higher than musharaka, as indicated by the standard of deviation 5.34 percent; while musharaka was 4.14 percent. in terms ernawati: risk of profit loss sharing financing 111 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 of individual bank, there are different levels of risk. on the sb groups, the risk of return of mudharaba is higher than musharaka, but opposite to bprs. table 4. descriptive statistics risk of return of profit loss sharing financing (percent) description sharia bank (sb) islamic rural bank (bprs) total mudharaba musharaka mudharaba musharaka mudharaba musharaka maximum 77.09 14.97 23.52 23.79 77.09 23.79 minimum 14.14 10.85 14.73 14.18 14.13 10.85 average 18.03 12.82 18.47 20.04 18.25 16.43 stand. deviation 7.33 1.22 2.01 2.56 5.34 4.14 source: results of the research furthermore, other financing risk associated with islamic banking is opportunity cost (oc). a descriptive statistics of the opportunity costs is given in table 5. oc average of mudharaba contract to all group bank show the value more than one (or >1); and lower than one (or <1) to musharaka contract. however on an individual basis, this is only consistent on sb group. this shows that in sb groups, the opportunity to earn a higher income is more probable in mudharaba than musharaka contract. the opposite applies to bprs. thus, when viewed from the income aspect, mudharaba is the next most appealing financing after murabaha in sb, whereas musharaka takes this position in bprs. table 5. descriptive statistics opportunity cost of pls financing (percent) description sharia bank (sb) islamic rural bank (bprs) total mudharaba musharaka mudharaba musharaka mudharaba musharaka maximum 1.51 1.11 1.23 1.24 1.51 1.24 minimum 0.22 0.14 0.71 0.73 0.22 0.14 average 1.14 0.86 0.96 1.04 1.05 0.94 standard deviation 0.19 0.19 0.10 0.14 0.18 0.19 source: results of the research 112 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 there is obviously a difference in the risk taking behaviors adopted by sb and bprs. while sb s are more flexible about facing risk, bprs is more rigid or more reluctant to share risks due to lower ability to control the financing risk. most bprs have high efficiency but not have high profitability, vice versa (warninda and hosen, 2015). bprs being powerless against mudharib and other business partners that belongs mostly small medium enterprises (sme’s). the sme’s group is also one of the constraints of the implementation of pls contract (ahmed, 2006; iqbal and llewellyn, 2002). the most important aspect (priority) performance of sharia microfinance among the clusters is human resources (amalia and atiqah, 2015). the risk of return mudharaba in general much more volatile than musharaka. this is largely due to the fact, in mudharaba fund granted is managed by the mudharib itself. the only obligation of the mudharib is to report any revenue. its potentially causing mudharaba to be highly vulnerable to agency problems (chong &liu, 2009). agency problems occur when an entrepreneur has an incentive to report lower revenues. initially, this issue arises due to asymmetric information on mudharib, which causes the islamic banking to experience adverse selection (shinsuke, 2010; safieddine, 2009). it is then obvious that business ethics is another potential issue related to pls financing in islamic banking (farooq &ahmed, 2013). furthermore, empirical findings show that, for the entire groups of banks, the value of the opportunity cost (oc) of mudharaba is bigger than one (or > 1), and musharaka is lower than one (or <1). however, for individual bank, the oc of mudharaba is < 1, while musharaka is >1 in the bprs group. this suggests that, in terms of potential revenue in bprs, musharaka contract is more attractive than mudharaba, and the opposite occurs in the sb group. based on the discussion above, it is clear that on the one hand islamic banking considers it more secure to allocation funds to murabaha contract, which is an alternative to musharaka. however, musharaka contract is less attractive due to the low potential revenue that can be gained. while mudharaba offers more promising high returns, it is also accompanied by high risk of return. therefore, among the reasons why banks are reluctant to apply for mudaraba are the high risk and the prudential reason. one of factors causing high risk in mudharaba is asymetric information, which in turn may tempt mudharib into moral hazard. having said that, it must be recognized that the risk itself is natural in business. however, when a risk involves moral hazard, then a systemic steps is needed to minimize such behaviors. since it encourages unfair profit loss sharing, moral hazard is seen as one form of business injustice. as a result, islamic banking more disincentives to develop mudharaba contract. ernawati: risk of profit loss sharing financing 113 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 there are actually several steps that can be taken to deal with the issue of moral hazard, for example apply a standard financial records to mudharib. however, such recording needs to be examined by an independent party. although mudharib is not required to keep a financial statements (since it is only a small business group), it remains important to evaluate mudharib’s financial performance. therefore, to protect all parties that have agreed in a partnership, it is importance to clear rules as well as a mechanism of checks and balances. this mechanism can also be applied to the case of musharaka. although it is recognized in musharaka that banks can be involved in business management or in the intervention of partner’s business according to particular agreement, some standard guide lines concerning financial records are needed, particularly those which recognize expenses and income, in order to reach a shared understanding between both parties of similar vein. it is also necessary to make every effort to improve banking managerial capabilities of mudharib and its business partners. conclusion islamic banking generally adopts risk averse behaviors in allocating pls financing, but islamic rural bank group is apparently more risk averse than sharia bank. in general, the risk of return of mudharaba is more volatile than the risk of return of musharaka, due to the high potential of agency problems in mudharaba. the results of this study further reveal that among all groups of banks, murabaha promises higher incomes than musharaka. individually, however mudaraba is more attractive to the groups of sharia banks, except for islamic rural bank which considers musharaka to be more promising in gaining higher returns and therefore find it more attractive. islamic banking considers it more secure to allocation of financing to mushakara contract, as an alternative to murabaha contract, although its less attractive due to the low potential revenue that can be obtained. however, while mudharaba is more promising in terms of high returns, it is also accompanied by high risk of return. several steps can be taken to minimize the risk averse behaviors of islamic banks: first, developing a standard of financial records under management of an independent agency; second, introducing a regulation that serves as a mechanism of checks and balances; third, increasing banking managerial abilities of mudharib/business partners over business conditions. 114 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2511 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 references abid, m.m. 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(2015). mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank in indonesia. aliqtishad: vol. 7 no. 1, pp. 1-12 table 23 jenis kamar standar superior deluxe superior suite jumlah kamar 87 20 14 14 sewa perkamar (rm) 100 120 140 160 paket 20 kamar dan lebih (rm) penutup dari pembahasan diatas dapat ditarik kesimpulan betapa koordinasi pemberangkatan haji sangatlah penting. selain dibutuhkan keikutsertaan pemerintah secara langsung maupun tidak langsung. sebagaimana halnya di negeri malaysia, penanganan haji sudah dilakukan melalui syekh haji. upaya yang dilakukan pun dilakukan dengan aktivitas pengadaan tabung haji. sehingga calon jemaah haji mendapat kemudahan dalam menjalankan ibadahnya. [] pustaka acuan annual report (laporan tahunan) lembaga tabung haji tahun 2007. chamhuri siwar, surtahman kastin hassan, dkk, ekonomi malaysia, selangor: pearson malaysia. sdn. bhd, 2005 hassan, norhazimah che, “sitem pengurusan dana secara islam: satu penelitian”, jurnal pengurusan jawhar, vol.1 no. 2, 2007. jabatan perdana menteri, sejarah perkembangan tabung haji malaysia 30 tahun, kuala lumpur: utusan printcorp, 1993. raja haji ahmad dan raja ali haji, tuhfat al-nafis, virginia matheson, ed; siri kajian sastera fajar bakti , kuala lumpur : fajar bakti sdn. bhd, 1982. aziz, ungku abdul, pilgrims economy improvement plan, kuala lumpur: t.p, 1959. tuan haji mustapha albakri bin haji hassan, sir kamil mohamad ariff binhadir mastan, report of the pilgrimage investigation committee, 1948. tun haji abdul razak, pernyata resmi perbahathan parlimen dewan rakyat yang kedua penggal kelima, jilid v no. 44, 13 februari 1969 ua. aziz, renchana-renchana ekonomi dan kemiskinan, singapore: pusaka melayu, 1969. w.r. raoff, the conduct of the haji from malaya. problematika pembiayaan mudhârabah di perbankan syariah indonesia a. chairul hadi abstract: financing problems of mudhârabah at islamic banking in indonesia. islamic bank was originally constructed as a non-usurious bank with profit and loss sharing in all its operational mechanism. however, its progress in fulfilling the function of banks as intermediaries (financial intermediary), all types of business law legalized of syar'î based non-profit-sharing such as trade, leasing, and other services into products of islamic banks. in fact, theoretically financing products with profit sharing scheme can be more economically prosperous society. this article discusses the problems and solutions system sharing (mudhârabah) in the scheme of financing in islamic banks. keywords: mudhârabah, profit sharing financing, underwriting agencies, profit loss sharing and revenue sharing abstrak: problematika pembiayaan mudhârabah di perbankan syariah di indonesia. bank syariah pada awalnya dikonstruksi sebagai bank non ribawî dengan sistem bagi hasil (profit and loss sharing) di semua mekanisme operasionalnya. namun, pada perkembangannya dalam memenuhi fungsi perbankan sebagai lembaga perantara (finansial intermediary), semua jenis usaha yang dilegalkan hukum syar’î yang berbasis non-bagi hasil seperti perdagangan, sewa-menyewa, dan jasa lainnya menjadi produk bank syariah. persoalannya, ternyata produk bagi hasil ini belum menjadi bisnis utama bank syariah. padahal, secara teoretis produk pembiayaan dengan skema bagi hasil ini dapat lebih menyejahterakan ekonomi masyarakat. artikel ini membahas tentang problematika dan solusi sistem bagi hasil (mudhârabah) dalam skema pembiayaan di bank syariah. kata kunci: mudhârabah, pembiayaan bagi hasil, lembaga penjaminan, profit loss sharing dan revenue sharing naskah diterima: 15 november 2010, direvisi: 23 april 2011, disetujui: 28 april 2011.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95 ciputat jakarta. e-mail: chairulhadi@ymail.com a. chairul hadi: problematika pembiayaan mudhârabah 194 al-iqtishad: vol. iii, no. 2, juli 2011 195 tabungan mudhârabah dan deposito mudhârabah (shâhib al-mâl), serta pada sisi penyaluran dana kepada masyarakat, bank dapat pula berperan sebagai pemilik dana (shâhib al-mâl) melalui akad mudhârabah dan musyârakah, dengan nasabah pemakai dana (mudhârib). akad mudhârabah yang dilakukan antara bank dengan pemilik tabungan mudhârabah dan deposito mudhârabah membawa konsekuensi risiko bagi pemilik dana akan kemungkinan ruginya usaha bank. namun risiko ini relatif lebih ringan karena ketatnya pengawasan bank sentral kepada sektor perbankan.4 selain itu sektor perbankan diwajibkan mengikuti pelbagai ketentuan pemerintah dan bank sentral dalam rangka melindungi pemilik dana.5 disisi lain pada waktu bank bertindak sebagai pemilik dana (shâhib almâl), bank menghadapi risiko yang lebih besar karena belum adanya standar biaya untuk pelbagai jenis usaha yang berbeda. standar biaya yang berlaku sekarang hanya menyangkut ‚upah minimum regional‛, sedangkan untuk biaya operasional lainnya belum ada. selain daripada itu tidak ada lembaga yang membina dan mengawasi nasabah yang berperan sebagai mudhârib.6 dengan demikian dibandingkan dengan usaha bank dalam bentuk pembiayaan perdagangan (jual-beli) melalui akad murâbahah, bay‘ bi dhamân ‘âjil, salam, ijârah, istishnâ’, dan derivatifnya, usaha pembiayaan dalam bentuk penyertaan modal dianggap lebih besar risikonya terutama pada akad mudhârabah. karena pada akad mudhârabah ini, pihak bank menyediakan 100% kebutuhan modal usaha, sedang pihak pengusaha menyediakan jasa pengelolaan usaha. sebagai shâhib al-mâl, bank tidak dibolehkan turut campur dalam kegiatan sehari-hari pihak pengelola usaha. hasil yang diperoleh dari usaha yang dikelola dibagi hasilkan antara bank dengan pengelola usaha sesuai dengan porsi yang disepakati bersama. dalam hal terjadi kerugian, maka rugi uang ditanggung seluruhnya atau sebagian oleh bank, sedang pengelola tidak memperoleh bayaran dari usahanya. tingginya risiko (high risk) inilah yang menjadikan mengapa komposisi penyaluran dana kepada masyarakat yang lebih banyak dalam bentuk pembiayaan perdagangan (murâbahah), dibandingkan dengan bentuk penyertaan modal (mudhârabah dan musyârakah), padahal yang mempunyai dampak langsung kepada pertumbuhan ekonomi berupa tumbuhnya peluang usaha baru, kesem 4 karnaen a. perwataatmadja, ‚upaya memurnikan pelayanan bank syariah, khusus pembiayaan murabahah dan mudhârabah di indonesia‛, makalah pada komisi ahli perbankan syariah bank indonesia, jakarta, april 2002, h. 13. 5karnaen a. perwataatmadja, ‚upaya memurnikan pelayanan bank syariah‛, h. 13. 6karnaen a. perwataatmadja, ‚upaya memurnikan pelayanan bank syariah‛, h. 13. a. chairul hadi: problematika pembiayaan mudhârabah 196 patan kerja baru, dan peningkatan pendapatan penduduk adalah pembiayaan dalam bentuk kerjasama ini baik mudhârabah maupun musyârakah.7 lebih menarik lagi, komposisi penyaluran dana kepada masyarakat yang didominasi pembiayaan perdagangan ini tidak hanya terjadi pada perbankan syariah di indonesia, tetapi juga terjadi pada perbankan syariah di negara lainnya di seluruh dunia. di perbankan syariah nasional saat ini, pembiayaan yang masih mendominasi adalah pembiayaan non-bagi hasil, hal ini terlihat pada data yang ada pada bank indonesia. tabel komposisi pembiayaan (juta rupiah) compositon of financing (million idrs) rincian pembiayaan yang diberikan items of financing jun-07 sep-07 dec-07 jan-08 feb-08 *) pembiayaan musyârakah (mushârakah financing) nilai (amount) pangsa (share) 3,289,327 3,927,666 4,406,360 4,495,570 4,828,611 5 , 2 0 0 , 1 3 1 14.32% 15.35% 15.77% 16.58% 16.99% 1 7 . 5 5 % pembiayaan mudhârabah mudhârabah financing nilai (amount) pangsa (share) 4,686,835 5,246,620 5,577,912 5,564,028 5,719,914 5 , 8 3 5 , 3 6 4 20.40% 20.50% 19.96% 20.53% 20.12% 1 9 . 6 9 % piutang murâbahah murâbahah receivable nilai (amount) pangsa (share) 13,936,084 15,283,720 16,552,869 15,801,199 16,377,910 1 6 , 9 7 7 , 0 6 7 60.67% 59.73% 59.24% 58.29% 57.62% 5 7 . 3 0 % piutang salam salam receivable nilai (amount) pangsa (share) 0.00% 0.00% 0.00% 0.00% 0.00% 0 . 0 0 % istishna' receivable nilai (amount) pangsa (share) 333,695 328,438 350,995 354,247 363,242 3 6 4 , 6 7 0 1.45% 1.28% 1.26% 1.31% 1.28% 1 . 2 3 % lainnya others nilai (amount) pangsa (share) 723,162 803,362 1,056,175 891,586 1,133,930 1 , 2 5 2 , 2 2 4 3.15% 3.14% 3.78% 3.29% 3.99% 4 . 2 3 % total 22,969,103 25,589,806 27,944,311 27,106,630 28,423,607 2 9 , 6 2 9 , 4 5 6 *) data revisi (revision) sumber: bank indonesia, statistik bank syariah, maret 2008 dari tabel di atas terlihat pembiayaan paling dominan adalah pembiayaan murâbahah yang merupakan salah satu jenis dari pembiayaan non-bagi hasil. 7 karnaen a. perwataatmadja, ‚upaya memurnikan pelayanan bank syariah‛, h. 13. al-iqtishad: vol. iii, no. 2, juli 2011 197 patan kerja baru, dan peningkatan pendapatan penduduk adalah pembiayaan dalam bentuk kerjasama ini baik mudhârabah maupun musyârakah.7 lebih menarik lagi, komposisi penyaluran dana kepada masyarakat yang didominasi pembiayaan perdagangan ini tidak hanya terjadi pada perbankan syariah di indonesia, tetapi juga terjadi pada perbankan syariah di negara lainnya di seluruh dunia. di perbankan syariah nasional saat ini, pembiayaan yang masih mendominasi adalah pembiayaan non-bagi hasil, hal ini terlihat pada data yang ada pada bank indonesia. tabel komposisi pembiayaan (juta rupiah) compositon of financing (million idrs) rincian pembiayaan yang diberikan items of financing jun-07 sep-07 dec-07 jan-08 feb-08 *) pembiayaan musyârakah (mushârakah financing) nilai (amount) pangsa (share) 3,289,327 3,927,666 4,406,360 4,495,570 4,828,611 5 , 2 0 0 , 1 3 1 14.32% 15.35% 15.77% 16.58% 16.99% 1 7 . 5 5 % pembiayaan mudhârabah mudhârabah financing nilai (amount) pangsa (share) 4,686,835 5,246,620 5,577,912 5,564,028 5,719,914 5 , 8 3 5 , 3 6 4 20.40% 20.50% 19.96% 20.53% 20.12% 1 9 . 6 9 % piutang murâbahah murâbahah receivable nilai (amount) pangsa (share) 13,936,084 15,283,720 16,552,869 15,801,199 16,377,910 1 6 , 9 7 7 , 0 6 7 60.67% 59.73% 59.24% 58.29% 57.62% 5 7 . 3 0 % piutang salam salam receivable nilai (amount) pangsa (share) 0.00% 0.00% 0.00% 0.00% 0.00% 0 . 0 0 % istishna' receivable nilai (amount) pangsa (share) 333,695 328,438 350,995 354,247 363,242 3 6 4 , 6 7 0 1.45% 1.28% 1.26% 1.31% 1.28% 1 . 2 3 % lainnya others nilai (amount) pangsa (share) 723,162 803,362 1,056,175 891,586 1,133,930 1 , 2 5 2 , 2 2 4 3.15% 3.14% 3.78% 3.29% 3.99% 4 . 2 3 % total 22,969,103 25,589,806 27,944,311 27,106,630 28,423,607 2 9 , 6 2 9 , 4 5 6 *) data revisi (revision) sumber: bank indonesia, statistik bank syariah, maret 2008 dari tabel di atas terlihat pembiayaan paling dominan adalah pembiayaan murâbahah yang merupakan salah satu jenis dari pembiayaan non-bagi hasil. 7 karnaen a. perwataatmadja, ‚upaya memurnikan pelayanan bank syariah‛, h. 13. tidak dapat dimungkiri bahwa pada kenyataanya pembiayaan bank syariah lebih dititik beratkan melalui skema murâbahah, bahkan kalau kita bandingkan ternyata bank-bank islam papan atas dunia, juga memiliki kecenderungan menjadikan skema murâbahah sebagai pembiayaan yang utama. sebagai contoh adalah bahrain islamic bank, faysal islamic bank, bank islam malaysia, kuwait finance house dan lain-lain dimana kalau dirata-ratakan, skema murâbahah-nya mencapai 70% persen.8 tabel penyaluran dana dalam produk bank syariah di beberapa negara jenis malaysia bahrain bangladesh emirat jordan turki murâbahah 86,2% 69,9% 61,0% 96,3% 43,9% 17,3% ijârah 8,7% 13,3% 13% 60,6% mudhârabah 3,2% 1,6% musyârakah 1.7 7,6% 12,9% 2,1% 2,8% 0,7% lainnya 3.4 9,2% 9,9% 53,3% 21,4% sumber: http://msiuii.net sebagian besar ulama dan pakar juga sependapat bahwa bank syariah merupakan bank yang berprinsip utama bagi hasil, sehingga pembiayaan bagi hasil seharusnya lebih diutamakan dan dominan dibandingkan dengan pembiayaan non-bagi hasil. sementara sebagian pakar yang lain memandang wajar kecenderungan pembiayaan non-bagi hasil bank syariah, khususnya pada tahap awal pengembangan mengingat pelbagai kendala yang dihadapi. pembiayaan bagi hasil adalah pola pembiayaan yang mencerminkan spirit perbankan syariah. dengan alasan adalah sebagai berikut: pertama, pembiayaan bagi hasil dapat mengurangi peluang terjadinya resesi ekonomi dan krisis keuangan. hal ini dikarenakan bank syariah adalah institusi keuangan yang berbasis asset (asset-based). artinya, bank syariah bertransaksi berdasarkan aset riil dan bukan mengandalkan pada kertas kerja semata. sementara disisi lain, bank konvensional hanya bertransaksi berdasarkan paper work dan dokumen semata, kemudian membebankan bunga dengan prosentase tertentu kepada calon investor. kedua, investasi akan meningkat yang disertai dengan pembukaan 8ascarya dkk, working paper: dominasi pembiayaan non-bagi hasil di perbankan syariah: masalah dan solusi, (jakarta: pusat pendidikan dan studi kebanksentralan bank indonesia. 2004), h. 3. a. chairul hadi: problematika pembiayaan mudhârabah 198 lapangan kerja baru. akibatnya tingkat pengangguran akan dapat dikurangi dan pendapatan masyarakat akan bertambah. ketiga, pembiayaan bagi hasil akan mendorong tumbuhnya pengusaha atau investor yang berani mengambil keputusan bisnis yang berisiko. hal ini akan menyebabkan berkembangnya pelbagai inovasi baru, yang pada akhirnya dapat meningkatkan daya saing bangsa ini. bila ditinjau dari sisi nasabah, nasabah akan membandingkan secara cermat antara expected rate of return yang ditawarkan oleh bank syariah dengan tingkat suku bunga yang ditawarkan oleh bank konvensional.9 dari uraian di atas terlihat bahwa skim pembiayaan yang tepat sebagai mesin akselerasi pembangunan kesejahteraan ekonomi masyarakat adalah pembiayaan mudhârabah (bagi hasil), yang tentunya harus dilaksanakan secara profesional. dominasi pembiayaan non-bagi hasil jelas bukanlah kondisi ideal yang diinginkan, industri perbankan syariah bersama-sama dengan pemerintah maupun bank indonesia harus tetap mempersiapkan sistem maupun infrastruktur dengan mencari solusi yang tepat untuk meningkatkan pembiayaan bagi hasil.10 terlebih lagi, sesuai dengan visi dan misi pengembangan perbankan syariah nasional yang di antaranya adalah mencapai masyarakat yang sejahtera secara material dan spiritual (falah) yang mampu mendukung sektor riil melalui kegiatan berbasis bagi hasil dan transaksi riil dalam rangka mendorong pertum-buhan ekonomi nasional.11 hal di atas secara berangsur-angsur mulai dibuktikan oleh bank indonesia yang telah menargetkan di dalam blue print perbankan syariah nasional yaitu 40% proporsi untuk pembiayaan bagi hasil yang diberikan oleh bank syariah dalam rentang waktu 2008-2011. persiapan itu jelas tidak dapat dilakukan secara mendadak, melainkan mau tidak mau harus mulai dipersiapkan dari sekarang, karena perkembangan pesat yang sedang berlangsung perlu diarahkan agar tidak terlanjur berkembang kearah yang tidak diinginkan.12 dari paparan di atas kiranya dapat disimpulkan bahwa masalah pokok kecilnya jumlah pembiayaan dengan sistem bagi hasil adalah adanya kendala-kendala teknis baik internal (bank) maupun eksternal (calon nasabah). tingginya risiko menjadi pertimbang 9ascarya dkk, working paper: dominasi pembiayaan non-bagi hasil di perbankan syariah, h. 3. 10bank indonesia, ‛peranan bank indonesia dalam pengembangan perbankan syariah‛, dalam seminar shariah economic gathering_4 us, (jakarta: kajian ekonomi syariah persada, ukm ishlah lpt upi yai, 2006), h. 6-7. 11umer chapra, prohibition of interest: does it make sense?, (durban: idm publication, 2001), h. 28. 12adiwarman a. karim, bank islam analisia fiqh dan keuangan, h. 186-190. al-iqtishad: vol. iii, no. 2, juli 2011 199 lapangan kerja baru. akibatnya tingkat pengangguran akan dapat dikurangi dan pendapatan masyarakat akan bertambah. ketiga, pembiayaan bagi hasil akan mendorong tumbuhnya pengusaha atau investor yang berani mengambil keputusan bisnis yang berisiko. hal ini akan menyebabkan berkembangnya pelbagai inovasi baru, yang pada akhirnya dapat meningkatkan daya saing bangsa ini. bila ditinjau dari sisi nasabah, nasabah akan membandingkan secara cermat antara expected rate of return yang ditawarkan oleh bank syariah dengan tingkat suku bunga yang ditawarkan oleh bank konvensional.9 dari uraian di atas terlihat bahwa skim pembiayaan yang tepat sebagai mesin akselerasi pembangunan kesejahteraan ekonomi masyarakat adalah pembiayaan mudhârabah (bagi hasil), yang tentunya harus dilaksanakan secara profesional. dominasi pembiayaan non-bagi hasil jelas bukanlah kondisi ideal yang diinginkan, industri perbankan syariah bersama-sama dengan pemerintah maupun bank indonesia harus tetap mempersiapkan sistem maupun infrastruktur dengan mencari solusi yang tepat untuk meningkatkan pembiayaan bagi hasil.10 terlebih lagi, sesuai dengan visi dan misi pengembangan perbankan syariah nasional yang di antaranya adalah mencapai masyarakat yang sejahtera secara material dan spiritual (falah) yang mampu mendukung sektor riil melalui kegiatan berbasis bagi hasil dan transaksi riil dalam rangka mendorong pertum-buhan ekonomi nasional.11 hal di atas secara berangsur-angsur mulai dibuktikan oleh bank indonesia yang telah menargetkan di dalam blue print perbankan syariah nasional yaitu 40% proporsi untuk pembiayaan bagi hasil yang diberikan oleh bank syariah dalam rentang waktu 2008-2011. persiapan itu jelas tidak dapat dilakukan secara mendadak, melainkan mau tidak mau harus mulai dipersiapkan dari sekarang, karena perkembangan pesat yang sedang berlangsung perlu diarahkan agar tidak terlanjur berkembang kearah yang tidak diinginkan.12 dari paparan di atas kiranya dapat disimpulkan bahwa masalah pokok kecilnya jumlah pembiayaan dengan sistem bagi hasil adalah adanya kendala-kendala teknis baik internal (bank) maupun eksternal (calon nasabah). tingginya risiko menjadi pertimbang 9ascarya dkk, working paper: dominasi pembiayaan non-bagi hasil di perbankan syariah, h. 3. 10bank indonesia, ‛peranan bank indonesia dalam pengembangan perbankan syariah‛, dalam seminar shariah economic gathering_4 us, (jakarta: kajian ekonomi syariah persada, ukm ishlah lpt upi yai, 2006), h. 6-7. 11umer chapra, prohibition of interest: does it make sense?, (durban: idm publication, 2001), h. 28. 12adiwarman a. karim, bank islam analisia fiqh dan keuangan, h. 186-190. a. chairul hadi: problematika pembiayaan mudhârabah 200 ukm dan dengan skim mudhârabah, lembaga ini yang akan melakukan investigasi mengenai perilaku mitra sehingga dapat dipercaya akan amanah dalam mengelola dana, dan memiliki kemampuan dalam berusaha. bila perilaku amanahnya diragukan dan kemampuannya rendah tidak akan dijamin dalam memperoleh pembiayaan dari bank syariah. untuk nasabah yang masih rendah kemampuannya lembaga dapat memberikan peletihan sehingga nasabah yang memenuhi syarat (eligible) untuk memperoleh pembiayaan dari bank syariah dan dijamin oleh lembaga tersebut. bank syariah akan memperoleh kembali dananya bila terjadi kegagalan nasabah karena negligence ataupun moral failure, namun bila kegagalan karena normal business loss, maka bank turut menanggung kerugian tersebut.16 sistem jaminan ini sebenarnya telah dipraktikkan pada bank-bank syariah di beberapa negara. international islamic bank for invesment and development (iibid) dalam menjalankan pembiayaan kontrak mudhârabah menerapkan persyaratan adanya jaminan dari pihak mudhârib untuk diberikan kepada bank. salah satu persyaratan kontrak mudhârabah di faisal islamic bank of mesir (fibe) adalah jika terbukti mudhârabah tidak memanfaatkan dana atau tidak menjaga barang dagangannya sebagaimana mestinya berdasarkan ketentuan persyaratan dari investor, dimana mudhârib mengalami kerugian, maka jaminan (garansi) yang diberikan dijadikan sebagai ganti atas kerugian yang dialaminya. dalam kasus tersebut, mudhârib bertanggung jawab atas kerugian yang terjadi. oleh karenanya jaminan yang disyaratkan dalam kontrak menjadi konfensasi pihak bank. jika jaminan tidak cukup, maka mudhârib harus memberikan tambahan jaminan dalam jangka waktu yang di tentukan.17 dalam kacamata fikih, pada prinsipnya, mudhârabah berlangsung berdasarkan amanah dan wakalah, maka si mudhârib menjadi seorang amin (terpercaya) bagi shâhib al-mâl yang berakad dengannya. sementara itu modal yang ditangannya merupakan amanah, karena itu menerima dan mengelolanya dengan seijin shâhib al-mâl. dengan demikian mudhârib tidak menanggung risiko yang menimpa harta tersebut kecuali pada kasus penyelewengan, keteledoran, dan unsur kesengajaan yang dilakukan mudhârib.18 demikian pula mudhârib menjadi wakil dari shâhib al-mâl ketika menge 16wahbah al-zuhayli, nazhariyyah al-dhamân aw ahkâm al-mas’ûliyyah al-madaniyyah wa aljina’iyyah fi al-fiqh al-islâmî, (suriyah: dâr al-fikr, 1998), h. 159, dan ‘abd al-razzâk rahîm jiddi alhaytamî, al-masharîf al-islâmiyyah bayn al-nazhariyyah wa al-tathbîq , (aman: dâr usâmah lin-nasr, 1998), h. 492-493. 17ibn rusyd, bidâyah al-mujtahid, (bayrût: dâr al-fikr, t.th), vol. ii, h. 179. dan wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr, 1997), h. 3945. 18al-shan’ani, subul al-salâm, (dâr al-kutub al-‘arabî, 1990), cet. v, juz iii, h. 178. al-iqtishad: vol. iii, no. 2, juli 2011 201 ukm dan dengan skim mudhârabah, lembaga ini yang akan melakukan investigasi mengenai perilaku mitra sehingga dapat dipercaya akan amanah dalam mengelola dana, dan memiliki kemampuan dalam berusaha. bila perilaku amanahnya diragukan dan kemampuannya rendah tidak akan dijamin dalam memperoleh pembiayaan dari bank syariah. untuk nasabah yang masih rendah kemampuannya lembaga dapat memberikan peletihan sehingga nasabah yang memenuhi syarat (eligible) untuk memperoleh pembiayaan dari bank syariah dan dijamin oleh lembaga tersebut. bank syariah akan memperoleh kembali dananya bila terjadi kegagalan nasabah karena negligence ataupun moral failure, namun bila kegagalan karena normal business loss, maka bank turut menanggung kerugian tersebut.16 sistem jaminan ini sebenarnya telah dipraktikkan pada bank-bank syariah di beberapa negara. international islamic bank for invesment and development (iibid) dalam menjalankan pembiayaan kontrak mudhârabah menerapkan persyaratan adanya jaminan dari pihak mudhârib untuk diberikan kepada bank. salah satu persyaratan kontrak mudhârabah di faisal islamic bank of mesir (fibe) adalah jika terbukti mudhârabah tidak memanfaatkan dana atau tidak menjaga barang dagangannya sebagaimana mestinya berdasarkan ketentuan persyaratan dari investor, dimana mudhârib mengalami kerugian, maka jaminan (garansi) yang diberikan dijadikan sebagai ganti atas kerugian yang dialaminya. dalam kasus tersebut, mudhârib bertanggung jawab atas kerugian yang terjadi. oleh karenanya jaminan yang disyaratkan dalam kontrak menjadi konfensasi pihak bank. jika jaminan tidak cukup, maka mudhârib harus memberikan tambahan jaminan dalam jangka waktu yang di tentukan.17 dalam kacamata fikih, pada prinsipnya, mudhârabah berlangsung berdasarkan amanah dan wakalah, maka si mudhârib menjadi seorang amin (terpercaya) bagi shâhib al-mâl yang berakad dengannya. sementara itu modal yang ditangannya merupakan amanah, karena itu menerima dan mengelolanya dengan seijin shâhib al-mâl. dengan demikian mudhârib tidak menanggung risiko yang menimpa harta tersebut kecuali pada kasus penyelewengan, keteledoran, dan unsur kesengajaan yang dilakukan mudhârib.18 demikian pula mudhârib menjadi wakil dari shâhib al-mâl ketika menge 16wahbah al-zuhayli, nazhariyyah al-dhamân aw ahkâm al-mas’ûliyyah al-madaniyyah wa aljina’iyyah fi al-fiqh al-islâmî, (suriyah: dâr al-fikr, 1998), h. 159, dan ‘abd al-razzâk rahîm jiddi alhaytamî, al-masharîf al-islâmiyyah bayn al-nazhariyyah wa al-tathbîq , (aman: dâr usâmah lin-nasr, 1998), h. 492-493. 17ibn rusyd, bidâyah al-mujtahid, (bayrût: dâr al-fikr, t.th), vol. ii, h. 179. dan wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr, 1997), h. 3945. 18al-shan’ani, subul al-salâm, (dâr al-kutub al-‘arabî, 1990), cet. v, juz iii, h. 178. lolanya dengan mengembangkannya dalam perniagaan, karena pengelolaannya dengan shâhib al-mâl maka hal itu merupakan realisasi dari arti wakâlah dan amanah. oleh karena itu jika shâhib al-mâl menuntut adanya persyaratan jaminan (garansi) beserta ketentuan-ketentuannya kepada pengelola (mudhârib), menurut pendapat imam malik dan imam syafi’i kontrak tersebut tidak sah. dengan demikian dalam mudhârabah prinsipnya tidak perlu mensyaratkan agunan sebagai jaminan, karena menurut ulama hanafiyyah dan hanâbilah walaupun mudhârabah-nya dibenarkan tapi syaratnya batil.19 namun, pada kondisi zaman tertentu karena semakin tipisnya kekuatan iman dan amanah, banyak kasus penyelewengan dan penipuan (baik secara kualitas maupun kuantitas), dan dengan menganut prinsip tidak boleh saling membahayakan sebagaimana tertera dalam kaidah fikih yang diambil dari teks hadis nabi saw.: dari ibn abbas r.a., bahwa rasulullah saw. bersabda, ‚tidak boleh membahayakan orang lain dan tidak boleh membalas tindakan orang lain yang membahayakan dengan bahaya pula‛. (h.r. ahmad dan ibn mâjah).20 oleh karenanya dalam kasus mudhârabah dewasa ini kadang dibutuhkan sesuatu sebagai jaminan bagi shâhib al-mâl yang diambil dari amil untuk keamanan modal shâhib al-mâl. dengan pertimbangan hal ini maka dibolehkan bagi shâhib al-mâl untuk meminta agunan dari mudhârib sebagai jaminan yang telah menjadi suatu kebutuhan (hâjah) bagi kontrak syarikat mudhârabah. tetapi jaminan itupun sebenarnya harus fleksibel, mudah dan tidak menyulitkan bagi mudhârib. maksudnya adalah jaminan tersebut dapat berbentuk moril yaitu: surat rekomendasi (tazkiyah) dari seseorang atau lembaga yang dapat dijadikan penjamin, terpercaya dan bertanggung jawab sebagaimana dalam bentuk materil yaitu barang. kedua bentuk jaminan inilah yang dapat dijadikan pemecah pada saat timbul masalah yang tidak diinginkan dari mudhârib dengan cara yang adil, arif, dan bijaksana. 19jumhur ulama berpendapat bahwa al-mashlahah al-mursalah adalah hujjah syariat yang dijadikan dasar pembentukan hukum untuk merelaisasikan kesejahtraan manusia. lihat ‘abd alwahhâb khallâf, kaidah-kaidah hukum islam, (jakarta: rajawali pers, 1993), h. 126-133 20al-bayhaqî, al-sunan al-kubrâ, (bayrût: dâr al-fikr, t.th), vol. vi, h. 111. a. chairul hadi: problematika pembiayaan mudhârabah 202 kebolehan bagi shâhib al-mâl untuk meminta suatu jaminan dari amil dapat berpijak pada kaidah usul fikih yaitu al-mashlahah al-mursalah21 yang mengacu kepada kebutuhan, kepentingan, kebaikan, dan maslahah umum selama tidak bertentangan dengan prinsip dan dalil tegas syari’ dan benar-benar membawa kepada kebaikan bersama yang tidak berdampak menyulitkan serta merugikan orang atau pihak lain secara umum. kedua, menetapkan rasio maksiamal biaya operasi terhadap pendapatan operasi. hal ini dimaksudkan agar mudhârib menjalankan operasi bisnisnya secara efisien. bila rasio ini mencapai 100%, berarti bisnis mudhârib tidak menghasilkan keuntungan operasional keadaan ini tentunya tidak menarik pemilik modal untuk investasi, karena tidak ada yang dibagihasilkan. bila rasio ini mencapai 80%, berarti ada marjin keuntungan operasional sebesar 20%, keuntungan inilah yang dapat dibagikan kepada pemilik modal. untuk memastikan mudhârib menjalankan bisnis mudhârabah-nya dengan efisien, maka dapat ditetapkan syarat agar mudhârib harus selalu menjaga rasio ini maksimal, misalnya 80%. dengan tetap berpegang pada komitmen untuk menerapkan prinsip profit and loss sharing pada akad mudhârabah, maka perbankan syariah sebenarnya sudah bisa memulainya sekarang pada waktu berperan sebagai shâhib al-mâl. moral hazard yang dikhawatirkan melekat pada nasabah penerima pembiayaan mudhârabah sebenarnya bisa dikurangi dengan menyepakati terlebih dahulu biaya-biaya apa saja yang lazimnya ada pada suatu usaha tertentu yang dikelola mudhârib. pada akad pertama kemungkinan ada biaya penting yang luput dicantumkan dalam kesepakatan, namun pada akad-akad berikutnya biaya-biaya yang luput akan semakin berkurang. memang disini diperlukan proses belajar yang mungkin saja tidak terlalu lama sehingga akhirnya diketemukan standar biaya yang berlaku untuk suatu usaha tertentu dan demikian juga untuk usaha-usaha tertentu lainnya. para ulama telah sepakat membolehkan dan mengakui syarat-syarat atau ketentuan yang ditetapkan shâhib al-mâl dalam menggunakan modal mudhârabah dan mewajibkan kepada amil untuk menepatinya selama bermanfaat bagi kepentingan syarikat dan tidak bertentangan dengan kaidah dan hukum syariat. dalam sebuah hadis riwayat thabrânî menyatakan: 21al-shan’ânî, subul al-salam, (dâr al-kutub al-‘arabî, t.th), cet. v, juz iii, h. 119. al-iqtishad: vol. iii, no. 2, juli 2011 203 kebolehan bagi shâhib al-mâl untuk meminta suatu jaminan dari amil dapat berpijak pada kaidah usul fikih yaitu al-mashlahah al-mursalah21 yang mengacu kepada kebutuhan, kepentingan, kebaikan, dan maslahah umum selama tidak bertentangan dengan prinsip dan dalil tegas syari’ dan benar-benar membawa kepada kebaikan bersama yang tidak berdampak menyulitkan serta merugikan orang atau pihak lain secara umum. kedua, menetapkan rasio maksiamal biaya operasi terhadap pendapatan operasi. hal ini dimaksudkan agar mudhârib menjalankan operasi bisnisnya secara efisien. bila rasio ini mencapai 100%, berarti bisnis mudhârib tidak menghasilkan keuntungan operasional keadaan ini tentunya tidak menarik pemilik modal untuk investasi, karena tidak ada yang dibagihasilkan. bila rasio ini mencapai 80%, berarti ada marjin keuntungan operasional sebesar 20%, keuntungan inilah yang dapat dibagikan kepada pemilik modal. untuk memastikan mudhârib menjalankan bisnis mudhârabah-nya dengan efisien, maka dapat ditetapkan syarat agar mudhârib harus selalu menjaga rasio ini maksimal, misalnya 80%. dengan tetap berpegang pada komitmen untuk menerapkan prinsip profit and loss sharing pada akad mudhârabah, maka perbankan syariah sebenarnya sudah bisa memulainya sekarang pada waktu berperan sebagai shâhib al-mâl. moral hazard yang dikhawatirkan melekat pada nasabah penerima pembiayaan mudhârabah sebenarnya bisa dikurangi dengan menyepakati terlebih dahulu biaya-biaya apa saja yang lazimnya ada pada suatu usaha tertentu yang dikelola mudhârib. pada akad pertama kemungkinan ada biaya penting yang luput dicantumkan dalam kesepakatan, namun pada akad-akad berikutnya biaya-biaya yang luput akan semakin berkurang. memang disini diperlukan proses belajar yang mungkin saja tidak terlalu lama sehingga akhirnya diketemukan standar biaya yang berlaku untuk suatu usaha tertentu dan demikian juga untuk usaha-usaha tertentu lainnya. para ulama telah sepakat membolehkan dan mengakui syarat-syarat atau ketentuan yang ditetapkan shâhib al-mâl dalam menggunakan modal mudhârabah dan mewajibkan kepada amil untuk menepatinya selama bermanfaat bagi kepentingan syarikat dan tidak bertentangan dengan kaidah dan hukum syariat. dalam sebuah hadis riwayat thabrânî menyatakan: 21al-shan’ânî, subul al-salam, (dâr al-kutub al-‘arabî, t.th), cet. v, juz iii, h. 119. ibn ‘abbâs r.a. meriwayatkan bahwa ‘abbâs ibn ‘abd al-muthâlib ketika menyerahkan harta sebagai mudhârabah, ia mensyaratkan kepada mudhârib-nya agar tidak mengarungi lautan dan tidak menuruni lembah, serta tidak membeli hewan ternak, jika persyaratan itu dilanggar, ia (mudhârib) harus menanggung risikonya. ketika persyaratan yang ditetapkan abbas itu didengar rasulullah, beliau membenarkannya. (h.r. thabrâni).22 dan hadis nabi saw.: dari amr ibn ‘awf al-muzanî r.a., bahwasanya rasulullah saw. bersabda, ‚orang-orang muslim terikat dengan syarat-syarat antara mereka kecuali syarat yang menghalalkan yang haram atau mengharamkan yang halal.‛ (h.r. tarmidzî).23 dalam kitab-kitab fikih disebutkan bahwa ada dua hak pengelola (mudhârib) yaitu memperoleh biaya operasional (al-nafaqah) dan keuntungan (ar-ribh).24 dalam masalah biaya operasional untuk mudhârib, sebenarnya dalam hal ini para ulama berbeda pendapat menurut wahbah al-zuhaylî ada tiga pendapat tentang nafaqah untuk mudhârib. bagi imam syâfi‘î, tidak boleh ada biaya bagi mudhârib yang diambil dari harta mudhârabah baik usaha mudhârabah itu menetap ataupun berpergian kecuali ada ijin dari pemilik modal (shâhib al-mâl), karena hak mudhârib hanya dapat diambil dari keuntungan, tidak ada hak selain itu. jika disyaratkan ada nafaqah bagi mudhârib, maka akad mudhârabah tersebut tidak berlaku. pendapat kedua menurut ibrâhîm al-nakhâ’î dan al-hasan al 22wahbah al-zuhaylî, al-fiqh al-islami wa-adillatuh, (damascus: dâr al-fikr), h. 3957. 23wahbah al-zuhaylî, al-fiqh al-islami wa-adillatuh, h. 3957. 24wahbah al-zuhaylî, al-fiqh al-islami wa-adillatuh, h. 3957. a. chairul hadi: problematika pembiayaan mudhârabah 204 bashrî bahwa mudhârib berhak nafaqah baik menetap maupun berpergian dalam usaha mudhârabah-nya. ketiga pendapat jumhur ulama di antaranya abû hanîfah, mâlik, dan zaidiyah menyatakan bahwa bagi mudhârib biaya operasional hanya untuk usaha mudhârabah yang berpergian dan tidak bagi yang menetap. menurut golongan hambalî dibolehkan mudhârib mensyaratkan adanya biaya operasional (nafaqah) baginya baik dalam keadaan menetap ataupun mengadakan perjalanan dalam usahanya.25 sedangkan standar biaya operasional menurut ulama hanafiyah adalah sesuatu yang lazim memenuhi kebutuhan hidup seperti makanan, biaya administrasi, transportasi dan lain-lain dan yang paling penting penentuan standar jumlah biaya operasional menurut abu hanifah adalah standar biaya yang lazim telah diketahui oleh pelaku bisnis dan tidak berlebih-lebihan. apabila mudhârib melanggar dengan menggunakan biaya operasional lebih dari kelaziman usaha maka ia harus menanggung.26 dengan demikian usaha bisnis dengan sistem bagi hasil ini secara langsung membangun etika bisnis yang transparan, jujur, amanah, dan berkeadilan. untuk mendukung agar skema bagi hasil ini lebih menarik di perbankan syariah, maka lembaga yang berwenang seyogyanya menetapkan standar baku biaya oprasional pada tiap jenis usaha. ketiga, kembali kepada asas profit loss sharing (pls) pada akad penyertaan modal. permasalahan pilihan profit and loss sharing atau revenue sharing sebenarnya permasalahan yang khas pada akad penyertaan modal di perbankan syariah. masalah ini timbul ketika bank sebagai shâhib al-mâl harus menghadapi risiko ketika penyaluran dananya kepada masyarakat pada akad mudhârabah dimana bank tidak diperkenankan turut campur dalam kegiatan sehari-hari usaha pengelola (mudhârib). penjelasan yang paling banyak diketemukan adalah adanya moral hazard dipihak penerima dana yang sekaligus bertindak sebagai mudhârib. sementara itu disisi lain ketika bank bertindak sebagai mudhârib, bank diwajibkan oleh ketentuan yang berlaku untuk bersifat transparan dan selalu diawasi oleh bank sentral. pilihan mana yang akan diambil antara profit and loss sharing atau revenue sharing mempunyai konsekuensi yang berbeda. apabila profit and loss sharing yang dipilih, maka konsekuensinya jumlah yang harus dibagihasilkan telah dikurangi terlebih dahulu dengan semua biaya-biaya yang diperlukan, sehingga jumlahnya menjadi lebih sedikit. sedang apabila revenue sharing yang dipilih maka konsekuensinya jumlah yang harus dibaghasilkan lebih banyak, tetapi bagi 25lihat ibn qudamah, al-mughnî, (bayrût: dâr al-kutub al-‘ilmiyyah), vol. v, h. 36. 26himpunan fatwa dewan syariah nasional untuk lembaga keuangan syariah, (jakarta: dsn-mui dan bank indonesia, 2001), edisi i, h. 87–90. al-iqtishad: vol. iii, no. 2, juli 2011 205 bashrî bahwa mudhârib berhak nafaqah baik menetap maupun berpergian dalam usaha mudhârabah-nya. ketiga pendapat jumhur ulama di antaranya abû hanîfah, mâlik, dan zaidiyah menyatakan bahwa bagi mudhârib biaya operasional hanya untuk usaha mudhârabah yang berpergian dan tidak bagi yang menetap. menurut golongan hambalî dibolehkan mudhârib mensyaratkan adanya biaya operasional (nafaqah) baginya baik dalam keadaan menetap ataupun mengadakan perjalanan dalam usahanya.25 sedangkan standar biaya operasional menurut ulama hanafiyah adalah sesuatu yang lazim memenuhi kebutuhan hidup seperti makanan, biaya administrasi, transportasi dan lain-lain dan yang paling penting penentuan standar jumlah biaya operasional menurut abu hanifah adalah standar biaya yang lazim telah diketahui oleh pelaku bisnis dan tidak berlebih-lebihan. apabila mudhârib melanggar dengan menggunakan biaya operasional lebih dari kelaziman usaha maka ia harus menanggung.26 dengan demikian usaha bisnis dengan sistem bagi hasil ini secara langsung membangun etika bisnis yang transparan, jujur, amanah, dan berkeadilan. untuk mendukung agar skema bagi hasil ini lebih menarik di perbankan syariah, maka lembaga yang berwenang seyogyanya menetapkan standar baku biaya oprasional pada tiap jenis usaha. ketiga, kembali kepada asas profit loss sharing (pls) pada akad penyertaan modal. permasalahan pilihan profit and loss sharing atau revenue sharing sebenarnya permasalahan yang khas pada akad penyertaan modal di perbankan syariah. masalah ini timbul ketika bank sebagai shâhib al-mâl harus menghadapi risiko ketika penyaluran dananya kepada masyarakat pada akad mudhârabah dimana bank tidak diperkenankan turut campur dalam kegiatan sehari-hari usaha pengelola (mudhârib). penjelasan yang paling banyak diketemukan adalah adanya moral hazard dipihak penerima dana yang sekaligus bertindak sebagai mudhârib. sementara itu disisi lain ketika bank bertindak sebagai mudhârib, bank diwajibkan oleh ketentuan yang berlaku untuk bersifat transparan dan selalu diawasi oleh bank sentral. pilihan mana yang akan diambil antara profit and loss sharing atau revenue sharing mempunyai konsekuensi yang berbeda. apabila profit and loss sharing yang dipilih, maka konsekuensinya jumlah yang harus dibagihasilkan telah dikurangi terlebih dahulu dengan semua biaya-biaya yang diperlukan, sehingga jumlahnya menjadi lebih sedikit. sedang apabila revenue sharing yang dipilih maka konsekuensinya jumlah yang harus dibaghasilkan lebih banyak, tetapi bagi 25lihat ibn qudamah, al-mughnî, (bayrût: dâr al-kutub al-‘ilmiyyah), vol. v, h. 36. 26himpunan fatwa dewan syariah nasional untuk lembaga keuangan syariah, (jakarta: dsn-mui dan bank indonesia, 2001), edisi i, h. 87–90. mudhârib jumlah bagi hasil yang merupakan bagiannya itu menjadi berkurang karena semua ongkos-ongkos yang telah dipergunakan menjadi tanggungannya. dengan demikian pada pilihan revenue sharing pihak yang selalu diuntungkan adalah shâhib al-mâl, sedangkan pada profit and loss sharing dapat menguntungkan mudhârib atau merugikan shâhib al-mâl apabila biaya-biaya usaha tidak dikendalikan. dari pandangan syariah sebenarnya yang dikehendaki adalah profit and loss sharing (pls) karena model inilah yang dicontohkan oleh rasulullah saw. ketika beliau menjadi mudhârib dari siti khadijah r.a. namun dari segi praktis perbankan ada yang berpendapat bahwa sulit untuk mencari seorang mudhârib yang kualitas pribadinya mendekati rasulullah saw. jadi ada masalah moral hazard di pihak mudhârib. dalam perspektif fikih yang harus dibagi-hasilkan adalah keuntungan bersih setelah dikurangi biaya-biaya (profit loss sharing) untuk kegiatan mudhârabah dan tidak bolek keuntungan kotor sebelum dikurangi biaya-biaya. sebab, pembagian keuntungan tertentu yang terjadi pada akad mudhârabah hanya boleh dilakukan setelah benar-benar jelas keuntungannya, setelah dikurangi biaya-biaya. hal ini adalah sesuai dengan pendapat para fuqaha dari madzhab hanafi, maliki dan sebagian hambali berpendapat bahwa ‘amil tidak berhak mendapatkan bagiannya dalam keuntungan kecuali setelah pembagian dan shâhib al-mâl mendapatkan kembali modalnya secara utuh.27 semua analisa akademik pun mengambil asumsi bahwa yang dilakukan lembaga keuangan syariah itu adalah profit and loss sharing karena secara nyata profit and loss sharing memang mempunyai dampak positif bagi pembangunan. namun demikian fakta dilapangan pada sisi penyaluran dana kepada sektor usaha menunjukkan adanya pelbagai macam usaha yang mempunyai karakteristik biaya yang berbeda. bank sebagai pemilik modal (shâhib al-mâl) tahap kedua atau pemegang amanah dari shâhib al-mâl tahap pertama menghadapi kesulitan untuk mengakui biaya-biaya usaha yang dikeluarkan para nasabah pengusaha sebagai mudhârib. padahal biaya-biaya yang sulit diverifikasi inilah yang kemudian menjadi pengurang seluruh pendapatan yang akan dibagihasilkan. dalam bisnis yang biaya tidak terduga besarnya, tentu hal ini akan menjadi sumber perselisihan antara pemilik dana dengan mudhârib tentang siapa yang harus menanggung biaya-biaya tersebut. dalam proposal yang diajukan oleh mudhârib, biaya tersebut terlihat kecil sehingga pemilik dana mengharapkan keuntungan yang besar dari bisnis mudhârib tersebut, yang juga berarti bagi hasil 27himpunan fatwa dewan syariah nasional untuk lembaga keuangan syariah, h. 87–90. a. chairul hadi: problematika pembiayaan mudhârabah 206 yang besar bagi pemilik dana. namun timbulnya biaya yang tak terduga yang sebelumnya tidak dikomunikasikan oleh mudhârib kepada pemilik dana, tentunya akan mengakibatkan margin keuntungan yang kecil sehingga bagi hasilnya pun kecil. dalam hal mudhârib telah menyampaikan secara transparan, maka tanggung jawab sepenuhnya berada pada pemilik dana, karena berarti pemilik dana sedah mengetahui risiko bisnis (business risk) yang dihadapinya. namun dalam hal mudhârib tidak menyampaikan secara transparan, maka untuk menghindari perselisihan mengenai siapa yang harus menaggung biaya tidak terduga itu, pemilik dana dapat menetapkan syarat bahwa biaya-biaya yang tidak terduga tersebut sepenuhnya menjadi tanggung jawab mudhârib atau dengan kata lain yang dibagihasilkan adalah revenue. terkait dengan kesulitan bank sebagai pemilik modal (shâhib al-mâl) tahap kedua atau pemegang amanah dari pemilik modal (shâhib al-mâl) tahap pertama untuk mengakui biaya-biaya usaha yang diajukan mudhârib, maka pada tahapan awal, telah disepakati pada rapat dewan syariah nasional (dsn) dan dewan standar akuntasi keuangan ikatan akuntan indonesia tanggal 10 juni 2000 bahwa revenue sharing dapat dilakukan pada perbankan. karena bank mem-punyai dua peran ganda yaitu sebagai mudhârib dan juga sebagai shâhib al-mâl, maka pada waktu bank bertindak sebagai mudhârib, yang akan diuntungkan adalah shâhib al-mâl yang dalam hal ini adalah para pemilik tabungan mudhârabah dan deposito mudhârabah, sedangkan pada giliran bank bertindak sebagai shâhib al-mâl pada akad mudhârabah, maka bank ada di pihak yang diuntungkan. dalam rangka pemurnian pelayanan perbankan syariah, telah direkomendasikan oleh peserta seminar ‚problem of islamic banks‛ yang diselenggarakan bersama antara islamic research and traning institute (irti) idb dengan fikih academy (lembaga fatwa) dari organisasi konferensi islam (oki) bulan april 1993 di jeddah, saudi arabia, bahwa perbankan syariah harus mengurangi ketergantungannya kepada pembiayaan berbasis mark-up, dan mengerahkan segala upaya untuk berpartisipasi dalam kegiatan pembiayaan dengan mempergunakan prinsip profit and loss sharing . lalu bagaimana kita menanggapi seruan agar bank syariah di indonesia juga dapat memulai pembiayaan penyertaan modal dengan prinsip profit and loss sharing tersebut? pembiayaan penyertaan modal di indonesia masih menggunakan prinsip renenue sharing khususnya pada posisi bank sebagai mudhârib pertama. bisa dibayangkan dengan tingginya biaya operasional perbankan syariah di indonesia bagaimana kalau bank-bank syariah tersebut menganut profit and loss sharing? tentu bagihasil yang dibagikan kepada nasabah penyimal-iqtishad: vol. iii, no. 2, juli 2011 207 yang besar bagi pemilik dana. namun timbulnya biaya yang tak terduga yang sebelumnya tidak dikomunikasikan oleh mudhârib kepada pemilik dana, tentunya akan mengakibatkan margin keuntungan yang kecil sehingga bagi hasilnya pun kecil. dalam hal mudhârib telah menyampaikan secara transparan, maka tanggung jawab sepenuhnya berada pada pemilik dana, karena berarti pemilik dana sedah mengetahui risiko bisnis (business risk) yang dihadapinya. namun dalam hal mudhârib tidak menyampaikan secara transparan, maka untuk menghindari perselisihan mengenai siapa yang harus menaggung biaya tidak terduga itu, pemilik dana dapat menetapkan syarat bahwa biaya-biaya yang tidak terduga tersebut sepenuhnya menjadi tanggung jawab mudhârib atau dengan kata lain yang dibagihasilkan adalah revenue. terkait dengan kesulitan bank sebagai pemilik modal (shâhib al-mâl) tahap kedua atau pemegang amanah dari pemilik modal (shâhib al-mâl) tahap pertama untuk mengakui biaya-biaya usaha yang diajukan mudhârib, maka pada tahapan awal, telah disepakati pada rapat dewan syariah nasional (dsn) dan dewan standar akuntasi keuangan ikatan akuntan indonesia tanggal 10 juni 2000 bahwa revenue sharing dapat dilakukan pada perbankan. karena bank mem-punyai dua peran ganda yaitu sebagai mudhârib dan juga sebagai shâhib al-mâl, maka pada waktu bank bertindak sebagai mudhârib, yang akan diuntungkan adalah shâhib al-mâl yang dalam hal ini adalah para pemilik tabungan mudhârabah dan deposito mudhârabah, sedangkan pada giliran bank bertindak sebagai shâhib al-mâl pada akad mudhârabah, maka bank ada di pihak yang diuntungkan. dalam rangka pemurnian pelayanan perbankan syariah, telah direkomendasikan oleh peserta seminar ‚problem of islamic banks‛ yang diselenggarakan bersama antara islamic research and traning institute (irti) idb dengan fikih academy (lembaga fatwa) dari organisasi konferensi islam (oki) bulan april 1993 di jeddah, saudi arabia, bahwa perbankan syariah harus mengurangi ketergantungannya kepada pembiayaan berbasis mark-up, dan mengerahkan segala upaya untuk berpartisipasi dalam kegiatan pembiayaan dengan mempergunakan prinsip profit and loss sharing . lalu bagaimana kita menanggapi seruan agar bank syariah di indonesia juga dapat memulai pembiayaan penyertaan modal dengan prinsip profit and loss sharing tersebut? pembiayaan penyertaan modal di indonesia masih menggunakan prinsip renenue sharing khususnya pada posisi bank sebagai mudhârib pertama. bisa dibayangkan dengan tingginya biaya operasional perbankan syariah di indonesia bagaimana kalau bank-bank syariah tersebut menganut profit and loss sharing? tentu bagihasil yang dibagikan kepada nasabah penyimpan dana (tabungan mudhârabah dan deposito mudhârabah) akan lebih kecil dari bagi hasil yang telah dicapai sekarang. apakah akan bisa bersaing dengan tingkat bunga simpanan perbankan konvensional? dengan masih tingginya biaya operasional perbankan syariah di indonesia, maka perlu dilakukan usaha bersama para pimpinan bank syariah untuk terus mengefisienkan diri dan di sini pentingnya diterapkannya secara utuh prinsipprinsip ajaran islam yang mengharuskan kita berperilaku efektif dan efisien dan meningkatkan pelayanan dengan baik. penutup sistem bagi hasil (mudhârabah) merupakan landasan investasi dan karakteristik umum landasaran dasar operasional bank syariah dalam upanya menghindari praktik ribawi. tingginya risiko (high risk) dari calon pengelola (mudhârib) karena moral hazard dan kurangnya kesiapan sumberdaya manusia di perbankan syariah inilah di antara faktor yang menjadikan komposisi penyaluran dana kepada masyarakat lebih banyak dalam bentuk pembiayaan jual beli (murâbahah) dibandingkan penyertaan modal (mudhârabah). adanya batasnbatasan yang bisa dilakukan untuk mengoptimalkan pembiayaan mudhârabah ini antara lain, keharusan adanya garansi (jaminan) atau anggunan berupa fixed asset dan menetapkan rasio maksimal bianya oprasional serta pembagian keuntungan berdasarkan profit and loss sharing. [] pustaka acuan ali, manzoor, islamic banking and finance in theory and practice, jeddah: irti – idb, 1412h/1992. ascarya, dkk, working paper: dominasi pembiayaan non-bagi hasil di perbankan syariah: masalah dan solusi, jakarta 2004. baihaqi, al-, al-sunan al-kubrâ, bayrût: dâr al-fikr, t.th. bank indonesia,‛peranan bank indonesia dalam pengembangan perbankan syariah‛. biro perbankan syariah bank indonesia, kajian awal cetak biru pengembangan perbankan syariah di indonesia, jakarta. chapra, umer, prohibition of interest: does it make sense?, durban: idm publication, 2001. dsn-mui dan bank indonesia, himpunan fatwa dewan syariah nasional untuk lembaga keuangan syariah, jakarta: 2001. ibn qudâmah, al-mughnî, bayrût: dâr al-kutub al-‘ilmiyyah. ibn rusyd, bidâyah al-mujtahid, bayrût: dâr al-fikr, t.th. a. chairul hadi: problematika pembiayaan mudhârabah 208 karim, adiwarman a., bank islam analisia fikih dan keuangan, jakarta: iiit, 2003. khallâf, ‘abd al-wahhâb, kaidah-kaidah hukum islam, jakarta: rajawali pers, 1993. perwataatmadja, karnaen a., ‚upaya memurnikan pelayanan bank syariah, khusus pembiayaan murâbahah dan mudhârabah di indonesia‛, makalah pada komisi ahli perbankan syariah bank indonesia, jakarta. saeed, abdullah, bank islam dan bunga bank, studi kritis dan interpretasi kontemporer tentang riba dan bunga, yogyakarta: pustaka pelajar, 2003. seminar shariah economic gathering_4 us, jakarta: kajian ekonomi syariah persada, shan’ânî, al-, subul al-salâm, dâr al-kutub al-‘arabî, 1990. ukm ishlah lpt upi yai, 2006. zuhaylî, al-, wahbah, al-fikih al-islâmî wa adillatuh, damaskus: dâr al-fikr, 1997. ---------------, nazhariyyah al-dhamân aw ahkâm al-mas’ûliyyah al-madaniyyah wa al-jinâ’iyyah fi al-fikih al-islâmî, suriyah: dâr al-fikr, 1998. hasanudin1, nisrina mutiara dewi2, gine putri pertiwi3, febry wijayanti4 abstract. the hybrid contract is needed to accommodate modern transactions unavailable in the classical islamic period. the current financial service products use hybrid contracts, such as in debt transfer, import and export letters of credit, and credit cards. the evaluation of the use of contracts in these products reveals the use of multiple alternative contracts in debt transfer and letters of credit; and single contract alternative for credit card services. this study shows the complexity of contracts in modern financial products, requiring more complex documentation. the merger of several contracts in one transaction is based on the argument that there is no prohibition on using multiple contracts in one transaction, as long as it avoids usury (ribā). keywords: hybrid contract; sharia product; fatwa; sharia financial institution abstrak. penggabungan akad merupakan kebutuhan untuk mewadahi transaksi modern yang tidak ditemukan di masa islam klasik. bentuk penggabungan akad tersebut terjadi di antaranya pada produk jasa keuangan modern seperti pengalihan utang, letter of credit impor dan ekspor, dan kartu kredit. dengan meng evaluasi penggunaan akad-akad dalam produk tersebut ditemukan beberapa alternatif penggabungan akad pada produk pengalihan hutang dan letter of credit, serta satu alternatif penggabungan akad untuk produk kartu kredit. penggabungan akad tersebut didasarkan atas argumen tidak ada larangan penggabungan akad selama tidak menimbulkan ribā. hasil penelitian ini me nunjukkan kompleksitas akad pada produk keuangan modern yang pada praktiknya membutuhkan dokumentasi yang lebih kompleks. kata kunci: multi akad, produk syariah, fatwa, lembaga keuangan syariah hybrid contract in islamic financial services al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 111 128 1,2islamic university syarif hidayatullah, jakarta 3kazan federal university, russia 4ural federal university, russia e-mail: 1hasanudin.fsh@uinjkt.ac.id, 2nisrina@uinjkt.ac.id, 3gppertivi@stud.kpfu.ru, 4febri.vidzhaianti@urfu.ru author: hasanudin received: 17 april 2022 accepted: 19 juni 2022 published: 20 juni 2022 112 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction the current practice of islamic economics in many countries, including indonesia, is regulated by fatwa’s (legal opinions) issued by the state-based religious authority or independent religious institutions. in indonesia, the fatwa of the national sharia council of the indonesian ulama (dsn-mui) is used as a reference and guideline for the implementation of sharia in the economic field. dsn-mui is an independent institution outside the state power structure. so far, there have been 143 fatwas issued by dsn-mui (dsn and bi, 2006). most of these fatwas are related to contracts or transactions. contracts, according to maksum (2014: 49), can be categorized into single contracts (basiṭ), multi-contracts (uqūd muta’addidah), and multiple contracts or hybrid contracts ('uqūd mujtami'ah). multi-contracts and multiple contracts are included in the category of contract development. among the types of contract are a letter of credit (lc) (al-i'timād al-mustanadiyah/khiṭāb i'timāḍ), multiple contracts, credit cards, and diminishing partnerships. the hybrid contract is mentioned in more than 30 fatwas of dsn-mui (dsn and bi, 2006) and will continue to grow as needed. according to the data, the hybrid contract has been considered permissible by this fatwa institution, though its existence is still debatable among other fiqh (islamic jurisprudence) scholars. the differences among scholars are because of a hadith that says, “the messenger of allah forbade two contracts in one transaction” (ibn hanbal: 198, al-syaukani: 152). scholars interpret this hadith differently. nazih hammad, for example, noted that the hadith emphasizes the aspects of buying and selling. some scholars interpret the hadith as “two buying and selling activities in one sale”. in the hadith narrated by abu hurairah, nazih noted that there are at least eight views of islamic legal scholars (hammad, 2001). likewise, the scholars' interpretation of the meaning of “two contracts in one transaction” in the hadith narrated by ibn mas'ud also varies. however, in nazih's notes, scholars generally interpret the hadith in the context of buying and selling and nothing else (hammad: 181-182). this article evaluates the concept of hybrid contracts in the dsn-mui fatwa. the four hybrid contract products include service products, i.e. debt transfer, import lc, export lc, and sharia card. these products are available in islamic banking. literature review jaih mubarok (2004) wrote a book, entitled the development of sharia economic fatwas in indonesia, with the dsn-mui fatwa from 2000 to 2004 http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 113 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 (about 40 fatwas) as the object. in this book, jaih concludes there are three models for determining fatwa. the first is mua’malah (commercial transaction) concepts which are applied without modification. the second is mua’malah concepts which are applied with slight modifications. the last is the combination of several concepts, as they cannot be operated without the combination. the combination of concepts in jaih's writing aligns with this research, although jaih does not support his study with a comprehensive application example. another study on multi-contracts is the research of nazih hammad (2005), reviewing the scholarly debates on the legal status of multi-contracts and their compatibility with islamic law. al-imrani (2006) also wrote the same theme in his dissertation, providing examples of multi-contract practices and reviewing multicontract law. mudzhar (1993), adams (1999), and ali (2009) wrote about the role of fatwas in the formation of legislation. the third concludes that fatwas are among material sources used in the formulation of state regulations. the multi-contracts in this study are also used as sources of regulation in the financial services authority (otoritas jasa keuangan/ ojk) to be implemented by islamic financial institutions. such practice, however, is not part of the discussion in this paper. research on contracts and multi-contracts was carried out by muhammad maksum (2014), stating that the contracts used in islamic financial institutions can be divided into three: single contracts (basiṭ), multiple contracts (mujtami'ah), and double contracts (muta'addidah). however, a detailed explanation of the multiple contracts is missing from maksum's study. muhammad iman sastra mihajat (2015) studies hybrid contract in islamic banking and finance: a proposed shariah principles and parameters for product development. mihajat reveals that even though the hadith of the prophet implies the prohibition of using more than one contract in one transaction, most sharia banks implement this practice in the contemporary age. he further argues that the transaction is allowable if it follows the rules and parameters set by sharia. in another study, fikri lahafi, rahman ambo masse, syahriyah semaun, wahidin, and rusdaya basri (2018) study the forms of multi-contracts, such as musharakah mutanaqiṣah (diminishing partnership) and financial takeover. they manage that the contract is risky for the stakeholders. however, law no. 21 of 2008 concerning sharia banking manages the risk liability of transactions by including the administrative and criminal sanctions for the violators. http://journal.uinjkt.ac.id/index.php/iqtishad 114 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 mery maulin (2020) analyzes the implementation of multi-contract or hybrid contract methods in islamic banking products. similar to other previous studies, she argues for the permissibility of the contracts only if no violations against sharia principles are involved. these violations include the elements of ribā (usury), mayisīr (gambling), gharar (uncertainty), etc. on the other hand, fathullah asni and jasni sulong (2020) argue that some hybrid contracts are lawful, while others are prohibited. the lawful hybrid contracts are ijārah muntahiyah bi al-tamlik, ijārah mausufah fi al-dhimmah and musharakah mutanaqiṣah. the unlawful ones are tawarruq and bay' biṭaman ajil. these concepts will further be explained in the following sections. methods this is normative legal research conducted to examine the application of islamic legal norms, including uṣūl fiqh (principles of islamic jurisprudence; qawāid fiqhiyyah (islamic legal maxim) and fiqh (islamic jurisprudence). soerjono soekanto calls this type of research dogmatic legal research, while soetandyo wignjosoebroto calls it the doctrinal legal study. notably, this study compares islamic law and indonesian law regarding contracts. the discussion of various islamic legal scholars' opinions is to seek the most potent legal argument. this study uses the dsn-mui fatwas concerning multiple contracts. these fatwas are elaborated by considering legal opinions from classical and modern islamic legal scholars and analyzed using the content analysis approach. debt transfer product fatwa no. 31 of 2002 concerning debt transfer dated 26 june 2002 regulates the transfer of debt from a non-islamic bank to an islamic bank. this transaction involves at least three parties, namely customers, an islamic financial institution (ifi) and a conventional financial institution (cfi). the debt transfer is conducted using a particular contract, which determines the legal status of the transaction and the contract object (ibn 'abidin, 355; al-zuhaili, 1989: 2918). four alternative contracts can be used in the debt transfer: qarḍ contract, buying and selling, and murābaḥah. through a qarḍ contract, ifi provides a loan to pay off a customer's loan (debt) to cfi. thus, the asset purchased on credit from cfi becomes the entire property of the customer (al milk al tam). then, the customer sells the assets to ifi to pay off the loan provided by ifi for closing the debt at cfi. that way, the customer has no debt to ifi and cfi, but the asset now belongs to ifi. http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 115 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 however, the truth is that the customer does not sell the asset to ifi. the customer only intends to transfer the debt from cfi to ifi. therefore, the asset is then resold by ifi to the customer using a murābaḥah contract. after that, the customer will pay in installments. with murābaḥah, the asset returns to the customer, and he/ she is in debt to ifi and should pay in installments. this debt transfer process seems to use two contracts, namely qarḍ and murābaḥah. in fact, it appears that the process also involves buying and selling. this means three contracts have been used at once: qarḍ, murābaḥah, and buying and selling. the combination of the three contracts is called murakkab contract. every single contract used above is permissible. however, the problem arises when more than one contract is combined. the permissibility of every single contract does not imply that it can be used in combination. according to shatibi, the mujtami’ah is not always the same as munfarida (al-syatibi, 2006:144). shatibi's view is based on several hadiths of the prophet that explain the prohibition of merging salaf and bay’ contracts, two-in-one buying and selling, and two ṣafqah in one ṣafqah, even though these contracts are allowed to be used independently. according to ibn qayyim, the prohibition of merging, meant by the prophet, is to avoid the forbidden usury. it happens because the murābaḥah contract is a hīlah for not falling into usury by adding to the loan (qarḍ) given (al-jauziyah, 153). usury, in the merging of tabarru' and mu'awwaḍah contracts, has a great possibility. likewise, the first alternative to the debt transfer contract might lead to usury. this possibility occurs due to indecisive restrictions in fatwa to avoid the possibility of usury. usury might happen when the qarḍ and murābaḥah contracts are not separated. when ifi provides loans to customers through a qarḍ contract, then buying and selling assets occurs, and ifi resells the assets through murābaḥah to the customers. the customers then pay the asset's price in installments, which is undoubtedly higher than the money lent to the customer. the high price of this loan can be the actual price of ifi assets sold to customers through murābaḥah, or the price is added from its original to anticipate (hīlah) from falling into the practice of usury as the cost exceeds the loan amount. this is highly possible, especially if the traded assets are not handed over. the probability for hīlah usury is exemplified in the prohibition of the prophet in a hadith, stating: “the messenger of allah forbade buying and selling and salaf ” (al-syaibani, 178). scholars interpret the prohibition of merging between buying and selling and salaf in the prophet's hadith in various ways (al-syafi'i, 205). the forbidden of this merger contract is because it will lead to price ambiguity and usury. http://journal.uinjkt.ac.id/index.php/iqtishad 116 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the second alternative is to transfer debt using shirkah and murābaḥah contracts. this means that ifi channels its funds by purchasing customers' assets. with this purchase and permission of the cfi, shirkah al-milk (joint ownership) of the asset by ifi and the customers. assets purchased by ifi equal the amount of debt the customer still bears to cfi. ifi has paid the customers' obligation to cfi by purchasing this asset. then, ifi has shares (co-ownership) in the assets. after joint ownership occurs, the next stage is ifi sells part of its assets to customers through murābaḥah. in this way, the assets become the customers' property, with the condition that the customer pays installments to ifi for part of the asset purchased. the collection of these two musharakah and murābaḥah contracts is not prohibited because the two contracts are both mu'awwaḍah contracts. when the mu'awwaḍah contract is collected, the following rules apply: “the basic principle of a contract is the validity of the conditions, until islamic law terminates it.” moreover, there should not be elements prohibited by any islamic legal injunction. for example, the two contracts should not consist of usury; the contract's object, price, and period are transparent and fully known by involving parties. this way, the integration of the contracts is permissible and does not violate the sharia. however, this second alternative contract can be forbidden if the musharakah contract is fictitious or does not actually exist. if the funds issued by the ifi are intended to be loaned to the customer and not as a capital investment in the asset, usury is highly possible. the third alternative is to transfer debt using ijārah and qarḍ contracts. these two contracts can be used simultaneously or only ijārah without qarḍ. ifi undertakes the settlement to cfi to hand over the assets. for the settlement of this asset, an ijārah contract is used between the customer and the ifi. there are two possibilities for settling assets to ownership. first, customers use their own funds to cover the lack of installments on the asset. second, ifi bails out the remaining installments on behalf of the customers to cfi. for the first possibility, only the ijārah contract is used, and ifi is only hired for its role of transferring customer debt from cfi to ifi. as for the second possibility, ifi has been mandated to process the debt transfer and bail out the lack of customers' installment on the assets. if only the ijārah contract is used, then this debt is transferred using a simple contract (basiṭah). (al-'imrani, 2006: 45) meanwhile, if these two contracts are used, there are two possibilities. first, the contract becomes a muta'addid http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 117 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 or a murakkab contract. when two contracts, qarḍ and ijārah, are operated independently, the contract is muta'addid. however, if the two are merged and have the same legal effect, the contract is murakkab. the fatwa clearly states that even though two contracts are used, they must be separated. ijārah contract, as referred to in number one, may not be required by (must be separated from) bailouts as referred to in number 2 (qarḍ) (dsn and bi, 187). the clause in this article confirms that the dsn fatwa rejects the type of murakkab contract from the 'uqūd mutaqābilah (al-'imrani, 54) the law of ijārah and qarḍ contracts is permissible when used independently. the merging of two contracts can change each contract's legal status and compatibility with the sharia provision. in the case of merging tabarru' and mu'awwaḍah contracts, a violation of the prohibition of usury may occur. when ifi acts as mu’ajjir and muqriḍ. ifi performs a dual role, settling the transfer of assets and bailing out the remaining asset payments. in terms of providing asset settlement services, ifi receives a fee according to the contract. this compensation is a part of the customer's obligations that must be paid, in addition to paying the funds provided by the ifi to pay cfi. what matters is whether the payoff is precisely excluded from the bailout. if the fee calculation is based on a percentage of the bailout, the reward is usury or exceeds the bailout. the principle of the bailout fund (tabarru') is to help, not seek profit. in practice, the possibility of usury is wide open when effectiveness and efficiency are used as reasons. ifi does not separate the two contracts, ijārah and qarḍ, in making contracts with customers. even though the dsn fatwa has given strict limits to avoid the practice of usury by stipulating that the amount of the ijārah service fee should not be based on the number of bailouts provided by ifi to customers. without careful monitoring for the sharia compliance of the contract, the debt transfer can easily fall into the practice of faḍl usury. the collection of these two contracts, according to al-'imrāni, is permissible if there are no conditions in it and there is no purpose of getting additional qarḍ (al-'imrani, 180). the fourth alternative is transferring debt using qarḍ contracts, buying and selling, ijārah , and grants/ buying and selling (imbt). in this fourth alternative, many contracts are used. the fatwa only mentions two qarḍ contracts and ijārah muntahiya bi al-tamlik (imbt). however, if parsed, there are four contracts. the transfer process through these four alternatives, through qarḍ, ifi provides loans to customers to pay off debts to cfi. this settlement means that the assets purchased with credit from cfi become the entire property of the customer. with this settlement, the customer is no longer in debt to the cfi. http://journal.uinjkt.ac.id/index.php/iqtishad 118 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 after the customer gets full ownership rights of the assets, the customer then sells the asset to ifi to repay the loan. with this, the asset ownership shifts from the customer to ifi. then, the customer is no longer in debt to the ifi. afterwards, ifi leases the asset to the customer with the agreement to hand over the asset to the customer. at this leasing stage, there are two contracts between the ifi and this customer, ijārah and the buying and selling/grant of property. the second contract will be carried out after the first one is completed. in the ijārah contract and the property buying and selling/grant, it is not permissible to combine both contracts as stipulated by dsn-mui fatwa number 27/dsn-mui/ iii/2002 concerning al-ijārah al-muntahiyah bi al-tamlīk. the merger between these three contracts may exceed the prohibited provisions, i.e., the collection of tabarru' (qarḍ) contracts and the required buying and selling agreements or imbt. the prohibition of this merger occurs when it leads to usury. this is possible because buying and selling and imbt are hīlah to avoid usury by adding to the given loan (qarḍ) (al-jauziyah, 153). an unclear provision or ḍawābiṭ in fatwa to separate qarḍ with buying and selling or others leads to concerns about usury. in practice, it is challenging to separate tabarru' and mu'awwaḍah. to avoid the usury practice, ifi and the customers must clearly distinguish contracts and prevent the additions to the loans granted. there must be a clear distinction between a loan and buying and selling or lease. that way, each has a distinct role, whether to help by bailing out the remaining payment or seeking a profit by selling or renting out. import islamic letter of credit products import islamic letter of credit (l/c), according to dsn-mui fatwa no. 34 of 2002, is a statement letter issued by a bank to pay to exporters on behalf of importers with specific requirements based on sharia principles. import l/c transaction is something new in islamic law (masāil fiqhiyyah mu'asshirah) and is undiscussed in the classical fiqh. as a novel issue, the practice of l/c follows non-sharia provisions. fatwa of import islamic l/c is needed in the sharia banking services. applicable contracts to determine the status of the transaction object are essential in implementing lc (al-zuhaili, 2905). contracts that can be used are wakālah bil ujrah, qarḍ, murābahah, salam/istishnā', muḍārabah, musharakah, ḥawālah, and kafala bil ujrah (dsn=mui fatwa no. 57 of 2007). meanwhile, the parties involved in the l/c contract are at least importers, islamic banks, and exporters. http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 119 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 in the case of using a wakālah bi al ujrah contract, ifi only plays a role in settling the import documents and does not provide funds to pay for imported goods. the contract used is simple (basiṭ). the importer gives the authority to ifi to take care of import documents and make payments to the exporter for the price of imported goods. the wakālah contract can only be made when the importer has sufficient funds in ifi to pay the cost of the imported goods. ifi gets fees from the customer according to the agreement, not the percentage of goods for their service. the problem with the wakālah contract is the charge of administration fees. at the same time, the wakālah contract is in the category of tabarru', aiming at goodness, not for profit. permissibility of administration fees in wakālah contracts, as stipulated in the dsn fatwa no. 34 of 2002, is based on a scholar's opinion from the hanbali madhhab, that is, the opinion of ibn qudamah, arguing for the legalization of wages imposition in wakālah contract. ibn qudamah's opinion is based on the practice of the prophet, who sent officers to withdraw zakah from the community. the legal status of wakālah accompanied by wages, according to ibn qudamah, is similar to that of ijārah (ibn qudamah, 2004: 85, al-syarkhasi, 2). ibn qudamah's opinion is supported by ibn humam (d.681 h), a hanafi scholar, al-syaukani, a scholar from the circle of shafi'iyah, and a contemporary scholar, wahbah alzuhaili (ibn humam, 2; al-syaukani, 2000: 527). these scholars agreed that it is permissible to impose wages on wakālah contracts. both wakālah bil ujrah and qarḍ contracts can be used simultaneously in the import islamic l/c transactions. the implementation procedure of these two contracts is the same as the single wakālah bil ujrah contract. the difference is, in the wakālah bil ujrah contract, the customer owns sufficient funds to pay for the imported goods. meanwhile, in using the wakālah bil ujrah and qarḍ contract, the customer does not have adequate funds to pay for the imported goods. therefore, by using a qarḍ contract, ifi covers the cost of the imported goods. besides being the importers' representative, ifi also acts as a muqriḍ or lender. ifi acts as the importers' representative in the import document process and as muqriḍ in the payment. to carry out these two roles, ifi will receive wages from its role as representative of the customer. the wages agreement for ifi must be set out from the beginning in nominal terms, not a percentage of the bailout money provided by the ifi. the imposition of fees based on a percentage of loan may lead to the practice of usury because the additional cost becomes unclear whether it is paid for the role as representative or usury (ribā faḍl) or bailout funds (qarḍ). the http://journal.uinjkt.ac.id/index.php/iqtishad 120 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 dsn-mui fatwa emphasizes that the wages are determined based on nominal and decided in advance. this is based on a hadith: “whoever employs workers, let them know their wages.” (hr. abdul razzaq) ifi and customers can also use murābaḥah contracts in this import l/c transaction. in practice, murābaḥah contracts involve other contracts, i.e., buying and selling and wakālah. if ifi is the representative of the customer in the previous contract, in the murābaḥah contract, it is the opposite. the customer is the representative of ifi. as a representative, the customer takes care of the import documents for ifi, and then ifi buys the imported goods. after the document is completed, ifi pays for the import transaction. consequently, the goods become the property of ifi. after that, ifi sells the goods to the customer on a murābaḥah basis, either paid in cash or installments. the imported goods eventually become the property of the importer, and the importer is obliged to pay the ifi together with the costs incurred. the dsn fatwa for murābaḥah contracts provides a minor portion to customers. in the previous contract, when ifi acts as a representative of the customer, the ifi charges a service fee. on the other hand, when a customer becomes an ifi representative to process the documents, the customer's right is not explicitly mentioned as the representative of ifi. it means that when it comes to the role of ifi, it is always associated with wages or profits. however, when it comes to the customers, no wage is discussed. the situation happens because ifi is constantly judged as a party with higher authority than the customer. the customer is the party who needs ifi. in economic principles, the needs will follow the terms and conditions of the bank. other contracts that can be used in import islamic l/c transactions are salam/istishnā' and murābaḥah contracts. in this case, the wakālah and salam/ istishnā' contract occurs between ifi, importers, and exporters. wakālah contract takes place between ifi and importers, while salam/istishnā' is between importers and exporters. through the joint contract, the bank, on behalf of (with wakālah) the importer, places an order for export goods (salam). then ifi administers the documents and makes payments for import transactions. the imported goods become the property of ifi. after that, ifi sells the imported goods to the importer on a murābaḥah basis, either paid in installments or cash. similar to the previous murābaḥah contracts, the roles of ifi and customers have been divided. only in a salam contract is the order for imported goods made by the customer, while the ifi makes the payment. the use of several agreements in one contract makes it a mujtami'ah contract. http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 121 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 other contracts may be used in importing islamic l/c are wakālah bil ujrah and muḍārabah or musharakah contracts. in the case of wakālah bil ujrah and muḍārabah , the importer gives the authority to the bank to manage important documents and make payments for the exported goods. the fund used to make payment is the capital provided by ifi to the importer to pay for the imported goods. in this kind of contract, ifi acts as ṣāḥib al-māl, while the customer is as muḍārib. muḍārabah contract is a characteristic of ifi to distinguish it from cfi. the principle of the muḍārabah contract is that one party acts as an investor and the other as a worker in business activity. the profit from the business is divided among both parties based on the agreed proportion. if in muḍārabah ifi provides total capital, then musharakah contract can also be used, equity participation, in which ifi and customers allocate their funds for the import business. with this musharakah contract, import activities become a joint business between ifi and importers. apart from musharakah, the wakālah bil ujrah contract can be combined with the hawāla contract. this contract occurs because the importer does not have sufficient funds in the bank to pay the price of the imported goods. thus, the wakālah bil ujrah contract is between the importer and the ifi, in which the ifi acts as the importer's representative to manage import transactions. for settling the document, ifi will receive wages which amount is determined in nominal terms and is not related to the number of funds borne by ifi. due to insufficient funds, the importer is in debt to the exporter. the importer transfers this debt to ifi by requesting the bank pay the exporter the cost of the imported goods. with this debt transfer, the importer's debt is paid by ifi. the importer's obligation is to pay off the loan given by ifi to pay for the imported goods. such transaction includes a murakkab contract by combining the wakālah bi al-ujrah and ḥawālah contracts, or can also apply the kafālah bil ujrah contract. ifi is appointed as a guarantor for transactions between importers and exporters. the presence of the wakālah bi al-ujrah contract is new. so far, the kafālah contract is considered a tabarru' contract, aiming to provide specific insurance or assistance to others. in modern development, insurance has strategic status and material content, such as bank insurance. in this context, its presence as a social activity (tabarru') is no longer relevant. thus, some scholars, such as mushthafa 'abdullah al-hamsyari, admit an insurance contract with wages (kafālah bi al-ujrah) (shaqr, 542-543). this fiqh opinion is the basis for the permissibility of the kafālah bil ujrah contract. http://journal.uinjkt.ac.id/index.php/iqtishad 122 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 export islamic l/c products export islamic letter of credit (l/c), according to fatwa no. 34 of 2002, is a statement issued by banks to pay exporters to facilitate export trade with specific requirements in accordance with sharia principles. in import l/c, goods originating from abroad are imported into the country. in export l/c, goods originating from within the country are sent abroad. the parties involved are ifi, indonesian exporters, and foreign importers. the contracts that can be used in export islamic l/c activities are not much different from those in import islamic l/c, i.e. wakālah bi al-ujrah, qarḍ, muḍārabah, musharakah, al-bay', and kafālah bi al-ujrah contracts. the procedure of these contracts is similar to the procedure in the import islamic l/c. however, the positions and roles of the parties involved are adjusted to import and export purposes. by involving several parties, export islamic l/c transactions require more than one contract. therefore, the contracts in the export l/c are included in murakkab contracts. when the export islamic l/c transaction uses the wakālah bi al-ujrah contract, the ifi becomes the exporter's representative to settle export documents and collections of the l/c issuing bank. the funds are then handed over to the exporter. the bank administering the documents and collections gets a wage, with the nominal determined at the beginning of the contract. this wakālah bi al-ujrah contract can be combined with the qarḍ contract, in which ifi provides a bailout amounting to the funds spent to pay for exported goods. in this case, ifi acts as a representative for exporters and muqriḍ. as a representative, the bank administers export documents and collections to the l/c issuing bank. as muqriḍ, the bank provides a loan at the price of the goods to be exported. the bank is not allowed to take advantage of the loans provided. the bank benefits from ujrah for documents settlement and collections services for l/c issuers. the amount of ujrah must be agreed upon in advance and stated in nominal, not in percentage. both contracts are valid when one of them is not a condition for the other. therefore, the dsn fatwa emphasizes that there should be no link between the wakālah bi al-ujrah contract and the qarḍ contract (ta'alluq). bondage on this contract will lead to the practice of bay' and salaf transactions, which were prohibited by the prophet and lead to usury. in addition to qarḍ, wakālah bi al-ujrah contracts can also be compiled with muḍārabah contracts. the exporter and the bank undertake wakālah and muḍārabah contracts simultaneously through these two contracts. wakālah contract delegates the authority to settle documents and collect money from the exporter http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 123 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 to the bank. with the muḍārabah contract, the bank provides all the funds that the exporter needs in the export process of goods ordered by the importer. then, the bank will collect payment for the exported goods to the l/c issuing bank when the document is received (at sight) or the due date (usance). the payments from the importer through this l/c bank are used for ujrah payments, muḍārabah refunds, and profit-sharing payments. other contracts, which can be used in export islamic l/c transactions, are musharakah and bay' contracts. in the musharakah contract, ifi becomes a business partner of the exporter's export. the roles of each ifi and exporter are regulated according to the contract. the bank settles export documents and collections to the l/c issuing bank. in the process, the bank gives the exporter part of the funds needed in the production process of the export goods ordered by the importer. funds obtained from the l/c issuing bank are then used to refund musharakah funds and profit-sharing payments. bank gets refund through the resale of exported goods to importers. meanwhile, with buying and selling contract (al-bay'), the bank buys the goods ordered by the importer from the exporter. exporters represent the sale. buying and selling contracts are used in purchasing, and wakālah contracts represent the export transaction. payment by the l/c issuing bank can be made when the document is received (at sight) or the due date (usance). the use of the wakālah bi al-ujrah contract in the export l/c, as stated above, does not cause a problem because there is no cumulation of contracts. as for when wakālah bi al-ujrah is combined with qarḍ, salam, musharakah, and muḍārabah contracts, the law is determined whether or not it is in line with sharia provisions. both wakālah and qarḍ contracts, either is tabarru' contract. the cumulation of these two contracts is not prohibited as long as no condition is required. if it requires a condition, the transaction can result in usury faḍl because additional cost is charged in qarḍ. the dsn fatwa has confirmed these two contracts' separation by determining that ujrah should stand independently and has nothing to do with qarḍ. “between wakālah bi al-ujrah contract and qarḍ contract, should not be any bondage (ta'alluq)”. (dsn and bi, 224) the clause on the separation of contracts in this fatwa is a ḍawābiṭ which is a solution (makhraj) to avoid additional loan costs (qarḍ). although this separation is not easy in practice, hybrid contracts are allowed as long as they follow the stipulation. meanwhile, other contracts such as wakālah bi al-ujrah, murābahah, salam, muḍaraba, or musharakah, have no legal status issue when combined as long as the object, price, and time are transparent and understood by the transacting parties. http://journal.uinjkt.ac.id/index.php/iqtishad 124 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 fatwa sharia charge card and sharia-compliant credit card two sharia banking facilities are the sharia charge card (dsn-mui fatwa no. 42 of 2004 dated 27 may 2004) and the sharia card (fatwa 54/2006 dated 11 october 2006). these two banking facilities have similarities and differences. these are new facilities in modern financial transactions, never found in the early days of islam. meanwhile, a sharia card is a card that has similar functions to a credit card, in which the legal relationship (based on an existing system) between the parties is based on sharia principles. a sharia charge card is a card facility used by cardholders (ḥāmil al-bittaqā) to pay or withdraw cash at certain places. in a charge card, a cardholder must have savings in a bank that provides this facility, and he can only use the card facility as long as he has available and sufficient funds in his bank account. meanwhile, the sharia card is not tied to the amount of savings in the bank that issued the sharia credit card. that way, cardholders or customers can use sharia cards without depending on their savings amount. unlike conventional card facilities, the sharia card uses kafālah, qarḍ, and ijara. the parties involved in transactions using this card facility are the card issuer (muṣdir al-bittaqā), the cardholder (hamil al-bithaqa), and the recipient (merchant, tājir or qābil al-bittaqā). with the kafāla contract, the card issuer acts as a guarantor (kafīl) on behalf of the cardholder to merchants for all payment obligations (dayn) arising from transactions between the cardholder and the merchant and/or cash withdrawals from other banks or atms of the card-issuing bank. by granting kafālah, the card issuer can receive a fee (ujrah kafāla). in the qarḍ contract, the card issuer acts as a lender (muqriḍ) to the cardholder (muqtariḍ) through cash withdrawals from other banks or atms of the card-issuing bank. furthermore, in the ijara contract, the card issuer provides payment system services and customer services to cardholders. for this ijārah service, the cardholder is charged a membership fee. this card facility that provides flexibility in transactions requires a lot of roles and facilities. at least, the card issuer will charge guarantee services and service fees (membership) to cardholders. therefore, the costs poured for this facility are relatively big, which are then included as costs that must be borne by the cardholder and become income for the card issuer. the flow of how this card facility works can be described as follows; when the cardholder makes a transaction at the merchant, the kafala wal ijārah contract is applied. kafālah contract is used in order to guarantee the payment of the http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 125 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 transaction made by the cardholder that the card issuer issues. when the cardholder makes a cash withdrawal transaction, the contract is qarḍ and ijara. qarḍ is applied because the card issuer gives a bailout to the cardholder when taking cash. the cardholder makes the ijārah contract a rental contract for the card facilities administered by the issuer. meanwhile, ijārah is applied as a service for card facilities issued by the card issuer. these two contracts are combined when the cash withdrawal transaction is made. the legal status of the murakkab contract in charge card and sharia card facilities is allowed as long as it fulfils the conditions stipulated in the fatwa. the dsn fatwas numbers 42 and 54 are the most explicit fatwas mentioning ḍawābiṭ contracts. (ibn nujaim, 166). this is because the fatwa on the sharia charge cards and sharia cards is quite controversial. in addition to the aspect of sharia provisions, other factors trigger polemic in this card facility. in sharia, the card facility is the most outstanding representation of combined contract transactions. in some hadiths, such cumulation is prohibited. on the other hand, card facilities, both cash and credit, are considered a symbol of extravagance, hedonistic, and feature opulence. meanwhile, islam strongly encourages people to live a simple life and prohibits extravagance. in this situation, there is a dilemma between maintaining the principle of simplicity and capturing the market's need for the excellent demand for sharia card services. in this dilemma, the issuance of sharia card fatwa and ḍawābiṭ determination was an effort and a compromise to the dilemmas. ḍawābiṭ or such limitations include; does not cause usury, is not used for transactions that are not in accordance with sharia (transactions of haram and immoral objects), does not encourage excessive spending (isrāf), by setting a maximum spending limit, the primary cardholder must have the financial ability to pay off at the due date, does not provide facilities that are in contrary to sharia, and does not result to infinity debts (ghalabah aldayn) (dsn and bi, 304). the prohibition of usury is an aspect related to hybrid contracts. the object of haram and immorality is related to the eligibility, in which the contract object must be halāl (musa, 1996: 282; syafe'i, 2004: 58). meanwhile, the provisions in points c, d, and f are not directly related to contract issues. this provision is more related to muslim consumer behavior. the provisions of points d and f are associated with the problem of returning or paying debts. in a hadith, it is stated that people capable of paying the debt but delay it are wrongdoers and have the right to be punished. http://journal.uinjkt.ac.id/index.php/iqtishad 126 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the fees charged for sharia card facilities include; membership fee, merchant fee, cash withdrawal fee, and guarantee fee (kafala fee). all fees mentioned (a-d) must be determined clearly and fixed at the time the customer applies for the facility card, except for merchant fees. charging fees are standard, especially in kafala and ijārah contracts. islamic banks provide sharia card facilities and bank guarantees to pay merchants through these two contracts. the role played by the bank creates a fee that the cardholder must pay. charged costs for this sharia card facility will be problematic when banks provide cash withdrawals, bailouts, or loans. the charged fees on loans or bailouts are prohibited because they include usury and excess loans. to avoid usury, the fatwa mentioned has provided an explicit provision that charging fees are not linked to the loan amount. the charging fees must be based on the costs of managing the sharia card facility, not on the loan amount. thus, the cumulation of kafāla, qarḍ, and ijārah contracts does not open up any opportunities for usury. (al-'imrani, 180). the hybrid contract in the product mentioned is an effort to accommodate complex modern transactions. the action was made by setting conditions (ḍawābiṭ), i.e., avoiding usury and separating qarḍ contracts from other mu'awwaḍah contracts. from the explanation, it can be concluded that the dsn fatwa has managed to prevent practices prohibited in hybrid contracts. conclusion the financial products discussed use hybrid contracts because a single contract is not applicable. this is because more than two people are involved in implementing the product—three parties involved in the debt transfer and credit card products and four in lc products. the contracts used in the debt transfer product are qarḍ, bay', and murābaḥah or musharakah and murābaḥah contracts. ijārah and qarḍ or qarḍ contracts, buying and selling, ijārah (imbt) can also be applied. the contracts for lc products are wakālah bil ujrah and qarḍ; buying and selling, wakālah, murābaḥah; salam or istishna' and murābaḥah; wakālah bil ujrah and muḍārabah or musharakah or hawalah; and kafalah bi al-ujrah. contracts on credit card products are kafalah, qarḍ, and ijārah. the argument for using hybrid contracts is out of necessity and does not violate islamic law's provisions. these contracts can be applied independently so that when combined, they will not cause any problems as long as it does not cause usury. the hybrid contract does not contain usury because taking margin or profit from the qarḍ contract, which is the source of usury, is prohibited. http://journal.uinjkt.ac.id/index.php/iqtishad hasanudin. hybrid contract in islamic financial services 127 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25692 this study proposes two recommendations. first, dsn needs to implement guidelines in using multi-contracts in islamic financial institutions. second, dsnmui needs to disseminate information on the legal status of multi-contracts and their application in society to islamic financial institutions and the public. references adams, wahiduddin. 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(2004).fiqh muamalah.bandung: faithful library, 2nd ed. http://journal.uinjkt.ac.id/index.php/iqtishad salûsy, al-, alî ahmad, al-iqtishâd al-islâmiyyah wa qadhâyâ al-fiqhiyyah almu’âshir”, bayrût: muassasah al-rayyân li al-tauzî wa al-nasyr, 1997. suhadak, analisis expected return serta faktor yang memengaruhinya, jakarta: arthavidya, 2005, tahun 6, no.1. usman, muhammad, pengaruh dividen payout ratio, return on equity, earning growth terhadap price earning ratio pada perusahaan perbankan, dalam journal ekoma, september, 2001. yarnest, analisis pengaruh faktor fundamental terhadap return saham perusahaan food & beverage yang listed di bej, dalam jurnal ekonomi, 2001, tahun 5, no. 2. artikel/makalah: anastasia, njo, ‚analisis faktor fundamental dan risiko sistematik terhadap harga saham properti di bej‛, jakarta: jurnal akuntansi dan keuangan, 2003 november, vol. 5, no. 2. ahmad, ausaf, ‚towards an islamic finacial market‛, jeddah: paper, islamic development bank, 1997. dualeh, sulaiman abdi, ‚islamic securitisation: practical aspects‛, jenewa: paper paper world conference on islamic banking, 1998. fama, eugene f., ‚efficient capital market ii‛, dalam journal of finance, 1991 december. ---------------, ‚efficient capital market: a review of theory and empirical works‛, dalam journal of finance, 1970, may. ---------------, jensen, roll f., ‚the adjustment of stock price to new information‛, new york: international economic review, 1969, february. lestari, murni & christianti, ari, ‚analisis pengaruh nilai saham yang beredar, struktur modal, risiko pasar dan suku bunga terhadap return saham di bej dengan pendekatan model dinamis: studi kasus pada sektor aneka industri tahun 1996 – 2002‛, jakarta: jurnal riset akuntansi dan keuangan, 2005, vol.1 no.1. relevansi prinsip ekonomi islam dalam pembinaan umat islam indonesia mu’min rauf abstract: relevance principles of islamic economics in developing of indonesian muslim. this article starts from a paradox in the economic conditions that occurred in indonesia. on the one hand, indonesia has most all natural resources (the sda) which is relied upon by a number of countries. however, it can not be used to create prosperity. this article hypotizes that capitalism system is one of the reason. therefore, it needs one system as a solution. this article concerns that islamic economy supposed to be in both capitalism and socialism. this concept is appropiate for indonesia. keywords: islamic economy, muslims, sharia abstrak: relevansi prinsip ekonomi islam dalam pembinaan umat islam indonesia. artikel ini berangkat dari sebuah kondisi paradoks di bidang ekonomi yang terjadi di indonesia. di satu sisi, indonesia memiliki hampir semua sumber daya alam (sda) yang dijadikan andalan oleh sejumlah negara. namun, di sisi lain sumber daya alam tersebut tidak mampu dimanfaatkan untuk menciptakan kemakmuran. artikel ini meletakkan sebuah hipotesis bahwa salah satu penyebabnya adalah sistem ekonomi yang dibangun selama ini cenderung pada sistem kapitalis, sehingga diperlukan satu sistem sebagai solusi. arikel ini menegaskan bahwa ekonomi islam yang berada di antara dua kutub: kapitalis dan sosialis, merupakan sistem yang tepat dikembangkan di indonesia. kata kunci: ekonomi islam, umat islam, syariah naskah diterima: 16 juli 2010, direvisi: 5 november 2010, disetujui: 11 november 2010.  himpunan ilmuwan dan sarjana syariah indonesia (hissi). jl. ir. h. juanda 95, ciputat, jakarta. e-mail: muminrauf@gmail.com mu’min rauf: relevansi prinsip ekonomi islam142 pendahuluan indonesia adalah negara yang kaya. demikian ungkapan yang seringkali disampaikan oleh para guru/pendidik, terutama pada tingkat pendidikan dasar. bukan hanya itu, lirik sejumlah lagu-lagu nasional juga menyatakan hal senada, menyanjung negeri ini sebagai negara elok nan permai, kaya nan amat subur, aman nan makmur sehingga menjadi pujaan bangsa lain. pernyataan-pernyataan itu sesungguhnya tidak keliru. harus diakui bahwa sumber daya alam indonesia memang sangat beragam, kesuburannya pun tidak diragukan sehingga tongkat kkayu yang dipancang pun tumbuh menjadi tanaman. sumber daya alam dan kesuburan yang menjadikan bangsa-bangsa lain berjaya ada di negeri ini. gas dan minyak bumi yang mengantar negara di kawasan timur tengah ada di indonesia mulai dari balikpapan, blok cepu, blok ambalat, sampai natuna.1 karet, coklat, dan kelapa sawit, yang merupakan komoditi non migas yang mengantar malaysia pada kemakmuran juga ada. belum lagi logam mulia berupa biji emas, batu bara, besi, nikel, timah, dan lainlain.2 di sektor pertanian indonesia bahkan pernah masuk dalam jajaran negara swasembada beras, di sektor perikanan indonesia adalah negara maritim.3 dan tentu saja, populasi penduduk yang demikian menempatkan indonesia sebagai pasar yang menjanjikan di sektor industri. meski demikian, sumber-sumber itu tidak kunjung menjadikan masyarakat indonesia hidup dalam kemakmuran. sebuah kenyataan yang tidak dapat dibantah bahwa justeru lebih dari 50% penduduk negeri ini hidup dalam kesulitan bagai kehidupan sebagian masyarakat negara tandus di afrika. buktinya, sejumlah anak-anak menderita gizi buruk dan masyarakat kelaparan, persentase rakyat 1 minyak dan gas indonesia adalah kontributor utama dalam perekonomian indonesia. ipa optimis akan potensi yang besar untuk kegiatan eksplorasi baru. menggali potensi migas indonesia, diakses pada tanggal 15 januari 2010 dari http://www.gatra.com/2010-04-26/artikel. php?id=137136 2 indonesia menempati posisi produsen terbesar kedua untuk komoditas timah, posisi terbesar keempat untuk komoditas tembaga, posisi kelima untuk komoditas nikel, posisi terbesar ketujuh untuk komoditas emas, dan posisi kedelapan untuk komoditas batubara. potensi pertambangan non migas (mineral) yang cukup menjanjikan ditunjukkan oleh hasil penelitian fraser institute yang menyatakan bahwa prospek mineral di indonesia menduduki peringkat 6 (enam) teratas di dunia. direktorat jenderal statistik ekonomi dan moneter bank indonesia, peta sektor pertambangan indonesia, http://www.jurnal-ekonomi.org/2008/07/17/ 3 sebagai negara maritime, indonesia mempunyai pesisir dan laut sepanjang 81,000 kilometer. angka ini setara dengan dengan 14% dari seluruh pesisir di dunia. ekosistem kelautan yang dimiliki oleh indonesia sangat bervariasi dan mendukung kehidupan kumpulan spesies yang sangat besar. indonesia memiliki hutan bakau yang paling luas, dan memiliki terumbu karang yang paling spektakuler di kawasan asia. tuan kelana jaya, ada apa dengan pengelolaan umber daya alam indonesia? http://www.jurnal-ekonomi.org/2004/04/22/ al-iqtishad: vol. iii, no. 1, januari 2011 143 pendahuluan indonesia adalah negara yang kaya. demikian ungkapan yang seringkali disampaikan oleh para guru/pendidik, terutama pada tingkat pendidikan dasar. bukan hanya itu, lirik sejumlah lagu-lagu nasional juga menyatakan hal senada, menyanjung negeri ini sebagai negara elok nan permai, kaya nan amat subur, aman nan makmur sehingga menjadi pujaan bangsa lain. pernyataan-pernyataan itu sesungguhnya tidak keliru. harus diakui bahwa sumber daya alam indonesia memang sangat beragam, kesuburannya pun tidak diragukan sehingga tongkat kkayu yang dipancang pun tumbuh menjadi tanaman. sumber daya alam dan kesuburan yang menjadikan bangsa-bangsa lain berjaya ada di negeri ini. gas dan minyak bumi yang mengantar negara di kawasan timur tengah ada di indonesia mulai dari balikpapan, blok cepu, blok ambalat, sampai natuna.1 karet, coklat, dan kelapa sawit, yang merupakan komoditi non migas yang mengantar malaysia pada kemakmuran juga ada. belum lagi logam mulia berupa biji emas, batu bara, besi, nikel, timah, dan lainlain.2 di sektor pertanian indonesia bahkan pernah masuk dalam jajaran negara swasembada beras, di sektor perikanan indonesia adalah negara maritim.3 dan tentu saja, populasi penduduk yang demikian menempatkan indonesia sebagai pasar yang menjanjikan di sektor industri. meski demikian, sumber-sumber itu tidak kunjung menjadikan masyarakat indonesia hidup dalam kemakmuran. sebuah kenyataan yang tidak dapat dibantah bahwa justeru lebih dari 50% penduduk negeri ini hidup dalam kesulitan bagai kehidupan sebagian masyarakat negara tandus di afrika. buktinya, sejumlah anak-anak menderita gizi buruk dan masyarakat kelaparan, persentase rakyat 1 minyak dan gas indonesia adalah kontributor utama dalam perekonomian indonesia. ipa optimis akan potensi yang besar untuk kegiatan eksplorasi baru. menggali potensi migas indonesia, diakses pada tanggal 15 januari 2010 dari http://www.gatra.com/2010-04-26/artikel. php?id=137136 2 indonesia menempati posisi produsen terbesar kedua untuk komoditas timah, posisi terbesar keempat untuk komoditas tembaga, posisi kelima untuk komoditas nikel, posisi terbesar ketujuh untuk komoditas emas, dan posisi kedelapan untuk komoditas batubara. potensi pertambangan non migas (mineral) yang cukup menjanjikan ditunjukkan oleh hasil penelitian fraser institute yang menyatakan bahwa prospek mineral di indonesia menduduki peringkat 6 (enam) teratas di dunia. direktorat jenderal statistik ekonomi dan moneter bank indonesia, peta sektor pertambangan indonesia, http://www.jurnal-ekonomi.org/2008/07/17/ 3 sebagai negara maritime, indonesia mempunyai pesisir dan laut sepanjang 81,000 kilometer. angka ini setara dengan dengan 14% dari seluruh pesisir di dunia. ekosistem kelautan yang dimiliki oleh indonesia sangat bervariasi dan mendukung kehidupan kumpulan spesies yang sangat besar. indonesia memiliki hutan bakau yang paling luas, dan memiliki terumbu karang yang paling spektakuler di kawasan asia. tuan kelana jaya, ada apa dengan pengelolaan umber daya alam indonesia? http://www.jurnal-ekonomi.org/2004/04/22/ miskin demikian tinggi, pengangguran demikian banyak,4 dan katanya negara ini mempunyai utang sangat besar.5 menurut data badan pusat statistik, sebagaimana dikutip kompas, jumlah penduduk miskin sampai bulan maret 2010 berjumlah 31,02 juta jiwa atau 13,33% dari jumlah keseluruhan rakyat indonesia. meskipun jumlah ini turun dari tahun sebelumnya, yaitu 32,53 juta jiwa, laju penurunan angka kemiskinan jauh lebih lambat dari tahun sebelumnya di periode yang sama.6 kondisi yang paradoks itu, diakui atau tidak menunjukkan bahwa pasti ada yang salah dalam menangani, mengurus, dan menata perekenomian negeri ini. hipotesis ini—jika dikatakan demikian—kemungkinan ada benarnya. setidaknya, diskusi, perdebatan, dan sejumlah talk show yang digelar di pelbagai media menguatkan hal itu. bahkan sejumlah ekonom dengan lugas menuding sistem ekonomi tertentu yang dijadikan model oleh indonesia selama ini merupakan dari biang kerok yang menyebabkan masyarakat tak pernah sempat menikmati kekayaan negerinya sendiri. di tengah keterpurukan ekonomi nasional, sistem ekonomi islam muncul sebagai fenomena baru. berawal dari kepeloporan ikatan cendekiawan muslim se indonesia (icmi), sejumlah anak bangsa berhasil mendirikan bank muamalat pada tahun 1992. diakui bahwa lembaga finansial ini berjalan di tengah pesimisme (under estimated) sejumlah pihak. namun sejumlah keraguan berhasil ditepis setelah sukses melewati krisis monoter yang menghantam perekonomian nasional pada tahun 1998. ia tetap berdiri kokoh dengan pertambahan aset pada tahun 2000, di antara reruntuhan sejumlah bank konvensial yang bangkrut baik bank milik pemerintah maupun swasta. memang, krisis keuangan yang menghancurkan dunia usaha menjadikan bank muamalat menanggung kerugian rp 105 miliar, tetapi dalam waktu satu tahun bank syariah pertama di indonesia ini sudah memperoleh keuntungan. ekuitas perusahaan pun berlipat hampir 10 kali 4 berdasarkan data survei tenaga kerja nasional tahun 2009 yang dikeluarkan oleh bappenas, dari 21,2 juta masyarakat indonesia yang masuk dalam angkatan kerja, sebanyak 4,1 juta orang atau sekitar 22,2 persen adalah pengangguran, sekitar 2 juta orang diantaranya berijazah diploma (pengangguran akademik). kompas.com, tantangan perguruan tnggi; angka pengangguran akademik lebih dari dua juta!, (kompas.com edisi kamis, 14 januari 2011). diakses tanggal 16 januari 2011 http://edukasi.kompas.com/read/2010/02/18/16344910. 5 sebuah laporan menyatakan bahwa hngga agustus 2010, total pinjaman luar negeri indonesia (pemerintah-swasta) mencapai us$ 191 miliar, pinjaman tersebut, sebanyak us$131,4 miliar (68,6 persen) dari negara-negara kreditor, us$24 miliar (13 persen) dari organisasi keuangan internasional dan us$35,4 miliar (18,4 persen). berapakah utang indonesia untuk amerika? http://bisnis.vivanews. com/news/read/187866 (diakses pada tanggal 16 janari 2011 dari http://edukasi.kompas.com/read/ 2010/02/18/16344910 6 kompas, kemiskinan kian merisaukan, senin, 12 juli 2010, h. 1 mu’min rauf: relevansi prinsip ekonomi islam144 dari rp 39 miliar di 1998 menjadi hampir rp 966 miliar di 2008. pada tahun lalu, bank muamalat mencatat return on equity sebesar 33 persen. sementara penyaluran pembiayaan terlihat dari peningkatan portofolio penanaman dana sebesar 22 persen dari rp 8,62 triliun di 2007 menjadi rp 10,52 triliun di 2008. hal ini menunjukkan bahwa sistem ekonomi islam khususnya perbankan syariah tidak lagi menjadi alternatif melainkan sebagai pilihan yang setidaknya setara dengan lembaga finansial yang lain. sehubungan dengan itu, artikel ini akan memaparkan prinsip-prinsip ekonomi islam yang tergali dari sumber ajaran islam, alquran dan hadis. pada bagian terakhir, akan memaparkan pula keselarasan antara prinsip-prinsip tersebut dengan kultur masyarakat di indonesia yang diakui atau tidak merupakan bagian dari pilar penting dalam menopang perbankan syariah sekaligus menumbuhkan kepercayaan masyarakat. prinsip ekonomi islam meski mengenalkan diri sebagai agama sehingga menyiratkan kesan ritual secara dominan, islam sesungguhnya merupakan konsep ajaran yang utuh dan menyeluruh. islam tidak meletakkan garis pemisah antara urusan dunia dan akhirat atau profan dan transenden untuk meletakkan keduanya secara dikotomis. islam justru mengajarkan adanya keterkaitan antara keduanya sehingga tidak mungkin mengutamakan salah satu untuk meninggalkan yang lain. pelajaran moral yang sering ditekankan oleh islam lebih awal adalah bahwasannya dunia ini hanyalah tempat menanam sementara akhirat adalah tempat menuai. islam juga tidak mengajarkan untuk mengutamakan satu aspek kehidupan dan mengabaikan yang lain di satu sisi. karena itu, islam tidak membenarkan penganutnya untuk menjalankan ritual setiap saat dan di sisi lain mengabaikan kegiatan-kegiatan ekonomi. sebuah riwayat menuturkan bahwa ‘umar ibn alkhaththâb pernah membentak seseorang yang setiap saat di masjid dan tidak perduli dengan kebutuhan ekonomi untuk diri dan keluarganya. bahkan hal ini ditegaskan secara eksplisit sebagaimana yang ditemukan pada q.s. al-qashash [28]: 77:                                                 al-iqtishad: vol. iii, no. 1, januari 2011 145 dari rp 39 miliar di 1998 menjadi hampir rp 966 miliar di 2008. pada tahun lalu, bank muamalat mencatat return on equity sebesar 33 persen. sementara penyaluran pembiayaan terlihat dari peningkatan portofolio penanaman dana sebesar 22 persen dari rp 8,62 triliun di 2007 menjadi rp 10,52 triliun di 2008. hal ini menunjukkan bahwa sistem ekonomi islam khususnya perbankan syariah tidak lagi menjadi alternatif melainkan sebagai pilihan yang setidaknya setara dengan lembaga finansial yang lain. sehubungan dengan itu, artikel ini akan memaparkan prinsip-prinsip ekonomi islam yang tergali dari sumber ajaran islam, alquran dan hadis. pada bagian terakhir, akan memaparkan pula keselarasan antara prinsip-prinsip tersebut dengan kultur masyarakat di indonesia yang diakui atau tidak merupakan bagian dari pilar penting dalam menopang perbankan syariah sekaligus menumbuhkan kepercayaan masyarakat. prinsip ekonomi islam meski mengenalkan diri sebagai agama sehingga menyiratkan kesan ritual secara dominan, islam sesungguhnya merupakan konsep ajaran yang utuh dan menyeluruh. islam tidak meletakkan garis pemisah antara urusan dunia dan akhirat atau profan dan transenden untuk meletakkan keduanya secara dikotomis. islam justru mengajarkan adanya keterkaitan antara keduanya sehingga tidak mungkin mengutamakan salah satu untuk meninggalkan yang lain. pelajaran moral yang sering ditekankan oleh islam lebih awal adalah bahwasannya dunia ini hanyalah tempat menanam sementara akhirat adalah tempat menuai. islam juga tidak mengajarkan untuk mengutamakan satu aspek kehidupan dan mengabaikan yang lain di satu sisi. karena itu, islam tidak membenarkan penganutnya untuk menjalankan ritual setiap saat dan di sisi lain mengabaikan kegiatan-kegiatan ekonomi. sebuah riwayat menuturkan bahwa ‘umar ibn alkhaththâb pernah membentak seseorang yang setiap saat di masjid dan tidak perduli dengan kebutuhan ekonomi untuk diri dan keluarganya. bahkan hal ini ditegaskan secara eksplisit sebagaimana yang ditemukan pada q.s. al-qashash [28]: 77:                                                 dan carilah pada apa yang telah dianugerahkan allah kepadamu (kebahagiaan) negeri akhirat, dan janganlah kamu melupakan bahagianmu dari (kenikmatan) duniawi dan berbuat baiklah (kepada orang lain) sebagaimana allah telah berbuat baik kepadamu, dan janganlah kamu berbuat kerusakan di (muka) bumi. sesungguhnya allah tidak menyukai orang-orang yang berbuat kerusakan. (q.s. al-qashash [28]: 77) keseimbangan yang demikian selaras dengan tuntunan-tuntunan yang ada di dalam alquran dan hadis sebagai sumber utamanya. kita tentu tidak mungkin mengulas keselarasan itu dalam pelbagai aspek. yang menjadi fokus penulis di dalam kajian ini adalah prinsip-prinsip ekonomi yang diajarkan oleh allah melalui alquran dan sunah rasul-nya yang akan dikaitkan dengan keselarasannya dengan kultur masyarakat indonesia. prinsip pertama, harta adalah milik allah (al-mâl mâl allâh). semua apa yang ada di atas bumi ini merupakan milik allah swt. pernyataan yang demikian atau yang semakna dengannya berulangkali ditegaskan di dalam alquran. pada q.s. al-baqarah [2]: 284, misalnya, allah swt. menyatakan, “milik allah-lah seluruh yang ada di langit dan di bumi‛. menurut quraish shihab kata ‚lillâh” yang mengawali ayat ini secara harfiah berarti milik allah. namun demikian para pakar tafsir tidak memahaminya terbatas pada kepemilikan semata tetapi juga berarti pengenalan diri-nya sebagai pencipta, pengelola, dan pengatur-nya. artinya, seluruh jagad raya adalah ciptaan allah, milik-nya, dan di samping itu, ia mengelola dan mengaturnya, sehingga semua tunduk kepada-nya. di sisi lain, perlu juga dicatat bahwa penempatan kata itu pada awal kalimat mengandung makna pengkhususan, sehingga kepemilikan, penciptaan, dan pengelolaan alam raya, hanya oleh allah semata-mata, bukan selain-nya. kalau ada selain-nya yang dinamai memiliki atau mengelola, maka itu adalah atas restu atau izin-nya, dan yang demikian itu hanya bersifat sementara. bisa jadi apa yang dimiliki dan dikelola meninggalkannya, atau dia yang meninggalkan apa yang dimiliki dan dikelolanya itu.7 prinsip bahwa semua apa yang ada adalah milik allah dan manusia sebagai pihak yang mendapat kepercayaan untuk mengelolanya, melahirkan konsep pertanggungjawaban. sekecil apapun harta yang diberikan, maka ia tidak lepas dari pertanggungjawaban mengenai dua hal. pertama, dari manakah harta itu diperoleh dan kemana jua dimanfaatkan. rasulullah menegaskan: 7 muhammad quraish shihab, tafsir al-misbah, h. 613. mu’min rauf: relevansi prinsip ekonomi islam146 dua kaki seorang hamba tidak dapat bergerak pada hari kiamat hingga ia ditanya tentang empat hal. tentang umurnya, untuk apa ia gunakan. ilmunya yang mana saja yang telah ia amalkan. hartanya darimana ia mendapatkannya sekaligus ia gunakan untuk apa. dan tubuhnya untuk apa ia manfaatkan. (h.r. al-tirmidzî)8 dalam soal sumber, allah swt hanya membenarkan manusia mendapatkannya dengan sumber yang dibenarkan dengan cara yang benar. darat, laut, dan perut bumi adalah sumber yang disediakan oleh allah. manusia bebas mengeksploirasi dengan cara yang benar, antara lain dengan tidak merusak dan merugikan pihak lain. demikian pula dalam soal pemanfaatan. allah telah mengaturnya melalui ayat-ayat dan hadis nabi. dengan demikian, manusia semestinya tidak memperlakukan harta yang ia miliki seenak kemauannya sendiri. allah swt telah menetapkan aturan mengenai hal itu dan keberhasilan untuk mempertanggungjawabkannya harus mengacu pada sejumlah aturan-aturan yang telah ditetapkannya itu. memanfaatkan harta yang diperoleh dengan cara yang benar merupakan wujud kesyukuran, dan allah berjanji akan menambahkannya dengan jumlah yang lebih banyak (q.s. ibrâhîm [14]: 7). janji ini pada dasarnya dapat diilustrasikan dengan teori kepercayaan dua pihak. bukankah sebuah perusahaan senantiasa menawarkan kerja sama kepada mitra yang dapat dipercaya, yakni mitra yang senantiasa menjalankan tugas sesuai perjanjian yang telah disepakati dan mempertanggunjawabkannya secara jujur. sebaliknya, memanfaatkan harta yang diperoleh dengan cara yang benar, apalagi yang diperoleh dengan cara yang terlarang, maka allah tidak memberkahinya, dan tentu pertanggungjawabannya tidak akan diterima. prinsip pertanggungjawaban di hadapan allah inilah yang tidak ada di dalam sistem ekonomi kapitalis sehingga cenderung tidak terlalu mempersoalkan cara mendapatkan harta dan pemanfaatannya. prinsip kedua, kebutuhan akan bahan pokok merupakan tanggung jawab kolektif (dhamân al-hâjî kifâyah likulli fardh fi al-mujtama’). di dalam ajaran islam masyarakat harus memberi jaminan keamanan akan kebutuhan pokok bagi individu. yang dimaksud dengan kebutuhan pokok adalah apa yang biasa disebut dengan sandang, pangan, dan boleh jadi juga papan. kecukupan dalam hal ini adalah terpenuhinya hal tersebut dalam batas minimal. realisasi dalam realitas, hendaknya memastikan bahwa tidak ada individu di dalam masyarakat yang kelaparan, semua individu mempunyai pakaian yang cukup untuk menutup 8 diriwayatkan oleh imam al-tirmidzî dan menilainya dengan hasan shahîh. al-iqtishad: vol. iii, no. 1, januari 2011 147 dua kaki seorang hamba tidak dapat bergerak pada hari kiamat hingga ia ditanya tentang empat hal. tentang umurnya, untuk apa ia gunakan. ilmunya yang mana saja yang telah ia amalkan. hartanya darimana ia mendapatkannya sekaligus ia gunakan untuk apa. dan tubuhnya untuk apa ia manfaatkan. (h.r. al-tirmidzî)8 dalam soal sumber, allah swt hanya membenarkan manusia mendapatkannya dengan sumber yang dibenarkan dengan cara yang benar. darat, laut, dan perut bumi adalah sumber yang disediakan oleh allah. manusia bebas mengeksploirasi dengan cara yang benar, antara lain dengan tidak merusak dan merugikan pihak lain. demikian pula dalam soal pemanfaatan. allah telah mengaturnya melalui ayat-ayat dan hadis nabi. dengan demikian, manusia semestinya tidak memperlakukan harta yang ia miliki seenak kemauannya sendiri. allah swt telah menetapkan aturan mengenai hal itu dan keberhasilan untuk mempertanggungjawabkannya harus mengacu pada sejumlah aturan-aturan yang telah ditetapkannya itu. memanfaatkan harta yang diperoleh dengan cara yang benar merupakan wujud kesyukuran, dan allah berjanji akan menambahkannya dengan jumlah yang lebih banyak (q.s. ibrâhîm [14]: 7). janji ini pada dasarnya dapat diilustrasikan dengan teori kepercayaan dua pihak. bukankah sebuah perusahaan senantiasa menawarkan kerja sama kepada mitra yang dapat dipercaya, yakni mitra yang senantiasa menjalankan tugas sesuai perjanjian yang telah disepakati dan mempertanggunjawabkannya secara jujur. sebaliknya, memanfaatkan harta yang diperoleh dengan cara yang benar, apalagi yang diperoleh dengan cara yang terlarang, maka allah tidak memberkahinya, dan tentu pertanggungjawabannya tidak akan diterima. prinsip pertanggungjawaban di hadapan allah inilah yang tidak ada di dalam sistem ekonomi kapitalis sehingga cenderung tidak terlalu mempersoalkan cara mendapatkan harta dan pemanfaatannya. prinsip kedua, kebutuhan akan bahan pokok merupakan tanggung jawab kolektif (dhamân al-hâjî kifâyah likulli fardh fi al-mujtama’). di dalam ajaran islam masyarakat harus memberi jaminan keamanan akan kebutuhan pokok bagi individu. yang dimaksud dengan kebutuhan pokok adalah apa yang biasa disebut dengan sandang, pangan, dan boleh jadi juga papan. kecukupan dalam hal ini adalah terpenuhinya hal tersebut dalam batas minimal. realisasi dalam realitas, hendaknya memastikan bahwa tidak ada individu di dalam masyarakat yang kelaparan, semua individu mempunyai pakaian yang cukup untuk menutup 8 diriwayatkan oleh imam al-tirmidzî dan menilainya dengan hasan shahîh. auratnya, dan tentu semestinya tidak ada individu apalagi keluarga yang tunawisma sehingga harus hidup terlunta-lunta dan menggelandang. kecukupan dalam tiga kebutuhan primer itu dapat dinilai berdasarkan ukuran yang jelas. dalam soal sandang, setiap individu mempunyai tiga pasang baju, satu untuk dipakai, satu disimpan, dan satunya dicuci. kemudian dalam soal pangan diukur dari kecukupan makanan setiap hari, sementara dari segi papan diukur berdasarkan ketersediaan tempat tinggal yang dapat melindungi mereka dari terik matahari dan air hujan. dalam rangka menunaikan jaminan ini alquran sebagai pedoman hidup membuka saluran yang beragam, mulai dari bantuan sosial yang bersifat wajib seperti zakat sampai yang bersifat sukarela seperti infak dan sedekah. zakat mâl ditentukan kadar (persentase) dan waktunya, tetapi infak dan sedekah dapat dilakukan setiap saat. standar kelaikan seseorang untuk berinfak pun telah diisyaratkan di dalam alquran. pada q.s. al-baqarah [2]: 219, allah merekam hal ini sebagai bagian dari masalah yang dipertanyakan pada muhammad, ‚mereka bertanya kepadamu muhammad tentang apa yang harus dinfakkan, katakanlah yang lebih dari keperluan, yakni yang mudah dan yang dinafkahkan tidak dengan berat hati.9 setiap manusia yang telah memiliki harta lebih dari cukup, maka ia harus berinfak. makna kata cukup di sini jangan dikaitkan dengan sifat rakus yang dimiliki manusia, karena jika demikian maka tidak akan pernah ada manusia yang merasa harta yang dimilkinya sudah cukup. kecukupan di sini juga dalam arti kebutuhan minimal. pakaian misalnya, oleh ulama dianggap cukup ketika seorang individu mempunyai tiga potong pakaian. logikanya, ada yang dikenakan, ada yang disimpan, dan ada yang dicuci. kemudian dalam soal makanan jika individu sudah dapat makan dengan menu sederhana tiga kali sehari. jika hal tersebut telah dipenuhi, dan masih ada lebih maka yang bersangkutan sudah memenuhi syarat untuk berinfak. tidak ada tempo untuk menunggu, berinfak setelah menjadi orang kaya. di sinilah antara lain perbedaan antara zakat dan infak. zakat menunggu masa hawl (kurun waktu) dan nisab (akumulasi harta) sementara infak tidak. hal ini tentu saja tidak sulit dilakukan selama ada kelapangan dada. karena itu, alquran menggunakan kata al-‘afw dalam mengungkap hal ini. kata tersebut antara lain kelapangan. makanya pemberian maaf juga disebut dengan al-‘afw, karena pemberian maaf juga berangkat dari kelapangan dada, sama 9 muhammad quraish shihab, tafsir al-misbah, vol. i, h. 468. mu’min rauf: relevansi prinsip ekonomi islam148 dengan infak.10 orang kaya raya pun tanpa kelapangan dada, ia akan enggan untuk berinfak pada sesamanya. alquran juga menegaskan dengan jelas sasaran infak, zakat dan sadaqah yang sering digambarkan dengan istilah al-mustadh‘afîn. mereka adalah kelompok yang tidak berdaya, termasuk oleh sistem ekonomi yang tidak memihak padanya.11 catatan untuk tidak mempersempit sasaran infak dan sedekah harus dijadikan cetak biru dalam hal ini sebab nampak ada kecenderungan ke arah sana. infak dibatasi pada penggunaan harta untuk tujuan yang berkaitan langsung dengan ibadah seperti pembangunan sarana ibadah. pandangan ini keliru, karena sasaran infak meliputi wilayah yang luas, perbaikan sarana ibadah, pembangunan fasilitas umum, bahkan sampai pada capacity building seperti pemberian bea siswa atau dana pendidikan untuk anak-anak yang tidak mampu.12 penyempitan sasaran infak akan selalu menyuguhkan kabar buruk seperti adanya anak-anak yang menderita gizi buruk, kriminalitas demi sesuap nasi, sampai pada tindakan bunuh diri karena keputusasaan. prinsip yang terkesan idealistik di atas pernah terwujud dalam sejarah islam, tepatnya pada masa pemerintahan ‘umar ibn ‘abd al-‘azîz. meski kekuasaannya relatif singkat, sekitar 30 bulan, dan menerima tampuk kepemimpinan dalam kondisi ekonomi yang morat-marit, namun ia berhasil mewujudkan prinsip tersebut dalam bentuk kemakmuran dan kesejahteraan masyarakat yang mencengangkan.13 pada masa pemerintahannya, zakat, infak, dan sedekah yang terkumpul di bayt al-mâl berlimpah. ia bahkan menyerukan, ‚siapa saja yang masih memiliki utang dan tidak bisa membayarnya, maka diharapkan datang ke bayt al-mâl untuk dibayarkan, dan siapa saja pemuda yang ingin menikah tapi tidak punya mahar sebagai mas kawin, maka datanglah ke bayt al-mâl‛. sepanjang masa kekuasaanya, rakyat hidup aman, tentram, dan damai, tidak ada ketakutan karena ancaman kekurangan dan kelaparan. alokasi dana bayt al-mâl tidak hanya sebatas membantu orang miskin. sejarah mencatat bahwa kejayaan pada masa pemerintahan ‘umar ibn ‘abd al 10 al-ragib al-asfahani, mufradat alquran, beirut: dar el-marefah, 2005, h. 342. 11 muhammad quraish shihab, tafsir al-misbah. 12 yusuf qardhawi, anatomi masyarakat islam, terj. (jakarta: pustaka al-kautsar, 1999), h. 223. 13 ketika diangkat menjadi khalifah, umar bin abdul aziz mengumpulkan rakyatnya dan mengumumkan serta menyerahkan seluruh harta kekayaan diri dan keluarganya yang tidak wajar kepada kaum muslimin melalui baitul mal, mulai dari tanah-tanah perkebunan di maroko, pelbagai tunjangan yang berada di yamamah, mukaedes, jabal al-wars, yaman, dan fadak, hingga cincin berlian pemberian al-walid. lihat, sayyid quthb, keadilan sosial dalam islam, (bandung: pustaka bandung, 1984), h. 311 al-iqtishad: vol. iii, no. 1, januari 2011 149 dengan infak.10 orang kaya raya pun tanpa kelapangan dada, ia akan enggan untuk berinfak pada sesamanya. alquran juga menegaskan dengan jelas sasaran infak, zakat dan sadaqah yang sering digambarkan dengan istilah al-mustadh‘afîn. mereka adalah kelompok yang tidak berdaya, termasuk oleh sistem ekonomi yang tidak memihak padanya.11 catatan untuk tidak mempersempit sasaran infak dan sedekah harus dijadikan cetak biru dalam hal ini sebab nampak ada kecenderungan ke arah sana. infak dibatasi pada penggunaan harta untuk tujuan yang berkaitan langsung dengan ibadah seperti pembangunan sarana ibadah. pandangan ini keliru, karena sasaran infak meliputi wilayah yang luas, perbaikan sarana ibadah, pembangunan fasilitas umum, bahkan sampai pada capacity building seperti pemberian bea siswa atau dana pendidikan untuk anak-anak yang tidak mampu.12 penyempitan sasaran infak akan selalu menyuguhkan kabar buruk seperti adanya anak-anak yang menderita gizi buruk, kriminalitas demi sesuap nasi, sampai pada tindakan bunuh diri karena keputusasaan. prinsip yang terkesan idealistik di atas pernah terwujud dalam sejarah islam, tepatnya pada masa pemerintahan ‘umar ibn ‘abd al-‘azîz. meski kekuasaannya relatif singkat, sekitar 30 bulan, dan menerima tampuk kepemimpinan dalam kondisi ekonomi yang morat-marit, namun ia berhasil mewujudkan prinsip tersebut dalam bentuk kemakmuran dan kesejahteraan masyarakat yang mencengangkan.13 pada masa pemerintahannya, zakat, infak, dan sedekah yang terkumpul di bayt al-mâl berlimpah. ia bahkan menyerukan, ‚siapa saja yang masih memiliki utang dan tidak bisa membayarnya, maka diharapkan datang ke bayt al-mâl untuk dibayarkan, dan siapa saja pemuda yang ingin menikah tapi tidak punya mahar sebagai mas kawin, maka datanglah ke bayt al-mâl‛. sepanjang masa kekuasaanya, rakyat hidup aman, tentram, dan damai, tidak ada ketakutan karena ancaman kekurangan dan kelaparan. alokasi dana bayt al-mâl tidak hanya sebatas membantu orang miskin. sejarah mencatat bahwa kejayaan pada masa pemerintahan ‘umar ibn ‘abd al 10 al-ragib al-asfahani, mufradat alquran, beirut: dar el-marefah, 2005, h. 342. 11 muhammad quraish shihab, tafsir al-misbah. 12 yusuf qardhawi, anatomi masyarakat islam, terj. (jakarta: pustaka al-kautsar, 1999), h. 223. 13 ketika diangkat menjadi khalifah, umar bin abdul aziz mengumpulkan rakyatnya dan mengumumkan serta menyerahkan seluruh harta kekayaan diri dan keluarganya yang tidak wajar kepada kaum muslimin melalui baitul mal, mulai dari tanah-tanah perkebunan di maroko, pelbagai tunjangan yang berada di yamamah, mukaedes, jabal al-wars, yaman, dan fadak, hingga cincin berlian pemberian al-walid. lihat, sayyid quthb, keadilan sosial dalam islam, (bandung: pustaka bandung, 1984), h. 311 ‘azîz meliputi pesatnya perkembangan ilmu dan peradaban. pembukuan hadis yang pertama kali dilakukan pada masa pemerintahannya dengan menggunakan dana dari bayt al-mâl, demikian pula pembangunan sarana pendidikan. demikianlah, keberhasilanya selalu dirujuk sebagai representasi kejayaan dinasti bani umayyah. karena itu pula sebagian ulama mendudukkannya sebagai khalifah alrâsyidah yang kelima, sejajar dengan empat sahabat lain abû bakar, ‘umar ibn khaththâb, utsmân ibn ‘affân dan ‘ali ibn abî thâlib. prinsi ketiga, mewujudkan keadilan ekonomi diantara individu di dalam masyarakat. dalam sistem ekonomi islam, keadilan sosial harus direalisasikan agar tidak terjadi kesenjangan antar individu atau antar kelompok di dalam masyarakat. islam tidak menginginkan adanya ketimpangan taraf ekonomi yang terlalu jauh. konsep ini melahirkan, pemberian peluang kerja yang sama dan standar penggajian yang tidak timpang. islam tidak menghendaki adanya individu yang memonopoli sektor tertentu sehingga peluang individu lain tertutup. islam juga tidak menghendaki monopoli atas profesi sehingga di satu sisi ada yang menjalankan tugas ganda, di sisi lain sejumlah individu yang sebenarnya juga mempunyai keterampilan menjadi tuna karya. jika negara tidak memperhatikan hal ini maka imbasnya bukan hanya pada kemiskinan sebagaian warganya, tetapi juga banyak potensi yang tidak terberdayakan. standar penggajian pun sepantasnya tidak membuka potensi terjadinya kesenjangan sosial. di satu sisi profesi tertentu diberi imbalan yang begitu tinggi dan di sisi lain profesi tertentu diapresiasi dengan imbalan yang begitu rendah. keseimbangan dan keadilan harus diperhatikan karena jika hal tersebut terjadi maka terlalu banyak dampak negatif yang berpotensi lahir. konflik-konflik yang muncul pada masyarakat, kebanyakan karena tidak adanya keadilan atau keseimbangan bidang ekonomi. di indonesia, hal ini nampaknya harus mendapatkan perhatian besar karena senang atau tidak demikianlah fakta-fakta yang kita saksikan. dalam kontek pengembangan ekonomi berbasis syariah, hal ini merupakan tantangan karena ketidakadilan yang terjadi justru lahir dari sistem yang telah di bangun dalam masa yang panjang. artinya, populasi kaum lemah yang demikian tinggi di negeri ini bukan kaum lemah (dhuafâ’) akan tetapi lebih pantas dikategorikan sebagai al-mustadh’afîn, yakni orang-orang yang dilemahkan oleh sistem, atau bahkan sikap kita sendiri di dalam hidup bermasyarakat. yang terakhir ini boleh jadi ditunjukkan lewat sikap orang-orang kaya yang apatis atau bahkan tertawa atau mencela melihat orang miskin, berebutan zakat atau bahkan mencuri hanya untuk sesuap nasi. sikap yang demikian sungguh keliru dan tidak sesuai dengan prinsip ekonomi islam. khalifah ‘umar ibn khaththâb mu’min rauf: relevansi prinsip ekonomi islam150 pernah menghadapi kasus seorang pembantu mencuri, lalu setelah diinterogasi diketahuilah sebabnya bahwa ia melakukan semua itu karena majikannya tidak memenuhi kebutuhan-kebutuhanya. tindakan umar selanjutnya, tidak menghukum pencuri melainkan mengancam sang majikan bahwa kelak jika kasus itu terulang maka sang majikan yang akan menerima hukuman potong tangan. semangat dari tindakan umar ini patut dikembangkan dan dijadikan teladan baik oleh pemerintah maupun pelaku usaha yang mendapatkan nasib yang lebih baik. prinsip keempat, menghormati milik individu (ihtirâm mâl khâsh). pengakuan atas kepemilikan individu yang merupakan prinsip ekonomi dalam islam merupakan bukti bahwa ajaran islam selalu selaras dengan nilai-nilai kemanusian. harus diakui bahwa hasrat untuk memiliki merupakan karakter yang dimiliki oleh setiap manusia. karena itu, sistem ekonomi sosialis yang menempatkan harta kekayaan sebagai milik negara merupakan sistem yang tidak manusiawi. meski demikian, islam juga tidak menyetujui sistem kapitalis yang memberi peluang kepada orang-orang tertentu untuk mengumpulkan harta kekayaan sebanyak-banyaknya, namun di sisi lain membiarkan yang lain dalam kemiskinan. artinya, sistem ini sangat berpotensi melahirkan kesenjangan sosial yang sangat lebar. yang kaya makin kaya dan miskin makin miskin. bukti bahwa islam menghormati hak kepemilikan individu tergambar dalam sejumlah aturan yang terkait dengan harta benda. islam, misalnya, menetapkan ancaman potong tangan bagi pencuri, mengatur hak-hak individu dalam soal pembagian harta warisan. bahkan dalam sebuah ayat, allah menegaskan bahwa kaum laki-laki dan perempuan sama-sama mempunyai hak pribadi untuk menguasai dan memanfaatkan harta dari usaha-usaha yang mereka lakukan. oleh karena itu, seseorang yang meninggal karena mempertahankan harta bendanya (milik pribadi), maka matinya dinilai syahid, ‚siapa saja terbunuh untuk mempertahankan hartanya maka ia syahid (man qutila dûna mâlih fa huwa syahîd)”. hanya saja, hak kepemilikan individu bukan tanpa batasan. islam tidak menghendaki kebebasan seperti yang terjadi dalam sistem kapitalis liberal. prinsip kelima, kebebasan memilih profesi (al-hurriyah fî iktisâb al-‘amal). islam memberi kebebasan bagi penganutnya untuk menentukan nasibnya sendiri termasuk dalam memilih usaha dan profesi yang bakal digeluti. meski demikian, islam juga tetap mengajarkan satu pedoman bahwa talenta setiap orang berbeda-beda dan hendaknya memilih profesi berdasarkan keahlian yang dimiliki. pada q.s. al-lail (92): 4 allah menyatakan, ‚inna sa’yakum lasyattâ”, dan ayat lain allah menegaskan, ‚kullun ya’malu ala syâkilatihi”. pilihan profesi yang tepat ini sangat penting. rasulullah mengisyaratkan kegagalan yang membayangi al-iqtishad: vol. iii, no. 1, januari 2011 151 pernah menghadapi kasus seorang pembantu mencuri, lalu setelah diinterogasi diketahuilah sebabnya bahwa ia melakukan semua itu karena majikannya tidak memenuhi kebutuhan-kebutuhanya. tindakan umar selanjutnya, tidak menghukum pencuri melainkan mengancam sang majikan bahwa kelak jika kasus itu terulang maka sang majikan yang akan menerima hukuman potong tangan. semangat dari tindakan umar ini patut dikembangkan dan dijadikan teladan baik oleh pemerintah maupun pelaku usaha yang mendapatkan nasib yang lebih baik. prinsip keempat, menghormati milik individu (ihtirâm mâl khâsh). pengakuan atas kepemilikan individu yang merupakan prinsip ekonomi dalam islam merupakan bukti bahwa ajaran islam selalu selaras dengan nilai-nilai kemanusian. harus diakui bahwa hasrat untuk memiliki merupakan karakter yang dimiliki oleh setiap manusia. karena itu, sistem ekonomi sosialis yang menempatkan harta kekayaan sebagai milik negara merupakan sistem yang tidak manusiawi. meski demikian, islam juga tidak menyetujui sistem kapitalis yang memberi peluang kepada orang-orang tertentu untuk mengumpulkan harta kekayaan sebanyak-banyaknya, namun di sisi lain membiarkan yang lain dalam kemiskinan. artinya, sistem ini sangat berpotensi melahirkan kesenjangan sosial yang sangat lebar. yang kaya makin kaya dan miskin makin miskin. bukti bahwa islam menghormati hak kepemilikan individu tergambar dalam sejumlah aturan yang terkait dengan harta benda. islam, misalnya, menetapkan ancaman potong tangan bagi pencuri, mengatur hak-hak individu dalam soal pembagian harta warisan. bahkan dalam sebuah ayat, allah menegaskan bahwa kaum laki-laki dan perempuan sama-sama mempunyai hak pribadi untuk menguasai dan memanfaatkan harta dari usaha-usaha yang mereka lakukan. oleh karena itu, seseorang yang meninggal karena mempertahankan harta bendanya (milik pribadi), maka matinya dinilai syahid, ‚siapa saja terbunuh untuk mempertahankan hartanya maka ia syahid (man qutila dûna mâlih fa huwa syahîd)”. hanya saja, hak kepemilikan individu bukan tanpa batasan. islam tidak menghendaki kebebasan seperti yang terjadi dalam sistem kapitalis liberal. prinsip kelima, kebebasan memilih profesi (al-hurriyah fî iktisâb al-‘amal). islam memberi kebebasan bagi penganutnya untuk menentukan nasibnya sendiri termasuk dalam memilih usaha dan profesi yang bakal digeluti. meski demikian, islam juga tetap mengajarkan satu pedoman bahwa talenta setiap orang berbeda-beda dan hendaknya memilih profesi berdasarkan keahlian yang dimiliki. pada q.s. al-lail (92): 4 allah menyatakan, ‚inna sa’yakum lasyattâ”, dan ayat lain allah menegaskan, ‚kullun ya’malu ala syâkilatihi”. pilihan profesi yang tepat ini sangat penting. rasulullah mengisyaratkan kegagalan yang membayangi ketika satu urusan ditangani oleh bukan ahlinya idzâ wussida al-amr ilâ ghayr ahlih fa intazhir al-sâ’ah. meski hasil kerja keras dinyatakan sebagai milik pribadi, namun seperti disebutkan pada prinsip pertama, pemilik harta yang hakiki adalah allah swt. jadi kepemilikan seseorang atas harta bendanya hanyalah kepemilikan dalam arti semu. kebebasan untuk memperlakukan harta pribadi ini dibatasi oleh aturan yang telah ditetapkan oleh pemilik harta yang hakiki. karena itu, seseorang tidak boleh bertindak seenaknya tanpa memerhatikan aturan-aturan yang telah ditetapkan, tetapi juga tidak dipasung sedemikian ketat sehingga manusia tidak memiliki ruang gerak sama sekali. kita dibatasi oleh ketentuan halal dan haram yang sudah jelas termaktub di dalam kitab suci dan sabda rasulnya. satu contoh kaitannya dengan perolehan harta misalnya, islam tidak boleh melakukan proses transaksi yang menganut unsur riba. islam juga tidak membenarkan aktifitas ekonomi yang mengandung unsur monopoli yang bisa mengekploitasi kebutuhan manusia. untuk itu, islam tidak membernarkan jual beli dengan cara menimbun barang (al-ihtikâr). prinsip keenam, pengembangan potensi ekonomi yang integral. prinsip ini berarti bahwa islam menghendaki pengembangan ekonomi dilakukan dengan mengembangkan segala potensi yang ada. maksudnya, islam tidak membatasi potensi tertentu untuk diberdayakan melainkan merekomendasikan agar semua potensi ekonomi yang halal untuk dikelola dengan cara-cara yang benar. alquran memberi isyarat untuk mengembangkan pertanian, industri, pertambangan, kelautan, perdagangan, telekomunikasi, peternakan, komersialisasi jasa, dan sebagainya. semua itu harus dikembangkan secara simultan. pengalaman rasulullah saw ketika tiba di madinah penting untuk diungkap, yakni ketika meletakkan dasar-dasar ekonomi. ketika ia berkumpul dengan para sahabatnya, ia bertanya kepada sahabat dari kalangan anshar, ‚wahai kaum anshar, di mana pasar kita, mereka menjawab, pasar kami ada di daerah bani qainuqa (kawasan pemukiman kaum yahudi)‛. ternyata di pasar tersebut banyak praktek riba, monopoli, dan pelbagai macam penyelewengan. akhirnya, rasulullah membawa masyarakat ke satu tanah lapang dan mengatakan, ‚di sinilah pasar kita. di tempat itulah mereka membangun pasar. mereka bertransaksi dengan cara islami sehingga semakin ramai seiring perjalanan waktu membuat pasar bani qainuqa sepi dan tutup. demikianlah di antara prinsip-prinsip ekonomi islam yang diramu dari ungkapan-ungkapan kitab suci dan hadis rasulullah. kita harus yakin bahwa dengan menegakkan keenam prinsip itu dalam kegiatan ekonomi nasional kita, insya allah kondisi bangsa ini bakal dapat bangkit dari keterpurukan, mengikis mu’min rauf: relevansi prinsip ekonomi islam152 kesenjangan sosial dan menyelesaikan setidaknya sebagian problematika yang ada. relevansi ekonomi islam dalam pemberdayaan umat di indonesia hasil sensus penduduk yang dilaksanakan pada tahun 2010 menunjukkan bahwa umat islam di indonesia mencapai sekitar 85,1% dari 240.271.522 penduduk indonesia.14 angka tersebut menunjukkan bahwa umat islam indonesia merupakan komunitas muslim terbesar di seluruh dunia. hanya saja kabar gembira dari aspek kuantitas ini tidak sebaik kabar pada aspek kualitasnya, karena seperti tersuguhkan dalam kenyataan, keluarga yang termasuk dalam kategori miskin (al-dhu’afâ) didominasi oleh saudara-saudara kita dari kaum muslimin. dalam kontek inilah ditemukan relevansi ekonomi islam dalam upaya pemberdayaan umat. lebih dari itu, terapan ekonomi islam dalam hal ini menjadi kewajiban atas dasar dua hal, pertama kewajiban menjalankan ekomi berbasis syariah dan kewajiban memberdayakan umat di sisi yang lain. dilihat dari beberapa aspek peluang itu terbuka lebar sejak 20 tahun terakhir. dari aspek politik misalnya, keberpihakan pemerintah pada pengembangan ekonomi syariah telah muncul sejak adanya restu pemerintah mendirikan bank muamalat yang dipelopori oleh ikatan cendekiawan muslim indonesia (icmi) pada tahun 1992. bukan hanya sampai di situ, pada masa-masa berikutnya, keberpihakan itu menunjukkan perkembangan yang semakin baik seiring dengan perkembangan bank syariah. hal ini terlihat jelas pada sejumlah indikator seperti pengembangan regulasi yang dibutuhkan termasuk perumusan paying hukumnya. kemudian dari aspek respon masyarakat, nampaknya ekonomi islam menemukan momentumnya. hal ini terkait dengan ketidakpercayaan masyarakat pada sistem ekonomi yang dibangun sebelumnya. seperti diketahui bahwa sistem ekonomi kapitalis ala barat tidak berhasil mengantar masyarakat indonesia pada tingkat kesejahteraan, dan hal ini bukan lagi tesis yang membutuhkan pembuktian, melainkan telah menjadi kenyataan yang hidup dan dialami. artinya, dari segi respons masyarakat, ekonomi islam kini hadir membawa harapan baru bagi masyarakat. peluang terbesar pengembangan ekonomi islam ditemukan terkait dengan keselarasan antara prinsip ekonomi islam yang telah dijelaskan di atas dengan problematika ekonomi yang dihadapi bangsa ini. bukan rahasia lagi bahwa 14 sumber: the world factbook, central intellegence agency (cia); diakses pada hari sabtu tanggal 15 januari 2010 jam 17.41 wib di https://www.cia.gov/library/publications/the-world-facebook/ geos/id.html al-iqtishad: vol. iii, no. 1, januari 2011 153 kesenjangan sosial dan menyelesaikan setidaknya sebagian problematika yang ada. relevansi ekonomi islam dalam pemberdayaan umat di indonesia hasil sensus penduduk yang dilaksanakan pada tahun 2010 menunjukkan bahwa umat islam di indonesia mencapai sekitar 85,1% dari 240.271.522 penduduk indonesia.14 angka tersebut menunjukkan bahwa umat islam indonesia merupakan komunitas muslim terbesar di seluruh dunia. hanya saja kabar gembira dari aspek kuantitas ini tidak sebaik kabar pada aspek kualitasnya, karena seperti tersuguhkan dalam kenyataan, keluarga yang termasuk dalam kategori miskin (al-dhu’afâ) didominasi oleh saudara-saudara kita dari kaum muslimin. dalam kontek inilah ditemukan relevansi ekonomi islam dalam upaya pemberdayaan umat. lebih dari itu, terapan ekonomi islam dalam hal ini menjadi kewajiban atas dasar dua hal, pertama kewajiban menjalankan ekomi berbasis syariah dan kewajiban memberdayakan umat di sisi yang lain. dilihat dari beberapa aspek peluang itu terbuka lebar sejak 20 tahun terakhir. dari aspek politik misalnya, keberpihakan pemerintah pada pengembangan ekonomi syariah telah muncul sejak adanya restu pemerintah mendirikan bank muamalat yang dipelopori oleh ikatan cendekiawan muslim indonesia (icmi) pada tahun 1992. bukan hanya sampai di situ, pada masa-masa berikutnya, keberpihakan itu menunjukkan perkembangan yang semakin baik seiring dengan perkembangan bank syariah. hal ini terlihat jelas pada sejumlah indikator seperti pengembangan regulasi yang dibutuhkan termasuk perumusan paying hukumnya. kemudian dari aspek respon masyarakat, nampaknya ekonomi islam menemukan momentumnya. hal ini terkait dengan ketidakpercayaan masyarakat pada sistem ekonomi yang dibangun sebelumnya. seperti diketahui bahwa sistem ekonomi kapitalis ala barat tidak berhasil mengantar masyarakat indonesia pada tingkat kesejahteraan, dan hal ini bukan lagi tesis yang membutuhkan pembuktian, melainkan telah menjadi kenyataan yang hidup dan dialami. artinya, dari segi respons masyarakat, ekonomi islam kini hadir membawa harapan baru bagi masyarakat. peluang terbesar pengembangan ekonomi islam ditemukan terkait dengan keselarasan antara prinsip ekonomi islam yang telah dijelaskan di atas dengan problematika ekonomi yang dihadapi bangsa ini. bukan rahasia lagi bahwa 14 sumber: the world factbook, central intellegence agency (cia); diakses pada hari sabtu tanggal 15 januari 2010 jam 17.41 wib di https://www.cia.gov/library/publications/the-world-facebook/ geos/id.html keterpurukan ekonomi indonesia disebabkan oleh monopoli sebagai turunan dari sistem ekonomi kapitalis, ketidakberimbangan potensi yang dikembangkan, distribusi hasil yang tidak merata, rekrutmen dan serapan tenaga kerja yang tidak proporsional dan lain-lain. prinsip ekonomi islam dalam hal ini datang sebagai antitesis pada tataran teoritis sekaligus sebagai pengganti yang tepat bagi sistem kapitalis yang melahirkan sejumlah akar-akar problematika yang dimaksud. penutup sistem ekonomi islam yang telah menunjukkan geliat perkembangannya selama dua dekade terakhir tidak hanya relevan dengan upaya pemberdayaan umat islam tetapi juga relevan untuk dikembangkan dalam upaya recovery ekonomi nasional secara umum. dikatakan demikian karena sejumlah prinsipprinsip yang merupakan simpulan dari alquran dan hadis nampaknya tepat untuk menjadi obat penawar atas problematika yang sudah akut di dalam sistem ekonimi nasional yang selama ini telah berjalan. konsep bahwa seluruh harta merupakan milik allah secara hakiki, dan manusia hanya memilikinya dalam pengertian semu, serta keyakinan adanya pertanggungjawaban tentang asal dan pemanfaatannya kelak merupakan hal yang secara signifikan membedakan antara ekonomi islam dengan kapitalis dan sosialis. pengejawantahan prinsip utama ini tidak sampai membatasi individu untuk mengakumulasi kekayaan, selama dengan cara dan pemanfaatan yang benar. kemudian prinsip lainnya seperti jaminan dan tanggung jawab kolektif atas pemenuhan kebutuhan pokok masyarakat, perwujudan keadilan ekonomi antar individu, kebebasan memilih profesi (al-hurriyat fî iktisâb al-‘amal) serta pengembangan potensi ekonomi yang integral semuanya mengarah pada terciptanya masyarakat yang secara ekonomis jauh dari ketimpangan. [] pustaka acuan buku: asfahânî, al-, al-râgib, mufradât alqurân, bayrû: dâr el-marefah, 2005. qaradhawî, yûsuf, anatomi masyarakat islam, terj, jakarta: pustaka al-kautsar, 1999. quthb, sayyid, keadilan sosial dalam islam, bandung: pustaka bandung, 1984. shihab, muhammad quraish, tafsir al-misbah, jakarta: lentera hati, 2006. website/artikel/media massa the world factbook, central intellegence agency (cia); diakses pada hari sabtu tanggal 15 januari 2010 jam 17.41 wib di mu’min rauf: relevansi prinsip ekonomi islam154 https://www.cia.gov/library/publications/ the-world-factbook/geos/id.html http://bisnis.vivanews.com/news/read/187866. http://edukasi.kompas.com/read/2010/02/18/16344910. http://edukasi.kompas.com/read/2010/02/18/16344910. http://www.gatra.com/2010-04-26/artikel. php?id=137136. http://www.jurnal-ekonomi.org/2004/04/22/. http://www.jurnal-ekonomi.org/2008/07/17/. kompas, kemiskinan kian merisaukan, senin, 12 juli 2010. pendahuluan pada tahun 2008 jumlah pangangguran di indonesia mencapai 9,43 juta orang1 hal ini menyebabkan tingkat kemiskinan dan tindak kriminal men jadi meningkat, belum lagi pada tahun 2008 ditambah dengan krisis finansial yang mengakibatkan beberapa perusahaan harus mengurangi jumlah karyawannya karena menurunnya omset penjualan dan naiknya harga bahan-bahan yang harus di impor. hal ini semakin memperburuk keadaan. padahal menurut pendapat salah seorang pakar ekonomi david mc.clelland, “negara bisa makmur kalau jumlah enterpreneur (wirausaha) sedikitnya 2% dari populasi penduduk”.2 pada tahun 2007 di negara maju seperti amerika serikat, jumlah wirausahawan mencapai 11,5% dari total 1 ”jumlah pengguran di indonesia 9.43 juta orang” diakses pada 05 januari 2009 dari http://www.tempointeraktif.com 2 y.bayu dan nadia maharani “peringkat doing bussiness 2009 indonesia turun kelas, lebih mudah buka usaha di mongolia” artikel diakses pada 16 maret 2009 dari http://www. madani-ri.com analisis sistem penetapan franchise fee dan royalt y fee pada franchise brc walid darmawan sties bina guna lombok email: walid-dr@yahoo.com abstrak: pada saat ini bisnis franchise atau waralaba di indonesia, semakin menjamur dan banyak diminati oleh masyarakat untuk mencari peluang baru, dari mulai waralaba lokal seperti ayam bakar wong solo, es teller 77, burger mr.edam,alfa mart, indomart dan lain-lain. sampai waralaba mancanegarapun semakin banyak diminati seperti kfc, mc.donalds, hoka-hoka bento, starbuck coffiee dan lain sebagainya. kata kunci: franchise, fee, royalty walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .36 penduduknya, singapura memiliki 7,2% wirausahawan dari total penduduk nya. adapun di indonesia hanya memiliki wirausahawan 0,18% atau 400.000 jiwa dari total penduduknya diatas 220 juta jiwa, idealnya memiliki 5% dari total penduduknya agar bisa lebih maju.3 apabila di indonesia ada sekitar 4,4 juta jiwa yang menjadi wirausaha maka perekonomian negara bisa menjadi lebih baik. minimnya jumlah wira usaha di indonesia, tidak dimanfaatkan secara optimal untuk menambah kesejahteraan dan kemakmuran bangsa. selama ini kelemahan wirausaha sering terkendala masalah akses jaringan pemasaran dan permodalan. pada kenyataannya masalah jaringan pemasaran dan permodalan bukanlah hal utama. banyak cara untuk menjadi wirausahawan, antara lain mendirikan bisnis sendiri atau membeli sistem bisnis yang sudah jadi. masing-masing mempunyai kelebihan dan kekurangan. kelebihan dalam medirikan bisnis sendiri jenis usaha yang akan didirikan dan pengaturan dapat disesuaikan dengan keinginan kita sendiri, sedangkan kekurangannya, sistem bisnis mulai dari nol, pasar belum ada, sehingga banyak yang baru dibangun akhirnya gagal. sedangakan membeli sistem bisnis yang sudah jadi mempunyai kelebihan bahwa sistem bisnis sudah tercipta dan siap pakai, si pembeli bisnis tinggal menjalankan saja didalam sistem yang sudah ada itu. demikian juga pasar sudah ada sehingga tidak akan mengalami kesulitan dalam me masarkan produknya. kelemahannya adalah pemilik modal tidak akan bebas dalam menentukan usahanya, karena semuanya tergantung kepada pihak yang dibeli bisnisnya. sehubungan dengan berwirausaha dengan membeli bisnis yang sudah ada, dikenal istilah franchise yang sudah di-indonesia-kan menjadi waralaba. franchise atau waralaba merupakan suatu perikatan dimana salah satu pihak diberikan hak untuk memanfaatkan dan atau menggunakan hak atas ke kayaan intelektual atau penemuan ciri khas usaha yang dimiliki pihak lain dengan suatu imbalan berdasarkan persyaratan dan atau penjualan barang atau jasa. 3 ilham m. wijaya “menyiapkan kaum muda jadi wirauswasta” artikel diakses pada 16 maret 2009 dari http://www.mail-archive.com al-iqtishad: vol. ii, no. 1, januari 2010 37 berdasarkan penelitian yang dilakukan oleh us departement of commerce sba dan beberapa lembaga studi lainnya,4 bahwa tingkat sukses terwaralaba sebesar 95% sedangkan pada bisnis biasa (independent) hanya 10%-35%. tingkat keberhasilan sebagai pewaralaba lebih tinggi, hamper 99%. bila data diatas dibaca terbalik, tingkat kegagalan terwaralaba 5%, sedangkan pada bisnis bisnis biasa mencapai 65%-90%, dan tingkat kegagalan sebagai pewaralaba hanya 1%. pada saat ini bisnis franchise atau waralaba di indonesia, semakin menjamur dan banyak diminati oleh masyarakat untuk mencari peluang baru, dari mulai waralaba lokal seperti ayam bakar wong solo, es teller 77, burger mr.edam,alfa mart, indomart dan lain-lain. sampai waralaba mancanegarapun semakin banyak diminati seperti kfc, mc.donalds, hoka-hoka bento, starbuck coffiee dan lain sebagainya. dapat dilihat dari pertumbuhan franchise di indonesia dari tahun ke tahun semakin meningkat, pada tahun 2006 jumlah franchise bertambah menjadi 450 yang terdiri dari 230 dan 220 franchise asing. pada tahun 2007 jumlah franchise bertambah dua kali lipat menjadi 700 yang terdiri dari 450 franchise lokal dan 250 franchise asing. dan pada tahun 2008 dominasi franchise lokal mengingkat 2,5 kali lipat dari franchise asing yang berjumlah 250, dengan total franchise 850 disertai pertumbuhan franchise lokalnya yang berjumlah 600. bahkan di prediksi pertumbuhan franchise di indonesia melaju dengan kencang.5 itu menandakan franchise punya potensi usaha besar di indonesia. namun dalam perkembangannya ada hal-hal yang perlu di perhatikan dalam franchise ini. tidak semua franchise mampu memberikan prospek usaha yang menjanjikan. kadang kala suatu investasi di bidang franchise tidak lebih menguntungkan dengan melakukan investasi di dunia perbankan, walaupun franchise ini sifatnya lebih produktif. sehingga perlu mengetahui lebih dalam tentang franchise. dalam franchise sering dijumpai istilah-istilah seperti franchise fee, 4 amir karamoy, menjadi kaya lewat waralaba, (jakarta, pustaka bisnis indonesia, oktober, 2005), cet i, hal 25 dan 66 5 “pertubuhan franchise di indonesia”, di akses pada 16 maret 2009 dari http://www. franchisorindonesia.com walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .38 royalti fee, advertising fee dan fee lainnya. istilah-istilah tersebut memiliki fungsi masing-masing yang akan menentukan prospek usaha. hal itu akan membantu kita melihat keuntungan yang akan kita peroleh dalam bisnis franchise tersebut. semuanya merupakan bagian dari sistem franchise, setiap franchise mempunyai perhitungan masing-masing dengan perhitungan secara matang. gambaran umum franchise kata franchise berasal dari bahasa prancis kuno yang berarti “kejujuran atau kebebasan”. pada abad pertengahan franchise diartikan sebagai “hak utama atau kebebasan.6 dalam kamus besar bahasa indonesia definisi waralaba adalah kerja sama dalam bidang usaha dengan bagi hasil sesuai dengan kesepakatan, hak kelola, hak pemasaran.7 sedangkan dalam kamus ekonomi franchise adalah hak kelola,yaitu suatu hak khusus yang diberikan oleh suatu usaha manufaktur atau organisasi jasa franchise kepada pialang untuk menjual atau pemilik franchise di suatu wilayah tetentu tanpa ekslusivitas. pengaturan seperti itu kadangkala disahkan dalam suatu perjanjian hak kelola yang merupakan kontrak antara pemilik hak kelola dan pemegang hak kelola.8 sedangkan hadjowidiadjo mengemukakan definisi franchise sebagaimana dikutip oleh lindawaty sewu sebagai suatu sistem usaha yang khas atau memiliki ciri mengenai bisnis di perdagangan atau jasa berupa jenis produk dan bentuk yang di usahakan, identitas perusahan (logo, desain, merek bahkan termasuk pakaian karyawan), rencana pemasaran dan bantuan operasional. dalam beberapa literatur pengertian harfiah franchise lebih menekankan pada semangat kebebasan dan kemandirian (free from 6 johannes ibrahim, lindawati sewu, hukum bisnis; dalam perspektif manusia modern, (bandung: pt. refika aditama, 2004) h.122 7 departemen pendidikan nasional, kamus besar bahasa indonesia, (jakarta: balai pustaka, 2005), h. 1268 8 sumadji p, yudha pratama, kamus ekonomi lengkap, (jakarta: wipress, 2000), h. 327 al-iqtishad: vol. ii, no. 1, januari 2010 39 servitude).9 berbeda sekali dengan masyarakat kita yang mengartikan franchise sebagai waralaba. wara artinya lebih, dan laba berarti untung, jadi waralaba berarti lebih untung. semangat yang dikedepankan adalah semangat untung (profit oriented) sedangkan bagi orang luar, yang penting bisa mandiri dulu keuntungan menyusul kemudian. maka dari beberapa definisi diatas penulis mendefinisikan bahwa franchise adalah suatu kerjasama (kemitraan) dalam sistem bisnis/usaha dimana wirausaha kuat memberikan hak penggunaan merek dagang produk atau jasa kepada wirausaha lemah dengan syarat-syarat tertentu sesuai dengan kesepakatan. elemen-elemen pokok dalam franchise dari pengertian yang telah dipaparkan diatas menunjukan bahwa franchise pada dasarnya mengandung elemen-elemen pokok sebagai berikut:10 a. franchisor (pemberi waralaba) yaitu badan usaha atau perorangan yang memberikan hak kepada pihak lain (franchisee) untuk memanfaatkan segala ciri khas usaha dan segala kekayaan intelektual seperti nama, merek dagang, dan sistem usaha yang dimilikinya. b. franchisee (penerima waralaba) yaitu badan usaha atau perorangan yang diberikan hak untuk memanfaatkan atas kekayaan intelektual atau penemuan atau ciri khas yang dimiliki pemberi waralaba. c. adanya penyerahan hak-hak secara eksklusif (dalam praktik meliputi berbagai macam hak milik intelektual/hak milik perindustrian) dari franchisor ke franchisee d. adanya penetapan wilayah tertentu, franchise area dimana franchisee diberikan hak untuk beroperasi di wilayah tertentu. e. adanya imbal-prestasi dari franchisee kepada franchisor yang berupa initial fee ( franchise fee, investasi untuk fixed asset dan modal kerja untuk operasi selama beberapa bulan usaha) dan royalies serta biayabiaya lain yang disepakati oleh kedua belah pihak. 9 hendry e. ramdhan, franchise untuk orang awam, (jakarta: pt.gramedia pustaka utama, 2009), h. 2 10 “waralaba”diakses pada 5 maret 2009 dari http://www.wikipedia.com walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .40 f. adanya standar mutu yang ditetapkan oleh franchisor bagi franchisee, serta supervisi secara berkala dalm mempertahankan mutu. g. adanya pelatihan awal, pelatihan yyang bersifat kesinambungan, yang diselenggarakan oleh franchisor guna peningkatan keterampilan. tipe-tipe franchise secara umum, sistem perwaralabaan (franchising) dibedakan menjadi dua kategori besar yaitu waralaba produk dan waralaba merek dagang, serta waralaba format bisnis. l.eon c. megginson dan kawan-kawan membagi dua tipe sistem kewaralabaan sebagai berikut11: a. waralaba produk dan merek dagang (product and trademark franchising) waralaba produk dan merek dagang adalah bentuk waralaba yang paling sederhana, dalam fomat ini franchisor memberikan kepada franchisee hak untuk menjual secara luas suatu produk atau brand tertentu. atas pemberian izin tersebut biasanya pemberi waralaba memperoleh suatu bentuk pembayaran royalti dimuka dan selanjutnya pemberi waralaba memperoleh keuntungan (yang sering disebut dengan royalty fee) melalui penjualan produk yang diwaralabakan kepada penerima waralaba.12 sedangkan dalam product and tradename (atau sering disingkat product franchise), pemberi waralaba menghasilkan produk dan penerima waralaba menyediakan outlet untuk produk yang dihasikan pemberi waralaba. b. waralaba format bisnis (business format franchising) waralaba format bisnis adalah pemberian sebuah lisensi dimana franchisor memberikan kepada franchisee hak untuk memasarkan suatu produk dan merek dagang tertentu serta menggunakan sistem operasi lengkap dari franchisor.13 dalam business format franchising (atau disebut operating system franchises), penerima waralaba diberi 11 lukman hakim, info lengkap waralaba , (yogyakarta: medpress, 2008)h.21-22 12 gunawan widjaja, seri hukum bisnis; waralaba, (jakarta, pt. raja grafindo persada, 2003), cet.ke-3, h.13 13 hakim, info lengkap waralaba, h. 22 al-iqtishad: vol. ii, no. 1, januari 2010 41 lisensi untuk berusaha dengan menggunakan paket bisnis dan merek dagang yang telah dikembangkan oleh pemberi waralaba. aspek hak cipta dalam franchise sebelum pembahasan pengertian hak cipta maka maka perlu sedikit diketahui sedikit latar belakang di keluarkannya undang-undang no.19 tahun 2002, semula berawal dari uu no.6 tahun 1982 dengan beberapa kali revisi. lahirnya uhc 1982, sekaligus mengakhiri masa berlakunya auteurwet 1912 stb. no. 600, peraturan perundang-undangan yang disebut terakhir ini baru 5 tahun diberlakukan yang menurut terminologi uhc 1982, atas desakan masyarakat internsional terutama amerika serikat dan kebutuhan perlidungan hak cipta dalam negeri, uhc 1982 direvisi dengan uu no.7 tahun 1987, terakhir disempurnakan lagi dengan uu no.19 tahun 2002.14 upaya pemberian perlindungan terhadap pemilik/penemu ide baru dikenal dengan istilah intelektual property right atau hak atas kekayaan itelektual (haki). menurut kasubdit direktoral merek dephukham yuslisarningsih, persoalan haki sendiri merupakan sesuatu yang sangat kompleks karena meluputi berbagai masalah. menurutnya, “haki merupakan asset bisnis yang mencakup hak paten, desain industri, merek dagang dan rahasia dagang.” sedangkan menurut gunawan widjaja, seorang advokat dan konsultan hukum bisnis, setiap ide bisnis yang lahir dari seseorang pada dasarnya juga merupakan kekayaan intelektual orang yang bersangkutan dan dilindungi oleh hukum.15 dalam padangan hukum menurut gunawan, haki adalah suatu benda abstrak yang dituang menjadi suatu produk, baik barang maupun jasa yang mampu menghasilkan suatu yang superior dari sebelumnya. unsur yang terpenting dalam franchise adalah masalah hak cipta dalam franchise meliputi logo, merek, buku petunjuk pengorganisasian bisnis, brosur atau pamplet serta arsitektur tertentu yang berciri khas dari usahanya. merek dan know how itu adalah suatu benda, benda immateril 14 h. ok. saidin, aspek hak kekayaan intelektual, cet. 4,(jakarta: pt. raja grafindo persada, 2004), h. 56-57 15 hakim, info lengkap waralaba, h.54-55 walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .42 yang termasuk dalam hak atas kekayaan intelektual (haki). perwujudan dari hak atas kekayaan intelektual itu dapat dilihat dalam bentuk, produk, logo deasin, pakaian, penanpilan karyawan dan lain-lain. adapun imbalan dari penggunaan hakcipta ini adalah pembayaran fee awal dari franchisor kepada franchisee.16 karya cipta merupakan kemaslahatan umum yang hakiki oleh sebab itu, hak para penciptanya perlu dilindungi dengan undang-undang dalam rangka menjaga hak dan kepentingannya demi menegakan keadilan di tengah masyarakat. penalaran ini sesuai dengan jiwa dan tujuan syari’ah untuk mengambil maslahat dan menolak madlarat.17 aspek pembiayaan dalam franchise ketika kita akan membeli franchise maka kita harus mengluarkan se jumlah biaya atau dana yang sering disebut dengan fee. fee adalah biaya yang harus dikeluarkan oleh penerima hak waralaba (franchisee) kepada pemberi waralaba (franchisor), pada umumnya fee dihitung secara persentase berdasarkan omset penjualan kotor. fee diberikan secara periodik mengikuti laporan penjualan yang dikeluarkan secara teratur pula. pada umumnya dalam aspek pembiyaan dalam franchise dikenal ada dua jenis fee yaitu franchise fee dan royalti fee. selain kedua fee ini, ada juga franchisor yang menambahkan advertising fee atau marketing dan invesment franchise. pertama, franchise fee (biaya waralaba awal). franchise fee adalah biaya pembelian hak franchise yang dikeluarkan oleh franchisee setelah di nyatakan memenuhi persyaratan sebagai franchisee sesuai kriteria franchisor. umumnya franchise fee dibayarkan satukali saja dan biasanya biaya ini akan diberikan kepada franchisee dalam bentuk fasilitas pelatihan awal dan dukungan set up awal dari outlet pertama yang akan dibuka franchisee. 16 darmawan budi suseno, waralaba; bisnis minim resiko maksim, (yogyakarta: pilar humania, 2005), h. 84 17 abu ahmadi ., sistem ekonomi islam; prinsip-prinsip dan tujuannya ( surabaya: bina ilmu, 1990) h. 150 al-iqtishad: vol. ii, no. 1, januari 2010 43 atau biasanya disebut fee saja, biaya ini dibebankan kepada franchisee untuk semua jenis jasa yang disediakan termasuk biaya rekruitmen sebesar biaya pendirian yang dikeluarkan oleh franchisor untuk kepentingan franchisee.18 jumlah dan jangka waktu pembayaran awal dicantumkan di dalam perjanjian. pembayaran yang telah diserahkan sepenuhnya menjadi milik franchisor dan tidak dapat dikembalikan kecuali disebutkan dalam perjanjian. kedua, royalty fee. royalti sering disebut uang waralaba terus-menerus. uang tersebut merupakan pembayaran atas jasa terus-menerus yang diberikan kepada franchisor. dalam praktiknya, uang tersebut dihitung dalam bentuk dalam bentuk prosentase dari pendapatan kotor franchisee. biaya royalti yang ditarik oleh franchisor secara rutin diperlukan untuk membiayai pemberian bantuan teknik, manajemen, atau promosi kepada franchisee secara berkelanjutan selama kedua pihak terikat dalam perjanjian. umumnya dalam perjanjian waralaba disebutkan bahwa franchisee membayar sejumlah biaya waralaba (royalti) kepada franchisor ber dasar kan penjualan penjualan kotor perbulan.19 sedangakan besarnya fee awal royalti masing-masing perusahaan yang menganut waralaba memang berbeda-beda. tidak semua jenis fee atau royalti disyaratkan franchisor. setiap franchisor mempunyai kebijakan tersendiri dalam menentukan jenis fee atau royalti fee. ketiga, advertising fee. advetising fee adalah biaya yang dibayarkan penerima hak waralaba (franchisee) kepada pemberi hak waralaba (franchisor) untuk membiayai belanja iklan dari franchisor yanbg disebarluaskan secara nasional atau internasional. biaya ini dikenakan dengan alasan bahwa tujuan dari jaringan waralaba adalah membentuk suatu skala ekonomi yang demikian besar sehingga biaya-biaya peroutletnya menjadi sedemikian efisien untuk bersaing dengan usaha sejenis. meng ingat iklan dirasakan manfaatmya oleh seluruh jaringan, maka setiap anggota jaringan diminta memberikan kontribusi dalam bentuk 18 suseno, waralaba; bisnis, h. 55 19 ramdhan, franchise untuk orang awam, h. 14 walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .44 advertising fee. besarnya biaya ini maksimum 3% dari penjualan, tidak semua franchisor memberlakukan advertising fee bagi franchisee-nya.20 keempat, investment franchise. investment franchise adalah konrak bisnis dimana franchisee menyetor modal yang substansial untuk memodali bisnis yang kategorinya mahal, kendati mempertahankan ke seluruh an tim manajemen strategis, mereka juga menyewa beberapa manajer profesional untuk memimpin cabangnya.21 dan masih banyak lagi istilah-istilah yang sering dijumpai dalam franchise yang masing-masing mepunyai pengertian berbeda, namun semua nya merupakan bagian bagian sistem franchise yang berkaitan dengan pricing policy franchisor dan penentuannya tidak bisa seenaknya harus melalui perhitungan secara matang. dalam menentukan pricing policy franchisor ada tiga langkah yang bisa dilakukan. pertama, yang paling gampang dan umum dilakukan, adalah market oriented method, yang berarti membandingkan dengan situasi pasar yang ada. metode pertama ini franchisor harus memiliki confident untuk mengetahui posisinya diantara pasar. “kalau tidak punya confident akan susah,” ujarnya. kedua, adalah cost oriented method. dasarnya adalah berapa cost yang diperlukan untuk menjual dan berapa keuntungan yang akan diambil. ketiga, pendekatan yang disebut customer oriented method. artinya pricing policy diukur dari referable customer bukan dari kemampuan customer. dari ketiga metode tersebut lanjut burang, sebagai seorang calon franchisor harus bisa mencari jalan mana yang paling pas.22 aspek legalitas waralaba di indonesia waralaba sebagai suatu bentuk perjanjian, tunduk pada ketentuan umum yang berlaku bagi sahnya suatu perjanjian sebagaimana diatur dalam buku iii kitab undang-undang hukum perdata. selain itu 20 hakim, info lengkap waralaba, h 207 21 ibid., 210 22 “menentukan franchise fee dan royalty fee” diakses pada 25 mei 2009 dari http:// www.infofranchisecommunity.blogspot.com al-iqtishad: vol. ii, no. 1, januari 2010 45 secara khusus, waralaba di indonesia diatur antara lain melalui23: a. peratuan pemerintah republik indonesia nomor 16 tahun 1997 tanggal 18 juni 1997 tentang waralaba. b. keputusan menteri perindustrian dan perdagangan republik indonesia nomor 259/mpp/kep/7/1997 tanggal 30 juli 1997 tentang ketentuan dan tata cara pelaksanaan pendaftaran waralaba.24 awalnya waralaba di indonesia tidak mempunyai aturan hukum yang mengatur perjanjian waralaba. baru pada tahun 1997 terbitlah peraturan pemerintah (pp) nomor 16 tahun 1997 tentang waralaba. pasal 1 pp ini menyatakan bahwa: “ waralaba adalah perikatan dimana salah satu pihak diberikan hak untuk memanfaatkan dan atau menggunakan hak atas kekayaan intelektual atau penemuan atau ciri khas usaha yang dimiliki pihak lain dengan suatu imbalan berdasarkan persyaratan dan atau penjualan barang dan atau jasa.25 dari rumusan pasal tersebut dapat diuraikan hal-hal sebagai berikut: 26 a. waralaba merupakan suatu perikatan waralaba sebagai suatu perikatan harus tunduk pada ketentuan umum mengenai perikatan yang diatur dalam kitab undang-undang hukum perdata (kuhperdata) tentang perjanjian (pasal 1313), sahnya perjanjian (pasal 1320) dan ketentuan pasal 1338. dengan demikian, apabila pihak pemberi waralaba pihak asing dan penerima waralaba adalah orang indonesia, maka perjanjian terikat pada pp nomor 16 tahun 1997 tentang waralaba.27 b. waralaba melibatkan hak untuk memanfaatkan dan atau menggunakan hak atas kekayaan intelektual atau penemuan ciri khas usaha, yang meliputi antara lain merek, nama dagang, logo, desain, hak cipta, rahasia dagang dan paten. sedangkan yang dimaksud dengan penemuan atau ciri khas usaha misalnya sistem manajemen, 23 saidin, aspek hak kekayaan intelektual, h. 517 24 hakim, info lengkap waralaba, h 50 25 ibid., 50 26 widjaja, seri hukum bisnis; waralaba, h. 106 27 hakim, info lengkap waralaba, h 51 walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .46 cara penjualan atau penataan atau cara distribusi yang merupakan karakteristik khusus dari pemiliknya. hanya saja dalam pp no. 16 tahun 1997 tidak menjelaskan format dan bentuk harus otentik dalam akta notaris, tapi dalam pp ini ditentukan perjanjian waralaba harus dibuat secara tertulis dalam bahasa indonesia (pasal 2 ayat 1 dan 2).28 c. waralaba diberikan dengan suatu imbalan berdasarkan persyaratan dan atau penjualan barang dan atau jasa. ketentuan ini pada dasaranya menekankan kembali bahwa waralaba tidaklah diberikan dengan cuma-cuma. pemberian waralaba senantiasa dikaitkan dengan suatu bentuk imbalan tertentu yang secara umum dikenal ada dua macam atau dua jenis yaitu yang pertama, kompansasi langsung dalam betuk moneter (direct monetary conpensation) yang dikenal dengan franchise fee dan royalty fee. dan yang kedua adalan kompensasi tidak langsung yang dalam bentuk nilai moneter (indirect and nonmonetary conpensation) antara lain; 1) keuntungan sebagai akibat dari penjualan barang modal atau bahan mentah (bahan setengah jadi dan barang jadi) yang merupakan satu paket dengan pemberian waralaba. 2) pembayaran dalam bentuk dividen ataupun bunga pinjaman dalam hal pemberi waralaba juga turut memberikan bantuan financial dalam bentuk ekuitas (equity participation) atau dalam wujud pinjaman (loan) jangka pendek maupun jangka panjang. 3) cost shifting atau pengalihan atas sebagian biaya yang harus dikeluarkan oleh pemberi waralaba. pengalihan ini biasanya di lakukan dalam bentuk kewajiban bagi penerima untuk me ngeluarkan segala biaya yang diperlukan untuk mencegah terjadinya pelanggaran maupun untuk mempertahankan perlindungan haki yang termasuk dalam paket yang diwaralabakan. 4) perolehan data pasar dari kegiatan usaha yang dilakukan oleh penerima lisesnsi. dengan ini berarti pemberi waralaba memiliki akses yang lebih untuk mengembangkan waralabanya. 28 ibid., 51 al-iqtishad: vol. ii, no. 1, januari 2010 47 dengan persyaratan pernyataan “berdasarkan persyaratan dan atau penjualan barang atau jasa”, jelas kompensasi yang diizinkan dalam pemberian waralaba menurut peraturan pemerintah no.16 tahun 1997 ini hanyalah imbalan dalam bentuk direct monetary conpentation. keterangan-kterangan berikut harus didaftarkan di departemen perindustrian dan perdagangan oleh penerima waralaba paling lambat 30 hari sejak berlakunya waralaba jika tidak dilakukan maka pencabutan izin usaha perdagangan (siup) dapat dilakukan. hingga sampai saat ini pemerintah mulai menaruh perhatian lebih pada industri franchise. pemerintah menerbitkan pp. no. 42 tahun 2007 yang merupakan reivisi peratuaran pemerintah sebelumnya. peraturan ini secara khusus mengatur waralaba. pada tahun 2008 pemerintahpun mengeluarkan permendag no. 31 tahun 2008, sebagai petunjuk pelaksanaan pp tersebut.29 franchise syariah di dalam konteks fiqh klasik memang tidak dikenal istilah fanchise atau waralaba. jika dilihat dari pola bisnis franchise ini, layaknya ekonomi islam melakukan sharing. prinsip dalam ekonomi islam, penentuan fee harus dengan cara yang adil yaitu untung sama-sama di bagi,rugi sama-sama ditanggung. fee yang adil dalam waralaba adalah fee yang ditawarkan menggambarkan paket dukungan dan infrasrtuktur yang akan di berikan kepada franchisor.30 tinjauan dari aspek hak cipta apabila kita amati dari aspek terpenting dalam system waralaba ini adalah masalah hak cipta. hakcipta dalam khazanah hokum islam termasuk hal yang baru, akan tetapi beberapa ahli hukum islam telah berusaha untuk membahasnya seperti fathi daroini menyebut hak cipta sebagai haqqul 29 hendry e. ramdhan, franchise untuk orang awam, (jakarta: pt. gramedia pustaka utama, 2009) h. 73 30 siti nazma, bisnis syariah dari nol; langkah jitu menuju kaya, penuh berkah dan bermakna (jakarta: hikmah, 2008)h.180. walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .48 ibtikar. karya cipta bersumber dari hasil pemikiran merupakan jalan bagi perkembangan dan kemajuan kebudayaan manusia. hasil pikiran itu jikalau dilihat dari kacamata fiqh islam bisa dimaksukkan dalam kategori manfaat, bukan benda. hal ini dapat dilihat dari hadits yang mengatakan: “apabila seorang manusia meninggal dunia, terputuslah segala amal perbuatannya, kecuali tiga hal: sedekah jariah, ilmu yang bermanfaat, dan dimanfaatkan oleh orang lain, anak shaleh yang mendo’akan orang tuanya.”(h.r. ahmad bin hanbal dari abi hurairah, hadits musnad bin hanbal) hadits ini memberi pengertian bahwa ilmu adalah amal (perbuatan) dan manfaat. dengan memanfaatkan hasil karya cipta orang yang pandai berarti melanjutkan amal salehnya yang tidak terputus oleh kematiannya. ilmu adalah merupakan sumbermanfaat secara syrai’at yang tidak ada bekasnya meskipun penciptanya telah meninggal. seorang penggagas atau pencipta merupakan sesuatu yang menunggal yang bersifat kekayaan (property) yang melekat pada dirinya, dan hak ekslusif ada pada kekuasaanya, sehingga seorang penggagas berhak mengalihkan hak ccipta atas ciptaanya kepada pihak lain, baik melalui pewarisan, hibah, wasiat, perjanjian tertulis maupun sebab-sebab lainya yang dibenarkan oleh undang-undang, harus dilakukan secara tertulis maupun tidak dengan atau tanpa aktanotaris. hal ini sesuai dengan penjelasan pasal 3 uuhc no. 19 tahun 2002.31 mengenai konteks tentang karya cipta intelektual merupoakan suatu aset dan kekayaan (property) yang memiliki nilai ekonomis (ekonomic value)bagi pencipta atau pemegang hak cipta. beberapa ulama mendefinisikan kakayaan atau/harta (maal), yaitu ”sesuatu yang secara naluri manusia cenderung padanya dan memungkinkan untuk disimpan sampai waktu yang diperlukan”. jika terjadi pelanggaran terhadap hak tersebut, franchisor berhak untuk mengajukan gugatan untuk mendapatkan ganti rugi dan penghentian 31 abdul manaf, himpunan peraturan perundang-undangan dibidang hak kekayaan intelektual?haki (undang-undang hak cipta no 19 tahun 2002), (bandung: mandai maju, 2004), h.314. al-iqtishad: vol. ii, no. 1, januari 2010 49 semua perbuatan yang berkaitan dengan penggunaan merek tersebut, setidaknya harus menghindari unsur dibawah ini: 1. bertentangan dengan undang-undang, agama kesusilaan dan ketertiban umum. 2. tidak memiliki daya pembeda. 3. tidak menjadi milik umum. 4. merupakan sesuatu yang berkaitan dengan barang atau jasa yang dimohonkan pendaftarannya. dalam kajian fiqh, merek dapat dimasukan dalam haq ibtikar, yang berarti awal atau permulaan, maksudnya hak cipta atau kreasi yang dihasilkan oleh seseorang untuk pertamakali atau boleh berbentuk suatu penemuan sebagai perpanjangan dari teori sebelumnya.32 hak cipta memiliki waatk tersendiri, merupakan buah dari hasil karya otak manusia. menurut ulama fiqh al-azz bin abussalam, apabila dilihat dari sisi materialnya, ibtikar lebir serupa dengan manfaat hasil sesuatu materi seperti buah-buahan dari pohon, susu hewan perahan. ia berkata tetang penting nya suatu manfaat, seraya berkata:”tujuan utama dari suatu harta adalah manfaatnya.” mui mengeluarkan fatwa khusus berkaitan dengan perlindungan haki, yaitu fatwa mui no.1 thaun 2003 tentang hak cipta.33 pendapat mui menggolongkan hak cipta sebagai barang berharga yang boleh dimanfaatkan secara syara’ (hukum islam). dengan landasan “mayoritas ulama dari kalangan mazhab maliki, syafi’i dan hambali berpendapat bahwa hak cipta atas ciptaan yang orisinal dan manfaat tergolong harta berharga, sebagaimana benda boleh dimanfaatkan secara syara’ (hukum islam). seperti yang telah dipaparkan sebelumnya, merek (kekayaan inteltual) merupakan sesuatu harta ternilai yang bermanfaat, oleh karena itu dapat dinilai dengan uang, maka dapat disimpulkan bahwa hak cipta dapat dimanfaatkan dan digolongkan sebagai benda berharga, karena itu 32 budi agus riswadi, hak kekayaan intelektual dan budaya hukum, (jakarta: pt.raja grafindo persada, 2004), h.85 33 fatwa mui tentang perlindungan hak kekayaan intelektual (haki), http://www. mui.or.id, diakses pada 12 september 2008 walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .50 diperbolehkan bagi pihak yang mempunyai hak cipta tersebut mengambil imbalan yang berupa franchise fee dan royalti fee atas hak ciptanya. hal ini didukung oleh para ulama fiqh yang menyatakan bahwa sesuatu yang dapat bermanfaat yang halal boleh diambil oleh karenanya boleh bagi pemilik mengambil imbalannya. tinjauan dari aspek franchise fee & aspek royalty fee seperti yang telah dipaparkan sebelumnya bahwa merek (kekayaan intelektual) merupakan suatu harta ternilai yang bermanfaat, oleh karena itu dapat dinilai dengan uang. maka diperbolehkan bagi franchisor untuk memberikan haknya kepada orang lain dengan mengharapkan imbalan yaitu berupa franchise fee dan royalty fee. ada dua hal yang menjadi pertimbangan dalam melakukan aktivitas ekonomi secara islam yaitu harus adanya kerelaan dan keadilan dalam franchise tersebut. hal ini sesuai dengan dasar utama dalam bermuamalah yaitu sukarela atu kerelaan. kesesuian dengan firman allah swt: hai orang-orang yang beriman, janganlah kamu saling memakan harta sesamamu dengan jalan yang batil, kecuali dengan jalan perniagaan yang berlaku dengan suka sama-suka di antara kamu. dan janganlah kamu membunuh dirimu. sesungguhnya allah adalah maha penyayang kepadamu. (q.s: 4: an-nissa: 29).34 sedangkan dasar yang lain adalah keadilan, karena keadilan inilah yang menjadi tujuan utama sehingga tercapai kebahagiaan dunia akhirat. kosep keadalilan dalam ekonomi islam sendiri ialah “tidak mendzalimi dan tidak pula didzalimi”. keadilan merupakan suatu esensi dalam sistem ekonomi islam. sebagaimana dalam firman allah swt (q.s: 38: shad: 24): 34 depag ri, alquran dan terjemahnya, (arab saudi: mujamma’ al-malik fahd thiba’ at almush-haf asy-syarif, 1415 h) h.122 al-iqtishad: vol. ii, no. 1, januari 2010 51 daud berkata: “sesungguhnya dia telah berbuat zalim kepadamu dengan meminta kambingmu itu untuk ditambahkan kepada kambingnya. dan sesungguh nya kebanyakan dari orang-orang yang berserikat itu sebahagian mereka berbuat zalim kepada sebahagian yang lain, kecuali orang-orang yang ber iman dan mengerjakan amal yang saleh; dan amat sedikitlah mereka ini. dan daud mengetahui bahwa kami mengujinya; maka ia meminta ampun kepada tuhannya lalu menyungkur sujud dan bertaubat.” (q.s: 38: shad: 24).35 konsep islam dalam bermuamalah amat jelas setiap individu bebas dalam membuat perjanjian yang belum ada ketentuanya dalam syariah, selama tidak bertentangan dengan syara’ dan tidak pula bertentangan dengan hakekat perjanjian itu sendiri termasuk didalamnya menentukan besaran franchise fee dan royalty fee. asalkan sepanjang kebebasan itu dapat dipertanggung jawabkan baik secara sosial maupun dihadapan allah.36 mengenai penetapan franchise fee ini sebagian kalangan ada yang mengatakan bahwasannya dalam franchise syariah memiliki karakteristik antaralain: 1. tidak mengenal adanya franchise fee. hal ini dikarenakan usaha belum berjalan. setiap keuntungan akan dinikmati setelah usaha berjalan dan ada keuntungan. 2. royalty fee atau lebih tepatnya bagi hasil diambil dari gross profir atau net profit. bisa di hitung bulanan, 3 bulanan atau sesuai kesepakatan.37 3. usaha tersebut menjadi milik bersama. proporsi kepemilikan saham 35 depag ri, alquran dan terjemahnya, (arab saudi: mujamma’ al-malik fahd thiba’ at almush-haf asy-syarif, 1415 h) h.735 36 ibid, h.17 37 hartanto widodo “franchise syariah, why not?” artikel diakses pada 7 februari 2009 dari http://boutiquesoftware.wordpress.com//franchise-syariah-why-not/ walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .52 dan bagi hasil ditetapkan berdasarkan kesepakatan kedua belah pihak. 4. dalam kerjasama ini, franchisee (shahibul maal) bisa terlibat dalam manajemen usaha ataupun tidak. sebagaimana disebutkan diatas selama dalam penetapan franchise fee dan royalty fee ini tidak bertentangan bolehkan. oleh karena itu kejelasan dan transparansi dalam memulai kontrak ketika membeli franchise sangat penting agar terlihat hak dan kewajiban antara franchisor dan franchisee, jangan sampai ada pihak yang mendzalimi dan dizalimi.38 maka jika kamu tidak mengerjakan (meninggalkan sisa riba), maka ketahuilah, bahwa allah dan rasul-nya akan memerangimu. dan jika kamu bertaubat (dari pengambilan riba), maka bagimu pokok hartamu; kamu tidak menganiaya dan tidak (pula) dianiaya. (q.s: 2: al-baqarah: 279).39 analisis penetapan akad musyarakah di franchise brc setiap investor (franchisee) yang ingin membuka bisnis franchise brc harus memenuhi memenuhi kriteria-kriteria yang di terapkan oleh franchisor antara lain40: 1. prasyarat calon terwaralaba (franchisee) a muslim. b bertaqwa kepada tuhan yang maha esa. c memiliki visi untuk mengembangkan thibbun nabawi. d memiliki kejujuran dan integritas yang tinggi terhadap perusahaan. 38 siti najma, bisnis syariah dari nol; langkah jitu menuju kaya, penuh berkah dan bermakna,(jakarta: hikmah, 2008), h. 118 39 depag ri, alquran dan terjemahnya, (arab saudi: mujamma’ al-malik fahd thiba’ at almush-haf asy-syarif, 1415 h), h.70 40 anas hikmat “prosedur pengajuan brc: prospektif dan menguntunngkan sebagai franchisee brc ” didapatkan dari company profile brc, bandung 5 agustus 2009. al-iqtishad: vol. ii, no. 1, januari 2010 53 e memiliki semangat kewirausahaan dan keinginan kuat untuk berhasil. f bersedia mencurahkan sepenuhnya tenaga, pikiran dan waktunya untuk kegiatan waralaba. g memiliki jiwa kepemimpinan (leadership), pribadi yang manarik, ramah, terbuka dan mudah bergaul. h memiliki dukungan finansial yang cukup. jika semua kelengkapan persyaratan investor telah memenuhi kriteria yang di tetapkan oleh brc, tahap selanjutnya untuk keseriusan investor harus membuat surat permohonan, dari mulai daftar riwayat hidup, akte pendirian dan profil perusahaan (bagi usaha yang berbadan hukum), bukti kepemilikan bang dengan reputasi yang baik, dan bersedia membuat perjanjian bahwa tidak akan melakukan tindakan diluar standar yang diterapkan. 2. proses pengajuan permohonan41 a kerjasama antara investor dan brc dilakukan dengan system mudharabah atau musyarakah atau franchise manajemen menentukan jenis kerja sama ini berdasarkan wilayah yang dipilih oleh investor. b pihak calon terwaralaba (franchisee) mengajukan surat permohonan beserta analisa marketing perihal tempat yang diajukan sebagai klinik cabang kepada pihak pewaralaba (franchisor) melalui pihak manajemen brc. c pihak manajemen akan melakukan seleksi awal berupa pe meriksa an kelengkapan dan keabsahan dokumen pendukung yang terlampir pada surat permohonan. d jika dinyatakan tidak memenuhi syarat, maka surat permohonan ditolak sama sekali atau masih perlu dipenuhi kelengkapannya untuk diajukan kembali. e apabila dinyatakan memenuhi syarat, maka tahap berikutnya adalah interview/tatap muka dengan pihak manajemen/pemilik 41 anas hikmat “prosedur pengajuan brc: prospektif dan menguntunngkan sebagai franchisee brc ” didapatkan dari company profile brc, bandung 5 agustus 2009. walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .54 perusahaan (franchisor). f apabila dinyatakan memenuhi syarat dalam tahap interview, maka pada tahap berikutnya adalah pihak manajemen/pemilik perusahaan (franchisor) melakukan survey ke lokasi calon klinik cabang dan melihat langsung kondisi fisiknya. g bilamana lokasi dan kondisi fisik calon klinik dinyatakan me menuhi syarat, maka tahap berikutnya adalah penandatanganan memorandum of understanding (mou) dan pada saat bersamaan pihak calon terwaralaba (franchisee) diwajibkan menyerahkan uang muka (advance payment) sebesar 10% dari franchise-fee. h apabila calon terwaralaba (franchisee) telah melengkapi sarana dan prasarana operasional termasuk tenaga-kerjanya, maka tahap berikutnya adalah penyerahan sisa franchise-fee sebesar 90% dan diteruskan dengan penandatanganan perjanjian waralaba di hadapan notaris, kemudian dilanjutkan dengan implementasinya, antara lain: orientasi, pelatihan & simulasi, dan peresmian pembukaan klinik cabang. setelah proses seleksi pada calon franchisee telah dilalui maka tahap selanjutnya adalah menentukan kesepakatan kerjasama, pada tahapan ini akad yang digunakan untuk franchisee adalah akad musyarakah. dalam menetapkan akad ini brc tidak melakukan akan dengan sembarang orang karena harus memenuhi sertifikasi yang ditetapkan oleh perusahan dalam hal ini brc sangat selektif untuk menjaga perusahan maka kita serahkan kepada orang yang sudah mendapat sertifikasi brc42.adapun akad mudharabah yang ditawarkan oleh brc yaitu untuk bagi siapa saja para investor yang ingin menanamkan modalnya (berinvestasi) di brc. dari hasil kajian diatas, penulis menganalisis dalam praktek penetapan akad musyarakah pada franchise brc tidak ada yang bertentangan hukum islam. pertama, dlilihat dari rukunnya yaitu al-’aqidain (para pihak yang berakad antara franchisor dan franchisee), ma’qud ‘alayhi (obyek akad yaitu hak cipta atau penggunaan merek dan produk-produk brc ) dan sighah al-’aqd (pernyataan ijab dan qabul dibuktikan dengan surat perjanjian atau kontrak kerja antara franchisor dan franchisee). 42 wawancara pribadi dengan anas hikmat. bandung, 6 oktober 2009. al-iqtishad: vol. ii, no. 1, januari 2010 55 kedua, pada sisi syarat obyek akad pada franchise brc antaralain obyek akad harus telah ada ketika akad berlangsung , obyek akad harus mal mutaqawwam (bernilai menurut syara), bangkai, darah, miras tidak sah diperjual-belikan (produk yang digunakan tidak mengadung unsur zat yang diharamkan, dapat diserahkan ketika akad berlangsung dan yang terakhir yaitu obyek akad harus jelas dan dikenali para pihak. analisis penetapan franchise fee syariah setelah penulis melakukan wawancara pada franchise brc, dana awal untuk membuka franchise brc diperlukan dana sebesar rp 70 juta. dengan rincian sebagai berikut: � francise fee : rp 10 juta � sewa tempat 1 tahun : rp 40 juta � set up tempat : rp 10 juta � pembelian produk : rp 10 juta total investasi awal : rp 70 juta dengan pengembalian modal hanya dengan 11 bulan. untuk itu franchisor menargetkan omzet perhari sebesar sebesar rp 600 ribu, supaya arus pengembalian sesuai dengan target. namun perlu diperlukan lokasi usaha yang strategis untuk mempercepat pengembalian modal. tabel 4.1 jumlah penjualan pertahun item target penjualan /bulan rp jumlah bulan penjualan pertahun omzet rp 600.000 / hari 18.000.000 12 216.000.000 selain hpp (harga pokok penjualan), biaya yang dibutuhkan adalah gaji untuk 2 orang pegawai, biaya listrik, biaya pembelian produk, royalty fee 10% perbulan (dari penghasilan bersih) dan biaya rupa-rupa. walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .56 tabel 4.2 jumlah biaya pengeluaran pertahun item pengeluaran/bulan rp jumlah bulan pengeluaran/ tahun rp gaji pegawai (dua orang) 2.000.000 12 24.000.000 pembelian porduk 8.000.000 12 96.000.000 listrik 100.000 12 1.200.000 biaya rupa-rupa 200.000 12 2.400.000 total biaya pengeluaran 10.300.000 12 123.600.000 dengan demikian penjualan sebesar rp 216.000.000 pertahun dan biaya pengeluaran rp 123.600.000 pertahun, maka profit yang bisa didapat keuntungan pertahun sebesar rp 83.000.000. tabel 4.3 jumlah profit pendapatan pertahun (tr) rp pegeluaran pertahun (tc) rp profit (tr-tc) rp 216.000.000 123.600.000 83.000.000 biasanya pada bulan ke 4 keatas, jumlah pendapatan perbulan bisa meningkat hingga mencapai rp 25.000.000 juta perbulan. hal ini terbilang cukup besar karena untuk balik modal akan semakin cepat. analisa tawaran modal ini khusus untuk wilayah bandung jika dilihat dari sisi keuangan diatas maka bisnis sangat menjanjikan sebanding dengan franchise fee yang ditetapkan. selama perusahaan brc membuka (menjual) franchise sampai saat ini tidak terdapat cabang brc (franchisee) yang bangkrut, semuanya terus bertahan dan maju. walaupun perkemabangannya adanya yang pesat dan ada yang agak lambat karena faktor seperti tempat yang kurang strategis. selain itu penggunaan franchise fee sebesar rp 10.000.000 yang ditetapkan oleh franchise brc digunakan sebagai biaya konsultasi franchisee, untuk pendampingan franchisee ketika akan membuka franchise brc dan biaya grand opening franchisee43. apabila dikaitkan dengan hak cipta, franchise fee merupakan sebuah 43 wawancara pribadi dengan anas hikmat. bandung, 6 oktober 2009. al-iqtishad: vol. ii, no. 1, januari 2010 57 bentuk penghargaan atas merek (hak cipta) yang akan digunakan oleh franchisee. serta franchise fee menggambarkan paket dukungan dan infrastruktur yang ditawarkan, maka dapat dipastikan adanya penetapan franchise fee pada franchise brc dibolehkan karena tidak bertentangan dengan hukum islam. analisis penetapan royalti fee syariah dalam sebuah hubungan kerjasama fee merupakan sebuah faktor yang paling essensial atau dominan yang memungkinkan seseorang mau bekerja untuk kepentingan bersama, tanpa adanya fee mungkin tidak akan terjalin hubungan kerjasama. dalam islam dikenal dengan ujrah, ujrah merupakan imbalan dari pemberi kerja kepada penerima kerja untuk sesuatu pekerjaan atau jasa yang telah ada dan akan dilakukan, berlangsung sebagai jaminan kelangsungan yang layak bagi kemanusiaan dan suatu produksi.44 dalam penentuan ujrah (upah) kedua belah pihak harus bersikap jujur dan adil dalam semua urusan agar tidak terjadi tindakan aniyaya terhadap orang lain juga tidak merugikan diri sendiri. oleh karena itu al-quran memerintahkan kepada pemberi kerja untuk membayar pekerja dengan bagian yang seharusnya mereka terima sesuai kerja mereka dan pada saat yang sama dia telah menyelamatkan kepentingannya sendiri45 dalam islam, upah merupakan salah satu unsur ijârah, selain tiga unsur lainnya; âqid (orang yang berakad), ma’qûd ‘alaih (barang yang menjadi objek akad), dan manfaat. ketentuan pengupahan harus memenuhi syarat-syarat: 1. adanya kerelaan kedua belah pihak yang berakad. 2. manfaat yang menjadi akad harus diketahui secara sempurna sehingga tidak muncul masalah di kemudian hari. 3. objek akad itu sesuatu yang halal atau tidak diharamkan. 4. upah harus jelas, tertentu dan sesuatu yang bernilai harta. 44 heidjarachman ranupandjojo, manajemen personalia, (yogyakarta: bpef-ugm, 1990), h.9 45 afjalur rahman, doktri ekonomi islam, (jakarta: dana bhakti wakaf, 1995), h.363 walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .58 dalam hal besar kecilnya upah, islam mengakui kemungkinan ter jadinya dikarenakan beberapa sebab; perbedaan jenis pekerjaan, perbedaan kemampuan, keahlian, dan pendidikan, pertimbangan bukan keuangan dalam memilih pekerjaan, mobilitas tenaga yang berbeda. pengakuan perbedaan ini didasarkan pada firman allah swt. dalam surat al-zukhruf ayat 32: apakah mereka yang membagi-bagi rahmat tuhanmu? kami telah menentukan antara mereka penghidupan mereka dalam kehidupan dunia, dan kami telah meninggikan sebahagian mereka atas sebagian yang lain beberapa derajat, agar sebagian mereka dapat mempergunakan sebagian yang lain. dan rahmat tuhanmu lebih baik dari apa yang mereka kumpulkan. (q.s: 43: az-zukhruf: 32). 46 pada franchise brc royalty fee ditetapkan sebesar 10% dari laba bersih franchisee perbulan, sebagai biaya promosi manajamen untuk franchisee adapun fasilitas promise yang didapatkan oleh franchisee yaitu, dipromosikan lewat radio ( seperti: mq fm untuk diwilayah bandung dan dakta fm di bekasi), brosur-brosur, bulletin bulanan dan terakhir iklan47. walaupun dalam pelaksanaan adanya penetapan royalty fee 10 % dirasa memberatkan ketika pendapatan masih dibawah 10 juta perbulan48,atau ketika 3 bulan pertama dari pembukaan cabang brc. namun jika kita perhatikan dari penggunaan pembayaran royalty sama dengan pemberian upah atau honor kepada franchisor. karena royalty fee digunakan secara jelas transparan yaitu sebagai biaya promosi manajemen 46 alquran dan terjemahnya (arab saudi: mujamma’ al-malik fadh thiba’ at almushhaf asy-syarif 1415 h) h. 798 47 wawancara pribadi dengan anas hikmat. bandung, 6 oktober 2009. 48 wawancara pribadi dengan lukman hakim. bandung, 6 desember 2009. al-iqtishad: vol. ii, no. 1, januari 2010 59 untuk kemajuan bersama. sebagaimana kita ketahui faktor yang paling penting dari penetapan upah atau royalty adalah keadilan. keadilan merupakan norma yang sangat diutamakan dalam islam.dan diantara tanda keadilan adalah haramnya bermuamalah dengan riba karena riba tidak hanya akan menghancurkan kehidupan individu saja melainkan juga dapat menghancurkan sendi-sendi kehidupan masyarakat. keadilan itu diaplikasikan dengan akad yang dipakai pada franchise brc yaitu akad musyarakah. royalty fee dari hasil bersih pendapatan franchisee sesuai dengan kesepatan yang telah disepakati ketika diawal perjanjian. penutup penetapan akad musyarakah pada franchise brc tidak ada yang bertentangan hukum islam. pertama, dlilihat dari rukunnya yaitu al-’aqidain (para pihak yang berakad antara franchisor dan franchisee), ma’qud ‘alayhi (obyek akad yaitu hak cipta atau penggunaan merek dan produk-produk brc ) dan sighah al-’aqd (pernyataan ijab dan qabul dibuktikan dengan surat perjanjian atau kontrak kerja antara franchisor dan franchisee). kedua, pada sisi syarat obyek akad pada franchise brc antaralain obyek akad harus telah ada ketika akad berlangsung , obyek akad harus mal mutaqawwam (bernilai menurut syara), bangkai, darah, miras tidak sah diperjual-belikan (produk yang digunakan tidak mengadung unsur zat yang diharamkan, dapat diserahkan ketika akad berlangsung dan yang terakhir yaitu obyek akad harus jelas dan dikenali para pihak. franchise fee hakekatnya adalah penggantian biaya atas development system dari franchisor. oleh karena itu seorang franchisor bebas menetapkan seberapa besar franchise fee untuk menjual franchisenya, dilihat dari kegunaanya dan dilihat dari aspek keuangan yang dijanjikan. serta franchise fee menggambarkan paket dukungan dan infrastruktur yang ditawarkan, maka dapat dipastikan adanya penetapan franchise fee pada franchise brc dibolehkan karena tidak bertentangan dengan hukum islam. pada franchise brc royalty fee ditetapkan sebesar 10% dari laba bersih franchisee, sebagai biaya promosi manajamen untuk franchisee adapun fasilitas promise yang didapatkan oleh franchisee yaitu, dipromosikan lewat radio ( seperti: mq fm untuk diwilayah bandung dan dakta fm walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .60 di bekasi), brosur-brosur, bulletin bulanan dan terakhir iklan. keadilan merupakan norma yang sangat diutamakan dalam islam dan diantara tanda keadilan adalah haramnya bermuamalah dengan riba karena riba tidak hanya akan menghancurkan kehidupan individu saja melainkan juga dapat menghancurkan sendi-sendi kehidupan masyarakat. keadilan itu diaplikasikan dengan akad yang dipakai pada franchise brc yaitu akad musyarakah. royalty fee dari hasil bersih pendapatan franchisee sesuai dengan kesepatan yang telah disepakati ketika diawal perjanjian. pustaka acuan al-quran al-karim ahmadi, abu. sistem ekonomi islam; prinsip-prinsip dan tujuannya. surabaya: bina ilmu, 1990. antonio, syafi’i .bank syariah: dari teori ke praktek. jakarta: gema insani press, 2001. baihaqi, imam, sunan baihaki al-kubra, kairo: darul hadits, 2002. bayu, y. dan maharani, nadia. “peringkat doing bussiness 2009 indonesia turun kelas, lebih mudah buka usaha di mongolia” artikel diakses pada 16 maret 2009 dari http://www.madani-ri.com bukhari, imam syaikh al-hufadz, shahih bukhari, kairo: maktabatul iman, 2003. depag ri, alquran dan terjemahnya, arab saudi: mujamma’ al-malik fahd thiba’ at almush-haf asy-syarif, 1415 h. departemen pendidikan nasional, kamus besar bahasa indonesia. jakarta: balai pustaka, 2005. hakim, lukman. info lengkap waralaba. yogyakarta: medpress, 2008. hendry e. ramdhan, franchise untuk orang awam. jakarta: pt. gramedia pustaka utama, 2009. hartanto widodo “franchise syariah, why not?”. artikel diakses pada 7 februari 2009 dari http://boutiquesoftware.wordpress.com. hikmat, anas. “prosedur pengajuan brc: prospektif dan menguntunngkan al-iqtishad: vol. ii, no. 1, januari 2010 61 sebagai franchisee brc ” didapatkan dari company profile brc, bandung 5 agustus 2009. harun, nasrun. fiqh muamalat. jakarta: gaya media pratama, 2007). ibrahim, johannes dan sewu, lindawati. hukum bisnis; dalam perspektif manusia modern. bandung: pt. refika aditama, 2004. nazir, m. metode penelitian, cet.vi (bogor, ghalia indonesia, 2005. nazma, siti. bisnis syariah dari nol; langkah jitu menuju kaya, penuh berkah dan bermakna jakarta: hikmah, 2008. riswadi, budi agus. hak kekayaan intelektual dan budaya hukum. jakarta: pt.raja grafindo persada, 2004. rochaety, ety. dkk. metode penelitian bisnis: dengan aplikasi spss . jakarta: mitra wacana media, 2007. rumapea, tumpal dan haloha, posman. kamus lengkap ekonomi, eds ke-2. jakarta: erlangga, 1994. sabiq, sayyid. fikih sunnah, terjemahan kamaludin a marzuki, dkk. jilid xii, cet ke-7 bandung: al-ma’arif, 1995. suhendi, hendi. fiqh muamalah. jakarta: pt. raja grafindo persada, 2005. sulaiman, imam al-hafid abi daud, sunan abu daud, kairo: maktabatul awlad syakhu turots, 2002. suseno, darmawan budi. waralaba; bisnis minim resiko maksim. yogyakarta: pilar humania, 2005. suseno, darmawan budi. waralaba; syari’ah. yogyakarta: cakrawala, 2008. syafe’i, rachmat. fiqh muamalat. bandung: pustaka setia, 2004. wawancara pribadi dengan anas hikmat. bandung, 6 oktober 2009. wawancara pribadi dengan lukman hakim. bandung, 6 desember 2009. wijaya, ilham m. “menyiapkan kaum muda jadi wirauswasta” artikel diakses pada 16 maret 2009 dari http://www.mail-archive.com zaid, imam abi abdillah muhammad bin, sunan ibnu majah, kairo: darul hadits, 2002. walid darmawan: analisis sistem penelitian franchise fee dan royalty fee . . .62 _______, ”jumlah pengguran di indonesia 9.43 juta orang” diakses pada 05 januari 2009 dari http://www.tempointeraktif.com _______, “pertubuhan franchise di indonesia”, di akses pada 16 maret 2009 dari http://www.franchisorindonesia.com _______, “profile brc” artikel diakses pada 9 juli 2009 dari www.klik-brc _______, “waralaba” diakses pada 5 maret 2009 dari http://www.wikipedia. com _______, “fatwa mui tentang perlindungan hak kekayaan intelektual (haki), diakses pada 12 september 2008 http://www.mui.or.id, pustaka acuan buku: antonio, muhammad syafi’i, bank syariah dari teori ke praktik, jakarta: gip, 2001. buchori, s. nur, pengelolaan koperasi syariah, jakarta: departemen umkm dpp pks, 2007. chandra, prasanna, who wants to be an enterpreneur, jakarta: prestasi pustaka, 2006. chapra, m. umar, the future of economics: an islamic perspective, jakarta: sebi, 2001. griffin, ricky w, and ronald j. ebert, business, ew jersey: pearson prentic hall, n 2004. kasali, reynald, re-code your change dna, jakarta: gramedia, 2007. mankiw, n gregory, principles of economics, second edition, harcourt: orlando, 2001. mannan, m abdul, teori dan praktik ekonomi islam, terjemahan oleh nastangin, yogyakarta: dana bhakti wakaf, 1997. artikel/makalah: ismawan, bambang ‚ekonomi rakyat, sebuah pengantar‛, dalam jurnal ekonomi rakyat, tahun 1, no. 1, 2002. krisnamurthi, bayu, ‚krisis ekonomi moneter dan ekonomi rakyat‛, dalam jurnal ekonomi rakyat, tahun 1, no. 3, 2002. mubyanto, ‚ekonomi rakyat dan reformasi kebijakan‛, dalam jurnal ekonomi rakyat, tahun 3, no. 6, 2004. ------------, ‚membangkitkan ekonomi kerakyatan melalui gerakan koperasi‛, dalam jurnal ekonomi rakyat, tahun 1, no. 6, 2002. sutrisno, noer, ‚koperasi mewujudkan kebersamaan dan kesejahteraan‛, dalam jurnal ekonomi rakyat tahun, 2, no. 5, 2003. dinamika akad dalam transaksi ekonomi syariah rahmawati abstract: transactions contract dynamics in islamic economics. transaction is one of law product (sharia and jurisprudence) that has a lot of development in accordance to human dynamics of the classical period to the present day. in the future, it will always envolve to follow the dynamics of economic system by maintaining the substance in the middle of economical global contentions. transaction becomes one of islamic and sharias (revelation) product law to ensure human walfare. as a norm, transactions in islamic finance or islamic economics can be fused into the world economic system. this can be a filtering and balancing for the economical system that runs stable towards the benefit of all parties. keywords: transaction, bay’, islamic economy abstrak: dinamika akad dalam transaksi ekonomi syariah. akad sebagai salah satu produk hukum (syariat dan fikih) yang banyak mengalami pengembangan sesuai dengan dinamika manusia dari masa klasik hingga masa kini dan masa yang akan datang, akan selalu berkembang mengikuti dinamika sistem ekonomi dengan tetap mempertahankan subtansinya di tengah pertarungan ekonomi global. akad menjadi bagian dari produk hukum islam dan syariat (wahyu) yang lebih menjamin kemaslahatan manusia. sebagai nilai, akad dalam ekonomi syariah atau ekonomi islam dapat melebur ke dalam sistem ekonomi di dunia ini untuk menjadi penyaring dan penyeimbang sehingga sistem perekonomian yang ada berjalan stabil ke arah tujuan perekonomian untuk kebaikan semua pihak. kata kunci: akad, bay’, ekonomi syariah naskah diterima: 2 agustus 2010, direvisi: 6 november, disetuji: 11 november 2010.  fakultas ekonomi dan bisnis uin syarif hidayatullah, jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: rahmawati_2008@yahoo.com rahmawati: dinamika akad dalam transaksi ekonomi syariah 20 pendahuluan permasalahan muamalah pada umumnya bersifat ta‘aqqulî (ma‘qûlah alma’nâ) sebab merupakan permasalahan yang terus berkembang sesuai dengan perkembangan pola pikir manusia dalam mengatur hidupnya. akan tetapi ada juga beberapa hal pokok di dalamnya yang harus tetap diatur oleh syariat untuk menjadi ‚rambu‛ yang harus tetap dipatuhi oleh manusia (ta‘abbudî), agar kehidupan muamalah manusia tetap terjaga dan teratur. persoalan muamalah tidak akan terlepas dari pembahasan syariat, karena permasalahan muamalah sangat rawan memberi dampak negatif pada tatanan kehidupan masyarakat apabila tidak ditertibkan. tanpa suatu penertiban, maka kekacauan akan muncul. dapat dibayangkan betapa kacaunya apabila ada beberapa orang mengklaim satu benda yang sama sebagai yang paling berhak, dan masing-masing pihak berupaya mempertahankannya dengan segala macam cara yang mereka dapat lakukan. untuk membimbing dan memberi petunjuk kepada manusia dalam mencari sumber penghidupan, allah swt. telah mensyariatkan pelbagai macam akad muamalah untuk diamalkan. dengan mengamalkan akad-akad muamalah tersebut, selain diharapkan dapat memberi kemaslahatan bagi kehidupan manusia di dunia juga merupakan bagian dari amal ibadah sebagai bekal kehidupan akhirat. dalam masalah jual beli misalnya, alquran lebih kurang menyebutkan empat ketentuan saja, yaitu: tentang bolehnya jual beli (q.s. al-baqarah [2]: 275), persyaratan yang harus dipenuhi dalam jual beli (q.s. al-nisâ’ [4]: 29), larangan riba, serta larangan berjual beli pada saat azan berkumandang untuk salat jumat (q.s. al-jumu‘ah [62]: 9), dan beberapa penjelasan dari nabi saw. tentang ayatayat tersebut.1 selain ketentuan tersebut, manusia diberi kebebasan mengembangkan cara bertransaksi sesuai tuntutan zamannya. sebagai sebuah produk hukum yang fleksibel, masalah muamalah akan senantiasa berkembang mengikuti perkembangan peradaban manusia yang semakin kompleks dan mengglobal, sehingga memerlukan upaya-upaya ijtihad untuk mengaktualisasikan nilai-nilai syariah di dalamnya, sekaligus untuk membedakannya dengan muamalah-muamalah yang tidak islami2. akad sebagai salah satu produk hukum (syariah dan fikih) yang mengalami banyak pengembangan sesuai dengan perkembangan manusia dari masa 1 t.m. hasbi ash-shiddiqy, dinamika dan elastisitas hukum islam, (jakarta: tinta mas, 1975), h. 27. 2 ahmad zaki yamani, syariat islam yang abadi menjawab tantangan masa kini, (bandung: t.tp., 1980), cet. i, h. 631. al-iqtishad: vol. iii, no. 1, januari 2011 21 pendahuluan permasalahan muamalah pada umumnya bersifat ta‘aqqulî (ma‘qûlah alma’nâ) sebab merupakan permasalahan yang terus berkembang sesuai dengan perkembangan pola pikir manusia dalam mengatur hidupnya. akan tetapi ada juga beberapa hal pokok di dalamnya yang harus tetap diatur oleh syariat untuk menjadi ‚rambu‛ yang harus tetap dipatuhi oleh manusia (ta‘abbudî), agar kehidupan muamalah manusia tetap terjaga dan teratur. persoalan muamalah tidak akan terlepas dari pembahasan syariat, karena permasalahan muamalah sangat rawan memberi dampak negatif pada tatanan kehidupan masyarakat apabila tidak ditertibkan. tanpa suatu penertiban, maka kekacauan akan muncul. dapat dibayangkan betapa kacaunya apabila ada beberapa orang mengklaim satu benda yang sama sebagai yang paling berhak, dan masing-masing pihak berupaya mempertahankannya dengan segala macam cara yang mereka dapat lakukan. untuk membimbing dan memberi petunjuk kepada manusia dalam mencari sumber penghidupan, allah swt. telah mensyariatkan pelbagai macam akad muamalah untuk diamalkan. dengan mengamalkan akad-akad muamalah tersebut, selain diharapkan dapat memberi kemaslahatan bagi kehidupan manusia di dunia juga merupakan bagian dari amal ibadah sebagai bekal kehidupan akhirat. dalam masalah jual beli misalnya, alquran lebih kurang menyebutkan empat ketentuan saja, yaitu: tentang bolehnya jual beli (q.s. al-baqarah [2]: 275), persyaratan yang harus dipenuhi dalam jual beli (q.s. al-nisâ’ [4]: 29), larangan riba, serta larangan berjual beli pada saat azan berkumandang untuk salat jumat (q.s. al-jumu‘ah [62]: 9), dan beberapa penjelasan dari nabi saw. tentang ayatayat tersebut.1 selain ketentuan tersebut, manusia diberi kebebasan mengembangkan cara bertransaksi sesuai tuntutan zamannya. sebagai sebuah produk hukum yang fleksibel, masalah muamalah akan senantiasa berkembang mengikuti perkembangan peradaban manusia yang semakin kompleks dan mengglobal, sehingga memerlukan upaya-upaya ijtihad untuk mengaktualisasikan nilai-nilai syariah di dalamnya, sekaligus untuk membedakannya dengan muamalah-muamalah yang tidak islami2. akad sebagai salah satu produk hukum (syariah dan fikih) yang mengalami banyak pengembangan sesuai dengan perkembangan manusia dari masa 1 t.m. hasbi ash-shiddiqy, dinamika dan elastisitas hukum islam, (jakarta: tinta mas, 1975), h. 27. 2 ahmad zaki yamani, syariat islam yang abadi menjawab tantangan masa kini, (bandung: t.tp., 1980), cet. i, h. 631. terdahulu (klasik), sampai pada masa kini dan masa yang akan datang, akan selalu berkembang mengikuti perkembangan sistem ekonomi, dan tetap mempertahankankan subtansinya di tengah-tengah pertarungan ekonomi global, sebagai bagian dari produk hukum islam, dan bagian dari syariat (wahyu) yang lebih menjamin kemaslahatan manusia. sebagai nilai, akad dalam ekonomi syariah atau ekonomi islam dapat melebur ke dalam sistem ekonomi di dunia ini untuk menjadi penyaring dan penyeimbang, sehingga sistem perekonomian yang ada berjalan secara stabil ke arah tujuan perekonomian untuk kebaikan semua pihak (al-mashlahah al’âmmah). berdasarkan latar belakang di atas maka artikel ini akan membahas masalah akad dalam transaksi ekonomi syariah. secara mendetail dirumuskan beberapa sub masalah sebagai berikut: bagaimana akad dalam muamalah? bagaimana ekonomi (muamalah) dalam syariat islam? bagaimana pengembangan akad dalam transaksi ekonomi syariah saat kini dan akan datang?. terminologi akad akad berasal dari bahasa arab, yaitu dari kata العقد. kata tersebut merupakan bentuk mashdar yang berarti menyimpulkan, membuhul tali, perjanjian, persetujuan, penghitungan, mengadakan pertemuan.3 akad dalam bahasa indonesia dikenal dengan istilah perjanjian, perikatan, atau kontrak.4 perjanjian berarti suatu peristiwa yang mana seseorang berjanji kepada orang lain atau pihak lain (perorangan maupun badan hukum) atau suatu peristiwa yang mana dua orang atau pihak saling berjanji untuk melakukan suatu hal.5 perikatan adalah suatu hubungan hukum antara dua orang atau dua pihak, yang mana satu pihak berhak menuntut suatu hal dari pihak yang lain, dan pihak lain berkewajiban untuk memenuhi tuntutan tersebut.6 di antara ahli hukum ada yang beranggapan bahwa antara istilah perjanjian dan perikatan terdapat kesamaan dalam pengertiannya, karena diterjemahkan dari bahasa belanda yaitu dari kata verbintenis sehingga diantara ahli hukum ada yang memakai keduanya sebagai istilah akad atau transaksi yang dilakukan. kemudian ada yang 3 ahmad warson munawwir, kamus al-munawwir, (jakarta: pustaka progressif, t.th.), h. 1023. 4 tim penyusun, kamus besar bahasa indonesia, (jakarta: balai pustaka, 1995), edisi ii, h. 15. 5 subekti, hukum perjanjian, (jakarta: pt. intermasa, 1984), cet. ix, h. 1. 6 subekti, hukum perjanjian, h. 1. rahmawati: dinamika akad dalam transaksi ekonomi syariah 22 berpendapat bahwa istilah perikatan lebih dikhususkan pada perjanjian atau suatu ‚hubungan‛ yang dapat dinilai dengan uang.7 sedang istilah kontrak didefinisikan lebih sempit lagi oleh para ahli hukum pada bentuk perjanjian atau perikatan yang sifatnya tertulis.8 muhammad salâm madkûr dalam kitabnya, al-fiqh al-islâmî, menjelaskan pengertian akad sebagai:9 (akad adalah) apa saja yang diikatkan oleh seseorang atas suatu urusan yang harus ia kerjakan atau untuk tidak ia kerjakan, karena adanya suatu kemestian (yang mengikat) atasnya. defenisi yang dikemukakan madkûr tersebut di atas mencakup segala bentuk perjanjian atau perikatan yang mempunyai konsekuensi untuk dilaksanakan bagi semua pihak yang mengadakannya. dengan demikian dapat dipahami bahwa dalam definisi akad terdapat beberapa unsur yang harus ada. pertama, adanya pihak yang mengikatkan diri atau saling mengikatkan diri. kedua, adanya suatu perjanjian yang ingin ditaati dan mengikat. ketiga, adanya objek perjanjian yang jelas bagi pihak yang mengikatkan diri. dalam unsur-unsur tersebut terdapat suatu konsekuensi, yaitu melahirkan hak di satu sisi dan kewajiban pada sisi yang lain. hasbi ash-shiddiqy dalam bukunya, pengantar fiqh mu’amalah, menyebutkan bahwa unsur-unsur yang harus ada dalam akad disebut sebagai rukun. adapun rukun akad yaitu: pertama, ‘âqid atau para pelaku akad atau dua belah pihak yang saling bersepakat untuk memberikan sesuatu hal dan yang lain menerimanya. kedua, mahal al-‘aqd atau ma‘qûd ‘alayh, yaitu benda yang menjadi objek dalam akad. ketiga, îjâb dan qabûl atau shîgah al-‘aqd, yaitu ucapan atau perbuatan yang menunjukkan kehendak kedua belah pihak.10 7 riduan syahrani, seluk-beluk dan asas-asas hukum perdata, (bandung: pt. alumni, 2000), h. 203-204. 8 subekti, hukum perjanjian, h. 1. 9 muhammad salâm madzkûr, al-fiqh al-islâmî al-madkhal wa al-amwâl wa al-huqûq wa almâliyyah wa al-’uqûd, (t.tp.: abdullah wa hibatuh, 1995), h. 356. 10 hasbi ash-shiddiqy, pengantar fiqh mu’amalah (semarang: pustaka rizki putra, 1997), h. 28-29. al-iqtishad: vol. iii, no. 1, januari 2011 23 berpendapat bahwa istilah perikatan lebih dikhususkan pada perjanjian atau suatu ‚hubungan‛ yang dapat dinilai dengan uang.7 sedang istilah kontrak didefinisikan lebih sempit lagi oleh para ahli hukum pada bentuk perjanjian atau perikatan yang sifatnya tertulis.8 muhammad salâm madkûr dalam kitabnya, al-fiqh al-islâmî, menjelaskan pengertian akad sebagai:9 (akad adalah) apa saja yang diikatkan oleh seseorang atas suatu urusan yang harus ia kerjakan atau untuk tidak ia kerjakan, karena adanya suatu kemestian (yang mengikat) atasnya. defenisi yang dikemukakan madkûr tersebut di atas mencakup segala bentuk perjanjian atau perikatan yang mempunyai konsekuensi untuk dilaksanakan bagi semua pihak yang mengadakannya. dengan demikian dapat dipahami bahwa dalam definisi akad terdapat beberapa unsur yang harus ada. pertama, adanya pihak yang mengikatkan diri atau saling mengikatkan diri. kedua, adanya suatu perjanjian yang ingin ditaati dan mengikat. ketiga, adanya objek perjanjian yang jelas bagi pihak yang mengikatkan diri. dalam unsur-unsur tersebut terdapat suatu konsekuensi, yaitu melahirkan hak di satu sisi dan kewajiban pada sisi yang lain. hasbi ash-shiddiqy dalam bukunya, pengantar fiqh mu’amalah, menyebutkan bahwa unsur-unsur yang harus ada dalam akad disebut sebagai rukun. adapun rukun akad yaitu: pertama, ‘âqid atau para pelaku akad atau dua belah pihak yang saling bersepakat untuk memberikan sesuatu hal dan yang lain menerimanya. kedua, mahal al-‘aqd atau ma‘qûd ‘alayh, yaitu benda yang menjadi objek dalam akad. ketiga, îjâb dan qabûl atau shîgah al-‘aqd, yaitu ucapan atau perbuatan yang menunjukkan kehendak kedua belah pihak.10 7 riduan syahrani, seluk-beluk dan asas-asas hukum perdata, (bandung: pt. alumni, 2000), h. 203-204. 8 subekti, hukum perjanjian, h. 1. 9 muhammad salâm madzkûr, al-fiqh al-islâmî al-madkhal wa al-amwâl wa al-huqûq wa almâliyyah wa al-’uqûd, (t.tp.: abdullah wa hibatuh, 1995), h. 356. 10 hasbi ash-shiddiqy, pengantar fiqh mu’amalah (semarang: pustaka rizki putra, 1997), h. 28-29. meskipun dalam melakukan ijab-kabul tersebut sebagian fukaha menekankan bahkan di antaranya mengharuskan secara lisan (kata-kata), tetapi pada umumnya fukaha membolehkan ijab-kabul dengan cara kitâbah (tulisan), isyârah (isyarat), maupun dengan ta’thî (saling beri memberi, seperti dalam ‚transaksi swalayan‛). dalam hal ini para fukaha tersebut mengemukakan beberapa kaidah, antara lain:11 tulisan itu dapat disamakan dengan ucapan. isyarat bagi orang bisu sama artinya dengan penjelasan dengan lidah. maka dalam hal ini, akad harus memenuhi beberapa ketentuan sehingga tidak akan terjadi kesamaran di dalamnya. ketentuan tersebut antara lain: pertama, ijab-kabul dalam akad harus terang pengertiannya; kedua, akad tersebut harus sesuai dengan ijab-kabul yang dilakukan; ketiga, para pihak yang berakad harus memperlihatkan kesungguhannya, tidak main-main, hazl, istihzâ, maupun ragu-ragu dalam berakad.12 sayyid sâbiq menjelaskan bahwa akad secara umum harus memenuhi beberapa syarat pokok, yaitu: pertama, tidak menyalahi hukum syariat. kedua, harus sama-sama rida dan ada hak memilih (khiyâr) ketika terdapat cacat dalam akad. ketiga, akad tersebut harus jelas dan gamblang (mudah dimengerti oleh kedua belah pihak dengan pengertian yang sama).13 lebih detail, hasbi ash-shiddieqy menjelaskan syarat-syarat yang harus ada pada akad.14 pertama, kedua belah pihak adalah orang/pihak yang dipandang cakap/berwenang untuk mengadakan akad. akad yang dilakukan oleh anak kecil, orang gila, dan orang berada di bawah pengampuan dipandang batal dengan sendirinya. kedua, akad tersebut diizinkan dan sesuai dengan ketentuan syariat. ketiga, masing-masing pihak menyadari dan menyetujui konsekuensi hukum dari akad yang mereka sepakati. keempat, akad dan objek akad bukan 11 hasbi ash-shiddiqy, pengantar fiqh mu’amalah, h. 30-31. 12 hasbi ash-shiddiqy, pengantar fiqh mu’amalah, h. 30-31. 13 sayyid sâbiq, fiqh al-sunnah, (bandung: pt. al-ma’arif, t.th.), h. 178-179. 14 hasbi ash-shiddiqy, pengantar fiqh mu’amalah, h. 34. rahmawati: dinamika akad dalam transaksi ekonomi syariah 24 lah hal yang dilarang oleh syariat. syarat ini merupakan konsekuensi dari syarat nomor dua sebelumnya. kelima, akad yang dibuat harus memberi manfaat bagi pihak yang berakad maupun bagi orang lain; keenam, pernyataan penyerahan akan terus berjalan (apabila tidak dinyatakan batal) sebelum terjadinya kabul (pernyataan penerimaan). kecuali mujîb (orang yang menyatakan ijab) membatalkan sendiri ijabnya sebelum ada kabul dari muqbîl (orang yang menerima atau menjawab ijab); ketujuh, bertemu dalam majelis akad. syarat ini dikemukakan oleh mazhab syâfi‘î yang mensyaratkan orang yang berijab kabul haruslah satu majelis, dan dianggap batal apabila mujîb dan muqbil tidak bertemu dalam satu majelis. rukun dan syarat yang dikemukakan oleh para ulama bertujuan agar akad yang dilakukan menjadi sempurna, sehingga tidak ada peluang bagi seseorang mencari cela untuk berbuat curang kepada sesamanya dan akad yang dilakukan akan memberikan hasil yang maksimal bagi semua pihak yang berakad. rukun dan syarat akad sangat menentukan sahnya sebuah akad (perjanjian/perikatan) dalam hukum islam. kurang atau cacatnya salah satu rukun atau syarat sebuah akad akan menjadikan akad tersebut terhalangi atau cacat, yang dapat menyebabkannya tidak sah menurut hukum islam. suatu akad dapat terhalangi karena dua hal. pertama, ikrâh (adanya pemaksaan) sehingga pihak yang berakad melakukannya bukan atas kehendaknya sendiri. kedua, haq al-ghayr (objek yang diakadkan merupakan hak atau milik orang lain), sehingga kedua belah pihak tidak berhak atas benda atau objek yang diakadkan. sayyid sâbiq mengemukakan bahwa suatu akad menjadi cacat (cedera) apabila dalam akad tersebut terdapat: ikrâh (paksaan, sehingga cacat dalam kehendak), khilâbah (bujukan yang menipu), ghalath (adanya salah sangka), ikhtilât al-tanfîdz (cacat yang muncul belakangan). menurutnya, apabila ada cacat dalam akad tersebut, maka pihak yang melakukan akad mempunyai hak khiyâr (hak memilih meneruskan ataupun membatalkan pelaksanaan akad). dalam jual beli, misalnya, ia akan menjadi cacat apabila salah satu maupun semua penyebab cacat akad di atas ada dalam jual beli tersebut.15 dalam hukum perdata positif juga dijelaskan tentang syarat sahnya suatu perjanjian/perikatan dan kapan perjanjian tersebut cacat bahkan batal menurut ketentuan undang-undang. syarat sahnya perjanjian dijelaskan dalam pasal 1320 15 sayyid sâbiq, fiqh al-sunnah, h. 40. al-iqtishad: vol. iii, no. 1, januari 2011 25 lah hal yang dilarang oleh syariat. syarat ini merupakan konsekuensi dari syarat nomor dua sebelumnya. kelima, akad yang dibuat harus memberi manfaat bagi pihak yang berakad maupun bagi orang lain; keenam, pernyataan penyerahan akan terus berjalan (apabila tidak dinyatakan batal) sebelum terjadinya kabul (pernyataan penerimaan). kecuali mujîb (orang yang menyatakan ijab) membatalkan sendiri ijabnya sebelum ada kabul dari muqbîl (orang yang menerima atau menjawab ijab); ketujuh, bertemu dalam majelis akad. syarat ini dikemukakan oleh mazhab syâfi‘î yang mensyaratkan orang yang berijab kabul haruslah satu majelis, dan dianggap batal apabila mujîb dan muqbil tidak bertemu dalam satu majelis. rukun dan syarat yang dikemukakan oleh para ulama bertujuan agar akad yang dilakukan menjadi sempurna, sehingga tidak ada peluang bagi seseorang mencari cela untuk berbuat curang kepada sesamanya dan akad yang dilakukan akan memberikan hasil yang maksimal bagi semua pihak yang berakad. rukun dan syarat akad sangat menentukan sahnya sebuah akad (perjanjian/perikatan) dalam hukum islam. kurang atau cacatnya salah satu rukun atau syarat sebuah akad akan menjadikan akad tersebut terhalangi atau cacat, yang dapat menyebabkannya tidak sah menurut hukum islam. suatu akad dapat terhalangi karena dua hal. pertama, ikrâh (adanya pemaksaan) sehingga pihak yang berakad melakukannya bukan atas kehendaknya sendiri. kedua, haq al-ghayr (objek yang diakadkan merupakan hak atau milik orang lain), sehingga kedua belah pihak tidak berhak atas benda atau objek yang diakadkan. sayyid sâbiq mengemukakan bahwa suatu akad menjadi cacat (cedera) apabila dalam akad tersebut terdapat: ikrâh (paksaan, sehingga cacat dalam kehendak), khilâbah (bujukan yang menipu), ghalath (adanya salah sangka), ikhtilât al-tanfîdz (cacat yang muncul belakangan). menurutnya, apabila ada cacat dalam akad tersebut, maka pihak yang melakukan akad mempunyai hak khiyâr (hak memilih meneruskan ataupun membatalkan pelaksanaan akad). dalam jual beli, misalnya, ia akan menjadi cacat apabila salah satu maupun semua penyebab cacat akad di atas ada dalam jual beli tersebut.15 dalam hukum perdata positif juga dijelaskan tentang syarat sahnya suatu perjanjian/perikatan dan kapan perjanjian tersebut cacat bahkan batal menurut ketentuan undang-undang. syarat sahnya perjanjian dijelaskan dalam pasal 1320 15 sayyid sâbiq, fiqh al-sunnah, h. 40. kitab undang-undang hukum perdata, yaitu dengan empat syarat.16pertama, adanya kesepakatan diantara mereka untuk mengikatkan diri; kedua, dipandang cakap untuk melakukan suatu perjanjian; ketiga, adanya suatu hal tertentu (objek yang jelas); keempat, karena suatu sebab yang halal. menurut kitab undang-undang hukum perdata suatu perjanjian dianggap cacat dan dapat dibatalkan apabila dalam perjanjian tersebut terdapat unsur paksaan, kekhilafan, dan penipuan.17 dengan demikian, apa yang diatur dalam hukum islam tentang akad atau perjanjian mempunyai banyak kesamaan dengan apa yang di atur dalam hukum perdata positif. akad dalam islam memiliki cakupan yang luas, yaitu pada semua bentuk perjanjian atau kesepakatan yang melibatkan dua belah pihak atau lebih melalui sebuah ijab dan kabul, baik ijab-kabul dalam akad nikah, akad jual beli, maupun akad transaksi lainnya. akad-akad tersebut baru sah dan efektif apabila telah memenuhi rukun dan syarat yang ditetapkan oleh syariat. perbedaan dari akadakad tersebut hanya terletak pada lafaz-lafaz (penyebutan) menurut apa yang diakadkan. dalam akad nikah misalnya, lafaz yang dibolehkan oleh jumhur ulama adalah lafaz-lafaz yang erat hubungannya dengan pernikahan dan ijab-kabul pernikahan tidak sah dengan menggunakan lafaz hibah, jual-beli, maupun lafaz sedekah, karena (menurut jumhur) lafaz-lafaz tersebut tidak sesuai dengan makna pernikahan yang disyariatkan.18 meskipun sebagian dari mazhab hanafî membolehkannya selama hal itu dipahami (lazim) oleh kedua belah pihak dalam akad pernikahan. demikian pula sebaliknya, suatu akad jual beli akan terasa ‚janggal‛ dengan menggunakan lafaz nikah. hal ini disebabkan karena objek dalam jual beli adalah jelas pada barang yang diperjualbelikan, dan tidak dapat disamakan dengan pernikahan. dalam praktiknya, akad telah lama dikenal oleh masyarakat manusia. menurut penelitian ahli hukum islam (ulama atau fukaha), akad muncul sesudah adanya ihrâz al-mubâhât (penguasaan/klaim terhadap benda yang belum pernah dimiliki oleh orang lain),19 karena akad baru dapat dilakukan apabila ada suatu hal yang dapat diikatkan dengan orang lain. orang akan membutuhkan suatu akad/perjanjian atau perikatan, ketika ada suatu hal (benda/milik) yang berharga 16 subekti, hukum perjanjian, h. 17. 17 subekti, hukum perjanjian, h. 23. 18 sayyid sâbiq, fiqh al-sunnah, h. 31. 19 nasrun haroen, fiqh muamalah, (jakarta: gaya media pratama, 2000), cet. i, h. 32. rahmawati: dinamika akad dalam transaksi ekonomi syariah 26 dan setiap orang ingin memilikinya. menganalisa hal tersebut akan membawa pada pemahaman bahwa akad telah ada sejak manusia bermasyarakat. manusia tidak dapat dipisahkan dari pergaulannya dengan sesama manusia dan alam sekitarnya. ia bebas berinteraksi dengan siapa saja yang diinginkannya. oleh karena itu, allah swt. mensyariatkan di dalam islam untuk bermuamalah dengan baik, yaitu dengan menggariskan beberapa prinsip yang mesti ditaati agar manusia dapat merasakan kemaslahatan di dalam bermuamalahnya itu, serta menghindarkan mereka dari hal-hal yang dapat merusaknya. ekonomi dalam syariat islam para ahli ekonomi mendukung pandangan bahwa masalah ekonomi adalah berkaitan dengan perilaku manusia yang berhubungan dengan kegiatan mendapatkan uang dan bagaimana menambah belanja.20 defenisi ekonomi tersebut adalah defenisi dalam arti yang lebih sempit hanya mengaitkannya dengan uang, karena sebenarnya definisi ekonomi dalam arti luas tidak sekadar berhubungan dengan uang atau materi, tetapi juga terkait dengan segala kebutuhan manusia yang berbentuk non materi. apabila dikembangkan lebih luas, akan berhubungan erat antara perilaku ekonomi dengan kehidupan sosial dalam masyarakat. permasalahan ekonomi umat manusia yang fundamental bersumber dari kenyataan bahwa manusia mempunyai kebutuhan, dan kebutuhan tersebut pada umumnya tidak dapat dipenuhi tanpa mengeluarkan energi sdm dan dengan peralatan material yang terbatas.21 apabila manusia memiliki sarana yang tidak terbatas untuk memenuhi segala kebutuhannya, maka masalah ekonomi tidak akan timbul. pelbagai konsep di dunia telah ditawarkan dalam rangka pemenuhan kebutuhan tersebut, misalnya konsep kapitalisme yang sangat percaya pada hak milik pribadi yang tidak terbatas pada alat-alat produksi yang tenaga penggeraknya adalah laba pribadi. semboyan kapitalisme adalah ‛segala sesuatunya untuk diri, peduli apa dengan orang lain‛.22 komunisme bersemboyan sebaliknya, ‛dari setiap orang menurut kemampuannya‛.23 dalam melaksanakan semboyan tersebut, komunisme mengatur dan mengawasi semua alat-alat pro 20 m. abdul mannan, teori dan praktik ekonom islam, (yogyakarta: pt. dana bhakti wakaf, 1997), h. 19 21 m. abdul mannan, teori dan praktik ekonom islam, h.19. 22 m. abdul mannan, teori dan praktik ekonom islam, h.333. 23 m. abdul mannan, teori dan praktik ekonom islam, h.333. al-iqtishad: vol. iii, no. 1, januari 2011 27 dan setiap orang ingin memilikinya. menganalisa hal tersebut akan membawa pada pemahaman bahwa akad telah ada sejak manusia bermasyarakat. manusia tidak dapat dipisahkan dari pergaulannya dengan sesama manusia dan alam sekitarnya. ia bebas berinteraksi dengan siapa saja yang diinginkannya. oleh karena itu, allah swt. mensyariatkan di dalam islam untuk bermuamalah dengan baik, yaitu dengan menggariskan beberapa prinsip yang mesti ditaati agar manusia dapat merasakan kemaslahatan di dalam bermuamalahnya itu, serta menghindarkan mereka dari hal-hal yang dapat merusaknya. ekonomi dalam syariat islam para ahli ekonomi mendukung pandangan bahwa masalah ekonomi adalah berkaitan dengan perilaku manusia yang berhubungan dengan kegiatan mendapatkan uang dan bagaimana menambah belanja.20 defenisi ekonomi tersebut adalah defenisi dalam arti yang lebih sempit hanya mengaitkannya dengan uang, karena sebenarnya definisi ekonomi dalam arti luas tidak sekadar berhubungan dengan uang atau materi, tetapi juga terkait dengan segala kebutuhan manusia yang berbentuk non materi. apabila dikembangkan lebih luas, akan berhubungan erat antara perilaku ekonomi dengan kehidupan sosial dalam masyarakat. permasalahan ekonomi umat manusia yang fundamental bersumber dari kenyataan bahwa manusia mempunyai kebutuhan, dan kebutuhan tersebut pada umumnya tidak dapat dipenuhi tanpa mengeluarkan energi sdm dan dengan peralatan material yang terbatas.21 apabila manusia memiliki sarana yang tidak terbatas untuk memenuhi segala kebutuhannya, maka masalah ekonomi tidak akan timbul. pelbagai konsep di dunia telah ditawarkan dalam rangka pemenuhan kebutuhan tersebut, misalnya konsep kapitalisme yang sangat percaya pada hak milik pribadi yang tidak terbatas pada alat-alat produksi yang tenaga penggeraknya adalah laba pribadi. semboyan kapitalisme adalah ‛segala sesuatunya untuk diri, peduli apa dengan orang lain‛.22 komunisme bersemboyan sebaliknya, ‛dari setiap orang menurut kemampuannya‛.23 dalam melaksanakan semboyan tersebut, komunisme mengatur dan mengawasi semua alat-alat pro 20 m. abdul mannan, teori dan praktik ekonom islam, (yogyakarta: pt. dana bhakti wakaf, 1997), h. 19 21 m. abdul mannan, teori dan praktik ekonom islam, h.19. 22 m. abdul mannan, teori dan praktik ekonom islam, h.333. 23 m. abdul mannan, teori dan praktik ekonom islam, h.333. duksi, memasung kebebasan pribadi, serta menghancurkan keluarga dan agama. sosialisme juga bermaksud melenyapkan hak pribadi atas alat-alat produksi. konsep laba pribadi (dalam sosialisme) sebagaimana yang dianut dalam komunisme diartikan sebagai ‛motif pelayanan sosial‛.24 hanya saja dalam hal ini komunisme lebih ektrim bila dibandingkan dengan sosialisme. pada dasarnya setiap konsep ekonomi yang ditawarkan di antaranya oleh ketiga isme (paham) tersebut memiliki sisi kelebihan dan kekurangan. kapitalisme secara positif akan melahirkan semangat juang yang tinggi bagi individu di dalam berusaha memenuhi kebutuhannya, tetapi pada sisi yang lain dapat menimbulkan dampak buruk dengan lahirnya individualisme dan kesenjangan sosial. sedang komunisme dan sosialisme pada permukaannya akan melahirkan keadilan sosial atau pemerataan dalam pemenuhan kebutuhan, tetapi sekaligus akan menghancurkan semangat dan etos kerja individu, menciptakan manusia tidak beda dengan pabrik-pabrik produksi. konsekuensi dari sistem yang dibangun oleh dua konsep terakhir adalah kekuatan absolut negara dan tersingkirnya nilai-nilai agama dan keluarga yang dapat membangkitkan ‛kekuatan dan semangat‛ individu. islam menawarkan konsep tawâzun (keseimbangan/pertengahan) dengan kandungan nilai-nilai khusus (sesuai alquran dan sunah nabi saw.). konsep keseimbangan tersebut memuat keseimbangan antara kehidupan dunia dengan akhirat, keseimbangan pribadi dan jamaah, keseimbangan antara aspek jasmani dan rohani, akal dan hati, antara das sein dan das sollen, serta mengeliminasi setiap kesenjangan di antara manusia.25 menurut m. abdul mannan, harus diakui bahwa pada dasarnya antara ilmu ekonomi islam dan ilmu ekonomi yang ada pada umumnya memiliki banyak persamaan, kecuali pada tuntutan pelaku ekonomi (yang religi) serta pilihan atau solusi alternatif penanganan terhadap kasus-kasus ekonomi,26 tentu dalam hal ini nilai-nilai yang terkandung di dalam syariat islam. nilai-nilai tersebut berdasarkan pada akidah dan akhlak islam, serta jauh dari nilai-nilai ‚maghrib‛ (maysir, gharar, haram, riba, dan bâthil).27 24 m. abdul mannan, teori dan praktik ekonom islam, h.333. 25 m. arfin hamid, hukum ekonomi islam (ekonomi syariah) di indonesia, (bogor: penerbit ghalia indonesia, 2007), cet. i, h. 51. 26 m. abdul mannan, teori dan praktik ekonom islam, h. 20. 27 istilah ‚maghrib‛ (maysir, gharar, haram, riba, dan batil) dikemukakan oleh muhammad hidayat dalam m. arfin hamid, hukum ekonomi islam, (ekonomi syariah) di indonesia, h. 162. rahmawati: dinamika akad dalam transaksi ekonomi syariah 28 sistem ekonomi syariah memiliki batasan-batasan yang jelas, sehingga sebuah aktivitas ekonomi baru dikatakan sebagai produksi apabila berada dalam koridor halal. sedangkan segala usaha yang berada dalam wilayah haram maupun syubhât tidak dapat dikatakan sebagai produksi, karena setiap usaha dianggap sebagai bagian dari ibadah (dalam pengertian umum). al-ghazâli mengidentifikasi tiga alasan sehingga seorang muslim melakukan pelbagai aktivitas ekonomi. pertama, untuk mencukupi kebutuhan hidupnya. kedua, untuk memenuhi kebutuhan keluarganya. ketiga, untuk membantu orang lain yang membutuhkan.28 apabila ketiga alasan tersebut tidak terpenuhi di dalamnya, maka ia dapat dipersalahkan oleh syariat. dengan demikian, ekonomi dalam islam adalah ekonomi yang bercita-cita bagi terbentuknya pemerataan sosial dengan tetap menghargai kepentingan dan karya individu dengan bermuara pada sumber hukum islam yaitu alquran dan hadis nabi saw. pelbagai terminologi dan subtansi ekonomi yang ada harus dibentuk dalam kerangka tersebut dan sebagai bagian dari muamalah. sistem ekonomi dalam islam banyak menyerap sistem ekonomi yang telah ada dalam masyarakat dengan batasan-batas keislaman yang jelas. defenisi ekonomi syariah dalam undang-undang no. 3 tahun 2006 tentang amandemen undang-undang peradilan agama no.7 tahun 1989, khususnya pada penjelasan pasal 49, huruf i, bahwa yang dimaksud dengan ekonomi syariah adalah setiap perbuatan atau kegiatan usaha yang dilaksanakan menurut prinsip syariah, meliputi: bank syariah, asuransi syariah, reasuransi syariah, reksadana syariah, obligasi syariah dan surat berjangka menengah syariah, sekuritas syariah, pembiayaan syariah, pegadaian syariah, dana pensiun lembaga keuangan syariah, bisnis syariah, dan lembaga keuangan mikro syariah. aturan ini selain melegitimasi pengembangan kewenangan peradilan agama di indonesia, juga menjadi penegasan terhadap aturan-aturan ekonomi syariah sebelumnya, dan menjadi legitimasi terlaksananya sistem ekonomi syariah di indonesia yang sebelumnya didominasi oleh sistem perekonomian konvensional (liberalisme). oleh karena itu, sistem ekonomi dalam islam akan berkembang sesuai dengan perkembangan masyarakat manusia. menyerap pelbagai perkembangan ekonomi modern, misalnya dalam bidang syirkah atau musyârakah, mudhârabah, ijârah (sewa menyewa dan jasa), dan sebagainya, bahkan berkembang pada permasalahan reksadana syariah, perbankan syariah, asuransi syariah, 28 pendapat al-ghazâlî dalam bidang ekonomi islam lengkapnya dapat dilihat dalam adiwarman azwar karim, sejarah pemikiran ekonomi islam, (jakarta: pt rajagrafindo persada, 2004), cet. i, edisi ii, h. 285. al-iqtishad: vol. iii, no. 1, januari 2011 29 sistem ekonomi syariah memiliki batasan-batasan yang jelas, sehingga sebuah aktivitas ekonomi baru dikatakan sebagai produksi apabila berada dalam koridor halal. sedangkan segala usaha yang berada dalam wilayah haram maupun syubhât tidak dapat dikatakan sebagai produksi, karena setiap usaha dianggap sebagai bagian dari ibadah (dalam pengertian umum). al-ghazâli mengidentifikasi tiga alasan sehingga seorang muslim melakukan pelbagai aktivitas ekonomi. pertama, untuk mencukupi kebutuhan hidupnya. kedua, untuk memenuhi kebutuhan keluarganya. ketiga, untuk membantu orang lain yang membutuhkan.28 apabila ketiga alasan tersebut tidak terpenuhi di dalamnya, maka ia dapat dipersalahkan oleh syariat. dengan demikian, ekonomi dalam islam adalah ekonomi yang bercita-cita bagi terbentuknya pemerataan sosial dengan tetap menghargai kepentingan dan karya individu dengan bermuara pada sumber hukum islam yaitu alquran dan hadis nabi saw. pelbagai terminologi dan subtansi ekonomi yang ada harus dibentuk dalam kerangka tersebut dan sebagai bagian dari muamalah. sistem ekonomi dalam islam banyak menyerap sistem ekonomi yang telah ada dalam masyarakat dengan batasan-batas keislaman yang jelas. defenisi ekonomi syariah dalam undang-undang no. 3 tahun 2006 tentang amandemen undang-undang peradilan agama no.7 tahun 1989, khususnya pada penjelasan pasal 49, huruf i, bahwa yang dimaksud dengan ekonomi syariah adalah setiap perbuatan atau kegiatan usaha yang dilaksanakan menurut prinsip syariah, meliputi: bank syariah, asuransi syariah, reasuransi syariah, reksadana syariah, obligasi syariah dan surat berjangka menengah syariah, sekuritas syariah, pembiayaan syariah, pegadaian syariah, dana pensiun lembaga keuangan syariah, bisnis syariah, dan lembaga keuangan mikro syariah. aturan ini selain melegitimasi pengembangan kewenangan peradilan agama di indonesia, juga menjadi penegasan terhadap aturan-aturan ekonomi syariah sebelumnya, dan menjadi legitimasi terlaksananya sistem ekonomi syariah di indonesia yang sebelumnya didominasi oleh sistem perekonomian konvensional (liberalisme). oleh karena itu, sistem ekonomi dalam islam akan berkembang sesuai dengan perkembangan masyarakat manusia. menyerap pelbagai perkembangan ekonomi modern, misalnya dalam bidang syirkah atau musyârakah, mudhârabah, ijârah (sewa menyewa dan jasa), dan sebagainya, bahkan berkembang pada permasalahan reksadana syariah, perbankan syariah, asuransi syariah, 28 pendapat al-ghazâlî dalam bidang ekonomi islam lengkapnya dapat dilihat dalam adiwarman azwar karim, sejarah pemikiran ekonomi islam, (jakarta: pt rajagrafindo persada, 2004), cet. i, edisi ii, h. 285. pasar modal atau saham dan obligasi syariah, serta telah merambah ke semua jenis muamalah dan transaksi, misalnya lembaga keuangan syariah, bisnis syariah, pegadaian syariah, dan lainnya. ekonomi syariah adalah nama lain dari ekonomi islam, sebagai istilah yang digunakan dalam perundang-undangan di indonesia, termasuk dalam penggunaan istilah lain yang lebih sempit dengan istilah ekonomi dengan sistem bagi hasil (uu nomor 10 tahun 1998) untuk menggambarkan perbedaannya dengan sistem ekonomi konvensional yang memakai sistem bunga. ekonomi islam pada dasarnya merupakan pengembangan dari sistem muamalah islam yang telah berbaur dengan sistem dan lembaga perekonomian modern saat ini, dengan tetap mempertahankan prinsip-prinsip keislaman atau syariah seperti yang dikemukakan sebelumnya. pengembangan akad ekonomi syariah sebagai bagian dari muamalah islam tidak lepas dari prinsip-prinsip dasar syariah yang telah dikenal dalam fikih-fikih klasik. tetapi dalam perkembangannya, penjabarannya disesuaikan pada kebutuhan masyarakat dengan pelbagai jenis transaksi yang dilakukan. ekonomi syariah merupakan suatu istilah yang biasa dipakai saat ini untuk setiap kegiatan ekonomi yang di dalamnya diterapkan aspek-aspek syariah, misalnya dengan sistem musyârakah, mudhârabah, muzâra’ah, ijârah, dan lainnya yang telah dikenal dalam muamalah islam. istilah tersebut saat ini berkembang seiring dengan perkembangan ekonomi dengan pelbagai istilah seperti perbankan syariah, asuransi syariah, perkreditan syariah, hingga mlm syariah. sistem akad yang dulu dikenal lebih simpel dalam fikih klasik mengalami banyak pengembangan sesuai dengan kebutuhan transaksi ekonomi saat ini yang menuntut aturan yang lebih kompleks dengan pelbagai istilah akad. misalnya, dalam perbankan syariah dikenal istilah akad mudhârabah, musyârakah, ijârah, dan bay’ dengan pelbagai pengembangan. juga dalam asuransi syariah dengan beberapa istilah takâful. sebagai perbandingan, unsur-unsur yang harus ada dalam sebuah akad atau kontrak saat kini, di antaranya seperti dalam tulisan oleh afzalur rahman dalam bukunya, doktrin ekonomi syariah, yaitu: pertama, dalam akad tersebut harus ada penawaran dan persetujuan. kedua, memiliki maksud untuk menciptakan hubungan kerja. ketiga, jelas tujuannya dan disertai dengan adanya pengurus/pelaksana. keempat, mengetahui syarat-syarat dari pihak yang mengrahmawati: dinamika akad dalam transaksi ekonomi syariah 30 adakan akad. kelima, ada perizinan yang sah; keenam, tujuannya halal; dan ketujuh, ada jangka waktu yang berlaku.29 dalam unsur-unsur yang harus ada dalam (syarat dan rukun) akad tersebut terdapat beberapa hal yang dikemukakan masih berpatokan pada prinsip-prinsip dasar akad menurut fikih klasik, meskipun lebih rinci dan disesuaikan dengan keadaan masyarakat dan kebijakan pemerintah, seperti pada poin ketiga yang menuntut disebutkannya pihak pelaksana akad, dan poin kelima, yaitu adanya perizinan yang sah. hal tersebut juga dapat diperhatikan dalam ketentuan-ketentuan pokok akad mudhârabah, yaitu: pertama, modal harus dalam standar uang. kedua, modal dipercayakan kepada dhârib (pelaksana). ketiga, keuntungan harus tidak terbatas. keempat, keuntungan dapat ditaksir. kelima, barang harus diketahui secara pasti.30 ketentuan-ketentuan tersebut merupakan penjabaran dan rincian dari ketentuan-ketentuan umum sebelumnya. penjabaran dan pengembangan akad mudhârabah tersebut juga berlaku pada akad-akad lain dalam ekonomi syariah. pentingnya pengembangan akad dalam ekonomi syariah, khususnya di indonesia, kemudian melahirkan banyak aturan-aturan perundangan yang memberi peluang luas bagi terlaksananya akad-akad tersebut dalam transaksitransaksi lembaga keuangan, seperti dalam uu no. 7 tahun 1992 tentang perbankan, pada era reformasi ditandai dengan disetujuinya uu no.10 tahun 1998 tentang perbankan dengan sistem bagi hasil,31 bahkan menjadi satu kemajuan dengan lahirnya uu no. 3 tahun 2006 tentang amandemen uu peradilan agama no. 7 tahun 1989 mengenai kewenangan pengadilan agama dalam menyelesaikan kasus persengketaan ekonomi syariah, dan akan ditindaklanjuti dengan penyusunan kompilasi hukum ekonomi islam (khei).32 aturan perundang-undangan tersebut merupakan legitimasi terhadap keberadaan sistem ekonomi dengan sistem syariat islam di indonesia. dalam hal 29 afzalur rahman, doktrin ekonomi syariah, h. 337. 30 afzalur rahman, doktrin ekonomi syariah, h. 338. 31 muhammad syafi’i antonio, bank syariah dari teori ke praktik, (jakarta: gema insani press, 2001), cet. i, h. 26. 32 wacana tentang rencana penyusunan kitab kompilasi hukum ekonomi islam (khei) tersebut merebak setelah terjadi polemik di antara pelbagai kepentingan dan tuntutan atas pemberlakuan kewenangan peradilan agama terhadap persengketaan masalah ekonomi syariah. hal tersebut diperkuat dengan informasi dari prof. dr. irfan idris dan prof. dr. arfin hamid ketika memandu mata kuliah sejarah sosial hukum islam di kelas hukum islam 1 (hi-1) pada hari rabu, tanggal 28 mei 2008 di ruangan kuliah pascasarjana uin makassar. al-iqtishad: vol. iii, no. 1, januari 2011 31 adakan akad. kelima, ada perizinan yang sah; keenam, tujuannya halal; dan ketujuh, ada jangka waktu yang berlaku.29 dalam unsur-unsur yang harus ada dalam (syarat dan rukun) akad tersebut terdapat beberapa hal yang dikemukakan masih berpatokan pada prinsip-prinsip dasar akad menurut fikih klasik, meskipun lebih rinci dan disesuaikan dengan keadaan masyarakat dan kebijakan pemerintah, seperti pada poin ketiga yang menuntut disebutkannya pihak pelaksana akad, dan poin kelima, yaitu adanya perizinan yang sah. hal tersebut juga dapat diperhatikan dalam ketentuan-ketentuan pokok akad mudhârabah, yaitu: pertama, modal harus dalam standar uang. kedua, modal dipercayakan kepada dhârib (pelaksana). ketiga, keuntungan harus tidak terbatas. keempat, keuntungan dapat ditaksir. kelima, barang harus diketahui secara pasti.30 ketentuan-ketentuan tersebut merupakan penjabaran dan rincian dari ketentuan-ketentuan umum sebelumnya. penjabaran dan pengembangan akad mudhârabah tersebut juga berlaku pada akad-akad lain dalam ekonomi syariah. pentingnya pengembangan akad dalam ekonomi syariah, khususnya di indonesia, kemudian melahirkan banyak aturan-aturan perundangan yang memberi peluang luas bagi terlaksananya akad-akad tersebut dalam transaksitransaksi lembaga keuangan, seperti dalam uu no. 7 tahun 1992 tentang perbankan, pada era reformasi ditandai dengan disetujuinya uu no.10 tahun 1998 tentang perbankan dengan sistem bagi hasil,31 bahkan menjadi satu kemajuan dengan lahirnya uu no. 3 tahun 2006 tentang amandemen uu peradilan agama no. 7 tahun 1989 mengenai kewenangan pengadilan agama dalam menyelesaikan kasus persengketaan ekonomi syariah, dan akan ditindaklanjuti dengan penyusunan kompilasi hukum ekonomi islam (khei).32 aturan perundang-undangan tersebut merupakan legitimasi terhadap keberadaan sistem ekonomi dengan sistem syariat islam di indonesia. dalam hal 29 afzalur rahman, doktrin ekonomi syariah, h. 337. 30 afzalur rahman, doktrin ekonomi syariah, h. 338. 31 muhammad syafi’i antonio, bank syariah dari teori ke praktik, (jakarta: gema insani press, 2001), cet. i, h. 26. 32 wacana tentang rencana penyusunan kitab kompilasi hukum ekonomi islam (khei) tersebut merebak setelah terjadi polemik di antara pelbagai kepentingan dan tuntutan atas pemberlakuan kewenangan peradilan agama terhadap persengketaan masalah ekonomi syariah. hal tersebut diperkuat dengan informasi dari prof. dr. irfan idris dan prof. dr. arfin hamid ketika memandu mata kuliah sejarah sosial hukum islam di kelas hukum islam 1 (hi-1) pada hari rabu, tanggal 28 mei 2008 di ruangan kuliah pascasarjana uin makassar. ini, sistem ekonomi tersebut mengacu pada akad-akad yang telah diatur dalam syariat islam, termasuk dalam hal ini akad yang dijelaskan dalam kitab-kitab fikih klasik sebelumnya dengan beberapa pengembangan yang disesuaikan pada suasana masyarakat indonesia yang majemuk. misalnya akad yang dapat dilakukan dalam reksadana syariah dengan emiten (pemilik perusahaan) yaitu dengan akad mudhârabah dan akad jual beli.33 juga dalam perbankan syariah dengan kegiatan penghimpun dana, penyaluran dana, dan jasa pelayanan, semuanya dapat dikelola dengan akad wadî’ah, mudhârabah, murâbahah, salam, ijârah, qardh al-hasan, wakâlah, hawâlah, dan sebagainya. wadî’ah adalah akad penitipan barang atau uang yang dilakukan antara pihak pemilik barang atau uang (muwaddi’) dengan pihak yang diberi kepercayaan (mustawda’) untuk menjaga keselamatan, keamanan, dan keutuhan barang yang dititipkan. akad ini mengalami pengembangan pada dua jenis, yaitu wadî’ah yad amânah (pihak penerima tidak diperkenankan menggunakan atau memanfaatkan barang titipan), dan wadî’ah yad dhamânah (pihak penerima diperkenankan memanfaatkan barang titipan dan sepenuhnya bertanggung jawab atas kehilangan dan kerusakan barang titipan). mudhârabah ialah akad yang dibuat antara pemilik modal (shâhib al-mâl) dengan pengelola (mudhârib) sehingga memperoleh keuntungan atau pendapatan dari pengelolaan tersebut. pendapatan atau keuntungan tersebut dibagi berdasarkan nishbah (bagian) yang telah disepakati di awal akad. murâbahah adalah akad yang dilakukan dalam rangka pembiayaan oleh pemilik modal (shâhib al-mâl) berupa talangan dana kepada nasabah untuk membeli barang/jasa dengan kewajiban mengembalikan talangan dana tersebut seluruhnya ditambah margin keuntungan antara selisih harga beli dari pemasok dengan harga jual kepada nasabah. salam adalah akad pembiayaan berupa talangan dana yang dibutuhkan nasabah untuk pembelian suatu barang/jasa dengan pembayaran di muka sebelum barang/jasa diantarkan atau terbentuk. pengguna barang/jasa (nasabah) berkewajiban mengembalikan talangan dana tersebut ditambah margin keuntungan bank secara kredit dalam jangka waktu tertentu atau tunai sesuai dengan kesepakatan. 33 departemen agama ri, himpunan fatwa majelis ulama indonesia, (jakarta: bagian proyek sarana dan prasarana produk halal direktorat jenderal bimbingan masyarakat islam dan penyelenggaraan haji departemen agama, 2003), h. 245-252. rahmawati: dinamika akad dalam transaksi ekonomi syariah 32 ijârah atau sewa-menyewa adalah akad pembiayaan berupa talangan dana dari pihak shâhib al-mâl yang dibutuhkan oleh nasabah untuk memiliki suatu barang atau jasa dengan kewajiban menyewa barang tersebut dalam jangka waktu tertentu sesuai dengan kesepakatan. qard al-hasan adalah akad pembia-yaan berupa pinjaman atau bantuan kepada para kaum dhu‘afâ’ dan memiliki keterampilan atau keinginan kuat untuk mulai berusaha kecil-kecilan. nasabah dalam hal ini hanya diwajibkan mengembalikan pinjaman pokoknya saja dalam waktu tertentu. wakâlah adalah akad yang dilakukan dengan memberi kuasa kepada pihak yang memiliki kemampuan (shâhib al-mâl) untuk melakukan tindakan atau perbuatan atas nama pihak nasabah dalam melakukan transaksi dengan pihak ketiga. hiwâlah adalah bentuk akad lain yang di dalamnya terda-pat pemberian jasa dengan pengalihkan tanggung jawab utang dari seorang yang berutang pada pihak lain. masih ada beberapa contoh akad lainnya yang banyak digunakan dalam transaksi ekonomi syariah saat ini dengan muatan ciri tersendiri dari akad-akad ekonomi konvensional (liberalisme atau sosial-komunisme). karena di dalamnya, selain menjunjung tinggi nilai-nilai keadilan, juga tidak terlepas dari nilainilai ilahiah, keseimbangan (al-wusthâ), kerjasama (ta’âwuniyyah), ukhuwah, dan kemaslahatan.34 mengingat perkembangan tersebut dan tantangan pengembangan kewenangan bagi peradilan agama di indonesia sehingga dituntut adanya sebuah produk fikih baru sesuai dengan kondisi indonesia saat ini. permasalahan tersebut sekurang-kurangnya dapat terjawab dengan lahirnya kompilasi hukum islam dalam bidang ekonomi sebagaimana yang telah diwacanakan di atas. walaupun masih dalam taham wacana dan rencana yang akan segera dilaksanakan, tetapi hal tersebut akan memberi jalan keluar terhadap permasalahan rumit yang banyak dipertanyakan tentang kemampuan peradilan agama dalam menangani sengketa dan permasalahan ekonomi, sebab dengan lahirnya kitab khei tersebut akan menjadi sumber materiil bagi peradilan agama di indonesia dan dasar bagi penelitian selanjutnya. penutup akad dalam muamalah adalah apa saja yang diikatkan oleh seseorang atas suatu urusan yang harus ia kerjakan atau untuk tidak ia kerjakan, karena adanya 34 m. arfin hamid, membumikan ekonomi syariah di indonesia, (jakarta: elsas, 2007), cet. i, h. vii. al-iqtishad: vol. iii, no. 1, januari 2011 33 ijârah atau sewa-menyewa adalah akad pembiayaan berupa talangan dana dari pihak shâhib al-mâl yang dibutuhkan oleh nasabah untuk memiliki suatu barang atau jasa dengan kewajiban menyewa barang tersebut dalam jangka waktu tertentu sesuai dengan kesepakatan. qard al-hasan adalah akad pembia-yaan berupa pinjaman atau bantuan kepada para kaum dhu‘afâ’ dan memiliki keterampilan atau keinginan kuat untuk mulai berusaha kecil-kecilan. nasabah dalam hal ini hanya diwajibkan mengembalikan pinjaman pokoknya saja dalam waktu tertentu. wakâlah adalah akad yang dilakukan dengan memberi kuasa kepada pihak yang memiliki kemampuan (shâhib al-mâl) untuk melakukan tindakan atau perbuatan atas nama pihak nasabah dalam melakukan transaksi dengan pihak ketiga. hiwâlah adalah bentuk akad lain yang di dalamnya terda-pat pemberian jasa dengan pengalihkan tanggung jawab utang dari seorang yang berutang pada pihak lain. masih ada beberapa contoh akad lainnya yang banyak digunakan dalam transaksi ekonomi syariah saat ini dengan muatan ciri tersendiri dari akad-akad ekonomi konvensional (liberalisme atau sosial-komunisme). karena di dalamnya, selain menjunjung tinggi nilai-nilai keadilan, juga tidak terlepas dari nilainilai ilahiah, keseimbangan (al-wusthâ), kerjasama (ta’âwuniyyah), ukhuwah, dan kemaslahatan.34 mengingat perkembangan tersebut dan tantangan pengembangan kewenangan bagi peradilan agama di indonesia sehingga dituntut adanya sebuah produk fikih baru sesuai dengan kondisi indonesia saat ini. permasalahan tersebut sekurang-kurangnya dapat terjawab dengan lahirnya kompilasi hukum islam dalam bidang ekonomi sebagaimana yang telah diwacanakan di atas. walaupun masih dalam taham wacana dan rencana yang akan segera dilaksanakan, tetapi hal tersebut akan memberi jalan keluar terhadap permasalahan rumit yang banyak dipertanyakan tentang kemampuan peradilan agama dalam menangani sengketa dan permasalahan ekonomi, sebab dengan lahirnya kitab khei tersebut akan menjadi sumber materiil bagi peradilan agama di indonesia dan dasar bagi penelitian selanjutnya. penutup akad dalam muamalah adalah apa saja yang diikatkan oleh seseorang atas suatu urusan yang harus ia kerjakan atau untuk tidak ia kerjakan, karena adanya 34 m. arfin hamid, membumikan ekonomi syariah di indonesia, (jakarta: elsas, 2007), cet. i, h. vii. suatu kemestian yang mengikat atasnya sesuai ketentuan-ketentuan (syarat dan rukun) syariat islam. hal tersebut juga dikenal dengan istilah lain, yaitu: perjanjian, perikatan, maupun kontrak. ekonomi syariah atau ekonomi islam adalah bagian dari sistem muamalah dalam islam yang memiliki ciri tersendiri dibandingkan dengan sistem ekonomi lainnya di dunia, terutama dalam hal prinsip-prinsip syariat, akidah, dan akhlak. akad dalam transaksi ekonomi syariah atau ekonomi islam dari masa ke masa mengalami banyak pengembangan dan penyesuaian dengan kebutuhan masyarakat dan kebijakan penguasa di mana ia berada. hal ini dijiwai oleh sistem muamalah islam yang sifatnya sangat fleksibel sesuai dengan perkembangan manusia, bahkan akan menjadi kaku dan salah apabila sistem dan rumusan tersebut tidak mengikuti kemaslahatan hidup manusia. [] pustaka acuan antonio, muhammad syafi’i, bank syariah dari teori ke praktik, jakarta: gema insani press, 2001. ash-shiddiqy, hasbi, pengantar fiqh mu’amalah, semarang: pustaka rizki putra, 1997. --------------, dinamika dan elastisitas hukum islam, jakarta: tinta mas, 1975. departemen agama ri, himpunan fatwa majelis ulama indonesia. jakarta: bagian proyek sarana dan prasarana produk halal direktorat jenderal bimbingan masyarakat islam dan penyelenggaraan haji departemen agama, 2003. hamid, m. arfin, hukum ekonomi islam (ekonomi syariah) di indonesia, bogor: penerbit ghalia indonesia, 2007. --------------, membumikan ekonomi syariah di indonesia, jakarta: elsas, 2007. haroen, nasrun, fiqh muamalah, jakarta: gaya media pratama, 2000. karim, adiwarman azwar, sejarah pemikiran ekonomi islam, jakarta: pt rajagrafindo persada, 2004. madzkûr, muhammad salam, al-fiqh al-islâmî al-madkhal wa al-amwâl wa alhuqûq wa al-mâliyah wa al-‘uqûd, t.tp., abdullah wa hibatuh, 1995. mannan, m. abdul, teori dan praktik ekonom islam, yogyakarta: pt. dana bhakti wakaf, 1997. munawwir, ahmad warson, kamus al-munawwir, jakarta: pustaka progressif, t.th. rafiq, ahmad, hukum islam di indonesia, raja grafindo persada, 1997. sâbiq, sayyid, fiqh al-sunnah, bandung: pt. al-ma’arif, t.th. rahmawati: dinamika akad dalam transaksi ekonomi syariah 34 subekti, hukum perjanjian, jakarta: pt. intermasa, 1984. syahrani, riduan, seluk-beluk dan asas-asas hukum perdata, bandung: pt. alumni, 2000. tim penyusun, kamus besar bahasa indonesia, jakarta: balai pustaka, 1995. yamani, ahmad zaki, syariat islam yang abadi menjawab tantangan masa kini, bandung: t.tp., 1980. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 149 168 received: september 8, 2015; revised: december 5, 2015; accepted: december 21, 2015 institut islam hadhari universiti kebangsaan malaysia; kompleks tun abdullah mohd salleh universiti kebangsaan malaysia, 43600 ukm bangi, selangor malaysia; universiti malaysia trengganu, 21030 kuala trengganu, trengganu, malaysia accounting research institute (ari) universiti teknologi mara, malaysia; saas building, universiti teknologi mara, 40450 shah alam, selangor, malaysia. email: fmharun@gmail.com; btaufiq@gmail.com; hakimi@ukm.edu.my; drhalimnoor@gmail.com doi: 10.15408/ijies.v8i1.2514 abstract. issues and economic role of waqf in higher education institution: malaysian experience. as early as 1980, the malaysian federal government’s spending on education, was the highest in east asia and higher than the oecd average of 3.4% of gdp. this demonstrates that the malaysian government has big expenses from educational sector and respectively is amenability for malaysian economic budget. in other side waqf in malaysia is one of large financial source that has not been fully explored. by using qualitative methodology through content analysis this paper attempt to explore the issues and economic role of waqf in malaysia, especially in higher education institution (hei) and attempt to study how waqf fund empowering the education. this study found that taking the que from the institutions of waqf, the exploration and development of waqf fund can be exalarate through the formation of formal organizations at state and federal level and rearrange the malaysian educational budget and policy to support the better quality of hei. keywords: waqf; issues; higher education institution; malaysia abstrak. isu and peranan ekonomi atas wakaf pada institusi pendidikan tinggi: studi di malaysia. era 1980an, perbelanjaan pemerintah malaysia dalam sektor pendidikan adalah yang terbesar di asia timur dan lebih tinggi dari negara-negara oecd, yaitu rata-rata 3.4% dari pdb. hal ini menunjukkan bahwa kerajaan malaysia memilik budget besar dalam sektor pendidikan. sebaliknya, waqf di malaysia sebagai salah satu sumber finansial belum digali lebih dalam. dengan menggunakan metode kualitatif dengan pendekatan analisa konten, penulisan ingin menggali isu yang lebih dalam berkenaan dengan peranan waqf secara ekonomi di malaysia. secara spesifik, penulisan ini mengkhususkan kajian peranan waqf dalam institusi pendidikan tinggi dan bagaimana waqf bisa memprakarsai pendidikan secara umum. kajian ini mendapati bahwa eksplorasi dan pengembangan dana wakaf pada institute waqf dapat diakselerasikan melalui pembentukan organisasi formal di tingkat negara bagian (propinsi) dan federal (pusat), serta dengan cara mengatur ulang anggaran pendidikan malaysia dan kebijakan untuk mendukung kualitas institusi pendidikan tinggi yang lebih baik. kata kunci: waqf; isu; institusi pendidikan tinggi; malaysia issues and economic role of waqf in higher education institution: malaysian experience farra munna harun, bayu taufiq possumah, m hakimi bin mohd shafiai, abd. halim mohd. noor 150 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 introduction the concept of waqf (pl: “awqaf ” and “wuquuf”) or in another terms is an “endowment”, was developed by the holy prophet mohammad (saw) and has played a vital role in fulfilling the needs of socio-economic of the ummah. the term waqf is used in islam to describe certain property, which is held and/or preserved for the confined benefit of any philanthropy use and disposition of it outside those specific objectives is thus prohibited. thus, zakah and waqf can be set as an alternative solution to the poverty as a major obstacle in several modern islamic countries. we may begin by looking at the meaning of waqf from an everyday point of view to compliment the various definitions by language terminology or by scholars, which are plentiful if we search the internet. thus, waqf refers to a property or asset donated by its owner for the cause of allah in perpetuity (forever), to be used for philanthropy for the benefit of the community or the public. once the asset is made a waqf, it cannot be revoked, meaning that the donor of the waqf property cannot cancel this act and repossess or take back this property. also, once the asset becomes a waqf asset, it can no longer be inherited nor sold. although waqf is in fact a permanent form of endowment, but we should note that the act of performing a waqf is a voluntary act, and it is not compulsory as compared to zakat (giving alms), which becomes compulsory on a muslim when his or her wealth reaches a certain minimum amount (nisab). i have deliberately highlighted the phrase “a portion of one’s assets” to highlight that islam is a practical religion as we are encouraged to give or donate only a certain percentage of our wealth and not all of it. waqf has four pillars, which forms the components or basic ingredients, for a transaction to become a waqf. as in any act of charity or philanthropy, the donor or benefactor (termed as waqif) is the person who has complete ownership of the asset or property, which is to be made waqf. complete ownership means that the asset or property is free from any claims or encumbrances, meaning that a property, which is under mortgage or which is secured as collateral to a loan, does not constitute complete ownership by its registered owner. the property or asset selected for waqf (termed mauquf) must be a syariahallowed asset of value that is identifiable, quantifiable and non-perishable. for instance, a waqf of wine is invalid and items such as food or medicine cannot be made waqf as it perish on consumption. the intended beneficiary or recipient of the proceeds and benefits of the waqf asset (termed mauquf ‘alaih) must be alive (cannot be a deceased person) who can be a specific group, the community or the general public. in a waqf, the donor/benefactor or waqif can also be one of the recipients farra munna harun: issues and economic role of waqf in higher education 151 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 of the benefits of the asset he/she made a waqf. for instance, if i donated a piece of land as waqf and build a school on it, i can send my son or daughter as a student of this school. the waqif must demonstrate intent to establisha waqf via explicit or implicit statement to do so (termed sighah). waqf is consummated when the waqif puts it clearly that he/she wishes to specifically make the subject property/asset into a waqf whereby the sighah or the form of agreement is decisive and clear, and not conditional on certain event(s). waqf traditionally used for religious purposes, such as for imam’s salary, religious education, build a mosque and or to fund mosque’s running expenses and so on. this kind of waqf categorized as religious waqf. it helps community to reach their religious satisfaction needs and to reduce the cost in providing religious facilities in the future. unique things is, in the islamic religious waqf is that the shari`ah did not give any religious bodies, persons, or leaders managerial privileges or beneficiary’s rights on any religious grounds. an imam or preacher may be entitled to certain benefits from the revenues of a religious waqf on one ground only, that is, if the name or position is assigned such benefits by the waqf founder. we might came to conclusion that waqf adds another feature which is, waqf supposed ran by a legal body in order to create a boundaries between waqf founder and waqf itself in regarding benefit or distribution of waqf. expected, by the civil management, waqf will have its’ own framework, objectives, documentation and regulations to manage the waqf output. second type of waqf is philanthropic waqf, which its’ aim is to help the poor-society segment and support all the public facilities needs such as, public utilities, health services, public library, public transportation, public land-structure, and so on. began by prophet muhammad pbuh, umar who asked the prophet, peace and blessings be upon him, what to do with a palm orchard he owned in the city of khaibar and the prophet, peace and blessings be upon him, said: “give it in charity (i.e. as an endowment) with its land and trees on the condition that the land and trees will neither be sold nor given as a present, nor bequeathed, but the fruits are to be spent in charity.”(bukhari) the third waqf is, family waqf. this type of waqf, actually, let the family have the fruits and the revenue. if only the waqf has surplus, then it is allowed to distribute to the poor. the idea is arisen, and moralities of philanthropy we can simply mark a illustration that family waqf is in fact bountiful in substance because it gives revenue/usufruct to individuals with no charges and it advances the welfare of forthcoming generations also reduces the future social welfare burden of philanthropies/governments. basically, the waqf development in malaysia is constantly bright and inspiring with the full support by the malaysian government but as we known 152 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 still not much elaborated in context relation to the higher education institution. hence this paper aims to study and review what are the issues, challenges, and future directions of waqf based higher educational program in malaysia. literature review refer to chowdhury, ghazali and ibrahim, (2011), the continuous existence and operation of any organization is crucial and depending on financial health. in the case of waqf, this matter is more essential because productive endowed assets are left idle due to insufficient revenue to sustain operational costs. as one of the mechanisms in the islamic economic system, waqf, is a perpetual voluntary charitable act (sadeq, 2002), to promote equitable and just distribution of wealth. more over singer, (2008) has stated that the contributions of waqf in the political and socioeconomic growth and development of muslim countries and communities over the years were so pertinent so much and has been labelled as the most visible evidence of charity in islam. waqf assets were instrumental in providing social and economic safety valves through its role in promoting religion, education, shelter, health, food security and rural-urban transformation. therefore in the tenth century, waqf has been replaced zakat as the vehicle for financing social economic development in islamic societies (singer, 2008). in the modern era, pirasteh (2011) has investigated the economic and operational efficiency of government and private-administered waqf in iran. by using two ratios: the ratio disbursement to proceeds (which they termed the objective achieved index) and the ratio of remaining balance from years to total earnings (which they termed the expected income achieved index), they measure the extent of achievement to which the institution is fulfilling its objectives while the latter measures the degree to which the institution is able to maximize the generation and collection of waqf income while minimizing uncollectable earnings. they found that that privately-managed waqf performed better than governmentmanaged waqf. methods the above background leads us to develop a study that will be spread out through particularly purposes and methodology. the purpose of this study was to investigate the role and issues of waqf as one of sector financing and its development related to higher education institution. the functional mechanism of waqf linked to higher education institution in strengthening the socio-economic of ummah has not explained well, as well as government efforts to make waqf as farra munna harun: issues and economic role of waqf in higher education 153 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 an instrument of macro economic development. this is among the reasons why this research is needed. by using qualitative description method through content/ documents analysis this research basically attempt to complete grounded theory to the relevance references pertaining to waqf and others philanthropy fund. results and discussion as a developed country, currently malaysia faces a great challenge. the future success, both socio-cultural and economic of the nation depends on quickly and significantly improving the outcomes of the nation’s education system. the people are also demanding that initiatives launched by the government are consistent, well executed, and deliver on their promised outcomes (harun, et.al, 2014). the people agree that the better future of a nation may be predicted trough how the nation managing their educational system. education plays a central role in any countries not just to pursuit the better of economic growth and national development, but to pursuit the better quality of human resources as well who can execute the economic development itself. it is understood that the nation with high quality of education level tends to the better economic prosperity also. as one of emerging countries, the malaysian government has emphasized the important of education. various policies have been taken by the government to narrow the gap between malaysia and other developed countries and to force the internal educational system. the society also has large and more easily to access the information on current education development worldwide. nevertheless, there is still empty room need to elaborate well especially in term of collaboration between government and non-government or private institution. in harmonizing to world bank advocacy for knowledge basic development, malaysian government has put down various steps, which accumulated, in three specific objectives and known as malaysia education blueprint: first, understanding the current performance and challenges of the malaysian education system, with a focus on improving access to education, raising standards (quality), closing achievement gaps (equity), promoting unity amongst students, and maximizing system efficiency; second, establishing a clear vision and aspirations for individual students and the education system as a whole over the next 13 years; third, outlining a comprehensive transformation programmed for the system, including key changes to the ministry that will allow it to meet new demands and rising expectations, and to ignite and support overall civil service transformation. the malaysian federal government’s spending on primary and secondary education, as a percentage of gross domestic product (gdp), was the highest in east asia. in 2011, the amount spent, at 3.8% of gdp or 16% of total 154 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 government spending, was not only higher than the oecd average of 3.4% of gdp and 8.7% of total public spending respectively, but also at par with or more than top-performing systems like singapore, japan, and south korea. in 2012, with an education budget of rm37 billion, the government has continued to devote the largest proportion of its budget, 16% to the ministry and 4% to malaysian gross national income (gni). this demonstrates the very real commitment from the government for education as a national priority (see harun, et.al, 2014). table 1. the malaysian federal government’s spending on primary and secondary education year total educational expenditure total federal expenditure gross national income (gni) at market price percentage of total educational expenditure against total federal expenditure percentage of educational expenditure against gni at market price 2010 28,253,024,345.13 151,632,609,265.44 770,993,000,000 18.6 3.66 2011 31,180,411,904.70 182,593,788,337.96 862,850,000,000 17,07 3.61 2012 38,285,923,684.55 205,537,081,524.95 905,213,000,000 18.6 4.01 source: finance division, ministry of education malaysia as one of important islamic finance institution “waqf ” has been exists since the early islam. “waqf ” is the catalyst institution to the economy and ummah development. these institutions also carry out the success of social warranty system in malaysia besides others institution like “zakat”, “sadaqah”. basically “waqf ” not only as “ibadah” to allah swt, but it also have a wide meaning and overwhelm as an agent to the growth of all muslims. currently, the waqf institution in malaysia seems like not well function, causing by the certain constraints and problems besides the low social awareness of waqf and it’s management. the malaysian government must overcome this constraints, increase the “waqf ’ awareness among citizens and also make a brand new concepts to see the “waqf ” institution in malaysia thrive through around the globe. farra munna harun: issues and economic role of waqf in higher education 155 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 table 2. waqf properties in malaysia state general specific total num hectare value (rm) num hectare value (rm) num hectare value (rm) johor 0 1.422.80 0 0 1,729.50 0 0 3,152.30 7,000,5000.00 kedah 164 158.62 164.00 1833 1,086.25 1,833.00 1997 1,244.88 1,997 kelantan 77 16.01 5,690,274.00 276 157.63 51,013,099 383 173.65 56,703,373 melaka 24 1.01 25.50 41 21.60 41 65 33.25 66.50 negeri sembilan 10 11.651.01 10.00 26 14.49 26 36 15.50 34 pahang 0 0 0 0 723.82 0 0 723.82 18,000,000 perak 383 116.12 383.00 0 0 0 383 116.12 383 perlis 0 2.74 0 0 14.49 0 0 17.23 1,337,993 pulau pinang 0 220.03 0 0 559.23 0 0 779.26 850,000,000 sarawak 0 6.86 0 0 4.04 0 0 10.90 1,416,781 sabah 41 2,0062.66 41.00 62 32.26 62 103 2,095.16 103 selangor 0 235.63 0 0 31.82 0 0 265.45 200,000,000 terengganu 311 581.66 13,591,985.5 1260 1,878.58 29,031,210.68 1571 2,460.24 42,623,196 commonwealth 2 0.49 2.00 14 1.59 14 16 2.08 15 source: jabatan waqf, zakat, dan haji (jawhar) malaysia documented on 2010, there are waqf properties estimated over rm111 billion throughout malaysia. the distribution of the endowment, using waqf classification can be seen on table 1. from table 1, the number of general waqf is 996 units with total 6925.17 hectares whereas specific waqf land is 4744 units with 9825, 93 hectares. therefore, the total waqf land-property is 16751.10 hectares throughout the country. the distribution by state is showed on table 2. terengganu has the largest waqf land with 5817.54 hectares, whereas kuala lumpur federal territory has the smallest, only 2.08 hectares. according to department of awqaf, zakat and hajj malaysia [jawhar, (2013)], the number showed is not actual size of waqf land. data shown at table 2. this is followed by issues and problems related to unsystematic waqf land registration at large. one of the issues of waqf land in malaysia was still over 70 % allocated in mosques, as shown in the table below: 156 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 table 3. waqf land in malaysia no. use of waqf land size (acres) percentage of total waqf land 1. mosque 462.6238 75,04% 2. surau 41.1742 6,68% 3. cemeteries 2.5920 0,4% 4. schools 50.5805 8,20% 5. charities/orphanages 11.3647 1,84% total 92,18% source: jabatan waqf, zakat, dan haji (jawhar) malaysia refer to main (state islamic religious council malaysia) as well, there are many waqf land which is still unregistered under main, this problem occur due to lack of knowledge among the community regarding the waqf land registration system..the previous system adopted by the community is entrusting the waqf land to the village leader or imam that is led many of waqf land is unregistered. the problem is aggravated when the trustee is deceased and failed to bestow the waqf land to their next kin. currently, the authority is hardly trying to ensure the entire waqf land throughout the country soon will be registered in order to sustain the development. more over on the data, malaysia has large size of waqf land to develop. if we estimate that waqf land is 10% unregistered, meaning that the total of waqf land is 20k hectares. this amount represents the potential impact of waqf to the development, especially for the moslem community. in 1999, main selangor launched waqf certificate under section 17 waqf enactment to encourage moslem citizen have shares units, and all collected fund will debited into cash waqf group fund, together with income received from waqf properties then all fund will disbursed for usage of the moslem, includes education, health, social and spiritual concerns. this scheme actually helps people who does not have high value asset such as land, buildings, but they can still take part on waqf. kedah applied another system regarding waqf management. main kedah buy an asset or property, which this asset is for the usage of good deeds, and this property will divided to waqf, and sold to public then. this project called “waqf jemba”. in the end, the public will purchase the land with estimation of one jemba is rm5 to rm30. penang waqf management is manage through; (1) development of majoodsaw waqf which about a 21 storeys menara umno, farra munna harun: issues and economic role of waqf in higher education 157 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 developed 8 units of commercial premises, 12 units of accommodation, 3 storeys of treatment centre, 5 units of shop lots and developed 9 units of office shops; (2) development of khan mohamad waqf; which a proposed development of 32 units of medium cost apartment (700sqft) and (3) alimsah waley waqf mosque, lebuh chulia; which developed 56 units of accommodation premise, proposed development of 43 units of 2 storeys terrace house (70’x20’) and general land resource (isa, et.al, 2011) as quoting by isa, ali and harun (2010), the federal territory manage waqf land for the benefit of ummah as follow, 1) mosques, 2) education centers, 3) old folks’ and orphanage, 4) shelter centers, 5) a 34 storeys’a’ class office building which will be rented out (ready in april 2011); 6) dialysis centre 7) service apartments and 8) waqf share scheme (see www.maiwp.gov.my). generally, by looking to the development waqf in malaysia over time we may accumulate several issues that counted as obstacles in managing waqf property in malaysia, as follow: first, law and legislation. the provisions of main enactment, in term of waqf not specifically provided as in the state of selangor, terengganu, perak and johor [see baharuddin sayin (2006), and abdul latif, et.al. (2006)] due to the absence of this provision, there are some parties not responsible for the misuse of waqf, assuming that waqf is the public domain that can be dominated and abused any time by simply arbitrary. even now the waqf is administered at the state level and provided in each of the administration of the respective state, but the provisions of the enactment of the waqf is not exhaustive. it only emphasizes the administration and about simple procedure consecration. substantive aspects are not emphasized even there is a conflict with the islamic laws of waqf itself (mohd.ali, et.al, 2006). for example, in restrictions the waqf shall not exceed one-third of the property. this provision is also not assured and full recognition of the administration and management of the waqf. this is due to the existence of restrictions and barriers and conflicts of jurisdiction between the state legislature and federal jurisdictions. by keeping the old law that is available, implications arises for the development of waqf property. to overcome this problem, early action should be done through an amendment and approve the new rules specifically related to waqf and the need for a broader interpretation of the number of sections contained in the available state enactments and other statutes should be consulted together. among them are akta kanun tanah negara 1965 (akta 56), akta kerajaan tempatan 1976 (akta 171), akta pemegang amanah 1949 (akta 208) dan akta pengambilan tanah 1960 (akta 486). referring to some regulations passed since the beginning of 1976, specifically 158 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 related to the enactment of waqf and its rules have not been established except for a few states. therefore, the need for some important rules relating to waqf approved in accordance with other regulations for proper management and administration of waqf and run more smoothly and practically. among other things, akta pemegang amanah 1949 (act 208), [4] is too general and does not provide sufficient regulation to discuss the trust property for the muslim. [5] this regulation may be compared to a number of domestic enactment forefront in terms of developing waqf, such selangor enactment (no. 7 of 1999), peraturan kawalan wakaf perak 1959,kaedahkaedahwakafjohor (no.15 of 1983) and enakmen mengesah wakaf orang-orang islam terengganu (no.10/ 1972). the important thing to pack is concerned with the definition of waqf itself, main as trustee, vesting waqf, the appointment of officials such the state waqf officials, the appointment of nazir and his authority on waqf district, the procedures waqf property, waqif, conditions of waqf general and special, the power of istibdal, investment and development of waqf property, cancellation of waqf and other required in accordance with islamic law requirements and needs. the provisions of this law can also be referred to other muslim countries in the affairs of the waqf, such waqf laws 1952 in egypt, the waqf act 1954 in india, and legal principles waqf 1972 in libya. similarly, the ministry of justice and awqaf and religious affairs in oman, nort american islamic trust in the united states, the ministry of awqaf of jordan and the ministry of awqaf and islamic affairs in kuwait (bakar, 1999) the existence of specific rules can be seen as important and effective aspect in controlling and protecting the interests of the trust property of muslim. second, social awareness. understanding of the rights and responsibilities of the waqf property is still less attention by the society today. there are several cases related to waqf properties and the society. such as those who rent the waqf land but categorized ineligible for that land because they are not from the poor group. there are also waqf land cases sold by the children of the original tenant to a third party without changing the name of owner and with high prices not under main authority. the first (the original tenant) who inhabit the land had long died and was succeeded by the beneficiary or his family (wife or children). there is also a waqf land sold and legally renamed without an agreement. there are also properties that given by waqif involving land that has no economic value. the assumption can be made that their “the property given” is to avoid land tax or land does not bring any benefit to the owner, either for agriculture or other development. similarly, the mentality of many muslims still believes that the waqf can be hovered just in a mosque or surau. to overcome this problem so farra munna harun: issues and economic role of waqf in higher education 159 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 as not to drag and prolonged, profound understanding should be brought to the community about the importance of waqf to be used in common by all muslims, especially to those who are entitled to enjoy. public interest must take priority over private interests. in addition, awareness of the importance of waqf for the whole community needs to be upgraded. community must also act and concerned about preserving the trust responsibility of the waqf to make an immediate report to the main if there is any invasion that occurred on land endowment. selfishness will not achieve justice concept of community planning and development of waqf land will not be realized as long as this negative attitude is not changed. main also needs to encourage the people to dedicating more their property of surplus to others to increase the amount of waqf in malaysia, particularly in general waqf . the endowed land is the land with economic value and viable strategy for development in the present and not just endowed from undesirable surplus property and not able to be developed by the causes as mentioned before. third, commerciality in financial institution. since the ottoman period, reported that many of public utilities such as health services, education, and community welfare services, is provided by waqf system. quoting zuki as stated on boudjellal (2008: 125), currently, the potential of waqf organizations is substantially unrealized. it is the conventional philanthropic institutions that are functioning more effectively. therefore, there is a strong need to re-evaluate the current waqf institution and its needs. efforts are also needed to develop a better approach for its financial management to increase its efficiency and performance. jcorp has come up with their innovation on corporate waqaf (jcorp annual report, 2007). former prime minister of malaysia dato’seri abdullah ahmad badawi has also suggested the establishment of world waqf fund (tabung waqf sedunia) (mahamood, 2007) and also establishment of waqf bond offered under waqf enactment (negeri sembilan) 2005 (mahamood, 2007.) all these are among new innovations towards modern and contemporary platform for waqf development in malaysia (haneefah, et.al, 2009) the awqf properties investment fund (apif) which consist of several members around the globe, united for same goals and purposes, to develop new products on waqf sector, and invest in viable waqf real estate projects in accordance with shariah. apif run a financing program to support the development of waqf land through several modes of financing, istina’a, murabahah, leasing and other appropriate islamic financing mode (ahmed, 2014) 160 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 table 4. some projects funded by apif: name of project cost(usd million) apif contribution (usd million) social impact makola towers, sri lanka 19.5 10 providing food, shelter, clothes, education, healthcare to orphans commercial complex for al-magzoub organization, khartoum, sudan 9.1 7.5 teaching and memorizing the quran educational institution for islamic studies commercial and residential waqf for british muslim heritage centre, manchester, u.k 28.92 11 support the educational and cultural programs and activities of the centre purchase of an existing building for islamic trust for education and culture elyas ar-rumi, dresden, germany 13.4 6.4 educational programs for muslims in germany; research funding and activities aimed at improving the image of islam construction of a waqf commercial complex project in cairo for al-azhar al-shareef egypt 38.1 10.15 support the center-azhar to teach arabic to non-native speakers fourth, different administration. administration is the central pillar in the success of a plan. in terms of administration, the waqf should be developed and expanded to all the functions, products and its importance in improving the quality of life of the muslims. management and implementation of waqf in malaysia should also be efficient and transparent in its success to elevate the maximum role of waqf in the life of the muslim world at large. now, with the establishment of the department of awqf, zakat and hajj (jawhar) under the supervision of the prime minister on march 27 2004 and to assist the state islamic council (main) undertake the development of waqf. the state islamic council (main) is still acting as the sole trustee of waqf property in every state and assisted by the department of awqf, zakat and hajj (jawhar). all waqf land development project should consent by the state islamic council (main) and the department of awqf, zakat and hajj (jawhar) in advance. department of awqf, zakat and hajj (jawhar) also act as a coordinator and mediator between the state islamic council (main) and those who intend to develop the waqf properties. the result of collaborative effort between the department of awqf, zakat and hajj (jawhar) and state islamic council (main) the 11,019.82 farra munna harun: issues and economic role of waqf in higher education 161 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 hectares of waqf land are 4,836.5 hectares of waqf general, and waqf special 6,255.55 hectares of land have been developed in 2012.therefore, the cooperation between the department of awqf, zakat and hajj (jawhar) and state islamic council (main) only need to be improved and intensified. both parties must also “walkabout” launch campaigns, awareness courses to all members of the community about the waqf, formed a special committee, and seek waqf funds by large interestedcompanies in developing the waqf property in malaysia. inadditional, in efforts to streamline the management of waqf across the states in malaysia also needs to be done, it is seen as being able to improve the quality of management of waqf properties itself in malaysia. main’s management is related to waqf properties in malaysia, maik also practiced the same system as mais (selangor). other than that, joint ventures in agriculture and farming with government agencies such as fama, mardi, risda and many morecan be done to enrich waqf properties as done by maij (johor). to improve to a more efficient and effective database, maik can follow the example of jaim (malacca) (isa, 2011) waqf asset usually regulate by an institution, called baitul mal. that is the reason why bm performance on efficient waqf management is a mandatory. currently, bm concept has shown narrowing down regarding its function and its role in the economy. the actual fact is far beyond the truest sense of bm concept back in the glorious time of islam. indeed, the distinction between those eras is due to economy climate changes. nevertheless, the implementation of bm concept nowadays has degraded and need to be improved on its services. waqf unit divisionis one of small division, joint with bm unit and led by several main staffs who responsible regarding the property and other matters.. based on that fact, it is clearly showed that main has limited staff and labor that can run the waqf administration; this is the major problem for them to run waqf administration smoothly. it is impossible to plan and execute the program perfectly. staffs are pushed to bear all the responsibilities, which involved two large institutions at the same time, bm and waqf. if we refer to the development of the two institution, apparently main is preferably and focusing on bm institution. possibly due to certain factors, waqf institution is less noticeable regarding its role and its function, which is, shall be conducted. the implication of the merger of two institutions is, indirectly will effect the jurisdiction allocated to waqf unit become restricted and limited. . the overlapping of job description will also lead narrow down staff’s authority. thus this issue will give impact in determining policies and decisions of the project implementation. waqf unit had to go through rather complicated process. any project should have permission from the council and providential by the kdymm al-sultan. hence 162 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 this imbalance scenario will affect the entire aspect of waqf administration including development and financial, hand-over ownership, data provision and information, location monitoring and waqf land rental, and other. this negative impression resulted on relatively slow and difficult to take an action. public spending on education; total (% of government expenditure) in malaysia was last measured in 2013, according to ministry education consists of current and capital public expenditure on education includes government spending on educational institutions (both public and private), education administration as well as subsidies for private entities (students/households and other privates entities) in malaysia shown as table 5: table 5. malaysian education expenditure programme actual expenditure 2011 actual expenditure 2012 actual expenditure 2013 rm (%) rm (%) rm (%) educational operation mgt 24,204,370.61 0.10 24,092,914.11 0.08 27,583,500 0.1 pre-school 294,816,596.61 1.81 396,243,375.33 1.33 488,066,800 1.75 primary 12,257,447,203.98 49 14,525,016,817.35 48.88 13,076,510,700 46.94 secondary 10,056,661,594.24 40.20 12,184,681,526.67 40.84 11,859,253,100 42.57 hostels 321,840,094.65 1.29 367,580,081.50 1.23 365,164,100 1.31 management of state adm 636,242,375.42 2.54 759,437,418.90 2.55 609,123,700 2.19 technical education 398,899,864.62 1.59 372,238,248.65 1.25 311,769,500 1.12 islamic education 561,655,705.33 2.24 660,991,202.38 0.34 600,425,300 2.16 special education 82,953,137.72 0.33 100,338,720.48 0.34 102,901,500 0.37 fully residential and excellent school 324,925,570.95 1.30 385,915,058.91 1.29 350,002,600 1.26 sports, arts, and co-curriculum 51,755,988.63 0.21 59,429,729.96 0.20 63,501,800 0.23 private education 2,370,973.53 0.01 2,628,540 0.01 2,645,900 0.01 total 25,014,773,477.29 29,833,553,634.24 27,856,948,500 source: finance division, ministry of education malaysia farra munna harun: issues and economic role of waqf in higher education 163 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 while economic/financial institutions are a very large component of the islamic reforms undertaken in the last 25 years, there also have been very important developments in supporting areas, especially in the education and legal spheres. the first was the establishment of the international islamic university malaysia in 1983. although originally envisioned as an institution funded by the international islamic community, the government of malaysia has almost exclusively backed the iium. to date, the iium offers an integrated curriculum in courses such as economics, law, islamic revealed knowledge, education, human/social sciences, engineering, architecture, medicine and basic sciences, taught in english (with some courses in arabic). the underlying mission of the university is to produce graduates who are not only professionally competent, but imbued with good values, from an islamic perspective. since its first graduates in 1987, the iium has so far produced more than 20,000 graduates who have joined both the public and private sectors. in addition, the university is involved in providing diplomas and other short courses to qadis (shari’ah court judges), lawyers, businessmen and members of the public on various aspects of islam related to their own fields. in 1987, through the iium, the government set up the international institute of islamic thought and civilization (istac), under the directorship of malaysian scholar syed muhammad naquib al-attas, with the objectives of promoting and undertaking more serious research in the fields of islamic thought and civilization. in 1992, the institute of islamic understanding (ikim) was set up under the auspices of the prime minister’s department with the objective of providing a proper understanding of islam, its principles and values to all malaysians, especially the nonmuslims. in the mid 1990s, the government also set up the islamic university college of malaysia (kolej universiti islam malaysia), which was later renamed islamic science university of malaysia (universiti sains islam malaysia), to provide more opportunities for students, especially those coming from religious secondary schools, to pursue their higher education in all professional areas by combining knowledge from both revealed and human sources of knowledge. in early millennium decade, 2001, research center for islamic economics and finance university kebangsaan malaysia (ekonis ukm), was established as centre of excellence by ministry of higher education. the primary objective of ekonis is to foster research advancement in the fields of islamic economics and finance. to support this objectives, ekonis fully activities include research, publications, organizing workshop, and roundtable discussion. ekonis attempts to distinguish itself in terms of high reputation in academic achievement, teaching excellence and make and oustanding contribution to the islamic economics and finance fields. last, the establishment of the international centre for education in islamic finance (inceif) in 2006 represents an investment in malaysian human capital 164 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 to support the global development of the islamic financial services industry in malaysia. human intellectual capital plays a pivotal role in driving the performance and market competitiveness of the industry. going forward, it will be the defining factor. the fast pace of innovation in global financial services in general and in the islamic financial services sector in particular, will demand new expertise and skills. indeed, there will be an increase in demand for adequately qualified professionals. in this environment, the creation of a substantial pool of talent and expertise is thus indispensable for the future growth of islamic finance. strengthening research and development capabilities is also important for enhancing the capacity for innovation to meet the diverse requirements of the rapidly changing global economy. in associated with promote applied research in the area of shari’ah and islamic finance, bank negara malaysia established international shari’ah research academy for islamic finance (isra) in 2008, who will also act as a repository of knowledge for shari’ah views or fatwas and undertake studies on contemporary issues in islamic financial industry. isra will contribute towards strengthening human capital development in the areas of shari’ah and provide platform for greater engagement amongst practitioners, scholars, regulators, academicians via research and dialogues, both in the domestic and international environment. through pioneering research and rigorous intellectual dialogue, isra aims to promote innovation and dynamism into new boundaries of islamic finance. it is envisioned that with greater research and dialogues, mutual respect and recognition would emerge within islamic financial industry global community. the presence of some islamic finance as institution or research centre provide large opportunities for the contemporary muslim ummah to revive the best of past islamic traditions in envisioning and realizing the central role of awqf in the development of the ummah’s education, particularly at the college and university levels. there is a real need to re-examine the awqf tradition as a source of societal values and as an institution in the light of contemporary challenges facing the ummah in the field of education. it is with this awareness that all islamic finance institution consider the choice of the role of awqf in the development of islamic higher education as its theme as most appropriate to the ummah’s current public needs. the main hope is that opportunities will help to break new grounds and chart new directions in muslim thinking and practices on awqaf-based higher education. as we already known that waqf as an endowment can be used as a source of funds to facilitate education program, especially higher education institutions. regardless currently waqf is more in the form of fixed assets, accordance with its philosophy the word waqf means to hold. furthermore, waqf can be interpreted as follows, in order to withstand the physical value of waqf is should unchanged / farra munna harun: issues and economic role of waqf in higher education 165 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 decreased; only the benefit of the assets may be used. the concept of waqf can be considered or as to the liberation of a servant (a person who requires the need for education as a primary / daruriyat) to the educational needs. the malaysian government expenditure in education is in very significant amount, thus limiting the movement and the expansion of the education system, in a certain way, due to budget constraints, might causing longer time to achieve certain targets. thus this paper drawing a waqf thought and management as capable framework to fit and can be the flexibly source of funds to facilitate and empower the education activities especially in higher education institution. if we see the principle of waqf definition, to hold, than we can redefined and review the meaning of waqf itself, it to preserved, to maintained the value of waqf, so the assets will have no decreasing in terms of value. here, waqf is containing value element. that value we bring forefront and proposed for unifying ground for diverse opinions. the matter of traditional waqf, (form of fixed asset, movable asset or intangible) may change hand physically, as long as its value is preserved, so, the philosophy of waqf will not shifted. the benefitof this idea is a switch from non-liquid capital to liquid capital; that the subject matter of waqf, just like in the case of cash which may change hands, can be sold and charged, if (i) the disposal is in the interest of the waqf, (ii) complies with general principles of shari’ah and (iii) is suitable to the nature of waqf. their value, that provided always kept as waqf, and for the same purpose, in perpetuity. this corresponds to the spirit of the hadith, and as al-salahat contends, should be decided according to the interest of community, nature, or need of waqf, and the demand of time and circumstances [al salahat in sabit and hamid 2006)] waqf is expected to alleviate the burden of government budget in education cost for all citizens. following to the current waqf issues, as mentioned earlier, there are many waqf and or waqf assets is unregistered and not utilized yet. therefore the waqf management still needs improvement in all aspects, including the governance of waqf asset inventory. furthermore, existing waqf assets can be utilized to facilitate education either directly (waqf land or building / fixed property assets can be used as an office building/campus building) and indirect (waqf assets that produce high profits to be used for education fund). consequently, waqf cash can be applied to for building/office manufactory at waqf land, orto facilitate operational cost such as scholarships, providing books, staffs and lecturer salaries and other costs. the partnership between the government and private sector in education sector is necessary. both parties should take role and has the same responsibility to achieveeducation sustainability program. from the collaboration, it is expected, that, waqf institution initiation will be able for waqf assets both fixed and liquid assets 166 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 to be managed, and in the end the benefit obtained from the assets management is proficient to facilitate the education program. in the long term, private sector with government will achieve the objective, to sustain the education system. to empowering higher education institution continuously, we cannot depend on non-solid-foundation only because sustainability of education system need sustainability of waqf governance also as one of source of education fund, to lay this burden over the government is not wise. the government might have certain targets and limited budget in term of national economic account. but supporting to this governance, the policy makers are required also to derive a regulations regarding waqf asset management comprehensively. hence, waqf prospectus can be utilized to facilitate the ummah welfare needs, especially in higher education institution as combination between social awareness and government economic policy. basically, waqf concept has developedalso by western society trough the “endowment”fund. refer to investopedia, endowment fund isan investment fund set up by an institution in which regular withdrawals from the invested capital are used for ongoing operations or other specified purposes. nonprofits, universities, hospitals and churches often use endowment funds. they are funded by donations, which are tax deductible for donorsan endowment fund is a permanent, self-sustaining source of funding. endowment assets are invested. each year, a portion of the value of the fund is paid out to support the fund’s purpose, and any earnings in excess of this distribution are used to build the fund’s market value. in this way, an endowment fund can grow and provide support for its designated purpose in perpetuity. there are two basic types of endowment funds true endowment and quasi endowment. a true endowment is defined as an endowment in which the donor stipulates that the corpus must be held inviolate and in perpetuity and invested to generate income to be spent for a specific purpose. funds that are designated as endowment by the governing board of an institution (board of trustees) are called quasi endowment. these funds are also invested for the purpose of generating expendable income for a given purpose, but, as the funds are internally designated as endowment, the governing board can decide to spend the funds at any time. in some cases, donors will allow for the corpus of their endowment to be spent. this is also categorized as a quasi endowment. to spend the principal of a quasi endowment fund requires board of trustee approval or donor authorization. development of educational institutions such as harvard, oxford and cambridge has done through the concept of waqf. the report “the sutton trust report (2003)” states: “the way forward is through endowment.” the report states that endowment may be used to “invest in new facilities; chairs ... pay for specific or general academic posts; undertake research, and pay researchers competitively and farra munna harun: issues and economic role of waqf in higher education 167 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 create scholarship funds. “according to research by razali othman (2005) reported that in the year 2003, ten of biggest universities in the uk and usahaveusd74.24 billion and usd7.268 billion ofendowment fund. in 2003, the endowment fund at oxford and cambridge respectively worth usd3.2 billion. through the plans on the internet (2009), reported in 2008, harvard endowment fund amounted usd36.9 billion which consist of separate over 11,000 funds. entirely, towards 2000, the endowment funds from various sectors in the west have reached the value of usd2 trillion with total revenue over than usd700 billion. conclusion this research conclude and expected can be facilitate and provide some considerations to the policymaker to develop a superiorly and successful economic development planning linked to particularly waqf variable. waqf fund injection can reduce the government expenditure for specific purposes, especially education. this fund will cover education expenses entirely such as its operational cost, books, teachers and staffs salary, including student scholarship. there are two channels for waqf to be disbursed for the education; whether it will inject to education fund directly or to be invested. based on the several issues and challenges, we may offer some suggestive measures as basis to overcome the issues in developing better education trough waqf financing, such as: first, waqf istibdaly (from perpetuity to un-perpetuity). second, university as waqf center of excellence. according to sabit and hamid (2006), the perpetuity of dedication is intended but the perpetuity of the object is subject to interpretation. following the provisionson the inalienability and non-transferability of the subject matter of waqf, this is followed by the decision of the court in re dato bentara luar decd haji yahya bin yusof & anor v. hassan bin othman & anor (1982) 2 mlj 264, one would presume that both the perpetuity of dedication and its subject matter are intended in the meaning of the term perpetuity which is confirmed by the practice in malaysia. references chowdhury, m.s.r., et.al. (2011). economics of cash waqf management in malaysia: a proposed cash waqf model for practitioners and future researchers. african journal of business management, 5(30), pp.12155-12163 hamdan, n., ramli, et.al. (2013). accounting for waqf institutions: a review on the adaptation of fund accounting in developing the shariah-compliant financial reports for mosque. presented at world universities’ islamic philanthropy conference 2013 (wipcon 2013), “transforming islamic philanthropy for ummah excellence”. malaysia. 168 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2514 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 hanefah, m. et.al. (2009). financing the development of waqf property: the experience of malaysia and singapore. fakulti ekonomi dan muamalat international conference on waqf laws and management: reality and prospects. university sains islam malaysia harun, f.m. (2011). the role of zakat and cash waqf to the moslem development countries economics system: case study indonesia. (unpublished paper). universiti kebangsaan malaysia harun, f.m, et.al. (2014). cost benefit analysis on government’s education expenditure: proposed waqf model for education capital. presented on asean endowment seminar 2014. usim-malaysia. 29 april 2014 isa, z, et.al. (2011). a comparative study of waqf management in malaysia. 2011 international conference on sociality and economics development ipedr vol.10 (2011)). iacsit press, singapore kahf, m. (2010). waqf and sustaining economic development. conference on sustainable development in the light of maqasid al-shari`ah. kedah. malaysia, dec 13-15 hoexter, m. (1998). waqf studies in the twentieth century: the state of the art. journal of the economic and social history of the orient. vol. 41: pp. 476-495. pirasteh, h. (2011). efficiency criteria in the public and private waqf management: the iranian experience. in: essential readings in contemporary waqf issues. kuala lumpur: cert romer. (1986). increasing returns and long-run growth. journal of political economy vol. 94 (5), pp.1002-1037 nik hassan, n.m. (2008). the economics of waqf institution. paper presented in international seminar on waqf. johor bahru, 11-12 august sadeq, a.h.m. (2002). waqf, perpetual charity and poverty alleviation. international journal of social economics. vol. 29 (2). pp 135 – 151 sabit, m. & m. tahir. (2006). innovative modes of financing the development of waqf property. paper at konvensyen wakaf kebangsaan 2006, jabatan wakaf zakat dan haji, jabatan perdana menteri, malaysia sabit, m & m. tahir. (2007). obstacles of the current concept of waqf to the development of waqf properties and the recommended alternative. malaysian journal of real estate, 1 (1).pp. 1-95 singer, a. (2008). charity in islamic societies. new york: cambridge stevens, p. & m. weale. (2003). education and economic growth. london: national institute of economic and social research. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (1), january 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 1 18 received: august 27, 2015; revised: october 18, 2015; accepted: october 18, 2015 department of islamic economics, syiah kuala university darussalam, banda aceh, 23111, indonesia e-mail: hannanan@gmail.com doi: 10.15408/aiq.v8i1.2505 the short-run and long-run relationship in indonesian islamic stock returns m. shabri abd. madjid abstract. the short-run and long-run relationship in indonesia islamic stock returns. this paper aims at empirically examining the short-run and long-run causal relationship between the indonesian islamic stock returns and selected macroeconomic variables namely inflation, money supply and exchange rate during the preand post2008 global financial turmoil period from 2002 until 2007 and from 2008 until 2013 by using monthly data. the methodology used in this study is time series econometric techniques i.e. the unit root test, cointegration test, error correction model (ecm) and variance decompositions (vdcs). the findings showed that there is cointegration between islamic stock prices and macroeconomic variables. the results suggest that inflation, money supply, and exchange rate significantly affected the islamic stock returns in indonesia. these variables should be taken into account by the policy makers as the important policy instruments in stabilizing islamic stock markets in the country. keywords: islamic stock market; money supply; exchange rate; ecm. abstrak. hubungan jangka pendek dan jangka panjang pada tingkat pengembalian saham di indonesia. tulisan ini bertujuan untuk menguji secara empiris hubungan kausalitas jangka pendek dan jangka panjang antara pasar saham syari’ah dengan variabel makroekonomi terpilih, yaitu inflasi, permintaan uang, dan valuta asing di indonesia pada periode sebelum dan sesudah krisis keuangan global 2008. data bulanan selama periode sebelum krisis global (2002 – 2007) dan periode setelah krisis (2008 – 2013) dianalisis dengan menggunakan teknis ekonometrik runtut waktu yang terdiri dari uji unit root, kointegrasi, model error correction, dan dekomposisi varians. hasil penelitian menunjukkan bahwa pasar saham syari’ah berkointegrasi dengan variabel makroekonomi. inflasi, penawaran uang, dan valuta asing berpengaruh signifikan terhadap pasar saham syari’ah. ini menunjukkan bahwa dalam rangka menstabilisasikan dan sekaligus mempromosikan pasar saham syari’ah di indonesia, pengambil kebijakan harus fokus pada pengendalian inflasi, jumlah uang yang beredar, dan valuta asing. kata kunci: pasar saham syariah; penawaran uang; valuta asing; ecm. 2 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 introduction indonesia is one of the countries that is improving very fast during the last few decades. after being hit by the 2008, global financial crisis, the growth of indonesian economy reached 5-6 percent in 2009-2012. this economic growth rate of the country was higher than those of other large emerging economies such as indian and china. the indonesian government had initiated different forms of monetary and fiscal policies to solve the imbalances in the economy during the economic downturns. the monetary policy was selectively unrestricted during the crisis period, with the gradual changes in the general level of interest rates as a measure to counteract fiscal contraction. during the global financial crisis, the world economic conditions were not that favourable. instability in the international financial markets in turn spilled over into the indonesian domestic financial markets. continued waves of adjustment in both the currency and stock markets, coupled with the decline in domestic and export demand subsequently prompted a shift to more growth promoting policies. one of the institutions that affected was the indonesian stock markets, both conventional and islamic. the major stock exchange in indonesia is the jakarta stock exchange (jsx). in addition to the existing conventional stock market, the islamic stock, which is measured by the jakarta islamic index (jii), has been introduced in the country on july 2000. unlike transactions in the conventional stock markets, any financial dealings in the islamic stock markets are subject to adhere to the basic rules of trading as outlined by the shari’ah with the objective of ensuring justice, fairness and avoidance of exploitation. in particular, the shari’ah provides a clear guideline that financial dealings that involve the elements of interest (riba), excessive uncertainties (gharar) and gambling (maysir) are strictly prohibited. trading is also not allowable for goods that are prohibited (haram). there is also the need to observe the islamic tax (zakat). in this study, we will only focus on an islamic stocks which are proxied by the jakarta islamic index (jii). jii is a benchmark for islamic stock market index that would provide as an accurate performance indicator of the indonesian islamic stock market as well as the country’s economy. jii consist of 30 stocks based on several criteria established by the capital market supervisory agency and financial institution (bapepam & lk) in accordance with the decree of bapepam & lk (2009) on the issuance of shari’ah securities which then was amended by the decree of bapepam & lk (2012) on criteria and issuance of shari’ah securities lists. additionally since 2003, the national shari’ah board (dsn), mui has issued fatwa number: 40/ dsn-mui/x/2003 on capital markets and general guidelines for the implementation m. shabri abd. madjid: the short-run and long-run relationship 3 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 of shari’ah principles in the capital market. before the 2008 global financial crisis happened, the performance of jii was at the peak level. nevertheless, during the crisis period, the jii point has declined. during the 2008 global crisis, the islamic stock markets were also hit adversely by the crisis, as these markets are as vulnerable as other conventional markets to the global financial shocks (kassim, 2013). during the post2008 of global crisis, there were some encouraging changes in the indonesian stock markets. the rationale behind these changes was due to the robust global growth during the year resulted in strong demand for electronics and primary commodities. this strong external environment was supported by strong domestic activity as private consumption rose in line with incomes and private investment increased to expand productive capacity to meet demand. additionally, an increase in private consumption, a revival in the domestic investment and a strong export growth, had helped the economy of the country rebound from the financial crisis. in short, the stability of the macroeconomic variables has contributed to the enhancement of the national stock markets. an aspect of novelty of this study is that it empirically explores the interaction between the selected macroeconomic variables and islamic stock markets over the pre-and post-2008 global financial crisis. by considering both the pre-and post-2008 crisis periods, this study could identify the changes in patterns of macroeconomic variables–islamic stock interactions. understanding these patterns of interactions among the variables would shed some insightful lights for policy makers and investors. an accurate assessment of the pattern of interactions between the macroeconomic variables and islamic stocks is important for several reasons. for investors, the design of a well-diversified portfolio crucially depends on a correct understanding of how these variables are interrelated. changes in the interaction patterns call for an adjustment of portfolios. policy makers are interested in interactions among these variables because of their implications for the stability of the national financial system. monetary policy strategy is also influenced by stock market developments, due to the propagation of shocks via equity markets, the wealth channel and confidence effects. the national trend towards a greater role of the islamic stock market in the economy has made this study more important. thus, this study is highly relevant and timely due to the fact that shari’ahcompliance stocks in indonesia have grown very fast. on the back of a rapid development in the indonesian islamic equity market, this study attempts to empirically exploring the determinants of the islamic stock markets in the periods of preand post2008 global financial crisis in order to derive and appropriate policy instrument. the macroeconomic variables that theoretically have significant effect on stock market that we have chosen for this paper are inflation rate, money supply, and exchange 4 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 rate. indeed, there are other variables that affect stock markets, but we limit our discussion on these variables for means of parsimony in modelling as incorporating many variables result in loss of degree of freedom. the findings of this paper are expected to have important consequences for policymakers, international fund managers and other institutional investors who seek to enter the indonesian stock market for diversification purposes. the rest of the paper is organized in the following sequence: in the next section, the literature survey of relevant studies is provided. the research method and data, on which the analysis is conducted, are presented in section 3. section 4 discusses the results and implications of the paper. lastly, section 5 concludes the paper. literature review in an efficient capital market, stock prices adjust rapidly according to the new information available; therefore, the stock prices reflect all information about the stocks. this means that an investor cannot use the readily provided information to predict the stock prices movements and make profits by trading shares. the efficient market hypothesis states that stock prices should contain all relevant information for both policy makers and stockbrokers in the respective industry. we also know that the stock prices reflect expectations of the future performances of corporate and profits. as a result, if stock prices reflect these assumptions in real, then it should be used as a major indicator for the economic activities. therefore, the dynamic relationship between stock prices and macroeconomic variables can be used to make nation’s macroeconomic policies (maysami et al., 2004). mishkin (2007) defined a stock as a security that is claimed on the earnings and assets of corporations (shares of stock) which are traded. this concept is widely used in financial market throughout the world. a stock market index used to monitor the behaviour of a group of stocks. gordon growth model had simplified the valuation of stock as follow: where d0, is the initial dividend paid, g is the expected constant growth rate in dividends and k e is the required return of equity. this model is useful for finding the stock value with the assumptions that dividend is assumed to continue growing at a constant rate and the growth rate which it is assumed to be less than the required return on equity, k e . the tobin’s q theory tries to relate monetary policy (money supply and interest rates) that can affect the economy through its effects on the valuation of m. shabri abd. madjid: the short-run and long-run relationship 5 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 equities (stock). tobin defines q as the market value of the firms, which is highly relative to the replacement cost of capital and new plant as well as capital equipment. companies can get a higher price for their stock trading relative to the cost of the facilities and equipment. investment spending will rise because the firms can buy a lot of new investment goods with issuance of new stocks. on the contrary, when q value is low, firm will not purchase new investment goods because market value of the firms is low relative to the cost of capital. when companies want to acquire capital, they can buy another firm in cheaper price and acquire old capital instead. there have been many attempts in the past to find out relationship between stock prices and macroeconomic variables. all these studies have found significant short-run and long-run relationships between stock prices or stock returns and macroeconomic variables. maysami and koh (2000) examine the dynamic relations between macroeconomic variables (exchange rate, long and short term interest rates, inflation, money supply, domestic exports, and industrial production) and singapore stock markets using the vector error correction model, which covered the period from 1988 to 1995. they found that all the macroeconomic variables have cointegrating relations with the changes in singapore’s stock market levels. humpe and macmillan (2005) study the influence of a number of macroeconomic variables on stock prices in us and japan. they found the data for us are consistent with a single cointegrating vector, where stock prices are positively related to industrial production and negatively related to both the consumer price index and long-term interest rate. they also find an insignificant (although positive) relationship between us stock prices and the money supply. however, for japanese data, they found two cointegrating vectors. one vector that stock prices are influenced positively by industrial production and negatively by the money supply. for the second cointegrating vector, they found industrial production to be negatively influenced by the consumer price index and a long-term interest rate. mysami et al. (2004) find a positive relationship between inflation rate and stock returns. this is contrary to other studies that suggest a negative relationship. the reason given by the authors is the active role of government to preventing prices escalation after the economy continued to progress after the 1997 financial crisis. the relationship between short-run and long-run interest rate is found to be positive and negative respectively. this is because long-run interest rate serves to be a better proxy for nominal risk-free component, which is used in the discount rate for stock valuation models and may also serve as a proxy for expected inflation in the discount rate. azman-saini et al. (2006) in their study by using granger non-causality found that malaysian stock prices are led by the exchange rate during the crisis period. during the crisis period, the malaysian ringgit depreciated against us dollar and it 6 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 significantly influences the malaysian stock prices. some studies also claim that there are no long-run relationship between stock prices and exchange rates. bahmani-oskooee and sohrabian (1992), nieh and lee (2001) conclude that there are no long-run relationship between stock prices and exchange rates. this might be due to different set of variables chosen and also different methods used in the analysis. ahmed (2008) in his study by using johansen`s approach of cointegration, toda and yamamoto approach by using granger causality test revealed that causal links between aggregate macroeconomic variables and stock indices in the long-run. in addition, fifield et al. (2002) investigated that the global and local economic factors explain returns in emerging stock markets. their findings show that local economic variables namely gdp, inflation, money, and interest rates are significant in explaining emerging stock markets. the positive relationship between stock prices and inflation is also documented in the pacific-basin: australia, hong kong, indonesia, japan, south korea, malaysia, the philippines, singapore, and thailand in al-khazali and pyun (2004). this paper found the negative relationships between stock returns in real terms and inflation in the short-run, while cointegration tests on the same markets display a positive relationship between the same variables over the long-run. they suggest that stock prices in asia, like those in the u.s. and europe, appear to reflect a time-varying memory associated with inflation shocks that make stock portfolios a reasonably good hedge against inflation in the long-run. unlike the above reviewed studies on the developed and emerging markets, similar study on the indonesian islamic stock markets that has been published in the scholarly international journal has been scarce. only few studies have investigated the relationship between islamic stock markets and macroeconomic variables (herwany and febrian, 2013; wahyudi and sani, 2014). in their study, herwany and febrian (2013) explored the risk-return behaviour of islamic stocks and measured volatility of both conventional and islamic stocks using value-atrisk (var). they found that exchange rate and interest rate significantly affected the portfolio excess return. the islamic stock portfolio was, to some extent, found to be not consistently immune from the financial shocks, despite the fact that none of macroeconomic variables is significant factor to the change in excess return of islamic portfolio. furthermore, wahyudi and sani (2014) investigated var toda–yamamoto causality test between macroeconomic variables and islamic financial market and found that the exchange rate has significantly affected islamic stocks. using multivariate method, islamic stocks has more content information of exchange rate, world oil price, and china’s economic growth that the interest rate, and m. shabri abd. madjid: the short-run and long-run relationship 7 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 inflation rate. additionally, they also found the presence of interaction between the macroeconomic variables, interaction between the financial market and the macroeconomic variables, and interaction between the islamic capital market and money market. unlike the above reviewed studies on the indonesian islamic stock market – macroeconomic relations, beik and fatmawati (2014) investigated the impact of international islamic stocks on the jakarta islamic index using the vecm during the period from 2007 to 2012. they found that the indonesian islamic stock market was very much influenced by the international islamic stock markets. using similar technique of analysis, pratama (2015) explored the impacts of macroeconomic variables to the performance of islamic banks in indonesia for the period 20072012. he found that the performance of islamic banks having short-term shocks to the innovations of macroeconomic variables, but it become stable in the long-run. however, the innovations of macroeconomic variables only have little impact on the islamic banking performance. from the above discussions, it seems that there are long lists of literature on the macroeconomic variables and its effects on the conventional stock market, but there have been limited similar studies focusing on the islamic stock prices worldwide. therefore, we find that it is interesting to empirically investigate the effects and inter-relationships between islamic stock markets and macroeconomic variables in a big-open economy of indonesia during the preand post2008 global crisis periods. methods as mentioned before, this study explores the interaction of islamic stock price and selected macroeconomic variables, which are inflation, money supply, and exchange rates. since the global financial crisis has started in july 26, 2007 (dungey et al., 2008), this study are divided the period of the study into two period, namely the pre-crisis periods starting from june 2002 to june 2007 and the post-crisis periods spanning from january 2008 – january 2013. the selection of these periods is intended to study the effect of preand post-crisis, from which the indonesian market is estimated to have recovered from by the end of 2007. for islamic stock market (jii), we use the end of the month values of jakarta islamic stock index (jii). for the inflation, we use cpi (consumer price index) as a proxy to inflation. the money supply (m2) is used as the money supply variable and is expressed in the domestic currency, i.e. indonesian rupiah. the exchange rate represented by employing nominal effective exchange rate, the bilateral exchange rate with reference to us dollar. the data are obtained from the imf’s international 8 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 financial statistics database (ifs) and complemented by data from www.econstats. com for various years. the jii is used as it encompasses the largest amount of islamic stocks traded in indonesia. to examine the effect of these variables on stock prices, the generic model applied takes the form as below: lnjii = β 0 + β1lncpi + β2lnm2 + β3lner + εt................(2) before we further analyse the data, the stationarity of the variables test is firstly conducted to avoid the spurious results. there are several methods for testing the presence of unit roots. the most widely used methods are augmented dickeyfuller (adf) and phillips-perron (pp), which we have both applied in this paper. in the next step of analysis, after the order of integration of each variable has been determined, we perform the cointegration analysis. this analysis is to determine whether the time series of these variables display a stationary process in a linear combination. for this purpose, the johansen (1991) method of multivariate cointegration is employed. a finding of cointegration implies the existence of a longterm relationship between the dependent and the independent variables. if there is at least one cointegrating relationship among the variables, then the causal relationship among these variables can be determined by estimating the vecm. the johansen and juselius method uses two tests to determine the number of cointegrating vectors (adebiyi, 2007), namely the “likelihood ratio trace test-lrt” and the “maximum eigenvalue testme”. in the next step, the short-run causal relationships between the dependent variable and each of the independent variables are then tested by using granger causality tests. a test of causality is to know whether the lags of one variable enter into the equation for another variable (enders 1995). there are two important steps involved with granger’s causality test. first, stationary data is needed rather than non-stationary data. second, in addition to the need to test the stationary property of the data, the granger methodology is somewhat sensitive to the lag length used. in this paper, the akaike’s information criteria (granger, 1969,) was used to select the lag length as it is has superiority compared to the other lag length criteria. finally, after the estimation of the vecm model, then we employ two short-run dynamic analyses called variance decompositions (vdcs) for our paper. this analysis allows us to investigate the behaviour of an error shock to each variable on its own future dynamics as well as on the future dynamics of the other variables in the vecm system. vdcs can detect the causal relations among the variables. it explains the degree at which a variable is explained by the shocks in all the variables in the system (mishra, 2004). m. shabri abd. madjid: the short-run and long-run relationship 9 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 results and discussion table 1 reports the results of the adf and pp unit root test, the individual lag is chosen based on the akaike information criterion (aic). both tests are conducted with trend and intercept. except for cpi in the post crisis period, both adf and pp tests agree that jii, m2, and er contain one unit root, in other words they are i(1) variables at 1% confidence interval in the pre and post crisis periods. however, for cpi data after crisis, the two tests yield slightly different results. the adf test suggests that it is not stationary at first difference. nevertheless, pp test provides evidence more towards stationarity of all variables in their first difference. since the level of confidence is high (1%), then for the purpose of this paper, we accept the result of the pp test for lncpi and conclude that it is stationary at first difference in both periods. table 1. the results of stationarity test variable level first difference level first difference adf pp adf pp adf pp adf pp pre-crisis postcrisis lnjii 0.023 0.168 0.001* 0.000* 0.0185 0.438 0.000* 0.000* (-2.061) (-2.892) (-5.536) (-9.222) (-2.458) (-2.292) (-8.746) (-8.823) lncpi 0.011 0.015 0.011* 0.010* 0.912 0.713 0.172 0.000* (-1.410) (-1.516) (-8.101) (-11.018) (-0.765) (-0.987) (-3.218) (-9.610) lnm2 0.013 0.150 0.000* 0.000* 0.692 0.973 0.227 0.000* (-2.847) (-2.956) (-9.017) (-8.908) (-0.344) (-0.649) (-2.728) (-10.560) lner 0.153 0.523 0.000* 0.000* 0.612 0.752 0.000* 0.000* (-2.051) (-2.121) (-6.458) (-5.637) (-1.381) (-1.675) (-6.762) (-6.762) notes: values based on mackinnon (1996) one-sided p-values. the value in parenthesis refers to t-statistics, and * indicates significance at 1%. having concluded that each of the series is stationary, we proceed to examine whether there exists a long-run equilibrium between the islamic stock prices and the macroeconomic variables selected. table 2 provides the johansen-juselius cointegration test results. we set the lag order of first differenced right-handside variables to 4 in the pre crisis and 2 for the post crisis data, using the akaike information criterion (aic), which we find sufficient to render the error term serially uncorrelated in conducting the test. 10 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 table 2. the results of johansen-juselius cointegration test null hypothesis system with cr critical values (5%) trace max. eig trace max. eig trace max. eig pre-crisis post crisis r = 0 61.1858** 39.855 50.759** 24.608 47.853** 27.534 r ≤ 1 15.1870 16.187 12.117 13.754 20.707 21.162 r ≤ 2 5.0736 4.691 12.383 11.910 15.471 14.260 r ≤ 3 0.4236 0.426 1.125 1.725 3.846 3.466 note: the lag order specified for the pre and post crisis test is 4 and 2 respectively, which we find sufficient to render the error term serially uncorrelated. the 5% critical values are based on osterwald-lenum (1992). as may be noted from table 2, both the maximum eigenvalue and the trace statistics suggests the presence of a unique cointegrating vector at 5% significant level for the period before crisis. on the other hand, in the period after crisis the maximal eigenvalue statistics did not indicate the presence of cointegration, however the trace statistics showed a unique cointegration between the variables. in this case, we accept the result of the trace statistics as the sample used is quite large. accordingly, these variables are tied together in the long-run in the period before and after the crisis and their deviations from the long-run equilibrium path will be corrected. the presence of cointegration also rules out non-causality among the variables. in other words, there must be at least a unidirectional causality from one variable to the other. we also report the cointegrating coefficients in long-run equation form normalized on stock prices (lnjii): pre-crisis: lnjii0 = -13.387+ 8.793lncpi0 3.444lnm20 + 1.789lner0 + εt0 post-crisis: lnjii1 = 7.092 + 4.073lncpi1 0.583lnm21 2.565lner1 + εt1 from the long-run equation of both the period before and after crisis, there seems to be a positive relationship between inflation rate and the price of islamic stocks. an increase in level of general prices would lead to an increase in the islamic stock prices since the ownership of stocks representing the ownership of real assets. when the level of inflation increases, investors would expect for higher dividends due to the rise of prices of real assets and in turns would lead to an increase in the prices of islamic stocks. this result seems to be consistent with abd. majid et.al. m. shabri abd. madjid: the short-run and long-run relationship 11 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 (2001) for the case of malaysia and indonesia. this finding supports the view that islamic stock prices in indonesia are a good hedge against inflation. regarding money supply (m2), the study found a negative association between m2 and islamic stock prices, for both post and pre crisis periods. according to the stock valuation model and monetary portfolio hypothesis, the increase in money supply leads to a reduction in interest rate, which in turn will increase the price of islamic stocks. nevertheless, based on several studies, money supply has an immediate positive response on islamic stock prices but that effect is dissolved and the long-run association becomes negative. this could be due to the inflationary expectations that future real dividends will be lower, hence decreases the attractiveness of stocks and stock prices in turn will fall (mukherjee and naka, 1995 and dasgupta and sensarma, 2002). nevertheless, the positive coefficient for cpi annuls this justification. therefore, the negative relationship between m2 and islamic stock prices must be explained using a different framework, that probably an increase in money supply result in inflation uncertainty, leading to depreciation expectation and anticipation of future contractions (ibrahim and yusoff, 2001). as for exchange rate, the pre-crisis long-run equation shows that currency depreciation seems to be associated with an increase in islamic stock prices. while the post-crisis long-run equation indicates the opposite, meaning that currency appreciation leads to a decrease in islamic stock prices. in fact, currency effect may have a positive or negative association with islamic stock prices depending on the nature of the economy. for net-exporting economies, currency depreciation leads to an increase in net exports as domestic products become cheaper in the world market. hence, the increase in firms’ profitability will be reflected in the value of the stocks. however, for economies that depend heavily on imports, currency depreciation may lead to higher import prices causing a fall in firms’ profit and in turn the price of stocks. the net effect of currency depreciation will depend on which of these factors is more dominant. in addition, currency depreciation may also create expectations in future increase in the exchange rate, which consequently leads to a fall in the investment flows to the country (ibrahim and yusoff 2001). our result shows that negative net effects are more dominant, hence creating downward pressure on islamic stock prices. this result is consistent with ibrahim and yusoff (2001) and ibrahim and aziz (2003) for the malaysian equity market, and kwon and shin (1999) for the korean case. the presence of cointegration indicates that at least one of the variables tests react to deviations from the long-run relationship. here we investigate whether the islamic stock prices corrects for disequilibrium. our dynamic causal link between macroeconomic variables and islamic stock prices can be modeled as: 12 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 where ect-1 here is the stock prices error correction, term (lagged residual of statistic regression) and “∆” stands for first difference. if the error term is significant, the lagged dependent variables are important in predicting current movements of the stock prices and it also means that stock prices adjust to the previous equilibrium error and that past macroeconomic variables have significant explanatory power for current islamic stock prices. based on table 3, the estimated coefficient for ectpre-crisis period is 30.28% and ectpost-crisis period is 27.6% and are found significant at 1% significant level, suggesting that the last period (month) disequilibrium in islamic stock prices before crisis is corrected in the next month by 30.28% while after crisis the disequilibrium is corrected by only 27.6% in the next month. there seems to be a decline in the speed of adjustment after the crisis, however both values seems to adjust slowly towards the long-run equilibrium. this implies that any shock that forces islamic stock prices from their long-run value will take a long time for prices to return to its equilibrium unless there are other shocks that counter the initial one. table 3. the results of error correction model of stock prices error correction parameter estimate standard error t-statistics ect pre-crisis period -0.302 -3.618 0.083* ect post-crisis period -0.275 -4.780 0.057* note: *indicates significance at 1% level. after estimating the long-run equilibrium for islamic stock prices and macroeconomic variables, we investigated the dynamic interactions between these variables. the result of the pair wise granger causality with a uniform lag 4 for the period before crisis and 2 for the period after crisis is found to be sufficient to whiten the noise process. from table 4, some general findings can be concluded. for the period before crisis, we can see that only exchange rate affects islamic stock prices with bidirectional causality between both variables. however, inflation rate and money supply may have an indirect affect on islamic stock prices through their affect on exchange rate. meanwhile, for the period after crisis, the study found that: (i) only money supply and exchange rate affect islamic stock prices; (ii) there seems to be no causality between islamic stock prices and inflation; (iii) and there exists a unidirectional causality from money supply and exchange rate to inflation. based on m. shabri abd. madjid: the short-run and long-run relationship 13 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 these findings, we can conclude that for the period before crisis, exchange rate leads islamic stock prices and vice versa, while after the crisis money supply and exchange rate leads islamic stock prices, but not the other way around. the finding that money supply leads islamic stock prices are in line with earlier studies conducted on the malaysian equity market ibrahim and yusoff (2001). table 4. the results of short-run granger causality null hypothesis pre-crisis post-crisis chi-sq prob. chi-sq prob. lncpi does not granger cause lnjii 4.858 0.308 3.877 0.155 lnm2 does not granger cause lnjii 6.670 0.159 5.619 0.062*** lner does not granger cause lnjii 8.162 0.088*** 5.400 0.060*** lnjii does not granger cause lncpi 5.689 0.229 0.726 0.700 lnm2 does not granger cause lncpi 5.795 0.210 6.548 0.039** lner does not granger cause lncpi 11.941 0.017* 6.371 0.042** lnjii does not granger cause lnm2 2.175 0.700 1.686 0.452 lncpi does not granger cause lnm2 8.643 0.082*** 2.394 0.345 lner does not granger cause lnm2 1.571 0.756 1.702 0.473 lnjii does not granger cause lner 10.584 0.034** 0.543 0.744 lncpi does not granger cause lner 0.260 0.960 0.074 0.934 lnm2 does not granger cause lner 17.578 0.001* 0.006 0.964 note: *, **, *** indicates significance at 1%, 5%, and 10% level, respectively. finally, the results of variance decomposition preand crisis period are reported in table 5 with variance decomposition at 3, 6, 9, and 12 month horizon. the findings suggest the presence of interaction among the variables. we observe that variations in islamic stock prices are predominantly attributed to its own variations, accounting for 99.20% in the period before the crisis and 85.47% for the period after the crisis of the jii forecast error variance after 3 months. compared to other variables in the first two quarters of the period before crisis, money supply explains most of the variation in islamic stock prices counting for 11.59%, followed by inflation rate by 5.64%. however exchange rate does not have a short-run impact in the variation of islamic stock prices, it only shows significant effect in the end of the year, counting for 2% of the variation. however, the results after the crisis show different dynamics of interaction between these variables. in the first quarter, inflation explains relatively higher fraction of the jii forecast error variance by 12.97%, followed by money supply with 8.74%. exchange rate has a tendency to capture the variation in the first semester 14 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 of the year, but at the end of the year exchange rate forecast error variance is around 28.52%, accounting for the highest percentage among the other variables, followed by inflation (11.5%) and money supply (6.64%). table 5. the results of variance decomposition variable explained period by innovation in (%) lnjii lncpi lnm2 lner pre-crisis period lnjii 3 99.225 3.231 0.495 0.297 6 82.293 5.640 11.589 0.477 9 73.509 4.593 20.679 1.217 12 70.457 4.039 23.469 2.032 lncpi 3 0.735 87.812 11.311 0.140 6 0.559 67.120 30.105 2.214 9 1.452 64.020 33.160 1.366 12 1.585 64.686 32.512 1.215 lnm2 3 13.117 16.591 69.999 0.291 6 17.700 15.046 65.946 1.305 9 22.522 12.851 62.165 2.461 12 24.697 11.583 60.688 3.031 lner 3 1.985 1.401 5.303 91.308 6 2.496 1.036 7.751 88.716 9 2.456 1.294 12.511 83.737 12 3.277 2.153 13.460 81.108 post-crisis period lnjii 3 85.470 8.607 4.179 1.742 6 75.923 8.607 4.179 1.742 9 65.847 12.968 8.738 2.369 12 53.348 13.226 8.191 12.734 lncpi 3 0.683 11.495 6.637 28.519 6 2.011 87.208 5.165 6.942 9 2.896 75.897 9.580 12.510 12 3.364 69.800 11.411 15.891 lnm2 3 1.484 66.535 12.343 17.756 6 0.900 9.519 87.866 1.130 9 0.590 8.512 88.496 2.089 12 0.478 8.043 89.474 1.891 lner 3 0.063 7.762 90.176 1.581 6 0.954 0.010 2.330 97.595 9 1.964 0.054 1.507 97.483 12 2.598 0.144 0.933 96.956 note: cholesky ordering: lnjii, lncpi, lnm2, and lner m. shabri abd. madjid: the short-run and long-run relationship 15 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 on the other hand, jii capture captures most variations on money supply accounting for 24.69% at the end of the year, which is considered high, followed by the exchange rate (3.28%) which is not that significant. in the period after crisis, however, it seem that jii does not capture much variations on the macroeconomic variables discussed, except for cpi (3.36%) which is also not considered high. while inflation responds to both shocks in exchange rate and money supply, each explaining 15.89% and 11.41% of the forecast error variation of cpi at the end of the year, respectively. these results are consistent with the granger-causality test that has been conducted earlier. in the same time, forecast error variation in m2 is attributable in a substantial portion to inflation with 7.76% after 12 months. from these results, we can say that dynamics of interaction between macroeconomic variables and islamic stock prices seems to be different from the period before and after the crisis. this could be due to changes in policy taken by the government to reform policy target effectiveness and curb volatility in islamic stock prices. nevertheless, we can conclude from our results that exchange rate, money supply, and inflation rate can all be regarded as good candidates to be observed and controlled by the government in order to stabilize islamic stock prices. conclusion this study empirically explored the determinants of islamic stock market in indonesia both from shortand longrun perspectives during the pre-crisis (20022007) and post-crisis periods (2008-2013). the findings indicated that money supply, inflation, exchange rate, and islamic stock market share a long-run relationship in both periods deviations in the short-run stock returns would be adjusted towards the long-run value. however, from the value of the error correction model 30.28% before crisis and 27.6% after crisis, we can say that this adjustment was slow unless there are other shocks that occur at the same time and counter the initial shock. this result signals the importance of these variables as government targets to emphasize policy effects on stock market. furthermore, the long-run equilibrium indicates that there is a positive relationship between inflation rate (cpi) and islamic stock prices. this is in line with other studies conducted on the malaysian equity market for the period before the economic crisis (ibrahim and yusoff (2001), ibrahim and aziz (2003) and islam (2003). this indicates that the feature of indonesian islamic stock prices as being good hedges against inflation stands even after the crisis. as for money supply (m2) – islamic stock relation, they study found it to be negative, finding which is in line with ibrahim and yusoff (2001) and ibrahim and aziz (2003). the negative relation between money supply and islamic stock market can be due to increase in inflation 16 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (1), january 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i1.2505 uncertainty that may lead to decrease in islamic stock prices. as for exchange rate, there is different pattern of interaction in the period before and after crisis. before crisis, the long-run relationship was positive, while in the period after crisis there was negative association indicating that negative currency effect net effects are more dominant, hence creating downward pressure on islamic stock prices. this also showed that the indonesian economy is open for international trade. the results of the variance decomposition indicated that islamic stock prices respond to innovations in exchange rate and money supply positively in the short-run, but the effect become negative in the long-run. this finding helped in giving input to the government in employing exchange rate policies as in the case of emerging markets adverse repercussions on equity markets may occur (abdalla and murinde, 1997; and ibrahim and yusoff, 2001). the findings showed that inflation, money supply and exchange rate are still good variables to be emphasized on by the government as financial policy instruments in order to stabilize islamic stock prices. references abd. majid, m.s., et.al. 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(2014). interdependence between islamic capital market and money market: evidence from indonesia. borsa istanbul review. vol. 14 (1), pp. 32-47. elaborasi penyusunan laporan keuangan konsolidasi ke dalam nilai syariah islam bambang waluyo & ali masjono abstract: elaboration of consolidated financial statements inside the value of islamic sharia. this study aimed to obtain a design of the process of preparing the consolidated financial statements associated with syariah values in islam, especially the value of fairness and honesty. the consolidated financial statements are designed to present the results of operations and financial position of the company and its subsidiaries. in the process, it will be clearly seen an effort to avoid injustice and dishonesty, because things are "suspected" as potentially able to "cheat" its readers in a way the elimination of the efect through adjusting entries and elimination. so that these process will be in accordance with the quran and the hadith. keywords: consolidation, adjustment, elimination, fairness, honesty abstrak: elaborasi penyusunan laporan keuangan konsolidasi ke dalam nilai syariah islam. penelitian ini bertujuan untuk memperoleh gambaran proses penyusunan laporan keuangan konsolidasi dalam perspektif islam terkait prinsip keadilan dan kejujuran. laporan ini dirancang untuk menyajikan hasil operasi dan posisi keuangan entitas induk dan anak perusahaan. dalam proses penyusunan laporan keuangan terlihat secara jelas upaya menghindari ketidakadilan dan ketidakjujuran, karena hal-hal yang ‚dicurigai‛ sebagai berpotensial dapat ‚menipu‛ pembaca laporan keuangan konsolidasian justru dihilangkan pengaruhnya dengan cara dieliminasi melalui jurnal penyesuaian dan eliminasi. oleh sebab itu, proses penyu-sunan laporan ini harus sejalan dengan ajaran alquran dan hadis. kata kunci: konsolidasi, penyesuian, penghapusan, keadilan, kejujuran naskah diterima: 2 februari 2012, direvisi: 11 juni 2012, 14 juni 2012.  jurusan akuntansi politeknik negeri jakarta. kampus ui, depok, kode pos 16425. e-mail: bamwaluyo@yahoo.co.id dan amasjono@yahoo.com bambang waluyo & ali masjono: elaborasi penyusunan laporan keuangan 322 pendahuluan laporan keuangan merupakan sumber informasi untuk pengambilan keputusan bagi manajemen. dalam manajemen, pemimpin atau bahkan setiap orang selalu terlibat dalam proses pengambilan keputusan. pengambilan keputusan harus diambil sekarang namun dampaknya baru diketahui kemudian. oleh karena itu, pengambilan keputusan mempunyai risiko tinggi karena jika pengambilan keputusan salah dapat menimbulkan kerugian. sebaliknya, jika pengambilan keputusan benar maka manfaatnya dapat diterima langsung, jangka pendek atau jangka panjang. pengambilan keputusan yang benar harus didukung oleh data yang benar. akuntansi sebagai pengolah data keuangan yang kemudian dapat menghasilkan informasi berupa laporan keuangan memegang peranan yang sangat penting dalam proses pengambilan keputusan yang bersifat bisnis. apabila laporan keuangan menyajikan suatu nilai yang tidak sewajarnya, maka akan menyebabkan pemakai laporan keuangan, dalam hal ini para pengambil keputusan bisnis, pun salah dalam pengambilan keputusan. dalam hubungan induk perusahaan dengan anak perusahaan, di mana perusahaan induk dan perusahaan anak dapat terlibat dalam transaksi yang menimbulkan keuntungan maupun kerugian bagi keduanya sangat mungkin terjadi adanya transaksi yang tidak wajar mengingat induk mempunyai hak pengendalian terhadap anak perusahaan. oleh karena itu sangat besar kemungkinan bahwa transaksi induk dan anak perusahaan adalah transaksi yang sudah diatur oleh induk selaku pemegang kendali. laporan keuangan konsolidasi sebagai laporan keuangan suatu grup perusahaan, dalam proses penyusunannya tidak hanya menjumlahkan akun-akun terpisah pada perusahaan induk dan perusahaan anak. akun-akun terpisah pada perusahaan induk dan perusahaan anak yang resiprokal harus dieliminasi sehingga laporan keuangan konsolidasi benar-benar menyajikan transaksi ekonomi antara induk dan anak perusahaan sebagai sebuah grup perusahaan, dengan pihak di luar grup. di samping itu, dalam penyusunan laporan keuangan konsolidasi juga secara tidak langsung akan menghapus transaksi-transaksi resiprokal induk dan anak yang jika tidak dieliminasi dapat menyebabkan terjadinya kesalahan penyajian laporan keuangan. kesalahan penyajian ini berpotensi menipu pemakai informasi laporan keuangan konsolidasi. dengan kata lain, adanya eliminasi transaksi induk dan anak perusahaan merupakan suatu hal yang menjunjung tinggi unsur kejujuran dalam penyiapan laporan keuangan konsolidasi. al-iqtishad: vol. iv, no. 2, januari 2012 323 pendahuluan laporan keuangan merupakan sumber informasi untuk pengambilan keputusan bagi manajemen. dalam manajemen, pemimpin atau bahkan setiap orang selalu terlibat dalam proses pengambilan keputusan. pengambilan keputusan harus diambil sekarang namun dampaknya baru diketahui kemudian. oleh karena itu, pengambilan keputusan mempunyai risiko tinggi karena jika pengambilan keputusan salah dapat menimbulkan kerugian. sebaliknya, jika pengambilan keputusan benar maka manfaatnya dapat diterima langsung, jangka pendek atau jangka panjang. pengambilan keputusan yang benar harus didukung oleh data yang benar. akuntansi sebagai pengolah data keuangan yang kemudian dapat menghasilkan informasi berupa laporan keuangan memegang peranan yang sangat penting dalam proses pengambilan keputusan yang bersifat bisnis. apabila laporan keuangan menyajikan suatu nilai yang tidak sewajarnya, maka akan menyebabkan pemakai laporan keuangan, dalam hal ini para pengambil keputusan bisnis, pun salah dalam pengambilan keputusan. dalam hubungan induk perusahaan dengan anak perusahaan, di mana perusahaan induk dan perusahaan anak dapat terlibat dalam transaksi yang menimbulkan keuntungan maupun kerugian bagi keduanya sangat mungkin terjadi adanya transaksi yang tidak wajar mengingat induk mempunyai hak pengendalian terhadap anak perusahaan. oleh karena itu sangat besar kemungkinan bahwa transaksi induk dan anak perusahaan adalah transaksi yang sudah diatur oleh induk selaku pemegang kendali. laporan keuangan konsolidasi sebagai laporan keuangan suatu grup perusahaan, dalam proses penyusunannya tidak hanya menjumlahkan akun-akun terpisah pada perusahaan induk dan perusahaan anak. akun-akun terpisah pada perusahaan induk dan perusahaan anak yang resiprokal harus dieliminasi sehingga laporan keuangan konsolidasi benar-benar menyajikan transaksi ekonomi antara induk dan anak perusahaan sebagai sebuah grup perusahaan, dengan pihak di luar grup. di samping itu, dalam penyusunan laporan keuangan konsolidasi juga secara tidak langsung akan menghapus transaksi-transaksi resiprokal induk dan anak yang jika tidak dieliminasi dapat menyebabkan terjadinya kesalahan penyajian laporan keuangan. kesalahan penyajian ini berpotensi menipu pemakai informasi laporan keuangan konsolidasi. dengan kata lain, adanya eliminasi transaksi induk dan anak perusahaan merupakan suatu hal yang menjunjung tinggi unsur kejujuran dalam penyiapan laporan keuangan konsolidasi. transaksi antar perusahaan laporan keuangan konsolidasi dibuat untuk menunjukan posisi keuangan dan hasil usaha dari dua atau lebih perusahaan afiliasi seolah-olah perusahaan tersebut merupakan satu perusahaan. oleh karena itu, pengaruh transaksi antar perusahaan afiliasi harus dieliminaasi dari laporan keuangan konsolidasi. adanya transaksi antar perusahaan afiliasi menimbulkan saldo akun resiprokal pada buku perusahaan afiliasi. sebagai contoh transaksi penjualan dan pembelian antar perusahaan afiliasi menimbulkan saldo resiprokal penjualan dan pembelian dan juga saldo resiprokal piutang usaha dan utang usaha. transaksi pinjaman antar perusahaan afiliasi juga akan menimbukan saldo resiprokal wesel tagih dan wesel bayar dan juga saldo resiprokal pendapatan bunga dan beban bunga. karena transaksi antar perusahaan afiliasi adalah transaksi internal perusahaan dari sudut pandang entitas yang dikonsolidasikan, maka pengaruhnya harus dieliminasi dalam proses konsolidasi. begitu juga keuntungan atau kerugian yang timbul dari transaksi antar perusahaan afiliasi juga harus dieliminasi sampai terjual kepada pihak di luar entitas yang dikonsolidasikan. dalam psak no. 4 (revisi 2009) par 17 disebutkan: saldo, transaksi, penghasilan, dan beban intra kelompok usaha dieliminasi secara penuh. keuntungan dan kerugian hasil dari transaksi intra kelompok usaha yang diakui dalam aset, misalnya persediaan dan aset tetap, dieliminasi secara penuh. psak no. 4 juga menekankan bahwa jumlah laba atau rugi antar perusahaan yang dieliminasi tidak dipengaruhi oleh keberadaan hak minoritas dan harus dieliminasi semuanya. alasan pengeliminasian laba/rugi dari transaksi antar perusahaan afiliasi adalah bahwa manajemen induk perusahaan dapat mengendalikan semua transaksi antar perusahaan termasuk otorisasi dan penetapan harga, tanpa tawar-menawar antar perusahaan afiliasi. pengeliminasian pengaruh laba/rugi dari transaksi antar perusahaan tersebut bukan menilai kewajaran transaksi. tujuan eliminasi adalah untuk menunjukkan laba/rugi dan posisi keuangan dari entitas yang dikonsolidasikan yang seharusnya tampak jika transaksi perusahaan tidak ada, dengan mengabaikan jumlah dari setiap transaksi. berikut ini penulis memberikan gambaran mengenai penyusunan laporan keuangan konsolidasi dalam hal terjadi transaksi penjualan persediaan antara entitas induk dengan entitas anaknya. pendapatan diakui dan dicatat sebagai pendapatan ketika pendapatan tersebut direalisasi atau diperoleh. dari sudut pandang entitas yang dikonsolidasikan, pendapatan harus berasal dari penjualan kepada entitas atau pihak luar. pendapatan atas penjualan antara perusahaan afiliasi tidak dapat diakui sampai bambang waluyo & ali masjono: elaborasi penyusunan laporan keuangan 324 barang tersebut dijual keluar dari entitas yang dikonsolidasikan. penjualan persedian antar perusahaan afiliasi akan menghasilkan akun resiprokal penjualan dan pembelian, jika entitas pembeli menggunakan sistem persediaan periodik atau akun resiprokal penjualan dan beban pokok penjualan, jika entitas pembeli menggunakan sistem persediaan perpetual. pengeliminasian jumlah penjualan dan beban pokok penjualan yang sama dalam penyiapan laporan laba/rugi konsolidasi penting karena hal tersebut merefleksikan aktivitas barang dagangan dari entitas yang dikonsildasi secara akurat, tetapi tidak memengaruhi laba bersih konsolidasi. ilustrasi pt. pin memiliki anak perusahaan pt. sin, semua persediaan barang dagang pt. sin berasal dari pt. pin. selama tahun 2008 pt. pin menjual barang dagang ke pt. sin yang berharga pokok rp 100.000.000,dengan harga rp 120.000.000,dan pt. sin menjual semua barang dagang tersebut ke pelanggannya dengan harga rp 150.000.000,sistem persediaan perpetual. jurnal untuk mencatat transaksi tersebut masing-masing di buku pt. pin dan pt. sin sebagai berikut: buku pt. pin: d: persediaan rp. 100.000.000,00 k: utang dagang rp. 100.000.000,00 (mencatat pembelian barang dagang secara kredit) d: piutang dagang-pt. sin rp. 120.000.000,00 k: penjualan rp. 120.000.000,00 (mencatat penjualan kredit barang dagang pada harga jual) d: beban pokok penjualan rp. 100.000.000,00 k: persediaan rp. 100.000.000,00 (mencatat penjualan pada harga pokoknya) buku pt. sin: d: persediaan rp. 120.000.000,00 k: utang dagang-pt. pin rp. 120.000.000,00 (mencatat pembelian kredit barang dagang) d: piutang dagang rp. 150.000.000,00 k: penjualan rp. 150.000.000,00 (mencatat penjualan kredit kepelanggan pada harga jual) d: beban pokok penjualan rp. 120.000.000,00 k: persediaan rp. 120.000.000,00 (mencatat penjualan pada harga pokoknya) al-iqtishad: vol. iv, no. 2, januari 2012 325 barang tersebut dijual keluar dari entitas yang dikonsolidasikan. penjualan persedian antar perusahaan afiliasi akan menghasilkan akun resiprokal penjualan dan pembelian, jika entitas pembeli menggunakan sistem persediaan periodik atau akun resiprokal penjualan dan beban pokok penjualan, jika entitas pembeli menggunakan sistem persediaan perpetual. pengeliminasian jumlah penjualan dan beban pokok penjualan yang sama dalam penyiapan laporan laba/rugi konsolidasi penting karena hal tersebut merefleksikan aktivitas barang dagangan dari entitas yang dikonsildasi secara akurat, tetapi tidak memengaruhi laba bersih konsolidasi. ilustrasi pt. pin memiliki anak perusahaan pt. sin, semua persediaan barang dagang pt. sin berasal dari pt. pin. selama tahun 2008 pt. pin menjual barang dagang ke pt. sin yang berharga pokok rp 100.000.000,dengan harga rp 120.000.000,dan pt. sin menjual semua barang dagang tersebut ke pelanggannya dengan harga rp 150.000.000,sistem persediaan perpetual. jurnal untuk mencatat transaksi tersebut masing-masing di buku pt. pin dan pt. sin sebagai berikut: buku pt. pin: d: persediaan rp. 100.000.000,00 k: utang dagang rp. 100.000.000,00 (mencatat pembelian barang dagang secara kredit) d: piutang dagang-pt. sin rp. 120.000.000,00 k: penjualan rp. 120.000.000,00 (mencatat penjualan kredit barang dagang pada harga jual) d: beban pokok penjualan rp. 100.000.000,00 k: persediaan rp. 100.000.000,00 (mencatat penjualan pada harga pokoknya) buku pt. sin: d: persediaan rp. 120.000.000,00 k: utang dagang-pt. pin rp. 120.000.000,00 (mencatat pembelian kredit barang dagang) d: piutang dagang rp. 150.000.000,00 k: penjualan rp. 150.000.000,00 (mencatat penjualan kredit kepelanggan pada harga jual) d: beban pokok penjualan rp. 120.000.000,00 k: persediaan rp. 120.000.000,00 (mencatat penjualan pada harga pokoknya) karena pt. pin dan pt. sin merupakan perusahaan induk dan anak perusahaan, maka transaksi penjualan/pembelian antar perusahaan induk dan anak perusahaan harus dieliminasi sebagai berikut: d: penjualan rp. 120.000.000,00 k: beban pokok penjualan rp. 120.000.000,00 (mengeliminasi transaksi penjualan/pembelian antar perusahaan) kertas kerja konsolidasian sebagai berikut: rp 000,00 pt. pin pt. sin penyesuaian d & eliminasi k konsolidasi penjualan 120.000 150.000 120.000 150.000 bpp 100.000 120.000 120.000 100.000 laba kotor 20.000 30.000 50.000 jurnal eliminasi ini menyesuaikan nilai penjualan pada laporan keuangan konsolidasi menjadi bernilai rp 150.000.000,-. jika tidak ada jurnal eliminasi ini, yaitu nilai-nilai pada laporan keuangan terpisah pt. pin dan pt. sin digabungkan begitu saja, maka nilai penjualan yang muncul di laporan adalah rp 270.000.000,. jika nilai tersebut yang muncul dalam laporan laba rugi konsolidasi, maka laba yang dilaporkan menjadi lebih tinggi dibandingkan jika penjualan antar perusahaan dieliminasi. penjualan gabungan sebesar rp 270.000.000,sebenarnya ‚tidak benar‛ karena di dalamnya termasuk penjualan kepada kelompok/grup sendiri. ketidakbenarannya adalah karena pt. pin yang merupakan perusahaan induk yang memegang kendali atas pt. sin, mempunyai superioritas dalam menentukan harga jual sehingga laba dari hasil penjualan kepada pt. sin seolaholah ‚dapat diatur‛. dampak berikutnya adalah informasi laba rugi yang masih memunculkan penjualan dalam grup akan berpotensi menipu pihak pemakai laporan keuangan, misalnya menganggap bahwa nilai laba yang dilaporkan adalah laba yang sesungguhnya terjadi. penipuan adalah perbuatan zalim yang dilarang dalam islam. dengan demikian, sebenarnya dalam proses menyusun laporan keuangan konsolidasi telah ada unsur menjunjung nilai kejujuran dan keadilan dengan mengeliminasi penjualan dalam grup sendiri, di mana nilai-nilai kejujuran dan keadilan adalah sesuai dengan ajaran islam. karena dalam islam, sesungguhnya pilar penyangga kebebasan ekonomi yang berdiri di atas pemuliaan fitrah dan harkat manusia disempurnakan dan di ditentukan oleh pilar penyangga yang lain yaitu keadilan. keadilan dalam islam bukanlah prinsip yang sekunder. dia adalah cikal bakal dan fondasi yang kokoh memasuki semua ajaran dan hukum islam bambang waluyo & ali masjono: elaborasi penyusunan laporan keuangan 326 berupa akidah, syariah, dan akhlak (moral).1 berikut adalah gambaran dampak apabila tidak ada eliminasi terhadap penjualan antar perusahaan afiliasi: laba konsolidasi menjadi terlalu tinggi rp 120.000.000,→ laba ditahan konsolidasi menjadi lebih tinggi rp 120.000.000,→ ekuitas konsolidasi pun menjadi lebih tinggi rp 120.000.000, eliminasi laba belum direalisasi dalam persediaan akhir laba atas transaksi antar perusahaan afiliasi direalisasikan dan diakui oleh entitas yang dikonsolidasikan pada periode di mana barang dagang tersebut dijual ke entitas lain. dalam persediaan akhir barang dagang anak perusahaan yang berasal dari perusahaan induk terdapat laba belum direalisasi yang harus dieliminasi, karena barang dagang tersebut belum terjual ke pihak lain. contoh: selama tahun 2008 pt. panda menjual barang dagang yang bernilai rp 15.000.000,dengan harga jual rp 18.000.000,ke pt. sanda. kemudian pt. sanda menjual 5/6 dari barang dagang tersebut ke pelanggannya dengan harga rp 18.750.000,-. barang dagang yang tersisa atau belum terjual yang berasal dari pt. panda sampai dengan 31 desember 2008 adalah rp 3.000.000,-. dalam persediaan akhir pt. sanda rp 3.000.000,ini berarti termasuk laba belum direalisasi sebesar rp 500.000, (rp 3.000.000/1.2). jurnal untuk mengeliminasi transaksi antar perusahaan adalah sebagai berikut: d: penjualan rp 18.000.000, k: beban pokok penjualan rp 18.000.000, (mengeliminasi transaksi penjualan/pembelian antar perusahaan) d: beban pokok penjualan rp 500.000, k: persediaan rp 500.000, (mengeliminasi laba belum direalisasi persediaan akhir anak perusahaan) kertas kerja konsolidasi (dengan jurnal eliminasi): rp.000,00 pt. panda pt. sanda penyesuaian d eliminasi k konsolidasi laporanl/r penjualan 18.000 18.750 a. 18.000 18.750 bpp 15.000 15.000 b. 500 a. 18.000 12.500 1 yusuf qaradhâwî, peran dan nilai moral dalam perekonomian islam, (jakarta: robbani press. 2001), h. 385. al-iqtishad: vol. iv, no. 2, januari 2012 327 berupa akidah, syariah, dan akhlak (moral).1 berikut adalah gambaran dampak apabila tidak ada eliminasi terhadap penjualan antar perusahaan afiliasi: laba konsolidasi menjadi terlalu tinggi rp 120.000.000,→ laba ditahan konsolidasi menjadi lebih tinggi rp 120.000.000,→ ekuitas konsolidasi pun menjadi lebih tinggi rp 120.000.000, eliminasi laba belum direalisasi dalam persediaan akhir laba atas transaksi antar perusahaan afiliasi direalisasikan dan diakui oleh entitas yang dikonsolidasikan pada periode di mana barang dagang tersebut dijual ke entitas lain. dalam persediaan akhir barang dagang anak perusahaan yang berasal dari perusahaan induk terdapat laba belum direalisasi yang harus dieliminasi, karena barang dagang tersebut belum terjual ke pihak lain. contoh: selama tahun 2008 pt. panda menjual barang dagang yang bernilai rp 15.000.000,dengan harga jual rp 18.000.000,ke pt. sanda. kemudian pt. sanda menjual 5/6 dari barang dagang tersebut ke pelanggannya dengan harga rp 18.750.000,-. barang dagang yang tersisa atau belum terjual yang berasal dari pt. panda sampai dengan 31 desember 2008 adalah rp 3.000.000,-. dalam persediaan akhir pt. sanda rp 3.000.000,ini berarti termasuk laba belum direalisasi sebesar rp 500.000, (rp 3.000.000/1.2). jurnal untuk mengeliminasi transaksi antar perusahaan adalah sebagai berikut: d: penjualan rp 18.000.000, k: beban pokok penjualan rp 18.000.000, (mengeliminasi transaksi penjualan/pembelian antar perusahaan) d: beban pokok penjualan rp 500.000, k: persediaan rp 500.000, (mengeliminasi laba belum direalisasi persediaan akhir anak perusahaan) kertas kerja konsolidasi (dengan jurnal eliminasi): rp.000,00 pt. panda pt. sanda penyesuaian d eliminasi k konsolidasi laporanl/r penjualan 18.000 18.750 a. 18.000 18.750 bpp 15.000 15.000 b. 500 a. 18.000 12.500 1 yusuf qaradhâwî, peran dan nilai moral dalam perekonomian islam, (jakarta: robbani press. 2001), h. 385. laba kotor 3.000 3.750 6.250 neraca persediaan 3.000 b. 500 2.500 kertas kerja konsolidasi (tanpa jurnal eliminasi) rp.000,00 pt. panda pt. sanda penyesuaian d eliminasi k konsolidasi laporan l/r penjualan 18.000 18.750 36.750 bpp 15.000 15.000 30.000 laba kotor 3.000 3.750 6.750 neraca persediaan 3.000 3.000 tampak dalam contoh laporan konsolidasi jika tidak menyertakan jurnal eliminasi untuk transaksi yang resiprokal, menyebabkan laba kotor menjadi terlalu tinggi rp 500.000,yaitu dari rp 6.250.000,menjadi rp 6.750.000,-. demikian juga dengan nilai persediaan yang menjadi terlalu tinggi dalam jumlah yang sama yaitu dari rp 2.500.000,menjadi rp 3.000.000,-. hal tersebut terjadi karena nilai penjualan dan persediaan akhir yang merupakan transaksi internal grup tidak dieliminasi. dampak dari tidak adanya eliminasi transaksi antar perusahaan dalam grup terlihat langsung mempengaruhi laba rugi perusahaan dan neracanya. dalam laporan laba rugi menyebabkan laba dilaporkan lebih tinggi daripada yang sesungguhnya terjadi dalam grup tersebut sebagai sebuah entitas tersendiri. dalam neraca menyebabkan nilai persediaan lebih tinggi dan secara keseluruhan akan menyebabkan aset perusahaan tampak lebih tinggi dari yang seharusnya. apabila ‚kesalahan‛ seperti itu dibiarkan maka berpotensi menyebabkan kesalahan bagi pemakai informasi/pengguna laporan keuangan yang mengira laba rugi dan persediaan tinggi, padahal tingginya laba rugi persediaan diakibatkan transaksi internal grup yang seharusnya dieliminasi. hal ini pun merupakan bentuk dari menjunjung nilai kejujuran dan keadilan yang sesuai dengan syariah islam. prinsip keadilan ini teramat penting sampai-sampai allah swt. meletakkannya setelah prinsip keesaan tuhan. di dalam alquran, allah swt. berfirman:                               allah menyatakan bahwasanya tidak ada tuhan melainkan dia, yang menegakkan keadilan! (q.s. âli ‘imrân [3] ayat 18) bambang waluyo & ali masjono: elaborasi penyusunan laporan keuangan 328 atau ayat lainnya, dia memerintahkan orang-orang yang beriman:                  wahai orang-orang yang beriman! jadilah kalian orang-orang yang benarbenar penegak keadilan!‛ (al-nisâ’ [4] ayat 135] jika kepemilikan induk terhadap anak kurang dari 100% maka akan muncul dalam laboran keuangan konsolidasi akun beban hak minoritas yang mengakomodir kepemilikan 10% pemegang saham minoritas. jika beban hak minoritas tidak dimunculkan, maka laporan laba rugi konsolidasi juga menjadi lebih tinggi sebesar beban hak minoritas tersebut. hal ini juga menunjukkan bahwa dalam laporan keuangan konsolidasi ada upaya memberikan hak kepada yang berhak, dalam hal ini yaitu pemegang saham minoritas diberikan haknya atas pendapatan dan beban yang semestinya dimiliki olehnya. dengan kata lain, bahwa pembebanan beban hak minoritas dapat diasosiasikan dengan salah satu rukun iman yaitu membayar zakat, yaitu pada harta yang kita miliki sebagian merupakan hak bagi kaum minoritas (minoritas secara ekonomi) yaitu para mustahiq. hanya saja, jika dalam ajaran mengenai zakat yang dikeluarkan adalah 2,5% dari penghasilan yang memenuhi batas nishab, namun dalam laporan keuangan konsolidasi pengeluaran tersebut disesuaikan dengan besarnya hak minoritas, bisa kurang atau lebih dari 2,5%. hal ini menunjukkan bahwa proses penyusunan laporan keuangan konsolidasi telah menuju pada nilai-nilai keadilan dan kejujuran yang diajarkan dalam islam sebagaimana allah swt. berfirman:                                       sesungguhnya allah menyuruh (kamu) berlaku adil dan berbuat kebajikan, memberi kepada kaum kerabat, dan allah melarang dari perbuatan keji, kemungkaran dan permusuhan. dia memberi pengajaran kepadamu agar kamu dapat mengambil pelajaran. (q.s. al-nahl [16]: 90) dari rangkaian ayat jurnal penyesuaian dan eliminasi yang tampak pada kertas kerja konsolidasi, tampak jelas adanya semangat untuk melaporkan enal-iqtishad: vol. iv, no. 2, januari 2012 329 atau ayat lainnya, dia memerintahkan orang-orang yang beriman:                  wahai orang-orang yang beriman! jadilah kalian orang-orang yang benarbenar penegak keadilan!‛ (al-nisâ’ [4] ayat 135] jika kepemilikan induk terhadap anak kurang dari 100% maka akan muncul dalam laboran keuangan konsolidasi akun beban hak minoritas yang mengakomodir kepemilikan 10% pemegang saham minoritas. jika beban hak minoritas tidak dimunculkan, maka laporan laba rugi konsolidasi juga menjadi lebih tinggi sebesar beban hak minoritas tersebut. hal ini juga menunjukkan bahwa dalam laporan keuangan konsolidasi ada upaya memberikan hak kepada yang berhak, dalam hal ini yaitu pemegang saham minoritas diberikan haknya atas pendapatan dan beban yang semestinya dimiliki olehnya. dengan kata lain, bahwa pembebanan beban hak minoritas dapat diasosiasikan dengan salah satu rukun iman yaitu membayar zakat, yaitu pada harta yang kita miliki sebagian merupakan hak bagi kaum minoritas (minoritas secara ekonomi) yaitu para mustahiq. hanya saja, jika dalam ajaran mengenai zakat yang dikeluarkan adalah 2,5% dari penghasilan yang memenuhi batas nishab, namun dalam laporan keuangan konsolidasi pengeluaran tersebut disesuaikan dengan besarnya hak minoritas, bisa kurang atau lebih dari 2,5%. hal ini menunjukkan bahwa proses penyusunan laporan keuangan konsolidasi telah menuju pada nilai-nilai keadilan dan kejujuran yang diajarkan dalam islam sebagaimana allah swt. berfirman:                                       sesungguhnya allah menyuruh (kamu) berlaku adil dan berbuat kebajikan, memberi kepada kaum kerabat, dan allah melarang dari perbuatan keji, kemungkaran dan permusuhan. dia memberi pengajaran kepadamu agar kamu dapat mengambil pelajaran. (q.s. al-nahl [16]: 90) dari rangkaian ayat jurnal penyesuaian dan eliminasi yang tampak pada kertas kerja konsolidasi, tampak jelas adanya semangat untuk melaporkan entitas induk dan entitas anak sebagai sebuah grup perusahaan, untuk melaporkan kepada pihak yang berkepentingan dengan kondisi apa adanya. kondisi tersebut adalah menghilangkan unsur-unsur yang dapat menyebabkan laporan keuangan konsolidasi melaporkan laba yang diperoleh dari grupnya sendiri. elaborasi laporan keuangan konsolidasi dalam nilai islam berdasarkan contoh penyusunan laporan keuangan konsolidasi, penulis mengelaborasi lebih lanjut bahwa dalam penyusunan laporan keuangan konsolidasi, sesuai dengan nilai-nilai islam yaitu keadilan dan kejujuran sebagaimana perintah untuk berbuat adil (q.s. al-nahl [16]: 90). kalau dikategorikan, ada beberapa pengertian yang berkaitan dengan keadilan dalam alquran dari akar kata ‘adl itu, yaitu sesuatu yang benar, sikap yang tidak memihak, penjagaan hak-hak seseorang dan cara yang tepat dalam mengambil keputusan, ‚hendaknya kalian menghukumi atau mengambil keputusan atas dasar keadilan‛. dalam proses penyusunan laporan keuangan konsolidasi terlihat ada nilai keadilan karena hendak mengakui sesuatu yang memang menjadi haknya dan membuang sesuatu yang bukan merupakan haknya dalam laporan keuangan konsolidasi. pengakuan terhadap apa yang menjadi haknya terlihat dalam pengakuan terhadap keuntungan dan kerugian konstruktif dalam transaksi obligasi antar perusahaan, sementara membuang sesuatu yang bukan merupakan haknya terlihat dari proses mengeliminasi keuntungan dan kerugian dari transaksi penjualan persediaan dan aktiva tetap antar perusahaan dalam grup. secara keseluruhan, hal-hal di atas terkait langsung dengan sisi keadilan, yaitu sebagai penjabaran bentuk-bentuk keadilan dalam kehidupan. dari terkaitnya beberapa pengertian kata ‘adl dengan wawasan atau sisi keadilan secara langsung itu saja, sudah tampak dengan jelas betapa porsi "warna keadilan" mendapat tempat di dalam alquran. kesimpulan di atas juga diperkuat dengan pengertian dan dorongan alquran agar manusia memenuhi janji, tugas, dan amanat yang dipikulnya, melindungi yang menderita, lemah, dan kekurangan, merasakan solidaritas secara konkret dengan sesama warga masyarakat, jujur dalam bersikap, dan seterusnya. jika hal ini dikaitkan dengan proses penyusunan laporan keuangan konsolidasi, maka tampak jelas keberpihakan terhadap dan upaya melindungi yang menderita, lemah, dan kekurangan terlihat dari adanya beban hak minoritas yang sebenarnya adalah memberikan hak kepada pemegang saham minoritas atas kepemilikannya, di mana kepemilikan yang minoritas tersebut tidak boleh ikut diakui sebagai bagian dari kepemilikan yang mayoritas. atau bambang waluyo & ali masjono: elaborasi penyusunan laporan keuangan 330 dengan kata lain, kepemilikan pemegang saham yang minoritas pun berhak atas sebagian kekayaan yang ada secara keseluruhan. dalam konteks kehidupan yang nyata, seluruh output yang dihasilkan dalam proses produksi semestinya ada yang diberikan kepada yang tidak mampu atau dikenal dengan minoritas dalam penghasilan, sehingga terjadi pemerataan penghasilan dan mempermudah bagi tercapainya kesejehteraan. laporan keuangan konsolidasi telah menunjukkan bahwa sebenarnya ada upaya pemerataan penghasilan dengan mempertimbangkan kepemilikan mayoritas dan minoritas. kepemilikan mayoritas dan minoritas jika disatukan menghasilkan kepemilikan tunggal. demikian juga dengan kehidupan yang berkeadilan, antara kaum kaya (muzakkî) dan kaum miskin (mustahiq) jika disatukan adalah satu bagian yang tak terpisahkan sehingga akan terjadi simbiosis mutualistis di antara mereka. muzakkî tidak bisa menyalurkan zakatnya jika tidak ada mustahiq. begitulah hidup sebenarnya, sebagai makhluk sosial manusia saling membutuhkan. nilai-nilai saling membutuhkan telah ada dalam laporan keuangan konsolidasi, khususnya dalam hal kepemilikan induk perusahaan terhadap anak perusahaan kurang dari 100%, sehingga ada sebagian kepemilikan minoritas. sesungguhnya pilar penyangga kebebasan ekonomi yang berdiri di atas pemuliaan fitrah dan harkat manusia disempurnakan dan ditentukan oleh pilar penyangga yang lain yaitu keadilan. keadilan dalam islam bukanlah prinsip yang sekunder. ia adalah cikal bakal dan pondasi yang kokoh memasuki semua ajaran dan hukum islam berupa akidah, syariah, dan akhlak (moral). ketika allah memerintahkan tiga hal, maka keadilan merupakan hal pertama yang disebutkan. firman allah:                sesungguhnya allah menyuruh (kamu) berlaku adil dan berbuat kebajikan, memberi kepada kaum kerabat... (q.s. al-nahl [16]: 90) ketika allah memerintahkan dua hal, maka keadilan merupakan salah satu hal yang disebutkan. firman allah:                             al-iqtishad: vol. iv, no. 2, januari 2012 331 dengan kata lain, kepemilikan pemegang saham yang minoritas pun berhak atas sebagian kekayaan yang ada secara keseluruhan. dalam konteks kehidupan yang nyata, seluruh output yang dihasilkan dalam proses produksi semestinya ada yang diberikan kepada yang tidak mampu atau dikenal dengan minoritas dalam penghasilan, sehingga terjadi pemerataan penghasilan dan mempermudah bagi tercapainya kesejehteraan. laporan keuangan konsolidasi telah menunjukkan bahwa sebenarnya ada upaya pemerataan penghasilan dengan mempertimbangkan kepemilikan mayoritas dan minoritas. kepemilikan mayoritas dan minoritas jika disatukan menghasilkan kepemilikan tunggal. demikian juga dengan kehidupan yang berkeadilan, antara kaum kaya (muzakkî) dan kaum miskin (mustahiq) jika disatukan adalah satu bagian yang tak terpisahkan sehingga akan terjadi simbiosis mutualistis di antara mereka. muzakkî tidak bisa menyalurkan zakatnya jika tidak ada mustahiq. begitulah hidup sebenarnya, sebagai makhluk sosial manusia saling membutuhkan. nilai-nilai saling membutuhkan telah ada dalam laporan keuangan konsolidasi, khususnya dalam hal kepemilikan induk perusahaan terhadap anak perusahaan kurang dari 100%, sehingga ada sebagian kepemilikan minoritas. sesungguhnya pilar penyangga kebebasan ekonomi yang berdiri di atas pemuliaan fitrah dan harkat manusia disempurnakan dan ditentukan oleh pilar penyangga yang lain yaitu keadilan. keadilan dalam islam bukanlah prinsip yang sekunder. ia adalah cikal bakal dan pondasi yang kokoh memasuki semua ajaran dan hukum islam berupa akidah, syariah, dan akhlak (moral). ketika allah memerintahkan tiga hal, maka keadilan merupakan hal pertama yang disebutkan. firman allah:                sesungguhnya allah menyuruh (kamu) berlaku adil dan berbuat kebajikan, memberi kepada kaum kerabat... (q.s. al-nahl [16]: 90) ketika allah memerintahkan dua hal, maka keadilan merupakan salah satu hal yang disebutkan. firman allah:                             sesungguhnya allah menyuruh kamu menyampaikan amanat kepada yang berhak menerimanya, dan (menyuruh kamu) apabila menetapkan dengan adil. (q.s. al-nisâ [5]: 58). ketika allah memerintahkan satu hal, maka keadilan merupakan hal yang diperintahkan tersebut:          katakanlah, ‛tuhanku menyuruh menjalankan keadilan,‛. (q.s. al-a’râf [7]: 29) sesungguhnya tauhid sendiri, yaitu inti islam dan pondasi bangunannya, merupakan makna dari keadilan sebagaimana kemusyrikan adalah suatu bentuk kezaliman. seperti firman allah, ‚sesungguhnya mempersekutukan (allah) adalah benar-benar kezaliman yang besar.‛ (q.s. luqmân [31]: 13). ada tujuh dosa di dunia ini, kata mahatma gandhi seorang penyeru anti kekerasan dari india, yakni: kekayaan tanpa kerja, bersenang-senang tanpa sadar, pengetahuan tanpa karakter, perdagangan tanpa moralitas, sains tanpa kemanusiaan, ibadah tanpa pengorbanan, politik tanpa dasar yang kuat. hal-hal tersebut memperjelas bahwa di dalam setiap aspek kehidupan manusia, agama apa pun menekankan pentingnya moral untuk dijadikan basis di dalamnya. karena agama berbeda-beda, maka prinsip-prinsip moral yang diajarkan pun berbeda-beda, namun pada saat yang sama hanya ada satu manusia, dan semua prinsip moral tersebut didasarkan pada prinsip lainnya yang menjadi dasar seluruh prinsip moral yang ada, yaitu keadilan. dan ini bukan berarti keadilan pada prinsip atau asas dan pada peraturan serta undang-undang, tetapi bahwa hukum relijius itu satu dan benar, yaitu yang membangunkan kesadaran manusia. segala kesalahan maka hanya ada satu alasan: yaitu kita tidak mau mendengarkan diri kita sendiri. oleh karena itu prinsip keadilan ini teramat penting sampai-sampai allah meletakkannya setelah prinsip keesaan tuhan. di dalam alquran, allah swt. berfirman, ‛allah menyatakan bahwasanya tidak ada tuhan melainkan dia, yang menegakkan keadilan!‛ (q.s. âli ‘imrân [3] ayat 18 atau ayat lainnya. dia memerintahkan orang-orang yang beriman, ‛wahai orang-orang yang beriman! jadilah kalian orang-orang yang benar-benar penegak keadilan!‛ [q.s. al-nisâ’ [4] ayat 135). bagaimana pun, keadilan merupakan dasar dari seluruh moralitas agama. hanya agama-agama palsu saja yang mengabaikan pentingnya penegakan keadilan. namun sayangnya, akhir-akhir ini, bambang waluyo & ali masjono: elaborasi penyusunan laporan keuangan 332 masih banyak orang yang menjadikan keadilan hanya sebagai propaganda atau sekadar slogan-slogan kosong tanpa aksi dan tanpa dasar ketulusan, sehingga semua itu berujung pada kebohongan pula. laporan keuangan konsolidasi dijiwai oleh adanya semangat menegakkan kejujuran yaitu dengan mengeliminasi transaksi internal di antara entitas anak dan entitas induk. hal ini sesuai dengan nilai-nilai syariah islam tentang kejujuran. banyak sekali hadis-hadis nabi saw. yang membicarakan keutamaan jujur. diriwayatkan dari ibn mas‘ûd r.a. dia berkata, rasulullah saw. bersabda: wajib atas kalian semua untuk jujur, karena jujur akan membimbing kepada kebaikan, dan kebaikan akan membimbing ke surga. seseorang senantiasa berbuat jujur dan memilih kejujuran sehingga dia ditulis di sisi allah sebagai orang yang jujur. dan jauhilah oleh kalian dusta, karena dusta akan mem-bawa kepada keburukan, dan keburukan akan menyeret ke neraka. seorang hamba senantiasa berdusta, dan dia memilih kedustaan, sehingga ditulis di sisi allah sebagi pendusta. (h.r. al-bukhârî dan muslim). ketika menjelaskan hadis ini, al-munawi mengatakan, (wajib atas kalian jujur), yaitu ucapan yang benar (haq), dan kadang pula mencakup pada perbuatan anggota badan, misalnya jika seseorang yang jujur dalam berperang, maka tentu dia akan menunaikan hak-haknya. (sesungguhnya kejujuran akan membimbing kepada kabaikan), yaitu kepada amal saleh yang murni, sedang albirr maknanya adalah sebuah sebutan untuk sesuatu yang mencakup segala macam kebaikan (kebaikan akan membimbing ke surga), yakni akan mengantarkan masuk ke dalam surga. jika dilihat dalam proses penyusunan laporan keuangan konsolidasi maka terlihat jelas adanya upaya untuk menghindari ketidakadilan dan ketidakjujuran mengingat dalam prosesnya, hal-hal yang ‚dicurigai‛ sebagai berpotensi dapat ‚menipu‛ pembaca laporan keuangan konsolidasi justru dihilangkan pengaruhnya dengan cara dieliminasi melalui jurnal penyesuaian dan eliminasi. al-iqtishad: vol. iv, no. 2, januari 2012 333 masih banyak orang yang menjadikan keadilan hanya sebagai propaganda atau sekadar slogan-slogan kosong tanpa aksi dan tanpa dasar ketulusan, sehingga semua itu berujung pada kebohongan pula. laporan keuangan konsolidasi dijiwai oleh adanya semangat menegakkan kejujuran yaitu dengan mengeliminasi transaksi internal di antara entitas anak dan entitas induk. hal ini sesuai dengan nilai-nilai syariah islam tentang kejujuran. banyak sekali hadis-hadis nabi saw. yang membicarakan keutamaan jujur. diriwayatkan dari ibn mas‘ûd r.a. dia berkata, rasulullah saw. bersabda: wajib atas kalian semua untuk jujur, karena jujur akan membimbing kepada kebaikan, dan kebaikan akan membimbing ke surga. seseorang senantiasa berbuat jujur dan memilih kejujuran sehingga dia ditulis di sisi allah sebagai orang yang jujur. dan jauhilah oleh kalian dusta, karena dusta akan mem-bawa kepada keburukan, dan keburukan akan menyeret ke neraka. seorang hamba senantiasa berdusta, dan dia memilih kedustaan, sehingga ditulis di sisi allah sebagi pendusta. (h.r. al-bukhârî dan muslim). ketika menjelaskan hadis ini, al-munawi mengatakan, (wajib atas kalian jujur), yaitu ucapan yang benar (haq), dan kadang pula mencakup pada perbuatan anggota badan, misalnya jika seseorang yang jujur dalam berperang, maka tentu dia akan menunaikan hak-haknya. (sesungguhnya kejujuran akan membimbing kepada kabaikan), yaitu kepada amal saleh yang murni, sedang albirr maknanya adalah sebuah sebutan untuk sesuatu yang mencakup segala macam kebaikan (kebaikan akan membimbing ke surga), yakni akan mengantarkan masuk ke dalam surga. jika dilihat dalam proses penyusunan laporan keuangan konsolidasi maka terlihat jelas adanya upaya untuk menghindari ketidakadilan dan ketidakjujuran mengingat dalam prosesnya, hal-hal yang ‚dicurigai‛ sebagai berpotensi dapat ‚menipu‛ pembaca laporan keuangan konsolidasi justru dihilangkan pengaruhnya dengan cara dieliminasi melalui jurnal penyesuaian dan eliminasi. penutup laporan keuangan konsolidasi adalah laporan keuangan sebuah grup perusahaan. sebagai sebuah grup perusahaan, entitas induk dan entitas anak tidak boleh mencantumkan transaksi antara mereka dalam laporan keuangan konsolidasi. untuk menghasilkan laporan keuangan grup perusahaan yang relevan, maka transaksi internal grup harus dieliminasi karena transaksi internal grup dapat ‚diatur‛ diantara mereka atau trasaksi internal grup tersebut dicurigai bukan sebagai transaksi yang berdasarkan pada nilai wajar. dengan dileiminasinya transaksi internal grup pada transaksi penjualan persediaan dan aset tetap, pada akhirnya apa yang muncul pada laporan keuangan konsolidasi adalah hasil dari transaksi ekonomi grup perusahaan dengan pihak di luar grup nya. sementara pada transaksi internal grup yang berkaitan dengan obligasi, akan memunculkan keuntungan konstruktif maupun kerugian konstruktif yang sebelumnya tidak ada pada laporan terpisah entitas induk dan anak. dalam proses penyusunan laporan keuangan konsolidasi terdapat nilainilai keadilan dan kejujuran yang dianjurkan oleh syariah islam karena di dalamnya telah mengeluarkan keuntungan maupun kerugian yang diperoleh di antara mereka yang diperoleh melalui penjualan dan pembelian persediaan dan aset tetap. dengan kajian-kajian tersebut pada kesimpulan pertama, maka dapat dibuktikan bahwa akuntansi adalah sesuatu yang di dalamnya juga mengandung dan memperhatikan unsur keadilan demi menghasilkan informasi yang relevan bagi para pengambil keputusan. 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bayrût: dâr al-fikr, 1994. wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr, 1989. analisis komparasi investasi dinar dan investasi reksadana pasar uang syariah nur ayu eva feriyani abstract: comparative analysis between dinar investment and sharia money market mutual funds. the aim of the study is to analyse return and risk in dinar investment and syariah money market mutual funds which result from movement price dinar and nab reksadana pasar uang syariah at period of january 2008 untill december 2012. the study used t test that resulted of expected return dinar equal to 1,56% while sharia money market mutual fund equal to 2,74%. and risk dinar equal to 5,65% while sharia money market mutual fund equal to 55,6%. based on the analyses of return sharia money market mutual fund better than dinar. however sharia money market mutual fund has significant higher than dinar. keywords: investment, dinar, sharia money market mutual fund abstrak: analisis komparasi investasi dinar dan investasi reksadana pasar uang syariah. penelitian ini dimaksudkan untuk menganalisis return dan risiko dalam investasi dinar dan reksadana pasar uang syariah yang dihasilkan dari pergerakan harga dinar dan nab reksadana pasar uang syariah pada periode januari 2008 sampai desember 2012. penelitian ini menggunakan uji t dengan hasil yang diharapkan bahwa dinar setara dengan 1,56% sedangkan pasar uang reksadana syariah sebesar 2,74%. dan risiko dinar sebesar 5,65% sedangkan pasar uang reksadana syariah sebesar 55,6%. berdasarkan analisis pengembalian syariah pasar uang reksadana yang lebih baik ketimbang dinar. dengan demikian, persentase pasar uang reksadana syariah jauh lebih tinggi ketimbang dinar. kata kunci: investasi, dinar, reksadana pasar uang syariah naskah diterima: 21 maret 2013, direvisi: 12 mei 2013, disetujui: 16 mei 2013.  himpunan ilmuwan dan sarjana syariah indonesia (hissi); jl. ir. h. juanda 95, ciputat, jakarta selatan; e-mail: eva_veriyani@gmail.com. nur ayu eva feriyani: analisis komparasi investasi dinar338 pendahuluan banyak di antara kita sadar akan pentingnya investasi, tetapi tidak banyak yang mengetahui tujuan investasi. bahkan, yang lebih parah, masih ada yang belum bisa membedakan arti menabung dengan berinvestasi. hal mendasar yang membedakan antara menabung dengan berinvestasi adalah adanya ketidakjelasan dalam beberapa hal. pertama, tujuan atau kebutuhan secara spesifik, misalnya untuk pendidikan anak, memiliki rumah, atau persiapan pensiun. kedua, seberapa besar dana yang akan dibutuhkan untuk tujuan dimaksud. ketiga, kapan kebutuhan itu diperlukan dan berapa lama (jangka waktu) untuk mencapai waktu tersebut. keempat, pilihan/alternatif investasi yang tersedia untuk mencapai tujuan tersebut. kelima, strategi mencapai tujuan tersebut.1 bentuk pilihan investasi sangat banyak, ada yang menanamkan modal di perusahaan atau perdagangan. penawaran untuk melakukan investasi pun sangat marak. seperti reksadana, saham, obligasi, deposito, dan sebagainya. investasi adalah komitmen sejumlah dana untuk tujuan memperoleh keuntungan di masa yang akan datang. inilah sebenarnya yang menjadi tujuan ketika seseorang memutuskan untuk berinvestasi. namun demikian, harapan memperoleh keuntungan tersebut tidak lepas dari kemungkinan terjadinya risiko. investasi sebagai sebuah perencanaan keuangan seseorang di masa yang akan datang harus memperhatikan faktor tersebut. bagi para perencana keuangan, inflasi adalah faktor ketidakpastian terbesar yang paling sulit dihindari. inflasi ini terjadi karena penurunan daya beli uang, yang disebabkan nilai nominal mata uang kertas tidak sama dengan nilai intirinsiknya.2 indonesia duduk sebagai salah satu produsen emas terbesar di dunia. pada tahun 2012 kementrian energi dan sumber daya mineral merilis produksi emas indonesia mencapai 111 ton. namun dari sisi sebagai konsumen, negara ini masih kalah dari india dan cina. emas dikenal luas sebagai salah satu komoditi lindung nilai. nilai mata uang boleh naik turun, tapi emas tidak terpengaruh oleh kondisi itu karena karakternya yang zero inflation.kenaikan harga emas pun akan selalu diatas inflasi terbukti dari tahun ke tahun kenaikannya pun cukup signifikan, yaitu antara 20-40% pertahun.3 investasi emas juga likuid, dari bentuk perhiasan hingga batangan bisa dijual di sembarang tempat, tapi ke ribuan dealer/toko emas di seluruh indonesia, pt. antam jakarta dan surabaya, wakala, gerai dinar, atau ke orang lain. 1 eko p. pratomo, berwisata ke dunia reksadana, (jakarta: pt. gramedia pustaka utama, 2007), h. 5. 2 muhaimin iqbal, dinar solution (dinar sebagai solusi). 3 majalah sharing edisi 57 tahun v september 2011, h. 28. al-iqtishad: vol. v, no. 2, juli 2013 339 pendahuluan banyak di antara kita sadar akan pentingnya investasi, tetapi tidak banyak yang mengetahui tujuan investasi. bahkan, yang lebih parah, masih ada yang belum bisa membedakan arti menabung dengan berinvestasi. hal mendasar yang membedakan antara menabung dengan berinvestasi adalah adanya ketidakjelasan dalam beberapa hal. pertama, tujuan atau kebutuhan secara spesifik, misalnya untuk pendidikan anak, memiliki rumah, atau persiapan pensiun. kedua, seberapa besar dana yang akan dibutuhkan untuk tujuan dimaksud. ketiga, kapan kebutuhan itu diperlukan dan berapa lama (jangka waktu) untuk mencapai waktu tersebut. keempat, pilihan/alternatif investasi yang tersedia untuk mencapai tujuan tersebut. kelima, strategi mencapai tujuan tersebut.1 bentuk pilihan investasi sangat banyak, ada yang menanamkan modal di perusahaan atau perdagangan. penawaran untuk melakukan investasi pun sangat marak. seperti reksadana, saham, obligasi, deposito, dan sebagainya. investasi adalah komitmen sejumlah dana untuk tujuan memperoleh keuntungan di masa yang akan datang. inilah sebenarnya yang menjadi tujuan ketika seseorang memutuskan untuk berinvestasi. namun demikian, harapan memperoleh keuntungan tersebut tidak lepas dari kemungkinan terjadinya risiko. investasi sebagai sebuah perencanaan keuangan seseorang di masa yang akan datang harus memperhatikan faktor tersebut. bagi para perencana keuangan, inflasi adalah faktor ketidakpastian terbesar yang paling sulit dihindari. inflasi ini terjadi karena penurunan daya beli uang, yang disebabkan nilai nominal mata uang kertas tidak sama dengan nilai intirinsiknya.2 indonesia duduk sebagai salah satu produsen emas terbesar di dunia. pada tahun 2012 kementrian energi dan sumber daya mineral merilis produksi emas indonesia mencapai 111 ton. namun dari sisi sebagai konsumen, negara ini masih kalah dari india dan cina. emas dikenal luas sebagai salah satu komoditi lindung nilai. nilai mata uang boleh naik turun, tapi emas tidak terpengaruh oleh kondisi itu karena karakternya yang zero inflation.kenaikan harga emas pun akan selalu diatas inflasi terbukti dari tahun ke tahun kenaikannya pun cukup signifikan, yaitu antara 20-40% pertahun.3 investasi emas juga likuid, dari bentuk perhiasan hingga batangan bisa dijual di sembarang tempat, tapi ke ribuan dealer/toko emas di seluruh indonesia, pt. antam jakarta dan surabaya, wakala, gerai dinar, atau ke orang lain. 1 eko p. pratomo, berwisata ke dunia reksadana, (jakarta: pt. gramedia pustaka utama, 2007), h. 5. 2 muhaimin iqbal, dinar solution (dinar sebagai solusi). 3 majalah sharing edisi 57 tahun v september 2011, h. 28. menurut palaloi, investasi emas bukan hanya demi imbal hasil yang tinggi, juga misi sosial, yaitu memeratakan pendapatan. investasi emas juga harus diniatkan untuk ibadah, mulai dengan nominal yang kecil sekalipun. jika investasi emas tersebut cukup untuk melunasi niat di atas, maka pencairan emas dimanfaatkan untuk mendapatkan faktor produksi atau untuk beribadah. return dari faktor produksi tersebut disisihkan untuk investasi emas lagi. selanjutnya kembali lagi ke niat untuk investasi emas. begitulah siklus investasi emas tanpa mengeluarkan zakat, infak, sedekah, dan instrumen tabarru’ lainnya.4 mata uang dinar kebal akan krisis. nilainya sepanjang waktu terus stabil. bahkan, selalu meningkat apabila dikonversikan dengan mata uang fiat, seperti rupiah, bahkan dollar as sekalipun. menurut iqbal, nilai dinar ini baku tidak terdevaluasi, sehingga, nilai satu dinar zaman khalifah ‘umar ibn al-khaththâb sama dengan nilai dinar zaman sekarang, yaitu setara dengan emas 4,25 gram.5 tabel 16 perkembangan harga dinar dari tahun 2007-2011 tahun harga dinar 2007 975,000 2008 1,371,443 2009 1,453,000 2010 1,758,430 nov2011 2,231,888 sumber: brosur wakala nusantara menurut pendapat sebagian masyarakat, reksadana adalah investasi yang mudah didapat, selain risiko yang rendah dan return yang stabil. tapi, di sisi lain kenaikan harga dinar sangat menggiurkan masyarakat untuk berinvestasi pada dinar namun masyarakat masih ragu untuk berinvestasi pada dinar karena mereka belum mengetahui risiko berinvestasi pada dinar. beberapa terminologi pertama, investasi. investasi adalah komitmen atas sejumlah dana atau sumber daya lainnya yang dilakukan pada saat ini, memperoleh sejumlah 4majalah sharing edisi 36 tahun iv desember 2009, h. 10. 5majalah sharing edisi 27 tahun iii maret 2009, h.12. 6brosur wakala nusantara. nur ayu eva feriyani: analisis komparasi investasi dinar340 keuntungan di masa datang.7 investasi adalah penundaan konsumsi sekarang untuk digunakan di dalam produksi yang efisien selama periode waktu tertentu.8 investasi yang islami adalah pengorbanan sumber daya pada masa sekarang untuk mendapatkan hasil yang pasti, dengan harapan memperoleh hasil yang lebih besar di masa yang akan datang, baik langsung maupun tidak langsung seraya tetap berpijak pada prinsip-prinsip syariah secara menyeluruh (kâffah).9 hal mendasar yang membedakan menabung dengan berinvestasi adalah adanya ketidakjelasan dalam hal:10 (1) tujuan atau kebutuhan secara spesifik, misalnya untuk pendidikan anak, memiliki rumah, atau persiapan pension; (2) seberapa besar dana yang akan dibutuhkan untuk tujuan dimaksud; (3) kapan kebutuhan itu diperlukan dan berapa lama (jangka waktu) untuk mencapai waktu tersebut; (4) pilihan/alternatif investasi yang tersedia untuk mencapai tujuan tersebut; (5) strategi mencapai tujuan tersebut. kedua, dinar dan dirham. dinar adalah koin yang terbuat dari emas, yang merupakan logam yang bersifat lunak dan mudah ditempa. sedangkan dirham adalah koin yang terbuat dari perak yang memiliki karakteristik seperti emas, yaitu mudah dilebur dan ditempa kembali. kata dinar sendiri sebetulnya bukan berakar dari bahasa arab, melainkan bahasa yunani (bizantium) atau bahkan mungkin berasal dari bahasa persia, dinarius. sementara kata dirham berasal dari kata drachma yang berarti mata uang yang terbuat dari perak.11 ketiga, reksadana. menurut undang-undang pasar modal no.8 tahun 1995, pasal 1 ayat 27, reksadana adalah suatu wadah yang dipergunakan untuk menghimpun dana dari masyarakat pemodal untuk selanjutnya diinvestasikan dalam portofolio efek oleh manajer investasi yang telah mendapat izin dari bapepam.12 menurut fatwa dsn no. 20 / dsn-mui/iv/2001, reksadana syariah adalah reksadana yang beroperasi menurut ketentuan dan prinsip syariah islam, baik dalam bentuk akad antara pemodal milik harta (shâhib al-mâl) dengan manager 7eduardus tandeilin, portofolio dan investasi teori dan aplikasi, (yogyakarta: kanisius, 2010), h. 7. 8agus edi sumanto, “materi kuliah manajemen investasi dan risiko”, pada sabtu 27 maret 2010 9muhammad nafik hr, bursa efek dan investasi syariah, (jakarta: 2009), h. 70. 10 eko p.p ratomo, berwisata ke dunia reksadana, (jakarta: pt. gramedia pustaka utama, 2007), h. 5. 11m. luthfi hamidi, gold dinar (sistem moneter global yang stabil dan berkeadilan), jakarta: senayan abadi publishing, 2007), h. 81. 12eko p. pratomo, berwisata ke dunia reksadana, (jakarta: pt. gramedia pustaka utama, 2007), h. 35. al-iqtishad: vol. v, no. 2, juli 2013 341 keuntungan di masa datang.7 investasi adalah penundaan konsumsi sekarang untuk digunakan di dalam produksi yang efisien selama periode waktu tertentu.8 investasi yang islami adalah pengorbanan sumber daya pada masa sekarang untuk mendapatkan hasil yang pasti, dengan harapan memperoleh hasil yang lebih besar di masa yang akan datang, baik langsung maupun tidak langsung seraya tetap berpijak pada prinsip-prinsip syariah secara menyeluruh (kâffah).9 hal mendasar yang membedakan menabung dengan berinvestasi adalah adanya ketidakjelasan dalam hal:10 (1) tujuan atau kebutuhan secara spesifik, misalnya untuk pendidikan anak, memiliki rumah, atau persiapan pension; (2) seberapa besar dana yang akan dibutuhkan untuk tujuan dimaksud; (3) kapan kebutuhan itu diperlukan dan berapa lama (jangka waktu) untuk mencapai waktu tersebut; (4) pilihan/alternatif investasi yang tersedia untuk mencapai tujuan tersebut; (5) strategi mencapai tujuan tersebut. kedua, dinar dan dirham. dinar adalah koin yang terbuat dari emas, yang merupakan logam yang bersifat lunak dan mudah ditempa. sedangkan dirham adalah koin yang terbuat dari perak yang memiliki karakteristik seperti emas, yaitu mudah dilebur dan ditempa kembali. kata dinar sendiri sebetulnya bukan berakar dari bahasa arab, melainkan bahasa yunani (bizantium) atau bahkan mungkin berasal dari bahasa persia, dinarius. sementara kata dirham berasal dari kata drachma yang berarti mata uang yang terbuat dari perak.11 ketiga, reksadana. menurut undang-undang pasar modal no.8 tahun 1995, pasal 1 ayat 27, reksadana adalah suatu wadah yang dipergunakan untuk menghimpun dana dari masyarakat pemodal untuk selanjutnya diinvestasikan dalam portofolio efek oleh manajer investasi yang telah mendapat izin dari bapepam.12 menurut fatwa dsn no. 20 / dsn-mui/iv/2001, reksadana syariah adalah reksadana yang beroperasi menurut ketentuan dan prinsip syariah islam, baik dalam bentuk akad antara pemodal milik harta (shâhib al-mâl) dengan manager 7eduardus tandeilin, portofolio dan investasi teori dan aplikasi, (yogyakarta: kanisius, 2010), h. 7. 8agus edi sumanto, “materi kuliah manajemen investasi dan risiko”, pada sabtu 27 maret 2010 9muhammad nafik hr, bursa efek dan investasi syariah, (jakarta: 2009), h. 70. 10 eko p.p ratomo, berwisata ke dunia reksadana, (jakarta: pt. gramedia pustaka utama, 2007), h. 5. 11m. luthfi hamidi, gold dinar (sistem moneter global yang stabil dan berkeadilan), jakarta: senayan abadi publishing, 2007), h. 81. 12eko p. pratomo, berwisata ke dunia reksadana, (jakarta: pt. gramedia pustaka utama, 2007), h. 35. investasi sebagai wakil shâhib al-mâl, maupun antara manager investasi sebagai wakil shâhib al-mâl dengan pengguna investasi.13 reksadana syariah (islamic investment funds) dalam hal ini memiliki pengertian yang sama dengan reksadana konvensional, hanya saja cara pengelolaan dan kebijakan investasinya harus berdasarkan pada syariat islam, baik dari segi akad, pelaksanaan investasi, maupun dari segi pembagian keuntungan.14 ada empat jenis reksadana menurut jenis investasinya. pertama, reksadana pendapatan tetap (fixed income fund). yakni reksadana yang melakukan investasi sekurang-kurangnya 80% dari portfolio yang dikelolanya ke dalam efek yang bersifat hutang. efek yang bersifat hutang umumnya memberikan penghasilan dalam bentuk bunga, seperti deposito, obligasi syariah, swbi, dan instrumen lainnya. keuntungannya lebih besar dari reksadana pasar uang selain itu, tingkat risikonya juga lebih besar. biasanya keuntungan dibayar secara tunai (deviden) dan teratur misalnya tiga bulan, enam bulan, atau tahunan. tujuannya adalah untuk menghasilkan keuntungan yang stabil. kedua, reksadana campuran (discretionary fund/mixed fund). reksadana campuran dapat melakukan investasinya dalam bentuk efek hutang maupun ekuitas dengan porsi alokasi yang lebih fleksibel. artinya, melihat sisi fleksibilitas baik dalam pemilihan jenis investasi (saham, obligasi, deposito atau efek lainnya) serta komposisi alokasinya, rdc dapat berorientasi pada orientasinya pada pasar uang, obligasi, saham, deposito. mengingat komposisinya yang variatif, sebelum menentukan pilihan pada suatu rdc tertentu, investor harus benar-benar mengetahui, bagaimana komposisi investasi yang terdapat pada rdc yang akan dipilih. hal ini dapat dilakukan dengan mempelajari propektus reksadana. ketiga, reksadana pasar uang. yakni reksadana yang investasinya 100% pada efek pasar uang. efek pasar uang adalah efek-efek hutang yang berjangka kurang dari satu tahun. instrumentnya adalah deposito, sbi, obligasi, serta efek hutang lainnya.low profit, low risk. tujuannya untuk kepentingan perlindungan modal dan untuk menyediakan likuiditas yang tinggi, sehingga jika dibutuhkan dapat dicairkan setiap hari kerja dengan risiko penurunan nilai investasinya hampir tidak ada. untuk memberikan hasil yang lebih tinggi, rdpu dapat memanfaatkan tingkat suku bunga yang lebih tinggi di bank atau dengan menginvestasikan sebagian dananya di sbi 13 sofiyani ghufron, investasi halal di reksadana syariah, jakarta, renaisan, 2005, hal. 15 14 sofiyani ghufron, investasi halal di reksadana syariah, jakarta, renaisan, 2005hal 8 nur ayu eva feriyani: analisis komparasi investasi dinar342 yang pada suatu saatnya bisa memberikan hasil yang lebih tinggi dibandingkan deposito atau obligasi yang akan jatuh tempo kurang dari satu tahun. keempat, reksadana saham (rds). yakni reksadana yang melakukan investasi sekurang-kurangnya 80% dari portofolio yang dikelolanya ke dalam efek bersifat ekuitas (saham). efek saham pada umumnya memberikan hasil yang lumayan tinggi, berupa capital gain melalui pertumbuhan harga-harga saham dan dividen. investasi pada saham merupakan investasi jangka panjang yang menjanjikan. investasi ini merupakan salah satu alternatif yang paling tepat bagi investor yang tidak berani melakukan investasi di saham secara langsung, karena terbatasnya untuk menganalisa dan memilih saham, terbatasnya dana untuk melakukan diversifikasi, serta terbatasnya waktu untuk memonitor kondisi pasar. pergerakan harga dinar dan nab reksadana pasar uang syariah pergerakan harga dinar rata-rata atau moving average dinar digunakan untuk menganalisis harga dinar, dengan tujuan menghitung rata-rata bergerak yang menunjukkan arah pergerakan dinar periode tertentu. pergerakan harga dinar disajikan dalam bentuk grafik dengan periode empat tahun atau selama 48 bulan, dimulai pada bulan januari 2008 sampai dengan bulan desember 2011. harga dinar yang digunakan adalah harga dinar di hari terakhir pada bulan yang diteliti yang mengacu pada harga dinar per hari yang diperoleh dari gerai dinar. sedangkan data nab (nilai aktiva bersih) reksadana puas diperoleh dari situs resmi bapepam. seperti juga dinar, nab reksadana puas disajikan dalam bentuk grafik dengan periode 4 tahun atau 48 bulan, dimulai pada bulan januari 2008 sampai dengan bulan desember 2011. data nab yang digunakan adalah nab reksadana puas yang telah disajikan dalam bentuk bulan oleh bapepam. dan dapat diunduh kapan saja. adapun data harga dinar dan nab reksadana puas bulanan periode januari 2008 sampai desember 2011 dapat dilihat pada tabel 4.1: tabel 2: harga dinar dan nab reksadana puas no tahun bulan dinar (rupiah) nab 1 2008 januari 1,192,200 330,992,636,067.00 2 februari 1,225,500 303,467,643,557.00 3 maret 1,193,600 351,495,680,068.00 4 april 1,127,100 372,199,334,550.00 5 mei 1,203,700 414,264,968,279.00 6 juni 1,193,200 391,704,328,824.60 7 juli 1,161,630 360,418,019,758.70 al-iqtishad: vol. v, no. 2, juli 2013 343 yang pada suatu saatnya bisa memberikan hasil yang lebih tinggi dibandingkan deposito atau obligasi yang akan jatuh tempo kurang dari satu tahun. keempat, reksadana saham (rds). yakni reksadana yang melakukan investasi sekurang-kurangnya 80% dari portofolio yang dikelolanya ke dalam efek bersifat ekuitas (saham). efek saham pada umumnya memberikan hasil yang lumayan tinggi, berupa capital gain melalui pertumbuhan harga-harga saham dan dividen. investasi pada saham merupakan investasi jangka panjang yang menjanjikan. investasi ini merupakan salah satu alternatif yang paling tepat bagi investor yang tidak berani melakukan investasi di saham secara langsung, karena terbatasnya untuk menganalisa dan memilih saham, terbatasnya dana untuk melakukan diversifikasi, serta terbatasnya waktu untuk memonitor kondisi pasar. pergerakan harga dinar dan nab reksadana pasar uang syariah pergerakan harga dinar rata-rata atau moving average dinar digunakan untuk menganalisis harga dinar, dengan tujuan menghitung rata-rata bergerak yang menunjukkan arah pergerakan dinar periode tertentu. pergerakan harga dinar disajikan dalam bentuk grafik dengan periode empat tahun atau selama 48 bulan, dimulai pada bulan januari 2008 sampai dengan bulan desember 2011. harga dinar yang digunakan adalah harga dinar di hari terakhir pada bulan yang diteliti yang mengacu pada harga dinar per hari yang diperoleh dari gerai dinar. sedangkan data nab (nilai aktiva bersih) reksadana puas diperoleh dari situs resmi bapepam. seperti juga dinar, nab reksadana puas disajikan dalam bentuk grafik dengan periode 4 tahun atau 48 bulan, dimulai pada bulan januari 2008 sampai dengan bulan desember 2011. data nab yang digunakan adalah nab reksadana puas yang telah disajikan dalam bentuk bulan oleh bapepam. dan dapat diunduh kapan saja. adapun data harga dinar dan nab reksadana puas bulanan periode januari 2008 sampai desember 2011 dapat dilihat pada tabel 4.1: tabel 2: harga dinar dan nab reksadana puas no tahun bulan dinar (rupiah) nab 1 2008 januari 1,192,200 330,992,636,067.00 2 februari 1,225,500 303,467,643,557.00 3 maret 1,193,600 351,495,680,068.00 4 april 1,127,100 372,199,334,550.00 5 mei 1,203,700 414,264,968,279.00 6 juni 1,193,200 391,704,328,824.60 7 juli 1,161,630 360,418,019,758.70 8 agustus 1,134,734 321,447,601,834.75 9 september 1,235,865 203,130,890,136.78 10 oktober 1,192,426 15,529,250,086.63 11 november 1,379,757 10,628,232,375.79 12 desember 1,327,434 10,057,178,361.56 13 2009 januari 1,440,727 10,031,960,551.52 14 februari 1,605,055 7,360,143,991.71 15 maret 1,515,172 9,077,974,883.42 16 april 1,336,526 6,506,394,780.33 17 mei 1,411,759 6,492,162,481.49 18 juni 1,350,917 9,162,516,655.06 19 juli 1,321,869 10,323,130,472.04 20 agustus 1,351,617 8,796,285,407.48 21 september 1,349,123 8,863,133,360.22 22 oktober 1,393,982 8,861,405,211.03 23 november 1,540,770 26,259,789,229.97 24 desember 1,444,036 26,222,680,690.98 25 2010 januari 1,400,029 37,182,735,982.54 26 februari 1,443,804 37,197,265,693.82 27 maret 1,400,122 30,406,007,939.57 28 april 1,470,082 30,426,904,382.57 29 mei 1,532,275 41,140,136,179.67 30 juni 1,552,167 65,007,617,576.96 31 juli 1,462,647 52,658,797,571.43 32 agustus 1,539,438 52,011,782,566.78 33 september 1,633,865 67,194,823,760.47 34 oktober 1,677,143 53,003,693,073.03 35 november 1,719,323 52,332,718,722.65 36 desember 1,762,976 59,159,396,685.27 37 2011 januari 1,676,423 46,384,529,084.80 38 februari 1,741,073 41,545,918,251.23 39 maret 1,790,003 65,787,025,890.33 40 april 1,927,376 60,323,000,499.24 41 mei 1,884,735 24,812,402,069.79 42 juni 1,857,990 25,564,528,748.86 43 juli 1,981,406 26,073,414,992.87 44 agustus 2,241,545 25,225,138,688.92 45 september 2,326,572 34,988,351,470.66 46 oktober 2,248,051 26,538,015,396.51 47 november 2,265,846 25,654,189,834.33 48 desember 2,140,855 25,023,589,498.51 sumber: gerai dinar dan www.bapepam.go.id berdasarkan data menunjukkan harga perolehan dinar yang tertinggi pada bulan ke-45 atau periode bulan september 2011. sedangkan yang terendah nur ayu eva feriyani: analisis komparasi investasi dinar344 terjadi pada bulan keempat atau periode april 2008. dinar tidak akan pernah berkurang nilainya, karena emas memiliki nilai nominal sama dengan interinsiknya. meskipun ada beberapa periode yang mengalami penurunan, tetapi nilai dinar akan kembali stabil. penyebabnya adalah nilai mata uang kertas yang selalu menyusut terhadap daya beli masyarakat. jadi, emas akan selalu terlihat stabil dan kalaupun ada kenaikan atau penurunan bukan terhadap nilai emas tersebut, tetapi nilai mata uang yang digunakan sebagai konversi nilai emas yang menyusut terhadap mata uang lainnya. berdasarkan data menunjukkan return tertinggi ada pada bulan ke 11 atau periode bulan november 2008 dan return terendah ada pada bulan ke 48 atau bulan desenber 2011. fluktuasi return dinar yang cukup signifikan ini disebabkan oleh harga emas dunia dan nilai tukar rupiah terhadap dolar amerika. kedua faktor tersebut sangat menentukan harga dinar karena dinar memiliki acuan emas standar internasional. ketika harga emas dunia naik dan nilai tukar rendah, maka harga dinar dalam kondisi yang baik. tetapi akan berbanding terbalik ketika harga emas dunia baik dan nilai tukar rupiah tinggi, ini akan mengakibatkan harga dinar naik pula. dengan merujuk kepada data, hasil return dan expected return e (ri) yang merupakan pembagian dari total return dibagi jumlah periode penelitian, didapatkan bahwa reksadana yang penulis teliti selama periode penelitian mempunyai return negatif. return tertinggi ada pada bulan november 2009, sedangkan return terendah ada pada bulan oktober 2008. hal ini dikarenakan krisis ekonomi global yang terjadi pada bulan oktober 2008 lalu. reksadana ini terkena rush, nasabah pemilik account reksadana puas pnm menarik dana mereka secara besar-besaran, yang mengakibatkan tingkat imbal hasilnya atau nabnya jatuh. pengembalian yang diharapkan (expected return) atas dinar dan reksadana pasar uang syariah setelah mengumpulkan data harga dinar dan nab reksadana puas secara bulanan, maka langkah selanjutnya adalah menghitung pengembalian yang diharapkan (expected return) atas dinar dan reksadana puas. sebelum menghitung pengembalian yang diharapkan (expected return) dinar dan reksadana puas, perlu diketahui masing-masing return dari data harga dinar dan nab reksadana puas dengan rumus yang telah dipaparkan pada bab sebelumnya, yaitu persamaan (2.1). cara yang digunakan adalah nilai akhir asset (pi) dan kemudian selisih tersebut dibagi dengan nilai awal asset (pi-1), hasilnya adalah return dari masing-masing data. selanjutnya, untuk mengetahui pengemal-iqtishad: vol. v, no. 2, juli 2013 345 terjadi pada bulan keempat atau periode april 2008. dinar tidak akan pernah berkurang nilainya, karena emas memiliki nilai nominal sama dengan interinsiknya. meskipun ada beberapa periode yang mengalami penurunan, tetapi nilai dinar akan kembali stabil. penyebabnya adalah nilai mata uang kertas yang selalu menyusut terhadap daya beli masyarakat. jadi, emas akan selalu terlihat stabil dan kalaupun ada kenaikan atau penurunan bukan terhadap nilai emas tersebut, tetapi nilai mata uang yang digunakan sebagai konversi nilai emas yang menyusut terhadap mata uang lainnya. berdasarkan data menunjukkan return tertinggi ada pada bulan ke 11 atau periode bulan november 2008 dan return terendah ada pada bulan ke 48 atau bulan desenber 2011. fluktuasi return dinar yang cukup signifikan ini disebabkan oleh harga emas dunia dan nilai tukar rupiah terhadap dolar amerika. kedua faktor tersebut sangat menentukan harga dinar karena dinar memiliki acuan emas standar internasional. ketika harga emas dunia naik dan nilai tukar rendah, maka harga dinar dalam kondisi yang baik. tetapi akan berbanding terbalik ketika harga emas dunia baik dan nilai tukar rupiah tinggi, ini akan mengakibatkan harga dinar naik pula. dengan merujuk kepada data, hasil return dan expected return e (ri) yang merupakan pembagian dari total return dibagi jumlah periode penelitian, didapatkan bahwa reksadana yang penulis teliti selama periode penelitian mempunyai return negatif. return tertinggi ada pada bulan november 2009, sedangkan return terendah ada pada bulan oktober 2008. hal ini dikarenakan krisis ekonomi global yang terjadi pada bulan oktober 2008 lalu. reksadana ini terkena rush, nasabah pemilik account reksadana puas pnm menarik dana mereka secara besar-besaran, yang mengakibatkan tingkat imbal hasilnya atau nabnya jatuh. pengembalian yang diharapkan (expected return) atas dinar dan reksadana pasar uang syariah setelah mengumpulkan data harga dinar dan nab reksadana puas secara bulanan, maka langkah selanjutnya adalah menghitung pengembalian yang diharapkan (expected return) atas dinar dan reksadana puas. sebelum menghitung pengembalian yang diharapkan (expected return) dinar dan reksadana puas, perlu diketahui masing-masing return dari data harga dinar dan nab reksadana puas dengan rumus yang telah dipaparkan pada bab sebelumnya, yaitu persamaan (2.1). cara yang digunakan adalah nilai akhir asset (pi) dan kemudian selisih tersebut dibagi dengan nilai awal asset (pi-1), hasilnya adalah return dari masing-masing data. selanjutnya, untuk mengetahui pengembalian yang diharapkan (expected return) dapat digunakan cara mengetahui rata-rata return dari data tersebut. berikut adalah hasil perhitungan return dari masing-masing data (actual return) dinar dan reksadana puas. tabel 3: return dinar dan reksadana puas no tahun bulan return dinar return nab 1 2008 januari 0.0869 0.0701 2 februari 0.0279 -0.0832 3 maret -0.0260 0.1583 4 april -0.0557 0.0589 5 mei 0.0680 0.1130 6 juni -0.0087 -0.0545 7 juli -0.0265 -0.0799 8 agustus -0.0232 -0.1081 9 september 0.0891 -0.3681 10 oktober -0.0351 -0.9236 11 november 0.1571 -0.3156 12 desember -0.0379 -0.0537 13 2009 januari 0.0853 -0.0025 14 februari 0.1141 -0.2663 15 maret -0.0560 0.2334 16 april -0.1179 -0.2833 17 mei 0.0563 -0.0022 18 juni -0.0431 0.4113 19 juli -0.0215 0.1267 20 agustus 0.0225 -0.1479 21 september -0.0018 0.0076 22 oktober 0.0333 -0.0002 23 november 0.1053 1.9634 24 desember -0.0628 -0.0014 25 2010 januari -0.0305 0.4180 26 februari 0.0313 0.0004 27 maret -0.0303 -0.1826 28 april 0.0500 0.0007 29 mei 0.0423 0.3521 30 juni 0.0130 0.5802 31 juli -0.0577 -0.1900 32 agustus 0.0525 -0.0123 33 september 0.0613 0.2919 34 oktober 0.0265 -0.2112 35 november 0.0251 -0.0127 36 desember 0.0254 0.1304 nur ayu eva feriyani: analisis komparasi investasi dinar346 37 2011 januari -0.0491 -0.2159 38 februari 0.0386 -0.1043 39 maret 0.0281 0.5835 40 april 0.0767 -0.0831 41 mei -0.0221 -0.5887 42 juni -0.0142 0.0303 43 juli 0.0664 0.0199 44 agustus 0.1313 -0.0325 45 september 0.0379 0.3870 46 oktober -0.0337 -0.2415 47 november 0.0079 -0.0333 48 desember -0.0552 -0.0246 expected return dinar dan reksadana puas dinar reksadana puas expected return / e ( r ) 0.0156 0.0274 dari tabel di atas dapat diketahui bahwa e(r) dinar adalah 0.0156 atau sebesar 1.56%. sedangkan e(r) reksadana pasar uang syariah adalah 0.0274 atau 2.74%. pada tabel di atas diketahui keuntungan yang diharapkan (expected return) terbesar adalah e(r) reksadana puas, tetapi ini bukan berarti menimbulkan kesimpulan bahwa reksadana puas lebih prospektif dibandingkan dinar, karena risiko dari masing-masing instrument belum dilihat. risiko dari dinar dan reksadana puas perlu diketahui karena merupakan penyimpangan dari return yang diharapkan terhadap pengembalian aktualnya. risiko dinar dan reksadana pasar uang syariah setelah mengetahui pengembalian yang diharapkan, langkah selanjutnya adalah mengetahui tingkat risiko atas asset yang dijadikan instrument investasi. pada dasarnya investor selalu dihadapkan dengan ketidakpastian memperoleh tingkat keuntungan tersebut menyimpang dari apa yang diharapkan. oleh karena itu perlu diketahui tingkat penyimpangan risiko (suatu aset) menggunakan rumus pada persamaan (2.3) dan (2.4). cara yang digunakan adalah dengan menghitung varian dan standar deviasi investasi tersebut. karena standar deviasi dan varian dapat menunjukkan seberapa besar kemungkinan terjadinya risiko pada instrument investasi tersebut. kedudukan risiko di sini dapat disamakan dengan standar deviasi. tabel dibawah ini merupakan perhitungan varian dan standar deviasi pada dinar dan reksadana puas: al-iqtishad: vol. v, no. 2, juli 2013 347 37 2011 januari -0.0491 -0.2159 38 februari 0.0386 -0.1043 39 maret 0.0281 0.5835 40 april 0.0767 -0.0831 41 mei -0.0221 -0.5887 42 juni -0.0142 0.0303 43 juli 0.0664 0.0199 44 agustus 0.1313 -0.0325 45 september 0.0379 0.3870 46 oktober -0.0337 -0.2415 47 november 0.0079 -0.0333 48 desember -0.0552 -0.0246 expected return dinar dan reksadana puas dinar reksadana puas expected return / e ( r ) 0.0156 0.0274 dari tabel di atas dapat diketahui bahwa e(r) dinar adalah 0.0156 atau sebesar 1.56%. sedangkan e(r) reksadana pasar uang syariah adalah 0.0274 atau 2.74%. pada tabel di atas diketahui keuntungan yang diharapkan (expected return) terbesar adalah e(r) reksadana puas, tetapi ini bukan berarti menimbulkan kesimpulan bahwa reksadana puas lebih prospektif dibandingkan dinar, karena risiko dari masing-masing instrument belum dilihat. risiko dari dinar dan reksadana puas perlu diketahui karena merupakan penyimpangan dari return yang diharapkan terhadap pengembalian aktualnya. risiko dinar dan reksadana pasar uang syariah setelah mengetahui pengembalian yang diharapkan, langkah selanjutnya adalah mengetahui tingkat risiko atas asset yang dijadikan instrument investasi. pada dasarnya investor selalu dihadapkan dengan ketidakpastian memperoleh tingkat keuntungan tersebut menyimpang dari apa yang diharapkan. oleh karena itu perlu diketahui tingkat penyimpangan risiko (suatu aset) menggunakan rumus pada persamaan (2.3) dan (2.4). cara yang digunakan adalah dengan menghitung varian dan standar deviasi investasi tersebut. karena standar deviasi dan varian dapat menunjukkan seberapa besar kemungkinan terjadinya risiko pada instrument investasi tersebut. kedudukan risiko di sini dapat disamakan dengan standar deviasi. tabel dibawah ini merupakan perhitungan varian dan standar deviasi pada dinar dan reksadana puas: tabel 4: varian dan standar deviasi dinar: reksadana puas no instrument varian stdev e(r) 1. dinar 0.0032 5.65 % 1.56 % 2. reksadana puas 0.3092 55.6 % 2.74 % tabel di atas menunjukkan varian dinar 0.0032 dan standar deviasinya sebesar 5.65%. sedangkan pada reksadana pasar uang sebesar 0.3092 dan standar deviasinya sebesar 55.6%. risiko tertinggi terletak pada reksadana puas, tetapi tingkat pengembalian tertinggi terletak pada reksadana puas yaitu sebesar 2.73%. tingkat risiko pada dinar sangat kecil yaitu 5.75%, begitu juga tingkat pengembalian pada dinar tidak menunjukkan angka yang lebih besar yaitu 1.56%. dengan diketahuinya masing-masing risiko dan tingkat pengembalian dari dinar dan reksadana puas, maka bisa dijadikan perbandingan untuk mengetahui instrument mana yang lebih baik. dapat dilihat melalui grafik di bawah ini: data menunjukkan posisi dinar dan reksadana puas berdasarkan expected return dan risikonya. reksadana puas berada pada posisi 2.74% (expected return) dan 55.6% (risiko), sedangkan dinar berada pada posisi 1.56% (expected return) dan 5.75% (risiko). pada grafik di atas dapat dilihat bahwa posisi reksadana puas lebih baik dibandingkan dinar. namun untuk lebih yakin dengan hal tersebut, maka akan dilakukan pengujian selanjutnnya. optimalisasi investasi dinar dan reksadana pasar uang syariah langkah selanjutnya dalam analisis ini adalah mengetahui apakah ada perbedaan antara investasi dinar dan reksadana puas dengan metode perbandingan variabel bebas (uji t). dalam analisis pengujian ini menggunakan pengujian dua arah (two tailed test) untuk mengetahui signifikansi perbedaan dua variabel atau dengan kata lain pengujian ini dilakukan untuk menentukan arah, kemudian dilanjutkan dengan pengujian satu arah (one tailed test) untuk mengetahui variabel mana yang paling unggul di antara dinar dan reksadana pasar uang syariah. karena sampel lebih dari 30 (n > 30), maka kedua pengujian ini menggunakan rumus zo dengan menentukan nilai nyata atau probabilita. pertama, pengujian dua arah (two tailed test). pengujian dua arah adalah pengujian terhadap suatu hipotesis yang belum diketahui arahnya. seperti dua variabel reksa pasar uang syariah dengan dinar memiliki perbedaan, maka harus ditentukan hipotesis yang menganggap bahwa dua sampel tersebut memiliki rata-rata yang berbeda. ini disajikan dalam bentuk hipotesa nol (h0) dan hipotesa alternatif (ha) yaitu: nur ayu eva feriyani: analisis komparasi investasi dinar348 ho : µ1 = µ2 ha : µ1 ≠ µ2 , jika dipaparkan dalam bentuk kalimat sebagai berikut : ho : return dinar emas tidak memiliki perbedaan dengan return reksadana puas ha : return dinar emas memiliki perbedaan dengan return reksadana puas taraf signifikansi yang digunakan adalah sebesar α = 0.05, nilai kritis zα /2 = ± 1,96. ho tidak dapat ditolak bila -1.96≤ z ≤ 1.96. dan ho ditolak bila z > 1.96 atau z < -1.96. dalam kondisi seperti ini secara otomatis ha tidak dapat ditolak. untuk mengetahui nilai z, maka digunakan rumus: dengan √ maka, 1350 dalam pengujian ini, terlihat bahwa zhitung ≤ z tabel atau –zα /2 ≥ z ≥ zα /2 (-1.96 ≥ -0.1350 ≥ 1.96), ini berarti ha ditolak dan ho tidak dapat ditolak, ini menunjukkan sebuah kesimpulan bahwa tidak ada perbedaan return dinar dan return reksadana puas. kedua, pengujian satu arah (one tailed test). pengujian satu arah adalah pengujian terhadap suatu hipotesis yang sudah diketahui arahnya. seperti dua variabel reksa pasar uang syariah dengan dinar, salah satu dari variabel tersebut memiliki return yang lebih unggul dibandingkan variabel lainnya. maka, harus ditentukan hipotesa yang menganggap salah satu variabel tersebut memiliki return yang lebih unggul. ini disajikan dalam bentuk hipotesa nol (h0) dan hipotesa alternatif (ha) yaitu: ho : µ1 = µ2 ha : µ1 < µ2 , jika dipaparkan dalam bentuk kalimat sebagai berikut: ho : return dinar emas sama dengan return reksadana puas ha : return reksadana puas lebih baik dibandingkan dengan return dinar emas taraf signifikansi yang digunakan adalah sebesar α = 0.05, nilai kritis zα = 1,645. ho tidak dapat ditolak bila z ≤ -1.645 yang secara otomatis menolak ha. al-iqtishad: vol. v, no. 2, juli 2013 349 ho : µ1 = µ2 ha : µ1 ≠ µ2 , jika dipaparkan dalam bentuk kalimat sebagai berikut : ho : return dinar emas tidak memiliki perbedaan dengan return reksadana puas ha : return dinar emas memiliki perbedaan dengan return reksadana puas taraf signifikansi yang digunakan adalah sebesar α = 0.05, nilai kritis zα /2 = ± 1,96. ho tidak dapat ditolak bila -1.96≤ z ≤ 1.96. dan ho ditolak bila z > 1.96 atau z < -1.96. dalam kondisi seperti ini secara otomatis ha tidak dapat ditolak. untuk mengetahui nilai z, maka digunakan rumus: dengan √ maka, 1350 dalam pengujian ini, terlihat bahwa zhitung ≤ z tabel atau –zα /2 ≥ z ≥ zα /2 (-1.96 ≥ -0.1350 ≥ 1.96), ini berarti ha ditolak dan ho tidak dapat ditolak, ini menunjukkan sebuah kesimpulan bahwa tidak ada perbedaan return dinar dan return reksadana puas. kedua, pengujian satu arah (one tailed test). pengujian satu arah adalah pengujian terhadap suatu hipotesis yang sudah diketahui arahnya. seperti dua variabel reksa pasar uang syariah dengan dinar, salah satu dari variabel tersebut memiliki return yang lebih unggul dibandingkan variabel lainnya. maka, harus ditentukan hipotesa yang menganggap salah satu variabel tersebut memiliki return yang lebih unggul. ini disajikan dalam bentuk hipotesa nol (h0) dan hipotesa alternatif (ha) yaitu: ho : µ1 = µ2 ha : µ1 < µ2 , jika dipaparkan dalam bentuk kalimat sebagai berikut: ho : return dinar emas sama dengan return reksadana puas ha : return reksadana puas lebih baik dibandingkan dengan return dinar emas taraf signifikansi yang digunakan adalah sebesar α = 0.05, nilai kritis zα = 1,645. ho tidak dapat ditolak bila z ≤ -1.645 yang secara otomatis menolak ha. dan ho ditolak bila z > -1.645 . dalam kondisi seperti ini secara otomatis ha tidak dapat ditolak. untuk mengetahui nilai z, maka digunakan rumus: dengan √ maka, perhitungan diatas menunjukkan bahwa z ≤ zα (-0.1350 ≤ 1.645), ini menujukkan ha ditolak ho tidak dapat ditolak. karena ha ditolak, hal ini menunjukkan bahwa return dinar dan return reksadana puas tidak memiliki perbedaan yang cukup signifikan, dan dapat disimpulkan bahwa return dinar sama dengan return reksadana puas. pengujian hipotesis memberikan sebuah kondisi yang mungkin saja terjadi, bahwa analisis uji t tidak ada perbedaan terhadap return dinar dan return reksadana puas. hal ini dikarenakan adanya krisis keuangan global yang terjadi pada tahun 2008 yang menimpa keuangan dunia, dan berdampak kepada keuangan indonesia. dampak yang terjadi pada krisis keuangan global ini menyebabkan bursa efek di indonesia sempat terhenti dan tidak menjalankan aktivitas selama dua hari, dikarenakan banyaknya efek sekuritas yang mengalami penurunan harga. institusi-institusi di amerika serikat berusaha untuk melikuidasi aset-asetnya di negara lain, termasuk di indonesia. beberapa reksadana pasar uang melakukan kebijakan untuk membekukan aktivitas subscription dan redemption. kepanikan investor yang mendorong mereka untuk menarik dananya dari reksadana pasar uang telah memaksa para mi untuk menjual asetaset dalam portfolio pada harga yang tidak bagus. dan mengakibatkan banyak reksadana yang berbasis pasar uang mengalami kondisi rush yaitu pemilik account atau pemilik rekening reksadana yang menarik besar-besaran uangnya dan ini mengakibatkan imbal hasil reksa-dana mengalami penurunan yang sangat drastis. sedangkan pada dinar risiko hanya pengaruh turunnya nilai mata uang rupiah terhadap mata uang lainnya, khususnya dollar amerika yang digunakan sebagai ukuran bagi dinar indonesia, bukan karena risiko atas nilai emas itu sendiri. nilai emas akan selalu stabil karena dinar memiliki nilai sesuai dengan kondisi dinar itu sendiri. saat ini dinar masih belum banyak diminati oleh masyarakat sebagai instrument investasi. karena masyarakat masih minimnya pengetahuan masyarakat tentang dinar. saat ini, instrument investasi yang sedang diminati masyarakat adalah emas batangan atau logam mulia. masyarakat bernur ayu eva feriyani: analisis komparasi investasi dinar350 bondong-bondong antri untuk memiliki logam mulia selain faktor pengetahuan masyarakat, agen yang menjual logam mulia lebih banyak dibandingkan dinar. untuk kondisi perekonomian saat ini, bagi investor tidak ada perbedaan signifikan berinvestasi di reksadana puas maupun dinar, jika dilihat dari segi return, reksadana puas lebih unggul dengan menunjukkan angka 2.74% sedangkan return dinar hanya menunjukkan angka 1.56%. jadi return reksadana puas lebih unggul sebesar 1.18% dari return dinar. meskipun dari segi return reksadana puas lebih unggul tapi, dari segi risiko reksadana puas sangat tinggi yaitu 55,6 % sedangakan dinar hanya memiliki risiko 5,75%. jika dibandingakan maka reksadana puas dengan dinar adalah 55,6 % : 5,75 % atau kurang lebih 1: 9,7 maka, jika dilihat dari segi risiko dinar lebih unggul dibandingkan reksadana puas. namun berdasarkan penelitian sebelumnnya yang dilakukan oleh anna madania expected return dinar dan expected return swbi memiliki perbedaan yang sangat signifikan yaitu e( r) dinar 1,76% sedangkan e (r) swbi sebesar 0,46%. hal ini membuktikan bahwa dinar lebih baik dibandingkan dengan swbi dari segi expected return. penutup berdasarkan analisis komparasi investasi dinar dan investasi reksadana syariah. dengan menggunakan 48 sample dari bulan januari 2008 hingga desember 2011, dapat ditarik kesimpulan. pertama, hasil pengujian berdasar-kan rumus tingkat pengembalian yang diharapkan (expected return) menunjuk-kan adanya perbedaan antara dinar dan reksadana puas. e(r) dinar menun-jukkan angka sebesar 1.56% sedangkan e(r) reksadana puas sebesar 2.74%. risiko dinar sebesar 5.65% sedangkan risiko reksadana puas sebesar 55.6%. dari data-data tersebut sudah bisa diambil kesimpulan bahwa reksadana puas lebih unggul tingkat pengembaliannya meskipun risiko yang dimiliki reksadana puas sangat tinggi dibandingkan dinar. akan tetapi, investor harus lebih cermat lagi untuk memilih instrument investasi bukan hanya sekedar tingkat pengem-baliannya saja melainkan juga dari tingkat risikonya. agar lebih aman sebaiknya investor memilih instrument dinar meskipun tingkat pengembaliannya kecil, namun risiko yang dimiliki dinar jauh lebih rendah dibandingkan reksadana puas. kedua, hasil pengujian hipotesis menyatakan bahwa e(r) dinar sama dengan e(r) reksadana puas. pada pengujian dua arah (two tailed test) diketahui bahwa z ≤ zα (-0.1398 ≤ 1.645), ini berarti ha ditolak dan ho tidak dapat ditolak, ini menunjukkan sebuah kesimpulan bahwa tidak ada perbedaan return dinar dan return reksadana puas. untuk pengujian satu arah (one tailed test) ini dapat dilihat dari hasil t hitung yang menunjukkan angka lebih kecil daripada t al-iqtishad: vol. v, no. 2, juli 2013 351 bondong-bondong antri untuk memiliki logam mulia selain faktor pengetahuan masyarakat, agen yang menjual logam mulia lebih banyak dibandingkan dinar. untuk kondisi perekonomian saat ini, bagi investor tidak ada perbedaan signifikan berinvestasi di reksadana puas maupun dinar, jika dilihat dari segi return, reksadana puas lebih unggul dengan menunjukkan angka 2.74% sedangkan return dinar hanya menunjukkan angka 1.56%. jadi return reksadana puas lebih unggul sebesar 1.18% dari return dinar. meskipun dari segi return reksadana puas lebih unggul tapi, dari segi risiko reksadana puas sangat tinggi yaitu 55,6 % sedangakan dinar hanya memiliki risiko 5,75%. jika dibandingakan maka reksadana puas dengan dinar adalah 55,6 % : 5,75 % atau kurang lebih 1: 9,7 maka, jika dilihat dari segi risiko dinar lebih unggul dibandingkan reksadana puas. namun berdasarkan penelitian sebelumnnya yang dilakukan oleh anna madania expected return dinar dan expected return swbi memiliki perbedaan yang sangat signifikan yaitu e( r) dinar 1,76% sedangkan e (r) swbi sebesar 0,46%. hal ini membuktikan bahwa dinar lebih baik dibandingkan dengan swbi dari segi expected return. penutup berdasarkan analisis komparasi investasi dinar dan investasi reksadana syariah. dengan menggunakan 48 sample dari bulan januari 2008 hingga desember 2011, dapat ditarik kesimpulan. pertama, hasil pengujian berdasar-kan rumus tingkat pengembalian yang diharapkan (expected return) menunjuk-kan adanya perbedaan antara dinar dan reksadana puas. e(r) dinar menun-jukkan angka sebesar 1.56% sedangkan e(r) reksadana puas sebesar 2.74%. risiko dinar sebesar 5.65% sedangkan risiko reksadana puas sebesar 55.6%. dari data-data tersebut sudah bisa diambil kesimpulan bahwa reksadana puas lebih unggul tingkat pengembaliannya meskipun risiko yang dimiliki reksadana puas sangat tinggi dibandingkan dinar. akan tetapi, investor harus lebih cermat lagi untuk memilih instrument investasi bukan hanya sekedar tingkat pengem-baliannya saja melainkan juga dari tingkat risikonya. agar lebih aman sebaiknya investor memilih instrument dinar meskipun tingkat pengembaliannya kecil, namun risiko yang dimiliki dinar jauh lebih rendah dibandingkan reksadana puas. kedua, hasil pengujian hipotesis menyatakan bahwa e(r) dinar sama dengan e(r) reksadana puas. pada pengujian dua arah (two tailed test) diketahui bahwa z ≤ zα (-0.1398 ≤ 1.645), ini berarti ha ditolak dan ho tidak dapat ditolak, ini menunjukkan sebuah kesimpulan bahwa tidak ada perbedaan return dinar dan return reksadana puas. untuk pengujian satu arah (one tailed test) ini dapat dilihat dari hasil t hitung yang menunjukkan angka lebih kecil daripada t tabel, yaitu bahwa z ≤ zα (-0.1398 ≤ 1.645), ini menujukkan ha ditolak dan ho tidak dapat ditolak dengan taraf signifikansi sebesar 5%. dapat disimpulkan bahwa expected return dinar dan expected return reksadana puas sama. [] pustaka acuan anggraeni, tini, ”mata kuliah pasar modal”, selasa 5 oktober 2010 (tidak diterbitkan) boediono, ekonomi moneter”, yogyakarta: bpfe, 1999. brosur wakala nusantara. daniel, moehar, metode penelitian sosial ekonomi, jakarta: bumi aksara, 2002. ghufron, sofiyani, investasi halal di reksadana syariah, jakarta: renaisan, 2005. halim, abdul, analisis investasi, depok: salemba empat, 2003. hamidi, m. luthfi, gold dinar (sistem moneter global yang stabil dan berkeadilan), jakarta: senayan abadi publishing, 2007. hasan, ahmad, mata uang islami telaah komprehensif sistem keuangan islami, ed. terjemahan. penerjemah: saifurahman barito dan zulfikar ali, jakarta: pt. rajagrafindo persada, 2005. husnan, suad, dasar-dasar teori portofolio dan analisis sekuritas, yogyakarta: upp amp ykpn, 2001. iqbal, muhaimin, dinar solution (dinar sebagai solusi), jakarta: gema insani, 2008. ---------------, mengembalikan kemakmuran islam dengan dinar dan dirham, depok: spiritual learning centre, 2007. madania, anna, analisis investasi dinar, jakarta: uin syarif hidayatullah, 2009. majalah sharing edisi 27 tahun iii maret 2009. majalah sharing edisi 36 tahun iv desember 2009. majalah sharing edisi 57 tahun v september 2011. manan, abdul, aspek hukum dalam penyelenggaraan investasi di pasar modal syariah indonesia, jakarta: kencana, 2009. manurung, adler haymans, panduan lengkap reksadana investasiku, jakarta: pt. kompas media nusantara, 2008. munir, rinaldi, bahan kuliah probabilitas dan statistik, sekolah teknik elektro dan informatika itb (tidak diterbitkan), 2006. nafik hr, muhammad, bursa efek dan investasi syariah, jakarta: serambi, 2009. nopirin, ekonomi moneter buku ii, yogyakarta: bpfe, 2000. pratomo, eko p, berwisata ke dunia reksadana, jakarta: pt. gramedia pustaka utama, 2007. riduwan, metode dan teknik menyusun tesis, bandung: alfabeta, 2009. nur ayu eva feriyani: analisis komparasi investasi dinar352 rochaety, ety, dkk, metodologi penelitian bisnis dengan aplikasi spss, jakarta: mitra wacana media, 2009. rodoni, ahmad, investasi syariah”, jakarta: lembaga penelitian uin jakarta, 2009. saleh, samsubar, statistik induktif, yogyakarta: upp amp ykpn, 2001. saltian, yoga, analisis perbandingan risiko dan tingkat pengembalian reksadana syariah dan reksadana konvensional ” skripsi fakultas ekonomi yogyakarta: uii, 2009. sarkaniputra, murasa, ilmu ekonomi (pengantar ekonomi moneter: suatu awalan). bahan pengajaran ekonomi, perbankan dan asuransi islam, jakarta: uin syarif hidayatullah, 2000. sarkaniputra, murasa, ruqyah syar’iyyah: teori, model, dan sistem ekonomi” jakarta: al-ishlah press & stei, 2009. setiawan, aziz budi, “alternatif investasi islami, jakarta: paper penelitian di the indonesia economic intelligence, 2007. sumanto, agus edi, materi kuliah manajemen investasi dan risiko, pada sabtu 27 maret (tidak diterbitkan) tandeilin, eduardus, portofolio dan investasi teori dan aplikasi, yogyakarta: kanisius, 2010. singarimbun, masri, & efendi, sofian, metode penelitia survai, jakarta: lp3es, 1986. sholeh, achmad zanbar, ilmu statistika, bandung: rekayasa sains, 2005. suryabrata, sumadi, alat ukur psikologis, yogyakarta: andi, 2005. sutanto, r.b. agus, dalam seminar ‚metodologi dan teknik penelitian survai: beberapa masalah dalam penerapan dan upaya mengatasinnya, lp3es, 31 desember 1993 di jakarta. tjondronegoro, sediono, dalam seminar ‚komentar atas ruu tentang statistik‛, lp3es, oktober 1996 di jakarta. wahid, abdurahman, dalam seminar ‚politik dan pengumpulan pendapat umum‛, lp3es, 31 desember 1993 di jakarta. wirosardjono, soetjipto, angka-angka berbicara, perbincangan tentang statistik di indonesia, jakarta: lp3es, 2007. perbandingan kartu kredit dan kartu kredit berbasis syariah di indonesia zainul arifin yusuf abstract: the comparison between credit card and credit card-based sharia in indonesia. apparently, even causing the pros and contra, the business of credit cards tempts most perpetrators of islamic banks to make sharias’credit card. sharia based credit cards have a number of differences than the conventional credit card. one of them is the basic law that refers to the banking law, as well as to the islamic banking law, and the national fatwa council of sharia. in addition, islamic credit cards are credit cards that implement the wage system (ujrah). in the transaction, islamic credit card users free of interest and penalties. penalties only apply to customers who are in default, and the fine is not used as revenue for the bank, but it is distributed to the social fund. keywords: credit card, credit card sharia, interest, and ijârah abstrak: perbandingan kartu kredit dan kartu kredit berbasis syariah di indonesia. bisnis kartu kredit ternyata menggoda sebagian pelaku bank syariah untuk menghadirkan kartu kredit berbasis syariah, meski menimbulkan pro dan kontra. kartu kredit berbasis syariah memiliki sejumlah perbedaan dibandingkan kartu kredit konvensional. salah satunya adalah dasar hukum yang digunakan selain mengacu pada undang-undang perbankan, juga kepada undang-undang perbankan syariah, dan fatwa dewan syariah nasional. selain itu, kartu kredit syariah adalah kartu kredit yang menerapkan sistem upah (ujrah). dalam bertransaksi, pengguna kartu kredit syariah terbebas dari bunga dan denda. denda hanya dikenakan bagi nasabah yang melakukan wanprestasi, dan denda itupun tidak dijadikan sebagai pendapatan bagi bank, melainkan disalurkan untuk dana sosial. kata kunci: kartu kredit, kartu kredit syariah, bunga, dan ijârah naskah diterima: 17 november 2010, direvisi: 13 mei 2011, disetujui: 19 mei 2011.  himpunan ilmuwan dan sarjana syariah indonesia (hissi). jl. ir. h. juanda, ciputat, tangerang selatan. e-mail: zainul_arifin-55@yahoo.com zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 256 pendahuluan perkembangan bank syariah di indonesia tidak terlepas dari pengaruh perkembangan perbankan syariah di negara-negara lain, seperti pakistan (akhir tahun 1950-an) dan india (jemaat e–islami hind, 1968) yang menerapkan sistem pinjaman bebas bunga1, faisal islamic bank (1978) sebagai bank syariah pertama yang didirikan di mesir, faisal islamic bank of kibris (1983) di siprus, kuwait finance house (1977) di kuwait, city islamic bank of bahrain, faysal islamic bank of bahrain, dan al-barakah bank di bahrain, bank islam malaysia berhad (1983) di malaysia, juga iran dan turki yang juga memiliki bank syariah.2 selain berkembang di beberapa negara di dunia, juga terdapat bank syariah bertaraf internasional, yaitu islamic development bank (idb) yang didirikan pada tahun 1395 h/1975 m. sampai dengan tahun 1992, idb telah beranggotakan 52 negara yang berpenduduk mayoritas muslim dengan modal sebanyak 2 miliar islamic dinar dan sudah mampu menjangkau negara-negara anggota idb dan asia tengah, dengan kantor regionalnya di almaty kazakhstan pada tahun 1997.3 perkembangan bank syariah di indonesia juga tidak terlepas dari peran majelis ulama indonesia (mui) dan ikatan cendikiawan muslim se indonesia (icmi) pada lokakarya ‚bunga bank & perbankan‛ di bogor. yang akhirnya berhasil terwujud dengan didirikannya bank muamalat indonesia (bmi) pada 1 november 1991).4 di indonesia, legalisasi kegiatan perbankan syariah diatur melalui uu no. 7 tahun 1992 tentang perbankan, sebagaimana telah diubah dalam uu no. 10 tahun1998 serta uu no. 23 tahun 1999.5 setelah dikeluarkannya ketentuan per undang-undangan tersebut, sistem perbankan syariah telah menunjukkan perkembangan yang cukup pesat, dengan diiringi meningkatnya kompleksitas permasalahan dan tantangan. seperti umumnya lembaga usaha, bank syariah pun mempunyai tujuan yang sama, yaitu meningkatkan pendapatan. dengan meningkatnya pendapatan, akan meningkat pula laba yang diperoleh perusahaan yang akan digunakan bagi keberlangsungan perusahaan tersebut. untuk meningkatkan pendapatan, biasa 1muhammad ghafur w, potret perbankan syariah terkini (kajian kritis perkembangan perbankan syariah), (yogyakarta: biruni press, 2007), h. 2. 2muhammad syafi’i antonio, bank syariah dari teori ke praktek, (jakarta: gema insani press, 2001), h. 22-25. 3ghafur, potret perbankan syariah terkini, h. 3. 4ghafur, potret perbankan syariah terkini, h. 4. 5sofyan s. harahap, dkk, akuntansi perbankan syariah, (jakarta: lpfe usakti, 2003), edisi revisi, h. 1. al-iqtishad: vol. iii, no. 2, juli 2011 257 pendahuluan perkembangan bank syariah di indonesia tidak terlepas dari pengaruh perkembangan perbankan syariah di negara-negara lain, seperti pakistan (akhir tahun 1950-an) dan india (jemaat e–islami hind, 1968) yang menerapkan sistem pinjaman bebas bunga1, faisal islamic bank (1978) sebagai bank syariah pertama yang didirikan di mesir, faisal islamic bank of kibris (1983) di siprus, kuwait finance house (1977) di kuwait, city islamic bank of bahrain, faysal islamic bank of bahrain, dan al-barakah bank di bahrain, bank islam malaysia berhad (1983) di malaysia, juga iran dan turki yang juga memiliki bank syariah.2 selain berkembang di beberapa negara di dunia, juga terdapat bank syariah bertaraf internasional, yaitu islamic development bank (idb) yang didirikan pada tahun 1395 h/1975 m. sampai dengan tahun 1992, idb telah beranggotakan 52 negara yang berpenduduk mayoritas muslim dengan modal sebanyak 2 miliar islamic dinar dan sudah mampu menjangkau negara-negara anggota idb dan asia tengah, dengan kantor regionalnya di almaty kazakhstan pada tahun 1997.3 perkembangan bank syariah di indonesia juga tidak terlepas dari peran majelis ulama indonesia (mui) dan ikatan cendikiawan muslim se indonesia (icmi) pada lokakarya ‚bunga bank & perbankan‛ di bogor. yang akhirnya berhasil terwujud dengan didirikannya bank muamalat indonesia (bmi) pada 1 november 1991).4 di indonesia, legalisasi kegiatan perbankan syariah diatur melalui uu no. 7 tahun 1992 tentang perbankan, sebagaimana telah diubah dalam uu no. 10 tahun1998 serta uu no. 23 tahun 1999.5 setelah dikeluarkannya ketentuan per undang-undangan tersebut, sistem perbankan syariah telah menunjukkan perkembangan yang cukup pesat, dengan diiringi meningkatnya kompleksitas permasalahan dan tantangan. seperti umumnya lembaga usaha, bank syariah pun mempunyai tujuan yang sama, yaitu meningkatkan pendapatan. dengan meningkatnya pendapatan, akan meningkat pula laba yang diperoleh perusahaan yang akan digunakan bagi keberlangsungan perusahaan tersebut. untuk meningkatkan pendapatan, biasa 1muhammad ghafur w, potret perbankan syariah terkini (kajian kritis perkembangan perbankan syariah), (yogyakarta: biruni press, 2007), h. 2. 2muhammad syafi’i antonio, bank syariah dari teori ke praktek, (jakarta: gema insani press, 2001), h. 22-25. 3ghafur, potret perbankan syariah terkini, h. 3. 4ghafur, potret perbankan syariah terkini, h. 4. 5sofyan s. harahap, dkk, akuntansi perbankan syariah, (jakarta: lpfe usakti, 2003), edisi revisi, h. 1. nya perusahaan melakukan inovasi produk untuk menggaet pasar. dalam hal ini, bank syariah melihat adanya kebutuhan masyarakat akan instrumen yang praktis, aman, nyaman, dan efisien sehingga berfungsi untuk memudahkan pelbagai transaksi di masyarakat seperti fungsi yang dimiliki kartu kredit, serta melihat potensi masyarakat di indonesia yang mayoritas penduduk beragama islam dan bangkitnya kesadaran untuk mempraktikkan islam secara kâffah (utuh). maka bank syariah di indonesia berinisiatif untuk mengeluarkan produk yang serupa tetapi tak sama dengan kartu kredit. fitur yang ditawarkan kartu kredit syariah sama dengan fitur yang ada di kartu kredit, bedanya kartu kredit syariah tidak membebankan bunga sepeserpun kepada nasabah. intinya bank syariah dapat memberikan penawaran produk berkelas seperti yang dimiliki perbankan konvensional, tetapi dengan tetap menjaga prinsip syariah. perkembangan kartu kredit syariah di indonesia pun tidak terlepas dari pengaruh perkembangan kartu kredit syariah di negara-negara lain yang mempunyai sistem perbankan syariah seperti bahrain, malaysia, saudi arabia, kuwait, dan lain sebagainya.6 pt. danamon dalam rangka untuk mewujudkan kemudahan transaksi umat islam, khususnya bagi mereka para pengguna (nasabah) perbankan syariah di indonesia, bekerja sama dengan mastercard telah meluncurkan dirham card, kartu syariah yang pertama di indonesia dengan penawaran unik, fungsionalis, dan pelbagai keuntungan lainnya sebagaimana kartu kredit biasa.7 salah satu alasan yang menjadi pertimbangan diterbitkannya syariah card (kartu kredit syariah) yaitu fatwa dari dewan syariah nasional majelis ulama indonesia (dsn-mui) no. 54/dsn-mui/x/2006 dan surat edaran bank indonesia no. 9/183/dpbs/2007, bahwa diperlukan adanya instrumen pengganti dari kartu kredit yang tidak berprinsipkan bunga sebagai produk alternatif yang aman dan menentramkan.8 meskipun demikian, masih terjadi perdebatan di kalangan masyarakat mengenai pendapatan yang akan diterima bank syariah dari kartu kredit syariah. sementara bank konvensional sudah jelas akan mendapatkan keuntungan berupa bunga dari transaksi kartu kredit tersebut. atas dasar itulah penulis tertarik 6m. luthfi hamidi, jejak-jejak ekonomi syariah, (jakarta: senayan abadi publishing, 2003), h. 203-205. 7antara, ‚bank danamon luncurkan dirham card‛, artikel diakses pada 12 januari 2009 dari http://www.antara.co.id/arc/2007/7/19/bank-danamon-luncurkan-dirham card/_ 8safruddin, ‚dirham card kks pertama di indonesia‛, artikel diakses pada 12 januari 2009 http://safruddin.wordpress.com/2007/08/04/dirham-card-kartu-kredit-syariah-pertama-diindonesia/ zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 258 untuk meneliti mengenai perbandingan kartu kredit dan kartu kredit berbasis syariah di indonesia. pengertian, fungsi, dan jenis kartu kredit kartu kredit adalah kartu yang dapat digunakan sebagai alat pembayaran transaksi jual-beli barang dan jasa, kemudian pelunasan atas penggunaannya dapat dilakukan sekaligus atau secara angsuran sejumlah minimum tertentu.9 kartu kredit merupakan salah satu kartu plastik yang beredar di indonesia dan mulai beredar sejak terbitnya surat keputusan menteri keuangan no. 1251/ kmk. 013/1988 tanggal 20 oktober 1988.10 ada beberapa kartu plastik lainnya yang berbeda fungsi penggunaannya. pertama, charge card adalah kartu yang dapat digunakan sebagai alat pembayaran sesuatu transaksi barang dan jasa, kemudian pemegang kartu diwajibkan membayar kembali secara penuh seluruh tagihannya pada akhir bulan atau bulan berikutnya dengan atau tanpa beban tambahan. kedua, kartu debet (debit card), yaitu kartu yang dapat digunakan sebagai perintah bayar atau pendebetan terhadap rekening pemegangnya. transaksi dengan menggunakan kartu debet adalah transaksi tunai yang pembayarannya tidak dengan uang tunai, tetapi melalui pembebanan rekening pemegang kartu debet dan pengkreditan terhadap merchant. ketiga, cash card, adalah kartu tunai, atau sering disebut juga kartu atm, yaitu kartu yang dapat digunakan untuk penarikan tunai baik di counter-counter bank maupun pada anjungan atm. keempat, check guarantee card, yaitu kartu yang dapat digunakan sebagai jaminan dalam penarikan cek oleh pemegang kartu tersebut. kelima, smart card, yaitu kartu yang berfungsi sebagai rekening terpadu, kartu ini dapat dihubungkan dengan rekening pribadi dan dapat menyimpan dan memperbarui data dalam microchip, sehingga pemegang kartu dapat mengetahui keadaan semua rekeningnya. keenam, private label card, yaitu kartu yang bukan diterbitkan oleh bank, melainkan oleh suatu badan usaha seperti supermarket, hotel dan perusahaan lainnya. pemakaian kartu ini hanya terbatas pada perusahaan yang mengeluarkannya.11 9 taswan, akuntansi perbankan,transaksi dalam valuta rupiah, (semarang: upp amp ykpn, 2003), h. 235 10taswan, akuntansi perbankan,transaksi dalam valuta rupiah, h. 235. 11 johannes ibrahim, kartu kredit, dilematis antara kontrak dan kejahatan, (t.t.: refika aditama, 2004), h. 15. al-iqtishad: vol. iii, no. 2, juli 2011 259 untuk meneliti mengenai perbandingan kartu kredit dan kartu kredit berbasis syariah di indonesia. pengertian, fungsi, dan jenis kartu kredit kartu kredit adalah kartu yang dapat digunakan sebagai alat pembayaran transaksi jual-beli barang dan jasa, kemudian pelunasan atas penggunaannya dapat dilakukan sekaligus atau secara angsuran sejumlah minimum tertentu.9 kartu kredit merupakan salah satu kartu plastik yang beredar di indonesia dan mulai beredar sejak terbitnya surat keputusan menteri keuangan no. 1251/ kmk. 013/1988 tanggal 20 oktober 1988.10 ada beberapa kartu plastik lainnya yang berbeda fungsi penggunaannya. pertama, charge card adalah kartu yang dapat digunakan sebagai alat pembayaran sesuatu transaksi barang dan jasa, kemudian pemegang kartu diwajibkan membayar kembali secara penuh seluruh tagihannya pada akhir bulan atau bulan berikutnya dengan atau tanpa beban tambahan. kedua, kartu debet (debit card), yaitu kartu yang dapat digunakan sebagai perintah bayar atau pendebetan terhadap rekening pemegangnya. transaksi dengan menggunakan kartu debet adalah transaksi tunai yang pembayarannya tidak dengan uang tunai, tetapi melalui pembebanan rekening pemegang kartu debet dan pengkreditan terhadap merchant. ketiga, cash card, adalah kartu tunai, atau sering disebut juga kartu atm, yaitu kartu yang dapat digunakan untuk penarikan tunai baik di counter-counter bank maupun pada anjungan atm. keempat, check guarantee card, yaitu kartu yang dapat digunakan sebagai jaminan dalam penarikan cek oleh pemegang kartu tersebut. kelima, smart card, yaitu kartu yang berfungsi sebagai rekening terpadu, kartu ini dapat dihubungkan dengan rekening pribadi dan dapat menyimpan dan memperbarui data dalam microchip, sehingga pemegang kartu dapat mengetahui keadaan semua rekeningnya. keenam, private label card, yaitu kartu yang bukan diterbitkan oleh bank, melainkan oleh suatu badan usaha seperti supermarket, hotel dan perusahaan lainnya. pemakaian kartu ini hanya terbatas pada perusahaan yang mengeluarkannya.11 9 taswan, akuntansi perbankan,transaksi dalam valuta rupiah, (semarang: upp amp ykpn, 2003), h. 235 10taswan, akuntansi perbankan,transaksi dalam valuta rupiah, h. 235. 11 johannes ibrahim, kartu kredit, dilematis antara kontrak dan kejahatan, (t.t.: refika aditama, 2004), h. 15. terdapat dua jenis kartu plastik berdasarkan wilayah berlakunya: pertama, kartu plastik lokal, yaitu kartu plastik yang berlaku pada wilayah tertentu, misalnya untuk seluruh indonesia, contoh kartu atm bank muammalat indonesia. kedua, kartu plastik internasional, yaitu kartu plastik yang berlaku dan dapat digunakan di seluruh dunia, contoh: visa, mastercard, american express, dinners club.12 kartu kredit syariah dan jenis-jenis akad yang digunakan kartu kredit syariah merupakan kartu yang diterbitkan oleh bank syariah dalam rangka memenuhi kebutuhan masyarakat akan adanya kartu kredit yang bebas bunga. menurut fatwa dewan syariah nasional majelis ulama indonesia (dsn-mui) no. 54/dsn-mui/x/2006 bahwa kartu kredit syariah (syariah card) mempunyai akad-akad yang terkandung di dalamnya:13 pertama, ijârah. ijârah adalah akad pemindahan hak guna atas barang atau jasa, melalui pembayaran upah sewa, tanpa diikuti dengan pemindahan kepemilikan (ownership/milkiyyah) atas barang itu sendiri.14 dari definisi di atas diketahui bahwa rukun dari akad ijârah adalah: (1) musta'jir/penyewa atau pemberi upah, (2) muajjir/pemilik barang atau penerima upah, (3) ma'jûr/barang atau objek sewaan, atau sesuatu yang dikerjakan dalam upah mengupah, (4) ajr atau ujrah/harga sewa atau manfaat sewa, (5) ijâb-qabûl. dalil yang dijadikan sebagai landasan kebolehan akad ijârah adalah firman allah swt. dalam q.s. al-baqarah [2]: 233:                                                  dan jika kamu ingin anakmu disusukan oleh orang lain, tidak dosa bagimu apabila kamu memberikan pembayaran menurut yang patut. bertakwalah kamu kepada allah dan ketahuilah bahwa allah maha melihat apa yang kamu kerjakan. (q.s. al-baqarah [2]: 233) 12 taswan, akuntansi perbankan,transaksi dalam valuta rupiah, h. 236. 13 mui, 'tatwa dsn-mui tentang syariah card", artikel diakses pada 12 januari 2009 dari http://www.mui.or.id/mui in/product 2/fatwa.php?id=64&pg=3 14 syafi'i antonio, bank syariah dari teori ke praktek, h. 117 zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 260 dalam ayat tersebut diperbolehkan memberi upah orang lain untuk melakukan suatu pekerjaan dengan syarat agar memberikan upah atau pembayaran tersebut dengan cara yang baik. kemudian dalil kedua yang menjadi dasar dari akad ijârah yaitu hadis nabi saw., ‚dari ibn ‘umar bahwa rasulullah bersabda, "berikanlah upah pekerja sebelum keringatnya kering." (h.r. ibn mâjah).15 hadis ini menjelaskan mengenai waktu pembayaran upah para pekerja agar segera dibayar sesuai dengan porsinya, karena apabila pembayaran tersebut ditunda dikhawatirkan akan menzalimi pekerja tersebut. umumnya implementasi akad ijârah di dunia perbankan merupakan suatu akad atau perjanjian bank dengan nasabah untuk menyewa suatu barang atau objek milik bank, di mana bank mendapatkan imbalan atau fee atas barang/ objek yang disewakannya tersebut, dan diakhir periode nasabah akan diberi kesempatan untuk membeli barang/objek tersebut atau biasa disebut ijârah muntahiya bi al-tamlik (imbt). kedua, al-qardh. al-qardh adalah pemberian harta kepada orang lain yang dapat ditagih atau diminta kembali atau dengan kata lain meminjamkan tanpa mengharapkan imbalan.16 dalam perjanjian al-qardh, pemberi pinjaman (kreditor) memberikan pinjaman kepada pihak lain dengan ketentuan penerima pinjaman akan mengembalikan pinjaman tersebut pada waktu yang telah diperjanjikan dengan jumlah yang sama ketika pinjaman itu diberikan. 17 rukun dari akad al-qardh, 18 yaitu: pihak yang meminjamkan (muqtaridh), pihak yang memberikan pinjaman (muqridh), dana (qiradh), ijab kabul (sighah). transaksi al-qardh diperbolehkan oleh para ulama berdasarkan firman allah dalam q.s. al-hadîd [57]: 11:                             siapakah yang mau meminjamkan kepada allah pinjaman yang baik, allah akan melipatgandakan (balasan) pinjaman itu untuknya dan dia akan memperoleh pahala yang banyak. (q.s. al-hadîd [57]: 11) 15 ibnu hajar asqalani, bulughulmaram, (beirut : dar ihya, 773 h), h. 188. 16 syafi'i antonio, bank syariah dari teori ke praktek, h. 131. 17 sutan remy sjahdeini, perbankan islam dan kedudukannya dalam tata hukum perbankan indonesia, (jakarta: pt. pustaka utama grafiti, 1999), h.75. 18 slamet wiyono, cara mudah memahami akuntansi perbankan syariah, berdasarkan psak dan papsi, (jakarta: pt. grasindo, 2005), h. 29-30. al-iqtishad: vol. iii, no. 2, juli 2011 261 dalam ayat tersebut diperbolehkan memberi upah orang lain untuk melakukan suatu pekerjaan dengan syarat agar memberikan upah atau pembayaran tersebut dengan cara yang baik. kemudian dalil kedua yang menjadi dasar dari akad ijârah yaitu hadis nabi saw., ‚dari ibn ‘umar bahwa rasulullah bersabda, "berikanlah upah pekerja sebelum keringatnya kering." (h.r. ibn mâjah).15 hadis ini menjelaskan mengenai waktu pembayaran upah para pekerja agar segera dibayar sesuai dengan porsinya, karena apabila pembayaran tersebut ditunda dikhawatirkan akan menzalimi pekerja tersebut. umumnya implementasi akad ijârah di dunia perbankan merupakan suatu akad atau perjanjian bank dengan nasabah untuk menyewa suatu barang atau objek milik bank, di mana bank mendapatkan imbalan atau fee atas barang/ objek yang disewakannya tersebut, dan diakhir periode nasabah akan diberi kesempatan untuk membeli barang/objek tersebut atau biasa disebut ijârah muntahiya bi al-tamlik (imbt). kedua, al-qardh. al-qardh adalah pemberian harta kepada orang lain yang dapat ditagih atau diminta kembali atau dengan kata lain meminjamkan tanpa mengharapkan imbalan.16 dalam perjanjian al-qardh, pemberi pinjaman (kreditor) memberikan pinjaman kepada pihak lain dengan ketentuan penerima pinjaman akan mengembalikan pinjaman tersebut pada waktu yang telah diperjanjikan dengan jumlah yang sama ketika pinjaman itu diberikan. 17 rukun dari akad al-qardh, 18 yaitu: pihak yang meminjamkan (muqtaridh), pihak yang memberikan pinjaman (muqridh), dana (qiradh), ijab kabul (sighah). transaksi al-qardh diperbolehkan oleh para ulama berdasarkan firman allah dalam q.s. al-hadîd [57]: 11:                             siapakah yang mau meminjamkan kepada allah pinjaman yang baik, allah akan melipatgandakan (balasan) pinjaman itu untuknya dan dia akan memperoleh pahala yang banyak. (q.s. al-hadîd [57]: 11) 15 ibnu hajar asqalani, bulughulmaram, (beirut : dar ihya, 773 h), h. 188. 16 syafi'i antonio, bank syariah dari teori ke praktek, h. 131. 17 sutan remy sjahdeini, perbankan islam dan kedudukannya dalam tata hukum perbankan indonesia, (jakarta: pt. pustaka utama grafiti, 1999), h.75. 18 slamet wiyono, cara mudah memahami akuntansi perbankan syariah, berdasarkan psak dan papsi, (jakarta: pt. grasindo, 2005), h. 29-30. dan hadis nabi saw.: ibn mas‘ûd meriwayatkan bahwa nabi saw. berkata, "bukan seorang muslim (mereka) yang meminjamkan muslim (lainnya) dua kali kecuali yang satunya adalah (senilai) sedekah." (h.r. ibn mâjah). dari dalil di atas diketahui bahwa dianjurkan untuk meminjamkan apapun, baik berupa harta maupun benda kepada orang lain sebagai bentuk pendekatan diri kepada allah dan akan mendapatkan balasan disisi-nya. akad qardh sendiri merupakan akad ta‘âwun atau tolong-menolong dan saling membantu, dan bukan merupakan akad komersial. akad qardh juga telah diperbolehkan oleh para ulama dalam ijmaknya, karena melihat tabiat manusia yang tidak bisa hidup tanpa bantuan dan pertolongan saudaranya, dan tidak seorangpun yang memiliki segalabarang yang ia butuhkan. oleh karena itu pinjam-meminjam sudah menjadi satu bagian dari kehidupan manusia di dunia ini. ketiga, kafâlah. kafâlah adalah jaminan yang diberikan oleh penanggung (kâfil) kepada pihak ketiga untuk memenuhi kewajiban pihak kedua atau yang ditanggung. dalam pengertian lain, kafâlah juga berarti mengalihkan tanggung jawab seseorang yang dijamin dengan berpegang pada tanggung jawab orang lain sebagai penjamin.19 firman allah dalam q.s. yûsuf [12]: 72:                          penyeru-penyeru itu berseru, ‚kami kehilangan piala raja dan barangsiapa yang dapat mengembalikannya akan memperoleh makanan (seberat) beban unta dan aku menjamin terhadapnya. (q.s. yûsuf [12]: 72) hadis nabi muhammad saw. dari abû 'âshim dari yazîd ibn ‘ubayd dari salmah ibn akwa': telah dihadapkan kepada rasulullah saw. (mayat seorang laki-laki untuk disalatkan). rasulullah saw. bertanya, "apakah dia mempunyai warisan?" para sahabat menjawab, "tidak". rasulullah bertanya lagi, "apakah dia mempunyai utang?" sahabat menjawab, "ya, sejumlah tiga dinar." rasulullah pun menyuruh para sahabat untuk menyalatkannya (tetapi beliau sendiri tidak). abu qatadah lalu berkata, "saya menjamin utangnya, ya 19 syafi'i antonio, bank syariah dari teori ke praktek, h. 123-125. zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 262 rasulullah." maka rasulullah pun menyalatkan mayat tersebut. (h.r. albukhârî).20 dalam operasional di bank, bahwa pihak bank memberikan jaminan kepada nasabah sehubungan dengan kontrak kerja atau perjanjian yang telah disepakati antara nasabah dengan pihak ketiga. pada hakikatnya pemberian kafâlah akan memberikan kepastian dan keamanan bagi pihak ketiga untuk melaksanakan isi kontrak atau perjanjian yang telah disepakati, tanpa khawatir apabila terjadi sesuatu dengan nasabah, sehingga nasabah cedera janji untuk memenuhi prestasinya. pendapatan bank konvensional dan pendapatan bank syariah kegiatan utama bank konvensional adalah memupuk dana yang pada umumnya adalah berbunga (interest bearing) dan menanamkannya dalam aktiva produktif (earning assets).21 pendapatan dalam bank konvensional terdiri atas beberapa komponen seperti pendapatan bunga, pendapatan provisi kredit, pendapatan komisi, dan pendapatan lainnya sebagai akibat dari transaksi bank, baik yang merupakan kegiatan utama ataupun bukan.22 pertama, pendapatan bunga. meliputi semua pendapatan bank yang berupa hasil bunga dalam rupiah dan valuta asing (valas) dalam aktivitas operasionalnya, pendapatan berupa komisi dan provisi yang diterima dalam rangka pemberian kredit. pendapatan operasional bank yang berupa hasil bunga diperoleh dari sumber-sumber dari (1) bank indonesia, (2) bank-bank lain, meliputi: giro, interbank call money, simpanan berjangka, surat berharga, kredit yang diberikan, tabungan, lainnya, (3) dari pihak ketiga bukan bank, yani: surat berharga, kredit yang diberikan, dan lainnya. kedua, pendapatan operasional lainnya. pendapatan operasional lainnya baik dari penduduk maupun bukan penduduk yang terdiri atas: (1) pendapatan provisi, komisi dan fee yaitu komisi/provisi dari transaksi derivative dan fee dari kredit kelolaan. (2) pendapatan transaksi valuta asing yaitu keuntungan transaksi valas/derivative berupa: spot, forward, swap, dan option. (3) pendapatan ke 20 muhammad ibn ismâ‘îl abû ‘abd allâh al-bukhârî, shahîh al-bukhârî juz ii, (bayrût: dâr ibn katsir, 1987), h. 799. 21 iai, psak, h. 315. 22 n. lapoliwa, akuntansi perbankan, akuntansi transaksi bank dalam valuta rupiah, jilid 1, (jakarta: institut bankir indonesia, 2000), h. 264. al-iqtishad: vol. iii, no. 2, juli 2011 263 rasulullah." maka rasulullah pun menyalatkan mayat tersebut. (h.r. albukhârî).20 dalam operasional di bank, bahwa pihak bank memberikan jaminan kepada nasabah sehubungan dengan kontrak kerja atau perjanjian yang telah disepakati antara nasabah dengan pihak ketiga. pada hakikatnya pemberian kafâlah akan memberikan kepastian dan keamanan bagi pihak ketiga untuk melaksanakan isi kontrak atau perjanjian yang telah disepakati, tanpa khawatir apabila terjadi sesuatu dengan nasabah, sehingga nasabah cedera janji untuk memenuhi prestasinya. pendapatan bank konvensional dan pendapatan bank syariah kegiatan utama bank konvensional adalah memupuk dana yang pada umumnya adalah berbunga (interest bearing) dan menanamkannya dalam aktiva produktif (earning assets).21 pendapatan dalam bank konvensional terdiri atas beberapa komponen seperti pendapatan bunga, pendapatan provisi kredit, pendapatan komisi, dan pendapatan lainnya sebagai akibat dari transaksi bank, baik yang merupakan kegiatan utama ataupun bukan.22 pertama, pendapatan bunga. meliputi semua pendapatan bank yang berupa hasil bunga dalam rupiah dan valuta asing (valas) dalam aktivitas operasionalnya, pendapatan berupa komisi dan provisi yang diterima dalam rangka pemberian kredit. pendapatan operasional bank yang berupa hasil bunga diperoleh dari sumber-sumber dari (1) bank indonesia, (2) bank-bank lain, meliputi: giro, interbank call money, simpanan berjangka, surat berharga, kredit yang diberikan, tabungan, lainnya, (3) dari pihak ketiga bukan bank, yani: surat berharga, kredit yang diberikan, dan lainnya. kedua, pendapatan operasional lainnya. pendapatan operasional lainnya baik dari penduduk maupun bukan penduduk yang terdiri atas: (1) pendapatan provisi, komisi dan fee yaitu komisi/provisi dari transaksi derivative dan fee dari kredit kelolaan. (2) pendapatan transaksi valuta asing yaitu keuntungan transaksi valas/derivative berupa: spot, forward, swap, dan option. (3) pendapatan ke 20 muhammad ibn ismâ‘îl abû ‘abd allâh al-bukhârî, shahîh al-bukhârî juz ii, (bayrût: dâr ibn katsir, 1987), h. 799. 21 iai, psak, h. 315. 22 n. lapoliwa, akuntansi perbankan, akuntansi transaksi bank dalam valuta rupiah, jilid 1, (jakarta: institut bankir indonesia, 2000), h. 264. naikan nilai surat berharga. kenaikan maupun penurunan nilai surat berharga dilaporkan secara neto. ketiga, pendapatan non operasional. pendapatan yang diterima bank dari aktivitas non operasional, terdiri atas: sewa, keuntungan, selisih kurs, hasil offsetting kredit rekening antar kantor dan bunga antar kantor, dan lainnya. sedangkan pendapatan bank syariah diperoleh melalui dana bank yang dihimpun dalam tiga pola penyaluran,23 yaitu: pertama, prinsip jual-beli, yang meliputi murâbahah, salam, dan salam paralel, istishnâ, dan istishna paralel. dalam prinsip ini akan diperoleh pendapatan yang disebut margin atau keuntungan. kedua, prinsip bagi hasil, yang meliputi pembiayaan mudhârabah dan pembiayaan musyârakah. dalam prinsip ini akan diperoleh pendapatan yang disebut bagi hasil usaha. ketiga, prinsip ujrah yang meliputi ijârah dan ijârah muntahiya bi al-tamlik. dalam prinsip ini akan diperoleh upah (ujrah). pendapatan dari penyaluran dana di atas merupakan pendapatan operasi utama yang dibagi-hasilkan (profit distribution). selain pendapatan operasi utama, bank syariah juga memperoleh pendapatan lain yang menjadi hak sepenuhnya bank syariah yang tidak dibagi-hasilkan antara pemilik dan pengelola dana (bank). pendapatan tersebut berasal dari fee based income, misalnya pendapatan atas fee kliring, fee transfer, fee inkaso, fee pembayaran payroll dan fee lainnya dari jasa yang diberikan bank. dan pendapatan dari mudhârabah muqâyadah di mana bank bertindak sebagai agen. pada dasarnya lembaga keuangan seperti bank, baik konvensional maupun syariah, mempunyai tujuan yang sama, yaitu meningkatkan pendapatan. untuk itu bank mengeluarkan inovasi-inovasi produk demi meningkatkan kepuasan nasabah. salah satu inovasi produk yang dikeluarkan oleh bank adalah kartu kredit. mengingat kondisi persaingan antar bank di indonesia mengarah pada ekonomi syariah, maka bank-bank konvensional berlomba-lomba meluncurkan produk-produk syariah seperti kartu kredit syariah. hal ini disebabkan karena ketahanan sistem syariah dalam menghadapi krisis global.bank syariah tetap dapat bertahan dari goncangan krisis karena tidak bermain dalam produk yang spekulatif, tetapi mempunyai produk yang bukan spekulatif seperti halnya kartu kredit syariah. berikut tinjauan operational concept tentang variabel dependent (x) dan independent (y): 23 harahap, akuntansi perbankan syariah, h. 9-10. zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 264 gambar operational concept y x1 x2 perkembangan perbankan dan sistem syariah di indonesia bank merupakan badan usaha yang menghimpun dana dari masyarakat kemudian mengalokasikannya dalam pelbagai bentuk investasi. karena karakteristik tersebut bank juga disebut sebagai lembaga kepercayaan di mana dalam setiap usahanya banyak diatur oleh pemerintah.24 dengan semakin cepatnya perubahan iklim ekonomi dunia berimbas pada perekonomian indonesia. termasuk kehadiran bank syariah di indonesia banyak dipengaruhi oleh negara-negara yang telah lebih dulu menerapkan sistem syariah dan bahkan mendirikan lembaga keuangan yang berprinsip syariah seperti pakistan, india, mesir, siprus, kuwait, bahrain, malaysia, iran, dan turki. di indonesia sendiri upaya pengembangan bank syariah dilaksanakan dengan memperhatikan kebutuhan masyarakat muslim akan suatu sistem perbankan yang sehat dan terpercaya dalam mengakomodasi kebutuhan akan layanan jasa yang berprinsip syariah.25 selain itu perbankan syariah diyakini lebih tahan krisis dibanding bank konvensional, di mana bank syariah tidak mengenal bunga yang selama ini dianut oleh bank konvensional. pada penghujung dekade 1990 banyak bank yang terkena likuidasi akibat negative spread atau keuntungan minus karena bunga yang dibayar lebih tinggi daripada bunga yang didapat. maka ketika keuntungan itu habis, lama kelamaan modal yang digunakan untuk menutupinya. ketika modalpun habis, bank-bank meminta bank sentral untuk menutupi kebutuhan likuiditasnya dengan blbi (bantuan likuiditas bank indonesia). sedangkan dana blbi tersebut merupakan uang rakyat, yang pada akhirnya rakyat pula yang menanggung dampaknya. tercatat hingga akhir 1998 24 harahap, akuntansi perbankan syariah, h. 275. 25 m. syafi'i antonio, bank syariah, h. 223. kartu kredit kartu kredit syariah pendapatan al-iqtishad: vol. iii, no. 2, juli 2011 265 gambar operational concept y x1 x2 perkembangan perbankan dan sistem syariah di indonesia bank merupakan badan usaha yang menghimpun dana dari masyarakat kemudian mengalokasikannya dalam pelbagai bentuk investasi. karena karakteristik tersebut bank juga disebut sebagai lembaga kepercayaan di mana dalam setiap usahanya banyak diatur oleh pemerintah.24 dengan semakin cepatnya perubahan iklim ekonomi dunia berimbas pada perekonomian indonesia. termasuk kehadiran bank syariah di indonesia banyak dipengaruhi oleh negara-negara yang telah lebih dulu menerapkan sistem syariah dan bahkan mendirikan lembaga keuangan yang berprinsip syariah seperti pakistan, india, mesir, siprus, kuwait, bahrain, malaysia, iran, dan turki. di indonesia sendiri upaya pengembangan bank syariah dilaksanakan dengan memperhatikan kebutuhan masyarakat muslim akan suatu sistem perbankan yang sehat dan terpercaya dalam mengakomodasi kebutuhan akan layanan jasa yang berprinsip syariah.25 selain itu perbankan syariah diyakini lebih tahan krisis dibanding bank konvensional, di mana bank syariah tidak mengenal bunga yang selama ini dianut oleh bank konvensional. pada penghujung dekade 1990 banyak bank yang terkena likuidasi akibat negative spread atau keuntungan minus karena bunga yang dibayar lebih tinggi daripada bunga yang didapat. maka ketika keuntungan itu habis, lama kelamaan modal yang digunakan untuk menutupinya. ketika modalpun habis, bank-bank meminta bank sentral untuk menutupi kebutuhan likuiditasnya dengan blbi (bantuan likuiditas bank indonesia). sedangkan dana blbi tersebut merupakan uang rakyat, yang pada akhirnya rakyat pula yang menanggung dampaknya. tercatat hingga akhir 1998 24 harahap, akuntansi perbankan syariah, h. 275. 25 m. syafi'i antonio, bank syariah, h. 223. kartu kredit kartu kredit syariah pendapatan sebanyak 64 bank dilikuidasi, 14 di-take-over pemerintah, dan 9 lainnya diwajibkan untuk rekapitulasi, tentunya dengan dana dari pemerintah. pengertian perbankan menurut undang-undang no. 7 tahun 1992 sebagaimana telah diubah dengan uu no. 10 tahun 199826 adalah: pertama, badan usaha yang menghimpun dana dari masyarakat dalam bentuk simpanan dan menyalurkannya kepada masyarakat dalam rangka meningkatkan taraf hidup rakyat banyak. kedua, bank umum adalah bank yang melaksanakan kegiatan usaha secara konvensional atau berdasarkan prinsip syariah yang dalam kegiatannya memberikan jasa dalam lalu lintas pembayaran. ketiga, bank perkreditan rakyat (bpr) adalah bank yang melaksanakan kegiatan usaha secara konvensional atau berdasarkan prinsip syariah yang dalam kegiatannya tidak memberikan jasa dalam lalu lintas pembayaran. dari definisi di atas dapat disimpulkan bahwa karakteristik usaha bank adalah menghimpun dana dari masyarakat kemudian dari segi penyalurannya tidak hanya untuk mendapatkan keuntungan bagi bank sendiri tetapi juga meningkatkan taraf hidup rakyat banyak. sementara fungsi dari bank umum dapat memberikan jasa dalam lalu lintas pembayaran, sementara bprs tidak dapat melakukan hal tersebut. dengan terbitnya uu no. 10 tahun 1998 telah memberikan peluang yang lebih luas bagi bank syariah untuk menjalankan usahanya, dan membuka kesempatan bagi bank konvensional untuk membuka cabang yang khusus menjalankan kegiatan berdasarkan prinsip syariah. pertumbuhan bank umum syariah pada mulanya jumlah bank syariah yang beroperasi di indonesia baru beberapa saja, seperti bank syariah mandiri, bank muamalat indonesia, bank mega syariah, dan lain-lain. setelah beberapa tahun kemudian perkembangan sistem syariah di indonesia dianggap mampu menggaet banyak nasabah, serta banyaknya pendapat para tokoh tentang daya tahan bank syariah terhadap krisis global yang terjadi pada tahun 1998 dan 2009. akhirnya bank-bank lain mulai mengoperasikan sistem syariah seperti tertera pada table juni 2009 terdapat 5 bank umum syariah, 25 unit usaha syariah dan 133 bank pembiayaan rakyat syariah27: 26 siamat, manajemen lembaga keuangan, h. 275. 27 bi, "statistik perbankan syariah juni 2009", artikel diakses pada 27 juni 2009 dari http://www.bi.go.id/web/id/statistik/statistik+perbankan/statistik+perbankan+syariah/sps 0609.htm, h.1 zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 266 tabel jaringan kantor perbankan syariah 2005 2006 2007 mei 08 jun 08 sep08 dec 08 mei 09 mey 09 jun 09 bank umum syariah (islamic commercial bank) jumlah bank (number of bank) 3 3 3 3 3 3 5 5 5 5 jumlah kantor (number of offices) 304 349 401 402 405 497 581 635 643 643 unit usaha syariah (islamic business unit) jumlah bank umum konvensional yangmemiliki uus (number of conventional banks that have islamic business unit) i9 20 26 28 28 28 27 26 25 25 jumlah kantor(number of offices) 154 183 196 207 214 216 241 253 255 256 bank pembiayaan rakyat syariah (islamic rural bank) jumlah bank (number of banks) 92 105 114 117 124 128 131 133 134 133 jumlah kantor (number of offices) 92 105 185 188 195 199 202 208 209 208 total kantor (total number of offices) 550 637 782 797 814 912 1024 1096 1107 1107 dari data yang ada terlihat bahwa peningkatan yang terjadi pada jumlah bank umum syariah, unit usaha syariah maupun bank pembiayaan syariah cukup stabil. artinya, tidak ada lonjakan kenaikan yang drastis pada masing-masing bank. pertumbuhan kantor cabang pertumbuhan kantor bank syariah di indonesia ikut berkembang pula sebagai konsekuensi dari munculnya bank-bank yang menerapkan sistem syariah. pada tahun 2005 tercatat 550 kantor yang berdiri di indonesia, tahun 2006 sebanyak 637 kantor, tahun 2007 sebanyak 782 kantor dan akhir juni 2009 tercatat 1.107 kantor yang berdiri tersebar di seluruh indonesia dihitung berdasarkan total dari seluruh bank umum syariah, unit usaha syariah dan bank pembiayaan rakyat syariah.28 28 bi, "statistik perbankan syariah juni 2009", h. 1. al-iqtishad: vol. iii, no. 2, juli 2011 267 tabel jaringan kantor perbankan syariah 2005 2006 2007 mei 08 jun 08 sep08 dec 08 mei 09 mey 09 jun 09 bank umum syariah (islamic commercial bank) jumlah bank (number of bank) 3 3 3 3 3 3 5 5 5 5 jumlah kantor (number of offices) 304 349 401 402 405 497 581 635 643 643 unit usaha syariah (islamic business unit) jumlah bank umum konvensional yangmemiliki uus (number of conventional banks that have islamic business unit) i9 20 26 28 28 28 27 26 25 25 jumlah kantor(number of offices) 154 183 196 207 214 216 241 253 255 256 bank pembiayaan rakyat syariah (islamic rural bank) jumlah bank (number of banks) 92 105 114 117 124 128 131 133 134 133 jumlah kantor (number of offices) 92 105 185 188 195 199 202 208 209 208 total kantor (total number of offices) 550 637 782 797 814 912 1024 1096 1107 1107 dari data yang ada terlihat bahwa peningkatan yang terjadi pada jumlah bank umum syariah, unit usaha syariah maupun bank pembiayaan syariah cukup stabil. artinya, tidak ada lonjakan kenaikan yang drastis pada masing-masing bank. pertumbuhan kantor cabang pertumbuhan kantor bank syariah di indonesia ikut berkembang pula sebagai konsekuensi dari munculnya bank-bank yang menerapkan sistem syariah. pada tahun 2005 tercatat 550 kantor yang berdiri di indonesia, tahun 2006 sebanyak 637 kantor, tahun 2007 sebanyak 782 kantor dan akhir juni 2009 tercatat 1.107 kantor yang berdiri tersebar di seluruh indonesia dihitung berdasarkan total dari seluruh bank umum syariah, unit usaha syariah dan bank pembiayaan rakyat syariah.28 28 bi, "statistik perbankan syariah juni 2009", h. 1. pertama, pertumbuhan sumber daya manusia di perbankan syariah. sebagai daya dukung perkembangan bank syariah, dibutuhkan sumber daya manusia yang capable di bidangnya. maka dengan semakin banyaknya kantor-kantor bank syariah yang berdiri, akan dibutuhkan sumber daya manusia yang terserap di dalamnya sehingga dapat meminimalisir meningkatnya angka pengangguran di indonesia. tercatat bahwa pertumbuhan sumber daya manusia29 pada tahun 2005 yang ada di bank umum syariah sebanyak 3.523 orang, unit usaha syariah sebanyak 1.436 orang, bank pembiayaan rakyat syariah sebanyak 1.037 orang. tahun 2006 di bank umum syariah sebanyak 3.913 orang, unit usaha syariah sebanyak 1.797 orang, bank pembiayaan rakyat syariah sebanyak 1.666 orang. tahun 2007 di bank umum syariah sebanyak 4.311 orang, unit usaha syariah sebanyak 2.266 orang, bank pembiayaan rakyat syariah sebanyak 2.108 orang. tahun 2008 di bank umum syariah sebanyak 6.609 orang, unit usaha syariah sebanyak 2.562 orang, bank pembiayaan rakyat syariah sebanyak 2.581 orang, dan pada akhir juni 2009 di bank umum syariah sebanyak 8.486 orang, unit usaha syariah sebanyak 2.223 orang, bank pembiayaan rakyat syariah sebanyak 2.811 orang. kedua, pertumbuhan pembiayaan yang diberikan. pembiayaan merupakan salah satu kegiatan bank syariah di bidang penyaluran dana. pembiayaan atau financing yaitu pendanaan yang diberikan oleh satu pihak kepada pihak lain untuk mendukung investasi yang telah direncanakan, baik dilakukan sendiri maupun lembaga. adapun pembiayaan yang diberikan bank umum syariah dan unit usaha syariah disalurkan dalam tiga kerangka (aqad) yaitu aqad tijârah (jualbeli), aqad syarikah (kerjasama atau kongsi) dan aqad hasan (kebajikan) meliputi akad mudhârabah, musyârakah, murâbahah, salam, istishna, ijârah, qardh, dan lainnya. pada tahun 2005 total pembiayaan yang disalurkan oleh bank syariah dan unit usaha syariah (dalam miliar rupiah) sejumlah 15.232, tahun 2006 meningkat menjadi 20.445, tahun 2007 sebesar 27.944, tahun 2008 sebesar 38.195dan pada juni 2009 meningkat menjadi 42.195.8 ketiga, total aset. total aset merupakan sumber daya yang dimiliki suatu perusahaan dalam melaksanakan aktivitas bisnisnya. adapun total assets yang dimiliki oleh bank syariah terus berkembang dari tahun ke tahun. tercatat total assets per juni 2008 (dalam miliar rupiah) sebesar 42.000.000 menjadi 54.000.000 per juni 20099. selengkapnya dapat dilihat dalam grafik di bawah ini: 29 bi, "statistik perbankan syariah juni 2009", h. 4. zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 268 grafik aset, dpk, pyd bank umum syariah dan unit usaha syariah penyaluran dana bank umum syariah dan unit usaha syariah fungsi bank selain melakukan kegiatan usaha seperti menghimpun dana, bank juga dapat melakukan penyaluran dana dengan penempatan di bank lain, penempatan di bi, surat berharga, tagihan lainnya dan pembiayaan yang diberikan. tercatat bahwa komposisi penyaluran dana yang dilakukan oleh bank umum syariah dan unit usaha syariah per juni 2009 seperti penempatan pada bank indonesia sebesar 6,0%, penempatan pada bank lain sebesar 4,4%, surat berharga sebesar 5,9%, penyertaan 0,1%, tagihan lainnya 0,4% dan pembiayaan yang diberikan sebesar 83,3%.10 untuk lebih jelasnya dapat dilihat pada grafik dibawah ini : penyaluran dana bank umum syariah& unit usaha syariah grafik 1.feet, dpk, pyd bank umum syariah dan unit usaha syariah (assets, depositor funds and financing islamic commercial bankand islamic business u nit} miliarupiah (in billion idrj £3.000.33 3 jun-08 jul-flb 5ep-0b oct os nav-d3 dec-d3 jan-09 mar-m apr-09 may-os jun-09 g ra fik 7. pe nyat ura n da na ba nk u mu m s yar ia h da n u nit us a ha s yar ia h {placement of funds islamic commercial bank and islamic business unit} sural bsrhargi penyernan juni 2009 (june2009) al-iqtishad: vol. iii, no. 2, juli 2011 269 grafik aset, dpk, pyd bank umum syariah dan unit usaha syariah penyaluran dana bank umum syariah dan unit usaha syariah fungsi bank selain melakukan kegiatan usaha seperti menghimpun dana, bank juga dapat melakukan penyaluran dana dengan penempatan di bank lain, penempatan di bi, surat berharga, tagihan lainnya dan pembiayaan yang diberikan. tercatat bahwa komposisi penyaluran dana yang dilakukan oleh bank umum syariah dan unit usaha syariah per juni 2009 seperti penempatan pada bank indonesia sebesar 6,0%, penempatan pada bank lain sebesar 4,4%, surat berharga sebesar 5,9%, penyertaan 0,1%, tagihan lainnya 0,4% dan pembiayaan yang diberikan sebesar 83,3%.10 untuk lebih jelasnya dapat dilihat pada grafik dibawah ini : penyaluran dana bank umum syariah& unit usaha syariah grafik 1.feet, dpk, pyd bank umum syariah dan unit usaha syariah (assets, depositor funds and financing islamic commercial bankand islamic business u nit} miliarupiah (in billion idrj £3.000.33 3 jun-08 jul-flb 5ep-0b oct os nav-d3 dec-d3 jan-09 mar-m apr-09 may-os jun-09 g ra fik 7. pe nyat ura n da na ba nk u mu m s yar ia h da n u nit us a ha s yar ia h {placement of funds islamic commercial bank and islamic business unit} sural bsrhargi penyernan juni 2009 (june2009) persamaan kartu kredit dengan kartu kredit syariah di indonesia pertama, kartu kredit konvensional dan kartu kredit syariah memiliki fungsi yang sama, yaitu sebagai alat pembayaran aneka tagihan rutin seperti tagihan listrik, telepon, dan tv berlangganan, untuk penarikan tunai, keperluan transaksi cicilan, pembelian barang di merchant yang telah ditunjuk oleh bank, transfer dari kartu kredit kepada kartu kredit lainnya atau sebaliknya, dapat digunakan di seluruh dunia, diproteksi dengan asuransi, pembayaran tagihan dapat dilakukan secara tunai di bank yang bersangkutan maupun bank lain yang telah ditunjuk, pendebetan langsung dari tabungan atau giro di bank yang bersangkutan atau di bank lain, dan melalui atm. kedua, biaya-biaya, seperti: (1) annual fee/iuran tahunan, yaitu: iuran yang harus dibayar setiap tahun oleh pemegang kartu kredit atau charge card. iuran tersebut akan ditagih setiap tahun melalui lembar penagihan. (2) late charge (biaya keterlambatan), yaitu: denda yang dikenakan bila kartu kredit atau charge card terlambat membayar tagihan dari tanggal jatuh tempo yang telah ditentukan atau membayar tagihan dibawah minimum payment yang telah ditentukan. di bank danamon card holder dikenakan bunga sebesar 6% dari minimum pembayaran, atau minimal rp 50.000 untuk classic dan rp 75.000 untuk gold. mengenai biaya keterlambatan untuk kartu kredit syariah ini terdapat pengaturan dari majelis ulama indonesia perihal ketentuan ta'wîdh dan denda,30 yaitu: (1). ta'wîdh. penerbit kartu dapat mengenakan ta'widh, yaitu ganti rugi terhadap biaya-biaya yang dikeluarkan oleh penerbit kartu akibat keterlambatan pemegang kartu dalam membayar kewajibannya yang telah jatuh tempo. (2) denda keterlambatan (late charge). penerbit kartu dapat mengenakan denda keterlambatan pembayaran yang akan diakui seluruhnya sebagai dana sosial. (3) biaya-biaya lainnya, seperti biaya bukti warkat penjualan, tagihan kartu kredit yang ditolak, biaya penggantian kartu akibat dari kartu hilang, kartu rusak dan lain sebagainya sejumlah minimum tertentu. ketiga, pihak yang terlibat. pihak-pihak yang terkait dengan penerbitan dan penggunaan kartu plastik,31 yaitu: (1) penerbit kartu kredit/issuer (mushdir albithâqah), merupakan pihak atau lembaga yang mengeluarkan dan mengelola suatu kartu. penerbit dapat berupa bank, lembaga keuangan lain, dan perusahaan non-lembaga keuangan. (2) aqcuirer adalah lembaga yang mengelola penggunaan kartu plastik terutama dalam hal penagihan dan pembayaran antara pihak issuer dengan pihak merchant. bisa saja pihak issuer sekaligus menjadi 30 mui, 'tatwa dsn-mui tentang syariah card", www.mui.or.id. 31 siamat, manajemen lembaga keuangan,, h. 644-645 zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 270 acquirer. (3) pemegang kartu (card holder atau hâmil al-bithâqah) terdiri atas perseorangan yang telah memenuhi prosedur dan persyaratan yangditetapkan oleh penerbit untuk diterima sebagai anggota dan berhak menggunakan kartu sesuai dengan kegunaannya. (4) merchant (tajir atau qâbil al-bithâqah), yaitu pihak yang menerima pembayaran dengan kartu atas transaksi jual-beli barang atau jasa. keempat, mekanisme tagihan. prosedur transaksi dalam mekanisme sebagai alat pembayaran dalam transaksi kartu kredit melibatkan tiga pihak, yaitu bank penerbit (issuer bank), pemegang kartu (card holder) dan pedagang barang/jasa (merchant).berikut skema transaksi dengan kartu kredit antara pemegang kartu, merchant, issuer (aquirer). pertama, penerbit kartu (issuer bank), disebut juga kreditur menerbitkan kartu kredit untuk seorang pemegang kartu (card holder). setelah card holder memenuhi persyaratan dan menyetujui perjanjian yang telah ditetapkan oleh issuer bank, maka card holder dikenakan joining fee dan selanjutnya setiap tahun akan dibebankan annual fee. kedua, card holder melakukan transaksi pembelian barang/jasa pada merchant (service establishment) yang menerima merk kartu yang dimiliki. pihak merchant umumnya mengenakan charge yang dibebankan kepada pemegang kartu yang ditambahkan ke jumlah nilai transaksi. ketiga, merchant akan menyerahkan tagihan yang telah ditanda-tangani oleh pemegang kartu kepada bank penerbit untuk menagih pembayaran atas transaksi penjualan tersebut. selanjutnya bank penerbit akan membayar sejumlah nilai transaksi setelah dikurangi dengan discount rate (komisi) yang telah diperjanjikan terlebih dahulu untuk keuntungan bank penerbit. setelah tenggang waktu tertentu atau tanggal jatuh tempo seperti yang dituangkan dalam perjanjian, bank penerbit akan menagih kepada pemegang kartu sejumlah nilai transaksi. selanjutnya, card holder membayar sejumlah minimum tertentu (minimum payment) dari total tagihan beserta bunga. adapun alur transaksi kartu kredit syariah pada dasarnya tidak jauh berbeda dengan yang terjadi pada kartu kredit.perbedaannya terletak pada adanya akad di dalam transaksi kartu kredit syariah dan pembayaran monthly fee dan fee penarikan tunai sebagai pengganti bunga pembelanjaan dan penarikan. perbedaan kartu kredit dengan kartu kredit syariah di indonesia perbedaan kartu kredit dengan kartu kredit syariah terlihat dari segi perhitungan biaya bunga. pemegang kartu kredit dari bank konvensional dapat dikatakan sebagai peminjam uang, maka akan dikenakan bunga (finance charge) al-iqtishad: vol. iii, no. 2, juli 2011 271 acquirer. (3) pemegang kartu (card holder atau hâmil al-bithâqah) terdiri atas perseorangan yang telah memenuhi prosedur dan persyaratan yangditetapkan oleh penerbit untuk diterima sebagai anggota dan berhak menggunakan kartu sesuai dengan kegunaannya. (4) merchant (tajir atau qâbil al-bithâqah), yaitu pihak yang menerima pembayaran dengan kartu atas transaksi jual-beli barang atau jasa. keempat, mekanisme tagihan. prosedur transaksi dalam mekanisme sebagai alat pembayaran dalam transaksi kartu kredit melibatkan tiga pihak, yaitu bank penerbit (issuer bank), pemegang kartu (card holder) dan pedagang barang/jasa (merchant).berikut skema transaksi dengan kartu kredit antara pemegang kartu, merchant, issuer (aquirer). pertama, penerbit kartu (issuer bank), disebut juga kreditur menerbitkan kartu kredit untuk seorang pemegang kartu (card holder). setelah card holder memenuhi persyaratan dan menyetujui perjanjian yang telah ditetapkan oleh issuer bank, maka card holder dikenakan joining fee dan selanjutnya setiap tahun akan dibebankan annual fee. kedua, card holder melakukan transaksi pembelian barang/jasa pada merchant (service establishment) yang menerima merk kartu yang dimiliki. pihak merchant umumnya mengenakan charge yang dibebankan kepada pemegang kartu yang ditambahkan ke jumlah nilai transaksi. ketiga, merchant akan menyerahkan tagihan yang telah ditanda-tangani oleh pemegang kartu kepada bank penerbit untuk menagih pembayaran atas transaksi penjualan tersebut. selanjutnya bank penerbit akan membayar sejumlah nilai transaksi setelah dikurangi dengan discount rate (komisi) yang telah diperjanjikan terlebih dahulu untuk keuntungan bank penerbit. setelah tenggang waktu tertentu atau tanggal jatuh tempo seperti yang dituangkan dalam perjanjian, bank penerbit akan menagih kepada pemegang kartu sejumlah nilai transaksi. selanjutnya, card holder membayar sejumlah minimum tertentu (minimum payment) dari total tagihan beserta bunga. adapun alur transaksi kartu kredit syariah pada dasarnya tidak jauh berbeda dengan yang terjadi pada kartu kredit.perbedaannya terletak pada adanya akad di dalam transaksi kartu kredit syariah dan pembayaran monthly fee dan fee penarikan tunai sebagai pengganti bunga pembelanjaan dan penarikan. perbedaan kartu kredit dengan kartu kredit syariah di indonesia perbedaan kartu kredit dengan kartu kredit syariah terlihat dari segi perhitungan biaya bunga. pemegang kartu kredit dari bank konvensional dapat dikatakan sebagai peminjam uang, maka akan dikenakan bunga (finance charge) yang timbul karena peminjaman uang dengan tingkat bunga sesuai periode waktu, untuk satu tahun disebut tingkat bunga per tahun, untuk satu bulan disebut tingkat bunga per bulan dan untuk satu hari dinamakan tingkat bunga per hari. bunga dikenakan ketika card holder tidak membayar penuh tagihannya atau melakukan pembayaran minimum (minimum payment) sebelum tanggal jatuh tempo, terlambat membayar tagihan, melakukan transaksi penarikan uang tunai (cash advance). contohnya bunga pembelanjaan dan penarikan yang berlaku di bank danamon sebesar 3,5%. berbeda dengan kartu kredit, kartu kredit syariah tidak dikenakan bunga melainkan dikenakan beberapa ketentuan, sebagai berikut: pertama, monthly membership fee (iuran keanggotaan), yaitu penerbit kartu berhak menerima iuran keanggotaan (rusum al-'udhwiyah) termasuk perpanjangan masa keanggotaan dari pemegang kartu sebagai imbalan (ujrah) atas izin penggunaan fasilitas kartu, yang besarnya ditentukan oleh bank.32 di bank danamon cabang syariah monthly membership fee akan dikurangi diskon seperti cash reward dan cash rebate. kedua, adanya batasan yang telah ditetapkan oleh mui mengenai penggunaan kartu kredit syariah bagi pihak yang terlibat yaitu card holder, issuer bank dan merchant.ketentuan tentang batasan (dhawâbith wa hudûd) syariah card33 tersebut adalah: (1) tidak menimbulkan riba; (2) tidak digunakan untuk transaksi yang tidak sesuai dengan syariah; (3) tidak mendorong pengeluaran yang berlebihan (isrâf), dengan cara antara lain menetapkan pagu maksimal pembelanjaan; (4) pemegang kartu utama harus memiliki kemampuan finansial untuk melunasi pada waktunya; (5) tidak memberikan fasilitas yang bertentangan dengan syariah. ketiga, fee penarikan uang tunai. penerbit kartu boleh menerima fee penarikan uang tunai (rusum sahb al-nuqûd) sebagai fee atas pelayanan dan penggunaan fasilitas yang besarnya tidak dikaitkan dengan jumlah penarikan. goodwill investment, di mana issuer bank mendebet dana dari card holder sebesar 10% dari limit kartu yang akan diinvestasikan dalam bentuk tabungan syariah mudharabah, di mana nasabah akan mendapatkan nisbah dari investasi ini. nasabah juga dapat menyalurkan zakat atas nisbah yang didapat untuk disalurkan kepada lembaga zakat terpercaya. adapun fungsi dan tujuan adanya goodwill investment ini adalah meminimalisir keinginan konsumtif dari nasabah dirham card. 32 mui, "fatwa syariah card", www.mui.or.id 33mui, "fatwa syariah card", www.mui.or.id zainul arifin yusuf: perbandingan kartu kredit dan kartu kredit berbasis syariah 272 penutup dewasa ini, beberapa bank syariah di indonesia telah mulai membuat terobosan dengan menerbitkan kartu kredit syariah. kartu kredit tersebut secara umum bentuknya dan penggunaannya hampir sama dengan kartu kredit biasa. namun sebenarnya ada beberapa hal yang membedakan antara kartu kredit biasa dengan kartu kredit syariah. dalam kartu kredit syariah terdapat beberapa strategi market seperti bebas bunga, iuran bulanan lebih murah dari interet rate, dan peduli dengan sesama. strategi syariah ini dirasakan telah mulai mengambil hati masyarakat indonesia yang umumnya berpenduduk muslim. hal ini terlihat nyata dengan peningkatan grafik pengguna kartu kredit syariah yang meningkat tajam. [] pustaka acuan antonio, muhammad syafi’i, bank syariah dari teori ke praktek, jakarta: gema insani press, 2001. ghafur w, muhammad, potret perbankan syariah terkini (kajian kritis perkembangan perbankan syariah), yogyakarta: biruni press, 2007. hamidi, m. luthfi, jejak-jejak ekonomi syariah, jakarta: senayan abadi publishing, 2003. harahap, sofyan s., dkk, akuntansi perbankan syariah, jakarta: lpfe usakti, 2003. ibrahim, johannes, kartu kredit, dilematis antara kontrak dan kejahatan, t.tp.: refika aditama, 2004. lapoliwa, n., akuntansi perbankan, akuntansi transaksi bank dalam valuta rupiah, jilid 1, jakarta: institut bankir indonesia, 2000. sjahdeini, sutan remy, perbankan islam dan kedudukannya dalam tata hukum perbankan indonesia, jakarta: pt. pustaka utama grafiti, 1999. taswan, akuntansi perbankan,transaksi dalam valuta rupiah, semarang: upp amp ykpn, 2003. wiyono, slamet, cara mudah memahami akuntansi perbankan syariah, berdasarkan psakdan papsi, jakarta: pt. grasindo, 2005. the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014 editor in chief m. nur rianto al arif associate editor maman rahman hakim sofyan rizal a chairul hadi yuke rahmawati english editor ummi kultsum editorial advisory board abbas mirakhor (inceif, malaysia) ahmad hidayat buang (university of malaya, malaysia) ahmad tholabi kharlie (uin syarif hidayatullah jakarta, indonesia) amir kia (utah valley university, usa) asep s. jahar (uin syarif hidayatullah jakarta, indonesia) ashraf md hasyim (isra, malaysia) fathurrahman djamil (uin syarif hidayatullah jakarta, indonesia) m. kabir hassan (university of new orleans, usa) mehmet asutay (durham university business school, uk) mervyn k lewis (university of south australia, australia) mohammad hudaib (adam smith business school, glasgow univ., united kingdom) mohamed s komi (the american university in cairo, egypt) mokhamad anwar (university of padjajaran, indonesia) monzer khaf (qatar faculty of islamic studies, qatar) muhammad amin suma (uin syarif hidayatullah jakarta, indonesia) mustafa edwin nasution (university of indonesia –indonesia) ratno purnomo (jenderal soedirman university, indonesia) roszaini haniffa (heriot watt university, united kingdom) sadegh bakhtiari (isfahan university, islamic republic of iran) walid mansour (king abdulaziz university, saudi arabia) volume 8 (2) july 2016 al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) editorial office faculty of shariah and law uin syarif hidayatullah jakarta, indonesia jl. ir. h. juanda 95, ciputat, south tangerang, banten, indonesia -15412 phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id/index.php/iqtishad; email: iqtishad@uinjkt.ac.id contents 169 effectiveness of zakah targeting in alleviating poverty in indonesia rahmatina a kasri 187 determinants of liquidity risk in indonesian islamic and conventional banks raditya sukmana, sari suryaningtyas 201 the patronage behaviour of islamic bank’s customer: empirical studies in aceh m shabri abd majid, said zulhanizar 213 the efficiency of zakah institutions using data development analysis aam slamet rusydiana, salman al-farisi 227 the effect of social capital on customer’s repayment rate at islamic microfinance institution jaenal effendi, annisa rindra utami 243 shari’a compliant e-commerce models and customer trust muhammad kholifatul i ardiansyah, yunizar, budi harsanto 255 risk and return: bonds and sukuk in indonesia ahmad rodoni, aris setiawan 271 islamic prayer, spirituality and productivity: an exploratory conceptual analysis m ashraf al haq, norazlina abd wahab, hj abdullah abd ghani, nor hayati ahmad 287 islamic banks service innovation quality: conceptual model tahreem noor khan 307 determinants of the corporate environmental disclosure: study on jakarta islamic index yulianti, leis suzanawaty, zuwesty eka putri, ismawati haribowo nurhasanah abstract. this paper aims to examine the function of the sharia supervisory board (ssb) due to the inconsistency of laws and regulations concerning this body. law no. 21 of 2008 on sharia banking has required every sharia bank and sharia business unit in the banks to form an ssb. however, law no. 40 of 2007 on limited liability companies has not regulated the ssb as a corporate organ. this paper analyzes laws and regulations on the ssb and court decisions on cases resulting from legal inconsistencies, with the organizational structure and fiduciary duty theories as analytical frameworks. this study finds out that legal ambiguity results in the absence of coordination between the ssb and other bodies in the organization. thus, this prevents the ssb from optimally carrying out its functions and roles. among the consequences is the inability to ensure sharia compliance in business contracts leading to lawsuits to cancel the contracts. keywords: company organs; sharia supervisory board; fiduciary of duty abstrak. penelitian ini bertujuan menganalisis posisi dewan pengawas syariah (dps) di tengah inkonsistensi peraturan terkait dengan lembaga tersebut. uu no. 21 tahun 2008 tentang perbankan syariah telah mewajibkan setiap bank syariah dan unit usaha syariah pada bank untuk membentuk dps. namun, uu no. 40 tahun 2007 tentang perseroan terbatas tidak mengatur dps sebagai organ perusahaan. studi ini mengkaji berbagai peraturan tentang kedudukan dps dan putusan pengadilan yang menunjukkan konsekuesi dari inkosistensi undang-undang tentang dps, dengan menggunakan teori struktur organisasi dan fiduciary duty. kajian ini menemukan bahwa inkonsistensi undang-undang membuat dps tidak memiliki garis koordinasi dengan organ lain dalam organisasi bank dan tidak dapat sepenuhnya menjalankan fungsi dan perannya. konsekuensinya adalah fungsi pengawasan tidak optimal, sehingga muncul tuntutan hukum untuk membatalkan kontrak yang dianggap tidak sesuai syariah. kata kunci: organ perseroan; dewan pengawas syariah; fiduciary duty sharia supervisory board in limited company-based sharia banks al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 273 288 syarif hidayatullah state islamic university of jakarta, indonesia e-mail: nurhasanah@uinjkt.ac.id author: nurhasanah received: 25 may 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:nurhasanah%40uinjkt.ac.id?subject= 274 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction ambiguity in current laws and regulations on sharia supervisory board has led to a significant issue related to the role and position of this board. the sharia supervisory board, in reality, has a similar role as a commissioner in a corporate organ, as a body supervising the company. however, in indonesia, this role seems unclear or vaguely mentioned in the existing regulations. consequently, this leads to critics and questions about the position and role of the sharia supervisory board. one significant example is when the public questioned the position of ma'ruf amin as a vice presidential candidate. at the same time, he was one of the sharia supervisory board personnel in two national banks, bank syariah mandiri and bank nasional indonesia syariah. some people saw that ma'ruf amin violated article 227 letter p jo 229 paragraph (1) letter g of law no. 7 of 2017 on general elections. this article mentions that a candidate in the election should not hold a position at a state-owned corporation (bumn) or regionally-owned corporation (bumd) (hamdani, 2019). the complexity of this case led the public to take it to the constitutional court. in the end, however, the constitutional court issued decision no. 01/ phpu-pres/xvii/2019. this decision mentions that even though the position of the sharia supervisory board is equal to the directors and commissioners as a corporate organ, in addition to the general meeting of shareholders, the board is not a part of or affiliated with the corporation. the sharia supervisory board only acts as a consultant or auditor. the sharia supervisory board, in principle, is regulated by law no. 21 of 2008 on sharia banking. this law explains the obligation of sharia banks and conventional commercial banks with sharia business units to form sharia supervisory board. law no. 40 of 2007, paragraph (2) jo article 109 states that the sharia supervisory board is appointed by the general meeting of shareholders based on the recommendation of the indonesian ulama council. however, article 109, paragraph (1) of law no. 4 of 2007 on general election explains that the company organ is limited to the shareholders' general meeting, the board of directors, and the board of commissioners. the question, after that, is if it is not a part of a company's organ, how can the sharia supervisory board be responsible and maintain its role in the company to the fullest? in some cases, due to the inability of the sharia supervisory board to play the role significantly, cases related to sharia compliance violations arise. this is because the weak position of the sharia supervisory board has made it unable to provide legal certainty in carrying out its roles, functions, and duties. gustav radbruch explained that legal certainty (rechtssicherheit) is one of the basic values http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 nurhasanah. sharia supervisory board in limited company-based sharia banks 275 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 of law besides justice (gerechtigkeit) and legal benefit (zweckmassigkeit) (gustav radbruch in satjipto, 2000: 19). literature review in viewing the position of the sharia supervisory board in indonesia, hidayatulloh (2017) poses similar questions. he sees that the sharia supervisory board has to have a similar role as the commissioners with their supervisory roles. ideally, they have to be in a unified body. on the other hand, the existing laws and regulations put the sharia supervisory board outside the company's organizational structure, leading to its insignificant position (hidayatulloh, 2017). however, this conclusion has not been supported by more evidence to show how the sharia supervisory board's weakness leads to more serious legal issues, which will be presented in this paper. a more comprehensive and wider study of the sharia supervisory board was conducted by kok et al. (2022), employing data from 140 islamic financial institutions in 16 countries. this study argues for the positive impact of the sharia supervisory board tenure on the performance of islamic financial institutions. it is found that the long tenure of the sharia supervisory board results in better working experience and knowledge about the firm (kok et al., 2022). on the other hand, farag et al. (2018) discuss the impact of the sharia supervisory board size on the performance of islamic banks. using data from 90 islamic banks from 13 countries, this research finds out that the larger structure of the sharia supervisory board leads to better financial performance the islamic banks. the study by mollah & zaman (2015) also finds the positive impact of the sharia supervisory board on islamic bank performance when the board maintains its supervisory role and not only an advisory one. rokan (2017), in his research, explains the position of the sharia supervisory board. 1) sharia supervisory board personnel have limited competence in islamic law related to economic and banking fields. 2) the supervision duty has not been done comprehensively as expected by the existing laws and regulations. even though the supervision is conducted regularly, it has been conducted in sporadic and random methods. 3) double positions and duties hold by most of the sharia supervisory board personnel make them unable to perform the duties well, as they have limited time (latif et al., 2020).1 at the same time, sharia banks are 1 the multiple positions in a company can result in a conflict of interest and have implications for the responsibilities of the company's organs as stated in the fiduciary duty doctrine. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 276 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 companies with corporate governance standards. the physical presence of the sharia supervisory board personnel in banks reflects discipline and enables intense supervisory activities. 4) sharia banks mostly do not have standard operation procedures as work guidelines. concerning the competence of the sharia supervisory board members, most of them are highly knowledgeable in islamic law or sharia. however, to perform their duty well, the level of education of those members is considered crucial (fakhruddin & jusoh, 2018; mukhibad & setiawan, 2022; nugraheni, 2018). apart from islamic legal knowledge, it is more significant if the members have knowledge of economics and business (fakhruddin & jusoh, 2018). mukhibad & setiawan (2022) argue that the education level of the sharia supervisory board members positively correlates with the reputation (of the sharia supervisory board), sharia compliance assurance, investment equity, and risk index. also, sharia supervisory board members with higher education will likely encourage the directors to take greater risks and increase their income (mukhibad & setiawan, 2022). furthermore, cross-membership is another factor influencing the sharia supervisory board's significant role in sharia banks. this means that the sharia supervisory board members are also part of the board of directors (nugraheni, 2018). previous studies argue that cross-membership in the sharia supervisory board positively influences the social performance of sharia banks and sharia compliance (fakhruddin & jusoh, 2018). however, the fact shows that only a limited number of sharia supervisory board members are also part of the board of directors. however, some also argue that this duality function leads to a conflict of interest, as, ideally, the sharia supervisory board should be independent and not be intervened during their supervisory duty (meslier et al., 2020). this means the gaps in the organization caused by legal ambiguity remain an issue. methods this paper relies on a qualitative inquiry. the data includes laws and regulations related to the sharia supervisory board and six court decisions on shari'a banking cases. the laws and regulations analyzed are law no. 40 of 2007 on limited corporate; law no. 21 of 2008 on sharia banking; supreme court decree no. 21 of 2017 on the state-owned company; law no. 3 of 2004 on bank of indonesia; law no. 21 of 2011 on the financial services authority; the central bank regulation no. 6/17/pbi/2004; the central bank regulation number 11/33 / pbi / 2009; regulations no.7/35/pbi/2005; and supreme court circular number 2 of 2019. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 nurhasanah. sharia supervisory board in limited company-based sharia banks 277 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 the court decisions analyzed are decision no. 284/pdt.g/2006/pa.bkt; decision no. 004/pdt.g/2017/pta.pdg; decision no. 63/pdt.g/2011/pta; supreme court decision number 88 k/ag/ 2016; supreme court number 557/k/ag/2019; and decision no. 48 pk/ag/2009. results and discussion sharia supervision board in the indonesian legal system article 109, paragraphs (1) and (2) of law no. 40 of 2007 on limited liability companies mentions that companies that carry out sharia-basedeconomic activities should have sharia supervisory board in addition to a board of commissioners. the sharia supervisory board consists of one or more sharia experts appointed by the shareholders' general meeting based on the recommendation of the indonesian ulama council. paragraph (3) article 109 of the law explains the duties and authorities of the sharia supervisory board, which is to provide advice to the directors and supervise the company's activities to ensure their compliance with the sharia principles. similar provisions can be found in article 32, paragraph (3) of law no. 21 of 2008 on sharia banking. c.p. chaplin explains that individual role is important in a group or institution. the role is also a function and behavior that the individual expects from someone (chaplin, 1989). the role and authority mandated by the sharia supervisory board indicate the implementation of good corporate governance in islamic banking institutions. this is because, with the board, a sharia bank can conduct a self-assessment to ensure its compliance with the sharia. good corporate governance has been regulated by bank indonesia regulation no. 11/33/pbi/2009, further complemented by the bank indonesia circular concerning the implementation of good corporate governance in sharia commercial banks and sharia business units. article 109 paragraph (3) of law no. 2007 and article 32 paragraph (3) of law no. 21 of 2008 maintain that such duties and authorities are mandated to the board of commissioners. furthermore, article 108 paragraph (1) and (2) of law no. 40 of 2007 explains that the board of commissioners supervises management policies and the course of management concerning the company and the company's business and advises the board of directors to safeguard the interest of the company. this is to ensure that the company strictly maintains its aims and objectives. the difference between the two boards is in the object they supervise. the sharia supervisory board focuses on ensuring the sharia compliance of the company. in contrast, the board of commissioners focuses on the individual aims and objectives stated in the company's articles of association or bylaws. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 278 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 ideally, a bank has internal and external supervision. terry (1977) explains that internal supervision is the process of determining standards for supervision, comparing work results with the existing standard, ensuring differences, and correcting unwanted deviations by making improvements. meanwhile, external supervision includes the productivity of service quality, responsiveness, responsibility, and accountability (dwiyanto, 2021). besides, there are also direct and indirect supervision, as explained by article 27 of law no. 23 of 1992, amended by law no. 3 of 2004 on the bank of indonesia. the law mentions that direct supervision is a form of supervision accompanied by corrective actions. on the other hand, indirect supervision is conducted earlier through research, analysis, and evaluation of reports. in all supervision activities, a bank involves four types of power: the power to license, regulate, control, and impose sanctions (hermansyah, 2020: 175). supervision duties and authorities have been regulated by bank indonesia regulation no. 6/17/pbi/2004 dated july 2004 on rural bank (perkreditan rakyat) based on sharia principles; bank indonesia regulation no. 6/24/pbi/2004 dated 14 october on commercial banks operating sharia based business activities as amended by bank indonesia regulations no. 7/35/pbi/2005 dated 29 september 2005 on commercial banks operating sharia based business activities; bank indonesia regulation no. 8/3/pbi/2006 dated 30 january on changes in business activities of conventional commercial banks operating sharia based-business activities. article 27, paragraph (1) of bank indonesia regulation no. 6/24/pbi/2004 affirms the duties, power, and responsibilities of the sharia supervisory board. these are: 1) ensuring and supervising the suitability of the bank activities with the fatwas (legal opinions) issued by the national sharia council; 2) assessing the sharia aspects in the operational guidelines and products; 3) providing legal opinions of the sharia implementation in the banking products and published in a report; 4) reviewing new products and services, in which no fatwas available from the national sharia council; 5) submitting a report regarding the supervision activities at least every six months to the board of directors. in addition, article 29 paragraph (1) point f of bank indonesia regulation no. 6/17/pbi/2004 adds the duties and authorities of the sharia supervisory board, which is to request documents and direct explanations from the working unit of the sharia rural bank and participate in the internal discussion, including the discussion of the financing committee. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 nurhasanah. sharia supervisory board in limited company-based sharia banks 279 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 sharia principles in banking the very basic islamic teaching is tauhid, or the doctrine of the unity of god. in the islamic economic system, the most used principle is muḍārabah, mushārakah, murābaḥah, bay’u al-mu’ajjal, ijārah wa iqtinā, qarḍ al-ḥasan, waḍī’ah, and raḥn. these principles can be categorized into four principles: 1) the principle of profit and loss sharing, consisting of muḍārabah and mushārakah; 2) the principle of fees or charges, consisting of murābaḥah, bay'u al-mu’ajjal, ijārah, and ijārah wa al-iqtinā; 3) the principle of free service, consisting qarḍ al-ḥasan; and 4) ancillary supporting principles, consisting of waḍī’ah and raḥn (lee & detta, 2007: 39 & 47). sharia banking is often defined as a banking system without interests. technically, the prohibited elements in islamic banking include ribā, gharar, maysir, ẓulm, and rishwah. riba, in the context of the financial industry, is gaining profit without efforts or increasing profits from the basic costs, without any efforts (khir et al., 2008: 28). mustafa zarqa explains that gharar is a sale without knowing the product's existence and characteristics, which likely leads to gambling. al darir explains four conditions for gharar to make a contract void: 1) the element of gharar must be excessive; 2) the contract must be commutative; 3) the contract must affect the fundamental components; 4) the commutative contract must contain excessive gharar (el-gamal, 2006: 58–59). gharar in business means carrying out business without adequate knowledge of the object, or the business is known to have a high risk. gharar makes the object of a contract unknown or hidden. the examples of transactions containing gharar elements are: 1) selling a broken machine without informing the buyer; 2) selling undeliverable goods; 3) selling unclear items; 4) selling items without specifying the mass selling price; 5) making a conditional contract without time certainty; 6) selling goods with inaccurate descriptions; 7) selling goods without allowing the buyer to check them properly (khir et al., 2008: 39). article 1 paragraph (12) of law no. 21 of 2008 explains that sharia principles are islamic legal principles in banking activities issued by the authoritative institution. it can be understood that these principles refer to the standardized contract based on the fatwas of the sharia supervisor board. consequently, the transaction strictly avoids gharar, maysir, ẓulm, and rishwah. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 280 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 sharia supervisory board in the company organizational structure article 108 paragraphs (1) and (2) and article 109 paragraph (3) of law no. 40 of 2007 stipulate that the sharia supervisory board and commissioners have the same duties in terms of overseeing the objectives and principles of sharia and giving advice to the directors for the benefit of the company. however, apart from this, article 29 paragraph (1) f of bank indonesia regulation no. 6/17/ pbi/2004 adds another duty of the sharia supervisory board, which is to request documents and explanations of business operations from the work unit of the sharia rural bank and participate in the internal company's discussions, including the financing committee discussions. this task strengthens the sharia supervisory board's position as an internal part of a sharia bank. however, careful observation of the bank's structural organization shows an imbalanced role between the sharia supervisory board and the commissioners. even though they have a similar position in the structure, the sharia supervisory board seems to have a weaker position. this position is, then, weakened by article 27 paragraph 1 pbi no. 6/24/pbi/2004. it mentions that one of the sharia supervisory board's duties is to submit a supervision report to the directors, commissioners, national sharia board, and bank indonesia. this regulation, in turn, seems to put the sharia supervisory board under the commissioners. ideally, they both have similar positions as supervisors to the directors, as shown in the following organizational chart. figure 1. the position of the sharia supervisory board in the sharia bank structure source: www.syariahmandiri.co.id http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 nurhasanah. sharia supervisory board in limited company-based sharia banks 281 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 referring to the theory of stoner and wankel (stoner & wankel, 1993), the position of the sharia supervisory board in the sharia bank structure can be analyzed based on four elements. first, there is a need for specialization activities for individual tasks and working groups in organizations. this aspect is important to avoid overlapping tasks between the sharia supervisory board and other divisions. what has happened is that the above structure does not reflect this principle. the legal unit under the risk management division is responsible for developing a contract. suppose the contract is not in compliance with the provisions stipulated by dsn-mui. in that case, the sharia supervisory board cannot interfere with the unit as they do not have a supervisory and coordination line in the organizational structure. therefore, it is not uncommon to find some contracts in islamic banks that do not comply with the principle of sharia as stipulated in the fatwa of the national sharia council. this is shown by cases where the agreed contracts are canceled, leading to lawsuits. concretely, there are cases related to contract defaults that became a violation of the law (fuady, 2002). the followings are the examples: no decision 1 decision no. 284/pdt.g/2006/pa. bkt. in this case, the murābaha contract is null and void because its implementation by the sharia bank violates the fatwa of the dsn-mui no. 4 of 2000 concerning murābaha (fitriana, 2018). in this case, judges anull the agreed murābaḥa contract as it is considered defective with some components missing. therefore, the contract did not meet the requirement of murābaḥa but was close to qard. therefore, the margin obligation of the customer was reduced after recalculation. this reduction was charged to the bank (defendant). the bank was requested to return the excess of the guarantee auction. on the other hand, all court fees became the joint responsibility of the plaintiff and defendant. 2 supreme court decision no. 48 pk/ag/2009, a case between efendi bin rajab and fitri effendi versus pt. bukopin syariah bukit tinggi branch and the government of indonesia, cq. ministry of finance, cq. director general of receivables and state auctions regional office 1 medan, cq. director general of receivables and state auction bukit tinggi. in this case, the bank canceled the murābaha contract. 3 decision no. 004/pdt.g/2017/pta.pdg, a case between azwar versus pt. ampek angkek canduang sharia rural financing bank. this decision annulled a murābaḥa contract because the customer or plaintiff admitted that he or she never received a copy of the contract. the fact showed that the content of the contract contradicted the murābaḥa rules as stipulated in the dsn-mui fatwas. in the contract, the bprs (rural sharia bank) stated that the financing had been directed toward the purchasing of capital goods, such as rice mills. the customer feels that the money given is only for business capital financing, and no purchase was made. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 282 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 4 decision no. 63/ pdt/g/ 2011/ pta. yl, the case between yuli trisniati versus ksu syariah baitul mal watamwil. this case is a dispute between a customer and a rural bank (ksu syariah baitul mal watamwil) regarding a fund deposit product, which amounted to idr250,000,000, using a muḍārabah contract. it is mentioned in the contract that the bank will share the profit in a certain determined amount, and not the profit sharing scheme. after eight months, the bank was unable to fulfill its obligation. in this case, the customers submit a default lawsuit. in its rejoinder, the bank requested the judges to ask the customer to show evidence that her business is based on a muḍārabah contract. if this cannot be shown, then, the judges should decline the lawsuit. in this religious court decision, the plaintiff’s petition is not accepted. however, in the appellate religious court decision no. 63 of 2011, the judges grant the request of the appellant (previously the plaintiff). this means that the case is related to the incompatibility of the contract with the fatwa of dsn-mui on muḍārabah. 5 supreme court decision no. 557/ k/ ag/ 2019, a case between deana yoga and others versus pt. amanah satria sharia rural financing bank. this decision annulls the shirkah contract between bprs amanah satria as the defendant and deana yoga and others as the plaintiffs. the plaintiffs demanded the inclusion of the elements stipulated in the dsn-mui fatwa but missed in the contract. in this case, the plaintiff only received money from shirkah financing. this means there other elements that were absent from the contract. the above cases were tried in the religious courts, appelate religious courts, and the supreme court. the main issue in those decisions is related to the contracts made between the customers and sharia financial institutions, whereby those contracts were considered incompatible with sharia standards stipulated in dsn-mui fatwas. this indicates that the sharia supervisory council has not yet been significant in ensuring the sharia compliance in sharia banks. the author’s previous study presents an interview result with a legal division of a sharia bank, explaining that the legal division perform their duty to design a contract. their duty, however, does not include a working coordination with the sharia supervisory board (hasanah, 2018). second, the standardization of activities becomes a procedure used by the organization to guarantee the predictability of its activities. standard making means making the activities and work uniform and abiding by the principle. structurally, the sharia supervisory board is connected to the general meeting of shareholders and the board of directors only by dotted and indecisive lines. the relationship between the sharia supervisory board and the general meeting of shareholders and the board of directors is unlike the relationship between the board of commissioners and the general meeting of shareholders and the board of directors, which is connected by a clear line. as a result, the work standards for sharia supervisory boards are not well formatted, which makes the board unable to carry out their duties in ensuring the sharia compliance of a sharia bank. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 nurhasanah. sharia supervisory board in limited company-based sharia banks 283 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 third, coordination is needed to integrate all activities with the suborganizational functions in all departments within the organization. this is to create harmony among units to effectively and efficiently achieve the primary goals of the organization. in the case of sharia banks, as mentioned, all contracts are made by the legal unit. however, no structural line connects the sharia supervisory board with the legal unit. consequently, the sharia supervisory board cannot ensure sharia compliance in the contracts formulated by the legal unit. the study by meslier et al. (2020) shows how the sharia department, similar to the legal unit, works hand in hand with the sharia supervisory board to maintain sharia compliance in every contract. however, this is not the case with sharia banks in indonesia, whereby the legal units work independently without proper coordination with the sharia supervisory board, as the structural organization does not allow them to do so. fourth, the decentralization of the decision-making process in sharia banks makes the sharia supervisory board unable to maintain its monitoring and supervisory duties. in sharia banks, the decision-making process is decentralized. this means that the authorities are distributed to each board of directors member. their decisions on a certain matter may not pay attention to sharia compliance. based on the above organizational structure, the sharia supervisory board does not have a coordination line with each board of directors member to supervise and monitor every business decision. the position of sharia supervisory board in fiduciary duty theory the doctrine of fiduciary duty is the essence of corporate law. the board of directors, as fully responsible for the success and loss of the company, should carry out their duties in good faith, full of responsibility, and without any element of intent or negligence. in some contexts, such as in american courts, the fiduciary duty becomes a consideration in the case of bankruptcy (sun, 2020). bunting (2021) classifies three kinds of fiduciary duties. these include the duty of loyalty, the duty of care, and the duty of good faith. fiduciary loyalty is related to company compliance. in this case, the managers are responsible for any failure caused by negligence in ensuring company compliance. furthermore, fiduciary loyalty is also related to the conflict of interest issue. in this case, every person should dedicate to the shareholders’ interest and not their personal interest. therefore, avoiding self-dealing becomes important (bunting, 2021). the fiduciary duty doctrine implies that the board of directors, as the head of the company, is fully responsible for achieving the goals and objectives of the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 284 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 company. the duties and obligations of the board of directors as stipulated in the laws and regulations and the company's memorandum of association/articles of association, known as statutory duties, are carried out based on good faith and the principle of prudence (velasquez, 2002). the ultra vires (beyond powers) doctrine in company law provides guidance that directors must not exceed the rules outlined in their duties and obligations. if there are violations and deviations from the duties and obligations that cause harm to the company's stakeholders, then the piercing the corporate veil doctrine applies. fiduciary duty, which is adhered to by law no. 40 of 2007 on limited liability companies, has expanded its meaning to the duties and responsibilities of the board of commissioners, whose task is to oversee the duties of the board of directors in achieving the goals and objectives of the company as outlined articles of association/by laws. suppose the directors violate the ultra vires doctrine, or a loss occurs due to the directors' negligence or conflict of interest. in that case, the losses incurred are borne jointly by all company management, namely the directors and the board of commissioners (aikin et al., 2016). in sharia banks, the supervisory function of the board commissioners to the sharia supervisory board. the latter plays a significant role in ensuring that the banks' performance aligns with sharia. suppose the banks experience a loss due to contract cancelation, as in the above examples. in that case, the sharia supervisory board should ideally be responsible for the legal consequences faced by the bank and the losses through piercing the corporate veil. however, because the sharia supervisory board does not include the company's organ as stated in law no. 40 of 2007, the position of the sharia supervisory board is weak, and its authority is limited. consequently, the sharia supervisory board cannot fully be responsible and perform its sharia supervision duty well. furthermore, suppose the banks experience a loss in the doctrine, such ultra vires as contract cancelation caused by the discrepancy between the contract and fatwa of dsn-mui. in that case, the sharia supervisory board will not participate in bearing the joint loss of the board of directors and the board of commissioner. the supreme court circular no. 2 of 2019 stipulates the lawsuit concerning the cancelation of the sharia contract by the debtor caused to sharia incompatibility. according to the circular, the lawsuit can only be done when the debtor has not used the object. however, this circular is insufficient to deal with such cases. therefore, the circular should not be permanently implemented. this is because the stipulations in the circular cannot deny the stipulation stated in article 1320 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 nurhasanah. sharia supervisory board in limited company-based sharia banks 285 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 of the civil code, regulating subjective and objective elements of a contract, as well as the fatwa of dsn-mui. in this case, clearer and more decisive regulations are needed. therefore, regulations need to enhance the supervisory roles and functions of the sharia supervisory board by placing it in a more authoritative position in the organizational structure of a bank as a company organ. however, at the same time, the structural relationship between the sharia supervisory board and other company organs should be clear to maintain the board’s independence. if becoming a part of the company organ is to be a solution in dealing with the low performance of the sharia supervisory board, there is a need to consider the issue of the conflict of interest. nevertheless, this research does not recommend that the sharia supervisory board members have a dual position in a sharia bank. this is considering previous studies showing that dual membership or cross-membership of the sharia supervisory board in the board of directors or other organs negatively influences the company's performance (neifar & jarboui, 2018; nugraheni, 2018). this is due to a possible conflict of interest and the limited or absence of control due to the power accumulation in one particular individual. conclusion the existence, duties, authorities, and responsibilities of the sharia supervisory board are regulated by law no 40 of 2007; law no. 21 of 2008; bank indonesia regulation no. 6/17/pbi/2004, bank indonesia regulation no. 7 of 35/pbi/2005 and bank indonesia regulation no. 8/3/pbi/2006. however, these regulations cannot be maximally implemented due to the organizational structure that places the position of the sharia supervisory board out of the organizational coordination. ideally, this board should coordinate with other units based on the four points of organizational structure assessment. these are the specialization of activities, standardization of activities, coordination, centralization, and decentralization of the decision-making process. according to the fiduciary duty theory, if the ultra vires doctrine is violated and results in losses, the piercing of the corporate veil doctrine cannot be applied to the sharia supervisory board. this is because the sharia supervisory board is not treated as those other corporate organs. this means that the sharia supervisory board is not responsible for the loss unlike the responsibility of the board of commissioners and the board of directors. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 286 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 references aikin, h. z., sh, s., suhartana, l. w. p., & sh, m. 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(2002). business ethics: concepts and cases. prentice hall. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26190 wahid, hairunnizam wahid, ahmad, sanep, & abdul kader, radiah, ‚pengagihan zakat oleh institusi zakat kepada lapan asnaf: kajian di malaysia‛, seminar ekonomi islam peringkat kebangsaan, malaysia, 2009. wahid, hairunnizam & abdul kader, radiah, localization of malaysian zakat distribution: perceptions of amil and zakat recipients, seventh international conference–the tawhidi epistemology: zakat and waqf economy, bangi, 2010. yasin, ahmad hadi, panduan zakat praktis, jakarta: republika, 2011. zuhaylî, al-, wahbah, zakat: kajian berbagai mazahab, diterjemahkan agus effendy, bandung: remaja rosdakarya, 2008. dampak kebijakan spin-off terhadap kinerja bank syariah amalia nasuha abstract: the impact of spin-off policy towards sharia banks performance. the purpose of this study is to discover differentiation financial performance of five sharia banks in indonesia (bni syariah, bri syariah, bjb syariah, bank syariah bukopin, and bank victoria syariah) one year before spin-off activity and one year after spin-off activity. the method used in this research is wilcoxon match pairs test with nine variables, which are asset, financing, third party funds, net incomes, dan five ratios: car, npf, fdr, roa, and roe. the result of this study are, four variables indicate that there are differences in financial performance. therefor, sharia business units should prepare themself before clause of spin-off in 2023. keywords: spin-off, wilcoxon pair tests, financial performance abstrak: dampak kebijakan spin-off terhadap kinerja bank syariah. tujuan dari kajian ini adalah untuk menemukan perbedaan kinerja keuangan dari lima bank syariah di indonesia yaitu bni syariah, bri syariah, bjb syariah, bank syariah bukopin, dan bank victoria syariah satu tahun sebelum kegiatan pemisahan (spin-off) dan satu tahun setelah kegiatan pemisahan (spin-off). metode yang digunakan ialah tes wilcoxon dengan menggunakan sembilan variabel yaitu aset, pembiayaan, dana pihak ketiga, pendapatan bersih, dan lima rasion keuangan (car, npf, fdr, roa, dan roe). hasil yang didapat menunjukkan bahwa dari empat variabel menunjukkan adanya perbedaan kinerja keuangan. dengan demikian, unit usaha syariah sebaiknya mempersiapkan diri sebelum jangka waktu pemisahan pada tahun 2023. kata kunci: pemisahan, tes wilcoxon pair, kinerja keuangan naskah diterima: 6 januari 2012, direvisi: 18 mei 2012, disetujui: 24 mei 2012.  dpbs bank indonesia (bi). jl. h.m. thamrin no. 2, jakarta pusat, 10010. e-mail: amalia.nasuha@gmail.com. amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah242 pendahuluan pesatnya perkembangan perbankan syariah di indonesia dipicu oleh lahirnya undang-undang no. 10 tahun 1998 yang memungkinkan perbankan menjalankan dual banking system. bank-bank konvensional yang menguasai pasar mulai melirik dan membuka unit usaha syariah. hingga maret 2011, di indonesia terdapat 11 bank umum syariah (bus), 23 unit usaha syariah (uus) di bank konvensional, dan 151 bank pembiayaan rakyat syariah. dari 11 bus dan 23 uus yang beroperasi, data statistik perbankan syariah per oktober 2011 mencatat, untuk bus total aset tahun 2005 sebesar rp17,111 milyar dan meningkat 593% menjadi rp101,597 per oktober 2011. sedangkan uus, total aset jauh meningkat sebesar 677% dari rp3,769 miliar pada 2005 menjadi rp 25,553 per oktober 2011. melihat perkembangan bus dengan uus didapatkan bahwa pertumbuhan kinerja uus lebih tinggi dibandingkan dengan bus (statistik perbankan syariah: desember 2011) kinerja dan kontribusi perbankan syariah yang cukup pesat dalam sepuluh tahun terakhir ini membuktikan bahwa perbankan syariah memang sesuai dengan kebutuhan zaman. upaya-upaya akselarasi perkembangan perbankan syariah tidak hanya dilakukan oleh pemerintah dan bank indonesia sebagai regulator saja, tetapi juga perlu dukungan dari internal bank syariah, serta apresiasi positif penduduk indonesia. dukungan dari semua stakeholder semakin terasa dengan disahkannya uu perbankan syariah no. 21 tahun 2008 dan uu surat berharga syariah negara no. 19 tahun 2008. dengan adanya regulasi mandiri tersebut, eksistensi perbankan syariah di indonesia menjadi semakin kuat. tahun 2008 juga muncul trend baru pembentukan bank syariah melalui mekanisme akuisisi dan konversi bank konvensional menjadi bank syariah. implementasinya dapat dilakukan melalui tiga pendekatan. pertama, bank umum konvensional yang telah memiliki uus mengakuisisi bank yang relatif kecil kemudian mengkonversinya menjadi syariah dan melepaskan serta menggabungkan uus-nya dengan bank yang baru dikonversi tersebut. kedua, bank umum konvensional yang belum memiliki uus, mengakuisisi bank yang relatif kecil dan mengkonversinya menjadi syariah. ketiga, bank umum konvensional melakukan pemisahan (spin-off) dan dijadikan bank umum syariah tersendiri.1 dari 11 bank umum syariah (bus), yang lahir murni melalui proses spinoff unit usaha syariah adalah bank jabar banten syariah dan bni syariah, 1 adiwarman a. karim, perbankan syariah 2008: evaluasi, tren, dan proyeksi, research & management division head, (jakarta: karim business consulting, 2008). al-iqtishad: vol. iv, no. 2, juli 2012 243 pendahuluan pesatnya perkembangan perbankan syariah di indonesia dipicu oleh lahirnya undang-undang no. 10 tahun 1998 yang memungkinkan perbankan menjalankan dual banking system. bank-bank konvensional yang menguasai pasar mulai melirik dan membuka unit usaha syariah. hingga maret 2011, di indonesia terdapat 11 bank umum syariah (bus), 23 unit usaha syariah (uus) di bank konvensional, dan 151 bank pembiayaan rakyat syariah. dari 11 bus dan 23 uus yang beroperasi, data statistik perbankan syariah per oktober 2011 mencatat, untuk bus total aset tahun 2005 sebesar rp17,111 milyar dan meningkat 593% menjadi rp101,597 per oktober 2011. sedangkan uus, total aset jauh meningkat sebesar 677% dari rp3,769 miliar pada 2005 menjadi rp 25,553 per oktober 2011. melihat perkembangan bus dengan uus didapatkan bahwa pertumbuhan kinerja uus lebih tinggi dibandingkan dengan bus (statistik perbankan syariah: desember 2011) kinerja dan kontribusi perbankan syariah yang cukup pesat dalam sepuluh tahun terakhir ini membuktikan bahwa perbankan syariah memang sesuai dengan kebutuhan zaman. upaya-upaya akselarasi perkembangan perbankan syariah tidak hanya dilakukan oleh pemerintah dan bank indonesia sebagai regulator saja, tetapi juga perlu dukungan dari internal bank syariah, serta apresiasi positif penduduk indonesia. dukungan dari semua stakeholder semakin terasa dengan disahkannya uu perbankan syariah no. 21 tahun 2008 dan uu surat berharga syariah negara no. 19 tahun 2008. dengan adanya regulasi mandiri tersebut, eksistensi perbankan syariah di indonesia menjadi semakin kuat. tahun 2008 juga muncul trend baru pembentukan bank syariah melalui mekanisme akuisisi dan konversi bank konvensional menjadi bank syariah. implementasinya dapat dilakukan melalui tiga pendekatan. pertama, bank umum konvensional yang telah memiliki uus mengakuisisi bank yang relatif kecil kemudian mengkonversinya menjadi syariah dan melepaskan serta menggabungkan uus-nya dengan bank yang baru dikonversi tersebut. kedua, bank umum konvensional yang belum memiliki uus, mengakuisisi bank yang relatif kecil dan mengkonversinya menjadi syariah. ketiga, bank umum konvensional melakukan pemisahan (spin-off) dan dijadikan bank umum syariah tersendiri.1 dari 11 bank umum syariah (bus), yang lahir murni melalui proses spinoff unit usaha syariah adalah bank jabar banten syariah dan bni syariah, 1 adiwarman a. karim, perbankan syariah 2008: evaluasi, tren, dan proyeksi, research & management division head, (jakarta: karim business consulting, 2008). sedangkan bus lainnya banyak muncul melalui proses akuisisi, seperti bank syariah mandiri berasal dari akuisisi bank susila bakti, bank mega syariah dari akuisisi bank umum tugu, dan bca syariah melalui bank jasa artha. selain itu, proses spin-off melalui akuisisi, juga melalui konversi, seperti bank syariah bukopin. bri syariah melalui bank jasa artha, melalui bank uib, bank victoria melalui bank swaguna, dan maybank syariah melalui maybank indocorp. spin-off wajib dilakukan ketika bank konvensional memiliki uus yang nilai asetnya minimal 50 persen dari total nilai aset bank induknya. hal ini juga akan berlaku kepada semua uus, 15 tahun setelah uu no. 21 tahun 2008 disahkan. ketentuan pada pasal 68 ini menunjukkan bahwa unit usaha syariah yang masih memiliki induk konvensional adalah yang siap memisahkan diri dari induknya, sehingga menjadi badan usaha mandiri. kesiapan ini diukur melalui kinerja perusahaan, seperti kinerja keuangan, manajemen, sumber daya manusia, jaringan, dan lainnya. dampaknya akan memperlihatkan perkembangan bank syariah. permasalahan yang diajukan dalam studi ini adalah bagaimana perbedaan kinerja bank syariah (bni syariah, bri syariah, bjb syariah, bsb, dan bank victoria syariah) satu tahun sebelum dan satu tahun setelah melakukan spin-off . sehingga tujuan yang ingin dilakukan ialah untuk menganalisis kinerja bank syariah (bni syariah, bri syariah, bjb syariah, bsb, dan bank victoria syariah) satu tahun sebelum dan satu tahun setelah melakukan spin-off. konsep spin-off secara umum, spin-off menggambarkan suatu tambahan atau produk derivatif atau turunan atau hasil dari sesuatu tiruan usaha sebelumnya. istilah spin-off sering dihubungkan dengan pembentukan perusahaan baru, di mana termasuk produk barunya adalah hal yang sama atau salinan dari organisasi induk, dan menimbulkan aktivitas ekonomi yang baru. pemisahan ini bisa berbeda bentuk, tapi umumnya memerlukan perubahan yang penting pada kontrol, risiko, dan distribusi keuntungan. unsur lainnya yaitu transfer teknologi dan hak kepemilikan dari induk kepada pemilik baru. dalam dunia korporasi internasional, istilah spin-off sebenarnya sudah tidak asing lagi karena telah banyak digunakan oleh perusahaan induk yang hendak melepas anak usahanya, atau divisi atau unit usaha. namun, istilah spinoff di indonesia masih terbilang baru, karena baru masuk dan diatur dalam undang-undang (uu). definisi secara umum tentang spin-off perusahaan dijelaskan dalam uu perseroan terbatas tahun 2007. sedangkan spin-off bank disebutkan juga dalam uu no. 21 tahun 2008 tentanng perbankan syariah. amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah244 kegiatan memunculkan usaha baru lebih banyak dikenal istilah tentang merger, akuisisi, dan konsolidasi. dalam pasal 1 angka 12 pasal 135 uu pt no. 40 tahun 2007 tentang perseroan terbatas, istilah spin-off disebut dengan pemisahan. pemisahan didefinisikan sebagai berikut: perbuatan hukum yang dilakukan oleh perseroan untuk memisahkan usaha yang mengakibatkan seluruh aktiva dan pasiva perseroan beralih karena hukum kepada 2 (dua) perseroan atau lebih atau sebagian aktiva dan pasiva perseroan beralih karena hukum kepada 1 (satu) perseroan atau lebih. dari pengertian di atas dapat diketahui bahwa, pemisahan atau spin-off adalah suatu tindakan hukum yang bertujuan untuk memisahkan diri yang terjadi sebelumnya dalam suatu badan hukum kemudian ia ‘memekarkan’ atau ‘membelah diri’ dengan pengakuan hukum atas pemekaran atau pembelah diriannya tersebut. kondisi pembelahdiriannya atau pemekaran badan hukum dalam bentuk perseroan terbatas tersebut diawali dengan kehendak dari para pihak yang tertuang dalam kesepakatan atau perjanjian yang dibuat oleh para pihak yang memiliki kewenangan dalam organ perseroan tersebut. kemudian, pada pasal 1 angka 32 uu no. 21 tahun 2008 tentang perbankan syariah, pemisahan didefiinisikan sebagai berikut, ‚pemisahan adalah pemisahan usaha dari satu bank menjadi dua badan usaha atau lebih sesuai dengan ketentuan yang berlaku‛. dari beberapa definisi di atas dapat disimpulkan mengenai spin-off. pertama, akibat dari pemisahan akan muncul paling tidak satu perseroan baru. kedua, pemisahan yang dilakukan adalah pemisahan usaha dan bukan pemisahan saham. ketiga, terjadinya peralihan aktiva dan pasiva karena hukum. dalam dunia perbankan, khususnya perbankan syariah, alasan secara ekonomis mengapa terdapat keinginan bank umum konvensional melakukan pemisahan unit usaha syariah (uus) dan dijadikan bank umum syariah (bus), oleh karena kegiatan usaha yang dapat dilakukan oleh bus lebih luas dibandingkan dengan uus dari bank konvensional. kegiatan usaha yang hanya dapat dilakukan oleh bus sebagaimana dimaksud adalah: (1) menjamin penerbitan surat berharga; (2) penitipan untuk kepentingan orang lain; (3) menjadi wali amanat; al-iqtishad: vol. iv, no. 2, juli 2012 245 kegiatan memunculkan usaha baru lebih banyak dikenal istilah tentang merger, akuisisi, dan konsolidasi. dalam pasal 1 angka 12 pasal 135 uu pt no. 40 tahun 2007 tentang perseroan terbatas, istilah spin-off disebut dengan pemisahan. pemisahan didefinisikan sebagai berikut: perbuatan hukum yang dilakukan oleh perseroan untuk memisahkan usaha yang mengakibatkan seluruh aktiva dan pasiva perseroan beralih karena hukum kepada 2 (dua) perseroan atau lebih atau sebagian aktiva dan pasiva perseroan beralih karena hukum kepada 1 (satu) perseroan atau lebih. dari pengertian di atas dapat diketahui bahwa, pemisahan atau spin-off adalah suatu tindakan hukum yang bertujuan untuk memisahkan diri yang terjadi sebelumnya dalam suatu badan hukum kemudian ia ‘memekarkan’ atau ‘membelah diri’ dengan pengakuan hukum atas pemekaran atau pembelah diriannya tersebut. kondisi pembelahdiriannya atau pemekaran badan hukum dalam bentuk perseroan terbatas tersebut diawali dengan kehendak dari para pihak yang tertuang dalam kesepakatan atau perjanjian yang dibuat oleh para pihak yang memiliki kewenangan dalam organ perseroan tersebut. kemudian, pada pasal 1 angka 32 uu no. 21 tahun 2008 tentang perbankan syariah, pemisahan didefiinisikan sebagai berikut, ‚pemisahan adalah pemisahan usaha dari satu bank menjadi dua badan usaha atau lebih sesuai dengan ketentuan yang berlaku‛. dari beberapa definisi di atas dapat disimpulkan mengenai spin-off. pertama, akibat dari pemisahan akan muncul paling tidak satu perseroan baru. kedua, pemisahan yang dilakukan adalah pemisahan usaha dan bukan pemisahan saham. ketiga, terjadinya peralihan aktiva dan pasiva karena hukum. dalam dunia perbankan, khususnya perbankan syariah, alasan secara ekonomis mengapa terdapat keinginan bank umum konvensional melakukan pemisahan unit usaha syariah (uus) dan dijadikan bank umum syariah (bus), oleh karena kegiatan usaha yang dapat dilakukan oleh bus lebih luas dibandingkan dengan uus dari bank konvensional. kegiatan usaha yang hanya dapat dilakukan oleh bus sebagaimana dimaksud adalah: (1) menjamin penerbitan surat berharga; (2) penitipan untuk kepentingan orang lain; (3) menjadi wali amanat; (4) penyertaan modal; (5) pendiri dan pengurus dana pensiun; (6) menerbitkan, menawarkan, dan memperdagangkan surat berharga jangka panjang syariah.2 selain alasan-alasan ekonomis di atas, kegiatan spin-off sesungguhnya memiliki alasan ideologis, di mana pada awalnya istilah spin-off ini dilatarbelakangi oleh undang-undang perbankan no. 10 tahun 1998 yang menganut dual banking system. sehingga supaya sistem konvensional dan syariah dapat berjalan sendiri-sendiri, mekanisme yang bisa digunakan adalah spin-off atau pemisahan. dan pada akhirnya spin-off diatur dalam undang-undang no. 21 tahun 2008, dengan didukung peraturan bank indonesia no.11/10/2009, dan pbi lainnya. konsep kinerja kinerja merupakan hasil pekerjaan yang mempunyai hubungan kuat dengan tujuan strategis organisasi, kepuasan konsumen, dan memberikan kontribusi pada ekonomi. menurut honggren dan datar, pengukuran kinerja secara garis besar berdasarkan kriteria dan informasi yang dihasilkan dapat dibagi menjadi dua, yaitu pengukuran kinerja keuangan dan non keuangan. pengukuran kinerja keuangan biasanya menjabarkan tentang kinerja dari semua produk atau aktivitas jasa yang dihasilkan oleh perusahaan dalam satuan mata uang. dasar yang digunakan adalah kinerja masa lalu sehingga pencapaian kinerja dan keunggulan bersaing yang diharapkan sangat sulit. pengukuran kinerja non keuangan biasanya berhubungan dengan pengukuran fisik. kinerja perusahaan pada bidang pengelolaan keuangan tingkat keberhasilannya dilihat pada kinerja keuangan. efektivitas dan efisensi pada aktivitas-aktivitas perusahaan ditampakkan dalam laporan keuangan (neraca, laporan laba rugi, laporan perubahan modal, dan catatan atas laporan keuangan), dan tujuan perusahaan untuk mencapai tingkat laba yang optimal mencerminkan kinerja keuangan. metode analisis dalam penelitian ini, jenis data yang digunakan adalah data sekunder yang berupa laporan keuangan bank syariah yang dipublikasikan oleh bank indonesia, bank-bank terkait, dan literatur-literatur yang berkenaan dengan spin-off dan kinerja perusahaan. 2 peri umar farouk, ‚mekanisme pembentukan bank syariah alternatif: akuisisi dan konversi bank umum konvensional serta pemisahan (spin-off) unit usaha syariah‛, dalam jurnal newsletter, no. 72/maret/2009. amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah246 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 before spin-off after bnis bris victoria bjbs bsb populasi dalam penelitian ini adalah hanya bank umum syariah yang lahir melalui spin-off. adapun sampel yang digunakan adalah bank umum syariah yang lahir melalui spin-off minimal satu tahun, yaitu bni syariah, bri syariah, bjb syariah, bsb, dan bank victoria syariah. dilihat dari metodenya, maka penentuan sampel seperti ini termasuk ke dalam teknik sampling purposive, yaitu teknik penentuan sampel dengan pertimbangan tertentu. studi ini menggunakan metode analisis kuantitatif, yaitu dalam pengolahan data berupa input dan output yang diambil dari neraca keuangan, laporan rugi laba, dan saldo laba yang dimiliki oleh masing-masing bank. dalam analisis ini menggunakan wilcoxon match pairs test yang merupakan penyempurnaan dari uji tanda (sign test). kalau dalam uji tanda besarnya selisih nilai angka antara positif dan negatif tidak diperhitungkan, sedangkan dalam uji wilcoxon ini diperhitungkan. selain itu, penelitian ini menggunakan teknik analisis data wilcoxon match pairs test karena data yang digunakan berbentuk ordinal dan tidak berdistribusi normal. teknik ini digunakan untuk menguji signifikansi hipotesis komparatif dua sampel yang berkorelasi dengan data yang berbentuk ordinal. pembahasan berikut ini adalah hasil dari gambaran laporan keuangan lima bank syariah hasil spin-off dilihat dari aset, pembiayaan, dpk, laba bersih, dan rasio-rasio yang meliputi: car, npf, fdr, roa, dan roe. a s e t sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah al-iqtishad: vol. iv, no. 2, juli 2012 247 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 before spin-off after bnis bris victoria bjbs bsb populasi dalam penelitian ini adalah hanya bank umum syariah yang lahir melalui spin-off. adapun sampel yang digunakan adalah bank umum syariah yang lahir melalui spin-off minimal satu tahun, yaitu bni syariah, bri syariah, bjb syariah, bsb, dan bank victoria syariah. dilihat dari metodenya, maka penentuan sampel seperti ini termasuk ke dalam teknik sampling purposive, yaitu teknik penentuan sampel dengan pertimbangan tertentu. studi ini menggunakan metode analisis kuantitatif, yaitu dalam pengolahan data berupa input dan output yang diambil dari neraca keuangan, laporan rugi laba, dan saldo laba yang dimiliki oleh masing-masing bank. dalam analisis ini menggunakan wilcoxon match pairs test yang merupakan penyempurnaan dari uji tanda (sign test). kalau dalam uji tanda besarnya selisih nilai angka antara positif dan negatif tidak diperhitungkan, sedangkan dalam uji wilcoxon ini diperhitungkan. selain itu, penelitian ini menggunakan teknik analisis data wilcoxon match pairs test karena data yang digunakan berbentuk ordinal dan tidak berdistribusi normal. teknik ini digunakan untuk menguji signifikansi hipotesis komparatif dua sampel yang berkorelasi dengan data yang berbentuk ordinal. pembahasan berikut ini adalah hasil dari gambaran laporan keuangan lima bank syariah hasil spin-off dilihat dari aset, pembiayaan, dpk, laba bersih, dan rasio-rasio yang meliputi: car, npf, fdr, roa, dan roe. a s e t sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 be fo re sp in -o ff a ft er bnis bris victoria bjbs bsb dari grafik di atas dapat dilihat, pada sisi aset, tiga bus konsisten meningkatkan aset nya selama tiga tahun, yaitu bni syariah, bjb syariah, dan bsb. aset bni syariah di tahun spin-off-nya meningkat 33% dari tahun sebelumnya, 2009. satu tahun berikutnya, 2011, aset bni syariah tumbuh 15%. untuk bjb syariah, peningkatan aset dari tahun 2009 cukup jauh sebesar 83,6% di tahun 2010, dan 20,8% di tahun 2011. bank syariah bukopin (bsb) mencatatkan per-tumbuhan aset yang fantastis. tahun spin-off-nya yaitu 2009, aset bsb semula 606 milyar melonjak tajam 225% menjadi 1,9 triliyun. tahun 2010 meningkat sedikit sebesar 11 % menjadi 2,19 triliyun. dana pihak ketiga (dpk) sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah sementara itu, dua bus lainnya yaitu bri syariah dan victoria syariah mengalami penurunan aset di tahun spin-off-nya sebesar 20%. namun 1 tahun pasca spin-off, kedua bank ini mencatatkan aset yang melonjak diatas 100%. aset bri syariah meningkat 115% menjadi 6,8 triliyun, sedangkan victoria syariah, meskipun aset nya kecil, tapi peningkatan aset pasca spin-off terjadi sebesar 145% menjadi 415 milyar. dari sisi penghimpunan dana, dana pihak ketiga yang berhasil dihimpun keseluruhan bank dalam penelitian ini menunjukkan kinerja yang sangat baik. tiga dari lima bank mencatatkan pertumbuhan di atas 100%, bahkan dpk bank syariah bukopin meningkat tajam 553% dari rp 195 milyar amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah248 (20,000) (10,000) 10,000 20,000 30,000 40,000 50,000 before spin-off after bnis bris victoria bjbs bsb pada 2008 menjadi rp 1,27 triliyun tahun 2009. victoria syariah meningkatkan aset nya hingga 116% di tahun 2010 dan 58,9% di tahun 2011. akan tetapi, kinerja penghimpunan dana bni syariah hanya meningkat sebesar 23,7% di tahun spinoff-nya, dan 15,5% tahun berikutnya. bri syariah justru mencatatkan pertumbuhan negatif lagi di tahun 2010 sebesar 29,3%. namun satu tahun berikutnya, bri syariah membukukan tabungan, giro, dan deposito sebesar rp 5,7 triliyun atau meningkat 167% dari tahun sebelumnya sebesar rp 2 triliyun. laba bersih sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah secara keseluruhan, bank-bank syariah dalam penelitian ini membukukan kerugian (laba negatif) hingga satu tahun setelah aktivitas spin-off-nya. hal ini dapat dilihat dari grafik di atas, pada sebagian besar bank syariah grafik laba bersihnya menurun. bri syariah hingga 2011 mencatatkan laba yang semakin turun hingga 30 persen dari tahun 2010. kemudian, meskipun masih negatif (rugi), laba bersih bjb syariah menunjukkan perbaikan 40 persen. victoria syariah menyentuh level positif tahun 2011, pasca spin-off bank-nya. laba bersih bsb meningkat rp 45 milyar atau tumbuh 931% dari minus rp 4,83 milyar di akhir tahun 2008 menjadi rp 831 milyar. tahun 2010 atau satu tahun pasca spinoff, bsb terus meningkatkan laba bersihnya hingga mencapai rp 10 milyar. al-iqtishad: vol. iv, no. 2, juli 2012 249 (20,000) (10,000) 10,000 20,000 30,000 40,000 50,000 before spin-off after bnis bris victoria bjbs bsb pada 2008 menjadi rp 1,27 triliyun tahun 2009. victoria syariah meningkatkan aset nya hingga 116% di tahun 2010 dan 58,9% di tahun 2011. akan tetapi, kinerja penghimpunan dana bni syariah hanya meningkat sebesar 23,7% di tahun spinoff-nya, dan 15,5% tahun berikutnya. bri syariah justru mencatatkan pertumbuhan negatif lagi di tahun 2010 sebesar 29,3%. namun satu tahun berikutnya, bri syariah membukukan tabungan, giro, dan deposito sebesar rp 5,7 triliyun atau meningkat 167% dari tahun sebelumnya sebesar rp 2 triliyun. laba bersih sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah secara keseluruhan, bank-bank syariah dalam penelitian ini membukukan kerugian (laba negatif) hingga satu tahun setelah aktivitas spin-off-nya. hal ini dapat dilihat dari grafik di atas, pada sebagian besar bank syariah grafik laba bersihnya menurun. bri syariah hingga 2011 mencatatkan laba yang semakin turun hingga 30 persen dari tahun 2010. kemudian, meskipun masih negatif (rugi), laba bersih bjb syariah menunjukkan perbaikan 40 persen. victoria syariah menyentuh level positif tahun 2011, pasca spin-off bank-nya. laba bersih bsb meningkat rp 45 milyar atau tumbuh 931% dari minus rp 4,83 milyar di akhir tahun 2008 menjadi rp 831 milyar. tahun 2010 atau satu tahun pasca spinoff, bsb terus meningkatkan laba bersihnya hingga mencapai rp 10 milyar. 0.00% 50.00% 100.00% 150.00% 200.00% 250.00% before spin-off after bnis bris victoria bjbs bsb hanya bni syariah yang membukukan laba positif selama 3 tahun berturut-turut hingga mencapai rp 40 milyar tahun 2011. capital adequacy ratio (car) sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah rasio kecukupan modal dari semua bank syariah dalam penelitian ini mengalami fluktuasi, namun sudah melampaui batas minimum car sebesar 8%. car bri syariah menurun 70% menjadi 17% tahun 2010 dan naik 21% tahun 2011, namun car bank syariah bukopin yang turun 64,9% ke angka 13% tidak kembali membaik di tahun berikutnya, namun menurun lagi 11,9% menjadi 11,51%. hal ini harus diperhatikan bsb agar meminimalisasi risiko kemungkinan kerugian dalam kegiatan perkreditan dan perdagangan surat berharga. sedangamalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah250 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% before spin-off after kan bni syariah dan victoria syariah justru mengalami penurunan rasio kecukupan modal nya di tahun pasca spin-off. car bni syariah turun 27% menjadi 20,86% dan victoria syariah turun 53% menjadi 91,2%. non performing financing (npf) sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah rasio gagal bayar dalam pembiayaan yang disalurkan, non performing finance mengalami fluktuasi. npf bni syariah, bri syariah, dan victoria syariah membaik dari tahun sebelum spin-off, yaitu masing-masing menjadi 0,39%, 1,07%, dan 0,95%. namun npf ketiganya menurun 1 tahun setelahnya menjadi 1,78%, 2,14%, dan 4,81%. sebaliknya, bjb syariah baru memperbaiki npf nya tahun 2011, pasca spin-off menjadi 0,64%. sementara itu, bank syariah bukopin malah tidak menunjukkan npf yang membaik. npf bsb meningkat 43,2% di tahun 2009 menjadi 3,25% dan 16,9% di tahun 2010 menjadi 3,80%. al-iqtishad: vol. iv, no. 2, juli 2012 251 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% before spin-off after kan bni syariah dan victoria syariah justru mengalami penurunan rasio kecukupan modal nya di tahun pasca spin-off. car bni syariah turun 27% menjadi 20,86% dan victoria syariah turun 53% menjadi 91,2%. non performing financing (npf) sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah rasio gagal bayar dalam pembiayaan yang disalurkan, non performing finance mengalami fluktuasi. npf bni syariah, bri syariah, dan victoria syariah membaik dari tahun sebelum spin-off, yaitu masing-masing menjadi 0,39%, 1,07%, dan 0,95%. namun npf ketiganya menurun 1 tahun setelahnya menjadi 1,78%, 2,14%, dan 4,81%. sebaliknya, bjb syariah baru memperbaiki npf nya tahun 2011, pasca spin-off menjadi 0,64%. sementara itu, bank syariah bukopin malah tidak menunjukkan npf yang membaik. npf bsb meningkat 43,2% di tahun 2009 menjadi 3,25% dan 16,9% di tahun 2010 menjadi 3,80%. 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00% 140.00% before spin-off after bnis bris victoria bjbs bsb financing to deposit ratio (fdr) sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah dalam hal kemampuan bank menyalurkan dana yang mereka himpun, fdr bni syariah dan victoria syariah mengalami penurunan sebesar 24% dan 52% ke angka 78% dan 16%. kemampuan victoria syariah dalam menyalurkan pembiayaan masih tergolong rendah karena berdasarkan fdr-nya yang hanya 37% pada tahun 2011. fdr tiga bank syariah lainnya meningkat pada tahun spinoff mereka. fdr bri syariah berada pada angka 120,98% kemudian menurun 20% menjadi 95,82%. kemudian fdr bjb syariah tahun 2010 sebesar 94,5% dan meningkat menjadi 96,34%. sedangkan bank syariah bukopin mencatatkan kemampuan penyaluran pembiayaannya sebesar 100,62% tahun 2009 dan 99,37% tahun 2010. amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah252 -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% before spin-off after return on asset (roa) sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah roa bjb syariah dan victoria syariah meningkat masing-masing 20% dan 54% ke angka 1,31% dan 1,11%. kenaikan roa di tahun 2011 diakibatkan meningkatnya total aktiva, laba bersih, dan aset pada tahun yang sama. bank syariah bukopin juga mencatatkan peningkatan nilai roa nya menjadi 0,06% dan 0,74% tahun 2010. sedangkan untuk bni syariah kedua bank syariah ini mengalami peningkatan rasio perputaran asetnya menjadi positif. bni syariah mencatatkan roa-nya sebesar 0,90% tahun 2009, kemudian turun minus 3,60% di tahun aktivitas spin-off nya, dan meningkat menjadi 2,37% tahun berikutnya. sedangkan roa bri syariah meningkat di tahun spin-off-nya ke angka 0,53% namun menurun di tahun berikutnya menjadi 0,35%. return on equity (roe) nilai roe bjb syariah pada tahun 2011 sebesar 2,97%, meningkat dari tahun 2010 pada angka 1.62% tercermin dari laba bersihnya yang meningkat di tahun 2009 dan menurun di tahun 2010 serta membaik di tahun 2011. untuk roe al-iqtishad: vol. iv, no. 2, juli 2012 253 -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% before spin-off after return on asset (roa) sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah roa bjb syariah dan victoria syariah meningkat masing-masing 20% dan 54% ke angka 1,31% dan 1,11%. kenaikan roa di tahun 2011 diakibatkan meningkatnya total aktiva, laba bersih, dan aset pada tahun yang sama. bank syariah bukopin juga mencatatkan peningkatan nilai roa nya menjadi 0,06% dan 0,74% tahun 2010. sedangkan untuk bni syariah kedua bank syariah ini mengalami peningkatan rasio perputaran asetnya menjadi positif. bni syariah mencatatkan roa-nya sebesar 0,90% tahun 2009, kemudian turun minus 3,60% di tahun aktivitas spin-off nya, dan meningkat menjadi 2,37% tahun berikutnya. sedangkan roa bri syariah meningkat di tahun spin-off-nya ke angka 0,53% namun menurun di tahun berikutnya menjadi 0,35%. return on equity (roe) nilai roe bjb syariah pada tahun 2011 sebesar 2,97%, meningkat dari tahun 2010 pada angka 1.62% tercermin dari laba bersihnya yang meningkat di tahun 2009 dan menurun di tahun 2010 serta membaik di tahun 2011. untuk roe -30.00% -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% before spin-off after bnis bris victoria bjbs bsb bni siariah terus tumbuh positif selama tiga tahun perjalanannya, dari 2009 sebesar 5%, kemudian meningkat 12% tahun 2010 menjadi 5,6% dan 11,6% tahun 2011. sedangkan bank syariah lainnya tetap mengalami pertumbuhan positif pasca spin-off . roe victoria syariah tumbuh 59% dari 2,41% pada tahun 2010 menjadi 3,84% tahun 2011, juga roe bsb yang meningkat tajam dari 0,87% tahun 2009 menjadi 9,65% tahun 2010. namun roe bri syariah turun dari 3,35% menjadi 1,28% tahun 2010. sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah pembiayaan jumlah pembiayaan tahun 2009 sebesar rp 3,265 triliun. mengalami peningkatan yang cukup signifikan sebesar 84% menjadi rp 6 triliyun tahun 2010. dibandingkan posisi juni 2010 saat dilaksanakannya spin-off, per september 2011, jumlah pembiayaan yang dilakukan bni syariah berupa qardh, murabahah, ijarah, dan pembiayaan lainnya mencapai rp 6,925 triliun. jumlah pembiayaan dari tahun 2008 sampai 2010 terus mengalami peningkatan. tahun 2011, pembiayaan victoria syariah sebesar rp 97 triliyun, jauh meningkat dari tahun sebelumnya sebesar rp 27,903 milyar. bank jabar banten syariah meningkatkan amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah254 0% 50% 100% bnis bris victoria bjbs bsb before spin-off after pembiayaan nya sebesar 81% di tahun 2010 dari rp 687 milyar menjadi rp 1,2 triliyun dan meningkat lagi sebesar 31% menjadi rp 1,64 triliyun. bank syariah bukopin meningkatkan pembiayaannya pasca spin-off sebesar 27% menjadi rp 1,6 triliyun yang sebelumnya sebesar rp 1,263 triliyun. sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah analisis data pengujian hipotesis yang ada bertujuan untuk menjawab pertanyaan, apakah terdapat perbedaan antara kinerja bank syariah sebelum spin-off dan selama berlangsung spin-off. analisis ini dilakukan untuk mengukur hipotesa yang menyatakan bahwa kinerja keuangan bank syariah secara parsial berbeda dengan signifikan antara sebelum dan sesudah spin-off, dengan menggunakan wilcoxon match pairs test. pengujian dilakukan dengan uji wilcoxon karena data yang digunakan adalah data yang tidak berdistribusi normal yang akan dikomparasikan. output hasil uji wilcoxon match pairs test, dapat disajikan dan dijelaskan pada tabel berikut: al-iqtishad: vol. iv, no. 2, juli 2012 255 0% 50% 100% bnis bris victoria bjbs bsb before spin-off after pembiayaan nya sebesar 81% di tahun 2010 dari rp 687 milyar menjadi rp 1,2 triliyun dan meningkat lagi sebesar 31% menjadi rp 1,64 triliyun. bank syariah bukopin meningkatkan pembiayaannya pasca spin-off sebesar 27% menjadi rp 1,6 triliyun yang sebelumnya sebesar rp 1,263 triliyun. sumber: laporan keuangan publikasi masing-masing bank syariah, data diolah analisis data pengujian hipotesis yang ada bertujuan untuk menjawab pertanyaan, apakah terdapat perbedaan antara kinerja bank syariah sebelum spin-off dan selama berlangsung spin-off. analisis ini dilakukan untuk mengukur hipotesa yang menyatakan bahwa kinerja keuangan bank syariah secara parsial berbeda dengan signifikan antara sebelum dan sesudah spin-off, dengan menggunakan wilcoxon match pairs test. pengujian dilakukan dengan uji wilcoxon karena data yang digunakan adalah data yang tidak berdistribusi normal yang akan dikomparasikan. output hasil uji wilcoxon match pairs test, dapat disajikan dan dijelaskan pada tabel berikut: tabel 1 hasil uji wilcoxon match pairs test hipotesis variabel z sig α ketarangan h1 aset -2.023 0.043 0.05 berbeda h2 pembiayaan -2.023 0.043 0.05 berbeda h3 dpk -2.023 0.043 0.05 berbeda h4 laba bersih -0.135 0.893 0.05 tidak berbeda h5 car -1.214 0.225 0.05 tidak berbeda h6 npf -2.023 0.043 0.05 berbeda h7 fdr -0.135 0.893 0.05 tidak berbeda h8 roa -0.405 0.686 0.05 tidak berbeda h9 roe -0.674 0.500 0.05 tidak berbeda sumber: data diolah tabel 2 hasil perbandingan kinerja hipotesis variabel negatif positif ties h1 aset 0 a 5 b 0 c h2 pembiayaan 0 a 5 b 0 c h3 dpk 0 a 5 b 0 c h4 laba bersih 3 a 2 b 0 c h5 car 3 a 2 b 0 c h6 npf 0 a 5 b 0 c h7 fdr 2 a 3 b 0 c h8 roa 2 a 3 b 0 c h9 roe 1a 4b 0c sumber: data diolah hasil analisis data pada variabel aset, pembiayaan, dpk, dan npf, dengan membandingkan kinerja bank syariah 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z sebesar -2.023 dengan signifikansi sebesar 0.043. karena nilai signifikasi lebih kecil dari 0.05 (0.043<0.05), berarti terdapat perbedaan pada beberapa variabel, yaitu aset, pembiayaan, dpk, dan npf dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. hasil analisis data pada variabel laba bersih dan fdr, dengan membandingkan kinerja bank syariah 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z masing-masing sebesar -0.135 dengan signifikansi sebesar 0.893. karena nilai signifikasi lebih besar dari 0.05 (0.0893>0.05) maka berarti tidak amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah256 terdapat perbedaan pada variabel laba bersih dan fdr dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. hasil analisis data pada variabel car, dengan membandingkan kinerja bank syariah 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z sebesar -1.214 dengan signifikansi sebesar 0.225. karena nilai signifikasi lebih besar dari 0.05 (0.225>0.05) maka berarti tidak terdapat perbedaan pada variabel car dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. hasil analisis data pada variabel roa, dengan membandingkan kinerja bank syariah 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z sebesar -0.405 dengan signifikansi sebesar 0.686. karena nilai signifikasi lebih besar dari 0.05 (0.686>0.05) maka berarti tidak terdapat perbedaan pada variabel roa dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. hasil analisis data pada variabel roe, dengan membandingkan kinerja 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z sebesar -0.674 dengan signifikansi sebesar 0.500. karena nilai signifikasi lebih besar dari 0.05 (0.50>0.05) maka berarti tidak terdapat perbedaan pada variabel roe dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. dari output tersebut diperoleh: pertama, negative ranks. tidak ada selisih antara variabel sebelum dan sesudah yang negatif atau dengan kata lain tidak terdapat observasi pada variabel sesudah yang kurang dari observasi pada variabel sebelum. kedua, positive ranks atau selisih variabel sebelum dan sesudah yang positif sebanyak 5 observasi atau dengan kata lain terdapat 5 observasi pada variabel sesudah yang lebih dari observasi pada variabel sebelum dengan rata-rata rangkingnya = 3 dan jumlah rangking positif = 15. ties atau tidak ada perbedaan antara variabel sebelum dan sesudah sebanyak 0 observasi. potensi yang dimiliki perbankan syariah secara keseluruhan menunjukkan bahwa perlu adanya rencana-rencana ke depan yang strategis dan memenuhi kebutuhan pasar. rencana tersebut dirumuskan melihat prospek, tantangan, dan kesempatan yang ada, sehingga akselarasi perbankan syariah dapat lebih maksimal dijalankan. undang-undang no.10 tahun 1998 merupakan dasar utama tercetusnya usulan spin-off bagi bank syariah. hal ini disebabkan dalam uu no.10 tahun 1998 tersebut memperbolehkan di indonesia menganut dual system banking, yaitu bank dengan sistem kovensional dan syariah. menanggapi hal tersebut, pemerintah, dalam hal ini bank indonesia, membuat rencana jangka panjang, agar tidak lagi terjadi dualisme sistem perbankan dalam satu al-iqtishad: vol. iv, no. 2, juli 2012 257 terdapat perbedaan pada variabel laba bersih dan fdr dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. hasil analisis data pada variabel car, dengan membandingkan kinerja bank syariah 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z sebesar -1.214 dengan signifikansi sebesar 0.225. karena nilai signifikasi lebih besar dari 0.05 (0.225>0.05) maka berarti tidak terdapat perbedaan pada variabel car dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. hasil analisis data pada variabel roa, dengan membandingkan kinerja bank syariah 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z sebesar -0.405 dengan signifikansi sebesar 0.686. karena nilai signifikasi lebih besar dari 0.05 (0.686>0.05) maka berarti tidak terdapat perbedaan pada variabel roa dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. hasil analisis data pada variabel roe, dengan membandingkan kinerja 1 tahun sebelum dengan 1 tahun sesudah spin-off, diperoleh nilai z sebesar -0.674 dengan signifikansi sebesar 0.500. karena nilai signifikasi lebih besar dari 0.05 (0.50>0.05) maka berarti tidak terdapat perbedaan pada variabel roe dengan masa periode perbandingan 1 tahun sebelum dengan 1 tahun sesudah spin-off. dari output tersebut diperoleh: pertama, negative ranks. tidak ada selisih antara variabel sebelum dan sesudah yang negatif atau dengan kata lain tidak terdapat observasi pada variabel sesudah yang kurang dari observasi pada variabel sebelum. kedua, positive ranks atau selisih variabel sebelum dan sesudah yang positif sebanyak 5 observasi atau dengan kata lain terdapat 5 observasi pada variabel sesudah yang lebih dari observasi pada variabel sebelum dengan rata-rata rangkingnya = 3 dan jumlah rangking positif = 15. ties atau tidak ada perbedaan antara variabel sebelum dan sesudah sebanyak 0 observasi. potensi yang dimiliki perbankan syariah secara keseluruhan menunjukkan bahwa perlu adanya rencana-rencana ke depan yang strategis dan memenuhi kebutuhan pasar. rencana tersebut dirumuskan melihat prospek, tantangan, dan kesempatan yang ada, sehingga akselarasi perbankan syariah dapat lebih maksimal dijalankan. undang-undang no.10 tahun 1998 merupakan dasar utama tercetusnya usulan spin-off bagi bank syariah. hal ini disebabkan dalam uu no.10 tahun 1998 tersebut memperbolehkan di indonesia menganut dual system banking, yaitu bank dengan sistem kovensional dan syariah. menanggapi hal tersebut, pemerintah, dalam hal ini bank indonesia, membuat rencana jangka panjang, agar tidak lagi terjadi dualisme sistem perbankan dalam satu tubuh, perlu ada kemandirian dari masing-masing sistem dan siap bersaing. spin-off kemudian diatur dalam uu no. 21 tahun 2008. spin-off juga dimaksudkan dalam rangka mempercepat laju pertumbuhan bank syariah, yaitu mendorong unit usaha syariah untuk memisahkan dirinya (spin off) dari bank induknya atau konversi dari bank konvensional menjadi bank syariah. penutup dari hasil pengujian didapatkan, dari sembilan variabel yaitu aset, pembiayaan, dpk, laba bersih, car, npf, fdr, roa, dan roe yang diuji dengan metode wilcoxon signed ranks test menunjukkan bahwa perbedaan kinerja antara sebelum dan sesudah spin-off terjadi pada tiga variabel, yaitu: aset, pembiayaan, dan dana pihak ketiga (dpk). hal ini dapat dilihat dari nilai signifikansi yang kurang dari α. artinya, terdapat pengaruh sebelum aktivitas spinoff dan sesudah. sedangkan pada variabel lainnya, car, fdr, roa, dan roe tidak menunjukkan perbedaan kinerja antara satu tahun sebelum dan satu tahun sesudah spin-off, dengan nilai signifikansi lebih besar dari α. hal ini mungkin disebabkan karena spin-off masih baru dipraktikkan di industri perbankan syariah, sehingga jangka waktu pengujian masih pendek. dalam menyiapkan diri berpisah dari bank kovensional menjadi bus yang mandiri, rencana bisnis perlu disiapkan dengan matang sejak masih uus. uus perlu mengalkulasikan secara serius investasi awal yang disiapkan untuk spinoff, seperti: (a) bank-bank syariah memiliki rencana bisnis dengan action plan, di mana rencana spin-off tertuang di sana. selain itu juga fokus pengembangan bisnis bank syariah jangka pendek, jangka menengah, dan jangka panjang; (b) peningkatan kualitas sdm dan it dilakukan dengan ragam cara masing-masing bank. melakukan training intensif, penguatan ruhiyah, serta menjalin kerja sama dengan lembaga, perguruan tinggi yang sudah memiliki calon-calon sdm untuk industri perbankan syariah; (c) karena bank-bank syariah yang lahir melalui proses spin-off masih berumur satu hingga dua tahun, maka bank syariah akan memperbesar asetnya. menjaring nasabah dan melakukan kerja sama dengan pelbagai pihak; (d) mengembangkan produk-produk perbankan syariah yang applicable dengan jaringan pelayanan yang tersebar di masyarakat. [] daftar pustaka buku: anshori, abdul ghofur, pembentukan bank syariah melalui akuisisi dan konversi, yogyakarta: uii press, 2010. amalia nasuha: dampak kebijakan spin-off terhadap kinerja bank syariah258 karim, adiwarman a., perbankan syariah 2008: evaluasi, tren, dan proyeksi. research & management division head, jakarta: karim business consulting, 2008. muhammad, bank syariah, problem dan prospek perkembangan di indonesia, yogyakarta: graha ilmu, 2005. rochaety, ety, dkk. metodologi penelitian bisnis dengan aplikasi spss. jakarta: mitra wacana media, 2007. tubke, alexander. success factors of corporate spin-offs. usa: springer science, inc. umar, husein, metode riset bisnis. jakarta: pt gramedia pustaka utama, 2003. wibowo, manajemen kinerja. jakarta: pt raja grafindo, 2007. artikel/makalah: afrizal, afick, ‚sebuah analisis tentang spin-off”, artikel diakses pada tanggal 25 september 2011 dari http://afick-afrizal.blogspot.com/2009/01/sebuahanalisis-tentang-spin-off.html. farouk, peri umar, ‚mekanisme pembentukan bank syariah alternatif: akuisisi dan konversi bank umum konvensional serta pemisahan (spin-off) unit usaha syariah‛, jurnal newsletter no.72/maret/2009. hetami, adietya arie, ‚pengaruh motivasi, kemampuan, dan disiplin terhadap kinerja karyawan‛, polibis jurnal ekonomi dan bisnis, volume 7, nomor 1, maret 2009. nn, ‚spin-off, konstruksi hukum dalam upaya penguatan struktur perbankan nasional‛, buletin hukum perbankan dan kebanksentralan, vol. 7, nomor 1, januari 2009. statistik perbankan syariah maret 2011, http://www.bi.go.id/web/id/statistik/ statistik+perbankan/statistik+perbankan+syariah/spss_0211.htm, tanggal akses 6 mei 2011. perundang-undangan: undang-undang nomor 21 tahun 2008 tentang perbankan syariah. undang-undang nomor 40 tahun 2007 tentang perseroan terbatas. website: www.bnisyariah.co.id www.bjbsyariah.co.id www.brisyariah.co.id, dll. pewataatmadja, karnaen a., membumikan ekonomi islam di indonesia, depok: usaha kami, 1996. prodjodikoro, wijono, hukum asuransi indonesia, jakarta: pt. internusa, 1994. qusyayrî, al-, abî husayn muslim ibn hajjaj, al-jâmi‘ al-shahîh, makkah: isa albabî al-halabî, 1955. r. subekti dan tjitrosudibio, kitab undang-undang hukum dagang (kuhd) dan undang-undang (uu) kepailitan, jakarta: pt. pradya paramita, 1994. rahman, fazlur, doktrin ekonomi islam, yogyakarta: pt. dana bhakti wakaf, 1995. rahman, fazlur, doktrin ekonomi islam, yogyakarta: pt.dana bhakti wakaf, 1996. salim, a. abbas salim, dasar-dasar asuransi, jakarta: pt. rajagrafindo persada, 1993. subroto, thomas, tanya jawab undang-undang no.2 tahun 1992 tentang usaha perasuransian, semarang: dahara prize, 1996. suhawan, pelajaran asuransi smk jurusan perdagangan/manajemen bisnis, bandung: armico, 1995. sumitro, warkum, asas-asas perbankan islam dan lembaga terkait di indonesia, jakarta: pt. raja 1997. tirmidzî, al-, muhammad ibn ‘îsâ abî ‘îsâ al-tirmidzi as-salami, sunan al-tirmidzî, bayrût: dâr al-turâts al-arabi, t.th. konsep riba dalam alquran dan literatur fikih mujar ibnu syarif abstract: the concept of ribâ in the quran and fiqh literature. the majority of commentators (jumhûr al-mufassirîn) argued that the reference of riba is a gift (al-‘athiyyah) of one person to another, not with the aim of reaching allah's pleasure. however, riba was just to get a mere worldly rewards. the qur'an did not explicitly mention the prohibition of riba. therefore, the scholars differ on what is really meant by riba in qur'an verses. some scholars say the meaning of riba in the quran is forbidden riba or riba nasî'ah. in this article, the concept of riba is studied based on the jurisprudence literature. keywords: ribâ, the prohibition of ribâ, jurisprudence literature abstrak: konsep riba dalam alquran dan literatur fikih. mayoritas ahli tafsir (jumhûr al-mufassirîn) berpendapat bahwa yang dimaksud dengan riba adalah suatu bentuk pemberian (al-‘athiyyah) yang disampaikan seseorang kepada orang lain, bukan dengan tujuan untuk menggapai rida allah swt., tetapi hanya sekadar untuk mendapatkan imbalan duniawi semata. alquran ternyata tidak secara eksplisit menyebut tentang keharaman riba. karena itu, para ulama berbeda pendapat mengenai apa sesungguhnya yang dimaksud dengan riba pada ayat alquran. sebagian ulama menyatakan yang dimaksud dengan riba pada ayat alquran tersebut adalah riba yang diharamkan, yakni riba nasî’ah. dalam artikel ini dikaji konsep riba tersebut berdasarkan pada penelusuran literatur fikih. kata kunci: riba, keharaman riba, literatur fikih naskah diterima: 5 oktober 2010, direvisi: 20 mei 2011 , disetujui: 26 mei 2011.  universiti malaya, malaysia. e-mail: mujarsyarif@yahoo.com mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih294 pendahuluan dalam alquran, riba disebut delapan kali dalam empat surah yang berbeda, yakni satu kali dalam ayat 39 surah al-rûm, satu kali dalam ayat 161 surah alnisâ’, satu kali dalam ayat 130 surah âli ‘imrân, tiga kali dalam ayat 275 surah albaqarah, satu kali dalam ayat 276 surah al-baqarah, dan satu kali dalam ayat 278 surah al-baqarah. keempat surah tersebut secara kronologis menggambarkan empat tahapan pengharaman riba dalam alquran. pada tahap pertama, keharaman riba untuk pertama kalinya secara implisit dijelaskan dalam ayat 39 surah al-rûm yang berbunyi sebagai berikut:                                               dan sesuatu riba (tambahan) yang kamu berikan agar dia bertambah pada harta manusia, maka riba itu tidak menambah pada sisi allah. dan apa yang kamu berikan berupa zakat yang kamu maksudkan untuk mencapai keridaan allah, maka (yang berbuat demikian) itulah orang-orang yang melipat gandakan (pahalanya).‛ (q.s. al-rûm [30]: 39). penting dicatat, ayat tersebut merupakan bagian dari ayat-ayat makkiyyah. sebagaimana lazim diketahui, pada umumnya ayat-ayat makiyyah lebih dominan berbicara mengenai masalah-masalah akidah (theologi). pembahasan mengenai riba dalam ayat 39 surah al-rûm yang termasuk kategori ayat-ayat makiyyah itu menyimpan sebuah indikasi mengenai betapa urgennya masalah riba ini. secara eksplisit ayat tersebut menyatakan bahwa riba tidak berimplikasi pada perolehan pahala. berbeda dengan zakat yang bila ditunaikan semata-mata untuk menggapai ridha allah, pasti pelakunya akan mendapatkan pahala yang berlipat ganda dari allah swt. mayoritas ahli tafsir (jumhûr al-mufassirîn) berpendapat bahwa yang dimaksud dengan riba pada ayat tersebut adalah suatu bentuk pemberian (al‘athiyyah) yang disampaikan seseorang kepada orang lain bukan dengan tujuan untuk menggapai rida allah swt., tetapi hanya sekadar untuk mendapatkan imbalan duniawi semata. karena itu, pelakunya tidak akan memperoleh pahala dari allah swt. atas pemberiannya itu. hal ini berbeda dengan zakat, yang ketika al-iqtishad: vol. iii, no. 2, juli 2011 295 pendahuluan dalam alquran, riba disebut delapan kali dalam empat surah yang berbeda, yakni satu kali dalam ayat 39 surah al-rûm, satu kali dalam ayat 161 surah alnisâ’, satu kali dalam ayat 130 surah âli ‘imrân, tiga kali dalam ayat 275 surah albaqarah, satu kali dalam ayat 276 surah al-baqarah, dan satu kali dalam ayat 278 surah al-baqarah. keempat surah tersebut secara kronologis menggambarkan empat tahapan pengharaman riba dalam alquran. pada tahap pertama, keharaman riba untuk pertama kalinya secara implisit dijelaskan dalam ayat 39 surah al-rûm yang berbunyi sebagai berikut:                                               dan sesuatu riba (tambahan) yang kamu berikan agar dia bertambah pada harta manusia, maka riba itu tidak menambah pada sisi allah. dan apa yang kamu berikan berupa zakat yang kamu maksudkan untuk mencapai keridaan allah, maka (yang berbuat demikian) itulah orang-orang yang melipat gandakan (pahalanya).‛ (q.s. al-rûm [30]: 39). penting dicatat, ayat tersebut merupakan bagian dari ayat-ayat makkiyyah. sebagaimana lazim diketahui, pada umumnya ayat-ayat makiyyah lebih dominan berbicara mengenai masalah-masalah akidah (theologi). pembahasan mengenai riba dalam ayat 39 surah al-rûm yang termasuk kategori ayat-ayat makiyyah itu menyimpan sebuah indikasi mengenai betapa urgennya masalah riba ini. secara eksplisit ayat tersebut menyatakan bahwa riba tidak berimplikasi pada perolehan pahala. berbeda dengan zakat yang bila ditunaikan semata-mata untuk menggapai ridha allah, pasti pelakunya akan mendapatkan pahala yang berlipat ganda dari allah swt. mayoritas ahli tafsir (jumhûr al-mufassirîn) berpendapat bahwa yang dimaksud dengan riba pada ayat tersebut adalah suatu bentuk pemberian (al‘athiyyah) yang disampaikan seseorang kepada orang lain bukan dengan tujuan untuk menggapai rida allah swt., tetapi hanya sekadar untuk mendapatkan imbalan duniawi semata. karena itu, pelakunya tidak akan memperoleh pahala dari allah swt. atas pemberiannya itu. hal ini berbeda dengan zakat, yang ketika menunaikannya, para pelakunya, hanya ingin mendapatkan ridha allah swt.1 namun demikian, meskipun pemberian sesuatu dari seseorang dengan motif untuk menggapai sesuatu yang lebih banyak (al-ziyâdah) termasuk dalam kategori riba, ia tetap boleh diterima. sehubungan dengan hal ini ibn abbas menyatakan sebagai berikut: riba itu ada dua macam, yakni riba yang haram dan riba yang halal. riba yang halal adalah hadiah yang diberikan seseorang dengan motivasi untuk mendapatkan keuntungan yang berlipat ganda. pendapat senada, antara lain, dianut pula oleh al-qurthubî sebagaimana tercermin dalam pernyataannya yang berbunyi sebagai berikut: riba itu berarti tambahan... (al-ziyâdah). riba itu ada dua macam, yaitu riba yang haram dan riba yang halal. riba yang halal itu ialah hadiah yang diberikan seseorang (kepada orang lain) dengan motif untuk mendapatkan sesuatu yang lebih baik dibanding hadiah yang diberikannya itu. pemberi hadiah yang punya motif seperti ini tidak akan mendapatkan pahala dan juga tidak terkena dosa. contoh pemberian semacam itu, antara lain, adalah ucapan salam yang disampaikan seseorang kepada orang lain. kendatipun halal bagi orang lain, khusus untuk nabi muhammad saw., menurut al-qurthubî, riba semacam itu tetap merupakan sebuah tindakan yang haram beliau lakukan. untuk 1‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah wa syâmilah li tathbîqât almu‘ashirah, (bayrût: mu’assasah al-risâlah, 1425 h/2004m), h. 70 2ibn katsîr, tafsîr al-qur’ân al-‘azhîm, (bayrût: dâr al-fikr, 1995), jilid iii, h. 435. 3al-qurthubî, al-jâmi’ li ahkâm al-qur’ân, (al-qâhirah: dâr al-sya’b, 1372 h), jilid xxiii, h. 36. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih296 melegitimasi pendapat tersebut, al-qurthubî menyampaikan dalil berupa firman allah dalam ayat 6 surah al-muddatstsir yang berbunyi sebagai berikut:        dan janganlah kamu memberi (dengan maksud) memperoleh (balasan) yang lebih banyak. (q.s. al-muddatstsir [74]: 6). bila dicermati, ayat 39 surah al-rûm, ternyata tidak secara eksplisit menyebut tentang keharaman riba. karena itu, para ulama berbeda pendapat mengenai apa sesungguhnya yang dimaksud dengan riba pada ayat tersebut. satu pendapat, sebagaimana dianut al-qurthubî menyatakan, yang dimaksud dengan riba pada ayat tersebut adalah riba yang diharamkan, yakni riba nasî’ah. pendapat ini didasarkan pada riwayat dari al-suddi (ismâ‘îl ibn ‘abd al-rahmân ibn alkarîmah, wafat tahun 127 h) yang menyatakan, ayat 39 surah al-rûm tersebut turun bertalian dengan kasus riba yang dipraktikkan oleh keluarga tsâqif.4 pendapat lain, semisal dianut oleh ‘abd al-azhîm jalâl abû zayd sebaliknya menyatakan, riba yang dimaksud pada ayat 39 surah al-rûm bukanlah riba yang diharamkan. menurut pendapat ini, pendapat al-qurthubî yang menyatakan bahwa yang dimaksud dengan riba pada ayat tersebut adalah riba yang diharamkan, yakni riba nasî’ah sebagaimana dipraktikkan oleh keluarga tsâqif, sama sekali tidak dapat diterima. sebab ayat 39 surah al-rûm termasuk kategori ayat-ayat makiyyah. sementara tsâqif baru masuk islam pada periode madinah, tepatnya tahun ke-9 h. kembali kepada soal pengharaman riba, para ulama kontemporer berpendapat, proses pengharaman riba ditetapkan secara evolutif (al-tadrîj) sama seperti proses pengharaman khamr. bila dibandingkan satu sama lain, ayat 39 surah al-rûm ini sama kedudukannya dengan ayat 67 surah al-nahl yang berbunyi sebagai berikut:                                4al-qurthubî, al-jâmi’ li ahkâm al-qur’ân, h. 36. al-iqtishad: vol. iii, no. 2, juli 2011 297 melegitimasi pendapat tersebut, al-qurthubî menyampaikan dalil berupa firman allah dalam ayat 6 surah al-muddatstsir yang berbunyi sebagai berikut:        dan janganlah kamu memberi (dengan maksud) memperoleh (balasan) yang lebih banyak. (q.s. al-muddatstsir [74]: 6). bila dicermati, ayat 39 surah al-rûm, ternyata tidak secara eksplisit menyebut tentang keharaman riba. karena itu, para ulama berbeda pendapat mengenai apa sesungguhnya yang dimaksud dengan riba pada ayat tersebut. satu pendapat, sebagaimana dianut al-qurthubî menyatakan, yang dimaksud dengan riba pada ayat tersebut adalah riba yang diharamkan, yakni riba nasî’ah. pendapat ini didasarkan pada riwayat dari al-suddi (ismâ‘îl ibn ‘abd al-rahmân ibn alkarîmah, wafat tahun 127 h) yang menyatakan, ayat 39 surah al-rûm tersebut turun bertalian dengan kasus riba yang dipraktikkan oleh keluarga tsâqif.4 pendapat lain, semisal dianut oleh ‘abd al-azhîm jalâl abû zayd sebaliknya menyatakan, riba yang dimaksud pada ayat 39 surah al-rûm bukanlah riba yang diharamkan. menurut pendapat ini, pendapat al-qurthubî yang menyatakan bahwa yang dimaksud dengan riba pada ayat tersebut adalah riba yang diharamkan, yakni riba nasî’ah sebagaimana dipraktikkan oleh keluarga tsâqif, sama sekali tidak dapat diterima. sebab ayat 39 surah al-rûm termasuk kategori ayat-ayat makiyyah. sementara tsâqif baru masuk islam pada periode madinah, tepatnya tahun ke-9 h. kembali kepada soal pengharaman riba, para ulama kontemporer berpendapat, proses pengharaman riba ditetapkan secara evolutif (al-tadrîj) sama seperti proses pengharaman khamr. bila dibandingkan satu sama lain, ayat 39 surah al-rûm ini sama kedudukannya dengan ayat 67 surah al-nahl yang berbunyi sebagai berikut:                                4al-qurthubî, al-jâmi’ li ahkâm al-qur’ân, h. 36. dan dari buah kurma dan anggur, kamu buat minuman yang memabukkan dan rezeki yang baik. sesungguhnya pada yang demikian itu benar-benar terdapat tanda (kebesaran allah) bagi orang yang memikirkan. (q.s. al-nahl [16]: 67). ayat 67 surah al-nahl tersebut sama sekali tidak menyebut keharaman khamr. akan tetapi, hanya menyinggung perbandingan antara rezeki yang baik dengan minuman yang memabukkan. sama seperti ayat ini yang tidak menyatakan keharaman khamr, ayat 39 surah al-rûm yang dikutip di muka, juga tidak menyinggung soal keharaman riba. ayat tersebut juga hanya membuat perbandingan antara riba dengan zakat. namun demikian, substansi yang dikehendaki kedua ayat tersebut sesungguhnya relatif sama, yakni sama-sama menekankan perlunya umat muslim meninggalkan kebiasaan yang buruk. bedanya, ayat 67 surah al-nahl menghendaki agar umat muslim meninggalkan kebiasaan mengonsumsi khamr. sementara ayat 34 surah al-rûm menekankan perlunya kaum muslimin meninggalkan praktik riba. pada tahap kedua, keharaman riba juga masih secara implisit diterangkan dalam ayat 160 hingga 161 surah al-nisâ’ yang berbunyi sebagai berikut:                                                                     maka disebabkan kelaliman orang-orang yahudi, kami haramkan atas mereka (memakan makanan) yang baik-baik (yang dahulunya) dihalalkan bagi mereka, dan karena mereka banyak menghalangi (manusia) dari jalan allah. dan disebabkan mereka memakan riba, padahal sesungguhnya mereka telah dilarang daripadanya, dan karena mereka memakan harta orang dengan jalan yang batil. kami telah menyediakan untuk orang-orang yang kafir di antara mereka itu siksa yang pedih. (q.s. al-nisâ’ [4]: 160-161). ayat tersebut menjelaskan tentang adanya semacam hukuman tuhan terhadap kaum yahudi, sehingga mereka tidak diperbolehkan lagi mengonsumsi beberapa jenis makanan tertentu yang semula dihalalkan bagi mereka. menurut ibn katsîr, pengharaman yang dimaksud pada ayat tersebut terjadi dalam dua kategori. pertama, pengharaman secara qadariyya-n, yakni pengharaman yang mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih298 bersumber dari ulah mereka sendiri yang melakukan penggubahan terhadap makanan-makanan halal tertentu yang semula dihalalkan allah menjadi haram menurut versi mereka sendiri, seperti daging dan susu onta. tindakan tersebut tentu saja berimplikasi pada timbulnya kesulitan atas diri mereka sendiri. karena ulah mereka sendiri tersebut, kemudian allah swt. melakukan pengharaman dalam kategori kedua, yakni pengharaman secara syar‘iyya-n, yaitu pengharaman beberapa jenis makanan tertentu yang semula dihalalkan bagi mereka yang sengaja ditetapkan-nya dalam kitab taurat. beberapa jenis makanan yang dimaksud dijelaskan dalam ayat 146 surah al-an‘âm yang berbunyi sebagai berikut:                                                                         dan kepada orang-orang yahudi, kami haramkan segala binatang yang berkuku. dan dari sapi dan domba, kami haramkan atas mereka lemak dari kedua binatang itu, selain lemak yang melekat di punggung keduanya atau yang di perut besar dan usus atau yang bercampur dengan tulang. demikianlah kami hukum mereka disebabkan kedurhakaan mereka; dan sesungguhnya kami adalah maha benar. (q.s. al-an‘âm [6]: 146). hukuman tersebut ditimpakan kepada mereka, antara lain, karena tiga alasan yang tercantum dalam ayat 160 dan 161 surah al-nisâ’, yakni: (1) banyak menghalangi manusia dari jalan allah, (2) memakan riba, padahal mereka dilarang memakannya, dan (3) memakan harta orang lain dengan cara bâthil . kembali pada soal riba, dalam ayat 160 dan 161 surah al-nisâ’, kaum yahudi jelasjelas dilarang memakan riba. akan tetapi, mereka melanggar larangan itu. karena itu, alih-alih menjauhi riba, mereka malah mempraktikkannya dengan pelbagai cara. salah satunya, dengan cara meminjamkan uang kepada orang lain dari luar kalangan mereka secara ribawî. menurut al-jashshash, dalam tradisi yahudi lazim dianut keyakinan bahwa riba haram dipraktikkan bila objeknya adalah orang-orang yang berasal dari kalangan intern mereka sendiri dan riba halal dilakukan bila objeknya adalah orang lain yang bukan berasal dari kalangan intern mereka sendiri. sehubungan al-iqtishad: vol. iii, no. 2, juli 2011 299 bersumber dari ulah mereka sendiri yang melakukan penggubahan terhadap makanan-makanan halal tertentu yang semula dihalalkan allah menjadi haram menurut versi mereka sendiri, seperti daging dan susu onta. tindakan tersebut tentu saja berimplikasi pada timbulnya kesulitan atas diri mereka sendiri. karena ulah mereka sendiri tersebut, kemudian allah swt. melakukan pengharaman dalam kategori kedua, yakni pengharaman secara syar‘iyya-n, yaitu pengharaman beberapa jenis makanan tertentu yang semula dihalalkan bagi mereka yang sengaja ditetapkan-nya dalam kitab taurat. beberapa jenis makanan yang dimaksud dijelaskan dalam ayat 146 surah al-an‘âm yang berbunyi sebagai berikut:                                                                         dan kepada orang-orang yahudi, kami haramkan segala binatang yang berkuku. dan dari sapi dan domba, kami haramkan atas mereka lemak dari kedua binatang itu, selain lemak yang melekat di punggung keduanya atau yang di perut besar dan usus atau yang bercampur dengan tulang. demikianlah kami hukum mereka disebabkan kedurhakaan mereka; dan sesungguhnya kami adalah maha benar. (q.s. al-an‘âm [6]: 146). hukuman tersebut ditimpakan kepada mereka, antara lain, karena tiga alasan yang tercantum dalam ayat 160 dan 161 surah al-nisâ’, yakni: (1) banyak menghalangi manusia dari jalan allah, (2) memakan riba, padahal mereka dilarang memakannya, dan (3) memakan harta orang lain dengan cara bâthil . kembali pada soal riba, dalam ayat 160 dan 161 surah al-nisâ’, kaum yahudi jelasjelas dilarang memakan riba. akan tetapi, mereka melanggar larangan itu. karena itu, alih-alih menjauhi riba, mereka malah mempraktikkannya dengan pelbagai cara. salah satunya, dengan cara meminjamkan uang kepada orang lain dari luar kalangan mereka secara ribawî. menurut al-jashshash, dalam tradisi yahudi lazim dianut keyakinan bahwa riba haram dipraktikkan bila objeknya adalah orang-orang yang berasal dari kalangan intern mereka sendiri dan riba halal dilakukan bila objeknya adalah orang lain yang bukan berasal dari kalangan intern mereka sendiri. sehubungan dengan hal ini, abd al-‘azhîm jalâl abû zayd mencatat ungkapan yang lazim beredar di kalangan kaum yahudi yang berbunyi sebagai berikut: janganlah kamu mengutangkan sesuatu kepada saudaramu dengan cara riba, baik riba yang ada (pada perhiasan seperti) perak, pada bahan makanan, maupun riba yang terdapat pada segala sesuatu yang dapat diutangkan secara ribawî. untuk orang di luar kelompokmu (ajnabî), silakan kamu mengutangkan sesuatu kepadanya secara ribawî. akan tetapi, kepada saudaramu sendiri, janganlah kamu mengutangkan sesuatu kepadanya secara ribawî.‛ sama seperti ayat 39 surah al-rûm, ayat 160 dan 161 surah al-nisâ’ juga sama sekali tidak menyinggung keharaman riba secara eksplisit. dilihat dari teori tadrîj (evolusi) dalam pengharaman riba, ayat 160 dan 161 surah al-nisâ’ dapat dianalogikan eksistensinya dengan ayat 219 surah al-baqarah yang berada pada tahap kedua dalam hal pengharaman khamr yang berbunyi sebagai berikut:                                  mereka bertanya kepadamu tentang khamr dan judi. katakanlah, pada keduanya itu terdapat dosa besar dan beberapa manfaat bagi manusia, tetapi dosa keduanya lebih besar dari manfaatnya. (q.s. al-baqarah [2]: 219). ayat tersebut sama sekali tidak menyebut soal keharaman khamr, tetapi hanya menjelaskan mudharat yang terdapat pada khamr lebih besar ketimbang manfaatnya. ayat ini pada intinya mengarahkan umat islam agar menjauhkan diri dari hal-hal yang mengandung banyak mudharat. dengan menyinggung pelarangan riba yang dikenakan kepada kaum yahudi, tampaknya allah swt. juga 5‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah wa syâmilah li tathbîqât almu‘ashirah, h. 74. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih300 hendak memberi peringatan kepada umat islam bahwa mudharat yang terkandung dalam riba juga jauh lebih besar dibanding manfaatnya. melalui ayat 160 dan 161 surah al-nisâ’ tersebut umat islam sudah mulai dikondisikan untuk dapat menerima pengharaman riba. kedua ayat tersebut, menurut rif’at al-sayyid al-‘awdî, paling sedikit berisi empat hal. pertama, riba merupakan tradisi yang biasa dijalankan kaum yahudi. lebih dari itu, mereka bahkan menyebarkan kebiasaan memakan riba tersebut kepada pihak lain. penyebutan yahudi yang secara khusus dikaitkan dengan riba merupakan salah satu mu’jizat alquran yang dibuktikan dalam fakta sejarah bahwa kaum yahudi, baik di masa lalu maupun di masa kini, memang terbukti selalu terlibat dengan praktik riba. kedua, disebutkannya riba beriringan dengan memakan harta orang lain secara bâthil dalam ayat tersebut merupakan sebuah indikasi yang sangat jelas bahwa riba merupakan salah satu bentuk memakan harta orang lain dengan cara yang bâthil . ketiga, riba sangat erat kaitannya dengan kezaliman (al-zhulm). dampak negatif keduanya relatif sama dan sanksi ukhrawinya pun tidak jauh berbeda, yakni siksa yang pedih dalam neraka. keempat, dalam ayat tersebut diinformasikan empat macam kesalahan yang dilakukan kaum yahudi, yakni: (1) kesalahan dari sisi akidah, yakni menghalangi orang lain untuk menempuh jalan allah; (2) kesalahan dari aspek politik; (3) kesalahan pada dimensi sosial. dua kesalahan yang disebut terakhir ini samasama ditandai dengan tindakan kezaliman yang biasa mereka lakukan dalam interaksi sosial politik; dan (4) kesalahan dari aspek ekonomi, yaitu mempraktikkan riba. padahal, sesungguhnya mereka dilarang melakukannya.6 pada tahap ketiga, keharaman riba sudah mulai diterangkan secara eksplisit dengan larangan memakan riba sebagaimana tercantum dalam ayat 130 surah âli ‘imrân yang berbunyi sebagai berikut:                                   6rif’at al-sayyid al-‘awdî, al-manzhûmah al-ma‘rafiyyah li âyât al-ribâ fi al-qur’ân al-karîm namudzaj li i‘jâz al-qur’ân fi al-majâl al-iqtishâdî, (al-qâhirah: al-ma‘had al-‘alili al-fikr al-islâmî, 1417h/1997m), h. 21-22. al-iqtishad: vol. iii, no. 2, juli 2011 301 hendak memberi peringatan kepada umat islam bahwa mudharat yang terkandung dalam riba juga jauh lebih besar dibanding manfaatnya. melalui ayat 160 dan 161 surah al-nisâ’ tersebut umat islam sudah mulai dikondisikan untuk dapat menerima pengharaman riba. kedua ayat tersebut, menurut rif’at al-sayyid al-‘awdî, paling sedikit berisi empat hal. pertama, riba merupakan tradisi yang biasa dijalankan kaum yahudi. lebih dari itu, mereka bahkan menyebarkan kebiasaan memakan riba tersebut kepada pihak lain. penyebutan yahudi yang secara khusus dikaitkan dengan riba merupakan salah satu mu’jizat alquran yang dibuktikan dalam fakta sejarah bahwa kaum yahudi, baik di masa lalu maupun di masa kini, memang terbukti selalu terlibat dengan praktik riba. kedua, disebutkannya riba beriringan dengan memakan harta orang lain secara bâthil dalam ayat tersebut merupakan sebuah indikasi yang sangat jelas bahwa riba merupakan salah satu bentuk memakan harta orang lain dengan cara yang bâthil . ketiga, riba sangat erat kaitannya dengan kezaliman (al-zhulm). dampak negatif keduanya relatif sama dan sanksi ukhrawinya pun tidak jauh berbeda, yakni siksa yang pedih dalam neraka. keempat, dalam ayat tersebut diinformasikan empat macam kesalahan yang dilakukan kaum yahudi, yakni: (1) kesalahan dari sisi akidah, yakni menghalangi orang lain untuk menempuh jalan allah; (2) kesalahan dari aspek politik; (3) kesalahan pada dimensi sosial. dua kesalahan yang disebut terakhir ini samasama ditandai dengan tindakan kezaliman yang biasa mereka lakukan dalam interaksi sosial politik; dan (4) kesalahan dari aspek ekonomi, yaitu mempraktikkan riba. padahal, sesungguhnya mereka dilarang melakukannya.6 pada tahap ketiga, keharaman riba sudah mulai diterangkan secara eksplisit dengan larangan memakan riba sebagaimana tercantum dalam ayat 130 surah âli ‘imrân yang berbunyi sebagai berikut:                                   6rif’at al-sayyid al-‘awdî, al-manzhûmah al-ma‘rafiyyah li âyât al-ribâ fi al-qur’ân al-karîm namudzaj li i‘jâz al-qur’ân fi al-majâl al-iqtishâdî, (al-qâhirah: al-ma‘had al-‘alili al-fikr al-islâmî, 1417h/1997m), h. 21-22. hai orang-orang yang beriman, janganlah kamu memakan riba dengan berlipat ganda dan bertakwalah kamu kepada allah supaya kamu mendapat keberuntungan. (q.s. âli ‘imrân [3]: 130). menurut al-râzî, ketika menderita kekalahan dalam perang uhud pada tahun ketiga h, kaum muslimin mulai meniru kebiasaan kaum kafir quraysy, yakni menimbun harta kekayaan dengan jalan riba. sebagai respons atas tindakan tersebut, turunlah ayat 130 surah âli ‘imrân yang pada intinya berisi larangan bagi umat islam untuk menjalankan praktik riba. berbeda dengan ayat sebelumnya, ayat 130 surah âli ‘imrân ini secara eksplisit sudah mulai melarang umat islam untuk memakan riba. dalam menafsirkan penggalan ayat 130 surah âli ‘imrân yang berbunyi: ُمَضاَعَفًةَأْضَعاًفا di kalangan para ulama terjadi perbedaan pendapat. satu pendapat menyatakan, riba yang hanya dalam kadar yang sedikit saja atau yang tidak tergolong ُمَضاَعَفًة َأْضَعاًفا , hukumnya halal. hal ini diqiyaskan dengan halalnya mengonsumsi khamr di luar salat, sebagaimana termaktub dalam ayat 43 surah al-nisâ’ yang berbunyi sebagai berikut:                      hai orang-orang yang beriman, janganlah kamu salat, sedang kamu dalam keadaan mabuk, sehingga kamu mengerti apa yang kamu ucapkan. (q.s. al-nisâ’ [4]: 43). ayat tersebut berisi larangan mengonsumsi khamr menjelang salat. ini merupakan larangan yang bersifat partikular (juz’î) yang dikaitkan dengan kondisi tertentu. larangan model ini menyimpan arti adanya kebolehan mengonsumsi khamr di luar waktu salat. bila dianalogikan dengan kebolehan mengonsumsi khamr di luar waktu salat, maka sangat boleh jadi, akan ada yang berpendapat, memakan riba dalam kadar yang sedikit saja atau yang tidak masuk kategori ُمَضاَعَفًة َأْضَعاًفا , dapat dibenarkan. di kalangan mufassirîn, pendapat senada ini antara lain dianut oleh muhammad ‘‘abduh dan rasyîd ridhâ.7 pendapat semacam ini, menurut ‘abd al-‘azhîm jalâl abû zayd merupakan pendapat yang keliru (hâdzâ al-qawl al-bâthil ).8 7muhammad ‘abduh dan rasyîd ridhâ, tafsîr al-manâr, (lubnân: dâr al-ma‘rifah, t.th), jilid iii, h. 93. 8‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah wa syâmilah li tathbîqât almu‘ashirah, footnote no. 2, h. 78. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih302 menurut sayyid quthb, penggalan ayat 130 surah âli ‘imrân yang berbunyi: ُمَضاَعَفًةَأْضَعاًفا , merupakan sebuah sifat yang lazim melekat pada riba. karena itu, meskipun ditetapkan dalam kadar yang sedikit saja, secara natural seiring bertambahnya waktu, riba yang sedikit itu lama-kelamaan, pasti akan berubah menjadi berlipat ganda juga.9 bila pendapat quthb ini diterima, maka riba tetap haram hukumnya, baik dalam kadar yang sedikit maupun dalam kadar yang berlipat ganda. pada tahap keempat, keharaman riba sudah dijelaskan secara sangat eksplisit dengan adanya perintah meninggalkan riba sebagaimana tercantum dalam ayat 275-280 surah al-baqarah yang berbunyi sebagai berikut:                                                                                                                                                                                                                                                                       orang-orang yang makan (mengambil) riba tidak dapat berdiri melainkan seperti berdirinya orang yang kemasukan setan lantaran (tekanan) penyakit gila. keadaan mereka yang demikian itu, adalah disebabkan mereka 9sayyid quthhb, fî zhilâl al-qur’ân, (t.tp: dâr al-fikr, t.th), jilid iv, h. 74. al-iqtishad: vol. iii, no. 2, juli 2011 303 menurut sayyid quthb, penggalan ayat 130 surah âli ‘imrân yang berbunyi: ُمَضاَعَفًةَأْضَعاًفا , merupakan sebuah sifat yang lazim melekat pada riba. karena itu, meskipun ditetapkan dalam kadar yang sedikit saja, secara natural seiring bertambahnya waktu, riba yang sedikit itu lama-kelamaan, pasti akan berubah menjadi berlipat ganda juga.9 bila pendapat quthb ini diterima, maka riba tetap haram hukumnya, baik dalam kadar yang sedikit maupun dalam kadar yang berlipat ganda. pada tahap keempat, keharaman riba sudah dijelaskan secara sangat eksplisit dengan adanya perintah meninggalkan riba sebagaimana tercantum dalam ayat 275-280 surah al-baqarah yang berbunyi sebagai berikut:                                                                                                                                                                                                                                                                       orang-orang yang makan (mengambil) riba tidak dapat berdiri melainkan seperti berdirinya orang yang kemasukan setan lantaran (tekanan) penyakit gila. keadaan mereka yang demikian itu, adalah disebabkan mereka 9sayyid quthhb, fî zhilâl al-qur’ân, (t.tp: dâr al-fikr, t.th), jilid iv, h. 74. berkata (berpendapat), sesungguhnya jual-beli sama dengan riba, padahal allah telah menghalalkan jual-beli dan mengharamkan riba. orang-orang yang telah sampai kepadanya larangan dari tuhannya, lalu terus berhenti (dari mengambil riba), maka baginya apa yang telah diambilnya dahulu (sebelum datang larangan); dan urusannya (terserah) kepada allah. orang yang mengulangi (mengambil riba), maka orang itu adalah penghunipenghuni neraka; mereka kekal di dalamnya. allah memusnahkan riba dan menyuburkan sedekah. dan allah tidak menyukai setiap orang yang tetap dalam kekafiran, dan selalu berbuat dosa. sesungguhnya orang-orang yang beriman, mengerjakan amal saleh, mendirikan sembahyang dan menunaikan zakat, mereka mendapat pahala di sisi tuhannya. tidak ada kekhawatiran terhadap mereka dan tidak (pula) mereka bersedih hati. hai orang-orang yang beriman, bertakwalah kepada allah dan tinggalkan sisa riba (yang belum dipungut) jika kamu orang-orang yang beriman. maka jika kamu tidak mengerjakan (meninggalkan sisa riba), maka ketahuilah, bahwa allah dan rasul-nya akan memerangimu. dan jika kamu bertobat (dari pengambilan riba), maka bagimu pokok hartamu, kamu tidak menganiaya dan tidak (pula) dianiaya. dan jika (orang berutang itu) dalam kesukaran, maka berilah tangguh sampai dia berkelapangan. dan menyedekahkan (sebagian atau semua utang) itu, lebih baik bagimu, jika kamu mengetahui. (q.s. al-baqarah [2]: 275-280). menurut al-suyûthî, ayat tersebut turun bertalian dengan kasus tsâqif yang terlibat utang-piutang dengan al-mughîrah. pada tahun 9 h, sebagaimana disinggung di muka, tsâqif memeluk islam. setelah memeluk islam, tsâqif menagih utang yang belum dilunasi al-mughîrah. ketika ditagih, al-mughîrah tidak bersedia membayar riba kepada tsâqif yang telah mengetahui adanya larangan riba dalam islam. kejadian tersebut dilaporkan kepada nabi. kemudian turunlah ayat 275-280 surah al-baqarah tersebut yang pada intinya memerintahkan umat islam untuk meninggalkan sisa-sisa riba. setelah turunnya ayat tersebut, nabi muhammad saw. segera mengirim surat yang berisi perintah untuk meninggalkan riba sebagaimana termaktub dalam surah al-baqarah tersebut kepada gubernur mekah, atab ibn asid. atab ibn asid segera menyampaikan isi surat tersebut kepada tsâqif. setelah menerima penjelasan nabi dalam surat tersebut tsâqif pun mematuhinya.10 ayat tersebut merupakan ayat terakhir tentang riba yang diturunkan kepada nabi muhammad saw. ayat tersebut paling sedikit berisi penjelasan tentang 10al-âlûsî, rûh al-ma‘ânî (bayrût: dâr al-fikr, 1414 h/ 1993 m), jilid 3, h. 85; lihat pula alsyawkânî, fath al-qâdir, (bayrût: dâr al-fikr, t.th), jilid i, h. 298; bandingkan dengan al-thabarî, jâmi‘ al-bayân ‘an ta’wîl ay al-qur’ân, (bayrût: dâr al-fikr,1405 h), ), jilid iii, h. 106. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih304 tiga dampak negatif dari riba. pertama, riba menjadikan pelakunya laksana orang yang kerasukan setan, sehingga tidak dapat lagi membedakan antara yang hak dengan yang bâthil, seperti tidak dapat membedakan jual-beli yang jelas-jelas halal dengan riba yang nyata-nyata haram. kedua, dalam riba terdapat unsur zhulm (penindasan terhadap orang lain) yang tidak ada pada jual-beli. karena itu, jual-beli halal, sementara riba haram dilakukan. ketiga, pada hari kiamat nanti pemakan riba akan mendapat siksa yang kekal abadi dalam neraka. sama seperti pelarangan riba pada tahap pertama, yakni pada ayat 39 surah al-rûm yang dikutip sebelumnya, pada pelarangan riba di tahap terakhir dalam surah al-baqarah pun, tepatnya pada ayat 277 surah al-baqarah, riba disandingkan dengan zakat. ini memberi kesan umum bahwa yang dilarang mempraktikkan riba adalah orang berharta. sebab hanya merekalah yang terkena khithâb zakat. kedua jenis transaksi ini, baik zakat maupun riba, melibatkan dua pihak. pihak penerima zakat dan pembayar riba adalah orang miskin, sedangkan pihak pembayar zakat dan penerima riba adalah orang kaya. dengan demikian, riba merupakan sebuah konteks transaksi antara orang kaya dengan orang miskin. orang yang seharusnya mengeluarkan zakat sebagai santunan kepada orang miskin, justru sebaliknya, menindas dan memeras orang miskin dengan riba. 11 meskipun kesan tersebut begitu kuat, tetapi harus dicatat bahwa dalam kenyataannya, praktik riba juga dilakukan antar sesama orang kaya, sebagaimana terlihat dalam kasus riba antara keluarga tsâqif di thâ‘if dan keluarga almughîrah di mekah. dengan praktik riba, maka fungsi sosial harta menjadi tidak ada, sehingga kesenjangan antara yang kaya dan yang miskin semakin menonjol. berbeda dengan riba, dalam zakat dan sedekah, fungsi sosial harta diperankan sehingga hubungan antara orang kaya dengan orang miskin terjalin dengan baik. praktik riba dengan formula ‚penambahan atas jumlah pinjaman‛, yang pada umumnya pemberi pinjaman diperankan orang kaya dan penerimanya orang miskin, telah mendatangkan kesengsaraan (zhulm). zhulm yang dulu terjadi menggambarkan sulitnya orang miskin mengangsur pelunasan utang berikut bunganya. tampaknya kezaliman yang menimpa orang miskin selaku peminjam menjadi keprihatinan penting bagi alquran. sekiranya penambahan itu tidak mendatangkan kesengsaraan (zhulm) tentu alquran tidak akan mempersoalkannya. dengan demikian, secara esensial, riba tidak terlepas dari zhulm itu.12 11muh. zuhri, riba dalam al-qur’an dan masalah perbankan: sebuah tilikan antisipatif, (jakarta: rajagrafindo persada,1996), h. 86-88. 12 muh. zuhri, riba dalam al-qur’an dan masalah perbankan, h. 86-88. al-iqtishad: vol. iii, no. 2, juli 2011 305 tiga dampak negatif dari riba. pertama, riba menjadikan pelakunya laksana orang yang kerasukan setan, sehingga tidak dapat lagi membedakan antara yang hak dengan yang bâthil, seperti tidak dapat membedakan jual-beli yang jelas-jelas halal dengan riba yang nyata-nyata haram. kedua, dalam riba terdapat unsur zhulm (penindasan terhadap orang lain) yang tidak ada pada jual-beli. karena itu, jual-beli halal, sementara riba haram dilakukan. ketiga, pada hari kiamat nanti pemakan riba akan mendapat siksa yang kekal abadi dalam neraka. sama seperti pelarangan riba pada tahap pertama, yakni pada ayat 39 surah al-rûm yang dikutip sebelumnya, pada pelarangan riba di tahap terakhir dalam surah al-baqarah pun, tepatnya pada ayat 277 surah al-baqarah, riba disandingkan dengan zakat. ini memberi kesan umum bahwa yang dilarang mempraktikkan riba adalah orang berharta. sebab hanya merekalah yang terkena khithâb zakat. kedua jenis transaksi ini, baik zakat maupun riba, melibatkan dua pihak. pihak penerima zakat dan pembayar riba adalah orang miskin, sedangkan pihak pembayar zakat dan penerima riba adalah orang kaya. dengan demikian, riba merupakan sebuah konteks transaksi antara orang kaya dengan orang miskin. orang yang seharusnya mengeluarkan zakat sebagai santunan kepada orang miskin, justru sebaliknya, menindas dan memeras orang miskin dengan riba. 11 meskipun kesan tersebut begitu kuat, tetapi harus dicatat bahwa dalam kenyataannya, praktik riba juga dilakukan antar sesama orang kaya, sebagaimana terlihat dalam kasus riba antara keluarga tsâqif di thâ‘if dan keluarga almughîrah di mekah. dengan praktik riba, maka fungsi sosial harta menjadi tidak ada, sehingga kesenjangan antara yang kaya dan yang miskin semakin menonjol. berbeda dengan riba, dalam zakat dan sedekah, fungsi sosial harta diperankan sehingga hubungan antara orang kaya dengan orang miskin terjalin dengan baik. praktik riba dengan formula ‚penambahan atas jumlah pinjaman‛, yang pada umumnya pemberi pinjaman diperankan orang kaya dan penerimanya orang miskin, telah mendatangkan kesengsaraan (zhulm). zhulm yang dulu terjadi menggambarkan sulitnya orang miskin mengangsur pelunasan utang berikut bunganya. tampaknya kezaliman yang menimpa orang miskin selaku peminjam menjadi keprihatinan penting bagi alquran. sekiranya penambahan itu tidak mendatangkan kesengsaraan (zhulm) tentu alquran tidak akan mempersoalkannya. dengan demikian, secara esensial, riba tidak terlepas dari zhulm itu.12 11muh. zuhri, riba dalam al-qur’an dan masalah perbankan: sebuah tilikan antisipatif, (jakarta: rajagrafindo persada,1996), h. 86-88. 12 muh. zuhri, riba dalam al-qur’an dan masalah perbankan, h. 86-88. dalam rangka kemanusiaan dan menjauhi zhulm, kreditor tidak dibenarkan memungut tambahan dari debitor. sedapat mungkin kreditor berusaha menolongnya dan memberi tenggang waktu yang cukup kepada debitor yang menghadapi kesulitan untuk dapat melunasi utangnya pada saat yang telah memungkinkannya melunasi utangnya itu. tentu akan lebih utama bila kreditor kemudian mau memaafkan, menyedekahkan seluruhnya atau sebagian harta yang seharusnya dikembalikan oleh debitor. sebaliknya, bila peminjam tergolong orang kaya, ia dituntut untuk segera mengembalikan pinjamannya agar dana itu dapat segera dipergunakan pemiliknya. sebab, boleh jadi, kalau sebenarnya pemiliknya hendak menggunakan dana yang sedang dipinjam itu. dalam sebuah hadis, nabi muhammad saw. mencap orang yang mengulur waktu pengembalian utang sebagai orang zalim. hadis yang dimaksud berbunyi sebagai berikut: penguluran waktu pembayaran utang oleh orang kaya merupakan sebuah kezaliman. (h.r. al-bukhârî). para ulama masih berbeda pendapat mengenai benar atau tidaknya ayat 275-280 surah al-baqarah itu merupakan ayat terakhir yang diterima nabi muhammad saw. dari allah swt. satu pendapat menyatakan setuju bahwa ayat 275280 surah al-baqarah tersebut yang lazim dikenal sebagai ayat riba, merupakan wahyu terakhir yang diterima nabi. sementara pendapat yang lain sebaliknya, menolak pendapat tersebut dan menyatakan bahwa wahyu terakhir yang diterima nabi bukanlah ayat 275-280 surah al-baqarah, tetapi ayat 281 surah albaqarah yang berbunyi sebagai berikut:                               dan peliharalah dirimu dari (azab yang terjadi pada) hari yang pada waktu itu kamu semua dikembalikan kepada allah. kemudian masing-masing diri diberi balasan yang sempurna terhadap apa yang telah dikerjakannya, sedang mereka sedikit pun tidak dianiaya (dirugikan). (q.s. al-baqarah [2]: 281). 13imâm al-bukhârî, shahîh al-bukhârî, (damsyiq: dâr al-‘ulûm, t.th.), jilid ii, h. 778. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih306 yang setuju ayat 275-280 surah al-baqarah itu merupakan ayat terakhir yang diterima nabi muhammad saw. mendasarkan pendapatnya pada dua riwayat. pertama, riwayat yang bersumber dari ibnu abbas yang menyatakan sebagai berikut: ayat terakhir yang turun kepada nabi muhammad saw. adalah ayat riba. (h.r. al-bukhârî). kedua, riwayat yang bersumber dari ‘umar ibn al-khaththâb yang menyatakan sebagai berikut: sesungguhnya ayat yang terakhir turun adalah ayat riba. dan sesungguhnya rasul allah saw. wafat sebelum sempat menjelaskan ayat tersebut kepada kita. karena itu, tinggalkanlah riba. (h.r. ibn mâjah). untuk meretas perbedaan pendapat, kedua pendapat tersebut dapat dikompromikan. kesemua ayat tersebut—baik ayat riba (ayat 275-280 surah albaqarah) yang diklaim kelompok yang setuju sebagai wahyu terakhir maupun ayat 281 surah al-baqarah yang dianggap kelompok kedua sebagai wahyu terakhir—pada intinya sama-sama berbicara tentang keharaman riba dan mengimbau agar umat islam dapat menjauhi praktik riba. firman allah dalam ayat 281 surah al-baqarah, menurut ‘abd al-‘azhîm jalâl abû zayd, dapat ditafsirkan sebagai berikut, ‚waspadalah kamu terhadap siksa allah swt. akibat melanggar larangan riba yang ditetapkan-nya. karena itu, janganlah kamu memakan riba.‛16 bila tafsir yang disebut terakhir ini diterima, maka dapat dikatakan, substansi ayat tersebut sesungguhnya juga berbicara masalah riba yang ditutup dengan himbauan agar umat islam bertakwa kepada 14imâm al-bukhârî, shahîh al-bukhârî, jilid iii, h. 55. 15imâm ibn mâjah, sunan ibn mâjah, (bayrût: dâr al-kutub al-‘alamiyyah, t.th), jilid ii, h. 764. 16 ‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah, h. 81-82. al-iqtishad: vol. iii, no. 2, juli 2011 307 yang setuju ayat 275-280 surah al-baqarah itu merupakan ayat terakhir yang diterima nabi muhammad saw. mendasarkan pendapatnya pada dua riwayat. pertama, riwayat yang bersumber dari ibnu abbas yang menyatakan sebagai berikut: ayat terakhir yang turun kepada nabi muhammad saw. adalah ayat riba. (h.r. al-bukhârî). kedua, riwayat yang bersumber dari ‘umar ibn al-khaththâb yang menyatakan sebagai berikut: sesungguhnya ayat yang terakhir turun adalah ayat riba. dan sesungguhnya rasul allah saw. wafat sebelum sempat menjelaskan ayat tersebut kepada kita. karena itu, tinggalkanlah riba. (h.r. ibn mâjah). untuk meretas perbedaan pendapat, kedua pendapat tersebut dapat dikompromikan. kesemua ayat tersebut—baik ayat riba (ayat 275-280 surah albaqarah) yang diklaim kelompok yang setuju sebagai wahyu terakhir maupun ayat 281 surah al-baqarah yang dianggap kelompok kedua sebagai wahyu terakhir—pada intinya sama-sama berbicara tentang keharaman riba dan mengimbau agar umat islam dapat menjauhi praktik riba. firman allah dalam ayat 281 surah al-baqarah, menurut ‘abd al-‘azhîm jalâl abû zayd, dapat ditafsirkan sebagai berikut, ‚waspadalah kamu terhadap siksa allah swt. akibat melanggar larangan riba yang ditetapkan-nya. karena itu, janganlah kamu memakan riba.‛16 bila tafsir yang disebut terakhir ini diterima, maka dapat dikatakan, substansi ayat tersebut sesungguhnya juga berbicara masalah riba yang ditutup dengan himbauan agar umat islam bertakwa kepada 14imâm al-bukhârî, shahîh al-bukhârî, jilid iii, h. 55. 15imâm ibn mâjah, sunan ibn mâjah, (bayrût: dâr al-kutub al-‘alamiyyah, t.th), jilid ii, h. 764. 16 ‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah, h. 81-82. allah swt. imbauan bertakwa dalam ayat ini antara lain, meliputi seruan untuk bertakwa kepada allah swt. dalam arti menjauhkan diri dari praktik riba. dengan begitu, kedua pendapat tersebut dapat diterima. alasan diterimanya pendapat pertama adalah karena kesemua ayat tersebut, termasuk ayat 281 surah al-baqarah, secara substantif memang berbicara soal riba. karena itu, ia dapat dimasukkan dalam kategori ayat riba. pendapat kedua juga dapat dibenarkan, sebab dalam rangkaian ayat riba, ayat 281 surah albaqarah secara kronologis memang diturunkan lebih belakangan ketimbang ayat 275-280 surah al-baqarah. dari penggalan ayat riba tersebut, tepatnya pada ayat 275 surah al-baqarah yang berbunyi (َفَلُه َما َسَلف), yang berarti, ‚maka baginya apa yang telah diambilnya dahulu (sebelum datang larangan)‛, dapat dipetik pemahaman bahwa orangorang yang menjalankan praktik riba sebelum ayat riba yang terakhir tersebut diturunkan, semisal yang dijalankan oleh tsâqif, akan mendapat ampunan allah swt. dengan kata lain, keharaman riba itu tidak berlaku surut, sehingga tidak dapat diberlakukan terhadap mereka yang melakukannya sebelum ayat riba tersebut diturunkan. sedangkan dari penggalan ayat yang berbunyi, ال َتْظِلُموَن, yang berarti, ‚kamu tidak menganiaya‛, dapat ditarik kesimpulan bahwa mengambil riba tetap dipandang sebagai perbuatan zalim sekalipun objeknya adalah orang-orang kaya. sebab, pada prinsipnya riba hanya menguntungkan satu pihak saja, tanpa mempertimbangkan upaya penggantian kerugian pihak lain yang dikenakan riba. dalam kenyataan, orang yang dikenakan riba, sekalipun ia orang kaya, pasti memendam perasaan tidak senang saat dipungut riba darinya. ketika perasaan tersebut muncul, maka saat itu pula telah terjadi penzaliman terhadap dirinya. sementara dari penggalan ayat yang berbunyi, َوال ُتْظَلُموَن yang berarti, ‚dan kamu tidak (pula) dianiaya‛, dapat ditarik kongklusi mengenai tidak dibenarkannya melakukan salah satu dan/atau kedua hal sebagai berikut: (1) mengurangi harta pokok (ra’s al-mâl) yang semula ditransaksikan secara ribawî, dan (2) memperlambat pengembalian harta pokok tersebut. secara sederhana, ibn asyur (muhammad al-thâhir ibn muhammad al-syâdzilî, wafat tahun 1284 h di tunisia) menyatakan bahwa dari penggalan ayat 279 surah al-baqarah yang berbunyi, ُتْظَلُموَنال َتْظِلُموَن َوال , yang berarti, “kamu tidak menganiaya dan tidak (pula) dianiaya‛, dapat ditarik kesimpulan sebagai berikut: 17 17 ibn asyûr, al-taurîr wa al-tanwîr, (t.tp: t.th), jilid iii, h. 95. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih308 janganlah kamu mengambil harta orang lain. sebaliknya, jangan pula orang lain mengambil hartamu. pada ayat riba tersebut, tepatnya pada ayat 275 surah al-baqarah, ada penegasan dari allah swt. bahwa keyakinan kaum musyrik yang menyamakan riba dengan jual-beli merupakan keyakinan yang keliru. yang benar adalah, jualbeli adalah sesuatu yang berbeda dengan riba. keuntungan bisnis yang diperoleh lewat jual-beli itu halal, sementara yang didapat dari riba itu haram dinikmati. konsep riba dalam literatur fikih dalam literatur fikih, pada umumnya para fukaha membedakan riba dalam dua kategori. pertama, riba nasî’ah, yang juga lazim disebut sebagai riba alquran, riba al-duyûn, dan atau riba al-jallî. secara definitif, dalam mazhab hanafî, riba alnasî’ah didefinisikan sebagai berikut: tambahan atas benda yang diutangkan, yang berbeda jenisnya, baik yang dapat ditakar dan atau dapat ditimbang, maupun yang sejenis, tetapi tidak dapat ditakar dan atau tidak dapat ditimbang. sedangkan dalam mazhab hanafî, riba nasî’ah didefinisikan sebagai berikut: 18zaydân ‘abd al-makârim, madzhab ibn ‘abbâs fi al-ribâ bayn madzâhib fuqahâ’ al-sunnah wa al-syî‘ah, (al-qâhirah: dâr al-ittihad al-‘arabî li al-thibâ‘ah, 1972), h. 16; lihat pula, wahbah alzuhaylî, al-fiqh al-islamî wa adillatuh, (bayrût: dâr al-fikr, 1985), jilid iv, h. 672; bandingkan dengan muh. zuhri, riba dalam al-qur’an dan masalah perbankan, h. 106. 19zaydân ‘abd al-makârim, madzhab ibn ‘abbâs fi al-ribâ bayn madzâhib fuqahâ’ al-sunnah wa al-syî‘ah, h. 16. al-iqtishad: vol. iii, no. 2, juli 2011 309 janganlah kamu mengambil harta orang lain. sebaliknya, jangan pula orang lain mengambil hartamu. pada ayat riba tersebut, tepatnya pada ayat 275 surah al-baqarah, ada penegasan dari allah swt. bahwa keyakinan kaum musyrik yang menyamakan riba dengan jual-beli merupakan keyakinan yang keliru. yang benar adalah, jualbeli adalah sesuatu yang berbeda dengan riba. keuntungan bisnis yang diperoleh lewat jual-beli itu halal, sementara yang didapat dari riba itu haram dinikmati. konsep riba dalam literatur fikih dalam literatur fikih, pada umumnya para fukaha membedakan riba dalam dua kategori. pertama, riba nasî’ah, yang juga lazim disebut sebagai riba alquran, riba al-duyûn, dan atau riba al-jallî. secara definitif, dalam mazhab hanafî, riba alnasî’ah didefinisikan sebagai berikut: tambahan atas benda yang diutangkan, yang berbeda jenisnya, baik yang dapat ditakar dan atau dapat ditimbang, maupun yang sejenis, tetapi tidak dapat ditakar dan atau tidak dapat ditimbang. sedangkan dalam mazhab hanafî, riba nasî’ah didefinisikan sebagai berikut: 18zaydân ‘abd al-makârim, madzhab ibn ‘abbâs fi al-ribâ bayn madzâhib fuqahâ’ al-sunnah wa al-syî‘ah, (al-qâhirah: dâr al-ittihad al-‘arabî li al-thibâ‘ah, 1972), h. 16; lihat pula, wahbah alzuhaylî, al-fiqh al-islamî wa adillatuh, (bayrût: dâr al-fikr, 1985), jilid iv, h. 672; bandingkan dengan muh. zuhri, riba dalam al-qur’an dan masalah perbankan, h. 106. 19zaydân ‘abd al-makârim, madzhab ibn ‘abbâs fi al-ribâ bayn madzâhib fuqahâ’ al-sunnah wa al-syî‘ah, h. 16. (perjanjian) utang untuk jangka waktu tertentu dengan tambahan pada waktu pelunasan utang, tanpa adanya penggantian yang sepadan. secara sederhana wahbah al-zuhaylî mendefinisikan riba al-nasî’ah sebagai berikut: riba nasî’ah ialah mengakhirkan pembayaran utang dengan tambahan dari jumlah utang pokok (dan ini lazim disebut riba jahiliyyah). kedua, rba fadhl, yang juga lazim dikenal sebagai riba al-sunnah, riba albuyû‘, riba al-nisâ’, dan/atau riba al-khaffî. secara definitif dalam mazhab hanafi riba al-fadhl ini dirumuskan sebagai berikut: kelebihan (yang diperoleh) dari sebuah transaksi tanpa adanya penggantian meskipun secara hukum berdasarkan parameter yang ditetapkan syari‘at yang disyaratkan terhadap salah satu pihak dari dua pihak yang saling melakukan pertukaran. sedangkan dalam mazhab syâfi‘î, riba fadhl itu didefinisikan sebagai berikut: 22 20zaydân ‘abd al-makârim, madzhab ibn ‘abbâs fi al-ribâ bayn madzâhib fuqahâ’ al-sunnah wa al-syî‘ah, h. 16. 21 ‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah wa syâmilah li tathbîqât almu‘ashirah, h. 37-38. 22‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah wa syâmilah li tathbîqât almu‘ashirah, h. 37-38. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih310 akad yang ditetapkan pada sebuah transaksi pertukaran barang tertentu yang tidak diketahui kesesuaiannya berdasarkan parameter yang ditetapkan syariat sewaktu akad tersebut dibuat atau karena adanya keterlambatan penyerahan salah satu atau kedua jenis barang yang dipertukarkan. mengenai benda-benda yang menjadi objek riba fadhl, para fukaha berbeda pendapat. pendapat pertama, semisal dianut oleh daud al-zhahiri, qatâdah, thawus ibn kaisan, ali ibn aqil al-baghdadi, dan utsman al-buti, bendabenda yang menjadi objek riba fadhl terbatas pada enam jenis benda yang disebut dalam hadis nabi yang berbunyi sebagai berikut: ) dari ‘ubâdah ibn al-shâmit berkata, aku mendengar rasulullah saw. melarang menukar emas dengan emas, perak dengan perak, gandum dengan gandum, kacang sya'ir dengan kacang sya'ir, kurma dengan kurma, garam dengan garam, kecuali sama dan sebanding. barangsiapa yang menambahkannya atau sengaja meminta tambahannya, maka ia sudah berbuat riba. maka para sahabat pun segera mengembalikan (barang yang masuk kategori riba) yang semula telah diambilnya. (h.r. muslim). berbeda dengan pendapat tersebut, pendapat kedua, yang antara lain, dianut oleh ibn hazm, menyatakan objek riba fadhl dapat diperluas sehingga dapat mengakomodasi benda-benda lain yang tidak disebut dalam hadis nabi tersebut, semisal susu, telur, dan lain-lain benda yang dapat dipertukarkan satu sama lain. menurut pendapat kelompok kedua, benda-benda yang terdapat dalam sabda nabi yang bersumber dari ‘ubadah ibn shâmit tersebut, hanya sampel saja dan dapat dikembangkan dengan cara menganalogikan dengan benda-benda yang disebut dalam hadis nabi tersebut. bila disederhanakan enam macam benda yang disebut dalam sabda nabi tersebut dapat dikelompokkan dalam tiga jenis, yakni: jenis makanan pokok, benda-benda berharga, dan benda-benda yang 23imâm muslim, shahîh muslim, (t.p.: t.th), jilid ii, h. 258. al-iqtishad: vol. iii, no. 2, juli 2011 311 akad yang ditetapkan pada sebuah transaksi pertukaran barang tertentu yang tidak diketahui kesesuaiannya berdasarkan parameter yang ditetapkan syariat sewaktu akad tersebut dibuat atau karena adanya keterlambatan penyerahan salah satu atau kedua jenis barang yang dipertukarkan. mengenai benda-benda yang menjadi objek riba fadhl, para fukaha berbeda pendapat. pendapat pertama, semisal dianut oleh daud al-zhahiri, qatâdah, thawus ibn kaisan, ali ibn aqil al-baghdadi, dan utsman al-buti, bendabenda yang menjadi objek riba fadhl terbatas pada enam jenis benda yang disebut dalam hadis nabi yang berbunyi sebagai berikut: ) dari ‘ubâdah ibn al-shâmit berkata, aku mendengar rasulullah saw. melarang menukar emas dengan emas, perak dengan perak, gandum dengan gandum, kacang sya'ir dengan kacang sya'ir, kurma dengan kurma, garam dengan garam, kecuali sama dan sebanding. barangsiapa yang menambahkannya atau sengaja meminta tambahannya, maka ia sudah berbuat riba. maka para sahabat pun segera mengembalikan (barang yang masuk kategori riba) yang semula telah diambilnya. (h.r. muslim). berbeda dengan pendapat tersebut, pendapat kedua, yang antara lain, dianut oleh ibn hazm, menyatakan objek riba fadhl dapat diperluas sehingga dapat mengakomodasi benda-benda lain yang tidak disebut dalam hadis nabi tersebut, semisal susu, telur, dan lain-lain benda yang dapat dipertukarkan satu sama lain. menurut pendapat kelompok kedua, benda-benda yang terdapat dalam sabda nabi yang bersumber dari ‘ubadah ibn shâmit tersebut, hanya sampel saja dan dapat dikembangkan dengan cara menganalogikan dengan benda-benda yang disebut dalam hadis nabi tersebut. bila disederhanakan enam macam benda yang disebut dalam sabda nabi tersebut dapat dikelompokkan dalam tiga jenis, yakni: jenis makanan pokok, benda-benda berharga, dan benda-benda yang 23imâm muslim, shahîh muslim, (t.p.: t.th), jilid ii, h. 258. dapat tahan lama untuk disimpan. setiap benda yang masuk salah satu dari ketiga kategori tersebut, dapat dijadikan objek riba fadhl.24 berbeda dengan pendapat jumhûr fukaha tersebut, dalam mazhab syâfi‘î, riba itu dibedakan menjadi tiga macam, yakni: riba nasî’ah, riba fadhl, dan riba yad. jumhûr fukaha, memasukkan riba yad ini ke dalam kategori riba nasî’ah. perbedaan riba yad dengan riba nasî’ah dalam mazhab syâfi‘î adalah, dalam riba nasî’ah, ketika terjadi akad, benda yang diakadkan sudah ada dan sudah dapat diserahterimakan. sementara pada riba yad, benda yang diakadkan belum ada dan belum dapat diserahterimakan sewaktu terjadinya akad. penutup menurut jumhûr fukaha, riba itu terbagi dalam dua kategori, yakni riba nasî‘ah dan riba fadhl. sementara menurut mazhab syâfi‘î, riba dibedakan menjadi tiga macam, yakni riba nasî’ah, riba fadhl, dan riba yad. jumhûr fukaha, memasukkan riba yad ini ke dalam kategori riba nasî’ah. riba tetap haram hukumnya, baik dalam kadar yang sedikit saja, maupun dalam kadar yang berlipat ganda. sebab, meskipun ditetapkan dalam kadar yang sedikit saja, secara na-tural, seiring bertambahnya waktu, riba yang sedikit lama-kelamaan pasti akan berubah menjadi berlipat ganda juga. [] pustaka acuan al-qur’ân al-karîm ‘abd al-makârim, zaydan, madzhab ibn abbâs fi al-ribâ bayn madzâhib fuqahâ’ al-sunnah wa al-syî‘ah, al-qâhirah: dâr al-ittihâd al-‘arabî li al-thiba’ah, 1972. ‘abduh, muhammad dan ridha, rasyid, tafsir al-manâr, lubnan: dâr al-ma‘rifah, t.th. abû zayd, ‘abd al-‘azhîm jalâl, fiqh al-ribâ dirâsah muqâranah wa syâmilah li altathbîqah al-mu‘âshirah, bayrût: mu’assasah al-risâlah, 1425 h/2004 m. alusî, al-, rûh al-ma‘ânî, bayrût: dâr al-fikr , 1414 h/ 1993 m. awdî, al-, rif’at al-sayyid, al-manzhûmah al-ma‘rafiyyah li âyât al-ribâ fi al-qur’ân al-karîm namûdzaj li i‘jâz al-qur’ân fi al-majal al-iqtishâdî, al-qâhirah: alma‘had al-‘alili al-fikr al-islâmî, 1417h/1997 m. bukhârî, al-, imâm, shahîh al-bukhârî, damsyiq: dâr al-‘ulûm, t.th. ibn asyûr, al-tahrir wa al-tanwir, t.p.: t.th. ibn katsîr, tafsîr al-qur’ân al-‘azhîm, bayrût: dâr al-fikr , 1995. 24‘abd al-‘azhîm jalâl abû zayd, fiqh al-ribâ dirâsah muqâranah wa syâmilah li tathbîqât almu‘ashirah, h.124-126. mujar ibnu syarif: konsep riba dalam alquran dan literatur fikih312 ibn mâjah, imam, sunan ibn mâjah, bayrût: dar al-kutub al-‘alamiyyah, t.th. qurthubî, al-, al-jâmi‘ li ahkâm al-qur’ân, al-qâhirah: dâr al-sya‘b, 1372 h. qutb, sayyid, fî zhilâl al-qur’ân, t.tp: dâr al-fikr , t.th. syawkânî, al-, fath al-qâdir, bayrût: dâr al-fikr, t.th. thabârî, al-, jâmi‘ al-bayân ‘an ta’wîl ay al-qur’ân, bayrût: dâr al-fikr ,1405 h. zuhaily, wahbah , al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr, 1985. zuhri, muh., riba dalam al-qur’an dan masalah perbankan: sebuah tilikan antisipatif, jakarta: rajagrafindo persada,1996. keterangan: nm : non-medical a : lpk + urine lengkap + darah rutin + ekg b : lpk + urine lengkap + darah rutin + ekg + thorax foto c : lpk + urine lengkap + darah lengkap + ekg + thorax foto d : lpk + urine lengkap + darah lengkap + treadmill + thorax foto e : 2 lpk + urine lengkap + darah lengkap + treadmill + thorax foto + hiv test + financial statement kemudian dilanjutkan proses penggolongan risiko, penggolongan risiko dilakukan untuk memproses klasifikasi calon peserta yang memiliki tingkat risiko yang sama, digolongkan dalam kelas yang sama. kelima, membuat keputusan underwriting. setelah tahapan proses seleksi risiko diatas dilalui, tahapan berikutnya adalah membuat keputusan underwriting. penutup pada takâful pembiayaan proses seleksi risiko dimulai ketika bank menyerahkan surat pengajuan asuransi, selanjutnya underwriter pusat atau cabang memverifikasi berkas dan menilai risiko. pada fulnadi proses seleksi risiko dimulai dari field underwriting, verifikasi berkas dan data yang dilakukan di kantor pusat dan cabang, selanjutnya penilaian dan penggolongan tingkat risiko untuk kemudian dilakukan keputusan underwriting oleh underwriter. khusus untuk produk full protek, tidak ditemukan serangkaian kegiatan underwriting oleh underwriter pt. asuransi takâful keluarga. dari analisis penulis dapat disimpulkan bahwa perbedaan dari masing-masing produk yang menjadi fokus penelitian lebih banyak dipengaruhi oleh karakterisitik dari masingmasing produk. letak persamaannya, lebih menitikberatkan pada aspek-aspek yang penulis anggap normatif dan prosedural. [] pustaka acuan bailey, richard, underwriting dalam perusahaan asuransi jiwa dan kesehatan, jakarta: yayasan dharma bumiputera, 1996. kenneth, huggins dan land, robert d. operasi perusahaan asuransi jiwa dan asuransi kesehatan, jakarta: yayasan dharma bumiputera, 1996. moleong, lexy j., metodologi penelitian kualitatif, bandung: pt. remaja rosdakarya, 2007. rohadi, seleksi risiko fulnadi, jakarta: pt. asuransi takâful keluarga, 2009. sula, muhammad syakir, asuransi syariah (life and general) konsep dan sistem operasional, jakarta: gema insani press, 2005. peran negara dalam hisbah akhmad mujahidin abstract: the role of state on hisbah. this article is a review of the theoretical hisbah authority and how the state has a role in it. the most important role of the state in the implementation of technically hisbah that muhtasib task is holding the governor of executive power, legal power of the district court, as well as regional police powers. muhtasib have a responsibility for the welfare of islamic society. islam concerns in world and hereafter to build human welfare. therefore, muhtasib jurisdiction is not limited. muhtasib attention is on what is specified by allah and all that is legally recognized as a man desires. keywords: nation, hisbah, muhtasib, maslahah abstrak: peran negara dalam hisbah. artikel ini merupakan tinjauan teoretis tentang kewenangan hisbah dan bagaimana negara berperan di dalamnya. peran terpenting negara dalam hisbah secara teknis dalam pelaksanaan tugas muhtasib adalah memegang kekuasaan eksekutif gubernur wilayah, kekuasaan hukum pengadilan wilayah, dan juga kekuasaan polisi wilayah. muhtasib merupakan perantara dalam mencegah kejahatan dan mewujudkan kebaikan. muhtasib bertanggung jawab atas kesejahteraan islami masyarakat biasa. karena dalam islam perhatian material duniawi dan spiritual ukhrawi membentuk kesejahteraan, maka yurisdiksi muhtasib tidaklah terbatas. semua yang ditetapkan allah dan semua yang secara hukum diakui manusia sebagai keinginan, maka menjadi perhatian muhtasib. kata kunci: negara, hisbah, muhtasib, maslahah naskah diterima: 2 februari 2011, direvisi 26 juli 2011, disetujui: 4 agustus 2011.  fakultas syari’ah dan hukum uin sultan syarif qasim riau. jl. h.r. subrantas km 17 pekanbaru, riau. e-mail: akhmad.mujahidin@gmail.com akhmad mujahidin: peran negara dalam hisbah138 pendahuluan kepatuhan terhadap hukum dan peraturan yang telah menjadi kesepakatan bersama, yang ketetapannya dilakukan oleh pihak yang berwenang, merupakan salah satu ciri dari terwujudnya masyarakat madani (civil society). masyarakat yang demikian adalah masyarakat yang diwujudkan rasulullah saw. setelah berhijrah dari mekah ke medinah (622 m),1 di mana beliau dan para pengikutnya telah mendapatkan perlakuan yang tidak manusiawi dari kaum paganis mekah. kota medinah, yang dalam perkembangan berikutnya, menjadi negara kota yang dihuni oleh masyarakat yang berperadaban (madanî) dan patuh pada hukum dan peraturan. terlaksananya hukum dan peraturan secara baik dan efektif dalam suatu tatanan masyarakat, tidak bisa dilepaskan dari peranan kekuasaan pemerintah. secara umum, semuanya tercakup dalam lingkup amar ma‘ruf nahi munkar. tujuan akhirnya ialah terciptanya masyarakat yang adil dan egaliter di depan hukum sesuai dengan cita-cita dasar dari ajaran islam yang dibawa oleh rasulullah saw. seperti diketahui bahwa dalam sistem ketatanegaraan, kekuasaan pemerintah dibagi menjadi tiga, yaitu kekuasaan legislatif, kekuasaan eksekutif, dan kekuasaan yudikatif. kekuasaan yudikatif bertugas untuk mengamati dan menjaga terlaksananya undang-undang dan peraturan-peraturan yang disusun oleh lembaga legislatif bersama-sama dengan lembaga eksekutif. al-tamawi menyatakan bahwa konsep legislatif, eksekutif, dan yudikatif tidak bertentangan dengan pemikiran politik islam.2 menurut dia, mengadakan lembaga parlemen yang para anggotanya dipilih rakyat, yang bertugas mengangkat para penguasa sekaligus mengawasi dan memberhentikannya bila mereka melakukan kasalahan, benar-benar sejalan dengan prinsip-prinsip islam dalam bidang pemerintahan dan politik.3 ‘abd al-hâmid mutawallî menyatakan bahwa meskipun para fukaha tidak mengenal konsep pemisahan kekuasaan, namun dengan melihat perubahan situasi dan kondisi yang selalu berkembang 1 tahun 622 merupakan awal tahun hijriyah. penetapan ini ditentukan oleh khalifah ‘umar ibn al-khaththâb pada tahun 638 m (17 h) dengan mendengarkan usulan para sahabat. dari pelbagai usulan yang muncul, ‘umar menerima usulan ‘alî ibn abî thâlib yang mengangkat peristiwa hijrah nabi saw. dari mekah ke medinah sebagai awal tahun islam. alasannya, hijrah merupakan titik pemisah antara masa mekah dan masa medinah serta merupakan awal perjuangan nabi saw dalam menyebarkan islam. ‚kronika islam di dunia,‛ ensiklopedi tematis dunia islam, jilid 7, ed. taufik abdullah et.al (jakarta: ichtiar baru van hoeve, 2002), h. 2. 2 muhammad sulaymân al-tamawî, al-sulthah al-thalâth fi al-dasâtir al-‘arabiyyah wa fi alfikr al-siyâsî al-islâmî: dirâsah muqâranah, (al-qâhirah: dâr al-fikr al-‘arabî, 1974), h. 604. 3 3 muhammad sulaymân al-tamawî, al-sulthah al-thalâth fi al-dasâtir al-‘arabiyyah, h. 605. al-iqtishad: vol. iv, no. 1, januari 2012 139 pendahuluan kepatuhan terhadap hukum dan peraturan yang telah menjadi kesepakatan bersama, yang ketetapannya dilakukan oleh pihak yang berwenang, merupakan salah satu ciri dari terwujudnya masyarakat madani (civil society). masyarakat yang demikian adalah masyarakat yang diwujudkan rasulullah saw. setelah berhijrah dari mekah ke medinah (622 m),1 di mana beliau dan para pengikutnya telah mendapatkan perlakuan yang tidak manusiawi dari kaum paganis mekah. kota medinah, yang dalam perkembangan berikutnya, menjadi negara kota yang dihuni oleh masyarakat yang berperadaban (madanî) dan patuh pada hukum dan peraturan. terlaksananya hukum dan peraturan secara baik dan efektif dalam suatu tatanan masyarakat, tidak bisa dilepaskan dari peranan kekuasaan pemerintah. secara umum, semuanya tercakup dalam lingkup amar ma‘ruf nahi munkar. tujuan akhirnya ialah terciptanya masyarakat yang adil dan egaliter di depan hukum sesuai dengan cita-cita dasar dari ajaran islam yang dibawa oleh rasulullah saw. seperti diketahui bahwa dalam sistem ketatanegaraan, kekuasaan pemerintah dibagi menjadi tiga, yaitu kekuasaan legislatif, kekuasaan eksekutif, dan kekuasaan yudikatif. kekuasaan yudikatif bertugas untuk mengamati dan menjaga terlaksananya undang-undang dan peraturan-peraturan yang disusun oleh lembaga legislatif bersama-sama dengan lembaga eksekutif. al-tamawi menyatakan bahwa konsep legislatif, eksekutif, dan yudikatif tidak bertentangan dengan pemikiran politik islam.2 menurut dia, mengadakan lembaga parlemen yang para anggotanya dipilih rakyat, yang bertugas mengangkat para penguasa sekaligus mengawasi dan memberhentikannya bila mereka melakukan kasalahan, benar-benar sejalan dengan prinsip-prinsip islam dalam bidang pemerintahan dan politik.3 ‘abd al-hâmid mutawallî menyatakan bahwa meskipun para fukaha tidak mengenal konsep pemisahan kekuasaan, namun dengan melihat perubahan situasi dan kondisi yang selalu berkembang 1 tahun 622 merupakan awal tahun hijriyah. penetapan ini ditentukan oleh khalifah ‘umar ibn al-khaththâb pada tahun 638 m (17 h) dengan mendengarkan usulan para sahabat. dari pelbagai usulan yang muncul, ‘umar menerima usulan ‘alî ibn abî thâlib yang mengangkat peristiwa hijrah nabi saw. dari mekah ke medinah sebagai awal tahun islam. alasannya, hijrah merupakan titik pemisah antara masa mekah dan masa medinah serta merupakan awal perjuangan nabi saw dalam menyebarkan islam. ‚kronika islam di dunia,‛ ensiklopedi tematis dunia islam, jilid 7, ed. taufik abdullah et.al (jakarta: ichtiar baru van hoeve, 2002), h. 2. 2 muhammad sulaymân al-tamawî, al-sulthah al-thalâth fi al-dasâtir al-‘arabiyyah wa fi alfikr al-siyâsî al-islâmî: dirâsah muqâranah, (al-qâhirah: dâr al-fikr al-‘arabî, 1974), h. 604. 3 3 muhammad sulaymân al-tamawî, al-sulthah al-thalâth fi al-dasâtir al-‘arabiyyah, h. 605. dan berpijak pada maslahat maka konsep pemisahan kekuasaan seperti ini boleh diadopsi karena memang tidak bertentangan dengan islam.4 al-qâsimî juga menegaskan bahwa islam mengakui konsep pemisahan kekuasaan dengan alasan islam telah menempatkan kekuasaan yudikatif sebagai lembaga yang independen.5 sedangkan musthafâ kamâl wasfî menyatakan bahwa pemisahan kekuasaan dalam pemerintahan islam ke dalam eksekutif, legislatif, dan yudikatif merupakan perkara ijtihâdiyyah yang boleh dilakukan dengan mempertimbangkan situasi dan kondisi di setiap tempat.6 dalam sistem ketatanegaraan yang pernah dilaksanakan dawlah islâmiyyah, baik pada masa rasulullah saw., al-khulafâ’’ al-râsyidûn, dinasti banî umayyah, maupun dinasti ‘abbâsiyah, pembagian kekuasaan seperti di atas juga dilaksanakan, meskipun pemisahan kekuasaan antara lembaga legislatif dan eksekutif kurang jelas perbedaannya, tetapi lembaga yudikatif secara jelas dipisahkan dari kedua kekuasaan lainnya. dalam istilah bahasa arab ketiga lembaga tersebut disebut al-sulthah al-’âmmah. lembaga yudikatif ini disebut al-sulthah al-qadhâ’iyyah.7 kekuasaan ini masih diklasifikasikan menjadi tiga, yaitu: wilâyah al-hisbah, wilâyah al-qadhâ,8 dan wilâyah al-mazhâlim.9 ketiga kekuasaan 4 ‘abd al-hâmid mutawallî, mabâdi’ nizhâm al-hukm fi al-islâm ma‘a al-muqâranah bi almabâdi’ al-dustûriyyah al-hadîtsah, (iskandariyyah: mansha’ah al-ma‘ârif, 1987), h. 236. 5 zhâfir al-qâsimî, nizhâm al-hukm fi al-syarî‘ah wa al-târîkh al-islâmî, (bayrût: dâr al-nafâ’is, 1403), h. 402. 6 musthafâ kamâl washfî, mushannafât al-nuzhum al-islâmiyyah al-dustûriyyah wa aldawliyyah wa al-idâriyyah wa al-iqtihâdiyyah wa al-ijtimâ‘iyyah (al-qâhirah: maktabah wahbah, 1977), h. 229. 7 selain kekuasaan peradilan/yudikatif (al-sulthah al-qadhâ’iyyah), terdapat dua kekuasaan lain, yaitu kekuasaan pembuat undang-undang/legislatif (al-sulthah al-tasyrî‘iyyah) dan kekuasaan pelaksana undang-undang/ekskutif (al-sulthah al-tanfîdhiyyah). lihat, ‘abd al-wahhâb khallâf, alsiyâsah al-syar‘iyyah aw nizhâm al-dawlah al-islâmiyyah fi al-syu’ûn al-dustûriyyah wa al-khârijiyyah wa al-mâliyah, (al-qâhirah: dâr al-anshâr, 1977), h. 42-52 . 8 wilâyah al-qadhâ adalah lembaga peradilan yang dibentuk untuk menangani kasus-kasus yang membutuhkan putusan berdasarkan hukum islam. kasus yang ditangani lembaga ini adalah kasus yang timbul dalam kehidupan sosial dan keagamaan masyarakat muslim atau non-muslim. menurut al-mâwardî, ada beberapa syarat yang harus dipenuhi oleh seorang qâdhî yaitu laki-laki, berakal dan memiliki kecerdasan yang dapat menjauhkan dirinya dari kelalaian, merdeka, adil, sehat pendengaran dan penglihatan, dan memiliki pengetahuan yang luas tentang syariah. sedangkan tugas dan wewenang al-qadhâ adalah: 1) menyelesaikan persengketaan baik secara damai maupun secara paksa. 2) membebaskan orang-orang yang tidak bersalah dari sanksi dan hukuman, memberikan sanksi kepada yang bersalah baik dengan pengakuan maupun sumpah. 3) menetapkan penguasaan harta benda orang-orang yang tidak bisa menguasai diri sendiri karena gila, anak-anak, atau idiot. 4) mengawasi waktu dengan memelihara prinsip-prinsipnya dan mengembangkan cabangcabangnya. 5) melaksanakan wasiat dari orang yang berwasiat sesuai dengan syariah. 6) menikahkan janda dengan orang yang sederajat jika tidak ada wali dan menghendaki menikah. 7) melaksanakan akhmad mujahidin: peran negara dalam hisbah140 tersebut, masing-masing mempunyai tugas dan kewenangan tersendiri yang berbeda antara satu dengan yang lain, tetapi ketiganya mempunyai tujuan yang sama yaitu menciptakan keamanan, ketertiban, dan keadilan di tengah-tengah masyarakat. kajian tentang hisbah kajian-kajian tentang wewenang10 hisbah ini telah banyak dilakukan oleh para ulama klasik maupun kontemporer. tulisan paling tua tentang hisbah adalah tulisan al-mâwardî (w. 450 h) yaitu buku, kitâb al-ahkâm al-sulthâ-niyyah.11 pada bâb fî ahkâm al-hisbah, al-mâwardî membahas tentang konsep hisbah, muhtasib, dan mutathawwi’, tugas muhtasib yang meliputi pemeliharaan terhadap hak-hak allah dan manusia. kemudian disusul oleh abû ya‘lâ al-farrâ’ (w. 457 h) dalam buku yang judulnya sama dengan al-mâwardî, yaitu al-ahkâm alsulthâniyyah.12 bila dilihat dari catatan kaki dan penjelasan dalam tulisan buku ini, al-farrâ’ banyak mengutip dari tulisan al-mâwardî. jadi teori tentang hisbah dalam kedua kitab itu tidak ada perbedaan. hukuman bagi para terhukum. 8) mengawasi pegawai demi kemaslahatan mereka. 9) meneliti para saksi dan sekretarisnya serta menentukan penggantinya. 10) menegakkan persamaan di depan hukum antara yang kuat dan lemah, bangsawan, maupun rakyat biasa. lihat, abû al-hasan ‘alî ibn muhammad ibn habîb al-bashrî al-baghdâdî al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, (bayrût: dâr al-fikr, t.th), h. 70-71. 9 wilâyah al-mazhâlim merupakan lembaga peradilan yang khusus menangani kasus pelanggaran yang dilakukan oleh para penyelenggara negara, para hakim, maupun anak-anak orang yang berkuasa. al-mâwardî menjelaskan bahwa tugas dan wewenang lembaga ini adalah: 1) penganiayaan para penguasa baik terhadap perorangan maupun terhadap golongan; 2) kecurangan pegawai-pegawai yang ditugaskan untuk mengumpulkan zakat dan harta-harta kekayaan negara lainnya; 3) mengontrol dan mengawasi keadaan para pejabat; 4) pengaduan yang diajukan oleh tentara karena gaji mereka dikurangi ataupun dilambatkan pembayarannya; 5) mengembalikan kepada rakyat harta-harta mereka yang dirampas oleh penguasa-penguasa yang zalim; 6) memperhatikan harta-harta wakaf; 7) melaksanakan putusan-putusan hakim yang tidak dapat dilaksanakan oleh hakim-hakim sendiri, karena yang dijatuhkan hukumannya adalah orang-orang yang tinggi derajatnya; 8) meneliti dan memeriksa perkara-perkara yang berkaitan dengan kemaslahatan umum yang tidak dapat dilaksanakan oleh muhtasib; 9) memelihara hak-hak allah yaitu ibadah-ibadah seperti salat jumat, ‘id, haji, dan jihad; 10) menyelesaikan perkara-perkara yang telah menjadi sengketa di antara pihak-pihak yang bersangkutan. al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 80-83. 10 wewenang berarti hak dan kekuasaan untuk bertindak. lihat, depdikbud, kamus besar bahasa indonesia, edisi ii (jakarta: balai pustaka, 1997), h. 1128. sedangkan fungsi berarti jabatan (pekerjaan) yang dilakukan. depdikbud, kamus besar bahasa indonesia, h. 281. 11 al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 240-259. 12 abû ya‘lâ muhammad ibn al-husayn al-farrâ’ al-hanbalî, al-ahkâm al-sulthâniyyah, (bayrût: dâr al-fikr, 1994), h. 320-347. al-iqtishad: vol. iv, no. 1, januari 2012 141 tersebut, masing-masing mempunyai tugas dan kewenangan tersendiri yang berbeda antara satu dengan yang lain, tetapi ketiganya mempunyai tujuan yang sama yaitu menciptakan keamanan, ketertiban, dan keadilan di tengah-tengah masyarakat. kajian tentang hisbah kajian-kajian tentang wewenang10 hisbah ini telah banyak dilakukan oleh para ulama klasik maupun kontemporer. tulisan paling tua tentang hisbah adalah tulisan al-mâwardî (w. 450 h) yaitu buku, kitâb al-ahkâm al-sulthâ-niyyah.11 pada bâb fî ahkâm al-hisbah, al-mâwardî membahas tentang konsep hisbah, muhtasib, dan mutathawwi’, tugas muhtasib yang meliputi pemeliharaan terhadap hak-hak allah dan manusia. kemudian disusul oleh abû ya‘lâ al-farrâ’ (w. 457 h) dalam buku yang judulnya sama dengan al-mâwardî, yaitu al-ahkâm alsulthâniyyah.12 bila dilihat dari catatan kaki dan penjelasan dalam tulisan buku ini, al-farrâ’ banyak mengutip dari tulisan al-mâwardî. jadi teori tentang hisbah dalam kedua kitab itu tidak ada perbedaan. hukuman bagi para terhukum. 8) mengawasi pegawai demi kemaslahatan mereka. 9) meneliti para saksi dan sekretarisnya serta menentukan penggantinya. 10) menegakkan persamaan di depan hukum antara yang kuat dan lemah, bangsawan, maupun rakyat biasa. lihat, abû al-hasan ‘alî ibn muhammad ibn habîb al-bashrî al-baghdâdî al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, (bayrût: dâr al-fikr, t.th), h. 70-71. 9 wilâyah al-mazhâlim merupakan lembaga peradilan yang khusus menangani kasus pelanggaran yang dilakukan oleh para penyelenggara negara, para hakim, maupun anak-anak orang yang berkuasa. al-mâwardî menjelaskan bahwa tugas dan wewenang lembaga ini adalah: 1) penganiayaan para penguasa baik terhadap perorangan maupun terhadap golongan; 2) kecurangan pegawai-pegawai yang ditugaskan untuk mengumpulkan zakat dan harta-harta kekayaan negara lainnya; 3) mengontrol dan mengawasi keadaan para pejabat; 4) pengaduan yang diajukan oleh tentara karena gaji mereka dikurangi ataupun dilambatkan pembayarannya; 5) mengembalikan kepada rakyat harta-harta mereka yang dirampas oleh penguasa-penguasa yang zalim; 6) memperhatikan harta-harta wakaf; 7) melaksanakan putusan-putusan hakim yang tidak dapat dilaksanakan oleh hakim-hakim sendiri, karena yang dijatuhkan hukumannya adalah orang-orang yang tinggi derajatnya; 8) meneliti dan memeriksa perkara-perkara yang berkaitan dengan kemaslahatan umum yang tidak dapat dilaksanakan oleh muhtasib; 9) memelihara hak-hak allah yaitu ibadah-ibadah seperti salat jumat, ‘id, haji, dan jihad; 10) menyelesaikan perkara-perkara yang telah menjadi sengketa di antara pihak-pihak yang bersangkutan. al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 80-83. 10 wewenang berarti hak dan kekuasaan untuk bertindak. lihat, depdikbud, kamus besar bahasa indonesia, edisi ii (jakarta: balai pustaka, 1997), h. 1128. sedangkan fungsi berarti jabatan (pekerjaan) yang dilakukan. depdikbud, kamus besar bahasa indonesia, h. 281. 11 al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 240-259. 12 abû ya‘lâ muhammad ibn al-husayn al-farrâ’ al-hanbalî, al-ahkâm al-sulthâniyyah, (bayrût: dâr al-fikr, 1994), h. 320-347. al-ghazâlî (w. 555 h) membahas hisbah dalam kitab ihyâ’ ‘ulûm al-dîn13 jilid ii pada bab kitab al-amr bi al-ma‘rûf wa al-nahî ‘an al-munkar. pada bab ini al-ghazâlî menekankan pada rukun-rukun hisbah yang meliputi: muhtasib, mâ fîh al-hisbah, al-muhtasab ‘alayh, dan nafs al-ihtisâb. dalam buku ini juga disebutkan contoh pelaksanaan hisbah pada masa al-mahdî, al-rasyîd, dan alma’mûn dari dinasti ‘abbâsiyyah. selain itu, juga dibahas tentang adab al-muhtasib dan bentuk-bentuk kemunkaran. ibn taymiyyah (w. 661 h) dalam buku alhisbah fî al-islâm14 mengaitkan institusi hisbah dengan penegakan fungsi negara, asal-usul institusi hisbah, dan masalah ekonomi yang terus releven sampai saat ini. misalnya, pengembangan intervensi negara terhadap usaha dan pembatasan atas hak-hak individual. kewenangan hisbah berada di luar kewenangan qadhâ, mazhâlim, dan dewan-dewan lainnya. namun hisbah berada dalam struktur kenegaraan di mana muhtasib merupakan pejabat negara. teori-teori yang dikemukakannya diperkuat dengan sejumlah kutipan yang relevan dari ayat alquran dan hadis nabi saw. penulis-penulis lain yang juga membahas tentang hisbah adalah hasan albashâ dalam buku al-funûn al-islâmiyyah wa alwazhâ’if ‘alâ al-athar al-‘arabiyyah15jilid 3. dalam buku ini dibahas secara khusus fungsi dan wewenang muhtasib dalam menjalankan tugasnya. ahmad jâbir badrân dalam buku, alrutbah fî thalab al-hisbah.16 dalam buku ini dibahas tentang wewenang hisbah yang meliputi segala aspek kehidupan seperti ketertiban umum dan pengawasan pasar. sedangkan shawkat muhammad ‘ulyân dalam buku dawr al-hisbah fî himâyah al-mashâlih17 secara spesifik membahas tentang peran hisbah dalam menjaga kemaslahatan manusia. 13badawî thabânah, ihyâ’ ‘ulûm al-dîn li al-imâm al-ghazâlî, juz ii, (bayrût: dâr al-fikr, t.th), h. 303-320. model penulisan yang sama juga dilakukan oleh ‘abd al-karîm zaydân, ushûl al-da‘wah, (bayrût: muassasah al-risâlah, 1988), h. 173-202, dan bukunya yang lain, zaydân, nizhâm al-qadhâ fi al-syarî‘ah al-islâmiyyah, (bayrût: mu’assasah al-risâlah, 1997), h. 263-289. 14 taqiy al-dîn ahmad ibn taymiyyah, al-hisbah fi al-islâm, (kuwait: maktabat dâr al-arqâm, 1983). buku ini juga telah diterbitkan dalam bahasa inggris dengan judul, public duties in islam the institution of the hisba, trans. muhtar holland, (nairobi kenya: the islamic foundation, 1987). 15 hasan al-bashâ, al-funûn al-islâmiyyah wa al-wazhâ’if ‘ala al-athar al-‘arabiyyah, (alqahirah: dâr al-nahdhah al-‘arabiyyah, 1966), h. 1027-1039, lihat juga, shabir thâ’imah, dirâsât fi alnizhâm al-islâmiyyah, (bayrût: dâr al-jayl, t.th), 33-53. juga, hilmî, nizhâm, h. 360-367; muhammad salâm madkûr, al-qadhâ fi al-islâm (al-qâhirah: dâr al-nahdhah al-‘arabiyyah, 1964), h. 147-155. 16 ahmad jâbir badrân, al-rutbah fî thalab al-hisbah, (al-qâhirah: dâr al-risâlah, 2002). 17 syawkah muhammad ‘ulyân, dawr al-hisbah fî himâyah al-mashâlih, (riyaâdh: fahrasat maktabat al-mâlik fahd al-wathaniyyah, 2000). akhmad mujahidin: peran negara dalam hisbah142 muhammad al-mubârak dalam buku nizhâm al-islâm al-iqtishâdî mabâdi’ wa qawâ‘id ‘âmmah.18 al-mubârak menyatakan bahwa hisbah merupakan lembaga yang secara khusus dibentuk sejak zaman awal islam untuk mengawasi kegiatan perdagangan agar terhindar dari penipuan. ‘abd al-mun‘im majîd dalam buku târîkh al-hadhârah al-islâmiyyah fî al-‘ushûr al-wusthâ.19 buku ini membahas hisbah dari aspek historisnya yang menyatakan bahwa lembaga hisbah ini sudah ada sejak zaman rasulullah. tinjauan hisbah secara historis juga dilakukan oleh fadhl ilâhî dalam buku al-hisbah fi al-‘asr al-nabawî wa ‘asr alkhulafâ’ al-râshidîn.20 pada buku ini dibahas secara khusus perkembangan hisbah sejak zaman rasulullah saw. sampai al-khulafâ’ al-râsyidûn dengan langkah-langkah yang ditempuh pada masing-masing periode. beberapa buku lain dan ensiklopedi juga membahas tentang hisbah, seperti muhammad muslehuddin dalam bukunya, judicial system of islam its origin and development.21 muslehuddin menjelaskan bahwa institusi hisbah ini merupakan institusi khas islam yang dilembagakan sejak zaman awal islam di mana muhtasib bertugas mengawasi ketertiban umum dan perdagangan di pasar (administration of markets and public morals). abdul rahman i doi dalam the oxford encyclopedia of the modern islamic world22 jilid 2 membahas tentang hisbah. sedangkan sherman a. jackson membahas muhtasib pada jilid 3.23 doi menyatakan bahwa hisbah merupakan institusi negara yang secara khusus dibentuk untuk mendukung pelaksanaan amar ma‘rûf nahî munkar dan negara diberi wewenang untuk melembagakan institusi ini. fungsi hisbah adalah menjaga tatanan hukum publik serta mengawasi perilaku pembeli dan penjual agar terhindar dari kecurangan dan penipuan. namun fungsi tersebut mengalami evolusi secara bertahap dari hal-hal yang berhubungan dengan moralitas masyarakat kepada kewenangan yang lebih terbatas untuk menjaga dan menga 18 muhammad al-mubârak, nizhâm al-islâm al-iqtishâdî: mabâdi’ wa qawâ’id ‘âmmah, (bayrût: dâr al-fikr, 1972), h. 66-67. 19 ‘abd al-mun‘im majîd, târîkh al-hadhârah al-islâmiyyah fî al-’ushûr al-wusthâ, (al-qâhirah: maktabat al-misriyyah, 1987), h. 54-56. lihat juga, ahmad, al-hadârah, h. 112-116, hasan ibrâhîm hasan, târîkh al-dawlah al-fâthimiyyah, (al-qâhirah: multazam al-nashr wa al-taba’, 1957), h. 322325. 20 fadhl ilâhi, al-hisbah fî al-‘asr al-nabawî wa ‘asr al-khulafâ’ al-râsyidîn (riyâdh: mu’assasah al-jarîsî, 1998). 21 muhammad muslehuddin, judicial system of islam its origin and development (pakistan: international islamic university islamabad, 1988), h. 60-68. 22 abdul rahman i doi, ‚hisbah‛, the oxford encyclopedia of the modern islamic world, vol. 2, ed. john l. esposito (new york: oxford university press, 1995), h. 113-114. 23 sherman a. jackson,‛muhtasib,‛ the oxford encyclopedia of the modern islamic world, vol. 3, ed. john l. esposito, (new york: oxford university press, 1995), h. 170. al-iqtishad: vol. iv, no. 1, januari 2012 143 muhammad al-mubârak dalam buku nizhâm al-islâm al-iqtishâdî mabâdi’ wa qawâ‘id ‘âmmah.18 al-mubârak menyatakan bahwa hisbah merupakan lembaga yang secara khusus dibentuk sejak zaman awal islam untuk mengawasi kegiatan perdagangan agar terhindar dari penipuan. ‘abd al-mun‘im majîd dalam buku târîkh al-hadhârah al-islâmiyyah fî al-‘ushûr al-wusthâ.19 buku ini membahas hisbah dari aspek historisnya yang menyatakan bahwa lembaga hisbah ini sudah ada sejak zaman rasulullah. tinjauan hisbah secara historis juga dilakukan oleh fadhl ilâhî dalam buku al-hisbah fi al-‘asr al-nabawî wa ‘asr alkhulafâ’ al-râshidîn.20 pada buku ini dibahas secara khusus perkembangan hisbah sejak zaman rasulullah saw. sampai al-khulafâ’ al-râsyidûn dengan langkah-langkah yang ditempuh pada masing-masing periode. beberapa buku lain dan ensiklopedi juga membahas tentang hisbah, seperti muhammad muslehuddin dalam bukunya, judicial system of islam its origin and development.21 muslehuddin menjelaskan bahwa institusi hisbah ini merupakan institusi khas islam yang dilembagakan sejak zaman awal islam di mana muhtasib bertugas mengawasi ketertiban umum dan perdagangan di pasar (administration of markets and public morals). abdul rahman i doi dalam the oxford encyclopedia of the modern islamic world22 jilid 2 membahas tentang hisbah. sedangkan sherman a. jackson membahas muhtasib pada jilid 3.23 doi menyatakan bahwa hisbah merupakan institusi negara yang secara khusus dibentuk untuk mendukung pelaksanaan amar ma‘rûf nahî munkar dan negara diberi wewenang untuk melembagakan institusi ini. fungsi hisbah adalah menjaga tatanan hukum publik serta mengawasi perilaku pembeli dan penjual agar terhindar dari kecurangan dan penipuan. namun fungsi tersebut mengalami evolusi secara bertahap dari hal-hal yang berhubungan dengan moralitas masyarakat kepada kewenangan yang lebih terbatas untuk menjaga dan menga 18 muhammad al-mubârak, nizhâm al-islâm al-iqtishâdî: mabâdi’ wa qawâ’id ‘âmmah, (bayrût: dâr al-fikr, 1972), h. 66-67. 19 ‘abd al-mun‘im majîd, târîkh al-hadhârah al-islâmiyyah fî al-’ushûr al-wusthâ, (al-qâhirah: maktabat al-misriyyah, 1987), h. 54-56. lihat juga, ahmad, al-hadârah, h. 112-116, hasan ibrâhîm hasan, târîkh al-dawlah al-fâthimiyyah, (al-qâhirah: multazam al-nashr wa al-taba’, 1957), h. 322325. 20 fadhl ilâhi, al-hisbah fî al-‘asr al-nabawî wa ‘asr al-khulafâ’ al-râsyidîn (riyâdh: mu’assasah al-jarîsî, 1998). 21 muhammad muslehuddin, judicial system of islam its origin and development (pakistan: international islamic university islamabad, 1988), h. 60-68. 22 abdul rahman i doi, ‚hisbah‛, the oxford encyclopedia of the modern islamic world, vol. 2, ed. john l. esposito (new york: oxford university press, 1995), h. 113-114. 23 sherman a. jackson,‛muhtasib,‛ the oxford encyclopedia of the modern islamic world, vol. 3, ed. john l. esposito, (new york: oxford university press, 1995), h. 170. wasi kegiatan pedagang di pasar. ct. cahen dan m. talbi dalam the encylopedia of islam24 menjelaskan tentang asal-usul lembaga hisbah serta pasang surut perkembangan sejarahnya pada masa turki usmani, persia, dan india. sedangkan wewenang muhtasib secara terperinci dijelaskan al-faruqi dalam bukunya, cultural atlas of islam.25 buku-buku dan ensiklopedi tersebut dijadikan rujukan utama untuk membahas hisbah dalam prespektif teori. secara etimologis, kata ‚hisbah” berasal dari kata hasaba-yahsubu-hasban-hisabân-hisbânan-husbânan-hisbatan-hisâbat-an, yang berarti upah dan balasan (al-ajr wa al-thawâb)26. hans wehr menyatakan bahwa kata hisbah diambil dari kata hasaba yang berarti menghitung (reckoning dan computing), berpikir (thinking) memberikan opini, pandangan, dan lain-lain. kata yang berkaitan dengan hisbah yang berakar dari kata kerja ini, yaitu ihtisâb (computation, calculation, consideration, reflection, debiting, crediting, valuation, contentedness, satisfaction), dan muhtasib (bursar, treasurer).27 sedangkan ibn manzhûr (w. 711 h) menjelaskan bahwa kata al-hisbah berasal dari kata al-ihtisâb, seperti halnya al-‘iddah yang berasal dari kata al-i‘tidâd. sehingga yang dimaksud ialah al-ihtisâb dalam beramal salih dan menghindari perbuatan tercela yakni segera bertindak untuk mendapatkan pahala dan mengusaha-kannya dengan melakukan kebaikan-kebaikan.28 dari pengertian tersebut dapat ditegaskan di sini bahwa al-hisbah atau al-ihtisâb berarti perbuatan baik yang dilakukan untuk mendapatkan pahala dengan penuh kesadaran dan perhi-tungan. kesadaran ini tumbuh dari keikhlasan untuk melaksanakan perintah allah dengan tanggung jawab menyampaikan kebaikan dan mencegah kemung-karan yang ada di hadapannya. 24 ct. cahen and m. talbi,‛hisba‛, the encyclopedia of islam, vol. iii, ed. b. lewis et. al., (leiden & london: e.j.brill and lucaz& co, 1971), h. 485-489. 25 al-faruqi, cultural, h. 157. 26 louis ma’lûf, al-munjîd fî al-lughah wa al-a‘lâm (bayrût: dâr al-mashriq, 1986), h. 132. lihat juga, al-thâhir ahmad al-zâwî, tartîb al-qâmûs al-muhît ‘alâ tharîqah al-mishbâh al-munîr wa asâs albalâghah, juz i, (riyâdh: dâr ‘alam al-kutub, 1996), h. 638. juga, muhammad farîd wajdî, dâ’irah ma‘ârif al-qarn al-‘isyrîn, jilid iii, (bayrût: dâr al-fikr, 1997), h. 434. 27 hans wehr, a dictionary of modern written arabic, (ithaca n.y: cornell university press, 1961), h. 205-207. 28 muhammad ibn mukarram bin ‘alî ibn manzhûr, lisân al-‘arab, jilid i, (mishr: dâr almishriyyah li al-ta’lîf wa al-tarjamah, t.th), h. 305. ibn al-athîr, al-nihâyah fî gharîb al-hadîts wa alâtsâr, jilid i, bitahqîq thâhir ahmad al-zâwî wa mahmûd muhammad al-thanâhî (t.t: al-maktabah alislâmiyyah, t.th), h. 381. akhmad mujahidin: peran negara dalam hisbah144 sedangkan definisi secara terminologis telah dikemukakan oleh al-mâwardî sebagai berikut:29 definisi ini menegaskan bahwa hisbah merupakan perintah untuk melaksanakan perbuatan yang baik, bila perbuatan baik itu telah nampak ditinggalkan dan mencegah perbuatan mungkar, bila perbuatan munkar itu telah nampak dikerjakan. bila dilihat secara seksama, definisi yang diberikan oleh al-mâwardî tersebut masih terlalu umum karena qadhâ dan mazhâlim juga tidak bisa melepaskan diri dari pelaksanaan amar ma’rûf nahî munkar dan mendamaikan masyarakat, sehingga dengan definisi seperti ini akan sulit membedakan antara wewenang hisbah, qadhâ, dan mazhâlim.. definisi hisbah yang lebih spesifik dari segi kelembagaan dikemukakan oleh ibn khaldûn sebagai berikut:30 definisi yang diungkapkan ibn khaldûn ini menyatakan bahwa hisbah merupakan tugas keagamaan yang termasuk dalam daerah menyuruh pada kebenaran dan melarang pada kemungkaran. kewajiban seperti ini terpusat pada permasalahan kaum muslimim. oleh karena itu, yang harus menduduki jabatan mulia tersebut adalah kalangan yang mempunyai kemampuan dalam 29 al-mâwardî, kitâb, h. 240, definisi yang sama juga dikemukakan oleh al-farrâ’. lihat juga alfarrâ’, al-ahkâm al-sulthâniyyah, h. 320. 30 ibn khaldûn, muqaddimah, (bayrût: dâr al-fikr, 1961), h. 225. al-iqtishad: vol. iv, no. 1, januari 2012 145 sedangkan definisi secara terminologis telah dikemukakan oleh al-mâwardî sebagai berikut:29 definisi ini menegaskan bahwa hisbah merupakan perintah untuk melaksanakan perbuatan yang baik, bila perbuatan baik itu telah nampak ditinggalkan dan mencegah perbuatan mungkar, bila perbuatan munkar itu telah nampak dikerjakan. bila dilihat secara seksama, definisi yang diberikan oleh al-mâwardî tersebut masih terlalu umum karena qadhâ dan mazhâlim juga tidak bisa melepaskan diri dari pelaksanaan amar ma’rûf nahî munkar dan mendamaikan masyarakat, sehingga dengan definisi seperti ini akan sulit membedakan antara wewenang hisbah, qadhâ, dan mazhâlim.. definisi hisbah yang lebih spesifik dari segi kelembagaan dikemukakan oleh ibn khaldûn sebagai berikut:30 definisi yang diungkapkan ibn khaldûn ini menyatakan bahwa hisbah merupakan tugas keagamaan yang termasuk dalam daerah menyuruh pada kebenaran dan melarang pada kemungkaran. kewajiban seperti ini terpusat pada permasalahan kaum muslimim. oleh karena itu, yang harus menduduki jabatan mulia tersebut adalah kalangan yang mempunyai kemampuan dalam 29 al-mâwardî, kitâb, h. 240, definisi yang sama juga dikemukakan oleh al-farrâ’. lihat juga alfarrâ’, al-ahkâm al-sulthâniyyah, h. 320. 30 ibn khaldûn, muqaddimah, (bayrût: dâr al-fikr, 1961), h. 225. melaksanakan tugas tersebut dan dapat menjadi pembantu badan ini bekerja mencari kemungkaran yang dilakukan oleh para pemuka negara atau rakyat. tugas tersebut sesuai dengan perbuatan yang dilakukannya membawa manusia pada dunia yang bermanfaat bagi kehidupannya. definisi ini telah dapat membedakan antara hisbah dengan lembaga peradilan lainnya. hal ini terlihat dari tugas-tugas dan pelaksana hisbah yang ditentukan secara khusus. dengan demikian tidak terjadi tumpang tindih antara tugas hisbah dengan lembaga peradilan lainnya. institusi hisbah ini, oleh ambary, didefinisikan sebagai peradilan dalam islam yang khusus menangani kasus moral dan pelbagai bentuk maksiat yang tidak termasuk wewenang peradilan biasa dan peradilan mazhâlim.31 dengan mempertimbangkan arti etimologis dan terminologis itu, maka kata ihtisâb dapat diasosiasikan dengan aktivitas seseorang dalam memerintahkan kebaikan dan mencegah kemungkaran. sedangkan secara teknis kata hisbah berkonotasi sebagai suatu lembaga yang bertanggung jawab dalam memerintahkan kebaikan dan mencegah kemungkaran dengan tugas secara spesifik mengawasi moral masyarakat dan ketertiban umum. peran negara dengan demikian, hisbah merupakan peradilan yang menangani kasus orang yang melanggar perintah allah dan mengerjakan larangan-nya secara nyata. tugas utama lembaga ini adalah mengajak orang berbuat baik dan mencegah orang berbuat mungkar dengan tujuan mendapat rida dari allah. hakim lembaga ini disebut muhtasib yang bertugas mengawasi berlaku tidaknya undang-undang ketertiban umum dan adab-adab kesusilaan yang tidak boleh dilanggar oleh siapapun. muhtasib harus memenuhi persyaratan sebagai berikut: (1) adil, (2) merdeka, (3) memiliki pandangan atau berwawasan luas serta tajam pemikirannya, (4) teguh dalam pendirian agama, dan (5) memiliki pengetahuan tentang tindakan-tindakan kemunkaran yang terjadi dalam masyarakat.32 dari beberapa persyaratan tersebut, menurut ibn taymiyyah, ilmu pengetahuan, kelembutan, dan kesabaran dianggap sebagai persyaratan yang terpenting.33 dengan demikian orang yang diangkat menjadi muhtasib haruslah orang yang memiliki integritas moral yang tinggi dan memiliki kompeten dalam masalah hukum, pasar, dan urusan industrial. 31 hasan mu’arif ambary,‛muhtasib‛, suplemen ensiklopedi islam, jilid ii, (jakarta: ichtiar baru van hoeve, 2002), h. 61. 32al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 241. 33 ibn taymiyyah, al-hisbah fi al-islâm, h. 74. akhmad mujahidin: peran negara dalam hisbah146 tugas dan wewenang muhtasib adalah menyuruh yang makruf dan mencegah yang munkar, membimbing masyarakat untuk memelihara kemaslahatan umum, mencegah penduduk membangun rumah-rumah yang menyebabkan penyempitan jalan, mengawasi penipuan dalam takaran, ukuran, dan timbangan di pasar, dan melarang para buruh agar tidak berlebihan muatan yang dapat membahayakan keselamatan manusia.34 menurut ibn taymiyyah, muhtasib bertugas melaksanakan amar ma‘rûf nahî munkar yang bukan merupakan wewenang para penyelenggara negara, hakim, anggota dewan, dan lain-lain.35 hal ini menunjukkan bahwa hisbah merupakan lembaga penegak hukum yang bertugas melaksanakan amar ma‘rûf nahî munkar dengan wewenang tersendiri di luar wewenang qadhâ, mazhâlim, maupun lembaga lainnya. penjabaran dari tanggung jawab tersebut dapat diklasifikasikan menjadi tiga macam. pertama, tanggung jawab yang berkaitan dengan hak-hak allah, yaitu pengawasan terhadap masyarakat dan memfasilitasi aktivitas keagamaan mereka seperti memerintahkan salat lima waktu, jumat, ‘id, dan pemeliharaan masjid. kedua, tanggung jawab yang berkaitan dengan hak-hak manusia yaitu menaruh perhatian besar terhadap implementasi prinsip keadilan dalam masyarakat, seperti pengawasan terhadap akurasi timbangan dan takaran, serta inspeksi harga dan barang di pasar. ketiga, tanggung jawab yang berkaitan dengan hakhak allah dan manusia yaitu pengawasan terhadap administrasi dan pelayanan umum, seperti memelihara kondisi jembatan, kebersihan jalan raya, mengadakan ronda, dan tindakan preventif terhadap pelbagai fasilitas umum agar tetap terpelihara dengan baik.36 tugas dan tanggung jawab tersebut secara garis besar dapat dikatakan berada dalam bingkai pengawasan terhadap pelanggaran norma-norma agama dan sosial yang berlaku secara baik dalam masyarakat. oleh karena itu, secara teknis pelaksanaan tugas muhtasib dapat diwujudkan dalam bentuk sebagai berikut: pertama, berinisiatif melakukan investigasi dalam bidang perdagangan atau bereaksi terhadap tuntutan ganti rugi yang disampaikan oleh masyarakat. kedua, memiliki kekuatan pasukan, namun dalam mengambil tindakan diutamakan menggunakan cara persuasi, seperti menempuh prosedur peringatan keras sampai melakukan pengusiran terhadap seseorang dari suatu daerah. tin 34 hilmî, nizhâm, h. 362-363. lihat juga, shabir ta’imah, dirâsât fi al-nizhâm al-islâmiyyah, h. 51. 35 ibn taymiyyah, al-hisbah fi al-islâm, h.16. 36 ibn taymiyyah, al-hisbah fi al-islâm, h. 11-42, al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 243, al-farrâ’, al-ahkâm al-sulthâniyyah, h. 324-326, lihat juga, hilmî, nizhâm, h. 365. al-iqtishad: vol. iv, no. 1, januari 2012 147 tugas dan wewenang muhtasib adalah menyuruh yang makruf dan mencegah yang munkar, membimbing masyarakat untuk memelihara kemaslahatan umum, mencegah penduduk membangun rumah-rumah yang menyebabkan penyempitan jalan, mengawasi penipuan dalam takaran, ukuran, dan timbangan di pasar, dan melarang para buruh agar tidak berlebihan muatan yang dapat membahayakan keselamatan manusia.34 menurut ibn taymiyyah, muhtasib bertugas melaksanakan amar ma‘rûf nahî munkar yang bukan merupakan wewenang para penyelenggara negara, hakim, anggota dewan, dan lain-lain.35 hal ini menunjukkan bahwa hisbah merupakan lembaga penegak hukum yang bertugas melaksanakan amar ma‘rûf nahî munkar dengan wewenang tersendiri di luar wewenang qadhâ, mazhâlim, maupun lembaga lainnya. penjabaran dari tanggung jawab tersebut dapat diklasifikasikan menjadi tiga macam. pertama, tanggung jawab yang berkaitan dengan hak-hak allah, yaitu pengawasan terhadap masyarakat dan memfasilitasi aktivitas keagamaan mereka seperti memerintahkan salat lima waktu, jumat, ‘id, dan pemeliharaan masjid. kedua, tanggung jawab yang berkaitan dengan hak-hak manusia yaitu menaruh perhatian besar terhadap implementasi prinsip keadilan dalam masyarakat, seperti pengawasan terhadap akurasi timbangan dan takaran, serta inspeksi harga dan barang di pasar. ketiga, tanggung jawab yang berkaitan dengan hakhak allah dan manusia yaitu pengawasan terhadap administrasi dan pelayanan umum, seperti memelihara kondisi jembatan, kebersihan jalan raya, mengadakan ronda, dan tindakan preventif terhadap pelbagai fasilitas umum agar tetap terpelihara dengan baik.36 tugas dan tanggung jawab tersebut secara garis besar dapat dikatakan berada dalam bingkai pengawasan terhadap pelanggaran norma-norma agama dan sosial yang berlaku secara baik dalam masyarakat. oleh karena itu, secara teknis pelaksanaan tugas muhtasib dapat diwujudkan dalam bentuk sebagai berikut: pertama, berinisiatif melakukan investigasi dalam bidang perdagangan atau bereaksi terhadap tuntutan ganti rugi yang disampaikan oleh masyarakat. kedua, memiliki kekuatan pasukan, namun dalam mengambil tindakan diutamakan menggunakan cara persuasi, seperti menempuh prosedur peringatan keras sampai melakukan pengusiran terhadap seseorang dari suatu daerah. tin 34 hilmî, nizhâm, h. 362-363. lihat juga, shabir ta’imah, dirâsât fi al-nizhâm al-islâmiyyah, h. 51. 35 ibn taymiyyah, al-hisbah fi al-islâm, h.16. 36 ibn taymiyyah, al-hisbah fi al-islâm, h. 11-42, al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 243, al-farrâ’, al-ahkâm al-sulthâniyyah, h. 324-326, lihat juga, hilmî, nizhâm, h. 365. dakan keras dilakukan apabila tindakan persuasi tidak efektif untuk mengatasi permasalahan atau kecurangan yang terjadi. ketiga, kode etik yang berlaku mengacu pada sikap seseorang mesti diukur terlebih dahulu menurut ketentuan syarak sebelum muhtasib melakukan intervensi. selanjutnya, muhtasib tidak boleh mengambil kebijakan berdasarkan ijtihadnya sendiri dalam hal-hal yang semestinya berdasarkan kesepakatan ulama.37 dari ketiga langkah tersebut dapat dinyatakan di sini bahwa muhtasib memiliki kewenangan yang besar dalam menegakkan moral dan hukum yang berlaku, namun ia harus menggunakannya dengan hati-hati. hukuman dapat saja diterapkan oleh muhtasib dengan mempertimbang kadar kesalahan yang dilakukan oleh masyarakat. bentuk hukuman dapat berupa saran, teguran, kecaman, ancaman, penjara, sampai pengusiran dari kota.38 fungsi utama muhtasib adalah melakukan pengawasan dan pengendalian. oleh karena itu, dalam memberikan hukuman ia harus memastikan bahwa perbuatan itu telah benar-benar melanggar ketentuan syariah. ia harus dapat berlaku bijaksana sehingga tindakannya itu tidak menimbulkan masalah yang lebih besar daripada masalah yang hendak dihilangkan. ini berarti bahwa sebelum muhtasib menghentikan atau menghukum suatu pelanggaran ia harus membuat rencana yang matang untuk mengantisipasi reaksi balik yang ditimbulkan. dengan melihat wewenang lembaga hisbah, dapat dikatakan bahwa tugas lembaga ini sangat luas, sebab hal-hal yang menyangkut sarana dan prasarana kesejahteraan umat menjadi tanggung jawabnya. tugas lembaga ini semakin luas dan kompleks seiring dengan perkembangan zaman dan problem yang dihadapi umat yang apabila tidak diselesaikan dengan baik akan menimbulkan kesengsaraan bagi kehidupan umat itu sendiri. selain itu, lembaga hisbah juga merupakan bentuk implementasi dari perintah allah agar umat islam melaksanakan amar ma‘rûf dan nahî munkar. oleh karena itu dapat dikatakan bahwa lembaga ini bukan merupakan lembaga tradisi tetapi lebih merupakan lembaga keagamaan yang masuk dalam lingkup sistem peradilan islam yang bertugas tidak hanya melakukan pengawasan terhadap aktivitas perdagangan di pasar, tetapi lebih dari itu menyangkut penyebarluasan hukum, penegakan hukum dan norma-norma sosial. dengan kata lain, tugas muhtasib adalah berhubungan dengan amar ma‘rûf nahî munkar yang tidak termasuk masalah-masalah hudûd, qishâsh, diyât, dan al-ahwâl al-syakhshiyyah39 yang telah diatur ketentuannya oleh nas. muhtasib hanya berwenang menangani perkara-perkara yang bersifat 37 ibn taymiyyah, al-hisbah fi al-islâm, h.12-20. 38 badawî thabânah, ihyâ’ ‘ulûm al-dîn li al-imâm al-ghazâlî, h. 324. 39 anonim, muqaddimât al-dustûriyyah aw al-asbâb al-mujîbah lah, (t.t: t.p, 1963), h. 219. akhmad mujahidin: peran negara dalam hisbah148 pelanggaran ringan. kewenangannya adalah menangani dan meyelesaikan perkara-perkara yang telah terjadi. artinya, ketika terjadi suatu pelanggaran maka muhtasib langsung bertindak. a.a islahi menjelaskan bahwa fungsi umum hisbah adalah sebagai pelaksana kebajikan yang berkaitan dengan aspek moral dan melakukan pengawasan terhadap pasar.40 pertama, pengawasan terhadap kecukupan barang dan jasa di pasar. muhtasib harus mengontrol kesediaan barang dan jasa yang dibutuhkan masyarakat, misalnya kebutuhan pokok (sandang dan pangan). bila terjadi kekurangan, muhtasib memiliki otoritas untuk menyediakan sendiri secara langsung. kedua, pengawasan terhadap industri. dalam industri ini tugas utama muhtasib adalah pengawasan terhadap strandar produk. muutasib juga memiliki otoritas untuk menjatuhkan sanksi terhadap perusahaan yang terbukti merugikan masyarakat atau negara dan membantu memecahkan perselisihan yang muncul antara majikan dan buruh, jika perlu menetapkan upah minimum atau tunjangan yang diperlukan. untuk kebaikan industri, muhtasib juga dapat mengeluarkan pelbagai ketetapan lain seperti jam atau hari kerja dan libur agar kegiatan industri berjalan lancar. ketiga, pengawasan atas jasa. penipuan dan pelbagai ketidakjujuran lainnya lebih mudah terjadi di pasar jasa daripada pasar barang. muhtasib memiliki wewenang untuk mengawasi apakah para dokter, ahli farmasi, guru, dan penjual jasa lainnya telah melaksanakan tugasnya secara layak atau belum, serta apakah mereka melakukan penipuan atau tidak. pengawasan atas jasa ini juga berlaku atas penjual jasa tingkatan bawah seperti tukang gerinda, buruh pabrik, penjaga hotel, dan lain-lain. keempat, pengawasan atas perdagangan. muhtasib harus mengevaluasi pasar secara umum dan pelbagai praktik dagang yang berbeda-beda secara khusus. muhtasib harus mengawasi timbangan dan ukuran, kualitas produk, menjamin pedagang dan para agennya tidak melakukan kecurangan dan paktek yang merugikan konsumen, tidak menetapkan harga yang tidak adil, dan sebagainya. muhtasib juga harus menjamin para pelaku dagang dan agennya tidak melanggar ajaran islam, misalnya memungut riba dan menjual barang yang haram. kelima, perencanaan dan pengawasan kota dan pasar. muhtasib merupakan pejabat kota yang berfungsi untuk menjamin pembangunan rumah atau toko-toko dilakukan sesuai dengan ketentuan hukum, sehingga memberikan keamanan bagi publik. kondisi seperti ini dilakukan di lokasi-lokasi bisnis 40a. a. islahi, economic concept of ibn taymiyyah, (leicester uk: the islamic foundation, 1988), h. 238-242. al-iqtishad: vol. iv, no. 1, januari 2012 149 pelanggaran ringan. kewenangannya adalah menangani dan meyelesaikan perkara-perkara yang telah terjadi. artinya, ketika terjadi suatu pelanggaran maka muhtasib langsung bertindak. a.a islahi menjelaskan bahwa fungsi umum hisbah adalah sebagai pelaksana kebajikan yang berkaitan dengan aspek moral dan melakukan pengawasan terhadap pasar.40 pertama, pengawasan terhadap kecukupan barang dan jasa di pasar. muhtasib harus mengontrol kesediaan barang dan jasa yang dibutuhkan masyarakat, misalnya kebutuhan pokok (sandang dan pangan). bila terjadi kekurangan, muhtasib memiliki otoritas untuk menyediakan sendiri secara langsung. kedua, pengawasan terhadap industri. dalam industri ini tugas utama muhtasib adalah pengawasan terhadap strandar produk. muutasib juga memiliki otoritas untuk menjatuhkan sanksi terhadap perusahaan yang terbukti merugikan masyarakat atau negara dan membantu memecahkan perselisihan yang muncul antara majikan dan buruh, jika perlu menetapkan upah minimum atau tunjangan yang diperlukan. untuk kebaikan industri, muhtasib juga dapat mengeluarkan pelbagai ketetapan lain seperti jam atau hari kerja dan libur agar kegiatan industri berjalan lancar. ketiga, pengawasan atas jasa. penipuan dan pelbagai ketidakjujuran lainnya lebih mudah terjadi di pasar jasa daripada pasar barang. muhtasib memiliki wewenang untuk mengawasi apakah para dokter, ahli farmasi, guru, dan penjual jasa lainnya telah melaksanakan tugasnya secara layak atau belum, serta apakah mereka melakukan penipuan atau tidak. pengawasan atas jasa ini juga berlaku atas penjual jasa tingkatan bawah seperti tukang gerinda, buruh pabrik, penjaga hotel, dan lain-lain. keempat, pengawasan atas perdagangan. muhtasib harus mengevaluasi pasar secara umum dan pelbagai praktik dagang yang berbeda-beda secara khusus. muhtasib harus mengawasi timbangan dan ukuran, kualitas produk, menjamin pedagang dan para agennya tidak melakukan kecurangan dan paktek yang merugikan konsumen, tidak menetapkan harga yang tidak adil, dan sebagainya. muhtasib juga harus menjamin para pelaku dagang dan agennya tidak melanggar ajaran islam, misalnya memungut riba dan menjual barang yang haram. kelima, perencanaan dan pengawasan kota dan pasar. muhtasib merupakan pejabat kota yang berfungsi untuk menjamin pembangunan rumah atau toko-toko dilakukan sesuai dengan ketentuan hukum, sehingga memberikan keamanan bagi publik. kondisi seperti ini dilakukan di lokasi-lokasi bisnis 40a. a. islahi, economic concept of ibn taymiyyah, (leicester uk: the islamic foundation, 1988), h. 238-242. sehingga para pelaku bisnis juga memiliki rasa aman. muhtasib juga memisahkan industri satu dengan yang lain agar tidak saling membahayakan. misalnya, industri yang menghasilkan asap tidak boleh berdampingan dengan industri farmasi dan sandang. keenam, pengawasan terhadap keseluruhan pasar. muhtasib harus menjamin segala bentuk kebutuhan agar persaingan di pasar dapat berjalan dengan sehat dan islami. misalnya menyediakan informasi yang transparan bagi pelaku pasar, menghapus pelbagai retriksi (pembatasan) untuk keluar dan masuk pasar, termasuk juga membongkar pelbagai praktik penimbunan.41 dengan demikian hisbah mempunyai otoritas yang tinggi dan wewenang yang luas dalam mengatur pasar sehingga menjadi pasar yang islami. dalam konteks operasional, agar peran lembaga ini efektif, maka ia harus menggunakan pelbagai pendekatan yang tepat dalam merumuskan dan mengimplementasikan kebijakannya. pendekatan yang elastis harus diringi dengan kedisiplinan, sementara langkah preventif (pencegahan) harus diutamakan daripada langkah kuratif (tindakan tegas). tetapi jika pelanggaran benar-benar terjadi maka perlu dilakukan tindakan yang tegas dengan dukungan hukum yang jelas. yahya menyatakan bahwa kepala negara harus menghukum pedagang yang tidak jujur dengan cambukan rotan, penjara atau mengusirnya dari pasar karena mereka melakukan penipuan dan ketidakjujuran.42 dalam menegakkan moralitas di pasar, pemerintah harus melakukan intervensi dalam hal-hal sebagai berikut: pertama, memastikan dan menjaga agar mekanisme pasar dapat bersaing dengan baik. pemerintah harus dapat menjamin kebebasan keluar-masuk pasar dan menghilangkan hambatan dalam perdagangan seperti penimbunan dan lain-lain. kedua, melembagakan nilai-nilai persaingan yang sehat, kejujuran, kebebasan, dan keadilan. karena pada dasarnya mekanisme pasar tidak bekerja atas dasar pertimbangan nilai dan moralitas, tetapi berdasarkan untung dan rugi, maka pemerintah mempunyai kewajiban untuk melembagakan nilai dan moralitas dalam pasar ini. fungsi ini dapat dilakukan dengan pendekatan institusional seperti melembagakan jabatan muhtasib. pemerintah menjadi muhtasib yang berwenang mencegah dan menyelesaikan kasus-kasus pelanggaran nilai-nilai islam. dalam islam sudah diketahui bahwa pasar bukan merupakan suatu mekanisme yang sempurna, terutama dari kemungkinan deviasi (penyimpangan) 41 m.b. hendrie anto, pengantar ekonomi mikro islami, (yogyakarta: ekonisia, 2003), h. 326327. 42 yahya bin umar,‛ ahkâm al-sûq‛, dalam abdul azim islahi, economic concepts of ibn taymiyyah, (leicester u.k: the islamic foundation, 1988), h. 31. akhmad mujahidin: peran negara dalam hisbah150 terhadap nilai dan moral yang islami. untuk menjaga agar pasar dapat berjalan sesuai dengan persaingan yang islami, maka perlu diadakan lembaga khusus yang berfungsi mengontrol pasar dari praktik-praktik yang menyimpang. lembaga yang perannya telah dilakukan oleh rasulullah saw. sendiri ini dapat dijadikan acuan bagi peran negara dalam melakukan intervensi terhadap pasar yang islami. lembaga ini disebut hisbah (market controller) sedangkan petugasnya disebut muhtasib. menurut al-mâwardî, eksistensi dan peranan hisbah berangkat dari firman allah yang menyatakan bahwa harus ada sebagian umat yang menyeru kepada kebaikan dan mencegah kemungkaran.43 sedangkan ibn taymiyyah menerangkan peran hisbah pada masa rasulullah yang sering melakukan inspeksi ke pasar untuk mengecek harga dan mekanisme pasar. seringkali dalam inspeksinya beliau menemukan praktik bisnis yang tidak jujur sehingga beliau menegurnya.44 hisbah merupakan lembaga yang memiliki fungsi kontrol dari pemerintah melalui kegiatan perorangan yang ditugaskan secara khusus menangani bidang moral, agama, dan ekonomi. kontrol ini secara spesifik dilakukan terhadap pasar dan moral secara umum. fungsi ini secara umum berkaitan dengan kegiatan kolektif atau publik untuk mencapai keadilan dan kebenaran menurut prinsip islam.45 pasar mendapat kedudukan yang penting dalam perekonomian islam. rasulullah sangat menghargai harga yang dibentuk oleh pasar sebagai harga yang adil. oleh karena itu, islam menekankan adanya moralitas seperti persaingan yang sehat, kejujuran, keterbukaan, dan keadilan. implementasi nilainilai moralitas tersebut dalam pasar merupakan tanggung jawab bagi setiap pelaku pasar. bagi seorang muslim, nilai-nilai ini merupakan refleksi dari keimanannya kepada allah, bahkan rasulullah memerankan dirinya sebagai muhtasib di pasar. beliau menegur langsung transaksi perdagangan yang tidak mengindahkan nilai-nilai moralitas. pada masa rasulullah, nilai-nilai moralitas sangat diperhatikan dalam kehidupan pasar. bahkan sampai pada masa awal kerasulannya, beliau adalah seo-rang pelaku pasar yang aktif, dan kemudian menjadi seorang pengawas pasar yang cermat sampai akhir hayatnya. beliau telah memulai pengalaman dagangnya sejak berusia 12 tahun,46 yaitu ketika diajak pamannya, abû thâlib, berda 43 al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 241. 44 ibn taymiyah, al-hisbah fi al-islâm, h. 6. 45 muhammad al-mubârak, nizhâm al-islâm al-iqtishâdî, h. 66. 46 afzalurrahman, muhammad sebagai pedagang, ter. dewi nurjulianti (jakarta: yayasan al-iqtishad: vol. iv, no. 1, januari 2012 151 terhadap nilai dan moral yang islami. untuk menjaga agar pasar dapat berjalan sesuai dengan persaingan yang islami, maka perlu diadakan lembaga khusus yang berfungsi mengontrol pasar dari praktik-praktik yang menyimpang. lembaga yang perannya telah dilakukan oleh rasulullah saw. sendiri ini dapat dijadikan acuan bagi peran negara dalam melakukan intervensi terhadap pasar yang islami. lembaga ini disebut hisbah (market controller) sedangkan petugasnya disebut muhtasib. menurut al-mâwardî, eksistensi dan peranan hisbah berangkat dari firman allah yang menyatakan bahwa harus ada sebagian umat yang menyeru kepada kebaikan dan mencegah kemungkaran.43 sedangkan ibn taymiyyah menerangkan peran hisbah pada masa rasulullah yang sering melakukan inspeksi ke pasar untuk mengecek harga dan mekanisme pasar. seringkali dalam inspeksinya beliau menemukan praktik bisnis yang tidak jujur sehingga beliau menegurnya.44 hisbah merupakan lembaga yang memiliki fungsi kontrol dari pemerintah melalui kegiatan perorangan yang ditugaskan secara khusus menangani bidang moral, agama, dan ekonomi. kontrol ini secara spesifik dilakukan terhadap pasar dan moral secara umum. fungsi ini secara umum berkaitan dengan kegiatan kolektif atau publik untuk mencapai keadilan dan kebenaran menurut prinsip islam.45 pasar mendapat kedudukan yang penting dalam perekonomian islam. rasulullah sangat menghargai harga yang dibentuk oleh pasar sebagai harga yang adil. oleh karena itu, islam menekankan adanya moralitas seperti persaingan yang sehat, kejujuran, keterbukaan, dan keadilan. implementasi nilainilai moralitas tersebut dalam pasar merupakan tanggung jawab bagi setiap pelaku pasar. bagi seorang muslim, nilai-nilai ini merupakan refleksi dari keimanannya kepada allah, bahkan rasulullah memerankan dirinya sebagai muhtasib di pasar. beliau menegur langsung transaksi perdagangan yang tidak mengindahkan nilai-nilai moralitas. pada masa rasulullah, nilai-nilai moralitas sangat diperhatikan dalam kehidupan pasar. bahkan sampai pada masa awal kerasulannya, beliau adalah seo-rang pelaku pasar yang aktif, dan kemudian menjadi seorang pengawas pasar yang cermat sampai akhir hayatnya. beliau telah memulai pengalaman dagangnya sejak berusia 12 tahun,46 yaitu ketika diajak pamannya, abû thâlib, berda 43 al-mâwardî, kitâb al-ahkâm al-sulthâniyyah, h. 241. 44 ibn taymiyah, al-hisbah fi al-islâm, h. 6. 45 muhammad al-mubârak, nizhâm al-islâm al-iqtishâdî, h. 66. 46 afzalurrahman, muhammad sebagai pedagang, ter. dewi nurjulianti (jakarta: yayasan gang ke negeri syam. kemudian, sejalan dengan usianya yang semakin dewasa, beliau kembali berdagang, baik berdagang dengan modal sendiri atau bekerjasama dengan orang lain. orang yang diajak bekerjasama adalah khadijah yang kelak menjadi istrinya. bahkan setelah berkeluarga pun beliau tetap berdagang di pasar-pasar lokal sekitar mekah.47 nabi muhammad saw. adalah seorang pedagang yang profesional dan jujur, sehingga beliau mendapat gelar ‚al-amîn” (yang terpercaya) dari masyarakat arab. setelah beliau diangkat menjadi rasul, kegiatan di pasar memang tidak seaktif sebelumnya, karena tantangan dakwah begitu berat, tetapi perhatian beliau terhadap pasar tidaklah berkurang, bahkan ketika kaum muslimin berhijrah ke medinah, peran beliau benyak bergeser ke pasar menjadi muhtasib. dengan peran ini beliau mengawasi jalannya mekanisme pasar di medinah agar tetap berlangsung secara islami. dari hal-hal yang dilakukan rasulullah itu dapat dipahami bahwa pasar merupakan hukum alam yang harus dijunjung tinggi. artinya, tidak ada seorang pun secara individual yang dapat memengaruhi pasar, sebab pasar merupakan kekuatan kolektif yang telah menjadi ketentuan allah. pelanggaran terhadap harga pasar, yaitu penetapan harga merupakan suatu ketidakadilan yang akan dituntut pertanggungjawabannya di hadapan allah. hal ini juga menunjukkan bahwa penjual yang menjual dagangannya dengan harga pasar berarti mentaati peraturan allah dan rasul-nya. pedoman secara umum tentang masalah kerja, yaitu islam tidak membolehkan pengikut-pengikutnya untuk bekerja mencari uang sesuka hatinya dan dengan jalan apapun yang dimaksud, seperti penipuan, kecurangan, sumpah palsu, dan perbuatan batil lainnya. tetapi islam memberikan kepada mereka suatu garis pemisah antara yang boleh dan yang tidak boleh dalam mencari perbekalan hidup, dengan menitikberatkan juga kepada masalah kemaslahatan umum, seperti suka sama suka sehingga tidak ada pihak yang merasa dirugikan dan dizalimi dalam transaksi tersebut. garis pemisah ini berdiri di atas landasan yang bersifat kullî (menyeluruh) yang mengatakan bahwa semua jalan untuk berusaha mencari uang yang tidak menghasilkan manfaat kepada seseorang kecuali dengan menjatuhkan orang lain, adalah tidak dibenarkan. semua jalan yang saling mendatangkan manfaat antara individu-individu dengan saling relamerelakan dan adil, adalah dibenarkan. prinsip ini telah ditegaskan oleh allah dalam firman-nya: swarna bhumy, 1997), h. 5. 47 afzalurrahman, islamic economic doctrines, iv (lahore: yusuf publication, t.th), h. 15. akhmad mujahidin: peran negara dalam hisbah152                                                                             hai orang-orang yang beriman, janganlah kamu memakan harta-harta saudaramu dengan cara yang batil, kecuali harta itu diperoleh dengan jalan dagang yang ada saling kerelaan dari antara kamu. dan jangan kamu membunuh diri-diri kamu, karena sesungguhnya allah maha pengasih kepadamu. dan barangsiapa berbuat demikian dengan sikap permusuhan dan penganiayaan, maka kelak akan kami masukkan dia ke dalam api neraka. (q.s. al-nisâ’ [4]: 29-3-) ayat ini memberikan syarat boleh dilangsungkannya perdagangan dengan dua hal. pertama, perdagangan itu harus dilakukan atas dasar saling rela antara kedua belah pihak. tidak boleh bermanfaat untuk satu pihak dengan merugikan pihak lain. kedua, tidak boleh saling merugikan baik untuk diri sendiri maupun orang lain. dengan demikian ayat ini memberikan pengertian, bahwa setiap orang tidak boleh merugikan orang lain demi kepentingan diri sendiri (vested interest). sebab hal demikian, seolah-olah dia menghisap darahnya dan membuka jalan kehancuran untuk dirinya sendiri. misalnya: mencuri, menyuap, berjudi, menipu, mengaburkan, mengelabui, riba, pekerjaan lain yang diperoleh dengan jalan yang tidak dibenarkan. tetapi, apabila sebagian itu diperoleh atas dasar saling suka sama suka, maka syarat yang terpenting jangan kamu membunuh diri kamu itu tidak ada.48 dengan memahami ayat-ayat tersebut, maka ada bebarapa bentuk transaksi yang dapat dikategorikan terlarang, yakni: (1) tidak jelasnya takaran dan spesifikasi barang yang dijual. (2) tidak jelas bentuk barangnya. (3) informasi yang diterima tidak jelas sehingga pembentukan harga tidak berjalan dengan mekanisme yang sehat. (4) penjual dan pembeli tidak hadir di pasar sehingga perdagangan tidak berdasarkan harga pasar. (5) model-model transaksi di atas hendaknya menjadi perhatian serius dari pelaku pasar muslim. penegakan nilai-nilai moral dalam kehidupan perdagangan di pasar harus disadari secara personal oleh setiap pelaku pasar. artinya, nilai-nilai moralitas 48 yusuf al-qardhawi, halal dan haram dalam islam, terj. muammal hamidy, (surabaya: bina ilmu, 1993), h. 38. al-iqtishad: vol. iv, no. 1, januari 2012 153                                                                             hai orang-orang yang beriman, janganlah kamu memakan harta-harta saudaramu dengan cara yang batil, kecuali harta itu diperoleh dengan jalan dagang yang ada saling kerelaan dari antara kamu. dan jangan kamu membunuh diri-diri kamu, karena sesungguhnya allah maha pengasih kepadamu. dan barangsiapa berbuat demikian dengan sikap permusuhan dan penganiayaan, maka kelak akan kami masukkan dia ke dalam api neraka. (q.s. al-nisâ’ [4]: 29-3-) ayat ini memberikan syarat boleh dilangsungkannya perdagangan dengan dua hal. pertama, perdagangan itu harus dilakukan atas dasar saling rela antara kedua belah pihak. tidak boleh bermanfaat untuk satu pihak dengan merugikan pihak lain. kedua, tidak boleh saling merugikan baik untuk diri sendiri maupun orang lain. dengan demikian ayat ini memberikan pengertian, bahwa setiap orang tidak boleh merugikan orang lain demi kepentingan diri sendiri (vested interest). sebab hal demikian, seolah-olah dia menghisap darahnya dan membuka jalan kehancuran untuk dirinya sendiri. misalnya: mencuri, menyuap, berjudi, menipu, mengaburkan, mengelabui, riba, pekerjaan lain yang diperoleh dengan jalan yang tidak dibenarkan. tetapi, apabila sebagian itu diperoleh atas dasar saling suka sama suka, maka syarat yang terpenting jangan kamu membunuh diri kamu itu tidak ada.48 dengan memahami ayat-ayat tersebut, maka ada bebarapa bentuk transaksi yang dapat dikategorikan terlarang, yakni: (1) tidak jelasnya takaran dan spesifikasi barang yang dijual. (2) tidak jelas bentuk barangnya. (3) informasi yang diterima tidak jelas sehingga pembentukan harga tidak berjalan dengan mekanisme yang sehat. (4) penjual dan pembeli tidak hadir di pasar sehingga perdagangan tidak berdasarkan harga pasar. (5) model-model transaksi di atas hendaknya menjadi perhatian serius dari pelaku pasar muslim. penegakan nilai-nilai moral dalam kehidupan perdagangan di pasar harus disadari secara personal oleh setiap pelaku pasar. artinya, nilai-nilai moralitas 48 yusuf al-qardhawi, halal dan haram dalam islam, terj. muammal hamidy, (surabaya: bina ilmu, 1993), h. 38. merupakan nilai yang sudah tertanam dalam diri para pelaku pasar, karena ini merupakan refleksi dari keimanan kepada allah. dengan demikian seseorang boleh saja berdagang dengan tujuan mencari keuntungan yang sebesar-besarnya, tetapi dalam islam, bukan sekadar mencari besarnya keuntungan melainkan dicari juga keberkahan. keberkahan usaha merupakan kemantapan dari usaha itu dengan memperoleh keuntungan yang wajar dan diridai oleh allah swt. untuk memperoleh keberkahan dalam jual-beli, islam mengajarkan prinsipprinsip moral sebagai berikut: (1) jujur dalam menakar dan menimbang, (2) menjual barang yang halal, (3) menjual barang yang baik mutunya, (4) tidak menyembunyikan cacat barang, (5) tidak melakukan sumpah palsu, (6) longgar dan murah hati, (7) tidak menyaingi penjual lain, (8) tidak melakukan riba, (9) mengeluarkan zakat bila telah sampai nisab dan haulnya.49 prinsip-prinsip tersebut diajarkan islam untuk diterapkan dalam kehidupan di dunia perdagangan yang memungkinkan untuk memperoleh keberkahan usaha. keberkahan usaha berarti memperoleh keuntungan dunia dan akhirat. keuntungan di dunia berupa relasi yang baik dan menyenangkan, sedangkan keuntungan akhirat berupa nilai ibadah karena perdagangan yang dilakukan dengan jujur. dalam islam, pasar merupakan wahana transaksi ekonomi yang ideal, karena secara teoretis maupun praktis, islam menciptakan suatu keadaan pasar yang dibingkai oleh nilai-nilai syariah, meskipun tetap dalam suasana bersaing. artinya, konsep pasar dalam islam adalah pasar yang ditumbuhi nilai-nilai syariah seperti keadilan, keterbukaan, kejujuran, dan persaingan sehat yang merupakan nilai-nilai universal, bukan hanya untuk muslim tetapi juga non-muslim. hal ini tentu saja bukan hanya kewajiban personal pelaku pasar tetapi juga membutuhkan intervensi pemerintah. untuk itulah maka pemerintah mempunyai peranan yang penting dan besar dalam menciptakan pasar yang islami, sebagaimana ditunjukkan oleh adanya hisbah pada masa rasulullah dan sesudahnya. islam menempatkan pasar sebagai tempat perniagaan yang sah dan halal, sehingga secara umum merupakan mekanisme perdagangan yang ideal. penghargaan yang tinggi tidak hanya bersifat normatif tetapi juga telah dibuktikan dalam sejarah panjang kehidupan masyarakat muslim klasik. rasulullah saw. adalah seorang pelaku pasar yang aktif, demikian pula kebanyakan para sahabatnya. pada masa ini peranan pasar dalam menentukan harga sangat menonjol. intervensi pemerintah hanya dilakukan dalam kondisi tertentu. 49 burhanuddin salam, etika sosial asas moral dalam kehidupan manusia, (jakarta: rineka cipta, 1997), h. 23. akhmad mujahidin: peran negara dalam hisbah154 gambaran pasar yang islami adalah pasar yang di dalamnya terdapat persaingan sehat yang dibingkai dengan nilai dan moralitas islam. nilai dan moralitas islam itu secara garis besar terbagi dua: pertama, norma yang bersifat khas yaitu hanya berlaku untuk muslim. kedua, norma yang bersifat umum yaitu berlaku untuk seluruh mesyarakat. islam mengajarkan bahwa tidak semua barang dan jasa dapat dikonsumsi dan diproduksi. seorang muslim hanya diperkenankan mengkonsumsi dan meproduksi barang yang baik dan halal, sehingga barang yang haram harus ditinggalkan. seorang muslim juga terikat dengan nilai-nilai kesederhanaan dan konsistensi perioritas pemenuhannya. norma khas ini tentu saja harus diimplementasikan dalam kehidupan di pasar. selain itu, islam juga sangat memperhatikan norma yang berlaku dalam masyarakat umum dan berlaku secara universal seperti persaingan sehat, kejujuran, keterbukaan, dan keadilan. nilai-nilai ini sangat ditekankan dalam islam bahkan selalu dikaitkan dengan keimanan kepada allah. keterikatan seorang muslim dengan norma-norma ini akan menjadi sistem pengendali yang bersifat otomatis bagi pelakunya dalam aktivitas pasar. dengan mengacu kepada alquran dan praktik kehidupan pasar pada masa rasulullah dan para sahabatnya, ibn taymiyyah menyatakan bahwa ciri khas kehidupan pasar yang islami adalah: pertama, orang harus bebas untuk keluar dan masuk pasar. memaksa orang untuk menjual barang dagangan tanpa ada kewajiban untuk menjual merupakan tindakan yang tidak adil dan ketidakadilan itu dilarang. kedua, adanya informasi yang cukup mengenai kekuatan-kekuatan pasar dan barang-barang dagangan. tugas muhtasib adalah mengawasi situasi pasar dan menjaga agar informasi secara sempurna diterima oleh para pelaku pasar. ketiga, unsur-unsur monopolistik harus dilenyapkan dari pasar. kolusi antara penjual dan pembeli harus dihilangkan. pemerintah boleh melakukan intervensi apabila unsur monopolistik ini mulai muncul. keempat, adanya kenaikan dan penurunan harga yang disebabkan naik turunya tingkat permintaan dan penawaran. kelima, adanya homogenitas dan standarisasi produk agar terhindar dari pemalsuan produk, penipuan, dan kecurangan kualitas barang. keenam, terhindar dari penyimpangan terhadap kebebasan ekonomi yang jujur, seperti sumpah palsu, kecurangan dalam menakar, menimbang, dan mengukur, dan niat yang buruk dalam perdagangan. pelaku pasar juga dilarang menjual barang-barang haram seperti minuman keras, alat perjudian dan pelacuran, dan lain-lain.50 50 ibn taymiyah, majmû‘ fatâwâ syaykh al-islâm ahmad ibn taymiyyah (riyâdh: matba’ah alriyâdh, 1387 h), h. 78. al-iqtishad: vol. iv, no. 1, januari 2012 155 gambaran pasar yang islami adalah pasar yang di dalamnya terdapat persaingan sehat yang dibingkai dengan nilai dan moralitas islam. nilai dan moralitas islam itu secara garis besar terbagi dua: pertama, norma yang bersifat khas yaitu hanya berlaku untuk muslim. kedua, norma yang bersifat umum yaitu berlaku untuk seluruh mesyarakat. islam mengajarkan bahwa tidak semua barang dan jasa dapat dikonsumsi dan diproduksi. seorang muslim hanya diperkenankan mengkonsumsi dan meproduksi barang yang baik dan halal, sehingga barang yang haram harus ditinggalkan. seorang muslim juga terikat dengan nilai-nilai kesederhanaan dan konsistensi perioritas pemenuhannya. norma khas ini tentu saja harus diimplementasikan dalam kehidupan di pasar. selain itu, islam juga sangat memperhatikan norma yang berlaku dalam masyarakat umum dan berlaku secara universal seperti persaingan sehat, kejujuran, keterbukaan, dan keadilan. nilai-nilai ini sangat ditekankan dalam islam bahkan selalu dikaitkan dengan keimanan kepada allah. keterikatan seorang muslim dengan norma-norma ini akan menjadi sistem pengendali yang bersifat otomatis bagi pelakunya dalam aktivitas pasar. dengan mengacu kepada alquran dan praktik kehidupan pasar pada masa rasulullah dan para sahabatnya, ibn taymiyyah menyatakan bahwa ciri khas kehidupan pasar yang islami adalah: pertama, orang harus bebas untuk keluar dan masuk pasar. memaksa orang untuk menjual barang dagangan tanpa ada kewajiban untuk menjual merupakan tindakan yang tidak adil dan ketidakadilan itu dilarang. kedua, adanya informasi yang cukup mengenai kekuatan-kekuatan pasar dan barang-barang dagangan. tugas muhtasib adalah mengawasi situasi pasar dan menjaga agar informasi secara sempurna diterima oleh para pelaku pasar. ketiga, unsur-unsur monopolistik harus dilenyapkan dari pasar. kolusi antara penjual dan pembeli harus dihilangkan. pemerintah boleh melakukan intervensi apabila unsur monopolistik ini mulai muncul. keempat, adanya kenaikan dan penurunan harga yang disebabkan naik turunya tingkat permintaan dan penawaran. kelima, adanya homogenitas dan standarisasi produk agar terhindar dari pemalsuan produk, penipuan, dan kecurangan kualitas barang. keenam, terhindar dari penyimpangan terhadap kebebasan ekonomi yang jujur, seperti sumpah palsu, kecurangan dalam menakar, menimbang, dan mengukur, dan niat yang buruk dalam perdagangan. pelaku pasar juga dilarang menjual barang-barang haram seperti minuman keras, alat perjudian dan pelacuran, dan lain-lain.50 50 ibn taymiyah, majmû‘ fatâwâ syaykh al-islâm ahmad ibn taymiyyah (riyâdh: matba’ah alriyâdh, 1387 h), h. 78. dengan memperhatikan kriteria pasar islami tersebut maka dapat disimpulkan bahwa pasar islami itu dibangun atas dasar terjaminnya persaingan yang sehat yang dibingkai dalam nilai dan moralitas islam. untuk menjamin agar kriteria ini tetap terjaga dengan baik diperlukan seorang muhtasib yang memiliki peranan aktif dan permanen dalam menjaga mekanisme pasar yang islami sehingga dapat dijadikan model bagi peran pemerintah terhadap pasar. pengawasan secara cermat terhadap mekanisme pasar harus dilakukan demi tegaknya kepentingan sosial dan nilai-nilai akhlak islami yang diinginkan semua pihak. mekanisme pasar dibangun atas dasar kebebasan yaitu kebebasan individu untuk melakukan transaksi barang dan jasa sebagaimana yang ia sukai. ibn taymiyah menempatkan kebebasan pada tempat yang tinggi bagi individu dalam kegiatan ekonomi, walaupun beliau juga memberikan batasan-batasannya. batasan yang dimaksud adalah tidak bertentangan dengan syariah islam dan tidak menimbulkan kerugian, baik bagi diri sendiri maupun orang lain, sehingga tidak terjadi konflik kepentingan. selain itu juga diperlukan kerjasama saling membantu antara masyarakat satu dengan masyarakat yang lain untuk mewujudkan kesejahteraan bersama. segala sesuatu itu boleh dan sah dilakukan sampai ada larangan khusus yang bertentangan dengan syariah islam, khususnya dalam hal penipuan dan hal-hal yang merugikan.51 setiap individu memiliki kewajiban untuk ikut mensejahterakan lingkungan sosialnya yang dimulai dari lingkungan terdekat, yaitu kerabat dan tetangga sampai masyarakat dalam lingkup yang lebih luas. secara alamiah manusia itu juga merupakan makhluk sosial, karenanya merupakan fitrah jika manusia saling bekerjasama antara satu dengan yang lain. ibn taymiyah juga menyatakan bahwa pemerintah harus melakukan intervensi ketika konflik antar anggota masyarakat dengan prinsip mencegah keburukan itu lebih didahulukan daripada berbuat kebaikan 52 درء المفاسد مقّدم على جلب المصالح. pemikiran tersebut menunjukkan bahwa ajaran islam memberikan tempat yang tinggi kepada kebebasan individu tetapi dibatasi oleh nilai-nilai syariah islam. batasan yang dimaksud di sini adalah syariah islam dan harmoni kepentingan individu dan sosial. islam juga menekankan pada aspek tolong-menolong dan bekerjasama antar sesama manusia. oleh karena itu, konsepsi kebebasan dalam islam lebih mengarah kepada kerjasama, bukan persaingan apalagi saling mematikan usaha antara satu dengan yang lain. kalaupun ada persaingan dalam usaha maka itu berarti persaingan dalam hal berbuat kebaikan. inilah yang disebut dalam alquran dengan fastabiq al-khayrât (berlomba-lomba dalam 51 a. a. islahi, economic concept of ibn taymiyyah, h. 225. 52 a. a. islahi, economic concept of ibn taymiyyah, h. 226-227. akhmad mujahidin: peran negara dalam hisbah156 kebajikan).53 dengan demikian, kerjasama atau berlomba-lomba dalam melakukan kebajikan mendapat perhatian serius dalam ajaran islam. salah satu tugas pokok muhtasib adalah mengawasi pasar. dia harus menjaga keharmonisan sesama pedagang di pasar dan mengawasi aktivitas di dalamnya. tujuannya adalah mencegah kezaliman dengan cara mengontrol alat timbangan, takaran, ukuran, dan pelbagai alat dagang lainnya. dia juga berhak melarang terjadinya rekayasa harga dan mencegah perdagangan barang-barang haram. selain itu, juga mengawasi praktik perdagangan. muhtasib harus melarang pelbagai cara perdagangan yang diharamkan, seperti riba, ihtikâr (penimbunan), semua transaksi yang diharamkan, dan pencegahan pendapatan keuntungan yang berlebihan karena rekayasa harga. penutup muhtasib merupakan perantara untuk mencegah kejahatan dan mewujudkan kebaikan. ia bertanggung jawab atas kesejahteraan islami masyarakat biasa. karena dalam islam perhatian material duniawi dan spiritual ukhrawi membentuk kesejahteraan, maka yurisdiksi muhtasib tidaklah terbatas. semua yang ditetapkan allah dan semua yang secara hukum diakui manusia sebagai keinginan, menjadi perhatian muhtasib. ini juga mencakup pencegahan setiap kejahatan. dalam menjalankan tugasnya, muhtasib tidak hanya duduk di kantor menanti keluhan, tetapi selalu di luar kantor dan di lapangan menginspeksi dan meneliti segalanya untuk menjamin dilaksanakannya syariah. biasanya sebagian besar harinya dilewatkan di pasar di mana sebagian besar hubungan manusia seperti ekonomi, perselisihan, dan ketidakadilan terjadi. [] pustaka acuan ‘ulyân, syawkah muhammad, dawr al-hisbah fî himâyah al-mashâlih, riyaâdh: fahrasat maktabat al-mâlik fahd al-wathaniyyah, 2000. abdullah, taufik, et.al., jakarta: ichtiar baru van hoeve, 2002. afzalurrahman, islamic economic doctrines, iv, lahore: yusuf publication, t.th. afzalurrahman, muhammad sebagai pedagang, ter. dewi nurjulianti, jakarta: yayasan swarna bhumy, 1997. ambary, hasan mu’arif, ‛muhtasib‛, suplemen ensiklopedi islam, jilid ii, jakarta: ichtiar baru van hoeve, 2002. anonim, muqaddimât al-dustûriyyah aw al-asbâb al-mujîbah lah, t.t: t.p, 1963. badrân, ahmad jâbir, al-rutbah fî thalab al-hisbah, al-qâhirah: dâr al-risâlah, 53 q.s. al-baqarah [2]: 148. al-iqtishad: vol. iv, no. 1, januari 2012 157 kebajikan).53 dengan demikian, kerjasama atau berlomba-lomba dalam melakukan kebajikan mendapat perhatian serius dalam ajaran islam. salah satu tugas pokok muhtasib adalah mengawasi pasar. dia harus menjaga keharmonisan sesama pedagang di pasar dan mengawasi aktivitas di dalamnya. tujuannya adalah mencegah kezaliman dengan cara mengontrol alat timbangan, takaran, ukuran, dan pelbagai alat dagang lainnya. dia juga berhak melarang terjadinya rekayasa harga dan mencegah perdagangan barang-barang haram. selain itu, juga mengawasi praktik perdagangan. muhtasib harus melarang pelbagai cara perdagangan yang diharamkan, seperti riba, ihtikâr (penimbunan), semua transaksi yang diharamkan, dan pencegahan pendapatan keuntungan yang berlebihan karena rekayasa harga. penutup muhtasib merupakan perantara untuk mencegah kejahatan dan mewujudkan kebaikan. ia bertanggung jawab atas kesejahteraan islami masyarakat biasa. karena dalam islam perhatian material duniawi dan spiritual ukhrawi membentuk kesejahteraan, maka yurisdiksi muhtasib tidaklah terbatas. semua yang ditetapkan allah dan semua yang secara hukum diakui manusia sebagai keinginan, menjadi perhatian muhtasib. ini juga mencakup pencegahan setiap kejahatan. dalam menjalankan tugasnya, muhtasib tidak hanya duduk di kantor menanti keluhan, tetapi selalu di luar kantor dan di lapangan menginspeksi dan meneliti segalanya untuk menjamin dilaksanakannya syariah. biasanya sebagian besar harinya dilewatkan di pasar di mana sebagian besar hubungan manusia seperti ekonomi, perselisihan, dan ketidakadilan terjadi. 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2012. sutrisno, edy, manajemen sumber daya manusia, jakarta: kencana, 2009. syakir sula, muhammad, asuransi syariah (life and general) konsep dan sistem operasional, jakarta: gema insani press, 2004. tugiono, saclan, “supervision development program”, ajb bumiputera 1912: 2011. rewaz labs, kamus, implikasi.http://dict.rewaz.org/search/browse/implikasi.re, 2011. rochaety, ety dkk, metodologi penelitian bisnis: dengan aplikasi spss, jakarta: mitra wacana media, 2009. tugiono saclan, supervision development program, jakarta: ajb bumiputera 1912, 2011. wirawan, evaluasi teori model standar aplikasi dan profesi contoh aplikasi evaluasi program: pengembangan sumber daya manusia program nasional pemberdayaan masyarakat (pnpm), mandiri pedesaan, kurikulum, perpustakaan dan buku teks, jakarta: rajawali pers, 2011. kontribusi islam terhadap akuntansi ivo sabrina abstract: contribution of islam in accounting. this study will focus on the comparison between the accounting and another definition to find the harmony and unity of meaning in it. this study uses the approach of the historical development and significance of accounting in islam. in the perspective of the quran and hadith, the meaning of accounting is general and covers the whole of human activity in the lives interact and transact among others, both religious and related fields mu‘âmalah areas and socioeconomic transac-tions in general. keywords: islam, transaction, accounting, mu‘âmalah abstrak: kontribusi islam terhadap akuntansi. penelitian ini akan membandingkan satu definisi akutansi dengan definisi yang lain untuk menemukan keselarasan dan kesatuan makna yang ada di dalamnya. studi ini menggunakan pendekatan sejarah perkembangan dan makna akuntansi dalam islam. dalam perspektif alquran dan hadis, makna akutansi itu bersifat umum dan menyeluruh yang meliputi seluruh aktivitas manusia dalam kehidupan berinteraksi dan bertransaksi antar sesama, baik terkait bidang ibadah maupun bidang muamalah dan transaksi sosial ekonomi pada umumnya. kata kunci: islam, transaksi, akuntansi, muamalah naskah diterima: 4 januari 2012, direvisi: 4 juni 2012, disetujui: 10 juni 2012.  sekolah tinggi ilmu ekonomi bisnis indonesia (stiebi). jl. kebayoran lama 46, jakarta, 11560. e-mail: ivosabrina@ymail.com ivo sabrina: kontribusi islam terhadap akuntansi290 pendahuluan akuntansi merupakan salah satu ilmu yang bersifat praktis atau terapan yang pada saat sekarang ini dipakai di seluruh aktivitas kita. dalam akuntansi terdapat prinsip, standar, asumsi, teknik, serta prosedur yang dijadikan landasan dalam pelaporan keuangan, berisi tentang informasi-informasi yang berguna dalam memantau aktivitas ekonomi dan memengaruhi pengambilan keputusan bagi para pemakainya. penerapan pengetahuan di bidang akuntansi ini tentu semakin luas dan kompleks jika dihadapkan pada bisnis dengan skala yang lebih besar. seperti ilmu-ilmu lainnya, ilmu akuntansi juga berkembang sesuai perkembangan teknologi dan peradaban manusia. selain itu, faktor kebutuhan juga ikut serta dalam perkembangan akuntansi itu sendiri. akan tetapi, baik akuntansi maupun ilmuilmu lain tidak berkembang dengan sendirinya tanpa adanya hal yang cukup berarti yang dapat mendorong akuntansi tersebut berkembang dan bertahan hingga sekarang. sebagai sebuah cara hidup (way of life) yang serba cukup, islam telah menyediakan tuntunan yang sangat gambling bagi manusia dalam menjalani kehidupan dalam semua aspeknya. islam berorientasi pada tujuan (goal-oriented). prinsip-prinsip yang mengarahkan pengorganisasian kegiatan-kegiatan ekonomi pada tingkat individu dan negara bertujuan untuk mencapai tujuan-tujuan menyeluruh dari sistem ekonomi islam. sebagai sebuah cara hidup (way of life) yang serba cukup, islam telah menyediakan tuntunan yang sangat gamblang bagi manusia dalam menjalani kehidupan dalam semua aspeknya. islam berorientasi pada tujuan (goal-oriented). prinsip-prinsip yang mengarahkan pengorganisasian kegiatan-kegiatan ekonomi pada tingkat individu dan negara bertujuan untuk mencapai tujuan-tujuan menyeluruh dari sistem ekonomi islam.1 perdebatan mengenai definisi akuntansi telah dimulai sejak 1930 sampai 1970. para akuntan memiliki pandangan yang berbeda-beda tentang proses akuntansi dalam menguraikan perbedaan teori-teori. pandangan-pandangan tersebut di antaranya adalah akuntansi sebagai bahasa, akuntansi sebagai catatan peristiwa, akuntansi sebagai realitas ekonomi, akuntansi sebagai sistem informasi, akuntansi sebagai komoditas, dan akhirnya akuntansi sebagai sebuah idiologi. dalam artikel ini, penulis tidak akan membahas perbedaan tersebut, namun akan lebih fokus pada mengkomparasikan semuanya untuk mencari kesatuan makna, kegunaan dan tujuan dari akuntansi itu sendiri dengan pendekatan sejarah perkembangan dan makna akuntansi dalam islam. 1 m. ismail yusanto, pengantar ekonomi islam, (bogor: al-azhar press, 2009), h. 69. al-iqtishad: vol. v, no. 1, januari 2013 291 pendahuluan akuntansi merupakan salah satu ilmu yang bersifat praktis atau terapan yang pada saat sekarang ini dipakai di seluruh aktivitas kita. dalam akuntansi terdapat prinsip, standar, asumsi, teknik, serta prosedur yang dijadikan landasan dalam pelaporan keuangan, berisi tentang informasi-informasi yang berguna dalam memantau aktivitas ekonomi dan memengaruhi pengambilan keputusan bagi para pemakainya. penerapan pengetahuan di bidang akuntansi ini tentu semakin luas dan kompleks jika dihadapkan pada bisnis dengan skala yang lebih besar. seperti ilmu-ilmu lainnya, ilmu akuntansi juga berkembang sesuai perkembangan teknologi dan peradaban manusia. selain itu, faktor kebutuhan juga ikut serta dalam perkembangan akuntansi itu sendiri. akan tetapi, baik akuntansi maupun ilmuilmu lain tidak berkembang dengan sendirinya tanpa adanya hal yang cukup berarti yang dapat mendorong akuntansi tersebut berkembang dan bertahan hingga sekarang. sebagai sebuah cara hidup (way of life) yang serba cukup, islam telah menyediakan tuntunan yang sangat gambling bagi manusia dalam menjalani kehidupan dalam semua aspeknya. islam berorientasi pada tujuan (goal-oriented). prinsip-prinsip yang mengarahkan pengorganisasian kegiatan-kegiatan ekonomi pada tingkat individu dan negara bertujuan untuk mencapai tujuan-tujuan menyeluruh dari sistem ekonomi islam. sebagai sebuah cara hidup (way of life) yang serba cukup, islam telah menyediakan tuntunan yang sangat gamblang bagi manusia dalam menjalani kehidupan dalam semua aspeknya. islam berorientasi pada tujuan (goal-oriented). prinsip-prinsip yang mengarahkan pengorganisasian kegiatan-kegiatan ekonomi pada tingkat individu dan negara bertujuan untuk mencapai tujuan-tujuan menyeluruh dari sistem ekonomi islam.1 perdebatan mengenai definisi akuntansi telah dimulai sejak 1930 sampai 1970. para akuntan memiliki pandangan yang berbeda-beda tentang proses akuntansi dalam menguraikan perbedaan teori-teori. pandangan-pandangan tersebut di antaranya adalah akuntansi sebagai bahasa, akuntansi sebagai catatan peristiwa, akuntansi sebagai realitas ekonomi, akuntansi sebagai sistem informasi, akuntansi sebagai komoditas, dan akhirnya akuntansi sebagai sebuah idiologi. dalam artikel ini, penulis tidak akan membahas perbedaan tersebut, namun akan lebih fokus pada mengkomparasikan semuanya untuk mencari kesatuan makna, kegunaan dan tujuan dari akuntansi itu sendiri dengan pendekatan sejarah perkembangan dan makna akuntansi dalam islam. 1 m. ismail yusanto, pengantar ekonomi islam, (bogor: al-azhar press, 2009), h. 69. terminologi akuntansi secara terminologis, akuntansi berasal dari kata accounting yang artinya menghitung atau mempertanggungjawabkan. akuntansi digunakan di hampir seluruh kegiatan bisnis di seluruh dunia untuk mengambil keputusan sehingga disebut sebagai bahasa bisnis. dalam bahasa arab, akuntansi berarti al-muhâsabah, dari akar kata hâsaba, yuhâsibu, muhâsabatan, yang artinya penghitungan, akunting atau pertanggungjawaban. akar kata ini dalam alquran banyak sekali digunakan. kata “al-muhâsabah” dalam alquran, terdapat dalam banyak ayat. sebagai muslim, alquran dan hadis adalah kitab undang-undang yang kita jadikan sebagai referensi bagi setiap persoalan dan aktivitas dalam kehidupan kita. kalau kita hendak mencari kata ‚akuntansi‛ dalam bahasa populer dalam dunia bisnis saat ini, secara apada adanya, maka itu tidak ada dalam alquran. namun secara makna dasar, pemahaman, substansi, dan tujuannya, maka alquran sudah mendahului para pakar akuntansi, jauh 1400 tahun yang lalu. sebelum orang mengenal istilah matematika dan akuntansi. akar kata hâsaba, yuhâsibu, muhâsabatan, banyak sekali disebutkan dalam alquran, seperti di dalam surah (q.s. al-baqarah [2]: 284), (q.s. al-an’âm [6]: 62), (q.s. al-anbiyâ’ [21]: 47), (q.s. al-thalâq [65]: 8) dan (q.s. al-insyiqâq [84]: 8). cobalah kita amati firman allah swt. berikut:                                     kami akan memasang timbangan yang tepat pada hari kiamat, maka tidaklah dirugikan seseorang barang sedikitpun. dan jika (amalan itu) hanya seberat biji sawipun pasti kami mendatangkan (pahala)nya. dan cukuplah kami sebagai pembuat perhitungan‛. (q.s. al-anbiyâ’ [21]: 47)            dan jika kamu melahirkan apa yang ada di dalam hatimu atau kamu menyembunyikannya, niscaya allah akan membuat perhitungan dengan kamu tentang perbuatanmu itu. (q.s. al-baqarah [2]: 284) ivo sabrina: kontribusi islam terhadap akuntansi292 ayat-ayat di atas, menegaskan bahwa allah akan menuntut pertanggungjawaban manusia atas apa yang ia kerjakan di dunia ini. semua usaha, aktivitas yang kita lakukan akan dihitung semuanya oleh allah swt. bukankah dengan demikian, ayat-ayat tersebut memotivasi kita untuk membiasakan diri dengan menghitung laba-rugi yang akan kita peroleh di kehidupan ini. dalam alquran kata hisâb selalu dikaitkan dengan untung/laba-rugi. dan ini adalah hakekat dari fungsi akuntansi yang memperhitungkan laba-rugi dalam aktivitas berbisnis. baik bisnis di dunia dengan manusia atau bisnis akhirat dengan allah. hal ini karena laba itu (+) = pahala, atau debit dan rugi (-) = dosa atau kredit. manusia dalam kehidupan dunia ini sedang mempersiapkan laporan laba-rugi tersebut. demikian halnya ilmu akuntansi dibuat dalam rangka untuk membuat laporan keuangan atau data keuangan terkait laba-rugi dan debitkredit. manusia dalam kehidupan dunia ini adalah bekerja untuk mencari keuntungan atau falah dalam kehidupan dunia dan ahiratnya. dan setiap perbuatannya dicatat dan dihitung dalam buku debit dan kredit, oleh malaikat raqib dan atid. dan bahkan dalam hal ini pembukuannya dilakukan secara terpisah, antara debit dan kredit. ayat-ayat ini memotivasi kita untuk menjadi akuntan sejati. yang selalu mengevaluasi diri sudah berapa banyak keuntungan yang kita raih dan seberapa banyak kerugian yang kita alami. sebelum kerugian itu benar-benar diraih dalam kehidupan kedua kelak. dalam prespektif hadis, rasulullah saw. juga menegaskan: dari syaddâd ibn aws, dari nabi saw. bersabda, ‚orang yang paling pandai ialah orang yang melakukan perhitungan terhadap dirinya sendiri dan beramal untuk bekal sesudah mati orang yang lemah adalah orang yang mengikuti nawa nafsunya dan berangan-angan (anugerah) allah.‛ (h.r. altirmidzî) demikian juga para sahabat, ‘umar ibn al-khaththâb berkata: al-iqtishad: vol. v, no. 1, januari 2013 293 ayat-ayat di atas, menegaskan bahwa allah akan menuntut pertanggungjawaban manusia atas apa yang ia kerjakan di dunia ini. semua usaha, aktivitas yang kita lakukan akan dihitung semuanya oleh allah swt. bukankah dengan demikian, ayat-ayat tersebut memotivasi kita untuk membiasakan diri dengan menghitung laba-rugi yang akan kita peroleh di kehidupan ini. dalam alquran kata hisâb selalu dikaitkan dengan untung/laba-rugi. dan ini adalah hakekat dari fungsi akuntansi yang memperhitungkan laba-rugi dalam aktivitas berbisnis. baik bisnis di dunia dengan manusia atau bisnis akhirat dengan allah. hal ini karena laba itu (+) = pahala, atau debit dan rugi (-) = dosa atau kredit. manusia dalam kehidupan dunia ini sedang mempersiapkan laporan laba-rugi tersebut. demikian halnya ilmu akuntansi dibuat dalam rangka untuk membuat laporan keuangan atau data keuangan terkait laba-rugi dan debitkredit. manusia dalam kehidupan dunia ini adalah bekerja untuk mencari keuntungan atau falah dalam kehidupan dunia dan ahiratnya. dan setiap perbuatannya dicatat dan dihitung dalam buku debit dan kredit, oleh malaikat raqib dan atid. dan bahkan dalam hal ini pembukuannya dilakukan secara terpisah, antara debit dan kredit. ayat-ayat ini memotivasi kita untuk menjadi akuntan sejati. yang selalu mengevaluasi diri sudah berapa banyak keuntungan yang kita raih dan seberapa banyak kerugian yang kita alami. sebelum kerugian itu benar-benar diraih dalam kehidupan kedua kelak. dalam prespektif hadis, rasulullah saw. juga menegaskan: dari syaddâd ibn aws, dari nabi saw. bersabda, ‚orang yang paling pandai ialah orang yang melakukan perhitungan terhadap dirinya sendiri dan beramal untuk bekal sesudah mati orang yang lemah adalah orang yang mengikuti nawa nafsunya dan berangan-angan (anugerah) allah.‛ (h.r. altirmidzî) demikian juga para sahabat, ‘umar ibn al-khaththâb berkata: ‘umar r.a. berkata, ‛hisablah diri kalian sendiri sebelum dihisab, dan timbanglah amal perbuatan kalian sebelum ditimbang". sejarah akuntansi akuntansi konvensional telah dikenal sejak manusia mengenal angka, yaitu sejak zaman firaun di mesir antara tahun 3000-1000 sm. juga ada sejak zaman raja hammurabi di babilonia 2500-500 sm. yang kemudian dikenal dengan perjanjian hammurabi. pada waktu itu masyarakat mesir dan babilonia telah mengenal adanya ilmu manajemen. sebagaimana saat itu firaun telah menerapkan ilmu manajemen dalam pembangunan piramida2. artikel ini akan mencoba menelusuri jejak-jejak sejarah akuntansi dalam islam. yang akar sejarahnya dimulai dari zaman rasulullah sebagai pembawa risalah islam. pada masa awal islam, akuntansi telah dikenal sejak zaman rasulullah, yang secara umum termuat dalam beberapa surah (q.s. al-baqarah [2]: 284), (q.s. al-an’âm [6]: 62), (q.s. al-anbiyâ’ [21]: 47), (q.s. al-thalâq [65] :8) dan (q.s. al-insyiqâq [84]: 8), dan secara khusus termuat dalam surat al-baqarah [2] ayat 282:                                              hai orang-orang yang beriman, apabila kamu bermuamalah tidak secara tunai untuk waktu yang ditentukan, hendaklah kamu menuliskannya. dan hendaklah seorang penulis di antara kamu menuliskannya dengan benar. dan janganlah penulis enggan menuliskannya sebagaimana allah telah mengajarkannya. (q.s. al-baqarah [2]:282) ayat di atas mengungkapkan indikasi akuntansi yang meliputi: utang dan piutang, jatuh tempo hutang, penulis hutang, keharusan berbuat keadilan dalam 2 sofyan syafri harahap, akuntansi syariah, h. 79. ivo sabrina: kontribusi islam terhadap akuntansi294 penulisan, menuliskan perjanjian secara jelas, dua orang saksi, dan tujuan pencatatan3. sebagai kitab suci umat islam, alquran menganggap akuntansi sebagai suatu masalah yang penting. dalam banyak ayat di atas banyak disinggung tentang al-hisâb, dan secara khusus diturunkan ayat terpanjang, yakni surah albaqarah [2] ayat 282 yang menjelaskan fungsi-fungsi pencatatan transaksi, dasardasarnya, dan manfaat-manfaatnya dengan demikian, dapat kita saksikan dari sejarah, bahwa islam lebih dahulu mengenal sistem akuntansi, karena alquran telah diturunkan pada tahun 610 m, yakni 800 tahun lebih dahulu dari luca pacioli yang menerbitkan bukunya pada tahun 1494. dalam sejarah, rasulullah saw. sendiri pada masa hidupnya juga telah mendidik secara khusus beberapa sahabat untuk menangani profesi akuntan dengan sebutan “hafazhah al-amwâl” (pengawas keuangan)4. juga telah memerintahkan 42 orang sahabat yang berkompeten di bidangnya masing-masing dan digaji untuk mengurusi rumah zakat (bayt al-mâl). dengan demikian jelas pula begitu besarnya perhatian islam terhadap akuntansi dalam perekonomian islam bahkan telah diterapkan pula beberapa undang-undang akuntansi yang telah ada seperti undang-undang akuntansi untuk perorangan, perserikatan (syarîkah) atau perusahaan, akuntansi wakaf, hakhak pelarangan pengunaan harta (hijir), dan angaran negara. maka dengan masa waktu semenjak tahun pertama hijriah sampai 23 hijriah, rasulullah saw. telah membangun pondasi akuntansi islam detail yang di belakang hari akan diteruskan oleh sahabat-sahabat beliau, sebagai khalifah penerus jejak langkahnya5. sepeninggal rasululullah saw. pada tahun 632 m diangkatlah abû bakr alshiddîq sebagai khalifah pertama umat islam. abû bakr memerintah selama dua tahun yaitu semenjak tahun 632-634 m. selama sekitar 27 bulan memimpin abû bakr telah banyak menangani segenap kasus dan persoalan, di antaranya kasus orang-orang yang menolak untuk membayar zakat kepada negara. pada masa rasulullah, pendapatan bayt al-mâl (selain hewan) disimpan di mesjid nabawi, tapi pada saat itu tidak ada uang tunai yang tersisa. berapapun uang yang masuk, langsung diditribusikan pada saat itu juga termasuk ketika bayt al-mâl menerima uang sebesar 80.000 dirham dari bahrain. 3 samer kantakji, the role of islamic civilization in developing accounting thought, h. 2. 4 http://ilhamqmoehiddin.wordpress.com/2010/04/02/akuntansi-dalam-islam 5 jaharuddin, ‚akuntansi islam dalam lintasan sejarah‛, dalam http://jaharuddin.blogspot. com. al-iqtishad: vol. v, no. 1, januari 2013 295 penulisan, menuliskan perjanjian secara jelas, dua orang saksi, dan tujuan pencatatan3. sebagai kitab suci umat islam, alquran menganggap akuntansi sebagai suatu masalah yang penting. dalam banyak ayat di atas banyak disinggung tentang al-hisâb, dan secara khusus diturunkan ayat terpanjang, yakni surah albaqarah [2] ayat 282 yang menjelaskan fungsi-fungsi pencatatan transaksi, dasardasarnya, dan manfaat-manfaatnya dengan demikian, dapat kita saksikan dari sejarah, bahwa islam lebih dahulu mengenal sistem akuntansi, karena alquran telah diturunkan pada tahun 610 m, yakni 800 tahun lebih dahulu dari luca pacioli yang menerbitkan bukunya pada tahun 1494. dalam sejarah, rasulullah saw. sendiri pada masa hidupnya juga telah mendidik secara khusus beberapa sahabat untuk menangani profesi akuntan dengan sebutan “hafazhah al-amwâl” (pengawas keuangan)4. juga telah memerintahkan 42 orang sahabat yang berkompeten di bidangnya masing-masing dan digaji untuk mengurusi rumah zakat (bayt al-mâl). dengan demikian jelas pula begitu besarnya perhatian islam terhadap akuntansi dalam perekonomian islam bahkan telah diterapkan pula beberapa undang-undang akuntansi yang telah ada seperti undang-undang akuntansi untuk perorangan, perserikatan (syarîkah) atau perusahaan, akuntansi wakaf, hakhak pelarangan pengunaan harta (hijir), dan angaran negara. maka dengan masa waktu semenjak tahun pertama hijriah sampai 23 hijriah, rasulullah saw. telah membangun pondasi akuntansi islam detail yang di belakang hari akan diteruskan oleh sahabat-sahabat beliau, sebagai khalifah penerus jejak langkahnya5. sepeninggal rasululullah saw. pada tahun 632 m diangkatlah abû bakr alshiddîq sebagai khalifah pertama umat islam. abû bakr memerintah selama dua tahun yaitu semenjak tahun 632-634 m. selama sekitar 27 bulan memimpin abû bakr telah banyak menangani segenap kasus dan persoalan, di antaranya kasus orang-orang yang menolak untuk membayar zakat kepada negara. pada masa rasulullah, pendapatan bayt al-mâl (selain hewan) disimpan di mesjid nabawi, tapi pada saat itu tidak ada uang tunai yang tersisa. berapapun uang yang masuk, langsung diditribusikan pada saat itu juga termasuk ketika bayt al-mâl menerima uang sebesar 80.000 dirham dari bahrain. 3 samer kantakji, the role of islamic civilization in developing accounting thought, h. 2. 4 http://ilhamqmoehiddin.wordpress.com/2010/04/02/akuntansi-dalam-islam 5 jaharuddin, ‚akuntansi islam dalam lintasan sejarah‛, dalam http://jaharuddin.blogspot. com. abû bakr meninggal dunia, digantikan oleh khalifah ‘umar ibn al-khaththâb. beliau memerintah kaum muslimin selama 10 tahun (13-23 h/ 634-644 m), selama masa pemerintahan ‘umar banyak sekali perkembangan ekonomi yang dijumpai dan dirasakan umat islam. ‘umar banyak membuat kebijakan-kebijakan di bidang ekonomi. karena perluasaan daerah terjadi dengan cepat, maka khalifah segera mengatur adiministrasi negara dengan mengacu pada administrasi yang sudah berkembang terutama di persia, yaitu dengan membagi pemerintahan menjadi delapan wilayah provinsi: mekkah, madinah, syria, jazirah, basrah, kufah, palestina, dan mesir. di masa zaman ‘umar ibn al-khaththâb, telah membuat anggaran pendapatan negara, yang di zaman ini dikenal dengan apbn. ‘umar ibn al-khaththâb membaginya menjadi empat bagian, yaitu: bagian pertama, khusus untuk pengeluaran harta zakat, yaitu untuk kaum fakir, miskin, orang yang menangani zakat, orang yang terpikat oleh islam, budak, orang yang terjerat hutang, sbilillah dan ibnu sabil. bagian kedua, khusus untuk pengeluaran dari 1/5 harta rampasan, yaitu untuk allah swt. bagian ketiga, khusus untuk pengeluaran harta yang diserahkan kepada bayt al-mâl berupa barang temuan dan peningalan yang tidak ada ahli warisnya, maka sumber pemasukan ini digunakan untuk membe-rikan infak kepada kaum fakir. bagian keempat, husus untuk pembiayaan ke-maslahatan umum. ini dibiayai dari sumber pemasukan jizyah, kharaj, dan ‘usyur.6 apa yang telah dirintis oleh ‘umar dilanjutkan oleh ‘utsmân ibn ‘affân dan ‘alî ibn abî thâlib r.a. khalifah ‘alî dalam melaksanakan tugasnya mempunyai konsep yang matang dalam pemerintahan, dia mengangkat bendahara negara, dan setiap hari kamis mampu mendistribusikan seluruh pendapatan yang ada di bayt al-mâl di madinah, basrah, dan kufah dengan semua perhitungan yang diselesaikan pada hari itu juga dan perhitungan baru dimulai sabtu berikutnya7. pada masa al-khulafâ’ al-râsyidin telah terdapat undang-undang akuntansi yang diterapkan untuk perorangan, perserikatan (syarîkah) atau perusahaan, akuntansi wakaf, hak-hak pelarangan penggunaan harta (hijr), dan anggaran negara. di era khalifah setelah para sahabat, reliabilitas laporan keuangan pemerintahan dikembangkan oleh ‘umar ibn ‘abd al-‘azîz (681-720m) dengan kewajiban mengeluarkan bukti pemerimaan uang. al-walîd ibn ‘abd al-mâlik (705 ± 715 m) mengenalkan catatan dan register yang terjilid evolusi perkembangan pengelolaan buku akuntansi mencapai tingkat tertinggi pada masa kekuasaan dinasti ‘abbâsiyah. 6 jahruddin, ‚akuntansi islam dalam lintasan sejarah‛,, http://jaharuddin.blogspot.com 7 jahruddin, ‚akuntansi islam dalam lintasan sejarah‛. ivo sabrina: kontribusi islam terhadap akuntansi296 pada masa itu, akuntansi telah diklasifikasikan pada beberapa spesialisasi seperti akuntansi peternakan, akuntansi pertanian, akuntansi bendahara, akuntansi konstruksi, akuntansi mata uang, dan pemeriksaan buku/auditing. sistem pembukuan menggunakan model buku besar, meliputi: (1) jarîdah al-kharâj (menyerupai receivable subsidiary ledger), menunjukkan utang individu atas zakat tanah, hasil pertanian, serta utang hewan ternak dan cicilan utang individu dicatat di satu kolom dan cicilan pembayaran di kolom lain. (2) jarîdah al-nafaqât (jurnal pengeluaran). (3) jarîdah al-mâl (jurnal dana), mencatat penerimaan dan pengeluaran dan zakat. (4) jarîdah al-musadarîn, mencatat penerimaan denda/sita dari individu yang tidak sesuai syariah, termasuk korupsi. akuntansi terus berkembang sejak ditemukannya angka oleh pakar matematika muslim, al-khawarizmi (algoarism), pada awal abad ix m (780-850), penemu angka nol. dan penulis buku, al-mukhtashar fî hisâb al-jabar qa almuqabala (liber al-gebras et almucabola), yang mendapat julukan ‚bapak matematika‛ berikutnya muncul pada abad xv15, di italia akuntansi dipopulerkan oleh luca pacioli, seorang pendeta, yang menulis buku “summa de arithmatica geometria et propotionalita” dengan memuat satu bab mengenai “double entry accounting sistem”. munculnya luka pacioli di eropa dengan menawarkan teori double entry accounting merupakan hal baru bagi mereka, sehingga mereka menjadikannya sebagai referensi utama dalam akuntansi. namun hal ini tidak fair, karena jauh sebelum pacioli telah ada buku yang mengupas tentang teori tersebut. banyak referensi mengatakan bahwa dia bukanlah penemu teori double entry accounting sistem. akuntansi dalam islam klaim kemunculan ilmu akuntansi dari italia oleh luka pacilo tidak diterima oleh cendekiawan muslim. karena sumber yang lebih valid menyatakan bahwa seorang tokoh muslim bernama ‘abd allâh al-mazindâranî telah mendahului luca pacioli dalam bidang akuntansi. melalui bukunya, risâlah al-falaqiyyah kitab al-siqayah, pada tahun 1363 al-mazindâranî telah membuat rumusan mengenai akuntansi. dan pacioli hanyalah seorang penukil dari informasi akuntansi yang sudah beredar saat itu8. atau dia hanyalah mendeskripsikan secara sederhana metode yang digunakan oleh para pedagang di venesia selama jaman renaisance italia. 8http://telagaalkautsar.multiply.com/journal/item/87/kilas_balik_akuntansi_islam_dan_tantan gannnya_ al-iqtishad: vol. v, no. 1, januari 2013 297 pada masa itu, akuntansi telah diklasifikasikan pada beberapa spesialisasi seperti akuntansi peternakan, akuntansi pertanian, akuntansi bendahara, akuntansi konstruksi, akuntansi mata uang, dan pemeriksaan buku/auditing. sistem pembukuan menggunakan model buku besar, meliputi: (1) jarîdah al-kharâj (menyerupai receivable subsidiary ledger), menunjukkan utang individu atas zakat tanah, hasil pertanian, serta utang hewan ternak dan cicilan utang individu dicatat di satu kolom dan cicilan pembayaran di kolom lain. (2) jarîdah al-nafaqât (jurnal pengeluaran). (3) jarîdah al-mâl (jurnal dana), mencatat penerimaan dan pengeluaran dan zakat. (4) jarîdah al-musadarîn, mencatat penerimaan denda/sita dari individu yang tidak sesuai syariah, termasuk korupsi. akuntansi terus berkembang sejak ditemukannya angka oleh pakar matematika muslim, al-khawarizmi (algoarism), pada awal abad ix m (780-850), penemu angka nol. dan penulis buku, al-mukhtashar fî hisâb al-jabar qa almuqabala (liber al-gebras et almucabola), yang mendapat julukan ‚bapak matematika‛ berikutnya muncul pada abad xv15, di italia akuntansi dipopulerkan oleh luca pacioli, seorang pendeta, yang menulis buku “summa de arithmatica geometria et propotionalita” dengan memuat satu bab mengenai “double entry accounting sistem”. munculnya luka pacioli di eropa dengan menawarkan teori double entry accounting merupakan hal baru bagi mereka, sehingga mereka menjadikannya sebagai referensi utama dalam akuntansi. namun hal ini tidak fair, karena jauh sebelum pacioli telah ada buku yang mengupas tentang teori tersebut. banyak referensi mengatakan bahwa dia bukanlah penemu teori double entry accounting sistem. akuntansi dalam islam klaim kemunculan ilmu akuntansi dari italia oleh luka pacilo tidak diterima oleh cendekiawan muslim. karena sumber yang lebih valid menyatakan bahwa seorang tokoh muslim bernama ‘abd allâh al-mazindâranî telah mendahului luca pacioli dalam bidang akuntansi. melalui bukunya, risâlah al-falaqiyyah kitab al-siqayah, pada tahun 1363 al-mazindâranî telah membuat rumusan mengenai akuntansi. dan pacioli hanyalah seorang penukil dari informasi akuntansi yang sudah beredar saat itu8. atau dia hanyalah mendeskripsikan secara sederhana metode yang digunakan oleh para pedagang di venesia selama jaman renaisance italia. 8http://telagaalkautsar.multiply.com/journal/item/87/kilas_balik_akuntansi_islam_dan_tantan gannnya_ jadi sudah sepantasnya jika teknik tata buku berpasangan yang diklaim sebagai penemuannya digugat kebenarannya oleh para ilmuan, karena luca pacioli bukan pencipta atau perumus sistem tersebut9. bahkan, littlelon dan yame (1978) menduga kalau sistem tata buku berpasangan ini berasal dari spanyol dengan alasan bahwa kebudayaan dan teknologi spanyol pada abad pertengahan tersebut jauh lebih maju dan unggul dibandingkan dengan peradaban eropa, dan pada saat itu spanyol adalah negara muslim yang menjadi pusat kebudayaan dan teknologi eropa. artinya, proses penumbuhan akuntansi di dunia islam telah digunakan sekitar 745 tahun sebelum kemunculan buku pacioly yang berjudul, summa de arithmetica, geometry, proportion. kemudian barulah akuntansi islam menemukan puncak kegemilangannnya di tahun 765 h/1363 m dengan sebuah manuskrip yang disusun oleh ‘abd allâh ibn muhammad ibn kayah al-mazindâranî, bertajuk risâlah falaqiyyah kitâb al-siyâqah. walaupun sebelum al-mazindâranî menyusun manuskripnya tersebut. penulis muslim lainnya yang juga telah menyusun sebuah karya tentang perkembangan akuntansi dan penggunaaanya dalam masyarakat islam juga telah dimulai oleh al-nuwairî (734h/1336m) dan ibn khaldûn (167h/784m). di sinilah perlunya pemurnian informasi secara fair dan jujur, yaitu pada saat mata dunia tertutup oleh segenap keangkuhan pada karya gemilang yang pernah direntas oleh putra–putri islam terbaik sepanjang masa. pada saat jejakjejak ingatan kolektif masyarakat terkaburkan oleh sikap kesengajaan untuk menghilangkan kegemilangan yang pernah direntas oleh tangan-tangan insan berdedikasi dan berkeimanan. sebagaimana pemaparan pada paragrap sebelumnya, jauh sebelum pendeta kristen pada tahun 1494 m yang bernama lucas pacioli dalam jangka perbedaan waktu selama 131 tahun, tahun 1363 m al-mazindâranî telah merentas pembukuan dua belas kolom atau kolom tunggal, dan disempurnakan olehnya untuk selanjutnya dapat diaplikasikan dalam sistem akuntansi yang tengah popular saat itu tahun 765 h/1363 m: (1) akuntansi bangunan, (2) akuntasi pertanian, (3) akuntansi pergudangan, (4) akuntansi pemuatan uang, (5) akuntasi pemeliharaan binatang. bahkan di antara yang sangat unik dalam pencatatan pembukuan pada masa tersebut dan juga merupakan pembeda antara akuntansi yang murni syariah dengan konvensional adalah sebagai berikut: pertama, sebelum me 9 iwan triyuwono, akuntansi syariah, (jakarta: pt. rajagrafindo persada), h. 21. ivo sabrina: kontribusi islam terhadap akuntansi298 nyiapkan laporan atau dimuat di buku-buku akuntansi harus dimulai dengan basmallah. hal inilah yang juga disebutkn oleh lucas pacioli 131 tahun kemudian10. kedua, laporan keuangan dibuat berdasarkan fakta buku akuntansi yang digunakan, di antara laporan keuangan yang pernah dibuat di negara islam yang terkenal adalah al-khitâmah dan al-khitamah al-jâmi'ah. al-khitâmah merupakan sebuah laporan keuangan tiap akhr bulan dan juga memuat pemasukan serta pengeluaran sesuai kelompok jenisnya sedangkan al-khitâmaah al-jâmi'ah laporan keuangan yang ditujukan untuk orang yang lebih tinggi derajatnya untuk kemudian diberi persetujuan laporan keuangan yang persetujuanya diberi nama al-muwâfaqah, namun apabila ia tak disetujui maka ia dinamakan muhâsabah karena adanya perbedaan pada data-data yang dimuat dalam laporan keuangan. ketiga, ketika melakukan transaksi jual beli, tanda terima diberikan kepada pembeli atau disebut juga dengan thiraz sedangkan copiannya atau salinan disebut sebagai syahîd yang kemudian disimpan oleh akuntan untuk kemudian dipertanggungjawabkan dan disetujui oleh pimpinan kantor, menteri, atau sultan dan apabila transaksi perdagangan terjadi di luar kota salinan syahid tersebut dikirim ke ibukota wilayah islam untuk kemudian diberikan persetujuan oleh sultan dan disimpan sebagai dasar pembukuan dasar kantor pusat. keempat, pada akhir tahun buku, seorang akuntan harus mengirimkan laporan keuangan dalam setahun dan secara rinci. kelima, harus mengelompokkan transaksi-transaksi keuangan dan mencatatnya sesuai dengan karakternya dalam kelompok-kelompok yang sejenis11. dari kenyataan tersebut terbukti bahwa peradaban barat tidak jujur dalam ilmu pengetahuan, mereka hanya mengakui apa yang mereka pandang berasal dari mereka, dan hasil penemuan mereka. barat tidak mau mengakui karya orang islam, karena mereka menganggap muslim itu sebagai musuh. menggunakan pemikiran dan karya musuh adalah kebodohan dan kekalahan bagi mereka. oleh karena itu banyak karya-karya orang islam yang diterjemah dalam bahasa barat, namun mereka tidak menyebutkan pengarangnya, dan itu diakui sebagai karya mereka. beberapa ilmuwan muslim yang berhasil menghasilkan karya fenomenal pada teori ekonomi di antaranya adalah ibn taymiyyah, ibn rusyd, ibn khaldûn, al-ghazâlî, dan masih banyak lagi. 10 johnson, 1963, h. 28. 11http://telagaalkautsar.multiply.com/journal/item/87/kilas_balik_akuntansi_islam_dan_tanta ngannya.http://andra.web.id/2007/09/24/bapak-akuntansi-dunia. al-iqtishad: vol. v, no. 1, januari 2013 299 nyiapkan laporan atau dimuat di buku-buku akuntansi harus dimulai dengan basmallah. hal inilah yang juga disebutkn oleh lucas pacioli 131 tahun kemudian10. kedua, laporan keuangan dibuat berdasarkan fakta buku akuntansi yang digunakan, di antara laporan keuangan yang pernah dibuat di negara islam yang terkenal adalah al-khitâmah dan al-khitamah al-jâmi'ah. al-khitâmah merupakan sebuah laporan keuangan tiap akhr bulan dan juga memuat pemasukan serta pengeluaran sesuai kelompok jenisnya sedangkan al-khitâmaah al-jâmi'ah laporan keuangan yang ditujukan untuk orang yang lebih tinggi derajatnya untuk kemudian diberi persetujuan laporan keuangan yang persetujuanya diberi nama al-muwâfaqah, namun apabila ia tak disetujui maka ia dinamakan muhâsabah karena adanya perbedaan pada data-data yang dimuat dalam laporan keuangan. ketiga, ketika melakukan transaksi jual beli, tanda terima diberikan kepada pembeli atau disebut juga dengan thiraz sedangkan copiannya atau salinan disebut sebagai syahîd yang kemudian disimpan oleh akuntan untuk kemudian dipertanggungjawabkan dan disetujui oleh pimpinan kantor, menteri, atau sultan dan apabila transaksi perdagangan terjadi di luar kota salinan syahid tersebut dikirim ke ibukota wilayah islam untuk kemudian diberikan persetujuan oleh sultan dan disimpan sebagai dasar pembukuan dasar kantor pusat. keempat, pada akhir tahun buku, seorang akuntan harus mengirimkan laporan keuangan dalam setahun dan secara rinci. kelima, harus mengelompokkan transaksi-transaksi keuangan dan mencatatnya sesuai dengan karakternya dalam kelompok-kelompok yang sejenis11. dari kenyataan tersebut terbukti bahwa peradaban barat tidak jujur dalam ilmu pengetahuan, mereka hanya mengakui apa yang mereka pandang berasal dari mereka, dan hasil penemuan mereka. barat tidak mau mengakui karya orang islam, karena mereka menganggap muslim itu sebagai musuh. menggunakan pemikiran dan karya musuh adalah kebodohan dan kekalahan bagi mereka. oleh karena itu banyak karya-karya orang islam yang diterjemah dalam bahasa barat, namun mereka tidak menyebutkan pengarangnya, dan itu diakui sebagai karya mereka. beberapa ilmuwan muslim yang berhasil menghasilkan karya fenomenal pada teori ekonomi di antaranya adalah ibn taymiyyah, ibn rusyd, ibn khaldûn, al-ghazâlî, dan masih banyak lagi. 10 johnson, 1963, h. 28. 11http://telagaalkautsar.multiply.com/journal/item/87/kilas_balik_akuntansi_islam_dan_tanta ngannya.http://andra.web.id/2007/09/24/bapak-akuntansi-dunia. banyak karya yang dihasilkan oleh para ilmuwan muslim tersebut terhadap perkembangan ilmu ekonomi. namun hal yang menyedihkan justru teori-teori mereka diklaim berasal dari barat, padahal kalau kita kaji teori ekonomi yang signifikan pada dunia barat, pertama kali dihasilkan oleh seorang profesor dari university of glasgow yang bernama adam smith pada bukunya, an inquiry into the nature and cause of the wealth of nations. buku tersebut dihasilkan pada abad xviii, yang bahkan isinya banyak terdapat kemiripan dengan buku muqaddimah,, karya ibn khaldûn, yang dihasilkan beberapa abad sebelumnya. tokoh selanjutnya adalah al-ghazâlî yang menyatakan bahwa kebutuhan hidup manusia itu terdiri atas tiga: kebutuhan primer (dharrûriyyah), sekunder (hâjiyyah), dan kebutuhan mewah (tahsîniyyah). teori hierarki kebutuhan ini kemudian ‘diambil’ oleh william nassau senior yang menyatakan bahwa kebutuhan manusia itu terdiri atas kebutuhan dasar (necessity), sekunder (decency), dan kebutuhan tertier (luxury)12. kontribusi besar para ilmuwan ekonomi islam inilah yang harus kita jadikan acuan untuk terus belajar dan menghasilkan karya-karya signifikan, baik dalam bidang ilmu ekonomi, maupun ilmu-ilmu lainnya. sistem etika islam berbeda dari sistem etika sekuler dan dari ajaran moral yang diyakini oleh agama-agama lain. sepanjang rentang sejarah peradaban, model-model sekuler ini mengasumsikan ajaran moral yang bersifat sementara dan berubah-ubah karena didasarkan pada nilai-nilai yang yang diyakini para pencetusnya, misalnya epicurianisme atau ajaran tentang kebahagiaan demi kehagian semata. model-model ini pada umumnya membangun sebuah sistem yang terpisah dari agama. pada saat yang sama, ajaran moral yang diyakini oleh sejumlah agama lain seringkali terlampau menekankan nilai-nilai yang mengabaikan keadaan kita di dunia ini. sebagai contoh, ajaran kristen yang terlampau menekankan kedudukan biara telah mendorong pengikutnya untuk menyingkir dari hiruk-pikuk dan kesibukan kehidupan sehari-hari.13 sebaliknya ajaran islam yang menekankan hubungan antara manusia dengan sang pencipta dan sesama manusia itu sendiri. setiap sistem ekonomi pasti didasarkan atas idiologi yang memberikan landasan dan tujuanya, di satu pihak, dan aksioma-aksioma serta prinsip-prinsipnya, di lain pihak. proses yang diikuti dengan seperangkat aksioma dan prinsip 12 muhammad imaduddin, dalam http://iqbal1.wordpress.com/2011/05/03/ekonomi-kontribusi-para-ilmuwan-muslim-terhadap-perkembangan-ilmu-ekonomi. 13 rafik issa beekun, islamic business athics/ etika bisnis islam, penejemah: muhammad (yogyakarta: pustaka pelajar), h. 15. ivo sabrina: kontribusi islam terhadap akuntansi300 dimaksudkan untuk lebih mendekatkan tujuan sistem tersebut, merupakan landasan dari sistem tersebut yang bisa diuji. setiap sistem ekonomi merupakan kerangka di mana suatu komunitas sosioekonomi dapat memanfaatkan sumbersumber alam dan manusiawi untuk kepentingan produksi dan mendistribusikan hasil-hasil produksi ini untuk kepentingan komsumsi.14 ekonomi islam diformasikan berdasarkan pandangan islam tentang kehidupan. sesunguhnya ekonomi islam adalah bagian dari sistem islam yang bersifat umum yang berdasarkan pada prinsip pertengahan dunia dan akhirat, individu, dan masyarakat. dalam individu diseimbangkan antara jasmani dan rohani, antara akal dan hati, antara realita dan fakta. dalam bidang ekonomi kita akan menemukan pelaksanaan prinsip keseimbangan pada semua bidang. dia menyeimbangakan pelaksanaan prinsip keseimbangan pada semua bidang. ia menyemimbangkan antara modal dan aktivitas, antara produksi dan komsumsi antara barang-barang yang diproduksi dengan yang lainnya.15 akuntasi termasuk dalam kerangka ilmu sosial ekonomi, adapun eksistensi akuntasi dalam islam dapat kita lihat dari berbagai bukti sejarah maupun dari pedoman suci alquran. alquran merupakan pegangan dan sumber hukum utama dari islam. oleh karenanya, wajib hukumnya bagi pemeluk agama islam untuk menaati dan mengamalkan petunjuk dan perintahnya. dalam alquran surah al-baqarah [2] ayat 282 yang merupakan ayat terpanjang dalam alquran dapat kita baca sebagai berikut:                                                                                                                                           14 mustafa edwin nasution, pengenalan ekslusif ekonomi islam, (jakarta: kencana, 2010) ed,i., cet.3. h.32 . 15 yusuf qardhawi;darul qiyam wal aklaq fil iqstishodil islami (kairo; maktabah wabah)/peran nilai dan moral dalam perekonomian islam/didin hafinuddin (jakarta; robbani press. 1997 h. 86. al-iqtishad: vol. v, no. 1, januari 2013 301 dimaksudkan untuk lebih mendekatkan tujuan sistem tersebut, merupakan landasan dari sistem tersebut yang bisa diuji. setiap sistem ekonomi merupakan kerangka di mana suatu komunitas sosioekonomi dapat memanfaatkan sumbersumber alam dan manusiawi untuk kepentingan produksi dan mendistribusikan hasil-hasil produksi ini untuk kepentingan komsumsi.14 ekonomi islam diformasikan berdasarkan pandangan islam tentang kehidupan. sesunguhnya ekonomi islam adalah bagian dari sistem islam yang bersifat umum yang berdasarkan pada prinsip pertengahan dunia dan akhirat, individu, dan masyarakat. dalam individu diseimbangkan antara jasmani dan rohani, antara akal dan hati, antara realita dan fakta. dalam bidang ekonomi kita akan menemukan pelaksanaan prinsip keseimbangan pada semua bidang. dia menyeimbangakan pelaksanaan prinsip keseimbangan pada semua bidang. ia menyemimbangkan antara modal dan aktivitas, antara produksi dan komsumsi antara barang-barang yang diproduksi dengan yang lainnya.15 akuntasi termasuk dalam kerangka ilmu sosial ekonomi, adapun eksistensi akuntasi dalam islam dapat kita lihat dari berbagai bukti sejarah maupun dari pedoman suci alquran. alquran merupakan pegangan dan sumber hukum utama dari islam. oleh karenanya, wajib hukumnya bagi pemeluk agama islam untuk menaati dan mengamalkan petunjuk dan perintahnya. dalam alquran surah al-baqarah [2] ayat 282 yang merupakan ayat terpanjang dalam alquran dapat kita baca sebagai berikut:                                                                                                                                           14 mustafa edwin nasution, pengenalan ekslusif ekonomi islam, (jakarta: kencana, 2010) ed,i., cet.3. h.32 . 15 yusuf qardhawi;darul qiyam wal aklaq fil iqstishodil islami (kairo; maktabah wabah)/peran nilai dan moral dalam perekonomian islam/didin hafinuddin (jakarta; robbani press. 1997 h. 86.                                                                                                                                                                hai orang-orang yang beriman, apabila kamu bermuamalah,16 tidak secara tunai untuk waktu yang ditentukan, hendaklah kamu menuliskannya. dan hendaklah seorang penulis di antara kamu menuliskannya dengan benar. dan janganlah penulis enggan menuliskannya sebagaimana allah mengajarkannya, maka hendaklah ia menulis, dan hendaklah orang yang berutang itu mengimlakkan (apa yang akan ditulis itu), dan hendaklah ia bertakwa kepada allah tuhannya, dan janganlah ia mengurangi sedikitpun daripada utangnya. jika yang berutang itu orang yang lemah akalnya atau lemah (keadaannya) atau dia sendiri tidak mampu mengimlakkan, maka hendaklah walinya mengimlakkan dengan jujur. dan persaksikanlah dengan dua orang saksi dari orang-orang lelaki (di antaramu). jika tak ada dua orang lelaki, maka (boleh) seorang lelaki dan dua orang perempuan dari saksi-saksi yang kamu ridai, supaya jika seorang lupa, maka yang seorang mengingatkannya. janganlah saksisaksi itu enggan (memberi keterangan) apabila mereka dipanggil. dan janganlah kamu jemu menulis utang itu, baik kecil maupun besar sampai batas waktu membayarnya. yang demikian itu, lebih adil di sisi allah dan lebih menguatkan persaksian dan lebih dekat kepada tidak (menimbulkan) keraguanmu. (tulislah muamalahmu itu), kecuali jika muamalah itu perdagangan tunai yang kamu jalankan di antara kamu, maka tidak ada dosa bagi kamu, (jika) kamu tidak menulisnya. dan persaksikanlah apabila kamu berjual beli, dan janganlah penulis dan saksi saling sulit 16 yang termasuk bermuamalah ialah, antara lain, seperti: berjual-beli, utang-piutang, atau sewa-menyewa, dan sebagainya. ivo sabrina: kontribusi islam terhadap akuntansi302 menyulitkan. jika kamu lakukan (yang demikian), maka sesungguhnya hal itu adalah suatu kefasikan pada dirimu. dan bertakwalah kepada allah, allah mengajarmu dan allah maha mengetahui segala sesuatu. (q.s. al-baqarah [2]: 282) maksud dari bermuamalah dalam ayat ini adalah kegiatan jual-beli, berutang-piutang, sewa-menyewa, gadai, dan sebagainya. berutang-piutang tentu mempunyai pengertian yang luas dalam bisnis pendirian perusahaan pemilik modal menyakut utang-piutang antara dia dan manajemennya. pengelolaan harta pemilik modal oleh manajemen merupakan hubungan utang-piutang (agency relationship). hubungan transaksi dagang merupakan konteks utang-piutang, pinjaman ke lembaga keuangan mempunyai hubungan hutang-piutang. oleh karena itu maka setiap lembaga perusahaan sarat dengan kegiatan muamalat sebagai mana dimaksud dalam ayat 282 di atas. oleh karena itu dapat dipastikan bahwa pemiliharaan akuntasi wajib hukumnya dalam suatu perusahaan.17 dalam alquran surah al-syu‘arâ’ [26]: 182-183 allah berfirman:                            dan timbanglah dengan timbangan yang lurus. dan janganlah kamu merugikan manusia pada hak-haknya dan janganlah kamu merajalela di muka bumi dengan membuat kerusakan. (q.s. al-syu‘ârâ [26]: 182-183) penggunaan sistem akuntasi jelas merupakan manifestasi dari pelaksanaan perintah ini. karena sistem akuntansi dapat menjaga agar asset yang dikelola terjaga accountability-nya sehingga tidak ada yang dirugikan. upaya untuk mencapai keadilan baik dalam pelaksanaan transaksi utang-piutang maupun dalam hubungan kerja sama antara pelbagai pihak seperti dalam persekutuan, musyârakah, dan mudhârabah, semuanya memerlukan sarana pencatatan yang tidak merugikan satu sama lainya sebagaimana spirit ayat di atas. dalam kaidah fikih disebutkan untuk mencapai sesuatu yang diwajibkan maka sarana untuk mencapainya pun menjadi wajib. oleh karena itu, dapat disebutkan bahwa me 17 sofyan syafri harahap, akuntansi islam, (jakarta: bumi aksara, 1999), h. 119. al-iqtishad: vol. v, no. 1, januari 2013 303 menyulitkan. jika kamu lakukan (yang demikian), maka sesungguhnya hal itu adalah suatu kefasikan pada dirimu. dan bertakwalah kepada allah, allah mengajarmu dan allah maha mengetahui segala sesuatu. (q.s. al-baqarah [2]: 282) maksud dari bermuamalah dalam ayat ini adalah kegiatan jual-beli, berutang-piutang, sewa-menyewa, gadai, dan sebagainya. berutang-piutang tentu mempunyai pengertian yang luas dalam bisnis pendirian perusahaan pemilik modal menyakut utang-piutang antara dia dan manajemennya. pengelolaan harta pemilik modal oleh manajemen merupakan hubungan utang-piutang (agency relationship). hubungan transaksi dagang merupakan konteks utang-piutang, pinjaman ke lembaga keuangan mempunyai hubungan hutang-piutang. oleh karena itu maka setiap lembaga perusahaan sarat dengan kegiatan muamalat sebagai mana dimaksud dalam ayat 282 di atas. oleh karena itu dapat dipastikan bahwa pemiliharaan akuntasi wajib hukumnya dalam suatu perusahaan.17 dalam alquran surah al-syu‘arâ’ [26]: 182-183 allah berfirman:                            dan timbanglah dengan timbangan yang lurus. dan janganlah kamu merugikan manusia pada hak-haknya dan janganlah kamu merajalela di muka bumi dengan membuat kerusakan. (q.s. al-syu‘ârâ [26]: 182-183) penggunaan sistem akuntasi jelas merupakan manifestasi dari pelaksanaan perintah ini. karena sistem akuntansi dapat menjaga agar asset yang dikelola terjaga accountability-nya sehingga tidak ada yang dirugikan. upaya untuk mencapai keadilan baik dalam pelaksanaan transaksi utang-piutang maupun dalam hubungan kerja sama antara pelbagai pihak seperti dalam persekutuan, musyârakah, dan mudhârabah, semuanya memerlukan sarana pencatatan yang tidak merugikan satu sama lainya sebagaimana spirit ayat di atas. dalam kaidah fikih disebutkan untuk mencapai sesuatu yang diwajibkan maka sarana untuk mencapainya pun menjadi wajib. oleh karena itu, dapat disebutkan bahwa me 17 sofyan syafri harahap, akuntansi islam, (jakarta: bumi aksara, 1999), h. 119. melihara pencatatan baik sebagai informasi, untuk menyasikan, untuk pertanggungjawaban, untuk pemeliharaan hak, atau untuk keadilan maka hukumnya termasuk menjadi wajib.18 penutup bila dicermati konsep doeble entry dalam surah al-baqarah [2] 282 dengan konsep keseimbangan, maka dalam neraca keseimbangan: (1) antara aktiva dan pasiva yang harus seimbang, (2) dalam aktiva (harta lancar dan harta tetap), (3) dalam pasiva ada dua pencatatan (utang dan modal). jika dianalisis dari penempatan surah itu dalam ayat kedua (doeble entry atau debet-kredit atau sebelah menyebelah) dapat menarik perhatian nama surah, al-baqarah (sapi betina) yang merupakan nama komoditi perdagangan yang merupakan dagang akuntasi, dari segi angka ayatnya adalah 282 mengugah analisis seolah menggambarkan keseimbangan atau mîzân atau neraca (angka 8 diapit angka yang sama) hanya tuhan mengetahui maksudnya. makna akuntansi dalam alquran dan hadis bersifat umum dan menyeluruh yang meliputi seluruh aktivitas manusia dalam kehidupan berinteraksi dan bertransaksinya dalam hubungannya dengan ibadah maupun transaksi sosial ekonomi. [] pustaka acuan beekun, issa rafik, islamic business ethics/etika bisnis islam, penejemah muhammad. yogyakarta: pustaka pelajar. departemen agama ri, pedoman zakat 9 seri, jakarta, bagian proyek peningkatan zakat dan wakaf, 2002. muhammad, akuntansi lembaga keuangan syariah, yogyakarta: sekolah tinggi ilmu syariah yogyakarta, 1998. nasution, edwin mustafa, pengenalan ekslusif ekonomi islam, jakarta: kencana, 2010. qaradhawi, al-, yûsuf, dâr al-qiyâm wa al-akhlâq fi al-iqstishâd al-islâmî, alqâhirah: maktabah wahbah, peran nilai dan moral dalam perekonomian islam, didin hafinuddin, jakarta: robbani press, 1997. triyuwono, iwan, ‚akuntansi syariah, implementasi nilai keadilan dalam format metafora amanah‛, makalah kuliah umum fakultas syariah iain walisongo surakarta, 1997. triyuwono, iwan, akuntansi syariah, jakarta: pt. graha grafindo persada, 2000. 18 sofyan syafri harahap, akuntansi islam, h. 122. ivo sabrina: kontribusi islam terhadap akuntansi304 ---------------, perspektif, metodologi, dan teori akuntansi syariah, jakarta: pt. rajagrafindo persada, 2010. wiyono, slamet. akuntansi perbankan syariah, berdasar psak dan papsi, jakarta: pt. gramedia widiasarana, 2005. yusanto, ismail m., pengantar ekonomi islam, bogor: al-azhar press, 2009. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 213 226 first draft: february 5, 2016; revision: april 22, 2016; accepted: june 20, 2016 smart consulting. jl. achmad adnawijaya km. 1, bogor, west java e-mail: aamsmart@gmail.com, salman.al.farisi.tazkia@gmail.com doi: 10.15408/aiq.v8i2.2876 abstract. the efficiency of zakah institutions using data envelopment analysis. although social based, but in its management the zakah institutions need to uphold professionalism, transparency and accountability. most recently, in the measurement of the effectiveness of the management of zakah fund, known zakah core principles concept. this study would try to measure the efficiency of 3 (three) zakah institutions with data envelopment analysis (dea) method. banxia frontier analyst 3.1 used in data calculation. the calculation of the level of zakah institutions efficiency in this study are relative, not absolute. the results show that there is 12 fully efficient decision making unit (dmu) zakah institution (100% efficient) and 6 dmu inefficient. the main factor inefficiency zakah institution from 2007 to 2014 due to the distribution of zakah funds to ashnaf. it is still less than optimal. so it has not been able to resolve the problem of poverty. keywords: zakah institution; efficiency; data envelopment analysis; poverty abstrak. efisiensi institusi zakat menggunakan data envelopment analysis. meskipun berbasis pada kegiatan social, namun manajemen dari organisasi pengelola zakat tetap mengharuskan kegiatan yang menjunjung tinggi profesionalisme, transparansi, dan akuntabilitas. saat ini pengukuran efisiensi manajemen pada organisasi pengelola zakat dikenal dengan konsep prinsip inti zakat. penelitian ini bertujuan untuk mengukur tingkat efisiensi pada tiga organisasi pengelola zakat dengan menggunakan data envelopment analysis. alat bantu yang dipergunakan ialah banxia frontier analyst versi 3.1. pengukuran tingkat efisiensi organisasi zakat pada penelitian ini bersifat relatif dan bukan absolut. hasil menunjukkan bahwa terdapat 12 unit pengambilan keputusan pada organisasi pengelola zakat yang beroperasi pada tingkat yang efisien dan enam unit pengambilan keputusan yang tidak efisien. faktor utama inefisiensi pada organisasi pengelola zakat rentang waktu 2007 sampai dengan 2014 disebabkan oleh distribusi dana zakat pada ashnaf. hal ini masih jauh dari optimal. hal ini menjadikan zakat belum mampu menjadi solusi dalam pengentasan kemiskinan. kata kunci: organisasi pengelola zakat; efisiensi; data envelopment analysis; kemiskinan the efficiency of zakah institutions using data envelopment analysis aam slamet rusydiana, salman al-farisi 214 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 introduction zakah is a stimulus in the economy, which raises new force in the accumulation of a significant investment that would boost the production of the economy cycle in the region. even the macro side, zakah would be able to increase an aggregate demand due to increase purchasing power of community for goods and services. when zakah implemented by good governance system, in the sense zakah is the binding regulations in every muslim with the government’s role as a regulator as well as the zakah board, then it would be trigger to the emergence of job opportunity, in order every citizen has a job and the migration of unemployment would happen to employees in a large number automatically. zakah also has a main role in the creation of justice in the economic field, in which all citizens have a source of revenue and income to fulfill daily needs for their life. zakat can give the contribution for alleviating the poverty through the zakah multiplier effect (al arif, 2010). in management of the use of zakah funds, the most important is the role of amil zakah (read: zakah institution) as bearers of the trust in management of the zakah funds. if the amil zakah is good in its management, then eight of zakathreceipts (ashnaf ) will be good anyway. but if the amil zakah is not good in its management, it should not be expected to ashnaf will be good too, that is essence of the amil zakah strategic. in other words, the most important thing of zakah is how to manage the use of zakah funds (management). zakah institution (opz) is the intermediary organizations based on social. the entire of operating expense is taken from the zakah and infaq funds collected. it is also justified by sharia, because opz committee is amilin zakah that also included in eight ashnaf eligible for zakah. the portion used for operation activities and amilin’s salaries (akbar, 2009). the portion of amil zakah is not exceed that 12,5% from the all collected funds (al arif, 2010) although opz based on social activities, but the management is still needs to uphold professional, accountability, and transparency principles. include in this term, opz need to operate effectively and efficiently. most recently, in the measurement of the effectiveness of zakah management, zakah national board (baznas) in cooperation with bank indonesia initiates the concept of zakat core principles (beik, et.al, 2014). in measuring the degree of efficiency, data envelopment analysis (dea) is preferable. dea is widely used to measure the level of technical efficiency, scale of economic and industrial banks and financial institutions. this is suitable according to research of kamarudin, et.al (2008); ozdemir (2013); shahreki (2012); tsolas and dimitris (2012). but in this time, dea also used in measuring the efficiency of non-bank institutions, such as hospitals, universities, tax offices, and including aam slamet rusydiana: efficiency of zakah institutions 215 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 nonprofit institutions (rusydiana, 2013). the research related to the efficiency of zakah institution has done by several researchers. for example by wahab et al. (2012) and (2013), noor (2015) and (2012) and ahmad (2014). but all of research is based in malaysia. only akbar (2009), that makes opz in indonesia as an object of research. this study would try to measure opz as decision making unit (dmu) in the level of efficiency. and also the research would look at the possibility of potential improvement from inefficient opz, inputoutput contribution and the reference contribution of the dmu. therefore, based on the background described above, the formulation of the problem in this study would try to answer the questions as follows: first, from the dmu objects studied, which opz has been efficient and not efficient? second, in general, how about total potential improvement of opz studied? three, how does the analysis of return to scale (rts), reference frequencies and input-output contribution of opz? literature review the concept of efficiency come from the microeconomic concept, namely, consumer theory and producer theory. although the producer theory more concerned with the concept of efficiency compared with consumer theory. consumer theory tries to maximize utility or satisfaction from individual point of views, while producer theory tries to maximize profit or minimize costs from producer point of views. in the producer theory, there is a production frontier line that describes the relationship between inputs and outputs of production process. this production frontier line represents the maximum output from the use of each input. it also represents the technology used by a business unit or industry. a business unit that operates on the production frontiers is technically efficient. the figure below shows the production frontier line. y 0 x a b c figure 1. production frontier 216 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 efficiency comprises of two components, namely: first, technical efficiency describes the ability of a business unit to maximize output given certain amount of input; and second, allocative efficiency describes the ability of a business unit to utilize inputs in optimal proportion based on their price. when the two types of efficiency combined, it will produce economic efficiency. a company is considered to be economically efficient if it can minimize the production costs to produce certain output within common technology level and market price level (farell, 1957). kumbhaker and lovell (2000) argue that technical efficiency is only one of many components economic efficiency as a whole. nevertheless, in order to achieve economic efficiency a company should produce maximum output with certain amount of input (technical efficiency) and produce output with the right combination within certain price level (allocative efficiency). in the past few years, performance measurement of financial institution has increasingly focused on frontier efficiency or x-efficiency (rather than scale efficiency), which measures deviation in performance of a decision making unit from the best practices or costs-efficient frontier that depicts the lowest production costs for a given level of output. x-efficiency stems from technical efficiency, which gauges the degree of friction and waste in the production process, and allocative efficiency, which measures the levels of various inputs. frontier efficiency is superior for most regulatory and other purposes to the standard financial ratios from accounting statements, such as, return on asset (roa) or cost/revenue ratio, that are commonly employed by regulators, managers of financial institutions, or industrial consultants to assess financial performance. this is because frontier efficiency measures use programming or statistical techniques that removes the effects of differences in input prices and other exogenous market factors affecting the standard performance ratios in order to obtain better estimates of the underlying performance of the managers (bauer, et al., 1998). the study on zakah institution efficiency measurement has done by akbar (2009). this study aims to determine the level of efficiency of zakah institutions in indonesia using dea with the production approach. this method measures the ratio between output and input, which are compared between the studied opz. output variables used are fund collected and channeled fund, while its inputs are personnel costs, socialization costs and other operational costs. the results show that the efficiency of opz in the year 2005 is still better than in 2006 and 2007, both technically (94.52%), scale (75%), and overall (71.27%). calculation of nine opz in 2007 with the assumption of crs, shows only 2 opz efficient, ie, bmm and bamuis bni. the main cause of inefficiency is channeled fund and fund collected, which contributed 43.1% and 36%. while the input-oriented measures states that aam slamet rusydiana: efficiency of zakah institutions 217 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 the source of inefficiency is the other operational costs (34.9%) and the cost of socialization (31.1%). study done by norazlina and abdul rahim (2012), is to analyze the efficiency of zakah institutions in malaysia by using data envelopment analysis (dea) method to estimate zakah efficiency and tobit model to determine the efficiency of zakah institution in malaysia. technical efficiency, pure technical efficiency and scale efficiency of dea model being used. the empirical findings suggest that zakah payment, computerized zakah system, board size, audit committee and decentralization significantly affect the efficiency if zakah institutions in malaysia. the analysis showed that fully corporatized zakah institutions are positively associated with efficiency of zakah institutions in malaysia while partially corporatized negatively affect zakah efficiency. norazlina & abdul rahim (2011), in their framework to analyse the efficiency and governance of zakah institutions by using the dea. they argued that the characteristics of dea are suitable for application to zakat institutions, as it was successfully applied as indicator for efficiency of non-profit and public sectors. further, norazlina & abdul rahim (2012) measure the productivity growth of zakat institutions by using the variable returns to scale (vrs) and they found that most of zakah institutions were operating at non-crs (constant return scale) . thus, they need more improvements by zakah institutions to improve the overall of efficiency. however, in their work, their study of efficiency seemed to focus on technical efficiency and scale efficiency. nur hafizah and selamah (2013) analyze the profile of zakah collection institutions and the efficiency of the institutions in collecting the zakah by using data envelopment analysis (dea) approach. the study conducted in the three states of federal territories including kuala lumpur, putrajaya and labuan. the results of the efficiency found that all of the three areas of zakah institutions are efficient. the overall finding indicate that the center managed by federal territories maintain their performance and able not only to increase the total of zakah collections but also number of new and existing zakah payers. zakah institution is a non-profit organization in its functionality. berber et al. (2011) suggested a two stage dea analysis in measuring the efficiency of nonprofit organization. the stage one measures the efficiency of fund-raising and the stage two measures the delivery of service (in our case the distribution of zakat to the beneficiaries). the output of stage one is included in the input of stage two. berber et al. (2011) found that the separation of the fundraising function from product delivery function will show a clearer analysis of efficiency, as both efforts of fund raising and service delivery or distribution are equally important. 218 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 methods tools to measure efficiency could be parametric and non-parametric. parametric approach to measuring efficiency uses stochastic econometric and tries to eliminate the impact of disturbance to inefficiency. there are many parametric econometric approaches. three of them namely: 1) stochastic frontier approach (sfa); 2) thick frontier approach (tfa); and 3) distribution-free approach (dfa). these approaches differ in the assumptions they make regarding the shape of the efficient frontier, the treatment of random error, and the distributions assumed for inefficiencies and random error. this study applies data envelopment analysis (dea) method. dea is a nonparametric method to measure the relative efficiency of production frontier based on the multiple inputs and outputs of decision making unit, in this case, zakah institution. the non-parametric nature of dea makes it require no assumption of the production function and the dea approach will generate the production function based on observed data, so the misspecification can be minimized. dea can be applied to analyze different kind of inputs and outputs without initially assigning weight. moreover, the efficiency produced is a relative efficiency based on observed data. the preference of the decision maker can also be accommodated in the model. methodology used in this study is a nonparametric data envelopment analysis (dea) with the production approach. dea is a method of measuring the efficiency based input-output (coelli (1998). cooper et al (1999) and farrell (1957)). the variable output of the dmu consisting of total deposits zakat (y1) and total fund distribution (y2), while the input variables comprised of personnel costs (x1), operating expenses (x2), and socialization cost (x3). dea score will be derived from these variables, which is the result of dividing the output and input factors (charnes, cooper and rhodes, 1978). data envelopment analysis is a methodology for analyzing the relative efficiency and managerial performance of decision-making unit (dmu). the dea allows us to compare the relative efficiency of dmu by firstly determine the efficient dmu as benchmarks and then measure the inefficiencies in input combinations (slack variables) of other dmu relative to the benchmark. dea is a mathematical programming technique that measures the efficiency of a decision-making unit (dmu) relative to other similar dmus with the simple restrictions that all dmus lay on or below the efficiency frontier (cooper et.al, 2002). the performance of a dmu is very relative to other dmus, especially those that cause inefficiency. this approach can also determine how a dmu can improve its performance to become efficient. aam slamet rusydiana: efficiency of zakah institutions 219 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 from the set of available data, the dea identifies the reference points as relatively efficient dmus then define the efficient frontier as the best practice production technology and finally evaluate the inefficiencies of other interior points. all the inefficient dmus will lies below the efficient frontier. besides producing efficiency value for each dmu, dea also determines dmus that are used as benchmark for other inefficient dmu. efficiency of dmu 0 p k=1 µ k y k0 m i=1 v i x i0 dmu = decision making unit n = number of dmu evaluated m = different inputs xij = number of input i consumed by dmuj p = different outputs ykj = number of output k produced by dmuj dea model is two, bcc and ccr. bcc model developed by banker, charnes and cooper (1984), while ccr model developed by charnes, cooper and rhodes (1978). both differ in their treatment on the return to scale (rts). the bcc assumes each dmu can operate with variable return to scale (vrs), while the ccr model assumes each dmu operates with constant return to scale (crs). generally, the efficiency rating of ccr model for each dmu will not exceed the bcc model. this is because the bcc model analysis each dmu “locally”, compared to the subset of dmus that operate in the same region of return to scale, rather than “globally” (jemric and vujcic, 2002). the bcc model represents technical efficiency only, while the ccr model represents the multiplication of pure technical and scale efficiencies. the study in this research focused on measuring the efficiency level of three opz. there are zakah national board (baznas), pos keadilan peduli umat (pkpu) and rumah zakat indonesia (rzi). the reason for selection of the opz, because it publishs its annual financial statements relative consistently. and also, baznas, pkpu and rzi are quite managed to raise substantial funds from the public. this study uses secondary data for 2007-2014 that was published as basic data, such as financial reports, balance sheet and cash flow statement. data can be obtained from the publications issued by each opz. however, due to limited data available, baznas data is only from 2007-2013 and rzi 2012-2014. while pkpu data is relatively complete from the period 2007-2014. 220 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 result and discussion efficiency score of zakah institution in table 1, opz that included to efficient (constant 100%) in 2014 was pkpu. while opz that included to efficient in 2013 was baznas. furthermore, it can be seen that pkpu was efficient over the years, from 2007 to 2014, except in 2013, pkpu include to inefficient. this shows that in the period 2007-2014, pkpu is able to maintain the level of efficiency gradually (except in 2013) when compared with other opz. based on the explanation, the lowest efficiency of opz is rzi in 2013. table 1. efficiency score of zakat institutions no name score scale 1 2007 baznas 100 constant 2 2008 baznas 100 constant 3 2009 baznas 100 constant 4 2012 baznas 100 constant 5 2008 pkpu 100 constant 6 2007 pkpu 100 constant 7 2011 pkpu 100 constant 8 2012 pkpu 100 constant 9 2009 pkpu 100 constant 10 2013 baznas 100 constant 11 2010 pkpu 100 constant 12 2014 pkpu 100 constant 13 2013 pkpu 98.13 increasing 14 2012 rumah zakat 76.14 increasing 15 2010 baznas 58.74 decreasing 16 2014 rumah zakat 57.21 increasing 17 2011 baznas 55.07 decreasing 18 2013 rumah zakat 54.89 increasing this is able to be a consideration for other opz that has not been efficient in order to improve the technical efficiency. in addition, the dmu (opz) is inefficient divided into two parts, both increasing return to scale (irs) and decreasing aam slamet rusydiana: efficiency of zakah institutions 221 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 return to scale (drs). the opz included in the increasing group, such as pkpu (2013), rzi (2012), rzi (2013), and rzi (2014). to achieve an efficient level of each opz that include to inefficient, it can be cultivated with a view of its potential improvement. unlike the case with opz which included in decreasing group, such as baznas (2010) and (2011). distribution of efficiency score information based on the previous table, the graph below provides information on the number of business units (dmu) are efficient and inefficient on a scale of a particular group. based on the following chart can know the number of efficient opz (100%) was as much as 12 opz. the graph below also provides information that most business units are in efficiency 100%, namely 12 dmu, while the least dmu with the level of efficiency of 7180% and 91% -99.9%, every single level is 1 dmu. figure 2. distribution of efficiency score total potential improvement of zakah institutions to find out the source of inefficiency from opz in these observations, it can be seen through the total potential improvement in the information below to provide a general overview associated with opz that include to inefficient. graph of total potential improvement mention that, in order efficient, inefficient opz should reduce cost of sdm to 13.89%, in addition, socialization cost until 8.16% and operating costs to 8.02%. while for the revenue fund needs to be increased up to 0.93% and the fund distribution to 69% in order to achieve optimal efficiency levels. 222 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 figure 3. total potential improvement reference dmu this section explains about opz as the reference to other opz is still inefficient. from the calculation of frontier analysis shows that in 2014 zakah institution (opz) most referenced is pkpu, referenced by 4 dmu. whereas in 2013, opz most referenced is baznas, referenced by 4 dmu. unlike the case in 2012, opz most referenced are baznas, referenced by 2 dmu and pkpu as much as 1 dmu. in 2011, opz most referenced is pkpu, referenced by 3 dmu. in 2010, pkpu is referenced by 1 dmu. about the year 2009, opz most referenced is pkpu as much as 3 dmu, and baznas referenced by 1 dmu. as well as in 2008, opz most referenced is pkpu as much as 4 dmu and baznas referenced by 1 dmu. figure 4. reference frequencies aam slamet rusydiana: efficiency of zakah institutions 223 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 analysis of inefficient dmu this section describes the potential improvement from the lowest efficiency level of opz that is rzi (2013). according to the first unit detail graphics on the top left side, explained that in order to achieve the level of efficiency, rzi (2013) has to reduce operating expenses to 45%, socialization cost to 45%, and sdm cost to 85%. in addition, it needs to improve the distribution of funds up to 649%. in the next chart (on the top right) about the reference comparison of rzi (2013) shows that, to achieve a level of optimum efficiency, rzi (2013) may be referring to three opz referenced are baznas (2013), pkpu ( 2014), pkpu (2009). for example, when compared rzi (2013) with baznas (2013), the use of operating cost, baznas (2013) amounted to 19%, the use of socialization cost is 21%, and sdm cost was at 43% with distribution fund amounted to 521% and revenue fund by 65%. then, in the third graph about the chart of input/output contribution is explained that the level of efficiency of rzi (2013) amounted to 54.89%. which contribute greatly to the efficiency of rzi (2013) in achieving an efficiency of 54.89% are operational costs by 71%, socialization cost amounted to 29%, and revenue fund amounted to 100%. this indicates that the operating costs, socialization cost and revenue fund have contributed to achieve the efficiency rate of rzi (2013) amounted to 54.89%. furthermore, the last chart about the reference contribution chart, it explains the contribution of each business unit was referred by the rzi (2013). based on the chart below, the nearest business unit (dmu) which can be referenced by rzi to five variables (input and output) are baznas (2013), and was followed by pkpu (2009) and the last is pkpu (2014). figure 5. unit details: rz 2013 224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 conclusion research on efficiency of zakat institution is important to do. here are some of the conclusions that can be drawn the following recommendation for future research. there are 12 dmu that efficient (100%) and inefficient as much as 6 dmu. opz most inefficient is rzi (2013). opz pkpu is able to maintain the level of efficiency gradually from 2007 to 2014 (except in 2013) when compared with other opz. in general, the main factor inefficiency of zakat institution from 2007 to 2014 due to the distribution of zakat funds to ashnaf is still less optimal, so it has not been able to resolve the problem of poverty. the need for every zakah institution (opz) is to issue annual financial statements in order to increase accountability and transparency in the management of funds. the ultimate goal is improvement and development of zakat and opz in indonesia. zakah institutions, both public and private sector need to do the counting of efficiency levels routinely and regularly so that it knows the level of efficiency, potential improvement and it’s benefit and weakness in general, within the framework of efficiency analysis. due to limited data that the authors obtained, the number of observations is small relatively. references 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(2012). efficiency evaluation bank sepah branches in sistan and baluchestan province using data envelopment analysis. interdisciplinary journal of contemporary research in business. vol. 4 (2): 191-200. 226 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2876 tsolas, i.e. & d.i. giokas. (2012). bank branch efficiency evaluation by means of least absolute deviations and dea. managerial finance. vol 38 (8): 511520. wahab, n.a. & a.r.a. rahman. (2011). a framework to analyze the efficiency and governance of zakat institutions. journal of islamic accounting and business research. vol. 2 (1): 43-62. wahab, n.a. & a.r.a. rahman. (2012). efficiency of zakat institutions in malaysia: an application of data envelopment analysis. journal of economic cooperation and development. vol. 33 (1): 95-112. wahab, n.a. & a.r.a. rahman. (2013). determinants of efficiency of zakat institutions in malaysia: a non-parametric approach. asian journal of business and accounting. vol. 6 (2): 171-180. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 243 254 first draft : january 25, 2016; revison: april 8, 2016; accepted: june 10, 2016 faculty of economics and business, universitas padjadjaran jl. raya bandung sumedang km 21, jatinangor, jawabarat, indonesia e-mail: kholi.ardiansyah@gmail.com, yunizar@fe.unpad.ac.id, budi.harsanto@unpad.ac.id doi: 10.15408/aiq.v8i2.2913 abstract. shari’ah-compliant e-commerce models and consumer trust. this study is aimed at finding out the real picture of shari’ah-compliant e-commerce model and consumer trust in e-commerce today, analyzing its drawbacks, and finding out how they influence each other. shari’ah-compliant e-commerce model is a model that describes how e-commerce should run in accordance with the provisions of the shari’ah. broadly speaking, e-commerce in the perspective of shari’ah must comply with some rules, namely: 1. the form of the offer and transaction agreement; 2. the transacting parties (buyers and sellers); 3. objects and prices in the transaction; 4. free from major prohibitions in transactions. the sample in this study is indonesian citizen who are consumers of e-commerce. this research uses descriptive and statistical methods with multiple linear regression model. this model is considered relevant and good to be studied in order to enlighten how e-commerce is currently in the perspective of islam. keywords: shari’ah-compliant; e-commerce; consumer trust; descriptive; linier regression abstrak. model kepatuhan syariah pada e-commerce dan kepercayaan konsumen. penelitian ini bertujuan untuk memberikan gambaran utuh mengenai model kepatuhan syariah pada e-commerce dan kepercayaan konsumen atas e-commerce, kemudian menganalisisnya, dan mencari hubungan yang saling mempengaruhi di antara mereka. model kepatuhan syariah pada e-commerce adalah suatu model yang menjelaskan bagaimana seharunya e-commerce beroperasi pada koridor yang sesuai dengan prinsip syariah. dalam perspektif syariah suatu e-commerce harus mematuhi beberapa aturan, yaitu: 1. perjanjian transaksi atau akad yang dipergunakan; 2. transaksi antar penjual dan pembeli; 3. objek dan harga transaksi; 4. bebas dari berbagai transaksi yang dilarang dalam islam. sampel pada kajian ini ialah warga negara indonesia yang merupakan konsumen dari e-commerce. penelitian ini menggunakan analisis deskriptif dan model regresi linier berganda. model ini relevan dan merupakan suatu kajian yang baik untuk memberikan penekanan bagaiaman seharusnya suatu e-commerce beroperasi dalam perspektif ekonomi islam. kata kuci: kepatuhan syariah; e-commerce; kepercayaan konsumen; deskriptif; regresi linier shari’ah-compliant e-commerce models and consumer trust muhammad kholifatul i. ardiansyarh, yunizar & budi harsanto 244 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 introduction the development of technology has given people a new way to conduct commerce, such as: by using the internet or usually called e-commerce. based on research of online shopping outlook 2015 issued by bmi research, the potential of the online market is so large. internet users who conduct online transaction are estimated 24% of all internet users. bmi head of research said, “online shopping market in indonesia will grow to 57% in 2015, or approximately increase twice as last year. if it is seen from the turnover, bmi research also mentions that the value of spending in 2014 reached rp. 21 trillion, with the average expenditure of rp.825.000 per person. assuming the same expenditure, it is predicted that in 2015 the value shall increase to rp. 50 trillion. it is a positive condition for business growth of online shopping market in indonesia”. practicality of use of internet to conduct transaction provides a big enough impact to humans. there are some benefit from online transactions (al arif, 2013): first, the operating hours that can operate for 24 hours. second, the ease and speed in seeking products. third, the ease of comparing prices on products. fourth, easily done by anyone. fifth, the cheaper investment. besides the benefit, there are also arise some problems in online transactions, such as: first, the quality of products. second, potential deceptive by the seller. third, potential deceptive by the buyer (al arif, 2013). in the process however, there are many shortcomings and obstacles in conducting transactions over the internet. because online environment is virtual and not a face-to-face interaction with each other, it can be said that the buyer has a weaker position than the seller in the transaction, resulting in a low level of trust for the buyer. beatty et al. (2011) in muhammad and muhammad (2013) state that the success of e-commerce depends on trust, every vendor who fails to give consumers trust will not survive. trust is said to be one of the factors that is so critical in online transactions (luo, 2002). in the end, trust has become a critical issue for a better e-commerce transaction. widyarini and putro (2008) reveal that the concept of trust in e-commerce focuses on trust in the implementation of online transactions and trust in the operational mechanism of transactions. muhammad and muhammad (2013) reveal that the islamic view regarding trust model in e-commerce is not much different from the regular one. but there are additional points which are in accordance with islamic principles. this description has been adapted to the rules of islamic law, namely shari’ah-compliant e-commerce model. this model is viewed more comprehensive because it includes religious values. muhammad kholifatuh i. ardiansyah: shariah-compliant e-commerce model 245 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 literature review according to wigand (1997) in whiteley david (2000), e-commerce is a transparent application of information and communication technology from the origin point to the end point along the entire value chain of business processes. this is done electronically and designed to allow the execution of business objectives. according to efraim turban (2002), e-commerce is the emerging concept describing the process of purchase, sale, or product exchange, services and information via computer networks, including the internet. trust is the key in e-commerce. e-commerce between two or more parties will occur if there is mutual trust. trust is not automatically recognized by the other parties/business partners, but it must be built from the beginning and be proven. trust has been considered as catalyst in various transactions between sellers and buyers so that customer satisfaction can be realized as expected (yousafzai et al., 2003). mayer et al (1995) in rofiq (2007) reveals that in online transaction, there are at least three seller characteristics that more or less can influence consumer trust. these are ability, benevolence, and integrity. ability refers to skills, seller competence for its products, speed of delivery, and quality customer service. benevolence is the level of trust of a seller which includes the desire to do good things in addition to earn legitimate profit. integrity refers to compliance to the agreement or condition that has been made with the buyer. cheung and lee (2000) reveal that consumer trust in online transactions can be influenced by two factors, namely vendor trust and external environment. vendor trust depends on the integrity and competence of the vendor, and controlling security and privacy of consumers. external environmental factor refers to the need for support from third parties and legal framework for the realization of a fair online transaction. muhammad and muhammad (2013) reveal that the islamic view of trust model in of e-commerce is not much different from the conventional model. the model is added with some points which comply with islamic principles. these include: fisrt, the form of offer and the transaction agreement; second, parties (buyers and sellers); third, objects and prices in transaction; fourth,. free from major prohibitions in the transaction, namely (i) the interest (riba), (ii) gambling (maysir), (iii) uncertainty (gharar), (iv) coercion (ikrah) and (v) prohibition (haram in nature). this description has been adapted to the rules of islamic law, namely shari’ah-compliant e-commerce model. trust is a very important factor in establishing e-commerce transaction. only the buyers who have trust in the seller will perform online transaction. this study examines how shari’ah-compliant e-commerce model influences consumer trust. the framework of this research is as follows: 246 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 figure 1 framework of study hypotesis from the conceptual model, the research hypothesis is developed as follows: h1: shari’ah-compliant e-commerce model has a positive influence on trust of e-commerce consumer h2: free from major prohibitions (interest/riba, gambling/maysir, uncertainty/ gharar, coercion/ikrah, and haram) has a positive influence on trust of e-commerce consumer h3: offers and agreements have a positive influence on trust of e-commerce consumer h4: buyers and sellers have a positive influence on trust of e-commerce consumer h5: objects and prices have a positive influence on trust of e-commerce consumer methods the population in this study is indonesian citizen who become consumers of e-commerce. due to the time limitation, we use sample taken from the population. the sampling technique used is purposive sampling. according to sugiyono (2012), this technique is a way to determine sampling in which the sample is carefully chosen and must be relevant. the selection of the sample is based on the traits and particular characteristics desired by researchers. in this study, we chose respondents with following characteristics: (1) have a minimum high school education level, with the assumption that the respondents understand the questionnaire well. (2) respondents should understand the basic concepts of the use of e-commerce and muhammad kholifatuh i. ardiansyah: shariah-compliant e-commerce model 247 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 have ever conducted online transaction (3) respondents have done at least one online transaction over the last 3 months because the population is not known exactly and the unavailability of data of consumers, so the sample size determination is based on the opinion of tabachnick and fidell (2001). they say that the number of research sample using multiple regression model can be determined as follows: n > 50 + 8m (1) m = number of independent variables used in the study based on this formula, the minimum sample number used in this study is determined as follows: n > 50 + 8m (1) n > 50 + 8(4) (2) n > 50 + 32 (3) n > 82 (4) based on the calculation, a minimum sample size is obtained 82. so, we decide that the number of respondent used in this study is 90 people. result and discussion there are two methods used in this study. the first method is descriptive method used to describe the situation and the second is verification method used to observe the relationship and influence of using statistical approach. data in this study are collected through interviews and questionnaires. validity test, reliability test, and multicolinearity test validity is a measure that indicates the level of validity of an instrument. an instrument is considered valid if it is able to measure what is desired (simamora; 2004). because the questionnaires use likert scale generating ordinal data, the validity of the test is carried out by the approach of spearman rank correlation (spearman rho). criterion or condition of an item to be valid if the correlation (r) of each item is positive and has a value of 0.3 or more (sugiyono; 2012). based on the result of data processing, it is obtained that every item has validity value above the critical limit (> 0.3). reliability is the level of questionnaire reliability. the questionnaire is reliable if it generates the same data when tested to the same group repeatedly. the assumption is that there is no psychological change in respondents (simamora, 2004). reliability test of research questionnaire in this study uses the 248 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 formula cronbach’s alpha coefficient ( ). ghozali (2008) says that the standard of determining reliability of research instrument is that, it must have value of cronbach alpha more than 0.60. multicolinierity test is done to see if there is a linear correlation or relationship between each of the independent variables. a good regression model does not show perfect correlation between independent variables. the independent variables are free from correlation if they have tolerance value of more than 0.19 or vif <10. based on statistics calculation, it is shown that there are no independent variables which have tolerance value of less than 0.10. besides, variance inflation factor (vif) also shows that none of the independent variables which has vif value of more than 10. so it can be stated that there are no multicollinearity between the independent variables in the regression model in this study. based on the recapitulation result on respondents, it is indicated that e-commerce is in accordance with sharia-compliant e-commerce model. it can be said that overall respondents feel that when they conduct e-commerce transaction, it conforms with shari’ah-compliant e-commerce model. however, respondents are still unsure whether e-commerce will be free from major prohibitions (usury, maysir, gharar, and ikhrah). it is known that respondents show low level of e-commerce transaction because of major prohibitions, especially gharar/uncertainty. the barriers are conformity of the goods, price, delivery time, etc. other variables in the study such as the form of offers and agreements, buyers and sellers, objects and prices are good in overall. these variables are in accordance with shari’ah model. in this research, there are five variables which are four independent variables and one dependent variable. independent variables are the variable free from major prohibitions (usury, maysir, gharar, and ikhrah), offers and agreements, buyers and sellers, and objects and prices. while the dependent variable is consumer trust. therefore, multiple linear regression analysis is used to examine the influence of two or more independent variables on dependent variable. based on the result of the statistical calculation, the regression equation is formed as follows: y = 3,711 0,305x1+0,615x2+0,334x3+0,997x4 (4) where: y = consumer trust x 1 = free from major prohibitions x2 = offers and agreements x3 = buyers and sellers x4 = objects and prices muhammad kholifatuh i. ardiansyah: shariah-compliant e-commerce model 249 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 seeing the condition of e-commerce today, we can see the low level of trust among respondents due to the major prohibitions. these prohibitions give negative impact on consumer trust. table 1 coefficient of determination model r r square adjusted r square std. error of the estimate 1 ,564a ,318 ,289 5,09779 according to table 1, it is known that the value of r-square is 0,318 or 31.8%. this number indicates that the variables free from major prohibitions (usury, maysir, gharar, and ikhrah), offers and agreements, buyers and sellers, and objects and prices influence consumer trust of 31.8%, while the rest of 68.2% is influenced by other factors outside regression model in this study. from the table, it is also known the relationship strength between the independent variables and the dependent variable of 0.564. this value is then categorized based on the table 2. based on the table 2, the correlation coefficient of 0.564 indicates that the relationship between independent and dependent variable is categorized moderate. table 2 interval coefficient level relation interval coefficient level relation 0,00 – 0,199 very low 0,20 – 0,399 low 0,40 – 0,599 medium 0,60 – 0,799 strong 0,80 – 1,000 very strong source: sugiyono (2012) in this research, the f test is conducted to answer the first hypothesis. this is to find out whether independent variables positively, significantly and simultaneously influence dependent variable. the hypotheses of this test are: ho1: shari’ah-compliant e-commerce model does not positively influence consumer trust in e-commerce ha1: shari’ah-compliant e-commerce model positively influences consumer trust in e-commerce 250 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 the decision rule or testing criteria is specified as follows ( = 0,05): if f-count > f-table or significance < , this means independent variables simultaneously influence dependent variable. if f-count < f-table or significance > , this means independent variables simultaneously do not influence dependent variable. table 3 simultaneous significance test results (test f) anovaa model sum of squares df mean square f sig. regression residual total 1151,945 2468,805 3620,750 4 95 99 287,987 25,987 11,082 ,000b based on the research result in table 3, it can be seen that the significance values of independent variables (shari’ah-compliant e-commerce model) consisting of variables; free from the major prohibition (usury, maysir, gharar, and ikhrah), offers and agreements, buyers and sellers, objects and the prices are 0.000a (< ). this means there is positive and significant independent variables (shari’ah-compliant e-commerce model) consisting of variables mentioned earlier on the dependent variable. in other words, it can be said that in 95% confidence level, shari’ah-compliant e-commerce influences consumer trust. in this study, t-test is carried out to examine the significance between independent variables and dependent variable individually (partially). the hypotheses of this test are as follows: ho2: free from major prohibitions (free from interest (riba), gambling (maysir), uncertainty (gharar), coercion (ikrah), and haram) do not have a positive influence on consumer trust in e-commerce ha2: free from major prohibitions (free from interest (riba), gambling (maysir), uncertainty (gharar), coercion (ikrah), and prohibition) have a positive influence on consumer trust in e-commerce ho3: offers and agreements do not have a positive influence on consumer trust in e-commerce ha3: offers and agreements have a positive influence on consumer trust in e-commerce ho4: buyers and sellers do not have a positive influence on consumer trust in e-commerce ha4: buyers and sellers have a positive influence on consumer trust in e-commerce muhammad kholifatuh i. ardiansyah: shariah-compliant e-commerce model 251 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 ho5: objects and prices do not have positive influence on consumer trust in e-commerce ha5: objects and prices have a positive influence on consumer trust in e-commerce the decision rules or criteria are as follows ( = 0.05): if the t-count > t-table or significance < , this means independent variables partially influence dependent variable. if t-count < t-table or significance > , this means independent variables partially do not influence dependent variable. table 4 significance partial test results (t test) model t sig (constant) -.938 ,350 x1 -,770 ,443 x2 2,017 ,047 x3 ,956 ,341 x4 3,867 ,000 based on table 4, it can be concluded that: first, ho2 is not rejected. it means that the major prohibitions do not have a positive influence on consumer trust in e-commerce. second, ho3 is rejected. it means that offers and agreements have a positive influence on consumer trust in e-commerce. third, ho4 is not rejected. it means that either the buyers and sellers do not have a positive influence on consumer trust in e-commerce. fourth, ho5 is rejected. it means that objects and prices have a positive influence on consumer trust in e-commerce. the results of the assessment indicate that variable x1 (free from the major prohibitions) has a negative influence on consumer trust, but this is not significant. variable x3 is in accordance with shari’ah models but the influence is not significant. the main factors that positively influence consumer trust and significant are offers and agreements (x2) and objects and prices (x4). according to al arif (2013) there are several things that can be done to increase consumer trust in online transaction. first, sellers must display the full specification of the products. second, must be added the additional contract such as option (khiyar). third, using a secure payment media. 252 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 conclusions the purpose of this study is to describe consumers’ response to the shari’ahcompliant e-commerce model and their trust when doing e-commerce or online purchase and also to examine the influence of shari’ah-compliant e-commerce model on consumer trust. after performing data collection, data processing and hypothesis testing, we draw the following conclusions: respondents feel e-commerce conforms to shari’ah-compliant e-commerce model. nevertheless, respondents still have doubts that e-commerce is free from riba, maysir, gharar, and ikhrah. respondents are doubtful that e-commerce is free from major prohibitions (usury, maysir, gharar, and ikhrah). the consumers are worried about the fitness of the real products with the images displayed by sellers on websites. they are also worried that the goods’ quality does not correspond to the actual description. besides, there are many online sellers who are deceptive, meaning the goods are not delivered even though payment has been made. respondents feel that offering and agreement processes are in accordance with shari’ah-compliant e-commerce model. these include connectivity between sellers and buyers, clarity of contract contents, and suitability of transaction result. however, partially, the respondents are doubtful about the suitability of the final result of the transaction. respondents are sometimes cheated by sellers. this can be in the form of undelivered goods or the goods do not match the description. respondents feel that transacting parties (buyers and sellers) are in accordance with the shari’ah-compliant e-commerce model. this includes buyers and sellers; are already qualified in general, have the goods and money for transaction, and able to perform the transaction fairly. however, there are some respondents who question the responsibility of sellers when the goods are not suitable with the agreement. sellers tend to stay away or do not want to resolve the issue properly. respondents feel objects and prices are in accordance with the shari’ahcompliant e-commerce model. this means goods; have legal aspect, have value, can change in terms of ownership, and have fitness with the agreement made earlier. respondents quite believe that sellers will provide comfort, safety, and responsibility when conducting e-commerce transactions. shari’ah-compliant e-commerce model consisting of variables free from major prohibitions (usury, maysir, gharar, and ikhrah), offers and agreements, buyers and sellers, and objects and prices simultaneously, positively, and significantly influence consumer trust. it can be said that the more e-commerce is in accordance with the shari’ah-compliant e-commerce model, the stronger consumer’s trust is. through the calculation of the partial influence of the variables, the variable free from major prohibitions (usury, maysir, gharar, and ikhrah) has negative and insignificant influence on muhammad kholifatuh i. ardiansyah: shariah-compliant e-commerce model 253 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2913 consumer trust. thus, it can be said that this variable does not influence consumer trust. the variable offers and agreements positively and significantly influence consumer trust. the more appropriate are the offers and agreements with shari’ahcompliant e-commerce model, the higher consumer trust is.the variable buyers and sellers positively influence consumer trust but not significant. thus, it can be concluded that buyers and sellers do not really influence consumer trust and lastly, the variable objects and prices positively and significantly influence consumer trust. therefore, the more objects and prices are in accordance with the shari’ah-compliant e-commerce model, the higher consumer trust is. the variable consumer trust can be explained 31.8% by the variable shari’ah-compliant e-commerce model, and the remaining 68.2% is influenced or explained by other factors. references al arif, m.n.r. 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(2008) analisis hubungan faktor-faktor technolog acceptance, trust dan risk pada niat nasabah bank untuk menggunakan internet banking. in the 2nd national conference ukwms. surabaya 6 september. yousafzai, s. y. et.al., (2003). a proposed model of etrust for electronic banking. technovation. vol. 23: 847-860. pustaka acuan baghâwî, al-, syarh al-sunnah, bayrût: al-maktab al-islâmî, 1983. bayhaqî,, al-, sunan al-kubrâ, haidar abad: majlis dâ’irah al-ma‘ârif, 1344 h. bottomore, tom (ed.), a dictionary of marxist thought, oxford: basil blackwell ltd, 1983. ghazâlî, al-, abû hâmid, al-mushtasfâ fî ‘ilm al-ushûl, bayrût: dâr al-kutub al-‘ilmiyyah, 2000. ghazâlî, al-, abû hâmid, ihyâ’ ‘ulûm al-dîn, semarang: thaha putra, t.th. ghazali, al-, benang tipis antara halal dan haram, surabaya: putra pelajar, 2002. ibn rusyd, ahmad, bidâyah al-mujtahid wa nihâyah al-muqtashid, bayrût: dâr alfikr, t.th. ibn ‘âbidîn, radd al-mukhtâr ‘alâ al-dur al-mukhtâr, bayrût: dâr al-fikr, t.th. ibn hanbal, ahmad, musnad al-imâm ahmad ibn hanbal, bayrût: mu’assasah alrisâlah, 1999. ibn khaldûn, ‘abd al-rahmân, muqaddimah ibn khaldûn, bayrût: dâr al-kutub al‘ilmiyyah, 1993. ibn manzhûr, muhammad ibn mukarram, lisân al-‘arab, bayrût: dâr al-shâdir, t.th. ibn qudâmah, al-mughnî, riyâdh: maktabah al-riyadh al-hadîtsah, t.th. ibn zakariyyâ, ahmad husayn ibn faris, mu’jam maqâyis al-lughah, bayrût: dâr al-kutub, 2000. imam muslim, shahîh muslim, al-qâhirah: dâr al-hadîts, 1997. khû’î, al-, abû al-qâsim al-musâwî, minhâj al-shâlihîn, qum: muassasah al-nasyr al-islâmî, 1410 h. mâwardî, al-, al-ahkâm al-sulthâniyyah, bayrût: dâr al-fikr, 1960. nabhânî, al-, taqiy al-dîn, membangun sistem ekonomi alternatif: persektif islam, surabaya: risalah gusti, 1996. qal’ajî, muhammad rawwas, mawsû’ah fiqh ‘umar ibn al-khaththâb, kuwayt: maktabah al-fallâh, 1981. suyûthî, al-, jalâl al-dîn, al-ashbah wa al-nazhâ’ir, bayrût: dâr al-kutub al-islâmî, t.th suyûthî, al-, jalâl al-dîn, tanwîr al-hawâlik syarh al-muwaththa’, semarang: thaha putra, t.th. syarbaynî, al-, al-khâthib, mughni al-muhtâj, bayrût: dâr al-fikr, 1978. syawkânî, al-, muhammad ibn ‘alî, nayl al-awthâr, bayrût: dâr al-fikr, 1983. zakat di malaysia dalam perspektif ekonomi nurhasanah abstract: zakat in malysia and its’ economical perspective. zakâh is the implications of the high level of practice muslims toward the teachings of islam in malaysia. it has been carried out since the pre-colonial, colonial times, post-independence, 1957, 80s, and 90s to the present. regulatory changes are not necessarily set zakat source in accordance with the economic development and professional management. in zakâh management, government noted that the potential fellowship zakâh increased in accordance with the economic progress of the muslim community. to foster public confidence in the management of zakâh, government through the majelis islam wilayah persekutuan (maiwip) established the center levy zakâh (ppz) in 1991 in order to create a professional zakâh management by implementing corporate systems. keywords: zakâh, malaysia, economy, corporate abstrak: zakat di malaysia dalam perspektif ekonomi. zakat sebagai implikasi tingginya tingkat pengamalan umat islam terhadap ajaran-ajaran islam di malaysia sudah dilaksanakan sejak masa pra penjajahan, masa penjajahan, pasca kemerdekaan 1957, tahun 80-an, dan tahun 90-an hingga saat ini. perubahan-perubahan regulasi tersebut tidak serta merta mengatur sumber zakat yang sesuai dengan perkembangan ekonomi dan pengelolaan profesional. khusus di bidang pengelolaan zakat, pemerintah persekutuan memperhatikan bahwa potensi zakat semakin meningkat sesuai dengan kemajuan perekonomian masyarakat muslim khususnya. untuk menumbuhkan kepercayaan masyarakat dalam pengelolaan zakat, pemerintah melalui majelis agama islam wilayah persekutuan (maiwip) mendirikan pusat pungutan zakat (ppz) pada tahun 1991 dalam rangka menciptakan pengelolaan zakat yang profesional dengan menerapkan sistem corporate. kata kunci: zakat, malaysia, ekonomi, corporate naskah diterima: 7 agustus 2011, direvisi 8 november 2011, disetujui: 17 november 2011.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta selatan. e-mail: nurzan_y@yahoo.co.id nurhasanah: zakat di malaysia dalam perspektif ekonomi 82 pendahuluan malaysia didominasi oleh masyarakat yang memiliki identitas melayu-muslim. sejak masa kemerdekaan dan beberapa dekade setelahnya, malaysia memperlihatkan rapatnya asosiasi antara keislaman dan kemelayuan. bahkan, dalam konstitusi federal pasal 160 (b) dinyatakan bahwa yang disebut melayu adalah mereka yang beragama islam, berbicara dan berbahasa melayu dan mengikuti adat melayu (who professes the muslim riligion, habitually speak the malay language and conforms to malay customs). identitas yang diemban oleh muslim-melayu berimplikasi terhadap tingginya tingkat pengamalan ajaran-ajaran islam dalam tata kehidupan. salah satu pengamalan ajaran islam yang bernilai dan punya muatan ekonomi adalah zakat. penggunaan istilah zakat di malaysia adalah merujuk kepada zakat harta. sementara fitrah adalah zakat badan yang berbentuk personal dan dilaksanakan di bulan ramadan. seksyen 2 enakmen pentadbiran undang-undang islam 1991 pahang (no. 3), misalnya, menafsirkan bahwa zakat adalah sebagian dari hasil penanaman padi dalam satu tahun dan yang lain adalah pendapatan perniagaan, hewan ternak termasuk uang simpanan emas dan perak. sedangkan fitrah adalah sebagai sesuatu unit takaran beras atau barang yang sama nilai dengannya. dan mesti dibayar muslim berdasarkan hukum syarak.1 zakat dalam lintasan sejarah di malaysia sebelum masa penjajahan, zakat di malaysia dilaksanakan secara tradisional. kebijakan dan regulasi mengenai zakat masih sangat kurang. ketika itu, zakat tidak diatur secara sistematis di bawah kerajaan (pemerintah). kebiasaan zakat dilaksanakan dengan cara membayarkannya oleh penduduk kampung kepada guru-guru agama untuk dibagikan kepada pada ashnâf. dalam hal ini, guruguru agama berkompeten sebagai amil zakat karena mereka dipandang cakap dalam persoalan hawl, nishâb, dan kadar zakat.2 ketika pada masa penjajahan inggris, intervensi mereka ke dalam negara malaysia menimbulkan resistensi yang sengit dari kelompok melayu terhadap hukum kolonial inggris. kondisi ini menyebabkan kekuasaan kolonial merubah metode pemerintahan mereka. inggris berhasil mengkooptasi kelas penguasa pra-kolonial dengan merekrut mereka sebagai eselon menengah dalam struktur 1ahmad hidayat buang, ed., undang-undang islam di malaysia: prinsip dan amalan, (kuala lumpur: universitas malaya, 2007), h. 356. 2aidit bin ghazali, ‚zakat administration in malaysia‛, dalam mohamed ariff (ed), islam and the economic development of southest asia; the islamic voluntary sector in southest asia, (singapore: iseas, 1991), h. 85. al-iqtishad: vol. iv, no. 1, januari 2012 83 pendahuluan malaysia didominasi oleh masyarakat yang memiliki identitas melayu-muslim. sejak masa kemerdekaan dan beberapa dekade setelahnya, malaysia memperlihatkan rapatnya asosiasi antara keislaman dan kemelayuan. bahkan, dalam konstitusi federal pasal 160 (b) dinyatakan bahwa yang disebut melayu adalah mereka yang beragama islam, berbicara dan berbahasa melayu dan mengikuti adat melayu (who professes the muslim riligion, habitually speak the malay language and conforms to malay customs). identitas yang diemban oleh muslim-melayu berimplikasi terhadap tingginya tingkat pengamalan ajaran-ajaran islam dalam tata kehidupan. salah satu pengamalan ajaran islam yang bernilai dan punya muatan ekonomi adalah zakat. penggunaan istilah zakat di malaysia adalah merujuk kepada zakat harta. sementara fitrah adalah zakat badan yang berbentuk personal dan dilaksanakan di bulan ramadan. seksyen 2 enakmen pentadbiran undang-undang islam 1991 pahang (no. 3), misalnya, menafsirkan bahwa zakat adalah sebagian dari hasil penanaman padi dalam satu tahun dan yang lain adalah pendapatan perniagaan, hewan ternak termasuk uang simpanan emas dan perak. sedangkan fitrah adalah sebagai sesuatu unit takaran beras atau barang yang sama nilai dengannya. dan mesti dibayar muslim berdasarkan hukum syarak.1 zakat dalam lintasan sejarah di malaysia sebelum masa penjajahan, zakat di malaysia dilaksanakan secara tradisional. kebijakan dan regulasi mengenai zakat masih sangat kurang. ketika itu, zakat tidak diatur secara sistematis di bawah kerajaan (pemerintah). kebiasaan zakat dilaksanakan dengan cara membayarkannya oleh penduduk kampung kepada guru-guru agama untuk dibagikan kepada pada ashnâf. dalam hal ini, guruguru agama berkompeten sebagai amil zakat karena mereka dipandang cakap dalam persoalan hawl, nishâb, dan kadar zakat.2 ketika pada masa penjajahan inggris, intervensi mereka ke dalam negara malaysia menimbulkan resistensi yang sengit dari kelompok melayu terhadap hukum kolonial inggris. kondisi ini menyebabkan kekuasaan kolonial merubah metode pemerintahan mereka. inggris berhasil mengkooptasi kelas penguasa pra-kolonial dengan merekrut mereka sebagai eselon menengah dalam struktur 1ahmad hidayat buang, ed., undang-undang islam di malaysia: prinsip dan amalan, (kuala lumpur: universitas malaya, 2007), h. 356. 2aidit bin ghazali, ‚zakat administration in malaysia‛, dalam mohamed ariff (ed), islam and the economic development of southest asia; the islamic voluntary sector in southest asia, (singapore: iseas, 1991), h. 85. aparatur negara kolonial di mana atasan lansung mereka adalah para pejabat administrator inggris.3 para sultan masih punya sedikit pengaruh dalam kebijakan publik, dalam pengertian di mana para pejabat inggris sangat memperhatikan kedudukan sultan. ini memberi kesan bahwa pemerintah kolonial inggris masih perlu konsultasi dengan sultan. oleh pemerintah kolonial inggris, kebijakan negeri-negeri melayu dibagi menjadi dua bagian, yaitu kebijakan yang berkaitan dengan islam dan adat istiadat melayu diserahkan kepada council of relegion and malay costom (crmc) atau majelis agama islam dan adat istiadat melayu (maiaim), sementara kebijakan lain seperti perundang-undangan umum, keuangan, dan pendidikan dikeluarkan dan diawasi oleh inggris. klasifikasi kebijakan ini memberi kesan seolaholah pemerintah kolonial inggris menjunjung tinggi status agama dan adat istiadat sebagai kompensasi atas hilangnya kedaulatan para penguasa pribumi.4 dengan berdirinya maiaim di setiap negeri yang diawali oleh negeri kelantan, kebijakan zakat dan pengelolaannya diletakkan di bawah kekuasaan lembaga ini. pada awal pelaksanaannya, muzakkî di setiap kampung membayar zakat kepada imam kampung dan sebagian hasil pungutan zakat diserahkan kepada kerajaan negeri sebagai sumber pembiayaan negara.5 meskipun inggris memberikan kebijakan kepada maiam dalam persoalan yang berkaitan dengan islam dan adat istiadat melayu, namun inggris tetap memberikan arah kebijakan melalui majelis mesyuarat negeri untuk membuat peraturan tetang zakat. atas nasihat inggris, kelantan membuat peraturan tentang zakat pada tahun 1907 melalui notis zakat kelantan tahun 1907. selanjutnya, peraturan tahun 1907 ini berkembang dengan adanya penambahan dan perbaikan menjadi notis zakat no. 3 tahun 1916, dan notis kutipan fitrah no. 11 tahun 1917. notis zakat no. 3 tahun 1916 ini diganti oleh enakmen kutipan zakat no. 4 tahun 1927. dengan enakmen majelis ugama islam dan adat istiadat melayu kelantan no. 23 tahun 1938 diperkenalkan dua peraturan baru, yaitu peraturan kutipan fitrah no. 73 tahun 1938 dan peraturan kutipan zakat no. 74 tahun 1938 (no.1)6. 3jomo k.s, a question of class: capital, the state, and the uneven developent in malaya, (singapura: new york: oxford univerity press, 1986), h. 245. 4hua wu yin, class and communalism in malaysia: politics in dependent capitalit state, (london: zed books,1983), h. 13. 5aidit bin ghazali, ‚zakat administration in malaysia‛, h. 85-86. 6enakmen ini sudah diganti dengan enakmen enakmen majelis agama islam dan adat istiadat melayu dan mahkamah kadi tahun 1953 (no.1). enakmen tahun 1953 ini juga telah diganti oleh enakmen majelis agama islam dan adat istiadat melayu kelantan tahun 1966 (no. 2) dan enaknurhasanah: zakat di malaysia dalam perspektif ekonomi 84 keberadaan aturan-aturan yang mengatur tentang zakat di beberapa negeri malaysia ini tidak serta merta menjelaskan bagaimana zakat bisa dikelola sehingga menjadi potensi penghimpunan dana yang dapat didistribusikan kepada umat islam melalui aktivitas-aktivitas yang punya muatan ekonomi. selain minimnya jumlah muzakkî di malaysia karena tidak ditopang oleh kehidupan melayu yang mapan dari segi ekonomi, pemerintah kolonial inggris sebagai pemegang tampuk kekuasaan terkesan setengah hati dalam hal kebijakan zakat ini. tidak sedikitpun kebijakan-kebijakan ekonomi inggris yang pro-melayu supaya orang melayu bisa hidup secara layak. pasca kemerdekaan 30 agustus 1957, melayu di malaysia berhasil mempertahankan simbol kesultanan sebagai sistem pemerintahannya. dengan semangat kemelayuan dan nasionalisme, malaysia kembali dipimpin oleh tuanku abdul rahman. kondisi perekonomian malaysia kembali dipulihkan pemerintah dengan melibatkan orang-orang melayu di sektor-sektor ekonomi dengan cara memberikan kemudahan-kemudahan akses ekonomi. namun maksud baik pemerintah belum menunjukkan kemajuan ekonomi yang cukup berarti bagi orang melayu. di dunia bisnis contohnya, orang melayu masih belum mampu bersaing dengan etnis lain seperti cina. meskipun dari segi ekonomi orang melayu masih tertinggal, namun pengamalan ajaran islam, seperti zakat yang mempunyai nilai ekonomi, terus berlanjut sesuai dengan kebijakan pemerintah negeri-negeri di malaysia. pemerintah negeri mengeluarkan kebijakan-kebijakan dalam bentuk aturan-aturan (enakmen) yang mengatur tentang zakat. hingga akhir tahun 1980-an, penanganan zakat di malaysia masih jauh dari kesempurnaan. sejak pemerintah melaksanakan kebijakan islamisasi yang menyeluruh, zakat turut menjadi perhatian utama pemerintah. 7setiap negeri diberikan kepercaaan untuk mengelola zakat sebagaimana yang sudah terlaksana sebelumnya. aidit bin ghazali mengatakan bahwa sejak urusan-urusan yang berhubungan dengan islam menjadi kekuasaan pemerintah negeri-negeri, semua aspek yang berhubungan dengan persoalan zakat juga mejadi tanggung jawab negeri-negeri. yang membuat kebijakan utama dan bentuk administrasinya adalah majelis agama masing-masing kecuali kedah. kedah mempunyai men tahun 1966 ini juga telah diganti oleh enakmen majelis agama islam dan adat istiadat melayu kelantan tahun 1994. ahmad hidayat buang (ed), mahkamah syariah di malaysia: pencapaian dan cabaran, (kuala lumpur: universitas malaya, 2005), h. 81, 103. 7syawal kaslam, hasan bahrom, amalan corporate governance dalam pengurusan institusi zakat di malaysia, jurnal pengurusan jawhar, vol.1, no. 2, 2007, h. 55. al-iqtishad: vol. iv, no. 1, januari 2012 85 keberadaan aturan-aturan yang mengatur tentang zakat di beberapa negeri malaysia ini tidak serta merta menjelaskan bagaimana zakat bisa dikelola sehingga menjadi potensi penghimpunan dana yang dapat didistribusikan kepada umat islam melalui aktivitas-aktivitas yang punya muatan ekonomi. selain minimnya jumlah muzakkî di malaysia karena tidak ditopang oleh kehidupan melayu yang mapan dari segi ekonomi, pemerintah kolonial inggris sebagai pemegang tampuk kekuasaan terkesan setengah hati dalam hal kebijakan zakat ini. tidak sedikitpun kebijakan-kebijakan ekonomi inggris yang pro-melayu supaya orang melayu bisa hidup secara layak. pasca kemerdekaan 30 agustus 1957, melayu di malaysia berhasil mempertahankan simbol kesultanan sebagai sistem pemerintahannya. dengan semangat kemelayuan dan nasionalisme, malaysia kembali dipimpin oleh tuanku abdul rahman. kondisi perekonomian malaysia kembali dipulihkan pemerintah dengan melibatkan orang-orang melayu di sektor-sektor ekonomi dengan cara memberikan kemudahan-kemudahan akses ekonomi. namun maksud baik pemerintah belum menunjukkan kemajuan ekonomi yang cukup berarti bagi orang melayu. di dunia bisnis contohnya, orang melayu masih belum mampu bersaing dengan etnis lain seperti cina. meskipun dari segi ekonomi orang melayu masih tertinggal, namun pengamalan ajaran islam, seperti zakat yang mempunyai nilai ekonomi, terus berlanjut sesuai dengan kebijakan pemerintah negeri-negeri di malaysia. pemerintah negeri mengeluarkan kebijakan-kebijakan dalam bentuk aturan-aturan (enakmen) yang mengatur tentang zakat. hingga akhir tahun 1980-an, penanganan zakat di malaysia masih jauh dari kesempurnaan. sejak pemerintah melaksanakan kebijakan islamisasi yang menyeluruh, zakat turut menjadi perhatian utama pemerintah. 7setiap negeri diberikan kepercaaan untuk mengelola zakat sebagaimana yang sudah terlaksana sebelumnya. aidit bin ghazali mengatakan bahwa sejak urusan-urusan yang berhubungan dengan islam menjadi kekuasaan pemerintah negeri-negeri, semua aspek yang berhubungan dengan persoalan zakat juga mejadi tanggung jawab negeri-negeri. yang membuat kebijakan utama dan bentuk administrasinya adalah majelis agama masing-masing kecuali kedah. kedah mempunyai men tahun 1966 ini juga telah diganti oleh enakmen majelis agama islam dan adat istiadat melayu kelantan tahun 1994. ahmad hidayat buang (ed), mahkamah syariah di malaysia: pencapaian dan cabaran, (kuala lumpur: universitas malaya, 2005), h. 81, 103. 7syawal kaslam, hasan bahrom, amalan corporate governance dalam pengurusan institusi zakat di malaysia, jurnal pengurusan jawhar, vol.1, no. 2, 2007, h. 55. dewan tersendiri yang disebut dengan komite zakat (jawatankuasa zakat). jawatan zakat ini beroperasi di beberapa kantor dan bertanggung jawab lansung kepada pemerintah negeri.8 meskipun zakat dikelola oleh majelis agama yang ada di 14 negeri, namun hubungan antara majelis-majelis tersebut dengan pemerintah negeri masing-masing tidak sama. setiap pemerintah negeri mempunyai departemen urusan agama islam negeri (state department of islamic affairs). jadi fungsi dan peran departemen dan majelis itu tergantung kepada dua faktor, yaitu siapa pimpinan majelis agamanya dan apakah majelis itu mengelola dana sendiri atau didanai oleh negeri. pada kenyataannya, departemen agama islam berperan sebagai administrasi sekolah-sekolah agama, aktivitas dakwah, mempersiapkan kursuskursus agama, melaksanakan hukum islam, pengadministrasian belanja yang berhubungan dengan urusan-urusan islam, dan pengadministrasian peradilan islam. sedangkan majelis agama negeri fokus kepada administrasi zakat, administrasi dana (fund) baitulmal dan wakaf.9 berikut ini adalah tabel yang berhubungan dengan hubungan departemen agama islam dan majelis agama islam pada sembilan negeri10 tabel 1 negeri majelis agama negeri pendanaan sendiri subsidi pemerintah ketua majelis agama perlis ditunjuk pemerintah negeri pulau pinang ketua departemen agama kedah perak ketua departemen agama terengganu ketua departemen agama pahang ditunjuk pemerintah negeri negeri sembilan ketua menteri melaka state exco johor state exco independensi setiap negeri sebagai administratif zakat khususnya, berimplikasi pada bentuk pengelolaan zakat. di wilayah persekutuan (pemerintah pusat) dan perak, misalnya, majelis agama islamnya lebih efekif dalam mengelola 8aidit bin ghazali, ‚zakat administration in malaysia‛, h. 86-87 9 a aidit bin ghazali, ‚zakat administration in malaysia‛, h. 87-88 10 a aidit bin ghazali, ‚zakat administration in malaysia‛, h. 89. nurhasanah: zakat di malaysia dalam perspektif ekonomi 86 dana zakat. majelis ini membolehkan dana zakat untuk dikembangkan (diproduktifkan) selain didistribusikan kepada ashnâf dan mereka lebih kreatif untuk menciptakan kesadaran umat islam dalam membayar zakat.11 regulasi zakat di malaysia mengikuti struktur politik yang ada di malaysia, zakat dikelola oleh masingmasing negeri dan negeri mempunyai hak dan kewajiban penuh dalam mengelola zakat. selain sebagai pengelola, penanggung jawab pengelolaan dan pelaksanaan zakat di malaysia, pemerintah melalui perwakilan kerajaan negeri juga beperan dalam membuat regulasi dalam bentuk undang-undang zakat. undang-undang tentang zakat dibuat oleh majelis perundang-undangan negeri. setiap negeri bebas untuk membuat perundang-undangan zakat. meskipun mesti berada dalam wilayah undang-undang syariat islam negeri. kebebasan pada kompetensi pembuatan undang-undang zakat ini, berakibat pada beragamnya beberapa aspek pengelolaan zakat dan cara penegakan hukumnya. selangor dan wilayah persekutuan telah menetapkan hukuman bagi kesalahan tidak membayar zakat dalam akta atau undang-undang kesalahan pidana syariah. perkaraperkara yang ada dalam undang-undang boleh ditegakkan hukumannya tapi kalau peraturan zakat itu hanya dalam bentuk tambahan addendum (facia enakmen) yang tidak dimasukkan ke dalam lembaran negara tidak boleh ditegakkan hukumannya. berkaitan dengan undang-undang zakat di malaysia, aidit ghazali mengatakan bahwa ada tiga aspek utama berkaitan dengan undang-undang zakat di malaysia. pertama, jenis-jenis zakat yang dikumpulkan oleh lembaga resmi. kedua, dakwaan pada pelanggaran pelaksanaan zakat. ketiga, bentuk serta jumlah hukuman dan denda yang boleh dikenakan. berikut ini adalah undang-undang yang mengatur tentang zakat berdasarkan 14 negeri di malaysia:12 11 a aidit bin ghazali, ‚zakat administration in malaysia‛, h. 88. 12 tabel ini di susun penulis, bersumber dari tulisan ahmad hidayat buang, ‚dilema perundangan zakat di malaysia: antara penguatkuasaan dan strategi rujukan/galakan/insentif membayar zakat, asmadi mohamed naim ‚kesahan pemotongan caruman kwsp gaji pekerja dan zakat caruman kwsp suatu kajian semula menurut persektif perundangan islam‛; aishah bidin, ‚isu udang-undang berkaitan pelaksanaanzakat terhadap syarikat di malaysia,‛ dalam abdul ghafar isail dan hailani muji tahir, (ed), zakat: pensyariatan perekonomian dan perundangan, (kuala lumpur: ukm,2006), cet.i, h. 325-367. al-iqtishad: vol. iv, no. 1, januari 2012 87 dana zakat. majelis ini membolehkan dana zakat untuk dikembangkan (diproduktifkan) selain didistribusikan kepada ashnâf dan mereka lebih kreatif untuk menciptakan kesadaran umat islam dalam membayar zakat.11 regulasi zakat di malaysia mengikuti struktur politik yang ada di malaysia, zakat dikelola oleh masingmasing negeri dan negeri mempunyai hak dan kewajiban penuh dalam mengelola zakat. selain sebagai pengelola, penanggung jawab pengelolaan dan pelaksanaan zakat di malaysia, pemerintah melalui perwakilan kerajaan negeri juga beperan dalam membuat regulasi dalam bentuk undang-undang zakat. undang-undang tentang zakat dibuat oleh majelis perundang-undangan negeri. setiap negeri bebas untuk membuat perundang-undangan zakat. meskipun mesti berada dalam wilayah undang-undang syariat islam negeri. kebebasan pada kompetensi pembuatan undang-undang zakat ini, berakibat pada beragamnya beberapa aspek pengelolaan zakat dan cara penegakan hukumnya. selangor dan wilayah persekutuan telah menetapkan hukuman bagi kesalahan tidak membayar zakat dalam akta atau undang-undang kesalahan pidana syariah. perkaraperkara yang ada dalam undang-undang boleh ditegakkan hukumannya tapi kalau peraturan zakat itu hanya dalam bentuk tambahan addendum (facia enakmen) yang tidak dimasukkan ke dalam lembaran negara tidak boleh ditegakkan hukumannya. berkaitan dengan undang-undang zakat di malaysia, aidit ghazali mengatakan bahwa ada tiga aspek utama berkaitan dengan undang-undang zakat di malaysia. pertama, jenis-jenis zakat yang dikumpulkan oleh lembaga resmi. kedua, dakwaan pada pelanggaran pelaksanaan zakat. ketiga, bentuk serta jumlah hukuman dan denda yang boleh dikenakan. berikut ini adalah undang-undang yang mengatur tentang zakat berdasarkan 14 negeri di malaysia:12 11 a aidit bin ghazali, ‚zakat administration in malaysia‛, h. 88. 12 tabel ini di susun penulis, bersumber dari tulisan ahmad hidayat buang, ‚dilema perundangan zakat di malaysia: antara penguatkuasaan dan strategi rujukan/galakan/insentif membayar zakat, asmadi mohamed naim ‚kesahan pemotongan caruman kwsp gaji pekerja dan zakat caruman kwsp suatu kajian semula menurut persektif perundangan islam‛; aishah bidin, ‚isu udang-undang berkaitan pelaksanaanzakat terhadap syarikat di malaysia,‛ dalam abdul ghafar isail dan hailani muji tahir, (ed), zakat: pensyariatan perekonomian dan perundangan, (kuala lumpur: ukm,2006), cet.i, h. 325-367. tabel 2 no negeri uu/peraturan keterangan 1 kelantan 1. notis zakat kelantan tahun 1907; 2. notis zakat no. 3 tahun 1916; 3. notis kutipan fitrah no. 11 tahun 1917; 4. notis tahun 1916 dipinda oleh notis zakat no. 2 tahun 1924; 5. enakmen kutipan zakat kelantan (pindaan) 1927 (no. 4); 6. enakmen majelis ugama islam dan adat istiadat mlayu kelantan no. 23 tahun 1938 memperkenalkan 2 peraturan : a. peraturan kutipan fitrah no. 11 tahun 1938; b. peraturan kutipan zakat no. 74 tahun 1938. 7. enakmen majelis agama islam dan adat melayu dan mahkamah kadi 1953 no. 1; 8. enakmen majelis agama islam dan adat melayu kelantan 1966 no. 2; 9. enakmen majelis agama islam dan adat melayu kelantan tahun 1994. diperkenalkan oleh majelis mesyuarat negeri atas nasihat inggris. uu ini di-mansûkh oleh enakmen majelis agama islam dan adat melayu dan mahkamah kadi 1953 no. 1 kelantan menerapkan uu zakat dan fitrah ini. mahkamah syariah punya peran aktif untuk memantau kutipan zakat. contoh dalam kes ‚majelis v. musa & lain-lain‛, mahkamah mengenakan denda kepada 16 orang karena gagal membayar fitrah pada tahun 1947. setiap mereka didenda rm15 atau dipenjara selama sebulan berdasarkan seksyen 8 peraturan kutipan fitrah 1938. di-mansûkh dengan enakmen majelis agama islam dan adat melayu kelantan 1966 no. 2. di-mansûkh oleh enakmen majelis agama islam dan adat melayu kelantan tahun 1994. 2 terengganu uu zakat terengganu tahun 1947 3 perlis 1. peraturan-peraturan mengutip zakat dan fitrah tahun 1930 (minit paper kerajaan ap. 50/583); 2. enakmen zakat dan fitrah perlis (no. 3) tahun 1949; 3. melalui enakmen tahun 1949 ini, keluar peraturan zakat dan fitrah perlis tahun 1950 (ln. 14 of 51s.s.ps.531/1950 yang menghapus peraturan kutipan zakat dan fitrah tahun 1930; 4. enakmen pentadbiran agama islam perlis (pindaan) 1966 no. 6, laporan tahunan jabatan zakat dan fitrah perlis tahun 1953 melaporkan 10 orang petani yang enggan membayar zakat telah didakwa dan dihukum penjara. nurhasanah: zakat di malaysia dalam perspektif ekonomi 88 membatalkan enakmen tahun 1949, sementara peraturan tahun 1950 tidak ada penjelasan masih berlaku atau sudah dihapuskan; 5. peraturan tabdiran zakat padi pada tahun 1978 yg ditetapkan tanggal 10 januari 1978 melalui titah dymm sultan kelantan dalam m.a 108/76. 4 perak peraturan zakat dan fitrah tahun 1952 no. 1222 yang ditetapkan berdasarkan enakmen baitulmal zakat dan fitrah perak tahun 1951. tahun 1953 sebanyak 52 orang telah didakwa karena gagal membayar fitrah. tahun 1953, tercatat sebanyak 69.000 orang, dan 84.000 orang tahun 1954 yang tidak membayar fitrah di seluruh negeri perak. tahun 1956 pejabat agama islam negeri perak telah menemukan sejumlah 49 orang di daerah selama dan 38 orang di daerah setiawan yangg gagal membayar fitrah. 5 johor 1. enakmen zakat dan fitrah johor tahun 1957; 2. uu ini dipindah tahun 1962 (peraturan zakat dan fitrah johor tahun 1962. semua uu dari no. 1-5 telah dimansûkh. 6 kedah 1. enakmen zakat kedah tahun 1955 (no. 4); 2. pindaan tahun 1962; 3. (pindaan) peraturan zakat kedah tahun 1982 (k.p.u 11). masih berlaku sampai hari ini. tahun 1965 sampai 1966, ada 36 kasus kesalahan zakat. hasil penelitian mohd ali baharom menjelaskan bahwa sebelum tahun 1965 dan setelah tahun 1966 tidak pernah ada pendakwaan karena jawatan merinyu zakat yang bertanggung jawab menerapkan uu zakat adalah seorang inspektor polis pencen yang berpengalaman. keengganan untuk membayar zakat di kedah tahun 1965 dan 1966 itu dibagi 4: 1. keengganan memberi maklumat kepada amil keluasan tanah yang ditanam padi; 2. keengganan membayar zakat; al-iqtishad: vol. iv, no. 1, januari 2012 89 membatalkan enakmen tahun 1949, sementara peraturan tahun 1950 tidak ada penjelasan masih berlaku atau sudah dihapuskan; 5. peraturan tabdiran zakat padi pada tahun 1978 yg ditetapkan tanggal 10 januari 1978 melalui titah dymm sultan kelantan dalam m.a 108/76. 4 perak peraturan zakat dan fitrah tahun 1952 no. 1222 yang ditetapkan berdasarkan enakmen baitulmal zakat dan fitrah perak tahun 1951. tahun 1953 sebanyak 52 orang telah didakwa karena gagal membayar fitrah. tahun 1953, tercatat sebanyak 69.000 orang, dan 84.000 orang tahun 1954 yang tidak membayar fitrah di seluruh negeri perak. tahun 1956 pejabat agama islam negeri perak telah menemukan sejumlah 49 orang di daerah selama dan 38 orang di daerah setiawan yangg gagal membayar fitrah. 5 johor 1. enakmen zakat dan fitrah johor tahun 1957; 2. uu ini dipindah tahun 1962 (peraturan zakat dan fitrah johor tahun 1962. semua uu dari no. 1-5 telah dimansûkh. 6 kedah 1. enakmen zakat kedah tahun 1955 (no. 4); 2. pindaan tahun 1962; 3. (pindaan) peraturan zakat kedah tahun 1982 (k.p.u 11). masih berlaku sampai hari ini. tahun 1965 sampai 1966, ada 36 kasus kesalahan zakat. hasil penelitian mohd ali baharom menjelaskan bahwa sebelum tahun 1965 dan setelah tahun 1966 tidak pernah ada pendakwaan karena jawatan merinyu zakat yang bertanggung jawab menerapkan uu zakat adalah seorang inspektor polis pencen yang berpengalaman. keengganan untuk membayar zakat di kedah tahun 1965 dan 1966 itu dibagi 4: 1. keengganan memberi maklumat kepada amil keluasan tanah yang ditanam padi; 2. keengganan membayar zakat; 3. kesalahan menerima zakat tanpa tauliahkesalahan; 4. yang dilakukan oleh amil. tahun 1986, tercatat bahwa seorang petani di kampung sedakah kedah pernah di dakwah dan dihukum sebagnyak tiga kali karena tidak membayar zakat padi. hasil penelitian scott tahun 1986 mengatakan bahwa ada kelemahan dalam tindakan hukum bagi petani padi yang enggan membayar zakat. hak ini disebabkan oleh faktor sosial politik. faktor sosial adalah amilamil yang ditugaskan memungut zakat tidak mampu menerapkan karena pendapatan mereka tergantung kepada petani-petani tersebut faktor politik adalah ketegasan amil nantinya akan menyebabkan kehilangan dukungan masyarakat terhadap partai politiknya. faktor lain : 1. perubahan mendasar oleh pihak pengelola zakat; 2. kekurangan pakar dan tenaga di bidang pendakwaan; 3. takut kepada tindak balas pembayar zakat yang enggan; 4. kedudukan undang-undang yang tidak kuat; 5. uu zakat tidak bisa memaksa pihak bank untuk mengekspos simpanan (tabungan) muslim yang dipandang berkewajiban membayar zakat sebagaimana yang terdapat dalam undangundang cukai (pajak) pendapatan. (menurut aidit ghazali tahun 1988); 6. pengelola zakat enggan untuk nurhasanah: zakat di malaysia dalam perspektif ekonomi 90 menerapkan kutipan zakat karena beranggapan bahwa keengganan membayar zakat kepada majelis agama bukan kesalahan yang serius. jika ditindak, pihak yang mangkir kemungkinan menerima hukuman yang berat; 7. sebagian uu atau peraturan zakat tersebut tidak diberitakan penerapannya. 7 selangor 1. atoran pentadbiran ugama islam (fitrah dan zakat) 1953 no. 1033 yang ditetapkan berdasarkan enakmen pentadbiran ugama islam 1952 no. 3; 2. (pindaan) si. p.u. 53 tahun 1969; 3. peraturan kutipan dan pembagian zakat fitrah selangor (pindaan) tahun 1973; peraturan ini me-mansûkh peraturan tahun 1953 dan 1969 8 melaka peraturan menjalankan kerja-kerja zakat dan fitrah melaka tahun 1960 yang ditetapkan berdasarkan enakmen pentadbiran ugama islam melaka 1959 no. 1. tidak ada penjelasan apakah peraturan ini masih berlaku setelah peraturan zakat dan fitrah, urusan wakaf, dan baitulmal negeri melaka tahun 1982. 9 serawak (uu kecl) uu zakat dan fitrah serawak tahun 1966 (swk. l.n. 94) yang ditetapkan berdasarkan uu melayu serawak (cap. 51) uu kecil ini akhirnya diserap ke dalam majelis islam (incorporation) ordinance cao. 105 (reprinted) 1972). 10 pahang uu kecil tahun 1970 yang ditetapkan berdasarkan kaedah zakat dan fitrah pahang 1970 (phg mp.u. 18) pahang adalah negeri yang paling aktif memberikan dakwaan di mahkamah berhubungan dengan kutipan zakat dan fitrah. tahun 1985 ada 28 kasus, tahun 1986 ada 13 kasus dan tahun 1987 ada 126 kasus. 11 sabah enakmen zakat dan fitrah sabah tahun 1993 no.6 enakmen ini berdasarkan kepada draf uu zakat yg dibuat oleh jawatankuasa teknikal hukum syarak dan sivil, bahagian hal ehwal islam, jabatan perdana menteri (sekarang jabatan kemajuan islam malaysia/ jakim). banyak kesamaan antara draf enakmen zakat dan fitrah sabah tahun 1993 n0. 6 dengan draf uu al-iqtishad: vol. iv, no. 1, januari 2012 91 menerapkan kutipan zakat karena beranggapan bahwa keengganan membayar zakat kepada majelis agama bukan kesalahan yang serius. jika ditindak, pihak yang mangkir kemungkinan menerima hukuman yang berat; 7. sebagian uu atau peraturan zakat tersebut tidak diberitakan penerapannya. 7 selangor 1. atoran pentadbiran ugama islam (fitrah dan zakat) 1953 no. 1033 yang ditetapkan berdasarkan enakmen pentadbiran ugama islam 1952 no. 3; 2. (pindaan) si. p.u. 53 tahun 1969; 3. peraturan kutipan dan pembagian zakat fitrah selangor (pindaan) tahun 1973; peraturan ini me-mansûkh peraturan tahun 1953 dan 1969 8 melaka peraturan menjalankan kerja-kerja zakat dan fitrah melaka tahun 1960 yang ditetapkan berdasarkan enakmen pentadbiran ugama islam melaka 1959 no. 1. tidak ada penjelasan apakah peraturan ini masih berlaku setelah peraturan zakat dan fitrah, urusan wakaf, dan baitulmal negeri melaka tahun 1982. 9 serawak (uu kecl) uu zakat dan fitrah serawak tahun 1966 (swk. l.n. 94) yang ditetapkan berdasarkan uu melayu serawak (cap. 51) uu kecil ini akhirnya diserap ke dalam majelis islam (incorporation) ordinance cao. 105 (reprinted) 1972). 10 pahang uu kecil tahun 1970 yang ditetapkan berdasarkan kaedah zakat dan fitrah pahang 1970 (phg mp.u. 18) pahang adalah negeri yang paling aktif memberikan dakwaan di mahkamah berhubungan dengan kutipan zakat dan fitrah. tahun 1985 ada 28 kasus, tahun 1986 ada 13 kasus dan tahun 1987 ada 126 kasus. 11 sabah enakmen zakat dan fitrah sabah tahun 1993 no.6 enakmen ini berdasarkan kepada draf uu zakat yg dibuat oleh jawatankuasa teknikal hukum syarak dan sivil, bahagian hal ehwal islam, jabatan perdana menteri (sekarang jabatan kemajuan islam malaysia/ jakim). banyak kesamaan antara draf enakmen zakat dan fitrah sabah tahun 1993 n0. 6 dengan draf uu jakim ini (draf akta zakat wilayah persekutuan). 13 wilayah perekutuan 1. kaedah baitulmal wilayah persekutuan (perbelanjaan dan penggunaan) 1980 (p.u.(a) 154; 2. kaedah tahun 1988 (p.u. (a) 436); 3. kaedah tahun 1996 (p.u.(a)58). 14 negeri sembilan kaedah zakat negeri sembilan 1998 sumber zakat di malaysia ada empat sumber zakat di malaysia, yakni: hasil pertanian, zakat perniagaan, zakat gaji pekerja (pendapatan), dan zakat perusahaan. khusus pada zakat pertanian, mayoritas undang-undang yang berlaku di semua negeri menjelaskan hanya padi sebagai sumber zakat seperti dalam enakmen pentadbiran undangundang agama islam (fitrah dan zakat) (pindaan) tahun 1969 pasal 9 menjelaskan bahwa zakat pertanian hanya dikenakan kepada padi saja,13 tanpa menyebutkan produktivitas tanaman lain seperti karet, kelapa sawit, cokelat, kopi, buah-buahan, dan sayur-sayuran. memang berkenaan dengan zakat pertanian, surah al-an‘âm [6] ayat 141, surah al-baqarah [2] ayat 267, dan dalam hadis nabi yang diriwayatkan ibn ‘umar yang menjelaskan bahwa tanaman yang dialiri oleh air hujan, mata air, atau air dari bumi dikenakan zakat 10 persen, sedangkan yang diairi dengan sistem pengairan zakatnya adalah 5 persen,14 tidak menjelaskan secara rinci jenis zakat tanaman/pertanian yang dikeluarkan zakatnya, meskipun ada beberapa pendapat ulama dalam hal ini. pertama, mazhab mâlikî15 dan syâfi’î16 mensyaratkan bahwa zakat dikenakan kepada makanan pokok suatu tempat, bisa dikeringkan dan tahan disimpan lama. ada lima makanan pokok yang dimaksud di sini yaitu, padi, gandum, jagung, kurma, dan anggur. kedua, mazhab hanbalî17 berpendapat bahwa zakat dikenakan kepada semua jenis tanaman makanan dengan syarat bisa ditimbang, disimpan, dikeringkan serta ditanam oleh manusia sendiri. ini meliputi semua jenis makanan baik makanan pokok maupun tidak 13mujaini tarmin, zakat pertanian sistem dan pelaksanaannya, (kuala lumpur: dewan bahasa dan pustaka, 1990), h. 56. 14diterjemahkan sendiri dari ktab abû ‘ubayd, kitâb al-amwâl, (bayrût: dâr al-fikr, t.th), h. 577. 15al-dusuki, hâsyiyah al-dusuki al-‘ilmiyyah, (bayrût: dâr al-kutub, 1996), jilid ii, h. 30. 16al-khâtib al-syarbini, mughni al-muhtaj, (bayrût: dâr al-ma‘rifah, 1997), jilid i, h. 565. 17ibn qudâmah, al-mughnî, (riyadh: dâr al-‘alim, 1997), jilid 4, h. 55. nurhasanah: zakat di malaysia dalam perspektif ekonomi 92 dengan syarat yang telah disebutkan. ketiga, abû hanîfah18 berpendapat bahwa zakat pertanian diwajibkan kepada semua jenis tanaman makanan, baik makanan pokok ataupun tidak tanpa ada syarat. argumennya, zakat pertanian ini diwajibkan kepada semua jenis tanaman karena tanaman adalah hasil yang tumbuh dari bumi dan diusahakan petani dengan niat menjalankan usaha pertanian untuk mendapatkan kekayaan. selain itu, sasaan utama pengeluaran zakat adalah untuk mendistribusikan kekayaan. oleh karena itu, kalau dibatasi kepada tanaman tertentu, sasaran zakat tidak akan tercapai. untuk itu abû hanîfah mengklasifikasikan tanaman kepada beberapa jenis, yaitu: biji-bijian berupa makanan pokok, makanan bukan makanan pokok seperti ketumbar, tebu, dan lain-lain, sayur-sayuran, buah-buahan, dan tanaman bukan makanan seperti kapas (q.s. al-an’âm [6]: 141). sebagaimana dikatakan oleh shirlie gordon, uu dan peraturan tentang zakat padi meskipun bermanfaat untuk orang islam, namun pada hakikatnya dapat menekan kelompok miskin. karena mewajibkan pembayaran zakat padi kepada mayoritas petani miskin. kebanyakan petani penyewa tanah dari tuan tanah. uu dan peraturan mewajibkan petaninya bukan tuan tanah yang bayar zakat. petani terbebani untuk membayar sewa dan zakat dari hasil yang sama. zakat yang bersumber dari gaji pekerja (pendapatan) diwajibkan pemerintah pusat dan berlaku untuk semua negeri, melalui persetujuan pekerja yang dinyatakan dalam kontrak kerja. pemerintah mewajibkan pekerja dan majikan untuk membayar. sebagaimana pada zakat gaji (pendapatan), zakat perniagaan juga dianjurkan pemerintah dengan ketentuan pemerintah memberikan potongan pajak bagi muzakkî pendapatan dan perniagaan berdasarkan akta cukai pendapatan tahun 1967. sedangkan zakat perusahaan di malaysia belum populer dilaksanakan. ini disebabkan oleh tiga faktor pertama, kelemahan dari segi undang-undang (lacunae) yang mengatur. kedua struktur perusahaan yang berbeda dan kompleks dan ketiga, persoalan pembagian kekuasaan pemerintah pusat (kerajaan persekutuan) dan pemerintah negeri (kerajaan negeri). di tingkat pemerintahan pusat uu sipil memulai seksyen 2 akta tafsiran 1950 menggunakan istilah orang ‛persons‛ pada wajib pajak sedangkan akta cukai pendapatan 1967 mnggunakan istilah ‛individu‛ bagi wajib pajak. kedua istilah ini mempunyai arti berbeda secara hukum. istilah ‛orang‛ berarti badan perseorangan, perusahan dan lembaga. sedangkan ‛individu‛ berarti badan perseorangan. jika akta tahun 1950 memberikan porsi yang sama dengan pengerian 18al-kasani, bada’t al-sna’t, (lubnan: dâr ihyâ’ al-turâth al-‘arabî, 1998), jilid ii, h. 178-179. al-iqtishad: vol. iv, no. 1, januari 2012 93 dengan syarat yang telah disebutkan. ketiga, abû hanîfah18 berpendapat bahwa zakat pertanian diwajibkan kepada semua jenis tanaman makanan, baik makanan pokok ataupun tidak tanpa ada syarat. argumennya, zakat pertanian ini diwajibkan kepada semua jenis tanaman karena tanaman adalah hasil yang tumbuh dari bumi dan diusahakan petani dengan niat menjalankan usaha pertanian untuk mendapatkan kekayaan. selain itu, sasaan utama pengeluaran zakat adalah untuk mendistribusikan kekayaan. oleh karena itu, kalau dibatasi kepada tanaman tertentu, sasaran zakat tidak akan tercapai. untuk itu abû hanîfah mengklasifikasikan tanaman kepada beberapa jenis, yaitu: biji-bijian berupa makanan pokok, makanan bukan makanan pokok seperti ketumbar, tebu, dan lain-lain, sayur-sayuran, buah-buahan, dan tanaman bukan makanan seperti kapas (q.s. al-an’âm [6]: 141). sebagaimana dikatakan oleh shirlie gordon, uu dan peraturan tentang zakat padi meskipun bermanfaat untuk orang islam, namun pada hakikatnya dapat menekan kelompok miskin. karena mewajibkan pembayaran zakat padi kepada mayoritas petani miskin. kebanyakan petani penyewa tanah dari tuan tanah. uu dan peraturan mewajibkan petaninya bukan tuan tanah yang bayar zakat. petani terbebani untuk membayar sewa dan zakat dari hasil yang sama. zakat yang bersumber dari gaji pekerja (pendapatan) diwajibkan pemerintah pusat dan berlaku untuk semua negeri, melalui persetujuan pekerja yang dinyatakan dalam kontrak kerja. pemerintah mewajibkan pekerja dan majikan untuk membayar. sebagaimana pada zakat gaji (pendapatan), zakat perniagaan juga dianjurkan pemerintah dengan ketentuan pemerintah memberikan potongan pajak bagi muzakkî pendapatan dan perniagaan berdasarkan akta cukai pendapatan tahun 1967. sedangkan zakat perusahaan di malaysia belum populer dilaksanakan. ini disebabkan oleh tiga faktor pertama, kelemahan dari segi undang-undang (lacunae) yang mengatur. kedua struktur perusahaan yang berbeda dan kompleks dan ketiga, persoalan pembagian kekuasaan pemerintah pusat (kerajaan persekutuan) dan pemerintah negeri (kerajaan negeri). di tingkat pemerintahan pusat uu sipil memulai seksyen 2 akta tafsiran 1950 menggunakan istilah orang ‛persons‛ pada wajib pajak sedangkan akta cukai pendapatan 1967 mnggunakan istilah ‛individu‛ bagi wajib pajak. kedua istilah ini mempunyai arti berbeda secara hukum. istilah ‛orang‛ berarti badan perseorangan, perusahan dan lembaga. sedangkan ‛individu‛ berarti badan perseorangan. jika akta tahun 1950 memberikan porsi yang sama dengan pengerian 18al-kasani, bada’t al-sna’t, (lubnan: dâr ihyâ’ al-turâth al-‘arabî, 1998), jilid ii, h. 178-179. orang perorangan (individu) dan perusahaan, maka akta cukai 1967 jelas membedakan antara individu dan perusahaan. pelaksanaan zakat menjadi bidang kekuasaan pemerintah negeri yang termaktub dalam enakmen setiap negeri sedangkan perusahaan diatur oleh undang-undang sipil yang menjadi kekuasaan pemerintah pusat. adapun uu tentang perusahaan yang pernah berlaku di malaysia adalah: akta syarikat 1965, akta pendaftaran syarikat syarikat 1965, akta pelaburan kerajaan 1983, akta perindustrian sekuriti 1983, akta perbankan, dan institusi kewangan 1989, akta suruhanjaya sekuriti 1993, dan akta suruhanjaya syarikat 2001. selain itu masih ada kaedah lain yang dipakai seperti kod. amalan pengarah dan kod. tadbiurus syarikat 1999 sebagai panduan perusahaan. zakat di era modern dari awal sejarah pelaksanaan zakat di malaysia, pengelolaan zakat belum dikelola secara profesional, maka potensi zakat di malaysia belum terjaring secara signifikan. dengan kemajuan ekonomi di malaysia, ekonomi orang melayu pun mulai mengalami kemajuan. potensi zakat yang cukup baik untuk mengembangkan kemajuan ekonomi,19 dapat dijadikan pemerintah untuk memperbaiki sistem pengelolaan zakat. zakat dikelola secara profesional dengan memakai pola corporate governance. konsep corporate governance menekankan kepada pentingnya peranan dan tanggung jawab pengurus dalam mengelola zakat dan juga untuk menumbuhkan integritas dan keyakinan masyarakat. peran dan tanggung jawab pengurus adalah melaksanapengelolaan zakat secara ikhlas, bertanggung jawab, amanah, dan profesional supaya tujuan organisasi dapat tercapai dan kepentingan masyarakat terhadap zakat dapat terpenuhi.20 berikut ini ada dua lembaga zakat di malaysia yang mengamalkan pola corporate governance ini. pertama, pusat pungutan zakat (ppz). ppz di wilayah persekutuan berdiri 27 desember 1990 sebagai lanjutan dari ide gagasan pembentukannya sejak mei 1989. munculnya gagasan pembentukan ppz dimotori oleh adanya keresahan masyarakat muslim tentang pengelolaan zakat yang tidak berkembang. kelemahan institusi yang ada disebabkan oleh buruknya mena 19 tahun 2001, total perolehan zakat di malaysia adalah rm 320.348.659. dana ini berasal dari zakat pendapatan (profesi), zakat tabungan, zakat harta, qadhâ zakat, zakat fitrah, serta sedikit dari infak sedekah. khusus untuk zakat profesi, ppz membidik para muzakkî yang berpenghasilan minimal rm 5.000 per bulan. 20shawal kaslam, hasan bahrom, ‚amalan corporate governance dalampengurusan institusi zakat di malaysia‛, dalam jurnal pengurusan jawhar, vol. 1, no. 2, h. 53. nurhasanah: zakat di malaysia dalam perspektif ekonomi 94 jemen pengelolaan zakat sehingga kinerja institusi pengelola zakat membuat muzakkî mengalami kesulitan untuk membayar zakat. berdasarkan realita ini, pemerintah mengontak konsultan asing coopers and lybrand untuk mengkaji potensi zakat. konsultan ini ditugaskan untuk mendesain struktur dan sistem organisasi termasuk merancang model promosi dan kiat-kiat marketing guna meningkatkan pendapatan zakat. desain konsultan berorientasi pada usulan ppz menjadi sebuah perusahaan murni (korporat) dengan penekanan pada cara kerja yang profesional. ppz yang menginduk pada majelis agama islam wilayah persekutuan (maiwp) di kuala lumpur pada awal berdirinya sampai 2003 dipimpin moh. dohan bin abdul latiff (ceo). moh. dohan merekrut sdm ppz dari latar belakang pendidikan yang beragam dan mempersiapkan karakter penghimpunan zakat berbasis teknologi komputer. ppz resmi beroperasi tanggal maret 1991 dan diresmikan oleh pm mahathir mohammad. adapun pengumpulan zakat di wilayah persekutuan periode 1991-2003 adalah: table 3 tahun jumlah zakat (rm) jumlah kenaikan (rm) 1991 14,6 juta 1992 21,2 juta 6,6juta 1993 26,8 juta 5,6 juta 1994 34,4 juta 7,6 juta 1995 33,6 juta -0,8 juta 1996 42,9juta 9,3 juta 1997 52,8juta 9,9 juta 1998 45,7 juta -7,1 juta 1999 36,0juta -9,7 juta 2000 58,9 juta 22,9 juta 2001 72,9 juta 14,0 juta 2002 84,5 juta 11,6 juta 2003 96,4 juta 11,9 juta sumber: laporan zakat 2003 ppz maiwp tahun 2001, perolehan zakat oleh ppz sekitar rm 72,9 dikutip dari 40 ribu muzakkî yang berdomisili di kuala lumpur. 1/8 dari perolehan zakat ini yaitu rm. 8 juta diambil untuk biaya operasional dan gaji pegawai dan rm 64 juta diserahkan ke baitulmal. tahun 2002, perolehan zakat oleh ppz sekitar rm 84,5 juta. al-iqtishad: vol. iv, no. 1, januari 2012 95 jemen pengelolaan zakat sehingga kinerja institusi pengelola zakat membuat muzakkî mengalami kesulitan untuk membayar zakat. berdasarkan realita ini, pemerintah mengontak konsultan asing coopers and lybrand untuk mengkaji potensi zakat. konsultan ini ditugaskan untuk mendesain struktur dan sistem organisasi termasuk merancang model promosi dan kiat-kiat marketing guna meningkatkan pendapatan zakat. desain konsultan berorientasi pada usulan ppz menjadi sebuah perusahaan murni (korporat) dengan penekanan pada cara kerja yang profesional. ppz yang menginduk pada majelis agama islam wilayah persekutuan (maiwp) di kuala lumpur pada awal berdirinya sampai 2003 dipimpin moh. dohan bin abdul latiff (ceo). moh. dohan merekrut sdm ppz dari latar belakang pendidikan yang beragam dan mempersiapkan karakter penghimpunan zakat berbasis teknologi komputer. ppz resmi beroperasi tanggal maret 1991 dan diresmikan oleh pm mahathir mohammad. adapun pengumpulan zakat di wilayah persekutuan periode 1991-2003 adalah: table 3 tahun jumlah zakat (rm) jumlah kenaikan (rm) 1991 14,6 juta 1992 21,2 juta 6,6juta 1993 26,8 juta 5,6 juta 1994 34,4 juta 7,6 juta 1995 33,6 juta -0,8 juta 1996 42,9juta 9,3 juta 1997 52,8juta 9,9 juta 1998 45,7 juta -7,1 juta 1999 36,0juta -9,7 juta 2000 58,9 juta 22,9 juta 2001 72,9 juta 14,0 juta 2002 84,5 juta 11,6 juta 2003 96,4 juta 11,9 juta sumber: laporan zakat 2003 ppz maiwp tahun 2001, perolehan zakat oleh ppz sekitar rm 72,9 dikutip dari 40 ribu muzakkî yang berdomisili di kuala lumpur. 1/8 dari perolehan zakat ini yaitu rm. 8 juta diambil untuk biaya operasional dan gaji pegawai dan rm 64 juta diserahkan ke baitulmal. tahun 2002, perolehan zakat oleh ppz sekitar rm 84,5 juta. rm 4 juta berasal dari zakat perniagaan tabungan haji. tahun 2002, tabungan haji mengeluarkan zakat rm 18 juta yang didistribusikan ke 14 negeri bagian. kedua, pusat zakat selangor (pzs). pzs didirikan tanggal 15 februari 1994 sekaligus terdaftarnya syarikat mais zakat sdn. bhd sebagai anak perusahaan sepenuhnya milik majelis agama islam selangor (mais) dengan modal sebanyak rm 500.000.lembaga ini mulai beroperasi sepenuhnya pada bulan oktober 1995. adapun pengumpulan zakat di selangor periode 1991-2003 adalah: table 4 tahun jumlah zakat (rm) jumlah kenaikan (rm) 1991 7,5 juta 2,5 juta 1992 10,0 juta 0,3 juta 1993 10,3 juta 3,5 juta 1994 13,8 juta -0,8 juta 1995 13,2 juta 14,7 juta 1996 27,9 juta 14,7 juta 1997 37,2 juta 9,3 juta 1998 37,3 juta 0,1 juta 1999 37,7 juta 0,4 juta 2000 46,2 juta 8,5 juta 2001 61,4 juta 15,2 juta 2002 78,7 juta 17,3 juta 2003 86,2 juta 7,5 juta sumber: laporan zakat 2003, ppz mawip selain ppz dan pzh, ada lima lembaga zakat swasta di malaysia, yaitu: lembaga zakat selangor (lzs), pusat urus zakat (puz) di pulau pinang, pusat kutipan zakat (pkz) di pahang, pusat zakat negeri sembilan (pzns), dan pusat zakat melaka (pzm). di antara tujuh lembaga itu, hanya dua lembaga yang diberi tanggung jawab untuk mengelolah zakat sepenuhnya seperti memungut zakat dan mendistribusikannya yaitu lembaga zakat selangor (lzs) dan pusat urus zakat (puz) di pulau pinang sementara yang lain hanya bertugas memungut zakat saja sementara yang mendistribusikannya adalah baitulmal (unit zakat) di bawah majelis agama islam negeri maing-masing. di samping tujuh lembaga zakat swasta di malaysia, ada tujuh lembaga zakat pemerintah yang dikelola langsung oleh majelis agama islam negeri sebagai agensi kerajaan negeri. adapun tujuh negeri tersebut adalah: (1) majelis agama islam negeri johor; (2) majelis agama islam dan adat melayu perak; (3) nurhasanah: zakat di malaysia dalam perspektif ekonomi 96 jabatan zakat negeri kedah; (4) majelis agama islam dan adat istiadat melayu perlis; (5) majelis agama islam dan adat melayu kelantan; (5) majelis agama islam dan adat melayu terengganu; (6) tabung baitulmal serawak. di bawah ini ditampilkan tabel yang menggambarkan penghimpunan zakat dari 14 negeri bagian malaysia pada tahun 1991, 1997, 1999, dan 2001. tahun ini menggambarkan tiga hal penting yaitu: tahun 1991 merupakan tonggak kelahiran ppz, tahun 1997 dan 1999 menjelaskan krisis moneter yang mempengaruhi naik turunnya nominal penghimpunan zakat dan tahun 2001 menggambarkan perolehan zakat terkini sebagai akhir periodisasi pemerintahan mahathir. table 5 no negeri 1991 (rm) 1997 (rm) 1999 (rm) 20001 (rm) 1 wilayah persekutuan 14.639.933 52.850.927 36.019.248 72.886.035 2 selangor 7.505.522 37.213.288 37.760.000 31.432.750 3 johor 6.567.911 22.612.834 28.591.949 31.432.921 4 terengganu 4,584.147 12.883.924 12.499.444 28.247.343 5 perak 6.705.526 15.629.554 15.695.046 20.468.412 6 pulau pinang 2.623.824 9.716.224 10.388.466 17.550.949 7 pahang 2.805.483 9.225.865 9.375.239 16.625.473 8 kelantan 3.332.410 11.171.432 9.533.087 16.582.718 9 negeri sembilan 2.784.985 7.470.136 8.763.046 13.230.123 10 kedah 2.757.326 6.409.012 8.399.694 12.487.629 11 melaka 4.381.836 8.556.377 7.656.886 12.034.520 12 serawak 1.507.696 3.907.769 4.611.670 8.318.162 13 sabah 910.571 2.604.679 3.743.029 5.331.114 14 perlis 1.541.811 3.203.206 2.469.199 3.720.504 jumlah 61.107.168 203.455.228 195.506.008 320.348.659 zakat dan kemiskinan mengenai penyaluran dana zakat, hasil wawancara penulis dengan salah seorang pengurus ppz mengatakan bahwa zakat di malaysia disalurkan untuk dana-dana sosial dalam rangka memperkecil tingkat kemiskinan ditengah masyarakat muslim-melayu. zakat digunakan untuk membantu para ashnâf yang membutuhkan bantuan. meskipun ada dana zakat disalurkan untuk perniagaan, tujuannya adalah membantu pedagang kecil dalam berusaha. bentuk akad yang dipakai adalah qardh al-hasan. meskipun semua dana zakat ini digunakan untuk program pengentasan kemiskinan masyarakat muslim, akan jauh lebih kecil dari total dana yang dikeal-iqtishad: vol. iv, no. 1, januari 2012 97 jabatan zakat negeri kedah; (4) majelis agama islam dan adat istiadat melayu perlis; (5) majelis agama islam dan adat melayu kelantan; (5) majelis agama islam dan adat melayu terengganu; (6) tabung baitulmal serawak. di bawah ini ditampilkan tabel yang menggambarkan penghimpunan zakat dari 14 negeri bagian malaysia pada tahun 1991, 1997, 1999, dan 2001. tahun ini menggambarkan tiga hal penting yaitu: tahun 1991 merupakan tonggak kelahiran ppz, tahun 1997 dan 1999 menjelaskan krisis moneter yang mempengaruhi naik turunnya nominal penghimpunan zakat dan tahun 2001 menggambarkan perolehan zakat terkini sebagai akhir periodisasi pemerintahan mahathir. table 5 no negeri 1991 (rm) 1997 (rm) 1999 (rm) 20001 (rm) 1 wilayah persekutuan 14.639.933 52.850.927 36.019.248 72.886.035 2 selangor 7.505.522 37.213.288 37.760.000 31.432.750 3 johor 6.567.911 22.612.834 28.591.949 31.432.921 4 terengganu 4,584.147 12.883.924 12.499.444 28.247.343 5 perak 6.705.526 15.629.554 15.695.046 20.468.412 6 pulau pinang 2.623.824 9.716.224 10.388.466 17.550.949 7 pahang 2.805.483 9.225.865 9.375.239 16.625.473 8 kelantan 3.332.410 11.171.432 9.533.087 16.582.718 9 negeri sembilan 2.784.985 7.470.136 8.763.046 13.230.123 10 kedah 2.757.326 6.409.012 8.399.694 12.487.629 11 melaka 4.381.836 8.556.377 7.656.886 12.034.520 12 serawak 1.507.696 3.907.769 4.611.670 8.318.162 13 sabah 910.571 2.604.679 3.743.029 5.331.114 14 perlis 1.541.811 3.203.206 2.469.199 3.720.504 jumlah 61.107.168 203.455.228 195.506.008 320.348.659 zakat dan kemiskinan mengenai penyaluran dana zakat, hasil wawancara penulis dengan salah seorang pengurus ppz mengatakan bahwa zakat di malaysia disalurkan untuk dana-dana sosial dalam rangka memperkecil tingkat kemiskinan ditengah masyarakat muslim-melayu. zakat digunakan untuk membantu para ashnâf yang membutuhkan bantuan. meskipun ada dana zakat disalurkan untuk perniagaan, tujuannya adalah membantu pedagang kecil dalam berusaha. bentuk akad yang dipakai adalah qardh al-hasan. meskipun semua dana zakat ini digunakan untuk program pengentasan kemiskinan masyarakat muslim, akan jauh lebih kecil dari total dana yang dikeluarkan pemerintan untuk program pengentasan kemiskinan ini.21 ini artinya, pemerintah malaysia lebih berkompeten dalam upaya mengentaskan kemiskinan dalam upaya menciptakan sosio-ekonomi. zakat adalah salah satu program pemerintah dalam upaya pengentasan kemiskinan. oleh karena itu pemerintah di era mahathir tidak mau mengatakan bahwa zakat adalah satu-satunya upaya pengentasan kemiskinan, meskipun pemerintah telah merestui operasional ppz tahun 1991 sebagai salah satu dari bentuk bumn. dalam konteks kemiskinan di malaysia, mahathir mengatakan bahwa sebelum mardeka, malaysia termasuk dalam kategori negara miskin. dalam waktu 46 tahun malaysia telah menjadi negara industri dan akan berlanjut kepada industri jasa berbasis teknologi informasi. kemiskinan telah menurun dari 52,4% pada tahun 1970 menjadi 21% pada tahun 1983 dan hanya 5,1% pada 2002. 92% rumah-rumah di seluruh pedesaan sudah memiliki listrik, sementara 86% menerima air bersih pada tahun 2003. demikian halnya dengan pendapatan per kapita meningkat hampir tiga kali lipat dari rm 1.098 per bulan di tahun 1983 menjadi rm 3.011 di tahun 2002. walaupun target 30% kekayaan negara belum dicapai bumiputra tapi disparitas ekonomi antara kelompok-kelompok etnis jelas menurun. pada tahun 1970, kaum bumiputra hanya memiliki 2,4% kekayaan negara. tapi pada tahun 2002 sudah mencapai 18,7%. kalau dalam nilai agregat berarti dari rm 126 juta pada tahun 1970 menjadi rm 73.162 juta pada tahun 2002.22 dapat dipahami bahwa pelaksanaan zakat di malaysia bukanlah satu-satunya upaya untuk mengentaskan kemiskinan. selain lembaga-lembaga zakat yang ada di tingkat persekutuan dan negeri, ada lembaga-lembaga pemerintah dan non-pemerintah berbentuk lembaga swadaya masyarakat seperti amanat ikhtiar malaysia (aim), namun kebanyakan lembaga-lembaga tidak terlepas dari kontrol pemerintah. adapun lembaga pemerintah yang bergerak untuk mengentaskan kemiskinan adalah kementerian perpaduan negara dan pembangunan masyarakat (jabatan kebajikan masyarakat) dan kementerian pembangunan luar bandar (kplb) yang mempunyai sembilan agensi yaitu: lembaga penyatuan dan pemulihan tanah persekutuan (felcra), institut kemajuan desa (infra), 21abang mohamad shibli bin abang mohamad nailie, ‚peranan zakat dalam pembangunan umat‛, dalam nik mustapha nik hassan, ekonomi islam dan pelaksanaannya di malaysia, (kuala lumpur: ikim2002), cet. i, h. 240-241. 22wawancara liem siok lan dengan mahathir tentang malaysia incorporated 2020 dalam buku menembus batas (beyond boundaries), (jakarta: yayasan obor indonesia, 2008), h. 121, 122 dan 124. nurhasanah: zakat di malaysia dalam perspektif ekonomi 98 lembaga kemajuan johor tenggara (kejora), lembaga kemajuan wilayah kedah (keda), bahagian kemanjuan masyarakat (kemas), lembaga kemajuan kelantan selatan (ketengah), lembaga kemajuan wilayah pulau pinang (perda) dan pihak berkuasa kemajuan perkebunan kecil perusahaan getah (risda). lembaga-lembaga ini mengembangkan aktivitas dan programnya dalam mendampingi kalangan miskin. seperti penciptaan lapangan kerja, pendidikan, dan pelatihan. bentuk subsidi langsung pemerintah yang tidak mendidik secara bertahap dihilangkan karena ini dapat menurunkan rasa percaya diri rakyat dan kurang menghargai daya juang bangsa malaysia.23 di malaysia, selain kuantitas kelompok miskin relatif kecil, tingkat kemiskinan pun dari segi penghasilan cukup sejahtera bila dibandingkan dengan indonesia, misalnya, tahun 1998, mustahiq yang berhak menerima zakat adalah bumiputera miskin yang berpenghasilan di bawah rm 700. sedangkan pada tahun 2003, mustahiq adalah bumiputera miskin yang berpenghasilan di bawah rm 1.200. penutup pemerintah malaysia punya peran besar dalam pengaplikasian zakat dengan mengeluarkan berbagai kebijakan melalui enakmen di 14 negeri. sejak era melayu tradisional sampai tahun 90-an, kebijakan dan pengelolaan zakat menjadi kekuasaan majelis agama islam masing-masing negeri. undang-undang zakat yang telah ada, belum secara utuh menerapkan zakat. karena diperhatikan, enakmen-enakmen tersebut belum mengatur semua sumber zakat yang telah disebutkan seperti zakat pertanian, zakat pendapatan, zakat perniagaan, dan zakat perusahaan. tidak semua sumber zakat ini dikelola sepenuhnya oleh negeri, seperti zakat perusahaan yang belum populer karena ini menjadi otoritas pemerintah pusat. seiring dengan kemajuan ekonomi umat islam, pemerintah melihat bahwa potensi zakat semakin meningkat. oleh karena itu, pada tahun 90-an, pemerintah mulai menggalakkan sistem pengelolaan zakat secara profesional yaitu dengan sistem corporate. pengeloalaan ini dimulai pertama kali oleh ppz yang diresmikan mahathir mohamad pada tahun 1991. zakat yang mempunyai nilai ekonomi, turut mendukung program pemerintah dalam upaya pengentasan kemiskinan. meskipun potensi zakat semakin 23 wawancara liem siok lan dengan mahathir. h. 137. al-iqtishad: vol. iv, no. 1, januari 2012 99 lembaga kemajuan johor tenggara (kejora), lembaga kemajuan wilayah kedah (keda), bahagian kemanjuan masyarakat (kemas), lembaga kemajuan kelantan selatan (ketengah), lembaga kemajuan wilayah pulau pinang (perda) dan pihak berkuasa kemajuan perkebunan kecil perusahaan getah (risda). lembaga-lembaga ini mengembangkan aktivitas dan programnya dalam mendampingi kalangan miskin. seperti penciptaan lapangan kerja, pendidikan, dan pelatihan. bentuk subsidi langsung pemerintah yang tidak mendidik secara bertahap dihilangkan karena ini dapat menurunkan rasa percaya diri rakyat dan kurang menghargai daya juang bangsa malaysia.23 di malaysia, selain kuantitas kelompok miskin relatif kecil, tingkat kemiskinan pun dari segi penghasilan cukup sejahtera bila dibandingkan dengan indonesia, misalnya, tahun 1998, mustahiq yang berhak menerima zakat adalah bumiputera miskin yang berpenghasilan di bawah rm 700. sedangkan pada tahun 2003, mustahiq adalah bumiputera miskin yang berpenghasilan di bawah rm 1.200. penutup pemerintah malaysia punya peran besar dalam pengaplikasian zakat dengan mengeluarkan berbagai kebijakan melalui enakmen di 14 negeri. sejak era melayu tradisional sampai tahun 90-an, kebijakan dan pengelolaan zakat menjadi kekuasaan majelis agama islam masing-masing negeri. undang-undang zakat yang telah ada, belum secara utuh menerapkan zakat. karena diperhatikan, enakmen-enakmen tersebut belum mengatur semua sumber zakat yang telah disebutkan seperti zakat pertanian, zakat pendapatan, zakat perniagaan, dan zakat perusahaan. tidak semua sumber zakat ini dikelola sepenuhnya oleh negeri, seperti zakat perusahaan yang belum populer karena ini menjadi otoritas pemerintah pusat. seiring dengan kemajuan ekonomi umat islam, pemerintah melihat bahwa potensi zakat semakin meningkat. oleh karena itu, pada tahun 90-an, pemerintah mulai menggalakkan sistem pengelolaan zakat secara profesional yaitu dengan sistem corporate. pengeloalaan ini dimulai pertama kali oleh ppz yang diresmikan mahathir mohamad pada tahun 1991. zakat yang mempunyai nilai ekonomi, turut mendukung program pemerintah dalam upaya pengentasan kemiskinan. meskipun potensi zakat semakin 23 wawancara liem siok lan dengan mahathir. h. 137. berkembang seiring dengan kemajuan ekonomi orang melayu khususnya dan malaysia umumnya, zakat bukan satu-satunya upaya pemerintah untuk mengentaskan kemiskinan. upaya lain untuk mengentaskan kemiskinan ini diprogram pemerintah secara khusus dengan adanya kementerian perpaduan negara dan pembangunan masyarakat (jabatan kebajikan masyarakat) dan kementerian pembangunan luar bandar (kplb) yang khusus membidanginya. [] pustaka acuan al-qur’ân al-karîm abû ‘ubayd, kitâb al-amwâl, bayrût: dâr al-fikr, t.th. bidin, aishah, ‚isu udang-undang berkaitan pelaksanaan zakat terhadap syarikat di malaysia‛, dalam abdul ghafar isail dan hailani muji tahir (ed.), zakat: pensyariatan perekonomian dan perundangan, kuala lumpur: ukm, 2006. bin ghazali, aidit, ‚zakat administration in malaysia‛, dalam mohamed ariff (ed.), islam and the economic development of southest asia; the islamic voluntary sector in southest asia, singapore: iseas, 1991. buang, ahmad hidayat (ed.), mahkamah syariah di malaysia: pencapaian dan cabaran, kuala lumpur: universitas malaya, 2005. ---------------, undang-undang islam di malaysia: prinsip dan amalan, kuala lumpur: universitas malaya, 2007. dusuki, al-, hasyiyah al-dusukî al-‘ilmiyyah, bayrût: dâr al-kutb, 1996. hua wu yin, class and communalism in malaysia: politics in dependent capitalit state, london: zed books,1983. ibn qudâmah, al-mughnî, riyâdh: dâr al-‘alim, 1997. jomo k.s, a question of class: capital, the state, and the uneven developent in malaya, singapura: new york: oxford univerity press, 1986. kasani, al-, bada’t al-sna’t, lubnan: dâr ihyâ’ al-turâts al-‘arabî, 1998. kaslam, syawal & bahrom, hasan, ‚amalan corporate governance dalam pengurusan institusi zakat di malaysia‛, jurnal pengurusan jawhar, vol. 1, no. 2, 2007. nailie, abang mohamad shibli bin abang mohamad, ‚peranan zakat dalam pembangunan umat‛, dalam nik mustapha nik hassan, ekonomi islam dan pelaksanaannya di malaysia, kuala lumpur: ikim, 2002. syabini, al-, al-khatib, mughnî al-muhtâj, bayrût: dâr al-ma‘rifah, 1997. tarmin, mujaini, zakat pertanian sistem dan pelaksanaannya, (kuala lumpur: dewan bahasa dan pustaka, 1990. nurhasanah: zakat di malaysia dalam perspektif ekonomi 100 wawancara liem siok lan dengan mahathir tentang malaysia incorporated 2020 dalam buku menembus batas (beyond boundaries), jakarta: yayasan obor indonesia, 2008. dede abdul fatah1, ach. bakhrul muchtasib2, indra rahmatullah3, mustafa zafer soydan4 abstract. the study determines whether islamic bank management understands hybrid contracts in the dsn-mui funding fatwa and its influence on developing funding products in islamic banks. the type of research used is normative juridical to examine the application of islamic legal rules both at the methodological level (uṣul fiqh) and fiqh rules and at the product level (fiqh). the primary data of this study comes from the dsn-mui fatwa and interviews to explore the understanding of islamic bank management towards hybrid contracts in the dsn-mui funding fatwa. this study indicates that from eight fatwas on dsnmui funding products, only fatwa no. 86 and 87 containing hybrid contracts. there are several theoretical frameworks, standards, and limitations (ḍawābiṭ) that the dsn-mui has determined. the study also shows that the management of islamic banks, generally, has understood the theoretical framework, standards and limitations of hybrid contracts on islamic bank funding products only in textual concept. the textual understanding can increase the portfolio of funding products. this can be evidenced by the increasing portfolio of muḍārabah savings and income smoothing programs at islamic banks. keywords: hybrid contract, dsn-mui fatwa, funding products, islamic bank abstrak. penelitian ini mengkaji apakah manajemen bank syariah memahami kontrak hybrid dalam fatwa pendanaan dsn-mui dan pengaruhnya terhadap pengembangan produk pendanaan di bank syariah. metode yuridis normatif digunakan untuk mengkaji penerapan kaidah hukum islam baik pada tataran metodologis (ushul fiqh) dan kaidah fikih maupun tataran produk (fikih). data utama penelitian ini bersumber dari fatwa dsn-mui dan wawancara untuk menggali pemahaman manajemen bank syariah terhadap multi akad pada fatwa pendanaan dsn-mui. penelitian ini menunjukan bahwa dari 8 fatwa produk pendanaan dsn-mui hanya fatwa no. 86 dan 87 yang terdapat multi akad dengan beberapa kerangka teori, standar, dan batasan-batasan (ḍawābiṭ) yang telah ditentukan oleh dsn-mui agar tidak terjeurumus pada multi akad yang dilarang. penelitian ini juga menunjukan bahwa manajemen bank syariah secara umum sudah memahami kerangka teori, standar dan batasan-batasan multi akad pada produk pendanaan bank syariah pada konsep tekstual di mana dapat mempengaruhi peningkatan portofolio produk penadanaan. hal ini dapat dibuktikan dengan meningkatnya portofolio tabungan mudharabah dan program income smoothing di bank syariah. kata kunci: multi akad, fatwa dsn-mui, produk pendanaan, bank syariah akad murokab on the dsn-mui fatwa and its effect on islamic bank funding products al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (1), jan-jun 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 155 172 1,2politeknik negeri jakarta 3islamic state university syarif hidayatullah jakarta 4sakarya university, turkey e-mail: 1dede.abdulfatah@akuntansi.pnj.ac.id, 2bakhrul.muchtasib@akuntansi.pnj.ac.id, 3indra.rahmatullah@uinjkt.ac.id, 4mstfasydm@gmail.com author: dede abdul fatah received: 11 april 2022 accepted: 19 juni 2022 published: 20 juni 2022 mailto:dede.abdulfatah%40akuntansi.pnj.ac.id?subject= mailto:bakhrul.muchtasib%40akuntansi.pnj.ac.id?subject= mailto:indra.rahmatullah%40uinjkt.ac.id?subject= mailto:mstfasydm%40gmail.com?subject= 156 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 introduction the growth of the islamic finance industry in indonesia has increased significantly. this is reflected in the growth of islamic financial institutions, their products and services, to the development of islamic financial support infrastructure. indonesia has the most prominent islamic financial index globally in the global market. based on the financial services authorization (ojk) data in december 2021, islamic financial assets in indonesia, excluding baitul māl wa al-tamwīl (bmt) shares, reached 1,802.86 trillion with a market share of 9.89 percent. total islamic banking assets were recorded at rp 608.5 trillion. however, its market share in national banking was only about 6%, so the contribution of islamic banks to the national economy has not been optimal. the suboptimal market share of islamic banking is caused by the funding structure of islamic banks, which still rely on financing from expensive funds, making it inefficient. in addition, islamic bank products are still less varied, so they are less attractive to the public. the lack of variety of islamic banking products, among others, can be caused by the inability of management to translate the dsnmui fatwa into operational products, including fatwa containing hybrid contracts. the national sharia council of the indonesian ulema council (dsnmui) has produced around 57 fatwas that contain hybrid contracts, including fatwa related to funding products. on that basis, the dsn-mui fatwa behind products in islamic banking is dominated by hybrid contracts rather than single contracts. pbi or pojk has not codified the dsn-mui fatwa around islamic banking funding products using hybrid contracts. this causes differences between the islamic bank management in developing their funding products. there are several studies on hybrid contracts. khan (2013) says that hybrid contracts are allowed as long as there are no elements of usury, gharar, and mayisīr. khan's opinion is reinforced by muneeza (2020) and ahroum (2020), who state that multiple contracts are allowed as long as they do not contain elements of usury. imam sastra (2018) suggests that numerous agreements are allowed as long as there is no qarḍ contract that can lead to the aspect of usury. (ishak, 2020) argues that multiple contracts can be applied to sharia financial products as long as they are in accordance with sharia maqāṣid. hasanudin (2016) stated that hybrid contract is allowed as long as they are not mutaqābilah. the study discusses that the hybrid contract is contrary or contradictory to nas (hadith). however, the study has not examined the limitations of hybrid contracts in a fatwa that is used as a guideline by the management of islamic banks http://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 157 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 in developing their products and how their understanding of hybrid contracts affects funding product development. based on a search of some of the literature above and as an effort to complete theories that are closely related to the hybrid contract, the author tries to examine the hybrid contracts in the dsn-mui fatwa and their influence on the development of islamic banking funding products in indonesia with the following research questions: 1. does the dsn-mui fatwa on funding products contain hybrid contracts and have specific standards and restrictions? 2. how does the islamic bank management's understanding of hybrid contracts affect the development of islamic bank funding products? literature review nazih hammad pioneered the basic concept of a hybrid contract. he stated that the basic principle of islamic law was the ability to perform transactions of hybrid contracts (hammad, 2005). ' 'abdullah al-imrani developed hammad's hammad's concept. al-imrani divided hybrid contract into five types namely: (1) al-uqūd al-mutaqābilah, (2) al-uqūd al-mujtami’ah, (3) al-uqūd al-mutanāqiḍah wa al-mutaḍadah wa al-mutanāfiyah, (4) al-uqūd al-mukhtalifah, and (5) al-uqūd al-mutajānisah (al-imrani, 2006). the scholars have different opinions regarding the hybrid contract law. some scholars argue that a hybrid contract is prohibited based on the hadith of the prophet muhammad narrated by imam tirmidhi, al-nasai, and abu dawud. they stated that "the prophet (peace be upon him) prohibited two contracts in one transaction". some scholars argue that not all hybrid contracts are prohibited because the above hadith only prohibits some hybrid contracts, i.e. a hybrid contract that occurs reciprocally (mutaqābilah) (hammad, 2001). khan (2013) argues that hybrid contracts can be justified if they do not contain elements of bay' al-'inah. bay' al-'īnah is a form of buying and selling transaction in which the seller sells the goods to the buyer firmly, and then the buyer sells it to the seller in cash at a lower price he must pay at maturity. khan's opinion was strengthened by ahmad abed alla alhusban, ali abdel mahdi massadeh and haitham haloush (alhusban, 2021) husain ahmed hassan (2014) argues that the hybrid system is not new. for example, in the united arab emirates, islamic financial institutions freely initiate sale contracts and investment contracts for retail and corporate banking clients and experiment with new and innovative hybrid structures by mixing the sale http://journal.uinjkt.ac.id/index.php/iqtishad 158 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 and investment contracts for project finance and sukuk purposes. in the islamic capital market, the paradigm in the system has shifted from asset-backed to assetbased financing. within this system, the islamic capital market provides a range of instruments for transactions, some consistent with earlier notions such as mutual funds, equity investments, and stock trading. in contrast, other instruments like sukuk, real estate finance, and insurance have developed hybrid and debt-based models within the system. as a result, the sources of islamic corporate finance that were expected to be equity-based are now hybrid through various means compatible with sharia principles. consequently, part of the capital structure and other islamic corporate finance segments are not very different from conventional practices (m. kabir hassan, sirajo aliyu and mumtaz hussain, 2022). iman sastra added that most islamic banking and finance contracts combine more than one contract in their products and services. however, this concept encounters legal issues due to the prophet's hadith (saw) prohibiting combining several contracts in one single transaction. the research argued that it is lawful for islamic banking and finance to connect more than one contract to structure the shariah-compliant product if they follow the shariah guidelines and parameters of a hybrid contract (muhammad iman sastra mihajat, 2018). as the modern financial environment is complicated, developing efficient and competitive islamic products is crucial to compete with conventional banking products. thus, implementing 'shari'ah contracts in fiqh muamalat require a special approach by creating hybrid contracts in one product. however, this must comply with the parameters of the maqāṣid al-sharia, where in particular, it must not lead to changing any illegal action. to be precise, the combination of contracts could lead to the hidden or justifiable 'ribā' like using a hibah agreement to hide a profit guarantee in the muḍārabah contract (ishak, 2020). muneeza (2020) suggests that homeownership financing in malaysia uses multiple contracts, including al-murābah lil amir bi al-syirā and musyārakah mutanāqiṣah, which combine mushārkah, ijārah wa'ad tuma bay' and ijārah contracts, ahroum (2020). both multi-contracts include multi-contracts permitted by sharia because they do not fall into the element of usury. setiadi (2017) argues that the original law of hybrid contract is permissible, except for hybrid contract, which is expressly prohibited by nas (al-hadith). an understanding of nash prohibiting hybrid contracts requires a fairly in-depth study to identify which hybrid contracts are allowed and not permitted. hasanudin (2016) argues that the dsn-mui fatwa has adopted mujtami'ah http://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 159 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 and muta'addidah contracts and rejected the mutaqābilah contract. the mujtami'ah contract is to collect several contracts in one transaction where one contract with another cannot be separated. the muta'addidah contract is to manage several contracts in which one contract is independent of another albouna (2007). the mutaqābilah contract is to collect many contracts in one transaction that depends (mu'allaq) on each other. susanto (2016) states that until 2016 out of 100 fatwas that dsn-mui has published, there are about 39.32% directly related to hybrid contracts. even in specific sectors like the agricultural sector, it takes another hybrid contract not regulated in the dsn-mui fatwa, namely bay' al-wafa wa al-muzāra'ah or bay' al-wafa wa al-mukhabarah. hence, it requires a lengthy licensing process (pratiwi, 2017). for example, in homeownership financing products, at least three hybrid contract schemes offered by the dsn-mui fatwa, including murābaḥah lil aamir bi al-syira, ijārah muntahiya bi al-tamlik (imbt). the industries most widely used musyārakah mutanāqiṣah (mmq), but only one scheme, namely murābaḥah lil aamir bi al-syira (ghozali, 2020). the dsn-mui fatwa does not explain hybrid-contract ḍawābiṭ in islamic bank funding products. this causes differences in implementation in each islamic banking industry, depending on the opinion issued by each sharia supervisory board (dps). as a result, muhammad nur yasin evaluated the enactment of hybrid contract principles in the sharia banking products within the frame of eclectic law. thirteen sharia commercial banks in indonesia offer 228 nonhybrid contract products and 168 hybrid contract products. this study identifies factors behind the enactment of hybrid contract principles in sharia banking products and the model of eclectic law that it subscribes to (muhammad nur yasin, 2019). based on a search of some of the literature above and complete theories closely related to the hybrid contract, the author examines the hybrid contracts in the dsn-mui fatwa and their influence on the development of islamic banking funding products in indonesia. methods the type of research used is normative juridical, which is conducted to examine the application of the rules or norms in islamic law both at the methodological level (ushul fiqh) and fiqh rules as well as at the product level (fiqh). http://journal.uinjkt.ac.id/index.php/iqtishad 160 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the objectives of normative legal research include research into legal principles, legal systematics, legal synchronization, legal history research, comparative law research, and legal application research. this research focuses on the dsn-mui fatwa from fatwa number 1 to number 139 related to islamic banking funding products. fatwa is treated as a text that contains reasons and thoughts in its manufacture. in this case, the view is related to discussing hybrid contract issues. the text studies are carried out to elaborate on the concept of hybrid contract, both in classical and modern fiqh texts. also, to find out the forms and variations of hybrid contracts applied in the dsn-mui fatwa and how it affects the development of islamic banking funding products. in general, the data types in this study were divided into two: primary and secondary. primary data is directly obtained from the source and is related to the research problem. in this study, the primary data are dsn-mui fatwa related to islamic banking funding products that contain hybrid contracts. at the same time, secondary data was obtained through library research. data analysis is done by collecting the necessary data. the data is analyzed in a qualitative and quantitative approach. qualitative analysis is done with a content analysis approach. first, the dsn-mui fatwa relating to islamic banking funding products is divided between a fatwa containing only one contract and a hybrid contract. after that, the fatwa of one contract is separated because it is not to be analyzed, and a fatwa that contains a hybrid contract is taken for further analysis. the hybrid contract fatwa is reviewed and analyzed to identify the theoretical framework, standards, and limitations (ḍawābiṭ) and how they affect indonesia's islamic bank funding products development. after analyzing the limitations (ḍawābiṭ) of hybrid contracts in the funding fatwa, the authors confirmed it to the bank management through interviews on the extent of their understanding of the ḍawābiṭ contained in the fatwa and how to apply it in funding products and what obstacles they faced, after that assessing the extent of their understanding affect the overall development of funding products to determine the knowledge of bank management on hybrid contracts and its influence on the development of funding products, the author uses purposive sampling, which is a non-random sampling technique where the researcher determines the sampling by determining special characteristics that are in accordance with the research objectives so that it is expected to answer research problems. the research focused on sharia bank management that applies multihttp://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 161 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 contract-based funding products, including pt bprs harta insan karimah and pt bprs insancita. the respondent of pt bprs harta insan karimah was the president director ((hik-pd) and director of operations (hik-od), and the business director represented pt bprs insancita (ic-bd). the interviews were conducted in november 2021. results and discussion theoretical framework, standards, and specific restrictions of hybrid contract on funding product fatwa the scholars have different opinions regarding the hybrid contracts law based on the literature study. some scholars argue that hybrid contracts are prohibited based on the hadith of the prophet muhammad narrated by imam al-tirmidhi, al-nasai, and abu dawud. they stated that the prophet (pbuh) forbade two contracts in one transaction. some scholars argue that not all hybrid contracts are prohibited because the above hadith only prohibits part of hybrid contracts, namely hybrid contracts that occur reciprocally (mutaqābilah). khan argues that hybrid contracts can be justified if they do not contain elements of bay' al-'inah. bay' al-'īnah is a form of buying and selling transaction in which the seller sells the goods to the buyer firmly, and then the buyer sells it to the seller in cash at a lower price which he must pay at maturity. khan's opinion was reinforced by ahmad abed alla alhusban, ali abdel mahdi massadeh and haitham haloush. hybrid contracts are also prohibited when qarḍ contracts are combined with mu'awwaḍah contracts such as buying and selling and ijārah. the margin/fee is determined based on how much bailout is given. it can be concluded that hybrid contracts can be justified if there is no bay' 'inah element and do not combine qarḍ contracts and mu'awwaḍah contracts. further, the margins/fees are determined based on the amount of bailout (qarḍ) given. based on the observation, dsn-mui fatwa on funding products shows that the multi-contract does not contain hybrid contracts. it violates the provisions agreed upon by the scholars, namely giving rise to the form of bay' al-'inah and the determination of margins/fees that are directly related to the loan (qarḍ) provided. this happens because the dsn-mui fatwa determines strict requirements, standards and ḍawābiṭ for hybrid contracts contained in funding products. however, the requirements, standards and ḍawābiṭ are not considered by industry players, it will result in its appearance. this includes a prohibited multi-contract. http://journal.uinjkt.ac.id/index.php/iqtishad 162 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 there are eight dsn-mui fatwas related to islamic bank funding products, namely fatwa on giro; savings; deposits; al-qarḍ; prizes in funding for islamic financial institutions; income smoothing method for third party funds; muḍārabah contract; and guidelines for islamic bank customer deposit insurance. (dsnmui, 2021) table 1. dsn-mui fatwas on funding products no the number of fatwa the contents 1 no.01/dsn-mui/iv/2000 giro 2 no. 02/dsn-mui/iv/2000 savings 3 no. 03/dsn-mui/iv/2000 deposits 4 no. 19/dsn-mui/iv/2001 al-qarḍ 5 no. 86/dsn-mui/xii/2012 prizes in funding for islamic financial institutions 6 no. 87/dsn-mui/xii/2012 income smoothing method for third party funds 7 no. 115/dsn-mui/ix/2017 muḍārabah contract 8 no. 118/dsn-mui/ii/2018 guidelines for islamic bank customer deposit insurance source: dsn-mui (2021) if applied individually, the eight dsn-mui fatwas above, the contract used is only one. in other words, it does not contain a hybrid contract. however, multiple contracts will appear when one another is used as a reference in certain funding products. for savings products, for example, if the chosen one is wadi’ah savings, then the contract used is wadi’ah under fatwa no. 02/dsn-mui/iv/2000 regarding savings. if the selected is muḍārabah savings, then the contract used is the muḍārabah contract with the same reference, fatwa no. 02/dsn-mui/iv/2000 concerning savings. in the case of islamic banks offering deposit products, the contract used is muḍārabah as regulated in fatwa no. 03/dsn-mui/iv/2000. this product also refers to fatwa no. 115/dsn-mui/ix/2017 on muḍārabah contract. this fatwa is also used as a guide for muḍārabah savings products. a study on the fatwa of funding products that dsn-mui has released indicates that fatwa directly related to funding products do not contain hybrid contracts (single contract). however, some of its derivative fatwa have a hybrid http://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 163 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 -mujtami'ah-contracts such as fatwa no. 86/dsn-mui/xii/2012 on prizes in funding for islamic financial institutions muḍārabah/wadi’ah contracts and prize contracts. these are collected in one transaction in the form of demand giro, savings, and deposits. the dsn-mui fatwa allows the merging of muḍārabah and prize contracts with several notes, including: 1. the prize given must be in the form of goods and/or services, not in the form of money 2. the prize offered is taken from bank-owned funds, not from customer funds 3. prize does not have the potential to practice risywah, ribā, gharar, and mayisīr 4. the prize should not be a custom or norm if one of them is not fulfilled, the hybrid contract will change from a mujtami'ah contract to a mutaqābilah contract. if the prize contract is merged with the wadi’ah contract, the dsn-mui provides a limit (ḍawābiṭ) that the prize must be given before the wadi’ah contract occurs. if the prize is given during or after the wadi’ah contract, it can be categorized as a mutaqābilah contract. this is because the wadi’ah contract on the funding product has been transformed (tahawul al-'aqd) into a qarḍ contract which cannot promise any advantages, including prizes. after all, it will fall into the practice of usury (ribā). another derivative fatwa containing hybrid contract is fatwa no. 87/dsnmui /xii/2012 on income smoothing method for third party funds. income smoothing method is an arrangement for recognizing and reporting income from time to time by withholding a portion of income in one period and being transferred it to another period to reduce excessive fluctuations in revenue sharing between islamic financial institutions and third-party fund customers the income smoothing of third-party funds can be done by islamic financial institutions either by forming a profit equalization reserve or not. the establishment of reserves is intended to anticipate the possibility of revenue sharing realization for customers depositing funds below the expected return rate. the establishment of reserve funds can be carried out by islamic financial institutions with several notes, including: 1. the actual revenue share exceeds the expected revenue; 2. get permission from third party fund customer 3. not reduce the revenue share that is the right of the third party fund customer http://journal.uinjkt.ac.id/index.php/iqtishad 164 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 if the actual revenue share is smaller than the expected revenue; 4. in the event of a muḍārabah muqayyadah agreement, the reserve fund may also be established through the allowance of the customer's rights that exceed the expected revenue after being distributed with permission from third party funds customer; 5. the islamic financial institution established the reserve fund. this is created from the allowance of profits before being divided over the expected revenue is the right of the third party funds customer collectively that must be managed separately by the islamic financial institution for setting income and the level of reward for the third party funds customer. islamic financial institutions can only use income smoothing in conditions that are strongly suspected of having the potential to risk withdrawing customer funds due to the uncompetitive rate of return from islamic financial institutions. income smoothing policy cannot be implemented if it creates hidden usury practices where rewards are given without regard to actual results. in utilizing the income smoothing method without reserves due to lower operating results than projected, islamic financial institutions may waive their rights to adjust fees for third-party fund customers to be competitive and notify customers. suppose a sharia financial institution relinquishes its rights. a mujtami'ah contract occurs between the muḍārabah contract and the isqaṭ al-ḥaqq contract, with the provisions not being agreed. if it is agreed upon in the contract, it can be categorized as a mutaqābilah contract, because it will cause usury (ribā 'nasa'). suppose an islamic bank funding product is registered with the deposit insurance corporation. in that case, two contracts will be collected in one transaction in a mujtami'ah contract, such as wadi’ah and kafalah, and muḍārabah and kafalah. these provided that the deposit guarantee can only be performed on capital (ra's al-mal) of muḍārabah maḍmūnah and profit-sharing that has become the customer's right but has not been paid until the business lies revoked. wadi’ah principal (mablagh al-wadī'ah) and bonuses are determined by the bank to be the customer's right. however, the sum has not been paid until the business license is revoked. if it is guaranteed other than the two things above, the two contracts will change from a mujtami'ah contract to a mutaqābilah contract. http://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 165 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 the understanding of islamic banking management on hybrid contracts and its effect on funding products development dsn-mui fatwa is the primary reference of islamic bank management in creating and running funding products. the understanding of islamic bank management on the dsn-mui fatwa becomes a barometer in developing islamic bank funding products. the research shows that islamic bank management, in general, has understood the theoretical framework, standards, and limits of hybrid contracts on islamic bank funding products, although not in detail the interview found that the management of islamic banks has prize programs and income smoothing on funding products. it showed that they are very compliant with the requirements, standards, and ḍawābiṭ determined by the dsn-mui fatwa so that their program does not lead to prohibited hybrid contracts. we conducted interviews with the board of directors of pt bprs harta insan karimah and pt bprs insan cita, where pt bprs harta insan karimah held a savings program with prizes and income smoothing (hik-pd). in contrast, pt bprs insan cita only manage income smoothing programs (ic-bd). president director said: i know that the prize programs and income smoothing on funding products have many requirements, standards, and ḍawābiṭ determined by the dsnmui fatwa, and i am aware of that (hik-pd) president director is very aware of the provisions contained in the dsnmui fatwa in implementing the program. still, he does not wholly understand the philosophical reasons for the provisions contained in the dsn-mui fatwa, which are essential and closely related to the concept of a hybrid contract. he does not entirely understand that hybrid contracts are not the result of bay' al'inah, and they may not incur a margin/fee. it is directly related to the loan size if there is a merger between a sale and purchase/ijārah contract with a qarḍ contract and a merger between a wadi’ah contract and a qarḍ contract. prizes, in a savings program with prizes, because in essence wadi’ah savings from the bank's side are qarḍ. the director said: i know that the two programs have more than one contract, namely the muḍārabah and prize contracts for the savings program with prizes and muḍārabah and isqath al-haq for the income smoothing program, and i know that some hybrid contracts are allowed, and some are prohibited, but i do not know in detail about this, as long as i follow the terms and conditions contained in the dsn-mui fatwa i will not be trapped in hybrid contracts that are prohibited (hik-od) http://journal.uinjkt.ac.id/index.php/iqtishad 166 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 another director said: i know that the income smoothing on funding products has many requirements, standards, and ḍawābiṭ determined by the dsn-mui fatwa, and i am aware of that. the income smoothing program has more than one contract, namely muḍārabah and isqath al-haq. i know that some hybrid contracts are allowed, and some are prohibited. however, i do not know in detail about this. as long as i follow the terms and conditions contained in the dsn-mui fatwa, i will not be trapped in prohibited hybrid contracts. (ic-bd) based on the interview above, the islamic bank management does not know in detail about the terms of hybrid contracts, but they understand the limits set by the dsn-mui fatwa related to hybrid contracts. they understand what provisions/ restrictions need to be considered when creating a prize program in islamic bank funding products as well as in conducting income smoothing third-party funds. their knowledge and understanding of these limitations do not necessarily make the prize and income smoothing program workable because internal and external factors strongly influence it. at the islamic people's financing bank harta insan karimah (bprs hik), for example, in 2021, the muḍārabah savings product experienced a positive trend after holding a prize program for the product with the name " platinum ib karimah savings ". bprs hik started marketing this prize program at the end of 2019, and until now (september 2021), it has collected 17.7 billion. the management did it to attract public interest amid the covid-19 pandemic. this program provides product diversification for islamic banking. it offers attractive options for customers that they have only received from conventional banks. the provisions in the dsn-mui fatwa do not bind this program at conventional banks. table 2. hik savings portfolio for 2019-2021 year savings product portfolio september 2019 77.868.256.109,september 2020 76.244.504.211,september 2021 98.654.597.983,source: hik bank (2021) http://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 167 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 table 3. top five hik savings products in september 2019 no saving name total 01 karimah savings 24,614,028,531,02 hikmah savings 19,237,540,578,03 wadi’ah savings 16,534,194,801,04 lembaga savings 11,127,994,594,05 rencana savings 3,616,213,918 source: hik bank (2019) table 4. top five hik savings products in september 2020 no saving name total 01 karimah savings 24,614,028,531,02 hikmah savings 19,237,540,578,03 wadi’ah savings 16,534,194,801,04 lembaga savings 11,127,994,594,05 platinum ib karimah savings 6,951,850,659,source: hik bank (2020) the table shows a product saving portfolio that had decreased in 2020 due to the covid-19 pandemic but increased in 2021. if you look at the decline from 2019 to 2020 is not significant and has a substantial increase in 2021. this is influenced, among other things, by the presence of the muḍārabah savings program with prizes (platinum ib karimah savings). in september 2020, the portfolio reached 6,951,850,659, contributing 9.1% of the total portfolio of savings products or ranking fifth. table 5. top five hik savings products in september 2021 no saving name total 01 karimah savings 27,839,291,962 02 hikmah savings 23,713,250,600 03 platinum ib karimah savings 17,715,733,821 04 wadi’ah savings 13,576,823,598 05 lembaga savings 9,818,175,027 source: hik bank (2021) http://journal.uinjkt.ac.id/index.php/iqtishad 168 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 september 2021 "platinum ib karimah savings" increased from 6,951,850,659 to 17,715,733,821, contributing 18% of the total savings product portfolio or ranking third after karimah savings and hikmah savings. in addition to savings with prizes, bprs hik also carried out an income smoothing program at the beginning of the pandemic by giving the right for the results (isqath al-haq/tanazzul al-ḥaqq) to funding customers by referring to no. 87/dsn-mui/xii/2012 concerning the income smoothing method of third-party funds. as stipulated in fatwa no. 87, the use of income smoothing method without a reserved form of distribution of operating results lower than the projection, the islamic financial institutions may waive their rights (isqaṭ al-ḥaqq/ at-tanazzul 'an al-ḥaqq). this to adjust the rewards for third party fund customers to be competitive and can be notified to customers. table 6. hik income smoothing program 2020 year 2020 april may june 187,124,741 525,607,979 185,402,654 source: hik bank (2020) the table above shows that bprs hik relinquished its rights (isqaṭ al-ḥaqq/ at-tanazzul 'an al-ḥaqq) in april 2020, amounting to 187,124,741; in may 2020 of 525, 607,979; and in june 2020 it was 185,402,654. in addition to bprs hik, the savings account with prizes has also become a discourse for bprs insancita. the management has studied this program from the sharia aspect by referring to fatwa no. 86/dsn-mui/xii/2012. the interviews showed that the management has carried out the limitations regulated by fatwa number eighty-six, where this savings program with prizes can use wadi’ah contracts with several requirements, namely: 1. the prizes must be in the form of goods and services; 2. prizes sourced from bank-owned funds; 3. prizes for institutional savings are not given to individuals; 4. prizes are not agreed in advance; and 5. prizes are given for promotional activities before the contract takes place. http://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 169 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 meanwhile, if the contract used is muḍārabah, then the requirements are: 1. prizes must be in the form of goods and services; 2. prizes sourced from bank-owned funds; and 3. prizes for institutional savings are not given to individuals. bprs insancita also conducts an income smoothing program by giving the right to share the result (isqath al-ḥaqq/at-tanazzul al-ḥaqq) to funding customers by referring to no. 87 / dsn-mui / xii / 2012 on income smoothing method of third party funds. they did this in september 2021 for 75 million rupiah (0.5%). table 7. insan cita income smoothing program 2021 year 2021 september 75.000.000,source: insan cita bank (2021) the savings/giro program with prizes is also owned by bank syariah indonesia (bsi) if they use a wadi’ah contract. the prize must be in the form of goods and services. it is sourced from bank-owned funds, and institutional savings are not given to individuals. the prizes are not agreed upon in advance, and prizes are given for promotional activities before the contract. meanwhile, if the contract used is muḍārabah, then the requirements are: (1) prizes must be in the form of goods and services; (2) prizes sourced from bank-owned funds; (3) prizes for institutional savings are not given to individuals. table 8. bsi prize program period 1 august to 31 december 2021 no prizes total 1 suzuki jimny car 1 2 vespa s 125 i-get motorcycle 2 3 honda pcx motorcycle 2 4 brompton bicycle 2 5 iphone 12-128 gb 4 6 gold savings balance rp 10.000.000,20 7 samsung galaxy a72 – 256gb 15 8 gold savings balance rp 4.500.000,30 9 gold savings balance rp 2.000.000,70 10 gold savings balance rp 1.000.000,154 total 300 source: bsi (2021) http://journal.uinjkt.ac.id/index.php/iqtishad 170 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 the research above shows that islamic bank management understands the theoretical framework, standards, and limitations of hybrid contracts on islamic bank funding products. this dramatically affects the increase in the portfolio of funding products through a prize program for funding products, especially islamic bank savings products, and maintaining customer loyalty through the income smoothing program. conclusion this study shows that the fatwa directly related to funding products does not contain a hybrid contract (multi-contract). however, some of its derivative fatwas have mujtami'ah contracts, including fatwa no. 86/dsn-mui/xii/2012. the rule focuses on the prizes in fundraising for islamic financial institutions. it consists of muḍārabah/wadī'ah contracts and prize contracts collected in one transaction in demand deposits, savings and time deposits, and fatwa no. 87/ dsn-mui/ xii/2012 concerning income smoothing method for third party funds consisting of muḍārabah contract and isqaṭ al-ḥaqq contract. there are several standards and limitations in the fatwa related to the two funding products that must be considered by the management of islamic banks as described in fatwa no. 86 and 87. this study also shows that islamic banking management, in general, has understood the theoretical framework, standards, and limits of hybrid contracts on islamic bank funding products, although not in detail. their understanding of the fatwa is textual, not philosophical. however, this increases the portfolio of funding products, including prize programs, specifically muḍārabah savings products and income smoothing programs to maintain customer loyalty. their only textual understanding can increase the development of funding products that compete with conventional banks, especially if they philosophically understand it. the management should understand the fatwa philosophically by conducting discussion forums involving the sharia supervisory board and the national sharia council. references ahroum, rida, othmane touri and boujemaa achchab (2020). murabaha and musharakah moutanaquissah pricing an interest-free approach. journal of islamic accounting and business research,, emerald publishing limited. 11 (1), pp. 201-215 al-’imrani, a. ibn m. ibn abdullah(2006). al-’uqud al-maliyah al-murakkabah: dirasah fiqhiyyah ta’shiliyyah wa tathbiqiyyah. riyadh: dar kunuz isybiliya. http://journal.uinjkt.ac.id/index.php/iqtishad dede abdul fatah. akad murokab on the dsn-mui fatwa 171 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 alhusban, ahmad abed alla, ali abdel mahdi massadeh and haitham haloush (2020). the islamic credit card as an electronic payment method: the technical trick in the installment payment contract as a financial product. international journal of law and management, emerald publishing limited. 63 (6) 2021: 599-628 arbouna, mohammed burhan. the combination of contracts in shariah: a possible mechanism for product development in islamic banking and finance (2007). thunderbird international business review. 49(3) 341–369. asni, fathullah, jasni sulong (2018). syariah analysis on hybrid contracts and its applications in islamic housing financing in malaysia. the turkish online journal of design, art and communication tojdac issn: 2146-5193, (special edistion), p.1457-1462 bank syariah indonesia, "hujan bsi mobile" dalam https://www.bankbsi.co.id diakses pada 1 desember 2021 dsn-mui (2021). "fatwa dsn-mui", https://dsnmui.or.id/kategori/fatwa/, accesed on 25 december 2021 ghozali, mohammad. hybrid contract on islamic mortgages product using murabahah agreement (bank syariah mandiri ponorogo) 2020. jurnal econ. bus. islam. 5 (1), , p. 71–86. hammad, nazih (2001). qadhayaa fiqhiyyah mu’ashirah fi al-mal wa al-iqtishad. beirut: dar al-qalam. hammad, n. (2005). al-uqud al-murakkabah fi al-fiqh al-islamy: dirasah ta'siliyyah li al-manzumat alaqdiyyah al-mustahdathah [the hybrid contract in the islamic law: theoritic study on limitationcontract] damaskus, syria: dar al-qalam. hasanudin, maulana. hybrid contracts in contemporary sharia transactions at islamic financial institutions in indonesia (2011). jurnal al-iqtishad. iii (1). p. 155-178 hassan, husain ahmed(2014). the islamic finance handbook: a ' 'practitioner's guide to the global markets, first edition, ed. sasikala thiagaraja, andrew morgan, andrew tebbutt and geraldine chan. john wiley & sons singapore pte. ltd. published. hassan, m. kabir, sirajo aliyu and mumtaz hussain (2022). a contemporary review of islamic finance and accounting literature. the singapore economic review. 67 (1) p. 7-44. http://journal.uinjkt.ac.id/index.php/iqtishad 172 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v14i1.25620 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (1), jan-jun 2022 ishak, muhammad shahrul ifwat and fathullah asni. the role of maqasid al-shari‘ah in applying fiqh muamalat into modern islamic banking in malaysia (2020). international journal of islamic accounting and business research, emerald publishing limited. 11 (10). p. 2137-2154 khan, ghazala ghalib. application of talfiq in modern islamic commercial contracts (2013). pluto journal. 10(2}. p. 133-159 mihajat, m. i. s. 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(1) 2. p. 6–10. susamto, burhanudin, dan f. syari, m. malik (2016). the level of use of multi contracts in the fatwa of the national sharia council-indonesian ulema council (dsn-mui). jurnal al-ahkam(11) 2. p. 120.135 http://journal.uinjkt.ac.id/index.php/iqtishad a l -i q t is h a d ju rn al il m u e ko n o m i s ya ri ah (j ou rn al o f i sl am ic e co no m ic s) issn: 2087-135x e-issn: 2407-8654 vol. 9 (1), january 2017 published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. a l -iq t is h a d ju rn al ilm u eko n o m i syariah (journal of islam ic econom ics) v o l. 9 (1), jan u ary 2017 al iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) is a peer-reviewed journal published by state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014. issn: 2087-135x e-issn: 2407-8654 islamic bank listed in financial market: risk, governance, earning, and capital teguh budiman, farida titik kristanti, wardhana building an early warning towards the resilience of islamic banking in indonesia dimas bagus wiranatakusuma, jarita duasa asset liability management of conventional and islamic banks in malaysia yee loon mun, hassanudin mohd thas thaker the indonesian islamic bank’s spin-off: a study in regional development banks ismawati haribowo determinants of the islamic social reporting disclosure uun sunarsih, ferdiyansyah strategic approcah for optimizing of zakah institution performance: customer relationship management estu widarwati, nur choirul afif, muhamad zazim greece financial crises and sukuk markets: experience from gulf countries aldrin herwany, erie febrian, imam buchari tawhidic based economic system: a preliminary conception nurul hilmiyah, bayu taufiq possumah, muhammad hakimi mohd. shafiai consumer demand on halal cosmetics and personal care products in indonesia muniaty aisyah a comparative study on poverty alleviation between moslem and non moslem populated countries ahmad hudaifah, shochrul rohmatul ajija indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014. al iqtishad has been covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • ebsco (open science directory) • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • indonesia onesearch • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • eurasian scientific journal index • directory of research journal indexing (drji) • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor • international scientific indexing • international innovative journal impact factor (iijif) • journalindex • cosmos impact factor • globethics.net kasmir, bank dan lembaga keuangan lainnya, jakarta: pt rajagrafindo indonesia, 2008. ramli, hasbi, teori dasar akuntansi syariah, jakarta: renaisan, 2005. sudarsono, heri, bank & lembaga keuamgan syariah, yogyakarta: ekonisia, 2004. santoso, singgih, panduan lengkap menguasai statistik dengan spss17, jakarta: pt. elex media komputindo, 2009. wiyono, slamet, cara mudah memahami akuntansi perbankan syariah berdasarkan psak dan papsi, jakarta: grasindo, 2005. sugiyono, metode penelitian administrasi, bandung: alfabeta, 2003. www.muamalat bank.com (sumber data dan informasi). agama dan kehidupan ekonomi menurut sjafruddin prawiranegara anwar abbas abstract: sjafruddin prawiranegara’s thought on religion and economic life. sjafruddin prawiranegara, a national leader and economic scholar, has been recognized his expertise in managing the economy of indonesia. however, many people do not yet comprehend his concepts of economic thought, linking him to islam. sjafruddin was belief of the truth of his religion and for that reason, he invited muslims to believe the teachings of his religion. to that end, according to sjafruddin, muslims should bring out his religion teaching in organizing and managing its economic life. thus, all economic activities of muslims should be accordance with the provisions of his religion. keywords: sjafruddin prawiranegara, economics, islam abstrak: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara. sjafruddin prawiranegara, sebagai seorang tokoh bangsa dan pemikir ekonomi, telah diakui kepakarannya dalam mengelola perekonomian bangsa indonesia. akan tetapi, banyak yang belum mengetahui konsep-konsep pemikiran ekonomi sjafruddin prawiranegara yang mengaitkannya dengan islam. sjafruddin sangat percaya terhadap kebe-naran agamanya dan sangat ingin agar umat islam mempercayai ajaran agamanya itu. untuk itu, menurut sjafruddin, umat islam harus meng-hadirkan dan melibatkan ajaran agamanya dalam mengatur dan mengelola kehidupan ekonominya. dengan demikian, semua kegiatan ekonomi umat islam sesuai dengan ketentuan yang ada dalam agamanya. kata kunci: sjafruddin prawiranegara, ekonomi, islam naskah diterima: 11 oktober 2012, direvisi: 3 desember 2012, disetujui: 6 desember 2012.  majelis ulama indonesia (mui). jl. proklamasi no. 51 menteng, jakarta pusat. e-mail: anwarabbas62@gmail.com anwar abbas: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara66 pendahuluan salah satu topik yang banyak dibicarakan dalam masalah ekonomi adalah tentang keterlibatan agama. apakah agama perlu diundang dan diikutsertakan dalam mengurus dan menata kehidupan ekonomi atau tidak. apabila ditanyakan kepada pengikut sekulerisme tentu sudah jelas mereka akan tidak setuju dengan keterlibatan agama dalam kehidupan ekonomi. agama bagi mereka hanya diperlukan dalam urusan hubungan manusia dengan tuhannya dan tidak diperlukan dalam hal yang berkaitan dengan lainnya seperti mengatur masalah politik dan ekonomi. para ekonom konvensional tidak menyukai adanya campur tangan agama dalam pengambilan pelbagai kebijakan ekonomi dalam upaya menyejahterakan umat. mereka memisahkan antara ekonomi dan agama, hal ini sebagai dampak dihadapi oleh barat pada masa kegelapan (dark ages). pada masa itu penguasa dan gereja sangat mendominasi kehidupan ekonomi sehingga memberikan kemudaratan yang luar biasa kepada masyarakat. hal tersebut menimbulkan pemikiran bahwa dominasi gereja harus dipinggirkan, dan menjunjung tinggi akal (rasionalitas ekonomi). bagaimana pandangan para pemikir islam indonesia mengenai positioning agama dalam perikehidupan ekonomi? sjafruddin prawiranegara salah satu ekonom besar yang dimiliki indonesia sangat percaya dan mencintai agamanya, yakni islam. oleh karena itu, dia menganggap perlunya hubungan agama dan seluruh kehidupan umat islam termasuk ekonomi. artikel ini membahas secara sistematis mengenai beberapa pemikiran dari sjafruddin prawiranegara terkait dengan hal itu. tujuan hidup manusia setiap orang yang menjalankan agamanya dengan baik, tentu mengharapkan dan akan berusaha bagi mencari kepuasan serta kesuksesan hidupnya baik dunia maupun akhirat. tetapi yang diprihatinkan oleh sjafrudin, banyak di antara manusia sekarang ini tidak lagi mampu menyeimbangkan antara dua kepentingan tersebut. mereka lebih mementingkan duniawinya dari-pada kepentingan akhiratnya sehingga akhlaknya menjadi rusak. keprihatinan tersebut terlihat dari pernyataannya sebagai berikut: tujuan hidup dari sebahagian manusia bukan lagi mencari tuhan, mencari kebenaran dan cahaya yang murni, tetapi mencari bahan baku, mencari benda. manusia tidak berusaha lagi membersihkan jiwanya untuk dapat al-iqtishad: vol. v, no. 1, januari 2013 67 pendahuluan salah satu topik yang banyak dibicarakan dalam masalah ekonomi adalah tentang keterlibatan agama. apakah agama perlu diundang dan diikutsertakan dalam mengurus dan menata kehidupan ekonomi atau tidak. apabila ditanyakan kepada pengikut sekulerisme tentu sudah jelas mereka akan tidak setuju dengan keterlibatan agama dalam kehidupan ekonomi. agama bagi mereka hanya diperlukan dalam urusan hubungan manusia dengan tuhannya dan tidak diperlukan dalam hal yang berkaitan dengan lainnya seperti mengatur masalah politik dan ekonomi. para ekonom konvensional tidak menyukai adanya campur tangan agama dalam pengambilan pelbagai kebijakan ekonomi dalam upaya menyejahterakan umat. mereka memisahkan antara ekonomi dan agama, hal ini sebagai dampak dihadapi oleh barat pada masa kegelapan (dark ages). pada masa itu penguasa dan gereja sangat mendominasi kehidupan ekonomi sehingga memberikan kemudaratan yang luar biasa kepada masyarakat. hal tersebut menimbulkan pemikiran bahwa dominasi gereja harus dipinggirkan, dan menjunjung tinggi akal (rasionalitas ekonomi). bagaimana pandangan para pemikir islam indonesia mengenai positioning agama dalam perikehidupan ekonomi? sjafruddin prawiranegara salah satu ekonom besar yang dimiliki indonesia sangat percaya dan mencintai agamanya, yakni islam. oleh karena itu, dia menganggap perlunya hubungan agama dan seluruh kehidupan umat islam termasuk ekonomi. artikel ini membahas secara sistematis mengenai beberapa pemikiran dari sjafruddin prawiranegara terkait dengan hal itu. tujuan hidup manusia setiap orang yang menjalankan agamanya dengan baik, tentu mengharapkan dan akan berusaha bagi mencari kepuasan serta kesuksesan hidupnya baik dunia maupun akhirat. tetapi yang diprihatinkan oleh sjafrudin, banyak di antara manusia sekarang ini tidak lagi mampu menyeimbangkan antara dua kepentingan tersebut. mereka lebih mementingkan duniawinya dari-pada kepentingan akhiratnya sehingga akhlaknya menjadi rusak. keprihatinan tersebut terlihat dari pernyataannya sebagai berikut: tujuan hidup dari sebahagian manusia bukan lagi mencari tuhan, mencari kebenaran dan cahaya yang murni, tetapi mencari bahan baku, mencari benda. manusia tidak berusaha lagi membersihkan jiwanya untuk dapat menerima cahaya tuhan, sebab orang tidak percaya lagi kepada jiwa. mencari kesenangan hidup, mencari uang yang menguasai benda dan dengan demikian menjamin kesenangan hidup di dunia ini, itulah tujuan hidup manusia yang menamakan dirinya modem. falsafah semacam ini dinamakan hedonisme. lampu minyak kelapa memang ditukar dengan lampu minyak tanah, dan ini ditukar dengan lampu listrik dan neon, penerangan lingkungan hidup menjadi semakin baik, tetapi cahaya allah menjadi semakin jauh dan semakin kabur. jiwa manusia menjadi semakin kotor dan kekotoran jiwa itu tercermin dalam kekotoran alam, di darat , di sungai, di laut, di udara. yang menjadi masalah yang paling parah dalam dunia ini ialah polusi. yang dipersalahkan ialah banyaknya penghuni bumi ini yang bertambah dengan cepat. tetapi yang paling berdosa atas pengotoran alam kita ini bukanlah banyaknya penghuni bumi, meskipun ini juga merupakan faktor yang buruk, tetapi merosotnya akhlak.1 terjadinya polusi dan merosotnya akhlak tersebut, menurut sjafruddin, dapat disebabkan banyak faktor. salah satunya adalah karena sikap orang-orang terdidik atau yang berpengetahuan tidak lagi mengarahkan tujuan hidupnya untuk beribadah kepada tuhan, tetapi hanya untuk mengeruk keuntungan yang sebesar-besarnya bagi diri dan kelompoknya. mereka tidak lagi peduli kepada orang-orang miskin yang termarginalkan, yang penting bagi mereka adalah dirinya dan golongannya. mengenai bagaimana besarnya andil manusia dalam menciptakan kemudaratan dan bencana dalam kehidupan ini dan apa yang menjadi penyebabnya telah diungkapkan sjafruddin sebagai berikut: yang paling bersalah ialah manusia-manusia yang menyalahgunakan ilmu pengetahuan alam dan, teknik bukan untuk mengabdi kepada tuhan dan berbakti kepada sesama manusia, tetapi untuk mengeruk kekayaan alam ini guna kepentingan diri dan golongan sendiri. mestinya kemajuan ilmu pengetahuan dan teknik digunakan untuk menghilangkan kemiskinan material dan spiritual. tetapi kemajuan-kemajuan itu justru hanya menambah lebar dan dalamnya jurang antara the haves dan the haves not , antara kaya dan miskin.2 1 sjafruddin prawiranegara, “peranan agama dan moral dalam pembangunan masyarakat dan ekonomi indonesia”, dalam ajip rosidi (ed.), sjafruddin prawiranegara, kumpulan karangan terpilih jilid i, islam sebagai pedoman hidup, (jakarta: inti idayu press, 1986), cet. i, h. 232-233. 2 sjafruddin prawiranegara, “peranan agama dan moral dalam pembangunan masyarakat dan ekonomi indonesia”, h. 233. anwar abbas: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara68 untuk itu, sjafruddin mengingatkan akan arti pentingnya manusia kembali kepada ajaran agama yang akan membimbing mereka ke jalan yang benar. yang akan mengajari dan membimbing mereka tentang tujuan dan arah hidup yang benar, serta mengapa kita harus bekerja dan untuk apa gunanya harta agar hidup ini menjadi bermakna dan tidak sia-sia. dia mengatakan bahwa dari pelbagai ayat alquran dan sunah nabi, disimpulkan beberapa petunjuk yang diberikan agama. pertama, tujuan hidup manusia itu bukanlah mengejar kemakmuran akan barang-barang benda, melainkan mencari rida allah swt. berbakti kepada tuhan dengan berbuat baik kepada sesama manusia, inilah yang diwajibkan kepada umat manusia umumnya dan umat islam khususnya. kedua, terkait dengan tujuan hidup, islam mengajarkan bahwa benda itu hanyalah alat belaka untuk memungkinkan manusia hidup dan berbakti kepada tuhannya. tidak boleh kekayaan kebendaan dijadikan tujuan hidup. penimbunan harta, terutama menimbun-nimbun emas dan perak yang yang digemari dan dijadikan "store of wealth" diancam oleh alquran dengan hukuman-hukuman yang berat. ketiga, di dalam alquran dan hadis terdapat banyak pernyataan bahwa harta kekayaan itu wajib dibelanjakan di jalan allah, yakni buat tujuan-tujuan yang bermanfaat bagi sesama manusia. keempat, perintah allah untuk tidak takut-takut dan ragu-ragu membelanjakan harta kekayaan guna tujuan-tujuan yang diridai allah, tujuan-tujuan yang bermanfaat bagi sesama manusia, disertai janji tuhan dalam alquran, yakni:                                           dan jikalau penduduk di dalam suatu negeri beriman dan berbakti, tentulah kami akan bukakan berkat dari langit dan dan bumi bagi mereka, tetapi kalau mereka tidak menerima ajaran, maka kami siksa mereka dengan perbuatan mereka sendiri. (q.s. al-a‘râf [7]: 96) pada surah yang lain allah swt. juga berfirman: al-iqtishad: vol. v, no. 1, januari 2013 69 untuk itu, sjafruddin mengingatkan akan arti pentingnya manusia kembali kepada ajaran agama yang akan membimbing mereka ke jalan yang benar. yang akan mengajari dan membimbing mereka tentang tujuan dan arah hidup yang benar, serta mengapa kita harus bekerja dan untuk apa gunanya harta agar hidup ini menjadi bermakna dan tidak sia-sia. dia mengatakan bahwa dari pelbagai ayat alquran dan sunah nabi, disimpulkan beberapa petunjuk yang diberikan agama. pertama, tujuan hidup manusia itu bukanlah mengejar kemakmuran akan barang-barang benda, melainkan mencari rida allah swt. berbakti kepada tuhan dengan berbuat baik kepada sesama manusia, inilah yang diwajibkan kepada umat manusia umumnya dan umat islam khususnya. kedua, terkait dengan tujuan hidup, islam mengajarkan bahwa benda itu hanyalah alat belaka untuk memungkinkan manusia hidup dan berbakti kepada tuhannya. tidak boleh kekayaan kebendaan dijadikan tujuan hidup. penimbunan harta, terutama menimbun-nimbun emas dan perak yang yang digemari dan dijadikan "store of wealth" diancam oleh alquran dengan hukuman-hukuman yang berat. ketiga, di dalam alquran dan hadis terdapat banyak pernyataan bahwa harta kekayaan itu wajib dibelanjakan di jalan allah, yakni buat tujuan-tujuan yang bermanfaat bagi sesama manusia. keempat, perintah allah untuk tidak takut-takut dan ragu-ragu membelanjakan harta kekayaan guna tujuan-tujuan yang diridai allah, tujuan-tujuan yang bermanfaat bagi sesama manusia, disertai janji tuhan dalam alquran, yakni:                                           dan jikalau penduduk di dalam suatu negeri beriman dan berbakti, tentulah kami akan bukakan berkat dari langit dan dan bumi bagi mereka, tetapi kalau mereka tidak menerima ajaran, maka kami siksa mereka dengan perbuatan mereka sendiri. (q.s. al-a‘râf [7]: 96) pada surah yang lain allah swt. juga berfirman:                                                       orang yang membelanjakan hartanya pada jalan allah, dimisalkan seperti sebuah biji yang tumbuh menjadi tujuh batang, pada tiap-tiap batang itu berbuah seratus biji. (q.s. al-baqarah [2]: 261) penjelasan di atas memperlihatkan bahwa dalam pandangan sjafruddin manusia tidak bisa dilepas begitu saja, karena hal demikian jelas akan membawa bencana dan malapetaka terhadap kehidupan, baik pribadi maupun bersama. untuk itu, menurut dia manusia harus mendapatkan bimbingan dari agamanya, yaitu islam. agama akan membawa kemasalahatan bagi kehidupan manusia, karena akan menuntun pada kesejahteraan dunia dan akhirat. tujuan ilmu ekonomi mengapa sjafruddin mengharapkannya dari agama islam? karena di barat, menurut sjafruddin, tujuan hidup adalah mencari kesenangan hidup di dunia ini,3 sementara bagi komunis, tujuan hidupnya adalah mengabdi kepada revolusi proletar yang akan menghancurkan kubu-kubu kapitalisme”.4 sementara dalam islam yang menjadi tujuan dalam usaha ekonominya adalah tuhan. hal ini ditegaskan dalam pernyataannya bahwa “segala usaha ekonomi itu harus dilakukan dalam rangka mengabdi kepada allah swt. itulah tujuan hidup kaum muslimin dan usaha ekonomi harus disesuaikan-harus ditaruh di bawah tujuan hidup itu, tidak boleh mengatasinya “.5 akan tetapi, hal yang disesalkan sjafruddin, dalam kenyataannya banyak orang yang tidak menjadikan usaha dan kegiatan ekonominya untuk dan dalam rangka mengabdi kepada tuhan. hal itu menyebabkan mereka tidak bisa mendapatkan apa yang disebut dengan kemakmuran hakiki. kemakmuran yang hakiki itu adalah kemakmuran yang dapat memberi keuntungan kepada 3 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, dalam ajip rosidi (ed.), sjafruddin prawiranegara, ekonomi dan keuangan makna ekonomi islam, (jakarta: cv. haji masagung,1988), cet. i, h. 370. 4 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 369. 5 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 369. anwar abbas: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara70 manusia sebagai seorang hamba yang meliputi aspek lahir dan batin, dunia dan akhirat. keadaan ini diperparah dengan kehadiran ilmu ekonomi yang tidak mendukung bagi terwujudnya hal tersebut. menurut sjafruddin, ilmu ekonomi tidak pernah mempertanyakan tentang kemakmuran yang hakiki itu. dia mengemukakan hal itu dalam tulisannya: ilmu ekonomi tidak sampai kepada pertanyaan itu, karena ekonomi hanya mempunyai minat terhadap cara atau metode untuk menjadi kaya atau makmur. makmur dalam arti kebendaan. apa yang oleh ilmu ekonomi dimaksudkan dengan kemakmuran “welvaart” atau “prosperity” pada hakikatnya bersifat kebendaan (stoffelijke welvaart) meskipun dalam ilmu ekonomi diadakan perbedaan antara barang-barang kebendaan (stoffelijke goederen) dan barang-barang yang bukan bersifat benda, namun melihat tujuan dari semua barang-barang itu, yakni guna memuaskan kebutuhankebutuhan hidup duniawi, memuaskan nafsu dan kegemaran hidup di dunia ini, maka pengertian ilmu ekonomi tentang kemakmuran itu pada dasarnya bersifat material atau kebendaan. cara atau metode untuk memperoleh kemakmuran kebendaan, inilah yang menjadi pokok persoalan ilmu ekonomi. 6 oleh karena itu, menurut sjafruddin, yang menjadi pertanyaan adalah apa sebabnya si a mempergunakan cara-cara ekonomis itu dan mengapa si b tidak? pertanyaan lainnya, apakah tidak ada pengertian tentang kemakmuran (welvaartsbegrip) yang lain sifatnya dengan pengertian kemakmuran menurut ilmu ekonomi? pertanyaan-pertanyaan tersebut tidak termasuk questionnaire (daftar pertanyaan) ilmu ekonomi. perumusan atau definisi “ilmu ekonomi” sendiri menutup apriori pintunya bagi pertanyaan-pertanyaan tersebut di atas.7 jadi, sjafruddin melihat ilmu ekonomi yang ada tidak bisa menjawab pertanyaan tersebut secara mendasar dan komprehensif, padahal menurut sjafruddin: jawaban atas pertanyaan-pertanyaan itu penting sekali untuk membantu si miskin menghindarkan diri dari bencana menjadi gila atau menjadi lebih miskin lagi. pertanyaan-pertanyaan itu dan jawabannya, menurut hemat saya 6 sjafruddin prawiranegara, “peranan agama dan moral dalam pembangunan masyarakat dan ekonomi indonesia”, h. 96. 7 sjafruddin prawiranegara, “peranan agama dan moral dalam pembangunan masyarakat dan ekonomi indonesia”, h. 97. al-iqtishad: vol. v, no. 1, januari 2013 71 manusia sebagai seorang hamba yang meliputi aspek lahir dan batin, dunia dan akhirat. keadaan ini diperparah dengan kehadiran ilmu ekonomi yang tidak mendukung bagi terwujudnya hal tersebut. menurut sjafruddin, ilmu ekonomi tidak pernah mempertanyakan tentang kemakmuran yang hakiki itu. dia mengemukakan hal itu dalam tulisannya: ilmu ekonomi tidak sampai kepada pertanyaan itu, karena ekonomi hanya mempunyai minat terhadap cara atau metode untuk menjadi kaya atau makmur. makmur dalam arti kebendaan. apa yang oleh ilmu ekonomi dimaksudkan dengan kemakmuran “welvaart” atau “prosperity” pada hakikatnya bersifat kebendaan (stoffelijke welvaart) meskipun dalam ilmu ekonomi diadakan perbedaan antara barang-barang kebendaan (stoffelijke goederen) dan barang-barang yang bukan bersifat benda, namun melihat tujuan dari semua barang-barang itu, yakni guna memuaskan kebutuhankebutuhan hidup duniawi, memuaskan nafsu dan kegemaran hidup di dunia ini, maka pengertian ilmu ekonomi tentang kemakmuran itu pada dasarnya bersifat material atau kebendaan. cara atau metode untuk memperoleh kemakmuran kebendaan, inilah yang menjadi pokok persoalan ilmu ekonomi. 6 oleh karena itu, menurut sjafruddin, yang menjadi pertanyaan adalah apa sebabnya si a mempergunakan cara-cara ekonomis itu dan mengapa si b tidak? pertanyaan lainnya, apakah tidak ada pengertian tentang kemakmuran (welvaartsbegrip) yang lain sifatnya dengan pengertian kemakmuran menurut ilmu ekonomi? pertanyaan-pertanyaan tersebut tidak termasuk questionnaire (daftar pertanyaan) ilmu ekonomi. perumusan atau definisi “ilmu ekonomi” sendiri menutup apriori pintunya bagi pertanyaan-pertanyaan tersebut di atas.7 jadi, sjafruddin melihat ilmu ekonomi yang ada tidak bisa menjawab pertanyaan tersebut secara mendasar dan komprehensif, padahal menurut sjafruddin: jawaban atas pertanyaan-pertanyaan itu penting sekali untuk membantu si miskin menghindarkan diri dari bencana menjadi gila atau menjadi lebih miskin lagi. pertanyaan-pertanyaan itu dan jawabannya, menurut hemat saya 6 sjafruddin prawiranegara, “peranan agama dan moral dalam pembangunan masyarakat dan ekonomi indonesia”, h. 96. 7 sjafruddin prawiranegara, “peranan agama dan moral dalam pembangunan masyarakat dan ekonomi indonesia”, h. 97. hanya dapat diajukan dan diberikan oleh agama. agama menyatakan, bahwa mereka yang beriman pada tuhan, yakni yang percaya bahwa nasib manusia di tangan allah swt., dan yang yakin, bahwa kemakmuran yang hakiki itu sifatnya berlainan dengan kekayaan akan barang-barang benda, mereka inilah yang tidak akan tergoda menjadi gila atau menjadi miskin.8 motif ekonomi lalu, apa yang menjadi dasar orang melakukan tindakan ekonomi menurut ilmu ekonomi? jawabnya dalah motif ekonomi. setiap orang yang melakukan suatu pekerjaan, termasuk dalam bidang ekonomi, tentu dia memiliki motif yang disebut dengan motif ekonomi. apakah artinya motif ekonomi itu? dalam pandangan sjafruddin, menurut motif ekonomi maka manusia selalu berbuat sedemikian rupa sehingga dia akan berusaha memperoleh keuntungan yang sebesar-besarnya dengan tenaga atau biaya yang sekecil-kecilnya9. oleh karena itu, menurut sjafruddin, kalau ada orang bekerja menurut motif ekonomi, maka adalah mustahil orang akan menjual barangnya dengan harga 200 dirham, kalau ia dalam keadaan yang serupa bisa menjual barangbarangnya itu dengan harga 400 dirham. apabila yunus tidak mau menjual barangnya dengan harga yang lebih mahal dari 200 dirham maka hal itu disebabkan karena pertimbangan-pertimbangan moral atau agama, kata ahli ekonomi.10 sjafruddin melihat apa yang namanya motif ekonomi itu adalah sama dengan hawa nafsu, yaitu nafsu terhadap benda. beliau mengatakan bahwa pada hakikatnya, apa yang dinamakan motif ekonomi itu tidak lain adalah hawa nafsu sendiri, nafsu akan benda, kerakusan dan ketamakan manusia. dapat nafsu kebendaan itu dinamakan hukum atau motif ekonomi, tetapi dapat pula dikatakan bahwa masyarakat yang anggota-anggotanya senantiasa berbuat menurut motif ekonomi itu adalah mayarakat yang biadab. demian menurut sjafruddin.11 8 sjafruddin prawiranegara, “peranan agama dan moral dalam pembangunan masyarakat dan ekonomi indonesia”, h. 97. 9 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 29. 10 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 29. 11 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h.30. anwar abbas: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara72 penjelasan di atas memperlihatkan bahwa kalau ekonomi dikelola hanya dengan berdasarkan motif ekonomi, maka masyarakat yang akan terbentuk bukanlah masyarakat yang baik dan beradab tetapi adalah masyarakat yang biadab. artinya, masyarakat yang tidak lagi menjunjung tinggi moral dan akhlak serta nilai-nilai luhur. jadi menurut sjafruddin, apa yang disebut dengan motif ekonomi yang dikatakan oleh para ahli ekonomi itu adalah hukum alam atau nilai-nilai universal yang sebenarnya bukanlah hukum alam atau nilai-nilai universal, tetapi itu merupakan dorongan hawa nafsu dari pribadi-pribadi yang bersangkutan. oleh karena itu, dalam masyarakat yang menjunjung tinggi ajaran islam, kekuatan yang mendorong orang untuk bertingkah laku termasuk dalam bidang ekonomi bukanlah motif tersebut tetapi adalah ajaran agamanya. sjafruddin mengatakan: di dalam suatu masyarakat di mana islam merupakan kekuatan yang hidup dan nyata, maka motif ekonomi itu tidaklah merupakan hukum fundamental dalam usaha manusia. bahkan sebaliknya, pertimbanganpertimbangan agama, yang menurut ilmu ekonomi merupakan faktorfaktor yang hanya kadang-kadang mempengaruhi motif ekonomi, lebih diutamakan dari pada motif ekonomi itu sendiri.12 sjafruddin menjelaskan bahwa motif takwa yang dijadikan dasar oleh orang islam dalam bertindak di bidang ekonomi jelas tidaklah sama dengan motif ekonomi yang disebut-sebut dalam pelbagai literatur barat karena orang seperti yunus13 (maksudnya yûnus ibn ‘ubayd, pen.) menurut sjafruddin: senantiasa akan berbuat menurut perintah tuhan yang mengatakan bahwa kita harus memperlakukan sesama manusia (saudara) kita sebagaimana kita memperlakukan diri kita sendiri. artinya tenaga penggerak atau motor perbuatan-perbuatannya bukanlah yang disebut ilmu ekonomi motif ekonomi, melainkan takwa terhadap allah dan oleh karena itu cinta terhadap sesama manusia. terhadap sesama manusia ia tidak akan berbuat menurut 12 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 30. 13 yunus adalah seorang pedagang di kota madinah. ketika ia meninggalkan toko atau kedainya, anak buahnya menjual barang daganga di atas harga pasar. lalu, yunus meminta anak buahnya supaya mengembalikan kelebihan harga tersebut kepada si pembeli, karena ia menganggap tidak baik bila seseorang menjual sesuatu di atas harga pasar. al-iqtishad: vol. v, no. 1, januari 2013 73 penjelasan di atas memperlihatkan bahwa kalau ekonomi dikelola hanya dengan berdasarkan motif ekonomi, maka masyarakat yang akan terbentuk bukanlah masyarakat yang baik dan beradab tetapi adalah masyarakat yang biadab. artinya, masyarakat yang tidak lagi menjunjung tinggi moral dan akhlak serta nilai-nilai luhur. jadi menurut sjafruddin, apa yang disebut dengan motif ekonomi yang dikatakan oleh para ahli ekonomi itu adalah hukum alam atau nilai-nilai universal yang sebenarnya bukanlah hukum alam atau nilai-nilai universal, tetapi itu merupakan dorongan hawa nafsu dari pribadi-pribadi yang bersangkutan. oleh karena itu, dalam masyarakat yang menjunjung tinggi ajaran islam, kekuatan yang mendorong orang untuk bertingkah laku termasuk dalam bidang ekonomi bukanlah motif tersebut tetapi adalah ajaran agamanya. sjafruddin mengatakan: di dalam suatu masyarakat di mana islam merupakan kekuatan yang hidup dan nyata, maka motif ekonomi itu tidaklah merupakan hukum fundamental dalam usaha manusia. bahkan sebaliknya, pertimbanganpertimbangan agama, yang menurut ilmu ekonomi merupakan faktorfaktor yang hanya kadang-kadang mempengaruhi motif ekonomi, lebih diutamakan dari pada motif ekonomi itu sendiri.12 sjafruddin menjelaskan bahwa motif takwa yang dijadikan dasar oleh orang islam dalam bertindak di bidang ekonomi jelas tidaklah sama dengan motif ekonomi yang disebut-sebut dalam pelbagai literatur barat karena orang seperti yunus13 (maksudnya yûnus ibn ‘ubayd, pen.) menurut sjafruddin: senantiasa akan berbuat menurut perintah tuhan yang mengatakan bahwa kita harus memperlakukan sesama manusia (saudara) kita sebagaimana kita memperlakukan diri kita sendiri. artinya tenaga penggerak atau motor perbuatan-perbuatannya bukanlah yang disebut ilmu ekonomi motif ekonomi, melainkan takwa terhadap allah dan oleh karena itu cinta terhadap sesama manusia. terhadap sesama manusia ia tidak akan berbuat menurut 12 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 30. 13 yunus adalah seorang pedagang di kota madinah. ketika ia meninggalkan toko atau kedainya, anak buahnya menjual barang daganga di atas harga pasar. lalu, yunus meminta anak buahnya supaya mengembalikan kelebihan harga tersebut kepada si pembeli, karena ia menganggap tidak baik bila seseorang menjual sesuatu di atas harga pasar. asas: mencapai keuntungan yang sebesar-besarnya dengan tenaga yang sekecil-kecil yang akhirnya berarti: menindas sesama manusia dengan cara yang sekejam-kejamnya14 jadi, penjelasan di atas diketahui bahwa kehadiran motif ekonomi dalam kehidupan umat manusia memang tidak asing lagi termasuk dalam masyarakat islam yang kuat, tetapi yang perlu diketahui adalah bahwa “perbuatan-perbuatan yang semata-mata didasarkan atas asas ekonomi sangat dicela oleh kaum muslimin yang jujur”.15 dari penjelasan tersebut dapat disimpulkan bahwa bila perilaku dan/atau perbuatan manusia itu diamati, maka ada dua jenis perilaku yang tampak sangat menonjol, yaitu perilaku yang didorong oleh motif ekonomi dan perilaku yang didorong oleh motif moral dan agama. menurut sjafruddin, ilmu ekonomi pada dasarnya diciptakan oleh rasa kurang dan takut akan kekurangan. rasa takut terhadap hari depan, takut kekurangan akan bahan-bahan hidup sehari-hari, inilah yang mendorong manusia berusaha mengumpulkan dan memperbanyak. perasaan takut ini dapat menyebabkan manusia menjadi makhluk yang rakus dan tamak, yang tidak mempunyai perasaan belas kasihan terhadap sesama manusia. sebaliknya, agama mengajarkan kepada manusia untuk menjauhkan perasaan takut itu sejauh-jauhnya. yang wajib ditaati dan ditakuti hanyalah tuhan. jika orang sungguh-sungguh percaya dan taat terhadap tuhan, maka orang tidak perlu takut akan mati kelaparan. dia yakin tuhan akan dengan mudah melimpahkan rahmat dan berkat-nya kepada hamba-hamba yang taat dan mengerjakan segala apa yang diperintahkan oleh tuhannya. orang yang mempunyai keyakinan seperti ini, tidak akan mengenal istilah gentar menghadapi ujian dan cobaan apa pun. bila diganjar dengan kemiskinan, dia akan menerima nasibnya itu dengan hati yang ringan sambil bekerja dan berdoa, mudah-mudahan tuhan berkenan memberi rezeki padanya dan mengubah nasibnya. apabila dia diganjar dengan harta kekayaan sebesar gunung, itu pun tidak akan menyebabkan dia menjadi terkejut atau takut di luar batas-batas yang lazim, sehingga dia mati atau menjadi gila. dia pun tidak akan melepaskan segala nafsu rendahnya dan mengobral untuk memuaskan nafsunya 14 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 29-30. 15 sjafruddin prawiranegara, “motif atau prinsip ekonomi diukur menurut hukum-hukum islam”, h. 30. anwar abbas: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara74 yang dalam sekejap mata dapat menghabiskan harta kekayaannya. dia akan teringat kepada perintah tuhannya untuk membelanjakan hartanya itu pada tujuan-tujuan yang diridai oleh allah, hal-hal yang bermanfaat bagi dia sendiri dan sesama manusia. kita harus berbuat baik terhadap sesama manusia, dengan memberikan rezeki yang diberikan tuhan. hal itu akan dapat menyelamatkan diri kita dari racun yang terkandung dalam kekayaan atau kekuasaan itu. sjafruddin mengutip kata pepatah belanda, “het zijn sterke benen, die de weelde dragen”. orang harus kuat untuk memikul beban kemewahan, yang melekat pada keadaan dan/atau kekuasaan. kekuatan untuk memikul beban itu hanya bisa didapat dari sumber agama. orang yang tidak beragama, atau kurang kuat kesadaran agamanya, akan binasa di bawah tekanan kekayaan atau kekuasaan itu. jadi sampai di sini dapat disimpulkan bahwa homo economicus itu, menurut sjafruddin, mestilah juga merupakan homo religious. orang yang mengabdi kepada tuhan dengan berbakti kepada sesama manusia, akan dapat mempergunakan alam kebendaan ini dengan cara yang sebaik-baiknya dan yang mengandung manfaat yang sebesar-besarnya bagi manusia. menurut sjafruddin, bila dasar zedelijkheid atau moralitas ini tidak ada setiap, maka akhimya dia akan menjelma menjadi iblis dalam tubuh manusia yang menghisap darah masyarakat. jadi, menurut sjafruddin, masalah ekonomi tidak bisa dilepaskan kaitannya dengan masalah agama. oleh karena itu, adalah suatu kekeliruan bila suatu pemerintahan hanya mendekati masalah ekonomi yang dihadapi rakyatnya dari perspektif ekonomi semata. pemerintah yang hanya melakukan hal demikian, maka tidak akan bisa menyelesaikan masalah karena yang namanya ekonomi murni tidak punya hati nurani. sebab, pasar hanya akan berpihak kepada orang yang kuat dan tidak peduli kepada orang yang lemah. oleh karena itu, pihak yang termarginalkan dalam proses ekonomi dan pasar tersebut tentu tidak akan senang dan tidak akan tinggal diam untuk mengambil hak-haknya, sehingga terjadilah tindak kekerasan dan perbuatan-perbuatan yang tercela serta mendorong bagi terjadinya kekacauan sosial. untuk itu, agama harus diundang dan dilibatkan dalam kehidupan ekonomi dan pasar agar keduanya menjadi tempat yang sejuk bagi semua pihak. pandangan seperti ini tampak jelas dalam pernyataan sjafruddin yang menyatakan: al-iqtishad: vol. v, no. 1, januari 2013 75 yang dalam sekejap mata dapat menghabiskan harta kekayaannya. dia akan teringat kepada perintah tuhannya untuk membelanjakan hartanya itu pada tujuan-tujuan yang diridai oleh allah, hal-hal yang bermanfaat bagi dia sendiri dan sesama manusia. kita harus berbuat baik terhadap sesama manusia, dengan memberikan rezeki yang diberikan tuhan. hal itu akan dapat menyelamatkan diri kita dari racun yang terkandung dalam kekayaan atau kekuasaan itu. sjafruddin mengutip kata pepatah belanda, “het zijn sterke benen, die de weelde dragen”. orang harus kuat untuk memikul beban kemewahan, yang melekat pada keadaan dan/atau kekuasaan. kekuatan untuk memikul beban itu hanya bisa didapat dari sumber agama. orang yang tidak beragama, atau kurang kuat kesadaran agamanya, akan binasa di bawah tekanan kekayaan atau kekuasaan itu. jadi sampai di sini dapat disimpulkan bahwa homo economicus itu, menurut sjafruddin, mestilah juga merupakan homo religious. orang yang mengabdi kepada tuhan dengan berbakti kepada sesama manusia, akan dapat mempergunakan alam kebendaan ini dengan cara yang sebaik-baiknya dan yang mengandung manfaat yang sebesar-besarnya bagi manusia. menurut sjafruddin, bila dasar zedelijkheid atau moralitas ini tidak ada setiap, maka akhimya dia akan menjelma menjadi iblis dalam tubuh manusia yang menghisap darah masyarakat. jadi, menurut sjafruddin, masalah ekonomi tidak bisa dilepaskan kaitannya dengan masalah agama. oleh karena itu, adalah suatu kekeliruan bila suatu pemerintahan hanya mendekati masalah ekonomi yang dihadapi rakyatnya dari perspektif ekonomi semata. pemerintah yang hanya melakukan hal demikian, maka tidak akan bisa menyelesaikan masalah karena yang namanya ekonomi murni tidak punya hati nurani. sebab, pasar hanya akan berpihak kepada orang yang kuat dan tidak peduli kepada orang yang lemah. oleh karena itu, pihak yang termarginalkan dalam proses ekonomi dan pasar tersebut tentu tidak akan senang dan tidak akan tinggal diam untuk mengambil hak-haknya, sehingga terjadilah tindak kekerasan dan perbuatan-perbuatan yang tercela serta mendorong bagi terjadinya kekacauan sosial. untuk itu, agama harus diundang dan dilibatkan dalam kehidupan ekonomi dan pasar agar keduanya menjadi tempat yang sejuk bagi semua pihak. pandangan seperti ini tampak jelas dalam pernyataan sjafruddin yang menyatakan: bahwa salah satu sebab dari adanya kekacauan sosial dan perbedaan yang besar antara yang kaya dan yang miskin di dunia ini adalah bahwa agama itu mau dipisahkan dari ekonomi. sebaliknya islam mengajar bahwa dalam usaha kita mencari nafkah untuk keperluan hidup, kita sekali-kali tidak boleh melupakan kewajiban kita terhadap sesama manusia, khususnya terhadap orang-orang yang miskin dan lemah.16 ini berarti sjafruddin tidak menginginkan suatu tatanan kehidupan ekonomi bahkan juga politik yang tanpa nilai, tetapi harus sarat nilai, agar kehidupan ekonomi dan politik tersebut mempunyai arti dan makna bagi semua. sumber nilai bagi hal demikian, menurut dia, adalah agama. hal ini terlihat dari pernyataannya yang menyatakan bahwa agama dan moral tidak dapat dan tidak boleh dipisahkan dari usaha ekonomi, sebagaimana halnya juga agama dan moral tidak dapat dan tidak boleh dilepaskan dalam kegiatan politik.17 dari sini terlihat bahwa sistem ekonomi yang hendak dibangun dan dikembangkan oleh sjafruddin bukanlah sistem ekonomi liberalis dan atau sosialis marxis, tetapi sebuah sistem ekonomi yang lain dari keduanya. dia menyebutnya dengan “sistem ekonomi jalan tengah”. sjafruddin melihat sistem ekonomi jalan tengah ini merupakan salah satu sudut dari sebuah segitiga. kalau kita ibaratkan sebuah segitiga, dua buah sudut di alas segitiga tersebut adalah liberalisme dan sosialisme, maka sudut ketiga yang terletak dipuncak adalah sistem ekonomi islam. dalam sistem ini, ajaran agama merupakan sumber nilai utama, apalagi bagi umat islam, alquran dan sunah merupakan pedoman dan petunjuk bagi semua pelaku ekonomi dalam berpikir dan bertindak. semua pihak, baik produsen, distributor, konsumen, serta pemerintah harus tunduk dan patuh kepada nilai dan norma yang telah ditentukan oleh agama. untuk itu, menurut sjafruddin, dalam usaha mencari nafkah itu kita harus memperhatikan dan memegang teguh norma-norma moral yang tinggi. kaum muslimin tidak boleh mencuri, menipu, memaksa secara kasar atau halus, menyalahgunakan amanah dan lain-lain sebagainya, untuk memperoleh keuntungan.18 16 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, dalam ajip rosidi (ed.), sjafruddin prawiranegara, ekonomi dan keuangan makna ekonomi islam, (jakarta: cv. haji masagung,1988), cet. i, h. 250. 17 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h. 251-252. 18 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h. 250. anwar abbas: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara76 di sini tampak sekali sjafruddin membedakan antara sistem ekonomi islam dengan sistem ekonomi liberal dan sosialisme-marxisme. kedua sistem terakhir ini tidak membawa-bawa agama ke dalam kehidupan ekonomi, mereka hanya mengandalkan pemikiran dalam menyelesaikan masalah-masalah yang ada. paradigma yang mereka pergunakan adalah bagaimana bisa mendapatkan untung yang sebesar-besarnya dengan biaya yang sedikit-dikitnya. hal itu berbeda dengan islam yang menurut sjafruddin kita disuruh mencari nafkah yang tujuan atau motivasinya “bukan memuaskan dan menurutkan hawa nafsu yang mencari kekayaan sebesar-besarnya, tetapi berbuat baik sebanyak-banyaknya tanpa melupakan diri sendiri, tetapi juga tanpa melampaui batas.19 untuk itu, dalam mencari nafkah, menurut sjafruddin, seseorang harus memperhatikan halal dan tidak halalnya sumber pendapatan atau mata pencahariannya. sumber-sumber mata pencaharian yang halal itu ada tiga macam. pertama, usaha dan kerja sendiri dengan cara yang diridai allah swt. kedua, dagang, yaitu pertukaran barang atau jasa yang harus dilakukan berdasarkan suka sama suka, tidak boleh ada di dalamnya unsur curang atau paksaan. kegiatan itu harus bersih dari unsur-unsur curang atau batil dan paksaan atau riba. juga spekulasi yang bersifat judi terlarang. ketiga, pemberian yang diberikan dengan sukarela. tetapi kita harus tahu bahwa menurut ajaran islam tangan di atas adalah lebih baik dari pada tangan di bawah.20 itulah nilai-nilai yang diletakkan islam dalam mencari nafkah. kalau tidak bisa menerima penerapan nilai-nilai islam ini dalam kehidupan maka itu sama artinya, kata sjafruddin, tidak percaya dengan agamanya sendiri. syafruddin mengatakan: kalau kita kaum muslimin dalam zaman yang modern dan maju ini merasa heran mendengar cerita-cerita tentang kelakuan saudagar-saudagar seperti yûnus ibn ‘ubayd dan muhammad ibn almunkadir dan tidak bersedia mengikuti teladannya itu, karena perbuatan mereka itu tidak sesuai dengan asas ekonomi, itu berarti bahwa kita pada pokoknya berpendapat bahwa islam itu tidak sesuai dengan zaman yang sudah maju ini.21 19 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h.250 20 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h.250 21 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h.30. al-iqtishad: vol. v, no. 1, januari 2013 77 di sini tampak sekali sjafruddin membedakan antara sistem ekonomi islam dengan sistem ekonomi liberal dan sosialisme-marxisme. kedua sistem terakhir ini tidak membawa-bawa agama ke dalam kehidupan ekonomi, mereka hanya mengandalkan pemikiran dalam menyelesaikan masalah-masalah yang ada. paradigma yang mereka pergunakan adalah bagaimana bisa mendapatkan untung yang sebesar-besarnya dengan biaya yang sedikit-dikitnya. hal itu berbeda dengan islam yang menurut sjafruddin kita disuruh mencari nafkah yang tujuan atau motivasinya “bukan memuaskan dan menurutkan hawa nafsu yang mencari kekayaan sebesar-besarnya, tetapi berbuat baik sebanyak-banyaknya tanpa melupakan diri sendiri, tetapi juga tanpa melampaui batas.19 untuk itu, dalam mencari nafkah, menurut sjafruddin, seseorang harus memperhatikan halal dan tidak halalnya sumber pendapatan atau mata pencahariannya. sumber-sumber mata pencaharian yang halal itu ada tiga macam. pertama, usaha dan kerja sendiri dengan cara yang diridai allah swt. kedua, dagang, yaitu pertukaran barang atau jasa yang harus dilakukan berdasarkan suka sama suka, tidak boleh ada di dalamnya unsur curang atau paksaan. kegiatan itu harus bersih dari unsur-unsur curang atau batil dan paksaan atau riba. juga spekulasi yang bersifat judi terlarang. ketiga, pemberian yang diberikan dengan sukarela. tetapi kita harus tahu bahwa menurut ajaran islam tangan di atas adalah lebih baik dari pada tangan di bawah.20 itulah nilai-nilai yang diletakkan islam dalam mencari nafkah. kalau tidak bisa menerima penerapan nilai-nilai islam ini dalam kehidupan maka itu sama artinya, kata sjafruddin, tidak percaya dengan agamanya sendiri. syafruddin mengatakan: kalau kita kaum muslimin dalam zaman yang modern dan maju ini merasa heran mendengar cerita-cerita tentang kelakuan saudagar-saudagar seperti yûnus ibn ‘ubayd dan muhammad ibn almunkadir dan tidak bersedia mengikuti teladannya itu, karena perbuatan mereka itu tidak sesuai dengan asas ekonomi, itu berarti bahwa kita pada pokoknya berpendapat bahwa islam itu tidak sesuai dengan zaman yang sudah maju ini.21 19 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h.250 20 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h.250 21 sjafruddin prawiranegara, “memperkenalkan asas dan tujuan husami”, h.30. di sini tampak bahwa sjafruddin sangat percaya terhadap kebenaran agamanya dan dia sangat ingin umat islam memercayai ajaran agamanya itu. untuk itu, menurut sjafruddin, umat islam harus mengundang dan melibatkan ajaran agamanya dalam mengatur dan mengelola kehidupan ekonominya agar mereka dapat berbuat serta mengarahkan semua kegiatan ekonominya sesuai dengan ketentuan yang ada dalam agama tersebut. penutup dalam pandangan sjafruddin, manusia tidak bisa dilepas begitu saja, karena hal demikian jelas akan membawa bencana dan malapetaka terhadap kehidupan, baik pribadi maupun bersama. untuk itu, menurut dia, manusia harus mendapatkan bimbingan dari agamanya yaitu dalam hal ini islam. masalah ekonomi tidak bisa dilepaskan kaitannya dengan masalah agama. oleh karena itu, adalah suatu kekeliruan bila suatu pemerintahan hanya mendekati masalah ekonomi yang dihadapi rakyatnya dari perspektif ekonomi semata. kalau pemerintah hanya melakukan hal demikian, maka masalah tidak akan bisa selesai karena yang namanya ekonomi murni tidak punya hati nurani. menurut sjafruddin, seseorang harus memperhatikan halal dan tidak halalnya sumber pendapatan atau mata pencahariannya.[] pustaka acuan abbas, anwar, bung hatta dan ekonomi islam, jakarta: kompas, 2010. abdullah, boedi, peradaban pemikiran ekonomi islam, bandung: pustaka setia, 2010. ahmad, ausaf dan kazim r.a. (ed.), lectures on islamic economics, jeddah: irti-idb, 1992. al arif, m. nur rianto, dasar-dasar ekonomi islam, surakarta: era intermedia, 2011. amalia, euis, sejarah pemikiran ekonomi islam: dari masa klasik hingga kontemporer, jakarta: pustaka asatrus, 2007. karim, adiwarman, sejarah pemikiran ekonomi islam, jakarta: rajawali pers, 2010. p3ei uii, ekonomi islam, jakarta: rajawali pers, 2008. prawiranegara, sjafruddin. kumpulan karangan terpilih jilid i, islam sebagai pedoman hidup, editor ajip rosidi, jakarta: inti idayu press, 1986. ------------------, ekonomi dan keuangan makna ekonomi islam, editor ajip rosidi, jakarta: cv. haji masagung,1988. anwar abbas: agama dan kehidupan ekonomi menurut sjafruddin prawiranegara78 rahman, afzalur, doktrin ekonomi islam, yogyakarta: dana bhakti wakaf, 1993. rivai, veithzal dan buchari, andi, islamic economics: ekonomi syariah bukan opsi tetapi solusi, jakarta: bumi aksara, 2010. keuangan syariah, yaitu diharapkan agar pemerintah menempatkan dana calon haji yang termasuk daftar tunggu di bank-bank syariah, dan hasil investasinya dikembalikan kepada pemiliknya sebagai shâhib al-mâl. [] pustaka acuan amin, ma‘ruf (ketua tim penyusun), himpunan fatwa majelis ulama indonesia sejak 1975, jakarta: majelis ulama indonesia dan penerbit erlangga, 2011. anonimous, ijtima’ ulama tahun 2012: himpunan keputusan ijtima’ ulama komisi fatwa se-indonesia iv tahun 2012 di ponpes cipasung tasikmalaya. jakarta: majelis ulama indonesia, 2012. fatwa dsn-mui nomor: 09/dsn-mui/iv/2000 tentang pembiayaan ijârah. fatwa dsn-mui nomor: 19/dsn-mui/vi/2002 tentang pembiayaan al-qardh. fatwa dsn-mui nomor: 29/dsn-mui/vi/2002 tentang pembiayaan pengurusan haji lembaga keuangan syariah. fatwa dewan hisbah pengurus pusat persatuan islam (pp persis) tentang ‚dana talangan haji‛ yang ditandatangani k.h. usman shalahuddin (ketua) dan k.h. zae nandang (sekretaris) pada tanggal 11 april 2011/7 jumadil ula 1432 h. fatwa mui tentang istithâ‘ah dalam melakukan ibadah haji (1979). mudzhar, m. atho, ‚penerapan pendekatan sejarah sosial dalam hukum islam‛, makalah disampaikan dalam acara diskusi yang diselenggarakan oleh pusat pengkajian islam unisba, di bandung, 8 januari 1992. rachman, budhy munawar (ed.), kontekstualisasi doktrin islam dalam sejarah, jakarta: yayasan wakaf paramadina, 1994. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-fikr, 1983. sam, h.m. ichwan dkk. (tim penyunting), tanya jawab seputar dewan syariah nasional majelis ulama indonesia, jakarta: dsn-mui, 2011. undang-undang nomor 13 tahun 2008 tentang penyelenggaraan ibadah haji. zuhaylî, al-wahbah, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr al-mu’ashir, 2006. kekayaan intelektual dalam perspektif ekonomi islam m. musyafa’ abstract: intellectual property rights in islamic economics perspective. intellectual property rights in indonesia is regulated comprehensively, whereas islamic texts do not explain it in a specific way. rights in islam are a divine gift as guidance in determining the laws of sharia. every person is obliged to respect the rights of others, and it is obviously forbidden to destroy or trample these rights. moreover, the owner of the rights should use it properly without causing harm to others. in economic perspective, a person is prohibited trading a thing that is not belonging to him/her, causing violation of copyright laws. intellectual works of a person is regarded as the intellectual property. islam appreciate these rights in qualifying the rights attached to its owner. keywords: intellectual property rights, property, wealth, economy abstrak: kekayaan intelektual dalam perspektif ekonomi islam. hak kekayaan intelektual (hki) di indonesia sudah diatur sedemikian rupa padahal teks-teks islam tidak mengatur secara spesifik. hak dalam islam adalah karunia ilahi sebagai sandaran dalam menentukan hukum-hukum syariat. untuk itu manusia memiliki kewajiban menghormati hak orang lain, dan tidak ada wewenang untuk menghancurkan atau menginjak-injaknya. sebaliknya, pemilik menggunakan hak-hak tersebut dengan baik tanpa menimbulkan kerugian bagi orang lain. dalam hal ekonomi seseorang dilarang memperdagangkan sesuatu yang bukan miliknya karena melanggar hukum hak cipta. karya seseorang yang merupakan karya intelektual dianggap sebagai properti. islam menghargai hal itu dengan membuat hak yang melekat pada pemiliknya. kata kunci: hak kekayaan intelektual, properti, kekayaan, ekonomi naskah diterima: 15 februari 2012, direvisi: 12 september 2012, disetujui: 20 september 2012.  stain al-fatah, jayapura, papua. jl. merah putih, buper, distrik heram, jayapura. e-mail: mmusyafa@gmail.com m. musyafa’: kekayaan intelektual dalam perspektif ekonomi islam40 pendahuluan islam sebagai agama yang mempunyai nilai universal sangat menghargai manusia sebagai individu dan masyarakat. karakteristik universal tersebut menunjukkan bahwa syariat islam yang agung ini mencakup pelbagai sistem hukum dan perundang-undangan yang mengatur pelbagai segi pembentukan, pembinaan, dan reformasi sekaligus menata seluruh aspek kehidupan masyarakat, baik yang berkaitan dengan masalah akidah, ibadah maupun muamalah yang termasuk di dalamnya ekonomi, hukum perdata, pidana, hubungan internasional, ataupun tatanan sosial.1 salah satu perkembangan dalam dunia perekonomian indonesia adalah munculnya isu hak atas kekayaan intelektual (haki) atau intellectual property. hal itu bahkan sudah bukan isu lagi, karena sudah menjadi sebuah peraturan yang baku dan ada undang-undangnya. dalam ajaran islam secara tekstual tidak ada yang menyebutkan atau menjelaskan tentang hal ini. dalam kajian fikih klasik, masalah ini belum secara tegas disinggung. padahal, jika dilihat dari sisi manusia indonesia sebagai pelaku atau pelaksana dalam peningkatan profesionalitas dan produktivitas, maka kajian tentang hak atas kekayaan intelektual dalam sistem hukum indonesia menjadi sesuatu yang sangat penting. dengan demikian pembahasan terhadap hal ini menjadi sangatlah penting, karena kebutuhan akan perlindungan terhadap haki itu sebenarnya timbul dari kebutuhan masyarakat itu sendiri. begitu juga dalam kajian tentang ekonomi islam, ini merupakan sesuatu hal yang tidak bisa diabaikan begitu saja. sebab hal ini merupakan sesuatu hal yang sangat berharga dan bisa menjadi suatu barang yang bisa dijadikan aset atau salah satu faktor produksi yakni modal. sebenarnya fenomena intellectual property ini sudah banyak yang mengkajinya, namun kebanyakan lebih melihatnya dari segi hukumnya saja. oleh karena itu, di sini akan disinggung masalah ekonomi islamnya tanpa meninggalkan sisi hukum islamnya, karena ekonomi dalam islam tidak bisa dilepaskan begitu saja dari hukum islam. hal itu untuk memberikan kejelasan dalam hal yang boleh dilakukan dan yang menjadi larangan. konsepsi hak kata hak berasal dari bahasa arab haqq yang memiliki makna ketetapan atau kewajiban atau kepastian. hal ini bisa dipahami dari firman allah dalam surah yâsîn [36] ayat 7, al-anfâl [8] ayat 8, serta yûnus [10] ayat 35, dan al-baqarah [2] ayat 241. 1 abdullah nasih ulwan, islam syari’at abadi, (jakarta: gema insani press, 1996), h. 23. al-iqtishad: vol. v, no. 1, januari 2013 41 pendahuluan islam sebagai agama yang mempunyai nilai universal sangat menghargai manusia sebagai individu dan masyarakat. karakteristik universal tersebut menunjukkan bahwa syariat islam yang agung ini mencakup pelbagai sistem hukum dan perundang-undangan yang mengatur pelbagai segi pembentukan, pembinaan, dan reformasi sekaligus menata seluruh aspek kehidupan masyarakat, baik yang berkaitan dengan masalah akidah, ibadah maupun muamalah yang termasuk di dalamnya ekonomi, hukum perdata, pidana, hubungan internasional, ataupun tatanan sosial.1 salah satu perkembangan dalam dunia perekonomian indonesia adalah munculnya isu hak atas kekayaan intelektual (haki) atau intellectual property. hal itu bahkan sudah bukan isu lagi, karena sudah menjadi sebuah peraturan yang baku dan ada undang-undangnya. dalam ajaran islam secara tekstual tidak ada yang menyebutkan atau menjelaskan tentang hal ini. dalam kajian fikih klasik, masalah ini belum secara tegas disinggung. padahal, jika dilihat dari sisi manusia indonesia sebagai pelaku atau pelaksana dalam peningkatan profesionalitas dan produktivitas, maka kajian tentang hak atas kekayaan intelektual dalam sistem hukum indonesia menjadi sesuatu yang sangat penting. dengan demikian pembahasan terhadap hal ini menjadi sangatlah penting, karena kebutuhan akan perlindungan terhadap haki itu sebenarnya timbul dari kebutuhan masyarakat itu sendiri. begitu juga dalam kajian tentang ekonomi islam, ini merupakan sesuatu hal yang tidak bisa diabaikan begitu saja. sebab hal ini merupakan sesuatu hal yang sangat berharga dan bisa menjadi suatu barang yang bisa dijadikan aset atau salah satu faktor produksi yakni modal. sebenarnya fenomena intellectual property ini sudah banyak yang mengkajinya, namun kebanyakan lebih melihatnya dari segi hukumnya saja. oleh karena itu, di sini akan disinggung masalah ekonomi islamnya tanpa meninggalkan sisi hukum islamnya, karena ekonomi dalam islam tidak bisa dilepaskan begitu saja dari hukum islam. hal itu untuk memberikan kejelasan dalam hal yang boleh dilakukan dan yang menjadi larangan. konsepsi hak kata hak berasal dari bahasa arab haqq yang memiliki makna ketetapan atau kewajiban atau kepastian. hal ini bisa dipahami dari firman allah dalam surah yâsîn [36] ayat 7, al-anfâl [8] ayat 8, serta yûnus [10] ayat 35, dan al-baqarah [2] ayat 241. 1 abdullah nasih ulwan, islam syari’at abadi, (jakarta: gema insani press, 1996), h. 23. sedangkan secara istilah, hak mempunyai beberapa arti. ‘alî khafîf mengemukakan bahwa hak adalah sebuah kemaslahatan yang boleh dimiliki secara syar‘î. musthafâ ahmad al-zarqâ mengartikan hak sebagai sebuah keistimewaan yang dengannya syarak menetapkan sebuah kewenangan (otoritas) atau sebuah beban (utility).2 ibn nujaym dari tokoh mazhab hanafiyyah mendefinisikan hak sebagai suatu kekhususan yang terlindungi.3 dari beberapa pendapat tersebut disimpulkan bahwa yang dimaksud dengan hak adalah sebuah kekhususan atau keistimewaan yang mengandung maslahat dan terlindungi serta dengannya syarak menetapkan sebuah kewenangan atau kekuasaan atasnya. ulama fikih mengemukan bahwa sebuah hak haruslah memenuhi rukun hak, yaitu pemilik hak dan objek hak. dalam ajaran islam, hak merupakan pemberian ilahi yang disandarkan pada sumber-sumber yang dijadikan dalam menentukan hukum-hukum syarak. maka dari itu sumber dari hak adalah kehendak atau ketentuan hukum syarak. kalau dirunut secara hakiki maka sebenarnya tiada sumber hak kecuali allah, karena tiada hakim (pembuat keputusan) selain dia dan tidak ada yang berhak mensyariatkan sesuatu kecuali allah. untuk itu manusia memiliki kewajiban untuk menghormati hak orang lain, dan tidak ada kewenangan untuk merusak atau menginjak-injaknya.4 pemilik hak harus mempergunakan haknya secara proporsional dan sesuai dengan porsinya serta pada tempatnya. dengan demikian, hal itu tidak menimbulkan kemudaratan bagi yang lain, seperti halnya dalam hal ekonomi seseorang dilarang memperjualbelikan sesuatu yang bukan hak miliknya karena menyalahi hukum hak. ada beberapa akibat hukum yang terkait dengan adanya hak. pertama, menyangkut pelaksanaan dan penuntutan hak, yakni para pemilik hak dalam menunaikan hak-haknya haruslah sesuai dengan apa saja yang telah disyariahkan allah. kedua, menyangkut pemeliharaan hak, yakni setiap orang agar memelihara dan menjaga haknya dari segala bentuk kesewenangan orang lain, baik yang berkaitan dengan pidana maupun perdata. seperti apabila dicuri hartanya, dia bisa menuntut dari segi pidana agar pencuri ditahan atau dipotong tangan sesuai dengan hukum yang berlaku. sedangkan dari segi perdata, dia dapat meminta supaya hasil curiannya dikembalikan jika masih ada dan menggantinya bila sudah habis. 2 dimyauddin djuwaini, pengantar fiqh muamalah, (yogyakarta: pustaka pelajar, 2008), h. 3. 3 nasrun haroen, fiqh muamalah, (jakarta: gaya media pratama, 2007), h. 2. 4 dimyauddin djuwaini, pengantar fiqh muamalah, h. 4. m. musyafa’: kekayaan intelektual dalam perspektif ekonomi islam42 ketiga, menyangkut penggunaan hak,5 yakni dalam mempergunakan haknya seseorang haruslah sesuai dengan syarak dan tidak boleh merugikan atau mengakibatkan mudarat baik bagi dirinya sendiri maupun orang lain, serta tidak boleh secara berlebihan atau mubazir. sebab allah melarang keras perbuatan tersebut sebagaimana firman-nya sebagai berikut:                               hai anak adam, pakailah pakaianmu yang indah di setiap (memasuki) mes-jid, makan dan minumlah, dan janganlah berlebih-lebihan. sesungguhnya allah tidak menyukai orang-orang yang berlebih-lebihan. (q.s. al-a‘râf [7]: 31) harta/kekayaan (property) secara etimologis, harta atau kekayaan dalam bahasa arab disebut dengan al-mâl yang berarti condong, cenderung, miring, suka, atau senang.6 manusia cenderung ingin atau suka menguasai harta. sedangkan secara terminologis ada beberapa pendapat. menurut ulama hanafiyyah, harta adalah segala sesuatu yang dapat diambil, disimpan, dan dapat dimanfaatkan.7 sedangkan jumhur ulama berpendapat bahwa harta adalah segala sesuatu yang memiliki nilai, di mana bagi orang yang merusaknya berkewajiban untuk menanggung atau menggantinya. lebih lanjut imam syâfi‘î mengatakan bahwa al-mâl dikhususkan pada sesuatu yang bernilai dan bisa diperjualbelikan dan memiliki konsekuensi bagi yang merusaknya.8 menurut wahbah al-zuhaylî, harta atau kekayaan (mâl) didefinisikan dengan segala sesuatu yang dapat mendatangkan ketenangan dan bisa dimiliki oleh manusia dengan sebuah upaya baik sesuatu itu berupa zat atau manfaat.9 berdasarkan definisi tersebut, segala sesuatu bisa dikatakan sebagai mâl/ harta apabila memenuhi dua kriteria. pertama, sesuatu itu harus bisa memenuhi kebutuhan manusia, hingga pada akhirnya dapat mendatangkan kepuasan dan 5 dimyauddin djuwaini, pengantar fiqh muamalah, h. 9. 6 a.w. munawir, kamus al-munawir arab indonesia terlengkap, (surabaya: pustaka prograsif, 1997), edisi ii, h. 1372. 7 rahmat, syafe’i, fiqih muamalah, (bandung: pustaka setia, 2004), h. 22. 8 wahbah al-zuhaiylî, al-fiqh al-islâmî wa adillatuh, (damaskus: dâr al-fikr, 1989), h. 42. 9 wahbah al-zuhaiylî, al-fiqh al-islâmî wa adillatuh, h. 41. al-iqtishad: vol. v, no. 1, januari 2013 43 ketiga, menyangkut penggunaan hak,5 yakni dalam mempergunakan haknya seseorang haruslah sesuai dengan syarak dan tidak boleh merugikan atau mengakibatkan mudarat baik bagi dirinya sendiri maupun orang lain, serta tidak boleh secara berlebihan atau mubazir. sebab allah melarang keras perbuatan tersebut sebagaimana firman-nya sebagai berikut:                               hai anak adam, pakailah pakaianmu yang indah di setiap (memasuki) mes-jid, makan dan minumlah, dan janganlah berlebih-lebihan. sesungguhnya allah tidak menyukai orang-orang yang berlebih-lebihan. (q.s. al-a‘râf [7]: 31) harta/kekayaan (property) secara etimologis, harta atau kekayaan dalam bahasa arab disebut dengan al-mâl yang berarti condong, cenderung, miring, suka, atau senang.6 manusia cenderung ingin atau suka menguasai harta. sedangkan secara terminologis ada beberapa pendapat. menurut ulama hanafiyyah, harta adalah segala sesuatu yang dapat diambil, disimpan, dan dapat dimanfaatkan.7 sedangkan jumhur ulama berpendapat bahwa harta adalah segala sesuatu yang memiliki nilai, di mana bagi orang yang merusaknya berkewajiban untuk menanggung atau menggantinya. lebih lanjut imam syâfi‘î mengatakan bahwa al-mâl dikhususkan pada sesuatu yang bernilai dan bisa diperjualbelikan dan memiliki konsekuensi bagi yang merusaknya.8 menurut wahbah al-zuhaylî, harta atau kekayaan (mâl) didefinisikan dengan segala sesuatu yang dapat mendatangkan ketenangan dan bisa dimiliki oleh manusia dengan sebuah upaya baik sesuatu itu berupa zat atau manfaat.9 berdasarkan definisi tersebut, segala sesuatu bisa dikatakan sebagai mâl/ harta apabila memenuhi dua kriteria. pertama, sesuatu itu harus bisa memenuhi kebutuhan manusia, hingga pada akhirnya dapat mendatangkan kepuasan dan 5 dimyauddin djuwaini, pengantar fiqh muamalah, h. 9. 6 a.w. munawir, kamus al-munawir arab indonesia terlengkap, (surabaya: pustaka prograsif, 1997), edisi ii, h. 1372. 7 rahmat, syafe’i, fiqih muamalah, (bandung: pustaka setia, 2004), h. 22. 8 wahbah al-zuhaiylî, al-fiqh al-islâmî wa adillatuh, (damaskus: dâr al-fikr, 1989), h. 42. 9 wahbah al-zuhaiylî, al-fiqh al-islâmî wa adillatuh, h. 41. ketenangan dengan terpenuhinya kebutuhan tersebut baik secara materi maupun imateri. kedua, sesuatu itu harus ada dalam genggaman kepemilikan manusia, sehingga konsekuensinya jika tidak bisa/belum dimiliki maka tidak bisa dikatakan sebagai harta.10 dengan demikian, intellectual property bisa digolongkan sebagai harta atau kekayaan meskipun tidak berwujud benda yang kasat mata atau bisa diindera. hal ini dikarenakan terpenuhinya kriteria dari definisi harta di atas, yaitu dapat dimiliki dan mampu memenuhi kebutuhan manusia baik secara materi maupun immateri. sebenarnya, dalam istilah ekonomi ada benda yang wujud atau tangible dan ada yang tidak berwujud intangible. kekayaan intelektual (intellectual property) hak kekayaan intelektual adalah hak kebendaan, yakni hak atas sesuatu benda yang bersumber dari hasil kerja otak atau hasil kerja rasio yang menalar. otak dalam hal ini bukanlah seperti tumpukan daging yang enak digulai, yang beratnya kurang lebih 2% dari total berat tubuh, tetapi lebih sebagai otak yang berperan sebagai pusat pengaturan segala kegiatan fisik dan psikologis yang terbagi menjadi dua belahan, yaitu kiri dan kanan.11 sedangkan hak cipta adalah hak khusus bagi pencipta maupun penerima hak untuk mengumumkan atau memperbanyak ciptaannya maupun memberi izin untuk itu dengan tidak mengurangi pembatasan-pembatasan menurut peraturan perundang-undangan.12 dengan hak khusus dari pencipta dimaksudkan bahwa tidak ada orang lain yang boleh melakukan hak itu selain yang bersangkutan atau kecuali dengan izin pencipta, baik hak menjual, hak menggandakan, hak mendapatkan manfaat dari hasil karya pencipta tersebut ataupun hak-hak lainnya selama penciptanya tidak memberikan izin dan atau batasan. dasar hukum yang dapat dipergunakan terkait dengan haki ialah sebagai berikut: 10 dimyauddin djuwaini, pengantar fiqh muamalah, h. 19. 11 saidin, aspek hukum hak kekayaan intelektual, (jakarta: pt. rajagrafindo persada, 2004), h. 9. 12 leden marpaung, tindak pidanan terhadap hak atas kekayaan intelektual, (jakarta: sinar grafika), 1995, h. 12. m. musyafa’: kekayaan intelektual dalam perspektif ekonomi islam44                                     berimanlah kamu kepada allah dan rasul-nya dan nafkahkanlah sebagian dari hartamu yang allah telah menjadikan kamu menguasainya. maka orang-orang yang beriman di antara kamu dan menafkahkan (sebagian) dari hartanya memperoleh pahala yang besar. (q.s. al-hadîd [57]: 7)                                     harta dan anak-anak adalah perhiasan kehidupan dunia tetapi amalanamalan yang kekal lagi salih adalah lebih baik pahalanya di sisi tuhanmu serta lebih baik untuk menjadi harapan. (q.s. al-kahfî [18]: 46) berkaitan dengan haki, iklim budaya indonesia telah menawarkan sesuatu yang berbeda dengan budaya hukum barat. para pencipta atau penemu di indonesia sangat berbesar hati apabila ciptaannya diperbanyak atau diumumkan oleh orang lain. para pelukis, pemahat, dan pematung di bali sangat gembira apabila karya ciptanya ditiru orang lain.13 terlepas dari itu semua, kiranya indonesia sudah saatnya mencermati kembali segi-segi yang berkaitan dengan perlindungan haki ini dalam sebuah sistem. dalam perkembangan globalisasi ekonomi dewasa ini, masalah intellectual property right (ipr) telah menjadi problem baru dan penting yang erat kaitannya dengan perdagangan internasional. oleh karena itu, negara-negara asean pada dasarnya telah mengatur perlindungan ipr yang ruang lingkup pengaturannya telah sejalan dengan konvensi-konvensi internasional.14 konvensi world intellectual property organization (wipo) menjelaskan yang termasuk dalam ruang lingkup intellectual property terdiri atas dua unsur. pertama, hak milik perindustrian (industrial property right) yang meliputi hak paten, merek dagang, dan desain indutri. kedua, hak cipta yang meliputi hasilhasil karya kesusastraan, musik, fotografi, dan sinematografi.15 13 saidin, aspek hukum hak kekayaan intelektual, h. 22. 14 tarnaya soenandar, perlindungan hak milik intelektual, h. 25. 15 tarnaya soenandar, perlindungan hak milik intelektual, h. 8. al-iqtishad: vol. v, no. 1, januari 2013 45                                     berimanlah kamu kepada allah dan rasul-nya dan nafkahkanlah sebagian dari hartamu yang allah telah menjadikan kamu menguasainya. maka orang-orang yang beriman di antara kamu dan menafkahkan (sebagian) dari hartanya memperoleh pahala yang besar. (q.s. al-hadîd [57]: 7)                                     harta dan anak-anak adalah perhiasan kehidupan dunia tetapi amalanamalan yang kekal lagi salih adalah lebih baik pahalanya di sisi tuhanmu serta lebih baik untuk menjadi harapan. (q.s. al-kahfî [18]: 46) berkaitan dengan haki, iklim budaya indonesia telah menawarkan sesuatu yang berbeda dengan budaya hukum barat. para pencipta atau penemu di indonesia sangat berbesar hati apabila ciptaannya diperbanyak atau diumumkan oleh orang lain. para pelukis, pemahat, dan pematung di bali sangat gembira apabila karya ciptanya ditiru orang lain.13 terlepas dari itu semua, kiranya indonesia sudah saatnya mencermati kembali segi-segi yang berkaitan dengan perlindungan haki ini dalam sebuah sistem. dalam perkembangan globalisasi ekonomi dewasa ini, masalah intellectual property right (ipr) telah menjadi problem baru dan penting yang erat kaitannya dengan perdagangan internasional. oleh karena itu, negara-negara asean pada dasarnya telah mengatur perlindungan ipr yang ruang lingkup pengaturannya telah sejalan dengan konvensi-konvensi internasional.14 konvensi world intellectual property organization (wipo) menjelaskan yang termasuk dalam ruang lingkup intellectual property terdiri atas dua unsur. pertama, hak milik perindustrian (industrial property right) yang meliputi hak paten, merek dagang, dan desain indutri. kedua, hak cipta yang meliputi hasilhasil karya kesusastraan, musik, fotografi, dan sinematografi.15 13 saidin, aspek hukum hak kekayaan intelektual, h. 22. 14 tarnaya soenandar, perlindungan hak milik intelektual, h. 25. 15 tarnaya soenandar, perlindungan hak milik intelektual, h. 8. intellectual property dalam perspektif ekonomi islam sebelum lahirnya pengakuan dan perlindungan hak atas kekayaan intelektual dalam hukum nasional kita, sebenarnya islam telah lebih dahulu mengakui adanya kekayaan intelektual setiap manusia. yûsuf al-qaradhâwî menyatakan, tidak ada agama selain islam dan tidak ada kitab selain alquran yang demikian tinggi menghargai ilmu pengetahuan, mendorong untuk mencarinya dan memuji orang-orang yang menguasainya.16 suatu petunjuk yang sangat agung dari alquran dalam hal ini adalah bahwa ia memberi penghargaan pada ulu al-albâb, kaum cendekiawan dan kaum intelektual, sebagaimana dalam firman allah yang berbunyi:                                                               hai orang-orang beriman apabila kamu dikatakan kepadamu, "berlapanglapanglah dalam majelis", maka lapangkanlah niscaya allah akan memberi kelapangan untukmu. dan apabila dikatakan, "berdirilah kamu", maka berdirilah, niscaya allah akan meninggikan orang-orang yang beriman di antaramu dan orang-orang yang diberi ilmu pengetahuan beberapa derajat. dan allah maha mengetahui apa yang kamu kerjakan. (q.s. al-mujâdalah [58]: 11) penghargaan terhadap ilmu pengetahuan ini diperkuat juga oleh hadis rasulullah saw. yang berbunyi: apabila anak adam meninggal dunia, maka terputuslah seluruh amalnya, kecuali tiga hal: sedekah jariah, ilmu yang bermanfaat, dan anak salih yang mendoakannya. (h.r. abû dâwûd) 16 yusuf qaradhawi, al-qur’an berbicara tentang akal dan ilmu pengetahuan, diterjemahkan oleh abdul hayyi al-kattani, dkk., (jakarta: gema inssani press, 1998), h. 90. m. musyafa’: kekayaan intelektual dalam perspektif ekonomi islam46 hadis tersebut memberikan pengertian bahwa hasil karya itu adalah hasil usaha manusia dan merupakan sumber manfaat baik bagi dirinya maupun bagi orang lain. dengan memanfaatkan hasil kreativitas orang yang berilmu berarti melanjutkan amal salihnya yang tidak akan mungkin hilang bersama dengan kematiannya. pemahaman terhadap intellectual property ini pada dasarnya merupakan pemahaman terhadap hak atas kekayaan yang timbul atau lahir dari hasil kerja intelektualitas manusia. banyak karya yang dihasilkan dari intelektualitas manusia, baik melalui daya cipta, rasa, maupun karsanya. oleh karena itu, perlu diperhatikan dengan serius, sebab karya manusia ini telah dihasilkan dengan suatu pengorbanan tenaga, pikiran, waktu, dan biaya yang dikeluarkan tidak sedikit. hasil dari sesuatu yang penuh dengan pengorbanan yang demikian sudah tentu menjadikan sebuah karya yang dihasilkannya memiliki nilai yang patut dihargai. ditambah lagi dengan adanya manfaat yang dapat dinikmati, dan dari sudut ekonomi karya-karya tersebut memiliki nilai ekonomi yang tinggi.17 tumbuhnya konsepsi tentang kekayaan atas karya-karya intelektualitas manusia, akhirnya menimbulkan kebutuhan untuk melindungi atau mempertahankan kekayaan tersebut. pada gilirannya akan melahirkan konsepsi perlindungan hukum atas kekayaan intelektual (ilmu pengetahuan), termasuk di dalamnya pengakuan hak terhadapnya. sesuai dengan hakikatnya pula, hak milik perseorangan ini selanjutnya dikelompokkkan menjadi hak milik perseorangan yang sifatnya tidak wujud atau imaterial. sebagaimana dijelaskan di awal bahwasanya hak kekayaan intelektual merupakan hak milik terhadap benda yang sifatnya immaterial, maka dalam hal ini penulis menggunakan teori-teori tentang harta benda sebagai dasar diakuinya intellectual property dalam hukum islam atau ekonomi islam. lain halnya dengan pendapat jumhur ulama, ulama hanafiyyah tidak mengakui eksistensi intellectual property, karena pemilikan terhadap hal ini sangatlah abstrak jika dibandingkan dengan pemilikan terhadap benda nyata, sehingga hak atas kekayaan intelektual tidak mungkin bisa disimpan dan apabila hak ini dimanfaatkan secara biasa maka sifatnya akan hilang sedikit demi sedikit. sedangkan jumhur ulama sendiri mengakui eksistensi intellectual property karena yang dimaksud dengan harta adalah segala sesuatu yang bernilai dan orang yang merusaknya wajib menanggung beban atau akibatnya. konsep inilah yang sering dipakai dalam perundang-undangan modern. sehingga golongan ini memandang segala sesuatu bisa diakui sebagai harta benda, tidak hanya dari 17 richard burton simatupang, aspek hukum dalam bisnis, (jakarta: pt. rineka cipta, 1996), h. 85. al-iqtishad: vol. v, no. 1, januari 2013 47 hadis tersebut memberikan pengertian bahwa hasil karya itu adalah hasil usaha manusia dan merupakan sumber manfaat baik bagi dirinya maupun bagi orang lain. dengan memanfaatkan hasil kreativitas orang yang berilmu berarti melanjutkan amal salihnya yang tidak akan mungkin hilang bersama dengan kematiannya. pemahaman terhadap intellectual property ini pada dasarnya merupakan pemahaman terhadap hak atas kekayaan yang timbul atau lahir dari hasil kerja intelektualitas manusia. banyak karya yang dihasilkan dari intelektualitas manusia, baik melalui daya cipta, rasa, maupun karsanya. oleh karena itu, perlu diperhatikan dengan serius, sebab karya manusia ini telah dihasilkan dengan suatu pengorbanan tenaga, pikiran, waktu, dan biaya yang dikeluarkan tidak sedikit. hasil dari sesuatu yang penuh dengan pengorbanan yang demikian sudah tentu menjadikan sebuah karya yang dihasilkannya memiliki nilai yang patut dihargai. ditambah lagi dengan adanya manfaat yang dapat dinikmati, dan dari sudut ekonomi karya-karya tersebut memiliki nilai ekonomi yang tinggi.17 tumbuhnya konsepsi tentang kekayaan atas karya-karya intelektualitas manusia, akhirnya menimbulkan kebutuhan untuk melindungi atau mempertahankan kekayaan tersebut. pada gilirannya akan melahirkan konsepsi perlindungan hukum atas kekayaan intelektual (ilmu pengetahuan), termasuk di dalamnya pengakuan hak terhadapnya. sesuai dengan hakikatnya pula, hak milik perseorangan ini selanjutnya dikelompokkkan menjadi hak milik perseorangan yang sifatnya tidak wujud atau imaterial. sebagaimana dijelaskan di awal bahwasanya hak kekayaan intelektual merupakan hak milik terhadap benda yang sifatnya immaterial, maka dalam hal ini penulis menggunakan teori-teori tentang harta benda sebagai dasar diakuinya intellectual property dalam hukum islam atau ekonomi islam. lain halnya dengan pendapat jumhur ulama, ulama hanafiyyah tidak mengakui eksistensi intellectual property, karena pemilikan terhadap hal ini sangatlah abstrak jika dibandingkan dengan pemilikan terhadap benda nyata, sehingga hak atas kekayaan intelektual tidak mungkin bisa disimpan dan apabila hak ini dimanfaatkan secara biasa maka sifatnya akan hilang sedikit demi sedikit. sedangkan jumhur ulama sendiri mengakui eksistensi intellectual property karena yang dimaksud dengan harta adalah segala sesuatu yang bernilai dan orang yang merusaknya wajib menanggung beban atau akibatnya. konsep inilah yang sering dipakai dalam perundang-undangan modern. sehingga golongan ini memandang segala sesuatu bisa diakui sebagai harta benda, tidak hanya dari 17 richard burton simatupang, aspek hukum dalam bisnis, (jakarta: pt. rineka cipta, 1996), h. 85. segi dapatnya suatu benda itu bisa disimpan, tapi justru karena suatu manfaat yang melekat pada benda tersebut yang yang dituju. mereka tidak mensyaratkan apakah manfaat itu dapat disimpan atau tidak, tetapi cukup menyimpan pokok atau sumbernya saja sudah cukup.18 oleh karena itu, hasil karya seseorang yang merupakan pekerjaan intelektual manusia dapat disebut harta benda yang lazimnya dikenal dengan istilah hak atas kekayaan intelektual. hak ini hanya dapat diperoleh manusia dengan bekerja keras dan dengan pengorbanan yang sangat besar, sehingga islam patut untuk menghargainya dengan cara menjadikan hak atas kekayaan intelektual tersebut hanya melekat pada pemiliknya. untuk memperkuat eksistensi hak atas kekayaan intelektual dalam konsep ekonomi islam penulis menggunakan dasar hukum ‘urf atau adat sebagai suatu dalil hukum. sebab fukaha menyatakan bahwa ‘urf merupakan salah satu sumber hukum atau salah satu metode untuk menetapkan suatu hukum syarak jika di dalam nas, baik alquran maupun hadis tidak diketemukan. dalam hal ini ada kaidah fikih yang menyatakan, العادة محكمة (adat/kebiasaan dapat dijadikan hukum), شرطا طالمعروف عرفا كالمشرو (kebiasaan yang baik sama dengan sesuatu yang disyaratkan), 19عرف كالثابت بالنصالبالثابت (sesuatu yang ditetapkan berdasarkan kebiasaan sama saja dengan yang ditetapkan dengan nas). teori ‘urf tersebut digunakan sebagai langkah alternatif dalam mempersempit ruang perbedaan pendapat, karena teori tersebut hanya mengakui adanya ketentuan yang berlaku dalam masyarakat secara luas dengan catatan tidak bertentangan dengan nas-nas alquran maupun hadis, yakni kebiasaan yang berlaku di masyarakat telah mengakui eksistensi hak atas kekayaan intelektual sebagai harta. teori tersebut ada hubungannya dengan konstruksi hukum nasional tentang hak atas kekayaan intelektual, seperti perlindungan terhadap hak cipta yang dimiliki oleh seseorang, baik sebagai individu maupun kelompok. di mana hak tersebut dapat dikatakan sebagai harta yang diatur dalam undang-undang yang berlaku secara yuridis-formal. hal ini tampak jelas pada salah satu adanya bentuk perlindungan hak khusus bagi pengarang dan penerbit buku yang dilindungi oleh pemerintah melalui undang-undang no.19 tahun 2002 tentang hak cipta. demikian pula dengan hak penggunaan paten. kebiasaan atau tradisi merupakan sesuatu yang berkembang dalam suatu masyarakat tertentu karena ia bersifat dinamis. suatu hal atau materi pada 18 masduha abdurrahman, pengantar dan asas-asas hukum perdata islam (fiqh muamalah), (surabaya: central media, 1992), h. 60. 19 ‘abd al-wahhâb khallâf, ‘ilm ushûl al-fiqh, (kuwayt: dâr al-qalam, 1978), h. 90. m. musyafa’: kekayaan intelektual dalam perspektif ekonomi islam48 masyarakat tertentu tidak dipandang sebagai harta, namun pada masyarakat lainnya hal sama bisa dipandang sebagai harta. akan tetapi, dengan adanya hak ekonomi pada hak atas kekayaan intelektual, maka islam mengakui bahwa usaha untuk memperoleh hak tersebut merupakan salah satu usaha yang halal untuk mendapatkan harta atau rezeki yang merupakan objek pemilikan, sehingga usaha tersebut benar-benar bermanfaat untuk kesejahteraan pribadi dan masyarakat umum serta negara. salah satu hak khusus yang melekat pada seseorang yang dengan akal pikiran dan kreativitasnya menghasilkan suatu ciptaan atau kreasi adalah hak ekonomi (economic rights). hak secara ekonomi adalah hak untuk memperoleh keuntungan ekonomi atas suatu kekayaan intelektual. sebab haki adalah benda yang dapat dinilai dengan uang. hak ekonomi tersebut dapat berupa keuntungan sejumlah uang yang diperoleh karena adanya penggunaan sendiri atau karena penggunaan pihak lain berdasarkan lisensi atau surat perjanjian yang telah ditentukan oleh kedua belah pihak. hak ekonomi itu harus diperhitungkan karena hak kekayaan intelektual dapat dipergunakan oleh pihak lain dalam perindustrian atau perdagangan yang mendatangkan keuntungan yang luar biasa banyaknya jika maksimal, sehingga hak atas kekayaan intelektual adalah objek atau bisa dikatakan modal dan bahkan sumber daya yang sangat potensial untuk menarik keuntungan. keuntungan ekonomi tersebut merupakan kekayaan (hak milik) seseorang yang dapat mengakibatkan timbulnya kebebasan bagi pemiliknya untuk memetik manfaat, mengembangkan, memelihara, mengalihkan dan bahkan memusnahkannya. pemilik tersebut dapat memanfaatkan sendiri haknya dan dapat pula mengalihkan pemanfaatannya pada pihak lain. apabila pemanfaatannya dialihkan kepada pihak lain, maka menurut hukum pengalihan tersebut harus dilakukan dengan pemberian lisensi (izin tertulis), yang harus didaftarkan terlebih dahulu. dalam lisensi tersebut harus ditentukan kewajiban pokok para pihak. pemilik mengalihkan pemanfaatannya kepada penerima lisensi dengan menerima royalti, sedangkan pemegang lisensi membayar royalti dengan menerima keuntungan ekonomi dari hasil penggunaan hak atas kekayaan intelektual tersebut. selain haki sebagai objek perdagangan yang menghasilkan nilai ekonomi tinggi, hal tersebut dapat beralih ataupun dialihkan, yaitu dengan cara pewarisan, hibah, wasiat, atau cara-cara lain yang diakui oleh undang-undang. dengan demikian, pengakuan dan penumbuhan aturan terhadap haki dalam hukum islam sangat diperlukan untuk menumbuhkan sikap penghargaan, penghormatan dan perlindungan terhadap haki. karena sikap-sikap tersebut tidak hanya al-iqtishad: vol. v, no. 1, januari 2013 49 masyarakat tertentu tidak dipandang sebagai harta, namun pada masyarakat lainnya hal sama bisa dipandang sebagai harta. akan tetapi, dengan adanya hak ekonomi pada hak atas kekayaan intelektual, maka islam mengakui bahwa usaha untuk memperoleh hak tersebut merupakan salah satu usaha yang halal untuk mendapatkan harta atau rezeki yang merupakan objek pemilikan, sehingga usaha tersebut benar-benar bermanfaat untuk kesejahteraan pribadi dan masyarakat umum serta negara. salah satu hak khusus yang melekat pada seseorang yang dengan akal pikiran dan kreativitasnya menghasilkan suatu ciptaan atau kreasi adalah hak ekonomi (economic rights). hak secara ekonomi adalah hak untuk memperoleh keuntungan ekonomi atas suatu kekayaan intelektual. sebab haki adalah benda yang dapat dinilai dengan uang. hak ekonomi tersebut dapat berupa keuntungan sejumlah uang yang diperoleh karena adanya penggunaan sendiri atau karena penggunaan pihak lain berdasarkan lisensi atau surat perjanjian yang telah ditentukan oleh kedua belah pihak. hak ekonomi itu harus diperhitungkan karena hak kekayaan intelektual dapat dipergunakan oleh pihak lain dalam perindustrian atau perdagangan yang mendatangkan keuntungan yang luar biasa banyaknya jika maksimal, sehingga hak atas kekayaan intelektual adalah objek atau bisa dikatakan modal dan bahkan sumber daya yang sangat potensial untuk menarik keuntungan. keuntungan ekonomi tersebut merupakan kekayaan (hak milik) seseorang yang dapat mengakibatkan timbulnya kebebasan bagi pemiliknya untuk memetik manfaat, mengembangkan, memelihara, mengalihkan dan bahkan memusnahkannya. pemilik tersebut dapat memanfaatkan sendiri haknya dan dapat pula mengalihkan pemanfaatannya pada pihak lain. apabila pemanfaatannya dialihkan kepada pihak lain, maka menurut hukum pengalihan tersebut harus dilakukan dengan pemberian lisensi (izin tertulis), yang harus didaftarkan terlebih dahulu. dalam lisensi tersebut harus ditentukan kewajiban pokok para pihak. pemilik mengalihkan pemanfaatannya kepada penerima lisensi dengan menerima royalti, sedangkan pemegang lisensi membayar royalti dengan menerima keuntungan ekonomi dari hasil penggunaan hak atas kekayaan intelektual tersebut. selain haki sebagai objek perdagangan yang menghasilkan nilai ekonomi tinggi, hal tersebut dapat beralih ataupun dialihkan, yaitu dengan cara pewarisan, hibah, wasiat, atau cara-cara lain yang diakui oleh undang-undang. dengan demikian, pengakuan dan penumbuhan aturan terhadap haki dalam hukum islam sangat diperlukan untuk menumbuhkan sikap penghargaan, penghormatan dan perlindungan terhadap haki. karena sikap-sikap tersebut tidak hanya memberikan rasa aman tetapi juga akan mewujudkan iklim yang kondusif bagi peningkatan semangat untuk menghasilkan karya-karya yang lebih besar, lebih baik, dan lebih banyak.20 dengan merujuk pada pendapat tersebut dan diperkuat dengan pendapat bahwa kepemilikan terhadap hak kekayaan intelektual telah diakui dalam sistem hukum kebendaan secara internasional. sehingga dapat diketahui bahwa eksistensi hak atas kekayaan intelektual diakui dalam ekonomi islam sebagai hak mâlî ‘aynî, yakni hak istimewa/khusus terhadap harta benda imaterial yang hanya dimiliki oleh pemiliknya saja secara sempurna, kecuali ada hal-hal yang membatalkannya seperti adanya peralihan atau pemindahan. penutup dengan demikian dapat diambil kesimpulan bahwa hak atas kekayaan intelektual telah memenuhi persyaratan sebagai harta dan hak milik dalam perspektif ekonomi islam, baik dari segi sifat-sifatnya maupun dari sisi cara perolehan dan peralihannya. hal ini didasarkan pada pendapat jumhur ulama yang biasa dipergunakan dalam tata hukum perundang-undangan modern di kalangan umat islam, serta sesuai dengan kebiasaan umum masyarakat. sehing-ga orang lain bisa memanfaatkannya untuk kepentingan pengembangan ilmu maupun untuk kepentingan ekonomi atau bisnis dengan berpegang pada peraturan yang ada. oleh karena itu, hasil karya seseorang yang merupakan pekerjaan intelektual manusia dapat disebut harta benda, yang lazimnya dikenal dengan istilah hak atas kekayaan intelektual. hak ini hanya dapat diperoleh manusia dengan bekerja keras dalam menghasilkan kreasi-kreasi yang inovatif dan dengan pengorbanan yang sangat besar. islam patut untuk menghargainya dengan cara menjadikan hak tersebut melekat pada pemiliknya. selanjutnya bisa dimanfaatkan secara finansial baik oleh pemiliknya maupun oleh pihak lain yang ingin mengambil manfaatnya dari karya tersebut dengan seizin penciptanya, karena jika dioptimalkan pemanfaatannya akan mendatangkan keuntungan yang tidak sedikit dan bisa dipakai menyantuni orang-orang yang ada di bawahnya secara ekonomi. sungguh merupakan sesuatu yang patut untuk dikerjakan bersama. [] pustaka acuan abdurrahman, masduha, pengantar dan asas-asas hukum perdata islam (fiqh muamalah), surabaya: central media, 1992. 20 suyud dan amir angkasa margono, aspek hukum dalam bisnis, (jakarta: grasindo, 2002), h. 5. m. musyafa’: kekayaan intelektual dalam perspektif ekonomi islam50 djuwaini, dimyauddin, pengantar fiqh muamalah, yogyakarta: pustaka pelajar, 2008. harjowidigdo, rooseno, mengenal hak cipta indonesia, jakarta: pustaka sinar harapan, 1992. haroen, nasrun, fiqh muamalah, jakarta: gaya media pratama, 2007. khallâf, ‘abd al-wahhâb, ‘ilm ushûl al-fiqh, kuwayt: dâr al-qalam, 1978. margono, suyud dan angkasa, amir, aspek hukum dalam bisnis, jakarta: grasindo, 2002. marpaung, leden, tindak pidana terhadap hak atas kekayaan intelektual, jakarta: sinar grafika, 1995. muhammad, ekonomi mikro dalam perspektif islam, yogyakarta: bpfeyogyakarta, 2004. munawir, a.w., kamus al-munawir arab indonesia terlengkap, edisi ii, surabaya: pustaka progresif, 1997. qaradhawi, yusuf, al-qur’an berbicara tentang akal dan ilmu pengetahuan, diterjemahkan oleh abdul hayyi al-kattani, dkk. jakarta: gema insani press, 1998. redaksi sinar grafika, hak milik intelektual undang-undang dan peraturan paten dan merk. jakarta: sinar grafika, 1991. saidin, aspek hukum hak kekayaan intelektual, jakarta: pt raja grafindo persada, 2004. simatupang, richard burton, aspek hukum dalam bisnis, jakarta: pt rineka cipta, 1996. soenandar, tarnaya, perlindungan hak milik intelektual di negara-negara asean, jakarta: sinar grafika, 1996. syafe’i, rahmat, fiqih muamalah, bandung: pustaka setia, 2004. ulwan, abdullah nasih, islam syari’at abadi, jakarta: gema insani press, 1996. zuhaylî, al-, wahbah, al-mu‘âmalah al-mâliyah al-mu‘âshirah, damaskus: dâr alfikr, 2002. ahmad hudaifah is the lecturer universitas semen indonesia. he finished his bachelor degree at airlangga university and master of economics at international islamic university malaysia. aldrin herwany is the lecturer at universitas padjajara. he finished his bachelor degree at universitas riau, master degree at universitas padjajaran, and ph.d at international islamic university malaysia. bayu taufiq possumah is a ph.d in islamic economics from universiti kebangsaan malaysia (ukm). currently, he is a researcher at the research center for islamic economics and finance (ekonis) ukm and lecturer at tazkia university college of islamic economic indonesia. dimas bagus wiranatakusuma is a lecturer at universitas muhammadiyah yogyakarta. he is also a doctoral student at international islamic university of malaysia. he completed his bachelor degree at airlangga university and master degree at international islamic university of malaysia. erie febrian is the lecturer at universitas padjajaran. he finished his bachelor degree at universitas padjajaran, mba from indiana university, m.comm from about authors school of banking and finance unsw australa, and ph.d from international islamic university malaysia. estu widarwati is a lecturer ats stie sutaatmadja subang (stiesa). she finished her bachelor degree at bandung islamic university, master degree at universitas padjajaran, and phd students at universitas padjajaran farida titik kristanti is a lecturer at institut manajemen telkom. he also as a doctoral student in management at universitas padjajaran ferdiansyah is researcher at stie indonesia. he finished his bachelor degree at stie indonesia. imam buchari is lecturer at university college bahrain. he finished his bachelor degree at abfii perbanas and mba in international islamic university malaysia. jarita duasa is professor at international islamic university of malaysa. she completed her bachelor degree at university o waikato, new zealand, master degree at international islamic university of malaysia, and ph.d at university of sheffield, united kingdom. ismawati haribowo is the lecture at uin syarif hidayatullah jakarta. she finished master degree at universitas padjajaran. she also as a researcher on accounting studies. hassanudin mohd thas thaker is a senior lecturer at help university malaysia. he is also a researcher in islamic banking and finance studies. muhammad zazim is lecturer at almu’min islamic college. he finished his bachelor degree at akakom and master degree at stpmd yogyakarta. muhammad hakimi mohd shafiai is senior lecturer at universiti kebangsaan malaysia. he received phd from graduate school of asian and african area studies, kyoto university. he holds a bachelor degree and also ma (shariah & economics) from university of malaya. muniaty aisyah is the lecturer at uin syarif hidayatullah jakarta. she finished doctoral degree at universitas trisakti. she also as a researcher on management studies. nur choirul afif is lecturer at universitas jenderal soedirman. bachelor degree at universitas padjajaran, master of management from pasundan university and master of science from universitas padjajaran, and phd from universitas padjajaran. nurul hilmiyah is a doctoral student at universiti kebangsaan malaysia. she finished her bachelor degree at universitas pancasila dan master degree at universiti kebangsaan malaysia. shochrul rohmatul ajija is the lecturer at economics department, airlangga university. she finished her bachelor degree at airlangga university and master of economics at international islamic university malaysia. teguh budiman is doctoral student at universitas padjajaran. he also known as commisioner at jamkrida west java. he finished his bachelor degree at iain syeikh nurjati and master degree at universitas padjajaran. uun sunarsih is a lecturer at stie indonesia. she also known as a researcher on accounting studies. she completed her master degree at universitas indonesia. yee loon mun is a researcher at help university. he finished his bachelor degree in busines and finance at help university. wardhana is the lecturer at universitas padjajaran. he finished his bachelor degree at universitas padjajaran and master 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(ر) f = (ف) t = ( ة ) short vocal long vocal = a ( ) = â = i ( ) = î = u ( ) = û diftong pembauran aw = (أو) al = (ال) ( ) = ay al-sy = (الش) -wa al = (وال) 20. the manuscript in microsoft word should be sent to iqtishad@uinjkt.ac.id or through online submission at: http://journal.uinjkt.ac.id/index.php/iqtishad/user/register 21. a brief cv that records full name, academic title, institution, telephone, fax and mobile number should accompany the manuscript. 22. the decision of the manuscript are: a. accepted, or b. accepted with minor revision, or c. accepted with major revision, or d. rejected. 23. upon the publication of the manuscript in the journal, the author will receive a publication proof number and 3 off-prints. 24. further information about the journal can be seen at http://journal.uinjkt.ac.id/index. php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 201 212 first draft: february 10, 2016; revision: april 30, 2016; accepted: june 25, 2016 department of islamic economics, syiah kuala university darussalam, banda aceh, 23111, indonesia e-mail: mshabri@uinsyiah.ac.id, yedzaralaydrus@gmail.com doi: 10.15408/aiq.v8i2.3139 abstract. the patronage behaviour of islamic bank’s customers: empirical studies in aceh. this study is aimed at empirically exploring the pertinent factors, which customers and non-customer perceive as germane to their selection of islamic bank in aceh, indonesia. a sample of 300 customers and non-customer of bank aceh syariah were selected based on the convenience sampling technique. using the logistic regression technique, the study documented that the customers’ selection of the banks were influenced by the factors of banks’ characteristic, services and trust, shari’ah compliance, and physical objects. of these factors, banks’ characteristic and shari’ah compliance were found to be the most pertinent factors perceived by the customers and non-customer to their selection of islamic bank in aceh, indonesia. these findings imply that to attract more customers, the islamic bank should enhance their unique characteristics and products’ compliance. keywords: customer preferences; patronage behaviour; islamic banking; logistic regression abstrak. perilaku pemilihan oleh nasabah bank syariah: studi empiris di aceh. penelitian ini bertujuan untuk mengeksplorasi secara empiris faktor yang mempengaruhi nasabah dalam memilih bank syariah di aceh, indonesia. sebanyak 300 nasabah dan non-nasabah bank aceh syariah dipilih berdasarkan teknik convenience sampling, dan datanya dianalisis dengan menggunakan teknik regresi logistik. hasil penelitian menemukan bahwa pemilihan bank syariah dipengaruhi oleh faktor karakteristik bank, pelayanan dan kepercayaan, kepatuhan syariah, dan faktor fisik perbankan. bank karakteristik dan kepatuhan syariah kepatuhan merupakan faktor yang paling menentukan nasabah dalam memilih bank syariah di aceh, indonesia. temuan ini berimplikasi bahwa untuk menarik lebih banyak nasabah, bank syariah harus meningkatkan keunikan karakteristik mereka dan kepatuhan syariah dari produk yang mereka tawarkan sekaligus operasionalnya. kata kunci: preferensi nasabah; perilaku pemilihan; perbankan syariah; regresi logistik the patronage behaviour of islamic bank’s customers: empirical studies in aceh m. shabri abd. majid, said zulhanizar 202 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 introduction in recent years, the development of islamic banking and financial services industry has experienced a very rapid progress worldwide. islamic banking industry in indonesia has also recording similar patterns. this progressive development of islamic banking industry is due to the advancements in information and communication technology, prudent banking deregulation, and the public awareness on the importance of having transaction based on the shari’ah. the policy of financial deregulation led to a new phenomenon that resulted in an aggressive competition among banks, including the competition between the conventional banks and islamic banks. the competition among the banks affects the growth of banks, and vice versa. the banks with a higher growth rate could easily win the competition due their higher capability and good management. the growth of the banks is strongly influenced by their ability to raise funds from the public, both in small and large scales. without having sufficient funds, the bank would not be able to provide financing to generate profits. statistically, a total of funds of the banks in indonesia either from the internal sources and funds derived from accumulated profits, which are reinvested in the banks, amounted to only 8-9% of the total assets. banks in indonesia at larger, and banks in aceh in particular, their average amount of owned capital and reserves have never exceeded 5% of total assets. this means that most of the banks’ capital comes from other financial institutions, loans from the central bank and the greatest portion of the funds from public. therefore, it is not surprising that all banks, both conventional and islamic banks engage in an aggressive competition to attract public funds by using various marketing strategies, such as promotion through mass media and electronic, prizes offering, lucrative profit-sharing ratios, lower interest rates campaigns. likewise, the islamic banks in indonesia, the islamic banking fund raising activities in the province of aceh alone has increased quite rapidly during the period of 2011. as of the end of the period 2011, the islamic banking deposits increased by 45.89% over the previous year. funds from the public occurred in all components, i.e., checking accounts increases by 29.42%, savings increases 46.51%, and deposits increases by 83.5%. the rapid growth in deposits coming from the public last few years provides an indication of the positive response of the acehnese to the islamic banking. the development of islamic banking industry in indonesia at large, and in aceh in particular, is generally quite encouraging. islamic bank, which operated the first time in indonesia in 1992, has contributed positively to the development of banking industry in indonesia. the presence of islamic banks offers for public an m. shabri abd majid: the patronage behaviour 203 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 alternative to choose islamic banks for their transactions on the basis of shari’ah, which are usury-free (riba-free), uncertainty-free (gharar-free), and gambling-free (maysir-free). the promising growth of islamic banking industry in indonesia, it is certainly cannot be separated from the government’s drive to provide a prudent regulation and conducive environment for the islamic banks to continuously grow in indonesia. similar to the development of islamic banks in indonesia, the growth of islamic banking industry in the province of aceh was also very encouraging. the increasing number of full-fledged islamic banks and commercial banks characterizes it with shari’ah business unit (islamic window) that operates in aceh. the presence of islamic banks in aceh would provide an opportunity for people to choose and get excellent services from the banks that offers islamic banking services. based on the reports of bank indonesia as of december 2011, there have been 10 islamic banks operating in aceh, namely: bank muamalat, bank syariah mandiri, bank aceh syariah, bank danamon syariah, bank permata syariah, bank bri syariah, bank bni syariah, bank bii syariah bank syariah mega indonesia and bank cimb niaga syariah. bank aceh, as a bank owned by the government of aceh are not left behind in providing islamic banking services to the acehnese by opening his first shari’ah branch (islamic window) in the city of banda aceh in 2004, exactly one month before the earthquake and tsunami hit hardly the province. by the grace of allah, and hard working of the staff as well as strong support from the public and the local government, the growth of bank aceh syariah today has been pretty encouraging. hitherto, bank aceh syariah has 25 branches in the entire aceh, and bank aceh syariah branch office of sigli is one of them, which started its operation on april 22, 2009 and show a promising growth. table 1 below show the development of bank syariah aceh branch of sigli, as follows: table 1. selected indicators of bank aceh syariah, branch office of sigli, aceh (in million idr) indicator 2011 growth (%) 2012 growth (%) 2013 growth (%) mean assets 66,371 164 74,371 112 92,916 125 68,546 134 financing 65,277 167 73,038 112 91,413 125 67,194 135 deposits 17,042 109 25,235 148 55,590 220 28,368 159 profit 1,252 219 2,033 162 3,305 163 1,790 181 number of customers 1,113 88 933 84 4,422 474 1,933 215 source: annual report, bank aceh syariah (2010 – 2013) 204 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 table 1 shows that the bank aceh syariah, branch office of sigli with the following five indicators: assets, financing, third party funds, profit and customer numbers continue to experience significant growth rates every year. during the 2010-2013 period, the bank’s total assets, on the average, has increased by 134%, total financing by 135%, total deposits by 181%, and total customers by 215%. one of the factors contributing to this promising growth of the bank is due to the increasing disbelief of the aceh’s community to the conventional banks, which are operating against the shari’ah principles. with increasing competition in the banking industry today, the islamic banks have to really know the right strategy to win the competition. therefore, in order to improve operational performance, islamic banking seeks to serve the needs of the people of aceh. in general, a bank’s customer would select a bank that could provide higher benefits, convenient transactions, better services, and shari’ah compliant products. in selecting the banks, customers would consider certain factors of the banks such as the characteristics of banks, banks’ trust services, shari’ah compliance products, and services, and the physical object of the banks. literature review previous studies on the islamic banks’ preferences have been intensively conducted in malaysia (haron at al., 1994; amin and isa, 2008; dusuki and abdullah, 2007; abdelghani and oladokun, 2012, haque et al., 2009), jordan (erol and el-bdour, 1989, kamal et al., 1999), bangladesh (hassan et al., 2007), bahrain (al-ajmi et al., 2009), thailand (lateh et al., 2009), and uk (walid et al., 2010). similar studies have also been conducted in the indonesia (anam, 2006; efendi, 2008; maski, 2010). anam (2006) investigated the influences of psychological and rational factors on the customer’s decision to save their money at the bank syariah mandiri, branch office of pamekasan using multiple regression analysis. these factors were found to be the significant factors affecting the customers’ decision. in his study on the customer’s preferences of the bank muamalat malang using multiple regression technique, efendi (2009) found that the level of education, family responsibilities and bank services were the dominant factors influencing the customer’s decision. using a logistic regression analysis, maski (2010) found that bank’s characteristics, bank’s services and trust, and bank’s physical objects affecting the islamic bank customer’s decision in malang. finally, misbach and hadiwidjojo (2013) empirically explored factors affecting the islamic bank’ customers in makassar, and found that bank’s services quality and trust had positively influenced their bank’s customers decision. additionally, hidayat et al. (2015) examined the effects of service quality, m. shabri abd majid: the patronage behaviour 205 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 customer trust and customer religious commitment on customers’ satisfaction and loyalty of 150 customers of islamic banks in east java using the structural equation modelling (sem). they found that service quality and customer trust affected both directly and indirectly the customer loyalty mediated by satisfaction of islamic banks’ customers. however, the customer religious commitment has no direct and indirect effects on the customers’ satisfaction and loyalty. suryani and hendryadi (2005) examined the relationships among satisfaction, word of mouth (wom) and loyalty of 235 islamic bank’s customers in lhokseumawe, north aceh using the partial least square (pls) technique. they found that the quality of service dimensions of service portfolio and assurance and the reliability of communication were the most dominant factors affecting satisfaction. the satisfaction was found to significantly affect the word of mouth and loyalty. finally, using a factor analysis, suryani (2014) identified factors forming quality of service in pt. bank muamalat indonesia, tbk branch of medan, north sumatera. she found that quality of communication was the most dominant factor explaining service quality, followed by the factors product innovation and physical aspects. the above-reviewed studies have investigated factors affecting the banks’ customer preferences, but most of them did not incorporate in their analysis the shari’ah compliant factor of the islamic banks in attracting the customers. the operationalisation of islamic banks is different to the conventional banks, particularly in terms of their offering products and services that are in harmony with the shari’ah. thus, investigating the customers’ preferences on the islamic banks should include the shari’ah compliant components. additionally, none of the previous studies investigated the factors affecting customers’ choice of islamic bank using the logistic regression approach, as our study. the logistic regression is a better able model to exactly identify the decision of customers to either select or not select the islamic banks. thus, this study tries to fill the existing gaps in the literature on islamic banking preferences by attempting to empirically explore the effects of bank’s characteristics, services and trust, physical objects, and shari’ah compliant products and services on the customers’ preferences to select the bank, with a case of the study of the bank aceh syariah, branch of sigli, aceh. in addition, this study use the logistic regression analysis to the study the bank customer’s preferences, as this technique of analysis is the standardized method for this type of analysis. unlike other previous studies, this study selected both islamic and conventional banks’ customers so that the motivation of choosing the islamic banks by them could be exactly estimated. the findings of the study are hoped to shed some lights for the banking industry to focus on, particularly in attracting more customers, and potential bank customers in selecting banking products and services. 206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 methods in indonesia, islamic banks have been defined as the bank, which operates its business activities based on shari’ah principles (law no. 21, 2008), which are free from elements of riba, maysir, gharar, haram, and zulm. the islamic bank activities should promote the basic purposes of shari’ah (maqashid as-shari’ah), i.e., to protect five essential things: religion (ad-din); life (an-nafs); intellectual (al-’aql); lineage (an-nasl); and wealth (al-mal). thus, the islamic banks should offer products and services based on the islamic principles and promote the maqashid shari’ah. this study empirically explores the influences of bank’s characteristics, services and trusts, physical objects, and shari’ah compliance of bank aceh syariah, branch office of sigli on the customer’s preferences to select the bank. out of 4,422 customers of the bank aceh syariah, branch office of sigli in 2013, this study only selected 150 of them based on the simple random techniques to be analysed using the logistic regression analysis. in order to have a comprehensive picture of the customer preferences of selecting banks, the study also selected 150 non-islamic bank customers in the research area, thus making the total of sample amounted to 300 respondents. the number of respondents selected in this study which are more than 100 respondents suggested by hair et al. (2006: 98-99) are sufficient enough to represent the entire population. questionnaire consisting 16-closed question were distributed to the entire respondents. one questions was asked about customer decision either to select or do not select islamic bank, three questions were asked pertaining to the bank’s characteristics, and four questions were respectively asked relating to the bank’s trust and services, shari’ah compliance and physical objects. table 2 provides the operationalisation of the investigated variables. before the indicators are further measured and analysed, the validity and reliability tests were conducted to ensure the accuracy and consistency of the data. in addition, the classical assumptions of normality, multicollinearity, and heteroscedasticity were also tested using the standard techniques. after these instruments and classical assumption were tested, the measured variables would be analysed using the following logistic regression: log (p/1-p) = β0 + β1x1 + β2x2 + β3x3 + β4x4. where p is the probability that y is equal to 1, and x1, x2, x3, x4 are the independent variables, and βs is the estimated regression coefficients. logistic regression will form the predictor variable/response (log (p / (1-p)), which is a linear combination of the independent variables. value of predictor variables is then transformed into a m. shabri abd majid: the patronage behaviour 207 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 probability with logistic function, so that the logistic model in this can be re-written as follows: cd = β1bc + β2st + β3sc + β4po + e; where cp is the customer decision; bc is the bank characteristics, st is the services and trust, sc is the shari’ah compliance, po is the physical object; and e is the error term. table 2. operationalisation of the variables no variable definition indicator measurement scale 1. customer decision customer decision to select or do not select the islamic bank a. select b do not select 0-1 (nominal) 2. bank characteristics the operation of the bank and products offered is based on the profit-loss sharing principles (ikatan akuntan indonesia, 2004). a. observing the rinciples of shari’ah b. islamic-based products c. profit-loss sharing basis 1-5 (interval) 3. services and trust ability to provide the promised services accurately and reliably. ease in establishing relationships, good communication, personal attention, and understanding of the individual needs of the customer (tjiptono, 2005). a. latest info on products and services b. trust and confidence c. quality of services d. friendly & comfortable services 1-5 (interval) 4. shari’ah compliance the assurance of the islamic banks to provide products and services comply with the islamic tenets banks (elias, 2004) a. promised services b. use of contracts c. shari’ah principle d. shari’ah operational basis 1-5 (interval) 5. physical object physical facilities, equipment, personnel and means of communication of the banks (tjiptono, 2005) a. strategic location b. physical attractiveness c. computer, atm, and phone d. personnel appearances 1-5 (interval) result and discussion at the national level, bank muamalat indonesia (bmi) is the first islamic bank in indonesia, which was established in 1991. the bank bpd aceh, which is now renamed bank aceh has established the shari’ah unit (islamic window) on december 28, 2001 by the decree of board of directors no. 047/dir/hr/xii/ 2001, while officially it was launched on november 5, 2004. bank aceh syariah branch office of sigli is one of 25 branch offices opened in the entire aceh that started its operation on tuesday april 22, 2009. 150 customers of the bank aceh syariah 208 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 and conventional banks in aceh, respectively were investigated their preferences. based on the respondents’ characteristics, most of them were male (54%), with ages 20-30 years old (32%), government employees (39%), university graduates (36%), and income level of idr 3,5 million. table 3 provides the respondents perception on the variables investigated. table 3. respondents’ perception variable minimum maximum mean standard deviation bank’s characteristics 2 5 3.86 0.750 services and trust 3 5 4.21 0.631 shari’ah compliance 2 5 3.96 0.704 physical object 2 5 4.24 0.533 table 3 shows that the respondents perceived the physical object and services and trust of the bank were, respectively, “good enough” with the average score of 4.21 and 4.24. meanwhile, the bank’s characteristics, and shari’ah compliance was perceived to be “fair” by the respondents with the average score of 3.86 and 3.96, respectively. as mentioned in earlier section, the instruments testing of validity and reliability as well as the classical assumptions were conducted in the study. however, due to the limited space of the paper, the findings of these tests were not reported here. however, their findings are available with authors upon request. the study found that all instruments were valid and reliable and all variables fulfilled the classical assumptions of normality, non-multicollinearity, and homoscedasticity. passing all these tests, then study continues investigating the effects of bank’s characteristics, services and trust, shari’ah compliance and physical object on the banks’ customers’ preferences in selecting the banks. table 4 reports the findings from the logistic regression analysis. table 4. findings of logistic regression analysis variable b standard error wald p-value bank’s characteristics 1.785 0.388 20.638 0.000 services and trust 0.205 0.389 0.225 0.636 shari’ah compliance 0.492 0.412 1.308 0.049 physical object 0.259 0.334 0.508 0.476 -2 log likelihood cox & snell r square nagelkerke r square 213.565 0.273 0.364 m. shabri abd majid: the patronage behaviour 209 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 as shown in table 4, out of 4 independent variables, only bank’s characteristic and shari’ah compliance have significant effects on the islamic banks’ customer preferences. specifically, the results of this study indicated that the characteristics of the bank have a positive impact to the customer’s decision to select the bank at 1% level of significance. this implies that the characteristics of the bank are closely related to the application of islamic principles as the true in islamic bank, finding similar to study by maski (2010). in selecting the bank, a prospective customer would observe the characteristics of anything that stands out on the bank and the uniqueness of the products offered. thus, to attract more customers, the islamic banks should continue maintaining and even improving their unique characteristics as the islamic bank. another variable that has significant effect on the banks’ customer preferences was the shari’ah compliance of the bank. the positive impact of the shari’ah compliance of the bank could partially due to the profit-sharing practices, services rendered, the contract (agreement) adopted, and bank’s operations have been run in accordance with the islamic principles. solid and prudent banking regulations ensure the adherence of the islamic bank to shari’ah principles and ease the customers to decide which bank to choose for their business partner. shari’ah compliance is a manifestation of the fulfilment of all islamic principles in an institution that has a strong characteristics, integrity, and credibility. where the compliance culture is values, behaviours and actions, which support the creation of islamic banks compliance itself. this finding shows that islamic banks should continue maintaining their operation to be compliance to the shari’ah principles so that islamic banks become the preferred bank of muslims. unlike the bank’s characteristics and shari’ah compliance, the services and trust, and the physical object of the bank have no significant influences on the customer’s preferences in selecting the bank. this could be, inter alia, due to the customers’ attraction to shari’ah compliances of the bank. as long as the bank is, operating based on the islamic tenets; customers pay no attention on the services, and trust provided by the banks as well as the strategic location of the banks. customers are more interested in the characteristics of the banks themselves that adopted the islamic principles in their operation. islamic banks have tremendous advantages over other financial banks, both spiritually and rationally. these advantages are the main reason for customers to choose islamic banks, in addition to their freedom from usury, for savings deposits, time deposits, demand deposits and other products. customer who transacts with the islamic bank could earn blessings, without having to pay attention to the service and trust, as the main reason to select islamic banks as the bank of choice. finally, table 4 also shows the coefficient of determination, indicated by the value negelkerke’s r2 of 0.364. this finding 210 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 implies that a combination of independent variables, namely characteristics of bank, services and trust, shari’ah compliance, and physical objects of bank were found to be able to explain the variation of the dependent variable, i.e., the customer decision to select the bank by 36.4%, while the remaining 63.6% is explained by other variables which are not examined in this study, such as bank interest rate competitors, customer revenue, and understanding of religion. conclusion this study empirically explored the pertinent factors, which customers and non-customers perceive as germane to their selection of islamic bank in aceh, indonesia. a sample of 300 customers and non-customers of bank aceh syariah, brach office of sigli were selected based on the convenience sampling technique. using the logistic regression technique, the study documented that the customers’ selection of the banks were simultaneously influenced by the factors of banks’ characteristic, services and trust, shari’ah compliance, and physical objects. of these factors, banks’ characteristic and shari’ah compliance were only found partially affecting the customers in their selection of islamic bank in aceh, indonesia. thus, these factors were documented to be the most pertinent factors perceived by the customers and non-customer to their selection of islamic bank in aceh, indonesia. these findings imply that to attract more customers, the islamic bank should enhance their unique characteristics and products’ compliance. additionally, this finding also implied that both factors of bank’s characteristics and shari’ah compliance need to be a concern of bank’s manager in decision-making by setting strategic steps to increase the number of customers with regard to these factors. finally, the bank should be able to manage well the expectations of customers, especially in adopting the islamic principles in its operation entirely. should the bank enable to implement it, customers could be easily attracted to make islamic bank as the bank of choice. references abdelghani, e & n.o. oladokun. (2012). malaysian consumers’ preferences for islamic banking attributes. international journal of social economics. vol. 39 (11): 859 – 874. al-ajmi, j. et.al. (2009). clients of conventional and islamic banks in bahrain, how they choose which bank to patronise. international journal of social economics. vol. 36 (11): 1086-112. al arif, m.n.r. (2012). lembaga keuangan syariah: kajian teoritis praktis. bandung: pustaka setia m. shabri abd majid: the patronage behaviour 211 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 amin, m. & z. isa. (2008). an examination of the relationship between service quality perception and customer satisfaction, a sem approach towards malaysian islamic banking. international journal of islamic and middle eastern finance and management. vol. 1(3): 191-209. dusuki, a.w. & n.i. abdullah. (2007). why do malaysian customers patronise islamic banks? international journal of bank marketing. vol. 25 (3): 142-60. erol, c. & r. el-bdour. (1989). attitudes, behaviour and patronage factors of bank customers towards islamic banks. international journal of bank marketing. vol. 7 (6): 31-47. hair, j. f. et.al. (1998). multivariate data analysis. new jersey: prentice-hall. haque, a. et.al. (2009). factor influences selection of islamic banking: a study on malaysian customer preferences. american journal of applied sciences. vol. 6: 922-928. haron, s. et.al. (1994). bank patronage factors of muslim and non-muslim customers. international journal of bank marketing. vol. 12 (1): 32-40. hassan, m. et.al. (2007). banking behaviour of islamic bank customers in bangladesh. journal of islamic economics, banking and finance. vol. 3 (2): 160-194. hidayat, h. et.al. (2015). effects of service quality, customer trust and customer religious commitment on customer satisfaction and loyalty of islamic banks in east java. al-iqtishad: journal of islamic economics. vol. 7 (2): 150-164. kamal, n. et.al. (1999). islamic banking: a study of customer satisfaction and preferences in jordan. international journal of bank marketing. vol. 17 (3): 135 – 151. lateh, n. et.al. (2009). customers’ perceptions on the objectives, characteristics and selection criteria of islamic bank in thailand. gadjah mada international journal of business. vol. 11 (2): 167-189. maski, g. (201). analisis keputusan nasabah menabung: pendekatan komponen dan model logistik studi pada bank syariah di malang. journal of indonesia applied economics. vol. 4 (1): 43-57. metawa, s. a. & m. almossawi. (1998). banking behavior of islamic bank customers: perspectives and implications. international journal of bank marketing. vol. 16 (7): 299-313. misbach, i. & d. hadiwidjojo. (2013). islamic bank service quality and trust: study on islamic bank in makassar indonesia. international journal of business and management, 8(5), 48-62. 212 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3139 mohsin butt, m. & m. aftab. (2013). incorporating attitude towards halal banking in an integrated service quality, satisfaction, trust and loyalty model in online islamic banking context. international journal of bank marketing. vol. 31 (1): 6-23. parasuraman, a. et.al. (1988). servqual. journal of retailing. vol. 64 (1): 12-40. suryani & hendryadi. (2015). a developing model of relationship among service quality, consumer satisfaction, loyalty and word of mouth in islamic banking. al-iqtishad: journal of islamic economics,. vol. 7 (1): 45-58. suryani. (2014). analisis faktor kualitas pelayanan di bank syariah. al-iqtishad: journal of islamic economics. vol. 6 (2): 239-250. tjiptono, f. (2005). pemasaran jasa. malang: bayumedia publising. walid, m. et.al. (2010). islamic banking and customers’ preferences: the case of the uk. qualitative research in financial markets. vol. 2 (3): 185–199. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 255 270 first draft : january 22, 2016; revison: march 30, 2016; accepted: june 6, 2016 uin syarif hidayatullah jakarta, jl. ir h juanda no 95, ciputat, south, tangerang, bannten, indonesia, email : ahmad.rodoni@uinjkt.ac.id, doni_ahmad@yahoo.com doi: 10.15408/aiq.v8i2.3159 abstract: risk and return: bonds and sukuk in indonesia. the aim of this research is to compare the degree of risk and return of bonds with sukuk, using several calculations magnitudes, which are, yield to maturity (ytm), macaulay’s duration, and value at risk (var). the results of this study show that there is no significant difference between the ytm bonds and the ytm of emitted sukuk. using the macaulay’s duration formula to evaluate the duration of bonds and sukuk, the research found out that there is no significant difference in the duration of bonds and sukuk. however, the calculation and comparison of the var, showed a significant differences between bonds and sukuk , likewise either the comparison of the var of a sample group of bonds with a sample group of sukuk using k sample test. but by testing each group of the var of bonds sample group and sukuk sample group,the results show no significant differences. keywords: bonds; sukuk; risk; return. abstrak: risiko dan tingkat pengembalian: obligasi dan sukuk di indonesia. tujuan dari penelitian ini ialah untuk membandingkan tingkat risiko dan tingkat pengembalian antara obligasi dengan sukuk, menggunakan beberapa ukuran yaitu: imbal hasil pada saat jatuh tempo, jangka waktu macaulay, dan penilaian risiko (var). hasil pada penelitian ini menunjukkan bahwa tidak terdapat perbedaan imbal pada saat jatuh tempo antara obligasi dengan sukuk. menggunakan formula jangka waktu macaulay untuk mengevaluasi durasi obligasi dan sukuk, hasil penelitian menunjukkan bahwa tidak terdapat perbedaan durasi antara obligasi dan sukuk. namun, perhitungan penilaian risiko dan perbandingan nilai var menunjukkan bahwa terdapat perbedaan nilai var antara oblihasi dan sukuk dengan menggunakan uji sampel-k. akan tetapi pengujian tiap kelompok pada obligasi maupun sukuk menunjukkan tidak terdapat perbedaan. kata kunci: obligasi; sukuk; risiko; tingkat pengembalian. risk and return: bonds and sukuk in indonesia ahmad rodoni, aris setiawan 256 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 introduction sukuk is now one of the main capital market instruments in islamic banking and finance industry, it is based on sharia principle, and it is often referred as the islamic version of conventional finance bonds. however, in reality, sukuk is not functioning like bonds as debt securities, as the accounting and auditing organization for islamic financial institutions (aaoifi) concluded, sukuk is defined as certificates of equal value representing undivided shares in the ownership of tangible assets, usufructs and services or (in the ownership of ) the assets of particular projects or special investment activity. what has been emphasis from this definition above is that sukuk are in essence, different from bonds. one of the main requirements in the issuance of sukuk is that, the underlying asset itself should be the object of the contract. it is that concept of underlying asset that differentiate sukuk from bonds (rodoni, 2009) and (fathurahman and fitriati, 2013). unlike bonds, sukuk contracts are issued based on the principles of sharia. the difference between sukuk and bonds highlights the fact that bonds are considered as longterm debt instruments that are issued by corporations and government (afshar, tahmoures, 2013) while sukuk are certificates of equal value that represent an ownership proportion of an issued asset (mosaid and boutti, 2014). several researchers had already concluded that conventional bonds and sukuk instruments are indeed different. however, there are some similarities between sukuk and bonds even though these financial instruments are mainly different. for example, like bonds, sukuk certificates have a fixed-term maturity, coupon rates or profit sharing, and sukuk certificates are also traded at a certain price (mosaid and boutti, 2014). in addition, sukuk certificates are also financial instruments which the rate of return can be predicted either fixed or floating, are traded in the secondary market though much smaller in amount than bonds, and have a ranking rate from the ranking agencies (cakir and raei, 2007). the differences between sukuk and bonds have raised many questions, among them figure the question whether or not, they are different or similar in the aspect of return and risk. one method used to measure return is to evaluate the yield to maturity (ytm). the comparison of the yield to maturity of different bonds is used by investors to decide which bonds to buy or which bond to sell (sharpe, 2005). regarding risk evaluation, several methods are used by corporation and institutions to evaluate it; one of them is the duration model method, used in risk management calculate the duration and net income by using all the cash inflows based on ytm. duration is a time value and maturity of cash flows and represents the average time required for an initial investment return. another method used is the value at risk (var), this method is relatively new; the var indicates a company’s losses by using ahmad rodoni: risk and return 257 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 probability and timing of an asset ownership (khan and ahmed, 2001). up held research made by ariffin, et. al (2008) in nanaeva (2010) indicates that there are several methods used in risk analysis by islamic banking industry where 82% of islamic institutions use the maturity matching method, 68% use a gap analysis method, 43% the duration analysis method, 29% use the var method and 14% use the risk adjusted return on capital (raroc) method. driven by the crucial importance of information about one financial instrument`s risk and returns in making investment decisions. this study aim to analyze the differences in risk and return between bonds and sukuk in indonesia using the ytm rate, the duration and value at risk (var) methods. literature review the research conducted by cakir and raei (2007) entitled sukuk vs. eurobond: is there a difference in value at risk?, compared the performance of sukuk and bonds using daily data of four countries namely malaysia, pakistan, bahrain and qatar. they calculated the costs and risks using value at risk (var) portfolio with the monte carlo simulation method. their research proves that sukuk is different from conventional bonds, as evidenced by its costs. they put sukuk certificates inside portfolio and proved that doing so can significantly reduce the var of the portfolio. the difference between their research and the one conducted by cakir and raei (2007) is in the object of the research and the method of evaluation, they used not only the evaluation of the var, but the evaluation of the ytm and the duration as well. khuluq (2007) investigated the comparative risk measurement of sukuk ijarah (islamic banking product), model duration and value at risk (var). his research was conducted by measuring the risk of sukuk ijarah using a model to evaluate the duration and value at risk (var), and by measuring the risk using the variance covariance model (var). comparing these two methods of risk measurement, he found out that the level of risk obtained by using the var calculation is lower when compared to the one using via the duration method. the specificity of this study lies in the samples, as only sukuk ijarah was the object of the research, and the evaluation models used. ijtihadi (2010) made a research about the analysis of sukuk and bonds portfolio value at risk (var). he uses var level measurement method, the duration and convexity of each sample. the var of sukuk to its market rate has a lower value than the var of bonds. regarding portfolio, the presence of sukuk in a portfolio may not necessarily cause a low portfolio var. the back testing results shows that the var model made in this research is valid. the research conducted by nanaeva (2010) 258 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 entitled how risky sukuk are: comparative analysis of risks associated with sukuk and conventional bonds. the method used in this study is evaluating the average value at risk value of a single asset of conventional bonds and sukuk. the results show that the var of sukuk and conventional bonds are difference as the var of sukuk is 10 times higher than the var of conventional bonds. the main conclusion from this study is that sukuk are more risky when compared with conventional bonds. ramasamy (2011) research entitled relative risk of islamic sukuk over government and conventional bonds uses the evaluation of the ytm, the duration and the convexity using matlab and spss software to assess how risky sukuk are compared with government and conventional bonds. the conclusion that had been derived from this research is that sukuk is riskier than government bonds, but sukuk risk is lower if compared with conventional bonds. in addition, risk and return are positively correlated. ariff and safari (2012) in their research entitled are sukuk securities same as conventional bonds? analyzed sukuk and bonds by using the yield to maturity (ytm) evaluation, and compared the average with a paired sample t test between sukuk and bonds. they then performed a granger causality test to see whether there is a correlation between yields (returns) of both sukuk and bonds. the comparison results show that there is no significant difference between the average return even though the granger causality results showed no significant correlation between sukuk and bonds, which means that when there are changes in some bonds yields, it will affect other bonds, but will not affect sukuk. fathurahman and fitriati (2013) conducted a research about the yields (returns) comparison between sukuk and conventional bonds. evaluating the return using the yield to maturity (ytm) method to test the hypothesis, and conduct the comparison using independent sample t test. this study classifies sukuk into one group and conventional bonds into 10 groups, with the aim of balancing the number of sukuk. the results showed that the average value of sukuk ytm is larger than the average value of conventional bonds; in addition ,sukuk risk is higher than the risk of the group of 10 conventional bonds. the research of mosaid and boutti (2014) entitled sukuk and bonds performance in malaysia ,compare portfolios return by using t test for paired samples, then tested the correlation of those returns. the results of the t test for paired samples of sukuk portfolios return show that only one of the 10 portfolios is significant, regarding bonds portfolio, none was significant. the portfolios return correlation result show a positive correlation between the return of sukuk and bonds. methods scope of the study and sampling techniques. the research is made on bonds and companies sukuk issued from 2009 to 2013. the sampling technique used ahmad rodoni: risk and return 259 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 in this study is a nonprobability sampling technique which is purposive sampling. hypothesis testing and statistics. comparison of the results of the ytm evaluation, the calculation of the duration and the var, each will be tested through hypothesis, based on the sample, using the following steps: first, hypothesis test of two samples that are the entire sample of 288 bonds and the sample of the total 18 sukuk, using the independent sample t test (parametric) or the mann whitney test (nonparametric). second, hypothesis test of comparison of two sample groups, respectively between 16 groups of bonds with a sample group of sukuk using the independent sample t test (parametric) or mann whitney test (nonparametric). third, the hypothesis test of more two samples, specifically a sample of 16 bonds groups, as a whole, with a sample group of sukuk, using anova test (parametric) or kruskal wallis test (nonparametric). result and discussion table 1 shown the overall picture of the ytm of bonds and sukuk can be seen, the calculations had been made based on the market price at the date of february 12, 2014, it can be seen from the table that the highest level of ytm of bonds reached 15.53% while for sukuk the highest point is 11.93%. however, the lowest value of both bonds and sukuk differ for a magnitude of 0.0065, as the lowest ytm of bonds is 0.0585 and 0.0650 for sukuk. and when viewed from the average point, bonds and sukuk are not far adrift, respectively in the range of 9% and 8%. the standard deviation of the ytm of sukuk higher than the one of bonds, which shows that the ytm between sukuk has a value that is more disperse than the ytm of bonds, although the standard deviation of both ytm sukuk and bonds are differentfor a value of 0,004. to summarize this point, we may say that the main information driven from the descriptive statistics of the ytm of bonds and sukuk is that, the differences between these two financial products reside on their high nominal values (face / par value). table 1. .ytm of bonds and sukuk descriptive statistics characteristic bonds sukuk n minimum maximum range mean std. deviation 288 .0585 .1453 .0868 .096319 .0125568 18 .0650 .1193 .0543 .088472 .0166167 source: data processed with spss 22. 260 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 from the normality test results, can be concluded that the data are not normally distributed, therefore, the mann whitney non-parametric test was used for the hypothesis testing. the results of the mann whitney testare shown in the table 2. table 2. mann whitney test results of the ytm of bonds and sukuk test statistics ytm mann-whitney u 1920.000 wilcoxon w 2091.000 z -1.845 asymp. sig. (2-tailed) .065 a. grouping variable: instrument source: statistical data output, processed with spss version 22 it can be seen from the statistical output that the mann whitney test has a significant value as 0.065> 0.05, which means that the h0 hypothesis is accepted, there is no significant difference between the ytm of sukuk and bonds. comparison between the ytm of bonds sample groups and sukuk sample groups the comparisons of the ytm each sample groups of bonds with the ytm sample group of sukuk were performed using the normality and homogeneity test; therefore to test the hypothesis of comparison of each ytm group of bonds and sukuk, we used the independent sample t test and the mann whitney test. the test results are recapitulated in the table 3. from the table 3, we can see that only the ytm bonds group 1, 13 and 14 have a significant difference with the ytm of sukuk group, their values are significant as respectively 0,031; 0.027 and 0.033 are <0.05, with these 3 groups of sample the h0 hypothesis is accept, there is no significant difference between the ytm of bonds sample group and sukuk sample group. the comparisons of the ytm each sample groups of bonds with the ytm sample group of sukuk as a whole were performed using the normality and homogeneity test; therefore to test the hypothesis of comparison we used the kruskal wallis test, because despite having the same variance, all the data are not normally distributed. the results of the statistical output are shown in the table 4. ahmad rodoni: risk and return 261 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 table 3. summary of results of independent sample t test and mann whitney test of ytm of bonds and sukuk samples comparison between t test mann-whitney u sig. ytm_sukuk and ytm_bonds1 2.276 .031 ytm_sukuk and ytm_bonds2 106.000 .076 ytm_sukukand ytm_bonds3 1.586 .122 ytm_sukukand ytm_bonds4 1.904 .065 ytm_sukukand ytm_bonds5 2.042 .052 ytm_sukukand ytm_bonds6 1.320 .196 ytm_sukukand ytm_bonds7 122.500 .211 ytm_sukukand ytm_bonds8 .003 .998 ytm_sukukand ytm_bonds9 138.000 .448 ytm_sukukand ytm_bonds10 1.597 .123 ytm_sukukand ytm_bonds11 120.000 .184 ytm_sukukand ytm_bonds12 137.500 .438 ytm_sukukand ytm_bonds13 2.329 .027 ytm_sukukand ytm_bonds14 94.500 .033 ytm_sukukand ytm_bonds15 .953 .347 ytm_sukukand ytm_bonds16 1.728 .093 source: data processed with spss 22, converted into ms. word we can see from table 4, that the kruskal wallis test is significant as 0.466 > 0.05 answering the third hypothesis,we then accept the h0 hypothesis, there is no significant difference between all groups of ytm bonds sample and the ytm group of sukuk sample as a whole. the results of this present research on the comparison of bonds and sukuk return (ytm) are in line with the results of the one conducted by wahdy (2011) and wahyuni (2011) which stated that there is no significant difference between bonds and s ukuk returns. our results also go in line with the research of fathurahman and f itriati (2013), with the statistical results of the independent sample t test comparing the ytm of a sample of 10 groups of bonds compared to a sample group of sukuk, where we found out that not all tests was significantly different, we found out that only the ytm of the sample group bonds 3, 6 and 10 as well as seven other groups did not different significantly. 262 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 the arguments that support the result of this study, namely there is no significant differences between the ytm of sukuk and bonds, lies on the similar characteristics located on both financial instruments. in evaluating the ytm of bonds and sukuk, there are some data that are needed, namely the market price of the instrument, his time to maturity, coupon rate, and so on. such data has the same characteristics in the secondary market. as noted by mosaid and boutti (2014), like bonds, sukuk also has a fixed-term maturity, a coupon rate or profit sharing, and sukuk are also traded at a certain price. additionally, cakir and raei (2007) also stated that sukuk certificates are also financial instruments that which the level of yield (return) can be predicted whether it is fixed or floating, and sukuk are also traded on the secondary market, and are rated by rating agencies, because of all these similarities, the test results do not have significant differences. table 4. kruskal wallis ytm bonds and sukuk sample group test statisticsa,b ytm chi-square 15.818 df 16 asymp. sig. .466 a. kruskal wallis test b. grouping variable: instrument source: statistical data output processedwith spss version 22 comparison of the macaulay’s duration rate of bonds and sukuk comparison of bonds and sukuk duration in table 5, is presented the results of descriptive statistics of the duration value of bonds and sukuk that will be compared. table 5. descriptive statistic test results of bonds and sukuk duration n min max range mean std. deviation stat stat stat stat statistic statistic bonds_ duration 288 .2500 6.4011 6.1511 2.259662 1.4310504 sukuk_ duration 18 .7272 6.2400 5.5128 2.805697 1.7425498 valid n (listwise) 18 source: statistical data output processedwith spss version 22 ahmad rodoni: risk and return 263 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 from the descriptive statistics showed in table 6, we can see that the highest duration value of both sukuk and bonds are almost at the same level, at around 6 in terms of years. the lowest value for the bonds duration is 0.25 while for sukuk it is 0.73 years which is much higher than the lowest value of the bonds, which is due to the fact that many sukuk have a long period of maturity. when we looked at the average value of duration, we can see that it is not so different; the duration value of sukuk is slightly longer 2.81 years, than the duration value of bonds 2.26. furthermore, we performed the third hypothesis testing with non-parametric statistics using the mann whitney test, the statistical output in table 6. from the mann whitney test showed in table 7, the fourth hypothesis can be answered by looking at the significant value of 0.238 > 0.05, which means that the h0 is accepted, there is no significant difference between the duration of bonds and sukuk. table 6. mann whitney bonds and sukuk duration test statisticsa duration mann-whitney u 2162.500 wilcoxon w 43778.500 z -1.180 asymp. sig. (2-tailed) .238 a. grouping variable: instrument source: statistical data output processedwith spss version 22 bonds and sukuk sample group duration comparison the comparison of each bonds duration of sample group with the sukuk duration sample group were performed using the independent sample t test and the mann whitney test referring to the test results of normality and homogeneity. the output of these test are shown in table 7. from the independent sample t test and the mann whitney which the results shown in table 7, it can be concluded that there is only two sample groups duration of bonds that have significant differences with the duration of a sample group of sukuk, which is the duration of the bonds sample groups 4 and 9 with a significance level of 0.028 and 0.044 > 0.05, we then accepted the fifth null hypothesis h0 there is no significant difference between the duration of the sample group of sukuk and sample group of bonds. the comparison of samples group of bonds duration with samples group of sukuk as a whole were performed using the normality and homogeneity test, although the homogeneity of the data have the same variance, but 264 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 regarding the normality test, there is only one group that is normally distributed. therefore, the fourth hypothesis was tested using the kruskal wallis non-parametric statistical test, the output of the test is shown in the table 8. table 7. mann whitney and independent sample t test, bonds and sukuk sample group duration output summary comparison t test mann-whitney u sig. sukukwithbonds_duration1 -.933 .358 sukukwithbonds _duration2 -1.512 .140 sukukwithbonds _duration3 -1.444 .158 sukukwithbonds _duration4 -2.316 .028 sukukwithbonds _duration5 -.160 .873 sukukwithbonds _duration6 -.972 .338 sukukwithbonds _duration7 -.753 .456 sukukwithbonds _duration8 -1.710 .096 sukukwithbonds _duration9 -2.096 .044 sukukwithbonds _duration10 -1.301 .202 sukukwithbonds _duration11 .110 .913 sukukwithbonds _duration12 -.728 .471 sukukwithbonds _duration13 -1.139 .263 sukukwithbonds _duration14 .336 .739 sukukwithbonds _duration15 121.000 .195 sukukwithbonds _duration16 -.255 .800 source: statistical data output processed with spss version 22. from the output of the kruskal wallis test shown in table 8, we can answer the sixth hypothesis by looking at the significant value of 0.146 > 0.05, which means that the null hypothesis is accepted, there is no significant difference between the duration of the group of bonds and the groups of sukuk as a whole. testing the difference sukuk and bonds duration, none of hypothesis 4, 5 and 6 was statistically significant. even in the comparison between the duration of the sample group of bonds and sukuk, only two groups of duration of sample were significantly different. this is because of the average duration of bonds and sukuk are approximately close, and the fact that the duration between groups is almost of an equal value, so there is no significant difference. in addition, one of the reasons is that their market price offered in the secondary market has almost the same value. the comparison of each duration bonds sample group indicated by the average ahmad rodoni: risk and return 265 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 value only with close intervals. reinforced by the results of hypothesis 1, 2 and 3 of the ytm that statistically there is no difference, therefore there is no significant difference regarding the duration. this is because the period of evaluation of the duration is same with the period of evaluation of ytm, where the duration requires ytm data to look for cash flow that will be included into the calculation process of the duration. if there is no significant difference of the ytm, then this will strengthen the hypothesis 3, 4, and 6, there will be no significant difference either. table 8. kruskal wallis test of bonds and sukuk sample results test statisticsa,b duration chi-square 21.925 df 16 asymp. sig. .146 a. kruskal wallis test b. grouping variable: instrument source: statistical data output processedwith spss version 22 comparison between value at risk (var) of bonds ands ukuk comparison between var of bonds and sukuk table 9 presented the descriptive statistics regarding var in indonesian rupiah of sukuk and bonds, under the assumption that investment holding period is 5 days. table 9. var of bonds and sukuk descriptive statistic n stat minimum statistic maximum statistic mean statistic mean statistic std. deviation statistic var_bonds_t5 288 3824125 49575867020 7188051203 49572042895 9412994466 var_sukuk_ t5 18 140747516 8529687745 2020748491 8388940229 1961100803 valid n (listwise) 18 source: statistical data output processedwith spss version 22 from the table 10, we can see that the maximum loss from bonds is amounted to rp 49,575,867,020, while the maximum loss from sukuk is rp 8,529,687,745. looking from the average var of losses for a single bonds asset is rp 7,188,051,203, while it is rp 2,020,748,491 for one sukuk asset. this high var indicates that there is 266 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 a bond that has a very high potential of loss that exceeded the maximum loss potential of sukuk. however, from the descriptive statistic, we can also see that there is a bond that has a very low var which mean, that the maximum loss from that bond is less than the lowest loss in sukuk. the two tests of normality, had led us to concluded that for the seventh hypothesis testing, we had to use a non-parametric statistics, the mann whitney test had been used, the output of the test are shown on table 10. table 10.var bonds and sukuk mann whitney test test statisticsa var_t5 mann-whitney u 1429.000 wilcoxon w 1600.000 z -3.194 asymp. sig. (2-tailed) .001 a. grouping variable: instrument source: statistical data output processedwith spss version 22 the difference is testing using mann whitney test shown in table 11, the results show a significant value 0.001 < 0.05, which means that the h0 of the seventh hypothesis is accepted, there is a significant differences between the var of bonds and sukuk. comparison of the var of bonds group sample with sukuk sample group the comparisons of the var of each sample group of bonds with the var of sample group of sukuk were performed using the independent sample t test and mann whitney test. the output is shown in the table 11. from the t test and the mann whitney test as shown in table 12, there are plenty of var sample group bonds that have significant value < 0.05, which means there are significant var differences between bonds sample group and sukuk sample group, namely group 1 , 5, 6, 7, 10, 11, 13, 14, and 16, but because not all groups were significant, only 9 sample groups of bonds, we therefore accepted the h0 of the eighth hypothesis, there is no significant difference of the var of bonds and sukuk sample. the comparison of the var of bonds group samples with sukuk group sample as a whole was performed using the normality and homogeneity test. from the normality test, we found out that not all the data showed a normal distribution, and from the homogeneity test, we found out that the data does not have the same ahmad rodoni: risk and return 267 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 variance, therefore to test the ninth hypothesis we used the kruskal wallis test which the results are shown in table 12: table 11. mann whitney and independent sample t test, var of bonds and sukuk sample group, output summary comparisons t test mann-whitney u sig. var _sukuk dg var_obligasi1 93.000 .029 var _sukuk dg var_obligasi2 111.000 .107 var _sukuk dg var_obligasi3 104.000 .066 var _sukuk dg var_obligasi4 109.000 .094 var _sukuk dg var_obligasi5 3.111 .006 var _sukuk dg var_obligasi6 98.000 .043 var _sukuk dg var_obligasi7 100.000 .050 var _sukuk dg var_obligasi8 132.000 .343 var _sukuk dg var_obligasi9 1.606 .117 var _sukuk dg var_obligasi10 72.000 .004 var _sukuk dg var_obligasi11 77.000 .007 var _sukuk dg var_obligasi12 103.000 .062 var _sukuk dg var_obligasi13 40.000 .000 var _sukuk dg var_obligasi14 64.000 .002 var _sukuk dg var_obligasi15 110.000 .100 var _sukuk dg var_obligasi16 39.000 .000 source: statistical data output processedwith spss version 22 and converted into microsoft word document. from the table 12, the ninth hypothesis can be answered; with a significant value of 0.003 < 0.05, h0 is rejected, there is no significant differences of var for bonds group and sukuk group tested as a whole. these findings go in line with the findings of the research of nanaeva (2010) explaining that there is a difference between the var for bonds and sukuk. nanaeva (2010) explained that the var rate for bonds is 10 times more higher compared with sukuk. in this study, the differences of var can only be seen from the descriptive statistics with on average var for bonds is about 3.6 times higher than the var for sukuk, 7,188,051,203 as var for bonds and 2,020,748,491 as var for sukuk. though the value of sukuk is lower, the var for sukuk is higher than var for bonds, respectively 3,824,125 and 140 747 516, but when viewed from 268 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 the top rate, var for bonds is much higher with a value of 49,575,867,020, than the var of sukuk with a value of 8,529,687,745. thus, though there is a slightly different finding in this study when compared with the study of nanaeva (2010), who inversely conclude that the var for bonds is higher than the var for sukuk, on the other hand, the research conducted by ijtihadi (2010) and ramasamy et al ( 2011), showed similar results with our study where bonds has a higher risk than sukuk. in addition, the research conducted by cakir and raei (2007) also showed that the var for bonds differ significantly from the var for sukuk. although the method used to evaluate the var are different, and in that research were included some portfolio, but in conclusion, both of the var have different characteristics. table 12.kruskal wallis test output of the var of bonds group and sukuk group test statisticsa,b var_t5 chi-square 35.921 df 16 asymp. sig. .003 a. kruskal wallis test b. grouping variable: instrument source: statistical data output processedwith spss version 22 the difference is generally seen is the studied sample, where the sample of bonds in this study is not in the same amount with the sample of sukuk, due to fact that the number of sukuk issued is less when compared to bonds, especially in indonesia where sukuk is still relatively new. so because of the number of samples of bonds is more numerous and diverse, it include a higher risk when compared to sukuk. the research of nanaeva (2010) was conducted with an equal sample sukuk and bonds, so the var differenceis almost the same. some companies that issued sukuk also bonds, but companies that issued bonds on average does not necessarily issue sukuk. it can be concluded from that fact, that the issuance of sukuk in indonesia is still very low when viewed from the amount of issuers. sukuk are still issued only as a complement to the issuance of bonds by companies, nevertheless the reasons that motives companies to issue sukuk, can be seen more as a strategy to diversify their financial instruments in order to minimize the risk. conclusion ahmad rodoni: risk and return 269 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 the comparison of the ytm of bonds and sukuk showed no significant difference whether the comparison had been made as a whole using the mann whitney test, or the entire sample group of bonds and sample groups of sukuk using kruskal wallis test. however, if the ytm of each sample group of bonds is compare with the ytm of each sample group of sukuk using independent sample t test and mann whitney test, there are 3 groups namely sample bounds group 1, 13 and 14 that have significant differences with the sample group of sukuk. because of the similar characteristics of these two instruments, there is no difference between the ytm of bonds and sukuk. the comparison of the duration of bonds and sukuk showed no significant difference either. of the three hypotheses test regarding the duration of the bonds and sukuk, namely the comparison of the duration of sukuk and bonds using mann and whitney test and the comparison of all the sample group of bonds with the sample groups of sukuk using the kruskal wallis test, no differences were statistically significant. while the comparison of the duration of each sample group of sukuk and bonds using independent sample t test and mann whitney test showed that there are only two groups: the duration of the bonds sample groups 4 and 9 were significant. the absence of differences in the duration of one of them caused no difference in ytm of bonds and sukuk, because the calculation of the duration involved the ytm. the comparison of the var of bonds and the var of sukuk shows that there are significant differences. the var of the sample group of bonds the sample group of sukuk using the mann whitney test showed that there is a significant difference, as well as the test of all sample groups of bonds and sukukas a whole using kruskal wallis test. while the comparison of var of each sample group of bonds with a sample group of sukuk using independent sample t test and mann whitney test, showed that 9 sample group of bonds had a significant difference, namely the sample group of bonds 1, 5, 6, 7, 10, 11 , 13, 14 and 16. references afshar, t.a. (2013). compare and contrast sukuk (islamic bonds) with conventional bonds, are they compatible? the journal of global business management. vol. 9 (1): 71-80. al arif, m.n.r. (2012). lembaga keuangan syariah: kajian teoritis praktis. bandung: pustaka setia. ariff, m. & m. safari. (2012). are sukuk securities the same as conventional bonds? afro eurasian studies. vol. 1 (1): 101-125. ayub, m. (2007). understanding islamic finance.england: john wiley and sons ltd. 270 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3159 buchdadi, a.d. (2008). penghitungan var portofolio optimum saham perusahaan berbasis syariah dengan pendekatan ewma. jurnal akuntansi dan keuangan indonesia. vol 5 (2): 182-201. cakir, s. & f. raei. (2007). sukuk vs eurobonds: is there a difference in value at risk. international monetary fund working paper wp/07/237. middle east and central asia departement. 2007. fathurahman, h. & r. fitriati. (2013). comparative analysis of return on sukuk and conventional bonds. american journal of economics. vol. 3 (3): 159-163. ijtihadi, a.f. (2010). analisis pengukuran value at risk pada portofolio sukuk dan obligasi. (unpublished thesis). depok: universitas indonesia. jones, c.p. (2007). investments: analysis and management. usa: john wiley and sons, inc. khuluq, h. (2007). perbandingan pengukuran risiko obligasi syariah ijarah model durasi dan value at risk. (unpublished thesis). depok: universitas indonesia. mosaid, f.e. & r. boutti. (2014). sukuk and bond performance in malaysia. international journal of economics and finance. vol. 6 (2): 121-130. nanaeva, z.k. (2010). how risky sukuk are: comparative analysis of risks associated with sukuk and conventional bonds. dubai: the british university in dubai. penza, p. & v.k. bansal. (2001). measuring market risk with value at risk. usa: john wiley and sons inc. ramasamy, r. (2011). relative risk of islamic sukuk over government and conventional bonds. global journal of management and business research. vol. 11 (6): 511-520. rodoni, a. (2009). investasi syariah. jakarta: lembaga penelitian uin jakarta. sartono, r.a. & a.a. setiawan. (2006) var portofolio optimal: perbandingan antarametode markowitz dan mean absolute deviation. jurnal siasat bisnis. vol. 11 (1): 37-50. sharpe, w.f. et.al. (2005). investasi. jakarta: pt indeks kelompok gramedia. wahdy, a. (2007) perbandingan risiko dan imbal hasil sukuk dan obligasi konvensional di pasar sekunder (studi kasus di bursa efek surabaya 2004 – 2006). (unpublished thesis). depok: universitas indonesia. wahyuni, y.s. (2014). analisis komparasi imbal hasil dan risiko sukuk dengan menggunakan harga pasar dan harga wajar (studi kasus pada sukuk yang diterbitkan di indonesia periode 2009 – 2011). (unpublished thesis) depok: universitas indonesia. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 227 242 first draft: february 3, 2016; revision: april 24, 2016; accepted: june 15, 2016 bogor agricultural university. jl. raya darmaga, bogor, west java -16680e-mail: jaenalef@ipb.ac.id, arutami@gmail.com doi: 10.15408/aiq.v8i2.2631 abstract. the effect of social capital on customer’s repayment rate at islamic microfinance institution. the potency of micro and small enterprises (mses) in indonesia which is great, is not directly proportional to the ease of getting capital from formal financial institutions such as banks because it is not bankable. meanwhile, microfinance institutions (mfis) that provide financing to the mses are currently thriving. this condition exposes the existence of factors that cause the mfis continuesly providing financing to mses which are not bankable. this research aims to analyze the effect of social capital toward the repayment rate of islamic mfis’ customers. the methods used in this research was the logistic regression. the results showed variable relationship with bmt employees, relations with other customers, and islamic recitation had positive and significant effect toward the repayment rate of the customer. while recommendations, membership status, and travel time from home to the bmt had negative and significant effect. variable outside the social capital indicator which is income rate had no significant effect. keywords: logistic regression; microfinance institution; repayment rate; social capital abstrak. pengaruh modal sosial terhadap tingkat pengembalian dari nasabah pada lembaga keuangan syariah. potensi usaha mikro dan kecil (umk) di indonesia yang besar, tidak berbanding lurus dengan kemudahan mendapatkan modal dari lembaga keungan formal seperti bank karena dianggap tidak bankable. padahal saat ini berkembang pesat lembaga keuangan mikro (lkm) yang memberikan pembiayaan kepada umk. kondisi ini memperlihatkan adanya faktor-faktor yang menyebabkan lkm terus memberikan pembiayaan kepada umk yang dianggap tidak bankable. penelitian ini bertujuan untuk menganalisis pengaruh modal sosial terhadap repayment rate lkm syariah. metode yang digunakan dalam penelitian ini adalah regresi logistik. hasil penelitian menunjukkan variabel hubungan dengan karyawan bmt, hubungan dengan nasabah lain, dan pengajian berpengaruh positif dan signifikan terhadap repayment rate nasabah. sementara variabel rekomendasi orang, status keanggotaan, dan waktu tempuh dari rumah ke bmt berpengaruh negatif dan signifikan. variabel di luar indikator modal sosial, yaitu tingkat pendapatan tidak berpengaruh signifikan. kata kunci: regresi logistik; lembaga keuangan mikro; tingkat pengembaian; modal sosial the effect of social capital on customer’s repayment rate at islamic microfinance institution jaenal effendi, annisa rindra utami 228 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 introduction access to microfinance institutions economically helps not only poor borrowers, but their community, as well (khandker 2005). poor people usually lack access to banks’ financial services, because of their stringent application requirements. therefore, establishing microfinance institutions (mfis) in developing communities may help poor entrepreneurs start new businesses, reduce people’s vulnerability to external factors, and enable them to earn enough income to cover their expenditures. mfis provide financial services using simple administrative procedures and generally without requiring collateral, avoiding the pitfalls of conventional banking whilst having an opportunity to improve the welfare of their clients. furthermore, the reach of microfinance extends beyond urban areas, with mfis commonly being found in remote areas and regularly maintaining relationships with their clients in these areas. through these relationships, mfis create a connection between themselves and clients, enabling them to assist with clients’ financial problems, educate them on environmental matters, and join in providing aid to communities following natural disasters. some of these disasters—or their consequences—are avoidable through proper environmental maintenance; however, without access to financial institutions and thus greater financial opportunity, compounded by limited skills, knowledge, and competitiveness, the poor are prevented from seeking occupations that are not dependent on the exploitation of the environment. overexploitation of natural resources usually occurs as a result of low environmental awareness, creating ecosystem and environmental degradation. hence, microfinance, with its ability to connect with clients and more effectively run social programs dedicated to education and environmental training, is considered to have an important role in alleviating poverty and reducing environmental degradation. donors, governments, and ngos worldwide have become aware of microfinance’s important potential roles and prospects (hermes and lensink 2011). the united nations (un) declared 2005 as the international year of microcredit, which is essential to reaching their millennium development goals, one of which is halving the world’s poverty rate by 2015. furthermore, mfis also have the opportunity to positively contribute to ensuring environmental sustainability, one of the un’s other millennium development goals. microfinance, according to lashley (2004), is a concept that has been growing in popularity ever since the establishment of grameen bank in bangladesh in the early-1970s. since then, mfis have spread all over the world as a means of both poverty alleviation and microenterprise development. in indonesia, microfinance is an essential component of enabling the poor jaenal effendi: the effect of social capital 229 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 to take part in economic activities, since they are excluded from formal banking. according to ledgerwood (1999), microfinance clients consist of self-employed farmers, non-agricultural workers, as well as low-income entrepreneurs. they generally generated income as traders, street vendors, small farmers, service providers, craftsmen, or small producers. microfinance programs help clients generate income through the creation of new jobs, whether in micro, small, or medium enterprises (msmes), consequently reducing unemployment rates. a significant majority of indonesians derived their incomes from a micro enterprise; 54,559,969 in 2011, 56,534,592 in 2012, and 57,189,393 in 2013 which is around 99% every year (table 1). conversely, just 4,952 in 2011, 4,968 in 2012, and 5,066 in 2013 which, around 0.01% in every year were large enterprises. prevalence of enterprises decreased with the increase in their scale; thus, small enterprises accounted for 602,195 in 2011, 629,418 in 2012, and 654,222 in 2013, while medium enterprises accounted for 44,280 in 2011, 48,997 in 2012, and 52,106 in 2013. on the micro scale, these percentages had a significant effect on job opportunities, with 94,957,797 (2011), 99,859,517 in (2012), and 104,624,466 (2013) of people being employed in micro enterprises. on the other hand, just 2,891,224 in 2011, 3,150,645 in 2012, and 3,537,162 in 2013 were employed in large enterprises. therefore, micro, small, and medium enterprises made significant contributions to the labor market. table 1. msmes in indonesia, 2011–2013. indicators 2011 total 2012 total 2013 total enterprise scale (unit) micro 54.559.969 56.534.592 57.189.393 small 602.195 629.418 654.222 medium 44.280 48.997 52.106 large 4.952 4.968 5.066 employees (people) micro 94.957.797 99.859.517 104.624.466 small 3.919.992 4.535.970 5.570.231 medium 2.844,669 3.262.023 3.949.385 large 2.891.224 3.150.645 3.537.162 source: ministry of cooperative and small and medium enterprises (2015). 230 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 the amount of msmes, that contributed to reduce unemployment in indonesia and gdp shows the potential of mses if it can be developed better. one way to develop mses is improving access to sufficient capital. one of the microfinance institutions that provide access to capital for mses is baitul maal wat tamwil (bmt). bmt is an alternative source of capital of mses that considered unbankable by the formal financial institutions. bmt is one of the microfinance institutions that provide solutions for mses to obtain capital. bmt can be an alternative for mses because of the requirements given to apply for financing more easily than formal financial institutions. location of bmt is also usually more accessible to mses that are not located in the city center. bmt financing provided to customers should be returned in the period that has been agreed by the bmt and the customer in the beginning of the contract. customers do not always give the return well, which in turn affects the level of fluency rate of return or repayment rate. many factors cause the customer is not able to carry out the financing with better returns. one of external factors that cause customer pay the returns unwell is a bad condition of their business. one of internal factors that cause customer pay the returns unwell is moral hazard. bmt, in providing financing to mses applying islamic principles. that means, bmt uses the applicable contract and provisions accordance with islamic law. bmt also integrate spiritual values, ethics, and morals, uphold kinship and togetherness (soemitra 2009). this indicates the existence of indicators of social capital applied bmt in carrying out its functions. this research used logistic regression to examine the impact between the variables studied both indicator of social capital and are not indicator of social capital. the aim of this study was to analyze the influence of social capital factors toward the customer’s repayment rate of islamic microfinance institutions. literature review microfinance institutions (mfis) often start as non-profit enterprises with the social goal of helping the poorest to access financial services (maier and pischke, 2006). their establishment is made possible by grants and donations from private donors and development agencies, and as they develop, maintaining their provision of services to poor clients becomes a main imperative. independence from initial subsidies, through the ability to generate their own profits, becomes essential to sustainability. amongst conventional mfis, this is achieved through the use of interest, while islamic mfis, prevented by islamic law from using interest, implement profit-sharing schemes and accept public donations. grameen bank, considered a pioneer amongst microfinance institutions, has jaenal effendi: the effect of social capital 231 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 successfully provided financial services to the peoples of bangladesh for nearly forty years, much of them credit schemes through group lending. it also partakes in a number of social programs, such as capacity building and programs empowering women and beggars. however, this institution is known to use interest-based schemes (meisami. et.al, 2011). islamic mfis have their own inherent characteristics that help mitigate the financial risks faced by conventional mfis (ahmed, 2002). some principle differences between conventional and islamic microfinance is presented in table 2. additionally, islamic microfinance is able to exploit charity funds, such as zakat, infaq, and shadaqah, as their fund sources for delivering financing, whereas conventional microfinance does not have access to these capital sources. however, conventional microfinance can use interest as a method of increasing income, while islamic microfinance is instead required to provide other schemes that still remain compliant with islamic laws (rahman, 2007). the need to employ islamic principles in islamic finance, such as avoiding riba, gharar, jahl, darar, and other unfair business practices, does not mean islamic mfis have limited financial products. islamic microfinance employs several methods of fund mobilization and financing, and uses a monitoring system for managing risk (obaidullah and khan, 2008). table 2. differences between conventional and islamic mfis. item conventional mfi islamic mfi liabilities (sources of funds) external funds, clients’ savings external funds, clients’ savings, charity-based sources assets (mode of financing) interest-based islamic law-based financing the poorest poorest are left out poorest can be reached through integrating charity-based funds with microfinance funds transfer cash transferred goods transferred deduction at inception of contract part of the funds deducted at inception no deduction at inception target group women family liability of the loan (when given to women) recipient recipient and spouse employee motivations monetary monetary and religious dealing with default group/center pressure and threats group/center/spouse/guarantee and islamic ethics social development program secular (or non-islamic) bahavior, ethical, and social development religious (includes behavior, ethics, and social) source: ahmed (2002) 232 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 some studies reveal the positive roles of religious beliefs and spirituality on the development process (de kadt, 2009; lunn, 2009; ter haar and ellis, 2006). religion can support the economic welfare of the societies in which it is found, particularly when it is involved in providing financial services. fernando (2007) points out that access to finance is a central issue in development, in terms of growth, poverty, social development, and equity. thus, bridging religious institutions and the financial sector is important to support human development (mirghani. et.al, 2011). mersland, d’espallier, and supphellen (2013) measured the performance differences between christian and secular microfinance institutions, specifically in their economic development contributions to society. their findings revealed that christian mfis’ performance indicators were based on social, rather an economic, factors. conventional mfis have low penetration in low-income muslim communities because these communities would prefer to adopt islamic law-compliant finance (wilson, 2007). as a result, in recent decades, islamic microfinance has shown promise as institutions see an increase in market demand and greater participation in international finance. these institutions are based on islamic principles, such as the prohibition of interest-based lending, conducting unfair or exploitative economic activities, giving or receiving bribes, or determining return percentages on financial transactions (karim et.al, 2008; seibel, 2008). promoting islamic microfinance according to seibel (2008) can be done through encouraging islamic commercial banks to create units for islamic microfinance, and reappraising islamic rural banks and cooperatives on their challenges and opportunities. islamic finance involves providing financial services to clients using islamic principles, such as brotherhood, solidarity, and partnership. furthermore, institutions and clients usually share the benefits and risks of their transactions in accordance with the contributions they support (seibel and wahyu, 2006). according to gait and andrew (2009), the main products of the islamic financial system are mudarabah (partial equity partnership), musharakah (full equity partnership), murabaha (financing for purchasing goods), bai bi tsaman ‘ajil (deferred payments on products), bai salam (advance sale contracts), istisna (manufacturing contract system), ijarah (lease financing), and qard al hasan (credit without interest). while targeting the poor is the main objective of microfinance, reaching the poorest of the poor is associated with higher risks, and therefore presents a problem for some institutions. islamic microfinance, with its access to social funds such as zakat, infaq, and shadaqah helps it reach the poorest (mirgani et al. 2011; kaleem and saima, 2010). these charity funds are generally distributed by islamic mfis in the form of qard al hasan schemes. through this jaenal effendi: the effect of social capital 233 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 social scheme, islamic mfis increase the potential of not just reaching the poorest, but helping them become credit-worthy and minimizing the unequal distribution of wealth within society (smolo and ghafar 2011; widiyanto, mutamimah, and hendar, 2011). in indonesia, islamic mfis are categorized into three types: islamic microfinance divisions of islamic banks, islamic rural banks (bprs), and islamic financial cooperatives called baitul maal wat tamwil (bmt). as bmts’ operations are supported by islamic banks, bprs, and big islamic organizations such as nahdlatul ulama (nu) and muhammadiyah, they have a network of more than two thousand institutions. millions of the poor and poorest are able to access the financial services of these microfinancial institutions (obaidullah, 2008). according to the constitution no. 1 year of 2013 about micro finance institutions (mfis), the definition of mfi is a financial institution that is specifically established to provide business development services and community empowerment, either through a loan or financing for micro enterprises to members and public, savings management, as well as the provision of business development consulting services that is not solely for profit. one of the financial institutions that include in mfis is baitul maal wat tamwil or bmt. based on linguistic, bmt is divided into two terms, those are baitul maal and baitul tamwil. baitul maal serves to collect and distribute assets that are non-profit such as zakah, infaq, and shodaqoh. baitul tamwil is a business or commercial unit of bmt. this unit is not separate from the bmt and serves as a support for middle and lower community economic activities based on islamic principles (karim, 2012). bmt distributes funds to the lower middle income people in the form of financing. this study took place in bmt khairu ummah, leuwiliang, kabupaten bogor. this bmt uses a survey system to potential funding recipients. this step is done to familiarize the prospective recipient of financing in order to reduce asimetric information between bmt and the client. in addition, bmt khairu ummah also introduced a system of ‘jemput bola’. customers who want to save money or pay the return do not need to come to the office due to the collector of the bmt will visit customers’ homes one by one every day. that kind of silaturrahmi is the hallmark and the way bmt builds personal closeness to customers. the closeness that has been built, form social capital between customers and bmt employee. social capital is a characteristics of social organization such as networks, norms, and social trust that help coordination and cooperation for mutual benefit (putnam, 1993). while, fukuyama (1995) states that social capital is the ability of individuals to work together with others for a common purpose in groups and organizations. 234 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 bastelaer (2000) examined the relationship between social capital with the performance of lending program in developing countries. the results of the study that concluded by van basteleer is that the success of the lending program in many developing countries is largely determined by the close relationship between the borrower with funds (staff) of microfinance institutions. when the staff of financial institutions as credit provider has a close relationship with the borrower, the role of interpersonal ties is one important element that ensures the good repayment rate. nugroho (2008) in his study concluded that microcredit extended by strengthening mutual trust, the kinship between the borrower and the bank officers, as well as the involvement of community leaders can generate good returns. this is possible because the social capital can strengthen loyalty and provide an incentive to the borrower to be honest and return the credit extended. kurnia (2007) in his study showed that the indicators of capital that significantly influence the repayment rate are the relationship between members, the distance between the house members, beliefs, membership status, number of meetings, and the distance between the homes of customers with kbmt wihdatul ummah. while variables which not social capital indicator that have significant effect on repayment rate are capital and character. hauberer (2011) has summarized some of the indicators of social capital that has been used by previous researchers. the social capital indicators are 1) the lives of organizations / members of the organization or association; 2) family ties; 3) social trust; 4) trust in institutions; 5) presence in the church. the indicators in this study are the adaptation of the indicators above. methods the data used in this study are primary and secondary data in the form of qualitative and quantitative data. quantitative interviews involved standardized questionnaires and semi-structured interviews. respondents for these quantitative interviews were selected through a randomized sampling procedure, based on information provided by the directors of islamic mfis and village leaders, and criteria that clients had received at least one period of financing or credit and ran their own business. the primary data obtained through interviews to respondents who are micro and small enterprise that get financing from bmt and employee of bmt khairu ummah. secondary data is the supporting data for this study were obtained through documents and annual reports of bmt khairu ummah. in addition, secondary data were collected in print—books, journals, magazines, jaenal effendi: the effect of social capital 235 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 and bulletins—and electronic—statistics only found online and maps—media, the ministry of cooperatives and small and medium enterprises, the central statistics agency (bps), bank indonesia, books, theses, journals and other required literature. this research was conducted in baitul maal wat tamwil khairu ummah located on jalan raya leuwiliang, leuwiliang, kabupaten bogor, as well as two branches of bmt khairu ummah located in the cigudeg and puraseda village, leuwiliang. bmt election is done purposively (intentionally) with consideration bmt khairu ummah provides financing facilities for mses which is in accordance with the purpose of this study. besides that, the development of bmt khairu ummah is also good. this study was conducted from the second to fourth week of february 2015. the data collected in this study using a case study of one of islamic microfinance institutions, bmt khairu ummah, through questionnaires and interviews to respondents. respondents of survey elected by using non-probability selection method (non-random), so that, not all members of the population have the same opportunity to be selected as a sample. the total number of financing partners of bmt khairu ummah in 2014 was 1332 individuals. the study population was all the groceries mses that have been given the murabaha financing from bmt in 2014 and the running time period. total population was 180 customers and 40 customers selected to be interviewed with the details of 37 respondents with a good repayment rate of 3 respondents with a bad repayment rate. the repayment rate data were obtained from bmt khairu ummah. data analysis method used in this research is descriptive analysis method and quantitative analysis. descriptive analysis is used to explain the findings during the study. quantitative data is processed using logistic regression or logit models with software eviews 7. using logit model is to explain the behavior of a dependent variable which dummy or dichotomous. the dependent variable is 0 or 1 (gujarati 1997). the dependent variable used for logit models in this study is the repayment rate to code y = 1 (good repayment rate) and y = 0 (bad repayment rate). the independent variable of this study are the factors of social capital and supported factors associated with financing in bmt khairu ummah. regression equation model can be written as follows: 236 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 where: y = repayment rate dummy x 1 = relationships with bmt employees x 2 = relationships with other customers x 3 = income respondents per month x 4 = frequency of attendance at islamic recitation x 5 = recommendations dummy x 6 = members dummy x 7 = travel time from home to bmt (min) results and discussion based on the results of data processing using binary logistic (logit), the results obtained in the table below. mcfadden r-squared value in the equation is 0.5915, so it can be interpreted that the independent variable in the equation can explain factors that influence customers’ repayment rate bmt khairu ummah by 59.15 percent, the rest is explained by other variables outside the model. table 3. factors of social capital affecting repayment rate variable coefficient prob. odds ratio constant -23.13986 0.1054 8.9225e-11 relationship with bmt employee 8.861243 0.0536* 7 053.244481 relationship with other customer 8.482418 0.0192** 4 829.112585 income level 3.349163 0.1097 28.47888684 islamic recitation 8.414511 0.0497** 4 512.068614 recommendation dummy -9.810860 0.0080*** 5.48527e-05 membership status dummy -20.34178 0.0522* 1.46446e-09 travel time from home to bmt (min) -0.698461 0.0495** 0.497350137 total respondents 40 peoples mcfadden r-squared 0.5915 *significant in alpha level 10% ** significant in alpha level 5% *** significant in alpha level 1% jaenal effendi: the effect of social capital 237 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 relationship with bmt showed close relationship and social network of customers and employees of bmt. relationship with bmt variable showed a probability of 0.0536 thus having an effect significantly to the repayment rate on the alpha level of 10 percent. relationship with bmt variable has positive coefficient with an odds ratio of 7 053.244481 which showed a positive effect. relationships with bmt in this study aimed to see how close is customer relationships with employees bmt. there are five categories of relationship, there are no relationship, neighbors, friends, partially family, and the wholly family. based on these results, it means the closer customer relationships with bmt employees the chances of good repayment rate 7 053.244481 times greater. nugroho (2008) states that micro credit which is given by improving the kinship between the customer and bank officer or agency will generate better returns. relationships with other customers showed close relationship and social network of customers with fellow customers bmt. variable relationships with other customers showed a probability of 0.0192, which means a significant effect on the repayment rate at 5 percent alpha level with positive coefficient, which means relationships with other customers had positive effect. relationships with other customers in this study aimed to see how close relationship of customer with other customers. there are five categories of relationship, there are no relationship, close neighbors, far neighbors, partially families, and wholly family. oods ratio of the variable is 4829.112585. based on the results obtained, it can be interpreted that the closer the relationship between the customer with one another, chances of good repayment rate will be 4 829.112585 times greater. this is consistent with research kurnia (2007) that the customer relationship with other customers had positive effect on customer’s repayment rate. the level of income is not an indicator of social capital, but this variable needs to be researched for the study because income directly related to the repayment rate. the level of income shows the money earned by respondents every month there are six categories of income, no income, one to five million rupiahs, more than five million to ten million rupiahs, more than ten million to fifteen million rupiahs, more than fifteen million up to twenty million rupiahs, and more than twenty million. variable income level indicates the probability of 0.1097 with a positive coefficient, which means no significant impact on customers’ repayment rate. these results indicate that a large or small income does not affect customer’s repayment rate. this can happen because respondent’s expenditure per month is different as well. respondents with large revenues do not necessarily have more left over money after deducted by regular expenses per month compared to respondents with lower incomes. that was the reason that led to the variable level of income is not significant in this study. 238 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 the presence in islamic recitation in the study indicate the transfer of social norms to customers. the more often the respondents attend to the recitation, the more values, social norms, and religion knowledge are delivered to the respondents. this variable in the study also showed social network of customers. there are five categories of this variable, never, occasionally, rarely, frequently, and always presence in islamic recitation variable showed a probability of 0.0497, which means had significant effect on the repayment rate on the alpha level of 5 percent. presence in islamic recitation variable coefficient is positive, which means recitation had positive effect on the repayment rate with an odds ratio of 4 512.068614. this variable aimed to see how often the respondents involved in activities held in their environment. the results obtained showed that the more often customers following the islamic recitation, the chances of good repayment rate 4512.068614 times greater. recommended customer deemed to have been trusted by people around or society. the probability of this variable is 0.0080, thus, it has a significant effect on the alpha level of 1 percent. the coefficient variable is negative, which means this variables has negative influence toward repayment rate. that means the chances of recommended customers’ repayment rate have good repayment rate are smaller than customers who are not recommended. recommendation from someone to bmt to recipients of financing showed the social trust of the customer, but in this case, the recommendation could be given with no depth observation to the customer so that what is used as the basis to provide recommendations do not correspond to reality. excerpted from the statement of mrs. risma (operations division of bmt khairu ummah), the financing provided by recommendations, often problematic. this is because there is no direct survey from bmt khairu ummah to potential recipients of financing, so that the bmt less personal exposure to potential recipients of the financing. for this type of financing, apalis (the person who give recommendation) is also a guarantor although there has been collateral pledged. because too many problems arise with this system, financing with recommendation is not allowed anymore at the moment. membership status showed customer participation within organizations and social networks. the probability of this variable is 0.0522 so it has significant effect on the alpha level of 10 percent, while coefficient of variable is negative, which means that this variables negatively affect the repayment rate. this means the chances of members have good repayment rate is smaller than nonmembers. customers who have become members of bmt should have more closeness than customers who are not members of bmt. this is because if the customers become a member of bmt, customers involved more actively in organizing bmt. the jaenal effendi: the effect of social capital 239 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 intensity to meet bmt employees should also be higher because bmt members are always invited to both the regular meeting of the bmt and other events. but in this study this variable obtained negative results. from the results of interviews, mrs. risma (operations division of bmt khairu ummah) stated that the percentage of members that also borrowers is less than the non-member borrowers. one of the cases occurring in the field is members of bmt become apalis and borrowers are not good at returning financing. being apalis means being guarantor as well, so that the financing given on behalf of the members. that’s why the members in the category of bad repayment rate. kurnia (2007) also stated that the membership status had significant negative impact on the repayment rate of the customer. variable travel time from home to bmt has probability of 0.0495, which means significant at the alpha level of 5 percent, while the variable coefficient is negative, which indicates travel time from home to bmt has a negative relationship with the repayment rate with an odds ratio of 0.497350137. these results can be interpreted that the longer the travel time from customers’ home to bmt then the chances of good repayment rate is 0.497350137 times smaller. the travel time from home to bmt longer allow customers to get less access to information and supervision. it also makes the intensity of customers’ meetings with bmt employees except collectors and customers’ participation to bmt is getting smaller so the chances of bad repayment rate increases. conclusion while empirical studies on whether social capital of islamic microfinance of bmt khairu ummah have affected thecustomer’s repayment rate are meaningful to the scientific community, they are challenging because so few have been conducted. studies on social capital of islamic microfinance’s (bmt) effects on repayment rate, for example, are still limited. the present study was designed to examine the impacts of social capital of islamic microfinance (bmt khairu ummah) on customer’s repayment rate. in general, we found social capital of islamic microfinance institutions (mfis) of bmt khairu ummah to have had a more significant impact on costumer’s repayment rate. in detail, social capital variables affect customers ‘repayment rate of bmt khairu ummah. variable of relationship with bmt, relationships with other customers, and presence in islamic recitation have significant positive impact on customers’ repayment rate. while the variable of recommendation, membership status, and the travel time from home to bmt have significant negative impact customers’ repayment rate. variable of income level is not an indicator of social capital and has no significant 240 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2631 impact on customers’ repayment rate. bmt khairu ummah should first consider the customers who have relation with bmt employees and other customers to get financing, because in this study, it is significantly proven that the customers that have a good relation with bmt employees and other customers have a good repayment rate. bmt khairu ummah should also conduct more frequent meetings with the customer so that the intensity of the encounter between the customer and bmt will be higher and customers not only get benefit in terms of financing, but also in other fields such as new knowledge. the further researcher is advisable to add some indicators of social capital that has not been examined in this study, such as participation in the organization, the character, and the norms of reciprocity as there are many variables social capital that has not been described in this study. references ahmed, h. 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(2007). making development assistance sustainable through islamic microfinance. iium journal of economics and management. vol. 15 (2): 197–217. nachrowi, nachrowi d dan hardius usman, penggunaan teknik ekonometri, jakarta: pt. raja grafindo persada, 2006. titman dan warga, ‚stoct return as predictors of interest rates and inflation‛, dalam journal of financial and quanittive analysis, vol. 24, 1989. islam, globalization, and poverty alleviation dwi sulastyawati abstrak: islam, globalisasi, dan pengentasan kemiskinan. globalisasi adalah keadaan dan situasi yang menglobal, baik secara ekonomi, politik, dan sosial. semua negara yang menganut sistem perekonomian terbuka telah berperan serta dalam sistem globalisasi. saat ini dunia berada di bawah pengaruh super power dunia. misalnya adalah penggunaan dolar sebagai mata uang resmi untuk transaksi internasional sehingga dolar mendominasi dalam transaksi international. akibatnya, nilai utang negara-negara berkembang mengalami kenaikan disebabkan kenaikan harga dolar. kenaikan nilai utang negara-negara berkembang menyebabkan pemerintah mengurangi subsidi bagi masyarakat, sehingga kesulitan ekonomi makin dirasakan rakyat kecil. hal ini berakibat kemiskinan sulit dihilangkan. artikel ini menganalisis perspektif islam dan pelbagai pemikiran mengenai dampak globalisasi terhadap penghapusan tingkat kemiskinan. kata kunci: islam, globalisasi, kemiskinan, ekonomi abstract: islam, globalization, and poverty alleviation. globalization is global as well condition and situation, neither economically, politically, and socially. all countries that embrace open economic system have participated in the system of globalization. today the world is under the influence of super power world. for instance, using dollar as the official currency for international transactions, so that dollar dominates in international transactions. as a result, the value of the debt of developing countries has increased due to the rising price of dollar. the increment of the debt value in developing countries led the government reduces subsidies for the community. thus economic hardship perceived more and more for poor people. this resulted that poverty is hard to be alleviated. this article analyzes the various islamic perspective and thoughts on the impact of globalization on poverty alleviation. kata kunci: islam, globalization, poverty, economy recieved: 7th march 2013, revised: 13rd june 2013, accepted: 20th june 2013.  sekolah tinggi agama islam negeri (stain) curup, bengkulu. jl. dr. ak. gani no. 1, rejang lebong, bengkulu. e-mail: dwi_sulastyawati@gmail.com dwi sulastyawati: islam, globalization, and poverty alleviation290 introduction globalization is a process of increasing the connectivity and interdependence of the worlds markets and businesses. the process has speeded up dramatically in the last two decades as technological advances make it easier for people to travel. two major recent driving forces are advances in telecommunications infrastructure and the rise of the internet in general. it also means integration between people around the world, in term of circulation of goods, labors, and capital. we can not avoid globalization, but in global economy, should be there global prosperity, where state, market, and civil society live in harmony. many books written about globalization, mostly discuss its meaning and impacts. it’s impact debatable, whether it gives positive or it gives negative impacts to the world. the definition of globalization in this paper regards its meaning in economics concept. this paper criticizes globalization in regard of developing country where the global poverty raises year by year. major problem are poor countries can not compete fairly to the world, and there is political power of rich countries over poor countries. globalization globalization in an economics term is inreasing interdependence among nations and among people around the world in form of trade, investment, and finance which has the same characteristic with internationalitation. it describes ‚flows of capital, commodities among people across national borders. key actors are transnational corporation; key feature are electronic communications and rapid transfer of technology‛.1 in the same tone that ‚globalization today involves the increasing interdependence of national economies, financial markets, trade, corporations, production, contribution and consumer marketing.2 transnational corporation is any corporation that is registered and operates in more than one country at a time. usually also known as multinational corporation. foreign corporation has various motives for establishing a corporate existence in other countries. another motive is to escape the protectionist policies of an import product, reduce cost of production as price of raw material and labor are cheaper in developing countries. this practice disturb traditional economies, and generally this corporation has the abolity to monopolize the market, and mainly compel a political and economic agenda on a country. 1jean gelman taylor, global indonesia, (usa: routledge, 2012), p. 1. 2hazel handerson, quoted by ikram azam, the new political economy paradigm, (islamabad: pakistan futuristics foundation & institute, 2003), p. 104. al-iqtishad: vol. v, no. 2, juli 2013 291 introduction globalization is a process of increasing the connectivity and interdependence of the worlds markets and businesses. the process has speeded up dramatically in the last two decades as technological advances make it easier for people to travel. two major recent driving forces are advances in telecommunications infrastructure and the rise of the internet in general. it also means integration between people around the world, in term of circulation of goods, labors, and capital. we can not avoid globalization, but in global economy, should be there global prosperity, where state, market, and civil society live in harmony. many books written about globalization, mostly discuss its meaning and impacts. it’s impact debatable, whether it gives positive or it gives negative impacts to the world. the definition of globalization in this paper regards its meaning in economics concept. this paper criticizes globalization in regard of developing country where the global poverty raises year by year. major problem are poor countries can not compete fairly to the world, and there is political power of rich countries over poor countries. globalization globalization in an economics term is inreasing interdependence among nations and among people around the world in form of trade, investment, and finance which has the same characteristic with internationalitation. it describes ‚flows of capital, commodities among people across national borders. key actors are transnational corporation; key feature are electronic communications and rapid transfer of technology‛.1 in the same tone that ‚globalization today involves the increasing interdependence of national economies, financial markets, trade, corporations, production, contribution and consumer marketing.2 transnational corporation is any corporation that is registered and operates in more than one country at a time. usually also known as multinational corporation. foreign corporation has various motives for establishing a corporate existence in other countries. another motive is to escape the protectionist policies of an import product, reduce cost of production as price of raw material and labor are cheaper in developing countries. this practice disturb traditional economies, and generally this corporation has the abolity to monopolize the market, and mainly compel a political and economic agenda on a country. 1jean gelman taylor, global indonesia, (usa: routledge, 2012), p. 1. 2hazel handerson, quoted by ikram azam, the new political economy paradigm, (islamabad: pakistan futuristics foundation & institute, 2003), p. 104. the advance in electronic communication and rapid transfer of technology help businesses grows faster. it also help in rapid growtg of economies of countries. the world has offer human being all easy access and process for goods and services by the help of technology. it create larger market, more job, more import product with cheaper price but it is beneifited large importir, small local businesses lose out. easier acces for news and information with the help of technology, this is a fruit of globalization. other than that increasing in integration of national economies, capital flows, information and labor migration globalization also includes trend of ‚the declining power of nation state, in inverse relation to the rise of transnational corporation, financial corporations, financial markets and the arbitrations of the world trade organization (wto)‛.3 declining power of nations state, as they should accept the conditions and rules of super power countries for cutting subsidies ect. globalization is not a single cause that made declining power of nations state but it help to do so. developing countries should agree with an agreement of free trade even their people are not ready yet. they should folloe world trade organization decisions. wto is international body that help promote free trade by drawing up the rules of international trade. and the rules carries the interest of rich countries. wto campaign free trade. free trade is a main characteristic of globalization itself. and characteristics of free trade are no barriers in international trade such tarrifs and quotas.one critics over wto principle is that wto very welcoming to large corporations, in this case it does not help the claims of free, open, and democratic economy. since the beginning of free trade by wto (world trade organization) the globalization is good in its genial idealism, but ‚trade agreement are not structures tocreate a level playing field, but rather simply creates rules that favor these powerful countries and their well-organized producer interest‛.4 but, in its development, the impact of globalization does not equally distribute. there are a group of people who are really enjoying the impact and leave others marginalized. as the world does not equal itself, some are developed and some are developing. some countries are ready to face the free trade, while some others are not ready. in this unequal situation, the impact of globalization does not equal 3 gloria davies & chris nyland (editor), asian region: impacts and consequences, (uk: edward elgar publishing limited, 2004), p. 18. 4 sumner j. la croix and peter a petri, new challenges to the global trading system, in challenges to the global trading system: adjustment to globalization in the asia-pacific region, (new york: routledge, 2007), p. 1. dwi sulastyawati: islam, globalization, and poverty alleviation292 either. developing countries mostly are not ready in facing globalization as liberalization. the people of developing countries cannot compete fairly with people of developed countries in capital and capability. that is why a government as decision maker should take wise decision about his country. three distinct strands in the process of globalization: increase freedom in the movement of goods, increased foreign direct investment, and increased foreign direct investment in financial markets.5 transnational corporation is form of foreing direct investment. multinational or transnational corporation eventually is mastering the market. with better quality product, brand, and marketing. in the capital market, foreing investor also has big influence in the market. besides freedom in movement of capital and goods, globalization made the world like in one village or global village. with the ease of technology borders between countries are no longer clear. with no barriers for trading and transacting in international scope, the world described as one village or global village. a global village created less barriers in economics activities among countries. and it help multinational corporation to establish their corporation easily. ‚globalization may be seen as the world’s space narrowing and the intensification of awareness that the world is a whole...‛.6 with less barrier in flow of goods and capitals, flow of labor made the world borderless. there are many concepts and meanings of globalization it self. in term of freedom, space, economic, sosial, and politics. here are some other meanings. according to jan art:7 first, globalization in terms of internationalization. it describes cross border relation betwen countries. it is a process of increasing involvement of enterprises in international market. here interaction of people across nation in globalization in term of internationalization. second, globalization as liberalization. liberalization is easiness of goverment restriction in economic policy, and some time referred as deregulation. third, conception has equated globalization with universalization. in this usage, global means worlwide and globalization. it is a process of spreading various objects and experinces to people at all corners of the earth. fourth, definition has equated globalization with westernization. it is a process whereby societies come under or adopt western culture in term of technology, law, politics, economics, ect. it has been a per 5 william oriscoll & julie clarck (editor), globalization and the poor: exploitation or equalizer?, (usa: international debate education assosiation, 2003), p.16. 6 bernhard limbong, stop making money, (jakarta: margareta pustaka, 2012), p. 14. 7 jan art scholte, globalization a critical introduction, new york: st. martin’s press, inc, 2000), p. 15-16. al-iqtishad: vol. v, no. 2, juli 2013 293 either. developing countries mostly are not ready in facing globalization as liberalization. the people of developing countries cannot compete fairly with people of developed countries in capital and capability. that is why a government as decision maker should take wise decision about his country. three distinct strands in the process of globalization: increase freedom in the movement of goods, increased foreign direct investment, and increased foreign direct investment in financial markets.5 transnational corporation is form of foreing direct investment. multinational or transnational corporation eventually is mastering the market. with better quality product, brand, and marketing. in the capital market, foreing investor also has big influence in the market. besides freedom in movement of capital and goods, globalization made the world like in one village or global village. with the ease of technology borders between countries are no longer clear. with no barriers for trading and transacting in international scope, the world described as one village or global village. a global village created less barriers in economics activities among countries. and it help multinational corporation to establish their corporation easily. ‚globalization may be seen as the world’s space narrowing and the intensification of awareness that the world is a whole...‛.6 with less barrier in flow of goods and capitals, flow of labor made the world borderless. there are many concepts and meanings of globalization it self. in term of freedom, space, economic, sosial, and politics. here are some other meanings. according to jan art:7 first, globalization in terms of internationalization. it describes cross border relation betwen countries. it is a process of increasing involvement of enterprises in international market. here interaction of people across nation in globalization in term of internationalization. second, globalization as liberalization. liberalization is easiness of goverment restriction in economic policy, and some time referred as deregulation. third, conception has equated globalization with universalization. in this usage, global means worlwide and globalization. it is a process of spreading various objects and experinces to people at all corners of the earth. fourth, definition has equated globalization with westernization. it is a process whereby societies come under or adopt western culture in term of technology, law, politics, economics, ect. it has been a per 5 william oriscoll & julie clarck (editor), globalization and the poor: exploitation or equalizer?, (usa: international debate education assosiation, 2003), p.16. 6 bernhard limbong, stop making money, (jakarta: margareta pustaka, 2012), p. 14. 7 jan art scholte, globalization a critical introduction, new york: st. martin’s press, inc, 2000), p. 15-16. vassive and accelerating influence across the world in the last few centuries. fifth, idea identifies globalization as detterritorialization. which means reconfiguration geography. its meaning as liberalization is the appropriate one for this paper. here globalization refers to a process of removing goverment restriction on import product, between countries in order to create borderless world economy. anyway it has good value for upper income level or upper level businessman economy. it is just like ‚small local business will be wiped out by large multinational companies in form of imperialist capitalism‛ in the communist manifesto. another form of globalization is capitalization it is givin new market for capitalist, giving more domination for developed countries and its allied countries to sell their product worldwide. some view globalization as a project of superpower nation to expand their power. in this viewpoint, globalization is capitalization in its best form. where superpower countries state restrain world economy, and than little countries becoming over a barell, because could not compete in world economy fairly. globalization and currency exchange another cause of globalization is currency exchange. most of country apply floating exchange rate. in floating exchange rate system the price of currency determined by the demand and supply of currency. currently the price of rupiah penetrating up to rp 10.000 over us dollar. as the demand for dollar is increasing because of the increasing in demand for import. ‚globalization...., and at the moment, has severly caused an alarming global currency war‛8 every body know, $us dominated most of currency’s trade, and everybody wonder, why should dollars... not gold or others. a coutry owner of dollar currency dominated a world market, most of people and countries of the world depend on this currency ($us). since the collapse of bretton wood system, which is breached by unated state everyone should not trust this currency anymore. nixon, a president of america who broke the ‚bretton wood agreement to safe the economy of his country. since that, $ us currency could not and should not be trusted anymore. but many countries keep this to keep their economy, for selling their product to america, as america is the biggest demander of goods and services for some countries. 8 sri edi swasono, ‚revitalsasi ekonomi rakyat dalam pengembangan ekonomi nasional‛, seminar on 28th april 2012, stain curup (bengkulu). dwi sulastyawati: islam, globalization, and poverty alleviation294 jhon perkins in the final analysis wrote ‚the global empire depends to a large extent on the fact that the dollar acts as the standard world currency, and than the united state mind has the rights to print those dollars. thus, we make loans to countries like ecuador with the full knowledge that they will never repay them; in fact we do not want them to honor their debt, since the nonpayment is what gives us our laverage, our pond of flesh, under normal conditions, we would run the risk eventually decimating our own funds; after all, no creditor can afford too many defaulted loans. however, ours are not normal circumtances. the united states prints currency that is not backed by gold. indeed, it is not backed by anything other than a generela world wide confidence in our economy and our ability to marshal the forces and resources of the empire we have created to support us, the ability to print currency gives us immense power. it means, among other things, that we can continue to make loans that will never be repaid.9 as long as we accept the dollar as standard currency, american economy will be survive, in case there is another currency will replace us dollar, american economy will be collapse. in terms of free trade for instance, where world trade barries such tarriffs on import goods, restrictive quotas are removed, unfair for economic condition. since the end of world war ii, it has been the stated policy of most first world countries to eliminate protectionism through free trade policies enforced by international treaties and organizations such as the world trade organization. ‚as for the charges of hypocrisy, and unfair trade that are passionately leveled today at this international institutions and also at the rich nations-in particular that they maintain protection for themselves while force others in to fee trade‛.10 ironic, but this is what is going on this world today. impacts of globalization globalization era in sense of free regulation/free trade began in mid of 1080s. prepared and pioneered by leading countries in order to improve international people’s welfare. globalization just the new form of ‚imperialism‛, trough giving developing countries an ‚aid‛, and than dictate them in politic and economy, with an agreement that they able tosell some products like food grains and movies of their owns to aided states, which improve donor state’s economy. there is no problem in making countries debt provider rich economically, but 9 john perkins, confession of an economic hit man, (san fransisco: koehler publisher, 2004), p. 212. 10 jagdis bhagwati, in defense of globalization, (new york: oxford university press, 2004), p. 3. al-iqtishad: vol. v, no. 2, juli 2013 295 jhon perkins in the final analysis wrote ‚the global empire depends to a large extent on the fact that the dollar acts as the standard world currency, and than the united state mind has the rights to print those dollars. thus, we make loans to countries like ecuador with the full knowledge that they will never repay them; in fact we do not want them to honor their debt, since the nonpayment is what gives us our laverage, our pond of flesh, under normal conditions, we would run the risk eventually decimating our own funds; after all, no creditor can afford too many defaulted loans. however, ours are not normal circumtances. the united states prints currency that is not backed by gold. indeed, it is not backed by anything other than a generela world wide confidence in our economy and our ability to marshal the forces and resources of the empire we have created to support us, the ability to print currency gives us immense power. it means, among other things, that we can continue to make loans that will never be repaid.9 as long as we accept the dollar as standard currency, american economy will be survive, in case there is another currency will replace us dollar, american economy will be collapse. in terms of free trade for instance, where world trade barries such tarriffs on import goods, restrictive quotas are removed, unfair for economic condition. since the end of world war ii, it has been the stated policy of most first world countries to eliminate protectionism through free trade policies enforced by international treaties and organizations such as the world trade organization. ‚as for the charges of hypocrisy, and unfair trade that are passionately leveled today at this international institutions and also at the rich nations-in particular that they maintain protection for themselves while force others in to fee trade‛.10 ironic, but this is what is going on this world today. impacts of globalization globalization era in sense of free regulation/free trade began in mid of 1080s. prepared and pioneered by leading countries in order to improve international people’s welfare. globalization just the new form of ‚imperialism‛, trough giving developing countries an ‚aid‛, and than dictate them in politic and economy, with an agreement that they able tosell some products like food grains and movies of their owns to aided states, which improve donor state’s economy. there is no problem in making countries debt provider rich economically, but 9 john perkins, confession of an economic hit man, (san fransisco: koehler publisher, 2004), p. 212. 10 jagdis bhagwati, in defense of globalization, (new york: oxford university press, 2004), p. 3. the biggest problem is when debtor countries lost its independency in economy. and this is the new color of imperialism. when developing countries lost their dignity and political power in economy. for example aero plane industry in indonesia stopped under imf pressure. because they do not want indonesia compete developed countries in technology. we knew politics and economics like two sides of coin cannot be separated. in facing financial crisis 1007-2000 in order to have an aid from imf (international monetary fund) indonesia must stop incentive given to manufacturing industry, especially strategic industry. bumn (state owned enterprises) was not only mismanagement, but also deliberately destroyed by foreign powers. imf adjusts different wisdom between developed countries and developing countries. and applied ‚multiple standards‛ in influencing government policy. in this sense ‚globalization‛ becomes an instrument for the benefit of developed countries. in facts, globalization must become an organization for increasing world trade on the basis mutual benefit. this is clear proof of economics imperialism on indonesia. we lose our independency in determining our policy. ‚imf oblige individual states the world over to adopt political and economic programmes that result in deregulation of industry and banks, privatization of national assets, limited government, tax cuts for the wealthy and reduction of state subsidies‛.11 imf is international monetary fund, an international financial institution organized in 1945, its headquarters are in washington, d.c., united states. the imf plays three major roles in the global monetary system. the fund surveys and monitors economic and financial developments, lends funds to countries with balance-of-payment difficulties, and provides technical assistance and training for countries requesting it. on the above citation there are few point on the facts of globalization today, it affirms on the fact there is new form of imperialism in indonesia. in the form of economic imperialism, one simple sample is the ban of manufacturing industry for not giving an aid to revive manufacturing industry as a condition for getting an aid from imf. deregulation in industries and banks is conditions for participating in free trade that be appointed by an organization that support liberalization in economics. in this case foreign capital is able to influence the financial of a country. and so does it is in capital market. 11 jean gelman taylor, global indonesia, p. 2. dwi sulastyawati: islam, globalization, and poverty alleviation296 privatization of national asset, five formula applied by imf as precondition in giving aid to indonesia after hit by financial crisis 1997, privatized basic services, an independent cenreal bank, ‚flexible‛ work forces, low social spending, and total free trade.12 tax cuts for the whealty which promote inequality, reduction of state subsidies. reduction of fuel subsidies happens in last three years which is recommended by imf. and the reduction in fuel subsisied really burden low income people. on the other side reformation for the infrastructure is not going well as a conpensation of energy subsidies reduction. the result of today’s global economy on the poor is low prices that benefit first-world consumers, and often put the poor at even greater risk. as transnational corporation try to increase profit by reducing costs as labor with low skill are paid with lower price. laborers, mostly in developing countries work long hours but are still poor, hungry and subject to abuse. again rich getting richer and poor getting poorer. some critics argue that ‚globalization entrenches western wealth and power. poor nation cannot compete without tariff protection. free trade is not fair trade. third world government that accept imf rules violate their citizens’ sense that the state has a duty to keep the price of rice and cooking oil low through subsidies. globalization is comprehensively condemned from cuba to malaysia as the triumph of western economies grown rich through slavery, conquest, underdevelopment and cultural annihilation of the third world‛.13 a government that accept imf rules ignore the needs of poor citizen. and the policy of government bolster inequality of income among people. the real value of money is decreasing, while to get the money is not an easy thing. the result of today’s global economy, ‚give rise to adverse social sideeffects such as greater income inequality, environmental degradation, violation of labor and human rights standard, and destruction of order long-established cultures by an all-an compassing global popular culture.‛14 it also said that 12 hendri tanjung and asad zaman, ‚between free trade and protectionism‛, published in the jakarta post, 3rd may 2010, http;//thejakartapost.com/news/2010/05/03/between-free-trade-andprotectionism.html 13 hendri tanjung and asad zaman, ‚between free trade and protectionism‛. 14 sumner j. la croix and peter a petri, new challenges to the global trading system, in challenges to the global trading system: adjustment to globalization in the asia-pacific region, (new york: routledge, 2007), p. 1. al-iqtishad: vol. v, no. 2, juli 2013 297 privatization of national asset, five formula applied by imf as precondition in giving aid to indonesia after hit by financial crisis 1997, privatized basic services, an independent cenreal bank, ‚flexible‛ work forces, low social spending, and total free trade.12 tax cuts for the whealty which promote inequality, reduction of state subsidies. reduction of fuel subsidies happens in last three years which is recommended by imf. and the reduction in fuel subsisied really burden low income people. on the other side reformation for the infrastructure is not going well as a conpensation of energy subsidies reduction. the result of today’s global economy on the poor is low prices that benefit first-world consumers, and often put the poor at even greater risk. as transnational corporation try to increase profit by reducing costs as labor with low skill are paid with lower price. laborers, mostly in developing countries work long hours but are still poor, hungry and subject to abuse. again rich getting richer and poor getting poorer. some critics argue that ‚globalization entrenches western wealth and power. poor nation cannot compete without tariff protection. free trade is not fair trade. third world government that accept imf rules violate their citizens’ sense that the state has a duty to keep the price of rice and cooking oil low through subsidies. globalization is comprehensively condemned from cuba to malaysia as the triumph of western economies grown rich through slavery, conquest, underdevelopment and cultural annihilation of the third world‛.13 a government that accept imf rules ignore the needs of poor citizen. and the policy of government bolster inequality of income among people. the real value of money is decreasing, while to get the money is not an easy thing. the result of today’s global economy, ‚give rise to adverse social sideeffects such as greater income inequality, environmental degradation, violation of labor and human rights standard, and destruction of order long-established cultures by an all-an compassing global popular culture.‛14 it also said that 12 hendri tanjung and asad zaman, ‚between free trade and protectionism‛, published in the jakarta post, 3rd may 2010, http;//thejakartapost.com/news/2010/05/03/between-free-trade-andprotectionism.html 13 hendri tanjung and asad zaman, ‚between free trade and protectionism‛. 14 sumner j. la croix and peter a petri, new challenges to the global trading system, in challenges to the global trading system: adjustment to globalization in the asia-pacific region, (new york: routledge, 2007), p. 1. ‚financial globalization determines the so-called structural inequalities; as they are create a new distribution among the different income group‛. 15 economic inequality described as the gap between rich and poor, income inequality, wealth disparity, or wealth and income differences is the difference between individuals or populations in the distribution of their assets, wealth, or income. the term typically refers to inequality among individuals and groups within a society. and financial globalization create ‘structural inequalities’. this is so because the capital is controlled by the capitalis. positive and negative impacts globalization has both positive and negative value, bernhard limbong mentions both impacts as bellow:16 a number of benefits gained from economic globalization are: (1)iimproves the global production, with the help of transfer of technology the positive impact is increasing the global production. as technology is one of factor of production. trough an increament and innovation in technology the volume of production is improve as well. (2) increase the people’s welfare in a country. (3) widens the market for domestic products. (4) make easier capital and technology gaining. (5) prepares additional capital to establish economy. increase the people’s welfare, widens the market, are be valid only for powerful country and powerful businessman of a country. some disadvantages caused by economic globalization: first, slows down the growth of industrial sector (dependency to industries owned by multinational companies keeps increasing), and a small economy will have no control over the world prices. second, worsen payment balance (less developing export may impact badly against balance of payment), and the need of import also increasing. and again worsen the balance of payment. third, the financial sector will be more unstable, with deregulation in industrial and capital sector the economic climate of a country so risky. an economy potentially much more sensitive to international crises. fourth, worsens the prospect of long term economic growth. because the financial sector unstable, it made economic climate of a country unstable as well, the impact in the long term, the prospect of economic worsens, the rate of poverty, the rate of unemployment, inflation are increasing, 15 felice roberto pizzuti, introduction market and institutions in neo-globalization, in globalization, institutions and social cohesion, edited by maurizio franzini & felice r pizzuti, (germany: heidelberg, 2001), p.14-15. 16 see, berhand limbong, stop making money, p. 17-18. dwi sulastyawati: islam, globalization, and poverty alleviation298 the ability of people to consume is decreasing, and then investments sector is also decreasing, which led to decreasing in economic growth. impacts on inequality and poverty other impacts of globalization are:17 first, the increased marginalization of the poor: individuals, groups, classes, indigenous peoples, society’s nations and whole countries, e.g., in africa, and even asia. second, greater gaps between the rich and poor-within countries and between them. third, the new dichotomy between the "info-rich" and "info-poor". fourth, aggravation of world-wide poverty, as established by the annual undp human development report, from year to year. about 30% natures’ productive potential has been killed. all mention above, we can say that globalization create income disparities sharper and even more. from above illustration, there are common opinions. one of it massive impact of financial crises as happened in some of asian countries and latin america is collapse of exchange rate value or decrease in purchasing power of domestic people and the price of import product becomes more expensive. another impact studied by james levinsohn, the very poor were in fact the most vulnerable and harmed. from the financial crises in indonesia in 1997, the value of currency (rupiah) deteriorated sharply against dollar, the purchasing power of rupiah goes down by 66, 77 %. one of the lessons from indonesian experience is that the impact of the crises on the poor are dynamic and the evidence shows that the crises led to disadvantageous health among infants and children in poorer households. the long term impact of these outcomes is likely to be played out over the course of many years. even if the exchange rate is stable, a small open economy will still take world price as given, for most commodities, poorer countries will find themselves in this position. important to know just who consumes and produce s the importable and exportable. in many agricultural cases, the poor will comprise both groups. again, one would expect the impact of globalization to differ across the urban and the rural poor. globalization is debatable; ‚contemporary globalization has had some important positive consequences with respect to cultural regeneration, communications, decentralization of power, economic efficiency and the range of available product but neoliberal policies toward globalization have had many negative consequences in regard to increase ecological degradation, persistent 17 hazel handerson as quoted by ikram azam, the new political economy paradigm, p. 105106. al-iqtishad: vol. v, no. 2, juli 2013 299 the ability of people to consume is decreasing, and then investments sector is also decreasing, which led to decreasing in economic growth. impacts on inequality and poverty other impacts of globalization are:17 first, the increased marginalization of the poor: individuals, groups, classes, indigenous peoples, society’s nations and whole countries, e.g., in africa, and even asia. second, greater gaps between the rich and poor-within countries and between them. third, the new dichotomy between the "info-rich" and "info-poor". fourth, aggravation of world-wide poverty, as established by the annual undp human development report, from year to year. about 30% natures’ productive potential has been killed. all mention above, we can say that globalization create income disparities sharper and even more. from above illustration, there are common opinions. one of it massive impact of financial crises as happened in some of asian countries and latin america is collapse of exchange rate value or decrease in purchasing power of domestic people and the price of import product becomes more expensive. another impact studied by james levinsohn, the very poor were in fact the most vulnerable and harmed. from the financial crises in indonesia in 1997, the value of currency (rupiah) deteriorated sharply against dollar, the purchasing power of rupiah goes down by 66, 77 %. one of the lessons from indonesian experience is that the impact of the crises on the poor are dynamic and the evidence shows that the crises led to disadvantageous health among infants and children in poorer households. the long term impact of these outcomes is likely to be played out over the course of many years. even if the exchange rate is stable, a small open economy will still take world price as given, for most commodities, poorer countries will find themselves in this position. important to know just who consumes and produce s the importable and exportable. in many agricultural cases, the poor will comprise both groups. again, one would expect the impact of globalization to differ across the urban and the rural poor. globalization is debatable; ‚contemporary globalization has had some important positive consequences with respect to cultural regeneration, communications, decentralization of power, economic efficiency and the range of available product but neoliberal policies toward globalization have had many negative consequences in regard to increase ecological degradation, persistent 17 hazel handerson as quoted by ikram azam, the new political economy paradigm, p. 105106. poverty, worsen working conditions, various cultural violence’s, widened arbitrary inequalities and deepened democratic deficit‛, and jan art scholte said that ‚globalization is not inherently good or bad, his outcome are largely the result of human decision that can be debated and changed‛18 even globalization is debateable, we should always be aware of its negative impact, as depedency of our country become guarantee. persisten poverty something absolutely should be avoided. impacts on labor market labor market is the market in which workers find paying work, employers find willing workers, and wage rates are determined. and wage rate determined by intersection of deman and supply of working hours. globalization made cheaper price of labor in labor market. as indonesia is not ready for liberalization itself. indonesian labor has minimum skill and paid with low price. as spoken by former third president of indonesia bacharuddin jusuf habibie the balance of working hours must be given attention. and the problem of human resources is key issue in developing and builds indonesia. one report shows the result that wages and non wages are positively related to industry level and that wages are positively linked to increases in foreign investment, suggesting positive link between globalization and working condition in indonesia. no wonder thousands of indonesian’s workers fled to abroad expect higher income. leaving their family for ten years or more, facing harsh attitude from their employer. mahatir muhammad (former of malaysian prime minister) views globalization remains state-centric. ‚mahatir sees globalization as leading to clashes between regions and the power of states. as such, there are ideological overtones embedded in this process. for mahatir globalization is a process advocated explicitly by western financial capitalist and implicitly by u.s. government to promote the expansion of markets and their form of democratic government. this prodemocratic neoliberal or market oriented policies are seen to be advocated by multinational companies and western dominate international financial institution such as the international monetary fund (imf) and international or foreign-funded domestic ngos to benefit western state and their financial interests‛.19 18 jan art scholte, globalization a critical introduction, p. 9. 19 bridget welsh, malaysia and globalization, in east asia and globalization, edited by samuel s. kim, (usa: rowman & littlefield publisher inc., 2009), p. 235. dwi sulastyawati: islam, globalization, and poverty alleviation300 indonesia and globalization indonesia case, economic growth in 2011 increases by 1.3%, and that is not in line with people welfare. contrast views could be seen clearly in big and capital city, luxury buildings and houses surrounded by cardboard houses, many modern facilities are untouchable for poor people, and globalization in another side globalization’s unpeople, the dichotomy between rich and poor sharpen means economic gap is increasing. globalization is driven byone of it is liberalization. indonesia has gone a long way in liberalizing its economy, but the result is far from perfect, rising poverty and inequality is clearly shown. ” if all world trade barrier removed, what will happen is a people with a power will compete and vise virsa, who can not compete will be edged off. within 25 up to 50 years later, we are not ready yet for liberalization, not because we are so nationalist or protectionist, but only in last 27 years indonesia has an opportunity to know how economic mechanism is, and develop our human resources, infrastucture, while another state has that opportunity for hundred years and more. if we have to, than for sure we will defeat. other nations have progress in sciences and technology, capital, experince, and national robustness. than, we should reconcile with liberalization, otherwise we will be isolated. liberalization is not suitable with indonesian culture.‛20 liberalization is closely aligned with globalization, and is not suitable for indonesian culture, it will marginalized lower class society or part of society who could not be able to compete within unfair competetion, indonesia will be marginalized as well by developed countries. if only a government focused on the growth of industrialization growth trend which is foucused on city. this will create more disparities of income and development between region. and business power will be strongger and if thi is persistensly happening, just wait for the ‘time boom’ which will threaten economic growth in future. in the last decade, equality become the main issue to be concerned. the increase of economic growth in indonesia is infact is increased by the wealthy people of indonesia. and than the gap between the rich and the poor has increased. 20 bacharuddin jusuf habibi, ‚liberalisasi ekonomi pemerataan, dan iptek‛, editor loekman sutrisno & faraza umaya, liberalisasi ekonomi, pemerataan dan kemiskinan, (yogyakarta: tiara wacana, 1995), p. 3. al-iqtishad: vol. v, no. 2, juli 2013 301 indonesia and globalization indonesia case, economic growth in 2011 increases by 1.3%, and that is not in line with people welfare. contrast views could be seen clearly in big and capital city, luxury buildings and houses surrounded by cardboard houses, many modern facilities are untouchable for poor people, and globalization in another side globalization’s unpeople, the dichotomy between rich and poor sharpen means economic gap is increasing. globalization is driven byone of it is liberalization. indonesia has gone a long way in liberalizing its economy, but the result is far from perfect, rising poverty and inequality is clearly shown. ” if all world trade barrier removed, what will happen is a people with a power will compete and vise virsa, who can not compete will be edged off. within 25 up to 50 years later, we are not ready yet for liberalization, not because we are so nationalist or protectionist, but only in last 27 years indonesia has an opportunity to know how economic mechanism is, and develop our human resources, infrastucture, while another state has that opportunity for hundred years and more. if we have to, than for sure we will defeat. other nations have progress in sciences and technology, capital, experince, and national robustness. than, we should reconcile with liberalization, otherwise we will be isolated. liberalization is not suitable with indonesian culture.‛20 liberalization is closely aligned with globalization, and is not suitable for indonesian culture, it will marginalized lower class society or part of society who could not be able to compete within unfair competetion, indonesia will be marginalized as well by developed countries. if only a government focused on the growth of industrialization growth trend which is foucused on city. this will create more disparities of income and development between region. and business power will be strongger and if thi is persistensly happening, just wait for the ‘time boom’ which will threaten economic growth in future. in the last decade, equality become the main issue to be concerned. the increase of economic growth in indonesia is infact is increased by the wealthy people of indonesia. and than the gap between the rich and the poor has increased. 20 bacharuddin jusuf habibi, ‚liberalisasi ekonomi pemerataan, dan iptek‛, editor loekman sutrisno & faraza umaya, liberalisasi ekonomi, pemerataan dan kemiskinan, (yogyakarta: tiara wacana, 1995), p. 3. government and other stakeholders, however, agree that wto and it’s accompanying institutions regulating world trade are critical to global prosperity and deserve to be strengthened.., bilateral and regional agreements have diverted the attention of government from global negotiations. at worst, they are establishing a discriminatory ‚spaghetti bowl‛ that will long frustrate the creation of truly global markets‛.21 it is true only for upper class people, it only increases the growth of economy in digit. but not the welfare of lower and middle class people. besides increasing the gap of rich and poor, automatically it increases the rate of poverty as well. behind the increasing interconnectedness promised by globalization are global decisions, policies, and practices. these are typically influenced, driven, or formulated by the rich and powerful. these can be leaders of rich countries or other global actors such as multinational corporations, institutions, and influential people. in the face of such enormous external influence, the governments of poor nations and their people are often powerless. as a result, in the global context, a few get wealthy while the majority struggle.22 this statement intended that eventough a government have a will to decide a policy which is for the interest of poor people, a goverment eventually powerless. this is the true ficture of politics to day. poverty and globalization poverty phenomena around the world really touching our sensibility, where we see around the children in schooling age should fight with the reality they are facing, war with the time and obsession, for fulfilling their hope and imagination. in fact the children is human capital of the country should be given adequate education, and fair state of health. but the reality shows that many of the children in developing country should become labor in their childhood time. lack of clean water is killing 5000 children a day in developing country. this news is really pathetic. as most of the poor they have lack accesses to sanitary and watery necessities. children in developing nations have limited access to education, economic, social and cultural factors keep some 1021 million children, especially girls, 21 sumner j. la croix and peter a petri, new challenges to the global trading system, p. 8. 22 anup shah, ‚causes of poverty‛, http://www.globalissues.org/issue/2/causes-of-poverty, accesed on september 10, 2012 dwi sulastyawati: islam, globalization, and poverty alleviation302 from attending school. faced with difficult choices, parents often take girls out of school to care for younger siblings, help with household responsibilities, or work outside the home to contribute to family income. poverty is the inability to satisfy one's basic needs because one lacks income to buy goods and services. basic need is, food, sheltter, water, house, education, health, and comfortness etc. yeah, for some people were not easy to acces those need and the facts shows that poverty around the world gets more terrible day by day. report taken from poverty.com says: around the world, in rich or poor nations, poverty has always been present. in most nations today, inequality—the gap between the rich and the poor— is quite high and often widening. the causes are numerous, including a lack of individual res-ponsibility, bad government policy, exploitation by people and businesses with po-wer and influence, or some combination of these and other factors.23 bad government policy here is a policy which is un pro-poor. in other word obviously, global economy made global poverty. which means globalization does not reduce or alleviate poverty. some 21,000 children die every day around the world.24 that is equivalent to: (1) 1 child dying every 4 seconds; (2) 14 children dying every minute; (3) a 2011 libya conflict-scale death toll every day; (4) a 2010 haiti earthquake occurring every 10 days; (5) a 2004 asian tsunami occurring every 11 days; (6) an iraq-scale death toll every 19–46 days; (7) just under 7.6 million children dying every year; (8) some 92 million children dying between 2000 and 2010. it seems that human soul is unworthy anymore, where the authority around the world just busy on expanding their power. hunger people around the world is a victim of unfair and unjustice system created by the authority. how come we overcome a poverty when a state only care on buying a weapon than to prosper their own people, olny agree to many world agreement without looking at their people ability, only care on their sovereignity than to their people welfare. facts that the rich gets richer, and poor get poorer in indonesia, could be described by news taken from forbes magazine (based in new york, america), that forty richest people in indonesia possessed $ us 88,6 million compatible with (rp 850 trillion), and this total income raise 4 % compared to last year. wo 23 www.poverty.com, accesed on september 10, 2012. 24 www.poverty.com, accesed on september 10, 2012. al-iqtishad: vol. v, no. 2, juli 2013 303 from attending school. faced with difficult choices, parents often take girls out of school to care for younger siblings, help with household responsibilities, or work outside the home to contribute to family income. poverty is the inability to satisfy one's basic needs because one lacks income to buy goods and services. basic need is, food, sheltter, water, house, education, health, and comfortness etc. yeah, for some people were not easy to acces those need and the facts shows that poverty around the world gets more terrible day by day. report taken from poverty.com says: around the world, in rich or poor nations, poverty has always been present. in most nations today, inequality—the gap between the rich and the poor— is quite high and often widening. the causes are numerous, including a lack of individual res-ponsibility, bad government policy, exploitation by people and businesses with po-wer and influence, or some combination of these and other factors.23 bad government policy here is a policy which is un pro-poor. in other word obviously, global economy made global poverty. which means globalization does not reduce or alleviate poverty. some 21,000 children die every day around the world.24 that is equivalent to: (1) 1 child dying every 4 seconds; (2) 14 children dying every minute; (3) a 2011 libya conflict-scale death toll every day; (4) a 2010 haiti earthquake occurring every 10 days; (5) a 2004 asian tsunami occurring every 11 days; (6) an iraq-scale death toll every 19–46 days; (7) just under 7.6 million children dying every year; (8) some 92 million children dying between 2000 and 2010. it seems that human soul is unworthy anymore, where the authority around the world just busy on expanding their power. hunger people around the world is a victim of unfair and unjustice system created by the authority. how come we overcome a poverty when a state only care on buying a weapon than to prosper their own people, olny agree to many world agreement without looking at their people ability, only care on their sovereignity than to their people welfare. facts that the rich gets richer, and poor get poorer in indonesia, could be described by news taken from forbes magazine (based in new york, america), that forty richest people in indonesia possessed $ us 88,6 million compatible with (rp 850 trillion), and this total income raise 4 % compared to last year. wo 23 www.poverty.com, accesed on september 10, 2012. 24 www.poverty.com, accesed on september 10, 2012. rthiness of that amount only possessed by forty people, while formal employee including labor, 42,1 million people sharing income amount rp 1.450 trillion. in this free economics system, no wonder if someone can possess income in fantasist amount.25 this facts also describe that globalization increase the gap between the rich and the poor. poverty and global debt trap from another perspective the cause of poverty in it’s context with globalization is ‚poverty— is the result of the exceedingly exploitative global debt trap.‛26 when the dollar become the standar exchange, the increase in the value of dollar toward rupiah will increase the amount of the debt. in last decade government expenditure is deficit. the expenditure budget is increasing, and amount of the debt is increasing as well. imf and world bank are institutions which are responsible for the debt of developing countries. they give the debt with awareness that it could not be repaid. institutions which are responsible for globalization, as political project promoted according to the protestor at g8 summit are; ‚imf, world bank, wto, g8 (the g7 plus russia) and the eu dominated by powerful vested interest, the structure of global economic management constitute the core of wider system of liberal governance subordinating the world and its people to the dictates of a liberal ideology and global corporate capitalism‛.27 caught in the trap of having to repay massive debts, most developing country governments-representing 80 percent of the world's population-have felt they have had little choice but to agree to implement these reforms in exchange for imf assistance. the results, however, have brought ruin to national economies, cutbacks in schools and hospitals, increased poverty and hunger, and environmental harm.28 the imf came to hold virtual neo-colonial control over developing countries as a result of the third world "debt crisis" of the 1980s. in the 1970s, commercial banks were eager to make large loans to developing countries and newly independent countries. the interest rates on these loans were initially very low, but variable. but when interest rates were raised sharply in the early 1980s, hea 25 pemerataan, harta rp 850 triliun, ekonomi, kompas, edisi sabtu, 1 desember 2012, p. 17 26 ikram azam, international political economy: globalization and altruistic ethical economics, abc enterprises, 2012, p. 140 27 david held & anthony, globalization/anti-globalization, mpg books ltd. britain, 2007, p. 137 28 john cavanagh, carol welch, and simon retallack, ‚the imf formula: prescription for poverty‛, ifg bulletin, 2001, volume 1, issue 3, international forum on globalization, http://www. thirdworldtraveler.com/imf_wb/imf_formula_prescrippover.html dwi sulastyawati: islam, globalization, and poverty alleviation304 vily indebted countries suddenly found themselves unable to make soaring interest payments on these bank loans, and many were simultaneously indebted to the world bank. that's when the imf stepped in.29 the root cause of all the current human evil is in the arena of the exis-ting system of the political economy: the 21st century new international imperialism and its cohorts: international capitalism and colonialism, collusively cultivating the corrosive corporate culture. the imf, world bank and their allied institutions and instruments like the wto, and col-laborators like the mic, are engineering the whole charade.30 the facts is that countries which are tied with the international debt, their economy is not going better. but they are trapped into deeper debt. they need to pay the debt which is increases year by year. and than to run their countries they need more loan. debt trap (case in indonesia) it can be concluded that the key causes of the global debt trap are both endogenous and exogenous, i.e.: (i) international imperialism, capitalism and colonialism. (ii) and its indigenous counterparts. no wonder why, developing country, like indonesia fall deeper in to debt trap. debt becomes really big disaster, when we are adicted to it. debt in indonesia, the data taken from indonesian editorial of metro tv on november 25, 2011: indonesian’s debt is rp 1.768 trillion increase rp 495 trillion from last decade. averagely national debt is increasing rp 49.5 trillion/year or rp 13.561.643.800/day. terrible, where each individual carry debt amount rp 7,4 million. and the more terrible thing is that 45 % of our debt is in $us currency. when there is little incerease on $us dollar currency, indonesian foreign debt will increase significantly. if this is going on, our country will come to bankruptcy of economy. actually the problem of national debt do not only happen in asian or african coutry, but also happen in euoropean country like in greece, italy, irlandia, and portugal. clearly, debt becomes big problem on economy in many country. if this is the fact, the quistion is how come the poverty will be alleviated, where the state mainly focus on debt matter. as mentioned one of the key cause of the global debt trap is capitalism. capitalism is just another form of exploitation. exploitation of poor people by capitalist. little example, many law cases in indonesia, mostly won by who own 29 john cavanagh, carol welch, and simon retallack, ‚the imf formula‛. 30 john cavanagh, carol welch, and simon retallack, ‚the imf formula‛. al-iqtishad: vol. v, no. 2, juli 2013 305 vily indebted countries suddenly found themselves unable to make soaring interest payments on these bank loans, and many were simultaneously indebted to the world bank. that's when the imf stepped in.29 the root cause of all the current human evil is in the arena of the exis-ting system of the political economy: the 21st century new international imperialism and its cohorts: international capitalism and colonialism, collusively cultivating the corrosive corporate culture. the imf, world bank and their allied institutions and instruments like the wto, and col-laborators like the mic, are engineering the whole charade.30 the facts is that countries which are tied with the international debt, their economy is not going better. but they are trapped into deeper debt. they need to pay the debt which is increases year by year. and than to run their countries they need more loan. debt trap (case in indonesia) it can be concluded that the key causes of the global debt trap are both endogenous and exogenous, i.e.: (i) international imperialism, capitalism and colonialism. (ii) and its indigenous counterparts. no wonder why, developing country, like indonesia fall deeper in to debt trap. debt becomes really big disaster, when we are adicted to it. debt in indonesia, the data taken from indonesian editorial of metro tv on november 25, 2011: indonesian’s debt is rp 1.768 trillion increase rp 495 trillion from last decade. averagely national debt is increasing rp 49.5 trillion/year or rp 13.561.643.800/day. terrible, where each individual carry debt amount rp 7,4 million. and the more terrible thing is that 45 % of our debt is in $us currency. when there is little incerease on $us dollar currency, indonesian foreign debt will increase significantly. if this is going on, our country will come to bankruptcy of economy. actually the problem of national debt do not only happen in asian or african coutry, but also happen in euoropean country like in greece, italy, irlandia, and portugal. clearly, debt becomes big problem on economy in many country. if this is the fact, the quistion is how come the poverty will be alleviated, where the state mainly focus on debt matter. as mentioned one of the key cause of the global debt trap is capitalism. capitalism is just another form of exploitation. exploitation of poor people by capitalist. little example, many law cases in indonesia, mostly won by who own 29 john cavanagh, carol welch, and simon retallack, ‚the imf formula‛. 30 john cavanagh, carol welch, and simon retallack, ‚the imf formula‛. capital. and in international scheme, capitalist state rule upon poor countries. beside debt rate, rate of poverty and unemployment keep rising in indonesia the center for welfare studies reported that‛ the number of poor people in indonesia increased by 6.7 percent over the last three years to 43.1 million. the report showed the number of indonesians living in extreme poverty was 40.36 million in 2008, 44.83 million in 2009, and 43.07 million in 2010.‛31 it means that within three years there is 2.71 million increase on poverty in indonesia. according to bps (statistic centre institution) data the number of poverty is 30.018 million with 12.49 percent in 2011; even the result is doubted with many other sides. the poverty line used was the monthly per capita earnings of rp 243,729 ($26.80) even a minister of economic said there is significant increase in economic growth rate. but it touches upper level of people, per capita income increase year by year. but poverty rate also does not decrease significantly. in other way that increase in per capita income only increases the wealth of rich people of indonesia as mentioned. this fact reveals many families are not benefiting from national economic growth. fifty percent of indonesia’s population is still poor, living on less than us$2 per day. while the number of unemployment approximated increase 1.3 million per year.32 if this continues, it will create unstable progress in terms of the country’s prosperity in the future. poverty extends beyond low incomes and the ability to access basic needs. it closely represents a life situation of lower level or poor people in indonesia. reducing poverty in indonesia is not about having limited resources, but it is more about having pro-poor policies and effective institutions, fair distribution, trustee leader. in indonesia alone, target of poverty is reduced to 9.5-10.5%, it is quite high rate of poverty. means economic growth on paper is not everything, but the thing is people’s welfare in true sense and in reality. one of the indicators is reducing poverty. unresolved issue: one-sixth of the world’s population lives in extreme poverty. the poorest of the poor tend to be untouched by globalization financial in developing countries is associated with higher consumption volatility.33 31 iin p. handayani, the writer is a professor at murray state university, kentucky, http://www.thejakartapost.com/news/2012/02/13/beyond-statistics-poverty.html, accesed on august 30, 2012. 32 yudha manggala p putra, pengangguran indonesia bertambah 1,3 juta orang per tahun, http://www.republika.co.id/berita/nasional/umum/12/05/01/m3crmx-pengangguran-indonesia-bertambah-13-juta-orang-per-tahun, accesed on august 30, 2012. 33 prasad et al quoted by ann harrison and margaret mcmillan, p. 195. dwi sulastyawati: islam, globalization, and poverty alleviation306 one-sixh of population in the world are living in poverty, no more than onefifth of population are living in prosperity. there is clear imbalance in the welfare of people in the world. when the poor is untouched by globalization, it means year by year there are more and more poor people in the world. and the future of the world will be worse. ahsan abdullah in his book ‚internet and pakistan as quoted by ikram azam said ‚poverty is often blamed on population explosion. at best or worst, they are cyclical. but one should never forget the core cause of poverty: imperialistic capitalistic exploitation. today its greatest manifestation is the evermounting and mountainous international debt. there is no hope for poverty alleviation without writing off the international debt-unconditionally-save the sole condition that henceforth no more debts will be given and taken-in the 21st century.34 in the free market the price is determined by market trough demand and supply mechanism. the capitalis has superiority over demand and supply and they determine the market condition. day by day, year by year, they will be more superior and leave the poor far behind. and it becomes worse with the new form of imperialism. in form of economy and politic imperialism. which is shaped ‚imperialistic capitalistic imperialism‛. no hope in poverty alleviation in this condition. with all it cases and proble. it can be solved when globalization is run by genuine and truly concept of globalization. for the interest of all countries. and not for the interest of some countries. poverty alleviation is non-sense without it, without writing off the international debt conditions, without removing all form and all kind of imperialism. islam and poverty alleviation islam is a religion of peace, just and equitable. it means submission, surrender, and obidience. islam critisize accumulation of capital. and promote equal distribution of income. it has unique concept of poverty. it covers five fundamental aspects. poverty is where an individual fails to fulfill any of five basic requirements of life: religion, physical self, intellect or knowledge, offspring, and wealth. it means that needs not only seen from physical fulfilment need aspect. principally, all the people in the world will live in prosperous way when there is equal distribution of income among people. it happens in history where 34 ahsan abdullah quoted by ikram azam, the new political economy paradigm, pfi, 2002, p. 152. al-iqtishad: vol. v, no. 2, juli 2013 307 one-sixh of population in the world are living in poverty, no more than onefifth of population are living in prosperity. there is clear imbalance in the welfare of people in the world. when the poor is untouched by globalization, it means year by year there are more and more poor people in the world. and the future of the world will be worse. ahsan abdullah in his book ‚internet and pakistan as quoted by ikram azam said ‚poverty is often blamed on population explosion. at best or worst, they are cyclical. but one should never forget the core cause of poverty: imperialistic capitalistic exploitation. today its greatest manifestation is the evermounting and mountainous international debt. there is no hope for poverty alleviation without writing off the international debt-unconditionally-save the sole condition that henceforth no more debts will be given and taken-in the 21st century.34 in the free market the price is determined by market trough demand and supply mechanism. the capitalis has superiority over demand and supply and they determine the market condition. day by day, year by year, they will be more superior and leave the poor far behind. and it becomes worse with the new form of imperialism. in form of economy and politic imperialism. which is shaped ‚imperialistic capitalistic imperialism‛. no hope in poverty alleviation in this condition. with all it cases and proble. it can be solved when globalization is run by genuine and truly concept of globalization. for the interest of all countries. and not for the interest of some countries. poverty alleviation is non-sense without it, without writing off the international debt conditions, without removing all form and all kind of imperialism. islam and poverty alleviation islam is a religion of peace, just and equitable. it means submission, surrender, and obidience. islam critisize accumulation of capital. and promote equal distribution of income. it has unique concept of poverty. it covers five fundamental aspects. poverty is where an individual fails to fulfill any of five basic requirements of life: religion, physical self, intellect or knowledge, offspring, and wealth. it means that needs not only seen from physical fulfilment need aspect. principally, all the people in the world will live in prosperous way when there is equal distribution of income among people. it happens in history where 34 ahsan abdullah quoted by ikram azam, the new political economy paradigm, pfi, 2002, p. 152. no people found to be poor. as all are living in welfare. this is happen trough equal redistribution of income mechanism. it also means that creating equal opportunities for accumulating income is obligatory. islamic economic system has its own system in alleviating poverty trough zakat and waqf. zakat itself become the characteristic of islamic economic system and instrument of redistribution of income from the rich to the poor. zakat means purifying. it purifies the wealth of a muslim. and zakat is cumpulsory for all muslim and as one of the five pillars. it can be used on eight purposes. among them are the poor, the needy, the debtor, the slaves, and the travelers in need, administrative of zakat, those whose hearth are made inclined (to islam), and in the way of allah. and waqf is voluntary giving, it means hold, confinement. waqf is pepetual charity that means holding certain property and preserving it. whre the reward for the one who give waqf is not interrupted. potential amount of zakat and waqf is so fantastis. in indonesia it amount up to trillions rupiah. even not alleviating poverty it can help reducing poverty. unfortunately awareness in paying zakat is very low for almost all muslim countries. and no wonder why poverty is become continous problem. poverty in principle is the responsibility of the state. even it is mentioned in constitutional law. ‚the destitutes and the poor are protected by a state. but in facts, they are not in safeguarding of a state. overall accumulation of capital prevented income to be distributed equally. while islamic’s tenets that everyone should be given equal opportunity in accumulating capital to obtain fair and just income. closing remark it can be concluded that the meaning of globalization has the same meaning with internationalization, increasing integration and interdependence among nation, liberalization, and thr global power rule over low power country. globalization itself speeded up by the help of technology, deregulation, and media. it also easyly understood by free trade as it has the same characteristic with globalization. globalization indeed inescapable. it could create global prosperity depend on the policy maker of this world. unfortunately, institution which is responsible for this influences the political world partially and applied ‚double standard‛, in case favorable for some countries and harms other countries. the facts shows loan of developing countries since 1972, total external many developing countries averagely keep increasing. that foreign aid is trapping not helping. it shows globalization perpetuates the inequity and exploitation innate in capitalism: globalization polarizes the globe and therefore creates a smooth dwi sulastyawati: islam, globalization, and poverty alleviation308 more unfair world. indonesia must develop new pattern of policy and regulation, and all policy makers should rethink and reshape their view toward globalization, where state, market, and civil society can work hand in hand in dealing with economic issue. unfortunately, the fact is that the government has not paid adequate attention to the need to shape the regulatory framework to a form appropriate to globalization. and in global context, in globalization global poverty happen and far beyond the expected one as many studies found that increasing in globalization is associated with increasing inequality. world economic system should pro-poor people and poor nations, and how to include social and redistribution justice in the economy to deal with the dangerous loss of safety and social cohesion that goes hand in hand with greater economic instability born by neo-globalization and market regulation, in order harmony living exists on this earth. [] bibliography amhar, fahmi, ‚politik global, penjajahan ekonomi indonesia, implikasi dan strategi menghadapinya‛, muhaimin iqbal, ‚penjajahan imf di indonesia dan upaya solusinya‛, jurnal kajian islam imperialisme, lembaga kajian dan pengembangan al-ihsan, depok, no. 1, vol. 3, 2008. azam, ikram, international political economy: globalization and altruistic ethical economics, abc enterprises, 2012. ---------------, the new political economy paradigm, islamabad: pakistan futuristics foundation & institute, 2003. bhagwati, jagdis, in defense of globalization, new york: oxford university press,, 2004. cavanagh, john, carol welch, and simon retallack, ‚the imf formula: prescription for poverty‛, ifg bulletin, 2001, volume 1, issue 3, international forum on globalization, http://www.thirdworldtraveler.com/ imf_wb/imf_formula_prescrippover.html croix, sumner j. la and petri, peter a, new challenges to the global trading system, in challenges to the global trading system: adjustment to globalization in the asia-pacific region, new york: routledge, 2007. davies, gloria & nyland, chris (editor), asian region: impacts and consequences, uk: edward elgar publishing limited, 2004. dinopoulus, elias, and friends, trade, globalization, and poverty, taylor and francis e-library, 2007 gallagher, vincent a., the true cost of low prices: the violence of globalization, michigan: orbis book, 2010. al-iqtishad: vol. v, no. 2, juli 2013 309 more unfair world. indonesia must develop new pattern of policy and regulation, and all policy makers should rethink and reshape their view toward globalization, where state, market, and civil society can work hand in hand in dealing with economic issue. unfortunately, the fact is that the government has not paid adequate attention to the need to shape the regulatory framework to a form appropriate to globalization. and in global context, in globalization global poverty happen and far beyond the expected one as many studies found that increasing in globalization is associated with increasing inequality. world economic system should pro-poor people and poor nations, and how to include social and redistribution justice in the economy to deal with the dangerous loss of safety and social cohesion that goes hand in hand with greater economic instability born by neo-globalization and market regulation, in order harmony living exists on this earth. [] bibliography amhar, fahmi, ‚politik global, penjajahan ekonomi indonesia, implikasi dan strategi menghadapinya‛, muhaimin iqbal, ‚penjajahan imf di indonesia dan upaya solusinya‛, jurnal kajian islam imperialisme, lembaga kajian dan pengembangan al-ihsan, depok, no. 1, vol. 3, 2008. azam, ikram, international political economy: globalization and altruistic ethical economics, abc enterprises, 2012. ---------------, the new political economy paradigm, islamabad: pakistan futuristics foundation & institute, 2003. bhagwati, jagdis, in defense of globalization, new york: oxford university press,, 2004. cavanagh, john, carol welch, and simon retallack, ‚the imf formula: prescription for poverty‛, ifg bulletin, 2001, volume 1, issue 3, international forum on globalization, http://www.thirdworldtraveler.com/ imf_wb/imf_formula_prescrippover.html croix, sumner j. la and petri, peter a, new challenges to the global trading system, in challenges to the global trading system: adjustment to globalization in the asia-pacific region, new york: routledge, 2007. davies, gloria & nyland, chris (editor), asian region: impacts and consequences, uk: edward elgar publishing limited, 2004. dinopoulus, elias, and friends, trade, globalization, and poverty, taylor and francis e-library, 2007 gallagher, vincent a., the true cost of low prices: the violence of globalization, michigan: orbis book, 2010. habibie, b.j. and friends, liberalisasi ekonomi, pemerataan dan kemiskinan, yogyakarta: pt. tiara wacana, 1995. handayani, iin p., ‚ the writer is a professor at murray state university, kentucky”, http://www.thejakartapost.com/news/2012/02/13/beyond-statisticspoverty.html. harian kompas, pemerataan, harta rp 850 triliun, ekonomi, edisi sabtu, 1 desember 2012. held, david & anthony, globalization/anti-globalization, mpg books ltd. britain, 2007. http://www.bi.go.id/weben/publikasikebijakan/moneteroutlook/ekonomi/indone siaeconomic/outlook/2008/html indonesian economic outlook 2008-2012, asean economic integration and the national economic outlook, economic research bureau directorate of economic research and monetary policy, kabul, ravi and friends, equity and growth in a globalizing world, washington dc: commission on growth and development, 2010. kim, samuel s. (editor), east asia and globalization, usa: rowman & littlefield publisher inc., 2009. limbong, bernhard, stop making money, jakarta: margareta pustaka, 2012. majalah tempo, edisi 24-30 desember 2012. manning, chrish and sumarto, sudarno (editor), employment, living standards, and poverty in contemporary indonesia, singapore: iseas publishing. muh. abdullah, teori ekonomika, tangerang: jelajah nusa, 2012. oriscoll, william & clark, julie (editor), globalization and the poor; exploitation or equalizer?, usa: international debate education assosiation, 2003. perkins, john, confession of an economic hit man, san fransisco: berret koehler publisher, 2004. pilger, jon pilger, ‚globalisation in indonesia spoil of a massacre, guardian weekend, 14 july 2001. http://www.inminds.com/globalisation-in-indonesia/html/30082012, accesed on auguts 30, 2012. pizzuti, felice roberto, introduction market and institutions in neo-globalization, in globalization, institutions and social cohesion, edited by maurizio franzini & felice r pizzuti, germany: heidelberg, 2001. putra, yudha manggala p, ‚pengangguran indonesia bertambah 1,3 juta orang per tahun‛, http://www.republika.co.id/berita/nasional/umum/12/05/01/ m3crmx-pengangguran-indonesia-bertambah-13-juta-orang-per-tahun, accesed on august 30, 2012 dwi sulastyawati: islam, globalization, and poverty alleviation310 revallion, martin, ‚the debate on globalization, poverty, and inequality: why measurement matters‛, the world bank development research group, poverty team, 2003. robertson, raymond, and friends, globalization, wages, and the quality of jobs (five countries studies), washington dc: the world bank, 2009. rodrik, dani, has globaliation gone too far, washington dc: institute for international economics, 1997. scholte, jan art, globalization a critical introduction, new york: st. martin’s press, inc, 2000. shah, anup, ‚causes of poverty‛, http://www.globalissues.org/issue/2/causes-ofpoverty, accesed on september 10, 2012. soesatro, hadi, ‚globalization: challenges for indonesia‛, economic refrorm today (director of the centre for strategis and international studies (csis), and a member of the national economic council in indonesia) http://www.cipe.org/sites/default/filespublication-docse35_10/pdf/30082012 accesed on august 30, 2012. tanjung, hendri and zaman, asad, ‚between free trade and protectionism‛, published in the jakarta post, 3rd may 2010, http://thejakartapost.com/ news/2010/05/03/between-free-trade-and-protectionism.html taylor, jean gelman, global indonesia, usa: routledge, 2012. the jakarta post, economic outlook 2013, december 2012 edition. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 169 186 first draft: january 10, 2016; revision: march 18, 2016; accepted: may 15, 2016 department of economics, islamic economics program, universitas indonesia kampus universitas indonesia depok e-mail: rahmatina@ui.edu doi: 10.15408/aiq.v8i2.3005 effectiveness of zakah targeting in alleviating poverty in indonesia rahmatina a. kasri abstract. effectiveness of zakah targeting in alleviating poverty in indonesia. zakah is a unique islamic institution targeted to eight groups of recipients with the aim to redistribute income, reduce poverty and achieve social welfare. however, the impacts and effectiveness of zakah targeting in reducing poverty is rarely measured. this is the main objective of the study. to achieve it, a survey was conducted to collect primary data from zakah recipients in greater jakarta indonesia. the data were subsequently analysed by using descriptive and poverty index analyses. the main results suggest that the incidence, depth and severity of poverty amongst the recipients have decreased due to the contributions from zakah organizations. there are also indications that zakah has been distributed to the most disadvantaged people such as the uneducated and unemployed. the findings provide empirical evidence regarding positive contribution and effectiveness of zakah targeting in reducing poverty in indonesia. some policy implications of the findings are also highlighted to enrich discourses on the role of zakah in alleviating poverty in muslim societies. keywords: zakah; poverty alleviation; poverty index. abstrak. efektivitas penetapan sasaran zakat dalam pengentasan kemiskinan di indonesia. zakat merupakan suatu institusi dalam ekonomi islam yang unik karena hanya menyasar pada delapan asnaf yang bertujuan untuk redistribusi pendapatan, mengurangi kemiskinan, dan mencapai kesejahteraan social. namun, dampak dan efektivitas penetapan sasaran zakat untuk mengurangi kemiskinan masih jarang dilakukan, hal inilah yang merupakan tujuan utama dalam kajian ini. untuk mencapai tujuan ini telah dilakukan survei kepada penerima zakat di area jakarta, indonesia. selanjutnya data dianalisis dengan menggunakan analisis deskriptif dan indeks kemiskinan. hasil kajian menemukan bahwa insiden, kedalaman, dan keparahan kemiskinan antar penerima telah menurun seiring dengan kontribusi yang telah dilakukan oleh organisasi pengelola zakat. selain itu, terdapat indikasi lain bahwa zakat telah didistribusikan kepada orang yang tidak beruntung seperti orang yang tidak berpendidikan ataupun tidak memiliki pekerjaan. temuan ini memberikan suatu bukti empiris terkait kontribusi positif dan efektivitas penetapan sasaran zakat dalam pengentasan kemiskinan di indonesia. implikasi kebijakan dari temuan ini ialah bagaimana meningkatkan peran zakat dalam pengentasan kemiskinan pada masyarakat muslim. kata kunci: zakat; pengentasan kemiskinan; indeks kemiskinan 170 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 introduction poverty seems to be a widespread problem in contemporary muslim countries. a study by islamic development bank (idb), as cited by obaidullah (2008a), reports that five member countries of idb (indonesia, bangladesh, pakistan, nigeria and egypt) account for over half a billion of the world’s poor. indeed, in indonesia, which is currently the world’s largest muslim country, the number of poor people stands at 28.5 million or around 11.2% of the population in 2015 (badan pusat statistik 2015). furthermore, another study linking poverty with the achievement of millennium development goals (mdgs) suggests that there is a lack of progress in halving extreme poverty in idb member countries, particularly in sub-saharan african (bello and suleman 2011). in islamic perspective, a promising institution that can be utilized to reduce poverty and achieve social welfare is zakah institution (ahmad 1991; salih 1999; al qardawi 2000; chapra 2000; sirageldin 2000; ahmed 2004). zakah, one of the five pillars of islam, is a share of the poor on the wealth of the rich. the obligation of zakah is clearly mentioned in the qur’an, where it is specifically targeted to eight groups of people namely the poor (fuqara), needy (masakin), administrator of zakah funds (amil), converts (muallaf ), those in bondage (riqab), those indebted (gharimin), those in the cause of god (fi sabilillah) and the wayfarer in need (ibnu sabiil) (jehle 1994). viewed this way, from a development perspective, zakah could also be considered as a specific targeting instrument aimed to reduce poverty. it has a similar purpose with other targeted programs for poverty alleviation, such as unconditional and conditional cash transfers. the main difference perhaps related to the religious nature of zakah institution as well as specific zakah recipients as mandated by the islamic teaching (arif, 2006). the important role and effectiveness of zakah for poverty alleviation is evident during the early history of islam, particularly during the time of caliph umar abdul aziz, to the extent that he did not find any needy person to receive zakah proceeds (salih 1999). however, in contemporary muslim societies, such evidence is rarely found particularly for relatively large muslim countries (kahf 1999). therefore, zakah institution could be considered ineffective in reducing poverty and achieve social welfare in modern muslim societies. in indonesia, in the early years of islam, the practice of zakah appeared to be informal and voluntary. in fact, zakah payment was generally left to individual muslims to manage (salim 2006). however, during the dutch colonial period in the 1800s, it started to become institutionalized. currently, zakah institutions are regulated by the indonesian government under the law no. 23/2011, which replaced the law no. 38/1999, regarding zakah management in indonesia. given rahmatina a. kasri: effectiveness of zakah 171 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 the relatively supportive legal-institutional development, new zakah organizations emerged all over indonesia. as of 2010, there was one national zakah organization (baznas), 33 provincial zakah organizations (bazdas), 240 district/regency level bazdas and more than 300 non-government zakah agencies. most of the non-government organizations are non-profit and corporate zakah agencies (beik 2010). therefore, in practice, there are three major types of formal zakah organizations known in indonesia including government, corporate and non-profit zakah organizations. their development has also been promising. it is reported that the amount of zakah collection has risen from merely 41 billion rupiahs in 2000 to 253 billion rupiahs in 2010 (baznas 2011). the zakah funds are distributed to the deserving recipients under various programs, such as social, health, education and economic programs (pebs-feui and cid 2009). with this perspective, the main objective of this study is to provide empirical evidence regarding the impacts and effectiveness of zakah targeting in alleviating poverty in indonesia. to achieve the objectives, the study collects primary data regarding socio-economic conditions of the households receiving zakah assistance in greater jakarta indonesia. the data were subsequently analysed by using descriptive and poverty index analyses. to proceeds, the article is structured as follow. section two reviews literature related to poverty and the role of zakah in reducing poverty, particularly in the context of modern muslim countries. section three explains the data and methods used in this study. section four reports the survey results, discusses the main findings and highlights some relevant policy implications from the findings. the final section concludes the study. literature review poverty is a complex phenomenon. indeed, its definition and measurement tend to vary and often subject to academic and policy debates (lister 2004). however, it is well understood that the development of effective poverty eradication policies and the monitoring of their efficacy may not be feasible without a clear concept of poverty that could be measured with consistency across space and time (sirageldin 2000). thus, despite of its ‘relativity’ nature, attempts have been consistently done to conceptualize, define and measure poverty. literature generally suggests that there are three major approaches on the definitions of poverty. the first approach sees poverty largely in monetary term. poverty (well-being) is therefore seen from whether individuals or households have enough resources (income) to meet their material needs and subsequently enjoy a 172 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 decent living above poverty line. under this approach, poverty is usually measured with specific poverty index such as poverty headcount index and sen index. the second approach goes beyond the monetary measures of poverty and extends the resources to specific type of consumption goods including food, shelter, health care and education. nutritional poverty, for example, might be measured by examining whether children are stunted or wasted. finally, a broadest approach argues that poverty and well-being also comes from capability to function in a society. thus, poverty arises when people lack key capabilities and has inadequate resources to ‘exist’ in a society. multidimensional poverty index could be seen as a measure for this poverty approach (haughton and khandker 2009). table 1: global strategies for poverty alleviation 1990s 2000s “pillars” associated policies “pillars” associated policies labor intensity small-scale industry; special employment measures; promotion of green revolution in small-farm agriculture opportunity microfinance; landreform and other asset redistribution policies; fiscal and other measures to reduce inequality; ‘propoor’ public expenditure patters investment in the human capital of the poor promotion of primary health and education, especially among females; microfinance security “tailor-made” social protection measures; measures to support asset diversification; insurance; ‘international public good” defences against economic crisis – e.g. financial regulation; conflict prevention social safety nets food subsidies; social funds empowerment democratization, decentralization; measures to build ‘social capital’ source: mosley and booth (2003) despite the differences in the definitions of poverty, the strategies to fight worldwide poverty tend to be similar (see table 1). in 1990s, strategies such as promotion of labour-intensive growth through economic openness, investment in infrastructure and provision of basic services to poor people in health and education have been advocated as major poverty alleviation strategies (world bank 2001:6). in practice, the initiatives pursued include, among others, special employment rahmatina a. kasri: effectiveness of zakah 173 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 programs, promotion of primary health and educations especially among females, microfinance, social funds and food subsidy. however, the development experience showed that these strategies have many weaknesses (iqbal 2002). therefore, “new strategies” for attacking poverty are proposed. the new strategies suggest three ways to alleviate poverty including promoting opportunities, facilitating empowerment and enhancing securities. it was also suggested that specially ‘tailored’ and ‘narrowlytargeted‘ policies, such as the microfinance policies in bangladesh, be designed to reduce poverty, vulnerability and inequality in society (booth and mosley 2003). more recently, poverty reduction strategies have somewhat shifted to inequality reduction strategies through global-local approach such as targeted communitybased empowerment programs (rist, martin et al. 2015). most of muslim countries, particularly prior to 2010, also follow this ‘mainstream’ perspective in their poverty reduction strategies. this is clearly reflected in numerous poverty studies as well as poverty reduction policy papers in the muslim societies, including in indonesia (see, among others, salih 1999; ahmed 2004; bello and suleman 2011). zakah institution, unfortunately, has yet become a major part of the poverty reduction strategies in the countries. however, some of the countries such as pakistan and malaysia have somewhat integrated the institution into their fiscal system with different results towards poverty reductions (hasan 1987; imtiazi 2002; khan 2007). in this respect, some studies have attempted to measure the distributional impacts of zakah in muslim countries (see, for example, jehle 1994 and toor and nasr 2003) and therefore provide some ideas to measure impacts and effectiveness of zakah targeting in muslim countries. a study by jehle (1994) constructed income distributions with and without contribution of zakah assistance and subsequently estimated the atkinson-kolm-sen index of income poverty/inequality to analyze the impact of zakah on income inequality in pakistan. it is found that zakah managed to reduce the measured income inequality in pakistan during 1987-1988 periods. using a relatively the same quantitative approach, toor and nasar (2003) found positive impact of zakah on the household income in 2001. despite that, the study also uncovered that some of the recipients may always need income supplemented transfer from zakah institution and other sources. another study by arif (2006) examined the effectiveness of zakah targeting in pakistan and suggested that the public zakah system seems to target the beneficiaries quite well, such that around one million out of seven million poor people in pakistan received zakah assistance in 2000/2001. employing descriptive statistics and logistic regression model, the research showed that the more disadvantaged households (i.e. those led by older people, women, uneducated as well as households with poor housing condition and debts) obtained more zakah assistance than the others. 174 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 a more specific and comprehensive study on the impact of zakah distribution on income inequality and welfare loss is conducted by ibrahim (2006) for the case of selangor state of malaysia. the study employs various poverty and inequality measures (such as lorenz curve, gini coefficient, atkinson index and the fgt indices of poverty) and found that zakah distribution reduces the incidence, extent and severity of poverty. interestingly, the atkinson index indicates that the distribution has somewhat increase income inequality in the society. a relatively similar study is conducted by beik (2010) in jakarta province of indonesia. investigating the economic impact of zakah for the recipients of two large zakah organizations in the country, the study concludes that zakah has contributed positively in increasing income and decreasing poverty of the household during 2009 period. more recently, some other studies also analyse the relation between zakah and poverty alleviation in selected areas of indonesia or sometimes compare the case of indonesia with those of the neighbouring countries (see, for example, kusuma and sukmana 2010; nurzaman 2011; ali and hatta 2014). however, the studies did not comment on the effectiveness of zakah targeting in indonesia. overall, the literature suggests that zakah is an appropriate and promising islamic instrument for reducing poverty and increasing social welfare for muslim societies. however, particularly in the context of indonesia, most studies did not emphasize on and/or link the contribution and effectiveness of zakah targeting in achieving the ultimate objective of the institution to create prosperous and justice society. this is the main focus of the current study. methods in has been mentioned earlier that the study aims to measure the impacts and effectiveness of zakah targeting in indonesia. to achieve the objectives, a survey was conducted to collect primary data from zakah recipients in greater jakarta indonesia. the information, which includes socio-demographic characteristics and income figures of the zakah recipients, was obtained by using a structured questionnaire as the research instrument. the questionnaire was randomly distributed to around 700 households receiving receiving zakah assistance from seven large zakah organizations in nine regions of greater jakarta indonesia in 2011. in practice, 685 valid responses were received and utilized in the analysis. the multi-stage cluster random sampling is chosen as the sampling method due to its cost-effectiveness and unbiased results, which has made it the most widely used technique for collecting similar data in most poverty studies (haughton & khandker, 2009). in selecting the sample and collecting the relevant data, it was necessary to have the list of zakah beneficiaries in greater jakarta indonesia. the list was obtained from the zakah organizations willing rahmatina a. kasri: effectiveness of zakah 175 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 to participate in this study. the list suggests that there were around 5605 households receiving zakah assistance in the area in the year 2011. however, and somewhat unfortunate, the list did not classify the recipients according to the targeted eight groups mentioned in the islamic teaching. despite that, further analysis could still be conducted. furthermore, according to bartlett and kotrlik (2001), at least 600 samples are needed to achieve 99% confidence level and 5% margin error. however, considering the risk or possibility of incomplete questionnaire which might results in missing data situation commonly found for this kind of field survey, more than 700 questionnaires were distributed. around 685 of them were valid and later used in this study. the zakah organizations include baznas, bazis dki, dd, rz, pkpu, bmm and ybm-bri. the data obtained were subsequently analysed by using descriptive statistics and poverty index analyses, including decomposition of the poverty index. descriptive analysis is used to describe characteristics of the respondents and to provide early indications regarding the effectiveness of zakah targeting. poverty index analysis is utilized to measure changes in the poverty level of the zakah recipients before (without) and after (with) receiving zakah assistance. meanwhile, decomposition analysis is employed to break down and show changes of the poverty index. table 2. poverty index no poverty index formula main features 1 the headcount index (p0) measure the incidence of poverty; easy to calculate and interpret. 2 the poverty gap index (p1) measure the depth of poverty; relatively easy to measure and interpret; can be used as a guidance to set the minimum cost of eliminating poverty (relative to the poverty line); can be used to compare results of poverty reduction strategies overtime. 3 the poverty severity index (p 2) measure the severity of poverty; gives more weight to the poor (poorest of the poor) and provide indication of inequality amongst the poor; relatively easy to measure but slightly difficult to interpret; can be used to compare results of poverty alleviation strategies which are aiming to reach the poorest overtime. note: n = where n is the total number of people in the population (sample), n p is the number of poor, i is income function, yi is expenditure, z is the poverty line, gi is gini index, gp is gini index for the poor and g is the economic growth rate. source: haughton and khandker (2009) 176 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 there are several poverty indices used in this study, namely the headcount index (p0), the poverty gap index (p1) and the poverty severity index (p2). the indices capture the incidence, depth and severity of poverty (foster, greer et al. 1984). these indices are the most commonly used poverty index in policy analysis and have been used by many national statistical agencies as well as academic studies (see, for instance, ravallion 1994; ibrahim 2006; beik 2010). the concepts and nature of each poverty index, including its strengths and weaknesses, is summarized in table 2. as for the last method, ideally, the decomposition is done with respect to the eight groups of zakah recipients mentioned in the qur’an. however, in practice, most zakah organizations in indonesia distributed zakah proceeds based on the types of programs dedicated to the recipients. this includes, among others, social, health, education and economic programs. thus, the program classification is used as the main variable to decompose the results of the poverty index analysis. additionally, since zakah targeting is done by several types of zakah organizations (i.e. government, corporate and non-profit organizations) and implemented in several locations (i.e. nine cities of the greater jakarta region), these variables are also utilized in the decomposition analysis. the results are expected to provide more insights into the effectiveness of zakah targeting in indonesia. results and discussions table 3 summarizes the descriptive statistics regarding the socio-demographic profiles and characteristics of the households receiving zakah assistance in greater jakarta in 2011. it is found that most of the households are those led by someone who is relatively young (productive age between 15-45 years), female, married, relatively uneducated (education level up to junior high school) and not working (does not have a fixed job). further results also revealed that the household size is relatively large (average number of household members are 5.1 persons); typically with two children and two earners (person working to earn income) in the family. additionally, one household member with disabilities is found for every five households surveyed. while the findings above are specific to this sample, i.e. the recipients of zakah in greater jakarta, the socio-demographic characteristics found are generally consistent with the descriptive profiles of poor households in indonesia documented by other studies (alisjahbana and yusuf 2003; world bank 2006; dartanto and nurkholis 2013). furthermore, in the context of evaluating the effectiveness of zakah institution as a poverty alleviation instrument, it generally appears that zakah targeting has been relatively successful. rahmatina a. kasri: effectiveness of zakah 177 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 this is so because the aforementioned groups of people (young, female, marriage, relatively uneducated and not working) could be considered as the most disadvantaged people in the society who are indeed targeted by zakah institution. these type of ashnaf (groups of zakah recipients) are also documented by arif (2006) in his study about effectiveness of zakah targeting in pakistan. nevertheless, unlike the result of this study, ariff (2006) also noted that female-headed households were relatively better-off than the other groups of zakah recipients in pakistan due to various supports they received from their extended family. table 3: socio-demographic profiles of respondents socio-demographic characteristics frequency percentage age 15 to 45 433 63.21% 46 to 64 226 32.99% 65 to 95 26 3.80% total 685 100% gender male 186 27.15% female 499 72.85% total 685 100% marital status married 428 62.48% single parents 257 37.52% total 685 100% education not going to school 97 14.16% elementary school 199 29.05% junior high school 158 23.07% senior high school 213 31.09% college/university 18 2.63% total 685 100% occupation not working 328 47.88% trader/small-businessman 194 28.32% informal sector labor 91 13.28% employee 60 8.76% others 12 1.75% total 685 100% location jakarta 377 55.04% depok 77 11.24% tangerang 80 11.68% bogor 83 12.12% bekasi 68 9.93% total 685 100% 178 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 the survey also uncovered that the households’ average monthly incomes before receiving (without) zakah assistance were rp 1,641,808, meanwhile their incomes after receiving (with) zakah assistance were rp idr 1,914,131 (see table 4). it appears, however, that most of them actually lived with incomes below the average values. this is indicated by the income distribution figures where 50% of the population (p50) have monthly mean incomes of only rp 1.3 million and rp 1.5 million respectively under both conditions. proceeding to the poverty index analysis, table 5 summarizes the poverty conditions of the households prior to and after receiving zakah assistance in greater jakarta. it is shown that the proportion of poor households prior to receiving zakah assistance was 61.6%. comparing this figure with the urban household monthly poverty line of rp 1,556,2911, the proportion of poor households decreased to 53.3% after receipt of the assistance. this implies a reduction of around 8.32% in the poverty headcount index amongst the zakah recipients. the study also estimated that the poverty gap index and poverty severity index have been reduced by 4.71% and 3.34% respectively by the zakah contributions. moreover, the nominal poverty gap has also decreased from rp 393.835 to rp 320.467 in a monthly basis. table 4: descriptive statistics of household incomes descriptive statistics total income without zakah (in rupiah) total income with zakah (in rupiah) mean 100% 1,914,131 st. deviation 1,379,289 1,710,637 minimum 0 1,000 maximum 15,000,000 19,100,000 distribution (percentile): p5 266,667 350,000 p25 862,000 983,333 p50 1,300,000 1,500,000 p75 2,010,750 2,315,666 p95 4,025,000 4,763,333 1 the figure is calculated by estimating the urban households’ poverty line (i.e. multiplying the individual poverty line figures, which were taken from the official statistical data published by central statistical bureau, with the average household size of 5.1as found in this study) and subsequently averaging the figures for the nine regions studied. the standard method was suggested by ravallion (1994) and used by, among others, ibrahim (2009) and beik (2010). rahmatina a. kasri: effectiveness of zakah 179 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 overall, the poverty index analysis above suggests that zakah assistances have contributed positively in decreasing the incidence, depth and severity of poverty of the recipients. therefore, there is strong evidence that zakah institutions have provided positive impacts to reducing poverty in greater jakarta indonesia. these results add to the existing literature on the positive impacts of zakah institutions in alleviating poverty worldwide, which have been found in, among other countries, pakistan and malaysia (jehle 1994; ibrahim 2006; m akram and afzal 2014). table 5: overall changes in poverty index poverty index without zakah with zakah mean changes (%) t-test headcount index (h) 0.616 0.533 -8.32% 7.879*** nominal poverty gap, in rupiah 393,835 320,467 -73,369 12.059*** poverty gap index (p1) 0.253 0.206 -4.71% 12.059*** poverty severity index (p2) 0.145 0.111 -3.34% 9.892*** note: *** indicates significance levels of 1%. the analysis also reveals that the poverty headcount index figure above is approximately double those of the poverty gap index and poverty severity index figures. even though the indices naturally tell different ‘stories’, these findings indicate that income inequality remains high amongst the households although there has been a relatively large reduction in the proportion of poor people. while inequality is a broad issue that is beyond the scope of this study, it might be appropriate to suggest that policy makers should pay more concerns and implemented better policies to reduce income inequality in indonesian. this has been noted earlier, albeit in a more general context, by the study of rist et al. (2015). additionally, the nominal value of poverty gap (after receiving zakah assistance) implies that the monthly amount needed to move a poor household above the poverty line is around rp 320,470. while this amount seems to be relatively ‘small’, the objective of crossing the poverty line will only be achieved if the assistance has been targeted efficiently and utilized according to the intended purposes. in other words, there should be no ‘leakage’ in the distribution of zakah proceeds, as has been identified by previous studies such as in the case of pakistan (toor and nasar 2003, arif 2006). the next few tables present and discuss the results of the decomposition analysis with respect to the types of zakah organizations, types of zakah assistance 180 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 and location. table 6 shows that the largest decrease in the headcount index of 11.37% was found in the households receiving support from the non-profit zakah organizations. meanwhile, the smallest decrease of 4.74% was experienced by those associated with the corporate agencies. a similar trend is noted with respect to the poverty gap and the poverty severity indices. thus, it can be concluded that the proportion, depth and severity of poverty have decreased significantly amongst the households, particularly those affiliated with the non-profit agencies. table 6: decomposition of poverty index, by types of zakah organizations poverty index without zakah assistance with zakah assistance mean changes government corporate nonprofit government corporate nonprofit government corporate nonprofit h 0.605 0.6 0.63 0.546 0.553 0.516 0.059 0.047 0.114 nominal pg, in rp 383,405 408,845 390,144 315,879 369,743 295,204 67526 39102 94940 p 1 0.246 0.263 0.251 0.203 0.238 0.19 0.043 0.025 0.061 p2 0.14 0.154 0.142 0.109 0.136 0.099 0.032 0.018 0.043 the result above is probably related to capacities and management practices of zakah organizations. non-profit zakah organizations are non-government agencies specialized in managing zakah collection and distribution. they have the ability to recruit good quality and committed human resources, something that might not be practiced by the government and corporate zakah organizations, as noted by abdullah (2010) when discussing about zakah management in brunei darussalam. the achievement might also be related to the programs implemented by the organizations. hassan (2010) acknowledged that non-profit organizations usually have better and more comprehensive programs which potentially improve well-being of the recipients and therefore should be the partner of government in fighting poverty, as has been practiced in bangladesh with considerable success. this is something that could also be adopted in indonesia. table 7 presents the decomposition analysis based on the types of zakah assistance programs. the results indicate that all of the poverty indices appear to be higher amongst the recipients of zakah under social (non-economic) assistance programs in both periods of time. in contrast, those receiving the economic programs seemed to be less poor than the others in all of the indices calculated. furthermore, the change in the poverty index among the zakah recipient under the economic program was close to 13%, which is the highest figure compared to the rahmatina a. kasri: effectiveness of zakah 181 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 others. likewise, the changes in the depth and severity of poverty within this group were also the largest although the values were close to the figures associated with the recipients of health assistance. however, in terms of nominal poverty gap changes, the largest mean change is evident amongst the recipients of education assistance. table 7: decomposition of poverty index, by types of zakah assistance poverty index without zakah with zakah mean changes econ edu health social eco edu health social econ edu health social h 0.49 0.61 0.71 0.75 0.36 0.53 0.61 0.72 0.126 0.087 0.078 0.026 nominal pg, in rp 272,840 372,388 409,639 560,861 188,395 291,637 330,420 518,856 84,445 80,752 84,578 42,005 p1 0.18 0.24 0.27 0.36 0.12 0.19 0.22 0.33 0.054 0.052 0.054 0.027 p2 0.09 0.14 0.14 0.23 0.06 0.1 0.11 0.2 0.031 0.041 0.03 0.024 the findings above generally suggest that the productive economic assistance seems to be the most effective program to reduce poverty of the poor. therefore, from policy targeting perspective, perhaps more programs and/or allocations should be directed to the recipients of this program. alternatively, as most of the economic assistance provided by zakah organizations in indonesia takes the form of capital (money) provision through islamic microfinance program (wibisono, haidir et al. 2010), more varieties in the productive economic programs could also be implemented either by the zakah organizations or in cooperation with other institutions such as government agencies. a relatively similar conclusion is suggested by some earlier studies (khan 2007; ahmed 2008; hassan 2010) to enhance the contributions of zakah institutions in reducing poverty. however, it should also be remembered that the poor have different issues in their life and not all of them are suitable to receive economic assistances. table 8: decomposition of poverty index, by location poverty index without zakah with zakah changes jkt dpk tgr bgr bks jkt dpk tgr bgr bks jkt dpk tgr bgr bks h 0.64 0.48 0.56 0.87 0.59 0.57 0.44 0.50 0.72 0.40 -7.16% -3.90% -6.25% -14.46% -19.12% nominal pg, in rp 402,493 333,321 386,595 648,975 390,027 421,332 252,213 296,782 522,298 265,381 4.68% -24.33% -23.23% -19.52% -31.96% p1 0.25 0.21 0.24 0.41 0.25 0.22 0.16 0.19 0.33 0.17 -3.44% -5.12% -5.67% -8.00% -7.87% p2 0.14 0.13 0.13 0.25 0.14 0.12 0.08 0.09 0.19 0.10 -2.39% -4.32% -4.24% -6.16% -4.21% 182 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 another interesting decomposition which might give some insights for policy makers is reported in table 8. the statistical estimations suggest that two cities enjoying the highest increase in well-being are bogor and bekasi cities, two major ‘satellite’ cities of jakarta. the proportions of poor households after getting zakah assistance in the cities decrease by 19.21% and 14.46% respectively. similarly, the other measures of poverty changes show the largest decrease for the beneficiaries from bogor area. in contrast, the smallest change in welfare is more prevalent amongst the households located in jakarta and depok cities. nevertheless, the households in bogor city are still considered as the poorest amongst the others as indicated by the highest figures of the fgt poverty indices and time to exit poverty measure even after obtaining the assistance. the results clearly points out that, in addition to continuing the existing poverty alleviation program in the city of bogor, the government should consider partnerships with zakah organizations in attempts to reduce poverty in the area. similar recommendation has been made earlier by numerous studies (see, among others, khan 2007; muhtada 2007; ahmed 2008; hassan 2010). overall, the findings and analysis of the study conclude that zakah institutions have contributed positively in reducing poverty of the recipients, particularly those receiving zakah assistance in greater jakarta indonesia. there are also indications that zakah has been distributed effectively to the most disadvantaged people such as the uneducated and unemployed. the non-profit zakah organizations also appear to be the organization that delivered the most effective poverty reduction impacts to the recipients, presumably due to its capacities and programs, and therefore should be considered as the government partner in alleviating poverty in indonesia. conclusion the main motivation of this study is to provide empirical evidence regarding the impacts and effectiveness of zakah targeting in reducing poverty in indonesia. to achieve the objectives, the study conducts a survey and collects primary data regarding the socio-demographic and economic conditions of the poor households receiving zakah assistance in greater jakarta indonesia in the year 2011. in analysing the survey results, the study employs a quantitative approach which utilizes descriptive statistics and poverty index analyses. the main result suggests that the incidence, depth and severity of poverty amongst the zakah recipients have decreased due to the contributions from zakah organizations. additionally, there are indications that zakah targeting policies seems to be relatively effective during the period. most disadvantaged groups of society such as the households led by someone who is relatively uneducated, unemployed and single parents are amongst the beneficiaries prioritized by the organizations. rahmatina a. kasri: effectiveness of zakah 183 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3005 the findings provide evidence regarding positive impacts and effectiveness of zakah targeting in reducing poverty in greater jakarta indonesia. it is also notable that the non-profit zakah organizations appear to be the organization that delivered the most effective poverty reduction impacts to the recipients studied. based on these findings and analyses, several policy implications and recommendations are highlighted. in the context of enhancing the effectiveness of zakah institutions as a poverty eradication instrument, it is strongly suggested that zakah organizations should increase effectiveness of the zakah targeting and implement more effective poverty-focused programs particularly within the productive economic programs aimed to 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(1993). an axiomatic characterization of the watts poverty index. economics letters. vol. 42 (1): 81-86. www.the-marketeers.com. www.alexa.com. peningkatan efektivitas pemasaran jasa perbankan islam melalui pemahaman terhadap segmentasi pelanggan burhanuddin yusuf abstract: improving marketing effectiveness of islamic banking services through providing understanding of the customer segmentation. there are three segments of customers in islamic banking industry: business customers, rational customers, and religious customers. this study found that the levels of customer’s satisfaction/dissatisfaction at the three segments (business, rational, and religious traveler) were differentiating by customers’ perception of service quality. the business customers has a higher focus on service quality and on time performance factors. in addition, the profit sharing factor is the differentiating variable in the level of satisfaction/dissatisfaction for rational customers. the application of sharia principles is the differen-tiating variabel of religious segments. keywords: marketing strategy, segmentation, islamic banking abstrak: peningkatan efektivitas pemasaran jasa perbankan islam melalui pemahaman terhadap segmentasi pelanggan. ada tiga segmen pelanggan dalam industri perbankan syariah: pelanggan bisnis, pelanggan rasional, dan pelanggan agama. penelitian ini menemukan bahwa tingkat kepuasan/ ketidakpuasan pelanggan ada dalam tiga segmen (bisnis, rasional, dan wisatawan agama) yang membedakan persepsi pelanggan terhadap kualitas layanan. para pelanggan bisnis memiliki fokus tinggi pada faktor kualitas pelayanan dan kinerja tepat waktu. sedangkan faktor pembagian keuntungan adalah variabel pembeda dalam tingkat kepuasan/ketidakpuasan bagi pelanggan rasional. penerapan prinsip-prinsip syariah adalah variabel pembeda dalam segmen agama. kata kunci: strategi pemasaran, segmentasi, perbankan syariah naskah diterima: 14 desember 2012, direvisi: 11 maret 2013, disetujui: 21 maret 2013.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: bang_ibur@yahoo.com burhanuddin yusuf: peningkatan efektivitas pemasaran jasa perbankan islam 196 pendahuluan pemasaran merupakan salah satu dari kegiatan pokok yang dilakukan oleh perusahaan untuk mempertahankan kelangsungan hidupnya, untuk berkembang, dan mendapatkan laba. pemasaran seringkali dikaitkan oleh banyak pihak dengan penjualan, iklan, promosi, atau produk. bahkan, seringkali orang menyamakan profesi marketing (pemasaran) dengan sales (penjualan). namun sebenarnya pemasaran tidaklah sesempit yang diidentikkan banyak orang, karena pemasaran berbeda dengan penjualan. pemasaran lebih merupakan “suatu seni menjual produk”, sehingga pemasaran proses penjualan yang dimulai dari perancangan produk sampai dengan setelah produk tersebut terjual. berbeda dengan penjualan yang hanya berkutat pada terjadinya transaksi penjualan barang atau jasa. dengan memahami pengertian dan fungsi pemasaran, perusahaan akan menyadari arti penting pemasaran sebagai kunci untuk mencapai tujuan, sehingga perusahaan perlu mencari konsep yang paling sesuai untuk digunakan sebagai pedoman dalam menjalankan kegiatan pemasarannya. dalam hal ini kotlermenyatakan,1 “the marketing concept holds that the key to achieving organizational goals consist in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.” asosiasi pemasaran amerika memberikan definisi formal yaitu, “pemasaran adalah satu fungsi organisasi dan seperangkat proses untuk menciptakan, mengomunikasikan, dan menyerahkan nilai kepada pelanggan dan mengelola hubungan pelanggan dengan cara yang menguntungkan organisasi dan para pemilik sahamnya”.2 konsep pemasaran pada dasarnya terdiri atas empat pilar utama, yaitu: target market, customer needs, coordinated marketing, dan profitability. skema yang lebih lengkap dapat dilihat pada gambar 1. gambar 1 the marketing concept sumber: philip kotler (1994) 1 philip kotler dan kevin lane, manajemen pemasaran, alih bahasa benyamin molan. (ja-karta: indeks, 2007). 2 philip kotler dan ab susanto, manajemen pemasaran di indonesia, (jakarta: salemba em-pat, 2000). target customer coordinated profits through market needs marketing customer satisfaction al-iqtishad: vol. v, no. 2, juli 2013 197 pendahuluan pemasaran merupakan salah satu dari kegiatan pokok yang dilakukan oleh perusahaan untuk mempertahankan kelangsungan hidupnya, untuk berkembang, dan mendapatkan laba. pemasaran seringkali dikaitkan oleh banyak pihak dengan penjualan, iklan, promosi, atau produk. bahkan, seringkali orang menyamakan profesi marketing (pemasaran) dengan sales (penjualan). namun sebenarnya pemasaran tidaklah sesempit yang diidentikkan banyak orang, karena pemasaran berbeda dengan penjualan. pemasaran lebih merupakan “suatu seni menjual produk”, sehingga pemasaran proses penjualan yang dimulai dari perancangan produk sampai dengan setelah produk tersebut terjual. berbeda dengan penjualan yang hanya berkutat pada terjadinya transaksi penjualan barang atau jasa. dengan memahami pengertian dan fungsi pemasaran, perusahaan akan menyadari arti penting pemasaran sebagai kunci untuk mencapai tujuan, sehingga perusahaan perlu mencari konsep yang paling sesuai untuk digunakan sebagai pedoman dalam menjalankan kegiatan pemasarannya. dalam hal ini kotlermenyatakan,1 “the marketing concept holds that the key to achieving organizational goals consist in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors.” asosiasi pemasaran amerika memberikan definisi formal yaitu, “pemasaran adalah satu fungsi organisasi dan seperangkat proses untuk menciptakan, mengomunikasikan, dan menyerahkan nilai kepada pelanggan dan mengelola hubungan pelanggan dengan cara yang menguntungkan organisasi dan para pemilik sahamnya”.2 konsep pemasaran pada dasarnya terdiri atas empat pilar utama, yaitu: target market, customer needs, coordinated marketing, dan profitability. skema yang lebih lengkap dapat dilihat pada gambar 1. gambar 1 the marketing concept sumber: philip kotler (1994) 1 philip kotler dan kevin lane, manajemen pemasaran, alih bahasa benyamin molan. (ja-karta: indeks, 2007). 2 philip kotler dan ab susanto, manajemen pemasaran di indonesia, (jakarta: salemba em-pat, 2000). target customer coordinated profits through market needs marketing customer satisfaction konsep pemasaran muncul pada pertengahan tahun 1950-an. sebagai ganti filosofi “buat dan jual” yang berpusat pada produk, bergeser ke filosofi “pahami dan tanggapi” yang berpusat pada konsumen. filosofi “buat dan jual” bertitik tolak bahwa konsumen akan membeli seluruh barang yang diproduksi oleh perusahaan, namun kelemahan dari filosofi ini adalah seringkali produk yang dibuat perusahaan tidak terserap oleh pasar, karena produk yang dibuat tidak berdasarkan kebutuhan dan keinginan konsumen. hal ini mengakibatkan banyaknya produk perusahaan yang tidak laku di pasaran, meskipun betapa canggih dan bagusnya produk tersebut karena tidak sesuai dengan kebutuhan dan keinginan masyarakat. sementara filosofi “pahami dan tanggapi” bertitik tolak bahwa pembuatan suatu produk haruslah berdasarkan apa yang menjadi kebutuhan dan keinginan dari konsumen, sehingga produk yang dibuat benar-benar yang menjadi kebutuhan konsumen. riset pasar menjadi kunci utama dalam filosofi ini, agar pembuatan produk benar-benar berdasarkan pada kebutuhan dan keinginan konsumen. seorang pemasar mampu memahami pelanggan secara emosi, sehingga kebutuhan dan keinginan konsumen dapat dipahami oleh pemasar dan akhirnya mampu menghasilkan produk yang dibutuhkan oleh konsumen. konsep pemasaran menegaskan bahwa kunci untuk mencapai tujuan organisasi yang ditetapkan adalah perusahaan tersebut harus menjadi lebih efektif dibandingkan para pesaing dalam menciptakan, menyerahkan, dan mengomunikasikan nilai pelanggan kepada pasar sasaran yang terpilih. tabel 1 perbedaan karakteristik barang dan jasa3 barang jasa implikasi tangible intangible services cannot be inventoried services cannot be patented services cannot be readily displayed or communicated pricing of services is difficult standardized heterogenous services delivery and customer satisfaction depend on employee actions service quality depends on many uncontrollable factors there is sure knowledge that the service delivered matches what was planned 3 valarie a. zeithaml and mary jo bitner, "services marketing", 1996, h. 18-19. burhanuddin yusuf: peningkatan efektivitas pemasaran jasa perbankan islam 198 and promoted production separate from consumption simultaneous production and consumption customers participate in and affect the transaction customers affect each other employees affect the service outcome decentralization may be essential mass production is difficult nonpersihable perishable it is difficult to synchronize suplly and demand with services services cannot be returned or resold sumber: valarie a. zeithaml and mary jo bitner konsep pemasaran memiliki orientasi kepada konsumen, sehingga semua strategi pemasaran harus disusun berdasarkan kebutuhan dan keinginan konsumen. tanpa pema-haman mengenai perilaku konsumen, strategi pemasaran dengan menggunakan konsep pemasaran tidak akan dapat disusun, sehingga tidak akan mampu memenuhi kebutuhan dan keinginan konsumen dan mencapai tujuan ekonomi perusahaan. dalam prakteknya, konsep pemasaran mengalami perkembangan yang demikian pesat, seiring dengan semakin majunya teknologi, tingkat kehidupan masyarakat, dan lingkungan yang semakin dinamis. produk yang dihasilkan di bidang jasa sangat berbeda dengan produk dalam bentuk fisik. perbedaan yang mendasar antara produk dan jasa menyebabkan strategi pemasaran yang digunakan juga akan berbeda. pemasaran jasa akan menghadapi tantangan. tantangan ini berhubungan dengan pemahaman mengenai keinginan dan harapan konsumen terhadap jasa yang ditawarkan, menawarkan jasa yang tidak nyata menjadi nyata, dan memenuhi janji kepada pelanggan. beberapa perbedaan dan implikasinya dalam bidang pemasaran dapat dilihat pada tabel 1. pemasaran yang dilakukan oleh perbankan adalah konsep pemasaran jasa. pada dasarnya pengertian konsep pemasaran mempunyai persamaan dengan konsep pemasaran bank. konsep pemasaran (produksi) berorientasi pada kebutuhan konsumen, sedangkan konsep pemasaran berorientasi pada konsumen (nasabah). dasar pemikirannya bagaimana caranya aktivitas pemasaran bank dapat dilaksanakan berdasarkan suatu falsafah yang mantap, yang mengungkapkan pemasaran yang tanggap, bertanggung jawab dan selalu memberikan kepuasan pada nasabah serta menguntungkan perusahaan. dibandingkan dengan strategi pemasaran suatu produk, strategi pemasaran jasa tidaklah cukup dengan menggunakan traditional marketing approach. menurut groonal-iqtishad: vol. v, no. 2, juli 2013 199 and promoted production separate from consumption simultaneous production and consumption customers participate in and affect the transaction customers affect each other employees affect the service outcome decentralization may be essential mass production is difficult nonpersihable perishable it is difficult to synchronize suplly and demand with services services cannot be returned or resold sumber: valarie a. zeithaml and mary jo bitner konsep pemasaran memiliki orientasi kepada konsumen, sehingga semua strategi pemasaran harus disusun berdasarkan kebutuhan dan keinginan konsumen. tanpa pema-haman mengenai perilaku konsumen, strategi pemasaran dengan menggunakan konsep pemasaran tidak akan dapat disusun, sehingga tidak akan mampu memenuhi kebutuhan dan keinginan konsumen dan mencapai tujuan ekonomi perusahaan. dalam prakteknya, konsep pemasaran mengalami perkembangan yang demikian pesat, seiring dengan semakin majunya teknologi, tingkat kehidupan masyarakat, dan lingkungan yang semakin dinamis. produk yang dihasilkan di bidang jasa sangat berbeda dengan produk dalam bentuk fisik. perbedaan yang mendasar antara produk dan jasa menyebabkan strategi pemasaran yang digunakan juga akan berbeda. pemasaran jasa akan menghadapi tantangan. tantangan ini berhubungan dengan pemahaman mengenai keinginan dan harapan konsumen terhadap jasa yang ditawarkan, menawarkan jasa yang tidak nyata menjadi nyata, dan memenuhi janji kepada pelanggan. beberapa perbedaan dan implikasinya dalam bidang pemasaran dapat dilihat pada tabel 1. pemasaran yang dilakukan oleh perbankan adalah konsep pemasaran jasa. pada dasarnya pengertian konsep pemasaran mempunyai persamaan dengan konsep pemasaran bank. konsep pemasaran (produksi) berorientasi pada kebutuhan konsumen, sedangkan konsep pemasaran berorientasi pada konsumen (nasabah). dasar pemikirannya bagaimana caranya aktivitas pemasaran bank dapat dilaksanakan berdasarkan suatu falsafah yang mantap, yang mengungkapkan pemasaran yang tanggap, bertanggung jawab dan selalu memberikan kepuasan pada nasabah serta menguntungkan perusahaan. dibandingkan dengan strategi pemasaran suatu produk, strategi pemasaran jasa tidaklah cukup dengan menggunakan traditional marketing approach. menurut groonroos, dalam pemasaran jasa dibutuhkan tiga jenis pemasaran, yaitu: internal marketing, external marketing, dan inter-active marketing4. gambar 2 three types of marketing in service industries company internal external marketing marketing employee interactive marketing customers sumber: philip kotler: 1994 external marketing adalah bagaimana perusahaan menetapkan harga, distribusi, dan mempromosikan jasa kepada pelanggan. internal marketing berkaitan dengan bagaimana perusahaan melatih dan memotivasi internal customer perusahaan, yaitu karyawan peru-sahaan agar dapat melayani pelanggan dengan baik. interactive marketing adalah bagaimana kemampuan karyawan menguasai bidangnya dalam menghadapi pelanggan. kemampuan pekerja ini merupakan ujung tombak perusahaan dalam menjual jasanya. karena karak-teristik jasa yang juga berbeda, maka elemen kontrol perusahaan yang digunakan untuk memuaskan dan berkomunikasi dengan konsumen (dikenal dengan variabel marketing mix) memerlukan modifikasi jika diterapkan dalam pemasaran jasa. pengembangan strategi marketing mix dalam jasa memerlukan tambahan tiga elemen lagi selain elemen tradisional yang biasa (product, place, promotion, and price), yaitu: people, physical evidence, dan process.5 konsep perbankan islam dalam undang-undang no. 21 tahun 2008 tentang perbankan syariah diterangkan bahwa yang dimaksud dengan perbankan syariah adalah segala sesuatu yang menyangkut tentang bank syariah dan unit usaha syariah, mencakup kele 4 philip kotler, marketing management: analysis, planning, implementation and control 8th edition, (englewood cliffs, nj: prentice hall international, 1994). 5 zeithaml va, bitner mj, services marketing. (1th ed), (new york: the mcgraw-hill companies. inc., 1996) burhanuddin yusuf: peningkatan efektivitas pemasaran jasa perbankan islam 200 mbagaan, kegiatan usaha, serta cara dan proses dalam melaksanakan kegiatan usahanya. dari definisi perbankan syariah di atas ada dua kelembagaan yang terdapat pada perbankan syariah yaitu bank syariah dan unit usaha syariah. munculnya dua kelembagaan ini pada perbankan syariah di indonesia terkait dengan dual banking system yang dianut pada sistem perbankan di indonesia. menurut undang-undang no. 21 tahun 2008, bank syariah adalah bank yang menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menurut jenisnya terdiri atas bank umum syariah dan bank pembiayaan rakyat syariah. sementara unit usaha syariah menurut undang-undang ini adalah unit kerja dari kantor pusat bank umum konvensional yang berfungsi sebagai kantor induk dari kantor atau unit yang melaksanakan kegiatan usaha berdasarkan prinsip syariah, atau unit kerja di kantor cabang dari suatu bank yang berkedudukan di luar negeri yang melaksanakan kegiatan usaha secara konvensional yang berfungsi sebagai kantor induk dari kantor cabang pembantu syariah dan/atau unit syariah. bank islam bukan hanya bank bebas bunga, namun memiliki orientasi pencapaian sejahtera. secara fundamental terdapat beberapa karakteristik bank syariah,6 yakni: (1) penghapusan riba; (2) pelayanan kepada kepentingan publik dan merealisasikan sasaran sosio-ekonomi islam; (3) bank syariah bersifat universal yang merupakan gabungan dari bank komersial dan bank investasi; (4) bank syariah akan melakukan evaluasi yang lebih berhati-hati terhadap permohonan pembiayaan yang berorientasi kepada penyertaan modal, karena bank komersial syariah menerapkan profit-loss sharing dalam konsinyasi, ventura, bisnis, atau industri; (5) bagi hasil cenderung mempererat hubungan antara bank syariah dan pengusaha; (6) kerangka yang dibangun dalam membantu bank mengatasi likuiditasnya dengan memanfaatkan instrument pasar uang antar bank syariah dan instrument bank sentral berbasis syariah. pemasaran jasa perbankan pada dasarnya pengertian konsep pemasaran mempunyai persamaan dengan konsep pemasaran bank. konsep pemasaran (produksi) berorientasi pada kebutuhan konsumen, sedangkan konsep pemasaran berorientasi pada konsumen (nasabah). dasar pemikirannya bagaimana caranya aktivitas pemasaran bank dapat dilaksanakan berdasarkan suatu falsafah yang mantap, yang mengungkapkan pemasaran yang tanggap, bertanggung jawab dan selalu memberikan kepuasan pada nasabah serta menguntungkan perusahaan. 6 andri soemitra, bank dan lembaga keuangan syariah, (jakarta: kencana prenada media, 2009). al-iqtishad: vol. v, no. 2, juli 2013 201 mbagaan, kegiatan usaha, serta cara dan proses dalam melaksanakan kegiatan usahanya. dari definisi perbankan syariah di atas ada dua kelembagaan yang terdapat pada perbankan syariah yaitu bank syariah dan unit usaha syariah. munculnya dua kelembagaan ini pada perbankan syariah di indonesia terkait dengan dual banking system yang dianut pada sistem perbankan di indonesia. menurut undang-undang no. 21 tahun 2008, bank syariah adalah bank yang menjalankan kegiatan usahanya berdasarkan prinsip syariah dan menurut jenisnya terdiri atas bank umum syariah dan bank pembiayaan rakyat syariah. sementara unit usaha syariah menurut undang-undang ini adalah unit kerja dari kantor pusat bank umum konvensional yang berfungsi sebagai kantor induk dari kantor atau unit yang melaksanakan kegiatan usaha berdasarkan prinsip syariah, atau unit kerja di kantor cabang dari suatu bank yang berkedudukan di luar negeri yang melaksanakan kegiatan usaha secara konvensional yang berfungsi sebagai kantor induk dari kantor cabang pembantu syariah dan/atau unit syariah. bank islam bukan hanya bank bebas bunga, namun memiliki orientasi pencapaian sejahtera. secara fundamental terdapat beberapa karakteristik bank syariah,6 yakni: (1) penghapusan riba; (2) pelayanan kepada kepentingan publik dan merealisasikan sasaran sosio-ekonomi islam; (3) bank syariah bersifat universal yang merupakan gabungan dari bank komersial dan bank investasi; (4) bank syariah akan melakukan evaluasi yang lebih berhati-hati terhadap permohonan pembiayaan yang berorientasi kepada penyertaan modal, karena bank komersial syariah menerapkan profit-loss sharing dalam konsinyasi, ventura, bisnis, atau industri; (5) bagi hasil cenderung mempererat hubungan antara bank syariah dan pengusaha; (6) kerangka yang dibangun dalam membantu bank mengatasi likuiditasnya dengan memanfaatkan instrument pasar uang antar bank syariah dan instrument bank sentral berbasis syariah. pemasaran jasa perbankan pada dasarnya pengertian konsep pemasaran mempunyai persamaan dengan konsep pemasaran bank. konsep pemasaran (produksi) berorientasi pada kebutuhan konsumen, sedangkan konsep pemasaran berorientasi pada konsumen (nasabah). dasar pemikirannya bagaimana caranya aktivitas pemasaran bank dapat dilaksanakan berdasarkan suatu falsafah yang mantap, yang mengungkapkan pemasaran yang tanggap, bertanggung jawab dan selalu memberikan kepuasan pada nasabah serta menguntungkan perusahaan. 6 andri soemitra, bank dan lembaga keuangan syariah, (jakarta: kencana prenada media, 2009). konsep pemasaran bank mengandung arti: (1) mempunyai falsafah yang mantap dan bertanggung jawab; (2) berorientasi pada nasabah di satu pihak; (3) menguntungkan perusahaan di lain pihak7. secara umum tujuan pemasaran bank adalah: pertama, memaksimumkan konsumsi atau dengan kata lain memudahkan dan merangsang konsumsi, sehingga dapat menarik nasabah untuk membeli produk yang ditawarkan bank secara berulang-ulang. kedua, memaksimumkan kepuasan pelanggan melalui pelbagai pelayanan yang diinginkan nasabah. nasabah yang puas akan menjadi ujung tombak pemasaran selanjutnya, karena kepuasan ini akan ditularkan kepada nasabah lainnya melalui cerita (word of mouth). ketiga, memaksimumkan pilihan (ragam produk) dalam arti bank menyediakan pelbagai jenis produk bank sehingga nasabah memiliki beragam pilihan pula. keempat, memaksimumkan mutu hidup dengan memberikan pelbagai kemudahan kepada nasabah dan menciptakan iklim yang efisien.8 kepuasan pelanggan dalam dunia perbankan harus diartikan secara komprehensif. artinya, nasabah akan merasa sangat puas bila komponen kepuasan tersebut dapat terpenuhi secara lengkap. berikut ini kepuasan nasabah dalam dunia perbankan. pertama, tangibles. merupakan bukti fisik yang harus dimiliki oleh karyawan bank, seperti gedung, perlengkapan kantor, daya tarik karyawan, sarana komunikasi, dan sarana fisik lainnya. kedua, responsitivitas. adanya keinginan dan kemauan karyawan bank dalam memberikan pelayanan kepada pelanggan. untuk itu pihak manajemen bank perlu memberikan motivasi yang besar agar seluruh karyawan bank mendukung kegiatan pelayanan kepada nasabah dengan baik. ketiga, assurance. jaminan bahwa karyawan memiliki pengetahuan, kompetensi, kesopanan, dan sifat atau perilaku yang dapat dipercaya. hal ini penting agar nasabah yakin akan transaksi yang mereka lakukan benar dan tepat sasaran. keempat, reliabilitas. kemampuan bank dalam memberikan pelayanan yang telah dijanjikan dengan cepat, akurat serta memuaskan pelanggannya. guna mendukung hal ini maka setiap karyawan bank sebaiknya diberikan pelatihan dan pendidikan guna meningkatkan kemampuannya. kelima, emphaty. mampu memberikan kemudahan serta menjalin hubungan dengan nasabah secara efektif. kemudian juga mampu memahami kebutuhan individu setiap nasabahnya secara cepat, tepat, dan akurat. dalam hal ini masalah prosedur kerja dan dihubungkan dengan tingkat pelayanan kepada nasabah. 7 herry achmad buchory dan djaslim saladin, dasar–dasar pemasaran bank, (bandung: linda karya, 2006). 8 kasmir, pemasaran bank, (jakarta: kencana, 2004). burhanuddin yusuf: peningkatan efektivitas pemasaran jasa perbankan islam 202 segmentasi pasar pasar untuk produk jasa perbankan sangatlah luas, sehingga perusahaan atau bank tidak mudah untuk memasuki pasar yang sedemikian luas dan kalaupun bisa kemungkinan berhasil sangatlah kecil. pasar yang luas ini perlu untuk dipilah-pilah agar mempermudah perusahaan dalam melakukan kegiatan pemasarannya. karena pasar yang luas maka sebelum melakukan kegiatan pemasaran produk harus dilakukan terlebih dahulu riset pasar, yang bertujuan untuk mengetahui seberapa besar pasar yang akan dimasuki, siapa yang menjadi konsumen produk tersebut dan seberapa besar kompetitor. tingkat kompetisi pemasaran bank semakin ketat, masing-masing perusahaan (bank) harus semakin jeli dalam memilih pasar sasarannya agar memiliki keunggulan kompetitif dalam memasarkan produk-produknya. segmentasi pasar semakin penting dan merupakan salah satu kunci yang menentukan sukses atau tidak suatu perusahaan (bank). kotler memberikan definisi segmentasi sebagai berikut, “segmentation is process partitioning markets into groups of potential customers with similar needs and characteristics who are likely to exhibit similar purchase behavior”.9 selanjutnya kotler, kertajaya, huan, dan liu menyatakan bahwa segmentasi adalah melihat pasar secara kreatif, segmentasi merupakan seni mengidentifikasi dan memanfaatkan peluang-peluang yang muncul di pasar. pada saat yang sama segmentasi merupakan ilmu (science) untuk memandang pasar berdasarkan variabel geografis, demografis, psiko-grafis, dan perilaku. berdasarkan pengertian diatas dapat disimpulkan bahwa segmentasi memiliki peran penting dalam sebuah perusahaan karena beberapa alasan.10 pertama, segmentasi memungkin perusahaan untuk lebih fokus dalam mengalokasikan sumber daya. dengan membagi pasar menjadi segmen-segmen akan memberikan gambaran bagi perusahaan untuk menetapkan segmen mana yang akan dilayani. selain itu segmentasi memungkin perusahaan mendapatkan gambaran yang lebih jelas mengenai peta kompetisi serta menentukan posisi pasar perusahaan. kedua, segmentasi merupakan dasar untuk menentukan komponen-komponen strategi. segmentasi yang disertai dengan pemilihan target market akan memberikan acuan dalam penentuan positioning. ketiga, segmentasi merupakan faktor kunci untuk mengalahkan pesaing, dengan memandang pasar dari sudut yang unik dan cara yang berbeda dari yang dilakukan pesaing. 9 philip kotler dan ab susanto, manajemen pemasaran di indonesia, (jakarta: salemba empat, 2000). 10 kasmir, pemasaran bank, (jakarta: kencana, 2004). al-iqtishad: vol. v, no. 2, juli 2013 203 segmentasi pasar pasar untuk produk jasa perbankan sangatlah luas, sehingga perusahaan atau bank tidak mudah untuk memasuki pasar yang sedemikian luas dan kalaupun bisa kemungkinan berhasil sangatlah kecil. pasar yang luas ini perlu untuk dipilah-pilah agar mempermudah perusahaan dalam melakukan kegiatan pemasarannya. karena pasar yang luas maka sebelum melakukan kegiatan pemasaran produk harus dilakukan terlebih dahulu riset pasar, yang bertujuan untuk mengetahui seberapa besar pasar yang akan dimasuki, siapa yang menjadi konsumen produk tersebut dan seberapa besar kompetitor. tingkat kompetisi pemasaran bank semakin ketat, masing-masing perusahaan (bank) harus semakin jeli dalam memilih pasar sasarannya agar memiliki keunggulan kompetitif dalam memasarkan produk-produknya. segmentasi pasar semakin penting dan merupakan salah satu kunci yang menentukan sukses atau tidak suatu perusahaan (bank). kotler memberikan definisi segmentasi sebagai berikut, “segmentation is process partitioning markets into groups of potential customers with similar needs and characteristics who are likely to exhibit similar purchase behavior”.9 selanjutnya kotler, kertajaya, huan, dan liu menyatakan bahwa segmentasi adalah melihat pasar secara kreatif, segmentasi merupakan seni mengidentifikasi dan memanfaatkan peluang-peluang yang muncul di pasar. pada saat yang sama segmentasi merupakan ilmu (science) untuk memandang pasar berdasarkan variabel geografis, demografis, psiko-grafis, dan perilaku. berdasarkan pengertian diatas dapat disimpulkan bahwa segmentasi memiliki peran penting dalam sebuah perusahaan karena beberapa alasan.10 pertama, segmentasi memungkin perusahaan untuk lebih fokus dalam mengalokasikan sumber daya. dengan membagi pasar menjadi segmen-segmen akan memberikan gambaran bagi perusahaan untuk menetapkan segmen mana yang akan dilayani. selain itu segmentasi memungkin perusahaan mendapatkan gambaran yang lebih jelas mengenai peta kompetisi serta menentukan posisi pasar perusahaan. kedua, segmentasi merupakan dasar untuk menentukan komponen-komponen strategi. segmentasi yang disertai dengan pemilihan target market akan memberikan acuan dalam penentuan positioning. ketiga, segmentasi merupakan faktor kunci untuk mengalahkan pesaing, dengan memandang pasar dari sudut yang unik dan cara yang berbeda dari yang dilakukan pesaing. 9 philip kotler dan ab susanto, manajemen pemasaran di indonesia, (jakarta: salemba empat, 2000). 10 kasmir, pemasaran bank, (jakarta: kencana, 2004). sehingga segmentasi dapat diartikan sebagai suatu kegiatan membagi suatu pasar menjadi kelompok-kelompok pembeli yang berbeda yang mungkin memerlukan produk atau ramuan pemasaran tersendiri. bank dalam menjual produknya ke nasabah membagi pasar menjadi beberapa jenis sesuai dengan kriteria yang diinginkan. pembagian pasar akan memudahkan bank dalam menentukan nasabah atau konsumen sasarannya. segmentasi pasar perlu dilakukan karena pada umumnya pasar untuk suatu produk atau jasa mempunyai banyak perbedaan terutama pada kebutuhan, keinginan dan daya beli. segmentasi pasar perlu dilakukan karena pada umumnya pasar untuk suatu produk atau jasa mempunyai banyak perbedaan terutaman pada kebutuhan, keinginan, dan daya beli. dengan melakukan segmentasi pasar, perusahaan akan lebih mudah melayani pelbagai kebutuhan dan keinginan pasar tersebut. selain itu segmentasi perlu dilakukan disebabkan di dalam suatu pasar terdapat banyak pembeli yang berbeda keinginan dan kebutuhannya. setiap perbedaan memiliki potensi untuk menjadi pasar tersendiri. dalam melakukan segmentasi diperlukan variabel atau pertimbangan yang perlu diperhatikan. pemasar tidak menciptakan segmen, tugas pemasar adalah mengidentifikasi segmen dan memutuskan mana yang dibidik. segmentasi pasar memberikan manfaat yang besar bila dibandingkan dengan pemasaran massal. perusahaan dapat merancang, menetapkan harga, menying-kapkan dan menyerahkan produk atau jasa secara lebih untuk memuaskan pasar sasaran. perusahaan juga dapat membuat program dan kegiatan pemasaran untuk mencerminkan pemasaran pesaing. dalam melakukan segmentasi pasar, terdapat beberapa cara. segmentasi dapat dilakukan berdasarkan geografis, demografis, psikografis, dan perilaku yang dapat digunakan secara tersendiri atau gabungan. secara garis besarnya, dasar-dasar segmentasi pasar dijelaskan sebagai berikut: pertama, orang dengan keinginan: segmentasi dapat dilakukan menurut dasar geografis dan demografis. kedua, adanya uang untuk dibelanjakan: segmentasi dilakukan berdasarkan daya beli konsumen (distribusi pendapatan). ketiga, kemauan untuk membelanjakan. segmentasi dilakukan dengan melihat perilaku beli konsumen. di samping mengacu pada beberapa dasar segmentasi di atas pemasar dapat melakukan pembedaan segmentasi preferensi. tiga pola yang berbeda dapat muncul. pertama, preferensi homogen (homogenous preference), merupakan pola yang menunjukkan bahwa konsumen memiliki preferensi yang sama terhadap produk atau jasa yang ditawarkan, menunjukkan suatu pasar dimana semua konsumen secara umum memiliki preferensi yang sama. kedua, preferensi yang tersebar (diffused preference), merupakan pola yang menunjukkan bahwa konsumen memiliki preferensi yang beragam terhadap suatu produk atau jasa burhanuddin yusuf: peningkatan efektivitas pemasaran jasa perbankan islam 204 yang ditawarkan. ketiga, preferensi terkelompok (cluster preference), merupakan pola yang menunjukkan bahwa konsumen memiliki preferensi yang berkelompok-kelompok. di mana konsumen yang berada dalam satu kelompok memiliki kesamaan preferensi. implikasi terhadap pemasaran jasa perbankan islam di indonesia konsep segmentasi pada jasa perbankan islam akan memberikan implikasi penting pada strategi pemasaran jasa perbankan islam di indonesia. karena pada setiap kelompok yang terdapat pada segmentasi tersebut diperlukan strategi pemasaran yang berbeda-beda. karakteristik konsumen yang berbeda akan memerlukan perlakuan pemasaran yang berbeda-beda agar strategi pemasaran yang dilaksanakan dapat efektif. berdasarkan perkembangan perbankan islam di indonesia yang telah dimulai semenjak tahun 1992 sampai dengan sekarang, setidaknya ada tiga segmen nasabah yang dapat dikategorikan dalam pemasaran jasa perbankan islam dimana masing-masing segmen nasabah memiliki sudut pandang yang berbeda mengenai kualitas pelayanan perbankan yang diterima. pertama, segmen nasabah bisnis. bagi segmen nasabah bisnis, yang diutamakan dalam pelayanan jasa perbankan islam adalah dari aspek kualitas pelayanan dan waktu pelayanan. pelbagai macam fasilitas perbankan yang dibutuhkan untuk menunjang aktivitas bisnisnya sangat dicari. sehingga strategi pemasaran yang tepat untuk nasabah segmen ini adalah dengan memberikan pelbagai macam fasilitas yang dapat menunjang aktivitas bisnisnya. sebagai contoh adalah fasilitas mobilebanking, internet banking, atm, layanan prioritas, produk pembiayaan dengan bagi hasil yang kompetitif baik dengan sesama bank islam ataupun bank konvensional. bagi nasabah segmen ini harus mendapatkan perlakuan yang lebih dibandingkan dengan nasabah biasa. kedua, segmen nasabah rasional. segmen nasabah rasional sangat berorientasi pada besaran bagi hasil yang diterimanya. mereka menabung di bank islam dengan memperbandingkan berapa besaran persentase bagi hasil di bank islam dengan tingkat suku bunga di bank konvensional. dengan selisih sekitar dua persen (dari tingkat bunga bank konvensional), segmen nasabah ini masih loyal di bank islam, tetapi lebih dari itu, segmen nasabah ini bisa berpindah ke bank konvensional. berdasarkan statistika pada triwulan ketiga tahun 2005 tren meningkatnya suku bunga berdasarkan analisis bi juga sempat membuat perbankan islam menghadapi risiko pengalihan dana (dari bank islam ke bank konvensional). diperkirakan lebih dari rp 1 triliun dana nasabah dialihkan pada triwulan ketiga al-iqtishad: vol. v, no. 2, juli 2013 205 yang ditawarkan. ketiga, preferensi terkelompok (cluster preference), merupakan pola yang menunjukkan bahwa konsumen memiliki preferensi yang berkelompok-kelompok. di mana konsumen yang berada dalam satu kelompok memiliki kesamaan preferensi. implikasi terhadap pemasaran jasa perbankan islam di indonesia konsep segmentasi pada jasa perbankan islam akan memberikan implikasi penting pada strategi pemasaran jasa perbankan islam di indonesia. karena pada setiap kelompok yang terdapat pada segmentasi tersebut diperlukan strategi pemasaran yang berbeda-beda. karakteristik konsumen yang berbeda akan memerlukan perlakuan pemasaran yang berbeda-beda agar strategi pemasaran yang dilaksanakan dapat efektif. berdasarkan perkembangan perbankan islam di indonesia yang telah dimulai semenjak tahun 1992 sampai dengan sekarang, setidaknya ada tiga segmen nasabah yang dapat dikategorikan dalam pemasaran jasa perbankan islam dimana masing-masing segmen nasabah memiliki sudut pandang yang berbeda mengenai kualitas pelayanan perbankan yang diterima. pertama, segmen nasabah bisnis. bagi segmen nasabah bisnis, yang diutamakan dalam pelayanan jasa perbankan islam adalah dari aspek kualitas pelayanan dan waktu pelayanan. pelbagai macam fasilitas perbankan yang dibutuhkan untuk menunjang aktivitas bisnisnya sangat dicari. sehingga strategi pemasaran yang tepat untuk nasabah segmen ini adalah dengan memberikan pelbagai macam fasilitas yang dapat menunjang aktivitas bisnisnya. sebagai contoh adalah fasilitas mobilebanking, internet banking, atm, layanan prioritas, produk pembiayaan dengan bagi hasil yang kompetitif baik dengan sesama bank islam ataupun bank konvensional. bagi nasabah segmen ini harus mendapatkan perlakuan yang lebih dibandingkan dengan nasabah biasa. kedua, segmen nasabah rasional. segmen nasabah rasional sangat berorientasi pada besaran bagi hasil yang diterimanya. mereka menabung di bank islam dengan memperbandingkan berapa besaran persentase bagi hasil di bank islam dengan tingkat suku bunga di bank konvensional. dengan selisih sekitar dua persen (dari tingkat bunga bank konvensional), segmen nasabah ini masih loyal di bank islam, tetapi lebih dari itu, segmen nasabah ini bisa berpindah ke bank konvensional. berdasarkan statistika pada triwulan ketiga tahun 2005 tren meningkatnya suku bunga berdasarkan analisis bi juga sempat membuat perbankan islam menghadapi risiko pengalihan dana (dari bank islam ke bank konvensional). diperkirakan lebih dari rp 1 triliun dana nasabah dialihkan pada triwulan ketiga tahun 2005. namun, kepercayaan deposan pada perbankan islam terbukti dapat dipulihkan dengan pertumbuhan dana pihak ketiga yang mencapai rp 2,2 triliun pada akhir tahun. perbankan islam harus mampu menawarkan tingkat bagi hasil yang kompetitif kepada nasabahnya baik kepada nasabah deposan maupun nasabah pembiayaan. sebab apabila tingkat bagi hasilnya terlalu jauh, maka nasabah akan banyak yang berpindah dari perbankan islam ke perbankan konvensional. ketiga, segmen nasabah religius. sementara untuk segmen nasabah terakhir adalah segmen nasabah religius, dimana pada segmen nasabah ini pelaksanaan prinsip-prinsip syariah dalam operasional perbankan sangat diutamakan. nasabah ini tidak terpengaruh kepada besaran bagi hasil yang diterima apakah lebih besar ataukah lebih kecil daripada sesama bank islam ataupun dengan bank konvensional. yang terpenting bagi segmen masyarakat ini adalah dengan bertransaksi pada perbankan islam disamping lebih memudahkan transaksi ekonomi mereka pun akan terhindar dari riba yang terdapat pada bank konvensional. perbankan islam harus terus meningkat purifikasi praktik operasional perbankan islam yang benar-benar sesuai dengan konsep syariah. penyimpangan dari konsepsi bank islam akan menghilangkan jati diri dan keunikan bank islam, yang pada gilirannya akan menghilangkan eksistensi bank islam. saat ini masih ada kecenderungan kekecewaan pengguna jasa perbankan islam karena masih ada praktik-praktik yang dinilai tidak sejalan dengan prinsip syariah, sehingga berakibat loyalitas dan kontinuitas penggunaan jasa bank tersebut tidak dapat dipertahankan lama. penyimpangan prinsip syariah dapat terjadi dalam pelbagai derajat, misalnya hanya yang sekadar melakukan benchmarking tingkat bagi hasil atau marjin jual beli dengan tingkat bunga bank konvensional yang berlaku hingga penempatan dana menganggur pada bank-bank konvensional dengan motif memperoleh pendapatan bunga. penutup segmentasi merupakan salah satu cara yang dilakukan oleh perusahaan dalam strategi pemasarannya, hal ini dilakukan karena pasar sangat luas sehingga perlu dilakukan pemilahan terhadap pasar. dengan melakukan segmentasi pasar, maka perusahaan akan lebih mudah dalam menetapkan strategi pemasaran yang akan digunakan untuk mencapai tujuan perusahaan. pada perbankan islam, setidaknya ada tiga segmen nasabah yang memiliki sudut pandang yang berbeda mengenai kualitas pelayanan jasa perbankan islam yang diterima. pertama, segmen nasabah bisnis, yaitu nasabah yang mengutaburhanuddin yusuf: peningkatan efektivitas pemasaran jasa perbankan islam 206 makan kualitas pelayanan dan waktu pelayanan. kedua, segmen nasabah rasional, yaitu nasabah yang mengutamakan keuntungan jangka pendek yang ditawarkan berupa besaran bagi hasil yang diterima dibandingkan dengan sesama bank islam maupun dengan bank konvensional. ketiga, segmen nasabah religius, yaitu nasabah yang mengutamakan praktik operasional perbankan islam yang sesuai dengan syariah. masing-masing segmen nasabah ini memerlukan strategi pemasaran yang berbeda-beda. diharapkan dengan mengetahui karakteristik masing-masing, perbankan islam dapat merancang strategi pemasaran yang tepat bagi masing-masing segmen tersebut. [] pustaka acuan alma, buchari, manajemen pemasaran dan pemasaran jasa, bandung: alfabeta, 2004. al arif, m. nur rianto, dasar-dasar pemasaran bank syariah, bandung: alfabeta, 2010. antonio, m. syafii, bank syariah: teori dan praktik. jakarta: gema insani press, 2001. barata, atep adya, dasar-dasar pelayanan prima, jakarta: elex media komputindo, 2003. buchory, herry achmad dan djaslim saladin, dasar-dasar pemasaran bank, bandung: linda karya, 2006. karim, adiwarman azwar, bank islam: analisis fiqh dan keuangan, jakarta: rajawali press, 2004. kasmir, pemasaran bank, jakarta: kencana, 2004. kotler, philip, marketing management: analysis, planning, implementation and control 8th edition. englewood cliffs, nj: prentice hall international, 1994. ---------------, marketing management, the millennium edition. new jersey: prentice hall, 2000. ---------------, dan ab susanto, manajemen pemasaran di indonesia. jakarta: salemba empat, 2000. ---------------, dan kevin lane, manajemen pemasaran, alih bahasa benyamin molan, jakarta: indeks, 2007. perwaatmadja, karnaen dan muhammad syafii antonio, apa dan bagaimana bank islam, yogyakarta: dana bhakti prima yasa, 1992. soemitra, andri, bank dan lembaga keuangan syariah, jakarta: kencana prenada media, 2009. analisis responsivitas bursa syariah oleh variabel makro ekonomi yoghi citra pratama abstract: sharia stock responsiveness analysis based on macro economic variabels. the objectives of this study are to analyze the stock response because of m2, exchange rate rupiah to dollar and rate of sbi. the data used in this study is monthly time series data from january 2006-may 2012. those variabels are jii, m2, exchange rate rupiah to dollar and rate of sbi. research method used in this study is vector error correction model (vecm). the cointegration test indicates that among research variabels there is long term equilibrium and simultaneous relationship. the empirical result of impulse response show that the effect of sbi discount rate and m2 is negative and the effect of exchange rate is positive. the result on variance decomposition test, show that the most effect of jii shock is influenced by jii itself. keywords: sharia stock, macro economic, sbi abstract: analisis responsivitas bursa syariah berdasarkan variabel makro ekonomi. tujuan dari penelitian ini untuk menganalisis respon stok karena m2, nilai tukar rupiah terhadap dollar dan tingkat sbi. data yang digunakan dalam penelitian ini adalah data serial, mulai dari januari 2006mei 2012. variabel tersebut adalah jii, m2, nilai tukar rupiah terhadap dollar dan tingkat sbi. metode penelitian yang digunakan adalah vector error correction model (vecm). uji kointegrasi menunjukkan di antara variabel penelitian terdapat keseimbangan jangka panjang dan hubungan simultan. hasil empiris menunjukkan respon impulsi bahwa pengaruh tingkat diskonto sbi dan m2 adalah negatif dan pengaruh nilai tukar positif. hasil pengujian dekomposisi varians, menunjukkan efek yang paling besar dari jii dipengaruhi oleh jii sendiri. kata kunci: bursa syariah, makro ekonomi, sbi naskah diterima: 15 desember 2011, direvisi: 2 juni 2012, disetujui: 7 juni 2012.  fakultas ekonomi dan bisnis, uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. email: yoghi@uinjkt.ac.id karim, adiwarman a., perbankan syariah 2008: evaluasi, tren, dan proyeksi. research & management division head, jakarta: karim business consulting, 2008. muhammad, bank syariah, problem dan prospek perkembangan di indonesia, yogyakarta: graha ilmu, 2005. rochaety, ety, dkk. metodologi penelitian bisnis dengan aplikasi spss. jakarta: mitra wacana media, 2007. tubke, alexander. success factors of corporate spin-offs. usa: springer science, inc. umar, husein, metode riset bisnis. jakarta: pt gramedia pustaka utama, 2003. wibowo, manajemen kinerja. jakarta: pt raja grafindo, 2007. artikel/makalah: afrizal, afick, ‚sebuah analisis tentang spin-off”, artikel diakses pada tanggal 25 september 2011 dari http://afick-afrizal.blogspot.com/2009/01/sebuahanalisis-tentang-spin-off.html. farouk, peri umar, ‚mekanisme pembentukan bank syariah alternatif: akuisisi dan konversi bank umum konvensional serta pemisahan (spin-off) unit usaha syariah‛, jurnal newsletter no.72/maret/2009. hetami, adietya arie, ‚pengaruh motivasi, kemampuan, dan disiplin terhadap kinerja karyawan‛, polibis jurnal ekonomi dan bisnis, volume 7, nomor 1, maret 2009. nn, ‚spin-off, konstruksi hukum dalam upaya penguatan struktur perbankan nasional‛, buletin hukum perbankan dan kebanksentralan, vol. 7, nomor 1, januari 2009. statistik perbankan syariah maret 2011, http://www.bi.go.id/web/id/statistik/ statistik+perbankan/statistik+perbankan+syariah/spss_0211.htm, tanggal akses 6 mei 2011. perundang-undangan: undang-undang nomor 21 tahun 2008 tentang perbankan syariah. undang-undang nomor 40 tahun 2007 tentang perseroan terbatas. website: www.bnisyariah.co.id www.bjbsyariah.co.id www.brisyariah.co.id, dll. yoghi citra pratama: analisis responsivitas bursa syariah oleh variabel makro ekonomi260 pendahuluan keberadaan bursa efek dalam ekonomi islam hampir sama dengan ekonomi konvensional yaitu untuk memfasilitasi pihak yang membutuhkan dana dengan pihak yang kelebihan dana. dalam ekonomi islam di mana memberikan bunga dilarang dan ada partisipasi langsung dalam bisnis dengan risiko dan keuntungan yang dibagi, kehadiran pasar modal yang berfungsi dengan baik sangat penting.1 dalam upaya mewujudkan terciptanya investasi berdasarkan syariah dan pengembangan pasar modal syariah, maka bura efek jakarta (bej) bersama dengan pt. danareksa investment management (dim) telah meluncurkan indeks saham syariah atau yang kita kenal dengan jakarta islamic index (jii) pada tahun 2000. peluncuran jii dimaksudkan untuk digunakan sebagai tolok ukur (benchmark) untuk mengukur kinerja suatu investasi pada saham dengan basis syariah dan diperuntukkan kepada investor yang ingin menanamkan modal sesuai dengan prinsip-prinsip syariah. tahun 2008 sampai dan tahun 2009 merupakan tahun yang penuh tantangan bagi sistem keuangan tidak terkecuali bagi sistem keuangan syariah, baik domestik maupun global karena pada tahun tersebut dunia dilanda oleh krisis keuangan global. krisis yang bermula dari subprime mortage di amerika serikat telah mengganggu stabilitasi sistem keuangan global, yang efeknya bahkan sampai ke negara-negara di asia tenggara, termasuk indonesia. selain itu juga krisis global juga mengakibatkan kontraksi pada sistem ekonomi makro indonesia. di mana pertumbuhan ekonomi menurun dari 6,3% pada akhir 2007 menjadi 6,1% pada akhir 2008.2 tabel 1.1 perkembangan jii, kurs, m2, dan suku bunga sbi tahun jii m2(miliar) kurs sbi (%) 2006 311.28 1382493 9020 9.75 2007 493.01 1649662 9419 8 2008 216.19 1895839 10950 10.83 2009 417.18 2073860 9365 6.45 2010 532.9 2471206 8991 6.26 2011 537.03 2877220 9068 5.04 2012 (mei) 525.05 2992057 9565 4.24 sumber: bank indonesia dan yahoo finance 1 veitzhal rivai dkk, islamic financial management, (jakarta: ghalia indonesia, 2010). 2 bank indonesia, www.bi.go.id al-iqtishad: vol. iv, no. 2, juli 2012 261 pendahuluan keberadaan bursa efek dalam ekonomi islam hampir sama dengan ekonomi konvensional yaitu untuk memfasilitasi pihak yang membutuhkan dana dengan pihak yang kelebihan dana. dalam ekonomi islam di mana memberikan bunga dilarang dan ada partisipasi langsung dalam bisnis dengan risiko dan keuntungan yang dibagi, kehadiran pasar modal yang berfungsi dengan baik sangat penting.1 dalam upaya mewujudkan terciptanya investasi berdasarkan syariah dan pengembangan pasar modal syariah, maka bura efek jakarta (bej) bersama dengan pt. danareksa investment management (dim) telah meluncurkan indeks saham syariah atau yang kita kenal dengan jakarta islamic index (jii) pada tahun 2000. peluncuran jii dimaksudkan untuk digunakan sebagai tolok ukur (benchmark) untuk mengukur kinerja suatu investasi pada saham dengan basis syariah dan diperuntukkan kepada investor yang ingin menanamkan modal sesuai dengan prinsip-prinsip syariah. tahun 2008 sampai dan tahun 2009 merupakan tahun yang penuh tantangan bagi sistem keuangan tidak terkecuali bagi sistem keuangan syariah, baik domestik maupun global karena pada tahun tersebut dunia dilanda oleh krisis keuangan global. krisis yang bermula dari subprime mortage di amerika serikat telah mengganggu stabilitasi sistem keuangan global, yang efeknya bahkan sampai ke negara-negara di asia tenggara, termasuk indonesia. selain itu juga krisis global juga mengakibatkan kontraksi pada sistem ekonomi makro indonesia. di mana pertumbuhan ekonomi menurun dari 6,3% pada akhir 2007 menjadi 6,1% pada akhir 2008.2 tabel 1.1 perkembangan jii, kurs, m2, dan suku bunga sbi tahun jii m2(miliar) kurs sbi (%) 2006 311.28 1382493 9020 9.75 2007 493.01 1649662 9419 8 2008 216.19 1895839 10950 10.83 2009 417.18 2073860 9365 6.45 2010 532.9 2471206 8991 6.26 2011 537.03 2877220 9068 5.04 2012 (mei) 525.05 2992057 9565 4.24 sumber: bank indonesia dan yahoo finance 1 veitzhal rivai dkk, islamic financial management, (jakarta: ghalia indonesia, 2010). 2 bank indonesia, www.bi.go.id dari tabel 1.1 di atas terlihat bahwa guncangan terbesar jii terjadi pada tahun 2008 di mana jii mencapai nilai terendahnya dalam tiga tahun terakhir yaitu sebesar 216.19 hal ini diindikasikan karena jii juga ikut terimbas dari dampak krisis keuangan global yang terjadi di amerika serikat. variabel makro lainnya juga ikut terkontraksi di mana rupiah mencapai titik terendahnya yaitu rp 10950 per dollar as pada tahun 2010 dan suku bunga sertifikat bank indonesia (sbi) mencapai titik tertingginya yaitu 10.83%. hanya variabel jumlah uang beredar dalam arti luas (m2) yang konsisten mengalami pertumbuhan. ada pola yang sama dari variabel jii, suku bunga sbi dan kurs berdasarkan tabel di atas, yaitu mereka mengalami guncangan pada tahun 2008 akibat dari krisis keungangan global. keterkaitan variabel makro dengan indeks saham, banyak dijelaskan oleh penelitian-penelitian sebelumnya seperti dalam penelitian andreas humpe dan peter macmilllan3, yang menganalisis kointegrasi hubungan jangka panjang antara harga saham dan money supply di amerika serikat dan jepang. hasil penelitian menunjukkan di jepang, harga saham dipengaruhi secara positif oleh sektor industri dan dipengaruhi negatif oleh money supply. selain itu sektor industri dipengaruhi secara negatif oleh indeks harga konsumen dan suku bunga jangka panjang. sedangkan di amerika serikat, harga saham mempunyai hubungan yang positif dengan sektor industri dan berpengaruh negatif terhadap indeks harga konsumen dan suku bunga jangka panjang. manurung, dalam penelitiannya mengatakan bahwa ada lima variabel yang menjelaskan indeks bej secara signifikan, yakni tingkat suku bunga, kurs dollar, inflasi, transaksi berjalan, dan perubahan uang beredar.4 perubahan atau berfluktuasinya variabel ekonomi makro akan mengubah kondisi ekonomi makro suatu negara. hal ini tercermin dalam kondisi saat ini di mana pada saat krisis global yang menghampiri indonesia pada akhir tahun 2008, telah membuat pelbagai indikator makro terkontraksi. perubahan ini akan membawa pelbagai macam dampak bagi perekonomian negara tersebut, antara lain multiplier effect-nya terjadi pada pertumbuhan aset, saving, investasi, dan aktivitas pasar modal. 3 humpe, andreas & macmilllan, peter.(2007). can macroeconomic variables explain long term stock market movements? a comparison of the us and japan. cdma working paper no. 07/20. university of saint andrews. 4 adler haymans manurung, pengaruh variabel makro, investor asing, bursa yang telah maju terhadap indeks bej, (jakarta: tesis program pascasarjana ilmu ekonomi universitas indonesia, 1996). yoghi citra pratama: analisis responsivitas bursa syariah oleh variabel makro ekonomi262 dalam ekonomi konvensional fungsi investasi dipengaruhi oleh variabel makro, terutama suku bunga, dengan pendekatan ekonomi konvensional selain investasi bersifat autonomous, maka terdapat pula investasi yang dipengaruhi oleh variabel suku bunga atau interest. terdapat pelbagai macam instrumen variabel makroekonomi lainnya seperti inflasi, dan kurs yang sangat berhubungan erat dengan interest.5 variabel makro seperti kurs atau valuta asing merupakan salah satu alternatif investasi bagi masyarakat yang memiliki kelebihan dana. dengan melakukan investasi dalam bentuk valas investor dapat memperoleh keuntungan dari terjadinya kenaikan kurs. kurs valas juga dapat memengaruhi arus kas perusahaan yang pada akhirnya dapat memengaruhi jii. bagi perusahaan yang sudah go public yang mempunyai orientasi ekspor dengan suplai bahan baku lokal, maka apabila terjadi apresiasi mata uang asing akan memberikan keuntungan bagi perusahaan tersebut. dengan jumlah valas yang sama perusahaan akan memperoleh jumlah mata uang lokal yang lebih banyak apabila dikonversikan.6 metodologi penelitian ini merupakan jenis penelitian deskriptifkorelasional (kausal) yang akan menjelaskan adakah hubungan dan seberapa besar pengaruh tiaptiap variabel bebas yaitu variabel makro ekonomi (m2, kurs, suku bunga sbi) terhadap variabel terikatnya yaitu jakarta islamic index (jii). apakah pengaruhnya positif atau negatif. penelitian deskriptif merupakan penjelasan karakteristik, mengetahui profil, dan menjelaskan aspek yang relevan dari fe-nomena terhadap objek penelitian.7 teknik analisis data yang digunakan dalam penelitian ini adalah multi reggression (mr) dengan pendekatan vector error correction model (vecm), yang bertujuan untuk melihat hubungan jangka pendek dan menggunakan uji kointegrasi untuk melihat indikasi adanya hubungan jangka panjang. analisis data dilakukan dengan bantuan aplikasi komputer berupa program e-views 6. pengujian vecm baru dapat dilakukan bila terdapat indikasi adanya hubungan jangka panjang dengan menggunakan uji kointegrasi. variabel 5 alfian merancia, pengaruh variabel makro ekonomi dan indeks regional terhadap risiko jakarta islamic index (jii) dan indeks harga saham gabungan(ihsg), jakarta: tesis program pascasarjana ilmu ekonomi universitas indonesia, 2010. 6 utami baroroh, analisis pola dampak dinamis return saham akibat guncangan (shock) pada variable makro ekonomi indonesia. jakarta: jurnal esensi vol. 2 feb uin, 2011. 7 mustafa edwin nasution dan hardius usman, proses penelitian kuantitatif, (jakarta: lp-feu, 2007). al-iqtishad: vol. iv, no. 2, juli 2012 263 dalam ekonomi konvensional fungsi investasi dipengaruhi oleh variabel makro, terutama suku bunga, dengan pendekatan ekonomi konvensional selain investasi bersifat autonomous, maka terdapat pula investasi yang dipengaruhi oleh variabel suku bunga atau interest. terdapat pelbagai macam instrumen variabel makroekonomi lainnya seperti inflasi, dan kurs yang sangat berhubungan erat dengan interest.5 variabel makro seperti kurs atau valuta asing merupakan salah satu alternatif investasi bagi masyarakat yang memiliki kelebihan dana. dengan melakukan investasi dalam bentuk valas investor dapat memperoleh keuntungan dari terjadinya kenaikan kurs. kurs valas juga dapat memengaruhi arus kas perusahaan yang pada akhirnya dapat memengaruhi jii. bagi perusahaan yang sudah go public yang mempunyai orientasi ekspor dengan suplai bahan baku lokal, maka apabila terjadi apresiasi mata uang asing akan memberikan keuntungan bagi perusahaan tersebut. dengan jumlah valas yang sama perusahaan akan memperoleh jumlah mata uang lokal yang lebih banyak apabila dikonversikan.6 metodologi penelitian ini merupakan jenis penelitian deskriptifkorelasional (kausal) yang akan menjelaskan adakah hubungan dan seberapa besar pengaruh tiaptiap variabel bebas yaitu variabel makro ekonomi (m2, kurs, suku bunga sbi) terhadap variabel terikatnya yaitu jakarta islamic index (jii). apakah pengaruhnya positif atau negatif. penelitian deskriptif merupakan penjelasan karakteristik, mengetahui profil, dan menjelaskan aspek yang relevan dari fe-nomena terhadap objek penelitian.7 teknik analisis data yang digunakan dalam penelitian ini adalah multi reggression (mr) dengan pendekatan vector error correction model (vecm), yang bertujuan untuk melihat hubungan jangka pendek dan menggunakan uji kointegrasi untuk melihat indikasi adanya hubungan jangka panjang. analisis data dilakukan dengan bantuan aplikasi komputer berupa program e-views 6. pengujian vecm baru dapat dilakukan bila terdapat indikasi adanya hubungan jangka panjang dengan menggunakan uji kointegrasi. variabel 5 alfian merancia, pengaruh variabel makro ekonomi dan indeks regional terhadap risiko jakarta islamic index (jii) dan indeks harga saham gabungan(ihsg), jakarta: tesis program pascasarjana ilmu ekonomi universitas indonesia, 2010. 6 utami baroroh, analisis pola dampak dinamis return saham akibat guncangan (shock) pada variable makro ekonomi indonesia. jakarta: jurnal esensi vol. 2 feb uin, 2011. 7 mustafa edwin nasution dan hardius usman, proses penelitian kuantitatif, (jakarta: lp-feu, 2007). variabel dikatakan terkointegrasi bila stasioner pada ordo yang sama. untuk menguji kestasioneran data, maka pada penelitian ini digunakan augmented dickey fuller (adf) test. dalam adf test dilakukan dengan menambah (augmenting) nilai lag pada variabel dependen. secara spesifik, tes adf mengikuti persamaan berikut ini: δyt = β1 + β2t + δyt-1 + ∑ α δy t-1 + έt. dalam penelitian ini data yang digunakan adalah data natural log (ln) dari variabel-variabel tersebut kecuali variabel yang sudah dalam dalam satuan presentase. transformasi ini berguna untuk memecahkan persamaan yang tidak diketahui yang merupakan pangkat dari variabel lain. model log-log yaitu model yang menyatakan ukuran elastisitas y terhadap x, yaitu ukuran persentasi perubahan dalam y bila diketahui perubahan persentasi x. dengan model ln_y = α +β1 ln_x + ε. model logaritma merupakan suatu ukuran pertumbuhan (growth rate) bila β > 0 atau merupakan suatu ukuran penyusutan (decay) bila β < 0. oleh karena itu model ini juga disebut dengan model pertumbuhan.8 model yang digunakan adalah: model.ln_ jii=α+ln_kurs+ln_m2+ sbi+ε keterangan: ln_jii = pertumbuhan jakarta islamic indeks ln_kurs = perubahan kurs rupiah terhadap dollar as ln_m2 = pertumbuhan jumlah uang beredar dalam arti luas sbi = suku bunga sbi α = intercept atau konstanta β = koefisien regresi 1...4 ε = standard error analisis dan pembahasan uji akar unit (unit root test) pada tahap pertama karekteristik data diuji dengan menggunakan uji akar unit. uji akar unit diperlukan untuk mengetahui kestasioneran data. menurut gujarati, kestasioneran data terpenuhi apabila satu rangkaian data runut waktu (time series data) memiliki rata-rata (mean) dan varian (variance) yang konstan sepanjang waktu, selain itu nilai kovarian (covariance) antar dua periode waktu hanya tergantung pada jarak atau lag dua periode waktu tersebut dan tidak tergantung pada waktu. semua data yang digunakan dipilih dalam bentuk loga 8 n.d. nachrowi & h. usman, pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan, (jakarta: lembaga penerbit fakultas ekonomi universitas indonesia, 2006). yoghi citra pratama: analisis responsivitas bursa syariah oleh variabel makro ekonomi264 ritma natural (ln) kecuali data yang berbentuk persen, salah satu alasannya adalah untuk menyederhanakan analisis. pengujian kestasioneran data time series merupakan syarat utama dalam melakukan uji kointegrasi, bila satu data time series tidak stasioner maka model tersebut akan mengalami masalah unit root, sehingga dalam mengatasinya dilakukan uji unit root (unit root test). dalam penelitian ini uji akar unit dilakukan dengan menggunakan metode augmented dickey fuller test (adf test). variabel yang memiliki nilai lebih kecil dibandingkan dengan mc kinnon-nya maka variabel tersebut telah stasioner. pengujian akar unit juga dapat ditentukan oleh nilai critical value-nya, apabila nilai adf-nya lebih besar dari nilai critical value-nya maka variabel tersebut stasioner, sebaliknya apabila jika nila adf-nya lebih kecil dari nilai critical value 5% maka data tersebut tidak stasioner. hasil dari pengujian akar unit dapat dilihat dari tabel berikut: tabel 3.1 uji augmented dickey fuller no variabel level ho = tidak stasioner ha = stasioner adf test cv 5% 1 lnjii -1.953144 -2.900670 tidak stasioner 2 lnkurs -1.957714 -2.900137 tidak stasioner 3 lnm2 -0.006858 -2.900137 stasioner 4 sbi -1.939692 -2.900670 tidak stasioner tabel di atas menunjukkan hasil uji akar unit dengan menggunakan adf test. data tabel di atas diketahui tiga variabel tidak stasioner pada tingkat level, hanya satu variabel yang stasioner pada tingkat level yaitu variabel m2, hal tersebut ditunjukkan oleh nilai adf > cv 5%. dengan kata lain tiga variabel mengalami masalah akar unit, oleh karena itu perlu dilanjutkan dengan uji derajat integrasi pertama, dan karena semua variabel harus berada pada derajat integrasi yang sama, maka variabel m2 juga harus diuji lagi pada derajat pertama. tabel 3.2 uji aumented dickey fuller (first diffrencing) no variabel level ho = tidak stasioner ha = stasioner adf test cv 5% al-iqtishad: vol. iv, no. 2, juli 2012 265 ritma natural (ln) kecuali data yang berbentuk persen, salah satu alasannya adalah untuk menyederhanakan analisis. pengujian kestasioneran data time series merupakan syarat utama dalam melakukan uji kointegrasi, bila satu data time series tidak stasioner maka model tersebut akan mengalami masalah unit root, sehingga dalam mengatasinya dilakukan uji unit root (unit root test). dalam penelitian ini uji akar unit dilakukan dengan menggunakan metode augmented dickey fuller test (adf test). variabel yang memiliki nilai lebih kecil dibandingkan dengan mc kinnon-nya maka variabel tersebut telah stasioner. pengujian akar unit juga dapat ditentukan oleh nilai critical value-nya, apabila nilai adf-nya lebih besar dari nilai critical value-nya maka variabel tersebut stasioner, sebaliknya apabila jika nila adf-nya lebih kecil dari nilai critical value 5% maka data tersebut tidak stasioner. hasil dari pengujian akar unit dapat dilihat dari tabel berikut: tabel 3.1 uji augmented dickey fuller no variabel level ho = tidak stasioner ha = stasioner adf test cv 5% 1 lnjii -1.953144 -2.900670 tidak stasioner 2 lnkurs -1.957714 -2.900137 tidak stasioner 3 lnm2 -0.006858 -2.900137 stasioner 4 sbi -1.939692 -2.900670 tidak stasioner tabel di atas menunjukkan hasil uji akar unit dengan menggunakan adf test. data tabel di atas diketahui tiga variabel tidak stasioner pada tingkat level, hanya satu variabel yang stasioner pada tingkat level yaitu variabel m2, hal tersebut ditunjukkan oleh nilai adf > cv 5%. dengan kata lain tiga variabel mengalami masalah akar unit, oleh karena itu perlu dilanjutkan dengan uji derajat integrasi pertama, dan karena semua variabel harus berada pada derajat integrasi yang sama, maka variabel m2 juga harus diuji lagi pada derajat pertama. tabel 3.2 uji aumented dickey fuller (first diffrencing) no variabel level ho = tidak stasioner ha = stasioner adf test cv 5% 1 lnjii -6.315602 -2.900670 stasioner 2 lnkurs -7.319622 -2.901217 stasioner 3 lnm2 -8.422117 -2.901217 stasioner 4 sbi -4.494539 -2.900670 stasioner dari tabel di atas dapat diketahui bahwa nilai adf lebih besar dari nila critical value, maka data dari variabel di atas dapat disimpulkan sudah stasioner secara keseluruhan. penetapan lag optimal tahap berikutnya adalah penetapan lag optimal. penetapan lag optimal sangat penting karena variabel independen yang digunakan tidak lain adalah lag dari variabel endogennya. penetapan lag optimal dilakukan dengan berdasarkan pada nilai schwartz information criterion (aic). pemilihan lag optimal dilakukan sebelum uji kointegrasi, hal ini penting dilakukan sebelum mengestimasi model vector autoregressive (var) (gujarati, 2007). pemilihan panjang lag optimal dalam model var terutama untuk menghindarai adanya serial korelasi antara error term dengan variabel endogen dalam model yang dapat mengakibatkan estimator menjadi tidak konsisten. untuk menetapkan lag optimal dapat dilakukan dengan menggunakan nilai akaike information criteria (aic), final prediction error (fpe), hannan-quinn information criterion (hq), dan schwarz information criteria (sc) yang terkecil. tabel 3.3 uji lag lenght lag logl lr fpe aic sc hq 0 49.22606 na 3.23e-06 -1.292173 -1.163688 -1.241137 1 411.0062 671.8774 1.65e-10 -11.17161 -10.52918 -10.91643 2 445.3054 59.77851* 9.86e-11* -11.69444* -10.53807* -11.23511* 3 460.4937 24.73536 1.02e-10 -11.67125 -10.00094 -11.00778 4 474.9733 21.92614 1.09e-10 -11.62781 -9.443555 -10.76020 5 483.8585 12.43934 1.39e-10 -11.42453 -8.726334 -10.35277 6 503.6388 25.43183 1.31e-10 -11.53254 -8.320402 -10.25664 7 520.6680 19.94851 1.38e-10 -11.56194 -7.835866 -10.08190 dalam penelitian ini besarnya lag yang dipilih adalah berdasarkan nilai sc terkecil. dan dari tabel di atas diketahui bahwa semua tanda bintang menunjukkan pada lag 2. hal ini menunjukkan bahwa lag optimal yang direkomendasikan adalah lag 2. yoghi citra pratama: analisis responsivitas bursa syariah oleh variabel makro ekonomi266 uji kausalitas granger uji kausalitas granger dilakukan untuk mengetahui ada tidaknya hubungan dua arah antar variabel. tabel 3.4 rangkuman hasil uji kausalitas granger null hypothesis: obs f-statistic prob. kurs does not granger cause jii 75 2.40562 0.0976 jii does not granger cause kurs 5.98765 0.0040 m2 does not granger cause jii 75 1.43429 0.2452 jii does not granger cause m2 0.96833 0.3847 sbi does not granger cause jii 75 2.87989 0.0628 jii does not granger cause sbi 3.50535 0.0354 m2 does not granger cause kurs 75 0.55596 0.5760 kurs does not granger cause m2 4.33915 0.0167 sbi does not granger cause kurs 75 0.45862 0.6340 kurs does not granger cause sbi 2.17679 0.1210 sbi does not granger cause m2 75 0.12504 0.8827 m2 does not granger cause sbi 4.42245 0.0155 dari uji kausalitas granger di atas dapat disimpulkan bahwa ada variabel yang memiliki hubungan dua arah yaitu kurs dengan jii, dan sbi dengan jii, hal ini mengindikasikan bahwa fluktuasi kurs dan jii saling memengaruhi. serta antara sbi dan jii juga saling memengaruhi hal ini sesuai dengan teori preferensi likuiditas dari keynes, yaitu apabila otoritas moneter melakukan kebijakan melalui jalur sbi dengan meningkatkan suku bunga sbi maka masyarakat akan lebih banyak mengalokasikan dana nya dalam bentuk tabungan. uji kointegrasi salah satu pendekatan yang dapat digunakan dalam uji kointegrasi adalah dengan metode johansen. uji kointegrasi metode johansen digunakan dalam uji konitegrasi dengan model multivariat. uji ini dapat dianalisis melalui model var dengan ordo p yang ditujikan dengan persamaan: yt = a1yt-1 +…….+ apyt-p + bπt +έ di mana: yt : vector-k pada variabel-variabel yang tidak stasioner πt : vector-d pada variabel deterministik έ : vector inovasi al-iqtishad: vol. iv, no. 2, juli 2012 267 uji kausalitas granger uji kausalitas granger dilakukan untuk mengetahui ada tidaknya hubungan dua arah antar variabel. tabel 3.4 rangkuman hasil uji kausalitas granger null hypothesis: obs f-statistic prob. kurs does not granger cause jii 75 2.40562 0.0976 jii does not granger cause kurs 5.98765 0.0040 m2 does not granger cause jii 75 1.43429 0.2452 jii does not granger cause m2 0.96833 0.3847 sbi does not granger cause jii 75 2.87989 0.0628 jii does not granger cause sbi 3.50535 0.0354 m2 does not granger cause kurs 75 0.55596 0.5760 kurs does not granger cause m2 4.33915 0.0167 sbi does not granger cause kurs 75 0.45862 0.6340 kurs does not granger cause sbi 2.17679 0.1210 sbi does not granger cause m2 75 0.12504 0.8827 m2 does not granger cause sbi 4.42245 0.0155 dari uji kausalitas granger di atas dapat disimpulkan bahwa ada variabel yang memiliki hubungan dua arah yaitu kurs dengan jii, dan sbi dengan jii, hal ini mengindikasikan bahwa fluktuasi kurs dan jii saling memengaruhi. serta antara sbi dan jii juga saling memengaruhi hal ini sesuai dengan teori preferensi likuiditas dari keynes, yaitu apabila otoritas moneter melakukan kebijakan melalui jalur sbi dengan meningkatkan suku bunga sbi maka masyarakat akan lebih banyak mengalokasikan dana nya dalam bentuk tabungan. uji kointegrasi salah satu pendekatan yang dapat digunakan dalam uji kointegrasi adalah dengan metode johansen. uji kointegrasi metode johansen digunakan dalam uji konitegrasi dengan model multivariat. uji ini dapat dianalisis melalui model var dengan ordo p yang ditujikan dengan persamaan: yt = a1yt-1 +…….+ apyt-p + bπt +έ di mana: yt : vector-k pada variabel-variabel yang tidak stasioner πt : vector-d pada variabel deterministik έ : vector inovasi tabel 3.5 uji kointegrasi johannsen unrestricted cointegration rank test (trace) hypothesized trace 0.05 no. of ce(s) eigenvalue statistic critical value prob.** none * 0.388189 69.82480 63.87610 0.0145 at most 1 0.213322 32.97495 42.91525 0.3377 at most 2 0.114500 14.97971 25.87211 0.5762 at most 3 0.075153 5.859514 12.51798 0.4784 trace test indicates 1 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **mackinnon-haug-michelis (1999) p-values unrestricted cointegration rank test (maximum eigenvalue) hypothesized max-eigen 0.05 no. of ce(s) eigenvalue statistic critical value prob.** none * 0.388189 36.84985 32.11832 0.0122 at most 1 0.213322 17.99524 25.82321 0.3776 at most 2 0.114500 9.120193 19.38704 0.7120 at most 3 0.075153 5.859514 12.51798 0.4784 max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **mackinnon-haug-michelis (1999) p-values berdasarkan uji kointegrasi di atas data variabel pada model, yang ditunjukkan pada tabel di atas terdapat satu persamaan kointegrasi pada taraf signifikan 5%. hal ini ditunjukkan dari nilai trace dan max eigen yang lebih besar dari nilai critical value-nya. maka antar variabel jii dengan m2, kurs, dan sbi, memiliki sifat linear combination yang bersifat stasioner (kointegrasi). adanya kointegrasi menunjukkan terdapat hubungan jangka panjang antarvariabel tersebut. estimasi vecm perilaku dinamis dari model vecm dapat dilihat melalui respons dari setiap variabel endogen terhadap kejutan pada variabel tersebut maupun terhadap variabel endogen lainnya. ada dua cara untuk dapat melihat karakteristik dinamis model vecm, yaitu melalui irf function dan variance decomposition. sebelum mengaplikasikan dan menganalisis model vecm, maka perlu ditentukan panjang lag. lag optimal jika model memiliki akaike aic dan schwartz sc yang terkecil, tetapi metode ini memiliki kelemahan yaitu seringkali terjadi setiap pengurangan lag akan menghasilkan nilai akaike aic dan schwartz sc yang lebih yoghi citra pratama: analisis responsivitas bursa syariah oleh variabel makro ekonomi268 kecil. adanya kelemahan ini didasarkan pada pendekatan stok yaitu k = n1/3, maka lag yang digunakan adalah lag 2. impulse response function impulse response adalah respons variabel endogen akibat adanya inovasi (kejutan) dari variabel endogen yang lain. dengan menggunakan analisis impuls response dapat disimulasikan dampak perubahan salah satu variabel independen terhadap fluktuasi variabel dependennya pada masa yang akan datang. hasil pengolahan impuls response pada gambar di atas yaitu pada kolom kedua baris pertama menunjukkan pada awalnya variabel makro kurs tidak direspons oleh jii namun pada periode kedua dan seterusnya menunjukkan bahwa jii merespons kurs secara positif. pada kolom ketiga baris pertama m2 pada awalnya tidak direspon oleh jii namun pada periode kedua jii merespon guncangan m2 secara negatif dan cenderung membawa jii pada respons positif dalam keseimbangan jangka panjangnya. pada kolom keempat baris pertama sbi pada awalnya tidak direspons oleh jii namun pada periode kedua jii merespons guncangan sbi secara negatif. pada umumnya variabel di atas memberikan kecenderungan membawa jii pada titik keseimbangan baru. variance decomposition analisis dekomposisi varian berfungsi untuk mengetahui setiap besarnya peran guncangan dalam menjelasakan variabilitas atau dinamika suatu variabel. dinamika suat variabel dapat dianalisis dengan menggunakan dekomposisi ragam kesalahan peramalan yang di orthogonalisasi (orthogonalized forecast error variance decomposition/fevd). dekomposisi varian merupakan metode lain dari sistem dinamik dengan menggunakan analisis var/vecm. jika respons terhadap guncangan menunjukkan efek dari sebuah kebijakan (shock) variabel endogen terhadap variabel lain maka dekomposisi varian (ragam peramalan), akan menguraikan inovasi pada sebuah variabel endogen terhadap guncangan variabel lain di dalam var. tabel 3.7 hasil uji variance decomposition variance decomposition of djii: period s.e. djii dkurs dm2 dsbi 1 0.078458 100.0000 0.000000 0.000000 0.000000 2 0.127031 95.99291 1.813326 1.826217 0.367550 3 0.166712 91.76560 4.480034 1.946479 1.807889 al-iqtishad: vol. iv, no. 2, juli 2012 269 kecil. adanya kelemahan ini didasarkan pada pendekatan stok yaitu k = n1/3, maka lag yang digunakan adalah lag 2. impulse response function impulse response adalah respons variabel endogen akibat adanya inovasi (kejutan) dari variabel endogen yang lain. dengan menggunakan analisis impuls response dapat disimulasikan dampak perubahan salah satu variabel independen terhadap fluktuasi variabel dependennya pada masa yang akan datang. hasil pengolahan impuls response pada gambar di atas yaitu pada kolom kedua baris pertama menunjukkan pada awalnya variabel makro kurs tidak direspons oleh jii namun pada periode kedua dan seterusnya menunjukkan bahwa jii merespons kurs secara positif. pada kolom ketiga baris pertama m2 pada awalnya tidak direspon oleh jii namun pada periode kedua jii merespon guncangan m2 secara negatif dan cenderung membawa jii pada respons positif dalam keseimbangan jangka panjangnya. pada kolom keempat baris pertama sbi pada awalnya tidak direspons oleh jii namun pada periode kedua jii merespons guncangan sbi secara negatif. pada umumnya variabel di atas memberikan kecenderungan membawa jii pada titik keseimbangan baru. variance decomposition analisis dekomposisi varian berfungsi untuk mengetahui setiap besarnya peran guncangan dalam menjelasakan variabilitas atau dinamika suatu variabel. dinamika suat variabel dapat dianalisis dengan menggunakan dekomposisi ragam kesalahan peramalan yang di orthogonalisasi (orthogonalized forecast error variance decomposition/fevd). dekomposisi varian merupakan metode lain dari sistem dinamik dengan menggunakan analisis var/vecm. jika respons terhadap guncangan menunjukkan efek dari sebuah kebijakan (shock) variabel endogen terhadap variabel lain maka dekomposisi varian (ragam peramalan), akan menguraikan inovasi pada sebuah variabel endogen terhadap guncangan variabel lain di dalam var. tabel 3.7 hasil uji variance decomposition variance decomposition of djii: period s.e. djii dkurs dm2 dsbi 1 0.078458 100.0000 0.000000 0.000000 0.000000 2 0.127031 95.99291 1.813326 1.826217 0.367550 3 0.166712 91.76560 4.480034 1.946479 1.807889 4 0.200719 89.16557 5.683611 1.458542 3.692279 5 0.234040 87.06212 6.624655 1.190235 5.122991 6 0.266132 85.47390 7.553440 1.049542 5.923119 7 0.295153 84.35614 8.356635 0.904522 6.382701 8 0.321129 83.61329 9.017798 0.790111 6.578805 9 0.344472 83.21111 9.522714 0.707423 6.558755 10 0.365358 83.05459 9.895045 0.642789 6.407576 tabel di atas menjelaskan tentang variance decomposition dari variabel djii, yaitu variabel apa saja dan seberapa besar variabel tersebut memengaruhi variabel djii. pada periode pertama varabel djii dipengaruhi oleh variabel itu sendiri (100%). namun pada periode selanjutnya pengaruh djii terhadap djii itu sendiri berkurang. pada periode kedua variabel yang terbesar memengaruhi variabel djii selain variabel djii itu sendiri adalah dm2 yang memberikan pengaruh sebesar 1,82% periode selanjutnya pengaruh djii berkurang secara bertahap terhadap variabel itu sendiri, hingga pada periode ke-10 pengaruh djii terhadap dirinya sendiri menjadi 83,05%, variabel yang memengaruhi djii terbesar kedua pada periode ke-10 adalah variabel dkurs yang memiliki pengaruh sebesar 9,89% dan yang memberikan pengaruh terkecil pada djii adalah dm2 yang memberikan pengaruh sebesar 0,64% . penutup hasil pengolahan impuls respon function pada gambar di atas menunjukkan secara umum tersebut menunjukkan bahwa pengaruh variabel makro yang di-proxy-kan oleh m2, kurs dan suku bunga sbi tidaklah besar. pada umumnya variabel di atas memberikan respons negatif terhadap jii dan hanya kurs yang direspons positif oleh jii serta memiliki kecenderungan membawa jii pada titik keseimbangan baru. berdasarkan variance decomposition di atas dapat disimpulkan bahwa variabel jii dipengaruhi oleh variabel itu sendiri dari periode pertama sampai periode ke-10. pengaruh variabel lain seperti m2, kurs dan suku bunga sbi tidak memberikan pengaruh yang signifikan sampai periode kesepuluh karena nilainya di bawah 10%. fenomena ini menunjukkan bahwa pasar modal syariah yang di-proxy-kan oleh jii lebih stabil oleh pengaruh guncangan variabel makro. daya tahan pasar modal syariah terhadap krisis seharusnya semakin meyakinkan pemerintah dan pelaku pasar untuk ikut terlibat mengembangkan instrumen syariah. ini dapat menjadi catatan bagi stakeholder pasar modal untuk lebih memerhatikan lagi dan memperkuat eksistensi dan peran pasar modal yang berbasiskan syariah yoghi citra pratama: analisis responsivitas bursa syariah oleh variabel makro ekonomi270 seperti jii dalam pasar modal nasional, sehingga pasar modal syariah dapat memberikan kontribusi yang signifikan dalam perkembangan dan pertumbuhan ekonomi, khususnya dalam sektor keuangan. 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business faculty, 3/8, universitas lampung, lampung, 2003. sharma, p. & gounder, n., “determinants of bank net interest margins in a small island developing economy: panel evidence from fiji. griffith university, department of accounting, finance and economics. discussion papers in finance: 2011. shen, c.-h., kuo, c.-j., and chen, h.-j., “determinants of net interest margins in taiwan banking industry”, taiwan: journal of financial studies, vol. 9, 2001. penerapan metode multiple discriminant analysis untuk mengukur tingkat kesehatan yang mengindikasikan gejala financial distress pada bank umum syariah shofaun nada abstract: the application of multiple discriminant analysis method (mda) for measuring health symptoms that indicate financial distress in islamic banks (bus). this research aims to account, analyse and compare the level of islamic commercial bank’s health using camels method mentioned in pbi no.9/1/pbi/2007 and sebi no 9/24/dpbs/2007 and using multiple discriminant analysis (mda) altman z-score method. there are only four of six factors that used in camels: capital, asset, earning and liquidity excluding management and sensitivity of market risk factor. the variables of capital factors are kpmm and ecr ratio. asset factor consist of kap and npf ratio. earning factor contains four ratios, such as nom, roa, roe and reo. keywords: healthy bank, camels, financial distress abstrak: penerapan metode multiple discriminant analysis (mda) untuk mengukur tingkat kesehatan yang mengindikasikan gejala financial distress pada bank umum syariah (bus). penelitian ini bermaksud menjelaskan, menganalisis, dan membandingkan tingkat kesehatan bank komersil syariah dengan menggunakan metode camels sesuai dengan pbi no.9/1/pbi/2007 dan sebi no 9/24/dpbs/2007 serta menggunakan analisis diskriminan altman metode z-score (mda). hanya ada empat dari enam faktor yang digunakan dalam metode camels, yakni: capital, asset, earning, dan liquidity. sedangkan manajemen dan sensitivitas faktor risiko pasar tidak termasuk di dalamnya. adapun variabel faktor capital adalah rasio kpmm dan ecr. faktor aset terdiri atas rasio kap dan npf. faktor produktif berisi empat rasio, seperti nom, roa, roe, dan reo. kata kunci: bank sehat, camels, finansial distress naskah diterima: 5 januari 2013, direvisi: 1 juni 2013, disetujui: 13 juni 2013.  himpunan ilmuwan dan sarjana syariah indonesia (hissi). jl. ir. h. juanda, ciputat, tangerang selatan, banten. e-mail: shofa.nada@gmail.com shofaun nada: penerapan metode multiple discriminant analysis 220 pendahuluan eksistensi bank syariah saat ini kian popular. antusiasme masyarakat terhadap lembaga keuangan yang terbilang baru dalam kancah perekonomian indonesia ini semakin meningkat, termasuk di kalangan pebisnis. sebagai lembaga keuangan yang memiliki wewenang melakukan banyak aktivitas, bank syariah dihadapkan pada pelbagai macam risiko inherent (melekat). risiko yang mungkin terjadi dapat menimbulkan kerugian bagi bank jika tidak dideteksi dan dikelola sedini mungkin. pelbagai eksposur risiko tersebut bisa berupa penurunan tingkat kesehatan bank hingga risiko kebangkrutan. salah satu contoh kasus mengenai risiko yang dihadapi perbankan adalah krisis moneter tahun 1997. krisis moneter telah memporak-porandakan sendi-sendi perekonomian yang kemudian bertransformasi menjadi krisis ekonomi berkepanjangan yang memberikan efek negatif terhadap kinerja perekonomian indonesia. kondisi tersebut tercermin dari banyaknya sejumlah bank yang collapse karena dianggap tidak mampu lagi mempertahankan going concern-nya sehingga terpaksa dilikuidasi.1 oleh karena itu, untuk mengantisipasi agar kejadian di tahun 1997 tidak terulang kembali diperlukan suatu tindakan sedini mungkin untuk mengukur kondisi serta tingkat kesehatan bank. metode penilaian untuk menilai kondisi kesehatan bank termasuk bank syariah sangat variatif. salah satu metode yang juga merupakan aturan baku mengenai teknik penilaian kesehatan bank syariah adalah metode camels. teknik penilaian ini dikeluarkan oleh bank indonesia pada tanggal 24 januari 2007 melalui peraturan bank indonesia (pbi) no.9/1/dpbs/2007. metode lain yang dapat digunakan ialah metode multiple discriminant analysis (mda) yang dipelopori oleh edward i. altman. teknik penilaian ini dilakukan untuk menilai eksistensi gejala financial distress (kesulitan keuangan) yang mengarah pada kebangkrutan. berdasarkan latar belakang di atas, maka permasalahan yang akan diangkat dalam studi ini adalah bagaimana tingkat kesehatan bank jika menggunakan metode camels serta menggunakan metode mda altman z-score guna menilai eksistensi gejala financial distress pada bank umum syariah. ruang lingkup studi mengenai tingkat kesehatan bank umum syariah, dibatasi pada hal-hal sebagai berikut: pertama, teknik analisis perhitungan rasio tingkat kesehatan bank menggunakan metode camels hanya menggunakan empat dari enam unsur yang ada yaitu, capital, asset, earning dan liquidity. faktor management dan sensitivity to market risk tidak diikutsertakan karena penelitian ini sepenuhnya 1 louisa br simanjuntak, analisa tingkat kesehatan untuk mengindikasi gejala financial distress dengan menggunakan metode multiplediscriminant analysis (mda), (jakarta: fakultas ekonomi universitas trisakti, 2003), h. 1. al-iqtishad: vol. v, no. 2, juli 2013 221 pendahuluan eksistensi bank syariah saat ini kian popular. antusiasme masyarakat terhadap lembaga keuangan yang terbilang baru dalam kancah perekonomian indonesia ini semakin meningkat, termasuk di kalangan pebisnis. sebagai lembaga keuangan yang memiliki wewenang melakukan banyak aktivitas, bank syariah dihadapkan pada pelbagai macam risiko inherent (melekat). risiko yang mungkin terjadi dapat menimbulkan kerugian bagi bank jika tidak dideteksi dan dikelola sedini mungkin. pelbagai eksposur risiko tersebut bisa berupa penurunan tingkat kesehatan bank hingga risiko kebangkrutan. salah satu contoh kasus mengenai risiko yang dihadapi perbankan adalah krisis moneter tahun 1997. krisis moneter telah memporak-porandakan sendi-sendi perekonomian yang kemudian bertransformasi menjadi krisis ekonomi berkepanjangan yang memberikan efek negatif terhadap kinerja perekonomian indonesia. kondisi tersebut tercermin dari banyaknya sejumlah bank yang collapse karena dianggap tidak mampu lagi mempertahankan going concern-nya sehingga terpaksa dilikuidasi.1 oleh karena itu, untuk mengantisipasi agar kejadian di tahun 1997 tidak terulang kembali diperlukan suatu tindakan sedini mungkin untuk mengukur kondisi serta tingkat kesehatan bank. metode penilaian untuk menilai kondisi kesehatan bank termasuk bank syariah sangat variatif. salah satu metode yang juga merupakan aturan baku mengenai teknik penilaian kesehatan bank syariah adalah metode camels. teknik penilaian ini dikeluarkan oleh bank indonesia pada tanggal 24 januari 2007 melalui peraturan bank indonesia (pbi) no.9/1/dpbs/2007. metode lain yang dapat digunakan ialah metode multiple discriminant analysis (mda) yang dipelopori oleh edward i. altman. teknik penilaian ini dilakukan untuk menilai eksistensi gejala financial distress (kesulitan keuangan) yang mengarah pada kebangkrutan. berdasarkan latar belakang di atas, maka permasalahan yang akan diangkat dalam studi ini adalah bagaimana tingkat kesehatan bank jika menggunakan metode camels serta menggunakan metode mda altman z-score guna menilai eksistensi gejala financial distress pada bank umum syariah. ruang lingkup studi mengenai tingkat kesehatan bank umum syariah, dibatasi pada hal-hal sebagai berikut: pertama, teknik analisis perhitungan rasio tingkat kesehatan bank menggunakan metode camels hanya menggunakan empat dari enam unsur yang ada yaitu, capital, asset, earning dan liquidity. faktor management dan sensitivity to market risk tidak diikutsertakan karena penelitian ini sepenuhnya 1 louisa br simanjuntak, analisa tingkat kesehatan untuk mengindikasi gejala financial distress dengan menggunakan metode multiplediscriminant analysis (mda), (jakarta: fakultas ekonomi universitas trisakti, 2003), h. 1. menggunakan data sekunder berupa laporan keuangan yang telah diaudit secara independen. kedua, objek penelitian ini adalah bank-bank syariah di indonesia yang telah menjalankan kegiatan operasional minimal lima tahun. dari sekian bank syariah yang ada di indonesia, hanya tiga bank yang memenuhi kriteria, yakni: bank muamalat indonesia (bmi), bank syariah mandiri (bsm), dan bank mega syariah (bms). ketiga, aspek penelitian yang dikaji adalah pure (murni) hasil perhitungan kondisi kesehatan bank syariah (bmi, bsm, dan bms) yang menggunakan unsur capital, assets, earning dan liquidity serta metode multiple discriminant analysis (mda) milik altman. penelitian ini tidak memasukan unsur eksternal berupa keadaan ekonomi negara, kebijakan pemerintah, inflasi, dan deflasi. metodologi metode penelitian yang digunakan dalam penelitian ini adalah kuantitatif. objek penelitian adalah bank umum syariah yang telah beroperasi minimal lima tahun ya-itu, bank muamalat indonesia, bank syariah mandiri dan bank mega syariah dengan kurun waktu empat tahun yaitu periode 2007-2010. jenis data dalam penelitian ini ialah data dokumenter berupa laporan keuangan tahunan yang telah diaudit secara independen. sementara sumber data yang diperoleh berupa data sekunder yakni pelbagai laporan keuangan yang dikeluarkan oleh sejumlah lembaga yang berwenang, seperti bank indonesia dan bank-bank umum syariah yang menjadi target penelitian. data-data laporan tersebut tersedia di situs resmi bi dan bus yang menjadi objek penelitian. metode analisis data yang digunakan adalah teknik analisis rasio kesehatan camels—yang dalam penelitian ini hanya digunakan faktor capital, assets, earnings, dan liquidit—serta metode multiple discriminant analysis (mda) altman z-score. perhitungan faktor capital, assets, earnings, dan liquidity digunakan untuk menilai serta menganalisis tingkat kesehatan bank syariah yang menjadi objek penelitian. pasca diketahui status atau kondisi tingkat kesehatan bank-bank syariah tersebut, maka tahap selanjutnya adalah menilai serta mengukur eksistensi gejala financial distress menggunakan metode mda. multiple discriminant analysis (mda) atau disebut juga dengan analisis diskriminan ganda. pada dasarnya, analisis diskriminan merupakan suatu teknik analisis yang bertujuan untuk mengelompokkan atau memasukkan suatu objek ke dalam suatu grup. perbedaan dengan analisis diskriminan biasa adalah terletak pada jumshofaun nada: penerapan metode multiple discriminant analysis 222 lah grup. jika pada analisis diskriminan hanya terdiri atas 1 atau 2 grup, pada analisis diskriminan ganda (mda) jumlah grup lebih dari 2.2 metode mda yang digunakan pada penelitian ini merupakan metode yang dipopulerkan oleh edward i. altman untuk mengukur gejala financial distress yang terdiri atas lima variabel rasio dengan masing-masing koefisien pengalinya (multiplier coefficient). setelah menghitung nilai dari masing-masing variabel yang terdiri atas variabel x1 sampai dengan x5 kemudian dikalikan dengan nnilai koefisien variabel masing-masing, maka akan didapatkan nilai z. jika nilai z < 1.81 maka perusahaan atau bank mengalami kesulitan keuangan dan risiko tinggi.untuk nilai z antara 1.81 – 2.99, bank dianggap berada pada daerah abu-abu (grey area) dan jika nilai z dia atas 2,99 maka bank berada dalam keadaan yang sehat dan kemungkinan akan adanya kebangkrutan sangat kecil.3 setelah diperoleh hasil berupa nilai z pada setiap bank di setiap tahunnya, penulis mencoba membuat formula berupa persamaan fungsi diskriminan baru yang dibuat berdasarkan hasil penelitian menggunakan formula altman. proses ini dilakukan dengan memasukan semua hasil penelitian ke dalam program spss 20.0 untuk selanjutnya diolah menggunakan analisis diskriminan guna mencari persamaan baru. hal ini bertujuan untuk membandingkan hasil penelitian yang menggunakan fungsi diskriminan milik altman dengan fungsi diskriminan baru, di mana jumlah dan nilai pada masing-masing “d” diperoleh dari hasil perhitungan menggunakan formula altman. hasil perhitungan capital, asset, earning dan liquidity pada bagian ini penulis memuat tabel hasil perhitungan tingkat kesehatan bank syariah (bmi, bsm dan bms) periode tahun 2007-2010 dengan menggunakan faktor capital, asset, earning dan liquidity. tabel hasil perhitungan dari setiap komponen tersebut dimasukan dalam kertas kerja penetapan peringkat komponen. tabel 1 : kertas kerja penetapan peringkat komponen bank muamalat indonesia (bmi) tahun 2007-2010 no komponen hasil perhitungan peringkat 2 bilson simamora, analisis multivariat pemasaran, (jakarta: pt. rajagrafindo persada, 2005), h. 143. 3 endri, “prediksi kebangkrutan bank untuk menghadapi dan mengeloal perubahan lingkungan bisnis: analisis model altman’s z-score”, perbanas quarterly review, volume 2, (maret, 2009), h. 43. al-iqtishad: vol. v, no. 2, juli 2013 223 lah grup. jika pada analisis diskriminan hanya terdiri atas 1 atau 2 grup, pada analisis diskriminan ganda (mda) jumlah grup lebih dari 2.2 metode mda yang digunakan pada penelitian ini merupakan metode yang dipopulerkan oleh edward i. altman untuk mengukur gejala financial distress yang terdiri atas lima variabel rasio dengan masing-masing koefisien pengalinya (multiplier coefficient). setelah menghitung nilai dari masing-masing variabel yang terdiri atas variabel x1 sampai dengan x5 kemudian dikalikan dengan nnilai koefisien variabel masing-masing, maka akan didapatkan nilai z. jika nilai z < 1.81 maka perusahaan atau bank mengalami kesulitan keuangan dan risiko tinggi.untuk nilai z antara 1.81 – 2.99, bank dianggap berada pada daerah abu-abu (grey area) dan jika nilai z dia atas 2,99 maka bank berada dalam keadaan yang sehat dan kemungkinan akan adanya kebangkrutan sangat kecil.3 setelah diperoleh hasil berupa nilai z pada setiap bank di setiap tahunnya, penulis mencoba membuat formula berupa persamaan fungsi diskriminan baru yang dibuat berdasarkan hasil penelitian menggunakan formula altman. proses ini dilakukan dengan memasukan semua hasil penelitian ke dalam program spss 20.0 untuk selanjutnya diolah menggunakan analisis diskriminan guna mencari persamaan baru. hal ini bertujuan untuk membandingkan hasil penelitian yang menggunakan fungsi diskriminan milik altman dengan fungsi diskriminan baru, di mana jumlah dan nilai pada masing-masing “d” diperoleh dari hasil perhitungan menggunakan formula altman. hasil perhitungan capital, asset, earning dan liquidity pada bagian ini penulis memuat tabel hasil perhitungan tingkat kesehatan bank syariah (bmi, bsm dan bms) periode tahun 2007-2010 dengan menggunakan faktor capital, asset, earning dan liquidity. tabel hasil perhitungan dari setiap komponen tersebut dimasukan dalam kertas kerja penetapan peringkat komponen. tabel 1 : kertas kerja penetapan peringkat komponen bank muamalat indonesia (bmi) tahun 2007-2010 no komponen hasil perhitungan peringkat 2 bilson simamora, analisis multivariat pemasaran, (jakarta: pt. rajagrafindo persada, 2005), h. 143. 3 endri, “prediksi kebangkrutan bank untuk menghadapi dan mengeloal perubahan lingkungan bisnis: analisis model altman’s z-score”, perbanas quarterly review, volume 2, (maret, 2009), h. 43. 2007 2008 2009 2010 1 permodalan a. kpmm 10.70% 11.49% 10.94% 12.80% 2 2 2 1 b. ecr 3.81 2.54 1.7 2.72 2 3 4 3 2 kualitas aset a. kap 0.97 0.97 0.96 0.96 2 2 2 2 b. npf 2.08% 2.07% 4.25% 3.82% 2 2 2 2 3 rentabilitas a. nom -0.47% -0.26% -0.56% -0.31% 5 5 5 5 b. roa 1.40% 1.99% 0.43% 1.53% 2 1 4 1 c. reo 91.61% 82.00% 93.47% 87.07% 5 2 5 4 d. roe 13.03% 18.59% 4.50% 15.33% 2 2 4 2 4 likuiditas a. stm 0.63% 0.59% 20.33% 14.42% 5 5 2 4 b. stmp 8.27% 5.91% 26.64% 20.61% 5 5 4 4 sumber: diolah dari laporan keuangan bank muamalat indonesia berdasarkan data statistik atas, masing-masing rasio dari tiap komponen mengalami fluktuasi dan cenderung progres. fakta menarik datang dari faktor kualitas aset. selama empat tahun, dua komponen rasio faktor tersebut yaitu rasio kap dan ecr senantiasa menduduki peringkat kedua. meskipun beberapa rasio ada yang mengalami penurunan, namun secara keseluruhan bank muamalat indonesia cukup mampu mempertahankan kondisi kesehatannya. tabel 2 : kertas kerja penetapan peringkat komponen bank syariah mandiri (bsm) tahun 2007-2010 no komponen hasil perhitungan peringkat 2007 2008 2009 2010 1 permodalan a. kpmm 9.20% 6.93% 7.61% 5.74% 2 4 4 5 b. ecr 1.06 1.86 1.96 2.27 4 4 4 3 2 kualitas aset a. kap 0.94 0.97 0.97 0.98 3 2 2 2 b. npf 4.35% 5.64% 4.68% 3.44% 2 3 2 2 3 rentabilitas a. nom -0.32% -0.60% -0.41% -0.35% 5 5 5 5 b. roa 0.80% 1.35% 1.98% 2.69% 3 2 1 1 c. reo 106.21% 101.48% 93.06% 91.96% 5 5 5 5 d. roe 8.19% 13.93% 20.63% 29.68% 3 2 1 1 4 likuiditas shofaun nada: penerapan metode multiple discriminant analysis 224 a. stm 0.29% 0.00% 0.30% 0.00% 5 5 5 5 b. stmp 22.63% 18.02% 9.26% 5.01% 4 5 5 5 sumber: diolah dari laporan keuangan bank syariah mandiri kondisi yang serupa namun tak sama diperlihatkan oleh bank syariah mandiri. selama kurun waktu periode tahun 2007-2010, trend kesehatan bank jika dilihat per komponen rasio dari masing-masing faktor sangat variatif. selain ada beberapa rasio yang berfluktuasi, tidak sedikit pula rasio yang bersifat konsisten, salah satunya ialah rasio reo dan stm. hal menarik dari tabel di atas tak lain adalah nilai rasio kpmm pada bank syariah mandiri yang kian merosot. keadaan ini menjadi menarik lantaran bank syariah mandiri merupakan bank syariah terbesar di indonesia saat ini. akan tetapi, bank ini justru kurang baik dalam mengatur serta mengelola komposisi permodalan hingga harus menempati peringkat kelima pada tahun 2010 dengan nilai rasio kpmm yang hanya sebesar 5.74%. tabel 3 : kertas kerja penetapan peringkat komponen bank mega syariah (bms)tahun 2007-2010 no komponen hasil perhitungan peringkat 2007 2008 2009 2010 1 permodalan a. kpmm 10.86% 12.12% 20.83% 17.79% 2 1 1 1 b. ecr 7.32 7.22 5.47 5.4 1 1 1 1 2 kualitas aset a. kap 0.99 0.99 0.97 0.97 1 1 2 2 b. npf 0.57% 3.93% 8.52% 11.2% 1 2 4 4 3 rentabilitas a. nom -0.16% -0.36% -0.29% -0.2% 5 5 5 5 b. roa 3.14% 0.6% 2.13% 1.82% 1 3 1 1 c. reo 69.08% 93.58% 91.21% 92.48% 1 5 5 5 d. roe 26.39% 4.95% 19.06% 16.34% 1 4 2 2 4 likuiditas a. stm 0% 0% 0% 0% 5 5 5 5 b. stmp 36.64% 35.83% 14.91% 11.87% 3 3 5 5 sumber: diolah dari laporan keuangan bank mega syariah hasil penelitian di atas menggambarkan kondisi kesehatan bank mega syariah yang jika dilihat secara keseluruhan cukup baik. akan tetapi, jika dilihat per masingmasing rasio, akan terlihat kondisi yang berbeda. salah satu yang menjadi pusat al-iqtishad: vol. v, no. 2, juli 2013 225 a. stm 0.29% 0.00% 0.30% 0.00% 5 5 5 5 b. stmp 22.63% 18.02% 9.26% 5.01% 4 5 5 5 sumber: diolah dari laporan keuangan bank syariah mandiri kondisi yang serupa namun tak sama diperlihatkan oleh bank syariah mandiri. selama kurun waktu periode tahun 2007-2010, trend kesehatan bank jika dilihat per komponen rasio dari masing-masing faktor sangat variatif. selain ada beberapa rasio yang berfluktuasi, tidak sedikit pula rasio yang bersifat konsisten, salah satunya ialah rasio reo dan stm. hal menarik dari tabel di atas tak lain adalah nilai rasio kpmm pada bank syariah mandiri yang kian merosot. keadaan ini menjadi menarik lantaran bank syariah mandiri merupakan bank syariah terbesar di indonesia saat ini. akan tetapi, bank ini justru kurang baik dalam mengatur serta mengelola komposisi permodalan hingga harus menempati peringkat kelima pada tahun 2010 dengan nilai rasio kpmm yang hanya sebesar 5.74%. tabel 3 : kertas kerja penetapan peringkat komponen bank mega syariah (bms)tahun 2007-2010 no komponen hasil perhitungan peringkat 2007 2008 2009 2010 1 permodalan a. kpmm 10.86% 12.12% 20.83% 17.79% 2 1 1 1 b. ecr 7.32 7.22 5.47 5.4 1 1 1 1 2 kualitas aset a. kap 0.99 0.99 0.97 0.97 1 1 2 2 b. npf 0.57% 3.93% 8.52% 11.2% 1 2 4 4 3 rentabilitas a. nom -0.16% -0.36% -0.29% -0.2% 5 5 5 5 b. roa 3.14% 0.6% 2.13% 1.82% 1 3 1 1 c. reo 69.08% 93.58% 91.21% 92.48% 1 5 5 5 d. roe 26.39% 4.95% 19.06% 16.34% 1 4 2 2 4 likuiditas a. stm 0% 0% 0% 0% 5 5 5 5 b. stmp 36.64% 35.83% 14.91% 11.87% 3 3 5 5 sumber: diolah dari laporan keuangan bank mega syariah hasil penelitian di atas menggambarkan kondisi kesehatan bank mega syariah yang jika dilihat secara keseluruhan cukup baik. akan tetapi, jika dilihat per masingmasing rasio, akan terlihat kondisi yang berbeda. salah satu yang menjadi pusat perhatian sekaligus mencengangkan adalah fakta bahwa bank ini memiliki kualitas likuiditas yang sangat buruk. hal ini tercermin dari nilai rasio stm sebesar 0% dan itu terjadi secara kontinu selama empat tahun. kabar baiknya adalah rasio stmp yang setidaknya masih memiliki kemampuan dalam memenuhi kewajiban jangka pendek bank terhadap pihak-pihak lain, meskipun nilainya kian menurun di setiap tahun. hal ini jelas menjadi pekerjaan rumah bagi bank mega syariah untuk terus meningkatkan kinerja perusahaan. hasil perhitungan mda berikut ini disajikan tabel hasil perhitungan gejala financial distress dengan menggunakan metode multiple discriminant analysis mda altman z-score. a. bank muamalat indonesia (bmi) tabel 4: hasil perhitungan mda bank muamlat indonesia (bmi) tahun 2007-2010 tahun variabel x1 x2 x3 x4 x5 2007 -0.345 0.021 0.02 0.25 0.121 2008 -0.345 0.027 0.024 0.29 0.117 2009 -0.444 0.017 0.004 0.37 0.109 2010 -0.518 0.021 0.011 0.32 0.088 koefisien 0.717 0.847 3.107 0.42 0.998 z 2007 -0.24737 0.017787 0.06214 0.105 0.120758 0.05832 2008 -0.24737 0.022869 0.074568 0.1218 0.116766 0.088638 2009 -0.31835 0.014399 0.012428 0.1554 0.108782 -0.02734 2010 -0.37141 0.017787 0.034177 0.1344 0.0 87824 -0.09722 sumber: diolah dari laporan keuangan bank muamalat indonesia berdasarkan hasil perhitungan dengan menggunakan metode mda untuk mengetahui gejala financial distress pada bank muamalat indonesia, nilai zscore bank berada di bawah 1.81. ini berarti, bank muamalat indonesia mengalami kesulitan keuangan dan berisiko tinggi yang mengarah pada kebangkrutan. nilai z yang rendah ini salah satunya disebabkan oleh nilai variabel x1 yang kecil. nilai x1 yang mencapai angka minus dikarenakan jumlah kewajiban lancar yang lebih besar dibanding jumlah aktiva lancar. shofaun nada: penerapan metode multiple discriminant analysis 226 b. bank syariah mandiri (bsm) tabel 5 : hasil perhitungan mda bank syariah mandiri (bsm) tahun 2007-2010 tahun variabel x1 x2 x3 x4 x5 2007 -0.289 0.035 0.013 0.13 0.109 2008 -0.31 0.038 0.017 0.2 0.119 2009 -0.389 0.043 0.02 0.22 0.11 2010 -0.416 0.042 0.018 0.14 0.103 koefisien 0.717 0.847 3.107 0.42 0.998 z 2007 -0.20721 0.029645 0.040391 0.0546 0.108782 0.026205 2008 -0.22227 0.032186 0.052819 0.084 0.118762 0.065497 2009 -0.27891 0.036421 0.06214 0.0924 0.10978 0.021828 2010 -0.29827 0.035574 0.055926 0.0588 0.102794 -0.04518 sumber: diolah dari laporan keuangan bank syariah mandiri hasil penelitian terkait gejala financial distress pada bank syariah mandiri memberikan hasil yang senada dengan bank sebelumnya. bank syariah mandiri yang notabene merupakan bank syariah terbesar di indonesia, juga mengalami kesulitan keuangan bahkan dapat dikatakan bank ini bangkrut lantaran nilai z-score yang jauh dari standar minimum. faktor utama yang menjadi pemicu kondisi ini tak lain adalah nilai x1 yang sangat kecil hingga mencapai angka minus. c. bank mega syariah (bms) tabel 6: hasil perhitungan mda bank mega syariah (bms) tahun 2007-2010 tahun variabel x1 x2 x3 x4 x5 2007 -0.761 0.036 0.05 0.22 0.153 2008 -0.538 0.035 0.008 0.18 0.119 2009 -0.484 0.014 0.019 0.23 0.209 2010 -0.524 0.021 0.013 0.18 0.177 koefisien 0.717 0.847 3.107 0.42 0.998 z 2007 -0.54564 0.030492 0.15535 0.0924 0.152694 -0.1147 2008 -0.38575 0.029645 0.024856 0.0756 0.118762 -0.13688 al-iqtishad: vol. v, no. 2, juli 2013 227 b. bank syariah mandiri (bsm) tabel 5 : hasil perhitungan mda bank syariah mandiri (bsm) tahun 2007-2010 tahun variabel x1 x2 x3 x4 x5 2007 -0.289 0.035 0.013 0.13 0.109 2008 -0.31 0.038 0.017 0.2 0.119 2009 -0.389 0.043 0.02 0.22 0.11 2010 -0.416 0.042 0.018 0.14 0.103 koefisien 0.717 0.847 3.107 0.42 0.998 z 2007 -0.20721 0.029645 0.040391 0.0546 0.108782 0.026205 2008 -0.22227 0.032186 0.052819 0.084 0.118762 0.065497 2009 -0.27891 0.036421 0.06214 0.0924 0.10978 0.021828 2010 -0.29827 0.035574 0.055926 0.0588 0.102794 -0.04518 sumber: diolah dari laporan keuangan bank syariah mandiri hasil penelitian terkait gejala financial distress pada bank syariah mandiri memberikan hasil yang senada dengan bank sebelumnya. bank syariah mandiri yang notabene merupakan bank syariah terbesar di indonesia, juga mengalami kesulitan keuangan bahkan dapat dikatakan bank ini bangkrut lantaran nilai z-score yang jauh dari standar minimum. faktor utama yang menjadi pemicu kondisi ini tak lain adalah nilai x1 yang sangat kecil hingga mencapai angka minus. c. bank mega syariah (bms) tabel 6: hasil perhitungan mda bank mega syariah (bms) tahun 2007-2010 tahun variabel x1 x2 x3 x4 x5 2007 -0.761 0.036 0.05 0.22 0.153 2008 -0.538 0.035 0.008 0.18 0.119 2009 -0.484 0.014 0.019 0.23 0.209 2010 -0.524 0.021 0.013 0.18 0.177 koefisien 0.717 0.847 3.107 0.42 0.998 z 2007 -0.54564 0.030492 0.15535 0.0924 0.152694 -0.1147 2008 -0.38575 0.029645 0.024856 0.0756 0.118762 -0.13688 2009 -0.34703 0.011858 0.059033 0.0966 0.208582 0.029045 2010 -0.37571 0.017787 0.040391 0.0756 0.176646 -0.06528 sumber: diolah dari laporan keuangan bank mega syariah tabel hasil perhitungan gejala financial distress yang mengarah pada kebangkrutan dengan menggunakan metode mda altman z-score pada bank mega syariah, menunjukan hasil yang sama dengan bank-bank sebelumnya yang menyatakan bahwa bank ini mengalami kesulitan keuangan. tidak jauh berbeda dengan kedua bank sebelumnya, nilai x1 yang berada di bawah angka 0 bahkan mencapai angka minus, ditambah nilai x2 yang kian menurun menjadi penyebab nilai z-score yang dihasilkan sangat kecil dan jauh dari angka minimal yang telah ditetapkan agar terbebas dari kebangkrutan. predikat kesehatan bank a. faktor capital, asset,earning dan liquidity tabel 7: matriks predikat kesehatan bmi, bsm dan bms tahun 2007-2010 tahun capital, asset, earning dan liquidity bmi bsm bms peringkat predikat peringkat predikat peringkat predikat 2007 2 sehat 3 cukup sehat 1 sangat sehat 2008 2 sehat 3 cukup sehat 2 sehat 2009 3 cukup sehat 3 cukup sehat 3 cukup sehat 2010 2 sehat 3 cukup sehat 3 cukup sehat sumber: diolah dari laporan keuangan bmi, bsm dan bms. setelah pada tabel-tabel sebelumnya ditampilkan dan dinarasikan mengenai peringkat rasio dari setiap komponen di tiga bank syariah yakni bmi, bsm dan bms, maka tabel 4.7 ini menggambarkan predikat kesehatan bank secara keseluruhan. dari data di atas, diketahui bmi merupakan bank dengan kondisi kesehatan yang paling baik di antara dua bank lain. sementara bsm selama periode 2007-2010 konsisten berada di peringkat 3 dengan predikat “cukup sehat”. sedangkan tingkat kesehatan bms kian mengalami penurunan hingga di tahun 2009-2010 bms harus puas menyandang predikat sebagai bank “cukup sehat”. shofaun nada: penerapan metode multiple discriminant analysis 228 b. metode mda tabel 8: matriks predikat z-score bmi, bsm dan bms tahun 2007-2010 tahun multiple discriminant analysis bmi bsm bms nilai z predikat nilai z predikat nilai z predikat 2007 0.05832 bangkrut 0.02621 bangkrut -0.1147 bangkrut 2008 0.088638 bangkrut 0.0655 bangkrut -0.13688 bangkrut 2009 -0.02734 bangkrut 0.02183 bangkrut 0.029045 bangkrut 2010 -0.09722 bangkrut -0.0452 bangkrut -0.06528 bangkrut sumber: diolah dari laporan keuangan bmi, bsm dan bms. dari tabel di atas dapat disimpulkan bahwa semua bank syariah yang menjadi objek penelitian ini masuk dalam kategori “bangkrut”. sebagaimana telah dijelaskan sebelumnya, nilai x1 yang berada di bawah angka 0 dan minus ditambah nilai koefisien pengali rasio x1 (net working capital to total assets) yang cukup besar menjadi faktor utama nilai z sangat rendah. berdasarkan data di atas pula, dapat terlihat bahwa bank mega syariah merupakan bank yang memiliki potensi paling tinggi terhadap eksistensi gejala financial distress yang mengarah pada kebangkrutan. meskipun demikian, seluruh bank harus terus meningkatkan kinerja dan melakukan evaluasi agar terhindar dari kondisi financial distress yang mengarah pada kebangkrutan. interpretasi dan analisis hasil perhitungan dan penilaian tingkat kesehatan bank syariah menggunakan faktor capital, assets, earning dan liquidity menunjukan ketiga bank syariah yang menjadi objek penelitian tergolong sehat. kecuali bank syariah mandiri yang selama empat tahun konsisten berada dalam kategori cukup sehat. sementara hasil perhitungan dengan menggunakan metode mda terhadap tiga sampel bank syariah memberikan hasil bahwa seluruh bank tergolong bangkrut di setiap tahun nya yaitu, 2007-2010. oleh karena itu, dapat dikatakan bahwa terdapat perbedaan hasil penilaian dari kedua metode tersebut. walaupun metode multiple discriminant analysis (mda) yang dipelopori oleh edward i. altman merupakan metode yang diperuntukan untuk perusahaan manufaktur, namun seiring perjalanan waktu metode ini banyak digunakan oleh al-iqtishad: vol. v, no. 2, juli 2013 229 b. metode mda tabel 8: matriks predikat z-score bmi, bsm dan bms tahun 2007-2010 tahun multiple discriminant analysis bmi bsm bms nilai z predikat nilai z predikat nilai z predikat 2007 0.05832 bangkrut 0.02621 bangkrut -0.1147 bangkrut 2008 0.088638 bangkrut 0.0655 bangkrut -0.13688 bangkrut 2009 -0.02734 bangkrut 0.02183 bangkrut 0.029045 bangkrut 2010 -0.09722 bangkrut -0.0452 bangkrut -0.06528 bangkrut sumber: diolah dari laporan keuangan bmi, bsm dan bms. dari tabel di atas dapat disimpulkan bahwa semua bank syariah yang menjadi objek penelitian ini masuk dalam kategori “bangkrut”. sebagaimana telah dijelaskan sebelumnya, nilai x1 yang berada di bawah angka 0 dan minus ditambah nilai koefisien pengali rasio x1 (net working capital to total assets) yang cukup besar menjadi faktor utama nilai z sangat rendah. berdasarkan data di atas pula, dapat terlihat bahwa bank mega syariah merupakan bank yang memiliki potensi paling tinggi terhadap eksistensi gejala financial distress yang mengarah pada kebangkrutan. meskipun demikian, seluruh bank harus terus meningkatkan kinerja dan melakukan evaluasi agar terhindar dari kondisi financial distress yang mengarah pada kebangkrutan. interpretasi dan analisis hasil perhitungan dan penilaian tingkat kesehatan bank syariah menggunakan faktor capital, assets, earning dan liquidity menunjukan ketiga bank syariah yang menjadi objek penelitian tergolong sehat. kecuali bank syariah mandiri yang selama empat tahun konsisten berada dalam kategori cukup sehat. sementara hasil perhitungan dengan menggunakan metode mda terhadap tiga sampel bank syariah memberikan hasil bahwa seluruh bank tergolong bangkrut di setiap tahun nya yaitu, 2007-2010. oleh karena itu, dapat dikatakan bahwa terdapat perbedaan hasil penilaian dari kedua metode tersebut. walaupun metode multiple discriminant analysis (mda) yang dipelopori oleh edward i. altman merupakan metode yang diperuntukan untuk perusahaan manufaktur, namun seiring perjalanan waktu metode ini banyak digunakan oleh peneliti untuk menilai gejala financial distress di bank. akan tetapi, penerapan metode ini ternyata tidak applicable jika dilakukan pada perbankan. hal ini dikarenakan karakteristik perbankan sebagai financial intermediatory jauh berbeda dengan karakteristik perusahaan-perusahaan lain. dengan ada nya fungsi tersebut memberikan implikasi bahwa bank memiliki current assets (aktiva lancar) yang lebih kecil dibandingkan current liabilities (kewajiban lancar). aktiva lancar yang kecil tidak akan cukup untuk menutupi kewajiban lancar.4 hal ini sangat berpengaruh terhadap variabel x1 yaitu, net working capital to total assets yang bernilai negatif pada penelitian ini. penelitian yang dilakukan oleh endri pada tahun 2009 terhadap tiga bank umum syariah yaitu, bank muamalat indonesia, bank syariah mandiri dan bank mega syariah selama tiga tahun (2005-2007) juga menunjukan nilai z yang negatif atau dibawah standar minimum dan tergolong bangkrut. hasil yang sama juga terjadi pada penelitian rahmat yang menganalisa kemungkinan kesulitan dan kebangkrutan pada perbankan indonesia pasca kebijakan bank indonesia pada tanggal 13 maret 1999 terhadap 18 bank go-public. hasil penelitian mengatakan bahwa, model z-score tidak dapat diterapkan pada dunia perbankan indonesia, karena menghasilkan hal yang bertolak belakang terutama untuk bank-bank yang dapat beroperasi tanpa replikasi.5 berdasarkan hasil penilaian terkait eksistensi gejala financial distress yang mengarah pada kebangkrutan menggunakan metode multiple discriminant analysis (mda) altman z-score, didapatkan kenyataan bahwa semua bank syariah yang menjadi objek penelitian masuk dalam kategori bangkrut. hasil ini diperoleh dari persamaan fungsi diskriminan altman : z = 0.717x1 + 0.847x2 + 3.107x3 + 0.420x4 + 0.998x5 selanjutnya, nilai masing-masing rasio yang diwakili dengan variabel x1 sampai x5 dimasukan ke dalam persamaan tersebut untuk dikalikan dengan multiplier coefficient masing-masing dan diakumulasi sehingga mendapatkan nilai z. nilai z yang rendah disebabkan oleh nilai x1 yang kecil lantaran karakteristik bank sebagai lembaga depositori sehingga memiliki current liabilities yang lebih besar dibanding current assets. nilai x1 yang selalu digadang-gadang menjadi faktor utama nilai z rendah dan memasukan semua bank ke dalam kategori bangkrut, pada akhirnya menyiratkan sebuah pertanyaan apakah variabel x1 ini benar-benar memiliki peranan yang besar 4endri, “prediksi kebangkrutan bank untuk menghadapi dan mengelola perubahan lingkungan bisnis: analisis model altman’s z-score”,perbanas quarterly review, vol. 2, (maret, 2009), h. 41. 5endri, “prediksi kebangkrutan bank untuk menghadapi dan mengelola perubahan lingkungan bisnis”, h. 40. shofaun nada: penerapan metode multiple discriminant analysis 230 atau dominan dalam menentukan nilai z. untuk menjawab pertanyaan tersebut, peneliti mencoba membuat fungsi diskriminan baru dengan memasukan nilai masingmasing variabel berdasarkan hasil penelitian sebelumnya yang menggunakan formula fungsi diskriminan milik altman. sampel penelitian ini menggunakan objek penelitian yang terdiri atas tiga bank dengan periode empat tahun (2007-2010), sehingga jika diakumulasi jumlah sampel pada penelitian ini berjumlah 12 dengan mengabaikan unsur tahun penelitian dan nama bank pada saat pengolahan data menggunakan media spss. dikarenakan pada penelitian sebelumnya semua bank masuk dalam kategori bangkrut, maka dalam membuat fungsi diskriminan baru ini penulis membuat asumsi beberapa masuk dalam kategori sehat, bangkrut dan grey area. pada pembuatan fungsi diskriminan baru ini pula, penulis mengabaikan faktor tahun dan jenis bank agar lebih mudah pada saat proses pengolahan data. setelah data-data tersebut dimasukan dan diolah menggunakan bantuan spss, maka hasil yang diperoleh berupa fungsi diskriminan baru yaitu: d1 = -12.575 + 5.489x1 + 258.629x2 – 163.630x3 + 12.299x4 + 62.244x5 d2 = -9.288 + 3.388x1 + 48.631x2 -5.888x3 + 22.833x4 +34.973x5 nilai multiplier coefficient pada persamaan di atas di dapat pada tabel canonical discriminant function coefficients seperti tergambar pada tabel di bawah ini: canonical discriminant function coefficients function 1 2 x1 5.489 3.388 x2 258.629 48.631 x3 -163.630 -5.888 x4 12.299 22.833 x5 62.244 34.973 (constant) -12.575 -9.288 unstandardized coefficients dengan kedua persamaan ini, kita dapat menghitung skor diskriminan dengan fungsi 1 maupun fungsi 2 pada setiap objek. untuk memprediksi keanggotaan setiap objek, apakah masuk dalam kategori 1, 2 atau 3, spss sudah memberikan hasil berupa data mengenai keanggotaan setiap objek berdasarkan peluang sebagaimana dipaparkan hasil perhitungan spss di bawah ini: al-iqtishad: vol. v, no. 2, juli 2013 231 atau dominan dalam menentukan nilai z. untuk menjawab pertanyaan tersebut, peneliti mencoba membuat fungsi diskriminan baru dengan memasukan nilai masingmasing variabel berdasarkan hasil penelitian sebelumnya yang menggunakan formula fungsi diskriminan milik altman. sampel penelitian ini menggunakan objek penelitian yang terdiri atas tiga bank dengan periode empat tahun (2007-2010), sehingga jika diakumulasi jumlah sampel pada penelitian ini berjumlah 12 dengan mengabaikan unsur tahun penelitian dan nama bank pada saat pengolahan data menggunakan media spss. dikarenakan pada penelitian sebelumnya semua bank masuk dalam kategori bangkrut, maka dalam membuat fungsi diskriminan baru ini penulis membuat asumsi beberapa masuk dalam kategori sehat, bangkrut dan grey area. pada pembuatan fungsi diskriminan baru ini pula, penulis mengabaikan faktor tahun dan jenis bank agar lebih mudah pada saat proses pengolahan data. setelah data-data tersebut dimasukan dan diolah menggunakan bantuan spss, maka hasil yang diperoleh berupa fungsi diskriminan baru yaitu: d1 = -12.575 + 5.489x1 + 258.629x2 – 163.630x3 + 12.299x4 + 62.244x5 d2 = -9.288 + 3.388x1 + 48.631x2 -5.888x3 + 22.833x4 +34.973x5 nilai multiplier coefficient pada persamaan di atas di dapat pada tabel canonical discriminant function coefficients seperti tergambar pada tabel di bawah ini: canonical discriminant function coefficients function 1 2 x1 5.489 3.388 x2 258.629 48.631 x3 -163.630 -5.888 x4 12.299 22.833 x5 62.244 34.973 (constant) -12.575 -9.288 unstandardized coefficients dengan kedua persamaan ini, kita dapat menghitung skor diskriminan dengan fungsi 1 maupun fungsi 2 pada setiap objek. untuk memprediksi keanggotaan setiap objek, apakah masuk dalam kategori 1, 2 atau 3, spss sudah memberikan hasil berupa data mengenai keanggotaan setiap objek berdasarkan peluang sebagaimana dipaparkan hasil perhitungan spss di bawah ini: tabel 9: hasil analisis berupa predicted group, z-scores dan peluang keanggotaan objek d x1 x2 x3 x4 x5 dis_1 dis1_1 dis2_1 dis1_2 dis2_2 dis3_2 1 -0.345 0.021 0.02 0.25 0.121 1 -1.70371 0.3865 0.96212 0.00145 0.03643 3 -0.345 0.027 0.024 0.29 0.117 3 -0.56347 1.42817 0.07652 0.00563 0.91785 3 -0.444 0.017 0.004 0.37 0.109 3 0.06537 2.27106 0.00211 0.00104 0.99685 1 -0.518 0.021 0.011 0.32 0.088 1 -2.3738 0.29754 0.99653 0.0001 0.00337 2 -0.289 0.035 0.013 0.13 0.109 2 1.14709 -1.86135 0.0005 0.99525 0.00425 2 -0.31 0.038 0.017 0.2 0.119 2 2.63656 0.13789 0 0.77852 0.22148 3 -0.389 0.043 0.02 0.22 0.11 2 2.69095 0.23761 0 0.73695 0.26304 2 -0.416 0.042 0.018 0.14 0.103 2 1.19175 -1.96219 0.00038 0.99652 0.0031 1 -0.761 0.036 0.05 0.22 0.153 1 -3.39381 -0.03604 0.99994 0 0.00006 2 -0.538 0.035 0.008 0.18 0.119 2 1.83583 -1.18419 0.00005 0.9851 0.01485 3 -0.484 0.014 0.019 0.23 0.209 3 1.11802 2.20198 0.00007 0.00316 0.99677 1 -0.524 0.021 0.013 0.18 0.117 1 -2.65077 -1.91698 0.99976 0.00022 0.00002 fakta yang diperoleh dari tabel ini adalah semua objek tepat prediksi kecuali objek nomor 6, yang semuladiasumsikan berada pada kategori 3 (grey area) ternyata masuk dalam kategori 2 (sehat). pengklasifikasian ini diperoleh dengan melihat nilai group centroids. nilai centroid untuk masing-masing grup dan masing-masing fungsi dijelaskan pada tabel di bawah ini: functions at group centroids d function 1 2 1 -2.531 -.317 2 1.703 -1.217 3 .828 1.535 lain halnya dengan model diskriminan dua grup, pada model diskriminan tiga grup atau lebih cutting score tidak lagi dapat digunakan sebagai kriteria dalam memprediksi keanggotaan setiap objek. oleh karena itu, program spss sudah melakukan prediksi serta memberikan peluang keanggotaan setiap objek. shofaun nada: penerapan metode multiple discriminant analysis 232 salah satu cara lain yang dapat digunakan untuk melihat kenaggotaan setiap obejk adalah dengan memeriksa peta territorial. 6 peta teritorial memperlihatkan territorial setiap grup. jika terdapat anggota grup masuk dalam teritorial grupnya, berarti keanggotaan anggota itu diperiksa secara tepat. namun, jika awalnya anggota grup 1 tetapi masuk dalam teritori grup 2 maka keanggotaan anggota itu salah prediksi.7 untuk melihat apakah anggota-anggota tersebut tepat prediksi atau tidak (berada di dalam atau di luar teritorial), dapat dilihat pada diagram canonical discriminant functions yang merupakan kombinasi antara territorial map dengan scattergram. pada diagram di atas, terlihat dari empat anggota grup 1 semuanya tepat prediksi. begitu pun halnya dengan grup 2. dari empat anggota grup 2 yang diprediksi semuanya tepat prediksi. sedangkan dari empat anggota grup 3, terdapat 1 anggota yang masuk dalam grup 3. sehingga jumlah anggota grup yang tepat prediksi adalah 3. selanjutnya, dari 12 total sampel terdapat 11 objek yang diprediksi secara tepat keanggotaannya. artinya, besar hit ratio adalah 91,67%. pertanyaan selanjutnya yang muncul adalah, apakah kedua fungsi diskriminan akurat dalam melakukan tugasnya. untuk menjawab pertanyaan tersebut, kita dapat menghitung proportional chance criterion sebagaimana termaktub di bawah ini: 6bilson simamora, analisis multivariat pemasaran, (jakarta: pt rajagrafindo persada, 2005), h. 185-186. 7bilson simamora, analisis multivariat pemasaran, h. 186. al-iqtishad: vol. v, no. 2, juli 2013 233 salah satu cara lain yang dapat digunakan untuk melihat kenaggotaan setiap obejk adalah dengan memeriksa peta territorial. 6 peta teritorial memperlihatkan territorial setiap grup. jika terdapat anggota grup masuk dalam teritorial grupnya, berarti keanggotaan anggota itu diperiksa secara tepat. namun, jika awalnya anggota grup 1 tetapi masuk dalam teritori grup 2 maka keanggotaan anggota itu salah prediksi.7 untuk melihat apakah anggota-anggota tersebut tepat prediksi atau tidak (berada di dalam atau di luar teritorial), dapat dilihat pada diagram canonical discriminant functions yang merupakan kombinasi antara territorial map dengan scattergram. pada diagram di atas, terlihat dari empat anggota grup 1 semuanya tepat prediksi. begitu pun halnya dengan grup 2. dari empat anggota grup 2 yang diprediksi semuanya tepat prediksi. sedangkan dari empat anggota grup 3, terdapat 1 anggota yang masuk dalam grup 3. sehingga jumlah anggota grup yang tepat prediksi adalah 3. selanjutnya, dari 12 total sampel terdapat 11 objek yang diprediksi secara tepat keanggotaannya. artinya, besar hit ratio adalah 91,67%. pertanyaan selanjutnya yang muncul adalah, apakah kedua fungsi diskriminan akurat dalam melakukan tugasnya. untuk menjawab pertanyaan tersebut, kita dapat menghitung proportional chance criterion sebagaimana termaktub di bawah ini: 6bilson simamora, analisis multivariat pemasaran, (jakarta: pt rajagrafindo persada, 2005), h. 185-186. 7bilson simamora, analisis multivariat pemasaran, h. 186. cpro = (4/12)2 + (4/12)2 + (3/12)2 = 28.47%. hasil perhitngan menunjukan nilai hit ratio jauh di atas cpro, hal tersebut berarti kedua fungsi diskriminan telah melakukan tugas dengan akurat. hal ini tentu bertolak belakang dengan formula yang dimiliki altman, di mana pada fungsi diskriminan milik altman, cutting score untuk masuk ke dalam kategori financial distress yang mengarah pada kebangkrutan (grup 1) ialah jika nilai diskriminan di bawah 1.81. sementara jika nilai diskriminan berkisar antara 1.81-2.99 objek yang dalam hal ini bank syariah masuk dalam kategori grey area (grup 2) dan termasuk dalam kategori sehat (grup 3) jika nilai diskriminan di atas 2.99. perbedan tidak hanya terletak pada cutting score yang menjadi tolak ukur atau batas minimum suatu objek masuk dalam kategori apa, melainkan juga terletak pada pemakaian grup. jika pada metode altman grup 1 adalah bangkrut, grup 2 masuk dalam grey area dan grup 3 adalah sehat, pada hasil penelitian ini grup 1 berada pada daerah bangkrut, grup 2 berarti bank atau objek penelitian ini masuk dalam kategori sehat dan grup 3 grey area (daerah abu-abu). akan tetapi, yang paling membedakan adalah hasil penelitian dengan menggunakan fungsi diskriminan yang dirancang altman dengan fungsi diskriminan baru yang diperoleh berdasarkan hasil perhitungan menggunakan metode altman. hasil perhitungan mengunakan formula atau fungsi diskriminan milik altman mengatakan semua bank syariah yang menjadi objek peneltian ini dalam kategori bangkrut. sedangkan hasil perhitungan menggunakan fungsi diskriminan baru memberikan hasil yang variatif dan cenderung rata yaitu, empat bank tergolong bangkrut, tiga bank grey area dan lima lainnya tergolong sehat. jika pada penelitian-penelitian terdahulu yang pernah dilakukan, disebutkan bahwa variabel x1 (net working capital to tota lassets) merupakan faktor paling dominan yang memengaruhi nilai diskriminan dan mengakibatkan nilai d yang dihasilkan kecil. alasan ini cukup masuk akal lantaran karakteristik bank sebagai lembaga depositori dan memiliki kewajiban lancar yang lebih besar dibanding jumlah aset yang dimilki. pernyataan tersebut ternyata bertolak belakang dengan hasil yang diberikan spss. hasil spss menunjukan variabel yang paling berperan adalah variabel x2 (retained earnings to total assets) dan x5 (sales to total assets). untuk mencari tahu prediktor atau variabel independen mana yang paling berkontribusi dalam melakukan diskriminasi dapat dilihat pada tabel standardized coefficient di bawah ini: shofaun nada: penerapan metode multiple discriminant analysis 234 standardized canonical discriminant function coefficients function 1 2 x1 .680 .419 x2 2.304 .433 x3 -1.947 -.070 x4 .686 1.274 x5 2.012 1.131 penutup perhitungan mengenai tingkat kesehatan bank yang mengacu pada standar pengukuran kesehatan bank yang ditetapkan oleh bank indonesia yaitu, metode camels—di mana penulis membatasinya dengan hanya menggunakan empat faktor penilaian yakni, capital (permodalan), assetquality (kualitas aset), earning (rentabilitas) dan liquidity (likuiditas)—diperoleh hasil berikut: pertama, bank muamalat indonesia masuk dalam kategori “sehat” kecuali pada tahun 2009, tingkat kesehatan bank menurun 1 tingkat ke peringkat 3 yang mengakibatkan bank masuk dalam kategori “cukup sehat”. kedua, bank syariah mandiri secara konsisten berada dalam kategori “cukup sehat”. salah satu faktor penyebab keadaan tersebut adalah jumlah kegiatan operasional bank yang tinggi, sehingga mengakibatkan inefisiensi kegiatan operasional. hal ini sekaligus membuktikan bahwa tingkat total aset yang dimiliki oleh bank tidak mempengaruhi hasil penilaian tingkat kesehatan metode camels, melainkan kinerja yang optimal dalam mengatur dan mengelola bank lah yang mempengaruhi hasil penelitian ini. ketiga, bank mega syariah memiliki tingkat kesehatan bersifat fluktuatif dan cenderung menurun. diawali dengan predikat bank yang “sangat sehat” di tahun 2007, kemudian menjadi bank “sehat” di tahun 2008 dan kembali turun menjadi bank yang tergolong “cukup sehat” di tahun 2009 dan 2010. berdasarkan hasil perhitungan yang menggunakan metode multiple discriminant analysis (mda) untuk mengukur tingkat gejala financial distress pada bank syariah, diperoleh hasil bahwa seluruh bank syariah yang menjadi sampel kasus dalam kurun waktu empat tahun penelitian (2007-2010) berada dalam kategori “bangkrut”. hal ini disebabkan oleh z-score yang kurang dari 1.81. selain itu, trend kebangkrutan pada ketiga bank syariah tersebut bersifat fluk-tuatif dan cenderung menurun. al-iqtishad: vol. v, no. 2, juli 2013 235 standardized canonical discriminant function coefficients function 1 2 x1 .680 .419 x2 2.304 .433 x3 -1.947 -.070 x4 .686 1.274 x5 2.012 1.131 penutup perhitungan mengenai tingkat kesehatan bank yang mengacu pada standar pengukuran kesehatan bank yang ditetapkan oleh bank indonesia yaitu, metode camels—di mana penulis membatasinya dengan hanya menggunakan empat faktor penilaian yakni, capital (permodalan), assetquality (kualitas aset), earning (rentabilitas) dan liquidity (likuiditas)—diperoleh hasil berikut: pertama, bank muamalat indonesia masuk dalam kategori “sehat” kecuali pada tahun 2009, tingkat kesehatan bank menurun 1 tingkat ke peringkat 3 yang mengakibatkan bank masuk dalam kategori “cukup sehat”. kedua, bank syariah mandiri secara konsisten berada dalam kategori “cukup sehat”. salah satu faktor penyebab keadaan tersebut adalah jumlah kegiatan operasional bank yang tinggi, sehingga mengakibatkan inefisiensi kegiatan operasional. hal ini sekaligus membuktikan bahwa tingkat total aset yang dimiliki oleh bank tidak mempengaruhi hasil penilaian tingkat kesehatan metode camels, melainkan kinerja yang optimal dalam mengatur dan mengelola bank lah yang mempengaruhi hasil penelitian ini. ketiga, bank mega syariah memiliki tingkat kesehatan bersifat fluktuatif dan cenderung menurun. diawali dengan predikat bank yang “sangat sehat” di tahun 2007, kemudian menjadi bank “sehat” di tahun 2008 dan kembali turun menjadi bank yang tergolong “cukup sehat” di tahun 2009 dan 2010. berdasarkan hasil perhitungan yang menggunakan metode multiple discriminant analysis (mda) untuk mengukur tingkat gejala financial distress pada bank syariah, diperoleh hasil bahwa seluruh bank syariah yang menjadi sampel kasus dalam kurun waktu empat tahun penelitian (2007-2010) berada dalam kategori “bangkrut”. hal ini disebabkan oleh z-score yang kurang dari 1.81. selain itu, trend kebangkrutan pada ketiga bank syariah tersebut bersifat fluk-tuatif dan cenderung menurun. hasil penelitian menggunakan formula mda baru yang didapatkan berdasarkan hasil penelitian sebelumnya dengan menggunakan formula mda altman menyatakan bahwa, tidak semua objek dalam penelitian ini masuk dalam kategori bangkrut. selain itu, 11 dari 12 sampel tepat prediksi. [] pustaka acuan buku/artikel/makalah: endri, “prediksi kebangkrutan bank untuk menghadapi dan mengelola perubahan lingkungan bisnis: analisis model altman’s z-score”, perbanas quarterly review, vol. 2 no. 1, (maret 2009). hasanah, nur, “analisa rasio keuangan model altman dan model springate sebagai early warning system (ews) terhadap prediksi kondisi bermasalah pada bank go public”, fakultas ekonomi dan bisnis uin syarif hidayatulah jakarta, 2010. nur dp, emrinaldi. “analisis pengaruh praktek tata kelola perusahaan (corporate governance) terhadap kesulitan keuangan (financial dis-tress): suatu kajian empiris”, jurnal bisnis dan akuntansi. vol. 9, (april, 2007). permana, agung gemah, “penerapan analisis diskriminan altman sebagai alat untuk memprediksi potensi kebangkrutan pada perusahaan manufaktur yang go public di bei,” fakultas ekonomi dan bisnis uin syarif hidayatullah jakarta, 2009. rodoni, ahmad, dkk., “prediksi kondisi financial distress perusahaan go-public dengan menggunakan analisis multinomial logit”, jurnal etikonomi ekonomi uin syarif hidayatullah jakarta, vol. 7, no. 2 (desember 2008). simamora, bilson, analisis multivariat pemasaran, jakarta: pt. rajagrafindo persada, 2005. simanjuntak, loisa br, “analisa tingkat kesehatan untuk mengindikasi gejala financial distress dengan menggunakan metode multiple discriminant analysis (mda)”, fakultas ekonomi universitas trisakti, 2003. utaminingsih, fitria, “analisis komparatif kinerja keuangan bank muamalat indonesia (bmi) dan bank syariah mega indonesia (bsmi) dengan menggunakan metode camel,” jurnal ekonomi dan bisnis dikta ekonomi, vol. 5, no. 3, (desember 2008). peraturan peruandang-undangan: peraturan bank indonesia no. 9/1/pbi/2007 tanggal 24 januari 2007 tentang penilaian tingkat kesehatan bank syariah. diakses pada 6 januari 2012 dari http://www.bi.go.id shofaun nada: penerapan metode multiple discriminant analysis 236 surat edaran bank indonesia no.9/24/dpbs/2007 tentang sistem penilaian tingkat keshatan bank syariah. diakses pada 6 januari 2012 dari http: //www.bi.go.id website: http://www.bankmegasyariah.co.id http://www.bmi.co.id http://www.bsm.co.id v o l. v ii (1) jan u ary 2015 jo u rn al o f i sl a m ic e co n o m ic s published by syarif hidayatullah state islamic university jakarta and the indonesian association of islamic economist faculty of shariah and law jo u rn al o f isla m ic eco n o m ics a l -iq t ish a d al iqtishad is a peer-reviewed journal published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers both from indonesian and overseas. the journal is accredited by the directorate general of higher education ministry of national education the republic of indonesia no. 040/p/2014 issn: 2087-135x e-issn: 2407-8654 vol. vii (1) january 2015 issn: 2087-135x e-issn: 2407-8654 mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank titi dewi warninda & m. nadratuzzaman hosen evaluating the models of sharia microfinance in indonesia: analytical network process approach euis amalia & mahmudah atiqah the role of religious norm on selecting the islamic bank hardius usman a developing model of relationship between service quality, customer satisfaction, loyalty, and word of mouth in islamic banking suryani & hendryadi macroeconomic variable and its influence on performance of indonesian islamic banking yoghi citra pratama factors that influenced people to become islamic bank customer: a study on kancana villagers indah mulia sari, hendro wibowo, & edy suprapto construction of cibest model as measurement of poverty and welfare indices from islamic perspective irfan syauqi beik & laily dwi arsyianti the assesment of inclusiveness principle of malaysian new economic model: maqashid syar'iyyah perspective m. sabri haron, riki rahman & bayu t possumah the impact of spin-off policy to the profitability on indonesian islamic banking industry abdul hamid measurement of shariah stock performance using risk adjusted performance zuhairan y. yunan & mia rahmasari al-iqtishad journal of islamic economics volume vii (1) januari 2015 the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorporation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. editor in chief m. nur rianto al arif vice editor maman rahman hakim sofyan rizal a. chairul hadi languange editor ummi kultsum layout and typesetting farhan mustofa secretariat ahmad sumedi fitriadi reviewer muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) amiur nuruddin (iain sumatera utara) didin hafidudhin (universitas ibn khaldun) djoni hartono (universitas indonesia) ahmad hidayat buang (universiti malaya malaysia) margareth gfrerer (daad, germany) ahmad mujahiddin (uin suska riau) md. sujimon (kolej pengajian islam johor malaysia) ashraf md hasyim (isra, malaysia) abdurrahman haqqi (universitas islam brunei) m. hudaib (adam smith business school, glasgow univ.uk) editorial office faculty of shariah and law syarif hidayatullah state islamic university jakarta jl. ir. h. juanda 95, ciputat, south tangerang, banten -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id; email: editor.iqtishad@yahoo.com content 1 mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank titi dewi warninda & m. nadratuzzaman hosen 13 evaluating the models of sharia microfinance in indonesia: analytical network process approach euis amalia & mahmudah atiqah 31 the role of religious norm on selecting the islamic bank hardius usman 45 a developing model of relationship between service quality, customer satisfaction, loyalty, and word of mouth in islamic banking suryani & hendryadi 59 macroeconomic variable and its influence on performance of indonesian islamic banking yoghi citra pratama 73 factors that influenced people to become islamic bank customer: a study on kancana villagers indah mulia sari, hendro wibowo, & edy suprapto 87 construction of cibest model as measurement of poverty and welfare indices from islamic perspective irfan syauqi beik & laily dwi arsyianti 105 the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective m. sabri haron, riki rahman & bayu t possumah 117 the impact of spin-off policy to the profitability on indonesian islamic banking industry abdul hamid 127 measurement of shariah stock performance using risk adjusted performance zuhairan y. yunan & mia rahmasari iqtishad2015_merah 1: 2014 merah daftar isi nization and management, new delhi: qazi publisher and distributors, 1995. amalia, euis, ‚reformasi kebijakan bagi penguatan peran lkm dan ukm di indonesia: analisis keadilan distributif dalam ekonomi islam‛, disertasi , 2008. ---------------, ‚teori prilaku konsumen dalam perspektif ekonomi islam‛, dalam jurnal jauhar, vol. 4 no. 1, jakarta: pascasarjana uin, juni 2003. adi, wijaya berdasarkan hasil penelitian p2e-lipi, koran jakarta, kamis, 29 mei 2008. anonimus, ‚presiden meresmikan program kredit usaha rakyat untuk mempercepat proses pemberdayaan umkm‛, dalam harian republika, 8 november 2007. beekun, rafik isaa, ‚etika bisnis islam: sebuah perspektif lingkungan global‛, jurnal ulumul qur’an, vii, 3, desember, 1997. mynt, hla. ‚economic theory and the underdeveloped countries‛, dalam jurnal of political economic, lxxxiii (5): 477-491, oktober 1965. myrdal, gunnar, ‚institutional economics‛, journal of economic issues, xiii (4), 771-783, desember 1978. syarif, teuku, ‚proporsi panyaluran dana perbankan untuk umkm‛, jurnal infokop, vol. 15 no.2, desember 2007. refleksi sistem distribusi syariah pada lembaga zakat dan wakaf dalam perekonomian indonesia yuke rahmawati abstract: the reflection of islamic distribution system of zakâh and waqf institution for indonesia economy. the distribution activities always refer to subsistence and walfare. it is also closely linked to the issue of income distribution system. if there is an imbalance of income distribution, it will create an imbalance of wealth distribution. therefore, there are two things that must be followed in order to improve the well-being. they are reducing disparities among social groups with jobs and/or provide direct assistance to poor communities so they can improve their quality of life. keywords: zakâh and waqf institution, islamic distributions, walfare. abstrak: refleksi sistem distribusi syariah pada lembaga zakat dan wakaf dalam perekonomian indonesia. kegiatan distribusi selalu mengacu pada pemenuhan kebutuhan hidup dan pemerataan kesejahteraan. hal ini juga sangat terkait erat dengan persoalan sistem distribusi pendapatan, di mana bila terjadi ketidakseimbangan distribusi pendapatan, maka akan menciptakan ketidakseimbangan distribusi kekayaan. oleh karena itu, terdapat dua hal yang harus dipedomani dalam upaya meningkatkan kesejahteraan tersebut, yakni mengurangi kesenjangan diantara kelompok-kelompok masyarakat dengan membuka lapangan pekerjaan dan/atau memberikan bantuan langsung kepada warga masyarakat miskin agar mereka bisa meningkatkan mutu hidupnya. kata kunci: lembaga zakat dan wakaf, distribusi syariah, kesejahteraan. naskah diterima: 25 februari 2010, direvisi: 29 juli 2010, disetujui: 5 agustus 2010.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, ciputat, jakarta. e-mail: uke_rahmawati@yahoo.com yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 94 pendahuluan persoalan distribusi pada umumnya sering dikaitkan dengan persoalan sistem distribusi pendapatan (income distribution) diantara pelbagai golongan masyarakat. dikatakan bahwa distribusi kekayaan dalam masyarakat sangat erat kaitannya dengan distribusi pendapatan. ketidakseimbangan distribusi pendapatan akan menciptakan ketidakseimbangan distribusi kekayaan (wealth distribution). hal ini dianggap wajar karena menyangkut masalah kesejahteraan kehidupan masyarakat, dan tidak dapat dipungkiri bahwa hasil pembangunan yang dicapai seutuhnya adalah untuk kesejahteraan masyarakat dan dapat dinikmati oleh masyarakat secara merata. teori ekonomi modern mengungkapkan bahwa teori distribusi merupakan suatu teori yang menetapkan harga jasa produksi. siapa saja yang terlibat dalam suatu produksi, maka ia akan mendapatkan suatu konsekuensi dari padanya. sebaliknya, bagi yang tidak terlibat, walau dengan alasan apapun jelas tidak akan mendapatkannya. pengertian ini dapat memberikan pemahaman bahwa keadilan dalam distribusi diartikan sebagai memberi balas jasa pada setiap orang sesuai sumbangan yang diberikan (reward of desert). di sisi lain, ‚keniscayaan‛ ada manusia yang tidak bisa ikut andil di dalamnya karena barbagai alasan tertentu, menjelaskan bahwa sebagian orang bekerja dan berpenghasilan, sedang sebagian lagi tidak1 atau bahkan sebagian kecil orang kaya raya, sedang sebagian terbesarnya adalah orang miskin. sistem distribusi syariah mempunyai dua pedoman dasar dalam upaya meningkatkan kesejahteraan masyarakat di atas. pertama, mengurangi kesenjangan sosial diantara kelompok-kelompok yang ada dalam masyarakat seperti membuka atau memperluas lapangan pekerjaaan dan memberikan peluang bekerja, sehingga masyarakat dapat memiliki pendapatan untuk pemenuhan kebutuhan dalam hidupnya. kedua, secara langsung memberikan santunan dan bantuan kepada warga masyarakat miskin agar mereka secara terus menerus dapat meningkatkan mutu kehidupannya.2 di indonesia, sistem ekonomi yang digunakan pada dasarnya tidak kapitalis dan tidak pula sosialis. karena sistem-sistem tersebut dianggap akan berten 1 ketika krisis (1999), tingkat kemiskinan mencapai 27%. saat ini tingkat kemiskinan memang sudah menurun dibanding saat krisis yaitu 16% (36 juta jiwa). tetapi jika kita menggunakan tingkat kemiskinan dengan indikator mereka yang berpendapatan dibawah 2 dollar as per hari, maka tingkat kemiskinan mencapai sekitar 53%. jadi tingkat kemiskinan kita masih jauh, bahkan lebih besar dibanding sebelum krisis. khudori, ekonomi 2004 bergerak dalam lumpur, lihat dalam http://www.republika.co.id/asp/kolom detail, diunduh selasa, 6 januari 2004. 2 mubyarto, islam dan kemiskinan, (bandung: pustaka, 1988), h. 3. al-iqtishad: vol. iii, no. 1, januari 2011 95 pendahuluan persoalan distribusi pada umumnya sering dikaitkan dengan persoalan sistem distribusi pendapatan (income distribution) diantara pelbagai golongan masyarakat. dikatakan bahwa distribusi kekayaan dalam masyarakat sangat erat kaitannya dengan distribusi pendapatan. ketidakseimbangan distribusi pendapatan akan menciptakan ketidakseimbangan distribusi kekayaan (wealth distribution). hal ini dianggap wajar karena menyangkut masalah kesejahteraan kehidupan masyarakat, dan tidak dapat dipungkiri bahwa hasil pembangunan yang dicapai seutuhnya adalah untuk kesejahteraan masyarakat dan dapat dinikmati oleh masyarakat secara merata. teori ekonomi modern mengungkapkan bahwa teori distribusi merupakan suatu teori yang menetapkan harga jasa produksi. siapa saja yang terlibat dalam suatu produksi, maka ia akan mendapatkan suatu konsekuensi dari padanya. sebaliknya, bagi yang tidak terlibat, walau dengan alasan apapun jelas tidak akan mendapatkannya. pengertian ini dapat memberikan pemahaman bahwa keadilan dalam distribusi diartikan sebagai memberi balas jasa pada setiap orang sesuai sumbangan yang diberikan (reward of desert). di sisi lain, ‚keniscayaan‛ ada manusia yang tidak bisa ikut andil di dalamnya karena barbagai alasan tertentu, menjelaskan bahwa sebagian orang bekerja dan berpenghasilan, sedang sebagian lagi tidak1 atau bahkan sebagian kecil orang kaya raya, sedang sebagian terbesarnya adalah orang miskin. sistem distribusi syariah mempunyai dua pedoman dasar dalam upaya meningkatkan kesejahteraan masyarakat di atas. pertama, mengurangi kesenjangan sosial diantara kelompok-kelompok yang ada dalam masyarakat seperti membuka atau memperluas lapangan pekerjaaan dan memberikan peluang bekerja, sehingga masyarakat dapat memiliki pendapatan untuk pemenuhan kebutuhan dalam hidupnya. kedua, secara langsung memberikan santunan dan bantuan kepada warga masyarakat miskin agar mereka secara terus menerus dapat meningkatkan mutu kehidupannya.2 di indonesia, sistem ekonomi yang digunakan pada dasarnya tidak kapitalis dan tidak pula sosialis. karena sistem-sistem tersebut dianggap akan berten 1 ketika krisis (1999), tingkat kemiskinan mencapai 27%. saat ini tingkat kemiskinan memang sudah menurun dibanding saat krisis yaitu 16% (36 juta jiwa). tetapi jika kita menggunakan tingkat kemiskinan dengan indikator mereka yang berpendapatan dibawah 2 dollar as per hari, maka tingkat kemiskinan mencapai sekitar 53%. jadi tingkat kemiskinan kita masih jauh, bahkan lebih besar dibanding sebelum krisis. khudori, ekonomi 2004 bergerak dalam lumpur, lihat dalam http://www.republika.co.id/asp/kolom detail, diunduh selasa, 6 januari 2004. 2 mubyarto, islam dan kemiskinan, (bandung: pustaka, 1988), h. 3. tangan dengan ideologi yang dianutnya yakni pancasila. namun pada kenyataannya, sistem ekonomi indonesia terasa sangat kapitalistik, dimana lebih banyak orang terang-terangan menerima dan menjalankan sistem ekonomi tersebut karena dianggap ‚tidak terelakkan‛ dan karena sejak tahun 1991 kapitalisme telah jelas terbukti memenangkan persaingan dari sosialisme.3 namun sejak masa reformasi, terutama sejak si-mpr 1998, kemudian populer istilah ekonomi kerakyatan sebagai sistem ekonomi yang harus diterapkan di indonesia. dalam islam, aktivitas distribusi sudah terbentuk dalam sistem ekonominya dan merupakan prinsip utama yang ketiga dari sistem ekonomi islam di atas tadi, yaitu memastikan dan meyakinkan bahwa peredaran kekayaaan tidak terkonsentrasi pada segelintir orang atau golongan (in a few hands) saja4. islam juga sangat mengharamkan penimbunan akan harta, baik itu membekukannya, menahannya, maupun menjauhkannya dari peredaran. meski di sisi lain, islam mengakui adanya gradasi/hirarki (tingkatan) ekonomi dalam suatu masyarakat. namun perbedaan itu tidak untuk dijadikan sebagai perbedaan sosial atau kesenjangan, karena setiap manusia mempunyai hak untuk memenuhi kebutuhan dasarnya untuk tetap menjalani hidup. islam menawarkan proses pendistribusian ini dengan sistem yang telah dimiliki yang pada dasarnya mengandung dua sistem distribusi utama, yakni distribusi secara komersial dan mengikuti mekanisme pasar serta sistem distribusi yang bertumpu pada aspek keadilan sosial masyarakat. berdirinya institusi atau lembaga-lembaga pengelola zakat dan wakaf di indonesia, sudah menjadi bagian tak terpisahkan dalam kegiatan ekonomi masyarakat. pemerintah bahkan menjadi bagian penting yang tak terlepas dari andil tumbuh dan berkembangnya lembaga-lembaga tersebut. melalui lembaga, suatu sistem akan mampu dijalankan secara efektif dan efisien untuk mencapai tujuannya, mengingat lembaga memiliki strategi dan manajemen dalam melakukan segala aktivitasnya. namun yang kemudian menjadi persoalan adalah manajemen dan strategi seperti apa yang mampu dikembangkan lembaga tersebut menjadi lembaga yang kapabel dan proporsional di bidangnya. dikatakan bahwa dalam era revolusi informasi sekarang, keunggulan suatu lembaga tidak hanya terfokus/ditentukan oleh efisiensi dalam alokasi sumber daya atau aset berwujud (tangible resources/asset) saja, yang mudah dijabarkan dalam dimensi keuangan. tetapi keunggulan tersebut sangat tergantung pada kemampuannya untuk memobilisasi dan mengeksploitasi sumber daya atau aset tak 3 mubyarto, etika bisnis pancasila, dalam http://www.ekonomirakyat.org/edisi2/artikel. 4 q.s. al-hasyr [59]: 7. yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 96 berwujud (intangible resources/asset) yang tidak mudah dijabarkan dalam dimensi keuangan. yang mampu menciptakan strategi berbasis pengetahuan (knowledge-based strategy), seperti menciptakan hubungan yang harmonis dengan masyarakat pelaku, mengarahkan produk dan jasa yang inovatif dan kompetitif, serta menstimulasi keterampilan dan motivasi karyawan/ pengelolanya. dengan demikian untuk meningkatkan mutu informasi dalam proses perumusan dan implementasi strategi tersebut, diperlukan sistem informasi multidimensional yang meliputi sistem informasi keuangan dan non-keuangan.5 terdapat beberapa hal yang berkaitan dengan sistem distribusi ekonomi ini yang dapat diterapkan dalam sistem perekonomian modern dengan pelbagai langkah strategis dalam rangka menerapkan serta mengembangkan sistem distribusi di indonesia yang berbasis syariah. di antaranya sebagai berikut: pertama, mekanisme sistem distribusi ini dalam perspektif ekonomi islam. kedua, hal-hal yang terkait dengan kinerja lembaga yang bergerak pada sistem distribusi berbasis syariah di indonesia. ketiga, faktor-faktor strategis yang harus dimiliki lembaga tersebut, melalui analisa faktor kekuatan, kelemahan, peluang, dan tantangan yang ada, untuk menempatkannya pada posisi ekonomi-strategis dalam perekonomian bangsa. secara teoretis, sistem distribusi pada dasarnya terbagi pada dua, yakni distribusi pendapatan (distribution of income) dan distribusi kekayaan (distribution of wealth). distribusi pendapatan biasanya senantiasa dikaitkan dengan harga jasa produksi, yang mana hal tersebut merupakan konsekuensi dari suatu proses produksi bagi setiap usaha, baik dalam bentuk uang ataupun nilai. kemudian hasilnya didistribusikan kepada komponen-komponen produksi yang mempunyai andil di dalamnya, di antaranya komponen ongkos (cost) untuk sewa tanah yang dipakai proyek, laba (profit), bunga (interest) sebagai imbalan dari uang modal bagi pemodal dan komponen upah (wage) bagi para pekerja/buruh. di indonesia kebijakan penentuan upah diserahkan kepada pemerintah, dengan istilah umr (upah minimum regional). di sini pemerintah harus bertindak sebagai wasit yang menengahi apabila terjadi perbedaan pendapat antara pekerja dan pemodal. di mana di satu sisi, pekerja/buruh harus dibayar dengan sejumlah upah (wage) yang dapat mencukupi kehidupannya agar mereka berkehidupan yang laik bagi kemanusiaan. dan di sisi lain, keadilan bagi pemodal yang dipatok pada berapa tingkat laba (rate of profit) minimun agar pemodal 5 wahyudi prakarsa, petunjuk praktis penyusunan balanced scorecard; menuju organisasi yang berfokus pada strategi (kata sambutan), (jakarta: pt gramedia pustaka utama, 2004), cet. iii, h. xi. al-iqtishad: vol. iii, no. 1, januari 2011 97 berwujud (intangible resources/asset) yang tidak mudah dijabarkan dalam dimensi keuangan. yang mampu menciptakan strategi berbasis pengetahuan (knowledge-based strategy), seperti menciptakan hubungan yang harmonis dengan masyarakat pelaku, mengarahkan produk dan jasa yang inovatif dan kompetitif, serta menstimulasi keterampilan dan motivasi karyawan/ pengelolanya. dengan demikian untuk meningkatkan mutu informasi dalam proses perumusan dan implementasi strategi tersebut, diperlukan sistem informasi multidimensional yang meliputi sistem informasi keuangan dan non-keuangan.5 terdapat beberapa hal yang berkaitan dengan sistem distribusi ekonomi ini yang dapat diterapkan dalam sistem perekonomian modern dengan pelbagai langkah strategis dalam rangka menerapkan serta mengembangkan sistem distribusi di indonesia yang berbasis syariah. di antaranya sebagai berikut: pertama, mekanisme sistem distribusi ini dalam perspektif ekonomi islam. kedua, hal-hal yang terkait dengan kinerja lembaga yang bergerak pada sistem distribusi berbasis syariah di indonesia. ketiga, faktor-faktor strategis yang harus dimiliki lembaga tersebut, melalui analisa faktor kekuatan, kelemahan, peluang, dan tantangan yang ada, untuk menempatkannya pada posisi ekonomi-strategis dalam perekonomian bangsa. secara teoretis, sistem distribusi pada dasarnya terbagi pada dua, yakni distribusi pendapatan (distribution of income) dan distribusi kekayaan (distribution of wealth). distribusi pendapatan biasanya senantiasa dikaitkan dengan harga jasa produksi, yang mana hal tersebut merupakan konsekuensi dari suatu proses produksi bagi setiap usaha, baik dalam bentuk uang ataupun nilai. kemudian hasilnya didistribusikan kepada komponen-komponen produksi yang mempunyai andil di dalamnya, di antaranya komponen ongkos (cost) untuk sewa tanah yang dipakai proyek, laba (profit), bunga (interest) sebagai imbalan dari uang modal bagi pemodal dan komponen upah (wage) bagi para pekerja/buruh. di indonesia kebijakan penentuan upah diserahkan kepada pemerintah, dengan istilah umr (upah minimum regional). di sini pemerintah harus bertindak sebagai wasit yang menengahi apabila terjadi perbedaan pendapat antara pekerja dan pemodal. di mana di satu sisi, pekerja/buruh harus dibayar dengan sejumlah upah (wage) yang dapat mencukupi kehidupannya agar mereka berkehidupan yang laik bagi kemanusiaan. dan di sisi lain, keadilan bagi pemodal yang dipatok pada berapa tingkat laba (rate of profit) minimun agar pemodal 5 wahyudi prakarsa, petunjuk praktis penyusunan balanced scorecard; menuju organisasi yang berfokus pada strategi (kata sambutan), (jakarta: pt gramedia pustaka utama, 2004), cet. iii, h. xi. secara berkelanjutan dapat melakukan usahanya. dalam ekonomi islam, baik buruh ataupun pemodal adalah merupakan aktor pemain dari ekonomi. oleh karena itu, keduanya harus berlaku adil. mengenai butir kedua dari empat komponen di atas, yakni komponen bunga, islam menolak/ melarangnya karena tidak sesuai dengan maqâshid al-syarî’ah. sedangkan untuk ketiga komponen lainnya islam memperbolehkan jika terpenuhi syarat-syarat dan batasanbatasannya. sebagian penulis ekonomi islam berpendapat bahwa sistem distribusi yang harus diperhatikan adalah sistem distribusi yang tidak ada kaitannya dengan produksi, dimana pendistribusian pelbagai kebutuhan harus tetap dilakukan mengingat tidak semua manusia/masyarakat bisa ikut andil dalam sebuah produksi. tetapi, ini juga bukan berarti islam tidak menaruh perhatian pada kompensasi produksi. distribusi dalam islam didasarkan pada dua nilai kemanusiaan yang sangat mendasar dan penting, yakni nilai kebebasan dan nilai keadilan (distributive justice).6 betapapun keterpautan antara manusia dalam pendapatan, sesungguhnya prinsip keadilan adalah tidak membiarkan kaum lemah menderita. justru mereka harus dibantu dan dibimbing agar menjadi manusia kuat dan mandiri. dan salah satu bentuknya adalah melalui jaminan sosial dengan sistem distribusi kekayaan. di indonesia sesungguhnya sudah terbentuk lembaga-lembaga yang berorientasi pada hal tersebut di atas, hanya saja belum dikembangkan secara optimal serta belum ditata dan dikelola secara profesional. dalam masalah zakat misalnya, persoalan kemungkinan terjadi karena para muzakkî masih melaksanakan kewajiban agama itu secara terpencar, disamping pula belum efektifnya lembaga zakat (baz/laz) menyangkut aspek-aspek pengumpulan administrasi, pendistribusian, monitoring serta evaluasi.7 namun paling tidak telah dikeluarkan peraturan menteri agama no.4/1968 tentang pembentukan badan amil zakat dan peraturan menteri agama no. 5/1968 tentang pembentukan baitul maal di tingkat pusat, propinsi, kabupaten/ kota, ditindaklanjuti kemudian dengan keputusan bersama mendagri dan menag no.29 dan 47/1991 tentang pembinaan badan amil zakat, infak dan shadaqah yang diikuti oleh instruksi menag no. 5/1991 tentang pembinaan teknis bazis; dan instruksi mendagri no.7/1998 tentang pembinaan umum bazis. bahkan kini, 6 yusuf qaradhawi, peran nilai dan moral dalam perekonomian islam (terjm), (jakarta: rabbani press, 2001), h. 349. 7 djamal doa, membangun ekonomi umat melalui pengelolaan zakat harta, (jakarta: nuansa madani, 2002), cet. ii, h. 47. yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 98 perangkat hukum yang mengatur pengelolaan zakat tersebut telah disahkan oleh pemerintah, yakni undang-undang no.38/1999, yang mana uu ini sudah sampai pada tingkat penajaman penataan dan pengelolaan zis. di samping zakat, kita ketahui juga tentang sistem wakaf. wakaf merupakan pranata sosial (philantropy) islam yang bersifat volunteer (sukarela) dan mempunyai dampak ekonomi yang luas. wakaf dalam ekonomi islam bisa disebut juga dengan ‚shadaqah jâriyah‛ seseorang, yang pahalanya akan tetap mengalir setelah kematiannya. dalam sistem wakaf dijelaskan, bahwa harta yang dikeluarkan dari milik pribadi/individu untuk dialokasikan hasil dan manfaatnya pada salah satu sektor muamalat demi mengharap ridla allah swt., bisa memberikan kontribusi bagi kebutuhan masyarakat secara umum. keadilan distribusi dari sistem wakaf ini adalah lebih pada pemanfaatan harta yang diwakafkan kepada masyarakat umum tanpa merusak/menghabiskan benda (‘ain)-nya. dengan demikian, hasilnya bisa dirasakan secara bersama-sama dan terus menerus. eksistensi manajemen dan kinerja sistem dalam sebuah lembaga/organisasi merupakan suatu yang esensial, tanpa keduanya mustahil lembaga tersebut akan terus hidup dan berkembang. fungsi manajemen bisa dikatakan sebagai fondasi bagi suatu lembaga. oleh karenanya, adanya konsep manajemen yang mendevelop lembaga tersebut sangatlah dibutuhkan. teori distribusi umum persoalan distribusi dalam dunia ekonomi konvensional sangat erat kaitannya dengan pembahasan permasalahan produksi. akhir dari sebuah produksi adalah konsekuensi, baik dalam bentuk nilai maupun uang, yang harus didistribusikan pada komponen-komponen produksi yang ikut andil dalam aktivitasnya, yaitu empat komponen yang terdiri atas: pertama, upah bagi para pekerja. kedua, bunga sebagai imbalan dari uang modal. ketiga, ongkos untuk sewa bangunan/tanah. keempat, laba bagi pengelola. perbedaan komposisi andil dalam produksi yang dimiliki oleh masingmasing individu di atas, berakibat berbeda pula terhadap pendapatan yang diperoleh oleh masing-masing individu tersebut. secara teknis-mikro, jumlah pendapatan yang diperoleh pelbagai faktor produksi yang digunakan untuk menghasilkan suatu barang adalah sama dengan harga dari barang tersebut. hal ini memberi penjelasan bahwa teori distribusi umum adalah merupakan segmen teori nilai yang berhubungan dengan determinasi harga-harga produksi8 yang 8 winardi, pengantar ilmu ekonomi, (bandung: tarsita, 1975), edisi v, h. 20. al-iqtishad: vol. iii, no. 1, januari 2011 99 perangkat hukum yang mengatur pengelolaan zakat tersebut telah disahkan oleh pemerintah, yakni undang-undang no.38/1999, yang mana uu ini sudah sampai pada tingkat penajaman penataan dan pengelolaan zis. di samping zakat, kita ketahui juga tentang sistem wakaf. wakaf merupakan pranata sosial (philantropy) islam yang bersifat volunteer (sukarela) dan mempunyai dampak ekonomi yang luas. wakaf dalam ekonomi islam bisa disebut juga dengan ‚shadaqah jâriyah‛ seseorang, yang pahalanya akan tetap mengalir setelah kematiannya. dalam sistem wakaf dijelaskan, bahwa harta yang dikeluarkan dari milik pribadi/individu untuk dialokasikan hasil dan manfaatnya pada salah satu sektor muamalat demi mengharap ridla allah swt., bisa memberikan kontribusi bagi kebutuhan masyarakat secara umum. keadilan distribusi dari sistem wakaf ini adalah lebih pada pemanfaatan harta yang diwakafkan kepada masyarakat umum tanpa merusak/menghabiskan benda (‘ain)-nya. dengan demikian, hasilnya bisa dirasakan secara bersama-sama dan terus menerus. eksistensi manajemen dan kinerja sistem dalam sebuah lembaga/organisasi merupakan suatu yang esensial, tanpa keduanya mustahil lembaga tersebut akan terus hidup dan berkembang. fungsi manajemen bisa dikatakan sebagai fondasi bagi suatu lembaga. oleh karenanya, adanya konsep manajemen yang mendevelop lembaga tersebut sangatlah dibutuhkan. teori distribusi umum persoalan distribusi dalam dunia ekonomi konvensional sangat erat kaitannya dengan pembahasan permasalahan produksi. akhir dari sebuah produksi adalah konsekuensi, baik dalam bentuk nilai maupun uang, yang harus didistribusikan pada komponen-komponen produksi yang ikut andil dalam aktivitasnya, yaitu empat komponen yang terdiri atas: pertama, upah bagi para pekerja. kedua, bunga sebagai imbalan dari uang modal. ketiga, ongkos untuk sewa bangunan/tanah. keempat, laba bagi pengelola. perbedaan komposisi andil dalam produksi yang dimiliki oleh masingmasing individu di atas, berakibat berbeda pula terhadap pendapatan yang diperoleh oleh masing-masing individu tersebut. secara teknis-mikro, jumlah pendapatan yang diperoleh pelbagai faktor produksi yang digunakan untuk menghasilkan suatu barang adalah sama dengan harga dari barang tersebut. hal ini memberi penjelasan bahwa teori distribusi umum adalah merupakan segmen teori nilai yang berhubungan dengan determinasi harga-harga produksi8 yang 8 winardi, pengantar ilmu ekonomi, (bandung: tarsita, 1975), edisi v, h. 20. secara langsung dapat dikatakan, bahwa teori distribusi ini sangat terkait dengan teori pendapatan nasional, yang mana mekanisme tersebut memberi pengertian bahwa pendapatan nasional merupakan jumlah pendapatan faktor produksi yang ada dalam perekonomian. pada umumnya, sistem atau teori seperti di atas dianut oleh kaum industri kapitalis yang dalam ekonomi kapitalisnya, distribusi terfokus pada pasca produksi. namun demikian, ekonomi kapitalis ini, khususnya aliran neoklasik, juga memberi gambaran tentang upaya mengurangi kemiskinan yang menjadi bagian dari pencapaian pemerataan dan kesejahteraan masyarakat melalui sistem trickle down effect (efek tetesan ke bawah), dimana peningkatan kekayaan kaum pengusaha—menjadi konglomerat—akan memberikan tetesan kekayaan mereka kepada masyarakat bawah dengan mendapatkan upah melalui usahanya sebagai buruh pabrik.9 di sisi lain, menurut pandangan teori ekonomi publik, fungsi distribusi merupakan salah satu fungsi ekonomi negara yang memiliki keterkaitan erat dengan pemerataan kesejahteraan dan pendapatan masyarakat. upaya pemerataan tersebut dilakukan melalui redistribusi kekayaan-kekayaan negara dari pelbagai pendapatan masyarakat, baik individu maupun perusahaan (yang biasa disebut pajak) yang kemudian digunakan untuk memenuhi kebutuhan negara dan pembangunan sarana prasarana umum demi kepentingan masyarakat bersama. pemerataan kesejahteraan secara proporsional10 juga mendorong pencapaian pertumbuhan ekonomi dengan optimal. seperti ketentuan mengenai kebijakan retribusi tunggal (pajak proporsional) oleh pemerintah yang diseragamkan dianggap akan memicu optimalisasi. selain itu, hal ini juga dilakukan menunjuk adanya kekhawatiran bila diberlakukan dengan tidak seragam akan menyebabkan migrasi penduduk yang berlebihan dari satu daerah ke daerah lain yang bisa memberikan penghasilan yang lebih besar.11 untuk ukuran tingkat pemerataan pendapatan masyarakat, saat ini menggunakan rasio gini. rasio gini berkisar antara 0 sampai dengan 1, dengan kriteria bahwa semakin tinggi gini rasio menunjukkan tingkat pendapatan yang semakin tidak merata. angka 1 menunjukkan tidak merata sempurna, sedang 0 adalah merata sempurna. 9 hidayatullah muttaqin, dalam http://www.alislam.or.id/comments/. 10 maksudnya, bahwa satu dearah dimungkinkan tidak sama tingkat kesejahteraannya dengan daerah lain karena akan sangat dipengaruhi oleh keberadaan dan kemampuan daerahnya tersebut masing-masing. 11 suyono p, dalam http://www.kimpraswil.go.id/bulletin/. yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 100 tingkat ketimpangan pendapatan penduduk digambarkan oleh porsi pendapatan dari kelompok pendapatan ini terhadap seluruh pendapatan penduduk, yang digolongkan sebagai berikut: (1) memperoleh <12%, maka tingkat ketimpangan pendapatan dianggap tinggi; (2) memperoleh 12-17%, maka tingkat ketimpangan pendapatan dianggap sedang; (3) memperoleh >17%, maka tingkat ketimpangan pendapatan dianggap rendah. urutan distribusi pendapatan di atas menunjukan bahwa menurut kriteria bank dunia, ketimpangan pendapatan (pengeluaran) penduduk dki jakarta dalam periode tahun 1997-2001 dideteksi tergolong rendah (>17%), yaitu 40% penduduk lapisan paling bawah menerima pendapatan antara 19-23 persen dari total penduduk. teori distribusi syariah kahf dalam bukunya, the islamic economy, mengatakan bahwa islam mempunyai dua prinsip utama dalam ekonominya, yaitu prinsip keseimbangan martabat dan persaudaraan dan pelarangan terhadap pemusatan (dawlah) kekayaan dan pendapatan. ia juga mengatakan bahwa yang dibutuhkan oleh suatu negara (dan/atau masyarakat)—islam—adalah menstruktur kebijakan ekonominya melalui: pertama, memfungsikan pasar (market mecanism). kedua, meminimalisasi gap distribusi (non-market mecanism). ketiga, tidak mengingkari adanya perbedaan dalam kapabilitas dan intellegence diantara masing-masing individu dalam masyarakatnya.12 dalam ekonomi islam, segala kegiatan ekonomi harus senantiasa didasarkan pada prinsip-prinsip alquran dan hadis. begitu juga dalam sistem distribusi. q.s. al-hasyr (59): 7 mengungkapkan, ‚supaya harta itu jangan hanya beredar di kalangan orang-orang kaya saja diantara kamu‛. para pemikir ekonomi islam juga memberikan gambaran tentang distribusi dalam islam ini, seperti sayyid thâhir mengatakan bahwa terdapat beberapa perintah (injunction) distribusi dalam islam, yaitu: pertama, distribusi tidak selalu berhubungan dengan proses produksi tetapi lebih ditujukan untuk memperkuat proses redistribusi, seperti nafaqah wâjibah dan khums dari ghanîmah. kedua, redistribusi wajib tahunan, seperti zakat. ketiga, redistribusi antar-generasi, seperti hukum waris. keempat, redistribusi yang didasarkan pada kepen-tingan publik (public interest), seperti permasalahan yang dipecahkan melalui 12 monzer kahf, the islamic economy; analytical study of the functioning of the islamic economic system, (muslim students association of us and canada, plainfield.in), h. 98. al-iqtishad: vol. iii, no. 1, januari 2011 101 tingkat ketimpangan pendapatan penduduk digambarkan oleh porsi pendapatan dari kelompok pendapatan ini terhadap seluruh pendapatan penduduk, yang digolongkan sebagai berikut: (1) memperoleh <12%, maka tingkat ketimpangan pendapatan dianggap tinggi; (2) memperoleh 12-17%, maka tingkat ketimpangan pendapatan dianggap sedang; (3) memperoleh >17%, maka tingkat ketimpangan pendapatan dianggap rendah. urutan distribusi pendapatan di atas menunjukan bahwa menurut kriteria bank dunia, ketimpangan pendapatan (pengeluaran) penduduk dki jakarta dalam periode tahun 1997-2001 dideteksi tergolong rendah (>17%), yaitu 40% penduduk lapisan paling bawah menerima pendapatan antara 19-23 persen dari total penduduk. teori distribusi syariah kahf dalam bukunya, the islamic economy, mengatakan bahwa islam mempunyai dua prinsip utama dalam ekonominya, yaitu prinsip keseimbangan martabat dan persaudaraan dan pelarangan terhadap pemusatan (dawlah) kekayaan dan pendapatan. ia juga mengatakan bahwa yang dibutuhkan oleh suatu negara (dan/atau masyarakat)—islam—adalah menstruktur kebijakan ekonominya melalui: pertama, memfungsikan pasar (market mecanism). kedua, meminimalisasi gap distribusi (non-market mecanism). ketiga, tidak mengingkari adanya perbedaan dalam kapabilitas dan intellegence diantara masing-masing individu dalam masyarakatnya.12 dalam ekonomi islam, segala kegiatan ekonomi harus senantiasa didasarkan pada prinsip-prinsip alquran dan hadis. begitu juga dalam sistem distribusi. q.s. al-hasyr (59): 7 mengungkapkan, ‚supaya harta itu jangan hanya beredar di kalangan orang-orang kaya saja diantara kamu‛. para pemikir ekonomi islam juga memberikan gambaran tentang distribusi dalam islam ini, seperti sayyid thâhir mengatakan bahwa terdapat beberapa perintah (injunction) distribusi dalam islam, yaitu: pertama, distribusi tidak selalu berhubungan dengan proses produksi tetapi lebih ditujukan untuk memperkuat proses redistribusi, seperti nafaqah wâjibah dan khums dari ghanîmah. kedua, redistribusi wajib tahunan, seperti zakat. ketiga, redistribusi antar-generasi, seperti hukum waris. keempat, redistribusi yang didasarkan pada kepen-tingan publik (public interest), seperti permasalahan yang dipecahkan melalui 12 monzer kahf, the islamic economy; analytical study of the functioning of the islamic economic system, (muslim students association of us and canada, plainfield.in), h. 98. mashlahah mursalah dan istihsân. kelima, redistribusi sukarela, seperti nafkah sukarela (infâq), hak tetangga, dan waqf.13 begitu pula konsep distribusi menurut shadr yang membaginya pada dua, yaitu distribusi pra produksi yang meliputi konsep kebutuhan dan tujuan sentral kerja, dan distribusi pasca produksi dimana distribusi merupakan kompensasi dari faktor-faktor produksi. selain itu, ia juga menyebutkan tiga elemen perangkat dasar distribusi dalam islam, yaitu: kerja, kebutuhan, dan properti.14 islam juga sangat memperhatikan aspek perolehan pendapatan terutama melalui kegiatan ekonomi, seperti dalam hal sewa jasa atau upah. komponen upah yang merupakan salah satu kompensasi terhadap faktor produksi, mendapat perhatian penting dalam distribusi pendapatan secara syariah. dalam islam, konsep upah bermula dari bentuk kegiatan muamalah yang biasa disebut dengan ijârah, yang berarti menyewakan suatu barang untuk diambil manfaatnya yang di dalamnya terdapat ganti atas pemanfaatan tersebut. ijârah dalam arti luas bermakna juga suatu akad yang berisi penukaran manfaat sesuatu dengan jalan memberikan imbalan dalam jumlah tertentu.15 benham menyebutkan, ‚upah dapat didefinisikan dengan sejumlah uang yang dibayarkan oleh yang memberi pekerjaan kepada seorang pekerja atas jasanya sesuai perjanjian‛.16 adapun permasalahan upah ini sering dipicu oleh superioritas majikan dan kewajiban para pekerja ketimbang hak-hak dan kebutuhan pekerja itu sendiri. karenanya sering terjadi pelanggaran tentang hak upah oleh para majikan yang akhirnya menimbulkan ketidakharmonisan antara pekerja dengan majikan (pemodal). oleh karena itu, islam memberikan jaminan terhadap hak-hak tersebut melalui ketetapan hukum-hukum kontrak kerja atau ijârah seperti di atas. karena dalam islam, upah bukanlah suatu konsekuensi melainkan suatu hak asasi. dalam hal lembaga-lembaga filantropi misalnya, aspek menjaga dan menyalurkan amanah adalah sebagai aspek kewajiban ilahiah yang diperintahkan oleh agama yang merupakan pengejawantahan dari nilai-nilai universal ajaran islam. yang mana nilai-nilai tersebut diantaranya: ketuhanan (tauhîd), 13 idb, lesson in islamic economics islamic, reasech & institute training, vol 2, 1 st edition, seminar proceeding no 41, 1998, h. 426. 14 chibli mallat, menyegarkan ‚islam‛: kajian komprehensif pertama atas hidup karya muhammad baqir al-shadr (terj.), (bandung: mizan media utama, 2001), cet. i, h. 181 dan 206. 15 sayyid sâbiq, fiqih al-sunnah, iii, (bayrût: dâr al-fikr, 1983), jilid iii, h. 198. 16 afzalurrahman, doktrin ekonomi islam, h. 361. yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 102 persaudaraan (brotherhood), kesetaraan (equal) dan keadilan (equity), kerja sama (cooperation) serta kerja dan produktivitas (productivity). prinsip-prinsip ini sejatinya terkandung dalam segala kegiatan lembaga filantropi tersebut.17 distribusi kekayaan perspektif ekonomi islam dalam alquran dikatakan bahwa sumber dari segala hak dan kepemilikan yang sebenarnya adalah mutlak dari allah swt., karena allah yang menciptakan alam raya ini dengan segala sesuatunya. mutlak bahwa allah pemilik segala sesuatu tersebut memberi pengertian akan arti kekuasaan allah atas semua ini adalah tidak terbatas, baik jangkauan kekuasaannya maupun jangka waktunya. hal ini seperti ditegaskan dalam q.s. al-mâidah [5]: 17 dan al-baqarah [2]: 255, ‚kepunyaan allah-lah segala kerajaan langit dan bumi dan yang ada di dalam nya‛,‛milik allah segala yang ada di langit dan segala yang ada di bumi‛. namun di sisi lain dinyatakan bahwa meski segala kekayaan itu adalah milik allah, namun kepemilikan pada manusia diakui secara de jure, karena allah sendiri yang telah mengakaruniakan kekayaan dan dia mengakui kepemilikan tersebut. ini juga tercantum dalam q.s. yâsin (36): 71. manusia dianggap sebagai istikhlâf (perwakilan) allah18 dalam menjaga dan memanfaatkan segala miliki allah tersebut. dengan demikian, hak milik perseorangan (individu) dalam islam adalah dibenarkan, tidak dilarang, baik berupa benda atau manfaat (utility) ataupun keduanya. maka fakta ini pun dapat menjadi unsur legitimasi bagi konsep kepemilikan pribadi, yang berarti pula bahwa setiap manusia bisa menjadi pemilik sah dari suatu kekayaan sebagaimana disebutkan dalam q.s. al-nisâ (4): 32. hak milik tersebut juga tidak saja diakui, tetapi juga merupakan sesuatu yang harus dihormati dan dilindungi. hak milik pribadi ini sudah menjadi bagian dari sistem islam yang telah disyariatkan allah, bahkan rasul saw. bersabda tentang ini, ‚barang siapa terbunuh karena membela hartanya, ia mati syahid‛. (h.r. muslim dalam kitab al-misykah). mengenai hak milik pada manusia ini, pada hakikatnya memiliki dua kapasitas, yakni kapasitasnya sebagai pribadi yang bebas dan kapasitasnya sebagai anggota masyarakat. hal inilah yang kemudian menunjukkan bahwa kepemilikan pada manusia itu (secara individu) dibatasi, sebagaimana tercantum 17 masudul alam choudhury, contributions to islamic economic theory; a study in social economics, (ny: st martin’s press), h. 8-9. 18 yusuf qaradhawi, peran nilai dan moral dalam perekonomian islam, (jakarta: rabbani press, 2001), h. 39. al-iqtishad: vol. iii, no. 1, januari 2011 103 persaudaraan (brotherhood), kesetaraan (equal) dan keadilan (equity), kerja sama (cooperation) serta kerja dan produktivitas (productivity). prinsip-prinsip ini sejatinya terkandung dalam segala kegiatan lembaga filantropi tersebut.17 distribusi kekayaan perspektif ekonomi islam dalam alquran dikatakan bahwa sumber dari segala hak dan kepemilikan yang sebenarnya adalah mutlak dari allah swt., karena allah yang menciptakan alam raya ini dengan segala sesuatunya. mutlak bahwa allah pemilik segala sesuatu tersebut memberi pengertian akan arti kekuasaan allah atas semua ini adalah tidak terbatas, baik jangkauan kekuasaannya maupun jangka waktunya. hal ini seperti ditegaskan dalam q.s. al-mâidah [5]: 17 dan al-baqarah [2]: 255, ‚kepunyaan allah-lah segala kerajaan langit dan bumi dan yang ada di dalam nya‛,‛milik allah segala yang ada di langit dan segala yang ada di bumi‛. namun di sisi lain dinyatakan bahwa meski segala kekayaan itu adalah milik allah, namun kepemilikan pada manusia diakui secara de jure, karena allah sendiri yang telah mengakaruniakan kekayaan dan dia mengakui kepemilikan tersebut. ini juga tercantum dalam q.s. yâsin (36): 71. manusia dianggap sebagai istikhlâf (perwakilan) allah18 dalam menjaga dan memanfaatkan segala miliki allah tersebut. dengan demikian, hak milik perseorangan (individu) dalam islam adalah dibenarkan, tidak dilarang, baik berupa benda atau manfaat (utility) ataupun keduanya. maka fakta ini pun dapat menjadi unsur legitimasi bagi konsep kepemilikan pribadi, yang berarti pula bahwa setiap manusia bisa menjadi pemilik sah dari suatu kekayaan sebagaimana disebutkan dalam q.s. al-nisâ (4): 32. hak milik tersebut juga tidak saja diakui, tetapi juga merupakan sesuatu yang harus dihormati dan dilindungi. hak milik pribadi ini sudah menjadi bagian dari sistem islam yang telah disyariatkan allah, bahkan rasul saw. bersabda tentang ini, ‚barang siapa terbunuh karena membela hartanya, ia mati syahid‛. (h.r. muslim dalam kitab al-misykah). mengenai hak milik pada manusia ini, pada hakikatnya memiliki dua kapasitas, yakni kapasitasnya sebagai pribadi yang bebas dan kapasitasnya sebagai anggota masyarakat. hal inilah yang kemudian menunjukkan bahwa kepemilikan pada manusia itu (secara individu) dibatasi, sebagaimana tercantum 17 masudul alam choudhury, contributions to islamic economic theory; a study in social economics, (ny: st martin’s press), h. 8-9. 18 yusuf qaradhawi, peran nilai dan moral dalam perekonomian islam, (jakarta: rabbani press, 2001), h. 39. dalam q.s. al-tawbah [9]:103, ‚ambillah dari harta mereka sebagai sedekah, yang dengannya kamu mensucikan dan membersihkan mereka‛. di antara hal penting lain yang diungkapkan dalam ajaran islam dalam hal pemilikan adalah adanya selain aturan pemilikan individu, yaitu penetapan aturan pemilikan umum (bersama) dalam suatu mayarakat, yang menyangkut kekayaan yang bersifat dharûrî (primer). aturan ini menjadi penting mengingat keberadaan dan pemanfaatannya dibutuhkan sebagian besar manusia, sehingga pemilikannya pun bersifat bersama dan umum. rasulullah saw. menyebutkan diantara kekayaan yang dibutuhkan secara umum pada pokoknya ada tiga hal, yaitu: padang (rumput), air dan api. dalam sebuah hadis disebutkan, ‚manusia berserikat dalam tiga hal, rumput, air dan api‛ (h.r. abû dâwud). pemanfaatan harta kekayaan dalam islam hak pengelolaan ini merupakan konsekuensi dari hukum syarak, yang esensinya ia memiliki harta tersebut hanya untuk dimanfaatkan sesuai dengan ketentuan syara. dimana cara dan usaha untuk memperoleh harta kekayaan dan penggunannya adalah amanat yang diberikan oleh allah kepada manusia. walaupun keputusan untuk membelanjakan harta merupakan keputusan yang bersifat pribadi, tetapi dalam alquran terdapat beberapa pedoman tentang pembelanjaan harta tersebut.19 intinya, bahwa manusia muslim diberi kebebasan dalam memanfaatkan kekayaannya, baik untuk disimpan atau diinvestasikan pada usaha (dalam hal ini dilakukan pada mekanisme pasar). atau terus menyadari bahwa dalam harta kekayaan tersebut terkandung hal milik allah yang harus diberikan kepada manusia lainnya yang sangat membutuhkan (dalam hal ini dilakukan pada mekanisme non-pasar). dengan uraian sebagai berikut: pertama, melalui mekanisme pasar (distribusi syariah tentang akumulasi modal umat). berbicara modal pasti akan terkait dengan laba atau keuntungan. oleh karenanya, mekanisme pasar adalah mekanisme distribusi kekayaan yang lebih menitikberatkan pada sistem distribusi yang bersifat komersil/bisnis. tidak saja dalam lingkup jual beli atau persewaan (untuk kepentingan diri), tetapi juga untuk diinvestasikan kepada masyarakat pengelola usaha yang kurang mampu sebagai modal usaha mereka dalam mengembangkan kapasitas produksinya. mekanisme ini tentu saja memberikan multiplier effect pada kekayaan dua belah pihak, serta bagi pihak-pihak lain yang terkait di dalamnya. 19 q.s. al-qashash [28]: 77 dan q.s. al-furqân [25]: 67. yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 104 kedua, melalui mekanisme non-pasar, antara lain melalui zakat dan wakaf. kata zakat memiliki arti menumbuhkan, memurnikan atau memperbaiki yang mengandung makna pembersihan diri dan harta kekayan setelah melaksanakan kewajiban zakat. dalam klasifikasi peribadatan islam, kewajiban zakat sebagai salah satu rukun islam, disebut sebagai ibadah mâliyah ijtimâ‘iyyah (ibadah finansial dan sosial). terdapat beberapa unsur yang harus diperhatikan dalam pemanfaatan harta melalui zakat ini di antaranya: pertama, unsur muzakkî, menurut wahbah al-zuhaylî yang disyaratkan menjadi seorang muzakkî adalah harus beragama islam (muslim), balig, berakal, dan merdeka (bukan hamba sahaya), memiliki harta yang mencapai nishâb dan hawl serta kepemilikan penuh (milk al-tâm) akan harta, dan terpenuhi kebutuhan pokok sehari-harinya dan keluarganya. adapun abdul mannan menekankan enam prinsip sebagai karakteristik muzakki, yaitu:20 keyakinan, keadilan, produktifitas/sampai pada hawl, nalar, kemudahan, dan kemerdekaan. kedua, unsur mustahiq, alquran memberikan perhatian khusus tentang kepada siapa zakat ini diberikan. perhatian ini pada dasarnya adalah demi entasnya kemiskinan dan sejahteranya masyarakat. ketentuan mustahiq ini adalah delapan golongan yang ditentukan alquran dalam q.s. al-tawbah [9]: 60. ketiga, unsur mâl, yaitu mengenai jenis atau macam harta kekayaan apa saja yang harus dizakati. dalam q.s. al-tawbah [9]: 60 dikatakan,‚ambillah zakat dari sebagian harta mereka, (di mana) dengan zakat itu kamu membersihkan dan mensucikan mereka‛. ayat ini memberi pengertian, bahwa dalam islam keharusan mengeluarkan atau membelanjakan harta melalui zakat adalah merupakan ibadah mahdhah yang bertujuan menyucikan mereka dari harta kekayaannya. menurut syafei’ antonio, zakat harta (mâl) bahkan merupakan salah satu bentuk konkret konsep trickle down effect (efek tetesan ke bawah) yang bersifat langsung dalam islam. selanjutnya melalui mekanisme wakaf. wakaf adalah sebentuk instrumen unik yang mendasarkan fungsinya pada unsur kebajikan (birr), kebaikan (ihsân), dan persaudaraan (ukhuwwah). ciri utama wakaf yang sangat membedakan adalah ketika wakaf ditunaikan terjadi pergeseran kepemilikan pribadi menuju kepemilikan masyarakat muslim yang diharapkan abadi, memberikan manfaat secara berkelanjutan. melalui wakaf diharapkan akan terjadi proses distribusi 20 m. abdul mannan, teori dan praktek ekonomi islam, (yogyakarta: pt. dana bhakti wakaf, 1997), h. 257-359. al-iqtishad: vol. iii, no. 1, januari 2011 105 kedua, melalui mekanisme non-pasar, antara lain melalui zakat dan wakaf. kata zakat memiliki arti menumbuhkan, memurnikan atau memperbaiki yang mengandung makna pembersihan diri dan harta kekayan setelah melaksanakan kewajiban zakat. dalam klasifikasi peribadatan islam, kewajiban zakat sebagai salah satu rukun islam, disebut sebagai ibadah mâliyah ijtimâ‘iyyah (ibadah finansial dan sosial). terdapat beberapa unsur yang harus diperhatikan dalam pemanfaatan harta melalui zakat ini di antaranya: pertama, unsur muzakkî, menurut wahbah al-zuhaylî yang disyaratkan menjadi seorang muzakkî adalah harus beragama islam (muslim), balig, berakal, dan merdeka (bukan hamba sahaya), memiliki harta yang mencapai nishâb dan hawl serta kepemilikan penuh (milk al-tâm) akan harta, dan terpenuhi kebutuhan pokok sehari-harinya dan keluarganya. adapun abdul mannan menekankan enam prinsip sebagai karakteristik muzakki, yaitu:20 keyakinan, keadilan, produktifitas/sampai pada hawl, nalar, kemudahan, dan kemerdekaan. kedua, unsur mustahiq, alquran memberikan perhatian khusus tentang kepada siapa zakat ini diberikan. perhatian ini pada dasarnya adalah demi entasnya kemiskinan dan sejahteranya masyarakat. ketentuan mustahiq ini adalah delapan golongan yang ditentukan alquran dalam q.s. al-tawbah [9]: 60. ketiga, unsur mâl, yaitu mengenai jenis atau macam harta kekayaan apa saja yang harus dizakati. dalam q.s. al-tawbah [9]: 60 dikatakan,‚ambillah zakat dari sebagian harta mereka, (di mana) dengan zakat itu kamu membersihkan dan mensucikan mereka‛. ayat ini memberi pengertian, bahwa dalam islam keharusan mengeluarkan atau membelanjakan harta melalui zakat adalah merupakan ibadah mahdhah yang bertujuan menyucikan mereka dari harta kekayaannya. menurut syafei’ antonio, zakat harta (mâl) bahkan merupakan salah satu bentuk konkret konsep trickle down effect (efek tetesan ke bawah) yang bersifat langsung dalam islam. selanjutnya melalui mekanisme wakaf. wakaf adalah sebentuk instrumen unik yang mendasarkan fungsinya pada unsur kebajikan (birr), kebaikan (ihsân), dan persaudaraan (ukhuwwah). ciri utama wakaf yang sangat membedakan adalah ketika wakaf ditunaikan terjadi pergeseran kepemilikan pribadi menuju kepemilikan masyarakat muslim yang diharapkan abadi, memberikan manfaat secara berkelanjutan. melalui wakaf diharapkan akan terjadi proses distribusi 20 m. abdul mannan, teori dan praktek ekonomi islam, (yogyakarta: pt. dana bhakti wakaf, 1997), h. 257-359. manfaat bagi masyarakat secara lebih luas, dari manfaat pribadi (private benefit) menuju manfaat masyarakat (social benefit).21 pengertian wakaf menurut ibn qudâmah adalah, ‚menahan asal dan mengalirkan hasilnya‛22. berdasarkan kutipan dari hadis nabi saw. kepada umar ibn al-khaththâb, yang mengisyaratkan kepadanya agar harta beliau diwakafkan, padahal ia tidak memiliki harta yang lebih berharga darinya. dan tidak seorang pun sahabat yang memiliki kemampuan kecuali wakaf.23 menurut al-shan’ânî, wakaf adalah menahan harta yang mungkin dapat diambil manfaatnya tanpa menghabiskan atau merusakkan bendanya (‘ayn) dan digunakan untuk kebaikan.24 sedangkan dalam bahasa hukum kontemporer, wakaf berarti pemberian, dilakukan atas kehendak ahli waris dengan satu niat memenuhi panggilan ketakwaan. atau sebagai harta yang disumbangkan untuk pelbagai tujuan kemanusiaan, sekali dalam selamanya. atau juga didefinisikan sebagai suatu tindakan penahanan dari penggunaan dan penyerahan aset tetap seseorang sebagai bentuk menifestasi kepatuhan terhadap agama, dimana orang lain dapat memanfaatkan atau menggunakan hasilnya untuk tujuan amal, sepanjang harta tersebut masih ada.25 bahkan komisi fatwa majelis ulama indonesia dalam putusan fatwanya tentang wakaf tunai memberikan pengertian bahwa wakaf adalah perbuatan hukum seseorang atau kelompok orang atau badan hukum yang memisahkan sebagian dari benda miliknya guna kepentingan ibadat atau keperluan umum lainnya sesuai dengan ajaran islam‛ dan ‚benda wakaf adalah segala benda, baik bergerak atau tidak bergerak, yang memiliki daya tahan yang tidak hanya sekali pakai dan bernilai menurut ajaran islam.26 dengan demikian secara aplikatif, dalam hukum islam, wakaf berarti menyerahkan suatu hak milik yang tahan lama (zatnya) kepada seseorang atau nadzir (penjaga wakaf) baik berupa perorangan maupun lembaga, dengan ketentuan bahwa hasilnya digunakan sesuai dengan syariat islam. harta yang 21 abdul aziz setiawan, dalam http://www.hidayatullah.com/index.php?option=com_ content&task=view&id=1505&itemid=0 22 m. abid abdullah al-kabisi, hukum wakaf, (jakarta: ilman dan dompet dhu’afa republika, 2004), cet. i, h. 61. 23 yusuf qaradhawi, peran nilai dan moral dalam perekonomian islam, h. 428. 24 muhammmad bin ismâ‘îl al-shan’ânî, subul al-salâm, juz iii; muhammad ‘alî al-shâbûnî, tanpa tahun, h. 114. 25 m.a. mannan, sertifikat wakaf tunai; sebuah inovasi instrumen keuangan islam, (jakarta: ciber, pktti-ui, terjmh, 2001), h. 29. 26 kompilasi hukum islam di indonesia, buku ii, bab i, pasal 215, (1) dan (4). yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 106 telah diwakafkan keluar dari hak milik yang mewakafkan (wâqif), dan bukan pula hak milik nadzir/lembaga pengelola wakaf tapi menjadi hak milik allah yang harus dimanfaatkan untuk kesejahteraan masyarakat.27 menurut imam dahlawi, wakaf memiliki keistimewaan yang tidak dimiliki oleh jenis sedekah yang lainnya. dimana infak yang diberikan, berbentuk paten dan bertahan lama, sehingga dapat dimanfaatkan secara terus-menerus. dengan demikian, sasarannya bukan sekadar orang fakir dan miskin, namun juga untuk kepentingan publik dan masyarakat luas. saat ini peran ekonomi islam, tidak saja langsung bersentuhan dengan pergulatan konsep dan pemahaman ekonomi konvensioanl, namun juga membuka diri dengan sistem-sistem aplikatif terbaru yang memerlukan pengkajian, pendalaman ulang terhadap fikih klasik agar dapat dimanfaatkan saat ini. seperti dalam hal wakaf adalah dengan adanya wakaf uang. sertifikat wakaf tunai misalnya, merupakan produk baru yang dikembangkan saat ini yang juga merupakan bagian tidak terpisahkan dari sistem ekonomi islam yang integral dan merupakan inovasi tunggal milik konsep islam. sesuai dengan tujuan wakaf, maka sertifikat wakaf tunai adalah sebagai salah satu bentuk tanggung jawab sosial dari yang mampu kepada yang berhak menerimanya, baik untuk sektor pendidikan sosial maupun ekonomi. menurut mannan, sesungguhnya penggunaan wakaf tunai telah lama dikenal di dalam pemerintahan islam.28 dia menyebutkan bahwa penggunaan wakaf uang sudah ada semenjak zaman pemerintahan utsmaniyah dan kekhalifahan ottoman. deskripsi sistem distribusi syariah di indonesia: analisis kinerja badan/ lembaga zakat dan wakaf pertama, lembaga zakat. secara sosial, praktik-praktik zakat sudah terlaksana semenjak agama islam itu ada di indonesia. baik itu dilakukan secara mandiri -langsung kepada mustahik atau melalui para ulama, kyai, atau ustaz maupun secara kolektif yang bersifat sporadik (kelompok-kelompok kecil dalam masyarakat), juga bersifat tradisional-pasif dan hanya temporer (musiman). misi zakat sendiri sesungguhnya selaras dengan undang-undang dasar 1945 pada pasal 34 yang menyatakan bahwa, ‚fakir miskin dan anak-anak terlantar dipelihara oleh negara‛. jiwa zakat sudah melekat dalam kehidupan sosial masyarakat indonesia. negara merupakan ‚’âmilîn‛ yang tepat dalam 27 dian masyita juhelmi, dalam http//www.tazkiaonline.com/. 28 m.a. mannan, sertifikat wakaf tunai, h. 95. al-iqtishad: vol. iii, no. 1, januari 2011 107 telah diwakafkan keluar dari hak milik yang mewakafkan (wâqif), dan bukan pula hak milik nadzir/lembaga pengelola wakaf tapi menjadi hak milik allah yang harus dimanfaatkan untuk kesejahteraan masyarakat.27 menurut imam dahlawi, wakaf memiliki keistimewaan yang tidak dimiliki oleh jenis sedekah yang lainnya. dimana infak yang diberikan, berbentuk paten dan bertahan lama, sehingga dapat dimanfaatkan secara terus-menerus. dengan demikian, sasarannya bukan sekadar orang fakir dan miskin, namun juga untuk kepentingan publik dan masyarakat luas. saat ini peran ekonomi islam, tidak saja langsung bersentuhan dengan pergulatan konsep dan pemahaman ekonomi konvensioanl, namun juga membuka diri dengan sistem-sistem aplikatif terbaru yang memerlukan pengkajian, pendalaman ulang terhadap fikih klasik agar dapat dimanfaatkan saat ini. seperti dalam hal wakaf adalah dengan adanya wakaf uang. sertifikat wakaf tunai misalnya, merupakan produk baru yang dikembangkan saat ini yang juga merupakan bagian tidak terpisahkan dari sistem ekonomi islam yang integral dan merupakan inovasi tunggal milik konsep islam. sesuai dengan tujuan wakaf, maka sertifikat wakaf tunai adalah sebagai salah satu bentuk tanggung jawab sosial dari yang mampu kepada yang berhak menerimanya, baik untuk sektor pendidikan sosial maupun ekonomi. menurut mannan, sesungguhnya penggunaan wakaf tunai telah lama dikenal di dalam pemerintahan islam.28 dia menyebutkan bahwa penggunaan wakaf uang sudah ada semenjak zaman pemerintahan utsmaniyah dan kekhalifahan ottoman. deskripsi sistem distribusi syariah di indonesia: analisis kinerja badan/ lembaga zakat dan wakaf pertama, lembaga zakat. secara sosial, praktik-praktik zakat sudah terlaksana semenjak agama islam itu ada di indonesia. baik itu dilakukan secara mandiri -langsung kepada mustahik atau melalui para ulama, kyai, atau ustaz maupun secara kolektif yang bersifat sporadik (kelompok-kelompok kecil dalam masyarakat), juga bersifat tradisional-pasif dan hanya temporer (musiman). misi zakat sendiri sesungguhnya selaras dengan undang-undang dasar 1945 pada pasal 34 yang menyatakan bahwa, ‚fakir miskin dan anak-anak terlantar dipelihara oleh negara‛. jiwa zakat sudah melekat dalam kehidupan sosial masyarakat indonesia. negara merupakan ‚’âmilîn‛ yang tepat dalam 27 dian masyita juhelmi, dalam http//www.tazkiaonline.com/. 28 m.a. mannan, sertifikat wakaf tunai, h. 95. menjalankan amanat tersebut. karena berbicara zakat, esensinya adalah bicara tentang how to manage the zakah’s fund. pada tahun 1990, dpr menyetujui rancangan uu tentang zakat yang kemudian tersahkan menjadi uu no.38 tahun 1999 tentang pengelolaan zakat. pembentukan lembaga pengelola zakat (laz/baz) ini juga, secara paralel berpengaruh kuat atas optimalisasi zakat yang nyata-nyata membutuhkan sistem pengelolaan yang profesional dan legitimate. bahkan, ayat pertama pasal 7 uu no.38/1999, menentukan bahwa lembaga amil zakat dikukuhkan, dibina, dan dilindungi oleh pemerintah. sehingga instrumen zakat ini bisa dijadikan alat kebijakan ekonomi negara sebagai sumber pendanaan baru bagi pemerintah. diantaranya perkiraan potensi zakat yang dilakukan oleh nasution29dengan menggunakan data gdp indonesia dan dengan asumsi bahwa penguasaan asset umat muslim sebesar 20% dari total gdp dan besaran zakat sebesar 2,5% maka potensi zakat adalah sebesar 7,5 s.d 8,7 trilyun rupiah atau sekitar 0,4 s.d 1,85% dari total pdb nasional (berdasarkan harga berlaku tahun 2005). jika dibanding dengan estimasi dan perhitungan potensi zakat di beberapa negara muslim, jumlah ini masih jauh lebih rendah. namun hal yang menggembirakannya adalah jumlah ini terus mengalami peningkatan dari tahun ke tahun. kedua, lembaga wakaf. kementerian agama ri telah membuat satu divisi, khusus tentang pengembangan wakaf untuk masyarakat muslim indonesia, yang disebut dengan badan wakaf indonesia (bwi). keberadaan bwi adalah melaksanakan pembinaan yang intensif bagi para pengelola wakaf di seluruh indonesia. sekaligus menjadi lembaga pengontrol bagi para pengelola wakaf yang ada di indonesia. sistem perwakafan di indonesia sudah berjalan dan berkembang, terbukti dengan adanya pelbagai produk wakaf, yang tidak hanya bersifat sosial produktif, tetapi juga sudah menyentuh manajemen pembiayaan global, seperti dengan adanya sistem wakaf uang. selain itu, wakaf uang ini juga telah mendapatkan putusan wakaf dari majelis ulama indonesia tentang wakaf uang.30 sistem distribusi syariah pada lembaga zakat dan wakaf di indonesia membentuk serta melembagakan aspek filantropi dalam islam seperti zakat dan wakaf ini merupakan transformasi makna wajib dari perintah allah 29 mustafa e. nasution, yusuf wibisono, zakat sebagai instrumen pengentasan kemiskinan‛, proceeding muktamar iaei, medan, 2005. 30 http://www.mui.or.id/fat_wakafuang.htm yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 108 dalam alquran yang mengandung makna fardh kifâyah, yang menjadi suatu kewajiban bagi kaum muslimin untuk mengelola secara sistematis segala harta yang wajib dikeluarkan tersebut. berbicara sistem, berarti tidak terlepas dari aspek perilaku penataan, semakin baik seseorang menata diri, berarti semakin baik ia melakukan proses manajemen. tidak itu saja, perencanaan strategis, swot dan hadirnya orang-orang yang cakap di bidangnya adalah tuntutan progresif untuk pengembangan lembaga-lembaga tersebut.31 faktor kekuatan (strengths) pertama, penggunaan sumber daya insani yang profesional. untuk menggerakkan lembaga filantropi ini menjadi suatu lembaga yang profesional, maka perekrutan sumber daya manusianya harus profesional. banyaknya kaum elit intelektual yang terjun langsung dalam pengelolaan lembaga filantropi menunjuk hal tersebut. kedua, populasi penduduk indonesia muslim yang mampu (kaya). faktor ini jelas menjadi suatu kekuatan terbentuknya lembaga-lembaga yang bergerak di bidang filantropi. hal ini juga merupakan alasan kuat supaya pemerintah terus mendukung upaya pemerataan kesejahteraan ini dengan memberikan kemudahan dalam aspek hukum atau perundang-undangannya. ketiga, legalitas lembaga. dalam hal ini pemerintah membentuk 2 (dua) lembaga resmi yang khusus mengelola zakat, yakni baznas dan baz. demikian pula halnya dengan wakaf, ketentuan tentang wakaf adat orang indonesia ini banyak dipengaruhi oleh ajaran islam, yaitu peraturan pemerintah no. 28 tahun 1977. faktor kelemahan (weakness) pertama, kurangnya sosialisasi. dengan sikap yang pasif maupun reaktif tadi, hal inilah yang menyebabkan kurangnya sosialisasi lembaga mengenai aspek filantropi kepada masyarakat muslim yang mampu. meski penduduk indonesia mayoritas beragama islam, namun pengetahuan akan aspek filantropi ini masih sangat minim. kedua, pengendalian mutu manajemen. profesionalisme sebagai salah satu pengendali mutu manajemen, harus dibangun dari sebuah kesadaran, kegigihan, dedikasi dan komitmen, keberanian dan kepatuhan serta cita-cita. 31 eri sudewo, manajemen zakat; tinggalkan 15 tradisi, terapkan 4 prinsip dasar, (ciputat, imz, 2004), cet. i, h.xxxviii. al-iqtishad: vol. iii, no. 1, januari 2011 109 dalam alquran yang mengandung makna fardh kifâyah, yang menjadi suatu kewajiban bagi kaum muslimin untuk mengelola secara sistematis segala harta yang wajib dikeluarkan tersebut. berbicara sistem, berarti tidak terlepas dari aspek perilaku penataan, semakin baik seseorang menata diri, berarti semakin baik ia melakukan proses manajemen. tidak itu saja, perencanaan strategis, swot dan hadirnya orang-orang yang cakap di bidangnya adalah tuntutan progresif untuk pengembangan lembaga-lembaga tersebut.31 faktor kekuatan (strengths) pertama, penggunaan sumber daya insani yang profesional. untuk menggerakkan lembaga filantropi ini menjadi suatu lembaga yang profesional, maka perekrutan sumber daya manusianya harus profesional. banyaknya kaum elit intelektual yang terjun langsung dalam pengelolaan lembaga filantropi menunjuk hal tersebut. kedua, populasi penduduk indonesia muslim yang mampu (kaya). faktor ini jelas menjadi suatu kekuatan terbentuknya lembaga-lembaga yang bergerak di bidang filantropi. hal ini juga merupakan alasan kuat supaya pemerintah terus mendukung upaya pemerataan kesejahteraan ini dengan memberikan kemudahan dalam aspek hukum atau perundang-undangannya. ketiga, legalitas lembaga. dalam hal ini pemerintah membentuk 2 (dua) lembaga resmi yang khusus mengelola zakat, yakni baznas dan baz. demikian pula halnya dengan wakaf, ketentuan tentang wakaf adat orang indonesia ini banyak dipengaruhi oleh ajaran islam, yaitu peraturan pemerintah no. 28 tahun 1977. faktor kelemahan (weakness) pertama, kurangnya sosialisasi. dengan sikap yang pasif maupun reaktif tadi, hal inilah yang menyebabkan kurangnya sosialisasi lembaga mengenai aspek filantropi kepada masyarakat muslim yang mampu. meski penduduk indonesia mayoritas beragama islam, namun pengetahuan akan aspek filantropi ini masih sangat minim. kedua, pengendalian mutu manajemen. profesionalisme sebagai salah satu pengendali mutu manajemen, harus dibangun dari sebuah kesadaran, kegigihan, dedikasi dan komitmen, keberanian dan kepatuhan serta cita-cita. 31 eri sudewo, manajemen zakat; tinggalkan 15 tradisi, terapkan 4 prinsip dasar, (ciputat, imz, 2004), cet. i, h.xxxviii. ketiga, minimnya pembelajaran dan pelatihan bagi pengelola. demi tetap eksisnya lembaga-lembaga filantropi ini, maka aspek pembelajaran dan pelatihan bagi para pengelola lembaga tersebut menjadi hal yang sangat penting. peluang (opportunity) pertama, peningkatan kesadaran umat muslim terhadap aspek filantropi. faktor ini memang menjadi faktor andalan berkembangnya aspek filantropi islam di indonesia. hal ini juga yang mampu mendorong terbukanya pengukuhan peraturan dan undang-undang yang mendukung terbentuknya lembagalembaga yang bergerak dibidang filantropi tersebut. kedua, perkembangan teknologi ekonomi dan informasi. perkembangan teknologi informasi modern saat ini memberikan peluang yang besar pada lembaga-lembaga tersebut, baik sebagai sarana maupun prasarana untuk menjadikan lembaganya sebuah organisasi dengan mutu manajemen yang profesional dan bertanggung jawab. ketiga, pengembangan pelbagai program layanan dan perluasan jaringan. banyaknya program-program produktif yang dibuat oleh lembaga tersebut dan jaringannya akan mampu mendorong para donatur untuk mengeluarkan hartanya dan melihat sejauhmana dana-dana tersebut termanfaatkan. tantangan/ancaman (threats) pertama, peningkatan angka kemiskinan. realitas masyarakat yang tadinya mampu membeli makanan yang mempunyai nilai gizi minimal, saat ini mendapatkan makanan sederhana saja sudah untung. ini bukan berarti yang kaya menjadi miskin, tetapi masyarakat yang sebelumnya punya daya beli menjadi tidak berdaya beli. kedua, tingkat keluhan mustahik terhadap program layanan. tidak sedikit memang para mustahik yang senantiasa mengajukan permohonan bantuan kepada lembaga filantropi, karena mereka berpendapat bahwa mereka laik untuk diberi. hanya saja mereka kemudian menjadi enggan disebabkan lembaga terkadang sangat selektif. ketiga, berkurangnya tingkat kepercayaan donatur pada lembaga. penyebab utama yang mengganggu faktor ini adalah kapabilitas lembaga dalam menjalankan aktivitasnya, seperti kurang kreatif, tidak proaktif, tidak transparan, tidak fleksibel, birokrasi yang terlalu berbelit-belit, atau yang paling ekstrim adalah tidak amanah. yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 110 rencana aksi pertama, regulasi pembentukkan lembaga. agar lembaga-lembaga zakat dan wakaf mampu menunjukkan kapabilitasnya sebagai sebuah sistem pendistribusian ekonomi (dalam hal harta kekayaan) serta sebagai lembaga keuangan nirlaba (non-profit), menjadi bagian tak terpisahkan pada pembangunan perekonomian bangsa, dalam rangka meningkatkan kesejahteraan ekonomi umat umumnya dan masyarakat miskin (tidak mampu) pada khususnya. dalam hal ini, pemerintah pusat harus dengan sungguh-sungguh menyediakan perangkat hukum yang jelas dan tepat bagi terselenggaranya pembangunan dan pengembangan lembaga-lembaga zakat dan wakaf di indonesia. adapun pemerintah daerah tingkat i dan ii adalah perpanjangtanganan pemerintah pusat dalam merealisasikan perangkat hukum yang dikeluarkan. dalam hal ini pemda tingkat i dan ii diharapkan mampu menfasilitasi lembaga-lembaga zakat dan wakaf yang dikelola langsung dari masyarakat, agar dapat memiliki perizinan dengan cepat dan benar seperti yang ditentukan pemerintah pusat. kedua, mobilisasi sumber-sumber dana. berdasarkan identifikasi faktorfaktor yang bisa memberi kekuatan terhadap berdiri dan berkembangnya lembaga-lembaga zakat dan wakaf, yakni populasi penduduk muslim dan mampu di indonesia, maka lembaga harus melakukan penggalian dana dengan menawarkan program kerja dan program layanan yang signifikan, sehingga dana-dana yang diberikan dapat diserap dan disalurkan dengan baik dan benar. selain itu peta progresifitas dana yang masuk dapat terlihat melalui pelaporan yang dibuat oleh manajemen lembaga. ketiga, sosialisasi dan advokasi. bahwa masih banyak masyarakat muslim indonesia yang kaya tidak begitu memahami makna dari zakat dan wakaf atau aspek filantropis lainnya, adalah sesuatu yang harus disadari. oleh karenanya, sistem sosialisasi dan advokasi mengenai pemaknaan zakat dan wakaf adalah bagian terpenting dari program. tidak saja secara personal, tetapi juga pada kelompok masyarakat dan lembaga-lembaga/instansi. pendekatan yang digunakan dapat beragam, baik melalui seminar, ceramah, personal approach, maupun secara didaktis-metodis. keempat, peningkatan mutu manajemen dan pembelajaran karyawan. setidaknya terdapat dua sasaran utama dalam hal peningkatan ini yaitu meningkatkan kualitas lembaga dengan pelbagai fasilitas dan meningkatkan profesionalisme âmilîn. al-iqtishad: vol. iii, no. 1, januari 2011 111 rencana aksi pertama, regulasi pembentukkan lembaga. agar lembaga-lembaga zakat dan wakaf mampu menunjukkan kapabilitasnya sebagai sebuah sistem pendistribusian ekonomi (dalam hal harta kekayaan) serta sebagai lembaga keuangan nirlaba (non-profit), menjadi bagian tak terpisahkan pada pembangunan perekonomian bangsa, dalam rangka meningkatkan kesejahteraan ekonomi umat umumnya dan masyarakat miskin (tidak mampu) pada khususnya. dalam hal ini, pemerintah pusat harus dengan sungguh-sungguh menyediakan perangkat hukum yang jelas dan tepat bagi terselenggaranya pembangunan dan pengembangan lembaga-lembaga zakat dan wakaf di indonesia. adapun pemerintah daerah tingkat i dan ii adalah perpanjangtanganan pemerintah pusat dalam merealisasikan perangkat hukum yang dikeluarkan. dalam hal ini pemda tingkat i dan ii diharapkan mampu menfasilitasi lembaga-lembaga zakat dan wakaf yang dikelola langsung dari masyarakat, agar dapat memiliki perizinan dengan cepat dan benar seperti yang ditentukan pemerintah pusat. kedua, mobilisasi sumber-sumber dana. berdasarkan identifikasi faktorfaktor yang bisa memberi kekuatan terhadap berdiri dan berkembangnya lembaga-lembaga zakat dan wakaf, yakni populasi penduduk muslim dan mampu di indonesia, maka lembaga harus melakukan penggalian dana dengan menawarkan program kerja dan program layanan yang signifikan, sehingga dana-dana yang diberikan dapat diserap dan disalurkan dengan baik dan benar. selain itu peta progresifitas dana yang masuk dapat terlihat melalui pelaporan yang dibuat oleh manajemen lembaga. ketiga, sosialisasi dan advokasi. bahwa masih banyak masyarakat muslim indonesia yang kaya tidak begitu memahami makna dari zakat dan wakaf atau aspek filantropis lainnya, adalah sesuatu yang harus disadari. oleh karenanya, sistem sosialisasi dan advokasi mengenai pemaknaan zakat dan wakaf adalah bagian terpenting dari program. tidak saja secara personal, tetapi juga pada kelompok masyarakat dan lembaga-lembaga/instansi. pendekatan yang digunakan dapat beragam, baik melalui seminar, ceramah, personal approach, maupun secara didaktis-metodis. keempat, peningkatan mutu manajemen dan pembelajaran karyawan. setidaknya terdapat dua sasaran utama dalam hal peningkatan ini yaitu meningkatkan kualitas lembaga dengan pelbagai fasilitas dan meningkatkan profesionalisme âmilîn. penutup dalam pandangan ekonomi islam, sistem distribusi merupakan bagian kegiatan ekonomi yang mempunyai pengaruh kuat terhadap pemerataan kesejahteraan masyarakat. sistem distribusi menurut islam adalah aturan yang tidak dapat dipisahkan dari ketentuan maqâshid syarî’ah, yang di dalamnya terdapat aspek distribusi kekayaan yang bersifat wajib seperti sistem zakat dan wakaf. keberadaan lembaga zakat dan wakaf di indonesia terhitung cukup lama, namun pengelolaan lembaga-lembaga tersebut sangat terbatas dan sporadis. pengelolaannya pun masih tradisional dan musiman. kemudian hadir ‚kebaikan‛ dengan adanya legalitas kelembagaan ini. sehingga, pengelolaan lembaga zakat dan wakaf dapat diorganisir dengan menggunakan sistem manajemen yang baik. selain didukung oleh perangkat hukum atau undang-undang, aspek manajerial sangat menentukan kualitas dan kapabilitas lembaga tersebut. [] pustaka acuan al-kabisi m. abid abdullah, hukum wakaf, jakarta: ilman dan dompet dhu’afa republika, 2004. choudhury, masudul alam, contributions to islamic economic theory; a study in social economics, ny: st martin’s press. doa, djamal, membangun ekonomi umat melalui pengelolaan zakat harta, jakarta: nuansa madani, 2002. eri sudewo, manajemen zakat; tinggalkan 15 tradisi, terapkan 4 prinsip dasar, ciputat: imz, 2004. kahf, monzer, the islamic economy; analytical study of the functioning of the islamic economic system, muslim students association of us and canada, plainfield.in. mallat, chibli, menyegarkan ‚islam‛; kajian komprehensif pertama atas hidup karya muhammad baqir al-shadr (terjm), bandung: mizan media utama, 2001. mannan, m. abdul, teori dan praktek ekonomi islam, yogyakarta: pt. dana bhakti wakaf, 1997. --------------, sertifikat wakaf tunai; sebuah inovasi instrumen keuangan islam, jakarta: ciber, pktti-ui, terjmh, 2001. mubyarto, islam dan kemiskinan, penerbit: pustaka, bandung, 1988. nasution, mustafa e. dan yusuf wibisono, zakat sebagai instrumen pengentasan kemiskinan‛, proceeding muktamar iaei, medan, 2005. yuke rahmawati: refleksi sistem distribusi syariah pada lembaga zakat 112 qaradhawi, yusuf, peran nilai dan moral dalam perekonomian islam (terj.), jakarta: rabbani press, 2001. shan’ânî, muhammmad ibn ismâ’il, subul al-salâm, juz 3. winardi, pengantar ilmu ekonomi, bandung: tarsita, 1975. agus mahardiyanto1, m. fathorrazi2, lusiana ulfa hardinawati3 abstract. indonesia has a significant zakāh potential. however, the challenges faced by zakāh management are related to the collection and distribution. this research aims to analyze the institutional patterns and empowerment models of the integrated zakāh village in jember using the participatory rural appraisal (pra) theory. using observations, a document study, focused-group discussions (fgd), and in-depth interviews with the zakāh stakeholders, this research assesses the compatibility of the pra theory in the development of kampung zakāh. this study finds that the obstacles in the zakāh village program are related to mustaḥiq's work ethics and enthusiasm. among the aspects that need to be improved is the promotion of the program through social media to make it a massive community movement. furthermore, this program empowers marginalized groups, including women, and encourages them to be independent. keywords: empowerment; jember integrated zakāh village; zakāh management abstrak. indonesia memiliki potensi zakat yang signifikan. namun, tantangan yang dihadapi oleh pengelola zakat di antaranya terkait dengan pengumpulan dan distribusi dana zakat. penelitian ini bertujuan untuk menganalisis pola kelembagaan dan model pemberdayaan kampung zakat terpadu jember menggunakan teori participatory rural appraisal. dengan data observasi, studi dokumen, diskusi kelompok terfokus, dan wawancara mendalam dengan pemangku kepentingan zakat, penelitian ini menganalisis kesesuaian teori pra dalam pengembangan kampung zakat. studi ini menemukan bahwa hambatan dalam program kampung zakāh terkait dengan etos dan semangat kerja mustaḥiq. di antara aspek yang perlu ditingkatkan adalah promosi program melalui media sosial untuk membuatnya menjadi gerakan masyarakat yang masif. selanjutnya, program ini memberdayakan kelompok marjinal, termasuk perempuan, untuk menjadi mandiri. kata kunci: pemberdayan; kampung zakat terpadu jember; manajemen zakat institutional and empowerment models of integrated zakāh village in jember al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 289 306 1,2,3jember university, indonesia e-mail: 1agusmahardiyanto.feb@unej.ac.id; 2rozi_feunej@yahoo.com; 3lusiana.uh@unej.ac.id author: agus mahardiyanto received: 24 august 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:agusmahardiyanto.feb%40unej.ac.id?subject= mailto:rozi_feunej%40yahoo.com?subject= mailto:lusiana.uh%40unej.ac.id?subject= 290 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction zakāh is an islamic instrument of poverty alleviation (ayuniyyah & hafidhuddin, 2020; beik & arsyianti, 2016; murniati & beik, 2014; roziq et al., 2021; syauqi beik, 2009). the significant aim of zakāh is to redistribute assets to reduce social gaps. zakāh is compulsory for muslims whose assets have reached niṣāb (the minimum amount that someone possesses before the obligation of zakāh) and haul (one year of possession). the obligation of zakāh is in qs albaqarah-43, stating, "perform salah, pay zakāh, and bow in worship with those who bow" (kemenag, 2010). zakāh becomes an instrument to be improvised in terms of distribution and utilization. zakāh is not only distributed in the form of consumable goods but also productive goods. the utilization of zakāh through productive empowerment is considered ideal for reducing poverty (furqani et al., 2018). various zakāh institutions, such as baz (badan amil zakat/national zakāh council) and laz (lembaga amil zakat/private zakāh institution), have initiated productive zakāh programs in indonesia, including innovative ones. zakāh 's potential in indonesia is relatively promising, as it has the highest number of muslim populations. the potential has reached 286 trillion annually (mohd nasir et al., 2016). however, this number does not equal the collection of zakāh made by zakāh institutions. nationally, the zakāh collection was only 8,1 trillion in 2018 (baznas, 2019). several reasons lead to the limited amount of zakāh collection. one of the reasons is that some people give the zakāh directly to the recipients who are close to them, such as their relatives, neighbors, and people from their village (canggih et al., 2017; ayuniyyah & hafidhuddin, 2020). in some cases, zakāh fund is often distributed for social empowerment. the definition of empowerment is continuously expanding, and various empowerment strategies exist. nowadays, empowerment aims to stimulate people to become subjects, not merely objects (chambers, 1994). this means that the people are motivated to empower themselves collectively (ismawati, 2020; nadzir, 2015; widjajanti, 2011; hamzah, 2018). zakāh-based empowerment strategies should continuously be developed. among the strategy is the establishment of kampung zakāh (zakāh kampong). this pilot project is a new model initiated in east java, particularly in jember, to empower young people and enhance their educational opportunities. kampung zakāh is a relatively new project in jember and east java. the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 agus mahardiyanto. institutional and empowerment models of integrated zakāh village in jember 291 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 program was established in march 2018. it is expected that the kampung zakāh project can maintain synergy with zakāh institutions (baz and laz) in jember regency. this, in turn, will lead to effectiveness and efficiency in zakāh management and empowerment. kampung zakāh continuously improves the programs, with full support from zakāh institutions in jember. all programs are directed to ensure that they are right on target. among the programs are the charity for orphans, cheap groceries for the elders, bisharoh (payment) for quranic teachers, and educational aids for students in kampung zakāh. in those programs, the recipients are differentiated according to children's education level and family burden. all recipients (mustaḥiq) are expected to be free from poverty, and the gaps between the recipients and zakāh payers can be alleviated. this is because all programs targeting human right development can be maximized to expand and improve the existing empowerment programs, as zakāh can increase the human development index (murniati & beik, 2014). the program developer maintains rationale in developing the variety and number of programs. there are always reasons for economic, religious, and educational development. in kampung zakāh, there are indications of religious degradation among muslims caused by routine and massive donations to the community with a specific purpose, such as apostasy. the fact shows that 80% out of 436 families in kampung zakāh are low-income and very poor. consequently, strengthening religiosity is needed along with economic improvement, as religiosity is better with a stable livelihood. economic empowerment also targets women. there has been a belief that women should not leave their hometowns even for good purposes, such as education and work. women are given training on happy-prosperous families and entrepreneurship. entrepreneurship training, especially those sourced from local raw materials, to be processed and marketed outside, such as herbal medicine and snacks. education is also given to high school graduates to continue on higher education to improve their skills and knowledge. this effort is also expected to minimize public perception of women as second-class citizens. although not without challenges and rejection from the community. women empowerment is intended to enhance their roles in the family and society. the more active women are in economic development, the more they can have equal roles as men in decision-making in the family and society (bocci & mishra, 2021). in jember regency, two villages are chosen and will continuously be developed as kampung zakāh: jambearum village of sumberjambe district and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 292 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 sumbersalak village of kalisat district. they are commonly called kampung zakāh 1 and kampung zakāh 2. the development of these two kampung zakāhs uses a specific institutional management system and empowerment model. with these, it is important to formalize an effective model in kampung zakāh. therefore, this study aims at mapping the institutional and empowerment model of the integrated kampung zakāh as a pilot project to improve and complement the zakāh distribution. this paper reveals that in zakāh management, it is important to maintain collaboration in empowering impoverished societies with online and offline methods. literature review zakāh is an instrument of poverty reduction (anis & kassim, 2016; hadi ryandono & surya nanda, 2020; mannan, 2000; yulinartati et al., 2013; hamzah, 2018) that its distribution and utilization need to be enhanced. zakāh is not only distributed in the form of consumable goods but also productive stimuli for the people. productive zakāh is ideal for alleviating poverty (furqani et al., 2018). several programs are initiated by the government and zakāh institutions to enhance productive zakāh by creating various innovations. empowerment is a process to increase the participation and achievement of every recipient in targeting organizational objectives. at the community level, empowerment means increasing collective livelihood. this empowerment stimulates the people to have equal access to resources, including political and social participation (perkins & zimmerman, 1995). empowerment means having freedom of choice and expression. furthermore, empowerment is an effort to strengthen poor people with what they have by providing access to resources, education, rights and obligations (hayati, 2012; kholis et al., 2014). however, the results of these empowerment efforts remain limited. zakāh yang diberikan kepada mustaḥiq harus dioptimalkan agar mampu memberikan pengaruh signifikan. maka, sangat diperlukan entitas pengelola zakat dapat mengambil kebijakan yang mampu meningkatkan kontribusi dana zakat dalam pengentasan kemiskinan melalui program wirausaha aṣnāf (bahri et al., 2022). participatory rural appraisal (pra) is an empowerment approach initiated by robert chamber (1994). this approach needs to be participative, humancentered, empowering, and sustainable. the process is maintained by emphasizing that people are not only the objects in an empowerment program but the subjects or actors. there are five basic empowerment processes, such as 1) needs recognition; http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 agus mahardiyanto. institutional and empowerment models of integrated zakāh village in jember 293 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 2) needs planning; 3) program execution; 4) monitoring; 5) evaluation (chambers, 1994; hamid, 2018). according to bank indonesia (2016: 151), the ideal zakāh management system should consist of the following: 1) a monitoring body to protect recipients' rights from moral hazards posed by zakāh managers; 2) zakāh management organization to collect zakāh from zakāh payers (muzakki) and distribute the zakāh to the recipients (mustaḥiq) and not reduce the rights of zakāh recipients. all should be sharia-compliant; 3) sharia financial institutions and sharia micro-financial institutions are providers of information, education, and research about zakāh. these institutions are important to ensure effective and efficient information flows and zakāh collection and distribution; 4) zakāh association and zakāh accounting association. these two institutions are important to facilitate experience sharing among zakāh institutions. meanwhile, the importance of zakāh accounting association involvement is because zakāh management is not only ensuring zakāh distribution but also ensuring the compliance of zakāh management with sharia and accounting principles. figure 1 on the bank indonesia version of the zakāh institutional system illustrates the interrelationship between one institution and others. figure 1. zakāh institutional system source: bank indonesia (2016: 151). figure 1 above illustrates the complex interactions of zakāh management. in the empirical world, there are variations in the institutional system implemented in different places. this is due to the different contexts of each area, the baz and lazs' capacities, and the involvement of the local governments. the ideal zakāh institution should be able to create an environment where the national-based system can be implemented at the local level. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 294 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 methods this is qualitative research, employing the exploratory approach to show clear pictures of the empowerment model of kampung zakāh in jember. this approach is chosen due to the limited information and research on kampung zakāh, particularly in jember (burns, 2005). qualitative research enables this research to present deeper and more detailed explanations about the research object (denzin, 2011). this research considers the primary and secondary data. the primary data is obtained from interviews with the people from kampung zakāh and village figures involved in the empowerment projects. meanwhile, other interviews were conducted with the representatives of zakāh institutions and stakeholders, including the ministry of religious affairs of jember. this research took place in two villages: paceh, jambearum village, sumberjambe district, jember regency (jambuarum village/kampung zakāh 1) and palu ombo, sumber salak village, ledokombo district, jember regency (sumber salak village/kampung zakāh 2). this research considers miles and huberman's model of data analysis. the steps include data processing, reduction, and repetitive conclusion drawing to the saturated points (miles et al., 2009). the triangulation was conducted to confirm the findings to the executive director of kampung zakāh jember, the official of the ministry of religious affairs jember, the director of laz azka al baitul amin jember, and the recipients of zakāh from kampung zakāhs. results and discussion jember is one of the regencies in east java province. it has two villages chosen to be kampung zakāh. the first is dusun paceh, jambe arum village of sumber jambe district, located northeast of jember city. its northern part is bordering with pujer district of bondowoso regency. most of the roads at jambuarum are unpaved dirt roads. the path to dusun paceh is relatively narrow and can only be accessible by one car. the village is under the slope of mount raung. around 500 meters from kampung zakāh is a production forest; the rest is mount raung forest. the distance between kampung zakāh and the district office is around 7 km. this is the farthest compared to other villages in the district, and it takes 1.5 hours of a road trip from jember city to the village. it has an altitude of 450 mdpl (bps jember, 2021). economically, the condition of kampung zakāh 1 is relatively challenging. most of the houses are far from the healthy house criteria. two thousand six http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 agus mahardiyanto. institutional and empowerment models of integrated zakāh village in jember 295 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 hundred-three families use wood for cooking (bps jember, 2019). some of them use bamboo-woven walls or a hut with no flooring. furthermore, most people work as casual farm and factory workers, with a salary of around idr40,000/day or usd2.57 (exchange rate on 19 december 2022). usually, they work only half a day. for consumption, people rely on natural protein resources, such as river fish, eels, and others. "here in the village, we rarely find a job. among the available job is lumberjacks and casual farm workers. the payment is only idr20,000 or usd1.28 (exchange rate on 19 december 2022) for half day" (amiruddin, personal communication, 26 november 2020). "usually, people take vegetables from the fields and fish from the river. vegetable seller or mlijo rarely comes to the village (amiruddin, personal communication, 26 november 2020).) economic activities include production, consumption, and distribution. however, the observation reveals that people do not have many production activities. this is because the majority of their farmlands are rainfed rice fields. consequently, the rice grows at certain times during the rainy season. moreover, the distribution system is still insufficient. most people rely on local agricultural products. only some of them have vehicles. consequently, the predicate of consumption society is suitable for them, as production and distribution activities are still very limited. the second kampung zakāh is dusun palu ombo, sumbersalak village of ledokombo district. it is located in the southern part of the sumber jambe district and borders banyuwangi regency in the east. it is strategic that this village is passed by an inter-district road connecting kalisat district and sukowono district. besides, kampung zakāh 2 is located nearer the city center than kampung zakāh 1. the trip to kampung zakāh 2 normally takes around 45 minutes from kampung zakāh 1 and 48 minutes from jember. kampung zakāh 2 inhabitants have lived in a relatively different situation than kampung zakāh 1. people in kampung zakāh 2 mostly have more livable houses. however, the majority of the people have chosen to be migrant workers. among the problems in kampung zakāh 2 is the high divorce rate, reaching 1136 cases in ledokombo (bps jember, 2021; pengadilan agama jember, 2021), and a high number of orphan school children. moreover, it is believed by the people that children, especially girls, should be accompanied by their guardian when they leave the village, even for educational purposes. consequently, some http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 296 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 choose to cancel their education even though they have donors or scholarships for higher education. "many orphans and migrant workers' families face broken home issues. in the past, a migrant worker in malaysia passed away and was helped by a friend of mbak cicik" (kamza, personal communication, 13 january 2021 & 21 january 2021). regarding economic activities, such as production, distribution, and consumption, various activities are maintained by the people. therefore, in the context of zakāh, the people can be categorized into two: muzakki and mustaḥiq. the muzakki are those who, according to sharia, are considered capable. meanwhile, the zakāh recipients or mustaḥiq live in poverty lines. the idea of establishing kampung zakāh is due to the consideration that most of the people in this village are mustaḥiq. of the 436 kampung zakāh population, 80% are impoverished. apart from poverty, the villagers face religious issues. this is why many zakāh institutions are involved in empowerment efforts. one is to avoid riddah or apostasy (puskas baznas, 2022). institutionally, kampung zakāh is under the auspices of the ministry of religious affairs of jember. the ministry of religious affairs established kampung zakāh as poverty alleviation and riddah prevention efforts. every kampung zakāh has a coordinator, also an inhabitant named amiruddin. he acts as the director executive. other positions are president director, financial director, and heads of divisions. these divisions are quran illiteracy alleviation, economic and educational development, radicalism prevention, sakīnah (peaceful) family development, and drug abuse prevention. the following is the organizational structure of kampung zakāh: several institutions have been involved in this empowerment program. in its development, some private zakāh institutions, baz and even individuals distribute their zakāh independently. structurally, several private zakāh institutions develop a synergy with kampung zakāh, as it needs access to the zakāh fund, and the private zakāh institutions need mustaḥiq to enable them to distribute the collected zakāh fund. these institutions have a periodic schedule for zakāh distribution under the coordination of amiruddin as the executive director. this coordination is to avoid time clashes in the zakāh distribution. the private zakāh institutions in jember are incorporated into one forum for coordination and information exchange. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 agus mahardiyanto. institutional and empowerment models of integrated zakāh village in jember 297 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 figure 2. organizational structure of kampung zakāh advisor head of ministry of religious affairs jember president director baznas, laznas, upzmuhammad muslim executive director finance director amiruddin fauziah isniwarni quran literacy affairs division cecep hendrik adanta economic development division mudarris education development division samhadi radicalism alleviation division ahmad sya'roni peaceful family development siti dalilah drug abuse division hasinuddin source: primary data processed (2020) http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 298 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 ideal institution for zakāh management ideally, the zakāh institution should consist of a supervisory board; zakāh management organization; financial institution and sharia micro financial institution; information, education and research organizations; and other supporting institutions, such as zakāh association and zakāh accounting association. according to bank indonesia, these organizations are crucial in maintaining the continuity of zakāh collection and distribution and protecting the zakāh recipients' rights (bank indonesia, 2016: 151). zakāh distribution in kampung zakāh jember can be categorized into four: first, traditional consumptive distribution means that zakāh is directly distributed for consumption needs. the targets are mustaḥiq, who suffer from disasters or live under the poverty line. the zakāh is taken from zakāh al-fiṭr (obligatory zakāh paid by able muslims at the end of ramadan month) and zakāh al-māl (zakāh paid by muslims with a certain amount of wealth kept in a year). this category is a simple short-term solution to address problems faced by the mustaḥiqs. second, creative consumptive distribution means that zakāh is used for consumption but to help mustaḥiq escape socio-economic issues. the zakāh can be in the form of scholarships, school equipment, worship equipment, and farming equipment. third, traditional productive distribution means that zakāh is given to mustaḥiq as productive goods, such as livestock (chicken or goats). mustaḥiq in kampung zakāh has been given three goats (one male goat and two female goats). as for the chicken, they are given five hens and two roosters. with this, the mustaḥiq will have savings for their future. fourth, creative, productive distribution means that zakāh is distributed to mustaḥiq as initial or additional capital to develop their businesses. fifth, asset distribution means the zakāh is given as house construction or renovation for uninhabitable houses. seventh, the social and spiritual development program means that the zakāh institutions assist the mustaḥiq's family (father, mother, and children). this assistance is in the form of the establishment of several institutions, such as father schools to provide understanding about family, social and spiritual lives for fathers. the next is the mother school to provide knowledge about family life, gender equity, family financial planning, and business training. the last is the quranic school for children, providing quranic teaching with the dirāsati method under the supervision of quran teachers (ustād) from al baitul amin mosque, alunalun jember. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 agus mahardiyanto. institutional and empowerment models of integrated zakāh village in jember 299 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 these empowerment models are the form of synergy between muzakki (zakāh payers), āmil (zakāh manager), and mustaḥiq (zakāh recipients). this synergy is in fundraising. the national zakāh council and private zakāh institutions distribute funds, but in other cases, some muzakkis prefer to give the fund to the recipients or kampung zakāh directly. the theory of participatory rural appraisal (pra) becomes the guidance in complementing the empowerment program. some of them have been fully implemented, while others have not. the first is the needs assessment. it is an initial process to identify the primary and urgent necessities of kampung zakāh. the needs assessment relied on surveys and data collection from agencies, such as the central bureau of statistics (badan pusat statistik/bps) and information from local people to the ministry of religious affairs of jember. with this, the management knew which locations were most suitable to be designated as kampung zakāh, including which initial program was chosen to meet the basic and urgent needs of the mustaḥiq. one that is considered an urgent need of the mustaḥiq is protection from riddah or apostasy. the program's implementation was firstly maintained through consumptive programs while also introducing the initiation of kampung zakāh and approaching the people. after that, the management organized needs planning, along with the executive director candidate, amiruddin. "at the beginning, it is only rice and sugar (that we provided). the important thing is that the people acknowledge and are happy with the program". (amiruddin, personal communication, 5 september 2022). the second is needs planning. as time went by, the urgent needs of the mustaḥiq became clearer. in this situation, the role of an executive director became important. the executive director provided a list of the needs to the national zakāh council, private zakāh institutions, and other donors. the executive director also attempted to make a schedule with considerable communication with those institutions and individuals within the following 3-6 months regarding the time and types of aids to be distributed. as the native inhabitant of kampung zakāh, he understood the real situation of kampung zakāh and the mustaḥiqs. the planning made by the executive director involved the mustaḥiqs. with frequent interaction through regular village meetings and pengajian (religious gathering), the real problems in the village were identified. the third is program implementation. generally, the program implementation has involved all donors (laz, baz, and individuals) with their presence in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 300 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 kampung zakāh. even though the location is relatively remote and hard to reach, the donors managed to be present. the program implementation had been prepared with the coordination between the executive director and donors. this coordination is to ensure that time, place, type of program and the number of mustaḥiq are as expected by the donors. the fourth is program supervision. the program supervisions consist of direct and indirect supervision. direct supervision is the direct visit of the donors to the location. the chosen activities were one-offs, such as bamboo weaving and brick-making training. the supervision was maintained directly by the donors. the indirect supervision was by providing a periodical report collected by the executive director in the location. the supervision was conducted in coordination with the executive director for the periodical activities, such as productive cattle distribution. this is because the locations are relatively distant, and supervision cannot be maintained daily. the fifth is evaluation. evaluation is a joint activity between the executive director, the ministry of religious affairs, donors, and the mustaḥiq. the evaluation is conducted thoroughly, which includes the evaluation of the empowerment program, location selection and local customs and cultures. the evaluation ensures that the programs run as expected by the donors. the periodical evaluations are maintained through weekly meetings, monthly meetings, and existing forums, such as father/mother school forums. the evaluation involves mustaḥiq to acknowledge issues that arise during the programs. the mustaḥiqs are encouraged to improve themselves and the programs to ensure the target achievement (amiruddin, personal communication, 26 november 2020). kampung zakāh also maintains social media communication. there are several digital channels to interact with donors. among them is facebook fanpage, initiated by amiruddin. based on the authors' observation, the last post was dated 1 july 2020. this fanpage aims to communicate with external parties to inform them of the activities in kampung zakāh. every activity of kampung zakāh is broadcasted through this media. even though kampung zakāh is under the auspices of the ministry of religious affairs of jember and has a coordinator (amiruddin), some donors have chosen to distribute their zakāh directly to the recipients. this can be seen in the facebook posts, documenting several activities at the coordinator's house and kampung zakāh's activities within the last two years. during those periods, the donors visited kampung zakāh in the sumberjambe district. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 agus mahardiyanto. institutional and empowerment models of integrated zakāh village in jember 301 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 there are two types of donors at kampung zakāh: the national zakāh council, private zakāh institutions, and individual donors. several national and regional private zakāh institutions have organized their activities at kampung zakāh, as described in the following table: table 1. the list of donors at kampung zakāh no. private-based zakāh institution 1 azka al baitul amin 2 baznas jember 3 lazisnu 4 lazismu 5 gerebek sedekah 6 ydsf 7 rumah zakāh 8 9 perorangan nurul hayat source: processed fieldwork data (2020) the above table shows that almost all laz and baz in jember have their empowerment program at kampung zakāh. this is in line with the statement of the ministry of religious affairs of jember, stating that the objective of kampung zakāh establishment is to facilitate the donor institutions to find mustaḥiq, which in turn, will make the aids right on target, focused, and accelerate the program objective (adistna, the representative of the ministry of religious affairs, jember, personal communication, 2020). this ultimate objective is to transform mustaḥiq into muzakki (ryandono & nanda, 2020). the next is the interaction between āmil (zakāh distributors) and mustaḥiq. in this context, the āmil manages several empowerment programs during the kampung zakāh program. among the programs are the productive and consumptive programs. one of the reasons behind the consumptive program is that some mustaḥiqs are older people, including elderly widows. in this case, a productive program becomes impossible. however, some programs seemed not optimal, as expected by muzakki. this is because of some constraints faced. the halted program includes bamboo http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 302 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 weaving, goat fattening, and brick production. the bamboo weaving ran only a few moments, with some mustaḥiqs involved. nevertheless, this program needs tenacity and skills. the challenge was often related to the limited working ethic. this is because society's advancement is only feasible when people persistently improve their higher norms for better capabilities (casson, 1993). also, intention among these people is important (bahri et al., 2022). with the passing of the coordinator of this program, the participants started to leave the program. the improvement of the kampung zakāh human resources is continuously managed. this is not without obstacles. the national zakāh council, private zakāh institutions and individual donors continuously manage the efforts. human resources are considered the primary factor in encouraging economic development success. the preparedness of human capital to face challenges, especially economic problems, becomes the precondition of development success (asadullah & mansor, 2021). considering the empowerment stage theory, kampung zakāh needs to improve wider public communication through social media channels, especially during the extraordinary situation such as the covid-19 pandemic (hudaefi & beik, 2021; mahardiyanto & sutikno, 2022). social media communication needs to be massively maintained to make it a public movement. furthermore, an intensive synergy with universities can also be developed. another matter is that there is a need for a periodical audit of kampung zakāh. currently, the audit is still merely for the national zakāh council and private zakāh institutions. the accountability of kampung zakāh, as the recipient, needs to be maintained by the audit process (alhubbufillah et al., 2019). conclusion kampung zakāh is a region where most inhabitants are mustaḥiq or zakāh recipients. referring to the participatory rural appraisal (pra), the empowerment process in kampung zakāh needs more improvement in the planning and evaluation stages. this is important to maximize the outcomes and minimize the failures. furthermore, there is a need to promote the program to the public through social media to enhance wider public engagement in the program. the empowerment in kampung zakāh targets various parties, including women. this is important as the locals still consider women dependent on their guardians. they cannot travel without their guardians' companionship, even for educational and professional purposes. therefore, empowerment and awareness http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 agus mahardiyanto. institutional and empowerment models of integrated zakāh village in jember 303 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27793 enhancement in the psychological aspects needs to be continuously maintained. the challenges faced by the zakāh management in kampung zakāh are the low working ethic and spirit among the mustaḥiq and the awareness to independently become entrepreneurs. this makes the empowerment program seems to work only for limited periods. references alhubbufillah, m. a., hafidhuddin, d., & tanjung, h. 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(2018). zakāh empowerment optimization through baitul ikhtiar cooperation as an effort in poverty alleviation in bogor regency. ahkam, 18(1). retrieved from http://journal.uinjkt.ac.id/index.php/ahkam/index. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27793 1al-iqtishad: vol. v, no. 1, januari 2013 mekanisme pasar dan kebijakan penetapan harga adil dalam perspektif ekonomi islam euis amalia abstract: market mechanism and fair pricing policy in the islamic economic perspective. in contrast to conventional system, concept of islamic economy emphasize that market mechanism and price arrangement need to be regulated to create market balance and economic justice, taking into consideration the interest of the parties involved in the market. reasonable and fair price is the price obtained through the force of supply and demand. if there exist actions such as zhulm resulting distortion or imbalance market price, government needs to take steps to implement price arrangement taking into account factors causing distortion and restore the original price at the balance point. keywords: market mechanism, market pricing, fair price, market distortion, policy abstrak: mekanisme pasar dan kebijakan penetapan harga adil dalam perspektif ekonomi islam. berbeda dengan sistem konvensional, konsep ekonomi islam menegaskan bahwa mekanisme pasar dan penetapan harga perlu diatur untuk mene-gakkan keseimbangan pasar dan keadilan ekonomi dengan memper-timbangkan kepentingan para pihak yang terlibat di pasar. harga wajar dan adil (fair price) adalah harga yang diperoleh berdasarkan kekuatan penawaran (supply) dan permintaan (demand). manakala terjadi tindakan-tindakan yang bersifat zhulm sehingga terjadi distorsi pasar atau harga tidak berada pada titik keseimbangannya, pemerintah sangat berperan untuk mengambil kebijakan berupa penetapan harga dengan melihat faktor-faktor penyebab terjadinya distorsi tersebut dan mengembalikan harga pada titik keseimbangannya semula. kata kunci: mekanisme pasar, penetapan harga, harga adil, distorsi pasar, kebijakan naskah diterima: 14 juli 2012, direvisi: 25 oktober 2012, disetujui: 1 november 2012.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, ciputat, jakarta. e-mail: euisamalia@yahoo.com daftar isi 1 mekanisme pasar dan kebijakan penetapan harga adil dalam perspektif ekonomi islam euis amalia 23 fatwa tentang pembiayaan pengurusan dana haji dan status dana calon haji daftar tunggu jaih mubarok & hasanudin 39 kekayaan intelektual dalam perspektif ekonomi islam m. musyafa’ 51 pengaruh pembiayaan mudhârabah dan musyârakah terhadap pendapatan bank muamalat zaenudin & yoshi erlina 65 agama dan kehidupan ekonomi menurut sjafruddin prawiranegara anwar abbas 79 mengelola keuangan secara syariah dalam rangka menumbuhkan good money habit aini masruroh 97 persepsi wâqif dalam berwakaf tunai yuke rahmawati 117 penyelesaian sengketa perjanjian syariah pada lembaga keuangan syariah maskufa 139 asas indemnitas dan kafâlah dalam asuransi syariah desmadi saharuddin 161 2 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil pendahuluan ekonomi islam adalah sebuah sistem ekonomi yang menjelaskan segala fenomena tentang perilaku pilihan dan pengambilan keputusan dalam setiap unit kegiatan atau aktivitas ekonomi dengan mendasarkan pada tata aturan moral dan etika syariah. tujuan akhir ekonomi islam adalah sebagaimana tujuan dari syariah islam itu sendiri (maqâshid al-syarî‘ah), yaitu mencapai kebahagiaan di dunia dan akhirat (falâh) melalui tata kehidupan yang baik dan terhormat. mewujudkan kesejahteraan hakiki bagi manusia merupakan dasar sekaligus tujuan utama dari syariah islam (mashlahah al-‘ibâd). menurut al-syâthibî1 tujuan utama syariah islam adalah mencapai kesejahteraan manusia yang terletak pada perlindungan terhadap lima kemaslahatan, yaitu: keimanan (al-dîn), ilmu (al‘ilm), kehidupan (al-nafs), harta (al-mâl), dan kelangsungan keturunan (al-nasl). jika salah satu dari lima kebutuhan ini tidak tercukupi, niscaya manusia tidak mencapai kesejahteraan yang sesungguhnya. untuk itu, dalam ekonomi islam pilar utama adalah aspek etika dan moral islam itu sendiri. setiap muslim perlu berperilaku sesuai dengan ajaran islam dan memiliki perilaku homo islamicus. artinya, moral (akhlâq) islam menjadi pegangan pokok dari perilaku ekonomi yang menjadi panduan mereka untuk menentukan suatu kegiatan adalah baik atau buruk sehingga perlu dilaksanakan atau tidak. masalahnya, saat ini kondisi aktual pasar global sudah bebas di mana perdagangan antarnegara menjadi sesuatu yang niscaya sehingga diperlukan kearifan tersendiri dalam menyikapinya. termasuk indonesia, negara dengan penduduk muslim terbesar di dunia ini secara resmi masuk dalam pelaksanaan kesepakatan asean-china free trade area (acfta) pada 1 januari 2010. banyak kalangan dalam negeri khawatir dengan diberlakukannya acfta ini karena melihat kondisi perekonomian indonesia, baik dalam tataran makro maupun mikro yang tidak sebanding dengan dominasi ekonomi cina. terlepas dari pro dan kontra soal acfta yang merupakan warisan pemerintahan presiden megawati soekarnoputri—dan tidak pernah diratifikasi melalui lembaga perwakilan rakyat, tetapi hanya melalui keputusan presiden nomor 48 tahun 2004—sedikit banyak mendatangkan kerugian dibandingkan dengan manfaatnya, khususnya terhadap industri manufaktur dan tenaga kerja jika tidak segera diantisipasi pemerintah. acfta lebih mengarah pada implementasi zona baru prinsip liberalisme perdagangan yang akan mengganggu 1 abû ishâq ibraâhîm al-syâthibî, al-muwâfaqât fî ushûl al-ahkam, (al-qâhirah: musthafâ muhammad, t.th), jilid ii. 3al-iqtishad: vol. v, no. 1, januari 2013 pendahuluan ekonomi islam adalah sebuah sistem ekonomi yang menjelaskan segala fenomena tentang perilaku pilihan dan pengambilan keputusan dalam setiap unit kegiatan atau aktivitas ekonomi dengan mendasarkan pada tata aturan moral dan etika syariah. tujuan akhir ekonomi islam adalah sebagaimana tujuan dari syariah islam itu sendiri (maqâshid al-syarî‘ah), yaitu mencapai kebahagiaan di dunia dan akhirat (falâh) melalui tata kehidupan yang baik dan terhormat. mewujudkan kesejahteraan hakiki bagi manusia merupakan dasar sekaligus tujuan utama dari syariah islam (mashlahah al-‘ibâd). menurut al-syâthibî1 tujuan utama syariah islam adalah mencapai kesejahteraan manusia yang terletak pada perlindungan terhadap lima kemaslahatan, yaitu: keimanan (al-dîn), ilmu (al‘ilm), kehidupan (al-nafs), harta (al-mâl), dan kelangsungan keturunan (al-nasl). jika salah satu dari lima kebutuhan ini tidak tercukupi, niscaya manusia tidak mencapai kesejahteraan yang sesungguhnya. untuk itu, dalam ekonomi islam pilar utama adalah aspek etika dan moral islam itu sendiri. setiap muslim perlu berperilaku sesuai dengan ajaran islam dan memiliki perilaku homo islamicus. artinya, moral (akhlâq) islam menjadi pegangan pokok dari perilaku ekonomi yang menjadi panduan mereka untuk menentukan suatu kegiatan adalah baik atau buruk sehingga perlu dilaksanakan atau tidak. masalahnya, saat ini kondisi aktual pasar global sudah bebas di mana perdagangan antarnegara menjadi sesuatu yang niscaya sehingga diperlukan kearifan tersendiri dalam menyikapinya. termasuk indonesia, negara dengan penduduk muslim terbesar di dunia ini secara resmi masuk dalam pelaksanaan kesepakatan asean-china free trade area (acfta) pada 1 januari 2010. banyak kalangan dalam negeri khawatir dengan diberlakukannya acfta ini karena melihat kondisi perekonomian indonesia, baik dalam tataran makro maupun mikro yang tidak sebanding dengan dominasi ekonomi cina. terlepas dari pro dan kontra soal acfta yang merupakan warisan pemerintahan presiden megawati soekarnoputri—dan tidak pernah diratifikasi melalui lembaga perwakilan rakyat, tetapi hanya melalui keputusan presiden nomor 48 tahun 2004—sedikit banyak mendatangkan kerugian dibandingkan dengan manfaatnya, khususnya terhadap industri manufaktur dan tenaga kerja jika tidak segera diantisipasi pemerintah. acfta lebih mengarah pada implementasi zona baru prinsip liberalisme perdagangan yang akan mengganggu 1 abû ishâq ibraâhîm al-syâthibî, al-muwâfaqât fî ushûl al-ahkam, (al-qâhirah: musthafâ muhammad, t.th), jilid ii. pasar domestik dan mengancam konsumsi barang-barang yang diproduksi di dalam negeri. pasar bebas yang terjadi saat ini telah menjadi segala-galanya. ia seperti ‚tuhan‛ sekaligus ‚hantu‛ karena makanisme pasar yang ada sangat dipengaruhi oleh adanya kekuatan superpower yang berwajah kapitalisme dengan konsep ‚neo liberalism‛. pemahaman in tentu sangat bertentangan dengan keadilan pasar yang dikonsepkan oleh para pemikir muslim. pemikiran yang dikembangkan tentu diambil dari para tokoh muslim dalam hal ini antara lain adalah ibn taymiyyah2, tokoh utama yang layak dijadikan rujukan mengingat konsepnya sangat mendalam dan rasional tentang harga yang wajar dan peran pemerintah dalam pengaturannya. konsepsi pasar pasar dalam pengertian ilmu ekonomi adalah pertemuan antara permintaan dan penawaran. dalam pengertian ini, pasar bersifat interaktif, bukan fisik. adapun mekanisme pasar adalah proses penentuan tingkat harga berdasarkan kekuatan permintaan dan penawaran3. pertemuan antara permintaan (demand) dan penawaran (supply) dinamakan equilibrium price (harga keseimbangan). semua literatur tentang ekonomi yang tersebar di pelbagai perpustakaan menganggap bahwa ide hukum pasar supply dan demand adalah hasil perkembangan dari sejarah pemikiran ekonomi. sayangnya, sangat minim literatur yang mengungkapkan bahwa teori mekanisme pasar sudah dikenal sebelum pertengahan abad xviii. bahkan, schumpeter4 dengan tesisnya yang sangat terkenal, ‚great gap atau blank centuries‛, betul-betul berusaha menafikan keberadaan dan kontribusi ilmuwan arab islam (arab-muslim scholars) dalam sejarah perkembangan pemikiran ilmu ekonomi. banyak ilmuwan muslim yang sudah mengemukakan pelbagai pemikiran ekonomi sebelum berkembang menjadi teori ekonomi modern saat ini. namun, tidak ditemukan dalam literatur sejarah pemikiran ekonomi yang ditulis oleh ilmuwan-ilmuwan barat. salah satu ilmuwan muslim yang pemikirannya berusaha dinafikan oleh schumpeter dalam sejarah perkembangan pemikiran ilmu ekonomi adalah ibn taymiyyah. dia adalah salah satu ilmuwan muslim yang 2 ibn taymiyyah, majmû‘ fatâwâ, (riyâdh: mathba’ riyâdh, 1993), vol. xxix; lihat juga, ibn taymiyyah, al-hisbah fi al-islâm, (lubnân: dâr al-kitâb al-islâmiyyah, 1996). 3 pratama rahardja dan mandala manurung, teori ekonomi mikro suatu pengantar, (jakarta: lpfeui, 1999), cet. iv, h. 26. 4 joseph a schumpeter, history of economic analysis, (new york: oxford university press, 1954), h. 52. 4 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil secara rinci membahas tentang mekanisme harga pasar dan jenis-jenis pasar. artikel ini dimaksudkan untuk menelusuri dan mengangkat kembali pemikiran ekonomi ibn taymiyyah, khususnya tentang konsep harga pasar yang adil. ilmu ekonomi berasal dari ide, gagasan, dan pemikiran yang kemudian dieksperimentasi dan dikembangkan menjadi teori dan model. pada tataran ide, gagasan, dan pemikiran kontribusi para ilmuwan arab muslim, khususnya ibn taymiyyah, dalam proses metamorfosis pemikiran ekonomi menjadi ilmu ekonomi. adam smith5 yang disebut oleh kalangan ilmuwan barat sebagai ‚the father of economic science‛ hanya mengemukakan konsep dasar ekonomi dalam bentuk pemikiran sebagaimana dalam bukunya, the wealth of nation, yang melahirkan istilah ‚invisible hand‛ yang kemudian dikembangkan ilmuwanilmuwan ekonomi berikutnya menjadi konsep pasar bebas dan hukum pasar supply-demand. sedangkan ide tentang pasar supply dan demand sudah dikemukakan oleh ilmuwan muslim jauh sebelum adam smith dilahirkan. antara adam smith dan ibn taymiyyah hanya ada satu perbedaan, yaitu adam smith diakui sebagai ‚bapak ilmu ekonomi‛ oleh para ilmuwan ekonomi barat sedangkan ibn taymiyyah yang ilmuwan muslim dianggap tidak pernah memiliki pemikiran ekonomi oleh mereka. ibn taymiyyah memiliki pandangan tentang pasar bebas, di mana suatu harga dipertimbangkan oleh kekuatan penawaran dan permintaan. dia mengatakan bahwa naik turunnya harga tidak selalu berkait dengan kezaliman (zhulm) yang dilakukan oleh seseorang.6 pernyataan tersebut mengidentifikan bahwa kenaikan harga yang terjadi disebabkan oleh perbuatan ketidakadilan atau zhulm para penjual. perbuatan ini disebut manipulasi yang mendorong terjadinya ketidaksempurnaan pasar. tetapi penyataan ini tidak bisa disamakan dalam segala kondisi, karena bisa saja alasan naik dan turunnya harga disebabkan oleh kekuatan pasar. ungkapan ibn taymiyyah tersebut juga menggambarkan secara eksplisit bahwa penawaran bisa datang dari produksi domestik dan impor. perubahan dalam penawaran digambarkan sebagai peningkatan atau penurunan dalam jumlah barang yang ditawarkan, sedangkan permintaan sangat ditentukan oleh selera dan pendapatan. besar kecilnya kenaikan harga tergantung pada besarnya 5 filsafat kebebasan dan invisible hand yang diajarkan oleh adam smith menjadi karakter utama dalam sejarah ekonomi modern ketika revolusi industri dan kebebasan politik muncul ke panggung sejarah. lihat: charles hession, ‚the development of economics ideas‛, dalam arthur l grey dan jhon e. elliot (eds.), economic issues and policies: reading in introductory economics, (usa: houghton mifflin company, 1961), edisi ii, h. 21. 6 ibn taymiyyah, majmû‘ fatâwâ, vol. xxix, h. 5832. 5al-iqtishad: vol. v, no. 1, januari 2013 secara rinci membahas tentang mekanisme harga pasar dan jenis-jenis pasar. artikel ini dimaksudkan untuk menelusuri dan mengangkat kembali pemikiran ekonomi ibn taymiyyah, khususnya tentang konsep harga pasar yang adil. ilmu ekonomi berasal dari ide, gagasan, dan pemikiran yang kemudian dieksperimentasi dan dikembangkan menjadi teori dan model. pada tataran ide, gagasan, dan pemikiran kontribusi para ilmuwan arab muslim, khususnya ibn taymiyyah, dalam proses metamorfosis pemikiran ekonomi menjadi ilmu ekonomi. adam smith5 yang disebut oleh kalangan ilmuwan barat sebagai ‚the father of economic science‛ hanya mengemukakan konsep dasar ekonomi dalam bentuk pemikiran sebagaimana dalam bukunya, the wealth of nation, yang melahirkan istilah ‚invisible hand‛ yang kemudian dikembangkan ilmuwanilmuwan ekonomi berikutnya menjadi konsep pasar bebas dan hukum pasar supply-demand. sedangkan ide tentang pasar supply dan demand sudah dikemukakan oleh ilmuwan muslim jauh sebelum adam smith dilahirkan. antara adam smith dan ibn taymiyyah hanya ada satu perbedaan, yaitu adam smith diakui sebagai ‚bapak ilmu ekonomi‛ oleh para ilmuwan ekonomi barat sedangkan ibn taymiyyah yang ilmuwan muslim dianggap tidak pernah memiliki pemikiran ekonomi oleh mereka. ibn taymiyyah memiliki pandangan tentang pasar bebas, di mana suatu harga dipertimbangkan oleh kekuatan penawaran dan permintaan. dia mengatakan bahwa naik turunnya harga tidak selalu berkait dengan kezaliman (zhulm) yang dilakukan oleh seseorang.6 pernyataan tersebut mengidentifikan bahwa kenaikan harga yang terjadi disebabkan oleh perbuatan ketidakadilan atau zhulm para penjual. perbuatan ini disebut manipulasi yang mendorong terjadinya ketidaksempurnaan pasar. tetapi penyataan ini tidak bisa disamakan dalam segala kondisi, karena bisa saja alasan naik dan turunnya harga disebabkan oleh kekuatan pasar. ungkapan ibn taymiyyah tersebut juga menggambarkan secara eksplisit bahwa penawaran bisa datang dari produksi domestik dan impor. perubahan dalam penawaran digambarkan sebagai peningkatan atau penurunan dalam jumlah barang yang ditawarkan, sedangkan permintaan sangat ditentukan oleh selera dan pendapatan. besar kecilnya kenaikan harga tergantung pada besarnya 5 filsafat kebebasan dan invisible hand yang diajarkan oleh adam smith menjadi karakter utama dalam sejarah ekonomi modern ketika revolusi industri dan kebebasan politik muncul ke panggung sejarah. lihat: charles hession, ‚the development of economics ideas‛, dalam arthur l grey dan jhon e. elliot (eds.), economic issues and policies: reading in introductory economics, (usa: houghton mifflin company, 1961), edisi ii, h. 21. 6 ibn taymiyyah, majmû‘ fatâwâ, vol. xxix, h. 5832. perubahan penawaran dan/atau permintaan. bila seluruh transaksi sudah sesuai dengan aturan maka kenaikan harga yang terjadi merupakan kehendak natural (ilâhiyyah).7 ibn taymiyyah dalam bukunya, majmû‘ fatâwâ, mengemukakan beberapa faktor yang memengaruhi fluktuasi permintaaan dan konsekuensinya terhadap harga. pertama, jenis kebutuhan manusia sangat bervariasi satu sama lain. tingkat kebutuhan tersebut berbeda-beda tergantung pada kelimpahan atau kelangkaan barang-barang yang dibutuhkan itu. suatu barang akan lebih dibutuhkan pada saat terjadinya kelangkaan daripada saat melimpahnya persediaan. kedua, harga sebuah barang beragam tergantung pada tingginya jumlah permintaan. jika jumlah permintaan semakin tinggi karena jumlah manusia yang membutuhkan sebuah barang semakin banyak, maka hargapun akan bergerak naik terutama jika jumlah barang hanya sedikit atau tidak mencukupi. ketiga, harga barang juga dipengaruhi oleh besar atau kecilnya kebutuhan terhadap barang dan tingkat ukurannya. jika kebutuhan sangat besar dan kuat, maka hargapun akan melambung hingga tingkat yang paling maksimal, daripada jika kebutuhan itu kecil dan lemah. keempat, harga barang berfluktuasi juga tergantung pada siapa yang melakukan transaksi pertukaran barang itu. jika ia adalah seorang yang kaya dan terpercaya dalam hal pembayaran utang, harga yang murah niscaya akan diterimanya. kelima, harga juga dipengaruhi oleh bentuk alat pembayaran yang digunakan dalam bentuk jual-beli. jika yang digunakan umum dipakai, harga akan lebih rendah daripada jika membayar dengan uang yang jarang ada di peredaran. keenam, disebabkan oleh tujuan dari kontrak adanya timbal-balik kepemilikan oleh kedua pihak yang melakukan transaksi. jika si pembayar mampu melakukan pembayaran dan mampu memenuhi janjinya, tujuan dari transaksi itu mampu diwujudkan dengannya. ketujuh, aplikasi yang sama berlaku bagi seseorang yang meminjam atau menyewa. keterangan di atas menunjukkan betapa ibn taymiyyah menghargai mekanisme harga. oleh karena itu, ibn taymiyyah sangat setuju apabila pemerintah tidak mengintervensi harga selama mekanisme pasar itu terjadi di mana kurva supply dan demand bertemu tanpa ada campur tangan atau dengan kata lain terjadi perubahan harga karena perubahan genuine supply dan genuine demand. 7 ibn taymiyyah, al-hisbah fi al-islâm, h. 24. 6 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil mekanisme harga adil mekanisme harga adalah proses yang berjalan atas dasar gaya tarikmenarik antara konsumen dan produsen baik dari pasar output (barang) ataupun input (faktor-faktor produksi).8 adapun harga diartikan sebagai sejumlah uang yang menyatakan nilai tukar suatu unit benda tertentu. harga yang adil merupakan harga (nilai barang) yang dibayar untuk objek yang sama diberikan, pada waktu dan tempat yang diserahkan barang tersebut9. definisi harga yang adil juga bisa diambil dari konsep aquinas yang mendefinisikannya dengan harga kompetitif normal,10 yaitu harga yang berada dalam persaingan sempurna yang disebabkan oleh supply dan demand, tidak ada unsur spekulasi. harga yang adil menurut ibn taymiyyah adalah: 11 nilai harga di mana orang-orang menjual barangnya dan diterima secara umum sebagai hal yang sepadan dengan barang yang dijual ataupun barang-barang yang sejenis lainnya di tempat dan waktu tertentu. dalam al-hisbah, ibn taymiyyah lebih memperjelas apa yang dimaksud dengan tsaman al-mitsl, yaitu: , , , 12 8 adi kuswanto, pengantar ekonomi, (depok, gunadarma, 1993), cet. iii, h. 6. 9 ibn taymiyyah, majmû‘ fatâwâ, vol. xxix, h. 522. 10 penulis jerman rudolf kaulla menyatakan, ‚konsep tentang justum pretium (harga yang adil) mula-mula dilaksanakan di roma, dengan latar belakang pentingnya menempatkan aturan khusus untuk memberikan petunjuk dalam kasus-kasus yang dihadapi hakim, di mana dengan tatanan itu dia menetapkan nilai dari sebuah barang dagangan atau jasa‛. tetapi dia tidak menjelaskan dasar apapun dari pendapatnya. kaulla, r., theory of the just price, terjemahan bahasa inggris oleh robert d. hogg (london: george allen, 1940), h. 22. 11 ibn taymiyyah, majmû‘ fatâwâ, vol. xxix, h. 345. 12 ibn taymiyyah, al-hisbah fi al-islâm, cet. i, h. 16. 7al-iqtishad: vol. v, no. 1, januari 2013 mekanisme harga adil mekanisme harga adalah proses yang berjalan atas dasar gaya tarikmenarik antara konsumen dan produsen baik dari pasar output (barang) ataupun input (faktor-faktor produksi).8 adapun harga diartikan sebagai sejumlah uang yang menyatakan nilai tukar suatu unit benda tertentu. harga yang adil merupakan harga (nilai barang) yang dibayar untuk objek yang sama diberikan, pada waktu dan tempat yang diserahkan barang tersebut9. definisi harga yang adil juga bisa diambil dari konsep aquinas yang mendefinisikannya dengan harga kompetitif normal,10 yaitu harga yang berada dalam persaingan sempurna yang disebabkan oleh supply dan demand, tidak ada unsur spekulasi. harga yang adil menurut ibn taymiyyah adalah: 11 nilai harga di mana orang-orang menjual barangnya dan diterima secara umum sebagai hal yang sepadan dengan barang yang dijual ataupun barang-barang yang sejenis lainnya di tempat dan waktu tertentu. dalam al-hisbah, ibn taymiyyah lebih memperjelas apa yang dimaksud dengan tsaman al-mitsl, yaitu: , , , 12 8 adi kuswanto, pengantar ekonomi, (depok, gunadarma, 1993), cet. iii, h. 6. 9 ibn taymiyyah, majmû‘ fatâwâ, vol. xxix, h. 522. 10 penulis jerman rudolf kaulla menyatakan, ‚konsep tentang justum pretium (harga yang adil) mula-mula dilaksanakan di roma, dengan latar belakang pentingnya menempatkan aturan khusus untuk memberikan petunjuk dalam kasus-kasus yang dihadapi hakim, di mana dengan tatanan itu dia menetapkan nilai dari sebuah barang dagangan atau jasa‛. tetapi dia tidak menjelaskan dasar apapun dari pendapatnya. kaulla, r., theory of the just price, terjemahan bahasa inggris oleh robert d. hogg (london: george allen, 1940), h. 22. 11 ibn taymiyyah, majmû‘ fatâwâ, vol. xxix, h. 345. 12 ibn taymiyyah, al-hisbah fi al-islâm, cet. i, h. 16. apabila orang-orang memperjualbelikan barang dagangannya dengan caracara yang biasa dilakukan, tanpa ada pihak yang dizalimi kemudian harga mengalami kenaikan karena berkurangnya persediaan barang ataupun karena bertambahnya jumlah penduduk (permintaan), maka itu sematamata karena allah swt.. dalam hal demikian, memaksa para pedagang untuk menjual barang dagangannya pada harga tertentu merupakan tindakan pemaksaan yang tidak dapat dibenarkan.13 ada dua hal yang seringkali ditemukan dalam pembahasan ibn taymiyyah tentang masalah harga, yakni kompensasi yang setara/adil (‘iwad al-mitsl) dan harga yang setara/adil (tsaman al-mitsl). dia berkata, ‚kompensasi yang setara akan diukur dan ditaksir oleh hal-hal yang setara, dan itulah esensi dari keadilan (nafs al-‘adl)‛. iwadh al-mitsl adalah penggantian yang sepadan yang merupakan nilai harga yang sepadan dari sebuah benda menurut adat kebiasaan. kompensasi yang setara diukur dan ditaksir oleh hal-hal yang setara tanpa ada tambahan dan pengurangan, inilah esensi dari keadilan14. adapun tsaman al-mitsl adalah nilai harga di mana orang-orang menjual barangnya dapat diterima secara umum sebagai hal yang sepadan dengan barang yang dijual itu ataupun barang-barang yang sejenis lainnya di tempat dan waktu tertentu. keadilan yang dikehendaki oleh ibn taymiyyah berhubungan dengan prinsip lâ dharar, yakni tidak melukai dan tidak merugikan orang lain, maka dengan berbuat adil akan mencegah terjadinya tindakan kezaliman. konsep ibn taymiyyah tentang kompensasi yang adil dan harga yang adil memiliki dasar pengertian yang berbeda. permasalahan tentang kompensasi yang adil muncul ketika membongkar masalah moral atau kewajiban hukum (berkaitan dengan kepemilikan barang). adapun prinsip-prinsip itu berkaitan dengan kasus-kasus sebagai berikut: pertama, ketika seseorang bertanggung jawab menyebabkan terluka atau rusaknya orang lain (nufûs), hak milik (amwâl), keperawanan, dan keuntungan (manâfi‘). kedua, ketika seseorang mempunyai kewajiban membayar kembali barang atau profit yang setara atau membayar ganti rugi atas terlukanya salah satu bagian dari anggota tubuhnya. ketiga, ketika seseorang dipertanyakan telah membuat kontrak tidak sah (al 13 ibn taymiyyah, al-hisbah fi al-islâm, cet. i, h. 16. 14 ibn taymiyyah, majmû‘ fatâwâ, vol. xxix, h. 521. 8 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil ‘uqûd al-fâsidah) ataupun kontrak yang sah (al-‘uqûd al-shâhihah) pada peristiwa yang menyimpang (arsh) dalam kehidupan maupun hak milik15. kasus-kasus ini tidak merupakan kasus nilai tukar, tetapi sebagai kompensasi atau pelaksanaan sebuah kewajiban. dalam mendefinisikan kompensasi yang setara, ibn taymiyyah berkata, ‚yang dimaksud dengan kesetaraan adalah kuantitas dari objek khusus dalam penggunaan secara umum (‘urf) dan berkaitan dengan nilai dasar (rate/si’r) serta kebiasaan‛. lebih dari itu dia menambahkan bahwa evaluasi yang benar terhadap kompensasi yang adil didasarkan atas analogi dan taksiran dari barang tersebut dengan barang lain yang setara (ekuivalen). inilah yang benar-benar adil dan benar-benar diterima dalam penggunaannya. tentang kompensasi yang setara dan harga yang setara ia menguraikan jumlah kuantitas yang tercatat dalam kontrak ada dua macam. pertama, jumlah kuantitas yang sangat akrab di masyarakat, yang biasa mereka gunakan. kedua, jenis yang tidak lazim (nadir), sebagai akibat dari meningkat atau menurunnya kemauan (raghâbah) atau faktor lainnya. ini menyatakan harga yang setara, agaknya menjadi jelas, bagi ibn taymiyyah kompensasi yang setara itu relatif merupakan fenomena yang lebih bertahan lama akibat terbentuknya kebiasaan. sedangkan harga yang setara itu bervariasi, dipengaruhi oleh pertimbangan kekuatan penawaran dan permintaan. dalam analisis ekonomi dianggap bahwa permintaan suatu barang terutama dipengaruhi oleh tingkat harganya. hukum permintaan menguraikan sifat hubungan antara permintaan barang dengan tingkat harganya. hukum permintaan pada hakikatnya merupakan suatu hipotesis yang menyatakan bahwa semakin rendah harga suatu barang maka semakin banyak permintaan terhadap barang tersebut. sebaliknya, semakin tinggi harga suatu barang maka semakin sedikit permintaan terhadap barang tersebut. begitu juga sebaliknya, hukum penawaran yang menjelaskan tentang hubungan antara harga suatu barang dan jumlah barang tersebut yang ditawarkan para penjual. ibn taymiyyah menyebutkan dua sumber penyediaan barang (supply) yaitu produksi lokal dan impor yang diminta. kata al-mathlûb yang dipakai ibn taymiyyah merupakan sinonim dari demand, untuk menyatakan permintaan atas barang-barang tertentu digunakan raghabat fi al-shai’i, misalnya keinginan atas suatu barang16. 15 m. umarudin, ibn taymiyyah: pemikiran dan pembaharuan dalam buku mihrajan ibn taymiyyah, h. 725-726. 16 a. a. islahi, konsepsi pemikiran ekonomi ibnu taimiyyah, (surabaya: pt. bina ilmu, 1997), h. 105. 9al-iqtishad: vol. v, no. 1, januari 2013 ‘uqûd al-fâsidah) ataupun kontrak yang sah (al-‘uqûd al-shâhihah) pada peristiwa yang menyimpang (arsh) dalam kehidupan maupun hak milik15. kasus-kasus ini tidak merupakan kasus nilai tukar, tetapi sebagai kompensasi atau pelaksanaan sebuah kewajiban. dalam mendefinisikan kompensasi yang setara, ibn taymiyyah berkata, ‚yang dimaksud dengan kesetaraan adalah kuantitas dari objek khusus dalam penggunaan secara umum (‘urf) dan berkaitan dengan nilai dasar (rate/si’r) serta kebiasaan‛. lebih dari itu dia menambahkan bahwa evaluasi yang benar terhadap kompensasi yang adil didasarkan atas analogi dan taksiran dari barang tersebut dengan barang lain yang setara (ekuivalen). inilah yang benar-benar adil dan benar-benar diterima dalam penggunaannya. tentang kompensasi yang setara dan harga yang setara ia menguraikan jumlah kuantitas yang tercatat dalam kontrak ada dua macam. pertama, jumlah kuantitas yang sangat akrab di masyarakat, yang biasa mereka gunakan. kedua, jenis yang tidak lazim (nadir), sebagai akibat dari meningkat atau menurunnya kemauan (raghâbah) atau faktor lainnya. ini menyatakan harga yang setara, agaknya menjadi jelas, bagi ibn taymiyyah kompensasi yang setara itu relatif merupakan fenomena yang lebih bertahan lama akibat terbentuknya kebiasaan. sedangkan harga yang setara itu bervariasi, dipengaruhi oleh pertimbangan kekuatan penawaran dan permintaan. dalam analisis ekonomi dianggap bahwa permintaan suatu barang terutama dipengaruhi oleh tingkat harganya. hukum permintaan menguraikan sifat hubungan antara permintaan barang dengan tingkat harganya. hukum permintaan pada hakikatnya merupakan suatu hipotesis yang menyatakan bahwa semakin rendah harga suatu barang maka semakin banyak permintaan terhadap barang tersebut. sebaliknya, semakin tinggi harga suatu barang maka semakin sedikit permintaan terhadap barang tersebut. begitu juga sebaliknya, hukum penawaran yang menjelaskan tentang hubungan antara harga suatu barang dan jumlah barang tersebut yang ditawarkan para penjual. ibn taymiyyah menyebutkan dua sumber penyediaan barang (supply) yaitu produksi lokal dan impor yang diminta. kata al-mathlûb yang dipakai ibn taymiyyah merupakan sinonim dari demand, untuk menyatakan permintaan atas barang-barang tertentu digunakan raghabat fi al-shai’i, misalnya keinginan atas suatu barang16. 15 m. umarudin, ibn taymiyyah: pemikiran dan pembaharuan dalam buku mihrajan ibn taymiyyah, h. 725-726. 16 a. a. islahi, konsepsi pemikiran ekonomi ibnu taimiyyah, (surabaya: pt. bina ilmu, 1997), h. 105. konsep harga yang adil menurut ibn taymiyyah hanya terjadi pada pasar kompetitif, tidak ada pengaturan yang mengganggu keseimbangan harga kecuali jika terjadi suatu usaha-usaha yang mengganggu terjadinya keseimbangan, yaitu kondisi di mana semua faktor produksi digunakan secara optimal dan tidak ada idle, sebab harga pasar kompetitif merupakan kecenderungan yang wajar. ibn taymiyyah mengungkapkan bahwa jika masyarakat menjual barang dagangannya dengan harga normal (kenaikan harga dipengaruhi oleh kurangnya persediaan barang karena menurunnya supply barang), maka hal seperti ini tidak mengharuskan adanya regulasi terhadap harga. karena kenaikan harga tersebut merupakan kenaikan harga yang adil dan berada dalam persaingan sempurna, tanpa unsur spekulasi. perbuatan monopoli terhadap kebutuhan-kebutuhan manusia, menjadi hal yang ditentang oleh ibn taymiyyah. jika ada sekelompok masyarakat melakukan monopoli, maka wajib bagi pemerintah untuk melakukan pengaturan (regulasi) terhadap harga. hal ini dilakukan untuk menerapkan harga yang adil. monopoli merupakan perbuatan yang tidak adil dan sangat merugikan orang lain, dan perbuatan tersebut adalah zalim, monopoli sama saja dengan menzalimi orang yang membutuhkan barang-barang kebutuhan yang dimonopoli17. konsep ibn taymiyyah tentang harga yang setara/adil memiliki kesamaan dengan konsep harga yang adil yang disampaikan oleh pemikir skolastik, terutama aquinas. akan tetapi ibn taymiyyah memberikan makna yang lebih luas. ia menganjurkan bahwa dalam menetapkan harga yang adil itu dengan pertimbangan apabila suatu barang tersebut tidak ada di suatu tempat. secara eksplisit, dia mengajukan pertimbangan untuk mempertemukan antara nilai subjektif dari pembeli dengan nilai subjektif dari penjual. tujuan utama dari harga yang adil adalah memelihara keadilan dalam mengadakan transaksi timbal-balik dan hubungan-hubungan lain di antara anggota masyarakat. pada konsep harga yang adil pihak penjual dan pembeli sama-sama merasakan adanya keadilan. keadilan bagi pihak pembeli, ibn taymiyyah menggunakan contoh apabila seseorang yang diperintahkan oleh agama untuk membeli barang-barang tertentu, seperti membeli peralatan untuk ibadah haji, pembeli harus membelinya namun dengan harga yang setara, tidak boleh membelinya hanya karena mahal harganya, karena penjual menjual barangnya dengan harga yang adil, dan dengan harga yang sudah umum atau sesuai dengan harga pasar. oleh karena itu, pembeli harus dengan lapang dada membeli barang tersebut jika suatu barang mahal harganya (naik) disebabkan 17 m. nejatullah shiddiqi, kegiatan ekonomi dalam islam, (jakarta: bumi aksara, 1996), h. 40. 10 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil oleh pengaruh supply dan demand maka pihak pembeli tidak merasa dirugikan dan pemerintah pun tidak boleh melakukan intervensi terhadap harga tersebut18. sedangkan keadilan bagi pihak penjual adalah barang-barang itu dikenakan harga paksa sehingga kehilangan keuntungan normal di atasnya. sebab, setiap orang memiliki wewenang atas hak miliknya, tidak boleh seorang pun mengambilnya, seluruh atau sebagian, tanpa persetujuan penuh darinya dan dia pun menyetujui. dan memaksa seseorang untuk menjual apapun yang dia tidak memiliki kewajiban hukum untuk menjualnya atau melarang melakukan apa yang secara legal dia boleh melakukan adalah keadilan. tetapi jika alasan yang memaksa seorang penjual dan bila tanpa paksaan dia tidak mau melaksanakan kewajibannya, dia bisa dipaksa untuk menjual barang-barangnya pada harga yang ekuivalen untuk melindungi kepentingan lain. penyebab distorsi pasar beberapa tindakan yang bersifat kezaliman (zhulm) di pasar dapat menyebabkan kondisi terjadinya distorsi baik dari sisi penawaran maupun permintaan. kondisi ini mengakibatkan harga berada dalam kondisi ketidak-seimbangan hal mana pertemuan supply dan demand terjadi karena ada faktor-faktor kejahatan, bukan disebabkan oleh faktor yang bersifat alamiah yang tidak dapat dihindari oleh manusia, seperti: cuaca, bencana alam, dan lainnya. beberapa tindakan bukan alamiah tetapi karena tindakan kejahatan seseorang atau sekelompok orang di pasar yang menjadi pemicu terjadinya distorsi pasar. rekayasa permintaan (bay’ najasy) transaksi najasy diharamkan karena penjual bekerja sama dengan orang lain agar memuji barangnya atau menawar barangnya dengan harga tinggi sehingga orang lain tertarik pula untuk membeli19. temannya yang merupakan penawar harga barang itu sendiri tidak bermaksud untuk benar-benar membeli barang tersebut. dia hanya ingin menipu orang lain yang benar-benar ingin membeli. sebelumnya orang ini telah mengadakan kesepakatan dengan penjual untuk membeli dengan harga tinggi agar ada pembeli yang sesungguhnya dengan harga yang tinggi pula dengan maksud untuk menipu. akibatnya terjadi ‚permintaan palsu‛ (false demand). 18 a.a. islahi, konsepsi pemikiran ekonomi ibnu taimiyyah, h.102. 19 adiwarman a karim, ekonomi mikro islami, (jakarta: iit-indonesia, 2002), h. 152. 11al-iqtishad: vol. v, no. 1, januari 2013 oleh pengaruh supply dan demand maka pihak pembeli tidak merasa dirugikan dan pemerintah pun tidak boleh melakukan intervensi terhadap harga tersebut18. sedangkan keadilan bagi pihak penjual adalah barang-barang itu dikenakan harga paksa sehingga kehilangan keuntungan normal di atasnya. sebab, setiap orang memiliki wewenang atas hak miliknya, tidak boleh seorang pun mengambilnya, seluruh atau sebagian, tanpa persetujuan penuh darinya dan dia pun menyetujui. dan memaksa seseorang untuk menjual apapun yang dia tidak memiliki kewajiban hukum untuk menjualnya atau melarang melakukan apa yang secara legal dia boleh melakukan adalah keadilan. tetapi jika alasan yang memaksa seorang penjual dan bila tanpa paksaan dia tidak mau melaksanakan kewajibannya, dia bisa dipaksa untuk menjual barang-barangnya pada harga yang ekuivalen untuk melindungi kepentingan lain. penyebab distorsi pasar beberapa tindakan yang bersifat kezaliman (zhulm) di pasar dapat menyebabkan kondisi terjadinya distorsi baik dari sisi penawaran maupun permintaan. kondisi ini mengakibatkan harga berada dalam kondisi ketidak-seimbangan hal mana pertemuan supply dan demand terjadi karena ada faktor-faktor kejahatan, bukan disebabkan oleh faktor yang bersifat alamiah yang tidak dapat dihindari oleh manusia, seperti: cuaca, bencana alam, dan lainnya. beberapa tindakan bukan alamiah tetapi karena tindakan kejahatan seseorang atau sekelompok orang di pasar yang menjadi pemicu terjadinya distorsi pasar. rekayasa permintaan (bay’ najasy) transaksi najasy diharamkan karena penjual bekerja sama dengan orang lain agar memuji barangnya atau menawar barangnya dengan harga tinggi sehingga orang lain tertarik pula untuk membeli19. temannya yang merupakan penawar harga barang itu sendiri tidak bermaksud untuk benar-benar membeli barang tersebut. dia hanya ingin menipu orang lain yang benar-benar ingin membeli. sebelumnya orang ini telah mengadakan kesepakatan dengan penjual untuk membeli dengan harga tinggi agar ada pembeli yang sesungguhnya dengan harga yang tinggi pula dengan maksud untuk menipu. akibatnya terjadi ‚permintaan palsu‛ (false demand). 18 a.a. islahi, konsepsi pemikiran ekonomi ibnu taimiyyah, h.102. 19 adiwarman a karim, ekonomi mikro islami, (jakarta: iit-indonesia, 2002), h. 152. tingkat permintaan yang tercipta tidak dihasilkan secara alamiah. penjelasan grafis bay‘ najasy diperlihatkan pada gambar 1. pada awalnya, permintaan terhadap barang x digambarkan dengan kurva d0. titik keseimbangan terjadi pada saat q sebesar q0 dan p sebesar p0. kemudian, pelaku bay‘ najasy sengaja menciptakan isu yang tidak berdasar atau melakukan tindakan-tidakan tertentu (misalnya menyuruh temannya untuk pura-pura ingin membeli barang x dengan harga di atas p0 sehingga orang-orang tertarik untuk membeli barang x tersebut). akibatnya permintan terhadap barang x meningkat secara tidak alamiah. kurva permintaan bergeser ke arah kanan atas, dari d0 menjadi d1. peningkatan permintaan ini menyebabkan peningkatkan harga yang tidak alamiah pula, dari p0 menjadi p1. akibatnya, pelaku bay‘ najasy dapat menikmati tambahan keuntungan yang juga tidak alamiah. revenue (penerimaan) sebelum najasy dilakukan adalah sebesar p0q0. setelah najasy dilakukan, penerimaan bertambah menjadi p1q1. tambahan penerimaan ini merupakan penerimaan haram. rekayasa penawaran (ikhtikâr) bersumber dari sa‘îd ibn al-musayyab dari ma‘mar ibn ‘abd allâh al-‘adawî bahwa rasulullah saw. bersabda, ‚tidaklah orang yang melakukan ihtikâr itu kecuali ia berdosa.‛20 ihtikâr ini seringkali diterjemahkan sebagai monopoli dan 20 h.r. muslim, ahmad, dan abû dâwud. gambar 1 ba’y najasy (distorsi permintaan) 0 p0 q1 q0 p1 p q s d0 d1 12 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil atau penimbunan. padahal, sebenarnya ikhtikâr tidak selalu identik dengan monopoli dan atau penimbunan21. dalam islam, siapapun boleh berbisnis tanpa peduli apakah dia satu-satunya penjual (monopoli) atau ada penjual lain. menyimpan stok barang untuk keperluan persediaan pun tidak dilarang. yang dilarang adalah mengambil keuntungan di atas keuntungan normal dengan cara menjual lebih sedikit barang untuk harga yang lebih tinggi, atau istilah ekonominya disebut monopoly’s rent. ketika seorang produsen menimbun barang bukan untuk persediaan melainkan hanya untuk permainan agar harga semakin meningkat, kemudian produsen akan menjual setelah harga tinggi untuk memperoleh keuntungan yang berlipat. hal ini tidak diperbolehkan sebab akan menimbulkan kesengsaraan bagi konsumen. namun, apabila produsen menimbun barang untuk persediaan, misalkan dikarenakan cuaca yang tidak menentu yang dapat menyebabkan tersendatnya distribusi barang sehingga ketika barang tersedia cukup banyak, maka produsen langsung menimbun barang agar memiliki persediaan cukup untuk jangka waktu yang lebih lama. hal ini diperbolehkan dalam islam, sebab menimbun barang yang dilakukan bukan bertujuan mencari keuntungan berlipat melainkan untuk persediaan barang. suatu kegiatan masuk ke dalam kategori ikhtikâr, apabila salah satu dari tiga hal ini terpenuhi.22 pertama, mengupayakan adanya kelangkaan barang baik dengan cara menimbun barang atau mengenakan hambatan masuk (entrybarriers), agar barang tersebut langka di pasaran. kedua, menjual dengan harga lebih tinggi dibandingkan dengan harga sebelum munculnya kelangkaan. ketiga, mengambil keuntungan yang lebih tinggi dibandingkan keuntungan sebelum tindakan pertama dan kedua dilakukan. pada gambar 2, bila produsen berperilaku sebagai monopolis (melakukan ikhtikâr), maka ia akan memilih tingkat produksinya ketika mr=mc, dengan jumlah q sebesar qm, dan p sebesar pm. dengan demikian dia memproduksi barang lebih sedikit, dan menjual pada harga yang lebih tinggi. keuntungan yang dinikmati adalah sebesar kotak pmxyz. hal inilah yang dilarang, sebab produsen tersebut sebenarnya dapat berproduksi pada tingkat di mana permintaan sama dengan penawaran, atau ketika mc=ar. pada tingkat ini, jumlah barang yang diproduksi lebih banyak, yakni sebesar qi, dan harganya pun lebih murah, yakni sebesar pi. tentu saja keuntungan yang dihasilkan lebih sedikit, yakni sebesar kotak abcd. selisih keuntungan antara kotak pmxyz dengan kotak abcd inilah yang merupakan monopoly’s rent yang diharamkan. 21 adiwarman a karim, ekonomi mikro islami, h. 154. 22 adiwarman a karim, ekonomi mikro islami, h. 154. 13al-iqtishad: vol. v, no. 1, januari 2013 atau penimbunan. padahal, sebenarnya ikhtikâr tidak selalu identik dengan monopoli dan atau penimbunan21. dalam islam, siapapun boleh berbisnis tanpa peduli apakah dia satu-satunya penjual (monopoli) atau ada penjual lain. menyimpan stok barang untuk keperluan persediaan pun tidak dilarang. yang dilarang adalah mengambil keuntungan di atas keuntungan normal dengan cara menjual lebih sedikit barang untuk harga yang lebih tinggi, atau istilah ekonominya disebut monopoly’s rent. ketika seorang produsen menimbun barang bukan untuk persediaan melainkan hanya untuk permainan agar harga semakin meningkat, kemudian produsen akan menjual setelah harga tinggi untuk memperoleh keuntungan yang berlipat. hal ini tidak diperbolehkan sebab akan menimbulkan kesengsaraan bagi konsumen. namun, apabila produsen menimbun barang untuk persediaan, misalkan dikarenakan cuaca yang tidak menentu yang dapat menyebabkan tersendatnya distribusi barang sehingga ketika barang tersedia cukup banyak, maka produsen langsung menimbun barang agar memiliki persediaan cukup untuk jangka waktu yang lebih lama. hal ini diperbolehkan dalam islam, sebab menimbun barang yang dilakukan bukan bertujuan mencari keuntungan berlipat melainkan untuk persediaan barang. suatu kegiatan masuk ke dalam kategori ikhtikâr, apabila salah satu dari tiga hal ini terpenuhi.22 pertama, mengupayakan adanya kelangkaan barang baik dengan cara menimbun barang atau mengenakan hambatan masuk (entrybarriers), agar barang tersebut langka di pasaran. kedua, menjual dengan harga lebih tinggi dibandingkan dengan harga sebelum munculnya kelangkaan. ketiga, mengambil keuntungan yang lebih tinggi dibandingkan keuntungan sebelum tindakan pertama dan kedua dilakukan. pada gambar 2, bila produsen berperilaku sebagai monopolis (melakukan ikhtikâr), maka ia akan memilih tingkat produksinya ketika mr=mc, dengan jumlah q sebesar qm, dan p sebesar pm. dengan demikian dia memproduksi barang lebih sedikit, dan menjual pada harga yang lebih tinggi. keuntungan yang dinikmati adalah sebesar kotak pmxyz. hal inilah yang dilarang, sebab produsen tersebut sebenarnya dapat berproduksi pada tingkat di mana permintaan sama dengan penawaran, atau ketika mc=ar. pada tingkat ini, jumlah barang yang diproduksi lebih banyak, yakni sebesar qi, dan harganya pun lebih murah, yakni sebesar pi. tentu saja keuntungan yang dihasilkan lebih sedikit, yakni sebesar kotak abcd. selisih keuntungan antara kotak pmxyz dengan kotak abcd inilah yang merupakan monopoly’s rent yang diharamkan. 21 adiwarman a karim, ekonomi mikro islami, h. 154. 22 adiwarman a karim, ekonomi mikro islami, h. 154. tadlîs (penipuan) kondisi ideal dalam pasar adalah apabila penjual dan pembeli mempunyai informasi yang sama tentang barang yang akan diperjualbelikan. apabila salah satu pihak tidak mempunyai informasi seperti yang dimiliki oleh pihak lain (assymetric information), maka salah satu pihak akan merasa dirugikan dan terjadi kecurangan/penipuan23. alquran dengan tegas telah melarang semua transaksi bisnis yang mengandung unsur penipuan dalam segala bentuk terhadap pihak lain. seperti dalam surah al-an‘âm [6]: 152, ‚dan sempurnakanlah takaran dan timbangan dengan adil. kami tidak memikul beban kepada seseorang melainkan sekedar kesanggupannya‛. sistem ekonomi islam melarang hal ini (ketimpangan informasi tentang barang yang akan diperjualbelikan) karena dengan adanya informasi yang tidak sama antara kedua belah pihak, maka unsur ‚‘an tarâdh minkum‛ (kerelaan bersama) dilanggar. untuk menghindari penipuan, masing-masing pihak harus mempelajari strategi pihak lain. dalam ekonomi konvensional, hal ini dikenal dengan zero some game theory. dalam aplikasinya tadlîs ini dapat terjadi dalam pelbagai bentuk. pertama, tadlîs kuantitas. tadlîs (penipuan) kuantitas termasuk juga kegiatan menjual 23 adiwarman a karim, ekonomi mikro islami, h. 155. x mc ac y pm z 0 rp q qm ar = d gambar 2 ikhtikar mr a b qi pi c d 14 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil barang baik dalam jumlah sedikit ataupun banyak. misalnya menjual baju sebanyak satu kontainer. karena jumlah banyak dan tidak mungkin untuk menghitung satu per satu, penjual berusaha melakukan penipuan dengan mengurangi jumlah barang yang dikirim kepada pembeli. dengan menggunakan matriks, kita bisa melihat strategi kedua belah pihak: pembeli curiga tidak curiga penjual jujur 3 , -3 5 , 5 tidak jujur 0 , -5 1 , 3 dari matriks di atas dapat diketahui adanya strategi dominan. apabila penjual berlaku jujur, dia akan memperoleh utilitas yang lebih besar dibandingkan dengan berlaku tidak jujur. dari sini dapat disimpulkan bahwa pilihan terbaik bagi penjual adalah bersikap ‚jujur‛. di sisi lain, apabila pembeli menaruh curiga kepada penjual, maka pembeli tersebut akan memperoleh utilitas negatif. pembeli akan memperoleh utilitas positif bila tidak menaruh curiga terhadap penjual. dengan demikian hasil akhir yang terbaik adalah penjual ‚jujur‛ dan pembeli ‚tidak curiga‛ (kanan atas). perilaku penjual yang tidak jujur di samping merugikan dirinya juga merugikan pihak pembeli. apapun tindakan pembeli, penjual yang tidak jujur akan mengalami penurunan utilitas, begitu pula pembeli akan mengalami penurunan utilitas. praktik mengurangi timbangan dan mengurangi takaran merupakan contoh klasik yang selalu digunakan untuk menerangkan penipuan kuantitas ini. kedua, tadlîs kualitas. termasuk dalam tadlîs kualitas adalah menyembunyikan cacat atau kualitas barang yang buruk yang tidak sesuai dengan yang disepakati oleh penjual dan pembeli. contohnya dalam penjualan mobil bekas. pedagang menjual mobil bekas, misalnya toyota kijang lgx tahun 2001, dengan harga jual sebesar rp 108.000.000,-. pada kenyataannya, tidak semua penjual menjual mobil bekas dengan kondisi yang sama. sebagian penjual menjual mobil bekas dengan kondisi yang lebih rendah tetapi menjualnya dengan harga yang sama yaitu rp 108.000.000,-. pembeli tidak dapat membedakan mana mobil bekas dengan kondisi rendah dan mana mobil bekas dengan kondisi yang lebih baik, hanya penjual saja yang mengetahui dengan pasti kondisi mobil bekas yang dijualnya. tindakan-tindakan tersebut jelas merupakan kondisi yang dilakukan salah satu atau sekelompok pihak yang melakukan transaksi sehingga harga yang 15al-iqtishad: vol. v, no. 1, januari 2013 barang baik dalam jumlah sedikit ataupun banyak. misalnya menjual baju sebanyak satu kontainer. karena jumlah banyak dan tidak mungkin untuk menghitung satu per satu, penjual berusaha melakukan penipuan dengan mengurangi jumlah barang yang dikirim kepada pembeli. dengan menggunakan matriks, kita bisa melihat strategi kedua belah pihak: pembeli curiga tidak curiga penjual jujur 3 , -3 5 , 5 tidak jujur 0 , -5 1 , 3 dari matriks di atas dapat diketahui adanya strategi dominan. apabila penjual berlaku jujur, dia akan memperoleh utilitas yang lebih besar dibandingkan dengan berlaku tidak jujur. dari sini dapat disimpulkan bahwa pilihan terbaik bagi penjual adalah bersikap ‚jujur‛. di sisi lain, apabila pembeli menaruh curiga kepada penjual, maka pembeli tersebut akan memperoleh utilitas negatif. pembeli akan memperoleh utilitas positif bila tidak menaruh curiga terhadap penjual. dengan demikian hasil akhir yang terbaik adalah penjual ‚jujur‛ dan pembeli ‚tidak curiga‛ (kanan atas). perilaku penjual yang tidak jujur di samping merugikan dirinya juga merugikan pihak pembeli. apapun tindakan pembeli, penjual yang tidak jujur akan mengalami penurunan utilitas, begitu pula pembeli akan mengalami penurunan utilitas. praktik mengurangi timbangan dan mengurangi takaran merupakan contoh klasik yang selalu digunakan untuk menerangkan penipuan kuantitas ini. kedua, tadlîs kualitas. termasuk dalam tadlîs kualitas adalah menyembunyikan cacat atau kualitas barang yang buruk yang tidak sesuai dengan yang disepakati oleh penjual dan pembeli. contohnya dalam penjualan mobil bekas. pedagang menjual mobil bekas, misalnya toyota kijang lgx tahun 2001, dengan harga jual sebesar rp 108.000.000,-. pada kenyataannya, tidak semua penjual menjual mobil bekas dengan kondisi yang sama. sebagian penjual menjual mobil bekas dengan kondisi yang lebih rendah tetapi menjualnya dengan harga yang sama yaitu rp 108.000.000,-. pembeli tidak dapat membedakan mana mobil bekas dengan kondisi rendah dan mana mobil bekas dengan kondisi yang lebih baik, hanya penjual saja yang mengetahui dengan pasti kondisi mobil bekas yang dijualnya. tindakan-tindakan tersebut jelas merupakan kondisi yang dilakukan salah satu atau sekelompok pihak yang melakukan transaksi sehingga harga yang diperoleh adalah bukan harga wajar melainkan adanya suatu proses penzaliman kepada pihak lain. pertanyaan selanjutnya adalah apa yang dapat dilakukan oleh pemerintah dalam sudut pandang ekonomi islam manakala terjadinya distorsi pasar? apakah dapat dibenarkan adanya kebijakan tentang regulasi harga oleh pemerintah dan seperti apa regulasi itu dilakukan? regulasi harga regulasi harga adalah pengaturan tehadap harga-harga barang yang dilakukan oleh pemerintah. regulasi ini bertujuan untuk memelihara kejujuran dan kemungkinan penduduk memenuhi kebutuhan pokoknya serta keadilan antara pelbagai pihak yang melakukan transaksi. dalam sejarah islam, kebebasan ekonomi sudah dijamin dengan pelbagai tradisi masyarakat dan dengan sistem hukumnya. sebagian orang berpendapat bahwa negara dalam islam tidak boleh mencampuri masalah ekonomi dengan mengharuskan nilai-nilai dan moralitas atau menjatuhkan sanksi kepada orang yang melanggarnya. mereka mempunyai pandangan seperti ini berdasarkan pada hadis nabi saw. yang tidak bersedia menetapkan harga-harga walaupun pada saat itu harga melambung tinggi, hal ini berdasarkan hadis yang diriwayatkan oleh anas ibn mâlik24: : , : , : , dari anas ibn mâlik r.a. beliau berkata, ‚harga barang-barang pernah mahal pada masa rasulullah saw.‛. lalu orang-orang berkata, ‚ya rasulullah, harga-harga menjadi mahal, tetapkanlah standar harga untuk kami‛. rasulullah saw. bersabda, ‚sesungguhnya allahlah yang menetapkan harga, yang menahan, dan membagikan rezeki, dan sesungguhnya saya mengharapkan agar saya dapat berjumpa dengan allah saw. dalam keadaan tidak seorangpun di antara kamu sekalian yang menuntut saya karena kezaliman dalam pertumpahan darah (pembunuh) dan harta‛. 24 abû dâwud, shahîh sunan abû dâwud, (riyâdh: maktabah al-ma‘ârif, 1998), jilid ii, h. 362. 16 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil (diriwayatkan oleh perawi yang lima kecuali al-nasa’i dan disahihkan oleh ibn hibbân) berkaitan dengan hadis di atas, beberapa ulama mengemukakan pendapatnya, antara lain ibn qudâmah yang menyatakan bahwa penetapan harga dari pandangan ekonomis mengindikasikan tidak berjalannya bentuk pengawasan atas harga. dia berkata: ini sangat nyata bahwa penetapan harga akan mendorongnya menjadi lebih mahal. sebab jika para pedagang dari luar mendengar adanya kebijakan pengawasan harga, mereka tak akan mau membawa barang dagangannya ke suatu wilayah dimana dia dipaksa menjual barang dagangannya di luar harga yang dia inginkan, para pedagang lokal akan menyembunyikan barang dagangannya dan konsumen tidak merasa puas dengan menghilangnya barang komoditi kebutuhan mereka, atau tidak mampu membeli karena harganya yang tinggi.25 beberapa ulama yang memiliki pendapat serupa, antara lain imam ahmad ibn hanbal dan imam syâfi‘î. tetapi, sejumlah ahli fikih islam mendukung kebijakan pengaturan harga, walaupun baru dilaksanakan dalam situasi penting dan menekankan perlunya kebijakan harga yang adil. ibn taymiyyah menafsirkan hadis tentang penolakan regulasi harga, bahwa kasus tersebut merupakan kondisi atau kejadian yang bersifat khusus bukan merupakan kasus umum. menurut dia, harga naik karena kekuatan pasar bukan karena ketidaksempurnaan pasar tersebut. ibn taymiyyah mengungkapkan hadis tersebut menunjukkan betapa nabi saw. tidak mau ikut campur tangan dalam masalah regulasi harga-harga barang. hal tersebut disebabkan oleh kenaikan harga yang dipicu kondisi objektif pasar madinah bukan karena kecurangan yang dilakukan oleh sekelompok masyarakat untuk mengejar keuntungan belaka. pada saat itu pasar madinah kekurangan supply impor atau karena menurunnya produksi, dan hal itu terjadi bukan karena ada pedagang yang sengaja menimbun barang di pasar. dengan demikian, ibn taymiyyah berpendapat bahwa kenaikan harga barang-barang pada masa nabi saw. dikarenakan oleh bekerjanya mekanisme harga secara alamiah bukan karena sebab-sebab kezaliman. pada kasus yang lain, dikemukakan oleh ibn taymiyyah bahwa rasulullah saw. pernah menetapkan harga secara adil saat terjadi perselisihan antara dua orang. kondisi pertama, bila dalam kasus pembebasan budaknya sendiri, ia 25 ibn qudâmah, al-mughnî ‘alâ mukhtashar al-kharqî, (bayrût: dâr al-maktab al-‘ilmiyyah, 1994). 17al-iqtishad: vol. v, no. 1, januari 2013 (diriwayatkan oleh perawi yang lima kecuali al-nasa’i dan disahihkan oleh ibn hibbân) berkaitan dengan hadis di atas, beberapa ulama mengemukakan pendapatnya, antara lain ibn qudâmah yang menyatakan bahwa penetapan harga dari pandangan ekonomis mengindikasikan tidak berjalannya bentuk pengawasan atas harga. dia berkata: ini sangat nyata bahwa penetapan harga akan mendorongnya menjadi lebih mahal. sebab jika para pedagang dari luar mendengar adanya kebijakan pengawasan harga, mereka tak akan mau membawa barang dagangannya ke suatu wilayah dimana dia dipaksa menjual barang dagangannya di luar harga yang dia inginkan, para pedagang lokal akan menyembunyikan barang dagangannya dan konsumen tidak merasa puas dengan menghilangnya barang komoditi kebutuhan mereka, atau tidak mampu membeli karena harganya yang tinggi.25 beberapa ulama yang memiliki pendapat serupa, antara lain imam ahmad ibn hanbal dan imam syâfi‘î. tetapi, sejumlah ahli fikih islam mendukung kebijakan pengaturan harga, walaupun baru dilaksanakan dalam situasi penting dan menekankan perlunya kebijakan harga yang adil. ibn taymiyyah menafsirkan hadis tentang penolakan regulasi harga, bahwa kasus tersebut merupakan kondisi atau kejadian yang bersifat khusus bukan merupakan kasus umum. menurut dia, harga naik karena kekuatan pasar bukan karena ketidaksempurnaan pasar tersebut. ibn taymiyyah mengungkapkan hadis tersebut menunjukkan betapa nabi saw. tidak mau ikut campur tangan dalam masalah regulasi harga-harga barang. hal tersebut disebabkan oleh kenaikan harga yang dipicu kondisi objektif pasar madinah bukan karena kecurangan yang dilakukan oleh sekelompok masyarakat untuk mengejar keuntungan belaka. pada saat itu pasar madinah kekurangan supply impor atau karena menurunnya produksi, dan hal itu terjadi bukan karena ada pedagang yang sengaja menimbun barang di pasar. dengan demikian, ibn taymiyyah berpendapat bahwa kenaikan harga barang-barang pada masa nabi saw. dikarenakan oleh bekerjanya mekanisme harga secara alamiah bukan karena sebab-sebab kezaliman. pada kasus yang lain, dikemukakan oleh ibn taymiyyah bahwa rasulullah saw. pernah menetapkan harga secara adil saat terjadi perselisihan antara dua orang. kondisi pertama, bila dalam kasus pembebasan budaknya sendiri, ia 25 ibn qudâmah, al-mughnî ‘alâ mukhtashar al-kharqî, (bayrût: dâr al-maktab al-‘ilmiyyah, 1994). menetapkan bahwa harga yang adil dari budak itu harus dipertimbangkan tanpa ada tambahan atau pengurangan. kondisi kedua, terjadi saat perselisihan antara dua orang, di mana pihak pertama sebagai pemilik pohon yang sebagian pohonnya tumbuh di tanah orang lain. pihak kedua adalah pemilik tanah yang merasa terganggu oleh pihak pertama yang keluar masuk tanpa izin ke areal tanahnya. kemudian pemilik tanah melaporkan hal tersebut kepada rasulullah saw. selanjutnya rasul memutuskan agar pemilik pohon memilih di antara dua hal, yaitu menyerahkan pohon tersebut kepada pemilik tanah secara sukarela atau menjual pohonnya kepada pemilik tanah dengan menerima ganti rugi atau kompensasi yang adil. pada kasus ini tampak jelas bahwa dalam hal penyerahan barang secara sukarela sulit untuk dilaksanakan, maka penjualan barang kepada pembeli yang sangat membutuhkan bisa dilakukan dengan cara dipaksa oleh pihak yang berwenang. intervensi yang dilakukan rasulullah saw. merupakan tindakan yang perlu diambil untuk menghindari timbulnya resistensi bagi pemilik tanah. pemilik tanah adalah pihak yang akan menanggung kerugian jika intervensi itu tidak dilakukan. sehingga dapat disimpulkan bahwa dalam pelbagai situasi dan kondisi rasulullah saw. pernah melakukan penetapan harga. ibn taymiyyah membedakan dua tipe pengaturan (regulasi) harga, yaitu regulasi harga yang tidak adil di antaranya pengaturan yang termasuk kezaliman, dan regulasi yang adil dan dibolehkan. jika pengaturan/penetapan harga yang dilakukan pemerintah terdapat unsur kezaliman (ketidakadilan) terhadap manusia dan bersifat memaksa tanpa hak untuk menjual barang yang disukainya atau melarang mereka dari yang allah telah bolehkan, maka haram hukumnya. namun, jika penetapan harga tersebut mengandung keadilan antarmanusia untuk bertransaksi jual-beli dengan harga standar yang normal dan melarang mereka dari hal-hal yang diharamkan allah untuk mengambil tambahan di atas harga normal maka hal ini diperbolehkan26. pada kondisi terjadinya ketidaksempurnaan pasar, ibn taymiyyah merekomendasikan penetapan harga oleh pemerintah. misalnya dalam kasus di mana suatu komoditas kebutuhan pokok yang harganya naik akibat adanya manipulasi, perubahan harga yang disebabkan oleh dorongan-dorongan monopoli. maka dalam keadaan seperti inilah, pemerintah harus menetapkan harga yang adil bagi penjual dan pembeli. otoritas pemerintah dalam melakukan pengawasan harga harus dirundingkan terlebih dahulu dengan penduduk yang berkepentingan, tentang hal ini, 26 yusuf qaradhawi, peran nilai dalam perekonomian islam, terjemahan didin hafiduddin, (jakarta: robbani press, 1977), cet. i, h. 467. 18 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil ibn taymiyyah menjelaskan sebuah metode yang diajukan pendahulunya, ibn habîb, menurut dia, pemerintah harus menyelenggarakan musyawarah dengan para tokoh perwakilan dan pasar. yang lain juga diterima hadir, karenanya mereka harus diperiksa keterangannya. setelah melakukan per-undingan dan penyelidikan tentang transaksi jual-beli, pemerintah harus secara persuasif menawarkan ketetapan harga yang didukung oleh para peserta musyawarah, juga penduduk semuanya. jadi keseluruhannya harus sepakat tentang hal itu. dalam kitabnya al-hisbah, penetapan harga diperlukan untuk mencegah manusia menjual makanan dan barang lainnya hanya kepada kelompok tertentu dengan harga yang detetapkan sesuai keinginan mereka. oleh karena itu, regulasi harga (fixed price policy) sangat mempermudah usaha mikro dalam menghadapi manipulasi pasar yang umumnya dilakukan oleh pengusaha besar. kebijakan ini sering digunakan oleh pemerintah untuk melindungi sektor usaha mikro dari kehancuran. kritik ekonomi islam atas konsep pasar kapitalisme sistem pasar bebas yang bertumpu pada doktrin laissez-faires dengan paradigma invisible hand yang berprinsip bahwa ekonomi dalam jangka panjang akan selalu ada pada kondisi keseimbangan, telah banyak dikritik karena tidak menciptakan suasana pasar yang seimbang dan adil, bukan saja oleh pakar ekonomi islam tapi juga pakar ekonomi konvensional. kritik yang sangat terkenal adalah kritik yang berasal dari jhon maynard keynes yang dikutip dalam buku ali sakti, mempertanyakan apa yang dimaksud ‚jangka panjang‛ itu, dengan menegaskan (atas asumsi dan definisinya sendiri tentang jangka panjang) bahwa "in the long run we are all dead".27 bahkan, para penyokong pemikir klasik (yang mengusung prinsip invisible hand/laissez-faires), samuelson dan nordhaus (1992) mengungkapkan bahwa kebutuhan manusia senantiasa jatuh ke tangan orang yang paling mampu membelinya, bukan ke tangan orang yang paling membutuhkannya. ini merupakan konsekuensi dari pasar bebas, sehingga diperlukan campur tangan eksternal (kebijakan ekonomi) dalam menekan kecenderungan yang disebabkan oleh laissezfaires.28 pendapat sri edi swasono dalam bukunya, menegakkan ideologi pancasila: daulat rakyat versus daulat pasar, dinyatakan bahwa pasar adalah suatu 27 ali sakti, analitis teoritis ekonomi islam, h. 328. lihat juga heilbroner, the wordly philosophers, (new york: a touchstone book, 1980). lihat deliarnov, perkembangan pemikiran ekonomi, h. 42. 28 heilbroner, the wordly philosophers, (new york: a touchstone book, 1980). lihat deliarnov, perkembangan pemikiran ekonomi, (jakarta: rajawali pers, 1995), h. 42. 19al-iqtishad: vol. v, no. 1, januari 2013 ibn taymiyyah menjelaskan sebuah metode yang diajukan pendahulunya, ibn habîb, menurut dia, pemerintah harus menyelenggarakan musyawarah dengan para tokoh perwakilan dan pasar. yang lain juga diterima hadir, karenanya mereka harus diperiksa keterangannya. setelah melakukan per-undingan dan penyelidikan tentang transaksi jual-beli, pemerintah harus secara persuasif menawarkan ketetapan harga yang didukung oleh para peserta musyawarah, juga penduduk semuanya. jadi keseluruhannya harus sepakat tentang hal itu. dalam kitabnya al-hisbah, penetapan harga diperlukan untuk mencegah manusia menjual makanan dan barang lainnya hanya kepada kelompok tertentu dengan harga yang detetapkan sesuai keinginan mereka. oleh karena itu, regulasi harga (fixed price policy) sangat mempermudah usaha mikro dalam menghadapi manipulasi pasar yang umumnya dilakukan oleh pengusaha besar. kebijakan ini sering digunakan oleh pemerintah untuk melindungi sektor usaha mikro dari kehancuran. kritik ekonomi islam atas konsep pasar kapitalisme sistem pasar bebas yang bertumpu pada doktrin laissez-faires dengan paradigma invisible hand yang berprinsip bahwa ekonomi dalam jangka panjang akan selalu ada pada kondisi keseimbangan, telah banyak dikritik karena tidak menciptakan suasana pasar yang seimbang dan adil, bukan saja oleh pakar ekonomi islam tapi juga pakar ekonomi konvensional. kritik yang sangat terkenal adalah kritik yang berasal dari jhon maynard keynes yang dikutip dalam buku ali sakti, mempertanyakan apa yang dimaksud ‚jangka panjang‛ itu, dengan menegaskan (atas asumsi dan definisinya sendiri tentang jangka panjang) bahwa "in the long run we are all dead".27 bahkan, para penyokong pemikir klasik (yang mengusung prinsip invisible hand/laissez-faires), samuelson dan nordhaus (1992) mengungkapkan bahwa kebutuhan manusia senantiasa jatuh ke tangan orang yang paling mampu membelinya, bukan ke tangan orang yang paling membutuhkannya. ini merupakan konsekuensi dari pasar bebas, sehingga diperlukan campur tangan eksternal (kebijakan ekonomi) dalam menekan kecenderungan yang disebabkan oleh laissezfaires.28 pendapat sri edi swasono dalam bukunya, menegakkan ideologi pancasila: daulat rakyat versus daulat pasar, dinyatakan bahwa pasar adalah suatu 27 ali sakti, analitis teoritis ekonomi islam, h. 328. lihat juga heilbroner, the wordly philosophers, (new york: a touchstone book, 1980). lihat deliarnov, perkembangan pemikiran ekonomi, h. 42. 28 heilbroner, the wordly philosophers, (new york: a touchstone book, 1980). lihat deliarnov, perkembangan pemikiran ekonomi, (jakarta: rajawali pers, 1995), h. 42. mekanisme lelangan belaka, yang kuat (memiliki dana) akan memenangkan lelang. bagi yang tidak memiliki kekuatan dana akan dikalahkan atau hanya akan menjadi penonton dan berada di luar pagar transaksi ekonomi.29 lebih lanjut dikatakannya, teori pasar dibangun oleh adam smith melalui hubungan silogisme bahwa perekonomian akan efisien bila ada persaingan bebas, selanjutnya persaingan-bebas akan menuntut pasar-bebas sebagai wadahnya. dengan asumsi logis bahwa ada informasi sepenuhnya tentang pasar (perfect information)30. pasar, menurut adam smith diasumsikan sebagai omniscient dan omnipotent yang secara otomatis self-regulating dan self-correcting. pasar mengatur mekanisme ekonomi dan pasar digerakkan oleh tangan ajaib (an invisible hand). ini merupakan penemuan sosial terbesar dalam peradaban manusia. liberalisme dan individualisme adalah ruh dari sistem ekonomi pasar-bebas yang lebih dikenal dengan istilah stelsel laissez-faire. dari sinilah lahir kapitalisme dan selanjutnya berkembang menjadi imperialisme. persaingan-bebas (perfect information) dan pasar-bebas (free-market) menurut smithian akan menjamin optimasi manfaat, yakni efisiensi ekonomi. oleh karena itu, menurut kaum fundamentalis pasar31 kebebasan individual haruslah sepenuh-penuhnya (perfect individual liberty) untuk dapat mengoptimalkan pamrih pribadi (self-interest) yang menjadi dasar akhlak manusia 29 sri edi swasono, menegakkan ideologi pancasila: daulat rakyat versus daulat pasar, (yogyakarta: pustep-ugm, 2005), h. 15. 30 menurut swasono, asumsi logis perfect information ini sama sekali tidak realistis. secara teoretikal (bukan empirikal) pasar-bebas global bisa mendorong efisiensi ekonomi global, tetapi mengapa selatan harus membayar lebih tinggi dan berkorban lebih banyak bagi efisiensi utara? persaingan-bebas yang sempurna tidak akan pernah ada, sehingga pasar-bebas pun tidak akan pernah ada. yang ada justru distorsi-distorsi pasar yang dilakukan demi kepentingan-kepentingan ekonomi dan politik, mengandung insting-insting predatori dan hegemonic, baik yang bersifat laten maupun yang potensial, penuh firqah. contoh-contoh konkret seperti peperangan (dengan segala bentuk dan derivasinya), pertarungan, clash of civilizations (secara terbuka atau terselubung), egoisme nasional, dll., tidak akan memungkinkan adanya persaingan yang bebas dan fair. ekonomi global (global economy) tidak akan terwujud dengan rapi tanpa adanya masyarakat global (global society) yang rapi pula. yang ada justru globalisasi yang penuh kepentingan sehingga menjadikan masyarakat terfragmentasi (discriminatory fragmented society). fenomena keretakan global ini tampak dengan dibentuknya berbagai macam forum kerja-sama ekonomi regional, dsb. 31 kaum neoliberalis fundamentalis pasar indonesia secara sadar atau tidak berusaha menjual kedaulatan dan ideologi negara demi kepentingan ekonomi sempit ala pasar-bebas. caranya antara lain dengan mempersiapkan berbagai ruu untuk menolak pasal 33 uud nri 1945 yang merupakan basis paham demokrasi ekonomi, sosio-nasionalisme dan sosio-demokrasi, yang dikandung dalam pancasila. bahkan ada yang berhasil menjadi uu (yakni uu ketenagalistrikan dan uu migas). kedua uu ini sarat memangku neoliberalisme, alat pelaksanaan liberalisasi dan privatisasi (dan ‚asingisasi‛), jelas secara sistematis akan meminggirkan dan meruntuhkan pereko-nomian nasional. 20 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil ekonomi (konvensional, pent.). itulah sebabnya ideologi ekonomi pasar-bebas yang berdasarkan sistem laissez faire menolak subsidi dan proteksi. subsidi dan proteksi dalam kebebasan berkompetisi oleh kaum fundamentalis pasar (market fundamentalism)/kaum smithian diposisikan sebagai pemborosan atau inefficiency, yang tentu ditentang sehebat-hebatnya oleh kaum strukturalis. ideologi pasar-bebas menempatkan subsidi dan proteksi sebagai filantropi, bukan sebagai hak sosial dan hak demokrasi ekonomi masyarakat. ideologi ini tidak mampu melihat subsidi dan proteksi sebagai human investment bagi yang menerimanya, atau sebagai empowerment insani bagi si lemah, apalagi sebagai tuntutan moral dalam berkehidupan ekonomi. kaum fundamentalis pasar kampus secara langsung atau instingtif ‚terlibat‛ dalam academic moral irresponsibility, menghidupkan penyanjung materialisme.32 tuntutan ekonomi tidak saja tentang keadilan sosial, tetapi juga kesejahteraan bagi generasi mendatang33. terlebih lagi ketika sistem pasar harus menanggung beban yang disebabkan oleh mekanisme bunga (interest rate), di mana terjadi kecenderungan yang kuat penumpukan harta khususnya uang (money concentration) pada sekelompok pelaku ekonomi. kecenderungan ini kemudian tentu memengaruhi keseimbangan ekonomi secara keseluruhan. jurang ketimpangan antara sektor riil dan moneter semakin membuktikan kekacauan teori yang menjadi asumsi dalam model ekonomi konvensional. ekonomi konvensional mendefinisikan keseimbangan ekonomi (general equilibrium) dengan mengasumsikan tingkat bunga dan output sebagai variabel parameternya, sehingga bunga ditempatkan sebagai variabel sentral dalam penentuan kebijakan-kebijakan ekonomi menuju pada kondisi keseimbangan.34 meskipun dari perspektif kebijakan ada sebagian kelompok (mazhab) pakar ekonomi konvensional mengungkapkan bahwa keseimbangan dan kemajuan ekonomi yang efektif akan dapat dilakukan melalui pengelolaan variabel uang beredar secara tepat, namun tetap saja mereka sepakat bahwa bunga memiliki kekuatan dominan dalam perekonomian. diakui bahwa keseimbangan pasar direfleksikan oleh pergerakan harga dari semua objek yang ditransaksikan dalam pasar tersebut. hal ini berarti harga merepresentasikan keseimbangan tersebut. namun dalam islam, lebih dari itu juga memperhatikan aspek lainnya, yakni jenis transaksi yang dilakukan dan barang yang ditransaksikan. ada pelbagai bentuk transaksi yang tidak diperkenankan dalam islam, yaitu transaksi yang berunsur riba (termasuk bunga 32 thurow, lester c., the dangerous currents: the state of economics, (new york: random house, 1983). 33 stiglizt, joseph e., the roaring nineties: seeds of destruction, (london: allen lane, 2003). 34 ali sakti, analitis teoritis ekonomi islam, h. 329. 21al-iqtishad: vol. v, no. 1, januari 2013 ekonomi (konvensional, pent.). itulah sebabnya ideologi ekonomi pasar-bebas yang berdasarkan sistem laissez faire menolak subsidi dan proteksi. subsidi dan proteksi dalam kebebasan berkompetisi oleh kaum fundamentalis pasar (market fundamentalism)/kaum smithian diposisikan sebagai pemborosan atau inefficiency, yang tentu ditentang sehebat-hebatnya oleh kaum strukturalis. ideologi pasar-bebas menempatkan subsidi dan proteksi sebagai filantropi, bukan sebagai hak sosial dan hak demokrasi ekonomi masyarakat. ideologi ini tidak mampu melihat subsidi dan proteksi sebagai human investment bagi yang menerimanya, atau sebagai empowerment insani bagi si lemah, apalagi sebagai tuntutan moral dalam berkehidupan ekonomi. kaum fundamentalis pasar kampus secara langsung atau instingtif ‚terlibat‛ dalam academic moral irresponsibility, menghidupkan penyanjung materialisme.32 tuntutan ekonomi tidak saja tentang keadilan sosial, tetapi juga kesejahteraan bagi generasi mendatang33. terlebih lagi ketika sistem pasar harus menanggung beban yang disebabkan oleh mekanisme bunga (interest rate), di mana terjadi kecenderungan yang kuat penumpukan harta khususnya uang (money concentration) pada sekelompok pelaku ekonomi. kecenderungan ini kemudian tentu memengaruhi keseimbangan ekonomi secara keseluruhan. jurang ketimpangan antara sektor riil dan moneter semakin membuktikan kekacauan teori yang menjadi asumsi dalam model ekonomi konvensional. ekonomi konvensional mendefinisikan keseimbangan ekonomi (general equilibrium) dengan mengasumsikan tingkat bunga dan output sebagai variabel parameternya, sehingga bunga ditempatkan sebagai variabel sentral dalam penentuan kebijakan-kebijakan ekonomi menuju pada kondisi keseimbangan.34 meskipun dari perspektif kebijakan ada sebagian kelompok (mazhab) pakar ekonomi konvensional mengungkapkan bahwa keseimbangan dan kemajuan ekonomi yang efektif akan dapat dilakukan melalui pengelolaan variabel uang beredar secara tepat, namun tetap saja mereka sepakat bahwa bunga memiliki kekuatan dominan dalam perekonomian. diakui bahwa keseimbangan pasar direfleksikan oleh pergerakan harga dari semua objek yang ditransaksikan dalam pasar tersebut. hal ini berarti harga merepresentasikan keseimbangan tersebut. namun dalam islam, lebih dari itu juga memperhatikan aspek lainnya, yakni jenis transaksi yang dilakukan dan barang yang ditransaksikan. ada pelbagai bentuk transaksi yang tidak diperkenankan dalam islam, yaitu transaksi yang berunsur riba (termasuk bunga 32 thurow, lester c., the dangerous currents: the state of economics, (new york: random house, 1983). 33 stiglizt, joseph e., the roaring nineties: seeds of destruction, (london: allen lane, 2003). 34 ali sakti, analitis teoritis ekonomi islam, h. 329. bank), melakukan spekulasi, dan transaksi terhadap sesuatu yang diharamkan seperti daging babi (atau binatang yang disembelih tidak atas nama allah), khamr, dan lain-lain. struktur pasar ditentukan oleh kerja sama yang adil. keterlibatan pemerintah dalam pasar hanyalah pada saat tertentu atau bersifat temporer. sistem ekonomi islam menganggap islam sebagai sesuatu yang ada di pasar bersama-sama dengan unit-unit elektronik lainnya berdasarkan landasan yang tetap dan stabil. dia dianggap sebagai perencana, pengawas, produsen, dan juga sebagai konsumen.35 yang dimaksud ‚aturan-aturan permainan‛ ekonomi islam adalah perangkat perintah dan aturan sosial, politik, agama, moral, dan hukum yang mengikat masyarakat. lembaga-lembaga sosial disusun sedemikian rupa untuk mengarahkan individu-individu sehingga mereka secara baik melaksanakan aturan-aturan ini dan mengontrol serta mengawasi penampilan ini. berlakunya aturan-aturan ini membentuk lingkungan di mana para individu melakukan kegiatan ekonomi. aturan-aturan itu sendiri bersumber pada kerangka konseptual masyarakat dalam hubungan dengan ‚kekuatan tertinggi‛ (tuhan), kehidupan, sesama manusia, dunia, sesama makhluk, dan tujuan akhir manusia.36 dengan karakteristik tersebut, keseimbangan ekonomi islam memiliki sesuatu yang berbeda dengan keseimbangan ekonomi yang dikenal dalam dunia ekonomi konvensional. absensi barang-barang yang diharamkan oleh islam mungkin tidak mengubah wajah perekonomian islam secara siginifikan, namun pelarangan riba dalam perekonomian dan transaksi-transaksi yang mengandung judi dan spekulasi serta kewajiban menjalankan sistem zakat menjadikan mekanisme pasar dalam islam termasuk indikator-indikator keseimbangannya menjadi berbeda dengan apa yang ada dalam ekonomi konvensional. penutup keseimbangan ekonomi dalam sistem ekonomi islam akan terbentuk lebih pada keseimbangan sektor riil, bukan berarti mengabaikan sektor moneter tetapi karena memang karakteristik perekonomian islam adalah perekonomian riil sehingga keseimbangan ekonomi murni terjadi akibat kesesuaian permintaan dan penawaran dalam pasar. sementara apa yang menjadi definisi sektor mo 35 monzer kahf, the islamic economy: analytical study of the functioning od the islamic economic system, (t.tt.: plainfield in muslim studies association of u.s and canada, 1978), h. 22. lihat juga euis amalia, sejarah pemikiran ekonomi islam, (jakarta: gramata, 2008). 36monzer kahf, the islamic economy: analytical study of the functioning od the islamic economic system, h. 23. lihat juga euis amalia, sejarah pemikiran ekonomi islam, (jakarta: pustaka asatruss, 2005), h.283. 22 euis amalia: mekanisme pasar dan kebijakan penetapan harga adil neter dalam islam lebih pada aktivitas investasi dan pengelolaan uang beredar. keseimbangan ini terlihat pada gambar siklus ekonomi yang merujuk pada aktivitas yang sesuai dengan prinsip dan aturan syariah. para pemikir islam pada masa awal dan pertengahan telah merumuskan dengan sangat komprehensif tentang makna keadilan dalam hal harga dan juga kebijakan ekonomi yang sangat relevan dengan kondisi saat ini sehingga koreksi terhadap sistem yang ada dapat dilakukan. [] pustaka acuan amalia, euis, sejarah pemikiran ekonomi islam, jakarta: pustaka asatruss, 2005. deliarnov, perkembangan pemikiran ekonomi, jakarta: rajawali pers, 1995. ibn qudâmah, al-mughnî ‘alâ mukhtashar al-kharqî, lubnân: dâr al-maktab al‘ilmiyyah, 1994. ibn taymiyyah, al-hisbah fi al-islâm, lubnan: dâr al-kitâb al-islâmiyyah, 1996. ---------------, majmû‘ fatâwâ, riyâdh: matbi’ riyâdh, 1993. islahi, a.a., konsepsi pemikiran ekonomi ibn taymiyyah, surabaya: pt. bina ilmu, 1997. kahf, monzer, the islamic economy: analytical study of the functioning on the islamic economic system, plainfield in muslim studies association of u.s. and canada, 2008. karim, adiwarman a., ekonomi mikro islami, jakarta: iiit-indonesia, 2002. kuswanto, adi, pengantar ekonomi, depok: gunadarma, 1993. qaradhawi, yusuf, peran nilai dalam perekonomian islam, diterjemahkan didin hafidudin, jakarta: robbani press, 1977. rahardja, pratama dan manurung, mandala, teori ekonomi mikro suatu pengantar, jakarta: lpfeui, 1999. schumpeter, joseph a., history of economic analysis, new york: oxford university press, 1954. shiddiqi, m. nejatullah, kegiatan ekonomi dalam islam, jakarta: bumi aksara, 1996. stiglizt, joseph e., the roaring nineties: seeds of destruction, london: allen lane, 2003. syâthibî, al-, abû ishâq ibrâhîm, al-muwâfaqât fî ushûl al-ahkam, al-qâhirah: musthafâ muhammad, t.th, jilid ii. thurow, lester c, the dangerous currents: the state of economics, new york: random house, 1983. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 95 106 received: september 18, 2016; revised: october 23, 2016; accepted: december 13, 2016 1,2 universitas padjajaran, jl. dipati ukur, lebak gede, bandung, west java 3 university college of bahrain, manama, kingdom of bahrain email: 1aldrin.herwany@fe.unpad.ac.id; 2erie_febrian@fe.unpad.ac.id; 3ibuchari@ucb.edu.bh doi: 10.15408/aiq.v9i1.3773 greece financial crises and sukuk markets: experience from gulf countries aldrin herwany1, erie febrian2, imam buchari3 abstract. greece financial crises and sukuk market: experience from gulf countries. many studies have been carried out to investigate the impact of recent european financial crises on the performance of financial instruments in other regions. nevertheless, there have been insufficient studies explaining such impact on islamic financial instrument. in particular, whether greece financial crises have affected performance of sukuk traded in gulf markets needs to be answered. this study is aimed at empirically investigating the causality of credit and liquidity risk on sukuk markets in gulf economies in the period of greece financial crises. we analyzed the sukuk data by employing granger casuality test, with all the associated vector autoregression model procedures. our findings show that bahrain sukuk market is cointegrated with those of qatar and uae in the full period observation. meanwhile, during the crisis, qatar sukuk market is cointegrated with those of uae bahrain. we also find that bahrain sukuk triggers market shock in both qatar and uae sukuk markets. bahrain consistently causes changes in price and spread of uae sukuk, both in the context of the full period and the during-crisis period. keywords: greece financial crises, sukuk markets, gulf countries abstrak. krisis keuangan yunani dan pasar sukuk: pengalaman dari negara-negara teluk. banyak penelitian yang telah dilakukan untuk menginvestigasi dampak yang terjadi pada krisis instrumen keuangan di wilayah eropa pada wilayah lain. meski demikian, sedikit penelitian yang menjelaskan tentang dampak yang terjadi pada instrument keuangan islam. khususnya, apakah krisis moneter yunani telah mempengaruhi kelangsungan perdagangan sukuk di pasar gulf membutuhkan jawaban. penilitian ini secara empiris bertujuan untuk meneliti resiko pada kredit dan likuiditas dalam pasar sukuk di perekonomian teluk pada masa krisis moneter yunani. kami meneliti data sukuk menggunakan test granger kasualitas, dengan segala hal yang terkait prosedur model autoregresi. penelitian kami memperlihatkan bahwa pasar sukuk di bahrain terkointegrasi dengan qatar dan uae dalam masa penelitian penuh. kami juga menemukan bahwa suku bahrain mengejutkan pasar pada qatar maupun uae. bahrain secara konsisten menyebabkan perubahan pada harga dan menyebar ke sukuk uae, dalam konteks masa penuh maupun pada masa krisis terjadi. kata kunci: krisis moneter yunani, pasar sukuk, negara teluk 96 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 introduction some scholars, like stiglitz (2012), believe that greece crisis was a contagious impact from the us financial crisis. the crisis may have broadened to other regions outside europe through similar process since financial products traded in greece market are also traded in other markets outside europe, and investors have greater and easier opportunities to access overseas markets and form international portfolio. the nature of financial products and investor characteristics are, among others, factors that explained the smooth transfer of the calamity. there have been many studies carried out to investigate the transfer of crisis from the usa to greece and from greece to other regions, such as pragidis et.al (2015). nevertheless, there have been insufficient studies done to elaborate the impact of greece crisis on other markets or financial products. this study aims to fill this literature gap. to be more particular, this study intends to assess the contagious impact of greece crisis to gulf market, especially in sukuk markets. we propose an assessment of the contagion issue using data of islamic financial/capital products, such as: sukuk, since this product is believed to be free of interest and, therefore, may relatively be immune to the impact of financial shock. based on the above concern, it is important to check whether there is cointegration and causality among markets in the same region, and which market is the entry gate of shock in the region. by answering these questions, we can reveal long run cointegration between markets in gulf economies and its magnitude when greece crisis enters the region. we also need to know whether there are pressures on price and bid-ask spread in a downturn environment, since price and spread reflect investor trading behavior in particular financial product. literature review islamic capital products and islamic financial system will advance significantly, including sukuk. sukuk has been perceived to bear relatively lower risk than bond (kumar, 2014). malaysia dominates international sukuk market by seizing 71% market share. the amazing increase in ijarah sukuk trading volume in malaysia is due to growing perception that sukuk is immune to crisis. bhala (2012) explains that sukuk is more flexible to anticipate the wave of crisis since sukuk introduces lesse-lessor relationship, instead of lender-borrower relationship. such a nature of sukuk helps the holder face uncertainty in more flexible manner. nevertheles, that flexibility does not guarantee high trading record. investors show varied consideration and attitudes toward investment opportunity. risk and 97 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 aldrin herwany: greece financial crises and sukuk markets return trade-off, for instance, may lead investors to different buy-sell strategy. besides, sukuk bears the issuer’s default risk as unexpected event may occur (zakaria, et.al, 2012). some cointegration tests have been done to explain investment patterns granger and hilman (1991). herwany and febrian (2008), febrian and herwany (2009) have carried out empirical investigation to reveal cointegration among seven markets in asia. in latin america, auyong, gan and treepongkaruna (2004) proved causality and cointegration among markets, particularly in the crisis environment starting from mexico (1994) to asia (1997), rusia (1998) and brazil (1999). despite contra-argument that introduced by pragidis et.al. (2015), who found no contagion effects from greece crisis to other region, using volatility model, the impact of crisis in the long run can be identified through cointegration and causality test. meanwhile, friewald et.al. (2012) done a similar study using data of corporate bond sduring the 2008 crisis. aboody, et.al (2014) also conduct a study evaluating contagion impact in bond market during crisis. using asia bond market, guillaumin (2009) finds that financial integration is stronger in the psot-crisis period than during the crisis. similarly, a study by shin and kim (2015) reveal the strong liquidity effect and credit risk in the post-crisis period. in their study, friewald et.al (2012) introduce the importance of liquidity, represented by bid-ask spread, to explain investor behavior and bond price movement. this study adopts the idea to reveal the financial crisis contagion to sukuk gulf markets by assessing the associated price changes and liquidity. methods in this study, we employ data of ijarah sukuk issued by three gulf countries, i.e., qatar, uni arab emirate and bahrain. the data, obtained from bloomberg, consists of sukuk price, bid price, and ask price. spread figures are the difference between bid and ask prices. as greek crisis had occured during the period of 20092012, we conducted the observation using data from 2012.7 to 2013.12. thus, this study utilized 519 observations. we divided the second observation period based on the decline of sukuk price, in which the cut-off date is 24 may 2013, as can be seen on the figure 1 and 2. figure 1 shows sharp decline in the al-ijarah sukuk price in the three observed economies, i.e., qatar, uae and bahrain, starting from 24 may 2013. the prices recovered in the mid of the third quarter 2013. the decline was followed by the increase in spread volatility of the suku as depicted by figure 2. 98 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 figure 1. daily price series of qatar, uae, and bahrain sukuk source: processed data figure 2. daily spread series of qatar, uae, and bahrain sukuk source: processed data figure 3 shows that both price and spread of al ijarah sukuk experienced sharp increase in volatility in 2013s. 99 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 aldrin herwany: greece financial crises and sukuk markets figure 3. price and spread of sukuk al-ijaraah source: processed data after describing big picture of the raw data and particular movements of price and spread of ijarah sukuk in the three economies, we checked the correlation between the observed economies. we also conducted cointegration test to estimate the price movements in the long term using cointegration model and vector error correction model (vecm), which followed var test and augmented dickey fuller (adf) test. in addition to the cointegration test, we also assess causality relationship among the three economies to reveal the impact magnitude of a shock occurring in one country to another. in this process, we followed granger-causality test procedure. result and discussion the descriptive statistics is divided into two parts. the first part is related to price of sukuk of the three economies. in general, the average price of uae and bahrain sukuk is positif, while that of qatar is negative. price spread of qatar sukuk is the largest, as can be seen from its balance of maximum and minimum prices. standard deviation of qatar sukuk price is also the highest, indicating the high risk. on the other hand, bahrain sukuk price indicates the lowest risk 100 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 (standard deviation of 0.0013). based on the spread (ask bid), qatar sukuk shows the highest risk level (0.1069). table 1. price and spread of al-ijarah sukuk qatar price uae price bahrain price spread bahrain spread qatar spread uae mean -0.000 0.000 8.04e-05 0.000 0.002 -0.001 median 0.0000 0.0000 0.0000 0.000 0.000 0.000 maximum 0.012 0.015 0.007 0.251 0.285 0.735 minimum -0.025 -0.015 -0.009 -0.205 -0.292 -0.576 std. dev. 0.002 0.002 0.001 0.047 0.060 0.107 skewness -4.764 -0.248 -1.083 0.171 0.764 0.450 kurtosis 62.877 17.653 14.247 7.488 7.999 11.491 jarque-bera 7934 4639.5 2831.6 437.24 589.71 1573.6 probability 0.000 0.000 0.000 0.000 0.000 0.000 sum -0.055 0.063 0.042 0.1769 0.905 -0.437 sum sq. dev. 0.002 0.002 0.000 1.143 1.862 5.905 observations 518 518 518 518 518 518 source: processed bloomberg data all the above sukuk data is in differencing and log. spread is the balance between bid and ask al ijarah sukuk. the correlation matrix demonstrates that relationship of any two of the three observed economies indicates relatively low correlation with correlation coefficients ranging from 0.44 s/d 0.66. this implies that in the short term, a portfolio involving these sukuks might be less risky. table 2. correlation matrix of al ijarah sukuk qatar price uae price bahrain price bahrain spread qatar spread uae spread qatar price 1.000 0.460 0.615 -0.318 -0.272 -0.070 uae price 0.460 1.000 0.445 -0.178 -0.074 -0.207 bahrain price 0.615 0.445 1.000 -0.166 -0.109 -0.161 bahrain spread -0.318 -0.176 -0.166 1.000 0.166 0.009 qatar spread -0.272 -0.074 -0.109 0.166 1.000 0.006 uae spread -0.070 -0.207 -0.161 0.009 0.006 1.000 source: processed bloomberg data all the above sukuk data is in differencing and log. spread is the balance between bid and ask al ijarah sukuk. 101 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 aldrin herwany: greece financial crises and sukuk markets before testing the causality, we run adf test on sukuk price and and sukuk spread to check the data stationarity. the result of adf test confirms that all the sukuk time series is stationary at the first differencing with high adf stat. table 3. adf test al-ijarah sukuk adf-stat differencing price (qatar) -9.494*** 1 price (uae) 15.007*** 1 price (bahrain) -13.916*** 1 spread (qatar) -25.964*** 1 spread (uae) -28.271*** 1 spread (bahrain) -28.778*** 1 source: processed bloomberg data all the above sukuk data is in differencing and log. spread is the balance between bid and ask al ijarah sukuk. table 4 shows the results of vec test in three observation periods, i.e., full period, crisis period and sukuk price decline. the first column is the change of qatar sukuk price. the lag 1 of the change of sukuk price of qatar, uae, bahrain and the residual of the original equation become dependent variables. the table indicates that bahrain sukuk price consistently and significantly puts pressure on those of qatar and uae in the full period observation, with coefficients of 0.398 and 0.200, respectively. this pressure also exists in the crisis observation period and in the price-decline observation period. table 5 demonstrates longterm equilibrium relationship, obtained from the vec model test. it can be seen that bahrain sukuk price is cointegrated with those of qatar and uae, significantly at 1 %, in the full period observation. meanwhile, in the crisis-period observation, qatar sukuk price is cointegrated with that of uae and signifianct at 5 % level, and with that of bahrain and significant at 1 % level. in the price-decline observation period, uae sukuk price cointegrates with that of bahrain, as well as cointegrates with that of qatar at 1 % significance level it can be implied from the above results that bahrain price consistently cointegrates with that of qatar, meaning that bahrain price provides the largest contribution to the change of the other two sukuk prices. it can be inferred from this empirical fact that the dominant market shock is bahrain sukuk price. 102 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 table 4. vec estimated results price of full period variables ∆qatar ∆uae ∆bahrain full period ∆qatar (-1) 0.005 0.042 0.046 ∆uae (-1) 0.099*** 0.016 0.039** ∆bahrain (-1) 0.398*** 0.200*** 0.053** res 1.108*** 0.970*** 0.936*** r2-adj 0.673 0.768 0.608 f-stat 266.956 427.212 200.992 log likelihood 2776.655 2828.312 2954.952 sic -10.680 -10.881 -11.371 crisis period ∆qatar (-1) 0.0181 0.109*** 0.092*** ∆uae (-1) 0.048*** 0.007 0.021* ∆bahrain (-1) 0.141*** 0.073*** 0.004 res 1.004*** 0.996 0.987*** r2-adj 0.891 0.945 0.901 f-stat 598.877 1262.379 673.222 log likelihood 1944.675 1917.355 1982.962 sic -13.088 -12.903 -13.347 declined of sukuk price ∆qatar (-1) 0.009 0.024 0.026 ∆uae (-1) 0.105* 0.029 0.045 ∆bahrain (-1) 0.514*** 0.277*** 0.100 res 1.183*** 0.947*** 0.894*** r2-adj 0.581 0.674 0.460 f-stat 76.948 114.017 47.718 log likelihood 1079.670 1114.331 1172.085 sic -9.693 -10.008 -10.533 source: processed data *** at 1% level of significance ** at 5% level of significance * at 10% level of significance negative sign appearing in the influence of bahrain sukuk price on that of qatar means that there is a market shock moving in a direction against that of qatar sukuk price. this situation also applies in the observed full period and the pricedecline period to bahrain uae context 103 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 aldrin herwany: greece financial crises and sukuk markets table 5 and table 6 illustrate diversity of the results. pressure to sukuk price was indicated with positive signs, while pressure to spread is indicated by negative signs. they imply that when a sukuk price moves to a particular direction, the other sukuk would move to the same direction. on the other hand, when a spread of a sukuk price gets larger, and stimulates liquidity, the other sukuk would experience smaller spread and enjoy liquidity. table 5. vec estimated results spread of full period variables ∆qatar ∆uae ∆bahrain full period ∆qatar (-1) 0.009 -0.003 -0.015*** ∆uae (-1) 0.008* 0.001** 0.002 ∆bahrain (-1) -0.051*** -0.004*** -0.001 res 1.000*** 1.000*** 0.999*** r2-adj 0.974 0.999 0.973 f-stat 4752.323 1465155 4711.108 log likelihood 1667.861 2838.548 1786.278 sic -6.392 -10.920 -6.850 crisis period ∆qatar (-1) 0.015 -0.025** -0.009 ∆uae (-1) -0.008 -0.008 5.21e-05 ∆bahrain (-1) -0.024* 0.021 -0.005 res 0.999*** 0.999*** 1.000 r2-adj 0.972 0.989 0.975 f-stat 2514.430 6339.700 2831.765 log likelihood 943.365 954.658 1054.315 sic -6.299 -6.376 -7.052 declined of sukuk price ∆qatar (-1) -0.010 0.021 -0.010 ∆uae (-1) 0.024*** 0.001 0.005 ∆bahrain (-1) -0.081*** -0.065*** 0.002 res 0.996*** 1.001*** 0.999*** r2-adj 0.966 0.990 0.958 f-stat 1549.261 5635.951 1245.039 log likelihood 682.447 654.987 688.388 sic -6.081 -5.832 -6.135 source: processed data *** at 1% level of significance ** at 5% level of significance * at 10% level of significance 104 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 table 6 reveals causality between the observed markets in the full-period observation. qatar sukuk price stimulates uae market shock, both in price and spread terms. these proofs are significant at 10% and 5% significance level. the reverse is not true. bahrain sukuk price triggers price shock in both qatar and uae sukuk markets. bahrain consistently causes changes in price and spread of uae sukuk, both in the context of the observed full period and the observed pricedecline period. the reverse is true. the causality and cointegration tests summarize the strong tie between bahrain and uae sukuk markets, meaning that any sukuk portfolio involving these two sukuks is relatively risky. inclusion of qatar sukuk in such portfolio may induce risk-reduction. moreover, none of the observed sukuk triggers shock on other sukuk during the crisis period. table 6. engle granger causality test of price and spread for al ijarah sukuk sukuk causality significance full period price of sukuk qatar -- uae 2.357* bahrain -- qatar 3.743** spread of sukuk uae -- bahrain 3.071** bahrain -- uae 5.519*** qatar -- uae 3.147** crisis period price of sukuk spread of sukuk declined of sukuk price price of sukuk bahrain -- uae 2.685* spread of sukuk uae -- qatar 4.573** qatar -- uae 4.538** bahrain -- uae 6.701*** uae -- bahrain 3.387** source: processed data *** at 1% level of significance ** at 5% level of significance * at 10% level of significance 105 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 aldrin herwany: greece financial crises and sukuk markets discussion low correlation among the observed gulf sukuk markets does not prove good potential for forming low risk sukuk portfolio using gulf sukuks, as the investigation results indicate significant cointegration coefficients, particularly in the longterm. this study also reveals that bahrain sukuk market dominates its relationship with the other two sukuk markets. investors in gulf sukuk markets may want to avoid putting bahrain sukuk in their portfolio if they seek for low risk profolio, as this market triggers price and spread changes in the other two markets. furthermore, results of this study imply that external shock might enter gulf economies through bahrain sukuk market. other interesting issue found is that the three sukuks are vulnerable to financial crisis impact, especially in the long run. it is interesting to know that investors will switch to other sukuk, particularly of one of the gulf sukuks, if financial crisis hits or price of their sukuks declines. the finding also suggests that investors focus more on sukuk price rather than on liquidity represented by bid-ask spread. conclusion this study aims to conduct empirical investigation to reveal the causality of credit and liquidity risk on sukuk markets in gulf economies in the period of greece financial crises (2010 to 2013). we employed granger causality test, with all the associated vector autoregression model procedures, using the sukuk data. we ran the analysis procedure through three observations, such as: (i) full period observation; (ii) before-crisis data observation; and (iii) during-crisis data to show different perspectives of the impact. our findings show that bahrain sukuk market is cointegrated with those of qatar and uae in the full period observation. meanwhile, during the crisis, qatar sukuk market is cointegrated with those of uae bahrain. we also find that bahrain sukuk triggers market shock in both qatar and uae sukuk markets. bahrain consistently causes changes in price and spread of uae sukuk, both in the context of the full period and the during-crisis period. the reverse is true. there has been strong tie between bahrain and uae sukuk markets references aboody. d. et.al. (2014). corporate bond returns and the financial crisis. journal of banking & finance. vol. 40: 42-53. auyong, h.h. et.al. (2004). cointegration and causality in the asian and emerging foreign exchange markets: evidence from the 1990s financial crises. international review of financial analysis. vol. 13 (4): 479-515. 106 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3773 bhala, r. (2012). handbook of key global financial markets, institutions, and infrastructure. netherlands: academic press. febrian, e. & a. herwany. (2009). volatility forecasting models and market cointegration: a study on south-east asian markets. indonesia capital market review (icmr). vol. 1 (1): 27-42. friewald, n. et.al. 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(2015). liquidity and credit risk before and after the global financial crisis: evidence from the korean corporate bond market. pacificbasin finance journal. vol. 33: 38-61. stiglitz, j. (2012). the price of inequality. united kingdom: penguin. zakaria, n.b. et.al. (2012). the construct of sukuk, rating and default risk. the international congress on interdisciplinary business and social science 2012 (icibsos 2012), jakarta. mushthafâ dib al-biga, mukhtashar shahîh al-bukhârî, bayrût: al-yamâmah li althiba‘ah wa al-nasyr wa al-tawzi’, 1999. sinar grafika, undang-undang perbankan, uu no. 10 tahun 1998 tentang perubahan uu no. 7 tahun 1992 tentang perbankan, jakarta: sinar grafika, 2002. subekti, hukum perjanjian, jakarta: intermasa, 2002. tim pengembangan perbankan syariah ibi, konsep, produk dan implementasi operasional bank syariah, jakarta: penerbit djambatan, 2001. usman, mukhlis, kaidah-kaidah ushuliyah dan fiqhiyyah, jakarta: rajagrafindo persada, 2002. ya’cub, hamzah, kode etik dagang menurut islam, pola pembinaan hidup dalam berekonomi, bandung: cv diponegoro, 1984. zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, damaskus: dâr al-fikr, 1996. strategi alternatif marketing perbankan dan lembaga keuangan syariah sofyan rizal abstract: alternative marketing strategies of banking and islamic financial institutions. mui’s fatwa about illegitimating of banking interest can be seen as an opportunity of islamic banking and islamic financial institutions to educate the public about the importance of operations in the islamic financial institutions. this fatwa also marked that the emergency to receive interest in islamic law has ended. various alternative approaches in marketing can be done to work on segments of banking and islamic financial institutions even in the middle of banking competitions. alternative marketing approach that focuses on segment, marketing radical, and value creation, and spiritual advocate creation become very effective to face the competition of banking today. these are can be used in maintaining and even expanding the market share of islamic banking. keywords: marketing, islamic finance, islamic banking abstrak: strategi alternatif marketing perbankan dan lembaga keuangan syariah. fatwa mui tentang keharaman bunga bank dapat dilihat sebagai suatu kesempatan dari perbankan syariah dan lembaga keuangan syariah untuk melakukan edukasi kepada masyarakat tentang pentingnya operasional pada lembaga keuangan syariah. dengan keluarnya fatwa ini sekaligus menandai bahwa keadaan darurat untuk menerima bunga dalam syariat islam sudah berakhir. pelbagai pendekatan alternatif dalam marketing dapat dilakukan untuk menggarap segmen lembaga perbankan dan keuangan syariah, di tengah semakin kompetitifnya persaingan. di tengah sumber daya yang terbatas dan kompetitor yang demikian kuat, maka pendekatan marketing alternatif seperti fokus pada segmen, radikal marketing dan penciptaan value, serta menciptakan spiritual advocate menjadi hal yang sangat efektif agar dapat terus mempertahankan pasar dan bahkan dapat melebarkan pangsa pasar perbankan syariah. kata kunci: marketing, keuangan syariah, bank syariah naska diterima: 24 mei 2011, direvisi 20 oktober, dusetujui 27 oktober 2011.  universitas nasional jakarta. jalan sawo manila, pejaten, pasar minggu, jakarta. e-mail: sofyanrizal@yahoo.com sofyan rizal: strategi alternatif marketing perbankan 38 pendahuluan data bank indonesia, pada akhir 2008 dan awal 2009, mempublikasikan bahwa total aset perbankan syariah masih sebesar 2,19 persen dibandingkan dengan total aset perbankan nasional1. hasil ini menunjukkan bahwa perkembangan perbankan syariah masih cukup lambat bila melihat rentang waktu sejak bank syariah (bank muamalat) berdiri. masalah perkembangan bank syariah yang lambat ini menjadi tema yang menarik untuk diteliti apa penyebabnya atau langkah apa yang dapat dilakukan agar perbankan syariah dapat lebih berkembang. bank syariah sesungguhnya memiliki modal utama yang besar untuk tumbuh dan berkembang, bahkan bersaing dengan perbankan konvensional. modal itu antara lain, penduduk indoensia yang mayoritas umat muslim, yang secara langsung merupakan pasar yang potensial bagi produk-produk berbasis syariah, termasuk perbankan syariah. fatwa mui tentang haramnya bunga bank sudah dikeluarkan beberapa tahun yang lalu, juga dapat dilihat sebagai suatu kesempatan dari perbankan syariah dan lembaga keuangan syariah untuk melakukan edukasi kepada masyarakat tentang pentingnya operasional pada lembaga keuangan syariah. fatwa ini memberikan kepastian hukum kepada nasabah dan calon nasabah bank syariah sekaligus memberikan payung hukum dari segi syariat bagi beroperasinya bank syariah dan lembaga keaungan syariah yang lain. dengan keluarnya fatwa ini pula sekaligus menandakan bahwa keadaan darurat untuk menerima bunga dalam syariat islam sudah berakhir. salah satu permasalahan yang coba diangkat dalam artikel ini adalah bagaimana cara yang tepat untuk meningkatkan pangsa pasar perbankan syariah dan lembaga keuangan syariah lainnya dengan strategi marketing yang tepat, lebih khusus lagi agar lebih terfokus, bagaimana sebuah bank syariah dapat memanfaatkan marketing yang tepat agar dapat meningkatkan pangsa pasarnya ditengah persaingan perbankan yang demikian ketat. marketing perbankan marketing bagi suatu perusahaan merupakan hal yang sangat penting, termasuk bagi industri perbankan. marketing adalah suatu yang sangat luas dan berpengaruh terhadap perusahaan secara keseluruhan. marketing tidak hanya sebatas menjual saja (selling), namun lebih luas dari itu adalah sebuah proses yang mencakup mulai dari perencanaan dan pelaksanaan penetapan harga, promosi, distribusi dari gagasan, produk ataupun jasa, untuk menciptakan 1 lihat dalam statistik perbankan syariah dan statistik perbankan indonesia, bank indonesia, 2008, di www.bi.go.id. al-iqtishad: vol. iv, no. 1, januari 2012 39 pendahuluan data bank indonesia, pada akhir 2008 dan awal 2009, mempublikasikan bahwa total aset perbankan syariah masih sebesar 2,19 persen dibandingkan dengan total aset perbankan nasional1. hasil ini menunjukkan bahwa perkembangan perbankan syariah masih cukup lambat bila melihat rentang waktu sejak bank syariah (bank muamalat) berdiri. masalah perkembangan bank syariah yang lambat ini menjadi tema yang menarik untuk diteliti apa penyebabnya atau langkah apa yang dapat dilakukan agar perbankan syariah dapat lebih berkembang. bank syariah sesungguhnya memiliki modal utama yang besar untuk tumbuh dan berkembang, bahkan bersaing dengan perbankan konvensional. modal itu antara lain, penduduk indoensia yang mayoritas umat muslim, yang secara langsung merupakan pasar yang potensial bagi produk-produk berbasis syariah, termasuk perbankan syariah. fatwa mui tentang haramnya bunga bank sudah dikeluarkan beberapa tahun yang lalu, juga dapat dilihat sebagai suatu kesempatan dari perbankan syariah dan lembaga keuangan syariah untuk melakukan edukasi kepada masyarakat tentang pentingnya operasional pada lembaga keuangan syariah. fatwa ini memberikan kepastian hukum kepada nasabah dan calon nasabah bank syariah sekaligus memberikan payung hukum dari segi syariat bagi beroperasinya bank syariah dan lembaga keaungan syariah yang lain. dengan keluarnya fatwa ini pula sekaligus menandakan bahwa keadaan darurat untuk menerima bunga dalam syariat islam sudah berakhir. salah satu permasalahan yang coba diangkat dalam artikel ini adalah bagaimana cara yang tepat untuk meningkatkan pangsa pasar perbankan syariah dan lembaga keuangan syariah lainnya dengan strategi marketing yang tepat, lebih khusus lagi agar lebih terfokus, bagaimana sebuah bank syariah dapat memanfaatkan marketing yang tepat agar dapat meningkatkan pangsa pasarnya ditengah persaingan perbankan yang demikian ketat. marketing perbankan marketing bagi suatu perusahaan merupakan hal yang sangat penting, termasuk bagi industri perbankan. marketing adalah suatu yang sangat luas dan berpengaruh terhadap perusahaan secara keseluruhan. marketing tidak hanya sebatas menjual saja (selling), namun lebih luas dari itu adalah sebuah proses yang mencakup mulai dari perencanaan dan pelaksanaan penetapan harga, promosi, distribusi dari gagasan, produk ataupun jasa, untuk menciptakan 1 lihat dalam statistik perbankan syariah dan statistik perbankan indonesia, bank indonesia, 2008, di www.bi.go.id. pertukaran kepuasaan antara individu dan tujuan perusahaan2. pemasaran adalah suatu proses yang terencana yang dimulai dari merencanakan tujuan dari pemasaran itu sendiri, kemudian menggunakan konsep-konsep pemasaran, mengetahui lingkungan penasaran, menjalankan riset pemasaran, menentukan segmentasi dampai pada melakukan marketing mix. pemasaran perbankan adalah suatu proses perencanaan, pelaksanaan, dan pengendalian dari kegiatan menghimpun dana, menyalurkan dana, dan atau jasa-jasa keuangan lainnya untuk memenuhi kebutuhan dan kepuasan nasabahnya3. masing-masing proses tersebut diperlukan dan saling mendukung sehingga pemasaran menjadi berhasil dan efektif dalam rangka mencapai tujuannya. pada pemasaran perbankan, misalnya, tujuan dari pemasaran harus di identifikasi, untuk apa dilakukan. secara umum, tujuan dari marketing perbankan adalah memaksimumkan kepuasan nasabahnya melalui pelbagai macam pelayanan4 hal yang tidak kalah pentingnya adalah menganalisis lingkungan pemasaran. lingkungan pemasaran biasanya dibagi menjadi dua, yaitu lingkungan mikro dan makro5. lingkungan mikro, pada bank adalah manajemen bank itu sendiri, perantara pemasaran, nasabah, pesaing, publik. sedangkan lingkungan makro misalnya demografis, ekonomis, lingkungan alam, dan teknologi. segmentasi pasar juga merupakan hal yang sangat penting. segmentasi pasar perlu dilakukan karena dalam suatu pasar terdapat banyak pembeli yang berbeda preferensinya. segmentasi pasar ini, menjadi satu pijakan yang penting untuk memutuskan dengan strategi apa yang tepat pemasaran dilakukan. preferensi pasar perbankan syariah penelitian bi tahun 2000 tentang preferensi masyarakat terhadap perbankan syariah di jawa barat, jawa tengah, dan jawa timur dapat menjadi suatu data yang sangat berguna untuk menentukan segmentasi dan preferensi pasar 2 baca lebih lengkap dalam kotler, marketing management, millenium edition, (new jersey: prentice-hall, 2000), h. 4. 3 pemasaran perbankan, dapat digolongkan menjadi pemasaran jasa, di mana konsumen perbankan adalah nasabah perbankan. lebih lanjut baca, kasmir, manajemen perbankan, (jakarta: rajagrafindo persada, 2007), h. 169. 4 kasmir, manajemen perbankan, h. 171. 5 kotler, marketing management, millenium edition, (new jersey: prentice-hall, 2000), h. 12. sofyan rizal: strategi alternatif marketing perbankan 40 dari perbankan syariah6. beberapa hal yang penting dihasilkan dari survai tersebut antara lain bahwa pemahaman masyarakat mengenai keunikan dan keunggulan sistem produk/jasa perbankan syariah secara umum masih rendah. dari segi motivasi masyarakat untuk menggunakan jasa perbankan syariah lebih dominan adalah faktor kualitas pelayanan dan lokasi, sedangkan faktor religius bukan menjadi satu-satunya faktor utama. survai ini juga menemukan efektivitas tindakan edukasi perbankan syariah terhadap preferensi dan kecenderungan masyarakat untuk memilih bank syariah dan kecenderungan masyarakat yang juga lebih mempertimbangkan mutu pelayanan dan komitmen perbankan syariah terhadap nilai dibandingkan dengan faktor religius. berdasarkan hasil survai di atas, maka dapat digolongkan pasar potensial perbankan syariah menjadi dua, yaitu pasar spiritual dan pasar rasional. pasar spiritual didefinisikan sebagai sharia loyalist, sedangkan pasar rasional dapat dibagi lagi menjadi floating market dan conventional market.7 spiritual diwakili oleh golongan yang ingin berupaya dengan sepenuh hati untuk menjalankan prinsip syariah, sehingga prioritas yang paling penting dalam menggunakan bank adalah pertimbangan syariah. pasar rasional adalah pasar dengan konsumen yang tidak hanya menjadikan sharia complient sebagai pertimbangan utama, namun juga faktor pelayanan, keuntungan yang didapat dan keunggulan-keunggulan dalam memilih bank syariah dibandingkan dengan bank konvensional. nasabah pada pasar emosional spiritual atau sharia loyalist adalah mayoritas umat islam, yang berusaha berkomitmen dalam menjalankan agamanya dan cenderung fanatik, sehingga dapat dipastikan mereka akan memilih bank syariah, sebagai pertimbangan utama. pasar ini bisa disebut captive market untuk pasar perbankan syariah. namun, segmen spiritual ini, berdasarkan survai bi, tidaklah terlalu banyak. hal ini juga dibuktikan dengan kasus keluarnya fatwa haramnya bunga oleh bi, yang tidak terlalu berdampak signifikan terhadap pangsa pasar perbankan syariah. bahkan riset yang diadakan oleh karim busines consulting, sebagaimana dikutip hermawan, menegaskan bahwa pasar spiritual adalah pasar yang sangat kecil dan pasar rational emotional, merupakan pangsa 6 baca lebih lengkap dalam bank indonesia, ringkasan pokok-pokok hasil penelitian potensi, preferensi dan perilalu masyarakat terhadap bank syariah di pulau jawa, direktorat penelitian dan pengaturan perbankan, bank indonesia, desember 2000. 7 karim business consulting, dalam hermawan kertajaya, membagi pasar lembaga keuangan syariah menjadi tiga bagian, antara lain, sharia loyalist, floating market, dan conventional loyalist, sedangkan kertajaya mengelompokkannya menjadi spiritual market, emotional market, dan rational market. sedangkan penulis cenderung mengelompokkan menjadi dua saja, yaitu spiritual market dan rational market. baca lebih lengkap dalam kertajaya, marketing syariah, (bandung: mizan, 2006), cet. iii, h. 167-168. al-iqtishad: vol. iv, no. 1, januari 2012 41 dari perbankan syariah6. beberapa hal yang penting dihasilkan dari survai tersebut antara lain bahwa pemahaman masyarakat mengenai keunikan dan keunggulan sistem produk/jasa perbankan syariah secara umum masih rendah. dari segi motivasi masyarakat untuk menggunakan jasa perbankan syariah lebih dominan adalah faktor kualitas pelayanan dan lokasi, sedangkan faktor religius bukan menjadi satu-satunya faktor utama. survai ini juga menemukan efektivitas tindakan edukasi perbankan syariah terhadap preferensi dan kecenderungan masyarakat untuk memilih bank syariah dan kecenderungan masyarakat yang juga lebih mempertimbangkan mutu pelayanan dan komitmen perbankan syariah terhadap nilai dibandingkan dengan faktor religius. berdasarkan hasil survai di atas, maka dapat digolongkan pasar potensial perbankan syariah menjadi dua, yaitu pasar spiritual dan pasar rasional. pasar spiritual didefinisikan sebagai sharia loyalist, sedangkan pasar rasional dapat dibagi lagi menjadi floating market dan conventional market.7 spiritual diwakili oleh golongan yang ingin berupaya dengan sepenuh hati untuk menjalankan prinsip syariah, sehingga prioritas yang paling penting dalam menggunakan bank adalah pertimbangan syariah. pasar rasional adalah pasar dengan konsumen yang tidak hanya menjadikan sharia complient sebagai pertimbangan utama, namun juga faktor pelayanan, keuntungan yang didapat dan keunggulan-keunggulan dalam memilih bank syariah dibandingkan dengan bank konvensional. nasabah pada pasar emosional spiritual atau sharia loyalist adalah mayoritas umat islam, yang berusaha berkomitmen dalam menjalankan agamanya dan cenderung fanatik, sehingga dapat dipastikan mereka akan memilih bank syariah, sebagai pertimbangan utama. pasar ini bisa disebut captive market untuk pasar perbankan syariah. namun, segmen spiritual ini, berdasarkan survai bi, tidaklah terlalu banyak. hal ini juga dibuktikan dengan kasus keluarnya fatwa haramnya bunga oleh bi, yang tidak terlalu berdampak signifikan terhadap pangsa pasar perbankan syariah. bahkan riset yang diadakan oleh karim busines consulting, sebagaimana dikutip hermawan, menegaskan bahwa pasar spiritual adalah pasar yang sangat kecil dan pasar rational emotional, merupakan pangsa 6 baca lebih lengkap dalam bank indonesia, ringkasan pokok-pokok hasil penelitian potensi, preferensi dan perilalu masyarakat terhadap bank syariah di pulau jawa, direktorat penelitian dan pengaturan perbankan, bank indonesia, desember 2000. 7 karim business consulting, dalam hermawan kertajaya, membagi pasar lembaga keuangan syariah menjadi tiga bagian, antara lain, sharia loyalist, floating market, dan conventional loyalist, sedangkan kertajaya mengelompokkannya menjadi spiritual market, emotional market, dan rational market. sedangkan penulis cenderung mengelompokkan menjadi dua saja, yaitu spiritual market dan rational market. baca lebih lengkap dalam kertajaya, marketing syariah, (bandung: mizan, 2006), cet. iii, h. 167-168. pasar yang sangat besar bagi perbankan syariah8. pasar yang rasional adalah pasar yang lebih mengandalkan pertimbangan yang dianggap rasional, dan cenderung pragmatis. mereka akan memilih bank syariah jika dianggap memberikan keuntungan, atau sedikitnya, mendatangkan keuntungan yang sama jika menjadi nasabah bank konvensional. pasar rasional, merupakan pasar yang luas dan masih terbuka lebar bagi perbankan syariah. pasar inilah yang harus digarap oleh bank syariah dalam rangka melakukan ekspansi untuk terus berkembang. pasar rasional akan mempertimbangkan hal-hal selain fanatisme, misalnya ”asal tidak bunga atau riba”, sehingga yang akan mereka pertimbangkan adalah faktor lain, seperti kualitas pelayanan. sebagaimana halnya produk jasa, perbankan memang dituntut untuk selalu menegdepankan kualitas jasa agar konsumen dapat terus loyal kepada bank tersebut. kualitas jasa inilah yang menjadi ujung tombak dalam mengembangkan dan mempertahankan pasar perbankan syariah dan marketing adalah hal yang sangat penting perananannya dalam perusahaan jasa dalam rangka membangun dan menjaga loyalitas konsumen atau nasabah. dalam rangka mempertahankan pangsa pasar spiritual, membuka pasar rasional, memperbesar taget pasar, maka perbankan syariah memang harus bersaing dengan perbankan konvensional yang kebanyakan sudah besar dan lama. inilah masalah yang besar yang dihadapi oleh perbankan syariah. perbankan konvensional memiliki banyak keunggulan kualitas pelayanan dibandingkan dengan perbankan syariah. beberapa dimensi kualitas dari usaha jasa, seperti: access, availability, competence, performance, dan reability, menunjukkan bahwa perbankan konvensional lebih unggul dari perbankan syariah9. sebagai contoh, dari segi access yang mudah, jika dibandingkan, maka perbankan konvensional jauh lebih unggul dari perbankan syariah. banyaknya kantor cabang, kantor kas pembantu, dan jaringan yang masuk sampai ke pelosok daerah, memudahkan nasabah dalam mengakses bank. perbankan 8 berdasarkan survai karim business consulting, pangsa pasar yang terbesar bagi lembaga keuangan syariah justru ada pada floating market atau rational market, yang mencapai 720 trilyun, dan yang paling kecil adalah pasar sharia loyalist, dengan hanya 10 triliun saja. baca lebih lengkap dalam kertajaya, marketing syariah, h. 167. 9 beberapa ahli, antara lain parasuraman, garvin, gronroos, johnston, dan zemke, menciptakan beberapa model kualitas jasa yang sangat mempengaruhi kepuasan konsumen terhadap jasa. dari sekian banyak dimensi, sesungguhnya hampir memiliki kesamaan atau seringkali selalu muncul dalam setiap dimensi kualitas jasa, menurut penulis antara lain: reliability, permormance, features, availability, dan competence. lebih lanjut baca dalam dalam jasfar, manajemen jasa, pendekatan terpadu, (jakarta: ghalia indonesia, 2005), h. 50-58. sofyan rizal: strategi alternatif marketing perbankan 42 syariah, dengan jumlah kantor kas dan kantor cabang yang terbatas, tidak akan dapat bersaing dengan bank konvensional.10 dari segi features produk, tentu produk perbankan syariah yang terbatas, bukanlah menjadi saingan bagi perbankan konvensional yang memiliki produk yang beragam dan menarik. belum lagi jika melihat dari sisi promosi, perbankan konvensional menggunakan dananya begitu besar untuk promosi. banyak bank yang berpromosi secara rutin di televisi, bahkan memiliki acara sendiri di stasiun tv swasta nasional dan secara rutin memberikan janji pelbagai macam hadiah yang akan diberikan oleh bank kepada nasabah11. menghadapi persaingan yang tidak seimbang tersebut, dari segi marketing, maka persaingan face to face atau persaingan langsung secara frontal pastilah tidak menguntungkan bank syariah karena keterbatasannya. sebagai contoh, dalam hal promosi, bank syariah tidak akan mampu membayar iklan yang begitu mahal, jika harus tampil di pelbagai media massa. pendekatan kepada nasabah, dengan pemberian hadiah yang fantastis, juga rasanya mustahil dilakukan oleh bank syariah. belum lagi, kemudahan yang didapat oleh nasabah perbankan konvensional dalah hal akses kepada atm dan kantor kas. dalam hal margin bunga, yang dianggap sebagai persaingan harga dalam industri jasa lain, perbankan syariah akan sulit bersaing dengan bank konvensional, jika ingin memberikan bagi hasil yang lebih besar pada nasabahnya, dalam hal menggalang dana pihak ketiga (dpk), mengingat faktor ”size” yang memungkinkan bank konvensional dapat lebih efisien dalam pengelolaan biaya operasional12. ketika komparasi ini kita bawa kepada bank syariah yang lebih kecil 10 sebagai gambaran umum, perbandingan jumlah bank dan jumlah kantor antara bank konvensional dengan bank syariah adalah sebagai berikut (data januari 2009): jumlah kantor bank konvensional di seluruh indonesia sebesar 11.012 buah dari 123 bank. sedangkan jumlah kantor 5 bank syariah ditambah 133 bprs dan 25 uus hanya memiliki 1.104 kantor pelayanan. data lebih lengkap dapat dilihat dalam statistik perbankan, bank indonesia www.bi.go.id. dengan jumlah kantor pelayanan yang sangat kecil dibandingkan dengan bank konvensional (hanya 10 % saja), maka jelas dari segi akses kemudahan dalam jangkauan, bank sayariah jauh tertinggal dari bank konvensional. 11 gambaran lain dari begitu gencar dan besarnya dana promosi, kita bandingkan antara bank konvensional yang besar dengan bank syariah yang besar, yaitu bca dan bmi. bca menghabiskan dana untuk promosi sebesar 53.448 juta rupiah selama maret 2008-maret 2009, sedangkan bmi menghabiskan dana untuk promosi 120.027 ribu, selama tahun 2008. lebih jelas data-data tersebut, lihat dalam laporan keuangan bmi tahun 2008, dan laporan keuangan bca 2008-2009, di www.klikbca.com dan www.muamalatbank.com. dengan dana puluhan milyar rupiah untuk promosi bagi sebuah bank konvensional, dibandingkan dengan hanya ratusan juta rupiah bagi bank syariah, tergambar, betapa dari segi promosi, keadaan memang tidak berimbang. 12 sebagai perbandingan, jika kita bandingkan margin bagi hasil deposito dan bunga deposito untuk tiga atau enam bulanan, maka data statistik menggambarkan perbankan konvensional dapat al-iqtishad: vol. iv, no. 1, januari 2012 43 syariah, dengan jumlah kantor kas dan kantor cabang yang terbatas, tidak akan dapat bersaing dengan bank konvensional.10 dari segi features produk, tentu produk perbankan syariah yang terbatas, bukanlah menjadi saingan bagi perbankan konvensional yang memiliki produk yang beragam dan menarik. belum lagi jika melihat dari sisi promosi, perbankan konvensional menggunakan dananya begitu besar untuk promosi. banyak bank yang berpromosi secara rutin di televisi, bahkan memiliki acara sendiri di stasiun tv swasta nasional dan secara rutin memberikan janji pelbagai macam hadiah yang akan diberikan oleh bank kepada nasabah11. menghadapi persaingan yang tidak seimbang tersebut, dari segi marketing, maka persaingan face to face atau persaingan langsung secara frontal pastilah tidak menguntungkan bank syariah karena keterbatasannya. sebagai contoh, dalam hal promosi, bank syariah tidak akan mampu membayar iklan yang begitu mahal, jika harus tampil di pelbagai media massa. pendekatan kepada nasabah, dengan pemberian hadiah yang fantastis, juga rasanya mustahil dilakukan oleh bank syariah. belum lagi, kemudahan yang didapat oleh nasabah perbankan konvensional dalah hal akses kepada atm dan kantor kas. dalam hal margin bunga, yang dianggap sebagai persaingan harga dalam industri jasa lain, perbankan syariah akan sulit bersaing dengan bank konvensional, jika ingin memberikan bagi hasil yang lebih besar pada nasabahnya, dalam hal menggalang dana pihak ketiga (dpk), mengingat faktor ”size” yang memungkinkan bank konvensional dapat lebih efisien dalam pengelolaan biaya operasional12. ketika komparasi ini kita bawa kepada bank syariah yang lebih kecil 10 sebagai gambaran umum, perbandingan jumlah bank dan jumlah kantor antara bank konvensional dengan bank syariah adalah sebagai berikut (data januari 2009): jumlah kantor bank konvensional di seluruh indonesia sebesar 11.012 buah dari 123 bank. sedangkan jumlah kantor 5 bank syariah ditambah 133 bprs dan 25 uus hanya memiliki 1.104 kantor pelayanan. data lebih lengkap dapat dilihat dalam statistik perbankan, bank indonesia www.bi.go.id. dengan jumlah kantor pelayanan yang sangat kecil dibandingkan dengan bank konvensional (hanya 10 % saja), maka jelas dari segi akses kemudahan dalam jangkauan, bank sayariah jauh tertinggal dari bank konvensional. 11 gambaran lain dari begitu gencar dan besarnya dana promosi, kita bandingkan antara bank konvensional yang besar dengan bank syariah yang besar, yaitu bca dan bmi. bca menghabiskan dana untuk promosi sebesar 53.448 juta rupiah selama maret 2008-maret 2009, sedangkan bmi menghabiskan dana untuk promosi 120.027 ribu, selama tahun 2008. lebih jelas data-data tersebut, lihat dalam laporan keuangan bmi tahun 2008, dan laporan keuangan bca 2008-2009, di www.klikbca.com dan www.muamalatbank.com. dengan dana puluhan milyar rupiah untuk promosi bagi sebuah bank konvensional, dibandingkan dengan hanya ratusan juta rupiah bagi bank syariah, tergambar, betapa dari segi promosi, keadaan memang tidak berimbang. 12 sebagai perbandingan, jika kita bandingkan margin bagi hasil deposito dan bunga deposito untuk tiga atau enam bulanan, maka data statistik menggambarkan perbankan konvensional dapat atau lembaga ekonomi mikro seperti bmt, maka hal ini jauh lebih sulit lagi. perbankan konvensional kelihatan unggul dalam banyak hal ketika berbicara tentang penggarapan pasar rasional. mensiasati hal tesebut, maka perlu pendekatan yang berbeda agar perbankan syariah, apalagi yang sifatnya masih mikro seperti bmt, dapat eksis menghadapi persaingan dalam industri perbankan ini. perbankan syariah perlu melakukan strategi marketing yang tepat dengan segala keterbatasan sumber daya mereka. oleh karena itulah, pendekatan pemasaran radikal diperlukan oleh perbankan syariah. langkah-langkah strategi marketing alternatif strategi marketing alternatif untuk menghadapi kedaan yang sangat kompetitif dengan segala keterbatasannya tersebut disusun dalam beberapa langkah. langkah tersebut antara lain segmentasi yang fokus sebagai langkah awal dan kemudian melakukan strategi pemasaran dengan pendekatan beberapa taktik pemasaran alternatif untuk menggarap pasar segmented. strategi segmentasi marketing strategi awal untuk marketing perbankan syariah adalah identifikasi serta memanfaatkan segala peluang yang ada dipasar. inilah yang dinamakan segmentasi. di saat lain, segmentasi juga berusaha untuk melihat pasar berdasarkan pelbagai macam karakteristiknya yang ada. strategi segmentasi diperlukan bagi perbankan syariah, untuk mencari peluang segmen yang masih memungkinkan dengan strategi pemasaran yang tepat. sebagaimana telah dibahas di atas, segmentasi umum dari pasar lembaga keuangan syariah adalah pasar spiritual dan pasar rational. semua segmentasi itu perlu untuk digarap, apalagi pangsa pasar ekonomi syariah yang jika hanya mendekati segmen spiritual saja dapat menyebabkan lks kurang berkembang. dengan pendekatan yang umum dan universal pasar rasional dapat digarap lebih lanjut. namun, sebagai langkah awal, dengan keterbatasan sumber daya yang ada, sebaiknya lembaga keuangan syariah melakukan langkah lebih lanjut setelah segmentasi, yaitu spesialisasi targeting. targeting perlu dilakukan dengan memberikan bunga yang relatif lebih besar dibandingkan dengan kemampuan perbankan syariah memberikan bagi hasil. bunga rata-rata deposito per 12 bulan untuk bulan april 2009 sebesar 11,16% dan untuk giro sebesar 2,80%, dan tabungan sebesar 2,97 %, sedangkan rata-rata perbankan syariah, untuk deposito 12 bulan, sebesar 9,10%, giro sebesar 1,05% sementara tabungan sebesar 3,35% . lihat lebih lengkap dalam data statistik perbankan syariah dan perbankan indonesia, april 2009, bank indonesia, di www.bi.go.id. sofyan rizal: strategi alternatif marketing perbankan 44 anggapan bahwa semakin kompetitif suatu lingkungan bisnis, maka semakin tinggi tingkat keberhasilan suatu strategi segmentasi yang terkonsentrasi13. segmentasi untuk targeting dapat dilakukan dengan mempertimbangkan faktorfaktor lain selain perspektif agama, misalnya, basis geografi, demografis, dan psikografis. menurut keagen, kriteria untuk menentukan targeting, sebagaiman dikutip hermawan, dapat dilihat dengan pelbagai pertimbangan antara lain:14 market size dengan potential growthnya, potential competition, dan compatibility dengan feasibility. pertimbangan itu antara lain apakah pasar yang dibidik potensial untuk berkembang? apakah keunggulan kompetitif dan komparatif dari perusahaan dapat memenangkan persaingan atau berpeluan guntuk bersaning dengan pesaing, dan apakah perusahaan memiliki sumber daya yang seusai dan memadai. dengan segala keterbatasan yang ada, memang startegi segmentasi dengan berfokus pada segmen yang mungkin sambil terus memperbesar pasar diluar segmen, menjadi satu strategi yang jitu. fokus pada segmen tertentu, membuat sumber daya yang dikerahkan akan lebih efektif, dengan strategi yang juga efektif dan efisien. sebagai contoh, sebuah bmt yang beroperasi dipasar, dengan berfokus pada nasabah pedagang pasar, maka ia lebih mempunyai peluang untuk bersaing dengan bank lain. ia lebih tahu medan pertemurannya, ia lebih megenal dan dekat secara personal dengan nasabah nya, ia dapat bergerak dengan efisien dan menawarkan feature yang seusai dengan kebutuhan nasabah yang diketahuinya secara mendalam. sebuah bank syariah juga dapat berfokus pada beberapa segmen pasar di mana ia dapat lebih kuat bersaing dengan bank konvensional. misalnya, sebuah daerah dengan tingkat religius yang tinggi, menjadi segmen yang begitu potensial. segmen dengan penduduk muslim yang berpendidikan juga menjadi suatu pasar rasional yang berpeluang untuk digarap dengan pendekatan edukasional tentang bank syariah. bank syariah juga dapat beraliansi strategis dengan bmt atau bpr atau pengurus masjid dan mushola, untuk pendekatan-pendekatan pemararan yang bersifat personal, local dan sesuai dengan kebutuhan, juga secara emosional dapat meningkatkan brand dari perbankan syariah terhadap market pasar sharia loyalist. 13 mussry, dkk, the next marketing strategy , that’s work, (jakarta: gramedia, 2007), h. 23. 14 keagen, dalam global marketing management, sebagaimana dikutip kertajaya, dalam marketing syariah, (bandung: mizan, 2006), h. 170. al-iqtishad: vol. iv, no. 1, januari 2012 45 anggapan bahwa semakin kompetitif suatu lingkungan bisnis, maka semakin tinggi tingkat keberhasilan suatu strategi segmentasi yang terkonsentrasi13. segmentasi untuk targeting dapat dilakukan dengan mempertimbangkan faktorfaktor lain selain perspektif agama, misalnya, basis geografi, demografis, dan psikografis. menurut keagen, kriteria untuk menentukan targeting, sebagaiman dikutip hermawan, dapat dilihat dengan pelbagai pertimbangan antara lain:14 market size dengan potential growthnya, potential competition, dan compatibility dengan feasibility. pertimbangan itu antara lain apakah pasar yang dibidik potensial untuk berkembang? apakah keunggulan kompetitif dan komparatif dari perusahaan dapat memenangkan persaingan atau berpeluan guntuk bersaning dengan pesaing, dan apakah perusahaan memiliki sumber daya yang seusai dan memadai. dengan segala keterbatasan yang ada, memang startegi segmentasi dengan berfokus pada segmen yang mungkin sambil terus memperbesar pasar diluar segmen, menjadi satu strategi yang jitu. fokus pada segmen tertentu, membuat sumber daya yang dikerahkan akan lebih efektif, dengan strategi yang juga efektif dan efisien. sebagai contoh, sebuah bmt yang beroperasi dipasar, dengan berfokus pada nasabah pedagang pasar, maka ia lebih mempunyai peluang untuk bersaing dengan bank lain. ia lebih tahu medan pertemurannya, ia lebih megenal dan dekat secara personal dengan nasabah nya, ia dapat bergerak dengan efisien dan menawarkan feature yang seusai dengan kebutuhan nasabah yang diketahuinya secara mendalam. sebuah bank syariah juga dapat berfokus pada beberapa segmen pasar di mana ia dapat lebih kuat bersaing dengan bank konvensional. misalnya, sebuah daerah dengan tingkat religius yang tinggi, menjadi segmen yang begitu potensial. segmen dengan penduduk muslim yang berpendidikan juga menjadi suatu pasar rasional yang berpeluang untuk digarap dengan pendekatan edukasional tentang bank syariah. bank syariah juga dapat beraliansi strategis dengan bmt atau bpr atau pengurus masjid dan mushola, untuk pendekatan-pendekatan pemararan yang bersifat personal, local dan sesuai dengan kebutuhan, juga secara emosional dapat meningkatkan brand dari perbankan syariah terhadap market pasar sharia loyalist. 13 mussry, dkk, the next marketing strategy , that’s work, (jakarta: gramedia, 2007), h. 23. 14 keagen, dalam global marketing management, sebagaimana dikutip kertajaya, dalam marketing syariah, (bandung: mizan, 2006), h. 170. taktik alternative marketing perbankan syariah setelah melakukan segmentasi dan berfokus pada segmen, maka hal yang perlu ditindaklanjuti adalah bagaimana melakukan stategi dan taktik marketing dalam segmen tersebut. begitu sengit persaingan dalam industri perbankan, menyebabkan hampir semua segmen dalam industri perbankan mengalami persaingan yang sama ketatnya. kecilnya kue sharia loyalist yang diperebutkan oleh perbankan syariah dan lembaga keuangan mikro syariah, juga penetrasi perbankan konvensional yang saat ini sudah sampai masuk kepelbagai pelosok daerah, menjadikan semua segmen konsumen perbankan menjadi sangat kompetitif. bagi perbankan syariah dan lembaga keuangan mikro yang memiliki sumber daya yang terbatas, maka strategi yang jitu dan efisien mutlak diperlukan. perbankan syariah dan lembaga keuangan syariah membutuhkan taktik marketing alternative untuk mempertahankan segmen pasar dan menggarap segmen pasar lainnya. radical marketing pelbagai konsep strategi alterntif dapat digunakan, antara lain strategi radical marketing15. radical marketing, sebagai salah satu taktik alternative menggarap marketing, sangat tepat dengan karakteristik dan kondisi perbankan syariah dan lembaga keuangan syariah. memahami pemasaran radikal, tentu harus pula memahami pemasaran tradisional, sehingga kita mengetahui di mana letak perbedaannya. pemasaran tradisional sebagaimana hill dan rifkin,16 selalu berkaitan dengan skala yang besar. pemasar tradisional menganggap bahwa pemasaran adalah sesuatu yang sangat canggih dan ampuh, sehingga untuk melakukannya, diperlukan suatu usaha yang sangat besar, yang melibatkan sumber daya yang besar, dan anggaran periklanan yang begitu besar. pemasar tradisional juga menganggap bahwa pemasaran adalah sesuatu yang sangat kompleks, dengan menggunakan teknik-teknik pemasaran akademis dasar, dengan strategi perang pangsa pasar, demografis, pengelolaan iklan media yang hebat, riset yang sangat mendalam dan luas, serta periklanan yang cerdas dan mahal. pemasar tradisional juga cenderung mengarahkan sasarannya pada pusat pasar massal yang besar. pemasar tradisional cenderung memfokuskan sasaran pemasarannya pada 15 radical marketing diperkenalkan oleh hill dan rifkin sebagai bentuk terobosan marketing bagi organisasi usaha yang memiliki sumber daya yang terbatas. lihat lebih lanjut dalam hill and rifkin, radical marketing, (jakarta: gramedia 2003). 16 dalam hill and rifkin, radical marketing, (jakarta: gramedia 2003), h. 13. sofyan rizal: strategi alternatif marketing perbankan 46 segmen yang besar dan cenderung mengabaikan segmen celah dan sempit. mereka cenderung melakukan ”tembakan ke arah massal” dengan harapan pastilah akan mengenai sasaran. pemasar tradisional, cenderung terpisah dari pelanggannya, seiring dengan bertambah besarnya organisasi. hal ini terjadi kerana bertambah panjangnya birokrasi dalam organisasi yang besar. pemasar tradisional cenderung terikat dengan patron dan formulasi pemasaran yang telah ada. formulasi pemasaran seperti promotion, place, product, dan place, menjadi suatu hal yang mutlak dan tidak terbantahkan. karakteristik pemasar tradisional ini, seringkali memang mendatangkan keberhasilan, apalagi jika dilakukan dengan langkah yang cermat. namun, langkah pemasaran tradisional ini tidak sepenuhnya dapat dilakukan oleh semua organisasi usaha. perusahaan dengan sumber daya yang terbatas, sangat sulit untuk melakukannya, dan kadangkala hasil yang dicapai juga belum tentu optimal, karena tidak sesuai dengan keadaannya. perusahaan dengan sumber daya yang jauh lebih kecil, membutuhkan alternatif lain yang mengakomodasi segala keterbatasan sumber daya tersebut. oleh karena itulah mereka membutuhkan pemasaran radikal . pemasaran radikal memiliki ciri-ciri sebagai berikut : pemasar radikal cenderung terkendala oleh sumber daya yang sangat terbatas, dan terpaksa memanfaatkan anggaran-anggaran pemasaran yang jauh lebih kecil dari yang dipakai oleh pemasar tradisional. kendala ini cenderung membuat pemasar radikal sangat fokus, dan selalu memncoba untuk menerapkan ide yang baru dan inovatif. pemasar radikal juga cenderung mengarahkan fokus pada pertumbuhan dan ekspansi daripada upaya pengambilan keuntungan. pemasar radikal lebih mementingkan untuk menciptakan value added pada konsumen, dibandingkan dengan mengambil profit sebanyak-banyaknya. pemasar tradisional juga cenderung memiliki ikatan dan hubungan yang sangat intens dengan konsumen dan segmen pasarnya. dengan hubungan inilah, pemasar radikal lebih memahami kebutuhan dan karakteristik pasar dan segmen yang dilayani 17. pemasaran radikal mempunyai beberapa perangkat aturan yang dapat membuatnya efektif dan berjalan dengan baik. beberapa perangkat aturan itu, sebagaimana dirumuskan oleh hill dan rifkin,18 antara lain: pertama, adanya keterliatan yang intens pimpinan organisasi dalam seluk beluk pemasaran organisasinya. pimpina organisasi, sampai setingkat ceo pun harus terlibat 17 baca lebih lengkap dalam hill and rifkin, radical marketing, (jakarta: gramedia 2003), h. 16-23. 18 hill and rifkin, radical marketing, h. 28-45. al-iqtishad: vol. iv, no. 1, januari 2012 47 segmen yang besar dan cenderung mengabaikan segmen celah dan sempit. mereka cenderung melakukan ”tembakan ke arah massal” dengan harapan pastilah akan mengenai sasaran. pemasar tradisional, cenderung terpisah dari pelanggannya, seiring dengan bertambah besarnya organisasi. hal ini terjadi kerana bertambah panjangnya birokrasi dalam organisasi yang besar. pemasar tradisional cenderung terikat dengan patron dan formulasi pemasaran yang telah ada. formulasi pemasaran seperti promotion, place, product, dan place, menjadi suatu hal yang mutlak dan tidak terbantahkan. karakteristik pemasar tradisional ini, seringkali memang mendatangkan keberhasilan, apalagi jika dilakukan dengan langkah yang cermat. namun, langkah pemasaran tradisional ini tidak sepenuhnya dapat dilakukan oleh semua organisasi usaha. perusahaan dengan sumber daya yang terbatas, sangat sulit untuk melakukannya, dan kadangkala hasil yang dicapai juga belum tentu optimal, karena tidak sesuai dengan keadaannya. perusahaan dengan sumber daya yang jauh lebih kecil, membutuhkan alternatif lain yang mengakomodasi segala keterbatasan sumber daya tersebut. oleh karena itulah mereka membutuhkan pemasaran radikal . pemasaran radikal memiliki ciri-ciri sebagai berikut : pemasar radikal cenderung terkendala oleh sumber daya yang sangat terbatas, dan terpaksa memanfaatkan anggaran-anggaran pemasaran yang jauh lebih kecil dari yang dipakai oleh pemasar tradisional. kendala ini cenderung membuat pemasar radikal sangat fokus, dan selalu memncoba untuk menerapkan ide yang baru dan inovatif. pemasar radikal juga cenderung mengarahkan fokus pada pertumbuhan dan ekspansi daripada upaya pengambilan keuntungan. pemasar radikal lebih mementingkan untuk menciptakan value added pada konsumen, dibandingkan dengan mengambil profit sebanyak-banyaknya. pemasar tradisional juga cenderung memiliki ikatan dan hubungan yang sangat intens dengan konsumen dan segmen pasarnya. dengan hubungan inilah, pemasar radikal lebih memahami kebutuhan dan karakteristik pasar dan segmen yang dilayani 17. pemasaran radikal mempunyai beberapa perangkat aturan yang dapat membuatnya efektif dan berjalan dengan baik. beberapa perangkat aturan itu, sebagaimana dirumuskan oleh hill dan rifkin,18 antara lain: pertama, adanya keterliatan yang intens pimpinan organisasi dalam seluk beluk pemasaran organisasinya. pimpina organisasi, sampai setingkat ceo pun harus terlibat 17 baca lebih lengkap dalam hill and rifkin, radical marketing, (jakarta: gramedia 2003), h. 16-23. 18 hill and rifkin, radical marketing, h. 28-45. secara mendetil dan mengendalikan fungsi pemasaran orannisasi. kedua, membangun satu tim marketing yang sangat ramping dan efisien. ketiga, membangun komunikasi yang dekat dengan konsumen. bagi pemasaran radikal, kedekatan dengan konsumen adalah hal yang esensial pemasar radikal lebih suka terjun langsung menemui konsumen, mendengar keluhan mereka, membaca suratsurat kompalin mereka, dan membuat laporan riset-riset pemasaran hanya sebagai pelengkap. tatap muka adalah suatu hal yang sangat efektif bagi pemasar radikal. keempat, menggunakan hasil riset dengan hati-hati. pemasar radikal menggunakan hasil riset dengan prespektif yang sangat berbeda dari pemasar tradisional. riset pasar digunakan sebagai pelengkap data konsumen, bukan sebagai pengganti suara konsumen. kelima, pekerjakan hanya misionaris marketer. misionaris marketer akan bekerja dengan sepenuh hati, dengan menghormati dan menempatkan pelanggan diposisi yang sangat tinggi. keenam, menciptakan suatu komunitas pelanggan yang sangat loyal. inti dari semua poin di atas adalah dua tema besar dari pemasaran radikal, yaitu menciptakan pemasar dan organisasi pemasaran yang andal namun efisien dengan metode tertentu yang menempatkan konsumen sebagai subyek dan penentu serta membina hubungan yang istimewa dengan para pelanggan. implementasi pemasaran radikal apa yang paling mungkin diterapkan pada perbankan syariah dan lembaga keuangan syariah dalam segmen pasarnya adalah membangun kedekatan dan loyalitas konsumen. sebuah perusahaan jasa, seperti perbankan, sangat mengandalkan kepuasan konsumen terhadap kualitas pelayanannya. salah satu modal yang sangat baik untuk membangun kepuasan konsumen adalah dengan membangun kedekatan dengan konsumen. jasfar berendapat, bahwa salah atu kunci kesuksesan suatu perusahaan jasa adalah dengan selalu bertindak bagaikan perusahaan kecil (acting small)19. acting small adalah bertindak atau melayani konsumen dengan cepat, fleksibel, cepat , tanggap, dan dengan cara sangat pribadi. membangun kedekatan dengan konsumen dapat pula dilakukan dengan pendekatan spiritual marketing, karena spriritual marketing akan membantu perusahaan yang memiliki value yang unggul untuk dapat bersaing20. spiritual 19 baca lebih lengkap dalam dalam jasfar, manajemen jasa, pendekatan terpadu, (bogor: ghalia indonesia, 2005), h. 222. 20 kertajaya, markplus on marketing, the second generation, (jakarta :gramedia, 2007), h. 22-23. sofyan rizal: strategi alternatif marketing perbankan 48 marketing akan membuat organisasi membangun kedekatan dengan konsumen dengan prinsip-prinsip spiritual marketing seperti jujur, berusaha membangun hubungan yang baik dengan konsumen, memiliki jiwa melayani yang tinggi, dan memastikan tidak ada kecurangan dalam setiap proses dan unit produksi. bagaimana cara membangun dan meningkatkan loyalitas konsumen, dilakukan dengan menambah value produk. menambah value produk dilakukan dengan cara menciptakan brand yang kuat, memberikan service yang memuaskan dan proses yang efektif serta efisien. organisasi harus menciptakan value sehingga pelanggan membutuhkan alasan yang lebih kuat untuk memakai jasa, yang lebih daripada sekadar feature produk, persaingan harga, atau akses produk yang mudah. bersaing pada feature produk akan menyebabkan perbankan syariah sulit untuk bersaing di tengah kehebatan produk-produk yang ditawarkan perbankan konvensional. bersaing dari segi harga, (dalam perbankan suku bunga atau tingkat bagi hasil), lebih sulit lagi. perbankan konvensional, dengan modal yang kuat, size yang lebih besar, serta manajemen yang baik, tentu menjanjikan dan memberikan harga yang lebih kompetitif bila dibandingkan dengan perbankan syariah. persaingan dari segi harga juga kurang sehat bagi perbankan syariah, di tengah modal yang terbatas. akses yang mudah, adalah salah satu kelebihan perbankan konvensional. atm dan kantor kas yang terdapat di mana-mana, bukanlah tandingan perbankan syariah. perbankan syariah harus punya value yang lebih dari sekadar hal tersebut. untuk meningkatkan brand value, sebuah brand membutuhkan dukungan service yang prima. service yang prima tidak akan terjadi tanpa adanya proses yang efektif dan efisien. sebuah contoh value yang sederhana, yang pernah dialami penulis, misalnya, di sebuah bmt yang tidak terlalu besar, ada layanan antar jemput pengambilan dan penyetoran uang dari rumah. ini mungkin bisa disebut delivery order dalam usaha fast food. ketika nasabah membutuhkan uang, tinggal menelepon bank yang bersangkutan untuk mengambil uang atau menabung sejumlah uang. layanan ini mungkin sederhana dan tidak membutuhkan dana yang besar, namun dianggap jauh lebih bersifat eksklusif dan pribadi daripada layanan atm yang mengharuskan nasabah mencari-cari atm terlebih dahulu. dari segi keamanan, jelas jauh lebih aman daripada harus datang ke bank dan mengambil uang sendiri. service akan lebih terasa dan mempunyai value yang lebih baik, jika sebuah organisasi sudah dapat melampaui apa yang dinamakan customer satisfaction, untuk kemudian menjadi customer surprise. costumer surprice terjadi jika seorang nasabah mendapatkan yang lebih dari yang mereka persepsikan. al-iqtishad: vol. iv, no. 1, januari 2012 49 marketing akan membuat organisasi membangun kedekatan dengan konsumen dengan prinsip-prinsip spiritual marketing seperti jujur, berusaha membangun hubungan yang baik dengan konsumen, memiliki jiwa melayani yang tinggi, dan memastikan tidak ada kecurangan dalam setiap proses dan unit produksi. bagaimana cara membangun dan meningkatkan loyalitas konsumen, dilakukan dengan menambah value produk. menambah value produk dilakukan dengan cara menciptakan brand yang kuat, memberikan service yang memuaskan dan proses yang efektif serta efisien. organisasi harus menciptakan value sehingga pelanggan membutuhkan alasan yang lebih kuat untuk memakai jasa, yang lebih daripada sekadar feature produk, persaingan harga, atau akses produk yang mudah. bersaing pada feature produk akan menyebabkan perbankan syariah sulit untuk bersaing di tengah kehebatan produk-produk yang ditawarkan perbankan konvensional. bersaing dari segi harga, (dalam perbankan suku bunga atau tingkat bagi hasil), lebih sulit lagi. perbankan konvensional, dengan modal yang kuat, size yang lebih besar, serta manajemen yang baik, tentu menjanjikan dan memberikan harga yang lebih kompetitif bila dibandingkan dengan perbankan syariah. persaingan dari segi harga juga kurang sehat bagi perbankan syariah, di tengah modal yang terbatas. akses yang mudah, adalah salah satu kelebihan perbankan konvensional. atm dan kantor kas yang terdapat di mana-mana, bukanlah tandingan perbankan syariah. perbankan syariah harus punya value yang lebih dari sekadar hal tersebut. untuk meningkatkan brand value, sebuah brand membutuhkan dukungan service yang prima. service yang prima tidak akan terjadi tanpa adanya proses yang efektif dan efisien. sebuah contoh value yang sederhana, yang pernah dialami penulis, misalnya, di sebuah bmt yang tidak terlalu besar, ada layanan antar jemput pengambilan dan penyetoran uang dari rumah. ini mungkin bisa disebut delivery order dalam usaha fast food. ketika nasabah membutuhkan uang, tinggal menelepon bank yang bersangkutan untuk mengambil uang atau menabung sejumlah uang. layanan ini mungkin sederhana dan tidak membutuhkan dana yang besar, namun dianggap jauh lebih bersifat eksklusif dan pribadi daripada layanan atm yang mengharuskan nasabah mencari-cari atm terlebih dahulu. dari segi keamanan, jelas jauh lebih aman daripada harus datang ke bank dan mengambil uang sendiri. service akan lebih terasa dan mempunyai value yang lebih baik, jika sebuah organisasi sudah dapat melampaui apa yang dinamakan customer satisfaction, untuk kemudian menjadi customer surprise. costumer surprice terjadi jika seorang nasabah mendapatkan yang lebih dari yang mereka persepsikan. pelbagai layanan yang sifatnya pribadi dan ekslusif, akan sangat berkesan bagi nasabah. layanan seperti ini dimungkinkan, terutama bagi bmt yang masih memiliki jumlah nasabah yang terbatas. layanan seperti di atas, yang dimungkinkan untuk organisasi yang kecil karena masih berfokus akan melahirkan costumer surprise21. customer surprise menawarkan value produk yang dihasilkan bukan hanya sebagai suatu produk, namun merupakan suatu solusi, bukan hanya memenui kebutuhan konsumen dengan produk yang sifatnya generik (umum) dan menjadi komoditas belaka, namun dapat melebihi harapan konsumen22. menciptakan spiritual advocate spiritual advocates adalah satu langkah lanjutan dari konsumen yang loyal. jika pelbagai value yang diciptakan oleh bank syariah dapat menciptakan konsumen yang loyal, maka, agar lebih memiliki efek multiplier yang hebat, dalam rangka menciptakan pemasar radikal, adalah menjadikan konsumen sebagai tim pemasar organisasi. bagaimana caranya? melahirkan apa yang dinamakan ”spiritual advocate” 23. spiritual advocate membuat efek dari marketing menjadi luar biasa, karena konsumen yang bersikap spiritual advocate akan menjadi marketer bagi oraganisasi. bagaimana menciptakan spiritual advocate tersebut, dapat dilakukan dengan cara, antara lain menciptakan komunitas-komunitas dan meningkatkan keterlibatan sosial di antara nasabah atau konsumen. penciptaan komunitas dimaksudkan untuk menciptakan rasa memiliki yang lebih besar dengan adanya jejaring sosial. penciptaan komunitas adalah efektif memfasilitasi hubungan antar nasabah dan juga dengan perusahaan. beberapa cara yang sederhana dapat ditempuh bahkan bisa disinergikan dengan educational marketing terhadap bank syariah, antara lain: facebook, bulletin, user group, bekerjasama dengan lembaga nirlaba, dan lain sebagainya. penciptaan komunitas saat ini, dengan adanya teknologi informasi, bukan menjadi barang yang mahal. sebagai contoh, bagaimana efektifnya facebook dalam menjalin jaring komunitas, dapat dimanfaatkan oleh perbankan syariah, untuk membuat komunitas antar nasabah. membuat wibesite yang menarik, dan 21 lebih jelasnya konsep costumer surprise, lihat dalam hermawan on marketing, (jakarta: gramedia, 2006), h.224-226. 22 lebih jelasnya konsep solution dalam value ini , lihat dalam ab susanto, dkk, value marketing, paradigma baru pemasaran, (jakarta; quantum bisnis & manajemen, 2004 ) 23 spiritual advocate adalah konsumen yang sudah pada taraf lebih tinggi dari konsumen loyal. lebih lengkap tentang spiritual advocate ini, baca dalam kertajaya, markplus on marketing, the second generation, h. 151-156. sofyan rizal: strategi alternatif marketing perbankan 50 tampilan facebook yang unik, juga bukanlah sesutu yang mahal. dengan pengelolaan jejaring sosial ini, nasabah bisa berkomunikasi, bertukar ide, berkeluh kesah secara langsung, mendapat informasi secara cepat, dan lain sebagainya. bagi lembaga keuangan mikro yang kecil, bahkan dapat membuat semacam kelompok-kelompok nasabah, sebagai wadah komunikasi. kelompok ini, meniru kesuksesan grament bank, dapat mennjadi tempat nasabah untuk belajar, berusaha, berkeluh kesah, tukar pengalaman dan lainsebagainya. value yang ditawarkan oleh organisasi seperti ini adalah menciptakan solusi. pendekatan yang digunakan adalah pendekatan konsultatif sehingga nasabah merasakan hubungan yang lebih erat lagi. penutup pelbagai pendekatan alternatif dalam markting dapat dilakukan untuk menggarap segmen lembaga perbankan dan keuangan syariah, di tengah semakin kompetitifnya persaingan dunia perbankan. di tengah sumber daya yang terbatas dan kompetitor yang demikian kuat, maka pendekatan marketing alternative seperti fokus pada segmen radikal marketing dan penciptaan value, serta menciptakan spiritual advocate menjadi hal yang sangat efektif agar dapat terus mempertahankan pasar dan bahkan dapat melebarkan pangsa pasar perbankan syariah. [] pustaka acuan fisk, peter, marketing genius, john wiley & sons: usa, 2006. hill, sam and glenn rifkin, radical marketing , jakarta: gramedia, 2003. jasfar farida, manajemen jasa, pendekatan terpadu, bogor: ghalia indonesia, 2005. kasmir, manajemen perbankan, jakarta: rajagrafindo persada, 2007. kertajaya, hermawan, markplus on marketing, the second generation, jakarta: gramedia, 2007. kertajaya, hermawan, dan sula, muhammad syakir sula, marketing syariah, bandung: mizan, 2006. kertajaya, hermawan, hermawan on marketing, jakarta: gramedia, 2006. kotler, philips, marketing management, millenium edition, new jersey: prenticehall, 2000. mussry, jacky, dkk., the next marketing strategy, that’s work, jakarta: gramedia, 2007. susanto, ab, dkk, value marketing, paradigma baru pemasaran, jakarta: quantum bisnis & manajemen, 2004. analisis segmen pasar dan perilaku nasabah bank syariah: kajian hukum islam terhadap produk hsbc amanah indonesia mansur chadi mursid & rr. kathrin irviana abstract: market segment analysis of islamic banking and customer behavior: islamic law study against hsbc amanah indonesia products. the purpose of this research is for identifying market segment and customer behavior toward islamic banking and its marketing implications in all regions of dki jakarta. the analytical tools applied are analysis of cluster, factor and descriptive. the result of this research for segmentation aspect showed the characteristics and size of each market segment of islamic banks. the market segment consists of syariah loyalist, floating mass and conventional loyalist. from this research, floating mass segment is the most potential segment due to its market size compared to syariah loyalist and conventional loyalist segments. keywords: market segmentation, consumer behavior, islamic banking abstract: analisis segmen pasar dan perilaku nasabah bank syariah: kajian hukum islam terhadap produk hsbc amanah indonesia. tujuan dari penelitian ini adalah untuk mengidentifikasi segmen pasar dan perilaku pelanggan terhadap perbankan syariah dan implikasi pemasaran di seluruh wilayah dki jakarta. alat-alat analisis yang digunakan adalah analisis cluster, faktor dan deskriptif. hasil penelitian yang terkait dengan aspek segmentasi menunjukkan bahwa karakteristik dan ukuran masing-masing pasar membedakan bank syariah. segmen pasar terdiri atassyariah loyalis, massa mengambang dan loyalis konvensional. hasil penelitian ini menunjukkan bahwa segmen masa mengambang merupakan segmen paling potensial karena sebagai pasar terbesar dibandingkan dengan segmen loyalis dan konvensional. kata kunci: segmen pasar, perilaku nasabah, bank islam naskah diterima: 7 februari 2012, direvisi: 18 mei 2012, disetujui: 24 mei 2012. jurusan syariah stain pekalongan. jl. kusumabangsa, no. 9, pekalongan, jawa tengah, 51114. e-mail: mansur.chadi@gmail.com sudarso, heri, bank dan lembaga keuangan syariah, yogyakarta: ekonisia, 2003. suhendi, hendi, fiqh muamalah, jakarta: pt. rajagrafindo persada, 2002. tanuwidjaja, william, cerdas investasi emas, yogyakarta: medpress, 2009. mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 202 pendahuluan sejarah berdirinya perbankan syariah karena dua alasan utama, yaitu adanya pandangan bahwa bunga (interest) pada bank konvensional hukumnya haram dan dari aspek ekonomi di mana penyerahan risiko usaha terhadap salah satu pihak dinilai melanggar norma keadilan. hadirnya bank syariah di indonesia didorong oleh keinginan masyarakat indonesia (terutama masyarakat islam) yang berpandangan bahwa bunga bank adalah riba. sejak 1992, industri perbankan syariah di indonesia mulai berkembang cukup pesat sampai dengan saat ini, bahkan diperkirakan akan terus berkembang pesat di masa yang akan datang. bank indonesia1 memperkirakan bahwa jumlah aset perbankan syariah dibandingkan seluruh jumlah perbankan nasional mencapai 9,10% pada tahun 2011. hal ini didukung pula oleh terbitnya undang-undang no. 10 tahun 1998 tentang perbankan yang secara eksplisit memperbolehkan operasional bank berdasarkan prinsip syariah baik bagi bank umum maupun bank perkreditan rakyat. era inilah yang menandai dimulainya sistem perbankan ganda (dual banking system) dalam sistem hukum perbankan di indonesia, yaitu sistem perbankan konvensional dan sistem perbankan syariah. bahkan bank umum konvensional diperkenankan untuk membuka layanan syariah melalui islamic window dengan terlebih dahulu membentuk unit usaha syariah (uus). pertumbuhan ekonomi provinsi dki jakarta (termasuk banten) yang tinggi dan menjadi penyumbang pertumbuhan ekonomi terbesar secara nasional, yaitu sebesar 26,4% pada tahun 2007. berdasarkan data yang dikeluarkan oleh bappeda dki jakarta2, kinerja perbankan di wilayah provinsi dki jakarta pada 2007 juga menunjukkan peningkatan. penghimpunan dana pihak ketiga (dpk) mencapai rp 725,7 trilyun atau meningkat sebesar 13,6% dibandingkan tahun sebelumnya. komposisi dpk terbesar dalam bentuk deposito, yaitu sebesar rp 401,8 trilyun atau 55,4% dari keseluruhan dpk. nilai kredit yang disalurkan juga mengalami peningkatan sebesar 26,4% dengan nilai kredit yang telah disalurkan sebesar rp 503,8 trilyun. oleh karena itu, dki jakarta merupakan provinsi yang memiliki pangsa pasar perbankan terbesar di indonesia sehingga dibutuhkan informasi berbasis pasar yang dapat digunakan sebagai pertimbangan dalam merancang strategi pengembangan sistem perbankan syariah yang tepat dan disesuaikan dengan kebutuhan masyarakat. 1 bank indonesia, statistik perbankan syariah 2004, dalam http://www.bi.go.id, diakses tanggal 25 februari 2008. 2 bappeda dki jakarta, data perbankan provinsi dki jakarta (termasuk banten) 2008, dalam http://www.jakarta.go.id, diakses tanggal 26 februari 2008. al-iqtishad: vol. iv, no. 2, juli 2012 203 pendahuluan sejarah berdirinya perbankan syariah karena dua alasan utama, yaitu adanya pandangan bahwa bunga (interest) pada bank konvensional hukumnya haram dan dari aspek ekonomi di mana penyerahan risiko usaha terhadap salah satu pihak dinilai melanggar norma keadilan. hadirnya bank syariah di indonesia didorong oleh keinginan masyarakat indonesia (terutama masyarakat islam) yang berpandangan bahwa bunga bank adalah riba. sejak 1992, industri perbankan syariah di indonesia mulai berkembang cukup pesat sampai dengan saat ini, bahkan diperkirakan akan terus berkembang pesat di masa yang akan datang. bank indonesia1 memperkirakan bahwa jumlah aset perbankan syariah dibandingkan seluruh jumlah perbankan nasional mencapai 9,10% pada tahun 2011. hal ini didukung pula oleh terbitnya undang-undang no. 10 tahun 1998 tentang perbankan yang secara eksplisit memperbolehkan operasional bank berdasarkan prinsip syariah baik bagi bank umum maupun bank perkreditan rakyat. era inilah yang menandai dimulainya sistem perbankan ganda (dual banking system) dalam sistem hukum perbankan di indonesia, yaitu sistem perbankan konvensional dan sistem perbankan syariah. bahkan bank umum konvensional diperkenankan untuk membuka layanan syariah melalui islamic window dengan terlebih dahulu membentuk unit usaha syariah (uus). pertumbuhan ekonomi provinsi dki jakarta (termasuk banten) yang tinggi dan menjadi penyumbang pertumbuhan ekonomi terbesar secara nasional, yaitu sebesar 26,4% pada tahun 2007. berdasarkan data yang dikeluarkan oleh bappeda dki jakarta2, kinerja perbankan di wilayah provinsi dki jakarta pada 2007 juga menunjukkan peningkatan. penghimpunan dana pihak ketiga (dpk) mencapai rp 725,7 trilyun atau meningkat sebesar 13,6% dibandingkan tahun sebelumnya. komposisi dpk terbesar dalam bentuk deposito, yaitu sebesar rp 401,8 trilyun atau 55,4% dari keseluruhan dpk. nilai kredit yang disalurkan juga mengalami peningkatan sebesar 26,4% dengan nilai kredit yang telah disalurkan sebesar rp 503,8 trilyun. oleh karena itu, dki jakarta merupakan provinsi yang memiliki pangsa pasar perbankan terbesar di indonesia sehingga dibutuhkan informasi berbasis pasar yang dapat digunakan sebagai pertimbangan dalam merancang strategi pengembangan sistem perbankan syariah yang tepat dan disesuaikan dengan kebutuhan masyarakat. 1 bank indonesia, statistik perbankan syariah 2004, dalam http://www.bi.go.id, diakses tanggal 25 februari 2008. 2 bappeda dki jakarta, data perbankan provinsi dki jakarta (termasuk banten) 2008, dalam http://www.jakarta.go.id, diakses tanggal 26 februari 2008. studi ini bermaksud menjawab beberapa pertanyaan penelitian sebagai berikut: bagaimana segmen pasar perbankan syariah di wilayah provinsi dki jakarta? bagaimana preferensi dan sumber informasi nasabah tentang bank syariah? apakah faktor-faktor yang memengaruhi responden dalam memilih bank syariah? bagaimana formulasi strategi pemasaran bagi industri perbankan syariah sesuai dengan segmentasi pasar dan perilaku nasabah terhadap bankbank syariah yang akan/telah ber-operasi di wilayah penelitian? bagaimana pandangan hukum islam terhadap produk hsbc amanah indonesia? review kepustakaan riba secara bahasa bermakna ziyâdah yang berarti tambahan. dalam pengertian lain, secara linguistik, riba juga berarti tumbuh dan membesar3. m. syafi’i antonio menyatakan bahwa menurut istilah teknis, riba berarti pengambilan tambahan dari pokok atau modal secara batil. riba bukan hanya merupakan persoalan islam saja, tetapi berbagai kalangan di luar islam pun memandang serius persoalan ini.4 beberapa studi terdahulu yang mendasari penelitian ini adalah karim business consulting, melakukan penelitian tentang segmentasi dan perilaku nasabah terhadap bank syariah di indonesia dengan pendekatan value graphic map dan service orientation. studi ini menghasilkan tiga segmentasi pasar perbankan syariah, yaitu syariah loyalist, floating mass, dan conventional loyalist. pembagian segmen pasar dilakukan dengan pendekatan kualitatif (focus group discussion dan in depth interview).5 a. wijaya melakukan analisis segmen pasar dan perilaku nasabah terhadap bank syariah di wilayah daerah istimewa (di) yogyakarta dengan membagi segmen pasar perbankan syariah menjadi syariah loyalist, floating more syariah, floating less syariah dan conventional loyalist dengan analisis deskriptif, analisis faktor, dan analisis klaster. hasil penelitian menunjukkan bahwa segmen floating more syariah merupakan pasar sasaran yang paling potensial di wilayah di yogyakarta dibandingkan segmen-segmen lainnya.6 3 a. saeed, islamic banking and interest: a study of prohibition of riba and its contemporary interpretation, (leiden: ej brill, 1996). 4 m. syafi’i antonio, bank syariah: wacana ulama dan cendekiawan, (jakarta: stei tazkia, 1999). 5 karim business consulting, islamic banking consumer behaviour in indonesia: a qualitative approach, (jakarta: kbc, 2005). 6 wijaya, a. analisis segmen pasar dan perilaku nasabah terhadap bank syariah di wilayah yogyakarta dan implikasi pemasarannya, tesis tidak diterbitkan, (bogor: manajemen dan bisnis institut pertanian bogor, 2006). mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 204 harahap (2003) melakukan penelitian untuk melihat potensi pendirian bni syariah di kota bogor dengan mellihat respons masyarakat terhadap beberapa perbankan syariah. pengambilan sampel dilakukan dengan teknik cluster sampling dan non-probability sampling yaitu dengan teknik quota sampling. bi dan lp ipb melakukan penelitian tentang potensi, sikap dan perilaku masyarakat terhadap bank syariah di jawa barat dengan survai yang dilakukan dengan menggunakan metode regresi logistic dan analisis deskriptif. penelitian ini mengatakan bahwa profesionalisme dan jenis pelayanan bank syariah masih berada di bawah bank konvensional dan masyarakat berpenghasilan menengah ke bawah lebih meminati bank syariah karena sistem “jemput bola” yang diterapkan oleh bank syariah rendah.7 bi dan cbr universitas andalas melakukan penelitian mengenai identifikasi faktor penentu keputusan konsumen dalam memilih jasa perbankan antara bank syariah dengan bank konvensional. penelitian dilakukan di empat wilayah sumatera barat dengan kriteria bahwa pada masing-masing wilayah telah beroperasi kedua tipe bank (bank syariah dan bank konvensional) dengan menggunakan analisis statistik deskriptif (tabulasi silang, grafik, rata-rata, dan frekuensi), analisis faktor, dan crosstab analysis. hasil studi ini memberikan informasi tentang pertimbangan responden yang paling dominan di dalam memilih jasa bank syariah, yaitu faktor keyakinan bahwa bunga bank bertentangan dengan agama.8 hendrawan (2004) melakukan penelitian di tebet tentang perilaku nasabah tabungan bank setelah dikeluarkannya fatwa mui mengenai bunga bank. penelitian dilakukan dengan metode survai dan metode purposive sampling (hanya nasabah muslim dari seluruh populasi). responden sebesar 100 orang dan pengambilan sampling dilakukan dengan metode convenience sampling. data yang diperoleh diolah dengan analisis deskriptif, tabulasi silang, uji chi square, regresi logistic, dan metode thurstone. studi ini mendapatkan bahwa perilaku nasabah muslim pasca fatwa mui adalah menyesuaikan pola pikirnya dengan pengetahuan yang baru. metodologi penelitian dilakukan dengan metode deskriptif dan kuantitatif melalui 7 bank indonesia dan lp institut pertanian bogor, potensi, sikap dan perilaku masyarakat terhadap bank syariah di wilayah jawa barat, (bogor: lembaga penelitian ipb, 2000). 8 bank indonesia dan cbr universitas andalas, identifikasi faktor penentu keputusan konsumen dalam memilih jasa perbankan antara bank syariah dengan bank konvensional di wilayah sumatera barat, (jakarta: bank indonesia, 2006). al-iqtishad: vol. iv, no. 2, juli 2012 205 harahap (2003) melakukan penelitian untuk melihat potensi pendirian bni syariah di kota bogor dengan mellihat respons masyarakat terhadap beberapa perbankan syariah. pengambilan sampel dilakukan dengan teknik cluster sampling dan non-probability sampling yaitu dengan teknik quota sampling. bi dan lp ipb melakukan penelitian tentang potensi, sikap dan perilaku masyarakat terhadap bank syariah di jawa barat dengan survai yang dilakukan dengan menggunakan metode regresi logistic dan analisis deskriptif. penelitian ini mengatakan bahwa profesionalisme dan jenis pelayanan bank syariah masih berada di bawah bank konvensional dan masyarakat berpenghasilan menengah ke bawah lebih meminati bank syariah karena sistem “jemput bola” yang diterapkan oleh bank syariah rendah.7 bi dan cbr universitas andalas melakukan penelitian mengenai identifikasi faktor penentu keputusan konsumen dalam memilih jasa perbankan antara bank syariah dengan bank konvensional. penelitian dilakukan di empat wilayah sumatera barat dengan kriteria bahwa pada masing-masing wilayah telah beroperasi kedua tipe bank (bank syariah dan bank konvensional) dengan menggunakan analisis statistik deskriptif (tabulasi silang, grafik, rata-rata, dan frekuensi), analisis faktor, dan crosstab analysis. hasil studi ini memberikan informasi tentang pertimbangan responden yang paling dominan di dalam memilih jasa bank syariah, yaitu faktor keyakinan bahwa bunga bank bertentangan dengan agama.8 hendrawan (2004) melakukan penelitian di tebet tentang perilaku nasabah tabungan bank setelah dikeluarkannya fatwa mui mengenai bunga bank. penelitian dilakukan dengan metode survai dan metode purposive sampling (hanya nasabah muslim dari seluruh populasi). responden sebesar 100 orang dan pengambilan sampling dilakukan dengan metode convenience sampling. data yang diperoleh diolah dengan analisis deskriptif, tabulasi silang, uji chi square, regresi logistic, dan metode thurstone. studi ini mendapatkan bahwa perilaku nasabah muslim pasca fatwa mui adalah menyesuaikan pola pikirnya dengan pengetahuan yang baru. metodologi penelitian dilakukan dengan metode deskriptif dan kuantitatif melalui 7 bank indonesia dan lp institut pertanian bogor, potensi, sikap dan perilaku masyarakat terhadap bank syariah di wilayah jawa barat, (bogor: lembaga penelitian ipb, 2000). 8 bank indonesia dan cbr universitas andalas, identifikasi faktor penentu keputusan konsumen dalam memilih jasa perbankan antara bank syariah dengan bank konvensional di wilayah sumatera barat, (jakarta: bank indonesia, 2006). pendekatan survei. survei dilakukan dengan melakukan wawancara langsung (face to face interview). metode pengumpulan data responden dilakukan dengan menggunakan sampel tak berpeluang (non probability sampling). teknik yang dipilih dalam penelitian ini adalah menggunakan teknik sampel kemudahan (convenience sampling). jenis data yang digunakan dalam penelitian ini adalah data primer (pengamatan dan penelitian langsung di lapangan, wawancara dan pengisian kuesioner oleh responden), dan data sekunder (literatur-literatur buku, jurnal dan penelitian-penelitian sebelumnya) baik yang bersifat kualitatif maupun kuantitatif. penentuan jumlah sampel dari populasi yang diinginkan9: no = z2 x p(1-p) e2 setelah no diketahui maka selanjutnya dilakukan koreksi, sehingga menjadi: n = no 1 + (no – 1)/n di mana: z= tingkat kepercayaan dugaan (1-) p= proporsi sampel e= kesalahan dugaan (sampling error) n= jumlah sampel setelah koreksi populasi terhingga no= jumlah sampel sebelum koreksi populasi terhingga n= jumlah populasi berdasarkan pendekatan tersebut, maka dalam menentukan jumlah sampel yang akan digunakan dalam penelitian ini digunakan ketentuan sebagai berikut: n = populasi penduduk provinsi dki jakarta 8.468.471 orang z = 90% (tingkat kepercayaan 90%) p = 50% (proporsi sampel 50%) e = 7,5% (sampling error 7,5%) perhitungan : no = 1,6452 x 0,5(1-0,5) 0,0752 no = 120,26778 9 b. suharjo, sampling technique, (jakarta: mars school of marketing & research, 2006). mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 206 setelah no diketahui sebesar 120,26778 maka selanjutnya dilakukan koreksi populasi terhingga dengan jumlah populasi (n) sebanyak 8.468.471 orang. n = 120,26778 1 + (120,26778 – 1)/8.468.471 n = 120,26608 n = 120 (pembulatan) berdasarkan perhitungan, maka ukuran sampel yang digunakan sebanyak 120 responden, terdiri atas13 responden berasal dari jakarta pusat (11%), 20 responden berasal dari jakarta utara (16,8%), 23 responden berasal dari jakarta barat (19,3%), 27 responden berasal dari jakarta selatan (22,3%) dan 37 responden berasal dari jakarta timur (30,6%). sebelum penelitian dilakukan, maka terlebih dahulu dilakukan penelitian awal untuk menguji instrumen pengumpulan data dengan uji validitas dan uji reliabilitas. setelah mendapatkan hasil yang valid dan reliabel melalui uji validitas dan uji reliabilitas, kemudian dilakukan penelitian lanjutan dengan menggunakan tiga jenis analisis yaitu analisis klaster (cluster analysis), analisis faktor (factor analysis) dan analisis deskriptif (descriptive analysis). diskusi dan analisis uji validitas dan reliabilitas pada penelitian awal ini, dilakukan dengan teknik cronbach’s alpha dengan alat bantu spss 11.5. hasil pengujian ini menunjukkan bahwa kuesioner yang dibuat telah memenuhi standar yang valid dan reliabel pada taraf kepercayaan 95%. pertama, demografi responden. responden dianalisis berdasarkan karakteristik demografi. hasil yang didapat dari analisis ini, yaitu mayoritas responden sudah berusia di atas 40 tahun (28,33%), status keluarga belum menikah (29,17%), beragama islam (82,50%), jenis kelamin perempuan (53,33%), pekerjaan pegawai swasta (49,17%), memiliki tingkat pendidikan formal sampai dengan s1 atau setara (66,67%), kedudukan sosial masyarakat biasa (94,17%), rata-rata jumlah pengeluaran (per orang) per bulan kurang dari rp 1.000.000,(41,67%) dan responden dengan 5,01%-10,00% dari penghasilan ditabung (30,83%). kedua, segmentasi pasar perbankan syariah. analisis segmentasi pasar perbankan syariah menggunakan alat analisis multivariate (k-means cluster al-iqtishad: vol. iv, no. 2, juli 2012 207 setelah no diketahui sebesar 120,26778 maka selanjutnya dilakukan koreksi populasi terhingga dengan jumlah populasi (n) sebanyak 8.468.471 orang. n = 120,26778 1 + (120,26778 – 1)/8.468.471 n = 120,26608 n = 120 (pembulatan) berdasarkan perhitungan, maka ukuran sampel yang digunakan sebanyak 120 responden, terdiri atas13 responden berasal dari jakarta pusat (11%), 20 responden berasal dari jakarta utara (16,8%), 23 responden berasal dari jakarta barat (19,3%), 27 responden berasal dari jakarta selatan (22,3%) dan 37 responden berasal dari jakarta timur (30,6%). sebelum penelitian dilakukan, maka terlebih dahulu dilakukan penelitian awal untuk menguji instrumen pengumpulan data dengan uji validitas dan uji reliabilitas. setelah mendapatkan hasil yang valid dan reliabel melalui uji validitas dan uji reliabilitas, kemudian dilakukan penelitian lanjutan dengan menggunakan tiga jenis analisis yaitu analisis klaster (cluster analysis), analisis faktor (factor analysis) dan analisis deskriptif (descriptive analysis). diskusi dan analisis uji validitas dan reliabilitas pada penelitian awal ini, dilakukan dengan teknik cronbach’s alpha dengan alat bantu spss 11.5. hasil pengujian ini menunjukkan bahwa kuesioner yang dibuat telah memenuhi standar yang valid dan reliabel pada taraf kepercayaan 95%. pertama, demografi responden. responden dianalisis berdasarkan karakteristik demografi. hasil yang didapat dari analisis ini, yaitu mayoritas responden sudah berusia di atas 40 tahun (28,33%), status keluarga belum menikah (29,17%), beragama islam (82,50%), jenis kelamin perempuan (53,33%), pekerjaan pegawai swasta (49,17%), memiliki tingkat pendidikan formal sampai dengan s1 atau setara (66,67%), kedudukan sosial masyarakat biasa (94,17%), rata-rata jumlah pengeluaran (per orang) per bulan kurang dari rp 1.000.000,(41,67%) dan responden dengan 5,01%-10,00% dari penghasilan ditabung (30,83%). kedua, segmentasi pasar perbankan syariah. analisis segmentasi pasar perbankan syariah menggunakan alat analisis multivariate (k-means cluster analysis) dengan menggunakan data survei dari 120 responden di wilayah dki jakarta. analisis ini menghasilkan klaster 1 yang merupakan segmen syariah loyalist dengan jumlah 32 orang, klaster 2 merupakan segmen floating mass dengan jumlah 49 orang. sementara segmen conventional loyalist sudah diidentifikasi sebelum analisis ini dilakukan yang terdiri atas responden yang tidak tertarik dengan bank syariah dengan jumlah 39 orang. ketiga, preferensi dan sumber informasi nasabah tentang bank syariah. segmen pasar syariah loyalist memperoleh sumber informasi mayoritas dari teman atau keluarga sebesar 20,2%. sedangkan, segmen pasar floating mass mendapatkan informasi dari melihat iklan di media cetak sebesar 16,9% dan segmen pasar conventional loyalist mendapatkan informasi mengenai bank syariah secara dominan dari dua jenis sumber informasi yang berbeda yaitu melihat iklan di tv dan melihat langsung kantor cabang bank syariah masingmasing sebesar 18,9%. penelitian ini juga menganalisis lebih lanjut tentang preferensi tentang bank syariah yaitu mayoritas responden memilih menggunakan bahasa indonesia sebagai nama ideal produk bank syariah agar dapat lebih mudah dimengerti, daerah perkantoran dan pemukiman sebagai lokasi ideal bank syariah, karyawan bank syariah sebaiknya islam, jilbab sebaiknya digunakan oleh karyawan wanita di bank syariah. keempat, perilaku nasabah berdasarkan faktor-faktor dalam memilih bank. analisis faktor dilakukan dengan uji keiser-meyer olkin (kmo), measures of adequacy, dan bartlett test of sphericity. menurut simamora10, analisis faktor layak untuk dilanjutkan apabila nilai kmo uji berkisar mempunyai nilai indeks tinggi yakni berkisar antara 0,5 sampai 1,0. hasil uji kmo menunjukkan bahwa nilai yang didapatkan adalah 0,855 yang berarti bahwa sampel sudah mencukupi dan dinyatakan baik berdasarkan pedoman rekomendasi dari sharma (1994). setelah dilakukan uji bartlett’s test, tampak bahwa nilai chi-square adalah 852,856 dengan df 153 dan signifikansi 0,000 yang berarti bahwa matriks korelasi yang diuji bukan merupakan matriks identitas sehingga matriks korelasi dinyatakan layak untuk dilakukan analisis faktor. tahapan selanjutnya dilakukan pengujian secara parsial terhadap setiap variabel dan didapatkan hasil dari tabel anti-image matrices bahwa nilai msa (measures of sampling adequacy) dari setiap variabel (0,5) sehingga semua variabel bisa diproses lebih lanjut. tahap selanjutnya yang dilakukan adalah mengetahui banyaknya faktor yang akan terbentuk yang didentifikasi dari nilai 10 b. simamora, analisis multivariate pemasaran, (jakarta: pt. gramedia pustaka utama, 2005). mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 208 eigenvalues (1). dengan menggunakan metode ekstraksi principal component analysis, maka terbentuk empat faktor yang diekstrak dari 18 variabel yang ditandai dengan nilai eigenvalues. setelah diketahui terdapat empat kelompok faktor, maka dilakukan prosedur varimax rotation untuk mengidentifikasi hubungan antara faktor dan variabel individual sehingga matriks menjadi lebih sederhana dan mudah diinterpretasikan. berdasarkan hasil out-put rotated component matrix, maka dilakukan interprestasi terhadap faktor yang telah mengelompok dan penamaan terhadap empat kelompok faktor dengan menggunakan pendekatan surrogate variable yakni pemilihan nama berdasarkan nilai factor loading tertinggi yaitu: faktor 1 (tampilan fisik), faktor 2 (jaringan atm), faktor 3 (keragaman produk), faktor 4 (tingkat bagi hasi). dari hasil analisis faktor (dengan uji kmo) dan analisis deskriptif yang telah dilakukan dalam melihat perilaku nasabah yang berkaitan dengan faktor-faktor yang memengaruhi untuk memilih suatu bank, tampak tidak terdapat perbedaan yang signifikan. responden menganggap bahwa jaringan kantor dan atm yang luas, keragaman produk, reputasi dan image suatu bank, kecepatan dan efisiensi pelayanan yang baik, tingkat bagi hasil yang menarik, waktu operasi yang sesuai maupun keramah-tamahan karyawan bank merupakan faktor-faktor dominan yang memengaruhi mereka dalam memilih suatu bank. kemudian dilakukan analisis lebih lanjut berkaitan dengan alasan responden berminat terhadap produk dan jasa bank syariah berdasarkan kategori nasabah. kelima, nasabah bank syariah. alasan responden berminat terhadap produk dan jasa bank syariah bila dibandingkan dengan bank konvensional adalah karena adanya aspek syariahnya yaitu sesuai dengan syariat islam (55,0%) dan faktor tidak adanya riba sehingga halal dalam pengelolaan dana (27,0%). keenam, nasabah bank syariah dan bank konvensional. alasan responden berminat terhadap produk dan jasa bank syariah bila dibandingkan dengan bank konvensional adalah karena bank syariah tidak mengandung unsur riba atau halal dalam pengelolaan dananya (49%) dan sesuai dengan syariat agama islam (26%). ketujuh, nasabah bank konvensional. alasan responden berminat terhadap produk dan jasa bank syariah karena sesuai dengan ajaran agama islam (30,0%), adanya aspek syariahnya yaitu faktor tidak adanya riba dalam pengelolaan dana (28,0%). alasan utama mengenai tetap dipertahankannya rekening di bank konvensional bagi nasabah yang mempunyai rekening di bank syariah dan bank konvensional secara bersamaan yaitu kurang lengkapnya fasilitas bank syariah (27,0%) sehingga menyebabkan nasabah tetap menggual-iqtishad: vol. iv, no. 2, juli 2012 209 eigenvalues (1). dengan menggunakan metode ekstraksi principal component analysis, maka terbentuk empat faktor yang diekstrak dari 18 variabel yang ditandai dengan nilai eigenvalues. setelah diketahui terdapat empat kelompok faktor, maka dilakukan prosedur varimax rotation untuk mengidentifikasi hubungan antara faktor dan variabel individual sehingga matriks menjadi lebih sederhana dan mudah diinterpretasikan. berdasarkan hasil out-put rotated component matrix, maka dilakukan interprestasi terhadap faktor yang telah mengelompok dan penamaan terhadap empat kelompok faktor dengan menggunakan pendekatan surrogate variable yakni pemilihan nama berdasarkan nilai factor loading tertinggi yaitu: faktor 1 (tampilan fisik), faktor 2 (jaringan atm), faktor 3 (keragaman produk), faktor 4 (tingkat bagi hasi). dari hasil analisis faktor (dengan uji kmo) dan analisis deskriptif yang telah dilakukan dalam melihat perilaku nasabah yang berkaitan dengan faktor-faktor yang memengaruhi untuk memilih suatu bank, tampak tidak terdapat perbedaan yang signifikan. responden menganggap bahwa jaringan kantor dan atm yang luas, keragaman produk, reputasi dan image suatu bank, kecepatan dan efisiensi pelayanan yang baik, tingkat bagi hasil yang menarik, waktu operasi yang sesuai maupun keramah-tamahan karyawan bank merupakan faktor-faktor dominan yang memengaruhi mereka dalam memilih suatu bank. kemudian dilakukan analisis lebih lanjut berkaitan dengan alasan responden berminat terhadap produk dan jasa bank syariah berdasarkan kategori nasabah. kelima, nasabah bank syariah. alasan responden berminat terhadap produk dan jasa bank syariah bila dibandingkan dengan bank konvensional adalah karena adanya aspek syariahnya yaitu sesuai dengan syariat islam (55,0%) dan faktor tidak adanya riba sehingga halal dalam pengelolaan dana (27,0%). keenam, nasabah bank syariah dan bank konvensional. alasan responden berminat terhadap produk dan jasa bank syariah bila dibandingkan dengan bank konvensional adalah karena bank syariah tidak mengandung unsur riba atau halal dalam pengelolaan dananya (49%) dan sesuai dengan syariat agama islam (26%). ketujuh, nasabah bank konvensional. alasan responden berminat terhadap produk dan jasa bank syariah karena sesuai dengan ajaran agama islam (30,0%), adanya aspek syariahnya yaitu faktor tidak adanya riba dalam pengelolaan dana (28,0%). alasan utama mengenai tetap dipertahankannya rekening di bank konvensional bagi nasabah yang mempunyai rekening di bank syariah dan bank konvensional secara bersamaan yaitu kurang lengkapnya fasilitas bank syariah (27,0%) sehingga menyebabkan nasabah tetap menggunakan bank konvensional. alasan utama nasabah bank konvensional tidak berminat terhadap produk dan jasa bank syariah yaitu karena minimnya informasi yang didapat mengenai bank syariah sementara nasabah bank konvensional sangat mudah untuk mendapatkan informasi lengkap mengenai bank konvensional (37,0 %). dari hasil analisis yang dilakukan, yaitu analisis klaster dan analisis faktor, tampak bahwa antar segmen yang dihasilkan yaitu segmen syariah loyalist, floating mass dan conventional loyalist tidak terdapat perbedaan yang signifikan terhadap faktor-faktor yang memengaruhi dalam memilih suatu bank, yang membedakan hanyalah urutan prioritasnya. faktor-faktor yang menjadi pertimbangan bagi responden dalam memilih suatu bank adalah jaringan kantor dan atm yang luas, kecepatan dan efisiensi pelayanan, keramah-tamahan karyawan bank serta reputasi dan image bank itu sendiri. jaringan kantor dan atm yang luas menduduki peringkat tertinggi sedangkan bila dilihat dari aspek demografi, responden memilih perkantoran dan pemukiman sebagai lokasi ideal bank syariah. hal ini dimungkinkan karena mayoritas responden memiliki jenis pekerjaan sebagai pegawai swasta dan wiraswasta. selain itu, uji analisis kmo menghasilkan tampilan fisik bank baik internal maupun eksternal, jaringan kantor dan atm yang luas, reputasi dan image suatu bank, keragaman produk, waktu operasi bank serta tingkat bagi hasil yang menarik sebagai faktor-faktor yang memengaruhi responden dalam memilih suatu bank. waktu operasi bank juga merupakan hal yang penting bagi pegawai swasta bila dikaitkan dengan waktu bekerja mereka yang terbatas dan sudah ditentukan. kebutuhan akan keragaman produk muncul dari latar belakang responden yang mayoritas tamat satau setara sehingga cenderung memiliki kebutuhan akan variasi produk bank. apabila analisis ini dikaitkan dengan analisis minat responden terhadap bank syariah, tampak bahwa responden masih tetap mempertahankan rekening di bank konvensional ataupun tidak berminat sama sekali terhadap bank syariah disebabkan faktor-faktor kurang lengkapnya fasilitas bank syariah dibandingkan bank konvensional, kurangnya informasi mengenai bank syariah sehingga mereka menganggap belum perlu bank syariah ataupun tidak ada perbedaan antara bank syariah dan bank konvensional. belum tersosialisasinya sumbersumber informasi bank syariah merupakan salah satu kendala bagi responden dalam memenuhi kebutuhannya akan informasi tentang bank syariah. bagi responden yang berminat terhadap bank syariah disebabkan aspek syariat islam dan tidak riba, hal ini dimungkinkan karena responden didominasi oleh responden beragama islam. dari semua analisis yang dilakukan, penelitian ini mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 210 memiliki keterbatasan yaitu tidak dilakukannya identifikasi terhadap hubungan antara faktor-faktor yang memengaruhi responden dalam memilih suatu bank. hal ini dapat dilakukan dengan penelitian selanjutnya menggunakan crosstab analysis. kedelapan, formulasi strategi pemasaran. pencapaian tujuan dan sasaran pemasaran bagi perbankan syariah dapat dicapai dengan menerapkan strategi pemasaran yang tepat dengan memperhatikan faktor-faktor yang memengaruhi dalam pemilihan suatu bank. pembahasan tentang formulasi strategi pemasaran bagi perbankan syariah di wilayah propinsi dki jakarta didasarkan pada analisis yang telah dilakukan. dari hasil penelitian ini telah menunjukkan bahwa segmen pasar perbankan syariah di wilayah dki jakarta terdiri atassyariah loyalist, floating mass dan conventional loyalist yang memiliki karakteristik maupun besar segmen yang berbeda-beda. untuk itu, maka bank syariah perlu menggunakan strategi pemasaran yang difokuskan kepada segmenting, targeting dan positioning (stp) didasarkan atas perbedaan karakteristik dan besar segmen yang ada. setelah karakteristik dan besar setiap segmen pasar diketahui, maka formulasi strategi pemasaran perbankan syariah hendaknya dimulai dengan pemahaman segmen yang ada tersebut. setelah itu, perbankan syariah dapat merumuskan target market dengan mempertimbangkan potensi pasar serta kekuatan dan kelemahan yang dimiliki oleh bank syariah terkait dengan karakteristik nasabah yang hendak dijadikan target marketnya. berdasarkan potensi pasar dan besar segmen yang ada, maka segmen pasar floating mass merupakan potential target market di wilayah propinsi dki jakarta. apabila perbankan syariah ingin menjadikan segmen ini sebagai target marketnya, maka perbankan syariah harus dapat menentukan positioning yang tepat dengan menjaga keseimbangan antara atribut syariah dengan atribut perbankan, bahkan akan lebih baik lagi bila dapat meningkatkan kualitas dan kuantitas atribut syariahnya sehingga segmen floating mass tidak ragu-ragu untuk menentukan mana prioritas atribut yang dipilihnya. hal ini dapat dilakukan seperti dengan menjaga secara konsisten penerapan prinsip syariah dalam praktik perbankan syariah sehingga dapat menciptakan rasa aman dan jaminan bebas dari riba. berdasarkan hasil analisis terhadap faktor-faktor yang dipertimbangkan dalam memilih bank syariah, maka bank syariah sebaiknya memberikan kemudahan aksesibilitas lokasi jaringan kantor dan atm yang bisa dilakukan dengan pengembangan jaringan kantor kas (office channeling) dan penambahan jumlah mesin atm ataupun melalui kerjasama dengan beberapa jaringan atm (seperti penggunaan atm bersama) di lokasi perkantoran dan pemukiman. al-iqtishad: vol. iv, no. 2, juli 2012 211 memiliki keterbatasan yaitu tidak dilakukannya identifikasi terhadap hubungan antara faktor-faktor yang memengaruhi responden dalam memilih suatu bank. hal ini dapat dilakukan dengan penelitian selanjutnya menggunakan crosstab analysis. kedelapan, formulasi strategi pemasaran. pencapaian tujuan dan sasaran pemasaran bagi perbankan syariah dapat dicapai dengan menerapkan strategi pemasaran yang tepat dengan memperhatikan faktor-faktor yang memengaruhi dalam pemilihan suatu bank. pembahasan tentang formulasi strategi pemasaran bagi perbankan syariah di wilayah propinsi dki jakarta didasarkan pada analisis yang telah dilakukan. dari hasil penelitian ini telah menunjukkan bahwa segmen pasar perbankan syariah di wilayah dki jakarta terdiri atassyariah loyalist, floating mass dan conventional loyalist yang memiliki karakteristik maupun besar segmen yang berbeda-beda. untuk itu, maka bank syariah perlu menggunakan strategi pemasaran yang difokuskan kepada segmenting, targeting dan positioning (stp) didasarkan atas perbedaan karakteristik dan besar segmen yang ada. setelah karakteristik dan besar setiap segmen pasar diketahui, maka formulasi strategi pemasaran perbankan syariah hendaknya dimulai dengan pemahaman segmen yang ada tersebut. setelah itu, perbankan syariah dapat merumuskan target market dengan mempertimbangkan potensi pasar serta kekuatan dan kelemahan yang dimiliki oleh bank syariah terkait dengan karakteristik nasabah yang hendak dijadikan target marketnya. berdasarkan potensi pasar dan besar segmen yang ada, maka segmen pasar floating mass merupakan potential target market di wilayah propinsi dki jakarta. apabila perbankan syariah ingin menjadikan segmen ini sebagai target marketnya, maka perbankan syariah harus dapat menentukan positioning yang tepat dengan menjaga keseimbangan antara atribut syariah dengan atribut perbankan, bahkan akan lebih baik lagi bila dapat meningkatkan kualitas dan kuantitas atribut syariahnya sehingga segmen floating mass tidak ragu-ragu untuk menentukan mana prioritas atribut yang dipilihnya. hal ini dapat dilakukan seperti dengan menjaga secara konsisten penerapan prinsip syariah dalam praktik perbankan syariah sehingga dapat menciptakan rasa aman dan jaminan bebas dari riba. berdasarkan hasil analisis terhadap faktor-faktor yang dipertimbangkan dalam memilih bank syariah, maka bank syariah sebaiknya memberikan kemudahan aksesibilitas lokasi jaringan kantor dan atm yang bisa dilakukan dengan pengembangan jaringan kantor kas (office channeling) dan penambahan jumlah mesin atm ataupun melalui kerjasama dengan beberapa jaringan atm (seperti penggunaan atm bersama) di lokasi perkantoran dan pemukiman. kecepatan dan efisiensi pelayanan dapat diberikan melalui karyawan bank yang cakap dan terlatih. hal ini dapat dilakukan dengan memberikan pelatihanpelatihan yang memadai terhadap karyawan bank syariah sehingga tingkat pelayanan yang diberikan oleh bank syariah dapat bersaing dengan bank konvensional. begitu pula dengan keramah-tamahan pun perlu dijaga agar nasabah merasa nyaman bila berinteraksi dengan bank syariah. reputasi dan image bank syariah sebagai bank yang mengedepankan prinsip-prinsip syariah harus dipertahankan sehingga tidak tercipta opini bahwa bank syariah sama saja dengan bank konvensional. produk perbankan yang dikembangkan hendaknya bervariasi sehingga memudahkan nasabah dalam memilih produk sesuai dengan kebutuhannya. tingkat bagi hasil simpanan yang menarik dan juga tingkat bagi hasil pembiayaan yang rendah dapat membuat nasabah menjadi lebih tertarik dengan bank syariah dibandingkan bank konvensional. fasilitas yang lengkap juga perlu ditingkatkan dan setidaknya dapat sejajar dengan bank konvensional. selain itu diperlukan juga perbaikan sumber-sumber informasi untuk menyosialisasikan perbankan syariah. perbankan syariah seharusnya mampu memberikan fasilitas dan pelayanan yang dapat bersaing dengan perbankan konvensional. jika perbankan syariah memiliki keunggulan dalam aksesibilitas, fasilitas, dan pelayanan dibandingkan dengan perbankan konvensional, maka segmen floating mass merupakan target market yang paling tepat. sedangkan apabila ingin mengembangkan segmen syariah loyalist, maka perbankan syariah harus mampu meningkatkan, menerapkan maupun mengkomunikasikan seluruh atribut potensial syariahnya. pertimbangan utama responden yang berasal dari segmen syariah loyalist memilih menggunakan bank syariah adalah karena sesuai dengan syariat islam dan tidak riba (halal). untuk menjaga loyalitas responden, bank syariah harus mampu menjaga dengan konsisten aspek-aspek yang berhubungan dengan pertimbangan tersebut. bank syariah harus konsisten menjalankan ekonomi islam dalam praktik perbankan syariah agar rasa aman yang diharapkan oleh responden dapat terjaga dan terus meningkat. strategi pemasaran yang harus dikembangkan adalah dengan mengomunikasikan dengan baik keunggulan aspek syariah terutama aspek yang berhubungan dengan syariat islam seperti produk yang sesuai dengan akad. walaupun responden bank syariah sudah dalam tahap penggunaan, namun bank syariah harus meningkatkan loyalitas responden terhadap penggunaan bank syariah dengan menjaga harapan-harapan responden, termasuk menjaga mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 212 motivasi responden dalam menggunakan bank syariah karena sistem bagi hasil, untuk menjalankan syariat agama dan karena tidak menggunakan sistem bunga. hal ini mengindikasikan bahwa responden bank syariah lebih mengedepankan aspek fanatisme sebagai muslim bukan karena faktor ekonomi. tantangan bagi bank syariah adalah harus menonjolkan aspek-aspek yang logis dan real bagi responden agar penggunaan bank syariah lebih karena faktor ekonomi islam yang ideal. selain itu, jumlah segmen pasar ini memang relatif kecil dibandingkan segmen pasar yang lain, namun memiliki keunggulan yakni tidak terlalu sensitif dengan pricing produk. apabila perbankan syariah mampu menunjukkan konsistensinya terhadap aspek syariah, maka akan membuat nasabah menjadi loyal. keberhasilan perumusan dan penerapan formulasi strategi pemasaran sangat ditentukan oleh kemampuan untuk mempelajari karakteristik dan besar segmen pasar, sehingga penentuan target market dan positioning dapat dirumuskan dengan tepat sehingga akhirnya dapat membuat perbankan syariah khususnya di wilayah dki jakarta mampu bersaing dengan perbankan konvensional lainnya. kajian hukum islam terhadap produk hsbc amanah indonesia amanah savings account-ib memberikan pilihan untuk melakukan transaksi dengan mudah dan kemungkinan untuk mendapatkan bonus. tabungan berdasarkan prinsip wadî’ah (titipan terjamin) yang bermanfaat sebagai rekening utama untuk mengelola dan meningkatkan simpanan. wadî’ah menurut bahasa artinya sesuatu barang yang dititipkan bukan pada pemiliknya untuk dijaga11. wadî’ah mengikuti wazan fa’îlah dari lafaz wada’a. menurut syarak, arti dari wadî’ah adalah menitipkan sesuatu benda kepada orang lain serta menjaga dan memeliharanya dengan itikad yang baik. asal hukumnya sunah apabila orang yang dititipi bisa menjaga titipan tersebut. jika tidak ada yang sanggup selain orang tersebut maka menjadi wajib titipan pada orang tersebut, dan tidak merusak manfaat barang titipan serta ada tempat yang layak untuk menjaga. wadî’ah dapat menjadi haram hukumya apabila merusak dan membuka pintu kehancuran barang titipan. menjadi makruh jika bisa menjaga tetapi tidak menjamin keselamatan barang tersebut. wadî’ah menjadi batal karena tiga alasan: (1) salah satu dari orang yang dititipi atau orang yang menitipi barang keadaannya menjadi gila atau mati; (2) orang yang dititipi mengembalikan barang titipan tersebut; (3) hancurnya barang titip 11 himâm nashir al-dîn, fath al-naqib fî tarjamah fath al-qarîb, (kudus: maktabah wa mathba’ah menara kudus, t.th.), h. 375. al-iqtishad: vol. iv, no. 2, juli 2012 213 motivasi responden dalam menggunakan bank syariah karena sistem bagi hasil, untuk menjalankan syariat agama dan karena tidak menggunakan sistem bunga. hal ini mengindikasikan bahwa responden bank syariah lebih mengedepankan aspek fanatisme sebagai muslim bukan karena faktor ekonomi. tantangan bagi bank syariah adalah harus menonjolkan aspek-aspek yang logis dan real bagi responden agar penggunaan bank syariah lebih karena faktor ekonomi islam yang ideal. selain itu, jumlah segmen pasar ini memang relatif kecil dibandingkan segmen pasar yang lain, namun memiliki keunggulan yakni tidak terlalu sensitif dengan pricing produk. apabila perbankan syariah mampu menunjukkan konsistensinya terhadap aspek syariah, maka akan membuat nasabah menjadi loyal. keberhasilan perumusan dan penerapan formulasi strategi pemasaran sangat ditentukan oleh kemampuan untuk mempelajari karakteristik dan besar segmen pasar, sehingga penentuan target market dan positioning dapat dirumuskan dengan tepat sehingga akhirnya dapat membuat perbankan syariah khususnya di wilayah dki jakarta mampu bersaing dengan perbankan konvensional lainnya. kajian hukum islam terhadap produk hsbc amanah indonesia amanah savings account-ib memberikan pilihan untuk melakukan transaksi dengan mudah dan kemungkinan untuk mendapatkan bonus. tabungan berdasarkan prinsip wadî’ah (titipan terjamin) yang bermanfaat sebagai rekening utama untuk mengelola dan meningkatkan simpanan. wadî’ah menurut bahasa artinya sesuatu barang yang dititipkan bukan pada pemiliknya untuk dijaga11. wadî’ah mengikuti wazan fa’îlah dari lafaz wada’a. menurut syarak, arti dari wadî’ah adalah menitipkan sesuatu benda kepada orang lain serta menjaga dan memeliharanya dengan itikad yang baik. asal hukumnya sunah apabila orang yang dititipi bisa menjaga titipan tersebut. jika tidak ada yang sanggup selain orang tersebut maka menjadi wajib titipan pada orang tersebut, dan tidak merusak manfaat barang titipan serta ada tempat yang layak untuk menjaga. wadî’ah dapat menjadi haram hukumya apabila merusak dan membuka pintu kehancuran barang titipan. menjadi makruh jika bisa menjaga tetapi tidak menjamin keselamatan barang tersebut. wadî’ah menjadi batal karena tiga alasan: (1) salah satu dari orang yang dititipi atau orang yang menitipi barang keadaannya menjadi gila atau mati; (2) orang yang dititipi mengembalikan barang titipan tersebut; (3) hancurnya barang titip 11 himâm nashir al-dîn, fath al-naqib fî tarjamah fath al-qarîb, (kudus: maktabah wa mathba’ah menara kudus, t.th.), h. 375. an dengan sendirinya. orang yang menerima titipan tidak menanggung jika rusak (kecuali karena keteledorannya) bila disebabkan oleh keadaan berikut: (1) menitipkan barang kepada orang lain lagi tanpa ijin pemilik barang tersebut; (2) memindahkan barang titipan baik dari kampung atau desa ke tempat yang lebih rendah jaminan keselamatannya; (3) pergi begitu saja. apabila terjadi pertikaian antara kedua belah pihak disebabkan dua keadaan, yaitu: (1) orang yang dititipi merasa sudah menyerahkan barang titipan, maka dibenarkan orang yang dititipi; (2) orang yang menitipkan barang belum menerima barang titipannya, maka yang dibenarkan yang menitipkan barang. amanah term investment-ib ideal untuk pribadi atau korporasi yang menginginkan kemungkinan mendapatkan keuntungan dan mementingkan kepatuhan terhadap prinsip syariah. produk ini diterapkan berdasarkan prinsip syariah, yaitu mudhârabah (kerjasama investasi). pengertian mudhârabah adalah akad kerja sama antara dua pihak, di mana pihak pertama menyediakan seluruh modal dan pihak lain menjadi pengelola.12 keuntungan dibagi menurut kesepakatan yang dituangkan dalam kontrak. apabila rugi maka akan ditanggung pemilik modal selama kerugian itu bukan akibat dari kelalaian si pengelola. apabila kerugian diakibatkan kelalaian pengelola, maka si pengelolalah yang bertanggung jawab. mudhârabah muthlaqah merupakan kerja sama antara pihak pertama dan pihak lain yang cakupannya lebih luas. maksudnya tidak dibatasi oleh waktu, spesifikasi usaha dan daerah bisnis. mudhârabah muqayyadah merupakan kebalikan dari mudhârabah muthlaqah di mana pihak lain dibatasi oleh waktu spesifikasi usaha dan daerah bisnis13. dalam dunia perbankan mudhârabah biasanya diaplikasikan pada produk pembiayaan atau pendanaan seperti, pembiayaan modal kerja. dana untuk kegiatan mudhârabah diambil dari simpanan tabungan berjangka seperti tabungan haji atau tabungan kurban. dana juga dapat dilakukan dari deposito biasa dan deposito spesial yang dititipkan nasabah untuk usaha tertentu. 12 anny ratnawati dan mansur chadi mursid, “potensi dan strategi pengembangan bank syariah di indonesia: kajian produk syariah dari segi fiqih mu’amalat”, jurnal hukum islam, volume 9, nomor 2, desember 2011, h. 255. 13 anny ratnawati dan mansur chadi mursid, “potensi dan strategi pengembangan bank syariah di indonesia”, h. 255. mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 214 penutup terdapat tiga segmen pasar perbankan syariah di wilayah dki jakarta, yaitu segmen syariah loyalist, segmen floating mass, dan segmen conventional loyalist. segmen syariah loyalist dominan berada di wilayah jakarta timur dan jakarta selatan, segmen floating mass berada di wilayah jakarta timur dan segmen conventional loyalist berada di wilayah jakarta barat. selain itu, segmen floating mass merupakan target pasar yang paling potensial di wilayah provinsi dki jakarta karena memiliki pangsa pasar terbesar bila dibandingkan dengan segmen syariah loyalist ataupun segmen conventional loyalist. walaupun demikian, masyarakat beragama islam masih merupakan target pasar utama bagi bank syariah karena jumlah segmen floating mass secara dominan diperoleh dari responden beragama islam dan didominasi oleh jenis pekerjaan pegawai swasta dan wiraswasta. berdasarkan analisis klaster dan analisis faktor, dihasilkan bahwa semua segmen tidak memiliki perbedaan yang signifikan terhadap faktor-faktor yang memengaruhi dalam memilih suatu bank, yang membedakan hanyalah urutan prioritasnya. faktor-faktor yang memengaruhi responden dalam memilih suatu bank adalah jaringan kantor dan atm yang luas, kecepatan dan efisiensi pelayanan, keramah-tamahan karyawan bank serta reputasi dan image bank itu sendiri. jaringan kantor dan atm yang luas menduduki peringkat tertinggi. sedangkan bila dilihat dari aspek demografi, responden lebih memilih perkantoran dan pemukiman sebagai lokasi ideal bank syariah. hal ini dimungkinkan karena mayoritas responden memiliki jenis pekerjaan sebagai pegawai swasta dan wiraswasta. uji analisis kmo menghasilkan tampilan fisik bank baik internal maupun eksternal, jaringan kantor dan atm yang luas, reputasi, dan image suatu bank, keragaman produk, waktu operasi bank serta tingkat bagi hasil yang menarik sebagai faktor-faktor yang memengaruhi responden dalam memilih suatu bank. waktu operasi bank juga merupakan hal yang penting bagi pegawai swasta bila dikaitkan dengan waktu bekerja mereka yang terbatas dan sudah ditentukan. kebutuhan akan keragaman produk muncul dari latar belakang responden yang mayoritas tamat s-1 atau setara sehingga cenderung memiliki kebutuhan akan variasi produk bank. [] pustaka acuan antonio, m. syafi’i, bank syariah: wacana ulama dan cendekiawan, jakarta: stei tazkia, 1999. bank indonesia dan cbr universitas andalas, identifikasi faktor penentu kepual-iqtishad: vol. iv, no. 2, juli 2012 215 penutup terdapat tiga segmen pasar perbankan syariah di wilayah dki jakarta, yaitu segmen syariah loyalist, segmen floating mass, dan segmen conventional loyalist. segmen syariah loyalist dominan berada di wilayah jakarta timur dan jakarta selatan, segmen floating mass berada di wilayah jakarta timur dan segmen conventional loyalist berada di wilayah jakarta barat. selain itu, segmen floating mass merupakan target pasar yang paling potensial di wilayah provinsi dki jakarta karena memiliki pangsa pasar terbesar bila dibandingkan dengan segmen syariah loyalist ataupun segmen conventional loyalist. walaupun demikian, masyarakat beragama islam masih merupakan target pasar utama bagi bank syariah karena jumlah segmen floating mass secara dominan diperoleh dari responden beragama islam dan didominasi oleh jenis pekerjaan pegawai swasta dan wiraswasta. berdasarkan analisis klaster dan analisis faktor, dihasilkan bahwa semua segmen tidak memiliki perbedaan yang signifikan terhadap faktor-faktor yang memengaruhi dalam memilih suatu bank, yang membedakan hanyalah urutan prioritasnya. faktor-faktor yang memengaruhi responden dalam memilih suatu bank adalah jaringan kantor dan atm yang luas, kecepatan dan efisiensi pelayanan, keramah-tamahan karyawan bank serta reputasi dan image bank itu sendiri. jaringan kantor dan atm yang luas menduduki peringkat tertinggi. sedangkan bila dilihat dari aspek demografi, responden lebih memilih perkantoran dan pemukiman sebagai lokasi ideal bank syariah. hal ini dimungkinkan karena mayoritas responden memiliki jenis pekerjaan sebagai pegawai swasta dan wiraswasta. uji analisis kmo menghasilkan tampilan fisik bank baik internal maupun eksternal, jaringan kantor dan atm yang luas, reputasi, dan image suatu bank, keragaman produk, waktu operasi bank serta tingkat bagi hasil yang menarik sebagai faktor-faktor yang memengaruhi responden dalam memilih suatu bank. waktu operasi bank juga merupakan hal yang penting bagi pegawai swasta bila dikaitkan dengan waktu bekerja mereka yang terbatas dan sudah ditentukan. kebutuhan akan keragaman produk muncul dari latar belakang responden yang mayoritas tamat s-1 atau setara sehingga cenderung memiliki kebutuhan akan variasi produk bank. [] pustaka acuan antonio, m. syafi’i, bank syariah: wacana ulama dan cendekiawan, jakarta: stei tazkia, 1999. bank indonesia dan cbr universitas andalas, identifikasi faktor penentu keputusan konsumen dalam memilih jasa perbankan antara bank syariah dengan bank konvensional di wilayah sumatera barat, jakarta: bank indonesia, 2006. bank indonesia dan lp institut pertanian bogor, potensi, sikap dan perilaku masyarakat terhadap bank syariah di wilayah jawa barat. bogor: lembaga penelitian ipb, 2000. bank indonesia dan pusat penelitian kajian pembangunan lembaga penelitian universitas diponegoro semarang, penelitian potensi, preferensi dan perilaku masyarakat terhadap bank syariah di wilayah jawa tengah dan daerah istimewa yogyakarta, jakarta: bank indonesia, 2000. bank indonesia, statistik perbankan syariah 2004, dalam http://www.bi.go.id, diakses pada 25 februari 2008. bappeda dki jakarta, data perbankan provinsi dki jakarta (termasuk banten), dalam http://www.jakarta.go.id, diakses tanggal 26 februari 2008. direktorat penelitian dan pengaturan perbankan bank indonesia, potensi, preferensi dan perilaku masyarakat terhadap bank syariah di pulau jawa, jakarta: bank indonesia, 2000. direktorat perbankan syariah bank indonesia, statistik perbankan syariah 2008, dalam http://www.bi.go.id, diakses pada 25 febtuari 2008. karim business consulting, islamic banking consumer behaviour in indonesia: a qualitative approach. jakarta: kbc, 2005. nashîr al-dîn, himâm, fath an-naqib fî tarjamah fath al-qarîb, kudus: maktabah wa mathba’ah menara kudus, t.th. priyatno, d., mandiri belajar spss untuk analisis data dan uji statistik, yogyakarta: mediakom, 2008. ratnawati, anny, dan mursid, mansur chadi, potensi dan strategi pengembangan bank syariah di indonesia: kajian produk syariah dari segi fiqih mu’amalat, jurnal hukum islam, volume 9, nomor 2, desember 2011. saeed, a., islamic banking and interest: a study of prohibition of riba and its contemporary interpretation, leiden: ej brill, 1996. sharma, s., applied multivariate techniques. jakarta: penerbit erlangga, 1994. simamora, b., analisis multivariate pemasaran, jakarta: penerbit pt gramedia pustaka utama, 2005. suharjo, b., sampling technique, jakarta: mars school of marketing & research, 2006. suku dinas kependudukan dan catatan sipil dki jakarta, jumlah penduduk provinsi dki jakarta 2008, dalam http://www.jakarta.go.id, diakses pada 20 januari 2008. mansur chadi mursid & rr. kathrin irviana: analisis segmen pasar 216 undang-undang no. 10 tahun 1998 tentang perbankan, jakarta: bank indonesia, 2000. wijaya, a., analisis segmen pasar dan perilaku nasabah terhadap bank syariah di wilayah yogyakarta dan implikasi pemasarannya, tesis tidak diterbitkan, bogor: manajemen dan bisnis institut pertanian bogor, 2006. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 287 306 first draft: january 20, 2016; revision: april 18, 2016; accepted: june 15, 2016 al yamamah university. 7010 king fahd road, al qirawan, riyadh 13541, saudi arabia e-mail: tahrimnoor@hotmail.com doi: 10.15408/aiq.v8i2.3161 abstract: islamic banks service innovation quality: conceptual model. customer perspectives and satisfaction level are considered important for analysing the performance of islamic bank service quality. sufficient researches has been done to explore customer perception and satisfaction level with islamic banking service quality, however there is lack of data to compare and find the similarity in understanding the main determinant attributes needed for islamic banking service quality. the purpose of this paper is to describe and integrate the results of existing wealth of research on service quality in islamic banks. after weighing up all the views from existing research, common findings, concerns will be discussed. this research did not find much of information or studies indicating toward innovation in islamic banking service quality. thus based on review of the literature this paper suggests main key attributes of service for islamic banks (riba service iq). this research strongly asserts that sincere motivation, truthful intention, dynamic and practical service innovation of quality approaches can uplift islamic financial brand. keywords: quality; service; islamic banks; customer satisfaction; innovation abstrak. inovasi kualitas layanan bank syariah: model konseptual. persepsi konsumen dan tingkat kepuasan merupakan elemen penting dalam menganalisis kinerja dari kualitas layanan bank syariah. telah banyak penelitian yang membahas persepsi konsumen dan tingkat kepuasan terhadap kualitas layanan bank syariah, namun masih ada keterbatasan data untuk membandingkan dan menemukan keterkaitannya dengan faktor penentu utama yang dibutuhkan dalam kualitas layanan bank syariah. tujuan dari artikel ini ialah untuk menggambarkan dan mengintegrasikan hasil-hasil penelitian yang ada mengenai kualitas layanan di bank syariah, kemudian mencari temuan umum untuk kemudian didiskusikan. penelitian ini tidak menemukan banyak informasi mengenai kajian terkait innovasi kualitas layanan bank syariah. oleh karenanya berdasarkan kajian kepustakaan yang dilakukan dalam kajian ini menyarankan atribut utama dalam kualitas layanan bank syariah ialah riba service iq. kajian ini menekankan pentingnya motivate, intensi kepercayaan, dinamis, dan innovasi layanan merupakan beberapa hal yang dapat meningkatkan citra atau merek dari keuangan syariah. kata kunci: kualitas; layanan; bank syariah; kepuasan konsumen; inovasi islamic banks service innovation quality: conceptual model tahreem noor khan 288 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 introduction islamic banking emerged rapidly to fulfil the financial needs of muslim consumers, by using different viable modes of islamic financing. these tools of financing were designed to avoid, unjustified increase of money on money (ribā), risk-free return and high uncertainty (gharar). to offer islamic finance products and services, the number of full-fledged islamic bank branches has increased since 1985. the industry then further expanded with the entrance of local and international conventional banks, which advertised their islamic banking products heavily. at the present time of heightened competition, it has become more difficult for islamic banks to differentiate themselves. it is believed that the competitors can quickly copy product and its sharia structure; however it is believed that only the quality of service can be often the differentiating factor between competing banks (ryal and knox, 2001; zeithaml, berry and parasuraman, 1988; ioanna, 2002). wilson (2009) also stresses that while competing with conventional institutions, islamic banks need differentiate their services through quality. availability of products/ services of a higher level, and religious perspective can make islamic banking easier to choose and can increase customer satisfaction and trust (haque, et.al, 2009). to check the penetration level in such intense competitive environment, different methods and techniques have been applied to measure customer satisfaction, knowledge, awareness, trust and level of quality (aaker, 1996). parasuraman, zeithaml, and berry (1993) proposed a specific list of service quality dimensions to determine the difference of customers’ expectations and the actual level of service received: (1) tangible: equipment and appearance of staff. (2) reliability: ability to perform the promised service accurately (3) responsiveness: willingness to help customers, provide prompt service and apologies for any error or mistake (5) assurance: staff knowledge, courtesy and politeness of employee (6) empathy: satisfactory communication and understand individual customers need in this respect, it is interesting to note that after almost thirty years of the gaps model (service quality model by parasuraman, zeithaml and berry 1985, 1988) still researchers utilize original version or adapt with adjustments its scope and application. it is mainly used because of its ease of use and adaptability to different service sectors (nyeck, et.al, 2002). existing literature also believe that islamic banks’ managers can use the carter model (compliance, assurance, reliability, tangibility, empathy, and responsiveness) for understanding customers’ needs, and to improve islamic bank service and performance (othman and lynn, 2001; shahril, et.al, 2004). available data established that there can be a direct, positive, significant and strong link between the effect of service quality on product quality awareness, trust and tahreem noor khan: islamic banks service innovation 289 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 most importantly customer satisfaction/loyalty in islamic banking (noravida, 2015; shiraj, et.al, 2014; bashir, naeem akhter, et.al, 2011; irwan, et.al, 2013; rashid, et.al, 2014; warsito, 2015; hidayat, et.al, 2015). customer service quality is highly significant on corporate image and highly significant on switching cost aswell (naveed, et.al, 2014). if the service were not satisfactory customers would be would disappoint and might leave an organisation (tang and zairi, 1998; karin and ghauri, 2004). according to fisk (1993), “the quality of service provided to a customer is one of the main links to customer satisfaction, and customer satisfaction leads to customer retention.” customers will remain loyal to an organisation if the service value is greater than that expected from competitors (zeithaml and bitner, 1996). innovation capability has a significant impact to attract the customer towards the organization (naveed, et.al, 2014). in fact, the prerequisite of high-quality service may be a differentiation strategy in enhancing customer satisfaction (muslim and zaidi, 2008). in such harsh competitive global banking market and availability of products /services, islamic banking has no choice but to focus on attracting, developing, and retaining customer satisfaction. it can be achieved if islamic banking has good information about customer satisfaction (muslim and zaidi, 2008). literature indicates that most of the customers choose islamic financial providers as a result of islamic aspect and economic/quality services (erol, et.al, 1990; haron et al., 1994; dusuki and abdullah, 2007; haque, et.al, 2009, sehrish, 2011; cheng, et.al, 2011; salah, 2014; sameena, 2014). in most cases, religious preference is high because of culture, environment, upbringing, islamic knowledge and understanding toward religion. however abdulkader identify moderate muslims who give more priority to service quality and the time value of their savings (abdul kader, 1993). not only muslim, in kuwait, conventional banks’ users prefers islamic banks because of better service (alsultan, 1999). along with religious element, studies indicate that, indicates that, islamic bank management perceived that their service delivery was unsatisfactory (izah and mazlina, 2009). in pakistan bank managers also feels some lacking of service attitude by the islamic banks might be some policy matters by the top management (agha & ali, 2013). wakhid and soviyanti (2007), study also suggested that islamic leader should lead in such case. abed (2011) also suggested changes in some factors such as: employee training and management decision making, although these kinds of changes need more money and time, in long run it will lead to customer satisfaction. banks should give much attention to issues perceived minor by them but considered as highly important for the depositors such as the dress code of female staff, promptness in giving responses, effective communication skills, and 290 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 strict adherence to information about the bank csr activities (muhammad abduh, 2011). the crucial areas that need the attention of the management were related to reliability and responsiveness (izah and mazlina, 2009). negative influence of ‘responsiveness’ on customer satisfaction exist: rarely provides prompt services and customers have to wait longer hours to be facilitated, thus it then demands for the redesign of the existing communication network of the banks (asif and zaheer, 2014; mubassher and maryam, 2014). faizan & zhou (2013) study suggests that islamic banks can improve their service quality by improving their internet facilities and online services. indeed, sufficient knowledge in various islamic banking instruments compounded with other relevant aspects such as ethics, professionalism in handling any transaction, duties and responsibilities will enhance productivity and smooth-running of islamic banking (noravida, 2015, dusuki and abdullah, 2006). to retain customers, increase customer satisfaction and profitability, in such intense competition it is essential for islamic bank management and leaders to integrate service quality innovation into their planning and service. islamic banks may require focusing on strategic choice and providing innovative products/services to gain competitive advantage (muhammad ali, 2015). islamic banks need to have a clear understanding of their core capabilities in compare to their competitors, and how well islamic bank work together with customers and internal and external experts (sharia scholars, academics, bank professionals, senior researchers) to deliver innovative products and services. they need to make sure roles, responsibilities and culture in the islamic bank support service quality innovation is having an effective metrics to measure and reward successful innovation. methods the research design, guided by a qualitative philosophy, inductive in nature. based on extensive literature review methodology on existing body of knowledge regarding islamic banks service quality. most of the existing studies (empirical survey) emphasizing one or two country with reasonable customer sample, they set hypotheses to prove that service quality has linked with customer satisfaction and found that there is a direct positive relationship with service excellence as it leads to customer satisfaction and then change into customer loyalty (rashid, et.al, 2014). each existing research has its purpose and findings, however this study believe that the impact of research will be more if we extract the common issues and findings of similar available researches (around 40) to understand the main attribute of service quality in islamic banks in a greater perspective. this research tahreem noor khan: islamic banks service innovation 291 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 made an attempt to collect existing researches between 20002015 with regard to ‘islamic bank service quality’ and ‘quality framework model islamic bank’ without restriction to any specific country. most of the existing studies used framework of the service quality gap model of parasuraman with some modification with religious aspect. academia seriously lack in-depth research or model thus this research study around 27 existing cater islamic banking service survey to identify the most common highest and lowest cater suggested by literature which islamic bank can focus on strategically to improve their service quality. researcher believe innovation is possible in islamic bank service but, some elements need to be focus: mission and vision statements, hr practice and training, service innovation regime and effective marketing and measurement strategies result and discussion there is no specific current service innovation model/study for islamic banks therefore based on existing research findings, proposing conceptual service innovation model for islamic bank. before proposing the model, a discussion of the above four points and the relevant literature review that led to the deduction of these points will be presented. constant reinforcement of element of vision/mission statements grais and pellegrini (2006) explore that selection of mission statements of islamic financial institutions focus on two broad sets of objectives (compliance and service). kahf (2004) believed islamic banks can improved their service through the following: personalizing banking service, providing social objective products/ services, raising the professional level of employed service with customers, and strong concern in the investment department. grais and pellegrini (2006) said that to the provision of excellent services are services should provide to all community and promoting professional and qualities of management. in the same line of approach, nevine (2013) reviewed 8 conventional banks and the 2 major islamic banks in egypt, and suggested that management should ensure that the banking environment should concentrate on fair and prompt service to their customers. corporate social responsibility positively influences customer satisfaction toward banking service quality. managers need to be convinced that social-welfare and profit maximization objectives need not be conflicting goals. instead, commitment towards various social-welfare initiatives and programs could be used as a strategic marketing tool to enhance reputation 292 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 and secure stakeholders commitment, which is beneficial and profitable for the business in the long run. almost all major islamic banks emphasize on the same broad approach: unique products, fast, convenient service, technological innovation. though it is understandable that mission statement in isolation cannot constitute an effective driver behind higher performance, it is recommended that the businesses should coupled these statements with well-motivated team to make sure that islamic banks respond to the needs of their clientele much in line with their mission statements. a competent, knowledgeable seniors islamic bank managers will prevents mission drift and actively plans the future, redefined on a regular basis in line with changing circumstances, stick to culture and religious knitting, keeping the market led vision and mission central. it provides practical advice to management in key areas such as islamic law, strategic planning, information technology etc. failure to forge and communicate a coherent service quality strategy is a serious service quality gap. the implication here is that there should be an interdependent relationship between the mission statement and the practices of islamic banks for the mission statement to translate into enhanced performance and give that entity a competitive advantage. strategy is describe as a critical aspect and prerequisite for any sort of innovative activity, and believe without it innovation may be blind, directionless, or never occur (rubalcaba et al. 2012; stewart and fenn, 2006). in 2014, jordan dubai islamic bank (jdib) won the ‘best innovative bank’ award by global finance magazine, their mission statement focuses on: “to provide distinctive and innovative services emanating from the divine principles of islam to build lasting and solid partnerships and to maximize benefits to all stakeholders”. thus jdib banking philosophy is embodied in the bank’s slogan “solid principles, innovative solutions. it is worth mentioning that jdib is the first islamic bank to utilize the innovative services including the queuing system and introduced award winning products; such as safwa (elite and affluent customers banking services within the framework of privacy, perfection and respect) and kanzy (kids’ saving account). similarly, in 2015, noor bank named ‘most innovative’ islamic financial institution by global finance magazine. noor bank mission is, “to be ranked among the top 100 most innovative companies in the world, by 2020”. as a result to fulfil mission component, noor bank support deployment of innovative mobile wallet, it will enable users as to make secure and safe payments at many retail outlets within dubai through their mobile phones as an alternative to cash. users will have an option to top up their mobile wallet using cash, or their existing credit cards, or direct bank account transfers, or by transferring funds from tahreem noor khan: islamic banks service innovation 293 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 one wallet to another – allowing multiple channels. this will be the first application with a stored-value mobile wallet feature in the region. develop service innovative culture by investing in hr practice and training: shahril, et.al (2004) raise that who should be involved and responsible for implementing service quality in islamic banks: should it be the board of director, the general manager, midmanagement, or all of them? (shahril, et.al, 2004). for that shahrani (2015) suggests that islamic banks need to create feasible service quality programs and put into practice at all management and departmental level. rice and essam (2001) suggest that islamic banks should use a case study approach (employee interviews, focus group surveys and observation) to check integration of top management, staff satisfaction, quality and innovation. however, this research believes, energy alignment is required from top to bottom level, no matter which hierarchy is responsible for developing service quality program. instilling a “culture” of customer service is highly dependent on the commitment and competence of the employees, however it involves a host of management and organizational processes such as staff recruitment, selection, training and teaming. innovative mechanism should be developing at islamic banks to build staff capacity, successor planning, and a mentorship programme, which rotates potential managerial staff around departments. it will give them exposure to get knowledge about religious implications at banks and operational side as well. migrating to a service culture is possible in the presence of these satisfying factors it may also create positive, virtuous circles, reinforcing the bond between contact staff of islamic banks and customers. employees’ care, willingness to help (responsiveness), accurate information and free of uncertainty were the most important factors in providing quality of service by islamic banks to their customer satisfaction, trust and credibility of the bank (irwan, 2013). gronroos (1988, p 13) maintained that customers expect “immediate” and “active” corrective action when a service failure occurs. for taking corrective action, islamic bank should begin to identify weak area and makeup for such weak aspect, such as most of the customers complained about shortage of staff. islamic bank should realize and take initiative to increase the number of employees for speedy transaction specifically during rush days (e.g. ramadan, eid, hajj). this can maintain the level of customer satisfaction (ramdhani, et.al, 2011). islamic banks need to invest heavily in training and development of human resource, as it will improve customers handling and enhance image and reputation of the banks, which is the most major determinant for the customer satisfaction (noravida, 2015). islamic banks staff should receive training in the skills and 294 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 capabilities required to deliver service excellence: interpersonal communication, sales techniques, customer care: identifying and resolving client difficulties, emotional smile campaigns, “personalized service” and “service recovery”. such service thinking and service mindset enhances the quality of islamic banking staff which, in turn, will influence or attract more customers into choosing islamic financing as their preferred choice (abdel kader, 2009). more qualified, experts and knowledge-based work forces are needed for this purpose to be absorbed into this industry. presence of such qualified experts and knowledge-based work forces will help to promote greater innovation especially in dealing with islamic financial products (abdul ghafoor and maliha, 2014). staff motivation and energy alignment: in many islamic organizations leader does not want to listen to any critics and most of their task is just depend on verbal communication, it effect the relationship between leader and subordinate (tanjung and bahri, 2005). noravida, (2015) recommended establishing a motivating system for islamic bank employees as well. adequate levels of autonomy, allowing employees to set objectives, well-designed incentive schemes based on staff performance, and ensure improved service delivery. internal communication and inexpensive corporate notice boards can be used to encourage staff suggestions. for this very reason employee energy alignment and back office process improvements are very innovative endeavours, which demand sustainability, discipline and forethought. service innovation regime in islamic banks: customer input islamic banks should not take for granted the expectation of their customers by assuming that they are prompted to deal with islamic banks solely based on their religious consciousness. rather, islamic bank management must measure the overall customer’s satisfaction and understand the nature of service quality and customer value and how these features promote in satisfying customers (abdel kader, 2009; shahrani, 2015). customers have a different preference in every step of their transaction and decision process (pepper, 1999). different consumers have different criteria for using bank products and services, one may choose a bank for religious reason only whereas other consider islamic banks because of convenient atm locations, accessibility of the branch, sufficient parking or low charges (salih, et.al, 2014; abdel kader, 2009). recognizing those customers’ individual differences, financial services need to be delivered that are variable, frequent, convenient, affordable, and sustainable. a survey revealed that respondents in saudi arabia are dissatisfied or neutral position with regard to quality services. there is no department responsible for quality measure and control in organization, therefore study suggest that here is a tahreem noor khan: islamic banks service innovation 295 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 need to utilize quality knowledge and practice at both operational and managerial level (alshahrani, 2015). any customers’ complaints or disappointments upon islamic bank’s service quality must be treated wisely and carefully in order to retain existing customers and prevent them from switching to other banks (muhammad abduh et al., 2014). often customers complain that all customers are not treated equally. they have to wait a long time to have a service. according to them valued and loyal customers always get extra facility and customized services from officers where normal customer do not. systematic monitoring of complaint data should lead to identification of critical service encounters and potential failure points. input from employees to this process is vital, as they can contribute to identification of the causes of failures and resulting customer dissatisfaction (muhammad abduh et.al, 2014). it will help in innovating the specialized services according to the needs and demands of the customers. in this regard, the financial institutions must focus in terms of end result of their service quality innovations (mubassher and maryam, 2014). not to ignore demographic aspect: impact of service quality factor on customer satisfaction among the customer is depends upon the demographic profile of the customers. frequent surveys, specifically demographical approach could be conducted to obtain the data from the different customers regarding their perceptions, expectations and recommendations to improve the service quality (mubassher and maryam, 2014). for example, the degree of influence of the service quality factors on customer’s satisfaction is higher among the male, mature and highly educated customers (norma, 2012). among non-muslims, the x-generation has a more favourable perception towards islamic banking than baby boomers (loo, 2010). the findings of ahmad et al. (2010) suggested that bank managers should consider the demographic characteristics of their customers in order to take quality initiatives to improve their products. the findings provide a guideline to islamic banks regarding meeting the expectations of male and female customers according to their specific requirements. bank managers of both islamic and conventional banks should take innovation on quality to improve their banking products and service by considering demographic characteristics of the customers (shiraj, et.al, 2014). similarly akram and parves (2015), insist to conduct research about how demographic variables including income, gender, religion, age, and profession affect islamic banking service quality perceptions? many of the previous researches on this construct have been done in developed countries mubasher and maryam (2014) conducted this research study in a developing country where the concept of customer service and service quality is entirely different from developed 296 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 countries on environmental grounds. islamic banks need to be aware of another categorization of customer based on taufeeq (ability) and hidayah (guidance). research identified four types: “sharia loyalists” (taufeeq+ hidayah), “floating market” (taufeeq + no hidayah) or “market trend follower” (hidayah + without taufeeq) (adnan, et.al, 2013). untangle research regarding service innovation regime: islamic banks customer service measures needs urgent improvement in order to ultimate survival in the banking sector (agha & ali, 2013). response rates for surveys of service quality and satisfaction “are declining” because they are often conducted with “a research mentality” research for the sake of research and do not adequately address the informational role or re-involve customers in providing on-going feedback to banking services. in such dire need, islamic banks can establish an innovation incubator lab to drive improvement in products, services, and processes. external partnerships with academia and internal train dedicated innovation research teams can carry out customer-focused research to expand the department research ability. new ways of collecting data such as islamic banking service quality “idea contest”, “brainstorming session with customers” and “mystery-shopping” can establish. conducting a global competitor review on innovative practices in islamic financial services can inspire idea generation. if islamic banks adding new services, measure the return on that specific innovation. efficiency in service innovation has to be appreciated. on the other hand, islamic banks can share their experiences so their practical solution can become theory on academic grounds. learning from academic to practical and vice versa can be proactive if the collaboration happens. effective marketing and measurement strategies shiraj, et.al. (2014) concluded that there is a positive and greater relationship between service quality and customer satisfaction in islamic banks. however, in some cases, it is found that customers have limited knowledge in relation to islamic banking products in pakistan (sehrish rustam, 2011), brunei (bashir, 2013), and kuwait finance house (kamal, et.al, 2013). this is due to the reason that islamic banks have not done enough marketing their products and services. this requires more efforts from the bank’s management to familiarize its customers with all its existing products and services as well as introducing new products (kamal, et.al, 2013). one of the main selection criteria of islamic banking in pakistan is: mass media advertising, along with responsive attitude of the bank staff (abdul ghafoor and maliha, 2014). some literature suggests that islamic banks should pursue an aggressive customer awareness campaign about islamic banking products and their benefits to the customers (gambo, 2013). whereas, other literature stresses islamic tahreem noor khan: islamic banks service innovation 297 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 banks may be required to do counselling, effective promotion to attract existing and potential target market and focus on strategic choice in providing products and services which are more innovative in order to gain competitive advantage (muslim and zaidi, 2008; shiraj, et.al, 2014). proper marketing and promotion of islamic financial services will improve customer’s satisfaction and reputation of islamic banks (abdul ghafoor and maliha, 2014). the impact of service quality gaps on strategy formulation and implementation makes it increasingly important for the top management to realize. lack of staff knowledge in the basic principles of total quality management, work pressure and tight deadline, poorly defined indicators/too many indicators are decisive factors that affect negatively on growth and success of islamic banks (haque, et.al, 2014). identification of key internal performance indicators, standard working procedures, organizational structures, redesign the business function and processes can serve as a measure of the effectiveness of the performance of the organization (lubis, 2015; mubassher and maryam, 2014). for continuous improvement and adopting service quality effectively in islamic banking management requires a clear understanding of what service quality means to their customers. customer’s’ may be more concerned towards other aspects of services, so prime objective of the business strategy of islamic banks should be to use effective diagnostic tool to understand and determine premium service quality factors that enhance the customer perceived value, satisfaction and loyalty (mubassher and maryam, 2014). successful banks strategies: literature suggests that islamic banks may find it useful to observe the practices of successful banks so as to design their programs for enhancing the quality of their services (shahrani, 2015). interior benchmarking: another suggestion to retain existing customers and attract more new customers was an interior benchmarking system, it can establish based on the results obtained (noravida, 2015). whichever franchise of islamic banks that acquire high customer satisfaction should become a benchmark to be exampled by other branches of the bank and vice versa (noravida, 2015). train islamic banks employees based on service quality measurement: islamic banks should train their employees on the application of service quality measurement techniques. service quality gaps affect service delivery; so departmental managers must detect and eliminate them as early as possible in any service operation. however, islamic bank employees will not appreciate service quality measurement techniques if it has not led to increased job satisfaction, reduction of job process, and limited creativity. usages of latest technology should be increased and employee should be skilled in operating that technology. without accessibility to data, makes the process impractical, and likely to be underutilized. the information needs to be 298 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 updated due to customer needs and expectations change over time. to enhance the quality of service and its impact on the management, saleh (2005) included ‘data measurement, analysis and improvement’ and ‘quality practice tools and methodologies’ in a model along with eight main elements: first, management leadership and commitment. second, islamic bank strategic direction, including vision, mission. third, customer focus as a driving force. fourth, core business through sharia principles and compliance. fifth, quality practice tools and methodologies. sixth, bottom-up contribution (through employees). seventh, competitive infrastructure. eight, data measurement, analysis and improvement top management commitment and strong communication quality measurement business result vision, mission sharī'ah principle islamic banking standard customer needs and requirements customer focus and satisfaction data measurement analysis and improvement strategies operational management information technology, human resource, methodology, marketing figure 1-islamic banks quality monitoring (saleh, 2005) findings islamic banks service quality dimensions due to the pervading role of services, this research believes that service quality has no boundary or end point but can always be improved. literature review findings also confirmed that service quality is one of the critical success factors that can effect customer satisfaction and loyalty. it is noticed from the literature analysis that for islamic bank customers, religious factors considered as the main motivation in bank selection. to investigate religious aspect, carter model added compliance dimension. apart from religious factor, responsiveness and reliability dimensions are significant factor for islamic banks customers. responsiveness (timely reaction towards the customers’ needs) is a crucial determinant of service quality, and the tahreem noor khan: islamic banks service innovation 299 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 lack of this dimension can have, both negative and positive satisfaction element. predominantly another most important dimension in islamic banking service quality is reliability, which relates to process quality, it evaluate whether expected standards and promises are deliver accordingly. assurance and tangibility can be addressed as the quality of social interactions and stresses personal attention between the customers and islamic banks. according to table below empathy is not a key aspect of islamic banking service quality. complexity of service quality evaluations to understand the key dimensions of service quality in islamic banks and measuring the gap between customer expectations and experiences as a determinant of satisfaction, most of the above recent studies used framework of the service quality gap model of parasuraman with some modification. it is hard to recognize that whether islamic bank customers are not satisfied with the level of service or by its randomness in approach? does inconsistency of one dimension (e.g. tangibility) have an effect on others? does customer will leave bank, if islamic bank interior is very fancy, attractive and grand but the staff service is impolite? or islamic bank is responding to customer queries but lack connectivity with customer emotions (lack of empathy), in that case customer will leave the bank? what if islamic bank customers are not using internet banking service, but perception about internet banking is positive. statements about courteous and reliable staff are meaningless if the customer perceives that he/she did not receive the credit card or other request. thus servqual deals with individual dimension without connecting with other dimensions thus narrow in scope. in this case it cannot provide the complete picture of service quality innovation in islamic banking. first, output of a service is hard to measure. the idea of prediction assumes that service quality deals with behavioral intentions, though every individual think, behave, and act in different way (cronin, brady, and hult, 2000). difference, which comes in at the level of delivery of service due the difference in human behaviour of those offering services and the consumer. no doubts expectations are likely to change over time and expectations involve subjectivity. it occurs when frontline staffs at bank offers assistance to one customer at the counter, that same person cannot offer exactly the same thing to the next customer because of differences in behaviours and query. this is why it is difficult to determine the quality and level of service provided since consumers queries and staff are different at every branch (beamish and ashford, 2007,). servqual does not enable to identify the difficulties, which are associated with outcomes of the service encounter as it focuses on the process of service delivery (buttle, 1996). second, unstable dimension, vague statements 300 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 and lengthy customer’s survey. along with gap score issue with servqual instrument, another extensive criticism is related to use of improper wordings and unstable dimension (cronin and taylor, 1994; jiang et al, 2002; babakus and boiler, 1992). fawzan (2005) survey used (sb accounting system is good) which can be unclear statement to check with customer, how does customer knows about islamic bank accounting, whether it is good? similar context in sentences are found in tangibility (sb layout nicely done) and accessibility (moving inside sb is easy) such statements can be subjective. differences exist in islamic bank surveys used for measuring service quality, muslim and zaidi (2008) stated about banking hours in tangibility whereas other research adds the similar statement in accessibility. buttle (1996) indicate that completing the servqual questionnaire is a lengthy process (questionnaire one section measures 22 expectations questions and then another section measure the perceptions with respect to the same 22 questions), and that the length of the questionnaire could lead to confusion. this research believes that measuring expectations is unnecessary, as every individual will have idealistic approach. and there will always be a gap in expected and actual service. third, lack of service innovation quality models for islamic banks. wealth of research investigated the aspect of islamic banking service, but no concrete suggestions are there to improve islamic banking service innovation. most of the surveys are investigating normal statements about customer service, trust/reliability factor, branch location and hours; there is not much to know what is missing in the key services. there is a possibility if same set of questions asked in negative statements (service is delayed or transaction occur with errors). fourth, sample size should be diverse: most of the current service quality islamic bank researches conducted data from one country or one bank; it will be more exploratory if comparison between different islamic banks and countries will be analysed. fifth, analyse the impact of service quality researches: it should be analyse whether the “islamic bank service quality researches are conducting for the sake of research” or these academic research findings have an impact in improving islamic banking service quality. sixth, more dimensions are required: serious other factors need to incorporate such as, customers preference in using mobile applications, social networks and internet bank or strategic social responsibility factor can be included in dimensions: how important is social responsibility dimension compared to the other dimensions in the evaluation of service quality. seventh, does survey talks about customer categories. literature identifies two types of customers; the first group: strictly follow and stick to the religion “sharia loyalists” “and wanted to be with islamic banking at any cost, second group moderate muslims who give more priority to service quality and the time value of their savings, floating market” tahreem noor khan: islamic banks service innovation 301 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 or “market trend follower (abdul kader, 1993; adnan, et.al, 2013). thus, islamic banks need to be aware of such customer categories but in term of service quality survey one format is used for both categories. carter dimension compliance assurance reliability tangibility empathy responsiveness service quality customer involvement customer satisfaction customer retention customer loyalty trust image product/service development switching cost differentiation problems in islamic banks service quality • mission and vision statements: lack of excited service oriented innovative visionlack of management commitment to service quality • hr practice and training: lack of hiring process, teamwork, motivation and training • service innovation regime: lack of communication within management and with customers lack of research orientation • effective marketing and measurement strategies: insufficient or exaggerated marketinginappropriate measurement and control system riba service innovation quality reconfigure orchestra of islamic bank services (championing islamic service-oriented attitude, identify ‘red alert-pain points’, if service awaken passion is there then gaps can be found in strategy planning, implementation and delivering) innovation discovery (intensive innovation incubator lab is needed for fresh approach: recruitment process, technology, marketing, products variety, operational process) build core competence (ideas and data (information) require to make/win or break/lose, systematic collection of ‘voice of islamic bank customers, optimally deploy resources, scale need to be identify to measure the treasure and differentiation acceptance) ambitious islamic governance (operational excellence vision by focusing on ethical and religious elementsexternal and internal experts, leaders, front line staff, shariah scholar, customers should strategize service quality innovation by communication, commitment, collaborate, high energy, transparency, accountability) along with carter scale, to master the intricacies, islamic banks need to make a serious attempt to bring newness, fresh insight in every dimension of their service quality process. the connectivity of service quality with satisfaction and loyalty will remain a key problem if concern areas of management and services are not identified. to deliver ‘above and beyond’, this research propose “riba service iq” in which islamic banks should emphasis in building customer trust by offering what islamic bank promise, by reconfiguring orchestra of islamic bank services, discovery innovation at all organizational level, build core competence and by having islamic management and governance. 302 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3161 conclusion service quality and customer satisfaction are highly correlated, and it further lead to customer retention. thus interaction between customers and islamic banks should be on respectful and acceptable terms by balancing between outcome of service (interaction with customer and staff); and service delivery process (comply with standards). islamic banks need to adopt, integrated service framework to enhance internal coordination, planning, and implementation, which covers the strategy focus, employee, tools, technology and working process. on the basis of above articles, we find there is not much research done about the initiatives taken by islamic banks for service quality innovation, most of the islamic banking researches use carter service quality dimension (introduced 30 years back). all elements of carter are important as they are connected to each other: for example responsiveness factor should have empathy element to make service more valuable. similarly, compliance factor is a major dimension to enhance credibility and assurance factor. this research believes that overall, there is no ‘one best way’ to apply and measure performance of service quality models in islamic banking sector. despite the importance of service quality models assign to customer satisfaction discussed and examined in some worthy literatures of islamic bank above, this research believes that without proper ‘service direction and guidance’ the benefits to organizations will be difficult to realise in practice. islamic bank need ‘correctors’ for service innovation gaps, information is required for that. they should not use ‘ready to go’ idea instead they should find ‘block buster idea’ which can give them competitive advantage. furthermore, by incorporating right measurement tool and transparency in governance element continuous improvement in delivering quality service is possible. the uniqueness of this research is, it identifies the service quality dimensions which are found in existing literature related to islamic bank context and suggested conceptual framework to enhance the service innovation quality aspect. further research and case study can be done to compare the attributes of service quality innovation in islamic banks. call for a new direction in islamic bank service innovation quality research can assist in alleviating the current block 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(1996). services marketing. new york: mcgraw-hill. siti ismi diningyt fauzi1, irfan syauqi beik2, jono minarto munandar3 abstract. the existing fintech in indonesia is changing the landscape of the global financial sector significantly. using sem-pls analysis, this study aims to determine the effect of knowledge, service quality, trust, and perceived value on customers’ satisfaction of sharia fintech. using the sharia fintech alami customers, this study finds that knowledge, trust, quality of services, and perceived behavior have a positive significant influence on alami's customer satisfaction. this could be attributed to the easy access provided by fintech. keywords: sharia fintech; knowledge; perceived value; service quality, trust; customer satisfaction abstrak. fintech yang ada di indonesia mengubah lanskap sektor keuangan global secara signifikan. dengan menggunakan analisa sem-pls, penelitian ini bertujuan untuk mengetahui pengaruh pengetahuan, kualitas layanan, kepercayaan, dan nilai yang dipersepsikan terhadap kepuasan nasabah fintech syariah. dengan fokus pada nasabah fintech syariah alami, penelitian ini menemukan bahwa pengetahuan, kualitas layanan, kepercayaan, dan nilai yang dipersepsikan berpengaruh positif signifikan terhadap kepuasan nasabah fintech syariah alami. hal ini dapat dikaitkan dengan kemudahan akses yang disediakan oleh fintech. kata kunci: fintech syariah; pengetahuan; nilai yang dipersepsikan; kualitas layanan; kepercayaan; kepuasan nasabah the influence of knowledge, service quality, trust, and perceived value on sharia fintech customer satisfaction al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 343 356 1,2,3ipb university, indonesia e-mail: 1ismifauzi@apps.ipb.ac.id; 2irfan_beik@apps.ipb.ac.id; 3jonomu@apps.ipb.ac.id author: siti ismi dinigty fauzi received: 30 september 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:ismifauzi%40apps.ipb.ac.id?subject= mailto:irfan_beik%40apps.ipb.ac.id?subject= mailto:jonomu%40apps.ipb.ac.id?subject= 344 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 intriduction digital technology in indonesia is marked by the increasing use of the internet by the public. according to the indonesian internet service providers association (asosiasi penyedia jasa internet indonesia/apjii), there has been an increase in internet users from 2019 to the second quarter of 2020, rising to 873.7 percent of the population, or the equivalent of 196.7 million users (apjii, 2020). global digital report data 2021, the number of internet consumers in indonesia has reached 202.6 million people or more than 73.7 percent. therefore, the activities of modern society today tend to be more intensive in using technology to meet their needs. due to the presence of technology, humans feel their activities are more efficient. the growth of global fintech investment is extraordinary. fintech is a startup business that provides the same services as banks. the existing progressive technology system creates an efficient and practical impact on financial services, one of which is the regular feature of fintech (lee and shin 2018). the existing fintech in indonesia changes the world landscape in the global financial sector significantly. there are currently more than 12,000 fintech startups globally, including 93 islamic fintech, with fintech investments reaching $57.9 billion in the first half of 2018 (dinarstandard, 2018). this increased from $38.1 billion in 2017 to $135.5 billion in 2019 (kpmg, 2019). indonesia has a significantly high level of development in the fintech industry (after china). this is because the fintech is intended to facilitate more loans for small and medium enterprises (msmes) throughout the indonesian archipelago. nowadays, fintech in indonesia has developed rapidly. there is 152 fintech, including payment services, wealth management, and peer-to-peer (p2p) lending (bank indonesia-bi2019; financial services authority-ojk 2019). in february 2019, the national p2p lending transactions volume reached idr28 trillion (us$2 billion). this amount represents more than 700 percent growth in just one year, from idr3.5 trillion (us$251 million) in february 2018 (ojk, 2019). based on ojk (financial service authority), fintech in indonesia is divided into several sectors: financial planning, crowdfunding, lending, and payment aggregators. fintech in global islamic finance is currently more dominant in the form of crowdfunding platforms. besides that, there are investment account platforms (iap) and islamic robo-advisors (gifr, 2017). sharia fintech is a combination of innovation between finance and technology in financial and investment services based on the values of islamic principles. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 siti ismi diningyt fauzi. the influence of knowledge, service quality, trust, and perceived value 345 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 although sharia fintech is a new type of innovation, its development is quite rapid. this is because the emergence of sharia fintech is in line with changes in increasingly advanced technology. thus, human lifestyles also change according to the times (irma et al. 2018). sharia fintech in indonesia started to get attention from the government with the issuance of a fatwa of the national sharia council of the indonesian ulama council (dsn-mui) number 117/dsn-mui/ii/2018 regarding fintech services, p2p lending. p2p lending is a financial service that brings together investors or financiers (lenders) with prospective debtors (loan recipients) directly through the internet (online). the terms and process for applying for a loan at p2p lending are relatively simple, easy, and generally without collateral. this can be an alternative for people with difficulties accessing bank loans (dupla, 2020). p2p lending business actors in indonesia are members of the indonesian joint funding fintech association (afpi). letter no. s-5/d.05/2019 afpi appointed ojk as indonesia's official association of information technology-based money lending and borrowing service providers. ojk data in 2020 shows that the total number of fintech lending loans reached idr155.9 trillion or 191.07% since its establishment. in terms of total borrower transactions, there were 43,561 million accounts or 246.23%, and the accumulated total borrower accounts were recorded as 43,561 million entities or 134.59%. the recorded lender accounts were 713,033 entities, or 45.09% (ojk, 2020). the relatively high growth of p2p lending and the increasing value of technology-based financial services transaction value will be accompanied by a fairly high tax potential. in this case, the business entities consist of financing companies outside the banks and non-bank financial institutions established to carry out financing activities with licenses from the minister of finance. the majority of indonesian people are muslims and demand sharia basedfinancial transactions. among them are better fulfilled through sharia-based fintech, as p2p lending services are considered convenient, efficient, flexible and empowering. thus, sharia fintech must adopt and use sharia contracts, such as murābaḥah (cost plus financing), mushārakah (joint ventures), muḍārabah (capital and labor partnerships) and other sharia transactions. the main issue in the sharia fintech, nationally and globally, is the framework for experts' supervision role to ensure sharia compliance in the fintech industry. previous research mostly focuses on the perceived value of religiosity and satisfaction. islamic fintech is more than those issues. more discussions are needed with a wider focus. this is to ensure customer satisfaction and more benefits from http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 346 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 implementing islamic law. therefore, this research aims to analyze how customer satisfaction in sharia p2p lending is influenced by knowledge, service quality, trust, and perceived value. literatrue review sharia fintech according to the national digital research center (ndrc), financial technology is a term commonly used to refer to innovation in financial services with a touch of modern technology (rinaldi, 2020). a fintech is a transaction tool that enables the public to easily find financial products, improve financial literacy, and provide services such as msme loans in financial institutions. sharia-based fintech has been developed. the difference between the sharia-based fintech and the general one is that the sharia-based fintech avoids the involvement of interests or usury prohibited by islam. the startup beehive started the first sharia fintech in dubai in 2004. the financing provided for the first time used a low-cost p2p lending marketplace system for msmes. meanwhile, in 2014, sharia fintech from singapore managed to dominate indonesia's market share with the crowdfunding system and already has sharia financial services. the first indonesian sharia fintech start-up in 2017 to get a halal certificate from the mui was paytren. to date, there have been many sharia fintech companies in indonesia, with 37 local companies registered as members of the indonesian islamic fintech association (afs), such as paytren, star-zakat, syarq, investments and so on. sharia fintech combines existing finance and technology innovations that facilitate the transaction and investment processes based on sharia values (mukhlisin, 2019). however, the issue in indonesian sharia-based fintech is the framework of experts’ role in supervising the sharia compliance of the fintech industry. peer to peer lending peer to peer (p2p) markets first emerged in developed countries with more efficient financial sectors, mature credit core systems and more effective law enforcement than emerging markets (jiang et al. 2018). in indonesia, the solution to meet the public's financial needs is to use p2p lending services. p2p lending results from a decline in public trust in the formal financial system (abubaka and handayani 2018). practical p2p lending in indonesia is regulated in the law on fintech p2p lending providers based on financial services authority regulation (pjok) 77/pjok.01/2016 (ojk, 2016). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 siti ismi diningyt fauzi. the influence of knowledge, service quality, trust, and perceived value 347 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 p2p investment and social lending refer to borrowing between individuals through online platforms seeking profit without intermediary financial institutions, although traditional institutions can participate as lenders. p2p lending is personto-person lending, also known as p2p lending. p2p lending is operated digitally through a platform with requests that the investment committee evaluates before the investment is made (piskin & ku, 2019). on the other hand, the initial objective of p2p lending platforms was to provide funds for small and medium enterprises (smes) as gifts. the islamic p2p lending model is very different from the interest-bearing credit model in conventional banking. there are alternative payment schemes in the form of shariabased loans and profit-sharing plans (hudaefi, 2019). several aspects need to be considered for the investment and credit process to become sharia. first, a financing product for trade, physical goods or services must be based on a profit-and-loss partnership. second, transactions must not be completed before funding, and a trade agreement must be based on legal force. third, the loan process, borrowing costs, interest on the loan amount, and loan flexibility affect obtaining loan funds (rosavina et al., 2019). in addition, there is an immediate unsecured process, loan models, and regular loan application information that includes loan size, maturity and purpose, percentage of loans funded, offer days used, credit rating measures and interest rates. platform services include calculating interest rates and payment terms, creating written documents and disbursing funds. trust, knowledge, service quality, perceived value trust is a reliable belief or promises that a person will fulfill his/her obligations in an exchange relationship (chesin et al., 2018). trust refers to a psychological state consisting of an individual's intention to accept vulnerability based on positive expectations from the intentions or behavior of others (zhang et al., 2018). conceptualization of perceived value is a customer's overall assessment of the usefulness of a product based on perceptions of what is earned in exchange for what is paid (jin & xu, 2020). the perceived value is good when the benefits outweigh the sacrifices in obtaining the product or service (abror et al., 2020). thus, the perceived value of the customer's assessment is the benefits of the product or service compared to the cost of the product or service and the perceived functional value and spiritual value (abror et al. 2020). satisfaction is a condition in which a product will meet customer expectations. customer satisfaction refers to the customer's pleasure or disappointment after http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 348 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 comparing the product or service's expectations and performance (miranda et al., 2018). customer satisfaction is the overall customer perception of the performance of a product or service (el-adly, 2019). knowledge is a customer choice or theory that can explain a customer’s act based on their knowledge (hansen, 2018). customer financial knowledge refers to the collection of facts and principles (information and understanding) that he/she collects (stored in memory) about finance (page & uncle, 2020). knowledge can be made subjectively and objectively. subjective knowledge refers to the individual's perception of his/her knowledge, while objective knowledge refers to absolute knowledge as measured by objective standards (alba et al., 2020). knowledge competence in the use of services refers to personal knowledge regarding the understanding and utilization of information technology. since the level of knowledge on the protection of personal information affects individuals' intentions and compliance behavior, information security is important for protecting personal information and securing services. in general, knowledge about individual services is created through experience and learning (lim, 2018). for example, knowledge of cellular electronic payment systems positively affects the ease of system utilization (kim et al., 2019). quality is the totality of features and characteristics of a product or service that depend on its ability to meet needs. the modern concept of quality is the existence of features in accordance with the goal, namely shifting the evaluation of quality from the provider to the customers. therefore, service providers must understand the attitudes and perspectives of customers to provide quality services. now that customers are becoming increasingly sensitive to quality (modern quality concept), the ultimate goal of quality is meeting customer needs and exceeding customer expectations (manshor a.t et al., 2019). the conceptual definition of service quality is the gap between customer expectations for service and their perceptions (ideal quality, service met, failed, and exceeded expectations) about the service experience. the position quality of service performed can only be assessed during and after consumption. hypothesis h1: knowledge affects customer satisfaction h2: service quality affects customer satisfaction h3: trust affects customer satisfaction h4: perceived value affects customer satisfaction http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 siti ismi diningyt fauzi. the influence of knowledge, service quality, trust, and perceived value 349 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 methods this research was conducted in july 2022 at pt. alami fintech sharia, located at plaza 89, kavling x7, h.r. rasuna said no. 6, setiabudi, south jakarta, indonesia. this study uses purposive sampling to select samples with certain considerations (sugiyono, 2018). the samples were taken from alami customers already using the alami platform aged 20-60 years. this study employs a questionnaire, with each question calculated using an ordinal scale and given a scale of 1 (one) to 5 (five). using 23 indicators, this study involved 230 respondents. the number of samples was determined based on hair et al (2018). after the data collection, each question is tested using a validity test using the pearson correlation method. these test criteria can be declared valid if r count > r table. if each question and all variables have a value of r count > r table (priyatno 2012), the value of the r table for n = 105 at the 5% significance level is 0.190. after that, it was tested using a reliability test with cronbach's alpha method. this test can be reliable if each variable has a cronbach's alpha value > 0.6 (hair et al. 2018). structural equation modeling (sem) analysis with the partial least squares (pls) approach was applied to see the direct influence between variables or latent variables on sharia fintech customer satisfaction. this analysis serves to test the hypothesis of this study. the variables used are divided into latent and manifest variables. results and discussion characteristics of respondents the following is a summary of the characteristics or profiles of respondents who meet the criteria. based on the summary, male respondents are more dominant (77.4%) compared to female respondents (22.6%). the majority of respondents are of mature ages, with the majority aged >30 years (68.9%), followed by those aged 26-30 years (18.6%). most of them are muslims, with a percentage (of 96.9%). this is in line with the object of this study, which is sharia fintech. based on income level, most respondents have an average income of more than idr5,000,000 (74.1%), followed by those with idr2,000,000-idr5,000,000 (17.7%). this shows that customers of sharia fintech products have relatively decent and sufficient income for living expenses. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 350 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 evaluation of the measurement model (outer model) parameter evaluation of the measurement model (outer model) uses the validity test of the convergent. the convergent validity test is from the value of the loading factor and average variance extracted (ave). it is known that the measurement model in this study has met the standard values on the outer model criteria. this shows that this model has good validity and reliability. the validity value is based on the loading factor value > 0.70. based on the data processing results with the help of smart pls software, the results presented in the image below show that several indicators in this study have a loading factor value > 0.70. figure 1. diagram of path coefficient and hypothesis test meanwhile, the value of composite reliability (ρc), cronbach's alpha, indicator reliability, and average variance extracted (ave) can be seen in table 1 below. it can be seen that all variables have very good internal consistency and stability indicators. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 siti ismi diningyt fauzi. the influence of knowledge, service quality, trust, and perceived value 351 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 table 1. construct reliability and validity variable cronbach's alpha composite reliability (ƿc) average variance extract (ave) knowledge 0,884 0,915 0,683 service quality 0,890 0,900 0,697 customer trust 0,903 0,906 0,721 perceived value 0,899 0,926 0,714 evaluation of the structural model (inner model) the structural model test is by looking at the r-square value. this stage aims to analyze the level of estimation between independent variables (knowledge, service quality, trust, perceived value) on the dependent variable (customer satisfaction). according to ghozali (2015), the structural model in pls is evaluated by using r2 for the endogenous construct of path coefficient values or t-values for each path to test the significance between constructs in the structural model. the value of r2 is used to measure the variation of changes in exogenous variables to endogenous variables. the assessment of the inner model is used to see the relationship between latent variables in the model. in the inner model, there are four latent variables. the condition indicates the model variables with a significant positive effect: the calculated t value > t table = 1.96 and p-value > 0.05. the bootstrapping method on smart pls was used to obtain path coefficients and t-statistics values. table 2 presents the bootstrap results using smart pls. table 2. bootstrapping results t-statistics p-values hypothesis knowledge -> customer satisfaction 2.231 0.026 h1: accepted service quality -> customer satisfaction 2.078 0.038 h2: accepted trust -> customer satisfaction 3.686 0.000 h3: accepted perceived value -> customer satisfaction 6.269 0.000 h4: accepted http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 352 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 hypothesis test results hypothesis testing was carried out to answer the research objectives. the bootstrapping technique was carried out in hypothesis testing, as shown in table 3. h1: knowledge affects customer satisfaction the results of hypothesis testing indicate that h5 is accepted (p-value < 0.05). knowledge positively influences customer satisfaction in using sharia financial technology lending. thus, the findings of this study strengthen the evidence that knowledge management significantly influences customer satisfaction. h2: service quality affects customer satisfaction the results of hypothesis testing indicate that h6 is accepted (p-value < 0.05). one of the factors that determine customer satisfaction is service quality. customers will feel satisfied and consider the product reliable if the quality of service is as expected. feelings of pride in the product will also increase along with good service quality. these results are supported by research by paramitha (2018), showing that e-service quality significantly indirectly affects customer satisfaction mediated by purchasing decisions. h3: trust affects customer satisfaction the results of hypothesis testing indicate that h7 is accepted (p-value <0.05). trust is the hardest aspect to obtain in a product or service, especially when using a new product. of course, the main idea when customers try new products is to see whether the product can be trusted or not. the trust given by the manufacturer will lead to customers’ positive feelings. the trust in producers will impact customers’ satisfaction and encourage them to recommend the products to others. so, the higher the level of trust in the product, the more confident the users. this, in turn, will impact their satisfaction. these results align with kartika & ganarsih's (2019) research, which shows that trust indirectly influences customer satisfaction mediated by purchasing decisions. h4: perceived value affects customer satisfaction the results of hypothesis testing indicate that h8 is accepted (p-value < 0.05). alami customers’ perceived value of p2p lending can prove its reliability in influencing customer loyalty. this is based on customers' experience who have used the product (rangkuti, 2004). these results are supported by research by liou and tsao (2010) that perceived value affects customer loyalty to taiwan railways. the results of this study indicate that respondents assess the perceived value variable can affect the level of customer loyalty. the results of this study are supported by research conducted by chandra and innocentius (2018) that perceived value affects http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 siti ismi diningyt fauzi. the influence of knowledge, service quality, trust, and perceived value 353 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 customer loyalty. customer relationship with the company is strengthened when customers get adequate results about the company's perceived value. managerial implications the above discussion reveals that the variables of knowledge, trust, service quality, and perceived value of alami can influence customer satisfaction. this means that the customers believe these variables are independent and important to increase their satisfaction in transactions through the sharia fintech platform. the emergence of sharia p2p indonesia cannot be removed from the history of conventional p2p. the sharia fintech industry was first initiated in indonesia in 2018 to provide a fintech system with sharia or islamic law compliance. it was recorded that according to ojk data, in december 2020, there were 152 registered and licensed fintech companies consisting of 141 conventional fintech and 11 sharia fintech. fintech is regulated by ojk regulation number 77/pojk.01/2016 concerning p2p lending ownership financing services. this regulates fintech as a whole, both conventional and sharia systems. in implementing sharia fintech in indonesia, the mui issued a dsn-mui fatwa no 117/dsnmui/ii/2018 on technology-based financing services that comply with sharia principles. the sharia fintech in indonesia is expected to improve the implementation of economic activities based on sharia principles. the function of a sharia p2p lending company is to bring borrowers and lenders together. alami syariah acts as a facilitator. in transactions, alami syariah strictly avoids maysīr, or unclear transactions or interests. it does not harm either party (ẓulm) because alami syariah will provide the best for its users as much as possible. if a default occurs in the future, the risk is in both the lender and borrower. in other words, profits and losses are shared by both the lender and the borrower. alami syariah has succeeded in maintaining user trust. as mentioned, the knowledge, trust, and quality of services provided directly influence alami's customer satisfaction. referring to research indicators, this could be because customers feel that the alami sharia p2p lending platform is easy to use. after all, the transactions can be done using a smartphone. so, the users believe that all transaction mechanisms must be managed properly. increasing the value of benefits is also necessary for alami syariah to continue to strive to improve its platform’s security. this is necessary as technological developments continue to increase and are accompanied by increasing risks of cybercrime. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 354 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28327 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 conclusion this study concludes that knowledge, service quality, and perceived value are rejected, while the trust variable is accepted. this shows that trust is the most significant aspect of increasing customers’ satisfaction with sharia fintech products or services. in addition, the improvements in service quality and easy transaction features will create a sense of trust and customer satisfaction. one of the factors that determine customer satisfaction is service quality. customers will feel satisfied if the quality of service is as expected. customers will feel that the product is reliable. feelings of pride in the product will also increase along with good service quality. this study found that all independent variables influence the dependent variable of customer satisfaction. thus, knowledge, service quality-perceived value and trust variables directly affect customer satisfaction. these all, in turn, affect business continuity as they encourage customer loyalty. references abror, a., patrisia, d., engriani, y., idris, i., & dastgir, s. 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(2018). perceived service quality and customer satisfaction: a fuzzy set qca approach in the railway sector. journal of business research, 89, 371-377. https://doi.org/10.1016/j. jbusres.2017.12.040. mukhlisin, m. (2019). islamic fintech: quo vadis? insight:buletin ekonomi islam, v, 17-18. https://ekon.go.id/publikasi/detail/2969/umkm-menjadipilar-penting-dalam-. ojk. (2019). penyelenggara fintech terdaftar di ojk per 1 februari 2019, available at www.ojk.go.id/id/berita-dan-kegiatan/publikasi/pages/penyelenggara-fintech terdaftar-di-ojk-perfebruari-2019.aspx rosavina, m., rahadi, r.a., kitri, m.l., nuraeni, s., mayangsari, l. (2019). p2p lending adoption by smes in indonesia. journal research finanance. mark. 11 (2), 260–279. https://doi.org/10.1108/qrfm-09-2018-0103. stewart, jurrjens. (2018). data security and consumer trust in fintech innovation in germany. article information and computer security. published by emerald insight. https://doi.org/10.1108/ics-06-2017-0039. sugiyono. (2018). metode penelitian kombinasi (mix methods). bandung: alfabeta. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28327 https://ekon.go.id/publikasi/detail/2969/umkm-menjadi-pilar-penting-dalamhttps://ekon.go.id/publikasi/detail/2969/umkm-menjadi-pilar-penting-dalamhttp://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/pages/penyelenggara-fintech-terdaftar-di-ojk-per-februari-2019.aspx al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 33 52 received: auguts 1, 2016; revised: october 23, 2016; accepted: november 28, 2016 1,2 help university, persiaran cakerawala, subang bestari, seksyen u4, selangor, malaysia e-mail: 1sahd0ws_argentum47@live.com; 2hassanudinmtt@help.edu.my; doi: 10.15408/aiq.v9i1.3334 asset liability management of conventional and islamic banks in malaysia yee loon mun1, hassanudin mohd thas thaker2 abstract. asset liability management of conventional and islamic banks in malaysia. the objective of the paper is to investigate the effect of asset liability management on the financial performance of 6 conventional and 6 islamic banks in malaysia during the period of 2010 to 2013. the variables used in the study are capital adequacy, asset quality, management efficiency, earnings quality, liquidity, size of bank and degree of risk aversion in relation to asset liability management to examine the return on equity (roe), which is the measure of profitability of the banks. the quantitative analysis using correlation and regression analysis concluded that there is a positive relationship between asset liability management and the financial performance of the banks. keywords: asset liability management, conventional banks, islamic banks abstrak. pengelolaan kewajiban aset bank konvensional dan bank islam di malaysia. tujuan dari makalah ini untuk mengetahui pengelolaan kewajiban aset bank pada kinerja keuangan 6 bank konvensional dan 6 bank islam di malaysia selama periode 2010 sampai 2013. variabel yang diguna­ kan dalam penelitian ini adalah kecukupan modal, kualitas aset, efisiensi manajemen, kualitas laba, likuiditas, ukuran bank dan tingkat penghindaran risiko dalam kaitannya dengan manajemen kewajiban aset untuk memeriksa return on equity (roe), yang merupakan ukuran profitabilitas bank. analisis kuantitatif menggunakan korelasi dan analisis regresi menyimpulkan bahwa ada hubungan positif antara pengelolaan kewajiban aset dan kinerja keuangan bank. kata kunci: pengelolaan kewajiban aset, bank konvensional, bank islam 34 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 introduction banking and finance industry is essential for the development of the economy in malaysia. especially after the financial crisis in year 1997 and u.s. subprime mortgage crisis, it reminded the people that a sound, dynamic and efficient banking system is a sine qua non for maintaining the stability of its financial sector. bank strategic planning, predominantly effective risk management is important in this financial environment of heightened uncertainty and increased potential for financial vulnerabilities. asset liability management therefore is one of the major tool for decision making in order to reduce risk and increase profit of the banks as much as possible. dual banking system is inaugurated successfully in malaysia and it implies that the islamic banking system, which does not involve interest or riba is operating parallel with the conventional banking system (mokhtar et al., 2008). in this competitive financial market, it can be seen that the islamic banks is expanding steadily and gaining rapid market shares. therefore, comparison between both conventional and islamic banking system can be made in terms of the evaluation of bank performance. as the assessment of the bank performance is important for the globalization effect (mokni and rachdi, 2014). asset liability management in bank is the simultaneous planning and arrangement of all asset and liability positions on the balance sheet of the bank under discussion of the different bank management goals and legal, administrative and market constraints, in order to keep liquidity, mitigate interest rate risk and enhance the value of the bank (gup and brooks, 1993). in other words, it can also be defined as the practice of managing a business, as a result, the judgements taken regarding to assets and liabilities are organized. hence, the resources can be utilized effectively and thus profitability can be increased (baum, 1996). asset liability management is important to ensure the balance between profitability and risks. it involves the optimal investment of assets and also satisfies current goals and future liabilities (novickyt and petraityt, 2014). however, there are more foreign players that are managed to get a place in the market as the huge changes in the dynamic financial environment, and thus it caused the risk exposure had increased and become more complex (meena and dhar, 2016). as new products and services are introduced, it has becoming more challenging in managing the asset and liability. in order to optimize the balance sheet, asset liability management committee (alco) has the role to oversee the implementation of the asset liability management system. as there are different kinds of risks due to the mismatch of the asset and liability, alcos have to formulate a balance sheet policy for the banks based on 35 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional a detailed evaluation of risk and return trade off. alcos must also consider the liquidity of the banks in the short run and develop new system and procedure for the analysis of balance sheet risks and set up the benchmark for the effective risk management (vij, 2005). asset and liability management is a bank-specific control mechanism. therefore, the banks can choose to apply standardized asset and liability management techniques, or choose to use customized systems (cole and featherstone, 1997). in this study, the researcher is going to apply bank specific variables under camel which are capital adequacy, asset quality, management efficiency, earnings quality and liquidity, bank size and degree of risk aversion to meet the objectives of the research. there are significant contributions from the researchers regarding the financial performance of the banks such as hassan (2005), brown and skully (2005), majid and sufian (2007). it is very important to find out the banks’ performance. as the performance of the banks not only can reflects how well the bank has performed towards its objectives and long term goals which are especially important to the managers. besides, the performance can provide information and send signal to the potential depositor and investor whether they should put in money for that particular bank or withdraw their funds from it and buy or sell the securities of the bank. by evaluating the financial performance of the banks, it can ensure the soundness of the banks, not only that, it is to preserve the public confidence in the financial sector and identify and avoid the banks to face financial distress. one of the most popular performance indicator is profitability. it measures the efficiency in the utilization of organizational resources in adding value to the business. there are a few methods to evaluate and determine the financial performance of the banks. traditional financial ratios can be used, for example, return on assets (roa) and return on equity (roe) and it is able to compensate bank disparities. since the size of the banks are not equivalent, financial ratio can helps to eliminate the disparities in size of bank and put them at the same level (samad, 2004). the malaysian banking system comprises of conventional and islamic banks. the conventional banking system functions on pre-fixed interest and is established on a purely financial model, in which banks as an intermediary generally borrow from public and lend to individual or business. for this mode of operation, the conventional banking system generates income from the difference of interest rate by the action of money borrowing and lending (shahid et al., 2010). generally, both systems have their own uniqueness and special traits on financial designing systems. as the modes of operations between conventional 36 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 banks and islamic banks are not the same where the conventional banks based on pre-fixed interest while islamic banks functions on profit sharing principle. many researchers have then discussed about the differences between both banks such as service quality (taap, et.al, 2011), risk management practices (abu hussain and al‐ajmi, 2012), efficiency (ismail, et.al, 2013) and argued upon which systems are better in promoting economic growth. the development of the financial sector in this fast growing environment has brought more risks to the system in recent years. not to mention the impact after the global economic crisis such as high inflation rate and high unemployment rate, some banks may undergo bankruptcy or merging and acquisition. thus, asset and liability management in the banks is therefore relatively important in order to monitor the conditions of the bank. the dynamic changes in the financial environment is therefore increase the importance of this study. as the islamic banking sector has grown tremendously over the years, the study aim to examine islamic and conventional banks in malaysia in view of financial performance. this is very important and relevant as the islamic and conventional banking system is competing in the market despite the difference between the modes of operation. the study is going to interest the stakeholders, regulators, bankers and researchers. through this paper, the people can understand about the topic of the impact of asset liability management on the profitability of conventional and islamic banks in malaysia. as for government and regulators, they can find out the weaknesses and come out with new policy which can improve the efficiency of bank management. further, bankers can know more about the competitiveness in the dynamic financial environment and thus make more changes towards their management on allocation of asset and liability. for stakeholders such as depositors and investors are advised to know more about the institutions that they invested, whether the banks is sound, efficient in risk management and gaining profit. literature review in order to find out the optimal mix of assets and liabilities for the financial performance of conventional and islamic banks, a review of the existing literature is needed. sun et al. (2014) found out that liability management strategy is used for short-term gaps and asset management strategy is applied for long-term gap management by both conventional banks and islamic banks. both conventional and islamic banks found to be generally experience positive long-term gaps and negative short-term gap, indicating that banks attempt to use short-term financing to fund for short and long-term loans, advances and investments, correspondingly. 37 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional chakraborty and mohapatra (2009) concluded that the ownership and structure of the banks do have a major bearing in the asset liability management procedure. dash (2013) examined the impact of asset and liability management on the profitability of 35 banks in india at the financial year of 2015-2016. the results indicated improved financial performance is a reason to keep up negative maturity mismatch in the short term. thus, there is a risk-return trade-off for short-term maturity mismatch. there are few existing studies used capital adequacy, asset quality, management efficiency, earnings quality, liquidity., bank size and degree of risk aversion to figure out the effect of asset and liability management on the financial performance of the banks. anjili (2014) found out that all the factors chosen are statistically significant to give an impact to the financial performance of the banks. suresh and bardastani (2016) reported that there are significant differences in the bank performance by measured using camel framework although both banks operate under the same socioeconomic, political and regulatory environment. an empirical study conducted by chowdhury (2015) proved that the efficiency ratio is negatively and significant to the profitability statistically. however, credit risk and liquidity risk are found to be not significant to the banks’ profitability. muhmad and hashim (2015) found out that capital adequacy, asset quality, earnings quality and liquidity is highly significant to the performance of the banks, which measured by roa and roe. as earnings performance is always a concern for the stakeholders, the rise in earning quality will inspire confidence and hence, it is important in describing the financial performance of the banks. however, the management competency is found to be insignificant the bank performance. martha (2015) proved that capital adequacy does not affect the profitability of the commercial banks significantly. however, it is still recommended for the banks to maintain and keep adequate capital to absorb unanticipated losses. athanasoglou et.al. (2008) employed an empirical study that integrates the structure-conduct-performance (scp) hypothesis in order to find out the effect of bankspecific, industry-specific and macroeconomic control variables on the performance of greek banks during the period of 1985 to 2001. as a result, the coefficient of the capital variable is positive and highly significant to the profitability of greek banks. on the other hand, the operating expenses which is one of the ratio to be studied in this study, is found out to be negatively significant, reflecting the financial condition of greek banks according to this literature. bank size is also have no significant impact on profitability after all estimated equations from these researchers. almazari (2014) indicated that there is a positive and significant correlation between liquidity risk and profitability. however, the bank size and the profitability 38 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 is in negative relationship where they give further explanation that banks, which are growing and expanding might encounter the diminishing marginal returns therefore the average profits would reduce with bank size. jaffar and manarvi (2011) found out that conventional banking system have a comparative advantage in terms of asset quality which implies that it have better loan loss ratio compared to islamic banks. however, both modes of operation do not experience efficient loan disbursement process which is under operating expenses ratio. not only that, the literature give evidence to both conventional and islamic banks exhibit high loan to asset ratio and cause more debt and increase the possibility of risk that it is going default, however, it supports that conventional banks have a better liquidity performance compared to the islamic banks. mokni and rachdi (2014) analyzed empirically and evaluated whether conventional or islamic banking system is relatively more profitable in middle eastern and north africa (mena) region from year 2002 to 2009. the findings found out that the measure of credit quality is positive and significant for islamic banks. this is in consistent with naceur and omran (2011) where agree that credit risk will generate more on to the income of banks as loans are the most risky and therefore, this is the assets have the highest yields. for liquidity ratio, the study found out that there is a mix result on roe where the relationship is positive and significant for islamic banks and negative to the conventional banking system. the research also found out that size of the banks is negative and highly significant on roe for the full sample, which implies that larger banks make fewer profit. ong and teh (2013) indicated that the profitability performance is affected significantly by bank specific determinant. however, macroeconomic conditions have no impact on bank profitability performance in malaysia. a quite interesting issue is then to be discussed is whether degree of risk aversion is related to the bank profitability especially using roe. however, there are more evidence to prove that there is a relationship between degree of risk aversion with bank interest margin. as maudos and guevara (2004) examined and explored the factors explaining the interest margin in the banks of the european union from year 1993 to 2000. the result from the study presents that risk aversion shown the expected positive sign. zhou and wong (2008) shown that degree of risk aversion have a negative sign. the management quality also have a negative sign which indicate the efficiency in management is crucial and poor management may lead to lower interest margin. size of the bank however is significantly negative as it means large bank size lowers the interest margins of the bank in china. samad (2004) examined the profitability, liquidity risk, and credit risk to make comparison for the performance of 6 islamic 39 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional banks and 15 conventional commercial banks in bahrain from year 1991 to 2001. the researcher found out that there is no main difference in profitability and liquidity between these two different types of banks. however, the islamic banks are more superior compared to conventional banks in terms of credit performance. the research also found out that the islamic banks are doing as well as conventional banks despite the facts that it is new to the market. in additional to the studies that have been done, ramlan and adnan (2015) shown that total equity to total assets for both banks is statistically significant to roe. the findings shown that profitability of islamic banks are relatively greater to conventional banks in malaysia. sayeed et al. (2012) conclude that for total income, the banks with high profitable charges higher price on assets then low profitable banks. for net operating income, high earning banks earns higher net return and lower marginal cost is incurred on the liabilities than low profitable banks. there are two hypotheses were developed in this study to meet the research objectives, namely, hypotheses 1 h 0 : there is no relationship between asset liability management and financial performance of the conventional banks h 1 : there is a relationship between asset liability management and financial performance of the conventional banks hypotheses 2 h 0 : there is no relationship between asset liability management and financial performance of the islamic banks h1: there is a relationship between asset liability management and financial performance of the islamic banks methods the data is extracted from the annual audited financial statements of 12 selected banks in malaysia for the period of 4 years which is from year 2010-2013. the banks are considered from both domestic conventional and islamic banking system on the basis of banks’ total assets as at financial year 2013. in terms of sample selection, the study uses six conventional banks such as maybank bhd, public bank bhd, cimb bank bhd, rhb bank bhd, hong leong bank bhd and ambank bhd, and six islamic banks namely, maybank islamic berhad, cimb islamic bank berhad, bank islam malaysia berhad, public islamic bank berhad, amislamic bank berhad and rhb islamic bank berhad. the selection of banks is based on judgmental sampling design by looking at the market capitalizations of each bank. 40 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 financial performance is the dependent variable whereas asset and liability management components are the independent variables of the research study. the researcher computed correlation coefficient (r), coefficient of determination (r square) and analysis of variance (anova) using the regression model below. the study hypothesis that asset liability management has a positive relationship to financial performance of banks. roeit= α + β1carit + β2 asqit + β3meit + β4esrit + β5lqrit+β6sizeit + β7drait + ϵit where; roe is return on equity; car is capital adequacy ratio; asq is asset quality; me is management efficiency; esr is earnings quality; lqr is liquidity ratio; size is bank’s size; dra is degree of risk aversion. result and discussion there are a total of 48 observations collected from both conventional and islamic banks covering the period of 2010 to 2013. correlation analysis is employed to find out the relationship between the variables. it can be discussed about the relationship between independent and dependent variables or between two independent variables. generally, the value can be positive or negative with different amounts. in the study, the researcher analyzed the pearson correlations of conventional and islamic banks individually. table 1. pearson correlations of conventional banks roe car asq me esq lqr size dra roe 1.000 car 0.050 1.000 asq 0.606 0.203 1.000 me -0.580 -0.049 -0.685 1.000 esq 0.655 0.279 0.615 -0.763 1.000 lqr -0.071 -0.389 -0.619 0.187 -0.365 1.000 size -0.458 0.315 0.015 0.055 0.105 -0.475 1.000 dra -0.544 0.172 -0.201 0.195 -0.242 0.007 0.414 1.000 in the case for conventional banks, there is a positive association of car, asq and esq with roe. however, the relationship of me, lqr, size and dra on roe 41 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional is negative. for islamic banks, car, esq, size and dra have affected positively on roe. in contrast, asq, me and lqr have negative correlation with roe. table 2. pearson correlations of islamic banks roe car asq me esq lqr size dra roe 1.000 car 0.434 1.000 asq -0.309 -0.598 1.000 me -0.189 -0.362 0.463 1.000 esq 0.578 0.134 -0.178 -0.353 1.000 lqr -0.149 -0.194 0.446 -0.025 0.046 1.000 size 0.468 0.123 -0.341 -0.051 0.089 -0.423 1.000 dra 0.178 0.593 -0.882 -0.327 0.016 -0.582 0.092 1.000 the results shown that car in both conventional and islamic banks have positive impact on roe which are 0.050 and 0.434 respectively. this is in line with athanasoglou et al. (2008) that suggested a bank with a sound capital can managed more effectively and there is additional capital to absorb unexpected losses, thus gain in higher profit. this results is also supported by previous studies such as berger (1995), demirguc-kunt and huizingha (1999), staikouras and wood (2003) as they agreed that well capitalized banks face lower cost of external financing, and hence the net profit can increase effectively. from above, esq of conventional and islamic banks have positive association with the profitability of the banks. the finding is consistent with the literature from zarrouk et al. (2016) where shown that esq have a positive sign on financial performance of the banks. it argue that the profit in non-financing activities boosts the performance. however, the study from muhmad and hashim (2015) have different results where they found out that earnings quality which calculated using the ratio of net interest income to total assets have negative relationship with roe. conversely, the findings present that me in both conventional and islamic banks have negative impact on roe. this finding is also support by guru et.al. (1999), kosmidou et.al. (2005) and smaoui and salah (2012) that more expense incurred may reduce the profitability of banks. the banks with poor expense management will lessen the profit and thus, they prefer lower cost to income ratio to improve the performance of the banks. molyneux and thorton (1992) supported the findings that lsq are 42 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 negatively related to financial performance of both conventional and islamic banks where they concluded that liquidity ratio have an inverse relationship with profitability, most probably it represent a cost to the bank as the bank can loan out to earn more profit instead of keeping the funds. asq in conventional banks shown that it has positive association on roe. this is consistent to the evidence suggested by bashir (2003) where the larger the loan portfolio, the greater is the profit. on the other hand, this is contradict with the results in islamic bank which stated asq has negative impact on roe. miller and noulas (1997) also reported that the more exposure the bank face loans with higher risk, the possibilities the more accumulation for unpaid loans and hence, profitability will be reduced. size is in positive relationship with roe in islamic banks as berger and humphrey (1997) supported, where larger bank gain more profit as they achieve economies of scale. however, the findings is contradict with the conventional banks where it reported that size is negatively affected on the financial performance. this finding is supported by the study reported by pasiouras and kosmidou (2007), athanasoglou, et.al (2008) and almazari (2014). for banks that become extremely large, phenomenon of the diseconomies of scale exists, the more difficult for management to conduct surveillance and the higher the level of bureaucracy that have a negative effect on financial performance of the banks. therefore, the size– profitability relationship might be expected to be non-linear. dra is in positive relationship with profitability of the islamic banks in the findings. this is consistent by previous literature from hawtrey and liang (2008) where they found out that dra is positive related to the bank interest margins while ong and teh (2013) taken bank interest margin as one of the measures for profitability. this can be explained by the risk averse bank manager tends to apply an extra interest margin is a compensation of taking systematic risk. dra for conventional banks have the opposite results where it is in negative relationship with financial performance which is supported by lepetit et al. (2008) where found mixed results with positive and negative coefficients for different accounting margins and spreads investigated. table 3. model summary for conventional banks model r r square adjusted r square std. error of the estimate 1 .906a 0.822 0.743 0.05194 a. predictors: (constant), dra, lqr, me, car, size, esq, asq b. dependent variable: roe 43 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional the regression results of roe for conventional banks show that correlation coefficient (r) is 0.906 and coefficient of determination (r square) is 0.822, which means that 82.2% of the total variation in the value of roe is attributed to the effect of the independent variables. in layman’s terms, it indicates 82.2% of the financial performance of conventional banks can be predicted by the 7 independent variables considered in the study which are car, asq, me, esq, lqr, size and dra. in other words, there are remaining 17.8% unexplained. as the correlation is positive, thus the correlation is statistically significant; therefore, there is a positive relationship between asset liability management and financial performance of conventional banks. table 4. model summary for islamic banks model r r square adjusted r square std. error of the estimate 1 .814a 0.663 0.516 0.05717 a. predictors: (constant), dra, lqr, me, car, size, esq, asq b. dependent variable: roe based on the findings, the regression results of roe for islamic banks present that correlation coefficient (r) is 0.814 and coefficient of determination (r square) is 0.663, which imply that 66.3% of the variance in roe are explained by car, asq, me, esq, lqr, size and dra. there are 33.7% left unexplained and it indicated that there are other important variables in explaining roe have not been considered in the research. since the correlation is positive, the correlation is statistically significant, and hence, there is a positive relationship between asset liability management and financial performance of islamic banks. table 5. anova for conventional banks model sum of squares df mean square f sig. 1 regression 0.199 7 0.028 10.522 .000b residual 0.043 16 0.003 total 0.242 23 a. dependent variable: roe b. predictors: (constant), dra, lqr, me, car, size, esq, asq 44 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 table 5 and 6 above present that the fitted regression model is significant with f statistic of 10.522 and 4.504 for conventional and islamic banks respectively. table 6. anova for islamic banks model sum of squares df mean square f sig. 1 regression 0.103 7 0.015 4.504 .006b residual 0.052 16 0.003 total 0.155 23 a. dependent variable: roe b. predictors: (constant), dra, lqr, me, car, size, esq, as the null hypothesis stated that there is no significant correlation at all. this implies that all the coefficients are 0 and none of the variables chosen is fit in the model. the alternative hypothesis is not that every variable belongs in the model but that at least one of the variables belongs in the model. from the findings, as the p-value is 0.000 and 0.006 for conventional and islamic banks correspondingly, it is statistically significant which also means that at least one of the variables chosen (car, asq, me, esq, lqr, size and dra) is related to the dependent variable (roe). hence, the research would reject the hypotheses that there is no correlation at all and this proved that this is a good model for prediction. it indicates that the points lie moderately close to the line of best fit in the scatter diagram. it also imply that the model is relatively suitable in explaining the variance of profitability of both conventional and islamic banks as explained by the variance in car, asq, me, esq, lqr, size and dra. the multiple regression then can be employed. table 7 presents that asq (p= 0.019), esq (p= 0.007) and size (p= 0.053) were significant predictors for the profitability of conventional banks. the variables of car, me, lqr and dra were insignificant predictors for the dependent variable. hence, the estimated equation for conventional banks can be formulated as y= 0.702 + 0.695car+ 0.695asq + 0.37me+ 21.074esq + 0.819lqr 0.065size 3.502dra the model implied that roe would be 0.702 when all the factors are held constant. there is 0.317 units of increase for roe when there is a unit increase of car while other factors held constant. a unit increase for asq holding other factors constant would increase roe by 0.695. the financial performance for conventional banks would increase by 0.37 when there is a unit of increase of 45 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional me, holding other factors constant. a unit of increase for esq when other factors held constant would increase the profitability for conventional banks by 21.074. holding other factors constant, a unit of increase for lqr would increase roe by 0.819 units. on the other hand, a unit of increase in size holding other factors constant, would decrease roe by 0.065. the financial performance for conventional banks would reduce by 3.502 units when there is a unit of increase for dra holding other factors constant. table 7. coefficients for conventional banks model unstandardized coefficients standardized coefficients t sig. b std. error beta 1 (constant) 0.702 0.735 0.956 0.353 car 0.317 0.913 0.043 0.347 0.733 asq 0.695 0.267 0.574 2.609 0.019 me 0.37 0.299 0.265 1.237 0.234 esq 21.074 6.768 0.588 3.114 0.007 lqr 0.819 0.504 0.318 1.625 0.124 size -0.065 0.031 -0.315 -2.091 0.053 dra -3.502 2.043 -0.218 -1.714 0.106 a. dependent variable: roe table 8 shows that car (p= 0.074), esq (p= 0.002) and size (p= 0.020) were significant predictors for the roe of islamic banks. the variables of asq, me, lqr and dra were not significant predictors for the dependent variable. hence, the estimated equation for islamic banks can be formulated as y= -1.928 + 2.102car+ 0.569asq + 0.094me+ 14.192esq + 0.34lqr + 0.078 size + 2.269dra the model implied that when all the factors are held constant, financial performance for islamic banks would be -1.928. there is 2.102 units of increase for roe when there is a unit increase of car while other factors held constant. a unit increase for asq holding other factors constant would increase roe by 0.569 units. roe would increase by 0.094 when there is a unit of increase of me, holding other factors constant. holding other factors constant, a unit of increase for esq would increase roe by 14.192 units. a unit of increase for lqr other factors held 46 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 constant would increase the financial performance for islamic banks by 0.34. other factors held constant, a unit of increase for size would increase roe by 0.078 units. a unit of increase for dra when other factors held constant would increase the profitability for islamic banks by 2.269 units. table 8. coefficients for islamic banks model unstandardized coefficients standardized coefficients t sig. b std. error beta 1 (constant) -1.928 0.846 -2.278 0.037 car 2.102 1.101 0.367 1.909 0.074 asq 0.569 0.471 0.603 1.207 0.245 me 0.094 0.15 0.113 0.627 0.539 esq 14.192 3.873 0.598 3.665 0.002 lqr 0.340 0.352 0.248 0.967 0.348 size 0.078 0.030 0.630 2.571 0.020 dra 2.269 2.063 0.606 1.1 0.288 a. dependent variable: roe both conventional and islamic banks shown that esq and size is significant predictors for financial performance of the banks. according to the findings from muhmad and hashim (2015), the researchers found out there relationship between esq and roe is significant and hence support this findings. it is then expressed the ability to support current and future bank operations depends on the profile of the earnings and profitability. the findings about size is one of the important determinants of financial performance for conventional and islamic banks, is supported by previous studies from boyd and runkle (1993), hassan and bashir (2003) and pasiouras and kosmidou (2007). this finding suggests that the size of bank affected the profitability. larger size can provide more varieties and wide range of financial services at a lower cost due to economies of scale, and hence generate more income. however, athanasoglou et al. (2008) found out the opposite results where size proved to be not significant in affecting the profitability. the explanation from the research is that small sized banks generally attempt to grow and expand in faster speed, even though it will cost a lot and reduce profitability. 47 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional from the analysis of islamic banks, car is significant to the roe of the banks. this is in accordance to berger (1995) as car represent the ability to withstand losses and hence it is one of the contributors to the profit of the banks. due to the existence of asymmetric information, the banks with sound capital position are considered less risky and thus, have the advantage to access funds at better terms. hence, it is less costly for bankers to low risk capital, report capital than banks with a significant risk. on the other hand, smaoui and salah (2012) support the findings that car is insignificant for roe in conventional banks. for asq in islamic banks, it is significantly related to profitability. muhmad and hashim (2015) provide further evidence to support this where they found out asq is statistically significant to the bank’s financial performance and stated that the increase of assets to be financed with loans would increase the bank’s performance. asq hence is one of the prerequisite for increased profitability of the banks. however, asq is not statistically significant to the financial performance of conventional banks and this is consistent with al-omar and al‐mutairi (2008). me is insignificant to roe from the findings and this is backed by the study from ong and teh (2013) where the researchers found out that me is however statistically significant to the other two measures of profitability which are return on asset (roa) and net interest margin (nim). this contradicts with the previous study from pasiouras and kosmidou (2007) where me exhibit significant impact to the financial performance of the banks. the results imply weak expenses management leads to poor profitability. lqr is found out that statistically insignificant to the financial performance of both conventional and islamic banks. this is proven by muhmad and hashim (2015) as the ratio of liquid assets to total assets is not significant to roe of the banks. however, they also reported that the ratio of liquid assets to total deposits which is under the factor of lqr is significant to the profitability of the banks. hence, we can assume that different ratio will affect the significance of the factors to the dependent variable. the results shown that dra is found out that to be insignificant to roe of conventional and islamic banks in malaysia. in support of this, entrop et.al. (2015) which focused on german banking system found out that bank’s risk aversion has mixed results where explained by high endowments of excess capital lead to significantly different adjustments of loan rates but not of deposit rates. according to the existing studies where ho and saunders (1981), mcshane and sharpe (1985) and zhou and wong (2008) which generally evaluate the effect of dra on bank interest margin but not on roe in terms of profitability. the previous studies have proven that dra is affected significantly to bank interest margin. 48 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 conclusion this paper aim to empirically investigates the asset liability management on the profitability of 6 conventional and 6 islamic banks in malaysia during the period of 2010 to 2013. the findings shown that asset liability management have a significant effect on the profitability of both conventional and islamic banks in malaysia. the results shown that esq and size is the important determinants for the profitability of both conventional and islamic banks in malaysia. for conventional banking system, asq is also one of the contributing factors for the financial performance. in view of islamic banks, car is another factor that give significant impact to the profitability. however, it can be found that me, lqr and dra are statistically insignificant to roe, which is a measure of profitability used in the study. there is a possibility that the ratio used for the stated factors are not suitable for the banking system in malaysia for the period of the study. hence, as the dependent variable is limited to one variable (roe), the relationship of the factors may not be strong with this variable, but might be significant to other measures of profitability such as return on asset (roa) and net interest margin (nim). the researcher can then conclude that more ratio should be added under the factor of me, lqr and dra to find out whether the suitable ratio to examine the financial performance of the banks. concerning the correlation of the variables chosen with the profitability, it can be seen that the relationship of car and esq shared the same results for both conventional and islamic banks which is positive correlation whereas me and lqr have negative relationship with the profitability for both conventional and islamic banks in malaysia. on the other hand, asq in conventional banks exhibit negative sign towards the performance and islamic banks asq present positive relationship with profitability. both size and dra in conventional banks shown negative sign towards profitability while in islamic banks, these two factors have positive relationship with the financial performance. the difference from the findings for conventional and islamic banks can be explained by the different modes of bank operations. as islamic banking system is constrained by the prohibition of riba and also, need to comply with sharia requirements and regulations. thus, islamic banks will face more risks compared to the conventional counterparts as the islamic banking system is exposed to risks due to the unique asset and liability structure. because of the complexity of the risk from the nature of business such as the profit and loss sharing from islamic banking system and difference in the financial products and services, there is a difference in the accounting standards and reporting methods for both system and hence, there will be little difference in the findings. 49 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3334 yee loon mun: asset liability management of conventional references abu hussain, h. & al‐ajmi, j. 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(2008). the determinants of net interest margins of commercial banks in mainland china. emerging markets finance and trade, vol. 44(5): 41-53. juliansyah noor1, soleh2, meita faittaahumi3 abstract. this article discusses the employee perception of organizational support. this study conducts an online survey at one of indonesia's most prominent islamic bank branches. data were analyzed using structural equation modelingpartial least squares (sem-pls). the results showed problems with human resources management (hrm) practices, perceived organizational support, and organizational commitment from islamic banks, resulting in high turnover potential. hrm practices and perceived organizational support were positively and significantly related to organizational commitment. however, organizational support only mediated the relationship between hrm practices and normative and affective commitment, but not the relationship between hrm practices and continuance commitment. keywords: practices of human resource management; perceived organizational support; employee commitment abstrak. artikel ini membahas tentang persepsi karyawan terhadap dukungan organisasi. studi ini menggunakan survei online di salah satu cabang bank syariah terkemuka di indonesia. data dianalisis menggunakan model persamaan struktural-partial least square (sem-pls). hasil penelitian menunjukkan masalah dengan praktik manajemen sumber daya manusia (sdm), dukungan organisasi yang dirasakan, dan komitmen organisasi dari bank syariah, menghasilkan potensi turnover yang tinggi. praktek hrm dan dukungan organisasi dirasakan secara positif dan signifikan berhubungan dengan komitmen organisasi. namun, dukungan organisasi hanya memediasi hubungan antara praktik hrm dan komitmen normatif dan afektif, tetapi bukan hubungan antara praktik hrm dan komitmen berkelanjutan. kata kunci: praktik manajemen sumber daya manusia; dukungan organisasi; komitmen karyawan human resource management practices on employee commitment: indonesia islamic banking al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 23 40 1,2,3la tansa mashiro university of jakarta, indonesia e-mail: 1profjul.noor@gmail.com, 2kangenceh@gmail.com, 3drzakiyyahtunufus@gmail.com author: juliansyah noor received: 20 april 2023 accepted: 20 june 2023 published: 30 june 2023 24 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction this research is influenced by high employee turnover at islamic banks in indonesia. based on pricewaterhouse coopers (pwc) survey in 2020-2021 revealed that turnover at islamic banks is higher than at conventional banks. in 2020, the turnover of islamic banks reached 7%, while at conventional banks, it will be slightly lower, namely 6.7%. meanwhile, in 2021, turnover in islamic banks increased to 10%, while in conventional banks, it raised to 8.7%. turnover in islamic banks is dominated by natural turnover rather than retirement, death, and dismissal. bank syariah indonesia (bsi), the largest islamic bank in indonesia, reports employee turnover data. in 2021, voluntary turnover reached 84.27% of 604 cases, while turnover due to natural retirement and death is only 9.93% and 5.80%. high levels of employee turnover, especially voluntary turnover, indicate poor organizational commitment (afshari, 2021). organizational commitment refers to the employee's attachment to the organization and maintaining their existence (robbins and judge, 2017). when genuinely committed, they are willing to contribute their work beyond the capacity that should be given and even willing to sacrifice for the organization. this commitment is a fundamental factor in the organizational industry, which has attracted a lot of interest from managers and researchers (sanders, dorenbosch, and de reuver, 2008). good hrm practices can form strong organizational commitment (adresi and darun, 2017). hrm practices can "create conditions where employees become highly involved in the organization and work hard to achieve organizational goals" (becker and huselid, 2006). internal career paths, job training, and salary are essential hrm practices influencing organizational commitment. furthermore, security and a dynamic environment will also affect it (adresi and darun, 2017). a number of studies have also proven that hrm practices have a positive and significant relationship with employee commitment (eg, lamba and choudhary, 2013; aboramadan et al., 2020; janjua and gulzar, 2014; hassan and mahmood, 2016; adresi and darun, 2017). specifically in the banking context, several researchers have also confirmed this relationship (paşaoğlu, 2015; cherif, 2020). although hrm practices are widely recognized as important predictors for creating and maintaining employee commitment, many studies reveal that the relationship between the two does not occur directly but through perceived organizational support (for example, adresi and darun, 2017; meyer and smith, 2009). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 juliansyah noor. human resource management practices on employee commitment 25 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 this study explores employee commitment in islamic banking and examines how hrm practices influence commitment. in addition, this study will also investigate the role of perceived organizational support in this relationship. in general, the exploration of this in banking is still limited. most studies on this are conducted in non-bank industries in the western world, while in the eastern world, it is constrained (nasurdin, hemdi, and guat, 2008). several studies in the banking sector have been carried out, including paşaoğlu, (2015) and cherif, (2020), and their findings support all the existing literature. in particular, studies on islamic banks have never been carried out. therefore, this study offers two important novelties. first, this study will enhance the literature on hrm practices in the east, particularly in the islamic banking sector. second, contribute to practical policies for bank management, considering the high turnover cases, especially in islamic banks. literature review organizational commitment according to the resource-based view of theory (barney, 2018), sustainable competitive advantage can be achieved when an organization has resources that are "valuable, rare, inimitable, non-substitutable and non-transferable." although this theory divides resources into two, namely tangible and intangible resources, the important implications of this theory focus on intangible resources. this is because tangible resources, such as organizational commitment, tend to be imitated but not intangible (janjua and gulzar, 2014). organizational commitment refers to the relationship between an employee and his organization, where they have the will to exert their efforts to achieve organizational goals by aligning them with their organizations (mowday et al., 2014; lin et al., 2020). organizational commitment can be divided into three main components; "(1) normative commitment; (2) affective commitment; and (3) continuance commitment" (allen & meyer, 1996). normative commitment is based on an ethical obligation to remain with the organization (mowday et al., 2014). this commitment is formed by socializing with employees before and after entering the organization and how it treats them during work. meanwhile, affective commitment is a positive attachment between employees and their organization. it is a strong commitment from an employee, shown through an unwavering desire to remain a member of that organization (meyer, stanley, herscovitch, and topolnytsky, 2002). this commitment can be http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 26 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 built through open communication, which involves employees in the decisionmaking process, especially those related to their expertise and welfare (dirani and kuchinke, 2011). meanwhile, continuance commitment is the employee's feeling towards his organization after considering the possible costs of leaving the organization (duffy and dik, 2012). these costs can include the loss of the benefits of human resources as employees, training and development, and reward systems (meyer et al., 2002). in this context, employees will suffer if they leave the organization. human resource management practices the practice of human resource management (hrm) has been studied for a long time. still, until now, there has been no consensus on its definition, including how it is conceptualized and operationalized (almutawa, muenjohn, and zhang, 2016). (2014) define hrm practices as organizations' efforts to ensure proper management to achieve organizational goals. specifically, this practice aims to shape employee attitudes, behavior, culture, and perceptions to achieve organizational goals (shannak, obeidat, and masadeh, 2012; mousa and othman, 2020). in general, this practice relates to the method of choice, performance evaluation, rewards, and job security to increase organizational commitment (meyer and smith, 2009; sulbout et al., 2022; bisharat et al., 2016; yahaya and ebrahim, 2016). relationship between hrm practices and organizational commitment the relationship between hrm practices and organizational commitment has been studied extensively. several studies have proven that practice positively relates to organizational commitment (eg, sial et al., 2011; sulbout et al., 2022; ijigu, 2015; foss et al., 2014). hrm practices will shape workforce attitudes by shaping employees' perceptions of the organization. social exchange theory also positively correlates hrm practices and organizational commitment. the exchange relationship between the two can occur through selection, training, performance evaluation, promotion, performance-based rewards, information sharing, and job security (meyer and smith, 2009; paşaoğlu, 2015). a good selection process can find qualified employees who feel they will work in the right place and consider themselves as part of the company (paşaoğlu, 2015). in this process, the organization and its prospective employees will dynamically combine their needs (vickers, mcdonald, and grimes, 2015). when there is alignment between the needs and goals of the organization and its employees, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 juliansyah noor. human resource management practices on employee commitment 27 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 this will encourage these employees to be bound by a psychological contract with the organization. meanwhile, from an organizational point of view, training is a significant investment in human resources aimed at improving individual and organizational performance that is up-to-date by the times (bartel, 2000), while from an employee standpoint, it is part of career development. through training, employees have the opportunity to improve their skills and performance. in return, they will be bound by a psychological contract with their organization (bartlett, 2001). therefore, training is believed to increase organizational commitment, and many studies have confirmed this (eg, bimpitsos and petridou, 2012; collings, scullion, and vaiman, 2015). performance evaluation as part of hrm practices is also believed to have a close relationship with organizational commitment. performance evaluation is generally intended to improve performance that has been lacking in the past and to improve performance in the future. the performance evaluation process that is carried out properly will encourage positive perceptions from employees of better skills and expertise in the future. social exchange theory explains that investing in employee desires will lead to behavior at work that is more positive than anything else (cropanzano and mitchell, 2005). this will lead to increased work motivation, thus encouraging employees to do the best for their organization, even beyond what they should give (kuvaas and dysvik, 2009). therefore, this evaluation process should lead to employee feelings, competencies, and success (fey, morgulis-yakushev, park, and björkman, 2009). performance-based promotions and rewards are another important aspect of hrm practices that can enhance organizational commitment. promotion is a method to help employees become more advanced and developing. likewise, performance-based awards can spur work motivation and employee expectations for their organization. career development opportunities and performance-based rewards positively signal organizational justice and fairness, encouraging employee commitment (fey et al., 2009). sharing information is also part of hrm practice which is important for increasing organizational commitment. sharing information is a social problem that is highly dependent on social relations. sharing information is very important in groups, which will increase responsibility and teamwork (wasko and faraj, 2005). sharing information will increase employee loyalty to the organization because it will create a relationship of trust between employees and management and provide a basis for good cooperation (rutten, blaas franken, and martin, 2016). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 28 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 another important aspect of hrm practices influences organizational job security commitment. bentzen et al. (2020) define job security as an individual's ability to be employed without experiencing seniority, salary, pension rights, and other disadvantages. this security is an important issue in influencing employees about their work. therefore, job security is important in determining organizational commitment (iverson and roy, 1994; meyer and smith, 2009; bashir and ramay, 2008). based on the description above, the hypothesis developed for this problem is: h1: hrm practices are positively and significantly related to organizational commitment. the role of perceived organizational support on the relationship between hrm practices and organizational commitment perceived organizational support (pos) refers to employees' beliefs about the extent of organization values their contributions and cares about their well-being" (eisenberg et al., 2004). pos reflects an individual's perception of organizational commitment (johlke, stamper, and shoemaker, 2002; settoon, bennett, and liden, 1996). therefore, pos is believed to positively impact the quality of organizational commitment (nazir and islam, 2017; chen and eyoun, 2021) and negatively impact turnover intention (dane and brummel, 2014). some factors influence pos, including praise and approval, salary, rank, job enrichment, and organizational policies (eisenberger, 2004). therefore, pos is seen as a resource within an organization, which can increase employee work commitment (akgunduz and eryilmaz, 2018). for employees, organizational support is an essential external energy source that helps increase work commitment when they do work (zhong, wayne, and liden, 2015). in the relationship between hrm practices and organizational commitment, pos is believed to have a role as a mediator. on the one hand, hrm practices will affect pos (mayes et al., 2017; aktar and pangil, 2017), while pos will increase employee commitment (aggarwal-gupta, vohra, and bhatnagar, 2017). therefore, the hypothesis developed for this is: h2: hrm practices have a positive and significant relationship with perceived organizational support. h3: perceived organizational support positively and significantly affects organizational commitment. h4: perceived organizational support ascertains the relationship between hrm practices on organizational commitment. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 juliansyah noor. human resource management practices on employee commitment 29 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 methods we conducted an online survey of all islamic banking employees in indonesia to achieve our research objectives. these islamic banks in indonesia are reported to have high turnover rates in 2020-2021. electronic questionnaires were distributed via social media from 1 september to 30 september 2021. there are 115 questionnaires filled out; 54.14% were filled in by male respondents and 45.86% by female respondents. based on age, 15.04% of the respondents were under 30, 39.85% were around 30-40, and another 45.11% were over 40. based on education, 33.08% of the respondents had a diploma education, 53.38% were undergraduate, and 13.54% were postgraduate. based on tenure, 27.07% of respondents had tenure under two years, 63.91% between 2 to 3 years, and 9.02% more than three years. organizational commitment in this study is operationalized as a form of respondents' assessment of their ability to be loyal and identify with their organization. the indicators and questionnaires to measure this was adopted from allen and meyer (1996). meanwhile, hrm practices are operationalized as employee assessments of the organisation's efforts towards its employees to achieve organizational goals. the indicators and questionnaires to measure this were adopted from meyer and smith (2009). meanwhile, perceived organizational support (pos) is operationalized as an employee's assessment of how much the organization welfare values their contribution and cares. the indicators and questionnaire to measure this were adopted from eisenberg et al. (2004). data analysis used structural equation modelingpartial least squares (sem-pls). it can assess whether the causal relationship between variables is significant. this approach is well suited for developing theoretical models through data exploration, which aligns with this study's aim to investigate the relationship between theoretical structures. in addition, sempls does not require a large sample size; the sample data is normally distributed and has high statistical power (hair, risher, sarstedt, and ringle, 2019). results and discussion the study indicated that the current hrm practices have not been good. this can be seen from the average value of hrm, which is less than three (see table 1). specifically, hrm practices that are considered not good by employees include training, performance evaluation, performance-based rewards, information sharing, and job security. meanwhile, perceived organizational support looks ambiguous. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 30 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 the average pos value is above 2.5 (see table 1). this shows ambiguity among employees. some of them feel adequate organizational support, while others feel the opposite. pos is considered good for management's praise of employees, and job enrichment, while salary, rank, and management policies related to employees are rated the opposite. therefore, organizational commitment is not consensual. the average oc score is 2.5 (see table 1), which indicates that some employees have a strong commitment to their organization, while others do not or are less committed. specifically, affective commitment is stronger than normative and continuance commitment, while normative commitment is the weakest. table 1. statistics and correlation matrix mean correlation matrix hrm pos oc gen edu ten age hrm 2.41 1 {.78} pos 2.44 0.66 1 {.93} [.00] oc 2.51 0.61 0.57 1 {.73} [.00] [.00] gen 1.54 0.14 0.15 0.08 1 {.50} [.11] [.08] [.32] edu 1.8 -0.04 0.05 0.01 0.01 1 {.66} [.96] [.56] [.95] [.98] ten 1.8 -0.07 0.04 0.09 0.08 0.16 1 {.57} [.40] [.63] [.27] [0.35] [.06] age {.78} 0.01 0.09 0.15 -0.01 0.08 0.68 1 {.72} [.87] [.30] [.07] [.94] [033] [.00] note: the number in curly brackets “{…}” is the standard deviation and in absolute brackets “[…]” is the p-value the correlation between hrm practices with oc was higher than the correlation between pos and oc (r = 0.61 vs. 0.57). meanwhile, hrm practices do not significantly correlate with "employee demographic factors, such as gender, education, tenure, and age. perceived organizational support is only significantly related to gender, not education, tenure, and age. this shows that male employees are more dominant in feeling organizational support than female employees. in this http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 juliansyah noor. human resource management practices on employee commitment 31 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 context, male employees need more organizational support than female employees. meanwhile, oc is only significantly related to age, where the higher the employee's age, the higher the commitment to the organization. the following table 2 presents the results of the measurement model, which shows that all variables are measured reliably (α ≥ 0.6) (sekaran & roger, 2016). the value for each variable is acceptable, because the factor loading for all items is more than 0.7 (nunnally and bernstein, 1994). all indicators also show acceptable (ave > 0.5) and convergent (cr > 0.7) discriminant validity (nunnally & bernstein, 1994). table 2. indicator loadings and latent variable coefficient factor alpha cr ave loading hrm 0.84 0.91 0.67 hrm1 0.78 hrm2 0.89 hrm3 0.8 hrm4 0.86 hrm5 0.9 hrm6 0.9 hrm7 0.91 pos 0.88 0.93 0.73 pos1 0.95 pos2 0.97 pos3 0.77 pos4 0.95 pos5 0.91 oc 0.93 0.96 0.81 oc1 0.86 oc2 0.82 oc3 0.78 table 3 shows the main analysis results of this study. it can be seen that hrm practices generally have a positive and significant relationship with pos and oc. however, the effect of hrm practices on pos was more significant than that on oc (β = 0.65 vs. 0.41). meanwhile, pos also had a positive and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 32 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 significant relationship with oc, but the effect was much smaller than the effect of hrm practices on oc (β = 0.29 vs. 0.65). this suggests that hrm practices directly affect organizational commitment, and perceived organizational support fails to mediate their relationship. table 3. summary of the structural model β t-stat. decision hrm → pos 0.65 9.8 supported hrm → oc 0.41 4.64 supported hrm → oc1 0.28 3.56 supported hrm → oc2 0.36 4.64 supported hrm → oc3 0.2 1.7 supported pos → oc 0.29 3.27 supported pos → oc1 0.53 6.65 supported pos → oc2 0.43 5.53 supported pos → oc3 -0.17 -1.5 unsupported hrm → pos → oc 0.35 3.95 supported hrm → pos → oc1 0.4 3.75 supported hrm → pos → oc2 0.39 5.08 supported hrm → pos → oc3 0.01 0.11 unsupported although the effects are different, hrm practices influence all types of organizational commitment positively and significantly. hrm practices have the greatest influence on affective commitment but the least on continuance commitment. meanwhile, pos is only significant with normative and affective commitment but not with continuance commitment. when compared, the relationship between hrm practices and normative commitment is weaker than the relationship between pos and normative commitment (β = 0.28 vs. 0.53). this suggests that the relationship between hrm practices and normative commitment occurs through pos. good hrm practices will encourage perceived organizational support to be higher, thus encouraging employees to be morally (ethically) bound to their organization. employees feel unethical if they stay in the organisation because the organization treats them well. in line with this, the effect of hrm practices on affective commitment is smaller than the effect of perceived organizational support on affective commitment (β = 0.36 vs. 0.43). it also shows that the relationship between hrm practices http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 juliansyah noor. human resource management practices on employee commitment 33 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 and affective commitment occurs through perceived organizational support. good hrm practices lead to higher pos and encourage employees to become emotionally attached to their organization. in contrast to previous findings, hrm practices are also significantly related to continuance commitment, but the relationship between perceived organizational support and commitment is not significant. this shows that hrm practices directly affect sustainability commitment. when hrm practices are going well, this will directly make employees reluctant to leave the organization. in this context, they are not bound normatively or affectively (emotionally), but they consider there is a high price to pay when leaving the organization. based on these findings, the first (h1) and second (h2) hypotheses are fully supported, while the third (h3) and fourth (h4) hypotheses are partially supported. the findings in this study are consistent with social exchange theory. it suggests that the study's results align with the principles and predictions of social exchange theory. social exchange theory is a psychological framework that explains human interactions and relationships based on exchanging resources, rewards, and costs (aktar and pangil, 2017). the findings may indicate that individuals in the study were more likely to engage in positive social exchanges when they perceived a higher likelihood of receiving desirable rewards or benefits. this could align with the theory's prediction that individuals are more motivated to engage in relationships or interactions with potentially favorable outcomes. good quality relationships between managers and employees will encourage organisational solid commitment. employee commitment to the organization is formed through the belief in employees that the organization values their contributions. good human resource practices will shape employees' attitudes and perceptions of what the organization is like and reflect their treatment of the organization. in addition, these findings also support previous studies, which show that hrm practices have a positive and significant effect on organizational commitment (aboramadan et al., 2020; becker and huselid, 2006; janjua and gulzar, 2014; adresi and darun, 2017; lamba and choudhary, 2013; bisharat et al., 2016; jawaad et al., 2019). in addition, our findings also support findings about the mediating effect of pos on the relationship between hrm practices and oc (meyer and smith, 2009; adresi and darun, 2017). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 34 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 conclusion based on the data analysis and discussion results, this study concludes that a weak organizational commitment from employees may trigger the phenomenon of high turnover in islamic banks. poor resource management practices and weak organizational support can trigger weak organizational commitment from islamic bank employees. the study findings show that hrm practices have a positive and significant relationship with organizational commitment, both normative, affective and continuance commitment. this shows that good hrm practices can encourage organizational commitment to be higher, but vice versa can reduce organizational commitment, as happened in islamic banks in indonesia. however, the relationship between hrm practices and normative and affective commitment does not occur directly but through perceived organizational support. only continuance commitments are directly related to hrm practices. the finding also suggests that organizational support acts as a mediator between hrm practices and employees' commitment. this means that the positive impact of hrm practices on normative and affective commitment is facilitated or enhanced through organizational support. when employees perceive effective hrm practices combined with organizational support, it strengthens their commitment to the organization. overall, this finding highlighted the importance of both hrm practices and organizational support in fostering employees' normative and affective commitment. organizations prioritising and implementing hrm practices while demonstrating strong organizational support employees who feel committed, loyal, and emotionally attached to the organization. important implications for management of islamic banks still need to evaluate the effectiveness of current hrm practices, especially those related to selection, training, performance evaluation, promotion, performance-based rewards, information sharing, and job security. in addition, management also needs to increase support for its employees, especially about praise for employee performance, salary, rank, job enrichment, and policies that favor the interests of employees. like all research, this study has limitations. the focus on islamic banking restricts the generalizability of the findings. future research should explore the relevance of these results in other industries, cultures, and countries. the study only surveyed branch employees and did not include head office employees. furthermore, the study relied on self-reported measures of hrm practices, perceived organizational support, and employee commitment. future research could compare front-line employees' perceptions of hrm practices and examine the impact of hrm practices on employee attitudes toward compensation. the study did not http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 juliansyah noor. human resource management practices on employee commitment 35 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32018 differentiate employees based on tenure, which could affect their perceptions of hrm practices. a longitudinal approach would provide greater insight into the causal relationships between hrm practices and employee commitment. references 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(2016). leadership styles and organizational commitment: literature review. journal of management development, 35(2), 190–216. https:// doi.org/10.1108/jmd-01-2015-0004. zhong, l., wayne, s. j., & liden, r. c. (2015). job engagement, perceived organizational support, high-performance human resource practices, and cultural value orientations: a cross-level investigation. journal of organizational behavior, 37(6), 823–844. https://doi.org/10.1002/job. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32018 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 53 68 received: september 15, 2016; revised: november 25, 2016; accepted: december 5, 2016 state islamic university (uin) syarif hidayatullah jakarta jl. ir. h. juanda no. 95, ciputat, tangerang selatan, banten, indonesia e-mail: ismawati@uinjkt.ac.id doi: 10.15408/aiq.v9i1.4308 the indonesian islamic bank’s spin-off: a study in regional development banks ismawati haribowo abstract. the indonesian islamic bank’s spin-off: a study in regional development banks. the islamic banking spin-off became a major issue after the establishment of the act no. 21 of 2008. the problem that arises according to this spin-off is the existence of sharia unit that owned by the regional development banks, which is almost the banks has a small size. this paper is going to evaluate the spin-off criteria are regional development banks, besides that this article is going to analyze the spin-off strategy that can use by sharia unit that owned by the regional development bank. the techniques that employed in this paper are arima, simulation, and descriptive-qualitative. the result shows that there is no sharia unit can achieve the 50% share asset of its parents. there are also several strategies that can be used by the sharia unit. the main thing that should emphasize is the islamic bank's spin-off is only one of the policies that can be taken to develop the islamic banking industry. keywords: spin-off, regional development bank, arima abstrak. pemisahan bank syariah di indonesia: studi pada bank pembangunan daerah. pemisahan unit usaha syariah menjadi bank umum syariah merupakan salah satu hal yang menjadi isu utama setelah lahirnya undang-undang nomor 21 tahun 2008. permasalahan yang muncul terkait pemisahan unit usaha syariah ini ialah eksistensi unit usaha syariah yang dimiliki oleh bank pembangunan daerah, dimana sebagian besar bank pembangunan daerah ini ukurannya kecil. artikel ini bertujuan untuk mengevaluasi kriteria pemisahan unit usaha syariah pada bank pembangunan daerah, serta untuk menganalisis strategi pemisahan yang tepat bagi unit usaha syariah yang dimiliki oleh bank pembangunan daerah. teknik analisis yang dipergunakan ialah arima, simulasi, dan deskriptif-kualitatif. hasil yang didapatkan menunjukkan bahwa belum ada satupun unit usaha syariah bank pembangunan daerah yang mampu mencapai proporsi 50% aset dari bank induknya. terdapat beberapa strategi yang dapat ditempuh oleh unit usaha syariah bank pembangunan daerah. hal utama yang harus ditekankan ialah pemisahan unit usaha syariah merupakan salah satu kebijakan yang dapat ditempuh untuk mengembangkan industri perbankan syariah. kata kunci: pemisahan, bank pembangunan daerah, arima 54 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 introduction the development of islamic banking in indonesia is quite rapid. it can see that the end of 2015 there have been 12 islamic full pledge banks, 22 islamic business unit, and 161 islamic rural banks. this rapid development still has not been able to reach the market share target by 5%; it can see from table 1. this 5% target should achieve by the end of 2008. to accelerate the islamic banking growth in indonesia, regulators encouraged to established the particular regulation about islamic banking industry. in 2008, there established the act of 21 the year 2008 about islamic banks. one important issue in this act is the obligation for islamic business unit (uus) to do the spin-off if they had reached the 50% of the parent’s asset or 15 years after the establishment of this act. after the establishment of this act, there are several islamic business units that had done the spin-off, either by creating new companies or by using the existing companies. if we are referring to the spin-off’s criteria in the act, there are no islamic business unit that had been reached the 50% parent’s asset. al arif (2015c) said that from 11 sample banks, which contained 5 islamic business units, 4 spin-off banks, and 2 islamic full pledge banks subsidiary of conventional banks; none of the sample banks can reach the 50% of its parent’s asset in 2023 (15 years after the establishment of the act). table 1. the development of indonesian islamic banking industry years islamic banks (idr million) conventional banks (idr million) market share (%) 2008 49,555 2,310,557 2.10 2009 66,090 2,534,106 2.54 2010 97,519 3,008,853 3.14 2011 145,467 3,652,832 3.83 2012 195,018 4,262,587 4.37 2013 229,557 4,954,467 4.43 2014 244,197 5,615,150 4.18 2015 298,382 5,919,390 4.79 source: islamic banking statistics, bank of indonesia table 2 shows the value of asset, share asset, and profit of islamic business unit that owned by the regional development bank. based on data, almost the islamic business unit owned by regional development bank has small asset, the largest asset is bank of dki shariah that can achieve idr 3.4 trillion and the smallest asset is 55 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 ismawati haribowo: the indonesian islamic bank’s spin-off bank of jambi that only idr 191 billion. this fact shows that if the spin-off policy is force to remain in the july 2023, there will be a lot of islamic business unit owned by regional development banks will be shut-down. because almost the parents (regional development bank) has a small economic of scale, if they forced to spin-off the islamic business unit it will make the inefficiency either in parents or subsidiary banks. the islamic banking data shows that after the spin-off policy established in 2008, there are still performance fluctuations in islamic banking industry. this is shown by the decreasing in islamic banking profitability, and the increasing of non performing financing. this fact is contradicst with the policy objectives. the objectives of the spin off policy is to increase the islamic banking performance, but the data shows that there are a performance declining in islamic banking industry. table 2. the asset, share asset and profit of sharia unit banks asset (million rupiah) share asset (%) profit (million rupiah) 1 uus dki 3,384,929 9.29 103,382 2 uus sumut 1,816,290 7.77 79,125 3 uus bpd yogyakarta 366,694 4.69 12,322 4 uus bpd jateng 960,654 2.28 5,042 5 uus bpd jatim 1,247,248 3.28 11,715 6 uus bpd jambi 191,582 3.31 9,632 7 uus bpd aceh 2,408,925 12.77 49,861 8 uus bpd sumbar 1,224,605 6.80 35,251 9 uus bpd riau 1,013,781 4.43 37,249 10 uus sumsel 1,021,885 6.36 11,988 11 uus kalsel 588,010 5.43 8,517 12 uus kalbar 1,199,564 10.69 74,127 13 uus kaltim 1,110,263 3.74 14,108 14 uus sulselbar 724,954 7.25 42,612 15 uus ntb 383,027 6.60 9,547 source: bank’s publication report besides that, novarini (2009), pramuka (2011), and endri (2011) shows that almost the islamic business unit is less efficient rather than islamic full pledge 56 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 banks. this result raise question if islamic buisness unit is less efficient than islamic full pledge banks, how about the efficiency if they had done the spin-off. al arif (2015a) shows that the spin-off policy will affect the performance in islamic banking industry. there is an efficiency declining after the spin-off policy established. according to the conditions, which is the spin-off policy still can’t give a significant effect to the islamic banking industry development. besides that, this policy still can’t accelerate the islamic banking industry to achieve the 5% share asset. this research will analyze the spin-off strategy in islamic business unit that owned by the regional development banks. besides that, the regulator such as the financial service authority has a concern about spin-off policy in regional development banks. literature review only a few numbers of research had been conducted regarding the islamic banking spin-off, because the characteristics of islamic banking in indonesia are quite different than islamic banking in other countries. indonesia splits islamic bank into two parts; islamic banks and islamic business unit (an islamic business units of conventional banks), while in other countries mostly use windows system that gives no differences between islamic banks and conventional banks. in order to reach the islamic banking market share 5% of the national banking, one method used is to push the occurrence of islamic business unit spin-off into islamic fullpledge banks. the effort to push this spin-off is seen on several policies of bank indonesia such as pbi no. 12/21/pbi/2010 date october 19th 2010 regarding bank’s business plan, especially on article 12 letter g that puts the islamic business unit spin-off plan into the bank’s business plan. pbi no. 14/8/pbi/2012, date july 13th 2012 regarding bank ownership of common shares, especially on article 16 that gives leeway for bus shareholders as a result of islamic business unit spin-off to have shares exceeding the maximum limit of shareholding. islamic banks as a result of the spin-off is given a longer spare time to carry out divestment until 2028 or 5 years longer than the spin-off’s time limit. kiswono (2012) conducted a study toward spin-off roadmap arranged by islamic business unit. based on a conducted study, it can be concluded that the spin-off plan submitted by each bank cannot always be used as reference. there are only few banks whose spin-off plans are reasonable enough to come to realization. some other banks look very optimistic in planning the time of the spin-off, but if looking at its potential, it is too difficult to be held, and on the contrary, there are some banks that look very conservative in planning the spin-off to reach the limit although its capital is adequate. 57 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 ismawati haribowo: the indonesian islamic bank’s spin-off kiswono (2012) categorized each bank based on its capital potential, namely: (i) primary capital is above idr 2 trillion and islamic business unit capital is above idr 500 billion, so its capital requirement has met in provision and is hoped to be able to execute the islamic business unit spin-off immediately. banks included in this group are btn, bank permata, cimb niaga, and bank danamon. (ii) primary capital is above idr 2 trillion but islamic business unit capital is still below idr 500 billion, so it still needs longer time and effort to increase its islamic business unit capital to reach minimum requirement that is idr 500 billion. there are 5 banks that have fulfilled the criteria, namely: bii, btpn, ocbc-nisp, hsbc, bank jatim. (iii) primary capital is still below idr 2 trillion but more than idr 1 trillion, so it still needs more effort because it needs to increase its primary capital to reach idr 2 trillion, as well as increasing its islamic business unit capital. banks included in this category are: bpd jateng, bpd banda aceh, bpd sumt, bank dki, bank sinarmas, bpd riau, bpd sumsel & babel, bpd sumbar, and bpd jambi. (iv) primary capital is below idr 1 trillion, so it is quite difficult to fulfill the obligation of executing spin-off. banks included in this category are bpd kaltim, bpd kalsel, bpd kalbar, bpd sulsel, bpd ntb and bpd diy. according to kiswono (2012), there are some strategies that can be performed regarding the matters above. first, conducting a pure islamic business unit spinoff into islamic full-pledge banks; second, joining other banks; third, performing acquisition toward conventional banks, then performing conversion on banks that have been acquired as islamic banks; fourth, performing conversion on parent conventional banks into islamic banks. nasuha (2012) shows that there are differences in performance between before and after spin-off is executed on 3 variables such as assets, financing, and third party funds (dpk) whereas on variable car, fdr, roa, and roe does not show any difference in performance between a year before and after the spin-off. rizqullah (2013) found that the islamic business unit spin-off method by forming a new committee/corporation is the most suitable alternative in establishing islamic banks. the next strategic alternative choice is a spin-off with using an already formed committee/corporation. both of the spin-off methods are influenced by different kinds of elements. spin-off method with forming new committee is mostly influenced by these elements: corporation’s culture, communication program, customers’ response, delivery channel, competitors’ response, and taxes. spin-off method with already formed committee is mostly influenced by these elements: employee’s status transfer, reporting and recording system, it system, taxes, regulators’ response and due diligence. these elements differences show that the problem’s priority on both methods is also different. 58 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 according to rizqullah (2013), these are factors that need to be taken into account on spin-off process: first, the company should appoint leadership and strong and solid spin-off teamwork project as well as being capable of carrying out their duties on time. second, the implementation stage that includes consideration agreement or strategic reason and comprehensive spin-off plan including capital agreement and investor’s identification to strengthen business plan arrangement after spin-off must be executed well as guidance for spin-off team. roles and involvement of conventional parent banks at this stage is very crucial because it shows commitment and support to its islamic business unit spin-off. third, the spin-off implementation stage that includes the forming of organization of islamic bank, integration program and legal process are the actual spin-off process. fourth, technology and infrastructure that includes information and technology system, recording and reporting as well as delivery channel must be prepared well. fifth, officialdom that includes officialdom status change and company cultural change must acquire serious attention in spin-off process. sixth, the company also needs to pay attention to how the customers’ response about the spin-off. the existence of islamic bank spin-off is hoped to be supported by citizens by staying as customers. siswantoro (2014), in his article, analyzed performance and strategy islamic banks after spin-off and come up as commercial banks separated from their parent banks. the result of the analysis showed that islamic banks as the result of spin-off should be able to optimize several funding resources such as capital injections and temporary investment deposit increase. al arif (2014) showed that spin-off policy gives different influence toward dpk to islamic banking industry before and after the spin-off. similar result had been acquired by al arif (2015) that showed spin-off policy does not give any difference in the amount of the distribution of funding on islamic banks as the result of spin-off between before and after the spin-off is executed. hamid (2015) conducted a study that aimed to seek the impact of spinoff policy toward the level of profitability on islamic banking industry. variable used is roa ratio to measure the level of profitability, while the independent variable is dummy spin-off variable, levels of funding problems (npf), the level of margin deposits 1 month, and efficiency level (bopo). the result showed that dummy spin-off variables, npf ratio, and bopo ratio have influence toward the level of profitability (roa). al arif (2015) showed that spin-off policy that had been executed gives difference to efficiency level on islamic banking industry. the result shows that spin-off policy increases bopo ratio on islamic banking industry, where this means that level of operational efficiency from islamic banking industry decreases after the spin-off policy is executed. there are three approaches in forming islamic bank, namely: first, conventional 59 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 ismawati haribowo: the indonesian islamic bank’s spin-off banks execute spin-off on islamic business unit owned, then the islamic business unit becomes islamic full pledge bank (bus) –this matter is known as pure spin-off-, such as bank of bni sharia and bank of jabar banten sharia. second, conventional banks that possess islamic business unit acquire relatively small banks and later convert them into sharia and separate them as well as joining their islamic business unit with recently converted banks. islamic full-pledge banks (bus) from first approach are: bank of bri sharia, bank of bukopin sharia, bank of btpn sharia. third, conventional banks that have yet to possess islamic business unit, acquire relatively small banks and convert them into sharia and later separate them from conventional parent banks. islamic banks (bus) from second approach are: bank of panin sharia, bank of victoria sharia, bank of bca sharia, and maybank sharia. methods this paper attempts to predict the growth of the indonesian islamic banks, particularly to examine whether the islamic banks of 50% share asset that can be achieved by the islamic banks. the econometrics tool that used to make the prediction is autoregressive integrated moving average (arima). this tool is used to estimates whether the 50% share asset can be achieved in the year 2023. the variable that is going to predict is the share asset of islamic banking units from their conventional parent banks. the research objects of this research are thirteen sharia units namely bank of sumatera utara, bank of sumatera barat, bank of riau and kepri, bank of sumatera selatan and bangka belitung, bank of yogyakarta, bank of dki, bank of jawa timur, bank of jawa tengah, bank of kalimantan timur, bank of kalimantan barat, bank of kalimantan selatan, bank of nusa tenggara barat, and bank of sulawesi selatan and barat. besides that, this research is also using the descriptive analysis by doing the in-depth interview with the regulators and the bankers. the descriptive analysis is used to support the empirical result of arima. a simulation to predict the asset growth per year that to be achieved by all sample banks if they want to achieve 50% of share asset from their parents is also used in this research. the simulation is using the compound growth assumption. result and discussion result the first stage in the arima process is the stationary test by using the unit root test. the unit root test is using the augmented dickey-fuller. the first test was carried out at the level; if it is not stationary in a stationary level, it will be tested 60 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 at the level of the first difference. the test results with test adf at sample banks showed that the data has been stationary at the current level. after the stationary test is done, we can proceed to the next step. then, the correlogram will be seen. first, the correlogram of the autocorrelation (ac) function will be seen. the lag for moving average (ma) model will be got. next, the correlogram will be seen for the partial auto-correlation (pac) function. the optimum lag for auto-regressive (ar) model will be got. to get the best model is based on the goodness of fit from the model by using the akaike information criterion (aic) and schwarz criterion (sc). after the goodness of fit of the model is done, next the arima for prediction is used according to the purpose of this research. table 3. the lag of ar and ma process no. bank ar stationary ma arima 1 uus bpd sumut 1 level 4 (1, 0, 4) 2 uus bpd sumbar 1 level 0 (1, 0, 0) 3 uus bpd sumsel & babel 0 level 2 (0, 0, 2) 4 uus bpd riau & kepri 0 level 1 (0, 0, 1) 5 uus bpd yogyakarta 2 level 2 (2, 0, 2) 6 uus bpd dki 0 level 1 (0, 0, 1) 7 uus bpd jawa timur 3 level 2 (3, 0, 2) 8 uus bpd jawa tengah 1 level 1 (1, 0, 1) 9 uus bpd kalbar 3 level 1 (3, 0, 1) 10 uus bpd kalsel 4 level 3 (4, 0, 3) 11 uus bpd kaltim 1 level 4 (1, 0, 4) 12 uus bpd ntb 4 level 0 (4, 0, 0) 13 uus bpd sulselbar 2 level 0 (2, 0, 0) next, a simple simulation by using multiple growths is done. from table 5 it is showed that if the islamic banks want to achieve the 50% of share asset from the parent banks, then they must have an asset growth approximately 37% every year (with 5% assumption of parent banks) and must have an asset growth approximately 43.38% every year (with 10% assumption of parent banks). the highest annual growth target is bank of jawa tengah and the lowest annual growth target is bank of kalimantan barat. however this growth target is hard to be achieved because of the fact that the average growth of the parent banks is larger than 10% every year. 61 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 ismawati haribowo: the indonesian islamic bank’s spin-off table 4. summary of share asset no. bank current year (2015) predicted value (2023) 1 uus bpd sumut 7.88% 10.16% 2 uus bpd sumbar 6.55% 15.03% 3 uus bpd sumsel & babel 7.08% 12.33% 4 uus bpd riau & kepri 5.21% 6.55% 5 uus bpd yogyakarta 5.74% 7.76% 6 uus bpd dki 8.96% 11.99% 7 uus bpd jawa timur 3.95% 12.12% 8 uus bpd jawa tengah 3.26% 8.10% 9 uus bpd kalbar 10.04% 14.54% 10 uus bpd kalsel 5.63% 6.53% 11 uus bpd kaltim 6.04% 7.65% 12 uus bpd ntb 8.27% 12.10% 13 uus bpd sulselbar 4.73% 6.28% besides that, a simple simulation had done for deposit funds. table 6 show that if the islamic banks want to achieve the 50% of share deposit funds from the parent banks, then they must have an asset growth approximately 39.65% every year (with 5% assumption of parent banks) and must have an asset growth approximately 46.38% every year (with 10% assumption of parent banks). the highest annual growth target is bank of jawa tengah and the lowest annual growth target is bank of sumatera utara. however this growth target is hard to be achieved because of the fact that the average growth of the parent banks is larger than 10% every year. discussion the result on previous part showed that none of the islamic business units can fulfill the criteria for the proportion of assets 50% from the conventional parent bank in 2023. this issue showed that the rules for the spin-off of islamic business unit into islamic banks in the form of achievement of 50% proportion of assets from the parent bank must evaluate. this result is similar to what al arif had done (2016) with using 11 bank samples that consist of 5 islamic business units, 4 islamic banks that had separated after the constitution, and 2 islamic banks that had separated before the constitution. al arif (2016) showed that the criteria of the asset value of islamic business unit toward the conventional parent bank have some weaknesses as follows. first, 62 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 asset growth happens whether in islamic business unit or conventional parent bank, so that it would be difficult for an islamic business unit to reach a value 50% asset from its parent bank. islamic business unit must gain asset growth larger than the conventional parent bank, but if islamic business unit chases too much growth, it will cause bad impact in the long term. table 5. simulation result of asset no growth assumption of islamic banks growth assumption of parent’s banks estimation of share asset 1 uus bpd sumut 32.5% 5.0% 50.69% 39.0% 10.0% 51.25% 2 uus bpd sum bar 35.5% 5.0% 50.42% 42.0% 10.0% 50.55% 3 uus bpd sumsel & babel 35.0% 5.0% 51.33% 40.5% 10.0% 50.17% 4 uus bpd riau kepri 39.5% 5.0% 50.52% 46.0% 10.0% 50.12% 5 uus bpd yogyakarta 38.0% 5.0% 51.09% 44.5% 10.0% 50.89% 6 uus bpd dki 30.5% 5.0% 51.03% 36.5% 10.0% 50.39% 7 uus bpd jatim 45.0% 5.0% 50.83% 51.5% 10.0% 51.15% 8 uus bpd jateng 48.0% 5.0% 50.85% 55.0% 10.0% 50.72% 9 uus bpd kalbar 29.0% 5.0% 50.52% 34.5% 10.0% 50.16% 10 uus bpd kalsel 38.0% 5.0% 50.09% 45.0% 10.0% 51.29% 11 uus bpd kaltim 37.0% 5.0% 50.76% 43.5% 10.0% 50.69% 12 uus bpd ntb 32.0% 5.0% 50.06% 38.0% 10.0% 50.75% 13 uus bpd sulselbar 41.0% 5.0% 50.00% 48.0% 10.0% 50.78% 63 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 ismawati haribowo: the indonesian islamic bank’s spin-off second, prudential aspects in the distribution of funding must take into account. islamic business unit which conducts accelerated growth of market share asset would try to increase the allocation of funding. to chase big asset growth would make relevant islamic bank to improve the distribution of funding, distribution of funding who lacks prudential aspects would cause the increase of financing problems. third, comparison of the value of assets between islamic business unit and conventional parent bank is a related matter, so it cannot compare to islamic business unit and a sharia subsidiary of a large conventional bank with the relatively small conventional bank. fourth, asset share value does not have any direct connection with the net profit from relevant islamic bank. if we look at the data, it is seen that bank of cimb niaga whose asset share values is 3.73% able to earn current year profit for idr 104 billion, where this amount of gain is similar with the net profit of bank of dki for idr 104 billion, but it has shared asset for 9.29%. therefore, factors of the current year profit for the last several years can include as one of the spin-off requirements compared to the asset share value islamic business unit with its conventional parent bank. the requirements or criteria of the islamic business unit spin-off into islamic bank must undergo a strict process (al arif, 2016): first, capital aspect is one of the major concerns because it has a close connection with market segments chosen by bus as the result of the spin-off. it is better that capital requirement for the split bank returned by rules of the establishment of islamic banks that apply, which is 1 trillion rupiahs. this matter is intended so that islamic banks as the result of spin-off would be vigorous and independent after the spin-off. besides that, it also aimed so that islamic banks as the result of spin-off would be able to get into buku 2 whose banking activities are more than buku 1 where the initial capital is below 1 trillion. second, the islamic business unit asset to do the spin-off process. for example, an interview from one of the branch head of cimb niaga syariah states that islamic business unit will execute spin-off of the asset value reaches idr 20 trillion. similar things also done by bank of btn who targets that spin-off will be performed if the asset of islamic business unit reaches idr 20 trillion. third, the aspect of financial performance of relevant business units. for example, the amount of profit achievement, the level of efficiency, the ratio of financing problems or any other indicators of appropriate islamic business unit during the last three to five years. a company who has good performance before the spin-off will have a tendency to have a better performance after the spin-off. fourth, owner’s commitment toward the development of islamic banking industry is required. the form of duties are (a) putting a business plan of sharia subsidiary into parent bank’s business plan. (b) putting aspects of islamic services as one of the indicators of important performance of employees in the parent bank. (c) preparing the infrastructure of the sharia subsidiary before the spin-off, one of them by adjusting 64 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 offices services in regions that have real business potential; (d) developing the best human resources to lead bus as the result of the spin-off. table 6. simulation result of deposit funds no growth assumption of islamic banks growth assumption of parent’s banks estimation of share deposit funds 1 uus bpd sumut 30.50% 5.0% 50.86% 36.50% 10.0% 50.22% 2 uus bpd sum bar 42.50% 5.0% 50.28% 49.50% 10.0% 50.86% 3 uus bpd sumsel & babel 32.00% 5.0% 50.60% 38.50% 10.0% 51.23% 4 uus bpd riau kepri 35.50% 5.0% 50.20% 42.00% 10.0% 50.33% 5 uus bpd yogyakarta 42.00% 5.0% 50.33% 49.00% 10.0% 50.98% 6 uus bpd dki 33.00% 5.0% 50.44% 39.50% 10.0% 50.92% 7 uus bpd jatim 44.00% 5.0% 50.89% 51.00% 10.0% 51.28% 8 uus bpd jateng 53.50% 5.0% 50.31% 61.00% 10.0% 50.79% 9 uus bpd kalbar 43.50% 5.0% 50.08% 50.50% 10.0% 50.52% 10 uus bpd kalsel 39.00% 5.0% 50.41% 45.50% 10.0% 50.08% 11 uus bpd kaltim 35.50% 5.0% 50.81% 42.00% 10.0% 50.94% 12 uus bpd ntb 37.00% 5.0% 50.25% 43.50% 10.0% 50.19% 13 uus bpd sulselbar 47.50% 5.0% 50.80% 54.50% 10.0% 50.74% johnson, et.al (1994); hite and owers (1984) stated that one of the factors that determine the success of spin-off is the size of the parent company. the larger the company, the better success of spin-off would be than the smaller company. 65 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 ismawati haribowo: the indonesian islamic bank’s spin-off lindholm-dahlstrand (2000) showed that the firm’s size becomes one of the factors that influence the growth of the subsidiary as the result of the spin-off. if this matter associated with the process of islamic business unit spin-off in indonesia, then it would be a problem for islamic business unit spin-off process owned by bpd where most of the bpds have a small size. if a conventional bank ultimately decides to execute spin-off to its islamic business unit into islamic bank whether it is before or after reaching the period of spin-off according to the constitution, then it must be prepared well. the preparation mentioned here is in addition to the technical development of spin-off, that is a setup for islamic business unit performance. klepper and thompson (2010) stated that a company that has a better performance tends to have the performance of post-spinoff. therefore, if conventional banks wish islamic bank as the result of the spin-off to have better performance, then the performance when it was still islamic business unit must also have good performance. this matter is intended so that when the islamic business unit becomes islamic bank, it would operate independently and no longer depend on its parent bank. generally, on table 7, it can be classified as (i) conventional parent banks that categorized in buku 3, parent banks’ asset above idr 30 trillion and islamic business unit’s asset above idr 1 trillion. the strategy that can choose is: executing islamic business unit spin-off into islamic bank or detaching islamic business unit to other islamic banks. islamic business units that included in this category are bank of dki and bank of bpd jawa timur. (ii) conventional parent banks that categorized in buku 2, parent banks’ asset above idr 10 trillion and islamic business unit’s asset above idr 1 trillion. the strategy that can choose is: detaching islamic business unit to other islamic banks or degrading the status of islamic business unit into bprs. (iii) conventional parent banks that categorized in buku 2, parent banks’ asset ≤ idr 15 trillion, uus’s asset below idr 1 trillion. the strategy that can use is the full conversion of parent bank into islamic bank or detaching islamic business unit to other islamic banks. islamic business units that included in this category are bank of bpd yogyakarta, bank of bpd nusa tenggara barat (ntb), and bank of bpd sulawesi selatan and barat (sulselbar). islamic business units that have decided to split must fully be based on business consideration and corporate strategy, and not because of political factors such as orientation to the position, etc. islamic business unit spin-off process will add new operating costs for islamic bank itself, the promotion that follows by facility increase, the opening of new branches, etc. this matter must be prepared well so that it does not interrupt the operation of the islamic bank as the result of the spinoff itself. islamic business unit spin-off must consider the performance of the islamic 66 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 business unit itself. klepper and thompson (2010) stated that corporation that has better performance would performance post-spin-off. therefore, if conventional banks wish islamic bank as the result of the spin-off to have better performance, then the performance when it was still islamic business unit must also have good performance. this matter is intended so that sharia subsidiaries as the result of spinoff would operate independently and no longer depend on their parent banks. table 7. the condition of sharia unit and its parents no. banks asset of sharia unit asset of parents capital tier of parents 1 bpd sumut 1,875,420 27,332,497 2,035,197 2 bpd sumbar 1,280,669 21,253,856 1,999,620 3 bpd sumsel & babel 1,630,609 19,038,125 1,524,015 4 bpd riau & kepri 1,072,962 21,808,872 1,951,125 5 bpd yogyakarta 509,930 9,138,389 1,191,546 6 bpd dki 3,487,651 37,630,880 5,703,466 7 bpd jawa timur 1,322,418 49,145,272 5,157,342 8 bpd jawa tengah 1,381,973 50,216,985 4,540,211 9 bpd kalbar 1,249,728 14,014,718 1,768,131 10 bpd kalsel 597,333 12,504,481 1,419,147 11 bpd kaltim 1,322,510 23,310,303 3,243,335 12 bpd ntb 513,557 8,132,935 1,026,536 13 bpd sulselbar 824,909 15,716,026 1,718,829 based on issues above, encouragements of spin-off performed by regulators is contrary with indonesian banking architecture (api) that has been arranged especially if it refers to reaching pillar one. since the way of attainment of pillar one is through: (i) new capital increase whether from the old shareholder or new investor; (ii) merger with another bank (or other several banks) to reach new minimum capital requirements; (iii) issuance of new shares or secondary offering at capital market; (iv) issuance of subordinated loan. this spin-off trend is considered different from a way that tends to lead to a merger. moreover, it is contrary to the purpose to create a healthy domestic banking structure. with the spin-off encouragement happening currently, it would bring out many islamic banks but with small capital, so it even causes weak local banking structure. 67 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 ismawati haribowo: the indonesian islamic bank’s spin-off tubke (2004) said that there are several factors that influence in spin-off process. first, a factor that is related to business activity, this factor is related to the size of the company and differences in the corporate sector between the parent company and its subsidiary. second, a factor that is related to organization and company management. third, a factor that is related to connection and support. there are three patterns of relationship that can create between a parent corporation and a subsidiary that wish to execute spin-off which is market-relatedness. fourth, transfer factor or diversion in the form of experience transfer from the parent company to its subsidiary. fifth, a factor that is related to motivation. sixth, a factor that is related to the good business environment in the form of the characteristics of the regional business climate or legal framework. conventional parent bank must treat islamic bank as the result of the spin-off as part of its group of activities and not as the competitor, so that either parent bank or its subsidiary may grow rapidly. conclusion the forecasting by using arima shown that there is no sharia unit owned by regional development bank can achieve the 50% of the parent bank asset. according to the estimation, the highest forecasting is sharia unit belonging to bank of sumatera barat by 15.03% in 2023. the lowest prediction is sharia unit owned by bank of sulawesi selatan and barat by 6.28% in 2023. besides that, by using simulation shows that the largest growth rate to achieve 50% share asset is 37% per year (assumption the parent’s bank growth rate is 5% per year) and 43.38% per year (by assumption the parent’s bank growth rate is 10% per year). on the other side, by using simulation shows that the largest growth rate to achieve 50% share deposit funds is 39.65% per year ( an assumption the parent’s bank growth rate is 5% per year). for the assumption, the parent’s bank growth rate is 10% per year the growth rate is 46.38% per year. from these result, implies that the spin-off criteria should evaluate because there are no sharia unit can be achieved the 50% share asset in 2023. the spin-off policy is only one activity that can be done by the regulator to accelerate the growth of indonesian islamic banking industry. several strategies can be done either by the regulator or parent’s bank to speed up the development of the indonesian islamic banking industry. references al arif, m.n.r. (2014). spin-offs and its impact on third party funds in indonesian islamic banking industry. economic journal of emerging markets, vol. 6 (1): 50-55 68 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4308 al arif, m.nr. (2015a). keterkaitan kebijakan pemisahan terhadap tingkat efisiensi pada industri perbankan syariah di indonesia. jurnal keuangan dan perbankan, vol. 19 (2): 295-304 al arif, m.nr. (2015b). the effect of spin-off policy on financing growth in indonesian islamic banking industry. jurnal al-ulum, vol. 15 (1): 173-184 al arif, m.n.r. (2015c). impact of spin-off policy on the asset growth on indonesian islamic banking industry. journal of islamic economics, banking, and finance, vol. 11, no. 4: 41-52 al arif, m.n.r. (2016). analisis pemisahan unit usaha syariah menjadi bank umum syariah: kasus pada undang-undang no. 21 tahun 2008. (unpublished dissertation). depok: universitas indonesia. al arif, m.n.r. & i. haribowo. (2016). tipe pemisahan dan pengaruhnya terhadap laba pada bank umum syariah hasil pemisahan. jurnal keuangan dan perbankan. vol. 20 (3): 479-486. dewati, h.r. 2015. pemilihan metode spin off unit bisnis syariah dengan pendekatan analisa faktor (studi pt bni syariah dan pt bank syariah bri). (tesis tidak dipublikasikan). bogor: institut pertanian bogor. hamid, a. (2015). the impact of spin-off policy to the profitability on indonesian islamic banking industry. journal al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics), vol. 7 (1): 131-140. johnson, g, et.al. (1994). the market reaction to voluntary corporate spin-offs: revisited. quarterly journal of business and economics. vol. 33 (4): 44-57. kiswono, b. (2012). spin off unit usaha syariah (uus), kendala dan strategi penyelesaiannya. working paper. jakarta: bank indonesia klepper, s. & p. thompson. (2010). disaggrements and intra-industry spinoffs. international journal of industrial organization, vol. 28(5): 526-538. nasuha, a. (2012). dampak kebijakan spin-off terhadap kinerja bank syariah. journal al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics), vol. 4, no. 2: 241-258. rizqullah. (2013). pemilihan metode spin-off unit usaha syariah bank umum konvensional menjadi bank umum syariah di indonesia. (unpublished dissertation). jakarta: ief trisakti. siswantoro, d. (2014). analysis of islamic bank’s performance and strategy after spin-off as islamic full-fledged scheme in indonesia. international conference on accounting studies 2014, icas, kuala lumpur malaysia. tubke, a. (2004). success factors of corporate spin-offs. new york: springer. panji adam agus putra1, udin saripudin2, intan nurrachmi3 abstract. this study aims to identify and analyze the legal constructions of capital guarantees in the aaoifi sharia standards and the dsn-mui fatwas. this is normative legal research with a specific comparative approach. this research shows that the rulings of the aaoifi sharia standards are more reassuring and prioritize the principle of ihtiyāth (precaution). meanwhile, the legal provision of the dsn-mui fatwas, allowing the capital manager to guarantee a return on business capital, is a commitment in the form of tabarru from the fund manager. the commitment should be fulfilled since it is a wa’ad mulzim (binding promise). this legal provision of the dsn-mui fatwas is a form of innovative ijtihad that seems different from the opinions of most scholars used as the legal basis of the aaoifi. however, the dsn-mui’s fatwa is supported by various arguments and is more applicative. keywords: capital guarantees, muḍārabah contracts, dsn-mui fatwas, aaoifi sharia standards abstrak. penelitian ini bertujuan untuk mengetahui dan menganalisis konstruksi hukum jaminan modal dalam standar syariah aaoifi dan fatwa dsnmui. penelitian ini merupakan penelitian hukum normatif dengan pendekatan komparatif. penelitian ini menunjukkan bahwa ketentuan standar syariah aaoifi lebih tepat dan mengedepankan prinsip ihtiyāth (kehati-hatian). sedangkan ketentuan hukum fatwa dsn-mui yang memperbolehkan pengelola modal dengan jaminan pengembalian modal adalah komitmen dalam bentuk tabarru dalam pengelolaan dana. komitmen tersebut harus dipenuhi karena merupakan wa’ad mulzim (janji mengikat). ketentuan hukum fatwa dsnmui ini merupakan bentuk ijtihad inovatif yang nampaknya berbeda dengan pendapat kebanyakan ulama yang dijadikan landasan hukum aaoifi. namun, fatwa dsn-mui didukung oleh berbagai argumentasi dan lebih aplikatif. kata kunci: penjaminan modal, akad muḍārabah, fatwa dsn-mui, standar syariah aaoifi the rulings on capital return guarantees in muḍārabah (profit sharing) contracts: a comparative study between the aaoifi sharia standards and the dsn-mui fatwas al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 89 108 1,2,3bandung islamic university, indonesia e-mail: 1panjiadam@unisba.ac.id, 2udin_saripudin27@yahoo.co.id, 3intannurrachmi@unisba.ac.id author: panji adam agus putra received: 15 january 2023 accepted: 20 june 2023 published: 31 june 2023 90 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction in the islamic legal system, a fatwa is a formal opinion or interpretation given by a legal scholar to respond to a question by a particular person or institution. in the early development of islamic law, fatwas were given by someone who was an expert in islamic law (ulama). however, in the present era, fatwas are given collectively through institutions consisting of experts competent in islamic law (afif noor, 2021). fatwas have a very important position in islamic law as a tool to dynamize and adjust the law with the developments. an example is the emergence of islamic economic activities, including sharia banking, based on islamic law principles (lahsasna, 2018). in indonesia, dewan syariah nasional majelis ulama indonesia (dsn-mui) or the national sharia board of indonesian ulama council (santi lamusu, 2021) (kasdi, 2018) has the authority to issue sharia finance fatwas (al-hakim, 2019). fatwas are guidelines for implementing sharia values in economic transaction activities (putra, 2020). with the implementation of the islamic economy, sharia financial institutions have to be equipped with fiqh mu’āmalah (rulings on islamic transactions) set by the dsn-mui in kaffaḥ (thoroughly) and falāḥ (to achieve glory) transactions for the public benefit and to avoid prohibited transactions (santi lamusu, 2021). one interesting dsn-mui fatwas to be analyzed is the dsn-mui fatwa no. 105/dsn-mui/x/2016 on capital return guarantees on mudharabah financing. in general, the legal provisions in the fatwa are different from the legal provisions according to international fatwa authorities, such as the aaoifi (the accounting and auditing organization for islamic financial institutions) sharia standards regarding the prohibitions of guaranteeing business capital return in muḍārabah (profit sharing) contracts. fiqh experts agree that the requirement to guarantee capital return for the capital manager in the event of profit loss is prohibited in muḍārabah contracts (al-mishri, 2023). this is because a muḍārabah contract is based on trust (amanah) between the parties. therefore, if there are conditions to guarantee a capital return, the contract, which was originally an amanah contract, changes to ḍamānah, which surely has legal implications (ahmad, 2003). however, the two points seem controversial and violate the opinion of the majority of fiqh scholars and the aaoifi sharia standards. first, the manager is allowed to guarantee a return on capital of his own will without a request from the capital owner. second, the capital owner may ask a third party to guarantee http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 91 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 a return on capital. therefore, an analytical study must be carried out, departing from comparing the legal provisions of the aaoifi sharia standards and the dsnmui fatwas regarding the rulings on guaranteeing capital return in muḍārabah contracts. this research aims to analyze the legal constructions of capital return guarantees and compare the legal provisions in the aaoifi sharia standards and the dsn-mui fatwas. literature review the origin of the word muḍārabah is ḍaraba which has various meanings because it depends on the word iuran. some of its literal meanings are going in search of sustenance (ḍaraba al-tair); mix (ḍaraba al-shai bi al-shai); trade or do business (d ḍaraba fī al-māl bi al-māl). wahbah al-zuhaili explains that one of the literal meanings of muḍārabah is to travel on earth (al-sīr fīal-arḍ); some of the derivations of the word al-sīr are istār or istiyār which means shopping for necessities on his journey (al-zuhaili, 2012). in mu’āmalah fiqh literature, there are two terms used to denote business for hasul whose capital is fully provided by one of the partners (sharīk [sahib almāl]), namely muḍārabah and qirāḍ or muqāraḍah. the two terms have the same meaning; it's just used by different scholars. during the tabi'in era, there were two centers for the development of jurisprudence, namely hijaz (medina) and iraq, also known as baghdad. for iraqi clerics, cooperation between investors and business actors is called muḍārabah, while for hijaz clerics it is called qirāḍ or muqāraḍah which literally means al-qat' (disconnected). the right of the owner of capital to do business with that capital has been abolished because it has been handed over to the muḍārib. legal provisions regarding muḍārabah contracts in the legal context in indonesia are specifically regulated in the dsn-mui fatwas number 115 of 2017 concerning muḍārabah contracts. in this fatwa it is stated that muḍārabah is a joint venture agreement between the capital owner who provides all the capital and the manager ('amil/muḍārib) and the business profits are shared between them according to the ratio agreed in the contract. the muḍārabah contract is part of the amanah contract, namely the contract made between sahib al-māl and muḍārib because the sahib al-māl believes in muḍārib, both in terms of honesty and business prowess. therefore, the existence of business guarantees in the form of capital guarantees in this trust agreement requires discussion because the muḍārabah provisions in fiqh books must be http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 92 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 harmonized with statutory regulations and regulations that are rigid in indonesia, including in the context of mandatory sharia banking (based on positive law). ) to mitigate the risk of the financing it does. one way is by having legal provisions regarding capital guarantees in trust contracts such as muḍārabah. this provision is based on the dsn-mui fatwas number 105 of 2016. in addition to the dsn-mui fatwas, provisions regarding capital guarantees are also regulated in the aaoifi (the accounting and auditing organization for islamic financial institutions) sharia standards regarding the prohibitions of guaranteeing business capital return in muḍārabah (profit sharing) contracts. related to this discussion has actually been a debate among both classical and contemporary fiqh scholars, this is as informed by nazih hammad in several of his works including madā ṣiḥah tamḍīn yad al-amānah bi al-sharṭ fī al-fiqh alislām and fī fiqh al-mu'āmalāt al-māliyyah al-maṣrafiyyah al-mu'āṣirah: qirā'ah jadīdah (hammad, 2007). methods this paper is based on a normative legal study, employing a comparative legal approach. the study relies on the analysis of fatwas and legal provisions issued by the aaoifi sharia standards and dsn-mui on capital return guarantees in muḍārabah contracts. results and discussion the legal constructions of capital return guarantees in the aaoifi sharia standards muḍārabah contract is a part of the partnership contract (shirkah) (al-zuhaili, 2012). scholars classify this muḍārabah contract as a cooperation contract based on trust between the partners. since the muḍārabah contract is trust-based (yad al-amanah), it is prohibited to require a guarantee of a return on capital (read: ra’s al-māl), especially for the muḍārib (capital manager). provisions regarding the prohibition of capital return guarantees in trust/ muḍārabah contracts in the aaoifi sharia standards are as follows: “partners in a cooperation contract based on the principles of trust, there should be no guarantee (of capital return) to the other partner (muḍārib), unless the muḍārib commits an act of ta’adi (doing something that should not be done) or taqṣīr (not doing something that should be done). moreover, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 93 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 it is not allowed to require a guarantee for partners to be responsible for the shirkah capital because the shirkah contract is based on the principles of trust.” (aaoifi, 2017) the legal provision in the aaoifi sharia standards above is in accordance with the decree of the organisation of islamic cooperation number 30 4/5 as follows: “it is not allowed to require the capital manager (muḍārib) to guarantee business capital. if this happens (requirement of capital return), either explicitly or implicitly, then the requirement is void, and the capital manager is entitled to similar benefits (ribḥ al-mithl)”. this is also in accordance with the fatwa decision of lajnah taḥrir al-fatawa egypt as follows: “in muḍārabah mushtarakah (contracts), (it is permissible that) capital is guaranteed by the manager for the owner. meanwhile, capital guarantees in muḍārib fardiyah (regular muḍārabah) make the muḍārib contract damaged (fasad)” (ali jum’ah muhammad, 2009). the legal construction on the prohibition of capital return guarantees in the aaoifi sharia standards is based on the opinions of the majority of fiqh scholars regarding the prohibition of capital return guarantees in amanah contracts, such as muḍārabah contracts. fiqh scholars agree that a condition to guarantee capital (return) in trust-based contracts such as muḍārabah contracts is void. this aligns with the following principle: “the existence of a condition to guarantee (capital return) on the party given the trust (muḍārib) is a void condition.” (al-dubyan, 1432) in addition to the principle above, the fiqh of the ḥanbali mazhab maintains the following relevant principle: “any contract that is an amanah contract and does not become ḍamānah with conditions” (al-din, 1997). in line with the ḥanbali mazhab above, in the shafi’i mazhab, there is also a similar principle as stated by al-khatabi as follows: “if the original ruling is an amanah (contract), then it cannot be changed from the original ruling by conditions.” (al-khatab, 1932) the issue of guarantees or guarantee conditions on business capital return is a classic issue discussed in fiqh literature. the opinion of the majority of scholars http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 94 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 regarding this matter is that they prohibit guarantees on capital return (if the business manager suffers a loss). this is the opinion of the ḥanafiyah, malikiyyah, and ḥanabilah scholars. this opinion by the majority of fiqh scholars is also in accordance with the views of al-tsauri, al-auza’i, ishaq, al-nakha’i, and ibn mundzir. fiqh literature from each mazhab prohibits the guarantees from returning business capital if the business manager (muḍārib) suffers a loss. even in the hanafi madhab literature, such matter can be classified as a form of ḥīlah (usury). this matter is explained by the hanafiyah scholars such as al-sarkhasi in the book of al-mabsūt as follows: “if a person (capital owner) wants to hand over business capital using muḍārabah contract to another party and the capital owner wants the capital manager (muḍārib) to guarantee it, then such matter changes the ḥīlah (to usury) because the substance of the contract is qarḍ contract, in which the capital owner lends his assets/money to the other party...”. (al-sarkhasi, 1993) this is also explained by al-kasani in the book badā’i al-shanā’i as follows: “if the capital owner wants to make his capital guaranteed by the capital manager, then that is a ḥīlah (legal trick), which substantially is that he lends his assets to the capital manager...” (al-kasani, 1986). in line with al-sarkhasi above, al-zaila’i, who is also a scholar from the ḥanafiyah, argues that: “if a capital owner wants his capital guaranteed by the capital manager (the substance is qarḍ contract), the capital owner lends all of their money to the other party...” (al-zaila’i, 1313). ibn al-barr from the malikiyah scholars argues that: “there is no difference of opinion among the scholars that the capital manager served as (the beneficiary of ) amanah. no ḍamah (liability/guarantee) for capital damages if it is not due to his negligence or damages that he has done, and also not based on wasting it since the contract (muḍārabah) is basically a trust-based contract.” (al-qurthubi, 2000) similarly, in the shafi’i madhab it can be found a statement from al-‘imrani as follows: “’amil (capital manager) is a trusted person to manage business capital in a qirāh/muḍārib contract, no liability/guarantee unless the person commits http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 95 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 ta’adi (doing something he is not allowed to do), because the capital owner entrusts/gives him an amanah, as in a wadī’ah (deposit) contract. ibn qudamah, a scholar from among the hanabilah, explains that: “a fasid (damaged) condition is to require things that are not classified as the benefits of the contract and the purpose of the contract, such as giving a condition to the capital manager to guarantee the capital and a share of profit expectations. there is no difference of opinion between the scholars regarding the damage of the conditions” (al-maqdisi, 1968). furthermore, in the sharaḥ (explanation) of the book, syams al-din emphasizes that: “thus, that a condition of guarantee for which the reasons of the guarantee are not found, then such condition is not binding, just as it is required to have a guarantee for a damage that lies in the hands of the owner (of the capital).” (al-din a. a.-r.-m.-j.-h.-f., 1986) the legal provisions in the aaoifi sharia standards correspond with the view of the majority of scholars that the condition to guarantee capital return is a forbidden matter, even classified as a void condition. however, the legal provisions in the aaoifi sharia standards do not explain whether such a condition has any implications for the validity of the muḍārabah contract. in the classical fiqh books, scholars have discussed that the condition to guarantee capital return is void. however, scholars have different opinions about the validity of the muḍārabah contract: is the contract valid, or fasid or void? abu umar dubyan ibn muhammad al-dubyan, in al-mu’āmalāāt almāliyyah ashālah wa mu’āsirah, elaborates on the scholars’ opinion regarding this matter. it is stated that according to the hanafi and hanbali mazhab, the contract is still valid. this can be seen from ibn qudamah’s statement as follows: “if it is required to the capital manager a guarantee for a capital return or a portion of the loss, then the condition is void. we do not know any difference of the scholars’ opinions in this matter, and the contract is still valid based on imam ahmad’s history.” (al-maqdisi i. q.-j.) however, according to the opinions of scholars from among the maliki and shafi’i mazhab, that contract is fasad (damaged), as stated in the book al-muntaqa al-bajali as follows (al-dubyan, 1432): “if there is a condition of guarantee (capital return) on the capital manager, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 96 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 then the contract is damaged (fasad). (this is) in contrast to the view of abu hanifah, who argues that the contract is valid”. several arguments support the void of the conditions of business capital guarantees in muḍārabah contracts. first, that condition is prohibited since it violates the substance and purpose of muḍārabah contracts. there is a history in which the prophet (pbuh) prohibited practices involving void conditions, as in a hadith narrated by imam al-bukhari as follows: “....why did people make requirements with conditions that do not exist in kitabullah (book of allah). whoever makes conditions that do not exist in kitabullah, the conditions will not be applicable. even if he makes requirements one-hundred times....” (h.r bukhari). the second argument is that a muḍārabah contract, in principle, is a contract based on trust (yad al-amānah), not a contract based on a guarantee. thus, the guarantee on business capital return is a void condition since it contradicts the substance of the muḍārabah contract. this is similar to a condition in a sale contract in which the buyer cannot use the goods they have bought or a condition in marriage in which the couple is prohibited from consummating their marriage. all of these conditions are invalid because they contradict the main purpose of the contract. the third argument in which the scholars have come to an ijmā’ (consensus) is that such a condition is a void one, as in the statements of ibn abd al-bar and ibn qudamah above and also of ibn taimiyah as follows: “if the partners agree that one of them contributes to business management (muḍārib) and the other contributes to capital or business and the capital suffers a loss (whether all) or a part that is unintentional or caused by negligence by the business manager. then, there is no liability/guarantee for the manager on that loss, either the muḍārabah contract is valid or damaged based on the scholars’ consensus (ijmā’).” according to abdullah ibn muhammad al-‘ajlan, the consensus by the scholars above is based on four considerations: (1) muḍārib manages business funds based on permission from the capital owner. thus, it is not permissible to have a guarantee (of capital return) just as in wadī’ah, wakālah, and other amanah contracts. (2) muḍārabah contract is being analogically reasoned (qiyās) to musāqah, muzāra’ah contracts. if a plant or tree is damaged because of flood or other calamities, the amil (manager) is not responsible. (3) a condition to http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 97 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 guarantee capital return contradicts the substance and the purpose of muḍārabah contracts based on the principle of trust. (4) this can lead to profits without risks, where the capital owners want to earn profits without risks. therefore this kind of practice is prohibited by the prophet (pbuh) (al-‘ajlan, 1430). the fourth argument is the substance of the contract, used as a basis in a transaction, not the formal nomenclature. if the capital owner requires a guarantee on capital return, this contract is essentially a qarḍ (loan) contract, not classified as a qirāḍ contract. because the fund owner requires a benefit in the qarḍ contract, it is feared that it might be classified as a usury transaction. thus, it can be concluded that the prohibition of capital guarantee conditions in the muḍārabah contract in the aaoifi sharia standards/ma’ayir shar’iyyah no. 4/2/3 adopted the opinion of the majority of scholars. this opinion is agreed upon by most of the fiqh scholars. there are no details regarding legal exceptions in the aaoifi sharia standards. the legal provision seems to take ihtiyāt (precautions) steps and stringent legal provisions. the legal constructions of capital return guarantees in the national sharia board of indonesian ulema council (dsn-mui) fatwas in general, there is no difference of opinion between salaf (previous generation) and khalaf (later generations) scholars and international fatwas authorities that an investment manager (muḍārib) is trusted and does not bear the risk of investment loss (because it is in the domain of amanah contracts) unless the capital manager commits an act of ta’adī (doing something beyond his authority), taqsīr (negligent/ not doing his duty), and mukhālafah al-shurūth (violating agreements). this opinion is also chosen by the national sharia board of indonesian ulama council (dsn-mui) in its fatwa no. 105/dsn-mui/x/2016 about capital return guarantees for muḍārabah, musharakah and wakalah bil ististmar financing. in substance, this fatwa consists of four legal provisions, namely: first, the business manager (sharīkh, muḍārib/’āmil/wakil) is not required to return the business capital when there is a loss unless the manager commits ta’adī, tafrīt or mukhālafah al-shurūṭ. likewise, the capital owner is not allowed to require the manager to guarantee a return on capital. this legal provision is based on the following legal basis: a hadith of the prophet (pbuh) narrated by abu dawud as follows: “the benefit is obtained by someone who guarantees the item.” (h.r abu dawud) (al-sijistani, nd) http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 98 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 also, a fiqh principle mentions: “the risk of harm is proportional to the benefit.” (al-zuhaili m. m., 2006) the dsn-mui fatwa no. 105 of 2016 considers the opinion of ibn qudamah al-maqdisi, a scholar from among the hanabilah, as explained above. even in this fatwa, the dsn-mui cites the opinion of international fatwa authorities such as the aaoifi and the decree of oic on the prohibition of capital guarantees as cited above. second, the capital manager is allowed to guarantee a return on capital of his own will without a request from the capital owner. this is an opinion from al-dasuqi, stating: “whoever commits to doing an act, then the commitment must be fulfilled” (al-maliki, nd) the above opinion by al-dasuqi is in line with the opinion of ibn ‘arabi: “whoever commits to doing an act, then according to sharia (islamic law), he is obliged to fulfil it.” (al-‘arabi, 2003) the following principle supports the above opinion: “whoever requires/imposes something on himself voluntarily without coercion, then it must be done” (mulaqin, 2010). also, the opinion of al-shaukani regarding the reasons for the permissibility to guarantee capital based on self-initiative is as follows: “because they (business capital managers) have chosen an option for themselves (to bear the risk). and based on this willingness, it can be a cause to make a servant’s assets lawful.” (al-syaukani, nd) third, the capital owner may ask a third party to guarantee a return on capital, and the guarantee fee cannot be charged directly or indirectly to the manager. this is in accordance with the opinion in the legal provisions of the aaoifi sharia standards no. 39 as follows: “it is not permissible to require a collateral (rahn) on amanah contracts such as wakālah, wadī’ah, mushārakah, muḍārabah, and leasing. regarding the collateral being intended as a payment source (the right of the trust giver), if the trust holder does an act of ta’adī, taqsīr, or violates the conditions, then the collateral is permissible.” http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 99 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 fourth, in the event that the business suffers a loss, the capital manager is required to prove that the loss suffered was not because of an act of ta’adī, taqsīr, or mukhālafah al-shurūth. if the capital owner accepts the proof, then the loss becomes the capital owner’s responsibility. if the capital owner does not accept the proof, the dispute will be resolved through litigation or non-litigation. before a binding verdict, the loss is the manager’s responsibility. based on the provision of the fatwa above, in general, there are similarities between the fatwa of the national sharia board of indonesian ulama council (dsn-mui) and the aaoifi sharia standards, particularly the first point of the dsn-mui fatwa. it states that it is not permissible to have capital guarantee requirements in amanah contracts such as muḍārabah. however, in contrast with the aaoifi sharia standards, the dsn-mui fatwas in its special provisions number (3) states, "the manager is allowed to guarantee capital return at his own will without a request from the capital owner”. meanwhile, the provision in number (4) mentions, “the capital owner may ask a third party to guarantee a return on capital”. these two legal provisions distinguish the dsn-mui fatwas and the aaoifi sharia standards, wherein the aaoifi sharia standards do not open up any opportunities for capital guarantees, either at the manager's will, based on his initiative or a third party. comparative analysis of the rulings on capital guarantees in muḍārabah contracts in the aaoifi sharia standards and the dsn-mui fatwas the legal decisions in the aaoifi sharia standards, as stated above, are a fairly stringent opinions, meaning there is no chance of capital return guarantees from the ‘āmil or a third party. the position of the capital manager in muḍārabah contracts is as a trustee that performs tasarruf on the capital, so a trustee cannot be required to guarantee a capital return (al-mishri, al-tamwīl al-islāmī, 2012). the legal basis in the aaoifi sharia standards number (45) regarding the impermissibility to guarantee a return on capital by the investment fund manager is an agreement by fiqh scholars. some declared it as a consensus that the capital manager is not responsible for capital return unless the manager commits an act beyond his authority or is negligent. subsequently, such conditions remove the substance of the amanah contract and change it into a loan (qarḍ) contract, which becomes the manager’s responsibility (to return the capital). based on the theory of tahawwul al-‘aqd, which is “a change from a certain contract into another considering whether the terms and/or conditions are fulfilled or http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 100 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 not” (al-rasyid, 2001), a muḍārib contract with a condition of a capital return guarantee is out of the contract substance. thus, the component of the muḍārib contract is not fulfilled. however, a component in another contract is fulfilled, namely the qarḍ contract. this is based on the following fiqh principle: “what is used as a standard in a contract is the purpose and the substance, not the editorial or the naming nomenclature.” (al-qaradhawi, 2010) based on the fiqh principle above, it can be concluded that even though the contract's nomenclature is a mudḍrabah contract, it is not. it is a qarḍ contract. this is because a full return of capital and the absence of risk are substances of a qarḍ contract. the difference between the aaoifi sharia standards and the dsnmui fatwas regarding this matter is the two legal provisions in the dsn-mui fatwas. it states, “the manager is allowed to guarantee a return on capital at his own will without a request from the capital owner” and “the capital owner may ask a third party to guarantee capital return”. in fiqh literature, a fairly “bold” opinion from nazih hammad can be found, stating that the ruling on capital return is absolutely permissible. in contrast to the majority of the scholars and the aaoifi sharia standards, nazih hammad analyzes that the impermissibility of a capital owner to require a guarantee to the manager is based on the sadd al-dzarī’ah (precaution/prevention) considerations. furthermore, nazih hammad explains this matter at length as follows: “(the prohibition of ) capital owners (islamic banks) to require the managers (customers-muḍārib) to guarantee the business capital of the banks is a preventive measure (sadd al-dzarī’ah). thus, the banks are prevented from qardh contracts by adding interest to the customers. terminologically, sadd al-dzarī’ah is permissible (to do), but it is only a medium to achieve the prohibited things. as explained by al-shathibi (the prohibition of these actions), the essence of such an action is because of its role in turning something that has benefit into damage. ibn taimiyyah said that in the view of fiqh scholars, sadd al-dzarī’ah is prohibited due to its role as a medium for unlawful acts. the damage will never exist if the role does not exist” (hammad, 2007). in addition, to refute the opinion of scholars who prohibit capital owners from asking the capital manager for a guarantee of capital return if the business suffers a loss for any reason, nazih hammad expressed his opinions as follows: “.... in fact, something that is prohibited because of sadd al-dzarī’ah is lighter http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 101 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 (in prohibition level) than something that is unlawful because of maqāshid (purpose); and in fact, what is used for being a medium (wasīlah) is something that is not used for being a maqāshid; and what is prohibited because of sadd al-dzarī’ah, in fact, it is permitted if there is a necessity (al-ḥājah) and a clear benefit.” (hammad, 2007) after explaining and clarifying the opinions of the scholars and analyzing the arguments, nazih hammad expressed his quite controversial opinion, stating that it is permissible for the capital owners to require a guarantee from the capital manager in the event that the muḍārabah business suffers a loss. nazih also admitted that his opinion violates the sharia provisions or standards, strictly prohibiting guarantees in muḍārib contracts. then, nazih hammad expresses his opinion as follows: “it seems clear to me after paying attention to the differences among the scholars along with the arguments used about the requirement for the capital manager to guarantee a return on capital under various conditions, whether because of damage, reduction, loss, or other reasons, and then examining it objectively based on scientific consideration, away from the fanatic attitude toward mazhab or following lust. the strong opinion is the opinion that states a guarantee of capital return by the capital manager is valid, with the condition that it is to make the manager guarantee capital. paying attention to many objections against the opinions of the scholars who prohibit it, the stronger one is those allowing it. and the arguments of the majority of scholars that are refuted (answered), we determined that no sharia argument prohibits the permissibility. the opinion of the scholars that permit it does not violate the agreed (muḍārabah contracts) provisions, nor is it a forbidden act, because it is classified as usury, gambling, or gharar trading. it does not contain real difficulties (mafsadah). there is no doubt that (an opinion that permits) as well as the better and the more important opinions than the stringent one (tasyaddud) that prohibits it, then looks for loopholes to (allow) capital managers to guarantee capital using various ways of ḥīlah... allah knows best.” (hammad, 2007) nazih hammad’s opinion above, as informed by abu umar dubyan ibn muhammad al-dubyan, al-mu’āmalāt al-māliyyah asālah wa mu’āsirah is also an opinion from classical scholars such as ibn basyir and his disciple ibn ‘utab, alsyaukani and a contemporary scholar sami hamoud (al-dubyan, 1432). in contrast to nazih hammad’s opinion, in the fatwa of the national sharia board of indonesian ulama council (dsn-mui) no. 105/dsn-mui/x/2016 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 102 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 regarding capital return guarantees on muḍārib, musharakah and wakalah bil isthitmar financing, point number (3) states that “the manager is allowed to guarantee capital return at his own will without a request from the capital owner.” even though that provision is different from the provisions in the aaoifi sharia standards, according to the authors’ analysis, point number (3) in the dsnmui fatwa has an adequate legal basis in the form of nas shara’ (islamic legal texts), fiqh principles, and the opinions of the scholars. the argument used as a basis is a hadith, stating: “muslims are bound by the conditions they make” and several fiqh principles on the obligation to fulfill a commitment. even if it is returned to the basic principles in mu’āmalāh māliyyah, it is permissible until an argument that prohibits it comes. another opinion by scholars is as follows: “the absence of arguments from the quran or hadith about the impermissibility of requiring guarantees in amanah contracts makes the commitment to fulfill that condition not become unlawful” (al-dubyan, 1432). the next argument is an analogy (qiyas), which analogizes the capital manager with ajīr mushtarak/general worker (a worker whose benefits are shown to many mu’jir and others). according to the maliki scholars, ajīr mushtarak acts as a trustee. however, due to his concern about a potential moral hazard and treacherous acts and possible public benefits, asking for a guarantee is allowed based on istiḥsan. even ibn rusyd argues that having a guarantee on ajīr mushtarak is an effort to bring benefits, coupled with an emergency consideration. however, if the element of emergency is missing, it returns to the initial rulings, in which the ajīr mushtarak is the trustee (al-qurthubi a. a.-w., 1988). considering the legal provision point number (3) in the dsn-mui fatwa that: “the manager is allowed to guarantee a return on capital at his own will without a request from the capital owner” (hammad, 1320), tabarru’ (charity) carried out by the fund manager on his own initiative without any coercion. scholars from among the malikiyah argue that it is permissible in amanah contracts if the trustee does tabarru’ or charity (one of which is a commitment to guarantee capital return) after the contract is executed. this means that the contract, which originally has the nature of amanah, becomes ḍamānah due to the presence of the commitment (illāzm). in the view of malikiyah, this is a form of tabarru’ in goodness, so the capital manager must fulfill the commitment (hammad, madā shihah tamḍīn yad al-amānah bi al-syarth fī al-fiqh al-islām, 1320). according to nazih hammad, the malikiyah scholars, based on a popular opinion, stated taṭawwu/tabarru’ committed by capital managers to guarantee http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 103 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 capital return is carried out after the contract takes place, and that commitment is binding (putra, 2018; hammad, 1320). therefore, the commitment is a wa’ad mulzim (binding promise). in the context of the dsn-mui fatwas, the promise/ wa’ad in business and financial transaction activities are mulzim (legally binding). this aligns with the dsn-mui fatwa no. 85/dsn-mui/xii/2012 about promises (wa’ad) in sharia financial and business transactions (panji adam agus putra, 2022). the provision of the legally binding promise (wa’ad mulzim) is an opinion by some shafi’iyah scholars and ibn shubramah based on the considerations of benefit values (putra, konsep wa’ad dan implementasinya dalam fatwa dewan syariah nasional-majelis ulama indonesia, 2018). based on the above explanations, it is permissible for the fund manager to commit to guaranteeing fund return if it is done after the contract occurs, not before. however, in the dsn-mui fatwas, it is not explained in detail when the commitment is done, whether it is after or before. if this guarantee is made before the contract occurs, the concern is with the possible tuhmah (negative accusation) that the muḍārabah contract is just jargon. meanwhile, what happens is a qard (loan) contract. thus, an explanation is needed in the fatwa of dsn-mui 105 of 2016 regarding when the āmil is permitted to guarantee the capital return. this paper argues that provision number (3) of the dsn-mui fatwas is an application of muqtaranah bi al-sharth (conditions accompanying a contract) contract. according to muhammad uthman shubair, a condition that accompanies a contract is an obligation/commitment (iltizam) determined at the time the contract was made and is an addition to the principle and legal consequences of the contract (muqtaḍa al-‘aqd). these become an integral part of the contract’s elements which becomes the basis of willingness (of the parties)” (syubair, 2009). discussions related to the muqtaranah bi al-sharṭ contract have created pros and cons among fiqh scholars. however, the eminent opinion is that it is permissible to have a contract accompanied by a condition (muqtaranah bi al-sharṭ) if it does not contradict nash syara’ (islamic legal text) (al-syadzali, 2009). thus, the commitment to guaranteeing capital in the dsn-mui fatwas is supported by the permissibility of the muqtaranah bi al-sharṭ contract. the following legal provision in the dsn-mui fatwa no. 105 of 2016 is the ruling on a guarantee by a third party contained in the legal provision no. 4, stating: “the capital owner may ask a third party to guarantee a return on capital”. the legal discussion of whether or not a capital owner may require a third party to guarantee capital return has led to disputes among fiqh scholars, resulting http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 104 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 in two different opinions (tayah, 2016). the first opinion prohibits the guarantee as it can lead to riba. also, it is out of the substance of the muḍārabah contract. this is an opinion of contemporary fiqh scholars such as taqi al-din uthman, sadiq darir, and yusuf al-shabili. the second opinion allows a third party to add a guarantee in muḍārabah contracts. this opinion is by majma’ fiqh islami, sami hamoud, and mundzir qahf. this opinion is based on the hadith of the prophet (pbuh) and the fiqh principles, one of which is a hadith narrated by abu dawud as follows: “rasulullah shallallahu’ alaihi wasallam once borrowed some armour during the hunain war, then he said, “is this a usurpation, o muhammad!”. the prophet (pbuh) replied: “no, it is a loan that will be guaranteed” (h.r abu dawud). (al-sijistani, nd) the argumentation of this hadith is basically ‘āriyah or a trust-based contract. however, when the prophet muhammad (pbuh) committed to including a guarantee, this commitment was binding. this is analogized to business capital that was once amanah and changed to ḍamānah because of conditions (commitment to guarantee). in this case, a third party can be a guarantor, whether the third party is an individual or an institution. if the third party commits an act of tabarru’, that he is not involved in the contract, then the guarantee inclusion is permissible. if ḍamān is allowed by the borrower in the ‘āriyah contract, then it is also permissible for a third party to be a guarantor in muḍārabah contracts. likewise, if the capital manager is allowed to commit to guaranteeing a return on capital, then a third party’s permissibility is preferable. the fiqh principle used as an argument is a principle regarding the permissibility of muamalah transactions as long as no argument prohibits them. the principle is as follows: “basically, in matters of contract, it is valid and permissible as long as no argument prohibits it” (abshish, 2016). mutabarru’ is (a person who does a charity) (al-syamri, 1433). the tabarru’ in assets is permissible, while the tabarru’ in terms of damān (guarantee) is preferable (al-syamri, 1433). the guarantee made by a third party is a form of wa’ad mulzim (binding promise) and is not included in the contract. so the position of the promise is binding both morally and legally (al-syamri, 1433). based on the description above, the authors argue that the more predominant (rājiḥ) opinion regarding guarantees committed by a third party is the one that http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 panji adam agus putra. the rulings on capital return guarantees in muḍārabah 105 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30494 permits it. this is based on the following considerations: (1) strong arguments of the opinions that allow it; (2) there is a need and a benefit to mitigate business risk; and (3) as a form of capital protection from the risk of loss or unwanted situations. therefore, it can be concluded that the legal provisions of the dsn-mui fatwa no. 105 of 2016 provision number (4), that a capital owner may ask a third party to guarantee a return on capital, does not contradict islamic texts (nas shara) and is even supported by various arguments such as hadith, fiqh principles, islamic legal scholars’ opinions, and other legal considerations. conclusion in principle, the requirements of capital guarantee in trust-based contracts are prohibited. this is a legal decision from the aaoifi sharia standards, which is the opinion of most islamic legal scholars, and the national sharia board of indonesian ulema council (dsn-mui) fatwas. the legal provision in the aaoifi sharia standards is a more reassuring opinion and prioritizes the principle of iḥtiyāt (precaution). as for the legal provision in the dsn-mui fatwas, the permissibility for the capital manager to guarantee a return on capital is a form of commitment in the form of tabarru’ from the fund manager. this must be fulfilled because the commitment is a wa’ad mulzim (binding promise). the dsn-mui fatwas regarding the permissibility of the capital owner to ask the third party to become is not conflicted with nash shara’. various islamic legal bases, such as hadith, fiqh principles, opinions of islamic legal scholars, and other legal considerations, even support this argument. this legal provision in the dsn-mui fatwas is a form of innovative ijtihad that seems different from the opinion of the majority of scholars. however, the fatwa is more applicable in the indonesian context, especially when used as a product in islamic financial institutions in islamic and non-islamic banks. references aaoifi. 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(2020). konstruksi akad muḍārabah dalam fatwa dewan syariah nasional-majelis ulama indonesia nomor: 03/dsn-mui/iv/2000 tentang deposito fastabiq: jurnal studi islam, volume 1 nomor 1, 62. https://doi. org/10.47281. santi lamusu, a. f. (2021). sharia conformity for mudharabah financing practices in sharia banks based on the dsn-mui fatwa number 07year 2000: a case study. international journal of research in business and social science, vol. 10, no. 4. doi: https://doi.org/10.20525/ijrbs.v10i4.1201. syubair, m. u. (2009). al-madkhal ilā fiqh al-mu’āmalāt al-māliyyah: al-māl wa al-milkiyyah wa al-‘aqd. yordania: dār al-nafāis. tayah, t. n. (2016). al-tahawuthāth fī ra’s al-māl wa tathbīqātuhā fī al-mashārif al-islāmiyyah. yordania: dār al-nafāis. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30494 https://doi.org/10.29313/amwaluna.v6i1.8596 https://doi.org/10.29313/amwaluna.v6i1.8596 https://doi.org/10.29313/amwaluna.v2i2.3800 https://doi.org/10.29313/amwaluna.v2i2.3800 https://doi.org/10.47281 https://doi.org/10.47281 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 203 212 received: february 4, 2017; revised: april 16, 2017; accepted: april 23, 2017 universitas widyatama. jl. cikutra no. 204a, sukapada, cibeunying kidul, bandung, west java e-mail: kharisya.ayu@widyatama.ac.id doi: 10.15408/aiq.v9i2.4821 abstract. risk of debt-based financing on indonesian islamic banking. the purpose of this study is to know the risk of debt-based financing in islamic banking in indonesia by using an accounting based calculation, those are npf analysis, credit risk z-score and altman z-score. this study is telling about the risk of debt-based finacing on indonesian islamic banking using an accounting based measurement, those are npf analysis, credit risk z-score analysis and altman z-score analysis. the data was obtained from 2011 to 2015 from the website of each bank. the result is a risk on debt-based financing on indonesian islamic is low. the measurement using 3 accounting based measurement tool gives a consistent result, that is indonesian islamic banking use a debt-based financing have a high financial stability and a low risk. keyword: financing risk management, debt-based financing, accounting-based abstrak. risiko pembiayaan berbasis hutang pada perbankan syariah di indonesia. tujuan dari penelitian ini adalah untuk mengetahui resiko debt-based financing pada perbankan islam di indonesia dengan menggunakan perhitungan accounting-based yaitu npf analysis, credit risk z-score dan altman z-score. penelitian ini menjelaskan resiko pada debt-based financing perbankan islam yang ada di indonesia menggunakan accounting based measurement, yaitu npf analysis, credit risk z-score analysis dan altman z-score analysis. data yang diperoleh sejak tahun 2011 hinggan tahun 2015 yang diperoleh dari website masing-masing bank. hasilnya adalah resiko pada debt-based financing perbankan islam yang ada di indonesia ini rendah. pengukuran dengan menggunakan 3 alat ukur accounting based memberikan hasil yang konsisten yaitu perbankan islam di indonesia menggunakan debt-based financing memiliki stabilitas keuangan yang tinggi dan resiko yang rendah. kata kunci: manajemen risiko pembiayaan, pembiayaan berbasis hutang, berbasis akuntansi risk of debt-based financing in indonesian islamic banking kharisya ayu effendi 204 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 introduction the global financial crisis in 2008 was the worst economic or financial crisis since the great depression in the 1930s, it was due to excessive lending and negligence committed by the bank in the long term. the financial crisis that occurred in the united states have had an impact on the global economic crisis reminds us about the importance of improving the credit risk management. among many banks that have failed, islamic banks have attracted the attention of all muslim countries as well as non-muslim countries, islamic banking untill recently regarded as a development of financial institutions in the banking industry. research on comparison of islamic banks and conventional banks have been widely performed. among them about efficiency (beck, et.al, 2013; johnes, et.al, 2012; kamaruddin, et.al, 2008); profitability (alkassim, 2005; haron, 2004; zaini, et.al, 2010) and performance (ariss, 2010; hasan & dridi, 2010). since the global crisis, many studies have been raised about the stability or credit risk in islamic banking and conventional banking. in the islamic banking is not known about the credit system, but the financing system. this is because the islamic banking forbids interest rate in the profit used in the credit system. while the financing system in islamic banks use profit margin and profit and loss-sharing system (pls) in acquiring profit. financing system in islamic banking is divided into two, namely equity-based financing and debt-based financing. equity-based financing are mudharabah and musyarakah, the gain is using a profit and loss-sharing system (pls). debt-based financing are murabahah and ijarah, the gain is using profit margin, which are systems that determine the advantages of an item specified in the initial contract, so that the installments paid by the debitor remains the same. in this study, just use debt-based financing (dbf) because the system is more risky than the equity-based financing system (ebf) (shahari, et.al, 2015). and the most widely financing issued by islamic banks in indonesia is dbf financing compared to ebf. as can be seen in the table 1. table 1 financing islamic banking in indonesia 2009 – 2015 (billion rupiah) financing 2009 2010 2011 2012 2013 2014 2015* dbf 29.877 44.926 73.466 107.815 130.635 135.635 134.955 ebf 17.009 23.255 29.189 39.690 53.499 63.741 68.939 note: source ojk, islamic banking statistic * data until june 2015 205 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 kharisya ayu effendi: risk of debt-based financing in indonesian islamic banking there are three categories of creadit risk measurement: market based, external agencies and accounting based (allen & powell, 2011; altman & saunders, 1998). market based category are credit matric, value at risk (var) and merton probability of default. then, external agencies is a rating assessment of an agency, there are standard and poor, and moody provide rating specific for the company. the next category is accounting based, there are npl analysis or in islamic banking known as npf (non-performing financing) credit risk and the z-score altman z-score. the purpose of this study is to know the risk of debt-based financing in islamic banking in indonesia by using an accounting based calculation, those are npf analysis, credit risk z-score and altman z-score. literature review the main risk faced by bank is credit risk. this risk arisen from the possibility of default with the counterparty, for example, promised cash flows on the main effects owned by the bank cannot be paid in full. credit quality problems can lead to bankruptcy of banks or will significantly drain on bank capital and net worth. this, in turn, can affect the growth prospects of the bank and its ability to compete with domestic and other international bank (saunders, 2008). risk management for islamic banking institutions regulated in the form of prudential standards were made for the availability of funds, by the islamic financial services board (ifsb). in the islamic bank, credit risk depends on the type of financing structure. such as, the risk of the debt-based financing is higher than in the structure of equity-based financing. however, even if the risk is larger, bank prefer choosing debt-based financing due to the collateral and guarantee returns that have remained determined in the initial agreement (shahari et al., 2015). musyarakah, mudarabah, istisna, salam, ijarah and murabahah are the main contracts used by islamic banks to provide facilities to their customers. there are two classifications of this contract which can be used to distinguish between creating a mode of non-debt islamic financing or equity-based (musharakah and mudarabah) and creating a mode of debt or debt-based (istisna, salam, ijarah and murabahah) (kahf, 2005). murabahah contract is a financing contract which is most often used by islamic banks. 80% to 90% financing in islamic banking lies in this murabahah contract. this contract is used to finance consumer durables, real estate, industry in the purchase of raw materials, machinery and equipment. this contract determines the profit margin at the beginning of the agreement made by banks and consumers, so consumers only have to add up the prices of goods and profit margins, and then divided by time due to pay. this murabahah contract can be said to be similar to the general credit in the conventional banks, but the monthly payment is fixed, not changing like interest rate in the conventional banks. this principle is more advantageous for consumers 206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 because whatever happens in the economic conditions of a country, the payment will not increase. this principle is also more favorable to keep an economic stability of a country, a result of fluctuation in the interest rate causes instability and inflation. while ijarah is a transfer agreement of rights or benefits of a good or service by paying rent for a certain period of time without being followed by the transfer of rights ownership of the goods. bank indonesia defines the ijarah as a leasing agreement of good within a specific time through lease payments. ijarah as a transfer contract of rights for goods or services through lease payments without the ownership of the goods themselves. as-salam is buy goods which it’s delivery performed later in the day while the payment carried out in advance in cash. as-salam in banking is usually applied to short-term financing for the production of agribusiness or agriculture or other industries. istisna basically is a sales contract between the buyer and the manufacturer of goods with the payment in advance, either done by cash, mortgage, or deferred. method the method used in this study is an accounting based method, which consists of npf analysis, credit risk z-score and altman z-score. the data obtained in this study are the 7 islamic banks in indonesia: bank of muamalat, bank of bca sharia, bank of bni sharia, bank of bri sharia, bank of sharia mandiri, bank of panin sharia and bank of sharia bukopin. the data were used from 2011 to 2015. npf analysis using ratio analysis is total npf divided by total net lending. npf ratio = total npf / total net financing ................... (1) the higher the npf ratio, then the ratio of bankruptcy or failure is also higher. this has been arranged by bank indonesia, the central bank in indonesia by setting the npf/npl is good at either not exceed from 5%. one advantage of using the npf as a credit risk measurements, it’s measurement is directly from the bank’s solvency and it was difficult to be manipulated by management. credit risk z-score is a measurement technique most commonly used to measure financial stability in the banking system (beck et.al., 2013; boyd & nicoló, 2003; cihak & hesse, 2008). the calculation is z-score = (roa + e/a) / sd. of roa .................. (2) where roa is the return on assets or net profit after tax divided by total assets, while e is the total equity and a is total assets, sd. of roa is the standard deviation of roa over three years. the reason to use credit risk z-score is as a measurement of bank soundness between academics and practitioners. one of them is this measurement is easier to use than a market-based measurement tool such as credit metrics or var, and accounting information required only a little, but this tool is superior compared to other accounting measures such as npf analysis. another reason is the accuracy of this tool, 207 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 kharisya ayu effendi: risk of debt-based financing in indonesian islamic banking the measurement of credit risk z-score is inversely proportional to failure, if the z-score is small then the failure rate will be high and vice versa if the z-score is big then the failure rate will be small. (cihak & hesse, 2008) studying the power of z scores in predicting bank failures that have a risk of systematic failure. according to their findings, the banks that failed during the crisis had significantly lower z scores than other banks do not default. this clearly shows that the z score is one of the most powerful measurement tool to measure the stability of the bank. altman z-score is a company failure measurement tool. altman z-score has 3 different technique namely manufacturing companies that have go public, manufacturing companies that have not go public and non-manufacturing companies. the data in this study is on banking, the technique used is the altman z-score of non-manufacturing companies. which can be formulated with, z “-score = 6.56 (x1) + 3:26 (x2) + 6.72 (x3) + 1:05 (x4) + 3:25 ...... (3) where x1 is a working capital/total assets, x2 is a retain earnings/total assets, x3 ebit/total assets and x4 is an equity(book value)/total liabilities(altman & saunders, 1998). the interpretation is that if z>2.99, the company don’t have a problem with the financial conditions. if 1.8 <z <2.99, the company has a little problem in the financial condition (this is not too serious). if z <1.88, the company experienced a serious problem (saunders, 2008). result and discussion non-performing financing analysis in figure 1 is a non-performing loan of the data, which is debt-based financing, not the whole of the expenses on each bank. the data obtained based on the annual financial statements for each bank through their respective websites. data non-performing financing is debt-based financing is substandard or not that smooth, doubtful and loss is then divided by total debt-based financing. the results showed that the ratio of npf on each islamic banking in indonesia have a low risk of debt-based financing or can be said that islamic banking in indonesia have a good financial stability, because the ratio of npf is still below 5% or still below the ratio npf determined by bank indonesia (bi) as a central bank. bank of bca sharia has a npf ratio from 2011 to 2015 below 0%. bank of bni sharia has a npf ratio below 2% for the last 5 years. while bank of bri sharia, bank of sharia bukopin, bank of sharia mandiri, and bank of muamalat have npf ratio higher than 3 other banks that is average by 3% but still below 5% in last 5 years. bank of panin sharia has a relatively low npf ratio in 2011 2014 of 1% but in 2015 the npf ratio jumped quite high by 3.5%. the increase is due to the increase in financing that occurred in the previous year. this result is consistent with the results of the research 208 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 (kabir et.al, 2015), which revealed that npf on islamic banking showed a lower risk against credit risks. other researchers who studied the credit risk analysis of npf is (ahmad, 2007; berger & deyoung, 1997; das & ghosh, 2009; jiménez, et.al, 2007; sukmana & suryaningtyas, 2016) figure 1. dbf non performing financing ratio source: website each islamic banking and calculate credit risk z-score analysis this z-score credit risk analysis using the roa data, total assets, total equity and a standard deviation of roa that minimum can be accurately performed when the data is taken from more than three years. the result can be said to be stable or away from a possible default if the farther from zero towards the positive, and the greater the value, the better to maintain the stability of islamic banking. figure 2. credit risk analysis source: website each islamic banking and calculate 209 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 kharisya ayu effendi: risk of debt-based financing in indonesian islamic banking in the figure 2 shows that all the islamic banks generate credit risk z-score above 0, it means that islamic banking in indonesia has a stable financial system because it is far from the possibility of failure. the first rank that have a good financial stability is bank of bca sharia, with a 260 credit z-score of 260 in 2011 and 250 by 2015, this result indicates that the z-score credit risk is far from the number 0, which means that credit risk is very low. followed by bank of bni sharia with the value of credit z-score of 125 in 2015 and 150 in 2011. occupying the third position on the high value of z-score is the bank of sharia bukopin, followed by bank of panin sharia, bank of bri sharia, bank of sharia mandiri and bank of muamalat. this is because the percentage of equity in the bank is higher than other banks. the bank equity other from shares also from the profits generated quite a lot and grow each year. figure 3 composition equity on assets source: website each islamic banking and calculate besides generating a stable financial data, in this analysis can also be concluded that the amount of equity can increase the endurance to risk on an islamic banking. because the source of funds through equity is lower the risk than the debt. this is in compliance with the study of (shahari et.al., 2015) that reveals the equity-based financing is lower risk than the debt based. equity funding sources has a lower risk because there is no obligation to pay premiums every month and when the company default without a moral hazard factor then the company is not obliged to pay any loss. (barajas, et.al, 2013; beck, et.al, 2010; ernawati, 2016; faye, et.al, 2013) also said that the bank who has a large equity will be better in managing it’s credit risk. the higher the composition of equity this has an impact on the lower credit risk in islamic banking. 210 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 analysis altman z-score this altman’s z-score analysis uses accounting data more than the previous analysis. the good results for the financial stability of banking in this analysis tool, if the resulting value is bigger than 2.99. figure 4 analysis altman z-score source: website each islamic banking and calculate the result from this analysis is that all islamic banks in indonesia maintain their financial stability well because altman z-score is generated above 5. this is suggests that the debt-based financing is known to be more risky than equity-based financing by (shahari et al., 2015)will still be able to maintain the financial stability in the islamic banking. it’s also answered why debt-based financing more attractive than the equity based financing by (shahari et al., 2015)not only because dbf using collateral and fixed returns guarantees, but also have a lower risk and still be able to maintain the financial stability of islamic banking well so that far from the possibility of failure. this study is in compliance with the study of (cihak & hesse, 2008; kabir, et.al, 2015; rajhi & hassairi, 2013). conclusion this study is telling about the risk of debt-based finacing on indonesian islamic banking using an accounting based measurement, those are npf analysis, credit risk z-score analysis and altman z-score analysis. the data was obtained from 2011 to 2015 from the website of each bank. the result is a risk on debt-based financing on indonesian islamic is low. the measurement using 3 accounting based measurement tool gives a consistent result, that is indonesian 211 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4821 kharisya ayu effendi: risk of debt-based financing in indonesian islamic banking islamic banking use a debt-based financing have a high financial stability and a low risk. references ahmad, n. h. 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(2010). bank efficiency and non-performing loans : evidence from malaysia and singapore. prague economic papers, 2: 118–132. al-iqtishad is international journal published by state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014 editor in chief m. nur rianto al arif associate editor yuke rahmawati maman rahman hakim english editor ummi kultsum editorial advisory board abbas mirakhor (inceif, malaysia) ahmad hidayat buang (university of malaya, malaysia) ahmad tholabi kharlie (uin syarif hidayatullah jakarta, indonesia) amir kia (utah valley university, usa) asep s. jahar (uin syarif hidayatullah jakarta, indonesia) ashraf md hasyim (isra, malaysia) fathurrahman djamil (uin syarif hidayatullah jakarta, indonesia) m. kabir hassan (university of new orleans, usa) mehmet asutay (durham university business school, uk) mervyn k lewis (university of south australia, australia) mohammad hudaib (adam smith business school, glasgow univ., united kingdom) mohamed s komi (the american university in cairo, egypt) mokhamad anwar (universitas padjajaran, indonesia) monzer khaf (qatar faculty of islamic studies, qatar) muhammad amin suma (uin syarif hidayatullah jakarta, indonesia) mustafa edwin nasution (universitas indonesia –indonesia) ratno purnomo (jenderal soedirman university, indonesia) roszaini haniffa (heriot watt university, united kingdom) sadegh bakhtiari (isfahan university, islamic republic of iran) walid mansour (king abdulaziz university, saudi arabia) volume 9 (1) january 2017 al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) editorial office state islamic university (uin) syarif hidayatullah jakarta, indonesia jl. ir. h. juanda 95, ciputat, south tangerang, banten, indonesia -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id/index.php/iqtishad; email: iqtishad@uinjkt.ac.id contents 1 islamic bank listed in financial market: risk, governance, earning, and capital teguh budiman, farida titik kristanti, wardhana 13 building an early warning towards the resilience of islamic banking in indonesia dimas bagus wiranatakusuma, jarita duasa 33 asset liability management of conventional and islamic banks in malaysia yee loon mun, hassanudin mohd thas thaker 53 the indonesian islamic bank’s spin-off: a study in regional development banks ismawati haribowo 69 determinants of the islamic social reporting disclosure uun sunarsih, ferdiyansyah 81 strategic approcah for optimizing of zakah institution performance: customer relationship management estu widarwati, nur choirul afif, muhamad zazim 95 greece financial crises and sukuk markets: experience from gulf countries aldrin herwany, erie febrian, imam buchari 107 tawhidic based economic system: a preliminary conception nurul hilmiyah, bayu taufiq possumah, muhammad hakimi mohd. shafiai 125 consumer demand on halal cosmetics and personal care products in indonesia muniaty aisyah 143 a comparative study on poverty alleviation between moslem and non moslem populated countries ahmad hudaifah, shochrul rohmatul ajija indone-sia, t.th. ash-shiddieqy, tengku muhammad hasbi, pedoman zakat, semarang: pustaka rizki putra, 1999. doa, m. djamal, menggagas pengelolaan zakat oleh negara, jakarta: nuansa mada-ni, 2001. hassan, nik musthapa nik [penyunting], ekonomi islam dan pelaksanaannya di malaysia, kuala lumpur, malaysia: institut kepahaman islam malaysia, 2002. hijâzî, muhammad mahmûd, al-tafsîr al-wâdhih, bayrût, dâr al-jayl, 1413 h/1993 m. ibn ‘âbidîn (muhammad amîn), hasyiyah radd al-mukhtâr ‘ala al-durr al-mukhtâr syarh tanwîr al-abshâr, bayrût-lubnân: dâr al-fikr, 1425 – 1426 h/2005 m. ibn qudâmah, al-mughnî, bayrût, lubnân: bayt al-afkâr al-dawliyyah, 2004. jawziyyah, al-, ibn qayyim, tafsîr al-qayyim, bayrût, lubnân: dâr al-kutub al-‘ilmiyyah, [t.t.]. kahlanî, al-, muhammad ibn isâ‘îl, subul al-salâm, bandung, indonesia, maktabah dahlan, t.th. khinn, al-, mushthafâ al-khinn, mushthafâ al-bugha, dan ‘alî al-syarbajî, al-fiqh al-manhajî ‘alâ madzhab al-imâm al-syâfi‘î, damsyiq: dâr al-qalam, 1432 h/2011 m. mashrî, al-, râfiq yûnus, fiqh al-mu‘âmalah al-mâliyah, jiddah: dâr al-basyir, 1426 h/2005 m. qaradhawî, al-, yûsuf, fiqh al-zakâh, bayrût, lubnân: mu’assasah al-risâlah, 1418 h/1997 m. qurthubî, al-, abî ‘abd allâh, al-jâmi‘ li ahkâm al-qur’ân, bayrût-lubnân: t.tp: t.p., t.th. sâbiq, al-sayyid, fiqh al-sunnah, bayrût, lubnân: dâr al-jayl, 1973. suma, muhammad amin, lima pilar islam, tangerang: kholam publishing, 2007. thabathaba’i, al-, muhammad husayn, al-mîzân fî tafsîr al-qur’ân, bayrût, lubnân: mu’assasah al-a’lam li-al-mathbu’ah, 1411 h/1991 m. undang-undang republik indonesia nomor 23 tahun 2011 tentang pengelolaan zakat. pengaruh instrumen moneter syariah dan ekspor terhadap pertumbuhan ekonomi di indonesia wulan asnuri abstract: the influence of islamic monetary instruments and exports to economic growth in indonesia. the aim from this research is to analyze the effect of total financing in islamic banking (pem), sharia certificate of bank indonesia (sbis) and export contribution to economic growth in indonesia. the method that used in this study is error correction model (ecm). the result showed that in short-run sbis gave a negative impact to econo-mic growth, otherwise the total financing and export contribution didn’t have an impact to economic growth. in the long-run, total financing, sbis, and export contribution have a negative impact to indonesian economic growth. keyword: economic growth, total financing, sbis, export contribution, ecm abstrak: pengaruh instrumen moneter syariah dan ekspor terhadap pertumbuhan ekonomi di indonesia. tujuan dari penelitian ini adalah untuk menganalisis pengaruh dari total pembiayaan dalam perbankan islam (pem), sertifikat bank indonesia syariah (sbis) dan kontribusi ekspor terhadap pertumbuhan ekonomi di indonesia. metode yang digunakan dalam penelitian ini adalah model kesalahan koreksi (ecm). hasil penelitian menunjukkan bahwa sbis jangka pendek memiliki dampak negatif terhadap pertumbuhan ekonomi, sebaliknya total pembiayaan dan kontribusi ekspor tidak berdampak terhadap pertumbuhan ekonomi. dalam jangka panjang, total pembiayaan, sbis, dan kontribusi ekspor berdampak negatif terhadap pertumbuhan ekonomi indonesia. kata kunci: pertumbuhan ekonomi, total pembiayaan, sbis, kontribusi ekspor, ecm naskah diterima: 12 januari 2013, direvisi: 10 mei 2013, disetujui: 16 mei 2013.  bank panin syariah, jakarta. e-mail: wulanasnuri@gmail.com wulan asnuri: pengaruh instrumen moneter syariah 276 pendahuluan sektor riil merupakan representasi dari tingkat produktivitas masyarakat suatu negara dalam menciptakan barang dan jasa. ketika tingkat produktivitas masyarakat suatu negara mengalami peningkatan maka secara agregat akan berpengaruh pada naiknya pendapatan nasional dan pertumbuhan ekonomi suatu negara. sektor riil juga merupakan representasi dari tingkat kesejahteraan masyarakat suatu negara karena terkait langsung dengan dunia usaha.1. dalam ekonomi islam, antara sektor moneter dan sektor riil mestilah sejalan dan secara tegas moneter harus mengikuti perkembangan yang ada pada sektor riil2. adanya sistem keuangan syariah di indonesia saat ini terutama perbankan syariah diharapkan dapat mencerminkan visi ekonomi islam dalam menciptakan keadilan dan terciptanya distribusi pendapatan yang merata.3 pertumbuhan sistem keuangan syariah di indonesia telah semakin berkembang. hal ini dapat dilihat dari instrumen moneter syariah yang telah berkembang seiring dengan peningkatan kinerja dan tingkat kepercayaan masyarakat terhadap perbankan syariah. terlihat dari semakin meningkatnya jumlah dana pihak ketiga (dpk) dan pembiayaan yang dilakukan oleh per-bankan syariah yang pada bulan desember 2011 mencapai rp 115.415 miliar dan rp 102.655 miliar, serta adanya instrumen moneter berupa pasar uang antar-bank syariah (puas) dan sertifikat bank indonesia syariah (sbis) untuk membantu likuiditas perbankan syariah pun. terlebih karakter keuangan syariah memperlihatkan adanya keterkaitan langsung (direct link) antara sektor moneter dengan sektor riil.4 sebagaimana dalam teori endogeneous money bahwa kebi-jakan moneter hanyalah representasi dari sektor riil.5 implikasinya adalah bahwa tidak boleh ada dikotomi antara sektor moneter dengan sektor riil karena hakikatnya kedua sektor ini haruslah saling berkaitan. hal ini akan lebih memperkokoh sistem keuangan syariah di indonesia. bertambah kokohnya sistem keuangan syariah akan meningkatkan porsi pembiayaan yang disalurkan oleh perbankan syariah. hal ini terlihat dari pening 1 titman dan warga, ‚stoct return as predictors of interest rates and inflation‛, dalam journal of financial and quanittive analysis, vol. 24, 1989. 2 adiwarman a. karim, ekonomi islam suatu kajian ekonomi makro, (jakarta: the international institute of islamic thought indonesia, 2002), h. 174. 3 qurroh ‘ayuniyya, dkk., ‚pengaruh instrumen moneter dan konvensional‛, dalam jurnal iqtishodia institut pertanian bogor, 2010, h. 6. 4 irfan syauqi beik, karakter keuangan syariah, dalam jurnal iqtishodia institut pertanian bogor, 2010, h. 5. 5 mausudul alam chouwdury, money in islam, (london: routledge,1997). al-iqtishad: vol. v, no. 2, juli 2013 277 pendahuluan sektor riil merupakan representasi dari tingkat produktivitas masyarakat suatu negara dalam menciptakan barang dan jasa. ketika tingkat produktivitas masyarakat suatu negara mengalami peningkatan maka secara agregat akan berpengaruh pada naiknya pendapatan nasional dan pertumbuhan ekonomi suatu negara. sektor riil juga merupakan representasi dari tingkat kesejahteraan masyarakat suatu negara karena terkait langsung dengan dunia usaha.1. dalam ekonomi islam, antara sektor moneter dan sektor riil mestilah sejalan dan secara tegas moneter harus mengikuti perkembangan yang ada pada sektor riil2. adanya sistem keuangan syariah di indonesia saat ini terutama perbankan syariah diharapkan dapat mencerminkan visi ekonomi islam dalam menciptakan keadilan dan terciptanya distribusi pendapatan yang merata.3 pertumbuhan sistem keuangan syariah di indonesia telah semakin berkembang. hal ini dapat dilihat dari instrumen moneter syariah yang telah berkembang seiring dengan peningkatan kinerja dan tingkat kepercayaan masyarakat terhadap perbankan syariah. terlihat dari semakin meningkatnya jumlah dana pihak ketiga (dpk) dan pembiayaan yang dilakukan oleh per-bankan syariah yang pada bulan desember 2011 mencapai rp 115.415 miliar dan rp 102.655 miliar, serta adanya instrumen moneter berupa pasar uang antar-bank syariah (puas) dan sertifikat bank indonesia syariah (sbis) untuk membantu likuiditas perbankan syariah pun. terlebih karakter keuangan syariah memperlihatkan adanya keterkaitan langsung (direct link) antara sektor moneter dengan sektor riil.4 sebagaimana dalam teori endogeneous money bahwa kebi-jakan moneter hanyalah representasi dari sektor riil.5 implikasinya adalah bahwa tidak boleh ada dikotomi antara sektor moneter dengan sektor riil karena hakikatnya kedua sektor ini haruslah saling berkaitan. hal ini akan lebih memperkokoh sistem keuangan syariah di indonesia. bertambah kokohnya sistem keuangan syariah akan meningkatkan porsi pembiayaan yang disalurkan oleh perbankan syariah. hal ini terlihat dari pening 1 titman dan warga, ‚stoct return as predictors of interest rates and inflation‛, dalam journal of financial and quanittive analysis, vol. 24, 1989. 2 adiwarman a. karim, ekonomi islam suatu kajian ekonomi makro, (jakarta: the international institute of islamic thought indonesia, 2002), h. 174. 3 qurroh ‘ayuniyya, dkk., ‚pengaruh instrumen moneter dan konvensional‛, dalam jurnal iqtishodia institut pertanian bogor, 2010, h. 6. 4 irfan syauqi beik, karakter keuangan syariah, dalam jurnal iqtishodia institut pertanian bogor, 2010, h. 5. 5 mausudul alam chouwdury, money in islam, (london: routledge,1997). katan yang signifikan sebesar 50,6% yaitu rp 68.181 miliar pada tahun 2010 menjadi rp 102.655 miliar pada tahun 2011. peningkatan pembiayaan bank syariah yang ditujukan pada sektor riil akan berpengaruh pada jumlah barang dan jasa yang dihasilkan di masyarakat. pada saat produktivitas masyarakat meningkat maka kemungkinan pemenuhan kebutuhan domestik akan terpenuhi dan pilihan untuk melakukan ekspor barang ke luar negeri akan meningkat pula. dengan peningkatan angka ekspor maka akan menambah sumber pendapatan negara dari devisa yang dihasilkan yang akan digunakan untuk memenuhi kebutuhan barang modal kebutuhan dalam negeri. keselarasan antara sektor moneter dan sektor riil ini akan berpengaruh pada perekonomian secara agregat. peningkatan pembiayaan bank syariah terhadap sektor riil serta peningkatan kegiatan ekspor akan mempengaruhi keseimbangan perekonomian yang akhirnya akan berpengaruh pada pertumbuhan ekonomi. penelitian ini bertujuan untuk menganalisis apakah terdapat pengaruh yang signifikan dari total pembiayaan bank syariah, sbis, dan kontribusi ekspor terhadap pertumbuhan ekonomi di indonesia dalam jangka pendek maupun jangka panjang. penelitian tentang pengaruh total pembiayaan bank syariah dan sertifikat bank indonesia syariah (sbis) terhadap sektor riil yang direpresentasikan oleh indeks produksi industri (ipi) telah dilakukan oleh qurroh ‘ayuniyya dkk. (2010), hasilnya menunjukkan bahwa dalam jangka panjang pembiayaan bank syariah berpengaruh signifikan positif terhadap ipi sedangkan sbis berpengaruh signifikan negatif terhadap ipi. hal yang sama ditemukan oleh mawaddah (2011), bahwa dalam jangka panjang pembiayaan mudhârabah berpengaruh signifikan positif terhadap pertumbuhan ekonomi. disisi lain yunie fitriani (2011) menemukan berbeda, bahwa dalam jangka panjang pembiayaan bank syariah berpengaruh negatif terhadap pertumbuhan ekonomi. penelitian terkait ekspor dilakukan asnawi (2011) yang menyatakan bahwa dalam jangka panjang ekspor akan berpengaruh negatif terhadap pertumbuhan ekonomi. penelitian ini hanya dilakukan di provinsi aceh saja. lain halnya yang terjadi di beberapa negara muslim seperti yang dilakukan oleh musleh jawas (2008) yang menemukan bahwa ekspor berpengaruh signifikan positif terhadap pertumbuhan ekonomi. hubungan pembiayaan bank syariah terhadap pertumbuhan ekonomi istilah pertumbuhan ekonomi digunakan untuk menggambarkan terjadinya kemajuan atau perkembangan ekonomi dalam suatu negara. pertumbuhan wulan asnuri: pengaruh instrumen moneter syariah 278 ekonomi dapat didefiniskan sebagai perkembangan kegiatan ekonomi yang berlangsung pada suatu negara dari waktu ke waktu yang menyebabkan pendapatan nasional riil meningkat.6 ada tiga aspek yang perlu diperhatikan terkait pertumbuhan ekonomi, yaitu proses, output per kapita, dan jangka panjang. bahwa pertumbuhan ekonomi merupakan proses yang menggambarkan perkembangan ekonomi dari waktu ke waktu yang bersifat dinamis, output per kapita mengaitkan aspek output total dan jumlah penduduk, dan jangka panjang menunjukkan kecenderungan perubahan perekonomian dalam jangka waktu tertentu yang didorong oleh perubahan intern perekonomian.7 pada dasarnya, yang menjadi perbedaan khas antara pembiayaan yang dilakukan oleh perbankan syariah dengan perbankan konvensional adalah bahwa akad-akad pada produk pembiayaan perbankan syariah lebih diprioritaskan untuk mendorong pergerakan sektor riil, khususnya produk kerja sama atau bagi hasil yaitu mudhârabah dan musyârakah. pembiayaan kerja sama ini akan berdampak pada produktivitas masyarakat dalam menciptakan barang dan jasa serta meningkakan pendapatan masyarakat. p p as1 as as2 ad2 ad ad1 kurva (i) y kurva (ii) y peningkatan produktivitas masyarakat yang diakibatkan adanya pembiayaan mudhârabah dan musyarakah dalam menciptakan barang dan jasa menggambarkan agregat supply (as) nasional, sedangkan peningkatan tingkat konsumsi akibat adanya peningkatan pendapatan menggambarkan agregat demand (ad) nasional. kurva(i) menunjukkan kondisi perekonomian normal, sedangkan 6 asfia murni, ekonomika makro, (bandung: pt. refika aditama, 2006), h. 173. 7 boediono. teori pertumbuhan ekonomi: seri sinopsis pengantar ilmu ekonomi no.4. yogyakarta: bpfe, 1993, h. 1-2. al-iqtishad: vol. v, no. 2, juli 2013 279 ekonomi dapat didefiniskan sebagai perkembangan kegiatan ekonomi yang berlangsung pada suatu negara dari waktu ke waktu yang menyebabkan pendapatan nasional riil meningkat.6 ada tiga aspek yang perlu diperhatikan terkait pertumbuhan ekonomi, yaitu proses, output per kapita, dan jangka panjang. bahwa pertumbuhan ekonomi merupakan proses yang menggambarkan perkembangan ekonomi dari waktu ke waktu yang bersifat dinamis, output per kapita mengaitkan aspek output total dan jumlah penduduk, dan jangka panjang menunjukkan kecenderungan perubahan perekonomian dalam jangka waktu tertentu yang didorong oleh perubahan intern perekonomian.7 pada dasarnya, yang menjadi perbedaan khas antara pembiayaan yang dilakukan oleh perbankan syariah dengan perbankan konvensional adalah bahwa akad-akad pada produk pembiayaan perbankan syariah lebih diprioritaskan untuk mendorong pergerakan sektor riil, khususnya produk kerja sama atau bagi hasil yaitu mudhârabah dan musyârakah. pembiayaan kerja sama ini akan berdampak pada produktivitas masyarakat dalam menciptakan barang dan jasa serta meningkakan pendapatan masyarakat. p p as1 as as2 ad2 ad ad1 kurva (i) y kurva (ii) y peningkatan produktivitas masyarakat yang diakibatkan adanya pembiayaan mudhârabah dan musyarakah dalam menciptakan barang dan jasa menggambarkan agregat supply (as) nasional, sedangkan peningkatan tingkat konsumsi akibat adanya peningkatan pendapatan menggambarkan agregat demand (ad) nasional. kurva(i) menunjukkan kondisi perekonomian normal, sedangkan 6 asfia murni, ekonomika makro, (bandung: pt. refika aditama, 2006), h. 173. 7 boediono. teori pertumbuhan ekonomi: seri sinopsis pengantar ilmu ekonomi no.4. yogyakarta: bpfe, 1993, h. 1-2. kurva (ii) menunjukkan kondisi perekonomian setelah adanya peningkatan produktivitas masyarakat dan tingkat konsumsi. keseimbangan agregat ekonomi ini berlangsung secara berkelanjutan dan akhirnya akan berdampak pada peningkatan pendapatan nasional dan pertumbuhan ekonomi. hubungan sertifikat bank indonesia syariah terhadap pertumbuhan ekonomi sertifikat bank indonesia syariah (sbis) merupakan instrumen moneter yang disediakan oleh otoritas moneter sebagai alternatif penyimpanan kelebihan dana yang tidak tersalurkan oleh perbankan syariah ke sektro riil serta untuk membantu likuiditas perbankan syariah. akan tetapi, penempatan dana pada instrumen sbis menyebabkan adanya uang yang tidak berputar (idle fund) dan hal ini tidak sesuai dengan pemikiran imam al-ghazalî yang menyatakan bahwa uang itu seperti air, serta pemikiran ibn khaldûn yang menyatakan bahwa uang itu seperti darah, harus mengalir karena jika tidak maka akan terjadi masalah pada fungsi organ tubuh. artinya, bahwa ketika terdapat uang yang tidak berputar maka perekonomian tidak dapat berjalan dengan optimal karena uang tidak dapat tersalurkan seluruhnya pada sektor riil. dengan demikian, ketika bank syariah lebih memilih menempatkan dananya pada instrumen sbis maka akan mengurangi porsi pembiayaan yang disalurkan pada sektor riil dan akan mengurangi penciptaan barang dan jasa di masyarakat, menurunkan tingkat pendapatan masyarakat yang akhirnya akan menurunkan angka pertumbuhan ekonomi. hubungan ekspor terhadap pertumbuhan ekonomi ekspor merupakan transakasi jual beli yang dilakukan antarnegara. sesuai dengan teori ibn khaldûn bahwa ketika suatu negara melakukan kegiatan ekspor maka kebutuhan domestik akan barang dan jasa sudah terpenuhi. ketika tingkat produksi suatu negara untuk jenis komoditi lebih tinggi daripada tingkat permintaan domestik negara tersebut, atau supply lebih besar dibanding demand, maka memungkinkan negara tersebut melakukan ekspor. adam smith mengatakan dalam teorinya bahwa barang yang diekspor haruslah barang yang memiliki keunggulan absolut yang merupakan kekhasan dari negara tersebut. hal ini dapat dilakukan dengan melakukan spesialisasi. sedangkan david ricardo dalam theory of labour value menyatakan bahwa nilai atau harga suatu produk ditentukan oleh jumlah waktu dan jam kerja yang diperlukan untuk memproduksinya. wulan asnuri: pengaruh instrumen moneter syariah 280 kegiatan ekspor akan meningkatkan kreativitas masyarakat dalam menciptakan barang dan jasa yang akan menjadi komoditi ekspor. selain itu, keuntungan yang didapat dari perdagangan luar negeri ini akan dapat menambah pendapatan nasional yang nantinya akan dipergunakan untuk memenuhi barang modal kebutuhan dalam negeri. dengan demikian, produktivitas masyarakat yang meningkat dan tersedianya barang kebutuhan dalam negeri akan meningkatkan pertumbuhan ekonomi. metodologi penelitian ini menggunakan data bulanan dari bulan januari 2007 sampai dengan bulan juni 2011. data pertumbuhan ekonomi yang digunakan adalah data produk domestik bruto (pdb) menurut harga konstan yang diterbitkan oleh badan pusat statistik (bps), laporan total pembiayaan bank syariah dari statistik perbankan syariah bank indonesia, laporan outstanding sbis dari bank indonesia serta data eksppor dari kementrian perdagangan republik indonesia. metode analisis yang digunakan adalah metode koreksi kesalahan atau dikenal dengan error correction model (ecm), yaitu suatu teknik untuk mengoreksi ketidakseimbangan jangka pendek menuju pada keseimbangan jangka panjang.8 pertama, unit root test. sebelum melakukan analisis regresi dengan menggunakan data time series, perlu dilakukan uji stasioneritas terhadap seluruh variabel untuk mengetahui apakah variabel-variabel tersebut stasioner atau tidak. pengujian ini dilakukan untuk menggunakan pengujian unit root, yang bertujuan untuk mengetahui apakah data mengandung unit root atau tidak. apabila hasil uji akar unit menunjukkan data belum stasioner pada tingkat level maka data akan diuji pada diferensiasi tingkat pertama (first difference) atau lebih hingga data menjadi stasioner. terdapat beberapa metode pengujian unit root, pada penelitia ini pengujian data dilakukan dengan menggunakan uji augmented dicky-fuller. apabila hasil uji augmented dicky-fuller menyatakan bahwa nilai adf statistik > 0,05 maka data stasioner sedangkan jika nilai adf statistik < 0,05 maka data tidak stasioner. kedua, kointegrasi. setelah semua data stasioner pada tingkat ordo yang sama, pengujian selanjutnya dilakukan ke uji kointegrasi. kointegrasi berkaitan erat dengan pengujian terhadap kemungkinan adanya hubungan keseimbangan jangka panjang antar variabel-variabel ekonomi seperti yang dikehendaki oleh 8 nachrowi d. nachrowi dan hardius usman, penggunaan teknik ekonometri, (jakarta: pt rajagrafindo persada, 2006), h. 371. al-iqtishad: vol. v, no. 2, juli 2013 281 kegiatan ekspor akan meningkatkan kreativitas masyarakat dalam menciptakan barang dan jasa yang akan menjadi komoditi ekspor. selain itu, keuntungan yang didapat dari perdagangan luar negeri ini akan dapat menambah pendapatan nasional yang nantinya akan dipergunakan untuk memenuhi barang modal kebutuhan dalam negeri. dengan demikian, produktivitas masyarakat yang meningkat dan tersedianya barang kebutuhan dalam negeri akan meningkatkan pertumbuhan ekonomi. metodologi penelitian ini menggunakan data bulanan dari bulan januari 2007 sampai dengan bulan juni 2011. data pertumbuhan ekonomi yang digunakan adalah data produk domestik bruto (pdb) menurut harga konstan yang diterbitkan oleh badan pusat statistik (bps), laporan total pembiayaan bank syariah dari statistik perbankan syariah bank indonesia, laporan outstanding sbis dari bank indonesia serta data eksppor dari kementrian perdagangan republik indonesia. metode analisis yang digunakan adalah metode koreksi kesalahan atau dikenal dengan error correction model (ecm), yaitu suatu teknik untuk mengoreksi ketidakseimbangan jangka pendek menuju pada keseimbangan jangka panjang.8 pertama, unit root test. sebelum melakukan analisis regresi dengan menggunakan data time series, perlu dilakukan uji stasioneritas terhadap seluruh variabel untuk mengetahui apakah variabel-variabel tersebut stasioner atau tidak. pengujian ini dilakukan untuk menggunakan pengujian unit root, yang bertujuan untuk mengetahui apakah data mengandung unit root atau tidak. apabila hasil uji akar unit menunjukkan data belum stasioner pada tingkat level maka data akan diuji pada diferensiasi tingkat pertama (first difference) atau lebih hingga data menjadi stasioner. terdapat beberapa metode pengujian unit root, pada penelitia ini pengujian data dilakukan dengan menggunakan uji augmented dicky-fuller. apabila hasil uji augmented dicky-fuller menyatakan bahwa nilai adf statistik > 0,05 maka data stasioner sedangkan jika nilai adf statistik < 0,05 maka data tidak stasioner. kedua, kointegrasi. setelah semua data stasioner pada tingkat ordo yang sama, pengujian selanjutnya dilakukan ke uji kointegrasi. kointegrasi berkaitan erat dengan pengujian terhadap kemungkinan adanya hubungan keseimbangan jangka panjang antar variabel-variabel ekonomi seperti yang dikehendaki oleh 8 nachrowi d. nachrowi dan hardius usman, penggunaan teknik ekonometri, (jakarta: pt rajagrafindo persada, 2006), h. 371. teori ekonomi. untuk melihat suatu model memiliki kointegrasi atau tidak, dapat dilakukan beberapa pengujian, dalam dalam penelitian ini, untuk melihat ada atau tidaknya kointegrasi dilakukan dengan uji engel-granger (eg) atau uji augmented engel-granger, yaitu pengujian yang dilakukan dengan memanfaatkan uji augmented dicky-fuller dengan cara mengestimasi model regresi kemudian menghitung nilai residualnya. apabila nilai residualnya stasioner maka regresi tersebut merupakan regresi kointegrasi,9 artinya terdapat hubungan jangka panjang antar variabel-variabel. ketiga, pendekatan error correction models (ecm). model ecm pada dasarnya merupakan suatu konsep model ekonometri-time series yang berupaya untuk menyelaraskan kondisi jangka pendek (short run equilibrium) dengan kondisi ekuilibrium jangka panjang (long run equilibrium). untuk menyatakan apakah model yang digunakan benar atau tidak maka koefisien error correction term (ect) harus signifikan. jika koefisien tidak signifikan maka model tersebut tidak cocok.10 model ecm pada peneletian ini dirumuskan sebagai berikut: dlnpdbt = β 0 + β 1dlnpemt + β 2dlnsbist + β 3dlnext + β 4lnpemt-1 + β 5lnsbist1 + β 6lnext-1 + β 7 ect di mana: β0 = konstanta β1β6 = koefisien regresi β7 = koefisien ect dlnpdbt = perubahan pdb periode t dlnpemt = total pembiayaan bank syariah (jangka pendek) dlnsbist = sertifikat bank indonesia syariah (jangka pendek) dlnext = kontribusi ekspor (jangka pendek) lnpemt-1 = total pembiayaan bank syariah (jangka panjang) lnsbist-1 = sertifikat bank indonesia syariah (jangka panjang) lnext-1 = kontribusi ekspor (jangka panjang) ect = error correction term (koreksi kesalahan) analisis dan interpretasi pengujian terhadap keberadaan unit root untuk semua variabel yang dimasukkan dalam model menunjukkan bahwa pada tingkat level hanya variabel 9 nachrowi d dan hardius usman, penggunaan teknik ekonometri, h. 367. 10 insukindro, ekonomi uang dan bank, (yogyakarta: bpfe ugm,1993). wulan asnuri: pengaruh instrumen moneter syariah 282 sbis saja yang terbebas dari unit root sedangkan variabel lainnya mempunyai unot root. hal ini ditunjukkan oleh nilai adf statistik yang lebih besar dari nilai kritis mac kinnon dengan tingkat signifikansi 5% (tabel 1). dapat dikatakan bahwa pada tingkat level hanya variabel sbis yang stasioner. oleh karenanya, pengujian unit root dilakukan pada tingkat first difference. hasil dari pengujian menunjukkan bahwa semua variabel terbebas dari unit root, artinya bahwa semua data telah stasioner pada ordo yang sama di tingkat first difference (tabel 2). tabel 1: hasil uji adf test pada tingkat level variabel level keterangan adf value nilai kritis 5% lnpdb -0,765016 -2,917650 tidak stasioner lnpem -0,097496 -2,918778 tidak stasioner lnsbis -4,403722 -2,919952 stasioner lnex -1,151299 -2,918778 tidak stasioner sumber: eviews 6.0 (data diolah) tabel 2: hasil uji adf test pada tingkat first difference sumber: eviews 6.0 (data diolah) selanjutnya pengujian terhadap ada tidaknya kointegrasi diantara variabelvariabel, hasil estimasi menunjukkan bahwa nilai t-statistik adf lebih besar dari nilai kritis 5% maka residual dari persamaan telah stasioner pada derajat integrasi nol atau i(0), sehingga variabel-variabel tersebut dapat dikatakan terkointegrasi atau terdapat indikasi hubungan jangka panjang (tabel 3). tabel 3: hasil uji kointegrasi t-statistic prob.* variabel first difference keterangan adf value nilai kritis 5% lnpdb -6,741007 -3,498692 stasioner lnpem -10,64438 -3,498692 stasioner lnsbis -5,619492 -3,498692 stasioner lnex -11,09896 -3,498692 stasioner al-iqtishad: vol. v, no. 2, juli 2013 283 sbis saja yang terbebas dari unit root sedangkan variabel lainnya mempunyai unot root. hal ini ditunjukkan oleh nilai adf statistik yang lebih besar dari nilai kritis mac kinnon dengan tingkat signifikansi 5% (tabel 1). dapat dikatakan bahwa pada tingkat level hanya variabel sbis yang stasioner. oleh karenanya, pengujian unit root dilakukan pada tingkat first difference. hasil dari pengujian menunjukkan bahwa semua variabel terbebas dari unit root, artinya bahwa semua data telah stasioner pada ordo yang sama di tingkat first difference (tabel 2). tabel 1: hasil uji adf test pada tingkat level variabel level keterangan adf value nilai kritis 5% lnpdb -0,765016 -2,917650 tidak stasioner lnpem -0,097496 -2,918778 tidak stasioner lnsbis -4,403722 -2,919952 stasioner lnex -1,151299 -2,918778 tidak stasioner sumber: eviews 6.0 (data diolah) tabel 2: hasil uji adf test pada tingkat first difference sumber: eviews 6.0 (data diolah) selanjutnya pengujian terhadap ada tidaknya kointegrasi diantara variabelvariabel, hasil estimasi menunjukkan bahwa nilai t-statistik adf lebih besar dari nilai kritis 5% maka residual dari persamaan telah stasioner pada derajat integrasi nol atau i(0), sehingga variabel-variabel tersebut dapat dikatakan terkointegrasi atau terdapat indikasi hubungan jangka panjang (tabel 3). tabel 3: hasil uji kointegrasi t-statistic prob.* variabel first difference keterangan adf value nilai kritis 5% lnpdb -6,741007 -3,498692 stasioner lnpem -10,64438 -3,498692 stasioner lnsbis -5,619492 -3,498692 stasioner lnex -11,09896 -3,498692 stasioner augmented dickey-fuller test statistic -4.333270 0.0000 test critical values: 1% level -2.609324 5% level -1.947119 10% level -1.612867 sumber: eviews 6.0 adanya indikasi hubungan keseimbangan dalam jangka panjang belum dapat digunakan sebagai bukti bahwa terdapat hubungan jangka pendek. sehingga untuk mengetahui itu harus diuji error correction model (ecm). ecm merupakan salah satu pendekatan untuk menganalisis model time series yang digunakan untuk melihat konsistensi antara hubungan jangka pendek dengan hubungan jangka panjang dari variabel-variabel yang diuji. untuk menyatakan apakah model yang digunakan benar atau tidak maka koefisien error correction term (ect) harus signifikan. hasil pengolahan data yang dilakukan dengan menggunakan program komputer eviews 6.0, dengan model regresi linier ecm ditampilkan sebagai berikut: tabel 4 : hasil uji ecm dependent variable: d(lnpdb) method: least squares date: 04/19/12 time: 21:30 sample (adjusted): 2007m02 2011m06 included observations: 53 after adjustments variable coefficient std. error t-statistic prob. c 6.685072 1.951061 3.426378 0.0013 d(lnpem) 0.062868 0.033225 1.892174 0.0649 d(lnsbis) -0.014490 0.003552 -4.079470 0.0002 d(lnex) 0.004867 0.015234 0.319478 0.7508 lnpem(-1) -0.333613 0.098763 -3.377903 0.0015 lnsbis(-1) -0.414102 0.121811 -3.399530 0.0014 lnex(-1) -0.417637 0.121723 -3.431053 0.0013 ect 0.409174 0.120190 3.404387 0.0014 r-squared 0.395242 mean dependent var 0.004824 adjusted r-squared 0.301169 s.d. dependent var 0.011010 s.e. of regression 0.009204 akaike info criterion -6.400066 sum squared resid 0.003812 schwarz criterion -6.102663 log likelihood 177.6017 hannan-quinn criter. -6.285699 wulan asnuri: pengaruh instrumen moneter syariah 284 f-statistic 4.201424 durbin-watson stat 2.204713 prob(f-statistic) 0.001227 sumber: eviews 6.0 berdasarkan tabel di atas, maka model hasil regresi ecm dalam jangka pendek dan panjang adalah sebagai berikut: lnpdbt=6,685072+0,062868*dlnpemt -0,014490*dlnsbist –0,004867*dlnext – 0,333613*lnpemt-1 – 0,414102*lnsbist-1 – 0,417637*lnext-1 + 0,409174*ect interpretasi terkait model ecm di atas, bahwa model spesifikasi yang digunakan dalam penelitian telah sahih (valid). ini dapat dilihaat dari koefisien ect yang bernilai positif dan nilainya berada diantara 0 dan 1 yaitu 0,409174 serta nilai probabilitasnya yang lebih kecil dari 0,05 yaitu 0,0014. lebih lanjut, nilai adjusted r2 yang ditemukan dalam hasil uji ecm di atas adalah sebesar 0,301169. ini berarti bahwa 30% variabel pertumbuhan ekonomi dapat dijelaskan oleh variasi variabel bebasnya, sedangkan sisanya 70% dijelaskan oleh variasi variabel lain di luar model yang tidak diikutsertakan dalam penelitian ini. intepretasi dari hasil estimasi jangka pendek model ecm adalah sebagai berikut: pertama, hasil perhitungan menunjukkan bahwa koefisien regresi variabel total pembiayaan bank syariah dalam jangka pendek (dlnpem) tidak berpengaruh secara signifikan terhadap pertumbuhan ekonomi. pada tabel 4.10 dapat dilihat tingkat probabilitasnya yaitu sebesar 0.0649, yang lebih besar dibandingkan dengan tingkat signifikansi 5% dan nilai koefisien sebesar 0,062868. sehingga dapat disimpulkan bahwa berapapun kenaikan jumlah total pembiayaan bank syariah tidak akan berpengaruh apa-apa dalam jangka pendek terhadap pertumbuhan ekonomi di indonesia. kedua, d(lnsbis) menunjukkan nilai probabilitas sebesar 0,0002. artinya, variabel sbis berpengaruh signifikan terhadap pertumbuhan ekonomi dalam jangka pendek dengan tingkat signifikansi 5% sedangkan koefisiennya sebesar 0,014490. dapat disimpulkan bahwa jika sbis naik sebesar 1 persen maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,014490 persen. hal ini sesuai dengan penelitian yang dilakukan oleh yunie fitriani (2011)yang menyatakan bahwa dalam jangka pendek sbis berpengaruh negatif terhadap pertumbuhan ekonomi. kedua, hasil perhitungan menunjukkan bahwa variabel ekspor dalam jangka pendek (dlnex) tidak berpengaruh secara signifikan terhadap pertumbuhan ekonomi. hal ini dapat dilihat dari tabel 4.10 yang menunjukkan tingkat al-iqtishad: vol. v, no. 2, juli 2013 285 probabilitasnya sebesar 0.7508 yang lebih besar bila dibandingkan dengan tingkat signifikansi 5% dan nilai koefisien sebesar 0,004867. artinya, berapapun kenaikan jumlah ekspor yang terjadi tidak akan berpengaruh terhadap pertumbuhan ekonomi dalam jangka pendek. intepretasi dari hasil estimasi jangka pendek model ecm adalah sebagai berikut: pertama, dalam jangka panjang variabel total pembiayaan bank syariah (lnpem (-1)) berpengaruh secara signifikan terhadap pertumbuhan ekonomi. pada tabel 4.10 dapat dilihat tingkat probabilitasnya sebesar 0.0015 dengan koefisien jangka panjangnya sebesar -0,333613 yang berarti jika total pembiayaan bank syariah naik sebesar 1 persen, maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,33613 persen. kedua, dalam jangka panjang variabel sbis (lnsbis (-1)) berpengaruh secara signifikan terhadap pertumbuhan ekonomi. pada tabel 4.10 menunjukkan tingkat probabilitas sebesar 0,0014 lebih kecil dari tingkat signifikansi 5% dan nilai koefisiennya sebesar -0,414102. artinya, jika sbis naik sebesar 1% maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,414102 persen. ketiga, dalam jangka panjang variabel ekspor (lnex (-1)) berpengaruh negatif secara signifikan terhadap pertumbuhan ekonomi. tabel 4.10 menunjukkan tingkat probabilitas ekspor sebesar 0,0013 yang lebih kecil dari tingkat signifikansi 5% dan nilai koefisiennya sebesar -0,417637. artinya, ketika terjadi kenaikan volume ekspor 1 persen maka pertumbuhan ekonomi akan mengalami penurunan sebesar 0,417637 persen. telah dipaparkan sebelumnya bahwa pembiayaan bank syariah dalam jangka pendek tidak berpengaruh signifikan terhadap pertumbuhan ekonomi sedangkan dalam jangka panjang berpengaruh negatif terhadap pertumbuhan ekonomi. hal ini bertentangan dengan yang seharusnya, karena pada dasarnya pembiayaan yang dilakukan oleh bank syariah langsung ke sektor riil. namun, faktanya saat ini market share perbankan syariah masih sangat kecil, yaitu 3,2 % belum bisa bersaing dengan bank konvensional yang telah berdiri lebih lama dari bank syariah. selain itu, masih mendominasinya produk murâbahah di bank syariah daripada produk kerja sama, mudhârabah dan musyârakah. per desember 2011, porsi pembiayaan murâbahah dalam penyaluran pembiayaan bank syariah sebesar 54,06%, sedangkan mudhârabah dan musyârakah sebesar 29,31%. inilah yang menyebabkan pembiayaan bank syariah dalam jangka panjang berpengaruh negatif. tingginya pembiayaan murabahah akan membuat masyarakat lebih konsumtif. lain halnya dengan pembiayaan mudahrabah dan musyârakah yang menunjukkan adanya aktivitas usaha yang dilakukan, sehingga mewulan asnuri: pengaruh instrumen moneter syariah 286 ningkatkan produktivitas masyarakat yang akhirnya akan menaikkan pendapatan masyarakat. ketika pendapatan masyarakat naik dan stabil akan meningkatkan tingkat konsumsi masyarakat dan mendorong pertumbuhan industri dalam menciptakan barang dan jasa. hal ini berlangsung secara berkelanjutan, karena masyarakat mempunyai aktivitas usaha dari pembiayaan mudhârabah dan musyârakah yang akhirnya akan menaikkan pendapatan nasional dan pertumbuhan ekonomi. hal ini sesuai dengan penelitian yang dilakukan oleh mawaddah (2011) yang menyatakan bahwa pembiayaan mudhârabah berpengaruh positif terhadap pertumbuhan ekonomi dalam jangka panjang. selain itu, hal lain yang perlu diperhatikan juga oleh perbankan syariah bahwa dari hasil regresi ecm diketahui bahwa sbis memberikan pengaruh negatif terhadap pertumbuhan ekonomi baik dalam jangka pendek maupun jangka panjang. dampak negatif ini mencerminkan karakteristik sbis yang menyerap dana perbankan sehingga tidak tersalurkan ke sektor riil. keberadaan instrumen ini hendaknya disikapi dengan bijak oleh perbankan syariah, agar dana-dana yang disimpan pada instrumen ini tidak terlalu banyak dan lebih memilih untuk menyalurkannya pada pembiayaan yang memberikan efek ganda baik terhadap masyarakat secara langsung maupun terhadap perekonomian secara umum. dari hasil regresi ecm menunjukkan bahwa dalam jangka pendek ekspor tidak berpengaruh terhadap pertumbuhan ekonomi, sedangkan dalam jangka panjang ekspor memberikan pengaruh negatif terhadap pertumbuhan ekonomi. hal ini bertentangan dengan teori-teori yang dikemukakan sebelumnya oleh para ahli ekonomi yang menyatakan bahwa dengan perdagangan luar negeri atau kegiatan ekspor akan meningkatkan pendapatan nasional yang secara tidak langsung akan meningkatkan pertumbuhan ekonomi. penyebab dari negatifnya pengaruh yang diberikan kegiatan ekspor terhadap pertumbuhan ekonomi adalah bahwa saat ini indonesia lebih banyak melakukan ekspor dengan kondisi barang yang diekspor adalah barang mentah, bukan barang setengah jadi atau bahkan barang jadi. ketika barang yang diekspor adalah barang mentah maka pendapatan yang dihasilkan jauh lebih sedikit jika barang yang diekspor merupakan barang setengah jadi yang telah diberikan nilai tambah (value added) terhadap barang tersebut. data laporan perekonomian indonesia tahun 2010 menyebutkan bahwa volume ekspor non migas tertinggi terjadi pada komoditas pertambangan, sekitar 30%, sementara komoditas industri dan pertanian, tumbuh lebih rendah, masingmasing 2% dan 13,6%. secara komoditas, pertumbuhan ekspor pertambangan al-iqtishad: vol. v, no. 2, juli 2013 287 ningkatkan produktivitas masyarakat yang akhirnya akan menaikkan pendapatan masyarakat. ketika pendapatan masyarakat naik dan stabil akan meningkatkan tingkat konsumsi masyarakat dan mendorong pertumbuhan industri dalam menciptakan barang dan jasa. hal ini berlangsung secara berkelanjutan, karena masyarakat mempunyai aktivitas usaha dari pembiayaan mudhârabah dan musyârakah yang akhirnya akan menaikkan pendapatan nasional dan pertumbuhan ekonomi. hal ini sesuai dengan penelitian yang dilakukan oleh mawaddah (2011) yang menyatakan bahwa pembiayaan mudhârabah berpengaruh positif terhadap pertumbuhan ekonomi dalam jangka panjang. selain itu, hal lain yang perlu diperhatikan juga oleh perbankan syariah bahwa dari hasil regresi ecm diketahui bahwa sbis memberikan pengaruh negatif terhadap pertumbuhan ekonomi baik dalam jangka pendek maupun jangka panjang. dampak negatif ini mencerminkan karakteristik sbis yang menyerap dana perbankan sehingga tidak tersalurkan ke sektor riil. keberadaan instrumen ini hendaknya disikapi dengan bijak oleh perbankan syariah, agar dana-dana yang disimpan pada instrumen ini tidak terlalu banyak dan lebih memilih untuk menyalurkannya pada pembiayaan yang memberikan efek ganda baik terhadap masyarakat secara langsung maupun terhadap perekonomian secara umum. dari hasil regresi ecm menunjukkan bahwa dalam jangka pendek ekspor tidak berpengaruh terhadap pertumbuhan ekonomi, sedangkan dalam jangka panjang ekspor memberikan pengaruh negatif terhadap pertumbuhan ekonomi. hal ini bertentangan dengan teori-teori yang dikemukakan sebelumnya oleh para ahli ekonomi yang menyatakan bahwa dengan perdagangan luar negeri atau kegiatan ekspor akan meningkatkan pendapatan nasional yang secara tidak langsung akan meningkatkan pertumbuhan ekonomi. penyebab dari negatifnya pengaruh yang diberikan kegiatan ekspor terhadap pertumbuhan ekonomi adalah bahwa saat ini indonesia lebih banyak melakukan ekspor dengan kondisi barang yang diekspor adalah barang mentah, bukan barang setengah jadi atau bahkan barang jadi. ketika barang yang diekspor adalah barang mentah maka pendapatan yang dihasilkan jauh lebih sedikit jika barang yang diekspor merupakan barang setengah jadi yang telah diberikan nilai tambah (value added) terhadap barang tersebut. data laporan perekonomian indonesia tahun 2010 menyebutkan bahwa volume ekspor non migas tertinggi terjadi pada komoditas pertambangan, sekitar 30%, sementara komoditas industri dan pertanian, tumbuh lebih rendah, masingmasing 2% dan 13,6%. secara komoditas, pertumbuhan ekspor pertambangan terutama terjadi pada nikel, aluminium dan batubara. inilah yang menyebabkan pengaruh ekspor indonesia berpengaruh negatif. ekspor barang lebih banyak terjadi adalah komoditas ekspor yang berbasis sumber daya alam (sda) bukan pada komoditas yang berbasis olahan baik industri ataupun manufaktur. hal ini menjadi lebih ironi ketika barang mentah yang telah diekspor ke luar negeri, oleh negara lain akan diproduksi dan dihasilkan barang jadi yang nantinya akan diimpor oleh industri usaha dalam negeri dengan harga yang jauh lebih mahal dan selisih jumlah yang dikeluarkan lebih banyak dibandingkan pendapatan yang diterima dari hasil ekspor barang mentah. penutup dari hasil penelitian mengenai faktor-faktor yang memengaruhi pertumbuhan ekonomi di indonesia, maka dapat ditarik kesimpulan bahwa dalam jangka pendek, total pembiayaan bank syariah dan kontribusi ekspor tidak memengaruhi secara signifikan terhadap pertumbuhan ekonomi, sementara sertifikat bank indonesia syariah (sbis) berpengaruh negatif secara signifikan terhadap pertumbuhan ekonomi pada periode 2007-2011. sedangkan dalam jangka panjang ketiga variabel independent (total pembiayaan bank syariah,sbis, dan kontribusi ekspor) berpengaruh negatif secara signifikan terhadap pertumbuhan ekonomi pada periode 2007-2011. [] pustaka acuan ‘ayuniyya, qurroh dkk, ‚pengaruh instrumen moneter dan konvensional‛, dalam jurnal iqtishodia, institut pertanian bogor, 2010. asnawi, ‚pengeluaran pembangunan, penanaman modal, ekspor dan pertumbuhan ekonomi di provinsi aceh‛, aceh development international conference (adic), 2011. beik, irfan syauqi, ‚karakter keuangan syariah‛, dalam tsaqofi jurnal iqtishodia, institut pertanian bogor, 2010. boediono, teori pertumbuhan ekonomi: seri sinopsis pengantar ilmu ekonomi no. 4, yogyakarta: bpfe, 1993. chouwdury, mausudul alam, money in islam, london: routledge,1997. insukindro, ekonomi uang dan bank, yogyakarta: bpfe ugm, 1993. karim, adiwarman a., ekonomi islam suatu kajian ekonomi makro, jakarta: the international institute of islamic thought indonesia, 2002. murni, asfia, ekonomika makro, bandung: pt. refika aditama, 2006. wulan asnuri: pengaruh instrumen moneter syariah 288 nachrowi, nachrowi d dan hardius usman, penggunaan teknik ekonometri, jakarta: pt. raja grafindo persada, 2006. titman dan warga, ‚stoct return as predictors of interest rates and inflation‛, dalam journal of financial and quanittive analysis, vol. 24, 1989. khamami zada abstract. the aceh government implements an exclusive zone for the application of islamic economics through qanun no. 11/2018 concerning islamic financial institutions (lks) in aceh which are considered to marginalize non-sharia financial institutions. this paper aims to discuss sharia policies in aceh on the issue of lks in aceh. data was collected through interviews with the heads of the islamic sharia service, academics, and ngo activists, then analyzed using a public policy approach. the results of the study found that economic policies in the field of lks in aceh are exclusive, which is different from the welfare goals of the acehnese people, which are inclusive. after the issuance of the lks qanun, only lks was allowed to operate in aceh, while non-sharia financial institutions were prohibited from operating in aceh. this policy has implications for people's difficulties in accessing inclusive finance, which can have an impact on the welfare of the people of aceh. keywords: exclucivity; sharia economy; publik policy; aceh abstrak. pemerintah aceh menerapkan zona eklusif penerapan ekonomi syariah melaui qanun no. 11/2018 tentang lembaga keuangan syariah (lks) di aceh yang dinilai meminggirkan lembaga keuangan non-syariah. tulisan ini bertujuan untuk membahas kebijakan syariah di aceh dalam isu lks di aceh. data dikumpulkan melalui wawancara kepada pimpinan dinas syariat islam, akademisi, dan aktivis ngo, kemudian dianalisis menggunakan pendekatan kebijakan publik. hasil penelitian menemukan bahwa kebijakan ekonomi dalam bidang lks di aceh bersifat eklusif yang berbeda dengan tujuan kesejahteraan masyarakat aceh yang bersifat iklusif. pasca terbitnya qanun lks, hanya lks yang dibolehkan beroperasi di aceh, sedangkan lembaga keuangan nonsyariah dilarang beroperasi di aceh. kebijakan ini berimplikasi pada kesulitan masyarakat dalam mengakses keuangan yang inklusif, yang dapat berdampak pada kesejahteraan masyarakat aceh. kata kunci: eksluvitas; ekonomi syariah; kebijakan publik; aceh sharia economy and politics in aceh: from exclusive to inclusive policy al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 59 74 universitas islam negeri syarif hidayatullah jakarta e-mail: khamamizada@gmail.com author: khamami zada received: 20 april 2023 accepted: 20 june 2023 published: 31 june 2023 60 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction as a muslim country, the islamic economy in indonesia has experienced significant development (batorshyna et al., 2021; bearman, 2016; nopriansyah, 2019). initially, the islamic economy was regulated in law no. 7 of 1992 which allows banking with a profit-sharing system. in the next stage, law no. 10 of 1998 explicitly stipulates that banks can operate based on sharia principles. this law explicitly explains that there are two systems of banking in indonesia, namely the conventional banking system and the islamic banking system. the islamic economy than developed rapidly to expand its scope, such as the islamic capital market, islamic insurance, zakat, endowments, and the halal industry. the settlement of sharia economic law disputes became even clearer after the passing of law no. 3 of 2006 concerning amendments to law no. 7 of 1989 concerning the religious courts (uupa). uu no. 3 of 2006 has expanded the authority of pa, which was originally only authorized to resolve disputes in the areas of marriage, inheritance, wills, grants, endowments, and sadaqah. pa is then authorized to handle requests for dispute resolution in zakat, infaq, as well as property rights and other civil disputes between fellow muslims, and sharia economics. after that, the compilation of sharia economic law (khes) was published in supreme court regulation (perma) no. 2 of 2008 based on law. no. 3 of 2006. sharia economic arrangements in a number of these laws have implications for the development of the national economy (mukharom et al., 2020; ridwan & zain, 2021). this development continues to increase in line with increasing public awareness about islamic finance and the existence of government support in encouraging the growth of islamic banking. in addition, product innovation and sharia banking services are also growing to meet the needs of the community. in recent years, islamic banking in indonesia has also begun to expand overseas, such as to malaysia, the middle east, and africa. this shows the vast global market potential for islamic financial products and services made in indonesia. islamic economics then becomes more competitive in national economic practices. the widespread development of the sharia economy at the national level also has implications for the existence of the sharia economy in aceh after the specialization of aceh. three packages of laws such as law no. 44 of 1999 concerning the implementation of aceh privileges, law no. 18 of 2001 concerning special autonomy for the special region of aceh, and law no. 11 of 2006 concerning the governance of aceh become juridical legitimacy for implementing the sharia economy in aceh. based on this law, the development of the sharia economy is accommodated in several regional regulations/qanuns in qanun no. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 khamami zada. sharia economy and politics in aceh 61 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 7 of 2004 concerning management of zakat, qanun no. 10 of 2007 concerning baitul mal, qanun no. 8 of 2016 concerning the halal product guarantee system, and qanun no. 11 of 2018 concerning islamic financial institutions. sharia economic arrangements in aceh are part of the traditions of the acehnese people. mawah is an economic practice that is very popular in acehnese society which is based on the principle of profit sharing between the capital owner and the manager. mawah is a mechanism in which an asset owner hands over the right to manage the asset to another person with an agreed outcome. the mawah system is widely practiced in agriculture (rice fields, fields, etc.) and animal husbandry (cows, goats, poultry, etc.) where the results are distributed depending on the agreement between the two parties. the agreed profit sharing depends on management costs, either directly or indirectly. in general, it can be seen that the practice of mawah is more similar to the practice of mudharabah which is commonly practiced in the islamic economic system. in the practice of mudharabah, someone who has capital, for example, agricultural capital in the form of land, will give it to someone else to work on and the results will be shared. if the mawah is given the rice fields, while the seeds for the contents of the fields are from the farmers, usually when harvesting the results will be divided into three parts, with details of one part for the owner of the field and two parts for sharecroppers. meanwhile, if the owner of the rice field bears the rice seeds planted, then the profit-sharing set is 50% for the owner and 50% for the farmer (ibrahim, 2012). as a region that is given the freedom to practice islamic law, the sharia economy in aceh is given exclusivity. the economic practices that have so far developed in aceh are inclusive in that all economic entities can operate. the situation changed when qanun no. 11 of 2018 concerning islamic financial institutions. this qanun places islamic financial institutions given exclusivity as a single entity that implements islamic economics in the fields of banking, insurance, pawnshops, fiduciaries, to cooperatives. this qanun states that every financial institution in aceh must carry out its operational activities by sharia rules (rahmawati & putriana, 2020). the consequence of this regulation is that every financial institution must convert to become an islamic financial institution or it will no longer be able to operate in aceh as a result of not being willing to convert to the sharia system. the ongoing roadmap for the implementation of islamic sharia in aceh has made islamic sharia its comprehensive nature. the fields of faith, worship, symbols of islam, and islamic punishment have been implemented. with the ratification of qanun no. 11 of 2018 concerning islamic financial institutions, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 62 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 the application of islamic economics is more complete after qanun no. 7 of 2004 concerning the management of zakat, qanun no. 10 of 2007 concerning baitul mal. the application of sharia economics in aceh is a political policy directed at the exclusivity of shariatization in the field of economic law. in contrast to qanuns in the fields of faith, worship, islamic syiar, and islamic crime, islamic financial institution qanuns are exclusive, and do not tolerate the practices of other nonsharia financial institutions. literature review aceh is an area that has attracted the interest of researchers, especially in three important areas, namely religion, politics, and law. this is due to the uniqueness of acehnese muslims based on their historical experience during the islamic empire in implementing islamic law and their resistance to colonialism. it is not surprising that many scholars study aceh based on its religious identity, which is related to its religious ideology embodied in sharia law. even so, many aceh studies are out of the main aceh studies. the study of islamic law in aceh in the political context is generally carried out on the issue of conflict. several scholars, such as ichwan (2007), aspinall (2007), and kersten (2018) have conducted studies in aceh on conflict issues. they found that the recognition of islamic law in aceh was part of the solution to the political conflict so that aceh would not separate from the republic of indonesia (ichwan, 2007). namely, the conflict between the people of aceh and the central government was resolved by granting aceh authority in implementing islamic law. in addition, aceh studies are also directed at the relationship of islamic law in aceh with power politics. buehler (2008) and miller (2004) for example found that the policy of implementing islamic law in aceh was a means of political consolidation to win political contestation (buehler, 2008; miller, 2004). the study of islamic law in aceh was not dominated by issues of conflict and politics. several scholars such as feener (2004), zada et al., (2022), and afrianty (2015) developed a study of islamic law in aceh society. feer (2004) for example found that islamic law in aceh is a social engineering tool (feener, 2013) so that the people of aceh make islamic law a part of their lives. however, in another study, the application of islamic law in aceh had an impact on women and young people. afrianty (2015), for example, found that acehnese women could play a role in the process of democratization and islamization in aceh through the formation of women-based civil society organizations (afrianty, 2015). young children in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 khamami zada. sharia economy and politics in aceh 63 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 the study of zada et. al (2022) also have a dynamic agency to negotiate with the implementation of islamic law so that they can display their lifestyle in public spaces without conflicting with islamic law (zada, 2022). specifically on the issue of islamic economics in aceh, many studies related to islamic financial institutions have been carried out. generally, studies of islamic financial institutions in aceh are focused on the issue of islamization of the financial system, as was done by safitri et. al (2021). this generic study confirms that islamic financial institutions are a state policy in islamizing the financial system as a counterpoint to the conventional economic system based on capitalism (amanatillah, 2022; safitri et al., 2021). other studies show the important role of islamic financial institutions in aceh. budiman (2021) shows the role of islamic financial institutions in maintaining national economic stability (budiman, 2021). islamic financial institutions in zulfahmi's study (2021) have succeeded in helping the people's economy (msmes) to create a just and prosperous acehnese economy under the auspices of islamic sharia (zulfahmi, 2021). studies on islamic financial institutions in aceh generally discuss the optimism of the role of islamic financial institutions in economic stability, especially in the people's economy. however, critical studies on the policies of islamic financial institutions in aceh do not lead to an inclusive economic paradigm that can be accessed by all people regardless of ethnicity and religion. lestari et. al (2021) and fahmi (2023), for example, criticize the policies of islamic financial institutions in aceh that are exclusive (lestari et al., 2021), monopoly and tend to be unfair (fahmi, 2023), because it only places islamic financial institutions operating in aceh. as a result, the lks qanun forced several conventional banks in aceh to convert into islamic banks (rahmawati & putriana, 2020). this study focused on political policy, the level of aspirations of the people of aceh has strengthened after the enactment of the aceh privileges law (1999), the aceh special autonomy law (2001), and the aceh government law (2006). after that, support from community groups for sharia financial institutions was also strong, especially for sharia economic actors. this exclusive and monopolistic policy is paradoxical to inclusively enforce the lks qanun which is meant to move the acehnese people's economy. the conflict between the exclusive policy of implementing islamic financial institutions with the main goal of inclusive welfare for the people of aceh is an important part of this study. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 64 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 methods this research is field research with a political approach, namely describing islamic law as public policy. with this approach, this study describes the formation of islamic sharia policies based on the aspirations and support of the community in collaboration with the government. this research was carried out in banda aceh city as the center for aceh's policy formation in the implementation of islamic law. the primary data source for this research is the results of interviews with officials of the islamic sharia office, academics, ngo activists, and the community. secondary data is taken from statutory documents, such as law number 44 of 1999 concerning the administration of aceh's privileges, law number 18 of 2001 concerning special autonomy for nad, law number 11 of 2006 concerning the government of aceh 2005, aceh qanun number 8 of 2014 concerning principles of islamic sharia, and qanun no. 11 of 2018 concerning islamic financial institutions. primary data were obtained using in-depth interviews (dept interviews) and focused group discussions (fgd). secondary data was obtained by documentation techniques on statutory documents. this research data is then analyzed within the framework of political analysis, which describes sharia economic policies in aceh, especially islamic financial institutions. results and discussion regulating sharia economy in aceh aceh is an area that is given specificity in implementing islamic law. the legal basis is the aceh privileges law (1999), the aceh special autonomy law (2001), and the aceh government law (2006). these three packages of laws authorize the government of aceh together with the aceh people's legislative assembly to ratify sharia economic qanuns, such as the qanun on zakat management (2004), the bait mal qanun (2007), and the sharia financial institution qanun (2018). the lks qanun is a qanun that is very clearly central to the movement of the sharia economy in aceh, even though the zakat management qanun (2004) and the baitul mal qanun (2007) were previously enacted. this qanun came into force on 4 january 2019 and all financial institutions operating in aceh are required to implement the provisions of this lks qanun no later than 3 (three) years after the lks qanun came into effect. the lks qanun is an elaboration of article 21 of aceh qanun number 8 of 2014 concerning the principles of islamic sharia. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 khamami zada. sharia economy and politics in aceh 65 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 nazar, a lecturer at the faculty, said: establishing the lks qanun is a mandate from the aceh government law. then it was revealed again in the qanun principles of islamic shari'a. one of the articles is that financial institutions operating in aceh are based on sharia principles. then it was just revealed in the qanun of islamic financial institutions. so, from a juridical point of view, the lks qanun has a fairly strong hierarchy (interview with nazar, baitul mal aceh advisory board, 7 july 2022). the policy of implementing the sharia economy in aceh has two sides at once, namely an inclusive and exclusive sharia economy. an inclusive sharia economy is contained in the lks qanun which emphasizes that lks is expected to become a driver and driver of aceh's economic growth, encourage an increase in aceh's original income, increase access to funding and business for the community, help increase economic empowerment and community productivity, and help increase income and welfare. community (article 5, points b, e, f, g, and h). idi karim makinara, the inclusiveness of the islamic economy lies in the principles of justice and equity (interview with idi karim makinara, fsh lecturer at uin ar-raniry, 3 july 2022) so that there is no more poverty as formulated in the fgd below: what we have achieved is to reverse the existing trend. we do not accuse conventional financial institutions of making aceh poor, aceh in the last four or five years, it has been the last three or four years that it has been placed at the bottom or number two for the poorest sumatra. even though people come here, they don't see the poverty in aceh. however, we must admit that the potential for poverty exists. to reverse this trend, we are trying this qanun lks (focus group discussion, 4 juli 2022). as part of the sharia economy, sharia financial institutions in aceh are not only oriented towards sharia, such as realizing an islamic aceh economy, collecting and/or providing funding support, and carrying out the functions of financial institutions based on sharia principles and carrying out other social functions including utilizing religious assets for benefit. people based on sharia principles (article 5 points a, c, and d). this shows that the orientation of islamic financial institutions in aceh is inclusive and exclusive. however, operationally the sharia economy implemented in the qanun lks in aceh leads to exclusivity. very clearly, the lks qanun emphasizes that http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 66 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 all financial institutions operating in aceh must be based on sharia principles (article 2). other than islamic financial institutions are not permitted to operate (interview with idi karim makinara, fsh lecturer at uin ar-raniry, 3 july 2022). before the enactment of the lks qanun, conventional financial institutions were operating in aceh because of an emergency, there was no alternative. when there is an alternative, namely islamic financial institutions, it is no longer permissible to transact with conventional financial institutions. this is the argument (focus group discussion, 4 juli 2022). the implication is that only sharia financial institutions are allowed to operate in aceh, and conversely, non-sharia financial institutions are prohibited from operating in aceh. this policy does not provide opportunities for conventional financial institutions to operate in aceh. this is different from the national economic system which adheres to a dual system, namely conventional economics and sharia economics. people are given the freedom to choose to use conventional economics or sharia economics. in particular, the dual banking system has come into effect in indonesia since the amendment of law no. 7 of 1992 concerning banking became law no. 10 of 1998. one of the contents of the amendment to the law stated explicitly that banks may operate based on sharia principles. the banking law also allows conventional banks to operate on sharia principles by opening islamic windows or syrian business units (uus) (rahmawati & putriana, 2020). in aceh, the economic system that is implemented adheres to a single system, namely only islamic financial institutions operating in aceh. this means that the economic system operates differently. initially, the national economic system was carried out in a conventional system, but the policy changed by incorporating islamic economics into the national economic system. the islamic economy is recognized by the state as a national economic system. however, in aceh the economic system has reversed direction, becoming a single system in which the conventional economic system is not recognized by aceh's policies. national economic inclusiveness allows the conventional economic system and the islamic economic system to change in aceh by only allowing islamic financial institutions to operate in aceh. after the ratification of the lks qanun, there was a change in financial institutions in aceh, although state-owned sharia banks were not affected by this policy. privately owned banks are the ones affected by this policy. non-sharia private banks have chosen not to operate in aceh. conventional banks then left aceh in mid-2021. banks bni, mandiri, bri, bca, btn, and other conventional banks said goodbye after aceh imposed the lks qanun. meanwhile, islamic banks http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 khamami zada. sharia economy and politics in aceh 67 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 such as bni syariah, bri syariah, bca syariah, mandiri syariah, and others are still operating in aceh (interview with nazar, baitul mal aceh advisory board, 7 july 2022). several banks do the conversion. bank aceh changed to bank aceh syariah. bank danamon then converted into bank danamon syariah. all branch offices of bank aceh and bank danamon provide sharia product services to meet the financial needs of the people of aceh. the conversion of conventional banks to islamic banks is proof of banking compliance with the lks qanun which requires all financial institutions to switch to islamic financial institutions. apart from financial institutions, the people of aceh are also required to transfer financial transactions to sharia banks. if you still insist on using conventional banks, transactions and administration will be carried out in north sumatra. this policy certainly makes it difficult for the people of aceh who have used financial transactions through conventional banks. one of the non-governmental organization activists, bukhori, regretted that only sharia financial institutions were operating, causing the community to experience difficulties. he said: “yes, it has a direct effect on us. if only one conventional bank were opened, maybe the tellers would be safe. yes, people who want to choose can do that. why aren't they given the freedom to choose, (interview with bukhori, serambi journalist, 5 july 2022). nazar, the uin ar-raniry academy also feels the community's difficulties after the lks qanun was enacted. he said: "even though there are still many shortcomings, yesterday at the conversion of the aceh bank, then the merger of three banks to become bsi, there are complaints from the public. yes, it's just a coincidence, actually after the lks qanun came into force." although there are deficiencies, nazar believes there will be improvements. “so we improve little by little. that it has not been fully completed has not been fully successful, yes there are still many shortcomings. so, in my opinion, not all of them have problems in the context of islamic banking in aceh because of the lks qanun. that we are not perfect in fulfilling customer needs, that's true. we can't afford everything, that's right. because the comparison is not on the same level if we compare it with conventional banks.” (interview with nazar, baitul mal aceh advisory board, 7 july 2022). in the fgd with the islamic sharia office, it was also acknowledged that initially, the conversion to an islamic bank experienced difficulties. “so at first, there was a bit of a stir in aceh because of this issue. it's a process. all processes let alone the process of converting a system, definitely http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 68 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 takes time. this is something that people don't realize. conversion is still a sacrifice. so at that time, atms were jammed everywhere, because there were conventional atm withdrawals, you had to enter a new atm. there is also internal system migration, which takes time, then customer conversions, and so on. there was an employee layoff because there was an employee who didn't understand sharia, he chose to just move to medan, didn't want to be converted, and didn't want to join maybe. lots of problems. but it decomposed one by one until now there is no more. now we rarely hear of any problems; accounts that can not be sent and so on. so that means showing that indeed with patience, everything is done”. (focus group discussion, 4 juli 2022). the current challenge for conventional banks is that all conventional products, assets, and businesses must be transferred to sharia and convince customers that they are ready to convert to sharia. the other challenge is how to move third-party funds from conventional banks to islamic banks where conventional banks have more funds than islamic banks. conversion also has an impact on the contractual relationship that occurs between the bank and the depositor customer. the juridical consequence of converting a conventional commercial bank into an islamic commercial bank is that the bank must include the word "syariah". furthermore, the bank concerned must settle the rights and obligations of the previous conventional bank customers. the conversion also brings changes to the rights and obligations of the bank and depositor customers, including termination and changes to the contractual relationship between the bank and the customer. termination of a contractual relationship occurs if the customer chooses not to become a customer of a converted islamic bank or a customer at a branch office or other sub-branch office of the same conventional bank (rahmawati & putriana, 2020). if the customer chooses to remain a customer of the same conventional bank at another branch office or sub-branch office, then there is only a transfer of the customer's rights and obligations. if the depositor customer chooses to become a customer of a converted islamic bank, there will be a change in the contractual relationship which includes the type of agreement, the legal basis of the agreement, the philosophical basis, the scope or substance regulated, the legal terms of the agreement, the subject of the agreement and the type of agreement. bank conversions also bring about changes in public fundraising products such as savings, time deposits, and demand deposits used by depositors (rahmawati & putriana, 2020). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 khamami zada. sharia economy and politics in aceh 69 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 islamic economics in public policy: caring for religious identity the exclusivity of the sharia economy in aceh is a public policy that was born from political decisions to overcome various problems and issues that developed in society (john, 2013; knill et al., 2020; pülzl & treib, 2017; smith & larimer, 2018). as is generally known, the people of aceh aspire to implement islamic law holistically. in the economic field, the legal policy is oriented towards the obligation of the public and financial institutions to transact in the islamic financial system. these public policies are political works that are heavily influenced, in their formulation and implementation, by the wishes of the people. people's aspirations become an important part of public policy, especially when the state sees public problems that must be addressed (finnemore & jurkovich, 2020; marchant, 2003; salet, 2018). the enthusiasm of the acehnese people to apply sharia is not only in the field of islamic crime as stated in qanun number 6 of 2014 concerning jinayat law. the society also wants sharia economic law, which began with the lks qanun (interview with nazar, baitul mal aceh advisory board, 7 july 2022). in practice, the aspirations brought by the community are often related to religion, especially how community religious law can be accommodated by the state as public policy. it is in this context that in muslim countries, such as indonesia, people's aspirations to uphold religious law are carried out by making sharia a public policy (interview with nazar, baitul mal aceh advisory board, 7 july 2022), particularly legal policy. the instrument is that sharia is legislated in the form of a qanun through a local political mechanism. the implication is that sharia as part of public policy undergoes a political process because sharia is enforced by political institutions (vogel et al., 2011; parsons et al., 2009; quraishi & landes, 2014). at this point, sharia economics is not only a practice of community diversity, sharia economics has become state policy. islamic economics is then no longer just a transcendent rule that serves as a guide for muslims, but rather as a politically charged rule because it is stipulated in political works. public policies are generally oriented to all-inclusive societies which are reflected in inclusive politics (paffenholz, 2015). in the next stage, the law applied by the state is inclusive (coleman, 2009; moreso, 2001; waluchow, 1994), that is, the state does not regulate certain groups of people. sharia economic policy in aceh in its legal objectives is inclusive. this is shown in the lks qanun which expects to create social welfare. however, as countries that adhere to legal pluralism, public policies in indonesia, especially those relating to legal arrangements in aceh, can be oriented towards one particular group of people. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 70 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 more than that, the legal policy is exclusive (loxley & thomas, 1997; rohidin et al., 2023), which excludes other entities, not providing a choice of legal plurality. this can be seen from the lks qanun which requires all financial institutions to use sharia principles and prohibits non-shariah financial institutions from operating in aceh. exclusive public policies related to the lks qanun are often sourced from the religious identity of the community (margolis, 2018; peek, 2005; werbner, 2010). sharia is a religious identity that is contested in the public space to become state law (miedema, 2014). the people of aceh have long been identified as devout muslims who want their religious law to become state law. in the conception of the acehnese people, religious identity, such as sharia, is a public policy that is not implemented partially, but comprehensively. the qanun on principles of islamic sharia in aceh has described the comprehensiveness of the applied islamic law, which includes faith, sharia, and morals (article 2). for this reason, sharia is then implemented comprehensively as a public policy. conclusion the sharia economy that is developing in aceh in public policy is a product of local politics. this is demonstrated by the sharia economic legislation in aceh in the form of the lks qanun. the inclusiveness of the lks qanun can be seen in the sharia economic vision that is oriented towards the welfare of the acehnese people. however, this inclusiveness paradigm is carried out by presenting exclusive sharia economic policies. in the lks qanun, it is emphasized that only lks are allowed to operate in aceh and conversely, non-sharia financial institutions are prohibited from operating in aceh. as a result, several non-sharia financial institutions converted to become islamic financial institutions, and the rest chose to leave aceh after the lks qanun took effect. this sharia economic exclusivity policy is built on the paradigm of preserving aceh's islamic identity. aceh is a region that has historically implemented islamic law comprehensively. islamic law is also supported by the people who want the implementation of islamic law comprehensively. in this condition, this policy becomes part of a local political agenda that is oriented towards the implementation of islamic law as a whole, not partially. the sharia economy in aceh is no longer side by side with the conventional economy as a national economic political agenda that adheres to a dual system. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 khamami zada. sharia economy and politics in aceh 71 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 references vogel, f., e., n. j. b., baktiari, b., yavuz, m. h., barfield, t. j., & zaman., m. q. 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(2022). muslim youth under sharia regime in aceh: from accommodation to resistance. al-ihkam: jurnal hukum dan pranata sosial, 17(2), 412–433. https://doi.org/http://doi.org/10.19105/al-ihkam.v17i2.7262 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 74 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 zulfahmi. (2021). eksistensi qanun nomor 11 tahun 2018 tentang lembaga keuangan syariah terhadap konversi bank konvensional menjadi bank syariah. j-hes: jurnal hukum ekonomi syariah, 5(1), 49–63. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32358 about authors aam slamet rusydiana is the head researcher at smart consulting. his research interests include islamic banking, islamic finance, quantitative and qualitative methods. ahmad rodoni is the lecture at uin syarif hidayatullah jakarta. he also as a researcher on islamic management studies. annisa rindra utami is master students at economics department at agricultural bogor university. shee also as a researcher on economics studies. aris setiawan is a researcher at raoudho berkah. his research interest include islamic economics and finance. budi harsanto is the lecture of faculty of economics and business, universitas padjajaran. he also as a researcher on islamic finance studies hj. abdullah abd ghani is professor at islamic business school, universiti utara malaysia. she also as a researcher on islamic economic studies. ismawati haribowo is the lecture at uin syarif hidayatullah jakarta. she finished master degree at universitas padjajaran. she also as a researcher on accounting studies. jaenal effendi is a lecture at agricultural bogor university. he also as a researcher on economics studies. leis suzanawaty is the lecture at uin syarif hidayatullah jakarta. she currentyly is ph.d students at department of management, universitas indonesia. m ashraf al haq is a ph.d students at islamic business school, universiti utara malaysia. he also as a researcher on islamic economic studies. m shabri abd majid received his sarjana ekonomi (se) from syiah kuala university, indonesia, in 1995. he completed his master of economics (mec) and phd in financial economics from the international islamic university malaysia (iium) in 1998 and 2005, respectively. his research interests include applied econometrics, islamic economics, banking and finance. muhammad kholifatul i.a. is a master students at universitas padjajaran. he also as a researcher on islamic finance studies. nor azlina binti abd wahab is a senior lecture at islamic business school, universiti utara malaysia. she also as a researcher on islamic economic studies. nor hayati ahmad is professor at islamic business school, universiti utara malaysia. she also as a researcher on islamic economic studies. rahmatina a kasri is a lecture at department of economics, islamic economics program, universitas indonesia. she finished doctoral degree at durham university, uk. raditya sukmana is lecture at islamic economics department, airlangga university. he also as a researcher on islamic economics and finance studies. said zulhanizar is a banker from bank of aceh syariah. he also as a researcher on islamic banking studies. salman al-farisi is the junior researcher at smart consulting. his research interests is islamic financial institution, islamic economics, and islamic banking. sari suryaningtyas is a master student at airlangga university. she also as a researcher on islamic economics and finance studies. tahreem noor khan is the lecture at al yamamah university, saudi arabia. he also as a researcher on islamic economics studies. yulianti is the lecture at uin syarif hidayatullah jakarta. she finished master degree at universitas padjajaran. she also as a researcher on accounting studies. yunizar is the lecture of faculty of economics and business, universitas padjajaran. he also as a researcher on islamic finance studies zuwesty eka putri is the lecture at uin syarif hidayatullah jakarta. she also as a researcher on accounting studies. articles & authors vol. 8 (1) january 2016 no name title note 1 m. shabri abd majid the short-run and longrun relationship in indonesian islamic stocks return lecture of syiah kuala university. also as a researcher on islamic economics and finance studies 2 aslam mei nur widigdo, marimin, idqan fahmi & irfan syauqi beik business process reengineering of funding on indonesia’s islamic banks lecture of agricultural bogor university. also as a researcher on islamic economics and finance studies 3 m nadratuzzaman hosen & rafika rahmawati efficiency and profitability on indonesian islamic banking industry lecture of uin syarif hidayatullah jakarta and lecture of universitas islam 45 bekasi. 4 tulus suryanto islamic work ethics and audit opinions: audit professionalism and dysfunctional behavior as intervening variables lecture of iain raden intan lampung. also as a researcher on islamic accounting studies 5 sri herianingrum & imronjana syapriatama dual monetary system and macroeconomic performance in indonesia lecture of airlangga university. also as a researcher on islamic economics studies 6 ari prasetyo & intan kusuma pratiwi islamic business ethics implementation in marketing communication of hajj/umrah travel agency “shafira tour and travel” surabaya lecture of airlangga university. also as a researcher on islamic economics studies 7 ernawati risk of profit loss sharing: the case of indonesia lectures of halu oleo university. also as a researcher on islamic economics studies 8 nurul huda, nova rini, desti anggraini, khamim hudori & yosi mardoni the development of human resources in islamic financial industries from economic and islamic financial graduates lecturer at university of yarsi, stie muhammadiyah jakarta, universitas indonesia, and open university of indonesia 9 andi reni & nor hayati ahmad application of theory reasoned action in intention to use islamic banking in indonesia lecture of universitas hasanuddin and lecture of colloge of business, universiti utara malaysia 10 farra munna harun, bayu taufiq possumah, m hakimin bin moh shaifai & abd. halim mohd. noor issues and economic role of waqf in higher education institution: malaysian experience lecture of universiti kebangsaan malaysia, universiti malaysia trengganu, and universiti teknologi mara vol. 8 (2), july 2016 no name title note 1 rahmatina a kasri effectiveness of zakah targeting in alleviating poverty in indonesia lecture of universitas indonesia. also as a researcher on economics and finance studies 2 raditya sukmana, sari suryaningtyas determinants of liquidity risk in indonesian islamic and conventional banks lecture of university of airlangga. also as a researcher on islamic economics and finance studies 3 m shabri abd majid, said zulhanizar the patronage behaviour of islamic bank’s customer: an empirical studies in aceh lecture of syiah kuala university. also as a researcher on islamic economics and finance studies 4 aam slamet rusydiana, salman al-farisi the efficiency of zakah institutions using data development analysis researcher at smart consulting with research interests on islamic banking, islamic finance, and islamic economics studies. 5 jaenal effendi, annisa rindra utami the effect of social capital on customer’s repayment rate at islamic microfinance institution lecture of bogor agricultural university. also as a researcher on islamic economics and finance studies 6 m u h a m m a d kholifatul i ardiansyah, yunizar, budi harsanto sharia compliant e-commerce models and customer trust lecture at university of padjajaran researcher on islamic economics and finance studies 7 ahmad rodoni, aris setiawan risk and return: bonds and sukuk in indonesia lecture at uin syarif hidayatullah jakarta. researcher on islamic economics and finance studies 8 m ashraf al haq, nor azlina bt abd wahab, hj abdullah abd ghani, nor hayati ahmad islamic prayer, spirituality and productivity: an exploratory conceptual analysis lecture of islamic business school, universiti utara malaysia. also as a researcher on islamic banking studies 9 tahreem noor khan islamic banks service quality: conceptual model lecture of al yamamah university, saudi arabia. also as a researcher on islamic economics and finance studies 10 yulianti, leis s u z a n a w a t y , zuwesty eka putri, ismawati haribowo determinants of the corporate environmental disclosure: study on jakarta islamic index lecture of syarif hidayatullah state islamic university jakarta. also as a researcher on islamic accounting studies aam slamet rusydiana abd. halim mohd. noor ahmad rodoni andi reni annisa rindra utami ari prasetyo aris setiawan aslam mei nur widigdo bayu taufiq possumah budi harsanto desti anggraini ernawati farra munna harun hj. abdullah abd ghani idqan fahmi imronjana syapriatama intan kusuma pratiwi irfan syauqi beik ismawati haribowo jaenal effendi khamim hudori leis suzanawaty authors index marimin m. ashraf al haq m hakimin bin moh shaifai m nadratuzzaman hosen m. shabri abd. majid muhammad kholifatul i. ardiansyah nor azlina bt abd wahab nor hayati ahmad nova rini nurul huda raditya sukmana rafika rahmawati rahmatina a kasri said zulhanizar salman al farisi sari suryaningtyas sri herianingrum tahreem noor khan tulus suryanto yosi mardoni yulianti yunizar zuwesty eka putri subject index alignment index audit professionalism auditors’ opinions bond business process reengineering conventional banks corporate environmental disclosure customer’s repayment rate customer trust data envelopment analysis dual monetary policy dysfunctional behavior ecm e-commerce efficiency exchange rate exploratory study higher education institution intention islamic bank’s customer islamic banking islamic business ethics islamic economics islamic microfinance institution islamic prayer islamic stock market islamic work ethics issues jakarta islamic index liquidity risk macroeconomics malaysia marketing communication money supply mudharaba murabaha musharaka patronage behaviour poverty poverty alleviation povery index productivity profitability profit-loss sharing return risk risk averse service quality sifat social capital sharia compliant spirituality stochastic frontier analysis sukuk theory reasoned action tracer study var value 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uk) mokhamad anwar (universitas padjajaran indonesia) monzer khaf (qatar faculty of islamic studies, qatar) muhammad iqbal anjum (international islamic university islamabad pakistan) ratno purnomo (university of general soedirman indonesia) roszaini haniffa (heriot watt university, united kingdom) subandriah (ministry of religious affairs indonesia) unggul purwohedi (universitas negeri jakarta indonesia) al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) guidance for writing in journal of al-iqtishad 1. the manuscripts represent academic research in islamic economics and finance discipline. 2. upon the publication of the manuscript, the author should provide a letter states that the manuscripts have never been, or under consideration to be, published in other journal publications. 3. structure of the manuscripts a. title. the title should be short, clear, and informative, but does not exceed 9 words. b. author’s names and institutions. the author’s names should be 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(ر) f = (ف) t = ( ة ) short vocal long vocal ______ = a â = (—ا) ______ = i î = (—ى) ______ = u û = (—و) diftong pembauran aw = (أو) al = (ال) ( ) = ay al-sy = (الش) -wa al = (وال) 20. the manuscript in microsoft word should be sent to iqtishad@uinjkt.ac.id or through online submission at: http://journal.uinjkt.ac.id/index.php/iqtishad/user/register 21. a brief cv that records full name, academic title, institution, telephone, fax and mobile number should accompany the manuscript. 22. the decision of the manuscript are: a. accepted, or b. accepted with minor revision, or c. accepted with major revision, or d. rejected. 23. upon the publication of the manuscript in the journal, the author will receive a publication proof number and 3 off-prints. 24. further information about the journal can be seen at http://journal.uinjkt.ac.id/index. php/iqtishad a l -i q t is h a d ju rn al il m u e ko n o m i s ya ri ah (j ou rn al o f i sl am ic e co no m ic s) issn: 2087-135x e-issn: 2407-8654 vol. 10 (1), january 2018 published by: state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist a l -iq t is h a d ju rn al ilm u eko n o m i syariah (journal of islam ic econom ics) v o l. 10 (1), jan u ary 2018 al-iqtishad is international journal published by state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014. the journal had re-accredited by ministry of research, technology, and higher education no. 48a/kpt/2017 on october 30, 2017 (valid until october 30, 2022). issn: 2087-135x e-issn: 2407-8654 fundraising strategies to optimize zakah potential in indonesia: an exploratory qualitative study rahmatina a. kasri, niken iwani s. putri stability measurement of dual banking system in indonesia: markov switching approach siti fatimah zahra, ascarya, nurul huda shariah governance practices at islamic banks in bahrain from islamic bankers’ perspective sutan emir hidayat, ali khaled al khalifa the concept and practice of macroprudential policy in indonesia: islamic and conventional muhammad rizky prima sakti, hassanudin bin mohd thas thaker, abdul qoyum, ibnu qizam islamic banking and green banking for sustainable development: evidence from bangladesh mohammad nazim uddin, monir ahmmed lowly or negative benchmark rates bandwagon: any risk implications for islamic banks jamshaid anwar chattha, syed musa alhabshi dividend payout policy of conventional banking and islamic banking in pakistan farhan ahmed, abdul rafay, afzal ahmed selection criteria of public for account opening: a case study of islamic banks in pakistan ahsan israr, fahad ahmed qureshi, mubeen butt macroeconomic variables, international islamic indices, and the return volatility in jakarta islamic index yoghi citra pratama, abdul aziz determinants of credit and financing risk: evidence of dual banking system in indonesia raditya sukmana islamic insurance: a potential niche market of indonesia jaenal effendi meta-analysis on direction of accounting standards for islamic financial institutions: case studies in united kingdom and indonesia murniati mukhlisin, muhammad syafii antonio indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014. the journal had re-accredited by ministry of research, technology, and higher education no. 48a/ kpt/2017 on october 30, 2017 (valid until october 30, 2022). al iqtishad has covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • ebsco (open science directory) • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • indonesia onesearch • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • eurasian scientific journal index • directory of research journal indexing (drji) • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor • international scientific indexing • international innovative journal impact factor (iijif) • journalindex • cosmos impact factor • globethics.net waharjani1, mohammad jailani2* abstract. zakāh collection in nitikan village of yogyakarta has experienced an increase since 2017, which previously had been stagnant. this paper aims to investigate the current development of the zakāh collection in that area, as it represents muhammadiyah's efforts in the religious philanthropic movement. this is a qualitative study, with the data obtained from participatory observation and in-depth interviews with zakāh stakeholders. this study finds that the improvement of the zakāh collection has contributed to several factors. these include the role of ulama and bapelurzam of muhammadiyah, leading to the increasing trust of the people. this is strengthened by the changing paradigm of the muzakki regarding zakāh al-māl from merely gold and silver into any properties equal to niṣāb and has reached the haul; and the strong determination of mustaḥiq to transform themselves into muzakki. keywords: zakāh al-māl; nitikan; baperluzam muhammadiyah abstrak. penghimpunan zakat di desa nitikan yogyakarta mengalami peningkatan sejak tahun 2017 yang sebelumnya stagnan. studi ini bertujuan untuk mengetahui perkembangan penghimpunan zakat di daerah tersebut, sebagai representasi dari upaya muhammadiyah dalam gerakan filantropi islam. penelitian ini merupakan penelitian kualitatif, dengan data yang diperoleh dari observasi partisipatif dan wawancara mendalam dengan pemangku kepentingan zakat. studi ini menemukan ada beberapa faktor yang berkontribusi dalam peningkatan zakat di nitikan. diantaranya adalah peran ulama dan bapelurzam muhammadiyah yang berdampak pada meningkatnya kepercayaan masyarakat. hal ini diperkuat dengan perubahan paradigma muzakki tentang zakat mal dari semula terbatas pada emas dan perak menjadi harta apapun yang setara nisab zakat mal dan telah mencapai haul; serta tekad kuat mustahiq untuk bertransformasi menjadi muzakki. kata kunci: zakat mal; nitikan; baperluzam muhammadiyah amwal zakat management: a case study in yogyakarta al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 249 272 1institute of islamic studies, muhammadiyah pacitan, indonesia 2ahmad dahlan university yogyakarta, indonesia e-mail: 1waharjani@ilhauad.ac.id; 2m.jailani@isimupacitan.ac.id author: waharjani received: 15 october 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:waharjani%40ilhauad.ac.id?subject= mailto:m.jailani%40isimupacitan.ac.id?subject= 250 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction the main problem shown in this research is the low awareness of muslims in indonesia in paying zakāh al-māl (zakāh on wealth) and the highly inadequate total amount of the acquisition of zakāh al-māl at the national level to help the needy muslims (andiani et al., 2018). zakāh al-māl is a part of the main worship (pillars of islam), mentioned in the quran, the sunna of the prophet muhammad, together with prayer (salah). muslims believe the two acts of worship are equal in value and obligatory. zakāh al-māl is not equal to fasting associated with the ramaḍān month or hajj associated with man istaṭā’a ilaihi sabīla ((obligatory) upon those who have the capability to perform it) (masyita, 2018). the faith of a muslim in islam is considered imperfect, yet as long as the devotion to allah is fulfilled only through the rituals such as praying (salah), fasting, reciting the quran, and ṭayyibah (good) words, without being balanced with social service activities (muslimin, 2019). performing the zakāh principles is a means of getting closer to allah, which is supposed to be a basic need for every muslim not a burden. zakāh, infāq (disbursement) and ṣadaqah (charity) taken from someone's assets are eternal deposits. meanwhile, assets counted and piled up for worldly pleasures will be gone soon after the owner dies (ramdhani et al., 2021). there have been many studies on zakāh in the form of books (mahfud, 2018). in terms of content, these books adequately discuss zakāh al-fiṭr and zakāh al-māl in detail (jahar, 2015). nevertheless, research specifically on zākah management and implementation, particularly in the case of bapelurzam (muhammadiyah zākah affairs executing board) managed by pdm (muhammadiyah regional board) kendal weleri, central java, is still rare (kusmana, 2000). this field research uses the management of zakāh al-māl of prm (muhammadiyah district board) nitikan in yogyakarta city as the object. this research shows that the amount of zakāh al-māl conventionally managed was not as expected though the zakāh acquisition was very beneficial. kasri (2016) shows how the zakāh management by dki jakarta government has provided financial assistance to the university students compiling theses and dissertations. as a result, many theses and dissertations have been completed with the support of zakāh al-māl, managed by the dki jakarta government (kasri, 2016). the research is to show the excellence of the bapelurzam concept that has been for so long practiced at pcm (muhammadiyah branch board) of weleri, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 251 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 kendal, central java. the above explanation implies that conventional zakāh management can bring many benefits. furthermore, it is believed that zakāh managed by the bapelurzam can bring more benefits with one condition the zakāh distribution is based on the provisions set in the bapelurzam concept. this study aims to observe the practice of zakāh al-māl management using the bapelurzam model to identify the advantages and disadvantages of conventional zākah management in nitikan, yogyakarta. the advantage of managing zakāh using bapelurzam is that everyone can be a muzakki (zakāh payer) because assets considered payable its zakāh are not limited to gold and silver. the more important thing is that the assets have been due (ḥaul), legally personal-owned and reached their niṣāb (a certain limit or size required to pay zakāh). nitikan village is part of the sorosutan village, umbulharjo sub-district, yogyakarta city. nitikan is bordering with potronanggan village of tamanan bantul in the south, the hamlet of wirosaban in the west, tegalsari and nalen villages in the north, and mendungan village in the east. the administrators of sulthonain, al-islaah, and muthohirin mosques explained that among the factors that have encouraged the people to pay for ẓakāh are the success of the aluminum home industry entrepreneurs and well-structured islamic programs managed by 26 senior and junior preachers. the majority of nitikan village residents are muslims. since the 1960s, the village has been known as the village of santri (islamic boarding school students), as there were three kyai (islamic scholars and leaders) who actively taught islam to the society. they were kyai r. abdullah hadi, kyai r. mursyid syafi’i, and kyai hisyam syafi’i. these kyais’ enthusiasm for teaching islam was welcomed by their students. the relationship between the kyai and santri has led to the growth of da'wah activities in nitikan and its surroundings. one is the growth and development of citizen awareness to pay zakāh and manage it properly. the community's awareness of paying zakāh has continued to grow along with the growth of mosques and muṣalla in nitikan and its surroundings. at first, there was only one mosque, i.e., the sulthonain mosque, which was built by two kings from the keraton surakarta and yogyakarta palaces and two langgar (smaller mosque) buildings. today, there are three mosques and one muṣalla in nitikan (khikmawati, 2020). meanwhile, there are seven mosques around the muhammadiyah branch nitikan area under its auspices. these seven mosques have joined in da'wah activities under the coordination of muhammadiyah branch nitikan, including in the management of zakāh al-māl (yoyo, 2020). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 252 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the research is based upon the argument that the awareness of the local muslim community in the nitikan area, yogyakarta, to pay zakāh has grown concerning the growth of local msmes, especially in aluminium home industries for the use of household products, such as pans, kettles, or spoons. nevertheless, the amount of zakāh al-māl acquired in the last four years (2013-2016) was stagnant (syarif et al., 2020), as seen from table 1 about zakāh al-māl acquisition the researchers collected from nine mosques in the preliminary study as material for preparing research proposals: table 1. zakāh al-māl collection in period of 2015 – 2021 looking at the initial data, the authors were interested in researching the case of zakāh al-māl management in nitikan, yogyakarta city. as shown in table 1 above, before 2017, the amount of zakāh collection tended to be stagnant, and in the last three years (2017, 2018, and 2019), it experienced a significant increase, and again declined in 2020. as explained by the treasurer of prm, the increase in the amount of zakāh collection was due to the management of the bapelurzam system. before 2017 and after 2019 the zakāh collection was managed using a conventional system (widarwati et al., 2016). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 253 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 table 2. . zakāh al-māl collection in period of 2015 – 2021 literature review yusuf qaradawi (1994) wrote a book, hukum zakat (the laws of zakāh), discussing zakāh in detail. in addition, there have been various and intense literature studies on zakāh by the classical ulama, such as the imams of the four madhhabs and contemporary muslim scholars and ulama. the classical ulama discussed zakāh at length directly on the texts of the quran and hadiths. their studies, however, encountered problems in its socialization. muslim citizens (muzakki) were obliged to pay various taxes and other levies. at the same time, the ulama have emphasized that taxes are closely related to the people's obligations to the state, while zakāh is closely related to religious obligations. the assets in a muslim family, or money, come from the head of the family or the breadwinner. qaradawi (1994) stated that five types of assets must be paid for its zakāh, including: (1) gold and silver; (2) commercial goods; (3) livestock; (4) crops (trade); and (5) the yield of plants (fruits). the clearer information can be seen in the table of zakat distribution guidelines. the obligatory requirements for issuing zakāh on the assets mentioned above generally are divided into three: (1) the wealth is fully owned meaning that the wealth is in his/her authority without any interference from others; (2) the niṣāb of the assets, meaning a certain limit or size required to pay zakāh. each type of wealth has its own limit. (3) the wealth has been owned http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 254 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 within one year (haul), meaning that when the benefits of the wealth can be taken and have reached the niṣāb, the zakāh must be issued. thus, as stated by qaradawi (1994), issuing zakāh is farḍ al-'ain, a personal obligation based upon islamic law. this means that one will get a reward when one implements it and accept sin and torment when one abandons it (yana et al., 2020). in other words, the issuance of zakat is not seen as generosity, helping, or mercy but as an obligation (ching et al., 2020). as explained in the quran, there are eight groups as those entitled to receive the zakāh distribution: "zakāh expenditures are only for the poor and for the needy and for those employed for it and for bringing hearts together [for islām] and for freeing captives [or slaves] and for those in debt and the cause of allāh and the [stranded] traveler an obligation [imposed] by allāh". yusuf qaradawi's opinion has been widely applied in various places, including jakarta, by its regional zakāh management or bazis. this opinion is not much different from what ahmad azhar basyir stated in his work pentasharufan zakat (zakāh distribution); ahmad muslim in his book menghitung zakat (calculating zakāh) and muhammad zuhri in his book cara mudah menghitung zakat (practical ways to calculate zakāh). table 3. guidelines in zakāh distribution no type of wealth niṣāb time value special terms and conditions 1 zakāh al-fiṭr (staple food) having excess food and as dependent on the day of 'eid al-fiṭr at the end of ramadan (from sunset until before the eid prayer) 2.5kg (3.3 liters) possible to be issued since the beginning of ramaḍān 2 saving gold silver money 85 grams 595 grams equal to 85 grams of gold after one year of running 2.5% after being deducted with debt and primary needs within one year 3 commercial goods equal to 85 grams of gold after one year of running 2.5% 4 mining: gold, silver, oil, copper, or platinum equal to 85 grams of gold once obtained 5% to 10% http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 255 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 no type of wealth niṣāb time value special terms and conditions 5 crops staple food 653 kg/ 640 liter in every harvest 5% to 10% 10% if the watering is from the rain 5% if watering is not from the rain, then, the niṣāb is calculated after being deducted from the cost of maintenance and refinement of the barley 6 rikāz/luqatah (treasure found) niṣāb is not a must (no certain limits) once obtained 20% 7 profession zakāh (from salary) equal to 85 grams of gold once obtained 2,.5% niṣāb is calculated after deducted with the debts and necessities 8 return on investment (buildings, factories etc.) equal to 85 grams of gold once obtained 10% 9 trading business shares equal to 85 grams of gold once obtained 2.5% capital and profit source:yusuf qaradawi (1999) muhammad abdullah nashih ulwan, a scholar from the middle east, in his book al-adāb al-aulād fi al-islām, stated that muslim awareness to pay zakāh al-māl is through the following levels: al-qudwah (a good model); al-'ādah (giving habituation to the community to be willing and happy to pay zakāh); al-mau'iḍah (giving advice or explaining to the community about the importance of issuing zakat to purify the assets) (jailani, suyadi, et al., 2021); al-mulāḥaḍah, (paying attention to the community that all people are potential to have adequate wealth and capable of paying zakāh); and al-'uqūbah (allah will punish muslims who are rich but refuse to pay zakat) (suyadi et al., 2019). on the other hand, allah will purify and multiply the wealth and give forgiveness and heaven if a muslim pays zakāh. methods this is a qualitative case study focusing on the significant increase of zakāh collection by bapelurzam in mosques managed by prm (muhammadiyah district board) nitikan area, yogyakarta. the research was conducted at several mosques http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 256 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 in the nitikan area, yogyakarta city. these mosques were selected because of the existing conventional zakāh management in some mosques in this area, where zakāh al-māl collection were lower than those managed by the bapelurzam model. research data were collected through direct interviews, observation, and document studies the document study was used to explore related documents, from notes, reports on zakāh collection and distribution, the zakāh recipients and media report on zakāh management, particularly from al-hikmah bulletin published by prm nitikan. in-depth interviews were conducted with informants, including the bapelurzam administrators, mosque administrators, and congregations. the informants were selected based on their relatively comprehensive knowledge about zakāh al-māl management, such as wijdan al-arifin, the former head of zakāh and waqf at the ministry of religious affairs regional office of yogyakarta, and nitikan citizens. other informants were from branch administrators of muhammadiyah and aisyiyah in charge of managing zakāh al-māl, as well as the muzakki and prospective muzakki (those that will pay the zakat and almost have reached their niṣāb). the in-depth interviews were to explore informants' knowledge about zakāh al-māl, starting from the definition, wisdom, laws, guidelines, people entitled to receive zakāh, and threats for people who are able and obliged to pay zakāh but are reluctant to do so. results and discussion concept of zakat al-mal the shifting of paradigm in zakāh al-māl was initiated by kiai shaim bari from kendal, central java. kiai shaim was triggered once being informed that the collection of zakāh al-māl until the end of ramaḍān and approaching eid al-fiṭr was not as expected. as a consequence, the mustaḥiq (those entitled to receive the zakat) only got a small portion, just for two or three meals far from the expected goal for poverty alleviation (iqbal et al., 2021). this situation reflected that the needy were getting poorer, and the rich were getting richer and not caring about the ḍuafā (poor). also, more children were malnourished, poverty increased, and the consumptive lifestyle increased (wibowo, 2021). according to haji muslim, the idea started when the people were reluctant to give zakāh al-māl because they considered that their wealth was not sufficient and did not reach the niṣāb. if they have gold, they will sell it before it reaches the niṣāb (haji muslim, personal communication, 6 july 2016). in addition, in some areas and villages, people http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 257 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 converted to other religions or committed riddah (apostasy) (jahar & lubis, 2021). this situation made kiai shaim bring up the idea of zakāh al-māl. definition of zakāh al-māl al-māl refers to all integrated wealth/assets, i.e., sustenance from allah swt to be recognized as property to be protected and benefited. in someone's wealth, absolute social rights exist, compensation for the poor and da'wah fī sabīlillāh. these rights should be given to righteous people. here, zakāh is similar to other worships to allah that must be fulfilled, such as ṣalat al-farḍu or obligatory prayer (pabbajah et al., 2021). zakāh is collected from aghniyā', i.e., people in reality not considered rich, given to fuqarā'/ḍuafā', i.e. economically disadvantaged people. this is to support da'wah fī sabīlillāh. zakāh is collected from amwāl (all integrated assets, not just certain or some sectorial assets) (aziz et al., 2020). sectorial zakat, such as zurū' (agriculture/plants), mashiyyah (animal husbandry), naqdayn (jewellery), tijārah (trade), ma’din (mining) and rikāz (treasures), is part of the source of bottlenecks in the practice of zakāh. similarly, professional zakāh is also part of the sectorial zakāh (qodir et al., 2020). the practice of zakāh aims to purify the assets and souls of muslims who are muzakki. this means (1) sympathizing, guiding and alleviating the social economy of the poor; (2) participating in financing da'wah and anticipating the potential riddah (apostasy); and (3) fostering and increasing the quality of a strong ukhuwwah al islāmiyyah. in essence, taṣarruf from the results of zakāh al-māl is for eight aṣnāf (eight equal distribution channels). these eight are categorized into two major groups: (1) ḍuafa' (needy) and (2) fī sabīlillāh (those who are in the cause of allah). this way, peace, prosperity and ukhuwwah islāmiyyah can be realized (abdullah, 2020). zakāh movement of muhammadiyah with bapelurzam as the executive for zakāh affairs is expected to be successfully performed despite many obstacles. for this, all aspects must be well prepared. all zakāh regulations that lead to zakāh management failure and congestion are considered null and void, even though they are based on the quran and sunnah. this is because some of the provisions from the quran and sunnah might be misinterpreted and, therefore, irrelevant to the needs of bapelurzam (jubba et al., 2020). any obstacles in zakāh practices must be removed. the success of the zakāh movement can only be possible by removing obstacles. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 258 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 zakāh strategy the assets issued for zakāh are all integrated with someone’s wealth. there is no wealth that can be free from purification by zakāh. it requires time allocation (haul), i.e., once a year per the operational guidelines of waqf and property council of pp muhammadiyah, and sets aside the harvest zakāh and ta'jīl zakāh (zakāh paid before its determined time) (waharjani, 2020). muzakki that meets the requirements of farḍu zakāh includes a person and the head of the family who are aghniyā' (capable), i.e., the ones reaching the niṣab (prasojo et al., 2020). the rules in determining the niṣāb are made based on iḥtiyāṭ (alertness) and are free from any fraud (khoirudin et al., 2020). the rule of niṣāb issued is the total wealth reduced with the total debt. the zakāh is paid from the remaining. the following is the formula: k – h = + (integrated wealth – integrated debt = amount should be paid its zakāh) k – h = 0 (integrated wealth – integrated debt = amount not reaching the niṣāb). k – h = – (ḍu’afā’/the poor). conventional niṣāb regulations become the most significant source of difficulties in the zakāh practices. hence, all hampers must be eliminated—except for the principle of 2.5% or 1/40 of wealth as the amount of zakāh that must be taken from the wealth in the normative zakāh stipulation. within muhammadiyah, the absolute authority of bapelurzam as the sole executor of zakāh or ‘āmil is confirmed and undebatable. the zakāh affirmation is declared valid as zakāh if it is collected and managed by bapelurzam, including zakāh al-fiṭr in every branch and business charity. the issuance of zakāh for worship but not submitted through the ‘āmil is not considered zakāh. the ‘āmil of bapelurzam is highly dedicated, and they have sufficient knowledge and skills regarding zakāh and are hard workers, honest, cautious, not easily deceived, and forward-looking. local wisdom in nikan yogyakarta local wisdom in nitikan relating to zakāh includes; first, the ‘āmil zakāh normatively should receive a share of zakāh, but the ‘āmil in nitikan do not want to accept it, and instead, they give it up to mustaḥik ḍu’afā. second, the preachers are considered aṣnāf (people who are entitled to receive zakāh) and are classified as sabīlillāh. however, they do not want to receive their share of zakāh and are willing to share with people with business passions and skills. so, after deliberation by baperlurzam, the persons received assistance from the zakāh al-māl division for business. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 259 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 one of the baperlurzam staff interviewed a husband and wife to convey their business plan. the wife stated, “we will use the business capital assistance from zakāh al-māl for the vegetable business. the vegetables will be bought from the vegetable market in giwangan and transported home using a pedicab driven by my husband. at home, i will group the vegetables and wrap them, so they are ready to be sold to the residents and the mosque congregations. i will accompany my husband to sell vegetables around the village. this plan was brought to deliberations, and finally, the couple were determined to receive zakāh amounted to idr500,000. this is spent on buying vegetables, following what was told in the interview. after fifteen months, in the ẓulḥijjah month to be precise, the couple reported their business success and gave idr12,500 as their zakāh al-māl. some administrators received the zakāh al-māl in happy tears. this means that the couple has risen in rank from mustaḥiq (zakāh recipients) to muzakki (people who pay zakāh). this shows that zakāh al-māl can transform the ḍu’afā from being unemployed to employees. therefore, zakāh plays a significant role in poverty alleviation. this research finds that the zakāh management system implemented by baperlurzam becomes one of the contributing factors to the success of zakāh. first, the muzakki understand that the assets in zakāh al-māl are not only in gold and silver, as it is normatively understood. baperlurzam maintains that the assets entitled to zakāh al-māl are those that have been owned for one year (haul) and reached niṣāb (equivalent to 85 grams of gold). second, the muzakki can calculate their zakāh and determine their capability to pay it. third, the locals and newcomers in nitikan have been enthusiastic about attending the socialization of zakāh. moreover, they are expected to be accepted by the local community by paying zakāh. fourth, most nitikan village residents are home-industry entrepreneurs whose products are: aluminum pans, cake molds, spoons, and trophies. from this business, they can buy a vehicle for business and personal needs, such as a motorcycle, cart, car, and pickup truck. they can also buy jewelry. currently, there are forty households with such businesses. fifth, most of the members of the bapelurzam board are preachers with sufficient religious knowledge. they are able to explain the concept of zakāh al-māl well and encourage prospective muzakki to pay zakāh al-māl. that is why the zakāh al-māl results are multiplied compared to the conventional zakat collection. sixth, during the covid-19 pandemic, people’s mobility was limited by the pandemic protocols. without intense interactions, the zakāh al-māl collection experienced a drastic decrease. this happened in 2019, 2020, 2021 and 2022 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 260 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 (heru subiantoro, supriyadi, kusmanto, and muhammad jauzan, personal communication, 2 july 2019). āmil bapelurzam and their duties regional/branch leaders in rajab month issue the assignment letter to the members of the association who are able, willing, enthusiastic and trusted to form and lead ‘āmil (bapelurzam) with the specific task of making the zakāh movement successful in the year concerned. the service period starts from the month of rajāb until the end of ẓulḥijjah in that year (see the implementation instructions of waqf and property council of pp muhammadiyah in 1979 and 1980). the regional/branch leaders then submit the guidelines regarding bapelurzam to the related and interested personnel to guide the discipline—to avoid deviant policies unless permitted by the muhammadiyah regional level. as the implementation of the instruction, the regional/branch leadership immediately form bapelurzam in their area (farkhani et al., 2021). bapelurzam, at every level, is expected to recruit from the organizational leaders, councils/divisions, institutions, agencies, autonomous organizations and other forces within the muhammadiyyah as bapelurzam personnel. this is because bapelurzam is an integrated movement that must be supported and succeeded by all existing forces. hence, the rivalry between ‘āmil and bapelurzam should be avoided. the regional/branch of bapelurzam prepares a program based on the demands and implements it at best following the allotted time. bapelurzam works extra actively in holding training, counseling and special lectures on zakāh for ‘āmilīn personnel, members and followers of muhammadiyah, particularly for the prospective muzakki. the promotion of zakāh is also maintained through door-to-door visits to muhammadiyyah members (rane et al., 2021). ‘āmilin must be active in carrying out their duties, meaning that they cannot be passive by waiting for zakāh to be paid by the muzakki. here, passive ‘āmilin do not have the right to receive their rights and are considered irresponsible and untrustworthy. the ‘āmil should explain all information about zakāh, bapelurzam, the work system and the nature of tajdīd (reform) in religious thoughts and practices (santoso et al., 2021). it is better to involve senior organizational staff and authoritative figures at the early stage. the ‘āmil should collect zakāh seriously, carefully, and politely and pray for the muzakki. furthermore, the leader of bapelurzam must closely monitor the work activities of his partners and immediately take corrective measures if deviations occur. the schedule of the zakāh collection is presented as http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 261 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 follows: 1). zakāh al-fitr from the 21st to the 28th of ramaḍān. 2). zakāh al-māl from 21 ramaḍān to 30 shawwāl. bapelurzam leaders and operational personnel must provide clear instructions on how to calculate zakāh to achieve accurate results. they control zakāh collection by promptly recapitulating all zakāh collections and properly resolving any cases (if any). the management rights for senior ‘āmil (15% for pp, pw and pdm) must be taken/set aside before the zakāh is distributed to local mustaḥiq: branches and sub-branches. before the zakāh distribution, a joint or plenary meeting must be held involving three elements: (1) bapelurzam personnel; (2) muhammadiyah organization leaders; and (3) ulama/community figures. this is to prevent any disparagement. ‘āmil of bapelurzam must have a strong conceptual stance; however, in particular situations and conditions, flexible policies can be made to manage zakāh in the next period. ‘āmil bapelurzam is expected to be successful in carrying out its duties. for whatever reason, zakāh management should not involve fraud (muhid et al., 2021). ‘āmil bapelurzam should give detailed written reports about the zakāh collection and distribution to the organization leadership and muzakki. operationalization of zakāh al-māl at the regional level, the effectiveness of zakāh relies on bapelurzam. the lowest level of zakāh al-māl manager is the district bapelurzam formed based on an assignment letter or an order from the muhammadiyah branch manager, completed with the implementation instructions. the highest āmil bapelurzam refers to the central executive of the muhammadiyah of waqf and property council in jakarta. muhammadiyah leaders at all levels are encouraged to be pioneers in paying zakāh al-māl (azlisham abdul aziz et al., 2021). this is because the leaders are the role models to inspire all members to pay zakāh al-māl. it becomes ironic if the members of muhammadiyah pay the zakāh while the leaders are reluctant to do so. zakāh al-māl is taken from someone’s net wealth (truly one's own), which is 2.5% of total wealth, submitted to bapelurzam within a predetermined time limit. direct distribution of zakāh al-māl by the muzakki to mustaḥiq cannot be called zakāh by sadaqah or ordinary charity. furthermore, the obligation to pay zakāh is addressed to individuals, not institutions such as cooperation, companies, and other business entities. the way to calculate wealth for zakāh al-māl is presented as follows. first, new wealth or wealth that has never been paid for its zakāh in the previous year http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 262 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 is counted as 100%. properties that always change, such as commodities and products, are considered new wealth. second, old wealth is the wealth that has been paid the zakāh and has not changed. this wealth is calculated based on the value or price on a rental basis. the reconstructed house is calculated based on the rental value and added by the cost of rehabilitation. it is recommended that old assets with quite high prices be valued as a rental service and added with a little ihtiyāṭ /prudence. the new income, such as salary or honorarium, which is mostly spent on normal daily living needs, is calculated as wealth. here, the rest then becomes a wealth. though it is no longer in the form of money, it might be in the form of furniture, vehicles, jewelry, new reconstruction costs and so on (jailani & nur kholis, 2021). the rules of niṣāb based upon the pseudo-line between the rich and the poor imbued with ihtiyāṭ (caution) and avoid fraud are presented as follows: (1) integrated wealth integrated debt = minus. this is considered pre-niṣāb. this means that the person is considered poor and not obliged to pay zakāh but is entitled to receive assistance. (2) integrated wealth integrated debt = zero. this means that the wealth is not reaching the niṣāb. the zakāh is not obligatory. the zakāh can be given as a second warning after the nishab is sufficiently sanctioned; (3) integrated wealth integrated debt = surplus. this means that the wealth has reached the niṣāb or aghniyā (wealthy). paying zakāh al-māl (2.5%) is obligatory even though the surplus might only be idr1,000.00. branch bapelurzam collects zakāh al-māl started from the 21st of ramaḍān to the 30th of shawwāl. these days, the muzakki are expected to calculate the net wealth entitled to zakāh themselves while waiting for the arrival of bapelurzam officers. the collection and distribution of zakāh must be fully recapitulated in detail. the report is sent to the muhammadiyah office, muzakki, and other parties for accurate control. the community evaluates the report and immediately gives it to bapelurzam. if an error is found, it should be corrected immediately. branch bapelurzam will submit a written accountability report to the branch leadership of muhammadiyah regional bapelurzam no later than the 15th of ẓulḥijjah. then, the regional bapelurzam will submit a written progress report to muhammadiyah regional leadership no later than the 30th of ẓulḥijjah. taṣarruf of zakāh al-māl the zakāh managers have a right of 15% of the overall collected zakāh in one branch. this amount must be sent to the regional bapelurzam. furthermore, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 263 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 the regional bapelurzam divides the percentage by 10% for the local board of muhammadiyah, 3% for the regional board of muhammadiyah and 2% for the central board of muhammadiyah. these provisions cannot be changed by consensus at the branch-level joint plenary deliberations. the management rights owned by branch bapelurzam are 85% of the total zakāh al-māl collected by one branch. for the taṣarruf, 85% is rounded up to 100%. then, it is distributed according to predetermined provisions. the total zakāh collected must be distributed to the eight determined groups (al-aṣnāfu al-thamaniyah) (qs at-taubah, 60) (febriandi et al., 2021). to facilitate the taṣarruf, the eight groups are categorized into two groups. first is the ḍu’afā group, consisting of (a) fuqara' (people who have nothing to meet their basic needs); (b) miskīn (people who have goods to cover their basic needs but insufficient); (c) ghārimīn (people who are in debt); (d) riqāb: (to (liberate) enslaved people); and (e) ibn al sabīl (travellers for god’s cause). second is sabīlillāh groups: (a) ‘āmilīn (zakāh administrators); (b) mu'allafah qulūbuhum (those whose hearts are inclined to islam); and (c) fī sabīlillāh (those who are in for the cause of allah). the two major groups are equally important to support and nurture in normal socio-economic situations. for this reason, both groups have a similar proportion of 50% each. a special policy can be made in an emergency, such as a major natural disaster. for example, the ḍu’afā group will be entitled to 90%, while the sabīlillāh groups will have only 10%. on the other hand, if it is in the case of war, then sabīlillāh will get 80%, and the ḍu’afā will get 20%. the 50% share of the sabīlillāh group is taken for ‘āmilīn, around 10% for operational purposes, such as administration, accommodation, consumption, rental fees/wages, the ‘āmilīn honorarium and others. this percentage might be changed according to circumstances. the remaining 40% is managed by branch leaders as the holder of da'wah in all aspects (gallop et al., 2021). on the other hand, the share for the ḍu’afā is intended to improve the socio-economic welfare and alleviate poverty. therefore, the taṣarruf is then regulated and directed as follows: (1) in a normal socio-economic condition, the distribution for consumption purposes is 30%, and the share for productive purposes is 70%; (2) in case of an emergency, the distribution for consumption purposes is 70% and for the productive purposes is 30%; (3) under normal circumstances, sometimes depends on the muzakki’s demand, the share for consumption purposes is up to a maximum of 50%. for consumption zakāh, its is distributed as money or food to be given directly to the ḍu’afā. sometimes, the distribution is based on a certain classification. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 264 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 for example, idr5,000.00 is given to the a class; idr7,000.00 to the b class, and so on. meanwhile, the taṣarruf for productive purposes is in the form of funds for capital or means of production, according to mustaḥiq’s expertise. taṣarruf for productive zakāh is not a one-off grant but an interest-free loan. for example, the ḍu’afa is given idr100,000.00 for business capital. this amount should be returned in ten instalments with idr10,000.00 per month. this is also similar in the case of giving a load for production equipment, such as a sewing machine. after the funds are returned, muhammadiyah can give the fund to other mustaḥiq. with this system, the working capital will get larger in a period of 10 to 25 years. the branch of bapelurzam handed over the mandate to the branch of muhammadiyah on 5 ẓulḥijjah to 30 ẓulḥijjah due to particular circumstances. in this case, the policies regarding the handling of productive zakāh are given to the branch of muhammadiyah, particularly the economics division, to continue the poverty alleviation program more effectively and efficiently (hidayah, 2021). the productive loan is an independent and stable socio-economic assistance. after two to five years, it is expected that the productive mustaḥiq or ḍu’afa economically experience an improvement and even become muzakki (irham et al., 2021). illustration of zakāh al-māl distribution a total of idr7,000,000.00 managed by the branch of bapelurzam will be distributed to the ḍu'afā group and sabīlillāh group. here, the fund is managed to provide scholarships for gifted and university students. approximate distribution: ḍu’afā..................................................................... 35 % or 45 % ḍu’afā sabīlillāh: scholarship.................................. 15 % or 10 % sabīlillāh................................................................. 50 % or 45 % furthermore, for the ḍu’afā after it is rounded to 100%, then the distribution will be: consumptive zakāh................................................ 30 % productive zakāh ................................................... 70 % http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 265 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 for sabīlillāh: ‘āmilīn .................................................................. 10 % or 20 % integrated sabīlillāh............................................... 90 % or 80 % the administration of bapelurzam must be open and transparent. bapelurzam, at all levels, must provide a comprehensive written accountability report to the organizational leadership in the predetermined time. the implementation of zakāh al-māl the following is the zakāh management in nitikan village. table 4. schedule of preparing zakāh al-māl management no meeting agenda venue objective 1 visiting plan/silaturahim (an informal gathering) yogyakarta to gain knowledge of zakāh al-māl management 2 team establishment yogyakarta technical team appointment 3 visitation kendal weleri to determine the zakāh al-māl system 4 visitation report yogyakarta implementation plan 5 meeting of committee yogyakarta scheduling 6 implementation yogyakarta guidelines dissemination table 5. schedule of zakāh al-māl management agenda no time venue meeting materials 1 7 sha’bān yogyakarta inauguration of zakāh al-māl managers 2 15 sha’bān yogyakarta the 1st information dissemination to muzakki 3 25 sha’bān yogyakarta the 2nd information dissemination to muzakki 4 7 ramaḍān yogyakarta the 3rd information dissemination to muzakki 5 15 ramaḍān yogyakarta the 4th information dissemination and the distribution of zakāh payment receipts to prospective muzakki 6 27-30 ramaḍān yogyakarta zakāh collection 7 1 shawwāl yogyakarta calculation and zakāh distribution 8 20 shawwāl yogyakarta reporting and evaluation 9 1 ẓulqa’dah yogyakarta dissolution and formation of the committee 10 10 ẓulḥijjah yogyakarta reporting to muzakki. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 266 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 response of local people the response of the nitikan villagers to the obligation of zakāh can be seen from two aspects. the first is the enthusiasm the people showed when they were invited to a meeting informing zakāh organized by baperluzam of muhammadiyah branch of weleri in kendal weleri in 2016. as many as one hundred twenty-five people participated in the meeting. they are prospective muzakki, muhammadiyah branch management, and aisyiyah branch management of nitikan. they seemed enthusiastic in listening to the explanation about zakāh management from muslim rahmadi and others (abidin, 2014). the committee provided them with two bus fleets and five cars for this program. upon returning from the visit, the participants agree to implement zakāh in their village under the muhammadiyah branch nitikan supervision. the second is the enthusiasm during the dissemination of the zakāh al-māl program a half month before ramaḍān month, one week before ramaḍān, and a week after ramaḍān (perawironegoro, 2019). the third is the enthusiasm during the meeting on the information dissemination of zakāh al-māl program in 2017. it was attended by seventy to one hundred prospective muzakki. this number is relatively sufficient to prove that the people are enthusiastic about getting an explanation of zakāh al-māl program. the fourth is the significant increase in zakāh al-māl collection from 2017 to 2019 compared to the previous and subsequent years. during the covid-19 pandemic around 2020 and 2021, the amount of zakāh collection decreased significantly. due to the social restriction during the pandemic, the gathering to disseminate zakāh program was halted. therefore, it was not easy to obtain information about the program. many muzakki failed to pay their zakāh during the ramaḍān month, usually considered by them as precious time to pay zakāh. this is due to its status of ramaḍān as a holy month where the rewards are multiplied, especially during the laylah al-qadr, which is considered better than one thousand months. nitikan village is believed to be the hometown of muhammad darwis (nickname of kyai haji ahmad dahlan, the founder of muhammadiyah). the village used to be considered a red zone village, as gambling was everywhere. however, after the arrival of muhammadiyah preachers, the muhammadiyah district board was even established. the village became the pioneer of islamic da'wah in the surrounding hamlets, eradicating gambling and prohibited acts by islam in the surrounding hamlets. with the increase in the people’s piety and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 waharjani. amwal zakat management: a case study in yogyakarta 267 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 religiosity, the awareness to pay zakāh increases. this has been doubled with the introduction of zakāh al-māl management by bapelurzam. conclusion this study shows that zakāh al-māl in nitikan area mosques predominantly led by bapelurzam of muhammadiyah, under the coordination muhammadiyah branch board. there are factors leading to the improvement of the zakāh al-māl collection. first, there has been an increasing trust of the people to bapelurzam of muhammadiyah as it has actively disseminated information and idea about zakāh al-māl to the locals. second, there has been a sifting paradigm of zakāh al-māl among the nitikan muslims. zakāh al-māl is not limited to gold, silver, staple food crops, and animals, but also all assets that have reached the niṣāb and been owned for at least one year. third, in turn, this zakāh al-māl mechanism has encouraged the locals to pay their zakāh as they feel capable of it. this leads to a strong determination 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(2020). re-reading edward said and richard king's works on orientalism. islam in world perspective symposium, 2(1), 35–42. https://doi.org/10.5525/ gla.thesis.83208. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 272 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28586 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 widarwati, e., afif, n. c., & zazim, m. (2016). strategic approcah for optimizing of zakah institution performance: customer relationship management. aliqtishad: journal of islamic economics, 9(1), 81–94. https://doi.org/10.15408/ aiq.v9i1.4010. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28586 about authors abdulla hamzah al-hadrami is lecturer at university college of bahrain. his research interests include islamic banking and finance studies abdurrahman raden aji haqqi is senior lecturer and deputy director of the centre for research and publications at universiti sultan sharif ali, brunei darussalam. ahmad rodoni is the lecturer at state islamic university (uin) syarif hidayatullah jakarta. he also as a researcher on islamic management studies. ali rama is the lecturer at state islamic university (uin) syarif hidayatullah jakarta. he also as a researcher on islamic economics studies. anton bawono is lecturer from faculty of islamic economics and business iain salatiga. also as researcher on islamic economics studies. desmadi saharuddin is the lecturer at state islamic university (uin) syarif hidayatullah jakarta. he also as a researcher on islamic economics studies. euis amalia is the lecturer at state islamic university (uin) syarif hidayatullah jakarta. he also as a researcher on islamic economics studies. hamdan yuafi is lecturer from faculty of islamic economics and business iain salatiga. also as researcher on islamic economics studies. idqan fahmi is lecturer at bogor agricultural university. also as a researcher on islamic economics, banking, and finance studies. irfan syauqi beik is lecturer at bogor agricultural university. also as a researcher on islamic banking studies kharisya ayu effendi is lecturer at universitas widyatama. also as a researcher on management studies m. arskal salim is the lecturer at state islamic university (uin) syarif hidayatullah jakarta. he also as a researcher on islamic law studies m ashraf al haq is a ph.d students at islamic business school, universiti utara malaysia. he also as a researcher on islamic economic studies. ma’ruf amin is a lecturer from state islamic university (uin) maulana malik ibrahim malang. he also as chairman of indonesian ulema council. mohamed isa al-sharbiti is lecturer at university college of bahrain. his research interests include islamic banking and finance studies. muhammad umar mai is lecturer at politeknik negeri bandung. he also as researcher on management studies. nor azlina binti abd wahab is a senior lecture at islamic business school, universiti utara malaysia. she also as a researcher on islamic economic studies. rezki syahri rakhmadi is the lecturer at state islamic university (uin) syarif hidayatullah jakarta. he also as a researcher on islamic economics studies. rose abdullah is senior lecturer and director of the centre for research and publications at universiti sultan sharif ali, brunei darussalam. ruhadi is lecturer at politeknik negeri bandung. he also as researcher on management studies. sofyan baehaqie is graduate student at bogor agricultural university. also as a researcher on islamic banking studies. sutan emir hidayat is lecturer at university college of bahrain. his research interests include islamic banking studies. vol. 9 (1) january 2017 no name title note 1 teguh budiman, farida titik kristanti, wardhana islamic capital listed in financial market: risk, governance, earning, and capital lecturer and researcher at faculty of economics and business universitas padjajaran. 2 dimas bagus wiranatakusuma, jarita duasa building an early warning towards the resilience of islamic banking in indonesia lecturer of universitas muhammadiyah yogyakarta, and lecturer at international islamic university of malaysia. 3 yee loon mun, hasanuddin mohd thas thaker asset liability management of conventional and islamic banks in malaysia lecturer and researcher of help university. 4 ismawati haribowo the indonesian islamic bank’s spin-off: a study in regional development banks lecture of state islamic university syarif hidayatullah jakarta. also as a researcher on islamic accounting studies 5 uun sunarsih, ferdiansyah determinants of the islamic social reporting disclosure lecture of school of economics of indonesia (stei). also as a researcher on accounting studies 6 estu widarwati, nur choirul afif, muhamad zazim strategic approach for optimizing of zakah institution performance: customer relationship management lecturer of stie sutaatmadja subang, jenderal soedirman university, and al-mu’min islamic college. 7 aldrin herwany, erie febrian, imam buchari greece financial crises and sukuk markets: experience from gulf countries lecturer of universitas padjajaran and university college of bahrain. 8 nurul hilmiyah, bayu taufiq possumah, muhammad hakimi mohd shafiai tawhidic based economic system: a preliminary conception doctoral student at universiti kebangsaan malaysia, lecturer at tazkia university college of islamic economics, and lecturer of universiti kebangsaan malaysia articles & authors 9 muniaty aisyah consumer demand on halal cosmetics and personal care products in indonesia lecture of state islamic university syarif hidayatullah jakarta. also as a researcher on marketing management studies 10 ahmad hudaifah, shochrul rohmatul ajija a comparative study in poverty alleviation between moslem and non moslem populated countries lecture of lecturer at universitas semen indonesia and airlangga university. vol. 9 (2), july 2017 no name title note 1 abdulla hamzah al hadrami, sutan emir hidayat, mohamed isa alsharbiti the important selection criteria in choosing islamic banks: a survey in bahrai lecturer of university college of bahrain. also as a researcher in islamic finance studies 2 hamdan yuafi, anton bawono islamic banking existence and domestic credit: study at seven countries lecture of iain salatiga. also as a researcher on islamic economics and finance studies 3 kharisya ayu effendi risk of debt-based financing in indonesian islamic banking lecture of universitas widyatama. also as a researcher on islamic economics and finance studies 4 sofyan baehaqi, idqan fahmi, irfan syauqi beik determining factors of deposit level of islamic banks in indonesia lecturer at bogor agricultural university. also as a researcher in islamic banking studies 5 ahmad rodoni, m. arskal salim, euis amalia, rezki syahri rakhmadi comparing efficiency and productivity in islamic banking: case study in indonesia, malaysia, and pakistan lecture of state islamic university (uin) syarif hidayatullah jakarta. also as a researcher on islamic finance studies 6 rose abdullah, a b d u r r a h m a n raden aji haqqi zakat for asnaf algharimun in brunei darussalam: concepts and practice lecturer and researcher at universiti islam sultan sharif ali brunei darussalam 7 m ashraf al haq, norazlina binti abd wahab effective zakat distribution: highlighting few issues and gaps in kedah, malaysia lecturer and researcher at universiti utara malaysia. 8 desmadi saharuddin, ali rama currency system and it’s impact on economic stability lecturer at uin syarif hidayatullah jakarta. researcher on islamic economics studies 9 ruhadi, muhammad umar kai bankruptcy model analysis: comparative studies between sharia and non sharia manufacturing companies lecturer of politeknik negeri bandung. also as a researcher on economics and finance studies 10 ma’ruf amin fatwa and the development of islamic financial industry: a lesson from indonesia lecture of state islamic university (uin) maulana malik ibrahim malang. also as a chairman of indonesian ulema council authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) as publisher of this journal. copyright encompasses exclusive rights to reproduce and deliver the article in all forms and media, including 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to the editorial office in the form of original mail, or scanned document file (softcopy) to: m. nur rianto al arif editorial office al-iqtishad faculty economics and business building 3rd floor syarif hidayatullah state islamic university jakarta jl ir h juanda no 95, ciputat, south tangerang, banten, indonesia -15412phone (+6221) 7401925 website: www.journal.uinjkt.ac.id/index.php/iqtishad; email: iqtishad@uinjkt.ac.id; editor.iqtishad@yahoo.com copyright transfer agreement copyright transfer agreement name of principal authors: …………………………………………………………………………………..... address of principal authors: …………………………………………………………………………………..... …………………………………………………………………………………..... tel/fax: …………………………………………………………………………………..... e-mail: …………………………………………………………………………………..... author(s) name: …………………………………………………………………………………..... manuscript title: …………………………………………………………………………………..... date received: …………………………………………………………………………………..... …………………………………………………………………………………..... 1. i/we submit to the al-iqtishad: 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(when there is more than one author, only the first author that sign this copyright) acknowledgment to reviewers in this issue contribution from the following reviewers in this volume was very appreciated for their valuable review comments: ahmad tholabi (uin syarif hidayatullah jakarta-indonesia) asep saepudin jahar (uin syarif hidayatullah jakarta-indonesia) ashraf md hashim (isra – malaysia) atiquzzafar khan (international islamic university islamabad –pakistan) bayu taufiq posumah (universiti malaysia trengganu -malaysia) hendri tanjung (university of ibn khaldun –indonesia) m amir kia (utah valley university usa) m. nadratuzaman hosen (uin syarif hidayatullah jakarta-indonesia) m. kabir hassan (university of new orleans –usa) mehmet asutay (durham university business school –uk) mustafa e nasution (university of indonesia –indonesia) mohammad hudaib (adam smith business school, glasgow univ., uk) mokhamad anwar (universitas padjajaran –indonesia) monzer khaf (qatar faculty of islamic studies, qatar) muhammad iqbal anjum (international islamic university islamabad –pakistan) ratno purnomo (university of general soedirman –indonesia) roszaini haniffa (heriot watt university, united kingdom) unggul purwohedi (universitas negeri jakarta –indonesia) authors index abdulla hamzah al-hadrami abdurrahman raden aji haqqi ahmad hudaifah ahmad rodoni aldrin herwany ali rama anton bawono bayu taufiq possumah desmadi saharuddin dimas bagus wiranatakusuma erie febrian estu widarwati euis amalia farida titik kristanti ferdiansyah hamdan yuafi idqan fahmi imam buchari irfan syauqi beik ismawati haribowo jarita duasa kharisya ayu effendi hasanuddin mohd m ashraf al haq m. arskal salim ma’ruf amin mohamed isa al-sharbiti muhammad zazim muhammad hakimi mohd shafiai muhammad umar mai muniaty aisyah norazlina binti abd wahab nur choirul afif nurul hilmiyah rose abdullah ruhadi scochrul rohmatul ajija sofyan baehaqi sutan emir hidayat teguh budiman uun sunarsih yee loon mun wardhana accounting based al-gharimum arima asset liability management banking crisis bankruptcy model capital company size comparative study consumers purchase behavior conventional banks cosmetics currency system customer loyalty customers customer relationship management data envelopment analysis debt-based financing deposit level descriptive domestic credit early warning system earning economic stability effective distribution efficiency extracting signal approach fatwa financing risk management governance greece financial crises gulf countries halal islamic banks islamic banking subject index islamic economics islamic social reporting literature review malmquist mainstream economics market risk moslem countries non-moslem countries non-sharia companies panel regression personal care products poverty productivity profitability qualitative regional development bank resilience of islamic banking risk selection criteria sharia companies sharia financial industry spin-off sukuk sukuk markets sustainable balanced scorecard tawhid theory of planned behavior ulema vector auto-regression zakah zakah management zakah institution performance zakah system al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) guidance for writing in journal of al-iqtishad 1. the manuscripts represent academic research in islamic economics and finance discipline. 2. upon the publication of the manuscript, the author should provide a letter states that the manuscripts have never been, or under consideration to be, published in other journal publications. 3. structure of the manuscripts a. title. the title should be short, clear, and informative, but does not exceed 9 words. b. author’s names and institutions. the author’s names should be accompanied by the author’s institutions and email addresses, without any academic titles and/or job title. c. abstract and keywords. the abstract should be less than 150 words. the key words should be 2 to 5 phrases. d. introduction. this section explains the backround of the study, and aims of the manuscripts. it should be written without numbers and/or pointers. e. literature review. this section explains the theoretical framework that used on this research, a review on the previous research in the area. f. methods. this section describes the tools of analysis along with the data and their sources. g. discussion. this section explains the results of the study. h. conclusions. this section concludes and provides policy implications, if any, of the study. i. references. this section lists only the papers, books, or other types of publications referred in the manuscript. 4. the authors should provide an index of subject, namely the specific terms in the manuscript. the authors should also provide the index of authors, namely the key authors of papers referred in the manuscript. please write the family name followed by the given name. 5. estimation result from a software package is not allowed to be directly presented in the paper. they should be presented in equations with the appropriate estimation results. 6. table format should contain only heading and contents. please provide the top and bottom lines, along with the line(s) that separate the heading and the contents. example: table 1. the growth of third party fund, financing and asset (billion rupiah) 2009 2010 2011 2012 2013 2014* fundraising 52.271 76.036 115.415 147.512 174.018 186.608 financing 46.886 68.181 102.655 147.505 179.284 187.886 asset 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia 7. acknowledgment, if any, should be written as the foot-note of the manuscript’s title. 8. the manuscript is prepared in a quarto paper, single-sided, and double-space format. a new paragraph should start 5 characters from the left margin, using 12-size, times-newromans font type. 9. the manuscript is written in proper english, either british or american english, but not the combination of both, except 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(arabic numbering system). the names of the tables and figures are on the top and bottom parts of the tables, respectively. b. the tables and figures should provide the source of information, if any, at the bottom part of both. 18. references should be written in alphabetical order, without any number. they should be written using the following criteria: a. for books, the format should follow the following example: al arif, m. n. r. 2015. pemasaran stratejik pada asuransi syariah. jakarta: gramata. b. for papers that are part of a book, the format should follow the following example: bahl, r. 2000. how to design a fiscal decentralization. in sahid, y. (eds.), local dynamics in an era of globalization, 25-26, london: oxford university press. c. for journal/magazine papers, the format should follow the following example: al arif, m. n. r. 2012. efek multiplier wakaf uang dan pengaruhnya terhadap program pengentasan kemiskinan. jurnal asy-syir’ah, vol. 46 (1), january 2012, hlm. 10 – 12. d. for internet references, the format should follow the following example: kharlie, ahmad tholabi. 2006. “formalisasi syariat islam, mengapa tidak?”, http//www.ahmadtholabi.wordpress.com, accesed on 17 maret 2014 e. for magazine, the format should follow the following example: asa, syu’bah. 2004 “pengantin darah”, dalam tempo, no. 30/xxx111/20, 20 september 2004 19. transliteration guidance (from arabic to latin) consonant (iاi) = a z = (ز) q = (ق) b = (ب) s = (س) k = (ك) t = (ت) sy = (ش) l = (ل) ts = (ث) sh = (ص) m = (م) j = (ج) dh = (ض) n = (ن) h = (ح) th = (ط) w = (و) kh = (خ) zh = (ظ) h = (ه) d = (د) ‘ = (ع) ’ = (ء) dz = (ذ) gh = (غ) y = (ي) r = (ر) f = (ف) t = ( ة ) short vocal long vocal = a ( ) = â = i ( ) = î = u ( ) = û diftong pembauran aw = (أو) al = (ال) ( ) = ay al-sy = (الش) -wa al = (وال) 20. the manuscript in microsoft word should be sent to iqtishad@uinjkt.ac.id or through online submission at: http://journal.uinjkt.ac.id/index.php/iqtishad/user/register 21. a brief cv that records full name, academic title, institution, telephone, fax and mobile number should accompany the manuscript. 22. the decision of the manuscript are: a. accepted, or b. accepted with minor revision, or c. accepted with major revision, or d. rejected. 23. upon the publication of the manuscript in the journal, the author will receive a publication proof number and 3 off-prints. 24. further information about the journal can be seen at http://journal.uinjkt.ac.id/index. php/iqtishad erny arianty1, m. cholil nafis2, abdul ghoni3 abstract. one of the causes of cash waqf linked sukuk fundraising that has not reached the expected value is the low implementation of accountability. this study aims to analyze the strategy that has the most effect on increasing cwls accountability with the maqāṣid asy-syarī'ah approach. the method uses the theme approach and anp. the results show that the strategies needed include program-related competency development, professional management, accounting and reporting, and technology. another strategy is information management which is conveyed to the wakif. the implications contribute to stakeholders in coordinating plans and initial steps to implement this strategy. keywords: accountability, maqāṣid, syarī‘ah, cwls, anp abstrak. salah satu penyebab penggalangan dana cash waqf linked sukuk belum mencapai nilai yang diharapkan adalah rendahnya implementasi akuntabilitas. penelitian ini bertujuan untuk menganalisis strategi yang paling berpengaruh meningkatkan akuntabilitas cwls dengan pendekatan maqāṣid asy-syarī‘ah. metode menggunakan pendekatan tema dan anp. hasil menunjukkan strategi yang dibutuhkan meliputi pengembangan kompetensi terkait program, manajemen profesional, akuntansi dan pelaporan, serta teknologi dan strategi pengaturan informasi yang disampaikan kepada wakif. implikasi penelitian memberikan kontribusi bagi pemangku kepentingan dalam mengkoordinasikan rencana dan langkah awal untuk menerapkan strategi ini. kata kunci: akuntabilitas, maqāṣid, syarī‘ah, cwls, anp how to increase the accountability of cash waqf linked sukuk: maqāṣid asy-syarī‘ah approach al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 1 20 1,2universitas islam negeri syarif hidayatullah, jakarta 3muhammadiyah university, jakarta e-mail: 1ariantyerny@gmail.com1, 2cholil.nafis@uinjkt.ac.id, abdul.ghoni@umj.ac.id3 author: erny arianty received: 15 january 2023 accepted: 20 june 2023 published: 30 june 2023 persepsi wâqif dalam berwakaf tunai yuke rahmawati abstract: perception of wâqif on cash waqf. one of the provision contained in the act 41 year 2004 on waqf is the permissibility of giving waqf in cash. this article describes various perceptions, taking into account of the strengths, weaknesses, opportunities, and challenges of cash waqf. opportunity factors include the management and empowerment opportunities cash waqf as a form of new investment. the concept of fiqh is flexible and dynamic, therefore the waqf as a great potential to be developed according to the needs of the time. aside of that is disadvantage factors such as absence of the of muslim’s opinion on the issue. keywords: cash waqf, welfare, wâqif, philanthropy abstrak: persepsi wâqif dalam berwakaf tunai. salah satu ketentuan dan keputusan penting yang terdapat dalam uu no. 41 tahun 2004 tentang wakaf adalah diperbolehkannya memberikan wakaf dalam bentuk tunai. artikel ini menggambarkan pelbagai persepsi dengan melihat faktor kekuatan, kelemahan, peluang, dan tantangan wakaf tunai. faktor peluang meliputi pengelolaan dan pemberdayaan wakaf tunai sebagai bentuk investasi baru, dan konsep fikih yang fleksibel dan dinamis, sehingga wakaf sebagai potensi yang cukup besar untuk dikembangkan sesuai dengan kebutuhan zaman. sedangkan faktor hambatan berupa kebekuan umat islam terhadap konsep wakaf. selain itu, banyaknya nadzîr wakaf yang masih tradisional, pengaruh krisis ekonomi politik dalam negeri, dan ekses praktik korupsi pada dana-dana yang dimobilisasi secara masif. kata kunci: wakaf tunai, kesejahteraan, wâqif, filantropi naskah diterima: 10 april 2012, direvisi: 21 agustus 2012, disetujui: 30 agustus 2012.  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: uke_rahmawati@yahoo.com mannan, m. abdul, teori dan praktek ekonomi islam, yogyakarta: pt dana bhakti prima yasa, 1997. pontjowinoto, iwan p., kaya & bahagia cara syariah, jakarta: mizan media utama, 2010. rivai, veitzal, manajemen sumber daya manusia perusahaan, jakarta: murai kencana, 2005. rivai, veitzal dkk., islamic financial manajement, jakarta: ghalia indonesia, 2010. sunariyah, pengantar pengetahuan pasar modal, yogyakarta: upp-stim ykpms, 2011. tim penyusun, kamus besar bahasa indonesia kontemporer, jakarta: modern english press, 2002. http://zelts-consulting.com/perencanaan-keuangan-syariah/ (29-03-2013) yuke rahmawati: persepsi wâqif dalam berwakaf tunai 98 pendahuluan keberadaan sistem wakaf saat ini telah membawa pemikiran dan cara pandang masyarakat lebih terbuka dan luas. pemahaman bahwa wakaf itu hanya terbatas pada barang atau benda tidak bergerak telah berubah, bahwa paham ‚asal harta‛ yang dikelola oleh nadzîr tidak boleh hilang atau berubah ternyata tidak hanya terpaku pada benda yang diam saja. di indonesia, nadzîr wakaf belum banyak yang profesional, karena kebanyakan nadzîr wakaf hanya kerja sampingan. hasil penelitian pusat bahasa dan budaya (pbb) uin syarif hidayatullah jakarta, tahun 2006, terhadap 500 responden nadzîr di 11 provinsi, menunjukkan bahwa harta wakaf lebih banyak bersifat idle (77%) daripada yang produktif (23%). sedangkan para nadzîr pun tidak terfokus dalam mengelola, mereka mayoritas bekerja sambilan dan tidak diberi upah (84%), dan yang bekerja secara penuh dan terfokus ternyata amatlah minim (16%). selain itu, wakaf di indonesia lebih banyak dikelola oleh perseorangan (66%) alias tradisional, daripada organisasi profesional (16%) dan berbadan hukum (18%).1 dengan pelbagai pengkajian keilmuan dan ijtihad, wakaf juga berlaku pada jenis uang, tanpa harus keluar dari prinsip pokok wakaf. sistem wakaf yang mulai berkembang di indonesia, memunculkan pelbagai perlakuan ‚istimewa‛ dalam peraturan dan aplikasinya. melalui undang-undang no. 41 tahun 2004 tentang wakaf pemerintah telah menyempurnakan pelbagai ketentuan tentang wakaf yang sebelumnya diatur dalam peraturan pemerintah (pp) no. 28 tahun 1977 tentang perwakafan tanah milik. salah satu ketentuan dan keputusan penting yang terdapat dalam undangundang tersebut adalah diperbolehkannya memberikan wakaf dalam bentuk tunai. mengutip pernyataan majelis ulama indonesia yang tertuang dalam fatwa mui tanggal 11 mei 2002, disebut bahwa pengertian wakaf tunai adalah wakaf yang dilakukan atau dikeluarkan seseorang, kelompok orang, atau badan hukum dalam bentuk uang tunai. selain wakaf uang, surat-surat berharga juga termasuk dalam pengertian wakaf tunai. dengan adanya wakaf tunai ini, masyarakat tidak harus memiliki kekayaan yang berlebih, karena ia dapat berwakaf berapa pun tanpa dibatasi. secara umum, pemahaman seseorang tentang wakaf tunai terkadang hanya didasarkan pada aspek religiusitasnya sebagai seorang muslim. bahwa dengan berwakaf ia telah menjalankan syariah agama atau perintah allah swt. ia akan mendapatkan pahala yang terus mengalir hingga akhir hayatnya. namun 1 m. cholil nafis, ‛potensi wakaf produktif untuk kesejahteraan umat‛, dalam http// www.jhonmila.blogspot.com diunduh 1 agustus 2002. al-iqtishad: vol. v, no. 1, januari 2013 99 pendahuluan keberadaan sistem wakaf saat ini telah membawa pemikiran dan cara pandang masyarakat lebih terbuka dan luas. pemahaman bahwa wakaf itu hanya terbatas pada barang atau benda tidak bergerak telah berubah, bahwa paham ‚asal harta‛ yang dikelola oleh nadzîr tidak boleh hilang atau berubah ternyata tidak hanya terpaku pada benda yang diam saja. di indonesia, nadzîr wakaf belum banyak yang profesional, karena kebanyakan nadzîr wakaf hanya kerja sampingan. hasil penelitian pusat bahasa dan budaya (pbb) uin syarif hidayatullah jakarta, tahun 2006, terhadap 500 responden nadzîr di 11 provinsi, menunjukkan bahwa harta wakaf lebih banyak bersifat idle (77%) daripada yang produktif (23%). sedangkan para nadzîr pun tidak terfokus dalam mengelola, mereka mayoritas bekerja sambilan dan tidak diberi upah (84%), dan yang bekerja secara penuh dan terfokus ternyata amatlah minim (16%). selain itu, wakaf di indonesia lebih banyak dikelola oleh perseorangan (66%) alias tradisional, daripada organisasi profesional (16%) dan berbadan hukum (18%).1 dengan pelbagai pengkajian keilmuan dan ijtihad, wakaf juga berlaku pada jenis uang, tanpa harus keluar dari prinsip pokok wakaf. sistem wakaf yang mulai berkembang di indonesia, memunculkan pelbagai perlakuan ‚istimewa‛ dalam peraturan dan aplikasinya. melalui undang-undang no. 41 tahun 2004 tentang wakaf pemerintah telah menyempurnakan pelbagai ketentuan tentang wakaf yang sebelumnya diatur dalam peraturan pemerintah (pp) no. 28 tahun 1977 tentang perwakafan tanah milik. salah satu ketentuan dan keputusan penting yang terdapat dalam undangundang tersebut adalah diperbolehkannya memberikan wakaf dalam bentuk tunai. mengutip pernyataan majelis ulama indonesia yang tertuang dalam fatwa mui tanggal 11 mei 2002, disebut bahwa pengertian wakaf tunai adalah wakaf yang dilakukan atau dikeluarkan seseorang, kelompok orang, atau badan hukum dalam bentuk uang tunai. selain wakaf uang, surat-surat berharga juga termasuk dalam pengertian wakaf tunai. dengan adanya wakaf tunai ini, masyarakat tidak harus memiliki kekayaan yang berlebih, karena ia dapat berwakaf berapa pun tanpa dibatasi. secara umum, pemahaman seseorang tentang wakaf tunai terkadang hanya didasarkan pada aspek religiusitasnya sebagai seorang muslim. bahwa dengan berwakaf ia telah menjalankan syariah agama atau perintah allah swt. ia akan mendapatkan pahala yang terus mengalir hingga akhir hayatnya. namun 1 m. cholil nafis, ‛potensi wakaf produktif untuk kesejahteraan umat‛, dalam http// www.jhonmila.blogspot.com diunduh 1 agustus 2002. secara spesifik, seorang wâqif terdorong untuk melaksanakan wakaf tunai karena banyak faktor yang sifatnya lebih luas, baik aspek ekonomi, sosial, budaya, dan kepercayaan yang dilatarbelakangi pemahaman dan pengetahuan mereka tentang wakaf. di indonesia, lembaga-lembaga pengelola wakaf meluncurkan produk dan fasilitas yang menghimpun dana wakaf dari masyarakat. seperti baitul mal muamalat, meluncurkan wakaf tunai muamalat (waqtumu), dompet dhuafa republika meluncurkan tabung wakaf indonesia (twi), dan pos keadilan peduli umat (pkpu) juga meluncurkan wakaf uang. lembaga-lembaga ini, sejatinya secara hukum masih terdaftar sebagai lembaga amil zakat. namun di samping mengelola zakat, lembaga-lembaga ini juga melakukan pengelolaan wakaf uang. pengelola wakaf yang mapan telah dipelopori oleh lembaga tabung wakaf indonesia (twi) yang basisnya adalah dari masyarakat. adapun lembaga wakaf yang didukung pemerintah adalah badan wakaf indonesia (bwi). kedua lembaga ini telah konsisten melaksanakan, mengembangkan, dan membina pengelolaan barang dan dana wakaf yang dimobilisasi. eksistensinya patut diperhitungkan dalam pengembangan ekonomi masyarakat. berdasarkan pengertian, wâqif tidak hanya bersifat perorangan, namun dapat juga bersifat kelompok maupun badan hukum. karena aspek kepemilikan akan objek wakaf tidak mesti dikuasai oleh perorangan, namun kelompok dan/ atau badan hukum pun dapat memilikinya. dengan demikian karakteristik wâqif adalah beragam. bisa sekelompok masyarakat yang memiliki dana bersama atau perusahaan dari hasil keuntungannya. apabila mereka ingin mewakafkan uangnya untuk suatu kepentingan sosial maka dapat dilaksanakan melalui wakaf tunai. pada saat ini terdapat dana wakaf yang sudah terhimpun di pelbagai lembaga wakaf maupun lks pwu, namun belum mencapai target potensi. hal ini terjadi karena ada pelbagai persepsi pada diri orang-orang yang ingin melaksanakan wakaf tunai, tetapi minim informasi. objek penelitian ini akan diarahkan pada wâqif dan lembaga pengelola wakaf tunai yang dianggap representatif di wilayah penelitian. adapun sumber data yang digunakan adalah data skunder, yakni undang-undang no. 41 tahun 2004 tentang wakaf, di mana pemerintah telah menyempurnakan pelbagai ketentuan tentang wakaf yang sebelumnya diatur dalam peraturan pemerintah (pp) no. 28 tahun 1977 tentang perwakafan tanah milik, serta mengobservasi langsung di lembaga-lembaga pengelola untuk memahami mekanisme operasional secara mendalam. penelitian ini juga menggunakan swot analysis dan cross impact matrix yang di populerkan oleh dereck f channon. yuke rahmawati: persepsi wâqif dalam berwakaf tunai 100 konsep wakaf tunai secara umum, tidak terdapat ayat alquran yang menerangkan konsep wakaf secara konkret dan tekstual. wakaf termasuk infak fî sabîlil allâh, maka dasar yang digunakan para ulama dalam menerangkan konsep wakaf ini didasarkan pada keumuman ayat-ayat alquran yang menjelaskan tentang infak fî sabîlil allâh. di antara ayat-ayat tersebut antara lain:                                                                                                    perumpamaan (nafkah yang dikeluarkan oleh) orang-orang yang menafkahkan hartanya di jalan allah adalah serupa dengan sebutir benih yang menumbuhkan tujuh bulir, pada tiap-tiap bulir: seratus biji. allah melipatgandakan (ganjaran) bagi siapa yang dia kehendaki. dan allah mahaluas (karunia-nya) lagi maha mengetahui. orang-orang yang menafkahkan hartanya di jalan allah, kemudian mereka tidak mengiringi apa yang dinafkahkannya itu dengan menyebut-nyebut pemberiannya dan dengan tidak menyakiti (perasaan si penerima), mereka memperoleh pahala di sisi tuhan mereka. tidak ada kekhawatiran terhadap mereka dan tidak (pula) mereka bersedih hati. (q.s. al-baqarah [2]: 261-262). sedangkan hadis yang menjelaskan hal itu adalah, ‚apabila seorang manusia itu meninggal dunia, maka terputuslah amal perbuatannya kecuali dari tiga sumber, yaitu sedekah jariah (wakaf), ilmu pengetahuan yang bisa diambil manfaatnya, dan anak saleh yang mendoakannya.‛ (h.r. muslim, al-tirmidzî, alnasa' i, dan abû dâwûd). selain dasar dari alquran dan hadis di atas, para ulama sepakat menerima wakaf sebagai satu amal jariah yang disyariahkan dalam islam. tidak ada orang yang dapat menafikan dan menolak amalan wakaf dalam islam karena telah menjadi amalan yang senantiasa dijalankan dan diamalkan oleh para sahabat nabi dan kaum muslimin sejak masa awal islam hingga sekarang.2 2 wakaf disyariatkan pada tahun ii hijriah. sebagian ulama berpendapat bahwa pelaksanaan wakaf pertama dilakukan oleh ‘umar ibn al-khaththâb terhadap tanahnya yang terletak di khaybar, al-iqtishad: vol. v, no. 1, januari 2013 101 konsep wakaf tunai secara umum, tidak terdapat ayat alquran yang menerangkan konsep wakaf secara konkret dan tekstual. wakaf termasuk infak fî sabîlil allâh, maka dasar yang digunakan para ulama dalam menerangkan konsep wakaf ini didasarkan pada keumuman ayat-ayat alquran yang menjelaskan tentang infak fî sabîlil allâh. di antara ayat-ayat tersebut antara lain:                                                                                                    perumpamaan (nafkah yang dikeluarkan oleh) orang-orang yang menafkahkan hartanya di jalan allah adalah serupa dengan sebutir benih yang menumbuhkan tujuh bulir, pada tiap-tiap bulir: seratus biji. allah melipatgandakan (ganjaran) bagi siapa yang dia kehendaki. dan allah mahaluas (karunia-nya) lagi maha mengetahui. orang-orang yang menafkahkan hartanya di jalan allah, kemudian mereka tidak mengiringi apa yang dinafkahkannya itu dengan menyebut-nyebut pemberiannya dan dengan tidak menyakiti (perasaan si penerima), mereka memperoleh pahala di sisi tuhan mereka. tidak ada kekhawatiran terhadap mereka dan tidak (pula) mereka bersedih hati. (q.s. al-baqarah [2]: 261-262). sedangkan hadis yang menjelaskan hal itu adalah, ‚apabila seorang manusia itu meninggal dunia, maka terputuslah amal perbuatannya kecuali dari tiga sumber, yaitu sedekah jariah (wakaf), ilmu pengetahuan yang bisa diambil manfaatnya, dan anak saleh yang mendoakannya.‛ (h.r. muslim, al-tirmidzî, alnasa' i, dan abû dâwûd). selain dasar dari alquran dan hadis di atas, para ulama sepakat menerima wakaf sebagai satu amal jariah yang disyariahkan dalam islam. tidak ada orang yang dapat menafikan dan menolak amalan wakaf dalam islam karena telah menjadi amalan yang senantiasa dijalankan dan diamalkan oleh para sahabat nabi dan kaum muslimin sejak masa awal islam hingga sekarang.2 2 wakaf disyariatkan pada tahun ii hijriah. sebagian ulama berpendapat bahwa pelaksanaan wakaf pertama dilakukan oleh ‘umar ibn al-khaththâb terhadap tanahnya yang terletak di khaybar, pengertian wakaf menurut ibn qudâmah adalah ‚menahan asal dan mengalirkan hasilnya‛3. sedangkan dalam bahasa hukum kontemporer, wakaf berarti pemberian, yang dilakukan atas kehendak ahli waris dengan satu niat memenuhi panggilan ketakwaan. atau sebagai harta yang disumbangkan untuk pelbagai tujuan kemanusiaan, sekali untuk selamanya. atau juga didefinisikan sebagai suatu tindakan penahanan dari penggunaan dan penyerahan aset tetap seseorang sebagai bentuk menifestasi kepatuhan terhadap agama, di mana orang lain dapat memanfaatkan atau menggunakan hasilnya untuk tujuan amal, sepanjang harta tersebut masih ada.4 kata tunai dalam kamus umum bahasa indonesia adalah ‚kontan‛, membayar uang pada waktu itu juga, tidak mengutang atau mengangsur. cash waqf diterjemahkan dengan wakaf tunai, namun kalau menilik objek wakafnya yaitu uang, lebih tepat kiranya diterjemahkan dengan wakaf uang. wakaf tunai adalah wakaf yang dilakukan oleh seseorang, sekelompok orang atau lembaga/badan hukum dalam bentuk uang tunai. juga termasuk ke dalam pengertian uang adalah surat-surat berharga, seperti saham, cek, dan lainnya. dalam catatan sejarah islam, sebagaimana dijelaskan m. syafii antonio yang mengutip hadis yang diriwayatkan oleh imam al-bukhârî, bahwa imam alzuhrî (w. 124 h) salah seorang ulama terkemuka dan peletak dasar tadwîn alhadîts memfatwakan tentang anjuran wakaf dinar dan dirham untuk pembangunan sarana dakwah, sosial, dan pendidikan umat islam. adapun caranya adalah dengan menjadikan uang tersebut sebagai modal usaha kemudian menyalurkan keuntungannya sebagai wakaf.5 pengembangan wakaf tunai memiliki nilai ekonomi yang strategis. dengan dikembangkannya wakaf tunai, maka akan didapat sejumlah keunggulan. pertama, wakaf uang jumlahnya bisa bervariasi sehingga seseorang yang memiliki dana terbatas sudah bisa mulai memberikan dana wakafnya tanpa harus menunggu menjadi orang kaya atau tuan tanah terlebih dahulu. dengan sebagian lain berpendapat bahwa pelaksanaan wakaf pertama dilakukan oleh rasulullah saw. untuk dibangun masjid. ismâ‘îl ibn ‘umar ibn katsîr, tafsîr ibn katsîr, (riyâdh: dâr al-salâm, 2001), juz i, h. 381; al-sayyid sâbiq, fiqh al-sunnah, (bayrût: dâr al-fikr, 1983); imâm muhammad ibn ismâ‘îl alkahlanî, subul al-salâm, (bandung: maktabah dahlan, t.th.), h. 87. 3 m. abid abdullah al-kabisi, hukum wakaf, (jakarta: ilman dan dompet dhu’afa republika, 2004), cet. i, h. 61. 4 m. a. mannan, sertifikat wakaf tunai: sebuah inovasi instrumen keuangan islam, (jakarta: ciber, pktti-ui, 2001), h. 29. 5 tim ditjen bimas islam, pedoman pengelolaan wakaf tunai, (jakarta: direktorat pemberdayaan wakaf, 2007), h.103. yuke rahmawati: persepsi wâqif dalam berwakaf tunai 102 demikian, program wakaf tunai akan memudahkan si pemberi wakaf atau wâqif untuk melakukan ibadah wakaf. kedua, melalui wakaf uang, aset-aset wakaf yang berupa tanah-tanah kosong bisa mulai dimanfaatkan dengan pembangunan gedung atau diolah untuk lahan pertanian. ketiga, dana wakaf tunai juga bisa membantu sebagian lembaga-lembaga pendidikan islam yang cash flow-nya kembang kempis dan menggaji sivitas akademika ala kadarnya. keempat, umat islam dapat lebih mandiri dalam mengembangkan dunia pendidikan tanpa harus terlalu tergantung pada anggaran pendidikan dari negara. kelima, dana wakaf tunai bisa memberdayakan usaha kecil yang masih dominan di negeri ini. dana yang terkumpul dapat disalurkan kepada para pengusaha tersebut dan bagi hasilnya digunakan untuk kepentingan sosial, dan sebagainya. keenam, dana wakaf tunai dapat membantu perkembangan bank-bank syariah dan lembaga-lembaga keuangan syariah6. lembaga keuangan syariah penerima wakaf uang sk dir.bi no.32/34/kep/dir tanggal 19 mei 1999 tentang bank umum berdasarkan prinsip syariah, pasal 29 ayat (2) dinyatakan, ‚bank dapat bertindak sebagai lembaga baitul maal yaitu menerima dana yang berasal dari zakat, infak, sedeqah, wakaf, hibah, atau dana sosial lainnya dan menyalurkannya kepada yang berhak dalam bentuk santunan dan/atau pinjaman kebajikan (qardhul hasan).‛ juga berdasarkan pada undang-undang no. 21 tahun 2008 tentang perbankan syariah, pasal 4 ayat (2) dinyatakan, ‚bank syariah dan unit usaha syariah dapat menjalankan fungsi sosial dalam bentuk lembaga baitul mal, yaitu menerima dana yang berasal dari zakat, infaq, sedekah, hibah atau dana sosial lainnya dan menyalurkannya kepada organisasi pengelola zakat‛. bahkan, secara spesifik pada pasal 4 ayat (3) menyatakan, ‚bank syariah dan unit usaha syariah dapat menghimpun dana sosial yang berasal dari wakaf uang dan menyalurkannya kepada pengelola wakaf (nadzîr) sesuai dengan kehendak pemberi wakaf (wâqif)”. dengan peraturan inilah kemudian perbankan syariah disebut sebagai lembaga keuangan syariah penerima wakaf uang (lks-pwu). dasar hukum lks pwu ini disandarkan pada rancangan undang-undang lkm pasal 14 yang menyatakan, ‚lkm yang melakukan usaha berdasarkan prinsip syariah dapat melakukan kegiatan tambahan sebagai lembaga amil zakat sesuai dengan peraturan perundang-undangan yang berlaku‛. terkait dengan hal tersebut, maka kegiatan mewakafkan uang terdapat pada peraturan pemerintah 6 muhammad syafi’i antonio, ‚cash wakaf dan anggaran pendidikan untuk umat‛, dalam http//www. blog.re.or.id, diunduh 16 februari 2010. al-iqtishad: vol. v, no. 1, januari 2013 103 demikian, program wakaf tunai akan memudahkan si pemberi wakaf atau wâqif untuk melakukan ibadah wakaf. kedua, melalui wakaf uang, aset-aset wakaf yang berupa tanah-tanah kosong bisa mulai dimanfaatkan dengan pembangunan gedung atau diolah untuk lahan pertanian. ketiga, dana wakaf tunai juga bisa membantu sebagian lembaga-lembaga pendidikan islam yang cash flow-nya kembang kempis dan menggaji sivitas akademika ala kadarnya. keempat, umat islam dapat lebih mandiri dalam mengembangkan dunia pendidikan tanpa harus terlalu tergantung pada anggaran pendidikan dari negara. kelima, dana wakaf tunai bisa memberdayakan usaha kecil yang masih dominan di negeri ini. dana yang terkumpul dapat disalurkan kepada para pengusaha tersebut dan bagi hasilnya digunakan untuk kepentingan sosial, dan sebagainya. keenam, dana wakaf tunai dapat membantu perkembangan bank-bank syariah dan lembaga-lembaga keuangan syariah6. lembaga keuangan syariah penerima wakaf uang sk dir.bi no.32/34/kep/dir tanggal 19 mei 1999 tentang bank umum berdasarkan prinsip syariah, pasal 29 ayat (2) dinyatakan, ‚bank dapat bertindak sebagai lembaga baitul maal yaitu menerima dana yang berasal dari zakat, infak, sedeqah, wakaf, hibah, atau dana sosial lainnya dan menyalurkannya kepada yang berhak dalam bentuk santunan dan/atau pinjaman kebajikan (qardhul hasan).‛ juga berdasarkan pada undang-undang no. 21 tahun 2008 tentang perbankan syariah, pasal 4 ayat (2) dinyatakan, ‚bank syariah dan unit usaha syariah dapat menjalankan fungsi sosial dalam bentuk lembaga baitul mal, yaitu menerima dana yang berasal dari zakat, infaq, sedekah, hibah atau dana sosial lainnya dan menyalurkannya kepada organisasi pengelola zakat‛. bahkan, secara spesifik pada pasal 4 ayat (3) menyatakan, ‚bank syariah dan unit usaha syariah dapat menghimpun dana sosial yang berasal dari wakaf uang dan menyalurkannya kepada pengelola wakaf (nadzîr) sesuai dengan kehendak pemberi wakaf (wâqif)”. dengan peraturan inilah kemudian perbankan syariah disebut sebagai lembaga keuangan syariah penerima wakaf uang (lks-pwu). dasar hukum lks pwu ini disandarkan pada rancangan undang-undang lkm pasal 14 yang menyatakan, ‚lkm yang melakukan usaha berdasarkan prinsip syariah dapat melakukan kegiatan tambahan sebagai lembaga amil zakat sesuai dengan peraturan perundang-undangan yang berlaku‛. terkait dengan hal tersebut, maka kegiatan mewakafkan uang terdapat pada peraturan pemerintah 6 muhammad syafi’i antonio, ‚cash wakaf dan anggaran pendidikan untuk umat‛, dalam http//www. blog.re.or.id, diunduh 16 februari 2010. no. 42 tahun 2006 tentang pelaksanaan wakaf yang mengungkapkan bahwa wâqif dapat mewakafkan benda bergerak berupa uang melalui lembaga keuangan syariah yang ditunjuk oleh menteri agama sebagai lks penerima wakaf uang. adapun lks yang ditunjuk menteri tersebut adalah lks penerima wakaf uang (pwu) sebagaimana terdapat dalam pp no. 42 tahun 2006 pasal 23 tentang pelaksanaan wakaf. adapun dasar hukum lks pwu ini disandarkan pada rancangan undang-undang lkm pasal 14 yang menyatakan, ‚lkm yang melakukan usaha berdasarkan prinsip syariah dapat melakukan kegiatan tambahan sebagai lembaga amil zakat sesuai dengan peraturan perundangundangan yang berlaku‛. terkait dengan hal tersebut, maka kegiatan mewakafkan uang terdapat pada peraturan pemerintah no. 42 tahun 2006 tentang pelaksanaan wakaf yang mengungkapkan bahwa, ‚wâqif dapat mewakafkan benda bergerak berupa uang melalui lembaga keuangan syariah yang ditunjuk oleh menteri agama sebagai lks penerima wakaf uang.7 sekalipun menteri berwenang menunjuk lembaga keuangan syariah sebagai penerima wakaf, namun tidak semua lks dapat menjadi penerima wakaf uang umat islam. undang-undang no. 41 tahun 2004 memberikan syarat-syarat tertentu bagi lks yang dapat menerima dana wakaf uang masyarakat. persyaratan-persyaratan ini meliputi: (a) lks harus menyampaikan permohonan secara tertulis kepada menteri, (b) melampirkan anggaran dasar dan pengesahan sebagai badan hukum, (c) memiliki kantor operasional di wilayah republik indonesia, (d) bergerak di bidang keuangan syariah, dan (e) memiliki fungsi titipan (wadi’ah). persyaratan yang ketat ini dimaksudkan agar dana wakaf uang yang terkumpul di lembaga keuangan syariah ini dapat dijamin kelestarian dan keamanannya. selain status hukum yang kuat, peran strategis lks dalam pengembangan wakaf uang di indonesia terutama berkaitan dengan jejaring yang dimiliki oleh lembaga ini. sebagian besar lembaga keuangan syariah memiliki jaringan kantor cabang serta fasilitas atm yang banyak, sms banking, internet banking, phone banking, dan fasilitas auto debet. luasnya jaringan dan fasilitas bank ini pada gilirannya memudahkan umat islam di seluruh pelosok indonesia untuk dapat berpartisipasi dalam menunaikan ibadah wakaf uang. selain jaringan yang luas, lks di indonesia juga memiliki sumber daya manusia andal yang dapat menunjang tecapainya pengumpulan dana wakaf umat secara optimal. selain itu, dana-dana yang terkumpul dalam lembaga 7 yuke rahmawati, efektivitas mekanisme funding wakaf uang di perbankan syariah, laporan penelitian tidak diterbitkan, (jakarta: fsh uin syarif hidayatullah, 2010), h. 31. yuke rahmawati: persepsi wâqif dalam berwakaf tunai 104 keuangan syariah ini umumnya di bawah jaminan lembaga penjamin simpanan sehingga dana wakaf uang yang terkumpul dapat terjamin keamanannya.8 peran strategis ini menumbuhkan optimisme baru betapa lks-pwu dapat menopang gerakan wakaf uang produktif di indonesia. secara praktis, lks memiliki peran strategis dalam mengelola dan mengembangkan harta benda wakaf sesuai yang diamanatkan oleh wâqif kepada nadzîr. pengelolaan dan pengembangan wakaf uang hanya dapat dilakukan melalui investasi pada produk-produk lks atau instrumen keuangan syariah. investasi di sini tentu saja dalam pengertian bahwa dana yang dipercayakan kepada bank syariah atau uus itu harus diinvestasikan berdasarkan akad syariah seperti mudhârabah atau akad lainnya yang tidak bertentangan dengan syariah. sementara, pengelolaan dana wakaf uang melalui produk-produk di luar produk syariah harus diasuransikan pada asuransi syariah. dengan cara ini dana wakaf uang umat yang terkumpul dapat terjamin keamanannya serta memberikan rasa aman bagi para wâqif.9 karakteristisk wâqif menurut pasal 1 ayat (2) uu no. 41 tahun 2004 ditentukan bahwa 10 wâqif adalah pihak yang mewakafkan harta benda miliknya. wâqif juga harus mempunyai kecakapan melakukan tabarru’ yaitu melepaskan hak milik tanpa pertimbangan material. artinya mereka telah dewasa (balig), berakal, sehat, tidak di bawah pengampuan dan tidak karena terpaksa berbuat. dapat bersikap tabarru’ didasarkan pada pertimbangan akal yang sempurna pada orang yang telah mencapai umur balig. di dalam fikih islam balig dititikberatkan pada umur, sedangkan rasyîd mengacu kepada kematangan jiwa atau kemantangan akalnya. berdasarkan pasal 7 uu no. 41 tahun 2004, wâqif meliputi: perorangan, organisasi, dan/atau badan hukum. wâqif perseorangan menurut pasal 8 ayat (1) uu no. 41 tahun 2004 harus memenuhi persyaratan, sebagai berikut: wâqif perseorangan sebagaimana dimaksud dalam pasal 7 huruf a hanya dapat melakukan wakaf apabila memenuhi persyaratan: dewasa, berakal sehat, tidak terhalang melakukan perbuatan hukum, dan pemilik sah harta benda wakaf. hal ini sesuai pasal 3 ayat (1) pp no. 28 tahun 1977 sebagaimana dikutip di atas. persyaratan wâqif perseorangan tersebut dijelaskan lebih lanjut oleh penjelasan pasal 7 ayat (1) uu no. 41 tahun 8 mulya e. siregar, ‚peranan perbankan syariah dalam implementasi wakaf uang‛, dalam alawqaf, volume iv, nomor 04, januari 2011, h. 49-59. 9 arif zamhari, ‚implementasi lks dalam pengembangan wakaf uang di indonesia‛, dalam http//www. bwi.or.id, diunduh 07 juni 2012. 10 rochmat soemitro, hukum perseroan terbatas, ( jakarta: yayasan dan wakaf eresco, 1999), h. 6. al-iqtishad: vol. v, no. 1, januari 2013 105 keuangan syariah ini umumnya di bawah jaminan lembaga penjamin simpanan sehingga dana wakaf uang yang terkumpul dapat terjamin keamanannya.8 peran strategis ini menumbuhkan optimisme baru betapa lks-pwu dapat menopang gerakan wakaf uang produktif di indonesia. secara praktis, lks memiliki peran strategis dalam mengelola dan mengembangkan harta benda wakaf sesuai yang diamanatkan oleh wâqif kepada nadzîr. pengelolaan dan pengembangan wakaf uang hanya dapat dilakukan melalui investasi pada produk-produk lks atau instrumen keuangan syariah. investasi di sini tentu saja dalam pengertian bahwa dana yang dipercayakan kepada bank syariah atau uus itu harus diinvestasikan berdasarkan akad syariah seperti mudhârabah atau akad lainnya yang tidak bertentangan dengan syariah. sementara, pengelolaan dana wakaf uang melalui produk-produk di luar produk syariah harus diasuransikan pada asuransi syariah. dengan cara ini dana wakaf uang umat yang terkumpul dapat terjamin keamanannya serta memberikan rasa aman bagi para wâqif.9 karakteristisk wâqif menurut pasal 1 ayat (2) uu no. 41 tahun 2004 ditentukan bahwa 10 wâqif adalah pihak yang mewakafkan harta benda miliknya. wâqif juga harus mempunyai kecakapan melakukan tabarru’ yaitu melepaskan hak milik tanpa pertimbangan material. artinya mereka telah dewasa (balig), berakal, sehat, tidak di bawah pengampuan dan tidak karena terpaksa berbuat. dapat bersikap tabarru’ didasarkan pada pertimbangan akal yang sempurna pada orang yang telah mencapai umur balig. di dalam fikih islam balig dititikberatkan pada umur, sedangkan rasyîd mengacu kepada kematangan jiwa atau kemantangan akalnya. berdasarkan pasal 7 uu no. 41 tahun 2004, wâqif meliputi: perorangan, organisasi, dan/atau badan hukum. wâqif perseorangan menurut pasal 8 ayat (1) uu no. 41 tahun 2004 harus memenuhi persyaratan, sebagai berikut: wâqif perseorangan sebagaimana dimaksud dalam pasal 7 huruf a hanya dapat melakukan wakaf apabila memenuhi persyaratan: dewasa, berakal sehat, tidak terhalang melakukan perbuatan hukum, dan pemilik sah harta benda wakaf. hal ini sesuai pasal 3 ayat (1) pp no. 28 tahun 1977 sebagaimana dikutip di atas. persyaratan wâqif perseorangan tersebut dijelaskan lebih lanjut oleh penjelasan pasal 7 ayat (1) uu no. 41 tahun 8 mulya e. siregar, ‚peranan perbankan syariah dalam implementasi wakaf uang‛, dalam alawqaf, volume iv, nomor 04, januari 2011, h. 49-59. 9 arif zamhari, ‚implementasi lks dalam pengembangan wakaf uang di indonesia‛, dalam http//www. bwi.or.id, diunduh 07 juni 2012. 10 rochmat soemitro, hukum perseroan terbatas, ( jakarta: yayasan dan wakaf eresco, 1999), h. 6. 2004 bahwa yang dimaksud dengan perseorangan, organisasi dan/atau badan hukum adalah perseorangan warga negara indonesia atau warga negara asing, organisasi indonesia atau organisasi asing dan/atau badan hukum indonesia atau badan hukum, tidak ada penjelasan lebih lanjut, namun tentunya berhubungan dengan syarat sepakat maupun cakap dalam bertindak hukum. wâqif yang berbentuk organisasi, hanya dapat melakukan wa-kaf apabila memenuhi ketentuan organisasi untuk mewakafkan harta benda wakaf milik organisasi sesuai dengan anggaran dasar organisasi yang bersang-kutan. sedangkan jika wâqif berbentuk badan hukum hanya dapat melakukan wakaf apabila memenuhi ketentuan badan hukum untuk mewakafkan harta benda wakaf milik badan hukum sesuai dengan anggaran dasar badan hukum yang bersangkutan.11 lembaga wakaf di indonesia ada dua lembaga yang fokus kepada pengembangan wakaf di indonesia, yakni badan wakaf indonesia (bwi) dan tabung wakaf indonesia (twi). kelahiran bwi merupakan perwujudan amanat yang digariskan dalam undangundang nomor 41 tahun 2004 tentang wakaf. kehadirannya, sebagaimana dijelaskan dalam pasal 47, adalah untuk memajukan dan mengembangkan perwakafan di indonesia. untuk kali pertama, keanggotaan bwi diangkat oleh presiden republik indonesia, sesuai dengan keputusan presiden (kepres) no. 75/m tahun 2007, yang ditetapkan di jakarta pada 13 juli 2007. jadi, bwi adalah lembaga independen untuk mengembangkan perwakafan di indonesia yang dalam melaksanakan tugasnya bersifat bebas dari pengaruh kekuasaan manapun, serta bertanggung jawab kepada masyarakat. bwi berkedudukan di ibukota negara kesatuan republik indonesia dan dapat membentuk perwakilan di provinsi dan/atau kabupaten/kota sesuai dengan kebutuhan. dalam kepengurusan, bwi terdiri atas badan pelaksana dan dewan pertimbangan, masing-masing dipimpin oleh oleh satu orang ketua dan dua orang wakil ketua yang dipilih dari dan oleh para anggota. badan pelaksana merupakan unsur pelaksana tugas, sedangkan dewan pertimbangan adalah unsur pengawas pelaksanaan tugas bwi. visi bwi adalah terwujudnya lembaga independen yang dipercaya masyarakat, mempunyai kemampuan, dan integritas untuk mengembangkan perwakafan nasional dan internasional. sedangkan misinya yaitu menjadikan badan wakaf indonesia sebagai lembaga profesional yang mampu mewujudkan potensi dan manfaat ekonomi harta benda wakaf untuk kepentingan ibadah dan pemberdayaan masyarakat. 11 soemitro, hukum perseroan terbatas, ( j a k a r t a : yayasan dan wakaf eresco, 1999), h. 6. yuke rahmawati: persepsi wâqif dalam berwakaf tunai 106 manajemen fundraising adalah bagaimana upaya kita memegaruhi para donatur untuk mengeluarkan dananya. dalam melakukan penghimpunan dana bwi melakukan pendekatan secara intern kepada para donator dengan cara terlebih dahulu mengindentifikasi donatur. di antara langkah-langkahnya adalah: pertama, mendekati dan mencari donatur sekaligus mengetahui profil, kebiasaan, dan gaya hidup para donatur, agar kegiatan fundrasing berkerja secara efektif dan efisiensi. kedua, memuaskan kebutuhan donatur. sebagai manager fundraising, bwi harus mengetahui keinginan, harapan, dan selera dari donator. fungsinya agar para donatur bertahan untuk mengeluarkan harta ke lembaga yang ditawarkan. terdapat beberapa pola dalam fundrising dana wakaf uang di bwi. pertama, penghimpunan pola umum (general cash waqf), yakin suatu program penghimpun dana wakaf yang dilakukan bwi secara umum tanpa dikaitkan atas suatu proyek investasi tertentu. dalam melakukan penghimpunan dana wakaf uang ini, bwi membuka rekening di bank syariah. dana wakaf yang yang diperoleh dari program ini akan dikumpulkan dalam satu rekening penampungan investasi sebagai bentuk pool of fund, untuk selanjutnya akan diinvestasikan ke dalam proyek investasi harta wakaf yang sesuai dengan kriteria investasi wakaf. pertama, penghimpunan pola khusus (special/restricted cash waqf). penghimpunan dengan pola ini dilakukan secara khusus yakni terkait pada proyek investasi harta wakaf yang akan dilaksanakan oleh bwi, atau terkait pada aspek peruntukan harta wakaf, misalnya proyek pemberdayakan ekonomi masyarakat dan masalah sosial (kemiskinan, pendidikan, kesehatan, pengangguran) di suatu tempat melalui program wakaf produktif dapat mentapkan jenis investasi wakaf atau bahkan ikut serta mengolah investasi tersebut dan/atau terlibat pada penyaluran peruntukan harta wakaf. misalnya bwi bermaksud melaksanakan proyek pembangunan apartemen sehat islam pada suatu tanah wakaf yang strategis. penghimpunan dengan pola khusus ini akan dibentuk pula rekening penampungan khusus di bank syariah yang dipisahkan dari rekening penghimpunan dana wakaf pola umum. kedua, pembangunan gedung wakaf center yang merupakan bangunan komersial bertingkat yang sekaligus berfungsi sebagai pusat wakaf indonesia di mana pada gedung ini bwi berkantor. berikut ini alur layanan wakaf tunai untuk donatur/muwâqif: al-iqtishad: vol. v, no. 1, januari 2013 107 manajemen fundraising adalah bagaimana upaya kita memegaruhi para donatur untuk mengeluarkan dananya. dalam melakukan penghimpunan dana bwi melakukan pendekatan secara intern kepada para donator dengan cara terlebih dahulu mengindentifikasi donatur. di antara langkah-langkahnya adalah: pertama, mendekati dan mencari donatur sekaligus mengetahui profil, kebiasaan, dan gaya hidup para donatur, agar kegiatan fundrasing berkerja secara efektif dan efisiensi. kedua, memuaskan kebutuhan donatur. sebagai manager fundraising, bwi harus mengetahui keinginan, harapan, dan selera dari donator. fungsinya agar para donatur bertahan untuk mengeluarkan harta ke lembaga yang ditawarkan. terdapat beberapa pola dalam fundrising dana wakaf uang di bwi. pertama, penghimpunan pola umum (general cash waqf), yakin suatu program penghimpun dana wakaf yang dilakukan bwi secara umum tanpa dikaitkan atas suatu proyek investasi tertentu. dalam melakukan penghimpunan dana wakaf uang ini, bwi membuka rekening di bank syariah. dana wakaf yang yang diperoleh dari program ini akan dikumpulkan dalam satu rekening penampungan investasi sebagai bentuk pool of fund, untuk selanjutnya akan diinvestasikan ke dalam proyek investasi harta wakaf yang sesuai dengan kriteria investasi wakaf. pertama, penghimpunan pola khusus (special/restricted cash waqf). penghimpunan dengan pola ini dilakukan secara khusus yakni terkait pada proyek investasi harta wakaf yang akan dilaksanakan oleh bwi, atau terkait pada aspek peruntukan harta wakaf, misalnya proyek pemberdayakan ekonomi masyarakat dan masalah sosial (kemiskinan, pendidikan, kesehatan, pengangguran) di suatu tempat melalui program wakaf produktif dapat mentapkan jenis investasi wakaf atau bahkan ikut serta mengolah investasi tersebut dan/atau terlibat pada penyaluran peruntukan harta wakaf. misalnya bwi bermaksud melaksanakan proyek pembangunan apartemen sehat islam pada suatu tanah wakaf yang strategis. penghimpunan dengan pola khusus ini akan dibentuk pula rekening penampungan khusus di bank syariah yang dipisahkan dari rekening penghimpunan dana wakaf pola umum. kedua, pembangunan gedung wakaf center yang merupakan bangunan komersial bertingkat yang sekaligus berfungsi sebagai pusat wakaf indonesia di mana pada gedung ini bwi berkantor. berikut ini alur layanan wakaf tunai untuk donatur/muwâqif: badan wakaf indonesia dengan difasilitasi kementerian agama republik indonesia telah menyelenggarakan pelatihan nadzîr secara intensif, baik nadzîr benda tidak bergerak maupun benda bergerak. pembinaan nadzîr tampaknya tidak bisa hanya bersifat teoretis, tetapi juga diiringi dengan pembinaan dan pendampingan. sebagai contoh, seorang nadzîr dapat konsultasi kepada bwi melalui internet atau surat mengenai cara mengembangkan tanah wakaf yang dikelolanya. kemudian bwi membantu mengkajinya, sehingga pengembangannya sesuai dengan jenis tanah dan hasilnya dapat dipasarkan. konsultasi dan pendampingan ini merupakan bagian penting dan masih terus dilaksanakan, karena masih ada nadzîr yang belum paham benar mengenai tugas dan kewajibannya. sedangkan tabung wakaf indonesia (twi) adalah lembaga yang berkhidmat meningkatkan kesejahteraan masyarakat dengan menggalang dan mengelola sumber daya wakaf secara produktif, profesional, dan amanah. twi didirikan oleh dompet dhuafa pada 14 juli 2005 sebagai sebuah komitmen dalam mengembangkan sumber daya wakaf agar mampu produktif dan mendukung pengembangan program-program sosial dan pemberdayaan ekonomi yang selama ini telah terlaksana berkat pengelolaan sumberdaya zakat, infak, dan sedekah secara amanah dan profesional. adapun visi twi adalah menjadi lembaga terdepan yang terpercaya dan handal dalam menggalang dan mengelola sumber daya wakaf secara produktif, profesional, dan amanah sehingga mampu berperan aktif meningkatkan kesejahteraan masyarakat. sedangkan misi-misinya, antara lain: meningkatkan pemahaman dan kesadaran masyarakat akan pentingnya potensi dan peran wakaf dalam berkontribusi bagi peningkatan kesejahteraan masyarakat, menggalang seluas-luasnya dukungan sumber daya masyarakat dalam mewujudkan peran wakaf untuk berkontribusi aktif meningkatkan kesejahteraan masyarakat, memastikan pengelolaan yang optimal seluruh harta wakaf yang telah donatur/muwakif publikasi/fundrising twi/bwi mengambil langsung dari donatur a. pembayaran melalui rekening bank /lks pwu b. pembayaran langsung ke lembaga wakaf yuke rahmawati: persepsi wâqif dalam berwakaf tunai 108 diamanahkan masyarakat sehingga dapat memberikan hasil, surplus, dan manfaat nyata dalam meningkatkan kesejahteraan masyarakat dan menjalin sinergi dengan seluruh stakeholder yang terkait dalam meningkatkan peran aktif wakaf dalam meningkatkan kesejahteraan masyarakat. wakaf produktif adalah sebuah skema pengelolaan donasi wakaf dari umat, yaitu dengan memproduktifkan donasi tersebut, hingga mampu menghasilkan surplus yang berkelanjutan. donasi wakaf dapat berupa benda bergerak, seperti uang dan logam mulia, maupun benda tidak bergerak, seperti tanah dan bangunan. surplus wakaf produktif inilah yang menjadi sumber dana abadi bagi pembiayaan kebutuhan umat, seperti pembiayaan pendidikan dan pelayanan kesehatan yang berkualitas. termasuk dalam kategori wakaf produktif adalah wakaf saham. saham sebagai barang yang bergerak yang dipandang mampu menstimulus hasil-hasil yang dapat digunakan untuk kepentingan umat. bahkan, dengan modal yang besar, saham mampu memberikan konstribusi yang cukup besar dibandingkan jenis komoditas perdagangan yang lain. pengelolaan wakaf saham di twi telah dimulai sejak tahun 2006. di tahun tersebut twi menerima wakaf saham senilai dua ratus juta rupiah yang bersumber dari 39 perusahaan. serta wakaf tunai secara individu senilai tiga juta rupiah. twi juga melakukan kerjasama dengan permodalan baitul mal wat tamwil ventura (ventura) melalui dua proyek, yakni tabung wakaf ritel (twr) dan tabung wakaf fund (twf). hal ini merupakan gambaran animo masyarakat pengusaha mikro yang ingin berwakaf. di antara mekanismenya adalah mengeluarkan voucher wakaf tunai dengan nominal terkecil rp 10.000, sampai terbesar rp 100.000,-. dana wakaf yang terhimpun akan digunakan untuk memperkuat permodalan bmt. dengan modal dari wakaf tunai, ini akan memangkas biaya modal para pengusaha mikro, karena modal pinjaman dari bank jelas lebih mahal. ekuivalensinya dapat mencapai 16 hingga 17 persen. kewajiban bmt ventura dalam hal ini menjaga agar wakaf tunai yang ada tetap utuh dan menghasilkan surplus yang dapat disalurkan untuk program-program sosial yang ada. proyek yang kedua adalah twf. secara sederhana adalah wakaf tunai yang didapat dari keuntungan investasi seorang pemilik dana. misalkan dari investasi 100 juta, hasil investasi tersebut diwakafkan untuk dikelola oleh nadzîr. uang seratus juta dari investasi yang sudah ditanam bisa diambil kapan saja sesuai kesepakatan dalam keadaan utuh.12 12 sudirman hasan, ‚analisis hukum tentang wakaf uang pada tabung wakaf indonesia‛, dalam http//www.elzawa-uinmaliki.org di unduh 1 agustus 2012. al-iqtishad: vol. v, no. 1, januari 2013 109 diamanahkan masyarakat sehingga dapat memberikan hasil, surplus, dan manfaat nyata dalam meningkatkan kesejahteraan masyarakat dan menjalin sinergi dengan seluruh stakeholder yang terkait dalam meningkatkan peran aktif wakaf dalam meningkatkan kesejahteraan masyarakat. wakaf produktif adalah sebuah skema pengelolaan donasi wakaf dari umat, yaitu dengan memproduktifkan donasi tersebut, hingga mampu menghasilkan surplus yang berkelanjutan. donasi wakaf dapat berupa benda bergerak, seperti uang dan logam mulia, maupun benda tidak bergerak, seperti tanah dan bangunan. surplus wakaf produktif inilah yang menjadi sumber dana abadi bagi pembiayaan kebutuhan umat, seperti pembiayaan pendidikan dan pelayanan kesehatan yang berkualitas. termasuk dalam kategori wakaf produktif adalah wakaf saham. saham sebagai barang yang bergerak yang dipandang mampu menstimulus hasil-hasil yang dapat digunakan untuk kepentingan umat. bahkan, dengan modal yang besar, saham mampu memberikan konstribusi yang cukup besar dibandingkan jenis komoditas perdagangan yang lain. pengelolaan wakaf saham di twi telah dimulai sejak tahun 2006. di tahun tersebut twi menerima wakaf saham senilai dua ratus juta rupiah yang bersumber dari 39 perusahaan. serta wakaf tunai secara individu senilai tiga juta rupiah. twi juga melakukan kerjasama dengan permodalan baitul mal wat tamwil ventura (ventura) melalui dua proyek, yakni tabung wakaf ritel (twr) dan tabung wakaf fund (twf). hal ini merupakan gambaran animo masyarakat pengusaha mikro yang ingin berwakaf. di antara mekanismenya adalah mengeluarkan voucher wakaf tunai dengan nominal terkecil rp 10.000, sampai terbesar rp 100.000,-. dana wakaf yang terhimpun akan digunakan untuk memperkuat permodalan bmt. dengan modal dari wakaf tunai, ini akan memangkas biaya modal para pengusaha mikro, karena modal pinjaman dari bank jelas lebih mahal. ekuivalensinya dapat mencapai 16 hingga 17 persen. kewajiban bmt ventura dalam hal ini menjaga agar wakaf tunai yang ada tetap utuh dan menghasilkan surplus yang dapat disalurkan untuk program-program sosial yang ada. proyek yang kedua adalah twf. secara sederhana adalah wakaf tunai yang didapat dari keuntungan investasi seorang pemilik dana. misalkan dari investasi 100 juta, hasil investasi tersebut diwakafkan untuk dikelola oleh nadzîr. uang seratus juta dari investasi yang sudah ditanam bisa diambil kapan saja sesuai kesepakatan dalam keadaan utuh.12 12 sudirman hasan, ‚analisis hukum tentang wakaf uang pada tabung wakaf indonesia‛, dalam http//www.elzawa-uinmaliki.org di unduh 1 agustus 2012. terdapat beberapa jenis wakaf yang dikelola oleh twi, di antaranya: (1) wakaf tunai, berupa uang yang akan diasetkan dalam usaha produktif; (2) wakaf natura, berupa barang bergerak (laptop, mobil, motor, dll.) maupun tidak bergerak (tanah dan bangunan). wakaf natura ini akan dikelola untuk diproduktifkan; (3) wakaf surat berharga, berupa wakaf uang (uang sebagai aset yang akan diinvestasikan), wakaf saham, dan wakaf obligasi. kategorisasi ini dibuat untuk memudahkan para wâqif menunaikan wakafnya. harta apapun dapat diwakafkan, dan wâqif tinggal memberikan arahan peruntukkan manfaat wakafnya, apakah untuk pendidikan, kesehatan, atau pemberdayaan sosial dan ekonomi. di twi terdapat prosedur penerimaan wakaf uang, yakni wâqif yang akan mewakafkan uangnya diwajibkan untuk hadir di lembaga keuangan syariah penerima wakaf uang (lks-pwu) untuk menyatakan kehendak wakaf uangnya, menjelaskan kepemilikan dan asal-usul uang yang akan diwakafkan. setelah itu menyetor secara tunai sejumlah uang ke lks-pwu dan mengisi formulir pernyataan kehendak wâqif yang berfungsi sebagai akta ikrar wakaf (aiw).13 13 sudirman hasan, ‚analisis hukum tentang wakaf uang pada tabung wakaf indonesia‛. yuke rahmawati: persepsi wâqif dalam berwakaf tunai 110 analisis swot substansi wacana wakaf tunai sebenarnya telah lama muncul. bahkan, dalam kajian fikih klasik sekalipun seiring dengan munculnya ide revitalisasi fikih muamalah dalam perspektif maqâshid al-syarî‘ah (filosofi dan tujuan syariah) yang dalam pandangan umar chapra bermuara pada al-mashâlih al-mursalah (kemashlahatan universal) termasuk upaya mewujudkan kesejahteraan sosial melalui keadilan distribusi pendapatan dan kekayaan. wakaf uang dalam khazanah islam telah berlangsung sejak lama, tetapi di beberapa negara muslim baru disadari akhir-akhir ini. di indonesia resmi menjadi ketetapan hukum sejak tahun 2002 ketika majelis ulama indonesia mengeluarkan fatwa tentang bolehnya wakaf uang. kemudian undang-undang nomor 41 tahun 2004 disahkan yang secara khusus menetapkan mengenai tata cara wakaf uang dan cara pengelolaannya. wakaf uang sudah menjadi ketetapan hukum nasional dan menjadi isu penting dalam perwakafan indonesia untuk memaksimalkan fungsi perwakafan dan menggerakkan ekonomi umat. wakaf tunai sekaligus sebagai tantangan untuk mengubah pola dan preferensi konsumsi umat dengan filter moral kesadaran akan solidaritas sosial. sehingga, tidak berlaku lagi konsep pareto optimum yang tidak mengakui adanya solusi yang membutuhkan pengorbanan dari pihak minoritas (kaya) guna meningkatkan kesejahteraan pihak yang mayoritas (kaum miskin).14 pelaksanaan wakaf tunai dalam bentuk uang sebenarnya lebih memiliki banyak kelebihan sebagai wakaf produktif pada masa kini dibandingkan dengan wakaf dalam bentuk barang tidak bergerak seperti tanah dan gedung. sebagaimana yang diungkapkan oleh wakil ketua badan pelaksana bwi, mustafa edwin nasution, kelebihan wakaf tunai antara lain memperluas basis sumber dana wakaf secara signifikan karena nominal wakaf tunai jauh lebih rendah dan bervariasi dibandingkan wakaf aset fisik misalnya tanah dan gedung. selain itu, wakaf tunai memiliki instrumen mobilisasi dana yang bervariasi antara lain sertifikat wakaf tunai, wakaf investasi, wakaf saham, dan awqaf properties investment fund atau produk islamic development bank untuk membiayai pembangunan infrastruktur.15 teridentifikasi kelebihan, kelemahan, peluang, dan hambatan menurut persepsi wâqif terhadap aplikasi wakaf tunai/uang. pertama, faktor kekuatan 14 tim dakwatuna, ‚hukum wakaf dengan uang tunai”, dalam http//www.dakwatuna.com, diunduh 19 desember 2006. 15 badan wakaf indonesia, ‚wakaf tunai banyak kelebihan‛, dalam http//www.bwi.or.id, diunduh 2 agustus 2012. al-iqtishad: vol. v, no. 1, januari 2013 111 analisis swot substansi wacana wakaf tunai sebenarnya telah lama muncul. bahkan, dalam kajian fikih klasik sekalipun seiring dengan munculnya ide revitalisasi fikih muamalah dalam perspektif maqâshid al-syarî‘ah (filosofi dan tujuan syariah) yang dalam pandangan umar chapra bermuara pada al-mashâlih al-mursalah (kemashlahatan universal) termasuk upaya mewujudkan kesejahteraan sosial melalui keadilan distribusi pendapatan dan kekayaan. wakaf uang dalam khazanah islam telah berlangsung sejak lama, tetapi di beberapa negara muslim baru disadari akhir-akhir ini. di indonesia resmi menjadi ketetapan hukum sejak tahun 2002 ketika majelis ulama indonesia mengeluarkan fatwa tentang bolehnya wakaf uang. kemudian undang-undang nomor 41 tahun 2004 disahkan yang secara khusus menetapkan mengenai tata cara wakaf uang dan cara pengelolaannya. wakaf uang sudah menjadi ketetapan hukum nasional dan menjadi isu penting dalam perwakafan indonesia untuk memaksimalkan fungsi perwakafan dan menggerakkan ekonomi umat. wakaf tunai sekaligus sebagai tantangan untuk mengubah pola dan preferensi konsumsi umat dengan filter moral kesadaran akan solidaritas sosial. sehingga, tidak berlaku lagi konsep pareto optimum yang tidak mengakui adanya solusi yang membutuhkan pengorbanan dari pihak minoritas (kaya) guna meningkatkan kesejahteraan pihak yang mayoritas (kaum miskin).14 pelaksanaan wakaf tunai dalam bentuk uang sebenarnya lebih memiliki banyak kelebihan sebagai wakaf produktif pada masa kini dibandingkan dengan wakaf dalam bentuk barang tidak bergerak seperti tanah dan gedung. sebagaimana yang diungkapkan oleh wakil ketua badan pelaksana bwi, mustafa edwin nasution, kelebihan wakaf tunai antara lain memperluas basis sumber dana wakaf secara signifikan karena nominal wakaf tunai jauh lebih rendah dan bervariasi dibandingkan wakaf aset fisik misalnya tanah dan gedung. selain itu, wakaf tunai memiliki instrumen mobilisasi dana yang bervariasi antara lain sertifikat wakaf tunai, wakaf investasi, wakaf saham, dan awqaf properties investment fund atau produk islamic development bank untuk membiayai pembangunan infrastruktur.15 teridentifikasi kelebihan, kelemahan, peluang, dan hambatan menurut persepsi wâqif terhadap aplikasi wakaf tunai/uang. pertama, faktor kekuatan 14 tim dakwatuna, ‚hukum wakaf dengan uang tunai”, dalam http//www.dakwatuna.com, diunduh 19 desember 2006. 15 badan wakaf indonesia, ‚wakaf tunai banyak kelebihan‛, dalam http//www.bwi.or.id, diunduh 2 agustus 2012. (strength) di antaranya: wakaf uang jumlahnya bisa bervariasi sehingga seseorang yang memiliki dana terbatas sudah bisa mulai memberikan dana wakafnya tanpa harus menunggu menjadi orang kaya atau tuan tanah terlebih dahulu. program wakaf tunai akan memudahkan si pemberi wakaf atau wâqif untuk melakukan ibadah wakaf. melalui wakaf uang, aset-aset wakaf yang berupa tanah-tanah kosong bisa mulai dimanfaatkan dengan pembangunan gedung atau diolah untuk lahan pertanian. umat islam dapat lebih mandiri dalam mengembangkan dunia pendidikan tanpa harus terlalu tergantung pada anggaran pendidikan negara yang memang semakin lama semakin terbatas. dana wakaf tunai bisa memberdayakan usaha kecil yang masih dominan di negeri ini. dana yang terkumpul dapat disalurkan kepada para pengusaha tersebut dan bagi hasilnya digunakan untuk kepentingan sosial, dan sebagainya. dana wakaf tunai dapat membantu perkembangan bank-bank syariah dan lembaga-lembaga keuangan syariah. kedua, faktor kelemahan (weakness) di antaranya: penyaluran dana wakaf kepada mitra binaannya, tidak menerapkan adanya lembaga penjamin berupa asuransi syariah, padahal dalam peraturan pemerintah nomor 42 tahun 2006 pasal 48 bahwa pengelolaan dan pengembangan atas harta benda wakaf uang yang dilakukan dalam bentuk investasi di luar bank syariah harus diasuransikan pada asuransi syariah. wakaf uang yang dialokasikan untuk program sosial, seperti: pembangunan rumah sakit gratis, sekolah gratis seringkali kurang sesuai dengan asas dasar wakaf yaitu wakaf yang disalurkan harus menahan aset, selain itu keswadayaan dan kemandirian menjadi kurang terpenuhi. dana wakaf yang disalurkan ke sektor riil masih sangat terbatas. ini berarti wakaf uang sebagai modal kerja yang menjadi penggerak sektor riil belum tercapai. pemahaman masyarakat terhadap wakaf uang masih relatif kurang, dikarenakan sudah terpatrinya pemahaman bahwa wakaf itu adalah pada tanah atau bangunan. adanya risiko return of invesment pada aset dana wakaf berkurang atau defisit karena terkait dengan kapital. ketiga, faktor peluang (opportunity) di antaranya: pengelolaan dan pemberdayaan wakaf tunai merupakan bentuk investasi baru. konsep fikih wakaf yang fleksibel yaitu terbuka terhadap penafsiran-penafsiran baru, dinamis, sehingga wakaf merupakan potensi yang cukup besar untuk dikembangkan sesuai dengan kebutuhan zaman. banyaknya jumlah penduduk muslim kelas menengah ke atas di indonesia merupakan potensi yang sangat besar untuk merealisasikan wakaf tunai. tumbuhnya minat masyarakat untuk menggali potensi sistem ekonomi syariah. banyaknya bermunculan lembaga-lembaga ekonomi dan keuangan syariah yang mendidik sumber daya manusia yang yuke rahmawati: persepsi wâqif dalam berwakaf tunai 112 berkualitas baik, bersamaan dengan semangat yang tinggi untuk menerapkan sistem ekonomi syariah. keempat, faktor hambatan/tantangan (threath), di antaranya: kebekuan umat islam terhadap paham wakaf, seperti keyakinan sebagian umat islam bahwa harta wakaf tidak boleh ditukar dengan alasan apapun. kebanyakan masyarakat mempercayakan harta wakafnya kepada seseorang yang dianggap tokoh dalam lingkungannya yang tidak diketahui pasti kemampuannya sebagai nadzîr dan harta yang diwakafkan adalah harta yang tidak bergerak. lebih banyak nadzîr wakaf yang masih tradisional. pengaruh krisis ekonomi politik dalam negeri serta ekses praktik korupsi pada dana-dana yang dimobilisasi secara masif (besar dan banyak) memberikan wacana negatif pada sebagian masyarakat yang ingin melaksanakan wakaf tunai. respons pemerintah terhadap aspek filantropi pun sangat lambat. faktor-faktor swot tersebut di atas kemudian dianalis dalam sebuah matrik dampak silang yang dikembangkan oleh derek f. channon.16 di mana pada faktor kekuatan yang memiliki dampak dan pengaruh positif pada kesempatan atau tantangan diberi nilai: 3 = dampak sangat kuat (dsk), 2 = dampak cukup kuat (dck), 1 = dampak lemah (dl), 0 = tidak berdampak (td). adapun skor yang digunakan pada tabel adalah: jumlah skor tertinggi (ideal) = 3 x 10 x 5 = 150. jumlah skor rendah = 0. berdasarkan tabel tersebut diatas dapat dijelaskan sebagai berikut: (1) jumlah bobot +113. dampaknya kekuatan terhadap peluang tersebut berada di daerah ‚sangat kuat‛. dengan interpretasi skor: 0 – 50 = dampak lemah, 51 – 100 = dampak cukup kuat,101 – 150 = dampak sangat kuat. secara kontinum (rangkaian) dapat dilihat sebagai berikut: 0 50 100 113 150 td dl dck dsk jadi berdasarkan data di atas, diperoleh hitungan: 113/150 x 100% = 75,3%. yang dinyatakan dengan nilai ‘kuat’ secara persentase. hal ini dapat dilihat melalui gambaran sebagai berikut: 0% 33% 66% 75,3% 99(100%) lemah cukup kuat sangat kuat 16 sukristono, perencanaan strategis bank, (jakarta: lembaga pengembangan perbankan indonesia, 1992), h. 237. al-iqtishad: vol. v, no. 1, januari 2013 113 berkualitas baik, bersamaan dengan semangat yang tinggi untuk menerapkan sistem ekonomi syariah. keempat, faktor hambatan/tantangan (threath), di antaranya: kebekuan umat islam terhadap paham wakaf, seperti keyakinan sebagian umat islam bahwa harta wakaf tidak boleh ditukar dengan alasan apapun. kebanyakan masyarakat mempercayakan harta wakafnya kepada seseorang yang dianggap tokoh dalam lingkungannya yang tidak diketahui pasti kemampuannya sebagai nadzîr dan harta yang diwakafkan adalah harta yang tidak bergerak. lebih banyak nadzîr wakaf yang masih tradisional. pengaruh krisis ekonomi politik dalam negeri serta ekses praktik korupsi pada dana-dana yang dimobilisasi secara masif (besar dan banyak) memberikan wacana negatif pada sebagian masyarakat yang ingin melaksanakan wakaf tunai. respons pemerintah terhadap aspek filantropi pun sangat lambat. faktor-faktor swot tersebut di atas kemudian dianalis dalam sebuah matrik dampak silang yang dikembangkan oleh derek f. channon.16 di mana pada faktor kekuatan yang memiliki dampak dan pengaruh positif pada kesempatan atau tantangan diberi nilai: 3 = dampak sangat kuat (dsk), 2 = dampak cukup kuat (dck), 1 = dampak lemah (dl), 0 = tidak berdampak (td). adapun skor yang digunakan pada tabel adalah: jumlah skor tertinggi (ideal) = 3 x 10 x 5 = 150. jumlah skor rendah = 0. berdasarkan tabel tersebut diatas dapat dijelaskan sebagai berikut: (1) jumlah bobot +113. dampaknya kekuatan terhadap peluang tersebut berada di daerah ‚sangat kuat‛. dengan interpretasi skor: 0 – 50 = dampak lemah, 51 – 100 = dampak cukup kuat,101 – 150 = dampak sangat kuat. secara kontinum (rangkaian) dapat dilihat sebagai berikut: 0 50 100 113 150 td dl dck dsk jadi berdasarkan data di atas, diperoleh hitungan: 113/150 x 100% = 75,3%. yang dinyatakan dengan nilai ‘kuat’ secara persentase. hal ini dapat dilihat melalui gambaran sebagai berikut: 0% 33% 66% 75,3% 99(100%) lemah cukup kuat sangat kuat 16 sukristono, perencanaan strategis bank, (jakarta: lembaga pengembangan perbankan indonesia, 1992), h. 237. dengan interpretasi skornya : 0 – 33% = cukup, 34% 66% = kuat, 67% 99(100%) = sangat kuat. (2) jumlah bobot dampak faktor-faktor kelemahan pada peluang dan tantangan yang ada sebesar –99. ini memberikan penilaian bahwa, faktor-faktor kelemahan mempunyai dampak yang ‘cukup kuat’ terhadap faktor peluang dan tantangan yang dihadapi lembaga distribusi syari’ah. dengan interpretasi skor: 0 – -50 = dampak lemah, -51 – -100 = dampak cukup kuat, 101 – -150 = dampak sangat kuat. secara kontinum dapat dilihat sebagai berikut: -150 -100 -99 -50 0 dsk dck dl td berdasarkan data di atas, dibuat hitungan: -99/-150 x 100% = -66%. yang hasilnya dinyatakan dengan nilai ‘kuat’ secara persentase. hal ini dapat dilihat melalui gambaran sebagai berikut: -99(100%) -66% -33% 0 sangat kuat kuat cukup lemah dengan interpretasi skornya: 0 – -33% = cukup, -34% -66% = kuat, -67% -99(100%) = sangat kuat. bila hal ini tidak bisa diatasi dengan baik, maka akan menjadi faktor penghambat serius bagi pengembangan sistem dan mekanisme wakaf tunai tersebut. oleh karena itu, pelbagai kelemahan ini harus diwaspadai dan diatasi. hal tersebut dilakukan pelbagai usaha seperti: memanfaatan dana wakaf tunai pada sektor riil, memfungsikan lembaga penjamin syariah untuk menghilangkan risiko dana wakaf tunai, mengantisipasi pengaruh krisis politik ekonomi dalam negeri, serta menghilangkan ekses korupsi pada dana-dana yang termobilisasi secara masif. adapun jumlah bobot dampak faktor-faktor kekuatan dan faktor-faktor kelemahan secara keseluruhan terhadap faktor-faktor peluang dan tantangan adalah sebesar 14. hal ini memberi pengertian, bahwa secara keseluruhan sesungguhnya faktor-faktor kekuatan sistem dan mekanisme wakaf tunai yang berjalan saat ini dapat dikatakan masih ‘cukup’ dioptimalkan bila dihadapkan dengan peluang dan tantangan yang ada. faktor kelemahan dan tantangan dipandang sangat memengaruhi secara negatif terhadap perkembangan wakaf tunai dalam rangka membina perekonomian masyarakat kalangan bawah. hal yuke rahmawati: persepsi wâqif dalam berwakaf tunai 114 inilah yang kemudian menuntut semua pihak untuk bekerja sama mengupayakan pelembagaan sistem wakaf tunai ini seperti yang benar-benar diharapkan dan sesuai dengan tuntunan syariah. jumlah bobot dampak faktor kekuatan pada peluang dan tantangan semuanya positif, ini menunjukkan faktorfaktor kekuatan jika dilaksanakan dengan optimal masih mampu dan dapat diandalkan untuk menghadapi semua tantangan yang ada. jumlah bobot dampak faktor kelemahan pada peluang dan tantangan semuanya negatif. hal ini menunjukkan pelbagai kelemahan yang ada akan selalu menjadi penghambat dan kendala serius yang memengaruhi perkembangan dan kelestarian lembagalembaga wakaf di indonesia. penutup salah satu instrumen filantropi islam yang memiliki dampak ekonomi yang masif selain zakat adalah wakaf. salah satu bentuk wakaf yang dicoba dikembangkan di indonesia adalah wakaf tunai. instrumen ini memberikan banyak kelebihan dalam rangka memobilisasi pendanaan masyarakat untuk kemaslahatan umat islam. potensi wakaf tunai yang ada akan mengarahkan pada kesejahteraan umat islam apabila dikelola dan dimanfaat secara maksimal. selain itu juga harus diwaspadai dan diatasi pelbagai kelemahan yang muncul. [] pustaka acuan buku: ali, muhammmad daud, sistem ekonomi islam, zakat dan wakaf, jakarta: ui press, 1988. arindita, s., hubungan antara persepsi kualitas pelayanan dan citra bank dengan loyalitas nasabah, skripsi fakultas psikologi, surakarta: fakultas psikologi ums, 2003. azizy, qodrie, membangun pondasi ekonomi umat, yogyakarta: pustaka pelajar, 2004. gerungan, w. a., psikologi sosial, bandung: pt refika aditama, 1996. hamka, muhammad, hubungan antara persepsi terhadap pengawasan kerja dengan motivasi berprestasi. skripsi fakultas psikologi, surakarta: universitas muhammadiyah, 2002. kabisi, al-, m. abid abdullah, hukum wakaf, jakarta: ilman dan dompet dhuafa republika, 2004. kotler, philip, marketing manajemen: analysis, planning, implementation, and control, 9th edition, new yersey: prentice hall international, 2000. lubis, suhrawardi, k. hukum ekonomi islam, jakarta: sinar grafika, 2004. al-iqtishad: vol. v, no. 1, januari 2013 115 inilah yang kemudian menuntut semua pihak untuk bekerja sama mengupayakan pelembagaan sistem wakaf tunai ini seperti yang benar-benar diharapkan dan sesuai dengan tuntunan syariah. jumlah bobot dampak faktor kekuatan pada peluang dan tantangan semuanya positif, ini menunjukkan faktorfaktor kekuatan jika dilaksanakan dengan optimal masih mampu dan dapat diandalkan untuk menghadapi semua tantangan yang ada. jumlah bobot dampak faktor kelemahan pada peluang dan tantangan semuanya negatif. hal ini menunjukkan pelbagai kelemahan yang ada akan selalu menjadi penghambat dan kendala serius yang memengaruhi perkembangan dan kelestarian lembagalembaga wakaf di indonesia. penutup salah satu instrumen filantropi islam yang memiliki dampak ekonomi yang masif selain zakat adalah wakaf. salah satu bentuk wakaf yang dicoba dikembangkan di indonesia adalah wakaf tunai. instrumen ini memberikan banyak kelebihan dalam rangka memobilisasi pendanaan masyarakat untuk kemaslahatan umat islam. potensi wakaf tunai yang ada akan mengarahkan pada kesejahteraan umat islam apabila dikelola dan dimanfaat secara maksimal. selain itu juga harus diwaspadai dan diatasi pelbagai kelemahan yang muncul. [] pustaka acuan buku: ali, muhammmad daud, sistem ekonomi islam, zakat dan wakaf, jakarta: ui press, 1988. arindita, s., hubungan antara persepsi kualitas pelayanan dan citra bank dengan loyalitas nasabah, skripsi fakultas psikologi, surakarta: fakultas psikologi ums, 2003. azizy, qodrie, membangun pondasi ekonomi umat, yogyakarta: pustaka pelajar, 2004. gerungan, w. a., psikologi sosial, bandung: pt refika aditama, 1996. hamka, muhammad, hubungan antara persepsi terhadap pengawasan kerja dengan motivasi berprestasi. skripsi fakultas psikologi, surakarta: universitas muhammadiyah, 2002. kabisi, al-, m. abid abdullah, hukum wakaf, jakarta: ilman dan dompet dhuafa republika, 2004. kotler, philip, marketing manajemen: analysis, planning, implementation, and control, 9th edition, new yersey: prentice hall international, 2000. lubis, suhrawardi, k. hukum ekonomi islam, jakarta: sinar grafika, 2004. mannan, m.a. sertifikat wakaf tunai; sebuah inovasi instrumen keuangan islam, jakarta: ciber, pktti-ui, 2001. mar’at, sikap manusia perubahan serta pengukurannya, jakarta: ghalia indonesia, 1991. merlin, k lewis & latifa m al-gaoud, perbankan syariah; prinsip, praktik dan prospek. jakarta: serambi, 2007. mubarok, jaih, wakaf produktif, bandung: simbiosa rekatama media, 2008. robbins, s.p., perilaku organisasi, jakarta: pt indeks kelompok gramedia, 2003. shan’anî, al-, muhammad ibn ismâ‘îl, subul alsalâm, bayrût: dâr al-fikr, t.th. soemitro, rochmat, hukum perseroan terbatas, jakarta: yayasan dan wakaf eresco, 1996. sukristono, perencanaan strategis bank, jakarta: lembaga pengembangan perbankan indonesia, 1992. tim ditjen bimas islam, pedoman pengelolaan wakaf tunai, jakarta: direktorat pemberdayaan wakaf, 2007. artikel/makalah: antonio, muhammad syafi’i, ‚cash wakaf dan anggaran pendidikan untuk umat‛, dalam http//www. blog.re.or.id, diunduh 16 februari 2010. badan wakaf indonesia, ‚wakaf tunai banyak kelebihan‛, dalam http//www.bwi.or.id, diunduh 2 agustus 2012. efrizon, a, ‚faktor-faktor yang memengaruhi pemahaman masyarakat tentang wakaf uang‛, dalam www. lontar.ui.ac.id. , diunduh 20 april 2012. hasan, sudirman, ‚manajemen wakaf tunai di tabung wakaf indonesia: studi kasus‛, laporan penelitian, dalam hhtp//www. sudirmansetiono. blogspot.com. kurniawan, aries, ‚bank syariah sebagai pengelola dana wakaf‛, dalam hhtp//www.ylki.or.id, diunduh 2010. ma’shum, muhammad, ‚strategi pengembangan wakaf tunai di indonesia‛, dalam htpp//www. maxzhum7.blogspot.com., diunduh maret 2010. nafis, m. cholil, ‛potensi wakaf produktif untuk kesejahteraan umat‛, dalam http//www. jhonmila.blogspot.com, diunduh 1 agustus 2002. rahmawati, yuke, ‚efektivitas mekanisme funding wakaf uang di perbankan syariah‛, laporan penelitian di fsh tidak diterbitkan, jakarta: fsh uin syarif hidayatullah, 2010. siregar, mulya e., ‚peranan perbankan syariah dalam implementasi wakaf uang‛, dalam al-awqaf, volume iv, nomor 04, januari 2011. yuke rahmawati: persepsi wâqif dalam berwakaf tunai 116 tim dakwatuna, ‚hukum wakaf dengan uang tunai”, dalam http/ www.dakwatuna.com, diunduh 19 desember 2006. zamhari, arif, ‚implementasi lks dalam pengembangan wakaf uang di indonesia‛, dalam hhtp//www.bwi.or.id, diunduh 07 juni 2012. akfini farihah fiddarayni1, sepky mardian2 abstract. generation z (gen z) have distinctive consumer behavior as trends massively influence them. this study aims to determine the effect of financial literacy, halal certification, and halal awareness of halal-labelled cosmetics among gen zs, using the case of undergraduate students in depok. the methodology used is quantitative with a causal approach. the data were obtained from 101 female students filling out the questionnaire. the data was processed using partial least squares-structural equation model (pls-sem). the findings indicated that financial literacy influenced the users of halal cosmetics. however, halal variables related to halal certification and awareness have not significantly influenced cosmetic consumption. keywords: cosmetics; financial literacy; halal certification; halal awareness abstrak. gen z memiliki perilaku konsumen yang khas karena tren memengaruhi mereka secara besar-besaran. penelitian ini bertujuan untuk mengetahui pengaruh literasi keuangan, sertifikasi halal, dan kesadaran halal kosmetik berlabel halal di kalangan gen z dengan menggunakan kasus mahasiswa s1 di depok. metodologi yang digunakan adalah kuantitatif dengan pendekatan kausal. data diperoleh dari 101 mahasiswi yang mengisi kuesioner. data diolah dengan menggunakan partial least squares-structural equation model (plssem). temuan menunjukkan bahwa literasi keuangan memiliki pengaruh signifikan terhadap pengguna kosmetik halal. namun variabel halal terkait sertifikasi dan kesadaran halal tidak berpengaruh signifikan terhadap konsumsi kosmetik halal. kata kunci: kosmetik; literasi keuangan; sertifikasi halal; kesadaran halal gen z' halal cosmetic purchasing: merely a way of life? al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 357 380 1,2sebi islamic economics college, indonesia e-mail: 1akfinifarihah1@gmail.com, 2sepky.mardian@sebi.ac.id author: akfini farihah fiddarayni received: 29 june 2022 accepted: 19 december 2022 published: 31 december 2022 mailto:akfinifarihah1%40gmail.com?subject= mailto:sepky.mardian%40sebi.ac.id?subject= 358 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction the size of the global halal market is estimated to reach usd9.71 trillion by 2025 (johnson, 2019), while the global halal market is expected to reach usd54.16 million by 2022 (allied market research, 2017). this figure illustrates that the demand for halal cosmetic products will increase over time due to various factors. these factors include the increasing purchasing power of the muslim population as well as the desire of the muslim community to associate their interests with cosmetic products that are in accordance with religion. suryani et al. (2021) found that the interest in halal cosmetics kept increasing over the years. therefore, they are confident that halal cosmetic products would widely potential. as a result, the term "halal cosmetics" emerged in these issues (sulaiman et al., 2020). based on the global islamic economic report, indonesia is a country that has the largest muslim and has become a muslim majority population in the world by spending up to usd218.8 billion for all sectors in 2017. in addition, indonesia's muslim population of 215 million people represents 13% of the muslim population in the world. it has a dominant role in developing and improving the sharia economy in the world, especially halal compliance with food, by focusing on increasing consumer awareness and behavior (indonesian ministry of national planning, 2019). the 2019 global muslim travel index states that "indonesia is the center of the global halal industry", so it has been named the first rank of the halal industry. the statement stated the increasing awareness of muslims in indonesia and muslims worldwide on the importance of halal products in life, followed by the development of the halal industry in various sectors. the halal industry is experiencing very rapid development, not only in the food industry but also in the pharmaceutical and cosmetic sectors, fashion, tourism and culture, logistics, islamic finance, and others (crescentrating, 2019). however, in the 2021 global muslim travel index, indonesia has decreased in rank to fourth while malaysia was in first place in the halal industry. this is due to the increasing awareness of muslim consumers in the halal industry (aisyah, 2016; crescentrating, 2021). the increasing awareness of muslim consumers in the halal industry will increase the demand for halal cosmetics and encourage the growth of the halal cosmetic industry worldwide. manufacturers have invested a lot of capital to participate in the industry and generally want their business to last longer. one way to do this is to ensure there will be a demand for the product. therefore, it is necessary to identify the factors that can contribute to the increase in demand. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 359 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 knowing these factors will enable producers to strategize their marketing plans (sulaiman et al., 2020). in addition, most of the main consumers of beauty products are undergraduate college students. on average, female students are known as gen z, the generation born between 1996-2009. there is even a new generation who study in college or university. these generations know technology from an early age and use it daily, one of which is shopping behavior. so that this gen z generation will be a large population, and their purchasing power will become a target for the cosmetic industry (ishak et al., 2020). gen z now uses social media as a driving force to make decisions. this generation quickly absorbs the latest information and news (handriana et al., 2021), especially in buying and choosing cosmetic products. this generation is more concerned with trends. the trend factor will change the millennial (including gen z) generation's consumption pattern: trying to meet their needs and forcing themselves to fulfill their "wants" (thoyibah et al., 2021). the factor that influences them in choosing cosmetics is financial literacy. information about cosmetics is a situation where a person can access all relevant cosmetic information and analyze it adequately before deciding to buy any cosmetic item they like (ambo & sapir, 2020). before choosing a product, female students must consider their daily income and expenses not to be trapped by a wasteful lifestyle. students earn income from their parents, scholarship funds or work. in fulfilling their needs, they allocate their funds for consumption expenditures. keynes revealed that the power of income almost completely influences consumption spending. a person's consumption is directly proportional to his income, meaning the greater his income, the greater his consumption expenditure (priyono & chandra, 2016). therefore, financial literacy identifies and prioritizes primary, tertiary, and secondary needs (ambo & sapir, 2020). in addition, there is another sustainable factor, namely halal certification from the majelis ulama indonesia (mui). the halal certification of a product is about the processing of a product that meets standards in safety and cleanliness and ensures the safety of a product so that it can be consumed by muslims (budirman, 2020). uu nomor 33 tahun 2014 about halal product guarantee stated that halal certification is an acknowledgment of the halal status of a product issued by the badan pengelola jaminan produk halal (bpjh) (undang-undang nomor 33 tahun 2014 tentang jaminan produk halal, 2014). this regulation emphasizes http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 360 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the importance of halal products being consumed. therefore, mui certification is necessary, not a desire (masrul & sevie, 2020). the official halal status of a product the authorized institutions issued will be a chosen factor for muslims. on the other hand, consumer interest in using cosmetics has changed from complementary needs to primary needs for some people. for some conditions, women tend to use their money to beautify their appearance, such as clothes, grooming tools, hair beauty and so on (widyaningrum, 2019). another supporting factor is consumer awareness of consuming halal cosmetics. the theory of planned behavior (tpb) might describe the awareness factor. the tpb explained that attitude and subjective norms could determine awareness and perceived behavioral control. meanwhile, in terms of awareness, it has three aspects: religious belief, self-identity, and media exposure (farlina et al., 2015). religious belief is one of the potential sources for muslims in their awareness to consume halal products. self-identity means running a muslim person in accordance with the rules of islamic law. media exposure means a source of information or media influencing consumers to use halal products (masrul & sevie, 2020). through the description above, it can be identified that the emergence of gen z has great potential in the consumption industry. so many industries are starting to focus on the millennial generation (including gen z) (sugianto & brahmana, 2018). the number of gen z now, on average, is university students. this research is aimed at depok city students because depok city has a strategic regional position, located between the capital city of jakarta and bogor regency (kautsar et al., 2016). in addition, due to its strategic location, depok city has a variety of universities, from state to private universities, and even various types of students from within and outside the region (overseas). this causes the behavior of each different student to join a new environment (university). there are several previous studies has conducted, such as the literacy level of halal cosmetics (ambo & sapir, 2020); focusing on knowledge, perceived behavior control, and religious commitment (huda et al., 2018); halal labels, halal awareness, and celebrity endorser (widyaningrum, 2019), and consumer awareness based on religious beliefs, self-identity, and media exposure (farlina et al., 2015). previous research on halal cosmetics was limited to brand awareness or consumer awareness of halal, while the current research has been on halal http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 361 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 cosmetics. the consumption followed the brand or halal awareness because it was an action. this trigger may be the next level of the action, which becomes a gap in the research to be conducted. the previous research also came up with a different approach in terms of data analysis. some of them applied the pearson correlation analysis and t-test (ishak et al., 2020); regression analysis (simanjuntak & dewantara, 2014), and structural equation modelling with partial least square (sem pls) (herlina et al., 2020). in fitting the collected data, the current research also applied the sempls to test the variable data with latent and observed variables. this study discusses the issue of financial literacy, halal certification, and awareness of muslim consumers in consuming halal-labelled cosmetic products. various factors influence these variables in consuming halal cosmetic products. the rest of the paper is organized in the following sequence: the literature survey of relevant studies is provided in the next section. the research method and data on which the analysis is conducted are presented in section 3. section 4 discusses the results and implications of the paper. lastly, section 5 concludes the article. literature review theoretical framework ajzen and fishbein (1985) developed a model of consumer behavior known as the theory of planned behavior (tpb) model. previously, this theory was known as the theory of reasoned action (tra). the contents of the theory of planned behavior are behavioral intention factors, but there are additional factors into three: attitude, subjective norms, and perceived behavioral control. they describe attitude as a factor that exists in individuals to respond consistently, such as liking or disliking the assessment of a given object. furthermore, subjective norms or intentions are perceptions of an individual with social pressure to do or not do something significant to a behavior. furthermore, the behavioral control factor is an individual's belief in external and internal factors to act. this theory was applied in some research which found the decision behaviour in environmental, sustainable, and transport settings; health; psychology; hospitality and tourism; and innovation and technology (uturestantix et al., 2022). there are some studies on islamic economics discipline, such as the use of islamic banking products and services (purwanto, et al, 2022; santoso & nurzaman, 2022), investing in islamic capital market products (yandra & wijayanti, n.d.), http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 362 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 giving donations (zakāh, infāq, waqf, other alms) (hidayah & mutiara, 2022; sukmana et al., 2022), and also halal tourism (bhutto et al., 2022; mohammed et al., 2022) which applied the tpb were found increasingly nowadays. moreover, the tpb has become a popular theory applied in halal research (mubarrok et al., 2020). again, this study also benefits the tpb as a theoretical background in explaining the determinants of gen z consumer behaviour on halal cosmetics. we identify financial literacy, halal certification and halal awareness as independent of the customer behaviour of gen z. we imply financial literacy as a psychological factor related to the gen z attitude, halal certification as a behavioural control component in the muslim gen z's purchasing control, and halal awareness as subjective norms owned by the muslim gen z. development of the cosmetic industry in indonesia the emergence of a halal lifestyle (halal lifestyle) has become a lifestyle for today's society. it has made a global trend with implementing a halal lifestyle in various worlds. therefore, the halal lifestyle has received a positive response at home and abroad. one of them is indonesia, a pioneer of the halal lifestyle, which has now become a trend in the community. this is because the halal lifestyle is challenging for the muslim community in indonesia, even though the target market is aimed at young people, especially in the halal cosmetic industry (adinugraha & sartika, 2019). according to global islamic economy report 2016/2017, the value of muslim food and lifestyle expenditure in the world's halal sector reached usd1.9 trillion in 2015 (thomson reuters, 2016). in recent years, the cosmetic industry in indonesia has increased in rank from rank 8 in 2016 to rank 6 in 2020 (dinar standard, 2020). in the halal cosmetic industry, many cosmetic companies from outside and within the country are hunting for halal certification to make muslims the target market, especially in indonesia, making halal certification in a cosmetic a current trend. in addition, the government also plans that cosmetics distribution in indonesia must have halal certification by 2019 (herlina et al., 2020). in addition, in today's era, the cosmetic market has developed into an online market so that it is more popular among consumers, both those who live at home and those who work in the office. in addition, investment in the cosmetics sector increased from usd45 million to usd124.7 million last year. however, it remains http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 363 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 relatively small compared to other sectors, similar to the previous year. investment grew from 2018/19 to 2019/20 (dinar standard, 2020). the progress of the cosmetic industry with the trend of consumer interest in indonesia has increased the use of halal products, including the mui halal label, in 2016-2019 (nurbaiti, 2019). based on data from the ministry of industry, in 2019, there were 294 cosmetic industries registered in the badan koordinasi penanaman modal (bkpm) and 503 industries were not registered. the number of large cosmetic industries and industri kecil dan menengah (ikm) is 797 (kemeperin, 2020). in 2021, it was known that the cosmetic industry was growing until its development reached 5.59% (databooks, 2021). this shows that the cosmetic industry is growing every year. financial literacy financial literacy refers to understanding to manage personal finances well to make decisions (saving or investing) (ojk, 2017). in addition, the triggering factor for differences in the level of student financial literacy is the difference in opportunities to acquire knowledge and abilities in the financial sector (ester & soejono, 2020). this relates to the theory of planned behavior (tpb), namely attitudes, which are psychological factors related to thinking and evaluating financial problems for each consumer. attitudes are influenced by one's financial knowledge, understanding, perceptions, and thoughts that influence one's activities and behavior. for example, if someone is satisfied with the benefits of saving for the future, that person starts saving and does it on an ongoing basis. briefly, the theory of planned behavior relates financial literacy to consumer behavior (soyeon et al., 2009). therefore, the hypothesis in this study is as follows: h0 : there is no significant influence of financial literacy on consumer behavior. h1 : there is a significant influence of financial literacy on consumer behavior. halal certification halal certification is one of the factors that can build consumer trust and help companies direct all sales with halal-certified products and attract consumers to buy their products. halal certification also makes it easier for muslim consumers to choose a product without any doubts. based on the theory of planned behavior (tpb), the behavioral control component relates to the extent to which a person can engage in the behavior. according to ajzen, perceived behavioral control is http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 364 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 how much a person controls behavior and how sure they feel they will or will not perform the behavior (mohamed et al., 2014). this states how confident consumers are with the existence of mui halal certification. therefore, the hypothesis in this study is as follows: h0 : there is no significant influence of halal certification on consumer behavior. h1 : there is a significant influence of halal certification on consumer behavior. halal awareness awareness is one of the things that influence consumers to make decisions. several factors encourage halal awareness, namely religious understanding, knowledge of halal products, and consumer innovation in finding or trying new cosmetic products (mohezar et al., 2016). there is awareness because consumers think rationally when they are about to act. this is in accordance with the theory of planned behavior (tpb); consumers who have a good attitude will determine behavior. awareness is knowledge gained through experience or learning so that the information can be a reference in behaving and making decisions according to islamic law and sharia (setiawan & mauluddi, 2019). in addition, based on subjective norms are the assessment of each individual in the form of reactions to environmental influences to do or not to do. if the norms around a person support a person's belief that halal products are good, then the awareness to choose halal products will be higher (omar et al., 2012). therefore, the hypothesis in this study is as follows: h0 : there is no significant influence of halal awareness on consumer behavior. h1 : there is a significant influence of halal awareness on consumer behavior. methods this study uses a causal approach, which examines the causal relationship between variables or more. causal research explains the effect of changes in a variable's value on another variable's value. the research method used in this research is quantitative research. the population selected in this study were cosmetic consumers in depok, west java. to obtain data for each variable, this study used purposive sampling. therefore, the sample selection for female students was based on several criteria, namely female students studying in depok, aged between 1824 years, and using halal cosmetics (in the form of make-up and/or skincare). in determining to sample, the total population of female students studying in depok http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 365 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 is unknown, so the sampling uses the formula for unknown populations (frendy, 2011) as follows: from the results of these calculations, it is known that the required sample size is 96.04. seeing these results facilitates calculating the data by rounding the samples to 100 people. figure 1. research diagram source: processed (2022) in this study, the data source used is primary data. primary data were obtained through questionnaires to respondents who consumed halal cosmetics in depok for financial literacy, halal certification, and halal awareness. the questionnaire was filled in through an online survey based on a google form. these variables were measured using a likert scale, namely (1) strongly disagree, (2) disagree, (3) neutral, (4) agree, (5) strongly agree. to test the validity of the questionnaire, a pilot survey was conducted. the pilot survey was used to test the validity and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 366 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 reliability of the data obtained through a questionnaire. the questionnaire was processed using partial least squares structural equation modeling (pls-sem) through smartpls 3.3.2 software. the use of pls-sem in this study is because this study uses a small sample size and data measurement with an ordinal likert scale. in addition, pls-sem is used to test the effect between variables (independent to dependent) (hair et al., 2014). all questionnaire items have been tested by measuring the loadings factor or outer loading. the first test was tested with 28 indicators, and 10 were declared invalid because the value was less than 0.5. the second test resulted in 18 indicators that have been declared valid because they have a value of more than 0.5. therefore, all indicators are declared valid because they have met the criteria for an average variance extract (ave) value of more than 0.5. based on reliability testing, the results of the second test state that the reliability test on the financial literacy variable is 0.896, the halal certification variable is 0.961, the halal awareness variable is 0.961, and the consumer behavior variable is 0.925. therefore, all variables are declared reliable because they have cronbach's alpha and composite reliability values of more than 0.7, with a total of 18 indicators. results and discussion the number of respondents is 101 female students who have met the criteria for cosmetics. in the following, some tables explain the demographics or profiles of respondents. table 1. respondent demographic age frequency percentage (%) purchase frequently frequency percentage (%) 19 years 11 11% once a month 40 40% 20 years 14 14% every 2 months 33 33% 21 years 45 45% every 3 months 4 4% 22 years 28 28% once a year 5 5% 23 years 2 2% twice a year 1 1% 24 years 1 1% every running out 18 18% total 101 100% total 101 100% http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 367 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 monthly income frequency percentage (%) long wearing cosmetics frequency percentage (%) < idr 500.000 40 40% <6 months 3 3% 500.000 1.000.000 30 30% 1 year 24 24% 1.000.000 2.000.000 15 15% 2 years 17 17% 2.000.000 5.000.000 9 9% 3 years 25 25% > idr 5.000.000 3 3% 4 years 26 26% no response 4 4% >5 years 6 6% total 101 100% total 101 100% income source frequency percentage (%) personal (work) 22 22% parents 65 64% scholarship 10 10% personal and parents 3 3% personal, parents, and scholarship 1 1% total 101 100% source: processed (2022) table 1 shows respond of informants aged 21 years have are greater percentage than respondents aged 24 years. in terms of monthly income, the majority of respondents were who have < rp. 500,000, as much as 40%. again, the study collected 64% of respondents whose income was received from their parents. this proves that female students with a low monthly income cannot influence the behavior of female students to buy and use the desired cosmetics, and many female students get their main income from their parents. furthermore, 40% or about 40 respondents buy halal cosmetics once a month, while 26% or 26 respondents see how much they use them. in comparison, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 368 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the period of consuming cosmetics for < 6 months is at least a percentage of 3%. there are as many as three respondents. this shows that the frequency of purchasing once a month affects the behavior of female cosmetics consumers and makes cosmetics one of the monthly necessities. the cosmetic industry has experienced rapid development over the last four years now. measurement model evaluation the measurement model used in this study is reflective. the reflective measurement model was tested by testing four indicators: internal consistency, reliability indicator, ave, and discriminant analysis (hair et al., 2014). figure 2. path diagram source: processed (2022) based on figure 2, the test data is analyzed by looking at the loading factor value for each indicator. the loading factor value is declared valid if it has a value of more than 0.7. however, several indicators are declared invalid because they have a loading factor value of less than 0.7, such as fl1, hs5, ha6, cb2, cb3, and cb4. these indicators are eliminated from the model. therefore, the modified http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 369 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 data was processed by eliminating several invalid indicators for further testing. the following is a test table for the reflective measurement model: table 2. reflective measurement model latent variable indicators loadings indicator reliability composite reliability ave discriminant validity financial literacy fl2 1.000 1.000 1.000 1.000 yes halal certification hs1 0.848 0.719 0.926 0.758 yes hs2 0.874 0.764 hs3 0.851 0.724 hs4 0.907 0.823 halal awareness ha1 0.896 0.803 0.913 0.678 yes ha2 0.895 0.801 ha3 0.719 0.517 ha4 0.782 0.612 ha5 0.809 0.654 consumer behavior cb1 0.918 0.843 0.878 0.783 yes cb5 0.851 0.724 source: processed (2022) table 2 shows several tests, such as internal consistency, indicator reliability, ave, and discriminant analysis, that have been conducted. the internal consistency test shows that the loadings factor value determines whether the measuring instrument is valid. all loadings factor values in the table above are declared valid because they have a loading factor value greater than 0.7. the reliability indicator test is done by calculating the squared value of the loadings factor. the test is declared reliable because the reliability and composite reliability indicators have a value greater than 0.7. in the convergent validity test, it can be seen from the ave (average variance extracted) value that all constructs are declared valid because they have a value greater than 0.5. in the discriminant validity test, it can be seen from the loading factor value, which is greater than the cross-loadings value, and all constructs are declared valid. in addition, the test can be seen from the value of cronbach's alpha. it is known that the value of cronbach's alpha for the financial literacy variable is 1,000, the halal certification variable is 0.895, the halal awareness variable is 0.888, and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 370 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the consumer behavior variable is 0.728. all constructs are declared reliable because they have more value of 0.7. therefore, all indicators of financial literacy, halal certification, halal awareness, and consumer behavior variables can be maintained, except for indicators fl1, hs5, ha6, cb2, cb3, and cb4. structural model evaluation the structural model is used to determine the relationship between variables and is evaluated by looking at the r square value for the dependent construct. r square can be explored to see the impact of the independent latent variable on the latent dependent variable having a substantive impact (chin, 1998). the value of r square indicates the level of determination of exogenous variables to endogenous variables. the greater the r square value, the better the level of determination. structural model testing is done by knowing the value of the r square for the latent dependent variable. table 3. r square r square r square adjusted pk 0.136 0.109 source: processed (2022) the value of r square is declared good if r square is greater than 0.5. based on table 4.11, the r square value of 0.136 or 13.6% means the model is not able to explain the phenomenon of consumer behavior which is influenced by exogenous variables (financial literacy, halal certification, and halal awareness). while other factors outside the study explain the remaining 86.4%. in addition, the value of r square shows that r square is in the weak category. to measure the accuracy in predicting, you can use an adjusted r square because the r square value has been adjusted and is accurate. hypothesis test after knowing the relationship between variables, it can be found research hypotheses. hypothesis testing is done by looking at the path coefficient value, which shows the parameter coefficient and the t-statistics value. hypothesis testing is done by looking at the value of t-statistics. it is known that if the value of t count > t table or p-values < α, then h0 is rejected and h1 is accepted, meaning there is a significant effect between the x variable and y variable. on the other http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 371 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 hand, if the t count < t table or p-values > α, then h0 is accepted, and h1 is rejected, meaning that there is no significant effect between variable x and variable y (mufarrikoh, 2019). the following table of hypothesis testing: table 4. hypothesis test total effect t-values p-values significant level fl -> cb -0.318 3.339 0.001 ** hs -> cb 0.184 1.062 0.289 ns ha -> cb 0.044 0.250 0.802 ns *p < 0.05. **p < 0.01. | n = 101 source: processed (2022) based on table 4 in the first row, the effect of financial literacy on consumer behavior is t count > t table with a value of 3.339 > 1.983 and a p-value of 0.001 <0.05, so h0 is rejected, and h1 is accepted. this means that financial literacy variables have a significant influence on consumer behavior variables. the second row is the effect of halal certification on consumer behavior is a t count < t table with a value of 1.062 < 1.983 and a p-value of 0.289 > 0.05 so that h0 is accepted and h1 is rejected. this means there is no significant effect of the halal certification on consumer behavior variables. in the third row, the influence of halal awareness on consumer behavior is called t count < t table with a value of 0.250 < 1.983 and a p-value of 0.802 > 0.05, so h0 is accepted, and h1 is rejected. this means there is no significant effect of halal awareness on consumer behavior variables. discussion the quantitative data findings show that one variable has a significant influence, namely the significant influence of financial literacy on consumer behavior. this finding explains that financial literacy has become a consideration for consumers before buying cosmetics and helps female students do financial planning for the future in preparing for unexpected things. financial literacy is carried out to avoid excessive use of funds and is accompanied by a strong understanding of managing personal finances well to make decisions. one way to manage finances can be done by saving or investing. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 372 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 currently, the majority of the gen z can be said to be a generation who is studying in college. they live independently, separated from their parents. they are required by conditions to be able to manage income and spending wisely. in many countries, such as the united states, students are also required to handle debt because their tuition fees are paid with credit. knowledge and access to information gained in college and life help them manage their finances. their financial literacy ability determines the success of their financial management. the ability and opportunity for independent financial management is a financial literacy activity that can influence consumption behavior (johan et al., 2021). in addition to the financial literacy insights gained in college, the financial management abilities of the gen z are also contributed from the experience or habits of financial management from the financial culture nurtured in their previous homes (iramani & lutfi, 2021). families with wise financial habits will create the same habits for gen z in carrying out consumption behavior when they are college students and live apart from their families. financial habits in the family can be considered a subjective norm in the theory of planned behavior that influences consumption behavior (johan et al., 2021) in addition, this condition can also be confirmed by looking at the demographics or profiles of respondents, where 40% of respondents buy cosmetic products regularly once a month. this states that the female student has made a monthly budget, either saving or investing in purchasing cosmetic products every month. this means that no matter how high a student's income is, they still make cosmetics as one of the monthly necessities that cannot be eliminated. therefore, encouraging students to learn deeply about how to save and invest (mutual funds, stocks, sukuk, bonds, and gold), either through banks or other platforms that support the development of the digital economy. another important finding on this significant effect was a negative effect between financial literacy and consuming behavior toward halal cosmetics. it means there was a trade-off between financial literacy and consumption. the finding confirmed that financial literacy would increase the financial planning level. financial planning means someone will have income and expenditure planning. they will manage their incomes to the appropriate budget (chavali, 2020). the budget will be allocated based on the priority level, such as the emergency fund, insurance, investment allocation, a sufficient priority daily needs, and the rest was for "self rewards" (bayinah, 2015). purchasing the cosmetics may be included in the self rewards if it was beyond cosmetics. for some people, cosmetics could be a part of daily needs if they were common http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 373 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 cosmetics. then, the trade-off finding might be explained by financial planning as a part of financial literacy. this study is in line with research by ambo & sapir (2020), which found high scores for the financial literacy variable in female students in malaysia. this is because financial literacy highly depends on a person's ability to access relevant information, whether it is managing finances or financial planning. at the same time, look for more in-depth information related to the product to be purchased to avoid large expenses due to buying the wrong product. however, this study is not in line with purwanto (2019) research, which found that financial literacy negatively affects consumptive behavior. this is due to the lack of student's ability to make monthly spending plans and manage finances, so they make wrong decisions when buying a product without setting a priority scale of needs or desires. in addition, students have not considered making monthly budgets a waste of time and not a priority. the findings showed that two variables had no significant effect. first, there is no significant effect of halal certification on consumer behavior. this insignificant effect occurs because the p-values value is 0.289 (t-values 1.062). the use of cosmetics must be based on the halal certification and labelling of the majelis ulama indonesia (mui) so that these products can be consumed properly and get benefits and blessings for those who consume them. however, some students pay less attention to these indicators and will not hesitate if they find new products with attractive packaging, endorsers, and benefits. however, they do not have halal certification or even include the bpom logo. this is in line with sitompul's research (2021) which found that the halal label or halal certification had no significant effect. the study explains that the halal label is not considered an important component for generation y and generation z in cosmetic products. however, this halal label or halal certification is only known for consuming halal food and drinks. the findings of this study are not in line with previous research conducted through distributing questionnaires which found that the halal label or halal certification greatly influences consumers to buy and consume halal cosmetics. the existence of halal certification can make it a necessity for gen z muslim women and is supported by producers in indonesia who contribute to ensuring the halalness of a cosmetic product by having halal certification in selling their cosmetic products (handriana et al., 2021; rosida, 2018). second, there is no significant effect of halal awareness on consumer behavior. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 374 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 this insignificant effect occurs because the p-values value is 0.802 (t-values 0.250). someone with halal awareness will implement religious values in all aspects of his life and measure halal awareness by measuring religious understanding and consumer knowledge about halal products. this is because some female students already understand the importance of halal status but lack the awareness to apply it in daily life. this finding is in line with a study conducted by the ministry of religion of 840 young muslim people from five provinces (dki jakarta; west java; banten; central java; and yogyakarta). this study explains that the gen z generation's halal awareness level is still low. they do not know what the criteria for halal products are. among the contributing factors is the lack of optimal socialization of halal to the millennial (including gen z ) generation (fauziah et al., 2020). this research is in line with azam (2016) and yasid et al. (2016) stated that halal awareness in indonesia and malaysia applies to halal food and beverages but not halal cosmetics. the community's understanding of halal products for everyday consumption contradicts this. even though the halalness of a product must be considered from all aspects of life, such as food, fashion, and cosmetics, even aspects of halal travel and sharia finance must also be considered in order to get benefits and blessings for those who consume it. this study is different from that of handriana et al. (2021) stated that millennial (including gen z) muslim women in indonesia have realized the importance of halal cosmetic products. the increase in one's faith affects awareness of halal cosmetics. in addition, halal awareness is influenced and supported by confidence in choosing cosmetics before buying, knowledge related to cosmetics, as well as observations made by consumers of each brand with different prices in each store or supermarket. conclusion this study examines the factors that influence consumer behavior toward halal cosmetics. gen z becomes consumers of halal cosmetics studied. the level of financial literacy can significantly influence the actors in using (halal) cosmetics. still, the halal variables related to halal certification and awareness have not been able to become the dominant factors influencing cosmetic consumption patterns. new products, packaging and the existence of product endorsers are still more of a concern than the existence of a halal product logo. this finding implies that the halal awareness campaign approach to gen z http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 akfini farihah fiddarayni. gen z' halal cosmetic purchasing: merely a way of life? 375 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.26866 has not had much impact on their consumption decisions. the expansion of halal awareness campaigns in various channels suitable for the gen z world must continue to receive serious attention from all stakeholders. the participation of educational institutions in educating students as part of millennials and gen z towards halal products is necessary. references aisyah, m. 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(2016). factors affecting muslim students awareness of halal products in yogyakarta, indonesia. international review of management and marketing, 6(4), 27–31. https://dergipark.org.tr/en/pub/ irmm/issue/32091/355259. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.26866 https://doi.org/10.55883/jipkis.v1i3.15 https://doi.org/10.21512/bbr.v13i1.7898 https://doi.org/10.21512/bbr.v13i1.7898 http://doi.org/10.25273/capital.v2i2.3984 https://doi.org/10.14421/ekbis.2022.6.1.1484 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 165 184 received: january 15, 2017; revised: february 22, 2017; accepted: march 21, 2017 1, 2, 3 university college of bahrain. po box. 55040, saar manama, bahrain e-mail: 1ahadrami@ucb.edu.bh; 2sutan@ucb.edu.bh; 3alsharbiti@hotmail.com doi: 10.15408/aiq.v9i2.4635 the important selection criteria in choosing islamic banks: a survey in bahrain abdulla hamzah al-hadrami1, sutan emir hidayat2, mohamed isa al-sharbiti3 abstract. the important selection criteria in choosing islamic banks: a survey in bahrain. selection criteria of banks in general and islamic banks in particular have been given high attention by the marketing researchers nowadays. but this kind of research is still insufficient in numbers especially in the developing countries. therefore, this study aims to identify the important selection criteria that are considered by customers in selecting islamic banks in the kingdom of bahrain. a 5-likert scale survey questionnaire and anova were used as the research method. the results indicate that the religious factors were ranked as the most important selection criteria for selecting islamic banks. the study also found service quality factors as the second important selection criteria. this study is expected to provide islamic banks in bahrain with some inputs in setting up their marketing strategies in order to attract new customers and retain their existing customers. this study is also expected to add value to the literature by providing the updated empirical study in the area. keywords: selection criteria, customers, islamic banks abstrak. kriteria pemilihan utama dalam menentukan bank syariah: survei di bahrain. kriteria pemilihan bank secara umum maupun bank syariah secara khusus telah banyak dilakukan oleh para penelitian di bidang pemasaran saat ii. akan tetapi, penelitian ini belum banyak dilakukan di negara berkembang. penelitian ini bertujuan untuk mengidentifikasi kriteria pemilihan utama yang dipertimbangkan oleh nasabah dalam memilih bank syariah di bahrain. metode yang dipergunakan ialah kuesioner dengan skala likert dan anova. hasil menunjukkan bahwa faktor agama merupakan kriteria pemilihan utama dalam memilih bank syariah. selain itu, penelitian ini juga menemukan bahwa faktor kualitas layanan menjadi kriteria pemilihan utama kedua. penelitian ini diharapkan mampu memberikan kontribusi bagi bank syariah di bahrain dalam menetapkan strategi pemasaran dalam kaitannya menarik nasabah baru dan mempertahankan nasabah lama. selain itu diharapkan pula penelitian ini mampu memberikan pembaharuan literature terkait studi sejenis. kata kunci: kriteria pemilihan, nasabah, bank syariah 166 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 introduction despite islam requires its followers to comply all aspects of their life including the financial matters with sharia, islamic banking and finance was still unknown and unheard before 1970s. the momentum that led to the current development took place when the historical conference for the rulers in the islamic world held on 25th september 1969 in rabat, kingdom of morocco. the rulers have made the decision to establish the organization of islamic conference (oic), whose purpose was to unite the muslim voice across the world and safeguard the concerns of the muslim world in the spirit of promoting international peace and harmony among various people of the world (mullineux & murinde, 2003). one of the results of the establishment of the oic was the establishment of islamic development bank (idb). since that, islamic banks continued to grow and expand in size and in numbers. currently, there are more than three hundreds islamic financial institutions in over fifty-one countries with the total assets in 2013 had reached usd 1.3 trillion (izhar and rehman, 2014). this gives an indication that this industry is growing quickly and sharply. the growth of this business is tremendous in comparison to other aspects of the financial industry (ali, 2011). one of the important countries to the development of islamic banking and finance is kingdom of bahrain. bahrain is known as the financial center of the middle east. the financial service sector is among the highest contributors to the country’s overall gdp. the sector represents around 27% of gdp of the country. in addition, the financial service is the largest sector that absorbs the workforce in bahrain. up to september 2014, the number of financial institutions in the country is 404 and the total workforce is 14,0091. up to december 2014, there are 6 islamic retail banks and 18 islamic wholesale banks operating in the kingdom. the high numbers of islamic banks shows high profile of the country as one of the worlds’ leading islamic financial centers. the importance of islamic banking can be further substantiated with the increasing contribution of islamic banking assets to the total banking system. the growth of islamic banking in particular has been remarkable during 2000-2008, with total assets in this segment jumping from usd 1.9 billion in 2000 to usd 27.12 billion at the end of 2008, an increase of over 500%. the market share of islamic banks correspondingly increased from 1.8% of total banking assets in 2000 to around 13.3% in 20122. as the islamic banking grows in the kingdom, islamic banks need to recognize and realize the selection criteria that influence customers’ 1 http://www.cbb.gov.bh/page-p-overview1.htm. it was accessed on 17/12/2014. 2 http://www.cbb.gov.bh/page-p-overview1.htm. it was accessed on 17/12/2014 167 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks selection of islamic banks. understanding the selection criteria will enable them to increase their number of customers and thus the financial transactions performed. this will positively affect the banks’ profitability. based on the above background, this study aims to identify the important selection criteria that are considered by customers in selecting islamic banks in the kingdom of bahrain. in other words, this study aims to answer the following research questions: first, what are the important selections criteria considered by the customers in the process of selecting islamic banks? second, do demographic variables significantly influence the selection criteria of islamic banks? this study is expected to provide islamic banks in bahrain with some inputs in setting up their marketing strategies in order to attract new customers and retain their existing customers. this study is also expected to add value to the literature by providing the updated empirical study in the area. the current study extends and complements the study of metawa and al-mossawi (1998) by investigating the importance of other selection criteria which are not examined in that study, namely service quality and other convenience factors including comfort interior, the availability of parking space, the availability of wide range of branches and atms, and external appearance. moreover, the current study tested the influence of gender on the selection criteria variables that have not been tested by metawa and almossawi study. this demographic variable is considered an important factor that affects the customer’s bank selection. some findings of the current study are consistent with the findings of the previous studies and some findings are contrary to the findings of previous studies. understanding the selection criteria which reflect the perceptions of the islamic banks’ customers is important for islamic banks’ stakeholders because these selection criteria determine how and to what extent customers choose to patronize the alternative products and services of the banks (gait and worthington, 2007). literature review there are quite significant numbers of studies that surveyed the selection criteria of customers towards islamic banking services from time to time especially across countries where islamic banks are currently operating. for example, metawa and al-mossawi (1998) investigated the bank selection criteria for islamic bank customers in bahrain. the study collected questionnaire data from about 300 customers from two islamic banks. the study found that religion was the primary selection criteria, followed by rate of return, recommendations made by family and friends and convenience. 168 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 dusuki and abdullah (2006), investigated why customers patronize islamic banks in malaysia. the study was based on a sample of 750 respondents. the study found that the most important selection criteria in accepting islamic banks are service quality, friendly staff, bank reputation, and islamic working environment. khan et al. (2007) conducted a study to investigate banks’ selection criteria in islamic banks in bangladesh, based on a sample of 100 customers of islamic banks who completed a questionnaire, and found that the most important selection criteria among islamic banks’ customers is the religious principles. ranjbar and sharif (2008) investigated on islamic banking selection criteria in malaysia, using data from 150 questionnaires completed by muslim and non-muslim customers. the study results indicated that there is no significant difference in the selection criteria between muslim and non-muslim customers. the key factors in selecting financial institutions were the provision of fast and efficient service, confidentiality of banks, bank reputation and image, provision of a wide range of services, lower profit rates on financings and the friendliness of bank personnel. hague et al. (2009) investigated the major factors influencing the selection of islamic banking in malaysia, based on data collected from 485 customers through questionnaires. the study found that the factors influencing islamic banking customers are quality of services, availability of services, social and religious perspectives and customers’ confidence in the bank. bhatti et al. (2010) surveyed 120 customers in pakistan. the study’s results indicate that the main selection criteria of an islamic bank are religiosity and profitability, efficiency and speed in completing transactions, and staff friendliness. farooq et.al. (2010) studied the selection criteria of islamic customers patronizing a particular bank in afghanistan. the sample was based on 100 questionnaires. the study found that the most important factors leading to the customer’s choice of islamic banking products/services are religious reliance, recommendation of family and friends, easy access to branch, and profitability of the bank. abduh and omar (2012) studied the rank of selected criteria of islamic banking in malaysia, collecting data by surveying 279 respondents from bank depositors through a survey and conducting data analysis using a quantitative approach. the study showed that the highest priority factors in choosing to patronize an islamic bank are sharia compliance, profitability, bank reputation, bank status, facilities and services, and friendly personnel respectively. a recent study conducted by hidayat and al-bawardi (2012) to evaluate the perceptions of non-muslim expatriates in saudi arabia toward islamic banking products and services collected questionnaire data from 103 non-muslim expatriate bank customers for quantitative analysis. the study found that lower costs, better quality and nature of products and services provided motivated non-muslim customers in saudi arabia to deal with the islamic banking. 169 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks in general, review of literature reveals that religious factors, quality of services performed by the islamic banks, convenience, family and friends’ influence, and financial benefit play major roles in the selection process and become the main selection criteria of islamic banks. using the above selection criteria, this study attempts to extend metawa and al-mossawi (1998)’s study by conducting the updated survey in bahrain in order to identify the important selection criteria that affect customers’ selection of islamic banks. in general, most of the previous studies including metawa and al-mossawi (1998) did not test the differences among the respondents’ opinion based on their demographic variables. therefore, this study examined the significant differences in the respondents’ opinion about the selection criteria of islamic banks when the respondents are grouped according to gender, age, level of education, and level of income to fill the gap in the literature. method based on the above previous studies, it is found that most studies related to selection criteria of islamic banking services used a 5-likert scale survey questionnaire as their research method. a survey questionnaire is a kind of quantitative research approach. therefore, this study uses the same method as the previous studies (metawa and al-mossawi, 1998; dusuki and abdullah, 2006; khan et al, 2007; ranjbar and sharif, 2008; hague et al, 2009; bhatti et.al, 2010; farooq et al, 2010; abduh and omar, 2012; hidayat and al-bawardi, 2012). the questionnaire used to collect the data for this study was developed based on the questionnaire of the above previous studies. the items in the questionnaire are divided into 6 groups. the first group collects demographic profile of the respondents in terms of gender, age, level of education and level of income. the second group collects information about the respondents’ opinion on the importance of religious factors as selection criteria of islamic banks. there are 3 items under the category namely “you select islamic bank because you want to follow islam”, “you select islamic bank because you want to avoid riba”, and “you select islamic bank because you want to comply with shariah in all your dealings”. the third group collects information about the respondents’ opinion on the importance of service quality factors as the selection criteria of islamic banks. there are 3 items under this category namely “you select islamic bank because of its fast and efficient service”, “you select islamic bank because of its accuracy in service transaction” and “you select islamic bank because of its high quality of customer services”. the fourth group collects information about the respondents’ opinion on the importance of convenience in the selection of islamic banks. in this category, 170 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 there are 6 items namely “you select islamic bank because of the bank’ offices have comfort interior”, “you select islamic bank because of convenient branches location”. “you select islamic bank because of available parking space”, “you select islamic bank because of wide range of branches”, “you select islamic bank because of external appearance of the bank” and “you select islamic bank because of wide atm availability”. the fifth group collects information about the respondents’ opinion on the importance of families and friends’ influence as the selection criteria of islamic banks. there are 3 items under this category namely “you select islamic bank because of the recommendation from your family”, “you select islamic bank because of the recommendation from your friends” “you select islamic bank because your families or friends are working for islamic banks”. the sixth group collects information about the respondents’ opinion on the importance of financial benefits as the selection criteria of islamic banks. there are 3 items under this category namely “you select islamic bank because of the low profit rate on financings”, “you select islamic bank because of low service charges” and “you select islamic bank because of high rate of return on deposits”. the population of this study consists of all customers of islamic commercial banks in bahrain. convenience sampling was used since this technique is widely used for exploratory research, which involves samples drawn from part of population using a random approach. it simply gathers data from people who are readily available and accessible. 150 questionnaires were distributed to islamic banks’ customers. however, only 135 questionnaires were completely filled up and returned. analysis of variance (anova) test was applied to determine if there are any significant differences in the average weighted means obtained by the responses of the respondents when they are grouped according to the gender, age, level of education, and level of income. according to hair et al. (2010) anova is a technique used to determine whether two or more groups come from a population differ significantly or not in terms of a specific variable. the usage of anova for the purpose of testing significant differences in the average weighted mean has been used by some previous studies with different objectives.(hidayat and al-hadrami, 2015; al-hadrami and hidayat, 2015.) result and discussions demographic profiles from 135 islamic bank customers participated in this survey, 73 of them (54.1%) are male and 62 of them are female (45.9%). in terms of age, 6 of them are below 25 years old (4.4%), 43 (31.9%) of them are in the range of 25-35 years 171 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks old. 33 (24.4%) of them are in the range of 36-45 years old. the remaining 53 respondents (39.3%) are above 45 years old. in term of education, 1 respondent did not complete high school (0.7%). 12 respondents (8.9%) are high school graduates, 119 respondents (88.1%) hold bachelor degree and 3 respondents (2.2%) are holding postgraduate degrees. in term of income, 6 respondents (4.4%) have monthly income below bd 450. 81 (60%) respondents have monthly income in the range of bd 450900. 39 (28.9%) respondents earn in the range of bd 901-1400 monthly and the remaining 9 respondents (6.6%) earn above bd 1,400 monthly. importance of religious factors as the selection criteria for islamic banks table 1 summarizes the respondents’ responses regarding the importance of religious factors in the selection of islamic banks. as seen in this table the overall average of the respondents’ responses regarding the religious factors is 4.02, with a verbal interpretation of “important”. in addition, the average responses regarding the three elements of this category have a verbal interpretation of “important”. “following islam” has the highest average score (4.21), followed by “avoiding riba”, with an average score of 4.02 and “compliance with sharia”, with an average score of 3.83. the findings indicate that religious factors viewed as important selection criteria of islamic banks by islamic bank customers in bahrain. table 1. summary of respondents’ responses on the importance of religious factors in the selection of islamic banks (n=135) item 1 2 3 4 5 mean interpretation you select islamic bank because you want to follow islam 3 21 8 15 88 4.21 important you select islamic bank because you want to avoid riba 14 12 7 26 76 4.02 important you select islamic bank because you want to comply with shariah in all your dealings 12 17 7 45 54 3.83 important overall weighted average: 4.02 (important) the findings are in line with the findings of the previous studies (metawa and al-mossawi, 1998; khan et al, 2007; hague et al, 2009; bhatti et.al, 2010; farooq et al, 2010; abduh and omar, 2012). this is also in line with the wisdom behind the establishment of islamic banking and finance, which is to comply all aspects of our life as a muslim into shariah (hidayat, 2010). 172 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 importance of service quality factors as the selection criteria for islamic banks table 2 shows that the overall average of the respondents’ responses regarding the service quality factors is 3.66, with a verbal interpretation of “important”. in addition, the average responses regarding the three elements of this category each has a verbal interpretation of “important”. “high quality of customer services” has the highest average score (3.73), followed by “fast and efficient service”, with an average score of 3.69, and “accuracy in service transaction”, with an average score of 3.57. the above findings indicate that service quality plays an important role in the selection process of islamic banks (important selection criteria). table 2 summarizes the respondents’ responses regarding the importance of service quality factors in the selection of islamic banks. table 2-summary of respondents’ responses on the importance of service quality factors in the selection of islamic banks (n=135) item 1 2 3 4 5 mean interpretation you select islamic bank because of fast and efficient service 3 12 41 47 32 3.69 important you select islamic bank because of accuracy in service transaction? 1 6 59 53 16 3.57 important you select islamic bank because of high quality of customer services 0 7 48 54 26 3.73 important overall weighted average: 3.66 (important) therefore, islamic banks management needs to pay attention to this aspect. the findings of this study confirm the findings of the previous studies (dusuki and abdullah, 2006; ranjbar and sharif, 2008; hague et al, 2009; bhatti et.al, 2010; abduh and omar, 2012; hidayat and al-bawardi, 2012). importance of convenience factors as the selection criteria for islamic banks when it comes to the importance of convenience in the selection of islamic banks, the weighted average results show that the overall average of the participants’ responses regarding the convenience factors is 3.19, with a verbal interpretation of “moderately important”. among the 6 items under this category, “islamic bank’s offices have a comfortable interior” has the highest average score (4.49), followed by “available parking space” with an average of 3.59, both are categorized as “important”. 173 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks table 3-summary of respondents’ responses on the importance of convenience factors item 1 2 3 4 5 mean interpretation you select islamic banks because of the banks’ offices have comfort interior 1 2 9 41 82 4.49 important you select islamic banks because of convenient branches location 5 15 68 31 16 3.28 moderately important you select islamic banks because of available parking space 1 2 63 55 14 3.59 important you select islamic banks because of wide range of branches 70 59 6 0 0 1.53 less important you select islamic banks because of external appearance of the bank 0 16 84 34 1 3.15 moderately important you select islamic banks because of wide atm availability 2 23 74 31 5 3.10 moderately important overall weighted average: 3.19 (moderately important) meanwhile, “convenient branch location” is categorised as “moderately important”, with an average score of 3.28, followed by “external appearance of the bank” with an average score of 3.15 and “wide atm availability” with an average score of 3.10. both external appearance and wide atm availability are regarded as “moderately important”. finally, “wide range of branches”, with an average score of 1.53, is the least important factor in this category with verbal interpretation of “less important”. although the overall result indicates that convenience is not as important as religious and service quality factors, it does not mean the factors under this category are to be ignored. in fact, 2 factors under these categories regarded as important selection criteria by islamic bank customers. the overall findings for this category are not in line with some previous studies that consider this category as important selection criteria of islamic banks (metawa and al-mossawi, 1998; khan et al, 2007; farooq et al, 2010; hidayat and al-bawardi, 2012). table 3 below summarizes the respondents’ responses regarding the importance of convenience factors on the selection of islamic banks. importance of families and friends’ influence factors as the selection criteria for islamic banks table 4 shows that the overall average of the respondents’ responses regarding these factors is 3.19, with a verbal interpretation of “moderately important”. in 174 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 addition, the average responses regarding the three elements of this category have a verbal interpretation of “moderately important”. “recommendations from friends” has the highest average score (3.31), followed by “recommendation from your family” with an average score of 3.24, and “friend/family members working for the islamic banks” with an average score of 3.00. despite families and friends’ influence factors are regarded as important selection criteria by some previous studies (metawa and al-mossawi, 1998; farooq et al, 2010), this study found that islamic bank customers in bahrain are in the opinion that these factors are not as important as religious and service quality factors. in addition, none of the items under this category obtained verbal interpretation of “important”. table 4 summarizes the respondents’ responses regarding the importance of families and friends’ influence in the selection of islamic banks. table 4-summary of respondents’ responses on the importance of families and friends’ influence factors in the selection of islamic banks (n=135) item 1 2 3 4 5 mean interpretation you select islamic banks because of the recommendation from your family 9 10 63 45 8 3.24 moderately important you select islamic banks because of the recommendation from your friends 9 10 60 42 14 3.31 moderately important you select islamic banks because your families or friends are working for islamic banks 10 24 60 38 3 3.00 moderately important overall weighted average: 3.19 ( moderately important) importance of financial benefits factors as the selection criteria for islamic banks table 5 summarizes the respondents’ responses regarding the importance of financial benefits in the selection of islamic banks. table 5 shows that the overall average of the respondents’ responses regarding the financial benefits factors is 2.82, with a verbal interpretation of “moderately important”. “higher rate of return on deposits” has the highest average score (3.20), followed by “low service charges” with an average score of 2.79, and the lowest average score is for “lower profit rate on financings”, with an average score of 2.49. this finding reveals that financial benefits factors are regarded less important than religious and service quality factors by islamic bank customers in bahrain. it also means islamic bank customers in bahrain are attracted to deal with islamic banks more because of the religious and service quality factors than financial benefits factors. 175 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks table 5-summary of respondents’ responses on the importance of financial benefits factors in the selection of islamic banks (n=135) item 1 2 3 4 5 mean interpretation you select islamic banks because of the low profit rate on financings 13 59 50 10 3 2.49 less important you select islamic banks because of low service charges 3 52 57 17 6 2.79 moderately important you select islamic banks because of high rate of return on deposits 1 11 90 26 7 3.20 moderately important overall weighted average: 2.82 ( moderately important) the finding is not in line with some previous studies that found these factors as important selection criteria of islamic banks (metawa and al-mossawi, 1998; khan et al, 2007; ranjbar and sharif, 2008; hidayat and al-bawardi, 2012). testing for significant differences in the opinions by demographic profile the current study employed analysis of variance (anova) at a 90% level of confidence to test for any significant influence of demographic variables on the selection criteria discussed above. anova was conducted to identify any statistical significance in the differences between sample elements’ responses when they are grouped based on their gender, age, level of education and level of income. table 6 summarizes the anova outputs when the respondents are grouped according to their gender. it can be concluded that the only significant difference was found for the convenience factor, which female respondents perceived to be significantly more important in selecting islamic banks than did male customers, with average scores of 3.11 and 2.97 for female and male customers respectively. it means that female customers significantly care about convenience factors than male customers do as their selection criteria. this finding is consistent with the finding of bhatti et.al. (2010) who found a significant relationship between the bank’s location and gender. as seen in table 6, male customers have higher average scores than female customers in terms of the perceived importance of the religious factors in selecting islamic banks, with an average score of 4.0877 for males and 3.9613 for females. in terms of service quality, it has been found that male customers perceived the importance of these factors in selecting islamic banks as more important than did females (with mean scores of 3.6822 and 3.6435 respectively). additionally, the anova results show that female customers perceived the importance of the influence of family and 176 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 friends in selecting islamic banks as being greater than did male customers, with mean scores of 3.2355 and 3.1466 respectively. finally, in terms of the financial benefits, the results indicated that male customers perceived the factors to be more important than did females (with mean scores of 2.8781 and 2.7710 respectively). table 6-summary of anova outputs when the respondents are grouped according to their gender n mean std. deviation f test f-ratio f sig religious factors male 73 4.0877 1.09772 .437 .510 female 62 3.9613 1.11669 service quality male 73 3.6822 .56651 .178 .674 female 62 3.6435 .48574 convenience male 73 2.9781 .28831 7.694 .006* female 62 3.1129 .27310 families and friends’ influence male 73 3.1466 .68294 .598 .441 female 62 3.2355 .64506 financial benefits male 73 2.8781 .44853 1.919 .168 female 62 2.7710 .44662 * p < 0.10 when the respondents are grouped according to their age, anova outputs reveal that the only significant difference was found for the religious factors, which was perceived to be significantly more important in selecting islamic banks than other elements by respondents aged below 25, with an average score of 4.51, while respondents aged 25-35 years, 35-45 years, and more than 45 years had average scores of 4.22, 4.17, and 3.72 respectively. one possible reason is due to exposure of these age groups to islamic finance courses at their universities. this finding is consistent with the findings of each of bhatti et.al. (2010) and farooq et al. (2010) who found a significant relationship between age and the religious factor. table 7 summarizes the anova output when the respondents are grouped according to their age. as seen in table 7, in terms of average scores of other factors, respondents below 25 years gave an average score of 3.71 in terms of service quality, while those who were older than 45 years had an average score of 3.10 in terms of convenience. with regard to family and friends’ influence, respondents who were older than 45 years had the highest average score (3.25), and finally in terms of 177 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks financial benefits, the results revealed that respondents aged 25-35 years had the highest average score of 2.91.however, none of them are statistically significant. when the respondents are grouped according to their level of education, anova outputs reveal that the only significant difference was found for the influence of family and friends, for which the influence is significantly high for those with below high school and postgraduate degree, with an average score of 4. this finding confirms the results of each of metawa and al-mossawi (1998) and bhatti et.al. (2010) who found a significant relationship between the education level of the respondent and the family and friends recommendation in selecting banks. table 7-summary of anova outputs when the respondents are grouped according to their age n mean std. deviation f test f-ratio f sig religious factors <25 6 4.5167 .54191 2.517 .061* 25-35 43 4.2279 .98617 35-45 33 4.1788 1.00771 >45 53 3.7208 1.23761 service quality <25 6 3.7167 .56006 .204 .893 25-35 43 3.6302 .48133 35-45 33 3.6364 .67630 >45 53 3.7038 .46903 convenience <25 6 3.0167 .37103 1.384 .251 25-35 43 2.9907 .29424 35-45 33 3.0091 .28871 >45 53 3.1019 .27068 families and friends’ influence <25 6 2.9500 1.04451 .488 .691 25-35 43 3.1721 .65840 35-45 33 3.1424 .76650 >45 53 3.2547 .55663 financial benefits <25 6 2.9000 .55136 1.102 .351 25-35 43 2.9163 .46236 35-45 33 2.7364 .37899 >45 53 2.8075 .46569 * p < 0.10 178 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 table 8-summary of anova outputs when the respondents are grouped according to their level of education n mean std. deviation f test f-ratio f sig religious factors below high school 1 4.7000 1.707 .169 high school 13 3.5083 1.23984 bachelor degree 119 4.0966 1.06643 postgraduate degree 3 3.2333 1.74738 service quality below high school 1 3.7000 .450 .718 high school 12 3.7083 .40330 bachelor degree 119 3.6513 .53991 postgraduate degree 3 4.0000 .70000 convenience below high school 1 3.0000 .056 .983 high school 12 3.0500 .33166 bachelor degree 119 3.0378 .28789 postgraduate degree 3 3.1000 .26458 families and friends’ influence below high school 1 4.0000 2.186 .093* high school 12 3.0750 .76053 bachelor degree 119 3.1714 .65122 postgraduate degree 3 4.0000 0.00000 financial benefits below high school 1 2.7000 .727 .537 high school 12 3.0083 .44611 bachelor degree 119 2.8134 .45003 postgraduate degree 3 2.7667 .50332 *p < 0.1 179 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks as seen in table 8, religious factors are more important for islamic bank customers with low level of education than those with higher education as reflected by the highest score obtained by the respondent with no high school (4.7). in terms of service quality, respondents with postgraduate degree had the highest average score (4.00). it means those with high education tend to care more about service quality factors than others. however, the difference is not statistically significant. with regards to convenience, respondents with post graduate degree obtained the highest score (3.1). it means those with high education tend to care more about convenience factors than others. however, the difference is not statistically significant. finally, in terms of financial benefits, the result shows that respondents with high school degree have the highest average score (3.00). table 8 summarizes the anova output when the respondents are grouped according to their level of education. when the respondents are grouped according to their level of income, anova outputs reveal that there are significant differences in each of religious, service quality, and financial benefits factors. respondents in the higher income bracket (901-1400) cited religious factors as the most important element with an average score of 4.48. this finding is consistent with the finding of metawaa and al-mossawi (1998) who found a significant relationship between the respondents’ income and the religious factor. additionally, as seen in table 9 those with income more than 1400 gave an average score of 4.31 for service quality. it means as higher the income as more the requirements for service quality. for financial benefits, respondents with income less than 450 gave the highest average score of 3.05 which indicates as less the income as more interest in the financial benefits they can get from the bank. finally, as it can be seen in table 9, in terms of other factors, respondents with income between 450 and 900 gave the highest average score for convenience (3.04), and for family and friends’ influence, those with income greater than 1400 income gave an average score of 3.42. table 9 summarizes the anova output when the respondents are grouped according to their level of income. table 10 shows the rank of the five factors in terms of their importance according to the respondents’ opinions. as it can be seen in the table 10, religious factors are ranked as the most important selection criteria for islamic banks, with an overall average score of 4.02, thus islamic banks should not follow and imitate the conventional banks without taking into consideration sharia principles and objectives. this factor is followed by service quality, with an overall average score of 3.66, therefore, islamic banks must pay more attention to this factor by acquiring up-to-date devices in order to improve the quality and efficiency of the services provided. in the third rank come the convenience factors with an overall average 180 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 score of 3.19. this means that the islamic banks must give more attention to the internal and external interiors to make them more attractive. in the fourth rank comes the importance of families and friends’ influence also with overall average scores of 3.19. however, it is ranked fourth since no factor under this category obtained average scores with verbal interpretation of “important”. in the last rank come financial benefits, with an overall average score of 2.82. table 9-summary of anova outputs when grouped according to their level of income n mean std. deviation f test f-ratio f sig religious factors <450 6 4.1667 .95847 2.731 .032** 450-900 81 3.8160 1.20296 901-1400 39 4.4821 .57394 >1400 9 3.8000 1.59553 service quality <450 6 3.3333 .31411 4.484 .002** 450-900 81 3.6383 .52382 901-1400 39 3.6205 .48946 >1400 9 4.3125 .45493 convenience <450 6 2.9833 .42151 .167 .955 450-900 81 3.0469 .28900 901-1400 39 3.0462 .29096 >1400 9 3.0000 .20702 families and friends’ influence <450 6 2.8833 .97656 .973 .425 450-900 81 3.2346 .69267 901-1400 39 3.1000 .51401 >1400 9 3.4250 .78513 financial benefits <450 6 3.0500 .49699 2.126 .081* 450-900 81 2.7975 .41139 901-1400 39 2.9308 .50947 >1400 9 2.5000 .32514 *p < 0.1 **p < 0.05 181 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks the descriptive statistics shows that the overall average scores for religious factors and service quality factors are categorized as “important”. this finding is in line with findings of metawa and al-mossawi (1998) and khan et al. (2007), hague et al. (2009), bhatti et.al (2010), farooq et al. (2010), abduh and omar (2012), and usman (2015). therefore, these are the two most important selection criteria of islamic banks according to islamic bank customers in bahrain. in addition, two factors of convenience namely comfort interior and available parking space are also regarded as important selection criteria, which are not identified by metawa and al-mossawi (1998). this is probably due to the new development in the banking industry between 1998 and 2015 where competition among the banks is tougher than before which requires banks to pay attention into those factors. in addition, the life style of the people in bahrain and the gulf countries in general has changed to more luxurious style. table 10. factors rank according to the respondents’ responses rank factor overall average (oa) 1 religious factors 4.02 2 service quality 3.66 3 convenience 3.19 4 families and friend’s influence 3.19 5 financial benefits 2.82 several analyses of variance (anova) were conducted to determine the impact of the demographic variables (gender, age, level of education, and level of income) on the study factors (religious, service quality, families and friends’ influence, convenience, and financial benefits). table 11 summarizes the anova results. table 11-summary of the anova test results demographic variables significant differences among respondents gender convenience factors age religious factors level of education families and friends’ influence factors level of income religious, service quality and financial benefits factors 182 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 conclusion the findings of this study have met the objectives of the study. the most important factors that influence the decision of customers when they select islamic banks have been identified. the findings reveal that when the respondents are grouped according to their gender, the only significant difference among respondents is for the convenience factors, and when the respondent are grouped according to their age, the only significant difference among respondents is for the religious factors. moreover, when the respondent are grouped according to their level of education, the only significant difference among respondents is for families and friends’ influence, and when the respondent are grouped according to their level of income, there were significant differences among respondents for religious, service quality, and financial benefits factors. based on its findings, the study also comes out with the following recommendations: first, the customer relations department should seek to improve customer relationship by considering the most important selection criteria of islamic banks namely religious and service quality factors. second, special care should be taken to ensure that bank branches are conveniently located, that their interior is comfortable and that there is parking available, as these are also considered to be important factors. third, human resource departments should perform continuous training programs to maintain “fast, efficient, accurate and high quality” services, as they are considered to be important selection criteria. finally, like any other studies, this study has its limitations, which can be filled by future studies. among them are: first, there are other factors that have not been examined in this study that might affect customer selection criteria of islamic banks such as mass media advertising, staff, and the bank’s size and reputation factors. second, the sample size of study is small: a larger sample size would lead to more accurate results. third, the research respondents were predominantly individuals with university and higher education, and the sample size for lower educated respondents was small. including more lower-educated customers might influence selection criteria. fourth, the research respondents were individual dealers with islamic banks, including the corporate dealers might reveal different results. fifth, the study used the descriptive analysis to analyze the collected data. using other technique such as regression analysis might add value to the result. sixth, the current study did not use the qualitative approach such as interviews to collect the research data. using such technique will help in exploring other factors not discussed previously. and so might add more accuracy to the data collected. 183 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 abdulla hamzah al-hadrami: the important selection criteria in choosing islamic banks references abduh, m., & m.a. omar. 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(2014). global islamic finance outlook 2014. islamic finance news, 11(3): 25-26. khan, m. et.al. (2007). banking behavior of islamic bank customers in bangladesh. journal of islamic economics, banking and finance, 3(2): 159-194. 184 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4635 metawa, s. & m. al-mossawi. (1998). banking behavior of islamic bank customers: perspectives and implications. international journal of bank marketing, 6(5): 299-313. mullineux, a. & v. murinde. (2003). handbook of international banking. cheltenham, uk and northampton, usa: edward elgar. ranjbar, a. & s. sharif. (2008). islamic banking selection criteria: an empirical study in malaysia. kuala lumpur: ssrn.com, 1898663. usman, h. (2015). the role of religious norms on selecting the islamic bank. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics),. vol. vii (1): 31-44 mohammad shahid1, ahmad khaliq2, rusni hassan3 abstract. sharia auditing in islamic financial institutions (ifis) poses several challenges, for example, lack of standardization, harmonization in sharia standards, and incompetent sharia auditors. addressing these challenges is critical to ensuring the sustainability and growth of ifis in malaysia. this study aims to discuss the problems and challenges of sharia auditing in ifis. this study used a qualitative method by distributing questionnaires to 40 practitioners from several ifis engaged in islamic audit services through a purposive sampling procedure. the research findings show that the awareness of the sharia audit is satisfactory in the absence of a separate audit report. in addition, sharia audit should be integrated into college accounting; comprehensive sharia audit framework and standards; regulatory/professional bodies; and professional certification in sharia audit. keywords: sharia audit, sharia audit challenges, islamic financial institutions, malaysia abstrak. audit syariah di lembaga keuangan islam (lki) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar syariah dan auditor syariah yang tidak kompeten. mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan lki di malaysia. penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di ifi. penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa lki yang bergerak di bidang jasa audit syariah melalui prosedur purposive sampling. temuan penelitian menunjukkan bahwa kesadaran audit syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. selain itu, audit syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit syariah. kata kunci: audit syariah, tantangan audit syariah, lembaga keuangan syariah, malaysia sharia audit challenges in malaysian islamic financial institutions al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 41 58 1,3institute of islamic banking and finance (iiibf) international islamic university malaysia 2department of finance, international islamic university malaysia e-mail: 1shahidazminadwi@gmail, 2ahmadkhaliq@iium.edu.my, 3hrusni@iium.edu.my author: mohammad shahid received: 11 april 2023 accepted: 20 june 2023 published: 30 june 2023 42 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction the ascent of ifis has taken an exceptional measurement for development and improvement for hardly any decades. the market's growth elements coordinate speculation toward the colossal development openings in the promising islamic segments. however, islamic finances have increased tremendously since its emergence in the 1970s. in december 2019, global islamic financial and managed assets reached $2.88 trillion, with an annual growth of 14%. in over 80 countries worldwide, there are over 1500 ifis (ifdi, 2020). as for malaysia, islamic banking assets have reached usd 254 billion, with total deposits of islamic banks now accounting for 38.0% of total bank sector deposits in december (bnm, 2019). this exceptional improvement in the islamic financial industry was activated by the solid demand for sharia banking administrations to ensure all the exchanges utilized by muslims and non-muslims comply with sharia. subsequently, a legitimate check and equalization framework in the industry is essential to shield the tremendous amount of assets under its administration. hassan (2019) highlighted issues concerning the general competence of each member of the sharia board, where basic banking and financial skills seem to be missing. the professional members of the sharia board who lack adequate expertise could adversely affect sharia governance and impede public trust. the competencies of members of the sharia board are, thus, essential in ensuring a successful ifis sharia governance process. it was also illustrated that the members of the sharia boards should strengthen their capacity and willingness to ensure the quality of sharia (omar, 2019). similarly, a stand-alone sharia audit framework must be established to cover the growing number of ifis in malaysia. it was further emphasized that, except for sharia knowledge, relevant qualifications are needed for this function (isa et al., 2020). salleh et al. (2019) stated that sharia audit practices have a performance gap that leads to low expectations and inadequate performance. he is of the view that the improvement of sharia auditors' efficiency performance gap in the sharia audit practices depends on tackling the issue of standards and low results. he contended that the nonexistent standards caused insufficient legal and professional complications in sharia auditors' roles and responsibilities. furthermore, the development of the sharia audit in malaysia is still far from anticipated. the problem is not only the obstacle of islamic banking but also, more importantly, that the regulator cannot create rules that allow the administration of islamic banks to perform the proper sharia audit. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 mohammad shahid. sharia audit challenges in malaysian islamic financial institutions 43 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 nevertheless, some islamic banks initially developed an internal sharia. division to perform sharia audits to improve sharia audit quality (muhammad, 2018). there is a need to carry out an effective internal sharia audit, which urges the relevant regulatory authorities to establish solid and sound guidelines and frameworks to ensure that the ifis’ audit is executed appropriately. a practical audit function is crucial to support the tracking and improving credibility and transparency of the islamic financial sector by the regulators (laili et al., 2019). the following literature depicts that sharia audit has not been taken seriously in malaysian ifis in terms of auditors’ competency independence and has not had an independent sharia audit framework. further, sharia audit transparency is questionable due to the absence of external audit procedures and conflict of interest in compensating auditors through ifis. however, in the past, the state would have paid them. in conclusion, conducting sharia audits create several difficulties for ifis, which can impede their capacity to operate effectively and sustainably. the lack of standardization and harmonization in sharia standards and practices is one of the highest obstacles for ifis in malaysia conducting sharia audits. sharia compliance requirements may vary based on the interpretation of sharia and its underlying principles, leading to inconsistencies and discrepancies in sharia audits. this can make it more challenging for ifis to ensure compliance and increase the risk of legal and reputational repercussions. a shortage of qualified sharia auditors is an additional obstacle in sharia audits, which can result in delays and inconsistencies. this can also increase the cost of sharia audits for ifis, which can have a negative effect on their financial performance. sharia audit necessitates an in-depth knowledge of sharia and its principles, as well as financial management practices, making it a highly specialized field. in addition, the lack of integration between sharia auditors and the internal audit functions of ifis can result in redundant efforts and inefficiencies. addressing these challenges is necessary to ensure the sustainability and growth of ifis in malaysia and preserve their reputations as credible and trustworthy financial institutions within the islamic finance industry. interestingly bnm sharia governance framework (sgf 2019) amendment may help to bridge the existing gap in sharia auditing. this study aims to discuss sharia audit issues and challenges faced by ifis, such as the absence of a sharia audit framework, incompetency, and independency of sharia auditors. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 44 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 literature review sharia audit challenges sharia audit in ifis has been the subject of scholarly discussion for many years. sharia audit is the process of examining the conformity of ifis with sharia principles, which is necessary for the growth and development of islamic finance. the role of sharia audit in ensuring compliance with sharia principles is a central issue in the academic debate on sharia audit within ifis. some scholars argue that the sharia audit is an indispensable instrument for ensuring that ifis adhere to sharia principles. they believe that the sharia audit helps prevent sharia non-compliance risks, which could potentially harm the reputation of ifis and the industry as a whole. some scholars, on the other hand, argue that the effectiveness of sharia audits in ensuring compliance with sharia principles is limited. they say that the sharia auditing process can be subjective because different sharia scholars may interpret sharia principles differently. in addition, they contend that the current sharia audit framework is not standardized and that there is a lack of uniformity in the sharia audit process among ifis. in the academic debate on sharia audit in ifis, the independence of sharia auditors is an additional topic of discussion. some scholars argue that sharia auditors should be independent of the management of ifis to ensure objectivity and prevent conflicts of interest. they believe that independent sharia auditors are better able to identify potential sharia non-compliance risks and provide more reliable opinions on the sharia compliance of ifis. other scholars, however, argue that the independency of sharia auditors may not be practical, as it could result in a shortage of qualified sharia auditors and make sharia audits excessively expensive. they propose that the effectiveness of sharia audit can be improved through the creation of sharia audit standards, which can help to standardize the sharia audit process and ensure the quality of sharia audit opinions. in conclusion, the academic discussion on sharia audit in ifis continues. however, that adherence to sharia principles in sharia audit is an indispensable tool for ensuring ifis’ efficacy. in addition, there are there significant obstacles that still exist in ifis, an independent sharia audit legal framework, sharia auditor's independence, and competency as follows. absence of sharia audit legal framework given the increasing demand for islamic banking and finance, the sharia audit should be focused more on such a way to ensure ifis, under the guidelines http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 mohammad shahid. sharia audit challenges in malaysian islamic financial institutions 45 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 of sharia maintain their accounting and financial reporting. hence, a sharia audit standardized framework is vital, as well as competent sharia auditors. furthermore, increasingly skilled and experienced sharia auditors will better deal with the issues of the sharia audit and help to develop sound management in the ifis. thus, regulators, the government, sharia scholars, and the muslim community should make an all-out effort to advance this area (karim & shetu, 2020). khalid et al. (2020) emphasize that the regulators should provide a comprehensive sharia audit framework for the effective governance of the internal sharia audit. similarly, isa et al. (2020) also stress that a different sharia audit framework is needed to cover the growing number of ifis in malaysia. it is also revealed that with sharia knowledge, relevant qualifications are also required for this function. likewise, puad et al. (2020) highlighted that the current sharia audit needs improvement, especially in scope and process. however, scholars have expressed different views on the sharia audit method. hence, the regulatory function is essential in shaping the sharia audit process, as most scholars believe that the current norm available is inadequate to direct the sharia auditors in their position. in addition, sharia audit activities in malaysian islamic banks (ibs) are not appropriately conducted due to the lack of sharia audit process and regulations and experts to carry out this task (ghani & rahman, 2015; mohd ali et al., 2018). ifis are still trying to set up an effective audit process and system for sharia audits. ifis rely on a conventional audit system for audit functions that are inadequate in scope despite the requirement to achieve sharia objectives (ali & kasim, 2019). ghani et al. (2015) also said malaysian ibs apply conventional auditing frames while conducting the sharia audit. however, the international accounting standards (ias) and international financial reporting standards (ifrs) do not comply with the sharia provisions. ibs added conventional bank auditing procedures tools to include sharia compliance elements. in the traditional audit, an audit plan and evaluation of risk-based problems, an audit of contracts, policy, and procedure, and an analysis of the suitability of internal control are established by the institute of internal auditors (iia). although islamic banks need an auditing process to include a peculiar sharia audit compliance for islamic banking operations (sgf, 2010, principle 7; ifsb, 2009, pp. 3; hassan & haridan, 2019). due to the non-availability of a particular sharia audit framework, the sharia audit mechanism is repeated by the conventional system. nonetheless, takaful operators prefer to concentrate restrictively on the audit, while the sharia http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 46 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 audit should have a broader reach. most of the takaful operators in malaysia are now undertaking a joint audit. the sharia audit is not conducted properly, provided that the scope of the sharia audit is not set as expected. as they deal primarily with organizational matters and the application of the sharia is only workable when sharia issues arise and when internal controls within the organizations concerned are not comprehensively handled. another problem is the credibility of the sharia auditor. to have a qualified sharia auditor, the sharia auditor must have sharia and accounting / financial expertise. an auditor could not be aware of the risks associated with sharia except with sharia knowledge. in conducting an audit, the possibility of identifying and assessing non-compliant sharia risk is given. since the auditor has no audit capacity, he could not perform the function properly without an accounting, financial, and sharia context (puad et al., 2020). on the other hand, kasim et al. (2013) explored the practitioners' perspectives on sharia audit issues and challenges. the study has three significant findings: (1) practitioners mostly adhere to conventional norms, while they equate the norms of aaoifi. (2) sharia and accounting/auditing skills are limited to auditors. (3) self-examination practices challenge their integrity. arwani (2018) underlined many issues regarding sharia adherence audits in the ifis. firstly, the sharia standards for audit, despite the aaoifi's efforts, concentrate on dollars and cents rather than a more comprehensive definition of sharia auditing concerning the sharia goal. secondly, regarding the 'real' owner, who can perform the audit best? the sharia audit feature is delegated to a third-party auditor, sharia board, internal sharia inspection, and audit governance committee based on the aaoifi model. thirdly, the independence of the sharia board as well as the responsibility for the issuing and approval of the product to be marketed and yet also the inspection/audit of the ifis concerned by sharia. nevertheless, takaful operators often strive to comply with all available requirements and regulations, although the audit procedures for sharia are not specified. however, there are issues with sharia risk assessment. hence, sharia auditors are required to have knowledge of sharia or to have an active involvement with the sharia department and committee. in addition, the procedure does not evaluate risks accurately and participates in the sharia committee reporting and tracking processes. failure to consistently follow the sharia conformity report may lead to inconsistencies in its decisions. therefore, a clear sharia audit framework is mandatory to strengthen current practices and make them more coherent (puad et al., 2020). however, it is featured http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 mohammad shahid. sharia audit challenges in malaysian islamic financial institutions 47 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 that the development of the sharia audit in malaysia is still far from anticipated. the problem is not just the issue of islamic banks but, more importantly, the regulator's failure to establish rules that can allow the government of islamic banks to carry out proper sharia audits. some islamic banks initially developed a sharia internal division to conduct sharia audits to increase sharia audit quality (muhammad, 2018). the necessity of an effective internal sharia audit also gives the relevant regulators the urgency to establish solid and sound guidelines and frameworks for the ifis to implement the sharia audit correctly. an influential role in monitoring and effectively increasing the credibility and transparency of the islamic financial industry is essential to help the islamic financial sector (laili et al., 2019). based on this academic debate, sharia audit practices have a performance gap that leads to 'deficient expectations' and 'deficient performance' it is due to the lack of sharia audit standards, non-availability of standards arise from insufficient legal and professional standards on sharia auditors' roles and responsibilities. to improve sharia auditors' efficiency, the 'performance gap' in sharia audit practices must be tackled timely (salleh et al., 2019). hence, to strengthen the structure of sharia governance and sharia compliance in islamic banks, understanding the existing functions of the sharia audit within the islamic banking industry is essential (isa et al., 2020). ifis can easily comply with the rules and procedures that the sharia target certainly accomplishes added value. thus, ifis must do their job concerning the sharia principle. further, sharia audit functions should be designed and performed correctly in ifis by a comprehensive, established, and well-functioning sharia control system to ensure the preservation of sharia. sharia auditors’ incompetency as for the incompetency of sharia auditors, ali & kasim (2019) stressed that only 5.9 percent of sharia auditors those who are trained in both sharia and accounting. bosi & joy (2017) are concerned that incompetent auditors in sharia and accounting may have a negative effect on the growth of the islamic financial industry. furthermore, suraya et al. (2018) explored that the majority of ifis’ sharia auditors are inexperienced and do not have technical or academic qualifications in banking or sharia. in the same vein, there is an incongruency of personal expertise and experiences, as most auditors are qualified either in accounting or sharia (ali & kasim, 2019; mohd ali et al., 2018; or aishah mohd ali et al., 2015). also, most of the auditors in the industry even do not have any qualification degree http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 48 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 either in sharia or in accounting. further, the number of accounting backgrounds is highest than those having sharia qualifications (arwani, 2018; shafii et al., 2014; ahmad & al-aidaros, 2015). a review by haridan et al. (2018) highlighted issues concerning the general competence of each member of the sharia board, where basic banking and financial skills seem to be missing. the incompetent professional members of the sharia board who lack adequate expertise may adversely affect sharia governance and hinder public trust. the competencies of sharia board members are crucial in ensuring a successful ifis sharia governance process. the research suggests that members of the sharia board should strengthen their capacity and willingness to provide sharia quality. shafii et al. (2013) recommend that the qualifications of sharia auditors should be determined at the institutional level by the ifis because their competence quality is concerned. the sharia auditors must incorporate the experience of accounting and sharia. the attachment of the sharia audit feature to the internal audit department does not challenge the issue of independence, as sharia audit results are submitted to the islamic bank audit committee. so, to conduct the sharia audit efficiently, internal auditors may invite the sharia team to take part in the internal sharia audit team. internal sharia auditors with ifis auditing experience must have the sharia qualifications offered by bank negara malaysia-approved institutions. najeeb et al. (2014) are concerned that oic countries will likely lose substantial economic benefits by continuing to import accounting credentials from the west and, thus, losing significant foreign currency reserves in payment outflows. their study proposed that malaysia may take the initiative to create an association of chartered sharia accountants and auditors (acsaa), an accountancy body that offers holistic sharia auditing services and sharia accounting and advisory services, who are professionally qualified and can serve as auditors. members of this organization can be known worldwide for their outstanding sharia-compliant accounting and audit services and could export students worldwide. there is a malaysian high commission. this body needs comprehensive training for its members and students in international accounting and auditing principles (such as gaap and ifrs), islamic accounting and the related principles (aaoifi standards principles, ifsb guidelines, etc.), and transactional regulations pertinent to sharia (usul fiqh, fiqh al-muamalat, islamic contract law). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 mohammad shahid. sharia audit challenges in malaysian islamic financial institutions 49 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 sharia auditors’ independence isa et al. (2020) highlighted that the sharia audit should enhance its independence by providing approved functional reports and autonomy, as stated in the internal audit charter. that would be critical because it would influence the extent of sharia auditors' authority and independency in conducting audits and reporting on audit results. in addition, ifis also must evaluate the need for an internal auditing unit to be established and funded as part of their employee's internal training platform. furthermore, ifis also resolve conflicts of interest in a professional industry; it is noticed that in the past time that the state-federal system paid auditors because it is commonly hard to criticize and reform while he is getting salaries from those institutions (suraya et al., 2018; bosi & joy, 2017). rahman et al. (2018) identified four internal processes of sharia audit: preparation, execution, reporting, and follow-up. it can be argued that the audit phase of internal sharia audit activities is close to the procedure and methodology of the operational audit. the differences are ascertained as goals and types of risk. the studied banks’ internal sharia auditing feature applies rbia and coso. three key interrelated components of rbia include the criticality of sharia risk exposure, consistency or adequacy of controls and reducing risk in place, as well as sharia risk management in minimizing possible losses. the auditors had been able to conduct a thorough and successful audit review on all three elements as more emphasis was being put on high-risk areas. a comprehensive audit that covers the end-to-end audit process is also relevant. likewise, the sharia audit feature should look at research that goes beyond reliable authorities' written and defined requirements, such as the achievement of maqasid al-sharia (higher sharia objective). notably, compared to operational audit practice, audit objectives and assessed risks differ. decisions on sharia would be made based on deliberations by sc, the bank's highest sharia authority. this matters for sc's independence and reputation, as stakeholders will rely on their sharia compliance report for decision-making. similarly, haridan et al. (2018) stressed evidence that members of the sharia board with less technical expertise appear to delegate their work to the respective ifis internal officers. typically, internal officials will conduct the evaluation and send the findings for approval to the sharia board. hence, it seems that the decisions of the sharia board are taken without due diligence because they relied heavily on internal officers' suggestions. it appears that compliance http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 50 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 of sharia audit with sharia auditing standards, the training and competencies of sharia auditors, and their independence is still problematic and questionable. consequently, this calls for urgent attention should be taken as it may adversely affect stakeholders’ trust in the ifis’ operations and activities concerning sharia compliance (omar, 2019). methods this study is qualitative, whereby a questionnaire survey data collection is applied. there were five sections in the self-developed instrument. section a contains ten (10) items to examine awareness of sharia audits in ifis in malaysia. sections b to c included the sharia audit challenge (10 items), and industry experts' recommendations on sharia audit (6 items). the respondents were required to indicate the relative importance of all items in sections a to c on a four-point likert scale (1: strongly disagree; 2: disagree; 3: agree; 4: strongly agree). the questionnaires were developed based on previous studies and the sgf 2010. several practitioners and academics have pre-tested the questionnaire for the relevance of the items as subject-matter experts. in the meantime, in this study, practitioners are directly referred to as the sgf 2010 control functions. sharia control functions are included under sgf (2010): sharia audit, review, risk management, and research. the purpose of this research was split into four sections: the sharia department, audit department, the risk department, and compliance department, which are involved directly in the sharia audit function. they are the most relevant people as they can reflect the reality of working practices in their everyday work. the words were not ambiguous in the items and related to existing methods. the internal consistency of the items was assessed, and the findings demonstrated that all items met cronbach's alpha value of 0.7, as nunnally (1978) suggested. hence it was also above 0.6, which is a commonly accepted value in exploratory studies (litwin, & fink, 2003). precisely, the internal consistency of the items is – awareness of sharia audit – 0.719, sharia audit challenges – 0.623, and industry experts' recommendation on sharia audit practices – 0.78. the questionnaires were dispersed to four departments: audit, sharia, compliance, and risk. the respondents (practitioners) have been selected because they represent individuals who have been involved in day-to-day operations and activities in the control domain of sharia that fit the scope of this study. a total of 40 questionnaires http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 mohammad shahid. sharia audit challenges in malaysian islamic financial institutions 51 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 were distributed, and 23 questionnaires were returned. the respondents’ profiles are stipulated in table 1. (table 1). table 1: response rate questionnaire distribution total distributed 40 received (23) incomplete (00) total usable responses 23 response rate 57.5% this section presents the demographic variables of the respondents. table 2 shows the summary of the respondents’ profiles. it begins with the gender; the result indicates that 14 male (60.87%) respondents have higher participation than their female (9) (39.13%) counterparts in the study. the findings of the age category show that 13 respondents (56.52%) are within the age of 30 -40 years and were the majority, followed by 5 (21.74%) aged below 30. the following category variable is the ‘highest qualification’. the findings revealed that nine respondents (39.13%) had a bachelor’s degree while the 12 respondents (52.17%) had a master’s degree, and the remaining respondents 2 (.8.70) had a ph.d. degree. another category is ‘education background’. the findings depict that nine respondents (39.13%) have a sharia qualification, and four (17.39%) are from accounting qualifications. whereas 5 are finance and two are economics qualified, respectively. three respondents are from other backgrounds. it indicates that the sharia background dominates practice. the following variable is the ‘work experience’ of the respondents. it was found that three respondents (13.04) had more than ten years of work experience and were the majority, followed by the nine respondents (39.13%) having 510 years of work experience, the least were seven respondents (47.83%) are having 1-5 years work experience. the findings demonstrate that most sharia audit practitioners have satisfactory work experience. following is ‘organisational affiliation.’ the results show that 16 respondents (69.57%) are from islamic banking and were the majority, followed by seven respondents (30.43%) and the least respondents from insurance/takaful organizations. the results show that respondents are dominantly found in islamic banking organizations. the last but not the last category is the ‘designation’ of the respondents who participated in the study. the outcomes demonstrate http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 52 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 that ten respondents were from sharia department (43.48%), subsequent eight respondents (34.78%) were from audit departments, next is 2 -2 related to compliance and risk (8.70%) department and one was from other departments (4.35). the findings reveal that most of the respondents are from the sharia department. table 2: profile of respondents variables frequency percentage gender: male 14 60.87% female 9 39.13% total 23 100.0 age: below 30 5 21.74% 30 to 40 13 56.52% 41 to 50 5 21.74% total 23 100.0 highest qualification degree bachelor 9 39.13% masters 12 52.17 phd 2 8.70% total 23 100.0 education background sharia 9 39.13% accounting 4 17.39% finance 5 21.74% economics 2 8.70% others 3 13.04% total 23 100.0 how long have you been providing sharia audit or services related to sharia audit? 1-5 years 11 47.83% 5 to 10 9 39.13% more than 10 years 3 13.04 total 23 100.0 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 mohammad shahid. sharia audit challenges in malaysian islamic financial institutions 53 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 results and discussions awareness of sharia audit as for the awareness of the sharia audit, the survey findings revealed that understanding of the sharia audit in malaysia is satisfactory; the educational program and unique training program contributed substantially to this awareness, as 80% of the respondents are aware of the sharia audit through these means. the findings are in line with the study of isa et al. (2020), which discovered the level of awareness of sharia audit is standard among sharia scholars. in contrast, it is at a rudimentary level among the practitioners in malaysia. these new findings are perhaps because the discipline of sharia audit has received much attention from scholars, academicians, professionals, and other stakeholders operating within the framework of islamic finance. similarly, auditors are expected to respond to this new development, as they are equally likely to build up their expertise and competence in this field, eventually improving their professionalism in the current practices accordingly. regarding the timing, the findings show that the majority of the respondents support that the sharia audit should be conducted quarterly. competent professionals should conduct sharia audits and have a degree in sharia and accounting or at least a professional qualification as part of the competency requirements. to preserve public trust and assurance, sharia auditors should discharge their duties diligently. it is also required for them to have a necessary qualification. about the experience, findings encapsulate that sharia auditors’ experience is good. in response to the question of knowing the sharia audit concept, most practitioners gained through job training. besides this, the question “who should perform the sharia audit” majority opines that internal auditors should perform it. following the answer to the question “who should appoint sharia auditors for ifis” most of the practitioners favored the sharia advisory council (sac) of the central bank. in a nutshell, the overall findings of the ‘awareness on sharia audit’ are satisfactory. however, the study unveiled that the practice must be optimized to portray the sharia audit accurately. challenges associated with sharia audit the survey discovered that there are various challenges linked with the sharia audit. the pressing among them are competent and well-trained personnel to execute sharia audit functions. the findings indicate that the sharia audit practice in malaysia is overwhelmed by a lack of competency, expertise, and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 54 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 proper qualifications in sharia. this finding is congruent with the studies by isa et al. (2020) and karim & shetu (2020), and their research demonstrate that the number of competent and expert sharia auditors in ifis needs to be fulfilled. looking into the rapid growth of ifis across the globe, and malaysia as the major hub of ifis, there is no doubt that the need for competent sharia auditors needs the proper attention of the various stakeholders. in addition, the findings disclosed that the absence of an independent sharia audit framework as well as particular standards and guidance are challenges weakening sharia audit practices, for sharia audit either from the external or internal body and the only bnm incomplete daft being available so far, is lacking to address the issue of sharia audit comprehensively. the findings align with the studies of karim & shetu 2020, khalid & sarea 2020, and isa et al. 2020. furthermore, the current study presents that the respondents also perceived the practice of sharia audit to be relying heavily on the conventional framework, which is ingrained with capitalistic ideology due to the absence of its framework. even though there are not many sharia issues concerning a traditional framework for sharia auditing. however, developing a sharia audit framework in light of sharia will undoubtedly improve stakeholders' confidence that the ifis operate according to the sharia principles. meanwhile, some of the respondents agree to appoint sharia auditors internally, majority of them have decided to appoint external auditors for transparent auditing. this supports the studies of suraya et al (2018) and isra (2016). in the same vein, the findings divulged that the scope of the sharia audit must be much broader than the conventional audit, which specifies the range of audit engagement and the procedure to follow. the sharia audit shall cover financial statements; people; processes; products, it systems, and the organization's structure. these will enable the ifis to have a sound internal control system for effective sharia compliance. these findings disclose that internal sharia auditors are perceived to be dependent on their respective organizations, and their independence could be questionable as employees performing the functions of sharia audit. similarly, internal sharia auditors have no autonomy to communicate their reports directly to the final users. still, it has to go through other committees before it reaches the final users, and the objective of independent judgment could be violated. as for the sharia audit process harmonizing in ifis, it is observed that most of the respondents agreed with this statement. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 mohammad shahid. sharia audit challenges in malaysian islamic financial institutions 55 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 consequently, the ongoing challenges necessitate immediate attention to bnm being the main regulatory body of islamic banking practices. it is worth noting that the challenges have existed for over three decades and could hinder the sharia audit to great untrustworthiness. they may even have a negative impact on the sustainability of its practice in the future. conclusion this study discussed sharia audit issues and challenges in ifis, for instance, the non-existent sharia audit framework independency and competency of sharia auditors. the study adopted a qualitative method and collected data through a survey. the findings showed that an independent sharia audit framework needs to be established to accommodate the increasing number of ifis in malaysia. further, it is also asserted that awareness of sharia audit is satisfactory. the findings also revealed that most of the study's respondents do not have relevant sharia qualifications for the said function, despite the eagerness of malaysia to enhance the functions of sharia audit in ifis. the practical implication for this is that it will enable the ifis, in general, to fulfill their functions effectively and in line with the sharia principle, which will benefit the society (ummah) at large. hence, the study will help the practitioners to understand the type of competency qualification expected from them. the study will also give the practitioners an accurate picture of sharia audit, enabling them to improve in various aspects concerning its practices. the practical implication is that practitioners can fulfill their responsibilities with due care and professionalism. as highlighted by the study, the regulators and the policymakers may find this study contributing towards tackling the challenges weakening the practice of sharia audit. the practical implications are that there will be hope anew, that the sharia audit is developed professionally, just as its 'conventional audit' counterpart. finally, the study offers insights into the educational sector that the integration of sharia audit into its audit curriculum has been overdue for a long time. the practical implication is that the universities will produce competent and knowledgeable students with both auditing and sharia qualifications at once. this will surely help to have competent sharia audit practitioners in various ifis in malaysia and worldwide in general. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 56 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.26014 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 references ali, n. a. m., & kasim, n. 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(2018). sharia audit for ifis ( ifi’s ): issues and challenges. 4(4), 151–158. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.26014 about authors abdul aziz is the researcher at state islamic university (uin) syarif hidayatullah jakarta. he completed his bachelor degree from state islamic university (uin) syarif hidayatullah jakarta. abdul qoyum is a lecturer at state islamic university (uin) sunan kalijaga, yogyakarta. he also as a researcher on islamic economics and finance studies. abdul rafay is working in shariah compliance department of soneri bank pakistan. his research interest is in banking studies. afzal ahmed is faculty member at szabist in the department of management science. his research interest is management studies. ahsan israr is manager operation from allied bank, pakistan. he finished his master in accounting and finance from lahore school of accounting and finance, the university of lahore, pakistan. ali khaled al khalifa is a member of bahrain’s ruling family. he obtained his mba in islamic banking and finance and bba in islamic banking and finance from university college of bahrain. he is currently working in retail banking supervision directorate, the central bank of bahrain. ascarya is a senior researcher at bank of indonesia. he finished his msc in management information system and mba in finance from the university of pittsburgh. fahad ahmed qureshi is a researcher at caps, arizona state university. he finished his ph.d. in islamic jurisprudence from al jamia mazahir ul uloom, pakistan. farhan ahmed is faculty member at szabist in the department of management sciences. his research interest is management studies. hassanudin mohd thas thaker is a senior lecturer at help university malaysia. he is also a researcher in islamic banking and finance studies. ibnu qizam is a lecturer at state islamic university (uin) sunan kalijaga, yogyakarta. he also as a researcher on islamic economics and finance studies. jaenal effendi is a lecturer at bogor agricultural university. he also as a researcher on islamic economics and finance studies. he finished his ph.d. from the georg august university goettingen, germany. jamshaid anwar chattha is a regulator and qualified chartered islamic finance professional that possess both risk management skills and 10+ years of direct islamic financial sector experience. currently, he is working as chief financial analyst and islamic finance expert in the central bank of kuwait. dr. chattha holds a ph.d. in islamic banking and finance from iium. he holds a bsc, mba –finance, an msc–islamic finance, and a cifp with distinctions. mohammad nazim uddin is the associate professor at international islamic university chittagong, bangladesh. he also as a researcher on islamic economics and finance studies. he gained his ph.d., master of philosophy (m.phil), and master of business administration (mba) from chittagong university, bangladesh. monir ahmmed is associate professor at international islamic university chittagong, bangladesh. he also as a researcher on islamic economics and finance studies. mubeen butt is the lecturer at school of islamic economics, business, and finance, minhaj university lahore, pakistan. he finished his m.phil in islamic banking and financial economics from university of management and technology lahore, pakistan. muhammad rizky prima sakti is a researcher in isefid (islamic economics forum for indonesian development). he is a ph.d. candidate in management of technology from universiti teknologi malaysia. muhammad syafii antonio is a lecturer at tazkia university college of islamic economics. he graduated from the faculty of the shariah university of jordan and attached informally to islamic studies at al azhar university cairo. he earned master of economics from international islamic university malaysia and ph.d. from the university of melbourne in micro finance. murniati mukhlisin is a lecturer at tazkia university college of islamic economics. she became affiliate staff at university of glasgow after completing her ph.d. in 2014 and then joined essex business school, university of essex, colchester, the uk from 2015 to 2017. she earned her degree in islamic accounting from the international islamic university of malaysia (undergraduate), universitas indonesia (postgraduate), and the university of glasgow, united kingdom (ph.d.) niken iwani surya putri is an academic staff at the faculty of economics and business universitas indonesia (feb ui). she is a junior researcher at the centre for islamic economic and business feb ui. she gained her msc from erasmus university rotterdam and her bachelor degree from faculty of economics and business, universitas indonesia. nurul huda is a lecturer at the university of yarsi. he finished his doctoral degree at airlangga university. he also as a researcher on islamic economics and finance studies. raditya sukmana is the lecturer at islamic economics department, airlangga university. he also as a researcher on islamic economics and finance studies. rahmatina awaliyah kasri is the director of islamic economics undergraduate program at the faculty of economics and business universitas indonesia (feb ui). she gained her ph.d. from durham university uk, mba islamic banking & finance from the international islamic university of malaysia, ma from australian national university and ba in economics from feb ui. siti fatimah zahra is a researcher at graduate school of tazkia university. she finished her master degree from graduate school of tazkia university. sutan emir hidayat is a lecturer at univesity college of bahrain. his research interest includes islamic banking studies. he is is currently the head of business administration and humanities department at university college of bahrain. syed musa alhabshi is an associate professor in institute of islamic banking and finance, iium and dean of institute of islamic banking and finance, iium, and dean of graduate school of business, university tun abdul razak (2012-2013). he has a diploma in business studies (1984) from ngee ann polytechnic, a bachelor in business administration (1989) from the international islamic university of malaysia and a doctorate in business administration (1994) majoring in accounting and finance from university of strathclyde, uk. yoghi citra pratama is a lecturer at state islamic university (uin) syarif hidayatullah jakarta. he also as a researcher on islamic economics and finance studies. he gained his master degree in islamic economics and finance from universitas indonesia. authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) as publisher of this journal. copyright encompasses exclusive rights to reproduce and deliver the article in all forms and media, including reprints, 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oleh imran am, surabaya: pt. bina ilmu, 1990. manan, abdul, ‚penyelesaian sengketa ekonomi syariah: sebuah kewenangan baru peradilan agama‛, dalam hhtp//www.badilag.net, 10 desember 2010. mâwardî, al-, al-ahkâm al-sulthâniyyah, bayrût: dâr al-fikr, t.th. mubarok, jaih, ‚penyelesaian sengketa ekonomi syariah di indonesia‛, dalam hhtp//www. badilag.net, diunduh 10 desember 2010. permana, arief r., dan anton purba, ‚sekilas ulasan uu perbankan syariah‛, dalam buletin hukum perbankan dan kebanksentralan, 1 volume 6, nomor 2, agustus 2008. putusan nomor: 792/pdt.g/2009/pa.jp pengadilan agama jakarta pusat diputuskan, kamis 10 desember 2009 masehi bertepatan dengan tanggal 22 dzulhijjah 1430. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-fikr, t.th . zuhaylî, al-, wahbah, al-fiqh al-islâmî wa adillatuh, damaskus: dâr al-fikr, 1997, juz viii. asas indemnitas dan kafâlah dalam asuransi syariah desmadi saharuddin abstract: the principles of indemnity and kafâlah in takâful. the main objectives of a person to invest are to become wealthier and to gain tranquility in his life. it becomes absurd when the right customers for indemnity (kafâlah) towards customers who received a risk become unguaranteed. the customer is often difficult to understand the terms contained in the insurance policy that written in a very small font. the ambiguities of these terms become significant obstacles in the settlement of claims. cases of claim are mostly the result of the customer’s difficulty in understanding these terms and the lack of a good explanation of the company concerning the content of the policy. keywords: indemnity, kafâlah, dhamân, risk, insurance policy abstrak: asas indemnitas dan kafālah dalam asuransi syariah. mendapatkan kesejahteraan dan ketentraman adalah tujuan utama seseorang berasuransi. hal tersebut menjadi absurd manakala hak nasabah atas indemnitas atau pembayaran ganti rugi setimpal (kafâlah) terhadap nasabah yang mendapat risiko menjadi tidak terjamin. para nasabah sering kesulitan memahami istilah-istilah terdapat dalam polis asuransi (wording policy) karena ditulis dengan huruf yang sangat kecil. ketidakjelasan istilahistilah tersebut menjadi kendala yang sangat berarti dalam penyelesaian klaim (claim settlement). kasus-kasus penolakan klaim oleh perusahaan asuransi atau operator asuransi tidak jarang dilatarbelakangi kesulitan nasabah dalam memahami istilah-istilah tersebut dan tidak adanya penje-lasan yang baik dari pihak perusahaan (agen) tentang isi polis. kata kunci: indemnitas, kafâlah, dhamân, risiko, polis asuransi naskah diterima: 18 februari 2012, direvisi: 5 oktober 2012, disetujui: 18 oktober 2012.  fakultas ekonomi dan bisnis uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: purilarasdua@gmail.com desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah140 pendahuluan dalam transaksi keuangan modern terdapat upaya-upaya pengamanan yang dilakukan oleh pelbagai pihak untuk mengatasi kemungkinan menderita kerugian, baik dengan cara mengalihkan risiko atau membaginya kepada pihakpihak lain yang memang menyediakan diri untuk itu. risk transfer dan risk sharing dapat dilakukan melalui sebuah perjanjian yang disebut dengan perjanjian pertanggungan atau perjanjian asuransi. mengatasi risiko melalui perjanjian pertanggungan memberikan harapan akan ketentraman dari ancaman risiko yang tidak terduga, baik kepada masyarakat ataupun kepada pelaku bisnis yang mendambakan suatu kepastian. akan tetapi apabila perusahaan-perusahaan yang bergerak di sektor ini tidak sadar akan eksistensi mereka dan tidak berpegang dengan prinsip kejujuran terhadap usaha yang dijalankan, maka tidak tertutup kemungkinan bahwa mereka menjadi bagian dari risiko itu sendiri. seperti tidak memberikan pelayanan yang baik kepada tertanggung dan tidak melakukan proses klaim dengan baik dan jujur, atau sengaja mencari-cari kelemahan pihak lain untuk mendapatkan keuntungan serta menghindari tanggung jawab. perusahaan asuransi adalah pihak pertama yang bertindak sebagai penanggung, di mana perusahaan dengan sadar menyediakan diri untuk menerima dan mengambil alih risiko pihak tertanggung. kesanggupan dan janji-janji pertanggungan yang diberikan oleh penanggung kepada tertanggung memberikan arti yang amat besar bagi para nasabah. mereka mempunyai harapan akan kepastian dan stabilitas ekonomi jika pada suatu saat nanti terjadi hal-hal yang tidak diharapkan. pihak kedua disebut dengan tertanggung, sifatnya boleh jadi perorangan, kelompok, lembaga, badan hukum, perusahaan atau siapapun mempunyai peluang dalam hal ini, di mana mereka mempunyai kekhawatiran akan menderita kerugian. peralihan risiko dari pihak kedua kepada pihak pertama hanya bisa terjadi dengan sebab adanya perjanjian pertanggungan. pada dasarnya, hakikat dari sebuah pertanggungan adalah janji perlindungan yang diberikan kepada para tertanggung atau masyarakat luas. konkretnya, tujuan utama dari jaminan pertanggungan adalah pembayaran ganti rugi dengan metode indemnitas yang disusun dalam dokumen atau polis asuransi (insurance policy) antara tertanggung (insured) dengan pihak penanggung (insurer). hal ini ditegaskan dalam pasal 246 kitab undang-undang hukum dagang (kuhd) bahwa pertanggungan adalah suatu perjanjian, di mana penanggung berjanji untuk memberikan ganti rugi kepada tertanggung yang menderita kerugian karena disebabkan oleh beberapa hal, yakni: kehilangan, al-iqtishad: vol. v, no. 1, januari 2013 141 pendahuluan dalam transaksi keuangan modern terdapat upaya-upaya pengamanan yang dilakukan oleh pelbagai pihak untuk mengatasi kemungkinan menderita kerugian, baik dengan cara mengalihkan risiko atau membaginya kepada pihakpihak lain yang memang menyediakan diri untuk itu. risk transfer dan risk sharing dapat dilakukan melalui sebuah perjanjian yang disebut dengan perjanjian pertanggungan atau perjanjian asuransi. mengatasi risiko melalui perjanjian pertanggungan memberikan harapan akan ketentraman dari ancaman risiko yang tidak terduga, baik kepada masyarakat ataupun kepada pelaku bisnis yang mendambakan suatu kepastian. akan tetapi apabila perusahaan-perusahaan yang bergerak di sektor ini tidak sadar akan eksistensi mereka dan tidak berpegang dengan prinsip kejujuran terhadap usaha yang dijalankan, maka tidak tertutup kemungkinan bahwa mereka menjadi bagian dari risiko itu sendiri. seperti tidak memberikan pelayanan yang baik kepada tertanggung dan tidak melakukan proses klaim dengan baik dan jujur, atau sengaja mencari-cari kelemahan pihak lain untuk mendapatkan keuntungan serta menghindari tanggung jawab. perusahaan asuransi adalah pihak pertama yang bertindak sebagai penanggung, di mana perusahaan dengan sadar menyediakan diri untuk menerima dan mengambil alih risiko pihak tertanggung. kesanggupan dan janji-janji pertanggungan yang diberikan oleh penanggung kepada tertanggung memberikan arti yang amat besar bagi para nasabah. mereka mempunyai harapan akan kepastian dan stabilitas ekonomi jika pada suatu saat nanti terjadi hal-hal yang tidak diharapkan. pihak kedua disebut dengan tertanggung, sifatnya boleh jadi perorangan, kelompok, lembaga, badan hukum, perusahaan atau siapapun mempunyai peluang dalam hal ini, di mana mereka mempunyai kekhawatiran akan menderita kerugian. peralihan risiko dari pihak kedua kepada pihak pertama hanya bisa terjadi dengan sebab adanya perjanjian pertanggungan. pada dasarnya, hakikat dari sebuah pertanggungan adalah janji perlindungan yang diberikan kepada para tertanggung atau masyarakat luas. konkretnya, tujuan utama dari jaminan pertanggungan adalah pembayaran ganti rugi dengan metode indemnitas yang disusun dalam dokumen atau polis asuransi (insurance policy) antara tertanggung (insured) dengan pihak penanggung (insurer). hal ini ditegaskan dalam pasal 246 kitab undang-undang hukum dagang (kuhd) bahwa pertanggungan adalah suatu perjanjian, di mana penanggung berjanji untuk memberikan ganti rugi kepada tertanggung yang menderita kerugian karena disebabkan oleh beberapa hal, yakni: kehilangan, kerugian, atau ketiadaan keuntungan yang diharapkan akibat suatu peristiwa/musibah, dengan imbalan premi yang wajib dibayar oleh tertanggung kepada penanggung.1 pertanggungan ganti rugi (indemitas) pada dasarnya siapapun yang memiliki harta benda dalam bentuk apa saja tidak terlindungi dari pelbagai musibah atau kerugian yang mungkin terjadi disebabkan oleh risiko yang tidak pasti. bermacam-macam usaha dilakukan demi mengatasi pelbagai risiko yang tidak diharapkan mungkin terjadi, baik dalam lingkungan bisnis, pekerjaan, atau terhadap harta kekayaan, salah satu upaya tersebut adalah melalui pertanggungan.2 pertanggungan atau jaminan ganti rugi merupakan suatu bentuk proteksi risiko dari kerugian ekonomis yang diemban oleh perusahaan pertanggungan/asuransi.3 dalam pengertian hukum, perjanjian pertanggungan mempunyai tujuan yang pasti dan spesifik tertuju pada manfaat ekonomi bagi kedua belah pihak yang mengadakan perjanjian.4 sungguh demikian, perjanjian pertanggungan yang diadakan oleh perusahaan asuransi selalu dikaitkan dengan peristiwa atau suatu musibah yang tidak pasti. pertanggungan baru akan dirasakan manfaatnya apabila peristiwa itu 1 kitab undang-undang hukum dagang (kuhd), pasal 246. pada pasal 257 dan 258 kuhd, masih ada lagi tambahan dari sifat-sifat perjanjian asuransi atau pertanggungan tersebut. p.l. wery: hoofzaken van het verzekeringsrecht (deveter: kluwer b.v. 1984), h. 8. beberapa hal berkaitan tentang pertanggunan: (1) pertanggungan merupakan perjanjian yang berdasarkan pada konsensus, dapat terjadi setelah ada kata sepakat ‚perjanjian tanpa bentuk‛. (2) pertanggungan berdasarkan pada kepercayaan yang istimewa antara penanggung dan tertanggung. pertanggungan sebagai perjanjian asuransi mempunyai sifat-sifat sebagai berikut: (1) pertanggungan pada dasarnya adalah suatu perjanjian penggantian kerugian (shcadaverzekering atau indemnitas contract). (2) pertanggungan adalah perjanjian bersyarat; kewajiban untuk memberikan ganti rugi dari penang-gung hanya dilaksanakan jika peristiwa yang tidak tertentu terhadap sesuatu yang dipertanggungkan itu terjadi. (3) pertanggungan adalah perjanjian timbal balik, di mana tertanggung berkewajiban untuk membayar premi kepada penanggung. (4) kerugian yang terjadi disebabkan oleh peristiwa yang tidak tertentu terhadap sesuatu yang dipertanggungkan. lihat, emmy pangaribuan simanjuntak, hukum pertanggungan dan perkembangannya (jakarta: badan pembinaan hukum nasional, 1983), h. 22. 2 pertanggungan (perjanjian pertanggungan) dalam arti yang sesungguhnya harus mengarah pada suatu tujuan yaitu di mana kerugian yang sungguh-sungguh diderita oleh pihak tertanggung akan diganti oleh pihak penanggung. oleh karena itu, di dalamnya terdapat suatu penggantian kerugian, maka pertanggungan ini disebut juga dengan pertanggungan kerugian. lihat, emmy pangaribuan simanjuntak, hukum pertanggungan, (yogyakarta: seksi hukum dagang fakultas hukum universitas gadjah mada, 1980), h. 8. 3 emmy pangaribuan simanjuntak, hukum pertanggungan dan perkembangannya, h. 8. 4 sri rejeki hartono, hukum asuransi dan perusahaan asuransi, (jakarta: sinar grafika, 2008), h. 80. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah142 benar-benar terjadi. jika semua syarat terpenuhi, perusahaan akan memberikan manfaat kepada tertanggung dalam bentuk pemberian ganti rugi terhadap kepentingan yang telah diasuransikan. sebaliknya apabila tidak terjadi kejadian/ musibah, maka perusahaan akan memperoleh keuntungan yang berasal dari pembayaran premi dari pihak tertanggung. dalam konteks ini bisa kita katakan bahwa perjanjian asuransi adalah suatu persetujuan di mana masing-masing pihak berjanji untuk membayarkan sejumlah uang atau sesuatu yang sama nilainya kepada pihak lain berdasarkan pada satu peristiwa yang tidak pasti. ini bisa kita lihat dalam pasal 246 kitab undang-undang hukum dagang (kuhd) bahwa pertanggungan itu adalah suatu perjanjian di mana penanggung dengan menikmati suatu premi mengikat dirinya terhadap tertanggung untuk membebaskannya dari kerugian karena kehilangan, kerugian atau ketiadaan keuntungan yang diharapkan karena suatu kejadian yang tidak pasti.5 jaminan pertanggungan yang diadakan oleh perusahaan asuransi dalam menjalankan misinya sebagai penjamin, mempunyai sifat-sifat sebagai berikut: pertama, pertanggungan itu pada dasarnya suatu perjanjian penggantian kerugian, dalam hal ini jelas penanggung telah mengikatkan diri untuk memberikan ganti rugi kepada pihak tertanggung yang menderita kerugian sebatas pada jumlah kerugian yang timbul. kedua, pertanggungan merupakan suatu perjanjian bersyarat, di mana kewajiban memberikan ganti rugi oleh penanggung hanya dilaksanakan kalau peristiwa yang tidak tertentu itu terjadi. dalam hal ini kewajiban pelaksanaan pemberian ganti rugi digantungkan pada satu syarat, yaitu peristiwa yang tidak pasti. ketiga, pertanggungan adalah perjanjian timbal balik, di mana kewajiban penanggung memberikan ganti rugi dihadapkan pada kewajiban tertanggung membayar premi. keempat, pertanggungan akan memberikan ganti kerugian atas objek kepentingan yang dipertanggungkan yang mempunyai hubungan sebab akibat antara peristiwa dan kerugian. 6 kontrak perjanjian pertanggungan yang telah dikeluarkan oleh perusahaan asuransi boleh atau dapat mengalami perubahan sesuai dengan kondisi dari objek yang dipertanggungkan. perubahan ini dapat disebabkan oleh pelbagai faktor, seperti: kenaikan nilai pertanggungan karena adanya tambahan 5 perusahaan asuransi akan memenuhi janjinya sebagai penanggung kerugian apabila semua prestasi telah dipenuhi oleh pihak tertanggung. artinya, kewajiban penanggung adalah kewajiban bersyarat atas terjadinya suatu peristiwa yang diperjanjikan yang mengakibatkan kerugian itu terjadi. walaupun tertanggung telah memenuhi semua prestasinya, kewajiban penanggung masih tetap menggantung. sri rejeki hartono, hukum asuransi dan perusahaan asuransi, h. 109. 6 emmy pangaribuan simanjuntak, hukum pertanggungan dan perkembangannya, h. 24. al-iqtishad: vol. v, no. 1, januari 2013 143 benar-benar terjadi. jika semua syarat terpenuhi, perusahaan akan memberikan manfaat kepada tertanggung dalam bentuk pemberian ganti rugi terhadap kepentingan yang telah diasuransikan. sebaliknya apabila tidak terjadi kejadian/ musibah, maka perusahaan akan memperoleh keuntungan yang berasal dari pembayaran premi dari pihak tertanggung. dalam konteks ini bisa kita katakan bahwa perjanjian asuransi adalah suatu persetujuan di mana masing-masing pihak berjanji untuk membayarkan sejumlah uang atau sesuatu yang sama nilainya kepada pihak lain berdasarkan pada satu peristiwa yang tidak pasti. ini bisa kita lihat dalam pasal 246 kitab undang-undang hukum dagang (kuhd) bahwa pertanggungan itu adalah suatu perjanjian di mana penanggung dengan menikmati suatu premi mengikat dirinya terhadap tertanggung untuk membebaskannya dari kerugian karena kehilangan, kerugian atau ketiadaan keuntungan yang diharapkan karena suatu kejadian yang tidak pasti.5 jaminan pertanggungan yang diadakan oleh perusahaan asuransi dalam menjalankan misinya sebagai penjamin, mempunyai sifat-sifat sebagai berikut: pertama, pertanggungan itu pada dasarnya suatu perjanjian penggantian kerugian, dalam hal ini jelas penanggung telah mengikatkan diri untuk memberikan ganti rugi kepada pihak tertanggung yang menderita kerugian sebatas pada jumlah kerugian yang timbul. kedua, pertanggungan merupakan suatu perjanjian bersyarat, di mana kewajiban memberikan ganti rugi oleh penanggung hanya dilaksanakan kalau peristiwa yang tidak tertentu itu terjadi. dalam hal ini kewajiban pelaksanaan pemberian ganti rugi digantungkan pada satu syarat, yaitu peristiwa yang tidak pasti. ketiga, pertanggungan adalah perjanjian timbal balik, di mana kewajiban penanggung memberikan ganti rugi dihadapkan pada kewajiban tertanggung membayar premi. keempat, pertanggungan akan memberikan ganti kerugian atas objek kepentingan yang dipertanggungkan yang mempunyai hubungan sebab akibat antara peristiwa dan kerugian. 6 kontrak perjanjian pertanggungan yang telah dikeluarkan oleh perusahaan asuransi boleh atau dapat mengalami perubahan sesuai dengan kondisi dari objek yang dipertanggungkan. perubahan ini dapat disebabkan oleh pelbagai faktor, seperti: kenaikan nilai pertanggungan karena adanya tambahan 5 perusahaan asuransi akan memenuhi janjinya sebagai penanggung kerugian apabila semua prestasi telah dipenuhi oleh pihak tertanggung. artinya, kewajiban penanggung adalah kewajiban bersyarat atas terjadinya suatu peristiwa yang diperjanjikan yang mengakibatkan kerugian itu terjadi. walaupun tertanggung telah memenuhi semua prestasinya, kewajiban penanggung masih tetap menggantung. sri rejeki hartono, hukum asuransi dan perusahaan asuransi, h. 109. 6 emmy pangaribuan simanjuntak, hukum pertanggungan dan perkembangannya, h. 24. investasi, perubahan kegunaan objek yang dipertanggungkan, atau karena perubahan-perubahan lain. setiap kali terjadi perubahan harus dilaporkan kepada pihak asuransi dan pihak asuransi harus membuat dokumen perubahan pada kontrak tersebut. perubahan-perubahan yang terjadi pada polis disebut dengan endorsment yang selalu dicatat dan dilekatkan pada polis utama asuransi, dan berfungsi sebagai rujukan informasi yang paling mutakhir dari kondisi perjanjian khususnya pada saat terjadi klaim.7 oleh karena itu, apabila perusahaan pertanggungan benar-benar menjalankan fungsinya sebagai penjamin atas risiko yang datang secara tidak terduga, maka akan mendatangkan banyak manfaat kepada tertanggung, karena ia telah memberikan perlindungan, rasa terjamin atau ketentraman dalam menjalankan usaha. hal ini akan dirasakan oleh tertanggung pada saat mereka menerima penggantian kerugian, terlebih lagi jika dalam jumlah yang besar. penggantian kerugian dalam jumlah yang besar berdasarkan peraturan seharusnya dibayar sekaligus pada saat kerugian itu timbul, sedangkan preminya dapat dibayar secara bertahap dalam jumlah yang tidak terlalu memberatkan tertanggung.8 perusahaan pertanggungan dalam melaksanakan proteksi atau jaminan ganti rugi berlandaskan kepada beberapa asas yang dijadikan sebagai patokan dalam memenuhi janji-janjinya. asas-asas itu antara lain adalah indemnitas (indemnity), kepentingan yang dapat diasuransikan (insurable interest), kejujuran yang sempurna (utmost goodfaith), dan penyebab terjadi risiko (proximate cause). asas-asas ini sangat dominan dalam menentukan kebijakan-kebijakan klaim yang diajukan oleh para tertanggung, seperti penentuan jumlah ganti rugi, bentuk-bentuk pemberian ganti rugi, dan kelayakan pemberian ganti rugi terhadap tertanggung yang menderita kerugian. asas indemnitas (indemnity) asas indemnitas9 merupakan landasan utama dalam perjanjian pertanggungan yang diadakan oleh setiap perusahaan asuransi kerugian atau asuransi 7 muhammad taufik arifin, asuransi kerugian: study course, (jakarta: universitas indonusa esa unggul, september, 2007), h. 10. 8 namun dalam praktiknya, sering sekali pembayaran ganti rugi dalam jumlah yang besar tidak dibayar sekaligus. sebagai contoh adalah pembayaran klaim hotel jw mariot yang diangsur dalam beberapa tahap oleh perusahaan asuransi bintang. 9 settelement on an indemnity basis means that a deducation is made for wear and tear. the amount paid is that required to replace the item with an item the same age and in the same condition. anonymous, an introduction to personal general insurances, study course distance learning division. (sevenoaks kent: print and collated in great britain, 1996), h. 4/4. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah144 umum,10 serta asas yang mendasari mekanisme kerja dan menentukan arah tujuan dari sebuah pertanggungan. intinya, dalam sistem konvensional perusahaan asuransi atau penanggung sebagaimana yang terdapat dalam perjanjian pertanggungan harus memberikan ganti rugi kepada pihak tertanggung yang menderita kerugian sesuai dengan jumlah kerugian yang timbul.11 dalam prinsip indemnitas pihak tertanggung tidak boleh mendapatkan keuntungan melebihi dari ganti kerugian, artinya pihak tertanggung tidak mendapatkan keuntungan apa-apa dari ganti rugi tersebut, kecuali hanya ganti rugi yang setimpal dengan kerugian yang menimpanya, posisi keuangan tertanggung tidak lebih baik dibandingkan sebelum terjadinya musibah.12 asas ini dapat ditemui dalam pasal 246 kuhd13 dan sasaran yang ingin dicapai adalah menciptakan suatu keseimbangan antara risiko yang dialihkan kepada penanggung dengan kerugian yang diderita oleh tertanggung. jika tertanggung mengharapkan lebih dari itu, maka ia akan berhadapan dengan hukum perdata yang melarang untuk memperkaya diri secara melawan hukum atau memperkaya diri tanpa hak.14 satu sisi asas ini sejajar dengan aturan yang terdapat dalam fikih, sebagaimana yang di ungkapan oleh al-syawkânî dalam majallah al-ahkâm al-‘adliyyah di mana tujuan dari ganti kerugian (dhamân almutallafah) adalah untuk menutupi kemaslahatan atau kerugian yang hilang, 10 apabila asas ini bukan merupakan asas yang esensial pada pertanggungan kerugian maka dapat diperkirakan bahwa tertanggung yang mempunyai niat tidak baik untuk mendapatkan keuntungan dari perjanjian ini akan sengaja mencari celah agar mendapatkan ganti rugi dengan cara sengaja ikut membantu terjadinya peristiwa yang menimbulkan kerugian tersebut. terutama apabila perjanjian pertanggungan itu ditutup sebagai jumlah pertanggungan melebihi dari nilai benda sesungguhnya (over verzekering). lihat, emmy pangaribuan simanjuntak, hukum pertanggungan dan perkembangannya, h. 25. 11 the chatered insurance institute, an introduction to commercial general insurances, study cuorse (great britain, publishing division, 2000), h. 2/4 & 7/21. 12 pada polis yang diberi nilai, kepentingan yang diasuransikan sesungguhnya dapat memperoleh kembali nilai yang melebihi dari kerugian yang sebenarnya, dalam hal ini aturan tersebut tidak diperkenankan karena asuransi adalah perjanjian jaminan kerugian. lihat, emanuel, insurance: law, theory and practice, (t.t, t.p, t.th), h. 41, dan pasal 253 ayat 1 kuhd, yang menentukan bahwa oververzekering hanya sah untuk sejumlah harga benda yang dipertanggungkan. 13 asuransi atau pertanggungan adalah perjanjian, di mana penanggung mengikatkan diri terhadap tertanggung dengan memperoleh premi, untuk memberikan kepadanya ganti rugi karena suatu kehilangan, kerusakan, atau tidak mendapat keuntungan yang diharapkan, yang mungkin akan dapat diderita karena suatu peristiwa yang tidak pasti. 14 sri rejeki hartono, hukum asuransi dan perusahaan asuransi, h. 99; emmy pangaribuan simanjuntak, hukum pertanggungan, pertanggungan kerugian pada umumnya, kebakaran dan jia (yogyakarta: seksi hukum dagang fakultas hukum ugm, 1975), p. 29; p.l. wery: hoofzaken van het verzekeringsrecht, (deveter: kluwer b.v. 1984), h. 17-18. al-iqtishad: vol. v, no. 1, januari 2013 145 umum,10 serta asas yang mendasari mekanisme kerja dan menentukan arah tujuan dari sebuah pertanggungan. intinya, dalam sistem konvensional perusahaan asuransi atau penanggung sebagaimana yang terdapat dalam perjanjian pertanggungan harus memberikan ganti rugi kepada pihak tertanggung yang menderita kerugian sesuai dengan jumlah kerugian yang timbul.11 dalam prinsip indemnitas pihak tertanggung tidak boleh mendapatkan keuntungan melebihi dari ganti kerugian, artinya pihak tertanggung tidak mendapatkan keuntungan apa-apa dari ganti rugi tersebut, kecuali hanya ganti rugi yang setimpal dengan kerugian yang menimpanya, posisi keuangan tertanggung tidak lebih baik dibandingkan sebelum terjadinya musibah.12 asas ini dapat ditemui dalam pasal 246 kuhd13 dan sasaran yang ingin dicapai adalah menciptakan suatu keseimbangan antara risiko yang dialihkan kepada penanggung dengan kerugian yang diderita oleh tertanggung. jika tertanggung mengharapkan lebih dari itu, maka ia akan berhadapan dengan hukum perdata yang melarang untuk memperkaya diri secara melawan hukum atau memperkaya diri tanpa hak.14 satu sisi asas ini sejajar dengan aturan yang terdapat dalam fikih, sebagaimana yang di ungkapan oleh al-syawkânî dalam majallah al-ahkâm al-‘adliyyah di mana tujuan dari ganti kerugian (dhamân almutallafah) adalah untuk menutupi kemaslahatan atau kerugian yang hilang, 10 apabila asas ini bukan merupakan asas yang esensial pada pertanggungan kerugian maka dapat diperkirakan bahwa tertanggung yang mempunyai niat tidak baik untuk mendapatkan keuntungan dari perjanjian ini akan sengaja mencari celah agar mendapatkan ganti rugi dengan cara sengaja ikut membantu terjadinya peristiwa yang menimbulkan kerugian tersebut. terutama apabila perjanjian pertanggungan itu ditutup sebagai jumlah pertanggungan melebihi dari nilai benda sesungguhnya (over verzekering). lihat, emmy pangaribuan simanjuntak, hukum pertanggungan dan perkembangannya, h. 25. 11 the chatered insurance institute, an introduction to commercial general insurances, study cuorse (great britain, publishing division, 2000), h. 2/4 & 7/21. 12 pada polis yang diberi nilai, kepentingan yang diasuransikan sesungguhnya dapat memperoleh kembali nilai yang melebihi dari kerugian yang sebenarnya, dalam hal ini aturan tersebut tidak diperkenankan karena asuransi adalah perjanjian jaminan kerugian. lihat, emanuel, insurance: law, theory and practice, (t.t, t.p, t.th), h. 41, dan pasal 253 ayat 1 kuhd, yang menentukan bahwa oververzekering hanya sah untuk sejumlah harga benda yang dipertanggungkan. 13 asuransi atau pertanggungan adalah perjanjian, di mana penanggung mengikatkan diri terhadap tertanggung dengan memperoleh premi, untuk memberikan kepadanya ganti rugi karena suatu kehilangan, kerusakan, atau tidak mendapat keuntungan yang diharapkan, yang mungkin akan dapat diderita karena suatu peristiwa yang tidak pasti. 14 sri rejeki hartono, hukum asuransi dan perusahaan asuransi, h. 99; emmy pangaribuan simanjuntak, hukum pertanggungan, pertanggungan kerugian pada umumnya, kebakaran dan jia (yogyakarta: seksi hukum dagang fakultas hukum ugm, 1975), p. 29; p.l. wery: hoofzaken van het verzekeringsrecht, (deveter: kluwer b.v. 1984), h. 17-18. oleh karena itu ganti rugi tidak melebihi dari kerugian yang terjadi. 15 akan tetapi dalam perjanjian pertanggungan (indemnitas) adakalanya suatu ganti rugi tidak diberikan pada keseluruhan kerugian yang timbul. ini dapat terjadi pada saat objek atau kepentingan yang dipertanggungkan tidak secara keseluruhan, sehingga masih ada risiko yang ditanggung sendiri oleh tertanggung.16 dalam hal ini terdapat perbedaan antara asas indemnitas dengan prinsip dhamân yang ada dalam fikih, di mana ganti rugi tidak boleh kurang dari jumlah kerugian yang terjadi. berdasarkan aturan yang ada dalam asuransi kerugian/umum, terdapat batasan-batasan dan jenis-jenis kerugian (limitation upon lost and payment) yang harus diberikan ganti rugi, batasan-batasan itu adalah:17 pertama, actual cash value of propert. penggantian yang diberikan kepada seseorang berdasar atas nilai sesungguhnya (actual) atas kerugian-kerugian aktual yang terjadi pada milik seseorang. perusahaan asuransi hanya akan mengganti nilai sesungguhnya (value). misalnya sebuah rumah nilainya seratus juta rupiah kemudian terjadi kebakaran yang menimbulkan kerugian sebesar 25 juta rupiah. tapi sang pemilik meminta nilai penggantian tiga puluh juta rupiah karena dia ingin memperbaiki bagian lain dari rumahnya. dalam hal ini perusahaan asuransi hanya akan mengganti sebesar 25 juta rupiah.18 15 jam‘iyyah al-majallah, majallah al-ahkâm al-‘adliyyah, (bayrût: shâraku, 1377 h), cet. v, pasal 415. lihat, wahbah al-zuhaylî, nazhariyyah al-dhamân, (damaskus: dâr al-fikr, 1998), h. 15. 16 emmy pangaribuan simanjuntak, hukum pertanggungan dan perkembangannya, h. 25. 17 the chatered insurance institute, an introduction to commercial general insurances, study cuorse (great britain, publishing division, 2000), h. 2/6. muhammad taufik arifin, manajemen asransi: study course, (jakarta: universitas indonusa esa unggul, september, 2007), h. 11. 18 dalam pasal 288 kitab undang-undang hukum dagang (kuhd), disebutkan bahwa penanggung berkewajiban untuk mengganti seluruh biaya perbaikan untuk membangun kembali persil yang rusak dan sebesar-besarnya adalah sejumlah nilai yang dipertanggungkan. pada ayat (2) pasal 288 kitab undang-undang hukum dagang (kuhd), jika janji untuk membangun kembali tidak diadakan maka penggantian kerugian ditetapkan dengan perbandingan dari nilai persil sebelum terjadi bencana dengan nilai dari apa yang masih ada. dalam hal ini penggantian kerugian dipenuhi dengan uang tunai. pada ayat (3) pasal 288 kitab undang-undang hukum dagang (kuhd), jika janji untuk membangun kembali diadakan, maka tertanggung harus mempergunakan uang pengganti untuk membangun kembali persil yang ditimpa bencana dengan pengawasan lansung dari penanggung. perbedaan antara janji membangun kembali dengan mengganti kerugian adalah, dimana penggantian kerugian hanya dapat terjadi untuk jumlah penuh dari benda-benda yang dipertanggungkan. sedangkan janji untuk membangun kembali dimana biaya untuk itu hanya dapat dipenuhi tidak melebihi tiga perempat dari total biaya keseluruhan. (pasal 289 kitab undang-undang hukum dagang (kuhd), ayat 1 dan 3). desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah146 kedua, cost of repair/replacement cost. berdasarkan kerugian yang terjadi bisa saja perusahaan asuransi menggantinya dengan melakukan berbaikan langsung dan tidak memberikan penggantian tunai, atau mengganti dengan barang yang jenis dan kapasitasnya sama. untuk asuransi kendaraan bermotor, seperti mobil yang mengalami kecelakaan sehingga bumper belakangnya rusak dan penyok, maka pihak asuransi hanya akan mengganti bumper yang penyok dengan bumper yang baru. pada asuransi syariah asas idemnitas juga berlaku dalam menentukan standar ganti rugi (kafâlah), jika kita melihat metode indemnitas yang terdapat dalam sisteim konvensional maka metode ini tidak cocok dipakai dalam asuransi syariah apabila tujuan yang diharapkan adalah memberikan ganti rugi berdasarkan jumlah kerugian yang timbul. kafâlah atau dhamân yang merupakan landasan ganti rugi dalam hukum fikih menetapkan bahwa pemberian ganti rugi harus sesuai dengan jumlah kerugian yang ada tanpa dikurangi atau dilebihkan dari nilainya. berbeda halnya dengan sistem indemintas, di mana prinsip yang berlaku tidak memenuhi standar ganti rugi seperti yang diharapkan oleh kafâlah atau dhamân. sebagai contoh, untuk suatu pertanggungan maksimal, pembayaran ganti rugi yang diberikan oleh penanggung lebih kecil dari jumlah kerugian yang terjadi. ketentuan yang berlaku dalam sebuah klaim di mana pihak yang ditimpa musibah juga harus menanggung bagian dari kerugian tersebut, seperti pembebanan atas risiko sendiri (of claim). biaya ini juga berlaku untuk semua jenis kerugian yang terjadi, baik itu karena kesalahan pihak tertanggung sendiri atau karena pihak ketiga. pada hal jika kerugian itu terjadi karena disebabkan oleh perbuatan jahat atau unsur kesengajaan dari pihak lain yang berada di luar wewenang tertanggung, seperti perampokan, pencurian dan unsur-unsur kesengajaan dari pihak ketiga seharusnya tertanggung (peserta) akan mendapat ganti rugi (kafâlah) tanpa ada risiko untuknya. dalam kitab alwajîz, imam al-ghazâlî menyebutkan bahwa al-dhamân huwa luzûm radd alsyay' aw badalah bi al-mitsl aw bi al-qîmah.19 menurut penulis, dalam asuransi syariah aturan-aturan yang memberatkan tertanggung dalam penerimaan ganti rugi seperti yang terdapat dalam asuransi konvensional seharusnya dapat dihilangkan, mengingat tujuan dari ganti rugi itu adalah menutup maslahat yang hilang tanpa membebani pihak yang tertimpa dari sini dapat kita lihat, betapa sulitnya mendapatkan ganti rugi yang telah dijanjikan oleh penanggung, kekuatan posisi mereka yang selalu ditopang oleh undang-undang. 19 syams al-dîn abî ‘abd allâh muhammad ibn muhammad al-ghazâlî, al-wajîz, (mishr: alâdâb wa al-mu’ayyad, 1317 h), jil. i, h. 208. al-iqtishad: vol. v, no. 1, januari 2013 147 kedua, cost of repair/replacement cost. berdasarkan kerugian yang terjadi bisa saja perusahaan asuransi menggantinya dengan melakukan berbaikan langsung dan tidak memberikan penggantian tunai, atau mengganti dengan barang yang jenis dan kapasitasnya sama. untuk asuransi kendaraan bermotor, seperti mobil yang mengalami kecelakaan sehingga bumper belakangnya rusak dan penyok, maka pihak asuransi hanya akan mengganti bumper yang penyok dengan bumper yang baru. pada asuransi syariah asas idemnitas juga berlaku dalam menentukan standar ganti rugi (kafâlah), jika kita melihat metode indemnitas yang terdapat dalam sisteim konvensional maka metode ini tidak cocok dipakai dalam asuransi syariah apabila tujuan yang diharapkan adalah memberikan ganti rugi berdasarkan jumlah kerugian yang timbul. kafâlah atau dhamân yang merupakan landasan ganti rugi dalam hukum fikih menetapkan bahwa pemberian ganti rugi harus sesuai dengan jumlah kerugian yang ada tanpa dikurangi atau dilebihkan dari nilainya. berbeda halnya dengan sistem indemintas, di mana prinsip yang berlaku tidak memenuhi standar ganti rugi seperti yang diharapkan oleh kafâlah atau dhamân. sebagai contoh, untuk suatu pertanggungan maksimal, pembayaran ganti rugi yang diberikan oleh penanggung lebih kecil dari jumlah kerugian yang terjadi. ketentuan yang berlaku dalam sebuah klaim di mana pihak yang ditimpa musibah juga harus menanggung bagian dari kerugian tersebut, seperti pembebanan atas risiko sendiri (of claim). biaya ini juga berlaku untuk semua jenis kerugian yang terjadi, baik itu karena kesalahan pihak tertanggung sendiri atau karena pihak ketiga. pada hal jika kerugian itu terjadi karena disebabkan oleh perbuatan jahat atau unsur kesengajaan dari pihak lain yang berada di luar wewenang tertanggung, seperti perampokan, pencurian dan unsur-unsur kesengajaan dari pihak ketiga seharusnya tertanggung (peserta) akan mendapat ganti rugi (kafâlah) tanpa ada risiko untuknya. dalam kitab alwajîz, imam al-ghazâlî menyebutkan bahwa al-dhamân huwa luzûm radd alsyay' aw badalah bi al-mitsl aw bi al-qîmah.19 menurut penulis, dalam asuransi syariah aturan-aturan yang memberatkan tertanggung dalam penerimaan ganti rugi seperti yang terdapat dalam asuransi konvensional seharusnya dapat dihilangkan, mengingat tujuan dari ganti rugi itu adalah menutup maslahat yang hilang tanpa membebani pihak yang tertimpa dari sini dapat kita lihat, betapa sulitnya mendapatkan ganti rugi yang telah dijanjikan oleh penanggung, kekuatan posisi mereka yang selalu ditopang oleh undang-undang. 19 syams al-dîn abî ‘abd allâh muhammad ibn muhammad al-ghazâlî, al-wajîz, (mishr: alâdâb wa al-mu’ayyad, 1317 h), jil. i, h. 208. musibah, khususnya terhadap kerugian atau musibah yang di luar wewenang peserta/tertanggung. dengan ditopang oleh peningkatan jumlah premi yang terkumpul dari tahun ke tahun, kenaikan laba yang diperoleh perusahaan, dan penurunan rasio pembayaran claim, perusahaan/operator asuransi syariah dapat memberikan banyak pertolongan kepada peserta/tertanggung yang mendapat risiko sebagai wujud dari prinsip ta‘âwun. kalau kita perhatikan dengan saksama, pola-pola yang diterapkan dalam operasional asuransi syariah dalam memberikan jaminan (kafâlah) dan pembayaran ganti rugi masih mengikuti aturan-aturan yang diterapkan oleh konvensional seperti polis dan wording polis, kecuali dalam hal akad, produk, investasi dan keberadaan dewan pengawas syariah 20 pola-pola tersebut antara lain; jenis-jenis polis yang digunakan dalam memberikan jaminan pertanggungan (kafâlah), metode perhitungan dan sistem pembayaran ganti rugi, kewajiban yang harus ditanggung oleh peserta/ tertanggung pada saat terjadi klaim, lembaga penyelesaian sengketa apabila terjadi dispute, dan lain-lain.21 pemberian ganti (kafâlah dan dhamân) dalam hukum islam seorang penjamin disebut dengan kâfil, mempunyai tanggung jawab dan kewajiban yang sangat besar terhadap apapun yang dijaminnya, baik itu berupa harta benda, utang-piutang, hak milik, ataupun keselamatan jiwa seseorang. para orang tua mempunyai tanggung jawab terhadap anak-anaknya, apabila anak-anak itu melakukan suatu tindakan yang merugikan orang lain mereka dituntut untuk memberikan ganti rugi yang setimpal, walaupun anak-anak itu belum balig atau gila sekalipun. begitu juga seseorang pemilik hewan ternak, wajib memberikan ganti rugi apabila hewan-hewan tersebut merusak tanaman atau harta benda orang lain, walaupun perusakan itu terjadi pada saat cuaca gelap gulita.22 20 hal ini diakui oleh banyak pihak yang terlibat langsung dalam bisnis asuransi syariah, di antaranya: direktur marketing asuransi syariah mubarakah, parmin s. wijono, direktur utama asuransi tri pakarta, tedy i puspito, direktur utama auransi takaful umum, dadang sukresna, vice presiden director panin life insurance, tri djoko santoso, ‛asuransi syariah menanti akad baku‛, media asuransi, september 2008, no. 212 tahun xxix, 20-22. 21 asrul togo, advocates, legal consultan dan insurance advisor, law office imam supriyono & partners, wawancara pribadi, jakarta, 19 pebruari 2010. 22 ‘alî al-khafîf, al-dhamân fî al-fiqh al-islâmî, (al-qâhirah: dâr al-fikr al-‘arabî, 2000), h. 8-9; ‘alî haydar, durâr al-hukkâm syarh majallah al-ahkâm al-‘adliyyah, (bayrût: dâr al-kutub al-‘ilmiyyah, 1991), pasal 410. abû muhammad ibn ghânim ibn muhammad al-baghdâdî, majma’ al-dhamânât fî al-madzhab imâm abî hanîfah al-nu’mân, (mishr: dâr al-salâm, 1999 m), jil. ii, h. 402. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah148 dalam fikih muamalah, jaminan ganti rugi disebut dengan al-dhamân atau al-kafâlah,23 dalam istilah perasuransian dikenal dengan jaminan pertanggungan atau kafâlah dan risk sharing, dalam dunia perbankan disebut dengan bank guaranty24 atau al-dhamân al-masrafî, namun apabila sudah berbentuk kontrak seperti surat berharga, dokumen, atau sertifikat kepemilikan disebut dengan collateral security. al-dhamân dalam fikih muamalah terbagi kepada dua macam. pertama, al-dhamân dengan maksud ganti rugi, sebagaimana yang terdapat dalam majallah al-ahkâm al-‘adliyyah, yaitu suatu bentuk penyerahan harta benda pada orang lain, apabila harta tersebut berupa al-mitslî,25 maka yang harus diserahkan adalah harta al-mitslî pula, akan tetapi apabila berupa al-qimî,26 maka keharusan mengembalikan juga dalam bentuk al-qimî‛. sedangkan menurut al-syawkânî adalah pemberian ganti rugi dari suatu hal yang rusak atau lenyap.27 dalam pelbagai mazhab fikih kita temui bahwa jaminan ganti rugi tidak hanya diberikan sebatas pada kerugian harta benda saja, akan tetapi juga terhadap semua bentuk kerugian seperti, kerugian yang disebabkan oleh hilangnya keuntungan yang diharapkan, kerugian pihak ketiga, kerugian karena kecurian, kerugian yang berkaitan dengan hak, dan lain-lainnya.28 23 mâlikiyyah, syâfi‘iyyah, dan hanâbilah menyebutkan bahwa arti dari al-dhamân adalah kafâlah. lihat, wahbah al-zuhaylî, nazhâriyyah al-dhamân, (damaskus: dâr al-fikr, 1998), h. 14-15. 24 perjanjian atau kontrak untuk memikul tanggung jawab atas suatu hutang dalam melaksanakan suatu kewajiban (pembayaran hutang) atau tugas karena kelalaian. adapun waranty adalah jaminan mutlak, walaupun tanpa disertai oleh kelalaian. lihat, abdurrahman, ensiklopedia ekonomi, keuangan, dan perdagangan, (jakarta: pt pradnya paramita, 1991), h. 492. 25 harta yang dapat diukur dengan tepat dan terdapat jenis yang sama dalam satuannya pada masyarakat. 26 harta yang tidak dapat diukur dengan tepat dan tidak terdapat jenis yang sama dalam satuannya pada masyarakat. 27 jam‘iyyah al-majallah, majallah al-ahkâm al-‘adliyyah, (bayrût: syâraku, 1377 h). pasal 415. wahbah al-zuhaylî, nazhariyyah al-dhamân, (damaskus: dâr al-fikr, 1998), h. 15. 28 sayyid ahmad al-dardîr abû al-barkat, al-sharh al-kabîr, (bayrût: dâr al-fikr, t.th.), jil. iii, h. 329; abû muhammad ‘abd allâh ibn ahmad ibn qudâmah al-maqdisî muhammad, al-mughnî fî alfiqh al-imâm ibn ahmad ibn hanbal al-syaybanî, (bayrût: dâr al-fikr, 1405 h), cet. i, jil. v, h. 80; muhammad al-khâthib al-syarbinî, mughni al-muhtâj 'ilâ ma‘rifah ma‘ânî alfâzh al-minhâj, (bayrût: dâr al-fikr, t.th), jil. ii, h. 75; ‘abd al-rahmân ibn abî bakr al-sayûthî, al-asybah wa al-nazhâ’ir, (bayrût: dâr al-kutub al-‘ilmiyah, 1403 h), cet. i, h. 282. muhammad ibn ‘alî ibn muhammad al-syawkânî, nayl al-awthâr, (bayrût: dâr al-jayl, 1973), jil. v, h. 326; abû hâmid muhammad ibn ahmad al-ghazâlî, almustasyfa, (bayrût: dâr al-kutub al-‘ilmiyah, 1413 h), cet. i, h. 71; syams al-dîn abî ‘abd allâh muhammad ibn muhammad al-ghazâlîī, i‘lâm al-muwaqqi‘în ‘an rabb al-‘âlamîn, (al-qâhirah: kurdistan al-‘ilmiyah, 1325 h), jil. ii, h. 157; syams al-dîn abî ‘abd allâh muhammad ibn muhammad al-iqtishad: vol. v, no. 1, januari 2013 149 dalam fikih muamalah, jaminan ganti rugi disebut dengan al-dhamân atau al-kafâlah,23 dalam istilah perasuransian dikenal dengan jaminan pertanggungan atau kafâlah dan risk sharing, dalam dunia perbankan disebut dengan bank guaranty24 atau al-dhamân al-masrafî, namun apabila sudah berbentuk kontrak seperti surat berharga, dokumen, atau sertifikat kepemilikan disebut dengan collateral security. al-dhamân dalam fikih muamalah terbagi kepada dua macam. pertama, al-dhamân dengan maksud ganti rugi, sebagaimana yang terdapat dalam majallah al-ahkâm al-‘adliyyah, yaitu suatu bentuk penyerahan harta benda pada orang lain, apabila harta tersebut berupa al-mitslî,25 maka yang harus diserahkan adalah harta al-mitslî pula, akan tetapi apabila berupa al-qimî,26 maka keharusan mengembalikan juga dalam bentuk al-qimî‛. sedangkan menurut al-syawkânî adalah pemberian ganti rugi dari suatu hal yang rusak atau lenyap.27 dalam pelbagai mazhab fikih kita temui bahwa jaminan ganti rugi tidak hanya diberikan sebatas pada kerugian harta benda saja, akan tetapi juga terhadap semua bentuk kerugian seperti, kerugian yang disebabkan oleh hilangnya keuntungan yang diharapkan, kerugian pihak ketiga, kerugian karena kecurian, kerugian yang berkaitan dengan hak, dan lain-lainnya.28 23 mâlikiyyah, syâfi‘iyyah, dan hanâbilah menyebutkan bahwa arti dari al-dhamân adalah kafâlah. lihat, wahbah al-zuhaylî, nazhâriyyah al-dhamân, (damaskus: dâr al-fikr, 1998), h. 14-15. 24 perjanjian atau kontrak untuk memikul tanggung jawab atas suatu hutang dalam melaksanakan suatu kewajiban (pembayaran hutang) atau tugas karena kelalaian. adapun waranty adalah jaminan mutlak, walaupun tanpa disertai oleh kelalaian. lihat, abdurrahman, ensiklopedia ekonomi, keuangan, dan perdagangan, (jakarta: pt pradnya paramita, 1991), h. 492. 25 harta yang dapat diukur dengan tepat dan terdapat jenis yang sama dalam satuannya pada masyarakat. 26 harta yang tidak dapat diukur dengan tepat dan tidak terdapat jenis yang sama dalam satuannya pada masyarakat. 27 jam‘iyyah al-majallah, majallah al-ahkâm al-‘adliyyah, (bayrût: syâraku, 1377 h). pasal 415. wahbah al-zuhaylî, nazhariyyah al-dhamân, (damaskus: dâr al-fikr, 1998), h. 15. 28 sayyid ahmad al-dardîr abû al-barkat, al-sharh al-kabîr, (bayrût: dâr al-fikr, t.th.), jil. iii, h. 329; abû muhammad ‘abd allâh ibn ahmad ibn qudâmah al-maqdisî muhammad, al-mughnî fî alfiqh al-imâm ibn ahmad ibn hanbal al-syaybanî, (bayrût: dâr al-fikr, 1405 h), cet. i, jil. v, h. 80; muhammad al-khâthib al-syarbinî, mughni al-muhtâj 'ilâ ma‘rifah ma‘ânî alfâzh al-minhâj, (bayrût: dâr al-fikr, t.th), jil. ii, h. 75; ‘abd al-rahmân ibn abî bakr al-sayûthî, al-asybah wa al-nazhâ’ir, (bayrût: dâr al-kutub al-‘ilmiyah, 1403 h), cet. i, h. 282. muhammad ibn ‘alî ibn muhammad al-syawkânî, nayl al-awthâr, (bayrût: dâr al-jayl, 1973), jil. v, h. 326; abû hâmid muhammad ibn ahmad al-ghazâlî, almustasyfa, (bayrût: dâr al-kutub al-‘ilmiyah, 1413 h), cet. i, h. 71; syams al-dîn abî ‘abd allâh muhammad ibn muhammad al-ghazâlîī, i‘lâm al-muwaqqi‘în ‘an rabb al-‘âlamîn, (al-qâhirah: kurdistan al-‘ilmiyah, 1325 h), jil. ii, h. 157; syams al-dîn abî ‘abd allâh muhammad ibn muhammad kedua, al-dhamân dengan maksud tanggung jawab (al-kafâlah), sebagaimana yang didefinisikan dalam mazhab mâliki, ‚menimpakan suatu tanggung jawab pada orang lain dengan alasan yang benar‛.29 sedangkan al-kafâlah dengan arti al-dhamân terbagi kepada tiga bentuk, yaitu: kafâlah bi al-dayn, kafâlah bi al-‘ayn, dan kafâlah bi al-nafs.30 dalam hukum dagang, jenis jaminan ini dikenal dengan jaminan fidusia. pada hakikatnya, yang harus dilakukan oleh setiap individu dalam bermuamalah menurut prinsip dasar hukum islam adalah lâ dharar wa lâ dhirâr.31 oleh karena itu, setiap tindakan yang merugikan orang lain baik yang dilakukan dengan sengaja ataupun tidak, pelakunya harus bertanggung jawab terhadap semua kerusakan dan kerugian yang timbul. apabila si pelaku tidak mampu memberikan ganti rugi atas kerusakan yang diakibatkan oleh perbuatannya, seperti orang gila dan anak-anak yang masih belum balig maka tanggung jawab harus dipikul walinya. kewajiban memberikan ganti rugi dalam syariah islam bertujuan untuk menjaga dan memelihara harta benda dari segala kehancuran dan kebinasaan serta memberikan rasa aman kepada pemiliknya dari hal-hal yang membahayakan.32 bahkan dalam alquran terdapat lebih dari satu ayat yang memerintahkan agar setiap tindakan yang merugikan orang lain diberikan ganti rugi yang setimpal.33 adapun orang yang terpaksa melakukan tindakan kejahatan terhadap harta orang lain dan menimbulkan kerugian, pelakunya tetap harus bertanggung jawab membayar kerugian tersebut. akan tetapi jika keterpaksaan itu dapat mengancam keselamatannya apabila tidak melakukan perbuatan yang dipaksakan kepadanya, maka kerugian ditanggung oleh orang yang memaksa, hal ini al-ghazâlî, al-wajîz, h. 205; abû al-qâsim ‘abd al-karîm ibn muhammad al-râfi‘î, fath al-‘azîz syarh al-wajiz, al-tadhâmun min al-ukhawah, (t.t., t.p., t.th.), jil. xi, h. 241. 29 ‘alî haydar, durâr al-hukkâm, pasal 410. muhammad ibn ‘alî ibn muhammad al-syawkânî, nayl al-awthâr, jil. v, h. 326. 30 lihat, hasan elsefy, islamic finance a comparative jurisprudential study, (kuala lumpur: university of malaya press, 2007), h. 3. 31 ‚syariah islam melarang adanya perbuatan bahaya dan yang membahayakan‛. 32 al-‘izz ibn ‘abd al-salâm menjelaskan bahwa perbuatan berbahaya yang merugikan orang lain benar-benar tidak dapat ditoleransi, terutama apabila dikaitkan dengan kesalahan pihak pengusaha yang tidak berhati-hati dalam menggunakan hak. lihat, al-‘izz ibn ‘abd al-salâm, qawâ‘id al-ahkâm fi mashâlih al-anâm, (bayrût: dâr al-kutub al-‘ilmiyyah, 1999), h. 119. 33 ‛barangsiapa yang menyerang kamu, maka seranglah ia, seimbang dengan serangannya terhadapmu‛. (q.s. al-baqarah [2]: 194). ‛dan jika kamu memberikan balasan, maka balaslah dengan balasan yang sama dengan siksaan yang ditimpakan kepadamu‛. (q.s. al-nahl [16]: 126). ‛dan balasan suatu kejahatan adalah kejahatan yang serupa‛. (q.s. al-syûrâ [42]: 40). ‛kamu tidak menganiaya dan tidak (pula) dianiaya‛. (q.s. al-baqarah [2]: 279). desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah150 disepakati oleh semua ulama mazhab34 kecuali mazhab al-zhâhirî yang mengatakan bahwa tidak ada keharusan memberikan ganti rugi terhadap pelaku kejahatan yang dipaksa oleh orang lain walaupun paksaan itu tidak mengancam kesalamatannya, akan tetapi al-zhâhirî sepakat bahwa seseorang yang memaksa orang lain disertai dengan ancaman atas keselamatan jiwanya harus bertanggung jawab memberikan ganti rugi yang ditimbulkan oleh pelaku.35 dalam alquran kita jumpai bahwa yang bertanggung jawab memberikan ganti rugi adalah pelaku yang menyebabkan kerugian tersebut bukan orang lain,36 akan tetapi kerugian yang ditimbulkan oleh pelaku yang dipaksa oleh orang lain, kewajiban memberikan ganti rugi berpindah kepada si pemaksa. hal ini dikarenakan perbuatan bahaya itu secara tidak langsung dilakukan oleh pemaksa tersebut.37 jika pelaku hanya diperintah dan tanpa ada paksaan sama sekali, maka seluruh kerugian yang timbul adalah tanggung jawabnya tanpa melibatkan orang yang memerintahkan perbuatan tersebut.38 hal ini disebabkan karena pelaku bisa melakukan pilihan antara melaksanakan perintah atau meninggalkannya. tetapi apabila perintah itu datang dari penguasa setempat, di mana menurut kebiasaan tidak ada hukuman bagi orang yang melanggarnya maka pelaku wajib bertanggung jawab apabila ia melakukan perbuatan yang dapat merugikan orang lain.39 apabila orang tua/wali memerintahkan anaknya yang sudah balig untuk membakar rerumputan yang ada pada ladang miliknya, kemudian tanpa sengaja api membakar tanaman yang ada pada ladang tetangga milik orang lain, boleh jadi disebabkan oleh angin yang kuat atau karena besarnya api yang membakar rerumputan tersebut, maka orang tuanya harus memberikan ganti rugi karena 34 jam‘iyah al-majallah, majallah al-ahkâm al-‘adliyyah, pasal: 949, 1001. ‘alâ’ al-dîn abî bakr ibn mas’ûd al-kasânî, badâ’i shanâ’î (mishr: al-jamâliyah, t.th), cet. i, jil. v, h. 179; subhî mahmasanî, al-nazhariyyah al-‘âmmah li al-mawjubât wa al-‘uqûd fi al-syarî‘ah al-islâmiyyah, (bayrût: al-kasysyâf, 1948), jil. i, h. 225. 35 abû muhammad ‘alî ibn ahmad hazm al-zhâhirî, al-muhallâ, (mishr: al-muniryyah, 1352 h), cet. i, jil. viii, h. 329-330, pasal 1403. 36 ‛dan tidaklah seseorang membuat dosa melainkan kemudharatan kembali kepada dirinya sendiri‛. (q.s. al-an’ām [6]: 164); ‛tiap-tiap diri bertanggung jawab atas apa yang telah diperbuatnya‛. (q.s. al-muddatstsir [74]: 38); ‚allah tidak membebani seseorang melainkan sesuai dengan kesanggupannya. ia mendapat pahala (dari kebajikan) yang diusahakannya dan ia mendapat siksa (dari kejahatan) yang dikerjakannya‛. (q.s. al-baqarah [2]: 286). 37 ‘alâ’ al-dîn abî bakr ibn mas‘ûd al-kasânî, badâ’i shanâ’î, jil. vii, h. 179. 38 jam‘iyah al-majallah, majallah al-ahkâm al-‘adliyyah, pasal 95 dan 1510. 39 muhammad ibn isrâ’il al-syahir ibn qâdhî simâwan, jâmi’ al-fushûliyîn, (mishr: al-kubra alamiriyyah bûlaq, t.th), cet. i, jil. iii, h. 78-80. al-iqtishad: vol. v, no. 1, januari 2013 151 disepakati oleh semua ulama mazhab34 kecuali mazhab al-zhâhirî yang mengatakan bahwa tidak ada keharusan memberikan ganti rugi terhadap pelaku kejahatan yang dipaksa oleh orang lain walaupun paksaan itu tidak mengancam kesalamatannya, akan tetapi al-zhâhirî sepakat bahwa seseorang yang memaksa orang lain disertai dengan ancaman atas keselamatan jiwanya harus bertanggung jawab memberikan ganti rugi yang ditimbulkan oleh pelaku.35 dalam alquran kita jumpai bahwa yang bertanggung jawab memberikan ganti rugi adalah pelaku yang menyebabkan kerugian tersebut bukan orang lain,36 akan tetapi kerugian yang ditimbulkan oleh pelaku yang dipaksa oleh orang lain, kewajiban memberikan ganti rugi berpindah kepada si pemaksa. hal ini dikarenakan perbuatan bahaya itu secara tidak langsung dilakukan oleh pemaksa tersebut.37 jika pelaku hanya diperintah dan tanpa ada paksaan sama sekali, maka seluruh kerugian yang timbul adalah tanggung jawabnya tanpa melibatkan orang yang memerintahkan perbuatan tersebut.38 hal ini disebabkan karena pelaku bisa melakukan pilihan antara melaksanakan perintah atau meninggalkannya. tetapi apabila perintah itu datang dari penguasa setempat, di mana menurut kebiasaan tidak ada hukuman bagi orang yang melanggarnya maka pelaku wajib bertanggung jawab apabila ia melakukan perbuatan yang dapat merugikan orang lain.39 apabila orang tua/wali memerintahkan anaknya yang sudah balig untuk membakar rerumputan yang ada pada ladang miliknya, kemudian tanpa sengaja api membakar tanaman yang ada pada ladang tetangga milik orang lain, boleh jadi disebabkan oleh angin yang kuat atau karena besarnya api yang membakar rerumputan tersebut, maka orang tuanya harus memberikan ganti rugi karena 34 jam‘iyah al-majallah, majallah al-ahkâm al-‘adliyyah, pasal: 949, 1001. ‘alâ’ al-dîn abî bakr ibn mas’ûd al-kasânî, badâ’i shanâ’î (mishr: al-jamâliyah, t.th), cet. i, jil. v, h. 179; subhî mahmasanî, al-nazhariyyah al-‘âmmah li al-mawjubât wa al-‘uqûd fi al-syarî‘ah al-islâmiyyah, (bayrût: al-kasysyâf, 1948), jil. i, h. 225. 35 abû muhammad ‘alî ibn ahmad hazm al-zhâhirî, al-muhallâ, (mishr: al-muniryyah, 1352 h), cet. i, jil. viii, h. 329-330, pasal 1403. 36 ‛dan tidaklah seseorang membuat dosa melainkan kemudharatan kembali kepada dirinya sendiri‛. (q.s. al-an’ām [6]: 164); ‛tiap-tiap diri bertanggung jawab atas apa yang telah diperbuatnya‛. (q.s. al-muddatstsir [74]: 38); ‚allah tidak membebani seseorang melainkan sesuai dengan kesanggupannya. ia mendapat pahala (dari kebajikan) yang diusahakannya dan ia mendapat siksa (dari kejahatan) yang dikerjakannya‛. (q.s. al-baqarah [2]: 286). 37 ‘alâ’ al-dîn abî bakr ibn mas‘ûd al-kasânî, badâ’i shanâ’î, jil. vii, h. 179. 38 jam‘iyah al-majallah, majallah al-ahkâm al-‘adliyyah, pasal 95 dan 1510. 39 muhammad ibn isrâ’il al-syahir ibn qâdhî simâwan, jâmi’ al-fushûliyîn, (mishr: al-kubra alamiriyyah bûlaq, t.th), cet. i, jil. iii, h. 78-80. dialah yang memerintahkan untuk melakukan pembakaran.40 pada dasarnya, secara tersirat perintah orang tua pada anak adalah sesuatu yang harus dilaksanakan karena adanya kewajiban dari syariah untuk menaati orang tua dan larangan mendurhakai mereka. berbeda jika perintah itu jelas-jelas bertentangan dengan syariah seperti, melakukan pembakaran pada ladang atau harta benda milik orang lain, dalam hal ini kewajiban membayar ganti rugi adalah pelaku pembakaran tersebut. anak yang belum balig merupakan tanggung jawab dari orang tuanya, namun apabila perintah itu datang selain dari ibu dan bapaknya untuk melakukan sesuatu atau tindakan perusakan yang mengakibat kerusakan atau kerugian pada harta orang lain, maka kerugian itu harus ditanggung oleh orang yang memerintahkan. karena pada hakikatnya, anak yang belum balig tidak bisa membedakan antara perbuatan yang baik dan buruk, perintah yang ditujukan kepada mereka secara tersirat adalah bentuk dari pemaksaan, mengingat kekuatan akal mereka yang masih lemah.41 anak yang belum balig apabila diperintah atau dipaksa oleh sesamanya untuk melakukan sesuatu atau tindak kejahatan yang merugikan orang lain, dalam hal ini kewajiban memberikan ganti rugi tidak bisa dilaksanakan, karena kerugian yang timbul sama-sama berasal dari perintah dan pelaku yang sama. akan tetapi apabila tidak ada pemaksaaan dan perintah, maka kerugian harus ditanggung oleh walinya.42 kewajiban membayar ganti rugi (dhamân) tidak hanya sebabkan oleh pelaku yang balig, bahkan kerusakan dan kerugian yang disebabkan oleh orang gila juga dituntut untuk diberikan ganti rugi yang setimpal pada walinya. begitu juga bagi pelaku yang tidak mengetahui bahwa harta benda yang dirusaknya adalah milik orang lain bukan miliknya sendiri, karena ketidaktahuan bukanlah penyebab bebasnya seseorang dari tuntutan membayar ganti rugi. hikmah dari kewajiban membayar ganti rugi adalah untuk menjaga harta benda dari hal-hal yang merusak dan membinasakan serta untuk memberikan rasa aman kepada masyarakat secara menyeluruh. begitu juga hewan ternak yang merusak pada tanaman dan harta orang lain karena lepas dari kandang atau ikatannya. kerugian tersebut harus ditanggung oleh pemilik hewan tersebut walaupun itu terjadi pada saat malam gelap 40 abû muhammad ibn ghânim ibn muhammad al-baghdâdî, majma’ al-dhâmânât fî almazhab imâm abî hanîfah al-nu’mân (mishr: dâr al-salâm, 1999 m.), jil. i, h. 162. 41 muhammad ibn isrâ’îl al-syahîr ibn qâdhî simâwan, jâmi’ al-fushûliyyîn, jilid ii, h. 80. 42 abû muhammad ibn ghânim ibn muhammad al-baghdâdî, majma’ al-dhamânât fî almadzhab imâm abî han6ifah, jilid i, h. 162. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah152 gulita dan hujan deras, karena hewan ternak adalah tanggung jawab para pemiliknya sungguhpun tidak terdapat hubungan lansung antara kerusakan dan kerugian dengan pemiliknya.43 kerusakan yang diakibatkan oleh perbuatan seseorang dalam rangka melaksanakan tugas yang diperintahkan kepadanya, seperti kerusakan pada mobil orang lain akibat tertabrak oleh gerobak sampah, kewajiban membayar ganti rugi ditanggung oleh tuan atau atasan pekerja tersebut. tugas yang dilaksanakan oleh pekerja adalah bagian dari paksaan yang harus dijalankan oleh para pekerja atau buruh. oleh karena itu, ganti rugi harus ditanggung oleh majikan bukan buruh. seorang sopir yang menabrak mobil atau sepeda motor orang lain dalam perjalanan menjemput atau mengantar majikannya, kerugian yang timbul harus ditanggung oleh majikan bukan oleh sopir yang menabrak tersebut, kecuali jika ia menyalahi aturan-aturan yang berlaku.44 keterpaksaan seseorang dalam melakukan sesuatu yang mengakibatkan kerugian pada harta orang lain tidak menjadikan ia bebas dari kewajiban membayar ganti rugi, karena keterpaksaan tidak akan menghilangkan hak orang lain terhadap harta benda milik mereka. hal ini sejalan dengan peristiwa yang terjadi pada masa kekhalifahan ‘umar ibn ‘abd al-‘azîz, dimana pasukan balatentaranya yang berasal dari negeri syam melewati ladang pertanian milik seorang petani yang mengakibatkan kerusakan dan menimbulkan kerugian, petani tersebut mengadukannya kepada khalifah, lantas ‘umar ibn ‘abd al-‘azîz menggantinya dengan memberikan sepuluh ribu dirham.45 perintah yang berasal dari orang tua, wali, majikan, atau penguasa adalah perintah yang secara tidak langsung sangat berkaitan dengan pemaksaan, artinya apabila perintah tersebut tidak dilaksanakan akan ada ancaman atau hukuman yang akan diterima. oleh karena itu, kerugian yang timbul akibat perbuatan yang berasal perintah ini harus ditanggung oleh mereka. sedangkan pelaku yang mempunyai pilihan untuk melaksanakan atau meninggalkan perintah yang ditujukan kepadanya harus menanggung sendiri kerugian yang terjadi, karena ia mampu untuk meninggalkannya. 43 burhân al-dîn abî al-hasan ‘alî ibn abî bakr ibn ‘abd al-jalîl al-rusydî, al-hidâyah syarh albidâyah al-mubtadi, (mishr: muhammad ‘alî sibih, t.th.), jilid iv, h. 149. 44 muhammad ibn isrâ’îl al-syahîr ibn qâdhî simâwan, jâmi’ al-fushûliyyîn, jil. ii, h. 78. 45 abû yûsuf ya‘qûb ibn ibrâhîm ibn habîb, al-kharâj, (mishr: al-amiriyah bulâq, 1322 h), cet. i, h. 129. al-iqtishad: vol. v, no. 1, januari 2013 153 gulita dan hujan deras, karena hewan ternak adalah tanggung jawab para pemiliknya sungguhpun tidak terdapat hubungan lansung antara kerusakan dan kerugian dengan pemiliknya.43 kerusakan yang diakibatkan oleh perbuatan seseorang dalam rangka melaksanakan tugas yang diperintahkan kepadanya, seperti kerusakan pada mobil orang lain akibat tertabrak oleh gerobak sampah, kewajiban membayar ganti rugi ditanggung oleh tuan atau atasan pekerja tersebut. tugas yang dilaksanakan oleh pekerja adalah bagian dari paksaan yang harus dijalankan oleh para pekerja atau buruh. oleh karena itu, ganti rugi harus ditanggung oleh majikan bukan buruh. seorang sopir yang menabrak mobil atau sepeda motor orang lain dalam perjalanan menjemput atau mengantar majikannya, kerugian yang timbul harus ditanggung oleh majikan bukan oleh sopir yang menabrak tersebut, kecuali jika ia menyalahi aturan-aturan yang berlaku.44 keterpaksaan seseorang dalam melakukan sesuatu yang mengakibatkan kerugian pada harta orang lain tidak menjadikan ia bebas dari kewajiban membayar ganti rugi, karena keterpaksaan tidak akan menghilangkan hak orang lain terhadap harta benda milik mereka. hal ini sejalan dengan peristiwa yang terjadi pada masa kekhalifahan ‘umar ibn ‘abd al-‘azîz, dimana pasukan balatentaranya yang berasal dari negeri syam melewati ladang pertanian milik seorang petani yang mengakibatkan kerusakan dan menimbulkan kerugian, petani tersebut mengadukannya kepada khalifah, lantas ‘umar ibn ‘abd al-‘azîz menggantinya dengan memberikan sepuluh ribu dirham.45 perintah yang berasal dari orang tua, wali, majikan, atau penguasa adalah perintah yang secara tidak langsung sangat berkaitan dengan pemaksaan, artinya apabila perintah tersebut tidak dilaksanakan akan ada ancaman atau hukuman yang akan diterima. oleh karena itu, kerugian yang timbul akibat perbuatan yang berasal perintah ini harus ditanggung oleh mereka. sedangkan pelaku yang mempunyai pilihan untuk melaksanakan atau meninggalkan perintah yang ditujukan kepadanya harus menanggung sendiri kerugian yang terjadi, karena ia mampu untuk meninggalkannya. 43 burhân al-dîn abî al-hasan ‘alî ibn abî bakr ibn ‘abd al-jalîl al-rusydî, al-hidâyah syarh albidâyah al-mubtadi, (mishr: muhammad ‘alî sibih, t.th.), jilid iv, h. 149. 44 muhammad ibn isrâ’îl al-syahîr ibn qâdhî simâwan, jâmi’ al-fushûliyyîn, jil. ii, h. 78. 45 abû yûsuf ya‘qûb ibn ibrâhîm ibn habîb, al-kharâj, (mishr: al-amiriyah bulâq, 1322 h), cet. i, h. 129. menurut penulis, berikut ini adalah jenis-jenis kerugian yang harus diberikan ganti rugi apabila terjadi kerusakan atau kerugian dengan sebab-sebab yang telah disebutkan di atas. pertama, kerugian atau kerusakan yang terjadi pada harta benda yang halal menurut hukum syariah harus diberikan ganti rugi. oleh karena itu, tidak diwajibkan mengganti kerugian yang terjadi pada bangkai, khamar, babi, dan hal-hal lain yang diharamkan oleh syariah. harta benda yang tidak halal menurut syariah islam, seperti mobil curian, peternakan babi, perusahaan khamar dilarang bagi perusahaan asuransi syariah untuk memberikan jaminan kerugian. oleh karena itu, dalam polis yang digunakan oleh asuransi syariah seharusnya mencantumkan kata-kata halal dari produk yang diasuransikan. jaminan kehalalan dari suatu produk yang dipertanggungkan dapat ditanyakan lansung kepada tertanggung atau pemilik. kedua, harta benda yang harus diberikan ganti rugi adalah harta yang dipelihara dan dilindungi oleh pemiliknya, tidak ada kewajiban memberikan ganti rugi pada harta atau apapun yang tidak dilindungi oleh pemiliknya. sebuah mobil bisa dikatakan tidak dilindungi oleh pemiliknya apabila diparkir di bawah pepohonan yang sudah mati dan besar kemungkinan akan roboh. ketiga, harta benda yang mengalami kerusakan adalah harta yang layak untuk diberikan ganti rugi, tidak ada pemberian ganti rugi pada harta yang tidak layak untuk diganti. sepeda motor yang telah rusak parah dan tidak ada kemungkinan untuk bisa diperbaiki, adalah harta yang tidak layak untuk diberikan ganti apabila dicuri oleh pencuri. keempat, pemberian ganti rugi terhadap keuntungan yang hilang dibatasi dalam bentuk-bentuk kewajaran, karena keuntungan yang di luar batas kewajaran adalah sesuatu yang tidak pasti dan besar kemungkinan sulit dicapai oleh pemiliknya. kelima, harta benda yang disimpan bukan pada tempatnya dan di luar wilayah kekuasaan/ wewenang pemiliknya tidak diwajibkan memberikan ganti rugi. kehilangan mobil yang diparkir di tempat yang tidak aman tanpa dilengkapi dengan kunci pengaman yang layak, tidak ada kewajiban bagi perusahaan asuransi untuk menggantinya. undang-undang yang berlaku di kerajaan saudi arabia, di mana pencuri yang merampas uang dengan jumlah yang besar ketika disimpan oleh pemiliknya dalam kendaraan tidak dikenakan hukum potong tangan, karena mobil bukanlah tempat untuk menyimpan uang. pencuri yang merampas harta benda ke dalam rumah seseorang akan dikenakan hukuman potong tangan karena telah melakukan pencurian ke dalam wilayah wewenang orang lain. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah154 ganti rugi dalam bisnis asuransi syariah dalam kehidupan masyarakat modern, secara umum jaminan asuransi telah menjadi bagian transaksi finansial yang menyelinap ke dalam sendi-sendi aktivitas perekonomian, seperti perdagangan, perindustrian, pertanian, baik melalui pilihan sendiri maupun karena tekanan dari pihak-pihak tertentu. 46 dalam beberapa hal aktivitas asuransi tidak hanya terbatas pada sendisendi roda perekonomian, akan tetapi juga mencakup pada sarana-sarana yang dipergunakan oleh manusia dalam kehidupannya, seperti mobil, rumah, harta benda, jabatan, dan lain-lain. untuk asuransi jiwa manfaat asuransi tidak hanya terhenti ketika manusia masih dalam keadaan hidup, akan tetapi terus berlanjut kepada para ahli waris mereka. oleh karena itu, penting menjadikan sistem ini berjalan sesuai dengan tuntutan syariah.47 46 pada saat sekarang asuransi tidak lagi terbatas dalam bentuk konvensional saja, akan tetapi sudah terdapat perusahaan-perusahaan asuransi yang menerapkan sistem muamalah syariah atau yang disebut dengan asuransi syariah. yang membedakan antara asuransi konvensional dengan asuransi syariah adalah: asuransi syariah menggunakan prinsip-prinsip syariah yang pada dasarnya mempunyai perbedaan dengan asuransi konvensional, yaitu: pertama, unsur ketidakpastian (gharâr). dalam asuransi konvensional pada akad akadnya masih terdapat unsur-unsur ketidakpastian, karena nasabah mengetahui secara pasti besarnya jumlah pertanggungannya, tetapi tidak mengetahui jumlah seluruh premi yang akan dibayarkan. beda dengan asuransi syariah, yang mana kontraknya didasarkan pada akad tolong-menolong dan saling menjamin. dalam prinsip ini semua peserta asuransi menjadi penolong dan penjamin satu sama lain. kedua, unsur gambling (maysir). dalam asuransi konvensional pihak yang satu mengalami keuntungan. sedangkan pihak yang lain mengalami kerugian. sedangkan dalam asuransi syariah yang menganut prinsip syariah reversing periode bermula dari awalnya bahwa setiap peserta mempunyai hak untuk mendapatkannya cash value dan mendapatkan semua uang yang dibayarkan, kecuali hanya sebagian kecil, yang sudah dimasukkan ke dalam rekening khusus peserta dalam bentuk derma. ketiga, unsur riba. dalam usaha asuransi konvensional terdapat usaha dan investasi dengan meminjamkan dananya atas dasar bunga, terutama dengan bank-bank dan funds manager companies. sedangkan dalam asuransi syariah dengan sistem syariah tidak terdapat usaha dan investasi dengan sistem bunga, melainkan dengan sistem bagi hasil (mudhârabah). keempat, unsur komersial. dasar asuransi konvensional unsur komersialnya masih menonjol, sebagai akibat dari penerapan sistem bunga. sedangkan dalam asuransi syariah unsur komersialnya tertutup oleh unsur ta‘âwun. atau pertolongan sebagai akibat dari penerapan konsep al-mudhârabah, dengan sistem bagi hasil keuntungan. dewan syariah nasional mengeluarkan fatwa no. 21/dsn-mui/2001 tentang pedoman umum asuransi syariah, antara lain menyebutan bahwa asuransi syariah (takâful ta'mîn atau tadhâmun) adalah usaha saling melindungi di antara sejumlah orang dalam bentuk aset atau/dan tabarru' yang memberi pola pengembalian untuk menghadapi risiko tertentu melalui akad yang sesuai syariah. fatwa ini juga mengatur tentang reasuransi, jenis akad asuransi, klaim, premi, dan lain-lain yang berhubungan dengan asuransi dan reasuransi berdasarkan syariah. 47 agus edi sumanto, ernawan priarto, dkk, solusi berasuransi lebih indah dengan syariah, (jakarta: pt. salamadani pustaka semesta, april 2009), h. 106 dan seterusnya. al-iqtishad: vol. v, no. 1, januari 2013 155 ganti rugi dalam bisnis asuransi syariah dalam kehidupan masyarakat modern, secara umum jaminan asuransi telah menjadi bagian transaksi finansial yang menyelinap ke dalam sendi-sendi aktivitas perekonomian, seperti perdagangan, perindustrian, pertanian, baik melalui pilihan sendiri maupun karena tekanan dari pihak-pihak tertentu. 46 dalam beberapa hal aktivitas asuransi tidak hanya terbatas pada sendisendi roda perekonomian, akan tetapi juga mencakup pada sarana-sarana yang dipergunakan oleh manusia dalam kehidupannya, seperti mobil, rumah, harta benda, jabatan, dan lain-lain. untuk asuransi jiwa manfaat asuransi tidak hanya terhenti ketika manusia masih dalam keadaan hidup, akan tetapi terus berlanjut kepada para ahli waris mereka. oleh karena itu, penting menjadikan sistem ini berjalan sesuai dengan tuntutan syariah.47 46 pada saat sekarang asuransi tidak lagi terbatas dalam bentuk konvensional saja, akan tetapi sudah terdapat perusahaan-perusahaan asuransi yang menerapkan sistem muamalah syariah atau yang disebut dengan asuransi syariah. yang membedakan antara asuransi konvensional dengan asuransi syariah adalah: asuransi syariah menggunakan prinsip-prinsip syariah yang pada dasarnya mempunyai perbedaan dengan asuransi konvensional, yaitu: pertama, unsur ketidakpastian (gharâr). dalam asuransi konvensional pada akad akadnya masih terdapat unsur-unsur ketidakpastian, karena nasabah mengetahui secara pasti besarnya jumlah pertanggungannya, tetapi tidak mengetahui jumlah seluruh premi yang akan dibayarkan. beda dengan asuransi syariah, yang mana kontraknya didasarkan pada akad tolong-menolong dan saling menjamin. dalam prinsip ini semua peserta asuransi menjadi penolong dan penjamin satu sama lain. kedua, unsur gambling (maysir). dalam asuransi konvensional pihak yang satu mengalami keuntungan. sedangkan pihak yang lain mengalami kerugian. sedangkan dalam asuransi syariah yang menganut prinsip syariah reversing periode bermula dari awalnya bahwa setiap peserta mempunyai hak untuk mendapatkannya cash value dan mendapatkan semua uang yang dibayarkan, kecuali hanya sebagian kecil, yang sudah dimasukkan ke dalam rekening khusus peserta dalam bentuk derma. ketiga, unsur riba. dalam usaha asuransi konvensional terdapat usaha dan investasi dengan meminjamkan dananya atas dasar bunga, terutama dengan bank-bank dan funds manager companies. sedangkan dalam asuransi syariah dengan sistem syariah tidak terdapat usaha dan investasi dengan sistem bunga, melainkan dengan sistem bagi hasil (mudhârabah). keempat, unsur komersial. dasar asuransi konvensional unsur komersialnya masih menonjol, sebagai akibat dari penerapan sistem bunga. sedangkan dalam asuransi syariah unsur komersialnya tertutup oleh unsur ta‘âwun. atau pertolongan sebagai akibat dari penerapan konsep al-mudhârabah, dengan sistem bagi hasil keuntungan. dewan syariah nasional mengeluarkan fatwa no. 21/dsn-mui/2001 tentang pedoman umum asuransi syariah, antara lain menyebutan bahwa asuransi syariah (takâful ta'mîn atau tadhâmun) adalah usaha saling melindungi di antara sejumlah orang dalam bentuk aset atau/dan tabarru' yang memberi pola pengembalian untuk menghadapi risiko tertentu melalui akad yang sesuai syariah. fatwa ini juga mengatur tentang reasuransi, jenis akad asuransi, klaim, premi, dan lain-lain yang berhubungan dengan asuransi dan reasuransi berdasarkan syariah. 47 agus edi sumanto, ernawan priarto, dkk, solusi berasuransi lebih indah dengan syariah, (jakarta: pt. salamadani pustaka semesta, april 2009), h. 106 dan seterusnya. implementasi bisnis perusahaan asuransi syariah harus dapat menjadikan para tertanggung/peserta merasa aman dan tentram terhadap kehidupan yang mereka jalani serta harta benda yang mereka miliki. pengertian asuransi sebagai satu sistem untuk menempatkan seseorang dalam keadaan aman dan tentram berbeda dengan pengertian asuransi sebagai transaksi bisnis. asuransi sebagai satu sistem yang membuat orang merasa aman adalah bentuk tolong-menolong antara sesama yang dilakukan oleh sekelompok manusia dalam hal mengatasi bahaya, musibah, dan risiko yang mengancam seseorang. apabila musibah, bahaya atau risiko itu terjadi, dengan hanya mengorbankan sedikit kepentingan saja dari kelompok tersebut, maka akan cukup untuk mengatasi atau menutupi kemaslahatan yang hilang akibat musibah yang terjadi pada seseorang.48 sesungguhnya syariah islam dalam seluruh sisi-sisi syariahnya sangat memperhatikan aturan-aturan kehidupan, baik yang berkaitan dengan kebersamaan atau kesejahteraan dengan menitikberatkan aspek tolong-menolong apakah itu berhubungan dengan hak atau kewajiban.49 tujuan utama yang ingin dicapai sistem asuransi syariah adalah membina hubungan persaudaraan dan saling mengasihi atas sesama kelompok masyarakat, mengembalikan orang-orang yang ditimpa musibah kepada kondisi yang baik, mewujudkan ketentraman dan kedamaian dalam kehidupan bermasyarakat, dan untuk menyimpan harta benda, karena para peserta yang ikut dalam program ini diminta untuk memberikan/membayarkan sedikit kontribusi yang akan dikumpulkan bersama peserta yang lain sebagai alat menghadapi risiko besar yang mungkin terjadi.50 adapun sistem tabarru’ yang telah diterapkan oleh lembaga-lembaga asuransi syariah modern, sesungguhnya telah dipraktikkan pada masa-masa lalu dalam pelbagai model dan metode. metode-metode tersebut telah mapan pada masanya: pertama, sistem ‘aqilah, yakni yang diberlakukan terhadap pembunuhan untuk pembayaran diah, atau yang dipraktikan oleh orang-orang anshâr ketika melindungi orang-orang muhâjirîn pada saat mereka berada di madinah. kedua, sistem kafâlah al-ghârimîn, yakni bantuan yang diambil dari harta zakat untuk membayar utang-utang. ketiga, sistem kafâlah al-fuqarâ’ wa al-masâkîn, 48 ‘abd al-razzâq al-sanhûrî, al-wasîth fî syarh al-qânûn al-madanî, (bayrût: dâr ihyâ’ al-turâts al-‘arabî, t.th.), jil. viii, h. 1080. 49 husayn hâmid hasan, hukm al-syarî‘ah al-islâmiyyah fî ‘uqûd al-ta’mîin, (al-qâhirah: t.p, 1976), cet. i, h. 10. 50 musthafâ ahmad al-zarqâ’, nizhâm al-ta’mîn, (bayrût: mu’assasah al-risâlah, 1984), cet. i, h. 99; ‘abd al-samî’ al-mashrî, al-ta’mîn al-islâmî bayn al-nazhariyyah wa al-tathbîq, (al-qâhirah: maktabah wahbah, 1980), cet. i, h. 14. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah156 yakni bantuan untuk meringankan beban yang dihadapi oleh mereka yang tidak mampu. keempat, sistem kafâlah abnâ’ al-sabîl, yakni bantuan untuk meringankan beban biaya orang-orang yang sedang dalam kesulitan akibat situasi tertentu. kelima, sistem nafaqât bayn al-aqârîb, yakni suatu kewajiban berupa bantuan yang diberikan oleh sanak famili yang mempunyai kesanggupan untuk saudara-saudara mereka yang tidak mampu/fakir. keenam, sistem takâful alijtimâ’î, seperti yang dilakukan oleh kabilah al-sya’riyûn, yakni dalam mengatasi kesulitan ekonomi yang dihadapi para janda atau pada saat mereka menghadapi kesulitan kekurangan bahan makanan, lalu mereka mengumpulkan makanan yang ada pada satu tempat kemudian membaginya kembali menjadi sama rata.51 doktrin indemnitas, dalam fikih muamalah disebut dengan al-dhamân,52 yaitu ganti rugi yang diberikan kepada pihak yang dirugikan. ini wajib dilakukan karena beberapa hal, antara lain: (1) kerugian yang disebabkan pelanggaran terhadap akad (dhamân al-aqdî); (2) kerugian akibat kesalahan dalam penggunaan harta (dhamân wadh’ al-yad); (3) kerugian akibat penahanan harta oleh orang lain (dhamân al-hailûlah); (4) kerugian akibat kejahatan tipudaya (dhamân al-maghrûr); (5) kerugian akibat perusakan yang dilakukan oleh orang lain (dhamân al-itlâf). dalam prinsip dasar hukum islam, segala bentuk kerugian yang terjadi harus diberikan ganti rugi, baik kerugian itu dilakukan secara langsung (almubâsir) ataupun tidak langsung (ghayr al-mubâsir), baik secara sengaja (al‘amd), ataupun tidak sengaja/tersalah (al-khatha’), dan orang yang menderita 51 ketika rasullullah mengetahui apa yang dilakukan oleh orang-orang al-asy’âriyyûn ini dalam suatu hadis yang diriwayatkan oleh imam al-bukhârî bahwa rasullullah mendoakan agar mereka mendapat rahmat allah atas kebaikan yang telah mereka lakukan. lihat, badar al-dîn al‘aynî, abî mahmûd ibn ahmad al-‘aynî, ‘umdah al-qârî’ sharh shahîh al-bukhârî, (bayrût: dâr al-fikr, t.th), jil. xiii, h. 44. muhammad rawwâs qal’ajî, mabâhits fî al-iqtishâd al-islâmî min ushûl alfiqhiyyah, (bayrut: dâr al-nafâ’is, 2000), h. 127. 52 dhamân dalam istilah ahli fikih mengandung dua pengertian: (a) tanggung jawab, sebagaimana yang terdapat pada definisi dhamân ahli fikih mazhab mâlikî sebagai, ‚menimpakan suatu tanggung jawab pada orang lain dengan alasan yang benar‛. (b) ganti rugi, sebagaimana yang didefinisikan oleh majallah al-ahkâm al-‘adliyyah sebagai, ‚penyeraham suatu harta pada orang lain, apabila harta tersebut harta al-mitsil (serupa dan dapat diukur atau dihitung dengan tepat), maka harus diserahkan harta al-mitsli pula, akan tetapi jika harta tersebut harta qimî (harta yang tidak dapat diukur dengan tepat dan tidak terdapat jenis yang sama dalam satuannya dalam masyarakat), maka harus dikembalikan pula harta qimî tersebut‛. secara lebih ringkas al-syawkânî mendefinisikannya dengan, ‚ganti rugi dari suatu hal yang rusak atau lenyap‛. ‘ali haydar, durar al-hukkâm syarh majallah al-ahkâm al-‘adliyyah, (bayrût: dâr al-kutub al-‘ilmiyyah, 1991), pasal 410. al-iqtishad: vol. v, no. 1, januari 2013 157 yakni bantuan untuk meringankan beban yang dihadapi oleh mereka yang tidak mampu. keempat, sistem kafâlah abnâ’ al-sabîl, yakni bantuan untuk meringankan beban biaya orang-orang yang sedang dalam kesulitan akibat situasi tertentu. kelima, sistem nafaqât bayn al-aqârîb, yakni suatu kewajiban berupa bantuan yang diberikan oleh sanak famili yang mempunyai kesanggupan untuk saudara-saudara mereka yang tidak mampu/fakir. keenam, sistem takâful alijtimâ’î, seperti yang dilakukan oleh kabilah al-sya’riyûn, yakni dalam mengatasi kesulitan ekonomi yang dihadapi para janda atau pada saat mereka menghadapi kesulitan kekurangan bahan makanan, lalu mereka mengumpulkan makanan yang ada pada satu tempat kemudian membaginya kembali menjadi sama rata.51 doktrin indemnitas, dalam fikih muamalah disebut dengan al-dhamân,52 yaitu ganti rugi yang diberikan kepada pihak yang dirugikan. ini wajib dilakukan karena beberapa hal, antara lain: (1) kerugian yang disebabkan pelanggaran terhadap akad (dhamân al-aqdî); (2) kerugian akibat kesalahan dalam penggunaan harta (dhamân wadh’ al-yad); (3) kerugian akibat penahanan harta oleh orang lain (dhamân al-hailûlah); (4) kerugian akibat kejahatan tipudaya (dhamân al-maghrûr); (5) kerugian akibat perusakan yang dilakukan oleh orang lain (dhamân al-itlâf). dalam prinsip dasar hukum islam, segala bentuk kerugian yang terjadi harus diberikan ganti rugi, baik kerugian itu dilakukan secara langsung (almubâsir) ataupun tidak langsung (ghayr al-mubâsir), baik secara sengaja (al‘amd), ataupun tidak sengaja/tersalah (al-khatha’), dan orang yang menderita 51 ketika rasullullah mengetahui apa yang dilakukan oleh orang-orang al-asy’âriyyûn ini dalam suatu hadis yang diriwayatkan oleh imam al-bukhârî bahwa rasullullah mendoakan agar mereka mendapat rahmat allah atas kebaikan yang telah mereka lakukan. lihat, badar al-dîn al‘aynî, abî mahmûd ibn ahmad al-‘aynî, ‘umdah al-qârî’ sharh shahîh al-bukhârî, (bayrût: dâr al-fikr, t.th), jil. xiii, h. 44. muhammad rawwâs qal’ajî, mabâhits fî al-iqtishâd al-islâmî min ushûl alfiqhiyyah, (bayrut: dâr al-nafâ’is, 2000), h. 127. 52 dhamân dalam istilah ahli fikih mengandung dua pengertian: (a) tanggung jawab, sebagaimana yang terdapat pada definisi dhamân ahli fikih mazhab mâlikî sebagai, ‚menimpakan suatu tanggung jawab pada orang lain dengan alasan yang benar‛. (b) ganti rugi, sebagaimana yang didefinisikan oleh majallah al-ahkâm al-‘adliyyah sebagai, ‚penyeraham suatu harta pada orang lain, apabila harta tersebut harta al-mitsil (serupa dan dapat diukur atau dihitung dengan tepat), maka harus diserahkan harta al-mitsli pula, akan tetapi jika harta tersebut harta qimî (harta yang tidak dapat diukur dengan tepat dan tidak terdapat jenis yang sama dalam satuannya dalam masyarakat), maka harus dikembalikan pula harta qimî tersebut‛. secara lebih ringkas al-syawkânî mendefinisikannya dengan, ‚ganti rugi dari suatu hal yang rusak atau lenyap‛. ‘ali haydar, durar al-hukkâm syarh majallah al-ahkâm al-‘adliyyah, (bayrût: dâr al-kutub al-‘ilmiyyah, 1991), pasal 410. kerugian akibat perbuatan tersebut harus mendapatkan ganti rugi sebagai kompensasi.53 sesungguhnya dalam membangun sebuah bisnis asuransi yang berdasarkan prinsip syariah telah lama diwacanakan dalam buku-buku fikih. salah satu di antaranya adalah ibn ‘âbidîn (1784-1836 m), seorang ahli hukum islam yang menganut mazhab hanafî.54 dalam ajaran islam semangat untuk melakukan tolong-menolong antara sesama menjadi dasar adanya asuransi pada tahap awal. asuransi merupakan wujud usaha dalam pertanggungan yang melibatkan sekelompok orang dan perusahaan asuransi yang bertindak sebagai lembaga pengelola dana. berdasarkan semangat tolong-menolong maka nilai dasar dari asuransi syariah adalah social oriented, yaitu sebuah nilai yang bertujuan untuk saling membantu dan saling menolong antara sesama peserta asuransi dalam menghadapi musibah pada sisi ekonomi55. tetapi setelah bersentuhan dengan praktik yang ada dalam asuransi konvensional terjadi pergeseran nilai pada asuransi syariah, yaitu dengan mengombinasikan semangat ekonomi yang nota bene cenderung mengejar keuntungan bisnis (profit) dengan semangat social oriented sebagai nilai yang digali dari ajaran islam. dalam keadaan seperti ini ulama kontemporer seperti, muslehudin, nejatullah siddiqi, abû zahrah, musthfâ al-zarqâ, mohd. ma’sum billah, dan ulama-ulama lain serta majelis ulama indonesia membolehkan praktik asuransi syariah, dengan catatan harus terhindar dari unsur gharar, maysir, riba, zhulm, dan risywah.56 dalam qawâ’id al-ahkâm fî mashâlih al-anâm ditegaskan bahwa jaminan ganti rugi itu disyariahkan untuk mengganti mashlahah yang hilang atau penutup kerugian yang terjadi. oleh karena itu, pembayaran ganti rugi harus diberlakukan untuk seluruh bentuk kerugian, baik yang dilakukan karena kesalahan, tidak disengaja, sengaja, lalai, sadar, lupa, dan bahkan terhadap orang gila, serta anakanak sekalipun.57 53 sulaymân muhammad ahmad, dhamân al-matalafât fî al-fiqh al-islâmî, (al-qâhirah: mathba’ah al-sa’âdah, 1985), h. 38. 54 klingmuller, concept and development of insurance in islamic countries, islamic culture, (hyderabad), january 1969, h. 30. muhammad anwar, ‚comparative study of insurance and takafol (islamic insurance)‛, the pakistan development review, vol. 33, issue: 4, yr. winter 1994. 55 mohd. ma’sum billah, islamic law of trade and finance a selection of issues, (kuala lumpur: ilmiyah publishers, 2003, 2nd ed. h. 126. 56 fatwa dewan syariah nasional no.21/dsn-mui/x/2001 tentang pedoman umum asuransi syariah. 57 al-‘iz ibn ‘abd al-salâm, qawâ‘id al-ahkâm fî mashâlih al-anâm (bayrût: dâr al-kutub al‘ilmiyyah, 1999), h. 119. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah158 peran perusahaan atau operator adalah memastikan agar skema pembagian risiko berjalan dengan baik dalam upayanya memberikan benefit bagi para peserta, dan perusahaan hanya bertindak sebagai agen nasabah, karena pada hakikatnya para pesertalah yang saling berbagi risiko antar sesama mereka. dari kesemua pekerjaan itu, perusahaan asuransi hanya boleh mengambil fee atau memperoleh porsi surplus dari akad-akad tijârah bukan dari akad tabarru’, karena tabarru’ hanyalah untuk sesama partisan.58 namun, dalam kenyataannya ada juga beberapa perusahaan yang menjadikan dana tabarru’ ini sebagai investasi untuk menambah benefit perusahaan.59 penutup penulis sepakat dengan beberapa pendapat ahli yang mengatakan bahwa dalam asuransi shariah, aturan-aturan yang memberatkan tertanggung dalam penerimaan ganti rugi—seperti yang terdapat dalam asuransi konvensional— seharusnya dapat dihilangkan, mengingat tujuan dari ganti rugi adalah menutup mashlahah yang hilang tanpa membebani pihak yang tertimpa musibah, khususnya terhadap kerugian atau musibah yang diluar weweng peserta/ tertanggung. dengan ditopang oleh peningkatan jumlah premi yang terkumpul dari tahun ketahun, kenaikan laba yang diperoleh perusahaan, dan penurunan rasio pembayaran claim, perusahaan/operator asuransi shari'ah dapat memberikan banyak pertolongan kepada peserta/tertanggung yang mendapat risiko sebagai wujud dari prinsip ta‘âwun. kalau diperhatikan secara seksama, pola-pola yang diterapkan dalam operasional asuransi syariah dalam memberikan jaminan dan pembayaran ganti rugi masih mengikuti aturan-aturan yang diterapkan oleh konvensional seperti polis dan wording polis, kecuali dalam hal akad, produk, investasi, dan keberadaan dewan pengawas shariah. pola-pola tersebut antara lain: jenis-jenis polis yang digunakan dalam memberikan jaminan pertanggungan, metode perhitungan dan sistim pembayaran ganti rugi, kewajiban yang harus ditanggung oleh peserta/ tertanggung pada saat terjadi klaim, lembaga penyelesaian sengketa apabila terjadi dispute, dan lain-lain. kemudian, dalam melakukan pertanggungan, perusahaan asuransi ada beberapa kewajiban yang harus dilakukan terhadap nasabah, di antaranya mem 58 muhaimin iqbal, asuransi syari'ah umum dalam praktik (jakarta: gema insani, 2006), h. 159. 59 hadi eka putra, direktur pt. pro asia insurance brokers & consultans, wawancara pribadi, jakarta 3 desember 2009. al-iqtishad: vol. v, no. 1, januari 2013 159 peran perusahaan atau operator adalah memastikan agar skema pembagian risiko berjalan dengan baik dalam upayanya memberikan benefit bagi para peserta, dan perusahaan hanya bertindak sebagai agen nasabah, karena pada hakikatnya para pesertalah yang saling berbagi risiko antar sesama mereka. dari kesemua pekerjaan itu, perusahaan asuransi hanya boleh mengambil fee atau memperoleh porsi surplus dari akad-akad tijârah bukan dari akad tabarru’, karena tabarru’ hanyalah untuk sesama partisan.58 namun, dalam kenyataannya ada juga beberapa perusahaan yang menjadikan dana tabarru’ ini sebagai investasi untuk menambah benefit perusahaan.59 penutup penulis sepakat dengan beberapa pendapat ahli yang mengatakan bahwa dalam asuransi shariah, aturan-aturan yang memberatkan tertanggung dalam penerimaan ganti rugi—seperti yang terdapat dalam asuransi konvensional— seharusnya dapat dihilangkan, mengingat tujuan dari ganti rugi adalah menutup mashlahah yang hilang tanpa membebani pihak yang tertimpa musibah, khususnya terhadap kerugian atau musibah yang diluar weweng peserta/ tertanggung. dengan ditopang oleh peningkatan jumlah premi yang terkumpul dari tahun ketahun, kenaikan laba yang diperoleh perusahaan, dan penurunan rasio pembayaran claim, perusahaan/operator asuransi shari'ah dapat memberikan banyak pertolongan kepada peserta/tertanggung yang mendapat risiko sebagai wujud dari prinsip ta‘âwun. kalau diperhatikan secara seksama, pola-pola yang diterapkan dalam operasional asuransi syariah dalam memberikan jaminan dan pembayaran ganti rugi masih mengikuti aturan-aturan yang diterapkan oleh konvensional seperti polis dan wording polis, kecuali dalam hal akad, produk, investasi, dan keberadaan dewan pengawas shariah. pola-pola tersebut antara lain: jenis-jenis polis yang digunakan dalam memberikan jaminan pertanggungan, metode perhitungan dan sistim pembayaran ganti rugi, kewajiban yang harus ditanggung oleh peserta/ tertanggung pada saat terjadi klaim, lembaga penyelesaian sengketa apabila terjadi dispute, dan lain-lain. kemudian, dalam melakukan pertanggungan, perusahaan asuransi ada beberapa kewajiban yang harus dilakukan terhadap nasabah, di antaranya mem 58 muhaimin iqbal, asuransi syari'ah umum dalam praktik (jakarta: gema insani, 2006), h. 159. 59 hadi eka putra, direktur pt. pro asia insurance brokers & consultans, wawancara pribadi, jakarta 3 desember 2009. berikan penjelasan atau sosialisasi, baik secara berkala ataupun berkesinambungan tentang apa saja yang menjadi hak dan kewajiban nasbah, atau benefit apa saja yang akan mereka dapatkan nasabah sebagai peserta asuransi. banyak di antara nasabah yang tidak mengetahui tentang seluk beluk asuransi, seperti cara-cara melakukan proses klaim, mengetahui jenis-jenis jaminan risiko atau pengecualian yang terdapat dalam polis yang mereka miliki. hal itu merupakan sesuatu yang sangat urgent untuk dilakukan mengingat banyaknya produkproduk asuransi yang ditawarkan kepada masyarakat. bahkan ada sebagian tertanggung yang tidak pernah membaca polis yang mereka miliki, atau jikapun mereka pernah membacanya tidak akan memahami sepenuhnya, atau boleh jadi keliru dalam menginterprestasikannya. hal-hal seperti ini seharusnya tidak boleh terjadi, mengingat konsep dasar dari asuransi syariah itu sendiri adalah ta‘âwun dalam melakukan kebaikan dan ketakwaan bukan dalam berbuat dosa dan penipuan. walaupun dalam hal penolakan klaim yang dilakukan oleh perusahaan asuransi tidak seluruhnya disebabkan oleh kesalahan atau ketidakjujuran perusahaan dalam memenuhi janji-janji mereka sebagai penanggung kerugian. sebagian kasus penolakan juga disebabkan oleh kesalahan dan kekeliruan pihak tertanggung, baik dalam memahami polis, mengintreprestasikannya atau karena memang mereka sengaja ingin melakukan fraud claim. namun apapun bentuk kerugian yang terjadi pada harta yang telah dijadikan sebagai objek pertanggungan, selayaknya berhak untuk diberikan ganti rugi, apalagi jika sampai menyebabkan kesengsaraan bagi pemiliknya. [] pustaka acuan ‘abd al-salâm, al-‘iz ibn, qawâ‘id al-ahkâm fî mashâlih al-anâm, bayrût: dâr alkutub al-‘ilmiyah, 1999. abdurrahman, ensiklopedia ekonomi, keuangan dan perdagangan, jakarta: pt. pradnya paramita, 1991. abû al-barkat, al-, sayyid ahmad al-dardîr, al-syarh al-kabîr, bayrût: dâr al-fikr, t.th. ahmad, sulaymân muhammad, dhamân al-matalafât fî al-fiqh al-islâmî, alqâhirah: mathba’ah al-sa’âdah, 1985. anonymous, an introduction to personal general insurances, study course distance learning division, sevenoaks kent: print and collated in great britain, 1996. desmadi saharuddin: asas indemnitas dan kafâlah dalam asuransi syariah160 anwar, muhammad, ‚comparative study of insurance and takafol (islamic insurance)‛, the pakistan development review, vol. 33, issue: 4, yr. winter 1994. arifin, muhammad taufik, asuransi kerugian; study course, jakarta: universitas indonusa esa unggul, september, 2007. badar al-dîn al-‘aynî, abî mahmûd ibn ahmad al-‘aynî, ‘umdah al-qârî’ sharh shahîh al-bukhârî, bayrût: dâr al-fikr, t.th. baghdâdî, al-, abû muhammad ibn ghânim ibn muhammad, majma’ aldhamânât fî al-madzhab imâm abî hanîfah al-nu’mân, mishr: dâr alsalâm, 1999 m. billah, mohd. ma’sum, islamic law of trade and finance a selection of issues, kuala lumpur: ilmiyah publishers, 2003, 2nd ed. elsefy, hasan, islamic finance a comparative jurisprudential study, kuala lumpur: university of malaya press, 2007. emanuel, insurance: law, theory and practice, t.t, t.p, t.th. fatwa dewan syariah nasional no.21/dsn-mui/x/2001 tentang pedoman umum asuransi syariah. ghazâlî, al-, abû hâmid muhammad ibn ahmad, al-mustasyfâ, bayrût: dâr alkutub al-‘ilmiyyah, 1413 h. ghazalî, al-, syams al-dîn abî ‘abd allâh muhammad ibn muhammad, al-wajîz, mishr: al-adâb wa al-muayyad, 1317 h. ghazâlî, al-, syams al-dîn abi ‘abd allâh muhammad ibn muhammad, i‘lâm almuwaqqi‘în ‘an rabb al-‘âlamîn, al-qâhirah: kurdistan al-‘ilmiyyah, 1325 h. ghazâlî, al-, syams al-dîn abi ‘abd allâh muhammad ibn muhammad, al-wajîz, mishr: al-âdâb wa al-muayid, 1317 h. hartono, sri rejeki, hukum asuransi dan perusahaan asuransi, jakarta: sinar grafika, 2008. hasan, husayn hâmid, hukm al-syarî‘ah al-islâmiyyah fî ‘uqûd al-ta’mîin, alqâhirah: t.p, 1976. haydar, ‘alî, durar al-hukkâm sharh majallah al-ahkâm al-‘adliyyah, bayrût: dâr al-kutub al-‘ilmiyyah, 1991. haydar, ‘alî, durar al-hukkâm syarh majallah al-ahkâm al-‘adliyyah, bayrût: dâr al-kutub al-‘ilmiyyah, 1991. iqbal, muhaimin, asuransi syari'ah umum dalam praktik, jakarta: gema insani , 2006. jam‘iyyah al-majallah, majallah al-ahâm al-‘adliyyah, bayrût: shâraku, 1377 h. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 143 164 received: june 30, 2016; revised: november 21, 2016; accepted: november 30, 2016 1 universitas semen indonesia, jl. veteran, sidokumpul, gresik, east java 2 airlangga university indonesia, jl. airlangga no. 4-6, gubeng, airlangga, surabaya, east java e-mail: 1ahmad.hudaifah@uisi.ac.id; 2shochrul.rohma@gmail.com doi: 10.15408/aiq.v9i1.3222 abstract. a comparative study on poverty alleviation between moslem and non moslem populated countries. the paper attempts to explore the problems and roots of poverty, the poverty alleviation progress, programs and policies between selected moslem populated-countries in asia and selected nonmoslem populated-countries in latin america. three important aspects are concluded. firstly, the poor are mostly living in rural areas and suburban slums. second, poverty alleviation efforts in both particular groups of countries have resulted in a better outcome. other economic indicators such as gni per capita and income inequality graphic have shown better patterns. third, there have been different strategic policies and programs implemented between the two groups of countries. islamic economic notions such as zakah, infaq, and sadaqah play a very significant role in moslem populated countries, on the other hand, non moslem populated countries tend to create more radical and creative strategies such as agendas of land reform and tourism industry development. keywords: poverty, literature survey, comparative study, moslem countries, nonmoslem countries abstrak. studi banding dalam pengentasan kemiskinan antara negara yang berpenduduk muslim dengan negara yang tidak berpenduduk muslim. artikel ini berusaha untuk mengungkap akar masalah dari kemiskinan, hasil dari usaha pengendalian kemiskinan, program dan kebijakan negara berpenduduk muslim terpilih di asia dan negara yang tidak berpenduduk muslim terpilih di america latin. tiga kesimpulan diperoleh penulis. pertama, penduduk miskin sebagian besar tinggal di pedesaan dan daerah kumuh pinggir kota. kedua, usaha pemberantasan kemiskinan dalam dua kelompok negara tertentu telah menunjukkan hasil. indikator ekonomi lainnya seperti pnb per kapita dan grafis dari ketimpagan pendapatan telah menunjukan kemajuan. ketiga, ada beberapa kebijakan dan program berbeda yang dilakukan oleh dua kelompok dari negara terpilih. ajaran ekonomi islam seperti zakat, infaq, dan sedekah sangat berperan dalam negara yang berpenduduk muslim, di samping itu, negara yang tidak berpenduduk muslim membuat strategi lebih mendasar dan kreatif seperti rencana pembangunan dan industri pariwisata. kata kunci: kemiskinan, survei kepustakaan, studi banding, negara muslim, negara non-muslim a comparative study on poverty alleviation between moslem and non-moslem populated countries ahmad hudaifah1, shochrul rohmatul ajija2 144 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 introduction combating poverty and improving the well being of mankind has been one of the most challenging economic development agendas of the 21st century (adnan & ajija, 2015). rampant poverty, famine, illiteracy and social problems are among the global issues emerging into the picture of today’s economy. meanwhile, several countries grouped as the developed countries around the world have declared their economic achievements as the most leading economy. ironically, when many countries are competing to double their gdp per capita as one of the prominent economic indicators, in contrast the remaining world population is still living under the poverty line whereby they have to survive with 2,00 usd per day (world bank, 1993; todaro & smith, 2006; and whitman, 2008). an uncountable number of policies and incentives have been addressed to alleviate and reduce poverty, so far it has been difficult to solve due to several surrounding problems. every county has its own poverty problem and each country comes up with different solutions with respect to their unique poverty criteria and root issues. thus, it is very interesting to study the way forward every country undertakes along with the poverty alleviation strategy and policy being undertaken (wratten, 1995). this paper aims to provide a comparative study on poverty alleviation in several countries, especially those who have problems with rampant poverty and undertook successful methods of alleviating it. by classifying those counties into two groups, which are moslem populated-countries and western countries, the paper is expected to be able to analyze very specific distinctions and policies. features of poverty alleviation program between moslem populated countries and western countries have varied according to local potency and resource, poverty problems, and cultural condition (otsuka & hayami, 1988). the moslem populated countries are represented by indonesia, malaysia and bangladesh; on the other hand, venezuela, brazil and bolivia are countries in the western society depicting successful poverty reduction program. such countries are considered to be able to halve poverty gradually. in addition, six countries are selected because of unique policy approach and society participation. the study about poverty has been receiving plenty attention from worldwide as the key fundamental topics benefiting policy recommendation. in the area of distinctive aspects the majority of study focuses on geography and country case. the poverty reduction and alleviation are very fertile area of research examined from different perspective and objective. the comprehensive study aims to identify and develop poverty alleviation program compatible with local wisdom, religious based, and culture, is definitely needed. the comparative 145 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty poverty study considers the society belief of a country between moslem-populated and western. the paper attempts to deliberate comparative issues from several points of view such as poverty condition between two characteristics, society participation, government priority program, and the presence of micro-credit and microfinance. the organizational structure of the paper consists of three chapters of discussion. first, it begins with introductory parts, deliberating background of the study, which explains why the paper is written and what the motivation triggers. second, it continues to the literature review, dealing with the connection between the present study and the previous researches done on related matters. third, methodology is explained, by describing how the paper is produced and formulated. fourth, analysis and discussion is primarily the main concern of the present paper, in which the findings of the study are being conducted. last but not least, the conclusion, whereby it summarizes prior chapters into a cogent and brief paragraph. literature review the call of the millenium development goals (mdgs) to end poverty by 2015 has become one of the main themes in today’s economic development agendas worldwide. it was the year 2000 historical milestone in human civilization when leaders from around the world met and agreed to declare poverty as a common enemy and addressed eight agendas that have prioritized alleviating poverty as the first target. the collective efforts and the made-promises to remain on the track of the poverty alleviation agenda across nations and regions are still being tested as of today. many of the development targets such as free trade and economic growth orientation have already taken place. their endeavor is to hold firmly to alleviating poverty as the main agenda toward 2015 mdgs. extreme poverty is likely closer to extreme hunger because people without sufficient income cannot afford their basic needs. extreme hunger and famine lead to the chaotic catastrophes of modern mankind. currently, it is believed that 920 million people are living under the international poverty line, which means they survive on 1.25 usd per day (undp, 2002). mostly, they are living in developing country regions like southern africa (51% of total population), southern asia (39 % of total population) and latin america & caribbean (8 % of total population). it has been the target of the mdgs 2015 is to halve, between 1990 and 2015, the proportion of people whose income is less than $1 a day. the strategy to alleviate extreme hunger is two sides of an integrated-program together with poverty, by creating job opportunities in the long term and food aid in the short term, ultimately all people living under the 146 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 poverty line can find the jobs or full and productive employment and decent work for all. thus, food and basic needs are affordable for all people living in developing countries. the program of the mdgs toward 2015 should be appreciated by all elements of the global community, no matter if they belong to eastern or western societies. all major role players have to work under the same platform: (1) eradicating extreme poverty, (2) achieving universal primary education, (3) promoting gender equality and empower women, (4) reducing child mortality, (5) improving maternal health, (6) combating hiv, malaria & other diseases, (7) ensuring environmental sustainability (undp, 2002). methods the methodology employed is qualitative analysis by conducting literature survey, report analysis and data mapping. all sources referred will be secondary data issued by reliable institutions. once data, articles-journals and official reports are completely collected, the analysis begins with mapping and analyzing the poverty problems, then proceed to strategies used by each country and ends up with solutions undertaken by each country. figure 1. comparative study flow technically, departing from the rarity of studies, particularly in comparative analysis of developing countries between moslem populated countries and non moslem populated countries, this article will focus on three major relatedliterature reviews in the area of poverty alleviation, which are (1) articles, journals and textbooks, (2) official reports and (3) reliable data. the periods of study are also restricted starting from 1990 until 2015. the countries taken as models are also specified into two main regions: latin america and asia. later on, latin america (brazil, bolivia and venezuela) represents western countries and in 147 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty contrast asia (bangladesh, indonesia and malaysia) represent moslem populatedcountries. the process of data collection involves online searching and direct visiting to iium library to find relevant textbooks. this study has collected 23 relevant journals and articles, written by scholars, policy makers and economists in both groups of countries and downloaded from reliable providers. from world bank websites, the statistical data on poverty indicators such as the number of poor people, earning 2 usd daily income, gni per capita and inequality of income have been adopted and extracted (chyper & dietz, 2009). from library resources, this paper has utilized textbooks and official reports in the areas of economic developments, poverty alleviation studies, study of development process and handbook of poverty alleviation around the world. after all information, sources, reports, articles-journals and statistical data were gathered and collected, classification and mapping were the next steps. all data classified into two categories: moslem populated countries in asia and non moslem populated countries in latin america. then, all are studied, examined and reformulated before writing the entire paper. figure 2. sample country reason result and discussion based on statistical results of the poverty indicator issued by world bank, the data briefly demonstrates the declining trend of the number of poor people in the selected countries below. the statistical data remains the number unless it is interpreted properly. and the reliability and validity of the data are still questionable 148 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 for the public, whether it is the result of policy and strategy, or manipulation and politic propositions. regardless, of the debatable of the data, the only source found officially reveals the fact aforementioned, that for 2 decades fighting poverty in developing countries, here classified into moslem-populated countries and western countries, indicate positive outcome. except, several countries like bangladesh depict worse indicators, where the number of poor people increased slowly. source: world bank (2011)1 figure 3. the poverty trend in the selected-developing countries by regions (2 usd $ per-day standard) the three selected-moslem populated-countries, which are bangladesh, indonesia and malaysia, are striving to eradicate extreme poverty. through statistical data output, it shows that malaysia is the most successful country among selected moslem countries in eradicating poverty remarkably from 9.64 % in 1984 to 2.03 % in 2008, with respect to total population. indonesia as the biggest moslem country in the world is still facing problems in addressing poverty programs because of density of population dominated by poor people in sub-urban and rural areas, but its achievements are incomparable to the other nations. by 2009 indonesia was able to halve the number of poor people, from 42.83 % of total population in 1984 to just 15.43 %. of course it has not been an easy task to alleviate poverty with the challenges of geographical locations and cultural conditions. bangladesh is running behind the other countries because of several problems and limitations determined by a lot of policy implications and prescriptions (dorosh, et.al, 2004). to examine poverty alleviation by looking at the number of poor successfully reduced is not the broader way; rather several indicators must be incorporated such 1 poverty gap is the mean shortfall from the poverty line (counting the non poor as having zero shortfall), expressed as a percentage of the poverty line. this measure reflects the depth of poverty as well as its incidence. 149 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty as gni per capita and inequality, demonstrating the wider picture of the economy (jones & nelson, 1999). source: world bank (2015) figure 4. selected-gni per capita on us dollar purchasing power parity the data from the world bank roughly explains the result of policies addressed by respective countries. basically, non-moslem populated countries in latin america have started the development process with higher gni per capita, but less unequal income per capita, meaning that the economic resources are not equally distributed. on the other hand, moslem populated countries in asia have primarily addressed the economic equality by focusing on income distribution. source: oecd (2016) figure 5. income comparison between 10 % highest and 10 % lowest according to figure 4 and figure 5, it can be asserted that between 1980 and 1990 the non moslem populated countries in latin america have had a better gni per capita while moslem populated countries in asia have had a better equality of income per capita, by looking at the distributional income gap between the income share held by the 10 % highest and 10 % lowest in each country. however, malaysia 150 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 succed to increase its gni per capita sharply since 1995 until the end of 2015 and still performed in good equality income distribution. in addition, indonesia also had tremendeous improvement in its gni per capita since 2010. therefore, it will be possible for moslem populated countries such as malaysia and indonesia to reduce their poverty rate and increase their gnp per capita in the future faster. poverty alleviation condition poverty alleviation is a big agenda for the indonesian government since declaring its independence in 1945 and as of today this policy has been a primary objective and concern set up by all administrations that have come into office over time. the poverty alleviation strategy and policy for the indonesian government must address the roots of impoverishment itself such that they are rightly implemented. eckholm (1979) and tambunan (1998) reveals that there have been several poverty issues in indonesia, which are: (1) average low level of income, (2) urban and rural disparities involving the backwardness of rural and suburban slums, (3) women, their poverty and their minimum participation in the development process, (4) income growth, poverty and the wider degree of inequality and (5) low level of human development. in addition, the low level of human development has worsened and discouraged the process of poverty alleviation and thus has been the first priority after general strategy. the origin of why the indonesia human development index has been very low lies in six main factors, which are (1) deficiencies in planning, (2) system building and financing, (3) capital bias, (4) urban bias, (5) gender bias, (6) civil service organization weaknesses and corruption (tambunan, 1998). malaysia is an idb member country that has been successful in eradicating poverty by reducing the number of poor people surviving on 2 usd/day from 9.64 % of the total population in 1984 to 2.03% of the total population in 2008. malaysia has continuously been making long-term attempts in improving its level of wealth and prosperity since declaring its independence and the beginning of the poverty alleviation program, which began in 1960 and continued until recently. for the malaysian government, the primary concern of poverty alleviation is placed in the bigger picture of economic development which has focused on “socioeconomic planning, structural and trade adjustments and adoption of pragmatic policies that promoted agriculture as well as the manufacturing sub-sector to create higher productivities, incomes and standards of living” (salih & colyer, 2000). since 1970, the new strategy was imposed by planning a new economic policy (nep) and a new development policy (ndp), which was adopted in 1971 and 1991, respectively, as models to promote more rapid and equitable development. 151 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty after fighting against hardcore poverty, the demographic of people receiving bellow 2 usd in malaysia still exists, but has been rendered controllable through direct subsidies to the needy. in the case of financial and economic recessions, the number of poor might increase because of scarce job availability. the malaysian government in 2000 also developed the bottom line of poverty alleviation by empowering the poor through small and micro businesses, whereby the poor were stimulated to be independent, creative and resilient. unlike the first strategy which was initially implemented from 1960 until 1990, which emphasized on government initiatives. the micro-financing programs initiated also involved the private sector and voluntary organizations. this was designed not only to assist the poor people in running businesses but also to strengthen the economy in general. those who are especially in need are small and medium enterprises, which are easily affected by the fluctuation of economic conditions, particularly when a recession hits. therefore, such programs would stabilize the poverty line by assisting small business enterprises to operate regularly despite any economic crises. bangladesh, a country with huge environmental and climate change problems as well as hidden-potentials of human resources has been independent since 1971 (mccarthy, et.al, 2001). bangladesh has a total area of about 145,000sq km and the population currently is approximately 125 million. this country suffers from severe floods, cyclones and poverty. among the inherent problems are its rampant rate of poverty that is one of the worst among all the moslem countries in specific, and the world in general. the majority of the poor is living in rural areas, which is basically subsistence agriculture with smallholdings and sharecropping (khan, 1986; khan, 2000a). agriculture is the primary source of income and employment, but the labor forces in the rural areas do not have full time or remunerative occupations (bardhan, 1984). according to khan (2000b) more than 60 percent of the farmers are landless or have a tiny holding, with the population density being the highest in the world, about 80 percent of the population live in villages and the increase of population per capita in regards to cultivable land is gradually reducing and there is tremendous pressure on land. as a result of difficult economic conditions in rural areas, many workers and farmers move to urban areas and major cities like dhaka, living as the urban dwellers in sub-urban slums surrounding cities and working in informal sectors with low levels of income (khan, 2001). brazil is among the largest economies in the developing world; nevertheless it performs very badly in terms of social outcomes (filho & vasconcellos, 2004). while brazil has the highest level of per capita gdp, it also is the most unequal. in terms of macroeconomics, it was one of the fastest growing economies between the 1960s and 1970s, embodied in the well known “miracle period”, whereby per-capita gdp at that time jumped from u$2,000 to about u$6,000, thereafter followed 152 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 a stagnation period, and the recovery observed after the successful stabilization through the real plan in 1994 brought rather disappointing growth rates (filho & vasconcellos, 2004). lately, gni per capita in brazil has reached 10,920 us dollars in 2010, which is remarkable macroeconomic performance in the developing world. brazil has much relied on its growth achievement to develop its economy as well as to alleviate poverty. growth is strongly related to poverty reduction, initially there were 61 million people living under the poverty line in 1970, as compared to 33 million in 1999. according to (filho & vasconcellos, 2004), a comparison between per capita gdp and poverty over the last 30 years clearly exhibits that the two are highly inter-correlated over time, between 1970 and 1980, when brazil almost doubled its per capita gdp, poverty at the national level fell from 70% to about 35%. on the other hand, brazil suffered a recession between 1980 and 1983 and poverty increased about 5 percentage points, accordingly. unfortunately despite its wonderful culture and amazing traditional way of living, this country preserves the very fundamental problems in the millennium era: poverty, low rank of human development index and rampant inequality (bautista, 1992). indeed, among latin america countries, bolivia is the least developed or among the worst in the region (sánchez & franklin, 1996). based on the data issued by undp (2002) and world bank (2011), hdi at birth years (per 1000) is 0.648, its life expectancy is 62 years and its illiteracy rate under 5 is up to 83 % and its adult illiteracy rate is better, 15 %. from social-poverty indicators, 10.1 % of the total population is still living under the poverty line, whereby the poorest 64 % are mostly indigenous people living in rural areas. like some other latin american countries, in 2007 the inequality rate on income in bolivia reached an alarming rate. it was severe to the extent that income share of the highest 10% of the population reached 45.42 % of total income and in contrast the income share of the lowest 10% of the total population was only 0.99 % of total income (world bank, 2015). in 1997, the gini coefficient in bolivia was 58.9, the worst compared with other latin american countries, even like brazil and argentina. this situation has been worsened by bolivia’s external debt, which has created indebtedness among its citizens and influenced taxation and the social expenditure budget. being luckier than brazil and bolivia, its economy has benefited from the changing national policy and strategy of moving from agriculture-based economy to a petrol and oil-based economy without abandoning the strategic role of agriculture sector. at the beginning of 1980 and the end of 2004, the poverty in venezuela was indeed getting worse and worse until reaching 14.64% of its population, albeit while the government was generating money from the oil and petrol industry. in addition, the inequality ratio was slightly higher at that time, in which until 2003, 153 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty income share held by highest 10% was still above 35.42 %, and income share held by lowest 10% was below 0.96 %. since hugo chavez was elected and took power, the most revolutionary policy at that time until today, was nationalizing oil and petrol companies and putting them under government control. that shift in policy became the turning point, not only for venezuela’s economy but also international relations of staying away from western multinational corporation interventions. by utilizing the oil and petrol money, the venezuelan government began to subsidize the poor, as a result from 2000 to 2006, the number of poor declined to 8.34 %, and then it dramatically decreased in 2007 to 2.76 %. the gap between the poor and the upper class at that time started to narrow, in 2006 income share held by the highest 10% became 32.95 %, and income share of the lowest 10% reached 1.85 %. recently, venezuela’s income per capita reached 11.95 usd in 2010, which is among the middle-income countries in the world. government priority program according to tambunan (1998) poverty alleviation and empowerment programs in indonesia have been launched to overcome recent issues. since 1960 until the new order regime lead by president suharto ended in 1998, the indonesian government has focused on several policies. as of today some policies are still relevant and have prevailed, i.e. minimum wages, presidential instructions of the left villages, family welfare programs, agricultural development programs, integrated area development program (iadp), and transmigration second stage developments (todaro & smith, 2006). after president suharto was no longer in the office and passed on his administration to president b.j. habibie, the reformation order began. poverty alleviation was still the main concern of the elected-president but with a different form using a similar platform and continuing former programs. recently, following the emergence of the banking and finance sector development, government programs are being synchronized with the innovative creation of banking products designed for the people who are considered poor or near the poverty line, such as microfinance. these products are embodied in the government institutions, private institutions or joint ventures between the private sector and the government. these programs are making use of the modern banking system, which is able to reach the remote areas and rural regions of indonesia’s territory. microfinance in the 21st century for the indonesian government is being considered as a powerful strategy in alleviating poverty like many other countries in the world. regardless of the positives or negatives surrounding it, micro financing has begun to be offered by public and private banks in indonesia with special requirements, terms and conditions addressed for the poor. 154 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 the special rights and privileges were given to bumiputra or indigenous ethnics in malaysia to be engaged in the economic development process, because “a large share of the poverty in malaysia in 1970 was concentrated among the bumiputra (indigenous malaysians), who tended to be clustered in rural areas and therefore pursued farming occupations”. the malaysian government has also addressed stimulus and packages of programs under integrated-policies to assist the poor and improve their income per capita. as a result, poverty has declined and the household income has gradually increased. both of these developments are attributed to a number of factors with rapid and sustained growth being an essential element as well as the active role of the government. between 1960 and 1995, social development goals such as education, health care and nutrition became primary concerns as well, such that social well-being per capita supported the improvements of income. as of now, the integrated-programs have remarkably taken a place in many sectors of the malaysian economy. thus, it has been proven that higher income per capita among malaysians is gradually achievable and inequality is gradually decreasing. bangladesh government has strived to tackle and fight poverty by allocating a social expenditure budget (hofer & messerli, 2006). spending aggregates are allocated to overcome the social-poverty problem. as a matter of fact, bangladesh ranks 67th in the human poverty index, 12th from the bottom among 78 developing countries (huq, 1998; and hutton & haque, 2004). the human development index ranks bangladesh 123rd among 146 countries (undp, 2002). according to world bank’s new system of measuring the real wealth of nations, bangladesh’s ranking is 12th from the bottom among 192 countries and the wealth endowment of the country is estimated at only 3.6 per cent of the global average with 79 per cent of the country’s wealth being attributed to human resources (ullah & routray, 2007). the effort of bangladesh’s government to tackle the social poverty problem more seriously is due to the world bank’s and world community’s evaluation. despite the rampant poverty remaining 4.26 of income share held by lowest 10% in 2005 and 1800 usd income per capita in 2010, bangladesh is one of the most inspiring countries in alleviating poverty, by involving outstanding microcredit institutions like gramen bank. this successful story has spread out around the world and its concept has been reduplicated and modified in many countries. in reality, the presence of microcredit institutions is not alone, because there have been some non-government organization (ngo) also offering microcredit massively. historically after the war of liberation in 1971 with the shattered economy caused by the war, other millions were left on the brink of starvation, then the ngos came forward with the task of relief and rehabilitation, they are legally registered under the voluntary social welfare agencies, wishing to receive foreign funding. 155 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty since all foreign donations came in this country for poverty alleviation, more than 20,000ngos are involved in the development efforts undertaken in bangladesh focusing on poverty alleviation. thus, beside the microfinance institution, the ngo involvement in offering microcredit has begun. unfortunately, according to khan (2000b) in spite of a lot of ngos and micro-financing institutions in bangladesh the small or marginal farmers are still difficult to access credits, although some ngos have been providing credit but this hardly reaches the poorest section of the community. moreover, the cost of credit such as interest rate and administration or service fee even for the poor is high enough, for example usually 20 percent charged for interest and 5 percent charged for service, such that it seems those ngos providing the credit become richer. therefore, microfinancing institutions and ngos not only have brought about the successful story but also created hardship and misery for the rest of poor people in bangladesh. the growth strategy to eradicate poverty in brazil is always selected by policy makers in the best way. by readjusting the policy implementations, growth is the most appropriate for them. employing data from brazil’s annual national household survey released by instituto brasileiro de geografia e estatística – ibge, between 1981 and 2000, filho & vasconcellos ( 2004) evaluated and concluded that that headcount poverty declined substantially over our sample period, from 32% in 1981 to about 26% in 2001, but that most of the decline occurred between 1993 and 1997. however, inequality also increased between 1981 and 1989, but it declined between 1989 and 1997, which is probably due to the fall in inflation rates, then starting from 1998 the inequality indeed became wider and wider. albeit growth-oriented sectors were performing well, it is widely known that brazil’s growth strategy has led it to becoming the most unequal country in the world (childress & murnoz, 2008). the inequality caused by the growth oriented-strategy has created other social-economic problems, such as regional disparity and inequality, health and education inequality over regions, gender disparity and ethnic discrimination. regardless of the wider inequality, it does not mean the brazilian government does not address and come up with innovative policies for reducing poverty. two very substantial policies, which are remarkably influencing poverty alleviation programs around the world are: (1) engaging the poor into brazil’s tourism industry and (2) land reform allowing the poor/ landless farmers to own the cultivation and farming fields freely. the first reason why brazil chose tourism is because they have been afforded abundantly beautiful panorama and scenes with exotic geographical locations offering some of the best destinations for vacations and holidays. in addition, the effect of tourism into brazil can create more job opportunities and also gradually increase the income of the poor that are working in tourism industry. 156 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 the endless rampant poverty and acute illiteracy rate does not indicate that the bolivian government is not striving to bring about efficacious policies. in fact, a lot of policies have been formulated and implemented until today. the most common and feasible method chosen is allocating a portion of the national budget to social welfare, educational, healthcare and poverty alleviation programs and subsidies both in the rural and sub urban areas (quang-dao, 2004). in 1987 the bolivian government launched the “bolivia emergency social fund” (besf), whereby it covered: (1) service provision in nutrition, health and education, (2) infrastructure creation in nutrition, health, education, housing, urban development, road maintenance, irrigation, reforestation, water and sewage, (3) productive activities such as the capitalization of small rotating credit schemes, (4) institutional support for the requesting agencies and (5) administrative costs of the social funds (world bank, 1993). however, similar to other developing countries, in which corruption and mismanagement have generally remained unsolvable phenomena and even getting worse, the social expenditure in bolivia is not effectively distributed. a world bank reports in 1993 revealed, “the very poor have benefited little from public expenditures. they have little or no access to infrastructure or social services such as health care, education and training”. similar to any other countries in the world, the poverty alleviation program is the most prioritized planning in venezuela. benefiting from its oil and petrol pumping as well as its reserves, the venezuelan government has continuously allocated high expenditures for social sectors. as a result, between 1999 and 2000 human development index (hdi) at birth (per 1000) was 0.769; life expectancy was 73 and illiteracy rate under 5 was 23% and adult was 8%, in which those indicators were high among latin american countries. albeit the government has placed a focus on social expenditure, since 1980 venezuela has not depended much on external debt compared to the other latin america countries. thus, its economic sovereignty against foreign interventions has prevailed and no dictations have come from foreign parties. thus venezuela has had the liberty to freely direct its own domestic policies including in selecting and maintaining social expenditure programs. however, like in any other developing countries, the social phenomena has also corrupted the poverty programs, whereby most of them are implemented on general food subsidies, and the middle to higher income families consume nearly 60% of the subsidized goods (world bank, 1993). in addition, the problems of racism, discrimination and lack of needed policies have seemed to become greater and greater, especially among the black communities (afro-america) living in suburban slums. they have remained behind the development process and become the poorest minorities in venezuela, facing difficulties to access health care, education and job markets. 157 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty society participation in indonesia, poverty issues do not only involve government concern but also social concern as well. the indonesian government has designed a lot of programs both long term and short term to alleviate poverty massively. in addition, government facilitates all citizens to participate by offering poverty programs in order to support and enhance the government’s program. for instance in the business sector, the indonesian government encourages private companies to spend their money in form of corporate social responsibility funds. moreover, nongovernmental organizations, religious groups and voluntary sectors are engaged in reducing poverty, for example, as a moslem majority populated-country, the indonesian government promotes zakah, awqaf and infaq to be an alternative fiscal tool in alleviating poverty recently. indeed, the government officially institutionalized and enacted a special body to manage and distribute zakah, infaq and sadaqah in alleviating poverty such that the government programs are effectively supported (kholid, et.al, 2009). however, until today the poverty alleviation programs in indonesia have been dominated by government policies and strategies rather than private and voluntary sectors, at least according to what has been recorded by official reports or academic researches. interestingly, the state and central government of malaysia takes care of zakah, infaq, sadaqah and awqaf management and distribution, and all related matters are regulated under malaysian legal jurisdictions and laws. under the department of islamic development malaysia (jakim) is the baitulmall division that is responsible for coordinating particular activities at the state level. zakah, infaq, sadaqah and awqaf in malaysia are managed, by individuals, zakah payments are deductible from actual tax, but there is no such tax rebate for businesses and companies paying zakah (ahmed, 2004). moreover, islamic micro-financing services in malaysia have developed breakthroughs and flexibilities in contracts and financing choices, which are friendlier to the society and more ethical. for instance according to (rahman, 2010), the application of qardhul hasan, murabahah, and ijarah schemes are relatively easy to manage and will ensure the capital needs (qardhul hasan), purchase of equipments (murabahah) and leased equipments (ijarah) for potential microentrepreneurs and the poor. in addition, the partnership schemes of mudharabah and musyarakah hold great potential for microfinance purposes as these schemes can meet the risk sharing needs of the micro entrepreneurs. for the bangladesh, the most difficult is natural disasters and calamities compared to the other complicated and acute problems like rampant poverty, uncontrollable population growth, environmental degradation, poor agricultural and industrial production, rampant corruption, bureaucratic complexities, inadequate policies, ineffective democracy in the politics (sapir, et.al, 2004). almost all program158 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 implemented including poverty alleviation and microcredit are gone when natural disaster (massive flood) hit rural areas and farming land entire bangladesh (shillabeer, 2008). ever recorded, bangladesh has been affected by 282 disasters between 1904 and 2004 with nearly two-thirds having occurred since the 1970s alone. the land reform policy known as: brazil land-based poverty alleviation project, addresses the poor who do not have adequate access to land in the rural areas, particularly in the northeast. since 1995, the government has legally redistributed land to about 372,500 families, using a combination of the traditional approaches through expropriations, settlement on government-owned lands, and direct negotiation of land sales by the government with landowners (childress & murnoz, 2008). the land reform policy has been very successful in alleviating poverty in brazil. it is one of many examples in the initial pilot project joint venture with the world bank. the pilot project operated between 1997 and 2002 and benefited 15,267 families who bought and settled on 398,732 hectares of farming and plantation land, acquired at a per hectare cost of about r$191 (us$183 at appraisal exchange rate, or us$ 54 at closing), or at about r$4,759 per beneficiary fam ily. finally, this program could increase the beneficiary nominal incomes by an average 180% from 1998 to 2003, equivalent to a monthly per-capita income of r$122, significantly above the poverty line of r$70. the presence of microfinance the latest microfinance applications and programs in indonesia are actually combining the existing-practices and the concept of islamic economics, whereby promoting services free from interest, speculation, gambling and injustice (sadeq & hasan, 1997; rahman, 2010). by introducing the new sources of funds, such as zakah, infaq, sadaqah purposed for the poor to start new businesses, islamic microfinance has begun to support government alleviation programs in indonesia. in 1992 when the islamic economic system was no longer alien and several islamic banks were established, the following phases contained the structuring of several islamic micro-financing products. at the beginning of the year 2000, not only were products developed, but they also outnumbered islamic micro-financing institutions (rural islamic financing banks), reaching the rural areas and remote villages that were never served by commercial banks. compared to the existing microfinance products and any other applications in the world, rural islamic financing banks in indonesia offer two unique features. first, several islamic micro-financing institutions both public and private have been able to cover financial services deep into the countryside, reaching many of the poor by involving a wide network of local community based participations. second, the members of non 159 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty profit organizations and institutions offering such islamic micro-financing services are dominated by cooperatives and zakah, infaq and sadaqah institutions which have some programs concerned with poverty alleviations (obaidullah, 2008). historically, microfinance was introduced in 1986 by replicating the inspiring gramen bank’s successful story in bangladesh. specifically by eliminating long procedural processes and heavy collateral guarantees imposed by the existing banking system, at that time gramen bank was able to deliver credit to the doorstep of the poor. since this program was launched, being a part of the poverty alleviation strategy, it has been a very popular approach, particularly in approaching the poor who have been excluded from the formal credit sector. currently, there are gigantic microfinance institutions that have been established to execute the malaysian government’s visions, namely amanah ikhtiar malaysia (aim), yayasan usaha maju (yum) and koperasi kredit rakyat (kkr). furthermore, each institution has gone forward to introduce several workable and viable microfinance services (ahmed, 2004). amanah ikhtiar malaysia firstly came up with ikhtiar loan scheme (ils), replicated from gramen bank approaches. yayasan usaha maju was established in june 1995 as a corporate entity. moreover, kkr or people’s co-operative credit is a co-operative credit scheme operating under the umbrella of the credit union, registered under the society’s act. since malaysia’s declaring itself as the hub of islamic financial services as well as islamic economic training and education in the world, the innovation of financial products and islamic fiscal-tools managed by a government are being prioritized, including islamic micro-financing services. like any other moslem populatedcountries, the role of zakah, infaq and sadaqah and islamic economic concepts are seemingly increasing, including in the process of structuring micro-financing products, whereby its sources are partially taken from the islamic mechanisms mentioned above. of course, the existing microfinance products have been modified into islamic financial products, which comply with sharia. the function of zakah, infaq and sadaqah actually is not only to bridge and narrow the gap between the rich and the poor in islam by distributing directly, but also they can possibly be used to recreate funding sources for micro-financing, especially for the poor who are slightly above the poverty line, being able to fulfill minimum basic needs (siwar & basri, 2001). the massive project in acquiring land for farmers by initiating the effective projects called crédito fundiário in 2001 also involved a micro-financing scheme for farmers, whereby the farmers are beneficiaries. beneficiary community associations along with heavy collaboration implemented it by local, state, and national civil society organizations. one of the local organizations involved was the national confederation of agricultural workers (contag), representing close to 4,000 unions with a membership of nearly 20 million rural workers in all states of brazil. 160 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 its total project cost is € 340 million, of which the world bank finances 50% (for investment subprojects and tech nical assistance), and the rest is financed by the brazilian federal government (for land acquisition) and beneficiary contributions (which is approximately 10% of on farm investments). by december 2007, the project had financed/contracted 2,366 land acquisition proposals benefiting 44,522 fami lies on approximately 835,000 hectares of land (blake, et.al, 2008). the breakthrough of poverty alleviation programs in bolivia began with reforming the law which allows the poor to access microcredit easily. since the law has been rectified, the positive side of microcredit not only has brought about broader access and opportunities for the poor, but also provided choices, because microcredit has been a very promising and profitable business. thus, as the underpinning regulation is changed, the providers of microcredit increase significantly. the bolivian government is now in collaboration with not only the inter american development bank and commercial banks, but also many regulated and legal nongovernmental organizations (ngos) that are heavily involved, albeit having limitations in funding sources and operations. as a result of these collaborations, the microcredit funds and institutions in bolivia have scaled up drastically. for instance, one microcredit institution in bolivia, the bolivian bancosol, upgraded from microcredit ngo, “in less than a decade, bancosol nearly doubled its client base (reaching 121,207 borrowers in 2007 compared to 76,216 in 1997), and more than quadrupled its loan portfolio ($209 million in 2007, up from $48 million in 1996)”. its negative side unfortunately must also be borne by the poor, since the microcredit institutions are rapidly privatized; the poor become the commodity of microcredit products and services, which seem to be profitable and promising businesses of financial channeling. hence, the motive behind why many parties are voluntarily involved is no longer to assist the poor, but to gain profit. basically, the negative side of privatized-microfinance institutions for the poor in bolivia might begin with high interest rates, to attract more investment portfolios from institutional investors, the microcredit institutions however, are allowed to charge a higher interest up to 21 %, compared with normal loans of which are around 11.5 %. the venezuelan government has realized that an oil based-economy would not be strong enough and sustainable for its people and particularly in undertaking poverty alleviation programs, because most of its projects are based on direct subsidies without having socio-economic consequences in the long term nationally. since 1989 the venezuelan government has reformed its fiscal policy and national poverty strategy, moving from generalized subsidies funded by oil rents into productive activities facilitating fundamental exchange, trade and financial transactions. thus through such initiatives greater job creation might be possible. similar to brazil, in 161 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 ahmad hudaifah: a comparative study on poverty venezuela one of the most revolutionary policies in poverty alleviation is involving the poor in the tourism industry. this initiative does not require a very high level of training or education. some jobs in the tourism sector are simpler than those in the manufacturing industry, but higher in value added. regrettably, its developments also create the new drawbacks for afro-american minorities instead of benefiting them. conclusion deliberating the topic of poverty must begin with the three terminologies: definition, profile and roots. world bank defined poverty by quantifying the income of people with respect to their basic needs. people who earn an income or salary bellow 2 usd/day, according to world bank’s definition are considered as poor, and this definition prevails as the standard measurement worldwide. like many other developing countries, the profiles of poor people living in both groups of countries highlighted in this research are of the ones who live in rural areas working as landless farmers and smallholder farmers, or the ones who is live in suburban slums surrounding the major cities working in informal sectors, moving from rural into urban areas, hoping for better jobs (esman, 1978). the root of poverty problems is universal, no matter in which countries the poor are living in. first, “the poor” are being marginalized in the process of development, such that they are unable to participate and contribute significantly in the national economy; so far this has been among the most dominant cases. second, systems of injustice are inherited from colonial masters and are still maintained by small groups of ruling-elites within countries generating economic benefit for themselves through modern slavery and legalizing minimum wages that are too low. through analysis of the statistical data and official reports released by reliable sources, the effort and programs fighting and addressing poverty both in moslem and non-moslem populated countries has resulted in better outcomes. however, moslem populated countries in asia have successfully narrowed the inequality gap between the poor and the rich, compared to non-moslem populated countries in latin america, in which the growth process tends to create an unequal distribution of income among their citizens. the policy and strategy comparisons in addressing poverty issues between moslem populated countries and non-moslem populated countries result in the common conclusions of similarities and differences. the general policies and strategies in the context of poverty alleviation between two groups of countries involve governments playing big roles and political willingness to do things like prioritize national budgets, allocation of funds to social expenditures in assisting the poor, such as direct food subsidies, healthcare packages, house subsidies, land distribution and so on. in both particular groups of countries, microcredit and micro financing have emerged as the common strategic solution of poverty alleviation, especially to help 162 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3222 the poor who are starting new small businesses or improving and strengthening their existing business. in contrast, the most distinctive points between the two groups of countries are the involvement of religious teachings in poverty alleviation massively and the alternative strategic options. obviously, in moslem populated countries, the zakah, infaq and sadaqah play some roles in poverty alleviation and support the government programs. in non-moslem populated countries, there are a few roles of religious practices in regards to social philanthropy supporting poverty alleviation, but their governments have proposed very significant changes and a more creative way out, such as the agenda of land reforms and developing a wider tourism industry. limitation of the study and suggestion for future research there are some limitations of this research needed to be highlighted. in order to prove the significant role of each poverty alleviation tool, this research should be continued by quantitative research method. 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(1993). handbook of poverty reduction. washington d.c: world bank. world bank. (2015). world bank open data. retrieved october 23, 2016, from http://data.worldbank.org/ world bank. (2011). world development indicatorsworld development indicators. retrieved october 10, 2016, from www.worldbank.org wratten, e. (1995). conceptualizing urban poverty in environment and urbanization. environment and urbanization. vol. 7 (1): 11-38 . al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 213 226 received: march 16, 2017; revised: april 30, 2017; accepted: may 10, 2017 bogor agricultural university. jl. raya darmaga kampus ipb darmaga bogor 16680 e-mail: 1sofyan.baehaqie@gmail.com; 2ifahmi@mb.ipb.ac.id; 3irfan_beik@ipb.ac.id doi: 10.15408/aiq.v9i2.5156 abstract. determining factors of deposit level of islamic bank in indonesia. one way to maintain the stability of banking industry is by applying the deposit insurance scheme. the application of the deposit insurance scheme has an impact by increasing the level of bank deposits. the objectives of the research are to identify the factors affecting the level of deposits of islamic banks in indonesia and managerial implications regarding to the functions of indonesia deposit insurance corporation (lps). the technique used is the panel data regression with fixed effect model using the data from the 11 islamic banks for the period of 2011 -2015. the results show that the factors affecting the level of deposits of the islamic banks in indonesia significantly and positively include the size of banks and their non-performing financing (npf); however, they influence the capital negatively. based on these results, lps is required to build or sharpen the surveillance systems as part of its early detection by doing the mapping based on the size and to monitor the bank capital structure and bank finance portfolio structure. keywords: islamic bank, deposit level, panel regression. abstrak. determinan yang memengaruhi tingkat deposit bank umum syariah di indonesia. salah satu cara untuk menjaga stabilitas industri perbankan adalah dengan menerapkan skema penjaminan simpanan. penerapan skema penjaminan simpanan dapat meningkatkan tingkat deposit bank. tujuan penelitian ini adalah untuk mengetahui faktor-faktor yang memengaruhi tingkat deposit bank umum syariah di indonesia dan implikasi manajerial berkenaan fungsi penjaminan lembaga penjamin simpanan (lps). tehnik yang digunakan adalah regresi data panel dengan metode fixed effect model dan menggunakan data 11 bank umum syariah pada periode 2011 -2015. hasil penelitian menunjukkan bahwa faktor yang memengaruhi tingkat deposit bank umum syariah di indonesia secara signifikan dan positif adalah ukuran bank dan non performing financing (npf), sedangkan permodalan berpengaruh secara negatif. berdasarkan hasil tersebut, lps perlu membangun atau mempertajam sistem pengawasan sebagai bagian dari early detection dengan melakukan mapping berdasarkan ukuran dan, melakukan pemantauan terhadap struktur permodalan bank dan struktur penyaluran pembiayaan bank. kata kunci: bank umum syariah, tingkat deposit, regresi data panel. determining factors of deposit level of islamic bank in indonesia sofyan baehaqie1, idqan fahmi2, irfan syauqi beik3 214 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 introduction in 2015, the market share of the banking sector reached 78.62% from total financial asset or equivalent to idr 6.021 trillion of idr7.658 trillion financial asset. with the huge of asset share of banking industry, goverment needs to keep the stability within the vast expansion in the banking industry. kunt and kane (2002) explain about some policies to stabilize the banking system, such as the prudential surveillance banking system, the deposit insurance function, and the function of the central bank as the lender of the last resort. anginer et al. (2014) stated that the deposit insurance scheme had a stabilizing effect during the crisis period even though not in normal times. indonesia has already applied the deposit guarantee scheme during economic crisis in 1998. the guarantee program was continued by esthablishing a special agency through law number 24 in 2004 concerning lembaga penjamin simpanan (lps) or indonesia deposit insurance corporation (idic). the implementation of the deposit insurance scheme has successfully increased the public trust to the banking industry. it is shown by the rise in the deposit from the banking sector as can be seen in figure 1, and this is inline with the research of chernykh and cole (2011) regarding implementing effect of deposit insurance scheme in russia. figure 1. the performance development in banking 2001-2015 source: ojk – finansial report (2001-2015) in last 5 years, the islamic banking industry has a positive growth (figure 2). alamsyah (2012) reported some factors that support the growth of islamic banks. those factors are: first, expansion of islamic branch network. second, islamic banking education program on islamic products. third, improvement in islamic banking services (service excellent). fourth, ratification of some legislations 215 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 sofyan baehaqie: determining factors of deposit level of islamic bank in indonesia to provide the legal certainty to support islamic market activities such as law no.21 2008 concerning islamic banking and law no.19 2008 concerning islamic obligation (sukuk). the implementation of the new law increases the number of islamic banks from 5 to 11 in only 2 years (2009-2011). fahmi (2012) indicates that the islamic banking is a complementary in the banking industry. thus, the growth in the conventional banking will lead to the development of the islamic banking; furthermore, the conventional banking is not a substitution or a threat for the islamic banking. solihin (2015) emphasized the importance of the readiness of indonesian islamic banks in facing the asean free market. islamic banks in indonesia should reduce the operational costs so it can be more efficient and grow well. the development of islamic banking industry in industry after the spin-off policy is so rapid, although according to al arif (2015) the spin-off affect the efficiency declining. figure 2. the trend of islamic banking growth source: ojk & lps – bank monthly report (2016) although there is rapid growth in the islamic banking, lps has not separated the islamic deposit insurance with the conventional banking insurance yet. one of the reasons is the market share of the islamic banking is not significant compared to that of the national banking industry i.e. only 4.79% (ojk quarter i report, 2016). still, idic has the intension to insure the islamic deposit. it is show lps role to maintain the stability and sustain growth of islamic banks through fundraising and 216 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 it will help islamic banking grow and become an important player in the banking sector in indonesia. as mention above, it can be concluded that this research is useful for lps to develop the monitoring system of islamic banks in order to maintain banking system stability. in addition, this research also can be useful for banks to develop strategies to improve fundraising capabilities. this research will examine the characteristics and affecting factors of deposit level of islamic banks in indonesia and managerial implications both for lps as well as for banks regarding lps function to maintain the banking system stability and strategies in collecting funds for banks. literatur review the basis of islamic banking as a financial institution has been known by islam based on consepts in the holy al-quran while the form and the mechanism of the organisation are managed by the moslems (muhamad, 2012; karim, 2006). the concepts that are derived from the al-quran such as accountability are derived from al-baqarah 282-283, trust and justice are from al-an’am 70 and an-nisa 3, usury concept is from al-baqarah 275 and 278-279. the practices of those concepts have already been known since muhammad reign (karim, 2006). a few examples include the makkah community that trusted their treasure to muhammad (wadi’ah concept) and zubair bin awwam that prefered to receive the treasure in the form of loan (mudharabah concept). currently, the function of the bank is highly developed. according to budisantoso and nuritomo (2014), the bank functions as an agent of trust where people can save their money and the bank will distribute it back (intermediary). the bank also functions as the agent of development which supports the development and as the agent of services to provide the financial services. king and levine (1993) suggest that the bank’s intermediary function is an important factor in the economy of a country. ho and saunders (1981) said that a bank is the dealer in the credit market due to its function as the intermediation between the demanders of funds and suppliers of funds. siringoringo (2012) finds that the intermediary function of the indonesian banks is influenced by the ownership structure: government, domestics, foreign; profitability; size; credit risk; expense management, and the capital structure is simultaneously influential on the bank intermediary function. arshad (2011) argues that islamic insurance is applied to avoid the probability of loss from the failure of the islamic banks. the islamic deposit insurance can be implemented although it is not regulated in muhammad authority because it is related with public interest (maslahah) when it meets the sharia regulations such as: being free 217 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 sofyan baehaqie: determining factors of deposit level of islamic bank in indonesia from interest rate (riba), free from uncertainty (gharar), and free from gambling (maisir). muhammad and lestari (2015) emphasized the importance of guarantee for islamic banking by basing on the contract specified in islamic jurisprudence rules. based on the international association of deposit insurer (2010), “islamic deposit insurance is an arrangement to protect insured depositors against the loss of their insured islamic deposits placed with islamic banking institutions (ibis) in the event of an ibi’s failure. in this regard, the system must be free from the elements that islam strictly prohibits, such as interest, speculation, and gambling”. kafalah bil ujr and takaful is main contracts that can be used in islamic insurance scheme (cibest ipb, 2014). chernykh and cole (2011) find that bank membership in the deposit insurance system influences the ability of the bank to collect funds (deposits). the other factor that has an effect to deposit insurance is capital; the increase in the capital will reduce the credit risk; therefore, it will raise the public trust to save their money in banks (vale, 2011). tsuru (2003) finds that there is a negative correlation between non performing financing and deposit amount. nuryantono et.al. (2016) found that there are only 3 of the 9 sectors that have non performing financing ratios below average i.e. electricity, water and gas, as well as business services and social service sector. lusian et al. (2015) sees that unoptimal collection of deposits as a source of increased non performing financing. the capability of the bank to collect deposit is very crucial for its intermediary function. siringoringo (2012) shows that the ownership structure, profitability, size and the capital structure have consequences to the banking intermediation function in indonesia. rokhim and wulandary (2012) with their panel data regression found that the implementation of the deposit guarantee does not affect the level of commercial bank deposits in indonesia. on the contrary, the existence of deposit insurance increases the risk of moral hazard of the commercial banks. bi regulations related to loan capital adequacy ratio and non-performing are proven to be effective in minimizing the risk of moral hazard of the commercial banks in indonesia; however, the capital adequacy ratio is not shown to affect the level of commercial bank deposits. meanwhile, high non-performing loans are proven to affect the amount of funds raised from the public by commercial banks in indonesia. another conclusion from this study is the implementation of deposit insurance and capital adequacy ratio is not shown to affect a significant nim variables; on the other hand, npl variables negatively affect nim. nasution (2012) using panel data regression model and descriptive analysis found that the guarantee program is proven to be effective in increasing the deposits of commercial banks and lowering the concentration of deposits in state-owned banks (soe). in addition, the implementation of the 218 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 deposit guarantee is not shown to increase risk-taking in the form of a decrease in the composition of capital to assets or an increase in credit to the bank’s asset composition. widigdo et.al. (2016) in their study on business process engineering of funding in islamic banking in indonesia emphasized the need to remodel business process of collecting deposits through increasing the accessibility of prospective depositors and increasing the accessibility of existing in order to encourage saving habit. wiranatakusuma and duasa (2017) in their research related to the resistance of islamic banking on external factors found that deposits and financing have been standardized, thus describing its resistance. additionally, some macroeconomic indicators such as m2/reserves, credit growth, real effective exchange rate, and inflation rates empirically become the key indicator of susceptibility signals. method this research analysed the bank monthly reports of the 11 islamic banks for the period of 2011-2015. the sources of the report come from ojk, bi, lps, and/ or other islamic banking institutions. the research was conducted from august 2016 to october 2016. it used panel data regression to analyze the data. the data set consisted of cross section and time series data (greene, 2003). the cross section data are showed by the data consisting of more than one entity (individual) while the time series data are represented by any individual who has more than one period observation. the regression model tested in this research and the description of th variables will be as follows: ytkdi,t = αi,t + β1lnsizi,t + β2cari,t + β3npfi,t + β4infi,t + β5biri,t + ε table 1. the description of the variables variables description measurement the size of the bank (siz) the size of the bank is seen from its individual total asset which shows its ability to perform the business. natural logarithm from rp million capital (car) capital is the financial capability of each individual islamic bank to absorb risks, including the financing risk. the parameter of capital is capital adequacy ratio (car). percentage non performing financing (npf) non-performing financing reveals the risk of islamic financing by comparing between the non-performing financing and total financing. percentage 219 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 sofyan baehaqie: determining factors of deposit level of islamic bank in indonesia inflation (inf) inflation is the condition where prices increase continuously. the price consumer index is the common indicator for this variable. percentage the changing in bi rate (bir) bi rate is the policy rate issued by bi. it indicates the monetary policy. percentage deposit level (tkd) the comparison between the total deposit and the asset. result and discussion deposit and financing can be used to determine the level of resilience of islamic banking (wiranatakusama and duasa, 2017). the development of islamic banks in the period of 2011 2015 has generally a positive growth with compund annual growth rate of 3 (three) major components is 12.27% (assets), 12.51% (financing) and 11.45% (deposits). nevertheless, in 2014 and 2015 as can be seen in figure 3 and table 2, financing on average fell significantly to 6.04% and 3.46% compared to 2012 (34.41%) and 2013 (22.26%) and experiencing slowing growth. this is partly due to the uncertainty in the economy and global financial markets caused by the slowing global economic recovery. table 2. yearly compound annual growth rate (%) 2012 2013 2014 2015 asset 25.74 22.08 11.92 3.84 financing 34.41 22.26 6.04 3.46 deposit 24.81 18.89 15.56 0.27 source: ojk & lps – bank monthly report, 2016 the objectives of this research is to study the growth of deposits in the bank by measuring the proportion of the deposit amount compared to total asset. the information on the deposit shows the ability of the bank to collect funds which at the end will be distributed to public by the bank as its function as an intermediary agent. based on the observation period for 5 years (2011-2015), the growth of the deposits in islamic banks was between 68.70% (februari 2011) and 79.91% (april 2015). this represents the competence of the bank to collect fund when there is an increase in its asset. 220 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 figure 3. growth of 3 (three) main indicator of islamic banks source: ojk & lps – bank monthly report, 2016 a bank has a good intermediary function if it has the ability to collect fund and distribute it for financing. the intermediary ability is measured by financing to deposit ratio (fdr). based on the data during the observation, the lowest average of fdr was 87.12% in may 2011 and the highest was 121.87% in september 2012. in some period, the fdr of islamic banks was fullfil the requirement level of fdr according to the regulation of bank indonesia no. 15/16/pbi/2013 on reserve requirement in rupiah and foreign currencies fo islamic banks. the high level of fdr shows that the funding function cannot balance the aggresive financing. the growth of the deposit level and fdr of islamic banks can be seen in figure 4. figure 4. the movement of the deposit level and fdr source: ojk, bank monthly report 2011-2015 221 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 sofyan baehaqie: determining factors of deposit level of islamic bank in indonesia in individually sight, bank a as one of the biggest bank in assets has a good capability in collecting fund with value of the deposit level at 86.9%. this could be as the consequence of its massive office and branches. in 2015, it had 865 channels with 136 main branches, 469 support branches, 50 mortgage offices, 60 cash outlets, 145 payment points, and 5 service points. mean while bank x as one of the smallest bank in assets has the highest fdr rate with value of 205.55%. the high level of fdr shows its inability to collect fund as represented by its low deposit level with only 33.6% which is due to lack of office and branches. thus, this bank uses money market and its own capital for its funding source. this is inline with the research of almejyseh and rajha (2014) who considered that the amount of branches is one of the important parameters affecting customer deposits. masamba et al. (2014) emphasized the importance of increasing the number of deposits by entering new markets through branch expansion, low-cost account products, and increase in returns on deposits. based on the classical assumption tests (chow test, hausman test, and autocorrelation test), fixed effect model is the model that is applicable for this research. table 3 presents the regression result according to this model. table 3. the regression result for the deposit level variabel koefisien prob. lnsiz 0.026156 0.0296 car -0.321698 0.0000 npf 0.238936 0.0076 inf 0.040935 0.6348 bir -0.160043 0.6367 ar(1) 0.649399 0.0000 ar(2) 0.170794 0.0000 r-squared 0.952580 *significant at 5% according to the regression result, the value of adjusted r-squared is 0.952580. it means that the independent variable of 95.25% can explain the level deposit and the rest is caused by the other variables outside the model. the variables that significantly influence the deposit level at 5% significant level include bank 222 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 assets, capital, and non-performing financing; however, inflation and bi rate are insignificant. the result also obtained a significant influence of the occurrence in the previous time or known as autoregresive (ar) which is marked with ar (1) and ar (2). the autoregresive explains that the deposit lavel is affected by the values on factors occurring in the previous 2 (two) periods (in this case 2 months prior to january 2011). specifically, the variable of aset bank with score of 0.02615 is significantly influential. the value of the asset has been made in the natural logarithm so it presents that every 1 % increase in aset will increase the level of deposit in 0.026%. based on data from bank reports, it is found that the average ability to raise funds for the 4 largest banks in asset ranges from 81.15% to 86.99%. meanwhile for the 4 banks with the smallest in asset are between 33.62% to 75.33%. the variable of aset has become attractiveness factor for depositor to place their funds in well established islamic banks rather the new one. this is explain the large gap between main islamic banks with others. banks with a big number in asset will have a large number of branches and it will impact on accessibility for depositor and much easier for the bank to collect the fund. this result is different from the research of rokhim and wulandary (2012). car is the other variable that significantly influences the level of deposit variable in a negative way with score of 0.321698. it presents that every 1% increase in car, the level of deposit will decrease by 0.32%, this result is inline with rokhim and wulandary (2012). during the observation period, the car of islamic banks is high since there are capital injection from shareholders as part of fulfillment of regulation related to minimum capital of islamic bank. based on data from bank reports, the highest on car ratios dominated by the smallest banks in asset with average ranging from 36.40% to 70.84%. this is as a result from inability of the banks to disburse financing. it should provide security for depositor because banks have sufficient capital reserve to prevent banks from default. nevertheless, additional capital from shareholders also gives a negative signal to depositors with increased control of shareholders who can lead banks to generate greater profits. this increases the risk of moral hazard which could be a negative signal for depositors to place funds in the banks. npf variable has a significant influence and positive correlation to the level of deposit with score of 0.238936. every 1% increase in npf will increase the level of deposit by 0.23%. the results obtained are not inline with rokhim and wulandary (2012), where a high npf ratio should be a signal to customers that the bank has an inadequate prudential principle in its financing activities. there is a possibility that a positive correlation arises because the depositors 223 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 sofyan baehaqie: determining factors of deposit level of islamic bank in indonesia has a strong believes that the bank is able to manage the npf ratio and it shown by the average net npf ratio of 1.50%. in addition, depositors also recognize the additional capital injection by shareholders although it also raises shareholder influence on the bank. thus, the high rate of npf has no impact for the depositors. furthermore, despite having a high npf, some banks attempt to collecting funding through sweeteners programs such as prizes or product champion (hajj savings). beside those significant variables, the external variables are insignificant, such as inflation rate and bi rate. they do not significantly influence the level of deposit because of a number of factors. first, in monetary transmission theory, the bi rate variable is expected to affect the distribution of financing which in turn will affect investment consumption (gross domestic product) thus keeping the inflation rate stable. nevertheless, the results indicate that the two variables have no significant effect which is possible because of islamic banking market share is minor compared to that of the conventional banking i.e. 4.7%. hence, the differences in those two variables have no effect on the depositors to place their funds in islamic banks. second, the awareness of islamic bank customers to comply with sharia rules and avoid riba. furthermore, the diversification in financial instruments as alternatives is another factor that is not significant to bi rate and islamic bank deposit level such as sukuk (novianto and hadiwidjojo, 2013). conclusion during the period of 2011-2015, islamic banking experienced positive growth although the share asset was still low. islamic banks has the ability to raise funds with the average ratio of deposit level of 68.70% 79.91% and it channeled into the financing sector with an average financing deposit ratio of 87.12% 121.87%. this financing deposit ratio are in compliance with the provisions regulated by ojk. the stability in banking industry is one of the objectives when lps was founded. the information on the variables that are related to deposit level will help lps to: first, establish a surveillance system based on sharia bank asset group, capital structure, and financing distribution, in order to anticipate the risk of failure and calculate the adequacy of insurance claim of islamic bank. this system also will monitor the capital structure and npf structure, which are influenced by the shrinking capability of banks in collecting funds. second, develop an effective policy for the implementation of islamic guarantee scheme so it will have no sudden impact to banks’ ability in collecting funds due to the shifting from bank 224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5156 products that are not insured based on de principles. third, applying risk-based premiums is expected to be a disincentive for banks that not implement prudential banking. references al arif, m.n.r. 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(2017). building an early warning towards the resilience of islamic banking in indonesia. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). 9 (1): 13-32. erika amelia1, darwanto2, muhammad ali zakiyudin3, mohammad yusup4 abstract. the practice of syarī'ah audits at zakāt institutions in indonesia has been effective since 2020 through the decree of the minister of religion number 606 of 2020. in practice, syarī'ah audits play a role as guarantee and quality control for the implementation of zis and dskl fund management. this study aims to analyze the practice of shari'ah auditing at zakāt institutions in indonesia from the perspective of positive law and shari'ah. this study uses a descriptive qualitative approach through analysis of the contents of regulations, data, and documents. the results of the study show that from a legal perspective, the process of managing funds and governance of zis and dskl has not been regulated in positive law and in shari'ah law. the solution that has been carried out by shari'ah auditors so far is through the process of priority legal and fiqh istinbāth (ijtihad al-ahkamil-ahkam). keywords: audit, zakāt, zakāt institutions, istinbāth, priority fiqh abstrak. praktik audit syarī’ah pada lembaga zakāt di indonesia telah efektif sejak tahun 2020 melalui keputusan menteri agama nomor 606 tahun 2020. dalam penerapannya, audit syarī’ah berperan sebagai penjaminan dan pengendalian mutu pelaksanaan pengelolaan dana zis dan dskl. penelitian ini bertujuan untuk menganalisis praktik audit syarī’ah pada lembaga zakāt di indonesia dari perspektif hukum positif dan syarī’ah. penelitian ini menggunakan metode deskriptif dengan pendekatan kualitatif deskriptif melalui analisis isi peraturan, data, dan dokumen. hasil penelitian menunjukkan bahwa dari segi hukum, proses pengelolaan dana dan tata kelola zis dan dskl belum diatur dalam hukum positif yang berjalan dan dalam hukum syarī’ah. solusi yang dilakukan auditor syarī’ah selama ini adalah melalui proses istinbāth hukum dan fiqh prioritas (ijtihad al-ahkamil-ahkam). kata kunci: audit, zakāt, lembaga zakāt, istinbath, fiqh prioritas syarī’ah audit practices at zakāt institutions in indonesia: in the legal perspectives al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 75 88 1,2,3,4universitas islam negeri syarif hidayatullah jakarta e-mail: 1erika.amelia@uinjkt.ac.id, 2erika.amelia@uinjkt.ac.id, 3m.ali21@mhs.uinjkt.ac.id, 4mohammad.yusup21@mhs.uinjkt.ac.id author: erika amelia received: 08 december 2022 accepted: 20 june 2023 published: 30 june 2023 76 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction the 2011 law no. 23 on zakāt management imposes the implementation of syarī’ah audits by the ministry of religion in zakāt institutions. syarī’ah audits are a sequential mechanism to obtain the actual truth to process people’s opinions, processes, performance, and financial and non-financial people by syarī’ah principles and provisions. so far, syarī’ah audits have usually been carried out in islamic financial institutions (lks), but the actual implementation of zakāt institutions only began in 2020. in 2020, the minister of religion issued a decree on the guidelines for reporting on the management of the zakāt, the infaq, the charity, and other social and religious funds in the national agency of amil zakāt and the institutions of amil zakāt. decree no. 606 of the minister of religious affairs (kma) replaces kma no. 733 of 2018 and is a reference for sharia auditors to assess reports on the management of zakāt, infaq, alms (zis), and other religious-social funds (dskl). the rule applies to amil zakāt authorities of the national, provincial, regional, and amil zakāt institutions (keputusan menteri agama, 2020). syarī’ah audits in syarī’ah financial institutions and syarī’ah financial institutions are of the same source as islamic law. syarī’ah financial institutions must comply with syarī’ah principles, so the implementation of audits must provide the reporting user with guarantees that financial statements and fund management can comply with syarī’ah principles (kudhori & pandowo 2022; megawati, 2018; rochmantika & pravitasari 2021). these studies include expert opinions and recommendations on the problem of the audit system in the zakāt institution, the study of the syarī’ah audit regulations, and the implementation of external and internal audits in the zakāt institution. implementing the audit process assists parties outside the institution produce more transparent information. the aim of transparency is that donors and the public trust the funds donated to the zakāt institute (rochmantika & pravitasari, 2021). suppose the results of islamic audits in islamic financial institutions are islamic opinions on financial reports and institutional products (nugraheni peni, 2012). in that case, islamic audits of zakāt institutions generate performance assessments of zakāt management organizations explaining the performance of zakāt management, recommendations for finding irregularities, fraud, and violations of syarī’ah principles, weaknesses in internal control, and suggestions for improvement. syarī’ah audits of zakāt institutions combine operational and compliance audits because the audit function of the financial statements is performed by a public accounting company (kap). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 erika amelia. syarī’ah audit practices at zakāt institutions in indonesia 77 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 however, in practice, syarī’ah audits are faced with their challenges. ibrahim said, “there is a gap between the expectations and the so far conducted syarī’ah audit. several factors, including scope and framework, become obstacles when conducting audits under islamic law—qualifications and issues related to the level of independence. (kasim, m., & sulaiman, 2012) a broad scope of syarī’ah audit means that syarī’ah auditors are obliged to assess the fairness of islamic financial institutions’ (lks)’ financial statements and assess lks’s compliance with syarī’ah principles. (dewi & tjiptohadi, 2019). in addition, another problem is the lack of legislation, regulations, and fiqh literature on the management of zis and dskl funds. therefore, the research aims to understand how syarī’ah audits can be applied to the administrations of amil-zakāt (baz) and amil-zakāt (laz) in the management of zis and dskl funds that are not regulated by positive law or syarī’ah law. literature review the fundamental difference between syarī’ah audits in zakāt and financial institutions lies in several aspects. as an auditee of zakāt institutions, zakāt institutions are non-profit organizations. their audit scope includes management of zakāt funds, infaqs, alms, and other religious and social funds (dksl) by syarī’ah law and principles (taqi, 2022), while in islamic financial institutions, financial statements are adjusted to financial accounting standards. syarī’ah auditors in zakāt institutions must come from the ministry of religion. in addition, syarī’ah audits of zakāt institutions do not generate views, as did islamic financial institutions (ministry of religion, 2020). suppose the syarī’ah audit results in the sharia financial institutions are in the form of syarī’ah opinions on financial statements and institutional products (nugraheni, 2012). in that case, the syarī’ah audit in the zakāt institutions provides for an assessment of the performance of the zakāt management organizations, which explains the performance of the zakāt management organizations and recommendations on irregularities, fraud and violations of syarī’ah principles, weaknesses in internal control and suggestions for improvement. syarī’ah audits in zakāt institutions can be described as a combination of operational and compliance audits because the audit functions of financial statements are performed by the public accounting company (pak). therefore, implementing audits on the management of zakāt, infaq, alms, and other religious and social funds (dksl) will be more comprehensive and complementary between syarī’ah and financial audits. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 78 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 positive legislation is an obligation that must be fulfilled in the implementation of syarī’ah audits in zakāt institutions (januardi, 2018), particularly under certain conditions for the management of funds regulated by zakāt, infaq, alms, and other religious and social funds (dksl) under the legislation. positive laws must also be used as the spirit and spirit to explore unrecognized laws, although they must still consider sharia’s maqashid and islamic law principles. maqāshid syarī’ah means the intention of islamic law. maqāshid asy-syarī’ah science is a science that meets the scientific standards of a philosophical examination and has an explicit ontology, responsible epistemology, and measurable axiology (busyro, 2019). as regards several problems relating to the management of zis and dskl funds, there is no provision in the laws and literature of the fiqh regarding the legal, internal cleansing process that syarī’ah auditors can carry out, including the use of legal sources and syarī’ah legal arguments, without abandoning the spirit and rules of the application of the positive laws in force in the state of indonesia. furthermore, the fiqh priority and its rules must also be used as a reference for establishing islamic law (ijtihād al-ahkām). this is because this concept is based on the values contained in the qur’an and the sunnah to achieve a certain priority in islamic syarī’ah practice (al-karbuli, 2014). fina’s priority is also based on the concept of tadarruj al-ahkām (gradation of determination of islamic law) in the prophetic period, which determines some legal choices based on space and time to achieve the objectives of islamic syarī’ah itself. in epistemology, fiqh’s priority will consider and measure the level of certain benefits and damage caused by a law based on text and social reality, depending on its level. methods the study used descriptive and evaluation methods in a qualitative approach through content analysis of regulatory, data, and document content. according to narbuko (2015), descriptive research aims to explain the solution to current data-based problems by presenting, analyzing, and interpreting it. evaluation research aims to evaluate program activities and determine the effectiveness and success of programs using integrated learning to measure their success (sukamadato, 2010). the descriptive research aims to explain and analyze the implementation of syarī’ah audits in the zakāt institutions of indonesia. furthermore, through http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 erika amelia. syarī’ah audit practices at zakāt institutions in indonesia 79 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 qualitative evaluation methods, this research also examines how positive laws and syarī’ah laws can be used in syarī’ah audits at zakāt institutions. results and discussion syarī’ah audit at zakāt institutions in indonesia four years after the enactment of act no. 23 of 2011 regulating the management of the zakāt, a regulation was enacted regulating its implementation by government act no. 14. during this period, the management of zakāt, infaq, alms, and other religious and social funds (dksl) can not be evaluated and measured, in particular the level of compliance with syarī’ah. the success of the zakāt agency depends only on the levels of funds collected by the zakāt national agency (baznas) and the zakāt agency (laz) zis and dskl. the ministry of religion of the republic of indonesia, through the directorate-general of islamic community guidance, began preparing guidelines and regulations for the syarī’ah audit in 2014. this began with the preparation of rules and legal standards for the implementation of syarī’ah audits, one of which was the sampling test of syarī’ah audits carried out in the western java region of baznas ri, baznas province, baznas banten province and laz (inspector general of the ministry of religion, 2014). the syarī’ah audit probe test has not yet produced syarī’ah opinions, as the results of the syarī’ah audit probe test are given priority to improving and developing syarī’ah audit formats and methods in the following year and exploring several weaknesses. the sampling test results of the syarī’ah audit are then submitted to the director general of the islamic community guidance, which is used as an assessment and material for preparing guidelines for the implementation of the syarī’ah audit at baznas and laz. in 2018, the ministry of religion of the republic of indonesia issued decree no. 733 of 2018 on the syarī’ah audit guidelines for the report on the implementation of management of the zakāt, infaq, alms, and other religious social funds at the national agency of amil zakāt and the institutions of amil zakāt. in 2016, a review of the baznas ri was carried out, but the nature of the review was special and was ordered directly by the minister of religion. therefore, the audit report is not presented to the director-general of the islamic community to be used as documentation for evaluating the audit conducted in the zakāt management organization. after a relatively long process, a syarī’ah audit for baznas ri and several lazs was finally carried out in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 80 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 2020, with operating licenses expiring in 2020. implementing this sharia audit was also carried out after the publication of decree no. 606 of the minister of religion of 2020 concerning syarī’ah audit guidelines on implementation reports. the management of the national agency of amil zakāt and the institution of amil zakāt, infaq, alms, and other religious and social funds (dksl) of the national agency of amil zakāt, has canceled the kma number 733 of 2018. table 1. syarī’ah compliance index no component assesment aspect 1 management and governance syarī’ah policy syarī’ah supervisor amil transparency 2 zis and dskl fundraising zis and dskl fundraising socialization zakāt object zis anf dskl aggregation 3 distribution of zis and dskl funds category of asnaf duration of distributing zis zis distributing priority mechanism distribution of zis amil rights 4 zakāt regulations opz legality source: (puskas baznas, 2020) syarī’ah audits of zakāt institutions will be carried out by the general inspectorate of the ministry of religious affairs as many as 29 times from 2020 to 2022. the audit scope includes four aspects: a collection of zis and dskl funds, distribution of zis and dskl funds, management of zakāt management organizations, and syarī’ah compliance. the results of the syarī’ah audit are in the form of a score for syarī’ah compliance and transparency and an assessment of the implementation of zis and dskl management as follows. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 erika amelia. syarī’ah audit practices at zakāt institutions in indonesia 81 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 table 2. transparency index no component assesment aspect 1 financial transparency publication financial statements financial statement 2 management transparency govarnance organizational structure information and documentation community complaints 3 program transparency real time accumulation muzaki and mustahiq database accumulation and distribution programs database source: (puskas baznas, 2019) table 3. assessment of the implementation of zis and dskl management no checked components planning, implementation, and reporting zis & dskl fund management 1 institutional management 2 planning and implementation of zis and dskl collection 3 planning and implementation of the distribution of zis and dskl 4 sharia management of zakāt institutions zis and dskl fund management ratio 1 gross allocation to collection ratio (acr) zis & dskl 2 gross allocation to collection ratio (acr) non-amil 3 zis & dskl fund turnover ratio in 2021 4 the deposit ratio of zis & dskl funds source: (kma, 2020) as explained earlier, the scope of syarī’ah audit in zakāt institutions is broader than the scope of external audit of financial statements, where this syarī’ah audit covers the entire management of zis and dskl funds, starting from planning, implementation, coordination, and reporting. the regulation states that syarī’ah audits must be conducted in a comprehensive, accurate, transparent, and accountable manner, requiring them to conduct a comprehensive syarī’ah audit of the management of zis and dskl funds. this syarī’ah audit activity must also be accounted for as it involves the management of zis and dskl funds, which are public funds and do not belong to institutions or individuals. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 82 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 some of the weaknesses that commonly occur and become syarī’ah audit findings can be analyzed as follows: 1. management aspect. the organizational structure is not in line with the regulations, and there are no standard operating procedures (sops) and regulations for the procurement of goods and services, no standard for salary of the amil, and no supporting documents are provided. provincial baznas still has many management weaknesses, such as no strategic plans, annual plans, sops, or reports on zakāt management. 2. collection aspect. proof of payment and the muzakki report was not given directly to the muzakki who paid their zakāt through the zakāt collection unit (upz). the individual muzakki who pays directly has been given proof of payment of zakāt. the subsequent common finding is that zakāt funds are deposited in conventional banks, and there is no separation between zakāt, infaq, alms, and other religious and social funds (dksl). 3. distribution aspect. the distribution of zakāt funds was not based on priority assessment and mustahiq criteria. distribution documentation is limited to photographic documentation; no document shows that mustahiq has received zakāt funds. sops and valid utilization documents did not support the distribution of zakāt funds for utilization. priority jurisprudence and legal istinbāth in syarī’ah audit the potential of zakāt in indonesia is not maximized due to weak legal, sociological, and institutional aspects. this is due to several indications, namely the public’s distrust that zakāt does not reach the right mustahiq, which shows a relationship with the weak application of organizational management principles in zakāt (sari et al., 2013). therefore, the pattern of zakāt distribution requires serious attention because the implementation of zakāt does not only focus on collection but is perfected by distributing it to the right mustahiq (ashnaf). the qur’an has narrated that people qualify to be zakāt recipients based on the word of allah in qs. al-taubah verse 60: “the alms are meant only for the poor and the needy and those who are in charge thereof, those whose hearts are to be reconciled, and to free those in bondage, and to help those burdened with debt, and for expenditure in the way of allah and for the wayfarer. this is an obligation from allah..” the verse states that mustahiq is classified into eight groups (ashnaf ), with the details mentioned in the verse. these eight groups are provisions that allah requires to be given zakāt. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 erika amelia. syarī’ah audit practices at zakāt institutions in indonesia 83 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 the regulation explains that the distribution of zakāt is based on a scale of priorities, considering the principles of equity, justice, and territoriality. based on the classification of the eight ashnaf groups that receive zakāt, the share of each group, according to the principle of equity, is 12.5%. however, considering the number of poor people in indonesia in 2021, which is 26.5 million people or 10.14% of the total population in indonesia (central bureau of statistics, 2022), the main priority is to allocate zis and dskl funds to the poor and needy. in addition, the primary purpose of zakāt is to be given to people experiencing poverty. priority fiqh (fiqh al-awlāwiyyah) is the right method in determining the order of priority because priority fiqh focuses on the study of fiqh on the order of charity that should take precedence or priority. so that something unimportant does not take precedence over something important. something important doesn’t take precedence over something more substantial. the eight ashnaf have different needs levels, so prioritizing the distribution of zakāt requires precise and accurate measurements. this is done by dividing the level of need, whether it is dharūriyyah (primary), hājiyyah (secondary), or tahsīniyyah (tertiary). there are two methods of determining the order of priority in fiqh alawlāwiyyah, namely priority using the textual method (at-tanshish al-awlāwī) and priority using the ijtihad method (al-ijtihād al-aulāwi). in at-tanshish al-awlāwi, the qur’an and sunnah often establish gradations for specific actions, making one practice more critical. some of the priorities mentioned in the texts, al-qur’an and sunnah, can be known by their illat and others without knowing their illat. the reason can know priorities mentioned by the texts of the qur’an or sunnah about something and can be searched for wisdom. if, in the textual method, the priority is limited and determined by syara’, then in the ijtihad method, the priority is limited by the mujtahid himself through his reasoning. one of the ijtihad methods that can be used is to arrange the order of the proposed maqashid values as a reference for determining the priority scale. al-qardhāwī in jauhari (2016) mentions three categories of maqashid levels, namely: dharūriyyāt (primary), hājiyyāt (secondary), and tahhsīniyyāt (secondary). al-qardhāwī further explains that what is meant by dharūriyyāt is something that we cannot live without, and hājiyyāt is life without it. still, life is full of difficulties and hardships, while tahsīniyyāt is something that is used to decorate and beautify life, or what we often call kamāliyyāt (complimentary). istinbāth law is a well-known term often encountered when studying ushul fiqh as a scientific discipline. istinbāth means “to find; to create.” in terms of terminology, it can now be interpreted as establishing the law by the mujtahid http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 84 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 through ijtihad (munawwir, 2002). the etymological meaning of the word law is “decision.” law is defined as a rule; regulation; or provision (nugraha, 2013), while in legal terms, it refers to the rules and regulations of life based on islamic law. thus, what is meant by legal istinbath is a process of legal discovery (fiqh) carried out by a mujtahid through ijtihad. technically, in this study, what is meant by legal istinbath is the effort made by sharia auditors to uncover the law of an event or product from the management of the zis and dskl funds that is not regulated in the statutory provisions or the islamic fiqh literature. some of the problems often encountered by syarī’ah auditors in uncovering a condition that has not been regulated in statutory provisions or a syarī’ah fatwa and fiqh literacy include: 1. zis and dskl fund management products are adopted from islamic financial institutions. 2. the operational application of zis and dskl fund management develops following the dynamics of the times. 3. management of zakāt management organizations that adopt modern management systems. the three main problems, legal debates, and discussions often arise over something that is not regulated by law. for example, there are often differences in understanding and perspective between syarī’ah auditors and zakāt management organizations. this naturally becomes a problem if an agreement or solution is not found immediately for the problems that arise. for this reason, the implementation of syarī’ah audits cannot be carried out by just anyone because the competence and qualifications of shariah auditors must at least be able to master islamic law. the competence and qualifications of the syarī’ah auditors are necessary for the syarī’ah audit to provide suggestions for improvement and solutions to the weaknesses found in the zakāt management organizations. suppose the excavation of fiqh law relies on sources of islamic law and extracting general legal certainty using positive law applicable in the state of indonesia. in that case, the excavation of law in syarī’ah auditing uses islamic and positive law sources. in exploring the law related to the management of zis and dskl funds, the legal istinbāth that syarī’ah auditors can do is to rely on legal sources commonly used by scholars and salaf ash-shālih. legal exploration (legal istinbāth) is meant conditions where the practice or application of zis and dskl fund management in zakāt management http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 erika amelia. syarī’ah audit practices at zakāt institutions in indonesia 85 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 organizations has not been regulated in statutory provisions. so that the legal istinbāth methodology uses the methodology used by the scholars, which is then submitted to interested parties so that it becomes a legal product that is binding and applies to all parties. disclosure of syarī’ah audit findings although the syarī’ah audit on the management of zis and dskl funds is a form of operational and compliance audit, it has its own characteristics that distinguish it from other audits. for this reason, the audit process and the disclosure of audit findings are not the same as the implementation of other audits. for example, in the syarī’ah audit of the management of zis and dskl funds, the principles put forward are trustworthiness and syar’i compliance (islamic law). so, suppose there are findings of financial violations of zis and dskl funds. in that case, one of the recommendations is to return these funds to the community by distributing them to zakāt mustahiq. disclosure of findings in syarī’ah audits must pay attention to benefits, madhārat and maqāshid asy-syarī’ah that can be felt directly by the people. this means that the implementation of this syarī’ah audit aims to improve the zakāt management organization and can significantly impact or benefit muslims. this ultimately differentiates the syarī’ah audit on managing zis and dskl funds from other supervisory practices. the knowledge and ability of syarī’ah auditors to dig up information and issue a solution in a syar’i (islamic law) way to legal problems that statutory provisions have not regulated is a challenge that must be done. for this reason, the findings obtained in implementing syarī’ah audits must be strengthened with relevant, competent, and sufficient audit evidence to be used as legal evidence and as a reference in establishing a legal product. syarī’ah auditors must also properly understand the level of audit evidence that will be used for evidence, namely: primary evidence, secondary evidence, direct evidence, circumstantial evidence, and comparative evidence) and statistical evidence so that the collected evidence can be used as the basis for preparing an accurate syarī’ah audit report and can be utilized by several interested parties. conclusion the syarī’ah audit of zakāt institutions carried out by the ministry of religion of the republic of indonesia is essential because it is far from a conflict http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 86 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 of interest. this is because the funding for this syarī’ah audit comes from the state, not from zis and dskl funds as external audits in financial statements. this position further strengthens the ability of syarī’ah auditors to be more independent, objective, honest, and professional. in addition to the benefits of the syarī’ah audit as a check on the implementation of the management and administration of zis and dskl funds, the conduct of this syarī’ah audit can also play a role in quality assurance and quality control. thus, zakāt institutions that have undergone a syarī’ah audit can be reasonably assured that the zakāt management of zis and dskl funds is by the law’s and syarī’ah’s provisions. this will undoubtedly increase public confidence in zakāt institutions and dskl funds management. the use of positive law is an obligation that must be carried out in implementing syarī’ah audits. the problem with managing funds is that there are no provisions in positive legal regulations and fiqh literature. the process of priority legal and fiqh instinbāth with a set of rules is appropriate to function as a reference in the determination of islamic law (ijtihād al-ahkām) by syarī’ah auditors. references as-salafiyah, a & rusydiana, aam slamet. (2020). syarī’ah audit problems in zakāt institutions: evidence from indonesia. jebis: journal of islamic economics and business, volume 6, no.2, july – december 2020, page 304– 316. p issn : 2442-6563, e-issn: 2525-3027. https://doi.org/10.20473/ jebis.v6i2.23329. al-karbuli, abdus salam ali. (2014) fikih prioritas. pustaka al-kautsar. isbn 978-979-592-734-1. baehaqi, ahmad. suyanto. (2018). internal audit and islamic financial institutions in al hisbah perspective. journal of financial and accounting research (jrka), volume 4 no. 2, august 2018, p. 19. busyro. (2019). maqāshid asy-syarī’ah: pengetahuan mendasar memahami maslahah. kencana (prenada media), jakarta. central bureau of statistics. (2022). poverty profile in indonesia september 2021. official statistics news, no. 07/01/th. xxv, january 17, 2022. jakarta. fadilah, s. nurleli. nurcholisah, k. (2020). syarī’ah audit in zakāt institutions: study at baznas of west java province. mimbar, vol . 36 no. 2nd 2020 pp. 461-468. https://doi.org/10.29313/mimbar.v36i2.6541. inspectorate general of the ministry of religion. (2014). summary of the syarī’ah audit quotation test results report. inspectorate general of the ministry http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 https://www.google.co.id/search?hl=id&sxsrf=aliczszaquffekgwl_v5eppk_lshtpom2g:1656681309286&q=inauthor:%22kencana+(prenada+media)+%22&tbm=bks https://doi.org/10.29313/mimbar.v36i2.6541 erika amelia. syarī’ah audit practices at zakāt institutions in indonesia 87 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 of religion, based on the letter of assignment of the inspector general of the ministry of religion number: set.ij/1.a/ps.00/0035.a/2014, dated october 24, 2014, jakarta. januardi. (2018). zakāt dalam perspektif hukum positif di indonesia. jurnal masyarakat dan filantropi islam, volume 1, no. 1, november 2018 : 9-12. jauhari, nashrun. (2016). fiqh prioritas sebagai instrumen ijtihād maqāshid perspektif yūsuf al-qardhawī dan urgensinya di era kontemporer. marāji‘: jurnal studi keislaman. volume 3, nomor 1, september 2016; p-issn 24067636; e-issn 2242-8914; 132-162. kudhori, a., and pandowo, h. (2022). analysis of financial audit and syarī’ah audit at the national amil zakāt agency (baznas) madiun city. journal of action (accounting and information systems), 7 (1), 113-123. http://doi. org/ 10.32486/aksi.v7i1.282. ministry of religion. (2020). syarī’ah audit guidelines on reports on the implementation of management of zakāt, infaq, alms, and other religious social funds at the national amil zakāt agency and amil zakāt institutions. decree of the minister of religion number 606 of 2020. megawati, devi. (2018). implementation of auditing in zakāt institutions: case studies of baznas riau and pekanbaru. tifbr (tazkia islamic finance and business review), volume 12(2), 2018, page: 115-130. munawwir, aw (2002). the most complete al munawwir arabic-indonesian dictionary. progressive library. 25th edition. surabaya. narbuko, cholid & achmadi, abu. (2015). metodologi penelitian. jakarta: pt bumi aksara. nugraha, g setya. (2013). practical indonesian dictionary. difficult publisher. surabaya. nugraheni, peni. (2012). needs and challenges of shariah audits and shariah auditors. journal of islamic economics & finance, volume 2 no. 1, january 2012: 76-88 rochmantika, r. pravitasari, dyah. (2021). implementation of syarī’ah audit in increasing accountability of zakāt, infaq, and alms fund at the national zakāt charity agency in tulungagung district. zawa: journal of zakāt and waqf management, volume 1, number 2, december 2021. sari, mutiara dwi. bahari, z. hamat, z. review on indonesian zakah management and obstacles. social sciences. vol. 2, no. 2, 2013, pp. 76-89. https://doi. org/10.11648/j.ss.20130202.18. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 88 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 shamsuddin, n. mustaffha, n. johari, n. (2017). internal audit in zakāt institutions: structure and operational activities. proceeding of the 4th international conference on management and muamalah 2017 (icomm 2017). e-isbn: 978-967-2122-15-9. sukmadinata, nana syaodih. (2017). metode penelitian pendidikan. bandung: pt remaja rosdakarya. taqi, muhammad. sabarudinsah. rusydiana, aam slamet. (2022). audit zakāt research: a bibliometric analysis. amwaluna: journal of islamic economics and finance, vol.6 no.1 january 2022, page 15-28. https://doi.org/10.29313/ amwaluna.v6i1.7624. yaacob, h. donglah, nor khadijah. (2012). shari’ah audit in islamic financial institutions: the postgraduates’ perspective. journals international journal of economics and finance. vol. 4, no. 12, 2012. http://dx.doi.org/10.5539/ ijef.v4n12p224. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.29509 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 243 258 received: march 16, 2017; revised: april 30, 2017; accepted: may 10, 2017 universiti islam sultan sharif ali. simpang 347, bandar seri begawan, brunei darussalam e-mails: 1rose.abdullah@unissa.edu.bn; 2abdurrahman.haqqi@unissa.edu.bn doi: 10.15408/aiq.v9i2.5092 abstract. zakah for asnaf al-gharimun in brunei darussalam: concepts and practices. this research paper discusses the concepts of debt in islam in relation to the category of al-gharimun that entitle for receive zakah. the data from the authority department has shown an alarming increase in number of applicant for zakah under the category of asnaf al-gharimun. why was the number increased and who are actually eligible to receive zakah under the category of al-gharimun? this paper tries to answer these questions. the concept of debt in al-qur’an will be discussed and various discussions by islamic scholars and researchers will be analysed. data gathered from several officers of islamic religious council of brunei darussalam through personal interviews. the phenomenon was due to misunderstanding and ignorant among the public with regards to what kind of debts that are eligible under the category of al-gharimun to receive zakah. keywords: zakah management, al-gharimun, qualitative abstrak. zakat untuk asnaf orang yang berhutang di brunei darussalam: konsep dan penerapan. artikel ini membahas konsep hutang dalam islam terkait hubungannya dengan kategori orang yang berhutang (algharimun) yang layak menerima zakat. data pada otoritas terkait menunjukkan bahwa terjadi peningkatan jumlah pendaftar penerima zakat pada kategori ini. mengapa jumlah ini meningkat dan siapakah yang sebenarnya layak untuk menerima zakat pada kategori al-gharimun ini? artikel ini berupaya menjawab hal tersebut. konsep tentang hutang dalam al-qur’an akan didiskusikan, selain itu akan mengkaji pula berbagai temuan yang telah dibahas oleh para peneliti dan sarjana muslim. data yang dipergunakan berasal dari kantor urusan agama islam di brunei darussalam dengan mekanisme wawancara. hasil penelitian menunjukkan bahwa fenomena meningkatkan jumlah pendaftar ini terkait kesalahanpahaman dan ketidakpedulian public terkait siapa yang sebenarnya layak untuk menerima zakat dalam kategori orang yang berhutang ini (algharimun). kata kunci: pengelolaan zakat, orang yang berhutang, kualitatif zakah for asnaf al-gharimun in brunei darussalam: concepts and practices rose abdullah1, abdurrahman raden aji haqqi2 244 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 introduction the obligatory nature of zakah is firmly established in the al-qur’an and the ahadith. the al qur’an clearly mentioned, in many verses, the responsibility of the rich to pay zakah and in fact, this is always mentioned after the injunction of solat/prayer (al-qardawi translated by kahf, 2005). in the qur’an, surah altaubah 9:103, allah ordered the prophet to collect zakah. to those who refuse to pay zakah, allah states the penalty in surah al-taubah 9:34-35. for those who do not pay zakah, the prophet muhammad (pbuh) mentioned the penalty as reported in sahih bukhari, volume 2, book 24, number 486, as narrated by abu huraira: allah’s apostle said, ‘whoever is made wealthy by allah and does not pay the zakah of his wealth, then on the day of resurrection his wealth will be made like a bald-headed poisonous male snake with two black spots over the eyes. the snake will encircle his neck and bite his cheeks and say, “i am your wealth, i am your treasure.”’ according to yusuf ali’s translation of surah al-dhariyat 51:19, the following is mentioned: ‘and in their wealth and possessions (was remembered) the right of the (needy,) him who asked, and him who (for some reason) was prevented (from asking).’ this indicates that zakah is not charity which is voluntarily given by wealthy people but rather the right of the poor on the wealth of the rich. it is a responsibility and a must for the rich to give zakah to the poor and destitute as well as other qualified recipients. therefore, an efficient management of zakah is crucial in the islamic economic development. in brunei darussalam, the issue of accumulated zakah fund since 1960s amounted to more than bnd$230 million had raised the attention of the his majesty in 2009. his majesty’s speech (titah) during the brunei islamic religious council (muib) meeting in 2009 highlighted that the zakah distribution might also consider to help those indebted for an acceptable reasons particularly those who were destitute and could not afford to pay their government housing debts and other basic necessities. since then, it was reported that muib received more than 50% of the 5,000 applications for zakah assistance was under the algharimun category (muib, 2014). however, the number of recipients under the category of al-gharimun since 2009 were only 69 persons (2.3%) of the total applicant (muib, 2014). does it mean that the applicants were not the right people? who are the applicants? are they really entitled to receive zakah as al-gharimun? what kind of debt that can be considered as al-gharimun to receive zakah? this paper tries to answer these questions. 245 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 rose abdullah: zakah for asnaf al-gharimun in brunei darussalam therefore, the discussion will be continued with exploration on the concepts of debt in islam in section 2. then it will be followed by section 3, brings the detail discussion on zakah disbursement to the group of al-gharimun in brunei darussalam, before conclusion in the last section. literature review debt is an issue that afflicts many muslims, including the seemingly wealthy, and is something that is not adequately addressed. this is due most likely, to a lack of knowledge on the issue, as well as a lack of awareness of the problem itself. there are several arabic words that imply indebtedness such as qard, dayn, salaf, and ‘ariyyah. all these words are familiar in the discourses of islamic jurisprudence. they are like loan, borrow and debt in english. debt in arabic term known as dayn which is rooted in the same root with din i.e da ya na, which implies any right or property that is payable upon a person either to another person or his lord based on commitment towards that person or his lord (ministry of awqaf and islamic affairs, kuwait, nd). this covers two dimensions namely the right of one’s fellow human beings and the right of allah. the first dimensions will be all rights arising from financial transactions such as sale contract, lease, credit and rental, or from non-financial transactions such as the dowry of a woman, the cost of damage and the cost of crimes. it also covers the rights, which arise from services. the latter dimension is more comprehensive in sense that all mankind in this world are being indebted to allah, the creator. it includes all religious matters especially that involve the relationship between a man and his lord such as missing prayers, missing zakah, or sawm. besides, the debt may be a right or a wealth; it may also in kind as well as in cash. debt is inevitable element of one’s life. thus islam commands its adherents to fulfill their obligation either towards (debt to) mankind or allah (mahboob, 2010). in the terminology of islamic framework, qard and dayn relate to the giving or taking of loans. however, the word dayn has a broader connotation then the word qard. dayn incurs in any way which leaves a debt as a liability to another party to be paid later without any profit over the principal amounts (ministry of awqaf and islamic affairs, kuwait, nd). whereas, qard, from root qa ra da could be defined as an interest-free loan for needy borrowers extended on a goodwill basis; in particular al-qard al-hasan provides funds for humanitarian and welfare purposes without any profit accruing to the lender (al-zuhaili, 1989). in fact, qard consists on giving ownership of anything having value for the 246 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 benefit of another by way of virtue (the mejelle, nd). the ownership of the loaned objects is transferred to the borrower who can use, buy, sell, or donate them as the borrower wishes. qard is only applied when one gets obliged to return the equivalent of the thing taken and repayment is for the same amount as the amount lent. goods of the same kind will be paid back on demand or at the settled time. qard should not bring any return or addition to the lender because that would be equivalent to taking riba. however, a borrower can pay more than the amount borrowed, but it must not be stipulated in the contract. further, the date of payment of the loan may or may not be included in the qard contract as the lender can demand repayment at any time. and the loan should not be conditional upon any other contract, such as bay´ and vice-versa. ‘ariyya is another structure of borrowing goods in a virtuous act (alshirbini, nd). however, in the case of ‘ariyya, the exact borrowed commodity has to be returned to its owner, not any replacement. while in qard, the same kind of the loaned commodity with essentially the same nature or character could be paid back. on the other hand, a dayn is the result of any contract or credit transaction. the created debts ought to be returned without any profit over their principal amounts. salaf is a form of dayn that is similar to salam (al-shirbini, nd). it is used for a loan of fixed tenure and in that sense it is closer to dayn; salaf includes loans for short, intermediate and long term loans and the price of the commodity is paid in advance, while it is delivered at a future date. the amount given as salaf cannot be called back before its due date. therefore, this creates a liability for the seller to supply the commodity in the future. allah said in the holy quran surah al-baqarah 2:282, to the effect: “o ye who believe! when ye deal with each other, in transactions involving future obligations in a fixed period of time, reduce them to writing let a scribe write down faithfully as between the parties: let not the scribe refuse to write: as allah has taught him, so let him write. let him who incurs the liability dictate, but let him fear his lord allah, and not diminish aught of what he owes. if the party liable is mentally deficient, or weak, or unable himself to dictate, let his guardian dictate faithfully, and get two witnesses, out of your own men, and if there are not two men, then a man and two women, such as ye choose, for witnesses, so that if one of them errs, the other can remind her. the witnesses should not refuse when they are called on (for evidence). disdain not to reduce to writing (your contract) for a future period, whether it be small or big: it is just in the sight of allah, more suitable as evidence, and more convenient to prevent doubts among yourselves but if it be a transaction which ye carry out on the spot among yourselves, there is no blame on you if ye reduce it not to writing. but take witness whenever ye make a commercial contract; and let neither scribe 247 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 rose abdullah: zakah for asnaf al-gharimun in brunei darussalam nor witness suffer harm. if ye do (such harm), it would be wickedness in you. so fear allah. for it is god that teaches you. and allah is well acquainted with all things. it is the order of the holy qur’an, when the matters of borrowing money arise, whether it be for small or large amounts, it should be written down in a contract. also, if possible this transaction should take place in front of two witnesses, so that there is no dispute at a later stage. some scholars state it is preferable and some state it compulsory to write down a loan transaction. if for any reason, in the future there is a dispute, this written document can be produced as proof. in the shari’ah, it is not a sin to take a loan (non-interest) in the state of necessity. however, to not return or repay the borrowed money is oppression and a sin. in line with the debt toward mankind, it has been restricted in islam, in the sense that it should be paid back without involving injustice between the debtor and creditor. islam encourages muslims to help each other. in islam to give loan is better than to give charity. in fact islam prohibits any acts of begging. for it may humiliate the doers. as prophet muhammad (peace be upon him) once was asked by the companion by the name qubaisah to help him to repay the debt. the prophet (pbuh) then said, “wait until one gives a charity than we will give it to you” then the prophet (pbuh) said, “begging is prohibited except in three conditions; one is being indebted and fails to pay it back, the begging is permissible until he fully paid back then he stops begging, one whose property was damaged by the natural disasters so that the begging is permissible until he received a sufficient assistance to survive, and finally the poor and needy one whom has been witnessed by three trustworthy people in his community, the begging is permissible to fulfil his needs. qubaisah, other than three above mentioned, begging is prohibited and those who do it, they eat unlawful things”. thus one who takes credit or loan and repays it back is better and respected than those who receive charity. however, islam has commanded muslims to give and take debt that is free interest based or qard hasan. as allah says in surah albaqarah 2:245, to the effect: “who is he that will loan to allah a beautiful loan, which allah will double unto his credit and multiply many time? it is allah that giveth (you) want or plenty, and to him shall be your return”. al-qard al-hassan means a beautiful loan that does not carry any value added to the principle that is borrowed. in islamic bank practices, it refers to a credit or loan in which the debtor uses it for the good purposes and later on he has to pay only the same amount with that he took from the bank. the word dayn (debt) in the arabic language implies submission and humiliation. the relationship between the linguistic and legal definitions is thus, 248 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 obvious. the debtor who is known as madin is akin to being a detained person or a prisoner, as described in the following prophetic tradition: “your companion is being detained by his debt” (abu daud, sulaiman, 1952). moreover, muslim jurists agree that debt (dayn) is a financial obligation that must be discharged as mentioned above. the holy quran uses the term gharim (debtor) to describe any indebted person failing to repay his debt as it is clearly stated in ayah 60 surah al-taubah. according to abu hanifah (d. 765ad) however, a debtor is one who carries a debt and is unable to accumulate the nisab over his debt (ibn nujaim, zainuddin, 1997). such an indebted is considered to be poor and hence entitled to zakah (al-mawardi, 1386/1966). muslim jurists such as malik (d.795), shafi‘i (d.820) and ahmad (d.855) argue that debt, whether personal or public, may be held on behalf of the individual or group (al-zuhaili, 1989). personal debt may be utilized in the purchase of a shelter, furniture, medicine; or in building a home, being used in marriage as well as in other non-extravagant expenses. debts incurred on behalf of the public however, entitle debtors to repayment from the muslim public treasury. similarly, personal debts that exhaust one’s wealth are either used in dealing with circumstances of exigency such as natural disasters or in acquiring bare necessities; all of which would also be paid from zakah or endowment funds. it should be noted however, that according to islamic law, the clearance of debts from zakah funds requires a verification of the legitimate needs of the debtors; this should not necessarily represent a case of financial destitution. debtors’ assets include homes, clothing, beds, utensils, servants and transport, but should however, -when necessarystay out of the creditors’ grasp (al-qardawi, 2005). debts incurred on behalf of the public in the good interest and benefit of other individuals or the community; as in cases of reconciliation are considered to be a rewarding charity. the noble acts of such individuals extinguish enmity, hatred and disunity, while effectively building peace and harmony. islam accords said individuals an honourable status and grants them the legal right of payment of their incurred debts from zakah even when reconciliation is made among non-muslim groups. according to the shafi‘i school of law, debts incurred for beneficial public services qualify for zakah coverage even when the debtors themselves are wealthy. this is logically understandable in light of islam’s decided interest in the building of community understanding, reconciliation and cohesion. indebtedness incurred for the good of the community and causes related to it further demonstrate that debt is capable of acquiring an inherently positive social value and may turn into a highly recommended act of piety and nobility. it further follows that philanthropic/charitable contributions made specifically for the community’s public interest including the establishment of learning institutions, 249 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 rose abdullah: zakah for asnaf al-gharimun in brunei darussalam places of worship, hospitals and orphanages are deserving of financial attention from the state treasury (benaouda bensaid, 2013). debt in islam is long last liability that does not limit in this world but it is also liability in the hereafter as well. as a result, whatever debt the deceased had, in estate distribution for example, the heirs should settle it first, before the estate is distributed to eligible heirs. indebtedness however, does not remove from religious piety and morality. the prophet muhammad himself at one point was indebted and faced difficulties in paying it off. his example on indebtedness reveals legitimacy in the life of the muslim individual and the community. as such, the crucial point is repaying debt back while maintaining the community and state of religious and moral responsibility. ‘aisha the wife of the prophet reported that he bought foodstuffs on credit for a limited period of time and mortgaged his armour for it (al-bukhari, muhammad ibn ismail. (1407/1987). he is also reported to have borrowed a camel from a bedouin at a time of scarcity for the poor who were deserving beneficiaries of zakah. he wanted to slaughter the camel to feed them or to sell it and buy provisions for them. one also comes across ibn ‘umar’s advice to humran in which he said: “oh humran, fear god and do not die in debt, lest it be taken from your good deeds when there will be no dinars and no dirhams”. the religious texts cited above provide legitimate allowances for debts regarding which muslim scholars have stipulated three conditions; namely that the borrower should be determined for repayment; in essence that it should be known or most likely expected that the debtor is able to repay it; and that the loan should be made for items of religious permissibility (benaouda bensaid, 2013). debt has its strict rules and regulations in islam. for one, interest is completely forbidden. additionally, while debt is discouraged, for cases where a person must borrow money, the debtor and lender must enter into a contract, the rules of which are clearly stipulated in the quran. in cases where a debtor has made the mistake of taking debt on interest, all efforts should be sought to get rid of the interest. when not possible immediately, the debtor should seek all means to reduce payment of interest rates on repayment of debt, whether through debt consolidation or other means until the debt is paid off completely. hence it is recommended when debt is done the following steps should be done: first, to specify the period of the loan, i.e., the length of time after which the loan must be repaid. second, writing down the loan and the time when it is to be repaid. third, if the one who writes down the loan is a person other than the debtor, then the debtor is the one who should dictate to him the details of the loan. fourth, if the debtor is unable to dictate because of sickness or some other reason, then the one who should dictate on his behalf is his guardian. fifth, the loan should be witnessed, and the witnesses should be two men, 250 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 or one man and two women. sixth, the lender has the right to ask the borrower to guarantee the loan with a pledge which the lender will keep. the benefit of the pledge is that if the time comes for the debt to be repaid and the borrower refuses to pay, the item in pledge may be sold and the debt paid with that money; anything left over is to be given to the owner of the pledge, namely the debtor. guaranteeing a debt in one of these three ways (writing, witnesses or pledge) is mustahabb and is preferable, but it is not obligatory. some of the scholars are of the view that it is obligatory to write down a loan, but most of the scholars say that it is mustahabb, and this is the more correct view. the reason for that is to protect people’s rights so that they will not be exposed to loss because of forgetfulness or confusion, and as a precaution against those who do not fear allah. method this exploratory study uses mixed methodologies that are descriptive and content analysis on the literatures review related to distribution of zakah to the algharimun category. this paper uses critical analysis to examine various literatures that discuss the concept of debt in islam, legitimacy of debt in islam, the condition of eligibility for zakah and other related literatures with regards to the indebtedness category of zakah recipients from different views of islamic scholars. content analysis is a suitable research method for rigorous exploration of many important but difficult-to-study issues of interest to organizational researchers in areas as diverse as business policy and strategy, managerial and organizational cognition, organizational behavior and theory, and management (duriau, et.al. 2007). content analysis is an important bridge between purely quantitative and purely qualitative research methods. content analysis allows the researchers to analyse socio-cognitive and conceptual constructs from the data (pfarrer, et.al, 2010). the data and information on the zakah for al-gharimun in brunei darussalam were collected by conducting interview with two officers in-charge from brunei islamic religious council (muib) on 2 june 2015. result and discussion situation of al-gharimun in which he deserved zakah as mentioned earlier, the holy qur’an stated al-gharimun in ayat 60 surah al-taubah which says to the effect: “the alms are only for the poor and the needy, and for those employed in connections therewith, and for those whose hearts are to be reconciled, and for the freeing of slaves, and for those in debt, and for the cause of allah, and for the wayfarer an ordinance from allah. and allah is all-knowing, wise.” 251 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 rose abdullah: zakah for asnaf al-gharimun in brunei darussalam “people under debt”, as explained by al-qardawi, include those hit by disasters individuals struck by natural disasters or accidents are not left to voluntary charity alone. they are given a share in the proceeds of zakah. the prophet told qubaisah, “asking is not permissible, except in three cases.” the prophet mentioned among them a man struck by a disaster that wipes out his wealth. early commentators on the qur’an include in the category of persons under debt [al gharimin] “he whose house caught fire or whose wealth was wiped out by flood or who has debts that burden his family.” how much are such persons given? in the saying mentioned above, the prophet (p) says such a person may ask “until he secures sufficiency of sustenance”. this undoubtedly differs from one person to another, depending on factors such as the general standards of living, size of family, and social status. for a merchant whose inventory is burned, for example, securing sustenance of living may require purchasing a minimum amount of inventory sufficient for his type of business. some jurists even argue that such people must be given amounts sufficient to put them back on their feet at the level they had before the accident took place. al-qardawi (2005) mentioned “i believe what determines how much persons struck by disasters should be given depends on the availability of funds in the zakah agency and on several other factors, namely other needs that draw on these funds. lastly, it must be emphasized that the rural areas of today’s muslim countries desperately need such islamic insurance against the financial aftermath of natural disasters and drought, because of predominant poverty and insufficiency of voluntary charity to take total responsibility for such insurance.” al-gharimun’s religious and moral responsibility: the negative influences of financial responsibilities that have yet to be discharged, is that it can spoil the purity of worship. it potentially religiously affects the acceptance of piety and religious deeds even for those who sacrifice their own lives for god. islam gives due attention to the al-gharimun’s intention, thought and moral commitment to debt payment. in fact, islam grants positive commitment as shown in divine assistance to debt payment and decries any negative thoughts towards loans and debts. this extends beyond the superficial face of contracts and agreements to deeply touch on the spiritual, moral and emotional state of muslim religious life while constantly reinforcing financial trust and security. it is in this context that we grasp the implications of the tradition of the prophet in which he is reported to have said: “whoever takes people’s money (by debt) with the intention of paying it back, god will pay it back on his behalf and whoever takes it with the intention of usurping it, god will destroy him”.1 1 narrated by al-bukhari. 252 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 god’s paying the debtor’s loan speaks not only of a sort of divine interference, but also characterizes a strong religious presence in muslim financial management. it merges the sacred with the profane. hence, it is understood why thoughts and decisions of financial unaccountability cause a life of difficulty and hardship, a lack of blessings, in addition to the incurring of severe consequences in the hereafter. muslims are thus instructed to clear their outstanding debts first, as reported in the following tradition; “deferring of paying outstanding debts on the part of rich people is injustice” (muslim, 1956). other similar traditions invoke not only torment and punishment in the eschatological world, but raise the equally important issue of credibility and honour. this is understood in accordance with the saying of the prophet in which he is reported to have said; “the delay of a capable man in paying his debts desecrates his honour and makes him liable to punishment”. this meaning is significant for it effectively links the individual’s self-worth to morality while sustaining the societal fabric through individual financial prudence first followed by the application of law. indebtedness and muslim integrity: in this section we shall examine the religious and moral implications of debt for muslims and more specifically; understand how debt affects the integrity of muslims. in a commonly used religious invocation, muslims seek refuge in god from excessive debt (ghalabat al-dayn) and the abuse of people; the prime contention being that indebtedness results in inevitable stressful and abusive conditions. the recitation of such an invocation connects muslims to their real world while maintaining a religious awareness of financial planning, responsibility and accountability. muslims’ over-indebtedness affects their religious integrity in varying degrees. in the spiritual world, muslims strive to liberate their minds and souls from all sorts of pressures that might affect their religious and physical health. pilgrimage for instance explains the need of muslims to discharge their financial duties so that their religious integrity become at stake. prior to hajj, muslim are religiously recommended as well as culturally accustomed to clearing their personal debts and fixing issues pertaining to public rights. in fact, according to a number of muslims jurists, muslims are not permitted to perform the obligation of pilgrimage with debts and loans. other legal opinions allow it when the debtor is confidently able to pay debts back. debt is seen as source of humiliation during the day and anxiety during the night. the second caliph ‘umar ibn al-khattab (d. 644 ce) bases his cautioning on indebtedness on the very fact that debt begins with worry and ends with hostility. for instance, qurtubi (d. 1273ce) elaborates on the effects of debt on the muslim 253 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 rose abdullah: zakah for asnaf al-gharimun in brunei darussalam at the individual level in light of the following statement of muslim scholars: “debts are a disgrace and a humiliation as they preoccupy the mind and cause one to worry about paying it off. debts also cause feelings of humiliation, particularly when meeting the lender, or a feeling that he is being done a favour when accepting a delay in payment. the debtor may potentially commit himself to paying off the debt then find himself unable but to break the promise; whereupon he may lie to the money lender, or even swear an oath to him then break it. the debtor may also die without clearing his debt which will cause him to be confined for it”. the following traditions of the prophet reinforce this meaning: “when a man gets into debt, he speaks and tells lies and he makes a promise and breaks it”.2 “the soul of the muslim is held hostage by his debt in his grave until it is paid off.” on the community level however, scholars have described the negative consequences and the dangers indebtedness poses to the economy; most notable among which is the desire for immediate gratification with no thought of the future, the lack of responsibility and self-reliance and the poor distribution of wealth. remarkably enough, when debts exhaust all the revenues of a muslim person, they would then be described according to the teachings of islam, as a poor (faqir) or needy (miskin) individual and thereby be entitled to financial support stemming from the community (bensaid, 2013). after studying the indebtedness category of zakah recipients from different views of islamic scholars, this paper continued the discussion on the practice in brunei darussalam in the next section. disbursement of zakah to al-gharimun category in brunei darussalam as mentioned earlier, to whom the zakah is eligible to be distributed is mentioned in al-qur’an surah al-taubah 9:60. there are eight categories of deserving persons mentioned in this verse. among the eight categories are those who are in long-term poverty the poor, the needy and the slaves. there are also those who are temporarily poor such as those in debt and wayfarers who need help. the other two categories (fi sabilillah and muallaf) are for protection and propagation of islam (jihad and da’wah/preaching) and one category is for financing the zakah institution’s administrative costs (amil). we categorize those indebted and wayfarer as temporarily poor because they will be able to survive on their own after they manage to pay all the debts and for the wayfarer after they get back to their home town with accessibility to their wealth. 2 narrated by al-bukhari and muslim 254 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 table 1: the total applications and approval for zakah under al-gharimun category year total application received total applications approved total amount approved (estimation) bnd$ total application rejectedcategory a (loan on housing scheme under housing development department and yayasan sultan haji hassanal bolkiah) category b (debtors other than housing scheme) 2009 1767 1796 412(category a) 2,887,303 0 2010 514 127(category a) 1,513,394 0 2011 413 10 148,030 0 2012 122 27 250,960 0 2013 109 30 280,416 72 2014 72 14 246,553 0 total 1767 3026 620 5,326,657 72 source: brunei islamic religious council (muib) al-gharimun can be defined in different way in different countries. for example, in malaysia, lembaga zakah selangor/zakah authority of selangor stated that zakah for al-gharim as ‘to pay the liabilities of muslims who are trapped in their obligations for their basic needs and provide humanity assistance for muslims who have been the victims of disasters such as fires, floods, robberies, etc,’ (mustafa murtala, 2008). in the case of brunei darussalam, those in debt is defined by muib as ‘the al-gharimun group is made up of those who have run into debt on building projects for the public such as the construction of mosques or schools. this definition is in line with the opinion of shafi’i’s school of thought. due to this definition, the proportion of zakah fund that allocated for al-gharimun category was accumulated since 1960s until 2009 to a big amount and has not being distributed because no eligible recipient available for it (rose abdullah, 2012). however, an issue on the definition of al-gharimun was raised by his majesty, sultan of brunei darussalam in 2009 and urged to consider those who are in debt for basic necessities such as in debt for purchasing government houses to be considered under this category (the brunei times, 15 january 2009). 255 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 rose abdullah: zakah for asnaf al-gharimun in brunei darussalam table 2: types of debt under category b (based on applications from 2009 – sept 2013) no type of debt total amount applied 1 water $2,632,866.98 2 electricity $5,777,739.87 3 gas 38089.36 4 telephone $724,318.78 5 government’s housing scheme $11,482,644.26 6 cukai tanah $141,059.92 7 housing loan scheme (government loan) $1,230,023.39 8 government car loan $220,822.34 9 muflis (mahkamah) $12,701,002.49 10 others (debts to government) $2,235,139.24 11 personal loan $31,619,017.39 12 credit card loan $5,763,035.21 13 bank’s housing loan $10,827,562.04 14 bank’s automobile loan $14,096,855.74 15 loan for furnitures and fittings $1,468,887.13 16 school fees $58,402.32 17 loan to personal creditors $1,115,219.59 18 guarantor $930,715.64 19 pawnshop $583,846.32 20 loan for businesses $5,074,933.98 21 debts for legal cases $18,100.00 22 others (non-government) $1,167,512.78 grand total $109,907,794.77 source: brunei islamic religious council (muib) therefore, some adjustments have been done and new guidelines have been used in disbursement of zakah fund for the category of al-gharimun. the recipients who are entitled to receive zakah under the category of al-gharimun will not receive 256 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 the amount of cash to pay the debts but instead the muib’s officer will pay off their debts directly to the creditors. the application for zakah fund under the category of al-gharimun will have to go through three stages: first is the investigation on the applicants’ debts. then, the verification committee members will verify the application form. finally, the committee of zakah endorsement will endorse the zakah if the applicants are to be entitled as the recipients of al-gharimun. at this stage, the meeting will be held between the al-gharimun department, the state mufti and also the high committees of islamic religious council of brunei to verify and approve the applications. this study involved the data from 2009 until 2014 whereby, muib distributed the zakah fund under al-gharimun category in 3 phases; january 2009 until december 2009, january 2010 until december 2010 and january 2011 until october 2014. the approved recipients of zakah fund under the category of al-gharimun in the first and second stages were mainly for debts on housing schemes both administered by housing development department and yayasan sultan haji hassanal bolkiah amounted to bnd$2,887,303 (412 persons) in 2009 and bnd$1,513,394 (127 persons) in 2010 as shown in table 1. for the third stage, only 81 applicants were approved amounted to bnd$925,969 which were for various types of debts. 72 applicants were rejected in 2013 while the rest more than 4000 applications are still pending for consideration process (hartina, 2 june 2015; muhd fahmi, 2 june 2015). table 3: number of applicants according to income groups (2009 – 2013) income no phase n o in co m e b el ow $ 50 0 $5 01 -$ 10 00 $1 00 1$2 00 0 $2 00 1$3 00 0 $3 00 1$4 00 0 $4 00 1 ab ov e total 1 first 149 149 232 274 50 4 4 862 2 second 110 122 198 356 66 16 7 875 3 third 279 293 229 231 40 6 6 1094 grand total 538 564 669 861 156 26 17 2831 source: brunei islamic religious council (muib) 257 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 rose abdullah: zakah for asnaf al-gharimun in brunei darussalam the applications under the category b, which consist of various types of debts are shown in table 2. debts in bills like water, electricity, gas and phone. there are also debts in housing scheme, land tax, housing loan scheme, transport scheme, bankruptcy (court), others (government), personal loan, credit card loans, home loan, car loans, furniture loans, overdue school fees, private, guarantor, mortgage, business loans, legal debt and other (non-government) loans. the figure shows the types of debts and the amount (in total) being applied. personal loan was the highest at 29% valued at about $31.6 million. the second highest debts being applied for under the category of al-gharimun is car loan at bnd$14.1 million. while, those who already declared bankruptcy amounted to bnd$12.7 million. it seems that the number of applicants for various types of debt in category b were double of category a. muib found that the applicants do not understand the meaning of al-gharimun. a new guide line is needed for this category since previously the al-gharimun is for those in debt due to public expenditure such as building mosque, madrasah, school etc. as can be seen from table 3 the number of applicants increases by 1.5% from 862 applicants (2009) to 875 applicants (2010). the data has shown that about 20% of the applicants are unemployed and about 40% earned below bnd$1,000. conclusion though zakah and charity (sadaqah) are normal practices in muslim societies, their emotional implications are far less apparent. receiving charity is not always pleasant, particularly for those whose financial needs force them to shift their respective social status from the donor to a receiver. furthermore, the debtor’s religious life cannot be distanced from the life of the community, which seeks to continually sustain favourable avenues for regarding spiritual and intellectual education, socialization and support. for debtors however, such highly communal religious occasions may turn into causes of embarrassment, increased stress and frustration. should a muslim debts force the muslim to avoid community life, he may then skip a number of communal obligations and would have also consequently violated a number of religious instructions concerning adherence to the jama‘ah (group and community). in the case of brunei darussalam, zakah management has experienced some changes conceptually and by practice after the issues of zakah in 2009. this is especially in relation to al-gharimun category. the debts that considered for zakah eligibility are not only due to public requirements and needs but also considered for personal basic needs. 258 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5092 references al abdin, al-tayib zein, (2002). the distribution of zakah, international training seminar on zakah management, may 20-23, 2002, international islamic university, islamabad, pakistan and islamic research and training institute (idb), pakistan. al-bukhari, muhammad ibn ismail. 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(2010). a tale of two assets: the effects of firm reputation and celebrity on earnings surprises and investors’ reactions. academy of management journal, 53: 1131–1152. a l -i q t is h a d ju rn al il m u e ko n o m i s ya ri ah (j ou rn al o f i sl am ic e co no m ic s) issn: 2087-135x e-issn: 2407-8654 vol. 8 (2), july 2016 published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. a l -iq t is h a d ju rn al ilm u eko n o m i syariah (journal of islam ic econom ics) v o l. 8 (2), ju ly 2016 al iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) is a peer-reviewed journal published by faculty of shariah and law uin syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers both from indonesian and overseas. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014, valid until december 2018. issn: 2087-135x e-issn: 2407-8654 effectiveness of zakah targeting in alleviating poverty in indonesia rahmatina a kasri determinants of liquidity risk in indonesian islamic and conventional banks raditya sukmana, sari suryaningtyas the patronage behaviour of islamic bank’s customer: empirical studies in aceh m shabri abd majid, said zulhanizar the efficiency of zakah institutions using data development analysis aam slamet rusydiana, salman al-farisi the effect of social capital on customer’s repayment rate at islamic microfinance institution jaenal effendi, annisa rindra utami shari’a compliant e-commerce models and customer trust muhammad kholifatul i ardiansyah, yunizar, budi harsanto risk and return: bonds and sukuk in indonesia ahmad rodoni, aris setiawan islamic prayer, spirituality and productivity: an exploratory conceptual analysis m ashraf al haq, norazlina abd wahab, hj abdullah abd ghani, nor hayati ahmad islamic banks service innovation quality: conceptual model tahreem noor khan determinants of the corporate environmental disclosure: study on jakarta islamic index yulianti, leis suzanawaty, zuwesty eka putri, ismawati haribowo indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014, valid until december 2018. al iqtishad has been covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • ebsco (open science directory) • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • indonesia onesearch • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • eurasian scientific journal index • directory of research journal indexing (drji) • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor • international scientific indexing • international innovative journal impact factor (iijif) • journalindex • cosmos impact factor • globethics.net a l -iq t is h a d ju rn al ilm u eko n o m i syariah (journal of islam ic econom ics) v o l. 10 (2), ju ly 2018 al iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) is a peer-reviewed journal published by state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014. the journal had re-accredited by ministry of research, technology, and higher education no. 051/kpt/2017 on december 4, 2017 (valid until december, 2022). the journal indexed by directory of open access journal (doaj), crossref, goggle scholar, isjd, ipi, moraref, etc. issn: 2087-135x e-issn: 2407-8654 a l -i q t is h a d ju rn al il m u e ko n o m i s ya ri ah (j ou rn al o f i sl am ic e co no m ic s) published by: state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist testing of the gold’s role as a safe haven and hedge for sharia stocks in indonesia r. robiyanto who co-moves the islamic stock market of indonesia the us, uk or japan? m. shabri abd. majid causal relationship between islamic bonds, oil price and precious metals: evidence from asia pacific widad metadjer, hadjer boulila spin off feasibility study of sharia financing unit: study in adira finance lita wulandari, hermanto siregar, hendri tanjung a new paradigm in islamic housing: non-bank islamic mortgage egi arvian firmansyah, ardi gunardi consumerism in personal finance: an islamic wealth management approach farisah amanda, bayu taufiq possumah, achmad firdaus financial stability of islamic versus conventional banks in pakistan tanveer abrar, farhan ahmed, muhammad kashif islamic bank service quality and it’s impact on indonesian customers’ satisfaction and loyalty muniaty aisyah consumer’s preference and awareness: comparative analysis between conventional and islamic ijarah auto financing in pakistan imran umer chhapra, afzal ahmed, raja rehan, farasat hussain asymmetric information and non-performing financing: study in the indonesian islamic banking industry ahmad rodoni, bahrul yaman strategy of baznas and laku pandai for collecting and distributing zakah in indonesia kartika andiani, didin hafidhuddin, irfan syauqi beik, khalifah m ali lessons learned of zakah management from different era and countries dian masyita issn: 2087-135x e-issn: 2407-8654 vol. 10 (2), july 2018 indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014. the journal had re-accredited by the ministry of research, technology, and higher education republic of indonesia no. 051/e/kpt/2017 on december 4, 2017 (valid until december, 2022). al iqtishad has been covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • ebsco (open science directory) • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • indonesia onesearch • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • eurasian scientific journal index • directory of research journal indexing (drji) • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor • international scientific indexing • international innovative journal impact factor (iijif) • journalindex • cosmos impact factor • globethics.net indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014. the journal had re-accredited by the ministry of research, technology, and higher education republic of indonesia no. 051/e/kpt/2017 on december 4, 2017 (valid until december, 2022). al iqtishad has covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • ebsco (open science directory) • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • indonesia onesearch • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • eurasian scientific journal index • directory of research journal indexing (drji) • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor • international scientific indexing • international innovative journal impact factor (iijif) • journalindex • cosmos impact factor • globethics.net al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 325 340 received: june 10, 2017; revised: february 10, 2018; accepted: march 5, 2018 stei tazkia. jl. djuanda no. 78, sentul city, bogor, west java, indonesia e-mail: 1farisah.amanda@gmail.com, 2btaufiq@gmail.com, 3achmad.firdaus@tazkia.ac.id doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 abstract. the aims of this study are to understand the causes and impacts of consumerism on personal finance and find the solution to this problem by using islamic wealth management. by using thematic analysis this study reviewing consumerism from the perspective of personal finance in islamic wealth management approach. this study found that the causes of consumerism involve both external and internal factors. the impacts of consumerism on personal finance are the debt trap, no productive and charity allocation. an exact number of maximum consumption cannot be set for every individual or family, but they are all agreed that allocating income should be based on the right priority scale. the second finding is we propose islamic wealth management (iwm) approaches in reducing the problem of consumerism. keywords: consumerism, personal finance, financial planning, islamic wealth management abstrak. tujuan dari penelitian ini adalah untuk mengetahui penyebab dan dampak konsumerisme terhadap keuangan pribadi dan menemukan solusi untuk masalah ini dengan menggunakan pendekatan pengelolaan kekayaan islam. dengan menggunakan analisis tematik studi ini mengkaji konsumerisme dari perspektif keuangan pribadi dalam pendekatan pengelolaan kekayaan islam. studi ini menemukan bahwa penyebab konsumerisme melibatkan faktor eksternal dan internal. dampak konsumerisme terhadap keuangan pribadi adalah: perangkap hutang, tidak ada alokasi produktif dan amal. jumlah konsumsi maksimum pasti tidak dapat ditetapkan untuk setiap individu atau keluarga, namun mereka semua sepakat bahwa mengalokasikan pendapatan harus didasarkan pada skala prioritas yang tepat. temuan kedua adalah kami mengusulkan pendekatan islamic wealth management (iwm) dalam mengurangi masalah konsumerisme. kata kunci: konsumerisme, keuangan pribadi, perencanaan keuangan, manajemen kekayaan islam how to cite: amanda, f., possumah, b. t., & firdaus, a. (2018). consumerism in personal finance: an islamic wealth management approach. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 325 – 340. doi: http://dx.doi.org/10.15408/aiq.v10i2.5518. consumerism in personal finance: an islamic wealth management approach farisah amanda1, bayu taufiq possumah2, achmad firdaus3 326 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 introduction the financial industry in the modern world has developed and created a vast amount of sophisticated products. it provides people with various kinds of financial products, while not every product suitable for everyone. this is rising the most fundamental process that generates consumerism is the nature of profit-maximizing competition in a capitalist economy. one of the great virtues of capitalism is that the competition among firms puts pressures on firms to innovate, and many of these innovations increase productivity over time to satiate the consumers. alongside, the emergence and development of consumer culture have widespread throughout the world. consumerism as the main value of consumer culture has become an international phenomenon (stearns, 2001). industrial era with globalization and capitalism helped promote consumerism as a part of the modern world (kasser and kanner, 2004). despite the advantages, consumerism also brings numerous perceived problems to the society. among the issues are mentioned here as: first, the shift of value away from traditional kinship and religious values into the value of consumerism (heryanto, 2004). second, inequality in income, wealth, and power (dowd, 2009); and, third, a new kind of poverty of flawed consumer (bauman, 2005). the term consumerism used in this study is defined as excessive materialism and a waste of resources (swagler, 2005). in individual level, negative feeling towards oneself causes consumerism; and as a result, psychological well-being cannot be achieved (kasser, 2004). in personal finance perspective, financial literacy can be used to counterbalance consumerism and to put it into perspective in managing personal finance. it is very unfortunate that there is no sufficient amount of personal finance education to help boost financial literacy available in the system. in another hand, islam as a comprehensive religion should be able to provide a solution for every problem in human life, including the problem of consumerism. this is also in accordance to the fact that in islam, the concept of economic development is comprehensive and integrated between aspects of moral, spiritual, material, social, and economic (possumah et al., 2012). hence, since the studies on consumerism are rarely touched by religious aspect, the contribution of this study is bringing the issues of consumerism into financial management issues especially on how literately muslim consumers in their behavior. literature review consumerism and consumer behavior study consumer behavior is interdisciplinary and is based on concepts and theories developed by scientists, philosophers and researchers in diverse disciplines as well as 327 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 farisah amanda. consumerism in personal finance have become an integral part of the economics discipline. in the field of economics consumer behavior defined as the study of the processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires (solomon, 2013). there are five stated individual determinants of consumer behavior: motivation and involvement, personality and self-concept, perception and information processing, learning and memory, attitude formation and change. while external influences on consumer behavior consist of reference group and family, social class, culture, subculture (taylor and overbey, 1999; wrenn, 2013). the external and internal factors mentioned are involved in a consumer decision-making process (essoussi and linton, 2010). one of the factors is motivation, which refers to the processes that cause people to behave as they do. motivation occurs when a need is aroused that the consumer wishes to satisfy, and a need can be utilitarian, or it may be hedonic (o’neill et al., 2000). a utilitarian need is a desire to achieve some functional or practical benefit, while a hedonic need is an experiential need, involving emotional responses or fantasies. a want is a manifestation of a need, which is the particular form of consumption used to satisfy a need, it is influenced by factors such as cultural, religious, ethnic, or national background (solomon, 2013). maslow’s hierarchy of needs implicates that one must first satisfy basic needs before progressing up the ladder of needs. the hierarchy starts with lower-level needs to upper-level needs: physiological, safety, belongingness, ego needs, and self-actualization. materialism, which refers to the importance people attach to worldly possession, may be considered a more general value underlying other consumer values, reassuring that an obvious way of realizing one’s values is through consumption (solomon, 2013). these statements of consumer behavior are all based on the study of the western society mainly europe and america. the problem arises when widely accepted theories of social change have limited applicability for critical analysis of the consumerism (see basgöze and tektas, 2012). since the 1980s a rich body of theories of social change has emerged in the fields of social movement studies, organizational theory, economic sociology, historical institutionalism in political science, as well as the most recent effort to develop a unifying synthesis of those (fligstein and mcadam, 2012 cited in halina and vergragt, 2015). hence this study attempt to elaborate the issue in rarely touched approach, because we believe that the belief, ethics and social responsibility should also be integral components of every consumption decision is embodied in a revised wealth or financial planning concept. 328 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 personal financial planning in the eye of islamic wealth management (iwm) wealth management, in general, is defined as the process of managing assets of individual or family that has used, and the value can increase or decrease over time (manurung, 2008). while wealth management as a study is defined as a study of how to protect and save wealth, how to generate and accumulate wealth, and how to pass wealth and facing transition and retirement (indrajit, 2011). islamic wealth management consists of islamic financial planning and investment portfolio management. financial planning is a discipline of wealth management that applies to the unique needs and concerns of each respectively. the components of islamic financial planning should include, but not limited to these areas: wealth generation, wealth protection, wealth accumulation, wealth purification, and wealth distribution as shows in figure 1 (shafii et al., 2013). if we review some literature by scholars, we can shortlist significant elements of islamic management of wealth categorized are: first, use wealth to obtain the blessings of allah and strengthens faith in allah, also cleansing oneself from greed. second, responsibility towards family. third, mandatory social obligations such as tax. fourth, productive role in stimulating economic growth, improving efficiency and productivity, spend on research and development. fifth, voluntary social responsibility to eradicate poverty and ignorance. sixth, leadership role in protecting islam, fight against injustice and exploitation, improve morality and market economy (qardhawy, 1997; mannan, 1986; kahf, 1995). figure 1. components of islamic financial planning source: shafii et al (2013). 329 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 farisah amanda. consumerism in personal finance personal finance in economic theory viewed as an application of the principles of finance, resource management, consumer education, and the sociology and psychology of decision making to the study of the ways that individuals, families, and households acquire, develop, and allocate monetary resources to meet their current and future financial needs. while personal financial planning is defined as the process of managing one’s money to achieve personal economic satisfaction. every person, family, or household has a unique financial position, and any financial activity, therefore, must also be carefully planned to meet specific needs and goals. the financial planning process is a logical, six-step procedure that can be adapted to any life situation. the process involves: determine the current financial situation, develop financial goals, identify alternative courses of action, evaluate alternatives, create and implement your financial action plan, review and revise the financial plan (kapoor et al., 2012). in islam, the next verses are encouraging muslims to plan for their life by working hard, spending moderately and saving for their future, that there are always uncertainties in life (shafii et al., 2013). al-qur’an surah yusuf (12) verses 47-49 translated as follows: (47) (yusuf ) said: “for seven years shall ye diligently sow as is your wont: and the harvests that ye reap, ye shall leave them in the ear,except a little, of which ye shall eat. (48) “then will come after that (period) seven dreadful (years), which will devour what ye shall have laid by in advance for them,(all) except a little which ye shall have (specially) guarded. (49) “then will come after that (period) a year in which the people will have abundant water, and in which they will press (wine and oil).” and the next verse in al-qur’an surah at-takatsur (102) verse 8 translated as follows: “then, shall ye be questioned that day about the joy (ye indulged in!).” the verse is a sharia base that man will be held accountable (judged) later on the judgment day of indulgence that has been given to him in the world (nizhan, 2011). included among the indulgences given is in the form of a treasure. all muslims, regardless of their economic status, is required to manage their wealth properly as they have responsibility for both their assets and liabilities (shafii et al., 2013). the following hadith mention that humans will be liable for wealth: first, how was the wealth obtained; second, how was it spent. hr al-tirmizi no. 2417 translated as follows: both feet of a servant will not move on the judgment day until we asked about his age to what he spent, about his knowledge of what he practiced, about where he got his money from and where he spent them on, as well as about his body for what he used. 330 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 method qualitative approaches are incredibly diverse, complex and nuanced (holloway and todres, 2003), and thematic analysis should be seen as a foundational method for qualitative analysis. the approach chosen will take into account the purpose of the research, the role of the researcher, the data collected, method of data analysis, and how the results will be presented. therefore to reach the objectives of research, this study consists of two steps in analyzing the phenomenon of consumerism through the perspective of personal finance. firstly, analyzing the causes of consumerism and its impacts on personal finance. secondly, proposing personal financial planning in islamic wealth management concepts to create a solution for the problem of consumerism in personal finance. this paper mainly focuses on indonesia; therefore the research uses primary data sources, which consists of renowned ten informants of personal financial planning consultants, three key informants of islamic economics academicians in indonesia, and ten kinds of the literature of islamic economics. the informants and critical informants are considered as experts in the field of personal financial planning and islamic economics in indonesia. data collected are analyzed using thematic analysis method. thematic analysis method has 6 phases in analyzing qualitative data. they are: first, familiarizing with data; second, generating initial codes; third, searching for themes; fourth, reviewing themes; fifth, defining and naming themes; sixth, producing the report (braun and clarke, 2008). result and discussion the root of consumerism most of our decades thoroughly with the sustainability discourse which incorporated the concepts of good life, wellbeing, and happiness as part of the economic development paradigm as a path toward societal welfare. it is not surprising that prosperity is also measured by the extent to which our society meets its consumption, which we unwittingly have built a consumerist society. consumer society, in fact, is a complex system of technology, culture, institutions, markets, and dominant business models. it is driven by the ideology of neoliberalism and infinite growth. it has evolved through the sophisticated exploitation of the fundamental human quest for a meaningful life and wellbeing (skidelsky and skidelsky, 2012 as cited in halina and vergragt, 2015). consumerism in the society is caused by a series of relevant factors that are connected to each other. the increase of people with middle-level income creates demand for consumption. this higher demand encourages an increase in the supply 331 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 farisah amanda. consumerism in personal finance of goods and services. macroeconomics condition with international debts and agreements are also causing an increase in the supply of goods and services. easy access to consumer credit then follows the vast availability of supply. advertisements in mass media and messages in social media promote a consumptive lifestyle. in another hand, there is no sufficient personal financial education both formally and informally. these create individuals with low self-control for overconsumption who cannot differentiate between needs and wants. one more cause is because muslims do not manage their finance by islamic principles. figure 2. factors causing consumerism divided into two categories factors mentioned above can be divided into two major categories: first, external factors; and; second, internal factors. external factors consist of encouragement to consume in the form of income level rise, availability of supply, macroeconomic conditions, and easy access to consumer credit, advertisements, promotion in social media, and the lack of personal finance education. internal factors that cause consumerism are the low level of financial literacy causing incapability to manage personal finance, and not using islamic principles as a basis for managing personal finance. the themes of these causes will be described in the next part. (see figure 2) the lack of personal financial education both formally and informally causes low financial literacy in the society. one thing can prove the unavailability of sufficient personal finance education in formal school; personal finance is not a subject that can be found in the curriculum of elementary school until higher education such 332 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 as high school and universities. while informal education for muslims society in indonesia, mainly centered in masjids and masjid-centered informal school, do not discuss much how to manage personal finance. within the families, most parents never discussed personal finance with the children because it is considered a secret. in the real world, everybody is exposed to sophisticated advertisements depicting happiness can be bought by consumptions. unaware of this hidden message, society perceives that someone who can buy a lot of things is a successful person. communication in social media also encourages consumption by promoting the consumptive lifestyle. the advances in technology help facilitate advertisements and social media communication on promoting the consumptive lifestyle. macroeconomics condition contributes to the raised consumption level in personal finance. among the relevant factors are personal income level, policy on imported goods, distribution of consumer goods, the shift of economic base, and policy of consumer credit. personal income level has risen in the last decade, and thus more money can be used for consumption. it is supported by the vast and widespread availability of consumer goods facilitated by the policy on imported goods into indonesia and the better distribution of goods across indonesia. that was also as a consequence of the shift from the agricultural-based economy into the industrial-based economy. and then, easy access to consumer credit allows the formerly unaffordable items turned into affordable items for more consumers. the above external aspects altogether added by internal drive created individuals with low level of financial literacy. low level of financial literacy is causing incapability to manage personal finance. not being able to differentiate between needs and wants, and not having the right sense of financial priorities show the incapability. an added point of view is that consumerism in muslims community happened because the muslims do not practice islamic teachings comprehensively. they do not manage their wealth according to islamic principles. they also adopt a trending consumer lifestyle without considering if the new lifestyle is one that is encouraged by islam or not (basri, 2007). negative impacts of consumerism consumerism brings numerous negative impacts. the negative impacts affect both the society in general and the individuals’ finance. negative impacts of consumerism on individuals’ finance reported are an imbalance, debt trap, no long-term financial goals, no productive and charity allocation. while taking in a broader range, consumerism has negative impacts on personal condition of muslims in general and on society. imbalance in personal finance is the condition where income statement and costs structure in a personal financial report is not 333 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 farisah amanda. consumerism in personal finance compatible. consumerism for some individuals could trigger the habit of spending more than income. the number of total consumption costs is bigger than the number of personal income. if such condition continues, one could fall into a debt trap. debt trap defines the condition of dependence on debt for consumption. in severe cases of the debt trap, it could eventually scrape into existing personal assets for individuals who started with a high number of personal assets. in personal finance that has corrupted with uncontrolled consumerism, income allocation is only concentrated on short-term consumption based on both needs and wants. spending on wants is done without paying attention to long-term financial needs such as education and retirement preparation. saving and investment goals for long-term financial needs cannot be achieved. focusing on consumption also make people forgetting the need to allocate income for productive and charity purposes. the importance of allocating personal income for productive and charity purposes in islam will be understood by understanding the further explanation in the next part. figure 3. negative impacts of consumerism on personal finance in islamic perspective, negative impacts of consumerism on individuals and society cannot be separated because society is built from a group of individuals. these are the negative impacts: it is a tool for committing sins, brings concerns and serious problems to individuals and family, a waste of wealth, hindering from the remembrance of allah, creating hatred and jealousy from the poor to the wealthy, boosting inflation. all of these problems causes mischief and destruction, corrupting worldly and religious matters, boosting wealth inequality, economics imbalance, resources scarcity, wealth distributed within forbidden sectors and distributed unevenly. for the summary it shows at figure 3. 334 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 bringing wealth back into islamic perspective basically the problem of consumerism is muslims do not practice islamic teachings comprehensively, implied two important points that we must consider, ignorance and neglect. therefore bringing back the concept of wealth and how to manage it islamic teaching is really substantial matters. fundamentally, the concept of wealth in islam is described in four main themes of: wealth itself, rizqi, blessings, and standard of sufficiency. these concepts are specifically taken from the perspective of islamic wealth management and islamic view on work (possumah, et. al, 2012). in islam, wealth is translated from the word al-mal, which has meaning of lean, tend, and slant. by definition, wealth is something that has material values and can be owned, used, and kept or saved according to islamic sharia law (ismail, 2014). main points of wealth in islam are (ismail, 2014): first, the absolute ownership of wealth is in allah’s hand; second, wealth is a favor from allah; third, wealth is a main pillar of dakwah; fourth, wealth as a means to achieve al falah. allah is the absolute owner of all wealth, and while in the world human is being given wealth as a favor from allah. this is a consequence of tauhid, one who claim islam, as ones religion should believe this. and as a manager of allah’s wealth, human must manage wealth according to the rules set by the owner. one way to spend wealth is to facilitate dakwah in order to achieve welfare and well being of human in this world and in the hereafter. one absolute thing about rizqi is that it is predestined by allah and cannot be affected by human’s effort (asy-sya’rawi, 1993). rizqi in islam is defined as something that can be used and taken benefit and advantage by human infallibly, regardless both haram or halal and good or bad (asy-sya’rawi, 1993). the benefit refers to two forms: first, material benefit to be used to survive; second, benefit of values to enrich life. in terms of wealth, there are two kinds of rizqi: positive and negative. positive rizqi is the condition where one’s income is always surplus. negative rizqi is the condition where one’s income is wasted on unimportant things and always minus. one main principle to follow in managing wealth is that it should be spent based on the right priority scale according to islamic law so that it evokes more blessings, or berkah, from allah (asy-sya’rawi, 1993). standards of sufficiency and wealth are measured by social custom and convention instead of by language or sharia law (al-asyaqar, 2006). criteria for sufficiency are everything that perfectly meets the basic needs of human being and is able to alleviate human life into a decent level (lam bin ibrahim, 2005). while someone is said to be wealthy when one has more than one need. worthy wealth for muslims are the ones that meet these criteria: first, more than enough to meet basic needs of an individual and family; second, can facilitate a comfortable life in a clean 335 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 farisah amanda. consumerism in personal finance and nice environment; third, able to fund education; fourth, can grow business or facilitate effort of earning a living; fifth, no need to worry about financial future; sixth, can afford to be generous; seventh, able to provide time for self-development; eight, enough fund for the future of family and religion; ninth, using wealth productively instead of wasting it, (10) able to provide time for cultural development. personal financial planning as eliminator in the effort of eliminating negative impacts of consumerism on personal finance, concepts of personal financial planning can contribute greatly (aldridge, 1997). by planning personal finance, enables individuals and family to: prepare fund for short term and long term needs, make financial priorities, anticipate the risk of loss, differentiate needs and wants, consume only what is needed, escape from the lifestyle trap of excessive consumption, understand financial instruments as means to achieve financial goals, view wealth proportionally and aware of personal financial position. a well-managed wealth would benefit human life through promoting wealth distribution and equality, while a poorly managed wealth would results in inequality and misery. mu’awiyah, an islamic classic leader, said that management of wealth is half of the effort in earning livelihood (syahatah, 1998). this has an even bigger effect if financial planning is practiced within family; it involves financial education to the children as early as possible and will create financially responsible adults. in order to achieve a solution, personal income should be allocated for various aspects and should not be all spent on consumption. an exact number of maximum consumption cannot be set for every individual or family because personal finance is unique to each condition. one thing to be agreed upon is the main rule in personal financial planning, which is to allocate income based on the right priority scale. the percentage set by personal financial planning consultants as a maximum limit for consumption are ranged from 40%, 75%, 87,5%, and 90% out of total personal income. regulating consumption behavior by islamic wealth management (iwm) approach to regulate the consumer behavior of human in managing the sufficiency of wealth, especially in personal finance, iwm has three principles that can be used as a foundation for consumption in personal finance. the three principles are: first, halal and good; second, moderation; and; third, balance. muslims should only consume what islamic sharia law allows; this is called halal. principle of halal should not only be applied in consuming food, but also for every aspects of personal consumption. a share of personal income for consumption should only 336 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 be allocated into halal things, and none can be allocated into forbidden or haram things. consuming halal things is not done without limitation (basri, 2007). there are certain rules and boundaries to follow, which are to consume thayyib things. thayyib things are good, pure, and clean. by allocating personal income into consuming things that are allowed, good, pure, and clean, muslims hope to achieve allah’s blessings in their lives. moderation means a condition between insufficient and excessive. allocating a share of personal income for consumption should be done moderately, by avoiding both excessive spending and insufficient spending. excessive spending is a lifestyle that corrupts soul, wealth, and society. insufficient spending (miser) is a lifestyle that detains, freezes, and makes idle wealth (lam bin ibrahim, 2005). balance in personal finance means that there is a match between the amount of income and the amount of spending (syahatah, 1998). personal spending should never exceed personal income. providence in consumption will results in economic balance. extensions to this principle are balance between: spending for personal needs and social charity, spending for short term needs and long term needs. in islamic wealth management insight, there are some applied concepts specifically can be used in an effort to eliminate negative impacts of consumerism on personal finance. the specific concepts are listed as follows: hierarchy of consumption, differentiate between needs and wants, modest lifestyle, prohibition of luxurious and redundant lifestyle, avoid debts, priorities in consumption and maqashid sharia, zakat and shadaqoh. hierarchy of consumption in islamic wealth management explains the levels of consumption started from the lowest level of zero to the highest level of infinite (basri, 2007). a consumption level equal zero is something that is neither encouraged nor allowed in islam, because it could bring destruction to human life. an allowed level of consumption started from having to consume to be able to survive, this is fardhu ‘ain, a must for every human. another allowed and encouraged level is consuming sufficiently, which is mubah and fardhu kifayah for muslims. the allowed and encouraged level ends at the level of consuming a lot that is explained by the term sarof. israf is consuming excessively and more than standard needs. all area of consuming excessively is not allowed in islam and considered as a nonislamic lifestyle. in islamic microeconomics, consumption closely related to concepts of needs (hajat), wants (raghbah), and lust or passion (shahwat). needs is what human had to consume to be able to survive and to take care of their responsibilities. wants refers to non-essential goods and services but are important for human living standard. passion or lust is the human love for luxurious things and services (mobley et.al, 337 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 farisah amanda. consumerism in personal finance 1995). consumption for muslims shouldn’t be done without value but should be done with ibadah as a motive. spending personal income for consumption based on needs and wants is allowed, while consumption based on passion or lust should be done cautiously (basri, 2007). modest is a moderate and balance lifestyle. modest is used to explain a spending habit that is neither spendthrift nor miserly, between tabdzir and bakhil. tabdzir is using something not in its place, while bakhil is restraining from spending personal wealth. islam promotes modest and unpretentious lifestyle as opposed to the extravagant, flamboyant, and arrogant lifestyle. with modest lifestyle, exploitation and waste of resources can be minimized (basri, 2007). allah loves beautiful things, and an islamic perspective on comfortability in life is cleanliness and tidiness. luxury is not something that is absolutely prohibited in islam, but it is allowed with a few rules. firstly, luxury is only allowed for those who can afford it or in other word for wealthier people. secondly, it should be completely free from the intention to show off wealth to other people. displaying luxurious things with the intention to show off in the middle of poor community could bring social jealousy and in the end causes social damage. thirdly, the luxury consumed should also be something that is needed, because spending for something useless is not allowed even if one can afford it. avoiding debt trap is one important part in an integral concept of islamic wealth management. taking debts over unimportant things are highly discouraged. islam originally allows debts, but it is only a solution for when there is none other alternative other than taking debts. it is done with restriction of: first, every debt transaction should be noted and witnessed; second, debtor should have an intention of paying back, borrowing without intention to pay back is not allowed. study of maqashid sharia or the objectives of islamic law can be used as a priority scale in consumption (ismail, 2014). maqashid sharia consists of dharuriyah, hajjiyah, and tahsiniyyah. dharuriyah is basic necessities in islamic perspective; this includes preservation of faith, soul, wealth, mind, offspring, and honor. hajjiyah is needs or requirements which aim at facilitating life or removing hardships in meeting the necessities. tahsiniyyah is meant to compliment the fulfilment of necessities and needs. priority scale in allocating personal income should starts from the fulfilment of obligation (fard al-‘ayn), followed by allocation for encouraged activities (mandub), and allowed activities (mubah). in essence, rizqi of a human goes only in three ways (asy-sya’rawi, 1993): (1) what they eat will end up as a human waste, (2) what they use will end up as garbage, and (3) what they give to other people as charity will be long lasting forever until beyond the end of human time in this world. this is a concept that should be 338 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 remembered by every muslim. zakat is something that must be paid by muslims who has fulfilled the requirement in islamic laws. for summary, the solution of islamic wealth management can be seen in figure 4. figure 4. islamic wealth management as solution for consumerism conclusions consumerism that is caused by internal and external factors has negative impacts on the condition of personal finance. islamic wealth management provided the solution for the problem of consumerism on personal finance through understanding fundamental concepts of islamic wealth management, practicing financial planning, and using principles of consumption to avoid consumerism. iwm has three principles that can be used as a foundation for consumption in personal finance. the three principles are (1) halal and good, (2) moderation, and (3) balance. when these principles applied to regulate the consumer behavior of the human in managing the sufficiency of wealth, especially in personal finance, normatively we believe that consumerism issues would be reduced. but, since this study has a limitation of collecting data only from secondary sources, a conclusion taken from the descriptive qualitative discussion as above. therefore for further study, researchers could do a case study of islamic wealth management concepts used to counteract negative impacts of consumerism on personal finance. 339 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5518 farisah amanda. consumerism in personal finance references al-asyaqar, s. 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(2013). consumer behavior: putting theory into practice (fifth edition). new jersey: textbook media press. 252 sanusi, mahmood m., gold dinar, paper currency, and monetary stability, an islamic view, international conference on stable and just global monetary system, viability of the islamic dinar, kuala lumpur-malaysia, 2002. siddiqi, m. nejatullah, role of the state in the economy: an islamic perspective, the islamic fondation, leicester uk, 1996. zarqa, anaz, a partial relationship in a muslim's utility function, readings in microeconomics: an islamic perspectivew, longman malaysia, kuala lumpur, 1992. peraturan perundang-undangan: uu nomor 17 tahun 2003 tentang keuangan negara. pasal 15 ayat 4. uu nomor 47 tahun 2009 tentang apbn 2010. pasal 23 ayat 2 & 3. zakat, infak, dan sedekah: modal dan model ideal pembangunan ekonomi dan keuangan modern muhammad amin suma abstract: zakâh, infâq, and shadaqah: the capital and ideal model of modern finance and economic development. zakat is the designation for a particular property that intentionally released to be channeled to mustahiq. other financial types that always accompanies or included with it are zakat, infak and sedekah. zis funds can be considered as a triad of economic resources and short-term islamic finance in synergy with other funding sources, such as grants, wills, and endowments-oriented for long-term interests. in addition to its management structure and mechanism is relatively simple and efficient, zakâh can be said always completely ready to cope with urgent needs. zis funds in enforceability of all peoples and muslim nations showed that zakâh system appropriate to be used as capital and financial economic model and the most modern of all time. keywords: zakat, infak, sedekah, muzakkî, mustahiq abstrak: zakat, infak, dan sedekah: modal dan model ideal pembangunan ekonomi dan keuangan modern. zakat adalah sebutan bagi harta tertentu yang sengaja dikeluarkan untuk disalurkan kepada mustahiq. jenis keuangan lainnya yang selalu menyertai zakat atau disertakan dengannya adalah infak dan sedekah. dana zakat, infak, dan sedekah dapat dikatakan sebagai tiga serangkai sumber ekonomi dan keuangan islam jangka pendek yang bersinergi dengan sumber-sumber dana lainnya, seperti: hibah, wasiat, dan wakaf yang berorientasikan jangka panjang. selain bentuk dan mekanisme pengelolaannya yang relatif sederhana dan efisien, dana zis dapat dikatakan selalu serbasiap. keberlakuan dana zis di semua bangsa dan negara islam/muslim menunjukkan kelebihan sistem dana zis yang tepat untuk dijadikan modal dan model ekonomi dan keuangan yang paling modern sepanjang zaman. kata kunci: zakat, infak, sedekah, muzakkî, mustahiq naskah diterima: 23 febrari 2013, direvisi: 8 juni 2013, disetujui: 13 juni 2013  fakultas syariah dan hukum uin syarif hidayatullah jakarta. jl. ir. h. juanda 95, ciputat, jakarta. e-mail: aminsuma@yahoo.com muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 254 pendahuluan di antara tujuan utama dan pertama dalam suatu masyarakat di dunia ini ialah menghendaki kehidupan yang sejahtera dan bahagia. dalam tradisi masyarakat muslim, kebahagiaan hidup yang dimaksud lazim diistilahkan dengan kebahagiaan dunia dan akhirat (sa‘âdah al-dârayn), sebagaimana terlegendakan dalam doa, ‚rabbânâ âtinâ fi al-dunyâ hasanah wa fi al-âkhrah hasanah wa qinâ ‘adzâb al-nâr‛, (wahai tuhan kami, beri kami kebahagiaan di dunia dan kebahagiaan di akhirat, serta jauhkan kami dari siksaan api neraka).1 untuk mencapai kehidupan yang sa‘âdah al-dârayn, islam—di bawah kepe-mimpinan muhammad saw. berdasarkan wahyu allah swt.—telah meletakkan kerangka dasar bangunan perekonomian dan sistem keuangan yang benar-benar standar, sistemik, baku, serta abadi. bangunan kokoh ekonomi dan keuangan yang dimaksud salah satunya adalah melalui institusi zakat, yang disyariatkan sejak tahun kedua hijrah, berdekatan waktunya sebelum pewajiban ibadah puasa.2 zis (zakat, infak, dan sedekah) ini dijalankan oleh komunitas muslim di seluruh penjuru dunia, termasuk di indonesia yang potensi dana zisnya benar-benar menjadi primadona dunia islam disebabkan jumlah penduduk muslimnya yang terbesar di seluruh dunia. risalah ini mencoba mengungkap perihal dana zis dengan pendekatan yang lebih utuh dan menyeluruh sebagai salah satu bangunan ekonomi dan keuangan yang benar-benar bisa dijadikan contoh modal dan sekaligus model ekonomi dan keuangan yang mengedepankan asas ekonomi dan keuangan yang benar-benar makmur, adil, dan merata. zakat dan kebenaran pemaknaannya kata al-zakâh (الزكاة), yang dalam alquran diulang-ulang sebanyak 32 kali dalam 19 surah dan 32 ayat, rata-rata digandengkan dengan kata al-shalâh (الصالة) yang dalam alquran kata ‚shalâh‛ juga diulang-ulang lebih banyak lagi, hingga 67 kali. belum termasuk kata ‚shalawât‛ (bentuk jamak dari kata shalâh), sebagaimana yang termaktub dalam surah al-mu’minûn [23]: 9. perangkaian kata zakat dengan kata ‚shalâh‛, ini menunjukkan bahwa salat dan zakat adalah dua hal berbeda yang harus selalu menyatu (disatukan). terkait dengan kesatuan salat dan zakat, ‘abd allâh ibn mas‘ûd pernah berujar, ‚kalian umat islam diperintahkan supaya menegakkan salat dan menunaikan zakat. siapa yang tidak berzakat, 1 baca, q.s. al-baqarah [2]: 201. 2mushthafâ al-khinn, mushthafâ al-bugha, dan ‘alî al-syarbajî, al-fiqh al-manhajî ‘alâ madzhab al-imâm al-syâfi‘î, (damsyiq: dâr al-qalam, 1432 h/2011 m.), jilid i, h. 271; ibn ‘âbidîn (muhammad amîn), hasyiyah radd al-mukhtâr ‘ala al-durr al-mukhtâr syarh tanwîr al-abshâr, (bayrût-lubnân: dâr al-fikr, 1425-1426 h/2005 m), juz ii, h. 278. al-iqtishad: vol. v, no. 2, juli 2013 255 pendahuluan di antara tujuan utama dan pertama dalam suatu masyarakat di dunia ini ialah menghendaki kehidupan yang sejahtera dan bahagia. dalam tradisi masyarakat muslim, kebahagiaan hidup yang dimaksud lazim diistilahkan dengan kebahagiaan dunia dan akhirat (sa‘âdah al-dârayn), sebagaimana terlegendakan dalam doa, ‚rabbânâ âtinâ fi al-dunyâ hasanah wa fi al-âkhrah hasanah wa qinâ ‘adzâb al-nâr‛, (wahai tuhan kami, beri kami kebahagiaan di dunia dan kebahagiaan di akhirat, serta jauhkan kami dari siksaan api neraka).1 untuk mencapai kehidupan yang sa‘âdah al-dârayn, islam—di bawah kepe-mimpinan muhammad saw. berdasarkan wahyu allah swt.—telah meletakkan kerangka dasar bangunan perekonomian dan sistem keuangan yang benar-benar standar, sistemik, baku, serta abadi. bangunan kokoh ekonomi dan keuangan yang dimaksud salah satunya adalah melalui institusi zakat, yang disyariatkan sejak tahun kedua hijrah, berdekatan waktunya sebelum pewajiban ibadah puasa.2 zis (zakat, infak, dan sedekah) ini dijalankan oleh komunitas muslim di seluruh penjuru dunia, termasuk di indonesia yang potensi dana zisnya benar-benar menjadi primadona dunia islam disebabkan jumlah penduduk muslimnya yang terbesar di seluruh dunia. risalah ini mencoba mengungkap perihal dana zis dengan pendekatan yang lebih utuh dan menyeluruh sebagai salah satu bangunan ekonomi dan keuangan yang benar-benar bisa dijadikan contoh modal dan sekaligus model ekonomi dan keuangan yang mengedepankan asas ekonomi dan keuangan yang benar-benar makmur, adil, dan merata. zakat dan kebenaran pemaknaannya kata al-zakâh (الزكاة), yang dalam alquran diulang-ulang sebanyak 32 kali dalam 19 surah dan 32 ayat, rata-rata digandengkan dengan kata al-shalâh (الصالة) yang dalam alquran kata ‚shalâh‛ juga diulang-ulang lebih banyak lagi, hingga 67 kali. belum termasuk kata ‚shalawât‛ (bentuk jamak dari kata shalâh), sebagaimana yang termaktub dalam surah al-mu’minûn [23]: 9. perangkaian kata zakat dengan kata ‚shalâh‛, ini menunjukkan bahwa salat dan zakat adalah dua hal berbeda yang harus selalu menyatu (disatukan). terkait dengan kesatuan salat dan zakat, ‘abd allâh ibn mas‘ûd pernah berujar, ‚kalian umat islam diperintahkan supaya menegakkan salat dan menunaikan zakat. siapa yang tidak berzakat, 1 baca, q.s. al-baqarah [2]: 201. 2mushthafâ al-khinn, mushthafâ al-bugha, dan ‘alî al-syarbajî, al-fiqh al-manhajî ‘alâ madzhab al-imâm al-syâfi‘î, (damsyiq: dâr al-qalam, 1432 h/2011 m.), jilid i, h. 271; ibn ‘âbidîn (muhammad amîn), hasyiyah radd al-mukhtâr ‘ala al-durr al-mukhtâr syarh tanwîr al-abshâr, (bayrût-lubnân: dâr al-fikr, 1425-1426 h/2005 m), juz ii, h. 278. maka itu tandanya tidak salat.‛3 secara literal, zakat berarti tambah (al-ziyâdah), tumbuh, subur, dan berkembang (al-nama’). sedangkan secara harfiah, zakat berarti: bersih/suci (althahârah), berkah (al-barkah), rapi, patut, dan damai atau (al-shalâh).4 dalam terminologi para ulama syariah/fikih, zakat diartikan sebagai: ‚nama/titelatur bagi sesuatu harta-kekayaan yang dikeluarkan oleh seseorang dari hak allah untuk disalurkan kepada kaum fuqarâ’.5 atau, zakat dalam perspektif syarak digunakan untuk menyebutkan nilai/harga yang ditentukan dari harta yang allah fardukan (wajibkan) untuk disalurkan kepada para mustahiq zakat.6 kalangan ulama hanâbilah, mentakrifkan zakat dengan, ‚hak yang wajib ditunaikan terkait dengan harta tertentu untuk kelompok tertentu dan di waktu yang tertentu pula.‛7 harta ini dinamakan zakat, kata ibn qudâmah (541-620 h), karena harta zakat dapat menumbuhsuburkan harta kekayaan. hal senada dikemukakan mushthafâ al-khinn dkk, ketika mereka menyatakan bahwa harta ini dinamakan zakat, mengingat harta asalnya tetap tumbuh karena keberkahan pengeluaran zakat, di samping karena doa orang yang mengambilnya. sementara pada saat yang sama, zakat juga menyucikan semua harta yang masih tersisa dari kemungkinan syubhât yang menyelimuti.8 bahkan, zakat dapat pula membersihkan jiwa muzakkî-nya sebagaimana firman allah, ‚qad aflah man zakkâhâ (sungguh beruntung (berbahagia) orang yang membersihkan jiwanya).9 senafas dengan beberapa definisi fukaha di atas, undang-undang republik indonesia no. 38 sebagaimana diubah dan ditambah dengan uu ri no. 23 tahun 2011 tentang pengelolaan zakat, zakat diformulasikan sebagai harta yang wajib dikeluarkan oleh seorang muslim atau badan usaha untuk diberikan kepada yang berhak menerimanya sesuai dengan syariat islam.10 secara substantif, pada dasarnya sama dengan beberapa formula zakat yang dirumuskan pakarpakar hukum islam klasik maupun kontemporer. bedanya, para ulama dahulu sesuai dengan kondisi yang ada, hanya meletakkan pewajiban zakat kepada 3yûsuf al-qaradhawî, fiqh al-zakâh, bayrût, (lubnân: mu’assasah al-risâlah, 1418 h/1997 m) jilid i, h. 64. 4baca beberapa kamus dan kitab-kitab fikih terkait dengan makna harfiah maupun istilah zakat/al-zakâh ini. 5al-sayyid sâbiq, fiqh al-sunnah, (bayrût, lubnân: dâr al-jayl, 1973), jilid i, h. 327. 6yûsuf al-qaradhawî, fiqh al-zakâh, jilid i, h. h. 37-38. 7‘abd al-rahmân al-juzayrî, al-fiqh ‘alâ madzâhib al-arba‘ah, jilid i, h. 590. 8mushthafâ al-khinn, mushthafâ al-bughâ, dan ‘alî al-syarbaji, al-fiqh al-manhajî ‘alâ madzâhib al-imâm al-syâfi‘î, jilid i, h. 271. 9perhatikan q.s. al-syams [91]: 9. 10 uu ri no. 39 tahun 1998 sebagaimana sudah ditambah dengan uu ri no. 23 tahun 2011 tentang pengelolaan zakat, pasal 1, angka 2. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 256 orang-perorangan secara individu (wâjib ‘ayn). sementara peraturan perundangundangan kini melibatkan kewajiban zakat terhadap badan usaha yang dimiliki orang-orang muslim. dari pengertian zakat di atas, dapatlah dikemukakan bahwa harta zakat pada hakikatnya adalah harta/dana yang diperoleh dari orang-orang muslim perorangan maupun kolektif (badan usaha) yang dihimpun, dikelola, dan disalurkan secara profesional, prosedural, dan proporsional oleh perorangan maupun terutama oleh lembaga tertentu yang memiliki kewenangan untuk itu. pengelolaan zakat, infak, dan sedekah di indonesia sebagaimana diatur dalam undang-undang republik indonesia nomor 23 tahun 2011, dilaksanakan oleh badan amil zakat atau lembaga zakat. memerhatikan pengertian zakat di atas, dapat diperjelas dan dipertegas lebih jauh bahwa pemaknaan formula zakat dari sisinya yang manapun, dapat dibuktikan kebenarannya, baik secara fisik material-nominal maupun secara psikis-kerohanian, mengingat semua itu bisa diuji secara empiris-matematis dan lebih dari itu dapat dirasakan dan dinikmati secara psikis. maksudnya, bahwa zakat itu berarti tambah, tumbuh dan berkembang secara nominal, misalnya, bisa dibuktikan dengan mudah. demikian pula dengan makna maknawi-hissi-nya yang bisa dirasakan dalam menjalani proses hidup dan kehidupan para muzakkî. begitu luas memang ruang lingkup makna zakat ini, sampai-sampai kata zakat bisa juga digunakan untuk maksud sedekah wâjibah maupun mandûbah, di samping untuk makna nafkah, pemaafan (al-‘afw), dan kebenaran (al-haqq).11 dari sekian banyak kata yang searah dengan maksud zakat, kata infak dan kata sedekahlah yang paling erat. begitu eratnya kata zakat dan sedekah, almawardi (w. 450 h/1070 m) menyamakan keduanya dalam ungkapan ‚sedekah adalah zakat dan zakat adalah sedekah‛ (al-shadaqah zakâh wa al-zakâh shadaqah). keduanya, demikian al-mawardi, hanya berbeda dalam nama atau sebutan, tetapi sama dalam arti dan tujuannya.12 perangkaian kata infak dan sedekah pada lembaga-lembaga zakat—dalam hal ini, misalnya zis (zakat, infak dan sedekah) yang ada di indonesia—semakin memperkuat jalinan tritunggal kata zakat, infak, dan sedekah. terutama dalam penyematan nama-nama lembaga filontropi islam, seperti: bazis (badan amil zakat, infak dan sedekah), lazis (lembaga amil zakat, infak den sedekah), panitia penerima zakat, infak dan sedekah, meskipun pada saat yang sama, tetap juga ada lembaga yang seakanakan hanya fokus pada pengurusan zakat tanpa menyebut infak dan sedekah. 11muhammad ibn isâ‘îl al-kahlanî, subul al-salâm, (bandung, indonesia, maktabah dahlan, t.th.), juz ii, h. 120. 12muhammad amin suma, lima pilar islam, (tangerang: kholam publishing, 2007), h. 106. al-iqtishad: vol. v, no. 2, juli 2013 257 orang-perorangan secara individu (wâjib ‘ayn). sementara peraturan perundangundangan kini melibatkan kewajiban zakat terhadap badan usaha yang dimiliki orang-orang muslim. dari pengertian zakat di atas, dapatlah dikemukakan bahwa harta zakat pada hakikatnya adalah harta/dana yang diperoleh dari orang-orang muslim perorangan maupun kolektif (badan usaha) yang dihimpun, dikelola, dan disalurkan secara profesional, prosedural, dan proporsional oleh perorangan maupun terutama oleh lembaga tertentu yang memiliki kewenangan untuk itu. pengelolaan zakat, infak, dan sedekah di indonesia sebagaimana diatur dalam undang-undang republik indonesia nomor 23 tahun 2011, dilaksanakan oleh badan amil zakat atau lembaga zakat. memerhatikan pengertian zakat di atas, dapat diperjelas dan dipertegas lebih jauh bahwa pemaknaan formula zakat dari sisinya yang manapun, dapat dibuktikan kebenarannya, baik secara fisik material-nominal maupun secara psikis-kerohanian, mengingat semua itu bisa diuji secara empiris-matematis dan lebih dari itu dapat dirasakan dan dinikmati secara psikis. maksudnya, bahwa zakat itu berarti tambah, tumbuh dan berkembang secara nominal, misalnya, bisa dibuktikan dengan mudah. demikian pula dengan makna maknawi-hissi-nya yang bisa dirasakan dalam menjalani proses hidup dan kehidupan para muzakkî. begitu luas memang ruang lingkup makna zakat ini, sampai-sampai kata zakat bisa juga digunakan untuk maksud sedekah wâjibah maupun mandûbah, di samping untuk makna nafkah, pemaafan (al-‘afw), dan kebenaran (al-haqq).11 dari sekian banyak kata yang searah dengan maksud zakat, kata infak dan kata sedekahlah yang paling erat. begitu eratnya kata zakat dan sedekah, almawardi (w. 450 h/1070 m) menyamakan keduanya dalam ungkapan ‚sedekah adalah zakat dan zakat adalah sedekah‛ (al-shadaqah zakâh wa al-zakâh shadaqah). keduanya, demikian al-mawardi, hanya berbeda dalam nama atau sebutan, tetapi sama dalam arti dan tujuannya.12 perangkaian kata infak dan sedekah pada lembaga-lembaga zakat—dalam hal ini, misalnya zis (zakat, infak dan sedekah) yang ada di indonesia—semakin memperkuat jalinan tritunggal kata zakat, infak, dan sedekah. terutama dalam penyematan nama-nama lembaga filontropi islam, seperti: bazis (badan amil zakat, infak dan sedekah), lazis (lembaga amil zakat, infak den sedekah), panitia penerima zakat, infak dan sedekah, meskipun pada saat yang sama, tetap juga ada lembaga yang seakanakan hanya fokus pada pengurusan zakat tanpa menyebut infak dan sedekah. 11muhammad ibn isâ‘îl al-kahlanî, subul al-salâm, (bandung, indonesia, maktabah dahlan, t.th.), juz ii, h. 120. 12muhammad amin suma, lima pilar islam, (tangerang: kholam publishing, 2007), h. 106. dalam undang-undang dinyatakan bahwa infak adalah harta yang dikeluarkan oleh seseorang atau badan usaha di luar zakat untuk kemaslahatan umum.13 sedangkan sedekah adalah harta atau non harta yang dikeluarkan oleh seseorang atau badan usaha di luar zakat untukmkemaslahatan umum.14 yang jelas, kata shadaqah itu berasal dari kata al-shidq, yang berarti benar atau kebenaran. kata sedekah menunjukkan atas kebenaran dan/atau pembenaran keimanan seseorang, baik dari sudut pandang lahiriah (pengakuan keimanan) maupun ekspresi batiniah (wujud pengorbanannya) melalui harta-benda. dengan sedekah, muzakkî/mutashaddiq menjadi bisa terbuktikan/dibuktikan bahwa dia bukan laiknya tipe orang-orang munafik yang suka main mata dengan mengelabui orang-orang mukmin dalam urusan sedekah.15 begitulah cara agama islam membimbing kepaduan antara pengakuan keislaman yang secara simbolik tersimbolkan dalam pengucapan dua kalimah syahadat dan pelaksanaaan salat lima waktu. sementara dalam bentuk pengorbanan material ekonomi dan keuangan terwujudkan dalam bentuk pembayaran zakat, infak, dan sedekah. namun demikian, meskipun sama-sama terdapat dalam bahasa arab atau dalam bahasa melayu dan bahasa indonesia, kata sedekah tidak digunakan lagi dalam pengertian zakat. sedekah biasanya digunakan untuk mengartikan pemberian secara sukarela kepada para pihak dengan tujuan untuk mendapat pahala dari allah. dengan kalimat lain, zakat diartikan sebagai pemberian wajib, sementara sedekah diartikan sebagai pemberian sunah.16 kembali ke kebenaran pembuktian makna zakat yang berarti tambah, tumbuh, berkembang, dan subur. dapat dikemukakan ilustrasi sebagai berikut: dari uang rp 10.000.000,penghasilan netto seorang muzakkî dalam satu bulan, maka kewajiban membayar zakatnya minimal rp 250.000,-. ini berarti bahwa dalam satu tahun (12 bulan) muzakkî dimaksud hanya mengeluarkan uang zakat sebesar rp 250.000,x 12 bulan = rp 3.000.000,-. menurut alquran,17 kelipatan pahala orang yang membayar zakat (muzakkî) berkisar antara 10 hingga 100 kali lipat. dengan demikian, maka setiap muzakkî yang memiliki penghasilan netto sebesar rp 120 juta saja dalam satu tahun, kemudian dia zakatkan (dibaca dengan didepositokan) sebesar rp 250.000 x 12 bulan = rp 3 juta x 10—700 kalilipat = rp 300.000.000,hingga rp 2.100.000.000,-. belum lagi jika di samping 13uu-ri no. 23 th. 2013, pasal 1, angka 3. 14uu-ri no. 23 th. 2013, pasal 1, angka 4. 15abî ‘abd allâh al-qurthubî, al-jâmi‘ li ahkâm al-qur’ân, (bayrût-lubnân: t.tp: t.p., t.th), h. 249. 16mohammad zuhdi hj. ab. majid, ‘ peranan zakat dalam pembangunan ummah’, dalam nik mustapha nik hassan [penyunting], ekonomi islam dan pelaksanaannya di malaysia, h. 207. 17perhatikan dan renungkan alquran terutama surah al-an‘âm [6]: 160 dan surah al-baqarah [2]: 261. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 258 pembayaran zakat yang minimal itu dilebihkan barang sedikit dengan pengeluaran infak atau sedekah yang selalu menyertai zakat, maka kelipatannya tentu akan semakin bertambah banyak/besar lagi. apalagi bagi muzakkî yang memiliki kekayaan milyaran hingga terilyunan rupiah, tentu akan menjadi sulit menghitungnya, bahkan tidak terhitung lagi. maha benar allah dalam kalam-nya, yang pada itinya menyatakan bahwa mustahil bisa menghitung-hitung nikmat allah.18 mengapa harus dipahami demikian? karena, uang yang dizakatkan itu pada hakikatnya sama sekali tidak habis dimakan apalagi dibuang percuma, mengingat uang zakat itu ibaratnya justru dengan secara sadar diniatkan untuk dijadikan deposito jangka panjang sampai akhirat di mana uang zakat itu diterima, dikelola, dan disalurkan oleh lembaga keuangan yang paling andal dan jujur, dalam hal ini penulis istilahkan dengan ‚bank pahala allah swt.,‛ yang kelak di akhirat deposio itu akan dikembalikan kepada deposan (muzakkî) berikut uang bagi hasilnya yang sebesar 10 hingga 700 kali lipat dari uang pokoknya. pertanyaan besar dan mendasarnya, adakah di dunia ini lembaga keuangan yang memberikan laba atau bunga sekalipun yang maksimalnya hingga 700% kepada deposan (muzakkî)? adapun secara maknawi-hissiyyah (batiniah-ruhaniah), dana zakat, infak, dan sedekah dipastikan akan dapat menyucikan harta kekayaan muzakkî, di samping juga menyucikan diri/jiwanya dari rasa was-was, rasa takut, rasa tidak aman, kurang nyaman, bahkan bisa membersihkan lingkungan hidupnya sehingga menjadi lebih aman dan lebih nyaman. dengan dana zakat yang dibayarkan, para pembayar zakat (muzakkî) menjadi orang-orang yang secara kejiwaan akan lebih merasa terlindungi dari kemungkinan pengurangan atau penurunan harta dengan cara paksa, seperti tindakan kekerasan dalam pelbagai bentuk, misalnya: pencurian, penipuan, perampokan, pemerasan dan/atau bentuk-bentuk tindakan kekerasan lainnya yang bisa saja terjadi di luar kesadaran orang-orang yang enggan membayar zakat. pada sisi lain, pengeluaran zakat juga diduga kuat akan dapat menghalau kecemburuan sosial. dengan dana zakat pula, muzakkî akan terbebaskan dari ancaman azab neraka, sebagaimana diinformasikan alquran, misalnya dalam surah al-tawbah [9] ayat 34. demikian pula dengan sejumlah hadis nabi yang menyinggung soal siksaan orang-orang enggan membayar zakat19 semata-mata 18perhatikan alquran surah ibrâhîm [14]: 34 dan al-nahl [16]: 18. 19di antaranya, hadis riwayat imam ahmad dan lain-lain dari abû hurayrah r.a., yang pada intinya menyatakan sabda rasulullah bahwa tidak seorang pun penimbun harta yang tidak mau (enggan) mengeluarkan zakatnya, kecuali dia (kelak di alam akhirat) akan disetrika di neraka jahanam, kemudian ia akan dijadikan alas setrikaan di mana kening dan mukanya akan disetrika bolakbalik sampai allah memutuskan di antara hamba-hamba-nya itu satu waktu yang ukuran satu harinya al-iqtishad: vol. v, no. 2, juli 2013 259 pembayaran zakat yang minimal itu dilebihkan barang sedikit dengan pengeluaran infak atau sedekah yang selalu menyertai zakat, maka kelipatannya tentu akan semakin bertambah banyak/besar lagi. apalagi bagi muzakkî yang memiliki kekayaan milyaran hingga terilyunan rupiah, tentu akan menjadi sulit menghitungnya, bahkan tidak terhitung lagi. maha benar allah dalam kalam-nya, yang pada itinya menyatakan bahwa mustahil bisa menghitung-hitung nikmat allah.18 mengapa harus dipahami demikian? karena, uang yang dizakatkan itu pada hakikatnya sama sekali tidak habis dimakan apalagi dibuang percuma, mengingat uang zakat itu ibaratnya justru dengan secara sadar diniatkan untuk dijadikan deposito jangka panjang sampai akhirat di mana uang zakat itu diterima, dikelola, dan disalurkan oleh lembaga keuangan yang paling andal dan jujur, dalam hal ini penulis istilahkan dengan ‚bank pahala allah swt.,‛ yang kelak di akhirat deposio itu akan dikembalikan kepada deposan (muzakkî) berikut uang bagi hasilnya yang sebesar 10 hingga 700 kali lipat dari uang pokoknya. pertanyaan besar dan mendasarnya, adakah di dunia ini lembaga keuangan yang memberikan laba atau bunga sekalipun yang maksimalnya hingga 700% kepada deposan (muzakkî)? adapun secara maknawi-hissiyyah (batiniah-ruhaniah), dana zakat, infak, dan sedekah dipastikan akan dapat menyucikan harta kekayaan muzakkî, di samping juga menyucikan diri/jiwanya dari rasa was-was, rasa takut, rasa tidak aman, kurang nyaman, bahkan bisa membersihkan lingkungan hidupnya sehingga menjadi lebih aman dan lebih nyaman. dengan dana zakat yang dibayarkan, para pembayar zakat (muzakkî) menjadi orang-orang yang secara kejiwaan akan lebih merasa terlindungi dari kemungkinan pengurangan atau penurunan harta dengan cara paksa, seperti tindakan kekerasan dalam pelbagai bentuk, misalnya: pencurian, penipuan, perampokan, pemerasan dan/atau bentuk-bentuk tindakan kekerasan lainnya yang bisa saja terjadi di luar kesadaran orang-orang yang enggan membayar zakat. pada sisi lain, pengeluaran zakat juga diduga kuat akan dapat menghalau kecemburuan sosial. dengan dana zakat pula, muzakkî akan terbebaskan dari ancaman azab neraka, sebagaimana diinformasikan alquran, misalnya dalam surah al-tawbah [9] ayat 34. demikian pula dengan sejumlah hadis nabi yang menyinggung soal siksaan orang-orang enggan membayar zakat19 semata-mata 18perhatikan alquran surah ibrâhîm [14]: 34 dan al-nahl [16]: 18. 19di antaranya, hadis riwayat imam ahmad dan lain-lain dari abû hurayrah r.a., yang pada intinya menyatakan sabda rasulullah bahwa tidak seorang pun penimbun harta yang tidak mau (enggan) mengeluarkan zakatnya, kecuali dia (kelak di alam akhirat) akan disetrika di neraka jahanam, kemudian ia akan dijadikan alas setrikaan di mana kening dan mukanya akan disetrika bolakbalik sampai allah memutuskan di antara hamba-hamba-nya itu satu waktu yang ukuran satu harinya karena takut mengurangi hartanya atau bahkan merasa khawatir jatuh miskin. padahal, sejauh ini zakat sudah teruji dan terbukti tidak pernah ada orang kaya yang jatuh miskin disebabkan membayar zakat. dengan kalimat lain, tidak ada muzakkî yang jatuh miskin lantaran membayar zakat yang besarannya hanya berkisar 2,5—20% dari keseluruhan harta kekayaan produktif yang dimiliki muzakkî. lagi pula, zakat pada dasarnya tidak membebankan pembayaran pada jenis-jenis harta kekayaan tertentu yang nyata-nyata tidak produktif.20 legitimasi hukum zakat teramat banyak ayat maupun hadis hukum yang menjadi dasar hukum bagi pensyariatan zakat, infak, maupun sedekah. sebagian daripadanya yang bisa dijadikan ayat-ayat induk pewajiban zakat ialah sebagai berikut:                   dan dirikanlah salat, tunaikanlah zakat dan rukuklah beserta orang-orang yang rukuk (salat berjamaah). (q.s. al-baqarah [2]: 43).                                                                    hai orang-orang beriman, nafkahkanlah (di jalan allah) sebagian dari hasil usahamu yang baik-baik, dan sebagian dari apa yang kami keluarkan dari sepadan dengan dengan 50.000 tahun. kemudian sesudah itu dia akan dievaluasi ulang amal-perbuatannya, dan lalu dia bisa dimasukkan ke syurga atau kembali dimasukkan ke neraka. 20kekayaan yang tidak produktif, seperti rumah tinggal, kendaraan operasional, perhiasanperhiasan dan/atau beberapa lainnya yang sama sekali tidak produktif dan apalagi yang notabene harus dibiayai perawatannya, maka sama sekali tidak harus dizakati. benar ada jenis harta tertentu yang kalau sudah satu nishab dan haul (satu tahun) harus dizakati seperti emas non perhiasan dan/ atau lainnya, namun itu selain ketentuan hukumnya yang masih tetap debatebel, juga pada umumnya disarankan agar harta kekayaan itu diproduktifkan supaya tidak habs dimakan zakat. kecuali itu, kemungkinan terjadinya juga kecil mengingat orang-orang yang memiliki banyak harta pada umumnya cerdas untuk memproduktifkan harta yang dia miliki. berbeda dengan orang-orang miskin, dalam hal ini para mustahiq, yang kebanyakan tidak mampu mengelola dengan baik harta kekayaan karena memang tidak terbiasa apalagi terlatih dengan manajemen kehartabendaan. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 260 (dalam perut) bumi untuk kamu. dan janganlah kamu memilih yang burukburuk lalu kamu menafkahkan daripadanya. padahal kamu sendiri tidak mau mengambilnya kecuali dengan memicingkan mata terhadapnya. dan ketahuilah, bahwa allah itu mahakaya lagi maha terpuji. (q.s. al-baqarah [2]: 267). menurut penafsiran yang dikemukakan ibn qayyim al-jawziyyah (691-751 h/1292-1350 m), mengapa ayat tersebut hanya menampilkan dua sumber daya ekonomi dan keuangan yakni barang-barang ekonomi yang keluar dari perut bumi (al-khârij min al-ardh) di satu pihak dan yang dihasilkan atas usaha ekonomi manusia (al-hâshil bi kasb al-tijârah) tanpa menyebut sumber ekonomi dan keuangan lainnya seperti binatang ternak? menurut dia, ada dua kemungkinan jawabannya. pertama, boleh jadi karena dilatari kondisi perekonomian saat-saat alquran diturunkan, yang umumnya didominasi oleh dua kegiatan ekonomi dimaksud. dunia perniagaan khususnya perdagangan didominasi oleh kaum imigran (al-muhâjirîn) yang mayoritas etnik mekah, sedangkan dunia pertanian dan peternakan didominasi oleh penduduk anshar etnik madinah. kemungkinan kedua, lanjut ibn qayyim, boleh jadi mengingat dua jenis perekonomian tersebutlah (perniagaan dan pertanian) yang diposisikan sebagai pangkal/sentral dunia ekonomi dan keuangan. sementara jenis-jenis ekonomi dan keuangan yang selebihnya diposisikan sebagai tindak-lanjut dan/atau pengembangan belaka dari keduanya. dengan demikian maka dengan kata al-kasb (usaha ekonomi) termasuk di dalamnya semua dunia usaha yang bermotifkan ekonomi mulai dari perdagangan hingga perindustrian dalam konteksnya yang sangat luas (apalagi di zaman modern sekarang ini). sementara dalam kalimat al-khârij min al-ardh, meliputi semua biji-bijian, buah-buahan, pertambangan,21 barang-barang temuan lainnya seperti barang-barang tambang, minyak dan gas bumi, lempengan besibaja, dan lain-lain yang terlalu sukar untuk disebutkan apalagi diurai secara rinci satu persatu.                                      ambillah zakat dari sebagian harta mereka, dengan zakat itu kamu mem 21ibn qayyim al-jawziyyah, tafsîr al-qayyim, (bayrût, lubnân: dâr al-kutub al-‘il-miyyah, t.th.), h. 166. al-iqtishad: vol. v, no. 2, juli 2013 261 (dalam perut) bumi untuk kamu. dan janganlah kamu memilih yang burukburuk lalu kamu menafkahkan daripadanya. padahal kamu sendiri tidak mau mengambilnya kecuali dengan memicingkan mata terhadapnya. dan ketahuilah, bahwa allah itu mahakaya lagi maha terpuji. (q.s. al-baqarah [2]: 267). menurut penafsiran yang dikemukakan ibn qayyim al-jawziyyah (691-751 h/1292-1350 m), mengapa ayat tersebut hanya menampilkan dua sumber daya ekonomi dan keuangan yakni barang-barang ekonomi yang keluar dari perut bumi (al-khârij min al-ardh) di satu pihak dan yang dihasilkan atas usaha ekonomi manusia (al-hâshil bi kasb al-tijârah) tanpa menyebut sumber ekonomi dan keuangan lainnya seperti binatang ternak? menurut dia, ada dua kemungkinan jawabannya. pertama, boleh jadi karena dilatari kondisi perekonomian saat-saat alquran diturunkan, yang umumnya didominasi oleh dua kegiatan ekonomi dimaksud. dunia perniagaan khususnya perdagangan didominasi oleh kaum imigran (al-muhâjirîn) yang mayoritas etnik mekah, sedangkan dunia pertanian dan peternakan didominasi oleh penduduk anshar etnik madinah. kemungkinan kedua, lanjut ibn qayyim, boleh jadi mengingat dua jenis perekonomian tersebutlah (perniagaan dan pertanian) yang diposisikan sebagai pangkal/sentral dunia ekonomi dan keuangan. sementara jenis-jenis ekonomi dan keuangan yang selebihnya diposisikan sebagai tindak-lanjut dan/atau pengembangan belaka dari keduanya. dengan demikian maka dengan kata al-kasb (usaha ekonomi) termasuk di dalamnya semua dunia usaha yang bermotifkan ekonomi mulai dari perdagangan hingga perindustrian dalam konteksnya yang sangat luas (apalagi di zaman modern sekarang ini). sementara dalam kalimat al-khârij min al-ardh, meliputi semua biji-bijian, buah-buahan, pertambangan,21 barang-barang temuan lainnya seperti barang-barang tambang, minyak dan gas bumi, lempengan besibaja, dan lain-lain yang terlalu sukar untuk disebutkan apalagi diurai secara rinci satu persatu.                                      ambillah zakat dari sebagian harta mereka, dengan zakat itu kamu mem 21ibn qayyim al-jawziyyah, tafsîr al-qayyim, (bayrût, lubnân: dâr al-kutub al-‘il-miyyah, t.th.), h. 166. bersihkan dan mensucikan mereka dan mendoalah untuk mereka. sesungguhnya doa kamu itu (menjadi) ketenteraman jiwa bagi mereka. dan allah maha mendengar lagi maha mengetahui. (al-tawbat [9]: 103). menurut penafsiran beberapa ahli tafsir (mufassir) terkemuka, di antaranya al-qurthubî (w. 671 h) yang diperkuat oleh ‘abd al-mun‘im ahmad tu’alib, perintah penarikan/pemungutan sedekah pada ayat di atas tampak bersifat mutlak tanpa ada batasan, baik tentang jenis harta yang diperintahkan pemungutannya maupun tentang kadar jumlah pungutannya. penjelasan rinci tentang semua itu didapatkan dalam al-sunnah al-nabawiyyah dan/atau kesepakatan (ijmak) para ulama/pemangku kewenangan untuk hal ini. atas dasar ini, demikian kata alqurthubi maupun abdul mun’im, pada dasarnya zakat harus diambil dari semua jenis harta-kekayaan (fa tu’khadz al-zakâh min jamî‘ al-amwâl), sebagaimana nabi muhammad saw. telah mewajibkan pengeluaran zakat bagi hewan-hewan ternak (al-mawasyi), biji-bijian (al-hubub), dan al-‘ayn (mata uang).22 sungguhpun demikian, para ahli tafsir tetap saja berlainan pendapat tentang maksud dari istilah sedekah pada ayat di atas, apakah itu sedekah wâjibah atau sedekah tathawwu’ (sunah), mengingat ada beberapa hadis dan riwayat yang menyebutkan sabab al-nuzûl ayat di atas yang menyebabkan para ulama berbeda pendapat. menurut sebagian pendapat, di antaranya juwaybir dari ibn ‘abbâs dan ikrimah menurut yang disebutkan al-qusyayri, bahwa yang dimaksud dengan sedekah pada ayat di atas ialah sedekah fardu (zakat). sedangkan menurut sebagian yang lain, di antaranya imam malik, berpendapat bahwa yang dimaksud dengan sedekah dalam ayat ini ialah sedekah tathawwu’, tidak ada urusan dengan zakat yang difardukan itu.23 perbedaan pendapat juga terjadi sekitar persoalan apakah khithâb (tuntutan) pemungutan zakat itu terbatas kepada nabi dalam kapasitasnya sebagai nabi dan rasul? atau, juga termasuk di dalamnya perintah kepada para pemangku urusan (uli al-amr) orang-orang beriman secara keseluruhan sepeninggal nabi muhammad saw.? ini pula yang melatari konflik internal umat islam di zaman kekhalifahan abû bakr al-shiddîq r.a. masing-masing mereka tentu memiliki argumentasi yang berlainan. namun demikian, di balik itu semua, juga hampir dapat dipastikan karena ada motivasi atau bahkan niat lain yang tidak sama. terutama oknum-oknum kalangan munafiqin yang memanfaatkan kesempatan di dalam kesempitan. 22abî ‘abd allâh al-qurthubî, al-jâmi‘ li ahkâm al-qur’ân, juz viii, h. 244; abd al-mun‘im ahmad tu’aylib, fath al-rahmân fî tafsîr al-qur’ân, jilid iii, h. 1366. 23abî ‘abd allâh al-qurthubî, al-jâmi‘ li ahkâm al-qur’ân, juz viii, h. 244. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 262 para ulama juga berbeda dalam memahami kata ‚al-amwâl‛ pada ayat di atas. sebagian ada yang membatasinya dengan pakaian, alat-alat rumah tangga, dan hiasan aksesoris (al-tsiyâb, wa al-matâ‘ wa al-‘urudh), sementara sebagian yang lain memahaminya dengan onta pada khususnya dan/atau hewan-hewan ternak lain (al-mawasyi) pada umumnya. di samping ada pula yang memasukkannya ke dalam lingkup al-amwâl adalah harta dalam bentuk emas, perak, dan mata uang, termasuk mata uang kertas. pengertian dan ruang lingkup jangkauan al-mâl yang sangat luas dan luwes, justru dikemukakan oleh abû ‘umar yang menyatakan, ‚yang paling umum dikenal di kalangan bangsa dan bahasa arab tentang pengertian al-mâl ialah meliputi semua dan setiap sesuatu yang digandrungi manusia untuk dimiliki. itulah dia yang namanya mâl (anna kulla mâ tumuwwil wa tumullik huwa mâl)‛, katanya. al-qurthubî juga menyimpulkan hal yang sama dengan mengemukakan bahwa ilmu pengetahuan meliputkan dan bahasa juga menyaksikan bahwasanya apa saja yang bisa dimiliki manusia, itu dinamakan harta (al-mâl).‛24 yang jelas, umumnya ulama islam (mufassirîn, muhadditsîn, fuqahâ’, dan lain-lain) tidak ada yang keberatan untuk menggunakan ayat di atas sebagai ayat hukum bagi pensyariatan zakat yang hukumnya wajib itu. demikian pula dengan khithâb ayat yang tidak semata-mata untuk nabi selagi beliau masih hidup, akan tetapi juga berlaku seterusnya sepeninggal nabi untuk para pemangku urusan umat islam kapan dan di manapun mereka berada. pewajiban zakat yang demikian telah mentradisi secara berkesinambungan dengan berurat-berakar dari waktu ke waktu dan dari tempat ke tempat sejak masa-masa kekhalifahan abâ bakr al-shiddîq r.a. sampai pemerintahan nasionalisme islam/muslim dewasa ini. itulah pula yang menyebabkan khalifah abû bakr bersikukuh melawan dan bahkan ‚memerangi‛ para penentang zakat (mani’ al-zakah) di zamannya seraya abu bakar bersumpah: ‚demi allah, aku akan perangi siapapun yang [coba-coba berusaha] memisahkan pertalian erat dan mengikat antara salat dan zakat.‛25 orang-orang yang mengkhususkan perintah ayat di atas hanya untuk nabi muhammad saw. dan tidak bagi para pemegang otoritas keislaman berikutnya, oleh banyak ulama dipandang sebagai orang-orang yang bodoh pengetahuannya tentang alquran (jâhil bi al-qur’ân), melupakan sumber-pengambilan syariah (ghâfil ‘an ma’khadz al-syarî‘ah) dan termasuk ke dalam kelompok orang-orang yang bermain-main dengan agama (mutalâ’ib bi al-dîn).26 pasalnya, terlalu banyak ayat alquran lainnya yang menggunakan redaksi tunggal (mufrad), bahkan khu 24abî ‘abd allâh al-qurthubî, al-jâmi‘ li ahkâm al-qur’ân, juz viii, h. 247. 25ibn qudâmah, al-mughnî, (bayrût, lubnân: bayt al-afkâr al-dawliyyah, 2004), h. 492. 26abî ‘abd allâh al-qurthubî, al-jâmi‘ li ahkâm al-qur’ân, juz viii, h. 247. al-iqtishad: vol. v, no. 2, juli 2013 263 para ulama juga berbeda dalam memahami kata ‚al-amwâl‛ pada ayat di atas. sebagian ada yang membatasinya dengan pakaian, alat-alat rumah tangga, dan hiasan aksesoris (al-tsiyâb, wa al-matâ‘ wa al-‘urudh), sementara sebagian yang lain memahaminya dengan onta pada khususnya dan/atau hewan-hewan ternak lain (al-mawasyi) pada umumnya. di samping ada pula yang memasukkannya ke dalam lingkup al-amwâl adalah harta dalam bentuk emas, perak, dan mata uang, termasuk mata uang kertas. pengertian dan ruang lingkup jangkauan al-mâl yang sangat luas dan luwes, justru dikemukakan oleh abû ‘umar yang menyatakan, ‚yang paling umum dikenal di kalangan bangsa dan bahasa arab tentang pengertian al-mâl ialah meliputi semua dan setiap sesuatu yang digandrungi manusia untuk dimiliki. itulah dia yang namanya mâl (anna kulla mâ tumuwwil wa tumullik huwa mâl)‛, katanya. al-qurthubî juga menyimpulkan hal yang sama dengan mengemukakan bahwa ilmu pengetahuan meliputkan dan bahasa juga menyaksikan bahwasanya apa saja yang bisa dimiliki manusia, itu dinamakan harta (al-mâl).‛24 yang jelas, umumnya ulama islam (mufassirîn, muhadditsîn, fuqahâ’, dan lain-lain) tidak ada yang keberatan untuk menggunakan ayat di atas sebagai ayat hukum bagi pensyariatan zakat yang hukumnya wajib itu. demikian pula dengan khithâb ayat yang tidak semata-mata untuk nabi selagi beliau masih hidup, akan tetapi juga berlaku seterusnya sepeninggal nabi untuk para pemangku urusan umat islam kapan dan di manapun mereka berada. pewajiban zakat yang demikian telah mentradisi secara berkesinambungan dengan berurat-berakar dari waktu ke waktu dan dari tempat ke tempat sejak masa-masa kekhalifahan abâ bakr al-shiddîq r.a. sampai pemerintahan nasionalisme islam/muslim dewasa ini. itulah pula yang menyebabkan khalifah abû bakr bersikukuh melawan dan bahkan ‚memerangi‛ para penentang zakat (mani’ al-zakah) di zamannya seraya abu bakar bersumpah: ‚demi allah, aku akan perangi siapapun yang [coba-coba berusaha] memisahkan pertalian erat dan mengikat antara salat dan zakat.‛25 orang-orang yang mengkhususkan perintah ayat di atas hanya untuk nabi muhammad saw. dan tidak bagi para pemegang otoritas keislaman berikutnya, oleh banyak ulama dipandang sebagai orang-orang yang bodoh pengetahuannya tentang alquran (jâhil bi al-qur’ân), melupakan sumber-pengambilan syariah (ghâfil ‘an ma’khadz al-syarî‘ah) dan termasuk ke dalam kelompok orang-orang yang bermain-main dengan agama (mutalâ’ib bi al-dîn).26 pasalnya, terlalu banyak ayat alquran lainnya yang menggunakan redaksi tunggal (mufrad), bahkan khu 24abî ‘abd allâh al-qurthubî, al-jâmi‘ li ahkâm al-qur’ân, juz viii, h. 247. 25ibn qudâmah, al-mughnî, (bayrût, lubnân: bayt al-afkâr al-dawliyyah, 2004), h. 492. 26abî ‘abd allâh al-qurthubî, al-jâmi‘ li ahkâm al-qur’ân, juz viii, h. 247. sus untuk nabi, namun maksud dari sasarannya juga diperuntukkan bagi umatnya;27 kecuali yang benar-benar khusus untuk nabi sendiri.28                dan orang-orang yang dalam hartanya tersedia bagian tertentu. bagi orang (miskin) yang meminta dan orang yang tidak mempunyai apa-apa (tapi tidak mau meminta) (q.s. al-ma‘ârij [70]: 24-25). senafas dengan ayat di atas, secara gamblang hadis nabi menyebutkan lima rangkaian rukun islam, salah satunya adalah zakat di samping dua kalimat syahadat, salat, puasa, dan haji sebagaimana termaktub dalam hadis berikut: agama islam itu dibangun (didirikan) di ata lima pilar (utama), yakni: (1) kesakisian tiada tuhan selain allah dan kesaksian bahwa muhammad adalah utusan allah, (2) penegakan salat, (3) pembayaran zakat, (4) puasa ramadan, (5) haji ke baitullah bagi yang memiliki kemampuan. (h.r. albukhârî, muslim, dan lain-lain). berdasarkan ayat alquran dan hadis nabi di atas serta ayat-ayat dan hadishadis lain yang semakna dengannya, semua ulama islam dan umat islam sejak dahulu sampai sekarang insya allah juga hingga di masa-masa yang akan datang, tetap sepakat untuk menyimpulkan dan meyakinkan bahwa penunaian zakat bagi umat islam yang memenuhi persyaratan hukumnya wajib/fardh ayn. sama dengan kewajiban untuk menjalani rukun-rukun islam yang lainnya yakni mengikrarkan dua kalimat syahadat, menegakan salat, melaksanakan puasa ramadan, dan pergi haji. tanpa zakat, penegakan rukun-rukun islam yang lain akan mengalami ketimpangan atau bahkan oleng dan sangat mungkin terjatuh lantaran tidak memiliki daya dan stamina untuk melakukan semuanya. seperti di 27baca dan renungkan misalnya: al-baqarah 92): 231; surah al-isra (17): 78; al-nisa (4): 102; alnahl (16): 98. 28perhatikan surah al-ahzâb [33]: 50. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 264 simpulkan para pakar hukum islam, di antaranya ‘abd al-rahmân al-juzayrî, râfiq yûnus al-mashrî, dan lain-lain, bahwa zakat adalah salah satu fardu dari sekian banyak fardu dan satu rukun dari sekian banyak rukun-rukun islam yang mutlak harus ditunaikan. orang yang mengingkari pewajiban zakat, oleh para ulama dihukumkan sebagai orang kafir.29 model dan harta zakat dilihat dari segi bentuk/macamnya, secara umum dan garis besar, zakat lazim dibedakan ke dalam dua macam, yakni: zakat fitrah dan zakat harta (zakâh al-mâl). zakat fitrah bersifat tahunan, maksudnya diwajibkannya setiap tahun tepatnya pada setiap akhir bulan ramadhan (malam takbir) sampai pelaksanaan salat idul fitri. sedangkan zakat mâl pengeluarannya bergantung pada jenis-jenis harta yang bersangkutan di samping jenis-jenis usaha yang dijalani para muzakkî. zakat meliputi pelbagai bidang seperti pertanian, perdagangan, dan beberapa lainnya sehingga lahir istilah-istilah zakat yang terkait dengan itu, seperti zakâh alzirâ‘ah (zakat pertanian), zakâh al-‘iqârah (zakat benda-benda bergerak), dan beberapa lainnya yang terkadang sedikit banyak bisa jadi menimbulkan kebingungan di kalangan masyarakat muslim kebanyakan. dalam bidang industri keuangan—yang kian tumbuh dan berkembang macam dan jenisnya—dikenal pula sebutan zakat saham (zakâh al-ashum) dan lain-lain yang atas pertimbangan teknis tidak mungkin diuraikan panjang lebar di dalam tulisan ini. dengan demikian, tidaklah mengherankan manakala para ulama terus melakukan pembahasan yang intensif terhadap hukum zakat sesuai dengan perkembangan dunia zakat itu sendiri. yang jelas, masih problematika zakat yang ketentuan hukumnya masih diperselisihkan oleh para ahli di antaranya tentang hukum zakat badan usaha, hukum zakat jenis-jenis ternak dan/atau tanama-tanaman tertentu, dan lain-lain yang dianggap tidak ada nas yang jelas. secara umum, para ulama sebagaimana dikemukakan ‘abd al-rahmân aljuzayrî, menyebutkan lima macam harta dan/atau dunia usaha yang wajib dizakati yakni: (1) al-na‘âm (binatang ternak) yang meliputi: onta, sapi/lembu [termasuk kerbau tentunya], dan kambing; (2) mata uang emas dan perak [termasuk uang kertas tentunya]; (3) barang-barang dagangan/‘urudh al-tijarah; (4) barang tambang dan temuan/ma’din dan rikâz; (5) tanam-tanaman dan buah-buahan/alzurû’ wa al-tsimar dalam konteks ini pertanian dan/atau perkebunan.30 29râfiq yûnus al-mashrî, fiqh al-mu‘âmalah al-mâliyah, (jiddah: dâr al-basyir, 1426 h/2005 m.), h. 77; mushthafâ al-khinn, mushthafâ al-bughâ, dan ‘alî al-al-syarbajî, al-fiqh al-manhajî ‘alâ madzhab al-imâm al-syâfi‘î, jilid i, h. 273. 30‘abd al-rahmân al-juzayrî, al-fiqh ‘alâ madzâhib al-arba‘ah, jilid i, h. 596. al-iqtishad: vol. v, no. 2, juli 2013 265 simpulkan para pakar hukum islam, di antaranya ‘abd al-rahmân al-juzayrî, râfiq yûnus al-mashrî, dan lain-lain, bahwa zakat adalah salah satu fardu dari sekian banyak fardu dan satu rukun dari sekian banyak rukun-rukun islam yang mutlak harus ditunaikan. orang yang mengingkari pewajiban zakat, oleh para ulama dihukumkan sebagai orang kafir.29 model dan harta zakat dilihat dari segi bentuk/macamnya, secara umum dan garis besar, zakat lazim dibedakan ke dalam dua macam, yakni: zakat fitrah dan zakat harta (zakâh al-mâl). zakat fitrah bersifat tahunan, maksudnya diwajibkannya setiap tahun tepatnya pada setiap akhir bulan ramadhan (malam takbir) sampai pelaksanaan salat idul fitri. sedangkan zakat mâl pengeluarannya bergantung pada jenis-jenis harta yang bersangkutan di samping jenis-jenis usaha yang dijalani para muzakkî. zakat meliputi pelbagai bidang seperti pertanian, perdagangan, dan beberapa lainnya sehingga lahir istilah-istilah zakat yang terkait dengan itu, seperti zakâh alzirâ‘ah (zakat pertanian), zakâh al-‘iqârah (zakat benda-benda bergerak), dan beberapa lainnya yang terkadang sedikit banyak bisa jadi menimbulkan kebingungan di kalangan masyarakat muslim kebanyakan. dalam bidang industri keuangan—yang kian tumbuh dan berkembang macam dan jenisnya—dikenal pula sebutan zakat saham (zakâh al-ashum) dan lain-lain yang atas pertimbangan teknis tidak mungkin diuraikan panjang lebar di dalam tulisan ini. dengan demikian, tidaklah mengherankan manakala para ulama terus melakukan pembahasan yang intensif terhadap hukum zakat sesuai dengan perkembangan dunia zakat itu sendiri. yang jelas, masih problematika zakat yang ketentuan hukumnya masih diperselisihkan oleh para ahli di antaranya tentang hukum zakat badan usaha, hukum zakat jenis-jenis ternak dan/atau tanama-tanaman tertentu, dan lain-lain yang dianggap tidak ada nas yang jelas. secara umum, para ulama sebagaimana dikemukakan ‘abd al-rahmân aljuzayrî, menyebutkan lima macam harta dan/atau dunia usaha yang wajib dizakati yakni: (1) al-na‘âm (binatang ternak) yang meliputi: onta, sapi/lembu [termasuk kerbau tentunya], dan kambing; (2) mata uang emas dan perak [termasuk uang kertas tentunya]; (3) barang-barang dagangan/‘urudh al-tijarah; (4) barang tambang dan temuan/ma’din dan rikâz; (5) tanam-tanaman dan buah-buahan/alzurû’ wa al-tsimar dalam konteks ini pertanian dan/atau perkebunan.30 29râfiq yûnus al-mashrî, fiqh al-mu‘âmalah al-mâliyah, (jiddah: dâr al-basyir, 1426 h/2005 m.), h. 77; mushthafâ al-khinn, mushthafâ al-bughâ, dan ‘alî al-al-syarbajî, al-fiqh al-manhajî ‘alâ madzhab al-imâm al-syâfi‘î, jilid i, h. 273. 30‘abd al-rahmân al-juzayrî, al-fiqh ‘alâ madzâhib al-arba‘ah, jilid i, h. 596. yang jelas, dengan mengacu kepada alquran surah al-baqarah [2]: 167 maupun al-tawbah (9): ayat 107 yang masing-masing menggunakan kata-kata ‚min thayyibât mâ kasabtum‛ dan ‚wa min mâ akhrajnâ lakum min al-ardh‛ di satu sisi serta kata-kata ‚khudz min amwalihim‛ pada sisi yang lain, penulis tampak lebih condong untuk mewajibkan zakat kepada semua jenis usaha apa saja yang menghasilkan ‚keuntungan‛ secara ekonomi dan keuangan. keculai terhadap jenis-jenis pertanian yang terkait dengan makanan pokok yang sudah memiliki kadar tertentu tentang zakatnya, maka yang lain-lain sangat bisa dikiaskan kepada jenis zakat perniagaan/perdagangan. terutama terkait dengan jenis-jenis aktivitas yang bernilai ekonomi dan keuangan seperti rumput hias, peternakan ayam, burung puyuh, dan lain-lain yang pada masa-masa modern sekarang ini benar-benar bervariasi bentuk/jenisnya, tapi semuanya menghasilkan uang yang tidak kecil. terhadap jenis-jenis usaha semacam ini, insya allah mudah-mudahan tidaklah salah jika penentuaan kadar zakatnya didasarkan pada zakat pertanian di satu sisi dan zakat perdagangan di sisi yang lain. kehadiran peraturan perundang-undangan yang dimiliki bangsa indonesia dalam hal ini undang-undang nomor 38 tahun 1998 sebagaimana telah diubah dan ditambah dengan undang-undang republik indonesia nomor 23 tahun 2013 tentang pengelolaan zakat, bagaimanapun telah memberikan kemajuan tersendiri terkait dengan jenis-jenis harta dan/atau usaha dan jasa yang wajib dizakati. dalam undang-undang ini disebutkan bahwa: ‚zakat meliputi zakat mal dan zakat fitrah. zakat mal sebagaimana dimaksud pada ayat (1) meliputi: (a) emas; perak dan logam mulia lainnya; (b) uang dan surah berharga lainnya; (c) perniagaan; (d) pertanian, peternakan, dan kehutanan; (e) peternakan dan perikanan; (f) pertembangan; (g) perindustrian; (h) pendapatan dan jasa; dan (i) rikâz.31 penyebutan barang, dan/atau dunia usaha, kerja dan jasa yang penyebutannya dalam undang-undang ini lebih rinci, wajib kita syukuri dan apresiasi mengingat bagaimanapun telah membuka jalan dan memberi kesempatan seluas-luasnya kepada masyarakat msulim indonesia untuk pengembangan dana zis di satu sisi dan pembiasaan kesadaran masyarakat luas tentang pengeluaran dana zis pada sisi yang lain. terutama dalam konteks pemakmuran kesejahteraan sosial ekonomi umat dan masyarakat indonesia yang berasaskan keadilan dan pemerataan. satu hal lain yang penting digarisbawahi di sini ialah pewajiban zakat bagi badan usaha di samping terutama kepada perorangan.32 31uu ri no. 23 th. 2013, pasal 4 ayat (3). 32perhatikan dan renungkan uu ri no. 23 tahun 2013 yang menyatakan: ‚muzakkî adalah seorang muslim atau badan usaha yang berkewajiban menunaikan zakat‛ (pasal 1 angka 5). ‚zakat muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 266 sayangnya, dalam praktik masih tetap dijumpai sebagian pelaku bisnis syariah sekalipun yang belum sependapat untuk membebankan kewajiban zakat terhadap badan usaha seperti bank syariah, asuransi syariah, pegadaian syariah, dan lain-lain. muzakkî dan keberadaan harta yang wajib dizakati para ahli fikih mensyaratkan muzakkî (pembayar zakat) harus beragama islam, dewasa, dan berakal sehat. orang kafir, asli maupun murtad, tidak diwajibkan membayar zakat. demikian pula dengan anak kecil dan orang gila, paling tidak menurut sebagian ulama. alasannya, selain zakat oleh mereka masih tetap digolongkan ke dalam kelompok ibadah mahdhah (murni) yang karenanya muzakkî harus berdasarkan niat, juga karena salah satu syarat sah ibadah adalah harus orang dewasa (balig). sungguhpun demikian, kebanyakan ulama (jumhur) tetap mewajibkan hukum bayar zakat terhadap harta yang dimiiki anak kecil maupun orang gila. pengeluaran zakatnya dilakukan oleh orang tua/wali si anak atau oleh orang yang mengampu orang gila. terhadap harta umum—milik masyarakat apalagi milik negara—tidak ada kewajiban zakat menurut jumhur ulama, meskipun menurut sebagian kecil ulama yang lain, di antaranya al-imam muhammad, pengikut imam abû hanîfah, berpendirian bahwa harta masyarakat umum yang produktif tetap wajib dizakati.33 syarat-syarat harta yang wajib dizakati ialah: (1) sempurna kepemilikannya; (2) harta yang dimiliki muzakkî telah mencapai nishab/jumlah minimal tertentu34; (4) telah mencapai satu tahun (hawl) untuk jenis zakat tertentu khususnya perniagaan atau yang sejenisnya; (5) di saat-saat panen untuk zakat pertanian dan/atau yang disamakan dengan pertanian; (6) di saat-saat menerima pembayaran gaji/honorarium paling tidak menurut ahli-ahli hukum islam yang membolehkan seorang muzakkî mempercepat pembayaran dana zakatnya, tanpa harus menunggu satu tahun.35 mal sebagaimana dimaksud pada ayat (2) merupakan harta yang dimiliki oleh muzakkî perseorangan atau badan usaha (pasal 4 ayat (3)). 33rafiq yunus al-mashri, fiqh al-mu’amalat al-maliyyah, h. 77. 34karena satu dan lain hal terutama pertimbangan teknis, tidak disebutkan secara rinci di dalam tulisan ini. 35selain dapat meringankan beban psikis muzakkî dengan cara mencicil pembayaran dana zakatnya, cara pembayaran zakat yang demikian tentu akan turut membantu kelancaran biaya-biaya mendesak para mustahiq. petunjuk teknis alquran (q.s. al-an‘âm [6]: 141) yang menetapkan waktu panen sebagai waktu penunaian zakat pertanian, sedikit-banyak turut memberikan inspirasi bagi penyegeraan penunaian zakat di saat-saat muzakkî menerima pembayaran penjualan barang dan/ atau pembayaran gaji/honorarirum. demikian pula dengan kemajuan teknologi yang memudahkan para muzakkî melakukan penghitungan zakat dan penunaiannya. tanpa menutup kemungkinan ada rahasia lain mengapa hawl dijadikan standar dalam hal pembayaran zakat, boleh jadi penetapan al-iqtishad: vol. v, no. 2, juli 2013 267 sayangnya, dalam praktik masih tetap dijumpai sebagian pelaku bisnis syariah sekalipun yang belum sependapat untuk membebankan kewajiban zakat terhadap badan usaha seperti bank syariah, asuransi syariah, pegadaian syariah, dan lain-lain. muzakkî dan keberadaan harta yang wajib dizakati para ahli fikih mensyaratkan muzakkî (pembayar zakat) harus beragama islam, dewasa, dan berakal sehat. orang kafir, asli maupun murtad, tidak diwajibkan membayar zakat. demikian pula dengan anak kecil dan orang gila, paling tidak menurut sebagian ulama. alasannya, selain zakat oleh mereka masih tetap digolongkan ke dalam kelompok ibadah mahdhah (murni) yang karenanya muzakkî harus berdasarkan niat, juga karena salah satu syarat sah ibadah adalah harus orang dewasa (balig). sungguhpun demikian, kebanyakan ulama (jumhur) tetap mewajibkan hukum bayar zakat terhadap harta yang dimiiki anak kecil maupun orang gila. pengeluaran zakatnya dilakukan oleh orang tua/wali si anak atau oleh orang yang mengampu orang gila. terhadap harta umum—milik masyarakat apalagi milik negara—tidak ada kewajiban zakat menurut jumhur ulama, meskipun menurut sebagian kecil ulama yang lain, di antaranya al-imam muhammad, pengikut imam abû hanîfah, berpendirian bahwa harta masyarakat umum yang produktif tetap wajib dizakati.33 syarat-syarat harta yang wajib dizakati ialah: (1) sempurna kepemilikannya; (2) harta yang dimiliki muzakkî telah mencapai nishab/jumlah minimal tertentu34; (4) telah mencapai satu tahun (hawl) untuk jenis zakat tertentu khususnya perniagaan atau yang sejenisnya; (5) di saat-saat panen untuk zakat pertanian dan/atau yang disamakan dengan pertanian; (6) di saat-saat menerima pembayaran gaji/honorarium paling tidak menurut ahli-ahli hukum islam yang membolehkan seorang muzakkî mempercepat pembayaran dana zakatnya, tanpa harus menunggu satu tahun.35 mal sebagaimana dimaksud pada ayat (2) merupakan harta yang dimiliki oleh muzakkî perseorangan atau badan usaha (pasal 4 ayat (3)). 33rafiq yunus al-mashri, fiqh al-mu’amalat al-maliyyah, h. 77. 34karena satu dan lain hal terutama pertimbangan teknis, tidak disebutkan secara rinci di dalam tulisan ini. 35selain dapat meringankan beban psikis muzakkî dengan cara mencicil pembayaran dana zakatnya, cara pembayaran zakat yang demikian tentu akan turut membantu kelancaran biaya-biaya mendesak para mustahiq. petunjuk teknis alquran (q.s. al-an‘âm [6]: 141) yang menetapkan waktu panen sebagai waktu penunaian zakat pertanian, sedikit-banyak turut memberikan inspirasi bagi penyegeraan penunaian zakat di saat-saat muzakkî menerima pembayaran penjualan barang dan/ atau pembayaran gaji/honorarirum. demikian pula dengan kemajuan teknologi yang memudahkan para muzakkî melakukan penghitungan zakat dan penunaiannya. tanpa menutup kemungkinan ada rahasia lain mengapa hawl dijadikan standar dalam hal pembayaran zakat, boleh jadi penetapan delapan ashnâf mustahiq sistem ekonomi dan keuangan zakat, infak, dan sedekah, tampak memiliki rancangan yang luar biasa hebat, cermat, dan akurat dalam menetapkan calon sasaran/target penerima dana zakat yang lazim dikenal dengan sebutan delapan kelompok sosial penerima zakat (tsamâniyah ashnâf al-mustahiqqîn), yakni: (1) fuqarâ’, (2) masâkin, (3) ‘âmilîn, (4) mu’allafah qulûbuhum, (5) riqâb, (6) ghârimîn, (7) sabîlillâh, (8) ibn sabîl. kelompok sosial penerima zakat ini termaktub dalam surah al-tawbah [9]: 103. memerhatikan delapan kelompok sosial yang berhak menerima zakat di atas, sungguh luar biasa cermatnya, karena dengan pembagian delapan ashnâf ini, nyaris atau bahkan sama sekali tidak ada kelompok sosial yang terabaikan kesejahteraan sosial ekonominya. karena, semua kelompok sosial dari pelbagai kelas telah tertampung ke dalam delapan ashnâf ini. bukan saja kaum fuqarâ’ dan masâkin yang sangat diperhatikan oleh alquran, akan tetapi juga kelompokkelompok sosial lainnya, dalam hal ini orang-orang yang terlilit utang, budakbudak dalam konteks sekarang kelompok sosial yang termapas kemerdekaan dirinya, kelompok orang-orang yang terjebak di perjalanan, dan bahkan juga lembaga sosisal kemasyarakatan yang bergerak dalam pelbagai kepentingan umum tetap terjangkau melalui delapan kelompok mustahiqqîn ini. tidak terkecuali mereka yang bergabung dalam hal pengurusan zakat itu sendiri yaitu kelompok ‘âmilîn walau mereka terdiri atas orang-orang kaya sekalipun. sungguh menarik variasi alquran yang meredaksikannya secara berbeda ketika menggunakan huruf ‚lâm‛ dalam kalimat li al-fuqarâ’ wa al-masâkin wa al-‘âmilîn ‘alayhâ wa al-mu’allafah qulûbuhum, dan menggunakan huruf ‚fî‛ dalam redaksi wa fi al-riqâb wa al-ghârimîn wa fî sabîlillâh wa ibn al-sabîl. terkait dengan redaksi ayat ini, sebagian ahli tafsir, di antaranya al-thabathaba’i36 dan muhamad mahmûd hijâzî37 mengemukakan bahwa perbedaan redaksi ini diduga kuat ada maksud yang hendak dituju alquran. untuk empat hingga enam kelompok mustahiq yang menggunakan huruf ‚lâm‛, dalam hal ini fuqarâ’, masâkîn, ‘âmilîn, mu’allafah qulûbuhum, ghârimîn, dan ibn sabîl, menurut hijazî, peruntukkannya bersifat perorangan. sedangkan yang menggunakan redaksi ‚fi‛ dalam konteks ini fi al-riqâb dan fî sabîl allâh masih kata hijâzî, peruntukannya bersifat kelembagaan (institusional) dalam hal ini kemaslahatan umum umat islam. sedikit berbeda dengan hijâzî, al-thabathaba’i menyertakan kelompok al-ghâri hawl lebih didasarkan pada toleransi kesulitan waktu menghitung untuk kalangan peniaga/pebisnis di zaman-zaman silam.wallahu a’lam. 36muhammad husain al-thaba’-thaba’i, al-mizan fi-tafsir al-qur’an, jil. 6, h. 322-323. 37muhammad mahmud hijazi, al-tafsir al-wadhih, h. jil. 1, hlm 896-897. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 268 mîn dan ibn al-sabîl ke dalam kelompok fî yang bermaksud institusional itu. dalam pandangan al-thabathaba’i, empat kelompok pertama mustahiq menggunakan huruf lam (li al-milk), yakni: li al-fuqarâ’, wa li al-masâkin, wa li al-‘amilîn wa li al-ghârimîn. sedangkan empat kelompok yang disebutkan terakhir menggunakan redaksi fi dan karenanya maka perlu ditakdirkan dengan redaksi wa fi alriqâb, wa fi al-ghârimîn, wa fi sabil allâh, wa fî ibn al-sabîl. dalam pada itu, hampir semua ulama tafsir dan fikih sepakat bahwa dana zakat itu penyalurannya benar-benar terbatas dan bahkan harus dibatasi, yakni hanya kepada delapan ashnâf mustahiq yang disebutkan di atas. penyaluran dana zakat kepada orang/pihak di luar delapan ashnâf tersebut, hukumnya dilarang. ayat 60 surah al-tawbah ini menurut sebagian mufassir diturunkan dalam rangka antisipasi atau bahkan menutup rapat kemungkinan penyalahgunaan dana zakat oleh oknum-oknum tertentu misalnya jatuh ke tangan orang-orang munafik yang demikian tamak (rakus) dengan sifat buruknya yang suka mencela nabi ketika tidak kebagian zakat meski terkadang memujinya sedemikian rupa tatkala diberi bagian zakat sebagaimana dilansir dalam surah yang sama (altawbah) ayat 58 dan ayat 61. pembatasan penyaluran dana zakat kepada para mustahiq di atas, diperkuat oleh penggalan ayat ‚farîdhah min allâh wa allâh ‘alîm hakîm‛= sebagai kewajiban dari allah, dan allah itu mahatahu lagi mahabijaksana. perhatikan hubungan harmonis (kesetiakawanan sosial) antara muzakkî dan mustahiqqîn dalam diagram di bawah ini: kesetiakawanan muzakkî dan mustahiq al-iqtishad: vol. v, no. 2, juli 2013 269 mîn dan ibn al-sabîl ke dalam kelompok fî yang bermaksud institusional itu. dalam pandangan al-thabathaba’i, empat kelompok pertama mustahiq menggunakan huruf lam (li al-milk), yakni: li al-fuqarâ’, wa li al-masâkin, wa li al-‘amilîn wa li al-ghârimîn. sedangkan empat kelompok yang disebutkan terakhir menggunakan redaksi fi dan karenanya maka perlu ditakdirkan dengan redaksi wa fi alriqâb, wa fi al-ghârimîn, wa fi sabil allâh, wa fî ibn al-sabîl. dalam pada itu, hampir semua ulama tafsir dan fikih sepakat bahwa dana zakat itu penyalurannya benar-benar terbatas dan bahkan harus dibatasi, yakni hanya kepada delapan ashnâf mustahiq yang disebutkan di atas. penyaluran dana zakat kepada orang/pihak di luar delapan ashnâf tersebut, hukumnya dilarang. ayat 60 surah al-tawbah ini menurut sebagian mufassir diturunkan dalam rangka antisipasi atau bahkan menutup rapat kemungkinan penyalahgunaan dana zakat oleh oknum-oknum tertentu misalnya jatuh ke tangan orang-orang munafik yang demikian tamak (rakus) dengan sifat buruknya yang suka mencela nabi ketika tidak kebagian zakat meski terkadang memujinya sedemikian rupa tatkala diberi bagian zakat sebagaimana dilansir dalam surah yang sama (altawbah) ayat 58 dan ayat 61. pembatasan penyaluran dana zakat kepada para mustahiq di atas, diperkuat oleh penggalan ayat ‚farîdhah min allâh wa allâh ‘alîm hakîm‛= sebagai kewajiban dari allah, dan allah itu mahatahu lagi mahabijaksana. perhatikan hubungan harmonis (kesetiakawanan sosial) antara muzakkî dan mustahiqqîn dalam diagram di bawah ini: kesetiakawanan muzakkî dan mustahiq catatan: 1. penyandang dana (donatur) tetap adalah: muzakkîn, munfiqîn, dan mutashaddiqîn; 2. penerima dana (mustahiqîn), meliputi: fuqarâ’, masâkin, ‘âmilîn, mu’allafah qulûbuhum, riqâb, ghârimin, sabîl allâh, dan ibn sabîl. dua sampai empat kelompok bersifat personal (perorangan) yaitu: terutama fuqarâ’ dan masâkin (menurut kebanyakan ulama) di samping ‘âmilîn dan ghârimîn (menurut sebagian ulama yang lain). 3. penghimpunan, pengelolaan, dan pendistribusian dana zis dilakukan oleh ‘âmilîn yang berasaskan tiga pro: professional, prosedural, dan proporsional; 4. pemerintah bertindak selaku regulator yang adil, arif, dan bijaksana; 5. masyarakat luas turut mendukung dan mengawasi dengan penuh rasa senang dan tanggung jawab. mutifungsi zakat zakat, di samping juga infak dan sedekah, dipastikan memiliki banyak fungsi. yang terpenting daripadanya ialah fungsi internal-material dan kejiwaan di samping juga memiliki fungsi eksternal-material dan spiritual. secara material, harta zakat seperti pernah disinggung panjang lebar sebelum ini, jelas membuat harta muzakkî, munfiq, dan mutashaddiq menjadi semakin bertambah dan berkah. sementara secara kejiwaan, zis membuat penunainya merasa tenang, tentram dan nyaman. sedangkan secara eksternal-material, dana zis memiliki multi manfaat bagi para mustahiq, dan secara kejiwaan para mustahiq niscaya sangat hormat dan mencintai para donator dana zis mengingat sama-sama aktif, saling memberi dan menerima, serta saling berharap dan mendoa. sungguh benar apa yang dikalamkan allah dalam wahyu-nya, dan sungguh benar juga apa yang disabdakan rasul-nya, di samping masih lebih banyak lagi yang tidak mungkin dituliskan di sini. sebagian kecil di antaranya adalah: dari ibn ‘abbas r.a., sesungguhnya nabi saw. pernah mengutus mu‘âdz ibn jabal r.a. ke yaman, yang ringkasannya sebagaimana disebutkan ha-dis, ‚sesungguhnya allah telah memfardukan kepada mereka (penduduk yaman) supaya membayar sedekah terhadap sebagian harta kekayaan mereka, tepatnya diambilkan dari kekayaan orang-orang kaya yang ada di antara mereka, untuk kemudian disalurkan kepada kalangan fuqarâ’ yang ada di tengah-tengah mereka. (h.r. muttafaq ‘alayh). dari ibn ‘abbâs r.a., dia berkata, ‚rasulullah saw. telah memfardukan zakat fitrah (dengan fungsi utama) sebagai penyuci bagi orang yang puasa dari seloroh-seloroh murahan dan/atau seloroh berbau seksual (thuhrah li al-shâ’im muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 270 min al-laghw wa al-rafats), serta dalam rangka memberi makan (menyejahterakan) orang-orang miskin (thu’mah li al-masâkin). siapa yang menunaikannya sebelum pelaksanaan salat id, maka itu termasuk zakat (fitrah) yang dikabulkan, dan siapa yang menunaikannya usai salat id, maka itu termasuk ke dalam sedekah biasa (h.r. abû dâwûd dan ibn mâjah yang disahihkan oleh al-hâkim). muatan positif senafas dengan pengertian zakat (harfiah maupun syar‘iyyah), zakat dipastikan memiliki hikmah (nilai-nilai positif) dari pemungutan, pengelolaan, dan pendistrbusian dana zakat itu sendiri. terutama terkait dengan program jangka pendek dan menengah yang sering kali tantangannya datang setiap saat dan sepanjang zaman. katakanlah seperti kebutuhan makan-minum (konsumsi), pakaian dan tempat tinggal. demikian pula dengan kebutuhan pendidikan dan kesehatan yang harus dinikmati oleh semua dan setiap warga-negara dalam konteks kebangsan dan kenegaraan, atau kesejahteraan umat islam dalam konteks kehidupan keagamaan dalam hal ini agama islam. di antara hikmah zakat ialah sebagai berikut: pertama, dalam jangka pendek—terutama dalam bidang pangan—zakat minimal dapat mengatasi kelaparan dan kasus-kasus gizi buruk yang sering kali melanda kalangan masyarakat miskin tertentu di daerah-daerah perdesaan/terpencil yang jauh dari keramaian kota dan berkumpulnya kelompok orang-orang kaya (aghniya’). kedua, dalam hal sandang, zakat dapat membantu meringankan fuqarâ’-masâkin untuk membeli pakaian yang relatif lebih berkualitas atau sekurang-kurangnya bisa mengatasi kesulitan mereka dalam hal pakaian. ketiga, dalam bidang pendidikan, zakat dapat mencerdaskan kehidupan anak bangsa dan bisa membebaskan para mustahiq dari kebodohan dan ketertinggalan. keempat, zakat dapat menjadi modal dana kaesehatan masyarakat miskin dan golongan mustahiq lainnya. kelima, dana zakat dapat meng-cover semua lapisan masyarakat yang sangat membutuhkannya, bahkan dalam kasus-kasus tertentu bisa juga memberikan kesejahteraan yang lebih pada orang/pihak tertentu. keenam, dana zakat jelas harus merata ke seluruh penjuru tempat kediaman para mustahiq zakat. ketujuh, zakat dapat mengurangi atau bahkan menghilangkan kesenjangan sosial ekonomi. kedelapan, zakat juga dapat mengatasi krisis pangan terutama di saat-saat terjadi bencana alam maupun bencana lain-lainnya seperti bencana kekisruhan dan kersuhan atau bahkan peperangan sekalipun. kesembilan, dampak positif zakat lainnya adalah dapat menciptakan harmonisasi hubungan sosial-kemasyarakatan dalam konteksnya yang sangat luas, terutama antara masyarakat berada (kaya) dengan masyarakat miskin. kesepuluh, al-iqtishad: vol. v, no. 2, juli 2013 271 min al-laghw wa al-rafats), serta dalam rangka memberi makan (menyejahterakan) orang-orang miskin (thu’mah li al-masâkin). siapa yang menunaikannya sebelum pelaksanaan salat id, maka itu termasuk zakat (fitrah) yang dikabulkan, dan siapa yang menunaikannya usai salat id, maka itu termasuk ke dalam sedekah biasa (h.r. abû dâwûd dan ibn mâjah yang disahihkan oleh al-hâkim). muatan positif senafas dengan pengertian zakat (harfiah maupun syar‘iyyah), zakat dipastikan memiliki hikmah (nilai-nilai positif) dari pemungutan, pengelolaan, dan pendistrbusian dana zakat itu sendiri. terutama terkait dengan program jangka pendek dan menengah yang sering kali tantangannya datang setiap saat dan sepanjang zaman. katakanlah seperti kebutuhan makan-minum (konsumsi), pakaian dan tempat tinggal. demikian pula dengan kebutuhan pendidikan dan kesehatan yang harus dinikmati oleh semua dan setiap warga-negara dalam konteks kebangsan dan kenegaraan, atau kesejahteraan umat islam dalam konteks kehidupan keagamaan dalam hal ini agama islam. di antara hikmah zakat ialah sebagai berikut: pertama, dalam jangka pendek—terutama dalam bidang pangan—zakat minimal dapat mengatasi kelaparan dan kasus-kasus gizi buruk yang sering kali melanda kalangan masyarakat miskin tertentu di daerah-daerah perdesaan/terpencil yang jauh dari keramaian kota dan berkumpulnya kelompok orang-orang kaya (aghniya’). kedua, dalam hal sandang, zakat dapat membantu meringankan fuqarâ’-masâkin untuk membeli pakaian yang relatif lebih berkualitas atau sekurang-kurangnya bisa mengatasi kesulitan mereka dalam hal pakaian. ketiga, dalam bidang pendidikan, zakat dapat mencerdaskan kehidupan anak bangsa dan bisa membebaskan para mustahiq dari kebodohan dan ketertinggalan. keempat, zakat dapat menjadi modal dana kaesehatan masyarakat miskin dan golongan mustahiq lainnya. kelima, dana zakat dapat meng-cover semua lapisan masyarakat yang sangat membutuhkannya, bahkan dalam kasus-kasus tertentu bisa juga memberikan kesejahteraan yang lebih pada orang/pihak tertentu. keenam, dana zakat jelas harus merata ke seluruh penjuru tempat kediaman para mustahiq zakat. ketujuh, zakat dapat mengurangi atau bahkan menghilangkan kesenjangan sosial ekonomi. kedelapan, zakat juga dapat mengatasi krisis pangan terutama di saat-saat terjadi bencana alam maupun bencana lain-lainnya seperti bencana kekisruhan dan kersuhan atau bahkan peperangan sekalipun. kesembilan, dampak positif zakat lainnya adalah dapat menciptakan harmonisasi hubungan sosial-kemasyarakatan dalam konteksnya yang sangat luas, terutama antara masyarakat berada (kaya) dengan masyarakat miskin. kesepuluh, zakat minimal bisa mengurangi atau bahkan menangkal pelbagai macam tindak kriminal yang disebabkan oleh rasa kecemburuan sosial yang sangat mungkin muncul secara tiba-tiba. kesebelas, dilihat dari isinya yang manapun, zakat relatif jauh lebih ringan/kecil nilainya. terkait perbedaan kadar pewajiban antara jenis zakat yang satu dengan jenis zakat yang lain, misalnya antara zakat pertanian, perdagangan, dan yang sejenis dengannya, para ulama mengurainya dengan panjang lebar. di antara mereka adalah ibn qayyim al-jawziyyah yang mengemukakan sebagai berikut: mengapa kadar zakat untuk uang emas dan perak serta perniagaan itu sebesar 1/4% (4/10), sedangkan tanam-tanaman (pertanian) dan buahbuahan itu kadar zakatnya 1/5 atau (10%)? sementara pertambangan (ma’din) zakatnya 1/5 juga, sementara rikâz hingga mencapai 20%, itu semua menunjukkan keutamaan dan keprimaan syariat terkait dengan penyejahteraan kaum fuqarâ’ dan penyucian harta di samping terutama dalam rangka ber-taqarrub ila allâh (mendekatkan diri kepada allah). demikian pula halnya dengan yang lain-lain yang acap kali manusia boleh jadi salah persepsi terhadap ketentuan-ketentuan syariat yang sarat dengan nilai-nilai positif (hikmah) dan rahasisa dari pelbagai hikmah itu sendiri. potensi dana zis dan partisipasi aktif masyarakat dana zakat, infak, dan sedekah (zis) memiliki potensi yang sangat luar biasa. sebagai ilustrasi, untuk indonesia saja dengan penduduk muslim sekira 212,5 juta (85 %) dari keseluruhan penduduk indonesia yang berjumlah 250 jutaan jiwa (pada tahun 2013), dalam satu malam takbir (malam idul fitri) diperkirakan akan mampu mengumpulkan dana zakat fitrah sekira 5,3 triliun rupiah, sebagai perkiraan dari perkalian jumlah penduduk muslim sebanyak 212,5 juta jiwa itu dikalikan dengan rp 25.000 untuk seharga 2,5 kilogram beras bagi setiap orang. belum termasuk dana zakat mâl dan lain-lain (fidyah, kaffarah, dan sebagainya) yang hampir dapat dipastikan jumlahnya lebih banyak lagi dari itu. berdasarkan riset baznas, idb, dan ipb beberapa waktu yang lalu, potensi zakat indonesia tahun 2011 saja bisa mencapai 217 triliyun rupiah. ini menunjukkan bahwa potensi zakat di indonesia sesunguhnya adalah terbesar di dunia. sayangnya, baznas bersama-sama dengan lembaga-lembaga zakat lainnya baru mampu menyerap potensi tersebut dalam jumlah yang sangat kecil, yakni baru sekira 1% saja. maknanya, semua badan dan/atau lembaga amil zakat yang ada di indonesia tentu juga stakeholders dana zis yang lainnya, masih harus bekerja lebih ekstra keras, ekstra serius dan ekstra fokus guna menggapai potensi zakat indonesia yang masih tersisa sebesar 99% lagi. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 272 ada beberapa faktor yang menyebabkan dana zis indonesia masih ‚tertimbun rapat‛ sebagaimana hal yang sama sesungguhnya juga dialami oleh sebagian bangsa-bangsa muslim yang lainnya. beberapa faktor yang dimaksudkan sesungguhnya tergambarkan dalam sikap masyarakat muslim sendiri terhadap zakat di samping pajak yaitu sebagai berikut: (1) ada kalangan muslim yang taat pajak dan sekaligu taat zakat; (2) boleh jadi ada golongan yang setia pajak tetapi ingkar zakat; (3) boleh jadi ada kelompok yang taat zakat tidak setia pajak; (4) tidak mustahil ada kelompok yang inkar zakat dan sekaligus tolak pajak. terkait dengan gambaran sikap masyarakat muslim di satu pihak dan kendala yang dihadapi para pegiat zakat secara makro dan dalam garis besar pernah dikemukakan para pemerhati zis, di antaranya m. djamal doa, yang menyimpulkannya sebagai berikut:38 pertama, problem muzakkî, yang antara lain masih sering diselubungi dengan sikap riya, meskipun alquran telah lama mewanti-wanti siapapun (para muzakkî, munfik dan mutashadik) untuk tidak terjebak dengan sikap dan apalagi perilaku riyâ.39 kedua, problem mustahiq, antara lain masih tercemari oleh sebagian oknum masyarakat yang pura-pura miskin (munafik) di satu pihak dan pembagian dana zakat yang belum merata mengingat masih ada yang bersifat tumpangtindih dan terkonsentrasi pada tempat-tempat tertentu. ketiga, problem khilâfiyah masalah-masalah kontemporer yang sedikit banyak menimbulkan perbedaan atau bahkan perdebatan pendapat yang boleh jadi berujung pada kehadiran fatwa hukum fikih, terutama secara lisan, yang berbau fenomenal. keempat, problem normatif peraturan perundang-undangan seputar pengelolaan zakat, terutama di masa-masa lalu dan belakangan juga terkait dengan korelasi pengurangan zakat atas pembayaran pajak yang secara teoretis masih tetap mengundang beberapa penafsiran sementara secara praksis baik kebijakan maupun teknisi administratif masih tetap memiliki banyak kendala di lapangan. apalagi terkait sosialisasinya yang nyaris tidak pernah tertangani apalagi ada yang menangani. kelima, problem internal lembaga amil zakat sendiri yang dalam banyak hal dan praktiknya masih tetap mengalami beberapa kendala, termasuk dunia ‘âmilîn sendiri yang hingga kini masih belum memiliki rambu-rambu penggajian/upah/fee/ujrah yang benar-benar standar. belum lagi terkait dengan ke 38m. djamal doa, menggagas pengelolaan zakat oleh negara, h. 59-97. 39baca dan renungkan alquran, antara lain surah al-baqarah [2]: 264 dan surah al-nisâ’ [4]: 38. al-iqtishad: vol. v, no. 2, juli 2013 273 ada beberapa faktor yang menyebabkan dana zis indonesia masih ‚tertimbun rapat‛ sebagaimana hal yang sama sesungguhnya juga dialami oleh sebagian bangsa-bangsa muslim yang lainnya. beberapa faktor yang dimaksudkan sesungguhnya tergambarkan dalam sikap masyarakat muslim sendiri terhadap zakat di samping pajak yaitu sebagai berikut: (1) ada kalangan muslim yang taat pajak dan sekaligu taat zakat; (2) boleh jadi ada golongan yang setia pajak tetapi ingkar zakat; (3) boleh jadi ada kelompok yang taat zakat tidak setia pajak; (4) tidak mustahil ada kelompok yang inkar zakat dan sekaligus tolak pajak. terkait dengan gambaran sikap masyarakat muslim di satu pihak dan kendala yang dihadapi para pegiat zakat secara makro dan dalam garis besar pernah dikemukakan para pemerhati zis, di antaranya m. djamal doa, yang menyimpulkannya sebagai berikut:38 pertama, problem muzakkî, yang antara lain masih sering diselubungi dengan sikap riya, meskipun alquran telah lama mewanti-wanti siapapun (para muzakkî, munfik dan mutashadik) untuk tidak terjebak dengan sikap dan apalagi perilaku riyâ.39 kedua, problem mustahiq, antara lain masih tercemari oleh sebagian oknum masyarakat yang pura-pura miskin (munafik) di satu pihak dan pembagian dana zakat yang belum merata mengingat masih ada yang bersifat tumpangtindih dan terkonsentrasi pada tempat-tempat tertentu. ketiga, problem khilâfiyah masalah-masalah kontemporer yang sedikit banyak menimbulkan perbedaan atau bahkan perdebatan pendapat yang boleh jadi berujung pada kehadiran fatwa hukum fikih, terutama secara lisan, yang berbau fenomenal. keempat, problem normatif peraturan perundang-undangan seputar pengelolaan zakat, terutama di masa-masa lalu dan belakangan juga terkait dengan korelasi pengurangan zakat atas pembayaran pajak yang secara teoretis masih tetap mengundang beberapa penafsiran sementara secara praksis baik kebijakan maupun teknisi administratif masih tetap memiliki banyak kendala di lapangan. apalagi terkait sosialisasinya yang nyaris tidak pernah tertangani apalagi ada yang menangani. kelima, problem internal lembaga amil zakat sendiri yang dalam banyak hal dan praktiknya masih tetap mengalami beberapa kendala, termasuk dunia ‘âmilîn sendiri yang hingga kini masih belum memiliki rambu-rambu penggajian/upah/fee/ujrah yang benar-benar standar. belum lagi terkait dengan ke 38m. djamal doa, menggagas pengelolaan zakat oleh negara, h. 59-97. 39baca dan renungkan alquran, antara lain surah al-baqarah [2]: 264 dan surah al-nisâ’ [4]: 38. ilmuan dan wa-wasan kesyariahannya yang masih memerlukan pembinaan di samping pening-katan keahlian (skill) teknis-operasional terkait pelayanan masyarakat muzakkî, munfiq dan/atau mutashaddiq maupun kalangan mustahiq. keenam, problem operasional yang paling tidak dalam beberapa—untuk tidak mengatakan dalam banyak—hal masih dihadapi oleh badan maupun lembaga amil zakat baik internal maupun eksternal.40 penutup zakat, infak, dan sedekah (zis) bisa dijadikan modal dan sekaligus model pembangunan sistem ekonomi dan keuangan sepanjang zaman. termasuk di era modern sekarang di mana kehidupan ekonomi dan keuangan semakin kompleks dan bahkan problemtik. alasannya, selain dana zis pernah teruji dan diuji kelangsungannya sepanjang perjalanan sejarah umat islam, dana zis juga memiliki potensi luar biasa untuk dijadikan sebgai dana cadangan yang selalu siap dikucurkan dalam pelbagai situasi dan kondisi apa dan bagaimanapun. terutama untuk mengatasi pelbagai persoalan ekonomi dan keuangan jangka pendek, atau bahkan datang secara tiba-tiba. demikian pula dengan potensi dana zis yang tidak pernah mengurang, apalagi mengering di semua dan setiap negara yang dihuni oleh penduduk mayoritas muslim, terutama indonesia sebagai negara muslim raksasa di seluruh penjuru dunia. potensi dana zis umat islam indonesia demikian fantastis ketika diperkirkan mampu menyumbangkan ‚devisa‛ sebesar 217 trilyun rupiah dalam satu tahun terakhir, dan ke depan insya allah akan terus bertambah lebih besar lagi. potensi ini sejatinya bisa diwujudkan pada waktunya manakala benar-benar dituju dan diburu secara bersama-sama melalui kerja-kerja simultan dan berbasiskan prinsip-prinsip profesional, prosedural, dan proporsional. dengan modal utama masyarakat muzakkî yang demikian melimpah dan dimotori oleh ‘âmilîn yang jujur dan trampil. di-support oleh pemerintah selaku regulator dan diawasi oleh semua unsure masyarakat yang berakhlak, baik sangka, dan kontrol setia, insya allah dan sungguh tidak berlebihan kita mengidolakan ‚dana zis sebagai modal dan model ideal pembangunan ekonomi dan keuangan modern sepanjang zaman‛ demi kesejahteraan bersama rakyat indonesia yang makmur, adil, dan merata. pustaka acuan al-qur’ân al-karîm. ‘asqalanî, al-, ibn hajar bulûgh al-marâm min adillah al-ahkâm, bandung, 40m. djamil doa, menggagas pengelolaan zakat oleh negara, h. 59-97. muhammad amin suma: zakat, infak, dan sedekah: modal dan model ideal 274 indone-sia, t.th. ash-shiddieqy, tengku muhammad hasbi, pedoman zakat, semarang: pustaka rizki putra, 1999. doa, m. djamal, menggagas pengelolaan zakat oleh negara, jakarta: nuansa mada-ni, 2001. hassan, nik musthapa nik [penyunting], ekonomi islam dan pelaksanaannya di malaysia, kuala lumpur, malaysia: institut kepahaman islam malaysia, 2002. hijâzî, muhammad mahmûd, al-tafsîr al-wâdhih, bayrût, dâr al-jayl, 1413 h/1993 m. ibn ‘âbidîn (muhammad amîn), hasyiyah radd al-mukhtâr ‘ala al-durr al-mukhtâr syarh tanwîr al-abshâr, bayrût-lubnân: dâr al-fikr, 1425 – 1426 h/2005 m. ibn qudâmah, al-mughnî, bayrût, lubnân: bayt al-afkâr al-dawliyyah, 2004. jawziyyah, al-, ibn qayyim, tafsîr al-qayyim, bayrût, lubnân: dâr al-kutub al-‘ilmiyyah, [t.t.]. kahlanî, al-, muhammad ibn isâ‘îl, subul al-salâm, bandung, indonesia, maktabah dahlan, t.th. khinn, al-, mushthafâ al-khinn, mushthafâ al-bugha, dan ‘alî al-syarbajî, al-fiqh al-manhajî ‘alâ madzhab al-imâm al-syâfi‘î, damsyiq: dâr al-qalam, 1432 h/2011 m. mashrî, al-, râfiq yûnus, fiqh al-mu‘âmalah al-mâliyah, jiddah: dâr al-basyir, 1426 h/2005 m. qaradhawî, al-, yûsuf, fiqh al-zakâh, bayrût, lubnân: mu’assasah al-risâlah, 1418 h/1997 m. qurthubî, al-, abî ‘abd allâh, al-jâmi‘ li ahkâm al-qur’ân, bayrût-lubnân: t.tp: t.p., t.th. sâbiq, al-sayyid, fiqh al-sunnah, bayrût, lubnân: dâr al-jayl, 1973. suma, muhammad amin, lima pilar islam, tangerang: kholam publishing, 2007. thabathaba’i, al-, muhammad husayn, al-mîzân fî tafsîr al-qur’ân, bayrût, lubnân: mu’assasah al-a’lam li-al-mathbu’ah, 1411 h/1991 m. undang-undang republik indonesia nomor 23 tahun 2011 tentang pengelolaan zakat. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 259 288 received: october 18, 2016; revised: february 8, 2017; accepted: march 28, 2017 universiti utara malaysia. sintok 06010, kedah, malaysia e-mail: 1glinklondon@gmail.com; 2norazlina.aw@uum.edu.my; doi: 10.15408/aiq.v9i2.4002 abstract. effective zakah distribution: highlighting few issues and gaps in kedah, malaysia. the aim of this paper is to identify what are the impediments in implementing an effective zakah distribution in kedah, malaysia. auspiciously, post-colonial malaysia is experiencing robustness in terms of zakah collections, as the statistics are currently signifying, but at the same breath the degree of effectiveness in zakah distribution has not been providentially catching that optimistic evolution. and even if, the zakah is duly distributed, the point to note is that the effectivity of that distribution has indubitably remained in question. so this gap is an issue that has been observed by the givers, and if the collection is to increase further, the issue of effectivity in zakah distribution needs to show a healthier trend to convince these worried payers. the implications of resolving the issues discussed below may assist to enhance this sector, if timely addressed and taken applicable measures for remediation. keywords: zakah, effective distribution, sustainable balanced scorecard abstrak. penyaluran zakat efektif: penekanan pada beberapa masalah dan kesenjangan di kedah, malaysia. tujuan dari penelitian ini ialah untuk mengidentifikasi persoalan-persoalan terkait pelaksanaan penyaluran zakat yang efektif di kedah, malaysia. pengalaman malaysia pada setelah kolonial menunjukkan pengalaman dalam hal pengumpulan zakat, hal ini terlihat dari data statistik yang signifikan, akan tetapi di sisi lain derajat efektivitas dalam hal penyaluran zakat belum mampu menunjukkan evolusi yang optimistis. bahkan jika zakat sepatutnya disalurkan, maka yang perlu diperhatikan ialah efektivitas dari penyaluran tersebut akan tetap dipertanyakan. kesenjangan ini adalah masalah yang telah diamati oleh si pemberi, dan jika pengumpulannya semakin meningkat, isu terkait efektivitas dalam penyaluran zakat harus menunjukkan tren yang semakin baik dalam rangka meyakinkan para pembayar yang khawatir. implikasi penyelesaian masalah yang dibahas di bawah ini dapat membantu meningkatkan sector ini, jika ditangani tepat waktu dan diambil tindakan yang sesuai untuk pemulihan. kata kunci: zakat, penyaluran efektif, sustainable balanced scorecard effective zakah distribution: highlighting few issues and gaps in kedah, malaysia m ashraf al haq1, norazlina binti abd. wahab2 260 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 introduction zakah has become a very important islamic fiscal tool for the concerned scholars as well as to many islamically inclined states, to address the social injustices that need rectification and compensation for the needy. historically, zakah played a prominent and promising role in the early muslim history (nadzri et al., 2012). it was reasonably successful1 until the invasion of muslim territories by the medievalist’s forces from the west (mohsin et al., 2011). after the annexations by these western colonial powers and at times unfair masters (please visit, https://www. youthconnect.in/2014/05/01/was-the-british-raj-good-or-bad-for-india/), zakah as a religious and powerful instrument regrettably lost its true momentum. but soon after the independence and rebirth of muslim nations, zakah has again become a device, which is, at least seen as, to be able to assist the poor and deprived entities to have their rightful dues in a fairer and progressive manner (bakar et al., 2011; hassan, 1987). and fortuitously, the zakah scenario is slowly taking a positive derivation in assisting the impoverished and the disadvantaged. collection is slowly growing, across territories, but the potential seems still untapped. nonetheless the gloomy issue so far is, whatever small or big amount that is collected, is not gratifyingly and routinely distributed in the most effective way, and that is keeping the concerned givers of zakah as well as the scholars of zakah in uneasiness, and that perception has indisputably turned out to be a worrisome to many (bakar et al., 2011; lubis et al., 2011; ramli et al., 2011). statistically, it has been observed that the distribution gap or distributive effectiveness, is considered an immense unresolved issue, even after addressing the woes for many years, and the researchers and commentators are trying their best to address the problem, recommending different ideas and prescriptions, but to no avail. and even if the distribution is said to be as par as the amount of collection in some instances, the question is further raised by the learned scholars on the point of effectiveness of the alleged distribution. therefore, further studies is rightly required to see if any meaningful ideas or issues that can be shared, at least from a researchers viewpoint, so that if implemented, the zakah institutions may possibly benefit as well overcome (at the least) few of the shortcomings. the paper comprises, a bit of introduction, following with a simple background, then raising few minute issues and debates from selected literature, as well as issues related to collection and distribution of zakah, then furthering with 1 though questions have been raised by few researchers, like lessy (2013) on accessibility of historical data regarding the perception or assertions. 261 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution few requests for reconsiderations by the learned scholars, and finally concluding with a small note. the paper is conceptual in nature. in islam, zakah provides very much a basis for social rights (jawad, 2009) or social welfare (bello, 2009), when it incorporates both the payers and also the receivers in an approved and unwavering manner (quranic ayat 9.60 and 2.177). the main aim, according to wahab and rahman (2011), is to defend the socioeconomic welfare of the poor and the needy and ensure socio economic justice in society (hasan, 2006; kahf, 1999). it is also the basis of modern fiscal measures and public finance, in terms of introducing the entitlements, grants, benefits and setting the social-insurance (i.e. zakah as social-insurance or like a social benefit scheme as seen in the west) against the tyranny of the state to tax the poor, as in the case of stating the minimum nisab requirements before enforcing or administering zakah on citizens (bello, 2009). the process makes both the giver and the receiver to seek heavenly pleasure (wahab and rahman, 2011), and compensation hereafter (bello, 2009), based on sound, effective and accountable governance of zakah institutions (abdul-rahman, 2003; wahab and rahman, 2011). in history, zakah has been an effective tool to alleviate poverty, as was observed during the reign of righteous caliphs, and especially of omar al khattab and omar bin abdul aziz (nadzri et al., 2012). the issue of collection, the issue of distribution, or the issue of effective or efficient delivery, none were raised during these times as the intention or administration of zakah were done with utmost caution, justice and in good faith. though zakah is primarily to ensure redistribution of wealth, but it is not solely reliant on welfare as per se, but an obligation that must be carried out to qualified recipients (johari et al., 2013; kasri, 2016b). zakah is highly researched, and highly sought after in addressing poverty and hardship woes of muslim society in malaysia (ab rahman et al., 2012; bakar et al., 2011; hassan et al., 2007; ramli et al., 2011). as mentioned earlier, historically the collection and distribution of zakah have been positive, but in the advent of colonial rule, that feat has unfortunately lost its magnificence (nadzri et al., 2012). again zakah started being institutionalised in malaysia since 1915 and in stages across all states (ahmad, 2012). preceding to the twentieth-century, zakah in malaysia was mainly a very personal spiritual obligation towards lord almighty (sarif et al., 2013). and it gained momentum since 1990s (ab rahman et al., 2012; sarif et al., 2013) during the corporatisation era, when laws were passed to deduct salary for collecting compulsory zakah (bakar et al., 2010), and these initiatives and institutional challenges have brought increased collection as well as distribution and better systematic management in place. sarif et al. (2013) have mentioned, that the diversity of flexible collection instruments has eased the payers contributing 262 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 zakah on time. this solidification has brought robustness in zakah management as well. but statistically it has been observed that only below 20% of the potential zakah payers have been tapped (ab rahman et al., 2012; bakar et al., 2010; yusof, 2013) with this huge added emphasis and jurisdictions, and many researchers feel that even what is collected, is unfortunately not fittingly and effectively distributed with earnest intention and careful consideration (ab rahman et al., 2012; hassan, 1987; lubis et al., 2011). these issues are further highlighted by some researchers that huge untapped collection that are not put in right use and also not given to the deserving asnafs, who can be easily be brought out of the poverty trap if right mode and the right amount is given and timely monitored and duly assisted (ab rahman et al., 2012; bakar et al., 2011; hassan et al., 2012; lubis et al., 2011; othman et al., 2011, 2012). so the present study is intended to look into the possibility of findings what are the gaps in the area of effective distribution, as these issues have gained momentum and the issues became a great concern for the malaysian researchers, because the increment in collection is based on customer’s undivided perception of transparent and commendable distribution (ab rahman et al., 2012; bakar et al., 2010). the paper intends to ignite future researchers to look into the zakah situation in kedah in particular in comparison to other zakah institutions, whether autonomous or non-autonomous. issues regarding zakah in kedah has been analysed by many researchers for the past few decades (ab rahman et al., 2012; hassan, 1987; mahamod, 2011). the zakah collection trend in kedah is showing very positive for the customers’ awareness, but researchers are still questioning pertaining to effective distribution, and questioning the reason why the poverty may have remained as a minute bottleneck in kedah’s developments (mahamod, 2011). the paper requests impending researchers to brood over while analysing the success as well barriers in kedah zakah development towards the effective dissemination of zakah to the prescribed asnaf, and hindrances towards the upliftment of the status quo. literature review zakah is painstakingly used as a latest tool by concerned researchers in combating hardship reduction or in poverty reduction measures in the islamic world (adebayo, 2011; ahmed, 2004; ahmed, 2008; hassan, 2010; nadzri et al., 2012). over the years, the collection is increasing (lubis et al., 2011), as awareness is building (ab rahman et al., 2010; lubis et al., 2011), and consciousness has been built on paying the zakah dues (and receiving the heavenly blessings), and that has facilitated in shaping the zakah as a base for poverty alleviation, but nevertheless, 263 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution many warrants, that distribution (or mostly its effectiveness), has not catch up to the level of collection (ab rahman et al., 2012; lubis et al., 2011; nadzri et al., 2012; wahid, 2014). even though collection has been increasing, but still being questioned by researchers that as it has not been able to achieve beyond a level, i.e., at the most 25 % of its potential (bakar et al., 2010). furthermore, this mere 25% zakah collection out of the potential, is still not being converted to timely, equal, indisputable and effective distribution as expected by many (lubis et al., 2011). besides, the process of delaying in promptness in zakah distribution (lubis et al., 2011) gives rise to further debates, and as such, many researchers as well as concerned faith-based citizens are worried that the whole zakah process may not be able to solve the most wanted issue, and that is, the issue of poverty reduction, as anticipated by numerous scholars, which was vividly targeted as the key and the core objective by the authorities in concern. researchers are unanimous that the issue of effective zakah distribution is overriding in today’s scenario if the policy is to decrease the hardship (or in cases poverty) in society through the suitable implementation of the effective management in the zakah system. and besides, the investigators are trying to address this particular issue from different aspects, diverse dimensions and vibrant measurements (ab rahman et al., 2012; bakar et al., 2011; bakar et al., 2010; lubis et al., 2011; ramli et al., 2011; wahab and rahman, 2011; wahid, 2014). the prime emphasis in their research is to detect on theoretical breakthrough or making a framework that may truly work in an effective zakah system or network, or at times testing the empirical findings to measure the causative factors that may have impeded in the effective notion of healthy and desired distribution. nevertheless, further research may assist, as well as hoped, in filling these gaps. moreover, as the resources are limited at a given time, it may be essential to look for best way suggestion by researchers to tackle the issues (primarily effective zakah distribution), and to identify the possible barriers if any, towards the achievement of the desired goals of effective zakah distribution. in any systematic analysis it is not possible to ignore the successes that may have been achieved over the years, so putting forth the successes as well as the potential barriers to efficaciously achieve a desired and effective notion of distribution goal is particularly noteworthy. numerous research papers (wahab and rahman, 2011; wahid, 2014) have been initiated to address empirically the effective implementation of zakah funds and this is a positive development towards gaining the desired goals. if impending research papers (and projects) can address the issues (mentioned in the literature), systematically and thoroughly (ab rahman 264 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 et al., 2012; ali et.al., 2014), then it may help in the upcoming studies and will also assist the policy makers to re-think about possible forthcoming strategies and ways out before probable enactment or implementation of a better approach and mechanism. conceptually, various factors or issues or means or impediments have been mentioned by researchers as possible barriers to a systematic and effective distribution of the zakah fund. and so far, few of these factors have already been observed or detected, but the need for further research and identification of such factors (or even newer concerns) is also due, and before the concerned researchers partakes any extensive exploration, it is necessary to seek vigilant academic and orderly look through. it is worth mentioning that hardly any research in the area of zakah so far been conducted through expressive focus group study, so it will be a step forward and significant to identify possible gaps and investigate the connections to meaningful inquiries and debates that have been raised through such studies or cases. though it has been observed that experts’ advice in zakah research have been prevalent as per se, but seeking further advice may lend a better approach in undertaking the future research before exploring the factors in zakah issues particularly in the context of effective distribution. it is noteworthy to highlight that in not-for-profit (as mentioned in the literature as nfp or npo) organisational studies, it is mentioned that the trust remains the focal point of any meaningful expansions (gray et al., 2006). it was observed in fund raising activity for the imran khan’s cancer memorial hospital set-up that, only that trust let his foundation receive millions just in few hours. the foundation receives all kinds of charities, including yearly zakah assistance from donors until today (https://www.shaukatkhanum.org.pk/ how-to-help.html). so it seems, if the issue of trust is at stake, it may indicate the organisational weaknesses and jeopardise any compact growths. besides, trust has been mentioned sparingly in zakah topics (abioye et al., 2011, 2013; shirazi, 1996; siswantoro et al., 2012). but it has also been mentioned as well, that the issue of disregarding the plea to pay the zakah due voluntarily by the givers and at the right hour, is a matter of grave concern (sapingi et al., 2011). this issue is discussed in the perspective of increasing the level of potential of zakah collection from the existing level. therefore, to find the true cause of this negligence, or in cases may be ignorance, a standard questionnaire may not be adequate, but an interview whereby the interviewee is assured that the identity remains safe, and thereby, this noble process of interviewing may prompt the investigators to identify the true cause, whether it may be due to 265 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution negligence or wilful avoidance, or may be outright ignorance as cause, as ignorance has also been mentioned in the literature (othman et al., 2015). nonetheless, few queries have been raised by concerned researchers like countless studies in the west on not-profit organisations (npos), placed the guiding vision, mission and strategy as focal themes, before nurturing the problems or debates on npo substances (kaplan, 2001; moore, 2000). it is correspondingly significant to annotate that the importance of vision and mission statement has also been discussed in the area of zakah and related literature (bakar et al., 2014; hassan et al., 2005, tajuddin et al., 2014). but additional stress on the standing is imperative in future research initiatives. therefore compliance towards the stated goals, objectives may provide a better depiction, and it may require a more in-depth qualitative analysis as backup to justify the quantitative findings. and fore mostly, the issue of satisfaction has been raised by many of the researchers in the area of zakah (abioye et al., 2011; ahmad et al., 2011; ahmad et al., 2014; bakar et al., 2010; lubis et al., 2011; mohit et al., 2011; nadzri et al., 2012; siswantoro et al., 2012; wahid, 2014; zakaria, 2014). furthermore the issue of satisfaction in zakah has been empirically tested by the following researchers, mohit et al. (2011), and yusof et al. (2013).the issue is of importance to all investigators due to primarily whether the giver is happy giving the due, and next whether the receiver is happy in receiving the meagre amount. and not to ignore, that the matter of satisfaction in collecting as well as distributing the alms by the amil or any distributer as it may be, is equally important, as it gives ease to the process. therefore this issue is important, because often the issue of satisfaction may bid the accountability processes, and that might also demand thorough investigation and correction in the zakah literature as has been considered in the west (gray et al., 2006). the issue of accountability in zakah literature has been noted as well, by the following researchers, abdul-rahman et al. (1998, 2003), ousama and fatima (2010), velayutham (2014), and wahab and rahman (2011). it is widely assumed that such accountability may possibly safeguard sustainability of the due zakah process in the most anticipated and effective way. and it is important to note that sustainability issue has also been duly addressed by the following researchers, abioye et al. (2011), raimi et al. (2014), sarea (2012), wahab and rahman (2011). so from the above literature, it is seen that the matter of trust is raised in the process, as the issue of trust invites other concomitant issues like satisfaction, accountability and sustainability of the zakah processes, and that is the reason why trust remains significant for both the giver and receiver. consequently, this specific issue requires a bit more cautious assessment by the upcoming researchers. most researchers agree that undoubtedly the effective zakah distribution may 266 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 lift the mark of perception, satisfaction, trust, accountability and so on, and that may aid in increasing the volume of collection, as the givers can realise the value of these components along with the increased level of transparency and sustainability in the process (wahab and rahman, 2011). researchers have repeatedly mentioned that the issue of efficiency and effectivity of a system seems to be the pivotal elements when the argument on internal rejuvenation takes root (kaplan & norton, 1992). similarly, the authors have mentioned that empowerment of asnaf as well as of staff of zakah institutions is important (ab rahman et al., 2012; bakar et al., 2011; bashir et al., 2012; wahid, 2014). nevertheless on the issue of empowerment, however, the subject of autonomous vs non autonomous body of zakah institution is important too. the reason is, the researchers have identified that the autonomy might aid the institution to accelerate the empowerment process, but it may require further academic probe. on the topic of autonomy in a zakah establishment, research has also been carried out on the various benefits of decentralisation (wahid, 2014; wahab et al., 2015). a decentralised entity may aid better in zakah management as it is able to pledge a prompt and quick delivery, as have been mentioned in the literature. still is it effective in every instances, and that query may require a thorough investigation. the zakah kedah is a non-autonomous body, and whether the non-autonomous body can have a decentralised system, requires a detailed study and a very vigilant and careful scrutiny. researchers have also mentioned that this improved zakah structure can influence the economy positively. if the assistance rendered is proper timed, it can possibly assist the asnaf significantly, as has been mentioned in cases of paddy planters in indonesia. the issue is, the paddy farmers looking for zakah assistance before the rain starts, and if the assistance is rendered after the rainy season, then it may be trying for them to be benefitted from the assistance, as the assistance will be just for mere consumption, and not used for a productive or fruitful cause. so seeking and receiving assistance at the hour of need will help the needy, as the late assistance can make the cash crop growth inconsistent. hence the intention and promptness in disbursement of zakah among the giver as well as the entrusted adjudicator of zakah is important, as the positive, prompt and timely service can help a deserving asnaf become more reliant in becoming self-sufficient and may also be an asset to a growing economy (lubis et al., 2011). therefore, timely assistance may help the economy to be safe from any recessionary pressure in society. thus, understanding the kedah zakah perspective on the above issues will give some light to the academia and also on the future management of the zakah fund, and that may help other entities in such jurisdictions. few research targeted on the benefits of reaching out to hard core poor’s issues 267 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution to make these destitute be solvent and be at ease in their hardship (hassan et al., 2007; hassan, 2010; hassan et al., 2012; obaidullah, 2008; sadeq, 1996, 1997; shariff et al., 2011). on this point, occasional research papers further highlighted the issue of fund utilisation (anwar, 1995; bakar et al., 2011; oran, 2009). and it is remarkable to note that the topic of optimum, efficient and effective fund utilisation issue may bring forth the matter of competency and timeliness in reaching out and completing the task in satisfactory manner to different stakeholders. few research papers also pointed out the issue of efficiency in the context of zakah distribution (wahab and rahman, 2011, 2012, 2015). on the side note, recently a research was done in malaysia that the gap between rich and the poor is widening at a worrisome level. similarly, a point have been noted in few research papers regarding the issue of authentic caring (idris & muhammad, 2013), adequate training (clark, 2001; hassan, 2010; hassan et al., 2012; yusoff et al., 2012), appropriate guidelines (adnan et al., 2009; bakar, 2007; mohammad et al., 2015; othman et al., 2011; raquib, 2011), understanding the customer needs (adnan et al., 2013; halim et.al., 2012; wahab and rahman, 2011; zakaria, 2014), as these factors may assist the incharge persons to take pragmatic decision and ensure better service control (adnan et al., 2013; lubis et al., 2011; nadzri et al., 2012; wahab and rahman, 2011). so the question can be raised that are these issues raised above accurately signify the impeding factors in the kedah zakah distributive system, keeping in view that the kedah zakah functions under a stricter dominion, and also a point to ponder whether such non-autonomous organisations will benefit from aforesaid studies and explorations. as a result, it is judicious to inspect painstakingly and also to prudently look-through whether any of the factors mentioned above has also been tested or not, in such non-sovereign purviews. yet again, hard-core poverty is still a very minute issue in kedah (ali et.al., 2009; mahamod, 2011; sadeq, 1996), though malaysia aims to be a developed nation by 2020. so it remains to be seen if effective management of zakah can truly state these woes and also remedy the shortcomings. the main aim of zakah institutions are to bring out the hard core poor from the poverty trap, and assist the down trodden to be as self-reliant as possible. accordingly, it is important to see, if future research can duly gauge in giving any recommendation after examining the hard-core poverty reduction issue through the effective zakah distribution to the zakah authority of kedah, and such advice may be a momentous addition to awareness-raising achievement and a tangible breakthrough in the erudite literature. improving the knowledge base has been said as extremely important factor in npo, and also most likely in the area of zakah disbursement and management (ab rahman et al., 2012; bakar, 2007; kaplan, 2001; kaplan et al., 2000; yusoff, 268 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 2011). in addressing the afflictions of just determining the financial factors in a conventional setup, the inventors of balanced scorecard (bsc by kaplan and norton, 1992), not only brought other non-financial factors to measurement, but also made that the learning and growth perspective (along with four perspectives stated below, in figure 1) as the driving force of any organisation. additionally, the authors identified that this learning and growth perspective is even more important for the npo sector (kaplan, 2001). if the staff in zakah department are inspired by furthering knowledge, that may expedite the process of understanding the proper meaning of authentic caring and the accurate importance of following through the guidelines. but this statement also requires further testing and verification in the context of zakah institutions. and truly if such enhanced situation takes place, it is further assumed that it will help to revitalise the monitoring aspect of the management and distributive channels effectively, which will most likely turn the yearend trend to be upwards, and that consequently may inspire the contributors of zakah to give more generously and compassionately (as assumed). figure 1. taken from kaplan and norton (2004), harvard business review this is what in similarity that have been captured in the detailed analysis by the bsc developers and promoters over the last twenty years or so, and their 269 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution revolutionary emphasis on learning and growth perspectives (along with other three distinctive and unique perspectives) seems to play a very decisive and pivotal role in shaping profit, non-profit or governmental organisations. additionally it has been accordingly observed that, if the organisation runs in a healthy way, then it may compel many undecided payers finally to contribute their zakah dues as the peer pressure (due to healthier inclination observed) may work as well in such hale and hearty situations (bidin et.al., 2009; hassan, 2010). in addition, the word of mouth promotion may most likely help the collection to gain a momentum, and thereby it is highly assumed that this positive observations might lead to betterment in service and supervision in such an upgraded scenario, and this enhanced supervision (it is further assumed), may in turn lead to increase in transparency, and as a result, such transparency may become the yardstick in such an effectively managed zakah institution. but all these scenarios are possible if the distribution is up to the level of customers’ perception, and to gain such level of achievement by any npo, may require setting the customers perspectives, internal perspectives, financial perspectives as well as the learning and growth perspectives (as prescribed by kaplan and norton in 1992 and onwards by them in various legendary works and recommendations) at the core of the mission and vision development. and similarly the four distinguishing dimensions of bsc, that is, the financial perspectives, the customer perspectives, the internal perspectives and above all, the learning and growth perspectives are equally important in the entire strategically executed management. it is highly sought that the future research projects in zakah works will try to attempt to ascertain if such goals and visions are in the forefront, and how that target to realise that vision and mission might be achieved in entirety thus far. and to gain these essential qualities, the literature agrees that it is important to address towards human capital development which may be the paramount and the most necessary condition to uplift the status of the poor (ab rahman et al., 2012; adnan et al., 2013; ahmed, 2008; hassan, 2010; yusoff, 2011). first of all, it is assumed that the staff development will enhance as well as ease the managerial decision making processes (adnan et al., 2013; kaplan and norton, 1992), and secondly the importance of human capital development in relating to asnaf advancement is to make them self-reliant, so as to make them away from the asking basket. in the research conducted by adnan et al. (2013), they found that intellectual capital plays a significant role in asnaf development and service orientation. similarly, this human capital development is also important when an organisation takes up the balanced scorecard as the core strategic initiative to make the needful decisions and orientations. the aim of this research is just to address the inadequacies in the effective notion of zakah distribution, so that the imminent and future researchers can as 270 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 well as may, effortlessly ascertain the prospective and perceptible gaps, and look for pragmatic and rational solutions to overcome the looming issues. until now, the collection has been increasing, but further could be achieved if the factors effecting the effective dissemination of zakah disbursement is well addressed by the in-charge of zakah institutions to convince the stakeholders, and if improvements in the effective distribution can be made, it may translate to show better results through enhanced data in the area of collection and distribution (and similarly is presumed, will create a momentum in the economy). the contributing factors of successes as well barriers have been mentioned and discussed, few have been measured (and further few needed to be measured) but some measuring technique may require qualitative exploration, as there can be limitations in just sheer quantitative analysis. balanced scorecard method has been mentioned in zakah literature, and tested in minute scale. if the zakah organisations want to take up bsc model, a more rigorous prior study may be required to assist the organisations to fit-in the best proposed model in optimum possible manner. whether plain bsc measurement criteria is applicable for such zakah organisations is also a matter to be pondered upon. so a vigilant study is indeed required further. a zakah institution may have different goals to be attained, and asking such institutions to follow a basic bsc model may require additional prior study and likewise understanding the limitations, if any. if the said institutions have implemented the bsc model, then question can also be raised, if it is still lagging in giving a more favourable and better picture in terms of collection or effective distribution. furthermore, bsc generally is top down approach, whereas, the beauty of adaptability of bsc may incorporate bottom up technique as mentioned by kaplan 2001. in a bsc instigated npo, the mission as well as vision will become the guiding standard of the entity, similarly learning and growth objective will be leading, and that will lead the entity to focus on the customer needs (i.e. both the giver as well as receiver); and that in turn may inspire the right strategy to be implemented by the said npo. though there are instances that bsc may fail due to improper implementation of any one of the components or at times failing to prioritise the learning and growth matrices as required in a profit or npo entities, therefore a follow up review to the model may give whether any essential or decisive elements that may have gone missing during the execution, or any of the periodic reviews were not done as prescribed, or whether any of the strategic staff or strategic manager was left out from wideranging understanding of the strategic decisions taken so far, or any similar issues that may require intermittent review, but finally, incorporating a comprehensive indulgent and complete implementation of the bsc measurement may give an improved scenario and also to get an enhanced desired outcome (kaplan et al., 271 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution 1992, 1993, 1996, 2000, 2001, 2004). the balanced scorecard (bsc) model has been researched in the zakah literature. taha et al. (2014) have investigated whether the bsc can be implemented by the zakah authorities in the east coast region of malaysia. the researchers likewise endeavoured to find in their study whether the bsc model, if accepted, can it enhance the public confidence, in turn, can it improve the collection prospect and at the end, can it also increase the distribution potential. the researchers have similarly tried to show that the incorporation of the bsc framework in zakah institution may boost the effective as well as the efficiency factors in zakah distribution. it is imperative to jot that the bsc model have already been positively implemented by the lembaga zakah selangor (lzs), according to tajuddin et al. (2014). it is further important to note that, after the implementation of bsc in lzs, is there any untapped potential in terms of collection (yusof, 2013). so it’s remarkable to find out how far that bsc model benefitted the lzs, and if the target has not been attained up to the level of expectation, then what could be the possible reasons of non-attainment of goals or reasons of non-achievement as was expected earlier, or what were the missing points that were mistakenly left at the very start. but the present research cautions that, a goal towards implementing a sustainability induced bsc model (mackrell et al., 2011; petrini et al., 2009, referred to figure 2), in the context of non-autonomous zakah body, may provide an enhanced insight on how that can benefit the zakah authority of kedah in gaining the desired outcome and competing in the gratification tally, if desired so. möller and schaltegger (2005) further discussed on this sustainable bsc framework along with eco-efficiency spectrum to gauge the businesses or other entities to greater heights. this can also assist the zakah scholars to review from multi angles, and also provide a better depiction for the zakah body. figure 2. taken from petrini and pozzebon (2009) 272 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 while explaining the zakah distribution effectiveness, zakaria (2014), clarifies that, it is the performance of a programme initiated by zakah institution in meeting its defined objectives, and this effectiveness can be positively evaluated by balanced scorecard (kaplan & norton, 1996). according to the author, the financial performance of the program is measured on its attainment in meeting its goals to uplift the livelihood of zakah recipients. therefore, ‘…bsc is adopted due to its holistic features that look at multiple measures of performance’ (zakaria, 2014). furthermore, on elaborating the bsc measurements, it has raised awareness on the importance of aligning and integrating businesses as well as information technology management with the balanced scorecard. mooraj et al. (1999), raised a question, whether, bsc a necessary good, or an unnecessary evil. according to the authors, it is a ‘necessary good’ for today’s organisations. because bsc adds value to organisations, as it provides balanced information and gives executives a strategic planning tool to perform as well as create an advantageous learning atmosphere in the organisations. balanced scorecard relies on both formal and informal methods to achieve a desired success. in the research on multidimensional performance of zakah collection model, the researchers (taha et al., 2014) have also mentioned that the implementation of bsc framework in the zakah institutions may assist such organisations to be in better position to formulate a more wide-ranging strategy to overcome the shortcomings that have been discussed above in the context of malaysian zakah institutions. in the bsc framework, the importance of learning and growth perspective plays a decisive role. in line to that understanding, adnan et al. (2013) discussed broadly the importance of intellectual capital and the significance of innovativeness in zakah institutions, and the benefit it can provide further to the decision making body in articulating an enhanced mechanism in tackling and gaining the public confidence in zakah institutions. in their case study research, bakar and tajuddin (2014) mentions the possibility of incorporating the ferreira and otley (2009) performance management system (pms) framework while studying the mosque performance achievement and goal setting. but the literature on zakah indicates that most researchers opine that bsc framework is still better applicable in the zakah organisations, and similarly many research papers in the area of zakah, awqaf and islamic banking, are done in asean countries and elsewhere based on bsc framework and splashed forward its relevance in the context of zakah and awqaf organisation and development (adriansyah et al., 2016; kasri, 2016a; masyita, 2012). in several studies in the zakah and related literature, the importance of sustainability has been clearly identified (mohammed et al., 2010; moller and 273 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution schaltegger, 2005; sarif 2016). mackrell et al. (2011) have incorporated the concept of sustainability in the bsc framework suiting the not-for-profit sector. the sustainability framework incorporating bsc, was initiated by the famed research done by petrini and pozzebon (2009). this is an important and potential area of exploration in the context of zakah literature and this study recommends that as the importance of sustainability has also been repeatedly mentioned in zakah works, and likewise the bsc framework is a possibility that can be applied for comprehensive measurement, and besides bsc has been mentioned in the zakah research papers, but to see such sustainability induced bsc model in the zakah institution or organisation or framework may be a potential contribution to the prevailing literature. while digging the barriers and successes of effective zakah distribution in malaysia and elsewhere, various authors have stressed that, the need of effective zakah distribution (bakar et al., 2011; lubis et al., 2011; ramli et al., 2011; halim et.al., 2012) is still a matter of concern due to intense public scrutiny (wahab and rahman, 2011). additionally, such inspection is perceived to ensure that zakah institutions are truly effective in fund utilisation as that will assist in improving the clientele’s perception and customers (givers and takers) satisfaction (bakar et al., 2010; ab rahman et al., 2012; wahab and rahman, 2011). often, perception is seen as prime in the area of collection increment, and a better and improved perception by the givers may contribute in broadening the area of distribution, and that is where the issues require further look through (lubis et al., 2011). method the above background leads us to develop a study that will be spread out through particularly purposes and methodology. the purpose of this study was to identify what are the impediments in implementing an effective zakah distribution in kedah, malaysia. this is among the reasons why this research is needed. by using qualitative description method through content/documents analysis this research basically attempt to complete grounded theory to the relevance references pertaining to islamic prayer and productivity. result and discussion the concerns and circumstances of collection and distribution of zakah since 1990s, the statistics show that the zakah collection and distribution is increasing rapidly in malaysia, and also likewise in kedah, but still, the issue of hard-core poverty is noticeable in kedah (mahamod, 2011; nadzri et al., 2012). 274 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 few researchers highlighted that the issue is related to the way the distribution is meted in few states where the zakah body is still not-autonomous, like kelantan, kedah and terengganu (mahamod, 2011). also researchers have mentioned that these non-autonomous bodies tend to be less risk takers, and hence these zakah institutions play safe in terms of giving zakah assistance to deserving asnaf, and which results in asnaf not getting-out of the poverty trap (mahamod, 2011). it is noticeable that continuation of monetary assistance is undeterred, but the self-sustainability assistance, which may bring an asnaf out of the subsistence level, is still requiring. it is noteworthy to mention that, in states like selangor, where the zakah body is quite autonomous, there it has been observed that the effective entrepreneurial success stories in terms of resource allocation and zakah empowerment may have brought some changes to ponder upon how zakah should and can be managed, and effectively distributed, in contemporary period (halim et.al., 2012; ramli et al., 2011). and it has also been seen that many asnafs if not all, have been successful in becoming zakah givers within a short period (muhamat et al., 2013), and that sounds a very commendable achievement to many researchers (haron et al., 2010). it also appears that the non-autonomous zakah authorities do not mind in continuing financial support, but to lift the status from asnaf to sahib-e-nisab in many such non-autonomous regions is still unfortunately missing (mahamod, 2011). numerous researchers have raised the issues in the areas of effective distribution, from the point of intention (abioye et al., 2013; ahmad et al., 2014), reaching out (mahamod, 2011), competency (abioye et al., 2011; ismail & zain, 2015), efficiency (wahab and rahman, 2011), issues related to capacity building (ab rahman et al., 2012; sarif, 2016), training (ab rahman et al., 2012; wahab and rahman, 2011), appropriate guidelines (bakar, 2007; ab rahman et al., 2012), understanding the customer needs, perceptions, and pragmatic decisions while assisting the asnafs and so on (lubis et al., 2011; wahab and rahman, 2011). the authors have argued that to have an effective distributive mechanism, it is indeed important to address few key factors that may impact the process of effective distribution, and those are, whether the zakah institutions have effective guidelines or policies (ab rahman et al., 2012; ahmed, 2004; bakar et al., 2011), whether there is any lack of in-depth knowledge, a question has also been raised in addition whether there is any lack of proper capacity building and training in terms of fulfilling these huge tasks, and furthermore, whether there is any lack of effective monitoring (ab rahman et al., 2012; ahmed, 2004; bakar et al., 2011; hassan et al., 2012; sarif, 2016) or effective service control. equally questions have been posed whether there are any lack of understanding of the customer needs or satisfaction (as 275 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution both, payers and receivers, are customers), any lack of empowerment of dedicated staff, and additionally, whether there are any red tapes or administrative bottlenecks, or are the zakah institutions transparent enough, and how the payers perceive so far about the fund utilisation and so on (ab rahman et al., 2012; ahmed, 2004; bakar et al., 2011). unfortunately, the impeding snags raised above might have made the task of distribution harder to achieve as required or intended, even though relentless effort were made to decentralize the zakah institutions to make them truly accountable and sustainable (ab rahman et al., 2012; oran, 2009; wahab and rahman, 2011;). but in terms of distributive efficiency, the processes still lack true accomplishment (wahab and rahman, 2011). even if many factors, reasons, causes might have been discussed, but still further investigation is undeniably required to address what causes the barriers to effective zakah distribution, and how it can be possibly remedied. the researchers have also identified that to have an effective monitoring in place, workable and effective guidelines are important (adnan et.al., 2009; bakar, 2007). although monitoring has been identified as a factor influencing zakah distribution (hassan et al., 2012), but there is still bit of gap observed to substantiate the degree of supervision, monitoring or influence. likewise, few authors have further justified, that to ensure effective monitoring, the capacity building (ab rahman et al., 2012; ahmed, 2008; sarif, 2016; wahab and rahman, 2011) has to be increased, and equally it is important to enhance the effective training (ab rahman et al., 2012; hassan, 2010) so as to acquire different skills that are significant to augment the services, to boost promptness and to warrant customer satisfaction. therefore, it requires a thorough study to look into these linkages and find possibilities of impact and ways to overcome if needs to. another important aspect requires consideration. the concern of empowerment (ahmed, 2004; bakar et al., 2011) has played a role by researchers. but it can be stated that the issue can be viewed from both angle, the supply and the demand side. empowerment encompasses two areas, one empowering the asnaf, and the other empowering the staffs at zakah institutions (othman et al., 2011; wahid, 2014). if the staffs in zakah institutions are empowered, then that might let them to have a better strength in assisting the management and also in the distribution effort. the empowered staff may disseminate an improved service and may earn a better client perception and client satisfaction and that which might require further revision in understanding the factors that may have impacts in the effective zakah distribution. similarly, if the agenda of empowerment is also in the giving ends while allocating to asnaf, it may also solve the status quo (bashir et al., 2012). an empowered asnaf, might become an engine of growth and production due to timely 276 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 assistance from zakah institutions, and resultantly, if the asnaf can achieve financial independency, he/she is likely to contribute towards the zakah stream, as was witnessed in lzs and also in quantum zakah fund of bangladesh (muhamat et al., 2013). so from both angle it seems the subject necessitates a methodical exploration. undoubtedly, the empowerment gained momentum in different states in malaysia, but why such empowerment efforts are not esteemed yet in non-autonomous regions (mahamod, 2011), are bone of contention and may give more insights if further researches are conducted to ascertain the motives of missing points. consequently it requires to be seen whether the staff empowerment can truly boost the effective notion in terms of zakah distribution and management. until now, research has concentrated on poverty alleviation without fully bifurcating the issue of structural and incidental poverty in society (farooq, 2008) in an islamic framework. therefore, a research is also required to highlight based on the above shortcomings. but the present research, intends to address the issues related to effective distribution, thereby will restrain any further discussion on the raised topic. besides, authors on the subject are unanimous that the purification measures of zakah can have a robust effect in the society. on this note, sarea (2012) explains that, increment of zakah fund may boost the level of faith in society, and also it may enhance the economic growth and help in redistribution of wealth. this may also assist in easing inflationary pressure and other social problems in society, according to the said author. but to attain desired level of zakah management, it has been argued that solid enforcement of quranic and prescribed guidelines is important, and to ensure focused direction, improvement of provision for the asnafs as well as enhancement in supervision, building capacity and above all establishing just and effective distribution (ab rahman et al., 2012; bakar et al., 2011). the factors mentioned above may entail further academic attention and careful revision. marginal propensity to consume (mpc) plays an important role in terms of multiplier effect in the economy. hassan (1987) asserts that as the mpc is high in the poorest sector, any injection may lead to have a multiple affect in terms of boosting the economy and reducing the recessionary possibilities. rahman (2013) elaborates that, if the society adopts the proposition that the mpc is higher in case of poor, and then any redistribution of income through zakah may induce increase in aggregate consumption. therefore, there is also a need to analyse whether through zakah empowerment, can there be a multiplier effect in the economy in terms of income generation (bakar, 2007; sarea, 2012; al arif, 2012). besides, the need may arise to look into, whether through solid enforcement of effective factors that have been raised above, can the society experience growth as well as economic 277 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution enlargement. and in addition, it is desired to be seen, if, by constructive efforts, can the have-nots become giver of zakah eventually, through a solid empowermentmonitored-regiment in non-autonomous regions, then it might be a decent accomplishment in terms of attaining hardship reduction in the mentioned region. but the issues raised above might require to do further investigation in terms of how that multiplier concept may work in addressing the issues, or in the least, reducing poverty or hardship. so a gap is noticed in the effort, which requires further revision. but it is still indeterminate which factor nay affect the zakah increment to have the multiplier effect in the economy and how that can be attained in the context of contemporary issues. thus, there is also a pressing need to investigate further what stops the authorities in providing the required support and dissemination in making the zakah distribution process easier, effective and efficient (ab rahman et al., 2012). the authors point out, “no matter how good the system is developed, if it could not cater to the needs of the community especially the poor and needy, such institution is considered as inefficient. in order to empower zakah institutions in malaysia a number of issues need to be addressed” (ab rahman et al., 2012). accordingly, the need has arisen to look further into what are the issues, and why zakah institution may still lack to attain the required goal of satisfactory level of managerial attainment in the area of zakah distribution (wahab and rahman, 2011). hassan (1987), ab rahman et al. (2012) and yusoff (2006) and have raised the issue of zakah as a punitive tax on idle money, therefore any amount entering as investment to avoid remaining as idle money in the economy, may induce economic growth (ab rahman et al., 2012; yusoff, 2006). so it is important to figure out, that, can an effective and robust zakah management may ease the hardship due to effective zakah injection in non-autonomous regions. this is another area that requires academic review. if the empowerment of asnaf can lead to the reduction in hardship, it may also be assumed that it will help towards the reduction of income gap (sarea, 2012); henceforth this notion requires added investigation. besides, as discussed earlier, the concern of distributive justice (bakar et al., 2011) entails that a minimum level of comfort is essential for the asnafs while distributing the zakah funds. that may ensure welfare and peace in society. but the issue of hardship remains as troublesome, where the asnafs are far greater in number to the number of givers in society. because in that society, it might require more prudence in terms of giving and dividing the asnafs in categories where one getting the assistance (who might not be able to generate income due to ill health or lack of skills) and the other getting the empowerment through monitored goal of making them sahib-e-nisab in the shortest time possible (hassan et al., 2012). so it will be assumed that in each 278 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 year, few of the asking ones are out from the demanding basket, even if they are not contributing to the zakah fund significantly right after. but the question remains, if theoretically it was that easy, what stops the non-autonomous authorities not to adopt such ideal measures, and this requires further investigation towards the causes of barriers to effective distribution. sapingi et al. (2011) point out that awareness campaign can raise the base of zakah collection, and that will in turn assist to have a better environment in increasing the distributive base. so a research is indeed anticipated to see how to increase the level of awareness and assurance in terms of increasing the base of zakah in society. johari et al. (2014) saw the need of interviewing the asnaf so as to go to the root cause that may have engulfed in asnaf development. therefore, a process of interviewing asnaf (ramli et al., 2011) and not just through structured questionnaires may shed some light and may give more insight about the issues on distribution in terms of zakah management. to understand the issues as well the successes and barriers, the paper intends to kindle to future researchers the point of analysis on the factors that may play a role. future studies may necessitate to study the objectives of zakah institutions and need to understand the significance of guidelines and policies that may affect the decision making process regarding improving the distributive base, and issues related to prompt measurements and effective disbursements of zakah funds. furthermore, the reading finds that few researchers have highlighted the importance of acquiring the necessary knowledge and the required skills, the importance of developing the human capital to achieve a healthy zakah management system as utmost to have an unsurpassed customer oriented delivery system and hence warranting the required accomplishment in the matter of customer satisfaction. moreover it is required to be seen whether there can be any possibility of expansion of newer resources such as in terms of enforcing on newer zakah able funds, and similarly how to ensure monitoring in every levels of effective delivery and likewise to safeguard an improved services rendered to the deserving recipients as well as clients. these factors may require looking into the possibility of empowerment in every level to ensure the distribution achieves its desired objective and hence a ground can be set to, if the expected outcomes and recommendations can also be prescribed in other zakah institutions. if prospective research projects can provide an improved scenario, it may equally assist to advance better client perception and in turn may support the inflow of zakah funds towards these institutions and hereby the zakah base institutionally may become stronger. because, as it is seen that, many zakah givers tend to rely on direct payments to asnafs as they prefer to ensure the effective direct assistance than institutional development, and that often due to the 279 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 m ashraf al haq: effective zakah distribution lack of improved perception or similar (bakar et al., 2010; sari et al., 2013). not to ignore the fact that, the issue of research and development (r&d) is important in any institution, therefore it is equally imperative to look into whether such r&d plays any significance in these zakah institutions (kadir et al., 2014; muhamat et al., 2013). future studies might require to stress further on interviewing asnaf more, who might have received zakah for their betterment and also who were empowered and monitored, and how such measures might have impacted their satisfaction levels or otherwise. besides that, other factors that had to be considered are efficiency and produtivity of zakah foundation (al parisi, 2017). recommendations from the literature, it has been observed that most researcher wishes that effective zakah management is implemented (ab rahman et al., 2012; bakar et al., 2011). researchers have consistently suggested that only through the effective distribution of zakah, the level of hardship can be lessened. but still the issue of hardship perplexing in non-autonomous regions demand further investigation, even though many investigations have been conducted, and the situation is improving as well, but the perception among clients as well as researchers, are still not that satisfactory (mahamod, 2011). so forthcoming research may appreciate the successes along with barrier factors that require urgent attention to boost and empower the institutions, and also to find, if any, further reasons that may still hinder the effective notion in these regions. therefore, the emphasis in future might require understanding that how through effective zakah distribution as well as management there can be any significant improvement, with austere, effective control and strict monitoring of the entire empowerment system. the issues raised may lead further research and may benefit future researchers, and specifically, the policy makers, the academics, zakah institutions, students and also the general public, in terms of analysing both the success and barrier factors, and will be of immense scrutiny to understand the impediments. interviewing asnaf is a solid option. the academia and zakah authorities hopefully will benefit from the above interviews, analysis, discussions, and may take further steps to remedy the shortcomings. conclusion zakah’s role in addressing hardship along with other charity and fiscal measures has been discussed intricately and overwhelmingly by learned researchers. it has been agreed by many, that to increase the base of zakah, the effective 280 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4002 management, and above all, effective distribution of zakah is vital. few key factors have been mentioned by researchers, which have been narrated, but it requires more look through as it is important to understand if any further analysis in regards to these factors is indeed required, so as to understand the successes and barriers to effective notion of zakah distribution, and whether a more thorough findings and inquiries are necessary. kedah zakah entails maximum and crucial care and consideration to make the destitute and the vulnerable, if any, to make them self-reliant as much possible. and that may be reached through pragmatic and logical responses to the concerns raised and in the same way tackled with far-sighted vision and with firm and effective distribution of the limited zakah funds and warranting such unremitting progressions. acknowledgement the authors would like to thank mr. muhammad noman yaseen for the kind assistance in manuscript preparation. references ab rahman, a. et.al. 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(2014). the influence of human needs in the perspective of maqasid al-syari’ah on zakah distribution effectiveness. asian social science, 10(3): 165-175. al-iqtishad is international journal published by state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014. the journal had re-accredited by ministry of research, technology, and higher education no. 48a/kpt/2017 on october 30, 2017 (valid until october 30, 2022). editor in chief m. nur rianto al arif associate editor m. nadratuzaman hosen yuke rahmawati maman rahman hakim english editor ummi kultsum editorial advisory board abbas mirakhor (inceif, malaysia) ahmad hidayat buang (university of malaya, malaysia) amir kia (utah valley university, usa) ashraf md hasyim (isra, malaysia) fathurrahman djamil (uin syarif hidayatullah jakarta, indonesia) m. kabir hassan (university of new orleans, usa) mehmet asutay (durham university business school, uk) mervyn k lewis (university of south australia, australia) mohammad hudaib (adam smith business school, glasgow univ., united kingdom) mohamed s komi (the american university in cairo, egypt) mokhamad anwar (universitas padjajaran, indonesia) monzer khaf (qatar faculty of islamic studies, qatar) muhammad amin suma (uin syarif hidayatullah jakarta, indonesia) mustafa edwin nasution (universitas indonesia – indonesia) ratno purnomo (jenderal soedirman university, indonesia) roszaini haniffa (heriot watt university, united kingdom) sadegh bakhtiari (isfahan university, islamic republic of iran) walid mansour (king abdulaziz university, saudi arabia) volume 10 (1) january 2018 al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) editorial office state islamic university (uin) syarif hidayatullah jakarta, indonesia jl. ir. h. juanda 95, ciputat, south tangerang, banten, indonesia -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id/index.php/iqtishad; email: iqtishad@uinjkt.ac.id contents 1 fundraising strategies to optimize zakah potential in indonesia: an exploratory qualitative study rahmatina a. kasri, niken iwani s. putri 25 stability measurement of dual banking system in indonesia: markov switching approach siti fatimah zahra, ascarya, nurul huda 53 sharia governance practices at islamic banks in bahrain from islamic bankers’ perspective sutan emir hidayat, ali khaled al khalifa 75 the concept and practices of macroprudential policy in indonesia: islamic and conventional muhammad rizky prima sakti, hassanudin bin mohd thas thaker, abdul qoyum, ibnu qizam 97 islamic banking and green banking for sustainable development: evidence from bangladesh mohammad nazim uddin, monir ahmmed 115 lowly or negative benchmark rates bandwagon: any risk implications for islamic banks? jamshaid anwar chattha, syed musa alhabshi 135 dividend payout policy of conventional banking and islamic banking in pakistan farhan ahmed, abdul rafay, afzal ahmed 153 selection criteria of public for account opening: a case study of islamic banks in pakistan ahsan israr, fahad ahmed qureshi, mubeen butt 171 macroeconomic variables, international islamic indices, and the return volatility in jakarta islamic index yoghi citra pratama, abdul azzis 189 determinants of credit and financing risk: evidence of dual banking system in indonesia raditya sukmana 207 islamic insurance: a potential niche market of indonesia jaenal effendi 231 meta-analysis on direction of accounting standards for islamic financial institutions: case studies in united kingdom and indonesia murniati mukhlisin, muhammad syafii antonio al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 153 170 received: august 25, 2017; revised: october 20, 2017; accepted: november 28, 2017 1 allied bank pakistan. m.w. tower, m.a. jinnah road, karachi, pakistan. 2 caps, arizona state university. 309 w elliot rd, suite 113, tempe, az, 85284, usa. 3 minhaj university. hamdard chowk, township, lahore, pakistan e-mail: 1hafizahsan10@gmail.com, 2muftiaqureshi@gmail.com, 3mubeen.butt89@gmail.com. doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 abstract. banks have an immense role in deciding the economic fate of any state. the purpose of the study is to investigate the selection criteria of islamic banking system for account opening. data was collected and analysed through descriptive statistics, one sample t test and independent sample t test. the results show that people prefer banks have the number of branches, wide range of products, low cost products, easily approachability. results also shown, no significance difference in the selection criteria for islamic banks among the customers based on gender. keywords: account opening, islamic banking, public preferences. abstrak. bank memiliki peran besar dalam menentukan arah perekonomian suatu negara. tujuan dari penelitian ini adalah untuk mengetahui kriteria seleksi sistem perbankan syariah untuk pembukaan rekening. data di kumpulkan dan dianalisis melalui statistik deskriptif, uji sampel satu sampel dan uji sampel independen. hasilnya menunjukkan bahwa nasabah lebih suka bank yang memiliki jumlah cabang, berbagai macam produk, produk berbiaya rendah, mudah didekati. hasil juga ditunjukkan, tidak ada perbedaan signifikan dalam kriteria seleksi bank syariah di kalangan nasabah berdasarkan jenis kelamin. kata kunci: pembukaan rekening, perbankan syariah, preferensi publik how to cite: israr, a., f.a. qureshi., & m. butt. (2018). selection criteria of public for account opening: a case study of islamic banks in pakistan. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 153 – 170. doi: http//dx.doi.org/10.15408/aiq.v10i1.6011 selection criteria of public for account opening: a case study of islamic banks in pakistan ahsan israr1, fahad ahmed qureshi2, mubeen butt3 154 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 introduction the fundamental principles of islamic banking are part of prohibition of interest (riba) or usury in all forms of banking transaction, undertaking business and commercial activities on the basis of fair and legitimate profit, giving zakat (alms tax), prohibition of monopolies, and cooperation for the benefit of society and the development of all aspects of halal business that are not prohibited by islam unlike (ahmed, 2011)conventional banking system, the system of islamic banking prohibits usury, the collection and payment of interest, however, promotes sharing of benefits throughout the conduct of commercial banks (akkizidis & khandelwal, 2007). it is important to understand that islamic banks offer products and services that are very similar to conventional banks and with this perspective there is intense competition. now it is a fact that consumers of all products and services tend to be more challenging due to the current market that is increasingly competitive. as a result, there is a continuous rise in consumer expectations and demands of consumers within the successive improvement of quality of service (allen, allen, & quality, 2004). it is therefore necessary for islamic banks to really understand the perceptions of consumers about them in terms of quality of service and the criterion for choosing among the other banks. however, in the context of pakistan, although the number of consumers using pakistani islamic banking products and services are growing, obviously, a majority have not yet adopted the system. the system has not reached or diffuses all levels of the community as the conventional banking market fully matured. looking at this issue from the perspective of consumers in pakistan, a positive perception towards this mode of banking is far more important than other muslim nations. this is due to the existence of dual banking system. since 1990, pakistan has had the dual banking system, which the islamic banking system operates in parallel with other conventional system. so when competition intensifies and banks begin to offer more or less similar products and services, usually it is the level of customer satisfaction that can influence the performance of an islamic bank and determines its competitiveness and success. therefore, it is important to assess the satisfaction of consumers in terms of choice of opening accounts to islamic banks in pakistan (ariff & iqbal, 2011). pakistan, which has a muslim sample of about 86%, is now progressing in its banking sector, with the participation of islamic banking culture during the period from1950 to 1970. before 1970, there is no concept of islamic banking, islamic banking is developed in the early twenty first century and reached its size to one billion from 2004. however, after the period 1992 progress in this sector has been the evolution of the first bank islamic bank meezan islamic appointed 155 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening and yet the competition is being viewed from the conventional banking sectors. people are attracted to islamic banking, as their views on banking have shifted materialistic approach. there is great potential for islamic banks to prosper in order to satisfy the customer. satisfactions in their perceived are shape and increase market reputation by offering innovative products. they provide state of art services about their products and services to maintain in view of the rules of sharia and are providing islamic banking services under separate windows in order to compete with conventional banks. islamic banking companies has the opportunities to open their branches or provide their services in the near about of conventional banks. most of the peoples in the muslim countries want to riba free banking system. prominent 21st century has established numerous opportunities and many threats to the banking sector with the evolving practices of islamic banking in many countries, like pakistan, malaysia, bahrain and bangladesh and all the non-muslim of the world (barsky, 1995). islamic banking in pakistan in 1977 -78 the steps were taken for the islamization of banking and financial system. pakistan is one of the first three countries that try to eliminate the interest from his economy. it is difficult to transformation from interest to islamic however this process is divided among the different phases. in 1979 process of islamization of financial institutions include the elimination of interest from the specialized financial institution such as hbfc, nit, and ict etc. during 1980 to 1985 all the term deposits converted into profit and loss saving accounts (emmanuel, otley, & merchant, 1990). in june 1980 legal framework regarding the corporate and financial institution amended to allow the issuance of interest free certificate with the name of participation term certificate. this ordinance allows to issuance of modaraba certificate by the modaraba companies for the purpose of raising capital, which involve the profit and loss instead of fixed interest income (finkler, ward, & calabrese, 2011). in 1981 all the commercial banks started interest free counter services separately and one foreign bank also takes the deposit on the basis of profit and loss sharing instead of fixed interest. the government of pakistan instructed to banks as they provide the financial assistance to government in commodity operation on the basis of daffered sales payments instead of fixed interest rate. in july 1982 for the purpose of meeting the working capital requirements and also meet the needs of trade industry provide the finance under the musharaka mode of finance to avoid the fixed interest (fishman, 2009). 156 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 in april 1985 all the financing activities to all concerns including individuals were turned into interest free modes of finance. from july 1985 all the commercial banks prohibited to accept or issue any interest bearing certificate and all the deposit were converted into profit and loss sharing basis accounts. current accounts operations continued as before and accept deposits in these accounts however no profit and loss base sharing deposit not accepts in these accounts (george a. manning, 2010). the 12 modes of financing activities further classified in three categories was introduced by the state bank of pakistan which contains the interest free financing. in july 1985 the mark up based technique adopted by the banks with or without buy back agreement. in 1991this the federal sharia court declared procedure against islamic principles. however, in the sharia appellate bench of supreme court of pakistan appeal were made. the sharia appellate bench rejects the appeal in december 1999. the court concluded present financial system required the remarkable changes to bring the system according to sharia. the court was also directed to government as to establish a commission and set a time frame under which this system transformed according to sharia (gilbertson & lehman, 2012). in 2000 commission was formed for transformation of financial system and mr. i.a hanfi appointed as a chairman of this commission who is the former governor of state bank of pakistan. this commission was suggested to eliminate the interest from the government financial transactions. this commission also formed a committee to new financial instruments and financing model development for the new system according to sharia. this commission identifies the factors and provides the remedies or action that needed to be taken on prior basis for the transformation of financial system according to sharia. this commission also identifies the business model and financing technique to islamize the all-financial transaction and remove the un islamic transactions from the economy. they also provide the law financial transaction ordinance 2001 under which provide the technique to conversion of products and services. the products of the financial institutions and banks of the both side’s assets and liabilities are also dealt by the commission such as letter of guarantee, mudaraba based deposits, etc. all the deposits accept by the banks on mudaraba basis except deposits of current accounts. there is no return paid on the current accounts deposits due to it can be payable at the time of customer demand. mostly current accounts deposits are maintained by the businesspersons to meet their dayto-day financial requirements (gitomer, 1998). in the current account deposits bank act as a custodian and liable to pay on demand and bank has a right to charge 157 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening service charges from the on rendering the services. the commission approved the distribution of the profit on the different bank products on daily basis instead of annual basis. for the introduction of sharia based financial system commission prepare the legal infrastructure for the islamic financial institutions, introduced the massive education and launch the training programs for the bankers and clients and create the awareness in general public regarding the islamic finance. (goldstein, 2009) positive steps taken by the government of pakistan the finance minister of pakistan in his budget speech for the fy02 declared the following. government tries to promote the islamic banking system and committed to eliminate the riba from the economy. for this purpose, government takes following steps: (1) the banks and financial institutions are encouraging to accept the practice of islamic banking in their operations as legal framework designed for this purpose. (2) from the islamic countries and renowned institutions of islamic learning consultants are undertaken. (3) with the order of supreme court of pakistan hbfc act is being amended with the directive provided by the supreme court of pakistan. after these changes hbfc become a sharia compliant financial institution. hbfc play an important role in the development of housing sector and in the promotion of islamic financing method. (4) initiative will take by the government for the familiarity and use of sharia compliant financing products such as modaraba mode of finance and musharaka mode of finance etc. amendments in the hbfc act were proposed by the task force of ministry of law for the formation of hbfc sharia compliant. amendment in law promulgated by the government after vetting the commission transforming financial system. in 2001 the hbfc launched the asan ghar scheme on the basis of diminishing musharaka in accordance with the amended ordinance. under the icap the committee was formed wherein the sbp represented for the development of accounting and auditing standards for the islamic financial institutions. this committee reviewed the bahrain based accounting and auditing standards (aaoifi) and adapt them. in 2001 it was decided to make the interest free economy in different phases to avoid any disturbance. for this purpose, state bank of pakistan take the following steps: first, all the commercial bank required to setting a subsidiary for the conducting of sharia compliant services. second, commercial banks specifying the islamic banking branches who deals in sharia 158 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 compliant products only. third, establishing the full-fledged commercial islamic bank to carry out the sharia compliant operations. in 2001 detailed criteria issued by the state bank of pakistan for the commencement of full fledge islamic bank. sbp charter a license to al meezan investment bank to establish full fledges first islamic commercial bank in 2002. meezan bank limited commencement its operation as a pakistan first islamic commercial bank on 20th march 2002. (hayes, 2008). all the banks provide the range of products either in the term of deposit schemes and loan schemes. they provide a number of products such as car loan, house loan, personal loan, credit card, and also offer the fixed term deposit, current deposit accounts, saving account, atm cards, cheque books, investment schemes, foreign currency accounts, modaraba mode of financing, musharaka mode of financing, ijarah etc. however, those persons who will be the bank customer only use all these products. its solely depend on the person what type of product used by him/ her. be the bank customer it is necessary to become the bank customer after the selection and opening of bank account. a bank account is the basic product of bank that creates a relationship between the banker and person as an agent and customer of bank. to attain the reminder products of bank it is necessary to open a bank account and create a first basic relationship with bank and then also avail the other services of the bank. the financial transactions, which have occurred within a given period of time on a bank account, are reported to the customer on a bank statement and the balance of the accounts at any point in time is the financial position of the customer with the institution (lecroy & holschuh, 2012). account opening is the first basic requirement to make a relationship with bank. account opening is the gateway for other transaction in banking sector. without account no bank transaction done. account opening is the backbone of the banking sector and strengthens the relationship among the general public and banks. this study will determine the general public preference for the account opening whether they want to open an account in conventional banks or islamic banks. method this research has concentrated to examine, evaluate, and scrutinize the factors affecting the customers towards the selection criteria of account opening in islamic banks. this study is directly conducted for those customers who live in the second capital of pakistan, lahore. for these dedications, the data were collected from both primary and secondary sources. for the completion of this paper, 159 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening the senior representative cooperated us with open-heartedly, where the targeted respondents are from the customer side, either existing or new. the developed questionnaire was used to analyse the level or customer approach and difference in the selection criteria. the questionnaire contains 3 sections, which are product & services, awareness & institutional reputation and conventional banks preference for their customers & trust binding. total 200 questionnaires were circulated among targeted respondents on the selected banks and of which 150 were usable respondents from the selected population answered the statement based on 5 points likert scale (1-strongly disagree, 2-disagree, 3-neutral, 4-agree, 5-strongly agree). descriptive statistics were conducted on the data gained from the complete questionnaire in order to analyse the bank’s selection criteria form account opening preferences. findings will be measured through one-sample t-test and independent sample t-test using spss. the cronbach’s alpha coefficient in this case is .81 and 0.74. thus, the scale can be considered reliable with the suggested sample. result and discussion table 1 depicts the demographic explanation regarding data collection. the primary data collection is started from gender distribution. the total population was 200 and the result we received 150, in which 50.7 % of respondents from male and 49.3% from female that shows the equal weighting. secondly, the core variable is age because the government and state bank of pakistan are restricted that only those people can open their accounts in any banks who across at the age of 18 years that’s why we have maximum 40% customers are at this ideal age span of (25-40). according to modigliani, blumberg and ando albert (mba) explained this ideal age group in their research and presented the theory life cycle income hypothesis. according to them at this age group, people work hard and spend their maximum time on workplace and save the money for the retirement age when their income will be zero and for the fulfilment of their need they will utilize their savings. that is why we have maximum share of the population exist in this age group. the lowest is 1.3% at the age of <25 because at this age group consumption(c) always greater than savings (s). thirdly the family income variable illustrates that lowest 12.7% and the highest is 41.3%, the maximum balanced share id 24.7% and 21.3 because the families who are living in pakistan are below income families. the maximum customers selected the islamic banks for their account opening were 66.7% and 26.7 were married, 4% divorce and 2.7 were a widow. the maximum qualification of our responded were master and above 66.7% and 2% respondents 160 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 were matric, 25.3% respondents are intermediate 5.3% respondents are graduate. source of income shows that 78 respondents were private jobs, 26.7% respondents from government servants and 14% respondents have own business and the lowest value 7.3%% respondents were unemployed. table 1 demographic statistics frequency percentages gender male 76 50.7 female 74 49.3 age less than 25 2 1.3 25-40 60 40 40-55 30 20 more than 55 58 38.7 family income less than 20,000 32 21.3 20,000-40,000 37 24.7 40,000-60,000 62 41.3 more than 60,000 19 12.7 marital status single 100 66.7 married 40 26.7 divorced 6 4 widow 4 2.7 qualification matric 3 2 intermediate 38 25.3 graduation 9 5.3 masters and above 100 66.7 source of income private 78 52 government 40 26.7 own business 21 14 unemployed 11 7.3 161 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening table 2 and 3 shows the two main factors of our respondents one is related to the type of account and the second is the religion factor 83.3% of our respondents were interested in the current account and 16% were from saving the account. religion section shows the 105 respondents are muslims, 6 christen, 25 hindus’ and 14 respondents are belonging to a different religion. religion has an essential cultural factor to study because it is one of the most widespread and dominant social institutions that have an important influence on people’s behaviour, attitudes, and values at both micro and macro levels. this vertical growth in table 2 is just because of a general perception that islamic banking is only for muslims because this banking system is interest-free and only for muslims, but the fact is totally opposite because even in christianity or other religion interest is prohibited. md nawi et al (2013) said that the finding from the literature review show that there are six main reasons why customers prefer islamic banking. there are: understanding of islamic banking concept, shari’ah compliance, religious contradiction, quality and attractiveness of offerings, willingness to deal with islamic banks and prospect and potentials of islamic banking. table 2 religious influences for the selection of account opening in ib’s frequency percentages nature of account current 125 83.3 saving 25 16.7 religion muslim 105 70 christan 6 4 hindu 25 16.7 other 14 9.3 in table 3 we have some percentage findings on our core variables base on directly or indirectly related to factor religiosity. the results of either the respondents prefer the bank suggested by authentic religion source. as the results show only 13 and 16 respondents are strongly agreed and agreed with the statement. 15 respondent’s neutral in this case. 21 and 85 respondents are disagreeing and strongly disagree with the statement and these respondents do not prefer the bank suggested by authentic religion source. 162 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 table 3 religious affiliation and the selection of an ib’s you prefer a bank suggested by an authentic religious source strongly disagree 85 56.7 disagree 21 14 neutral 15 10 agree 16 10.7 strongly agree 13 8.7 you think religion and business are two different things strongly disagree 5 3.3 disagree 11 7.3 neutral 19 12.7 agree 12 8 strongly agree 103 68.7 in table 4 and 5 show the different selection criteria of islamic banking products, services and different facilities and a summary of relationship between all above factor basis on services and awareness session amongst the general public concluded that banking industry in the 21st century is confronted with a mixture of opportunities and threats due to the implementation of the islamic banking business in different countries such as malaysia, pakistan, bangladesh, bahrain and other non-muslim regions around the world. islamic banks influence financial framework by altering the request and supply powers for cash. table 4 customer’s approach towards account opening in ib’s contemporary interest-free islamic banking: strongly disagree 14 9.3 disagree 12 8 neutral 98 65.3 agree 10 6.7 strongly agree 16 10.7 bank account opening depends on the assurance provided by the bank strongly disagree 14 9.3 disagree 15 10 neutral 32 21.3 agree 71 47.3 strongly agree 18 12 163 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening it is discovered that islamic saving money framework is better than customary managing an accounting framework as it guarantees more steady monetary area. thinking approach regarding the selection of islamic banking is varied from person to person only 16 and 10 respondents think contemporary interest free banking is islamic bank. 98 respondents have a neutral opinion against this statement. only 12 and 14 respondents disagree and strongly disagree as they think contemporary interest free banking is not islamic banking. the account opening decisions are influenced by the recommendation of friends etc. or not. 14 and 32 respondents are strongly agreed and agreed with the statement and their account opening decisions are influenced by this factor. 22 respondents remain neutral and may or may not influence by the recommendation. however, 78 and 4 respondents disagree and strongly disagreed and not influenced by the recommendation of friends. table 5 bank account opening depends on the recommendation of your friends/ employers/peers strongly disagree 4 2.7 disagree 78 52 neutral 22 14.7 agree 32 21.3 strongly agree 14 9.3 bank account opening due to request and guarantee provided by bank manager / staff strongly disagree 5 3.3 disagree 8 5.3 neutral 69 46 agree 50 33.3 strongly agree 18 12 table 6 shows the application result of the one-sample t-test findings. it was applied on 6 products and services related items, 5 awareness and image related items, 4 islamic bank preferences related items and 5 trust building related items. the first items related to product and services have the insignificant value in the preference of bank account as the p value is greater than 0.05. however the next five items related to product and services do not have significant value, as the p value is less than 0.05. under the awareness and image, prefer a bank through mass media, near to home or workplace, consider its external and internal appearance, prefer a bank with prompt customer services, and select a bank by its reputation have the 164 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 significant value except the item prefer the bank near to home or work place as the p value of remaining variables are less than 0.05. table 6. one-sample test test value = 3 items t df sig. (2-tailed) mean difference 95% confidence interval of the difference lower upper pd & gs -0.824 149 0.411 -0.09333 -0.3171 0.1305 wrp -4.679 149 0 -0.60667 -0.8629 -0.35 cs&s 19.594 149 0 1.00667 0.9051 1.1082 aosb -2.945 149 0.004 -0.37333 -0.6238 -0.123 atm service 6.301 149 0 0.70667 0.4851 0.9283 eoh 2.941 148 0.004 1.02013 0.3347 1.7055 pa & ps 4.97 149 0 0.32 0.1928 0.4472 nh & no -0.252 149 0.801 -0.02667 -0.2356 0.1823 e & ia 7.572 149 0 0.88 0.6504 1.1096 pcs & fe 10.974 149 0 0.81333 0.6669 0.9598 pr 14.784 109 0 1.20909 1.047 1.3712 pr on cb 2.662 149 0.009 0.24667 0.0636 0.4298 bsar -8.859 149 0 -0.99333 -1.2149 -0.772 ifb 2.936 149 0.004 0.29333 0.0959 0.4908 ifb islamic 0.167 149 0.867 0.01333 -0.1442 0.1708 tb & p 7.818 149 0 0.61333 0.4583 0.7684 own know how -1.115 149 0.266 -0.13333 -0.3695 0.1029 ddapb 4.668 149 0 0.42667 0.2461 0.6073 di,rf -1.945 149 0.054 -0.17333 -0.3494 0.0028 gpbm 6.208 149 0 0.45333 0.309 0.5976 under the islamic bank preference, religion and bank are two different things, prefer a religion on conventional benefits, prefer a bank by authentic religious source, prefer interest free banking, contemporary interest free banking is islamic, prefer a bank adopt profit and loss sharing mechanism secured a significance value 0.009, 0.000, 0.004, 0.867. under the trust building, the first item have significant value as his p value is less than 0.05, 2nd item have not significant value his p value is 0.266 which is greater than 0.05. the third item related to trust building secured the 165 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening significance value 0.00. religion and bank are two different things, prefer a religion on conventional benefits, the 4th item under the trust building secured a significance value 0.054 and the last item have the value 0.000.. independent sample t-test for the groups of gender shows that there is no statistically significant difference between the mean score of all variables mentioned in the table except the seven variables. the variable no 5 containing the preference of bank depend on the active availability of atm networks having the statistically significant difference in the mean score between the two groups (males and females) this significant difference shows that both group have different opinion on this matter. the variable no 8 containing the preference of bank depend on the nearest to home or work places have a statistically significant mean difference between the groups. the variables no 9,11,13,16 and 17 mentioned in the below table of independent sample t-test for gender have statistically different in the mean score between the groups. these difference in the mean score shows that both group’s males and females have the different opinion. independent sample t test placed in annexure. the independent sample t-test for nature of account mentioned in annexure shows that there is no statistically significant difference in the mean score of both groups in all variables mentioned in the table except the two variable no 2 and 7 respectively. the no mean difference shows that both groups have the same opinion regarding the variable. however variable no 2 containing the preference of bank depend on wide range of product and services have the statistically significant mean difference, which shows that both group having the current and saving account have different opinion in this regard. the variable no 7 contains the preference of bank depend on mass media advertising have a statistically significant mean difference in the opinion of both group which shows that both groups have a different opinion on this variable. in the results of multiple comparison of different age group in the very first variable we find that there is a statistically significant difference exists among the 2nd, 3rd and 4th age group. this difference shows that this age group has the different opinion about the variable. similarly, in the second variable all these three groups 2nd, 3rd, and 4th having the different opinion and have the statistically significant difference. in the variable containing the preference of bank depend on active availability of atm network having the statistically difference among the last three age group. multiple comparison table mentioned in annexure shows that 2nd and 4th age group significantly differ in term of prefer the bank depend on situated at nearest to home or work place. the 2nd and 4th age group are significantly differing to each other on the term of preference of religion on conventional benefits.in terms 166 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 of preference of interest free bank 2nd and 4th age group are significantly differing to each other. in the variable of contemporary interest free banking is islamic both 2nd and 4th age group are differ to each other. in the question of bank account decision are influenced by the trustworthy brand have the different opinion among the all age group mentioned in table. the 2nd, 3rd and 4th age group are significantly differ from each other with the statement of bank account opening decision depend on own know how. in the multiple comparison the 2nd age group, 3rd age group, and 4th age group are significantly differ to each other for the bank account opening are depend on assurance provided by bank manager. in terms of account opening decision influenced by friends having the significantly different opinion between the 2nd and 4th age group. in the last question the 2nd and 4th age group is significantly differ to each other in term of account opening depend on guarantee provided by manager. in the multiple comparison among the different income group i find that the 2nd and 3rd income group and 3rd and 4th income group is significantly differ to each other in terms of prefer a bank with clear complete product description. in term of prefer a bank with wide range of product all 2nd, 3rd and 4th group is differ. in case of prefer a bank depend on number of branches 2nd and 3rd income significantly differ to each other. 2nd, 4th income group and 3rd, 4th income group are significantly differ to each other in term of prefer a bank depend on availability active atm network. in the question of prefer a bank depend on its external and internal appearance have significantly different opinion among the 2nd and 3rd and 3rd and 4th income group. 2nd, 3rd and 4th income group significantly different in term of prefer the bank depend on prompt customer services. in the terms of religion and business are two different things the 2nd, 3rd and 4th income group is significantly differ however the 3rd and 4th income are not differ to each other. multiple comparison table of income group is mentioned in annexure. the variable prefer a religion on conventional benefits have the significantly difference exists between the 2nd and 4th income group and 3rd and 4th income group. the 2nd, 3rd and 4th income group are significantly differ in term of prefer a interest free banking. however there is no significant difference exist between the 3rd and 4th income group. in the term of bank account decision depend on trustworthy brand the 2nd, 4th income group and 3rd and 4th income group are significantly different to each other.2nd, 3rd income group and 3rd and 4th income group are differ to each other in term of account opening decision depend on own know how. the term bank account opening depend on guarantee provided by the bank manager having the significantly different opinion among the 2nd, 3rd and 4th income group. 167 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening in the multiple comparison shows in annexure among the different source of income group find that the 1st 2nd group, 2nd, 3rd, 4th, source of income group are significantly differ to each other in terms of prefer a bank with clear complete product description. in term of prefer a bank having the staff clear understanding of products all 1st, 2nd, 3rd and 4th group are differ. in case of prefer a bank depend on number actively atm service network all four source of income group significantly differ. 1st, 3rd, and 4th group 2nd and 4th group are significantly differ to each other in term of prefer a bank depend on situated nearest to home or work place. in the question of prefer a bank depend on its external and internal appearance have significantly different opinion among the 1st and 3rd group 2nd and 3rd source of income group.1st and 2nd group,2nd, 3rd and 4th source of income group significantly different in term of you think religion and business are two different things. the variable prefer a religion on conventional benefits have the significantly difference exists among1st, 2nd, 3rd and 4th source of income group. 1st and 2nd group, 2nd, 3rd and 4th source of income group are significantly differ in term of prefer a bank suggested by authentic religious source. the 1st, 3rd and 4th source of income group and 2nd, 3rd and 4th groups are significantly differ in term of prefer an interest free banking. in the term of bank account decision depend on trustworthy brand the statistically significant difference exist among all source of income group.1st,2nd ,3rd , and 4th source of income group are differ to each other in term of account opening decision depend on own know how. the term bank account opening depend on assurance provided by the bank having the significantly different opinion among the 1st, 2nd, and 4th source of income group 3rd and 4th source of income group. in the case of account opening decision influenced by the friends 1st 2nd and 4th source of income group 2nd and 3rd source of income group are significantly different to each other. the 1st and 4th source of income group are significantly differ to each other in term of bank account opening decision depend on the guarantee provided by the bank manager. awan (2011) found that that most of the customers value product features and quality of service as major factors for making selection of islamic banks, and give lesser importance to religious belief as influential factor in selecting an islamic bank. ramadan (2013) showed friendly personnel, islamic reputation and image, and product price are in the top three. while factors like location being near home or work, convenience and environmental practice and impact seem to be the least significant factors by participants when choosing an islamic bank. one of the most important finding of this study is that islamic banks in jordan cannot attract their customers by the religion aspect only; it would require 168 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 islamic banks to properly understand the needs and expectations of existing and prospective customers. amin et al (2011) found that the significant factors that influence the intention to use islamic personal financing are: attitude, social influence, and pricing of islamic personal financing. mariyono (2013) showed that age, gender, and religion led the customer to more invest in islamic banks. polat et al (2014) found that three latent variables are important for the turkish participation bank customers in their bank selection. the customers care for i) islamic banking ii) quality banking and iii) fast banking. the results suggest that providing islamic banking is a must while alone is not enough criteria for an islamic bank to be selected by customers. marimuthu et al (2010) find that there are some factors that had significant relationship with the acceptance of islamic banking. the factors are: cost-benefit, service delivery, convenience, friends/relative’s influence. ltifi et al (2016) state that customer consider several factors while choosing an islamic bank: the quality of service offered by the financial institutions, trust, and (especially) compliance with sharia law. moreover, gender and age appear to be the only moderators between the selection of an islamic bank and these determinants. conclusion as for the managerial implication, since the awareness factor is less influencing therefore the bank’s management need to take extra mile to create the awareness among the consumers and convince them to patronize. one sample t test shows that conventional banks customer have no special attachments with the islamic or conventional banks. they only prefer their services; products and easy accessibility. the demographic factor such as race, gender and education do have significant influence towards overall consumer preferences of islamic banking product and services. islamic banking needs to facilitate the understanding of islamic banking products and services being offered. the products and services need to be similar or better than conventional banks. islamic banking has the potential of being marketed to various segments of consumers, extending beyond those who are concerned with legitimacy of the facility from islamic point of view, and those who seek service quality, convenience and efficient transactions. finally, this type of research should be expanded further to gauge the preferences of consumers in islamic banking product and services throughout other towns in pakistan. a similar research to this study can be completed in different 169 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 ahsan israr. selection criteria of public for account opening geographic location in pakistan. this study can help researcher, especially in the field of islamic finance to recognize the factors that their customers perceive important in a bank selection. this study can supply some guidelines to the banks in designing their future strategies in a competitive economy. this study also produces an assist to the policy makers, researchers, governments, and those who are concern for developing the varied aspects of banking business. references ahmed, h. (2011). product development in islamic banks. edinburgh: edinburgh university press. akkizidis, i., & khandelwal, s. (2007). financial risk management for islamic banking and finance: london: palgrave macmillan. allen, d. r., d.r. allen., & a.s.f. quality. (2004). customer satisfaction research management: a comprehensive guide to integrating customer loyalty and satisfaction metrics in the management of complex organizations: new york: asq quality press. allen, d. r., & m. wilburn. (2002). linking customer and employee satisfaction to the bottom line: a comprehensive guide to establishing the impact of customer and employee satisfaction on critical business outcomes: new york: asq quality press. amin, h., a.r.a. rahman., s.l. sondoh jr., & a.m.c. hwa. (2011). determinants of customers’ intention to use islamic personal financing: the case of malaysian islamic banks. journal of islamic accounting and business research. 2 (1): 22-42. doi: 10.1108/17590811111129490. ariff, m., & iqbal, m. (2011). the foundations of islamic banking: theory, practice and education. northampton: edward elgar publishing limited. awan, h.m. (2011). customer’s criteria for selecting an islamic bank: evidence from pakistan. journal of islamic marketing. 2 (1): 14-27. doi: 10.1108/17590831111115213. barsky, j. d. (1995). world-class customer satisfaction. london: irwin professional pub. emmanuel, c. r., otley, d. t., & merchant, k. a. (1990). accounting for management control. new york: international thomsom business press. finkler, s. a., ward, d. m., & calabrese, t. (2011). accounting fundamentals for health care management. new york: jones & bartlett learning. fishman, b. (2009). bombers, bank accounts, and bleedout: al-qa-ida’s road in and out of iraq: darby: diane publishing company. 170 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6011 george a. manning, p. d. c. f. e. e. a. (2010). financial investigation and forensic accounting, third edition. london: taylor & francis. gilbertson, c. b., & lehman, m. w. (2012). century 21 accounting: general journal, introductory course, chapters 1-16, 2012 update. new york: cengage learning. gitomer, j. h. (1998). customer satisfaction is worthless, customer loyalty is priceless: how to make customers love you, keep them coming back and tell everyone they know. darby: bard press. goldstein, s. d. (2009). superior customer satisfaction and loyalty: engaging customers to drive performance: new york: asq quality press. hashim, n. h. (2013). switching intentions of islamic banking customers: factors influencing switching intention among islamic banking customers: berlin: lambert academic publishing. hayes, b. e. (2008). measuring customer satisfaction and loyalty: survey design, use, and statistical analysis methods. new york: asq quality press. ibp, i. (2015). pakistan: doing business and investing in pakistan: strategic, practical information, regulations. new york: international business publications. lecroy, c. w., & holschuh, j. (2012). first person accounts of mental illness and recovery: new york: wiley. ltifi, m., l. hikkerova., b. aliouat., & j. gharbi. (2016). the determinants of the choice of islamic banks in tunisia. international journal of bank marketing. 34 (5): 710-730. doi: 10.1108/ijbm-11-2014-0170 marimuthu, m., c.w. jing., l.p. gie., l.p. mun., & t.y. ping. (2010). islamic banking: selection criteria and implications. global journal of human social sciences. 10 (4): 52-62. mariyono, j. (2013). determinants of customers in selecting sharia banking system for saving in east java, indonesia. journal of economics, business and accountanty ventura. 16 (3): 457-272. md nawi, f.a., a.s. yazid., & m.o. mohammed. (2013). a critical literature review for islamic banks selection criteria in malaysia. international business research. 6 (6): 143-151. polat, a., m. yesilyaprak., & r, kaya. (2014). understanding islamic bank selection of customers: a field research from turkish participation banks. international journal of financial research. 5 (4): 22-38. ramadan, z.s. (2013). jordanian criteria for islamic banks selection: evidence from the jordanian banking sector. international journal of academic research in accounting, finance, and management sciences. 3 (3): 139-145. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 97 114 received: may 01, 2017; revised: july 25, 2017; accepted: august 20, 2017 1,2 international islamic university chittagong. kumira, chittaging-4318, bangladesh e-mail: 1nazim_bgc@yahoo.com, 2monir_ahmmed@ymail.com doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 abstract. green banking is an integral part of islamic banking that makes a basis of environmental protection. this study attempts to examine the relationship between islamic banking and green banking that contribute to sustainable development. the study has used the primary data through a structural questionnaire that includes various dimensions on green banking of islamic banking in bangladesh. the investigation revealed that islamic banks had made a significant contribution to green banking that improves the environment as means of cost and energy savings, preservation of natural resources and the need to respect all living things. the study seems to carry an enormous academic value since a few studies have undertaken in this area. keywords: green banking, sustainable development, islamic banking. abstrak. perbankan ramah lingkungan merupakan bagian integral dari perbankan syariah yang menjadi basis perlindungan lingkungan. studi ini mencoba untuk menguji hubungan antara perbankan syariah dan perbankan ramah lingkungan yang berkontribusi terhadap pembangunan berkelanjutan. penelitian ini menggunakan data primer melalui kuesioner struktural yang mencakup berbagai dimensi tentang perbankan berbasis perbankan syariah di bangladesh. studi tersebut mengungkapkan bahwa bank syariah telah memberikan kontribusi signifikan terhadap green banking yang memperbaiki lingkungan sebagai sarana penghematan biaya dan energi, pelestarian sumber daya alam dan kebutuhan untuk menghormati semua makhluk hidup. studi ini tampaknya membawa nilai akademis yang sangat besar karena beberapa penelitian telah dilakukan di bidang ini. kata kunci: perbankan ramah lingkungan, pembangunan berkelanjutan, perbankan syariah how to cite: uddin, m.n., & m. ahmmed. (2018). islamic banking and green banking for sustainable development: evidence from bangladesh. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 97 – 114. doi: http//dx.doi.org/10.15408/aiq.v10i1.4563 islamic banking and green banking for sustainable development: evidence from bangladesh mohammad nazim uddin1, monir ahmmed2 98 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 introduction climate change has the adverse effect on the environment that distresses the agriculture, forestry, water resources and human health. this issue has been turned into a global concern to protect the environment from any detrimental effect for sustainable development. in these circumstances, islamic banking can play a supportive role in improving the environment for sustainable development. islamic banking is an ethical and socially responsible banking which has no adverse effect on the environment. this banking dedicated to human being and society. it has high potentials to contribute towards sustainable financing ecosystem for the green world. islam primarily promotes the preservation of natural resources and the need to respect all living things regarding the relationship between humankind and the environment. imam bukhari on renewable source of reward states-”if a muslim plants a tree or sows seeds, and then a bird, or a person or an animal eats from it, it is regarded as a charitable gift (sadaqah) for him.” failure to do so would be detrimental, as stated in verse (sura-rum: 41) where the severe destruction of the land and sea would come upon those who mistreat the environment (nor and uddin, 2012). ‘shari’ah’ is the moral code of islamic law that provides the legal framework for regulation of many aspects of private and public life (uddin, 2016). green banking plays a caring role for sustainable development in overcoming the institutional obstacles and market challenges, in the way to allocating the investment to the green projects. green banking involves with banks strategic and operating plan. the plan takes into consideration the transition towards a lowcarbon economy and those internal controls, risk management and the projected financial condition based on proper assessment of environmental risks. going green is indispensable for banks as the quality of assets and profitability; both depend upon the environmental and ecological aspects. this aspect takes care of the corporate social responsibility and is the ecological balanced approach that banks should follow. green banking thus involves a two-pronged approach. firstly, green banking focuses on the green transformation of internal operations of all banks. it means all the banks should adopt appropriate ways of utilizing renewable energy, automation and other measures to minimize carbon footprint from banking activities. secondly, all banks should take environmentally responsible financing; weighing up environmental risks of the project, before making financing decisions; and in particular, supporting and fostering the growth of upcoming ‘green’ initiatives and projects. it is a smart and proactive way of thinking with a vision of future sustainability. although, banking never considered as a polluting industry. the present scale of banking operations have considerably increased the carbon footprint of banks due to their massive use of 99 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking energy (e.g., lighting, air conditioning, electronic/electrical equipment’s, it, etc.), high paper wastage, lack of green buildings, etc. therefore, banks should adopt technology, process, and products, which result in substantial reduction of their carbon footprint as well as develop a sustainable business. the paper discusses some of the main environmental challenges and risks to the banking sector and how can green banking be used to overcome these obstacles. the article also explores the ground of green banking from the practices of islamic banking through the sufficient evidence of holy quran and hadith. the issue of green banking has been a subject of significant concern for researchers and scholars in recent years. such interest has carried about a lot of arguments on the subject, which led to numerous studies on it in the area of green banking over the years. the empirical researchers have provided mixed results between green banking and profitability for sustainable development. the present research has been done to determine the relationship between islamic banking and green banking for sustainable development in developing countries and to examine the perception of managers and investors of sample banks. to establish the impact and clear understanding of the relationship between islamic banking and green banking for sustainable development of a bank, the study has been undertaken by the researcher. these issues and the global debate on the nexus between green banking of islamic banks and sustainable development raise two central questions. first, what is the relationship between islamic banking and green banking will support the sustainable development of the bank? second, under what state of affair is ‘shari’ah’ compliance products consistent with green banking products? to answer these questions, the study undertaken. this study explores why environmental sustainability is pertinent to green banking policy and regulation and shows how islamic banks are using green banking products to meet sustainability challenges through internal bank operations and financial policy approaches that reflect their unique economic circumstances. the study suggests that islamic banks have still further to go in using banking policy to promote the mobilization of green capital for investment and for mainstreaming environmental sustainability challenges into bank business strategies, governance, and regulatory practices. in this way, green banking policy can more effectively support the economy’s adaptation and transition to a more environmentally sustainable path. the paper is targeted to examine the ‘shari’ah’ compliance products that reflect the green banking in operations and financing to support the sustainability of banks. the green banking helps the managers and bankers to control the actions at low-cost that enhance the profitability of the bank. the findings of the 100 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 study would be useful to the policymakers and regulators and academician to show why environmental challenges are relevant to banking policy. literature review the study discovers the relationship between islamic banking and green banking in bangladesh. most of the previous researchers have conducted on the aspects of green banking practices in bangladesh. a few studies were done on the relationship between islamic banking and green banking for sustainable development in bangladesh. the research would contribute to the development of existing literature and covers the literature gaps. jaman, et al. (2016) analyzes the bankers’ perceptions of the green banking concept, its benefits, its complexities of execution, and its possible relationship with islamic banking. this research is an empirical study of 48 islamic bankers from 21 branches of seven islamic banks located in dhaka, bangladesh employing structured questionnaires. the analysis revealed that several bankers perceived green banking as an environmental banking that helped to protect the environment despite its high adoption cost. also, green banking and islamic banking were viewed to be compatible and interlinked as islam supports resource savings, cleanliness, ethics and social responsibility all of which are also the mottos of green banking. islam & das (2013) stated that green banking is a new way of conducting the banking business through considering the hygienic environmental issue as well as corporate social responsibility (csr). nowadays, it is inevitable to practice green banking by banks because of globalization and to face the competition. the study concludes that green-banking practices in bangladesh are not satisfactory at all. millat et al. (2012) reported bangladesh bank had instructed all scheduled banks to formulate comprehensive policies for green lending and investment after rigorous and adequate analysis of environmental risks incorporating national environmental rules and acts. uddin (2016) focused on the relationship between islamic banking and green financing in bangladesh. the study provides the evidence that the factors of green funding in islamic banks are significantly following, but the amount of green financing is not sufficient relative to total financing. most of the respondents are satisfied with the current green financing and green banking. ullah (2012) studied on a very small sample of 4 banks. she observes that state-owned banks demonstrate nearly zero compliance with the gbg, continue to finance harmful projects, and have achieved little in introducing paperless banking while private banks have better agreement. goyal & joshi (2011) highlighted social and ethical issues such as social banking, ethical banking, green banking and rural banking which facilitate the achievement of sustainable development of banking and finance. 101 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking they concluded that banks could act as a socially and ethically oriented organization by disbursement of the loan only to those organizations, which have environmental concerns. rahman & barua (2016) finds that performance of banks in bangladesh gbg implementation is not very satisfactory. chaurasia (2014) studied on green banking practices in indian banks. the study found that there has not been many initiatives to practice the green banking in india. the study suggested that bank should go green and play a proactive role to take ecological aspects as part of their lending principle, which would force industries to go for mandated investment for environmental management, use of appropriate technologies and management systems. green banking requires that the financial institutions should encourage projects which take care. first, sustainable development and use of natural renewable natural resources; second, protection of human health, biodiversity, efficient production and use of energy, and; third, pollution prevention and waste minimization, pollution controls (biswas, 2011). choudhury et al. (2014) encouraged the necessity of stakeholder’s influences in green banking practice and recommends some indication for government, the whole banking sector and for the business community. this literature review attempts to identify the gap in this study and improves this difference for the development of research. shaumya and arulrajah (2017) found that the green banking practices have the positive impact on bank’s environmental performance. islamic banks involve in islamic banking activities based on profit and loss sharing (pls) system, rather than interest. these banks are socially responsible while providing finance and are monitored by expert bankers side by side guided by the ‘shariah’ (islamic law) board. islamic banks do not lend money to the tobacco industry, gambling industry, production of goods that damage physical or mental health or harmful to the environment or any product or service industry involve in unethical practices. these practices have proximity to the sri (socially responsible investment) of the western world. islamic bank is committed to establishing a socio-economic justice system where the public interest and social welfare give precedence over parochial individual interests. islamic banks do not work to meet the illegitimate demands of insignificant number greedy people. these entities do not give priority only to financial gain and ignore other socioeconomic problems. the bank aims to run in such a way that it doesn’t have any negative impact either on society or the environment. the principles of the bank based on ‘shari’ah’ have a direct impact on how it invests and utilizes its resources. it does not finance enterprises that deal in morally questionable businesses like investments in tobacco, liquor, etc. the bank attempts to maximize social welfare, reduce hazards, and protect the nature and any degradation in its operational areas 102 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 and activities. moreover, the bank’s core principle is the protection of resources for the future generation. islamic banking is green banking. green banking avoids paperwork to the optimum level and focuses on electronic transactions like the use of atm, mobile banking, online banking, etc. for various banking transactions by the customers. electronic transaction not only aids towards sustainability but also provides convenience to the customers as well as to the banks. less paperwork means less cutting of trees. for implementing eco-friendly business, banks should adopt environmental standards of lending as it improves the asset quality of the banks (tara et al., 2015). islamic banks have no chance of participating in grey investments. it’s a moral obligation for islamic banks to adopt environment protection process in their every investment. under the green banking activities, islamic banks have ensured fuel-efficient electrical equipment, usage of solar panel, hundred percent online dependent internal communications. the green banking recognizes the environmental hazards caused by consumption of resources and release of waste from own business activities and aims to protect the environment through resource re-using and recycling as well as efficient use of energy and resources. green banking aims to continually minimize the operational environmental impacts by monitoring environmental performance; setting improvement targets; and by implementing and evaluating environmental management program that saves energy and water, manages wastes, recycle materials, reduce business trips, and promote green procurement and provide a full range of e-banking services. the bank adopts processes to assess the environmental and social risks and opportunities arising from its client’s business activities and manages the bank’s exposure to reduce its carbon footprint on the environment according to environmental conservation rules (ecr) 1997 and environmental risk management (erm). the study attempted to recognize the relationship between green banking as the source of islamic banking and sustainable development. sustainable development is the way of using the resources that not only meet the human needs of present and future generation but also preserve the environment (united nations, 1987). sustainable development aims at providing the economic advancement and progress while protecting the long-term value of the environment. it provides a framework for the integration of environmental policies and development strategies (united nations general assembly, 1987). the field of sustainable development comprises of three constituents: environmental sustainability, economic sustainability, and socio-economic sustainability. sustainable banking as per the united nations environment programme finance initiative (unep-fi, 2007) defined as “the process by which the banks consider the impact of their various operational 103 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking activities and their products and services for meeting the needs of the current as well as the future generations.” the green banking plays a pioneering role in the era of banking to meet the objectives of sustainable development. the definition of islamic banking, green banking and sustainable development provide a clear understanding of developing the framework of their integrated relationship. the goal of sustainable development would not attain without using the islamic based banking. the islamic banking provides a moral obligation to practice the green banking in the modern banking world. hypotheses: the below hypothesis have suggested based on the theoretical framework and research objectives: h 01 : there is a significant relationship between islamic banking and green banking. h 01 : there is a significant relationship between islamic banking and sustainable development. h 01 : there is a significant relationship between green banking and sustainable development. method the study is qualitative research and based on both primary and secondary data. primary data have collected through questionnaire method. the target populations of this study are investors, executives, and managers of islamic banks in bangladesh. there are full-fledged eight islamic banks in bangladesh namely; islami bank bangladesh limited, al-arafa islami bank limited, social islami bank limited, exim. bank limited, shahjalal islami bank limited, first security islami bank limited, icb islami bank limited, and union bank limited. the union bank has not been taken into consideration as sample due to newly established in 2013. the study has made six branches of each bank from 7 islamic banks located in chittagong and dhaka. the main reason for selecting two districts are capital districts and convenient to researcher himself. the total sample is 126 respondents of which 42 bank officials and 84 investors selected for interviewing from 42 branches of 7 islamic banks in chittagong and dhaka equally. it was decided to allocate one questionnaire to each official of each branch, and two questionnaires were given two customers of each branch of selected samples. given the limited resources and time at the disposal, all the branches and all investors could not investigate. secondary data and information relevant to this study have collected from available publications including journals, articles, the website of bangladesh bank, studies conducted by various donor and development agencies such as undp, environmental organizations, world bank, and ngos. data and 104 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 information thus collected have been processed manually as well as through a personal computer. descriptive statistics such as 5-point likert scale, average, and percentage, have been used in this study to analyze the data for the validity of findings. the results of the survey have been analyzed critically to make the review more informative, useful and acceptable to the readers, academicians, policymakers, and those people who are devoted to protect the environment and develop the friendly environment in developing countries as well bangladesh as a whole. result and discussion the study has been directed to examine the relationship between islamic banking and green banking for sustainable development. the study tries to explore the views of management of islamic banks towards green banking in bangladesh. islam pressures on the necessity and significance of environmental protection, i.e., living in harmony with nature, achieving sustainable development, enriching life on earth, and making the best use of available resources (jaman et al., 2016). in the quran, it is declared that men are the superior living being, asraful makhlukat, (surah bani israil, 17:70, surah al-baqarah, 2:29 & surah jathiyah, 45:13) in the planet and have endowed with a sense of moral insight (surah ash-shams, 91:7 8). their relationship to the earth is seen as that of custodian (surah hud, 11:61) (mutahhari, 2014). the message of islam is that the relationship between the allah and men is as significant as the care of the environment and natural resources. therefore, the perception of management of ‘shari’ah’ based banks about green banking has analyzed as follows. table 1. demographic information of the of the respondent frequency percentage gender male 35 83% female 7 17% age below -30 6 14% 30-45 28 67% 45-60 8 19% marital status single 9 21% married 33 79% education graduation 0 0% post-graduation 42 100% designation executive 32 76% manager 10 24% source: field investigation 105 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking in the questionnaire, there is a section concerning demographic profile to attain the information reliability of the study. the demographic information is related to the respondents’ gender, age, marital status, education and other factors might influence their perception. the demographic data has presented the form of table 1. table 1 indicates that 83 percent of the respondents were male and 17 percent of the respondents are female in the study. out of the total respondents, 14 percent of the respondents were below 30, 67 percent of respondents were between 30 and 45 and 19 percent of respondents were between 45 and 60 years range. 21 percent of respondents were single, while married accounted for 79 percent. a large number of percentage (76%) were executive level followed, maximum of them were the top executive and remaining of the respondents are branch level managers. this question consisting of 8 sub-questions designed to test the green banking environment of islamic banking. these issues have been presented to the respondents to explore their opinion about the components of green banking environment in islamic banking. the green banking preparation of islamic banking presents in table 2. table 2. pre-conditions of green banking environment in islamic banks queries response yes no the bank has a separate green banking cell 100% 0% do you have the knowledge of green banking 92% 8% have you participated training program on green banking 95% 05% your bank arranges green awareness program 82% 18% the bank having any fund only for green banking 78% 22% the bank has any climate change risk fund 62% 38% is there any conflict between green banking and islamic banking 100% 0% source: field investigation. the study has examined the scenario of green banking in islamic banks of bangladesh. most of the islamic banks have developed green banking environment within internal and external premises of the banks. the respondents provided an opinion that their banks separate green banking cell, awareness programs, training programs, green banking fund, and risk fund. they also answered that there is no conflict between islamic banks and green banking. islamic banking is a green banking. finally, it can be concluded that shari’ah based banks have good green banking environment in bangladesh. 106 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 all participated respondents felt that green banking philosophy is very conducive to the ‘shari’ah’ compliance. green banking as a part of islamic banking was highly correlated with each other. table 3. relationship between green banking and islamic banking statement response yes no does green banking philosophy is conducive for shari’ah compliance? 100% 0% source: field investigation the study has been conducted on the views of managers to examine the practices of green banking in house. the result of survey has been highlighted in the table 4. table 4. green banking practices in islamic banks statements 1 2 3 4 5 total mean rank green office guide 60 60 21 16 157 3.74 9 green training and awareness program 100 60 21 181 4.31 5 e-banking in operational activities 150 40 6 196 4.67 1 on-line banking in operational activities 125 40 21 186 4.43 2 on-line advertisement 50 60 24 18 152 3.62 10 waste management 90 56 18 4 168 4.00 7 energy & water savings 110 60 15 185 4.41 3 paper consumption 105 64 9 4 182 4.33 4 renewable energy savings 85 72 21 178 4.24 6 green travel 60 64 42 166 3.95 8 source: field investigation table 4 indicates the priority of green banking practices in the house of islamic banking. respondents of the study felt that they are using e-banking in operational activities of office management within the bank which is ranked by 01. the most of respondents agreed that they have connected with online banking in their banking operations that are rated by 03. the respondents also revealed that they are very 107 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking conscious in saving the water and energy in the premises of banking activities, which ranked as 03. a significant number of respondents reported that they are working in the office with paper consumption, which is listed 04. the respondents opined that the banks had arranged some green training and awareness programs to perform the green work in the premises of bank that is ranked by 05. the islamic banks are using renewable energy savings to operate the banks at minimum cost that is rated 06. the respondents stated that demand management, reuse, and recycling are the indicative methods of reducing solid waste, which ranked as 07. reporting from the respondents that islamic banks always encourage the officials to choose green approaches for any business travel, which reduce environmental impact, which is ranked by 08. a good number of respondents stated that islamic banks routinely provide green office guide to take care of green banking that classified as 09. some respondents recommended that they give the online based advertise because of cost savings and area coverage. the mean score of all components of green banking is higher than 3.0, which means the usage of green banking in islamic banking. the study investigates the practices of components of green banking by reconnoitering the views of bankers. most of the bankers do believe that green banking is the islamic banking and other parts are the associate of green banking. though green banking (environment-friendly banking, ethical banking or sustainable banking) can defined in some ways, in a broader perspective, it is the environment-friendly banking practices that promote their customers to reduce the carbon footprint through their banking activities (tara et al., 2015). the opinions of bankers are highlighted herewith in table 5. table 5. management perception on the usage of components of green banking in islamic banking statements 1 2 3 4 5 total mean rank environmental friendly banking 120 60 9 189 4.50 1 sustainable banking 105 64 15 184 4.38 3.5 social responsible banking 100 64 18 182 4.33 5 ethical banking 95 80 9 184 4.38 3.5 economy banking 95 84 6 185 4.40 2 source: field investigation table 5 describes the management perception of practices of components of green banking in islamic banks. the most of respondents reported that they do 108 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 practice the environmental banking, economy banking, sustainable banking, ethical banking and social responsibility banking in their operations. the score of green components highly correlated with each other. it is clear that islamic banking is green and sustainable banking, which also tested from the previous study. green banking defined as shariah-based banking and sustainable banking in a very cheap manner (masukujjaman, et al., 2016). the following factors have to be considered before making the investment decision. these factors will develop green investment climate. the study tries to identify the views of management concerning the green factors of investment. the opinions of management have inserted in table 6. table 6. management perception towards investment climate before investment decision statements 1 2 3 4 5 total mean rank cleaning and hygienic business environment 105 68 9 2 184 4.38 4 green factory buildings 110 56 12 4 182 4.33 5.5 reforestation around the factory 85 84 8 177 4.21 9 installation of solar penal on the roof of the factory 110 64 12 186 4.42 3 using the high mileage vehicles 50 52 24 20 1 147 3.50 14 reducing the sound pollution 115 60 12 187 4.45 2 video conference instead of physical meeting 70 48 36 4 158 3.76 12.5 water contamination 95 68 18 181 4.31 7 soil contamination 80 40 24 12 2 158 3.76 12.5 air pollution 100 72 6 4 182 4.33 5.5 energy savings 125 48 15 188 4.48 1 tree plantations 90 80 6 4 180 4.29 8 production of green products 75 52 30 4 2 163 3.89 11 reduction of carbon 90 68 9 4 2 173 4.11 10 source: field investigation the study investigates to explore the management views regarding green business environment before the investment decision. the green investment climate is pre-requisite for green investment. the management should scrutinize 109 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking the environmental factors before an investment decision. the average value of the ranking method is more than 4.0 and a few values are less than 4. this result proves that islamic banks are considered the components of investment climates in most cases. the most of respondents agreed that they ensure green environment factors before the investment decision. green investments (finance) implies the financial services to the businesses and projects that help prevent deterioration of the environment as well as which are not harmful to the environment. table 7. management perception on green products towards green investment statements 1 2 3 4 5 total mean rank projects having zig zag kiln and tunnel kiln 120 60 9 189 4.50 1 projects having etp 115 56 9 4 184 4.38 2 waste and hazards disposal plant 110 52 15 4 181 4.31 4 waste battery recycling plant 105 48 15 6 1 175 4.17 6.5 waste paper recycling plant 95 52 24 2 1 174 4.14 8.5 pet bottle recycling plant 100 56 6 6 2 170 4.05 11 solar system 90 72 12 4 178 4.24 5 bio fertilizer plant 85 52 30 4 171 4.07 10 bio gas 95 48 27 4 174 4.14 8.5 energy saving bulbs production plant 85 64 9 8 2 160 3.81 12 clean water supply projects 95 60 12 8 175 4.17 6.5 green loans 115 48 15 4 182 4.33 3 others 50 44 27 20 2 143 3.40 13 source: field investigation the study was conducted to explore the management views on various green products regarding investment. the study tests the investment premises of islamic banks in bangladesh and found that most of the islamic banks made their investment in green products. the results of the survey explored the score more than 4 and less than 4. it is clear that islamic banks attempted to invest their funds in green products and services. the findings of this study are significant which exceed the average score. 110 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 table 8. investor’s perception towards green conception for green investment statements response yes no have you heard the concept of green? 100% 0% do you like the green society? 97% 3% do you think going green is costly? 14% 86% are you aware about environmental risk? 87% 13% green society is related to sustainable development? 91% 9% (note: percentage exceeds 100 because respondents mentioned more than one factor) source: field investigation. the questions in table 8 were presented to the investors of islamic banking to identify the green awareness in the investment arena. the study places these issues to explore the green message from the investors. these questions are essential if the investors not introduced and realized with the green concept then they would not feel cordial to execute the green investment. the study provided very significant result in this regard because most of the investors are interested in green investment. table 9. terms and conditions of green financing contract to investors statements frequency percentage shari’ah compliance 84 100% environmental compliance 84 100% green mortgage 78 93% cost of finance 70 83% duration of investment n.a. n.a. (note: percentage exceeds 100 because respondents mentioned more than one factor) the questions were asked to investors to take into consideration which aspects of investment given preference in providing investment to investors. 100 percent of respondents agreed that bank provides investment to ensure the ‘sharia’s’ compliance and protection of the environment during the investment period. 93 percent of respondents opined that banks inspect the green mortgage that provides the security of investment and protect the environment also. 83 percent of respondents appeared that islamic banks consider the cost of financing in giving the investment. 111 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking table 10. investor’s perception towards environmental factors of investment in bangladesh statements 1 2 3 4 5 total mean rank cleaning and hygienic business environment 300 60 15 8 383 4.56 1 green factory buildings 250 80 30 8 368 4.38 3 reforestation around the factory 285 68 15 10 378 4.50 2 installation of solar penal on the roof of the factory 245 84 21 14 364 4.33 4.5 using the high mileage vehicles 150 94 75 10 329 3.92 12 reducing the sound pollution 205 56 72 8 1 342 4.07 10 water contamination 240 64 48 8 360 4.29 6 soil contamination 215 72 57 4 2 350 4.17 8 air pollution 160 88 60 20 328 3.90 13 energy savings 240 72 30 16 358 4.26 7 tree plantations 245 76 33 10 364 4.33 4.5 production of green products 190 104 45 10 349 4.15 9 reduction of carbon 155 84 51 44 4 338 4.02 11 source: field investigation. the study investigates to explore the investor’s views regarding the green business environment in the business premises. green banking provides a foundation of environmental protection that would be protected by islamic banks through investment. it is evident from the study that islamic banks conducted investment activities ensuring the environmental act. the result proved that islamic banks provided investment considering the environmental factors. the mean score of each element is more than one, which confirmed that the effect is significant. the study was conducted to explore the investor’s views on various green products regarding investment. all sharia’s based banks invested in green investment products and services, which found from above study. the average score of investments is higher than 4.0, and only two scores are less than 4.0. the results prove that islamic banks carried out investment activities with environment protection maintaining the sharia’s compliance. 112 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 table 11. investor’s perception on various types of green investment statements 1 2 3 4 5 total mean rank projects having zig zag kiln and tunnel kiln 255 60 42 8 365 4.35 6.5 projects having etp 290 56 27 6 379 4.51 1 effluent treatment plant 275 72 21 8 376 4.47 2 waste battery recycling plant 255 68 36 6 1 366 4.35 6.5 waste management projects 280 64 24 4 2 374 4.45 3 solar/renewable energy plant 270 84 10 4 368 4.38 4.5 bio fertilizer plant 245 92 12 16 365 4.34 8 bio gas plant 225 80 48 6 359 4.27 9 energy saving bulbs production plant 275 52 27 14 368 4.38 4.5 clean water supply projects 190 84 66 6 346 4.12 11 carbon credit business (cdm) 115 96 102 6 319 3.80 13 production of green products 220 104 15 10 4 353 4.20 10 green credit card 190 76 45 24 335 3.98 12 conclusion green banking as part of islamic banking can play a pro-active role in emerging economy for sustainable development. the trend of islamic banking has been growing in bangladesh, which is an aid to environmental protection as well as sustainable development. social structure is significantly changing day to day due to unplanned city building, deforestation, digging hill tracts, natural disaster, and deregulation. these factors have been increasing pressures on the ecosystem of a country that significantly impedes the sustainable development. banks should be strict for compliance with environmental protection norms by the borrowers so that environment can remain in sustainable state and civilization is free from environmental threats. the study aims at providing the relationship between islamic banking and green banking for sustainable development in bangladesh. from the study, it found that islamic banks prefer green banking as a compliance of ‘shari’ah’. furthermore, green banking has more significant connection to the islamic islamic as it supports the featuressocial responsibility, cleanliness, reduce wastage of resources and uphold ethicsof green banking (masukujjaman, 2016). the study provides the evidence that islamic banks are significantly following the components of green banking. most of the respondents are satisfied with the current green banking and revealed that green banking is conducive to the islamic banking. it is evident that there are main obstacles for green banking practices are awareness, knowledge deficiency, and green risk, etc. the study provides concrete suggestions based on opinions of respondents that islamic banking should practice green banking in 113 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.4563 mohammad nazim uddin. islamic banking banking and green banking house and out to protect the environment for sustainable development. in considering the opinions of respondents, the following measures recommended to stakeholders of the study: first, bangladesh bank should take the initiative to mandate the scheduled banks to provide full-fledged green banking services to their customers for sustainable development. second, islamic banks should increase the awareness of green banking to the officials and customers through seminar, symposium and training programs. third, 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(2015). green banking for environmental management: a paradigm shift. current world environment. 10 (3): 1029-1038. united nations general assembly. (1987). report of the world commission on environment and development: our common future. oslo, norway: united nations general assembly, development and international co-operation: environment. unep. (2011). unep fi guide to banking & sustainability. united nations environment programme, geneva, www.unepfi.org/ ullah, m. m. (2013). green banking in bangladesh-a comparative analysis. world review of business research. 3 (4): 74-83. uddin, m.n. (2016). shari’ah based banking and green financing: evidence from bangladesh. journal of emerging economies’ and islamic research. 4(2): 50-62. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 331 350 received: february 15, 2017; revised: may 5, 2017; accepted: may 10, 2017 uin maulana malik ibrahim malang. jl. gajayana 50, malang, jawa timur, indonesia e-mail:marufamin1103@gmail.com doi: 10.15408/aiq.v9i2.5353 abstract. fatwa and the development of sharia financial industry: a lesson from indonesia. this article is a critical study to analyze the impact of the fatwa issued by ulema of the indonesian ulema council (mui) against the development of sharia financial industry in indonesia. the development of sharia financial industry in indonesia has been started since the early 1990s. but the most improved level of development was since 2003, when mui issued a fatwa on the illegitimate bank’s interest. it was a necessity for the ulema to perform ijtihad or istinbat laws in order to give a fatwa on his people. ulema as the agents of social change oriented to make continuous improvements (islahiyyah) in the social -economic order, especially in the financial industry. considering that the circulation of money in the community is a reflection of society, if the financial flows controlled by virtuous people then so the community. conversely if the flows of finance are controlled by people who are not good, then the community became devastated. keywords: fatwa, sharia financial industry, ulema, descriptive abstrak. fatwa dan perkembangan industri keuangan syariah: pembelajaran dari indonesia. artikel ini merupakan kajian kritis untuk mengalisis dampak dari fatwa ulama majelis ulama indonesia (mui) terhadap perkembangan industri keuangan syari’ah di indonesia. perkembangan industri keuangan syari’ah di indonesia sebenarnya sudah dimulai sejak awal tahun 1990an. namun tingkat perkembangannya yang paling meningkat adalah sejak tahun 2003, ketika itu setelah mui mengeluarkan fatwa mui tentang haramnya bunga bank. suatu keniscayaan bagi ulama untuk melakukan ijtihad atau istinbat hukum agar dapat memberikan fatwa pada umatnya. karena fatwa pada hakikatnya merupakan jawaban keagamaan terhadap problem dan permasalahan yang terjadi dalam masyarakat. ulama sebagai agen perubahan sosial yang berorientasi secara kontinuitas untuk mengadakan perbaikan (islahiyyah) dalam tatanan sosial ekonomi terutama di bidang industri keuangan. karena peredaran uang di masyarakat adalah suatu cerminan dalam masyarakat, kalau arus keuangan dikuasai umat yang soleh maka solehlah masyarakat tersebut. sebaliknya kalau keuangan yang beredar dikuasai orang-orang yang tidak baik, maka rusaklah masyarakat tersebut. kata kunci:. fatwa, industri keuangan syariah, ulama, deskriptif fatwa and the development of sharia financial industry: a lesson from indonesia ma’ruf amin 332 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 introduction the occurrence of the various waves of economic and financial crisis that hit many parts of the world was a very valuable lesson for the ulema. due to the occurrence of the financial crisis, especially when we examine the global financial crisis that struck the united states in 2008, because of the element of gharor. indonesia also has experienced the financial crisis ten years earlier, namely in 1998. there are lessons that we can take in many cases related to the financial crisis, the emergence onto the surface of an islamic economic system as a way out of the crisis. therefore, the islamic economic system becomes an alternative system that emerges from mistakes done by the capitalist system and the socialist system. that the economy is driven by the usurious system definitely will ultimately lead to a crisis in the economy, especially the financial crisis. abdullah and chee (2010) confirmed that the islamic financial system is now increasingly becoming the mainstream and alternative to the conventional financial system. considering that the islamic financial system proved to have endurance in to face the wave of economic crisis. at least three waves of the global crisis, the oil crisis of 1973, the terrorist attacks of 11 september 2001 and the global financial crisis, known as the “subprime crisis” in 2008. especially in the latter case that was the global financial crisis that began in the us but worldwide impact, reflected in the variety of the trading floor of the world, all affected by the crisis, only those indexed by sharia alone that have endurance to the crisis. similar recognition comes from moody rating agency (2008) that one of the advantages of islamic financial system is the immune to shock the power of the global financial crisis. as has been known, the cause of the crisis is because of the element of speculation in the conventional financial system. islamic economic system has the spirit of eliminating the elements of gharar / speculation in economic practice. in the consideration of fatwa issued by ulema, one that becomes our concern is to remove the practice of gharar (adamul gharar) in economic activity of society. because gharar will eventually trapping people in deceptive action stratagem in the economy. ulema issued a fatwa unequivocally that every economic transaction containing fraudulent (gharar fahisy) shall be declared not valid in terms of islam law (daradika, and al-dharir, 1990). the system that put forward in the sharia financial industry is a system that brings maslahah for the community. in other words, economic activity must be conducted on the principles of sharia that bring benefits for the good of society such as improving welfare and other virtues. in addition, the islamic financial system should avoid any harm or damage in the community. in usul fiqh qaeda, it 333 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry is known as the principle of “jalb al-mashalih wa dar’u al-mafasid”, means bringing benefit and avoiding any damage. this principle contains a consequence, that the islamic economic system did not justify their economic practices that may damage or disrupt the lives of people such as gambling, drug sales, prostitution and so on (zaid, 1964 and al-qaradawi, 2001). el-komi’s study (2010) showed that the cause of poverty in the world mainly that affecting the third world countries that are predominantly muslim, is their belief that the bank interest is the unlawful usury. the poor people were not able to access to micro-finance credit because it conflicts with their religious beliefs, that the micro-credit-based interest is forbidden. as generally known, the role of microfinance is very significant in poverty alleviation. the findings of this study show us that interest-based financial system will create a widening social inequality and will extend the row number of poverty population. in fact, one third of the poor society is on the third world countries whose population is majority the muslim. ideal financial system should be able to accommodate and commit to engage in poverty alleviation. because, the increase levels of the welfare of poor people will boost purchasing power. one of the goals of the islamic financial system is khidmah principle, which is a commitment of the islamic financial system that encourages the sharia economic activity in order to realize social services (tahbiq al-khidmah alijtima’iyah). of course, the orientation is towards the creation of the social services that can alleviate the burdens of the weak economy. this principle is inherent in all activities of islamic economics, because the sharia economic system in addition to allow the increase of profits and wealth, there must be concern for the social conditions of the surrounding community. conventional financial system, as revealed in al-harran (1996), closes access to the small farmers, small businessmen and small craftsmen, because they are considered not worthy to get credit by the conventional financial institutions. in addition, they mostly do not have collateral, as well as those deemed unworthy venture business. obstruction of access to sources of funding from the conventional financial system creates injustice and imbalance between small and large businesses that will cause social jealousy. if these conditions cannot be overcome, it will create instability, which in turn would disrupt the economy of the community itself. that is why the sharia financial system committed to promote justice in the economy. fair principle that is intended to encourage every economic activity should be oriented towards the creation of fairness and balance (al-‘adlu wa altawazun). islamic economic system is intended to maintain the values of justice 334 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 and avoid the element of injustice. in terms of economy, there should not be any elements of oppression, exploitation and so on. it should be considered an element of proportional balance. for example, if we want a big advantage, then it should also consider the risks that would arise. islamic economic system should also accommodate the values of pleasure (al-zarqa, 1968), that in any economic activity there should be a process of mutual give up (taradhi), there should be no element of coercion (ikrah). element of ridha among people that conduct economic activity is a fundamental aspect, so that the activity runs healthy, there is a spirit of honesty and mutual ihlas and must not be under-pressure. nevertheless, the ridha principle is not necessarily make the transaction is valid in terms of syar’i. it is true that each element of the pleasure is the principle in economic activity, but it is not the cause of the permissibility of something forbidden (ar-ridha ruknun li al-aqdi wa laisa sababan li al-hilli). in addition the economic transaction should be based on the attitude of non-pressure (ghaira ikrah). this principle is a basic principle in jurisprudence of mu’amalat and as the basic principle as well in the agreement (contract). there must be freedom among the parties involved in the contract either in determining the terms of the agreement and the object being agreed (object of the agreement), including methods for the settlement of disputes. freedom in determining these terms shall be allowed, as long as no conflict with other provisions of sharia. furthermore, islamic economic system emphasizes the principle of mubah (buzed, 2004). the principle of mubah is in accordance with the rule that any form of economic activity or the mu’amalat activity basically in under mubah law, unless otherwise determined by a proposition. this principle is usually used as a basis in determining the law of economic transactions. this principle also shows that islamic law would not be difficult for the transaction actors of sharia system. it is precisely that this principle provides convenience and vast opportunities for growth and development of the economy in accordance with the needs of the era and the needs of the livelihood of the people. ulema in determining the legal fatwa regarding islamic economics is usually also consider the principle of istirbah (al-mansur, 2007). this principle is intended that the sharia economic activity must consider the principles of profitable or profitability in the business. actually this has become a common formula, that people who do business certainly expect their profits. be illogical, if there are people who do business bit do not expect any profit. formulation of a fatwa is not only based on nushush syar’iyyah, but also to adjust the same with the economic changes and needs in the community, so that 335 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry the output applied and encourages the economic growth that exists. fatwa issued by mui is indeed departed from the fatwa that is requested by the community businesses, government officials and those of other interested parties. therefore such fatwa is issued directly functional and can trigger the growth of national economic. literature review reform of islamic law and the demand of islamic economic fatwa reform of islamic law is a necessity, because it is in accordance with the guidance of nash and also in accordance with the changing demands in the field of economy. various changes in the society because of the change of era raise new issues, which are sometimes difficult to find the answers in the existing texts. this fact requires the effort of ijtihad or law istinbat to accommodate the change in the order of economic life in the community. in accordance with the hadiths (al-hakim, at-thabrani, al-baihaqi, abu daud, sunan abi daud in maktabah syamilah, t.thn) which reads: “ truthfully allah sent to this people at the end of every hundred years, a person that reforming the religion of such people “. this hadits explicitly mentioned the need to reform the islamic law at the end of every century or hundred years. in relation to such hadits, it also reveals the provision in the qaeda (aljawziyyah, t.th, al-nadawi, 1999): “ the change of fatwa of the law is because the change era, place, condition, intentions and customs ”. this rule gives the explanation that the characteristics of islamic law are flexible and contextual in line with the dynamics and development of the era, especially in the new and renewable matters (al-masail al-jadidah wa al-mustajaddah). simultaneously, it negates the notion that islamic law is sacred and cannot be changed. the assumption that islamic law is standard and cannot be changed is from an idea that islamic law or jurisprudence originated from the ijtihad result of the previous ulema is standard and is sacred. they assume that the forces of law and the sanctity of islamic law as strong as nushush syar’iyyah contained in the qur’an and hadits. this does not correspond to historical facts, because of the fact that the text of the qur’an and al-hadith has been stopped, while society continues to change and evolve with different problems. the idea that islamic legal reform is the inevitability that is in accordance with the formulation of ulema (al-syahristani, t.th): “ truthfully nash was limited, while the problems that arise are not limited, or because truthfully nash has been stopped while the problems continue to arise and never stop ”. 336 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 in order to reform the islamic law (fiqh), the ulema have already provided the basis of methodology or manhaj. understanding the fiqh limited only to the existing compilation of islamic law is not enough to answer the challenges of the era, because it is the inevitability to jihad conducting islamic law reform. there are several factors that need to be observed, with respect to the need to reform the islamic law, namely the changing of era as a result of progress in the fields of industry, trade, services, contract, technology, communication and others. among the urgent factors to reform the islamic law (read al-qaradhawi, 1989), shall be as follows: firstly, social changes, which including the changes in culture, economy and politics which today requires the fuqoha (islamic law experts) for rethinking the opinions of previous ulema that are no longer appropriate to the current social context. secondly, the development of science technology is very influential on the quest for a stronger opinion (rajih) among the opinions that developed in classical fiqh in which the classical period of science and technology has not yet developed rapidly, particularly the exact sciences. with the help of science and technology, the islamic law expert can re-examine the provisions of the previous laws that have been topics of discussion in the middle ages to contextualize the contemporary conditions that are certainly much more complex. now, the more powerful determination (rajih) is not only based on the textual argument with a deductive approach, or even just approach of the school of thought of islamic jurisprudence, but also the relevance of the changes taking place in society. thirdly, the demands of the changing era requires the contemporary islamic law expert to look at the complexity of the contemporary problems and choosing the views and legal fatwa which makes it easier (taisir) and avoid trouble (al-haraj) under the laws of furu’, both pertaining to the worship and in mu’amalat matters. the emergence of new and renewable cases necessitated a new ijtihad because these issues have never been answered by the classic fuqoha (ismail, 1985). the reform of islamic law conducted by the national islamic council of indonesian ulama council (the “dsn-mui”) is not a new legal product of all. however, the reform of islamic law conducted by the dsn-mui is a legal reform that is still associated with the opinions of the previous ulama codified in the mu’tabarah books. dsn-mui conducted a review with a certain method or manhajiul hukmi, that is by re-analyzing the ‘illat / legal consideration against the legal opinion of the previous ulama (masalik al-’illah). the present case is linked 337 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry to the opinion of the previous ulama, and thereafter an analysis against their ‘illat was conducted, if the opinion of the ulama is still strong and still relevant to answer the contextual problem, then such opinion is maintained. however after the ‘illat being analyzed, it turns out that the opinion or qaul of ulama is no longer adequate to answer the contextual problem, then the qaul or legal opinion is abandoned, however the manhaj istinbatul hukmi of the said ulama is still used by dsn-mui. dsn-mui has made a standard way of doing istinbath or ijtihad against the law, whether done by individual ulama or collectively, then said ulama must understand the methodology or guidance of manhajul hukmi in doing the ijtihad (read mudzhar in amin, 2013 and amin, 2008). the standard method commonly used by dsn-mui is analytical procedure by checking and rechecking frequently against the sources of islamic law, such as the al-qur’an, al-hadith, ijma’ and qiyas. the first stage, the ulama who conducted ijtihad should check on the al-qur’an. they should seek sources of proposition in the al-qur’an against the related verses to find explicit explanations or answers to the matters being questioned. if in the search of the answer, it is found the answer as well as the explicit explanation, then search effort for the answer is compete. if the explicitly answer based on al-qur’an on the search has not been found, it must proceed to the next stage, that is the second stage in which the search for answer or the explanation shall be based on al-hadith. of course the answer or explanation found in the hadith should be considered strong enough to be the argument of the legal problem. if there is any explanation or explicit answer in the hadith, then the search effort for the answer is compete. however, if there is no explanation or legal answer to the proposed issue, then it should proceed to the next stage. the third stage, which conducting verification whether in ijma’ of ulama, legal opinion or qaul agreed by ulama as stated in the book of fiqh mu’tabarah there is answer or explanation for the relevant problem. if it is found the legal opinion of the previous ulama related to a disputed legal matter, then the search for the answer is complete. however, if it is not found in the qaul of the previous ulama, then it continues to the next stage. the fourth stage is conducting verification by qiyas (legal analogy), that is by comparing and searching the equation on ‘illat in the form of reason or legal consideration between those stated in the nash al-qur’an-hadith with the new problem in question. in the context of the reform of islamic law, dsn-mui continues to hold contextualization with the dynamics of changing times and social developments, especially the trends that occur in the economic world. in addition of performing a 338 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 verification analysis of the four stages, the dsn-mui also sets the standard of legal reform methodology at least by implementing three methods. first, the dsn-mui revitalizes tahqiqul manath (see al-amidi, t.th), namely the step to acknowledge the existence of a legal reason (‘illat) on a new case after ‘illat itself is known beforehand, both in the nash al-qur’an-hadits, ijma’ or result of istinbath law. the difference with qiyas is that qiyas limits the equation of ‘illat only to the nash of al-qur’anhadith, while in terms if tahqiqul manath, the search for the equation of ‘illat extends to ijma’ and qiyas in the previous of qaul of ulama. in nu this method is known as ilhaqi method that is comparing ‘illlat of law of a new problem with the ‘illat of law which stated the opinion of the previous ulama. the second stage, dsn mui performs the method of i’adah al-nadhar / re-examination (see amin, 2008) by re-examining the legal consideration (‘illat) of the opinion of the previous ulama relating to the problem. the study of law shall be done since the legal perspective of ‘illat has changed or because some opinions of the previous ulama considered not applicative and inadequate with contemporary conditions. the opinion is considered to be no longer suitable for legal guidance, because its implementation is difficult to be done (ta’assur, ta’adzdzur aw shu’ubah al-amal). one of the ways used in this re-examination is to re-examine the mu’tamad opinion (which has been made by law all this time) taking into consideration the legal opinion which has been regarded as weak opinion (marjuh even mahjur), due to the existence of a new legal ‘illat and or the said opinion is more beneficial. furthermore the opinion is used as guidance (mu’tamad) in establishing the law. the third method commonly done by dsn-mui with answering the problems posed by the community, namely tafriqul halal min al-haram (separating something halal from the haram) that is usually done in the economic field. the sample case is when the conventional bank wants to establish a sharia unit (the uus). though its conventional business is based on interest that is expressed as usury and is forbidden. it is not allowed to establish sharia business with capital from illicit funds. according tafriqul halal min al-haram is used, namely by identifying the separation between haram funds and halal funds. once known, the unlawful funds are taken out so that the rest of it is really the halal fund. therefore the fund that is declared halal through the method of tafriqul halal min al-haram is used as capital to establish the uus (read amin, 2013). demands of islamic economic fatwa fatwa (amin, 2013) is a religious answer for all problems and the problems faced by muslims contextually. fatwa processes not only based on the existing text 339 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry in texts or nushush syar’iyyah, but also articulate or reflect the social conditions that surrounded him. in the early era of islam, when the prophet muhammad was alive, al-quran and as-sunnah explicitly can answer the problems of the day. after the death of prophet muhammad, the source of islamic law in order to answer the problem are extended which is ijma’ and qiyas. qoul of ulema who has become a compilation of islamic law in the books of islamic jurisprudence emerged in medieval times, so as to address the contemporary problems it is inadequate if simply only rely on the resources of existing law. facing problems of the present and replied to this contemporary issue, ulema must do the ijtihad in order to conduct the reform of islamic law which out-put is in the form of a fatwa. fatwa cannot be done by just anyone; authority to issue the fatwa is in the hands of ulema that have depth religious knowledge, usually called a mufti. historically, there is mufti appointed by government and the independent mufti because of his expertise to become imam. mufti who has authored several books pronounced ability to open several legal ijtihad results in books of mu’tabarah. the works of earlier ulema in the books of islamic jurisprudence is also referenced as a source of lawmakers to make the fatwa, lately. although indonesia is an islamic majority, but indonesia does not recognize the country’s official mufti. fatwa in indonesia is jama’i which is usually done by the fatwa section of each islamic organization, if in nu, it is carried out by the institute of bahtsul masail, in muhammadiyah by the legal affairs committee and in mui, and it is implemented by the division of fatwa. because indonesia is not a religious state, the nature of the fatwa is not binding. the constitution states that indonesia is not a religious state, nor a secular state, but the state upholding the religion. therefore, religion can be a source of law, sources of inspiration, the cornerstone of thinking, and rules guiding the system of national and state in indonesia. constitution opens the opportunities for the accommodation of principles of religious into laws. in this context fatwa of ulema of the indonesian ulema council may become a source of law and the foundation of thinking the formation of legislation in this country, particularly the mui fatwa related to the economic problems of sharia. currently the development of islamic economics has become so advanced. islamic economics is not only developed in the countries that are predominantly with muslim, but also in developed countries that are in daily applying secular system. the more rapid development of islamic economy, their will the greater challenge. especially to be more competitive than the conventional economy, especially in realizing the goal of islamic economics, which is the benefit for the people. 340 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 it must however be recognized that islamic economics is a merger of the two disciplines, namely; economic and islam. therefore, islamic economics should consider the principles that exist in both the economic principles and the principles of islam. economic practices that do not pay attention to the principles of islam are potentially causing an imbalance in the economy. the impact of usury economic practice is indicated by the capitalist and socialist economic system. in contrast, the economic practices that simply forward the principles of sharia by ignoring the economic principles would tend potentially trapped in the area philanthropic that consider the efforts of profit withdrawal is taboo (alistirbah), which in the long term potentially lead to bankruptcy. therefore, the combination of economic principles and doctrine of islam in economic practice becomes absolutely necessary. the modern economy and the problems that arise in people’s lives is a new issue in the discussion of islamic law. therefore it requires a new fatwa of the ulama with the reform of islamic law. it can be assumed that the problems of the economy will continue to emerge which require a continuous legal response as well. in fact, nash, both al-qur’an and al-hadith have stopped. herein exists the relevance of the fatwa of the ulama with the legal ijtihad, since it does not get explicit answers in the nash of al-qur’an-hadith as well as qoul of ulama in the book of fiqh. ijtihad of ulama is required to reform the islamic law in order to answer these new questions. the provision of fatwa (see amin, 2011) is a form of guidance and counseling to the ummah (ri’ayah wa himayat al-ummah) as an explanation of the responsibilities of the ulama against the guidance of society (mas’uliyah ummatiyah). communities should not be allowed to simply conduct their own ijtihad to find answers to religious law, because such actions are very risky and harmful to the life of the people. performing ijtihad or istinbath of law requires scholarly qualifications, namely ulama that explore depth religious scholarship and also understand the development of community life so that the fatwa does not plunge people in error. this is the religious responsibility of the ulama (mass’uliyah diniyah) and the other responsibility is to guard the unity of the unitary state of the republic of indonesia (mas’uliyyah wathoniyah) by establishing a religious frame of mind in the context of nationality. method this study uses a qualitative approach that emphasizes the meaning, context, and perspective of the native point of view. the process of collecting research data is taken from the field through direct observation as the primary data. on 341 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry the other hand, researcher also uses secondary data by reviewing documented information in the form of books, leaflets, journals and scientific papers and research results. as a qualitative feature, this research seeks to find out a deeper understanding that is not enough by tracing the causal relationship of “social facts”. researcher in understanding the problem not only sees the aspect of causal relationships, but strives to understand more deeply and comprehensively from some of the proposed variables. to that end, the researcher tried to explore the meaning, values, deeper understanding of the impact of the fatwa of the ulama of the indonesian ulama council (the “mui”) on the development of islamic finance industry in indonesia. data analysis is done through data collection, presentation and reduction of data to findings, propositions and conclusions. collecting and analyzing data is done simultaneously; prioritize observations and interviews and the researchers themselves as the main instrument. through the process, researchers attempt to understand the data, categorize, and identify the characteristics of each category until clearly different from each other. thus obtained a deep understanding, both in terms of depth, validity and reliability as supported by adequate data. with a theoretical approach, conclusions are drawn to obtain useful recommendations. result and discussion the influence of fatwa that bank interest is illegitimate whether it is recognized or not, fatwa of mui regarding the illegitimate of bank interest in 2003 had a strong influence on the development of the islamic financial industry and laws and regulation related thereto. it can be proved by the fact of the existing statistics. in the span of 1990 to 1998 there was only one islamic bank. in the span of 1998 to 2002, was born five islamic banks. whereas after 2003 in which the fatwa of mui about the illegitimate of interest has been born, the more emerging islamic banks, both in the form of sharia or islamic banks. something similar occurred in the non-bank sector. after the release of the fatwa of mui regarding the illegitimate of bank interest, more islamic insurance, sharia financial companies, islamic capital markets, and other islamic finance institutions were emerged. domino effect after the issuance of the fatwa of mui on the prohibition of bank interest can also be seen from the improvements in the government accommodation to the development of islamic financial institutions. this can be seen from the enactment of a special section on the regulatory agencies that deal with islamic economics, both in bank indonesia through the directorate of islamic banking which specifically deal with sharia banking, or in the ministry of finance 342 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 through the directorate of islamic financing, capital market supervisory boardfinancial institution, bureau of islamic insurance, indonesian stock exchange (bei) and so on. this further indicates a strong correlation between the fatwa issued by mui with the formation of laws and regulations in this country. by doing so, it reinforce the view of the possibility of absorption of formulated religious values. in the perspective of law science (rahardjo, 2000), fatwa falls under the category of legal norms among the three domains of law, namely; law-making, law implementation, and law enforcement. the law that applies to both the state and the society concerned with law science in indonesia (see utrecht, 1959) are known as the written law and the unwritten law. mui in the context of the unwritten law, has established two institutions, namely; (1) establishing the dsn-mui by issuing a fatwa on islamic economic law and overseeing its application, (2) establishing a national sharia arbitration board (basyarnas) with the authority to examine and dispute the sharia economic dispute outside the court. while in the context of written law, mui has been producing tens or even hundreds of which are being or have been processed into positive law either in the form of laws or government regulations or regulations in other forms. the pioneering norm of islamic religious law into positive law especially in the field of islamic economics has started in the early 1990s (amin, 2013). good and bad norms prevailing in society will encourage the practice of islamic economics. that is the fatwa of ulama issued by the mui, which is very influential in developing the islamic economic practices in the business community. the development of islamic economics in indonesia is still dominated by the financial sector with the establishment of sharia financial institutions (the “lks”), which include: sharia banking, sharia insurance, sharia capital market, and islamic finance. each lks has a sharia supervisory board (the “dps”) within the lks. the dps has the task of overseeing the operation of the lks and its products in accordance with the principles of sharia. dps is usually placed at the board of commissioner level at each sharia financial institution. this is to ensure the effectiveness of any opinions given by dps. therefore, the determination of dps members usually done by the general meeting of shareholders, after the members of dps get recommendations from the national islamic council (dsn mui), then they are attested by the financial services authorization. the increase of activity of islamic economic practice, which is reflected in the growth of islamic financial institution continues to increase and parallel with the level of need for the fatwa of the ulema of dsn-mui. as a concrete picture we can explain hereto that in 2001 for example, there were only two sharia banks with 84 343 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry branches (services). nine years later, in 2010 the number of sharia bank increases sharply to 11 units with 1215 branches (service). the increase also occurred in the sharia business unit which is based on conventional banks, in 2001 there were only 3 sharia business unit with 12 branch offices, in 2010 the number of sharia business unit increased to 23 units with 262 branches. only two years later the number of lks continues to move up, in 2012 the number of sharia bank has reached 11 units with 1435 offices (service) and the number of sharia business unit increased to 24 units with 378 offices (service). not only in the banking sector, sharia insurance sector has an upward movement, in 2003 the number of sharia insurance was only 11 units, in 2011 the number of sharia insurance has increased to 42 units. in the field of sharia capital market also develops, starting with the first publication of mutual funds of sharia funds in 1997, followed by the issuance of islamic bonds in 2002 and it was recorded that there were 6 issuance of islamic bonds in 2008, and presented the jakarta islamic index (jii) in the year 2002 with a total membership of 30 companies in 2008. while in the field of islamic financing in 2009 there are two islamic finance companies and 16 units of islamic financing from conventional finance companies. the demand for a fatwa on islamic economics by lks to the dsn-mui was initially voluntary and not legally binding. however, the fatwa was then processed into positive law through the adoption process by regulators such as bank of indonesia (bi) or the ministry of finance, especially the directorate general of financial institutions, directorate general of debt management and capital market and financial institution supervisory agency (the “bapepam-lk”) become the law and regulations, namely the binding positive law. some even adopted by the state into laws. based on data in the field, it indicates (see barlinti, 2010) that the laws and regulations on islamic economics in indonesia, such as the islamic banking law, sharia insurance, sharia capital market and sharia financing give special position to the fatwa of dsn-mui. this particular emphasis is seen in articles that mention both implicitly and explicitly of the fatwa of the dsn-mui. overall, the position of the fatwa of dsn-mui in the indonesian laws and regulations system can be seen in four components: (1) the fatwa of dsn-mui as the principles of shariah which is the guideline for the implementation of islamic economic activity which must be obeyed. (2) the fatwa of dsn-mui serves as a guideline for dps in supervising business activities of lks (3) the contents of the fatwa of dsn-mui are absorbed into the laws and regulations. (4) the fatwa of dsn-mui becomes the legal basis for lks in running its business activities. the process of fatwa becoming law or regulation is more complete after 344 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 the accommodation of fatwa in judicial institution to accommodate problems that arise in engagement done by society, which is muamalah, based on sharia principle. these courts serve as a platform for dispute resolution based on sharia principles. law number 3 of 2006, which is an amendment to law number 7 of 1989 concerning religious courts, has included the duties and authority of the religious courts in deciding and solving the case in the field of islamic economy. the explanation on the field of sharia economy in this law covers all sectors of islamic finance, namely sharia bank, sharia micro finance institution, insurance and reinsurance sharia, sharia mutual fund, sharia financing including sharia pension fund and sharia business. growth of sharia financial industry the process of the accommodation of the fatwa into positive law does not just happen, but through a long process with a variety of strategies and tactical steps and systematic. al-hakim (2013) said that the fatwa that established had absorbed by the regulator. wibowo (2008) found that there is no difference in asset, saving, and financing growth of islamic banking between before and after the fatwa of interest. latif (2016) found that sample banks are not fully in accordance with the fatwa of dsn-mui on murabahah financing. waluyo (2016) shows that the fatwa related to islamic banks that has been transformed into positive law can be used as a legal basis to be obeyed. besides that, the result showed that the islamic bank commitment to implementation of fatwa has not been effective. until now, the fatwa related to financial transactions and business arrangements issued by the national sharia board has reached 100 fatwa. in general, the fatwa was dominated by fatwa related the financial institutions, in particularly banks. fatwa can be grouped into 9 groups; firstly, the national sharia board fatwa regarding sharia banking. secondly, the national sharia board fatwa regarding the sharia insurance. thirdly, the national sharia board fatwa regarding sharia capital markets. fourth, the national sharia board fatwa regarding sharia pawnshop. fifth, the national sharia board fatwa regarding sharia financing. sixth, the national sharia board fatwa regarding sharia guarantee. seventh, the national sharia board fatwa regarding sharia accountancy. eighth, fatwa regarding sharia mlm. ninth, fatwa regarding sharia commodity. the grouping the fatwa are in fact not absolute. because there are several fatwa coming from certain groups may actually be used for other groups. for example fatwa related to murabaha that includes in the fatwa on banking group was also used in sharia financial group. another example, fatwa on rahn tasjili (that 345 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry includes in the sharia pawnshop group) and fatwa regarding factoring (that includes in the sharia financing group) could then be used by sharia banking. in the development of the sharia financial industry, the application of fatwa that have been issued by the dsn-mui certainly will not run perfectly without any rules and regulations that govern them. because it is necessary to have legislation that accommodates the fatwa of dsn-mui fatwa in it, so that it can directly bind to the sharia financial industry. attempts to carry out the absorption of fatwa into actual legislation have been carried out by muslim ulema and scholars. mui workshop on 22-25 march 1990 to establish a working group mandated the establishment of the islamic bank in indonesia; the working group called mui banking team. on 1 november 1991, the team signed the deed of establishment of the first banks using the system without applying bank interest. the business then received a positive response from the executive and legislature with the establishment of law number 7 of 1992 on banking, which contains rules about the possibility of the operational of banking using sharia principles termed as profit sharing (article 6 letter m, and article 13 letter c). in the same year, the government issued government regulation of the republic of indonesia number 7 of 1992 concerning bank based on principles of profit sharing (state gazette of 1992/119, and the elucidation as set forth in the supplement to the state agency number 3505). based on government regulation number 72 of 1992, article 1, it is stated the bank based on the principle of profit sharing is required to have sharia supervisory board (paragraph 1) formed on the basis of consultations with the ulema (paragraph 2), and the ulema in question is mui (elucidation of article 5 paragraph 2). the formation process of the regulation provides legal certainty on the application of the concept of mu’amalah syar’iyyah kept continuing. six years later, law number 10 of 1998 on the amendment to law number 7 of 1992 on banking, was published, which is clearly to accommodate the dual banking system in indonesia, namely conventional banking and sharia banking. attempts to include fatwa into positive legislation are getting rolled after the formation of the national shari board – indonesia ulema council on 10 february 1999. the good relationship that exists between bank indonesia and dsn-mui has produced many regulations of bank regulation (the “pbi”) that are adopting and harmonizing fatwa of dsn-mui. so it can be said that the absorption of fatwa into official regulation has been progressing well in the banking sector. things like that happen not only in banking sector, but also occur in other sectors, such as insurance, finance, and capital markets. in the insurance sector, the minister of 346 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 finance issued the regulation of the minister of finance (the “pmk”) number 18/ pmk.010/2010 on the implementation of basic principles on the establishment of insurance business and reinsurance business using sharia principles. whereas the sector of financial institutions has also been issued 2 (two) regulation of the chairman of the capital market supervisory board-financial institution number: per-03/bl/2007 on the activity financing company based on sharia principles and number: per-04/bl/2007 on the contracts used in the activity of financing company based on sharia principle. regulations that have been issued for the sector of sharia insurance and sharia financing are under the provisions outlined in the fatwa of dsn-mui related to insurance and financing sectors. in capital markets sector, fatwa of dsn-mui has been well accommodated by the issuance of 3 (three) capital market supervisory board-financial institution’s regulations, namely regulation number ix.a.13 on the issuance of sharia securities, and regulation number ix.a.14 on the contracts used in the issuance of sharia securities in the capital market, both issued on 23 november 2006, and regulation number: ii.k.1 on list of criteria and issuance of sharia securities, issued on 31 august 2007. the three regulations issued by capital market supervisory boardfinancial were clearly adopted two fatwa of dsn-mui, the fatwa of dsn-mui number 20 on guidelines for sharia mutual fund investments and fatwa of dsnmui number 40 of the capital markets and the general guidelines for application of sharia in the capital market. consistency and hard struggle carried out by the ulema in order that the legislation related to sharia economics increasingly absorbed and accommodated with fatwa was confirmed by law number: 19 of 2008 on sbsn and law number 21 of 2008 concerning sharia banking. article 25 of law regarding sbsn states: “in order to the issuance of sbsn, the minister asked for a fatwa or statement of the compliance of sbsn against the sharia principles of the institution that has the authority in setting the fatwa in the field of sharia”. the article then elucidated: “what is meant by “an institution that has the authority to establish the fatwa in the field of sharia” is the indonesian ulema council or any other institution appointed by the government”. article 26 of the law of sharia banking, states: “(1) the business activities referred to in article 19, article 20 and article 21 and / or the products and services of sharia, must submit to sharia principle. 347 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry (2) sharia principle as referred to in paragraph (1) shall be made in fatwa by the indonesian ulema council”. after the formation of the financial services authority (fsa), which brings together all financial sectors under it, the regulations originally a separate regulatory agencies, such as bi, finance minister, and capital market supervisory boardfinancial institution in the process is converted into the fsa regulation without altering its substance. in terms of the lack of regulations to replace the fsa that the previous regulation, the regulation is still valid and binding for the financial industry as before. supervision of the implementation of the fatwa that was adopted legislation in the islamic financial institutions conducted by the sharia supervisory board (dps). sharia supervisory board is a unique thing, because not all countries have institutions like this. in some countries, the sharia supervisory board (dps) on companies very independent because there is no institutional link between the dps with other dps. while in indonesia, the sharia supervisory board (dps) is an arm (representative) of the national islamic council of indonesian ulama council (dsn-mui) placed in companies. the relationship between the sharia supervisory board with the national sharia council as described by karnaen perwataatmadja and muhammad shafi antonio, is that the sharia supervisory board are united by the indonesian ulema council (mui) and the authority of bank indonesia (now the financial services authority [fsa]) in containers the form of the national sharia council (dsn-mui) as a consortium of the sharia supervisory board national level; sharia supervisory board as a consortium of international level which is called the higher shariah supervisory council established by the international association of islamic banks domiciled in cairo (see perwataatmadja and antonio, 1992). islamic economic development model based on three links, issued of fatwa, adoption of fatwa and the supervision of the fatwa provisions proved to open up wide avenues for the development of islamic economics which had an impact on the improvement of the welfare of the community and their participation in promoting national economic growth. it also shows that the economic potential of islam as a buffer of the national economy and as an alternative national economic system is not “dreams”. in the ratio of islamic economic development continues to increase, both in terms of institutional and asset. for example in terms of assets (see barlinti, 2010) in 2003 the value of sharia commercial banks (bus) asset rp 7.44 trillion, in 2008 has increased to rp 47.18 trillion. the value of financing also increased from rp 7.38 trillion in 2003, increasing to rp 38.53 trillion in 2008. third party funds 348 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 showing the level of public trust also continued to increase, in 2003 third party funds of rp 5.96 trillion increased to rp 34.42 trillion in 2008. in sharia insurance sector also increased, in 2003 the total number of individual policies sharia life insurance recorded 1,864,114 sheets, increased to 2,792,913 shares in 2008, with a premium of rp 92.7 billion in 2003 increased to rp 1.1539 trillion in 2008. in 2003 the asset value of this sector was rp 275.6 billion, increasing to rp 1.1514 trillion in 2008. conclusion this paper brought forth to some conclusions as follows: first, lessons from the financial crisis in 2008; the islamic financial system is increasingly becoming mainstream and alternatives of the conventional financial system. that is because the islamic financial system has endurance to face the pressure of global financial crisis. second, islamic law reform is the inevitability to address the developments taking place in contemporary society. reform of islamic law shall be in accordance with the guidance of nash and the demands from the changing era in society. changing era give rise to new problems, which are sometimes difficult to find the answers in existing texts. this fact requires the effort of ijtihad or law istinbat to accommodate the change of the order of life in society. third, fatwa is a religious answer for all problems and the problems faced by muslims contextually. fatwa process is not only based on the text existed in nash or nushush syar’iyyah, but also articulate or reflect the surrounding social conditions. demands of fatwa regarding islamic economic is related to problems and issues to economic activities in the community. fatwa of mui fatwa on illegitimate bank interest in 2003 was very influential on the development of the sharia financial industry as well as the legislation related thereto. it can be proved by the fact of the existing statistics. in a range of years 1990 -1998 there is only one sharia bank. in the range of years 1998 – 2002, they were born five sharia banks. whereas after 2003, more sharia banks were emerged, both in the form of sharia bank or sharia business unit. something similar occurred in the non-bank sector. after the release of the fatwa of mui regarding the illegitimate bank interest, more islamic insurance, sharia multi-finance companies, sharia capital markets, and other sharia financial institutions were emerged. references abdullah, d.v. & k. chee. (2010). islamic finance why it makes sense. singapore: marshall cavendish international. 349 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 ma'ruf amin: fatwa and the development of sharia financial industry al-darir, m.a.a. (1990). al-gharar wa atsaruhu fi al-‘uqudfi al-fiqh al-islami, silsilah shalih kamil li al-wasail al-jami’ah fi al-iqtishad al-islami. jeddah. al-hakim, s. (2013). perkembangan regulasi perbankan syariah di indonesia. ijtihad: jurnal wacana hukum islam dan kemanusiaan, 13 (1): 15-32. al-harran, s.a.s. (1996). islamic finance: partnership financing, pelanduk publications (m) sdn. bhd. malaysia: selangor darul ehsan. al-mansur, i.d.a. (2007). nazhariyyat al-arbah fi al-musharif al-islamiyah. aman: dar al-nafa’is. al-nadawi, a.a. (1999). maushuah al-qawaid wa al-dhawabith al-fiqhiyyah. alma’rifah: dar alam. al-qardhawi, yusuf. (2001). madkhal li dirasah al-syari’ah al-islamiyah. cairo: maktabah wahbah. al-zarqa, musthafa ahmad. (1968). al-madkhal al-fiqh al-islami. damascus: dar al-fikr. al-qaradhawi, yusuf. (1989). al-ijtihad fi al-syariah alislamiyah. kuwait: daralqalam. amin, m. (2008). fatwa dalam sistem hukum islam. jakarta: elsas amin, m. (2013). pembaharuan hukum ekonomi syariah, dalam pengembangan produk keuangan kontemporer, transformasi fikih muamalat dalam pengembangan ekonomi syariah. banten: yayasan an-nawawi. barlinti, y.s. (2010). kedudukan fatwa dewan syari’ah nasional dalam sistem hukum nasional indonesia. jakarta: badan litbang dan diklat kementrian agama ri, buzed, a.a.j.. (2004). fiqh al-riba: dirasah muqaranah wa syamilah li al-tathbiqat al-mu’ashirah. mu’assah al-risalah. el-komi, m.s. (2010). poverty: alleviation through microfinance and implications on education. (unpublished dissertation). usa: the university of texas at dallas. isma’il, s.m. (1985). al-tasyri’ al-islami: mashadiruh wa athwaruh. mesir: maktabah nahdhah. latif, a. (2016). implementasi fatwa dsn-mui terhadap praktik pembiayaan murabahah bank syariah mandiri dan bank muamalat kcp ponorogo. muslim heritage, 1 (1): 1-18. waluyo, a. (2016). kepatuhan bank syariah terhadap fatwa dewan syariah nasional pasca transformasi ke dalam hukum positif. inferensi, vol. 10(2): 517-538. 350 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5353 wibowo. m.g. (2008). pengaruh fatwa mui tentang keharaman bunga/interest terhadap perkembangan perbankan syariah di indonesia. jurnal penelitian agama, vol. xvii (2): 355-371. zaid, m. (1964). al-mashlahah fi al-tasyri’ al-islami wa najmal-din al-thufi. cairo: dar al-fikr al-arabi. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 313 324 received: december 30, 2017; revised: march 6, 2018; accepted: march 18, 2018 1 universitas padjadjaran. jl. dipati ukur no. 35, bandung, west java, indonesia 2 universitas pasundan. jl. tamansari no. 6-8, bandung, west java, indonesia e-mail: 1egi.firmansyah@unpad.ac.id, 2ardigunardi@unpas.ac.id doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 abstract. an increasing demand for a sharia-compliant housing has resulted in a new initiative where the mortgage can presently be directly handled by the developer without involving the bank. this is called non-bank islamic mortgage. this paper is aimed at portraying the consumer’s profile of non-bank islamic mortgage and the issues of this practice. we disseminated questionnaires to the respondents in several cities in west java who bought the house-using non-bank islamic mortgage scheme. subsequently, we synthesized the answers regarding their profiles and issues of the scheme for the betterment in the future. one of the issues of this scheme is the higher fraud because there is no rigorous credit scoring as conducted by the bank. the research of non-bank islamic mortgage is still scant so this paper is expected to shed the light by contributing to the literature of islamic home financing. keywords: islamic mortgage, murabaha, sharia property abstrak. semakin meningkatnya permintaan akan perumahan yang benar-benar sesuai syariah telah memunculkan suatu inisiatif baru dimana kini kpr dapat langsung dilakukan oleh pengembang tanpa melibatkan bank untuk pendanaan. praktek ini disebut kpr syariah tanpa bank. artikel ini bertujuan menggambarkan profil konsumen atau pembeli rumah yang menggunakan skema kpr syariah tanpa bank serta permasalahan yang ada pada skema ini. kami menyebarkan kuesioner kepada para responden yang ada di beberapa kota di jawa barat yang membeli rumah menggunakan skema kpr syariah tanpa bank. selanjutnya, kami memproses jawaban terkait profil responden serta permasalahan yang ada dalam skema kpr syariah tanpa bank untuk perbaikan skema ini di masa mendatang. salah satu permasalahan yang dihadapi adalah tingkat kecurangan karena tidak ada proses credit scoring sebagaimana yang dilakukan oleh perbankan. penelitian mengenai kpr syariah tanpa bank masih sangat terbatas sehingga artikel ini diharapkan dapat memberikan pencerahan dengan menambah literatur terkait praktik kpr yang sesuai syariah. kata kunci: pembiayaan rumah syariah, murabahah, properti syariah how to cite: firmansyah, e. a., & gunardi, a. (2018). a new paradigm in islamic housing: non-bank islamic mortgage. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 313 – 324. doi: http://dx.doi.org/10.15408/aiq.v10i2.7274. a new paradigm in islamic housing: non-bank islamic mortgage egi arvian firmansyah1, ardi gunardi2 314 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 introduction there has been an increasing demand for financial services which are shariacompliant, especially in the country such as indonesia, which is a developing and the world’s largest muslim country. the financial products provided by islamic banks are currently fairly competitive compared to the conventional counterparts, both regarding lending and saving products. for acquiring a housing, people may sign a contract with a bank such as murabaha or musharakah mutanaqisah (smolo and hassan, 2011). this approach is common in many countries, either muslim or non-muslim country. nevertheless, there is currently a relatively new approach that is the practice of mortgage without involving the bank. this in indonesia is called “kpr tanpa bank” or the non-bank islamic mortgage. this paper explores this practice by gathering data from respondents buying the house using the practice of non-bank islamic mortgage in some cities of west java province, indonesia. from those responses, we present some recommendations for improving this practice. the practice of non-bank islamic mortgage is relatively new in the field of islamic finance. this is an alternative to acquiring a house which is considered more sharia-compliant and this approach has been chosen by certain muslims in indonesia and has the potential to grow in the future. islam strictly prohibits the practice of usury (riba) and promotes the trade as stated in the qur’an “[...allah hath permitted trade and forbidden usury...]” (qs 2: 275). referring to this verse, islamic banks provide the products which are shariacompliant or in accordance with the teaching of islam such as murabaha and ijara contract. but, some muslims are still hesitant about the compliance of the islamic banks’ products because the bank, according to the regulation of the indonesian central bank (bank of indonesia), cannot act as the seller of any product. thus, the contract of murabaha or bay in the islamic mortgage is deemed a flawed contract, thus not sharia-compliant. in searching for a better alternative, some developers initiated the non-bank mortgage known as kpr tanpa bank and promote it to as many people as possible in the media such as facebook, websites, whatsapp, and e-commerce websites. according to our observation, this practice is presently available in the cities such as west bandung, bogor, purwakarta, depok, bekasi, sukabumi, and tasikmalaya. to our best knowledge, the non-bank islamic mortgage has not been studied extensively as the islamic mortgage bank has. the research in the later field is prevalent in some countries such as indonesia (wulandari, et al 2016), malaysia (amin, et al, 2013), nigeria (usman and lizam, 2016) and pakistan (hamid and 315 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 egi arvian firmansyah. a new paradigm in islamic housing masood, 2011). due to the relatively new approach, the non-bank islamic home financing also faces some challenges in its implementation. one of the challenges is the protection of both seller and buyer. thus, there is a need for optimizing this practice so it can grow better in the future. one of the indicators of the better practice is the minimum case of fraud. for optimizing the practice of the non-bank mortgage, we gathered data by surveying respondents in some cities in west java province. we asked the respondents questions regarding the challenges or issues they experience in the non-bank islamic mortgage so we can suggest or propose the ways for improvement or optimization. the outline of this research is as follows. this first section is the introduction followed by the second section that is the literature review. there, we review some literature which has a relationship with the topic of this research. in the third part, we briefly discuss the method and the data of this research, followed by the results and discussion in the fourth section. the fifth section concludes the research question. literature review the scheme of non-bank islamic mortgage the term non-bank islamic mortgage is introduced here referring to the mortgage that uses no bank or any financial institution such as cooperative. in this scheme, the buyer of the house pays the installment directly to the seller on a monthly basis, usually the developer. this scheme is rather unusual compared to the regular islamic mortgage prevalent in many countries where the bank’s role is eliminated. meaning the developer itself sells the house directly to the potential buyer. for maintaining the liquidity, the credit period is set shorter than the regular bank mortgage, ranging one to three years. usually, the seller is the owner of the property sold to the potential homebuyer. nevertheless, there is also the case when the seller is the manager (or developer) collecting the money of the potential buyers then build the house using the non-bank scheme. the scheme of this practice is illustrated as follows: 316 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 figure 1. the model of non-bank islamic mortgage notary potential homeowner developers propose for agreement propose for agreement pay in instalment sell in instalment source: firmansyah (2016) selling websites and association the practice of non-bank islamic mortgage is quite prevalent and this is supported by the advancement of technology so the information spreads quite extensively. the advertisement of the non-bank islamic mortgage is presently available in the media such as e-commerce website. the sellers of the house usually sell the house in the e-commerce website and also promote it in their website. the examples of e-commerce website used for selling the house are rumah123.com, lamudi.co.id, rumah.trovit.co.id, and olx.com. some of the websites promoting the house using the non-bank islamic mortgage approach such as: zonarumahsyariah. com, solusirumahsyariah.com, kprtanpabank.com, rumahkprsyariah.com, agensyariah.com, bursakprsyariah.com, and dpsi.or.id. those websites provide information regarding the house for sale as well as the importance of using the non-bank islamic mortgage when buying the house. this latter step is important in educating the society about the importance of avoiding usury when buying a house. the non-bank islamic mortgage is almost similar to the seller-financed mortgage, i.e. the agreement between a property’s seller and buyer so the seller becomes the mortgagor (wright, 2012). the non-bank mortgage is an alternative for those with a lower credit score or unusual credit situation to buy a home and to be financed (plaehn, 2011). nevertheless, the seller-financed mortgage, which is, for example available in the usa, still charges interest, thus it this cannot be called as sharia-compliant practice. there were many cases of abuse found in the sellerfinanced transactions so there is a need for consumer protection (fajardo, 2013). to our best knowledge, the empirical research studying the non-bank islamic mortgage is still rare. some of the previous research in this field has been conducted by firmansyah (2016) and firmansyah and indika (2017). thus, considering all the previous literature on islamic mortgage above, this paper 317 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 egi arvian firmansyah. a new paradigm in islamic housing is expected to add some literature in islamic finance specifically the non-bank islamic mortgage. method this research mainly discusses the issues and measures for optimizing the practice of non-bank islamic mortgage. this paper uses descriptive analysis in analyzing the data obtained. the data are mainly the primary data obtained from the respondents. to acquire the primary data, we collected responses from respondents in the areas of west java province from march to september 2017 by using questionnaires. nevertheless, we first asked their profiles consisting age, sex, marital status, number of children, education, occupation, and monthly income. the respondents we successfully interviewed are located in some cities or regencies, namely west bandung regency, bandung regency, purwakarta regency, and sukabumi regency. some participants were not willing to be surveyed so we only have a relatively small number of sample that is thirty respondents. moreover, some residences are not well established yet so there are only limited residences to be surveyed. besides, we also use the secondary data related to the non-bank islamic mortgage from other sources. results and discussion the respondents of our research are the buyers of the house using the nonbank islamic mortgage scheme. they are spread across west java province and they are averagely the new couple having one to two children. the following data in table 1 is the description of the respondents in this research. table 1 shows that most of the respondents are those who are in productive age and relatively new married couple. this fact is also supported by the data of their children where most of them only have one child, so there is a little need to have a big house. in terms of educational background, we can see that most of the respondents are educated people with an undergraduate degree in any field. this fact is sensible since the residences we surveyed are located in the urban areas nearby the large cities. the observation results show that the professions of the buyers are mostly the employees at private sectors with the monthly income of 5-8 million rupiahs. base on those results, it is shown that most of the respondents are mostly the middle-class family categorized as the new-married couples living in the urban areas. 318 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 table 1 profile of respondents no item n percentage 1 age bellow 25 years old 2 6.7% 25-35 years old 18 60% 35-50 years old 11 36.7% 2 sex male 17 56.7% female 13 43.4% 3 marital status married 28 93.3% single 2 6.7% 4 number of children 0 8 26.6% 1 10 33.3% 2 7 23.3% 3 1 3.3% no response 4 13.8% 5 education junior high school 1 3.3% senior high school 9 30% diploma 1 3.3% undergraduate 14 46.7% master degree 3 10% doctoral degree 2 6.7% 6 occupation civil servant/army/police 2 6.7% entrepreneur 7 23.3% employee in private sectors 11 36.6% housewife 7 23.3% freelance 1 3.3% teacher/lecturer 2 6.7% 319 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 egi arvian firmansyah. a new paradigm in islamic housing 7 monthly income (in idr) 3-5 million 4 13.8% 5-8 million 14 48.3% 8-10 million 6 20.7% more than 10 million 5 17.2% source: processed data (2017) the issues of non-bank islamic mortgage according to the interview results with the respondents, there are some issues faced in the practice of non-bank islamic mortgage. those problems are considered to hamper the approach to thrive. those problems are described as follows: short credit period, higher down-payment and installment the credit period of housing in non-bank islamic approach is shorter than it is the regular mortgage bank. the installment usually ranges from one to three years where the regular mortgage can up to twenty years. the consequence of this short credit period is the higher installment that should be paid monthly and the higher down-payment that should be placed at the beginning. thus, this non-bank islamic mortgage is currently limited to those who have a relatively higher income. our finding shows that most of the buyers are categorized as the middle-income families with 5-8 million rupiahs income per month. the low-income families are a little bit harder to use this approach because they will find it difficult to pay for the installment which is certainly more than the regular bank mortgage, making the growth of this approach slower. hence, they tend to still use the regular mortgage where the third party, namely the bank involves as the lending party (or selling party in the case of islamic banks). the short credit period is caused by the limited liquidity of the developers. the developers are not similar to banks who have much idle cash. in fact, they are the sellers who always have to make the cash available at any time for operating their main business, constructing the houses. besides, the longer credit period will definitely be riskier for the developers because there is uncertainty about the debts to be collected. this clearly shows that this practice embeds risks to both parties, the sellers, and the buyers. thus, there should be the regulating parties protecting both sides, i.e. protect the potential buyers who often suffer from the fraud and developers from the bad debts. 320 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 lack of prudential aspect frequently, the advertisement of the non-bank islamic mortgage states that this approach is suitable for those who are not eligible for the regular banking mortgage. those who actually have a bad record in the bank, found by the bi checking mechanism at the bank, are one of the target markets of the non-bank islamic mortgage. surely, this campaign is less appropriate as it promotes something unsafe. there is a case when a fraud happened because the developer did not really build the housings. the developer cheated the potential buyers by campaigning that the non-bank islamic mortgage is the solution to have a house and shariacompliant. this case once happened in the city of bogor and bekasi causing idr 4,7 billion loss in the consumer side (jppn, 2017). poor promotion our respondents also indicated that the promotion of non-bank mortgage is lacking. the promotion consists of the media selection and the intensity of the promotion itself. in terms of media selection, the practice of non-bank mortgage intensifies the advertisement via social media such as facebook and chat applications. besides, the developers also advertise the residences they sell via websites which are also intended to educate the potentials buyers regarding the importance of avoiding usury (riba) when buying the house. improvements to make according to the observation results, as outlined earlier, there should be some changes made for the betterment of the non-bank islamic mortgage practice. some of them are as follows: firstly, the developers need to improve their professionalism in managing the property business. in order to compete with the conventional mortgage bank scheme, aside from establishing highquality and sharia-compliant housing, the management aspect of the developers should be enhanced for ensuring that the business process runs well. the developers should also make sure that the account receivable is collected as soon as possible. by doing so, the firm liquidity is expected to be balanced. making a longer credit tenor is indeed risky so this cannot be done if the developer financial condition is limited. thus, targeting the right target market is one of the keys to selling the housing. in line with our research results, the developers should target the middle-income families living in urban areas for marketing their products. secondly, the developers should rigorously study their potential buyers 321 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 egi arvian firmansyah. a new paradigm in islamic housing before they sell the property. therefore, there should be a good standard operating procedure (sop) regarding the credit scoring which is always updated and improved. credit scoring can be defined as the series of decision models and their underlying procedures helping lenders decide whether credit should be granted to an applicant. the evaluation to the potential buyer is intended to minimize the risk of the bad loan as in the case of a bank. to do this, the banks definitely conduct a much better credit scoring by using a common approach called as the 5 c(s) approach, i.e. character, capacity, collateral, capital and condition of the economy (abrahams and zhang, 2008). though recently there are better approaches in credit scoring by utilizing computer technology (marqués, et al, 2013), the developers of non-bank islamic mortgage may use the traditional approach as used by the banks for evaluating the potential home buyers. thirdly, the campaign or promotion of non-bank islamic mortgage should be improved in terms of media selection and contents. the media used so far are online and offline. in online side, the ads are quite intensive in the media such as websites of developers, facebook and an array of mobile chat applications. meanwhile, in the offline side, the campaign is done through the banners usually placed on the street side. to make it more effective, the developers should make advertisements which are well integrated by doing several advertisements at the same time, for example making partnership with companies whose employees need sharia-compliant housing, employing brand endorser to educate people about non-bank islamic mortgage, attending property fair, and optimizing digital ads such as search engine optimization (seo). in terms of the content of advertising, the developers should provide a clear information about the nonbank islamic mortgage in terms of strengths and weaknesses. only a few people already recognize this approach, so there is a need for a more massive socialization. the presence of association of islamic property developers is a plus point for promoting the practice. this association is also useful for building links among the developers. whereas previous research in islamic housing focuses on the mortgage where the bank is included (alaghbari, et al, 2011; eroğlu, et al, 2012; hamid and masood, 2011; usman and lizam, 2016; wulandari et al., 2016). the results of this paper differ from all of them because the object of the research is different, namely the respondents who bought housing without involving bank or any financial institution. 322 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 conclusion the consumers of non-bank islamic mortgage are mostly the middleincome families and the new married couples living in urban areas. aside from searching for an affordable housing, they prefer the non-bank islamic mortgage as it is deemed more sharia-compliant compared to the regular mortgage in an islamic bank. the main issue of non-bank islamic mortgage felt by the consumers is the short credit period causing higher down-payment and monthly installment. this is indeed set to maintain the liquidity of developers. the second issue in this practice is the lack of prudential aspect so the risk barred by the developers is high enough. thirdly, in addition to the potential of this approach to grow, the promotion of the non-bank islamic mortgage is less creative so the developers need to improve the advertisement to attract more people to use this scheme. in order the practice of non-bank islamic mortgage to prosper, we recommend that there should be a regulating party which shall protect both the developer and consumer side. this can also be translated that there should be formal regulation from the government ruling the practice of non-bank islamic mortgage. in addition, we also suggest that the islamic banks be prepared to compete with the islamic property developers because the practice of non-bank islamic mortgage indirectly results in competition to the islamic banks. this research is limited as it is conducted in few cities in west java using a relatively small number of sample. the forthcoming research should be conducted by adding the number of samples and using statistical method employing several variables related to the non-bank islamic mortgage. references abrahams, c. r., & zhang, m. (2008). fair lending compliance: intelligence and implications for credit risk management. new jersey: wiley. alaghbari, w., salim, a., dola, k., & ali, a a a. (2011). developing affordable housing design for low income in sana’a, yemen. international journal of housing markets and analysis. vol. 4(1): 84-98. doi: https://doi. org/10.1108/17538271111111857. amin, h., abdul-rahman, a.-r., & abdul-razak, d. (2013). an integrative approach for understanding islamic home financing adoption in malaysia. international journal of bank marketing. vol. 31(7): 544–573. doi: https:// doi.org/10.1108/ijbm-02-2013-0008. 323 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 egi arvian firmansyah. a new paradigm in islamic housing eroğlu, a., kalaycı, ş., özdemir, g., & çetin, a. c. (2012). generalized formulae for islamic home financing through the musharakah mutanaqisah contracts. afro eurasian studies. vol. 1(1): 126–133. fajardo, g. m. h. (2013). owner finance! no banks needed! consumer protection analysis of seller-financed home sales: a texas case study. georgetown journal on poverty law and policy. vol. xx(3): 429–448. firmansyah, e. a. (2016). non-bank approach in islamic mortgage : the evidence from indonesia. in the 4th annual convention of the world association of business schools in islamic countries (waibs). bandung. firmansyah, e. a., & indika, d. r. (2017). kredit pemilikan rumah syariah tanpa bank: studi di jawa barat (the non-bank islamic mortgage: evidence in west java). jurnal manajemen teori dan terapan. vol. 10(3): 223–230. doi: https://doi.org/10.20473/jmtt.v10i3.6541. hamid, a., & masood, o. (2011). selection criteria for islamic home financing: a case study of pakistan. qualitative research in financial markets. vol. 3(2): 117–130. doi: https://doi.org/10.1108/17554171111155357. jppn. (2017). hati-hati beli rumah syariah, jangan sampai seperti ini (careful buy the non-bank islamic mortgage, do not get like this). retrieved from https://www.jpnn.com/news/hati-hati-beli-rumah-syariah-jangan-sampaiseperti-ini?page=2. marqués, a. i., garcía, v., & sánchez, j. s. (2013). a literature review on the application of evolutionary computing to credit scoring. journal of the operational research society. vol. 64(9): 1384–1399. doi: https://doi. org/10.1057/jors.2012.145. plaehn, t. (2011). what is a seller-financed mortgage ? retrieved from http:// homeguides.sfgate.com/seller-financed-mortgage-3142.html. smolo, e., & hassan, m. k. (2011). the potentials of musharakah mutanaqisah for islamic housing finance. international journal of islamic and middle eastern finance and management. vol. 4(3): 237–258. doi: https://doi. org/10.1108/17538391111144515. usman, h., & lizam, m. (2016). determinants of intention of using mortgage in financing home ownership in bauchi, nigeria. international journal of housing markets and analysis. vol. 9(3): 320–339. doi: https://doi. org/10.1108/ijhma-07-2015-0033. wright, t. c. (2012). what is a seller-financed mortgage ? retrieved from https:// budgeting.thenest.com/sellerfinanced-mortgage-28592.html. 324 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7274 wulandari, p., putri, n. i. s. p., kassim, s., & sulung, l. a. (2016). contract agreement model for murabahah financing in indonesia islamic banking. international journal of islamic and middle eastern finance and management. vol. 9(2): 190204. doi: https://doi.org/http://dx.doi.org/10.1108/imefm-01-2015-0001. muhammad maksum1, afidah wahyuni2, sahlul fuad3, ade rina4, farida latifatul hasanah5, fabien bonhomme6 abstract. the application of sharia hospitals has implications for improving services. two standards must be met, including purity and avoidance of ikhtilāṭ. however, this effort requires a large amount of money, affecting the principle of simple, fast and inexpensive service. the findings indicate that patients and their families benefit from adopting purity standards and avoiding ikhtilāṭ. implementation of standard purity, however, does not fully have adequate management to ensure standard compliance. meanwhile, implementing ikhtilāṭ avoidance standards is strongly influenced by the availability of resources and infrastructure. however, under certain conditions, the application of these standards is neglected. implications this study emphasizes the need for detailed management and guidelines in applying these standards. keywords: purity, ikhtilāṭ prevention; sharia hospital; emergency; management abstrak. penerapan rumah sakit syariah berimplikasi pada meningkatnya pelayanan. ada dua standar yang harus dipenuhi, yaitu standar kesucian dan peng hindaran ikhtilāṭ. namun, upaya ini mebutuhkan biaya besar sehingga mem pengaruhi prinsip pelayanan sederhana, cepat, dan murah. temuan mengindikasikan bahwa pasien dan keluarganya mendapat manfaat dari penerapan standar kesucian dan penghindaran ikhtilāṭ. implementasi kemurnian standar, bagaimanapun, tidak sepenuhnya memiliki manajemen yang memadai untuk memastikan pemenuhan standar. sedangkan penerapan standar penghindaran ikhtilāṭ sangat dipengaruhi oleh ketersediaan sumber daya dan infrastruktur. namun, dalam kondisi tertentu, penerapan standar tersebut terabaikan. rekomendasi penelitian ini menekankan perlunya pengelolaan dan pedoman yang detail dalam penerapan standar tersebut. kata kunci: kesucian; penghindaran ikhtilāṭ; rumah sakit syariah; darurat; manajemen sharia integration in hospital service: implementation of purity and ikhtilāṭ aspect al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 307 326 1,2,4syarif hidayatullah state islamic unviersity, indonesia 3islamic institute of islamic village, indonesia 5islamic institute of ptiq jakarta, indonesia 6faculté d'économie de montpelllier à richter, france e-mail: 1muhammad.maksum@uinjkt.ac.id, 2afidah.wahyuni@uinjkt.ac.id, 3hs.latifah72@gmail.com, 4ade.rina.farida@uinjkt.ac.id, 5caklul@gmail.com, 6fabien.bonhomme@montpellier.fr author: muhammad maksum received: 16 november 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:muhammad.maksum%40uinjkt.ac.id?subject= mailto:afidah.wahyuni%40uinjkt.ac.id?subject= mailto:hs.latifah72%40gmail.com?subject= mailto:ade.rina.farida%40uinjkt.ac.id?subject= mailto:caklul%40gmail.com?subject= mailto:fabien.bonhomme%40montpellier.fr?subject= 308 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction a sharia hospital poses complex standards requiring not only the implementation of the service standards as set by the government but also conformity with sharia principles (maksum, 2018; rachman, 2019). some of these sharia standards are related to the regulation of direct interactions between men and women in one place (ikhtilāṭ) and the need for places, facilities, and tools that are free from najs (ritually impure). here, the two sharia standards indirectly correlate to the hospital's service standards. researchers stated that the sharia principle application has obstacles. usman (2022) stated that the application of sharia principles is ineffective in view of no authority of the national sharia board (dewan syariah nasional/dsn), as the one issuing the sharia standards in hospitals, in the national legal structure, inapplicable fatwas, conflicts of interest of the sharia supervisory board (dewan pengawas syariah/dps), and less competent members of dps. laldin (2016) mentioned that institutions labeled sharia generally focus on formal legal matters. comprehensive data do not entirely support usman's conclusions. the dsn fatwa was adopted by bank indonesia (bi) and the financial services authority (otoritas jasa keuangan/ojk), and then these provisions are binding (zein, 2018). the fatwa legislation process carried out by bi and ojk impacts the dsn fatwa as a product of state law. two studies in malaysia showed that sharia hospitals had provided patient satisfaction particularly regarding the availability of worship facilities and the attitude of health workers in providing health services. research in iran showed that female patients have highly appreciated health services provided by female health workers (abdurrokhman & sulistiadi, 2019). sharia compliance positively impacts customer satisfaction (usman, 2020; perdana, 2019). in the world of health, sharia principles and ethical values affect customer satisfaction (hadytiaz, 2022). maksum (2022) noted sharia principles as the added value to hospital services. verma (2021) stated that the quality of content in online health services (e-heart) is an essential determining factor for customer service. mahmudah (2021) concluded that sharia hospitals have also implemented accounting based on sharia principles though not entirely. other researchers, such as widyastuti (2020) and setiawan (2021), stated that these sharia principles have also been applied in the sharia capital market. according to setiawan, these sharia principles comply with basel, accounting and auditing organisation for islamic financial institution (aaoifi) and islamic financial services board (ifsb) standards. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 309 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 the integration of the halal aspect, however, is not something simple to be implemented. the obstacles might come regarding the regulations, services, institutions, human resources, sharia issues, and public awareness. regulatory and policy aspects here are the most important factors in this integration (amalia & hidayah, 2020). halal issues are the ones widely studied, particularly in malaysia and indonesia (suryani et al., 2022). there needs to be a more detailed regulation of sharia supervision. muryanto (2022) stated that this regulation strengthens the position of sharia compliance. until recently, sharia hospitals have no legal regulation in applying sharia principles. at this point, the application of sharia is still voluntary (maksum, 2022). in addition, laldin (2016) suggested that sharia principles be expanded to include sharia law and legal purposes (maqāṣid al-sharī'ah). in islamic law, the concept of purity also becomes a special concern, as clearly seen from the obligation to perform ablution daily or wuḍū' as a condition for the validity of praying five times a day, an order for bathing, cutting nails, trimming and cutting body hair, or order for circumcision (albougha, 1992: 35). it is also taught to clean oneself from najs and dirt, especially worship, such as prayer. cleanliness and purity are useful not only as a condition of worship but also to maintain health because cleanliness is the basis of health. cleanliness and health of individuals are the basis of a healthy environment and society. in addition, allah commands in various verses to praise those who are purified, like in qs 2:22, "indeed, allah loves those who repent and purify themselves." in surah al-taubah [9] verse 108, it is also stated that allah loves those who clean themselves. purity is not merely determined by the condition of a person's body is free from major and minor ḥadath. still, it can be seen from the condition of the body, clothes worn, and place free from the things categorized as najs (ritually impure). the pure condition of these three things, in addition to as a condition for the validity of certain prayers and worships, has impacted other things, such as general hygiene matters. meanwhile, al-ikhtilāṭ (the interaction between men and women in one place) is part of islam's social ethics. any activities that do not prevent ikhtilāṭ are often considered not in line with islamic law. there are legal provisions, limitations, and conditions allowing ikhtilāṭ to occur. in practice, the addition of these two standards will intensify the services provided by sharia hospitals. in reality, the number of certified hospitals, however, continues to grow. based on the data, by november 2022, there have been 50 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 310 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 hospitals. the development of sharia-based hospitals is motivated by the desire to strengthen islamic identity in hospitals. the applications for sharia-based hospital certification are continuing, followed by the increase in the number of sharia hospitals and the improvement of sharia standards. the revised sharia standards have been approved to respond to the development of regulations and market needs. even so, these sharia standards are optional and voluntary since they have been validated through an association of islamic hospitals as members of the all indonesian islamic health effort council (majelis upaya kesehatan islam seluruh indonesia/mukisi) and have not become government regulations yet. mukisi’s sharia hospital standards are relatively comprehensive and complex. however, this paper focuses only on analyzing the implementation of two standards: purity and ikhtilāṭ prevention. literature review islamic jurisprudence on purification and ikhtilāṭ prevention in the fiqh literature, in comparison to other discussions, purity becomes the priority, reflecting how the discussion of purity is very urgent in islamic law. among the jurists, this discussion is named al-ṭahāra, which etymologically means being clean and free from all tangible and intangible impurities. meanwhile, regarding fiqh terminology, al-ṭahāra includes three meanings: 1) an act to remove the large and lesser ḥadath (impurities) from the body. this includes ghusl and wuḍū'; 2) an act of cleaning the body parts, clothes, and places from the najs (ritually impure); 3) an act congruent with the previous two, such as tayammum, renewing wuḍū' (al-nawawi, n.d: 79). from the above definition, several aspects of purification can be understood. first, purification is essentially from things considered dirty or najs found by the five senses and from things that are intangibly dirty, such as heart impurities. nevertheless, this discussion is not in the scope of islamic jurisprudence (fiqh). second, purity in islamic law refers to the purity of ḥadath and najs. ḥadath refers to a condition embedded in the body condition. meanwhile, major ḥadath refers to a condition of the body in a state of janabāh, while minor ḥadath is a condition without wuḍū'. while the purity from najs is applied only to the body but also to places, mats, fabrics, and clothes. third, certain activities also include al-ṭahāra activities; however, they do not remove the ḥadath and najs, such as tayammum, renewing wuḍū', bathing in circumcision, and washing clothes contaminated with najs things. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 311 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 ikhtilāṭ refers to a term used in fiqh, and it comes from the root: kha-la-ṭa as explained by ibn manzur with the pattern of ifta'ala ,(خلط) meaning ,(افتعل) mixing and gathering (ibn manzhur, n.d.:1229). regarding fiqh, ikhtilāṭ means gathering men and women who do not have a maḥram in a place on purpose. the term closely related to ikhtilāṭ is the term khalwah or khalwat, linguistically meaning silence or lonely, whereas, in islamic science, khalwat is defined variously, some of which mean being alone by him/herself, a state in which between man and man, or between woman and woman are alone. khalwat also means an activity of solitude between men and women who have no maḥram relationship in a place (ministry of kuwait waqf, 2007: 265-266). principally, the ikhtilāṭ law follows the law of every activity occurred in ikhtilāṭ. if things are seen ḥarām to do in the ikhtilāṭ, then the law becomes ḥarām. conversely, if things do not conflict with the sharia, that is fine. however, under certain circumstances, under the necessary conditions, ikhtilāṭ is permissible even by carrying out activities violating sharia's rules. (ministry of kuwait waqf, 290-291) in the fatwa of egyptian dār al-iftā, it is stated that ikhtilāṭ is permissible as long as it maintains some restrictions (dār al-iftā al-miṣriyyah, 2023) such as (1) no khalwat in the ikhtilāṭ activity; 2) covering the genitals, both male and female; 3) guarding the eyesight; and 4) no physical touch between men and women. khalwat is declared absent when an activity is carried out not in pairs between men and women who have no maḥram relationship in a place that other people cannot see. if such khalwat occurs, the ikhtilāṭ is stated ḥarām as the prophet muhammad prohibited the practice of khalwat between men and women unless they are a maḥram. (al-bukhari, 1422 h) al-nawawi, based on a hadith, argued that it is permissible for khalwat to occur between two or more men and a woman as long as they are those believed to be far from committing any deviant acts (al-nawawi, 139). criteria and method of purity the purity and impurity of an object can affect the validity of prayer or whether it is permissible for consumption. the sanctity of these objects can be used as a medium for purification. to clarify, for clothing, for example, when is it said to be impure, and when is it said to be pure so that it may be used in prayer? further, if the object is water or other liquid, when can it be used as a medium for wuḍū', for washing clothes, or for washing other things? for http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 312 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 this reason, it is necessary to figure out the criteria for the purity or impurity of an object. the ulama agree that every object is pure as it is not included in the category of najs (the ritually impure) based upon the shar'iy argument (al-zuhaili, 1985: 292). hence, it is critical first to identify what are classified as the najs objects. to clarify, imam al-nawawi, one of the important figures of the shafi'i school, explained that najs is any intoxicating liquid; dogs and pigs, including those born from them; carcasses other than human carcasses, fish carcasses, and locusts. at this stage, the carcasses of animals other than dogs and pigs can be used through skin purification, called as tanning method (thaiyibb, n.d.). blood, pus, vomit, excrement (coming out of the anus), urine, madhī, wadi, sperm other than dog and pig sperm, and milk from animals that are ḥarām to be consumed are also categorized as najs. meanwhile, human milk is pure. the category also includes body parts separated from living animals. still, in this case, the fur or hair of animals ḥarām to be consumed is not considered najs (al-bougha, 2102). objects or liquids other than those mentioned are not included in the najs category, such as sweat, soil, and fluids that stick to the female genitalia, such as vaginal discharge similar to sweat, even though they can be considered dirty. in other words, not all objects considered pure are clean. similarly, not all objects considered dirty mean impure; for instance, clothes covered in mud and wet with sweat are considered dirty, but mud and sweat here are not najs. thus, these clothes, though dirty, are still considered pure. hence, a worker who is sweaty on their clothes is able to do the prayer with these clothes, even though they are considered dirty. from the explanation above, it can be figured out that an object, if exposed to najs containing liquid, is called mutanajjis (exposed to najs) in fiqh terms. in essence, the law of najs is applied to objects, and as long as not been purified, they are not required to be pure from najs. however, if the water in large quantities is mixed with najs substances, as long as one of the three properties of the water does not change, i.e. color, taste, and smell, or aroma, then it is considered pure and can purify. in the fiqh literature, the quantity level refers to the size of two qullahs, which by wahbah al-zuhaili a contemporary ulama, is converted into liters equivalent to 270 liters. if the water is less than that size, if mixed with najs, though its nature has not changed, it is still considered mutannajis water. thus, based on the law, it is considered a najs. however, if it is mixed with other water exceeding the size of two qullahs and the properties of the water remain unchanged, then it becomes pure water (al-zuhaili, 1985: 234). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 313 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 after identifying which are included in the najs category and which are not, it is then how to ascertain that the bodies, objects, or places are free from najs. it is necessary to make a special effort before considering it najs or pure. in fiqh, the law only applies to something outward (ẓāhir); based on the hadith of the prophet, "we judge based on ẓāhir matters, and allah is in charge of secret ones". for this, a muslim is not required to examine an object judiciously to ensure no najs. as long as no one of the three qualities of najs (i.e. color, taste, and smell) is found, then the object is certainly pure. even in specific contexts, if one of the colors and odors of najs remains difficult to remove, it is considered pure then (al-ghamrawi, 2011: 25). when there is a doubt about an object, whether it is najs or pure, for the possibility of splashes of najs on the object or for other possibilities making the object dirty or najs, in this case, as long as none of the three impure qualities is found, then the object remains pure (al'ied, 2012: 88-89). in addition, to determine the category of unclean and non-impure objects, the ulama formulate certain things that fall into the category of unclean but can still be tolerated (in fiqh it is called al-ma'fū 'anhu). thus, by law, it is not similar to najs but becomes the non-najs object. these things refer to little najs where the object's color or odor is hard to remove, such as the dirt of animals that is difficult to avoid, like a lizard. media for purification as explained above, when conditions are impure—whether the body is impure from major and minor ḥadath, and the body, place, clothes, or goods are impure—then in islamic law, it is required to purification, even not aimed for worship. it is because maintaining purity and cleanliness, as long as still possible to be done, must be the nature of a muslim. wahbah al-zuhaily mentioned that based on the qaṭ'iy theorem, the ulama agreed that al-ṭahāra is obligatory in the form of six matters: wuḍū' (ablution), bathing from janābah, bathing from the cessation of menstruation, bathing from the completion of parturition, tayammum as a substitute for wuḍū' and bathing from other things mentioned earlier, when water is not found, or when an old person uses water, and the last one, purification by removing the najs objects (al-zuhaili, 1985: 234). from the above explanation, it can be figured out that the media for purification include water for ablution, bathing and removing impurities, and soil for tayammum. the ulama agreed that ṭahūr (pure water—not contaminated http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 314 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 with other substances such as spring water) could be used for purification. ṭahūr is water that does not use another name due to the mix of its substances with other objects, even pure objects, such as coffee water or tea water. apart from ṭahūr, the ulama also agreed that for istinjā', paper, tissue, and other objects can be used as a tool to purify the two genitals, front and back, by wiping them, as long as the dirt coming out does not spread, though here highly recommended to use water (al-ghamrawi, 2011: 25). also, as previously mentioned, skins from carcasses of animals, other than dogs and pigs, can be used in which their purification can be done by tanning method. in addition to the media mentioned above, there are various purification media that the jurists dispute. each purified object has a different way and purification media. according to the shafi'i school, purifying an object from being licked by dogs and pigs or from the liquid from both is done by washing the object seven times with water or soil. whereas, urine from a baby boy who has not consumed anything other than breast milk is cleaned by sprinkling it with clean water. while the najs apart from all must be purified with ṭahūr, the najs object or substance must be first removed (al-'ied, 2012: 88-89). in other schools of thought, liquid objects can also be used as purification media even though it is considered not to remove the uncleanness (najs ḥukmiy). under hanafi school, rubbing the najs objects on the ground to remove the unclean properties is also considered purification. purification can also be done by exposing unclean objects to the sun or air to change unclean objects into other unclean substances, such as turning deer blood into musk (al-zuhili, 1985: 242-250). however, this is not recognized in the shafi'i school apart from converting khamr (wine) into vinegar. exception condition in ikhṭilāt ikhtilāṭ, as previously explained, is permissible if fulfilling its four boundaries for work activities, study, or medical treatment. conversely, ikhtilāṭ can be ḥarām or unlawful if the restrictions are violated. nevertheless, under certain conditions, islamic law purposely provides exceptions to provide convenience and prevent difficulties. this shows how islamic law is elastic and not troublesome, as stated by al-qaradawi that, of the forms of elasticity in islamic law, it is to consider an emergency, old and unusual conditions (qaradawi, 2002: 65), including in the issue of ikhtilāṭ in certain activities in which a condition requires not to follow the boundaries of the permissibility of ikhtilāṭ. for instance, in an emergency, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 315 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 when examining or treating a patient, a doctor must directly touch the part that is sick, besides having to see it. therefore, explaining the concept of the ikhtilāṭ exceptions in islamic law is necessary. in this case, regarding the concept of benefit contained in every islamic rule, there are three levels of benefit: ḍarūriyyāt, ḥājiyāt and taḥsīniyyāt. ḍarūriyyāt in the terminology of fiqh proposals called ḍarūriy or ḍarūriyyāt, emergency refers to a condition in which human life depends on it, both in religious and worldly view, and it, when not fulfilled, will lead to destruction in this world and in the hereafter. these ḍarūriy matters are related to maintaining five main things as the essence of islam, i.e. protecting faith, protecting the soul; protecting the mind; protecting the offspring; and protecting wealth (khallaf, 2010: 175). in other words, ḍarūriy refers to the essential needs of humans and must be met to maintain the existence of the five main things of religion. ḥājiyāt benefit at the ḥājiyāt level refers to something humans need for convenience and spaciousness, lessening the burden of taklīf and the life burden. the unfulfilled benefits at the ḥājiyāt level might lead a person to feel distressed and narrow, but not to lead to life destruction, as when ḍarūriy is not fulfilled (khallaf, 2010: 175). it can be understood that the point of the ḥājiyāt condition is to eliminate any difficulties in carrying out the burden of taklīf, and make it easier to meet life necessities. condition of taḥsīniyyāt taḥsīniyyāt refers to the benefit as the demands of moral and manner. the unfulfilled need for taḥsīniyyāt will not lead a person's life to be chaotic as when the ḍarūriyyāt benefit is unfulfilled, and there will be no difficulties found as when the ḥājiyāt benefit is unfulfilled. it is just that it will look inelegant, inappropriate or impolite. in worship, islam regulates purification, covering the intimate parts, avoiding najs or uncleanness, and other sunah worship. in mu‘āmalah, islam prohibits selling and purchasing najs goods that can be harmful and prohibits any stockpiling activities (khallaf, 2010: 175). from the explanation regarding the three levels of benefit in the islamic rules, it can be seen that ḍarūriyyāt benefit refers to the most important and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 316 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 highest benefit level, as when it is unfulfilled, it can threaten one of the five main religious principles that must be guarded. the second level is ḥājiyāt benefit which, when unfulfilled, can lead to a person to difficulty and narrowness. furthermore, the level of taḥsīniyyāt is at the lowest level of benefit since the unfulfilled benefit does not bring any serious effects but it just violates morals, etiquette, and manners. when a dispute exists among the three benefits levels, ḍarūriyyāt becomes the most important one to maintain rather than ḥājiyāt and taḥsīniyyāt. similarly, when there is a dispute between the benefits of ḥājiyāt and taḥsīniyyāt, the benefit of ḥājiyāt should be a priority. hence, it is permissible to open the intimate parts for medical purposes and to consume najs as a treatment medium. related to this, in the rules of fiqh it is stated al-ḍarūratu tubīḥu al-maḥẓūrāt (emergency conditions can allow things that are prohibited). an example more frequently given in relation to this rule is the permissibility of consuming carrion when a person is in a critical condition in which, if not done, it will threaten his/her life. methods this study used an empirical and normative approach. the empirical approach was required to map the response of the patients and the patient's family to the application of purity and ikhtilāṭ aspect in the hospital and interviews with the sharia supervisory board to figure out the implementation and supervision of these two standards. the locus of research was zaenoel abidin hospital in aceh, sultan agung hospital in semarang, and bandung islamic hospital. this study involved 50 respondents in which questionnaires were distributed to patients and their families. these questionnaires covered 18 respondents from sultan agung hospital, 19 from bandung islamic hospital, from bandung islamic hospital, and 13 from zaenoel abidin aceh hospital. the questionnaires used an assessment with a likert scale. meanwhile, the interviews were conducted with one sharia supervisory board in each hospital and the institute for the study of food, drugs, and cosmetics of the indonesian ulama council (lembaga pengkajian pangan, obat-obatan, dan kosmetika majelis ulama indonesia/lppom mui) chairman, central java province. in this study, research data were collected from any relevant literature. the collected data were then descriptively and quantitatively analyzed by means of the likert scale method. the interview data and literature were analyzed descriptively by correlating the data, opinions, theories, and findings in the field. the descriptive analysis could reveal the facts as they were to figure out the patterns and conditions that occurred in the hospital. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 317 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 results and discussion response to purity and ikhtilāṭ prevention in this study, the standard of purity included the purity of the facilities, including pillows, mattresses, and blankets. this study proposes three statements: cleaning pillowcases, bed sheets, and blankets properly, purely cleaning patient rooms (mopping the floor), and cleaning bathrooms by purifying them. of the three statements, 55 respondents (36.7%) stated that they strongly agreed with the implementation of sharia hospitals. a total of 42 respondents (28%) agreed, and nine respondents (6%) fairly agreed. three respondents (2%) strongly disagreed with the implementation of this matter, while 41 respondents answered (27.3%). table 1. response to the purity of facilities and infrastructure statement sa a n d sd na the hospital cleans pillowcases, sheets, and blankets properly 17 16 2 1 14 the hospital cleans the patient's room purely (mopping the floor) 19 12 4 1 14 hospital cleans the bathrooms by purifying them 19 14 3 1 13 total 55 42 9 3 41 note: sa: strongly agree, a: agree, n: quite agree, d: disagree, sd: strongly disagree, na: no answer in addition to the purity of infrastructure, purity also concerns drugs that are declared as halal drugs. drugs mixed with ḥarām or unclean or najs substances become those that should not be consumed. the halalness standard of the drugs includes two statements, i.e. an explanation by health workers on the halal or ḥarām content in drugs and the content of religious messages in prescriptions/copies of prescriptions and plastic packaging for drugs. regarding the implementation of these two things, 23 respondents (23%) stated strongly agree, 31 respondents (31%) agreed, and 8 respondents (8%) stated fairly agree. 2 respondents stated disagree and strongly disagree on each (4%); while 34 respondents did not answer (34%) related to ikhtilāṭ, most respondents agreed with the standardization of hospital facilities in accordance with the sharia principles. 27 respondents stated agree (54%) divided into 16 respondents (32%) stating strongly agree, 10 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 318 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 respondents (20%) stated agree, and 1 respondent (2%) stated fairly agree. while 23 respondents (46%) did not give any answer. in this aspect, 10 facilities were used as the question. most of the respondents (i.e. 390 answers) (78%) strongly agree, agree, and fairly agree with the facilities' standardization in accordance with sharia principles. 4 respondents (0,8%) stated disagree and 9 respondents (1,8%) stated strongly disagree. the remaining (97 respondents, or 19,4%) did not give any answer. ten standardized facilities included the complete facilities for worship (mosque, muṣalla, a place for wuḍū', and toilet) separated for men and women. in this aspect, 41 respondents (82) stated strongly agree, agree, and fairly agree. 1 respondent (2%) stated strongly disagree and 8 respondents (16%) gave no answer. other facilities included the waiting room for icu/iccu and the patient room at the emergency unit, which are separated for men and women and male and female patients, respectively. for separating the waiting room and patient room, 36 respondents (72%) stated strongly agree, agree, and fairly agree. while in the aspect of the separation of the waiting room, 14 respondents (28%) stated strongly agree, 11 respondents stated agree (22%), and 11 respondents stated fairly agree (22%). meanwhile, in the aspect of separation of patients' rooms in the emergency unit, 13 respondents stated strongly agree (26%), 15 respondents stated agree (30%), and 8 respondents stated fairly agree (16%). 1 respondent stated disagree (2%) and 1 respondent stated strongly disagree (2%) for the aspect of the separation of waiting room for the patients. while it was only 1 respondent stated strongly disagree with the separation of the patient room at the emergency unit igd (2%). twelve respondents (24%) did not give any answer in the aspect of the separation of the waiting room of patients and 13 respondents (26%) did not give any answer in the aspect of the separation of the patient room in the emergency unit. other facilities are regarding the religious information in the elevator about the visitor rules and other religious information in public places. for the provision of these two facilities, most of the respondents (40 respondents (80%) and 39 respondents (78%)) stated strongly agree, agree, and fairly agree. in the aspect of religious pamphlets on the elevator, 16 respondents stated strongly agree (32%), 15 respondents stated agree (30%), and 9 respondents stated fairly agree (18%). in the aspect of general religious information, 23 respondents stated strongly agree (46%), 10 respondents stated agree (20%), and 6 respondents stated fairly agree (12%). while 1 respondent (2%) disagreed and 9 respondents (18%) did not answer about the provision of pamphlets in elevators. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 319 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 in the aspect of religious messages in public places, 1 respondent stated strongly disagree (2%) and 10 respondents did not give any answer (20%). other statements are the service for ḥalāl and ṭayyib nutritional intake for the inpatients and nutritionist consultations for the outpatients. in this aspect, 23 respondents stated strongly agree (46%), 13 respondents stated agree (26%), and 4 respondents stated fairly agree (8%). here, 1 respondent stated strongly disagree (2%) and 9 respondents did not give any answer (18%). other standardized facilities referred to the arrangement of wards/rooms based on the sex of the patients. thirty-six respondents (72%) stated strongly agree (21/42%) 11 respondents stated agree (22%), and 4 respondents stated fairly agree (8%) regarding the separation of the wards in accordance with sex. on the other hand, 1 respondent (2%) strongly disagreed, and 13 respondents (26%) did not answer. another facility was about the rules for the patient caretakers by sex/maḥram. here, most of the respondents (40 respondents) stated agreed (80%), in which 15 respondents stated strongly agree (30%), 16 respondents stated agree (32%), and 9 respondents stated fairly agree (18%). on the other hand, 1 respondent stated disagree (2%), 1 respondent stated strongly disagree (2%), and 8 respondents gave no answer (16%). the last facility was regarding the guarantee of cleanliness and purity given by sharia hospital (rumah sakit syariah/ rssy) to the treatment room of the patients from their arrival to leaving. in this aspect, 19 respondents stated strongly agree (38%), 17 respondents stated agree (34%), and 4 respondents stated fairly agree (8%). here, 1 respondent each stated that disagrees and strongly disagree and 8 respondents did not give any answer (16%). table 2. response to the management of ikhtilāṭ prevention statement sa a fa da sda na the hospital possesses and well maintains the complete religious facilities and worship places separated by sex (muṣallā, mosque, ablution area, or toilets) 24 14 3 1 8 the hospital possesses the waiting rooms in by sex at icu/iccu 14 11 11 1 1 12 the hospital possesses rooms for patients by sex at an emergency room. 13 15 8 1 13 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 320 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the hospital provides pamphlets of religious messages in the elevator about the rules for caretakers and visitors. 16 15 9 1 9 the hospital guarantees the cleanliness and purity of the examination room of patients from their arrival to their leaving 19 17 4 1 1 8 the hospital arranges the wards/rooms of the patients by sex 21 11 4 1 13 the hospital makes some rules for the caregiver of the patients by sex/maḥram 15 16 9 1 1 8 note: sa: strongly agree, a: agree, n: quite agree, d: disagree, sd: strongly disagree, na: no answer sharia hospitals have also applied standards for covering the patients' intimate parts, the state of a mix between men and women in one place (ikhtilāṭ), and the condition of men and women being alone (khalwat). some standards regarding this included the provision of female genitalia coverings, separated waiting room areas as well as an examination room for men and women or the consideration of maḥram status, examination of patients by health workers in accordance to the sex of the patients, and installation of medical devices (infusion, ecg, or cardiac recorder) on the patient by a health worker in accordance to the sex of the patients. a total of 36 respondents (72%) strongly agreed (32%), agreed (34%), and fairly agreed (4%) with the provision of a female genital covering device in hospital; while, 2 respondents (4%) stated strongly disagree. a total of 12 respondents (24%) did not answer. regarding the separated waiting room and examination room, most respondents (36 people or 72%) strongly agree, agree, and fairly agree. in comparison, 1 respondent disagreed (2%) and strongly disagreed (2%) on each. furthermore, 10 respondents (20%) did not answer. most of the respondents agreed that health workers carried out the examination of patients and the installation of medical devices for patients in accordance with the sex of the patients. in detail, 45 respondents strongly agreed (45%), 25 respondents agreed (25%), and 5 respondents fairly agreed (5%). while 3 respondents disagreed (3%) and 2 strongly disagreed (2%), 20 respondents did not give any answers (20%). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 321 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 table 3. response to ikhtilāṭ prevention statements sa a n d sd na the hospital provides cover for the intimate parts of female patients 16 17 2 2 12 the hospital separates the area between men and women/maḥram area in the waiting room and examination room. 19 12 5 2 1 11 the examination of the patients is performed by the health workers based on the sex of the patients 21 15 2 1 1 10 the installation of health devices (infuse, ecg, or heart recorder) in patients is performed by the health workers in accordance with the sex of the patients. 24 10 3 2 1 10 note: sa: strongly agree, a: agree, n: quite agree, d: disagree, sd: strongly disagree, na: no answer governance of purity and ikhtilāṭ prevention standards of purity require a detailed description. as mentioned earlier, najs or uncleanliness has different categories as well as purification methods. the causes of najs also vary with their impact on the category of najs. as a consequence, there is a need to develop purity management. until recently, the sources of najs in hospitals generally came from humans, blood, vomit, urine, and feces. this category is included in the category of medium najs (mutawassiṭah). the najs are cleaned by removing the najs sources or objects and then by cleaning them with running water. in financial technology services (muryanto, 2022), regulations regarding the governance of sharia compliance in hospitals do not exist. sharia governance in islamic banking that has been implemented for a long time is still not fully able to ensure sharia compliance (muneeza, 2014), let alone sharia compliance in sharia hospitals that have not yet adopted established governance. the purity governance was founded at sultan agung hospital, semarang. its management is based on the norms set by the lppom mui in central java. this institution has issued a number of provisions regarding halal and pure laundry. the laundry provisions regulate the types of najs and how to clean them. as explained by rofiq, the chairman of lppom mui central java, the cleaning is applied to laundry activities at the hospital. the laundry management at sultan http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 322 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 agung hospital refers to the lppom provisions (rofiq, chair lppom jawa tengah, personal communication, 19 september 2022). rohmat (dps at sultan agung hospital semarang) stated that the laundry manager has carried out the management under the supervision of the dps (rohmat, sharia advisor of rs. sultan agung, personal communication, 19 september 2022). however, this purity management was not found in zaenoel abidin hospital in aceh and islamic hospital in bandung. the implementation of purity relies on the supervision carried out by the dps. these guidelines must be improved and strengthened so that they become guidelines that all sharia hospitals follow. according to mihajat (2019), established supervisory guidelines, such as those issued by the financial services authority, are not fully aligned with international sharia standards. the mui in aceh and west java has not yet issued halal or pure laundry provisions. the national sharia council and mukisi that issued hospital sharia standards have also not issued the implementation guidelines for laundry management in particular and purity in general. according to aqil and sujak, the dps of zaenoel abidin hospital in aceh and bandung islamic house are waiting for the implementation guidelines. for the implementation of ikhtilāṭ (mix of men and women who are not maḥram), hospitals have facilitated the separated places along with posters informing about the separation. the observations in the field showed that the appeal had been posted in various public places, including in the treatment area. however, this separation of men and women encountered problems in the service room and waiting room for the patients or patients' families. this occurs as the facilities and infrastructure required are larger for the separation. also, the examination services by doctors and nurses to patients by sex are constrained by the limited number of medical personnel and nurses. if doctors and nurses are available based on sex, the patients will be examined by a health worker based on sex. however, if unavailable, the examination will be performed by available health workers. this condition is carried out in consideration of needs and emergencies. conclusion purity and ikhtilāṭ prevention refer to integrated sharia standards in hospital services. the response of the patients and the patient's families showed a positive view of the implementation of these two standards. this proved that the patients and their families felt the benefits of implementing sharia aspects in hospitals, such as sharia compliance and increased customer satisfaction. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 muhammad maksum. sharia integration in hospital service 323 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.29057 however, the positive aspects of the two standards have not been fully followed by detailed guidelines and management of standard implementation. the detailed guidelines have only been found at sultan agung hospital in semarang. these guidelines were found not to fully address the need for implementing standards of purity in hospitals. also, the management of ikhtilāṭ prevention arrangements was found inadequate in which ikhtilāṭ was still found in the field, particularly in public places. references abdurrokhman, moh. and sulistiadi, wachyu. 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(2018). legislation fatwa national sharia board-indonesian council of ulama (dsn-mui) in the state economic policy. jurnal cita hukum: indonesian law journal, 6(1): 10–27. https://doi.org/10.15408/jch.v6i1.8267. interviews: a. rofiq, chair lppom jawa tengah, personal communication, 19 september 2022. abu rohmat, sharia advisor of rs. sultan agung, personal communication, 19 september 2022. yasir yusuf, sharia advisor of rumah sakit zaenoe abidin aceh, personal communication, september 2021. sharia advisor of rumah sakit islam bandung, personal communication, october 2021. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.29057 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 69 80 received: september 20, 2016; revised: november 19, 2016; accepted: december 7, 2016 1,2 college of economics indonesia, jl. kayu jati raya 11a, rawamangun, jakarta e-mail: 1uun.sunarsih@yahoo.co.id; 2ferdyansah866@yahoo.com; doi: 10.15408/aiq.v9i1.3771 determinants of the islamic social reporting disclosure uun sunarsih1, ferdiyansyah2 abstract. determinants of the islamic social reportin disclosure. the issue of corporate responsibility was a warm up for discussion. this study aimed to analyze the influence of company issuing sukuk, size, and profitability on the disclosure of islamic social reporting. this study uses secondary data obtained through the site www.bapepam.go.id and www.idx.co.id by using purposive sampling. the results showed that only size that affect the disclosure of isr, so the larger the total assets of the greater disclosure of islamic social reporting. sukuk issuance has no effect because the ownership structure of companies in asia, including indonesia tends to family ownership concentration. profitability has no effect because the company has a perspective that is different to the islamic social reporting. keywords: islamic social reporting, sukuk, company size, profitability abstrak. determinan atas pengungkapan islamic social reporting. isu mengenai tanggung jawab perusahaan sedang hangat untuk didiskusikan. penelitian ini bertujuan untuk menganalisis pengaruh perusahaan yang menerbitkan sukuk, size, dan profitabilitas terhadap pengungkapan islamic social reporting. penelitian ini menggunakan data sekunder diperoleh melalui situs www.bapepam.go.id dan www.idx.co.id dengan menggunakan purposive sampling. hasil penelitian menunjukkan bahwa hanya size yang berpengaruh terhadap pengungkapan isr, sehingga semakin besar total asset semakin besar pengungkapan islamic social reporting. penerbitan sukuk tidak berpengaruh karena struktur kepemilikan perusahaan di asia, termasuk indonesia cenderung family ownership concentration. profitabilitas tidak berpengaruh karena perusahaan memiliki cara pandang yang berbeda-beda terhadap islamic social reporting. kata kunci: islamic social reporting, sukuk, ukuran perusahaan, profitabilitas 70 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 introduction corporate social responsibility (csr) is currently in the spotlight for the company in its business. therefore, companies are obliged to carry out csr. the obligation to make csr is supported by the government through legislation that has been set in the limited liability company act no. 40 of 2007. the concept of csr is not only growing in companies that non-islamic, but also thrives on companies which are based on islamic principles. csr in islam is not something new. islam commands to his people to maintain the natural (q.s. al-araf: 56) and recommends to have properties generous to the people that need through the door alms (q.s. at-taqabun: 16). objectives established companies in islam is to provide benefit for all parties, not only the parties directly involved with the company, but also those who are not directly involved with the company (triyuwono, 2012). islam regulates human life is not only related to human relationship with god, but also regulates the relationship between humans. therefore, man’s relationship with god and man’s relationship to man can not be separated in living this life. during the measurement of csr that is used in the company, which is based on sharia is based on the global reporting initiative index (gri). the measurement is certainly not appropriate for a company that is recognized as an issuer of sharia and found to comply with islamic law should disclose information that it operates according to islamic law (haniffa, 2002). gri index has not described the principles of islam as yet revealed the liberation of the elements of usury, gharar, and transactions that are forbidden by islam. as with the isr is the development of social responsibility disclosure therein according to islamic principles. othman, et al. (2009) developed an index of disclosure relevant to the things that was mentioned earlier in the isr index. isr was first proposed by haniffa (2002) and then developed more extensively by othman et al. (2009) in malaysia. haniffa (2002) revealed that the limitations of conventional social reporting so that he put forward a conceptual framework based on the provisions of sharia isr that not only help make decisions for the muslims but also to assist companies in fulfilling the obligations towards allah and society. index isr is a measure of the conduct of the csr islamic banking which contains a compilation of items of standard csr set by aaoifi (accounting and auditing organization for islamic financial institutions), which was then further developed by the researchers regarding the items of csr that should be disclosed by an entity islam (othman et al., 2009). this is in accordance with the entity islam to disclose matters relating to the principles of islam as a transaction that is 71 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 uun sunarsih: determinants of the islamic social reporting disclosure free from elements of usury, speculation and gharar and reveal the zakat, the status of compliance with sharia as well as social aspects such as sodaqoh, waqof, qardh hassan, up to the disclosure of worship in a corporate environment. ideally, it is the company which operates the sharia in carrying out its social responsibility to use appropriate indicator to the isr. in fact, islamic banking is still using csr indicators of gri guidelines (the interview with one of the managers bsm). research on the isr is still fairly small and mostly done in islamic banking. to that end, researchers are motivated to perform isr research conducted by issuers included in the list of islamic securities (des). based on this background, the research questions are: (1) is the company issuing the sukuk affect the disclosure of isr? (2) is the size of the company affect the disclosure of isr? (3) is the effect on the profitability of the disclosure isr? this study aims to determine the effect of company issuing sukuk, company size and profitability of the disclosure of isr. literature review agency theory has the view that in a company there are two parties have different interests, namely the principal and manager. jensen & meckling (1976) stated that an agency relationship is a contract between the manager and the investor. both parties have different interests, so it is likely there will be a conflict. conflict occurs possible because the agent did not act in accordance with the interests of the principal, and this will lead to cost the agency. companies in the running operations must be ensured that it has fulfilled the norms upheld by the company and ensure that a party outside the company can receive the company’s activities. this is consistent with the theory of legitimacy. o’donovan (2015) stated that the legitimacy of the organization may be accepted as something given to the company and the community something to be sought or expected by the company from the public. so that legitimacy has benefits in supporting the survival of the company. the company is an organization that has the responsibility, not only to shareholders only, but also to the stakeholders. freeman & vea (2001) defines stakeholders are individuals and groups who have a legitimate claim on the organization to participate in the decision making process simply because they are affected by the organization practices, policies and actions. the stakeholder of the company is not only the parties directly involved with the company, but the parties are not involved in all stakeholders who should be considered by the company (triyuwono, 2012). if the company does not pay attention to stakeholders, it is certain that the company will be protests and condemnations from the environment surrounding the company. 72 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 islam is a comprehensive and universal to govern all aspects of human life on earth. hossain et.al. (2006) stated that the basic foundation of the religion of islam is a faith, worship, and morality. islam is the religion of monotheism brought by prophet adam a.s. to the prophet muhammad. tawheed is the essence of faith in god almighty. tawheed means the oneness of him in worship and not ascribing partners to him. tawheed means the oneness of god, that allah alone is the only god. islam has ordered man to keep the universe, one of them by carrying out social responsibility, as in (qs. al-imran: 64; al-araf: 56) as the representative of allah swt, man has responsibility to maintain, preserve and conserve the entire creation of allah swt. responsibilities, maintain, preserve and keep creation of allah swt is an economic accountability in islam. accountability is intended to do with the disclosure of a good, honest, fair and transparent. accountability is not only shown to stakeholders and other stakeholders but also to god as the one of the most high in giving blessings and success (abutapanjeh, 2009). in other words, the primary accountability is to god as the lord of the worlds. accountability in the form of islam is not merely reporting a material form, but also a broader scope of accountability such as reporting of corporate social responsibility in accordance with islamic principles. reports of corporate social responsibility in the conventional system are only focuses on the aspects of material and moral. haniffa (2002) adds that the report should have social responsibility there must be a spiritual aspect and the primary focus in the reporting of corporate social responsibility. therefore, the need is for a special framework for corporate social responsibility reporting in accordance with the principles of islam. the framework is not only useful for decision-makers muslims, but also useful to help islam company in the fulfilment of obligations towards allah and society. this framework is known as isr. sharia principles are the basis of the formation of a comprehensive isr. sharia principles in the isr produce material aspects, moral, and spiritual constituting the main focus of corporate social responsibility reporting. this study uses the isr framework composed of several studies related to the primary reference on othman et al. (2009), which consists of six themes of disclosure, namely: (1) funding and investment (finance and investment). (2) products and services (product and service). (3) employees (employees), (4) community (community), (5) environment (environment), (6) corporate governance (corporate governance). based on bapepam-lk regulation no. ix.a.13 of islamic securities issuance. sukuk is an islamic securities in the form of a certificate or proof of ownership of the same value and represent a part’s ownership integral or divided over the ownership 73 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 uun sunarsih: determinants of the islamic social reporting disclosure of tangible assets given, the value of benefits and services on asset specific project or activity of certain investments and ownership of the assets of a specific project or activity of certain investments , in this study, the sukuk variable adopt hossain et.al (2006), comprehensive information should be disclosed when a security is not just about to published, but also for those securities remains one source of funding for the company. moreover, additional information is also needed as a form of monitoring the bond holders on the use of proceeds from the ipo. as a muslim investor should determine whether the funds they invested actually used for activities that do not conflict with the principles of islam. company size is a predictor variable that is widely used to describe various disclosure of corporate social responsibility in the company’s annual report. it is if it is associated with agency theory, indicating that large companies that have cost the agency greater will reveal information more widely to reduce agency costs, in addition to the large companies are listed spotlight, greater disclosure is cost reduction politically as a form of corporate social responsibility (sembiring, 2005). based on agency theory that it is a positive relationship firm size on the disclosure of isr, as expressed in the research sembiring (2005), anggraini (2006), yuliana, et. al (2008), setyorini & ishak (2012), as well as khasharmeh & desoky (2013). some research suggests that the size of the company proved a positive influence on csr disclosures in annual financial statements such as sembiring (2005), setyorini & ishak (2012), as well as khasharmeh & desoky (2013) while anggraini (2006), yuliana et al. (2008) failed to show a relationship between the two variables is positive. profitability is used to assess the company’s ability to make a profit and to see the effectiveness of the management of a company to disclose its social responsibility. the higher profitability means that the higher the company’s ability to generate profits that will be more extensive disclosures are made company. agency theory explains that managers of companies with higher profits are likely to make disclosures to the broader goal for personal gain, such as promotions and compensation. profitability can be measured using a number of ways, such as roa, roe, earnings per share, the dividend for the period, profit margins, rate of return, and others. haniffa & cooke (2005) proved that profitability had a significant positive effect on the level of mandatory and voluntary disclosure. methods this research is a quantitative study using secondary data. the method used in this research is content analysis. it aims to find out how much the level of disclosure 74 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 of the 46 principal disclosure of isr. sekaran & bougie (2010) explains that the content analysis is observational research methods used systematically to evaluate the content of the symbol of all forms of communication were recorded. content analysis can be used to analyze newspapers, web sites, advertisements, interview footage, as well as annual reports of companies. content analysis is to identify the types of disclosures isr by reading and analyzing the company’s annual report. the disclosures type is coded into the coding sheet. characteristics of the disclosure in the form of words, sentences, pictures, or graphs encoded in accordance with the theme of disclosure. this method has its advantages and disadvantages. the advantage is that this method is the most available to know how big the floodgates disclosure of social responsibility of the company. the disadvantage is researchers have a high level of subjectivity in interpreting the main points of isr in the coding process. this research is a quantitative study using secondary data. the data in this study is panel data that annual reports of companies included in the list of islamic securities (des) in indonesia during the years 2012-2014. list of islamic securities is a collection of effects that do not conflict with the principles of islamic capital market applied by bapepam lk or party approved by bapepam lk (per 22 november 2012 has been transformed into the financial services authority).data collection techniques gained through www.bapepam.go.id sites and www.idx.co, id. the population in this study are the companies that were included in the list of islamic securities in indonesia during the years 2012 2014 sample in this study were selected by purposive sampling method, namely by meeting defined characteristics (1) the company is included in the list of islamic securities and recorded (listed) on the stock exchange during the period 2012-2014. list of islamic securities are always updated by bapepam lk every six months (the period) so that the sample used is the companies included in the list of islamic securities as much as six periods. (2) publish complete annual report for the year 2012-2014. (3) companies that use rupiah as the unit of currency in the company’s annual report. it aims to give equal treatment to all samples so the results are not biased. based on these criteria obtained a sample of 30 companies. data obtained as many as 30 companies and analysed by using multiple regression techniques through assumption test and test hypotheses. to test the hypothesis then created a model that describes the relationship between variables to be studied. models were prepared using a multiple regression equation as follows: isri= α + β1 dsukuki + β2 sizei + β3 profiti + εi 75 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 uun sunarsih: determinants of the islamic social reporting disclosure whereas: isr is islamic social reporting; dsukuk is company issued sukuk; size is the company’s size; profit is the profitability. results and discussion result test for normality in this test using normal graph analysis p p plot and kolmogorov-smirnov test. based on the normal graph plot p-p can be concluded that the normally distributed. multicolinearity test concluded that there is no multicollinearity between independent variables in the regression model. heterokedastisitas test conclude the regression model free of heterokedastisitas. autocorrelation test obtained auto correction value of durbin watson (dw) of 2.071. while the lower limit value (dl) of 1.5889 and the upper limit value (du) of 1.7264. thus, the value of dw is between the value of du and 4-dl (du < dw <4-du), so it can be inferred that the regression model used free of autocorrelation. in this study, the coefficient of determination test is performed to measure the independent variable is the variable of company issuing sukuk, company size and profitability and the dependent variable is islamic social reporting (isr). the result showed that the coefficient of determination obtained value of adjusted r2 of .444 (44.4%). this means that 44.4% of variation isr disclosure can be affected by the issuance of sukuk, size, and profitability, while 45.6% isr disclosure can be affected by other variables not examined in this study as leverage, the type of company. testing the hypothesis in this study was conducted using regression analysis model. in this study is using hypothesis testing by means of simultaneous test (f test) and test per variable (t test). simultaneous test (f test) was conducted to test whether all the independent variables together in a regression model has an influence on the dependent variable. the results shown ithat the value of f = 24.678 with a significance of .000 less than .05. then ho is accepted, meaning together (simultaneously) no influence sukuk issuance, company size, and profitability, on the disclosure of isr enterprise. the t test aims to determine whether the independent variable partially significant effect on the dependent variable and to further examine which of the independent variables that affect the disclosure of isr. the t-test results can be shown in table 1. variable issuance of sukuk has a t-value 0.694. this means the first hypothesis is rejected, which means that the variable sukuk issuance does not affect the company’s isr disclosure. thus, the company that issued sukuk positive 76 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 effect on the disclosure of isr is rejected. furthermore, the size of variables affect the disclosure of isr. thus, the second hypothesis is that the size of the company positive effect on the disclosure of isr is accepted. variable profitability has t value of 0.193. this means third hypothesis is rejected, meaning that partially it can be concluded that the profitability variable does not affect the disclosure of isr. thus, the third hypothesis profitability positive effect on the disclosure of isr is rejected. table 1 t-test result coefficientsa model unstandardized coefficients standardized coefficients t sig. collinearity statistics b std. error beta tolerance vif (constant) -37.716 7.199 -5.239 .000 dsukuk 1.746 2.516 .055 .694 .490 .986 1.015 size 2.090 .247 .674 8.472 .000 .988 1.012 profit .963 4.979 .015 .193 .847 .981 1.020 a. dependent variable: y_isr source: spss output processed the results of multiple regression equation showed that all variables have positive coefficients. this means that the increase in the value of all variables will increase the company’s disclosure of isr. the regression coefficient sukuk issuances amounting to 1.746 means that if the value of another independent variable value is fixed and sukuk rose 1%, the disclosure of isr increased by 1.746 activities. the regression coefficient variable size of 2.090 means that if another independent variable value is fixed and the size increased 1%, the disclosure of isr increased by 2.090 activities. profitability variable regression coefficient of .963 means that if another independent variable value is fixed and profitability rose 1%, the disclosure of isr increased by .963 activities. discussion the first hypothesis in this study is the company issuing the sukuk positive effect on the disclosure of isr. these results indicate that the first hypothesis stating that the company issuing the sukuk positive effect on the disclosure of isr rejected. one objective of the company is largely determined by the structure of ownership. 77 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 uun sunarsih: determinants of the islamic social reporting disclosure the owners will always try to make a strategy to achieve corporate objectives. the ownership structure can be explained through two approaches, namely the agency and information asymmetry approach. according to the agency approach the ownership structure is a mechanism to reduce conflicts of interest between managers and shareholders. while the information asymmetry approach considers that the ownership structure as a way of reducing the information asymmetry between insiders and outsiders through information disclosure in capital markets (jensen & meckling, 1976). the results in this study show that the first hypothesis is rejected because of the ownership structure of companies in asia, including in indonesia tend to family ownership concentration ownership structure of companies in asia, including in indonesia tend to family ownership concentration. the ownership structure of an impact is on the characteristics of corporate funding. so the company whose ownership lies in the majority of families are not compelled to perform high transparency because there is no guidance from outsiders (claessens & fan, 2002). this contrasts with hossain et.al (2006)which proves that the issuance of the bonds have an influence on voluntary disclosure. the second hypothesis states that the size of the company positive effect on the disclosure of isr. these result indicates that the second hypothesis which states that the size of the company positive effect on the disclosure of isr is accepted. the size of the company can measure by the total assets. in general, large companies will disclose more information than smaller companies. these results indicate that the variable size of the company determines the disclosure of isr, the larger the company, the more isr disclosed. in addition, large companies are listed spotlight; greater disclosure is the reduction of the cost of political as a form of corporate social responsibility. larger companies certainly have the resources, facilities and human resources more than the smaller companies. specifically, the larger the size of the company’s sharia, increasingly also stakeholders muslim influence or be influenced by the company’s business activities. thus the company greater sharia would tend to make social responsibility disclosure by sharia wider than the smaller companies. this study was supported by research (othman et al., 2009; hossain & hammami, 2009). the third hypothesis stated that the positive affect on the profitability of the disclosure of isr. these result suggests that the third hypothesis which states that the positive effect on the profitability of the disclosure isr is rejected. based on agency theory that the greater the profit that would make companies disclosure social information more widely. in this study showed that the level of profitability does not affect disclosure csr. this influenced by the perspective 78 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 associated with the company dualism csr relationships with profits in csr. most companies look at that view csr as a deduction from income, and there is also a contrary view capaldi (2006) in yuliana et al. (2008). this is in line with research hossain et.al (2006) who found that profitability has no influence on the disclosure of the company’s annual report. these results were confirmed by haniffa (2002) that in the view of islam, which the company has the intention to conduct isr disclosure will not consider whether the condition of profit or loss. conclusion the results of this study concluded that the company issuing the sukuk has no effect on the disclosure of isr, because that the ownership structure of companies in indonesia tend to family ownership concentration, so the company whose ownership the majority located on the family and the banks tend not compelled to perform high transparency because there is no guidance from external parties. the results of this study are inconsistent with hossain et.al (2006) which proves that the issuances of the bonds have an influence on voluntary disclosure. whereas, the second one is the size of the company’s influence is on the disclosure of isr. this indicates that the variable size of the company is crucial in the disclosure of isr, the larger the company, the more isr disclosed. in addition, large companies are listed spotlight; greater disclosure is the reduction of the cost of political as a form of corporate social responsibility. the results of this study are consistent with research othman et al. (2009) and hossain & hammami (2009) while the profitability variable does not affect the disclosure of isr. it is influenced by the company’s perspective on corporate social responsibility (csr); most companies look at that view csr as profit used and also the view instead. the results of this study are consistent with hossain et.al (2006) who found that profitability has no influence on the disclosure of the company’s annual report. references abu-tapanjeh, a. m. (2009). corporate governance from the islamic perspective: a comparative analysis with oecd principles. critical perspectives on accounting, vol. 20 (5): 556–567. anggraini, f. r. r. (2006). pengungkapan informasi sosial dan faktor-faktor yang mempengaruhi pengungkapan informasi sosial dalam laporan keuangan tahunan ( studi empiris pada perusahaan-perusahaan yang terdaftar bursa efek jakarta ). in simposium nasional akuntansi 9 padang (pp. 23–26). 79 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 uun sunarsih: determinants of the islamic social reporting disclosure claessens, s. & j.p.h. fan. (2002). corporate governance in asia : a survey. international review of finance, vol. 3 (2): 71–103. freeman, r.e. & j.m. vea. (2001). a stakeholder approach to strategi management. working paper, 01-01: 1–32. haniffa, r. (2002). social reporting disclosure: an islamic perspective. indonesian management & accounting research. vol. 1 (2): 128–146. haniffa, r. m. & t.e. cooke. (2005). the impact of culture and governance on corporate social reporting. journal of accounting and public policy, vol. 24: 391–430. hossain, m.. et.al. (2006). corporate social and environmental disclosure in developing countries: evidence from bangladesh. procedings of the asian pacific conference on international accounting issues. hawaii. hossain, m., & h. hammami, h. (2009). advances in accounting , incorporating advances in international accounting voluntary disclosure in the annual reports of an emerging country : the case of qatar. international journal of cardiology. vol. 25(2): 255–265. jensen, m. c. & w. meckling. (1976). theory of the firm: managerial behaviour, agency costs y ownership structure. journal of financial economics. vol. 3(4): 305–360. khasharmeh, h.a. & a.m. desoky. (2013). on-line corporate social responsibility disclosures : the case of the gulf cooperation council ( gcc ) countries. global review of accounting and finance. vol. 4 (2): 39–64. o’donovan, g. (2015). environmental disclosures in the annual repot : extending the applicabillity and predictive power of legitimay theory. report information from proquest, (march): 14–17. othman, r. et.al. (2009). determinants of islamic social reporting among top shariah -approved companies in bursa malaysia. research journal of international studies. vol. 12 (12): 4–20. sekaran, u. & r. bougie. (2010). research methods for business: a skill building approach. new jersey: john wiley & sons, ins. sembiring, e. r. (2005). karakteristik perusahaan dan pengungkapan tanggung jawab sosial: study empiris pada perusahaan yang tercatat di bursa efek jakarta. in simposium nasional akuntansi 8 (pp. 379–395). setyorini, c. t. & z. ishak. (2012). corporate social and environmental disclosure : a positive accounting theory view point. internatioanl journal of business and social science. vol. 3 (9): 152–164. 80 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3771 triyuwono, i. (2012). akuntansi syariah: perspektif, metodologi, dan teori (edisi kedua). jakarta: rajawali press. yuliana, r. et.al. (2008). pengaruh karakteristik perusahaan terhadap pengungkapan corporate social responsibility (csr) dan dampaknya terhadap reaksi investor. akuntansi dan keuangan indonesia. vol. 5 (2): 246–276. nadia ulfa1, wirdyaningsih2 abstract. the inauguration of the stock waqf by the indonesia stock exchange in 2019 and a significant number of sharia investors have led to considerable potential in stock endowments. this study examines the development of stock endowments for muslim investors, using a normative-empirical legal study with data obtained from a survey involving stock investors and a literature study. the study concludes that the public had practiced stock waqf or money waqf even before the issuance of the mui fatwa in 2002 concerning money endowments, while stock endowments were officially launched by idx in 2019. based on the questionnaire distributed to investors, most knew the stock endowments. law no. 41 of 2004 on waqf has been knowledgeable, but the waqf distribution was improperly distributed. keywords: waqf shares, muslim investors abstrak. diresmikannya wakaf saham oleh bursa efek indonesia pada tahun 2019 dan jumlah investor syariah yang signifkan menjadi potensi wakaf saham yang cukup besar. penelitian inimengkaji perkembangan wakaf saham bagi investor muslim, dengan menggunakan kajian hukum normatif-empiris. data diperoleh melalui survei kepada investor saham dan studi literatur. peneliti menyimpulkan bahwa masyarakat telah melakukan wakaf saham atau wakaf uang sejak sebelum keluarnya fatwa mui tahun 2002 tentang wakaf uang. sedangkan wakaf saham resmi diluncurkan oleh bei pada tahun 2019. berdasarkan kuisioner yang dibagikan kepada investor, mereka familiar dengan wakaf saham. namun, meskipun undang-undang nomor 41 tahun 2004 tentang wakaf sudah banyak diketahui, namun penyaluran wakaf tidak tersalurkan dengan baik. kata kunci: saham wakaf, investor muslim the development of stock endowments as one of the philanthropies for muslim investors al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 187 202 1,2university of indonesia e-mail: 1nadiaulfa761@gmail.com, 2wirdyaningsih@gmail.com author: nadia ulfa received: 04 april 2023 accepted: 20 june 2023 published: 31 june 2023 188 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction stock endowments are one form of islamic philanthropy developed in today’s modern era. since the time of the prophet pbuh, endowment or waqf has been one of the instruments with a significant role in muslims’ welfare. waqf in several countries is rapidly developing, including saudi arabia, jordan, egypt, turkey, and kuwait (kasdi, 2017). in the case of indonesia, based on the central statistics agency, in mid-2022, indonesia’s population was 275,773.8 million people (bps, 2020-2022), of which 86.7% are muslims (rizaty, 2022). with its large muslim population, indonesia has considerable potential for waqf development. the enactment of law 41 of 2004 concerning waqf (from now on referred to as the waqf law) was encouraged by the need for more efficient and organized waqf practices implemented by the community. this has been proven by poor management and maintenance of waqf properties, leading to the poor achievement of the waqf purposes (saifudin et al., 2022). the waqf law divides waqf into two: movable and immovable waqfs. both are permissible as long as they do not contradict the sharia principles. the government regulation no. 42 of 2006 concerning the implementation of waqf states that other than money, movable waqf objects can be securities, such as shares. with today’s technological advancements, muslim investors can realize islamic philanthropy in the capital market by endorsing their shares, either through the shares themselves or with dividends/capital gains generated by the shares. these waqf shares are then distributed by nāẓir or waqf managers. stock endowments are currently seen as a potential form of islamic philanthropy for the general welfare and can reduce community inequalities. refers to idx islamic, overall sharia investors as of december 2022 reached 117,942 investors with transactions reaching rp. 10.1 trillion (islamic, 2022). based on the above background, this study aims to examine the development of stock endowment as a philanthropy for muslim investors and the response and attitudes of some muslim investors towards stock endowment practices in indonesia. literature review islamic philanthropy the word “philanthropy” comes from the greek “philanthropia”, which is divided into two meanings, namely philos (love) and anthropos (human). in islam, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 nadia ulfa. the development of stock endowments as one of the philanthropies for muslim investors 189 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 philanthropy is also referred to as al-'ata' al-ijtima’i (social giving), at-takaful alinsani (humanitarian solidarity), ‘ata khayri (giving for good), al-birr (good deeds) or as-ṣadaqah (almsgiving). in general, philanthropy is love/generosity towards fellow humans, an islamic concept to create public goods. it is an alternative for a community to reduce inequalities among people with different economic and social statuses (linge, 2015). islam pays considerable attention to philanthropic issues, from voluntary to mandatory. this is to spread the benefits of philanthropy among muslims. in survival, welfare is a fundamental aspect. even al-ghazali also affirmed that fulfilling welfare is part of social obligations (syahril, 2019). inherently, the spirit of philanthropy in islam is found in the qur’an surah al-baqarah verse 215, which advocates doing good to others. it states, “they ask you (muhammad) what they should provide. say: ‘whatever donations you give should be reserved for parents, relatives, orphans, and travelers.’ moreover, whatever good you do, allah is all-knowing.” in addition, the spirit of philanthropy is also expressed in the hadith of the prophet: “doing good is an obstacle to the path of evil, alms secretly can eliminate the anger of allah almighty, friendship can prolong life, and every good is sadaqah. the owner of good in the world is the owner of good in the hereafter, and vice versa. the owner of bad in the world is the owner of bad in the hereafter, and the first to enter heaven is the owner of goodness” (at-thabarani). since the time of the prophet muhammad, the form of philanthropy currently embodied by muslims consists of various forms, including zakah (almsgiving), waqf (endowment), infaq (disbursing), ṣadaqah, grants, and gifts. these forms of philanthropy continued to grow until the establishment of charity management institutions. these philanthropic institutions manage zakah, infaq, and ṣadaqah under the supervision of the national zakah agency, which was formed based on law no. 23 of 2011 concerning zakah management. meanwhile, the indonesian waqf board manages waqf, which was formed based on law no. 41 of 2004 concerning waqf. islamic philanthropy holds enormous potential to overcome economic problems. as the goal of economic activity, islam does not emphasize the material aspects of carrying out life but the attainment of falaḥ (success), glory, and victory. so that in carrying out economic activities, the orientation to not only for material gains but also spiritual ones. without a balance between those goals, the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 190 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 impact will be social injustice, poverty, and other disadvantages (madjakusumah & saripudin, 2020). the concept of stock endowments one form of islamic philanthropy is waqf. at first, waqf was known only as immovable property in the form of land, buildings, gardens and others. therefore, waqf is identical to the rich people’s type of worship, as it needs considerable wealth to be practiced. over time, waqf has been developed with various alternatives form of waqf. one of which is movable waqf. the changes and developments in society encourage the existence of movable waqf, especially in social structure and technology (paksi, manzilati, & ekawaty, 2018). islamic philanthropy in the capital market uses islamic stock securities as an object of philanthropy, also called a stock endowment. the stock endowment is one type of movable waqf launched in 2019 in indonesia. through stock endowment, investors can find that their stock investment assets are limited to investment instruments and can be used as objects of islamic philanthropy (islamic, 2022). based on the fatwa of dsn mui 135/dsn-mui/v/2020 concerning shares, it is explained that shares are proof of ownership of a company whose ownership limit cannot be ascertained and is of equal value. the fifth part of the fatwa also explains that dividends received on islamic shares can be transferred by waqf. thus, an investor who owns shares can entrust his shares, which can be applied in two ways: shares as waqf objects or from shares dividends (hakim, 2020). the concept of stock endowments investors 1 4 2 3 waqf beneficiaries securities nāẓir http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 nadia ulfa. the development of stock endowments as one of the philanthropies for muslim investors 191 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 stock endowment given depends on the intention or will of the investor/ shareholder because the source of waqf funds is not based on niṣab or the minimum amount of wealth owned by muslims required before being obliged to zakah. the most important aspect is not the nominal size of shares or stock dividends but the commitment of the waqf giver to the welfare of muslims and the interests of worship, a practice whose rewards continue to flow (hanna, 2015). investors granting waqf shares/wakif investors who will provide stock endowment can register digitally with securities companies by filling out a form sheet related to the provisions of the stock endowment to be given. then, the investors will get a deed of a pledge of waqf. with this, investors can pay for their endowment shares with convenience (opel, 2020). essentially, stock endowments given are no longer the rights of the endowers but belong to allah (public rights). thus, there is a provision that if the stock endowment has been pledged, it can no longer be canceled. moreover, waqf law article 67 states that waqf cancellation is prohibited from being used as collateral, confiscated, granted, sold, bequeathed, exchanged, transferred, or without permission to exchange waqf property. if there is a violation of the provisions of this law, criminal sanctions may be imposed. the role of securities in stock trading, there are securities companies. according to the financial services authority or otoritas jasa keuangan (ojk), securities companies are parties engaged in the capital market that have obtained a business license from the financial services authority to be able to carry out business activities as underwriters, brokers, or other activities that capital market supervisors have determined (ojk, 2023). in a stock endowment, securities move the shares entrusted from the investor’s portfolio to the nāẓir portfolio. until now, securities companies that provide stock endowments, including; (islamic, 2022): (1) mnc securities with the nāẓir of the indonesian waqf agency and rumah zakat; (2) bni securities with the nāẓir of global waqf; (3) henan putihrai securities with the nāẓir of global wakaf; (4) philip securities with the nāẓir of dompet dhuafa; (5) panin securities with the nāẓir of dompet dhuafa; and (6) samuel securities with the nāẓir of pppa daarul qur’an. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 192 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 nāẓir’s role by the waqf law, article 14 explains that the nāẓir must be registered with the ministry of religious affairs and the indonesian waqf board. in waqf, it is crucial to keep the object of the waqf in a condition that maintains its value. thus, in the stock endowment, nāẓir manages the shares properly by moving the shares from the waqf granting investors’ portfolio to the nāẓir portfolio. the waqf law has regulated nāẓir in detail. this shows that nāẓir has an important position in the waqf law. in managing the stock endowment, mastering financial knowledge is very important to carry out the tasks that have been given (kasdi, 2017). recipient of waqf/mauquf ‘alaih the recipient of waqf is one of the crucial elements of waqf. the stock endowment should be distributed to the recipients or mauquf alaih, as desired by the payer or waqif on the waqf pledge deed. thus, the profits obtained by nāẓir through stock endowment are given to the recipients of waqf according to their designation. in general, in article 22 of the waqf law, the allocation of waqf is only given to (1) facilities and activities of worship; (2) facilities of education and health activities; (3) assistance for the poor, abandoned children, orphans, and scholarships; (4) progress and improvement of the economy of the ummah; and (5) other advances in the general welfare that do not contradict the laws and provisions of sharia. methods to answer those inquiries, this research combines normative and empirical legal studies. data is obtained through a survey involving muslim stock investors and legal documents. then the results are collected, qualified, linked to the theory related to the problem, and drawn conclusions to determine the outcome. results and discussion development of stock endowment a stock endowment is a form of elaboration of endowment money, so the discussion of stock endowment cannot be separated from money endowment http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 nadia ulfa. the development of stock endowments as one of the philanthropies for muslim investors 193 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 (aris, 2021). substantially, stock endowment and money endowment have similar concepts because both instruments are the same as money; it is just that the source of money from stock endowment specifically comes from stock management (paksi et al., 2018). the permissibility of stock endowment is described in the mui fatwa on may 11, 2002, concerning money endowment, namely, “what is included in the definition of money is securities/shares, the law is jawaz (allowed).” the shares that are entrusted are islamic. the fifth part of the fatwa also explains that the essential value of waqf, its sustainability, must be guaranteed. before the issuance of mui fatwa concerning money endowments, the community had carried out the practice of stock endowment. it was proven by the first stock endowment by a wakif named mrs. mus kusmanti, who had entrusted shares from 39 companies ranging from idr200,000,000 (two hundred million rupiahs), comprising insurance companies and non-sharia businesses to the nāẓir of tabung wakaf indonesia (twi). at first, twi received waqf of non-sharia shares but soon converted them into sharia shares by selling them to the stock exchange and then buying them, among others, shares from pt. panin life financial, pt. capitalinc financial, pt. bantoel international, jakarta international hotel, bii tbk, sahid jaya hotel, and bank arthagraha international (g, 2017). the stock endowment was officially launched by the indonesia stock exchange (idx) in 2019 by stipulating provisions related to the stock endowment, including the following: (1) investors wishing to endow their shares are only allowed with a sharia stock account and transactions through the sharia online trading system (sots); (2) exchange members facilitating stock endowment can only exchange with members with a sharia online trading system (sots); (3) the object of waqf is only sharia shares registered in the list of sharia securities; and (4) in handing over stock endowment, investors can hand over the shares to the nāẓir of waqf managers collectively through sots exchange members or independently. based on the decision of the board of commissioners of the financial services authority, the sharia securities, listed in 2022, were 542 companies. these companies include energy, raw goods, industrial, primary consumer goods, non-primary consumer goods, health, finance, property and real estate, technology, infrastructure, transportation and logistics, public companies, and non-listed companies (ojk, 2022). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 194 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 the potential for stock endowment and the significant number of islamic investors are tremendous. as of december 2022, sharia investors reached 117,942, with the most extensive distribution of areas in dki jakarta province reaching 21,492. the second rank was west java, reaching 16,372 investors; the third was east java, reaching 15,452 investors. the indonesia stock exchange also recorded that the total transactions of sharia investors as of december 2022 reached rp. 10.1 trillion, with the distribution of the most transaction areas in dki jakarta reaching 2,953.53 billion, the second rank was west java reaching 2,411.48 billion, and the third rank was east java reaching 1,080.58 billion (islamic, 2022). in this study, the authors distributed questionnaires to 100 (one hundred) stock investors, and 30 (thirty) investors filled out questionnaires to obtain information about their responses and attitude toward the stock endowment. the author randomly distributed this questionnaire to investors who actively invest in stocks. these investors are active followers of instagram social media @ngertisaham in several provinces such as banten, jakarta, special region of yogyakarta, east java, north sulawesi, and lampung. the following is the examination of the findings. investor perception of stock endowment knowledge of a particular object can affect a person’s perception of interest in doing an action. for an investor, being able to carry out his activities is greatly influenced by the knowledge possessed by giving a response. the knowledge in question is knowledge related to the term stock endowment. table 1. investor knowledge of stock endowment number category frequency percentage 1. investors know 20 66,7% 2. investors do not know 10 33,3% sum 30 100% based on the table above shows that among 30 respondents, there were 20 or (66.7%) of investors stated that they already knew about the stock endowment, and 10 (ten) or (33.3%) of investors stated that they did not know about the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 nadia ulfa. the development of stock endowments as one of the philanthropies for muslim investors 195 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 stock endowment. this fact implies that most respondents already know the stock endowments or that the stock endowment has become well-known among investors. the general recognition of stock endowment is because the stock endowment is one type of asset waqf that has yet to be much studied. the literacy level still needs to be improved. moreover, not many investors know about the stock endowment’s benefits (nasution & aris, 2020). in developing the growth rate of stock endowment, substantial efforts are needed. in general, the lack of recognition of stock endowment makes investors unable to see the advantages of stock waqf products. unlike immovable endowments, such as land and buildings, that are better known to the broader public, investors consider immovable endowments more valuable than movable endowments, such as stocks. (nasution & aris, 2020) therefore, there is a need for campaign and promotion among muslim investors that waqf management does not only dwell on formal worship but can be done by following the development of waqf, namely with the stock endowment. the existence of a stock endowment can accommodate the interest of investors who want to invest and provide social benefits as a form of islamic philanthropy. the following perception related to investor understanding is that costs that are not too expensive to buy shares or with a minimum of one lot of shares can make a considerable impact, for example, in the fields of education, health, abandoned children, and others (nadyan & rahmi, 2019). table 2. investor knowledge of stock endowment lots number category frequency percentage 1. investors know 15 50% 2. investors do not know 14 46,67% 3. investors do not know 1 3,33% sum 30 100% the above table shows that among 30 respondents, 15 or 50% of investors know that by stock endowment, one lot of shares can participate in the welfare of the people. a total of 7, or 46.67%, of investors, answered that they do not know the benefit of stock endowments. meanwhile, 1 or 3.33% of investors did not answer the questions. from there, it can be concluded that with a minimum http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 196 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 of one lot of shares, they can participate in the welfare of the people, which is more dominant in knowing. given the large number of islamic investors, reaching 117,942 as of december 2022, it will provide excellent opportunities for utilizing stock endowments. if 50% of the sharia investors deposit a share waqf of idr100,000 per month, then there are funds of around idr58 billion per month, which makes a significant source of income for the welfare of the people (afkar, 2020). implementation of law no. 41 of 2004 on waqf the ratification of the waqf law is part of a strategic step to improve the welfare of the people. the law increases the role of waqf, which is not only islamic philanthropy but also has potential economic power. it is also explained in article 5 of the waqf law, namely, “waqf functions as one in realizing the potential and economic benefits for the benefit of worship and promoting the general welfare”. the function of waqf must be recognized, and the government has carried out various efforts to empower waqf to develop waqf. table 3. investor knowledge of law no. 41/2004 on waqf number category frequency percentage 1. the law encourages interest in endowments 21 70% 2. the law does not encourage interest in endowments 7 23,34% 3. no answer 2 6,66% sum 30 100% regulations issued by the government are in the form of the waqf law. based on the table above, as many as 21 or 70% of investors think that the passing of regulations related to waqf encourages investor interest in fulfilling stock endowments, as many as 7 or 23.34% of investors think it does not encourage investor interest in stock endowments and as many as 3 or 6.66% investors choose not to answer. the waqf law has encouraged investor interest because it is those whose interest in the system is more dominant. the issuance of the waqf law is an effort by the government to encourage and facilitate waqf to be managed professionally, trustfully, and transparently http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 nadia ulfa. the development of stock endowments as one of the philanthropies for muslim investors 197 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 so that the objectives of waqf management can be achieved. unfortunately, the government does not control, interfere and make the waqf property part of the state’s property (hendrik & mufidah, 2019). the importance of the role of the nāẓir is mentioned in the waqf law. it is stated, “nāẓir is a party who receives waqf property from the wakif to be managed and developed waqf properties in accordance with its designation”. with stock endowments, nāẓir, as a waqf manager, must produce stock endowments (nasution m. t., 2020). table 4. investor knowledge of nāẓir number category frequency percentage 1. stock endowments are well distributed 11 36,67% 2. stock endowments are not well distributed 17 56,67% 3. no answer 2 6,66% sum 30 100% the back and forth of the development of stock endowment is very dependent on the quality of waqf managers (nāẓir). investors’ confidence is an essential factor in stock endowment activities. based on the table above, respondents’ views regarding the distribution of waqf, as many as 11 or 36.67% of investors think that waqf has been well distributed by nāẓir, as many as 17 or 56.67% of investors think that waqf is not distributed correctly and 2 or 6.66% of investors choose not to answer. it can be concluded that most respondents of stock endowment think that waqf managed by nāẓir is not well distributed. the respondents’ answers above show that the distribution of waqf by nāẓir in indonesia is still far from expectations, and a lack of investor confidence hinders the development of stock endowment. nāẓir should be able to manage waqf shares because the more profit increases, the greater the value of benefits that will be given to waqf recipients. meanwhile, if the shares experience a decrease in value or loss, they cannot profit. then, no result can be given to the waqf recipients (novalita, 2017). research conducted by diana mutia said that, in reality, waqf in indonesia is not working well. many nāẓir need help understanding the competence that must be possessed to carry out their rights http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 198 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 and obligations. the waqf law has been conveyed regarding the responsibilities, roles, and functions of nāẓir (habibaty, 2017). investors in share endowment the stock endowment has been assisted by securities providing services, making it easy for investors to endow shares. some experts claim this waqf model is possible for all people and companies because all can be stock waqf investors. these investors are also referred to as waqif (people who are endowments) (dhuafa, 2021). based on 30 respondents, only one investor has ever endowed shares through bni sekuritas and nāẓir global waqf with waqf between 100,000-1,000,000 rupiah. this shows that very few investors are interested in stock endowment, even though stock endowments are an easy way of endowment and provide such broad benefits. based on the above facts, many considerations make the investors less interested in the stock endowment. in addition to the lack of investor confidence in nāẓir,, the mui fatwa no. 2 of 2002 related to waqf money also explains that the principle value of stock endowment must remain in number and must be able to produce or not be reduced to be utilized by the general public. it is also found in ibn umar’s hadith regarding waqf. the fatwa states that “hold the principal (capital) and give alms to the results” (al-nawawi, 1994: 11/88, hadith number 4200). when viewed from the side of benefit, the management of shares as an object of waqf can be utilized. however, there are still doubts regarding the results obtained because, in stocks, there must be increases and decreases so that the stock value can increase or decrease (al-hakim, 2018). in addition, islamic legal scholars have still debated stock endowments as part of money endowment. the scholars who allowed money endowment were hanafi scholars, allowing dinars and dirhams. they argued that the laws established as ‘urf or traditional customs had the same force as those established based on nash (islamic resources) or legal decrees derived from the qur’an and the sunnah. maliki scholars also emphasized the permissibility of money endowment. the scholars who disagree about the permissibility of money endowment as objects of waqf are some of the shafi’i school, namely al-mawardi, arguing that money will run out like food when consumed. the hanbali school also affirms the disapproval of money endowment (aiz, 2016). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 nadia ulfa. the development of stock endowments as one of the philanthropies for muslim investors 199 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v1i1.31806 conclusion philanthropy in islam aims for good, namely as a form of generosity to others. islamic philanthropy in the capital market is to use islamic stock securities as an object of philanthropy, one of which is with the stock endowment. the stock endowment is the elaboration of money endowment practiced by the public before the mui fatwa in 2002 concerning money waqf. the stock endowment was officially launched by the indonesia stock exchange in 2019. based on questionnaires distributed to 30 investors, it can be concluded that many investors already know the term stock endowment and know that with not too expensive cost or with one lot of shares, anyone can participate in the welfare of the people. however, there needs to be further campaigns and promotions related to stock waqf management to muslim investors, considering the significant number of muslim investors and their potential to have a broad impact on muslims. furthermore, regarding the implementation of law no. 41 of 2004 concerning waqf, it can be concluded that the passing of the waqf law has encouraged investor interest in practicing stock endowments. still, stock endowment respondents think that waqf managed by nāẓir is not distributed correctly. this can certainly hinder the development of stock endowment. from the survey of 30 investors, it can be seen that only one person has ever had a stock endowment from bni sekuritas x global waqf. with this, it can be seen that very few investors are interested in stock endowments, despite their benefits. references aiz, muhammad. “istibdal waqf shares in indonesian waqf tubes; legality and impact.” indo-islamika journal. vol. 6 no. 1 (2016), 82107. aris, diba anggraini. “construction of stock waqf development in order to optimize the potential of productive waqf in indonesia. journal of islamic circle. vol. 1 no. 1, 27-52. habibaty, diana mutia." nazhir’s competence in productive waqf is reviewed from law no. 41 of 2004 on waqf, al-awqaf journal, vol.10, no. 2 (2017), 154-161. judge, nurman. “analysis of stock waqf collection strategy in indonesia.” journal of waqf and islamic economics. vol. 13. 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ticle/10453#:~:text=per usahaan%20 sekuritas%20sendiri%20adalah%20perusahaan,ditetapkan%20oleh%20 pengawas%20pasar%20modal.&text=a, retrieved march 04, 2023. rizaty, monavia ayu. “the largest indonesian muslim population in the world in 2022.” data indonesia.id. november 3, 2022. available on https://dataindonesia. id/ragam/detail/populasi-muslim-indonesia-terbesar-di-dunia-pada-2022. retrieved february 23, 2023. safitri, kiki. “in 5 years, islamic stock investors rose 734 percent.” kompas. com. november 11, 2021. available on https://money.kompas.com/read/ 2021/11/11/135339626/dalam-5-tahun-investor-saham-syariah-naik-734persen. retrieved february 25, 2023. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v1i1.31806 https://sikapiuangmu.ojk.go.id/frontend/cms/article/10453#:~:text=perusahaan sekuritas sendiri adalah perusahaan,ditetapkan oleh pengawas pasar modal.&text=a https://sikapiuangmu.ojk.go.id/frontend/cms/article/10453#:~:text=perusahaan sekuritas sendiri adalah perusahaan,ditetapkan oleh pengawas pasar modal.&text=a https://sikapiuangmu.ojk.go.id/frontend/cms/article/10453#:~:text=perusahaan sekuritas sendiri adalah perusahaan,ditetapkan oleh pengawas pasar modal.&text=a https://sikapiuangmu.ojk.go.id/frontend/cms/article/10453#:~:text=perusahaan sekuritas sendiri adalah perusahaan,ditetapkan oleh pengawas pasar modal.&text=a https://dataindonesia.id/ragam/detail/populasi-muslim-indonesia-terbesar-di-dunia-pada-2022 https://dataindonesia.id/ragam/detail/populasi-muslim-indonesia-terbesar-di-dunia-pada-2022 https://money.kompas.com/read/2021/11/11/135339626/dalam-5-tahun-investor-saham-syariah-naik-734-persen https://money.kompas.com/read/2021/11/11/135339626/dalam-5-tahun-investor-saham-syariah-naik-734-persen https://money.kompas.com/read/2021/11/11/135339626/dalam-5-tahun-investor-saham-syariah-naik-734-persen al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 285 298 received: january 5, 2018; revised: february 24, 2018; accepted: march 10, 2018 1 university of djilali liabes. sidi bel abbès, algeria 2 university of abou bekr belkaid. rue abi ayed abdelkrim fg pasteur, tlemcen, algeria e-mail: 1louati-2015@hotmail.com, 2b.hadjer94@gmail.com doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 abstract. sukuk or islamic bonds as new “halal” securities had wildly expanded in muslim and non-muslim capital markets. so, this study aims to investigate the causal relationship between islamic bonds (sukuk), oil and precious metals “silver and gold” prices in asia pacific. this study used var model relying on daily data. the findings of granger causality test and impulse-responses analysis results provide substantial evidence in favor of the relation between sukuk and the commodity market variables (oil, gold, and silver) meanwhile and unlike many empirical studies, don’t we have found that oil doesn’t cause changes in precious metals prices. therefore, the idea that islamic financial markets provide diversification benefits and they are safe havens during oil crisis cannot be supported empirically. keywords: islamic bonds, oil prices, precious metal, causal relation abstrak. suku atau obligasi syariah sebagai sekuritas “halal” baru telah berkembang pesat di pasar modal muslim dan non-muslim. tujuan dari penelitian ini adalah untuk mengetahui hubungan timbal balik antara harga obligasi syariah (sukuk), minyak dan logam mulia “perak dan emas” di asia pasifik. penelitian ini menggunakan model var yang mengandalkan data harian. temuan uji kausalitas dan impuls granger hasil analisis memberikan bukti kuat yang mendukung hubungan antara sukuk dan variabel pasar komoditas (minyak, emas dan perak) sementara dan tidak seperti banyak penelitian empiris, kami menemukan bahwa harga minyak tidak menyebabkan perubahan harga logam mulia. oleh karena itu, gagasan tersebut bahwa pasar keuangan islam memberikan manfaat diversifikasi dan merupakan aset yang aman selama krisis minyak tidak dapat didukung secara empiris. kata kunci: obligasi syariah, harga minyak, logam mulia, hubungan timbal balik. how to cite: metadjer, w., & boulila, h. (2018). causal relationship between islamic bonds, oil price, and precious metal: evidence from asia pacific. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 285 – 298. doi: http://dx.doi.org/10.15408/aiq.v10i2.7171. causal relationship between islamic bonds, oil price and precious metals: evidence from asia pacific widad metadjer1, hadjer boulila2 286 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 introduction finance is an organizational part of exchanges between resources and projects (pellerin and casimiro, 2009), is in perpetual change. these changes such as boom and slump periods are also present in the financial markets. over the boom periods, the investors are carrying out their operations in a stable frame. although during the crisis period, business world becomes characterized by high instability and a loss of confidence leading to immoral practices. however, in the financial market, ethics has materialized through the establishment of an alternative class of financial tools for all investors. both muslim and non-muslim, found on islamic law (bacha et al., 2013), overall called shariah-compliant equity. this product must be free from the elements of riba (interest), gharar (uncertainty), maysir (speculation) and haram (unethical) business activities. one of the growing sharia finance instruments is islamic bond. islamic bonds are securities or certificate that contains the contract between funders with a given fund (fauzulhaq, 2013). these unconventional financial tools have proved their efficiency facing the global financial crisis (akhtar et al., 2017). despite that, these new generations of investment instrument are not immune against numerous fluctuations of the macroeconomic variables. the past few years have seen a surge in research about oil, precious metal and interest rate, and their impact on the stock market performance. oil, one of the most commonly traded commodities in the world, knew scores price changes which have not only been linked to significant world development but also as a set off for economic inflation or recession, as shown by an earlier study conducted by hamilton (1983). further, gold and silver are as well a non-neglected market for hundreds of years. as known, investors look at metal markets as the safe haven. baur and lucey (2010) found that gold serves as a safe alternative against stocks in the uk, germany, and the us mainly follow severe adverse shocks on stock markets. we noticed that the majority of the researchers had used the return much more than the asset prices, what makes the difference in our study is that we look at the problem from a different perspective. firstly, by using the amounts without transforming them into yield. we also study the relationship of traded bond prices in an emerging market (asia pacific) and not developed market as we are used to seeing in most of the studies. this choice is related to the fact that almost all asian pacific markets know a remarkable growth. however, any emerging market remains sensitive to crises and macroeconomics changes that’s why we want to see if even an ethical investment tool far from suspicious activities and based on a real economic value traded in these markets are also sensitive to commodities prices changes? 287 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 widad metadjer. causal relationship between islamic bonds this paper meant to narrow the literature gap in the discussion of determining the causal relation between three essential variables, which are islamic bonds, oil, and precious metal prices; a subject, which has not been extensively explored. moreover, to achieve a dynamic result contrast to previous studies, this paper utilizes a heap of time series econometric methods to attain deep analysis that aims to reveal the objective truth far from any religious, cultural or societal tendency. literature review studying assets prices movements continues to be a dynamic area in financial research; many researchers carried out across the globe about the dynamic relationship that exists between conventional stock market and macroeconomic variables. however, it should be noted that few studies analyzed the nature of the relationship between commodity markets such as oil, precious metals, and islamic equity. few types of research have been conducted on the precious metals-stock price relationship. smith (2001) had studied the short-run correlation between gold and us stock price indices is small and negative and for some series and time periods insignificantly different from zero. from a traditional perspective, oil and stock markets are inversely related. therefore, commodities are considered to be good portfolio diversifiers (kang, 2012). nevertheless, the price of an individual commodity is not only determined by its supply and demand, but also by many financial factors and market maker (creti et al., 2013). the study by zhang and li (2016) analyze the co-integration relationship and causality between gold and crude oil prices. the study finds that there are consistent trends in the crude oil price and gold price with significant positive correlation during the sampling period. fayyad and daly (2011) empirically examined the long run relationship between the stock market and oil prices in the gcc countries. the primary result indicated that no significant relationship exists between the commodities in the first period. however, in the second period, a statistically significant correlation was found to exist between the stock market indexes and oil price movement in all the gcc countries except for uae and bahrain. hussin et al. (2013) argued that among strategic commodities, only oil’s price variables would affect the islamic stock return in the short run in malaysia. delatte and lopez (2013) have identified the dependence structure that exists between equity and commodity futures (metal, agriculture, and energy). the researchers concluded that the comovement spreads to all commodity classes and becomes unambiguously stronger with the global financial crisis after fall 2008. broadstock and filis (2014) find 288 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 that oil shock of different types show substantial variation in the impact on stock market returns. khan and masih (2014), concluded that the correlations between commodity and islamic stock markets evolve and are highly volatile. this volatility, especially during the 2007-2008 financial crises has played a crucial role. beside that abdullah et al. (2015), indicates that the singapore islamic index is leading the other commodities. akhtar et al. (2017) argued that there are benefits of islamic stocks during the global financial crisis, especially during the early stage of the crisis. moreover, some recent studies such as nagayev et al. (2016) investigation have concluded that crude oil possibly indicates a robust negative linkage with islamic equity over the 2001–2003 period in the high scale (256 days). besides that, nagayev et al. (2016) also found that there is a robust positive relationship from 2007 to 2013 in the medium and high scales. the researchers also have concluded that is a negative correlation between gaze and islamic equity. zhang and li (2016) have argued that hikes in the oil–equity correlations can be a long-run phenomenon. method this study tried to illustrate the causal relation between islamic bonds, oil prices, and precious metals during the recent oil crisis. therefore, we have used daily variables, which were extracted from reuter’s thomson database for the sukuk and from quandle database for the other variables, using a sample from 1st april 2009 to 1st april 2016. the islamic asia pacific stock market is getting improved, in our study we will use var model because it is one of the most successful, flexible and easy to use models for the analysis of multivariate time series. it is a natural extension of the univariate autoregressive model to dynamic multivariate time series. the var model has proven to be especially useful for describing the dynamic behavior of economic and financial time series and for forecasting. our model is represented as follow: 289 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 widad metadjer. causal relationship between islamic bonds first, we will examine the stationary of variables using adf and pp unit root test to know if we have a unit root or any seasonal movements. then, we will use johanson co-integration test to figure out if we have long run relationship or not. after that, we must define lag for var by using akaike and schwarz information criteria (aic and sc) to estimate var model. finally, we will investigate on impulse responses of each variable to another, and study the causal relationship between our variables. results and discussions figure 1 shows the evolution of trajpui prices from 01/04/2009 to 01/04/2016. overall we can notice that there is no abruptly a change on the chart line. thought, we identify a visible growth on sukuk prices 2009 to 2011, which could be explained by the effect of the financial crisis of 2008 on the behavior of the investors, who turned towards ethical equity, due to their performance during the market collapse. besides that, there is a downfall of the islamic bonds prices from 2011 to 2012 than from the second half of 2014 the prices are fluctuating and remain low again due to the news oil crisis and to the divertissement of oil prices. figure 1. sukuk fluctuations source: data processed from figure 2, we notice numerous changes in the brent price trend; at first, we see a graduate growth from 2009 to 2011, which is followed by irregular movements until 2012, when the prices reached a pick at 128 usd. that slight increase in oil prices was related to a weak dollar. in the usual case when usd weakens against other currencies, the amount of crude goes up sharply, but after the financial crash, the world was trying to recover, and the demand was slight, so the growth of the oil prices was small too. also, the chart shows that from 2014 to 2016, the prices movements 290 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 fluctuated erratically, until they bottom out in january 2016 at approximately 28 usd. the steady decline in brent prices is mainly due to the opec trade offensive, and the weakness of chinese demand, which is no longer acting as a locomotive. figure 2. oil price fluctuations source: data processed from figure 3 we sign that the primary trend of gold prices from 2009 to 2011 is rising. this trend that may link to the fact that investors are going far from stock market hoping, that precious metals are immune against crisis contagion since that precious metal considered like a safe refuge in time of financial disruption. furthermore, from 2012 to 2016 the graph shows an apparent price drop, mainly correlated to the increase of interest rate, the opportunity cost from being invested in gold is high when the real interest rate on cash, bonds/stock is high, and this decreases the relative attraction of gold as an investment. figure 3. gold price fluctuations source: data processed 291 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 widad metadjer. causal relationship between islamic bonds we can see from figure 4 that the movements of silver prices are growing at the beginning (from 2009 to 2011). the movement of silver prices was peaked at 50 usd nearly. also from 2011 over 2016, the graph shows a fluctuate downtrend, that motion can be linked to the depreciation of the precious metal market ahead enticing interest rate. it can be remarkable that both of gold and silver have the similar process significant trend it’s also affected with the drop of oil prices since 2014. figure 4. silver price fluctuations source: data processed table 1. results of adf test statistics variables adf stationarity test (prob) results level 1st diff. 2nd diff. trajpui price 0.7606 0.0000 stationary at first difference oil price 0.5398 0.0000 stationary at first difference gold price 0.7291 0.0001 stationary at first difference silver price 0.5415 0.0001 stationary at first difference source: data processed unit root test is an essential test to choose which model is appropriate for the study. to test the stationary in this research, we used adf test. if the variables in the regression model are not stationary, then it can be proved that the standard assumptions for asymptotic analysis will not be valid. in other words, the usual “t-ratios” will not follow a t-distribution, so we cannot validly undertake hypothesis tests about the regression parameters. the result of stationary test represented in 292 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 table 1. from table 1, we notice that all variables are not stationary and have unit root because their probability is higher than the critical value, but at the first difference, all variables became stationary. table 2. results of johanson co-integration test statistics hypothesized no. of ce(s) eigenvalue trace statistic 0.05 critical value prob.** none 0.018043 53.05943 55.24578 0.0769 at most 1 0.005713 20.92358 35.01090 0.6469 at most 2 0.004331 10.81132 18.39771 0.4056 at most 3 0.001783 3.149973 3.841466 0.0759 source: data processed secondly, we use johanson co-integration test; this test does to decide if it is possible to use var model or not we must test if any long relationship between variables exists or not, for the reason that the var model is used only for short-run relations. the results based on johanson co-integration test represented in table 2. trace test indicates no co-integration at the 0.05 levels since all probabilities are higher than 0.05. that means that there is no long-run relationship between our variables. table 3. lag length lag logl lr fpe aic sc hq 0 -30577.86 na 1.40e+10 34.71721 34.74206 34.72639 1 -15424.37 30203.77 484.7028 17.53504 17.60961 17.56260 2 -15393.10 62.19645 476.3711 17.51771 17.64198 17.56363 3 -15373.90 38.10061 474.6428 17.51407 17.68805 17.57836 4 -15342.05 63.03613 466.1841 17.49609 17.71978 17.57875 5 -14784.95 1100.295 252.2425 16.88189 17.15529* 16.98293 6 -14743.86 80.95728 245.1625 16.85342 17.17653 16.97282* 7 -14730.58 26.10666 245.9219 16.85651 17.22933 16.99428 8 -14697.26 65.35590* 241.1356* 16.83685* 17.25938 16.99299 source: data processed 293 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 widad metadjer. causal relationship between islamic bonds thirdly, we do the lag selection test. the var model conditions exist now we will select lag to var model because this is a critical step. the lag order of the var model is selected based on akaike information criteria (aic) and schwarz criteria (sc). the order of var model shows in table 3. from table 3, we notice that we have lag order as 8th lag order (* indicates lag order selected by the criterion). fourthly, we do the impulse response function. after the definition of the lag order, we estimate var model, and one of the most important advantages of var specifications is the computation of impulse response functions (irf) of any endogenous variables to one standard deviation shock in any other endogenous variable in the system. (see appendix). to test how sukuk (trajpui price), oil price and precious metals (gold and silver) respond to the short run temporary shocks, we employed impulse response function, which is derived from our var model. first, what we notice for the sukuk from the figure in the appendix that their prices respond for the shocks of each variable but in different levels. sukuk price has a negative responding to the gold price shocks during all the phases. otherwise, when a shock occurs in the silver price, we observe a positive response for sukuk in the first two periods followed by a weak negative response for the following four periods to become a non-existing effect over the rest period. finally, for oil prices shocks, sukuk prices are not responding, only in the first quarter where we notice a weak negative response. from another side, the visual examination shows that oil prices respond positively to silver price’s shocks, similarly silver prices respond positively to the shocks of oil prices, but it’s a weak response and almost insignificant. also, during a shock of silver, we observe a weak positive response of gold prices for half period followed by positive and continuous respond over the period, but silver price have a very weak to non-existing response to gold shocks. moreover, we see that there is a negative response of the price of gold in the first half of the period to oil shocks, but it remains to get the form of a positive response in the second. the last test that done in this research is the granger-causality test. granger defined the causality relationship based on two principles: first, the cause happens before its effect. second, the cause has unique information about the future values of its effect. given these two assumptions about causality, granger proposed to test the following results to identify the causal effect of x on y in table 4. 294 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 table 4. granger causality test null hypothesis obs f-statistic prob. po does not granger cause trajpui_price 1762 1.54265 0.1375 trajpui_price does not granger cause po 0.89285 0.5216 pg does not granger cause trajpui_price 1762 0.86545 0.5451 trajpui_price does not granger cause pg 1.22909 0.2777 ps does not granger cause trajpui_price 1762 1.19188 0.2999 trajpui_price does not granger cause ps 0.98216 0.4480 pg does not granger cause po 1762 2.51011 0.0103 po does not granger cause pg 3.40712 0.0007 ps does not granger cause po 1762 6.17402 7.e-08 po does not granger cause ps 2.51153 0.0103 ps does not granger cause pg 1762 222.252 9e-260 pg does not granger cause ps 2.96740 0.0027 source: data processed from table 4 and through the observation on probabilities and comparing them with the critical value (0.05) we notice that: first, a causal relation between sukuk, oil prices and precious metal (gold and silver) exists in two different directions. another side, no causal relationship exists between oil prices and precious metals prices. from the empirical results, we can show that islamic bonds (sukuk) in asia pacific markets are affected by commodities’ prices (oil and precious metals). this relation may be explained as follow: first, oil is a raw source of energy; it represents an essential composite to the company’s activity (including electricity, heating, production, and transportation). therefore as it’s known asia pacific region has several oil producing countries in its rank (as china and india, the world’s fourth and 20th biggest oil producing nations). founded on the positive expectation effect investors presume that as long as oil prices are high, capital will continue to flow, and sukuk related to the big oil production companies will still perform positively due to their positive link to the energy market. this result is consistent with zhang and li (2016), fayyad and daly (2011). however, nagayev et al. (2016) argued that the nature of the relation between these two equities could be a paradox. they have found that there is a negative correlation between crude oil and islamic equity over the 2001–2003 period. secondly, sukuk has fewer risks and a more guaranteed return comparing with investment in precious metals. so a competitive race will be born between 295 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 widad metadjer. causal relationship between islamic bonds these two instruments where the interest rate is the point of separation between them, that means if an investor chooses precious metals (when they presume to get higher return due to higher interest rates) he will withdraw from investing on sukuk market. however when interest rate dropdown; investors may prefer to put their money in safe by investing in sukuk instead of precious metals. as a result, we ensure the existence of a reciprocal causal relationship between these two variables. our findings are broadly coherent with previous studies (smith, 2001) finally, what was remarkable is the absence of a relation between oil and precious metals for the reason that these two commodities had and still have great importance in the world of economics. oil is the world’s most traded commodity market according to its big role in the industry. meanwhile, precious metals are also used in industry where silver is used more largely in factoring comparing with gold thanks to its physical strength, malleability, brilliance, ductility and it is the highest of any element for electricity and heating. however, the gold stays the leader in precious metals due to its big historical value and for being such an important cash cover. hence, previous investigations have proved the positive correlation between oil and gold prices (zhang and li, 2016). this contrast can be attributed to the fact that numerous studies have approached the subject differently, whether about the market, the period of the study or even the econometric method and statistic tests adopted, all these factors affect the results in one way or another. therefore, what we notice is that each commodity (oil and precious metals) have a big independent role in the economic sector so they can affect the whole economic cycle together but they do not have effect between them. there is no causal relationship between the prices of oil and gold during the period of the study (which is contrary to many empirical studies). this relationship may change if hidden hands involved, who are speculators where they raise gold prices to absorb the increase in the proceeds of oil revenues resulting from high oil prices. conclusion islamic bonds (sukuk), oil and precious metals have witnessed significant changes over time, and hence, it is necessary to test the nature of the relationship between them. the diagnostic is not as easy as it seems, it is a big challenge for economists in general and investors in particular. islamic bonds are the most important islamic debt market financial instruments nowadays. they are investment certificates with both bond and stock specifications issued to found trade or the production of tangible assets. oil, gold, and silver, meanwhile, considered as macroeconomic variables, affect the global economy in general, and stock/bonds market in particular, and vice versa. 296 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 the primary objective of this paper is to add value to the literature on the impact of the oil crisis and precious metals on islamic equity, by analyzing the causal relation between islamic bonds market and commodity market (oil, gold, and silver) in the asia pacific using var model. we conclude that all residuals of our variables are responding to oil price shocks in different levels and directions, but we noticed weak or insignificant responding between precious metals themselves. oil and stock price smash at the rush of the financial crisis ensued in a tragic increase in correlation between oil and islamic equity. however, causality test findings show that sukuk and precious metals have a substantial negative relation. otherwise, and unlike many empirical studies; oil and precious metals had no causal relationship due to their independence and essential role in economic activities even if their prices will lead to higher inflation rates, but they have no connection in our sample. we encourage, researchers to investigate whether the relationship between these pillars of the economy, namely oil, gold, and silver is similar during the long term, or not? since the literature is not satiate yet on this topic especially concerning emerging markets, and clarify the view of several macroeconomic variables that affect the islamic capital market. references abdullah, a. m., saiti, b., & masih, m. 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(2013). konsep, teori, dan praktik obligasi syariah (concept, theory, and practice of islamic bond). al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 5(2): 311-336. doi: https://doi. org/10.15408/aiq.v5i1.2571. fayyad, a., & daly, k. (2011). the impact of oil price shocks on stock market returns: comparing gcc countries with the uk and usa. emerging markets review. vol. 12(1): 61-78. doi: https://doi.org/10.1016/j.ememar.2010.12.001. hamilton, j. d. (1983). oil and the macroeconomy since world war ii. journal of political economy. vol. 91(2): 228-248. hussin, m. y. m., muhammad, f., razak, a. a., tha, g. p., & marwan, n. (2013). the link between gold price, oil price and islamic stock market: experience from malaysia. journal of studies in social sciences. vol. 4(2): 161-182. kang, x. (2012). commodity investments: the missing piece of the portfolio puzzle? retrieved from: https://ssrn.com/abstract=2153319. khan, a., & masih, m. 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(2016). recent hikes in oil-equity market correlations: transitory or permanent? energy economics. vol. 53: 305-315. doi: https:// doi.org/10.1016/j.eneco.2014.03.011. 298 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7171 appendix. impulse response function result al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 255 266 received: december 25, 2017; revised: february 2, 2018; accepted: march 5, 2018 satya wacana christian university. salatiga 50711, central java, indonesia e-mail: robiyanto@staff.uksw.edu doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 testing of the gold’s role as a safe haven and hedge for sharia stocks in indonesia r. robiyanto abstract. gold as a commodity, since ancient time, is always viewed as a safe haven asset. this study tested the function of gold as a safe haven and hedge for sharia stocks in indonesia. data used in this study are a monthly closing of jakarta islamic index (jii) on indonesia stock exchange and monthly closing price of gold in the international market during may 2008 until september 2017. data analysis was done by using ols and qreg. the result of this study is gold can serve as a hedge for sharia stocks in indonesia during the research period. the study further found that when extreme shocks occur in the indonesian stock market, gold can serve as a safe haven asset for sharia stocks in indonesia. investor suggested shifting their assets into gold to secure their investment when stock market conditions experience a drastic decline. keywords: gold, jakarta islamic index, quantile regression, safe haven asset, hedging abstrak. emas sebagai komoditas, semenjak jaman dahulu kala selalu dipandang sebagai aset teraman. penelitian ini secara khusus menguji fungsi emas sebagai aset teraman (safe haven) dan pelindung nilai (hedge) bagi saham-saham syariah di indonesia. data yang dipergunakan dalam penelitian ini adalah data jakarta islamic index (jii) penutupan bulanan di bursa efek indonesia dan data harga emas penutupan bulanan di pasar internasional selama periode bulan mei 2008 hingga bulan september 2017. analisis data dilakukan dengan mengguna kan ols dan qreg. hasil penelitian ini adalah emas dapat berfungsi sebagai pelindung nilai (hedge) bagi saham-saham syariah di indonesia selama periode penelitian. lebih lanjut penelitian ini menemukan bahwa ketika terjadi goncangan yang sangat ekstrim di pasar saham, maka emas dapat berfungsi menjadi aset teraman (safe haven) bagi saham-saham syariah di indonesia. investor disarankan untuk mengalihkan aset mereka dalam bentuk emas guna meng amankan investasinya ketike terjadi penurunan yang drastis di pasar modal. kata kunci: emas, jakarta islamic index, regresi kuantil, aset teraman, lindung nilai. how to cite: robiyanto, r. (2018). testing of the gold’s role as a safe haven and hedge for sharia stocks in indonesia. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 255 – 266. doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 256 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 introduction gold since ancient times is often seen as a safe haven and an instrument that is not easily physically damaged (beckmann and czudaj, 2012; ghosh et al., 2004). gold can also serve as a tool of payment that received by any party (universally) and can be a tool to accumulate wealth (sujit and kumar, 2011), even as a hedging instrument (capie et al., 2005). research on gold as a safe haven began to emerge after the occurrence of the subprime mortgage crisis in 2008. at the time of the crisis, gold showed its ability as a safe haven asset, when other financial asset prices (such as stocks) falls. during that period, gold also experiences price appreciation (baur and lucey, 2010). so after that period, baur and lucey (2010) then also introduces the concept of safe haven and hedge that can be tested quantitatively. baur and lucey (2010) define a safe haven as an asset that has no correlation or negatively correlated with other assets or portfolios when the market is in a state of high uncertainty or turmoil. meanwhile, the hedge is defined by baur and lucey (2010) as assets that have no correlation or negatively correlated with other assets or portfolios. this value-holding asset has no special features that can reduce losses when the market is volatile and full of selling pressure. so, an asset may have a positive correlation with other assets when market turbulence and has a negative correlation with other assets when the market is normal (pangestuti et al., 2017; robiyanto et al., 2017a). in addition to defining safe haven and hedge, baur and lucey (2010) also define the concept of diversified as an asset that has a positive (but not perfectly correlated) correlation with other assets or portfolios. similar to hedge, diversifiers do not have special features to reduce risks in extreme market conditions because the correlations required are only for all periods on average. various studies that scrutinize the ability of gold to assume the role of safe haven and hedge by using the concept of safe haven and hedge proposed by baur and lucey (2010) then rampant conducted on various capital markets in the world, ranging from developed capital markets and emerging capital markets. some of these studies were conducted by ciner et al., (2012); hood and malik (2013) whom conducts studies in the us capital market, ghazali, et al (2015); ibrahim (2010); ibrahim and baharom (2012) whom conducts studies in the malaysian capital markets, robiyanto, et al (2017b) whom conducts studies in the indonesian and malaysian capital market, also robiyanto et al. (2017a) whom conducts studies in the asean capital markets. unfortunately, various studies on the role of gold as a safe haven and hedge are only had general characteristics in the capital markets studied. this is understandable because the studies are still explorative at first considering the concept of safe haven and hedge that can be measured quantitatively emerging in 257 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 r. robiyanto. testing of the gold’s role as a safe haven the year 2010, and has not specifically conducted studies on certain stocks (such as sector or stocks with certain characteristics such as sharia stocks). therefore, this study specifically conducted a study on sharia stocks in indonesia, which represented by the jakarta islamic index. this is necessary because gold is also the instrument most often associated with sharia investment (hussin, et al, 2013), and meet the rule of sharia (agha, et al, 2015; rosyidah, 2014; ulirrahmi, 2012). hence, the purpose of this study is to test the gold’s role as a safe haven and hedge for sharia stocks in indonesia. literature review gold as a safe haven, hedge, and diversifier during the sub prime mortgage crisis in the united states in 2008, financial markets across the globe, in general, experienced very high volatility and tended to produce returns that are not as expected (robiyanto, 2017a; suganda and soetrisno, 2016; triyono and robiyanto, 2017). this raises important questions about which investment instruments can hedge and become a safe haven. in keeping with its nature, gold as a commodity is always viewed as a safe haven asset (robiyanto, 2015). gold has been used as a store of value and used as a medium of exchange since thousands of years ago. when compared with other physical investment assets, gold is considered more durable, acceptable to all circles and easily transacted (kumar, 2014). that is why gold is a precious metal that gained great attention from researchers and practitioners in finance (arouri et al., 2014). gold also viewed as a financial asset (dee et al., 2013) because gold has been used as a financial or economic standard, foreign exchange reserves and even the main payment instrument in some countries. in addition to the time of uncertainty, when investors are afraid to make trade transactions, gold becomes an alternative for investment. even baur and mcdermott (2009) argued that gold would be an attractive investment instrument in times of turmoil in financial markets. agyeiampomah et al., (2013) argued that the 2008 crisis has made investors use gold as a safe haven asset in their flight for safety effort. baur and lucey (2010) argue that gold is usually seen as a secure asset because it is an initial form of money and is also used as a hedge against inflation. another explanation is that gold does not correlate with other types of assets. even as gold is usually valued in united states dollar, then gold can also act as a hedge against the exchange rate for investors holding us dollars. in addition to functioning as a safe haven and hedge, some research also shows that gold can serve as a diversifier for the stock market such as research done by ibrahim (2012); ibrahim and baharom 258 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 (2012) because it has an insignificant positive relationship with the stock market. because of this character, then some research such as research conducted by do et al., (2009); ratner and klein (2008); robiyanto et al. (2017b) found that involving gold into the stock portfolio could improve the performance of its portfolio. jakarta islamic index (jii) is one of the stock price indexes listed on the indonesia stock exchange. jii was introduced on july 3, 2000, to facilitate investors in investing stocks of public companies by the principles of sharia (robiyanto, 2017b). jii will not involve stocks of companies that engage in activities that are prohibited by islamic law such as traditional banking (ernayani et al., 2017). jii is formed from 30 stocks of companies whose business activities are in accordance with islamic law and fulfill several other criteria such as stocks have been listed on the indonesia stock exchange for at least 3 months; meet the criteria of obligation asset ratio not more than 90%; entered the top 60 of market capitalization in the previous year period; entered the ranking of 30 most active stocks in the regular market. jii member stocks will be reviewed every six months. hypothesis development hedging is an activity undertaken by an investor to reduce or eliminate a source of risk. ahmad and halin (2014) even suggested that hedging is an attempt to ensure that potential risks and losses are mitigated when someone commits market liquidity. the principle of hedging is to cover the loss of the initial asset position with the advantage of the position of the hedging instrument. before hedging, an investor holds only a few initial assets. after hedging, investors hold some initial assets and a certain number of hedging instruments. a portfolio of initial assets and hedging instruments is called a hedging portfolio. hedging portfolio has a lower risk than the initial asset risk. a hedger or hedge principal will typically invest in an asset that is believed to have a price below the market value it should and combine it with other assets associated with the asset. given the nature of the gold instruments that often have in opposite direction movements toward stocks, so gold often viewed as a hedging instrument for stocks. this evidence also documented by patel (2013) in bombay stock exchange, aksoy and topcu (2013) in istanbul stock exchange, hossenidoust et al., (2013); robiyanto et al., (2017a) in asean stock markets. hence, the hypothesis formulated as follows: h1: gold could act as a hedging instrument to jii stocks. coudert and raymond-feingold (2011) argue that safe haven assets are seen when economic and financial turbulence occurs. in those periods, risky asset prices 259 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 r. robiyanto. testing of the gold’s role as a safe haven will collapse simultaneously, as realized losses on the market will create liquidity shortages in other markets, spurring massive sales of risky assets. the ability of commodities to provide a positive return during downturn conditions has been documented by gorton and rouwenhorst (2006). hillier et al., (2006) suggest that the primary benefit of precious metals is seen in its ability to resist market conditions when the market falls. there are several definitions of safe haven proposed by the researchers. kaul and sapp (2006) define a (financial) safe haven as the ideal place to place money when the period is full of uncertainty. meanwhile, ciner et al., (2012) defines a safe haven as an asset purchased by investors when uncertainty increases. more specifically ciner et al., (2012) define an asset as a safe haven asset, or an asset portfolio does not have the same movements as any other asset in the event of pressure. the same is also stated by joy (2011) who states that safe-haven assets are assets that have no correlation or negative correlation with other assets (stock or even currency) during difficult times. gold is seen by investors and capital market actors as one of the safe haven instruments, so gold becomes an option for investors to secure assets in their portfolios when there is instability in financial markets. various studies are conducted related to gold as a safe haven such as research baur and mcdermott (2012); ciner et al. (2012); mulyadi and anwar (2012); robiyanto et al. (2017a), concluded that gold is considered suitable with the translation as a safe haven. hence, hypothesis formulated as follows: h2: gold could act as a safe haven to jii stocks. method this study uses data from jakarta islamic index (jii) monthly closing on indonesia stock exchange and gold price data in the international market (gold). the study period is may 2008 to september 2017. jii and gold data were obtained from reuters. the price of gold in this international market will be converted into rupiah first before further analysis. return jii calculated by using the formula: return jiit = (jiit jiit-1)/ jiit-1, where jiit is monthly closing of jii in period of t and jiit-1 is monthly closing of jii in period of t-1. while return gold calculated by using the formula: return goldt = (goldt goldt-1)/ goldt-1, where goldt is monthly closing of gold price in period of t dan goldt-1 is monthly closing of gold price in period of t-1. in this study, the data were analysed using quantile regression (qreg) using ordinary least square. the qreg equation used in this research is as follows: 260 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 rgold,t = α + β1rjii(q50%, 40%, 30%, 20%, 10%) + εt (1) where εt = residual term rgold,t = return gold rjii(q50%,40%30%,20%10%) = return jii for q50%, 40%, 30%, 20% and 10%. various studies have used the quantile regression (qreg) technique. qreg is very commonly used in studies of potential gold as a hedge and a safe haven. the research has been done by ghazali et al., (2013); ghazali et al. (2015); ibrahim and baharom (2012); robiyanto et al. (2017a) also use this qreg technique. in addition to using qreg, this study also uses ordinary least square (ols) analysis techniques as a companion test to see the potential of gold as a protective instrument of value. ols analysis is used by using all periods of research data. the ols equation used is as follows: rgold,t = α + β1rjii + εt (2) where εt = residual term rgold,t = return gold rjii = return jii result and discussion the result of analysis by using ols and qreg technique can be seen in table 1. based on the results of the analysis that has been done as shown in table 1., it can be seen that the return regression coefficient jii negative despite not having a significant effect on return gold. baur and lucey (2010) states that hedge is defined by assets that do not correlate or are negatively correlated with other assets or portfolios. based on these statements, these findings indicate that throughout the observation time, gold can be a hedge for sharia stocks that enter into jii because it has no significant relationship but has coefficient with negative sign. hence, h1 that stated gold could act as a hedging instrument to jii stocks, accepted. these findings are consistent with the results of the study done by hillier et al. (2006); hood and malik (2013) who found that gold could be a hedge for the us stock market as well as research done by ghazali, lean, and baharia (2016) which find gold could be a hedge for the stock market in malaysia. this 261 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 r. robiyanto. testing of the gold’s role as a safe haven finding is not surprising because gold is categorized as a different asset class with stock. furthermore, gold is more categorized as an asset to keep the value. gold characteristics as durable and universally accepted asset make gold often viewed as a high-quality asset. hillier et al. (2006) stated that gold’s characteristic such as high hedging capability during extreme market condition, i.e. stock market downturn could improve the stock portfolio performance. this finding also supports robiyanto et al. (2017a) which found that precious metals include gold could act as hedging instrument in asean capital markets. tabel 1. results of qreg and ols analysis quantile ols 0.5 0.4 0.3 0.2 0.1 gold c 0.008102 0.005248 -0.007052 -0.019544* -0.035845* -0.055077* (1.542361) (0.806011) (-1.088909) (-3.048408) (-5.287100) (-7.610124) jii -0.016443 0.0084752 0.046757 0.043951 -0.020454 -0.040591 (-0.197648) (0.850928) (0.509843) (0.520115) (-0.256561) (-0.555224) source: data processed. information :* significant at a significance level of 1% meanwhile, by using qreg on 50%, 40%, and 30% quantile, it was found that the regression coefficient return jii was positive and not significant. this suggests that gold tends to play a role as a diversifier for indonesia’s capital market when conditions are relatively volatile. the potential of gold as an asset diversifier is consistent with several studies that have been done before, such as research done by ibrahim and baharom (2012) which uses the diversifier concept presented by baur and lucey (2010) and found that gold could produce the diversification benefit for malaysian stocks because it has no significant positive relationship with gold. inconsistent results are found when using qreg on 20% and 10% quantiles. by using an increasingly smaller quantiles that is an indicator for the increasingly extreme turmoil in the stock market, this finding finds that the jii regression coefficients turn out to be negatively and insignificant. this shows that when stock market conditions worsen, and there is an extreme decline, gold shows its supremacy to be a safe haven for sharia stocks in indonesia. hence h2 that states gold could act as a safe haven to jii stocks, accepted. this is consistent with the 262 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 results of the study done by robiyanto et al. (2017a) which found gold could be a robust safe haven on the singapore and malaysian stock markets. in the event of market turmoil, investors tend to try to secure their assets by switching to higher quality assets (beber, brandt, & kavajecz, 2006). limited time transactions from stock markets can also be an obstacle for fund managers and investors to take a necessary action in the event of a market crash such as selling or liquidating their main assets. hence, gold as more liquid and higher quality asset could provide a protection. conclusion this study proves that gold can serve as a hedge for the indonesian (sharia) stock market in the long term. this shows that gold can be an instrument of preserving (sharia) asset value in indonesia in the long run. the study also found that when extreme shocks occur in the stock market in indonesia, gold can serve as a safe haven in the indonesian (sharia) stock market. based on these findings, it is suggested that sharia stock investors in indonesia stock exchange can use gold as a hedge instrument in the long run. further, when stock market conditions experience a drastic decline, investors can shift their assets into gold to secure their investment. for researchers interested in conducting studies in the same field may conduct special reviews on the other stocks such as stocks that included into sri-kehati calculations as well as other specific indices such as bi-27, kompas-100 and so on. the use of sophisticated methods is also strongly recommended. references agha, s. e., saafi, a. r., & qayoom, o. a. 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(2012). financial risk market and gold investment in an emerging market: the case of malaysia. international journal of islamic and middle eastern finance and management. vol. 5(1): 25-34. doi: https://doi. org/10.1108/17538391211216802 ibrahim, m. h., & baharom, a. h. (2012). the role of gold in financial market: a malaysian perspective. economic computation & economic cybernetics studies & research. vol. 45 (4): 227-238. 265 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6527 r. robiyanto. testing of the gold’s role as a safe haven joy, m. (2011). gold and the us dollar: hedge or haven? finance research letters. vol. 8: 120-131. doi: https://doi.org/10.1016/j.frl.2011.01.001 kaul, a., & sapp, s. (2006). y2k fears and safe haven trading of the u.s. dollar. journal of international money and finance. vol. 25(5): 760-779. doi: https:// doi.org/10.1016/j.jimonfin.2006.04.003 kumar, d. 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(2016). uji integrasi dan contagion effect pasar modal pada lima negara asean: riset empiris pasca terjadinya krisis subprime mortgage dan krisis yunani (integration test and capital market contagnion effect on five asean countries: empirical research post subprime mortgage crisis and greek crisis). jurnal keuangan dan perbankan. vol. 20(2): 252-262. sujit, k. s., & kumar, b. r. (2011). study on dynamic relationship among gold price, oil price, exchange rate and stock market returns. international journal of applied business and economic research. vol. 9(2): 145-165. triyono, d., & robiyanto. (2017). the effect of foreign stock indexes and indonesia’s macroeconomics variables toward jakarta composite stock price index (jci) advanced science letters. vol. 23(8): 7211-7214. doi: https://doi. org/10.1166/asl.2017.9332 ulirrahmi, f. (2012). investasi emas dalam perspektif hukum islam (gold investment in islamic law perspective. (unpublished bachelor thesis). surakarta: universitas muhammadiyah surakarta. asep nurimam munandar1*, mukhaer pakkana2, amrizal3 abstract. indonesia has a significant waqf potential. however, its realization has not been optimal. using the bogor waqf forest foundation as the case study, this research analyzes the implementation of the waqf forest development strategy. it assesses the priority benefits, opportunities, costs, and risks (bocr) faced. this study uses the business model canvas (bmc) to the bocr by mapping the nine business blocks of the canvas model. the study finds that the main priorities to strengthen the management and development of the forest waqf project are 1) nāẓir professionalism and competence in knowledge of waqf laws, 2) research and discourse development, and 3) personal approach to collecting waqf funds. keywords: waqf; waqf forest; analytic network process abstrak. indonesia memiliki potensi wakaf yang signifikan, namun realisasinya belum optimal. dengan memilih yayasan hutan wakaf bogor sebagai studi kasus, penelitian ini menganalisis implementasi strategi pengembangan hutan wakaf dan menilai prioritas manfaat, peluang, biaya, dan risiko (bocr) yang dihadapi. kajian ini menerapkan business model canvas (bmc) pada bocr, dengan memetakan sembilan blok bmc. studi ini menemukan bahwa prioritas utama untuk memperkuat pengelolaan dan pengembangan proyek wakaf hutan adalah 1) profesionalisme nāẓir dan kompetensi dalam pengetahuan hukum wakaf, 2) penelitian dan pengembangan wacana, dan, 3) pendekatan personal dalam pengumpulan dana wakaf. kata kunci: waqf; waqf hutan; proses analisis network waqf forest development strategy in cibunian bogor al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 327 342 1,2,3ahmad dahlan institute of technology and business jakarta, indonesia e-mail: 1asepnurimammunandar@gmail.com, 2mukhaer_p@yahoo.com, 3amrizal@itb-ad.co.id author: asep nuriman munandar received: 19 september 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:asepnurimammunandar%40gmail.com?subject= mailto:mukhaer_p%40yahoo.com?subject= mailto:amrizal%40itb-ad.co.id?subject= 328 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction the progress of developing cities in indonesia will confiscate a lot of the natural environment and put pressure on land that should be conservation sites. there have been many forest lands whose functions have changed, which is a significant threat to the survival of the various species in the forest. waqf forest is one of the innovative movements supporting the preservation and protection of the environment, which was initiated by raising funds voluntarily to buy critical forest land to be developed back into green land. this forest land has ecological value for the surrounding village community and muslims. forest waqf can answer several problems of natural damage by irresponsible parties. in addition, there are positive values in that the donated forest will be planted with several types of trees and some fish cultivation. thus, people can take advantage of it. waqf in indonesia is mainly in the form of land and is processed to become productive waqf where the management is as plantation and agricultural land rahman et al. (2020). the problem in the management aspect that is the top priority is the lack of hr competency (mutiara, 2021). sup (2021) argues that waqf forests produce economic outputs, rebuild land to be turned into a forest, and social benefits, and can be managed by villagers on the condition that maintaining forest sustainability is something that must be implemented. in addition, waqf forests, with the aim of sustainable development, can support several sdg points, namely reducing poverty, increasing public health and welfare, sanitation and clean water, and creating a good climate. waqf forests support ecotourism development, carry out friendly activities, build a supportive environment and develop forest conservation communities (ali and kassim, 2020). indriati (2017) argues that the changes that occur are substantial, if realized, and will have a multiplier effect on the economic welfare of muslims. however, the thing that must be considered is changing the mindset of muslims in indonesia because waqf is still limited to durable objects that can be used for social activities, such as schools, mosques, and cemeteries. laws and regulations on waqf assign waqf as an engine of change, thoughts, behavior, and attitudes of muslims towards the perspective of waqf. suppose waqf is assumed to have a multiplier effect. in that case, this impacts economic development in indonesia to reduce the burden on the government; income is equitably distributed. it has the effect of reducing inequality and poverty (fitri et al., 2018). however, behind that, all waqf designations must be managed professionally, considering that its implementation takes momentum and several supporting policies; in this case, the government must pay special attention to the empowerment of this waqf as an alternative source for the social http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 asep nurimam munandar. waqf forest development strategy in cibunian bogor 329 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 welfare of the community. two fundamental issues related to national waqf are institutions and markets. national waqf needs institutional support and market order to form a well-established islamic finance ecosystem (nasution et al., 2021). waqf forest, located in cibunian village, bogor regency, west java province, is creating waqf assets in the form of land for the welfare and benefit of the people. the idea of the waqf forest was written in an article posted on sharianews.com in august 2018, giving an extraordinary response from the waqf stakeholders. so, one of the wāqif decided to realize the waqf forest by endowing his 1500 m2 of land in kampung muara 1, cibunian village, bogor regency, west java province. in 2019, the bogor waqf forest community was formed by the yasirru foundation. in 2019 the bogor waqf forest community was developed by the yasirru foundation. the yassiru foundation is a foundation that focuses on the field of taḥfīẓ houses as a form of community service based on productive waqf. currently, the yassiru foundation manages two taḥfīẓ housing units in babakan lio and balumbang jaya, west bogor. the community attempted to find waqf funds through cash waqf, which was used to acquire a second waqf forest area of 1200 m2 in june 2019; in july 2020, the community-acquired 38,320 m2 of land for waqf forest. in september 2020, the bogor waqf forest community transformed into the bogor waqf forest foundation to formalize this activity and focus on developing waqf forests. they cooperate with many supporting institutions related to developing the potential of waqf forests. this study aims to examine the development strategy of the bogor waqf forest foundation. the foundation of the waqf forest is a nāẓir group that manages and develops waqf forests to sustain the results. the activists at the waqf forest foundation are professionals in the fields of agriculture, forestry, islamic economics, and business. they try to apply the concept of waqf to preserve the forest environment and use it to improve the people's economy, especially those who live around the waqf forest. the management and development of waqf by the waqf forest foundation are motivated by the desire of researchers who see that many people care about worship in the form of waqf to help all the current socio-economic problems in indonesian society. literature review nawawi (2013) divided the dimensions of implementing productive waqf into two sides: the first is the religious dimension, where islam teaches that waqf needs to be done so that it is included in the vertical worship of allah (ḥablun http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 330 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 min allāh). the second dimension is that utilization waqf is horizontal worship (ḥablun min annās) related to socio-economic development. thus, this productive waqf has a significant influence in helping the welfare of the people—for example, the development of sports facilities and social worship activities in the surrounding environment. a professional waqf management strategy is important to make waqf land more productive. aulia (2022) maintains that waqf can be used for productive activities in supporting national economic programs. in addition, professional management of waqf institutions is important to make them more transparent. it is also necessary to pay attention to the welfare of nāẓir's resources so that the nāẓir profession is more professional and not only because of religion. a pattern of business development must be transparent to report programs that have been plotted into productive waqf in the form of financial reports. nāẓir needs to have good intuition because nāẓir is an entrepreneur with an excellent managerial level. after all, productive waqf must be managed with good business opportunities (rivai, 2016). the concept of forest waqf has existed in indonesia since 2012. it was initially developed in aceh. the land purchased is in critical condition and must be cultivated to preserve the environment. in addition, the land is also converted into a forest so that it can be used ecologically and economically. local villages manage the waqf forests in aceh to obtain public welfare benefits as well as the functions and objectives of the waqf itself (setyorini et al., 2020). in waqf forests, some tangible benefits must be returned to the nāẓir. the nāẓir will use this benefit for the development of waqf forests. for example, suppose an agroforestry program is developed in a waqf forest. in that case, part of the profits from forest sales (not including forest timber) will be used to pay workers or purchase new land to be managed and developed as the next waqf forest (ali & kassim, 2020). suppose waqf is collected from people with high incomes and given to those entitled to receive it. in that case, consumptive objects by those with high incomes will be reduced because the influence of the waqf has a balance between expenditure and income. below are some of the empowerment of waqf forests as follows (indriati, 2017). first, the orientation of forest waqf in agroforestry is not only limited to certain parties but is more focused on utilization for public purposes such as agriculture, gardens, and livestock. second, if there is a rapid development of the waqf forest, people will do waqf. suppose waqf is implemented for the environment or forest waqf. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 asep nurimam munandar. waqf forest development strategy in cibunian bogor 331 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 it will balance the needs in terms of development and the environment, as in the study by setyorini et al. (2020), which revealed that forest waqf is a solution to protect the environment because it impacts the balance between environmental protection and national development. balancing both will benefit the community as well. furthermore, the forest waqf also plays a role in indirect conservation by planting trees. this environmental preservation activity will continue if this forest waqf is appropriately used. the concept of productive waqf from the perspective of waqf forests and prioritizing the environment has not been widely adopted in indonesia yet. however, this has long been practiced in kuwait through the kuwait awqāf public foundation (kapf) through the environmental fund program, which started in 1995. the organization manages and distributes the proceeds of the waqf to support greening projects in mosques and schools and also to collaborate with companies in the form of investment. later, when kapf has a stake in the shares, the policy in every company activity will produce environmentally friendly goals. a similar project was started in indonesia in 2012, particularly in aceh province. this started with the purchase of critical land but the potential for planting. in turn, this could preserve the environment, besides that the land was converted back into the forest with the hope that it would have ecological and economic benefits. the local villagers manage the waqf forest in aceh to obtain general welfare benefits as well as the objectives of the waqf (setyorini et al., 2020). beik, one member of the indonesian waqf board (2022), stated that waqf forests are managed optimally to empower communities around the forest. seeing the significant potential of zakāh and waqf collected from muslims in indonesia, the realization of distribution to waqf forests is also wide open. the presence of waqf forests is expected to encourage the increase of the source of income for the surrounding community so that poverty can be alleviated. in addition, the waqf forest also results in economic independence that can be formed through mentoring. one of the empowerment programs developed by baznas is a food barn and livestock hall. zakāh and waqf can complement each other. so that the target to empower the community around the waqf forest will be well realized. tanjung (2022) stated that planting trees helps protect the environment. forests are home to more than 80% of all terrestrial species of animals, plants, and insects. the nature of waqf is a long-term project. the stakeholders have to think about the successors of the project. therefore, waqf forest managers should be http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 332 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 formed as foundations, not individuals. because in the management of individual waqf forests, there are no legal standards and household constitutions. at any time, the waqf forest will become a big project. however, the concept of productive waqf from the perspective of waqf forest requires attention to the legalization of land ownership so that it does not cause disputes at any time. experts do not have different opinions regarding the importance of registering waqf forest land with relevant government agencies by the laws and regulations of the republic of indonesia. the expert emphasizes that registering waqf forest land to obtain a waqf land certificate from the national land agency is one of nāẓir's important tasks that must be carried out immediately. the registration is based on data collection by government-related institutions, and is primarily carried out to secure the status of waqf forest land as waqf land. waqf land must continue to be managed productively by the nāẓir and cannot be transferred to other parties. the purpose of waqf land as forest must also be stated from the start in the waqf pledge deed so that it can become the legal basis for nāẓir accountability in the future. according to indonesian law, it is important to certify waqf land due to several reasons (jannah et al., 2020): 1) to provide legal protection and certainty for wāqif, nāẓir, and represented assets; 2) for nazirs, to get supervision and guidance from the indonesian waqf board, on behalf of the ministry of religion; 3) to ensure the sustainability and productivity of waqf forests because the nāẓir must regularly submit reports to the indonesian waqf board; 4) to prevent future disputes over waqf forest land assets and; 4) to support the issuance of fatwas and regulations regarding waqf forests from related agencies. this waqf movement was known as the cash waqf movement, initiated by muhammadiyah youth in 2010. in the past, the minimum contribution was idr5.000 considering that most muhammadiyah youths still had low incomes at that time. they were fundraising up to the purchase of the first waqf for idr7 million at that time; the price of land was still idr10.000 per meter square. in the beginning, 300 albasia/sengon trees were planted, with an average age of more than two years (bahri, 2016). there were some considerations for planting albasia, including all muhammadiyah members being farmers and owning land. albasia is suitable for growing in mountainous areas; the harvest is about five years. further, the demand for albasia wood is excellent both domestically and abroad. if, at that time planting, in 2010, albasia trees with an age of more than two years and a total of 300 trees could be harvested in 2013 for idr100.000 per stem, the results would be around idr30 million. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 asep nurimam munandar. waqf forest development strategy in cibunian bogor 333 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 this research identifies, analyses, and structures the strategy undertaken by the islamic asset management foundation in this waqf project into the business model canvas. after getting the model framework from the canvas business, do the same to the bocr network. the initial stage was to obtain the variables for the business model canvas. namely, the results of direct interviews with nāẓir were identified, analyzed, and then structured into nine blocks of the business model canvas. the results were obtained from nine respondents on the priority of the strategy (akhlaq et al., 2021). first, nāẓir, who is competent & has knowledge of waqf law, manages a waqf project as someone reliable in managing a business (nasution et al., 2021). second, the nāẓir conducts a feasibility study before choosing a business. preliminary research is an important step that must be carried out and is a major consideration in choosing a business before selecting and then running it to manage waqf funds. third, the collection of waqf funds uses a personal approach to potential wāqif. it is one of nāẓir's strategies at the paii foundation to target wāqif candidates with the potential to have the funds and the desire to participate in waqf projects. the level of agreement of 9 respondents in determining priority choices in the strategy cluster is w = 0.39, shown in the rater agreement value. this indicates agreement on the medium scale of the respondents for the three strategies above in waqf management. methods this study used the analytic network process (anp) to analyze whether the benefits, opportunity, cost, and risk (bocr) of waqf forest development carried out by the bogor waqf forest foundation are for waqf development, namely to become productive waqf. furthermore, produce sustainable results. the purpose of using the analytic network process (anp) in this study is to help provide the best alternative by displaying a priority ranking order. involving several experts in the field of waqf will produce a priority order and rate of agreement from these experts. in this study, the analytic network process (anp) method is used to select the main priority in alternative strategies that can be carried out by the bogor waqf forest foundation for the management of their waqf project. the subjects in this study were taken through experts involved in waqf; the number of respondents to be sampled consisted of 9 respondents, three from the regulator, four from academics, and two from practitioners. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 334 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 researchers obtained data by conducting direct interviews with the nāẓir of waqf forest foundation and a recap of questionnaire results sourced from the assessments of regulators and academics who have competence in their respective fields of waqf. the secondary data is sourced from literature studies, articles, journals, and internet sites related to the research being conducted. the next stage in data collection in analytical network process can briefly be described as follows: 1) in-depth interview with bogor waqf forest foundation to find out in-depth about waqf management strategies for community welfare; 2) divide the strategy of the bogor waqf forest foundation into nine blocks of the canvass business model which are then mapped into benefit, opportunity, risk, and cost (bocr) according to the network process analysis (anp) technique; 3) decomposition to identify, analyze, and structure problems into a network analysis process (anp) network; 4) compile a comparison questionnaire based on the network analysis process (anp) network that has been created; and 5) distribute questionnaires to academics and regulators to fill out questionnaires to assess the benefits, opportunities, risks, and costs (bocr) conducted by the bogor waqf forest foundation. results and discussion the presence of the bogor waqf forest foundation in the middle of the cibunian village has had a good impact on the people in the cibunian village area, bogor. the choice of location was not solely because of its strategic location but also because of the direct land handover by the owner. therefore, the foundation decided on a future location around cibunian village. the existence of da'wah, social, educational, and economic programs provides good benefits for the surrounding community to participate in maintaining the preservation of this waqf forest. as sano (2021) stated, education is part of a waqf establishment that must be prioritized. this program is based on five aspects of maqāṣid al-sharī’a: hifẓ al-dīn, hifẓ al-nafs, hifẓ al-‘aql, hifẓ al-nasab, and hifẓ al-māl. the nāẓir allocated funds for various program indicators, such as the distribution of land development programs to ecology by 38.42%. the development of economic programs, such as the stingless bee cultivation program, goldfish farming, and planting 1,000 plant seeds, is 27.11%. the nāẓir also allocated funds for the education sector, where the waqf forest foundation established a small forestry school for informal educational activities. it also helped children who had http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 asep nurimam munandar. waqf forest development strategy in cibunian bogor 335 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 dropped out of school to keep their enthusiasm for learning from the foundation's programs. this funding is allocated around 26.72%. the remaining 2.86% is distributed to social humanity and 4.89% to waqf forest managers or foundations. the following chart of the distribution per program: figure 1. distribution of funds source: wakaf.org (2022) at the analysis stage, the authors identify, analyze and structure the results of the business model canvas (bmc) into the benefit, opportunity, cost, and risk (bocr) network. the points described previously in the nine business block canvas models will be used as material for making a comparison questionnaire. after that, several nāẓir validated the comparison questionnaire before the researchers distributed it to experts such as academics and regulators. the benefit, opportunity, cost, and risk (bocr) framework are grouped into 4 clusters. from these four aspects, the author divides the point of view into two parts: the internal point of view as a waqf foundation and an external point of view as other parties outside the waqf foundation. the anp bocr model has three decision parts, including strategic criteria where decisions are evaluated according to bocr suitability. further, control criteria and decision networks to determine alternative priorities for each decision are used to synthesize priorities and get the best answer. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 336 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 geomean results in figure 1 get a benefit cluster of 0.222, an opportunity cluster of 0.231, a cluster cost of 0.239, and a cluster risk of 0.230, where overall, respondents think that the highest priority in the four aspects of bocr is the cost aspect. figure 2. results of geomean source: author's analysis using super decision (2022) figure 3. results of the bocr rater agreement source: author's analysis using super decision (2022) the overall level of agreement of the respondents can be seen from the value of kendall's coefficient (w), which is 0.58; it can be concluded that there is a general agreement among the respondents in the high category. as for figure 2, general rater agreement 2 out of 9 respondents indicate that the level of understanding from the cluster cost is more significant than (> 0.235), which is in the medium category. it can be concluded that two respondents chose the cost aspect, which is an aspect that can provide a burden in the short http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 asep nurimam munandar. waqf forest development strategy in cibunian bogor 337 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 term if applying 5 points from the cluster cost carried out by the waqf forest foundation. the alternative strategy cluster contains strategic suggestions that can be carried out by waqf forest foundations in implementing strategies for developing waqf forests. the following are the priority categories of the strategy cluster: 1) the collected waqf funds are more of a personal and potential approach. this is a relatively quick strategy to collect waqf funds so that management can run well. the waqf payers can participate in waqf projects and are approached personally. 2) the nāẓir develops discourse and conducts research before choosing waqf. one of the studies positively impacts knowledge about waqf, especially waqf forests. this is because the more research and writing, the more knowledge on the existence of waqf forests will be, so this will have an influence on prospective wāqif interested in the project being undertaken. 3) the nāẓir's should possess professionalism and competence in knowledge of waqf laws. 5) the nāẓir, a professional in the management and development of waqf forests currently being undertaken, focuses on the intended goals and must have reliable knowledge to develop the waqf project. the following are the results of the rater agreement cluster alternative strategy: figure 4. result of rater agreement strategy source: author's analysis using super decision (2022) http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 338 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the overall level of agreement from the respondents or kendall's coefficient (w), which is equal to 0.5, can be concluded that there is a general agreement from the respondents in the high category. as for picture 4, the rater agreement above overall 5 of 9 respondents showed that the level of understanding from the alternative strategy, such as nāẓir's professionalism, was, on average, 0.78. meanwhile, the remaining 4 of 9 respondents chose the intermediate level of agreement from the alternative strategy: writing discourse and research, which was 0.77. figure 5. overall alternative priority source: author's analysis using super decision (2022) the data processing results on alternative priorities from five respondents showed that the order of strategic aspects became a priority, including 1) the nāẓir's professionalism and competence in knowledge of waqf laws (0.541); 2) discourse development, writing, and research before choosing waqf (0.391); and 3) personal approaches to waqf funds collection (0.070). conclusion the current study summarized the main priorities from the strategic aspect to be carried out by the bogor waqf forest foundation to strengthen the management and development of the waqf projects. those are currently being maintained, including the nāẓir's professionalism and competence in knowledge of waqf laws; discourse development, writing, and research; personal approaches to waqf funds collection. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 asep nurimam munandar. waqf forest development strategy in cibunian bogor 339 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 from the results of the bocr priority research (benefit, opportunity, cost, and risk) for the internal benefit aspect, the main priority is nāẓir's professionalism. meanwhile, the external benefit aspect includes the distribution of waqf to mawqūf 'alayh. in the part of the internal opportunity, the main priority is to attract prospective wāqifs. on the other hand, the main focus for external opportunities is increasing waqf literacy. for the inner cost aspect, the main priority is collecting waqf funds, while the external price's main priority is the time required for waqf development. finally, for the internal risk aspect, the main focus is that maximum effort is needed so that it can run as planned. the main priority in the external risk aspect is the risk of the relationship between nāẓir and wāqif. references akhlaq, s. k., possumah, b. t., & anwar, s. 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(2016). pengelolaan dan pengembangan wakaf produktif. al-awqaf: jurnal wakaf dan ekonomi islam, 9(1), 1-16. https://doi.org/10.47411/alawqaf.v9i1.32. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 https://doi.org/10.15408/aiq.v13i2.22403 https://doi.org/10.15408/aiq.v13i1.19448 https://doi.org/10.15408/aiq.v13i1.19448 https://doi.org/10.47411/al-awqaf.v9i1.32 https://doi.org/10.47411/al-awqaf.v9i1.32 342 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 wahyuningsih, w., & widyastuti, t. (2018). efisiensi wakaf produktif pada yayasan badan wakaf sultan agung semarang. al-awqaf: jurnal wakaf dan ekonomi islam, 11(2), 141-152. https://doi.org/10.47411/al-awqaf.v11i2.18. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28119 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 115 134 received: september 2, 2017; revised: november 5, 2017; accepted: november 22, 2017 1 central bank of kuwait. po box 526, safat, 13006, state of kuwait. 2 international islamic university of malaysia. po box 10, 50728, kuala lumpur, malaysia e-mail: 1 jamshaid.anwar@gmail.com, 2 syedmusa@iium.edu.my doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 abstract. to stimulate the economy, regulators across all jurisdictions have been taking unconventional approaches. thus, in recent years, the management of benchmark rates (or interest rates) has received considerable prominence in the banking sector due to some reasons including supervision banks’ benchmark rates under basel ii. this paper reviews the possible dysfunctional implications of lowly and/or negative rates and provides a risk management and regulatory perspective for islamic banks. these consequences call for a better risk management with appropriate tools and effective supervisory oversight. it hoped that the initial discussion presented in this paper on the implications and controls invites a broader debate on this issue in the islamic financial services industry. keywords: negative rates, benchmark rates, islamic banks, financial stability abstrak. untuk merangsang ekonomi, regulator di semua yurisdiksi telah mengambil pendekatan yang tidak lazim.. dengan demikian, dalam beberapa tahun terakhir, pengelolaan suku bunga acuan (atau tingkat suku bunga) telah mendapat banyak perhatian di sektor perbankan karena sejumlah alasan termasuk tingkat suku bunga bank acuan di bawah basel ii. artikel ini mengulas implikasi disfungsional kemungkinan tingkat rendah dan / atau negatif, dan memberikan perspektif manajemen risiko dan peraturan bagi bank-bank islam. implikasi ini menuntut pengelolaan risiko yang lebih baik dengan alat yang tepat dan pengawasan pengawasan yang efektif. diharapkan bahwa diskusi awal yang disajikan dalam makalah ini mengenai implikasi dan kontrol mengundang perdebatan yang lebih luas mengenai masalah ini di industri jasa keuangan islam. kata kunci: tingkat bunga negatif, suku bunga acuan, bank syariah, stabilitas keuangan how to cite: chattha, j.a., & s.m. alhabshi. (2018). lowly of negative benchmark rates bandwagon: any risk implications for islamic banks?. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 115 – 134. doi: http//dx.doi.org/10.15408/aiq.v10i1.6121 lowly or negative benchmark rates bandwagon: any risk implications for islamic banks? jamshaid anwar chattha1, syed musa alhabshi2 116 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 introduction more than nine years after the global financial collapse (gfc), most economies are still much presented with unprecedented challenges. the slowdown in the global economy and its inconsistent performance has received some unconventional responses (e.g., intensive quantitative easing and keeping lower and/or negative interest rates) from the regulators. the banking industry, being at the heart of these economic developments, is going through a challenging time. to a greater extent is dealing with lower and/or negative interest rates. in mainstream finance, the benchmark rates or return on investment have always featured as one of the essential considerations in explaining the saving and consumption behavior of individuals. in recent years, the management of benchmark rates has received considerable eminence in the banking sector due to various factors including: (a) the increasing instability of benchmark rates: (b) financial market conditions including the reason of a flat yield curve and the risk of yield curve remaining flat for the more extended period: (c) and the growing international emphasis on the supervision and control of banks’ benchmark rates under basel ii. in april 2016, the imf’s global financial stability report provided an assessment of the global financial system and markets. the report also indicated that economic outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while the decline in oil and commodity prices and slower growth have kept risks elevated in emerging markets. six months later, this uncertainty and sluggish growth remain a sincere concern for the world’s major and emerging economies. since a bulk of islamic finance operates within the emerging economies and also being an integral part of the global financial system, the impact of such uncertainty is inevitable for islamic banks. in may 2016, the islamic financial services board (ifsb) islamic financial stability report hinted two crucial moving-forward guidance pertaining to islamic finance: (a) the increased fragility of emerging financial markets and the sharp decline of oil prices might negatively impact the profitability and asset quality of islamic banks; (b) the monetary policy of western central banks can induce yield volatilities and may shake investors’ confidence in emerging markets’ financial assets, including sukūk. now, a recent report (islamic finance in 2017: modest growth and amid oil-prices woes) published by s&p global ratings in september 2016 affirms the ifsb predictions and indicates a drop in islamic finance growth in 2017. this report suggests islamic banks will be having a slowdown in growth. one of the critical reasons noted for such economic downturn is the prevailing very low and/ or negative yield rates for investment in the developed economies coupled with sharp declining commodities prices mainly oil, which reflect an important concern 117 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon to the financial markets and its participants. that said, in line with the expectation theory, investors across the border are desperately looking for suitable investment opportunities in a very low rate regime. from a conventional banks perspective, a lot has been written recently by scholars explaining the impact and implications of low and/or negative rates environment on banks’ profitability (arteta, kose, stocker, and taskin, 2016; busch, and memmel, 2015; bech and malkhozov, 2016; bean, broda and kroszner, 2015; genay and podjasek, 2014; jobst and lin, 2016; linnemann, 2016). therefore, the purpose of this paper is not to cluster the literature on the subject, rather highlight the implications for islamic finance as very little has explored from islamic banks’ perspective. research has addressed the implications of increasing benchmark rate risk for islamic banks, not the opposite (e.g., bacha, 2004; chattha and bacha, 2010). this research mainly focuses on lower rates. in light of the lower benchmark rate, lately, economists and central banks are grappling with significant concerns such as: whether there is any impact or risk to islamic finance, in general, and to islamic banks, in particular? how is it relevant to the islamic banks and is there any profound impact on financial markets in emerging economies? how well are islamic banks and their regulators (central banks) prepared to tackle this? what are the potential concerns and remedies to counter low and/or negative rates? within the above context, the novelty of this paper is to examine and address these questions from a risk management and regulatory and banking supervisory perspective. with that in mind, the purpose of this article is two-fold: first to review the broader picture of low and/or negative rates; second to provide a risk management and regulatory perspective for islamic banks on the implications of weak and/or negative rates. the remainder of the paper organized as follows. section 2 provides an overview of the broader picture of negative policy rate globally supported by data and methodology used in the article. chapter 3 presents discussion and analysis and explains the relevance and implications of low or negative policy rate for islamic banks. section 4 concludes and offers suggestions for moving forward. literature review for a long time, central bankers believed that the policy rate could not drop below zero because households and corporates might start converting deposits into cash to avoid devaluation (jobst and lin, 2016). this is imaginable now. low-interest rates (usa, uk, and australia) and even negative rates (eurozone, 118 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 denmark, sweden, switzerland and japan) across the developed world underscore a low inflation world. the economists are referring this phenomenon as ‘a new normal’ for the financial industry. recently, we have seen that lower rates have been a problem in japan and the eu in particular. a variety of economic factors have pressed these rates very low offering challenges to maintaining price and economic stability. some of the key factors are related to the global supply and demand for funds, slower trend productivity, and economic growth. figure 1 shows policy rates for four major economies: the united states, the euro area, the united kingdom and japan; and the economies with negative territory. it is understood, as the literature suggests that as rates cut aggressively, the investor seeking higher return will be in search of yield, and consequently, the flight of capital will influence the lending and consumption patterns within the jurisdiction. when banks pay customers on their mortgages and charge big corporate clients on deposits, though these challenges the financial intermediation model. the notion behind this mechanism is to encourage spending and discourage savings behavior to provide a much-needed impetus to a slowing economy. this is one of the ammunition for economic growth, but it is apparent from the experience of particular central banks that there is a limitation of options to combat global disinflation and low-interest rate. the post brexit easing in monetary conditions – including delayed u.s. rate hikes further compounds this problem. figure 1: policy rates for major economies, 2010-2016 source: jobst and lin (2016) it is important to recall that back in march 2016, the bank for international settlements (bis) cautioned that the policy risk backfiring if rates stayed negative for a prolonged period fix. therefore, there has been the intense debate in the industry 119 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon on keeping the rates low or negative to provide the desired stimulus to the economy. in fact, mr. raghuram g. rajan, ex-rbi governor has recently commented, “ lowinterest rates globally could distort markets and would be difficult to abandon, and they are no substitute for reforms”.1 his words show both wisdom and experience. this indicates that governments’ reliance on central banks for ultra-loose monetary policy is not a viable option for a long-term preferably it should be complemented by carefully designed fiscal and structural reforms to better cope with a low-interest rate environment.2 developments in the current and previous year have provided more hints that the era of negative interest rates could be protracted than initially predicted. amid these developments, we have seen some banks (in europe) warning business customers that from year-end they could introduce negative interest rates for account holders. in this context, the question arises: how is this relevant to the islamic banks and is there any profound impact on financial markets in emerging economies? we address this issue in next section of the paper. method in line with the purpose of the paper and about islamic banks, we collected recent available data (as of july/september 2016) from a sample of 12 jurisdictions. the samples are: bahrain, bangladesh, brunei, indonesia, kuwait, malaysia, oman, pakistan, qatar, saudi arabia, turkey, and the united arab emirates. these samples are holding roughly 70% of total islamic banking global assets. the policy rates of these 12 jurisdictions were collected from the respective central bank or monetary authority individually. therefore, the policy rate authorities from the 12 sample countries mentioned above, included: central bank of bahrain; bangladesh bank; autoriti monetari brunei darussalam; bank indonesia; central bank of kuwait; bank negara malaysia; central bank of oman; state bank of pakistan; central bank of qatar; saudi arabian monetary agency; central bank of the republic of turkey; and central bank of the u.a.e. furthermore, in terms of research method, we followed qualitative research approach with particular focus from the regulatory perspective. 1 www.nytimes.com/2016/09/05/business/.../india-raghuram-rajan-central-bank.html. 2 it is to be noted that monetary policy is set while carefully aligning with fundamental of the economy and reform plans, so, it cannot monotonously be decided only with linear combinations of growth rate. 120 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 result and discussion foremost, it is essential to reflect on the islamic banking sector related critical developments before discussing the implications of low rates. islamic banking remains the most dominant form of asset-based intermediation system with approximately 80% of islamic financial assets held within the banking sector in different asset classes, products, and services. the industry’s assets remain heavily concentrated in the middle east region and a select few asian countries—the top ten islamic banking jurisdictions account for almost 94% of the global islamic banking assets (figure 2). according to the ifsb islamic financial stability report (2016), the islamic banking sector assets in full-fledged islamic banks, subsidiaries, and windows amount to an approximately usd1.50 trillion as of ih2015 with a cagr of 15.4% between 2008 and 2014.3 figure 2: islamic banking assets by jurisdiction (1h2015) source: ifsb fsr 2016 moreover, figure 2 exhibits that islamic banking sector in some jurisdictions (e.g., brunei, kuwait, malaysia, qatar, saudi arabia, the united arab emirates (uae) and yemen) is becoming gradually substantial. these jurisdictions seem to have accomplished at least 15% market share for their islamic banking compared to total banking assets. this represents that between them, these financial 3 the global ifsi reached an overall total value1 of usd1.88 trillion as of 2015 ytd (ifsb, fsr 2016). 121 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon institutions account for more than 5% of the total global islamic banking assets. the ifsb designates these jurisdictions as systemically important. this increasing prominence and higher market share of the industry pose some challenges for the stability of financial systems where islamic banks operate. in this connection, net profit margin (npm) or profitability remains a key concern. at the outset, it is important to note that islamic banks do not deal directly with interest rate or benchmark rate; however, as a matter of practice, most islamic banking products, and financial instruments, are priced concerning a conventional benchmark rate (e.g., the libor). although, this entices criticism in a dual banking systems where conventional banks operate side-by-side islamic banks changes in the market rates tend to introduce some risks in the earnings of islamic banks, the value of assets, management of liquidity, and funding cost (chattha and bacha, 2010). in this context, a case in point is the low and/or negative rates and their implications to the islamic banks4 in islamic banks, investment account holders (iah, also referred to as “profit sharing investment accounts (psia))’ funds invested in fixed-return assets such as murābahah; accordingly, the iah or depositors expect a return reflecting current market conditions. this return is related to market rates and relevant benchmark rates on the return on assets and the returns payable on funding. this phenomenon is referred to as “rate of return (ror) risk” by the ifsb. therefore, contrary to an increase in benchmark rates (which may result in iah having expectations of a higher ror, while the returns on assets may be adjusting more slowly due to longer maturities), a scenario of a decrease in benchmark rates offer more interesting perspective, which has not explored adequately. in simplistic terms, for islamic banks, an important question that comes out of this concern is how iah, which constitute a bulk of funding, will pay (a fee) for investing money with the islamic bank? on the other hand, for islamic capital markets (being a second most significant segment of the islamic finance), the issue is similar to what conventional financial markets are facing: can sukūk yields go negative at any given time considering the global yield trend? with respect to benchmark rates, for islamic banks, there is a fundamental 4 khan and ahmed (2001) uses ‘benchmark risk’ or ‘rate of return (ror)’ terminology instead of ‘interest rate risk (irr)’ as to avoid unnecessary confusion since islamic banks do not deal directly with interest rate. subsequently, this term was used by the ifsb (2005), and other academicians and researchers (e.g. ariss and sarieddine, 2007; cihak and hesse, 2008; chattha and bacha, 2010). 122 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 issue (i.e. no re-pricing of sale contracts, e.g. murābahah5)) that needs to be understood. under islamic finance, once the sale price is fixed for murābahah financing, the islamic banks cannot claim more than the pre-fixed sale price, even if the assets were to become ‘non-performing’ or the benchmark rate has been changed either upward or downward (chattha, 2013). this indicates that if benchmark rate increases by the regulator, the conventional banks can easily adjust the impact accordingly. (for instance, if the rate is up, the conventional banks can reprice the loans as per the prevailing market rates). islamic banks, however, due to the nature of the sale contract and adherence to shari’ah rules and principles, cannot adjust the impact because the rate cannot changed once it fixed. they will have to wait until the contract matures. this contract leaves the islamic banks vulnerable from a risk management perspective compared to their peers and reflects an important consideration for the asset-liability management (alm) in islamic banks. alternatively, islamic banks restructure or enter into profit rate swap. on the other hand, if the benchmark rates were going down, as a case in point, then in principle islamic banks would not be at a disadvantage at least for the cash flows that have been contractually agreed with the customers under murābahah financing until the maturity of the contracts. nevertheless, there will be concerns on extending new financing at lower rates, which subsequently can lower islamic banks’ npm.6 another possibility that islamic banks can face during the lower benchmark rates regime is the early settlements of financing, as it would appear expensive to the customers.7 refinancing may be sought by customers to benefit from the more competitive rate. detailed implications and controls discussed in the following subsections. 5 the balance sheet of the islamic banks’ suggests that murābahah financing is the most dominant form of financing extended by the islamic banks to the customers for different needs. 6 similar to their conventional counterparts, the role of islamic banks is maturity transformations, where they borrow funds in short-term and offer long-term financing/investments. therefore, banks benefit from steep yield curve, which translates into wide spread between long-term and short-term market rates. it is important to underline that when yield curve steepens islamic banks npm rises and conversely, when yield curve flattens bank’s npm falls. in this way, low short-term rates can compress npms. 7 in this context, it should be noted that the prohibition of interest (riba) in islamic finance does not allow islamic banks to refinance debts on the basis of renegotiated higher markup rates. however, debt rescheduling or restructuring arrangements (without an increase in the amount of the debt) are allowed. 123 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon figure 3: policy rate by central banks having islamic finance (%) source: authors workings from sample central banks data note 1: every country’s economy is driven by something called “policy rates”. in essence, these rates are used by central banks as the main indicator to convey signals to the market revealing the stance of their monetary policy. note 2: the latest available policy rate for each central bank is used in figure 3. of 12 central banks, for eight central banks, the data (i.e. policy rate) is as of july 2016; two central banks (as of september 2016); one as of june 2016 and another as of august 2016.8 note 3: the repo rate is a rate at which commercial banks can borrow from a central bank to cover temporary shortages of liquidity. in this process, the central bank normally buys domestic government securities from the banks and sells them back two weeks or one month later. this rate is used to control inflation, that is, price stability. on other hand, the term ‘reverse repo’ is the rate at which a central bank would borrow from commercial banks. to analyze the possible risks and implications of the low rate environment for islamic banks, the comprehension of the policy rates in critical islamic finance jurisdictions is essential. primarily, it argued that the benchmark rate risk may not hit the traditional islamic finance markets soon but it may slowly and surely spread beyond eu and japan. there are immediate concerns and implications if islamic banks are operating in the jurisdictions, which described in figure 1.9 8 the type/name of the policy rate and the latest available policy rate for each central bank used in figure 3 are as follows: overnight repo rate as of september 2016 (central bank of bahrain); bank rate as of august 2016 (bangladesh bank); prime lending rate as of june 2016 (autoriti monetari brunei darussalam); bank indonesia rate as of july 2016; discount rate as of july 2016 (central bank of kuwait); overnight rate as of september 2016 (bank negara malaysia); overnight domestic inter-bank rate as of july 2016 (central bank of oman); policy rate as of july 2016 (state bank of pakistan); repo rate as of july 2016 for central bank of qatar and saudi arabian monetary agency; overnight rate as of july 2016 (central bank of the republic of turkey); and six month emirates inter-bank offered rate as of july 2016 (central bank of the u.a.e). 9 it is important to note that in the current global environment not only are the rates low, so are the 124 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 to test the hypothesis for islamic banks about figure 1, recent data (as of july/ september 2016) from a sample of 12 jurisdictions as mentioned above suggests that policy rates are positive and most of the central banks are keeping above 200 bps (figure 3). the historical trend, nevertheless, is in line with the global economic development. in the context of central bank policy rates, it is important to note that these rates are the monetary tools of central banks, which they use to control the money supply in the country, determine and maintain day-to-day liquidity in the system and to determine other bank rates. also, it is also worth noting that these rates are always lower than the rates on which conventional banks and islamic banks lend/finance customers in local currency-denominated loans/financing. as indicated above, the rates in the islamic finance jurisdictions are positive but yet they are on a declining trend. if the rates continue sliding, this would mean that islamic banks can face a variety of challenges (e.g., squeeze on profits, excessive risk-taking, distortion in credit allocations, and late signaling of credit quality), depending on their circumstances and the jurisdictions in which they operate. also, the actual impact will depend on the business model and portfolio sophistication of an islamic bank. for instance, the effect will be different when an islamic bank is highly concentrated in a financing portfolio as compared to an islamic bank which has considerable exposures in investments (e.g. listed and nonlisted equities, sukūk, real estate, mutual funds) or investments and/or financing. within the argument above, the critical implications are assessed from two angles: the balance sheet and the profit loss statement (pls) (figure 4). in the former case, though islamic banks would benefit from lower bank-funding costs. however, the impact would be to the new investment of shari’ah-compliant financial assets (mainly through sukūk due to low yield), possibly lower financing by the islamic banks resulting in less economic activity within the country, and deterioration of asset quality (probably due to due to non-performing financing and early settlements by the customers). in the latter case (i.e., pls), npm— through shari’ah—compliant financing—will squeeze resulting low retained profits.10 his profitability concern will have implications for tier-1 capital as expected returns in any asset class (e.g. equity, bond and re). therefore, this may affect the islamic bank as well. this is examined in this paper. at this point it’s not clear how long such low rate will last (with a complicated dynamics of lower bound oil price); however, are there any build up risks – in search of yield and how carefully supervisors handle these risks, would be worth questions to address in future. 10 it is important to note that islamic bank profits are not likely to decline in countries with large outstanding financing amounts due to the fact that banks’ customers are contractually obliged to pay back house/car financing installments until the maturity of the their contracts. that said, there will be no exposure to those financing, but certainly new financing at lower rates will reduce the banks’ financing margins which need to be off-set with other measures. 125 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon well. it is important to mention that tier-1 capital is the core measure of an islamic bank’s financial strength from a regulator’s point of view. it is composed of common equity tier-1 and additional tier-1. the former forms the highest quality of capital for islamic bank and is comprised of common equity share capital, retained earnings and some other reserves, the latter is consists of sharī`ahcompliant instruments and some reserves. figure 4: benchmark rates: diagnostic analysis, implications and controls lower rates strategies and controls risks and implications balance sheet perspective 1. deterioration of assets quality – due to nonperforming financing, early settlements, etc. 2. capital gains – increase in the value of shari’ah– compliant investment assets 3. threats to capital base and shareholder value 4. reduction in profitability – reduction in net profit margin in financing leading to lowering the banks’ earnings 5. supervision of islamic banks liquidity – lcr and nsfr 1. bank-level strategies such as delinking benchmark rate, rebalancing existing portfolio, cushioning the effect, cost containing 2. risk management tools such as stress testing, alm, duration gap, etc. 3. supervisory oversight dimension icaap and pillar 2 assessment pls – profit and loss statement perspective ifsb/bcbs regulations source: authors about profitability amid the low rates regime, the ifsb islamic financial stability report (2015 and 2016) also points out that the profitability of islamic banks has recovered but it is still below the 2008 level, and net profit margin has declined. this fact shows that the profound impact of low rates regime coupled with sharp falling commodities prices mainly oil have contributed to the deterioration of islamic banks’ profitability and an extent, asset quality. the term structure (maturity dates) of assets and liabilities points out that islamic banks tend to have longer maturities on the asset side of the balance sheet compared to shorter maturities to fund these assets (chattha and bacha, 2010). for this very reason, this intermediation poses serious challenges and put a significant emphasis on the management of the alm and npm by islamic banks. lower rates 126 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 as the lending/financing standards are relieved, negative policy rates transmission can observed to the broader economy for both households and corporates. nevertheless, any reduction in rates makes savers worse off while borrowers benefit and could have critical intergenerational implications (jobst and lin, 2016). also, when banks lower lending/financing rates to both households and corporates, they will have to offset the negative impact on lending/financing margins either by some small increase in fees and commissions or cost-cutting. this suggests increasing feebased (wakālah) activities within the islamic banks.11 in light of the substantial reductions in the deposit rate will weigh on banks’ equity prices, as investors will be likely to revise down their expectations of banks’ future earnings. this fact also raises financial stability concerns for a regulator. in particular, the downward stickiness of deposit rates encourages banks to substitute less stable wholesale funding for deposits (jobst and lin, 2016) and it can offer more incentives for hoarding cash. the islamic banks’ assets under murābahah cannot reprice when benchmark rates are going down, but it is important to see how it works on the deposit side. on the liabilities side, a closer look at the deposit composition of the islamic banks reflects the following considerations for the npm in light of the lower benchmark rates. the reflections are: (a) concerning psia, the islamic banks that cannot change the psr (profit-sharing ratio) due to the contractual stipulation, but they can pass on the rate of return to the psia, which is commensurate to the market rates. in this case, the impact to islamic banks’ npm will be lesser as on the asset side cash inflows (which contractually agreed with the customers) will not change. they will pay the market rates to the psia; (b) if the islamic banks offer more current accounts (e.g., qard or wadī’ah), then the cost to these accounts will be closer to zero. this, in turn, will have less impact on the islamic banks’ npm. these current accounts in islamic banks are similar to traditional deposits, and these banks sometimes provide these statements with a “gift” (hiba) to provide level playing field. lately, in certain jurisdictions, some islamic banks are launching immense campaigns to derive more current account based-funding, which seems to be sticky, and hence cheaper for the banks. (c) commodity murābahah12 (also terms as reverse murābahah) based funding (or cmt)13 will have to reflect the market conditions in 11 in eu, though margins get real tight, the banks have done exceptionally well to stay profitable in negative rate. for instance, low impairment charges and greater wholesale funding at negative rates has benefitted them. these measures appear to be relevant and islamic banks can benefit equally. 12 according to the ifsb guidance note 2, the term “commodity murābahah transactions (cmt)” means a murābahah-based purchase and sale transaction of sharī`ah-compliant commodities, whether on cash or deferred payment terms. see ifsb gn-2 (2010): guidance note in connection with the risk management and capital adequacy standards: commodity murābahah transactions. 13 using commodity murābahah as a source of funding introduces a new category of item 127 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon particular the likelihood of the arrangements being rolled over by the counterparty. as the counterparties look for a stable and fixed return through sharī`ah-compliant structures, the lower benchmark rates can play an essential role in their decision whether to roll-over their term deposit funding or withdraw and look for higher yields on alternative asset classes. in this respect, the ror risk for this type of deposit is different from ror risk in connection with a psia. the former has a contractually fixed return ex-ante in the form of the cost plus profit, whereas the latter, holders of psia have no such contractually fixed rate of return.. in summary, the above considerations reflect the following: (1) on the substance, with a negative benchmark rate a mudārabah-based deposit account would not work. one based on cmt might do so, with the murābahah payable at maturity being less than the original cash price. another solution worth considering would be one based on wakālah, such that the bank would get its fee while the depositor would get the return from investing the funds (less the fee). if the return were negative, the depositor would bear the loss but that would not be inevitable so the product might be more attractive than the cmt-based deposit with a built-in negative return. (2) it is clear that with benchmark rates so low, islamic banks are highly exposed to ror risk as rates are bound to rise eventually and if an islamic bank is locked into financing assets with very low returns it will be seriously squeezed. effective alm with gap analysis will be crucial. ijārah-based financing can be repriced based on a benchmark. murābahah can be offered in the form of a revolving credit (say 3-monthly). moreover, we should bear in mind as governments are finding out, low rates do not encourage consumers to borrow if they are afraid of unemployment, and similar considerations apply to businesses in time of significant economic uncertainty. there is also a danger that, in search of yield, banks and investment managers invest in more risky assets. this would call for increased loss provisions. if the deposit rate is kept below zero or virtually zero by any central bank then it suggests that the central banks want to encourage the banks for more financing rather than placing the funds with the central bank. in this way, provided there is real growth in economy, the credit will grow; else such cheaper credit may turn to bad quality assets. quite often in these circumstances, the banks will opt to search for high yield cross-border destinations. in addition, it is imperative to understand that the slowing economy would put the brakes on corporate or consumer financing and this in turn, would shift the attention of islamic banks to the sukūk market to to the balance sheet of an islamic bank, which should be classified as a liability of the bank based on its contractual obligation. in principle, the advent of this concept in islamic banks brings about a divergence from the traditional mode of mobilising funds in islamic banks (e.g. mudārabah (psia)). 128 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 use excess liquidity present in the system. however, it can be argued that with global yield on average close to zero, may not provide incentive for the banks to continue holding large chunks of regional or sovereign sukūk. therefore, the above necessitates for greater attention on the appropriate supervision of islamic banks’ liquidity, including the newly introduced measures of liquidity such as the liquidity coverage ratio (lcr) and net stable funding ratio (nsfr). while the lcr promotes resilience over a short-time horizon, the nsfr promotes resilience over a longer time horizon. both the lcr and nsfr as part of liquidity formed one of the key planks of the basel iii reform package, as liquidity problems faced by banks were a key feature of the crisis and a disruption to liquidity availability is a central element in the origination or amplification of systemic financial crises (daniel and philipp, 2014). in particular, this calls for more emphasis with respect to liquidity in islamic banks, as banks are faced with, among others, perennial issues of short-term shari’ah-compliant financial instruments that meet the shari’ah-compliant high quality liquid assets (hqla), which is a basel iii and the ifsb requirement under the lcr. based on figure 4, a low-yield environment can be managed through appropriate strategies and controls as explained below. from a risk management perspective, there is no exhaustive list of the strategies but islamic banks can address this phenomenon by three approaches. of these three approaches, the first two relate to purely islamic banks and the last one discusses the supervisory perspective. these proposed approaches will ensure and enable the islamic banks to envisage the damage in advance and prepare themselves for the contingency planning; on the other hand, these controls would provide some comfort to their supervisors in their supervisory review process under pillar 2. it is expected that the impact of these controls will be dependent upon the size, business model, and sophistication of the islamic banks. the first approach for the islamic banks is to have a combination of bank-level operational strategies as follows: first, islamic banks may delink the use of benchmark rate or to avoid the use of benchmark rates in their products. considering this issue has immensely been debated in the industry from a shari’ah perspective, so the delinking may be more appropriate to build a truly shari’ahbased islamic banking model. this requires that the banks develop and offer more equity-like (mushārakah and/or mudārabah) or wakālah based products. in this respect, one of the notable recent example is by the central bank of pakistan (state bank of pakistan, sbp), which has issued a circular14 granting islamic banks option 14 state bank of pakistan, ibd circular no. 1 of 2016, exemption from kibor as benchmark rate for participatory and wakālah modes based products, available at http://www.sbp.org.pk/ ibd/2016/c1.htm. 129 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon to dissociate from interest rate benchmark for financing provided on the basis of participatory (mushārakah & mudārabah) and wakālah (agency).15 it is understood that in this way, banks will use an alternative to the use of benchmark rates and they will diversify their products thus having a minimum exposure to the use of conventional benchmark rates. a more robust internal rate of return from portfolio of risk sharing instruments with service-based income could be explored. second, islamic banks should get involved in rebalancing existing portfolios (i.e. alm optimizations) and depending on banks business model, the alm framework needs to be reviewed to understand the impacts. third, islamic banks should cushion the effect of changing benchmark rate by altering the business, that is, higher fee income and/or carefully adjusting tolerance to loan-loss provisions. in this context, as stated above, it is important to bear in mind that re-pricing is not allowed for islamic contracts on the asset side; however, increasing fees across the products is a viable strategy. thus, the banks may consider introducing handling fees on a manual services and paper based transactions, as well as introducing value added promotional services for the merchants to boost revenue. lastly, through the adoptions of new value-add distribution strategies and lowering personnel and non-personnel costs (e.g. the banks can selectively reduce branches and move towards digital transformations, where the cost saving will have immediate impact). the second approach is to use risk management tools such as stress testing, alm techniques, duration gap analysis16, etc. to effectively manage the benchmark rate and in calculating the economic impact of the ror risk on the islamic banks’ balance sheet. in particular, within these tools, an emphasis should be made to stress testing by islamic banks, where banks should include a profitability scenario under 15 the circular by the sbp, however, also indicates that islamic banks desirous of availing this exemption shall ensure, among others: (a) adequate measures for risk management to mitigate equity investment risk in participatory mode based products; (b) compliance with minimum shari’ah requirements set vide various circulars and aaoifi shari’ah standards; (c) submission of the details of mudārabah, mushārakah and wakālah based products (new/revised) for delinking with kibor benchmark including:(i) detailed mechanism for pricing under these modes with proper policies for risk mitigation;(ii) amendments in agreements and related documents; (iii) approval of islamic banks’ product by their shari’ah board;(iv) criteria for selection of firms/companies with whom islamic banks can execute mushārakah or mudārabah contract. 16 the duration gap is the difference between the durations of a bank’s assets and liabilities, and it is defined as the “weighted average maturity in which the weights are stated in present value terms” (chattha and bacha, 2010). in addition, the bcbs’s definition also reflects that “duration is a measure of the percentage change in the economic value of a position that will occur given a small change in the level of interest rates.” 130 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 low profit rate regimes into their constrained bottom-up stress-testing programme (chattha, 2016). from a risk management perspective, mainly in stress testing exercise, this negative rate was an anchor scenario in eu as profitability and net margin were under threat in this regime. this issue is equally relevant to the islamic banks and they should consider in their stress testing framework under pillar 2 of basel accord, the low-yield rate environment and its implications on the profitability and npm for sustainability. in regard to stress testing, it is worth noting that in may 2009, from a regulatory and financial stability point of view in response to the gfc, the bcbs issued “principles for sound stress testing practices and supervision” comprising 21 principles. three years later, in march 2012, in line with the bcbs framework on stress testing, ifsb-13 (guiding principles on stress testing) provided a comprehensive stress-testing framework for both islamic banks and their supervisory authorities as bcbs did not cover the specificities of islamic banks. the framework consists of 29 guiding principles (22 for islamic banks and 7 for supervisors). drawing on these 29 guiding principles, chattha and archer (2016) provide technical guidance (including a stress testing matrix) on how to carry out stress testing in accordance with these principles. lastly, islamic banks should include benchmark rates risk implications into their internal capital adequacy assessment process (icaap) under pillar 2 supervisory requirements. in this respect, regulators will have to determine that islamic banks have adequate systems to identify, measure, evaluate, monitor, report and control or mitigate ror risk in the banking book on a timely basis. the icaap will ensure that islamic banks are well aware of additional capital requirements to cope with the changing benchmark rates. from a regulatory point of view, both the basel committee (bcbs) and the ifsb set clear guidance on the risk management in particular for the ror risk in their respective standards. to ensure islamic banks take into account the implications of benchmark rate risk or ror risk on their balance sheet and income statement in their stress testing and icaap exercises, the regulator/supervisor should ensure that its supervisory assessment including on-site examinations17 and off-site analysis18 places significant emphasis on quality of an islamic bank’s risk management system. 17 on-site work is used as a tool to provide independent verification that adequate policies, procedures and controls exist at iifs, determine that information reported by iifs is reliable, obtain additional information on the iifs and its related companies needed for the assessment of the condition of the iifs, monitor the iifs’s follow-up on supervisory concerns, etc. (ifsb-17, 2015). 18 off-site work is used as a tool to regularly review and analyse the financial condition of iifs, follow up on matters requiring further attention, identify and evaluate developing risks, and help identify the priorities, scope of further off-site and on-site work, etc. (ifsb-17, 2015). 131 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon within the supervisory assessment, the following considerations play pivotal role. first, the islamic banks mainly in the ems are split between two divergent regimes: the expectation of achieving higher growth across the jurisdictions amid ultra-lose monetary policy by central banks; and the compliance to new and tougher rules by the basel iii and the ifsb on lending/financing standards (including risk weights for counterparties, collaterals, and capital requirements). in the latter case, to meet the target growth rates, if central banks relax financing standards, then banks may end in pilling up significant provisions due to non-performing financing. in addition, in such an environment, banks’ investment assets portfolios will be affected, for instance, due to deterioration in the collateral values of the counterparties, which will ultimately reduce banks’ investment value and increase the chances of default. therefore, from the islamic banks perspective, this might not be sustainable unless they increase the volume of the business, and hence, they will be afraid to finance more on cheaper rates. this represents a classic case of expectation and conflict of priorities for banks and their regulators. third, in theory low benchmark rate should encourage consumers and household to take more debt, but in practice, the major and emerging economies are still struggling to cope with this theory. the supervisors should bear in mind that low returns on safe assets might encourage a leveraged search for yield, which increases financial system vulnerabilities. moreover, in the pursuit of financial stability, supervisors also have to ensure that banks (including islamic banks) continuously safeguard risk management, as fragile economic and financial environment can eventually transmute a stable banking system into a considerable stress. in the current scenario, the role of regulators is very critical in order to manage the drastic consequences/fallout. conclusion the global banking industry is witnessing a historic low rates regime. though, lower rates can have a positive effect on the economy, thus helping to lower bank-funding costs and boost asset prices; yet, concerns about their negative effect on islamic banks’ profitability, financial stability, and sustainability equally resonate to be comprehended. however, persistently low benchmark rate regime carries strategic implications for the behavior of institutional investors as well as financial institutions. in light of the low rate environment, the paper reflected that the primary risks to islamic banking sector may include pressure on profitability, excessive risk taking (e.g. if islamic banks search for yield by increasing financing to lower quality borrowers highlighting default risk), distortion in credit allocations (when economy is not growing), and late signaling of credit quality thus delaying balance sheet/credit restructuring. 132 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 considering the current and potential growth projections in light of the prevailing policy rates, as such, the dominant islamic finance jurisdictions are not likely to go into a very low or negative benchmark rates trajectory in near future. nonetheless, so long, the islamic banks use the conventional benchmark rates in their products, their exposure to the volatility of the rates, remains a candid concern for them and their supervisors. for islamic banks, managing risks (funding to extending credit) is not vastly different to conventional banks, but it will be a test on the substance of actual islamic finance: how would the islamic banking product/ structures will adopt to inverse of the risk-return relationship (you get paid to borrow)? in particular, given the lack of disclosures for the iahs, which are labelled as retail investors and being less sophisticated, they would face it extremely difficult to digest the economics behind the low or negative yield phenomenon and would barely accept such thing. this will certainly challenge the whole idea of financial intermediation which significantly relies on a leveraged model. in our view, irrespective the direction (upward or downward) of the rate and the jurisdiction in which it matters, the management of this risk, with appropriate tools (such as duration gap, alm, icaap, and stress testing), is pivotal for islamic banks for a variety of reasons and implications as reflected in the paper. at this end, it is hoped that initial discussion on this subject provides a broader policy dialogue, though more empirical examination of the subject is needed on the impact whether at domestic level or at cross-border level. acknowledgements the authors are thankful in particular to professor simon archer, icma centre, henley business school, university of reading, mr. fayaz ahmed and mr. nizamuddin arshad, central bank of kuwait, and mr. khalid mujtaba, bahrain institute of islamic banking and finance, for their kind feedback and comments on the draft paper. references arteta, c., a. kose., m. stocker., & t. taskin. (2016). negative interest rate policies: sources and implications. working paper 52/2016. centre for applied macroeconomic analysis, the australian national university. ariss, r.t., & sarieddine, y. (2007). challenges in implementing capital adequacy guidelines to the islamic banks. journal of banking regulation. 9(1): 46-59. bacha, o. i. (2004). dual banking systems and interest rate risk for islamic banks. international islamic university malaysia. retrieved 2014, from munich 133 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 jamshaid anwar chattha. lowly or negative benchmark rates bandwagon personal repec archive: http://mpra.ub.uni-muenchen.de/12763/. basel committee on banking supervision (bcbs). (2006). international convergence of capital measurement and capital standards. basel: bank for international settlements. basel committee on banking supervision (bcbs). (2015). consultative document on principles for the management and supervision of interest rate risk. basel: bank for international settlements. bean, c., c. broda., t. ito., & r. kroszner. (2015). low for long? causes and consequences of persistently low interest rates. geneva reports on the world economy. (17). geneva: international center for monetary and banking studies. bech, m. l., & a. malkhozov. (2016). how have central banks implemented negative policy rates?. bis quarterly review march. basel: bank for international settlements busch, r., & c. memmel. (2015). banks’ net interest margin and the level of interest rates. working paper no. 16/2015. deutsche bundesbank, research centre. genay, h., & r. podjasek. (2014). what is the impact of a low interest rate environment on bank profitability?. chicago fed letter, (jul). chattha, j. a., & o.i. bacha. (2010). duration gaps and net worth risk for islamic and conventional banks: a comparative cross-country analysis. review of islamic economics. 13(2): 5-33. chattha, j. a. (2013). significance and key challenges in conducting stress testing for islamic commercial banks. global review of islamic economics and business. 1(2): 85-98. chattha, j.a. (2016). risk management with stress testing in islamic banks. islamic finance today, pioneer publications (pvt) ltd., pp. 14-20, colombo, sri lanka. chattha, j. a., & archer, s. (2016). solvency stress testing of islamic commercial banks: assessing the stability and resilience. journal of islamic accounting and business research. 7(2): 112-147. cihak, m., & h. hesse. (2008). the islamic banks and financial stability: an empirical analysis. working paper no. wp/08/16. washington: international monetary fund. hardy, d.c., & p. hochreiter. (2014). a simple macroprudential liquidity buffer. imf working paper, wp/14/235. washington: international monetary fund. 134 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6121 islamic financial services board. (2005). ifsb-1: guiding principles on risk management for institutions (other than insurance institutions) offering only islamic financial services. kuala lumpur: ifsb. islamic financial services board. (2011). ifsb gn-4: guidance note in connection with the ifsb capital adequacy standard: the determination of alpha in the capital adequacy ratio for iifss. kuala lumpur: ifsb. islamic financial services board. (2012). ifsb-13: guiding principles on stress testing for institutions offering only islamic financial services (excluding islamic insurance (takâful) institutions and islamic collective investment schemes). kuala lumpur: ifsb. islamic financial services board. (2014). ifsb-16: revised guidance on key elements in the supervisory review process for institutions (other than insurance institutions) offering only islamic financial services. kuala lumpur: ifsb. islamic financial services board. (2015). ifsb-17: core principles for islamic finance regulation (banking segment). kuala lumpur: ifsb. islamic financial services board. (2016). islamic financial services industry stability report. kuala lumpur: ifsb. international monetary fund. (2016). global financial stability report. washington: international monetary fund. jobst, a., & h. lin. (2016). negative interest rate policy (nirp); implications for monetary transmission and bank profitability in the euro area. working paper no. 16/172. washington: international monetary fund. khan, t., & h. ahmed. (2001). risk management: an analysis of issues in islamic financial industry. jeddah: islamic development bank, islamic research and training institute. omar, m., a.m. noor., a.k.m. meera., t.a.a. manap., m.s.a. majid., & m.a. sarif. (2010). islamic pricing benchmarking. isra research paper, (17). kuala lumpur: isra. linnemann, m. (2016). how have central banks implemented negative policy rates?. bis quarterly review. basel: bank for international settlements standard and poor. (2016). islamic finance in 2017: modest growth and amid oil-prices woes. retrieved from www.standardandpoort.com/ratingsdirect. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 307 322 first draft: februari 15, 2016; revision: april 19, 2016; accepted: may 15, 2016 jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia email: yulianti@uinjkt.ac.id; leis.suzanawaty@uinjkt.ac.id; zuwe_16@yahoo.com; ismawati@uinjkt.ac.id doi: 10.15408/aiq.v8i2.3158 abstract. determinant of the corporate environmental disclosure: study on jakarta islamic index. the issue about corporate environment disclosure nowadays is increasing. this research aims to analyze the influence of firm size, leverage, proportion of independent commissioners, corporate secretary and firm age to corporate environmental disclosure. thirteen companies that listed at jakarta islamic index during 2011-2014 are used as sample. data was analyzed using multiple regression technique. the independent variables are firm size, leverage, and proportions of independent commissioners, corporate secretary, and firma age. the result shows that simultaneously all independent variables have significant influence to corporate environmental disclosure. whereas partially, firm size and firm age have significantly influence to corporate environmental disclosure. the implication of this research is the larger of the firm size and the longer firm will make a better corporate environmental disclosure in companies that listed at jakarta islamic index. keywords: corporate environmental disclosure; corporate secretary; firm age; firm size; leverage; proportion of independent commissioner abstrak. determinan atas pengungkapan lingkungan perusahaan: studi pada jakarta islamic index. isu mengenai pengungkapan lingkungan perusahaan saat ini cukup mengemuka. penelitian ini bertujuan untuk menganalisis pengaruh ukuran perusahaan, leverage, proporsi komisaris independen, sekretaris perusahaan dan umur perusahaan terhadap pengungkapan lingkungan perusahaan. tiga belas perusahaan yang terdaftar di jakarta islamic index selama 2011-2014 itu digunakan sebagai sampel. data dianalisis menggunakan teknik regresi. variabel independen yang dipergunakan ialah ukuran perusahaan, leverage, proporsi komisaris independen, sekretaris perusahaan, dan umur perusahaan. hasil pengujian menunjukkan bahwa secara simultan semua variabel independen berpengaruh signifikan terhadap pengungkapan lingkungan perusahaan. sedangkan, ukuran sebagian hanya perusahaan dan umur perusahaan berpengaruh signifikan terhadap pengungkapan lingkungan perusahaan. implikasi penelitian ini ialah semakin besar ukuran perusahaan dan semakin lama umur perusahaan akan mengakibatkan semakin baiknya pengungkapan lingkungan perusahaan pada perusahaan yang tercatat di jakarta islamic indeks (jii). kata kunci: pengungkapan lingkungan perusahaan; sekretaris perusahaan; umur perusahaan; ukuran perusahaan; proporsi komisaris independen determinant of the corporate environmental disclosure: study on jakarta islamic index yulianti, leis suzanawaty, zuwesty eka putri, ismawati haribowo 308 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 introduction nowadays there is a variety of environmental damage as a result of human activities. on the beach on the island of bangka-belitung, there was contamination of seawater and open waters; the land becomes barren, coastal erosion and sea damage. this was the result of unconventional tin mining activities (ambadar, 2008). another example is the conflict between pt. freeport indonesia with the people of papua. land use of indigenous lands, destruction and damage of the environment, the destruction of the economy, and disavowal of the existence of amungme population is the harsh reality that must be accepted by the people of papua due to the presence of mining operations of pt. freeport indonesia. disaster of damage to the environment and other communities arising is the collapse of wanagon lake up to three times (june 20, 1998; march 20-21, 2000; may 4, 2000) due to the waste disposal in the enormous capacity and incompatible with the carrying capacity of environment (rudito and famiola, 2007). another case is the case of hot mud in sidoarjo caused by the negligence of pt lapindo brantas, the case of oil and natural gas mining company, unicoal (us company), the case of pt kelian equatorial mining in the dayak community, the case of dayak tribes with the australian-owned gold mining company (aurora gold), and the case of mercury pollution that threatens the lives of 1.8 million people of central kalimantan, which is the case of dayak tribes vs “minamata”. meanwhile, the petroleum industry also contributed to the pollution that occurred on the land and sea. there are at least 6,500 oil platforms located in the gulf of mexico and spread along the shore of the oil-producing countries. on the other hand, there are a plenty of oil pipes buried in the ground for the benefit of product distribution. all of this contributes to the increase of environmental risks as a result of the incident that caused the environmental disaster oil. the explosion in one of the oil platforms resulting in leakage of crude oils that polluting the gulf of mexico in 2010 (eljayash et.al, 2012). a variety of problems faced by the earth as described above make the saving the earth becoming increasingly important (rahbar, 2011). in the perspective of islam, this task becomes the responsibility of human beings as a vicegerent of allah on earth (abu hola, 2009). rehman and dost (2013) stated that the problems faced by this earth, it is undeniable that it was also a result of the corporate activities (rehman and dost, 2013). meanwhile, society’s expectations to the company have changed over the last two decades. complex business environment requires companies to balance the demands of various stakeholders and executives (da rosa, 2012). stakeholders give strong pressure on companies to demonstrate responsibility towards the environment. environmental disclosure issues became important for yulianti: determinant of the corporate environmental 309 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 investors, policy makers, and the general public (juhmani, 2014). these conditions, in turn, would encourage companies perform environmental disclosure (akrout and othman, 2013; galani et.al, 2011). in terms of quantity, the number has increased every year (hossain et.al, 2016). makori and jangogo (2013) state that the increase in quantity has been encouraged by the awareness on the benefits from the existence of reporting on environmental issues. juhmani (2014) stated that companies that have the most active role in the economy, should not only pay attention to economic issues only, but also need to demonstrate social and environmental responsibility through internal and external reporting. meng et.al (2011) stated that companies that demonstrate poor environmental performance would be facing political and social pressures that threaten their legitimacy. the company is actively responding to pressure from the government and complies with government regulations to gain legitimacy. concern about the impact which caused by the business on communities has been encouraging scientific research in various fields (rosa et.al, 2012). research on the social and environmental accounting is widely promoted in 1970, then disappeared in 1980, and then came back starting in mid of 1990 (battacharyya and stanton, 2007). various studies have been conducted to reveal the antecedents of corporate environmental disclosure, such as: profitability, leverage, family ownership, as well as the size, characteristics and performance of the company (akrout and othman, 2013; elsakit and worthington, 2014; ali and rizwan, 2013). this issue has become an important topic in studies conducted in various countries (galani, et.al, 2011). hossain et.al (2006) stated that most research on corporate environmental disclosure, carried out in developed countries, such as european and united states countries. instead, the research is still rare in developing countries, including indonesia. the concept of environmental disclosure is not universally applicable concept in each country because of the different stages of economic development, enterprise awareness and attitudes towards corporate environmental disclosure. research in indonesia, especially on companies listed in the jakarta islamic index is still very limited. likewise, the type of industry, which became the research objects. in previous research, the industry that made as the research objects are mining, food, chemical, energy, transportation and pharmaceuticals. in addition to these objects, there are still companies in other areas that potentially cause pollution. therefore, in this study, the research object was expanded by adding the agricultural (dressage, 2004 in almilia and vitello 2007). in addition to the expansion of the research object and location differences, this research also revealed other antecedents that have not been tested empirically by previous research. the antecedent is the 310 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 corporate secretary. surya and yustiavanda (2008) stated that the existence of corporate secretary has an important role in environmental disclosure because it is the party whom holds the data and reports that are material nature. literature review agency theory is a theory that discusses about the problem of separation between ownership and management of the company. it is what lies behind the emergence of good corporate governance. jensen and mecling (1976) defines an agency relationship as a contract between one or more person (the principal) who hired (agent) to perform services for the benefit of the principals in managing their wealth that involves granting rights to decision-making to the agent. in broad outline jensen and mecling (1976) describes two types of agency relationshipsthat is between managers and shareholders and between managers and lenders (bondholders). agency theory according to jensen and meckling (1976) has the assumption that both parties are equally want to maximize profits, so sometimes the agent is not doing its best in the interest of the principal. so that it could cause conflicts of interest between both parties. efforts to solve the agency conflict would cause agency costs that would be borne either by the principal or agent. jensen and meckling (1976) divide the cost of agency into three, namely: (1) monitoring costs, is costs borne by the principal to monitor the agent, which is to measure, observe and control the behavior of agents. for example audit fees, compensation cost for managers; (2) bonding cost, is costs borne by the agents to determine and comply with mechanisms to ensure that the agent will act for the interest of the principal. such as the costs incurred by the manager to provide financial statements to shareholders; (3) residual loss, is loss suffered by the owner due to irregularities on actions that escaped from surveillance such as excessive spending and unnecessarily from the agent. an understanding from such context that if that good corporate governance applied properly then the agency costs could be minimized so that profit which is a measure of financial performance would increase. stakeholder theory provides a framework for analysis of the relevant stakeholders in giving pressure for companies to conduct environmental disclosure. according to the stakeholder theory, environmental information disclosure is the result from the external pressure, especially from the government and community (meng et.al, 2013). stakeholder theory concept emphasizes the importance of management to coordinate with all parties involved in the company. management is required to yulianti: determinant of the corporate environmental 311 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 perform balance of interests, whether between shareholders and stakeholders and inter stakeholders. this is to avoid any conflict of interest among them (daniri, 2005). firm size may be expressed in total assets, sales and market capitalization. the greater the total assets, sales and market capitalization, the greater the firm size. these three variables are used to determine the firm size because it could represent how big the company. the greater the assets, the more capital are invested. the more sales, the more the velocity of money and the bigger the market capitalization, the greater it is known in the community. from these three variables, the value of assets is relatively more stable than the market value of capitalize and sales in measuring the firm size (sudarmadji and sularto, 2007). managers from the big companies realize the positive benefits from the environmental disclosure, while managers of small companies consider disclosure could jeopardize their position in competing (rouf, 2011). according to the agency theory, social responsibility disclosure, including environmental disclosure, may reduce the political costs that could reduce corporate welfare. the political cost would be higher in line with the increase in the firm size (hossain et.al, 2006). hossain, et. al (2006) stated that there is positive relationship between firm size and the level of environmental disclosure in the annual report, both in developed countries and developing countries. it is also disclosed by qiu et.al. in his opinion, big companies listed on the exchange would be more revealing information about the environment with better quality. leverage used to describe the ability of companies to use the assets or funds that have a fixed load (fixed cost assets or funds) to increase earnings (return) to the company owners (isaskar, 2012). in this research leverage proxied by using the debt to equity ratio (juhmani, 2014). board of commissioners in charge of overseeing the policy and implementation of policies by the board of directors, and provide advice to the board of directors. details of these tasks are usually described in the articles of association of the company. policies that are a concern the board of commissioners are policies that important and strategic (muntoro, 2006). from the perspective of the agency theory, the capabilities of the board of commissioners to perform effective monitoring is affected by the independence or impartiality in management. various studies have shown the positive effect by placing the autonomous external director on the board of directors (leong et.al, 2015). to encourage management of the company to be better and improving the protection for creditors, additional organs in the company urgently needed. according to the legitimacy theory, social existence of companies affected by the public reception where the company operates. companies that operate much longer are more need a communication 312 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 with the outside community. therefore the company would disclose social and environmental information (juhmani, 2014). in this research using the proportion of independent commissioners with a total commissioners (effendi et.al, 2012) this profession of corporate secretary is different from the executive secretary profession who became the secretary of director, commissioner or other executives at the company. this difference is due to the corporate secretary should have access to material information that is relevant to the issue of disclosure (surya and yustiavanda, 2008). based on these descriptions, researchers speculate that the corporate secretary has an influence on corporate environmental disclosure. in this research using the total of the days reporting as indicators of corporate secretary variable. according to the legitimacy theory, social existence of companies is affected by the public reception where the company operates. companies that operate much longer are more need a communication with the outside community. therefore the company would disclose social and environmental information (juhmani, 2014). environmental disclosure is part of the social reporting and non-financial nature (makori and jangongo, 2013). environmental disclosure is a process of delivering the environmental impact caused by the company activities, and the settlement of these problems. delivery of the report is a form of corporate accountability to the public, as well as is the method used to reveal the environmental responsibility to the stakeholders (da rosa, 2012). disclosure of information about the environment is voluntary, and arranged through corporate policies (rouf, 2011). a number of companies choose to publish environmental disclosure, while some choose not to disclose such information (lyon and maxwell, 2011). environmental disclosure conducted by the company because of the need to present the company activities at all times through reports, websites, and other documents. environmental disclosure shows the company commitment towards the environment (stray, 2008). environmental disclosure is one of impression management, which is part of the social reporting. the company may disclose information in a selective manner (hossain et.al, 2006; meng et.al, 2013). therefore, the content of environmental disclosure varies from company with another company (galani, et.al, 2011). this is influenced by the attitude changes that occur in society, economic and behavioral factors, such as corporate culture (rouf, 2011). to determine the level of disclosure, are used unweight disclosure index. unweight disclosure index is the ratio between items disclosed divided by the total item value that could be disclosed. in the calculation of this index, all items of information are considered equally important. unweight environmental disclosure index assumes every item as a dichotomous variable by using the financial statements as a source of information, researchers (hossain et.al, 2006). yulianti: determinant of the corporate environmental 313 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 effendi et.al (2012) in his research on the influence of commissioners to the environmental disclosure in manufacture company which listing on the stock exchange in 2008-2011 with the research results that the commissioners size, proportion of independent commissioners, the commissioner president educational background could not be proven to have an influence on environmental disclosure. commissioners are not affecting the environmental disclosure because the board of commissioners does not have any interest to the environmental disclosure. control variables that influence are the size and leverage. according to the research of galani et.al (2012), the firm size that proxied by sales and profitability had an influence on corporate environmental disclosure. meanwhile, according to eljayash et.al (2012) environmental disclosure practices varies in different countries. among the companies that were sampled, researchers found a significant gap. akrout and othman (2013) concluded that the ownership structure which proxied by family ownership has a negative influence. firm size and profitability has a significant influence on the corporate environmental disclosure. the research of elsakit and warthington (2014) concluded that the environmental disclosure is influenced by the corporate governance and company characteristics (profitability, ownership, firm size and listing on the stock exchange). and the research of juhmani (2014) concluded that leverage and audit firm size has an influence on environmental disclosure. methods research could be classified into quantitative and qualitative. both have different characteristics and may be used either separately or simultaneously. this research is quantitative research. quantitative research conducted to explain the causes of a change through objective measurement and quantitative analysis (statistical) (wahyuni, 2011). this technique focused on the collection of numerical data and carry out generalization in the various groups or people to explain certain phenomena (babbie, 2010). research could use secondary data or primary data. primary data is data generated by researchers for the specific purpose to solve the problems encountered. meanwhile secondary data is data that has been collected by other party. secondary data collection conducted with the aim that could be different from the goal of researchers. secondary data can be obtained easily and inexpensively. secondary data can be obtained from internal sources and external sources. internal secondary data sourced from within the company. while the external secondary data can be obtained from: government, syndication corporate, trade associations, and other sources (malholtra, 2010). 314 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 this research use secondary data that sourced from jakarta islamic index. data used in the form of company documentation, such as financial statements. data obtained from the indonesia stock exchange, etc. sample determination may be conducted with technique of probability or non-probability sampling. probability sampling is a sampling technique in which all members of the population has a probability to be sample, or in other words, the probability to become members of the sample is not zero (nonzero probability). this research use judgment sampling where these criteria are companies engaged in the mining, food, chemical, energy, telecommunications, transportation real estate, pharmaceuticals and agriculture registered since 2011 until 2014. data, which obtained were analyzed using multiple regression techniques with classic assumption test and significance tests. multiple regression technique is an extension of the simple regression. this technique is used to predict a metrics dependent variable by total independent variables (zikmund et.al, 2010). in general, the regression equation could be written as follows (levine et.al, 2005; alhusin, 2003) y = α + β1x1 + β2x2 + β3x3+ β4x4 + β5x5 + ε where: y : corporate environmental disclosure x 1 : firm size x 2 : leverage x 3 : proportion of independent commissioners x 4 : corporate secretary x 5 : firm age result and discussion normality test using the histogram and normal p-plot resulted in the conclusion of normal data distribution. whereas statistical tests using the kolmogorov smirnov test obtained a significant value of 0.2000 so that the significant value >0.05, meaning that the data distribution is normal. in multicollinearity test obtained a vif <10 and tolerance >0.1. it can be concluded there are no symptoms of multicollinearity among variables. autocorrelation test by using durbin watson test where the value d = 1.734. the value is in between the value of du and 4-du where the value of d-count is greater than (du) 1.3512 and less than (4-du) 2.2306 so it could be concluded that the data did not contain autocorrelation symptoms. whereas the heterocedastisity test using a scatterplot graph could be concluded if yulianti: determinant of the corporate environmental 315 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 no symptoms of heterocedastisity because in the scatterplot graph seen that the dots randomly spread and spread both above and below the number 0 on the y-axis. table 1 determination coefficient results model summary-b model r r square adjusted r square std. error of the estimate durbinwatson 1 .592a .350 .279 .27067 1.734 a. predictors: (constant), firm age, proportion of commissioners, firm size, leverage, corporate secretary b. dependent variable: ced source: spss output processed in this research, testing of determination coefficient (r2) was conducted to measure the independent variables namely variables board of commissioners meetings, corporate secretary in explaining the variation of dependent variables, corporate environmental disclosure. determination coefficient test results can be seen in table 1. table 1 showed that the value of r square amounted to 0.350. this means that at 35% of the dependent variable or corporate environmental disclosure is influenced by independent variables are firm size, leverage, proportion of independent commissioners, corporate secretary and firm age while the remaining at 65% is explained by other factors that are not included in this research such as business culture, internet penetration, profitability, industry type, multinational company (akrout and othman, 2013), (galani, 2011), (hossain, et.al, 2006), (elsakti and worthington, 2014). the hypothesis testing in this research was conducted by using multiple regression analysis models. according ghozali (2013) multiple regressions is used to test the effect of more than one independent variable on one dependent variable. in this research, hypothesis testing was conducted by simultaneous significance test (f statistical test) and individual parameter significance test (t statistical test). simultaneous significance test (f statistical test) is conducted to test whether all the independent variables in the regression equation model have simultaneously effect on the dependent variable. simultaneous significance test (f statistical test) was conducted at the significance level of 0.05. if the f probability value is greater than 0.05 then h0 is accepted and ha rejected, otherwise if the f probability value smaller than 0.05 then h0 rejected and ha accepted. table 2 presents the results of simultaneous test (f statistical test). 316 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 table 2 simultaneous tests anovaa model sum of squares df mean square f sig. 1 regression 1.814 5 .363 4.951 .001b residual 3.370 46 .073 total 5.184 51 a. dependent variable: ced b. predictors: (constant), firm age, proportion of commissioners, firm size, leverage, corporate secretary source: spss output processed based on table 2 regarding the simultaneous test table (f statistical test) or anova test showed that the value of f-count of 4.951 with a probability of 0.001. because the probability of 0.001 smaller than 0.05, then this regression equation model could be concluded that all the independent variables namely firm age, proportion of commissioners, firm size, leverage, and corporate secretary have a simultaneously effect on the corporate environmental disclosure. partial testing or t test is used to show how far the influence of one independent variable individually in explaining the variation of dependent variable that tested at a significance level of 0.05. t test results shown in table 3. based on the table 3, showed that the coefficient of regression model has constant value amounted to -4.106. the constant of -4.106 indicates that if the independent variables constant then the average of corporate environmental disclosure amounted to -4.106. the variable firm size (size) has t-count positive at 4.257 with a significance level of 0.000. it showed that significance level is above 0.05. then could be concluded that the firm size, which is proxies by sales, has an effect on the corporate environmental disclosure. the t test results for the leverage variable have t-count negative of -1.485 with a significance level of 0.144. it showed that the significance level is above 0.05. therefore the leverage has no effect on the corporate environmental disclosure. the proportion of independent commissioners have t-count negative of -0.772 with a significance level of 0.144. it showed that the significance level is above 0.05. therefore the proportion of independent commissioners has no effect on the corporate environmental disclosure. yulianti: determinant of the corporate environmental 317 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 table 3 t-test results coefficientsa model unstandardized coefficients standardized coefficients t sig. collinearity statistics b std. error beta tolerance vif (constant) -4.106 1.173 -3.501 .001 firm size .363 .085 .562 4.257 .000 .810 1.235 leverage -.136 .091 -.203 -1.485 .144 .755 1.325 commissioners -.241 .312 -.107 -.772 .444 .736 1.358 corp. secretary .000 .003 -.006 -.042 .967 .743 1.346 firm age -.003 .001 -.255 -1.990 .053 .863 1.159 a. dependent variable: ced source: spss output processed the corporate secretary have t-count negative of -0.042 with a significance level of 0.967. it showed that the significance level is above 0.05. then could be concluded that the corporate secretary has no effect on the corporate environmental disclosure. the firm age have t-count negative of -1,990 with a significance level of 0.0537. it showed that the significance level is above 0.05. then could be concluded that the firm age has no effect on the corporate environmental disclosure on the alpha 5%, but has an effect on the alpha of 10%. based on table 3, the model of multiple regression equation is as follows: ced= -4,106+0.363 size – 0,003 firm age + ε the above results explainable that the constant value of -4.106 with a negative value, which means that corporate environmental disclosure would be valued at -4.106 if each variable of firm size and firm age valued at 0. regression coefficient value of firm size variable amounted to 0,363. this indicates that if every 1% increase in the firm size variable, with the assumption that other variables are fixed then it would increase the corporate environmental disclosure by 36.3%. regression coefficient value of firm age variable amounted to -0.003. this indicates that if every 1% increase in the firm age variable, with the assumption that other variables are fixed then it would decrease the corporate environmental disclosure by 0.3%. based on the testing that was done, the results of this research showed that the variable of firm size (size) which proxies by total sales have t-count amounted to 4.257 with a significance level of 0.000 is less than alpha of 0.05. 318 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 therefore the first hypothesis (h1) was accepted, meaning that the firm size have an effect on corporate environmental disclosure. unstandardized beta coefficient value amounting to 0.363. it could be interpreted that firm size are big have an effect on corporate environmental disclosure the tendency of big companies has more potential to disclose the environmental disclosure compared with small companies because: (1) the cost for information is very high, big companies have sufficient resources to undertake the cost of such information in the annual report, (2) the agency fee is higher for large companies because shareholders whose spread widely. more disclosure of company information would reduce the potential costs of agency (walts & zimmerman, 1983), (3) big companies are more likely to disclose information in the annual report with the aim of competitive cost advantage (lang & lundholm, 1993; lobo & zhou, 2001) in galani et. al (2011). the results of this research are consistent with the results of research conducted by akrouth and othman (2013). galani et.al (2011), hossain, et. al (2006) elsakti and worthington (2014). this research is inconsistent with juhmani (2014). the research result showed that the leverage variable have t-count of -1.485 with a significance level of 0.144. it showed that the significance level is above 0.05. therefore the second hypothesis (h2) was rejected, meaning that the leverage has no effect on corporate environmental disclosure. companies that have high financial leverage would be more revealing information related to social and environmental when compared with companies that have a low financial leverage (juhmani, 2014). it aims to attract investors. however another opinion stating that the companies that has a high leverage more likely close with infringement the agreement of existing debt and will be seen to have a high capital cost because many involve high-risk debt (karim et.al, 2006) so that the high leverage level would be related to the reduction of environmental information disclosure (cormier and magnan, 1999). the result of this research is consistent with meng.e.al (1999). the result of this research is not consistent with the research of juhmani (2014), akrouth and othman (2013). in proportion of independent commissioner variable, the result showed that t-count amounted to -0.772 with a significance level of 0.444. therefore the third hypothesis (h3) was rejected, meaning that the proportion of independent commissioner has no effect on corporate environmental disclosure. the proportion of independent commissioner does not affect the disclosure of environmental disclosure because the commissioners did not have any interest towards environmental disclosure (effendi et.al.). the result of this research is consistent with the result of research conducted by effendi et.al. based on the testing was conducted, this research result showed that the corporate secretary variable have t-count of -0.042 with a significance level of 0.967. therefore the fourth hypothesis yulianti: determinant of the corporate environmental 319 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3158 (h4) was rejected, meaning that the corporate secretary has no effect on the corporate environmental disclosure. the result of this research is not consistent with surya and yustiavanda, (2008). based on the testing was conducted, this research result showed that the firm age variable have t-count of -1.990 with a significance level of 0.053. . therefore the fourth hypothesis (h4) was accepted at the alpha level of 10%, meaning that the firm age has an effect on corporate environmental disclosure. beta value indicates -0.003. this may imply that the longer the firm age then the tendency to disclose the corporate environmental be decreased. the result of this research is not consistent with juhmani (2014). conclusions based on the research analysis and discussion that has been presented in the previous chapters, the conclusions that obtained from this research are the firm size has an effect on the corporate environmental disclosure. the results of this research are consistent with the results of research conducted by akrouth and othman (2013). galani et.al (2011), hossain, et. al (2006) elsakti and worthington (2014). this research is not consistent with juhmani (2014). leverage variable has no effect on the corporate environmental disclosure. the results of this research are consistent with meng.e.al (1999). the results of this research are not consistent with the research of juhmani (2014), akrouth and othman (2013). the proportion of independent commissioner has no effect on the corporate environmental disclosure. the results of this research are consistent with the results of research conducted by effendi et al. corporate secretary has no effect on the corporate environmental disclosure. the results of this research are inconsistent with surya 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(2010). business research methods 8th ed. new jersey: south western cengage learning. andi fariana1, saripudin2*, ovalia3 abstract. this study aims to propose a halal tourism model by adopting religious humanism integrated with the creative industry as a baseline. this is a legal study with a statutory approach, relying on various laws and regulations as the primary data, including mui’s fatwas. this study found that religious humanism can be integrated into the development of the halal tourism industry based on creative industries, with regional regulations (perda) as the guideline. the integration of religious humanism in development is possible with the participation of all stakeholders. this is because the development of halal tourism is not merely about tourism objects but also the community. in this case, religious people easily accept the idea and are willing to participate as long as the integration is structured. keywords: halal tourism; creative economy; religious humanism abstrak. studi ini bertujuan menawarkan model wisata halal dengan mengadopsi humanisme religius dan mengintegrasikannya dengan industri kreatif. penelitian dilakukan dengan pendekatan perundang-undangan dengan data primer yang berasal berbagai peraturan perundang-undangan, termasuk fatwa mui. kajian ini menemukan bahwa humanisme religius dapat diintegrasikan dalam pengembangan industri wisata halal berbasis industri kreatif, dengan menggunakan peraturan daerah (perda) sebagai pedoman. mengintegrasikan humanism religi dengan pembangunan dimungkinkan dengan partisipasi seluruh pemangku kepentingan. hal ini karena pengembangan wisata halal tidak hanya mengenai objek wisata tetapi juga masyarakat. umat beragama mudah menerima gagasan dan mau berpartisipasi asalkan integrasi dilakukan secara terstruktur. kata kunci: wisata halal; ekonomi kreatif; humanisme religius religious humanism synergy to develop creative industry-based halal tourism in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 381 398 1,2,3perbanas institute, indonesia e-mail: 1andi.fariana@perbanas.id; 2iip@perbanas.id; 3ovalia@perbanas.id author: andi fariana received: 03 october 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:andi.fariana%40perbanas.id?subject= mailto:iip%40perbanas.id?subject= mailto:ovalia%40perbanas.id?subject= 382 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction halal tourism is a promising market as indonesia was in the first rank of global halal tourism destination in 2019, based on a survey conducted by global muslim travel index (gmti). according to gmti (2019), nine key faithbased needs determine the consumption behavior of muslim tourists, namely: 1) halal food and drink; 2) places of worship; 3) ramadan services; 4) water closets; 5) harām free; 6) private recreational facilities and services; and 7) free from islamophobia; 8) social impact; 9) experiences from local muslims. these nine are fundamental for a tourist destination to be considered eligible to be a halal tourist destination. thus, halal tourism is not only limited to halal food but also accommodations, destinations, services, and all supporting facilities. these include facilitating and providing comfort for muslim tourists, especially in carrying out worship and preventing forbidden (munkār) matters (battour & ismail, 2016). it is predicted that in 2026 there will be 230 million muslim tourists. in 2018, there was an increase in the number of muslim tourists, which amounted to 140 million. the increase in muslim tourists predicts a turnover of money from usd177 billion (in 2017) to usd274 billion in 2023 (crescent rating, 2017). the development of halal tourism should be carried out in an integrated manner and involve supporting elements. this is because the development of halal tourism can have positive and negative impacts (fariana, 2016). this integrated development is implied in the definition of tourism as stated in tourism law no. 10 of 2009 article 1. it is stated that tourism is a whole activity related to tourism, with its multidimensional and multidisciplinary aspects that arise as a form of the needs of individuals and countries, involving the interaction between tourists and the local community; fellow tourists, the central government, and local governments (kemenparekraf.go.id, 2009). this definition suggests that tourism development (in this case, halal tourism) also involves various stakeholders and brings potential implications. this study aims to offer a model to develop halal tourism based on the creative industry concept by synergizing the values of religious humanism in the indonesian context to create a profitable ecosystem for tourists and local residents. the creation of the halal tourism model is expected to improve halal tourism and the creative industry based on religious (spiritual) humanism. thus, this can strengthen national development goals, such as strengthening the community's economy involving the micro, small and medium enterprise sectors. particularly, the positive impact of halal tourism can be seen from the increase in halal product consumption in indonesia, which is predicted to reach us$ 218.8 http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 andi farina. religious humanism synergy to develop creative industry-based halal tourism 383 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 billion or grow 5.3% per year in 2025 based on the state of the global islamic economy report 2020-2021. the value of indonesia's islamic economic indicators is the fourth-ranked in the world, one level higher than the previous year. the government has supported this achievement by issuing government regulation (pp) no 39 of 2021 concerning the implementation of halal product assurance, as well as government regulation no. 7 of 2021 concerning the ease, protection, and empowerment of cooperatives and smes (coordinating ministry for economic affairs, 2021). ultimately, all these forms of support jointly contribute to indonesia's economic growth. this paper is expected to offer insights into the application of religious humanism in the context of halal tourism. however, halal tourism's development also negatively impacts the environment, including annihilating cultural values, as well as spiritual and social life (swesti, 2019). therefore, the authors identify some tourist destinations in indonesia to examine their implementation of halal tourism. this paper is divided into four sections: introduction, methodological consideration, research findings and discussion, and conclusion. literature review halal tourism definition halal tourism is taken from the word halal and tourism. halal is derived from arabic which means something which is allowed by god the almighty, based on islamic law. the word halal can be refered to all aspects of life, such as occupation, cosmetics, food and beverages, banking and finance, and tourism. meanwhile, halal tourism is a concept of tourism which is connected with halal matters. basic components of halal tourism including halal food, halal transportation, halal hotel, halal logistic, islamic finance, and islamic travel. battour and ismail (2016) pointed out that halal tourism is any activities in tourism which is allowed in islamic ways. halal tourism is known as well as islamic tourism. as stated by islamic tourism centremalaysia (2015), any activities, events and experiences performed in travel circumstances under islamic way. halal tourism focuses on any different issues, namely, the involvement and active participation of muslim in certain events, tourist’s destination, tourism products, such as hotels, entertainment, food, beverages and others; dimension (economic, social, culture, religion) and service management including marketing which concerns culture and religion (duman, 2011; tjzadeh, 2013). religion http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 384 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 concept, particularly religious humanism concept takes an important role to develop halal tourism model in indonesia which we propose in this paper. religious humanism concept religious humanism is an educational concept that combines two terms, humanism and religion (saraswati, 2017). humanism comes from the word humanis (latin), meaning human beings or a concept that upholds human values and dignity (kbbi.com). meanwhile, religion comes from the word relegere (latin), which means religion or a spiritual relationship between god and his creature. thus, religious humanism puts a human in a high position by considering religious values. this concept is an educational concept that aims to develop the potential of being oriented toward the ‘perfect human’ (insān al-kāmil) by involving aspects of human's responsibility to god over the established rules. methods as qualitative research, this study employs a legal approach by tracing various laws and regulations about halal tourism and the creative industry, including the fatwa of the dsn-mui (national sharia council-indonesian ulama council), which is not included in the hierarchy of laws and regulation in indonesia. the fatwa, however, plays a crucial role in legal formulations (andi fariana, 2017). as this is a statutory approach, the analysis involves grouping and describing rules and regulations. in addition, this research considers the religious humanism concept to analyze the positive and negative impacts of tourism development and internal and external factors supporting halal tourism based on the creative industry concept. this method is intended to explore various opportunities and advantages of halal tourism based on creative industries, minimize external threats, and turn the identified weaknesses into strengths. this study attempts to fill the gaps in the literature, in which the previous studies mostly focused on halal tourism or the development of the creative industry. the concept of religious humanism refers to the concept that considers horizontal responsibility to the god almighty and vertical responsibility to human beings and the environment (husna, 2013). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 andi farina. religious humanism synergy to develop creative industry-based halal tourism 385 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 results and discussion law no. 10 of 2009 on tourism states that the potential of nature, historical relics, antiquity, art, and culture are resources and capital for tourism development. in addition, it is stated that tourism is an integral part of national development in a planned, systematic, integrated, and sustainable manner whose purpose is to encourage the equal distribution of business opportunities and obtain benefits. the consideration in the tourism law suggests that tourism development that utilizes existing potentials should be accompanied by maintenance. in recent years, indonesia has become one of the most progressive countries in the development of halal tourism. halal tourism halal tourism in indonesia is unique because it prioritizes religious tourism as synonymous with halal tourism and develops various substantial aspects, such as education, health care, history, culture, or even sports, with the integration of islamic features and symbols (jaelani, 2017). halal tourism does not only about the destination or location but also the availability of supporting facilities (andriani, 2015). the search and development of these facilities enable halal tourism to include wider dimensions such as natural resources, fashion, food, health, history, sports, and culture (ratnasari, 2020). this is in line with the definition of halal tourism (sharia tourism) according to mui fatwa no. 108/ dsn-mui/x/2016, stating that halal tourism is tourism that is in accordance with sharia principles (islamic law) and considers the principle of avoiding destruction, toxicity, omnipresence, tabdzīr/isrāf, and mundane; also creates benefits and expediency both materially and spiritually. these principles are clearly stated in this fatwa by regulating various provisions ranging from contracts to the implementation of halal tourism in diverse sectors, such as hotels, tourist destinations, travel agencies, and tour guides (dsn-mui, 2016). several indicators of halal tourism formulated by the ministry of tourism together with dsn-mui are focused on benefiting society; creating refreshment and tranquility; preventing shirk (idolatry) and superstitious activities; preventing immoral activities; guarding behavior, ethics, and human values; safeguarding trust, security, comfort, universality, and inclusiveness; protecting the environment; and respecting for social values, culture and local wisdom (dsn-mui, 2016). in addition, the dsn-mui fatwa implies that halal tourism needs to pay attention to the supporting aspects, which, in this study, translated into creative industries. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 386 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 creative economy considering law no. 24 of 2019 on the creative economy, it is stated that indonesia has a rich cultural heritage that needs to be transformed into products to create added value. this is maintained through the development of the creative economy. the creative economy is an industry based on art, culture, business, and technology. the creative economy embodies added values from intellectual property sourced from human creativity based on cultural heritage, science, and/ or technology. meanwhile, according to the blueprint for the development of the national creative economy 2009-2015, the creative economy is a new era of economics that intensifies information and creativity by relying on ideas and knowledge from human resources as the main production factors in economic activity. meanwhile, according to the ministry of tourism and creative economy, the creative economy subsectors include game development, craft arts, interior design, music, fine arts, product design, fashion, culinary, film, animation, video, photography, visual communication design, television, radio, architecture, advertising, performing arts, publishing, and (digital) applications. based on this exposure, the creative industry can be interpreted as an industry that utilizes individual skills, creativity, and talents to produce a product that can be used to improve welfare or employment. therefore, many creative industries emerge from small and medium-sized industrial groups, and their economic actors are more independent and resilient (isna, 2021). the relationship between the tourism and creative industry the tourism industry is closely related to the creative industry (caria, 2014), which is why tourism development cannot be separated from the development of the creative industry. both should be developed simultaneously as they support each other. the ministry of tourism and creative economy of the republic of indonesia continues to optimize the tourism sector's development and creative economy (kemenparekraf, 2022). this can be seen from its guidelines stating that the development of the tourism sector includes four sectors: tourism destinations, marketing, industry, and institutions. meanwhile, the potential for creative economy development includes the diversity of high cultural, human, and natural resources, such as culinary, raw material crafts, and demographic bonuses. these potentials have their unique strength and capacity; and will be simultaneously enhanced. even slowly, the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 andi farina. religious humanism synergy to develop creative industry-based halal tourism 387 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 creative economy has become the backbone of the state economy, especially during the covid-19 pandemic. focus economy outlook 2020 data shows that the creative economy contributed idr1,100 trillion to indonesia's gross domestic product (gdp) throughout 2020. players in this sector continue to grow and reach eight million actors (ekbis.sindonews.com, 2021). even in the post-covid 19 pandemic period, the ministry of tourism and creative economy emphasizes three main components to revive the indonesian creative and tourism industry: collaboration, contribution, and innovation (hiru, 2020). these three aspects are important for creative industry development. this is because one of the sectors in the creative industry that supports tourism is handicraft products and fashion design. fashion design is in the form of souvenirs or clothing and lifestyle-supporting products. with diverse innovative and creative media, the increasing lifestyle and growth of tourism will have implications for handicraft and art products and fashion design (pendet, 2019). the question, then, is what kind of creative industries should be developed to support the development of halal tourism? referring to the definition of halal tourism in the dsn-mui fatwa no. 108/dsn-mui/x/2016, mentioned above, the creative industry developed to support halal tourism should be the one that is far from any form of or leading to destruction, toxicity, or impurity. one indicator of halal tourism is halal-labeled products issued by the halal product assurance regulatory agency (badan penyelenggara jaminan produk halal/bpjph). this is in accordance with law no. 33 of 2014 on halal product assurance (https:// halal.go.id, 2014). halal product assurance aims to provide comfort, security, safety, and certainty of the availability of halal products for the community. the assurance takes the form of a halal label (article 1 point 7 of government regulation no. 39 of 2021 on the implementation of the halal product guarantee) (https://jdih. setkab.go.id, 2021). the integration of halal tourism and the creative industry is non-negotiable because the latter is the main supporter of tourism. the halal labeling policy is another important step in creating a halal tourism environment. the west nusa tenggara is an example where the local government maintains the integration of halal tourism and the creative industry. west nusa tenggara is one of the thirteen provinces designated by the central government as a halal tourist destination area to be developed. with a significant tourism potential, the provincial government holds a mandate of law no. 32 of 2004 on regional autonomy to have the flexibility to develop their regions. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 388 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 as a comparison, the following table shows the potential of halal tourism in some provinces in indonesia (sony budiarso, 2021): table 1. the potential of halal tourism in some provinces in indonesia province regional regulations related to the regional development of tourism and the creative industry potential remarks aceh source: dishub.acehprov. go.id qanun aceh no. 8 of 2013 on tourism qanun aceh jaya no. 10 of 2019 on halal tourism islamic cultural destinations and halalcertified restaurants awarded as the world's best airport for halal travellers & world's halal tourism award special regional regulations on halal tourism riau source: https://disparbud. kamparkab.go.id/ riau provincial regulation no. 7 of 2016 on the development of tourism and tourism destinations riau provincial regulation no. 18 of 2019 on halal tourism dozens of halal-certified restaurants, sharia hotels, and worship services. natural and cultural tourism; and the iconic sultan mosque of riau islands west sumatra regional regulation of west sumatra province no. 1 of 2020 on the implementation of halal tourism 57 halal certified food outlets and muslim visitor guide three awards in world's best halal destination, best halal tour operator, world's best halal culinary destination a regional regulation on halal tourism dki jakarta provincial regulation of the special capital region of jakarta no. 10 of 2004 on tourism istiqlal mosque as an icon. hundreds of halalcertified restaurants and mosques (99% are in shopping malls), 510 halal-certified hotels, and five sharia hotels the declaration of "muslim-friendly jakarta" no special regional regulation on halal tourism http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 andi farina. religious humanism synergy to develop creative industry-based halal tourism 389 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 west java regional regulation no. 4 of 2019 on the master plan for regional tourism development for 20182025 regional regulation number 7 of 2019 on tourism regional regulation number 6 of 2020 on halal tourism five areas that continue to be developed as halal tourism destinations are bogor, sukabumi, karawang, bandung, bandung raya, cirebon, indramayu, majalengka, kuningan, with nature tourism such as mountains, seas, and beaches as well as cultural and religious tourism (bisnis.com, 2019) west java halal tourism guidebook in 2019 as the master plan for tourism development 2019-2023 with three stages: muslimfriendly tourism, conducive tourism for muslim needs, and tourism that meets islamic rules (west java halal tourism guidelines, http://digilib.uinsgd. ac.id) regional regulations on halal tourism central java regional regulation of central java province no. 10 of 2012 on the master plan for the development of tourism in central java province for 2012-2027 regional regulation no. 2 of 2019 on the empowerment of tourism villages in central java province regional regulation no. 10 of 2012 concerning the master plan for tourism development of central java province for 20122027 regional regulation no. 5 of 2021 on creative economy development in central java province. religious tourism of several historical mosques in demak, kudus, and cirebon, as well as natural attractions such as beaches and mountain tours and batik setra in various places (https:// remisya.org, 2020) indonesia muslim travel index award as the leading halal tourism area in 2019 providing assistance and training to smes no regional regulation on halal tourism regional regulation no. 5 of 2021 regulates halal tourism comprehensively, from data collection and information systems, assistance, and development to funding, supervision, and control. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 http://digilib.uinsgd.ac.id http://digilib.uinsgd.ac.id 390 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 lombok (west nusa tenggara) regional regulation no. 7 of 2013 on the master plan for regional development of diversity regional regulation number 7 of 2013 on the master plan for regional development of diversity sade village, various historical mosques, nature and typical regional villages (m. setyo nugroho, 2018, exploration of the potential of lombok island as a halal tourist destination in west nusa tenggara, scientific development media 13(7):1337. doi:10.33758/mbi. v13i7.210 worlds best halal honeymoon destination, worlds best halal tourism destination, world's best halal travel website and app having a halal tourism regional regulation source: sony budiarso (2021) the table above indicates that even though those provinces have regulations concerning tourism in general and have become halal tourism designations, only some have integrated tourism development plans. this is followed by regional regulations on halal tourism to provide a clear direction on the development, management, and utilization of existing potential in accordance with the direction of the government's policy on the development of halal tourism and creative industries and the fulfillment of halal or muslim-friendly indicators. apart from synergizing the development of halal tourism and the creative industry, information technology is no longer negotiable as digital technology has penetrated all dimensions of life. this is what malaysia has done in supporting the development of its creative industry by establishing an institution to regulate the development of information technology-based business, namely mac3 (multimedia creative content center). this kind of institution can be central to the development of creative industries, such as msmes products and tourism information. religious humanism religious humanism is an educational concept that combines two terms, humanism and religion (saraswati, 2017). humanism comes from the word humanis (latin), meaning human beings or a concept that upholds human values and dignity (kbbi.com). meanwhile, religion comes from the word relegere (latin), which means religion or a spiritual relationship between god http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 andi farina. religious humanism synergy to develop creative industry-based halal tourism 391 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 and his creature. thus, religious humanism puts a human in a high position by considering religious values. this concept is an educational concept that aims to develop the potential of being oriented toward the ‘perfect human’ (insān alkāmil) by involving aspects of human's responsibility to god over the established rules. in islamic education, the concept of religious humanism is a concept that humanizes individuals and aims to develop their intellectual abilities without abandoning the underlying religious values, with the final objective of creating insān al-kāmil (a perfect person) upholding the responsibility to god and human beings (mukhyidin, 2020). insān al-kāmil is a term used to describe a perfect human being in terms of being and knowledge, as a manifestation of the majesty of god, who creates humans to be a caliph on earth (mahmud, 2020). to achieve the degree of insān al-kāmil, one must abide by the formal religious rules derived from the quran and the sunna of the prophet muhammad. this is because knowledge and actions not based on the quran and sunna are unaccountable acts, which can even fall into the misleading category. a human is physically no different from other humans. however, one can have more perfect qualities than other humans in terms of spirituality and religiosity. the notion of insān al-kāmil implies the idea of the perfection or comprehensiveness of islam. this covers the elements of tawhīd (oneness of god), sharia, morality, and others related to the devotion to the devine. one way to reach the level of insān al-kāmil is by implementing the value of hablun min allāh and hablun min annās. in the context of halal tourism, this concept can be manifested in the form of religious humanism to ensure that the integration of halal tourism with the creative industry considers people's welfare in general and avoid any negative impacts. theoretically, four major aspects affect a human's life, as shown by the following (fpscs.uii.ac.id). human relations humans' lives influence other humans and their surrounding environment. to positively influence the environment, one should have pro-environmental attitudes and behaviors (palupi, 2017). in tourism, these attitudes and behaviors are implemented by considering the environment, cultures, religions, and others in the integrative halal tourism development. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 392 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 figure 1. human relations therefore, the development of integrated halal tourism needs to be based on positive behavior to create the concept of religious humanism. this can be carried out in a gradual process or with "coercion". the coercion is materialized in the form of halal certificate issuance. it is necessary first to map the targets and patterns of application to be effective. the following is a table depicting the target and the deployment pattern: table 2. the intended target no target deployment pattern 1 tourism schools and their supporting sectors. the schools equip the learners with tourism and religious humanism knowledge. curriculum, comparative studies, internship, and others. 2 public schools and religious schools (specifically islam) starting at the primary, and secondary schools (junior and high schools) learning materials that are integrated into courses to enhance the understanding of morals/ ethics (emphasizing the concept of religious humanism from the perspective of hablun min allāh and hablun min annās) 3 civic institutions and scientific assemblies, such as schools, academies, civic engagement, and others islamic studies are formulated with a structured curriculum based on the guidance from the mui in the form of materials to be disseminated (e.g. the promotion of mui fatwas on sharia tourism, sharia hotels, etc.). the fatwa issuance is associated with the concept raḥmatan lil ‘ālamīn (mercy for the entire universe) and khalifatullāh fil arḍ http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 andi farina. religious humanism synergy to develop creative industry-based halal tourism 393 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 4 tourism communities, business people, and tourism supporters (including creative industry players and developers) cooperation between academics and business people is carried out to organize activities in the form of training, workshops, and seminars to introduce and build awareness of the importance of maintaining positive behavior based on humanity and religious values to carry out business activities (tourism and creative industries) as it has worldly impact and the hereafter. consequently, tourism development pays attention to the harmony between humans and nature, natural creativity in the industry, and its compliance with sharia. 5 authorized government and decisionmakers local government can issue policies ranging from regional regulations to technical policies to be implemented by business people (all policies consider the values of religious humanism). these policies are promoted through various media outlets. source: processed (2022) the coercion is implemented through certification training on spiritual humanism. this training is compulsory for the halal tourism industry and creative industry players to manage the acquisition of halal certification. the training can be carried out by mui or study centers (halal centers) at universities. thus, the policy should be comprehensive, from the obligation to attend training and obtain a participation certificate to halal labeling. this policy should also be promoted in various forms. this is in line with the research conducted in malaysia, showing that the policies must be holistic, not only at the level of tourist destination packages but also halal food (ab hamid et al., 2018). this development model is expected to enhance the understanding of integrated halal tourism, which, in turn, will enhance the awareness of developing creative industries by paying attention to halal standards. furthermore, the awareness is then internalized; and becomes a mindset and behavior pattern. this is not a quick process: policies and regulations structure and controls its implementation. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 394 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 figure 2. the development scheme model the importance of integrating religious humanism concepts into creative industry-based halal tourism as discussed above, the enhancement of halal tourism is not a fast process to be implemented in creative industries. there is a need to consider the policies and regulatory structures. in addition, the concept of religious humanism is integrated into creative industry-based halal tourism since it is part of the essential elements in the halal business ecosystem (rachman, 2019). halal business ecosystems include all business networks, institutions, and government and non-government organizations (wifm, 2014). the halal ecosystem context refers to the halal business system. this takes the form of collaboration between halal industry players to optimize the role of each sector by paying attention to islamic values and the development of halal industries. the halal ecosystem process is expected to improve economic values, which lead to additional social values in the form of obligations to pay zakah, waqf, endowments, and alms. as stated by more (1999) in rachman (2009), the essential ecosystem elements include the actors, the networks among the actors, as well as the actors' performance, dynamics, and roles. therefore, it is expected that the integration of the religious humanism concept into creative industry-based halal will benefit the halal ecosystem. conclusion the tourism industry is inseparable from the creative industry. thus, when halal tourism is developed, it is also necessary to develop the creative industry. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 andi farina. religious humanism synergy to develop creative industry-based halal tourism 395 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 this means that the integration of tourism and the creative industry needs to pay attention to religious values and norms. in this case, religious humanism is extracted from hablun min allāh and hablun min annās. integrating religious humanism with development is possible with the participation of all stakeholders. this is because halal tourism development is based not only on tourism objects but also on the community. consequently, religious people are easy to accept the idea and willing to participate as long as the integration is carried out in a structured manner. the integration of halal tourism and creative economy also needs to be supported by written policies in the form of regional regulations as guidelines and coercive power. references amin, h. 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(2021, june 3). https://www.ekon.go.id/publikasi/detail/3047/ pemerintah-dorong-pengembangan-umkm-dan-pariwisata-halal-untukbangkitkan-perekonomian-lokal. potensi besar ekonomi kreatif. (2021, june 7). https://ekbis.sindonews.com/ read/447906/34/potensi-besar-ekonomi-kreatif-1622995569. pendet, i. k. m., & sunarini, n. m. r. (2019, september). produk industri kreatif sebagai penunjang pariwisata. in sandyakala: prosiding seminar nasional seni, kriya, dan desain, vol. 1, pp. 271-277). https://eproceeding.isi-dps. ac.id/index.php/sandyakala/article/view/65/59. putra, y. m. (2016, december 7). industri kreatif digital perkuat identitas bangsa | republika online. https://www.republika.co.id/berita/ohtj75284/industrikreatif-digital-perkuat-identitas-bangsa. rachman, m. a. (2019). halal industry in indonesia: role of sharia financial institutions in driving industrial and halal ecosystem. al-iqtishad: jurnal ilmu ekonomi syariah, 11(1), 35-58. https://doi.org/10.15408/aiq.v11i1.10221. ratnasari, r. t. (2020). halal tourism based on value creation. al-uqud: journal of islamic economics, 4(2), 268-284. https://doi.org/10/26740/al-uqud. v4n2,p268-284. saraswati, a. (2017, may 26). mengenal dasar-dasar humanisme religious— kompasiana.com. https://www.kompasiana.com/ajengardya/592839fbf47a6 1342328abe6/mengenal-dasardasar-humanisme-religious. sitanggang, n. (2022, august 1). teknologi digital solusi industri kreatif indonesia demi capai era yang baru. https://agribisnis.co.id/teknologi-digital-solusiindustri-kreatif-indonesia-demi-capai-era-yang-baru/. swesti, w. (2019). dampak pariwisata terhadap kondisi sosial budaya masyarakat di banda aceh. jurnal kepariwisataan indonesia: jurnal penelitian dan pengembangan kepariwisataan indonesia, 13(2), 49-65. https://doi. org/10.47608/jki.v13i22019.49-65. wahyuni, t. (2021). wisata syariah dalam upaya pengembangan ekonomi kreatif berbasis potensi lokal: studi kasus di daerah istimewa yogyakarta dan jawa tengah. journal of islamic tourism, halal food, islamic traveling, and creative economy, 1(2), 181-194. https://doi.org/10.21274/ar-rehla.v1i2.4348. kemenparekraf. (2021, august 14). potensi pengembangan wisata halal di indonesia. https://kemenparekraf.go.id/hasil-pencarian/potensi-pengembangan-wisatahalal-di-indonesia. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 https://doi.org/10.15408/aiq.v11i1.10221 https://doi.org/10/26740/al-uqud.v4n2,p268-284 https://doi.org/10/26740/al-uqud.v4n2,p268-284 https://doi.org/10.47608/jki.v13i22019.49-65 https://doi.org/10.47608/jki.v13i22019.49-65 398 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 fpscs.uii.ac.id. (2022, june 17). psikologi islam-jiwa manusia. https://fpscs.uii. ac.id/wp-content/uploads/arsip/arsip-ppt/psikologi-islami-manusiadalam-perspektif-psikologi-islami.ppt. kemenparekraf. (2022, may 28). panduan potensi pembangunan sektor pariwisata dan ekonomikreatif. https://eperformance.kemenparekraf.go.id/storage/media/993/ renstra-kemenparekraf-baparekraf-2020-2024.pdf. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.28354 al-iqtishad is international journal published by state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014. the journal had re-accredited by the ministry of research, technology, and higher education republic of indonesia no. 051/e/ kpt/2017 on december 4, 2017 (valid until december, 2022). editor in chief m. nur rianto al arif associate editor m. nadratuzaman hosen yuke rahmawati editorial assistant maman rahman hakim english editor ummi kultsum editorial advisory board abbas mirakhor (inceif, malaysia) ahmad hidayat buang (university of malaya, malaysia) amir kia (utah valley university, usa) ashraf md hasyim (isra, malaysia) fathurrahman djamil (uin syarif hidayatullah jakarta, indonesia) m. kabir hassan (university of new orleans, usa) mehmet asutay (durham university business school, uk) mervyn k lewis (university of south australia, australia) mohammad hudaib (adam smith business school, glasgow univ., united kingdom) mohamed s komi (the american university in cairo, egypt) mokhamad anwar (universitas padjadjaran, indonesia) monzer khaf (qatar faculty of islamic studies, qatar) muhammad amin suma (uin syarif hidayatullah jakarta, indonesia) ratno purnomo (jenderal soedirman university, indonesia) roszaini haniffa (heriot watt university, united kingdom) sadegh bakhtiari (isfahan university, islamic republic of iran) walid mansour (king abdulaziz university, saudi arabia) volume 10 (2) july 2018 al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) editorial office faculty economics and business building uin syarif hidayatullah jakarta jl. ir. h. juanda no. 95 ciputat, south tangerang, banten, indonesia 15412. phone. (021) 7493318, fax. (021) 7496006 email: iqtishad@uinjkt.ac.id; website: www.journal.uinjkt.ac.id/index.php/iqtishad contents 255 testing of the gold’s role as a safe haven and hedge for sharia stocks in indonesia r. robiyanto 267 who co-moves the islamic stock market of indonesia the us, uk or japan? m. shabri abd. majid 285 causal relationship between islamic bonds, oil price and precious metals: evidence from asia pacific widad metadjer, hadjer boulila 299 spin off feasibility study of sharia financing unit: study in adira finance lita wulandari, hermanto siregar, hendri tanjung 313 a new paradigm in islamic housing: non-bank islamic mortgage egi arvian firmansyah, ardi gunardi 325 consumerism in personal finance: an islamic wealth management approach farisah amanda, bayu taufiq possumah, achmad firdaus 341 financial stability of islamic versus conventional banks in pakistan tanveer abrar, farhan ahmed, muhammad kashif 367 islamic bank service quality and it’s impact on indonesian customers’ satisfaction and loyalty muniaty aisyah 389 consumer’s preference and awareness: comparative analysis between conventional and islamic ijarah auto financing in pakistan imran umer chhapra, afzal ahmed, raja rehan, farasat hussain 403 asymmetric information and non-performing financing: study in the indonesian islamic banking industry ahmad rodoni, bahrul yaman 417 strategy of baznas and laku pandai for collecting and distributing zakah in indonesia kartika andiani, didin hafidhuddin, irfan syauqi beik, khalifah m ali 441 lessons learned of zakah management from different era and countries dian masyita about authors achmad firdaus is a lecturer from stei tazkia. he obtained his doctoral degree from uin syarif hidayatullah jakarta and master of science in financial management from universitas indonesia. afzal ahmed is faculty member at szabist in the department of management science. his research interest is management studies. ahmad rodoni is a lecturer from uin syarif hidayatullah jakarta. he obtained his ph.d from universiti kebangsaan malaysia. his research interest are management and islamic finance. ardi gunardi is a lecturer from universitas pasundan. he obtained his master of science from universitas padjadjaran. his research interest include: corporate finance, sustainability, social responsibility and financial literacy. bahrul yaman is lecturer from uin syarif hidayatullah jakarta. he obtained his master of science from universitas indonesia. his research area is in management studies. bayu taufiq possumah is lecturer from universiti trengganu malaysia. he obtained his phd from universiti kebangsaan malaysia. his research area is islamic economics and finance. dian masyita is lecturer from universitas padjadjaran. she obtained her ph.d in islamic finance from durham university. her research interest are behavior finance and international finance management. didin hafidhuddin is lecturer from bogor agricultural university. he obtained his doctoral degree and bachelor degree from uin syarif hidayatullah jakarta, master degree from bogor agricultural university. his research interest is islamic economics. egi arvian firmansyah is the lecturer universitas padjadjaran. he obtained his master of science in management from universitas padjadjaran. his research interest are islamic finance, investment and portfolio. farasat hussain is faculty member at szabist in the department of management sciences. his research interest is management studies. farhan ahmed is faculty member at szabist in the department of management sciences. his research interest is management studies. farisah amanda is a researcher from stei tazkia. she obtained her degree from stei tazkia. her research interest area is islamic economics and finance. hadjer boulila is a a phd student at abu bakr belkaid university. she obtained her master degree at the same university. her main fields of studies are: international financial, monetary economics, and econometrics. hendri tanjung is lecturer at ibn khaldun university. he obtained his phd and m.phil from international islamic university islamabad, m.a from ibn khaldun university, mba and bachelor in statistics from bogor agricultural university. hermanto siregar is professor of economics from bogor agricultural university. he obtained his phd from lincoln university, master of economics and diploma in agricultural economics from university of new england, and bachelor degree from bogor agricultural university. imran umer chhapra is ph.d student from szabist, pakistan. he is double gold medalist consecutively in mba (finance) and ms (finance) with chancellor cap of honor award. he has few research publications to his credit and has supervised few research project/ independent studies at mba & ms level. his areas of interest are accounting, finance, banking, economics and research. irfan syauqi beik is lecturer at bogor agricultural university. he obtained his master degree from international islamic university islamabad and ph.d from iium. he also as a researcher on islamic banking studies kartina andiani is researcher at bogor agricultural university. she obtained her bachelor and master degree from bogor agricultural university. her research interest on islamic economics studies khalifah muhammad ali is lecturer from bogor agricultural university. he obtained his bachelor degree from bogor agricultural university. his research interest on waqf, social islamic fund, and islamic law. lita wulandari is a head of talent management operation at pt adira dinamika multi finance. she obtained her master degree from school of business, bogor agricultural university and bachler degree from university of jambi. m. shabri abdul majid is a lecturer at the department of islamic economics, faculty of economics and business, syiah kuala university, indonesia. he completed his phd in financial economics from the international islamic university malaysia (iium) in 2005. currently, he is the secretary of institute of research and community services, syiah kuala university. muhammad kashif is the faculty member at szabist in the department of management science. his research interest is management studies. muniaty aisyah is the lecturer at uin syarif hidayatullah jakarta. she finished her doctoral degree at universitas trisakti, master in marketing management from gadjah mada university. she also as a researcher on management studies. raja rehan is the faculty member at szabist in the department of management science. his research interest is management studies. r. robiyanto is lecturer at satya wacana christian university. he earned his master of management in finance and phd in finance from diponegoro university. his research interest are capital market, commodity market, corporate governance, and portfolio management. tanveer abrar is the faculty member at szabist in the department of management science. his research interest is management studies. widad metadjer is a faculty members from university of djilali liabes, algeria. her research interest are islamic finance, and corporate finance studies. vol. 10 (1) january 2018 no name title note 1 rahmatina awaliyah kasri, niken iwani s putri fundraising strategies to optimize zakah potential in indonesia: an exploratory qualitative study lecturer and researcher at faculty of economics and business universitas indonesia. 2 siti fatimah zahra, ascarya, nurul huda stability measurement of dual banking system in indonesia: markov switching approach researcher of stei tazkia, researcher from bank of indonesia, and lecturer at universitas yarsi 3 sutan emir hidayat, ali khaled al khalifa shariah governance practices at islamic banks in bahrain from islamic bankers’ perspective lecturer and researcher of university college of bahrain. 4 muhammad rizky prima sakti, hassanudin bin mohd thas thaker, abdul qoyum, ibnu qizam the concept and practice of macroprudential policy in indonesia: islamic and conventional ph.d students from universiti teknologi malaysia, lecturer from help university, and lecturer from uin sunan kalijaga yogyakarta 5 mohammad nazim uddin, monir ahmmed islamic banking and green banking for sustainable development: evidence from bangladesh lecture of international islamic university chittagong, bangladesh. also as a researcher on islamic economics studies 6 jamshaid anwar chattha, syed musa alhabshi lowly or negative benchmark rates bandwagon: any risk implications for islamic banks economist from central bank of kuwait, and lecturer at international islamic univesity of malaysia. 7 farhan ahmed, abdul rafay, afzal ahmed dividend payout policy of conventional banking and islamic banking in pakistan lecturer at shaheed zulfikar ali bhutto institute of science and technology (szabist) pakistan articles & authors 8 ahsan israr, fahad ahmed qureshi, mubeen butt selection criteria of public for account opening: a case study of islamic banks in pakistan lecturer at caps, arizona state university, usa; and lecturer from minhaj university, pakistan 9 yoghi citra pratama, abdul aziz macroeconomic variables, international islamic indices, and the return volatility in jakarta islamic index lecture of state islamic university syarif hidayatullah jakarta. also as a researcher on islamic economics studies 10 raditya sukmana determinants of credit and financing risk: evidence of dual banking system in indonesia lecture of lecturer at airlangga university. 11 jaenal effendi islamic insurance: a potential niche market of indonesia lecturer at bogor agricultural university. also as a researcher on islamic economics studies. 12 murniati mukhlisin, muhammad syafii antonio meta analysis on direction of accounting standards for islamic financial institution: case studies in united kingdom and indonesia lecturer at stei tazkia. also as a researcher on islamic economics studies. vol. 10 (2), july 2018 no name title note 1 r. robiyanto testing of the gold’s role as a safe heaven and hedge for sharia stocks in indonesia lecturer of satya wacana christian university. also as a researcher of finance studies 2 m shabri abd majid who co-moves the islamic stock market of indonesia? the us, the uk, or japan lecturer of syiah kuala university. also as a researcher on islamic economics and finance studies 3 widad metadjer, hadjer boulila causal relationship between islamic bonds, oil and precious metals: evidence from asia pacific researcher from university of djilali liabes, algeria; and also a phd student from university of abou bekr belkaid, algeria. 4 lita wulandari, hermanto siregar, hendri tanjung spin off feasibility study of sharia financing unit: study in adira finance lecturer and researcher at bogor agricultural university, and lecturer at university of ibnu khaldun. 5 egi arvian firmansyah, ardi gunardi a new paradigm in islamic housing: non-bank islamic mortgage lecturer of universitas padjadjaran, and lecturer of universitas pasundan. 6 farisah amanda, bayu taufiq possumah, achmad firdaus consumerism in personal finance: an islamic wealth management approach lecturer and researcher at stei tazkia, and lecturer from universiti malaysia trengganu. 7 tanveer abrar, farhan ahmed, muhammad kashif financial stability of islamic versus conventional banks in pakistan lecturer at shaheed zulfikar ali bhutto institute of science and technology (szabist) pakistan 8 muniaty aisyah islamic bank service quality and its impact on indonesian customers’ satisfaction and loyalty lecturer at uin syarif hidayatullah jakarta. researcher on islamic economics studies 9 imran umer chhapra, afzal ahmed, raja rehan, farasat hussain consumer’s preference and awareness: comparative analysis between conventional and islamic ijarah auto financing in pakistan lecturer at shaheed zulfikar ali bhutto institute of science and technology (szabist) pakistan 10 ahmad rodoni, bahrul yaman asymetric information and non-performing financing: study in the indonesian islamic banking industry lecturer at uin syarif hidayatullah jakarta. researcher on management studies 11 kartika andiani, didin hafidhuddin, irfan syauqi beik, khalifah m ali strategy of baznas and laku pandai for collecting and distributing zakah in indonesia lecturer at bogor agricultural university. also as a researcher on islamic economics studies. 12 dian masyita lesson learned of zakah management from different era and countries lecturer of universitas padjadjaran. also as a researcher on islamic finance studies authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) as publisher of this journal. copyright encompasses exclusive rights to reproduce and deliver the article in all forms and media, including reprints, photographs, microfilms and any other similar reproductions, as well as translations. the reproduction 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(when there is more than one author, only the first author that sign this copyright) achmad firdaus afzal ahmed ahmad rodoni ardi gunardi bahrul yaman bayu taufiq possumah dian masyita didin hafidhuddin egi arvian firmansyah farasat hussain farhan ahmed farisah amanda hadjer boulila hendri tanjung authors index hermanto siregar imran umer chhapra irfan syauqi beik kartika andiani khalifah m ali lita wulandari m. shabri abd majid muhammad kashif muniaty aisyah raja rehan r. robiyanto tanveer abrar widad metadjer aaoifi governance standards accounting standards account opening adverse selection analytical network process arima asymmetric information banking stability benchmark rates causal relation co-movements collection consumerism consumer preference conventional banks conventional auto financing customer loyalty customer satisfaction decentralization disbursement diversification benefits dividend payout policy dual banking system feasibility study financial planning financial stability fundraising strategy gold green banking hedging ibnu khaldun subject index integration international islamic indices islamic banks islamic banking islamic bonds islamic charities islamic financial institutions islamic ijarah auto financing islamic mortgage islamic insurance islamic service quality islamic stock market islamic voluntary sector islamic wealth management jakarta islamic index localization macroeconomic macroprudential markov switching method meta analysis moral hazard multivariate causality murabaha negative rates niche markets oil prices personal finance precious metal public preference quantile regression al-iqtishad jurnal ilmu ekonomi syariah (journal of islamic economics) guidance for writing in journal of al-iqtishad 1. the manuscripts represent academic research in islamic economics and finance discipline. 2. upon the publication of the manuscript, the author should provide a letter states that the manuscripts have never been, or under consideration to be, published in other journal publications. 3. structure of the manuscripts a. title. the title should be short, clear, and informative, but does not exceed 9 words. b. author’s names and institutions. the author’s names should be accompanied by the author’s institutions and email addresses, without any academic titles and/or job title. c. abstract and keywords. the abstract should be less than 150 words. the key words should be 2 to 5 phrases. d. introduction. this section explains the backround of the study, and aims of the manuscripts. it should be written without numbers and/or pointers. e. literature review. this section explains the theoretical framework that used on this research, a review on the previous research in the area. f. methods. this section describes the tools of analysis along with the data and their sources. g. discussion. this section explains the results of the study. h. conclusions. this section concludes and provides policy implications, if any, of the study. i. references. this section lists only the papers, books, or other types of publications referred in the manuscript. 4. the authors should provide an index of subject, namely the specific terms in the manuscript. the authors should also provide the index of authors, namely the key authors of papers referred in the manuscript. please write the family name followed by the given name. 5. estimation result from a software package is not allowed to be directly presented in the paper. they should be presented in equations with the appropriate estimation results. 6. table format should contain only heading and contents. please provide the top and bottom lines, along with the line(s) that separate the heading and the contents. example: table 1. the growth of third party fund, financing and asset (billion rupiah) 2009 2010 2011 2012 2013 2014* fundraising 52.271 76.036 115.415 147.512 174.018 186.608 financing 46.886 68.181 102.655 147.505 179.284 187.886 asset 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia 7. acknowledgment, if any, should be written as the foot-note of the manuscript’s title. 8. the manuscript is prepared in a quarto paper, single-sided, and double-space format. a new paragraph should start 5 characters from the left margin, using 12-size, times-newromans font type. 9. the manuscript is written in proper english, either british or american english, but not the combination of both, except for special editions. 10. the manuscript should be in no less than 25 pages long. 11. the top and bottom margins are 1 inch. 12. the title is written using capital letters of 14 font size, centre position. 13. sub titles are written using capital letters, started from the left margin. 14. sub of sub titles are written using capital letters only at the beginning of each word except for connecting words. they should be started from the left margin. 15. references should be those of the last ten years publication, unless 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(eds.), local dynamics in an era of globalization, 25-26, london: oxford university press. c. for journal/magazine papers, the format should follow the following example: al arif, m. n. r. 2012. efek multiplier wakaf uang dan pengaruhnya terhadap program pengentasan kemiskinan. jurnal asy-syir’ah, vol. 46 (1), january 2012, hlm. 10 – 12. d. for internet references, the format should follow the following example: kharlie, ahmad tholabi. 2006. “formalisasi syariat islam, mengapa tidak?”, http//www.ahmadtholabi.wordpress.com, accesed on 17 maret 2014 e. for magazine, the format should follow the following example: asa, syu’bah. 2004 “pengantin darah”, dalam tempo, no. 30/xxx111/20, 20 september 2004 19. transliteration guidance (from arabic to latin) consonant (iاi) = a z = (ز) q = (ق) b = (ب) s = (س) k = (ك) t = (ت) sy = (ش) l = (ل) ts = (ث) sh = (ص) m = (م) j = (ج) dh = (ض) n = (ن) h = (ح) th = (ط) w = (و) kh = (خ) zh = (ظ) h = (ه) d = (د) ‘ = (ع) ’ = (ء) dz = (ذ) gh = (غ) y = (ي) r = (ر) f = (ف) t = ( ة ) short vocal long vocal = a ( ) = â = i ( ) = î = u ( ) = û diftong pembauran aw = (أو) al = (ال) ( ) = ay al-sy = (الش) -wa al = (وال) 20. the manuscript in microsoft word should be sent to iqtishad@uinjkt.ac.id or through online submission at: http://journal.uinjkt.ac.id/index.php/iqtishad/user/register 21. a brief cv that records full name, academic title, institution, telephone, fax and mobile number should accompany the manuscript. 22. the decision of the manuscript are: a. accepted, or b. accepted with minor revision, or c. accepted with major revision, or d. rejected. 23. upon the publication of the manuscript in the journal, the author will receive a publication proof number and 3 off-prints. 24. further information about the journal can be seen at http://journal.uinjkt.ac.id/index. php/iqtishad a l -i q t is h a d ju rn al il m u e ko n o m i s ya ri ah (j ou rn al o f i sl am ic e co no m ic s) issn: 2087-135x e-issn: 2407-8654 vol. 9 (2), july 2017 published by faculty of shariah and law state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. a l -iq t is h a d ju rn al ilm u eko n o m i syariah (journal of islam ic econom ics) v o l. 9 (2), ju ly 2017 al iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) is a peer-reviewed journal published by state islamic university (uin) syarif hidayatullah jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014. the journal indexed by directory of open access journal (doaj), crossref, goggle scholar, isjd, ipi, moraref, etc. issn: 2087-135x e-issn: 2407-8654 the important selection criteria in choosing islamic banks: a survey in bahrain abdulla hamzah al-hadrami, sutan emir hidayat, mohamed isa al-sharbiti islamic banking existence and domestic credit: study at seven countries hamdan yuafi, anton bawono risk of debt-based financing in indonesian islamic banking kharisya ayu effendi determining factors of deposit level of islamic bank in indonesia sofyan baehaqi, idqan fahmi, irfan syauqi beik comparing efficiency and productivity in islamic banking: case study in indonesia, malaysia, and pakistan ahmad rodoni, m. arskal salim, euis amalia, rezki syahri rakhmadi zakah for asnaf al-gharimun in brunei darussalam: concepts and practices rose abdullah, abdurrahman raden aji haqqi effective zakah distribution: highlighting few issuens and gaps in kedah, malaysia m ashraf al haq, norazlina binti abd wahab currency system and it’s impact on economic stability desmadi saharuddin, ali rama bankruptcy model analysis: comparative studies between sharia and non sharia manufacturing companies ruhadi, muhammad umar mai fatwa and the development of islamic financial industry: a lesson from indonesia ma’ruf amin indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014. al iqtishad has been covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • ebsco (open science directory) • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • indonesia onesearch • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • eurasian scientific journal index • directory of research journal indexing (drji) • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor • international scientific indexing • international innovative journal impact factor (iijif) • journalindex • cosmos impact factor • globethics.net al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 187 200 first draft: january 15, 2016; revision: march 22, 2016; accepted: may 20, 2016 airlangga university. jl. airlangga no. 4 – 6, mulyorejo, surabaya, east java -60115 e-mail: momyadit@gmail.com, sari_study@yahoo.com doi: 10.15408/aiq.v8i2.2871 abstract. determinants of liquidity risk in indonesian islamic and conventional banks. the purpose of the study is to examine the causes of the liquidity risk in islamic and conventional banks in indonesia using panel data regression method. the study found the significant and positive relation of roa and npf with the liquidity risk, whereas the negative and significant relation of car with the liquidity risk in indonesian conventional banks. meanwhile in islamic banks, car result significantly positive effect on liquidity risk, while roa shows negative and significant result. possible explanation for this is that, given the huge profit by the conventional banks, it has more chance to allocate it as liquidity reserve as well as increasing the facilities (improvement on technology). when the npl is high, conventional banks will increase the liquid assets as a buffer. unlike that of conventional banks, the islamic banks in indonesia might allocate capital as liquidity reserves and might allocate roa in fixed assets or financing or technology. the result confirm that the role of capital and bank’s performance in indeed important to the banking liquidity. keywords: liquidity risk management; islamic bank; conventional bank abstrak. faktor –faktor penentu resiko liquiditas perbankan islam dan perbankan konvensional di indonesia. tujuan dari penelitian adalah untuk memeriksa penyebab risiko likuiditas di bank islam dan konvensional di indonesia menggunakan metode regresi data panel. penelitian ini menemukan hubungan signifikan dan positif antara roa dan npf dengan risiko likuiditas, sedangkan car negatif dan signifikan dengan resiko likuiditas di bank-bank konvensional indonesia. sementara itu di bank islam, car ditemukan secara signifikan positif dengan risiko likuiditas, sementara roa menunjukkan hasil negatif dan signifikan. penjelasan yang mungkin untuk ini adalah bahwa, mengingat keuntungan besar oleh bank konvensional, bank konvensional memiliki lebih banyak kesempatan untuk mengalokasikan sebagai cadangan likuiditas serta meningkatkan fasilitas (peningkatan teknologi). ketika npl tinggi, bank-bank konvensional akan meningkatkan liquid aset sebagai penyangga. tidak seperti bank konvensional, bank islam di indonesia mungkin mengalokasikan modal sebagai cadangan likuiditas dan mengalokasikan roa sebagai aktiva tetap atau peningkatan pembiayaan atau teknologi. hasil penelitian mengkonfirmasi bahwa peran modal dan kinerja bank memang penting dalam likuiditas perbankan. kata kunci: manajemen risiko likuiditas; bank syariah; bank konvensional determinants of liquidity risk in indonesian islamic and conventional banks raditya sukmana , sari suryaningtyas 188 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 introduction the banking system has an important role in supporting the real sector. bank act as a financial intermediary where it connects parties, which are in excess of money and other parties, which are in need of money. as a business institution, that financial intermediation process must be run efficiently to ensure more profits for shareholders despite the expansion of the economy. the more profit created by bank would lead to a more improvement for the banking performance. moreover, the expansion of the economy would also increase demand for banking facilities. hence a bank failure will deliver a domino effect on the banking system, the crisis of one important bank would have an impact on real economic conditions that will ultimately have an impact on the stability of the economy. liquidity is the ability of a bank to fund an increase in assets and meet obligations as they come due, without incurring unacceptable losses. the fundamental role of banks in managing transformation of short-term deposits into long-term loans make banks inherently vulnerable to liquidity risk. virtually, every financial transaction or commitment has implications for a bank’s liquidity. effective liquidity risk management helps ensuring bank’s ability to meet cash flow obligations as they are affected by external events and depositor’s behavior. liquidity risk management is of paramount importance because shortfall at a single institution can have system-wide repercussions (sulaiman, 2013). liquidity risk is the outcome from the disparity involving the maturities of the two sides of the balance sheet. this disparity either results from an excess of cash that can be invested or result in a deficiency of cash that need a more liquidity. if the bank has excess liquidity, it means that the bank could not obtain the opportunities to make a profit, whereas, those who have low liquidity would face withdrawal risk. therefore, the bank will face the risk of failure and bankruptcy if bank losses could not be covered by capital (hassan et al, 2013), liquidity risks can be due to the inadequate market depth, market disruption or the inability of the bank to access markets. it relates also with solvency issue where the bank may not be able to meet the funding requirements to finance its assets. it also includes the obligation of the bank to make payments to third parties (iqbal, 2012). the liquidity problem might arise in the banks either due to funds mismanagement or can be from unexpected withdrawals of funds by the depositor especially during the time of unfavorable economic conditions. the global financial crisis of 2008 2009 had an impact on the ability of banks in facing the liquidity risk. therefore, these situations would carry a greater challenge for banks in managing liquidity (siddiqi, 2008). raditya sukmana: determinant of liquidity risk 189 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 study on the liquidity risk on banking in general measures the relationship of a micro economic variable within banking such as capital, efficiency and other variable of the bank, and the performance of the financing (nimsith et all, 2015), (anam et all, 2012), (akhtar et all, 2011), (anjum iqbal, 2012), (ramzan and zafar 2014), (ahmed et all, 2011). the relationship between macro-economic variables with banking can also be found in (ghenimi et all, 2015), (solomon et all, 2013). various result are revealed on the relationship among the variables whether it is significant or not significant. in indonesia, the conventional banking was established over 100 years, whereas islamic banking established in early 1990. the market share of islamic bank in indonesia currently amounted to five percent, the rest is still owned by the conventional banking. however, the growth of islamic banking in indonesia has persistently high. islamic capital market and islamic money market began to be developed, as a proponent of islamic bank in obtaining short-term and long-term funding and investment needs. similar to conventional banks, islamic banks also face the liquidity risk. in essence, the conventional banks rely more on debt instruments while the islamic banking relies on instrument that comes from real business transactions. because the islamic banks deals with the real sector therefore it deals also with the business cycles, cooperation among the business partners and good conduct of the stakeholders and this is the core of all the islamic banking operations. fdr islamic banking in indonesia in december 2014 reach 86.65 percent, whereas fdr conventional banking in indonesia in december 2014 reach 79.79 percent (statistics bank indonesia, december 2014). this current study focuses to investigate the firm level determinants of liquidity risk of islamic bank and conventional banks. to our knowledge, this topic has yet to be explored, and in this regard, the study hopes to contribute towards enriching the literature in the area of islamic banking. the next section of this paper will provide information on liquidity risk and previous research. it follows with a discussion on the data and empirical method employed in this study. subsequently, the empirical findings and analysis of the results are presented. finally, conclusions and recommendations of the research studies are given. literature review banks could overcome the liquidity risk management in a number of ways, such holding liquidity reserves in terms of assets (cash, placements with other banks, placements with the central bank), securities issued to suppress the 190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 probability of illiquidity. other alternative is on the liability side by utilizing the inter-bank lending or supporting liquidity from the central bank, which has the function of lender of the resort, aimed to provide liquidity support for illiquid banks. islamic and conventional banking have the different instruments and ways in overcoming liquidity problems. it is because some substantial differences in the contract in which the islamic banking liquidity instrument-based on capital, whereas conventional banking based on debt (hassan et al, 2013). the liquidity risks faced by islamic banking are more important for the bank sustainability, rather than the operational risk and the risk rate of return (khan and ahmad, 2001). according to amr el tiby (2010) in sulaiman (2013) liquidity risks facing islamic banking happens because of these factors: first, limited sharia-compliant interbank money market instruments. sharia prohibition on interest-based loan and the absence of an adequate and active interbank market restricted the islamic banking options in managing liquidity efficiently. in addition, shallow secondary market also contributed to the problem. second, islamic financial instruments listed on the secondary market are also very limited and sharia has set certain preconditions for transactions involving financial obligation, except for claims involving real assets. therefore, there is a need for institutions and authorities to develop asset-based securities to be traded, such as sukuk (rifki ismal, 2008). although these instruments are available, yet market participants were inadequate and limited compared to the conventional system. third, although the conventional liquidity management instruments such as the interbank market, secondary market for debt instruments have been long established, but all instruments are based on interest rate (usury) that is strictly prohibited by islam. at the same time, conventional banking are having the access to extensive short-term loans from overnight to twelve months or a year through a complete, advanced and efficient interbank market. this access is important for banks in meeting its institutional needs for short-term cash flow. fourth, the numbers of islamic financial instruments is limited. because of this, islamic banks do not enjoy the choice of funds similar to that found in conventional banks, which can be adapted to the period of loan and deposit’s maturity through money and capital market instruments. the absence of an adequate market for islamic financial instruments create problem especially for asset liability managements. regulatory policies could assist banks in maintaining liquidity; one of them is the obligatory minimum reserve requirement (mrr). according sukmana (2012), there are three perspectives of sharia in relation to the increase in mrr in indonesia; the indonesian central bank plays a central role as a monetary authority to control the money supply. central bank policy in raising the mrr raditya sukmana: determinant of liquidity risk 191 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 is in accordance with islamic principles, the remuneration is bestowed to islamic banking should be in accordance with the sharia which is not contained the elements of usury (riba). non performing finance is a comparison between the defaulted financing to the total financing provided by bank. the higher the ratio, the greater loss to the bank (anjum, 2012). according to sukmana (2015) regulators should keep the economy works to maintain the npf at the lowest position. the government’s policy in the restructuring of default financing can help suppress the npf, such the regulation of bank indonesia number 13/9 / pbi / 2013 which govern the restructuring of financing to maintain the quality of financing that could be done from the current status of financing. up on the restructure of the npf, the ability of bank to create profit (as indicated by roa) increases. return on assets (roa) is a profitability ratio that indicates the ratio between profit before tax and zakat of total assets. this ratio indicates the efficiency of asset management conducted by the bank. capital is used as an instrument in managing risks that may be encountered by the bank and as an instrument in carrying out operational activities to the sustainability of the bank. capital adequacy ratio is the minimum capital adequacy ratio, which must be owned by the bank to consider the risks that may arise. car is used to protect depositors and demonstrate the stability and efficiency of the bank. below are some of the previous studies related to banking institutions’ liquidity management? anjum iqbal (2012) examined the liquidity risk management through the comparative analysis of conventional banking and islamic banking in pakistan covering 2007-2010. the samples included are 5 islamic and 5 conventional banks of pakistan. the independent variables utilized are the size of the bank, npls ratio, roe, car, and roa. the liquidity risk is taken as the dependent variable. the study found that liquidity position of the islamic banks is better as compared to the conventional banks. the npl ratio of the islamic banks showed a decreasing trend which means less of the non-performing loans of the islamic banks and hence the less losses. it also predicts the better operations of the islamic banks as compared to the conventional banks. the capital adequacy ratio of the islamic banks was far ahead of the conventional banks. islamic banks seem to have stronger cushion against the balance sheet shocks such as payment of liabilities and the cover up their losses to protect their depositors and lenders. npl ratio had the significant positive relationship with the liquidity risk. this means higher npl ratio leads to the greater liquidity problems. the roa along with car showed the significant positive relationship with the liquidity risk. 192 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 another study on this issue is done by akhtar (2011). he took the case of both conventional and islamic banking in pakistan; it is found that car is not significantly affecting the liquidity risk in islamic banking. however, roa is positive and significant to the liquidity risk in this bank. the study shows that conventional banks is more profitability and better manage the liquidity risk than that of islamic banks. ghenimi (2015) examined the factors that affect the liquidity risk for islamic and conventional banks in the golf countries, using the panel data for 11 islamic banks and 33 conventional banks between 2006 and 2013. the study found that return on equity, net interest margin, capital adequacy ratio and inflation rate have a positive impact on liquidity risk for islamic banks. meanwhile returns on assets, non performing loan, size and gdp growth have a negative relationship. on the other hand, in conventional banks, size, return on equity, net interest margin, capital adequacy ratio, gdp growth and inflation rate have a positive impact, whereas the return on assets, non performing loan shows otherwise. therefore, islamic banks are more sensitive by those factors than their conventional counterparts nimsith (2015) observed the liquidity risk management by taking comparative study between islamic and conventional banks in sri lanka. the relationship of car with liquidity management is negative and not significant on both banks. the relationship of roa with liquidity risk management is negative and not significant in islamic banks, while it shows positive and significant in the other bank. he recommends that banks should diversify their funding sources or increase the contingent liquidity sources. further, in their daily operations, banks need to provide and maintain liquidity for withdrawals. furthermore, he proposes three techniques to mitigate the regular demand for liquidity. the first one is to invest more funds in liquid loans and/or keep more cash in hand. the second one is to diversify sources of funding from various depositors. the final one is to use the central bank as the last resort to provide emergency liquidity to fulfill the regular demand for liquidity from depositors. to manage the predictable irregular demand for liquidity, banks should learn from their past experiences which accommodate factor such as seasonality, cyclicality, and trend. therefore, unless there is an unexpected shock, it should be possible to predict demand for liquidity. in order to increase the accuracy of their estimation, the banks should find out from their clients details on the schedule of their intended deposit withdrawals. anam (2012) tried to investigate the significance of firm’s size, net working capital, return on equity, capital adequacy and return on assets on liquidity risk raditya sukmana: determinant of liquidity risk 193 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 management in case of conventional and islamic banks of bangladesh. using the data covering from 2006-2010, it is found that net working capital, capital adequacy ratio and return on assets influence positively on the liquidity risk. ramzan (2014) tried to gauge the institution’s level elements in affecting the liquidity risk of islamic banks in pakistan through balancing assets and liabilities. it shows positive significant relationship of bank size with liquidity risk in the estimated hypothetical model, whereas rest of the independent variables depicts statistically insignificant relationship with liquidity risk. therefore, it suggest that strong asset base of islamic bank contributes towards strengthening the liquidity control. methods data data utilized in this study comprises from 13 banks of which consists of eight full fledged islamic and the five largest conventional bank in indonesia. these numbers of banks are expected to significantly cover almost all national banking assets. data from annual report covering from 2010-2014 is used to calculate the ratio used as a proxy for liquidity risk in conventional banking as well as islamic banking in indonesia. there are two models namely conventional banks and islamic banks in indonesia. liquidity risk is represented by liquid assets to total assets; meanwhile the independent variable used is return on assets (roa), non performing finance (npf), and capital adequate ratio (car). these proxies are also used by other researchers, for example nimsith and shibly (2015), ghenumi and omri (2015). the equation of model regression applied will be as follows: ltait = α + β1 roait + β2 carit + β3 npfit + eit the method utilized in this model is panel regression advantage in which the advantage is that it produces a greater degree of freedom. in order to adopt panel regression, chow test, haussmann test or lm test have to be taken to find which model suitable to the characteristics of the data. basically these three methods can be selected based on the circumstances of the study chow test chow test is a test to determine whether to use fixed effects or common effect that is most appropriate for the data panel. hypothesis testing in chow test is h0: common or pooled ols effects model, h1 : fixed effect model. the basis of the rejection of the hypothesis above is by comparing the value of 194 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 the probability of cross section f with significant level. when the results of the value of the probability of cross-section f greater than significant level then h0 is accepted which means the most appropriate model used is the common effect model. conversely, if the value of the probability of cross section f less than significant level then h0 is rejected, which means the most appropriate model used is the fixed effect model. hausman test haussmann test is based on the idea that the least squares dummy variables (lsdv) in fixed effect and generalized least squares (gls) in random effects are efficient while ordinary least squares (ols) in common effect is not efficient. haussmann test statistic follows distribution statistics chi-squares with degrees of freedom (df ) of the number of free variables. the null hypothesis is random effect and the alternative hypothesis is fixed effects. if the value of the probability of cross section random is greater than significant level then a null hypothesis is accepted. the chosen model for panel data regression is random effects. conversely, if the value of probability of cross section random is less than significant level then hypothesis is rejected, which means the most appropriate model used is fixed effect model. lagrange multiplier test the lagrange multiplier (lm) used to determine whether the model of the random effects model is better than the common effect. test of the significance of random effects was developed by breusch-pagan. the test is based on the residual value method of common effect. lm test is based on the distribution of chi-squares with degrees of freedom (df ) of the number of independent variables. the null hypothesis is a common effect, and the alternative hypothesis is a random effect. if the value of lm is greater than the critical value of chi-squares or the value of the probability of breusch-pagan is less than significant level then a null hypothesis is rejected then the chosen model for panel data regression is a random effect. conversely, if the value of lm is less than the critical value of chi-squares then a null hypothesis is accepted. the right model for panel data regression is a common effect. result and discussion chow test result based on chow test to compare the best model from common effect and fixed effects, obtained the value of the probability of cross section f on the model raditya sukmana: determinant of liquidity risk 195 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 i with a significant level of 5 percent is 0.0272, whereas probability values on the model ii cross section f is 0.082. chow test results commons effect is better than fixed effect in model ii, whereas fixed effect is better than common effect in model i. hausman test result based on haussmann test to obtained the value of the probability of cross section random on the model i with a significant level of 5 percent is 0.0396, whereas probability values on the model ii cross section f is 0,0891. haussmann test results random effect is better than fixed effect in model ii, whereas fixed effect is better than random effect in model i. lagrange multiplier (lm ) test result based on lm test to obtained the value of the probability of breuschpagan on the model i with a significant level of 5 percent is 0,7369, whereas probability values on the model ii cross section f is 0,8299, those values more than 0.05. lm test results common effect is better than fixed effect in both models. classical assumption test results classical assumptions have been conduct by researchers, including heteroskesdastisity, multicolleration, and autocorrelation test and the results have met the requirements. intrepetation based on chow test, haussmann test and lm test, the best model is common effect on both models. on model i, car, roa and npl have probability value of 0,0462, 0,0001 and 0,0205. the coefficient of car, npl and roa are -1,130458, 2.615374, and 4,160821, respectively. based on these results, on the model i, roa and npl significantly positive effecting lta, while car significantly negative effecting lta in 5% degree of freedom. while on the model ii, car and roa are all significant with probability value is less than 5%. npl probability value is more than 5%. based on these results, on the model ii, car significantly positive effecting lta, while roa significantly negative effecting lta, and npf do not affects lta in 5% degree of freedom. 196 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 table 1. empirical result on model i and model ii coefficients prob model i: conventional banks car -1.130458 0.0462 roa 4.160821 0.0001 npl 2.615374 0.0205 r-squared 0.525370 model ii: islamic banks car 0.378327 0.0000 roa -1.150648 0.0056 npf -1.170627 0.7644 r-squared 0.553435 *significant at 5% discussion car is found affect positively towards lta in model ii, islamic banks in indonesia. it means, when banks increase capital, the bank will have additional reserves that could be used as liquid assets. bigger lta in a bank means that the bank is more liquid or in another word it is much more capable in meeting its short-term requirements, so the liquidity management risk is smaller. this result is supported by ghenimi and omri (2015); akhtar et al (2011); anjum (2012); and anam, et al (2012). on the model i, conventional banking in indonesia, car found in significant negative effect against the lta. this means, when the bank raise capital, the value of the lta or liquid assets to the total assets will decrease. a possible explanation for this is, when conventional bank adds capital, capital is not used as a reserve on the liquid assets but allocated for other things, such as allocated on channeling credit or fixed assets and technological development. this result is supported by sulaiman (2013). npl is found significantly positive effecting lta in model i (conventional banks), it means that the greater value of the npl, the value of the lta will increase. when npl is high, conventional banks will perform additional liquid assets as a buffer to guard against the shortage of liquidity. npf in model ii (islamic bank in indonesia) do not affect lta significantly. raditya sukmana: determinant of liquidity risk 197 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 roa significantly affect the lta on both models. roa has positive effect with the lta in conventional banking. this means in conventional banks, when the roa is high, bank will have enough funds to be allocated as reserves. this result is supported by anjum (2012), anam et al (2012). roa on islamic banking in significant negative effect against the lta. this means that in islamic banking, when roa increase, the bank does not allocate those profit as reserves in liquid assets. possible explanations for this are that islamic banks allocate it for other things, for example to increase financing or to allocate on fixed assets and technology. this result is supported by ghemini (2015). conclusions this study examines the liquidity risk through a comparative study between conventional banks and islamic banks in indonesia. car, npf, and roa are used as the independent variables and the dependent variable is the lta using panel regression. the data for the period 2010-2014 is collected from the official websites of banks. the result shows various impacts of those variables to liquidity on both banks. the result shows that increase in car in conventional banks, it does not influence the liquid asset. possible explanations for this are the bank might allocate funds on improving credit, fixed assets or an increase in technology. with regard to the result of roa, it has a positive and significant result with liquid asset. it suggests that conventional bank would allocate the funds as reserves in liquid assets. npf on conventional banking is significantly positively influence the lta which means that when npf high, banks will put more liquid assets as a buffer to keep maintaining the liquidity position. unlike that of conventional banks, when islamic banks increase its capital, bank will allocate these funds as reserves in liquid assets, this is indicated by a positive relationship. with regard to the roa of islamic banks, it shows negative relationship with liquid asset. it means when banks is able to create more profit, it did not allocate the funds as reserves in liquid assets. it is possible that banks prefer to provide more financing or improvement of fixed assets and technology rather than to increase liquid asset. the greater value of the lta means the greater ability of banks to meet its short-term obligations. thus, the risk of liquidity management is getting smaller. this study suggests that the bank should provide more capital for bank operations and perform efficiently in order to maintain its performance. the reinforcement of bank capital can be done with the addition of new capital from either the old or new investor shareholder, the merger with a bank (or banks) to reach a new minimum 198 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 capital requirements, the issuance of new stocks or secondary offering in capital markets, and issuance of subordinated loan. implementing the good corporate governance (gcg) in accordance with the regulations issued by bank indonesia can do bank efficiency. this was done because in gcg principles of fairness, transparency, accountability, professional and responsibility are applied. corporate governance mechanisms do influence the bank performance, banks have to try to implement the right corporate governance system and policies until they can reduce probability of failure and bankruptcy and can also increase reliability for investors and investments (bahreini, 2013), (al-sahafi, 2015). lastly, the result confirm that the role of capital and bank’s performance in indeed important to the banking liquidity references abdullah, a & a.q. khan. (2012). liquidity risk management: a comparative study between domestic and foreign banks in pakistan. journal of managerial sciences, vol. vi (1): 61-72. ahmed, habib (2006). withdrawal risk in islamic banks, market discipline and bank stability. in khan, t & d. muljawan (ed). islamic financial architecture: risk management and financial stability. jeddah: islamic research and training institute, islamic development bank group, pp. 457-477 naved, ahmad, m.f. akhtar & m. usman. (2011). risk management practices and islamic banks: empirical investigation from pakistan. interdisciplinary journal of research in business. vol. 1 (6): 50-57. akhtar, m. f. et.al. (2011). liquidity risk management: a comparative study between conventional and islamic banks of pakistan. interdisciplinary journal of research in business. vol 1 (1): 35-44 . al-khouri, r. 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(2014). determinant of non performing loan : the case of islamic bank in indonesia. buletin ekonomi moneter dan perbankan. vol 17 (2): 241-258. ghenimi, a; omri, m.a.b. (2015). liquidity risk management: a comparative study between islamic and conventional banks. journal of business management and economics. vol. 3: 25-30. hassan, h. m. et.al. (2013). comparison of financial instruments in islamic versus conventional banking system and liquidity management. african journal of busines management. vol. 7 (18): 1695-1700. iqbal a. (2012). liquidity risk management: a comparative study between conventional and islamic banks of pakistan. global journal of management and business research. vol 12 (5): 301-310. khan, t & h. ahmed. (2001). risk management: an analysis of issues in islamic financial industry. occasional paper no.5. jeddah: islamic research and training institute (irti), islamic development bank. nachrowi, n.d. & h. usman. (2006). pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan. jakarta: lpfe universitas indonesia. nimsith, s & f. shibly. (2015). liquidity risk mangement in islamic and conventional banks in srilankan: comparative study. international journal of management, information technology and engineering. vol. 3: 7-22 ramzan, m & m. i. zafa. (2014). liquidity risk management in islamic banks: a study of islamic banks of pakistan. interdisciplinary journal of contemporary research in business. vol. 5 (12): 199-215 sulaiman, a.a. et.al. (2013). how islamic banks of malaysia managing liquidity? an emphasis on confronting economic cycles. international journal of business and social science, 4 (7): 501-510. siddiqui a. (2008). financial contracts, risk and performance of islamic banking. managerial finance. vol 34 (10): 680-694 sukmana, r. (2015). determinants of non performing financing in indonesian islamic banks. working paper 1436-03. jeddah: islamic research and training institute (irti), islamic development bank. 200 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.2871 sukmana, r & m. khalid. (2013). an assessment of liquidity policies with respect to islamic and conventional banks: a case study of indonesia. qualitative research in financial markets. vol 5: 126-138 widarjono, a. (2007). ekonometrika: teori dan aplikasi untuk ekonomi dan bisnis. yogyakarta: ekonisia. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 417 440 received: december 20, 2017; revised: february 10, 2018; accepted: march 4, 2018 1, 3, 4 bogor agricultural university, jalan raya dramaga, bogor, indonesia 2 ibn khaldun university, jalan kh sholeh iskandar km 2, bogor, indonesia e-mail: 1kartika.andiani@gmail.com, 2hafidhuddin@yahoo.com, 3qbeiktop@gmail.com, 4khalifahma@gmail.com doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 abstract. as an important and potential instrument for national development, zakah will continue to require development innovations. one of the innovation is through cooperation between baznas and laku pandai which aims to achieve zakah inclusion so that the collection and distribution of zakah in indonesia can increase. this study aims to analyze the strategic priorities for baznas in running cooperation with laku pandai. this study used swot-anp method with respondents as many as five expert respondents. the strategies derived from this research are the result of the formulation of a combination of swot factors. the main findings of this study indicate that the main priority of the overall strategy is strengthening the synergy of baznas with the laku pandai of sharia banking. keywords: national zakah board, zakah collection, zakah distribution, zakah inclusion abstrak. sebagai instrumen penting dan sangat potensial bagi pembangunan nasional, zakat akan terus membutuhkan inovasi-inovasi pengembangan. salah satunya melalui kerja sama antara baznas dengan laku pandai yang bertujuan untuk mencapai inklusi zakat, sehingga penghimpunan dan pendistribusian zakat di indonesia dapat meningkat. penelitian ini bertujuan untuk menganalisis prioritas strategi bagi baznas dalam menjalankan kerja sama dengan laku pandai. penelitian ini menggunakan metode swot-anp dengan responden sebanyak lima responden pakar. strategi-strategi yang didapatkan dari penelitian ini merupakan hasil perumusan dari kombinasi faktor-faktor swot. temuan utama dari penelitian ini menunjukkan bahwa prioritas utama dari keseluruhan strategi adalah penguatan sinergi baznas dengan laku pandai perbankan syariah. kata kunci: badan amil zakat nasional, penghimpunan zakat, pendistribusian zakat, inklusi zakat how to cite: andiani, k., hafidhuddin, d., beik, i. s., ali, k. m. (2018). strategy of baznas and laku pandai for collecting and distributing zakah in indonesia. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 417 – 440. doi: http://dx.doi.org/10.15408/aiq.v10i2.6943. strategy of baznas and laku pandai for collecting and distributing zakah in indonesia kartika andiani1, didin hafidhuddin2, irfan syauqi beik3, khalifah m ali4 418 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 introduction zakah inclusion is a program designed to publicise zakah widely so that the zakah activities can be accessed or done more easily by the community (ojk, 2017). the zakah inclusion program basically is the efforts of baznas (national zakah board) in strengthening the zakah practice in national level. this program runs by the cooperation of baznas with ojk (financial services authority) to increase the literacy and zakah financial inclusion in the community. the followup of this cooperation is presence of the synergy of baznas with the laku pandai (smart act branchless banking service for financial inclusion) program that encourages the collection and distribution of zakah through laku pandai agents that have been spread in the community. zakah is one of the philanthropy of islam that has a strong role and impact, both for zakah payers (muzaki) and zakah beneficiaries (mustahik). it is an important instrument that can reduce the gap between the rich and the poor, alleviate the poverty, and has a contribution to the national economy. therefore, zakah is categorized as one of the most vital redistributive instruments. the alqur’an clearly mentioned, in many verses, the responsibility of the rich to pay zakah (abdullah and haqqi, 2017). zakah has become a very important islamic fiscal tool to address the social justices (al arif, 2010; al haq and wahab, 2017). several studies and surveys that have been done show the results of the calculation of the enormous potential of national zakah. a survey by public interest research and advocacy center (pirac) in 2008 estimated that the potential of zakah in 2007 reached idr 19.3 trillion. the calculations done by firdaus et al. (2012) showed that the potential of national zakah in 2011 reached idr 217 trillion or about 3.4% of gdp 2010 by considering the potential of households’ zakah, medium and large industries zakah, and state-owned enterprises (soes), as well as savings zakah. wibisono (2015) also calculated and found the potential of zakah in 2010 that reached idr 106.6 trillion (1.7% of gdp 2010). with some adjustments, baznas estimated that indonesia’s potential of zakah in 2015 was idr 286 trillion or 2.4% of gdp 2015. as seen from the data published by baznas annually, the realization of the collection and distribution of zakah funds is still very far from its potential. in 2015, the total amount of zis funds collected was idr 94.47 billion while the distributed amount was rp26.5 billion, with the effectiveness of 26.91%. hashem and el sha’er (2015) in his study stated that zakah can also encourage the achievement of an inclusive finance in a country by estimating the gap between the potential of collected zakah as the source to eradicate the poverty and stabilize the income. by making estimates, it can be seen how much zakah is 419 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai required for state programs in reducing poverty to be effective. according to a study by shirazi (2014), in 2009 indonesia had a resource shortage of 2.83% of gdp for poverty eradication programs. thus, according to the result of this study, it can be estimated that at least 3% of gdp should be distributed optimally as zakah so that the program can be run effectively. muzaaki seems having different structure of zakah payment (widarwati et al, 2017) now we see from the portrait of indonesian muzaki. canggih et al. (2017) try to estimate the number of indonesians who are obliged to pay zakah. in table 1, it can be seen that the average number of muzaki reaches about 39% of the total population of indonesia. baznas has also published data on the number of muzaki in indonesia of 2012 to 2015. according to the provided data of the muzaki and compared to the estimation data by canggih et al. (2017), it appears that the absorbed and recorded muzaki are still not maximized. although the data is only the data from baznas, but this can be used as a reference to photograph the performance of national treasure, because the database of mustahik and muzaki is not yet available nationally. there are several possibilities that occur based on this comparison, including indications that there are still many muzaki who have not accessed the opz to distribute their zakah as well as the low awareness and knowledge of muzaki on the importance of paying zakah. table 1. estimation of indonesian muzaki year population of indonesia estimated number of muzaki number of muzaki 2006 229,263,980 83,247,993 2007 232,296,830 87,149,142 2008 235,360,765 89,436,253 2009 238,465,165 91,457,705 2010 241,613,126 94,367,994 2011 244,808,254 95,643,555 2012 248,037,853 96,635,791 1,220 2013 251,268,276 96,632,204 36,888 2014 254,454,778 99,967,101 30,176 2015 257,563,815 100,133,823 59,903 source: canggih et al. (2017); puskas baznas (2017) 420 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 these issues indicate the importance of achieving and developing zakah inclusion in indonesia. baznas together with ojk also establish a synergy to achieve these goals by organizing cooperation of collection and distribution of zakah between baznas with laku pandai. with the implementation of this cooperation, it is expected that zakah inclusion can increase and the instrument of zakah becomes the mainstream instrument in indonesia for the national achievement of social and economic goals. this synergy is still relatively new to be applied in indonesia because only a few months have passed since the launch of this program in april 2017. in the international world, other countries have not done this effort yet. therefore, the implementation still needs to be followed by the identification of internal and external problems and strategies. according to the explanation above, this research aims to formulate the priority of strategy for baznas in its cooperation with laku pandai. to achieve these objectives, the swot-anp method is used to prioritize each aspect of swot, and then an alternative strategy of the result of a combination of swot aspects is formulated. the novelty of this research is the absence of research that do strategy formulation of the cooperation between baznas with laku pandai, because this cooperation was just launched in indonesia. in addition to this introduction, this article also comprises a review of the literature relevant to this study, delivered in the second section. the third section discusses the methods and data used in the analysis process, followed by the result and discussion in the fourth section. finally, the fifth part is the conclusion from this study. literature review concepts of zakah etymologically, zakah means developing (an-namaa), sanctifying (atthaharatu) and blessing (al-barakatu). in terminology, zakah means the removal of some property in certain conditions to be given to a certain group (mustahik) with certain requirements (hafidhuddin, 2002). the person who gives zakah is called muzaki, while the person receiving the zakah is called mustahik, which consists of eight groups (ashnaf ), as allah commands in verse 60 of at taubah. zakah is unique islamic institution to reduce the poverty (kasri, 2016). zakah is the third pillar in the principle of islam. this obligatory worship not only brings reward and cleanses the body soul for the muslims who fulfill it, but it also has a tremendous social and economic effect. qardhawi (2011) mentions that zakah is one part of social security in islam, which is not known in the west, which 421 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai includes the material and spiritual life. zakah has a very important social role in building community welfare, poverty eradication, and economic empowerment of people. one of the functions of zakah related to the importance of life development is as the main pillar in ensuring the fulfillment of basic needs for mustahik and be the instrument to create equity and economic justice (beik and arsyianti, 2016). beik (2009) in his research shows that zakah can reduce the number of poor families and reduce the poverty and income gap. the results of the analysis also proved that zakah could reduce the severity of poverty. zakah also contribute to country’s economy. choudhury and harahap (2008) show the relationship between zakah and the development of the country’s economy. zakah acts as an instrument of financial economic development. zakah will give a significant multiplier effect to income in the economy (al arif, 2012) zakah also has a role to the financial inclusion that is now one of the attentions of the indonesian government. there are at least four roles of zakah on financial inclusion (puskas baznas, 2016b), those are: first, moderating social injustice; second, generating a community-based economy; third, promoting poverty reduction innovation; and fourth, developing non-state fund for the prosperity of society. as stated by ismail et al. (2016), that islamic philanthropy such as zakah, infaq, and alms affects people’s ability to access formal finance through a transmission path. the mustahik’s ability to has savings also become one of the components that are measured as points of mutahik’s independence in the national zakah index (izn) from baznas (puskas baznas, 2016a). muzaaki seems having different structure of zakah payment (widarwati et al, 2017). this shows that the ownership of savings account by mustahik is one of the benchmarks that the person has had the value of financial independence as a result of zakah being distributed. if mustahik has been able to open and has a savings account in the formal financial sector, then it can be considered that the person has a fixed source of income and has been able to manage the finance to fulfill the primary needs and the family needs everyday. branchless banking and laku pandai program branchless banking is a form of financial services to community outside the bank branch office by utilizing information and communication technology (ict) (lyman et al., 2006). it lowers the cost of delivery, including costs both to bank for building and maintaining a delivery channel and to customers for accessing services (ivatury and mas, 2008). the principle of branchless banking implementation is the utilization of digital technology in attracting and accessing the wider community into financial services. the practice can be 422 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 through collaboration with retail agents, microfinance institutions, mobile phone operators, and technology companies. in indonesia, branchless banking program was introduced in 2013. one of the programs is laku pandai. laku pandai, abbreviated from non-office financial services in the framework of inclusive finance, is a program that provides banking services and/or other financial services through cooperation with other parties (agents) and supported by the use of information technology (ojk, 2015). laku pandai is the implementation step of the branchless banking program to support the realization of indonesia’s inclusive finance. this inclusive finance is a national strategy to encourage economic growth that can be perceived by all societies through equal distribution of income, poverty eradication, and financial system stability. the aim of laku pandai is to provide simple, easy-to-understand financial products that fulfill the needs of people who have not been able to reach current financial services (ojk, 2015). with this service, banking can more easily reach all segments of society. this also can be applied in the community so that their accessibility to financial services from banks and other financial institutions is not dependent on the existence of operational office. as it is said that branchless banking can lower the cost, gant (2012) proves it through her research. the result shows that branchless banking through mobile banking has a significant positive effect on operational cost. this is because ict can improve bank performace in two ways: reduce operational cost and facilitate transactions among customers within the same network (ho and mallick, 2006). laku pandai is a form of branchless banking that use agents to reach the community. the agents act as an extension of the bank to its customers. provided with supporting devices, such as mobile phones, computers, or edc machines, agents can provide basic saving account (bsa), credit/ financing, also insurance services. branchless banking through agents can significantly reduce set-up and delivery cost, offering cash-in/cash-out operations only or a broader range of financial services to customers who usually feel more comfortable at their local merchants than at traditional bank branches (lozano and mandrile, 2010). aduba et al. (2013); al arif and firmansyah (2018) show that branchless banking through bank agents has posititive effect to financial performance of bank. number of agents and the number of transactions per agent also showed significant contribution to financial performance. reaching clients in rural areas will cost more. this can be a burden for banks, so that the presence of agents in the field can reduce the operational cost of banks. also, agents in each area can encompass the community around them. those points 423 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai above also its contribution for banks and clients become the key why baznas works together with laku pandai agents in collecting and distributing zakah in indonesia. method this research used two types of data, primary and secondary data. primary data that was obtained directly from the field by using interview and fulfilling questioner to research respondents. research respondents was obtained from the institutions such as baznaz, puskas baznas, bri syariah, bi, and dsn-mui with total of five people. criteria to determine the respondents were those who are experts who have deep understanding about research and issues of the research. collected research data then will proceed with software of super decision and microsoft exel 2010. secondary data was used as complementary and supportive primary data obtained from the sources such as ojk, bps, baznas, scientific journal, and others. this research used analytic network process (anp). anp is non parametric qualitative method to process decision making that gives general framework without making assumption (ascarya, 2005). anp is the result of developing analytic hierarchy process (ahp) method and one of the method of multiple criteria decision making (mcdm), which has three steps: (1) model construction, (2) model quantification, and (3) synthesis and analysis (figure 1). in step synthesis and analysis, analysis result of questioner is conducted to look for geometric mean and ratter-agreement values. geometric mean is average calculation type that shows certain value (ascarya, 2005). the question of pairwise comparison from respondents will be combined so that it will from a consensus. rater agreement is the measurement that shows conformity level of respondents toward an issue in a cluster. the tool used to measure is kendall’s coefficient of concordance (0 < w ≤ 1). if w value is 1, it shows that measurement or opinion of respondents have perfect adjustment. if w value is 0, so there is incompatibility between the answers of respondents of the answers are vary (ascarya, 2005). anp structure used in this research was swot system. swot is a simple technique to formulate the strategy and the policy for an organization or industry. the initial step done in sowt analysis is forming swot matrix that contains list of strength, weakness, opportunity, and threat. swot matrix also shows interaction between internal and external aspects that will form alternative strategies (table 2). 424 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 table 2. swot matrix internal external strength (s) weakness (w) opportunity (o) so strategy strategies that use strengths to seize opportunities wo strategy strategies that take advantage of opportunities by overcoming weaknesses threat (t) st strategy strategies that use strengths to deal with threats wt strategy strategies that minimize weaknesses and avoid threats source: wheelen dan hunger (2008) result and discussion the cooperation between baznas and laku pandai agents is an effort to strengthening zakah instrument in indonesia. this cooperation is conducted in zakah association and distribution by baznas that is mediated by laku pandai agents. with the support of government, the cooperation is considered as the effort to achieve zakah inclusion. it is to strengthen zakah role for social-economic life of the country and society. zakah inclusion has to be achieved. based on the result of interview and swot-anp steps that have been done, system that is formed is like in figure 1. the system showed four analysis aspects as follow strength and weakness (internal) and opportunity and threat (external). those aspects become base in formulating strategic addressed to implement the cooperation of baznas and laku pandai aget to achieve zakah inclusion in indonesia. swot analysis strengths baznas legality (s1) baznas is institution which is authorized in maintain zakah nationally. baznas does the function of planning, implementation, control, report, and responsibility toward collection, distribution, and empowerment of zakah. it is based on presidential decree of indonesia number 8 in 2001 and arranged in statue number 23 in 2011 about management of zakah. this legality becomes the the main strength for baznas in doing strengthening efforts of national zakah. in doing the duty, baznas divides the tasks to baznas local (including baznas province, baznas in regency/city, 425 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai and also laz) that manage zakah, infaq, and alms in each region. as official department of managing zakah, effort and policy those are done by baznas will become operational guideline for baznas local and laznas. the relations between baznas and laku pandai agents are the position and status of baznas as official and legal department in running the task, so this element becomes strength point of baznas in strengthening zakah efforts with various approach such as by cooperating with banking. figure 1. anp network 426 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 relationship between baznas, ojk, and laku pandai (s2) the relation and cooperation of baznas with external parties such as with banking will give easiness for baznas and muzaki (coryna & tanjung, 2015). the relation will run and it will be organized well if the relation and communication between the related parties run as the plan. baznas cooperate with banking and ojk as banking and finance regulator that have strong and good relationship. three parties has built communication and the same vision regarding to the purpose to achive finance inclusion and zakah inclusion in indonesia. therefore, this element becomes one of baznas strengths in implementing the cooperation. kasri and putri (2018) found that different type of zakah institutions indeed practices different fundraising strategies. operational efficiency and effectiveness (s3) with the efforts of zakah collection and distribution through laku pandai agents, thus, it can increase operational efficiency and and effectiveness of baznas. baznas utilizes agents in each region to help collection and distribution zakah process from and to society. the aim of the cooperation is to achieve zakah inclusion, that is enlarging society’s knowledge and accessibility toward zakah service so that it is expected that national zakah acceptance will increase and the role of zakah for the country will do the same. for the case of branchless banking, purwati et al. (2014) show that more than 80% of respondents assume that by adopting branchless banking technology can save cost and time, also simplify services. reducing operational cost also becomes one of the strengths which is influential in the implementation of branchless banking in bank of muamalat (sarah, 2015). based on the data which was released by ojk, per september 2017 total of individual and department agents reached 428,852 agents in indonesia. even though the cooperation is finally based on banks that cooperate with baznas, laku pandai agent is the party that does the program directly in collecting zakah and distributing it. weaknesses it integration system between baznas and banking (wi) system integration is needed to ease and abbreviate data report mechanism of zakah from laku pandai bank. with this system integration, laku pandai bank does not need to send acceptance report manually to baznas because collected zakah by agents can be recorded directly by it baznas system. furthermore, baznas can publish proof of zakah deposit directly (bsz) to muzaki. 427 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai the lack of readiness of baznas local (w2) baznas local readiness includes the readiness of it system of human resource. it could become weakness that will inhibit cooperation implementation of baznas with laku pandai in collecting and distributing zakah in the region. baznas local will become spearhead of the cooperation. it means, in the future baznas local will directly cooperate with the agents of laku pandai in each region that can reach people in many and deeper regions. it is actually the real purpose from this cooperation, achieving zakah inclusion, it means that accessibility of people toward zakah payment and reception become easier. baznas local readiness can be considered become weakness of this cooperation if the elements in baznas local such as human resource and it system have been not ready in implementation. coryna and tanjung (2015) also say that the lack of readiness of baznas local can inhibit communication process and evaluation of zakah fund. human resource of baznas local have to understand well about operational of this cooperation. the support of it system is needed to run this cooperation to advance level. cost sharing regulation (w3) cost sharing regulation is required to become guideline in deciding magnitude of the right and operating cost from each party in this cooperation. this regulation can include about amil’s right that are accepted by baznas or collected infaq in baznas. furthermore, bank will give rights of laku pandai agents with the terms of each bank. opportunities big potential of zakah (o1) big potential of zakah in indonesia has proven through many researches, such as firdaus et al. (2012) and wibisono (2015). big potential of zakah can strengthen the important role as the effort of poverty alleviation and income distribution. it becomes element of opportunity for this cooperation. big potential of zakah in society needs innovative approaches to be able to excavate. baznas and government understand zakah potential that has been proofed through various calculations, so that cooperation becomes one of ways to increase realization of zakah collection. government’s support related to zakah inclusion (o2) zakah inclusion is program that socializes zakah including collecting, distributing, and empowering zakah through laku pandai. this program is for 428 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 increasing zakah literacy and finance inclusion in society who also currently become the concern of the government. with ojk, baznas launches this program through cooperation of baznas and laku pandai in collecting and distributing national zakah. as it is told by sari et al. (2013) through her research, that government’s support and intervention have the important role in managing zakah. government’s support and caring toward the effort and cooperation of strengthening zakah can ease implementation and increase positive impacts of this cooperation. system and human resource capability of banking (o3) banking is finance department with availability of it system and qualified human resource. various services and operational in banking have utilized technology and active it network. it becomes opportunity for cooperation between baznas and laku pandai bank. by joining to utilize banking system and human resource, baznas operational can run more effective and efficient. digital era (o4) entering 20th century, globalization becomes the issue in every country including indonesia. the life of human being is completed by using various digital technology. the stream of information and communication become fast and easy. ict growth is currently giving a chance to provide faster and better services to most people (santoso & ahmad, 2016). innovative service that facilitating the ease should adopt technological sophistication through utilization for varying transactions (supartoyo and kasmiati, 2013). this fast digital era becomes good opportunity for development of zakah management in indonesia. zakah management based on technology can work more professionally, trusted, transparent, and accountable. threats understanding participant bank of laku pandai related to mechanism of zakah payment (t1) the cooperation in collecting and distributing is conducted between baznas and laku pandai agents. laku pandai agent is agency or individual that is registered in a bank to run the function and service of banking without office. the cooperation will increase offered services by agent to customer and society, it is reception of zakah. it needs certain and depth understanding for bank and the agents so that they can socialize the service of zakah payment to society in the operational region. 429 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai moral hazard of laku pandai agents (t2) deviation of function and work can happen anywhere and whoever, including the opportunity of laku pandai agents in doing moral hazard because of the lack of agent’s understanding and awareness. moral hazard can be prevented with good supervision by banking and enough debriefing from baznas. through a previous research, purwati et al. (2014) show that 52% of respondents are concerned about fraud by agents and are reluctant to try new technology. this concern can occur from the lack of information received by respondents. muzaki’s trust toward laku pandai agents (t3) trust element is crucial issue. trust is the key for muzaki to will pay their zakah through zakah organization (opz). in this cooperation, the trust is required between muzaki toward laku pandai agents as service provider of zakah payment. many previous research showed that trust of muzaki toward opz becomes one of problem in managing zakah in indonesia (lessy, 2009; ali, 2013; coryna & tanjung, 2015). laku pandai agent has to have good knowledge and understanding about mechanism of zakah payment and official identity as agents in a bank. with the growth of trust from muzaki, the role of laku pandai agents as one of payment point of zakah can run effectively. sharia compliance (t4) sharia compliance has to be obtained in this cooperation because it is related to zakah management. to obtain legitimate collection and distribution of zakah in fiqih, so sharia aspects have to be compliant. this cooperation is conducted by baznas and external parties, such as banking and laku pandai agents. in this case, laku pandai agent is extension of the hand baznas in an attempt of collecting and distributing zakah. sharia compliance has to include agent status in this cooperation as amil or not as amil, cost sharing regulation, and more. the result of anp analysis after anp model and system have been formed, the next step is quantification process of priority value in every aspect and element. priority value was showed by geometric mean value that was obtained from fulfilling questioner of pairwise comparison by respondents. 430 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 figure 2. swot aspect figure 2 shows that between four swot aspects, opportunity aspect has the highest priority score of 0.3466 followed by strength aspect of 0.2463. the calculation of rater agreement or respondents’ value of the agreement obtains value w of 0.2295. it means that 22.95% of respondents agree that opportunity aspect is the most priority aspect in implementing this cooperation. it means, opportunity aspect becomes the most influence aspect for baznas in running the cooperation with laku pandai. opportunity aspects consists of four elements. big potential zakah element with the support of government to achieve zakah inclusion and the support from banking system and human resource become external strength for baznas. this result is almost in line with harni (2016) that shows opportunity aspect becomes second priority after strength aspect. based on experts who became respondents in this research, each aspect of strength until threat consist of four elements. in strength element, the good relationship between baznas, banking, and ojk (0.3625) become the highest element. it shows that good communication and coordination between the parties became cooperation priority element to be launched (figure 3). this cooperation was made by baznas with external parties, laku pandai agents from bank. with good stream of communication and coordination between the parties, it will be easy for them to achieve mission and goal, zakah financial inclusion in indonesia. coordination is one of determinant sub-factors of project or cooperation. good coordination is built between internal and external parties. coordination is the tool to communicate with the parties related to the cooperation (syah, 2004). 431 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai figure 3. strength aspect figure 4 shows weakness aspect, the priority is integrity of it system between baznas and banking (0.4579). to date, it system between baznas and banking are separated. integration of it system between both parties can ease report system and report of collection and distribution of zakah fund so that it does not need to do manually. based on the result of interview, hamidiyah (2017) explains that laku pandai bank will send the report to baznas, then baznas will check deposit paper account of laku pandai agents, baznas records every acceptance of zakah to baznas it system and publishes zakah deposit proof (bsz) to muzaki. figure 4. weakness aspect figure 5 shows that big potential zakah becomes main opportunity aspect, with the value of 0.2770. in ali (2013), the magnitude of national zakah potential 432 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 becomes second priority in opportunity aspect that is made for consideration in developing strategy of opz. big zakah potential is consequent from the big muslim population in indonesia that is amounted 87% and becomes the biggest population of muslim in the world. as it has shown by the previous researches, zakah potential in indonesia is really big. there are many fund of zakah in indonesia that has not been collected by baznas or laznas because of many reasons such as lack of awareness and people’s understanding, facilities, and access to pay zakah (sanrego and rusydiana, 2010; jaelani, 2015; coryna and tanjung, 2015). figure 5. opportunity aspect in threat aspect, the priority to be solved is muzaki’s trust toward laku pandai agents with the value of 0.3274 (figure 6). it is the same as previous researches that revealed one of external problem in managing national zakah is the lack of muzaki’s trust toward opz (ali, 2013; huda et al., 2013; coryna & tanjung, 2015). laku pandai agents as extension of baznas in collection and distribution zakah program absolutely need the trust from muzaki so that muzaki have will to pay zakah through agent in their environment. muzaki’s trust becomes one of the success key in this cooperation. through this research, nugraha (2015) shows that muzaki’s trust will encourage muzaki’s commitment to pay zakah to opz rather than pay directly to mustahik. the trust of customer (muzaki) to opz impacts to the availability to entrusted zakah fund to opz. then this trust will represent from the enhancement the collection of zakah (fadilah et al., 2012). 433 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai figure 6. threat aspect strategy for baznas and laku pandai an adoption of new technology or policy in society requires different adjustment and adoption models to maximize the process (suharti et al., 2013). to minimize the weakness and resolve the threat by utilizing strength aspect and opportunity of baznas and laku pandai, it needs conformity alternative strategies. strategies are also needed to improve the implementation of this new cooperation. based on swot matrix in figure 9, there are seven alternatives of implementation that is formulated from combination of internal and external factors. so strategy so strategy (strength-opportunity) is formulated strategy from the elements of strength and opportunity. this strategy utilizes internal strength to achieve external strength. in this opportunity, so strategy for baznas is strengthening strategy with laku pandai from sharia banking. based on ojk data, sharia general bank (bus) that have held laku pandai program until september 2017 are bri syariah and btpn syariah. strengthening synergy strategy with laku pandai from sharia banking is based on baznas legality (s1) and the good relation with ojk and banking (s2) that can encourage baznas to achieve zakah inclusion and big zakah potential (o1) can also be collected. more zakah fund that is collected, will be more muzaki’s fund that is distributed productively or consummately for wealth of mustahik and society. wo strategy wo strategy (weakness-opportunity) is formulated strategy from elements of weakness and opportunity. wo strategy utilizes opportunity by resolving weakness. there are two alternative strategies, such as building system and human 434 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 resource capacity in baznas local and pointed baznas local and laku pandai to implement pilot project of this cooperation. by doing implementation trial of baznas local, it encourages baznas local to get more ready in system and human resource and coordination with laku pandai agents in the region. table 3. strategy based on swot matrix internal external strengths (s) 1 baznas legality 2 relationship between baznas, ojk, and laku pandai 3 operational efficiency and effectiveness weaknesses (w) 1 it integration system between baznas and banking 2 the lack of readiness of baznas local 3 cost sharing regulation opportunities (o) 1 big potential of zakah 2 government’s support related to zakah inclusion 3 system and human resource capability of banking 4 digital era so strategy 1 strengthening synergy of baznas with laku pandai from sharia banking wo strategy 1 developing system and human resource capacity in baznas 2 pointing baznas local for pilot project threats (t) 1 understanding laku pandai agents 2 moral hazard of laku pandai agents 3 muzaki’s trust toward laku pandai agents 4 sharia compliance st strategy 1 socializing to society by baznas and banking 2 educating laku pandai agents wt strategy 1 coordinating between baznas center, baznas local, and laku pandai in every region 2 strengthening zakah fiqih aspect st strategy st strategy (strength-threat) is formulated strategy from elements of strength that is combined with threat elements. st strategy uses strength to resolve threat that will occur. combination result of s1 and s2 with t1, t2, and t3, there are two alternative strategies such as socialization to society by baznas and banking and education laku pandai agents. the second alternative strategy is for avoiding and resolving moral hazard threat of laku pandai agents and distrust of muzaki toward the agents. wt strategy wt strategy (weakness-threat) is formulated to minimize weakness to face the threat. there are two alternative strategies with laku pandai in region that is the 435 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 kartika andiani. strategy of baznas and laku pandai result of w2 and t1 combination. the second strategy is strengthening aspect of zakah fiqih that is formulated from w3, t3, and t4. strategy priority priority of whole strategy is strengthening synergy of baznas with laku pandai from sharia banking (0.1819) with rater agreement value of 0.3257 (figure 7). synergy and cooperation is not only done by baznas and conventional banking, but also with laku pandai from sharia banking. it is not only able to enlarge system of baznas cooperation, but it also becomes opportunity for sharia banking and laku pandai program strengthen branding in society. the second strategy is socialization in society by baznas and banking (0.1688). it is really needed so that cooperation can work well because the target of the cooperation is the society. without inclusive socialization, the goal of this cooperation will not be achieved. people have to know about the program and laku pandai agents near them. because of this, laku pandai can be easier to introduce zakah payment point service to society and ask them to pay zakah through official agents. figure 7. strategy priority to be able to obtain understanding and solicitation to society, it is a must for laku pandai agents to have the kind of knowledge. educating laku pandai agents becomes alternative strategy in third place with the value of 0.1522. in her research, sarah (2015) also shows that intensive training for agents becomes one 436 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6943 of the strategies, in addition to facilitating agents to do promote and socialize to society. these can improve the role of branchless banking. depth education about the mechanism is done by baznas. this education and training can be done by conducting workshop between baznas and laku pandai agents from related banking. it is not enough with workshop and education, evaluation is needed so that process of collection and distribution done by agents in field will continue to be measured and correspondent with determined standard. conclusion the aim of the research is formulating strategy for baznas in collection and distribution cooperation of zakah with laku pandai agents. formulated strategies are based on combination aspects of strength, weakness, opportunity, and threat that are faced by baznas in this cooperation. to obtain the result priority, the used method is anp method with swot matrix. this method will measure priority value and agreement level of respondents toward a priority result. based on the result of the research, the most priority of strength aspect is element of good relationship of baznas, ojk, and banking with priority level of 0.3466. the most dominant weakness aspect is integration element of baznas it system and banking in priority level of 0.4579. priority opportunity aspect is big potential of zakah with priority level of 0.2770, whereas priority in threat aspect is muzaki’s trust toward laku pandai agents with priority level of 0.3274. strategies that are needed to be done by baznas in the cooperation with laku pandai agents, such as strengthening synergy with laku pandai from sharia banking, socializing to society by baznas and banking and educating laku pandai agents. strengthening strategy with laku pandai from sharia banking become the main priority in whole strategy with the rater agreement value of 0.3257. based on the result of the research, suggestion that can be given as follow: baznas center can arrange integration system and it system with banking system, especially to run the program of this cooperation. it absolutely will ease the report between both parties and to avoid the mistakes that will occur if it is done manually. besides, baznas center can choose baznas local to run pilot project of the cooperation in the region. it is not only baznas local as spearhead of this cooperation, it also can make baznas to get ready to do trial of the cooperation with laku pandai agents in the region. the goal that is expected is baznas local can become the example and evaluation for other baznas local in different region that will do the same. the results of this study can be a reference for baznas 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(2017). strategi approach for optimizing of zakah institution performance: customer relationship management. aliqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 9 (1): 81-94. doi: https://doi/org/10.15408/aiq.v9i1.4010. wheelen, t. l., & hunger, j. d. (2008). strategic management and business policy. new jersey: pearson education. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 83 96 1, 2 faculty of economics and business, universitas diponegoro e-mail: dzakirfiqi@gmail.com public willingness to pay for halal certified beef muhammad dzakir fiqi1, darwanto2 abstract. this research aims at analyzing the scale of public willingness to pay for halal-certified beef and the influence of age, income, awareness, perception, and religiosity on their willingness. this study employs a purposive sampling method to obtain 100 respondents. descriptive statistical analysis is used along with contingent valuated method and logit regression. the result shows that 77 of the respondents are willing to pay more for halal-certified beef, while the other 23 are not. the average value of wtp obtained is 7% of the ordinary meat price. the result of logit regression analysis shows that awareness variable has a significant effect on willingness to pay halal certified beef, while the income, age, perception, and religiosity do not have a significant effect. keywords: halal certificate, willingness to pay, consumer behaviour, contingent valuated method, logit regression abstrak. penelitian ini bertujuan untuk menganalisis besaran kesediaan membayar masyarakat serta menganalisis pengaruh usia, pendapatan, awareness, persepsi dan religiusitas terhadap kesediaannya membayar daging sapi bersertifikat halal. penelitian ini dilakukan di provinsi dki jakarta dengan metode purposive sampling dan responden yang berjumlah 100. metode analisis yang digunakan dalam penelitian ini adalah analisis statistik deskriptif, contingent valuated method, dan regresi logit. hasil yang diperoleh menjukkan bahwa 77 responden bersedia membayar lebih daging sapi bersertifikat halal, sementara 23 lainnya tidak. rataan nilai wtp yang diperoleh adalah 7% dari harga daging sapi biasa. hasil dari analisis regresi logit menunjukkan bahwa variabel awareness berpengaruh signifikan terhadap kesediaan membayar daging sapi bersertifikat halal. sementara usia, pendapatan, persepsi, dan religiusitas tidak berpengaruh signifikan. kata kunci: sertifikat halal, kesediaan untuk membayar, perilaku konsumen, contingent valuated methode, regresi logit 84 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction consuming halal products is an obligation for muslims and part of the worship of allah. disobeying this obligation is a serious violation against islamic teaching. besides, muslims are suggested to consume good (toyyib) food. ṭayyib or ṭayyiban can be translated as complement and perfectness of halal food in the forms of cleanliness, safety, health, usefulness and other aspects that are in accordance with conditions and needs (kamaruddin et al. 2013). halal literally means “allowed”; in general; it can be translated into something that is allowed based on islamic laws. halal products are one of the crucial instruments for muslims in performing various activities, including consumption. this is the order of allah that has been stated in the quran, sura al baqara verse 168. basically, halal is a process of trust of the attribute that cannot be seen and cannot be confirmed, so it is difficult to be evaluated by individual consumers (verbeke et al., 2013). for example, consumers buy meat at the seller who they think credible enough. this makes them trust the halal status of the meat and buy it from the seller. however, because the trust is implicit, it raises trust abuse cases (zakaria, 2008). in this case, abusing the trust is in the form of the discrepancy between the expected product with the real one. for example, the expected halal meat is mixed with the non-halal one. an instance for this type of case is the foreclosure of 178.5 kg of beef spindles in ponorogo regency (www.kompas.com accessed on 20th august 2017). the selling of meat without halal guarantee has been a problem for indonesian muslim people considering that meat is one of the most consumed food. according to the data from the central bureau of statistics, there had been an increasing trend of meat consumption per capita from 2007-2015. figure 1. average of consumption per capita of meat product in a week in indonesia in 2007-2015 source: central bureau of statistics, processed in 2017. muhammad dzakir fiqi. public willingness to pay for halal certified beef 85 http://journal.uinjkt.ac.id/index.php/iqtishad the issue of cross-contamination between the halal and harām products also increases the consumers’ risk in consuming the meat that is not in accordance with their preference (verbeke, 20015). such condition makes the consumers search for a guarantee to ensure that the product they buy is halal, and the certification of halal meat is an answer to provide guarantee and certainty of the meat that the consumers buy (verbeke et al., 2013). however, the improvement and implementation of halal certification on the chain of halal meat may increase the price of the meat (angulo and gil 2007). this is because of the additional costs in processing and handling the meat to be in accordance with islamic law. therefore, it is crucial to find out the consumers’ willingness to pay for the halal-certified meat in order to describe the consumers’ demand on the product. this research refers to the previous study by ibrahim (2011). this particular study aims at analyzing the willingness to pay (wtp) of muslims in georgia in buying premium qualified halal lamb. verbeke et al. (2013) researched to find out the value of willingness to pay of the muslims in belgium in buying the halalcertified chicken in supermarkets and islamic butcher shops. the research of bonne et al. (2008) aims at finding out the factors affecting the halal meat consumption of the muslims in belgium using the planned behavior theory. a research on the consumers’ willingness to pay for halal-certified beef has not yet been done. this particular study aims at finding out the scale of consumer’s wtp on halal certified beef and analyzing whether ages, income, awareness, perception, and religiosity affect the wtp for halal-certified beef. literature review kamaruddin, ibrahim and shabudin (2013) conducted research entitled “factors influencing customers’ willingness to pay for halal logistics”. this research was conducted to 221 respondents spread over selangor, klang valley, and marang, terengganu. the analysis instrument used is the logit model. the research reveals that the variables of parents’ status and perception of halal logistics have a negative connection with the wtp for halal logistics, whereas the consumers’ wtp for halal logistics has a positive connection with the demand and procurement cost of halal logistics. research by verbeke et al. (2013), entitled “credence quality coordination and consumers’ willingness to pay for certified halal labelled meat”, was conducted to 202 muslim respondents. this research is analyzed using the double hurdle model regression. the result concludes that muslim consumers have been 86 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 willing to pay for the chicken meat with a higher price sold by the muslim sellers rather than those sold in the supermarket. the female consumers pay more attention to the halal status of the meat compared to male consumers. bonne, vermeir and verbeke (2009) conducted research entitled “impact of religion on halal meat consumption decision making in belgium”. the data was collected from 367 respondents of muslim migrants living in belgium. the research reveals that healthy behavior affects the intention to consume halal meat. the muslims with high religiosity intend to consume the halal meat because they believe that the meat is healthy, whereas the muslims with low religiosity intend to consume the halal meat because of the influence of their relatives from the same religion and because of their healthy behavior. research by ibrahim (2011), entitled “consumers’ willingness to pay a premium halal goat meat: a case from atlanta, georgia”, was conducted to 89 respondents and used the probit model. the average of wtp for halal-certified mutton is 50 cents per pound of meat. the variables of income and amount of family members significantly affect the wtp for halal mutton on 1% degree. research by bonne, vermeir and blackler (2007), entitled “determinants of halal meat consumption in france”, was conducted by a survey to 576 of muslim immigrants living in france. this research was analyzed using descriptive statistic and multiple regression methods. the result is that positive attitude towards consuming halal meat, relatives with the same religion, and the response for consuming the halal meat affect the muslims’ intention to consume the halal meat. theory of demand demand is the number of products that a household is going to buy in a certain period if the household is able to meet the necessity in accordance with the determined market price (case and fair, 2007). demand is a multivariate connection, which is not determined only by one factor but by many factors at once. case and fair (2007) define that the individual’s demand on a product and its quantity is affected by several factors including the product price, income and wealth, another product price, expectancy, and taste. theory of consumers’ behavior kotler and keller (2016) state that the consumers’ behavior might be affected by several factors including cultural factors (nation, race, region origin, social class, and religion), social factors (family, friends, and playgroups), and personal factors (ages and lifestyle). muhammad dzakir fiqi. public willingness to pay for halal certified beef 87 http://journal.uinjkt.ac.id/index.php/iqtishad method of research the research population in this study covers all muslims in jakarta who have their own income. this research uses non-probability sampling and purposive sampling methods. the determination of the minimal sampling number uses slovin formula. the formula results in the minimal number of respondents of 100. contingent valuation method is used in the analysis to find out the value the society is willing to pay for the halal-certified meat. employing a likert scale, the factor analysis is used to reduce the variables, while the logit regression analysis is used to find out what kind of factors influence wtp for the halal-certified meat. contingent valuation method contingent valuated method (cvm) is a method used to estimate the economic value of a product unsold in the market and is one of the methods for economic valuation. hanley and spash (2013) explain the operational stages of cvm application as follows: (1) building a hypothesis market, (2) getting the bidding value, (3) calculating the wtp average, (4) estimating the wtp bidding curve, and (5) aggregating data. factor analysis factor analysis is a statistic analysis applied to reduce the data or summarize several variables to be the new (construct) variable by still containing the most information in the original variable. factor analysis identifies the connection structure among the variables or dimensions by seeing the correlation inside them (ghozali, 2013). factor analysis in this research is used to summarize the answers of each variable to produce the construct variables that are used in the logistic regression analysis. logit regression analysis this research uses the logit regression analysis method by the stata 64 application. the binary logit or binary logistic regression model is the quantitative method of the connection between the probability of two choices of some characteristics chosen (gujarati and porter, 2009). the logit basis used in this research is as follows: where: wtp : willingness to pay 88 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 β1 : constanta (intercept) β2,.... β6 : parameters to be estimated x1 : ages x2 : income x3 : awareness x4 : perception x5 : religiosity µ : error term result and discussion validity and reliability tests the validity test indicates that the correlation among each indicator of questions on the total construct score has greater value than 0.5, so it can be concluded that each indicator of questions is valid in measuring the three variables by using the likert scale. on the reliability test, it finds the value of cronbach’s alpha amounted 0.625 (awareness), 0.877 (perception), and 0.933 (religiosity). hair et al. (2010) stated that an item with the cronbach’s alpha value that is greater than 0.6 is reliable, so it can be concluded that all the answers of the questions of a construct using the likert scale (variables of awareness, perception, and religiosity) are consistent and reliable. contingent valuated method (cvm) the contingent valuated method in this research is used to find out the value of the respondents’ willingness to pay for the halal-certified meat. the result of cvm implementation is as follows: 1) building hypothesis market; 2) determining the scale of wtp bid, and 3) calculating and estimating wtp average value. the buildings hypothesis market of this research is based on the availability of meat that it’s halal status and quality are doubted. this is doubled with the risk of non-halal substance contamination on halal products, which can bring anxiety to muslim consumers in indonesia. the government, through lppom mui, has taken action by issuing a halal certificate to the meat products. the halal certificate guarantees that the process of livestock handling has met the islamic requirement. this certificate is expected to give safety, comfort, and satisfaction for the muslim consumers, especially for those who consume the meat. muhammad dzakir fiqi. public willingness to pay for halal certified beef 89 http://journal.uinjkt.ac.id/index.php/iqtishad however, the halal meat certificate raises additional costs in its implementation. the certification requires certain activities and additional equipment in the processing and handling of the meat that meets islamic law. consequently, halal-certified beef becomes more expensive. the above scenario was explained to the respondents as an effort to provide a guarantee to the consumers. the wtp value of halal certified meat will be found out through the questions asked to the respondents, whether the halal certification is needed and whether the respondents are willing to pay a higher value for halalcertified products. the determination stage of the auction value on the contingent valuation method should use the bidding game, which is the best model and will not raise the bias. however, the depreciation of the auction value with bidding game cannot be conducted due to various obstacles, so that the auction value bid will be conducted by the payment cards method. this method uses the payment card application with several bidding ranges provided. the respondents will answer by choosing the range of expense they are willing to pay for getting the halal-certified meat. the bidding range available is selected from research taken by tieman et al. (2013) that is 0-5%, 5-10%, 15-20%, and 20-25%. calculating the estimation of wtp’s average value of this research used an alternative estimation method. the alternative estimation method applied for the interval data is interval midpoint wtp model provided by hackl and pruckner (1999). this method assumes that the individual wtp value distributed into the existing interval is among the selected value with the greater next value. shen (2012) assumes the midpoint of the existing as a wtp value. the distribution data of respondents’ wtp is shown in table 1. table 1. distribution of wtp value of respondents willing to pay no bid range midpoint number of respondents percentage 1 0-5% 2.5 53 0.69 2 5-10% 7.5 17 0.22 3 10-15% 12.5 6 0.08 4 15-20% 17.5 1 0.01 5 20-25% 22.5 0 0 total 79 1.00 source: primary data, processed in 2017. 90 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 the wtp average value is acquired by using the following formula: where ai is the chosen wtp value, ai+1 is the next greater wtp value, pi is the percentage of the respondents choosing the i wtp value, ah is the highest dealing value, at is the top limited value, and ph is the percentage of the respondents choosing the greatest wtp value. the wtp average that is willing to be paid by the consumers to get the halal-certified beef is 7.05% over the regular beef price. factor analysis the main object of this method is to reduce the great data into one set of dimension by identifying how far each variable can be explained by each dimension. the factor analysis in this research is used to summarize 28 questions for the variables using the likert scale (x3, x4 and x6) to produce the score of the variable factor. table 2. variables of factor analysis result variables code awareness awareness of halal aspects x3_1 awareness of mui label x3_2 perception perception on halal meat ceritificate x4 religiosity religiosity of belief and shall worship dimensions x5_1 religiosity of sunnah worship and hablumminannas dimensions x5_2 source: primary data, processed 2017 logit regression analysis the logit regression analysis is the regression analysis used in the research using the data with the binary dependent variables (0 and 1). in this research, value 1 is given to the consumers who are willing to pay more for the halal-certified beef. value 0 is given to the respondents who are not willing to pay more to the halalcertified beef product. the testing is conducted to find out the influence of ages, income, awareness, perception, and religiosity on the willingness to pay more for the halal-certified beef. the estimation result of logit regression of the consumers’ willingness to pay is conducted by the stata 64 software and shown in table 3. muhammad dzakir fiqi. public willingness to pay for halal certified beef 91 http://journal.uinjkt.ac.id/index.php/iqtishad table 3. regression result of public willingness to pay variables coefisien dy/dx statistic z probability z x1 -0.00293 -0.00036 -0.14 0.889 x2 0.35048 0.43640 0.57 0.572 x3_1 0.52630 0.65531 1.24 0.241 x3_2 1.36655 0.17015 3.71 0.000* x4 0.74361 0.09259 1.86 0.063** x5_1 0.39533 0.04922 1.05 0.294 x5_2 -0.01067 0.00132 -0.03 0.976 constanta -3.60682 -0.37 0.708 the logit regression result finds that the value of statistic hosmer-lemeshow amounted 6.77 and has the probability value of chi-square amounted 0.56 > 0.05, so h0 is accepted, and the model is stated to be fit. meanwhile, mcfadden r-squared has the value of 0.342, which means that the dependent variable can only be explained by the independent variable amounted 34%, and the rest is explained by other factors outside the model. the testing result indicates that the lr statistic has the value of 37.72 with the probability of 0.000 < 0.5, so it can be concluded that the independent variables jointly or simultaneously affect the dependent ones. table 3 indicates that from 7 independent variables tested there is one variable that significantly affects the dependent variables on 5% level that is variable of awareness on mui label (x3_2) and variable of perception (x4) that is significant on 10% level while the other variables do not significantly affect the dependent ones because they have the probability values of z-statistic greater than 0.05 and 0.1. effect of income on wtp the logit regression result indicates that the variable of income has the opportunity coefficient value amounted 0.043 with the probability of 0.57 > 0.05. so it can be concluded that the variable of income (x2) has no significant effect on wtp for the halal-certified beef. the opportunity coefficient of the variable of income (x2) indicates the positive sign amounted 0.043, which means that people with higher income will increase the probability of their willingness to pay for the halal-certified beef amounted 4.3%. the result is not in accordance with the hypothesis in which the income 92 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 is considered to affect the willingness to pay significantly. this indicates that the income level is not the main factor affecting public willingness to pay for the halalcertified beef. the higher ability of purchasing power does not guarantee the people to be willing to pay more. effect of ages on wtp the variable of ages has the opportunity coefficient amounted -0.00036 with the probability value of 0.889. on the significance level of 5% (0.05), it can be concluded that the variable of ages has no significant effect on the wtp for halal-certified beef. the result found is in accordance with the research conducted by ibrahim (2011) and kamaruddin et al. (2012), which found that ages do not significantly affect public willingness to pay. this indicates that public wto for the halal-certified meat cannot be predicted through someone’s experience, knowledge or belief that is formed during his/her whole period of life. the opportunity coefficient of the age variable (x1) amounted -0.00036 indicates that people with older ages will reduce the probability of willingness to pay more for the halal-certified beef amounted 0.03%. the connection explains that the respondents with younger ages have more opportunity to be willing to pay more rather than the older respondents. the result is in accordance with the research of verbeke et al. (2013), which stated that the halal label on the meat product is important for the younger generation, but not for the older one. this is because the younger one has little trust in the halal product by only seeing the status and background of the seller. they demand that the labelling should be under a trusted organization to guarantee the halal status of the product. effect of awareness on wtp the variable of awareness on the importance of halal labelling affects the willingness to pay for the halal-certified beef (x3_1) with the opportunity coefficient amounted 0.06. the probability value found is 0.214, that is fewer than the alpha level of 5%. the opportunity coefficient of the variable of awareness (x3_1) indicates the positive sign of 0.65, which means that people with higher awareness of the importance of halal labelling will increase the probability of willingness to pay for the halal-certified beef amounted 6.5%. the awareness variable is the halal label of mui (x3_2) having opportunity coefficient value of 0.1701 and probability z equal to 0.000. it can be concluded that there is a significant influence of the awareness of halal label mui on certified muhammad dzakir fiqi. public willingness to pay for halal certified beef 93 http://journal.uinjkt.ac.id/index.php/iqtishad halal certified beef. the opportunity coefficient of mui halal label awareness variable (x3_1) indicates a positive sign of 0.1701. it means that people with higher levels of mui label awareness will increase their probability of willing to pay for the halal-certified meat of 17.01%. the result is in accordance with the research of putri et al. (2016), which stated that public awareness level has a significant effect on the willingness to pay for the halal-certified product. the more someone is aware of the halal concept in various consumption activities, the greater the probability the person to be willing to pay more for getting a product with a halal guarantee. the halal certificate on the meat products is considered important enough to keep the product condition from the manipulation and contamination of non-halal substances, so people are willing to pay more for the service existence. effect of perception on wtp the variable of perception has the opportunity coefficient value of 0.092 with the probability z of 0.06, which means that the variable of perception does not significantly affect the wtp for the halal-certified beef. the opportunity coefficient of the variable of perception (x4) is positive of 0.092, which means that people who think that the halal-certified meat is important will have a greater probability to be willing to pay for the halal-certified meat amounted 9.2%. the result is in accordance with the research of fathi, et al. (2016), which found the consumers’ perception on the halal logistics has a positive correlation with the willingness to pay for the halal logistics. effect of religiosity on wtp the variable of religiosity based on the belief and will-worship shows the opportunity coefficient value of 0.049 with the probability z of 0.292. it indicates that this type of religiosity variable has no significant effect on the willingness to pay for the halal-certified beef. the opportunity coefficient (x5_1) is positive of 0.049, which means that people with the higher level of religiosity based on belief and willworship will have a greater probability to be willing to pay for the halal-certified beef amounted 4.9%. the variable of religiosity based on the sunnah rituals and hablumminannas or relationship with other humans has the opportunity coefficient value of -0.0013 and the probability z of 0.976, which means that this kind of religiosity variable has no significant effect on the wtp for the halal-certified beef. the opportunity coefficient of -0.0013 indicates that people with the higher level of religiosity based 94 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 on the sunnah rituals and good relationship with other humans have a greater probability of being not willing to pay for the halal-certified beef amounted 0.13%. the result is in accordance with the research of astogini et al. (2011), which explained that the religious aspect has no significant effect on the decision of buying the halal products. this may because the religious aspects like belief, rituals, and consequence are an obligation for a muslim, apart from his/her consumption activities. so, both factors have no connection with muslims’ decision to use halalcertified products/services. conclusion the existence of the halal-certified meat is considered important as an effort to avoid the manipulation and contamination of harām substance on the halal meat product. of 100 respondents, 77 are willing to pay more while the rest (23) are not. of the willing respondents, 53 are willing to pay for the halal-certified beef amounted 0-5%, and the rest are willing to pay for more than 5% of the prevailing meat price. based on the interview results using the contingent valuated method, the average value of the muslims in jakarta who have the willingness to pay for the halal-certified beef is 7.05% over the prevailing beef price. the value is acquired by using the interval midpoint method. the logit regression analysis using the factor variable finds that only the variable of awareness that affects the muslims in jakarta to have the willingness to pay for the halal-certified beef, while the variables of income, ages, perception, and religiosity have no significant effects on public willingness to pay for the halalcertified beef. limitation this research does not use the bidding game method in estimating public wtp for the halal-certified meat. this research was only conducted in jakarta province and only used the level of 10% in determining the sample. therefore, the space of this research is very narrow to find out better responds to halal-certified meat. suggestion further research is expected to use the bidding game method to find better out the amount of cost of public willingness to pay for the halal-certified beef. muhammad dzakir fiqi. public willingness to pay for halal certified beef 95 http://journal.uinjkt.ac.id/index.php/iqtishad research with greater sample and wider space area is expected to be conducted in the future. the further research is also expected to be able to investigate the halal process topics such as halal supply chain and halal logistics, considering that halal process has a very close relationship with various activities in the supply chain. references angulo, a. m., & gil, j. m. 2007. “risk perception and consumer willingness to pay for certified beef in spain.” food quality and preference 18(8): 1106–1117. anon. (2004). al-qur’an dan terjemahnya. bandung: j-art. astogini, dwiwiyati, wahyudin, & siti zulaikha wulandari. 2011. aspek religiusitas dalam keputusan pembelian produk halal. jeba 13(1): 1–8. bonne, karijn & wim verbeke. 2006. “muslim consumer attitude towards meat consumption in belgium.” anthropology of food 5: 1-24. bonne, karijn, iris vermer & wim verbeke. 2008. “impact of religion on halal meat consumption decision making in belgium.” journal of international food & agribusiness marketing 21(1): 5–26. case, karl e & ray c. fair. 2007. principles of economics. 8th ed. new jersey: pearson education. fathi, elahe, suhaiza zailani, mohammad iranmanesh & kanagi kanapathy. 2016. “drivers of consumers’ willingness to pay for halal logistics.” british food journal 118(2): 464–479. fauzi, akhmad. 2004. ekonomi sumber daya alam dan lingkungan: teori dan aplikasi. jakarta: gramedia pustaka utama. ghozali, i. 2013. aplikasi analisis multivariate dengan program spss ibm21. semarang: badan penerbit universitas diponegoro. gujarati, damodar n., & dawn c. porter. 2009. basic econometrics. 5th ed. new york: mcgraw-hill. hair, joseph f, william c. black, barry j. babin and rolph e. anderson. 2010. multivariate data analysis. 7th ed. upper saddle river, nj: prentice hall. hanley, nick & clive l spash. 2013. cost-benefit analysis and the environment. england: edward elgar publishing limited. ibrahim, m. 2011. “consumer willingness to pay a premium for halal goat meat: a case from atlanta, georgia.” food distribution research 42(1): 72–76. kamaruddin, r., iberahim, h., & shabudin, a. 2013. “factors influencing customers willingness to pay for halal logistics.” asian behavioural studies 3(9): 41–52. 96 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 kompas. (2017). petugas gagalkan penyelundupan 310 daging gelonggongan digrobogan. http://regional. kompas. com/read /2017/06/16/11110051/. kotler, philip, and kevin lane keller. 2016. marketing management. 15th ed. usa: pearson education. mankiw, n. gregory. 2013. principles of microeconomics. 7th ed. united states of america: cengage learning. priambodo, luthfan hadi. 2013. analisis kesediaan membayar sayuran organik dan faktor-faktor yang mempengaruhinya. bogor: institut pertanian bogor. putri, wilda rizkilia, muh samsudin, edy rianto & indah susilowati. 2015. “consumers’ willingness to pay for halal labelled chicken meat: a special reference to pedurungan sub district, semarang city.” jurnal dinamika manajement 8(1): 122-133. tieman, marco, maznah che ghazali & jack g.a. j. van der vorst. 2013. “consumer perception of halal meat logistics.” british food journal 115(8): 1112–1129. tieman, marco & maznah che ghazali. 2014. “halal control activities and assurance activities in halal food logistics.” procedia social and behavioral sciences 121(september 2012): 44–57. verbeke, wim. 2005. “agriculture and the food industry in the information age.” european review of agricultural economics 32: 347–368. verbeke, wim, peter rutsaert, karijn bonne & iris vermeir. 2013. “credence quality coordination and consumers’ willingness-to-pay for certified halal labelled meat.” meat science 95(4): 790–797. zakaria, zalina. 2008. “tapping into the world halal market: some discussions on malaysian laws and standards.” shariah journal, 16: 603–613. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 107 124 received: august 19, 2016; revised: november 19, 2016; accepted: november 28, 2016 1,3 islamic university hadhari – the national university of malaysia; 43600, bangi, selangor, malaysia 2 university of islamic economy tazkia, bogor 16810, indonesia e-mail: 1nurulhilmiyah@gmail.com; 2bayuposuma@tazkia.ac.id; 3hakimi@ukm.edu.my doi: 10.15408/aiq.v9i1.3481 tawhidic based economic system: a preliminary conception nurul hilmiyah1, bayu taufiq possumah2, muhammad hakimi mohd. shafiai3 abstract. tawhidic based economic system: a preliminary conception. this study investigates contemporary mainstream economic system, does islamic economics taking advantage of the shortfall of the system outlined above based on tawhidical approach? by using descriptive qualitative method this paper proposed the appropriate of islamic economics theorize that the islamic system provide the ideal form of a socio-economic order. this paper found that tawhidic based economics approaches can be focused towards seeing wholes of economics, rather than parts; seeing economics activities as a worship, rather than competition; cultivating the solidarity (charity), rather than individualism and creating the justice, rather than injustice. thus this paper designed to provide the concept of islamic economic system with tawhid as the basis, to fit the philosophy of economic science and reality of human life. the paper also shows the position of tawhid in the system and theory of economy in creating prosperity and benefit for all mankind comparing to mainstream economic system and their theory. keywords: mainstream economics; islamic economics; tawhid abstrak. sistem ekonomi berbasis tauhid: sebuah konsep awal. studi ini meneliti sistem ekonomi mainstream kontemporer, apakah ekonomi islam mengambil manfaat dari kekurangan sistem yang menjadi outline di atas berdasarkan pendekatan tauhidik? dengan menggunakan metode deskriptif kualitatif makalah ini mengusulkan teori ekonomi islam yang tepat, bahwa sistem islam memberikan bentuk yang ideal dari tatanan ekonomi sosial. makalah ini menemukan bahwa pendekatan ekonomi berdasarkan tauhid dapat fokus dengan melihat ekonomi secara utuh, bukan hanya sebagian; melihat kegiatan ekonomi sebagai ibadah, bukan kompetisi; budidaya solidaritas (amal), bukan individualisme dan menciptakan keadilan, bukan ketidakadilan. dengan demikian tulisan ini dirancang untuk memberikan konsep sistem ekonomi islam berasaskan tauhid sebagai dasar, agar sesuai dengan filsafat ilmu ekonomi dan realitas kehidupan manusia. tulisan ini juga menunjukkan posisi tauhid dalam sistem dan teori ekonomi dalam menciptakan kemakmuran dan manfaat bagi seluruh umat manusia dibandingkan dengan sistem dan teori ekonomi mainstream. kata kunci: ekonomi arus perdana; ekonomi islam; tauhid 108 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 introduction what is the problem of economics today? this question, in large part, as blaug (1998) implies, intellectual basis intuitively, methodology and history which required by great prowess economists have been replaced by the formal economy. such qualities were emphasized and symbolized by alfred marshall and john maynard keynes. the economists today, no longer educated systematically in their own history discipline but also in their philosophy of science. these have regrettably become fringe preoccupations for economists, and publications in these areas are often discounted in the institutionalized scramble for recognition and promotion. today, the contemporary economic theories are currently considered important examples of scientific mathematically procedure (throughout the years economic theorists continue merely to produce scores of mathematical models and to explore), which is called by mainstream economics and also strong opposition from other important theories. the disregard basic aspects of economic reality and the implications that often renders misleading the works and teaching of economists, sourced by both dominant economic teaching and its opponents. blaug (1997) asserted for this matters: “modern economics is sick. economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world. economists have converted the subject into a sort of social mathematics in which analytical rigour is everything and practical relevance is nothing.” the excessive unrealistic assumption is the impact of the inconsistency of the modern economic theory. the important aspects of human behavior were ignored by this assumption. in this respect, experimental economics has had a major impact (kahneman and kruger, 2006). it has even given credence within mainstream economics to the idea of ‘social preferences’, involving non-selfish, other-regarding and cooperative motives (fehr and fischbacher, 2002). in the paper of baiman (2012), his views the microeconomics theory that applied by neoclassical is more destructive of human well-being than the moral high theory which that theory based on a theoretical framework that generates real-world policy (not just theory) that is concretely “immoral”, he emphasized that directly supports policies that reduce the “well-being” of real human beings. in addition, the general equilibrium theory of neoclassical is not compatible with an economy that develops over time. it relies too much on complex mathematical models without sufficient attention to whether this really illustrates the real economy and ignores the complexity of nature and human creativity. additionally, according to palley (2014) the global imbalances explained by the new economic theories of the structural keynesian as an inevitable impact 109 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 nurul hilmiyah: tawhidic based economic system consequence of the model of neoliberal towards to globalization. the explanation of structural keynesian theory on two sides, the dimension of supply and demand side tend towards the problem of global economic imbalance. the supply side is the reflection of the new production paradigm that underlies neoliberal globalization and the demand-side is the reflection of the hegemonic currencies of keynesian theory (palley, 2006). although keynes himself warned of the limitations of mathematical technique in economics (moggridge, 1992), he was championed by a younger generation who saw mathematics as the solution. [see hodgson, (2009)]. the explanation of how policy accommodated the urgent of these new global supply and demand arrangements by the involving of the political economy (palley, 2014). marshall (1890) defines economics as: “political economy or economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing”. in this context, this economic principle is the study of wealth and economic activities on the one side, and the main side is a study of man behavior on the other side. accordingly, aydin (2013) stated that this meaning refer to the main topic of economics problem at any economics paradigm. this main topic is the allocation of scarce resources. the scarcity problem involved the area of production, goods and services distribution in order to meet the needs, wants and human well-beings. why the scarcity problem could be the main topic? it is because the fulfilment of human’s wants were become the final of economic activities and the big challenge of this issue as emphasized by aydin (2013) is the assumption of scarcity resources contrast with the unlimited wants of human beings. the positive economics on the one side get along with those questions without involving any norms into consideration; and on the other, the normative economics side tries to find out the universally desired answers. in other words, the goals of positive economics are production and distribution efficiency while the normative economics consider efficiency below of the value judgments (aydin, 2013). generally, in relation between economy and worldview (as assertion that economic science is ideologically failure), refer to aydin (2013) there are two economic worldviews: first, materialist and secular, second, spiritual and religious. the materialist and secular worldview rejects the spiritual realm of human being and the universe. in this context, they ignored the religious value into economics. both capitalist and socialist systems are two twin flow “similar but different”, which measures the final economic result as the excitement of human. the difference is just about the nature of ownership and the way of production goods and services for “human pleasure”. the nature of the free market by the capitalist is how to fulfil self-interests, while the socialist gives the goals to their social interests. in reality, this 110 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 social interests hiding behind the concept of excessive government intervention. hence as summary by aydin (2013), both capitalism and socialism goals is “worldly paradise” through material well-being of people impacting disharmony of life and causes inequality and economic problems of human. these paradigms also led to numbers of economic problems and give the global impact to economic world. chapra (1995) stated that the financial deficit such in the 1980s the inflation rate substantially declined, a number of economists argue that this inflation may become a serious problem. it created the economic instability in the interest-based banking system towards the international monetary system. the unnecessary spending in both the public and the private sectors, lead to the savings declining. the highly correlated between savings and investment are an impact to investment declining. it was also tend to have the implications for investment automatically, growth, unemployment, trade of commodity, markets of foreign exchange and also the stability of the stock. chapra (1995) also added that the system created a number of ecological hazards by the concept of unlimited want and satisfaction by non-renewable resources, which have damage life on this universe. in this context, chapra (1995) demonstrated that “addressing the global environmental crisis requires nothing less than a radical change in the conduct of world policy and the world economy”. he also concluded that “the keynesian strategy has generated dilemmas without solving the economic problems, the goals of need fulfilment, eliminating poverty and reducing glaring inequalities of income and wealth still remain unfulfilled”. literature review the worst impact of ‘great depression’ in 1930 was “the long standing faith in say’s law” (chapra, 1995) responsible, as a peak of the mainstream economic failure. basically, the great depression taught us many lessons, most of them wrong. keynes, the greatest political economist of the century, made a grave mistake when he titled his text the general theory of employment, interest and money. he left the impression that the great depression was a ‘general’ situation of market economies, not a one-time fluke of grotesque proportions. keynes failed to make clear that it occurred because of the international gold standard, a monetary arrangement that keynes had heatedly attacked and abhorred, but strangely under-emphasized in the general theory. in any event, the great depression left the world deeply sceptical about self-organizing market systems. it took decades more to revive robust confidence in market economies (sachs, 1999). it is not simply occur by itself or a life phenomenon such as natural disasters. moreover, the principle that the market established an abstract equilibrium of absolute efficiency seemed as explained by 111 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 nurul hilmiyah: tawhidic based economic system nagan (2015) has become conventional wisdom in policy-making circles and received a severe setback between 1929 and 1933. the laissez-faire approach which used as cure to a weakly regulated economy at the time was the cause of the great depression (see nagan, 2015). chapra (1995) then excoriated that the economy cannot correct the condition itself automatically. chapra also noted that keynes was surprised at british and most other governments of their laissez-faire attitudes in the face of this crisis, while in early classical economic had found that the organization of economic at 19th century to be “natural, reasonable, eternal and simplicity itself ’ (as portrayed by the general equilibrium theory of keynes), thus, chapra (1995) emphasized that the keynes’s writing in the economic consequences of the peace that on the contrary, “it was “unusual, unstable, complicated, unreliable, and temporary”. therefore, in the context of the global economy, the birth of the theory of production, consumers, labor, interest, profits, and market concept theory of the modern economic system creates competition, free markets, and individualism are the root of the underlying system. the highlight point here, the competition is not required to create an unhealthy environment competition, it is necessary to improve the quality and professionalism, not to get rid of common interests and goals of social concern. all these nature born from the individualist culture that wants pleasure and well-being of those they can harm. these culture’s attitude, norms and ethics which has built-in public relations, it can destroy a civil society. it will be better when the character moves towards the positive individualism to create a more balanced economy through norms and ethics. referring to aydin (2011) all economic problems in smithian concept are sufficient enough to solve with the most self-interested of human nature, supply and demand. aydin (2011) then emphasized that the recent financial crises, with the “invisible hand” without moral guidance shift into a “stealing hand”. the economic crisis not only about the crisis of economy, but essentially is about a moral crisis of capitalism with the enlightenment as its root. then, aydin (2011) suggested that during the crisis, the “invisible hand” concept of free market shifted to “stealing hand” driven by the irrational and irresponsible politician’s behaviours, creditors, and consumers via market games. if we can summary and hypotheses the root of economic crisis and problem are; first, by getting rid of gold as a reserve currency, and the inclusion of the dollar as a companion currency in bretonwood agreement, after the end of world war ii, then as a substitute currency in the early decades of the seventies, an impact is that dollar has dominated the global economy. as a result, no matter how small economic shocks that occurred in the united states will definitely be a crushing blow to the economy of other countries. therefore, most of the foreign reserves, if not entirely, 112 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 covered with a dollar that its intrinsic value is not worth with the paper and the text contained therein. after the euro entered into the battle arena, most countries save the foreign exchange reserves to non-dollar currencies, although the dollar still has the largest percentage of foreign exchange reserves of these countries in general. thus, as long as the gold does not become a reserve currency, the economic crisis will always continue to recur. no matter the crisis happened, either is small or big it would impact on the dollar, then the crisis will soon spread to other economies. even the impact of the political crisis that is designed by states will also result to the dollar, so also have an impact on the world. such conditions could have happened to any country banknotes which have the control over other countries. secondly, the debts of usury also creates an economy into the big problem, until the principal debt levels ballooned over time, in accordance with the percentage of usury imposed on him. as a result, the inability of the individual and the state in many cases and conditions it’s becomes evident. this matter to the loan repayment crisis and slowing economies, and impact to inability the most of the middle and upper classes to return the loans and continue the production. third, the system used in the exchange and capital markets, for example buying and selling stocks, bonds and commodities without the requisite transfer of commodities is concerned, it can even be traded many times, without having to divert the commodity from its owner’s, is a falsehood system and causes the problems. this system cannot solve the problem, where the rising and falling of transactions take place without the handover process, even in the absence of the relevant commodity. everything was triggered the speculation and turbulence in the market. that is, the various losses and gains continue to occur through various means of fraud and manipulation. everything is kept walking and walking, to unfold and be disastrous economy. fourth, the ignorance of the ownership principles fact due to the perspective in the eastern and western thinkers. public property which controlled by the state, as in the theory of socialism-communism, and private property which dominated by particular group are the principle of ownership. the state will not intervene in accordance with the liberal capitalism theory which focused on the free market, privatization, and globalization. the ignorance of the facts of this ownership indeed has been cause the turbulence and economic problems. that’s because such ownership is not something that is controlled by the state or a particular group. capitalism has made individuals, companies and institutions are entitled to have what belongs to the public, such as oil, gas, all forms of energy and industry of heavy weapons to radar. while the country remains outside the market of all of these holdings. that is the consequence of the free market economy, privatization and 113 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 nurul hilmiyah: tawhidic based economic system globalization. the result is a shock in a row and destruction quickly, starting from the capital market spread to the other sectors, and from the financial institutions spreading to the other. by these condition the economic restructuring that undertaken by the government over the country in the world today, cannot be separated from the influence and hegemonic of capitalistic corporation under neo-liberal economic paradigm that underlying the development of those countries and cannot be denied that the international financial institutions injection, particularly the world bank and imf, has been a cornerstone of economic governance take-off of those countries for decades. the concept and principles of neo-liberalism has become the public controversial. neo-liberalism itself is actually not a single face. the scholar tayyab mahmud as quoted from nagan (2015) describes economic neoliberalism as follows: the neoliberal project is to turn the “nation-state,” one with the primary agenda of facilitating global capital accumulation unburdened from any legal regulations aimed at assuring welfare of citizens. in summary, neoliberalism seeks unbridled accumulation of capital through a rollback of the state, and limits its functions to minimal security and maintenance of law, fiscal and monetary discipline, flexible labor markets, and liberalization of trade and capital flows. based on its history, neo-liberalism has faced three paradigmatic shifted. as saad-filho (2010) noted three groups in main view of neo-liberalism: the neoliberal paradigm of pre-washington consensus, neoliberal washington consensus and neoliberal of post-washington consensus. the view of neoliberal washington consensus that emerged in the 1980s and late of 1990s, is inherent in the universal ideology of neoliberal and absolute commitment to the free market and implies that the country is a source of corruption and inefficiency. it is proven in the character of bureaucratic rent-seeking. according to saad-filho (2010), the washington consensus contains four elements: (i) the hegemony of modern neoclassical theory that assumes the market as “efficient” and the state as “inefficient”. the market, and not the state, should play a role in economic development, industrial growth, job creation, and the articulation of international competition. the mobility of capital and globalization considered good by economic world and individuals. foreign investment seen as an instrument to promote economic growth that can be done with the support of domestic policy. the priority of this theory is the monetary policy over the fiscal policy and interest rates. this theory believes that the good interest rate can create a balance of payment, the low inflation, the level of sustainability of the consumption and investment, increase the allocation of resources, and the long term of high economy growth. (ii) economics policy of neoclassical. washington 114 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 consensus view that a country will remain poor because of misconceptions about state intervention, corruption, inefficiency, and economic incentives. poor countries will catch up and take the ideal shape as developed countries if these countries prioritize the budget tightening, privatization, elimination of state intervention in price, the flexibility of the labour market and trade, financial and capital liberalization. (iii) state intervention in the form of the provision of institutions and functions that aim to ensure the freedom and purity of the market. state intervention allowed in the context of the systematic promotion of global capitalism. not surprisingly, the washington consensus policies are often associated with authoritarianism despite in the rhetoric is supporting the political democracy. (iv) the orthodoxy standard in economic development and strengthening of the policies imposed on poor countries that faced a crisis of balance payments, budget, and finance. in addition to the four elements, deregulation and privatization become two key words in structuring the purity of the market. neoliberalism under washington consensus is also a label that refers to the particular political project (thatcherism and reaganomics) and used more widely in the idea of economic rationalism, monetarism, neoconservatism, managerialism, and contractualism (larner, 2000). washington consensus view had some criticis as follows: (i) in all cases it was found that the state had violated all the principles of the washington consensus through long-term planning, protectionism, direct financial and other irregularities of the free market; (ii) under the coordination of the washington consensus, poverty is increasingly spreading due to the process of structural adjustment and stabilization, particularly in latin america post the structural adjustment program of imf; (iii) the economic policies of the washington consensus spawned the resistance of the majority political community because they makes the domestic politics to be unfriendly towards democratic politics. from this analysis, the economists concluded that economic theory has been dead for several reasons. first, the western economic theory (capitalism) has led a very deep economic injustice, particularly their monetary system that only benefits the west through the hegemony of the currency and the usury system. second, the economic theory of capitalism was unable to alleviate the problem of poverty and the income inequality. third, the paradigm does not refer to the interest of society as a whole, so they create a dichotomy between the individual, society and state. fourth, their economic theory is unable to harmonize the relationship between the countries in the world, especially between developed countries and developing countries. fifth, the negligence preservation of natural resources. the capitalist economic paradigm has negative effects for the world economic development, as fukuyama (1997), which is associated with the collapse of social solidarity and 115 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 nurul hilmiyah: tawhidic based economic system family. one of good narratives about capitalism today is what wagner (2014) has said that today’s economic worldview builds not only on false interpretations of economists like smith, but also on an interpretation and simplification of charles darwin’s theory of evolution. competition is heralded as a key driver and “survival of the fittest” as nature’s recipe to succeed and conquer. the capitalists of the industrial revolution readily took up this interpretation of darwin’s theory as it rationalized their inhuman behaviour towards workers as being normal and “natural”. methods by using descriptive qualitative method through content analysis, this paper proposed the proponents of islamic economics which theorize the tawhidic based islamic economic system in presenting the great form of a socio-economic order. by using qualitative content analysis this research also focuses on the characteristics of language as communication with attention to the content or contextual meaning of the text or literature (budd, et.al, 1967). the goal of content analysis is “to provide knowledge and understanding of the phenomenon under study” (downe, 1992). in this case, the study related to how important tawhid in theorizing the economy. result and discussion the tawhidic paradigm as the “core” tawhid as a science according to ibn khaldun is contain the reasons for maintaining the beliefs of faith, with the arguments of mind and protests against those who deviated from the beliefs of the salaf and the sunnis (khaldun, 1971). in addition, possumah (2014) declared the simplicity of tawhid according to fawzan (2005) is the man‘s devotion in term of worship to him alone. fawzan (2005) also noted that this argument from al qur‘an related the types of tawheed which among are qs.23: 84-89, 7: 180, 12:31. imam ibn taimiyah dividing tawhid into tawhid rububiyah, tawhid uluhiyah, and tawhid asma’ wa as sifaat, (see nawfal, 2005,). tawhid and worship linked to each other and very closely, therefore according al qurtuby in his tafseer al jaami’ li ahkami al qur’an represent that some of salaf scholars interpret word liya'budun in surah adz dzariyaat verses 56 with liyuwahhidun (qurtuby in hayyan al andalusy, 1993). undoubtely, tawhid in islamic view is the important basic and key concept of whole life. possumah (2014), according to siddiqi (1980) ‘it sums up the islamic way of life and presents, in a nutshell, the essence of the islamic civilization’. siddiqi (1980) rightly considers ‘a lapse from tawhid’ the main cause behind the muslims’ decline – ‘their loss of political power, of their economic backwardness, intellectual 116 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 stagnation, and social degeneration (possumah, 2014). tawhid as the construction concept of charitable foundation is the apostolic preaching essence. this concept is embedding the whole economic aspects with moral and ethical values as a basis, involving the institutional and legal, social, culture, and religious function not only enables the socio-economic condition to be come true, but also this concept become a extended study of political economy and the world-systems (possumah, 2014). the tawhidic attributes used for the comprehensive meaning of economics, society and worldview science as the socio-scientific, becomes important and urgent because these attributes also as a base unity of knowledge towards domains diversity and entities (choudhury, 1992). choudhury (1992) also emphasized that since economic activities are part of worship, the worship it-self as a realization of tawhid, thus the economic activity of a muslim should be based and relies on tawhid, as well as in the political, social and culture. in his sum, he declared the relationship between tawhid and economic can be seen in three basic values of tawhid principles that become the foundation for economic activities, i.e. consumer behavior of moslem society is the fruit of tawhid. according to choudhury (1992) and possumah (2014) these three basic values as below: first, believing in the resurrection day and the hereafter life, this principle give the understanding direction to human, whereby the human being as god’s creation have to give priority to the hereafter than world consumption. according to them the hereafter consumption is the future consumption (because there is reward in heaven), while world consumption is the present consumption. in this context, the economic activities as a place of worship. nothing more precious than our submission to god, in the name of we are as a human are his creations. allah said, whosoever desires the reward of the hereafter, we give him increase in his reward, and whosoever desires the reward of this world, we give him thereof, and he has no portion in the hereafter” (qs. 42:20). the second concept is the successful of muslim life. this successful measured by religious morals of islam, not by their own property. the higher achievement of their successful is the high morality in this world. the key point to achieve this islamic morality by the benevolence, truth and faithfulness to allah. these both moral can be achieved with the goodness (behaviour) and useful for human life and prevent from crime. in this context, the economic activities as a place of wealth which human activities in the noble task of distribute economic resources to create and maintain the continuation of humanity. third, property is the allah‘s grace and not something which in itself is bad (excessive and should be shunned). to reach allah‘s pleasure, depend on the property using, this purpose to achieve the goal of life in this world, this can be achieved if they cultivated and manage their properties 117 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 nurul hilmiyah: tawhidic based economic system in proper used. the economic activities in this context as a place of welfare, it should be an instrument for combating the social and economic inequality in society and hold the egocentric which tend to focus on self-interest. this concept based on the universal brotherhood (ukhuwah) (qs. 4:1). in this sense, the muslims illustrated like one body, when one organ is suffering from any pain so that the whole body feels discomfort (see qs. 49:10 and hadith narrated by imam muslim). thus mutual help rather than conflict should be the basis of all economic relationship. tawhidic is the islamic civilization fundamental which covers the way of muslim life, which is process, means and end together. it means one creator and his divine guidance for humanity (see qs. 2:170; 43:22-24; 7:28-29). both the mission and morality of humankind in social and spiritual implied by tawhid. it is becoming a cornerstone of economic activities for consumers, traders, manufacturers and moreover the government, which could be a solution to all the economic problems that occurred today. the goal is to uphold economic justice contained in the system for achieving the wellbeing-oriented. choudhury claims that the foundation epistemological paradigms between islamic economics and western secular paradigms, is significantly different. choudhury suggests that paradigm of islamic economics should be required different from its “methods” and “methodology” in terms of blending and analyzing reality data about. moreover, he asserts that “the prevailing islamic socio-scientists” are distance from “any substantive reference to the qur’anic worldview, it’s epistemology of oneness of the divine laws (tawhid), the causal understanding of unification of knowledge in world-systems by the epistemological methodology embedded in ontology and ontic learning domains.” (choudhury, 2007). the islamic economics current efforts strongly criticized by choudhury (2007) regard the lacking of epistemological foundation and requiring data. he argues that a number of islamic economics literatures have become trapped in the secular western epistemology of neoclassical framework (aydin, 2013). as mentioned by chapra (1995) that universal faith of islam is rational, simple and easy to understand. he also mentioned that islam is based on the three pillar principles which are: tawhid (unity), khilafah (vicegerency), and ‘adlh (justice). the framework of islamic worldview lay down on these principles, these principles also the source of the maqasid and the strategy of islamic system. the tawhid foundation of the islamic faith is the concept whereby the world view and strategy as a whole. chapra (1995) briefly stated that every logical minded emanates from tawhid. chapra’s view about this tawhid concept means that the universe has been consciously designed and created by the supreme being, who is one and unique, and did not come into existence by chance or accident (see qs. 3:191; 38: 27; 118 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 23: 15). every creation by him has a purpose. it is not god created everything in this universe without purpose and benefits. it is the goodness for man who has given reason and mind to explore it. chapra (1995) also stated that this purpose gives the significance meaning to the existence of the universe, and man is a part. aydin (2013) from nursi has demonstrated the tawhidi paradigm defined on five pillars: tawhid (oneness of god), nubuwwah (prophet hood), hereafter (akhirah), adaalah (justice) and obedience to god (ibadah). he mentioned that the last one is not only about the praying, but also the whole life according to the divine guidance. the human beings would helped by this concept regarding to control their badness and disclose their goodness towards to fulfilling their missions as khalifah and to reach to the highest rewards from him (al-falah) (aydin, 2013). bringing tawhid back into economic theory however, there are very few studies which have tried to integrate either religion and economy or tawhid and economy. among the muslim scholar, choudhury has studied and discussed it since 1999 until now, he has produced further the interlinked between tawhid, epistemology and its ontological by his tawhidic string relationship (tsr) methodology within another economics fields as interesting and applying findings. this method logically explained the establishment of relationship the premise of the tawhidi epistemology and its ontological worldsystem constructions. choudhry, et.al. (2009) declared that “the human discursions involving the qur’an and the sunnah are taken up in the midst of pervasive interactions that comprise the institution of the shura”. they emphasized “the shura as a universally interactive and hence consultative order generates a process. this process leads from interaction to social consensus (or majority agreement) called ijma”. this process then lead to the process of interaction and consensus as the interactive and integrative phase of the shuratic process (choudhry, et.al, 2009). choudhury claim that “there are endogenous and knowledge-induced within the tasbih-shuratic or as shuratic process, then he call the interactive, integrative-evolutionary (iie) phase of the shuratic process”. the holy qur’an in the tsr method as the origin pervasive and universally systemic understanding of the shuratic process. by taking the views from choudhry, et.al (2009), they affirm that “the principle of pervasive complementarities explains how pervasive inter-linkages are formed between knowledge and their induced entities and variables, and how the interlinkages continue to reinforce the process of unification of knowledge”. according to them the essential of this method comprise “the pairing between the good things as the nature of knowledge unity sharing and the bad things (falsehood) leads to internal dissensions, conflict and competition and thereby leads to un-sustainability of such a system” (choudhry, et.al, 2009). 119 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 nurul hilmiyah: tawhidic based economic system in order to bringing tawhid back into the economic system, then we try to use the ‘constructive approach’ by integrating three components, islamic epistemological view of the nature, interpreting the economic assumption from islamic source, the economic model with the empirical approach of sociological muslim community interaction, bottom-up and top-down. the integration of these three components should be made by the reinterpretation of islamic economics based on tawhid as normative foundations of islam. the blue print design of islamic economic which still influenced by positivistic approach can’t be rejected or deleted immediately that “positivistic” design is needs to be used and still be one of the completing the footholds. but not quite up there, through constructive approach and repositioning tawhid then we may develop a new design of economic system based on tawhid, as illustrated by figure 1. tawhid socialism economic model islamic economic model capitalism economic model social interaction muslim communiety figure 1: tawhid as the fundamental of the economic system we might also bringing tawhid back as referred to choudhury (1997) which has laid down tawhid as the unicity precept and unifying epistemology and embedded in the universally interactive-integrative process embracing behavior and institutions. this mechanism termed by choudhury (1997) as shuratic process. according to him, the shuratic process alternatively referred to the circular causation and continuity model of unified reality. it is said that the process is the interaction and integration of the behavior and institutions, and the methodology is based on consensus attained through shura or in simpler words, the epistemological underpinning of islamic economy is tawhid. the tawhidical economic system or called by choudhury (1992) as islamic political economy, shown as below: 120 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 figure 2: tawhidical economic system, by choudhury (1990) table 1. tawhid and economic system term islamic economic secular economic purpose pursuing spiritual purpose; obedience to the rule of god as the highest form of servitude pursuing material main principle cooperation and the spirit of brotherhood individualism main focus the wellbeing of all mankind personal profit maximization rationality of truth or reality combining the both aspects of spiritual and material focusing on the material aspect, separating the spiritual and material aspects main source of knowledge revelation of god, al-qur’an and sunnah human thought way of thinking based on the belief in god based on the laws of nature are deterministic behaviour islamic man economic man approach maslahah and logical fact logical fact 121 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 nurul hilmiyah: tawhidic based economic system if simplified, the effect of bringing tawhid back into economy system and behaviour theoretically can be in table 1. at this end, a new paradigm of tawhidic based economic theory should include the following emphases: (i) it must have a comprehensive social economy paradigm focus for relevant inquiry. (ii) engaging normative and value-based description to clarify community based policies implicated in all economic behaviour and cooperation. (iii) must consciously seeking anticipation and examination all possible relevant future scenarios to enhance the rationality of this function of theory guided by the tawhidic bases. (iv) compatible with the basic fundamental values that represent the common interest of the community as a whole. conclusion in term of values and goals, the one key point of the differences between islamic economic systems with other economic systems in their philosophy, is economic values always attributed to the al-quran and hadith that form of universal principles . while other economic systems focusing on the law and causality of the eco n omic activities, islam further discuss values and ethics contained in each their economic activities. these values always underlies in every islamic economic act i vities. discussion of values and ethics are l ooking to the future long term economic vision. this in turn, will create equilibration, economic justice, harmony of the human race, and minimize economic problems. therefore the messages contained in the quran and sunnah, should be interpreted into a systematic form of t e aching that will be easier to understand, int e rnalize, and practiced by anyone. thus the islamic teachings no longer just a moral message but became a system or a way of life and rule of the game that followed. that’s how religion will actually bring real impact on improving human wellbeing, not only physical side but also spiritual side. currently, the economy is understood as a discipline related to the science itself, does not hav e relations with the human needs in large, e.g. intellectual, emotional and spirit u al. therefore, incorporate elements of tawhid in modern economic system beco m e a necessity. the combination is expected to produce tawhid inherent in economics science. by entering the spiritual element (tawhid), then the economics w i ll produce a new paradigm without losing their nature, as disciplines with “sc a rcity resources meet unlimited want” issues. finally, in the perspective of tawhid, the modern economy which puts “profit maximizing” cannot be accepted one hundred percent only by presenting spiritual and social aspects in all economic activities. 122 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.3481 acknowledgement this research is supported by the exploratory research grant scheme (ergs), grant no: ergs/1/2013/ss07/ukm/02/3, national university of malaysia. references aydin, n. 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(2014). change the world by changing economics. cadmus journal. vol. 2 (2): 35-51. revallion, martin, ‚the debate on globalization, poverty, and inequality: why measurement matters‛, the world bank development research group, poverty team, 2003. robertson, raymond, and friends, globalization, wages, and the quality of jobs (five countries studies), washington dc: the world bank, 2009. rodrik, dani, has globaliation gone too far, washington dc: institute for international economics, 1997. scholte, jan art, globalization a critical introduction, new york: st. martin’s press, inc, 2000. shah, anup, ‚causes of poverty‛, http://www.globalissues.org/issue/2/causes-ofpoverty, accesed on september 10, 2012. soesatro, hadi, ‚globalization: challenges for indonesia‛, economic refrorm today (director of the centre for strategis and international studies (csis), and a member of the national economic council in indonesia) http://www.cipe.org/sites/default/filespublication-docse35_10/pdf/30082012 accesed on august 30, 2012. tanjung, hendri and zaman, asad, ‚between free trade and protectionism‛, published in the jakarta post, 3rd may 2010, http://thejakartapost.com/ news/2010/05/03/between-free-trade-and-protectionism.html taylor, jean gelman, global indonesia, usa: routledge, 2012. the jakarta post, economic outlook 2013, december 2012 edition. konsep, teori, dan praktik obligasi syariah muhammad fadlillah f * abstract: concept, theory, and practice of sharia bond. one of the growing sharia finance instruments is sharia bond, sharia bonds are securities or certificate that contains the contract between funders (investors) with a given fund (the issuer), sharia bond is supported by the sharia securities act (sbsn) on 9 april 2008, so it can grow a new optimism for national islamic banking and finance industry. sbsn act paved the way for the issuance of shria goverment and private bonds, in practice of islamic bonds may use multiple inclusion models in the form of mudhârabah, ijârah, and musyârakah. keywords: sharia bond, mudhârabah, ijârah, musyârakah abstrak: konsep, teori, dan praktik obligasi syariah. salah satu instrumen pembiayaan syariah yang sedang berkembang adalah obligasi syariah, yaitu surat berharga atau sertifikat yang berisi kontrak antara pemberi dana (pemodal) dengan yang diberi dana (emiten), perkembangan ini didukung oleh adanya uu surat berharga syariah negara (sbsn) pada 9 april 2008, sehingga dapat menumbuhkan optimisme baru bagi industri perbankan dan keuangan syariah nasional. uu sbsn membuka jalan bagi terbitnya obligasi syariah pemerintah dan swasta, dalam praktiknya obligasi syariah dapat menggunakan beberapa model penyertaan dalam bentuk mudhârabah, ijârah, dan musyârakah. kata kunci: obligasi syariah, mudhârabah, ijârah, musyârakah naskah diterima: 18 januari 2013, direvisi: 19 maret 2013, disetujui: 28 maret 2013. * fakultas ekonomi, universitas negeri tula, federasi rusia. e-mail: lintasdata@yahoo.co.id muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah312 al-iqtishad: vol. v, no. 2, juli 2013 313                                      sesungguhnya tuhanmu mengetahui bahwasanya kamu berdiri (sembahyang) kurang dari dua pertiga malam, atau seperdua malam atau sepertiganya dan (demikian pula) segolongan dari orang-orang yang bersama kamu. dan allah menetapkan ukuran malam dan siang. allah mengetahui bahwa kamu sekali-kali tidak dapat menentukan batas-batas waktu-waktu itu, maka dia memberi keringanan kepadamu, karena itu bacalah apa yang mudah (bagimu) dari alquran. dia mengetahui bahwa akan ada di antara kamu orang-orang yang sakit dan orang-orang yang berjalan di muka bumi mencari sebagian karunia allah. dan orang-orang yang lain lagi berperang di jalan allah, maka bacalah apa yang mudah (bagimu) dari alquran dan dirikanlah sembahyang, tunaikanlah zakat, dan berikanlah pinjaman kepada allah pinjaman yang baik. dan kebaikan apa saja yang kamu perbuat untuk dirimu niscaya kamu memperoleh (balasan)nya di sisi allah sebagai balasan yang paling baik dan yang paling besar pahalanya. dan mohonlah ampunan kepada allah. sesungguhnya allah maha pengampun lagi maha penyayang. (q.s. a-muzzammil [73]: 20) muqâradah juga masdar dari kata qâradha-yuqâridu-muqâradah (قارض -dengan menambahkan alif diantara fa fi’il dan ‘ain fi’il seperti hal (مقارضة يقارض nya mudhârabah atau sering juga dipakai dengan sebutan qirâdh dengan mengkasrah-kan fa fi’il-nya yang bermakna al-qath’u yang berarti memotong atau memisahkan.2 karena pemilik harta memang memotong sebagian hartanya un-tuk diberikan kepada orang yang bekerja agar ia usahakan dan memberikan sebagian keuntungannnya. dari segi ilmu sharaf, mudhârabah atau muqâradah merupakan fi‘il tsulâtsi mazîd satu huruf bab mufâ‘alah, yang biasanya menunjukkan suatu pekerjaan yang saling dilakukan antara dua orang. ini berarti bahwa mudhârabah atau muqâradah tidak bisa dilakukan seorang diri dalam arti kata, shâhib al-mâl tanpa ada mudhârib tidak berarti, hanya menyebabkan hartanya menganggur, tidak produktif, begitu juga sebaliknya mudhârib tanpa ada shâhib al-mâl tidak ada nilainya. adanya kerjasama antara keduanya akan mendatangkan suatu keuntungan kepada kedua belah pihak. itulah bagusnya islam memberikan keuntung 2 abû luis ma’luf, al-munjid fi al-lughah wa ‘a’lam, (bayrût: masyriq, 1986), h. 620. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah314 an kepada kedua belah pihak.3 secara terminologi, banyak ahli fikih yang memberikan definisi di antaranya: pertama, menurut ulama hanâbilah: memberikan harta untuk perdagangan kepada orang lain dan keuntungan (dibagi) pada keduanya. kedua, menurut ulama mâlikiyyah: pemodal memberikan uang dalam jumlah tertentu dan diketahui kepada pedagang dengan (memberikan) bagian dari keuntungan (yang diperoleh). ketiga, menurut ulama hanâfiyyah: akad kerja sama untuk mencari keuntungan di mana modal dari pemiliknya dan kerja dari pihak pengusaha. keempat, menurut ulama syâfi‘iyyah: 3 gusniarti, obligasi syariah mudharabah: upaya memahami obligasi syariah mudhârabah dalam hukum islam, tesis, (jakarta: uin jakarta, 2004), h. 125-135. 4 ibn qudâmah, al-mughnî, (al-qâhirah: dâr al-manâr, 1367 h), jilid v, h. 124. 5 al-khatib al-syaybanî, mughni al-mukhtâj, (bayrût: dâr al-fikr, 1994), jilid ii, h. 209. 6 hasyiyah ibn ‘âbidîn, radd al-mukhtâr, (bayrût: dâr al-fikr, t.th.), jilid v, h. 645. al-iqtishad: vol. v, no. 2, juli 2013 315 an kepada kedua belah pihak.3 secara terminologi, banyak ahli fikih yang memberikan definisi di antaranya: pertama, menurut ulama hanâbilah: memberikan harta untuk perdagangan kepada orang lain dan keuntungan (dibagi) pada keduanya. kedua, menurut ulama mâlikiyyah: pemodal memberikan uang dalam jumlah tertentu dan diketahui kepada pedagang dengan (memberikan) bagian dari keuntungan (yang diperoleh). ketiga, menurut ulama hanâfiyyah: akad kerja sama untuk mencari keuntungan di mana modal dari pemiliknya dan kerja dari pihak pengusaha. keempat, menurut ulama syâfi‘iyyah: 3 gusniarti, obligasi syariah mudharabah: upaya memahami obligasi syariah mudhârabah dalam hukum islam, tesis, (jakarta: uin jakarta, 2004), h. 125-135. 4 ibn qudâmah, al-mughnî, (al-qâhirah: dâr al-manâr, 1367 h), jilid v, h. 124. 5 al-khatib al-syaybanî, mughni al-mukhtâj, (bayrût: dâr al-fikr, 1994), jilid ii, h. 209. 6 hasyiyah ibn ‘âbidîn, radd al-mukhtâr, (bayrût: dâr al-fikr, t.th.), jilid v, h. 645. akad yang menghendaki seseorang memberikan harta kepada orang lain untuk diperdagangkan dan keduanya mendapat bagian keuntungan yang disepakati bersama. kelima, menurut wahbah al-zuhaylî dalam kitabnya, al-fiqh al-islâmî wa adillatuh, memberikan definisi: pemilik harta memberikan harta kepada orang yang bekerja untuk menjalan suatu usaha dan keuntungan dibagi menurut kesepakatan di antara mereka berdua. dari pelbagai definisi di atas secara umum tampak tidak ada perbedaan pendapat. mereka sama-sama mengatakan bahwa di dalam mudhârabah ada dua pihak, yang satu pemodal dan yang lainnya adalah orang yang mempunyai skill untuk mengelola modal yang sudah diberikan dan keuntungannya nanti dibagi sesuai kesepakatan. jika kita amati lebih rinci, masing-masing definisi mempunyai kriteria tersendiri. ulama hanâfiyah, hanâbilah, syâfi’iyah, dan wahbah al-zuhaylî secara umum menyatakan bahwa modal yang diberikan kepada pekerja berupa mâl (harta), maknanya lebih umum. berbeda dengan ulama mâlikiyyah yang memberi-kan spesifikasi modal berupa nuqud (uang) saja. mâl (مال) menurut pengertian ulama hanafiyah adalah: 7 ‘abd al-rahmân al-juzayrî, kitâb al-fiqh ‘alâ al-madzâhib al-arba‘ah, (bayrût: dâr al-kutub al‘ilmiyah, 1990), juz iii, h. 42. 8 wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, (bayrût: dâr al-fikr, 1989), cet. iii, juz v, h. 3924. 9 ibn ‘âbidîn, radd al-mukhtâr ‘ala al-durr al-mukhtâr, (bayrût: dâr al-fikr, t.th.), jilid iii, h. 3. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah316 segala yang diminati manusia dan dapat dihadirkan ketika diperlu-kan, dan segala sesuatu yang dapat dimiliki, disimpan dan dapat di-manfaatkan. dari definisi di atas tersirat makna bahwa mamfaat bukanlah termasuk harta. yang termasuk harta hanya yang berbetuk materi. ini berbeda dengan pendapat jumhur yang mengatakan bahwa mâl tidak saja berbentuk benda tapi juga manfaat dari suatu benda. dari pemahaman ulama hanafiyah tentang harta, dapatlah diketahui bahwa modal yang diberikan oleh shâhib al-mâl kepada mudhârib hanyalah yang berbentuk materi, sedangkan mamfaat seperti penyewaan tidak dapat diberikan. sedangkan ulama mâlikiyyah membatasi mâl dengan uang saja. begitu juga dengan kerja yang dimaksud untuk memproduktifkan modal, semua ulama selain ulama hanafiyah membatasi dalam bidang perdagangan saja. mungkin ini disebabkan pada zaman dahulu usaha mudhârabah yang masih se-derhana banyak dilakukan dalam bidang perdagangan. seperti yang dikatakan oleh muhammad ‘abd al-mu’in abû zayd bahwa mudhârabah yang tradisional hanya tertentu dalam bidang perdagangan saja, tapi karena perekonomian semakin maju, maka mudhârabah juga dilaksanakan di bidang lain seperti pertanian, industri, dan pelayanan jasa.10 ini sesuai dengan definisi ulama hana-fiyah yang tidak membatasi kegiatan mudhârabah dalam bidang perdagangan saja tapi dalam bidang usaha apa yang kira-kira menguntungkan. karena kegiat-an mudhârabah adalah salah satu kegiatan mu’amalah yang selalu akan berkembang mengikuti perkembangan zaman. karena itu konsepnya bisa diaktualisasikan dalam bentuk apa saja yang berguna dan bermamfaat sesuai dengan perkembangan sosio-ekonomi setempat. dari definisi di atas dapat kita lihat bahwa ada empat unsur yang sangat penting dalam mudhârabah, yaitu: (1) mudhârabah dilakukan oleh dua pihak; (2) modal dari pihak shâhib al-mâl dan kerja dari pihak mudhârib; (3) objek mudhârabah adalah investasi harta; (4) tujuan mudhârabah adalah perwujudan keuntungan yang dibagi sesuai dengan kesepakatan kedua belah pihak. shâhib al-mâl memberikan modalnya kepada mudhârib. sebagai imbalannya ia akan mendapatkan bagian tertentu dari keuntungan yang diperoleh tetapi jika mengalami kerugian, beban seluruhnya ditanggung oleh shâhib al-mâl. memang konsekwensi logis dari suatu usaha adalah kemungkinan terjadinya kerugian. kerugian sebagai risiko usaha ditanggung oleh pemodal kecuali kerugian karena kecerobohan pekerja maka pekerja harus menanggungnya. 10muhammad ‘abd al-mun’in, al-mudhârabah wa tathbiqâtihâ al-’amaliyyah fi al-mashârif alislâmiyah, (al-qâhirah: al-ma’had al-‘aimi li al-fikr al-islâmî, 1996), cet. i, h. 44. al-iqtishad: vol. v, no. 2, juli 2013 317 segala yang diminati manusia dan dapat dihadirkan ketika diperlu-kan, dan segala sesuatu yang dapat dimiliki, disimpan dan dapat di-manfaatkan. dari definisi di atas tersirat makna bahwa mamfaat bukanlah termasuk harta. yang termasuk harta hanya yang berbetuk materi. ini berbeda dengan pendapat jumhur yang mengatakan bahwa mâl tidak saja berbentuk benda tapi juga manfaat dari suatu benda. dari pemahaman ulama hanafiyah tentang harta, dapatlah diketahui bahwa modal yang diberikan oleh shâhib al-mâl kepada mudhârib hanyalah yang berbentuk materi, sedangkan mamfaat seperti penyewaan tidak dapat diberikan. sedangkan ulama mâlikiyyah membatasi mâl dengan uang saja. begitu juga dengan kerja yang dimaksud untuk memproduktifkan modal, semua ulama selain ulama hanafiyah membatasi dalam bidang perdagangan saja. mungkin ini disebabkan pada zaman dahulu usaha mudhârabah yang masih se-derhana banyak dilakukan dalam bidang perdagangan. seperti yang dikatakan oleh muhammad ‘abd al-mu’in abû zayd bahwa mudhârabah yang tradisional hanya tertentu dalam bidang perdagangan saja, tapi karena perekonomian semakin maju, maka mudhârabah juga dilaksanakan di bidang lain seperti pertanian, industri, dan pelayanan jasa.10 ini sesuai dengan definisi ulama hana-fiyah yang tidak membatasi kegiatan mudhârabah dalam bidang perdagangan saja tapi dalam bidang usaha apa yang kira-kira menguntungkan. karena kegiat-an mudhârabah adalah salah satu kegiatan mu’amalah yang selalu akan berkembang mengikuti perkembangan zaman. karena itu konsepnya bisa diaktualisasikan dalam bentuk apa saja yang berguna dan bermamfaat sesuai dengan perkembangan sosio-ekonomi setempat. dari definisi di atas dapat kita lihat bahwa ada empat unsur yang sangat penting dalam mudhârabah, yaitu: (1) mudhârabah dilakukan oleh dua pihak; (2) modal dari pihak shâhib al-mâl dan kerja dari pihak mudhârib; (3) objek mudhârabah adalah investasi harta; (4) tujuan mudhârabah adalah perwujudan keuntungan yang dibagi sesuai dengan kesepakatan kedua belah pihak. shâhib al-mâl memberikan modalnya kepada mudhârib. sebagai imbalannya ia akan mendapatkan bagian tertentu dari keuntungan yang diperoleh tetapi jika mengalami kerugian, beban seluruhnya ditanggung oleh shâhib al-mâl. memang konsekwensi logis dari suatu usaha adalah kemungkinan terjadinya kerugian. kerugian sebagai risiko usaha ditanggung oleh pemodal kecuali kerugian karena kecerobohan pekerja maka pekerja harus menanggungnya. 10muhammad ‘abd al-mun’in, al-mudhârabah wa tathbiqâtihâ al-’amaliyyah fi al-mashârif alislâmiyah, (al-qâhirah: al-ma’had al-‘aimi li al-fikr al-islâmî, 1996), cet. i, h. 44. jadi dapat disimpulkan bahwa mudhârabah itu adalah suatu akad kerja sama dalam bidang usaha apa saja yang bisa mendatang keuntungan (sesuai dengan ketentuan syariah) karena tujuannya memang untuk mencari keuntungan seperti perdagangan, perindustrian, jasa dan lain lain sesuai dengan perkembangannya, antara dua pihak dimana pihak pertama adalah orang yang mempunyai modal (shâhib al-mâl) dan pihak kedua adalah orang yang mempunyai skill (mudhârib). keuntungan usaha dibagi menurut kesepakatan dan kerugian ditanggung oleh pemodal selama kerugian bukan disebabkan kelalaian si mudhârib. shahibul mâl rugi modal dan mudhârib juga tidak menerima jasa apa-apa atas apa yang telah dilakukannya, ia hanya rugi waktu dan tenaga yang telah digunakan. tapi jika kerugian disebabkan karena kelalaian dan kecerobohan si mudhârib, maka ia harus menggantinya. memungkinkan juga kedua pihak mempunyai modal, dari pada melakukan usaha sendiri, akan lebih efektif dan menguntungkan jika mereka bekerja sama. bisa juga satu pihak yang punya modal tidak tidak mampu, tidak ber-pengalaman atau tidak sempat mengelolanya. maka pihak kedua yang juga punya modal dengan pengalaman dan keahliannya mengelola kedua modal tersebut. ini akan membuka pintu untuk bekerja sama dengan pihak ketiga.11 bentuk seperti ini bermanfaat dan tidak ada halangannya dalam syariah. jika mudhârib dalam perjanjian mudhârabah ini ada beberapa orang, menurut imam mâlik, maka keuntungan akan dibagi-bagi untuk mereka sesuai dengan kerja masing-masing. hal seperti ini sama dengan syirkah abdan.12 ada ulama yang mengatakan bahwa mudhârabah adalah bagian dari syirkah dan ada pula yang membedakannya. imam mâlik dan imam ahmad ibn hanbal melihat mudhârabah adalah suatu yang berbeda dengan syirkah. sedangkan imam abû hanîfah mengesahkan beberapa bentuk mudhârabah yang sama dengan syirkah.13 wahbah al-zuhaylî, ibn rusyd, taqiy al-dîn al-nabhanî dan lainlain menganggap mudhârabah adalah salah satu jenis syirkah. hikmah yang dapat dipetik dari akad mudhârabah ini adalah adanya unsur tolong-menolong antara pemilik modal (shâhib al-mâl) dengan pengelola usaha (mudhârib) karena saling memberikan keringanan sehingga terciptalah ukhuwwah islâmiyyah di antara manusia. terkadang ada orang mempunyai capital tapi 11 nejatullah m. siddiq, partnership and profit sharing in islamic law, terj. fakhriyah mumtihani, kemitraan usaha dan bagi hasil dalam hukum islam, (yogyakarta: dana bhakti prima yasa, 1996), h. 7. 12 wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3930. 13 nejatullah m. siddiq, partnership and profit sharing in islamic law, terj. fakhriyah mumtihani, kemitraan usaha dan bagi hasil dalam hukum islam, (yogyakarta: dana bhakti prima yasa, 1996), h. 8. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah318 tidak mempunyai skill untuk memproduktifkannya, sebaliknya ada yang punya skill tapi tidak punya capital. pemilik modal kadang kala membutuhkan tenaga ahli dalam mengelola modalnya karena dia sendiri tidak mampu mengelolanya atau tidak punya waktu untuk mengelolanya. sebaliknya pengelola yang mempunyai keahlian dalam bidang usaha juga tidak punya modal. kedua belah pihak bisa saling membantu dengan melengkapi kekurangan masing-masing. maka dari itulah diperbolehkannya akad mudhârabah. ada beberapa dalil yang menggambarkan kebolehan atau bahkan dianjurkan akad mudhârabah ini, yakni: q.s. al-muzzammil [62]: 20, q.s. al-jumu‘ah [73]: 10, dan q.s. al-baqarah [2]: 198. berikut ini hadis mengenai mudhârabah, yakni hadis riwayat ibn mâjah dari shâlih ibn shuhayb r.a.: dari shâlih ibn shuhayb bahwa rasulullah saw. bersabda, ‚tiga hal yang di dalamnya terdapat keberkatan: jual beli secara tangguh, memberi modal, dan mencampur tepung dengan gandum untuk keperluan rumah tangga bukan untuk dijual. (h.r. ibn mâjah) beberapa dalil di atas menunjukkan bahwa praktik mudhârabah sudah berlangsung sejak awal islam bahkan sebelum islam datang (masa jahiliyyah), karena sebelum rasulullah saw. diangkat menjadi rasul, beliau sendiri pernah pergi ke syiria untuk berdagang membawa barang dangan milik khadijah dengan cara mudhârabah ini. modal berasal dari khadijah sebagai shâhib al-mâl dan rasulullah saw. yang menjalankan usahanya sebagai mudhârib. selain itu, bentuk-bentuk usaha perdagangan seperti ini sudah berlangsung lama. karena ini memberi manfaat kepada kedua belah pihak maka islam melegitimasinya. shâhib al-mâl dapat memperoleh mamfaat dengan tenaga yang dimiliki oleh mudhârib dan mudhârib juga dapat memperoleh mamfaat dengan harta yang diberikan oleh shâhib al-mâl. sehingga dengan demikian terciptalah kerja sama antara dua orang yang membutuhkan capital dan skill. pada masa ‘umar ibn al-khaththâb, praktik mudhârabah pun cukup ma 14 muhammad nashîr al-dîn al-bânî, dha‘îf sunan ibn mâjah: li al-imâm al-hâfizh abî ‘abd allâh muhammad ibn yazîd al-qazwayni, (riyâdh: maktabah al-ma‘ârif, 1997), h. 178. al-iqtishad: vol. v, no. 2, juli 2013 319 tidak mempunyai skill untuk memproduktifkannya, sebaliknya ada yang punya skill tapi tidak punya capital. pemilik modal kadang kala membutuhkan tenaga ahli dalam mengelola modalnya karena dia sendiri tidak mampu mengelolanya atau tidak punya waktu untuk mengelolanya. sebaliknya pengelola yang mempunyai keahlian dalam bidang usaha juga tidak punya modal. kedua belah pihak bisa saling membantu dengan melengkapi kekurangan masing-masing. maka dari itulah diperbolehkannya akad mudhârabah. ada beberapa dalil yang menggambarkan kebolehan atau bahkan dianjurkan akad mudhârabah ini, yakni: q.s. al-muzzammil [62]: 20, q.s. al-jumu‘ah [73]: 10, dan q.s. al-baqarah [2]: 198. berikut ini hadis mengenai mudhârabah, yakni hadis riwayat ibn mâjah dari shâlih ibn shuhayb r.a.: dari shâlih ibn shuhayb bahwa rasulullah saw. bersabda, ‚tiga hal yang di dalamnya terdapat keberkatan: jual beli secara tangguh, memberi modal, dan mencampur tepung dengan gandum untuk keperluan rumah tangga bukan untuk dijual. (h.r. ibn mâjah) beberapa dalil di atas menunjukkan bahwa praktik mudhârabah sudah berlangsung sejak awal islam bahkan sebelum islam datang (masa jahiliyyah), karena sebelum rasulullah saw. diangkat menjadi rasul, beliau sendiri pernah pergi ke syiria untuk berdagang membawa barang dangan milik khadijah dengan cara mudhârabah ini. modal berasal dari khadijah sebagai shâhib al-mâl dan rasulullah saw. yang menjalankan usahanya sebagai mudhârib. selain itu, bentuk-bentuk usaha perdagangan seperti ini sudah berlangsung lama. karena ini memberi manfaat kepada kedua belah pihak maka islam melegitimasinya. shâhib al-mâl dapat memperoleh mamfaat dengan tenaga yang dimiliki oleh mudhârib dan mudhârib juga dapat memperoleh mamfaat dengan harta yang diberikan oleh shâhib al-mâl. sehingga dengan demikian terciptalah kerja sama antara dua orang yang membutuhkan capital dan skill. pada masa ‘umar ibn al-khaththâb, praktik mudhârabah pun cukup ma 14 muhammad nashîr al-dîn al-bânî, dha‘îf sunan ibn mâjah: li al-imâm al-hâfizh abî ‘abd allâh muhammad ibn yazîd al-qazwayni, (riyâdh: maktabah al-ma‘ârif, 1997), h. 178. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah320 an). (3) shîghah (ijab dan kabul)18. pendapat imam syâfi‘î sama dengan pendapat jumhur di atas, tapi dia merincinya menjadi lima persyaratan yaitu: harta, kerja, keuntungan, shigah, dua orang yang melakukan akad.19 rukun-rukun selain ijab dan kabul menurut jumhur, dimasukkan oleh ulama hanafiyah ke dalam syarat-syarat akad mudhârabah. jadi sebenarnya tidak ada perbedaan di antara mereka. adapun syarat-syarat akad mudhârabah menurut jumhur ulama sesuai dengan rukun-rukun di atas adalah:20 pertama, terkait dengan dua orang yang berakad. dua orang yang melakukan akad haruslah: (a) orang yang cakap untuk mewakilkan; (b) orang yang cakap menjadi wakil. pada satu sisi mudhârib yang mengelola modal adalah wakil dari shâhib al-mâl karena ia mengurus harta atas keizinan dan perintah dari pemilik harta sehingga syarat-syarat sebagai wakil juga berlaku bagi mudhârib dalam akad mudhârabah ini. kedua orang yang berakad tidak disyaratkan beragama islam, maka boleh saja melakukan kerja sama dengan kafir dzimmî. namun menurut mâlikî hukumnya makruh.21 kedua, terkait dengan modal. ada empat syarat yang terkait dengan modal ini yaitu: pertama, berbentuk uang. sepakat ulama tentang kebolehan modal berbentuk dinar atau dirham atau uang yang biasanya digunakan sehari-hari. tapi ulama berbeda pendapat jika yang dijadikan modal adalah barang dagangan. ulama yang tidak membolehkan modal berupa barang dagangan baik aqar maupun manqûl dengan alasan bahwa barang perniagaan akan menimbulkan gharar (ketidakjelasan) sehingga modal dan keuntungan menjadi tidak jelas. nilai dari barang juga hanya diketahui dengan perkiraan. perkiraan dan sangkaan bisa menimbulkan perbedaan. perbedaan bisa menimbulkan pertikaian dan pertikaian akan menyebabkan mudhârabah menjadi fâsid. sedangkan hanafi dan hanbali memboleh untuk barang perdagangan manqul yang mitsl (banyak di pasaran) asalkan yang dijadikan sandaran bukan barangnya tapi harga dari barang tersebut karena harga memang dapat dijadikan sebagai modal dalam mudhârabah. abî layla dan al-awza’i membolehkan barang perniagaan berdasarkan nilai barang tersebut. sedangkan imam mâlik dan imam syâfi‘i tidak membolehkannya.22 18wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3928. 19wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 39273928. 20ibn rusyd, bidayah al-mujtahid wa nihayah al muqtashid, ( bayrût: dâr al-fikr, t.th.) jilid ii, h. 234. 21wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3931-3932. 22ibn rusyd, bidâyah al-mujtahid, h. 178; ‘abd al-rahmân al-juzayrî, kitâb al-fiqh ‘alâ almadzâhib al-arba‘ah, h. 36. al-iqtishad: vol. v, no. 2, juli 2013 321 an). (3) shîghah (ijab dan kabul)18. pendapat imam syâfi‘î sama dengan pendapat jumhur di atas, tapi dia merincinya menjadi lima persyaratan yaitu: harta, kerja, keuntungan, shigah, dua orang yang melakukan akad.19 rukun-rukun selain ijab dan kabul menurut jumhur, dimasukkan oleh ulama hanafiyah ke dalam syarat-syarat akad mudhârabah. jadi sebenarnya tidak ada perbedaan di antara mereka. adapun syarat-syarat akad mudhârabah menurut jumhur ulama sesuai dengan rukun-rukun di atas adalah:20 pertama, terkait dengan dua orang yang berakad. dua orang yang melakukan akad haruslah: (a) orang yang cakap untuk mewakilkan; (b) orang yang cakap menjadi wakil. pada satu sisi mudhârib yang mengelola modal adalah wakil dari shâhib al-mâl karena ia mengurus harta atas keizinan dan perintah dari pemilik harta sehingga syarat-syarat sebagai wakil juga berlaku bagi mudhârib dalam akad mudhârabah ini. kedua orang yang berakad tidak disyaratkan beragama islam, maka boleh saja melakukan kerja sama dengan kafir dzimmî. namun menurut mâlikî hukumnya makruh.21 kedua, terkait dengan modal. ada empat syarat yang terkait dengan modal ini yaitu: pertama, berbentuk uang. sepakat ulama tentang kebolehan modal berbentuk dinar atau dirham atau uang yang biasanya digunakan sehari-hari. tapi ulama berbeda pendapat jika yang dijadikan modal adalah barang dagangan. ulama yang tidak membolehkan modal berupa barang dagangan baik aqar maupun manqûl dengan alasan bahwa barang perniagaan akan menimbulkan gharar (ketidakjelasan) sehingga modal dan keuntungan menjadi tidak jelas. nilai dari barang juga hanya diketahui dengan perkiraan. perkiraan dan sangkaan bisa menimbulkan perbedaan. perbedaan bisa menimbulkan pertikaian dan pertikaian akan menyebabkan mudhârabah menjadi fâsid. sedangkan hanafi dan hanbali memboleh untuk barang perdagangan manqul yang mitsl (banyak di pasaran) asalkan yang dijadikan sandaran bukan barangnya tapi harga dari barang tersebut karena harga memang dapat dijadikan sebagai modal dalam mudhârabah. abî layla dan al-awza’i membolehkan barang perniagaan berdasarkan nilai barang tersebut. sedangkan imam mâlik dan imam syâfi‘i tidak membolehkannya.22 18wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3928. 19wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 39273928. 20ibn rusyd, bidayah al-mujtahid wa nihayah al muqtashid, ( bayrût: dâr al-fikr, t.th.) jilid ii, h. 234. 21wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3931-3932. 22ibn rusyd, bidâyah al-mujtahid, h. 178; ‘abd al-rahmân al-juzayrî, kitâb al-fiqh ‘alâ almadzâhib al-arba‘ah, h. 36. kedua, jumlahnya jelas. supaya ada perbedaan antara modal yang diperdagangkan dengan keuntungan yang akan dibagikan maka modal harus jelas berapa jumlahnya. tidak jelasnya jumlah modal menyebabkan keuntungan juga tidak jelas dan akhirnya akad mudhârabah menjadi tidak sah. karena kejelasan keuntungan merupakan salah satu syarat dari akad mudhârabah.23 ketiga, tunai. akad mudhârabah tidak sah kalau modal masih dalam bentuk utang atau tidak ada ditempat yang akan menyebabkan akad mudhârabah menjadi fâsid. ini adalah ittifaq ulama. jika modal modal dalam bentuk utang dari mudhârib, maka mudhârib tetap berutang, keuntungan yang ia dapat menjadi miliknya dan kerugian ditanggung juga olehnya. begitu juga jika utang itu ada pada pihak lain, maka utang harus diserahkan dahulu orang yang memberikan utang (shâhib al-mâl) kemudian baru diserahkan kepada mudhârib menurut ulama mâlikiyyah, syâfi‘iyah dan hanabilah.24 keempat, diserahkan sepenuhnya kepada mudhârib. shâhib al-mâl harus melepaskan kekuasaannya terhadap modal yang diberikan kepada mudhârib. jika masih dalam kuasanya, bagaimana mudhârib akan mengelolanya karena geraknya akan terbatas. jika modal tersebut merupakan titipan (wadi’ah) shâhib almâl kepada mudhârib, maka boleh dijadikan sebagai modal mudhârabah. berbeda pendapat ulama jika modal itu tidak diserahkan seluruhnya oleh shâhib almâl, menurut ulama hanafiyah, mâlikiyyah dan syâfi‘iyah, akad mudhârabahnya tidak sah. akan tetapi menurut ulama hanabilah boleh saja asal tidak mengganggu kelancaran usaha tersebut.25 ketiga, terkait dengan keuntungan. keuntungan disyaratkan: pertama, pembagiannya jelas. keuntungan adalah tujuan akhir dari mudhârabah. ketidakjelasan keuntungan menyebabkan mudhârabah menjadi fâsid. ini menurut ulama hanafiyah, jika pembagian keuntungan tidak jelas maka mudhârabah menjadi fâsid yang berarti syarat batal. meskipun syarat batal, akad tetap sah. maka harus jelas berapa bagiannya misalnya 1/2, 1/3, atau 1/4 sesuai kesepakatan dari keuntungan. kedua, keuntungan diambil dari hasil usaha tersebut. bagian masing-masing diambil dari keuntungan dagang tersebut dalam arti kata keuntungan tidak boleh diambil dari selain proyek yang didanai oleh modal tadi. 26 secara umum, syarat-syarat yang tidak diperbolehkan semua fukaha adalah syarat-syarat yang dapat menyebabkan terjadinya gharar. tidak ada perbe 23 al-sayyid sâbiq, fiqh al-sunnah, h. 213. 24‘abd al-rahmân al-juzayrî, kitâb al-fiqh ‘alâ al-madzâhib al-arba‘ah, h. 36. 25wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3935. 26wahbah alzuhaylî, al-fiqh al-islâmî wa adillatuh, h. 3937 -3938. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah322 daan pendapat dikalangan ulama tentang ketidaksahannya jika salah satu pihak mensyaratkan penambahan keuntungan untuk dirinya dari apa yang sudah ditetapkan dalam perjanjian. karena hal ini menyebabkan apa yang sudah disepakati dalam qirâdh memjadi majhul (tidak diketahui).27 bila rukun dan syarat sudah terpenuhi, maka mudhârabah dipandang sah. sebaliknya, bila rukun dan syarat tidak terpenuhi maka mudhârabah dipandang tidak sah. bila salah satu syarat tidak terpenuhi, maka mudhârabah dipandang rusak (fâsid). dalam kondisi mudhârabah fâsid, menurut ibn rusyd, posisi mudhârib tidak sebagaimana layaknya mudhârib yang berhak atas keuntungan, tetapi beralih sebagai orang yang berhak menerima upah.28 ulama hanafiyah juga membagi bentuk mudhârabah kepada mudhârabah sahihah (mudhârabah yang sah) dan mudhârabah fâsidah (mudhârabah yang rusak) berdasarkan syarat-syarat di atas, jika yang terjadi mudhârabah fâsid, maka mudhârib hanya berhak mendapatkan upah kerja sesuai dengan upah yang berlaku di daerah itu, sedangkan seluruh keuntungan menjadi pemilik shâhib almâl. ini adalah pendapat ulama hanafiyah, syâfi’iyah dan hanâbilah tetapi menurut mâlikiyyah, status pekerja tetap sebagai mudhârib yang berhak mendapatkan keuntungan29 secara umum memang tidak ada perbedaan pendapat ulama, tapi mengenai perinciannya masih terjadi khilafiah di antara mereka, misalnya dalam hal orang yang bekerja mensyaratkan semua keuntungan untuk dirinya. imam mâlik membolehkannya, tetapi imam syâfi‘i tidak membolehkannya dan akad mudhârabah menjadi fâsid. sedangkan menurut abu hanifah dan hanbali, akad mudhârabah (qirâdh) berubah menjadi akad qardh (utang-piutang).30 karena qirâdh juga datang dari makna qardh. dalam kondisi di mana pemilik harta mensyaratkan kerugian ditanggung oleh orang yang bekerja (mudhârib). maka menurut imam mâlik dan imam syâfi‘i, tidak boleh dan menjadi mudhârabah yang fâsid karena menambah kesamaran dalam akad qirâdh hingga menjadi rusak. imam abû hanîfah dan pengikut-pengikutnya membolehkan tetapi syaratnya batal karena ini sama dengan syarat yang rusak dalam jual beli bahwa jual belinya sah tetapi syaratnya batal.31 27ibn rusyd, bidâyah al-mujtahid, h. 179. 28ibn rusyd, bidâyah al-mujtahid, h. 234. 29ibnu qudamah, al-mugnî, (al-qâhirah: dâr al-manâr, 1367 h), jilid v, h. 30. 30ibn rusyd, bidâyah al-mujtahid, h. 179. 31ibn rusyd, bidâyah al-mujtahid, h. 180. al-iqtishad: vol. v, no. 2, juli 2013 323 daan pendapat dikalangan ulama tentang ketidaksahannya jika salah satu pihak mensyaratkan penambahan keuntungan untuk dirinya dari apa yang sudah ditetapkan dalam perjanjian. karena hal ini menyebabkan apa yang sudah disepakati dalam qirâdh memjadi majhul (tidak diketahui).27 bila rukun dan syarat sudah terpenuhi, maka mudhârabah dipandang sah. sebaliknya, bila rukun dan syarat tidak terpenuhi maka mudhârabah dipandang tidak sah. bila salah satu syarat tidak terpenuhi, maka mudhârabah dipandang rusak (fâsid). dalam kondisi mudhârabah fâsid, menurut ibn rusyd, posisi mudhârib tidak sebagaimana layaknya mudhârib yang berhak atas keuntungan, tetapi beralih sebagai orang yang berhak menerima upah.28 ulama hanafiyah juga membagi bentuk mudhârabah kepada mudhârabah sahihah (mudhârabah yang sah) dan mudhârabah fâsidah (mudhârabah yang rusak) berdasarkan syarat-syarat di atas, jika yang terjadi mudhârabah fâsid, maka mudhârib hanya berhak mendapatkan upah kerja sesuai dengan upah yang berlaku di daerah itu, sedangkan seluruh keuntungan menjadi pemilik shâhib almâl. ini adalah pendapat ulama hanafiyah, syâfi’iyah dan hanâbilah tetapi menurut mâlikiyyah, status pekerja tetap sebagai mudhârib yang berhak mendapatkan keuntungan29 secara umum memang tidak ada perbedaan pendapat ulama, tapi mengenai perinciannya masih terjadi khilafiah di antara mereka, misalnya dalam hal orang yang bekerja mensyaratkan semua keuntungan untuk dirinya. imam mâlik membolehkannya, tetapi imam syâfi‘i tidak membolehkannya dan akad mudhârabah menjadi fâsid. sedangkan menurut abu hanifah dan hanbali, akad mudhârabah (qirâdh) berubah menjadi akad qardh (utang-piutang).30 karena qirâdh juga datang dari makna qardh. dalam kondisi di mana pemilik harta mensyaratkan kerugian ditanggung oleh orang yang bekerja (mudhârib). maka menurut imam mâlik dan imam syâfi‘i, tidak boleh dan menjadi mudhârabah yang fâsid karena menambah kesamaran dalam akad qirâdh hingga menjadi rusak. imam abû hanîfah dan pengikut-pengikutnya membolehkan tetapi syaratnya batal karena ini sama dengan syarat yang rusak dalam jual beli bahwa jual belinya sah tetapi syaratnya batal.31 27ibn rusyd, bidâyah al-mujtahid, h. 179. 28ibn rusyd, bidâyah al-mujtahid, h. 234. 29ibnu qudamah, al-mugnî, (al-qâhirah: dâr al-manâr, 1367 h), jilid v, h. 30. 30ibn rusyd, bidâyah al-mujtahid, h. 179. 31ibn rusyd, bidâyah al-mujtahid, h. 180. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah324 al-iqtishad: vol. v, no. 2, juli 2013 325 seorang insinyur bangunan, tukang tenun, tukang pewarna (celup), penjahit dan tukang binatu. terkadang manfaat itu berbentuk sebagai keria pribadi seseorang yang mencurahkan tenaga, seperti khadam (pembantu) dan para pekerja. pemilik yang menyewakan manfaat disebut mu’ajjir (orang yang menyewakan). pihak lain yang memberikan sewa disebut musta’jir (orang yang menyewa = penyewa). dan, sesuatu yang diakatakan untuk diambil manfaatnya disebut ma’jur (sewaan). sedangkan jasa yang diberikan sebagai imbalan manfaat disebut ajrah atau ujrah (upah). manakala akad sewa-menyewa telah berlangsung, penyewa sudah berhak mengambil manfaat. dan orang yang menyewakan berhak pula mengambil upah, karena akad ini adalah mu’âwadhah (penggantian). sewa-menyewa disyariatkan berdasarkan alquran, sunah, dan ijmak. allah berfirman pada surah al-zukhruf ayat 32:                                                                 apakah mereka yang membagi-bagi rahmat tuhanmu? kami telah menentukan antara mereka penghidupan mereka dalam kehidupan dunia, dan kami telah meninggikan sebagian mereka atas sebagian yang lain beberapa derajat, agar sebagian mereka dapat mempergunakan yang lain. dan rahmat tuhanmu lebih baik dari apa yang mereka kumpulkan‛. (q.s. al-zukhruf [43]: 32) firman allah surah al-baqarah ayat 233:                                                              para ibu hendaklah menyusukan anak-anaknya selama dua tahun penuh, yaitu bagi yang ingin menyempurnakan penyusuan. dan kewajiban ayah muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah326 memberi makan dan pakaian kepada para ibu dengan cara ma'ruf. seseorang tidak dibebani melainkan menurut kadar kesanggupannya. janganlah seorang ibu menderita kesengsaraan karena anaknya dan seorang ayah karena anaknya, dan warispun berkewajiban demikian. apabila keduanya ingin menyapih (sebelum dua tahun) dengan kerelaan keduanya dan permusyawaratan, maka tidak ada dosa atas keduanya. dan jika kamu ingin anakmu disusukan oleh orang lain, maka tidak ada dosa bagimu apabila kamu memberikan pembayaran menurut yang patut. bertakwalah kamu kepada allah dan ketahuilah bahwa allah maha melihat apa yang kamu kerjakan. (q.s. al-baqarah [2]: 233) al-bukhârî meriwayatkan, bahwa nabi saw. pernah menyewa seseorang dari bani al-dîl bernama ‘abd allâh ibn al-urayqith. orang ini petunjuk jalan yang profesional. juga diriwayatkan oleh ibn mâjah, bahwa nabi saw. bersabda: berikanlah olehmu upah orang sewaan sebelum keringatnya kering. ahmad, abû dâwud, dan al-nasa’i meriwayatkan dari said ibn abî waqqâsh r.a., ia berkata: dahulu kami menyewa tanah dengan (jalan membayar dari) tanaman yang tumbuh. lalu rasulullah melarang kami cara itu dan memerintahkan kami agar membayarnya dengan uang emas atau perak. al-bukhârî dan muslim meriwayatkan dari ibnu abbas, bahwa nabi saw., bersabda: al-iqtishad: vol. v, no. 2, juli 2013 327 memberi makan dan pakaian kepada para ibu dengan cara ma'ruf. seseorang tidak dibebani melainkan menurut kadar kesanggupannya. janganlah seorang ibu menderita kesengsaraan karena anaknya dan seorang ayah karena anaknya, dan warispun berkewajiban demikian. apabila keduanya ingin menyapih (sebelum dua tahun) dengan kerelaan keduanya dan permusyawaratan, maka tidak ada dosa atas keduanya. dan jika kamu ingin anakmu disusukan oleh orang lain, maka tidak ada dosa bagimu apabila kamu memberikan pembayaran menurut yang patut. bertakwalah kamu kepada allah dan ketahuilah bahwa allah maha melihat apa yang kamu kerjakan. (q.s. al-baqarah [2]: 233) al-bukhârî meriwayatkan, bahwa nabi saw. pernah menyewa seseorang dari bani al-dîl bernama ‘abd allâh ibn al-urayqith. orang ini petunjuk jalan yang profesional. juga diriwayatkan oleh ibn mâjah, bahwa nabi saw. bersabda: berikanlah olehmu upah orang sewaan sebelum keringatnya kering. ahmad, abû dâwud, dan al-nasa’i meriwayatkan dari said ibn abî waqqâsh r.a., ia berkata: dahulu kami menyewa tanah dengan (jalan membayar dari) tanaman yang tumbuh. lalu rasulullah melarang kami cara itu dan memerintahkan kami agar membayarnya dengan uang emas atau perak. al-bukhârî dan muslim meriwayatkan dari ibnu abbas, bahwa nabi saw., bersabda: muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah328 ketiga, hendaklah barang yang menjadi obyek termasuk (akad) dapat dimanfaatkan kegunaanya menurut kriteria, realita dan syarak. sebagian di antara para ulama fikih ada yang membebankan persyaratan ini, untuk itu ia berpendapat, bahwa menyewakan barang yang tidak dapat dibagi (tidak dalam keadaan lengkap), hukumnya tidak boleh, sebab manfaat kegunaannya tidak dapat ditentukan. pendapat ini adalah pendapat mazhab abû hanîfah dan sekelompok ulama. akan tetapi jumhur ulama (mayoritas para ulama ahli fikih) mengatakan bahwa menyewakan barang yang tidak dapat dibagi dalam keadaan utuh secara mutlak: diperbolehkan, apakah dari kelengkapan aslinya atau bukan. sebab barang yang dalam keadaan tidak lengkap itu termasuk juga dapat dimanfkatkan dan penyerahannya dapat dilakukan dengan mempretelinya atau dengan cara mempersiapkannya untuk kegunaan tertentu, sebagaimana hal ini juga diperbolehkan dalam masalah transaksi jual beli. dan transaksi sewa-menyewa itu sendiri adalah salah satu di antara kedua jenis transaksi jual beli. dan apabila manfaat (barang yang dipreteli itu) masih belum jelas kegunaannya, maka transaksi sewa-menyewanya tidak sah alias batal. keempat, dapat diserahkannya sesuatu yang disewakan berikut kegunaan (manfaatnya). maka tidak sah penyewaan binatang yang buron (dalam pencarian) dan tidak sah pula binatang yang lumpuh, karena tidak dapat diserahkan. beg-itu juga tanah pertanian yang tandus dan binatang untuk pengangkutan yang lumpuh, karena tidak mendatangkan kegunaan yang menjadi obyek dari akad ini. kelima, bahwa manfaat, adalah hal yang mubah, bukan yang diharamkan. maka tidak sah sewa-menyewa dalam hal maksiat, karena maksiat wajib ditingalkan. orang yang menyewa seeorang untuk membunuh seseorang secara aniaya, atau menyewakan rumahnya kepada orang yang menjual khamar atau untuk digunakan tempat main judi atau dijadikan gereja, maka menjadi ijârah fâsid. demikian juga memberi upah kepada tukang ramal dan tukang hitunghitung dan semua pemberian dalam rangka peramalan32 dan perhitungan,33 karena upah yang ia berikan adalah penggantian dari hal yang diharamkan dan termasuk ke dalam kategori memakan uang manusia dengan batil. obligasi ijârah (ijârah bond) merupakan bentuk transaksi obligasi dengan sistem pemilik modal menyewakan modalnya dalam bentuk sekuritas yang 32 orang yang meramalkan berita-berita yang bakal terjadi di masa datang dan ia mengakui rahasia-rahasia. 33 adalah orang yang mengakui bahwa dirinya mengetahui barang-barang yang dicuri dan mengetahui di mana barang yang hilang berada. al-iqtishad: vol. v, no. 2, juli 2013 329 ketiga, hendaklah barang yang menjadi obyek termasuk (akad) dapat dimanfaatkan kegunaanya menurut kriteria, realita dan syarak. sebagian di antara para ulama fikih ada yang membebankan persyaratan ini, untuk itu ia berpendapat, bahwa menyewakan barang yang tidak dapat dibagi (tidak dalam keadaan lengkap), hukumnya tidak boleh, sebab manfaat kegunaannya tidak dapat ditentukan. pendapat ini adalah pendapat mazhab abû hanîfah dan sekelompok ulama. akan tetapi jumhur ulama (mayoritas para ulama ahli fikih) mengatakan bahwa menyewakan barang yang tidak dapat dibagi dalam keadaan utuh secara mutlak: diperbolehkan, apakah dari kelengkapan aslinya atau bukan. sebab barang yang dalam keadaan tidak lengkap itu termasuk juga dapat dimanfkatkan dan penyerahannya dapat dilakukan dengan mempretelinya atau dengan cara mempersiapkannya untuk kegunaan tertentu, sebagaimana hal ini juga diperbolehkan dalam masalah transaksi jual beli. dan transaksi sewa-menyewa itu sendiri adalah salah satu di antara kedua jenis transaksi jual beli. dan apabila manfaat (barang yang dipreteli itu) masih belum jelas kegunaannya, maka transaksi sewa-menyewanya tidak sah alias batal. keempat, dapat diserahkannya sesuatu yang disewakan berikut kegunaan (manfaatnya). maka tidak sah penyewaan binatang yang buron (dalam pencarian) dan tidak sah pula binatang yang lumpuh, karena tidak dapat diserahkan. beg-itu juga tanah pertanian yang tandus dan binatang untuk pengangkutan yang lumpuh, karena tidak mendatangkan kegunaan yang menjadi obyek dari akad ini. kelima, bahwa manfaat, adalah hal yang mubah, bukan yang diharamkan. maka tidak sah sewa-menyewa dalam hal maksiat, karena maksiat wajib ditingalkan. orang yang menyewa seeorang untuk membunuh seseorang secara aniaya, atau menyewakan rumahnya kepada orang yang menjual khamar atau untuk digunakan tempat main judi atau dijadikan gereja, maka menjadi ijârah fâsid. demikian juga memberi upah kepada tukang ramal dan tukang hitunghitung dan semua pemberian dalam rangka peramalan32 dan perhitungan,33 karena upah yang ia berikan adalah penggantian dari hal yang diharamkan dan termasuk ke dalam kategori memakan uang manusia dengan batil. obligasi ijârah (ijârah bond) merupakan bentuk transaksi obligasi dengan sistem pemilik modal menyewakan modalnya dalam bentuk sekuritas yang 32 orang yang meramalkan berita-berita yang bakal terjadi di masa datang dan ia mengakui rahasia-rahasia. 33 adalah orang yang mengakui bahwa dirinya mengetahui barang-barang yang dicuri dan mengetahui di mana barang yang hilang berada. kemudian digunakan oleh emiten untuk membiayai proyek atau mengembangkan perusahaan dengan memberikan harga sewa dan masa penyewaan yang telah disepakati dengan kontrak didepan. keuntungan yang diperoleh oleh pemilik modal dengan menerima sewa atas sekuritas yang dimiliknya dan keuntungan bagi penyewa mendapatkan sekuritas dalam bentuk dana segar yang dapat digunakan kapan pun. penentuan harga untuk obligasi ijârah dapat menggunakan model zero profit sharing bond yaitu pemilik menyewakan modalnya dalam bentuk obligasi yang diterbitkan oleh emitten dengan nominal yang telah ditentukan, pemilik modal dan emiten melakukan kontrak sewa dengan menentukan kapan habisnya masa sewa dan jumlah harga sewa yang harus dibayar. keuntungan pemilik modal mendapatkan pembayaran sewa dengan mendiskonto harga obligasi terhadap nominal di depan, dan emiten tidak diharuskan memberikan bagi pemegang obligasi ijârah tetapi harus mengembalikan aset yang disewanya ketika masa sewanya telah habis. adapun skema obligasi ijârah adalah sebagai berikut: skema obligasi ijârah proyek infra struktur aset pemberi modal/ investor underwriter asset obligasi ijârah kerjasama proyek (1) usaha mendapatkan dana untuk membiayai proyek / usaha ( 3) asset yang disewa oleh perusahaan (2) proses penjualan 100% 100% (4) pemilik modal mendapatkan sertifikat obligasi ijârah sebagai bukti kepemilikan dari pengguna dana ( 3) dapat terjadi perubahan kepemilikan sesuai dengan perjanjian (5) pengembalian ketika jatuh tempo (sewa) hak untuk mendapatkan keuntungan dari proyek/ usaha muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah330 harga obligasi ijârah non profit sharing dengan menggunakan model zero profit sharing bond atau pure profit sharing bond adalah: harga obligasi ijârah pure profit sharing bond = nilai nominal : (1 + harga sewa)n contoh: sebuah obligasi ijârah dengan nominal rp 1.000.000 dengan masa sewa 5 tahun dijual dengan harga rp 425.000 maka tingkat keuntungan harga sewanya dapat ditentukan sebagai berikut: harga obligasi ijârah non profit sharing bond = nilai nominal : (1 + hs)n. rp 425.000 = rp 1.000.000 : (1 + hs)5 (1 + hs)5 = 0,425. tingkat keuntungan harga sewa = 18,5 %. selain cara di atas maka dapat digunakan penentuan harga ijârah pure bond dengan model: harga = nilai nominal : (1+r)t, dengan r = tingkat bagi hasil dan t = jangka waktu sewa tetapi karena kenyataanya tingkat bagi hasil berfluktuasi maka harga obligasi ijârah non profit sharing bond adalah p = nominal : {(1+r1) (1+e[r2])(1+e[r3]) (1+e[r4]) (1+e[r5]) (1+e[rt])} di mana rt = tingkat bagi hasil saat ini, e[r2], e[r3], e[r4], e[r5] adalah perkiraan tingkat bagi hasil pada tahun ke 2, 3, 4, 5, sedangkan e[rt] = perkiraan tingkat bunga pada tahun t dan t = waktu habisnya sewa. sebuah obligasi ijârah non profit sharing dengan nilai nominal rp 10 juta dan dengan masa sewa 3 tahun, tingkat bagi hasil tetap 16% berapakah harga obligasi tersebut? jika obligasi ijârah non profit sharing dengan nominal yang sama dengan masa sewa 5 tahun dan tingkat bagi hasil pada tahun ke-4 dan 5 adalah 15,5%, berapakah harga obligasi tersebut? jawab: kasus pertama adalah obligasi ijârah non profit sharing dengan nominal 10 juta dengan masa sewa 3 tahun, tingkat bagi hasil tetap 16%. harganya = rp 10.000.000 : (1+16%)3 = rp 6.410.250 (dibulatkan). kasus kedua adalah obligasi ijârah non profit sharing dengan nominal rp 10.000.000 dengan masa sewa 5 tahun, tingkat bagi hasil tetap tahun ke-1-3 = 16% dan tahun ke-4 dan 5 = 15,5% maka harganya = rp 10.000.000 : (1+16%) x (1+16%) x (1+16%) x (1+15,5%) x (1+15,5%) = 4.805.380 (dibulatkan) kasus ketiga: bagaimanakah harga obligasi ijârah non profit sharing dengan nilai rp 10.000.000 dan dengan masa sewa 3 tahun dan tingkat bagi hasil tetap 15,5%. jawab: harga = rp 10.000.000 : (1+15,5%) x (1+15,5%) x (1+15,5%) = rp 6.489.290 (dibulatkan) dari perhitungan di atas, bandingkan harga obligasi ijârah non profit sharing dengan nominal rp 10 juta dengan masa sewa 3 tahun serta tingkat bagi hasil tetap 16% (rp 6.410.250), dan obligasi ijârah non profit sharing dengan masa sewa yang sama tetapi tingkat bagi hasil lebih rendah yaitu 15,5% (rp 6.489.290) hasilnya meunjukan bahwa tingkat bagi hasil berhubungan terbalik al-iqtishad: vol. v, no. 2, juli 2013 331 harga obligasi ijârah non profit sharing dengan menggunakan model zero profit sharing bond atau pure profit sharing bond adalah: harga obligasi ijârah pure profit sharing bond = nilai nominal : (1 + harga sewa)n contoh: sebuah obligasi ijârah dengan nominal rp 1.000.000 dengan masa sewa 5 tahun dijual dengan harga rp 425.000 maka tingkat keuntungan harga sewanya dapat ditentukan sebagai berikut: harga obligasi ijârah non profit sharing bond = nilai nominal : (1 + hs)n. rp 425.000 = rp 1.000.000 : (1 + hs)5 (1 + hs)5 = 0,425. tingkat keuntungan harga sewa = 18,5 %. selain cara di atas maka dapat digunakan penentuan harga ijârah pure bond dengan model: harga = nilai nominal : (1+r)t, dengan r = tingkat bagi hasil dan t = jangka waktu sewa tetapi karena kenyataanya tingkat bagi hasil berfluktuasi maka harga obligasi ijârah non profit sharing bond adalah p = nominal : {(1+r1) (1+e[r2])(1+e[r3]) (1+e[r4]) (1+e[r5]) (1+e[rt])} di mana rt = tingkat bagi hasil saat ini, e[r2], e[r3], e[r4], e[r5] adalah perkiraan tingkat bagi hasil pada tahun ke 2, 3, 4, 5, sedangkan e[rt] = perkiraan tingkat bunga pada tahun t dan t = waktu habisnya sewa. sebuah obligasi ijârah non profit sharing dengan nilai nominal rp 10 juta dan dengan masa sewa 3 tahun, tingkat bagi hasil tetap 16% berapakah harga obligasi tersebut? jika obligasi ijârah non profit sharing dengan nominal yang sama dengan masa sewa 5 tahun dan tingkat bagi hasil pada tahun ke-4 dan 5 adalah 15,5%, berapakah harga obligasi tersebut? jawab: kasus pertama adalah obligasi ijârah non profit sharing dengan nominal 10 juta dengan masa sewa 3 tahun, tingkat bagi hasil tetap 16%. harganya = rp 10.000.000 : (1+16%)3 = rp 6.410.250 (dibulatkan). kasus kedua adalah obligasi ijârah non profit sharing dengan nominal rp 10.000.000 dengan masa sewa 5 tahun, tingkat bagi hasil tetap tahun ke-1-3 = 16% dan tahun ke-4 dan 5 = 15,5% maka harganya = rp 10.000.000 : (1+16%) x (1+16%) x (1+16%) x (1+15,5%) x (1+15,5%) = 4.805.380 (dibulatkan) kasus ketiga: bagaimanakah harga obligasi ijârah non profit sharing dengan nilai rp 10.000.000 dan dengan masa sewa 3 tahun dan tingkat bagi hasil tetap 15,5%. jawab: harga = rp 10.000.000 : (1+15,5%) x (1+15,5%) x (1+15,5%) = rp 6.489.290 (dibulatkan) dari perhitungan di atas, bandingkan harga obligasi ijârah non profit sharing dengan nominal rp 10 juta dengan masa sewa 3 tahun serta tingkat bagi hasil tetap 16% (rp 6.410.250), dan obligasi ijârah non profit sharing dengan masa sewa yang sama tetapi tingkat bagi hasil lebih rendah yaitu 15,5% (rp 6.489.290) hasilnya meunjukan bahwa tingkat bagi hasil berhubungan terbalik muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah332 suatu perumpamaan tentang ketetapan hak kepemilikan bagi dua orang (yang sepakat bekerjasama dalam suatu usaha) untuk mengambil bagian dalam proporsi yang sama sesuai dengan besarnya perbandingan (modal usaha).34 dasar konsep tersebut di atas adalah sabda rasulullah dalam sebuah hadis kudsi yang diriwayatkan oleh abû dâwûdan al-hâkim: ) ( aku adalah ketiga dari dua orang yang bersyarikat, selama salah satunya tidak menghianati kawannya, namun jika salah satunya menghianati kawannya maka aku akan keluar dari antara mereka berdua.‛ maksudnya di sini adalah hilangnya ‚barakah‛ harta yang disertakan oleh keduanya. (h.r. abû dâwûd dan hâkim) selanjutnya jumhur ulama mempergunakan kata syarika’ untuk model teransaksi tertentu, meski tidak ada percampuran dua bagian karena terjadinya sebuah transaksi yang menjadi sebab terjadinya percampuran harta.36 ada perbedaan pendapat di kalangan ulama dalam mendifinisikan syirkah secara terminologi syar‘î. mâlikiyyah mengatakan bahwa syirkah adalah pemberian wewenang kepada pihak-pihak yang bekerja sama, artinya setiap pihak memberikan wewenang kepada patnernya atas harta yang dimiliki bersama dengan masih sahnya wewenang atas harta masing-masing.37 madzhab hanbalî berpendapat bahwa syirkah adalah pencampuran dalam kepemilikan dan wewenang.38 syâfi‘iyyah mengatakan, syirkah adalah tetapnya hak kepemilikan bagi 34 al-mawardi, kifâyah al-ahyâr, juz i, (semarang: maktab al-‘alawiyyah, t.th.,). h. 280. 35 al-mawardi, kifâyah al-ahyâr, h. 280. 36 muhammad ibn ‘abd al-wâhid, syarh fath al-qâdir ma‘a al-inâyah, (bayrût: dâr al-fikr, t.th), jilid v, h. 2. 37ahmad al-dardirî abû al-barakât, al-syarh al-kabîr ma‘a hâsiyyah al-dasûqî, (bayrût: dâr al fikr, t.th), jilid iii, h. 348. 38 ‘abd allâh ibn ahmad ibn qudâmah, al-mughnî, (bairut: dar el fikr, 1405 h), jilid v, h. 1. al-iqtishad: vol. v, no. 2, juli 2013 333 suatu perumpamaan tentang ketetapan hak kepemilikan bagi dua orang (yang sepakat bekerjasama dalam suatu usaha) untuk mengambil bagian dalam proporsi yang sama sesuai dengan besarnya perbandingan (modal usaha).34 dasar konsep tersebut di atas adalah sabda rasulullah dalam sebuah hadis kudsi yang diriwayatkan oleh abû dâwûdan al-hâkim: ) ( aku adalah ketiga dari dua orang yang bersyarikat, selama salah satunya tidak menghianati kawannya, namun jika salah satunya menghianati kawannya maka aku akan keluar dari antara mereka berdua.‛ maksudnya di sini adalah hilangnya ‚barakah‛ harta yang disertakan oleh keduanya. (h.r. abû dâwûd dan hâkim) selanjutnya jumhur ulama mempergunakan kata syarika’ untuk model teransaksi tertentu, meski tidak ada percampuran dua bagian karena terjadinya sebuah transaksi yang menjadi sebab terjadinya percampuran harta.36 ada perbedaan pendapat di kalangan ulama dalam mendifinisikan syirkah secara terminologi syar‘î. mâlikiyyah mengatakan bahwa syirkah adalah pemberian wewenang kepada pihak-pihak yang bekerja sama, artinya setiap pihak memberikan wewenang kepada patnernya atas harta yang dimiliki bersama dengan masih sahnya wewenang atas harta masing-masing.37 madzhab hanbalî berpendapat bahwa syirkah adalah pencampuran dalam kepemilikan dan wewenang.38 syâfi‘iyyah mengatakan, syirkah adalah tetapnya hak kepemilikan bagi 34 al-mawardi, kifâyah al-ahyâr, juz i, (semarang: maktab al-‘alawiyyah, t.th.,). h. 280. 35 al-mawardi, kifâyah al-ahyâr, h. 280. 36 muhammad ibn ‘abd al-wâhid, syarh fath al-qâdir ma‘a al-inâyah, (bayrût: dâr al-fikr, t.th), jilid v, h. 2. 37ahmad al-dardirî abû al-barakât, al-syarh al-kabîr ma‘a hâsiyyah al-dasûqî, (bayrût: dâr al fikr, t.th), jilid iii, h. 348. 38 ‘abd allâh ibn ahmad ibn qudâmah, al-mughnî, (bairut: dar el fikr, 1405 h), jilid v, h. 1. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah334 contoh: pt. lintas data utama mengeluarkan obligasi musyaraka dengan harga rata-rata tertimbang (weight average price) rp 8,5 juta. berapakah hasil tahunan berjalannya (current yield) jika pembayaran bagi hasil dilakukan pertahun. jawab: hasil yang diberikan oleh pt lintas data utama adalah current yield = besarnya nilai bagi hasil : harga obligasi. current yield = (rp 1.800.000 : rp 8.500.000) x 100% = 21,17% disamping keuntungan yang diberikan sesuai kontrak (per triwulan, semester dan tahunan) pemilik obligasi musyârakah juga dapat memperoleh keuntungan sampai masa obligasi tersebut habis. keuntungan berdasarkan yield to maturity merupakan perhitungan keuntungan yang penting. investor akan menerima hasil sesuai yield to maturity yaitu sebanding dengan harga yang dibayar oleh investor apabila dua asumsi terpenuhi, yaitu: (1) investasi obligasi dilakukan sampai jatuh tempo; (2) semua pembayaran bagi hasil diinvestasikan kembali pada tingkat yield to maturity. ada dua metode menghitung yield to maturity, yaitu rumus harga obligasi dan rumus pendekatan. rumus harga obligasi: harga obligasi = bagi hasil + bagi hasil + (bagi hasil + nominal) (1 + ytm) (1 + ytm)2 (1 + ytm)3 rumus pendekatan: ytm = {bagi hasil + (nilai nominal – harga obligasi) : n}: {(nilai nominal +harga obligasi}: 2} x 100% n = periode jatuh tempo untuk menghitung penghasilan obligasi sampai penerbit melunasi semua pokok penyertaan adalah yield to maturity. jika current yield hanya memperhitungkan penghasilan bagi hasil tahunan relatif terhadap harganya maka yield to maturity memperhitungkan pendapatan bagi hasil dan capital gain/loss. yield to maturity merupakan tingkat keuntungan yang dinikmati investor jika obligasi musyârakah dimiliki sejak dibeli hingga jatuh tempo. yield to maturity merupakan tingkat keuntungan bagi hasil yang diterima pemegang saham sehingga present value obligasi sesuai dengan harganya. contoh: berapaah ytm obligasi pt lintas data utama jika jatuh tempo 5 tahun? jawab: ytm = {bagi hasil + (nilai nominal – harga obligasi) : n} : {(nilai nominal + harga obligasi) : 2}. ytm = {rp 1.800.000 + (rp 10.000.000 – rp 8.500.000) : 5} : {(rp 10.000.000 + rp 8.500.000)} : 2} x 100%. ytm = 7,135%. al-iqtishad: vol. v, no. 2, juli 2013 335 contoh: pt. lintas data utama mengeluarkan obligasi musyaraka dengan harga rata-rata tertimbang (weight average price) rp 8,5 juta. berapakah hasil tahunan berjalannya (current yield) jika pembayaran bagi hasil dilakukan pertahun. jawab: hasil yang diberikan oleh pt lintas data utama adalah current yield = besarnya nilai bagi hasil : harga obligasi. current yield = (rp 1.800.000 : rp 8.500.000) x 100% = 21,17% disamping keuntungan yang diberikan sesuai kontrak (per triwulan, semester dan tahunan) pemilik obligasi musyârakah juga dapat memperoleh keuntungan sampai masa obligasi tersebut habis. keuntungan berdasarkan yield to maturity merupakan perhitungan keuntungan yang penting. investor akan menerima hasil sesuai yield to maturity yaitu sebanding dengan harga yang dibayar oleh investor apabila dua asumsi terpenuhi, yaitu: (1) investasi obligasi dilakukan sampai jatuh tempo; (2) semua pembayaran bagi hasil diinvestasikan kembali pada tingkat yield to maturity. ada dua metode menghitung yield to maturity, yaitu rumus harga obligasi dan rumus pendekatan. rumus harga obligasi: harga obligasi = bagi hasil + bagi hasil + (bagi hasil + nominal) (1 + ytm) (1 + ytm)2 (1 + ytm)3 rumus pendekatan: ytm = {bagi hasil + (nilai nominal – harga obligasi) : n}: {(nilai nominal +harga obligasi}: 2} x 100% n = periode jatuh tempo untuk menghitung penghasilan obligasi sampai penerbit melunasi semua pokok penyertaan adalah yield to maturity. jika current yield hanya memperhitungkan penghasilan bagi hasil tahunan relatif terhadap harganya maka yield to maturity memperhitungkan pendapatan bagi hasil dan capital gain/loss. yield to maturity merupakan tingkat keuntungan yang dinikmati investor jika obligasi musyârakah dimiliki sejak dibeli hingga jatuh tempo. yield to maturity merupakan tingkat keuntungan bagi hasil yang diterima pemegang saham sehingga present value obligasi sesuai dengan harganya. contoh: berapaah ytm obligasi pt lintas data utama jika jatuh tempo 5 tahun? jawab: ytm = {bagi hasil + (nilai nominal – harga obligasi) : n} : {(nilai nominal + harga obligasi) : 2}. ytm = {rp 1.800.000 + (rp 10.000.000 – rp 8.500.000) : 5} : {(rp 10.000.000 + rp 8.500.000)} : 2} x 100%. ytm = 7,135%. penutup obligasi konvensional didefinisikan sebagi sebuah instrumen di mana penerbit berjanji akan membayar kembali sejumlah pinjaman berikut bunga dalam jangka waktu tertentu. penerbit dapat berupa perusahaan atau pemerintah. bunga biasa dibayar dalam jarak waktu enam bulan atau empat bulan. ketika jatuh tempo, investor menerima keseluruhan jumlah yang diinvestasikan (modal). jika dicairkan sebelum jatuh tempo, akan dikenakan denda. obligasi konvensional—sebagaimana dikemukakan di atas—sejatinya dilarang oleh syariah karena obligasi bersifat utang, sedangkan menurut syariah, utang-piutang (qardh ( adalah ‚memberikan sesuatu kepada orang lain dengan perjanjian akan membayar yang sama dengan itu.‛43 utang-piutang (qardh) adalah bentuk kegiatan muamalah yang bercorak ta‘âwun (tolong-menolong) kepada pihak lain tanpa bermaksud mengambil keuntungan sedikitpun dari orang yang diberi utang. dengan arti kata ketika seseorang diberi utang tidak boleh ada kelebihan pengembalian yang diambil dari orang yang diutangi kecuali senilai dengan barang yang diutangi. obligasi syariah, dengan demikian, dapat digunakan sebagai salah satu sumber pembiayaan dan merupakan salah satu instrumen keuangan syariah yang akan berkembang pesat, obligasi syariah tersebut berbeda dengan obligasi konvensional, obligasi syariah merupakan penyertaan dana dengan akad antara lain: mudhârabah (muqâradah), musyârakah, murâbahah, salam, istisnâ’, dan ijârah. [] pustaka acuan al-qur’ân al-karîm ‘abd al-mun’in, muhammad, al-mudhârabah wa tathbîqâtihâ al-’amaliyyah fi almashârif al-islâmiyyah, al-qâhirah: al-ma’ahad al-’aimi li al-fikr al-islâmî, 1996. ‘abd al-rahmân al-juzayrî, kitâb al-fiqh ‘alâ al-madzâhib al-arba‘ah, bayrût: dâr al-kutub al-‘ilmiyyah, 1990. ‘abd al-wâhid, muhammad ibn, syarh fath al-qâdir ma‘a al-inâyah, bayrût: dâr al-fikr, t.th. ‘imârah, muhammad, qâmûs al-musthalahât al-iqtishâdiyyah fi al-hadârah alislâmiyyah, bayrût: dâr al-masyrûq, 1993. abu al-barakât, ahmad al-dardirî, al-syarh al-kabîr ma‘a hasiyyah al-dasuqi, bayrût: dâr al-fikr, t.th. 43al-sayyid sâbiq, fiqh al-sunnah, (bayrût: dâr al fikr, 1992), juz iii, h. 182. muhammad fadlillah f: konsep, teori, dan praktik obligasi syariah336 bânî, al-, muhammad nashûr al-dîn, dha‘îf sunan ibn mâjah: li al-imâm al-hâfizh abî ‘abd allâh muhammad ibn yazîd al-qazwaynî, riyadh: maktabah alma’arif, 1997. cahyana, cahyana, berinvestasi di obligasi, jakarta: gramedia, 2003. elton, edwin j. and martin j. gruber, modern portfolio theory and investment analisys, (new york: jhon wiley, 1987). fabozzi, frank j., (dkk), foundation of financial market and institutions, terj. chaerul djakman, pasar dan lembaga keuangan, jakarta: salemba empat, 1999. gusniarti, obligasi syariah mudhârabah (upaya memahami obligasi syariah mudhârabah dalam hukum islam), tesis, jakarta: uin jakarta, 2004. hâsyiyah ibn ‘âbidîn, radd al-mukhtâr, bayrût: dâr al-fikr, t.th. ibn ‘âbidîn, radd al-mukhtâr ‘ala al-durr al-mukhtâr, bayrût: dâr al-fikr, t.th. ibn qudâmah, ‘abd allâh ibn ahmad, mughnî, bayrût: dâr al-fikr, 1405 h. ibn rusyd, bidâyah al-mujtahid wa nihayah al muqtashid, bayrût: dâr al-fikr, t.th. ma’luf, abû luis, al-munjid fi al-lughah wa ‘a’lâm, bayrût: masyriq, 1986. mâwardi, al-, kifayah al-akhyâr, semarang: maktab al-‘alawiyyah, t.th. radcliffe, robert c. investment, concept, analisys, strategy, florida: addisonwesley educational publisher inc., 1997. sâbiq, al-sayyid, fiqh al-sunnah, bayrût: dâr al-fikr, 1992. siddiq, nejatullah m., partnership and profit sharing in islamic law, terj. fakhriyah mumtihani, kemitraan usaha dan bagi hasil dalam hukum islam, yogyakarta: dana bhakti prima yasa, 1996. syaybânî, al-, al-khatîb, mughnî al-muhtâj, bayrût: dâr al-fikr, 1994. wahbah al-zuhaylî, al-fiqh al-islâmî wa adillatuh, bayrût: dâr al-fikr, 1989. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 1 20 associate professor inceif, the global university of islamic finance e-mail: muneeza@inceif.org/muneeza.aishath@gmail.com aishath muneeza abstract. with the fintech (financial technology) solutions available in the market today, innovative ways to provide financial inclusion is needed. however, the most critical challenge in the arena is the limited availability of shariacompliant investment avenues in some of the jurisdictions of the world where islamic banking and finance has not yet fully taken off. the main objective of this research is to introduce a universally accepted mechanism using salam, one of the least used islamic finance contracts in islamic commercial banking for mobilizing fixed deposits. this will be ideal to be used in jurisdictions with limited sharia-compliant avenues. this is exploratory legal research that aims to provide an adequate and effective product for the jurisdictions that aspires to have a sophisticated fixed return guaranteed investment products structured in a sharia-compliant manner. simultaneously, the proposed product in this research will serve the less privileged community of the society whose commodities can be used as an underlying asset in structuring the product. however, this social impact of the product will differ depending on the jurisdiction in which it is applied and the decision of the financial institution in which the product is offered as it is there discretionary power to choose the underlying commodity used in the transaction. fintech can also be fused with the suggested product, and as such, the product can be easily used by the population in physically remote locations in a convenient manner. keywords: deposit, financial inclusion, fintech, islamic finance, salam, shariacompliance, sharia abstrak. keberadaan solusi fintech di pasaran saat ini memerlukan adanya inovasi-inovasi untuk mewujudkan keuangan inklusif. akan tetapi, tantangan yang paling serius dalam hal ini adalah terbatasnya cara investasi yang sesuai dengan syariah di beberapa yurisdiksi di dunia, dimana perbankan dan keuangan syariah belum sepenuhnya diadopsi. tujuan utama dari penelitian ini adalah memperkenalkan mekanisme yang diterima secara universal dengan menggunakan salam, sebagai salah satu jenis kontrak keuangan yang paling jarang digunakan dalam perbankan komersial syariah untuk memobilisasi deposito dengan pengembalian tetap. hal ini dapat menjadi ideal digunakan dalam yurisdiksi yang memiliki kesusaian syariah terbatas. studi ini merupakan penelitian hukum eksploratori yang bertujuan untuk menawarkan produk modified reverse salam product as an innovative alternative for mobilizing fixed deposits in jurisdictions with limited sharia compliant investment avenues to promote financial inclusion 2 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad yang tepat dan efektif bagi yurisdiksi yang berkeinginan untuk memiliki produk investasi terjamin dengan pengembalian tetap yang terstruktur dengan cara yang sesuai dengan syariah. selain itu, produk yang ditawarkan ini akan dapat dimanfaatkan oleh komunitas yang kurang mampu dengan komoditas yang dapat digunakan sebagai asset dasar dalam penataan produk. akan tetapi, dampak sosial dari produk ini akan berbeda-beda tergantung pada yuridiksi di mana ia diterapkan dan keputusan lembaga keuangan di mana produk tersebut ditawarkan. hal ini karena adanya kekuatan diskresi untuk memilih komoditas dasar yang digunakan dalam transaksi. fintech juga dapat digabungkan dengan produk salam, dan dengan demikian, produk tersebut dapat dengan mudah dimanfaatkan oleh populasi di lokasi-lokasi terpencil. kata kunci: deposit, financial inclusion, fintech, islamic finance, salam, sharia-compliance, sharia introduction financial inclusion has become a critical challenge faced by the global islamic finance industry today. however, it is vital to point out that financial inclusion is not a unique to islamic finance industry per se, but it has been a challenge for the whole global finance industry irrespective of the geographical location and literacy rate of the society. the world has witnessed the introduction of fintech (financial technology) solutions to the finance industry, and it is hoped that this technological innovation will have a positive impact on financial inclusion. it is reported in the 2014 global financial inclusion (global findex) database that financial inclusion at a global level has been improved between 2011 to 2014. it was reported that 62% of adults globally have an account at a bank or another type of financial institution or with a mobile money provider. between 2011 to 2014, 700 million adults became account holders, while the number of unbanked adults has reduced by 20%. in general, there are two types of financial exclusions. they are voluntary and involuntary. voluntary financial exclusion is excluding from participating in the financial arena by his or her own will or choice. involuntary financial exclusion is when a person excludes himself or herself from the financial landscape due to a reason that cannot be controlled by himself or herself. for example, due to a lack of accessibility in a geographical challenge area or any reason similar to this. financial inclusion strategies need to be developed to resolve both of these financial exclusions and these strategies developed will differ according to the type and the target population bearing in mind the specific unique challenges faced in every jurisdiction. as such, it can be said that though financial inclusion is a universal 3 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative challenge, the solutions to it are unique to every place as every place has a unique circumstance that needs to be understood and then only adequate and effective resolutions to the problems will be possible. islamic finance has accumulated assets worth more than usd 2 trillion and is expected to surpass usd 3 trillion by 2018. the initiatives to enhance financial inclusion via islamic finance has been taken by numerous governments and non-governmental agencies in the world today. the strategies used in these initiatives are different though the objectives of these initiatives are the same. not only this, the implementation mechanisms and the tools used in these initiatives are also special. according to bank negara malaysia financial sector blueprint 2011-2020, the indicators proving the achievement of financial inclusion are eff ective usage of financial service by all citizens, convenient access to financial services and enhance the quality of financial services. the pillars of inclusion in islamic finance can be divided into two; that is risk-sharing/ assetlinked financing via small-medium enterprises (smes), microfinance (mf) & micro-takaful; and redistribution institutions via zakat, sadaqahh, qarḍ al-hasan and waqf. the main objective of this research is to introduce a universally accepted mechanism using salam, one of the least used islamic finance contracts in islamic commercial banking for mobilising fixed deposits which will be ideal to be used in jurisdictions with limited sharia compliant avenues. this is exploratory legal research that aims to provide an adequate and effective product for the jurisdictions that aspires to have a sophisticated fixed return guaranteed investment products structured in a sharia-compliant manner. simultaneously, the proposed product in this research will serve the less privileged community of the society whose commodities can be used as an underlying asset in structuring the product. however, this social impact of the product will differ depending on the jurisdiction in which it is applied and the decision of the financial institution in which the product is offered as it is there discretionary power to choose the underlying commodity used in the transaction. fintech can also be fused with the suggested product, and as such, the product can be easily used by the population in physically remote locations in a convenient manner. it is anticipated that this research will assist the jurisdictions in the world with limited sharia compliant investment products to introduce a new product that will be adequate to fulfill the needs of the customers. 4 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad jurisdictions with limited sharia compliant investment avenues & financial inclusion jurisdiction key challenges afganistan • islamic finance is not practised via the formal banking system, mainly via qarḍ al-hasan , muḍārabah and musharakah. • around 20% of the afghan population is banked while the remainder avoids this facility due to the involvement of riba. • currently, only seven out of 17 banks are offering islamic banking services via the window system and the services and products offered by these banks are limited to muḍārabah, murabaha, musharakah and ijārah. • during 2016, most of the islamic windows faced high liquidity, with the main reason being the shortage of investment opportunities. due to the involvement of riba, islamic financial institutions are restricted from investment/placement opportunities such as capital notes and overnight placement offered by the central bank. australia • the favored asset class in australia for islamic investors is still real estate with several commercial asset acquisitions in 2016. bahrain • the bahrain bourse had obtained the approval of the cbb regarding the bahrain investment market rules. the new rules will create new landmarks in providing additional financing alternatives to smes with a reasonable financing cost, as well as providing more investment alternatives to investors. bangladesh • in the case of financial inclusion, islamic banks are doing better through their small size deposit and investment products. • in terms of asset quality, capital adequacy and profitability, islamic banks are outperforming their conventional peers. however, they still have scope to explore further alternative banking products like mobile banking, internet banking and e-commerce. bosnia • islamic finance public education projects are continuously implemented in bosnia through newspapers, radio and now even tv shows, sponsored by the only islamic bank. table 1. summary of the key challenges faced by jurisdictions in development of islamic finance as per ifn guide 2017 the appetite for islamic finance at a global level is growing, and each year a new jurisdiction in the world, irrespective of the faith conviction is adopting it. islamic finance news (ifn) guide 2017 provides country reports for about 34 countries discussing the developments of islamic finance. the critical challenges in terms of the development of islamic finance are discussed in these jurisdictions, and one of the key issues highlighted is lack of availability of sharia-compliant investment avenues in some of the jurisdictions. table a will provide a summary of the key challenges highlighted in the guide facing these countries. 5 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative china • limited/no islamic banking retail activities • opens up its cross-border capital movements and client needs in renminbi grow, standard chartered bank with its long 150-year history in china and presence along with key renminbi offshore centers, is ideally placed to capitalize on the b&r initiative. • combined with standard chartered saadiq, an established leader in islamic banking, with a presence in core islamic markets and solid experience in crossborder, project finance and capital markets, france • with nearly six million french muslim citizens, france is one of the european countries with the biggest growth potential in terms of islamic retail banking. french residents are more and more active in the islamic finance market; for instance, some ‘vip-customers’ working in the sport or media industries. given this, various foreign islamic banks are considering the establishment of a direct subsidiary in france, more particularly in the context of brexit. hong kong • some local brokers have said that, although some government efforts existed during the past few years, a small muslim population of 270,000 people and a lack of understanding of islamic finance products in hong kong have contributed to the sluggish outcome. • nevertheless, the hong kong monetary authority has said that it is endeavoring to examine practical issues in order to formulate a sukuk issuance plan that takes into consideration market conditions. • further, it would encourage corporates to consider issuing sukuk, although it will depend very much on demand and pricing eventually. india • the agricultural sector could benefit from islamic finance, which would assist in pausing the cycle of debt and interest payments, which often regresses the progress of farmers. • lokmangal cooperative bank in solapur, maharashtra offers interest-free deposits and other similar products. the approach sought to be taken by the opening of this bank is essential to promote the financial inclusion of the masses and minority sectors. reports suggest that the bank has so far managed to distribute inr250,000 (us$3,690.91) to those financially in need. the bank is aiming to follow a ‘participatory approach’ model, where participation is being encouraged by the state government. indonesia • the challenge for indonesia is now more on how to make other components of islamic finance such as islamic banking, corporate sukuk, islamic insurance and islamic mutual funds more competitive and grow further. • the government may need to encourage its state-owned enterprises to place more of their funding into islamic banks and islamic mutual funds. iran • in iran, all financial instruments should comply with sharia rules and regulations. thus, it is unlawful in the financial system to trade in any conventional financial instruments or to establish any financial institution where its performance contradicts islamic rules and regulations. 6 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad italy • in consideration of the growing muslim community in italy, which has now reached some 1.8 million residents, and of the interest shown to the country by islamic investors, the possibility of setting up an islamic bank has also been discussed. this could happen in the form of a retail bank, providing bespoken financing sharia-compliant banking products to the general public or in the form of a commercial and investment bank, acting as a bridge between middle east investors and italian smes. in particular, the bank could in the latter case, among other things, advise islamic investors in the purchase of controlling and minority interests in italian sharia compliant companies and businesses. japan • it is expected that major financial institutions will continue their efforts to include islamic finance in their product suites in 2017. japan is not a barren land of islamic finance. it is expected to contribute significantly to the development of islamic finance in the coming years, considering its unique nature in a global context of international finance. although the volume of deals is not large and its presence in the market is not big, japan will well to utilize the ‘little head, great wit’ strategy in islamic financial markets. kenya • a bank in kenya, which offers sharia-compliant financing, was taken to court by one of its borrowers over the nature of the facility that the borrower was granted. the borrower alleged that the bank changed the facility that he was granted from a fixed term financing to a revolving musharakah financing which had the effect of raising the interest rate from 18.5% to an islamic profit-sharing equivalent of 19.5%. this increased the borrower’s payment obligations considerably. the bank argued that the borrower was aware of the nature of the facility he was granted and that the bank had explained the terms to the borrower on several occasions. these instances show a lack of understanding of islamic finance terminology and documentation across the board. it also highlights that in some instances, islamic financing is expensive in kenya compared to its conventional counterpart. kuwait • the outlook for kuwait’s banking system in 2017 remains healthy due to the continued expectation of government spending as subdued oil prices linger. supported by increasing demand for sharia-compliant financial products and facilities from wholesale and retail customers, the islamic financial sector in kuwait is regarded as an integral constituent of the country’s path to development. islamic banks in kuwait hold approximately 45% of banking sector assets, according to data from the central bank of kuwait (cbk). • from a regulatory vantage point, the cbk has plans to enhance the local retail banking competitive environment by eliminating branch expansion restrictions on foreign banks which would grant them the ability to open branches in numerous locations, positioning them to compete directly against local institutions for a share of the retail banking market, especially considering that kuwaiti banks are in parallel reducing their branch network to reduce costs. luxembourg • if islamic finance promoters find a way to market sharia-compliant products as socially responsible investments (sris), the industry can grow drastically. malaysia • to fuel the growth, the regulators are promoting the linkage between islamic finance and sustainable responsible investing. this augurs well for the domestic sukuk market’s thrust into its next phase of development and, ultimately, its sustainability as a competitive product amid the mainstream financial markets. 7 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative maldives • in the year 2017, it is anticipated that the largest bank in the country, the bank of maldives, will start offering islamic financing products that will help the population in other islands to use islamic finance since accessibility is the most critical issue. • islamic microfinance schemes via maldives islamic bank like ‘faseyha madadhu’ and other similar programs are expected to be successfully implemented. malta • in 2016, islamic finance activity in malta continued to grow as more islamic financial institutions have been using malta, particularly due to the trust legislation that malta has aligned with its advantageous tax environment. • in malta, there is excess liquidity which, if properly utilized, can enable one to raise capital. morocco • it is a new market introducing islamic finance. • the licenses will be granted to islamic banks by the end of december 2016. the main challenge that will be facing the industry as a whole is the regulatory framework that needs to be achieved before the final launch of the islamic banking activity. new zealand • from an islamic finance perspective, awqaf nz commissioned a sukuk waqf study in partnership with the international shari’ah research academy for islamic finance of malaysia. a sharia-compliant retirement savings fund called amānah ethical launched a couple of years ago is gaining momentum in the new zealand marketplace. nigeria • the decaying infrastructure and the needs of the current government, as well as dwindling oil revenues, made it necessary for the government to look for funds through the capital market. oman • oman has, during 2016, achieved a sound infrastructure for its islamic finance sector to develop and progress. • islamic finance has proven itself as an accepted and successful option for project financing in the private sector and as an alternative to conventional retail lending, and in both respects, it carries the potential for sustained growth into 2017. pakistan • islamic finance has shown amazing growth over the past two decades. strong demand for this segment has resulted in global financial assets surging. • growth in the islamic banking sector continues to surpass that of conventional banks in several areas of banking and finance, supported by strong retail demand and positive legislation for the industry by the regulators. • the islamic banking industry in pakistan, just like other jurisdictions elsewhere, faces some key challenges, including the limited availability of trained employees and a lack of understanding and awareness within the public. despite its impressive growth, there is still a huge untapped market for the islamic finance industry. • given its strong fundamentals and increasing public acceptability, the further growth prospects of islamic finance in pakistan are very promising. so far, the islamic finance industry has not penetrated deep enough to serve the financial needs of smes, agriculture, microfinance and low-cost housing. pakistan’s massive infrastructure needs, especially those under the china-pakistan economic corridor, represent lucrative islamic finance public-private partnership opportunities in the high potential sectors of energy and construction. 8 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad qatar • the banking sector has maintained a strong performance overall. overall net profit for the banking sector increased by 1.4% for the last year, which was the result of higher net interest/profit income by qar4.3 billion (us$1.18 billion) and higher net fee and commission income by qar962 million (us$263.93 million). however, share prices of the listed banks have had a turbulent year. islamic banks (both listed and non-listed) fell within that trend and despite experiencing a rollercoaster year, maintained a strong performance. russia • russia historically does not have a visible islamic finance industry, despite the fact that it has a significant (up to 10%) muslim population constituting a majority in nine russian regions. • however, over the years, there were attempts to either conduct particular islamic finance transactions or establish retail practices. to a certain extent, these attempts have been successful, although the establishment of fully-fledged, comprehensive islamic finance retail solutions is a matter for the coming years. saudi arabia • over the last few years, the capital market authority (cma) and the saudi arabian general investment authority have been focused on issuing new regulations and new products to help spur the domestic market and foreign investment into saudi arabia. • the cma also wants to encourage managers to develop products which can be accessed by the saudi public to encourage individuals to invest their income in the saudi domestic market. singapore • increased awareness in islam and islamic finance among malay muslims: according to the department of statistics of singapore, malays make up 13.4% of singapore’s population at the end of june 2016. discussions with key players in singapore’s halal industry such as my outlets have indicated that there is an increased awareness of the halal concept among malay muslims with further enquiries into islamic financing and how islamic finance in singapore can grow to serve the malay muslim community. collaborations between islamic financial institutions and key malay muslim organizations in singapore are one of the ways to penetrate and increase the participation of malay muslims to grow islamic finance in singapore. the key for financial institutions offering islamic finance to sustain the public’s level of awareness and interest in islamic finance and to identify the gaps which could be converted into opportunities once the economy recovers. • financial institutions need to identify the current gaps in the singaporean market, where islamic finance is not present. products including islamic credit cards, home financing and takaful are only some of the areas which can be explored and developed further. • it is important there is continuous engagement between islamic financial institutions, regulators, the academic community and members of the public for secular nations such as singapore to ensure the awareness and relevance of islamic finance amid the current economic uncertainty. south africa • with the local economy under pressure, the south african islamic finance industry has to adapt, innovate and evolve to continue on its growth trajectory. • the market is looking for alternatives, but there is a need for education and awareness to highlight the value that islamic finance provides. • one of the major opportunities remains the expansion into the rest of sub-saharan africa, where the market is crying out for affordable, interest-free banking. 9 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative tunisia • the tunisian banking system consists of 23 full-service banks, of which five banks are specialized (three islamic banks, one sme finance bank and one microfinance bank). • following certain major changes related to tax provisions (finance act 2014: the exemption of profit margin from value-added tax and the avoidance of double taxation on the transfer of properties) and those related to certain legal provisions (sukuk law, islamic funds and takaful), the new banking law approved in 2016 introduces a number of changes to the functioning and supervision of the banking sector in order to reorganize it through the formal legal recognition of islamic banking activities. • this banking law defines islamic finance transactions (murabahah, ijārah, muḍārabah, musharakah, istisna', salam, wadi‘ah istithmar) and also allows all banks to carry out islamic finance transactions, subject to approval from the central bank (including for islamic windows). turkey • turkey has a massive role in the islamic finance world by virtue of the fact that it has issued a massive amount of sukuk in recent years. islamic finance has a remarkable place in turkey. therefore, it is continuously developing and expanding in the country. • even though new participation banks were established in 2016, the turkish government should pave the way for investors to increase the number of islamic banks since it has not reached a sufficient number. the government should support and encourage the banking sector and make necessary amendments to current regulations. uae • the year 2016 was a year of slow and steady progress for islamic finance in the uae. although total banking assets under islamic banks increased, the pace of growth reduced in an otherwise challenging operating environment. • working toward its ambition to become the global capital of the islamic economy, the dubai government announced plans to launch the world’s first sharia-compliant trade finance-focused bank in the uae soon. the bank is to be called the emirates trade bank and will support endeavours to double the uae’s estimated us$1.4 trillion trade flows in 2014 by 2020. uk • islamic finance has developed rapidly in the uk over the past decade, and the uk government has been very supportive of its development and promotion. the uk hosted the first stand-alone islamic financial institution in the eu and has the highest value of sharia-compliant assets of any non-muslim country. us • foreign investors seeking islamic finance products in the us continued to show the greatest interest in private real estate investments in 2016, with relatively marginal activity on us-originated sukuk issuances or other sectors of islamic finance. • us real estate valuations have been bolstered by strong fundamentals and a high level of interest from a multitude of capital sources in 2016. apart from the fact that us real estate fits well with requirements of islamic financial products, the current strength and stability of the asset class make it the center of focus for islamic financial transactions in the us. source: extracted from ifn guide (2017) 10 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad principle explanation leadership cultivate a broad-based government commitment to financial inclusion to help alleviate poverty. diversity implement policy approaches that promote competition and provide marketbased incentives for the delivery of sustainable financial access and usage of a broad range of affordable services (savings, credit, payments and transfers, insurance) as well as a diversity of service providers. innovation promote technological and institutional innovation as a means to expand financial system access and usage, including by addressing infrastructure weaknesses. protection encourage a comprehensive approach to consumer protection that recognizes the roles of government, providers and consumers. empowerment develop financial literacy and financial capability. cooperation create an institutional environment with clear lines of accountability and coordination within government; and also encourage partnerships and direct consultation across government, business and other stakeholders. knowledge utilize improved data to make evidence-based policy, measure progress, and consider an incremental “test and learn” approach acceptable to both regulator and service provider. proportionality build policy and regulatory framework that is proportionate with the risks and benefits involved in such innovative products and services and is based on an understanding of the gaps and barriers in existing regulation. framework consider the following in the regulatory framework, reflecting international standards, national circumstances and support for a competitive landscape: an appropriate, flexible, risk-based anti-money laundering and combating the financing of terrorism (aml/cft) regime; conditions for the use of agents as a customer interface; a clear regulatory regime for electronically stored value; and market-based incentives to achieve the long-term goal of broad interoperability and interconnection. table 2. principles of innovative financial inclusion as described by pearce (2010) according to pearce (2010), innovative financial inclusion means improving access to financial services for poor people via the safe and sound spread of new methods. the methods stated by pearce (2010) is derived through experiences and lessons learned from policymakers throughout the world, especially leaders from developing countries. nine broad principles of innovative financial inclusion have been stated by pearce (2010) which are leadership, diversity, innovation, protection, empowerment, cooperation, knowledge, proportionality and framework. each of these broad principles is explained in table 2. 11 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative banerjee, abhijit and newman (1993) and galor and zeira (1993) states that there can be negative effects of financial exclusion as it holds back investments and results in persistent income inequality, as it adds to negative incentives to save and work and incites repeated distribution in a society. therefore, financial inclusion will lead to economic development. as observed by beck and demirguc-kunt (2008), financial inclusion gained global attention at the beginning of the 21st century, when governments and central banks in developing nations began to focus on it. at the initial phase, financial inclusion was often viewed as the delivery of financial services to low-income segments of society at a reasonable cost and the financial inclusion in the economy is measured by the proportion of the population covered by commercial bank branches and atms, sizes of deposits and loans made by low-income households and smes. the disadvantages of caused using this way of measurement were that it did not take into account the voluntary financial exclusions. in contemporary times the concept of financial inclusion has evolved into main four dimensions: easy access to finance for all households and enterprises, sound institutions guided by prudential regulation and supervision, financial and institutional sustainability of financial institutions, and competition between service providers to bring alternatives to customers. the focus of this research is to introduce an innovative product to the customers that will bring promote financial inclusion via islamic finance. the product proposed in this research will provide an avenue to invest money in islamic banks for a fixed return in a sharia-compliant manner, and fintech solutions can enhance the reachability of the product. modified reverse salam product modified reverse salam product is a newly proposed unique product by mahaini (2017) for liquidity management purposes that can be introduced in the jurisdictions with limited sharia compliant investment avenues. the introduction of this product will facilitate and complement the global effort of financial inclusion in the sense that the product will provide an easy and a convenient way for islamic banks to mobilise funds from retail customers while providing a fixed return to the customers in a sharia-compliant manner. simultaneously the banks have the liberty to fuse fintech to the product and the underlying commodity that will be traded in the transaction. if the bank opts to use agricultural commodities or commodities produced by poor and needy to structure the transaction, it will provide an opportunity to serve the social well-being of the population too. 12 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad the modified reverse salam product is structured using salam, an exceptional sale contract under islamic finance as the main transaction contract. bay’ salam is also known as bay’ salaf as it was mentioned earlier (umar, 1991). the permissibility of salam is an exceptional rule that prohibits the forward sale in sharia. in terms of defining salam, there are various definitions of it found from different islamic school of thoughts (umar, 1991). zaabi (2010) has described the various definitions of different schools of jurisprudence. shafis define it as the selling of something that is specified and owed as they see it as a debt and hence do not make it a condition that the period (within which the sale object is to be delivered) be well-defined. the hanbalis view salam as that which is handed over in exchange for something defined that is owed for a known period, and they believe that it is as a sale for a period, as the sale of an object bought and paid for in advance. they also see it as buying something postponed in exchange for something given in the moment, or as selling a time to come for the time now. thus, it is a contract involving something that it is proper to sell, that is specified, that is owed; the delivery of it being postponed, in exchange for a price collected at the contract session. the condition attached here, namely that the price (the capital advanced) is handed over at the time of contract, avoids the prohibited transaction of one debt for another debt – money owed/promised in exchange for a thing owed/promised. the mālikis define salam as the sale of something owed and specified by description in exchange for a price, the delivery of the thing being put off for a time they permit postponement of the transfer of the price to the buyer for a period of no more than three days as for them, the salam contract is simply an exchange or substitution contract stipulating binding obligation on the seller to be fulfilled by him by delivery of the sale object, not an equivalent for it nor for ready money. according to al-zuhayli (2007), the following four conditions shall be present to make the salam contract valid. 1. rabb al-salam or al-musalim: this is known as a forward buyer which can be an individual as well as a group or a company. 2. al-musalim ilyahi: the forward seller can also be an individual, group or a company. majority of scholars state that the word salam or salaf must be mentioned in the offering statement. 3. al-musalim fihi: the object of forwarding sale. it is mandatory that the object of sale must be specified in term of genus, type, quantity and quality. all these must be agreed upon in unequivocal terms. 4. ra’s mal al-salam: price or capital sum of the forward sale. it is a paramount condition to determine the actual price clearly. it must be specified if it is measured in volume, weight or number. 13 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative not every commodity is suitable for a salam contract. it is usually applied only to fungible commodities. some basic rules governing the salam is that the price should be paid in full at the time of the contract; goods whose quality or quantity cannot be determined by specification cannot be sold through the contract of salam. an example is precious stones; goods can be sold only by specifying the attributes, and they cannot be particularized to a given farm, factory or area; and the exact date and place of delivery must also be specified (usmani, 2004). mahaini (2017) states that the first attempt to use the concept of reverse salam was made with the support of inceif in 2014 through research headed by yousuf saleem, whereby the author was a team member. the product was published in isra under the name: reverse salam as an innovative instrument for investment accounts. mahaini (2017) explains that reverse salam does not refer to parallel salam or back to back salam in this context. however, the terminology used “reverse salam” is a concept in which the buyer of the commodity in normal case salam (bank) will be changed to customer and vice versa as it is a deposit product (mahaini, 2017). in other words, the bank will be the seller, and the customer will be the buyer. source: mahaini (2017) according to mahaini (2017), the disadvantages of the first version include among others two major issues: that is the sharia issues triggered with the use of wakalah contract with salam contract when the bank is appointed as an agent to sell the commodity on behalf of the customer. the second issue arises due to the need to use hedging tools to mitigate market price fluctuation risk, which in turn has many concerns, including the controversial use of derivatives in sharia. figure 1. the structure of the first edition of reverse salam: 14 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad mahaini (2017) observes that the word “modified” is used in a modified reverse salam product to distinguish it with the first edition mentioned hereinabove. the most significant change that this new model has is switching the underlying contract from a classical quantity based salam into a value-based salam (mahaini, 2017). a value-based salam is a salam contract whereby the value rather than the quantity is determined upfront. the value determined by multiplying the quantity by the unit price. this allows the seller to mitigate price volatility over time (market risk). this concept is proposed to mitigate the market risk encountered in implementing salam contract at a practical level. for example, in sudan salam contract was used in the field of agriculture, and though the contract has been implemented successfully, they have experienced the stress of the price variation (dchieche & aboulaich, 2016). from a sharia perspective, it is important to determine the validity of value-based salam, which plays a vital role in the successful implementation of the proposed product in this research. based on the hadith of prophet (saw) which states that whoever enters into salaf (salam), should stipulate a determined weight and measurement, and a determined date of delivery, it is clear that it is mandatory to stipulate the price of the commodity with the quantity and quality delivered in the future date. therefore in dealing with the concept of value-based salam, the question we need an answer from sharia perspective is whether the quantity of the commodity that could be delivered at the future date of which the price is determined and paid fully at the time of the salam contract can be determined at the time of the delivery of the commodity; which is at the future date. al-masri (2003) has illustrated this situation using the following example: “can i pay you now 100,000 dirhams on condition that you deliver me rice of a described quality after a year, the quantity of which would be determined on the date of delivery by dividing the capital (i.e. price of the rice) based on the market price of a kilogram of rice on the day of delivery, with a specific amount or percentage of discount from this price?” (al-masri, 2003, p.29). al-masri (2003) states that though the majority of the scholars have held against the permissibility of value-based salam, some scholars such as ibn taymiyyah has made it permissible. he states that ibn taymiyyah says “sale is permissible (...) at a price determined by the market, or at the price people sell at, which is one of two opinions in the hanbali school of islamic jurisprudence” (cited in al-ikhtiyarat alfiqhiyyah, p.121 by al-masri, 2003, p.30). according to al-masri (2003), this view held by ibn taymiyyah is in relation to sale transactions in general, but as regards salam sale contracts specifically, ibn taymiyyah says “if he (the buyer) advances a 15 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative specific amount of money against delivery (of a commodity) on a specific future date on condition that, on the date of delivery, he would purchase the commodity on the basis of a price less than that prevailing on the market by a specific amount, then the transaction would have been as valid as that of purchase at market price” (cited in al-ikhtiyarat al-fiqhiyvah p.131 by al-masri, 2003, p.30). however, it is imperative to note here that al-masri (2003) has held that “i concur with ibn taymiyya’s view that the market price of salam if it is meant to be the market price on the date of the contract, is valid. but if what is meant by it is the future market price on the date of delivery, it is not valid” (al-masri, 2003, p.31). in contemporary writings, the concept of value-based salam is discussed and approved by al suwailem (2006) based on the view of ibn taymiyyah. according to sami al-suwailem: (ibn taymiah has approved this form of salam, and his opinion was cited by ibn muflih, a prominent hanbali scholar without objection (al-rajhi)) (al suwailem, 2006). other contemporary scholars have mentioned this contract, such as kabir hassan and michael mahlknecht, in their book: islamic capital markets: products and strategies (hassan & mahlknecht, 2011). according to al suwailem (2006), value-based salam is a form of salam where the price is defined as quantity times unit price. by referring to the views of al suwailem and ibn taimiyyah, amina & rajae (2016) have also approved the use of value-based salam. examples of value-based salam have been described by omar, abduh & sukmana (2012) as follows: the buyer of the commodity pays fully in advance for the salam contract to the seller. assume that the agreed total price is us$ 10,000 for oil. in the usual salam, the quantity of the oil, such as the number of the barrels to be delivered at the maturity, has to be agreed upon at the time when the salam contract was signed. in this value-based salam, instead of the quantity, the value is the thing that has to be determined up front. value is the multiplication of the unit price per barrel times the quantity or number of barrels. for instance, both parties the buyer and seller, have reached an agreement of the salam contract in which one of the points is that at maturity the commodity is valued at as much as us$ 11,000 and the buyer will have to pay only us$10,000 for the commodity (oil). at maturity, the number of oil barrels will depend on the oil price at that point in time. assuming the price of oil at maturity us$50; thus the quantity of the oil that has to be delivered would be 220 barrels (us$ 11,000 divided by us$ 50) (omar, abduh & sukmana, 2013). omar, abduh & sukmana (2012) states that though value based salam has been approved by ibn taymiyyah and the benefit of using this type of salam is that the arrangement ensures that the buyer is able to hedge against the price fluctuation of the future goods. they also state that value-based salam has been criticized for 16 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad various reasons. for example, it has been said that since the quantity is not wellspecified at maturity, it violates the usual salam contract and it has been said that in essence, it is money for the money involved in value-based salam and indirectly it leads to riba. al suwailem has given responses to these two criticisms (omar, abduh & sukmana, 2012). he says that the quantity has to be identified at the beginning to avoid or eliminate the possibility of dispute. if the dispute is absent, the condition needs no be observed. the value of the commodity is determined (us$ 11,000), so there will be no dispute as all variables are determined by the market. with regard to the indirect way of riba, the value based salam is not riba, either in form or substance. at maturity, the buyer receives goods and not money. this arrangement differs from murabahah. in murabahah, banks buy spots contracts and sell to the customer with the deferred payment from the customer. in this value-based salam transaction, the bank buys a deferred product from the seller (farmer) and sells the spot contract to the buyer or customer. essentially, murabahah and value-based salam are equivalent; the only difference is the sequence of the steps. value-based salam also differs from controversial contracts, such as ‘inah and tawarruq. in both of these contracts, the commodity used can be generated without limit. it means that the same commodity can be reused many times. hence a huge debt can be created with an upper limit. nevertheless, it is impossible for that commodity to be reused in the salam contract as well as the value based salam contract. this is because, at the time when goods or commodities are delivered, the debt will no longer exist. steps needed to execute modified reverse salam product according to mahaini (2017), there are two main steps to execute the product: 1) subscribing to value-based salam product contract initiation phase (t=0): during this step, the following should be performed: a) the customer deposits cash entering into a value-based salam product with the bank to buy a determined value of cpo to be delivered after a specified amount of time. b) the bank grants the customer access to bursa suq assalam platform (bsap) to be freely accessed through the customer’s online banking account to create an avenue to perform the sale transaction upon maturity. e.g: customer deposits rm 97.5 k (investment amount) for a rm 100 k worth of cpo after 90 days. 17 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative 2) at maturity: (t= m): a) the bank buys cpo worth of rm 100 k from bursa suq assalam platform (bsap) and takes constructive possession of it. b) the bank constructively delivers the commodity through the platform system (bsap) to the customer. c) the customer will be immediately notified when the commodity is delivered to him/her (via email and sms), and once the possession is taken, he/she has the freedom to perform any sale transaction via the online banking system. d) the profit for the customer is the difference between the deposited buying price (rm 97.5 k) and the selling price for which the commodity is sold to an independent third party through the platform (rm 100 k). 3) when the possession is taken by the customer, he/she has three different options to exercise: a) at the time of product subscription stage, the customer will have to activate his/her online platform to authorize the selling of the commodity immediately upon taking possession of commodity to avoid risks associated with the ownership. b) if at the time of the possession, if the customer has not chosen option a), he/she has the option to sell the commodity manually through the platform by clicking a sell button through his/her online account. however; following are the risks associated with this option: i) the customer must be properly informed with the possible gains/ losses due to cpo market price fluctuations. ii) the customer must pay an agreed-upon daily storage fee to the islamic bank, which in-turn shall pay it to the warehouse owner (cpo broker). c) the customer also has the option to take actual physical possession of the commodity, as this is a real sale. however; if this option is exercised: i) the customer shall specify the appropriate location for the commodity to be delivered to. ii) the customer shall pay transportation fee(s) and any storage fee(s) if applicable. 18 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad modus operandi figure 2 source: mahaini (2016) bursa suq assalam platform (bsap) bursa suq assalam platform or bsap is a special commodity trading platform that shall be supervised by a regulatory authority (mahaini, 2017). the most appropriate regulatory authority to supervise the platform could be either the central banks or securities commissions/capital market regulatory authorities, depending on the jurisdiction in which it is introduced. this platform needs fintech solutions to enhance its infrastructure, and the accessibility to the platform shall not only be given to the financial institutions, but it must also be given to the individuals or retail customers too for wider coverage of financial inclusion. the most initial phase of setting up of bsap as a domestic platform is to choose the most appropriate underlying asset that could be used in the transaction. depending on the jurisdiction, the commodity will differ as the commodity used in the trade shall be a commodity that shall be easily available in the jurisdictions in which bsap is operated. the paramount consideration that shall be given in choosing the commodity from a social perspective is to choose a commodity that is produced by poor and needy. for example in a jurisdiction where the fisherman is the targetted population, fish processed durably could be the suitable commodity used while in jurisdictions where farmers are the targetted population, farming products could be the suitable commodity used. likewise, oil and other suitable commodities for a salam transaction can be chosen. since cpo is used in illustrating the product in this research, in the discussions, cpo will be used as a commodity. 19 http://journal.uinjkt.ac.id/index.php/iqtishad aishath muneeza. modified reverse salam product as an innovative alternative the customers buying the commodity in bsap shall have the option to either sell the commodity after the constructive delivery or to have a physical delivery. this is to ensure that a real trade will take place between the parties in the platform, and there is no room for hilah (legal device). the procedures in buying and selling of the commodity in the platform will be derived from the fintech solutions available in the respective jurisdictions, including the availability of the internet and its speed. the main reason why bsap is required to be established is to ensure the transactions involved in the offering of the product is offered swiftly and effectively without the involvement of cumbersome procedures where physical running from one office to another by the customer is avoided. the establishment of a sophisticated bsap will provide a one-stop solution for the offering of whole product from a staff at the bank while sitting near a computer or if mobile technology is integrated, a customer at a remotely accessible location will be able to perform the transaction via his mobile without human involvement at all making the product attractive for a better financial inclusion landscape. the most important point to be understood here is that establishment of bsap is an integral part for the successful implementation of the proposed product as the effective and convenient offering of the product will only be possible by the integration of bsap to it. conclusion financial inclusion in islamic finance is an area that needs focus to narrow financial exclusion at a global level. the way to achieve this suggested in this research is by introducing an innovative sharia compliant product that will assist the mobilizing fixed deposits in jurisdictions with limited sharia compliant investment avenues to promote financial inclusion. however, the success of the product will depend on customization of it to the local circumstance of the jurisdiction in which it is implemented. references almasri, rafic yunus. 2003. “market price of salam on the date of delivery: is it permissible?” j.kau: islamic econ 16(2): 29-32. al suwailem, s. 2006. hedging in islamic finance. jeddah: islamic development bank. al zaabi, obaid sai. 2010. “salam contract in islamic law: a survey.” review of islamic economics 14(2): 91-122. al-zuhayli, wahbah. 2007. financial transactions in islamic jurisprudence. mohamoud a. el-gamal. trans. beirut: dar al-fikir al-mauaser. 20 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 http://journal.uinjkt.ac.id/index.php/iqtishad dchieche, amina. & rajae aboulaich. 2016. “pricing bounded value based salam.” journal of applied economics sciences 11(3): 41-49. banerjee, abhijit & andrew f. newman. 1993. “occupational choice and the process of development.” journal of political economy 101(2): 274-298. bank negara malaysia. financial sector blueprint 2011–2020, retrieved december 31, 2016 from <http://www.bnm.gov.my/files/publication/fsbp/en/ bnm_ fsbp_full_en.pdf> beck, thorsten, & asli demirguc-kunt. 2008. “access to finance: an unfinished agenda.” the world bank economic review 22(3): 383-396. dchieche, amina. & rajae aboulaich. 2016. “new approach to model salam contract for profit and loss sharing.” international journal of applied engineering research 11(2): 909-916. dusuki, a.w. 2007. “commodity murabahah programme (cmp): an innovative approach to liquidity management.” journal of islamic economics, banking and finance 3(1): 1–23. mahaini, mohammad ghaith. 2016. modified reverse salam, an innovative solution for islamic liquidity management. retrieved february 7, 2017 from < http:// www.islamicfinancenews.com/authors/mohammad-ghaith-mahaini> galor, oded & joseph zeira. 1993. “income distribution and macroeconomics.” the review of economic studies 60(1): 35-52. islamic finance news, ifn guide 2017. retrieved february 7, 2017 from http:// www.islamicfinancenews.com/content/ifn-annual-guide-2017. omar, mohd. azmi, muhamad abduh & raditya sukmana. 2012. fundamentals of islamic money and capital markets. hoboken, n.j.: john wiley & sons. pearce, douglas. 2010. financial inclusion in the middle east and north africa: analysis and roadmap recommendations. washington dc: the world bank. saleem, muhammad yusuf, mohammad ghaith mahaini & hussain kureshi. 2014. “reverse salam as an innovative instrument for investment accounts.” international journal of islamic finance 6(1): 183-193. the world bank group. 2014. the global findex database 2014: measuring financial inclusion around the world, (policy research working paper 7255) umar, muhammad abd al-halim. 1991. al-itar, al-shari wa’ iqtisadi wa’ muhasabi libay al-salam (legitimate, economic, and accounting framework of salam contract). jeddah: islamic institute for research and training, islamic development bank. usmani, m. t. 2004. an introduction to islamic finance. karachi: maktaba ma’ariful quran. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 25 52 received: august 30, 2017; revised: november 11, 2017; accepted: november 25, 2017 1 tazkia university college of islamic economics. jl. ir. h. juanda no. 78, sentul city, bogor, indonesia 2 bank of indonesia. jl. mh. thamrin no. 2, jakarta, indonesia 3 university of yarsi. menara yarsi, kav. 13. jl. letjen suprapto, jakarta, indonesia e-mail: 1siti.zahra891@gmail.com, 2ascarya@bi.go.id, 3pakhuda@yahoo.com doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 abstract. various macro and microeconomic shocks that occur during this time suggest the potential for financial instability. this study attempts to analyze the influence of macro and microeconomic variables of the dual banking stability in indonesia and compares the stability level of both banking system by using two similar stability measurement models namely the z-score and banking stability index. the method used in this is a markov switching var. the results of this study described through two analyze: first, the calculation index of financial stability with z-score and bsi. second, results of markov-switching prove that the sharia banking system has a higher level of stability compared to the conventional banking system. it means sharia banking is more stable than conventional ones. keywords: banking stability, dual banking system, markov switching method abstrak. berbagai guncangan makro dan mikroekonomi yang terjadi selama ini menunjukkan adanya potensi instabilitas keuangan. studi ini mencoba menganalisis pengaruh variabel makro dan mikroekonomi terhadap stabilitas perbankan ganda di indonesia serta membandingkan tingkat stabilitas kedua sistem perbankan dengan menggunakan komparasi dua model pengukuran stabilitas, yaitu z-score dan banking stability index. metode yang digunakan dalam penelitian ini adalah markov switching var. hasil penelitian ini dijelaskan melalui dua analisis: pertama, perhitungan nilai indeks stabilitas keuangan dengan zscore dan bsi. kedua, hasil markov switching, membuktikan bahwa sistem perbankan syariah memiliki tingkat stabilitas yang lebih tinggi dibandingkan dengan sistem perbankan konvensional, yang artinya perbankan syariah terbukti lebih stabil dibandingkan dengan konvensional. kata kunci: stabilitas perbankan, sistem perbankan ganda, model markov switching how to cite: zahra, s.f., ascarya, & n. huda. (2018). stability measurement of dual banking system in indonesia: markov switching approach. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 25 – 53. doi: http//dx.doi.org/10.15408/aiq.v10i1.5867 stability measurement of dual banking system in indonesia: markov switching approach siti fatimah zahra1, ascarya2, nurul huda3 26 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 introduction financial sector stability is an essential prerequisite to keep the sustainable and stable economic growth. according to swamy (2014), financial stability and macroeconomic stability linked since financial stability will be vulnerable if price stability and macroeconomic stability cannot control. some studies indicate that higher market power lies on the banking market with the higher level of instability. even banks are better on the capital side; the risk of failure remains top-especially the recent market share of banking institutions dominating the financial system. consequently, banking stability shows greater assumption in ensuring the financial stability. along with the rapid pace of economic system, in indonesia, the financial institution as an intermediary tool is also growing. since the birth of law no. 19 of 1998 that amends the law no. 7 of 1992 on banking, the term of the dual banking system that is conventional bank system and sharia bank system appears. based on the total assets of the financial system, the banking industry still dominates the financial system in indonesia recently—proven by a market share of 80.75% of total asset of the financial institution by the end of 2015. figure 1. the total assets of the financial system in indonesia source: financial stability review report bank indonesia (2015) the financial system of a country considered stable when it is durable and resistant to various economic disturbances so that it is still able to perform the function of mediation, conduct the payments, and spread the risk well. also, ascarya et al. (2009) state that the success of a financial system can be seen either from its performance in allocating optimally economic resources or from the 27 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia stability of the financial system in facing the shocks sourced from both financial side and macroeconomic side. from the financial side, its shocks are the nonperforming loan (npl) / non-performing finance (npf). meanwhile, from the side of microeconomic, that shock is caused by the sharp changes in exchange rates. the phenomenon of global financial instability seen with the various crises occurs in the world including those that hit indonesia. according to laeven and valencia (2012), some recent banking crises are the most expensive crisis regarding fiscal expenditure and output losses. imf identifies that from 1970 through 2011, in total, there were 147 banking crises, 218 currency crises (10 of which occurred during period 2008 – 2011) and 66 government debt crises (10 of which occurred during 2008-2011). among those crises, 68 were twin crises, and 8 were triple crises. one of the most critical crises of asian economies, including indonesia, is the crisis that began in the mid-1997 affecting the value of currencies, stock markets, and asset prices of several countries in southeast asia. its crisis commenced in thailand and malaysia, later indonesia and several countries were also impacted. in indonesian banking sector, the crisis of exchange rate has disrupted the intermediary function characterized by the number of banks becoming insolvent. this crisis happened because the vulnerability to debt position in usd ($) increased so that it burdened the bank liability (muti’ah, 2010). as the consequence of that monetary crisis, on august 14, 1997, bank indonesia was forced to free the exchange rate of rupiah against foreign exchange, mainly usd and let it fluctuated freely—free floating system replaced the government’s managed floating system since the devaluation on october 1978. therefore, bank indonesia no longer intervened in the foreign exchange market to support the rupiah exchange rate, so that market forces merely determined the exchange rate. the rupiah exchange rate then depreciated rapidly and sharply from an average of rp. 2,450 per $ in june 1997 to rp 13,513 at the end of january 1998. however, had it strengthened again to around rp 8,000 in early may 1999 (tarmidi, 1998). also, the crisis that occurred in 2008 also gives the significant impact on the state of the indonesian economy. that crisis gave negative sentiment to the indonesian financial market, as shown by the drop in idx composite to 1400, which simultaneously forced the rupiah exchange rate above the psychological limit of rp 9,500.00 per usd. pressures on national exports and foreign investment and uncertainty over commodity prices would affect the outlook for inflation (regional economic quarter iii / 2008: 2). 28 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 the financial crisis in indonesia also re-occurred in the last two years, namely in 2013 by rupiah depreciation against usd. the rupiah exchange rate depreciated by 5.77% month to month (mtm) to rp 11,963 per usd or on average it experienced the depreciation by 2.42% (mtm) to rp 11,624 per usd. moreover, based on the data from the central bureau of statistic indonesia (bps), on january 2016, rupiah was depreciated by 0.96% against usd. the lowest average national rate of rupiah exchange rate against the usd occurred in the third week of january 2016 at rp 13,863.13 per usd. its depreciation of the exchange rate was mainly triggered by market players’ negative sentiments against the tapering-off plan as well as the effect of indonesia’s current account deficit. bank indonesia assessed the rupiah depreciation was still in line with the development of regional countries’ currencies. further, bank indonesia would continue to maintain the stability of the rupiah exchange rate in line with its fundamental values to support a controlled economic adjustment (bank indonesia 2013). the depreciation of the rupiah exchange rate has a real impact on the economic activities of entrepreneurs whether it is large, medium, small or micro. for some indonesian entrepreneurs, the depreciation of the rupiah exchange rate has disrupted the operations of companies with components of imported or paid production costs with usd. the higher the import content, the more the rupiah needs to be exchanged in the same dollar value. the various crises that have occurred affect the condition of state economy through macro and microeconomic variables directly or indirectly. according to the report of bank indonesia financial stability review (2015), in 2015, the global financial market condition experienced a devaluation triggered by uncertainty in the direction of monetary policy in the united states (usa). sentiment in global financial markets coupled with the weakening performance of the indonesian economy impact the increasing pressure in indonesian financial markets. in the midst of external and domestic challenges, banks still have good resilience through their performance has slightly declined. banking resilience can identify with the capital level that is relatively stable. however, the performance of banks has slightly declined—banking intermediary function somewhat weakens in line with the slow growth in bank loan to deposit (ldr). the slowing economic growth, on the one hand, has led to slow credit growth, while on the other hand, it has increased the growth of third-party funds of banks. its combination encourages the decline of the loan to deposit (ldr). the decrease in bank performance is also reflected in the efficiency and return on assets (roa) that has declined. the decline in 29 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia the efficiency of the banking industry can also identify by an increase in the operational efficiency ratio (bopo). its decrease in efficiency is the cause of the decline in the profitability of the banking industry. this situation increasingly awakens the government and various economic regulators on the importance of financial system stability. it is because the instability of the financial system will produce horrible impacts that are the loss of public confidence and slow economic growth and income. the existence of dual banking system implementation becomes an object discussed by the researchers in looking at the level of banking stability with various measurement models. in some studies, the sharia banking system is regarded to be more stable in experiencing macroeconomic shocks than conventional banks. this phenomenon proven by the large number of studies conducted by darrat (1988, 2002), kia (2001), iqbal (2001), kia and darrat (2003), čihák, et al. (2007; 2008), ascarya, et al. (2009), beck, et al. (2010), anisak (2010), akhter, et al. (2011), nurfalah (2015). however, in another study conducted by ichsan (2012), which used banking stability index (bsi) approach as performed by (segoviano, 2009: ghosh, 2011). it found that sharia banks are no more stable than conventional banks in which the percentile of conventional banking stability index is higher than sharia banking stability index. additionally, the volatility of sharia banks is higher than that of conventional banks. however, the level of stability distribution of sharia banks is more evenly distributed compared to conventional banks. based on the difference in the results of these measurements, it is interesting to conduct the further study related to banking stability in this dual system. therefore, this study tries to measure the level of stability of sharia and conventional banking system with two stability measurement model (bsi and z-score) to know which banking system that is more stable in facing macro and microeconomic variable shocks. literature review financial system stability many economic participants, especially financial market participants, have recognized the term financial stability. in principle, financial stability relates to 2 elements, namely price stability and financial sector stability including financial institutions and financial markets that support the entire financial system. if any of these factors are disrupted or unable to run correctly, other elements will be affected in one hand (nasution, 2003). according to law no. 9 of 2006, the stability of the financial system is a condition of the financial system that works 30 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 effectively and efficiently and able to survive on the internal (within the country) or external (abroad) fluctuation. international monetary fund (imf) states that the financial system considered stable when it can avoid the fall of financial institutions in large numbers and intermediary system interference. also, bank indonesia (bi) also states that a stable financial system is a reliable and resistant financial system in facing various economic disturbances—it can perform the intermediary function, conduct payments and spread the risks well. the risks in a financial system that often experienced are such as credit risk, liquidity risk, operational risk and market risk (bureau of financial system stability of bank indonesia, 2012). in the islamic financial system, according to iqbal (1997), the primary framework is a set of rules and laws, collectively referred to sharia, regulating economic, social, political and cultural aspects of islamic society. sharia comes from the qur’an and sunnah. ascarya (2009) says that there is no fundamental difference of the scopes or elements that exist in the conventional financial system and islamic financial system. they are just distinguished by the norms and values that had adopted. the stability of islamic finance system, in the view of the classical muslim scholars, occurs when the flow of money from deposits to investment goes smoothly—there is no source of funds that are idle or not utilized. four related factors are supporting the creation of financial system stability; (i) a stable macroeconomic environment; (ii) a well-managed financial institution; (iii) effective oversight of financial institutions; and (iv) a secure and reliable payment systems. if there is an interruption in one of the sub-sectors, it will extend to other subsectors (illing and liu, 2003; gadanecz and jayaram, 2008). figure 2. factors in supporting stable and healthy financial stability a stable macroeconomic environment secure and reliable payment system well-managed financial institutions healthy and stable financial system effective supervision of financial institutions source: booklet of ssk dpnp, bank indonesia (2007) 31 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia the increasing trend of global financial sector supported by technological developments causes the financial system to become more integrated without time lag and borders. moreover, financial product innovation is increasingly dynamic and diverse with the increasing complexity. these developments not only cause the sources of financial system instability to increase and be more varied, but these also lead to the more difficult situation to overcome the uncertainty. as a g-20 member, indonesia commits to implement the financial sector assessment program (fsap) in 2016. the fsap aims to assess the stability and development of the national financial sector comprehensively to maintain the stability of the financial system implemented every 5 (five) years. indonesia has firstly followed fsap in 2009/2010 (lps, 2016). to know the sensitivity of a financial system in experiencing macroeconomic variable shocks, one can do with macro stress testing proposed by the imf and world bank. stress in the financial sector can measure through risk proxies in each financial sub-sector. there are several studies in measuring and analyzing the financial stability based on the caused stress. financial stability seen from the proxy of stress by performing financial stress index (fsi) in the financial sector can be taken advantage as a measure of financial sector stability such as done by illing and liu (2003), morales and estrada (2010), and korohama (2013). there are also assessments by using aggregate financial stability index like a study by gersl and hermanek (2006). they construct aggregate financial stability with indicators based on the fsi value of the imf for the czech republic. a study by verlis (2010) which aims to see stability in jamaica from 1997 to march 2010 using microeconomic, macroeconomic indicators, and the performance factors of the banking sector. albulescu (2010) that examines the financial system of rome, with an index built on the financial system, vulnerability, strength, and indicators of international economic conditions. other measurements can also make by formulating a financial stability condition index (fsci) based on variables sourced from market information and balance sheet from financial institutions and other economic actors. this index performed by van den end and tabbae (2005) in examining the financial stability of the netherlands and van den end (2006) in reviewing the financial stability of the six oecd member countries. the study of financial system stability measurement in indonesia by using financial stability index (fsi) has been conducted by irawan (2006), haddad et al. (2007), and ascarya et al. (2009) by using banking, capital market and money market, variables. 32 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 measurement of banking stability the measure of banking stability in this study uses two calculation models namely banking stability index (bsi) and z-score. the banking stability index has widely used in previous studies (segoviano, 2009; ghosh 2011; ichsan 2012; mucheva and magdalena 2013; kočišová 2014). similarly, z-score also has been used in the studies of (čihák et al. (2007; 2008), beck et al. (2010, 2012), zakaria (2013), ghassan and taher (2013), altaee, et al (2013), tomak (2013), elbadri (2015). a study conducted by ghosh (2011) tries to measure banking stability in india by constructing an index of banking stability index (bsi). three banking indicators used are: first, loan-loss provision (llp) ratio to total assets. second, the ratio of total capital to the risk of total weighted assets; or; capital adequacy ratio (car). third, probability of return on asset (roa) measured from the ratio of profit after tax to total assets. these indicators derived from three main dimensions of banking operations: stability, health, and profitability, in which the higher values of these indicators indicate an increase in bank operations on that aspect. while the roa, as a considerable measure of bank profitability in the literature, is also widely used as a measurement of stability and health banking (ghosh, 2011). in the calculation, bsi consists of two stages, namely: information: i = indicator i is the index for each dimension i (d1) a = the actual value of each variable m and m = the maximum and minimum values of dimension i furthermore, values that are higher than d1 suggest a higher achievement level of the bank in that dimension. in the n-dimensional space, the index used in the following equation: given that this bsi index has minimum and maximum values that naturally may vary according to time, it indicates that this bsi index has the right flexibility in the calculation. it is quite possible to compare the level of banking stability over time, and it is also relative to other banks. thus, this i n dex is considered highly dynamic and flexible (ghosh, 2011). 33 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia the z-score variable has widely used in previous studies as an indicator in determining the level of banking stability. imf also uses z-score to evaluate bank stability. the z-score calculation based on the historical accounting data of the bank’s financial statements that is a combination of three indicators, such as: capital adequacy, profitability and volatility measures. (altaee, 2013). the banking sector will go bankrupt or even crisis if the percentage of assets is lower than the percentage of the loan value (čihak et al., 2008). the z-score equation formulated as follows: z ≡ (k + μ) / roa …….. (3) z-score is a function of total equity and reserves/total assets added with the average return on assets (roa) and divided by the standard deviation of roa. the greater the result of z-score the more the conditions stable (čihak et al., 2008). in the study of altaee et al. (2013: 96) explains that the calculation of z-score value can calculate as z = (k + μ) / σ. where k is the percentage of capital and reserves of total assets, μ is the average percentage of roa (net income of total assets), and σ is the standard deviation of roa as a proxy of return volatility. the higher the z-score values, the lower the risk of default, and vice versa. the higher σ indicates the instability of bank earnings that decrease the amount of z-score. in this study, the measurement of banking stability made by using z-score because it is considered to be fair and more relevant to measure the stability of banking regarding that banking is a financial institution that is high riskhigh return. from the results of this z-score, it known which banking system is more stable because when the z-score is higher, the occurrence of bankruptcy is lower. the measurement of bankruptcy in various financial institutions has a category of stability assessment through a z-score range, i.e., the score above 2.90 categorized as “solvent,” the score between 2.90 1.20 categorized as “a gray area,” and the score is below 1.20 is categorized as “insolvent.” (altman in anisak, 2010). previous studies rahim and zakaria (2013) compare financial stability between sharia banks and conventional banks operating in malaysia during the period 2005-2010. the research sample consists of 17 sharia banks and 21 conventional banks using panel data analysis. this study uses z-score and npl to total credit as a proxy indicator for financial stability. the results show that sharia banks are more stable than conventional banks. also, this study also finds that all factors affecting the stability of sharia and conventional banks remain the same, except the income 34 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 diversity index. stability in sharia banks is not determined by income diversity as conventional banks did. this fact explains the reason of why sharia banks remain stable compared to convention banks during the recent crises when various sources of bank income have been affected by negative impacts. ichsan (2012) tries to see dual banking stability in indonesia in the 20052011 period using independent variables: ipi, bi rate, exchange rate, inflation, money supply (m2), and a dependent variable: banking stability index (bsi). the method used is var vecm. the result of bsi shows that sharia bank is not more stable than the conventional bank where the percentile value bsi conventional banks is more significant than bsi sharia banks, and volatility level of sharia bank is higher than the conventional bank. however, the distribution level of sharia banking stability is more evenly distributed compared to conventional banks. variables that are prone to shake the stability of conventional banks are inflation (8.56%), bi rate (4.09%), and money supply (2.07%). that is in contrast with the stability of sharia banks that are only vulnerable to inflation (18.56%) and income (8.46%). simorangkir (2012) examines several types of banking to serve as a detection sample of early warning occurrence of the crisis. this examination includes government bank (bp), private bank (bs), foreign exchange bank (bsd), nonforeign exchange private bank (bsnd), foreign bank (ba), mixed bank (bc), frozen bank business activity (bbku) and frozen operational bank (bbo). the results of this study indicate that the markov switching (ms) model produces robust results as an early warning indicator of bank runs. this condition reflected in the test results of the actual results in 102 banks showing the ms result only gives the wrong signal in the range of 0.69% to 2.08%. ghosh (2011) examines the stability of 28 banks in india in the period 1997-2007. the dependent variable used is banking stability index (bsi) because this index is considered to have a degree of flexibility in comparing the level of stability over time. while the independent variables are total assets, cost income ratio (cir), real loan growth, branch growth, merger, herfindahl index, real gdp growth, real interest rate, and divestment. regression analysis method used in this study. the results indicate that the expansion of branches allows for better diversification of risks that result from a positive impact on bsi. growth in gdp growth and a decrease in real interest rates may lower the possibility of bank failures. the existence of government investment, the presence of foreign banks, and competition (as measured by herfindahl index) give a positive effect on banking stability improvement (bsi). čihák et al. (2008) measured banking stability using data from 1993 to 2004. the measurement of banking stability did by using regression analysis (ols) on 35 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia banking z-score value. independent variables used include macroeconomic variables (gdp, inflation, exchange rate depreciation), herfindahl index (seeing the financial stability of total banking assets of a country), and governance indicators (gcg). while the dependent variable used is the value of z-score, which are a function of capital, reserve bank, an average return of assets divided by standard deviation from roa. the results of this study, in cross-country, prove that sharia bank is more stable than the conventional bank. the most significant average z-score scores are the smaller sharia banks, large conventional banks, small conventional banks, and large sharia banks. the macroeconomic variables that have the most significant effect on stability are exchange rate depreciation, while gdp and inflation are not very substantial. kusuma and duasa (2017) trying to build an early warning system for preserving financial system stability. this research suggests that there are several indicators that able to figure out the resilience of islamic banking. they also suggest that the resilience of islamic banking needs to supported by the resilience in the real sector. method the data used in this study are secondary data in the monthly form obtained from bank indonesia namely economic and financial statistic bank indonesia (indonesia: seki-bi), financial services authority (indonesia: ojk) that are indonesian banking statistics (spi-ojk) and sharia banking statistics (sps-ojk), and bureau central of statistics. it also uses period data between january 2006 and december 2015. generally, in this study, there are four equation models—the two use dependent variable z-score, and the rests use a dependent variable of banking stability index (bsi). z-score equation model model 1: z-score_kt = a0+ a1 ipit-i + a2 inft-j + a3 exct-k + a4 brt-l + a5 dbkt-m + a6 cart-n + a7 ldrt-o + a8 puab t-p + εt ..……(4) model 2: z-score_st = a0 + a1 ipit-i + a2 inft-j + a3 exct-k + a4 brt-l + a5 dbst-m + a6 cart-n + a7 fdrt-o + a8 puas t-p + εt ……(5) bsi equation model model 3 : bsi_kt = a0 + a1 ipit-i + a2 inft-j + a3 exct-k + a4 brt-l + a5 dbkt-m + a6 cart-n + a7 ldrt-o + a8 puab t-p + εt ………….(6) 36 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 model 4 : bsi_st = a0 + a1 ipit-i + a2 inft-j + a3 exct-k + a4 brt-l + a5 dbst-m + a6 cart-n + a7 fdrt-o + a8 puas t-p + εt …………(7) the development of research using markov switching model has increased. since hamilton firstly introduced it in 1989, some researchers were then interested in developing this method to understand the dynamics of econometrics in the business cycle. the markov switching model that combines the linear autoregressive model with the markov chain model is the autoregressive markov switching model. because the business cycle is one of the dynamics of the macroeconomy that is influenced by several factors, it needs a model that uses several variables as the indicator of the economy. the markov switching vector autoregressive (msvar) model is a nonlinear model that incorporates an autoregressive linear vector model with a markov chain model using several economic variables that can change conditions to describe the business cycle (hayuk 2014). therefore, an appropriate statistical analysis is needed to analyze time series data on the economic and financial variables undergoing regime switching. by hans-martin krolzig (2006) and untoro et al. (2014), in this study, the markov switching model used by the multivariate model is ms-var model (markov switching-vector auto regression) that can use as an alternative to linear time series model with constant parameters. the general idea of this regime change model is that the parameters of the dimension vector time series k {yt} depend on the unobserved regime variable ∈ {1, ...,}, which represented by the chance of a state in a particular regime: with = is the historical value of which is an exogenous variable, and is the vector parameter at time of regime m. the markov-switching regression model can be defined as follows: is the exogenous regressor matrix of size (𝐾 × 𝑅), and is the innovation process. the most common forms of the msvar process with the 𝑝 and 𝑀 order of the regime are: with value per sample 𝑦0, … , 𝑦1−𝑝 is fixed. 37 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia there are several specifications of the ms-var model in modeling the time series to regime changes. the common notation used for the ms-var model specification which indicates which variables are changing against regime change is as follow: m (mean (μ)) ; i (intercept (v)) ; a (autoregression parameter(a i )) ; and h (heteroscedasticity (∑)). table 1. types of ms-var model notation µ v ∑ a i msm(m)-var(p) changed not changed not changed msmh(m)-var(p) changed changed not changed msi(m)-var(p) changed not changed not changed msih(m)-var(p) changed changed not changed msiah(m)-var(p) changed changed changed source: untoro et al. (2014) in all ms-var specifications, it assumed that unobserved state st follows a process of first-order markov chain process, which explains that the current regime (st) depends only on the regime of one previous period s𝑡−1. this study uses latent variables that follow the first derivation of markov twostate, i.e. . where st = 1 is the crisis state and st = 0 is tranquil state. even in this model s is not directly observed, the behavior of the dependent variable (yt) is free from st that can be notated as follow: (10) this study tries to compare two measurement models on dual banking. therefore, there are two dependent variables (yt) used in each model of this study. dependent variables are the measure of banking stability, such as: z-score and bsi. referring to simorangkir’s study (2012), in the ms model, the mean and variance of yt may change according to the regime. the density (density) of st can be formulated as follows: (11) for st = 0, 1 latent variables of regime switching (st) are derived from the following pt probability transition matrix. where is the possibility of displacement of state i in period t-1 to state j in period t and f is the nominal cumulative function cdf 38 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 component of vector kx1. meanwhile, xt-1 is an early warning indicator that may affect the chance of transition. to run this model, it needs the initial value that is = pr(s = 1) which is the unconditional probability to state 1 in period 1. the treatment of its value depends on whether xt is stationary or not. if xt is stationary then the probability of longterm 1 and it is also a function of (β0,β1). if xt is not stationary, it means an additional parameter that must be estimated. in practice, if the time series data is long enough, the likelihood function will not be affected either by calculating the function of (β0, β1) separately or by fixing the values—it will not make a significant difference (simorangkir, 2012). result and discussion result based on the outcome of stationary test, the variable of stability of banking system either sharia or conventional is stationary at first difference level, except bsi_s. the stationary macroeconomic variables at the level are ipi (inipi) and inflation, while the exchange rate variable (iner) and interest rate (ir) are stationary at the first difference level. in the micro variables, both sharia and conventional banks are almost all stationary at first difference level, except for sharia capital adequacy (cars) and interbank money market variables (inpuab). the results of this test, all models of banking stability (sharia and conventional) experience a structural shift during the period of this study. it can see from the f statistic value of each model which is significant at 5% real level, which shows that the null hypothesis (h0) which states there is no structural shift had rejected. based on the tests, on the model of sharia z-score, conventional z-score, and conventional bsi, there are heteroscedasticity. while on sharia bsi model, there is no heteroscedasticity. through the smallest lr linearity test values, the best msvar model for each model can identify. the models in each equation are: z-score_s (msmh), z-score_k (msih), bsi_s (msi), bsi_k (msmh). in measuring the stability of dual banking in this study, as has been explained earlier, it uses the value of z-score and bsi as indicators of the banking stability size. these calculations result from different values between the level of stability of sharia banking and the conventional one. both index values are obtained by using data composition by previous studies, which become the reference in this study. the z-score values are derived from the components of total equity data and reserves / total assets, average return on assets (roa) and standard deviations from roa, 39 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia with the formulation z = (k + roa) / σroa as has been conducted by čihák et al. (2008). while the values of bsi were obtained from data components, such as: capital adequacy ratio (car), profitability ratio (roa) and npl/npf. this result also found by segoviano (2008). the values obtained from the calculation of each banking system are as follows: figure 3. the average of z-score and bsi of double-banking in indonesia source: sps-spi data (processed) based on the calculation of stability measurement by using z-score, on figure 3, it can see that the average of z-score of sharia banks (6,722) is higher than conventional bank z-score (3,921). according to čihák et al. (2008: 7), higher z-score values have implications for a lower possible risk of insolvency. it shows that based on the measurement of the amount of z-score, sharia banking is more stable than conventiona l banking. this result of this study is by some previous studies such as čihák et al. (2007: 2008), beck et al. (2010), anisak (2010), akhter et al. (2011), rahim (2013), nurfalah (2015). all of that research states that sharia banks are more stable than conventional banks. the high value o f this z-score, according to (čihák et al., 2008), can be caused by an increase in bank assets, low loan to asset ratio, cost-to-income ratio and increased income diversity that obtained. thus, banks are advised to expand the network not only operate in the sector of distribution / loan, but also look for other sources of income. the level of banking stability in indonesia, seen from the results of measurements using banking stability index (bsi), it shows that the value of bsi conventional bank (0.299) is higher than the amount of bsi sharia bank (0.299) 40 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 indicating that conventional banking is more stable than sharia banks. this result is by previous studies conducted by ichsan (2012). regarding these different values, the researcher looks for something that causes the difference between the values of these two indexes. thus, in the second calculation phase, the researcher tries to see from the side of the forming component of the two stability indexes. then, calculating the stability indicator with the same elements continues it. through the second calculation process, the bsi stability index (sharia and conventional) calculated by excluding npl / npf data components into bsi calculations. the results are shown in figure 4, which show that the value of bsi_s (sharia banking) (0.213) is greater than bsi_k (conventional banking) (0.203). these results are in line with the amount of z-score, which clarify that the level of stability of sharia banking is higher than conventional. the difference of forming components of both stability indexes influences the difference in results of both measurements. figure 4. the average of sharia and conventional bsi source: sps-spi data (processed) from the results of bsi calculations, indirectly, it can be taken a hypothesis that the use of npf variables have an adverse effect and can trigger a decline in the level of stability of sharia banking system in indonesia. this condition is in line with the movement of npf data of sharia banking in indonesia, which is more volatile than npl during period of this study. npf increased mainly in 2014 to early 2015. however, npf ratio began to tend to lead to a decline back in 2015, and npl of conventional banking appeared to have a slightly increasing trend since 2014 to 2015-an increase only in the small number percentage. the rise of npf and npl ratio occurs as the impact of slowing global economic growth, depreciating of the exchange rate and declining 41 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia domestic demand starting in 2013 with the introduction of quantitative easing policy, which affected the sluggishness of the real sector and increased the ratio of non-performing financing. based on figure 5, it can see that the movement of npf and npl representing credit/financing risk acts as one of the assessors of stability of dual banking system in indonesia. the fluctuating npl / npf condition positively affects the level of banking stability in performing the financial intermediation function. from the results of the calculation, it knows that in the z-score measurement model information on npf fluctuations cannot be captured. also, it also is known that despite the increase in problem financing (percentage of npf) of banks occurs; sharia banking still tries to strengthen on the side of capital seen by the number of assets and car which continue to increase to remain in stable condition. it is possible because of the other income (income diversity) obtained by sharia banking. as stated by čihák et al. (2008), the high level of stability of sharia banking also influenced by the existence of income diversity. it is also supported by research rahim et al. (2013) that among of different factors of dual banking system stability is the income diversity obtained by banking. figure 5. movement of npl and npf 2006 – 2015 source: sps-spi data ojk nevertheless, at this measurement, it is essential to consider the size scale of both banking systems. in this study, the data are the overall data of banks contained in both types of banking systems in indonesia. thus, when it measured in the form of percentage, sharia banking has a higher value compared with the conventional banking system. 42 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 compared to other methods, this ms-var method has advantages such as providing information on the index value of the crisis (threshold). hence the crisis period and the duration of the crisis become one of the estimated results. such information can see from the shift from stable conditions (regime 1) to unstable conditions (regime 2). this fact is given that the banking industries, as financial institution, usually experience the conditions up and down like a business cycle. when bank is resistant to macro-turbulence, it is in stable condition. in reverse, if it decreases because of the influence of macroeconomic turbulence, it is an unstable situation. the results from oxmetric5 show the differences in probability and duration of regime transitions that occur in sharia and conventional banking, as shown in the following table: table 2. probability and duration transition regime on z-score model regime z-score_s model zscore_k model prob duration prob duration regime 1 0.5985 34.76 0.5131 12.01 regime 2 0.4015 23.32 0.4869 11.39 source: processed by the researcher z-score_s = sharia banking z-score, z-score_k = conventional banking a-score based on table 2, the z-score measurement model shows that the probability of sharia banking in stable condition (regime 1) is 59, 85% that is bigger than the probability of unstable condition (regime 2) that is equal to 40,15%. similarly, the duration of tranquil condition of sharia banks (34.76 months) is longer than the conditions of the crisis-23.32 months. if it is compared with the conventional banking system, sharia banking has a greater probability of regime 1 (stable condition) and smaller regression probability (unstable condition). the same results also are shown in the bsi model, which state that the probability level of sharia banking is in stable condition (55.12%) that is greater than conventional banking (50.47%). also, the probability of unstable conditions in sharia banking (44.88%) is also smaller than the existing unstable conditions in conventional banking (49.53%). seen from its duration, stable condition of sharia bank is also longer. the results can see in table 3. 43 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia table 3. probability and duration of transitions regime on bsi model regime bsi_s model bsi_k model prob duration prob duration regime 1 0.5512 25.39 0.5047 19.68 regime 2 0.4488 20.67 0.4953 19.32 source: processed by the researcher bsi_s= sharia banking bsi, bsi_k= conventional banking bsi looking at the results of both stability measurement models, it known that the possibility of sharia banking system in stable condition is higher than conventional banking system. this measurement indicates that sharia banking by using the revenue sharing system has more significant potential to run in excellent condition. the sharia financial system is more stable than the conventional interestbased financial system. it based on the argument that the profit-sharing scheme underlying the operation of the islamic financial system acts as a shock absorber to shocks (ascarya, 2009). it had explained early that this study consists of two groups of regimes, namely regime 1 (stable condition) and regime 2 (unstable situation). through markov switching method, the determination of the period of unsettled conditions occurrence is one of the estimation results. in this study, each banking system uses two-equation models. based on estimated data, the duration of switching regime of each banking system is different. in this case, the differences in banking conditions based on the expected results of each stability model. discussion at the beginning period of study i.e. 2006, the condition of sharia banking is in regime 2, which means unstable. the unstable situation because economic conditions in early 2006 were still strongly influenced by the continued impact of the fuel price hike in 2005 marked by high inflation and interest rates, increased production costs and weakening purchasing power. thus its condition led to a climate that was less conducive to the business world including sharia banking. nevertheless, in line with the increasing macroeconomic stability, in the second semester of 2006, the broader economic expansion began to increase, so that the performance of sharia banking industry again found its momentum, marked by the high growth of business volume (progress report of sharia banking (lpps) 2006). 44 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 this increase is in line with the estimated results showing in october 2006 (2006) where sharia banking was even more stable again. on the other hand, although sharia banks have experienced pressure from macroeconomic conditions, the sharia banking industry continues to expand its network. the increasing number of banks conducting business based on sharia principles, namely an islamic business units and 13 sharia rural banks, proved it. along with its increase, the share of sharia banking industry increased from 1.4% to 1.6%. moreover, the network of sharia bank offices has also grown by 40 offices to 636 offices at the end of 2006. growth in deposits, financing and financial ratios also was continuing in that year. furthermore, banks began to be stable again during 2007 to 2008. at the end of 2008, the crisis caused by subprime mortgage in the united states had a negative impact on the condition of the indonesian economy, including financial institutions such as banks. sharia banks up to the beginning of 2009 felt this impact. it can see from the total assets of the sharia banking industry that although overall experienced a positive growth, they still suffered a slowdown. according to bank indonesia’s report (2009), the deceleration is affected by the real sector condition, such as the national economic downturn; lack of public purchasing power, and high economic costs that impact on business expansion limitation and reduction of consumption. however, the slowdown in the sharia banking industry is relatively minor if it is compared with the downturn in the national financial industry in general. overall, it can say that the sharia banking industry in 2009 tends to decrease the growth rate of business activities and the level of profitability. in the following years, sharia banking is back on stable condition. in mid-2013 (second semester), financial stability in indonesia suffered high pressure due to tapering off plan from the federal reserve amid a slowing global economy marked by declining global commodity prices. the existence of quantitative easing (qe) policy caused investors to divert their investment (capital outflow) from the emerging market countries. thus it was impacting on the depreciation of the emerging market’s exchange rate, including indonesia. the rupiah was depreciated against the us dollar by 22.1% from june to december 2013 (ksk, 2014). the high uncertainty of the global economy is probably very influential on the stability of indonesia’s financial system, including the sharia banking industry as a financial institution. this uncertainty can be seen from the increased liquidity risk, as credit growth rate is higher than the growth of deposits. also, the increasing market risk due to the weakening of the rupiah exchange rate remains also indicates. therefore, in the second semester of 2013, sharia banking was 45 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia in the position of regime 2 (unstable). the end of 2015 still felt the uncertainty of the global economy, weakening commodity prices and declining domestic demand. thus, many of those countries were again slowing their economic growth by issuing monetary policies to control rising risks in financial markets for economic recovery. the classification of regime transfer period from the data processing through oxmetrics5 is shown more clearly in table 4. similar with sharia banking, in 2006, the conventional banking system was also in an unstable condition, but in line with the improvement of the macroeconomy, in the second semester, precisely in october 2006, banks began to stabilize again. however, from november 2006 to the beginning of 2008 (2006: 10 2008: 1), banks have experienced shocks due to the unstable macroeconomic conditions. in september 2008, banks again suffered a precarious situation due to the emergence of several challenges encountered, including rising world oil prices and financial crises stemming from subprime mortgage problems so that the impact was disruptive to the stability of the financial system, both in developed countries and developing countries including indonesia. various financial transactions that tended to have high levels of speculation lead to deterioration in the conventional financial system. furthermore, banks were trying to control their stability to return the transition to stable conditions. table 4. classification of the sharia banking regime period z-score_s model regime 1 regime 2 2006:10 2008:6 2006:1 2006:9 2009:4 2013:5 2008:7 2009:3 2013:6 2015:12 source: oxmetric5 the existence of quantitative easing (qe) policy in 2013, which caused the devaluation of rupiah and emerging market currencies, has also affected the decline of conventional banking stability, precisely since july 2013. the unstable macro condition also had an impact on increasing global risk and domestic risks thereby it increased the risk of the domestic financial system, such as slowing economic growth impacting on slowing credit growth, as banks were more cautious in lending. nevertheless, banks were still trying to manage the risks they faced and strived to maintain their stability through capital strengthening, improvements in credit, and others to decrease the potential for instability. 46 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 table 5. classification of conventional bank regime periods z-score_k model regime 1 regime 2 2006:10 2006:11 2006:1 2006:9 2008:2 2008:8 2006:12 2008:1 2008:11 2008:12 2008:9 2008:10 2009:4 2012:10 2009:1 2009:3 2012:12 2013:6 2012:11 2012:11 2013:7 2015:12 source: oxmetric5 in line with the global economic slowdown and declining commodity demand due to the depreciation of the exchange rate, the banking institutions also experienced a slowdown in 2014 to 2015. also, indonesia’s financial system also faced with unbalanced financial conditions that potentially pose a systemic risk. according to the report of financial system stability review (2015), the sources of the identifiable imbalances are: the contraction of financial cycles and the proliferation of bank lending, increased private foreign debt, falling commodity prices, the fed’s normalization plan and the strengthening trend of the usd, and the continuing increase in property prices. the higher non-performing loan ratio and the declining probability level also prove the condition of instability since 2014. it also happened on sharia banking system on that year. the estimated result almost the same as the z-score model shown by the modeling result of banking stability index (bsi). based on this bsi model, sharia banking from 2006 to october 2007 is in the position of regime 2 (unstable). this phenomenon because the slowing national economic condition characterized by: high inflation and interest rates and falling demand for domestic commodities. besides, according to the estimation model of sharia bsi was also affected by the global crisis from october 2008 to september 2009. in this case, the global crisis that occurred is sufficient; it gave a significant impact on the state of the indonesian economy. this crisis gave negative sentiment to the indonesian financial market, as reflected by the drop in the jci to 1400, which simultaneously pushed the rupiah exchange rate beyond the psychological limit of rp 9,500.00 per us dollar. pressures on national exports and foreign investment and the uncertainty over commodity 47 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia prices affected the outlook for inflation. in the end, its global crisis had a negative impact on the financial system and national economy, including the stability of sharia banks at a certain level. in 2009 the sluggish economic condition also occurred in the real sector realm with the decreasing of people’s purchasing power, which caused the economic growth to slow down and influenced the slowing growth of sharia banking. this condition is also evident from the increasing npl ratio in that year. furthermore, sharia banking was starting to stabilize again in october 2009. also, according to the estimation of bsi model, it also shows that the existence of quantitative easing (qe) policy in 2013 hurt banking stability in indonesia through instability of macroeconomic conditions such as depreciation of rupiah exchange rate. the implications of these unstable macro conditions had an impact on increasing the risks in the financial system, including the effect on risks that exist in the banking industry as part of the national financial system. to be more specific, this transition regimes period of sharia banking shown in table 6. table 6. the classification of sharia bank regime period bsi_s model regime 1 regime 2 2007:11 2008:9 2006:1 2007:10 2009:10 2013:6 2008:10 2009:9 2013:7 2015:12 source: oxmetric5 it shows that in the early period of this study conventional banking was in an unstable position because of the influence of national economic conditions. the banking industry was able to stabilize again in march 2008. also, the conventional banking system re-experienced a transition to unstable conditions in 2008 to march 2009 as a financial institution that also experienced the impact of the bubble economy in the united states with the collapse of lehman brothers. mainly, those consequences were significant to speculative and interest-based transactions. another fact that shows the effect of macroeconomic conditions on banking stability can also see in the mid of 2013. the existence of quantitative easing policy indirectly influenced the decline in stability of the indonesian banking industry, whether it was a sharia bank or a conventional bank. this impact still occurred until the following 48 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 year due to the unstable macroeconomic turmoil, especially emerging market countries. it shows that banking institutions again experience the light condition. this is also evident in the slowing banking growth. calcification of this of conventional banking transition period shown in table 7. table 7. the classification of conventional banking regime period model bsi_k regime 1 regime 2 2008:3 2008:9 2006:1 2008:2 2008:11 2008:12 2008:10 2008:10 2009:4 2013:6 2009:1 2009:3 2013:7 2015:12 source: oxmetric5 based on the overall exposure of the estimated results from the two models described above, it can see that the dual banking transition periods in the z-score and bsi models obtain similar results. also, the level of stability of the dual banking system in indonesia is influenced by the existing macroeconomic conditions. so that when there is a phenomenon of financial instability both global and domestic, the banking stability decreases and its growth also experience a slowdown. nevertheless, in line with the increasing economic growth, banking growth has also increased. conclusion this study measures the level of dual banking stability in indonesia against macro and microeconomic variables for ten years (2006 2015) using two measurement models namely z-score and banking stability index (bsi). based on calculations from banking data, it shows that the stability level of sharia and conventional banking in indonesia is different. through the calculation of z-score values, the sharia banking system has a higher level of stability (6,722) than the conventional banking system (3,921). however, through the calculation of banking stability index (bsi), the stability of the sharia banking system (0.278) is lower than that of conventional banking (0.299). this calculation occurs because of differences in the components of both conventional banking and sharia banking. when the constituent components of z-score and bsi equated, the result shows that sharia banking is more stable than conventional banking. 49 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 siti fatimah zahra. measurement of dual banking system in indonesia also, according to markov switching’s results through the estimated probability and duration of switching regime on dual banking system in indonesia using two models (z-score and bsi) show similar results for each banking system. in general, sharia banking is considered more stable in facing macro and microeconomic shocks than conventional banking. the policy recommendations that offered by this study are: first, to maintain the stability of the banking system, banks should be more careful and improve strategies in dealing with uncertain financial conditions, either in capital strengthening or credit/financing. second, results of the study prove that sharia banking is more stable in facing the crisis shock compared to conventional banking, regarding this, government policy that continues to support in increasing market share of sharia banking is needed. besides that, this research also suggests some research recommendations such as: first, the variables used in this study are still limited to macroeconomic and micro variables, which are the internal financial ratios of banks. however, many other factors affect the stability of the financial system beyond the variables used in this study. therefore, it is recommended in further studies to use other variables that are qualitative, for example, the business conduct sector, customer behavior, and others. second, also, the data used in this study only within ten years. for subsequent reaches, it is recommended using a more extended period in research observation to obtain maximum results. acknowledge this research was funded by indonesian financial services authority (otoritas jasa keuangan ojk) through ib research grant program 2016 held by islamic banking department ojk. references abiad, a. 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(2012). kajian indikator peringatan dini bank runs di indonesia: pendekatan markov-switching (the studies of early warning system of bank runs in indonesia: the markov switching approach). working paper bank indonesia. 52 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5867 swamy, v. (2014). testing the interrelatedness of banking stability measures. journal of financial economic policy. 6 (1): 25-45. untoro., r. priyo. & a. widodo. (2014). kajian penggunaan instrumen sistem pembayaran sebagai leading indicator makroekonomi (the review of the use of payment instruments as macroeconomic leading indicators). wp/6/2014 working paper bank indonesia. zeman, j. & p. jurca. (2008). macro testing of the slovak banking sector. national bank of slovakia working paper 1/2008. titi dewi warninda1*, diamantin rohadatul aisy2 abstract. this study aims to analyze the influence of peer banks on the liquidity management of islamic banks in indonesia and whether such influence is robust during the periods of the global financial crisis. this research uses fixed-effect panel data regression with robust standard error and the data of islamic banks in indonesia for the years 2007-2020. this research finds that peer-banks have a negative impact on islamic bank liquidity, and it is robust in the global financial crisis periods. this study contributes to the policymakers and literature regarding the peer bank effect, especially in the liquidity management of islamic banks. the liquidity management of islamic banks is not only influenced by the conditions of the islamic banks themselves but also affected by the behavior of other islamic banks. keywords: islamic bank; peer-bank effect; bank liquidity abstrak. penelitian ini bertujuan untuk menganalisis pengaruh peer bank terhadap pengelolaan likuiditas bank sharia di indonesia dan apakah pengaruh tersebut tetap ada selama periode krisis keuangan global. penelitian ini menggunakan regresi data panel fixed-effect dengan robust standard error dan data bank sharia di indonesia tahun 2007-2020. penelitian ini menemukan bahwa peer-banks berdampak negatif terhadap likuiditas bank sharia, dan pengaruh tersebut tetap ada pada periode krisis keuangan global. hasil penelitian ini memberikan kontribusi bagi pengambil kebijakan dan literatur mengenai adanya peer bank effect khususnya dalam pengelolaan likuiditas bank sharia. pengelolaan likuiditas bank sharia tidak hanya dipengaruhi oleh kondisi bank sharia itu sendiri, tetapi juga dipengaruhi oleh perilaku bank sharia lainnya. kata kunci: bank sharia; peer bank; likuiditas the effect of peer-banks on bank liquidity management: the case of islamic banks in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 14 (2), jul-dec 2022 p-issn: 2087-135x; e-issn: 2407-8654 page 233 248 1,2state islamic university syarif hidayatullah, indonesia e-mail: 1titi.dewi@uinjkt.ac.id, 2diamantinais@uinjkt.ac.id author: titi dewi warninda received: 19 july 2022 accepted: 26 december 2022 published: 31 december 2022 mailto:titi.dewi%40uinjkt.ac.id?subject= mailto:diamantinais%40uinjkt.ac.id?subject= 234 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 introduction one of the roles of the financial system is to provide liquidity. therefore, as financial intermediaries, banks always try to manage their liquidity position to support this role. the liquidity position is a benchmark for assessing the competence of a bank in fulfilling its commitments to depositors. banks must carefully plan their liquidity position and periodically monitor liquidity risk (alzoubi, 2017). the liquidity risk faced by banks can come from the mismatch between demand and the availability of bank funds (alzoubi, 2017). banks face imbalances in assets and liabilities that create insolvency risk (abdul-rahman et al., 2018). the role of banks as financial intermediaries, which is converting short-term deposits into long-term loans, basically exposes banks to liquidity risk (berger & bouwman, 2009). the impact of liquidity risk can reduce bank income and capital and affect solvency. liquidity risk was one of the most important causes of the 2007-2009 global financial crisis (galletta & mazzù, 2019). during the global financial crisis, there was instability in the banking system. effective liquidity risk management is important in dealing with liquidity pressure due to financial market turmoil (abdul-rahman et al., 2018). considering the importance of bank liquidity, several researchers have examined the determinants of bank liquidity. the research of munteanu (2012) is about liquidity determinants of commercial banks in romania. al-harbi (2017) studies the determinants of conventional bank liquidity in the organization of islamic cooperation (oic) countries. the study by nguyen & vo (2021) is about the liquidity of commercial banks listed on the vietnamese stock exchanges. at the same time, yitayaw (2021) conducts research on commercial banks' liquidity in ethiopia. this research detects banks' internal and macroeconomic factors that affect banks' liquidity. meanwhile, some other previous studies have shown that a company's financial and operational management are not only determined by the circumstances of the company itself but are also influenced by the behavior of other companies (peer effect). previous research shows that companies make financial decisions by referring to information from their competitors (park, 2017). meanwhile, research on peer effects conducted by previous researchers is mainly on non-financial companies or companies in general (leary & roberts, 2014; grennan, 2019; kaustia & rantala, 2015; park et al., 2017; shroff et al., 2017). there is still little research on peer effects on financial or banking companies. research on peer http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 titi dewi warninda. peer-banks effect on bank liquidity management 235 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 effects in banking that has been carried out includes the peer effect on the capital structure of banks in the us (lee et al., 2017) and peer-influenced on european banks' risk behaviour (lyócsa et al., 2019). another study by bonfim & kim (2019) on commercial banks and bank holding companies in europe and north america shows a peer effect on bank liquidity risk management. a study by bonfim & kim (2019) regarding a strong peer effect on bank liquidity risk management shows that banks have collective risk-taking. according to allen et al. (2012), systemic risk will increase when several banks have similar portfolio decisions because the risk of defaults will be more correlated. systemic risk is a situation in which many (if not all) financial institutions fail due to common shocks or contagion processes. contagion is the risk of failure in financial institutions that causes default on other parties through domino effects in the interbank market, payment systems, or asset prices (allen et al., 2012). meanwhile, in countries with dual banking systems, there are islamic banks with different operational aspects from conventional banks, which must follow the sharia principles (abdul-rahman, sulaiman, et al., 2018; alzoubi, 2017). limitations placed on islamic banks cause the management of liquidity a more complicated task. islamic banks cannot invest in short-term financial instruments that provide income in the form of interest. islamic banks also cannot borrow from other banks or financial institutions requiring interest payments on the loans (alzoubi, 2017). unlike conventional banks, which often break up the financial and real sector performance, islamic banks' liquidity risk may arise when the real sector experiences a decline which causes the banks to be unable to conduct l the liquidity management properly (a balance of assets and liabilities). thus, setting up a liquidity management mechanism in islamic banks requires extra effort and special attention (ismal, 2010). moreover, limited instruments of shariahcompliant money market and shallow money market players have added challenges for islamic banks in managing efficiently their liquidity risk exposure (abdulrahman, sulaiman, et al., 2018; bello et al., 2017). research on islamic bank liquidity management is urgently needed, especially regarding the extent to which peer banks impact the liquidity management of islamic banks or whether islamic bank follows others in the decisions making of liquidity management. this is due to the characteristics of islamic banks that are different from conventional banks and the limitations of sharia-based liquidity instruments faced by islamic banks (abdul-rahman, sulaiman, et al., 2018; alzoubi, 2017; bello et al., 2017; ismal, 2010). this study also examines the peer-bank effect in the global financial crisis periods for the robustness test. to http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 236 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the best of our knowledge, this research will be the first to analyse the influence of peer banks on the liquidity management decision of islamic banks. literature review some research on the determinants of liquidity risk of islamic banks, among others, is conducted by alzoubi (2017) on 42 islamic banks from 15 countries and mennawi & ahmed (2020) on islamic banks in sudanese. other research has been done by mohammad et al.(2020) on jordanian islamic banks, abdelmagid (2020) on islamic banks in saudi arabia, ghenimi et al. (2020) on islamic banks operating in the mena region, and al-harbi (2020) on islamic banks operating in the oic countries. whereas the studies by arfiyanti and pertiwi (2020), gogo & arundina (2021), and anggraeni & berniz (2022) were conducted on islamic banks in indonesia. other research has been conducted by abdul-rahman, sulaiman, et al. (2018) on islamic bank liquidity risk in malaysia, and abdul-rahman, abdulmajid et al. (2019) on islamic bank liquidity risk in malaysia and indonesia. meanwhile, previous research shows that a company's financial and operational decisions are not only determined by the circumstances of the company itself but are also influenced by the behavior of other companies (peer effect). previous research shows that companies make financial decisions by referring to information from their competitors (park et al., 2017). some of these studies include the effect of peer firms on capital structure (leary & roberts, 2014), which shows that leverage is negatively related to peer firm equity shocks of peer firms. decisions to issue debt and equity are negatively and positively associated with peer-company equity shocks. the research on peer effect on dividend decisions (grennan, 2019) indicates that peer effect is important in increases but not decreases of dividend payment. peer effect study on decisions to do stock splits (kaustia & rantala, 2015) shows that companies are more likely to split their shares if their peer companies have recently done so. the study of the peer effect on investment decisions (park et al., 2017) shows that more financially constrained firms rely more on peer investment decisions. the research on peer effect on the cost of capital (shroff et al., 2017) shows that the peer information environment is negatively related to a firm's cost of capital when publicly available firm-specific information is lacking. in the meantime, research on peer effects in banking is still limited. the studies that have been carried out include the peer effect on the bank capital structure (lee et al., 2017), and bank liquidity (lyócsa et al., 2019; bonfim & kim, 2019). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 titi dewi warninda. peer-banks effect on bank liquidity management 237 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 the literature reviews show gaps in research about whether peer effect determines the liquidity management of islamic banks. regarding the different characteristics between islamic and conventional banks and the limitations of liquidity instruments for islamic banks (abdul-rahman, sulaiman, et al., 2018; alzoubi, 2017; bello et al., 2017; ismal, 2010), this research contributes by providing empirical evidence about the influence of peer effect on islamic bank liquidity management decisions. methods this study uses yearly unbalanced panel data from thirteen (13) islamic banks in indonesia from 2007 to 2020. this research uses indonesian islamic bank data because indonesia is the country that has the largest population of muslims. then the establishment of islamic banks in indonesia could not be ruled out. the list of islamic banks is as follows: table 1. list of islamic banks islamic banks bank muamalat indonesia bank sharia mandiri bank sharia mega indonesia bank rakyat indonesia sharia bank sharia bukopin bank victoria sharia bank negara indonesia sharia bank panin sharia bank central asia sharia bank jabar banten sharia bank btpn sharia bank aceh sharia bank ntb sharia this study uses fixed-effect panel data regression (equation (1)) with robust standard error to analyze peer-bank effect on the liquidity of islamic banks, which are: (1) http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 238 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 the detail of the variables are as follows: table 2. variable description variable measurement reference dependent variable liquidity (lata) liquid assets to total assets roman & şargu, 2014; mahdi & abbes, 2018; ghenimi et al., 2020 independent variable peer bank effect (plata) average liquidity of other islamic banks bonfim & kim, 2019 bank-level control variable: credit risk (npf) non-performing financing to total financing ghenimi et al., 2020 profitability (roa) return on assets alzoubi, 2017 equity (cap) equity to total assets alzoubi, 2017 country-level control variable: gdp growth (gdp) gdp growth hameed et al., 2019 inflation rate (inf) inflation rate laurine, 2013 real interest rate (rir) real interest rate dabiri, yusof, & wahab, 2019 broad money growth (bmg) broad money growth rashid et al., 2017 the dependent variable lata is liquid assets to total assets (roman & şargu, 2014; rashid et al., 2017; mahdi & abbes, 2018; ghenimi et al., 2020). we use liquid assets to total assets as the liquidity proxy because it is the most popular indicator of bank liquidity (ghenimi et al., 2020). this ratio describes the proportion of liquid assets to total assets. the higher this ratio, the better the bank liquidity or the lower liquidity risk because it shows that banks keep more liquid assets out of total assets (tran & nguyen, 2019). the peer-bank effect (plata) is measured by the average liquidity of other islamic banks (competitors) in the indonesian islamic banking industry (bonfim & kim, 2019). this variable's significant influence indicates the influence of peerbank on islamic bank liquidity management. control is control variables consisting of bank-level and country-level control variables. bank-level control variables are (1) credit risk (npf), measured by non-performing financing to total financing (ghenimi et al., 2020); (2) profitability (roa), which is return on assets (alzoubi, 2017); and (3) equity (cap), which is equity to total assets (alzoubi, 2017). the country-level control http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 titi dewi warninda. peer-banks effect on bank liquidity management 239 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 variables are (1) gdp is gdp growth (ahamed, 2021); (2) bmg is the broad money growth (rashid et al., 2017); (3) rir is real interest rate (dabiri et al., 2019); and (4) inf is the inflation rate (laurine, 2013). for further analysis, this research also analyzes whether the peer-bank effect is robust in the global financial crisis period. it uses a crisis dummy to reflect the possible impact of the 2008 global financial crisis. the crisis dummy equals 1 for the financial statement years 2008 and 2009 (louhichi & boujelbene, 2016; amin et al., 2018). results and discussion based on descriptive statistics in table 3, the average liquidity of liquid assets to total assets (lata) for all islamic banks in the sample is 0.27863. the highest and lowest liquidity are 0.64510 and 0.12019, respectively. the value of the standard deviation of liquidity is 0.08657. the average of peer-bank liquidity, which is peer-bank liquid assets to total assets (plata), is 0.27857. the lowest and highest peer-bank liquidity are 0.14538 and 0.37302, respectively. the standard deviation value is 0.04269. the average peer bank liquidity (plata) is just slightly lower than the average bank liquidity (lata). table 3. descriptive statistics average maximum minimum std dev. lata 0.27863 0.64510 0.12019 0.08657 plata 0.27857 0.37302 0.14538 0.04269 npf 0.03520 0.22040 0.00000 0.02883 cap 0.12946 0.35770 0.05480 0.06580 roa 0.00922 0.13580 -0.10770 0.02588 inf 0.04573 0.10227 0.01921 0.01861 gdp 0.04610 0.06345 -0.02070 0.02297 bmg 0.11159 0.19325 0.06290 0.03466 rir 0.06488 0.10040 -0.03852 0.03368 source: processed (2022) the average percentage of bank-level control variables, non-performing financing (npf), is 3.5%, ranging from 0.0% to 22%. the standard deviation http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 240 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 of non-performing financing (npf) is 2.88%. the average equity to total assets ratio (cap) proportion is 12.9%, varying from 5.48% to 35.77%. the equity to total assets ratio (cap) standard deviation is 6.58%. the return on assets (roa) has an average percentage of 0.9%, with the minimum and maximum values being -10.77% and 13.58%, respectively. the standard deviation of return on assets (roa) is 2.58%. meanwhile, for the country-level control variables, the average value of the inflation rate (inf) is 4.57%, which ranges between 1.9% and 10.23%. while the standard deviation of the inflation rate (inf) is 1.86%. the average gdp growth (gdp) is 4.6%, and it ranges from -2.07% to 6.34%. then the standard deviation of gdp growth is 2.29%. the average broad money growth (bmg) is 11.1%, with the minimum and maximum values are 6.29% and 19.32%, respectively. the standard deviation of broad money growth (bmg) is 0.03466. the real interest rate (rir) has an average percentage of 6.5%, varying from -3.8% to 10%. whereas the standard deviation of real interest rate (rir) is 3.37%. table 4. correlation matrix plata npf cap roa inf gdp bmg rir plata 1.00 npf -0.02 1.00 cap 0.22 -0.25 1.00 roa 0.11 -0.46 0.44 1.00 inf -0.6 0.03 -0.29 -0.10 1.00 gdp -0.59 0.02 -0.24 -0.06 0.55 1.00 bmg -0.18 -0.16 -0.26 -0.08 0.39 -0.04 1.00 rir -0.01 0.04 0.26 0.010 -0.60 -0.48 -0.41 1.00 source: processed (2022) table 4 presents the correlation matrix of the independent variables used in this study. based on table 4, the correlations between the independent variables are smaller than 80%. it shows no problem of multicollinearity in this study. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 titi dewi warninda. peer-banks effect on bank liquidity management 241 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 table 5. regression results (1) coefficient (std. error) (2) coefficient (std. error) plata -1.023 -1.020 (0.287)*** (0.281)*** npf -0.410 -0.403 (0.587) (0.576) cap 0.314 0.313 (0.253) (0.252) roa -0.884 -0.874 (0.578) (0.556) inf -2.209 -2.240 (0.453)*** (0.449)*** gdp -2.239 -2.211 (0.532)*** (0.543)*** bmg -0.890 -0.880 (0.391)** (0.392)** rir -1.867 -1.841 (0.351)*** (0.329)*** cri 0.007 (0.021) constant 0.970 0.966 (0.140)*** (0.137)*** r-squared 0.2699 0.2703 f-statistics 15.95 39.22 prob. (f-stat.) 0.000 0.000 no. of obs. (bank-year) 129 129 note: * significant at 10%; ** significant at 5%; *** significant at 1% source: processed (2022) table 5 shows the fixed-effects panel data regression results of the peer-bank effect on islamic bank liquidity in indonesia. based on equation (1), the results in table 5 column (1) show that peer-banks liquidity has a negative effect on islamic bank liquidity. the negative effect of the peer-bank liquidity shows that the higher the liquidity of peer-banks will decrease islamic bank liquidity. we add the variable of a global financial crisis (cri) to the equation for the robustness test. table 5 column (2) results show that the global financial crisis http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 242 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 (cri) does not significantly influence islamic bank liquidity. the results in column (2) reinforce the results in column (1) that peer-bank liquidity negatively influences islamic bank liquidity. the impact of peer-bank liquidity on islamic bank liquidity remains robust during the global financial crisis periods. meanwhile, table 5 also shows the results of the control variables influences. all bank-level control variables which are credit risk (npf), equity (cap), and profitability (roa) do not have a significant impact on islamic bank liquidity. whereas, all country-level control variables, which are the inflation rate (inf), gdp growth (gdp), broad money growth (bmg), and real interest rate (rir) have negative impacts on the liquidity of islamic banks. the results of the control variables in column (2) also support the results in column (1). the negative effects of the country-level control variables are in accordance with previous research. the negative impact of the inflation rate (inf) corresponds with the research of ahamed (2021) and laurine (2013). the negative influence of gdp growth (gdp) is consistent with the study by dabiri et al. (2019). the negative effect of broad money growth (bmg) is in accordance with the research by rashid et al. (2017). while the negative influence of real interest rate (rir) is consistent with the research of dabiri et al. (2019). the significant impact of the peer bank on islamic bank liquidity is in accordance with previous research that a firm's financial and operational decisions are not just influenced by the conditions of the firm itself but are also affected by the behavior of other companies (peer effect) (leary & roberts, 2014; park et al., 2017; lee et al., 2017). it is also in accordance with the peer effect research on bank liquidity risk management of commercial banks and bank holding companies in europe and north america (bonfim & kim, 2019) and peer effect on bank's liquidity transformation activity of cross-country oecd banks (silva, 2019). however, the research of (silva, 2019) shows the positive influence, and the research of bonfim & kim (2019) shows positive and negative influences of peer effects. however, the negative influence of peer-bank corresponds with the research of lee et al. (2017) about financial institution's leverage decisions. the negative impact of the peer-effect is also in accordance with the research of shroff et al. (2017) on the cost of capital and the study of wang et al. (2021) on the peer-effect on the loan portfolio of big-six and shareholding commercial banks. based on the research of wang et al. (2021), the negative peer effect on most lending shares of the big six and shareholding commercial banks implies that banks in these two classifications tend to conduct their loan portfolio strategies in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 titi dewi warninda. peer-banks effect on bank liquidity management 243 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 opposite directions compared to their peers. the negative peer effect regarding the big six and shareholding commercial banks suggests that they are likely to interact with peers through other channels that need to be explored further. according to shroff et al., (2017), firms within an industry are influenced by common economic forces (eg, general supply/demand shocks). thus, peer disclosure has a spillover effect that decreases information asymmetry between managers and investors and between investors for all companies operating in the industry. reduction in information asymmetries can decrease financing costs (both in debt and equity markets), as defined in corporate finance models with adverse selection. then, according to the study of shroff et al. (2017), peer firms will negatively affect the cost of capital. based on the study of lyócsa et al. (2019) about peer influence on financial leverage, the peer bank will give a negative or positive influence depending on whether the company's performance is above or below some aspiration (benchmark) level. bank performance above/below the benchmark level tends to reduce or increase its performance (lyócsa et al., 2019). meanwhile, according to bonfim & kim (2019), the negative or positive effect of peer-bank depends on the size of the bank. small banks sometimes reduce liquidity risk when the largest banks are raising it (bonfim & kim, 2019). the study by bonfim & kim (2019) obtains a negative peer effect in some specifications. in the case of bonfim & kim (2019), the small banks reduced liquidity risk when the biggest banks increase it. it seems that among smaller banks, collective risktaking strategies are not prevalent. these banks do not appear to copy liquidity risk management strategies among themselves or the biggest banks. in the case of islamic banks in indonesia, based on the descriptive statistics in table 3, the average liquidity of islamic banks in indonesia ranges between 0.12019 and 0.64510. it means there are islamic banks in indonesia that have high and low liquidity. meanwhile, in the situation of the islamic banking industry in indonesia which is still growing, there are small and big islamic banks. this condition can have negative influence on peer effect when islamic banks that have different size and different level of liquidity conduct liquidity management strategies in opposite ways compared to their peers (bonfim & kim (2019); lyócsa et al. (2019); wang et al. (2021)). furthermore, islamic banks should follow sharia principles in liquidity management, which make islamic banks cannot invest in financial instruments that give interest income and borrow from other banks or financial institutions http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 244 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v14i2.27206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 14 (2), jul-dec 2022 that demand interest payments, like conventional banks. sharia-based liquidity instruments of islamic banks, among others, are the islamic inter-bank money market with wadī’ah contracts and muḍārabah certificates between islamic banks. the limitations placed on islamic banks make liquidity management a more difficult and potentially cause information asymmetry. peer effects have a negative influence on the liquidity of islamic banks. so, if the liquidity of peer banks is higher, the islamic banks will decrease their liquidity. it might imply that the islamic banks take advantage and seek profits by selling their liquidity in the money market, and the peer banks with higher liquidity will purchase it. conclusion this study has examined the peer-bank effect on islamic bank liquidity decisions. using indonesian islamic banks data, this study comes to several conclusions based on the result and discussions. peer-banks liquidity negatively impacts indonesian islamic bank liquidity decisions (liquid assets to total assets), and its impacts are still robust during the global financial crisis. based on this research, the liquidity management of islamic banks in indonesia is influenced by other islamic banks in the indonesian islamic banking industry. the negative impacts of peer banks on islamic bank liquidity means that the higher the liquidity of the peer banks will make the islamic banks decrease their liquidity. the implication of this research to the literature and policymakers is regarding the presence of peer bank effects, especially in the liquidity management of islamic banks. islamic bank liquidity decision is not only influenced by the condition of the islamic bank itself but also by the behavior of other islamic banks. since this study only reaches the impact of peer-bank on islamic bank liquidity decisions, further research can be done to explore more the cause of islamic banks following their peers in liquidity management. references abdelmagid, d. a. 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(2021). firm-specific and macroeconomic determinants of commercial banks liquidity in ethiopia: panel data approach. cogent business and management, 8(1), 0–18. https://doi.org/10.1080/23311975 .2021.1956065. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v14i2.27206 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 8 (2), july 2016 p-issn: 2087-135x; e-issn: 2407-8654 page 271 286 first draft: january 28, 2016; revision: march 26, 2016; accepted: june 4, 2016 islamic business school, universiti utara malaysia, sintok, 06010, kedah, malaysia e-mail: glinklondon@gmail.com, norazlina.aw@uum.edu.my, abd129@uum.edu.my, nor.hayati@uum.edu.my doi: 10.15408/aiq.v8i2.3160 abstract: islamic prayer, spirituality and productivity: an exploratory conceptual analysis. prayer plays a noteworthy role in muslims daily lives. quran and sunnah testify that regular prayers can boost one’s health, can remove the level of stress, and may make one more productive and vigour. such findings also noticed by medical and psychological experts, and likewise many contemporary research have shown wide-ranging outcomes in terms of improved wellbeing when prayer is done with sincere devotion. nevertheless what is lacking is that the policy makers in the islamic world need to initiate whether there exist any linkages between prayer and productivity, which needs to be appreciated more by them, as well as by islamic economists and social scientists, islamic business professionals and islamic jurists, and then through a concerted effort and dynamic fact finding mission and verification to ascertain the qur’anic beliefs in our daily lives. this studies using descriptive analysis to explain the linkage between the islamic prayer and productivity. keywords: religion; spirituality; islamic prayer; productivity abstrak: ibadah, spiritualitas, dan produktivitas: analisis konseptual eksplorasi. ibadah mengambil peranan penting dalam aktivitas keseharian seorang muslim. qur’an dan sunnah menyebutkan bahwa ibadah yang rutin dilakukan dapat meningkatkan kesehatan seseorang, mengurangi tingkat stres, dan meningkatkan produktivitas dan semangat. beberapa temuan turut pula menekankan berdasarkan pandangan dari sisi kesehatan dan ahli, , serta beberapa penelitian telah pula menjelaskan keluaran akan sikap dan perilaku yang lebih baik ketika ibadah dilaksanakan untuk mengurangi dosa. namun masih sedikit bahasan terkait keterkaitan antara ibadah yang dilaksanakan dengan tingkat produktivitas, dimana hal ini harus diapresiasi oleh para ekonom dan ilmuan muslim, pelaku bisnis islam, dan para ahli hukum islam. kemudian melalui upaya bersama dan misi pencarian fakta yang dinamis dan verifikasi untuk memastikan keyakinan qur’an dalam kehidupan keseharian kita. kajian ini menggunakan analisis deskriptif untuk menjelaskan keterkaitan antara ibadah dengan produktivitas. kata kunci: agama; spiritualitas; ibadah islam; produktivitas islamic prayer, spirituality, and productivity: an exploratory conceptual analysis m ashraf al haq, norazlina abd wahab, hj. abdullah abd ghani , nor hayati ahmad 272 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 introduction as opposed to prayers in some isms, religious dogmas or beliefs, islamic prayer is essentially a spiritual phenomenon and entire understanding towards this end, evolves around the equivalent concept interchangeably. in contemporary studies it is found that, spirituality, religious practices and prayers, improve ethical behaviour (jewe, 2008), and this improvement helps in productivity increment (sims, 1994). besides, when people pray with sincerity and vigour, it helps them to seek eternal heavenly blessings and that in turn, helps that individual to gain enormous energy, which only that seeker can explain and at times it cannot be enumerated. stainer et al. (1995) noted, “it is the combination of productivity, quality and ethics which will establish the management culture of the future”. such linkages are necessary to be established in islamic paradigm. a research in islamic paradigm is due, to observe such linkages, so it may boost empirical evidences. spirituality is the most discussed topic in recent years (spohn, 2001) here moreover, it is noted that the economics of religion can be traced from adam smith’s writings, who wrote the theory of moral sentiments, and again from 1970s the subject of ethics, religion, spirituality and morality started gaining momentum (mangeloja, 2003). the reason of gaining momentum stemmed from the belief that an ethical employee can bring greater result and increased productivity in businesses, economy and so on, as the mere ethics-free value system failed to address the falling of economic integers in the west (burke et al. 1990). burke et al. (1990) explained the reason behind the productivity collapse that was due to lack of ethics, lack of spiritual dimension and exclusion of value in the western value-free system. at the same time the mecca declaration of the 1977 (saqeb 2000), has prompted the muslim world to bring forward the islamic values in the educational and social forefront. islamic prayers, whether rituals i.e., haqqullah, like prayers and hajj for spiritual refinement, or haqqul-ibad, like zakat or sadaqat, which may bring not only cleanliness in the seeker’s heart (quranic ayat 9.103, 98.5), but will also help to increase productivity or baraka (surah an nisa, verse 29). the paper has seven parts. after the initial introduction and the objectives underlined, the second section includes the motivation of study, in the third section, the findings in the contemporary literature briefly reviewed, fourthly the islamic manifestations is highlighted, and in the fifth section the connectivity with salat is emphasised and in the sixth section such as: in conclusion, a recommendation has been made. the references are in the last section. the paper is written from library research, and as a tentative initiative, requires further research to be instigated to see the empirical outcomes of the qur’anic explanations from social perspectives in our daily lives. m ashraf al haq: islamic prayer, spirituality, and productivity 273 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 the aim of this piece of initiative is to ignite a spark in the islamic arena to discover whether there rests any linkages between islamic prayers and productivity and that can truly lead to an increase in economic output. in the contemporary studies, it has been observed that there is a correlation that exists between prayer, spirituality and productivity. enormous writings have taken place as well, even in an islamic framework, and stacks of research available on the internet by casual researchers and lovers of islam, but academic researchers need to objectively treasure whether any further deductions can be established through empirical outcomes. although there are many studies covering the relationship between prayer and spirituality in islam discussed, but the gap identified in the present literature is that there is a lack of effort to link the three elements: prayer, spirituality and productivity together in an islamic framework, and from a social scientists point of view. although financial prayer has been linked to productivity and discussed, but the overall prayers’ combined link to productivity aspect, is what the present paper feels is still lacking. in this paper, several relevant quranic verses, hadiths and also findings (from medical and conventional wisdom) are presented and systematically organised and analysed to show that the linkages might exists. it is to be noted that, haqqul-ibad, that is fulfilling the rights towards others in the realm of financial worship is highly discussed (benthall, 1999). additionally, islamic financial worship (i.e. paying to the rightful recipients their dues in time and the correct amount) may bring barakah, blessings or that is, such worship will improve productivity and will also help the economic expansion, has been discussed by few authors, like ali (et al. 2014). but a research is due, to analyse the linkages to establish the quranic doctrine on how overall prayer (i.e. haqqullah and haqqulibad, that is, physical and financial prayer, pfp, combined) can increase productivity, as we have also seen numerous western authors trying to ascertain that value-added system may bring fruition to systems and the economy (adams 2008, burke et al. 1990, azzi et al. 1975). but it is understood by muslims that even if such linkages cannot be empirically tested or justified, still one has to have the fullest faith in the revealed and divine scriptures, “say: the evil and the good are not alike even though the plenty of the evil attract thee. so be mindful of your duty to allah, o men of understanding that ye may succeed” (noble quran 5.100). barro et al. (2002) gave the same argument that religious beliefs are at times non-verifiable and therefore may require a degree of abstraction. allah ordained human nature to be supreme, in terms of morality, spiritualty and wisdom in the entire epitome of mankind and to surpass in every way from any other creation. lord almighty proclaims, “we have certainly created man in the best of stature” (al quran 95.4). one can ponder on angels’ prostration to adam 274 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 due to allah’s commandment (ayat 2.34, 7.11, 18.50). correspondingly it requires to mention in clear terms that all creations do pray (quranic ayat 2:29, 22:18), but diligent prayer (al quran 4.162) is expected from human beings, who are the best of creations, and who might want god’s pleasure. “i have chosen thee: listen, then, to the inspiration (sent to thee). verily, i am allah: there is no god but i: so serve thou me (only), and establish regular prayer for celebrating my praise” quran 20:13-14. prophet (pbuh) said, “o allah, i seek refuge in you for your pleasure and against your wrath and in your forgiveness and against your punishment and in you from you. i cannot praise you as you can praise yourself,” (reported by muslim, abu dawud, at-tirmidhi and ibn majah). allah said in the holy book, “and i did not create the jinn and mankind except to worship me,” (51.56). the holy scriptures mention, if one wants pleasure and abundance, one should kneel down to prayer and thank to his eternal mercy. lord almighty said, “o mankind, you are those in need of allah, while allah is the free of need, the praiseworthy” (al quran 35:15). further the lord commands us, “say (o muhammad saw): verily, i am commanded to worship allah (alone) by obeying him and doing religious deeds sincerely for allah’s sake only and not to show off, and not to set up rivals with him in worship” (noble quran 39.11). a true salutation and thanksgiving to lord almighty will never go unnoticed in front of lord almighty (ayat 65.2). he promised, if one prays with sincerity, one will be ascertained with wisdom and happiness here as well as hereafter (ayat 28:83). the prophet (pbuh) said, “no one shall enter paradise except a believer”. though a question may arise, as seen around, that sometimes a pretentious and ostentatious creature may show his service to lord, and also his wealth increasing day by day, but one should not make any mistake, that there are two kinds of wealth that prevails, one from his bounty, and one without his pleasure. so one should decide on what should one want? his bounty, guidance and mercy, or his displeasure? so it is high time that one should decide, what should be his course of action. one needs to ponder upon ayat 39.11-12 and think what allah has clearly ordained us as mankind. a true prayer can increase our sustenance (ayat 6.92, 11.6, 15.19), and increase in our true heavenly pleasure and will give us eternal satisfaction. the way to achieve is simple. regularity in prayer may give true discipline and a proper meaning in life. it may lead to a routine life, and may assist in honest living, may increase sincerity and trustworthiness in one’s daily lives. to state it humbly from quranic understanding, one may find that happiness and pleasure in life may be influenced by true prayer. therefore, prayer can m ashraf al haq: islamic prayer, spirituality, and productivity 275 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 affect happiness, pleasure and satisfaction in life. additionally, quranic teaching enlightens us, that, if one increases one’s daily prayers, one might see a positive increase in heavenly pleasure and satisfaction and which may lead him to be ethical and disciplined (jewe 2008) and that may increase his productivity and output (sims 1994). so from the above it can be deduced that augmentation in daily prayer may lead to increment in heavenly pleasure and worldly satisfaction, which may assist the seeker in achieving increased ethical and disciplined behaviour and that, may assist in intensification in his productivity and output. consequently in contemporary literature, it seems that they may have identified a linkage, and that is, prayer may increase satisfaction, which may assist the person to be ethical and disciplined, and hence it may assist that person’s productivity and finally his output may increase at a desired rate or ratio. literature review koh et al. (2001) found a strong positive linkage between ethics and satisfaction. further the said authors found in their study that this may have a positive result in having a career success. this relationship illustrates that there may be a strong relationship between productivity, success and satisfaction, and that can be associated with improved ethical behaviour and best practices. corry azzi and ronald ehrenberg (1975) were the first to initiate the prayer issue in political economy after a gap of nearly two hundred years (mangeloja, 2003). in 1904 weber explained the role of religion in the developing economies as below, “economic development leads to the secularization, not only of individuals, but also of political and social institutions, including churches themselves. church services would be predicted to become less demanding, for example, by abandoning the use of special religious language, requiring smaller outlays of time by participants, reducing elaborate rituals and requiring less stringent practices (as quoted by mangeloja 2003). azzi et al. (1975), viewed individual and group religious behaviour as a rational choice. they stated that, “the main aim in religious participation is after-life consumption”. they assumed three motives that forces religious activities. the salvation motive for the after-life utility, the consumption motive for current satisfaction, and thirdly social-pressure motive is to excel in trade and career. iannaccone (1998) found in his research that as pay rises, the religious desire becomes more money-intensive, that is, contributions towards religious activities increases compared to religious attendance. furthermore, the said author explained the role of religious institution 276 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 that can be seen from two set-ups; one as an authority, and second as a social meeting place. but adam smith clearly stated that, it is the religious environments and setups in society that regulates monopoly practices, and restricts excessive profiteering motives in society. according to adam smith, freedom in the religious arena may spawn higher quality religious services (mangeloja, 2003). and turnispeed (2002) found a positive linkage between ethics and productivity. on this note burke et al. (1990) found a saviour linkage between productivity and ethical behaviour. he noted, “the use of the management approaches of efficiency, effectiveness, and economy (the old e’s) have not significantly improved productivity measurements. the authors suggest that the application of ethical approaches (plus strategies of evaluation and empathy--the three new e’s) might encourage increases in organizational productivity”. furthermore, prayer can improve health conditions, and which are important so as to be productive and also to think in the right way (o’connor, 2005). “ethics thus reduce the amount of employee turnover and accompanying lapses in productivity” (vaux nd.). josephson institute promotes that, “at very low cost, business ethics boosts output, promotes recruitment and retention, and reduces misconduct, employee fraud, and absenteeism”. so according to this institute, ethics is an essential parameter to productivity. kolthoff 2006 analysed the case of new public management in terms of ethical practices. mccarty (2007) stated that studies found positive relationship in prayer and healing capacities. stainer et al. (1995) noted, “it is the combination of productivity, quality and ethics which will establish the management culture of the future”. on explaining the prayer and health relationship, brown (2009) enlightens, “prayer, both public and private, is prescribed by most religious traditions. patterns of prayer are shown to conform to an economic theory of spiritual health. with regard to the frequency of prayer, wages are predicted to correlate negatively, education is predicted to correlate positively, environmental factors that are supportive of prayer are predicted to correlative positively, and the expected “price” for participation in religious activity (the tithe in judaism and christianity and the zakat in islam) is predicted to correlate negatively. empirical tests find the predictions of the model are supported for females, but only partially supported for males.” (brown, 2009). and reporting on the research on fasting, campante et al. expounds, “… report(ing) two key, quantitatively meaningful results: 1) longer ramadan fasting has a negative effect on output growth in muslim countries, and 2) it increases subjective wellbeing among muslims”. (campante et al. 2013). m ashraf al haq: islamic prayer, spirituality, and productivity 277 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 methods the above background leads us to develop a study that will be spread out through particularly purposes and methodology. the purpose of this study was to investigate the linkage between islamic prayer, spirituality, and productivity. this is among the reasons why this research is needed. by using qualitative description method through content/documents analysis this research basically attempt to complete grounded theory to the relevance references pertaining to islamic prayer and productivity. result and discussion manifestations in the islamic paradigm on the above linkages there is an urgent need to understand and appreciate the contemporary literature so as to think on how such linkages discussed above in that literature can also be shown in the islamic doctrine that takes shape. lord said, “indeed, i created jinn and human beings for no other purpose but to worship me” (qur’an 51:56). so from lord’s commandments one can clearly see that prayer has a central place, which muslims do acknowledge, but it requires more scientific exploration to understand and appreciate its further meaning. a research is due to see linkages in prayer and ethical behaviour which may lead to productivity and increase in output in an islamic paradigm. it might be possible to conduct a survey and look into the aspects of intentions, desires, motivation, through the usage of theory of planned behaviour (tpb), as proposed by icek ajzen in 1985 through his article “from intentions to actions: a theory of planned behaviour”. in line with tpb, one may able to deduce that, prayer may increase satisfaction which might lead to increase in overall output and henceforth lead to ease the economic burden of society. here one can also state the kinds of prayer, namely, physical prayer like salat, hajj, fasting, and financial prayer like sadaqat, fitrat and zakat. so it needs to be seen, that if muslims improve both prayers, then it may lead to increase in heavenly pleasure and worldly satisfaction and that may similarly assist the person who prays to have an increase in productivity and output (here and hereafter). quran further encourages putting extra effort to win allah’s mercy. besides to be productive, one may have to bear patience and perseverance so as to be successful, productive, and energetic and hence produce the needed outcome with ease. “o you who have believed, seek help through patience and prayer. indeed, allah is with the patient” (quran 2.153). the question arises; can only one kind of prayer improve the overall situation? the need to have cautions that one kind of prayer may be interlinked with the other kind of prayer. lot of verses on zakat came just intertwined with prayer, like, 278 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 “and establish prayer and give zakah and bow with those who bow (in worship and obedience)”. therefore, it is seen that the two kinds of prayers complement each other. the prayer in general is understood in totality, not in partiality. so physical and financial prayer (pfp) may give pleasure, happiness and it may help in increasing output (fiddunia wal akhirah), as prayer increases the positive energy, which boost the level of productivity and gives a better and sound outcome. one may achieve increase in output without performing such prayers, but it may not be a god sanctioned pleasure endorsed output, that lord almighty might have wanted. that might show the differences. “the first matter that the slave will be brought to account for on the day of judgment is the prayer. if it is sound, then the rest of his deeds will be sound. and if it is bad, then the rest of his deeds will be bad,” (recorded by al-tabarani. according to al-albani, sahih al-jami). the prophet (pbuh) said that “salaat is the pillar of deen and the foundation of islam. he who upholds salah has upheld islam and he who leaves salah has left behind religion” (al-baihaqi). rasulullah (saw) said “what lies between a man and disbelief is the abandonment of prayer” (agreed upon by muslim, abu dawood and nasaa’ee as sahih authentic). in contemporary studies it is found that, prayer is at times positively related to increase in output, satisfaction, coping with loneliness and feeling of reward here as well as hereafter. but it is said in islam that the believers will be saved from all sorts of discomforts in the day of resurrection until they are granted entrance into paradise: “(to the righteous soul will be said:) ‘o soul in (complete) rest and satisfaction! come back to your lord, well pleased (yourself ), and well-pleasing unto him! enter, then, among my servants. yea, enter my heaven’” (al quran 89:27-30); “and those who feared their lord will be led to the garden in crowds: until behold, they arrive there; its gates will be opened; and its keepers will say, ‘peace be upon you! you have done well! enter here, to dwell therein.’ they will say, ‘praise be to allah, who has truly fulfilled his promise to us, and has given us (this) land in heritage: we can dwell in the garden as we will: how excellent a reward for those who work (righteousness)’” (al quran 39:73-74). the question still remains on what sort of prayer that will please lord almighty, and that may please him to increase his bounty and that will reward us here and hereafter. “say: my lord hath commanded justice; and that ye set your whole selves (to him) at every time and place of prayer, and call upon him, making your devotion m ashraf al haq: islamic prayer, spirituality, and productivity 279 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 sincere” (al quran 7:29). “and know that allah cometh in between a man and his heart” (al quran 8:24). “o ye who believe turn to allah with sincere repentance: in the hope that your lord will remove from you your evil deeds and admit you to gardens beneath which rivers flow” (al quran 66:8). “and whoever repents and does good has truly turned to allah in repentance” (al quran 25:71). “turn ye in repentance to him, and fear him: establish regular prayers” (al quran 30:31). “verily the most honoured of you in the sight of allah is (he who is) the most righteous of you” (al quran 49:13). “so serve allah, offering him sincere devotion” (al quran 39:2). these verses conform the notion that has already been earlier mentioned, therefore, it can be predicted that an increase in true prayer, may lead to worldly as well as heavenly satisfaction, and that may induce motivation, and that may further tempt to have the right intentions, which may lead to devotion towards productivity and that may lead to improvement in overall output, but the investigation needs to be with empirical soundness to establish scientific linkages in an islamic framework, as conventional wisdom already conforms such wisdom. so prayer may lead to productivity and output increment, in other words, the link is positively related, and one can learn that from conventional wisdom as well as quranic understanding. since lord almighty has already promised that, regular prayers will ensure success, piety, and abundance, muslims are encouraged to follow suit. but the prayer must be true prayers with best of all intentions, not with mischievous content or intent. prayer will give the seeker mercy, positive thinking, enlightenment, perseverance, patience, obedience, understanding, comprehension and wisdom and finally will guide one through. likewise, lord almighty clarifies, “allah burdens not a person beyond his scope. he gets reward for that (good) which he has earned, and he is punished for that (evil) which he has earned. “our lord! punish us not if we forget or fall into error, our lord! lay not on us a burden like that which you did lay on those before us (jews and christians); our lord! put not on us a burden greater than we have strength to bear. pardon us and grant us forgiveness. have mercy on us. you are our maula (patron, suppor-ter and protector, etc.) and give us victory over the disbelieving people” (al quran 2.286). thus one need true and sincere prayers, true guidance and immense mercy during one’s activities and while enlightening him with his everlasting wisdom and blessings. here a word of caution is required; there might be a difference between knowledge and guidance. as al quran testifies, many people may have knowledge, but very few are guided by it. knowledge is easy to obtain, guidance is only from allah. whomsoever allah guides, no one can misguide, whomsoever allah leaves to go astray, no one can bring him back to the path of guidance. “verily, you (o muhammad) guide not whom you like” [al-qasas 28:56] and “and verily, you (o muhammad) are indeed guiding (mankind) to the straight path” [al-shooraa 42:52]. 280 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 on explaining siraat or straight path while explaining surah fatihah (linguisticmiracles.com), the authors stated that siraat is a kind of path, from a to b, without any alternate route. so, for instance if one deviates slightly from that path, the siraat gps may not calculate a new route, rather it would instruct him to rejoin the point of the siraat that he deviated from, and there may be no shortcuts. that’s the reason in arabic language, siraat may not even have plurals, therefore, the surah fatihah begins with allah’s sovereignty over people and the ending is how people should be divided—not by ethnicities, or languages, but rather on their actions, knowledge and results. therefore, the life of the muslim should be in balance. according to a certain narration, umar bin khattab described taqwa as having a sense of balance. so one can see a theoretical relationship between the above variables, but if a study can be conducted to verify, will be an immense success. even if the results are not satisfactory, as contemporary scientists have said, then there is no issue of concern. our faith that leads us as muslims and makes us who we truly are. “if we had sent down this qur’an upon a mountain, you would have seen it humbled and coming apart from fear of allah . and these examples we present to the people that perhaps they will give thought” (surah al hashr verse 21). the science and secrets of islamic prayer sujud or sajdah is a distinctive locus in a muslim’s at least five time call towards his lord. though it is not an exercise per se, but still holy prophet muhammad (pbuh) has clearly mentioned in pure terms that prayer is a cure for many illnesses (reported by ibn majah). regular prayers may protect muslims from many ailments which they may not even know. prayer supposed to increase a person’s iman, which may also motivate the person to do good as it may increase his hope, and it may in turn assist him to be more productive and a happy person. and this prayer activity also encourages the believer to recite the verses of the holy quran, which has immense power in the believer’s daily lives. abu huraira (radiallahu anhu) reported that the messenger of allah (sallallaahu ‘alayhi wa sallam) said: “the nearest a servant comes to his lord is when he is prostrating himself, so make supplication (in this state)” [sahih al-bukhari]. a’ishah siddiqa (radiallahu anha) narrated that the prophet (sallallaahu ‘alayhi wa sallam) used to prolong the prostration to such an extent that one could recite fifty verses (of the qur’an) before he would lift his head [sahih al-bukhari]. “sajdah is a unique position as this is the only position in which brain (or head) becomes lower than the heart and hence for the first time the blood gushes towards m ashraf al haq: islamic prayer, spirituality, and productivity 281 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 the brain with full force whereas in all other positions (even when lying) brain is above the heart when it has to work against gravity to send blood to the brain”. it has been highly discussed among intellectual muslims that in that sujud position, the increased blood supply to the brain may give true nourishment and it may also help towards improved memory, vision, hearing, concentration, psyche and all other cognitive abilities. it is said that who offers regular prayer may have more will power and may be able to cope with the difficulties of life in a much improved manner. it is further stated that it may lead to less incidence of headaches, psychological problems and other defects of cognitive function. “in the unique position of sajdah the neck muscles get best exercise. they have to bear the load when the forehead lies at the ground hence the neck muscles become stronger. one can note the tense pressure at the neck muscles in the position of sajdah specially the active motion of the neck and the facial muscles when the head is being lifted...and it will be noticed that they are in a very active motion… more strong cervical muscles mean the cervical vertebra will be better protected. strength of cervical muscles is important as the head rests upon cervical vertebra supported by cervical musculature”. so to state all the benefits of prayers, a full research paper needs to be initiated with concrete steps, and which may not give the scope to discuss in the present topic. the benefits are immense; in fact to all who prays, even it boosts the sexual health, as reported by some research findings conclusion thus in the end, it can be seen that islamic prayers play a noteworthy role in daily lives and developments. but what is required is that, an exhaustive research need to be initiated and methodically examined on the benefits, and to unearth the ultimate aim of the present research particularly to see if there can be seen a sound linkage between individual or group productivity with increased ritual prayers and financial prayers and also if these findings can assist the economy to experience an increase in total output. further research on this notion seems highly desirable, though it cannot be denied that huge research in terms of psychological and medical aspects have already been researched and still ongoing. but a comprehensive research by social researchers and policy makers, combined with islamic jurists, is still due, and that is the kind request to the intellectual capacities to come forward and fulfil the desired tasks. besides, it would be even an improved scenario if such findings can be empirically tested in an islamic framework, as muslims belief in quran and sunnah gives enormous understanding about such linkages, and that has already been ascertained by many contemporary findings. 282 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 8 (2), july 2016 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v8i2.3160 references achour, m. et.al. 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(1997). rational choice theory and religion: summary and assessment. london: psychology press, a l -i q t is h a d ju rn al il m u e ko n o m i s ya ri ah (j ou rn al o f i sl am ic e co no m ic s) issn: 2087-135x e-issn: 2407-8654 vol. 8 (1), january 2016 published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. a l -iq t is h a d ju rn al ilm u eko n o m i syariah (journal of islam ic econom ics) v o l. 8 (1), jan u ary 2016 al iqtishad is a peer-reviewed journal published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in cooperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers both from indonesian and overseas. the journal is accredited by the directorate general of higher education ministry of national education and culture the republic of indonesia no. 040/p/2014, valid until december 2018. issn: 2087-135x e-issn: 2407-8654 the short-run and long-run relationship in indonesian islamic stocks return m. shabri abd. madjid business process reengineering of funding on indonesia’s islamic banks aslam mei nur widigdo, marimin, idqan fahmi, irfan syauqi beik efficiency and profitability on indonesian islamic banking industry muhammad nadratuzzaman hosen, rafika rahmawati islamic work ethics and audit opinions: audit professionalism and dysfunctional behavior as intervening variables tulus suryanto dual monetary system and macroeconomic performance in indonesia sri herianingrum, imronjana syapriatama islamic business ethics implementation in marketing communication of haji/umroh travel agency “x” surabaya ari prasetyo, intan kusuma pratiwi risk of profit loss sharing financing: the case of indonesia ernawati the development of human resources in islamic financial industries from economic and islamic financial graduates nurul huda, nova rini, desti anggraini, khamim hudori, yosi mardoni application of theory reasoned action in intention to use islamic banking in indonesia andi reni, nor hayati ahmad issues and economic role of waqf in higher education institution: malaysian experience farra munna harun, bayu taufiq possumah, m hakimi bin mohd shafiai, abd. halim mohd. noor indexing and abstracting the journal is accredited by the directorate general of higher education ministry of national education and culture republic of indonesia no. 040/p/2014, valid until december 2018. al iqtishad has been covered (indexed and abstracted) by following indexing services: • directory of open access journal (doaj) • crossref • google scholar • portal garuda • moraref • indonesia scientific journal database (isjd) • sherpa-romeo • bielefield academic search engine (base) • open archive initiative (oai) • mendeley • open academic journal index (oaji) • open archive initiative (oai) • directory of abstract for journal (daij) • infobase index • cite factor academic scientific journal • academia.edu • academic.keys • research bible • scholarsteer • open access library • worldcat • universal impact factor al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 231 254 received: july 16, 2017; revised: october 27, 2017; accepted: november 08, 2017 1, 2 tazkia university college of islamic economics. jl. ir. h. djuanda, no. 78, sentul city, bogor, indonesia e-mail: 1murniati@tazkia.ac.id; 2msa@gmail.com doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 abstract. this paper is to analyse determinants that influence implementation of accounting standards for islamic financial institutions. it’s done by examining the history of accounting standards and two different contexts as applied to islamic financial institutions in the united kingdom and indonesia. the paper adopts meta-analysis method by exploring available texts and literature with the goal to learn ‘what is going on here?’ and to investigate social phenomena without explicit expectations. employing the ibn khaldun perspective, this study analyses two determinants i.e. institutional setting that may be suitable in the context of the united kingdom, and accounting needs in the case of indonesia. the research shows the determinants are well fitted with interdisciplinary characters of ibn khaldun model of civilization. keywords: meta-analysis, accounting standards, ibn khaldun, islamic financial institutions abstrak. tulisan ini akan menganalisa faktor – faktor yang mempengaruhi implementasi standar akuntansi pada lembaga keuangan syariah berdasarkan sejarah perkembangan akuntansi di uk dan indonesia. metode meta-analysis digunakan untuk mempelajari teks dan studi pustaka yang ada dengan tujuan menjawab pertanyaan ‘apa yang terjadi di sini’? dan untuk melakukan investigasi mengenai fenomena sosial tanpa membuat dugaan – dugaan. studi ini menggunakan pemikiran ibnu khaldun yang fokus melihat tata letak institusi yang mungkin sesuai dengan konteks di uk dan indonesia. riset ini menunjukan bahwa faktor-faktor penentu ternyata sejalan dengan karakter dari model peradaban ibnu khaldun. kata kunci: analisa arah, standar akuntansi, ibnu khaldun, lembaga keuangan syariah how to cite: mukhlisin, m. & m.s. antonio. (2018). meta-analysis on direction of accounting standards for islamic financial institutions: case studies in united kingdom and indonesia. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 231 – 254. doi: http//dx.doi. org/10.15408/aiq.v10i1.5676. meta-analysis on direction of accounting standards for islamic financial institutions: case studies in united kingdom and indonesia murniati mukhlisin1, muhammad syafii antonio2 232 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 introduction islamic financial institutions (ifis) have been developing not only in islamic countries or countries with a predominantly muslim population, but also emerged in countries where muslim is minority. maurer refers to this development as a world-wide phenomenon centred in malaysia, indonesia, the united states, great britain, and the arabian peninsula (maurer, 2002). these developments require accounting standards to be adopted to govern the setting up these institutions and contributing to the objective of high accounting quality and comparability as suggested by ball (2006) and barth, et al (2008). furthermore, it may facilitate the ambition of islamic banks to take the world markets as their developments are currently hindered due to lack of accounting and auditing uniformed standards for the institutions (maurer, 2002). there are several determinants that influence the adoption of accounting standards in a country. these are internal and external factors; depending upon its national legal and political system, tax and reporting system, accounting profession, history and language, economic globalization, and source of financing for industries (cooke & wallace, 1990; elliot & elliot, 2007; nobes & parker, 2012). indonesia is not an islamic country but it has been in the history that there are several islamic organizations such as islamic political parties that contribute a strong influence on the direction of the government policy, including in the financial sector. for instance, the indonesian association of muslim intellectuals (icmi) initiated the establishment of bank of muamalat indonesia as the first islamic bank in indonesia in 1992. on the other hand, the establishment of the first islamic bank in the united kingdom i.e. islamic bank of britain (changed the name to al rayan bank in 2014) was started due to different reason i.e. to serve corporate investors. in addition, uk financial system has always been strongly market-oriented (benston, et al, 2011). as such, some researchers argue that these ifis should be reported according to its own islamic based accounting standards; but to date there is no evidence that they refer to such uniformed standards (acca, 2010; haniffa, 2011; ibrahim, 2007; karim, 2001; sarea & hanefah, 2013; wan abdullah, et al, 2011). in fact, compliance studies on the existing international accounting standards for ifis i.e. aaoifi shows a declining trend. while studies the determinants influencing accounting standards adoption in developed and developing countries present mixed evidences, none of the studies highlights the determinants of accounting standards adoption by ifis. owing to the fact that the islamic finance industry has been growing very rapidly in these two countries i.e. indonesia and the united kingdom but yet they live in different country settings, it is important to conduct a comparative study to explore determinants influencing the implementation of 233 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards accounting standards for ifis. thus, the main objective of this paper is to analyse the determinants on the implementation of accounting standards for islamic financial institutions (ifis) in the united kingdom and indonesia. this research adopts a qualitative methodology using a meta-analysis method by exploring available texts and literature with the goal to learn ‘what is going on here?’ as proposed by schutt (2001). the findings of this study suggest that the financial reporting standards in both countries have evolved through different histories and left distinct influences to ifis industry. strength or weaknesses found in each of the countries could provide some lessons for others, also to many other countries with growing islamic finance industry. the main determinant influencing accounting standard adoption for ifis in the uk is due to the institutional setting where the united kingdom set up the ifis with the objective to gain business opportunity, therefore no effort to govern its reporting mechanism with other than conventional accounting standards i.e. ifrs. as for indonesia, the main determinant is due to the accounting needs that should serve the ifis according to islamic values in order to ensure going concern of the business, which is important for the stakeholders. following perera and baydoun (2007) who argue that underlying theories on international accounting development proposed by several scholars i.e. schweikart (1985); adhikari and tondkar (1992); gray (1988); doupnik and salter (1995); and nobes (1983) merely relied on the classification of accounting systems in the countries. perera and baydoun (2007) extended their research by adopting taxonomy proposed by gernon & wallace in examining the environmental factors on lack of support for ifrs adoption in indonesia. however, this paper adopts ibn khaldun model as it has a comprehensive explanation on development of a country towards a civilized society that in the context of international accounting development, the model explains not only environment but also the function of each variable. the model describes the circumstances in a way that interlinked elements must exist to ensure the continuation of a civilized society i.e. the function of government (g), the direction of shari’ah (s), the role of people (n), the use of wealth (w), the development of a country (g), and the promotion of justice (j). this paper has a contribution to help setting accounting standards for islamic finance industry by understanding determinants in each country with the purpose to maximize development of islamic finance. the remainder of this paper is organized as follows. section two reviews the relevant literature on accounting standard setting in the world and section three presents the research methodology, research method and sample of this study. section four delineates analysis of the study, section five summarises the analysis, limitations of study and the way forward. 234 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 literature review several researches have been identified which discussed the setting of international accounting standard adoption in general i.e. ias and ifrs in both developed and developing countries (briston, 1978; chamisa, 2000; cooke & wallace, 1990; perera & baydoun, 2007; rosser, 2009; sudarwan & fogarty, 1996; tarca, 2004; zeghal & mhedhbi, 2006). very little evidence is provided on the determinants influencing accounting standards adoption by islamic financial institutions. there is a related study, in this case aaoifi compliance by islamic financial institutions carried out by vinnicombe (2010, 2012) but the author does not address the reasons why a country adopts or does not adopt accounting standards. the following studies discuss arguments on the determinants on adoption of accounting standards, taking experiences from a developed country i.e. the united kingdom and a developing country i.e. indonesia. using environmental determinism theory, cooke and wallace (1990) suggest that the factors influencing international accounting standards disclosure in a country are due to internal and external environmental factors. the study concludes that the united kingdom which is regarded as a highly regulated country which shows a high score on the corporate financial disclosure regulation (crdr) index, which means the country discloses more accounting information in their reports. this study was conducted in 1990 and refers to the effort towards international harmonization of accounting principles and practices, which was at that time the united kingdom has applied international accounting standards (ias). the study found that the united kingdom (which is similar to other developed countries) is more likely influenced by internal factors i.e. stage of economic development, goals of society, legal rules, political systems, economic systems, level of education, financial press, and cultural variables. while cooke and wallace present very general factors, tarca (2004) argues that the uk is among the five developed countries which confirm that the institutional framework leads to the voluntary adoption of international accounting standards. the institutional framework refers to features of the companies that tend to adopt the international accounting standards in the uk. they are large companies that receive more foreign income and listed at least on one stock exchange. tarca (2004) asserts that the country direction to what extent the institutional framework allows the use of the international accounting standards. meek, et al (1995) argue earlier that factors influencing voluntary annual report disclosure in countries like the us, uk and continental europe are company size, country/region, listing status and industry. these studies are consistent with marrero and brinker (2007) that state: 235 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards “in the nations such as the united states and the united kingdom, professional organizations are more established than in other countries in which statutory control prevails over individualism.” findings from the above studies suggest that the most important determinant that influences international accounting standards adoption rests at the institutional setting of the companies. as the nature of business environment in the uk is highly regulated, the institutional setting relates to socio economic and political structures that govern companies. briston (1978) states that the accounting professional qualification in indonesia was dutch in its structure but the professional training was american style but both influences are irrelevant to the context of accounting standards adoption as the country had different economic and cultural environment with that of the netherlands and the us. chamisa (2000) support this view and state that the key factors influencing accounting standard adoption of a country (especially in a developing country) are subject to the accounting needs of the country, size of public and private sector, existence of capital market, and the underlying environment. in addition, zeghal and mhedhbi (2006) consider other factors such as the relationship with anglo-american culture and high literacy rate. stressing on the cultural relationship, sudarwan and fogarty (1996) emphasize that the practice of indonesian firms on external financial reporting seems more adaptive to environmental changes rather than the process of accounting standard setting. adaptive to the environment means indonesian companies may prepare their reporting according to us gaap, ias, or other accounting best practices. accounting needs as suggested by chamisa (2000) best describes this adaptive to environment, which means the need arises due to environmental changes. that is why indonesia, like zimbabwe as the country chamisa (2000) examined in her study adopts some of international accounting standards then adjusted to the local conditions. they do not however fully adopt all the standards. however, rosser (2009) sees it from different view. he argues that when developing countries experienced changes in global and domestic economies, they shift the balance of power between foreign and domestic interest. as a result, it renders the climate conducive to accounting reform for the sake of the reproduction of capital. in conclusion, the above studies agree that in the case of indonesia, the firms are more likely to adopt international accounting standards with the reason on the accounting needs that are directed by the government and these are derived from the economic needs of a developing country. several studies argue that ifis reflect unique characteristics that carry islamic values in their transactions thus they require to apply islamic based accounting standards on their financial reporting (acca, 2010; haniffa, 2011; ibrahim, 236 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 2007; karim, 2001; sarea & hanefah, 2013; wan abdullah et al., 2011). there are 15 differences that have been identified by the islamic finance working group of aossg, which may conflict with islamic values that must be observed by the ifis. for instance: recognizing a sale of good with deferred payment under ias is reporting all islamic financial transactions that are similar to that of conventional financial transactions. ias 18 requires the difference between the fair values and the nominal amount of consideration in a sale of goods to be recognized as interest revenue. under islamic principles, however, the staffs of indonesian institute of accountants argues it: “… according to shari’ah fatwa in indonesia, murabahah sales of goods cannot be accounted for as sales and financing transaction, therefore this kind of transaction should be treated as sales transaction. hence, the recognition of [a financing] effect in [the] form of effective interest rate shall not be used….islamic financing based on sales contracts should be treated on the aqad base. the term ‘financing’ for sales contract[s] is not proper to be used. … when sales [are] accounted as financing, it will eliminate the essence of [the] shari’ah principle.” (aossg, 2012) – emphasis supplied at present, indonesian islamic financial institutions record income from sales based transactions as “receivables” and the allocation of profits is recorded proportionately according to the period of the credit. from this example, it remains a debate on the consolidation between the current international financial reporting standards and islamic based accounting standards. perera and baydoun (2007) identify the reason and state: “islam as a religion strongly influences every facet of a moslem’s life, including business activities. for example, islam advocates good behaviour in conducting business and, at the same time, discourages moslems to advertise the fact that they have behaved that way. this is likely to cause challenges in enforcing the disclosure requirement of ifrss (particularly in indonesia).” perera and baydoun (2007) – emphasis supplied perera and baydoun (2007) continue to argue as to whether transparency promoted by ifrs that is derived from anglo-saxon tradition should be accepted by islamic tradition in indonesia. from the afore-mentioned literatures, an important question emerges i.e. what are determining factors influencing accounting standard adoption for islamic financial institutions given the fact that the uk is a developed country with minority muslim population and influenced by anglo-saxon tradition while indonesia is a developing country with majority muslim population influenced by islamic tradition and both have significantly contributed to the development of islamic finance industry? 237 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards history of accounting standards development in the united kingdom the history of accounting standards development in the united kingdom can be divided into several phases; first, transformation period during 18th – 19th century; second, formation of the first accounting profession and further development (1853-1855); third, convergence to ifrs (2005). transformation period (18th – 19th century) britain, as part of the united kingdom, experienced the transformation from agricultural based economy to a trading (mercantile), and eventually an industrial based during the 18th and the 19th centuries. during this period, accounting was used largely to monitor debts and check honesty of employees (day, 2000). its role was expanded during the industrial period where managers required more advanced accounting techniques to deal with valuation and profit calculation. day (2000) documents that in 1844, under joint stock companies act, books of account had to show a ‘full and fair’ balance sheet but yet without specific profit and loss account. in 1907, the companies act required all companies under registrar of companies to file balance sheet. formation of the first accounting profession (1853-1855) and further development the accounting profession was formed through the setting up of royal charter to the society of accountants in edinburgh and the institute of accountants and actuaries in glasgow between the years in 1853 1855. the institute of chartered accountants in england and wales (icaew) was formed in 1880 and the society of incorporated accountants and auditors was formed in 1885. after the 2nd world war, accounting practice made important breakthrough by moving into a new era that consider accounting as important matters for all, beyond matters that are subject to directors and shareholders only (cohencommittee, 1947). in 1970, accounting standards steering committee (assc) was formed and it issued its first standard in 1971. then asc members comprise of professional accounting bodies, academic advisers and observers from government bodies including bank of england and stock exchange (day, 2000; icaew, 2012). in 1990, accounting standard board (asb) replaced the asc and, thereafter, standards issued were referred as financial reporting standard (frs). the amendment of companies act 1985 (asb, 2012; icaew, 2012) and 1989 companies act contained the first legislative reference to accounting standards (benston et al., 2011). unlike its predecessor, the asc, the asb can issue accounting standards (known as uk gaap) on its own authority. 238 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 in general, accounting standards released by each country is referred as “generally accepted accounting practice” or alternatively “generally accepted accounting principles” or “generally accepted accounting policies.” gaap is a term used to describe the rules generally accepted as being applicable to accounting practices as laid down by standard, legislation or upheld by the accounting profession. convergence to ifrs (2005) the asb also collaborates with accounting standard-setters from other countries and the international accounting standards board (iasb), both in order to influence the development of international standards and in order to ensure that its standards are developed with due regard to international developments (asb, 2012). thus, uk gaap has been fully harmonized and converged into ifrs since 2005 following the eu’s motive for adopting the regulation towards more transparent and efficient capital market that will facilitate a lower cost of capital for eu firms as stated on ec16/06/2002 agreement (christensen, lee, and walker, 2007). history of accounting standards development in indonesia the history of accounting standards development in indonesia can be divided into several phases; first, dutch colonialism (1609-1942); second, japanese occupation (1942-1945); third, post indonesian independence (1945)/formation of the first accounting profession; fourth, issue of ifrs convergence (2008). dutch colonialism (1609-1942) dutch control over indonesia began in java (java island) in 1825, continued to south bali (bali island) and bone (sulawesi island) and extended to aceh (sumatera island). several sources that suggest that the occupation was for 350 years and is therefore misleading (dick, 2002). during this period, there was evidence of several trading activities such as coinage in circulation (1820-1890), formation of modern financial institutions, development of rice prices (18291890), land and labour (1835-1880), crop payment and land rent (1835-1880), cotton imports (1830-1890), and crop exports (1840-1890). it was then extended to the preparation of a budget of the colonial state (1900-1939) and foreign exports of indonesia (1900-1940). however it is argued that the dutch east indies company (1609) was the first notion of early dutch ruling in indonesia. the establishment of the firm saw the first modern bookkeeping system introduced in indonesia. 239 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards japanese occupation (1942-1945) in march 1942, the japanese became a new imperial power and imprisoned the dutch. the new ruler was involved heavily in trading activities during the period and accountants in indonesia prepared the bookkeeping both in dutch and japanese systems. however, as japanese writing was used, only japanese officers knew how to prepare the accounting documentation system (suardikha, 2012). post indonesian independence (1945)/formation of the first accounting profession after indonesia’s independence in 1945, the foundation of accounting practice was laid out by well-known accountants, abutari and soemardjo, both studied accountancy in the netherlands and graduated in 1956. these accountants together with their five partners made serious effort to form an association of accountants specifically for indonesia and refused to become member of niva (nederlands institute van accountants) or vaga (vereniging academisch gevormde accountants) formed by the dutch colonials (iai, 2012). on 17 october 1957, it was decided to form a committee called “committee for establishment of indonesian association of accountants.” the association was formerly established on 23 december 1957 and is now called ikatan akuntan indonesia (iai, or in english, indonesian institute of accountants) (iai, 2012). after its formation, iai has progressed along with the growth of businesses in indonesia. the association does not only focus on education and practices of accountants but also on the efforts to improve public trust in its role on formulating public policies. in 1973, iai formed a committee to collect materials and structures from gaap and gaas. in 1974, the committee then set up a more permanent committee called committee for indonesian accounting principles (known as komite pai). pai served its function for 20 years to formulate and develop financial accounting standards in indonesia. after the 7th congress of iai on 16 september 1994, it was agreed that indonesian accounting standards would be harmonized to international accounting standards (ias) (cahyati, 2011). since then, the issue has arisen due to duplication in name, pai was then altered to financial accounting standard committee (known as komite sak). at the iai 8th congress held on 23-24 september 1998, komite sak was again changed to financial accounting standard board (known as dewan standar akuntansi keuangan or dsak) and still exists today (iai, 2012). the iai rules and regulation 2008 designate dsak under iai to formulate, develop and approve financial accounting standards in indonesia. the standards cover the basic framework, statements, application guide, interpretation, implementation guide and technical bulletin. dsak membership is representative of every association/compartment under iai, government bodies, business association, non-government associations, and non-competent professional members. as per 240 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 shari’ah standard, the board is referred to as islamic financial accounting standard board (known as dewan standar akuntansi syariah or dsas). issue of ifrs convergence (2008) on 23 december 2008, iai announced that the convergence of local standard to the international accounting standard (ifrs) should be completed by 2012. even though the decision of ifrs convergence was decided only in 2008, the pressure has been increasing from time to time, as indonesia is the only south east asian country in the g20 forum. compliance with ifrs is one of the commitments in g20 with a target for completion in mid-2011, which will be implemented in 2012 (iai, 2010a, 2010b). in line with this commitment, dsak has been issuing new standards that are purely an adoption from ifrs standards issued by iasb. in ifrs regional policy forum 2011, iai declared 2012 as the year of ifrs full adoption (iai, 2011). development of islamic finance forty-eight developing and emerging market countries, representing almost onethird of the international monetary fund (imf) member countries, are increasingly involved, with varying intensity, in islamic banking (errico & farahbaksh, 1998). in the islamic republic of iran, pakistan, and sudan, all banks and financial institutions have adopted islamic banking principles since the early 1980’s and other countries, such as malaysia, indonesia, bangladesh, jordan and egypt operate islamic banking alongside conventional banking (gifr, 2012; maurer, 2002). islamic banking is increasingly expanding the traditional borders of muslim countries into western economies, notably the united kingdom (errico & farahbaksh, 1998). as at 2010, it was estimated that there were approximately 200 islamic banks operating in nearly 63 countries, engaging usd 246 trillion worth of assets. the bankers’ 2011 survey of financial institutions practicing islamic finance further reveals that shari’ah-compliant assets rose by 21.45% from usd 895 billion in 2010 to usd 1,087 billion in 2011 and expected to rise to usd 1,600 billion by 2012 (maali & napier, 2010; mukhlisin, hudaib, & azid, 2015). in total both islamic bank and finance industry recorded their development at usd 1,357 trillion at the end of 2011 (gifr, 2012). theoretical perspective perera and baydoun (2007) assert that there are several scholars who put attempts to underline theoretical perspective in the context of international accounting such as schweikart (1985) who suggests contingency theory, adhikari and tondkar (1992) who explains environmental factors, gray (1988) who is known 241 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards with his cultural influence, doupnik and salter (1995) who combine gray and other ideas, and nobes (1998) who develops model from doupnik and salter. as classification of accounting systems is not sufficient to explain why a country respond or does not respond to ifrs adoption, perera and baydoun (2007) extended their research by adopting taxonomy proposed by gernon & wallace in examining the environmental factors in indonesia. on the other hand, ibn khaldun model has a comprehensive explanation on development of a country towards a civilized society that in the context of international accounting development, the model could explain not only environment but also the function of each variable. furthermore, alatas (2006) argues from epistemological point of view, western thinker behaved different attitude that was not applied to non-western social thinker. alatas (2006); chapra (2008) propose to refer to one muslim great scholar, ibn khaldun (1332-1406 ce) with his theory of development and the decline, who died 600 years ago but his ideas have endured. dhaouadi (1990) asserts that ibn khaldun’s social thought has been ignored by sociologists in the west, although yves lacoste and arnold toynbee considered it to be the greatest work of its kind. joseph spengler wrote an article about ibn khaldun and he concluded that “the knowledge of economic behaviour in some circles was very great indeed, and one must turn to the writings of those with access to this knowledge and experience if one would know the actual state of muslim economic knowledge” (ghazanfar & islahi, 1990). as ibn khaldun’s work is ̀ explaining how and why things are as they are’ (dhaouadi, 1990), according to characteristics of alternative school of thought proposed by laughlin (1995), ibn khaldun’s school of thought can be grouped as critical theory that is placed as low level of theoretical nature of methods and medium level of emphasis given to critique of status quo and need for change. ibn khaldun is well known with one of his books, al-muqadimmah (the introduction), that suggests that understanding a history requires understanding the sociology or condition of the human community (enan, 1941). chapra, 2008/1429h:17chapra (2008) condensed ibn khaldun’s model on civilization as follows:1. the strength of the sovereign does not materialize except through the implementation of the shari’ah; 2. the shari’ah cannot be implemented except by the sovereign; 3. the sovereign cannot gain strength except through the people; 4. the people cannot be sustained except by the wealth; 5. wealth cannot be acquired except through development; 6. development cannot be attained except through justice; 7. justice is the creation by which god will evaluate mankind; 8. the sovereign is charged with the responsibility of actualizing justice. chapra adds that from these eight wise principles, the model links to socio economic and political variables, including the sovereign/political authority such as 242 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 government (g), the beliefs and rules of behaviour/shari’ah (s), the people/nation (n), the wealth (w), the development (g), and the justice (j) that influence one another. for the interest of this research, it adopts the classification proposed by ibn khaldun as presented by chapra above in examining the accounting history development in the united kingdom and indonesia in identifying determinants that may explain how these countries react to islamic based accounting standards adoption. the short form of g, s, n, w, g, and j will be used throughout the analysis. method a qualitative methodology using an exploratory approach is employed in this study. social exploratory research seeks to find out how people get along in the setting under question, what meanings they give to their actions, and what issues concern them. the goal is to learn ‘what is going on here?’ and to investigate social phenomena without explicit expectations” (schutt, 2001). this research adopts qualitativenarrative method for exploring the available texts and literatures (easterby-smith, thorpe, & jackson, 2008; newman & benz, 1998). narrative study refers to the underlying materials of the story, including events, actors, time, and place (bal, 1997). indonesia and united kingdom are chosen as samples of this study due to their outstanding performance in islamic finance industry in the past few years. edbiz consulting estimates that the global islamic financial services stood at usd 2.14 trillion at the end of 2015, increased from usd 1.9 trillion in 2014 and usd 1.8 trillion in 2013 (gifr, 2015). indonesia recorded usd 5 trillion in 2010 increased to usd 9 trillion in 2011 while uk documented usd 27 trillion in 2010 and improved to usd 33 trillion in 2011. with regard to islamic finance country index, indonesia was on the 4th ranking in 2011 and moved down to 7th ranking in 2012; united kingdom was on the 15th ranking in 2011 and moved up to 11th ranking in 2012, out of 42 rankings (gifr, 2012). the index is formulated based on total muslim population, number of islamic financial institutions, number of islamic banks, size of islamic financial assets, size of sukuk, regulatory and legal infrastructure, central shari’ah supervisory board, and education and culture (gifr, 2012). as the only a developed country in the list with insignificant muslim population and little islamic influence, it is commendable to compare with indonesia, as the largest muslim population country. the method starts from collecting texts and literatures on accounting history in the united kingdom and indonesia from 1800s time to the current stage of development. it also captures the accounting standards development for islamic financial institutions in both countries. determinants are categorized based on the past literatures that are mainly derived from international accounting journal and 243 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards text-books. eight main papers are carefully selected from international accounting journals that recorded only those with more than 10 citations (see appendix 1). these literatures suggest various determinants on accounting standards adoption both in the uk and indonesia. common suggestions that may represent condition in the uk and indonesia are concluded and used in the analysis. the perspective of ibn khaldun as presented in the earlier section is to explain how these countries react to islamic based accounting standards adoption and whether the suggested determinants would apply. result and discussion development of accounting standards in islamic civilization most of accounting historians agreed that accounting as a practice grew due to the existence partnership in business transactions (bedford & ziegler, 1975). on the other hand, partnerships exist due to normal rapid growth of the business and cannot be claimed as the beginning of accounting. in history, the people of babylon, ancient egypt, greek and roman, had initiated, practiced and developed a kind of financial transaction recording system (edwards, 1960). this was practiced and also known as maskud dafatir (bookkeeping) in islamic history, with the purpose to record revenue and expenditure of the government. islamic world had also used a book keeping system referred as al-qaidul muzdawaj, 800 years before the italian/european renaissance in which time luca pacioli (1445-1517) lived and later declared as “father of accounting” (weis & tinius, 1991). in addition, when islamic state was established in 622, the zakat system was introduced which then required a formal body, an office where accounts were held called al-diwan and it was further developed during addawlatul abbasy’iah (abbaside chaliphate during the year 750-847). the term “book keeping” was later known as muhasabah (accounting) in the islamic civilization up to its decline in 1924 with the fall of ottoman empire. from chronological history, zaid (2000) argues that muslim and italian traders would have influenced the development of accounting as what we see today. with regard to the decline of muslim’s society, it was not the first time in the human’s history, as muslims believe that there are 25 prophets as messengers of allah who were assigned to correct the world. as the prophet muhammad is declared as the last prophet, there is no more a new prophet that will lead the world and therefore it is the duty of all socio economic and political structures in a country or society such as the government (g) to uphold justice (j) and improve the society (n) in terms of their prosperity/wealth (w) and socio economic development (g) which is argued by ibn khaldun that this is interlinked with other crucial element i.e. the way of life or shari’ah (s). the term muhasabah is still being used in the islamic society today, although such islamic government is no longer in existence. muhasabah has at least five 244 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 meanings according to (hayashi, 1989); yahsaba which means to count, to compute, to measure; it also means to record and to continuously count somebody’s deeds; hasaba means responsibility, to be neutral; tahasaba means to keep, try to obtain, expect reward in the hereafter; and lastly to become attention or accountable. haniffa and hudaib (2002) highlight two objectives of islamic based accounting standards that include: i) to demonstrate accountability of companies not only to god but also to the community, and ii) to increase transparency of business activities by providing relevant information in conformance to the spiritual needs of muslim decision makers. in line with the call to promote justice (j) that is according to ibn khaldun is so crucial element in the society development, haniffa and hudaib (2007) further suggest an islamic perspective of accounting in order to seek economic justice through its formulised procedures, routines, objective measurement, control and reporting in accordance with shari’ah principles. this important element must be imbued not only in governmental policies and procedures but in the sector like accounting as well towards refining the wealth (w) of the nation in the economic development (g). this refinement of definition and purpose have strengthened the existence of accounting and auditing standard for islamic financial institution, as released internationally by accounting and auditing organisation for islamic financial institutions (aaoifi). aaoifi, based in bahrain, released its first standard on islamic financial reporting standard in 1991. to date, aaoifi has issued a total of 86 standards for international islamic finance industry, covering areas of accounting, auditing, ethics, governance, and shari’ah. as an international governing body, aaoifi is supported by over 200 institutional members from over 45 countries, including central banks/ regulatory authorities, financial institutions, accounting and auditing firms, as well as law firms (aaoifi, 2010). aaoifi asserts that all islamic financial institutions must adhere with the several objectives of financial accounting, for instance, objective number 3.1.1; to determine rights and obligations of all interested parties resulting from incomplete transactions in accordance with islamic principles and its concepts of fairness, clarity and ethical compliance. this is according to ibn khaldun, fits to role of the development (g) and justice (j), which must be acted by the accountants, and the rest of stakeholders (n) to apply islamic law (s) even in financial activities. perera and baydoun in this case is right that states islam influences every part of a moslem’s life, including business activities by showing the teaching of good behaviour in conducting business. development of accounting standards for islamic financial institution in the united kingdom for all periods up to and including the five months period ended 31 december 2004, all islamic financial institutions in the uk prepared its financial statements in 245 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards accordance with uk generally accepted accounting principles (uk gaap). from 1 january 2005, all financial institutions elected to prepare its financial statements in accordance with the international financial reporting standards as adopted by the european union (eu) countries based on regulation number 1606/2002 and effective for the reporting year ended 31 december 2005 (ibob, 2012). this reflects the abiding company law that requires the directors to prepare financial statements for each financial year. under the current law, ifis directors have elected to prepare financial statements in accordance with ifrs, which has been adopted by the eu, hence applicable and mandatory to financial institutions in the united kingdom. islamic bank of britain as the first islamic financial institution in the country experienced this ifrs implementation. it was declared that the transition from uk gaap to ifrs in august 2004 has had no material impact upon the figures previously reported in the financial statements. consequently, no material adjustments were required of the figures previously reported under uk gaap to those now reported under ifrs, and, hence, reconciliations of the uk gaap and ifrs figures are not provided in financial statements of uk islamic financial institutions (ibob, 2012). from 2005 onwards the presentation of financial reporting of ibob has been following the ifrs standards. for instance, in its annual report, the financial report section starts from statement of comprehensive income, then followed by statement of financial position, statement of changes in equity, statement of cash flow, and notes to the financial statement. as the united kingdom from the beginning of the ifis establishment was mainly with the purpose to serve business objective per se i.e. to enhance economic development (g), therefore there was no inclination towards the establishment of islamic based accounting standards to govern the ifis. ibn khaldun considers development (g) is an element that must be interconnected with other elements to ensure its continuity or “avoid destruction of civilization” and free from unfairness to the rest of stakeholders of the ifis which serve the same level of justice (j). this equal justice seems disappears in the context of capitalism as marx states that capitalism is founded upon a class division between proletariat, or working class, on the one hand, and bourgeoisie, or capitalist class, on the other (giddens, 1973). these classes are in conflict with regards to distribution of production output; the labours must work and produce profit that exceeds their wages while the capitalist enjoy the bigger portion. in the context of capitalism, although the united kingdom has been declared as capitalist country, but giddens (1973) still questions “is it still capitalist society?” promoting justice is belong to every human’s right thus for a country with whatever type they adopt either socialist or capitalist, there is no rejection towards it. therefore, reporting activities of ifis according to islamic based accounting standards is a part of justice and here the case is closed. 246 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 development of accounting standards for islamic financial institutions in indonesia in indonesia, the issuance of accounting standard is not through enactment of a company law as in the uk. when bank of muamalat indonesia was established in 1992, there was no meaningful change in the regulation? the bank was legalized and established using an existing law. no. 7/1992 on banking; this later on replaced, amended and ratified as law no.10/1998 on banking (bank of indonesia, 2012). as such, the accounting standard adopted was an existing one, which is accounting standard for banking (psak 31) that was applied for all commercial banking operations. indeed, the development of accounting standards for islamic financial institutions in indonesia only started in 2002, with the issuance of statement of accounting standard no. 59 (psak 59), or known as islamic banking accounting standard. psak 59 was released by iai on 1 july 2002 and taken into effect starting 1 january 2003, with 5 years of implementation period or up to accounting year ended 31 december 2007. the reference of the standard was derived from the standards released by aaoifi with some modifications to suit local context and needs. in 2008, psak 59 was replaced by new psaks known as statement of accounting standards for islamic business entity. the new set of standards consists of psak 101, 102, 103, 104, 105, 106 and 107 that were approved by islamic financial accounting standard board (dsas). these standards, which were pronounced and taken into effect from 1 january 2008, cover not only islamic banking operations but also other entities that are categorized as islamic business entities. psak 101 sets out a standard for financial statement presentation; whereby psak 102 specifically refers to accounting for murabahah; followed by psak 103 (accounting for salam), psak 104 (accounting for istishna), psak 105 (accounting for mudharabah), psak 106 (accounting for musyarakah), and psak 107 (accounting for ijarah). it was then followed with other development such as the release of psak 108 for islamic insurance, psak 109 for zakat and psak 110 for sukuk. undoubtedly, the development of accounting that is instilled with islamic values nowadays have been flourishing as napier (2009) states the influence of islam in accounting process in countries where islam becomes the religion of the majority: “the term “islamic accounting” can also have a temporal and spatial implication. it can be a form of shorthand meaning “accounting in parts of the world where islam is the majority religion during periods when islam has been dominant”. geographically, “islamic accounting” would cover north africa and a large part of sub-saharan africa, the middle east, the territories of the ottoman empire, the indian sub-continent, much of south-east asia and indonesia, as well as large parts of the former soviet union.” 247 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards napier in this context is right that the objective of establishing ifis in indonesia was for the purpose proposing a better alternative for the muslims in indonesia and continued to the legitimacy initiative of using islamic based accounting standards. after the independence, indonesian started to live freely which is in the accounting development context, the indonesian accountants succeeded their own accounting ideology and movement through the institute of indonesian accountants that has never been affiliated with the accounting institutes set up by dutch as ex-colonial. this is then continued with islamic influences by more practising muslims (s) in accounting standard setting following the establishment of ifis in indonesia. the idea of setting special board in iai in charge of islamic based accounting standards (g) did not appear to face any meaningful challenges perhaps this is due to understanding of islam that must be comprehended with the establishment of ifis in indonesia. this is supported by ibn khaldun model, which explains that justice (j) to promote social solidarity (all levels of stakeholders) by ensuring fulfilment of mutual obligations and an equitable sharing of the fruits of the development. although indonesia has enjoyed this privilege of promoting justice (j) in a way of adopting islamic based accounting adoption that provides more disclosures but this element must be ensured at all times with the presence of other elements as suggested by ibn khaldun. this is still lacking and has become the biggest challenge faced by the muslim nations in the developing countries coupled with the ignorance or less consistent adherence of islamic practices according to shari’ah (s). determinants in implementation of accounting standards for islamic financial institutions the above literatures and understanding the context of development of accounting standards for ifis in the uk reach a conclusion that the most important determinant that influence international accounting standards adoption rests at the institutional setting of companies. as the nature of business environment in the uk is highly regulated market, therefore the institutional setting relates to other structures to follow. as financial services authority, 2007 in its special publication on islamic finance in the uk; regulation and challenges, states that: the uk financial services industry has a proven record of developing and delivering new products and a large pool of legal, accounting and financial engineering skills on which to draw. much has changed since then but there is no evidence of rigorous support from the government, especially on the implementation of accounting standards for the islamic financial institutions in the united kingdom. although socio economic and political structures have been established in this much developed country, but 248 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 implementation of full element of shari’ah (s) is absent in activities of the society although promoting justice exists but it is interpreted in different way as the country shows no evidence from adopting any religious belief. hence, islamic financial institutions in the united kingdom are treated similarly with their conventional counterparts in terms of adopting accounting standards; is to follow uk gaap before 2005 and to follow ifrs after 2005 (ibob, 2012). apart from following ifrs, there is no evidence of accounting standards for islamic financial institutions exist in the history of accounting standard development in the united kingdom. although islamic banks by virtue of their nature that must adhere with islamic values among others to show their commitment to the society by offering and managing zakat, charity and qardul hassan (adnan & furywardhana, 2009; haniffa & hudaib, 2007; ibrahim & yaya, 2005) but islamic banks in the united kingdom express a clause that the bank does not pay zakat on behalf of its shareholders and it is the sole responsibility of the individual, however the banks calculate and disclose the amount of zakat due per share (blme, 2012; ibob, 2012). the literatures share common understanding that indonesia is more likely to adopt international accounting standards due to its accounting needs that are derived from the economic needs. this is in line with rosser (2009) who argues on major cause of accounting reform in indonesia from mid-1960’s to 1998 that was due to structural pressures generated by periodic economic crises. when the world bank and imf came to intervene the indonesian financial system during the crisis that was the time they required the accounting reform. rosser (2009) asserts that the influence over the accounting policy shifted away from the politico-bureaucrats and their corporate clients towards liberal technocrats within the government. the economic crisis in 1997/1998 presents the evidence that ifis were not sensitive to the economic downturn (dewi & prasetiono, 2011) thus more rigorous efforts have been taken to further strengthen the development of ifis and including the governing procedure i.e. introduction of indonesian islamic based accounting standards in 2002. as it goes along, bank indonesia shows its support to this market response towards ifis particularly islamic banks by producing a blueprint known as blueprint of islamic banking development in indonesia 2002 that states full support to further development of islamic banking. as the islamic finance industry in indonesia is progressing, the accounting standards are adjusted to the industry needs from the adoption of psak 31 that was applied for all commercial banking operations in 1992, to the issuance of psak 59 for islamic banks in 2002 and to the latest development, that is the release of psak 101 to psak 107 for islamic business entities. moreover, more disclosures are adopted by the ifis in indonesia (see bsm), such as statement of sources and uses of zakat and statement of sources and uses of benevolent 249 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 murniati mukhlisin. meta analysis on direction of accounting standards loan, which are absent in the context of ifis in indonesia (see ibob). mukhlisin et al. (2015) assert that accounting discipline works parallel with indonesian government policy evidenced by compliance disclosure of psak 101 to psak 107 in all islamic banks’ annual reports. the government i.e. bank indonesia endorses accounting standards to be used by all islamic banks that is first proposed by institute of indonesian accountants and approved by the national shariah board – indonesian council of ulama. the role of government i.e. bank indonesia is online with ibn khaldun model with the purpose to ensure development (g) of the nation (n) by promoting justice (j). in this context, al-qur’an 16:10 also mentions the role of government in the economy: “indeed, allah orders justice and good conduct and giving to relatives and forbids immorality and bad conduct and oppression. he admonishes you that perhaps you will be reminded.” god clearly states his command to be just, i.e., fair and moderate, and that he encourages kindness and good treatment (tafsir, 2012). justice and good conduct are not only applied in individual life but also in the socio-economic circle. justice in the economic field refers among others; all the avenues of economic exploitation must not be permitted and an economic system that will ensure justice and fair play between individuals and institutions and even countries. conclusion accounting standards development in the united kingdom and indonesia experienced different path and history. legal foundation as well as political and social differences of the two countries exhibits unique development and results. from the narrative literatures and understanding on the ibn khaldun perspective, it can be concluded that determinants in the implementation of accounting standards for islamic financial institutions are mainly contributed by institutional setting as the case of the united kingdom and accounting needs for the context of indonesia. the start of islamic finance development in the united kingdom was not evidenced driven by the muslim population in the country (being a minority of 3 per cent in total). instead, according to financial services authority, it was mainly due to market-based economy where london financial markets activity highlighted the existence of shari’ah-compliant transactions. the direction for the ifis comes from financial services authority and accounting standard board where islamic message is not considered as important values to be yet instilled in the accounting standard process. while indonesia that was witnessed with the moral duty of the muslims to develop islamic based financial institutions, the factor in adopting the islamic based 250 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5676 accounting standards is due to its accounting needs that the government believes it is to govern the ifis to be more prosperous in the future. therefore, in indonesia, there is a strong enforcement from bank indonesia together with the institute of indonesian accountants and national shariah board – indonesian council of ulama on such implementation. the existence of islamic financial institutions should be guarded by reliable accounting standards so they will be able to learn and strive to create value and bring benefits to every market they are operating in the world. this study is far from perfect; there may be some limitations in the context of interpreting ibn khaldun’s model on the development of society and the samples of this study are taking two different countries with different background and context. it is then recommended that other researchers may take samples of similar countries for the study i.e. gcc countries to see how this research would contribute both to the knowledge and practice. references aaoifi. 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(2011). corporate social responsibility in islamic banks: a study of shari’ah supervisory board disclosures and zakat disclosures in malaysian and indonesian islamic banks. paper presented at the 2011 afaanz conference. weis, w. l., & d.e. tinius. (1991). luca pacioli: accounting’s renaissance man’. management accounting. 73(1): 54-56. zeghal, d., & k. mhedhbi. (2006). an analysis of the factors affecting the adoption of international accounting standards by developing countries. the international journal of accounting. 41(4): 373-386. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 311 330 received: december 13, 2016; revised: april 27, 2017; accepted: may 5, 2017 politeknik negeri bandung. jl. gegerkalong hilir, west bandung, west java e-mail: 1ruhadi.nansuri@gmail.com; 2umar.mai@polban.ac.id. doi: 10.15408/aiq.v9i2.4466 abstract.bankruptcy model analysis: comparative studies between sharia and non_sharia manufacturing companies.this study aims to find out three important things: first is based on the analysis of three bankruptcy models that altman, springate and zmijewsky, which is the most accurate in predicting the potential bankruptcy of sharia and non sharia, secondly based on the most accurate model, whether sharia companies have a potential bankruptcy smaller than non_sharia. analysis of variance, it was found that the most accurate model in predicting potential bankruptcy is altman z_score. based on this model could be found, statistically significant that a group of sharia has a potential bankruptcy smaller than the non_sharia. based on the third question, could be found that good corporate governance have positive and significant effect to potential bankcruptcy for the sharia companies, while the rate exchange of rupiah to us dollar has negative and significant effect to ones. keywords: bankcrupty model; sharia companies; non-sharia companies. abstrak. analisis model kebangkrutan: studi perbandingan antara perusahaan manufaktur syariah dan non syariah. penelitian ini bertujuan mengungkap 3 hal penting yaitu pertama berdasarkan analisis 3 model kebangkrutan yaitu altman, springate dan zmijewsky, mana yang paling akurat dalam memprediksi potensi kebangkrutan kelompok perusahaan manufaktur syariah dan non shariah, kedua berdasarkan analisis model yang paling akurat tersebut, apakah benar bahwa kelompok syariah memiliki potensi kebangkrutan yang lebih kecil dari kelompok non_syariah. pengujian beda dua rata-rata ditemukan bahwa model yang paling akurat dalam memprediksi kelompok perusahaan manufaktur di bei adalah altman z_score dan berdasarkan model ini ditemukan, secara statistik signifikan bahwa kelompok syariah memiliki potensi kebangkrutan yang lebih kecil dibanding dengan kelompok perusahaan non_syariah. merujuk pada pertanyaan ketiga, dapat ditemukan bahwa ada pengaruh positif dan signifikan dari good corporate governance dan pengaruh negatif dan signifikan dari nilai tukar rupiah terhadap us dolar terhadap potensi kebangkrutan untuk kelompok syariah. kata kunci: model kebangkrutan, kelompok perusahaan syariah dan non_syariah bankruptcy model analysis: comparative studies between sharia and non sharia manufacturing companies ruhadi1, muhamad umar mai2 312 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 introduction one of the objective in doing business is how to earn the optimal profit that could guarantee the firm to be growth and survival (salvatore, 2015), where it finally would improve the firm value. the firm value also means increase in shareholders wealth. unfortunately, the failed companies are the fenomenon that occured frequently in the business area (fachrudin, 2008). many factors could cause company bankcrupt, but in general its can be devide into two categories, those are: internal and external factors (darsono and ashari, 2005). internal factors include: inefficient of the management, capital structure with liabilities dominant, and moral hazard. the external factors like; customer taste, economic condition that could not be anticipated by the management (veronica, et.al, 2014). based on the us data of companies failures, there are nine biggest corporates collaps for the last 10 years, caused by some factors. the table 1 repressent 5 biggest corporation was failed in usa, uk dan japan. table 1-list of failed corporation no. corporation business area year 1 lehman brothers holdings usa financial institution; us$ 691 billion september 2008 2 pilpa – prench ice cream and candy producent september 2012 3 general motors usa automotive company assets: us$ 91 billion jun 2009 4 global energy japan co. ltd. electricity solar system may 2014 5 thomas cook group london uk tourism company october 2013 source: tempo.co, business, saturday, november 22, 2014 corporate failure fenomenon in indonesia also occured frequently, at least 37 companies was suppossed as a strong corporation like some of the biggest bank in the suharto’s regime also go to be liquidated at 1999, cause of the having great financial problem (tempo interaktif: november 2014). table 2 show 7 of the biggest companies in indonesia go to the financial distress and bankcrupt. financial failure occur when liabilities much more than amount of the normal asset or when current liabilities more than current asset (elmabrok, et al., 2012). the bankcruptcy would bring bad impact to the world economic (li, 2012), include to the investors, creditors, management and labor. therefore all of the stakeholders need to know the 313 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis indicators related to the source of companies bankcruptcies, in order to anticipate and could escape from the lost of their assets (kewal, 2012). table 2-list of failed corporation in indonesia no. corporation business area year 1 kretek pt hm sampoerna cigarrette june, 2014 2 industri genteng plered cerramics june, 2010 3 batavia air air plane january 2013 4 bouraq indonesia air plane desember 2004 5 perusahaan daerah perkebunan kahyangan plantation july 2014 6 elpida memory inc computer chips february 2012 7 pt bpr arthasraya sejahtera banking may, 2014 sources: tempo.co, bisnis: saturday, november 22, 2014 the methods for detect the bankcruptcies potentcy has been found by some expertises likes: altman z-score 19968, springate model 1978, zmijeski model 1983, james a. ohlson 1980, grover’s model 2001. several of the models analysis showed the differencies result in detect bankcruptcies potentcy like: fatmawati (2012) showed that the zmijewski is the accurate prediction models much more than altman z-score and springate. hadi and angggraini (2008) conclude that altman models is not the best predictors if its compared to the others third predictors. imanzadeh et al. (2011) has proven that springate model much more conservative than zmijewski. among expertists do not agree to the result of the research about sources of the financial distress that would bring the companies go to failed (see paranowo, 2010; glezakos, et.al., 2010; abdullah, et.al, 2008; haber j.r, 2005; titman dan opler, 1994). since sharia economic be initiated 1992 in indonesia, sharia financial institution has grown rapidly, at least 3000 offices with 18 million customers and asset total rp. 240 billion has achieved (kompas. com, november 5, 2014). sharia financial product like; reksa dana and sharia bond has been increase and july of 2000, bei launching jakarta islamic index (jii). jii and list of sharia securities, one of the index that cover sharia criteria. this index give the favourable investment alternatives and save for investors. public companies which listed in jii tend to have lower bankcruptcy level, althought when indonesia in the crisis era. novelties of this research would be explined that several previous studies about the company more partial defaults, which are as follows: first, analyzing the 314 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 potential bankruptcy of the company using only one method (wang and campbell, 2010); second, analyzing the potential bankruptcy of companies use two or more methods, to determine the best method; third, analyzes the factors that influence the potential bankruptcy of the company by simply involving the company’s fundamentals (salehi and abedini, 2009; paranowo, 2010); and fourth, analyzes the factors that influence the potential bankruptcy of the company involves macroeconomic indicators and the company’s fundamentals (veronica, et.al., 2014). this study differs from previous studies: first, involves two distinct groups of companies, sharia and non_sharia. second, this study involves three concepts of variables as factors that influence the potential bankruptcy include are: financial performance indicators, macro economic indicators, , and good corporate governance indicators. based on background above, this research be intended to do examination of bankcruptcy potentcy for both the group, using altman z score, springate and zmijewski. analysing factors that influence to the bankcruptcy by involving macro economic indicators; financial performance indicators; and multiple regression analysis would be used as the methods in detect bankcruptcy potencial for each group of company. the purpose of this study is to resolve or answer the formulation of the problems outlined in the above question as follows: first, to identify bankruptcy prediction model, which is the most accurate of the three models; altman, springate and zmijewski. second, by using the most accurate models are expected to be found which has the less potential bankruptcy between sharia and non sharia.third, which factors those are financial performance indicators, corporate governance indicators and macro economic indicators that infuence to the potential bankcruptcy for both group of the companies. literature review financial disstres is a condition that describes companies that are experiencing financial difficulties, meaning that the company in a position not safe from the threat bankruptcy. the bankruptcy of the company is characterized by a decrease in financial conditions that occur continuously. the conditions are most easily seen from the company experiencing financial disstres is a violation of debt payment commitments accompanied by the termination of the payment of dividends. the financial distress caused by a series of fail in decision-making and a lack of supervision of the financial management of the company (brigham and daves, 2003). this gives the conclusion that there are no guarantees for large companies avoid these issues, because of financial distress related to finance which each company must deal with the finances to maintain continuity of operations (imanzadeh et al., 2011). 315 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis the sources of bankruptcy can be derived from the internal and external factors. internal factors such as lack of management experience, lack of knowledge in the use of assets and liabilities effectively. while external factors include; inflation, tax and legal systems, the depreciation of foreign currencies, and other reasons. the causes of financial distress of the company is more micro, among the factors are (damodaran, 2011): first, difficulty cash flow. this occurs when revenue are not sufficient to cover operating expenses, cause of the company operating activities. second, the amount of debt. debt collection policy to cover the company’s operations costs to pay interest charges periodically and restore the principal debt in the future. third, the losses for several years. the operating loss experienced by the company would lead to a negative cash flow. although the company can overcome the three things above, not necessarily the company can avoid financial distress, because there are external factors that cause financial distress. the external factors that can lead to financial distress is the macro economic nature. corporate governance as a set of mechanisms that will protect investors against dangerous stunt performed by people within the company to the capital that they invested in the company. the basic principles of good corporate governance contained in the general guidelines of good corporate governance indonesia, can be expressed as follows: first, transparency, the company must provide information, relevant, accessible and understood by stakeholders; second, accountability, companies must be accountable for performance in a transparent and fair; third, responsibility, the company must comply with the legislation and to implement responsibilities towards society and the environment; fourth, independency, the company is managed independently without any conflict of interest and influence management that do not fit the principles of healthy corporate; fifth, fairness, companies must pay attention to the interests of shareholders and other stakeholders based on the principles of fairness and equality. referring to the above description, it would require a structure and a mechanism to ensure the implementation of the five basic principles of the good corporate governance. some indicators are often used as a proxy of good corporate governance can be summarized as follows (argüden, 2013): first, the shareholding structure; second, the proportion of independent board members; and third, size of the board directors. financial performance is the determination of the measures that can identify the success of a company in generating profits. the financial performance is the company’s ability to manage and control its resources. thus, the financial performance is the achievement of management, particularly financial management in achieving the company’s profit in order to maximize the frm’s value and the level 316 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 of shareholder wealth. the measurement of performance of public companies is a difficult concept, both in definition and measurement, because as a multidimensional construct performance (ghosh, 2013). assessment using a single measurement dimension is not able to provide a comprehensive understanding. therefore, the measurement of financial performance should be using or integrating the diverse dimensions of measurement. financial ratio analysis is a common method used to measure the performance of companies in the financial sector. the ratio is a tool that compares one thing with the other so as to show the relationship of a financial statement of the balance sheet and income statement. there are several motivations to examine the data in the form of ratios, (wang and campbell, 2010): first, attempt to control the effect of the difference in size between the companies for some time; second, to make the data in satisfying the assumptions underlying the statistical analysis tools, such as regression analysis; third, test a theory in which the ratio is the variable of interest; fourth, utilizes the empirical nature of collisions that can be observed between financial ratios and estimates or predictions of some variables of interest. the financial statements like; balance sheet, income statement and cashflows statement have not been able to provide maximum benefits to the users, before it is processed in the form of a ratio (wang and campbell, 2010). thus, studies using secondary data from the financial statements, have not been optimally provide the indicator overall usefullness of the information contained in the financial statements as financial accounting information system products. macroeconomic conditions in an environment that may affect the company’s operations. the investor’s ability to understand and predict the macro-economic conditions in the future, will be very useful in making profitable investment decisions. macro-economic indicators are often linked to capital markets, interest rate fluctuations, inflation and exchange rate. in theory, between the interest rate and financial performance and the company’s stock price has a negative relationship. the high interest rates will affect the present value of the cash flow of the company, so that investment opportunities will not be as attractive anymore. the high interest rates also will increase costs of capital for the company and lead to the return required by investors will increase. the high inflation rate is usually associated with economic conditions that are too hot (over-heated). that is, the economic conditions experienced in demand for products that exceed the capacity of product offerings, so prices tend to rise. inflation is too high will cause a decrease in the purchasing power of money. in addition, high inflation can also reduce the level of real income obtained by investors from their investments. exchange rate is a macroeconomic variables that influence the volatility of financial performance and 317 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis stock price. the depreciation of the domestic currency will increase export volume. when the international market demand is quite elastic it will improve the cash flow of domestic companies, which then increases in stock prices, which is reflected in cpi (consumer price index). conversely, if the issuer to buy domestic products, and has debt in the form of dollars, the company’s performance and share price will fall. the depreciation of the exchange rate, in turn, would raise the stock price reflected on cpi in the economy experiencing inflation. instrument development of islamic capital market in indonesia began pt. dana reksa investment management (drim) launched the jakarta islamic index (jii) which includes the stocks of issuers whose operations meet the category of sharia law. according to the dsn (dewan syariah nasional or national sharia board) declaration, no.40/dsn-mui/x/2003 article 3, the category of stocks that are not included in the index of sharia, among others, the following: first, enterprises gambling and games are classified as gambling or trafficking of prohibited according to the word of god in qs. al-maidah {5}: 90-91; second, conventional financial institution (usury) including conventional banking and insurance in accordance with the word of god in qs. al-imron {3}: 130; third, businesses that produce, distribute and trade food and drink that are unclean (haram); fourth, businesses that produce, distribute or supply any goods or services that damage morale and haram. method the population of this research is all manufacturing companies listed in indonesia stock exchange. the population is divided into two categories: sharia manufacturing company and non_sharia. observation period between the years 2010-2014. sampling using purposive sampling. meanwhile, the company sample criteria used are: (1) to publish its financial statements as of 31 december 2005 to 2014; (2) meet the identified category sharia and non_sharia categories; (3) provided data on the percentage of shares held by other institutions; and (4) provided data on the number of board members and the number of independent board members. the data used in this research is quantitative data, that is represented by a number that indicates the value of the variable. meanwhile, the source of the data used is secondary data that is obtained from; (1) indonesian capital directory markers (icmd), for publication in 2010 until 2014; (2) annual report for all the companies selected as members of the sample, published from 2010 to 2014; (3) jsx monthly statistic, for publication in january 2010 until december 2014. 318 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 this study uses three analysis of bankruptcy model, are: altman z-score; springate; and zmijewski. these models are used to analyze the condition of the company, that divide into sharia companies manufacturing group and non_sharia group. furthermore, bankruptcy model analysis, most appropriate (best) for each of the groups of companies were analyzed using mean square error (mse) of the indexs score calculated from each model used. to determine the most appropriatte model is to select the lower mean square error (mse) from the accuratte models choosen. altman z_score model altman found five types of financial ratios that can be combined to see the difference between a company that went bankrupt and were not bankrupt. altman z-score is determined using the following formula: z_score = 0,012x 1 + 0,014x 2 + 0,033x 3 + 0,006x 4 + 0,999x 5 (1) description: x 1 = working capital to total assets; x 2 = retained earnings to total assets; x 3 = earnings before interest and taxes to total assets; x 4 = market value equity tobook value of total debt; x 5 = sales to total assets score classification result that used by altman is: score z> 2.99 healthy companies; score z <1.81, the company classified the potential bankrupt; score between 1.81 to 2.99 of companies classified in the gray area, the cut-off for this index is 2.675. springate bankruptcy model springate models using step wise multiple discriminate analysis to pick 4 of 19 financial ratios and formulate a model of analysis, as follows: s = 1.03 a + 3.07 b + 0.66 c + 0.4 d (2) description: a = working capital to total assets ratio; b = net profit before interest and taxes to total assets ratio; c = net profit before taxes to current liabilities; d = sales to total asset ratio. 319 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis springate models have a standard which the company has a z score> 0,862 classified healthy company, while the company has a z score <0,862 classified as potentially bankrupt company. zmijewski bankruptcy model expansion of bankruptcy prediction studies conducted zmijewski (1983). f-test indicator to the rate of return, liquidity, leverage, turnover, firm size, and stock return volatility, showed a significant difference between the company’s healthy and unhealthy. the model developed zmijewski is as follows: x = -4,3 – 4,5 x₁ + 5,7 x₂ 0,004 x₃ (3) where: x₁ = earnings after taxes to total assets ratio; x₂ = total debt to total assets ratio; x₃ = current assets to current liabilities ratio mean paired sample test paired sample z-test was used to test for differences in the analysis results of potential bankruptcy between sharia and non_sharia group of companies. this testing is done to identify whether the average potential bankruptcy of a sharia group lower than group of non_sharia. determinants analysis of corporate bankruptcy based on the model of empirical research, it is known that the potential bankruptcy of the company was affected by the financial performance indicators, macro economic indicators and corporate governance indicators. furthermore, financial performance indicators proxy for the four variables, namely: return on investment as; total asset turnover; current ratio; and debt to assets ratio. macro economic indicators proxied by three variables: mean of inflation; the mean of the interest rate; and mean of exchange rates. corporate governance indicators proxy for the four variables, namely: institutional ownership; size of board directors; independent boards; and managerial ownership. mtns = α + β1 roi + β2 tato + β3 ctr + β4 dar + β5 moi + β6 mir + β7 mer + β8 inwn + β9 sobd + β10 bind + β11 mgwn + ε (4) mtsy = α + β1 roi + β2 tato + β3 ctr + β4 dar + β5 moi + β6 mir + β7 mer + β8 inwn + β9 sobd + β10 bind + β11 mgwn + ε (5) 320 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 where: mtns = best model for non-sharia group mtsy = best model for sharia group roi = return on investment ctr = current ratio moi = mean of inflantion tato = total asset turn over dar = debt to asset ratio mer = mean of exchange rate mir = mean of interest rate sobd = size of board of directors inwn = institutional ownership bind = board independent mgwn = managerial ownership result and discussion configuration data from this study can be described that overall the data is taken from the indonesia stock exchange (icmd), then icmd taken only group of manufacturing companies and then categorized into two groups of companies are sharia and non_sharia. data collected included the time span from 2010 to 2014 (5 years). in details, the year 2010 can be collected as many as 131 observations with details of companies manufacturing group sharia stock index 75 observations and 56 observation non_sharia index. in 2011 the same as in 2010, the year 2012 can be collected as many as 136 observations with details of group sharia stock index 105 observations and 31 observation group of non sharia index. 2013 can be collected as many as 137 observations with details of group sharia stock index 105 observations and 32 observation group of non_sharia index. 2014 can be collected as many as 135 observations with details of companies manufacturing group sharia 98 observations and 37 observation group of non_sharia index. overall, therefore, the observation data in total is 670, in the span of 5 years from 2010 to 2014 with details of 458 sharia groups and 212 non_sharia groups. table 3, shows the score of each potential bankruptcy, drawn from 458 observational data for a sharia group manufacturing company. the first is the altman model shows the average score of a potential bankruptcy at 1.6236, while the lowest was -0.74 and the highest was 51.99, this indication shows the range of 321 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis numbers that is large enough 52.73 with a standard deviation of 3.86. the second is springate models, shows the average score of a potential bankruptcy at 1.2595, with a minimum value is -10.22, maximum value is 13.64 and 23.87 range with standard deviation of 1.34. while the third is a model zmijewski figures show the average score with a potential bankruptcy -2.1665 and -5.60 minimum value and the highest value is 17.61 and 23.21 as well as a range of values with standard deviation of 1.85. table 3-description statistics manufacturing company sharia group issi n range minimum max mean sd variance statistic statistic statistic statistic statistic std. error statistic statistic altman 458 52,73 -,74 51,99 1,6236 ,18058 3,86464 14,935 springate 458 23,87 -10,22 13,64 1,2595 ,06257 1,33905 1,793 zmijewski 458 23,21 -5,60 17,61 -2,1665 ,08655 1,85225 3,431 valid n (listwise) 458 source: processed from data the following table 4, shows the number of potential score bankruptcy for each models that taken from 212 observational data for a non_sharia group of manufacturing companies. table 4-description statistics manufacturing company non_sharia group non_issi n range min. max. mean sd variance statistic statistic statistic statistic statistic se statistic statistic altman 212 9,97 ,00 9,97 1,0726 ,06644 ,96735 ,936 springate 212 38,93 -27,52 11,41 ,5856 ,17834 2,59671 6,743 zmijewski 212 30,06 -8,53 21,53 ,5383 ,28462 4,14418 17,174 valid n (listwise) 212 source: processed from data the first is the altman model shows the average score of a potential bankruptcy at 1.0726, while the lowest was 0.00 and the highest was 9.97, with 322 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 a range that is large enough numbers of 9.97 and a standard deviation of 0.97. the second models springate shows the average score of a potential bankruptcy at 0.5856, with a maximum value 11.41 and a minimum -27.52 and the range of 38.93 with a standard deviation of 2.597. while the third is zmijewski figures, show the average score of a potential bankruptcy at 0.5383 with a minimum value of -8.53 and its highest value was 21.53 and 30.06 as well as a range of values with standard deviation of 4.14. bankruptcy prediction model the analysis to the error level of 3 prediction model of potential bankruptcy used to investigate the two categories (sharia and non_sharia) can be identified as follows: table 5-error level of prediction mean square error (mse) bankrupt succes mse no methods frq % frq % 2010 2011 2012 2013 2014 sharia altman 392 85,59 66 14,41 9,02 0,55 0,71 1,44 0,67 springate 154 33,62 304 66,38 1,70 0,95 0,94 3,92 1,33 zmijewski 18 3,93 440 96,07 1,08 1,06 1,62 2,76 1,72 non_ sharia altman 182 85,85 30 14,15 0,97 1,40 0,67 1,05 0,75 springate 127 59,91 85 40,09 3,91 2,05 2,52 4,48 1,28 zmijewski 83 39,15 129 60,85 3,58 3,83 4,64 4,50 4,05 sources: processed from data based on table 5, can be seen that the smallest error of prediction is the sharia group, from 2010 until 2014 was a altman model, only once it is larger in 2010 with a magnitude of 9.02, while for the years 2011 through to 2014 all of altman model figure lower compared with the mse of other models. while for non_sharia can be observed that the altman, during the observation period 2010 to 2014 always shows the lower number of mse, thus it can be said that this approach is statistically provide stability prediction of potential bankruptcy better for both companies. 323 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis analysis result for sharia to answer the second research question, wether that the average potential bankruptcy for group of sharia lower than non_sharia. it can be found that the potential bankruptcy of the non_sharia have an average of 85.85%, while the sharia is 85.59%. statistically altman method be able to show the difference level of potential bankruptcy of sharia lower than non_sharia, however, to ensure it difference, it is necessary to test. based on t test could be explain that t calculated > t_table or 2,04>1.196, then the position of calculated t is in the rejection area. it’s then, the average of x 1 is not equal to the average of x 2 . statistically there is a significant difference between the average of x 1 and x 2 . thus it can be said that statistically there’s enough evidence that the intensity of the potential bankruptcy of a sharia significantly different to non_sharia. in other words, referring to the magnitude of the potential bankruptcy found that the intensity of the potential bankruptcy of a sharia group is smaller than the non_sharia. in this section analyze some of factors that affect the predicted altman z-score, for the sharia and non-sharia. the factors may affect the predicted altman z-score are: 1). macroeconomic conditions proxy for the rate of inflation (infla), the rupiah exchange rate against the us dollar (exchange) and the interest rate of bank indonesia (birate); 2). corporate governance mechanism proxy for institutional owneship (inwn), independent board (bindt) and board size (bsize). the data collected were obtained 458 pairs of the enterprise data, and to obtain the normality then we eliminated of 316 data pairs. so the amount of data analyzed were 142 pairs of the enterprise data. furthermore, to get a research model that has better goodness of fit, then birate placed as an intervening variable in effect exchange infla and the altman z-score. summary of the results of data analysis that be processed by amos expressed as follows. figure 1 the result of empirical research model for sharia group source: processed from data used to amos program 324 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 based on the path analysis results are presented in figure 1, show that coefficients and the direction of causal relationships among variables, then compiled two structural equation as follows: birate = + 0,150 infla + 0,290 kurs + .................. (6) p (sig-t) (0,000) (0,000) z-score = + 0,681 inwn + 1,839 bindt + 0,099 bsize p (sig-t) (0,000) (0,000) (0,000) – 0,146 infla – 9,334 kurs + 9,103 birate + ......... (7) p (sig-t) (0,946) (0,008) (0,124) effects of macro-economic, proxy for the rate of inflation (infla) and the rupiah (rate) to the interest rate of bank indonesia (birate) contained in equation (6), is not discussed. the causality analysis are made to developed a goodness of fit model. assessment of the effect corporate governance mechanism (institutional ownership; independent board; board size) and the macroeconomics (which is a proxy variable inflation, the exchange rate; the interest rate of bank indonesia) on potential bankruptcy of altman z-score, indicated in equation (2), with the following explanation: institutional ownership (inwn) has positive effect (coefficient of 0.681) and significant (level of significance of 0.000) against the value of altman z-score. this indicates that the greater the proportion of share ownership by other institutions, would be more secure the company against the threat of bankruptcy. an independent board (bindt) has positive effect (coefficient of 1.839) and significant (level of significance of 0.000) against the altman z-score. this indicates that the greater the proportion of independent board members of the company, will be more secure against the threat of bankruptcy. the board size (bsize) has positive effect (coefficient of 0.099) and significant (level of significance of 0.000) against the altman z-score. the condition shows that the larger the board size of directors, will be more secure against the threat of bankruptcy. the rate of inflation (infla) has no effect (coefficient of -0.146 and a level of significance of 0.946) against the altman z-score. this indicate the high and low levels of inflation has not effects to the sharia manufacturing companies group in indonesia stock exchange. the value of the rupiah against the us dollar (rate) has negative effect (coefficient of -9.334) and significantly (level of significance of 0.008) against the altman z-score. this indicates that the weakening of rupiah against the us dollars, would be the greater to threat of bankruptcy for a sharia group. the interest rate of bank indonesia (birate) has no effect (coefficient of 9.103 and a level of significance of 0.946) against the altman z-score (z-score). 325 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis this indicates that the level of the interest rate of bank indonesia does not pose a threat of bankruptcy for sharia group. analysis result for non_sharia the data collected were obtained 212 pairs of the enterprise data, and to obtain the normality then cuting some data until to reach the amount of 127 data pairs were eliminated. so the amount of data being analyzed is 85 pairs of the company’s data. furthermore, to get a research model that has better of goodness of fit, then birate placed as an intervening variable in effect exchange infla and the altman z-score. summary of the results of data analysis expressed as follows. figure 2 the result of empirical research model for non_sharia group source: processed from data used to amos program based on the path analysis results are presented in figure 2, includes coefficients and the direction of causal relationships among variables, then compiled two structural equation as follows: birate = + 0,048 infla + 0,148 kurs + ...................................... (1) p (sig-t) (0,045) (0,000) z-score = + 1,295 inwn + 0,026 bindt + 4,913 bsize p (sig-t) (0,000) (0,416) (0,635) + 0,443 infla – 5,763 kurs + 0,773 birate + 2........ (2) p (sig-t) (0,086) (0,080) (0,743) results of testing the effects of macro-economic conditions proxy for the rate of inflation (infla) and the rupiah (rate) to the interest rate of bank indonesia (birate) contained in equation (3), not discussed. the causality analysis are made to developed a goodness of fit model. assessment of the effect 326 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 mechanism of corporate governance (the proxy variable institutional ownership; board independent; board size) and the condition of macroeconomics (which is a proxy variable inflation, the exchange rate; the interest rate of bank indonesia) on potential bankruptcy (which diprosi variable z-score) indicated in equation (4), with the following description: the analysis shows that institutional ownership (inwn) has positive effect (coefficient of 1.295) and significant (level of significance of 0.000) against the altman z-score. this indicates that the greater the proportion of share ownership by other institutions, will be more secure the company against the threat of bankruptcy. independent board (bindt) has no effect (coefficient of 0.026 and a level of significance of 0.416) against the altman z-score. this indicates high or low proportion of independent board members have not made stronger or weaker for the non_sharia manufacturing company group. board size (bsize) has no effect (coefficient of 4.913 and a level of significance of 0.635) against the altman z-score. the condition shows that the board size does not make stronger or weaker for the non-sharia manufacturing company group. inflation (infla) has positive effect (coefficient of 0.443 and 0.086 of level of significance) to the altman z_score. this condition shows that the higher the inflation rate will be the greater the value of altman z-score, but not significantly. the value of the rupiah against the us dollar (rate) has negative effect (coefficient of -5.763) but not significant (level of significance of 0.080). interest rate of bank indonesia (birate) has no effect (coefficient of 0.773) but not significant (level of significance of 0.743) against the value of altman z_score. discussion the results of the analysis reveal that the most accurate method of predicting bankruptcy is the altman model, these findings theoretically support the model, which is specifically modeled for analyzing manufacturing firms. statistically the altman model can prove that the potential bankruptcy of a sharia group is smaller than non-sharia. the analysis result on the relationship between altman model and corporate good governance, it can be found that the potential of bankruptcy for sharia companies is influenced positive and significantly by good corporate governance (gcg) which are three factors that include; institutional ownership, the proportion of independent directors and the size of board directors. this condition indicates that increase of these indicators will be more secure sharia companies from the threat of potential financial difficulties or bankruptcy. these components of gcg reflect that the company has basic principles related to transparent, controlled, 327 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis responsible, independent and fair. this means that the group of sharia companies has a conducive character in supporting the achievement of corporate performance as exposed by damodaran that among the factors that affect the financial difficulties for the company is the amount of debt, due to the necessity to cover the operating costs of the company in the form of paying interest periodically and pay the principal (damodaran, 2011). as in sharia provisions that the company of this group is not allowed to make any debt which is riba, but permitted funding that is capital participation. while the non-sharia group is generally obtained fund from the debt of riba (dsn no.40 / dsn-mui / x / 2003, point 3) or (qs 3, 3). while from the macro aspect can be identified that the only exchange rate of rupiah against the us-dollar has a negative and significant effect to the bankruptcy of sharia groups. it shows that if rupiah against the us-dollar depreciated, then would be the smaller index of bankruptcy and vice versa. it means that, if rupiah against the us-dollar depreciated, then the higher the threat of bankruptcy for the sharia companies and vice versa. the sharia will be in financial difficulties at the time of rupiah against the us dollar be depreciated. the condition will then cause decrease in sales volume, which tends to decrease the revenue and profit of the company, then lead the companies are insufficient revenues to cover operating costs caused by the company activities (damodaran, 2011). based on analysis to non-sharia companies, it shows that the only macro factor that has effect to the potential of bankruptcy. this factor has a positive and significant effect on the potential bankruptcy. the finding suggest that an increase in institutional ownership will have an impact on higher security of the potential bankruptcy or financial distress. this is relevant to what brigham said that financial difficulties can be caused by a series of failed decisions and lack of control to the financial management (brigham and daves, 2003). institutional ownership appears to be able to improve control of financial management, so that the company can avoid a continuous decline in financial conditions (ghost, 2013). conclusion based on the research question could be expressed that the most accurate model used in this analysis is altman z_score model, and by using the accurate model we find statistically significant that sharia companies have lower potential bankcruptcy than non sharia. there are three factors of good corporate governance mechanism that have positive and significant effect to the prediction of potential bankruptcy for a sharia group, those are institutional ownership, the proportion of independent board members and size of the board directors. this indicates that statistically greater 328 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 of institutions ownership, the higher proportion of the independent member of directors and the increasing of the size board directors will have an impact on the higher level of companies security againt to the potential bankruptcy. this will have implications for the management of sharia_based companies, where normatively the sharia business group will provide resilience to both global and regional economic shocks, as these efforts are normatively supervised by the system inherently. while the macro factors that affect only the rupiah against the us dollar, which shows a negative and significant relationship. it means that the potential bankruptcy of the sharia will increase when the exchange rate of rupiah to us dollar was depreciated. this condition indicates that if the value of the rupiah fell against the us dollar, the company group sharia tend to be in the financial difficulties. these findings have implications for the management of sharia_based businesses, ie management must anticipate the possibility of depreciation of the rupiah against the us dollar by hedging in order to sales revenue does not decrease, so that the revenue earned can still cover the operational costs of the company. the potential bankruptcy of non sharia companies were only statistically positive and significantly influenced by the level of institutional ownership. it means that non sharia will be save from the threat of potential bankruptcy when institutional ownership increases. it shows that institutional ownership can increase in line to the business transfarrence for management. this has implications for business management that non-sharia business is very conducive if its management involves institutional oversight. references altman, e. i. (1968). financial ratios, discriminant analysis and the prediction of corporate bankrupcy. the journal of finance, 23(4), 589-609. argüden, y. (2013). a corporate governance model: building responsible boards and sustainable business. private sector opinion issue 17, a global corporate governance forum publication. damodaran, a. (2011). corporate finance theory and practice (2nd ed). new york: john wiley & sons inc. darsono & ashari. (2005). pedoman praktis memahami laporan keuangan. yogyakarta: andi publisher. elmabrok, a.a. et.al.. (2012). using altman’s model and current ratio to assess the financial status of companies quoted in the malaysian stock exchange, international journal of scientific and research publications, 2(7): 1-11. 329 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 ruhadi: bankrupcy model analysis fatmawati, m. (2012). aplication of the zmijewski model, the altman model, and the springate model for delisting predictor. economic faculty metro muhammadiyah university, lampung. jurnal keuangan dan bank,16(1): 56-65. fachrudin. (2008): some indication of liquidated bank: warning for customers and investors. professorship inaugural speech. economic faculty, sumatra utara university, medan. ghosh, p. (2013). testing of altman’s z score model, a case study of dunlop india ltd. paripex-indian, faculty,department of business administration, george college of management and science, kolkata, journal of research 3(4): 219-220. glezakos, m. et.al. (2010). an empirical research on early bankruptcy forecasting models: does logit analysis enhance business failure predictability. european journal of finance and banking research, vol. 3 (3): 1-15. haber j.r. (2005). assessing bankruptcy prediction models are evaluated. journal of business & economics research, vol. 3 (1): 87-100. hadi, s. & a. anggraeni. (2008). pemilihan prediktor delistik terbaik (perbandingan antara the zmijewski model, the altman model, dan the springate model). jurnal akuntansi dan auditing indonesia, 12 (2): 1-9. abdullah, n.a.h. et.al. (2008). predicting corporate failure of malaysia’s listed companies: comparing multiple discriminant analysis, logistic regression and the hazard model. international research journal of finance and economics, 15: 201-217. imanzadeh, p. et.al.. (2011). a study of the application of springate and zmijewski bankruptcy prediction models in firms accepted in tehran stock exchange. australian journal of basic and applied sciences, 5(11): 1546-1550. kewal. s.s. (2012). influence of inflation, interest rate, exchange rate and gdp growth on composite stock price index, jurnal economia, volume 8, nomor 1: 53-64. li, j.f. (2012). prediction of corporate bankruptcy from 2008 through 2011. journal of accounting and finance 12(1): 31-41. paranowo, k. (2010). determinant of corporate financial distress in an emerging market economy: empirical evidence from the indonesian stock exchange 2004-2008. international research journal of finance and economics, 52: 80-88. wang, y. & m. campbell. (2010). financial ratios and the prediction of bankruptcy:the ohlson model applied to chinese publicly traded companies. the journal of organizational leadership and business, 17(1): 1-15. 330 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4466 salehi, m. & b. abedini. (2009). financial distress prediction in emerging market: empirical evidences from iran. business intelligence journal, vol 2 (2): 398-409. salvatore, d. (2005). managerial economics in a global economy. 5th edition.ohio: thompson, south-western. titman, s., & c.t. opler. (1994). financial distress and corporate performance. the journal of finance, 49 (1): 1015-1040. veronica, m. et.al. (2014). bankruptcy prediction model: an industrial study in indonesian publicly-listed firms during 1999-2010. society of interdisciplinary business research & universiti kuala lumpur business school, malaysia, february 7-8. zmijewski, m.e. (1984), “methodological issues related to the estimation of financial distress prediction models” journal of accounting research 22 (suppl.): 59–86. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 75 82 1,2,3 universiti tun abdul razak, malaysia e-mail: mohd_yaziz@unirazak.edu.my islamic mutual funds promotional activities: normal approximation of binomial distribution and type i error mohd yaziz bin mohd isa1, hannan azzahra2, zulkifflee mohamed3 abstract. the paper applies the normal approximation procedure to a binomial probability distribution. a sample of 392 respondents is surveyed whether they agree or not agree that promotional activities determined the level of awareness of the benefits of islamic mutual funds. the paper hypothesizes the population mean µ of success effects of promotional activities at 68%, and attempts to reduce type i error—the probability of rejecting the null hypothesis when it is true. this study reveals that 0.68% of respondents agreed that promotional activities determined the level of awareness of the benefits of islamic mutual funds. keywords: binomial probability distribution, normal probability distribution, islamic mutual funds abstrak. studi ini menerapkan prosedur perkiraan normal untuk distribusi probabilitas binomial. survey dilakukan terhadap sampel yang terdiri dari 392 responden untuk mengetahui apakah mereka setuju atau tidak setuju bahwa kegiatan promosi menentukan tingkat kesadaran akan manfaat reksa dana syariah. hipotesis yang diuji adalah rata-rata populasi µ keberhasilan kegiatan promosi sebnyak 68% dan berupaya untuk mengurangi kesalahan tipe 1—kemungkinan untuk menolak hipotesis null. studi ini menemukan bahwa 0.68% dari responded menyetujui bahwa aktifitas promosi menentukan tingkat kesadaran akan manfaat reksadana. kata kunci: binomial probability distribution, normal probability distribution, islamic mutual funds 76 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction this paper attempts to estimate a normal probability distribution, which is a continuous probability distribution as a substitute to a binomial probability distribution of promotional activities of islamic mutual funds. the binomial probability distribution, on the other hand, is a discrete probability distribution. the paper also discusses the risk of committing type i error, i.e. probability of rejecting the null hypothesis when it is true. the responses from an opinion polling of effects of promotional activities of islamic mutual funds are in the form of a binomial probability distribution. the respondents were asked, “do you agree that promotional activities determined the level of awareness of the benefits of islamic mutual funds?”. one obvious reason to substitute using the normal probability for approximating the binomial distribution is for large values of n (i.e. sample size) a binomial distribution becomes closer and closer to a normal distribution (lind, marchal and wathen, 2015). the opinion polling where the normal approximation applied to approximate the binomial distribution is such an example. another reason is the estimation procedure becomes more efficient through the use of normal probability approximation for the binomial distribution for a survey with a large value of n. by extension, the reason to determine the risk of committing type i error in the estimation procedure is to control type i error. ramsey and ramsey (1988) advocate the view that normal approximation as robust for a given sample size n and at a given level of α (the risk of type i error) if the error never exceeds 1.5 α. in this paper, the binomial parameter to denote “success” of an outcome is when respondents respond as “agree” that promotional activities determined the level of awareness of the benefits of islamic mutual funds. the calculated “success” is 68%. this percentage is arrived at because, from the survey, 267 respondents of a total of 392 respondents responded “agree” promotional activities determined the level of awareness of benefits of islamic mutual funds. as in any binomial distribution, there can be only two mutually exclusive possible outcomes (events or replies) in the opinion polling. the possible outcomes are either “success” or “failure”. henceforth, the “failure” outcome is when the respondent does not agree (that promotional activity determined the level of awareness of the benefits of islamic mutual funds). since the “success” outcome is 68% (or 0.68), the “failure” outcome is 32% (1-0.68=0.32). as stated earlier, a condition for the binomial experiment is that respondent can choose only one of two possible responses either “agree” or “does not agree”; but the respondent cannot choose both responses at the same time. generating a binomial probability distribution for a large number of respondents, for example, for 300 respondents in this paper would become more mohd yaziz bin mohd isa. islamic mutual funds promotional activities 77 http://journal.uinjkt.ac.id/index.php/iqtishad efficient using normal probability distribution. because when the sample size is large and exceeding n=30, binomial distribution automatically approaches a normal distribution. literature review the size of the islamic capital market in malaysia stands at rm1,961.73 billion (securities commission malaysia, 2018) as of 31st august 2018. it constitutes about 60.33% of the total market share of capital market of rm3,251.67 billion. of the total asset of rm790.80 billion (@ 31st august 2018), rm171.53 billion (or 21.69%) comprises of islamic assets (securities commission malaysia, 2018). the composition of islamic assets of 21.69% as at 31st august 2018 is increasing over the years from 19.82% (@ december 2015) to 21.49% (@ december 2016) and then to 22.01% (@ december 2017). an islamic mutual fund is a form of collective investment that allows investors to pool their funds to invest by fund professionals in a portfolio of assets or securities that are sharia-compliant. some examples of the assets or securities that are shariacompliant are islamic-counters securities, sukuk, islamic unit trusts, sharia indices, warrants, call warrants, and crude palm oil futures contract. the sharia compliance matter is what makes the islamic mutual funds differ from that of their conventional counterparts. the increase in the number of sharia-compliant funds available in the market and the growing units purchase over the years demonstrates the great potential of both the demand and the supply of the funds. but the present market conditions post imminent challenges. the number of investors is increasing at a declining rate, and it gives rise to a question “why do they prefer to invest in conventional mutual funds?” there is also a lack of awareness among investors and their understanding of the roles of fund professionals and an understanding of what differentiate islamic mutual funds from that of their conventional counterparts. a lack of variety in product offerings, according to yusuff and mansor, 2014, is another contributing factor. as a result, creating awareness among investors at the basic level is an increasingly important area in promoting and marketing of islamic mutual funds. brand awareness is defined as the level of involvement, which begins with brand name recognition. the lowest level of brand awareness recognizes the brand name, while the highest level is the ability to develop detailed information about the products and services offered based on the brand name. many studies show the consumers’ behaviours are influenced by awareness and knowledge about the products and services offered. (chartrand, 2005; coulter et al. 2005; dommeyer & 78 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 gross, 2003; donoghue & de klerk, 2009; hartlieb & jones, 2009; mceachern & warnaby, 2008; and thomas & mills, 2006). the use of standard normal probability distribution to approximate binomial probability distribution when there is a large value of “n” (i.e. n is a sample size) is an alternative or an option. it is so because as “n” increases, a binomial probability distribution becomes closer and closer to resemble a standard normal probability distribution. returning to the criteria for the binomial probability distribution, they are: i. there are only two mutually exclusive outcomes or outputs either “agree” or “does not agree” to an opinion polling or question “promotional activities determined the level of awareness of benefits of islamic mutual funds?”. ii. the probability of “success” in each experiment or survey remains the same from one respondent to another. this probability is calculated from the opinion polling or survey response, where 68% (i.e. 267 of 392 respondents) indicate they “agree” that promotional activities determined the level of awareness of benefits of islamic mutual funds. in other words, the level of awareness of the benefits of islamic mutual funds is determined by promotional activities as the likely response from each respondent remains the same at 0.68. so, π = 0.68. iii. the “trials” or responses are independent of each other, meaning for example, if the 10th respondent agrees, it does not affect whether the 11th respondent agrees. likewise, if the 10th respondent does not agree, it does not affect whether the 11th respondent does not agree. iv. nπ and n(1π) are both at least five according to lind, marchal and wathen, 2015. in this paper nπ = 392 (0.68) = 266.56 therefore nπ > 5, and n(1π) = 392(0.32) = 125.44 therefore n(1π) > 5. methodology the paper attempts to find from a random sample “at least 300 respondents” agree promotional activities determined the level of awareness of benefits of islamic mutual funds. at a chosen level of significance at 1%, the hypothesis is set as below. we hypothesize the population mean µ of success effects of promotional activities is 68% (based on 267 of 392 respondents surveyed who indicated they “agree”); h0: µ< 0.68% of respondents agree the promotional activities did not determine the level of awareness of benefits of islamic mutual funds (the hypothesis tested). h 0: µ> 0.68% of respondents agree the promotional activities determined the level of awareness of benefits of islamic mutual funds (the research hypothesis). in the procedure where normal approximation substitutes for the binomial probability distribution, a value of 0.5, termed as “continuity correction factor” is mohd yaziz bin mohd isa. islamic mutual funds promotional activities 79 http://journal.uinjkt.ac.id/index.php/iqtishad applied. in short, it is applied in the estimation procedure to find the probability “at least 300 respondents” agree promotional activities determined the level of awareness of benefits of islamic mutual funds. in order to apply the “continuity correction factor” to the value of “at least 300 respondents,” the estimation procedure begins from 299.5 (i.e. 300-0.5=299.5). the binomial distribution is given by the formula: results & discussions now returning to the purpose of the paper, to find the probability randomly selected respondents from the 392 total respondents “at least 300 respondents” agree promotional activities determined the level of awareness of benefits of islamic mutual funds, the construction of the binomial probability methodology is as follows: binomial probability construction the binomial distribution is calculated as follows; we continue further with x = 301. and, further with x = 302, and so forth. in summary, the procedure continues further with x = 306 and so forth for all the 392 respondents until last where x = 392 to find the probability “at least 300 respondents” agree promotional activities determined the level of awareness of benefits of islamic mutual funds. 80 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 we then sum of the total probabilities for all values of x from the first respondent (300th) to the last (392nd). however, the calculation procedure by this method would be tedious, time-consuming and impractical. using this method, we measure the probability for 93 times (one time for each value of x from x=300 to x=392 inclusive). in real applications, the binomial tables may not be available because the number of trials (300) is so large. normal approximation to binomial probability distribution returning to the purpose of the paper to substitute using normal approximation to binomial probability distribution to determine the probability “at least 300 respondents” agree that promotional activities determined the level of awareness of the benefits of islamic mutual funds, we use the area below x = 300-0.5 (i.e. x = 299.5 after subtracting 0.5 from 300). therefore, x = 299.5. to find the z-value corresponding to x=299.5 with the µ for a binomial probability distribution which is µ = nπ = 392(0.68) = 266.56, and the variance nπ (1-π) = 392(0.68)(1-0.68)=85.2992, and standard deviation = 9.2357 under the normal curve with a z-value = 3.566 lies within rejection region (beyond 2.33), h0 is rejected. it implies the probability of obtaining such an extreme estimate of 2.33 standard deviation above from the µ is less than 1% (the chosen level of significance). therefore, it can be concluded that 0.68% of respondents agree the promotional activities determined the level of awareness of the benefits of islamic mutual funds. graph 1: normal curve with 1% level of significance mohd yaziz bin mohd isa. islamic mutual funds promotional activities 81 http://journal.uinjkt.ac.id/index.php/iqtishad type i error type i error is the probability of rejecting the null hypothesis when it is true. in the above calculations, suppose that the null hypothesis is true, there is a 1% chance that µ is larger than 2.33 that we decide to reject the null hypothesis. in short, there is a 1% chance of committing a type i error. we can reduce the risk of committing type i error by reducing the size of the rejection region. we could lower (revise) the level of significance from 1% (as in graph 1 above) to 0.02% (as in graph 2 below). with the lower level of significance at 0.02%, it implies that the probability of getting the sample value is now 0.02%. now our chance to make type i error is 0.02% of the time. graph 2: normal curve with 0.02% level of significance with the lower level of significance of 0.02%, under the normal curve with a z-value = 3.566 lies within the non-rejection region (below 3.60), h0 is not rejected. conclusions in conclusion, 0.68% of respondents agreed that promotional activities determined the level of awareness of the benefits of islamic mutual funds. as such, the null hypothesis that h0: µ< 0.68% was rejected at 1% level of significance. at the lower level of significance of 0.02% however, h0 was not rejected. future study may explore the relationship on the level of consumer awareness with purchase intentions of islamic mutual funds. references biswal, purna chandra. 2009. probability and statistics. new delhi: phi learning private limited. 82 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 brown, lawrence d., cai, t. tony & dasgupta, anirban. 2001. “interval estimation for binomial proportion.” statistical science 16(2): 101-133. chartrand, tanya. l. 2005. “the role of conscious awareness in consumer behavior.” journal of consumer psychology 15(3): 203-210. coulter, robin. a., linda l. price, lawrence feick & camelia micu. 2005. “the evolution of consumer knowledge and sources of information: hungary in transition.” journal of the academy of marketing science 33(4): 604-619. dommeyer, curt j., & barbara l. gross. 2003. “what consumers know and what they do: an investigation of consumer knowledge, awareness, and use of privacy protection strategies.” journal of interactive marketing 17(2): 34-51. donoghue, sune & helena m. de klerk. 2009. “the right to be heard and to be understood: a conceptual framework for consumer protection in emerging economies.” international journal of consumer studies 33(4): 456-467. hartlieb, susanne & bryn jones. 2009. “humanising business through ethical labelling: progress and paradoxes in the uk.” journal of business ethics 88(3): 583-600. lind, douglas a., william g. marchal & samuel a. wathen. 2015. statistical techniques in business & economics. 16th ed. new york: mcgraw hill education. mceachern, morven g. & gary warnaby. 2008. “exploring the relationship between consumer knowledge and purchase behaviour of value‐based labels.” international journal of consumer studies 32(5): 414-426. ramsey, phillip h. & patricia p. ramsey. 1988, “evaluating the normal approximation to the binomial test.” journal of educational and behavioral statistics 13(2): 173-182. selvanathan, anthony, saroja selvanathan, gerald keller & brian warrack. 2000. australian business statistics. south melbourne, victoria: nelson thomson learning. thomas jr., lionel., & juline e. mills. 2006. “consumer knowledge and expectations of restaurant menus and their governing legislation: a qualitative assessment.” journal of foodservice 17(1): 6-22. triola, mario f. 2017, elementary statistics. 13th ed. boston: pearson addison wesley. yusuff, noraini & mansor fadillah. 2014. “proposed model for the factors influencing muslim investors in choosing islamic unit trust funds.” journal of global business and social entrepreneurship (gbse) 1(2): 113-120. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 83 96 1, 2 faculty of economics and business, universitas diponegoro e-mail: dzakirfiqi@gmail.com public willingness to pay for halal certified beef muhammad dzakir fiqi1, darwanto2 abstract. this research aims at analyzing the scale of public willingness to pay for halal-certified beef and the influence of age, income, awareness, perception, and religiosity on their willingness. this study employs a purposive sampling method to obtain 100 respondents. descriptive statistical analysis is used along with contingent valuated method and logit regression. the result shows that 77 of the respondents are willing to pay more for halal-certified beef, while the other 23 are not. the average value of wtp obtained is 7% of the ordinary meat price. the result of logit regression analysis shows that awareness variable has a significant effect on willingness to pay halal certified beef, while the income, age, perception, and religiosity do not have a significant effect. keywords: halal certificate, willingness to pay, consumer behaviour, contingent valuated method, logit regression abstrak. penelitian ini bertujuan untuk menganalisis besaran kesediaan membayar masyarakat serta menganalisis pengaruh usia, pendapatan, awareness, persepsi dan religiusitas terhadap kesediaannya membayar daging sapi bersertifikat halal. penelitian ini dilakukan di provinsi dki jakarta dengan metode purposive sampling dan responden yang berjumlah 100. metode analisis yang digunakan dalam penelitian ini adalah analisis statistik deskriptif, contingent valuated method, dan regresi logit. hasil yang diperoleh menjukkan bahwa 77 responden bersedia membayar lebih daging sapi bersertifikat halal, sementara 23 lainnya tidak. rataan nilai wtp yang diperoleh adalah 7% dari harga daging sapi biasa. hasil dari analisis regresi logit menunjukkan bahwa variabel awareness berpengaruh signifikan terhadap kesediaan membayar daging sapi bersertifikat halal. sementara usia, pendapatan, persepsi, dan religiusitas tidak berpengaruh signifikan. kata kunci: sertifikat halal, kesediaan untuk membayar, perilaku konsumen, contingent valuated methode, regresi logit 84 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction consuming halal products is an obligation for muslims and part of the worship of allah. disobeying this obligation is a serious violation against islamic teaching. besides, muslims are suggested to consume good (toyyib) food. ṭayyib or ṭayyiban can be translated as complement and perfectness of halal food in the forms of cleanliness, safety, health, usefulness and other aspects that are in accordance with conditions and needs (kamaruddin et al. 2013). halal literally means “allowed”; in general; it can be translated into something that is allowed based on islamic laws. halal products are one of the crucial instruments for muslims in performing various activities, including consumption. this is the order of allah that has been stated in the quran, sura al baqara verse 168. basically, halal is a process of trust of the attribute that cannot be seen and cannot be confirmed, so it is difficult to be evaluated by individual consumers (verbeke et al., 2013). for example, consumers buy meat at the seller who they think credible enough. this makes them trust the halal status of the meat and buy it from the seller. however, because the trust is implicit, it raises trust abuse cases (zakaria, 2008). in this case, abusing the trust is in the form of the discrepancy between the expected product with the real one. for example, the expected halal meat is mixed with the non-halal one. an instance for this type of case is the foreclosure of 178.5 kg of beef spindles in ponorogo regency (www.kompas.com accessed on 20th august 2017). the selling of meat without halal guarantee has been a problem for indonesian muslim people considering that meat is one of the most consumed food. according to the data from the central bureau of statistics, there had been an increasing trend of meat consumption per capita from 2007-2015. figure 1. average of consumption per capita of meat product in a week in indonesia in 2007-2015 source: central bureau of statistics, processed in 2017. muhammad dzakir fiqi. public willingness to pay for halal certified beef 85 http://journal.uinjkt.ac.id/index.php/iqtishad the issue of cross-contamination between the halal and harām products also increases the consumers’ risk in consuming the meat that is not in accordance with their preference (verbeke, 20015). such condition makes the consumers search for a guarantee to ensure that the product they buy is halal, and the certification of halal meat is an answer to provide guarantee and certainty of the meat that the consumers buy (verbeke et al., 2013). however, the improvement and implementation of halal certification on the chain of halal meat may increase the price of the meat (angulo and gil 2007). this is because of the additional costs in processing and handling the meat to be in accordance with islamic law. therefore, it is crucial to find out the consumers’ willingness to pay for the halal-certified meat in order to describe the consumers’ demand on the product. this research refers to the previous study by ibrahim (2011). this particular study aims at analyzing the willingness to pay (wtp) of muslims in georgia in buying premium qualified halal lamb. verbeke et al. (2013) researched to find out the value of willingness to pay of the muslims in belgium in buying the halalcertified chicken in supermarkets and islamic butcher shops. the research of bonne et al. (2008) aims at finding out the factors affecting the halal meat consumption of the muslims in belgium using the planned behavior theory. a research on the consumers’ willingness to pay for halal-certified beef has not yet been done. this particular study aims at finding out the scale of consumer’s wtp on halal certified beef and analyzing whether ages, income, awareness, perception, and religiosity affect the wtp for halal-certified beef. literature review kamaruddin, ibrahim and shabudin (2013) conducted research entitled “factors influencing customers’ willingness to pay for halal logistics”. this research was conducted to 221 respondents spread over selangor, klang valley, and marang, terengganu. the analysis instrument used is the logit model. the research reveals that the variables of parents’ status and perception of halal logistics have a negative connection with the wtp for halal logistics, whereas the consumers’ wtp for halal logistics has a positive connection with the demand and procurement cost of halal logistics. research by verbeke et al. (2013), entitled “credence quality coordination and consumers’ willingness to pay for certified halal labelled meat”, was conducted to 202 muslim respondents. this research is analyzed using the double hurdle model regression. the result concludes that muslim consumers have been 86 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 willing to pay for the chicken meat with a higher price sold by the muslim sellers rather than those sold in the supermarket. the female consumers pay more attention to the halal status of the meat compared to male consumers. bonne, vermeir and verbeke (2009) conducted research entitled “impact of religion on halal meat consumption decision making in belgium”. the data was collected from 367 respondents of muslim migrants living in belgium. the research reveals that healthy behavior affects the intention to consume halal meat. the muslims with high religiosity intend to consume the halal meat because they believe that the meat is healthy, whereas the muslims with low religiosity intend to consume the halal meat because of the influence of their relatives from the same religion and because of their healthy behavior. research by ibrahim (2011), entitled “consumers’ willingness to pay a premium halal goat meat: a case from atlanta, georgia”, was conducted to 89 respondents and used the probit model. the average of wtp for halal-certified mutton is 50 cents per pound of meat. the variables of income and amount of family members significantly affect the wtp for halal mutton on 1% degree. research by bonne, vermeir and blackler (2007), entitled “determinants of halal meat consumption in france”, was conducted by a survey to 576 of muslim immigrants living in france. this research was analyzed using descriptive statistic and multiple regression methods. the result is that positive attitude towards consuming halal meat, relatives with the same religion, and the response for consuming the halal meat affect the muslims’ intention to consume the halal meat. theory of demand demand is the number of products that a household is going to buy in a certain period if the household is able to meet the necessity in accordance with the determined market price (case and fair, 2007). demand is a multivariate connection, which is not determined only by one factor but by many factors at once. case and fair (2007) define that the individual’s demand on a product and its quantity is affected by several factors including the product price, income and wealth, another product price, expectancy, and taste. theory of consumers’ behavior kotler and keller (2016) state that the consumers’ behavior might be affected by several factors including cultural factors (nation, race, region origin, social class, and religion), social factors (family, friends, and playgroups), and personal factors (ages and lifestyle). muhammad dzakir fiqi. public willingness to pay for halal certified beef 87 http://journal.uinjkt.ac.id/index.php/iqtishad method of research the research population in this study covers all muslims in jakarta who have their own income. this research uses non-probability sampling and purposive sampling methods. the determination of the minimal sampling number uses slovin formula. the formula results in the minimal number of respondents of 100. contingent valuation method is used in the analysis to find out the value the society is willing to pay for the halal-certified meat. employing a likert scale, the factor analysis is used to reduce the variables, while the logit regression analysis is used to find out what kind of factors influence wtp for the halal-certified meat. contingent valuation method contingent valuated method (cvm) is a method used to estimate the economic value of a product unsold in the market and is one of the methods for economic valuation. hanley and spash (2013) explain the operational stages of cvm application as follows: (1) building a hypothesis market, (2) getting the bidding value, (3) calculating the wtp average, (4) estimating the wtp bidding curve, and (5) aggregating data. factor analysis factor analysis is a statistic analysis applied to reduce the data or summarize several variables to be the new (construct) variable by still containing the most information in the original variable. factor analysis identifies the connection structure among the variables or dimensions by seeing the correlation inside them (ghozali, 2013). factor analysis in this research is used to summarize the answers of each variable to produce the construct variables that are used in the logistic regression analysis. logit regression analysis this research uses the logit regression analysis method by the stata 64 application. the binary logit or binary logistic regression model is the quantitative method of the connection between the probability of two choices of some characteristics chosen (gujarati and porter, 2009). the logit basis used in this research is as follows: where: wtp : willingness to pay 88 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 β1 : constanta (intercept) β2,.... β6 : parameters to be estimated x1 : ages x2 : income x3 : awareness x4 : perception x5 : religiosity µ : error term result and discussion validity and reliability tests the validity test indicates that the correlation among each indicator of questions on the total construct score has greater value than 0.5, so it can be concluded that each indicator of questions is valid in measuring the three variables by using the likert scale. on the reliability test, it finds the value of cronbach’s alpha amounted 0.625 (awareness), 0.877 (perception), and 0.933 (religiosity). hair et al. (2010) stated that an item with the cronbach’s alpha value that is greater than 0.6 is reliable, so it can be concluded that all the answers of the questions of a construct using the likert scale (variables of awareness, perception, and religiosity) are consistent and reliable. contingent valuated method (cvm) the contingent valuated method in this research is used to find out the value of the respondents’ willingness to pay for the halal-certified meat. the result of cvm implementation is as follows: 1) building hypothesis market; 2) determining the scale of wtp bid, and 3) calculating and estimating wtp average value. the buildings hypothesis market of this research is based on the availability of meat that it’s halal status and quality are doubted. this is doubled with the risk of non-halal substance contamination on halal products, which can bring anxiety to muslim consumers in indonesia. the government, through lppom mui, has taken action by issuing a halal certificate to the meat products. the halal certificate guarantees that the process of livestock handling has met the islamic requirement. this certificate is expected to give safety, comfort, and satisfaction for the muslim consumers, especially for those who consume the meat. muhammad dzakir fiqi. public willingness to pay for halal certified beef 89 http://journal.uinjkt.ac.id/index.php/iqtishad however, the halal meat certificate raises additional costs in its implementation. the certification requires certain activities and additional equipment in the processing and handling of the meat that meets islamic law. consequently, halal-certified beef becomes more expensive. the above scenario was explained to the respondents as an effort to provide a guarantee to the consumers. the wtp value of halal certified meat will be found out through the questions asked to the respondents, whether the halal certification is needed and whether the respondents are willing to pay a higher value for halalcertified products. the determination stage of the auction value on the contingent valuation method should use the bidding game, which is the best model and will not raise the bias. however, the depreciation of the auction value with bidding game cannot be conducted due to various obstacles, so that the auction value bid will be conducted by the payment cards method. this method uses the payment card application with several bidding ranges provided. the respondents will answer by choosing the range of expense they are willing to pay for getting the halal-certified meat. the bidding range available is selected from research taken by tieman et al. (2013) that is 0-5%, 5-10%, 15-20%, and 20-25%. calculating the estimation of wtp’s average value of this research used an alternative estimation method. the alternative estimation method applied for the interval data is interval midpoint wtp model provided by hackl and pruckner (1999). this method assumes that the individual wtp value distributed into the existing interval is among the selected value with the greater next value. shen (2012) assumes the midpoint of the existing as a wtp value. the distribution data of respondents’ wtp is shown in table 1. table 1. distribution of wtp value of respondents willing to pay no bid range midpoint number of respondents percentage 1 0-5% 2.5 53 0.69 2 5-10% 7.5 17 0.22 3 10-15% 12.5 6 0.08 4 15-20% 17.5 1 0.01 5 20-25% 22.5 0 0 total 79 1.00 source: primary data, processed in 2017. 90 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 the wtp average value is acquired by using the following formula: where ai is the chosen wtp value, ai+1 is the next greater wtp value, pi is the percentage of the respondents choosing the i wtp value, ah is the highest dealing value, at is the top limited value, and ph is the percentage of the respondents choosing the greatest wtp value. the wtp average that is willing to be paid by the consumers to get the halal-certified beef is 7.05% over the regular beef price. factor analysis the main object of this method is to reduce the great data into one set of dimension by identifying how far each variable can be explained by each dimension. the factor analysis in this research is used to summarize 28 questions for the variables using the likert scale (x3, x4 and x6) to produce the score of the variable factor. table 2. variables of factor analysis result variables code awareness awareness of halal aspects x3_1 awareness of mui label x3_2 perception perception on halal meat ceritificate x4 religiosity religiosity of belief and shall worship dimensions x5_1 religiosity of sunnah worship and hablumminannas dimensions x5_2 source: primary data, processed 2017 logit regression analysis the logit regression analysis is the regression analysis used in the research using the data with the binary dependent variables (0 and 1). in this research, value 1 is given to the consumers who are willing to pay more for the halal-certified beef. value 0 is given to the respondents who are not willing to pay more to the halalcertified beef product. the testing is conducted to find out the influence of ages, income, awareness, perception, and religiosity on the willingness to pay more for the halal-certified beef. the estimation result of logit regression of the consumers’ willingness to pay is conducted by the stata 64 software and shown in table 3. muhammad dzakir fiqi. public willingness to pay for halal certified beef 91 http://journal.uinjkt.ac.id/index.php/iqtishad table 3. regression result of public willingness to pay variables coefisien dy/dx statistic z probability z x1 -0.00293 -0.00036 -0.14 0.889 x2 0.35048 0.43640 0.57 0.572 x3_1 0.52630 0.65531 1.24 0.241 x3_2 1.36655 0.17015 3.71 0.000* x4 0.74361 0.09259 1.86 0.063** x5_1 0.39533 0.04922 1.05 0.294 x5_2 -0.01067 0.00132 -0.03 0.976 constanta -3.60682 -0.37 0.708 the logit regression result finds that the value of statistic hosmer-lemeshow amounted 6.77 and has the probability value of chi-square amounted 0.56 > 0.05, so h0 is accepted, and the model is stated to be fit. meanwhile, mcfadden r-squared has the value of 0.342, which means that the dependent variable can only be explained by the independent variable amounted 34%, and the rest is explained by other factors outside the model. the testing result indicates that the lr statistic has the value of 37.72 with the probability of 0.000 < 0.5, so it can be concluded that the independent variables jointly or simultaneously affect the dependent ones. table 3 indicates that from 7 independent variables tested there is one variable that significantly affects the dependent variables on 5% level that is variable of awareness on mui label (x3_2) and variable of perception (x4) that is significant on 10% level while the other variables do not significantly affect the dependent ones because they have the probability values of z-statistic greater than 0.05 and 0.1. effect of income on wtp the logit regression result indicates that the variable of income has the opportunity coefficient value amounted 0.043 with the probability of 0.57 > 0.05. so it can be concluded that the variable of income (x2) has no significant effect on wtp for the halal-certified beef. the opportunity coefficient of the variable of income (x2) indicates the positive sign amounted 0.043, which means that people with higher income will increase the probability of their willingness to pay for the halal-certified beef amounted 4.3%. the result is not in accordance with the hypothesis in which the income 92 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 is considered to affect the willingness to pay significantly. this indicates that the income level is not the main factor affecting public willingness to pay for the halalcertified beef. the higher ability of purchasing power does not guarantee the people to be willing to pay more. effect of ages on wtp the variable of ages has the opportunity coefficient amounted -0.00036 with the probability value of 0.889. on the significance level of 5% (0.05), it can be concluded that the variable of ages has no significant effect on the wtp for halal-certified beef. the result found is in accordance with the research conducted by ibrahim (2011) and kamaruddin et al. (2012), which found that ages do not significantly affect public willingness to pay. this indicates that public wto for the halal-certified meat cannot be predicted through someone’s experience, knowledge or belief that is formed during his/her whole period of life. the opportunity coefficient of the age variable (x1) amounted -0.00036 indicates that people with older ages will reduce the probability of willingness to pay more for the halal-certified beef amounted 0.03%. the connection explains that the respondents with younger ages have more opportunity to be willing to pay more rather than the older respondents. the result is in accordance with the research of verbeke et al. (2013), which stated that the halal label on the meat product is important for the younger generation, but not for the older one. this is because the younger one has little trust in the halal product by only seeing the status and background of the seller. they demand that the labelling should be under a trusted organization to guarantee the halal status of the product. effect of awareness on wtp the variable of awareness on the importance of halal labelling affects the willingness to pay for the halal-certified beef (x3_1) with the opportunity coefficient amounted 0.06. the probability value found is 0.214, that is fewer than the alpha level of 5%. the opportunity coefficient of the variable of awareness (x3_1) indicates the positive sign of 0.65, which means that people with higher awareness of the importance of halal labelling will increase the probability of willingness to pay for the halal-certified beef amounted 6.5%. the awareness variable is the halal label of mui (x3_2) having opportunity coefficient value of 0.1701 and probability z equal to 0.000. it can be concluded that there is a significant influence of the awareness of halal label mui on certified muhammad dzakir fiqi. public willingness to pay for halal certified beef 93 http://journal.uinjkt.ac.id/index.php/iqtishad halal certified beef. the opportunity coefficient of mui halal label awareness variable (x3_1) indicates a positive sign of 0.1701. it means that people with higher levels of mui label awareness will increase their probability of willing to pay for the halal-certified meat of 17.01%. the result is in accordance with the research of putri et al. (2016), which stated that public awareness level has a significant effect on the willingness to pay for the halal-certified product. the more someone is aware of the halal concept in various consumption activities, the greater the probability the person to be willing to pay more for getting a product with a halal guarantee. the halal certificate on the meat products is considered important enough to keep the product condition from the manipulation and contamination of non-halal substances, so people are willing to pay more for the service existence. effect of perception on wtp the variable of perception has the opportunity coefficient value of 0.092 with the probability z of 0.06, which means that the variable of perception does not significantly affect the wtp for the halal-certified beef. the opportunity coefficient of the variable of perception (x4) is positive of 0.092, which means that people who think that the halal-certified meat is important will have a greater probability to be willing to pay for the halal-certified meat amounted 9.2%. the result is in accordance with the research of fathi, et al. (2016), which found the consumers’ perception on the halal logistics has a positive correlation with the willingness to pay for the halal logistics. effect of religiosity on wtp the variable of religiosity based on the belief and will-worship shows the opportunity coefficient value of 0.049 with the probability z of 0.292. it indicates that this type of religiosity variable has no significant effect on the willingness to pay for the halal-certified beef. the opportunity coefficient (x5_1) is positive of 0.049, which means that people with the higher level of religiosity based on belief and willworship will have a greater probability to be willing to pay for the halal-certified beef amounted 4.9%. the variable of religiosity based on the sunnah rituals and hablumminannas or relationship with other humans has the opportunity coefficient value of -0.0013 and the probability z of 0.976, which means that this kind of religiosity variable has no significant effect on the wtp for the halal-certified beef. the opportunity coefficient of -0.0013 indicates that people with the higher level of religiosity based 94 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 on the sunnah rituals and good relationship with other humans have a greater probability of being not willing to pay for the halal-certified beef amounted 0.13%. the result is in accordance with the research of astogini et al. (2011), which explained that the religious aspect has no significant effect on the decision of buying the halal products. this may because the religious aspects like belief, rituals, and consequence are an obligation for a muslim, apart from his/her consumption activities. so, both factors have no connection with muslims’ decision to use halalcertified products/services. conclusion the existence of the halal-certified meat is considered important as an effort to avoid the manipulation and contamination of harām substance on the halal meat product. of 100 respondents, 77 are willing to pay more while the rest (23) are not. of the willing respondents, 53 are willing to pay for the halal-certified beef amounted 0-5%, and the rest are willing to pay for more than 5% of the prevailing meat price. based on the interview results using the contingent valuated method, the average value of the muslims in jakarta who have the willingness to pay for the halal-certified beef is 7.05% over the prevailing beef price. the value is acquired by using the interval midpoint method. the logit regression analysis using the factor variable finds that only the variable of awareness that affects the muslims in jakarta to have the willingness to pay for the halal-certified beef, while the variables of income, ages, perception, and religiosity have no significant effects on public willingness to pay for the halalcertified beef. limitation this research does not use the bidding game method in estimating public wtp for the halal-certified meat. this research was only conducted in jakarta province and only used the level of 10% in determining the sample. therefore, the space of this research is very narrow to find out better responds to halal-certified meat. suggestion further research is expected to use the bidding game method to find better out the amount of cost of public willingness to pay for the halal-certified beef. muhammad dzakir fiqi. public willingness to pay for halal certified beef 95 http://journal.uinjkt.ac.id/index.php/iqtishad research with greater sample and wider space area is expected to be conducted in the future. the further research is also expected to be able to investigate the halal process topics such as halal supply chain and halal logistics, considering that halal process has a very close relationship with various activities in the supply chain. references angulo, a. m., & gil, j. m. 2007. “risk perception and consumer willingness to pay for certified beef in spain.” food quality and preference 18(8): 1106–1117. anon. (2004). al-qur’an dan terjemahnya. bandung: j-art. astogini, dwiwiyati, wahyudin, & siti zulaikha wulandari. 2011. aspek religiusitas dalam keputusan pembelian produk halal. jeba 13(1): 1–8. bonne, karijn & wim verbeke. 2006. “muslim consumer attitude towards meat consumption in belgium.” anthropology of food 5: 1-24. bonne, karijn, iris vermer & wim verbeke. 2008. “impact of religion on halal meat consumption decision making in belgium.” journal of international food & agribusiness marketing 21(1): 5–26. case, karl e & ray c. fair. 2007. principles of economics. 8th ed. new jersey: pearson education. fathi, elahe, suhaiza zailani, mohammad iranmanesh & kanagi kanapathy. 2016. “drivers of consumers’ willingness to pay for halal logistics.” british food journal 118(2): 464–479. fauzi, akhmad. 2004. ekonomi sumber daya alam dan lingkungan: teori dan aplikasi. jakarta: gramedia pustaka utama. ghozali, i. 2013. aplikasi analisis multivariate dengan program spss ibm21. semarang: badan penerbit universitas diponegoro. gujarati, damodar n., & dawn c. porter. 2009. basic econometrics. 5th ed. new york: mcgraw-hill. hair, joseph f, william c. black, barry j. babin and rolph e. anderson. 2010. multivariate data analysis. 7th ed. upper saddle river, nj: prentice hall. hanley, nick & clive l spash. 2013. cost-benefit analysis and the environment. england: edward elgar publishing limited. ibrahim, m. 2011. “consumer willingness to pay a premium for halal goat meat: a case from atlanta, georgia.” food distribution research 42(1): 72–76. kamaruddin, r., iberahim, h., & shabudin, a. 2013. “factors influencing customers willingness to pay for halal logistics.” asian behavioural studies 3(9): 41–52. 96 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 kompas. (2017). petugas gagalkan penyelundupan 310 daging gelonggongan digrobogan. http://regional. kompas. com/read /2017/06/16/11110051/. kotler, philip, and kevin lane keller. 2016. marketing management. 15th ed. usa: pearson education. mankiw, n. gregory. 2013. principles of microeconomics. 7th ed. united states of america: cengage learning. priambodo, luthfan hadi. 2013. analisis kesediaan membayar sayuran organik dan faktor-faktor yang mempengaruhinya. bogor: institut pertanian bogor. putri, wilda rizkilia, muh samsudin, edy rianto & indah susilowati. 2015. “consumers’ willingness to pay for halal labelled chicken meat: a special reference to pedurungan sub district, semarang city.” jurnal dinamika manajement 8(1): 122-133. tieman, marco, maznah che ghazali & jack g.a. j. van der vorst. 2013. “consumer perception of halal meat logistics.” british food journal 115(8): 1112–1129. tieman, marco & maznah che ghazali. 2014. “halal control activities and assurance activities in halal food logistics.” procedia social and behavioral sciences 121(september 2012): 44–57. verbeke, wim. 2005. “agriculture and the food industry in the information age.” european review of agricultural economics 32: 347–368. verbeke, wim, peter rutsaert, karijn bonne & iris vermeir. 2013. “credence quality coordination and consumers’ willingness-to-pay for certified halal labelled meat.” meat science 95(4): 790–797. zakaria, zalina. 2008. “tapping into the world halal market: some discussions on malaysian laws and standards.” shariah journal, 16: 603–613. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 289 310 received: january 29, 2017; revised: april 25, 2017; accepted: may 5, 2017 state islamic university (uin) syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, south tangerang e-mail: 1desmadi.saharuddin@uinjkt.ac.id; 2ali.rama@uinjkt.ac.id http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 abstract. currency system and it’s impact on economic stability. a number of economic problems that occurred during the power of mamluk (1250-1517 ad) was considered as a result of the change to currency system, namely from the system of commodity-based money (gold and silver) into paper-based money (fiat). instability prices, decrease of trading activities, high of unemployment number were a number of economic indicators that occurred at that time. this issue of macro-economy was considered as a result of changes in the money system. this study analyzes the dynamic relationship between the price of gold as a representation of commodity money system and m2 as a representation of fiat money against the stability of economic indicators such as inflation, economic growth, stock prices, and unemployment and interest rates. this study found that both systems not vary significantly against each other in its influence on macroeconomic variables. it means that the two systems do not have contrast distinction. indeed, it was found that the commodity-based money system is not free of inflation, as propagated by the supporters of the dinar and dirham (dinarist). keywords: currency system, economic stability, vector auto-regression abstrak sistem nilai tukar dan dampaknya terhadap stabilitas ekonomi. sejumlah persoalan ekonomi yang terjadi pada masa kekuasaan mamluk (12501517 m) ditengarai sebagai akibat dari pergantian sistem mata uang, yaitu dari sistem uang berbasis komoditas (emas dan perak) menjadi uang berbasis fiat (fulus). tingkat harga-harga cenderung tidak stabil, aktivitas perdagangan melambat, pengagguran semakin meningkat adalah sejumlah indikator perekonomian yang terjadi pada saat itu. persoalan makro ekonomian ini ditengarai akibat perubahan sistem uang tersebut. penelitian ini menganalisis hubungan dinamis antara harga emas sebagai representasi dari sistem uang komoditas dan m2 sebagai representasi uang fiat terhadap stabilitas indikator ekonomi seperti tingkat inflasi, pertumbuhan ekonomi, harga saham, tingkat pengangguran dan tingkat suku bunga. penelitian ini menemukan bahwa kedua sistem tersebut tidak memiliki perbedaan yang mencolok satu sama lain dalam pengaruhnya terhadap variabel makro ekonomi. artinya kedua sistem tersebut tidak memiliki distingsi yang saling kontras. bahkan justru ditemukan bahwa sistem uang berbasis komoditas tidak bebas inflasi sebagaimana dipropagandakan oleh para pendukung dinar dan dirham (dinarist). kata kunci: sistem nilai tukar, stabilitas ekonomi, vector auto-regression currency system and it’s impact on economic stability desmadi saharuddin1, ali rama2 290 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 introduction the mamluk dynasty, who ruled in egypt, syria, and hijaz from 1250 to 1517 ad, kept a lot of historical records about currency system. the historical record on this subject appeared in al-maqrizi various reviews (1366-1441 / 766845) in his various books such as ighasah al-ummah bi kashfi al-gummah, al-suluk li ma’rifati duwal al-muluk, and al -mawa’iz wa al-i’tibar. all of those various notes have become important references for the experts today. the fundamental problem in currency system during the mamluk reign was the inflation in various sectors of economy. inflation included the increase of prices of staple food, the increase of production costs, the increase of transportation costs, and so forth. this prices increase has resulted in hunger everywhere, even caused many people death (almaqrizi, 1997). this situation showed that inflation in the era of mamluk was very severe. the severity exceeded inflation in asia in 1997-1998, wherein the public at that time faced the price increases that go beyond reasonable limits, but did not caused people death. the problem of inflation in the era of mamluk had gained enormous highlight from the experts due to this issue become a measure of the weakness of currency system at that time. experts provide important notes that the inflation problem is characterized by the dominance of money currency, wherein the currency which made of copper has been overused. it supposed only to be used for small transactions afterwards the situation has changed drastically. sanusi (2001) said that the sharia has placed gold and silver in a prominent position in its monetary system. the excessive use of money currency has resulted in a shift in the use of currency of dinar and dirham currency to money currency. this situation illustrates that bad currency had controlled good currency, which specifically called as bad money drives out good money. söderberg (2004) in a study entitled prices in the medieval near east and europe corroborate the existence of these events. he argued that the prices, which depend on dinar and dirham in medieval always flared up and often experience uncertainty. the uncertainty has made new power gap in money currency. however, the fall of currency system in the reign of mamluk was still questionable whether it simply because of intention in the system of administration, or because of natural changes in the availability of raw materials currencies. allouche (1994) in a study entitled mamluk economics: a study and translation of al-maqrizi’s ighathah replied that the issue was a deliberate action that has been done in monetary administration during mamluk reign. there were three forms of intentional actions which allouche conclude interrelated, the first was the malignance in government administration (al-khaththath al-sulthaniyyah region) and bribery in the appointment of public office (al-manashib bi al-risywah), such as in ministerial position, judges 291 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability position, governor position, muhtasib position, and others, in which is not possible for a person to get important position except with money. this bribery behavior resulted in corrupt mentality of the officials, which only utilizes the state affairs for private interests. and then arouse the policy forms that were not oriented to the interests of public and the development of broader economy. as a result, the state expenditures became overused and not balanced with the ability of state budgeting. the second was the excessive of tax increases (ghala ‘al-awthan). this happened because the government aware that the income of the state was very small. this tax increase was extremely forced so that it troubled public which the majority was farmers. this fairly high increase in taxes caused the higher price of agricultural inputs, including the cost of land rental. farmers were getting more suffered they refused to do the production. they chose to leave their homes, and did not want to growing crops anymore.the third was the increase of money currency circulation (riwaj al-fulus). the policy of money currency determination as the main currency was based on the will of officials who wanted to spend state money for personal and group interests. this is very possible to carry on due to the money currency was made of copper which very easy to made (al-maqrizi, 1956). this massive money printing has resulted in the fluctuation of inflation during mamluk reign. therefore, the amount of excess money in means that the exceed of production of goods and services has led to an increase in prices or usually referred as inflation. three points of allouche (1994) reviews was based on the findings of testimonies written by al-maqrizi (1366-1441/766-845). based on these three reviews, allouche (1994) concluded that the change in currency system in the era of mamluk, from dinar and dirham to money currency, was caused by the government deliberately printing money excessively. however, in a variety of data seems that the change in the currency system was not solely caused by the intention of mamluk government monetary administration, but also caused by the limited amount of supplies of gold and silver. the limited number of gold and silver is hampering the printing of dinar and dirham currency, so it cannot balance the need for transactionbased on dinar and dirham. thus, the change of currency system during that era was caused by the factor of limitation or inability supply of dinar and dirham to balance the needs of transaction. this became the flawless of currency system based on commodity such as gold and silver for some people (dipraja, 2011). the indication of this matter may be seen in three things among others: first, the dinar is often not used as a benchmark measurement of the price. it is characterized by the low volume usage of dinar currency when compared to dirham. even the use volume of dinar currency is much lower than dirham. second, the content of dinar and dirham are always changing (al-maqrizi, 1997). from year 292 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 to year the content of gold and silver in the precious metal is always decreased. third, the printing of money currency was often done by mamluk government in order to accelerate the fulfillment of public transaction (al-maqrizi, 1997). this government’s actions further strengthen the indication of limited amount of gold and silver at that time. such data may be seen in the writings of the thinkers and historian who lived in egypt in the 13th century to 15 ad. if the existence of indications proved is true, then it may change the position of theory which says that the change in the currency system in the era of mamluk, namely from the dinar and dirham to money currency, was caused by the intention of monetary administration of mamluk reign to fulfill the ambitions of political and economic elites ruling the empire. then such theory became weaker and cannot be used as opinion suppport. at the same time it may also reconstruct a view of the change in currency system power mamluk era to the conclusion that changes in the currency system in the era of mamluk, the currency of dinar and dirham to money currency, due to the limited amount of gold and silver (hasan, 1999). copper currency as money was an option in the middle of such limitations. thus, if these assumptions proved to be true, then the dominance of copper currency money became a reflection of mamluk government compulsion, as a result of the impossibility of running an ideal currency system. based on the above reviews that described about the history of currency system changed at the time of mamluk from dinar and dirham currency system to money currency system, the study clasified two currency syestems. the first type of currency in this study is referred to commodity-based currencies (gold and silver) and the second type of the currency is called fiat currency (currency printed and endorsed by the government). this study did not focus on the study of the change of currency system during that time but try to contextualize the concepts and assumptions in the present time, namely how the impact of the use of both currency system, whether the currency of commodity-based or cash-based fiat and how it impacts macroeconomic stability. thus, this study will use a number of macroeconomic variables as the indicators of economy stability. indonesia is presented as a case study in this research. literature review monetary theory: commodity money vs fiat money money is a means of payment which currently use for all buying and selling transactions, either directly or indirectly. the existence of money provides an alternative transaction which is easier than barter which inefficient and not suitable to use in modern times as it is today due to a consideration that the exchange rate is not balanced. the efficiency gained by using money as a means of payment will ultimately 293 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability boost the trade and the division of labor which would then increase the productivity and prosperity. monetary theory relatively associated with money quantity theory of those who think that lots of factors which affect the value of money is money supply (quantity of money or the supply of money). the theory of money value discusses the financial issues related to money value. value of money becomes the attention of the economists, due to the high or low of money value affects the economic activity. this is evidenced by there are many theories of money delivered by some experts. according to the group of dinarist, there is a causal relationship of money supply on the price level. this is similar to the monetarist argument that the inflation is a monetary phenomenon. the continuous increase in the money supply will lead to a decline in interest rates after the full-employment level of output is achieved. furthermore during the interest rate remains positive, the money supply will continue to increase, in their environment, by default setting (ibrahim, 2006). the decline in interest rates will increase the bank lending activity. when bank loans increased, so did that happen to the money supply? the increase in money supply illustrates the decline in interest rates (judisseno, 2005). thus, this leads to a further expansion of the money supply. this clearly shows the reverse flow of causality of the interest rate on the money supply. because the price of all items controlled, the increasing of money supply will lead to asset price bubbles as written in (c), which is the second source of instability (insukindro, 1992). based on the above three causal relationships, ibrahim (2006) then reiterated that the dinarist group view that fluctuations in the money supply as the main cause fluctuations for other variables. fluctuations in variables such as real output (mainly the decrease), the level of prices, interest rates and asset prices are taken into account in almost all parts of variation in the money supply, made the money supply into the core variables as a determinant of other variables change. on the other hand, many empirical studies have been done to show how the money supply affects macroeconomic variables. in rama’ research (2013), he argued that the west african monetary agency wama (2009) on its research by using basic statistical analysis of historical data for period 2002 to 2009 showed that the percentage increase in money supply is higher than the gdp growth rate. moreover, in these studies it appears that the velocity of circulation of money declined in most countries during the study period. relatively high rates of growth of liquidity and declining turnover showed an excess of liquidity in most economies, especially, in gambia, ghana, guinea, nigeria, sierra leone and liberia. in addition, the growth in money supply has the effect of inflation in most countries, especially in gambia and guinea where the impact is so significant and moderate effect in benin, guinea bissau, mali, ghana, cape verde and liberia. 294 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 other studies on the relationship between money supply and macroeconomic variables were conducted by ibrahim (2006). he examines the dynamics of malaysia monetary in applied vector autoregressive (var) approach which preceded by a unit root and co integration test. he found that it clearly there is an important causal role of the money supply to other macro-economic variables. money supply plays a causal role that is significant for other variables, including fluctuations in real output, the level of prices, interest rates and stock prices. while the test impulse response functions provide some evidence that monetary expansion is the cause of inflation. finally he concluded that the concern of dinaris group about instability effects in the money supply is empirically proven. viewed from the impact it was so great for the economy and other macro-economic variables, as a description of the failure of paper money (fiat money) which is very fragile because it did not propped up or supported on value commodities such as gold and silver. paper money only supported by the laws that made by the government of a country. if the political and economic situation of the country is not stable, then the level of confidence in the currency will also decrease. the owners of money will be hilarious switch to another currency or commodities which considered more valued that makes the value of the currency slumped. it is the time we shall get back to the money syste, which has a standard or support of the value such as gold and silver. the use of money which supported on a commodity value of money will make it more valuable and not easily affected by inflation because it has a fixed standard of value. it means that by the resistance of commodity currencies (commodity money) against the inflation is expected to make the economy grow better and provide a positive effect on other macroeconomic variables. this study analyzes the dynamic relationship between the price of gold as a proxy of the currency system based on commodities and m2 (amount of money supply) as a proxy of the system of fiat currencies with a number of macroeconomic indicators, such as inflation rate, economic growth, stock prices, unemployment and level of interest rate. this dynamic relationship will indicate whether the currency system has a dynamic effect on a number of macroeconomic variables. thus, it can be concluded that the system of particular currency may affect macroeconomic stability. method this study analyzes the dynamic relationship between gold price (ln gold) and m2 (ln fiat) against the level of inflation, the level of production, stock prices, unemployment rates and interest rates. details of the research methodology used in this study are as follows: 295 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability this research is a quantitative research using a dynamic model, i.e. var to see the dynamic relationship between variables in the system. type of data used is secondary data obtained from periodical publications of related institutions. this type of data is time series with monthly data from 2006 to 2014. types of data that are used to achieve the objectives of this research are gold price (ln gold), m2 (ln fiat), the level of inflation (inflation), stock prices (ln shares), unemployment rates (unemployment) and interest rates (interest). variable of stock prices is used as a proxy of commodity-based currency system. it is used because data of gold-based money cannot be found specifically the amount of gold used as a transaction in the economy. this variable data is obtained from the publication of gold price that is published in official in real time on the website of antam. while m2 or the money supply in the economy is used as a proxy of the fiat money system (fulus). this variable data is obtained from the official website published by bank of indonesia periodically. furthermore, variables of inflation rate, production, stock prices, unemployment rates and interest rate become a representation of macroeconomic conditions. the dynamics of a number of macroeconomic variables are correlated with the gold price and the money supply. variable of the inflation rate is obtained from official publication on the website of bank of indonesia periodically. while variable of the production is represented by industrial production index which data is taken from the website of central bureau of statistics (bps).furthermore, the stock price as a representation of the company performance is obtained from publication data of yahoo finance.co.id. the data of unemployment rate as a proxy of social issues is taken from a monthly report issued by the central bureau of statistics (bps) on its official website. furthermore, the interest rate is the average of loan interest with 3 months tenor taken from publications issued by bank of indonesia on its official website. this research uses vector auto regression (var) to see the dynamic relationships between the variables in the system. in addition, the study also uses the correlation analysis and granger causality to see the relationships between variables in the system. the main requirement in the analysis of var is to pass the stationarity data test to see whether there is a problem of unit root. then, the co-integration test is done to see the long-term relationships between variables. therefore, unit root test and co-integration test are conducted first in this data. result and discussion this study wants to see how the dynamic relationship between gold prices as a representation of the assumption of commodity-based money with a number of macroeconomic variables such as economic growth, inflation, stock prices, interest 296 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 rates and unemployment rates. dynamic relationship patterns will show how variation of gold prices has an impact on the stability of macroeconomic variables. on the other hand, the study also compares the results of the dynamic relationship between the money supply (m2) as a representation of the fiat money (fulus money in mamluk era) against a number of macroeconomic variables. this comparison gives pictures between two systems of these currencies, whether commodity-based money (gold) or fiat money (m2) gives effect to the dynamics of macroeconomic variables, such as economic growth, inflation, unemployment rates, interest rates, and stock prices. this study uses secondary data with monthly time series from 2006 2014. a number of econometric analysis tool used to find the dynamic relationships between variables in the system. the root units and co-integration test will be performed first to notice any problems of the unit root and long-term relationships between the variables in the system. the first step in the formation of var model is doing a stationarity data test. according to widarjono (2009), if data is stationary at the level, then it will use usual var models (unrestricted var). conversely, if the data is not stationary at level but stationary at the level of differentiation, then it must test whether the data has a long term relationship or not by using a co-integration test. when there is co-integration on the model, the model used is vector error correction models (vecm). stationarity data test uses unit root of augmented dickey-fuller (adf) and phillip-perron (pp). table 1. the result of unit root test variables level fist difference adf pp adf pp lngold -0.02152 -0.07356 -9.22734* -9.22708* lnfiat -5.08950* -5.13186* -10.21611* -16.55801* inflation -2.88655 -2.33487 -8.09380* -8.09380* lnoutput -2.99188 -2.99188 -11.70400* -11.92543* lnstock -2.41752 -2.28963 -7.32170* -7.32397* interest -2.64452 -1.85607 -4.58954* -4.59258* unemployment -0.41274 -0.32399 -6.82508* -7.08505* note: *, **, ** significant at each critical value of mackinnon 1%, 5% and 10%. adf and pp test are based on trend and intercept. 297 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability the var method requires all variables in the systems for stationary. therefore, the stationarity test should be done in advance on each variable. unit root test is conducted to determine time series of stationarity data. time series data is said to be stationer if average, variant and co-variant at every lag is the same in any time. if the time series data does not meet these criteria then the data is not stationary (widarjono, 2009). if the time series data has a unit root then the data moves randomly (random walk) and data that is random walk is said to be not stationary. to know time series of stationarity data there is used augmented dickeyfuller (adf) and phillips-perron (pp) test against all variables, i.e. gold price (ln gold), fiat money (ln fiat), inflation, economic growth (ln output), stock prices (ln shares), unemployment rates (unemployment) and interest rates (interest). table 1 presents the results of adf and pp test on the level and first difference over each variable in the system. based on the adf and pp unit root test, it shows that there is 1 variable that is stationary on the level while other variables are not stationary at level. therefore, all variables are generally not stationary at level. hence, all variables have a unit root at the level. however, all variables or series of stationary after been differentiated on the first order, i (1) mean all series integrates on first order. this indicates a possibility of long-term relationships between the variables in the system. if all series are stationary on the same order then co-integration test is conducted to see the long-term relationships between variables. the regression using time series that are not stationary would most likely produce spurious regression (granger and newbold, 1974). spurious regression occurs if coefficient of determination is high but the relationship between independent and dependent variable has no meaning, or statistically significant but do not have a logical theoretical framework. the relationship occurs between variables is only trend relationship, not an actual (rama, 2013). to know whether the regression result is not spurious then it needs to run co-integration test as developed by johansen and julious. based on the unit root test results in table 1, it is found out that all variables are stationary on the first order i (1). this condition allows doing co-integration test to find whether there is or no long term relationships of variables in the system. this research uses co-integration test, the procedure of johansen, between variables. to know whether there is co-integration in the system, it is by calculating the maximum eigen value and trace statistics. if there is at least one vector of co-integration in system characterized by the value of maximum egen value and trace statistic is greater than the value of its statistics, then there is co-integration. 298 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 table 2. result of johansen co-integration test unrestricted co-integration rank test (trace) hypothesized trace 0.05 no. of ce(s) eigenvalue statistic critical value prob.** none * 0.437262 165.1525 150.5585 0.0057 at most 1 0.333566 111.6829 117.7082 0.1131 at most 2 0.223787 73.94221 88.80380 0.3599 at most 3 0.182154 50.38274 63.87610 0.3970 at most 4 0.163123 31.68215 42.91525 0.4058 at most 5 0.089833 15.12083 25.87211 0.5645 at most 6 0.066171 6.366989 12.51798 0.4152 trace test indicates 1 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **mackinnon-haug-michelis (1999) p-values unrestricted co-integration rank test (maximum eigenvalue) hypothesized max-eigen 0.05 no. of ce(s) eigenvalue statistic critical value prob.** none * 0.437262 53.46956 50.59985 0.0245 at most 1 0.333566 37.74072 44.49720 0.2249 at most 2 0.223787 23.55948 38.33101 0.7696 at most 3 0.182154 18.70058 32.11832 0.7514 at most 4 0.163123 16.56132 25.82321 0.4952 at most 5 0.089833 8.753842 19.38704 0.7495 at most 6 0.066171 6.366989 12.51798 0.4152 max-eigenvalue test indicates 1 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **mackinnon-haug-michelis (1999) p-values table 2 presents the result of johansen co-integration test. this test uses lag 2 based on akaike information criteria (aic), residual on every var equation that is free from the problem of normality and autocorrelation. based on the value of the trace statistics and max-statistics it is found out that there is 1 co-integration vector in the system. these findings indicate that all data of the variables used in this study, namely: gold price (ln gold), money supply (ln fiat), inflation, economic growth 299 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability (ln output), stock prices (ln shares), unemployment rates (unemployment) and interest rates (interest) integrated to each other, i.e. the entire variables tend to move towards the equilibrium in the long term. in other words, in every short-term period, all variables will mutually adapt to achieve long-term balance (equilibrium). this means that result of the estimation of the regression is not spurious, but it has long-term relationships between variables. based on the results of unit root test and johansen co-integration test then it can do further testing to see the dynamic relationships among variables of gold as a proxy of commodity-based money system and m2 as proxy of fiat money system with a number of macroeconomic indicators, such as inflation, output, stock prices, unemployment, and interest. table 3. the result of granger causality test for gold null hypothesis: obs f-statistic probability ln_fiat does not granger cause ln_gold 94 0.39132 0.6773 ln_gold does not granger cause ln_fiat 0.52268 0.5947 ln_output does not granger cause ln_gold 94 3.64476 0.0301 ln_gold does not granger cause ln_output 3.0509 0.0523 ln_stock does not granger cause ln_gold 94 3.74812 0.0274 ln_gold does not granger cause ln_stock 1.60792 0.2061 unemployment does not granger cause ln_gold 94 1.68838 0.1907 ln_gold does not granger cause unemployment 0.30135 0.7406 interest does not granger cause ln_gold 94 0.85044 0.4307 ln_gold does not granger cause interest 5.21108 0.0072 note: significant if the value of the probability is less than 0.01. granger postulated that a variable x is said to affect another variable y, i.e. if the current y can be predicted even better by using past values of x. this test examines if a free variable (the independent variable) has a comparison of non-free variable (the dependent variable) that is reciprocal. granger causality test is a test performed to figure out the causal relationships between variables that are being analyzed. related to this research, granger causality test allows making comparison of the existence of the relationship of one or both directions of the variables used in the study. quality granger test result is displayed on table 3 and table 4. this 300 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 research found out that there is a two-way relationship between economic growth (ln output) and gold price (ln gold). this shows that gold price has a reciprocity relation with the level of industrial production. it thus can be interpreted that the use of commodity-based money system (gold) can affect a country’s economic growth rate, and vice versa. other interesting finding is that the gold price has a significant influence in one direction with the level of interest rates (interest). this means the gold-based money system can affect the variation that occurs at the level of interest rates. but instead, in commodity-based money system, interest rates do not have one-way causality in the currency system. this shows that gold-based currency system is relatively independent from the interest rate. table 3 also shows that stock prices have one-way causality with the gold price. this indicates that the stock price movements can have the significant effect against commodity-based money. but instead, the gold price has no effect against the same price. while the others variables are found to have no causal relationship with the gold price. this shows that commodity-based money does not have too much effect toward a number of specified variables. table 4. the result of granger causality test for fiat null hypothesis: obs f-statistic probability inflation does not granger cause ln_fiat 94 0.0412 0.9597 ln_fiat does not granger cause inflation 0.06014 0.9417 ln_output does not granger cause ln_fiat 94 0.72407 0.4876 ln_fiat does not granger cause ln_output 1.30586 0.2761 ln_stock does not granger cause ln_fiat 94 1.34606 0.2655 ln_fiat does not granger cause ln_stock 1.79749 0.1717 unemployment does not granger cause ln_fiat 94 1.0515 0.3537 ln_fiat does not granger cause unemployment 1.75755 0.1784 interest does not granger cause ln_fiat 94 0.22123 0.802 ln_fiat does not granger cause interest 1.22131 0.2997 note: significant if the value of the probability is less than 0.05. table 4 presents the causal relationship between m2 or money supply and a number of economic variables in the system. the study found out that m2 did not 301 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability have a causal relationship with all the variables used in this study, namely: inflation, economic growth, stock prices, unemployment rates and interest rates. this shows that the system of fiat money has no causality with macro economy variable and vice versa. table 5 presents the summary of relationship patterns between the variables in the system. this study also runs the correlation test between the variables used. the purpose of this test is to find out to what extent the relationship between the variables. the information is mainly to find out to what extent the gold price and m2 (money supply) have a relationship with macroeconomic variables, such as inflation, economic growth, stock prices, unemployment rates and interest rates. surely this is to provide information on whether the money system (a commodity or fiat) has a correlation towards macroeconomic variables. table 5: summary of the relationship gold fiat lnfiat ======= lngold inflation ======= lnfiat lnoutput <=======> lngold lnoutput ======= lnfiat lnstock =======> lngold lnstock ======= lnfiat unemployment ======= lngold unemployment ======= lnfiat interest =======> lngold interest ======= lnfiat table 6 presents the result of correlation test between the variables in the system. the gold price and inflation have a fairly high correlation (61%) with the value of negative influence. it means that the gold price has a reciprocal relationship with the level of inflation. thus, in respect of a commodity-based money system, if gold prices increase then it will lower the rate of inflation. of course this finding contrasts with the prevailing monetary theory in general that the system of fiat money (m2) is very vulnerable against the inflation. if the amount of money circulating in the economy is growing then potentially creates inflation or raises prices in general. significant negative relationship is also seen between the gold price and the level of interest rates. thus, in the gold-based money system, the gold price will have a negative relationship with the level of inflation. other interesting finding is that the gold price has a significant negative correlation relationship with the unemployment rate. this means, in the gold-based money system, if the money is increasingly strengthened then it will reduce the unemployment rate. but in contrast, outcome of the correlation relationship between gold prices with economic growth is not 302 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 significant. this indicates that the gold-based money is less able to maintain the economic growth. table 6. the result of correlation test between variables variabel gold fiat inflation output share unemployment interest gold 1.00 0.92 -0.61 0.06 0.89 -0.96 -0.84 fiat 0.92 1.00 -0.53 -0.09 0.88 -0.97 -0.79 inflation -0.61 -0.53 1.00 -0.19 -0.61 0.64 0.81 output 0.06 -0.09 -0.19 1.00 -0.02 -0.05 0.06 stock prices 0.89 0.88 -0.61 -0.02 1.00 -0.89 -0.90 unemployment -0.96 -0.97 0.64 -0.05 -0.89 1.00 0.84 interest -0.84 -0.79 0.81 0.06 -0.90 0.84 1.00 table 6 also presents the correlation of the money supply (m2) with a number of variables in the system. directions and numbers of correlation between macroeconomic variables with m2 are not much different to the previous gold price correlation results. this shows that money system (commodity-based money or fiat money) have correlation character with a number of macroeconomic variables. meanwhile, the result of the correlation between gold prices with m2 has a correlation of over 90% with positive direction. this shows that both variables have a close relationship. it means that the changes of gold prices are highly influenced by the amount of money in circulation, and vice versa. analysis of variance decomposition (vdc) presents the change in value of a particular variable in a period, which is caused by the changes in the same variables and other variables during the previous period. in this study, analysis vdc used to quantify the contribution of the price of gold (gold ln) as a representation of commodity-based currency system and money supply (ln fiat) as a representation of fiat money system of a number of macroeconomic variables as the indicators of economic stability. analysis vdc used based on the method of chlesky decomposition. based on the analysis in table 7 vdc it found that the variation of commodity money (gold ln) affected by the variation itself by 100% in the first period and decreased consistently in the next period, which amounted to 65.3% in the 20th period. while the influence of other variables in the innovation system is contributed only 17% in the 15th period and increased to 35% in the 20th period. 303 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability table 7: the result of variance decomposition test variance decomposition period innovation in lne lnf lninf lnout lns lnp lnint money commodities 1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 (lngold) 5 86.45 0.43 2.11 0.89 9.53 0.36 0.23 10 82.53 1.89 2.09 1.77 9.04 2.35 0.33 15 74.78 4.22 2.51 3.82 7.77 5.98 0.91 20 65.30 7.12 2.68 6.32 6.70 9.60 2.27 fiat money 1 0.60 99.40 0.00 0.00 0.00 0.00 0.00 (lnfiat) 5 4.82 91.44 1.26 0.25 0.58 0.21 1.44 10 7.76 83.71 3.05 0.16 2.68 0.83 1.83 15 7.66 78.93 2.73 0.14 5.71 1.22 3.61 20 6.62 76.43 2.22 0.22 7.21 1.53 5.77 inflation 1 0.02 0.86 99.13 0.00 0.00 0.00 0.00 (inflation) 5 0.31 1.12 87.14 2.33 0.71 1.08 7.32 10 0.57 1.83 78.25 3.10 7.32 1.64 7.29 15 2.97 1.66 66.09 3.14 12.07 3.05 11.02 20 6.19 2.18 59.41 3.17 11.18 3.88 13.99 economic growth 1 1.16 1.34 3.01 94.48 0.00 0.00 0.00 (lnoutput) 5 1.54 2.20 1.61 86.90 3.27 0.94 3.55 10 3.36 5.21 2.23 77.53 3.84 2.37 5.46 15 3.62 7.06 2.16 74.27 4.73 2.82 5.35 20 3.56 7.72 2.67 73.01 4.90 2.88 5.26 stock price 1 0.14 0.19 0.15 2.21 97.31 0.00 0.00 (lnshare) 5 4.54 0.34 3.49 6.24 70.21 0.38 14.81 10 11.86 2.03 9.59 4.53 46.16 0.74 25.09 15 13.48 3.51 11.92 4.14 41.99 0.75 24.21 20 13.09 3.56 11.58 4.05 41.66 1.46 24.61 unemployment rate 1 0.18 1.24 0.00 3.73 0.39 94.45 0.00 (unemployment) 5 0.23 1.06 3.66 2.96 1.62 90.32 0.15 304 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 10 0.35 1.10 9.27 13.10 3.26 72.62 0.30 15 0.26 0.78 9.76 20.25 3.34 64.90 0.72 20 0.24 0.61 9.02 24.33 3.22 61.09 1.48 interest rate 1 0.49 1.77 7.78 1.87 17.54 1.35 69.20 (interest) 5 14.81 0.67 26.87 0.92 11.50 0.27 44.95 10 19.42 2.20 34.05 0.54 8.46 0.22 35.12 15 17.76 2.22 31.60 0.59 13.95 1.30 32.58 20 16.82 2.64 28.49 0.85 13.81 3.02 34.36 this shows that the shock that occurs on other variables has increased contribution to the variation of the price of gold (gold ln). thus, in a long period, the variation in the price of gold is influenced by the innovations that occur in other variables, such as output, inflation rate, stock prices and unemployment. vdc results for m2 is not much different from the results of ln gold. in fiat money system, a variation that occurs in m2 is strongly influenced by itself. this is reflected in the value of vdc at the beginning of period amounted to 99.4% and decreased slightly in subsequent periods became 76.4% in the 20th period. the influence of other variables in the system such as interest rates, stocks and inflation is contributed only 5.77%, 7.21% and 2.22 % respectively in the period of the 20th. these results indicate that other variables did not significantly affect the variations that occur in m2 (ln fiat). the variations, which occur in inflation is not too large and significantly contributed by the innovation that happen on the price of gold (ln gold) and m2 (ln fiat), the contribution of each is equal to 6:19 and 2:18 in the period of the 20th. it shows that inflation is not unduly influenced by the currency system used by a country. as for the variation of economic growth (ln output), only contributed at 3.56% by the price of gold and 7.72% by m2. these findings suggest that the contribution-based on fiat money system is greater in the variation that occurs in output, but its contribution is not significant. contributions innovation price of gold (ln gold) is relatively higher in the stock price variations. its contributions have increased at the beginning of the period (0.14%) to the period of the 15th (13.48%) and then decreased to 13.08 at the end of the period of 20th. it means that gold prices contribution to the variations in prices did not experience the same consistency even tend to go up and down in line with the increase in the period. meanwhile m2 innovation 305 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability contribution to the variations in stock prices is very small and insignificant, only 3.56% in the period of 20th. vdc results also show that innovation that happened neither in the gold price nor with m2 do not significantly contribute to the variation or shock that occurs in the unemployment rate. means that, the currency system used, whether based on commodity or fiat not contributes to the forecast error at the level of inflation. an interesting finding from table 7 there is about 19% in the 10th period of price of gold innovation contributions (ln gold) to the variations that occur in interest rates (interest). however, the contribution has decreased gradually in the next period. while m2 innovation (ln fiat) is not much significantly contribute to variations in interest. this shows that the system of commodity-based money will only have a relatively large impact on the variation of interest rates in the economy. based on the vdc test results can be concluded that the system of currency (or commodity-based money or fiat) is not much contribute to the variation that occurs in macroeconomic variables. thus, both systems have a dynamic relationship with macroeconomic variables. figure 1: the result of irf test against shock in ln fiat 306 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 to present a more in-depth analysis of the dynamic relationship between the currency system (commodity-based currency and fiat money) and a number of macroeconomic variables as indicators of economic stability, this study adopts the analysis of response function (irf). irf analysis confirmed the dynamic response of all variables to the shock of one standard deviation in the variables in the system. in this study, only discussed impulse response which associated with the shock (shock) that derived from the price of gold (ln gold) and m2 (ln fiat) to the level of inflation rate (inflation), economic growth (ln output), the stock price (ln shares), the unemployment rate (unemployment), and the rate of interest (interest). irf analysis results show how a variable response on the shock, which occurs on other variables in a system served throughout 20 periods of time (time horizon). figure 1 shows the dynamic response of macroeconomic variables (inflation rate, output, stock prices, unemployment and interest rates against the deviation shock standard to the variable price of gold (ln gold) and m2 (ln fiat). the response of inflation at the beginning of the period is negatively increasing until the 6th period. furthermore, the response experienced a decrease trend until the period of the 14th and experiencing stable up to the period of the 20th. the response of inflation to shocks that occurred on m2 is negative and decreasing, and tends to be stable in the long-term shows that m2 has a negative impact on inflation and stable in the long term. surely this is different with the monetary theory, which says that the fiat money system has the potential to create inflation if m2 has increased. response ln output (economic growth) against shock m2 (ln fiat) is not much different from the previous inflation response. in period 1, the ln output response was positive but gradually becomes negative in the 2nd period and onward; it has increased through the period 8th. after that period, ln output response against m2 innovation relatively stable until the 20th period. these results indicate that the shock that occurs in m2 responded negatively by economic growth and tend to be stable at a longer period. thus, money system based on fiat will impact negatively and significantly to variations in economic growth in the short term. similar response relatively is shown by the interest rates (interest) against the shock, which occur in m2 (ln fiat). innovation happens at m2 responded negatively by the interest which tends to strengthen (negative) at the beginning of the period and experienced a stable negative after the 14th. 307 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability figure 2: the result of irf test against shock in ln gold different responses relatively show by the unemployment rate variable (unemployment) and stock prices (ln shares). both of these variables showed a positive response in the long term if there is any shock in the money supply (ln fiat). in detail, from the period of the 1st to 4th period, the shock on m2 responded negatively and then turned negative after period of 4 to the 20th. unemployment rate response is relatively increased consistently in the long term. these findings indicate that the shock in fiat currency may stimulate positively on the unemployment rate. it likewise happens to the stock prices, the shock on m2 responded negatively at the beginning of the period and changed the direction to be positive after the 4th period and tend to be stable in the long term. figure 2 presents the response of inflation rate, output, stock prices, unemployment and interest rates to the shock that occurred in the price of gold (ln gold) as a representation of commodity-based currency as developed in this study. irf test results showed that inflation respond positively to the shock that occurs at the ln gold. in detail, in period 1, the response was relatively small and furthermore increased the response to stabilize after a period of 10th. these results certainly confirm that the system of commodity-based money has inflation nature, not much different from the system based on fiat money as defined in monetary theory. means that, the use of system on commodity-based money does not mean free of inflation 308 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 response ln output towards ln gold shock is positive and tends to be stable after the fourth period. this result indicates that the system of commoditybased money (gold) can have positive influence on economic growth. however, the pattern dynamics of these two variables lasted only dynamic in the first period to fourth period and after that tend to be stable. shock ln gold is also significant positively response by the price of the shares (ln shares). therefore gold price movement significantly affects the forecast error of variations in stock prices. mean that, the gold price movement is quite has impact on the stability of share prices. instead, the result of irf in figure 2 shows that the unemployment rate (unemployment) and interest rates (interest) respond significantly negative towards gold ln shock. this means that the system of commodity-based money may adversely affect the level of interest rates and unemployment. thus, the system of gold-based money may be relied upon to solve the social problems such as unemployment and may lower interest rates in the economy. hasan (2008) conclude: first, return to gold standard at the international level is not considered either desirable or practicable for some reasons. second, there is no point in having domestic gold standard. third, having gold dinar as money is not a sharia requirement. fourth, the issue in monetary economics is to keep the supply of money under control, not of its being made of something valuable as a commodity. palalic and bajram (2012) show the stability and security of the trends by using gold dinar. because there is no negatively affected by fluctuations if merchandise were exchange in a particular currency. dali and razak (2013) also said that gold dinar is a perfect value keeper. it can be kept for future use, un-creatable indestructible and does not cause inflation. yusuf et.al (2002) said that the implementation of gold dinar would stop the speculators menace. santoso and ahmad (2016) showed that acehnes support, are aware, and involved in the implementation of the gold dinar. the economic factor is the most influential factor for public acceptance of the gold dinar, followed by investment and islamic value, political factor, and social factor. besides that, this study reveals that people seek economic stability to enhance economic welfare and assurance of investment based on money with intrinsic value. yaacob and ahmad (2014) found that the rate of inflation and the value of world gold are much lower and more stable during the gold standard phases than the fiat money. this indicates that the move to return to gold currency is more apt in the bid to ensure global economic stability. 309 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 desmadi saharuddin: currency system and its impact on economic stability conclusion this study analyzes empirically how the dynamic relationship between the prices of gold as a representation of a system based on money commodity to the money supply (m2) as a representation of money system based on fiat against a number of macroeconomic variables such as inflation rate, production (output), price stocks, the level of unemployment and interest rates. whether the systems have dynamic effect on a number of macroeconomic issues? this study found that in general the two systems of money (commodity and fiat) have a dynamic relationship that is likely to be similar to each other. it means that the two systems do not have contrast distinction. indeed, it was found that the system of commodity-based money is not free of inflation, as propagated by the supporters of the dinar and dirham (dinarist). therefore, the system on commoditybased money can be the source of the increases of prices in the economy. these findings are certainly different from historical studies mentioned that the source of the increases price issue in mamluk era due to the displacement of gold money system to money system. even the fiat money system actually has negatively impact on inflation. thus, blaming the fiat system as a source of inflation is not fully accurate because the gold prices actually responded positively by the rate of inflation. however, the system of commodity money is effective in the dynamic economic growth and unemployment and on the contrary in the fiat money system. therefore, the system of gold-based money is reliable neither in creating high economic growth nor in reducing the unemployment rate. references al-maqrizi. (1956). ighasah al-ummah bi kasyfi al-gummah. damaskus: mansyurat dar ibn al-walid. al-maqrizi . (1997). al-suluk li ma‘rifati duwal al-muluk juz 1. beirut: dar alkotob al-ilmiyah. allouche, a. (1994). mamluk economics a study and translation of al-maqrizi’s ighathah. salt lake city: university of utah press. dali, s.z. b.m. & n.b.a. razak. (2013). implementation gold dinar: is it feasible? prosiding persidangan kebangsaan ekonomi malaysia viii, jilid 3. dipraja, s. (2011). siapa bilang investasi emas butuh modal gede (who says gold investment requires huge funds). jakarta: pt. bumi aksara. hasan, z. (2008). ensuring exchange rate stability: is return to gold (dinar) possible? journal of king abdul aziz university: islamic economics, 21 (1): 3-25. 310 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4749 ibrahim, m. (2006). monetary dynamics and the gold dinar: an empirical perspective. islamic economic journal, 19(2): 3–20. insukindro. (1992). pengantar ekonomi moneter. jogjakarta: bpfe ugm. judisseno j, r. (2005). sistem moneter dan perbankan di indonesia. jakarta: gramedia pustaka utama. palalic, r. & n. bajram. (2012). why gold dinar in international trade as medium of exchange: descriptive analysis of history of gold money, trends, perspectives, and implications. third international symposium on sustainable development. sarajevo. rama, a. (2013). monetary dynamics and commodity money: a discussion in the context of a fiat money esensi: jurnal bisnis dan manajemen, 4(1): 30–43. santoso, b. &. k. ahmad. (2016). factors influencing public acceptance of gold dinar as money in aceh. malaysian management review, 51 (1): 49-66. sanusi, m.m. (2001). gold dinar, paper currency and monetary stability: an islamic view. iium law journal, 9 (2): 143-160. söderberg, j. (2004). prices in medieval near east and europe. in conference of towards a global history of prices and wages (pp. 19–21). widarjono, a. (2009). ekonometrika pengantar dan aplikasinya (econometrics: principle and application). yogyakarta: ekonisia. yaacob, s.e. & s. ahmad. (2014). return to gold-based monetary system: analysis based on gold price and inflation. asian social science, 10 (7): 18-28. yusuf, a.b.b.m. et.al. (2002). implementation of the gold dinar: is it the end of speculative measures. journal of economic cooperation, 23 (3): 71-84. murkhana1, sofyan idris2, m. shabri abd. majid3, maulidar agustina4 abstract. this study explores the role of spiritual leadership in enhancing the spiritual and economic motivation and the performance of employees of shariacompliant hotels in banda aceh, indonesia. there are 330 employees of the selected sharia-compliant hotels selected as the study's sample using a purposive sampling technique. the study found the important role of spiritual leadership in enhancing spiritual and economic motivation and employee performance. additionally, spiritual leadership affects employees' performance indirectly through motivation. thus, hotel management could improve employee performance by enhancing spiritual and economic motivation and spiritual leadership. keywords: islamic tourism; spiritual leadership; spiritual motivation; economic motivation abstrak. penelitian ini bertujuan untuk mengeksplorasi peran kepemimpinan spiritual dalam meningkatkan motivasi spiritual dan motivasi ekonomi serta kinerja karyawan hotel syariah di banda aceh, indonesia. sebanyak 330 karyawan hotel syariah telah dipilih sebagai sampel penelitian ini dengan menggunakan teknik purposive sampling. penelitan ini menemukan peran penting kepemimpinan spiritual dalam meningkatkan motivasi spiritual dan motivasi ekonomi serta kinerja karyawan. selain itu, kepemimpinan spiritual mempengaruhi kinerja karyawan secara tidak langsung melalui motivasi. dengan demikian, manajemen hotel dapat meningkatkan kinerja karyawan dengan meningkatkan motivasi spiritual dan motivasi ekonomi serta kepemimpinan spiritual. kata kunci: wisata islami; kepemimpinan spiritual; motivasi spiritual; motivasi ekonomi does spiritual leadership matter for enhancing performance of sharia-compliant hotel employees in aceh, indonesia? spiritual and economical motivation as mediators al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 109 134 1,2,3,4universitas syiah kuala (usk), indonesia e-mail: 1murkhana@usk.ac.id, 2sofyan.idris@usk.ac.id, 3mshabri@usk.ac.id, maulidar_a@mhs.unsyiah.ac.id author: murkhana received: 02 february 2023 accepted: 20 june 2023 published: 31 june 2023 110 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction since the emergence of islamic economics as an academic discipline in the 1970s, many contemporary islamic economic scholars have studied economic and financial theories and practices from an islamic perspective. islam prohibits activities involving interest (ribā), uncertainty (gharār), and gambling (maisîr) due to their exploitative features that cause unjust to all practices involved and, consequently, create economic imbalance at large. although islamic financial institutions have dominated the practices of business entities in the early ages of islamic economic, however, in recent years, there has been a growing interest in islamic tourism (battour et al., 2010), particularly the formation of islamic hotels (sharia-compliant hotels) that provides services in line with sharia principles. the hotel should serve permissible (halal) food and drink and ensure all operations are conducted harmoniously with the sharia principles. the sharia-compliant hotel has become a trend and necessary for muslim travelers around the organization of islamic cooperation (oic) countries, including indonesia. as the world's largest muslim populous country and ranked fourth in the "top 10 halal travel" (adinugraha et al., 2021), indonesia is very potential to tap revenues from domestic and foreign muslim tourists to support its national economic growth. thus, sharia-compliant hotels in indonesia would expedite the realization of the country's aspiration to become one of the international islamic economic and financial hubs, as stated in indonesia's islamic economic and financial master plan (2019-2024). sharia-compliant hotel is necessary for supporting the islamic tourism sector to become one of the vital economic sectors contributing to the national economic development. among the 34 provinces in indonesia, only aceh has been granted for implementing the sharia law in all aspects of daily life. hence, aceh has emerged as the leading province in the country for conducting economic and financial activities in compliance with islamic law (hafasnuddin et al., 2022). in indonesia's islamic economic and financial master plan (2019-2024), aceh province has been prioritized by the central government of indonesia to develop three sectors, namely islamic finance, islamic culinary (foods and beverages), and islamic tourism to support the aspiration of indonesia become the global islamic and financial hub. aceh province has implemented regulation (qanun) no. 11 (2018) that obliges all provincial financial institutions to be entirely operated based on islamic principles since january 4, 2022. in the last few years, islamic tourism has also been promoted by the presence of sharia-compliant hotels. the practices of economic and business activities based on islamic tenets in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 111 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 the province would easily be supported by a 97.92% muslim population (aceh province government, 2020). aceh has been one of the leading provinces in indonesia to promote islamic tourism through the presence of sharia-compliant hotels. according to the directorate of sharia ecosystem infrastructure (2021), seven of the 16-star hotels in aceh province were operated in accordance with islamic principles and have been classified as sharia-compliant hotels. a sharia-compliant hotel's success in promoting islamic tourism depends on its management to motivate employees to serve guests with the best performance and service quality. thus, it is crucial to study the factors determining the performance of employees of sharia-compliant hotels, which is the main focus of the present study. many previous studies on determinants of employee performance have mainly focused on private and public organizations (atatsi et al., 2019), while similar studies on sharia-compliant hotels have been limited. previous studies on sharia-compliant hotels find that spiritual leadership (mariyanti et al., 2020; mariyanti and husin, 2020; elias et al., 2017; shofwa, 2013), islamic leadership (soemaryani, 2018), organizational culture (mariyanti et al., 2020), organizational commitment (mariyanti and husin, 2020) marketing communication (soniansih and kusmiati, 2021; wilantari and afriani, 2022), internalization of islamic work ethic (soemaryani, 2018), spiritual motivation (wahyudi et al., 2022; aflah et al., 2021; muafi, 2003; shofwa, 2013), and economic motivation (wojtaszek, 2016; gaponenko et al., 2020) as the crucial factors determining employees performance. the above-reviewed studies only measured the direct effect of employee performance' determinants, and few investigated the effect of leadership on employee performance through motivation. previous studies show the important role of leadership in motivating employees (fisher, 2009; usman et al., 2021), as supported by the expectancy theory (isaac et al., 2001) and employee performance (iqbal et al., 2015; insan and andriani, 2021). these indicate the potential mediating effect of motivation on the relationship between leadership and employee performance, which has been ignored in previous studies. this is affirmed by zhang and bartol (2010), who document the effect of leadership on employee performance indirectly through motivation. thus, the previous studies failed to detect the potential mediating effect of motivation on the relationship between leadership and the performance of the employees working at shariacompliant hotels. the present study intends to measure and analyze the direct effect of spiritual leadership on employee performance and its indirect effect through spiritual and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 112 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 economic motivation, taking the case of the sharia-compliant hotels in aceh, indonesia. aceh is the only province in indonesia that has been granted authority to implement sharia law in all aspects of daily life, including the economy. it has been the leading province in indonesia for islamic economic and financial activities. another novelty of the study is the segregation of motivation variables into spiritual and economic motivation. exploring the effect of spiritual leadership on spiritual and economic motivation and, consequently, their effects on employee performance are very relevant considering the main object of analysis is the sharia-compliant hotels operated based on islamic ethics and norms. the findings enrich the existing literature on determinants of performance of sharia-compliant hotels' employees. the study's findings are hoped to shed some light on hotel management and relevant government authorities in designing appropriate policies to promote islamic tourism as the leading contributor to the national economy by strengthening the employee performance of sharia-compliant hotels. the rest of the study is structured in the following sequences. section 2 reviews previous studies as the basis for the hypothesis development. section 3 discusses research methods, followed by findings and discussion in section 4. finally, section 5 concludes the paper. literature review this section discusses the relevant concepts and theories on islamic tourism and sharia-compliant hotel. the determinants of employee performance, comprising spiritual and economic motivation, and spiritual leadership, are also discussed. finally, the study constructs the proposed, tested hypotheses based on the related existing theories and literature. islamic tourism in islam, tourism has an important place and long historical value. travel was commonly practiced during the islamic historical era. prophet muhammad (pbuh) himself was known as a trading traveler. a muslim must obey sharia laws in all activities, including traveling. these laws regulate dress codes, food, entertainment, personal and social relations, and accommodations (hashim et al., 2007; aziz, 2001). islamic tourism is called interchangeably with ḥalāl tourism. ḥalāl means permissible or allowed. thus, islamic tourism is considered a form of religious tourism activity permissible under islamic law (euromonitor, 2008). islamic http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 113 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 tourism has no formal definitions, but it is widely agreed that it is related to muslims' activity primarily for leisure (al-hamarneh, 2008). islamic tourism does not only emphasize inter-muslim movement, but it also relates to non-muslim travelers who are interested in islam. muslim tourism is closely related to economic, socio-cultural, and religious aims. the resurgence of islamic tourism is viewed as the revival of islamic cultures and the spread of islamic values to provide economic benefit for muslims by strengthening islamic self-confidence, identity, and beliefs in the face of negative stereotyping compared to western cultures and lifestyles. in its development, islamic tourism should be supported by the development of more islamic hotels owned by muslims and funded by islamic financial institutions, alcohol-free accommodation, hotels with free indoor disco/nightlife, gender-segregated fitness, and sports facilities, conservative indoor dress codes, availability of prayer rooms on-site, women floors, and islamic entertainment programs (din, 1989; al-hamarneh, 2004). therefore, the tourism industry strives to satisfy muslim traveling activities based on islamic ethics and norms, including the availability of sharia-compliant hotels (yagmur and aksu, 2021). sharia-compliant hotel due to a growing interest in islamic tourism, many sharia compliant hotels have emerged in the muslim world. since it is a newly established concept, the literature discusses shariah-compliant hotels have been meager (razalli et al., 2012), and no formal criteria for it are agreed upon by previous studies (samori and rahman, 2013). however, previous scholars and industry practitioners only explain the essential characteristics and attributes of the shariah compliant hotel. the hotel should serve ḥalāl foods, no alcoholic drinks or gambling activity, have the holy book quran, prayer mat and qibla direction, toilets position do not face the qibla, availability of a prayer room on hotel premises, no inappropriate entertainment, separation of a salon, recreational facilities, and swimming pool for women and men, separate room/ floor for an unmarried couple between male and female, tourists dressing code, funded using islamic financial principles, staff preserves islamic dress code and carries job following islamic work of ethics (henderson, 2010; karim et al., 2017). employee performance all organizations, including sharia-compliant hotels, could easily achieve their set goals successfully through the hard work of all employees. thus, enhancing http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 114 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 employee performance should be the organization's concern as it reflects its performance. this shows the crucial role of employees as organization assets because without having employees with better performance, it is difficult for an organization to accomplish its goals (mwita, 2000). thus, a sharia-compliant hotel needs to ensure its employee has better performance. commonly, employee performance is viewed as the working quality and quantity based on organizational set standards. it shows a measured individual employee's achievement and contribution to the organization (mcconnell, 2003). employees perform their work to accomplish a specific assigned job, leading to positive outcomes and behaviors (yuan and woodman, 2010). in their study, alsheikh et al. (2017) view employee performance as the level and quality of effort, cooperation, commitment, lateness and absenteeism, and employees' compliance with the organization's standards. many factors influence employee performance. walumbwa et al. (2011) classify the factors determining employee performance into three categories: first, the individual characteristics, comprising capabilities and expertise, background, and demographics. second, is the psychological factors of perceptions, attitudes, personality, learning, and motivation. finally, the organizational factors include resources, leadership, rewards, structure, and job design. spiritual and economic motivation motivation is the presence of power in a person to provide strength in doing a particular activity (herzberg, 2011). it is a process of encouraging employees to do something without feeling forced. motivation is a change in energy in a person which is marked by the emergence of feelings and is preceded by a response to the existence of a goal. a motivated employee is willing to expend a high effort toward achieving organizational goals while simultaneously meeting individual needs. with high motivation and self-confidence, employees always try to give their best for the work they are responsible for with mutual respect, need, and understanding (shahzadi et al., 2014). previous studies have categorized motivation into two categories, including spiritual motivation and economic motivation (nicolescu and verboncu (2007), non-financial and financial motivation (grynko et al., 2017), or material and nonmaterial motivation (gaponenko et al., 2020). spiritual motivation is the power in a person to act based on spiritual beliefs and needs. it concerns a person's awareness about his relationship with god as the creator of humankind and the universe http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 115 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 (emmons, 2000). spiritual needs are natural needs whose fulfillment depends on human perfection and individual maturity. thus, spiritual motivation aims at meeting the aspirations and expectations of spiritual nature using instruments of honorific titles, medals, trust, praises, and gratification. spiritual motivation primarily relates to employees' values, attitudes, and behaviors (demyen, 2014). in their study, bhatti et al. (2016) represent spiritual motivation using five indicators: working as part of god's obligation, working as part of worship, meeting inner needs, establishing interpersonal relationships, and expecting god's pleasure. on the other hand, the nature of economic motivation relates to applying classical techniques using economic instruments to fulfill the needs of employees through salaries, allowances, the share of profit, and bonuses (demyen, 2014). economic motivation is viewed as financial compensation for employee achievement in providing services to the organization (robbins and judge, 2011). it is commonly expressed in an additional bonus to the salaries of winners in the competition in the profession (gaponenko et al., 2020). finally, wojtaszek (2016) views economic motivation as remuneration, training, employment stability, punishment, and rewards. spiritual leadership leadership is a person's ability to influence others to think and behave to perform well in formulating and achieving organizational goals in certain situations. spiritual leadership is a person's attitudes and behaviors to use values required to intrinsically influence oneself and others to have a sense of spiritual survival through calling and membership and produce high performance (fry et al., 2005). the fundamental blocks of spiritual leadership include vision, hope/faith, and altruistic love (egel and fry, 2017). a spiritual leader is future-oriented (egel and fry, 2017) and applies ambiguous work procedures and guidelines to ascertain employees align with his vision (yang and fry, 2018). a clearly expressed vision makes sense for employees' work, invigorates them, and improves organizational commitment (schuckert et al., 2018). it also shapes employees' strategic orientation, most notably aligning their work role and the organizational strategic priorities resulting in the employee proactive (presbitero and teng-calleja, 2017). furthermore, spiritual leadership establishes a transcendent vision, instills a sense of faith/hope into employees, builds an overall culture of love that enhances subordinates' intrinsic motivation, and gratifies their spiritual needs. therefore, a spiritual leader actively contours a sense of calling and membership of employees, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 116 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 thereby motivating them to show genuine care, compassion, and empathy to customers (bayighomog and araslı, 2019). as a result, spiritual leadership improves employees' abilities to comprehend and resolve complicated issues through discussion and intellectual dialogue (fry et al., 2017; usman et al., 2021). in measuring the dimensions of spiritual leadership, five indicators (i.e., broad appeal to key stakeholders, defines the destination and journey, reflects high ideals, encourages hope/faith, and establishes a standard of excellence) are used to measure vision dimension; five indicators (i.e., trust/loyalty, forgiveness/ acceptance/gratitude, integrity, courage, kindness, compassion, and patience/ meekness) are used to reflect the altruistic love dimension. five indicators (i.e., endurance, perseverance, stretch goals, the expectation of victory, and excellence) are used to measure the hope/faith dimension (fry et al., 2005). previous related studies: hypotheses development spiritual leadership, spiritual and economic motivation, and employee performance the previous studies on factors influencing motivation and employee performance have focused mainly on conventional hotels (atatsi et al., 2019) rather than sharia-compliant hotels. previous studies show the important role of leadership in motivating employees (fisher, 2009; usman et al., 2021), as supported by the expectancy theory (isaac et al., 2001). spiritual leadership has the potential to improve both spiritual and economic motivation (nicolescu and verboncu (2007), non-financial and financial motivation (grynko et al., 2017), or material and nonmaterial motivation (gaponenko et al., 2020). spiritual motivation primarily relates to employees' values, attitudes, and behaviors. in contrast, economic motivation relates to applying classical techniques using economic instruments to motivate employees to work productively and efficiently (demyen, 2014). in a similar vein, studies on sharia-compliant hotels find a positive role of spiritual leadership in improving employee performance (iqbal et al., 2015; elias et al., 2017; shofwa, 2013; mariyanti et al., 2020; mariyanti and husin, 2020; insan andriani, 2021). finally, soemaryani (2018) finds the importance of the internationalization of islamic leadership and islamic work ethic to enhance employee performance in islamic hotels. on this basis, the study proposes the following hypotheses 1, 2, and 3: h1: spiritual leadership influences the spiritual motivation of employees of sharia compliant hotels. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 117 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 h2: spiritual leadership influences the economic motivation of employees of sharia compliant hotels. h3: spiritual leadership influences the performance of employees of sharia compliant hotels. spiritual and economic motivation and employee performance motivation is crucial for employees as energy and incentives to carry out assigned official tasks in the best possible ways. generally, motivation is seen as an inner state determining an employee to behave in such a way as to accomplish a certain organizational goal. thus, motivation is an essential and integral part of the general management process of the performance management component. the motivation-based reward system spiritually and financially motivates employees to work productively and efficiently to grasp benefits from positive effects within the organization (zlate and cucui, 2015). previous studies show motivation's important role in enhancing employee performance (iqbal et al., 2015; insan and andriani (2021). both spiritual motivation (muafi, 2003; shofwa, 2013; aflah et al., 2021; wahyudi et al., 2022) and economic motivation (wojtaszek, 2016) matter for employee performance. on this ground, the study proposes hypotheses 4 and 5, as follows: h4: spiritual motivation influences the performance of employees of sharia compliant hotels. h5: economic motivation influences the performance of employees of sharia compliant hotels. spiritual leadership and employee performance: mediating role of spiritual and economic motivation previous studies show the important role of spiritual leadership in motivating an employee to work productively and efficiently (usman et al., 2021), as supported by the expectancy theory (isaac et al., 2001; fisher, 2009). spiritual leadership enhances employee performance (iqbal et al., 2015; insan and andriani, 2021). these indicate the existence of a direct effect of spiritual leadership both on motivation and employee performance. other studies also find the significant impact of both spiritual motivation (muafi, 2003; shofwa, 2013; aflah et al., 2021; wahyudi et al., 2022) and economic motivation (wojtaszek, 2016) on employee performance. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 118 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 these reviewed studies show the mediating effect of motivation on the relationship between spiritual leadership and employee performance. in their study, zhang and bartol (2010) affirmed the existence of an indirect impact of leadership on employee performance through motivation. on this basis, the study proposes the following last two hypotheses: h6: spiritual motivation mediates the influence of spiritual leadership on the performance of employees of sharia compliant hotels. h7: economic motivation mediates the influence of spiritual leadership on the performance of employees of sharia compliant hotels. the above-proposed tested hypotheses are illustrated in our proposed research model, as portrayed in figure 1. figure 1: a proposed research model spiritual motivation economic motivation spiritual leadership employees performance source: processed, 2022 note: solid arrows line show a direct effect, while dashed arrow lines show a mediating effect methods the present study measures and analyzes the direct effects of spiritual leadership on spiritual and economic motivation and employee performance and the direct effects of spiritual and economic motivation on employee performance. it also measures and analyses spiritual leadership's indirect effects on employee performance through spiritual and economic motivation. this study focuses on the case of shariacompliant hotels in banda aceh, indonesia. as the only province in indonesia that the national constitution has granted to implement of sharia law in all aspects of daily life, including economic activities, aceh has been the leading province in the country to promote islamic tourism. in this study, four variables are analyzed, namely spiritual leadership (exogenous variable), spiritual and economic motivation (mediating variables), and employee performance (endogenous variables). spiritual leadership http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 119 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 in 2021, 83 units of hotels and other accommodation services were available in the city of banda aceh (bps – indonesia statistics, 2021). these include 16star hotels, 54 jasmine hotels, one youth inn, five tourist lodges, and seven other accommodation services. of 16-star hotels, 6 were sharia compliant hotels with halal kitchen and food preparation processes certification. these include the rasamala hotel, kyriad hotel, hermes hotel, grand permata hati hotel, grand nanggroe hotel, the pade hotel, and oasis hotel. grand permata hati hotel is the only hotel with a certificate of full sharia compliance. three hundred and thirty (330) employees working at sixsharia-compliantt hotels in banda aceh, indonesia, were selected as our sample using a purposive sampling technique. the selected sample size is determined using the slovin formula. it is also determined based on the need for structural equation modelling (sem) analysis, which is 5 to 10 times the number of indicators (hair et al., 2019). since the four variables investigated in our study consist of 32 indicators (i.e., 17-indicator for spiritual leadership, 5-indicator for spiritual motivation, 5-indicator for economic motivation, and 5-indicator for employees' performance), thus the minimum required sample size is 160 to 320. our 330-selected sample size is more than enough to portray the entire population. the questionnaires were distributed to the selected respondents. only employees with at least two years of experience working at star-sharia-compliant hotels in banda aceh, indonesia, were asked to complete the distributed questionnaires to obtain better insight and information about the employees' working practices. they are requested to choose the best answer reflecting their perception using a fivepoint likert scale, comprising 1 (strongly disagree), 2 (disagree), 3 (quite agree), 4 (agree), and 5 (strongly disagree). the gathered primary data are then analyzed using the structural equation model (sem). some interviews were also conducted with the selected hotel management personnel and respondents to enrich the data analysis. in measuring spiritual leadership, our study uses three dimensions (i.e., vision, altruistic love, and hope/faith) following fry et al. (2005). five indicators, such as measure the first dimension of vision: broad appeal to key stakeholders, defining the destination and journey, reflecting high ideals, encouraging hope/ faith, and establishing the standard of excellence, while the second dimension of altruistic love dimension is measured by seven indicators, namely: trust/loyalty, forgiveness/acceptance/gratitude, integrity, courage, kindness, compassion, and patience/meekness. the last dimension of hope/faith is measured by five indicators: endurance, perseverance, stretch goals, the expectation of victory, and excellence. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 120 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 spiritual motivation is measured using five indicators: working as part of god's obligation, working as part of worship, meeting inner needs, establishing interpersonal relationships, and expecting god's pleasure (bhatti et al., 2016). meanwhile, economic motivation is measured using five indicators, namely: remuneration, training, stability of employment, punishment, and rewards (wojtaszek, 2016). finally, our study measures employee performance using five indicators: the level and quality of effort, cooperation, commitment, lateness and absenteeism, and compliance with the organization's standards (alsheikh et al., 2017). referring to previous studies (isaac et al., 2001; fisher, 2009; zhang and bartol, 2010; iqbal et al., 2015; insan and andriani, 2021), the effects of spiritual leadership on spiritual and economic motivation and employee performance working in the sharia-compliant hotel in the city of banda aceh, indonesia, as illustrated in figure 1, are estimated using the following sem equations: smot = γ11sled + ε1 (1) emot = γ21sled + ε2 (2) empr = γ31sled + ε3 (3) meanwhile, the effects of spiritual and economic motivation on employee performance and their mediating effects on the relationships between spiritual leadership and employee performance are measured using the following equation: empr = γ41sled + γ42smot + γ43emot + ε4 (4) where smot is the spiritual motivation, emot is the economic motivation, sled is the spiritual leadership, empr is the employee performance, γ ii is the estimated regressors, and ε i is the structural error term. to ensure the robustness of our findings, before estimating equations (1) (4), the study conducts serial tests of model measurement of confirmatory factor analysis (cfa) and goodness of fit indices. the direct effects (hypotheses 1-5) between variables are tested using t-statistics, while the mediating effects (hypotheses 6-7) are tested using the sobel t-statistics with the framework of baron and kenny (1986). results and discussion characteristics of respondents table 1 illustrates the characteristics of 330 selected employees working at six sharia hotels included in the star hotel category in banda aceh, indonesia. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 121 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 these include the rasamala hotel, kyriad hotel, hermes hotel, grand permata hati hotel, grand nanggroe hotel, the pade hotel, and oasis hotel. as portrayed in table 1, the majority of the sharia-compliant hotels' employees were male (69.39%) with the age of 30-40-year-olds (46.67%), graduated bachelor's degree (50.00%), muslim (99.01), had a monthly income of idr1.5 – idr4.5 million, and 4-6 years of working experience. overall, the employees of sharia-compliant hotels in banda aceh, indonesia, are those of productive age and have great potential to contribute optimally to the advance of the hotel by having a high level of spiritual and economic motivation with the encouragement of spiritual leadership. table 1: characteristics of respondents gender frequency % religion frequency % male 229 69.39 muslim 327 99.01 female 101 30.61 non-muslim 3 0.91 total 330 100 total 330 100 age frequency % monthly income# frequency % <20 years 13 3.94 <idr1.5 million 27 8.18 2030 years 59 17.88 idr1.5 – 4.5 million 138 41.82 3040 years 154 46.67 idr4.5 – 6.5 million 102 30.91 ≥40 years 104 31.52 ≥ idr6.5 million 16 19.09 total 330 100 total 330 100 education level frequency % working experience frequency % junior high school 23 6.97 2-4 years 89 26.97 senior high school 77 23.33 4-6 years 76 23.03 diploma degree 42 12.73 6-8 years 68 20.61 bachelor degree 165 50.00 8-10 years 60 18.18 master degree 23 6.97 ≥ 10 years 37 11.21 total 330 100 total 330 100 note: # as of february 27, 2022, usd1 = idr15,557.30 source: primary data, processed (2022) using spss before estimating the effect of spiritual leadership directly on spiritual, economic motivation, and employee performance and its indirect effect on employee performance through spiritual and economic motivation, we first conduct the confirmatory factor analysis (cfa) to ensure the validity and http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 122 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 reliability of indicators to measure the study variables. of 32 indicators, only two (i.e., courage and perseverance) were invalid. this is due to their estimated loading factors of 0.478 and 0.462, below the cut-off value of 0.50 (hair et al., 2019). the invalid indicators were then excluded from the analysis. only 30 indicators were left and used to estimate the interaction between variables using the sem analysis. the study tests the goodness of fit indices (gofi) of the proposed estimated sem equations. as reported in table 2, the study found the estimated x2-chisquare of 103.031 (probability value of 0.059), cmin/df of 1.643, goodness of fit index (gfi) of 0.948, adjusted gfi (agfi) of 0.993, parsimonious gfi (pgfi) of 0.961, normed fit index (nfi) of 0.957, parsimonious nfi (pnfi) of 0.729, tucker-lewis index (tli) of 0.906, comparative fit index (cfi) of 0.929, and root mean square error of approximation (rmsea) of 0.073. overall, the estimated gofi passed their cut-off values, indicating that our proposed models best fit. these findings show the robustness and accuracy of our proposed models to measure the direct effect of spirit leadership on spiritual and economic motivation and employee performance as well as its indirect effect on employee performance through spiritual and economic motivation. table 2. findings of goodness of fit indices (gofi) gofi cut-off value finding remark x2 chi-square ≤ 117.431 103.031 best fit probability ≥ 0.05 0.059 best fit cmin/df < 2.00 1.641 best fit gfi ≥ 0.90 0.948 best fit agfi ≥ 0.90 0.993 best fit pgfi ≥ 0.90 0.961 best fit nfi ≥ 0.90 0.957 best fit pnfi 0.60 – 0.90 0.729 best fit tli ≥ 0.90 0.906 best fit cfi ≥ 0.90 0.929 best fit rmsea 0.05 – 0.08 0.073 best fit source: primary data, processed (2022) using sem-amos http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 123 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 the direct effect of spiritual leadership on spiritual and economic motivation and employee performance in the last step, the study tested the seven proposed hypotheses using the sem technique. the findings of the hypotheses testing are presented in table 3 (hypotheses 1 5) and figure 2 (hypotheses 6 and 7). as observed from table 3, the study found a significant positive relationship between spiritual leadership and spiritual motivation, with an estimated value of 0.509 at the 1% significance level. this finding showed that an increase in spiritual leadership by 1 unit has improved spiritual motivation by 0.509 units on the likert scale. a leadership with visionary and future-oriented, altruistic loving, and hope/faith has contributed towards enhancing the spiritual working motivation of employees at the shariacompliant hotels in banda aceh, indonesia. the finding supported hypothesis 1. spiritual leadership positively correlates with spiritual motivation, highlighting the significance of incorporating spiritual values and beliefs into the workplace. many employees find significance and purpose in their work when they see it as part of their religious or spiritual beliefs. leaders may assist their employees in becoming more connected to their work and more inspired to perform well by promoting these values and beliefs in the workplace. this conclusion implies that organizations and leaders may encourage spiritual leadership qualities to increase their employees' spiritual motivation. leaders can use the five indicators of spiritual motivation (working as part of god's obligation, working as part of worship, meeting inner needs, establishing relationships, and expecting god's pleasure) as a guide for encouraging spiritual motivation among their followers. for instance, leaders can assist their employees in meeting their inner needs by giving them a sense of purpose and meaning, fostering the development of interpersonal relationships based on shared values, and urging people to regard their work as a part of their religious obligation or worship. leaders can inspire their employees by highlighting the significance of pursuing god's pleasure in their work. overall, the findings indicate that incorporating spiritual leadership qualities and encouraging spiritual values and beliefs in the workplace can improve the spiritual motivation of employees in sharia hotels in aceh. as a result, workers will be more motivated and perform better because leaders have helped them develop a feeling of connection, purpose, and meaning. table 3 also reports the significant positive effect of spiritual leadership on economic motivation, with an estimated value of 0.462 at the 1% level. this result indicated that an increase in spiritual leadership by 1 unit has improved spiritual motivation by 0.462 units on the likert scale. this empirical evidence http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 124 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 shows the importance for spiritual leaders to take sides and gain broad appeal to key stakeholders, define a clear vision and mission and establish a standard of excellence that reflects high ideals for employees and hotels' achievement. this finding supported hypothesis 2. the result that spiritual leadership is positively connected to economic motivation emphasizes the necessity of incorporating spiritual values and beliefs in the workplace, not just for spiritual and financial reasons. this indicates that leaders who can balance their followers' spiritual matters with their economic goals might positively affect their motivation to achieve those goals. economic motivation refers to the desire to work in exchange for financial rewards, such as salary, bonuses, and other forms of compensation. the study suggests leaders exhibiting spiritual leadership qualities can benefit their followers' economic motivation. this indicates that having spiritual leadership traits may benefit the employees' spiritual and financial well-being. the finding also has implications for organizations and leaders who wish to increase employee economic motivation. leaders can encourage a workplace culture of trust, integrity, and respect by concentrating on spiritual leadership traits, including vision, values, and ethical behavior. as a result, workers may be more motivated to perform hard in order to receive compensation. overall, this research suggests that leaders in sharia hotels in aceh can boost their employees' economic motivation by adopting and incorporating spiritual leadership qualities. they can achieve more employee motivation, productivity, and organizational success by striking a harmonious balance between spiritual values and economic goals. table 3. direct effects of spiritual leadership on spiritual and economic motivation and employee performance interaction between variables estimate critical ratio p-value spiritual motivation <--spiritual leadership 0.509*** 4.298 0.000 economic motivation <--spiritual leadership 0.462*** 3.998 0.000 employees performance <--spiritual leadership 0.321*** 6.577 0.000 employees performance <--spiritual motivation 0.648*** 5.398 0.000 employees performance <--economic motivation 0.707*** 3.099 0.000 note: *** indicates significance at the 1% level. source: primary data, processed (2022) using sem-amos many previous studies support our findings of the positive effects of spiritual leadership on spiritual and economic motivation. spiritual leadership has improved both spiritual and economic motivation (nicolescu and verboncu (2007), nonhttp://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 125 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 financial and financial motivation (grynko et al., 2017), and material and nonmaterial motivation (gaponenko et al., 2020). these findings showed that spiritual leadership with a visionary and future-oriented, altruistic loving, and practising standard of excellence had improved working values, attitudes, and behaviours of the sharia-compliant hotels' employees to work with a higher spiritual and economic spirit (demyen, 2014). furthermore, as observed from table 3, the study also found a positive effect of spiritual leadership on employee performance with an estimated value of 0.321 at the 1% significance level. this empirical result indicated that an increase in spiritual leadership by 1 unit has improved employee performance by 0.0.321 units on the likert scale. our finding supported hypothesis 3 and confirmed the important role of spiritual leadership in promoting employee productivity. a trusted, loyal, forgiving, integrity, courageous, good character, sympathetic, perseverant, enduring, and patient leader plays a crucial role in promoting the performance of the employees working at the sharia-compliant hotels in banda aceh, indonesia. a leader who aims for the hotels to have a bright and excellent future would drive the employees to work harder and strive for their best performance. our finding of the positive influence of spiritual leadership on employee performance is supported by previous studies (iqbal et al., 2015; elias et al., 2017; shofwa, 2013; soemaryani, 2018; mariyanti et al., 2020; mariyanti and husin, 2020; and insan andriani, 2021). islamic leadership does matter for enhancing the performance of employees at the sharia compliant hotels. the presence of leadership with a good islamic character is important to improve both spiritual and economic motivation and the performance of sharia-compliant hotel employees. direct effects of spiritual and economic motivation on employee performance table 3 also reports the direct effects of spiritual and economic motivation on employee performance. as observed from the table, the study discovered the positive impact of spiritual motivation on employee performance with an estimated value of 0.648 at the significance level of 1%. an improvement in spiritual motivation by 1 unit has enhanced the performance of the employees working at the sharia-compliant hotels in banda aceh, indonesia, by 0.649 units on the likert scale. this finding showed that the sharia-compliant hotels' employees who perceived working as part of god's obligation and religious worship to fulfill their inner needs and seek god's pleasure (bhatti et al., 2016) had worked with sincerity and produced the best achievement, the finding http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 126 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 supported the hypothesis 4. the study's finding has significant implications for leaders and companies aiming to increase employee performance. leaders may develop a work atmosphere that promotes a sense of fulfillment, purpose, and meaning for employees by focusing on spiritual motivation. this may lead to higher job engagement and satisfaction levels, boosting performance. spiritual motivation refers to the power of a person to act based on spiritual beliefs and needs. it concerns a person's awareness about his relationship with god as the creator of humankind and the universe. leaders can use this potent source of motivation to boost employee performance by encouraging spiritual motivation. the finding may also affect employees' well-being at the company. spiritually motivated employees may have higher levels of well-being in their personal and professional life. this can lead to a better sense of general happiness and contentment, a better work-life balance, and better mental health. the five spiritual and motivational factors can also aid in developing an atmosphere at work that promotes a sense of belonging, purpose, and personal development. employees are more likely to be dedicated to and invested in their work when they believe it is part of a broader mission or obligation. similarly, employees are more likely to be happy and involved in their work when their workplace supports spiritual practices and helps them tend to their personal and emotional needs. employees may feel more fulfilled and motivated if they have close relationships with their coworkers and believe their work aligns with their values and views. these factors can potentially increase worker productivity and performance, benefiting both the individual worker and the company. finally, the study also documented the positive effect of economic motivation on employee performance with an estimated value of 0.707 at the 1% significance level. an improvement in economic motivation by 1 unit has caused the performance of the employees to increase by 0.707 units on the likert scale. this finding showed that the employee at the sharia compliant hotels who received a just remuneration scheme, opportunities to attend various career developmentrelated training, worked within a sustainable employability environment, and provided a fair reward-punishment system (wojtaszek, 2016) had put a strong commitment and strived for excellent job performance (alsheikh et al., 2017). this suggests that employees are more likely to work harder and perform better when they are motivated by economic incentives, such as financial awards. this research emphasizes the significance of considering economic factors when structuring employee compensation and incentive packages. a highly motivated and engaged employee can result in higher levels of productivity and improved http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 127 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 company performance for employers who offer appealing financial rewards and bonuses. this finding supported hypothesis 5. our finding of the positive effect of spiritual and economic motivation on employee performance is in harmony with previous studies (iqbal et al., 2015; insan and andriani (2021). motivation has been an inner state influencing employee performance (zlate and cucui, 2015). spiritual motivation (muafi, 2003; shofwa, 2013; aflah et al., 2021; wahyudi et al., 2022) and economic motivation (wojtaszek, 2016) matter for employee performance. effect of spiritual leadership on employees' performance: mediating role of spiritual and economic motivation figure 2 illustrates the mediating roles of spiritual and economic motivation in the relationship between spiritual leadership and employee performance of the sharia-compliant hotel in banda aceh, indonesia. specifically, as shown in figure 2a, spiritual motivation positively mediates the effect of spiritual leadership on employee performance, as indicated by a 1% significance level using the sobel t-test. the finding supported hypothesis 6. since both the direct effect of spiritual leadership on employee performance (hypothesis 3) and the indirect effect of spiritual leadership on employee performance through spiritual motivation (hypothesis 6) were significant, thus spiritual motivation acted as the partial mediator. figure 2a: spiritual motivation as a mediator figure 2b: economic motivation as a mediator source: primary data, processed (2021) using sem-amos and calculator for sobel test, available at: https://quantpsy.org/sobel/sobel.htm our study also found similar findings for economic motivation. as portrayed in figure 2b, economic motivation positively mediates the effect of spiritual economic motivation spiritual motivation http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 128 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 leadership on employee performance, as indicated by a 1% significance level using the sobel t-test. the finding supported hypothesis 7. since both the direct effect of spiritual leadership on employee performance (hypothesis 3) and the indirect effect of spiritual leadership on employee performance through economic motivation (hypothesis 7) were documented to be significant, thus economic motivation functioned as the partial mediating variable. this finding implies that spiritual leadership can improve employee performance in aceh sharia-compliant hotels and that the mediating role of economic motivation can partially explain this effect. this shows that businesses that offer spiritual leadership and financial rewards tend to have motivated employees who perform at higher levels. this conclusion emphasizes the necessity of addressing the cultural and religious background when establishing compensation and incentive packages for employees in aceh, where islamic beliefs and principles may influence employee motivation and performance. overall, the findings on the partial mediating role of spiritual and economic motivation in the influence of spiritual leadership and employee performance confirmed zhang and bartol (2010), who postulated the existence of an indirect effect of leadership on employee performance through motivation. our finding further implied that all strategic efforts to improve employee performance could be made directly by improving spiritual leadership or indirectly by enhancing spiritual and economic motivation. the findings confirmed the crucial role of leadership in motivating employees to work harder for their benefits and organization. conclusion this study explored the role of spiritual leadership in enhancing the spiritual and economic motivation and performance of employees of sharia-compliant hotels in banda aceh, indonesia. using a structural equation modelling (sem) technique, the study discovered the important role of spiritual leadership in enhancing spiritual and economic motivation and employees' performance. the study also documented the significant effect of spiritual leadership on employees' performance indirectly through spiritual and economic motivation. in this context, both spiritual and economic motivation is found to be the partial mediator. these findings confirmed that sharia-compliant hotel management could improve employees' performance by enhancing spiritual leadership or indirectly through spiritual and economic motivation improvements. as for further studies, comparing the performance of employees working in sharia and conventional hotels is necessary. it aims to provide more comprehensive http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 murkhana. does spiritual leadership matter for enhancing performance of sharia-compliant 129 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.30910 and enriched empirical findings about the spiritual and economic motivational antecedents and their consequences in the context of sharia-compliant hotels. investigating the spiritual and economic dimensions of leadership and employee working behaviors would also enhance future studies' findings. finally, a comparative study of sharia-compliant hotels' employee performance across provinces in indonesia and cities in major muslim countries would enrich the existing literature on islamic tourism and the halal industry. acknowledgments we would like to thank the faculty of economics and business and the institute for research and community services (lppm) of universitas syiah kuala (usk), indonesia, for funding this research under the scheme of bantuan penelitian mandiri year 2022, no: 298/un11.2.1/pt.01.03/pnbp/2022. references aceh province government. 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(2015). motivation and performance in higher education. procedia-social and behavioral sciences, 180, 468-476. https://doi.org/10.1016/ j.sbspro.2015. 02.146. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.30910 http://dx.doi.org/10.5267/j.msl.2022.2.006 https://doi.org/10.33776/et.v11i2.5165 https://doi.org/10.1080/14766086.2018.1482562 https://doi.org/10.5465/amj.2010.48037118 https://doi.org/10.1016/ j.sbspro.2015. 02.146 https://doi.org/10.1016/ j.sbspro.2015. 02.146 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 185 202 received: february 17, 2017; revised: april 5, 2017; accepted: april 14, 2017 1, 2 faculty of islamic economics and business iain salatiga e-mail: 1hamdanyuafi@live.co.uk; 2alfathbawono@gmail.com doi: 10.15408/aiq.v9i2.4906 abstract. islamic banking existence and domestic credit: study at seven countries. this paper empirically investigates the determinants of domestic credit across a wide range of 7 countries; these are united kingdom, malaysia, egypt, kuwait, qatar, bahrain and indonesia. we use dynamic panel estimation to examine effects of exchange rate, inflation, lending interest rate, banking crisis and existence of wholesale islamic banking on domestic credit. we obtain several notable empirical results. first, the lending interest rate, banking crisis negatively and insignificantly contribute to domestic credit. the existence of islamic bank has positive and insignificant contribution to domestic credit, while exchange rate positively and significantly contributes to domestic credit. inflation negatively and significantly contributes to domestic credit. second, banking crisis and existence of wholesale islamic banking show insignificant effect on domestic credit. third, we find that today’s domestic credit is depended on domestic credit in the previous year. keywords: islamic banking, market risk, banking crisis, domestic credit abstrak. keberadaan bank syariah dan kredit domestik: studi di tujuh negara. penelitian ini secara empiris meneliti faktor-faktor penentu kredit domestik di 7 negara; inggris, malaysia, mesir, kuwait, qatar, bahrain dan indonesia. kami menggunakan estimasi data panel untuk mengetahui hubungan dari nilai tukar, inflasi, suku bunga pinjaman, krisis perbankan dan eksistensi perbankan syariah terhadap domestik kredit. dari penelitian ini diperoleh 3 hasil empiris. pertama, suku bunga pinjaman, krisis perbankan berpengaruh negatif dan tidak signifikan terhadap kredit domestik. keberadaan bank syariah memiliki kontribusi positif dan signifikan terhadap domestik kredit, sementara nilai tukar memiliki hubungan positif dan signifikan terhadap kredit domestik. inflasi berpengaruh negatif dan signifikan terhadap kredit domestik. kedua, krisis perbankan dan adanya perbankan syariah berpengaruh signifikan pada kredit domestik. ketiga, kami menemukan bahwa kredit dalam negeri tahun ini sangat bergantung pada kredit domestik pada tahun sebelumnya. kata kunci: bank syariah, risiko pasar, krisis perbankan, kredit domestik islamic banking existence and domestic credit: study at seven countries hamdan yuafi1, anton bawono2 186 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 introduction what are the main factors that determine domestic credit levels in developing economies? answering this question is a noteworthy issue, particularly given that most countries with islamic economics (henceforth cie’s) had not experienced severe boom credit in the last decade. indeed, the effects of domestic credit on economic activity and financial stability are well documented, along with the experiences of the banking and financial crises in many places, but it didn’t have big impact on country with islamic banking. for example, the research by abduh, et.al (2011), in this research we knew that crisis has a positive impact on islamic banking. nevertheless, some recent studies have shown that sustainable domestic credit growth in a developing economy would significantly improve welfare (obstfeld, 2012). the aim of this paper is to empirically investigate domestic credit dterminants across awide range of 7 cie’s over the period 1980–2014 within dynamic panel data estimation framework. in case of domestic credit system, the term “domestic credit” refers to lending or credit that a country or territory’s central bank makes available to borrowers within the same territory (pandit, 2016). this may include commercial banks which can be conventional bank and islamic bank. islamic bank has same function as conventional bank, collect fund from surplus people in the form of deposit and provide it to the deficit people in the form of financing facility. unlike traditional banks, islamic banks’ funding comes from deposit and profit-sharing investment accounts with a return decided by the bank’s profit. talking about islamic bank facilities, there are nine cie in the world that have biggest operation of islamic finance. the most significant players are gulf cooperation council (gcc) countries, which account for the vast majority of assets. that said, the model is also making headway in countries such as malaysia, indonesia, turkey and pakistan. according to ernst & young, total islamic finance assets of commercial banks rose 17% between 2009 and 2013, hitting $778 billion. of that, gulf cooperation council (gcc) countries account for around $517 billion, asean countries for $160 billion and south asia for $23 billion; with the rest of the world (especially turkey) making up the remaining $78 billion. although the pace of growth has been impressive, the share of islamic financial assets remains only a small fraction of global financial assets (less than 1%). however, its double-digit growth is comfortably outpacing that of conventional banking. unfortunately, while the industry is gaining ground, its profitability has so far lagged behind that of comparable conventional banking institutions. average return on equity in leading islamic finance banks between 2009 and 2013 was 11.9%, against a 14.5% return from traditional banks. 187 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit the imf warns of the need to ensure an appropriate regulatory regime surrounding these nascent institutions due to the risks related to the business model (wef, 2016). these include managing market risk and dealing with the complexity of transactions and corporate structure that is required in facing market risk. that is why we choose market risk variables risk as predictors, such as benchmark rate or interest rate, exchange rate and inflation rate. and based on the data that is shown above the writer took seven countries as research object. islamic bank must aware not only on market risk but also on nature risk such as economic crisis. the new palgrave dictionary of banking crises defines that there are two distinct phenomena associated with banking system distress: exogenous shocks that produce insolvency and depositor withdrawals during ‘panics’. these two contributors to distress often do not coincide (jones, 2016). moreover, serious financial crises, most notably the great depression and the financial crisis of 2007-2008, lead to panics, loss of business and consumer confidence, deleveraging, severe and prolonged recessions or depressions, long-lasting periods of high unemployment, and, ultimately and most ominously, unbearable pressure on families and on the fabric of society and social cohesion (askari, 2015). as will be discussed in section 2 below, there is a growing empirical literature examining the determinants of domestic credit, but the best decisive factors remain unclear. moreover, the determinants of domestic credit levels appear to be complicated. the ability to borrow from abroad allows a country to borrow at lower interest rates and with less pressure on the nominal exchange rate and thus on inflation than if the country is economically and financially closed (obstfeld, 2012). thus, domestic credit may not only be driven by market risk factors, such as benchmark rate or interest rate, exchange rate and inflation rate, but also by natural factors, such as domestic crisis, and domestic market conditions. does the banking crisis have an effect on islamic banking? as askari (2015) said that the frequency of these crises increased in the last decades of the twentieth century and culminated in the devastating global crisis of 2007– 2008. as unfortunate as these crises have been, they have held lessons for islamic finance, which still is in its nascent stage of development, especially since islamic finance is now operating in an institutional framework that is basically that of the conventional debt driven system. this research wants to contribute to the existing literature in several ways. to the best of our knowledge, this paper is the first to examine the effects on domestic credit expansion in cie’s of both macroeconomic demand and financial condition factors. second, this is the first study to analyze the impact of existence of islamic banking on domestic credit in cie’s. 188 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 literature review is an islamic bank more resilient to crisis? the most well-known study is conducted by imf (2011). a recent imf study compares the performance of islamic banks and conventional banks during the recent financial crisis, and finds that islamic banks, on average, showed stronger resilience during the global financial crisis. but the study also finds that islamic banks faced larger losses than their conventional peers when the crisis hit the real economy. to control in varying conditions across financial systems, the imf looks at the actual performance of islamic banks and conventional banks in countries where both have significant market shares (see figure 1). it uses bank-level data covering 2007−10 for about 120 islamic banks and conventional banks in eight countries-bahrain, jordan, kuwait, malaysia, qatar, saudi arabia, turkey, and the united arab emirates. these countries host most of the world’s islamic banks (more than 80 percent of the industry, excluding iran) but also have large conventional banking sectors. the key variables used to assess the impact are the changes in profitability, bank lending, bank assets, and external bank ratings. figure 1. performance of islamic banks and conventional banks 2005-2007 source: imf, 2014 the analysis suggests that islamic banks fared differently from conventional banks during the global financial crisis. factors related to the islamic banking business model helped contain the adverse impact on their profitability in 2008 (see figure 2). in particular, smaller investment portfolios, lower leverage, and adherence to sharia principles which precluded islamic banks from financing or investing in the kind of instruments that have adversely affected their conventional competitorshelped contain the impact of the crisis on islamic banks in that year. 189 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit figure 2. change in profit, credit, and assets from 2007 to 2008 source: imf, 2014 despite the higher profitability of islamic banks during the pre-global crisis period (2005–2007), their average profitability for 2008–2009 was similar to that of conventional banks, indicating better cumulative profitability and suggesting that higher pre-crisis profitability was not driven by a strategy of greater risk taking. the analysis also shows that large islamic banks fared better than small ones, perhaps as a result of better diversification, economies of scale, and stronger reputation. development of the industry might therefore be achieved, the paper suggests, through establishing large, well-managed islamic banks that can compete with existing banks. based on this result study we want to re-examine about the impact of banking crisis on domestic credit to private sector by bank in most of the world’s islamic banks plus united kingdom as most developing country in europe in field of islamic finance development. world bank (2016) defined that a domestic credit to private sector by banksrefers to financial resources provided to the private sector by other all financial institution, especially banking institution. this concept is widely used in financial market throughout the world. this concept also used to monitor the behaviour of an economic development in many countries. there are many factors that affect domestic credit, in this research we used 6 (six) variables such as exchange rate, inflation, lending interest rate, which are categorized as market risk determinants. the other two variables are dummy variable which are banking crisis and existence of islamic banking, these two variable are brad new variables that is used in determining domestic credit. the last variable is an autoregressive variable of domestic credit to private sector by banks. 190 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 at least the writers had found twelve researches that describe the relation between those six variables and domestic credit, the arrangement of the literature review below is presented as each relation of one independent variable toward domestic credit, for example the first until the third are a discussion about the relation between exchange rate and domestic credit and so on. first, ezeji (2014) examines the impact of macroeconomic variables on domestic credit using nigeria data over a period 1980 -2012 in an attempt to contribute to the growth of banking sector. more specifically, the study seeks to determine whether interest rate, inflation, money supply, exchange rate have a long run relationship on domestic credits in the banking sector in nigeria. the study confirmed that the exchange rate, interest rate, inflation indicators used in the study has some influence on domestic credit. second, magud et al. (2011) analyze the impact of exchange rate flexibility on credit markets during periods of large capital inflows. they show that credit grows more rapidly and its composition tilts to foreign currency in economies. third, aghion et al. (2009) empirical evidence that real exchange rate volatility can have a significant impact on long-term rate of productivity growth, but the fact depends critically on a country’s level of financial development (in this case measured by domestic credit). their empirical analysis is based on an 83 country data set spanning the years 1960-2000. they also offer a simple monetary growth model in which real exchange rate uncertainty exacerbates the negative investment effects of domestic credit market constraints. fourth, söğüt (2008) investigates the determinants of financial development and private sector credits for a panel of 85 developing and industrial countries using annual data from 1980 to 2006. in this study one of the determinants of financial development, which is inflation, has positive and significant effect on determinants of private sector credit. fifth, boyd et al. (2001) empirically assesses these predictions. the evidence indicates that there is a significant, and economically important, negative relationship between inflation and both banking sector development and equity market activity. further, the relationship is nonlinear. as inflation rises, the marginal impact of inflation on banking lending activity and stock market development diminishes rapidly. moreover, we find evidence of thresholds. for economies with inflation rates exceeding 15 percent, there is a discrete drop in financial sector performance, which is measured by domestic credit. sixth, gozgor (2014) empirically examines the determinants of domestic credit expansion across a wide range of 24 emerging market economies. he used a dynamic panel data estimation technique to investigate the short-run and long-run effects of internal demand which is lending interest rate and external supply factors, external balance, different measures of trade openness and global uncertainty on 191 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit domestic credit. he found that loose monetary policy in the domestic market, differences between domestic and global lending rates and real trade openness positively and significantly contribute to domestic credit levels. seventh, suh (2012) examines the different effects of macro prudential policy and monetary policy on credit and inflation using a simple new keynesian model with credit. in this model, macro prudential policy is effective in stabilizing credit but has a limited effect on inflation. monetary policy with an interest rate rule stabilizes inflation, but this rule is ‘too blunt’ an instrument to stabilize credit or in other word interest rate has a negative and significant effect on domestic credit. eight, büyükkarabacak and valev (2010) argue that household credit growth raises debt levels without much effect on long-term income. rapid household credit expansions generate vulnerabilities that can precipitate a banking crisis. enterprise credit expansions can have the same effects but it is tempered by the associated increase in income. their estimations show that household credit expansions have been a statistically and economically significant predictor of banking crises and in my own opinion it can be vice versa. ninth, rose and spiegel (2009) are using a multiple indicator multiple cause (mimic) model. their analysis is conducted on a cross-section of 107 countries. their model tries to study on the effect of crisis on financial policy and financial condition, which are measured by domestic credit, asset price, macroeconomics condition, institution and geography of these countries. the evidence shows that banking crisis has negative and significant effect on financial condition, which is measured by domestic credit. tenth, arteta and hale (2008) argue that, through its effect on aggregate demand and country-risk premia, sovereign debt restructuring can adversely affect the private sector’s access to foreign capital markets. using fixed effect analysis, they estimate that sovereign debt rescheduling episodes are indeed systematically accompanied by a decline in foreign credit to emerging market private firms, both during debt renegotiations and for over two years after the agreements are reached. this decline is large (over 20%), statistically significant, and robust when they control for a host of fundamentals. eleventh, rashid (2011) with bank-level data from 81 developing countries, shows that increased foreign bank presence, in case of his research most all of islamic banking in his research object is foreign bank, and it is associated with increased reliance on non-deposit based funding, which leads to higher interest rate spreads, less credit to the private sector, and higher volatility in bank loans. twelfth, brown (2003) an indication of the level of bank finance used in each country can be obtained by examining the level of domestic credit to gdp. results indicate that malaysia, egypt, jordan and kuwait have the highest levels of domestic credit provided by the banking system. it shows that 192 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 existence of islamic banking in these countries has significant and positive effect on domestic credit. method as discussed above, in this research we use a panel data, we collect the data from the global financial development database which is published by world bank and last updated in june 2016, we choose the 1990 as a starting year. in this research we choose united kingdom, malaysia, egypt, kuwait, qatar, bahrain and indonesia as samples of the study. we take these countries not only because these countries meet all the variables data but also the country has massive development of islamic finance institution. the method utilized in this model is panel regression advantage in which the advantage is that it produces a greater degree of freedom. the equation of model regression applied will be as follows: dcbit= α+ β1 exrit + β2 infit + β3 intit + β4 bcit + β5 eibit + β6 dcit + εit where: dcb : domestic credit to private sector by banks exr : exchange rate inf : inflation int : lending interest rate bc : existence of banking crisis eib : existence of wholesale islamic banking dc : domestic credit to private sector by banks (lagged 1) in order to choose best panel regression model, we have to do chow test, haussmann test or lm to find which model suitable to the characteristics of the data. basically these three methods can be selected based on the circumstances of the study. but before we get further by doing panel estimation, we should examine our data by doing instrument test; in this research we conduct a unit root test. furthermore, in order to make our model is best fit with the reality we should also do an assumption test such as autocorrelation, multicollinearity, and heteroscedasticity. results and discussion result table 1 reports the results of the levin, lin & chu an unit root test, the individual lag is chosen based on the schwarz info criterion (sic). the tests 193 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit are conducted with trend and intercept. we examine four variable, exchange rate, inflation, lending interest rate and he dependent variable domestic credit by banks. except exchange rate variable, levin, lin & chu agreed that domestic credit, inflation, and lending interest rate variable contain are stationary in the first difference since the level of probability value is less than 0.05. conversely, the exchange rate variable are stationary in the second difference, in other words it is noted as d(exchange rate) since the first difference stationary test cannot reject the hull hypothesis but the second difference can reject the null hypothesis. table 1. the results of stationarity test variable probability stationer at exchange rate inflation interest rate domestic credit 0.0000 0.0000 0.0004 0.0074 second different first different first different first different source: estimated result having concluded that each of the series is stationary, we don’t need to proceed whether there exists a long-run equilibrium between the domestic credit by banks and the market risk determinant variables selected.therefore, our model is best fit either in short-run or long-run equilibrium. based on chow test result, table 2, that compares the best model whether common effect or fixed effects. if null hypothesis chow test is not rejected, the data can simply be pooled together and ols employed. if this null is rejected, however, then it is not valid to impose the restriction that the intercepts are the same over the cross sectional units and a panel approach must be employed or fixed effect is employed. table 2: the results of chow test effects test statistic d.f. prob. cross-section f 91.804376 (6,133) 0.0000 cross-section chi-square 237.416437 6 0.0000 source: estimated result from the table 2, we know that probability value shows significant value, we can assume that chow test appropriately reject null hypothesis. therefore, it can be 194 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 assume that fixed effect is better to be used than common effect. based on hausman test result, table 3, that compares the best model whether fixed effect or random effects. the null hypothesis is random effect and the alternative hypothesis is fixed effects. if the value of the probability of cross section random is greater than significant level then a null hypothesis is accepted. the chosen model for panel data regression is random effects. conversely, if the value of probability of cross section random is less than significant level then hypothesis is rejected, which means the most appropriate model used is fixed effect model. from the table 3, we know that probability value shows significant value, we can assume that hausman test appropriately reject null hypothesis. therefore, it can be assume that fixed effect is better to be used than random effect. since our result indicate that the best model is fixed effect, we don’t need to do a lagrange multiplier (lm) tests because it has been covered by chow test in choosing whether fixed effect of common effect. after we got our model specification, we have to do a test of assumptions, which are autocorrelation, multicollinearity, and heteroscedasticity test. table 3. the results of hausman test test summary chi-sq. statistic chi-sq. d.f. prob. cross-section random 136.792443 5 0.0000 source: estimated result because our data is an autoregressive model (there is a lag dependent variable that placed as independent variable) durbin–watson d statistic may not be used to detect (first order) serial correlation in autoregressive models, because the computed d value in such models generally tends toward 2, which is the value of d expected in a truly random sequence. in other words, if we routinely compute the d statistic for such models, there is a built-in bias against discovering (first order) serial correlation. despite this, many researchers compute the d value for want of anything better. however, durbin himself has proposed a large-sample test of firstorder serial correlation in autoregressive model, durbin h test. but this test is not as powerful in a statistical sense as the breusch godfrey (the bg test) test, such as in table 4. moreover durbin h has a weakness, durbin h test cannot be used to detect autocorrelation in research with large number of observation. since our research has large numbers of sample this is why we rather use bg test than durbin h test. 195 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit table 4: the results of breusch godfrey (the bg test) test variable coefficient std. error t-statistic prob. resid01(-1) 0.259558 0.104463 2.484682 0.0147 resid01(-2) 0.119163 0.108366 1.099632 0.2742 resid01(-3) -0.141342 0.123104 -1.148156 0.2538 resid01(-4) 0.033575 0.121495 0.276349 0.7829 resid01(-5) -0.012600 0.103266 -0.122013 0.9031 resid01(-6) -0.029101 0.094748 -0.307146 0.7594 r-squared 0.090130 source: estimated result based on this result, first we calculate the chi-square value. we can get the chi-square value by multiplying the n-p and the r-squared, and then we get 9.28339. after we get the chi-square value, we compare this value with the chisquare table; we know that the chi square value shows 18.547. since the chi-square test result doesn’t exceed the chi-square table, we can conclude that we cannot reject the null hypothesis of no serial correlation and we assume that our model is free from autocorrelation problem. table 5: the summary results of auxiliary regression of multicolinearity auxiliary dependent variabel r2 1 d(exchange_eate) 0.680681 2 inflation 0.831686 3 lending_interest_rate 0.925649 4 existence_of_ib 0.759304 5 banking_crisis 0.535756 6 domestic_credit_by_banks(-1) 0.917689 7 main regression 0.978086 source: summary of estimated rsult in this research to detect multicollinearity, we are looking at the matrix of correlations between the individual variables or auxiliary regression to detect 196 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 the multicollinearity. the summary of the auxiliary regression is presented in the table 5. in this research we use park test to detect heteroscedasticity problem in the model, park formalizes the graphical method by suggesting that 2i is some function of the explanatory variable xi. if turns out to be statistically significant, it would suggest that heteroscedasticity is present in the data. if it turns out to be insignificant, we may accept the assumption of homoscedasticity. in this research, we use park test on eviews. the result is as follow: table 6: the results of park test variable coefficient std. error t-statistic prob. d(exchange_rate) -0.000149 0.000633 -0.234698 0.8149 inflation -0.035316 0.077313 -0.456787 0.6487 lending_interest_rate 0.177159 0.173473 1.021249 0.3093 banking_crisis 0.520266 1.265730 0.411040 0.6818 existence_of_ib 1.413228 1.210789 1.167196 0.2456 domestic_credit_by_bank(-1) -0.016647 0.019674 -0.846104 0.3993 source: estimated result from the result in table 6, we get that the model is fit the homoskedasticity assumption. it can be seen from the p-value from the table 6, because there is no significant value in all independent variables. since our model is not suffered from autocorrelation, multicolinearity and heteroscedasticity, we can assume that our model is fit in describing the real condition. then, we are going to interpret our result. based on chow test, haussmann test and lm test, the best model is fixed effect. the model is in the following table 7. the t ratio aims to determine whether the independent variables used in the model affect the dependent variable. when the prob value is smaller than 0.05, the independent variables used in the model has partially an effect on the dependent variable. based on table 7 we know that only three independent variables that have significant value, these are exchange rate, inflation and domestic credit by banks (previous 1 year ago). it can be concluded that only two independent variables that partially affected the dependent variable. 197 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit table 7. the empirical results variable coefficient std. error t-statistic prob. d(exchange_rate) 0.003856 0.001512 2.549623 0.0119 inflation -0.420334 0.164412 -2.556581 0.0117 lending_interest_rate -0.068771 0.275026 -0.250052 0.8029 banking_crisis -0.446881 3.146456 -0.142027 0.8873 existence_of_ib 2.366918 2.915742 0.811772 0.4184 domestic_credit_by_bank(-1) 0.869165 0.049579 17.53090 0.0000 r-squared 0.970782 adjusted r-squared 0.968126 f-statistic 365.4829 prob(f-statistic) 0.000000 source: estimated result in this regression test we aim to determine whether the independent variables used in the model, affect the dependent variable simultaneously. to see whether there is an effect or not, it can be seen from the value prob (f-statistic) in the table 7. if the value is smaller than 0.05, it can be concluded that, at of 0.05 independent variables affect the dependent variables simultaneously. from the table above it can be seen that, sig f is 0.00 below the value of is 0.05. it can be concluded that the independent variables in the model used affect the dependent variables simultaneously/synchronously. the goodness of fit statistics is calculated to determine how much of the variation of independent variables, d(exchange_rate), inflation, lending_interest_ rate, existence_of_ib, banking_crisis and domestic_credit_by_banks(-1), can explain the dependent variable, domestic_credit_by_bank . based on table 7 above, it can be seen in the row r-squared of 0.970782and adjusted r squared of 0.968126. researchers chose the value of adjusted r square due to haveing more accurate value than the r square. the value show 0.970782 or 97%, it indicated that the independent variables used in the model have the ability to explain the dependent variable 97% while the remaining 3% is explained by other variables outside the model. 198 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 discussion from the table 7, we know that there are 6 variables that are included in the regression. all of them passed the assumption test. these are d(exchange_rate), inflation, lending_interest_rate, existence_of_ib, banking_crisis and domestic_credit_ by_banks(-1). here we will explain the multiple regression result. i will sort the longer variable name to make it more efficient. the equation that is formed will be explained as follows: dcb = 10.66657+ 0.003856exr 0.420334inf – 0.068771 int -0.446881 bc + 2.366918eib + 0.869165dc it means, if exr, inf, int, eib, bc and dc is equal to 0 (zero), the dcb will increase by 13.01197% of gdp. exchange rate (exr) shows positive and significant value in the result and show coefficient value 0.003856. it means if inf, int, eib, bc and dc are equal to 0 (zero) and exr increases one point the dcb will increase by 0.3% of gdp assuming ceteris paribus. we will explain our reasoning from this result. when exchange rate depreciated (the nominal is increase) the price of imported goods will rise so the domestic credit will decrease, as the law of demand, if the price of goods rises, the demand will decrease. this result is supported by ekinci (2016) he said that exchange rate has a positive effect on return and return volatility respectively, which bank’s return came from credit, logically more credit it lends, more return it has. moreover, ezeji (2014) wrote that exchange rate doesn’t have significant effect on domestic credit based on granger causality test. our research show an effect but it is in small portion, it is supported by magud et.al., (2011) found that exchange rate flexibility may also play a role on credit expansion but in small effect. this research can be a reference for future research since exchange rate effect on credit may present defferent result, either significant or insignificant, this is depended on the research object and the countries studied. inflation (inf) shows negative and significant value in the result and show coefficient value: -0.420334. it means if exr, int, eib, bc and dc are equal to 0 (zero) and inf increases one percent the dcb will decrease by 40 % of gdp assuming ceteris paribus. our reasoning, if inflation raises central bank will increase the discount rate to stabilize the economy, because of this, commercial banks will raise their interest rate and it will decrease the credit. our result shows that inflation has negative and significant effect on credit. this result was confirmed by boyd et.al. (2001), the evidence of their research indicates that there is a significant, and economically important, negative relationship between inflation and financial development that is measured by domestic credit. this result is also supported by ekinci (2016) that the effect of inflation on bank profitability is negative insignificant. moreover, söğüt (2008) found that financial development, in which measured by 199 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit inflation, enhances private sector credit both in the low income countries and high income countries. while exchange rate has unpredictious result, inflation has more predictive result. in others words, future research will have the same result no matter which countries are observed. int shows negative and insignificant value in the result and show coefficient value -0.068771. it means if exr, inf, eib, bc and dc are equal to 0 (zero) and int increases one percent the dcb will decrease by 6% of gdp assuming ceteris paribus. this study seeks to contribute to the existing literature in several ways. best of our knowledge, if the bank’s interest rate is high, the credit that given to the private sector will be low, because consumer won’t like high interest rate on credit. this result is confirmed by gozgor (2014) the empirical results indicate that lending rate systematically and positively contributes to domestic credit expansion. moreover suh (2007) found that the current level of credit depends negatively on the expected future path of the real interest rate and it makes the credit to private sector become lower. our research best confirms ezeji’s research (2014), he found that the relationship between interest rate and credit showed inverse relation, or it meant that exchange rate had negative and insignificant impact on credit. in this research, we use banking crisis and existence of islamic banking as dummy variable. since these variables are dummy, we conduct different way to analyze it. first dummy variable is banking crisis, we use this variable to test the proposition that countries will suffer for decreasing more domestic credit while in crisis condition than otherwise. our results suggest that in condition of banking crisis, countries’ domestic credit will decrease for 0.672846% of gdp than otherwise. to make its more sense, the significance level of this variable shows negative insignificant, we argue that there is an insignificant different in the domestic credit when there is a crisis than otherwise. this result supported by kwak et.al., (in rose and spiegel, 2009) argue that during the boom, many countries experienced dramatic increases in the extension of domestic credit, both for investment and consumption, and the leverage of firms and households exploded. moreover research by büyükkarabacak and neven (2010) wrote that household credit growth has been an important predictor of banking crises. in other word, if the crisis happens the credit will decrease, and vice versa. we suggest that this research supports theory in how islamic banking more resilience to crisis than conventional bank since the result is insignificant. this research will give implication in developing knowledge since the same research had only been done by imf. second dummy variable is existence of wholesale islamic banking; we use this variable to test the proposition that countries will earn more domestic credit when islamic banks exist than otherwise. our results suggest that when islamic banks 200 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 are starting their business in the countries, domestic credit from the countries will increase for 1.121858% of gdp than otherwise. in order to make its more sense, the significance level of this variable shows positively insignificant. we argue that there is an insignificant different in the domestic credit when there is wholesale islamic banking in the countries than otherwise. logically, more financial institution in the countries, more domestic credit it has. in order to support this logical order, there is a research done by brown (2003), he said that the level of bank finance used in each country can be obtained by examining the level of domestic credit to gdp. the more financial institution it has the more domestic credit it has. in this research we also do an autoregressive model (dependent variable that is placed as independent variable and lagged in period) the result this model, as shown in table 7 shows that dc shows positive and significant value in the result and show coefficient value: 2.366918. it means if exr, inf, int, eib and bc are equal to 0 (zero) and dc increases one percent the dcb will increase by 203% of gdp assuming ceteris paribus. it means that today’s domestic credit to private sector by banks is influenced by the domestic credit to private sector by banks in past a year ago. our reasoning from this result is, if consumers feel satisfied with previous credit and they think that they can go with this, they will continue to lend money from banks. this reasoning is supported by our research. conclusion this paper empirically investigates the determinants of domestic credit across a wide range of 7 countries; these are united kingdom, malaysia, egypt, kuwait, qatar, bahrain and indonesia, over the period 1990–2014. we use dynamic panel data estimation techniques to examine effects of exchange rate, inflation, lending interest rate, banking crisis and existence of wholesale islamic banking on domestic credit to private sector by banks. we check the panel model, and the best model to describe determinants of domestic credit to private sector is fixed effect model. we obtain several notable empirical results. first, the empirical results indicate that lending interest rate, banking crisis negatively and insignificantly contribute to domestic credit to private sector by banks. while the exchange rate and existence of islamic bank positively and insignificantly contribute to domestic credit to private sector by banks. inflation negatively and significantly contributes to domestic credit to private sector by banks. second, the dummy variables, banking crisis and existence of wholesale islamic banking show insignificant effect on domestic credit to private sector by banks, it means that banking crisis and existence of wholesale islamic banking gives insignificant difference on domestic credit to private sector 201 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 hamdan yuafi: islamic banking existence and domestic credit than otherwise. third, by doing autoregressive model, we find that today’s domestic credit to private sector by banks is depended on domestic credit to private sector by banks a year ago. based on experience in this study, the authors have some suggestions that would help for further research. first, it would be nice if next researchers take economic value as independent variable, because it is a common component of market risk variable and it will give better result study. second, next researcher should check whether the data is available in the trusted website or not, because in this research, there is no valid data about existence of wholesale islamic banking. limitation of this study is that there are many data that are categorized as na or not available. please make deal with your data first before you decide a variable. references abduh, m. et.al. (2011). factor influence depositor’s withdrawal behavior in islamic banking: a theory of reasoned action. world academy of science, engineering and technology, 60: 2074-2079. aghion, p. et.al. (2009). exchange rate volatility and productivity growth:the role of financial development. journal of monetary economics, 56 (4): 494-513. arteta, c. & g. hale. (2008). sovereign debt crises and credit to the private sector. journal of international economics, 74 (1): 53-69. askari , h. et.al. (2015). introduction to islamic economics: theory and application. solaris south tower: jhon wiley & sons. boyd, j. h. et.al. (2001). the impact of inflation on financial sector performance. journal of monetary economics, 47: 221-248. brown, k. (2003). islamic banking comparative analysis. the arab bank review, 5(2): 43-50. büyükkarabacak, b. & n.t. valev. (2010). the role of household and business credit in banking crises. journal of banking & finance, 34: 1247–1256. caballero, r. & a. krishnamurthy. (2005). exchange rate volatility and the credit channel in emerging markets: a vertical perspective. international journal of central banking, 1 (1): 207-245. ekinci, a. (2016). the impact of market risk on bank performance: evidence from turkey. international journal of economics and financial issues, 6(2): 427-434. ezeji, c. e. (2014). the impact of macro-economic indicators on domestic credit in commercial banks in nigeria. international journal of empirical finance, 2(1): 34-44. 202 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.4906 gozgor, g. (2014). determinants of domestic credit levels in emerging markets: the role of external factors. emerging markets review, 18: 1-18. imf. (2016). world economic outlook. new york: international monetary fund. jones, g. (2016). banking crisis: perspectives from the new palgrave dictionary. hampshire: palgrave macmillan. magud, n. e. et.al. (2011) capital inflows, exchange rate flexibility, and credit booms. nber working paper, 17670: 1-33. obstfeld, m. (2012). does the current account still matter? nber working paper series (17877): 1-65. pandit, b. (2016). domestic credit. retrieved july 3, 2016, from busines pandit: http://www.businesspundit.com/encyclopedia/economics/domestic-credit/ rashid, h. (2011). credit to private sector, interest spread and volatility in credit flows: do bank ownership and deposits matter? desa working paper. 105: 1-22. rose, a. k. & m.m. spiegel. (2009) cross-country causes and consequences of the 2008 crisis: early warning. federal reserve bank of san fransisco, 17: 1-55. söğüt, e. (2008) the determinants of financial development and private sector credits: evidence from panel data. (unpublished thesis). turkey: the graduate school of social sciences of middle east technical university. suh, h. (2012) dichotomy between macroprudential policy and monetary policy on credit and inflation. federal reserve bank of philadelphia working paper, 13(6): 1-23. wef. (2016). the global competitiveness report 2015–2016. cologny: world economic forum. world bank. (2016). world development indicator. new york: international bank for reconstruction and development/the world bank. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 75 96 received: may 28, 2017; revised: august 20, 2017; accepted: september 15, 2017 1 universiti teknologi malaysia. 81310 johor baru, johor, malaysia 2 help university. persiaran cakerawala, subang bestari, seksyen u4, shah alam, selangor, malaysia 3, 4, uin sunan kalijaga yogyakarta. jl. marsda adisucipto, yogyakarta, indonesia e-mail: 1rizky_islamicfinance@yahoo.com, 2hans5587@hotmail.com, 3agus.qoyum@yahoo.com, 4qzami68@gmail.com doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 abstract. this study aims to examine reserve ratio (gwm), and capital buffer toward credit growth; the impact of macroeconomic variables and micro-banking specific factors toward credit growth in islamic and conventional bank. this research using vector error correction model (vecm). this research finds that macroprudential policy based on gwm instrument positively influence the credit growth of conventional and islamic banks. from macroeconomic, the credit growth is positively affected by gdp and negatively affected by bi rate and inflation. also, credit also affected by deposit funds and default rate ratio. interestingly, there is a different impact of capital buffer instrument toward credit growth. capital buffer instrument has negatively affected the financing growth of islamic banks in indonesia. keywords: macroprudential, macroeconomic, islamic banks abstrak. tujuan dari penelitian ini adalah untuk menguji rasio giro wajib minimum (gwm), dan capital buffer terhadap pertumbuhan kredit; dampak variabel makroekonomi dan faktor spesifik perbankan terhadap pertumbuhan kredit di bank syariah dan konvensional. penelitian ini menggunakan vector error correction model (vecm). penelitian ini menemukan bahwa kebijakan makroprudensial berdasarkan instrumen gwm berpengaruh positif terhadap pertumbuhan kredit bank konvensional dan syariah. dari sisi makroekonomi, pertumbuhan kredit dipengaruhi secara positif oleh pdb dan dipengaruhi secara negatif oleh bi rate dan inflasi. selain itu, kredit juga dipengaruhi oleh rasio dana pihak ketiga (ldpk) dan npl. menariknya, ada pengaruh yang berbeda dari instrumen capital buffer terhadap pertumbuhan kredit. instrumen capital buffer berdampak negatif terhadap pertumbuhan pembiayaan bank syariah di indonesia. kata kunci: makroprudential, makroekonomi, bank syariah how to cite: sakti, m.r.p., h.m.t, thaker., a. qoyum., & i. qizam. (2018). the concept and practices of macroprudential policy in indonesia: islamic and conventional. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 75 – 96. doi: http//dx.doi.org/10.15408/aiq. v10i1.5446 the concept and practices of macroprudential policy in indonesia: islamic and conventional muhammad rizky prima sakti1, hassanudin bin mohd thas thaker2, abdul qoyum3, ibnu qizam4 76 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 introduction financial instability has a direct impact on the economic instability that will lead to economic crisis or recession. historically, indonesia experienced with two global financial crises, namely 1997/1998 crisis and 2008/2009 crisis. if in the 1997/1998 crisis indonesia trapped into the acute crisis, whereas in 2008/2009 crisis indonesia has shown a resilient performance amid uncertainty in the global economic situation. despite this success, as part of the financial institution, we still face some challenges ahead that are triggered by the specific case mainly banking liquidation in indonesia. in the future, with some shocks faced by financial institutions, it may affect and spread out quickly due to the interconnectedness, and it will lead to systemic risk. this condition worsened by the pro-cyclical behavior of those institutions in the economy. thus, the islamic banking system has an internal situation toward pro-cyclicality (borio, 2003). when there are changes in the financial market, both financial and non-financial institutions with similar risks can emit similar common reactions, creating collective behavior that amplifies the economic cycle fluctuations (utari & arimurti, 2010). the key in managing macroeconomic stability not only in controlling domestic and external imbalances, but also financial imbalances, such as credit growth, asset prices, and risk-taking behavior in the financial system (utari & arimurti, 2010). this policy must be taken based on the past evidence, whereby, financial imbalances are the critical factor for the high depression 1929/1930, japan financial crisis 1990, and asian financial crisis 1997 therefore, controlling financial market as a whole system is very vital in managing economic condition as a prerequisite for economic development. currently, in indonesia, there is dual model of banking system, namely conventional and islamic banking system. the islamic financial industry (ifis), with its general proposition, has grown in size and geographic coverage, now encompassing new jurisdictions and more institutions. islamic banking in the early 2000s was a niche market in most jurisdictions with only a few institutions offering basic depository and financing instruments. this phenomenon coupled with low awareness and demand for islamic banking services, particularly in asia pacific and developed markets. islamic banking in indonesia begins with the presence of bank muamalat indonesia (bmi), which established in 1992. until 1998, bmi is still the only islamic bank in indonesia. in 2005, the number of islamic banks had reached 20 units with 3 islamic full-fledge banks (bus) and 17 islamic business unit (karim, 2013). as of today, in indonesia, there are 12 islamic full-fledge banks and 22 islamic business unit (uus) (otoritas jasa keuangan, 2015). although the growth of islamic banking industry is very rapid, the market 77 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks share of islamic banking is still stagnant at the rate of 5%. also, when viewed from the growth of assets, the amount of financing, and the amount of deposit fund (dpk) bus and uus during the last three years (see figure 1), the trend was decline significantly. according to the islamic financial services board (ifsb) report (2013), islamic banking remains the pillar of most islamic assets; developments are seen across all asset classes and beyond traditional products and services. the report outlines that the islamic banking industry charted a compound annual growth rate (cagr) of 38.5% between 2004 and 2011. therefore, with the significant growth and market share of the islamic bank, the position of islamic bank in the whole indonesian economy is more vulnerable. thus, islamic banking as an entire financial system has to address in the macro prudential policy. the issue in this research is how to define and develop the macro-prudential policy in indonesia in the paradigm of the dual banking system (conventional and islamic) is still under debate. moreover, even in the monetary policy literature, according to tomuleasa (2013) research on macro prudential policy is always in its infancy and appears far from being able to provide a sound analytical underpinning for policy frameworks. this phenomenon may be due to two main reasons (utari and arimurti, 2010). first, the macro prudential approach has come to play a role in policy discussions only very recently. second, it reflects a lack of established models of the interaction between the financial system and the macro economy. figure 1. the growth of asset, financing, and deposit fund source: otoritas jasa keuangan, 2014 according to international monetary fund (2012), the macroprudential policy aims to maintain the stability of a whole financial system through the restriction of systemic risk. also, bank international settlement defines macroprudential policy as 78 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 a set of policy intended in restricting the systemic risk and its cost. moreover, isarescu (2011) argues that macroprudential policies are required to ensure the health of the financial system or to prevent the loss of control regarding the problems for a specific part of the financial system. in the case of indonesia, bank of indonesia (2013) defines macroprudential policy as policy set by central bank, to improve the resilience of the financial system and to reduce the systemic risk that can interfere monetary stability. another study conducted by borio (2003) shows that a successful macroprudential policy will lead to the final objective of the microprudential policy, so the microprudential policy subordinated to the macro policy, which is targeting the entire financial system. carson (2003) believes that regardless of the performance of the macroprudential policies, it can’t be considered good enough to substitute the effective macroeconomic policies. meanwhile, he is suggesting a combination of macroeconomic policies and also prudential ones to avoid shocks in the economy. in the opinion of cerutti, claessens, & laeven (2015), the macroprudential policy distinguishes from other economic policies. its policy not only through flexibility and lower costs, but also through the two dimensions addressed, namely the time dimension and the cross-sectional one, so this marks a significant distinction between the macroprudential policy and the microprudential one, regarding objectives, mechanism and tools for transmission. although several studies have investigated on the issue of macroprudential policy from the conventional perspective, however, in the islamic financial system, this study is still very rare. therefore, the objective of this research is aimed to discuss the islamic macroprudential assessment in indonesia. besides, this research focus on how to develop macroprudential especially for islamic financial system. this study focused on the effect of the macroprudential instrument, macroeconomic factors, and microbanking factors toward credit growth. we try to address the question whether the macroprudential instrument, macroeconomic factors, and micro-banking variables have a relationship with credit growth (or financing growth in islamic banks). this paper contributes to the literature by investigating the influence of macroprudential instrument, macroeconomic factors, and micro-banking factors on credit growth behavior (or financing growth) since experimental works on this topic are relatively scarce. the macroprudential instruments included are gwm ratio and capital buffer, as being practiced in indonesia. our analysis, hence, might be further enriching our understanding of the credit growth behavior and its relations with various components of macroeconomic variables and micro-banking variables. therefore, this study attempts to fill this gap by exploring the effect of macroprudential instruments, macroeconomic variables, and micro-banking 79 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks variables toward credit (or financing) growth in indonesia and favor indonesian government in developing a sustained macroprudential policy in indonesia. the rest of the paper organized as follows: in section ii, we provide the literature review. part iii outlines the data methodology. section iv details results and discussions. finally, we conclude in section v with the conclusion of main findings and policy recommendations. literature review the literature presented in this section begins with the definition of macroprudential and the following subsection reviews the differences between micro and macro-prudential. the next part will discuss the availability of macro-prudential tools in indonesia. also, there will be the elaboration of empirical reviews involving both conventional and islamic banking with regards macro-prudential assessment and credit buffer. lastly, a discussion on the research gap will also present in this section. as mentioned by flannery and sorescu (1996), macroprudential policies are becoming an essential tool in ensuring the health of country financial is in an excellent position. macroprudential implementation will make sure the achievement of micro-prudential specific purpose; being so the micro-prudential policy will be part of coordinating tool with the macro policy to achieve better financial system. the recent crisis such as us subprime crisis in 2009 and greece debt crisis in 2010 have highlighted the management of systemic risk need to be carefully designed and should not ignore. those entire financial and economic crises have led to the recognition of policy in managing systemic risk such as macroprudential policy in maintaining healthier financial position. specifically, the notion idea of macro prudential policy is to limit the spread of systemic risk, that is, risk where it indicates the collapse of the entire financial market. if the systemic risk is not well managed, then it will cause hazardous to the country economic system. the effects could be in the form of unemployment, inflation, and the decrease in income, exchange rate volatility, etc. by enforcing effective macroprudential policy, such as monitor carefully the gaps with regards, regulatory, information and close data will be results in the proper management of systemic risk. to realize the outcome of macro prudential policy, this policy must be structured correctly in the way of proper supervision and enforcement. these actions do by using an appropriate fiscal and monetary policy. according to utari & arimurti (2012), there are three primary goals to be achieved by implementing macroprudential policy. (i) overcoming imbalances of financial position; (ii) reducing systemic risk exists in the market to minimize the market volatility; (iii) 80 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 monitor the financial institution by discouraging them from taking any risk that arises from systemic risk. imf financial report on policy survey in 2010 has identified four main pillars where the macroprudential policy can help to mitigate it. there are namely: risks attached to the credit-driven assets price volatility; risks that exists due to the excessive leverage activity; liquidity risk and volatility in capital flow including foreign exchange market; and systemic liquidity risk. difference between microprudential and macroprudential policies as depicted by borio and drehman (2009), the goal of the macroprudential policy is to reduce the systemic risks that have significant macroeconomic costs. hence, it would be better in understanding the concept of macroprudential by distinguishing both micro and macroprudential, as suggested by borio (2003) where both of these policies can be discussed from different characterization as mentioned in table 1. when it comes to the indonesia context, there are several, or some of the macroprudential instruments have been used it and apply to counter the economy problem for the macroprudential tools that have been used in the indonesia as stated in committee on the global financial system (cgfs). some of the tools have been used to achieve specific economic benefits and maintained the healthier financial system. since the macroprudential policy can help in various ways in enhancing the economy system, hence the policymaker will try their best to implement it by coordinating new organization or adapting in the existing institution to implement this policy by it must be well informed by monetary, fiscal and other government agencies regarding the major and minor responsibilities. table 1. differences between macro and microprudential policies. details macroprudential microprudential proximate objective reduce the financial distress attached in the entire financial market limit the individual institution distress ultimate objective avoid facing the macroeconomic costs that related to financial volatility risk give priority to the consumer protection ( investor/ depositor) risk characteristics mainly focus on endogenous factor such as collective behaviour mainly focus on exogenous factor such as individual agents relationship across institutions very important irrelevant coordination of prudential controls follow top-down approach in regarding of system-wide risk follow bottom-up approach in dealing with risks of individual institution source: galati & moessner (2013) 81 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks the cgfs has divided macroprudential policy into five broad categories. (i) credit markets; (ii) measurement of balance sheet strength of the bank and other lending institutions; (iii) solving the problem related to the capital flow volatility; (iv) tools used by authorities in assessing the macroprudential policy; and; (v) inputs applied in macroprudential assessments. previous literature has depicted the basic ideas of financial stability and systemic risk. most of the studies based on empirical justification on macroprudential assessment and its role in enhancing financial stability. the analysis part in quantifies financial stability can be in the forms of financial distress on balance sheet, early warning indicators, key monitoring points based on vector autoregression model (vars) modeling and finally macro stress tests. in the study by carson and ingves (2003) and bordo et al. (2000), the market indicators that used to measure financial soundness based on equity and credit-default-swap and other financial engineering instruments. also, balance sheet variables also used in measuring financial distress such as a non-performing loan, total deposit (cash), liability to total capital, etc. (bongini et al, 2002). in the study conducted by segoviano and goodhart’s (2009), they have proposed an approach to detect the systemic impact of individual institutions by taking into account banks’ probability of defaults. on the other hand, gauthier et al. (2010) incorporating variables on banks’ loan book, risk exposures, and on interbank linkages as well as over the counter (otc) derivatives for the canadian financial institutions to measure overall risks and total bank’s risk contribution change once bank statuary requirement varies. the paper uses five different methodologies in derived systemic risk contributions such as var, incremental; var, two different of shapley values and covars. the analysis reveals that macroprudential capital allocations will differ by 50 percent from realized capital levels. the result also given similar outcome where all the risk allocation mechanism provide benefits in the sense that improving financial stability. also, reinhart and rogoff (2008) concluded that the banks might expose to the crisis due to the general features such as fall in asset prices which may cause a negative impact to the economy (harm the economic growth, a decrease in gdp), followed by the high level of debt. all these issues have been the burden for the upcoming future generation. this study was conducted using 21 banks. maino et al. (2013) by using the robust timeseries analysis, carry out the study to see in what extent macroprudential tool can be applied in mitigate risks facing the banking sector at mongolia. the result reveals that flexible monetary and fiscal policies and high level of credit activity contributes to the commodity boom in mongolia. the growing interconnectedness, increase in dollarization and the other 82 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 issues can be solved using macroprudential policy where it can harmonize fiscal and monetary policy adjustments in avoiding unnecessary vulnerabilities in the banking industry. table 2. examples of macroprudential tools used in the context of indonesia macroeconomic objectives macroeconomic prudential tools implemented key objectives to be achieved from implementation credit market i) credit policy prohibition of excessive lending rupiah to non-residents to stabilize volatility of indonesian rupiah (idr) implement minimum rate of statutory requirements. to maintain statutory requirement within the range of 78 –ldr-100 to control lending activity. measurement balance sheet strength of bank and other lending institutions i) interconnectedness in the financial system. intensive supervisory to systemic institution banks are not allows to give credit to related party by more than 10 percent. to reduce the risktaking by banks especially systemic risk. ii) monitoring banks’ liquidity resilience. monitoring liquidity resilience using the concept of 2 liquidity ratio monitoring account receivable of bank liquidity position. to reduce liquidity risk in the banking system. capital flow volatility implement minimum holding period for bank indonesia bills, 1 month holding period and 6 month holding period. to control short – term and long term speculation activity. change of bank indonesia bills from 1 month bill to 9 or 12 months. to limits the supply of bank indonesia bill in the market. increase forex reserve from 1 percent to 8 percent. to control liquidity management of forex market. allow more banks to involve in the forex activity. tools used by authorities in assessing the macroprudential policy assessment of financial system stability. to make sure that the public understand the financial stability issues and how to bank indonesia make use of proper policies to mitigate financial issues. inputs to macroprudential household survey credit information n/a financial stability to maintain good financial health macro stress test to measure shock of economic problem to maintain bank resilience. source: utari and arimurti (2012) 83 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks cerutti et al. (2015), stated that the use of macroprudential policy has been a success and used widely by 119 countries. emerging country is the one that prefers to use macroprudential policy especially the one related to foreign exchange. a noble to point to note that the effects of the macroprudential policy are weak in the financially developed country and open based economies. interestingly, the more significant use can found in higher cross-border lending and borrowing. this study was carried out using the robust econometric technique. namely, arellano – bond generalize method of moments (gmm), period spanned from 2000 to 2013 covering 119 countries. to see the impact of macroprudential policy within the framework of dynamic stochastic general equilibrium (dsge), angeloni and faja (2009) did a study and found that there would be a tighter monetary policy where it will decrease the bank leverage and risk. moreover, the authors also reveal that the pro-cyclical capital ratio tends to destabilize and cause harm to the economy system even though the policy carefully designed and implemented. therefore, there must be proper monitoring management system in looking into this matter and hope to bring impactful results. in the context of indonesia, utari and arimurti (2012) performed contingent claim approach (cca), to disputes the relationship between default risk of the probability of major banks with the selected macroeconomic variables and micro characteristics of bank-specific factors. the findings indicate that there is the substantial association of macro and micro-specific factors towards banks probability of default. also, the negative relationship between gdp and probability is found to have the inverse relationship, and interestingly the relationship between the stock market index and probability to default has the positive relationship. this paper also highlights the importance to have the better macroprudential policy in enhancing the economy system and lead to the better financial health. tomuleasa (2015) did a study to highlights the common issues related to macroprudential policy key objectives and its challenges faced. the author found that with the supportive macroprudential policy, it will help to protect investors and financial market from exposing to the higher systemic risk. the reason could be useful flexibility, well informed and high level of transparency and lower costs of implementation. this study conducted by reviewing previous literature. in the context of islamic banking, particularly in indonesia, nursechafia and abduh (2014), attempted to address the long-run association of islamic banks sustainability in response to the volatility of macroeconomic variables using time— series analysis. using calendar time–series data, from 2005 until 2012 (monthly basis), the results from variance decomposition (vdc) and impulse response function (irf) 84 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 reveals that there is the long-run association between credit risk ratio with the selected macroeconomic variables. a negative relationship can found among exchange rate, supply side-inflation and growth with credit risk whereas money supply and interbank money market have a positive relationship with credit risk rate. even though this paper illustrated the critical relationship between macroeconomic variables and credit risk rate but it seems that this article does not utilize the specific factors of banks in assessing the credit risk such as loan to deposit ratio, deposit fund, financing to deposit ratio which may have a direct impact on credit buffer. these information are absence from this paper and is subject to criticism. in contrast, imadduddin (2007) concludes that the performance of islamic banking in indonesia relatively low compared to the conventional system when it comes to credit default management. this study adopted calendar time-series monthly basis from january 2003 till april 2006 and econometric modeling. this research probably subject to specific condemnation because the time horizon used is less than the previous study. there will be the possibility where it can be influencing the robustness of outcome. in addition, discussion on macroprudential policy was limited. on the other hand, applying autoregressive distribution lag (ardl) modelling, adebola et al. (2011)is a study to measure the macroeconomic determinants of non-performing financing (npf) in malaysia and the proxies used are industrial production index, interest rate, and producer price. this finding revealed that the interest rate seems to be primary determinant of non – performing financing rate movement where it has the positive relationship with npf. this study appears to be too general and more focusing on the determinants of npf rather than assessing the macroprudential policy and credit buffer. npf is playing an important role particularly on macroprudential policy and credit buffer, but less emphasis was given in this paper and apparently subject to criticism. kardar (2011) did a study to discuss an overview of the financial system in pakistan briefly and further elaborates on macroprudential policy development. by taking into account various perspective in the discussion, the author’s reveals that macroprudential surveillance structure influenced by analytical, institutional and political factors, and these need to address through effective coordination between the key stakeholders. also, the microprudential policy still plays an essential role in ensuring financial system stability, requiring the supervisors to strike a balance between the macro and micro approaches. due to the complexity involved in both conventional and islamic banking, the author argued that there is a need for the proper framework for macroprudential policy in assessing credit risk in conventional and islamic banking since the banking sector plays a vital role in maintaining the proper financial system. 85 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks in conclusion for literature review, it can explicitly note that only a few studies have explicitly covered on macroprudential policy in the context of indonesia including both conventional and islamic banking. since the indonesia is one of the large countries within the south east asian region and worldwide, being so there must be much attention given to this aspect to maintain the better financial system, to improve transparency. the government needs to focus on this matter as it will affect the investment activities from institutional investors and mncs. also, the previous studies focus on framework point of view with less concentration given to the what variables that may influence the assessment of macroprudential policy and credit buffer by incorporating both macroprudential instruments and macroeconomic variables, particularly on banking sector since the banking sector plays an important role determine country financial health. with this gap and initiative, the current study has motivated to undertake in-depth analysis on the assessment of macroprudential and credit buffer in indonesia mainly concentrates on both conventional and islamic banking. method in this study, we use time series in the form of monthly basis from the period of january 2002 until august 2014. the study covering 152 number of observations for each conventional and islamic banks. the data were obtained from bank indonesia website. the macroeconomic variables were transformed into natural logarithm function, such as lgdp, ldpk, lcpi. while variables such as npl and ldr (for conventional bank), npf and fdr (for islamic banks), bi rate, and gwm, buffer remain. in addition, in this study, we use two macroprudential instruments toward credit growth in indonesia, namely gwm ratio (reserve ratio) and buffer which was calculated from the capital adequacy ratio, car (actual) – car (target). apart from that, we also employ macroeconomic variables and microbanking variables to see their impact on credit growth in indonesia. vector error correction model (vecm) is restricted var designed and used for non-stationary variables known to be cointegrated. vecm specification restricts the long-run behavior of endogenous variables to converge to their cointegrating relationship whilst allowing for short-run adjustment dynamics. through the ect, vecm allows the discovery of granger causality relation. in addition, vecm method allows the differentiation of short-term and long-term relationships. error term with lagged parameter measuring the short-term dispersal from long-term equilibrium. in short-run, the variable might be dispersed from one another that will cause system un-equilibrium. thus, the statistical significance of the coefficient associated with ect (-1) provides us with evidence for an error correction 86 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 mechanism that drives the variable back to the long-term relationship. the vector error correction model (vecm) can be expressed as equation below. where: x t is k selected endogenous variables, specified for each model ɛ t is disturbance error term proxies for endogenous variables (both conventional and islamic banks) can be depicted in table 3. table 3. proxies of endogenous variable bank dependent macroprudential instrument macroeconomic variables micro-banking variables conventional credit (lcredit) rgwm buffer lgdp bi rate lcpi npl ldr islamic financing (lfin) npf fdr the disaggregation between conventional and islamic banks will be in the light of dependent variables (credit for conventional, financing for islamic bank); and micro-banking specific variables (i.e., npl – conventional, npf – islamic). we use two macroprudential instruments that practiced in indonesia, namely ratio of demand deposit/ratio giro wajib minimum (rgwm) and buffer. in this study, we follow the model from furlong (1992) and lin et al. (2011). the model can depict as follow. where: x is macroeconomic factors, i.e. gdp and interest rate y is credit growth z is micro-banking variables i is macroprudential instruments specifically, to study the impact of macroprudential instrument on credit growth, our model specification can be depicted below: 87 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks for conventional banks model 1. rgwm instrument lcreditt = β0 + β1 rgwmt + β2 lgdpt + β3 nplt + β4 ldr + ɛt model 2. buffer instrument lcreditt = β0 + β1 buffert + β2 ldpkt + β3 biratet + β4 nplt + β5 lcpit + ɛt for islamic banks model 1. rgwm instrument lfint = β0 + β1 rgwmt + β2 lgdpt + β3 npft + β4 fdr + ɛt model 2. buffer instrument lfint = β0 + β1 buffert + β2 ldpkt + β3 biratet + β4 npft + β5 lcpit + ɛt where: lcredit = total credit lfin = total financing buffer = car (actual) – car (target) rgwm = ratio demand deposit ldpk = total deposit funds lgdp = log natural of gross domestic product lcpi = log natural of consumer price index birate = bank indonesia interest rate npl = default rate/non-performing loan ldr = loan to deposit ratio npf = default rate/non-performing financing fdr = financing to deposit ratio result and discussion to begin the research, there are several steps of data testing should performed as a regular procedure for using var/vecm approach, such as unit root test, optimal lag test, and cointegration test (see figure above). we investigate the stationarity status of the variables using both the augmented dickey-fuller (adf) and the philipsperron (pp) tests for unit roots. the null hypothesis tested is that the variable under investigation has a unit root against the alternative that it does not. regarding lag length, we choose the akaike information criteria (aic) to determine the optimal lags after testing for first and higher order serial correlation in the residuals. 88 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 table 4. unit root tests (adf and pp unit root tests) panel a. conventional bank variables level first difference adf pp adf pp lcredit -0.9241 -0.4466 -3.0586*** -8.7172*** rgwm -0.6399 -0.6597 -2.6915** -7.4050*** ldpk 0.3415 2.4853 -2.5072** -12.1033*** lgdp 0.4989 0.8084 -2.7845** -6.7438*** lcpi -2.8802 -3.3365 -8.1488*** -12.1815*** birate -3.2102 -3.1918 -3.9410*** -5.1007*** npl -1.8658 -2.8467 -1.9275** -2.6891** ldr -1.5473 -1.7752 -2.2842** -11.9505*** buffer -2.9248 -1.6880 -2.8736** -11.0766*** note: **, *** denotes significant at 5% and 1% alpha respectively. criteria: akaike information criteria panel b. islamic bank variables level first difference adf pp adf pp lfin -1.9377 -2.6214 -2.4352** -5.5775*** rgwm -1.8307 -2.1532 -30860** -13.7301*** ldpk -1.9482 -3.5133 -2.1391** -7.7478*** lgdp 0.4989 0.8084 -2.7845** -6.7438*** lcpi -2.8802 -3.3365 -8.1488*** -12.1815*** birate -3.2102 -3.1918 -3.9410*** -5.1007*** npf -2.8457 -1.6616 -1.9339** -8.6391*** fdr -1.3684 -1.1446 -3.7077*** -6.6790*** buffer -1.8503 -1.8738 -6.5115*** -5.409*** note: **, *** denotes significant at 5% and 1% alpha respectively. criteria: akaike information criteria table 4 shows the results of testing for unit roots in the level as well as in first difference. in the level form, the null hypothesis for all variables in panel a and panel b have a unit root cannot be rejected by both tests. however, after applying the first difference, both tests reject the null hypothesis. in that, all variables are not stationary in level, but all variables are stationary in first difference. therefore, maintain the null hypothesis that each variable integrated of order one. the purpose of optimal lag selection is to resolve the issue of autocorrelation (ascarya, 2009). the lag determination is far more critical because lag variables will use as exogenous variables in the system (enders, 1995). the lag selection, in this study, 89 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks will be based on the shortest lag of akaike information criteria (aic) and schwarz information criterion (sic). table 5 shows the optimal lag selection in this study. table 5. selection of optimal lag panel a. conventional bank lag aic sc 0 -34.3313 -33.7247 1 -42.6668* -40.4292* 2 -41.8075 -37.9194 3 -41.2093 -35.6505 4 -40.4529 -33.2031 panel b. islamic bank lag aic sc 0 -32.3092 -31.4412 1 -37.5431 -34.3313 2 -44.4652* -38.8666* 3 -49.7655 -41.7357 4 -56.2776 -45.7709 panel a shows the lag selection for conventional banks. according to the aic and sc, lag order selected with refer to the criterion for the macroprudential model is 1. panel b shows the lag selection for islamic banks. in contrast, based on aic and sc criterion, lag order for islamic bank for the macroprudential model is 2. table 6 johansen juselius cointegration tests conventional bank panel a. model 1 (rwgm instrument) null hypothesis test statistics critical values (5%) trace max eigen trace max eigen none* 90.70845 45.38907 69.81889 33.87687 at most 1 45.31938 21.50093 47.85613 27.58434 at most 2 23.81845 17.27291 29.79707 21.13162 at most 3 6.545541 6.536149 15.49471 14.26460 at most 4 0.009391 0.009391 3.841466 3.841466 *denote significant at 𝜶 5%. the results indicate 1 cointegrating equation at 5% alpha. 90 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 panel b. model 2 (buffer instrument) null hypothesis test statistics critical values (5%) trace max eigen trace max eigen none* 106.2216 36.4390 95.7536 40.0775 at most 1 69.7825 27.9623 69.8188 33.8768 at most 2 41.8202 17.6046 47.8561 27.5843 at most 3 24.2156 14.0030 29.7970 21.1316 at most 4 10.2125 10.1109 15.4947 14.2646 denote significant at 𝜶 5%. the results indicate 1 cointegrating equation at 5% alpha. we can conclude that each of the series is stationary, and then we go further to assess whether there exists a long-run equilibrium between variables for both models. table 7 provides the results of the johansen cointegration test, with the trace and maximum eigenvalue statistic. we set the lag length equal to 1 for conventional (panel a) and lag 2 for islamic (panel b) based on akaike information criterion (aic) whereas we found sufficient to render the error term serially uncorrelated in conducting the test. in that, an overview of the overall resulted is shown in table 7. table 7 . johansen juselius cointegration tests islamic bank panel a. model 1 (rwgm instrument) null hypothesis test statistics critical values (5%) trace max eigen trace max eigen none* 131.9871 75.7838 9.8188 33.8768 at most 1* 56.2032 39.0849 47.8561 27.5843 at most 2 17.1183 11.3787 29.7970 21.1316 at most 3 5.7395 4.3135 15.4947 14.2646 at most 4 1.4259 1.4259 3.8414 3.8414 *denote significant at 𝜶 5%. the results indicate 2 cointegrating equation at 5% alpha. panel b. model 2 (buffer instrument) null hypothesis test statistics critical values (5%) trace max eigen trace max eigen none* 327.9514 192.5837 95.7536 40.0775 at most 1* 135.3677 69.0455 69.818 33.8768 at most 2 66.3222 38.6557 47.8561 27.5843 at most 3 27.6664 17.9885 29.7970 21.1316 at most 4 9.6778 9.2710 15.4947 14.2646 *denote significant at 𝜶 5%. the results indicate 2 cointegrating equation at 5% alpha. 91 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks according to above co-integration results, for conventional banks, we find enough evidence that all variables are co-integrated at 5% significance level for both rgwm model and buffer model. the trace statistic indicates the presence of one cointegrating vector. while maximum eigenvalue statistics also shows similar facts whereby there is one cointegrating vector. from these results, we conclude that there is a unique cointegrating vector governing the long run association among variables. in other words, there is one cointegrating relationship between credit and macroprudential instruments having tested by johansen-juselius tests. these variables are tied together in the long run, and their deviations from the long run equilibrium path would be corrected. the presence of cointegration also rules out non-causality among the variables. meanwhile, for islamic banks, we also find evidence that all variables are co-integrated at 5% alpha on rgwm model and buffer model. the trace statistic shows the presence of two cointegrating vectors. while maximum eigenvalue statistics also indicates similar facts. from these, we conclude that there is a unique cointegrating vector governing the long run association between financing and macroprudential instruments. in that, there is two cointegrating relationship among credit and macroprudential instruments having tested by johansen-juselius tests. these variables are tied together in the long run, and their deviations from the long run equilibrium path will be corrected. the model below depicts the long run relationship between the credit growth and independent variables for both rwgm and buffer model. it can be seen that all independent variables significantly affect the credit growth of conventional banks in the long run (parentheses are t-stat). long run equation for conventional bank panel a. model 1 (rwgm instrument) lcredit t = -23.5257 + 0.0572 rgwmt + 2.8460 lgdpt 0.0009 nplt + 0.0101 ldr t [1.4832] [-13.0507] [-0.1349] [-3.4101] panel b. model 2 (buffer instrument) lcredit t = 1.4947 + 0.0359 buffer t + 0.8683 ldpk t 0.0234 birate t 0.1251 npl t [-2.2061] [-7.8722] [-2.5279] [6.3219] 0.07743 lcpi [1.1333] in the long run, the credit growth of conventional bank is positively affected by lgdp and negatively affected by interest rate (bi rate) and inflation (lcpi). our results supported the study of utari and arimurti (2012) who found that the credit growth has a negative correlation with interest rate and inflation in indonesia. subsequently, macroprudential policy based on gwm instrument (see panel a) 92 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 significantly influences the credit growth in the long run. the positive sign of gwm coefficient shows that when 0.057% will increase the gwm ratio increase by 1%, then the credit growth. our findings differ with utari et al. (2012) who found the fact of negative sign on gwm ratio toward credit growth. the reason is that the deposit funds will decrease since the bank has less capacity to offer credit due to the placement of demand deposit (gwm). while other variables show the similar findings with prior studies, for instance, gdp variable has the positive relationship with credit growth. aside from that, credit also affected by npl ratio. when npl increase by 1 percent, it will trigger the decreasing number of credit growth by 0.0009%. from panel b, another macroprudential instrument is the capital buffer (buffer). the positive sign of buffer indicates that capital buffer of the conventional bank has positively affected the credit expansion in indonesia. our findings differ from the prior study (utari et al., 2012) who found that buffer has a negative relationship with credit growth. based on the model with buffer instrument, we also see that credit growth has the negative correlation with interest rate and inflation in indonesia, while deposit funds have the positive association with credit growth. long run equation for islamic bank panel a. model 1 (rwgm instrument) lfin t = -11.8204 + 0.3770 rgwmt + 1.4339 lgdpt 0.0676 npft + 0.053 fdr t [-8.4436] [-7.0414] [3.7029] [-8.8062] panel b. model 2 (buffer instrument) lfin t = 2.8960 0.0328 buffer t + 0.8686 ldpk t 0.0138 birate t 0.0340 npf t [23.8891] [-93.4458] [6.2539] [7.9554] 0.1601 lcpi [5.4409] for islamic bank, similar with conventional, the financing growth, in the long run, is positively affected by lgdp and negatively affected by interest rate (bi rate) and inflation (lcpi). macroprudential policy according to gwm instrument (see panel a) significantly influences the financing growth. the negative sign of gwm coefficient shows that when the gwm ratio increase by 1%, then 0.37% would decrease the financing growth. the reason perhaps in harmony with conventional banks because the deposit funds would reduced since the bank has less capacity to offer credit due to the placement of demand deposit (gwm). other variables also show the similar findings with conventional banks, for instance, gdp variable has the positive relationship with financing growth. aside from that, credit also affected by npf ratio. when npf increase by 1 percent, it will trigger the decreasing number of financing growth by 0.676%. 93 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks another macroprudential instrument is the capital buffer (buffer). the negative sign of buffer indicates that capital buffer of islamic bank has negatively affected the financing expansion in indonesia. our findings are in line with the prior study (utari et al., 2012) who found that buffer has the negative relationship with credit growth. moreover, according to the buffer instrument model, we also see that financing growth has the negative correlation with interest rate and inflation in indonesia, while deposit funds have positive association with credit growth. figure 2 . impulse response function and variance decomposition (some selected variables) panel a. conventional bank variance decomposition of gwm instrument panel a conventional bank panel b islamic bank 94 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 the impulse response function (irf) conducted in to order to illustrate the dynamic patterns of credit growth and financing growth. here, the irf provided over the 50-month time horizon. the initial shock in a variable is set to be equal to one standard error of innovation; the vertical axis in figures indicate the approximate percentage change in other variables in response to one percentage shock in credit growth for conventional banks and financing growth for the islamic bank. figure 2 gives us the clear picture that credit responds positively to the shocks in gwm ratio. the variance decomposition further reaffirms the influences of these variables on credit growth. in contrast, for islamic bank, the responses of financing to shocks in gwm ratio for the same period is negative respond and return to the long run. conclusion this paper attempted to analyze the impact of macroprudential instruments, macroeconomic variables, and micro-banking factors toward credit growth for conventional and islamic banks in indonesia. by using time series data, the findings suggest that there is cointegration exists over the observation. the study found that macroprudential policy based on gwm instrument significantly influence the credit growth in the long run. the negative sign of gwm coefficient for islamic banks shows that when the gwm ratio increase then the financing growth will decrease because the deposit funds will decrease since the bank has less capacity to offer credit due to the placement on demand deposit (gwm). this study suggests that the policy of reserve requirement (rr) seems not effective since the credit growth still increase albeit the banks place the demand deposit (gwm) on bank indonesia. from macroeconomic factors, the variables show the similar findings with prior studies, such as gdp has the positive relationship with credit growth. also, credit also affected by npl ratio. another macroprudential instrument is the capital buffer (buffer). interestingly, there is a different impact of capital buffer instrument in credit growth between conventional and islamic banks. the positive sign of buffer indicates that capital buffer of the conventional bank has positively affected the credit expansion in indonesia. according to buffer instrument, credit growth has the negative relationship between interest rate and inflation in indonesia, while deposit funds have positive association with credit expansion. meanwhile, capital buffer instrument has negatively affected the financing growth of islamic banks in indonesia. for islamic bank, similar with conventional, the financing growth, in the long run, is positively affected by macroeconomic factors, i.e. gdp and negatively affected by interest rate (bi rate) and inflation (lcpi). macroprudential policy based on gwm model significantly influences the financing growth of islamic banks. 95 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 muhammad rizky prima sakti. the concept and practices at islamic banks references angeloni, i & e. faia. (2009). a tale of two policies: prudential regulation and monetary policy with fragile banks. kiel working papers 1569. kiel institute for the world economy. adebola, s. s., w. s. w. yusoff, & j. dahlan.(2011). an ardl approach to the determinants of nonperforming loans in islamic banking system in malaysia. kuwait chapter of arabian journal of business and management review. 1(2): 20-30. ascarya. (2009). lesson learned from repeated financial crises: an islamic economic perspective. bulletin of monetary economics and banking. 12 (1): 27-74. bongini, p., l. laeven. & g. majnoni. (2002). how good is the market at assessing bank fragility? a horse race between different indicators. journal of banking and finance. 26 (5): 1011–28. borio, c. (2003). towards a macroprudential framework for financial supervision and regulation? bis working paper no. 128, february. borio, c. & m. drehman. (2009). assessing the risk of banking crises – revisited. bis quarterly review, march: 29-46. bordo, m., m.j. dueker., & d.c. wheelock. (2000). aggregate price shocks and financial instability: an historical analysis, nber working paper, no.7652. carson, c. s., & s. ingves. (2003). financial soundness indicators , imf board paper, may issue. cerutti, e., s. claessens., & l. laeven. (2015). the use and effectiveness of macroprudential policies : new evidence. imf working paper, wp/15/61. galati, g. & r. moessner. (2013). macroprudential policy a literature review. journal of economic surveys. 27(5): 846–878. gauthier, c., z. he., & m. souissi. (2010). understanding systemic risk: the trade-offs between capital, short-term funding and liquid asset holdings. bank of canada working paper. no. 2010-29. goodhart, c., p. surinand., & d. tsomocos. (2006). a model to analyze financial fragility. economic journal. 27(1): 107-42. imaduddin, m. (2007). determinants of banking credit default in indonesia: a comparative analysis. tazkia islamic finance and business review. vol. 3 (2): 90-112 kardar, s. hafid (201). macroprudential surveillance and the role of supervisory and regulatory authorities. third islamic financial stability forum. amman, jordan – 31 march 2011 96 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5446 keys, b, t., mukherjee, a seru, & v vig. (2009). financial regulation and securitization: evidence from subprime loans. journal of monetary economics. 56: 700-20. maino, r., p. imam., & y. ojima. (2013). macroprudential policies for a resource rich economy: the case of mongolia. january, imf paper. nursechafia & m. abduh (2014). the susceptibility of islamic banks’ credit risk towards macroeconomic variables. journal of islamic finance. 3 (1): 23–37. reinhart, c.m. & s.r. kenneth. (2008). is the 2007 u.s. subprime crisis so different? an, international historical comparison, american economic review. 98(2): 339344. segoviano, m.a. & c.a.e. goodhart. (2009). banking stability measures. discussion paper 627. london: financial markets group, london school of economics. shin, h s. (2009). reflections on northern rock: the bank run that heralded the global financial crisis. journal of economic perspectives. 23: 101-119. tomuleasa, i.i. (2015). macroprudential policy and systemic risk: an overview. procedia economics and finance. 20(15): 645–653. tucker, p. (2009). the debate on financial system resilience: macroprudential instruments. speech at barclays annual lecture in london, 22 october turner, p (2000). procyclicality of regulatory ratios?. center for economic policy analysis working paper no. 13. utari, g. d. & arimurti, t. (2012). a macro-prudential assessment for indonesia. chapter 3, framework for macro-prudential policies for emerging economies in a globalized environment. kuala lumpur: the south east asian central banks (seacen) research and training centre. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (1), january 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 1 12 received: september 14, 2016; revised: november 11, 2016; accepted: november 19, 2016 1,3 universitas padjajaran, jl. dipati ukur, lebak gede, bandung, west java 2 telkom university, jl. telekomunikasi, no. 1, dayeuhkolot, bandung, west java e-mail: 1teguh.budiman11@gmail.com; 2farida_titik@yahoo.com; 3wardhana@fe.unpad.ac.id doi: 10.15408/aiq.v9i1.4011 islamic bank listed in financial market: risk, governance, earning, and capital teguh budiman1, farida titik kristanti2, wardhana3 abstract. islamic bank listed in financial market: risk, governance, earning, and capital. islamic bank is a bank that applies islamic principles in running the business. until 2015, there were 12 islamic bank in indonesia; one of them already listed on the stock market. the purpose of this study was to analyze differences in the bank's soundness was assessed using a bank's risk profile, good corporate governance, income, and capital (rgec) between listed islamic banks and the unlisted ones. using the data period 2011-2015 used the independent t-test to test for differences. statistical tests showed that there is no significant difference in credit risk as measured by npf and earning as measured by bopo that represent cost efficiency between the two groups of companies. listed islamic banks have lower credit risk and greater efficiency than the unlisted ones. keywords: risk, governance, earning, capital abstrak. bank syariah yang terdaftar pada pasar keuangan: risiko, tata kelola, pendapatan, dan modal. bank syariah adalah bank yang mengaplikasikan prinsip-prinsip syariah dalam menjalankan kegiatan bisnisnya. hingga tahun 2015 terdapat 12 bank islamik di indonesia, dimana salah satunya sudah terdaftar di pasar modal. tujuan studi ini adalah menganalisis perbedaan kesehatan bank yang dinilai menggunakan profil risiko, tata kelola perusahaan yang baik, pendapatan, dan modal untuk bank syariah yang terdaftar dengan yang tidak terdaftar di pasar modal indonesia. uji independen t digunakan untuk menguji perbedaan tersebut dengan menggunakan data periode 20112015. hasil pengujian statistik menunjukkan ada perbedaan yang signifikan pada risiko kredit yang diukur dengan npf dan earning, diukur dengan bopo yang mencerminkan efisiensi biaya, antara kedua kelompok perusahaan tersebut. bank syariah yang terdaftar di pasar modal memiliki risiko kredit yang lebih kecil dan efisiensi yang lebih besar dibandingkan yang tidak terdaftar di bursa efek. kata kunci: risiko, tata kelola, pendapatan, modal 2 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 introduction the role of the financial sector in the economy is crucial, particularly in the provision of funds for financing the economy (especially investment). banking is one of the financial areas that expected to play an active role in national and regional economic development. economic growth of a country is determined by many factors, one of them is the banking sector which has the principal function as an institution of the public fund (kuncoro, 2002). islamic finance has shown tremendous growth in last two decades. the milestone, in growth and popularity of islamic financial institutions (ifis), was the conference of foreign ministers of muslim countries in 1973, where a decision of establishment of islamic development bank (idb) taken place (hanif, 2011). in the indonesia financial system, one of the banking types is the islamic bank that implements islamic principles in running the company’s operations. islamic bank in its development is expected to affect the growth of the islamic finance industry. islamic banking development in indonesia started in 1991 when the establishment of the first islamic commercial bank in indonesia, bank mu’amalat indonesia. then, to accelerate the economic growth of islamic banks in indonesia, the government managed to make a full legal basis and the particular set of islamic banking namely law no. 21 of 2008 concerning sharia banking (antonio, 2011). the number of islamic banks in indonesia is 12 banks, 22 business units, and 161 islamic rural banks (islamic banking statistics, june 2015). it shows the development of islamic banks and indicates the high public demand for islamic banking. according to data from islamic banking statistics in june 2015, the profit growth of islamic banking industry in 2014, the islamic banks only achieved a profit of idr. 1.79 trillion, down by 46% compared to the year 2013 profit of idr. 3.3 trillion. meanwhile, net profit is only idr 1 trillion, down to 69% compared to the net profit in 2013 reached idr 3.2 trillion. meanwhile, in june 2015, it also decreased by 38% to idr 1.1 trillion compared to 2014, but from regarding net profit, it increased by 31% compared to the year 2014 that reached idr 1.3 trillion. islamic banks are required to have the level of soundness and sound financial performance to compete with the conventional banks. it can see the growth of the profit generated by islamic banks; healthy earnings growth is a sign of good corporate performance. as a result, the healthy profit growth will increase the value of the company (simorangkir, 2003). the size of net profit growth can see by comparing (ratio) between earnings in the current period with income in the previous period. associated with the soundness of banks, since 2011, bank indonesia has implemented the rating method risk based bank rating (rbbr) replacing the 3 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 teguh budiman: islamic bank listed in financial market camels rating system. based pbi no.13 / 1 / pbi / 2011 and se no. 13/24 / dpnp on assessment of commercial banks dated october 25, 2011. the method risk based bank rating (rbbr) or rgec based on four factors including the risk profile (risk profile), good corporate governance (gcg), profitability (earnings) and capital (capital). while the regulation of financial services authority no. 8 of 2014 on bank rating islamic and islamic business unit mentions that islamic banks are required to assess the soundness of individual banks and consolidated with coverage assessment of the several factors. first, the risk profile (risk profile). second, good corporate governance. third, profitability (earning). fourth, capital (capital). assessment of the risk profile conducted on ten risks such as credit risk, market risk, liquidity risk, operational risk, legal risk, strategic risk, compliance risk, reputation risk, the risk of returns, and investment risk. good corporate governance assessment conducted in the management of islamic banks applies the principles of good corporate governance. rating of earnings made to the profitability performance, sources of profitability and earnings stability (sustainability learning) islamic banks. rating of capital done on the level of capital adequacy and capital management in islamic banks. research on the bank’s soundness and the performance of islamic banks in indonesia have done since several years ago. sofyan and anggono (2015) conducted a study using data from 2005 to 2014 and multiple regression methods. the results showed the ratio of nim, car significant and positive impact on profits, while the npl ratio and ldr critical and adverse effect on profits. while rotinsulu et.al. (2015) conducted a study on the state-owned bank in indonesia in 2007 to 2013. the results showed that rbrr affects the profitability simultaneously. credit risk and liquidity risk negatively impact profitability. market risk adversely affects the profitability of capital while no effect on profitability. various studies that assess banks soundness differences also have been made in indonesia. lupa, et.al. (2016) found evidence that islamic banks have better profitability and liquidity than the conventional ones. the study fitriana, rosyid and fakhrina (2015) showed that there was no difference in the bank’s soundness that rated by rgec between islamic banks and the conventional ones except on earnings variable. astuti (2015) found evidence that there was a significant performance differences between the foreign banks and the national bank. foreign bank has better car, ldr, and roa, while national bank has better bopo. putri and damayanti (2013) found evidence that there were differences in risk profile and gcg between large banks and small banks, while profitability and capitalization did not show any differences. other studies done by anggraini, et.al (2015) which linked belong rbbr method found that the bri syariah is a healthy bank. 4 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 currently, the majority of existing islamic banks are islamic business units owned by conventional banks. with the asean free market, the competition is not only to indonesia but also from other asean countries (mainly malaysia). as the islamic banking needs to improve the quality of their performance, one of which is the listed itself as a public company and sell shares on the capital market. then, it could increase the bank’s capital and also eventually will enhance the size of the enterprise. moreover, one of the 12 existing islamic banks in indonesia today, bank panin islamic bank has just listed on the indonesian stock exchange. the fact indicates a curious phenomenon to see whether there are differences in the bank’s soundness that rated by rgec and performance between listed islamic banks and the unlisted ones. this study aims to analyze whether there are differences in risk profile, good corporate governance, earnings and capital between listed islamic banks and the unlisted ones. literature review signaling theory used as the main argument in this study that states that management will naturally intentionally send signals to the market. the financial reporting and disclosure are potentially important means for management to communicate firm performance and governance to outside investors (healy and palepu, 2001). the most profitable bank will provide complete information and better for the market (bini, et.al, 2011). one way to understand the market signals issued by the banks is using the components rgec to assess the performance of banks during a period that can be considered their soundness, based on the values obtained from the rating. it can then take corrective measures to reduce risk and avoid failure of these banks even further to prevent a financial crisis in the system of the indonesian economy. according to bank indonesia regulation no.13/24 /dpnp dated 25 october 2011. the bank is required to conduct the assessment (self-assessment) of the bank by using the approach of risk (risk-based bank ratings / rbbr) both individually and on a consolidated basis, the scope of assessment include the following factors: the risk profile (risk profile), good corporate governance (gcg), profitability (earnings); and capital (capital) to produce a composite rating of the bank. in assessing the soundness of a bank, ojk uses a qualitative approach to various aspects affecting the condition of a bank. since 2011 up to now, methods used to assess the health of the banks are rbbr (risk based bank rating). specifically, for islamic banks, the ojk published the regulation of the financial 5 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 teguh budiman: islamic bank listed in financial market services authority (otoritas jasa keuangan) no. 08 / pojk.03 / 2014 of the soundness assessment islamic banks and islamic business unit. under these regulations, the soundness of banks is the result of the bank condition assessment conducted by the risks included risks related to the application of islamic principles and the performance of the bank or so-called risk-based. based on the se 13/24/ dnp on rate for commercial banks, it can seen the explanation of all eight types of risks faced by the banking sector, namely: credit risk, market risk, liquidity risk, operational risk, compliance risk, legal risk, reputation risk, strategic risk. however, islamic banks then were coupled with two risks, namely the yield risk and investment risk. risks variables in this study are the credit risk, liquidity risk, and market risk because those risks can be measured quantitatively. following this research focus on risk profile, good corporate governance, earning and capital (rgec) ratios, the primary hypotheses of this study are: first, there is a difference between the credit risks of listed islamic banks and the unlisted ones. second, there is a difference between the liquidity risk listed islamic banks and the unlisted ones. three, there is a difference between the market risks of listed islamic banks and the unlisted ones. fourth, there is a difference between the nim of listed islamic banks and the unlisted ones. fifth, there is a difference between the roa of listed islamic banks and the unlisted ones. sixth, there is a difference between the nom of listed islamic banks and the unlisted ones. seventh, there is a difference between the bopo of listed islamic banks and the unlisted ones. eight, there is a difference between the car of listed islamic banks and the unlisted ones. methods the unit of analysis refers to the level of unity of data collected during the data analysis stage further (sekaran, 2009). the units of analysis in this study are islamic banks (bus) registered with the ojk during 2011-2015 by using comparative quantitative approach. while the comparative study is a study that is comparing, the variables are the same as independent variables research, but sampling more than one or in a different time. the population is a whole group of people, events, or interests of research object (sekaran, 2009). in conducting this research, the study population is used all listed islamic banks listed and unlisted ones during 2011-2015. purposive random sampling used with the following criteria: (1) islamic commercial banks and registered at the ojk during the years 2011-2015. (2) 6 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 issuing financial statements ending on december 31, and have audited by a public accountant, released publicly in print and electronic media, as well as indonesian banks listed in the directory published by bank indonesia and the ojk. (3) availability of data needed in the research, which is required ratios, financial information, and other necessary data. samples of companies that meet these criteria are as many as 11 islamic banks. bank of btpn sharia excluded from the sample because of the new turn into an islamic commercial bank in 2014. from 11 banks only panin bank syariah (bps) already listed on the indonesian stock exchange. table 1. list of islamic banks in indonesia no code issuer 1 mua bank muamalat 2 vis bank victoria syariah 3 bris bank rakyat indonesia syariah 4 bjbs bank bjb syariah 5 bnis bank negara indonesia syariah 6 bmrs bank mandiri syariah 7 bms bank mega syariah 8 bps panin bank syariah 9 bsk bank syariah bukopin 10 bcs bank central asia syariah 11 mys maybank syariah 12 btpns bank tabungan negara syariah source :ojk, 2015 the t-test is used to check the relationship between the independent variable (which is a category or non-metric scale) and the dependent variable (which is continuous, metric or interval and ratio scale) (ghozali, 2011). due to two category of independent variables, the statistical test used the t-test. this test is used to determine whether two separate samples have the different value. the first step is the need to test assumed equal variance with the different one by looking the levene test. if f levene test has a probability of> 0.05, it can concluded that the t-test should use equal variance assumed, and if the probability of <0.05 then t-test should use the different one (equal variance not assumed). the second step is to see the value of t-test to determine whether there are differences in the average value significantly 7 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 teguh budiman: islamic bank listed in financial market or not. if the significance value> 0.05, then there was no significant difference in the two groups of samples. meanwhile, if the significance value <0.05 then it can be stated that there is a significant difference in the two groups of samples. result and discussion statistical tests showed that the result of the probability of f lavene test is simply the npv of factors that need to use equal variance assumed because it has the probability of 0,036 which is smaller than 0.05. while, other factors such as fdr, vap, ni, roa, nom, roa and car using the different one (equal variance not assumed), because it has a probability greater than 0.05. the statistical result also showed that the only factor of credit risk as measured by the npf and bopo have significant differences in listed islamic banks and unlisted ones. this result indicated by the significant number of both these factors are less than 0.05 (npf, sig. = 0.005, and bopo, sig. = 0.037). it proves the hypothesis that there are significant differences in credit risk (npf) and bopo between listed islamic banks and the unlisted ones. listed islamic banks have a mean npf (credit risk) amounted to 0.80% greater than the unlisted ones of 2.19%. as for the bopo, listed islamic banks have a mean 71.19% which is smaller than unlisted ones of 90.86%. ). it proves that there is a significant difference of bopo between listed islamic banks and the unlisted ones. npf (non performing financing) is a ratio that indicates the ability of the bank to manage problem loans of total loans granted by banks. if the npf increases, it will lead to an increase in problem loans, provide larger ppap, declining incomes, profits suffered loss, reduced capital, and lower capital. npf showed overall quality of credit assets, if npf increases, it will cause an increase in nonperforming lending that requires larger the provision of ppap and causing a declined revenues. this study proves that the listed islamic banks have smaller npf than the unlisted ones. this study due to the listed islamic banks have obligations to give a good signal to the market (according to signaling theory); thus investors interested in buying their shares. listed islamic banks also have smaller bopo than the unlisted ones. bopo is used to measure the efficiency and ability of banks to carry out their operations. the lower the level of bopo ratio means the better performance of the bank’s management because it is more efficient use of existing resources. however, every banking company will strive to generate as much profit. in addition to efficiency, in order to reduce operating expenses, the bank should be able to use all the financial capabilities as assets to generate earnings. this study found evidence that the listed banks are more efficient than the unlisted banks because they have lower bopo. 8 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 tabel 2 . statistical results f test prob equal variance assumed / equal variance not assumed sig.(2 tailed) npf 4.625 0.036 equal variance not assumed 0.005 fdr 0.070 0.792 equal variance assumed 0.477 vap 0.819 0.370 equal variance assumed 0.218 ni 1.090 0.301 equal variance assumed 0.344 roa 0.224 0.638 equal variance assumed 0.498 nom 0.233 0.632 equal variance assumed 0.603 bopo 0.809 0.925 equal variance assumed 0.037 car 0.368 0.547 equal variance assumed 0.327 source: estimation results other factors such as fdr (liquidity risk), vap (market risk), ni (corporate governance), nom, roa (earning), and car (capital) do not show any significant differences between listed islamic banks are listed and the unlisted ones. the statistical result also indicates that the probability of fdr, vap, ni, nom, roa and car greater than 0.05, therefore there is no difference of all variable between listed islamic banks and the unlisted ones. fdr showed the bank’s liquidity risk. the greater the company’s ability to meet its short-term obligations, the higher the fdr. it means the liquidity risks of listed islamic banks is 109.90%; it is greater than the unlisted ones of 98.16%. it shows that a listed islamic bank is very liquid. high liquidity could lead to the opportunity cost for the banks. the theory states that there is always a tradeoff between liquidity and profitability, but it does not prove in this study. the performance of the bank as measured by roa indicates that the listed islamic bank has a better performance than those not listed. roa of listed islamic bank is 1.87%. otherwise, unlisted islamic banks is 0.85%. similarly, other factors such as the vap which indicates the market risk. vap is a form of control of the market risk that illustrates how much potential loss of islamic banks in the event of changes in exchange rates or changes in the value of the portfolio itself in the market. listed islamic banks have a mean of 26.74% than those which the unlisted ones that are equal to 21.79%. it means listed islamic banks have a greater potential loss in the event of changes in exchange rates or changes in the market value of the portfolio. however, it must keep in mind the principle of 9 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 teguh budiman: islamic bank listed in financial market high-risk, high return. a significant risk will enable the company to produce large returns. the big risk is unlikely to worry because it followed with islamic banks that have a better performance. the performance indicated by the average roa of listed islamic banks better than the unlisted ones. table 3. group statistics status n mean std. deviation std. error mean npf not listed 50 2.1956 1.51789 0.21466 listed 5 0.8020 0.69518 0.31089 fdr not listed 50 98.1622 35.32809 4.99615 listed 5 109.9000 30.19782 13.50488 vap not listed 50 21.7982 8.62257 1.21942 listed 5 26.7460 6.26559 2.80206 ni not listed 50 6.4676 2.85076 0.40316 listed 5 5.2260 1.48811 0.66550 roa not listed 50 0.8504 3.32532 0.47027 listed 5 0.8780 0.98223 0.43927 nom not listed 50 0.2008 4.86426 0.68791 listed 5 1.3500 0.64807 0.28983 bopo not listed 50 90.8630 19.84286 2.80620 listed 5 71.1940 15.79148 7.06216 car not listed 50 22.1686 14.67733 2.07569 listed 5 28.8440 10.31932 4.61494 variable of good corporate governance (gcg) represented by financial ratios (ni) which describe the level of income the amount of the distribution of funds obtained by the use of productive assets owned by islamic banks. although there was no statistically significant difference between the ni listed islamic banks are listed and the unlisted ones, mean of ni listed islamic banks at 5.22% turned out to be relatively small compared with the unlisted ones, amounting 6.46%. ni of listed islamic bank is relatively smaller, but it does not mean that governance of them worse. performance listed islamic bank as measured by roa proved to be better than the unlisted ones. although there is no statistically significant difference 10 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 between the roa for listed and unlisted islamic banks, however, the listed islamic banks have larger roa than not listed (1.88% compared 0.85%). roa is used to measure the bank’s ability to make a profit overall. it means that the ability of listed islamic banks in generating profits on the whole better than the unlisted ones, although there is no statistically significant difference. a key ratio used to assess the profitability of islamic banks is by using net operating margin (nom). nom is used to determine the ability of productive assets in generating profit. the result is that there is no significant difference between nom of listed islamic bank and the unlisted ones. however nom of listed islamic banks, at 1.35%, are greater than those that unlisted, that is equal to 0.44. it means that listed islamic banks have better performance in generating profits from its productive assets than the unlisted ones. car also showed that there is no significant difference between the two groups of banks, even though listed islamic banks have higher car than the unlisted ones (28.24% compared to 22.19%). car is an indicator to assess aspects of capital in a bank. there is a capital component and risk weighted assets (rwa) in its calculations. higher capital will increase the ratio of car, which means islamic banks have sufficient capital and can cover losses from the activity of islamic banks. the increase in equity capital, in particular, is going to lower the cost of funds. the increasing is because the islamic banks can use their capital to allocated to the assets, which are then able to increase the profitability of islamic banks. the result shows that from some indicators, there is no difference between the listed bank and non-listed banks. this result arises because only one islamic bank which already listed on stock exchange. but, listed on the stock exchange can be one of the strategies to the capital strengthened in islamic banks. as we know, the regulator right now is forced islamic business unit to the spin-off. the spin-off policy according to al arif (2015) had an effect on the efficiency of the islamic banks. the regulator should focus to create a healthy islamic bank in indonesia. conclusion this study shows evidence that the listed islamic bank has a better performance than the unlisted ones. this is due, companies that have gone public have an obligation always to give a good signal to the market that done by giving a good performance, so investors are interested in investing in the bank. there is a significant difference for credit risk that measured by non performing finance and bopo that represent cost efficiency, between listed islamic banks listed and the unlisted ones. listed islamic banks show a better efficiency on both factors. 11 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 teguh budiman: islamic bank listed in financial market listed banks give a good signal to investors in the capital market through good performances in their financial statements. in this study, a good signal represented by low values of npf and bopo. other factors such as fdr, vap, roa, nom, and car even though not statistically differ, but the average of all variable used in this study showed that listed islamic banks have better performance than the unlisted ones. therefore, being listed islamic bank is a concern for existing unlisted islamic banks. being a bank which goes public make the bank will always try to give a good signal to investors through a sound financial performance. references al arif, m.n.r. (2015). keterkaitan kebijakan pemisahan terhadap tingkat efisiensi pada industri perbankan syariah di indonesia. jurnal keuangan dan perbankan. vol. 19 (2): 295-304. anggraini, m. et.al. (2015). analisis kinerja keuangan bank konvensional dan bank syariah dengan menggunakan pendekatan rgec (studi pada pt. bri, tbk dan pt. bri syariah periode 2011-2013). jurnal administrasi bisnis (jab). vol. 27 no. 1: 1-6. antonio, m.s. (2011). bank syariah dari teori ke praktik.jakarta: gema insani press. astuti, h.d. (2015). analisa perbandingan kinerja bank asing dan bank nasional dengan rasio keuangan. jurnal magister manajemen. vol.01, no.1: 19-29. bank indonesia. (2011). pbi nomor 13/1/pbi/2011 tentang penilaian tingkat kesehatan bank umum. bini, l. et.al. (2011). signalling theory and voluntary disclosure to the financial market (evidence from the profitability indicators published in the annual report), paper presented at the 34th eaa annual congress, 20-22 april 2011. fitriana, n. et.al. (2015). tingkat kesehatan bank bumn syariah dengan bank umum konvensional: metode rgec (risk profile, good corporate governance, earning and capital). jurnal ekonomi dan bisnis. vol. 17 (2): 1-12. ghozali, i. (2011). aplikasi analisis multivariate dengan program spss. edisi 5. semarang: badan penerbit universitas diponegoro. hanif, m. (2011). differences and similarities in islamic and conventional banking, international journal of business and social science. vol. 2 no. 2: 166-175. healy, p.m. & k.g. palepu. (2001). information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. journal of accounting and economics. vol. 31: 405–440. kuncoro, m. (2002). manajemen perbankan. yogyakarta: fakultas ekonomi ugm. 12 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (1), january 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i1.4011 lupa, w. et.al. (2016). analisis perbandingan tingkat kesehatan perbankan syariah dengan perbankan konvensional dengan metode camel. jurnal berkala ilmiah efisiensi. vol. 16 (1): 694-705. putri, i.d.a.d.e. & i.g.a.e. damayanti. (2013). analisis perbedaan tingkat kesehatan bank berdasarkan risk profile,good corporate governance, earnings, &capital pada perusahaan perbankan besar dan kecil. e-jurnal akuntansi universitas udayana 5.2 (2013): 483-496. rivai, v. et.al. (2007). bank and financial institution management. jakarta: pt. rajagrafindo persada. rotinsulu, d.p. et.al. (2015). the analyse of risk-based bank rating method on bank’s profitability in state-owned banks. jurnal emba. vol.3 no.1: 95106. sekaran, u. (2009). metodologi penelitian untuk bisnis, 4th edition buku 1. jakarta: pt. salemba empat. simorangkir, c. (2003). manajemen keuangan. jakarta: badan penerbitan fe universitas indonesia. sofyan, y.p.p. & a.h. anggono. (2015). the effect of risk based bank rating components towards earnings on 19 indonesian commercial banks in period 2005-2014. australian journal of accounting, economics and finance. volume 1. issue 1: 56-65. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 9 (2), july 2017 p-issn: 2087-135x; e-issn: 2407-8654 page 227 242 received: march 14, 2017; revised: may 3, 2017; accepted: may 10, 2017 state islamic university (uin) syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, south tangerang e-mail: 1ahmad.rodoni@uinjkt.ac.id; 2arskal.salim@uinjkt.ac.id; 3euis.amalia@uinjkt.ac.id; 4rezkisyahrirakhmadi@uinjkt.ac.id doi: 10.15408/aiq.v9i2.5153 abstract. comparing efficiency and productivity in islamic banking: case study in indonesia, malaysia, and pakistan. the objective of this research is to analyze both efficiency and productivity of islamic banking industry in indonesia, malaysia and pakistan. the technique that used in this research is data envelopment analysis (dea) as for measuring efficiency and thus malmquist index (mi) as for measuring productivity. the result of this research found that islamic banking industry in indonesia is facing inefficiency that shown by five years average that is not reach 100% efficiency rate. malaysia also experiences the problem of inefficiency but the condition is better compared to indonesia. in five years, the efficiency rate of malaysia islamic bank has not reach 100% efficiency rate. pakistan among the closest country that could reach an efficient rate level for their islamic banks. pakistan close to reach 100% efficient rate within the last five years. keywords: data envelopment analysis, efficiency, malmquist index, productivity abstrak. perbandingan efisiensi dan profitabilitas perbankan syariah: studi kasus di indonesia, malaysia, dan pakistan. tujuan dari penelitian ini ialah untuk menganalisis efisiensi dan profitabilitas industri perbankan syariah di indonesia. teknik yang dipergunakan dalam penelitian ini ialah data envelopment analysis (dea) untuk mengukur efisiensi dan indeks malmquist untuk mengukur produktivitas. hasil penelitian menunjukkan bahwa industri perbankan syariah cenderung kurang efisien, hal ini diperlihatkan oleh data ratarata lima tahun terakhir yang tidak mampu mencapai tingkat efisiensi 100%. malaysia turut pula menghadapi permasalahan inefisiensi, namun kondisi ini lebih baik dibandingkan indonesia. dalam lima tahun terakhir, tingkat efisiensi industri perbankan syariah di malaysia tidak mencapai tingkat efisiensi 100%. pakistan merupakan salah satu negara yang hampir mencapai tingkat efisiensi pada industri perbankan syariahnya. pakistan mendekati tingkat efisiensi ratarata 100%. kata kunci: data envelopment analysis, efisiensi, indeks malmquist, produktivitas comparing efficiency and productivity in islamic banking: case study in indonesia, malaysia and pakistan ahmad rodoni1, m. arskal salim2, euis amalia3, rezki syahri rakhmadi4 228 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 introduction the indonesian islamic banking industry had growing rapidly. nowadays, islamic banking in indonesia must able to compete with conventional banks. to increase the competitiveness of islamic banking industry, the islamic banks required to operate efficiently. this things to achieve the optimum profit and productivity. measurement of the efficiency of the financial ratios can’t detect internal and external factors cause inefficiency. banking management also cannot be analyzed through financial ratios. therefore, it is necessary to measure the efficiency to get more good approach. as it is described above, the measurement of efficiency and profitability in islamic banking is very important. with known levels of efficiency and profitability levels, it will show the overall performance of islamic banks. there are some factors that cause inefficiencies, which can also be known that islamic banks can do a proper evaluation to improve performance and increase competitiveness (hossen & rahmawati, 2016). yudistira (2004) using data envelopment analysis (dea) toward 18 islamic banks, the results of the study revealed that inefficiency experienced by the 18 banks is only touched at 10% a little more, it means quite low when compared to conventional banks. bank of the sample in this study experienced hard times when passing time of global crisis in 1998-1999. however, it performs very well afterwards, the findings in this study also indicate the existence of diseconomy scale in small to medium sized banks so it is recommended that merger should be done. sufian (2007) perform the test with five elaboration, productivity change (tpch), technological change (techch), efficiency change (effch), pure technical efficiency change (peffch) and scale efficiency change (sech). the results of this study showed the productivity of malaysian islamic banks touching productivity by 8.4% in 2002, increased to 11.2% in 2003 before eventually decreased by 4.6% in 2004. ahmed, et.al (2009) shows that the government of pakistan has succeeded in increasing effectiveness and productivity of the banks in the domestic domain through improvement/reforms of its financial sector. on efficiency and productivity of financial institutions in general, there is quite a lot of research exploring particularly in the form of financial institutions such as bank. it is no surprise because the banking industry itself has been established since a long time in the form of conventional model and continues to grow until alternative banking is available, such as islamic banking. the purposes of this research are: first, compare the efficiency rate in islamic banking industry between indonesia, malaysia, and pakistan. second, compare the islamic banking productivity between indonesia, malaysia, and pakistan. 229 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 ahmad rodoni: comparing efficiency and productivity in islamic banking literature review ellahi, et.al (2011) find that islamic banks are less efficient than conventional banks, because it is not yet to (be) introduced well by the market, and islamic banks need more funding to get the source of deposit. the anova test result shows a significant difference for te as well as for ce between conventional banks and islamic banks. hassan (2006) conduct a testing within the scope of cost profit, revenue and x-efficiency of islamic banks in the world not only by using stochastic cost frontier approach as a method, but also perform the testing with could be performed in conjunction with conventional accounting ratios in determining the performance of islamic banks. although islamic banks are relatively less efficient in containing cost, they are relatively efficient in generating profit. the average allocate efficiency is 74%, whereas the average technical efficiency is about 84%. this means that the dominant source of inefficiency is due to allocate inefficiency rather than technical inefficiency. these results are consistent with the fact that the islamic banks operate in overall regulatory environments, which are not very supportive of their operations. mghaieth and el mehdi (2014) focus on finding the determinants of islamic banking around economy crisis timeline, 2007-2008. it shows the samples (banks) has 82.13% rate of cost efficiency and 82.47 % rate of profit efficiency. mohamad, et.al (2008), in efficiency of conventional versus islamic banks: international evidence using the stochastic frontier approach (sfa), measures and compares the cost and profit efficiency of 80 banks in 21 of organization of islamic conference (oic) countries: 37 conventional banks and 43 islamic banks, using the stochastic frontier approach (sfa). in addition, it assesses the efficiency of those banks based on their size, age, and region. the findings suggest that there are no significant differences between the overall efficiency results of conventional versus islamic banks. however, there is substantial room for improvement in cost minimization and profit maximization in both banking systems. furthermore, the findings show no significance difference in average efficiency scores between big versus small and new versus old banks in both banking streams. this implies that size and age did not affect the performance of banks in both streams. overall, the results are in favor of the more recent islamic banking system. mediadianto (2007) consisted of measurement of efficiency rate for both conventional and islamic banks using dea, the data comes from 3 islamic bank: bank of muamalat indonesia, bank of sharia mandiri, and bank of mega sharia. whereas the conventional one represented by: bank of artha graha international, bank of ekspor impor indonesia and bank of swadesi. from the asset and production approach it can be inferred the average score of islamic bank is better than conventional one. 230 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 setiawan (2007) concluded that the inefficiency of banking in indonesia is generally caused by the inefficiency of operating costs and inefficiencies of rupiah credit costs. although banks forming the dea are considered as an efficient bank, in fact, the high net interest margin of these banks is caused by high profits mark-up as well as high risk mark-up. indrawati (2009) shows that the commercial banks in indonesia are relatively inefficient. berger, et.al (2007) analyzed the profit and cost efficiency using 266 pieces of annual observation data from 38 banks in the period of 1999-2003. the empirical results of this study stated that the reforms undertaken against banks in china in the form of reduction in government ownership and extend the gateway for foreign investors have brought very strong positive effect on the efficiency. luciano and regis (2007) conclude that there seem to be economies of scale at the beginning of the period, while they do not seem to characterize more. jajri (2008) reveals that in general tfp growth in smis is negative due to negative contribution from both technical efficiency and technical change. however, analysis by sub industries indicates some positive tfp growth especially in the light industries like food and beverages, textiles and plastic products that merely come from positive contribution of technical efficiency. the heavy smis like transport equipment and chemical products seem less efficient and at the same time do not gain positive growth in technical change that subsequently resulted in negative growth of tfp. the study also finds that technical change is a significant determinant of smis output growth in six sub industries: food and beverages, textiles, wood products, plastic products, electrical electronics and transport equipment. in other industry sub groups the relationship are positive but not significant. based on the literature review above, shows that measurement of efficiency and productivity of certain industrial area and the usage of dea are become a common in general and thus we can also inferred that there is a gap that needs to be filled, which not only to update the above mentioned works but also because a comprehensive study about efficiency and productivity on islamic banking in indonesia, malaysia and pakistan. method this research is mainly using time-series secondary data derived from bank financial reports, statements publication, and other related, relevant data source if necessary. it can be in form of digital data such as web sites, digital files or non-digital data such as paper, magazine and sort. this research purpose is to measure efficiency and productivity of indonesia, malaysia and pakistan islamic banking, to achieve 231 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 ahmad rodoni: comparing efficiency and productivity in islamic banking that purpose data processing techniques which will be used are as follows: first, data envelopment analysis (dea) for efficiency measurement. second, malmquist index (mi) is using to measure the productivity in islamic banking industry. there’s generally three types approaches to determine which proxies, which will be the variables, those three approaches are asset, production and intermediation. each approach considers the x and y relation. whereas most research tend to use intermediation approaches. intermediation (yudistira, 2004) approaches assumes that bank is and institution which doing intermediary function that is bank is positioned as the one who bridging the deficit with the surplus one, with this assumption then the bottom line is that total deposits will be considered as x variable while loans, funding and financing will considered as output. this research is using three input variables (such as: staff cost, fixed cost, and total deposit) and three output variables (such as: total loans, incomes, and liquid assets. the data will be analyze using the help of software whereas the result will indicate how does efficiency and productivity a bank, it can be seen through the indicates: (1) dea, indicator of efficiency, value of: (a) crs (constant return to scale); (b) vrs (variance return to scale); (c) se (scale efficiency). (2) malmquist, indicator of productivity, value of: (a) effch, efficiency change related to crs dea; (b) pech, efficiency change related to vrs dea; (c) sech, efficiency change related to se dea; (d) tech, technological change; (e) tfpch, total factor productivity change. result and discussion efficiency measurement here are the results of analysis on the islamic banking performance in indonesia in terms of efficiency; performance calculation was performed by the method of data envelopment analysis (dea). efficiency measurement in indonesia the average value of efficiency for each bank within a period of five years by order of the most efficient level (value 1) to the lowest relatively efficient level (value <1) are shown in table 1, namely: the first rank (value 1): bank of dki sharia, bank of permata sharia, bank of btn sharia, followed by the next rankings with relatively efficient condition (value <1), by order of ranking 2, such as: bank of kalsel sharia (0.9454); third ranking is bank riau sharia (0.9416); rank number four is bank of sumut sharia (0.9152); rank number 5 is bank of kaltim sharia (0.915); number 6 is bank of mega sharia (0.8528); rank number seven is bank 232 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 of muamalat (0.7932); number 9 is bank of sharia mandiri (0.739); rank number 9 is bank of sharia bukopin (0.7328); the rank 10 is bank of bri sharia (0.6616). table 1. crs: average efficiency value within 5 years ranking name of bank crs value 1 bank of dki sharia 1 1 bank of permata shariah 1 1 bank of btn sharia 1 2 bank of kalsel sharia 0,9454 3 bank of riau sharia 0,9416 4 bank of sumut sharia 0,9152 5 bank of kaltim sharia 0,915 6 bank of mega sharia 0,8528 7 bank of muamalat 0,7932 8 bank of sharia mandiri 0,739 9 bank of sharia bukopin 0,7328 10 bank of bri sharia 0,6616 in table 2, the average value of efficiency for each bank within a period of five years by order from the most efficient level (value 1) to the lowest relatively efficient value (value <1), i.e: first rank are bank of kalsel sharia, bank of dki sharia, bank of permata sharia, bank of sharia mandiri, bank of muamalat, bank of btn sharia; the second rank was bank of mega sharia (0.985); the third rank was bank of riau sharia (0.961); bank of sumut sharia ranked the fourth (0.9356); bank of kaltim sharia got the fifth place (0.927), bank of bri sharia ranked the sixth (0.9152), and bank of sharia bukopin ranked the seventh (0,8762). table 2. ranking of average value within 5 years: vrs output orientation ranking name of bank average value 1 bank of kalsel sharia 1 1 bank of dki sharia 1 1 bank of permata sharia 1 233 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 ahmad rodoni: comparing efficiency and productivity in islamic banking 1 bank of sharia mandiri 1 1 bank of muamalat 1 1 bank of btn sharia 1 2 bank of mega sharia 0,985 3 bank of riau sharia 0,961 4 bank of sumut sharia 0,9356 5 bank of kaltim sharia 0,927 6 bank of bri sharia 0,9152 7 bank of sharia bukopin 0,8762 the value of average efficiency for each bank within a period of five years by order from the most efficient level (value 1) to the lowest relative efficiency (n <1), were: the first ranking with full efficiency values (value 1) were: bank of dki sharia, bank of permata sharia, bank of btn sharia; the second ranked by bank of kaltim sharia (0.9858); bank of riau sharia in the third rank (0.9786); fourth-ranked was bank of sumut sharia (0.977); the fifth was bank of kalsel sharia (0.9454), the sixth was bank of mega sharia (0.8678), seventh for bank of sharia bukopin (0.8418), eighth rank for bank of muamalat (0.7932), the ninth was bank of sharia mandiri (0.739), and the tenth was bank of bri sharia (0.7318), can be seen in more detail in the table 3. table 3. ranking of average value within 5 years of sharia banking: se input orientation ranking name of bank average value 1 bank of dki sharia 1 1 bank of permata sharia 1 1 bank of btn sharia 1 2 bank of kaltim sharia 0,9858 3 bank of riau sharia 0,9786 4 bpd sumut 0,977 5 bpd kalsel syariah 0,9454 6 bank mega syariah 0,8678 234 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 7 bukopin syariah 0,8418 8 bank muamalat 0,7932 9 bsm 0,739 10 bri syariah 0,7318 efficiency measurement in malaysia based on screening process in order to filter and gather decent research objects and forming amounts of data base, which are limited to general criteria that data collected must be from bank which operational in recent five years in range of 2009 to 2013. we found sixteen islamic banking in malaysia, as like the table 4. table 4. list of sharia banking in malaysia, 2009-2013 no name of bank no. name of bank 1 affin islamic bank berhad 9 pembangunan malaysia berhad 2 agrobank islmic banking 10 export import bank of malaysia bhd 3 al rajhi malaysia 11 hong leong islamic bank 4 alliance islamic bank berhad 12 kaf islamic bank 5 am islamic bank berhad 13 kfh malaysia 6 asian finance bank berhad 14 midf amanah investment bank bhd 7 bank kerjasama rakyat malaysia berhad 15 public islamic bank berhad 8 bank muamalat malaysia berhad 16 rhb islamic here are the results of analysis on the islamic banking performance in malaysia in terms of efficiency; performance calculation was performed by the method of data envelopment analysis (dea). based on dea crs, inefficiency occurs in: 8 banks in 2009 (bank: 1, 3, 5, 6, 7, 12, 13 and 16); 6 banks in 2010 (bank: 3, 4, 5, 6, 8 and 16); 5 banks in 2011 (bank: 2, 3, 5, 7, and 8); 6 banks in 2012 (bank: 2, 3, 5, 6, 7, 8, 13, and 16); 4 banks in 2013 (bank: 3, 5, 7 and 16). based on dea vrs, for input orientation, inefficiency occurs in: 5 banks in 2009 (bank: 1, 3, 12, 13 and 16); 1 bank in 2010 (bank: 3); 2 banks in 2011 (bank: 2 and 3); 3 banks in 2012 (bank: 2, 3 and 13); 1 bank in 2013 (bank: 3). for vrs output inefficiency occurs in: 5 banks in 2009 (bank: 1, 3, 12, 13 and 16); 1 bank in 2010 (bank: 3); 2 banks in 2011 (bank: 2 dan 3); 3 banks in 2012 (bank: 2, 3 and 235 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 ahmad rodoni: comparing efficiency and productivity in islamic banking 13); 1 bank in 2013 (bank: 3). based on dea se input orientation, inefficiency occurs in: 8 banks in 2009 (bank: 1, 3, 5, 6, 7, 12, 13, and 16); 6 banks in 2010 (bank: 3, 4, 5, 6, 8 and 16); 5 banks in 2011 (bank: 2, 3, 5, 7 and 8); 8 banks in 2012 (bank: 2, 3, 5, 6, 7, 8, 9, 13 and 16); 4 banks in 2013 (bank: 3, 5, 7 and 16). for dea se output orientation, inefficiency occurs in: 8 banks in 2009 (bank: 1, 3, 5, 6, 7, 12, 13 and 16); 6 banks in 2010 (bank: 3, 4, 5, 6, 8, and 16); 5 banks in 2011 (bank: 2, 3, 5, 7 and 8); 8 banks in 2012 (bank: 2, 3, 5, 6, 7, 13 and 16); 3 banks in 2013 (bank: 3, 5 and 7). efficiency measurement in pakistan based on screening process in order to filter and gather decent research objects and forming amounts of data base, which are limited to general criteria that data collected must be from bank which operational in recent five years in range of 2009 to 2013. we found five islamic banking in pakistan, as like the table 5. table 5. list of sharia banking in pakistan, 2009-2013 no. name of bank 1 affin islamic bank berhad 2 agrobank islamic banking 3 al rajhi malaysia 4 alliance islamic bank berhad 5 amislamic bank berhad based on dea crs, inefficiency occurs in: 2 banks in 2009 (bank: 1 and 2); 3 banks in 2010 (bank: 2, 3 and 4); 1 bank in 2011 (bank 2) and 2012 (bank 2), this is valid for both input and output orientation. based on dea vrs, inefficiency occurs in: 2 banks in 2009 (bank: 1 and 2); and 1 bank in 2010 (bank 4). this is applicable for both input and output orientation. based on dea se, inefficiency occurs in: 2 banks in 2009 (bank: 1 and 2); 3 banks in 2010 (bank: 2, 3 and 4); 1 bank in 2011 and 2012 (bank 2). this is valid for both input and output orientation. productivity of islamic banking productivity measurement performed using malmquist index is available on deap 2.1 software. measurements are performed with input orientation or output 236 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 orientation. the results of calculation with this software will generate numbers in some kind of test as an indicator. table 6. malmquist index islamic bank in indonesia (effch) (effch) input oriented efficiency change (effch) crs relative (effch) output oriented efficiency change (effch) crs relative y1 y2 y3 y4 bavg y1 y2 y3 y4 bavg 1 1 0,971 0,917 0,971 0,964 1 0,971 0,917 0,971 0,964 2 1 1 0,781 1,017 0,944 1 1 0,781 1,017 0,944 3 1,306 1 0,942 1,061 1,069 1,306 1 0,942 1,061 1,069 4 0,909 0,994 1,209 1 1,022 0,909 0,994 1,209 1 1,022 5 1 1 1 1 1 1 1 1 1 1 6 1 1 1 1 1 1 1 1 1 1 7 1 1,044 0,836 1,125 0,996 1 1,044 0,836 1,125 0,996 8 1,063 0,918 0,918 1,138 1,005 1,063 0,918 0,918 1,138 1,005 9 1,001 1,108 0,827 1,63 1,106 1,001 1,108 0,827 1,63 1,106 10 1,116 1,235 0,808 1,142 1,062 1,116 1,235 0,808 1,142 1,062 11 1,058 0,972 1,042 1,308 1,088 1,058 0,972 1,042 1,308 1,088 12 1 1 1 1 1 1 1 1 1 1 1,034 1,018 0,933 1,104 1,034 1,018 0,933 1,104 islamic banking productivity in indonesia table 6 shows the results of input and output orientation on the same value. this is in accordance with the nature of the effch testing itself relative to the crs models, so the value changes in the input and output will generate the same value scale. effch table 6 includes the calculation of malmquist index effch within the last 5 years. measurement starts from the previous year, so the value in row y1 is the result of the second year relative to the first year, and so on. pech table 7 shows results of both input and output orientation producing a different value. this is in accordance with the nature of the pech testing itself relative to the vrs models, so the value changes in the input and output will produce a different scale values. the table includes the calculation of malmquist 237 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 ahmad rodoni: comparing efficiency and productivity in islamic banking index pech within the last 5 years. measurement starts from the previous year, so the value in line y1 is the result of the second year relative to the first year, and so on. table 7. malmquist index of islamic banking in indonesia (pech) malmquist input orientation pure efficiency change (pech) vrs technology related malmquist output orientation pure efficiency change (pech) vrs technology related y1 y2 y3 y4 bavg y1 y2 y3 y4 bavg 1 1 1 1 1 1 1 1 1 1 1 2 1 1 0,8 1,16 0,98 1 1 0,78 1,09 0,96 3 1,29 1 1 1 1,07 1,24 1 1 1 1,06 4 0,9 0,98 1,21 1 1,02 0,93 0,97 1,17 1 1,01 5 1 1 1 1 1 1 1 1 1 1 6 1 1 1 1 1 1 1 1 1 1 7 1 0,9 1,03 0,79 0,93 1 0,91 1,02 0,8 0,93 8 0,94 0,86 0,99 0,96 0,94 0,95 0,87 1,01 0,95 0,94 9 1 1 1 1 1 1 1 1 1 1 10 1 1 1 0,93 0,98 1 1 1 0,93 0,98 11 1 1 1 1 1 1 1 1 1 1 12 1 1 1 1 1 1 1 1 1 1 1,01 0,98 1 0,98 1,01 0,98 1 0,98 sech table 8 shows results of the input and output orientation producing different values, it is in accordance with the nature of the sech testing itself relative to the se model, scale efficiency namely crs / vrs scale, so the value changes in the input and output will generate different scale value, the table includes the calculation of malmquist index sech within the last 5 years. measurement starts from the previous year, so the value in the line y1 is the result of the second year relative to the first year, and so on. techch table 10 shows the test results of both the input and output orientation on the same value. this means there is no difference when using input orientation or output orientation. techch table includes the calculation of malmquist index techch within the last 5 years. measurement starts from the previous year, so the value in the line y1 is the result of the second year relative to the first year, and so on. 238 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 islamic banking productivity in malaysia output orientation for techch: 7 banks increased in the first year (bank: 1, 2, 3, 5, 6, 9 and 12); 5 banks have increased in the second year (bank: 3, 5, 9, 13 and 15); 12 banks had increased in the third year (bank: 1, 2, 3, 4, 5, 6, 7, 8, 9, 13, 15 and 16); 3 banks increased in the fourth year (bank: 2, 4 and 16). for tfpch: 8 banks increased in the first year (bank: 1, 2, 3, 5, 6, 9, 12 and 16); 8 banks increased in the second year (bank: 3, 4, 5, 6, 9, 13, 15 and 16); 9 banks experienced an increase in the third year (bank: 1, 2, 3, 4, 8, 9, 13, 15 and 16); 8 banks increased in the fourth year (bank: 1, 2, 3, 4, 6, 12, 13 and 16). for effch: 7 banks increased in the first year (bank: 1, 3, 6, 7, 12, 13, and 16); 5 banks increased in the second year (bank: 3, 4, 6 and 16); there are no banks that have increased in the third year; 7 banks increased in the fourth year (bank: 1, 3, 5, 6, 12, 13 and 16). for pech: 5 banks increased in the first year (bank: 1, 3, 12, 13 and 16); 1 bank has increased in the second year (bank 3); 1 bank has increased in the third year (bank 2); 5 banks have increased in the fourth year (bank: 1, 3, 12, 13 and 16). for sech: 5 banks have increased in the first year (bank: 1, 6, 7, 12 and 13); 5 banks have increased in the second year (bank: 3, 4, 5, 6, and 16); 1 bank has increased in the third year (bank: 3); 7 banks increased in the fourth year (bank: 1, 3, 5, 6, 12, 13 and 16). table 8. malmquist index of islamic banking in indonesia (techch) malmquist orientasi input tech change (techch) technlogical related change malmquist orientasi output tech change (techch) technlogical related change y1 y2 y3 y4 y1 y2 y3 y4 bavg 1 0,851 0,961 1,108 0,994 0,851 0,961 1,108 0,994 0,974 2 0,991 0,618 1,041 0,946 0,991 0,618 1,041 0,946 0,881 3 0,889 0,966 1,061 1,035 0,889 0,966 1,061 1,035 0,986 4 0,835 0,998 1,191 1,209 0,835 0,998 1,191 1,209 1,047 5 0,875 0,774 1,29 0,963 0,875 0,774 1,29 0,963 0,958 6 0,954 1,301 1,271 1,136 0,954 1,301 1,271 1,136 1,157 7 0,838 0,931 1,245 0,874 0,838 0,931 1,245 0,874 0,96 8 0,827 0,945 1,195 0,903 0,827 0,945 1,195 0,903 0,958 9 0,807 0,893 1,302 0,978 0,807 0,893 1,302 0,978 0,979 239 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 ahmad rodoni: comparing efficiency and productivity in islamic banking 10 0,982 0,731 1,18 1,021 0,982 0,731 1,18 1,021 0,964 11 0,883 0,951 1,082 1,015 0,883 0,951 1,082 1,015 0,98 12 0,566 0,953 0,911 0,885 0,566 0,953 0,911 0,885 0,812 avg 0,851 0,904 1,151 0,992 0,851 0,904 1,151 0,992 input orientation for techch: 7 banks increased in the first year (bank: 1, 2, 3, 5, 6, 9, and 12); 5 banks have increased in the second year (bank: 3, 5, 9, 13 and 15); 12 banks had increased in the third year (except: 10, 11, 12 and 14); 3 banks increased in the fourth year (bank: 4, 12 and 15). for tfpch: 8 banks increased in the first year (bank: 1, 2, 3, 5, 6, 9, 12, and 16); 8 banks increased in the second year (bank: 3, 4, 5, 6, 9, 13, 15, 16); 8 banks experienced an increase in the third year (bank: 1,2,3,4,8,9,13 and 16); 6 banks increased in the fourth year (bank: 3, 4, 5, 8, 12 and 15). for effch: 7 banks increased in the first year (bank: 1, 3, 6, 7, 12, 13, and 16); 5 banks have increased in the second year (bank: 3, 4, 5, 6 and 16); no bank has increased in the third year; 7 banks increased in the fourth year (bank: 1, 3, 5, 6, 12, 13, 16). for pech: 5 banks have increased in the first year (bank: 1, 3, 12, 13 and 16); 1 bank has increased in the second year (bank: 3); 1 bank has increased in the third year (the bank: 1); 3 banks increased in the fourth year (bank: 2, 3 and 13). for sech: 5 banks have increased in the first year (bank: 1, 6, 7, 12 and 13); 5 banks have increased in the second year (bank: 3, 4, 5, 6 and 16); no bank has increased in the third year; 8 banks increased in the fourth year (bank: 2, 3, 5, 6, 7, 8, 13, and 16). islamic banking productivity in pakistan for techch: 5 banks have increased in the first year (all banks); 1 bank has increased in the second year (bank 2); 3 banks increased in the third year (bank: 1, 2 and 3); 4 banks have increased in the fourth year (bank: 1, 2, 3 and 5). (valid for both input and output orientation). for tfpch: 4 banks increased in the first year (bank: 1, 2, 4 and 5); 3 banks increased in the second year (bank: 2, 3 and 4); 3 banks increased in the third year (bank: 1, 2 and 3); 4 pneingkatan bank experienced in the third year (bank: 1, 2, 3 and 4). (valid for both input and output orientation). for effch: 2 banks increased in the first year (bank: 1 and 2); 2 banks increased in the second year (bank: 3 and 4); 1 bank has increased in the third year (bank 2); 1 bank has increased in the fourth year (bank 2). (valid for both input and output orientation). for pech: 3 banks increased in the first year (bank: 1, 2 and 4); 1 bank 240 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 has increased in the second year (bank 4); no bank has increased in the third and fourth year. (valid for both input and output orientation). for sech: 1 bank has increased in the first year (bank 1); 2 banks increased in the second year (bank: 3 and 4); 1 bank increase in the third and fourth year (bank: 1 and 2). (valid for both input and output orientation). conclusion the most important part is the fact that many of them have experienced inefficient condition. for instance, islamic banking industry in indonesia is facing inefficiency that shown by five years average that is not reach 100% efficiency rate. however, indonesia in the fair condition because indonesia lies on the 75%+ category that range around 87%-97% efficiency rate. the inefficiency usually caused by external factors not in the managerial factors. in the internal factors, we find that input orientation and output has no significance different. it shown the optimization aspects in the efficiency and expansion of output. in the productivity aspects, we find an increasing growth trend for the last four years, we believe it caused by managerial factors rather than technology factors that could improve efficiency in banking industry. malaysia also experiences the problem of inefficiency but the condition is better compared to indonesia. in five years, the efficiency rate of malaysia islamic bank has not reach 100% efficiency rate. however, malaysia reach a very good condition of efficiency that lies on the 90%+ range (approximately 92%-95%). similar to indonesia, the causes of inefficiency are from external factors. good indicators in input and output shows that malaysia islamic bank reach optimal level in the efficiency of input and also the output expansion. in the productivity aspects, despite of positive and fluctuate trend happened for the last four years, the current condition shows the likelihood of negative growth of productivity for malaysia islamic bank that cause by technological aspects. pakistan among the closest country that could reach an efficient rate level for their islamic banks. pakistan close to reach 100% efficient rate within the last five years. they obtain the range 99.3%-100% efficient rate. the good indicators shown in the input and output aspects of the islamic bank that depict the cost efficiency and in input also the output expansion. in the productivity aspects, positive trend shown and shown the increasing pattern that cause by technology advancement in financial sectors and also the good governance in managerial sectors. for the next study, we propose additional aspects to be complemented for our research: additional variable such as return on assets(roa) return on equity 241 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 ahmad rodoni: comparing efficiency and productivity in islamic banking (roe), and other similar financial profitability ratio. also, macroeconomic variable as gdp and inflation. in addition, different method for similar study might triangulate the result of our study by using the methods like sfa or regression analysis using anova. the implications of this study can be used as a reference and the development of literacy in islamic finance, encourage related institutions, universities, education ministries, regulators such as bank of indonesia and the fsa and the financial industry to facilitate quality financing research in the field of islamic finance, facilitation of writing and publication of international standardized scientific papers. for that it is necessary to develop synergies and cooperation between elements or stakeholders in supporting the development of scientific works in this field. it is expected the potential scientific work in the field of islamic banking and finance in indonesia in its various aspects can be recognized by the academic community at the international level. referrences ahmed, u. et.al. (2009). efficiency dynamics and financial reforms: case study of pakistani banks. international research journal of finance and economics, 25: 172-182. berger, a.n. et.al. (2007). bank ownership and efficiency in china: what lies ahead in the world`s largest nation? bank of finland research discussion papers 16. ellahi, n. (2011). testing technical and cost efficiency of pakistani islamic banking system, “ 8th international conference on islamic economics and finance. qatar faculty of islamic studies. hassan, m.k. (2006). the x-efficiency in islamic banks. islamic economic studies, 13 (2): 49-78. hossen, m.n. & r. rahmawati. (2016). efficiency and profitability on indonesian islamic banking industry. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics), 8 (1): 33-48. indrawati. y. (2009). analisis efisiensi bank umum di indonesia periode 2004 – 2007: aplikasi metode data envelopment analysis (dea). (unpublished thesis). depok: universitas indonesia. jajri, i. (2008).contribution of technical change to output growth in small and medium scale industries: evidence from malaysia. global economy and finance journal, 1 (1): 56-65. 242 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 9 (2), july 2017 http://journal.uinjkt.ac.id/index.php/iqtishad doi: 10.15408/aiq.v9i2.5153 luciano, e. & l. regis. (2007). bank efficiency and banking sector development: the case of italy. icer working paper. mediadianto, a. (2007), efisiensi bank syariah dan bank konvensional dengan metode dea. (unpublished thesis). depok: universitas indonesia. mghaieth, a. & i.k. el mehdi. (2014). the determinants of cost/profit efficiency of islamic banks before, during, and after the crisisi of 2007-2008 using sfa approach. (working paper). ipag business school. mohamad, s. et.al. (2008). efficiency of conventional versus islamic banks: international evidence using the stochastic frontier approach (sfa). journal of islamic economics, banking and finance. 107-130. setiawan. i. (2007). analisa perbankan indonesia dengan menggunakan metode data envelopment analasis studi kasus 25 bank dengan dpk terbesar tahun 2001 – 2005. (unpublished thesis). depok: universitas indonesia. sufian, f. (2007). malmquist indices of productivity change in malaysian islamic banking industry: foreign versus domestic banks. journal of economic cooperation, 28 (1): 115-150. yudistira, d. (2004). efficiency in islamic banking: an empirical analysis of eighteen banks. islamic economic studies, vol 12 (1): 1-19. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 171 188 received: july 20, 2017; revised: september 10, 2017; accepted: october 15, 2017 1, 2 state islamic university (uin) syarif hidayatullah jakarta. jl. ir. h. juanda, no. 95, ciputat, south tangerang, banten, indonesia e-mail: 1yoghi@uinjkt.ac.id, 2dulazzis@gmail.com doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 abstract. according to understand the behavior of islamic equity markets the primary objective of this research is to analyze the effect of macroeconomic indicators and international islamic index on return volatility of jakarta islamic index. the analysis method used in this study is autoregressive conditional heteroscedasticgeneralized autoregressive conditional heteroscedastic (arch-garch). the result of this research showed that all variables, i.e., bi rate, inflation rate, idrusd exchange rate, djius index, djiuk index, ftsjp index and ftsmy index have a simultaneously significant impact on return volatility of jii. while t-test results show that bi rate, idr-usd exchange rate, djiuk index and ftsmy index have a substantial effect on return volatility of jii. keywords: macroeconomic variables, international islamic indices, volatility return. abstrak. untuk memahami perilaku pasar ekuitas islam, tujuan utama dari penelitian ini adalah untuk menganalisis pengaruh indikator makroekonomi dan indeks islam internasional terhadap volatilitas indeks syariah jakarta. metode analisis yang digunakan dalam penelitian ini adalah auto regressive conditional heteroscedastic-generalized auto regressive conditional heteroscedastic (arch-garch). hasil penelitian menunjukkan bahwa semua variabel yaitu tingkat suku bunga bi, tingkat inflasi, nilai tukar idr-usd, indeks djius, indeks djiuk, indeks ftsjp dan indeks ftsmy secara simultan berpengaruh signifikan terhadap volatilitas return jii. sedangkan hasil uji t menunjukkan bahwa bi rate, kurs idr-usd, indeks djiuk dan indeks ftsmy berpengaruh signifikan terhadap volatilitas return jii. kata kunci: variabel makroekonomi, indeks saham internasional, tingkat pengembalian volatilitas how to cite: pratama, y.c., & a. azzis. (2018). macroeconomic variables, international islamic indices, and the return volatility in jakarta islamic index. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 171 – 188. doi: http//dx.doi.org/10.15408/aiq.v10i1.5550 macroeconomic variables, international islamic indices, and the return volatility in jakarta islamic index yoghi citra pratama1, abdul azzis2 172 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 introduction indonesian capital market throughout the last two decades showed an impressive trend. scarcely did any capital market in other countries have a remarkable growth during the same period. the capital market was able to bounce back and showed the recovery trend after being crushed by the financial crisis, both in 1998 and 2008. had the stakeholders and investors not kept being optimistic, it would be prolonged lasting crisis ever. the trend of improvement in the indonesian capital market conditions cannot be separated from market optimism so that the industrial sector in indonesia will continue to grow. with the same goal of improving the return on investment (roi), market actors should remain to be wary of the influence arising from the dynamics of macroeconomic indicators, so the existence of risk and return appears. to be careful is not only needed to be done by those who invest in conventional stocks but also those investors who choose islamic value related-stock investment (sharia-compliant stock). it caused by the dynamics of macroeconomic indicators and those indicators affect the performance of the industrial sector so that financial assets such as stocks fluctuated. thus, an investor ability in forecasting to macroeconomic changes will be very useful in stock investments. figure 1. the change of jii and bi rate in 2007-2016 source: indonesian stock exchange (idx) and bank indonesia the interest rate as one of the macroeconomic indicators can affect investment activity in the stock market. this fact is due to the interest rate can influence the changes in the level of corporate profits. increases in interest rates will increase the cost of production and investment costs so that profits earned will 173 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable reduce. meanwhile, the decline in profit is a fundamental indicator of a decrease in the value of shares. bi rate showed an upward trend per december 2007 november 2008 at 9.5% and followed by a correction of 47% jii. improved bi rate during the period december 2007 november 2008 gave an adverse effect on the fluctuation of jii. instead, the tendency of decreasing bi rate after that time until january 2013 signaled the strengthening of stock indices in the equity markets, particularly the index jii (see figure 1). tanjung (2014) stated that jakarta islamic index much volatile than the theory predicted. inflation reflects overall price increases in an economy. the high inflation is enough to give rise to social costs such as reduced purchasing power. this data means that the ability of people to make the consumption of goods and services would lower so that the company’s sales revenue may decline. in the global financial crisis of 2008, inflation reached 11.85% over that time followed by a decline in the index jii about 47% by august 2007 november 2008. based on figure 2 in the period, the inflation rate had an impact on jii index weakened significantly. by contrast, declined inflation and tended to be stable may be one signal of the strengthening of the stock price index in the capital market as can be observed in the development of the index jii period july 2008 to january 2013. figure 2. the change of jii and inflation in 2007-2016 source: indonesian stock exchange (idx) and bank indonesia third, the effect of exchange rate fluctuation also participated in on economic activity. changes in exchange rates may have an impact on the industry’s performance changes. depreciation condition on exchange rate can increase the export earnings of the company. export opportunities occur because domestic goods become more competitive with lower selling prices counted in the real exchange rate. however, 174 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 the instability of exchange rate will also interfere with the performance of various industries, particularly industries that utilize raw materials imports and settlement of liabilities denominated in foreign currencies. this data can lead to a decrease in the price index of price stocks. as of august 2007 november 2008 depreciated by 22% while the index jii corrected by 47% based on the period (see figure 3). figure 3. the changes of jii and idr-usd exchange rate in 2007 2016 source: indonesian stock exchange (idx) and bank indonesia along with globalization and economic integration, macroeconomic factors that influence the risk and return of stock price index not only from the domestic sphere but also from international factors. the turmoil in the economy of a country can affect the economies of other countries. in other words, the systemic risk occurs in these conditions. simorangkir (2016) explained that the spread of failures on an element to the other part was a systemic risk. meanwhile, wahyudi (2013) revealed that the systemic risk was the risk that the impact caused a domino effect dragging the project or institution or sector or even other countries that affected to such risks, or the effect on the overall market or the existing system. these risk factors commonly associated with macroeconomic variables or sectoral or geographical conditions or other market indicators (wahyudi, 2013). in other words, systemic risk can regard as market risk. history showed that the fall prices of the bond (mortgage-backed securities) that were held on by lehman brothers ended in the bankruptcy of one of the largest investment bank in the united states. bankruptcy did not just stop at the institution. the collapse of lehman brothers led to a crisis of public confidence in the market. not once did the crisis stop there dragging one institution toward failure. other leading financial institutions such as northern rock, wachovia, fortis, aig and 175 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable merry lynch experienced bankruptcy following the mortgage crisis of 2008. the crisis also spread to various regions such as europe and asia with the corrected index of stock prices in that region. in fact, the source of the crisis came from the united states (see table 1). table 1. development of global stock index during subprime mortgage crisis country regional stock price indices stock price index change per july 2007-november 2008 usa standard and poor’s (s&p 500) -43% usa dow jones industrial average (djia) -33% england financial times stock exchange (ftse) -33% france cotation assistee en continu (cac 40) -43% japan nikkei 225 (n225) -51% hong kong hang seng index (hsi) -40% malaysia kuala lumpur stock exchange -37% indonesia indeks harga saham gabungan (ihsg) -47% source: investing.com with processing as an investor, the fluctuation of the stock index as a benchmark of profitability could lead to funding mobility. thus, the crisis in the us also resulted in various regional stock market corrected in depth. the subprime mortgage crisis made the repatriation of us dollar occurred during the global financial crisis so that the different regional stock indices experienced a correction. this fact occurred due to a decrease in the stock price index as benchmark representing a negative profit. moreover, withdrawal of stock ownership by investors during the crisis period in 2008 rationally done to avoid higher losses. stock markets in developed countries are considered influential on stock exchanges in other countries including the stock exchanges in the united states, britain, and japan. as the stock market influence, the volume of transactions in the capital markets in these countries have a high value because it supported by the number of go-public companies, the number of investment instruments, and its market capitalization. according to world federation of exchanges report, the market capitalization of nyse stock market reached 19.223 billion dollars, while the japanese stock market reached 4.485 billion us dollars. stock markets in developed countries perceived to be able to mobilize investors fund (capital 176 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 mobility) from various countries so that fund was ready to move quickly. also, the islamic stock market in malaysia even considered here as important market perceiving that malaysian capital market served as an investment destination chosen by islamic investors worldwide (see figure 4). stock investment-related research had done in various countries. results of the study conducted by majid and yusof (2009) in malaysia shows that inflation and exchange rates negatively affect the stock price index. meanwhile, interest rates have a positive influence on the stock price index. however, the weakness of the study has not incorporated the effect to the regional index in explaining the impact on stock index returns. meanwhile, research conducted by subakti et al. (2016) show the djia and exchange rate have the positive effect on the stock price index. meanwhile, bi rate, inflation and gold prices do not have a significant impact on the volatility of the stock price index. the study was done by surbakti et al. (2016) still has the limitation because regional index studied the only dow jones industrial average (djia) and it does not include another regional stock index. based on this background, researchers will research “the effect of macroeconomic indicators and international islamic indices on return volatility of jakarta islamic index (jii).” the research will complement and enhance previous studies that the empirical findings of this study are expected to be a relevant contribution of risk factors affecting the stock index. based on the problem described in the background, some of the issues that can identify are how do the macroeconomic indicators and international islamic indices affect jii return volatility simultaneously and how do the macroeconomic indicators and international islamic indices affect jii return volatility partially. figure 4. regional islamic stock index 2007-2016 source : investing.com with processing 177 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable literature review there are several studies attempted to test the effect of the stock price index and the macroeconomic variables to fluctuations in the stock price index. surbakti et al. (2016) researched in 2014 which aimed to examine the effect of macroeconomic variables and international stock index volatility of jci index using arch. the empirical results of the study were the djia, and idr-usd exchange rate had a significant positive correlation to the volatility of jci return. while the bi rate and inflation rate variable negatively influenced return volatility of jci but those variables did not affect return volatility of jci. meanwhile, the gold price variable had a positive coefficient, but it did not significantly affect return volatility of jakarta composite index. the vast majority of empirical studies investigate the relationship between islamic and conventional financial markets as well as between islamic financial markets and macroeconomic variables by using linear models. hammoudeh et al. (2014) show that the dow jones islamic market index exhibits significant dependence with three major global conventional equity indices (asia, europe, and the usa). besides that, the global factors namely oil prices, stock market implied volatility, the u.s. 10-year treasury bond interest rate, and the 10year european monetary union government bond index also had an impact on islamic market index. sakti and harun (2013) found a co-integration between islamic stock prices and macroeconomic variables specifically exchange rate, industrial production, inflation rate, and money supply. hammoudeh et al. (2014) reveal a significant linear and nonlinear causality between the islamic and conventional stock markets and between the islamic stock market and interest rates. they affirm that the nonlinearity results are more credible because of the possible existence of structural breaks, asymmetry and regime switching in the markets and the relevant economic and financial variables.(bahloul, et al., 2017). rjoub et al. (2009) also participated in conducting research that aimed to test the impact of macroeconomic variables on stock prices in the turkish stock market in 2009. independent variables used by rjoub et al. (2009) is the interest rate (terst), inflation (uninf), risk premium (rikpr), exchange rate (excgr), unemployment (unemp) and money supply (monsp). the exchange rate (excgr) had adverse effect on the share price returns. meanwhile, the interest rate (terst), inflation (uninf), risk premium (rikpr), unemployment (unemp) and money supply (monsp) had a positive effect on most stock portfolios formed. majid and yusof (2009) also conducted research that aimed at testing the effect of macroeconomic variables on stock prices in the malaysian stock market in 2009. 178 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 variables used by majid and yusof (2009) were the kuala lumpur shariah index (klsi); money supply (m3), treasury bill rates (tbr) production price index (ipi), the real exchange rate (reer) and the federal reserve rates (frr). ipi had no significant effect on either klsi on the model 1 and model 2. the m3 had a significant positive impact on klsi in model 1. reer on model 1 and 2 had a significant adverse effect on klsi. tbr in model 2 and ffr in model 1 & 2 had a significant positive effect on klsi. research that conducted by beik and fatmawati (2014) also aimed to examine the influence of international islamic stock price index and the macroeconomic variables of the jakarta islamic index. the variables used were jii as the dependent variable. besides that, index of production (ipi), consumer price index (cpi), money supply (m2), exchange rate, bi rate, sbis, dow jones islamic eu, the dow jones islamic market us, dow jones islamic malaysia (djimy), the dow jones islamic japan (djijp) as independent variables. a similar study also conducted by alfin merancia (2010), which aimed to examine the influence of international islamic stock price index and the macroeconomic variables on the risk of jakarta islamic index and jci. research results indicated that interest rates were the cause of instability risk of jii and jci. the dependent variable, the risk of jakarta islamic index (jii), the independent variable exchange rate, sbi, dow jones and nikkei significantly affect the risk of jii. while the inflation did not significantly affect on jakarta islamic index. on the other hand for the dependent variable risk of a composite stock price index (cspi), sbi and the dow jones stock index had a significant effect on risk of cspi, while inflation rate, exchange rate, and nikkei index is not significant. some recent studies on islamic finance have dealt with the links between islamic financial markets and macroeconomic variables as well as between islamic and conventional financial markets. majid and yusof (2009) study the connection between the monetary policy volatilities and the volatility of stock returns in both conventional and islamic stock markets in malaysia during the period from january 1992 to december 2000. they show that the interest rate volatility affects the conventional stock market volatility but does not have, on the contrarily any effect on the islamic stock market volatility. they found, however, that for islamic stock market volatility, the exchange rate is the crucial indicator of economic instability. using garch models, albaity (2011) investigates the effect of monetary policy, interest rate and the rate of inflation on the islamic stock market indices in malaysia (kuala lumpur syariah index) and the usa (dow jones islamic market index) over the period from april 1999 to december 2007. he finds that in the univariate models, the variance of the two indices influenced by money supply (m2 and m3) and inflation rate. also, in the multivariate model, dow jones islamic market 179 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable index is affected by the interest rate and the inflation rate in the mean and variance equations. in contrast, kuala lumpur syariah index is influenced commonly in the mean and variance equations by money supply m3 and the inflation rate. based on the literature review, shows that measurement of volatility in stock market becomes common in general. thus, we can also infer that there is a gap that needs to fill, which not only to update the works mentioned above but even because a comprehensive study about islamic capital market, therefore this research has purpose of measuring the influence of macroeconomics variables, international islamic indices toward jakarta islamic index. method this research is mainly using time-series secondary data derived from yahoo finance reports, statements publication, and other related, relevant data source if necessary. it can be in the form of digital data such as websites, digital files or nondigital data such as paper, magazine, and sort. this research purpose is to analyze the effect of macroeconomics indicators and international islamic index ( dow jones islamic u.s index (djius), dow jones islamic u.k index (djiuk), ftse japan shariah 100 index (ftsjp) and ftse malaysia hijrah shariah index (ftsmy)) on return volatility of jakarta islamic index. to achieve that purpose data processing techniques which will be used are as follows: first, autoregressive conditional heteroscedasticity (arch) which the model is. yt = b0 + b1 xt + et (1) heteroscedasticity that occurred in the time series data due to an element of volatility. financial data in a certain period have high volatility and also high error variable, then those followed by a period with low volatility and error variable which is also low. a variance of error variable under these conditions will depend on the variance volatility of error variable prior period. in other words, a variance of error variable strongly influences by the error variables prior period. variance equation of error variable in the arch method can write as follows: 2t = 0 + 1 2 t – 1 (2) equation (2) states that the variance of disturbance variable, 2t, has two components: constants and past error variables (lag), which are assumed to be the square of the error variable on past period. model of error variable ,et, is conditional heteroscedasticity in the error variable ett-1. by taking information conditional heteroscedasticity of et, the parameters b0 and b1 can be estimated more efficiently. equation (1) is equation for the output of the equation of mean (conditional mean) while equation (2) is called the equation of variance (conditional variance). 180 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 if variance of the error variable et depends only on the volatility of squared error variable of last period as contained in (2), the model is arch (1). thus in general, the model arch (p) can be expressed in the following equation: yt = b0 + b1 xt + et (3) σ2t = α0 + α1ε 2t – 1 + α2ε2t – 2 +. . . + αp ε 2 t –p (4) second, the garch model, understanding can be preceded by the following regression model: yt = b0 + b1 xt + et ; where et is residual data. (5) while variance of residual data in garch model can be written as follows: σ2t = α0 + α1 ε 2t – 1 + λ1σ 2 t – 1 (6) in the garch model, σ2t variance of residual data are not only influenced by the residual on last period ε2t-1 , but also influenced by the variance of residual data on last period σ2 t-1. residuals model in equation (5) is called garch (1,1) because the variance of residual is affected by residual data and variance for both previous period. in general, garch model, i.e garch (p, q) can be expressed through the following equation: σ2t = α0 + α1 ε 2 t – 1 + . . . + αp ε 2 t – p + λ1σ 2 t – 1 + . . . + λqσ 2 t – q result and discussion stationarity test used to identify whether our time series data contain autocorrelation or not. table 2 shows that dependent variable, jii return volatility, is stationary at 5% significance level. all independent variables are not stationary at 5% significance level. it needed to examine them to 1 differencing stationarity test. after being tested on one differencing stationarity test, all independent variables now have been stationary at 5% significance level because of their adf value are higher (>) than the critical value (5%). heteroscedasticity test used to detect whether the data contain arch garch element. this result did because heteroscedasticity is a detection element of arch. heteroscedasticity testing here was conducted using the method of white heteroscedasticity test (no cross term). the result can show at table 3. based on white heteroscedasticity test result (table 3), probability of obs * r-squared is 0.0146 or less than 5% or 0.05. therefore, the data in this study contain heteroscedasticity. did the data include heteroscedasticity elements, the test procedure may be continued on arch garch method to determine the effect of independent variables on the dependent variable. 181 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable table 2. stationarity test summary variable stage adf test statistic critical value 5% result return jii level -7.834047* -2.889753 stationary bi rate level -2.228027 -2.890037 not stationary 1 difference -4.434045* -2.890037 stationary inflation rate level -2.480754 -2.890037 not stationary 1 difference -6.461414* -2.890037 stationary exchange rate level -0.618387 -2.889753 not stationary 1 difference -9.130402* -2.890037 stationary djius index level -1.886264 -2.889753 not stationary 1 difference -11.50367* -2.890037 stationary djiuk index level -2.672777 -2.889753 not stationary 1 difference -10.16899* -2.890037 stationary ftsjp index level -1.399115 -2.889753 not stationary 1 difference -8.733266* -2.890037 stationary ftsmy index level -0.586845 -2.889753 not stationary 1 difference -9.101977* -2.890037 stationary *the test result is stationary at the 5% significance level. to search for the best model whose the research data is heteroscedasticity, also those do not meet the assumptions of gauss markov theorem, researchers need to do significance testing in searching for the effect of independent variables by using the arch garch. as for the significance parameters using fixed critical value which is said to be significant if the significance value below 0.05 or 5%. here is an overview of the testing of the various models that have established. table 3. heteroscedasticity test heteroskedasticity test: white (no cross trem) f-statistic 2.772604 prob. f(7,95) 0.0115 obs*r-squared 17.47294 prob. chi-square(7) 0.0146 scaled explained ss 20.21671 prob. chi-square(7) 0.0051 for the best model on the test, this time is garch (1,1). this result because although the views of these indicators garch (2,2) and garch (2,1) looks 182 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 better than garch (1,1), but some coefficients of independent variables in the model are not consistent with the relevant theory underlying the relationship of these variables. surbakti et al. (2016) explained that the first thing noticed to choose the best model is the feasibility or validity of the model, then regarding significance, the sign of coefficients, aic and sc with the smallest value are selected as the best model. besides, researchers need to look at the data for autocorrelation existence and its normality. only did the model garch (1,1) qualify for those assumptions because the model normally distributed and spared from autocorrelation. the following is the regression output of arch garch. table 4. garch model summary model r2 akaike info criterion schwarz criterion normality autocorrelation garch (1,1) 0.617485 -3.538871 -3.257492 yes no garch (2,2) 0.630938 -3.449307 -3.116768 yes yes (lag 2,7&8) garch (1,2) 0.604119 -3.501443 -3.194484 yes yes (lag 1) garch (2,1) 0.630746 -3.464110 -3.157151 yes yes (lag 1&8) based on table 5, f test can be done with the following formula: [r2 / (k1)] / [(1-r2) / (n-3)]. it is known that the coefficient of determination 0.617485, the number of variables k = 8 and the number of data 104. [0.6175 / (8-1)] / [(10.6175) / 104-3)]. thus, the calculated f value is 23.83. meanwhile, f table is 2.01. if f count is greater than f table, we will reject h0 and accept ha. in other words, together do independent variables affect significantly on the dependent variable. the result of adjusted r-square value in the regression is used to determine the amount of the dependent variable that is influenced by independent variables. the output above shows that the return variable of jakarta islamic index (jii) described by 0.5893 (58.93%) by the variable bi rate, inflation, currency idrusd, djius, djiuk, ftsjp, and ftsmy together. while 0.4107 (41.07%) as the rest may explain by other variables that are not included in the model. bi rate coefficient indicates a value of -0.057342, which means if the bi rate arises by 1%, return volatility of jii will decrease by 0.057342 ceteris paribus. the result of this study is similar to the outcome of research done by beik and fatmawati (2014) that the bi rate has a negative impact, but it is not significant. similarly, the results found by surbakti et al. (2016) that the bi rate not substantial effect on the jakarta composite index. the negative relationship is consistent with the 183 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable theory of investor relations and interest rates. increases in interest rates can decrease the willingness of corporate sector to invest due to the rising cost of investment. although, the bi rate does not directly affect a company incorporated in the index jii. the increase in bi rate will affect the expected return on the scheme of the direct or indirect financing in the context of the dual banking system economy implemented in indonesia. thus, the increase in the bi rate could delay corporate sector investment and business expansion so that it can lead to lower profitability. table 5. arch garch regression dependent variable: return_jii method: ml arch normal distribution (bfgs / marquardt steps) sample (adjusted): 2008m01 2016m07 included observations: 103 after adjustments convergence not achieved after 500 iterations coefficient covariance computed using outer product of gradients presample variance: backcast (parameter = 0.7) garch = c(9) + c(10)*resid(-1)^2 + c(11)*garch(-1) variable coefficient std. error z-statistic prob. c 0.010577 0.003576 2.958057 0.0031 d(bi_rate) -0.057342 0.024933 -2.299848 0.0215 d(inflation) -0.002604 0.006005 -0.433665 0.6645 d(idr_usd) -8.25e-05 1.13e-05 -7.318375 0.0000 d(djius) -1.29e-05 2.06e-05 -0.622744 0.5335 d(djiuk) 0.000117 4.65e-05 2.513297 0.0120 d(ftsjp) 0.000118 7.37e-05 1.594073 0.1109 d(ftsmy) 3.02e-05 1.11e-05 2.734937 0.0062 variance equation c 2.46e-05 2.27e-05 1.083328 0.2787 resid(-1)^2 -0.066416 0.010969 -6.054719 0.0000 garch(-1) 1.063629 0.000276 3847.163 0.0000 r-squared 0.617485 mean dependent var 0.006130 adjusted r-squared 0.589300 s.d. dependent var 0.066810 s.e. of regression 0.042816 akaike info criterion -3.538871 sum squared resid 0.174154 schwarz criterion -3.257492 log likelihood 193.2519 hannan-quinn criter. -3.424903 durbin-watson stat 2.308035 184 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 inflation coefficient indicates a value of -0.002604which means that if inflation rises by 1%, the return volatility of jii will decrease by 0.002604 ceteris paribus. the result of this study is similar to the results of research done by surbakti et al. (2016) that found a significant adverse effect of inflation on the jakarta composite index. moreover, majid and yusof (2009) also found the same finding that inflation variable had a substantial adverse impact on islamic stock prices. inflation has led to lower purchasing power, especially for consumers with fixed income. the relationship between inflation and islamic stock index occurred when the level of purchasing power decreased due to higher inflation; thereby it will reduce people expenditure (consumption) on the products/output of the economy. this fact will reduce the profit of various industries due to decreased sales revenue. majid (2016) found that the inflation, money supply, and exchange rate affect the islamic stock returns in indonesia. the coefficient of the rupiah against the us dollar showed a value of -0.0000825 which means that if the exchange rate depreciates 100, return volatility of jii will decrease by 0.00825 ceteris paribus. the result of this study is similar to the results of research found by majid and yusof (2009) that the exchange rate had a significant adverse effect on islamic stock index. meanwhile, the result of the similar study also obtained by beik and fatmawati (2014) and rjoub et al. (2009) that the rupiah exchange rate toward the us dollar had an adverse effect but not significant to the jii. effect of currency exchange rate fluctuations will be more dominant in influencing companies engaged in export and import. variations in the form of an exchange rate, said, depreciation can directly affect the price of domestic goods, causing an increase in production costs of a company. this data will reduce the willingness of investors to invest in buying shares of the company. also, a significant negative correlation could also mean that the number of foreign investors still dominate investment in indonesian capital market. this fact causes that depreciation on exchange rate will be a negative sentiment for investors to release their share ownership in the indonesian capital market. so that, the islamic stock indices move lower. dow jones islamic-us (djius) index coefficient indicates a value of -0.0000129 which means if djius index rises 100 points, return volatility of jii will decrease by 0.00129 ceteris paribus. the result of this study is similar to the outcome of research done by beik and fatmawati (2014) that the us islamic stock market has a significant adverse effect on jii. while indonesia, japan, and malaysia perceived as an alternative market. along the us crisis of 2008, investors will move their stock investment into an alternative market in these countries to avoid more significant losses. thus, the decline in us islamic stock prices will cause transfer of funds to the indonesian stock market. that is the explanation why there is a negative relationship between those islamic stock market. besides, the negative association may mean that investors prefer 185 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable to invest in countries with developed islamic capital market. preferences of people to invest in the country also supported with investment-grade ratings of aa + rating for the us issued by s&p. although it is intended for debt securities, the assessment of the investment grade rating at least make the security and comfort sense for investors considering the risk of losing their investment funds due to bankruptcy. dow jones islamic-uk (djiuk) index coefficient indicates a value of 0.000117, which means if djiuk index rises 100 points, return volatility of jii will increase by 0.0117 ceteris paribus. the result of this study is similar to the results of research conducted by beik and fatmawati (2014) that the european regional islamic stock market has a significant positive effect on the jii. the positive relationship means financial crisis exists in the usa may encourage investors to transfer their funds to the united kingdom or indonesia. this is due to the investors preference to invest in countries with developed islamic capital market. as an alternative market, the islamic capital market in the uk has the same investment attractiveness when compared to alternative markets in developing countries. preferences of people to invest in this country also supported by investment grade ratings for the uk is aa rating by s&p. although it is intended for debt securities, the assessment of the investment grade rating at least make the security and comfort sense for investors considering the risk of losing their investment funds due to bankruptcy. financial times stock exchange japan (ftsjp) index coefficient indicates a value of 0.000118, which means if ftsjp index rises 100 points, return volatility of jii will increase by 0.0118 ceteris paribus. the result of this study is different from the result of research conducted by beik and fatmawati (2014) that the japanese islamic stock market significant adverse effect on jii. this positive relationship between these two stock market is possible because the islamic stock market in japan is not as advanced as the usa islamic stock market. this had implication when financial crisis occurred in the us, islamic stock investors might transfer their funds to the uk, indonesia, malaysia or japan as an alternative market. also, considering japan as an alternative market is also support by an investment grade rating of a+ issued by s & p. achievement of the score is lower when compared with the us. thus, investors will feel more comfortable to invest in usa. financial time stock exchange malaysia (ftsmy) index coefficient indicates a value of 0.0000302, which means if ftsmy index rises 100 points, return volatility of jii will rise by 0.00302 ceteris paribus. the result of this study is similar to the result of research conducted by beik and fatmawati (2014) that the islamic stock price index has the significant positive effect on the jii. malaysia islamic stock market has a positive relationship with the indonesian islamic stock 186 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 market. this means that malaysia islamic stock market is complementary to the indonesian islamic stock market (jii). this positive relationship between is possible because the islamic stock market in malaysia might be perceived to be not as advanced as islamic stock market in the united states. implication due to this relationship was when the financial crisis in the us occurred, islamic stock investors will transfer their funds to the uk, indonesia, malaysia or japan as an alternative market. also, the assessment of malaysia as an alternative market is also support by investment grade arating issued by s & p. achievement of the rating is lower when compared with the us. thus, investors will feel more comfortable investing in the usa. kyereboah-coleman and agyire-tettey (2008) found that the lending rates from deposit money banks hurt stock market performance and mainly serve as significant hindrance to business growth in ghana. again, while the inflation rate is found to have an adverse effect on stock market performance, the results indicate that it takes time for this to make effect due to the presence of a lag period. kowanda et al. (2015) conclude that the strait time index and exchange rate affected on indonesian stock index (ihsg). conclusion the variables used in this study have a high degree of volatility so that residual data are not constant or heteroscedastic. thus, regression testing using ordinary least square (ols) here is not suitable. to test these data, the researcher used arch-garch model because this model does not look at heteroskedasticity as a problem, but this model utilizes heteroskedasticity element to create a model in a time series research. tests conducted simultaneously shows that all independent variables simultaneously influence on the return volatility of jakarta islamic index (jii). domestic macroeconomic variables that have a statistically significant effect on the return volatility of jakarta islamic index are the bi rate and exchange rate (idr-usd). both of these variables have a substantial adverse impact on the return volatility of jii. while, the inflation variable does not have a significant effect on the return volatility of jakarta islamic index. meanwhile, the dow jones islamic uk (djiuk) and the financial timesstock exchange of malaysia (ftsmy) are both positive effects on the return volatility of jakarta islamic index. these findings are similar to studies conducted by researchers in the previous studies stating that these two islamic stock markets were complementary to indonesian islamic stock market. the dow jones islamic us (djius) and the financial times-stock exchange japan (ftsjp) however has no statistically significant effect on the return volatility of jii. 187 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 yoghi citra pratama. macroeconomics variable the implications of this study can be used as a reference and the development of literacy in islamic finance. this result will encourage related institutions, universities, education ministries, regulators such as financial services authority and the financial industry to support islamic capital market research in the field of islamic finance, facilitation of writing and publication of international standardized scientific papers. for that, it is necessary to develop synergies and cooperation between elements or stakeholders in supporting the development of experimental works in this field. it is expected the possible scientific work in the area of islamic finance in indonesia in its various aspects can be recognized by the academic community at the international level. references albaity, m.s. (2011).impact of the monetary policy instruments on islamic stock market index return. economics discussion papers, no 2011-26 kiel institute for the world economy. retrieved from http://www.economics-ejournal. org/economics /discussionpapers/2011-26. bahloul, s., m. mroua., & n. naifar. (2017). the impact of macroeconomic and conventional stock market variables on islamic index returns under regime switching. borsa istanbul review. 17 (1): 62-74. doi: 10.1016/j.bir.2016.09.003. beik, i.s. & s.w. fatmawati. (2014). pengaruh indeks harga saham syariah internasional dan variabel makro ekonomi terhadap jakarta islamic index (the impact of international islamic stock market and macroeconomic variables towards jakarta islamic index). al iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). 6 (2): 155-178. doi: 10.15408/aiq.v6i2.1228. hammoudeh, s., w. mensi., j.c. reboredo., & d.k. nguyen. (2014). dynamic dependence of the global islamic equity index with global conventional equity market indices and risk factors. pacific basin finance journal. 30: 189-206. doi: 10.1016/j.pacfin.2014.10.001 kyereboah-coleman, a., & k.f. agyire-tettey. (2008). impact of macroeconomic indicators on stock market performance: the case of the ghana stock exchange. the journal of risk finance. vol. 9 (4): 365-378. doi: 10.1108/15265940810895025. kowanda, d., r.b.f. pasaribu., & a.f. shauti. (2015). pengaruh indeks bursa saham asing dan makro ekonomi terhadap indeks harga saham gabungan di bursa efek indonesia pada tahun 2010-2014 (the influence of foreign stock market index and macroeconomic variables toward jakarta composite index during 2010-2014. jurnal manajemen indonesia. 15 (3): 225-234. 188 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5550 majid , m.s.a., & r.m. yusof. 2009. long-run relationship between islamic stock returns and macroeconomic variables: an application of the autoregressive distributed lag model. humanomics. 25 (2): 127-141. doi: 10.1108/082886609109641. majid, m.s.a. (2016). the short-run and long-run relationship in the indonesian islamic stock returns. al iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). 8 (1): 1-18. doi: 10.15408/aiq.v8i1.2505. merancia, a. (2010). pengaruh variabel makro ekonomi dan indeks regional terhadap risiko jakarta islamic index (jii) dan indeks harga saham gabungan (ihsg) (the influence of macroeconomic variables and regional index on risk jakarta islamic index (jii) and composite stock price index (ihsg)). (unpublished thesis). jakarta: universitas indonesia. sakti, m.r.p., & md. y. harun. (2013). relationship between islamic stock prices and macroeconomic variables:evidence from jakarta stock exchange islamic index. global review of islamic economics and business. 1 (1): 71-84 rjoub, h., t. türsoy., & n. günsel. (2009). the effects of macroeconomic factors on stock returns: istanbul stock market. studies in economics and finance. 26 (1): 36-45. doi: 10.1108/108673709109463. simorangir, i. (2014). pengantar kebanksentralan: teori dan praktik di indonesia. (introduction of bank central: theory and practice in indonesia). jakarta : rajawali pers. surbakti, e.h., n.a. achsani., & t.n.a. maulana. (2016). the impact of macroeconomic variables on jci’s stock return volatility in pre and post global economic crisi. 6 (3): 213-220. tanjung, h. (2014). volatility of jakarta islamic index. al iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). 6 (2): 207-222. doi: 10.15408.aiqv6i2.1231. wahyudi, i., m.k. dewi., f. rosmanita., m.b. prasetyo., & n.i. surya p. (2013). manajemen risiko bank islam (islamic bank risk management). jakarta: salemba empat. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 207 230 received: june 27, 2017; revised: september 04, 2017; accepted: october 10, 2017 bogor agricultural university. jl. raya dramaga, bogor, west java, indonesia e-mail: jaenfendi@gmail.com doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 abstract. islamic insurance in indonesia is potentially expected to grow along with the increase in islamic financial market. hence, this paper aims to develop strategy and policy recommendations for stakeholders of islamic insurance industry in indonesia. this article applied anp approach by classifying it into three aspects, namely problem, solution, and strategy. problem and solution aspects consist of four clusters including internal, customer, competition, as well as regulation. also, strategy offered is the strategy to improve the quality of service, strategy to develop the relationship and synergy between the authorities and the islamic financial institutions. keywords: islamic insurance, niche market, analytical network process. abstrak. asuransi syariah di indonesia berpotensi untuk terus berkembang seiring dengan pertumbuhan pasar keuangan syariah. oleh karena itu, tulisan ini bertujuan untuk mengembangkan strategi dan rekomendasi kebijakan bagi seluruh pelaku kepentingan industri asuransi syariah di indonesia. tulisan ini menerapkan pendekatan anp dengan mengklasifikasikannya menjadi tiga aspek, yaitu masalah, solusi dan strategi. aspek masalah dan solusinya terdiri dari empat kelompok meliputi masalah dan solusi internal asuransi syariah, masalah dan solusi pelanggan, masalah dan solusi persaingan, serta masalah dan solusi regulasi. selain itu, strategi yang ditawarkan adalah strategi untuk meningkatkan kualitas layanan, strategi untuk meningkatkan hubungan dan sinergi antara pihak berwajib dan lembaga keuangan syariah. kata kunci: asuransi syariah, ceruk pasar, analytical network process how to cite: effendi, j. (2018). islamic insurance: a potential niche market of indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 207 – 230. doi: http//dx.doi. org/10.15408/aiq.v10i1.5330 islamic insurance: a potential niche market of indonesia jaenal effendi 208 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 introduction islamic insurance has proliferated in the industry of islamic finance in the world. rahman (2009) predicted that its development would continue to grow approximately 15-20% per year. islamic insurance or takaful continues to grow and show its contribution in the insurance market of indonesia as the largest muslim country, which has a population of 254.9 million people (bps 2015). this number is a huge potential market for islamic insurance products. table 1 shows the development of national islamic insurance from 2014 to 2016 based on association from islamic insurance society in indonesia or aasi. table 1. development of islamic insurance for the last 5 years (in billion idr) indicator 2014* 2015* growth (%) 2016* growth (%) asset 17,198 23,803 27.75 28,967 17.83 investment 14,816 20,808 28.80 25,726 19.12 contribution 2,085 2,497 16.50 2,753 9.30 source aasi (2016) table 1 shows that the number of the asset, investment, and contribution of islamic insurance during 2014 to 2016 slowly increased through their growths slightly decreased. also, its contribution or premium market share compared to its counterparts was only 5.79% and its penetration to the total national population was only 0.095% in 2016 (aasi, 2016). it indicates that islamic insurance should penetrate more market by conducting more development strategy. sherif and shaairi (2013) stated that the development of islamic banks positively affects the demand for islamic insurance or takaful in malaysia. however, the development of islamic insurance in indonesia is quite low when compared to the growth of islamic banking industry. it seen from the side of total asset of which the islamic commercial bank (bank umum syariah, bus) and islamic business unit (unit usaha syariah, uus) had a total asset of idr 331,763 trillion per september 2016. total asset of islamic banking was much more than islamic insurance that amounted to idr 23,640 trillion (ojk 2016). there is a high relationship between islamic financial institution, particularly islamic bank and insurance. islamic bank should direct its customers, who conduct financing to the insurance company, which comply sharia principles. therefore, the islamic bank is one of the potential biggest markets of islamic insurance. the number of financing and third funds in 2011 to 2016 shown in figure 1. 209 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia figure 1. number of financing and deposit funds in islamic banks based on figure 1, the total financing of islamic banks tended to increase in 5 years. statement from aasi in 2017 stated that on average, contribution that has to be paid for financing contract was approximately 2% per total financing based on the in-depth interview with experts therefore, it would be amounted to idr 4,700 billion. in fact, the total contribution of islamic insurance was only idr 2,753 billion. it implies that islamic insurance has not optimized its potential market. furthermore, it needs more strategies to increase its market. hence, this study aims to develop strategies and policy recommendations for stakeholders, governments, and related institutions in the development of the islamic insurance in indonesia. literature review the rapid development of islamic finance industry is correlated positively with the growth of islamic insurance. islamic insurance system has the concept of risk sharing rather than risk transfer like conventional insurance. the differences in conventional and islamic insurance systems are explained by soemitra (2014) in table 2. islamic insurance schemes contain aspects of sharia values that are not shared by conventional insurance systems, namely the principles of fairness, transparency, and risk sharing. the principle of risk sharing owned by islamic insurance will extend the protection of property or life for disadvantaged members. if islamic insurance company has surplus of funds, then it can be used to pay zakat or distributed to assist the construction of public infrastructure projects, such as school construction, hospitals, and other matters that are permitted by islamic 210 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 law (swartz and coetzer, 2010). the other advantage is that islamic insurance products cannot only be marketed to muslim communities but non-muslims as well. for instance, shariah compliant market share in non-muslim province areas such as east nusa tenggara and north sulawesi is experiencing encouraging growth. in addition, islamic insurance products have even attracted non-muslim communities, despite obvious religious and cultural differences in malaysia as a multi-racial country, (swartz and coetzer, 2010). table 2. the differences between islamic and conventional insurance aspect islamic insurance conventional insurance the existance of sharia supervisory board (dps) has dps has no dps contract tabarru contract among the members tijarah contract between the member and insurance company contract is similar to buying and selling (ta-badduli) investment activities free from riba and others activities that violate sharia principles not free from riba and others activities that violate sharia principles the ownership of the funds members have the right of the funds while insurance company just manage the funds insurance company has the right of the funds the source of claim funds tabarru’ funds from the insurance company’s fund account profit profit sharing among companies and insurance participants according to the proportion that has been determined. all profits belong to the insurance company concepts risk sharing risk transfer accounting system cash basis accrual basis some of previous studies about islamic insurance described the factors affecting islamic insurance preference such as husin and rahman (2016). results of this study were individual factors such as awareness, knowledge, and exposure impact on takaful (islamic insurance) participation. study by akhter and hussain (2012) analyzed about takaful standards and customer perceptions affecting takaful practices. the results of this study showed that the standard of reporting and internal controls had a low level of obedience among insurance operators. a survey on insurance customer revealed that the majority of respondents (91%) 211 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia were unaware of takaful concept. moreover, education was found to be a factor affecting the income of respondents, perception, and awareness level of takaful. other study was conducted by husin et al. (2016) discussed about the roles of mass media, word of mouth, and subjective norm in family takaful purchase intention. the results of this study concluded that subjective norm, word of mouth, and mass media significantly affected consumers’ intention to purchase family takaful. studies on takaful around the world were conducted such as by sherif and shaairi (2013) that explained the determinants of demand on family takaful in malaysia. the result of this study showed that income, development of islamic banking, education, dependency ratio, and muslim population were positively related to demand for takaful. on the other hand, inflation, real interest rates, financial development, and life expectancy negatively affected the use of family takaful. other study was conducted by maturi (2013) described about islamic insurance in the uk. the study revealed a result of a survey about respondents’s tendency to buy insurance for car, health, home, and its property if it has the same transaction form as conventional insurance as well as competitive prices. the study also showed that there was a lack of awareness of takaful and its main principles. echchabi and olorogun (2014) described about islamic insurance prospects in tunisia. overall, the result showed that customer in tunisia was willing to use the service. in addition, the ability of islamic insurance services became a decisive factor of their decision. al-amri (2015) explained the takaful insurance efficiency in the gcc countries. results of this study indicated that takaful industry in gcc was very efficient in terms of technical and pure technical efficiency. however, it was categorized as “fairly” efficient in term of cost since there were great opportunities for improvement. the highest technical efficiency score was obtained by uae and qatar, while saudi arabia and the uae were found to be the most efficient countries in terms of the cost among the gcc countries. rahman (2009) in his study entitled ‘takaful: potential demand and growth” aimed to describe the potential of demand and growth of takaful worldwide. the result of this study showed that takaful industry increases each year and is expected to continue to grow by 15% 20%. method this research applied the analytic network process (anp) approach. this approach is the development of analytical hierarcy process (ahp) method. ahp method is a weighting method often used in designing a performance measurement system (hidayati, 2012). it is a decision support model developed by thomas l. 212 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 saaty. this decision support model is multi-criteria in assessing the priority of criteria and indicator used (ibrahim et al., 2013). this study consisted of several stages of anp modeling grouped into three phases. the first phase was a model construction or decomposition to identify, analyze, and structure the problem complexity in anp network. in this phase, a literature review was conducted to gather problems associated with the object examined. later, problem complexity was structured into the anp framework. understanding the problem can be done through theoretical basis, literature study, questionnaires, and in-depth interviews. validating the model to experts and practitioners who were respondents was conducted further. the second phase was model quantification or pair comparison. in this phase, anp questionnaire was prepared and a survey of experts and practitioners was performed. questionnaires were made in accordance with the anp framework. then, numerical scale was given. distribution of questionnaires was carried out separately for each respondent. filling the questionnaire was done by assigning numerical scale of 1-9 to determine which one of the two that has greater influence (more dominant) and how big the difference as seen from one side. the third phase was the synthesis and analysis result. data processing and synthesis were done using anp software namely super decisions. after the data was processed using super decisions, conclusions, and decisions were made. results and discussions identification of problems, solution, and strategy in the industry of islamic insurance the process of identifying problems in this study was performed through literature review, in-depth interview, and focus group discussions (fgd). in the stage of analytic network process (anp), in-depth interview with experts was conducted to explore problems occurred in islamic insurance industry. in addition, aspect of solution was also identified to provide answer as well as to design appropriate strategies to solve the problems. problems were also examined through literature study by exploring journals, scientific papers, and other relevant sources. problem in the development of market potential in islamic insurance was detected in four clusters, namely internal problem of islamic insurance, problem of customer, problem of competition, and problem of regulation. explanation of each cluster of problems and solutions is as follows. 213 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia internal problem and solution of islamic insurance there were four criteria of problem and alternative solution in the cluster of internal problem, namely problem and solution of socialization and product promotion; problem and solution of human resource; problem and solution of technology; and problem and solution of product development. the important aspects that affect the development of a product are marketing and socialization of the product itself. this is consistent with research conducted by husin et al. (2016), which showed that the role of mass media or promotion significantly affected consumers’ intention to buy family takaful. in addition, marketing is an organizational function and a set of process for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit both organization and its stakeholders (kotler and keller, 2009). along with the growth and development of the business world, high competition between companies rises as companies intend to strengthen their position in the market. market forces will be formed when the marketing and promotion is effectively and efficiently performed. result of in-depth interviews with several experts showed that islamic insurance has not yet maximal in marketing and promoting its products to public. this causes the islamic insurance market could not rapidly develop as islamic finance industry with a very large portion. islamic insurance market is supposed to be in line with the growth of islamic financial institutions as a whole (fgd, 2017). solution concerning the lack of socialization and promotion of islamic insurance products is the optimization of marketing strategies, both in traditional and modern ways. traditional marketing strategies such as the creation of pamphlets, brochures, sales marketing, and advertising need to be supported with modern promotional approaches such as online marketing, digital marketing, advertising in the electronic media, television, social media and so on (fgd, 2017). this is also supported by a study conducted by saputra and mahalli (2014). a classic problem in many islamic financial institutions is the limited human resources (hr) both in terms of quality and quantity. hr quality can be seen from the performance of employees. the lack of islamic business knowledge would make a quite structured weakness of islamic insurance itself. when hr is able to explain the knowledge of islamic finance, they will be able to provide excellent service and make a stronger positioning in the market of the national insurance industry. on the other hand, the number of employees in the islamic insurance company is still minimal. a small quantity of islamic insurance employees and agents would result in an impact on excellent service provided to customers (fgd, 2017). 214 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 to deal with the problem of limited quality and quantity of human resources, increase in quantity and improvement of quality can be achieved by increasing the number of hr and capacity improvement through gradual training and coaching in each level. this is consistent with research conducted by apriandi and findi (2013) as well as ascarya and yumanita (2009). moreover, recruitment of prospective employees can be applied by cooperating with higher education institutions both public and private, which offer a program of sharia economics, islamic finance and business, sharia management, islamic banking, and islamic accounting. the readiness of employees of higher education institutions can be prepared through a short course or certain professional certifications related to division required (effendi, 2017). it is supported by a study carried out by saputra and mahalli (2014) and fgd (2017). industrial development is influenced by the rapid development of information technology. an industry must be able to adapt to the development rate of information technology. technology can be a serious threat and a huge opportunity. industrial companies, both that provide goods and services, should be able to take the opportunity concerning the presence of world digitalization that has globally spread. conventional customers have changed into modern customers who feel more comfortable to do surfing on the internet and other media. islamic insurance company is seen to have not yet utilized the existing information technology (imaby, 2017, noekman, 2017). hopefully, technology can simplify the existing service facilities such as registration, donation deposit, accountancy, risk claim, and its redemption can be performed online to eliminate face to face transaction. easiness through technology-based transactions is highly anticipated by customers and prostective customers. solution offered is the optimization of information technology for the expansion of marketing, targeting new insurance customers, performing transactions via online systems, and so on. islamic insurance is expected to be able to capture the moment of digital world movement with optimal and excellence service. upgrading the existing system, both in term of management and technology, is an appropriate solution for capturing great potential of national islamic insurance market. this statement is supported by research conducted by ichsan (2011); saputra and mahalli (2014). development and innovation of product is an important aspect in a company. islamic insurance is a new player in the world of national insurance industry, which began in 1994 with the establishment of pt. syarikat takaful indonesia. products of islamic insurance are still considered to be monotonous and less varied. thus, product innovation and its development are required in order to compete with 215 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia other competitors in the market. internal personnel of islamic insurance should make a new breakthrough in the development of products, which later becomes special characteristics of islamic insurance. development of product is done by observing consumer and the existing market pattern. furthermore, aspect of service should also be upgraded considering the fierce competition of insurance industry. service excellence is one of the key answers to boost the potential of national islamic insurance market. most people are still being rationalist/opportunist than being idealist or emotionalist. when conventional insurance service is performed better and more comfortable, people will remain to be loyal as its customers. it is a rationality encouragement (fgd, 2017). similar statement was also stated by noekman (2017), and imaby (2017). problem and solution of customer there were four criteria identified in the aspect of problem and solution of customer included the lack of customer willingness to perform sharia transaction, the lack of understanding of islamic insurance, rational encouragement, and habit to use conventional insurance and perception of mimicry of conventional insurance products. explanation of problem and solution of customer will be outlined as follows: approximately, 85% of indonesian people are muslims amounted to 240 million people that is a huge potential. however, this number was not in line with the total number obtained by the overall market share of national islamic financial institution including islamic insurance. market share of islamic insurance in 2015 amounted to 5.98% of total islamic insurance industry. this percentage indicates that many muslim communities in indonesia have not joined the islamic finance transactions. maturi (2013) stated that most of the customers of takaful have lack of willingness of the takaful principles. in addition, husin and rahman (2016) described that willingness and knowledge are able to affect more participants to joint takaful. many factors are possible to be the reason and one of them is the unwillingness of people to perform sharia transaction. imaby (2017) stated that the result of an indepth interview showed that society in general know the interest system and usury are forbidden, and also know that the system ensnares a party. the big problem is public awareness to participate in the development of national islamic finance industry by becoming customer of related industries. another concern expressed in fgd (2017) is that the unwillingness will remain exist since public think that islamic insurance is similar to conventional insurance. until now, both society and industry players have less knowledge of islamic insurance. akhter and hussain (2012) conducted a research and found that about 91% of the respondents do not understand about takaful concept. moreover, maturi 216 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 (2013) described that most of the respondents of his research know little about the main principles of islamic insurance. most of the respondents just concerned about riba and maysir. some of them believed that the transaction forms are just similar with its counterparts. today’s society as well as several industry players understand that islamic insurance has the same concept as conventional insurance. the concept of risk sharing that is the characteristic of islamic insurance is poorly understood by industry players, which cause users or people still think that the concept of islamic insurance is risk transfer. the existence of risk sharing concept especially if it is socialized properly will show that islamic insurance industry has advantage compared to conventional insurance (noekman, 2017). motive of people in choosing insurance is still largely driven by rationality. preference of people in choosing insurance is based on facilities, services and benefits they will get. several insurance users assume that islamic insurance does not provide better services compared to conventional insurance. some of them also think that islamic insurance does not promise high returns compared to conventional insurance, even users of insurance who already have conventional insurance policy are reluctant to switch to islamic insurance because they consider that islamic insurance is not different from conventional insurance (fgd, 2017). limited variety of products offered by islamic insurance and lack of education regarding the different between islamic insurance and conventional make people assume that islamic insurance mimics the products of conventional insurance. in fact, some people think that islamic insurance is the same as conventional insurance and the only difference lies in the label of “sharia” in islamic/sharia insurance. therefore, this is a hard work for the industry players in order to educate people properly and to create more varied products that are still within the corridor of sharia (fgd, 2017 and noekman, 2017). problem and solution of competition conventional insurance has existed longer than islamic insurance. it is therefore not surprising that conventional insurance is more widely known by public than islamic insurance, which had just entered the national insurance market several years ago. marketing strategy, adequate infrastructure, and professional human resources also support the existence of conventional insurance. thus, the market penetration of conventional insurance is rapidly growing (fgd, 2017). the growth of islamic insurance asset currently is quite well which was about 21.69 percent in 2016 (aasi 2016). however, market share of islamic insurance is still relatively small compared to conventional insurance. in terms of assets, market share of islamic insurance only reached 5.63 percent in 2016 (aasi 2016). it is 217 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia a hard work for islamic insurance to increase its market share since the growth of conventional insurance is supported by adequate infrastructure and human resources. pricing of premium or donation in islamic insurance for some people is still seemed to be less competitive and still-oriented to pricing of conventional insurance. moreover, concerning the claim, most islamic insurance may not cover the costs or losses to customer because the type of funds in islamic insurance is tabarru. thus, it cannot cover all costs or losses of customers as in most conventional insurance. problem and solution of regulation some financial institutions and other institutions that issue islamic/sharia products do not use islamic insurance as a means of protection. for example, some financing activities in several islamic banks still use the services of insurance broker. some brokers may already use islamic insurance, but some other still use conventional one. apart from islamic banking, sukuk as an islamic product still uses conventional insurance. similar case is also found in hajj and umrah of which most pilgrims still use conventional insurance. conventional insurance often cooperates with conventional company. therefore, whenever people register for hajj and umrah, they will be directly registered to conventional insurance. brokers of insurance so far are not supervised by appropriate authority of sharia compliance despite they handle many customers of islamic banks. brokers should be given restriction so that they insure the customers of islamic banks in islamic insurance. during this time, if customers do not ask for islamic insurance products, the broker will automatically use conventional insurance. aspect of strategy strategy to improve the quality of service some references from insurance-related journals showed that service provided by insurance companies is the main consideration taken by customers in choosing insurance products, both islamic and conventional insurance. moreover, there is also increasing rationality of customers in choosing products and insurance company that can provide excellent service quality and promised benefits. in tunisia, echchabi and olorogun (2014) mentioned that custumers are willing to adopt islamic insurance service. it becomes the main factor that affects them to choose the islamic insurance. therefore, strategy for improving the quality of service for islamic insurance in order to increase the number of customers is 218 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 necessary. in this case, improvement of quality and quantity of human resources in islamic insurance is one effort in improving service quality of islamic insurance (fgd, 2017, noekman, 2017). strategy to improve the relationship and synergy between authorities and islamic financial institution islamic finance industry consists of islamic banking, islamic capital markets, islamic insurance, and other islamic non-banking financial institutions. therefore, synergy or cooperation between relevant institutions is necessary so that they will together grow and develop. one example is the cooperation between islamic banking and islamic insurance. regulation that states islamic finance should use islamic insurance shows that islamic products must be performed as a whole. thus, it cannot be mixed with conventional products (fgd, 2017). strategy to socialize islamic insurance products some journals related to preference for islamic insurance mentioned that islamic insurance requires socialization or promotion in order to expand the market. more socialization conducted by industry players is necessary since it is considered inadequate. besides, education about islamic insurance products is yet not enough. it can be seen from the lack of public knowledge in islamic insurance product that applies the principle of risk sharing. additionally, many people think that islamic insurance is the same as conventional insurance. therefore, relevant authorities to increase promotion and at the same time provide education for public in general and insurance clients can also assist islamic insurance companies in particular (fgd, 2017). supporting affirmative policy from the authority and government to promote islamic insurance industry, cooperation in the form of affirmative policy from related government agencies such as the ojk (otoritas jasa keuangan, financial service authority), the ministry of finance issuing sukuk, and the ministry of religion that facilitates the pilgrimage. this affirmative policy aims to restrict conventional insurance entering the market that should be owned by islamic insurance, such as islamic banking, islamic capital market (including sukuk of government and corporate), as well as insurance for hajj and umrah. currently, regulation on the use of conventional insurance in islamic finance industry is still considered less binding. 219 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia conceptual framework of anp in the description concerning problem that exists in strategy to increase market potential of islamic insurance, there are four categories obtained, namely internal of islamic insurance, customer, competition, and regulation. in addition, clusters of problem identification in this study are shown as follows of conceptual framework of analytic network process (see figure 2). figure 2. conceptual framework of research mapping and increase in market potential of national islamic insurance strategy to improve the quality of service strategy to socialize islamic insurance products strategy of affirmative policy from the authority and government strategy to improve the relationship and synergy between authorities and islamic financial institution problems solution strategies internal of islamic insurance customer competition regulation 1. lack of socialization and promotion of islamic insurance product 2. limitation of human resource 3. information technology has not been fully yet utilized 4. lack of development of product and services 1. no/lack of willingness to perform sharia transaction 2. lack of understanding of islamic insurance 3. rational encouragement and habit to use conventional insurance 4. perception of mimicry of product 1. existence of conventional insurance 2. the growth rate of conventional insurance 3. pricing of premium and amount of claim on risk 1. enforcement of sharia aspect is not yet strict 2. the absence of authority that regulates broker 1. optimization of marketing strategy: traditional and modern 2. increase the human resource: quantity &quality 3. optimization of information technology 4. development of products and services 1. understanding of the restriction of conventional insurance: usury 2. socialization to the society regarding islamic insurance 3. provide incentive from product 4. development of product differentiation 1. market penetration of islamic finance industry 2. improve the performance of islamic insurance 3. compete in premium pricing (donation) and claim on risk 1. lenient application of sharia aspects 2. the need of egulation from the authority related to broker traffic 220 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 based on the result of survey on six respondents of experts, questionnaire data collected from those six respondents were then processed according to the result of questionnaire of each respondent by considering the framework of anp. in this stage, overall results obtained from respondents’ opinion would be discussed and the results of problems, solutions, and strategies would also be explained according to respondents by considering geometric mean to observe priorities and rater agreement (w), which shows the agreement of respondents in an effort to increase the potential market of islamic insurance. result of rater agreement of cluster of problem figure 3 shows that respondents of experts see that the lack of socialization and promotion of islamic insurance products to public (0.28) is the first priority of existing problem in efforts to increase potential market of islamic insurance, which is followed by limitations of human resources both in quality and quantity (0.26). the third priority is the lack of development of products and services(0.24) and the last is the lack of utilization of information technology at maximum (0.20). this study places lack of human research as a second priority, but most of the researches stated that limitation of human resources is the main problem for most of islamic financial institutions such as researches conducted by rusydiana and devi (2013), apriandi and findi (2013), as well as ascarya and yumanita (2005). however, study by husin et al (2016) is consistent with this research. figure 3 result of rater agreement of intenal problem the next problem is the problem of customer, which consisted of four criteria. according to the processing result in figure 4; from six respondents of experts, a 221 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia thread priority is able to be pulled, which starts with the first priority that is the lack of understanding of islamic insurance both conceptually and operationally (0.31). the next is the rational encouragement and habit in applying conventional insurance transactions (0.25). the third level in priority of problem of customer is the lack of willingness to perform sharia transaction (0.23) and followed by perception of mimicry of conventional insurance products (0.19). the lack of public understanding is considered as priority problem within the customer. it is surely will be a priority to increase the market potential by solving the problems of lack of public understanding concerning islamic insurance. this result is similar with studies concted by akhter and hussain (2012) as well as maturi (2013) that mentioned most of respondents of their research have lack understanding of islamic insurance. figure 4 result of rater agreement of customer’s problem in term of criteria of competition’s problem, there are three aspects obtained. result of data processing from these criteria was dominated by the long existence of conventional market (0.35). this condition illustrates that competition faced by islamic insurance in national insurance industry is extremely hard as islamic insurance started to develop in 1993-1994, while conventional insurance has already established for a long time. thus, market is mostly dominated by conventional insurance. the next priority is the growth rate of conventional insurance. this is certainly driven by the long existence of conventional insurance industry that the growth rate is still quite high (0.33). the last priority is the competition in premium pricing and the amount of claim on risks conferred by the opponent industry (0.30). considering the three values that have almost the same level of interest with range of 30 percent, it means that the three problem identifications are equally strong in term of industrial competition. (see figure 5). 222 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 figure 5. result of rater agreement of competition’s problem at the stage of identification of regulation’s problem, there are only two criteria namely the lenient enforcement of sharia aspects in national islamic insurance industry and the absence of authority that legally regulates brokers in the market. all respondents agreed that the main priority is the implementation of sharia aspects enforcement which is not yet strict (0.53) percent and the broker regulation problems (0.47). so far, islamic banks and other islamic financial institutions still use the services of brokers of which their position have not yet been fully regulated in the aspects of sharia. this leakage can reduce the potential of islamic insurance market. (see figure 6). figure 6 result of rater agreement of regulation’s problem figure 7 describes that there are many different patterns appeared between respondents of practitioners and respondents of academics. expert 3, 4, 5 and 6 are expert of practitioners who consider that regulations or rules of insurance industry is the principal problem in the development of islamic insurance market, while practitioners considered that intenal aspect is the main priority. however, value of limiting priorities indicated that both of them achieved the same value of 0.28 of each and followed by problem of customer and competition of 0.21 and 0.19 percent, respectively. 223 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia figure 7. result of rater agreement of cluster of overall problem result of rater agreement of cluster of solution in the aspect of intenal solution in islamic insurance (figure 8), experts stated that the main solution is the development of product (0.28), followed by optimization of marketing strategy (0.25). these two things became the core priority to boost the potential of the existing insurance market. the development of more innovative products and good marketing strategies with traditional and modern models is considered capable and be a pressing point of problem solving for internal of islamic insurance. the third priority is the optimization of information technology in various transactions (0.23). this result was because technological developments can be a massive crawler of market as the presence of customer pattern shift now. at last, improvement of human resources can be done through in both quantity and quality through training, coaching, and assignment (0.22). figure 8. result of rater agreement of solution of internal in the aspect of solution of customers, result of data processing from experts as seen in figure 9 shows that sosialisation of products to public is considered very important and is the focus of priorities in the solution of customer (0.29), followed by the development of islamic insurance product differentiation (0.24). product 224 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 that has a specific and particular characteristic can attract customers. the third and fourth priority is the understanding of restriction to use conventional insurance concerning transaction of usury, gharar and maysir which achieved (0.23), as well as aspect of incentive given for islamic insurance products (0.23). figure 9. result of rater agreement of customer’s solution solution of competition offered in this study contained three criteria with the main priority is to improve the performance of islamic insurance with value of limiting varieties (0.37). experts believed that good performance will result in good impact to survive in a competition. strong performance is the basis to deal with conflicts of national industrial market. the second priority obtained (0.34) for industrial market penetration of islamic financial institution industry, which was followed by competition in premium pricing and mostly in coverage of risk dependents provided to customers (0.28). (see figure 10). figure 10. result of rater agreement of competition’s solution criteria of solution of regulation occupied the first priority by strict application of sharia aspects operationally as well as the flow of insurance dependents with the amount of insurance dependents (0.52). respondents in 225 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia this study considered that the position and the appointment of islamic insurance have not been fully carried particularly when overcome the underlying for sukuk insurance. the second priority is the need for regulator or authority to cover the broker traffic flow in the national insurance industry (0.48). (see figure 11). figure 11. result of rater agreement of regulation’s solution figure 12 shows that the solution to be the main priority is solution of internal of islamic insurance (0.30). it is followed by two criteria with the same value namely solution of regulation and solution of customer (0.24). problems of regulation and customer are considered essential to be resolved and addressed. practitioners will be more comfortable playing with regulations that will encourage the growth and development of islamic insurance. the last priority was competition, which is considered less to be the focus of problem because it can be resolved when the internal of islamic insurance has been secured. figure 12. result of rater agreement of cluster of solution figure 13 shows various strategies offered by the experts. all experts believe that the strategy of improving service quality is able to push the rate of development 226 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 and to boost the market potential of islamic insurance today. quality of service becomes a full reflection in any industry, higher service quality result in increased customer and market, vice versa (0.29). it is followed by the strategy to socialize products (0.27) the improvement of relationship and synergy of islamic financial institutions as a whole (0.25). the last priority given rate by the respondents of expert was affirmative policy that supports sharia industry from the authority and government (0.18). this finding shows that there is still lack of regulation that supports the development of islamic insurance market. figure 13. result of rater agreement of cluster of strategy result of geometric mean of problem discussion of geometric mean indicates the level of priority that is considered the most significant to apply to increase the market potential of islamic insurance by respondents of experts in this study. geometric mean intends to examine the trend in all respondents when regard the problem. figure 14. result of geometric mean of problem 227 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia figure 14 shows that the biggest problem of internal was occupied by the lack of socialization conducted by islamic insurance to public (7.56), followed by the lack of development of products and services (6.08). these two problems are believed to be the key problems, which exist all the time in islamic insurance. socialization and innovative level that are not maximal become problems that should be solved well. the last is the limitation of human resources and utilization of information technology that is not maximal with results of 5.6 and 5.16, respectively. customer’s problem considered the most dominant is the lack of understanding of islamic insurance both operationally and conceptually. it results in less willingness in performing sharia transaction. furthermore, in terms of competition, the existence and strong conventional insurance industry were found to hamper the development of islamic insurance market. in addition, strengthening the aspects of sharia in field implementation with a value of 7.50 can solve problem of regulation. figure 15. result of geometric mean of solution result of geometric mean of solution in the aspect of solution, geometric mean, which shows the tendency of all respondents of experts on solution of internal is the development of islamic insurance products with a value of 8.30 and was followed by solution of customer through socialization with a value of 8.46 in criteria of solution of internal, product development is considered as the key solution to develop good industrial foundation and maximum socialization to the community, which can be a solution of customer’s problem. concerning the solution of competition, respondents thought that improvement of performance is able to strengthen the position in the existing 228 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 industry competition with geometric mean value of 8.30, while solution of regulation is still occupied by strict application of sharia aspects as seen in the value of rater agreement in figure 15. result of geometric mean of strategy considering the result of strategy, improvement of service quality obtained the first priority with a value of 8.46 and followed by socialization of product, which reached a value of 7.69. two strategies are considered the most appropriate to increase the potential of national islamic insurance market. excellent service and intensive socialization will certainly have impact on market increase both from customers and competition. on the other hand, improvement in relationship and synergy between the authorities and islamic financial institution also considered to be increased without denying that the existing regulations are able to facilitate and promote the development of national islamic insurance industry (see figure 16). figure 16. result of geometric mean of strategy conclusion in efforts to increase the potential of islamic insurance market, this study applied anp approach by classifying it into three aspects, namely aspect of problem, solution, and strategy. aspect of problem and solution consist of four clusters including problem and solution of internal of islamic insurance, problem and solution of customer, problem and solution of competition, also problem and solution of regulation, while strategies offered are strategies to improve the quality of service, strategy to improve the relationship and synergy between the authorities and the islamic financial institutions, as well as strategy of affirmative policy that supports the development of islamic insurance by the authorities and government. 229 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5330 jaenal effendi. islamic insurance: a potential niche market of indonesia results of data processing from six experts indicate that the predominant cluster of problem of internal to be resolved is the lack of socialization. moreover, in term of customer’s problem, it is the lack of understanding of customer on islamic insurance. the last, the existence of conventional insurance industry is problem considered the main problem in the cluster of competition. cluster of regulation has priorities on enforcement of aspects of sharia in islamic finance industry. on the other hand, the priority of solution is prioritized in cluster of solution of internal with criteria of product development and service and criteria of marketing optimization through traditional and modern media. finally, strategy believed to be able to increase the market potential of islamic insurance is the strategy to improve service quality, followed by the strategy of socialization of islamic insurance products. references akhter, w., & t. hussain. 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(2011). revisiting and redefining the concept of retakaful and the viability of its model in malaysian takaful industry. business & management quarterly review. 2(4): 20-32. raditya hendra pratama1, resi ariyasa qadri2, akhmad khabibi3 abstract. this study aims to design a cash waqf governance framework for financing infrastructure in indonesia's new capital, nusantara. the academic literature review is used to accomplish the research goals. the findings indicated that the waqf program can fund capital infrastructure development projects. our results offer a cash waqf model linked to the muḍarabah contract to pay for the state capital's relocation. the government can utilize this information as a springboard for developing financing regulations based on islamic finance. by integrating pertinent stakeholders, further studies can employ the model created through grounded theory. by conceiving of a cash waqf system for funding public infrastructure development, our article advances islamic finance literature. keywords: cash waqf; infrastructure; capital relocation; constructivist; scoping review; indonesia abstrak. kajian ini bertujuan untuk merancang kerangka tata kelola wakaf uang untuk pembiayaan infrastruktur di ibu kota baru indonesia, nusantara. kajian literatur akademik digunakan untuk mencapai tujuan penelitian. temuan menunjukkan bahwa program wakaf dapat mendanai proyek pembangunan infrastruktur modal. hasil kami menawarkan model wakaf tunai terkait dengan kontrak mudharabah untuk membayar relokasi ibukota negara. pemerintah dapat memanfaatkan informasi ini sebagai batu loncatan untuk mengembangkan regulasi pembiayaan berdasarkan keuangan syariah. dengan mengintegrasikan pemangku kepentingan terkait, studi lebih lanjut dapat menggunakan model yang dibuat melalui grounded theory. dengan memahami sistem wakaf tunai untuk mendanai pembangunan infrastruktur publik, artikel kami memajukan literatur keuangan islam. kata kunci: wakaf uang; infrastruktur; pemindahan ibukota; konstruktivis; tinjauan lingkup; indonesia the “nusantara” cash-waqf model: designing alternative scheme for infrastructure financing al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 159 186 1,2,3polytechnic of state finance stan, indonesia e-mail: 1h3ndra@pknstan.ac.id, 2resi.ariyasa@pknstan.ac.id, 3akhabibi@pknstan.ac.id author: raditya hendra pratama received: 25 april 2023 accepted: 20 june 2023 published: 31 june 2023 160 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction since the dutch colonial era in indonesia, jakarta has been chosen as the nation's capital. however, jakarta's lengthy tenure as the country's capital came to an end with the article law no. 3 of 2022, which officially transferred the national capital of the republic of indonesia to north penajam paser city in east kalimantan (bappenas, 2021). president joko widodo has declared a new capital of indonesia, located in north penajam paser, namely "nusantara" (fristikawati et al., 2022; syahril dwi prasetyo et al., 2023). the anticipated start date for indonesia's capital relocation will be from 2025 to 2045. in light of these realities, the government of indonesia will require a sizable sum of money to carry out its plan to relocate the capital. the project cannot be supported solely by the state budget. to support funding for the capital relocation, the government requires additional financing options outside the state budget (apbn). to help the government fund the infrastructure development in nusantara, substantial and long-term financial support is needed (solventiani & amaliah, 2022). one of the various financing alternatives available to the government is unarguably the cash waqf scheme. cash waqf assets have played a crucial part in the growth of islamic finance's socially relevant role (thaker, 2018). there is potential to combine islamic social fund and state budget for financing economic development, according to several earlier research such as ascarya et al. (2022), pratama et al. (2020), thaker et al. (2018), and yasni and erlanda (2020). the cash waqf, as referred to law number 41 of 2004, is defined as a form of legal action, which should be in line with sharia law, performed by a waqf donor or wāqif to permanently or temporarily utilize all or a portion of the money possessed by the waqf donor, without losing even a penny, for religious purposes or general welfare aims (hendrik & mufidah, 2019). if the cash waqf scheme satisfies all six requirements based on law number 41 of 2004, which are the presence of waqf donor, nāẓir or waqf institution, clarity about the cash waqf assets, making cash waqf promises, clarity regarding the allocation of cash waqf assets, and clarity regarding the tenure of the cash waqf, then the cash waqf scheme is considered legal and can be implemented for infrastructure financing in nusantara (iqlima et al., 2018; nour aldeen et al., 2022). the insight of using the cash waqf as an alternative financing scheme for infrastructure development in indonesia is discussed further in research by arifin and wisudanto (rijal arifin & wisudanto, 2017). the authors mention that the cash waqf scheme is similar to the crowdfunding contract, which functions as an http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 161 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 intermediary financial system that operates online and solicits donations from the society (rijal arifin & wisudanto, 2017). they propose that the cash waqf can be utilized as a substitute for financing the development of infrastructure (rijal arifin & wisudanto, 2017). therefore, if the community and government have strong social ties, there is more opportunity for adopting the cash waqf scheme as the alternate solution for funding the infrastructure development in nusantara (nour aldeen et al., 2022; rahmasari et al., 2020). the blended finance research utilizing islamic social funds, including cash waqf, is communicated by the pratama et al. (2020) study, which develops the integrated finance framework of islamic social funds and commercial sources for providing the financing needs for infrastructure projects in compliance with the shari'a law. pratama et al. (2020) did not limit the scope of islamic social funds that should be used along with the commercial fund. this broad scope means that the cash waqf plan is eligible for the category of islamic social fund that can be blended-used with other sources of funds. furthermore, yasni and erlanda (2020) recommend that the government seek out sources of income other than those employed in the apbn mechanism, like infaq-ṣadaqah trust and commercial funds. both funds can be managed with cash waqf and commercial funds to form a blended-pooling fund. to apply the waqf funding and other sources of financing, the government should formulate a governance framework that complies with maqāṣid al-sharī’ah principles. the maqāṣid al-sharī’ah, according to nurfalah and rusydiana (2021), is an islamic-based theory that guides muslim scholars to guarantee the welfare of people in the current life and the next. to achieve the welfare objective, the maqāṣid al-sharī’ah theory rules that people should act and conduct themselves in accordance with sharia laws and resist following what they want (shidiq, 2009). imam syathibi asserts that the maqāṣid al-sharī’ah is grouped into two categories: the goals of sharia as determined by allah ‘azza wa-jalla, known qaṣd al-shar’i, and the purposes of sharia as specified by the offenders, known qaṣd al-mukallaf (rahmati et al., 2020; shidiq, 2009). the maintenance of the three fundamental human aims of al-ḍaruriyah, al-hajiyyah, and al-tahṣiniyyah is called qaṣd al-shar’i. in the meantime, qaṣd al-mukallaf can be accomplished through actions constrained by sharia law (nurfalah & rusydiana, 2021). the al-ḍaruriyah benefit, which is the first level in qaṣd al-shar’i and is the principal benefit of human existence, comprising religion, soul, descent, mind, and property (nurfalah & rusydiana, 2021; shidiq, 2009). the al-hajiyyah benefit is a secondary level in qaṣd al-shar’i required http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 162 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 to improve human life and remove its hardships and encumbrances (shidiq, 2009). meanwhile, the al-tahṣiniyyah benefit aims to uphold the al-ḍaruriyah benefit's honor (nurfalah & rusydiana, 2021). in relation to the islamic financial system, the maqāṣid al-sharī’ah refers to the principles of sharia that are directly tied to financial transactions following the norms, criteria, and values of islamic law to find answers to a variety of human problems for the benefit of humanity (abdullah, 2012; suliaman & yaakob, 2020). by first examining the goal of the funding and then relating it using the theoretical framework of the maqāṣid al-sharī’ah, we may demonstrate the compatibility of flexible combination between apbn-cash waqf funding and other sources of financing such as infaq, ṣadaqah, and commercial trust. notwithstanding that goal-setting relationship, previous studies initiated by ascarya et al. (2022), pratama et al. (2020), thaker et al. (2018), and yasni and erlanda (2020) have confirmed the eligibility of using cash waqf blended finance scheme to fund the government infrastructure projects. however, there is little information, in financing-theme literature, about the kinds of sharia-based governance framework the government may implement to blended-finance the infrastructure advancement. this lack of information leaves a significant gap in past studies on executing the cash-waqf blended finance scheme. based on the research gap and funding mentioned above problems, our research tries to settle the gap by providing a cash waqf-based financing model that the government may consider as an alternative scheme to support the infrastructure developments in the new capital of indonesia, nusantara. thus, the main objective of our research is to design a cash waqf governance model for financing infrastructure development in nusantara, indonesia's new capital. to fulfill our research aim, we implemented the scoping review methodology by adopting adhasara and qadri's (2022) and qadri's (2019) research design. we relied upon secondary data from past studies to gain insights into the cash-waqf scheme as well as other funding approaches. based on previous research insights, we designed the cash waqf blended finance model to help the government find a way to implement the particular scheme. our research may, from the theoretical perspective, be helpful for the creation of a community-driven based funding scheme to refine our knowledge of the flexibility of sharia economic principles in dealing with the issue under scrutiny. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 163 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 literature review the al-qur’an does not directly contain the word waqf; nevertheless, 36 hadith manuscripts in figure 1 relate to waqf in the al-ḥadīth reference book, as discovered by suliaman and yakoob (2020). their investigation in finding the form of waqf for infrastructure in islamic teachings indicates that from the 36 al-aḥadīth literature, there are 27 al-aḥadīth related to waqf for infrastructure and nine al-aḥadīth connected to waqf administration (suliaman & yakoob, 2020). suliaman and yaakob (2020) categorize the 27 al-aḥadīth discussing infrastructure endowments into several basic al-ḥadīth categories. figure 1. distribution of al-ḥadīth related to waqf source: suliaman and yakoob (2020) the first basic al-ḥadīth is about umar al-khaththab land waqf in khaibar. in the al-ḥadīth, umar al-khaththab asks the prophet muhammad -may peace be upon himfor guidance on what to do with a tract of land he recently acquired in khaibar. the last sentence by the prophet muhammad -may peace be upon himwas employed as the foundation for a form of waqf as follows. "according to a narration from ibn umar, his son, umar acquired garden land in khaibar. he then went to the prophet -may peace be upon himto ask for advice concerning the land. "o messenger of allah!" umar exclaimed. "what is your instruction to me regarding the land i bought in khaibar, which i have never bought a property better for me than that land?" in response, the prophet -may peace be upon himsaid, "you can withhold the land and provide the results (from the land usage) if you like." (al-ḥadīth by bukhari & muslim). the second basic al-ḥadīth concerns the bairuha land waqf of abu talhah. abu talhah was the wealthiest of the ansar companions in medina, and land in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 164 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 bairuha was his favorite property. ahead of the land is the mosque. rasulullah entered this region and drank the water there. the water is so clean and pure. according to this hadith, abu talhah donated his fixed assets to be handled as a waqf and continued to get benefits. "according to anas bin malik, abu talha approached the prophet of allah and called out, "o messenger of allah! god said: you won't enter paradise unless you spend part of the treasures you love the most, and the treasure i cherish the most is the land in bairuha. to advance the religion of allah, i donate this land…o prophet of allah! you can use this land whichever you like! then prophet muhammad, may peace be upon him, said: "this is a beneficial asset, and this is a beneficial asset. yes, i did hear what you had to say. i believe you should leave your land to your family members." then abu talha distributed the land to his family members and his uncle's children" (hadith by muslim). the third basic al-ḥadīth concerns the bani najjar land waqf for islamic infrastructure. a mosque was to be built when the prophet, may peace be upon him, came to medina. according to the hadith by bukhari, the bani najjar gave the prophet -may peace be upon hima land so he could build a mosque as they believed land waqf encompassed charity with perpetual benefits. prophet -may peace be upon himcalled out, "o, bani najjar! sell me your garden, please! bani najjar then remarked, "we don't sell it. by allah, we won't sell this land except for allah." (hadith by bukhari). ismail abdel mohsin (2013) cites these three hadiths to demonstrate that for a waqf to be legitimate, it must satisfy the three criteria of irrevocability, perpetuity, and inalienability. waqf assets are anticipated to continue to provide benefits and are made permanent, irreversible, and unownable by these three requirements. ascarya (2022), a researcher who focuses on producing profitable waqf scheme, claims that waqf is an instrument that, along with zakāh, infaq, and ṣadaqah, may significantly boost the muslim economy, particularly in terms of eradicating poverty and developing human resources for economic advancement. during the ottoman era, cash waqf was also employed with a rather broad purpose at the governmental level to finance religious and educational facilities, social services, and other endeavors (bulut & korkut, 2019). the popularity of employing cash waqf has grown significantly during the ottoman era in turkey, according to maulina's (2022) research on the factors determining cash waqf success. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 165 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 suliaman and yaakob (2020) state that the fundamental rules for carrying out cash waqf are: first, tahbīṣ al-asl, which entails maintaining the principal of the waqf property; and second, tahbīṣ al-ṭamarah, which implies dispersing the advantages produced by the waqf assets. according to thaker (2018), who researched the application of the crowdfunding-waqf model for land development, waqf has played a significant role in islamic history by enhancing the social and economic well-being of the community through a variety of uses, including the creation of employment opportunities, the development of the agricultural sector, and the provision of health care and education services without adding a financial strain to the government budget. in addition to serving the needs of religion, education, health, and social infrastructure, suliaman and yaakob (2020) have also noted the promising implications of waqf for infrastructure. this description helps us grasp the waqf description: first, there are 36 al-aḥadīth texts related explicitly to waqf, providing a solid al-ḥadīth foundation for waqf implementation. second, a waqf must be perpetual and cannot be revoked, and some parties must no longer recognize ownership. third, the fundamental tenet of waqf is to hold the main physical assets to distribute the generated advantages. fourth, as long as it complies with sharia law and the waqf donor's mandate, waqf assets can be utilized for numerous purposes, including those related to the religious community, infrastructure, education, health, commerce, and social services. methods this study employs a qualitative methodology and the islamic constructivist perspective. in our qualitative study, we modify the scoping review design from adhasara and qadri (2022) and qadri (2019). secondary data collection documentation is gathered through waqf-related laws and regulations, research articles published in national and international journals about waqf and the development of the state capital, and other pertinent documents. these sources included the al-qur’an, al-ḥadīth, and other reliable sources of evidence. the data analysis procedures include the following five steps of a scoping review. first, the stage of formulating the review criteria. the researchers choose the selection criteria for pertinent articles that will be included in the literature review as well as the research objectives. the intended selection criteria are: (1) original articles must be published in proceedings or journals; (2) articles must have precise analytical methods and can strengthen research results; (3) articles must have related keywords in the title and abstract; and (4) articles should explain the government's rationales for moving the state capital and the standards used in developing cash http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 166 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 waqf management as a substitute for financing infrastructure development. second, the stage of identifying relevant articles. the basis for article searches at this point is determined by the researchers' preference for publications in scholarly journals with a global reach that scopus and google scholar index. table 1. pop-based paper search results no electronic database search keywords total article selection criteria selected article notes 1 pop scopus title words: "waqf "; keywords: "infrastructure" 22 english or bahasa written article discussing waqf for an infrastructure project and published in the period 2013-2022 9 13 articles are not related to waqf for an infrastructure project or not written in english/ bahasa 2 pop scopus title words: "cash waqf "; keywords: "development" 15 english or bahasa written article discussing the cash waqf model for infrastructure development purposes and published in the period 2014-2022 2 13 articles are not related to cash waqf for infrastructure development or not written in english/bahasa 3 pop scopus title words: "capital relocation"; keywords: "financing" 1 english or bahasa written article discussing financing model for capital relocation purposes and published in the period 2014-2022 1 4 pop google scholar title words: "cash waqf "; keywords: "financing" 38 english or bahasa article discussing the cash waqf model for financing infrastructure projects and published in the period 2014-2022 4 34 articles are not related to the cash waqf model for financing infrastructure projects nor written in english/ bahasa total 76 16 source: researchers analysis (2022) the researcher's list also includes a few more works that weren't published in scopus-indexed journals but received a lot of citations. researchers use the publishor-perish (pop) application to scan the scopus and google scholar databases for http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 167 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 articles. the 15-year search window for articles is from 2007 to 2022. "waqf " and "infrastructure", "cash waqf " and "development", "capital relocation" and "financing", and "cash" and "financing" are the four combinations of title words and keywords that are used in the paper search stage. table 1 informs us about the paper search results with each selection criteria for every title-keyword combination. we have found seventy-six articles in total from scopus and g-scholar databases. yet, we only select sixteen papers that are highly relevant to the research topics on cash waqf. third, the stage of classifying relevant articles. researchers group all of the papers collected in the second step. the initial steps researchers followed in article selection were reading the article title, abstract, and keywords. if researchers locate information outlining the requirements for utilizing waqf for an infrastructure project, we download the document and then read it. using microsoft excel, the initial categorization of the pertinent articles is created. the relevant articles are then subjected to a thematic coding analysis, which produces several criteria organized according to the central themes. fourth, the stage of formulating an overview of the results of the review. at this point, the basic subject of the criterion is used to map all articles. to strengthen references, some crucial details about the article, including the title, author, publication year, abstract, and study findings, are placed into the mendeley application. fifth, the model formulation stage. the final result is presented as a cash waqf management framework to finance infrastructure construction in nusantara, the republic of indonesia's new capital. we summarized our research processes in figure 2 as follows. figure 2. research methodology source: researchers analysis (2022) http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 168 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 results and discussion we present the summary of the scoping review results based on the previously mentioned criteria in the precedent section in table 2. we have collected 16 articles from various databases, whereas 14 papers are published in scopus-indexed journals, and the remaining four are non-indexed journal articles. in table 2, several papers shed light on using the cash waqf model for multipurposes. for example, ascarya et al. (2022) find that factors influencing the implementation of the cash waqf productive scheme in indonesia are the waqf institution, the productive waqf asset to be utilized, the financing governance of cash waqf management, the compliance process in applying productive waqf based financing. on the other hand, research by ismail abdel mohsin (2013) focuses heavily on the plethora of goods and services offered by diverse cash waqf initiatives in multi-countries without relying on government funds to supply their requirements. table 2. the summary of scoping review results no first author title year journal index 1 magda ismail abdel mohsin financing through cash-waqf: a revitalization to finance different needs 2013 scopus 2 khairil faizal khairi human and economic development through share waqf (waqf corporate): the case of glcs in malaysia 2014 scopus 3 ishak suliaman analysis of textual al-ḥadīth of waqf infrastructure in al-kutub al-sittah and its applications 2019 scopus 4 azman bin mohd noor application of the build, operate, transfer (bot) contract as a means of financing development of waqf land: malaysian experience 2014 scopus 5 mehmet bulut ottoman cash waqfs: an alternative financial system 2018 scopus 6 meri indri hapsari a qualitative investigation into the crowdfunding framework as a source of financing for waqf land development 2022 scopus 7 abdurrahman kasdi the empowerment of productive waqf in egyptian al-azhar for education and its relevance to be implemented in indonesia 2018 scopus 8 mohd ashrof zaki yaakob the growth of waqf properties through infrastructure development, according to al-hadith 2017 scopus 9 meri indri hapsari the likelihood of using the crowdfunding-waqf model in malaysia 2022 scopus 10 siti nur asmad che hassan the potential of cash waqf in the socio-economic development of society in kelantan: a stakeholder's perspective 2018 scopus http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 169 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 no first author title year journal index 11 rindawati maulina factors influencing the success of retail cash waqf linked ṣukūk (cwls) issuance: a lesson from indonesia 2022 scopus 12 dodik siswantoro reconstructing accountability of the cash waqf (endowment) institution in indonesia 2017 scopus 13 mohamed asmy bin mohd thas thaker factors influencing the adoption of the crowdfundingwaqf model (cwm) in the waqf land development 2018 scopus 14 ascarya designing simple productive waqf models for indonesia 2021 scopus 15 raditya hendra pratama the potential of sharia finance in financing a budget deficit by adopting an electronic money transaction scheme in indonesia 2020 nonindexed 16 adelia desrin nasution waqf financing model through crowdfunding platform: an indonesian perspective 2020 nonindexed sources: researchers analysis (2022) abstracted from the scoping review results, we can see in table 3 that the case study approach is the most used research design in the cash waqf pieces of literature. seven scholars publish their works in various reputable journals, such as the article of meri indri hapsari (hapsari et al., 2022) from universitas airlangga indonesia is published in the journal of islamic accounting and business research as well as the paper of dodik siswantoro (siswantoro et al., 2017) from universitas of indonesia is issued in managerial finance journal. both journals are placed in the second and third quartile of the scopus index. few scholars employ the literature study as the research methodology in their research papers. one is magda ismail abdel mohsin from the global university of islamic finance malaysia. she unveils that the emergence of cash waqf, which became one of the financial organizations sponsoring various commodities and services in many countries, is a key factor in the resurrection of the institution of waqf (ismail abdel mohsin, 2013). table 3. the research design cluster research design, author, and publication name total case study 7 khairil faizal khairi 1 life science journal meri indri hapsari 1 journal of islamic accounting and business research http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 170 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 research design, author, and publication name total siti nur asmad che hassan 1 new developments in islamic economics rindawati maulina 1 journal of king abdulaziz university, islamic economics dodik siswantoro 1 managerial finance mohamed asmy bin mohd thas thaker 1 journal of islamic marketing adelia desrin nasution 1 advances in social science, education, and humanities research experiment 3 meri indri hapsari 1 international journal of ethics and systems ascarya 1 international journal of ethics and systems raditya hendra pratama 1 public sector accountants and quantum leap: how far we can survive in industrial revolution 4.0? literature study 5 magda ismail abdel mohsin 1 international journal of islamic and middle eastern finance and management ishak suliaman 1 al-bayān – journal of qur'ān and ḥadīth studies azman bin mohd noor 1 arab law quarterly mehmet bulut 1 insight turkey mohd ashrof zaki yaakob 1 pertanika journal of social sciences and humanities phenomenology 1 abdurrohman kasdi 1 international journal of mechanical engineering and technology total 16 source: researchers analysis (2022) http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 171 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 figure 3 displays the distribution of cash waqf works of literature based on the featured country. we may see that most cash waqf papers originated from malaysia, with eight publications. this fact strengthens malaysia's position as the leading country in publishing scholarly articles on islamic finance (thaker, 2018; thaker et al., 2016). the malaysian paper also provides a genuine insight into rarely scrutinized topics like cash waqf. for example, a paper by mohamed asmy bin mohd thas thaker in table 2 offers a fruitful understanding of examining the behavioral intention of waqf donors or crowd funders to use the crowdfundingwaqf model. the crowdfunding-waqf model from thaker's 2018 paper, as presented in table 2, is developed from the predecessor paper published in 2016 (thaker, 2018; thaker et al., 2016). however, we may know from figure 2 that indonesia is in the second position, following malaysia, in publishing the cash waqf research papers between 2014 and 2022, with five articles in total. figure 3. the country in focus in cash waqf literature source: researchers analysis (2022) moreover, the method of analysis in conducting the cash waqf research is presented in figure 3. as you can notice, most researchers implement thematic analysis as the main analytical tool in scrutinizing the cash waqf research data. ten publications employ thematic analysis, implying that most academicians prefer qualitative inquiry in exploring the cash waqf issue. for example, pratama et al. (2020), as mentioned in table 2, uses thematic analysis in their research to develop the e-money crowdfunding model to help the indonesian government minimize its budget deficit. their study underlines several examples of community involvement in development throughout islamic society's history, so the government should make sharia money transaction schemes as accessible as http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 172 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 feasible to solicit a portion of financial support (pratama et al., 2020). however, little is known from the cash waqf literature on using quantitative methods to predict and explain the factors affecting the motivation to implement the cash waqf model. from our scoping review results in figure 4, we have only found one article employing the analytic network process (anp) in developing the decision-making criteria of the cash waqf model implementation, which is the paper of ascarya et al. (2022). their research reveals a future challenge in cash waqf governance: waqf institutions may increase the social programs they offer if a productive waqf scheme is successfully developed and implemented (ascarya et al., 2022). due to indonesia's large number of unproductive waqf lands, a productive waqf development plan is urgently needed. figure 4. the method of analysis employed in cash waqf literature source: researchers analysis (2022) this section aims to explain the concept of a cash waqf scheme which can be formulated based on previously reviewed pieces of literature. the scheme can be used to finance the development of various projects, including the construction of infrastructure, health facilities, education, and mosques, with professional and transparent management to ensure that waqf is used effectively in accordance with the waqf 's objectives (hapsari et al., 2022; suliaman & yaakob, 2020; thaker, 2018b). the waqf donor may enter into the cash waqf contract with the institution by merely transferring property ownership: money to the institution. the currency asset's income can be utilized to fund a worthwhile endeavor. individuals or organizations may make monetary contributions to a waqf institution or nāẓir (desrin nasution & medias, 2020; pratama et al., 2020). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 173 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 based on the al-qur’an and al-sunnah, the fiqh scholars have concluded that waqf is legitimate legally and has brought a notable impact since the early islamic era (hapsari et al., 2022). the agreement is also the foundation for cash waqf, where the imams of the four schools of thought: al-hanafī, al-mālik, alsyafi’i, and al-hambalī, have concurred that cash waqf is acceptable (bulut & korkut, 2019; hapsari et al., 2022; suliaman & yaakob, 2020). according to imam zufar, a hanafi thinker, all movable assets, including gold or silver, could be incorporated into waqf and serve as the same basis for cash waqf. (ismail abdel mohsin, 2013; siswantoro et al., 2017). research on the possibilities of cash waqf for enhancing social and economic life in malaysia's kelantan is conducted by siti nur asmad che hassan. she said that an essential alternative to the waqf scheme used in many nations in the religious, educational, social, economic, health, and agricultural sectors is the money collected for waqf, also known as cash waqf (che & rahman, 2018). in the twenty-first century, many islamic nations witnessed the emergence of waqf organizations. they also created a series of six cash waqf programs that had a significant impact on muslim minorities as well as islamic nations (bulut & korkut, 2019). the six programs are the waqf shares plan, the deposit cash waqf system, the compulsory cash waqf initiative, the corporate waqf program, the deposit product waqf scheme, and the cooperative waqf project (ismail abdel mohsin, 2013). the primary objective of the cash waqf plan is to collect funds from the general populace to enhance social welfare (ismail abdel mohsin, 2013). the cash-waqf deposit system enables waqf benefactors or wāqif to directly donate directly to religious authorities or institutions by depositing cash waqf into specific bank accounts (hapsari et al., 2022; mohsin, 2013). the bank invests the funds following a contract with the relevant organization or religious body (siswantoro et al., 2017). profits from the investment will be given to religious authorities or institutions in their capacity as trustees, who will then distribute the funds to the nonprofit sector. the compulsory cash waqf initiative uses the funds collected to finance philanthropic projects such as the construction of mosques, educational initiatives, and islamic centers (ismail abdel mohsin, 2013). additionally, under the corporate waqf scheme program, wakif aren't only people; they're also holding corporations, which are public or private organizations that create linked waqf institutions and appoint them as guardians (ismail abdel mohsin, 2013). along with soliciting contributions from outside sources, including people, businesses, and institutions, the waqf institution will mandate all subsidiaries to provide the corporate waqf with a regular amount of their income or dividends. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 174 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 the money saved by waqf donors in the deposit product waqf scheme is kept in a cash waqf-based account (hapsari et al., 2022; mohsin, 2013). before making a deposit, waqf donors are given a list of potential beneficiaries to pick or create their custom beneficiaries. through mudharabah contracts, banks serve as trustees to gather and invest cash. the waqf donors' chosen recipients are subsequently given the investment's income, which may be used to fund the construction of hospitals, clinics, schools, community health, and sanitation facilities, or a water supply. in the cooperative waqf project, each local government selects a third party as a trustee to oversee its cash waqf and deliver the services required in a specific region (hapsari et al., 2022; mohsin, 2013). locals serve as cash waqf donors by contributing money for various necessary initiatives in their community. the trustee manages and invests the waqf funds, and the investment revenue is subsequently used to finance local project development. muslims in indonesia have been aware of the practice of cash waqf since the indonesian ulema council (mui) issued a fatwa allowing it in conjunction with law no. 41/2004 on waqf and government regulation no. 42/2006 as a guideline for the application of waqf law (siswantoro et al., 2017). when considering the existing explanation of cash waqf, it is clear that this alternative method of facilitating the application of cash waqf is a crucial component of the cash waqf system in many nations. the process of implementing cash waqf involves obtaining cash assets from the muslim community and using them for waqf purposes while adhering to the tenets of the existing waqf rules and regulations, specifically tahbīṣ al-asl, which pertains to preserving the main waqf assets and tahbīṣ al-ṭamarah, which refers to channeling the income produced by waqf assets (suliaman & yaakob, 2020). the method of raising money in small quantities from a large number of contributors or investors utilizing a web-based platform for a specific project, a commercial endeavor, or a charitable purpose is known as crowdfunding, according to thaker (2018a). he examines the acceptance of the crowdfundingwaqf paradigm (hapsari et al., 2022). crowdfunding can be broken down into four categories : (1) donation crowdfunding, which is a way to raise money for causes like social, artistic, philanthropic, and others; (2) reward crowdfunding, which is an instrument to raise funds where investors or donors receive some tangible gift, like a membership reward program as a token of appreciation; (3) lend crowdfunding, which is a platform to connect investors and borrowers to offer loans at predetermined interest rates; and (4) equity-based crowdfunding, which is a way for businesses to collect cash online, particularly for start-up investment, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 175 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 by giving investors a shareholding in the firm. if a company uses this strategy to generate funds, it will post advertising online via a website serving as a conduit between investors and start-up businesses. thaker (2018a) also describes a crowdfunding-waqf model by incorporating two key parties who play various responsibilities: waqf institutions or nazir and waqf donors or crowd funders. he (thaker, 2018) refers to this concept as the crowdfunding waqf model (cwm). the model is based on data from malaysia, where the investigation was conducted (hapsari et al., 2022). this concept is believed to be capable of resolving funding issues by providing numerous opportunities for crowd funders to partake in the cwm initiative (hapsari et al., 2022; thaker, 2018). in addition, there is a notion from the indonesian hasanah crowdsourcing platform, which bank bni syariah created. based on the hasanah notion, cash waqf management should be integrated with business concepts that can generate greater profits and provide better outcomes for waqf beneficiaries, especially through the implementation of muḍārabah (ascarya et al., 2022; thaker, 2018a). the hasanah scheme is aimed to fulfill social goals in society by providing financial assistance to entrepreneurs through the partnership concept to increase domestic economic growth and to play a significant role in socioeconomic development (ascarya et al., 2022; thaker, 2018a). meanwhile, crowdfunding-waqf for indonesia can be used in tandem with other plans tailored to the needs of the indonesian people. the study by pratama et al. (2020), which discusses the possibility of islamic finance in supporting the government's budget deficit by implementing a crowdfunding system for electronic money that applies in indonesia, at least serves as an illustration of this potential. several forms of cooperation contract terms may be carried out either by tijārah plans or schemes for commercial objectives or via tabarru’ arrangements or ploys for social purposes in islamic finance collaboration with the crowdfunding scheme, as illustrated in figure 5. according to figure 5, contributions for tijārah and tabarru’ can be collected through a crowdfunding campaign using the e-money transaction mechanism. these funds will then be gathered into a single "pooling fund" account before being transferred to the government account. through this scheme, local communities may directly fund government development initiatives (thaker, 2018b). cash waqf can be connected to the crowdfunding plan in figure 5 created by pratama et al. (2020) since it is a tabarru’ or social scheme component. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 176 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 figure 5. crowdfunding scheme adopting e-money transaction source: pratama et al. (2020) the urgency of the e-money crowdfunding scheme, as presented in figure 5, becomes pertinent to be implemented by the government as a creative funding source needed to build infrastructure in the new capital. as we mentioned before, jakarta's long history as the national capital finally came to a halt with the enactment of law no. 3 of 2022 at the beginning of 2022. the national capital of the republic of indonesia is eventually relocated to north penajam paser city, east kalimantan (bappenas, 2021). we should first comprehend the reasons behind indonesia's capital relocation to better understand our cash waqf model for financing infrastructure development in the new capital (fristikawati et al, 2022). according to ishenda and guoqing (2019) as well as mubaroq and solikin (2019), many nations, including malaysia, myanmar, and kazakhstan, have relocated their national capitals. there are a variety of factors to attribute to these relocations. a nation may decide to relocate its capital city for several reasons, including (1) topography and environment; (2) history; (3) economic equality; (4) traffic; (5) population density; and (6) issues with national security (rossman, 2018). the first issue is a concern for the environment. due to deteriorating environmental circumstances, such as the recurrence of floods, air pollution, and even earthquakes, one environmental issue threatens the lives of citizens living in the capital city (rossman, 2018). in addition to indonesia, kazakhstan relocated its national capital from almaty to astana due to environmental concerns (koch, 2013). almaty is a low-lying city, and as a result, it has a buildup of pollution and is frequently attacked by massive flooding (köppen, 2013). almaty also often experiences powerful tectonic earthquakes because of its proximity to tectonic http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 177 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 plates (koch, 2013; köppen, 2013; yacher, 2011). the second issue that led to the capital's move is a relic of the past after environmental concerns. as an independent country, it makes sense that a nation would desire to escape the legacy of colonialism it has endured. one method is to relocate the capital, which once served as a reminder of colonialism (moser, 2010; rossman, 2018). malaysia is one of the nations that have this justification (moser, 2010). one of the reasons malaysia moved its capital city is to represent a new metropolis with malay culture since kuala lumpur, the country's former capital, is seen as a symbol of british colonialism (moser, 2010). the less central location is the third justification for relocating the capital city. with these factors in mind, strategically positioning the capital city in the center of the nation is anticipated to allow the new capital city to reach all parts of the nation and boost efficiency equally (potts, 1985). tanzania, for instance, relocated its capital from dares-salaam to dodona (kironde, 1993); myanmar, from rangoon to naypyidaw (seekins, 2009); and kazakhstan, from almaty to astana (koldobskaya, 2022). the fourth argument in favor of relocating the capital city is the issue of economic and spatial deconcentration. it is thought that transforming a deserted area into a new metropolis will achieve spatial deconcentration (macedo & tran, 2013). building a new capital city distance from the previous economic hub also strives for equitable economic growth, which is anticipated to lessen political polarisation and internal strife in the country (rossman, 2018). the relocation of the capitals of brazil (macedo & tran, 2013), kazakhstan (koch, 2013), and tanzania (kironde, 1993) all used this reasoning. the fifth reason for moving a national capital was the issue of extreme traffic density in the previous capital. in addition to the actual issue of traffic congestion, kuala lumpur finds it increasingly challenging to resolve the problem of traffic congestion due to the difficulty of constructing transportation infrastructure (moser, 2010). along with other factors, this traffic reason bolstered malaysia's decision to relocate its capital to putrajaya. national security concerns are the final significant factor when deciding whether to relocate the capital city. kazakhstan's government shifted its capital from almaty to astana out of concern for national security because the old city was considered too close to the border between china and kyrgyzstan (yacher, 2011). like kazakhstan, military considerations to lessen the likelihood of foreign military strikes drive the myanmar government to relocate its capital from rangoon (seekins, 2009). referring to the concept that has been built previously from past studies, several criteria are attained to construct an initial waqf-based blended financing http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 178 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 scheme for the government of indonesia, namely (1) cash waqf (che & rahman, 2018); (2) waqf share scheme (mohsin, 2013); (3) crowdfunding donation model (thaker, 2018a; thaker et al., 2016); (4) crowdfunding for budget support using e-money scheme (pratama et al., 2020); and (5) integration of business schemes to improve the productivity of cash waqf (ascarya et al., 2022). utilizing these four criteria, researchers propose an initial scheme as referred to in figure 6. figure 6. cash waqf model for public infrastructure funding source: researchers analysis (2022) the cash waqf model, referring to figure 6, can be used to fund infrastructure projects in the new capital of indonesia, nusantara. according to thaker (2018), we can develop a new scheme for crowdfunding-waqf. first, a waqf donor may contribute money to the waqf institution through cash waqf. this contribution fits perfectly with the concept of donation crowdfunding (arifin & wisudanto, 2017; thaker, 2018). second, the waqf institution enters a contract with the waqf donor to manage the cash waqf fund. the cash waqf institution also makes periodic reports on using the cash waqf fund or the investment progress using the donor's fund. this procedure becomes very important to answer the issue of accountability of cash waqf institutions in indonesia (siswantoro et al., 2017). third, the cash waqf institution agrees with the government to use cash waqf funds for a public infrastructure project in nusantara (thaker, 2018b). the principles of waqf are used as the basis of the project execution, meaning that the cash waqf fund must be replenished within a certain period after project initiation. fourth, in the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 179 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 certain agreement, both parties, the waqf institution, and the government, finalize a consensus to form a special purpose vehicle (spv) for managing the blended sources from the commercial fund as represented by the cash waqf scheme and the public fund as derived from the state budget (maulina, 2022; thaker, 2018b). spv is also intended to provide ease of use of the cash waqf model scheme for investors (hapsari, thaker, et al., 2022). the spv will execute the infrastructure project funded by the blended funds in nusantara, the future capital of indonesia (maulina, 2022; thaker, 2018b). fifth, the spv will commence the vendor to build the public infrastructure in the new capital. in the end, the spv has to utilize the waqf-based infrastructure by making business from it so that the spv will earn money that is going to be distributed proportionally to the waqf institution as the nazir, this is what we call the muḍārabah or investment contract (pratama et al., 2020; thaker, 2018b). the waqf institution's income will be distributed back to the waqf donor or people in general (bulut & korkut, 2019). developing the new capital city of nusantara in indonesia necessitates significant financing for critical infrastructure projects (berawi, 2022; nugraha et al., 2022). in this context, implementing a cash waqf scheme appears to be an attractive option for assisting the government in securing alternative funding for these ambitious projects (tanjung & windiarto, 2021). the cash waqf arrangement, profoundly rooted in islamic principles, enables individuals to donate their wealth voluntarily for public welfare (cahyono & hidayat, 2022). by establishing a cash waqf fund, the government can access the financial resources of individuals, companies, and philanthropic organizations eager to invest in the nation's development. as it encourages long-term commitments and nurtures a sense of collective responsibility among citizens, the program can generate a substantial pool of funds (fischer et al., 2020; syafiq, 2018). the cash waqf funds can be designated for infrastructure projects in the new capital of indonesia: the nusantara, including transport networks, utilities, educational institutions, and healthcare facilities (fischer et al., 2020; widiastuti et al., 2020). one of its main advantages is the cash waqf scheme's ability to raise funds from diverse sources without straining the government's budget (mudzakkir, 2018; pitchay et al., 2014). the participation of private individuals and companies fosters a public-private partnership approach, promoting collaboration and shared infrastructure development ownership (cahyono & hidayat, 2022; fischer et al., 2020). this collaborative effort can expedite the construction process and improve the quality of the projects as a whole. moreover, the cash waqf program contributes to the local community's social and economic development (latifah et al., 2023). http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 180 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 by involving citizens in the funding process, the government can foster a sense of pride and ownership among the populace, turning them into active contributors to the nation's development (hadiyati et al., 2018). in addition, the infusion of cash waqf funds can stimulate economic growth, create employment opportunities, and raise the standard of living in the new capital and its surrounding areas (sarker, 2019). to assure the success of the cash waqf program, the government must implement a transparent and effective management structure (fauzi & tanjung, 2021). clear guidelines should govern the collection, allocation, and use of funds (utomo et al., 2020; widiastuti et al., 2020). this transparency will aid in fostering confidence among donors and assure them that their contributions are being utilized for their intended purposes (mu'is & hamida, 2020; nugraha et al., 2022). as a corollary, implementing a cash waqf scheme offers the indonesian government a promising alternative funding source for infrastructure projects in the new capital. by mobilizing the financial resources of individuals and organizations through this islamic endowment system, the government can expedite the development process while simultaneously nurturing a sense of collective responsibility among the populace. moreover, the cash waqf program has the potential to stimulate economic development and enhance the well-being of the local community as a whole. cash waqf can become a crucial tool in realizing indonesia's vision for the new capital city of nusantara through careful management and transparency. conclusion the primary goal of this scoping review study is to achieve that goal by using a community-driven development approach to create a cash waqf management scheme to finance infrastructure in the nation's capital. currently, jakarta is not seen to be able to guarantee security from natural disasters. it cannot sustainably provide adequate circumstances for all its citizens, which is the rationale for shifting the country's capital city. other justifications for moving indonesia's capital city include the country's rapid population increase, environmental degradation, and uneven economic development between the country's western and eastern regions. we are trying to give a proposal through this research to help the government create alternative financing strategies that can be used with cash waqf schemes. to pay for the relocation of the state capital, the researcher suggests a cash waqf model connected with the muḍārabah contract. in essence, there are four parties involved in the scheme: the first is the waqf donor or wāqif, the party who donates cash or money; the second is the waqf institution, also known as nāẓir, which http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 raditya hendra pratama. the “nusantara” cash-waqf model 181 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32032 manages cash waqf funds; the third is the spv, who represents the interests of the wāqif and nāẓir; and the fourth is the contractor, who is in charge of developing the infrastructure. references abdullah, s. 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(2020). challenges of zakat integration as source of state revenue. international journal of islamic economics and finance (ijief), 3(3). https://doi.org/10.18196/ijief.3238. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32032 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 341 366 received: december 19, 2017; revised: january 30, 2018; accepted: february 1, 2018 shaheed zulfikar ali bhutto institute of science and technology. karachi, sindh 75600, pakistan e-mail: 1tanveerabrar.ms@yahoo.com, 2farhan.mba2013@gmail.com, 3muhammad.kashif@szabist.edu.pk doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 abstract. this study aims to analyze and compare the financial stability of pakistani banks covering a timeframe of 5 years from 2012 to 2016. this study employs the financial soundness indicators of the international monetary funds and state bank of pakistan and the z-score index. the comparative analysis through average scores is performed using 3 indicators of financial stability namely z-score, capital adequacy ratio (car) and equity to total assets ratio. the findings of the research reveal that (i) conventional banks are more financially stable than islamic banks; (ii) large conventional banks are more financially stable than large islamic banks; (iii) small islamic banks are less stable than small conventional bank. the implication of this paper is that conventional banks have the potential of absorbing financial stability shock as compare to islamic banks on the basis of stated financial soundness indicators and z-score specifically. keywords: islamic banks, conventional banks, financial stability. abstrak. penelitian ini bertujuan untuk menganalisis dan membandingkan stabilitas keuangan bank pakistan yang mencakup jangka waktu 5 tahun dari 2012 hingga 2016. studi ini menggunakan indikator kesehatan keuangan dari dana moneter internasional dan bank negara pakistan dan indeks z-score. analisis komparatif melalui skor rata-rata dilakukan menggunakan 3 indikator stabilitas keuangan yaitu z-score, rasio kecukupan modal (car) dan rasio ekuitas terhadap total aset.. temuan penelitian mengungkapkan bahwa (i) bank konvensional lebih stabil secara finansial daripada bank syariah; (ii) bank-bank konvensional besar lebih stabil secara finansial daripada bank-bank islam besar; (iii) bank-bank islam kecil kurang stabil daripada bank konvensional kecil. implikasi dari makalah ini adalah bahwa bank-bank konvensional memiliki potensi menyerap guncangan stabilitas keuangan dibandingkan dengan bankbank islam atas dasar indikator kesehatan keuangan dan z-score khusus. kata kunci: bank syariah, bank konvensional, stabilitas keuangan. how to cite: abrar, t., ahmed, f., & kashif, m. (2018). financial stability of islamic versus conventional banks in pakistan. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 341 – 366. doi: http://dx.doi.org/10.15408/aiq.v10i2.6500. financial stability of islamic versus conventional banks in pakistan tanveer abrar1, farhan ahmed2, muhammad kashif3 342 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 introduction globally islamic banking finance (ibf) growth is increasing with fastpace, and remarkable growth has been observed. as per the joint study of edbiz consulting and cambridge if analytica, islamic banking and finance projected size as a globally at the end of december 2016, is around usd 2.293 trillion (thomson reuters zawya [trz], 2017). according to derbel, bouuraoui and dammak (as cited in odeduntan, adewale & hamisu, 2016), multiple factors are contributing to islamic banking rapid growth. first, muslim populations are increasing in the world and who are willing and craving to use shariah-compliant product in their business need. second, the effectiveness and remarkable growth and performance of islamic banks are up till now additional motivation to the frequent progress of the islamic industry. finally, the statistic that system of islamic banking depends on high values of ethical which are not allowed to invest in that portfolio which forbidden in islam such as alcohol, speculation, interest, illegal investment activities, pork, prostitution, gambling, pornography, etc. it motivated and allowed capitalizing on real assets. it has noted that in the conventional banking system are working in the way where conversion of wealth from poor society to wealthy society and from developing countries to developed countries; therefore, grudging the poor community is poorer. the more and extreme usages of interest, structured debt and securitization are the symbol of this situation (odeduntan, adewale & hamisu, 2016). islamic product financing is operating by justice and fairness in financial and equity in society. these are the basic requirement and foundation. in conventional banking, repayment of financing to the investor gives in term of interest, and the rate of interest is fixed and the beneficiary accountable for any risk associated with financing activities. opposing to this, in islamic banking, repayment of financing to the investor gives in term of profit and loss and risk associated with financing activities are shared with beneficiary and bank. therefore, if investor and financer invest in islamic banking than they are not only received profit merely and they are also expecting potential risk that is shared between financer and bank. this is the fact that islamic banking has beefed up to replace and exchange the banking sector of the conventional bank and its growth as a steady and equitable. in asia, middle east, and africa, its development and growth are mentioning in this region. in western economies, islamic system is evolving and also developing which was not observed in the past, and their need and requirement have been noted therefore central bank of the countries are working and strangling in creating of islamic banking window for coping of shariah-compliant product need. in the system of economic, financial stability topic is crucial and essential 343 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks because financial system delivers a springboard for furthermost of activities and operational transaction that are operating in the real economy. stability of banking sector is playing a critical role in economic growth and development, and economic stability depends on large banking sector financial stability. we cannot deny the role and participation of banking sector for the growth of the economy and its development. financial stability is continually drawing attention in professional and academic research since we have learned a lesson in global financial meltdown and it is necessary to know that mechanisms of keeping and maintain financial stability. pakistan economic condition is uncertain due to internal factors such as political uncertainty, unrest law, and order situation, conditional government policy. the internal factors, as well as an external factor such as imf unfavorable condition, international oil pricing fluctuation, international trade strike, exchange rate, etc. therefore financial risk, operational and credit risk, is prevailing in pakistan. due to this reason bank are facing financial stability issues in pakistan. financial stability of banking sector is very essential for growth of the economy. role of banking sector cannot be denied in overall economic development because the stability of any economy is dependent on the stability of its banking sector. to reduce anomalies in pakistan economic sector, it is necessary to develop new banking structure in pakistan economy. maintaining financial stability in the banking sector is a big challenge now a day in pakistan. to cope this dilemma, the banking sector is adopting strict compliance with risk management. the financial institution is a backbone of the economy. the financial institution is playing a vital role in economic growth of pakistan. during economic expansion, the financial institution provides financing that pushes economic growth; therefore, financial stability is an important factor in the overall banking sector. due to this reason, i want to examine and compare the financial stability of selected pakistani banks from both islamic banking industry and conventional banking industry. due to financial stability crises bank are merging. recently hsbc bank has closed their pakistan operation and merged with meezan bank ltd. nib bank merged with mcb bank & burj bank merged with bank al baraka due to financial stability crises. according to keynes income of individual and institution is dependent on investment. increase in investment that increases in total income, but the impact on income is greater than the initial investment. for example, if we invest one lack rupee in the economy than total income will be increased by three lack. its means multiplier is equal to three provided that financial institution and the individual will take percussion such as risk assessment, business risk review and financial stability assessment before investment in any portfolio, therefore, it is 344 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 necessary for all pakistani banks to develop effective and efficient internal control system and risk assessment department for maintaining its financial stability. in 1971, nasser social bank was established as first islamic banks mean interest-free banks in egypt. the muslim government first time had presented and shown willingness and interest for development and incorporating islamic banking institution. the purposes of nasser social bank in egypt is social welfare to the country such as help of needy and poor person in term of providing easy and without interest charge loan, assist in students for completing of study in term of grant scholar, provided microloan to the small businessman for its project on the basis of sharing profit as well as loss. on private initiative, the first islamic bank in the united arab emirates (uae) 1975 was dubai islamic bank in the world. in pakistan, meezan bank the first islamic banks established in 2002 and justice (retd) muhammad taqi usmani is chairman of shariah supervisory board. state bank of pakistan was established islamic banking department in 2003 in pakistan. guideline and instruction for shariah product compliance and monitoring for islamic were issued in 2008. in islam, allowed trading base activity and prohibited interest. in europe, muslim introduced trade. musharaka and mudaraba is the main financing mode in islamic banking through which trading activities and financing activities are conducting in islamic banks. profit and income generated by islamic banks form an investment in the different portfolio are distributed and share according to profit and loss sharing ratio. there is no fixed rate of return on investment in islamic banking sector whereas in conventional banking sector fixed profit is being distributed to the investor, depositor, and customer. al-hadith and al-quran are basis sourced from the industry of islamic banking, and it provides clear guideline and rules for execution of a transaction in islamic banking. there is some limitation in islamic banking for accepting deposit and investment point of view because of islam verboten that investment which is not in line with shariah sources. in islamic banking, activities that base on interest with the effect of multiplier and speculation are not allowed. (iqbal and mirakhor 2011; iqbal et al., 2011). bank financial stability is very essential in the economic system. the financial institution is a bridge for economic growth and development. bank financial stability is a big challenge in pakistan due to this dilemma banks are merging in pakistan and facing financial crises. the objectives of the study are: first, to determine whether conventional banking system is more financially stable than islamic banking system. second, to find out that large conventional banks are more financially stable than small islamic banks. third, to find out that small conventional banks are more 345 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks financially stable than small islamic banks. fourth, to determine which islamic bank in more financially stable in all islamic banks. fifth, to determine which conventional bank is more financially stable in all conventional banks. literature review conventional and islamic banking, shariah compliance is a key differentiating factor. we have been noted that there is the rapid growth of global islamic banks over the year due to shariah compliance mechanisms. since islamic banking is nascent industry, in comparison to conventional banks. specifically, it has been founded that there are little work and paucity in the literature on the financial stability of conventional & islamic bank. empirical studies on financial stability between conventional and islamic banking was still rare (wahid and dar 2016) and odeduntan et al. (2016). in conventional banking fixed rate of return on investment is paid/ received whereas, in islamic banking, there is profit and loss sharing ratio between investor and depositor (hasan and dridi, 2010). islamic banking has been established on the basis of sources of islam i.e. the al-quran and al-hadith. these sources provide guidelines and basic principles to islamic banking industry for its operations activities and decision making for investment purpose. there is some limitation in islamic banking because it is prohibited that investment which is not underlined and accordance with sources of islam. interest base activities with multiplier effect and speculation are prohibited in islamic banking industry (iqbal and mirakhor 2011; iqbal, et al, 2011). practical situation most financing transaction in islamic banking is not based on profit and loss sharing principle (chong and liu, 2009) but we do not agree with this statement because, in pakistan, state bank of pakistan has separate shariah compliance department. it consists of highly qualified shariah scholar and they are strictly monitoring of islamic banking in pakistan and its operation. financial institution and banks are working as intermediaries and play an important role economic development that collected fund from the depositor and investing in the different product portfolio through different channels and distributes profit and loss according to agreed sharing ration and predetermined profit and loss sharing ratio. banks have the ability, expertise and knowledge full information and placed surplus money in a productive investment in order to achieve maximization of profit. in order to minimized risk such as credit risk, market risk, liquidity risk, operational risk and reputational risk, it is necessary for all banking sector industry in worldwide to must have assessment professional and conduct a risk assessment before investing in the different portfolio (bessis 2010). 346 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 youssef (2017) investigated the subject topic. he selected gulf region in which he selected 12 banks in 4 countries. there were 5 islamic and 7 conventional banks for analyzing and determining the financial stability of the conventional and islamic bank. in his study, he used 10 year sample period from 2006 to 2015. he collected data from a different website such federal reserve and world bank. in this research they used z-score for measurement of the financial stability of bank and z-score is calculated by leverage and return of the asset. the object of this study was to analyze which banking sector is more financially stable in the banking sector during the specified sample period. this study covered during and after financial crises period. he determined that islamic bank was less stable as compared with conventional banks. as per researcher, this was occurred due to governing and management challenges faced by islamic banks in islamic banking industry. remarkably, it had been observed that islamic banks were performing well as compared with the conventional bank in the duration of financial crises. although, islamic banks was suffered after crises period, because of a solid relationship between real economy and islamic banking industry. islamic banks more invested in a real asset, therefore, these banks suffered in global financial crises. research conducted by karim et al. (2016) in which they analyzed financial stability between islamic and conventional bank. they selected 131 banks for analyzing purpose in which there were 77 commercial and 54 islamic banks in mena countries mena countries means the middle east and north africa. sample period was from 1999 to 2015. they collected data from bureau van dijk for analyzing the purpose of bank financial stability. in this research they used z-score for measurement of the financial stability of bank and z-score is calculated by the return of asset and earning to the total asset. the object of this study was to analyze which banking sector is more financially stable in the banking sector during the specified sample period. global financial crises also observed by a researcher in this study during analysis of financial data. after analysis of data, they conclude that islamic banking industry was more financially sound as compared with the conventional banking industry in specified selected countries. in addition, they also analyzed that during financial global crises 2007-2009 only conventional banking industries were suffered and affected by financial crises and islamic banks was not affected and they were not in troubled condition from financial crises in mena countries. as per my opinion, islamic bank was investing into secure financing capital asset; therefore, islamic banks were secure in mena countries during financial crises period. equally, odeduntan et al. (2016) analyzed and determined financial stability 347 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks between the conventional and islamic bank of malaysia country. they analyze 16 islamic banks in malaysia and time frame for this study was from 2008 to 2012. data were collected and extracted form relent bank website for analyzing purpose. the researchers used z-score for measurement of the financial stability of bank and z-score is calculated by loan to deposit ratio, liquidity ratio and non-performing loan (npl). after compared and assessed by the islamic and conventional bank, the concluded that in malaysia islamic bank is more stable as compared with a conventional bank. z-score was high of an islamic bank; therefore, it proved that islamic bank more stable in malaysia. its means total equity was high on total asset and return on asset was also high in a selected islamic bank. similarly, cihak and hesse (2010) analyzed and compared islamic and conventional bank. they analyze 474 banks in which included 77 islamic banks and 397 commercial banks. sample period was from 1993 to 2004. they analyzed and compared small islamic banks with small conventional banks and large islamic banks with large conventional banks and they divided banks into the small and large scale on the basis of deposit size. the researcher used z score, loan to total asset and cost income ratio for measurement of bank financial stability. they concluded that small islamic banks are more stable as compared with the small conventional bank and simultaneously large conventional bank more stable as compared with a large islamic bank. large islamic banks are less stable because of irregularities in the monitoring of credit risk and small islamic bank more stable because they were more concerned with risk assessment and risk management in investment. small islamic banks were more stable with a large islamic bank. in addition, wahid and dar (2016) analyzed the financial stability between a conventional and islamic bank in malaysian framework. they analyzed 17 islamic and 21 conventional banks and time frame for this study was from 2004 to 2013. the researcher used such as z score, equity to total asset, non-performing loan (npl), the cost to income ratio (cir), return on equity, net loan to a total asset for measuring of financial stability. they determined that islamic banks in term of large were less stable as compared with conventional banks in term of large in malaysian and an islamic bank in term of small was more stable as compared with the conventional bank in term of small. the researcher used financial soundness indicators (fsis) of the imf and the z-score. secondly, the researcher examined that size of the bank; capitalization level and diversification of income were key determinants for the stability of malaysian islamic industry banks and conventional industry banks. similarly, chakroun and gallali (2015) also investigated on the same topic and their finding matched with wahid and dar (2016). they determined that small 348 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 conventional banks are less financially stable as compared with small islamic banks and large islamic banks less financially stable as compared with large conventional banks. their finding and result showed that in financial crises era conventional banking industry was more affected as compare with islamic banking industry. cihak and hesse (2010) reported also their fact and findings to be a match and consonant with wahid and dar (2016) and chakroun and gallali (2015). equally, ibrahim (2015) compared two islamic banks in uae like dubai islamic bank and abu dhabi islamic bank analyzed and measured financial performance between two banks. researcher used time frame for this study from 2003 to 2007. data was collected from bank website and abu dhabi financial service company. to measurement of financial performance between two banks he used different financial ratio for analyzing of bank liquidity, profitability, management capacity, capital structure and share performance of the bank and used z score for measurement of financial stability between two islamic banks. the researcher concluded and found that both islamic banks were financially sustainable and both banks had the effective financial instrument and rules and regulation for organizing and utilization of resources in order to the achieved maximization of bank profit. the liquidity ratio in dubai islamic bank was less as compared with its competitive bank. the researcher found that dubai islamic bank had higher profitability and variability as compared with abu dhabi islamic bank. z score calculated by return on asset total equity on the total asset. when researcher calculated z score for measurement of financial stability, he found that abu dhabi islamic bank had higher financial stability as compared with dubai islamic bank in uae. beside, hasan and dridi (2010) analyzed that conventional and islamic bank during global financial crises and they learned that how the islamic banks were affected by financial crises period different from a conventional bank. they recognized this difference to the dissimilar business models used by the two baking industries. they additional discovered that asset growth in islamic banks was better as compared with conventional banks and their rating by outside agencies was more satisfactory. in the similar topic, shahid and abbas (2012) also analyzed and compared financial stability between islamic and conventional bank. they analyzed 16 banks in pakistan in which there were 6 islamic banks and 10 top rated conventional. the sample periods were used from 2006 to 2009 for comparing of the islamic and conventional banking industry in pakistan. they divided conventional and islamic bank into the small and large bank on the basis of the average total asset. the researcher used z score for comparing and identifies financial stability between both banking sector islamic and conventional. z score also used by the different researcher 349 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks for comparing of financial stability. they researcher computed and concluded that small islamic banks had high z score as compare with small islamic bank, therefore, proved that small islamic banks were more stable than small conventional bank and simultaneously large conventional had high z score as compare with large islamic bank, therefore, proved that large conventional banks were more stable than large islamic bank in pakistan in the specific sample period. it is also proved that small islamic bank had high z score as compared with large islamic bank, therefore, small islamic more financially stable than large islamic bank. in overall perspective as the whole regardless size of the bank, islamic bank had high z score as compared with conventional bank hence proved that islamic bank was more financially stable over conventional banks as a whole perspective. equally, rahim and zakaria (2013) analyzed and compared 17 islamic and 21 conventional banks of malaysia and on the basis of financial data extracted from bank official website; they conclude that average islamic bank was more stable as compared with a conventional bank. they used z score and npl (non-performing loan) as proxies for the stability of the bank. the sample periods were from 2005 to 2010 for analyzing of the financial stability of conventional and islamic bank and simultaneously verbeet (2014) analyzed and compare islamic and conventional banks in malaysia. they selected total 5 banks as a sample size in which there were two islamic and three conventional banks. they determined that islamic banks were not stable and conventional banks have well (liquidity, performance and capital adequacy ratio) than islamic bank. as per my opinion verbeet used small sample size for measurement of financial stability between conventional and islamic banks. he should have increased sample size for measurement and determination of financial stability. similarly, rajhi and hassairi (2013) also investigated the subject topic for a sample of 467 conventional banks and 90 islamic banks selected from 16 countries of southeast asian and mena regions. the time span ranged from 2000 to 2008. to measure the financial stability, z-score model was employed. they found z-scores to be higher for islamic banks (except for small islamic banks) than those for conventional banks signifying higher stability of islamic banks. furthermore, bourkhis and nabi (2013) used z-score as an indicator of bank stability, compared and contrasted the financial soundness of the islamic versus conventional banks during the 2007-2008 financial crisis. their findings showed no significant difference in terms of the impact of the financial crisis on the soundness of both counterpart industries. this means that islamic banks are diverging from their theoretical business model that would have allowed them to keep the same level of soundness even during the crisis (bourkhis & nabi, 2013). another similar 350 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 study by beck, et al (2013) published in the same year found some noteworthy facts about the islamic banks. the results said that islamic banks are less cost-effective, but have a higher intermediation ratio, higher asset quality, are better-capitalized and less likely to disintermediation during crises. beck et al. (2013) further argued that the better stock performance of listed islamic banks during the recent crisis is also attributable to their higher capitalization and better asset quality. siraj and pillai (2012) found a better performance of islamic banks in gcc region. their analysis revealed that islamic banks are more equity financed than conventional banks. consistent with the results and finding of the researcher completed by johnes, izzeldin, and pappas (2009), beck et al. (2013), used ratio financial analysis and concluded that in term of cost-efficient, islamic banks are less stable but more profit and revenue efficient as compared with conventional banks. bitar et al (2015), johnes et al. (2009) also used a ratio of financial and discovered and conclude that conventional banking industry is more stable as compared the islamic bank’s counterparts. in contrast, due to the negative liquidity and leverage, conventional banks were suffered (nafla and hammas, 2016). hasan and dridi (2010) conclude that islamic banks growth of asset was better than the industry of conventional banks. in the same manner, islam and kozokov (2009) also analyzed and compare financial stability between conventional and islamic banks. the sample size was 66 banks in which there were 26 islamic banks and 40 conventional banks. they selected islamic and conventional bank from different countries like (bahrain, kuwait, qatar, saudi arabia, united arab emirates, pakistan, malaysia, and united kingdom). the sample period was from 2005 to 2008. they used (z score, npl, the cost to income ratio, loan to asset and income diversity) for measurement of financial stability. they determined that z score was quite same for conventional and islamic banks. they found and conclude that there was no significant risk between conventional and islamic bank during the year 2005-2008. there was no evidence of stability differences between islamic and conventional banks in global financial crises era 2008. in the similar study, beside, farook and hassan (2015) also analyzed financial stability between conventional and islamic banks. they also used z score for measuring financial stability. they selected 50 islamic banks and 150 sound conventional banks from multiple countries likes (algeria, bahrain, bangladesh, egypt, indonesia, jordan, kuwait, malaysia, pakistan, qatar, saudi arabia, senegal, tunisia, turkey, united arab emirates and yemen. iran and sudan). sample period was from 1991 to 2005. they conclude that islamic banks were not financially stable as compared with conventional banks. 351 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks in the same manner, rokhim & gamaginta (2009) also analyzed and compared financial stability between islamic and conventional banks of indonesia. the purpose of this study to determine which banking sector either islamic sector or conventionalbanking sector is most financially stable in indonesia. the researcher uses select 83 banks as a sample size in which there were 12 islamic banks and 71 conventional banks of indonesia. the sample period was from 2004 to 2009. they also used z score for measuring of financial stability between conventional and islamic bank. the researchers used bank return on asset and total equity of the bank on total asset of the bank for z score calculation. the researcher found that there was higher and substantial volatility in return of asset in islamic banking industry in 2004 to 2005. it had been noted that return on asset was negative in quarter fourth in 2008 due to multiple reasons one reason was worst situation in the non-performing loan. simultaneously average return on asset of the conventional banking sector was stable and only minor decreasing rate in average return on the asset in the year ending closing 2008. after analyzed the indonesia banking sector the researchers determined that conventional banks were more stable in general as compared with islamic banking sector in indonesia country. demirguç-kunt and detragiache (2009) also recommended that z score is the best technique for measurement of the financial stability of banks. similarly, uhde and heimeshoff (2009) analyzed financial stability of banks of european union countries and found that national banking sector in eu countries does not have a positive impact on financial stability of private banks of european countries. santoso et al. (2016) used z score for measurement of financial stability between conventional and islamic banks indonesia and found that conventional banks in indonesia were more stable as compared with islamic bank sector in indonesia because conventional banking sector is investing in secure financing, therefore, they are getting high rate of return on asset and they are generating high profit, therefore, equity to an asset of conventional banks is high than islamic banks in indonesia. altaee et al. (2013) analyzed financial stability of gulf cooperation council (gcc) countries and they found that there were no major differences found in financial stability between conventional and islamic banks in gcc countries in two eras. despite the important and rapid growth of islamic industry in worldwide, chapra (2011) argued that islamic banks are working in a financial system where conventional banks are dominant in banking sector industry hence islamic bank is participating in existing financial and market risks, therefore, that impact on islamic banking financial stability. as per my opinion, in pakistan and worldwide, there is no separate islamic inter-branch offer rate for islamic banking industry. there must be separate islamic inter-branch offer rate for its investing and financing activities. this argued also supported by (rokhim & gamaginta 2009; kassim & abd. majid 2010; belouafi, bourakba and saci 2013; bourkhis & nabi 2013). they 352 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 determined that inadequate impact on islamic banking financial stability where the conventional bank is dominant. on the basis of a different research paper, it has been identified that z-score analysis and technique is best for measurement of the financial stability of banking sector. in order to maintained and higher financial stability in the banking sector, banks required to mitigate risk, ensure compliance of standard operating procedure and regulatory requirement and make effective and efficient decision making while financing and investing fund into the different portfolio. method secondary data has been obtained from statistics and data warehouse department of state bank of pakistan for analyzing the financial stability between an islamic and conventional bank in pakistan which is collected from bank balance sheet, income statement, bank official website and annual report, state bank of pakistan and pakistan stock exchange website and we are using panel data for measuring of the financial stability of banks. the data is collected from 8 banks that are operating in pakistan. however, there are only 4 islamic banks merely fullfledge working in pakistan hence i am using 4 islamic & 4 conventional banks that are matched with islamic banks in term of large and small banks and all the conventional and islamic banks are maintaining capital requirement of state bank of pakistan 10 billion therefore we are using these banks for examine, investigate and comparison of financial stability purpose. islamic banks include: meezan bank ltd, bankislami pakistan ltd, al baraka bank and dubai islamic bank limited and conventional banks include: habib bank ltd, allied bank ltd, faysal bank ltd and askari bank ltd on the basis of market capitalization. three financial soundness indicators are used to gauge the objectives of the study and these indicators include z-score (see youssef, 2017; karim et al. 2016; wahid and dar, 2016; santoso et al., 2016; odeduntan et al., 2016; ibrahim, 2015; akhtar, et al, 2013; beck et al., 2013; rajhi and hassairi, 2013; bourkhis and nabi, 2013; shahid and abbas, 2012; ali and sadaqat, 2011; cihak and hesse, 2010; johnes et al., 2009) capital adequacy ratio (car) and equity to total assets as used by international monetary fund’s (imf) and state bank of pakistan (sbp). zscore is important statistical tools and techniques which have been used by a various researcher in their study. it is measure bank financial stability; solvency and insolvency of the individual banks banking sector and insolvency means debts of banks will be increased gradually as compared with assets of banks. it determines and compare (returns and capitalization) and (volatility in return on asset) for measurement of financial stability and solvency. higher zscore means banks 353 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks have higher financial stability and low z-score means banks have lower financial stability. z-score calculates the financial stability of both banking sector islamic and conventional banking sector. result and discussion this section covers the discussion of observations and finding of 3 different parameters that has been selected for measuring and assessing of soundness and financial stability between conventional and islamic banking industry of pakistan. z-score analysis for conventional and islamic banking: measuring stability average z-score (2012-2016) pairwise comparison and analysis in table 1 between conventional and islamic bank indicate and show that conventional banks in pakistan are more financially stable because they have highest average z-score is 170 than islamic bank. islamic bank has lowest average z-score is 45 may be a reason and caused by lowest value of equity to the asset, return on asset and higher return volatility means a higher standard deviation of return of the asset. table 1. z-score analysis for conventional and islamic banking islamic 2016 2015 2014 2013 2012 meezan bank 78 55 79 60 25 bankislami 25 19 97 45 34 dubai islamic bank 30 23 24 29 87 al baraka bank 30 101 43 11 7 average 41 50 61 36 38 average (2012-2016) 45 conventional 2016 2015 2014 2013 2012 hbl bank 87 886 165 93 38 allied bank 61 59 69 136 194 askari bank 71 118 4 3 53 faysal bank 259 31 93 113 876 average 120 274 83 86 290 average (2012-2016) 170 source: annual report, pakistani banks 354 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 it has been analyzed and determined that each selected individual conventional and islamic banks in pakistan from time frame 2012 to 2016 means 5-year timespan are stable because each bank is maintaining 3 or more than 3 z-score. according to robert altman, if z-score of banks is greater than and equal to 3 it indicates that banks are financially stable. table 2. average z-score of large conventional and large islamic bank large bank 2016 2015 2014 2013 2012 average z score meezan bank 78 55 79 60 25 59 habib bank 48 356 41 50 29 105 source: annual report, pakistani banks however, on an individual basis from 2016 to 2012, bank al baraka has minimum z-score is 7 in the year of 2012 while maximum z-score of the same time frame of bank al baraka is 101 in the year of 2015 for islamic banking. on the other hand, hbl has maximum z-score 886 in the year of 2016 while askari bank ltd has minimum z-sore is 3 in the year of 2013 in the conventional banking sector. in the continuation, it has been also identified and determined during computation and analysis of z-score of both industry islamic as well as conventional bank that small islamic bank that is bank albaraka less financially stable and stronger as compare with small conventional bank that is faysal bank on the basis of average z-score because bank albaraka has less average z-score is 38 as compare with faysal bank has average z-score is 274 as per table 3 and it has been noted that in 2011, faysal bank has high z-score due to posit variation in return on asset, equity to asset and less volatility in returns. table 3. average z-score of small conventional and small islamic bank small bank 2016 2015 2014 2013 2012 average z score bank albaraka 30 101 43 11 7 38 faysal bank 259 31 93 113 876 274 source: annual report, pakistani banks it is also proved and determined that during analysis of z-score that large islamic bank that is meezan bank ltd less financially stable as compared with large conventional bank that is habib bank ltd on the basis of average z-score because meezan bank has less average z-score is 59 as compare with habib bank limited 355 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks average z-score is 105 as per table 2. my 1st finding that overall conventional banks are more financially stable and stronger than islamic banks in pakistan on the basis of average z-score from 2012 to 2016 and these findings completely coincide with the finding of youssef (2017), wahid and dar (2016) financial stability in malaysian context, shahid and abbas (2012) in pakistan context. rokhim and gamaginta (2009) do the research about financial stability in of indonesia context and my 2nd finding that large conventional bank has higher degree of financial stability than large islamic bank match with the finding of shahid and abbas (2012) & wahid and dar (2016) and my 3rd finding that small conventional bank has higher degree of financial than small islamic bank doesn’t match with the finding of cihak and hesse (2010) and it may be possible due to extra ordinary performance of small islamic bank, large sample frame used by researcher and combination of different islamic bank which is running in different countries and these may be possible reason. figure 1 is quick comparison and review of average z-score for conventional and islamic banks from 2012 until 2016. conventional banks are more financially stable and stronger than islamic banks. figure 1: average z-score analysis for conventional and islamic banking source: annual report, pakistani banks average z-score analysis islamic bank wise: measuring stability average z-score analysis (2012-2016) islamic bank wise in table 4 below indicate that meezan bank ltd (mbl) is financially stronger, healthy and stable as a whole in all islamic banks because mbl has highest z-score is 59 in all islamic banks. higher z-score may be caused by the higher return of asset its means management are efficient and they able to use bank asset in an efficient and effective manner for generation of earning and maximization of profit. the second reason for higher z-score may be caused by higher equity to asset it indicates that bank has high liquidity and 356 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 banks are using own money for its operation. it assistances a bank to elude suffering financial uncertainty and distress during economic recessionary curses and third reason for higher z-score may be caused by lower standard deviation of return of asset its indicate that stability in return volatility and management are efficient to cope the situation of risk. the average z-score of bank islami is 44 that are higher than dubai islamic bank and al baraka bank. its indicate that bank islami financially stronger, healthy and stable than dubai islamic and al baraka bank. the average z-score of dubai islamic is 39 that are greater than al baraka bank. it indicates that dubai islamic bank in pakistan is financially stable and stronger than al baraka bank. al baraka bank has lowest z score is 38 in all 4 islamic bank that is operating full-fledged in pakistan. it means that on the basis of average z score analysis bank al baraka is less stable and not financially stronger in all 4 islamic. table 4: average z-score islamic bank wise analysis islamic 2016 2015 2014 2013 2012 average (2012-2016) meezan bank 78 55 79 60 25 59 bankislami 25 19 97 45 34 44 dubai islamic bank 30 23 24 29 87 39 al baraka bank 30 101 43 11 7 38 source: annual report, pakistani banks figure 2 gives a quick review of average z-score of islamic banks from 2012 to 2016. meezan bank ltd is financially stable in overall 4 islamic banks. it is because z-score of meezan bank is high that is mentioned in the figure 2. figure 2: islamic bank wise average z-score (2012-2016) source: annual report, pakistani banks 357 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks average z-score analysis conventional bank wise: measuring stability average z-score analysis (2012-2016) conventional bank wise in table 5 below indicate that faysal bank is financially stronger, healthy and stable as a whole in all conventional bank because faysal bank has highest z-score is 274 in all conventional banks. higher z-score may be caused by the higher return of asset its means management are efficient and they able to use bank asset in an efficient and effective manner for generation of earning and maximization of profit. the second reason for higher z-score may be caused by higher equity to asset it indicates that bank has high liquidity and banks are using own money for its operation. it assistances a bank to elude suffering financial uncertainty and distress during economic recessionary curses and third reason for higher z-score may be caused by lower standard deviation of return of asset its indicate that stability in return volatility and management are efficient to cope the situation of risk. the average z-score of habib bank is 254 that are higher than allied bank and askari bank. its indicate that habib bank financially stronger, healthy and stable than allied bank and askari bank and hbl is 2nd highest in average financial stability from 2012 to 2016. the average z-score of allied bank is 104, which are greater than askari bank. it indicates that allied bank in pakistan is financially stable and stronger than askari bank and askari bank is 3rd highest in the category of average financial stability of the conventional bank. askari bank has lowest z score is 50 in all 4 conventional bank that is operating as a commercial bank in pakistan. it means that on the basis of average z score analysis askari bank is less stable and not financially stronger in all 4 commercial bank in pakistan. table 5. z-score conventional bank wise analysis conventional 2016 2015 2014 2013 2012 averaverage (2012-2016 faysal bank 259 31 93 113 876 274 hbl bank 87 886 165 93 38 254 allied bank 61 59 69 136 194 104 askari bank 71 118 4 3 53 50 source: annual report, pakistani banks figure 3, it is clearly mentioned that faysal bank is financially stable in overall 4 conventional bank that is operating as a commercial bank in pakistan because average z-score of faysal bank from 2012 to 2016 is high that is declared in the figure 3. 358 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 figure 3: conventional bank wise average z-score (2012-2016) source: annual report, pakistani banks equity to total asset: measuring liquidity as per table 6, it is clearly identified that on overall average basis equity to total asset ratio of conventional banks is higher during sample frame from 2012 to 2016 and on the basis of this indicator conventional banks in pakistan are stable as compare with islamic banks. throughout each year conventional banks have higher equity to asset ratio than islamic banks except the 2012-year. high borrowing and loan taken by banks for running of operation and project may cause it. it reveals that conventional bank using own money for its operation and their liquidity is high as compared with islamic bank on an average basis. islamic banking liquidity, nevertheless, cannot be repudiated because the ratios of islamic banks are also high on an average basis but as a whole comparison on average basis conventional banks are more stable and have higher liquidity and 6.09% higher equity ratio of conventional banks on an average basis as compared with islamic banks on an average basis. it means that it will be assistances conventional banks to elude suffering financial uncertainty and distress during economic recessionary curses because of higher liquidity and they are able to cope the worst situation and distress during uncertainty in financial position. these findings completely coincide with ibrahim (2015) research finding. we can see the quick comparison in figure 4, it self-explanatory and clearly indicate that conventional banks on average basis have more liquidity on an average basis and they are more able to cope the uncertain situation (if occurred) during the future financial year due to macro and micro variable uncertainty. in only 2012 conventional banks on average basis have less equity ratio as compare with islamic banks. high borrowing and loan taken by conventional banks for running of operation and project may cause it. thus, the conventional bank is enjoying a greater liquidity level than its opposing bank based on average equity to the asset. 359 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks table 6: equity to total asset analysis-measuring liquidity islamic 2016 2015 2014 2013 2012 meezan bank 4.633 4.95 5.46 5.74 6.04 bankislami 6.88 6.42 6.73 7.19 7.53 dubai islamic bank 7.96 5.08 7.33 8.68 10.81 al baraka bank 8.98 7.22 6.25 6.66 8.15 average 7.11 5.92 6.44 7.07 8.13 average (2012-2016) 6.93 conventional 2016 2015 2014 2013 2012 hbl bank 7.83 8.23 9.1 8.29 8.24 allied bank 9.4 9 9.6 9.02 8.21 askari bank 5.26 5.01 5.3 4.74 5.58 faysal bank 7.88 7.06 6.78 6.27 6.72 average 7.59 7.33 7.70 7.08 7.19 average (2012-2016) 7.38 source: annual report, pakistani banks figure 4. average equity to total asset (2012-2016) source: annual report, pakistani banks 360 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 capital adequacy: measuring capital in table 7, the average of capital adequacy ratio (car) is 13.62 for islamic banks and 14.92 for conventional banks.. again, conventional banks outperform than islamic banks on the basis of this indicator. it is clearly identified that on overall average basis capital adequacy ratio of conventional banks is higher during sample frame from 2012 to 2016. according to the regulatory requirement in pakistan at the end of the year 2016, banks are required to maintain 10.65 capital adequacy ratios. we can see that in table 6 both islamic and conventional banks on average capital adequacy ratio basis are stable. at the end of the year 2016, we can see in table 6 both conventional and islamic has more than 10.65 capital adequacy ratios. it shows that all conventional, as well as islamic banks, are ensuring compliance with regularity requirement to maintaining minimum 10.65 capital adequacy except bank albaraka bank. the adequacy ratio of bank albaraka is 10.26 at the end of the year 2016. table 7. capital adequacy analysis islamic 2016 2015 2014 2013 2012 meezan bank 12.91 10.98 11.80 14.48 14.08 bankislami 13.43 12.34 16.70 15.37 15.13 dubai islamic bank 11.22 11.13 17.08 14.59 19.06 al baraka bank 10.26 14.54 14.24 11.97 11.18 average 11.96 12.25 14.96 14.10 14.86 average (2012-2016) 13.62 conventional 2016 2015 2014 2013 2012 hbl bank 15.50 17.00 16.20 15.40 15.30 allied bank 20.84 20.85 19.75 17.85 16.17 askari bank 12.50 12.51 13.03 10.39 11.81 faysal bank 14.62 14.41 12.22 11.29 10.69 average 15.87 16.19 15.30 13.73 13.49 average (2012-2016) 14.92 source: annual report, pakistani banks it may be caused by credit, operational risk, and market risk. in order to the maintained minimum requirement of car, bank albaraka required to minimized operational, market and credit risk and to make enhance due diligence at the time 361 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks of credit and financing approved to the customer and to minimize the risk level in the different portfolio and to make sure all policy and procedure are implemented with absolute compliance. according to state bank of pakistan, the minimum capital requirement of banks in pakistan is 10 billion. if banks are not meeting this requirement than banks are going for closer to business and merger and acquisition. the current example of the closure of pakistan operation is hsbc bank. hsbc pakistan operation takes over from meezan bank limited and simultaneously another example of burj bank take over by bank albaraka. nib bank in pakistan merged with mcb bank. there are also several other reasons for merger and acquisition but the main important factor is a capital requirement. these findings completely coincide with the finding of verbeet (2014). looking at figure 5, it is self-explanatory and clearly indicate that conventional banks on an average basis from 2012 to 2016 are more stable as an indicator of capital adequacy as compare with islamic banks. figure 5: average capital adequacy ratio (2012-2016) source: annual report, pakistani banks according to z-score analysis and finding, it has been determined that overall conventional banks are more financially stable and stronger than islamic banks in pakistan on the basis of average zscore and these findings completely coincide with the finding of mustafa haj youssef (2017) gulf region, (wahid and dar 2016) financial stability in malaysian context, shahid and abbas (2012) in pakistan context and rokhim and gamaginta (2009) financial stability in of indonesia context. large conventional bank has higher degree of financial stability than large islamic bank on the basis of average z-score and finding match with the finding of shahid and abbas (2012) & wahid and dar (2016) and small conventional bank has higher degree of financial than small islamic bank and our finding doesn’t match with the finding of cihak and hesse (2010) and it may be possible due to extra 362 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 ordinary performance of small islamic bank, large sample frame used by researcher and combination of different islamic bank which is running in different countries and these may be possible reason. it has been determined and identified that on the basis of average z-score, meezan bank ltd (mbl) is financially stronger, healthy and stable as a whole in all islamic banks because mbl has highest z-score in all islamic banks. higher z score may be caused by the higher return of the asset. the second reason for higher z-score may be caused by higher equity to asset and third reason for higher z-score may be caused by lower standard deviation of return of the asset. faysal bank is financially stronger, healthy and stable as a whole in all conventional banks on the basis of average z-score and it may be caused due to posit variation in equity to return, return of asset and less volatility in return. equity to total asset ratio of conventional banks is higher and on the basis of this indicator conventional banks in pakistan are stable as compare with islamic banks. these findings are in line with the findings of ibrahim (2015). according to capital adequacy ratio as financial soundness indicator, it has been determined that conventional banks outperform than islamic banks. the adequacy ratio of bank albaraka is 10.26 at the end of the year 2016 which is less than the minimum requirement of regularity authority state bank of pakistan. only 3.7 % capital adequacy ratio of bank al baraka deviates from the minimum requirement that is 10.65. there is some limitation for invest and financing activities in the different project due to shariah compliance for islamic banks. in order to achieve a higher rate of return, it is suggested to invest in a diversified portfolio and avoid that investment that has a high-risk level. these findings completely coincide with the finding of verbeet (2014). conclusion it has been found that when capitalization of the bank’s increases, the financial stability of banks also increases. when the return of asset of the bank’s increases, the financial stability of banks also increase. when volatility of banks returns decrease, the financial stability of banks also increase. when capital adequacy ratio of banks decreases or less than minimum regularity requirement 10.65 as per sbp, the financial stability of banks will be decreased. when credit, operational and operational risk of banks increases, the degree of stability will be decreased. bank financial stability is playing a very important role in the development of the economy; therefore, we will suggest following suggestion that directly and indirectly impacts on bank financial stability and soundness. banks nonperforming loan (npl) must be minimized and advance to deposit is in control in the banks and to increase branch network pan pakistan or globally, therefore, 363 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.6500 tanveer abrar. financial stability of islamic versus conventional banks banks are able to receive more deposit from the customer and they can utilize in the different investment project in order to get maximize profit. investment in a diversified portfolio is also required in order to reduce risk level, volatility in return and increase capitalization of the bank. the banks are also required to follow strict compliance policy in state bank regulation and other country regulation like foreign account tax compliance act (fatca) because noncompliance of any regulation bank faces heavy penalty that impacts on bank financial stability and enhanced due diligence and effective risk assessment in term of customer personal profile and business profile are required before financing approved for the customers. non-compliance of due diligence that impacts on non-performing loan (npl) and capital adequacy ratio. information security is a big challenge nowadays for banking sector because technology has enhanced and almost customers are using online fund transfer and cash withdrawal instead of manually transfer and withdrawal. electronic cards are using online purchasing and internationally. in most cases, it has been noted that pin code of customer visa card is misused in fraudulent activity that impacts on customer retention, deposit, and goodwill of banks. in order to mitigate electronic fraud, banks are required to developed and strong information security department. there is still extensive scope for further enlargement, improvement, and research. sample size and time frame can be extended for analysis and measure of financial stability and different countries of islamic banks and conventional may be included in my sample size for measurement of the financial stability of joint country 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(unpublished thesis). sweden: lund university. asep supyadillah1, muhammad al-fayyadh maulana2, nur ilhamillaili fisabilillah miswin3 abstract. the paper examines the responses of islamic bank executives in indonesia on constraints precluding the sharia-compliant asset-backed securities (sabs) issuance, especially from sharia and legal perspectives. this research uses socio-legal and inductive approaches, analyzed with content analysis. the research finds that, first, despite its necessity, the sabs concept brings risks and constraints in its implementation. second, the constraints to sabs issuance include the difficulties in procuring assets. third, the constraints in the legal aspect include the basis of bank authority to sell assets to sabs issuers, the types of assets, the transfer process to special purpose vehicles (spv), the dubiety in the clauses managing bankruptcy remoteness and perfection of security interest, and the problems of accounting, asset bookkeeping, and taxation. keywords: securities, asset-backed security, islamic bank, source of funding abstrak. artikel ini menganalisis respon pelaku industry bank syariah di indonesia terhadap kendala pada penerbitan efek beragun aset syariah (ebas), dari perspektif syariah dan hukum. penelitian ini menggunakan pendekatan sosio-hukum dan induktif, dengan analisis konten. penelitian menemukan, pertama, sekalipun secara konsep dibutuhkan dan bermanfaat, ebas berhadapan dengan potensi risiko dan hambatan dalam implementasinya. kedua, kendala penerbitan ebas antara lain kesulitan pengadaan aset. ketiga, kendala aspek hukum meliputi dasar kewenangan bank untuk menjual aset kepada penerbit ebas, jenis aset yang menjadi dasar penerbitan ebas, proses pengalihan aset ke special purpose vehicle (spv), ketidak jelasan ketentuan bankcruptcy remoteness and perfection of security interest, serta masalah akuntansi, pencatatan aset, dan perpajakan. kata kunci: sekuritisasi, efek beragun aset, bank syariah, sumber pendanaan the constraints in shariah-compliant asset-backed securities issuance at islamic banking industries in indonesia al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 15 (1), jan-jun 2023 p-issn: 2087-135x; e-issn: 2407-8654 page 135 158 1,3university of muhammadiyah jakarta 2university of al-azhar mesir e-mail: 1asep.supyadillah@umj.ac.id, 2alfayyad37@gmail.com, 3lelymiswin@gmail.com author: asep supyadillah received: 15 april 2023 accepted: 20 june 2023 published: 31 june 2023 136 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 introduction indonesia’s islamic financial asset has not been developing significantly in the last five years. however, non-islamic finance products still dominate indonesia’s finance market share by a 92% margin compared to their islamic counterpart. the low performance of the islamic finance industry in the national market share is due to several problems, such as the executives’ lack of knowledge in islamic finance, illiteracy, deprived quantity and quality of human resources, the low scale of product supply and demand, the liquidity restraint, the poor synergy, and harmony among the internal and external regulators. the inconsequential scale of sharia product supply and demand leads to challenges for the islamic finance industry to procure fund sources. this problem further impacts the acceleration of islamic financial products and precludes the fulfillment of consumers’ needs. one prominent indicator is the insignificant participation of the islamic finance industry (banks) in long-term investment plans such as housing and infrastructure financing. the bank executives are highly committed to providing support in housing and infrastructure financing, but the mismatches between the period of funding and financing challenge them. islamic banks procure funding sources mostly through short-term products such as deposits and savings with a maximum maturity of 1 year, whereas financing requires a longer period. for example, housing and infrastructure financing usually takes more than 15 years of a support plan. the mismatches between the source of funding and financing/ investment will provoke two major risks: (1) the maturity gap, in that the source of funds differs from its use. from risk management assessment, this condition will induce the bank’s high liquidity. (2) the repricing gap, in which fund sources’ price (conventional: interest) differs from its use. as an illustration, the price for a one-month deposit is determined monthly, while housing financing is determined per semester or even annually. those risks affect the portfolio allocation and the distribution of housing and infrastructure financing, despite the high potential and benefit of the demand for housing financing. even so, the marketplace offers a number of financial engineering methods to promote the increase of financial institutions’ capital. the fund source can be obtained directly through public fund outsourcing or through various instruments in a capital market. among the huge varieties of instruments or products, asset-backed security has not come to islamic law (sharia)-compliant http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 137 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 financial institutions’ attention, specifically in the form of sabs. asset-backed security has been widely practiced in many countries as a strategy to tackle the issue of liquidity shortage. this type of product offers an alternate bank liquidity fulfillment through the optimization of financial asset functions that the institutions have already possessed. drawing from the hypothesis, this research argues that the islamic bank industry has faced several challenges in issuing sabs. these include (a) assetbacked securities transaction has not been offered as an alternate fund source in the islamic bank industry as some muslim jurists (fuqahā’) have differing opinions on the asset-backed securities practice and mechanism when judging it against the sharia principles. (b) the regulators have not been able to make a collective decision about the execution of asset-backed securities, which further preclude the success of its implementation and even causes a decline of interest among industry executives in utilizing abs to procure more resource fund. (c) financial practitioners tend to be pragmatic in using products and contracts in that they resort to products and contracts that are simple and easily executed yet still offer positive returns rather than considering sophisticated products and contracts that offer a long-term impact. restating the obvious that sabs issuance has met various constraints, this research aims to elaborate on the constraints faced by indonesia’s islamic banks regarding sabs issuance through juridical and sharia perspectives. next, this research also tries to formulate potential solutions to those constraints to realize the successful implementation of sabs issuance by islamic banks. in congruence with the research objectives, this research aims at finding out the types of underlying assets, structure/mechanism, and contracts to be used in asset securitization that are compliant with sharia principles, as well as the legal challenges that may preclude the implementation of sharia-compliant abs in indonesia. furthermore, this research will focus solemnly on examining the responses of islamic bank executives regarding the implementation of sharia-compliant asset-backed securities (sabs) through the sharia perspective and applicable legal system. the focus on islamic banks is based on several considerations. first, islamic banking is the pioneer in the development of islamic finance in indonesia. second, banking has dominated the financial sector in indonesia (approximately 80%). third, islamic banking mostly offers the currently existing long-term financing, especially for housing and infrastructure financing, which can take 20-25 years. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 138 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 literature review asset-backed securities are one of the financial products that have been widely used and have become the best practice in many countries. financial institutions and even non-financial institutions have used asset-backed securities (abs) as an instrument to procure funds from the domestic and international public. many academics, researchers, and practitioners have individually or institutionally promoted empirical studies to scrutiny abs. most existing studies on abs usually only discuss the advantages, objectives, and constraints. most of them also mainly use conventional approaches to examine this topic. thus the sharia-compliant discussion is still scarce and only partially explored. new abs studies have emerged since the subprime mortgage crisis in 2007 in the united states. upon reviewing a body of related literature, this research classifies four major clusters of studies concerning asset securitization. the first research cluster views asset securitization as a financial product that captures investors’ interest (due to its cost efficiency and certainty) and the possibility of procuring cash funds quicker for originators (because of customers’ long-term loans). however, this product is highly risky, as confirmed in the subprime mortgage case in the united states in 2007. the studies in this cluster mostly promote the necessity of more prudent risk management and mitigation for the implementation of asset securitization not only in the technical-mathematical aspect but also in cultural and religious aspects. aside from that issue, the intermediary monitoring functions have undergone a series of changes because this financial product, in the form of asset securitization, can transcend multiple sectors not limited to banking. consequently, the monitoring functions should also comply with other institutions’ regulations and monitoring procedures. this view was explored by omneya h abdel salam et al. (2017), gary gorton & andrew metrick (2013), nicola cetorelli & stavros peristiani (2012), loutskina & strahan (2009), and steven l. schwarcz (2009), as well as alfredo martin oliver & jesus saurina (2007). the second research cluster on asset securitization views asset securitization from sharia or islamic law perspectives. after reviewing the literature discussing asset securitization against sharia principles, this research infers that in light of sharia principles, asset securitization can become an alternative solution to the main cause of the global financial crisis in 2007, which is attributed to the subprime mortgage case in the united states. raihana hamzah (2016) and hanim kamil et al. (2010) acknowledge that the characteristics attributed to sharia securitization that bases its operation on risk-sharing arrangements demonstrate more reliability in managing financial stability than the shifting risk concept, commonly operated http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 139 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 by conventional securitization. as argued by ayub (2007), dualeh (2008), daghi (2013), and farhat (2013), sharia-compliant asset securitization necessitates the availability of assets as the underlying of the security, as well as the attainability of contracts that are capable of representing the ownership of assets by the asset holders/sukuk and showing the proportional ownership of asset holders/sukuk. daghi (2013) and farhat (2013) further assert that asset securitization from contracts originating from liabilities (dā’in)—such as trades, loans, and lease receivables are not allowed (read: ḥarām) because those types of transactions cannot fulfill the elements of value equality (tamaththul) and cash equivalents (taqābudh) that are postulated in ṣarf (the exchange of two currencies) contract. based on his examination of asset securitization practices in malaysia, rosalan (2010) deems that the sharia-compliant mortgage-backed security (mbs) issued by cagamas (government-operated spv, as equivalent to smf in indonesia) demonstrates a better performance than the conventional mbs in terms of profitability and costeffectiveness as it induces higher profitability and lower cost. similarly, hanim kamil (2010) expresses that asset securitization in the form of sukuk is proven more efficient in stabilizing a security market by using risk-sharing arrangements explained in the previous part of this research. raihana hamzah (2016) and van hilten (2014) discover that, ironically, this sharia-compliant asset securitization practice, especially in some issuance cases, still imitates non-islamic products by adopting shifting risk arrangements from a company to investors. van hilten (2014) concludes that the tendency to adopt or imitate conventional asset securitization practice during sharia-compliant asset securitization will cancel its’ entire attempt to make the practice sharia-compliant. the third research cluster discussing asset securitization analyzes the potential implementation of asset securitization in specific sectors and entities in indonesia as well as the implementation history in other countries. through their publications, santoso (2014) and suselo (2013) argue that there is a high demand for asset securitization as an alternate source of funds in real sectors, umkm (micro, small, and medium enterprises), and financing companies. unfortunately, they cannot all be fulfilled due to internal and external constraints. studies conducted by the capital market and financial institution supervisory agency (bapepam lk) in 2010 and the bank of indonesia in 2003 indicate that some countries have implemented asset securitization practices with asset-based and asset-backed underlying. asset securitization can only be implemented by using a collective investment contract of asset-backed securities (cic-abs) and establishing the company as an spv. in an international context, asset securitization, as in secondary http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 140 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 mortgages, has been growing rapidly in the united states since 1970 (haffner, 2008). the products of abs have been widely used in the u.k., some other european countries, middle-east regions, and south east asia. the fourth research cluster examines asset securitization from indonesia’s legislation perspective. this research found that some publications by remy (2005), sunarto (2003), wijaya (2008), dewi (2010), and rustam (2016) briefly discussed the legal scrutiny on the implementation of asset securitization. these publications mention that asset securitization has been backed up with a legal foundation but has not been properly executed as the challenges persist. more detailed guidelines governing the position of taxable and mortgaged assets are necessary to provide legal assurance for the stakeholders involved in the asset securitization procedures. the four research clusters summarized from the literature reviews bear similarities and differences with this study’s concentration. through the interviews with islamic bank executives, this research confirms the issue around the benefit, risk, cost, and circumspection aspects in relation to asset securitization through abs. the literature also mentions the need for more prudent risk management and mitigation in asset securitization by considering the cultural and religious aspects. this research follows up specifically on the cultural and religious aspects by confirming islamic bank executives’ understanding, attitudes, and responses. the second research cluster concludes that sharia-compliant asset securitization that bases its operation on risk sharing principle and the clarity in asset underlying ownership of each transaction – as in sukuk, offers more advantages than conventional asset does. a conventional asset securitization that bases its operation on shifting risk principle and underlying assets in all account receivables, including uncertain income such as future cash flows, triggers instability in the finance system. the previous studies, however, have not managed to discuss the issue concerning fiqh institutions in indonesia. to bridge that gap, this research will scrutinize the sharia aspect of asset securitization through the islamic law of economics affairs (fiqh al-mu’āmalah) by considering the arguments of several fatwa institutions, including the ones operating in indonesia that the previous studies fail to cover. besides, prior studies judge that asset securitization in the form of sukuk practice is ineffective since it imitates conventional product that adopts shifting risk from a company to investors. this study has several objectives. first, it will elaborate on the concept of asset securitization and the potentially applicable contracts that comply with sharia principles. second, it will analyze the legal constraints that come with the implementation of asset securitization in the form of sabs in indonesia. for that, http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 141 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 this study differs from the previous studies in the scope of sharia theoretical review and practical aspects of law enforcement. methods this research used a qualitative approach to understand a phenomenon experienced by the research subjects, for instance, through the behavior, perception, motivation, action, etc., holistically within the phenomenon’s natural context and by employing natural methods and presenting the results through verbal description. it also used a socio-legal paradigm and inductive approach. the inductive approach was particularly selected to evaluate the responses of islamic bank industry executives regarding asset securitization in the form of abs by examining and analyzing a number of indicators displayed by industry executives on a certain product prior to its launch. the indicators that influence an industry executive’s response to a new product usually encompass not only religious factors (including beliefs, behavior, and commitment) but also other factors such as comprehension and behavioral perception toward the product (asset securitization) itself (moleong, 2016). the socio-legal approach analyses data by referring to laws and regulations, sharia provisions, literature written by experts, and the perceptions of islamic bank executives on implementing those laws and legislations. the socio-legal approach also makes a comparative study on the implementation of laws related to asset securitization and its accordance with indonesia’s statutory provisions (civil law) of sharia principles, as well as on the perceptions of islamic banking industry executives towards the existing legislations. statutory provisions have regulated asset securitization procedures, but industry executives implementing it as a financial product have faced various obstacles, constraints, and misconceptions. those issues have resulted in some discrepancies in its implementation and caused industry executives’ reluctance to make new product transactions through asset securitization in the form of sabs. data were collected through literature reviews to examine the fiqh al mu’āmalah, laws and regulations, studies on securitization products, and comparative studies regarding the laws adopted by civil law, common law, and islamic law, especially those related to the concept of securitization. those data were used as the reference for primary and secondary sources and field research. the perceptions of islamic bank business executives or practitioners on asset securitization were gathered through in-depth interviews and questionnaires. the process of interviews and filling out the questionnaires were conducted by http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 142 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 visiting the islamic banking practitioners with prior email or personal message correspondence (using whatsapp). the question lists were delivered to the islamic banks where the research participants work and sent through emails in a manner agreed upon by both parties. the interviews were conducted in nine islamic banks starting from the end of november 2019 until february 2020. the islamic banks who agreed to participate in this research are bmi (bank muamalat indonesia), bsm (bank syariah mandiri), bni syariah, bri syariah, bca syariah, cimb niaga syariah (uus), maybank syariah (uus), bank permata syariah (uus), and bank danamon syariah (uus). apart from the islamic banks, this research also held some interview sessions with pt sarana multigriya financial (pt. smf) as a sabs issuer. results and discussion the responses of islamic banks on the sharia-compliance of asset-backed securitization based on the interviews with nine executives of islamic banks concerning the sharia-compliance of securitization in the form of asset-backed securities, this research finds that seven respondents (islamic banks) have reported some constraints, and one respondent (islamic bank) has reported no constraints. one respondent claimed to have no knowledge about any constraint. this research concludes that the constraints regarding the implementation of sabs in islamic banks consist of three issues, namely the issue regarding the assets underlying the sabs issuance, the permissibility contract, and the transaction scheme or structure that is used as a security assurance for islamic banks as the originators. each of those issues is further explained below. regarding assets the asset that underlies the transaction in abs securitization is a crucial element because abs issuance cannot happen without it. the most sensitive matter in this issue is that some assets deemed right for underlying assets of abs in nonislamic finance are not necessarily applicable to islamic finance. in compliance with sharia principles, the type of asset allowed as an underlying for sabs must not be in the form of debt (dayn). the asset allowed is “an asset procured from financing or transactions on profit and loss sharing (muḍārabah) and joint venture/financing (mushārakah) contracts, as well as other types of contract in which the ownership still belongs to the originators”. in http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 143 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 sharia principles, unfortunately, “securitization cannot be carried out on sharia asset procured through debt (dayn) because it is regarded as ṣharf transaction (the exchange of two currencies) that does not meet the prerequisite of tamaththul elements (equivalent value) and taqābudh (cash)”. one example of debt asset is “an asset that is procured through a trade (bay’), loan (qarḍ), and lease (ijārah receivables)” (dsn-mui fatwa no. 120/2018). the executive of permata bank syariah explained that “muḍārabah financing in permata bank syariah at the end of 2019 reached 55% of the total financing”. a respondent from bni syariah revealed that “murābaḥah and ijārah financing was 90% of the total financing”. data from the financial services authority (ojk) in june 2019 show that out of the outstanding value of house ownership credit (kpr ib) financing of idr 81.22 trillion, bai’ almurābaḥah (deferred payment sale), bay’ al-istisnā (purchase by order or manufacture), and qarḍ (benevolent loan) contracts take up 60% of it while ijārah (lease), mushārakah (partnership), and mushārakah mutanāqishah (diminishing partnership) contracts take up the rest 40%. (equal meaning) based on the interviews and the data acquired from the financial services authority (ojk), this research concludes that most of the assets owned by the islamic banks participating in this research do not meet the requirements for securitized assets in the sharia provisions. as stated above, most of the assets owned by the banks are in the form of receivables (dayn), resulting from non-cash trade transactions with murābaḥah contracts or loan agreements (qarḍ). another pressing problem in the asset to be used as an underlying in securitization is the legal challenges that the banks have often been facing despite having committed to mushārakah (partnership) contracts, especially mushārakah mutanāqishah (diminishing partnership), in which banks have ownership of the said assets. on top of that, there is an issue with the industry executives who tend to display subjectivity toward other parties and insecurity in the asset transfer process during the abs securitization procedure. walsh explains that the types of assets that can be securitized in conventional abs include “residential mortgage, commercial mortgage, auto loans and leases, consumer loans, trade receivable, corporate loans, and project finance loans.” quite differently, indonesia’s laws and legislations state that assets that can be securitized include “all financial assets mentioned in the investment portfolio of collective investment contract of asset-backed security (cic-abs) including a) bills resulting from commercial securities; b) credit card bills; c) future receivables; d) credit disbursements; e) debt securities guaranteed by the government; f ) credit http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 144 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 enhancement facilities; g) future cash flows or rights issues to future cash flows; h) future income or rights issues to future income; and/or i) all equivalent assets and other types of financial assets related to those financial assets.” similar definition has also been stated in the provisions of article 2 paragraph (1) of the regulation of bank of indonesia no. 7/4/pbi/2005, stipulating that “the financial assets transferred for the purpose of asset securitization must be the financial assets in the form of loans, securities-induced account receivables, and other equivalent financial assets.” in line with that, this research infers that assets or objects that can be used as the underlying in conventional abs issuance include the various types of account receivables such as “account receivables that result from commercial securities, credit card bills, future receivables, credit disbursements including housing or apartment mortgages, debt securities guaranteed by the government, credit enhancement facilities/ cash flow, as well as all equivalent financial assets and other type of financial assets related to those financial assets.” the above-mentioned provision articulates that the types of assets that can be used as an underlying in securitization in conventional abs vary, ranging from financial assets in the form of account receivables that result from currently effective securities to liabilities or future cash flows. a fatwa of dsn-mui explains that the asset to be used for an underlying in sharia-compliant asset-backed securities in the form of a participation letter (abs-pl) should be an asset that results from housing financing (kpr ib) that has met particular requirements. the requirements for the asset will become proof of ownership belonging to islamic banks. the proof of ownership should be based on mushārakah mutanāqishah /mmq (diminishing partnership)), ijārah muntahiya bi al-tamlīk/imbt (financial lease with purchase option)) contract and/or other types of contracts that position islamic banks as asset owners. this is quite different from asset securitization in the form of cic-abs, where the assets can take form in a greater variation (not restricted to housing financing), where tangible assets (al-a’yān), benefits (al-manāfi’/usufructs), or services (alkhadamāt/services) are still allowed as long as they can fulfill the criteria of each type of those assets. in response to the fatwah of dsn-mui above, the financial services authority (ojk) issued a legal basis for the implementation of sabs issuance by islamic banks through pojk number 11/pojk.03/2019 on the circumspection principles in asset securitization activities for commercial banks which substantially regulates the asset criteria in sabs issuance. in the pojk number 11/pojk.03/2019, it is explicitly stated that: http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 145 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 (1) banks, in carrying out asset securitization activities as referred to in article 2, may only conduct asset securitization of the underlying financial assets or islamic financial assets in the form of financial assets or islamic financial assets consisting of credit or financing, account receivables resulting from securities or islamic securities, future receivables and/or other equivalent financial assets or islamic assets. (2) …” subsequent to the discussion above, it is clear that underlying asset has become an essential element in asset securitization when viewed from a sharia perspective. dualeh (1998) emphasizes that “there are 4 (four) main differences between conventional and sharia-compliant asset securitization, namely the acceptable forms according to islamic principles, the acceptable transaction structures, the process of ownership transfer, and the forms of credit enhancement justified by islamic principles”. in another publication, ayub (20100) and jobs (2007) distinguish the characteristics of sharia-compliant abs from conventional abs in that the assets in sharia-compliant abs must represent the ownership or participation of the party from whom the asset will be transferred. therefore, this research concludes that the basic difference between the assets in conventional and sharia-compliant abs lies in the prerequisites that require the assets to not originate from receivables/ al-ḍa’īn. this requirement is grounded on islamic jurists’ opinions that account payables (bay’ al-ḍa’īn) is categorized as riba (usury) transaction. according to sharia principles, the “transfer of assets and payments which contain the elements of usury, gambling and gharar” is forbidden. about contracts a contract is the second most important element in sabs securitization. it is even often considered a crucial characteristic of every islamic finance transaction. the type of contract for sabs issuance will be selected accordingly to the legal relationship among the parties involved in the transaction. the types of contract selected for the legal relationship between parties involved in sabs issuance are “’akad wakālah bil ujrah (deputyship fee contract), kafālah bil ujrah (guaranty fee contract), bay’ al-haqīqī (true sale), wa’d (promise), ijārah maushūfah fi al-dhimma (a lease contract for the benefits of a good and/or service which at the time of the contract only states its characteristics and specifications (quantity and quality), bay’ al-yan almaushūfah fi al-dzimmah (sale and purchase of goods that do not exist but the specifications are explained and are the responsibility of the seller). the wakālah bil ujrah (deputyship fee) contract is particularly used in legal relationships http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 146 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 between the investor and the issuer, the investors and the custodian bank, the investor and the trustee, as well as between the investor and the service provider. the kafālah bil ujrah (guarantee fee) contract is used in a legal relationship between the investor and the financing enhancer if the financing support makes a guarantee in the securitization process. the “al-bay’ al-haqīqī” (true sale) contract is used between the issuer, as the investor’s representative, and the originator during the transfer of asset ownership. next, the “wa’d” is used in a legal relationship between the originator and issuer, who acts as the investor’s representative in the securitization arrangement – in case of the absence of a trustee – where the originator commits to sell their asset, and the issuer, as the investor’s representative, commits to buying it” (fatwah dsn-mui no. 121/2018). especially the matter regarding the “bay’ al-haqīqī” (true sale) contract between the issuer who acts as the investor’s representative and the originator in an asset transfer, the results of the interviews indicate the confirmation of some problems occurring in the majority of banks which participate in this research. some of the problems related to the issue of the contract concern the concept of transfer of ownership from a sabs asset, as well as the follow-ups with the customers for the contract regarding mmq financing. in some anglo-saxon countries that recognize a trust system, the ownership of trust property belongs to two parties, namely the trustee and the beneficiary. a trustee is the legal owner, while a beneficiary is the beneficial owner. in this system, asset securitization is carried out this way, “the party who initially owns the settlement (the settlor) can immediately hand over the ownership of the settlement to another party (trustee) for the benefit of the beneficiary without the need for a new/ separate institution to handle the asset transfer” (widjaya, 2008, 97). when an asset securitization product applies this concept of trust, the investor, as the party purchasing the receivables, will act as the settlor. since the beginning of the deal, the settlor relies on the trust and transfers the ownership of the assets to the investor through the capacity of the trustee/ legal owner, whose assets are put directly on behalf of the investor/ customer. as a trustee, the customer can manage, maintain and control the settlement. in short, the investor can directly act as a trustee or party who manages a number of assets/ receivables received from the originator and can also directly act as the legal owner. therefore, it can be said that in an anglo-saxon community, when a true sale is carried out, the transferred asset will immediately be under the legal ownership of investors (customers), and the party who manages and control the asset directly also acts as the settlor/ trustee. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 147 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 in countries where the concept of trust is not widely recognized, a special agency that acts as a legal owner handles the ownership transfer process. from then on, the asset owner can “exploit” the asset on their behalf through capital market instruments by issuing securities. this institution is often called a special purpose vehicle (spv) or conduit. indonesia’s legal system, similar to continental european law, does not recognize dual ownership that consists of a legal owner and an equitable owner because this legal system does not separate law and equity. indonesia’s legal system adheres to an indivisible unitary ownership (onsplitbaarheid). in the civil law system, ownership is an invisible unit (unitary conception); therefore, sharing ownership is prohibited and conceptually impossible. however, the common law system recognizes a concept of ownership fragmentation (sunarto, 2003, 176). in accordance with indonesia’s legal system, the concept of ownership transfer in the context of asset securitization is carried out through a true sale to the issuer as a legal entity, not directly to investors who act as settlors. however, the settlors, using a trust as the groundwork, will transfer the ownership of the asset to investors within the capacity of a trustee/ legal owner whose assets are then named on behalf of the investor/ customer. another debate related to the issue of true sale is about the implementation of the concept of benefit (manāfi’) and services (al-khadamāt) on objects as in cicsabs objects, where arguments question whether manāfi’ and khadamāt can be transferred as goods (a’yān) at the time of actual sale. aside from that, the research participants were also questioned about the problems related to the mushārakah mutanāqishah (diminishing partnership) financing contracts. they were debating whether the abs owner is willing to share the results, whether they are aware of their commitment to the ownership with the customer, and whether implementing shuf ’ah (preemption rights of stockholder) in mmq products are truly regulated by islamic banks. about structure/ scheme the third issue in the abs securitization process concerning sharia principles is the structure or scheme of the transaction used. the two most commonly used structures in abs transactions are pass-through/ true sale (sell out/ handover) or pay-through/ with recourse (payment line). on the one hand, pass-through or true sale structure in abs issuance offers an advantage in that since the abs held by the investors represents ownership over a batch of undivided account receivables that belong to the investor, the receivables become fully owned by the http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 148 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 investor, including the credit risk. therefore, receivables are no longer recorded in the originator’s balance sheet even though the originator receives a fee for the administration service they provide (service fee). on the other hand, pass-through/ true sale has a drawback: the securitized housing financing asset will be removed from the islamic bank’s list of assets. thus, it reduces the number of assets owned by the bank – which can further reduce the financing to deposit ratio (fdr) and increase the estimation of non-performing financing (npf). quite contrary, in the transaction scheme using pay through/ with recourse, the assets still belong to the originator and are recorded as the originator’s assets. from a legal perspective, this transaction only acknowledges the economic benefits of the account receivables but not the ownership transfer of account receivables. during the interviews, research respondents were asked about the advantages of pass-through/ true sale (sell out/ handover) and pay-through/ with recourse (payment line) as the structures/ schemes of transactions they used. they reported that every transaction scheme, including the pay-through/ with recourse transaction (payment line), has both advantages and drawbacks. the pay-through transaction is advantageous in that the assets still belong to the originator, and thus it neither reduces the number of assets nor affects the fdr. however, this transaction scheme is disadvantageous in that in the event of default, either due to customer default or a decline in the quality of the underlying asset, the bank will be the only party to assume the responsibility and thus will be exposed to financing risk. when asked about their preferences between the pass-through/ true sale and pay-through/ with the recourse transaction scheme, most respondents opted for the pass-through/ true sale scheme. in addition to the reasonings above, they argue that the pass-through/ true sale scheme has become the trend in the abs practice in several countries, such as the united states, the united kingdom, some european countries, south korea, and malaysia. the responses of islamic banks on the legal and regulatory aspects of asset securitization in the form of abs through the interviews, the executives of islamic banks indicate some problems in the general implementation of asset-backed security securitization from legal and regulatory aspects. drawing on the narrative recounted by the executives of islamic banks, this research concludes that the commonly occurring legal problems include: the issue of the bank’s authority to sell an asset to a prospective abs buyer, the issue around asset transfer that has a possibility of http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 149 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 violating sharia principles, the issue around the unclarity in asset bookkeeping, and the confusion in the taxation matter due to the issue financing asset ownership, as well as the legal consequences that entail the legal relationship between the originator, investment manager, custodian bank, and investor. the explanation of each problem can be found in the following discussion 1) the bank’s authority to sell/ transfer assets to prospective abs buyers many industry executives have questioned the basis on which bank authority conducts financing asset transfers to other parties. it is commonly understood that each securitization process always begins with internal activities carried out by the originator as the party who owns receivables or rights. these assets exist as the result of agreements made by the parties involved in the process. in relation to a bank, the agreement should be viewed as an agreement or a contract between a bank and its customers, either in the form of a house ownership credit (kpr) contract or other financing agreements. generally, that type of contract will be a standard agreement. each bank financing agreement generally contains a clause that explains the rights over transferring liabilities, receivables, and rights to other parties. according to that clause, the bank juridically has the right to transfer the financing asset they own to another party, as explained in article 1320 jo. article 1338 jis. article 1317 kuh perdata (civil code) regulates the validity of an agreement and how an agreement that is made legally acts as law for those who make them and allows someone to bind themselves to it for the benefit of third parties. notwithstanding the lucid regulations, in reality, many islamic banks often leave out the said transfer clause or include it but ignore the arrangements for the transfer process of the rights or portion that they own to other parties as applied in mushārakah or mudārabah contracts. rudi (bmi) stated that “the absence of the clause regulating the transfer of rights leaves no room for dispute”. he further explained that the receivables in mushārakah mutanāqishah (diminishing partnership) are categorized as unpaid shared profit. at the same time, ijārah muntahiya bi al-tamlīk (a lease contract that ends with the lessee’s acquisition of ownership of the asset), is regarded as an unpaid overdue lease. since the transfer process for the rights owned by the bank to another party does not allow any changes of clauses on the customer’s side, it implies that the bank is obliged or not to notify the customer at the time of making the transfer. notification becomes mandatory in the event that changes are made, but otherwise, it becomes http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 150 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 unnecessary. the ‘illah in notifying the customer is due to the anticipation of changes that may affect customers, so the absence of changes that potentially affect customers cancels the need for providing customers with a notification. the mmq contract does not contain a clause that allows the bank to transfer the ownership of their portion to other parties. subsequently, the clause that states, “the customer agrees to the bank to transfer their portion to another party” does not exist. the existing clause mentions that the bank may transfer the receivables in the event of the subrogation of account receivable transfer. it is quite controversial because, in the capacity of mmq, the portion cannot be regarded as a receivable but rather as a right that belongs to the bank and proportionally belongs to the customer. for that reason, if the clause is changed into “transfers customer’s liability”, the joint portion has become positioned as a receivable. 2) the consequences that entail asset transfer potentially put the bank in a potential judgment against some violations of sharia principles based on sharia principles, ownership can be transferred from one person to the other as long as the transaction scheme/ structure is carried out in accordance with sharia principles. ownership can be transferred by using the hawālah contract. the hawalah contract has two categories, namely hiwālah dayn and hiwālah haqq. while hiwālah dayn can be defined as the process of transferring liabilities or an obligation to pay off debts from one party to another, hiwālah haqq can be defined as the process of transferring ownership over account receivables or the receivables themselves from one party to another. at some point, hiwālah dayn and hiwālah haqq are similar, depending on which perspective one category is viewed. hiwalāh dayn is used to view the notion as the process of transferring liabilities, while hiwalāh haqq is used to view the notion as the process of transferring receivables. stating the obvious, sharia principles allow the transfer of ownership or receivables from one person to another using the hawalah contract or true direct sale (bay’ al-haqīqī). however, it should be noted that the transfer process using the hawalah system should follow the terms and conditions that apply, one of which is that every party involved in the process should own liabilities or receivables before the procedure. unfortunately, the practices in reality often deviate from the main principle. therefore, many industry executives opt for actual sale transactions (bay’ al-haqīqī) because it is a safe option that complies with sharia principles. the civil code recognizes several methods of rights transfer according to the type of objects to be handed over. generally, objects can be categorized into http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 151 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 three types: movable, immovable, and intangible assets (receivables-on-behalf-of/ robo). according to the types of objects and the process or the method of submission, objects can be divided into three categories. explanations of each category are as follows: a. the transfer of movable objects or assets is carried out by handing over the ownership of the said object. it signifies that the ownership over the object or asset changes, except for the transfer of intangible objects. b. the transfer of immovable objects is carried out through a transfer of title recorded on a deed made by and in the presence of the land deed official (the ppat). c. the transfer of tangible assets (receivables-on-behalf-of/robo) is carried out by drawing up a deed notified to the debtor (cessie). in the civil code, the method of obtaining property rights is explained in the regulation of article 584 kuhperdata by transferring the ownership of rights based on a civil occurrence/ rechtstitel. the civil occurrence referred to in that article is a sale and purchase agreement (article 1457 kupper). specifically, on the issue concerning an asset that takes the form of receivables/ rights, article 613 (1) kuhperdata (the civil code) stipulates that the transfer is carried out through a deed, either through an underhand or authentic deed, which is also known as “cessie”. there are two legal relationships in trading, namely the relationship between the receivables seller (cedent) and receivables buyer (cessionaris), and the relationship between the cessionaris and debtor (cessus). the trade (sale and purchase process) transfers the title to the receivables to the buyer. referring to the provision of article 613 paragraph (2), the civil code requires the debtor to be notified about the receivable transfer. the notification (the acknowledgment from the debtor) creates a legal binding between the buyer and the debtor of the receivables, so the debtor is bound to make a payment to the receivable buyer. it can be concluded that the civil code does not prohibit the transfer of rights/ receivables to another party as long as the procedure follows the provisions of the applicable regulations. another problem around asset transfer is an issue regarding “khiyār ‘ayb”. this term relates to the failure of the asset transfer procedure to meet the criteria determined by the issuer, which results in shifting the obligation to the bank, as the originator, for the transfer period. on one side, the issuer wants the period to last until the completion of abs, which aligns with the pbi provision in 2005. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 152 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 on the other side, however, the bank wants the period to be over within the first 3-6 months as soon as possible. to tackle this issue, the latest financial services authority regulation (the pjok) explicitly states that the period must last for 60 days at the latest. on top of that, the maximum amount of assets to be exchanged has been determined to be a maximum of 10%. 3) problems related to accounting reporting and asset bookkeeping the asset transfer from the originator is carried out through pay-though or with recourse and pass-through or true sale. first, in a pay-through or recourse transfer method, the originator still assumes the risk of default and bookkeeping, so this concept does not meet the requirements for securitization transactions. second, in a pass-through or a true sale transfer, the receivables are transferred through a trade-off system from the originator to the investors represented by an spv or a trustee. owing to the trade-off, the rights have been transferred, and thus the investor, instead of the originator, assumes the bookkeeping responsibility. 4) the unclarity in the taxation matter due to the issue in the ownership of financing assets in indonesia’s legal system, abs is subjected to corporate tax and, therefore, is required to fulfill tax obligations, such as signing up for a taxpayer identification number (npwp) and paying monthly and annual tax bills. abs’s obligation regarding tax fulfillment is managed under a set of legislation, including corporate income tax (pph badan), income tax (pph), and vat (ppn). after reviewing the legal aspects in several countries, this research summarizes that the problems regarding abs issuance include (1) the set of assets that underlie the abs issuance; (2) asset transfer; (3) spv; (4) bankruptcy remoteness; perfection of security interest; transaction support (the issuer, trustee, custodian bank, and credit support), taxation aspect, and the governing law. the legal problems concerning the abs securitization process revealed by the industry executives participating in this research demonstrate some similarities with the abs issuance in some countries. they have also faced bankruptcy remoteness, the perfection of security interests, and the governing law. in general, there are three steps needed to bring forth a right (perfection) over a “security interest”, namely: (1) control over collateral; (2) an obligation to register; or (3) a notification to third parties. perfection of the security interest is http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 asep supyadillah. the constraints in shariah-compliant asset-backed securities issuance 153 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 crucial in securitization transactions to ensure that in the event that a financial asset/ receivable is transferred to the buyer, all the collaterals attributed to the receivable provide a guarantee to the buyer for the fulfillment of the debtor’s obligations for the receivables claimed against them. conclusion drawing on the responses from the executives of the islamic bank industry in indonesia, this research summarizes three major problems regarding abs issuance. the problems include the basis on which the abs is issued, the contracts used, and the scheme or transaction structures selected. since most islamic banks own assets in receivables (ḍā’in), they cannot be used for the underlying asset for abs issuance. most of the contracts used in trading are in cash, not shirkah contracts. the majority of islamic bank industry executives prefer to use passthrough/ true sale transaction structure/scheme to pay through/ with recourse transaction structure. legally, the constraints in the sabs issuance stem from the dubiety of the bank’s authority to sell an asset to a potential abs, the consequences entailing asset transfer that potentially violate sharia principles, the asset bookkeeping and accounting recording, the confusion in the taxation issue regarding the ownership of financing assets, as well as the legal consequences that entail the legal relationship between the originator, investment manager, custodian bank, and the investor. other constraints concerning the legal aspect are related to (1) the set of assets on which the abs is issued; (2) the transfer of assets; (3) spv; (4) bankruptcy remoteness; (5) perfection of security interest; and (6) transaction supports (the issuer, trustee, custodian bank, and credit supports). optimal development of sabs products requires a set of well-structured policies, relentless endorsement, and incentives from regulators, especially for islamic banks that use shirkah contracts (mushārakah and mudārabah) in housing financing (house ownership credit/ kpr ib). in addition to that, it is necessary to improve the regulation flexibility, particularly the ones concerning risk weighted assets (rwa), minimum capital adequacy requirement (kpmm), as well as financing to deposit ratio (fdr) for the islamic banks that become the sabs originators. the legal aspect is another aspect that helps promote asset securitization development through sabs. therefore, further studies are needed to investigate the points and instances considered burdensome for islamic banks when pursuing an interest in sabs issuance. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 154 http://journal.uinjkt.ac.id/index.php/iqtishad doi: https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 15 (1), jan-jun 2023 references alia, rosalan., ismail, s., & bakri, m. h. 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(2008). transplantasi trust dalam kuhperdata, kuhd, dan uu pasar modal. rajawali press. http://journal.uinjkt.ac.id/index.php/iqtishad https://doi.org/10.15408/aiq.v15i1.32287 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 135 152 received: august 15, 2017; revised: october 13, 2017; accepted: november 22, 2017 1,3 shaheed zulfikar ali bhutto institute of science and technology (szabist). clifton karachi, pakistan 2 soneri bank pakistan limited. pnsc building, mt khan road, karachi, pakistan. e-mail: 1farhan.ahmed@szabist.edu.pk, 2a.rafay23@yahoo.com, 3afzal.ahmed@szabist.edu.pk doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 abstract. this paper investigates the difference between the dividend payout policy of islamic banks and conventional banks in pakistan for a period from 2012 to 2016 analyzing the data through regression using least square method (ols). specifically, the study aims to study the impact of the profitability, liquidity, revenue growth and financial leverage on the dividend payout policy of the islamic banks and conventional banks of pakistan and how islamic banks dividend policy differs from conventional banks. this study concludes that the factors like liquidity and financial leverage should be considered and addressed accordingly, because these are key indicators to help policymakers and investors in assessing the performance of the islamic banking industry. keywords: islamic banking, conventional banking, dividend payout policy. abstrak. penelitian ini membahas perbedaan antara kebijakan pembayaran dividen bank syariah dan bank konvensional di pakistan untuk periode 2012 sampai 2016 yang menganalisis data melalui regresi dengan menggunakan metode kuadrat sederhana (ols). secara khusus, penelitian ini bertujuan untuk mempelajari dampak profitabilitas, likuiditas, pertumbuhan pendapatan dan leverage keuangan terhadap kebijakan pembayaran dividen bank syariah dan bank konvensional pakistan dan bagaimana kebijakan dividen bank syariah berbeda dari bank konvensional. studi menyimpulkan bahwa faktor-faktor seperti likuiditas dan leverage keuangan harus dipertimbangkan dan ditangani sesuai, karena ini adalah indikator kunci untuk membantu pembuat kebijakan dan investor dalam menilai kinerja industri perbankan syariah. kata kunci: perbankan syariah, bank konvensional, kebijakan pembayaran dividen. how to cite: ahmed, f., a. rafay., & a. ahmed. (2018). dividend payout policy of conventional banking and islamic banking in pakistan. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 135 – 152. doi: http//dx.doi.org/10.15408/aiq.v10i1.6103 dividend payout policy of conventional banking and islamic banking in pakistan farhan ahmed1, abdul rafay2, afzal ahmed3 136 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 introduction the banking sector is the critical part of the economy and performs an essential role in the economic activities; in the current era, the economy cannot act without the presence of adequate banking system. the traditional conventional economic system is based solely on providing funds and acquiring fund. the banks charge interest on providing funds and pay interest on obtaining funds from its depositors. this system contains high risk in the usage of funds and financial asset for the noneconomics activities because; banks cannot evaluate how the borrower utilizes the funds given. the main issue in this system, it is not compliant with islamic shariah (ruling/guidelines) because it contains the following elements: riba (interest), gharar (a high-level of uncertainty) qimar (gambling) and further it is not an asset-backed system in which may lead to highly hazardous financial situations. in the 19th century, muslim scholars began working to create a banking system in which they would eliminate the nonshariah elements that found in our current financial system. the muslim scholars create a banking system which excludes the following factors: riba (interest), gharar (a high-level of uncertainty), qimar (gambling) and makes it an asset-backed financial system. in the 2008 financial crises, there was a significant impact on the conventional financial institution due to the sub-prime mortgage which was not asset-backed instead it based on derivatives, which not permitted in the islam. after the financial crises of 2008, the financial analyst and specialist analyzed that islamic financial and banking system not affected by this crisis and the growth of islamic financial institution increased due to the global financial crises. the investor is more comfortable to invest in the islamic financial institutions as compare to the conventional financial institutions especially in islamic countries, but the primary desire of the investors is to maximize the return on investments. this intention has caused an academic stampede to investigating the difference between conventional banking and islamic banking systems and their return on investments. furthermore, numerous accounts of studies have been conducted to compare the islamic banking sector with the conventional banking sector regarding their performance, return, growth, etc. however, only a few kinds of research have played attention and compared the dividend policy of islamic banks and conventional banks. almost every company earn profit through their economic activities and distribute this profit among their shareholders the mechanism of distributing profit is different according to the financial policy of the company and the growth opportunity of the company if the company have feasible growth opportunity then they reinvest their profit for the growth of the company. the process in which company defines that how much profit would distribute to 137 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking the shareholder and what is the way for the distribution of profit is called dividend payout policy. dividend payout policy varies in the different countries because of difference in the government regulations; tax policies different financial sectors and markets. there are variations in opinion about the impact of dividend payout on the shareholder’s wealth. the first argument was there is no impact of dividend payout on the wealth of shareholder another argument was the dividend payout policy escalate the wealth of shareholder, the last debate was the dividend payout reduces the wealth of shareholder. there is limited research conduct in pakistan to determine the impact of dividend payout policy on the wealth of shareholders. there is also a debate that there is any difference between dividend payout of the financial sector and nonfinancial sector, the latest literature suggests that the dividend payout policy of the financial industry is different from the non-financial sector because of the different regulator and different policies like tax policies, retain earning strategies, growth opportunities. the purpose of this study is to examine the determinant of dividend payout policy of the islamic banks and conventional banks of the pakistan. the study has investigated that what are the factors that affect the dividend payout policy of the banks and how they differ in case of islamic banks and conventional banks. in pakistan, there is no tax on dividend till 2012 after that government imposes on 10% tax for filers and 15% for non-filers. now, the withholding tax rate after the financial act 2015 under section 150 has also enhanced to 12.5% for filers and 17.5% for non-filers. dividend payout policy is critical for the investors and performs a vital role in motivating the investors toward investing in specific stock. some models are developed to know the behavior of the investor concerning the dividend payout policy of the companies. dividend payout policy of the bank is the principal financial indicators concerning pakistan’s banking industry, which indicates bank performance and its growth in the emerging economy. dividend payout policy also determines the return on investment of the investors, in this aspect, this is very important for the investors. this study aims to develop a model to determine the difference of the dividend payout policy of islamic banks and conventional banks in pakistan and how islamic banks attract investors in pakistan. this study will examine the effect of profitability, liquidity, financial leverage and revenue growth on the dividend payout policy of islamic banks and conventional banks of pakistan. there is some researchers question that addresses in this research. there are: first, what are the impacts of profitability on dividend payout policy of islamic banks and conventional banks in pakistan? second, how the liquidity (cash flow) position of islamic bank and conventional banks of pakistan effect on their 138 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 dividend payout policy. third, financial leverage of islamic banks and conventional banks of pakistan have an impact on their dividend payout policy or not? fourth, is there any impact of revenue growth on dividend payout policy of islamic banks and conventional banks of pakistan? the structure of the paper divided into multiple sections. in the first section introduction along with research, the problem has discussed. in the second and third and fourth part, detailed literature review and evolution of banking sector in pakistan elaborated. result and discussion and conclusion sections are discussed as fifth and sixth section respectively. literature review the profit of the company, which distributed among the shareholders, is called dividend. the amount of dividend depends on the ownership of the number of shares. the dividend is the return on investment for the investors. the dividend may be in the form of cash, which means the company pays cash amount to the shareholders; sometimes dividend is in the form of stock dividends in which company issues new stock to the investors concerning their proportionate share of the investment. there is some reason for which companies pay the dividend from their earnings to the shareholders; a healthy dividend amount shows that the companies have good revenues and have a financial strength. through dividend investor receive their return on investment on the regular basis so those investors who want their gain on cash flow base, prefer those stocks who pay the reasonable amount of dividend. firms who paid the reasonable amount of dividend had easy excess to the capital market. furthermore, dividend payout policy also affects the valuation of the stock. the islamic banks of pakistan have rapidly growing in the economy and have a significant share in the banking industry. there is literature found which compare the dividend payout policy of the islamic and conventional banks. the objective and motivation of this study is to conduit the existing gap of literature review by determining the factors that influence the dividend payout policy of the islamic banks and conventional banks of the pakistan. to give the insight knowledge of dividend payout policy of islamic banks and conventional banks of the pakistan to the investor to educate the investor to invest in islamic banks or conventional banks. furthermore, this study also helps to the researchers, teachers, and students to understand the dividend payout policy of the islamic and conventional banks of pakistan and to do further research on the banking sector of pakistan. the primary stakeholders of the study are investors, policymakers of the banks and the teachers, 139 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking students, and researcher will be gaining the understanding of the dividend payout policy of the banks of pakistan. the islamic banking industry of pakistan is now a growing part of the financial sector of pakistan, with high practical significance in different dimensions. the proven track record with a possessive growth rate, islamic banking in pakistan is now a big competitor of convention or traditional banking and financial system. the research basically conducted on the dividend payout policy of islamic banking as compared to conventional banking and how it attracts the investors to invest in islamic banking rather than conventional or any other financial system. so this is definite form quranic verse and hadith-e-nabwi that riba strictly prohibited in islam and this riba is part and parcel of the conventional banking system. thus a limitation with muslims by their religion not to go with riba and gharar, on the other end in today’s world the world financial system works only with riba and gharar. islam prohibited riba and gharar but gives its economics and financial systems. so by islamic ideology, teaching, and philosophy, economic activity is essential for every individual. and with the help of islamic teaching and guidelines, there was the need to focus the financial problems of the muslim ummah and provide the superior model that can have rid of riba and gharar. alhamdulillah by the grace of allah a fundamental and strong financial facility is available now for muslim ummah that fulfills there day to day economic needs with islamic banking and financial systems. now day’s islamic banking in pakistan is emerging and growing at a rate of 15-20% yearly, and industry is looking a sharp rise in demand for islamic financial services and products. religion matters for muslims, and now this can be seen that every conventional bank has islamic banking window. this phenomenon is demand peoples are asking and moving towards islamic banking from conventional. (najaf, 2016) when we have a view on the conventional banking system and islamic banking systems, we find the difference with three major aspects: (awan, 2009): first, socio-religious level & conceptual framework: islamic banks works on trading and investments model and not lend the money directly. the conventional banks involved directly in lending and borrowing business and also act only as the moneylender. second, business model & governing framework: islamic banking works with a strict shariah governing framework having shariah guidelines and a board which approves every transaction & products in light of shariah rules and teaching. the conventional banks work on the interest-based structure. third, 140 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 product level implementation: islamic banking products backed by assets and involve trading of assets, renting of assets and participation on profit and loss basis. conventional banks treat money as the commodity and lend it against interest. for fulfillment of the consumer needs, islamic banking needs to work on the fulfillment of consumer requirements to compete with the conventional banks. because banks profitability directly relates to the business comes towards islamic banks and this business can only increase if the islamic banks have true and positive alternatives of the conventional banks provide according to shariah rule and guidelines. (khan, et al, 2012). islamic banking is going with a good pace in pakistan as well as all over the world state bank of pakistan is fully working with islamic and enforcing commercial bank to come in the business of islamic banking as a social and religious need of the economy. customers are also demanding their banking needs from islamic banking sector. in theory, islamic banking differs from traditional, mainly because it does not allow banking interest (riba) in islam. (yahya et al. 2013) islam doesn’t allow the collection and payment of interest (riba) preferably it based on mudarabah and musharakah the islamic way of sharing profit and loss and distributing the risk and joint venture concept of islamic contracting. among the profit-loss sharing (pls), assets and liabilities recognized in the sense that the borrowers share profits and losses at banks, which in turn share profits and losses to depositors (chong & liu, 2009). in other words, islamic banks better capitalized. in another study, studying bashir (2000) shows that inflation does not affect the profitability of islamic banks while conventional banks have ups and downs with inflation. shariah compliance financial products have many advantages over conventional financial products. the shariah products remain safe from the world economic ups and downs that are the reason that malaysian economy remains somehow sheltered from the world recession of 2008 due to having a stable islamic financial system. the dividend is the amount of money paid annually by the company to its shareholder. the dividend of any company is directly related to the profit of the company and the key indicators representing the financial stability of any company. the income investors and growth investor like financial growth regarding the balance sheet like dividend so that they have the capital gain regarding share prices. dividend policy refers to the practice that the companies continue to pay dividends or decisions, in other words, the size and pattern of cash distributions to shareholders over time. about the dividend decision companies have only two options; whether not to pay or to pay dividends. the payment of cash dividends is subject to the 141 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking availability of cash and liquidity of the company. many authors showed that there is a financial conflict between liquidity and profitability. both the liquidity and profitability have an impact on the dividend policy of the company in general and banking in particular. the issue of the dividend is complicated. essential elements are not hard to identify, but the interaction between these factors are involved and there are no easy answers (ross 2009). there is no tax on capital gain while 10% withholding tax on dividend payments. the government gives extension from 2012. so investors prefer capital gain to dividend income and work with the short-term scenario in stock markets. the banking sector is a very organized sector and having profit all the times, but profit is limited or increases with a percentage of a business increase. less risk in the banking sector would have less profit. many theories have been proposed dividend to be executed a declaration of the dividend policy decisions gives and if you have an impact on the value of the company. many factors influence distribution of cash dividend of profitability of the size of the active, low level of short-term payables, good relationships with suppliers in a strong liquidity position. payment of corporate dividends is not only the source of cash flow for shareholders but also provides information on the current and future performance of the company. typically, mature and profitable firms pay dividends. however, companies that pay dividends are not necessarily advantages. if a company thinks its growth prospects are better than the investment opportunities available to shareholders elsewhere, the company must retain the profits and reinvest in the business. companies that effectively manage their cash flow tend to maintain and increase their dividend payments over time. cash dividends related to funds available to pay dividends to shareholders in the short term. the liquidity of the company is dependent on the ability of the organization to their ability to put money to pay debts or other obligations. as a result, investors who need current and forecasted liquidity needs to spend a preferred dividend stocks. dividends are considered the most discussed topic in finance. in 1956, for the first time, john lintner analyzed how companies deserve to distribute to shareholders and other business activities, such as taxes and depreciation, etc. many times investors have no concerned with the dividends, but somehow dividend has its impact on the share price leads to capital gain for the investors (theissen, 2014). there are some reasons why companies pay dividends from their profits to shareholders, an amount of healthy dividend that the company has a good profit and have a financial strength. by dividends, investors receive their return on investment on a regular basis so that investors base their performance on cash, preferred stock 142 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 dividend reasonable amount. companies that pay dividends sensitive amount of easy access to capital markets as well. moreover, dividend payment policy took the impact of the valuation of the shares. this fact is essential to learn the behavior of dividend policy as factors for smooth dividend payout varies concerning industries and time and the business turnover and payout ratio. lintner originates that firms in the us adjust their dividends smoothly to maintain a target long run payout ratio. lintner (1956) he further elaborates that smoothness is dividend policy varies from country to country, institution to institution as well as capital market difference. brealey and myers said that dividends considered as the top crucial unanswered question in the field of advanced corporate finance. brealey and myers (2005). black (1976) noted that dividends are the primary puzzle in the economics of finance. pakistan is called as an emerging market, and there is the clear difference between the dividend policy of the developed countries and emerging markets like pakistan. and this is clear that in case of pakistan determinants of dividend policy are not stable and may change from time to time, industry-to-industry and institution-to-institution. banking industry of any country directly depends on the economics, business and financial growth of that country. banking moves with the economic growth and business opportunities available. and dividend policy of banking industry profoundly affects by any political instability or instability in the capital market or so-called as the stock market. baker and wurgler (2004) have given the catering theory, which allows the companies to provide incentives to the investor as per their desires, and needs with an aim to cater the investors by paying smooth dividends. if investors put a premium on the stock price, the payer will not pay if the investors prefer to payers. bhattacharya (1980) and john williams (1985), gives signaling theory that explains dividends dispel knowledge to the managers and shareholders of the firms by providing inner knowledge of firm’s future aspects. this also concluded that the dividend should pay to shareholders according to the prices of stocks. eriotis’ (2005) examine the effect of distributed earnings and size of the firms to its dividend policy of greek firms. the author studied the greek firms, set their dividend policies not only by net distributed earnings but also by the change in the dividend, the change from last year earnings and size of the firm. baker et al.’s (2007) did work on the discernment of dividends by canadian managers by having a sample size of 291 listed firms on toronto stock exchange (tse). daniel et al.’s (2007) did work on whether firms manage earnings to meet the dividend threshold. they worked out that companies are more likely to manage their profits 143 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking upward when their earnings would otherwise fall below expected dividend levels. the dividend policy is important for managers and investors; therefore, that not only a source of income for investors, but it also reflects the performance. selecting the appropriate dividend policy of the company is an important decision, the leaders, as well as the investor’s public companies; tend to assign the financial profit of the period, dividend investors. dividend distribution policy determines the percentage of profit paid as a cover for the investors and the sample must keep for future investments, (huda & farah, 2011). their decision will depend on the current and future performance of the company. it also depends on the present and future investors preferences. ahmed & javid worked on the market liquidity, and ownership concentration has an affirmative influence on dividend payout policy. furthermore, they found that the investment opportunities and financial leverages have adverse control on dividend payout policy (ahmed & javid, 2009). dividend policy is a debatable issue in the corporate world while having a good dividend policy. on the other end, there is the difference between determinants of the dividend policy for a company and a bank. many investors prefer capital gain to cash dividends in pakistan, which can be short-term phenomena to have good returns. (hashim zameer, 2013). the study aims to find the islamic banking as an attraction for the investors by comparing the conventional and islamic performance towards the determinants of the dividends. the clear determinants are leverage, liquidity, revenue growth, and the most important profitability. these called as dependent variables of the research. the independent one is dividend payout ratio. the need is to find that even there is any attraction for the investors towards islamic banking in pakistan or they are motivated to provide their resources towards islamic banking as a business attraction. evolution of banking sector in pakistan in 1977 council of islamic ideology (cii) was appointed the task to prepare a draft of the interest-free economy. in february 1979 president of pakistan announced that interest would remove from the economy in 3 years. after this announcement house building finance corporation (hbfc), national investment trust (nit), and mutual funds investment corporation (mfic) selected for removal of interest in their operations. in 1981 government gives the order to the commercial banks to establish islamic counterpart on profit and loss sharing basis and this was continued till june 1985, after 1985 government gives the instruction to discontinued the parallel operation and allow only profit and 144 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 loss sharing basis banking system. the movement toward the interest-free banking caused a sufferer of the economy and banks were allowed to invest their profit and loss sharing basis deposit in the interest-bearing government securities, and in 1991 the federal shariah council declared this act as non-shariah compliant. in the response of federal, shariah council decisions the banks and government made appeals to the shariah appellate bench of supreme court of pakistan. in 1991 the sharia appellate bench rejected the request and imposed all rules and regulation of riba on the banking. the government set up a high-level commission, task forces and committees to institute and promotes islamic banking on a parallel basis with the conventional banking system. in 2004 the state bank of pakistan (sbp) established a dedicated islamic banking department (idb) and set a shariah board to regulate and approve guidelines for the emerging islamic banking industry. first era 1948-1970: after the partition, the banking sector was very limited in pakistan only 631 branches are present in the country. therefore, the state bank of pakistan was initially mandated to develop monetary stability and commercial banking channels to flourish trade and commerce activities in the country. subsequently, habib bank, allied bank, and national bank were amongst the first to start operation with the high coordination of the state bank of pakistan. second era: 1970-1980: commercial banking was grown at the high pace which was favorable for the pakistan until 1974 under the nationalization policy; thirteen banks were bought and consolidate these all into six government bank under full government control. the pakistan banking council was set up to monitor and control nationalized banks and to marginalize the role of state bank of pakistan as a regulator. third era 1980-1990: this is the awful era for the banking sector of pakistan; the financial industry grew the large corporations, politicians, and the government. board of directors (bod) and chief executive officer (ceos) were not independently appointed. bank lending decision is not on proper credit & risk assessment, and the lending is not commercially motivated. billions of rupees unsurprisingly funneled out in the financial & banking sector of pakistan. 145 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking fourth era 1990-1997: in 1991 the act of bank nationalization was amended, and 23 domestic banks established in which ten banks domestically licensed. muslim commercial bank privatized in 1991, and the majority owner of the allied bank was transferred to its management by 1993. further significant is the official interest rate was restructured, a system of auctioning government securities was introduced and bank wise credit ceiling amount was reduced. by 1997 there were still four government banks are present in pakistan, but they faced great rivalry from 21 domestic banks and 27 foreign banks. fifth era 1997-2006: after the privatization of banking sector, the power of state bank of pakistan as the regulator was reestablished after the amendment in the banking companies’ ordinance 1962 and the state bank of pakistan 1965 act. subsequently, the internal controls, corporate governance, regulatory framework was strengthened. legal impairments and delay in recovery of the bad loan were restructuring in 2001. furthermore, the prudential regulation of 1989 was enhanced and allowing to banks to take exposure in that business which is previously unexploited. banks also take exposure on small and medium enterprises and contribute to growing the small business in the economy. 2006 to present: being 2006 until present, the landscape of banking sector has been changed significantly. by 2010, five public sector banks, six foreign banks, four specialized banks and 25 domestic banks were operative in the pakistan. the total numbers of banks branches are 9,348. now the banking sector of pakistan is a strong part of the financial sector and plays an essential role in the development of the pakistan’s economy. method the research philosophy of this study is positivist, and it is based on quantitative analysis. from approach point of view, this study is deductive and only taken one islamic bank and one conventional bank of the pakistan. the first step in the research procedure is to develop the hypothesis, and the statistical model for the study secondly the researcher collects data from reliable sources after the collection of data. for analysis simple ols (ordinary least square) technique has been applied to analyze the effect of the different variable on the dividend payout ratio and this research is also based on the secondary data. the source for the collection of financial data is the published financial statements of the banks and 146 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 financial statement analysis prepared by state bank of pakistan (central bank of islamic republic of pakistan). the sample period of the research is from 2012 to 2016 due to the limitation in the availability of the date. the quarterly observation was taken, so the sample size of the study is (4*5*2= 40) forty observations and twenty observations for each islamic and conventional bank. hence, two separate regressions are computed, and results analyzed in the line of the research questions and objectives of the study. the data of one islamic bank and one conventional bank is gathering. table 1 shows the name of sample banks with their proper justification: table 1. sample banks islamic bank convectional bank name meezan bank limited mbl bank al-habib limited bahl justification mbl is the one islamic bank in pakistan, which is listed in the stock market, and pay the dividend to their shareholders. bahl is the conventional bank which financials is near to the mbl. furthermore the balance sheet footage, income statement and number of branches near to the mbl. following regression equation is developed to test the hypothesis: ibdprt = β0+ β1 flt + β2 roat + β3 casht + β4 mtbt + μ cbdprt = β0+ β1 flt + β2 roat + β3 casht + β4 mtbt + μ where: ibdy t = islamic banking dpr in year t cbdy t = conventional banking dpr in year t fl t = financial leverage in year t roa t = return on asset in year t cash t = cash flow in year t mtb t = investment opportunities (growth) in year t results and discussion the mean of dividend payout ratio (dpr) of the conventional bank is 6.7%, which is higher, compare to the islamic bank dividend payout ratio 5.01 % because when the company has the growth opportunity tend to be paid the low dividend. this result shows that islamic bank has higher growth opportunities as compares to the conventional bank. growth opportunities (market book value mtb) of 147 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking islamic bank is also high (1.61x) concerning the conventional bank (1.5x) which also support the low dividend amount. table 2 descriptive statistics islamic bank cash dpr fl mtb roa mean 0.095950 5.014000 0.066450 1.617000 0.009320 median 0.097000 4.970000 0.069000 1.655000 0.010400 maximum 0.117000 7.100000 0.079000 2.010000 0.012800 minimum 0.078000 3.050000 0.050000 1.140000 0.002000 std. dev. 0.011166 1.212468 0.010570 0.240397 0.003948 conventional bank cash dpr fl mtb roa mean 0.067873 6.7135 0.155844 1.507416 0.011387 median 0.068194 7.06 0.169917 1.521095 0.011276 maximum 0.075229 11.76 0.179481 1.658085 0.012175 minimum 0.062701 2.73 0.121922 1.217127 0.010806 std. dev. 0.004568 2.182881 0.023358 0.1593 0.000477 the profitability (mean of roa) of the islamic bank is slightly low (0.9%) as compared to the conventional bank (1.1%) this is due to non-availability of the better investment avenues for the islamic bank concerning the conventional bank. the high liquidity of islamic bank, i.e., 95% shows that islamic bank has an issue to invest their excess liquidity while the conventional bank has low liquidity issue; the mean of conventional bank liquidity is 67% (see table 2). financial leverage of the islamic bank is 6.6% which is much better than the conventional bank’s financial leverage 15.58% this shows that conventional bank has more debt as compared to the islamic bank. furthermore this is against the literature because literature says the high financial leverage is a cause of low dividend but in this case, the conventional bank pays high dividend with high financial leverage and islamic bank pay low dividend with little financial leverage. the researchers have used ols the regression method as major analytical tools. the ordinary least square or linear least square is a way of estimating the unknown parameters in a linear regression model. the value of the variable predicted through ordinary least square. deals with two types of variables dependent and independent variables, also work on time series data. in a data series independent variable is used as input and the dependent variable used as output due to prediction. the ols is a most common effective and efficient method used by the researcher in 148 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 academic, essential experimental and applied research to complete their analysis and have findings. table 3. ordinary least square (islamic bank) dependent variable independent variable coefficient std. error t-statistic prob. r-squared dy fl 93.45512 27.31410 3.421497 0.0051 0.780595 roa 537.9862 119.6641 4.495801 0.0007 cash -36.86363 21.27458 -1.732755 0.1087 mtb -4.447722 0.703508 -6.322202 0.0000 regression equation dy t = β0+ β1 fl t + β2 roa t + β3 cash t + β4 mtb t + µ it table 3 shows the result of the regression equation of islamic bank; the first equation estimates the impact of financial leverage, return on the asset, cash, and market to book value of the share on the dividend payout ratio of islamic bank. the result of ordinary least square (ols) shows that there is no impact of cash (liquidity) on the islamic bank dividend payout ratio and other variables affect the dividend payout ratio. the financial leverage and return on asset have a positive impact on dividend payout ratio while market to book value of the share hurts the dividend payout ratio of the islamic bank. the results of the study related to the adverse impact of financial leverage on dividend payout ratio is insignificant, and the findings are not supported (see hashim zameer, 2013). the results of the study show that the impact of profitability (roa) on dividend payout ratio recommended in the literature (see khoury, 2014). the value of r-squared is 78%, which means the econometric model of dividend payout ratio of islamic bank is the good fit. table 4 shows the result of the regression equation of conventional bank; the second equation estimates the impact of financial leverage, return on the asset, cash, and market to book value of the share on the dividend payout ratio of conventional bank. the result of ordinary least square (ols) shows that there is no significant impact of return on the asset on the conventional bank dividend payout ratio and other variables have a substantial effect on the dividend payout ratio. the financial leverage cash have a positive effect on dividend payout ratio while market to book value of the share has a negative impact on the dividend payout ratio of the islamic bank. the amount of r-squared is 81%, which means the econometric model for the dividend payout ratio of convention bank is also good fit. 149 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking table 4. ordinary least square (conventional bank) dependent variable independent variable coefficient std. error t-statistic prob. r-squared dpr fl 14.58660 17.43977 0.836399 0.4193 0.815313 roa 35.95766 712.9161 0.050437 0.9606 cash 496.0626 91.75960 5.406111 0.0002 mtb -6.958922 2.296421 -3.030334 0.0105 conventional bank dpr t = β0+ β1 fl t + β2 roa t + β3 cash t + β4 mtb t + µ t the result of the study does not reject the h3 and h4 of the islamic banks it means profitability have a significant positive impact on the dividend payout of islamic bank and revenue growth have a significant negative effect on the dividend policy of the islamic bank. the result of the study reject the h1 and h2 of islamic bank it means the liquidity have no significant impact on the dividend payout of islamic bank while financial leverage has significant positive impact on the islamic bank dividend policy. following may be the reasons for no significant impact of liquidity on the dividend payout of islamic bank: first, islamic banks have excess liquidity of depositor fund that may not use for the dividend payout. second, islamic bank does not have a proper invest avenues and financial markets like conventional banks. third, islamic bank cannot invest in government securities because they are interest-bearing securities. however, the amount of sukuk issued by state bank of pakistan has not fulfilled the requirement of islamic banking. fourth, a large amount of syndication for the huge project of in the economy comes from the conventional banking; unfortunately, islamic bank cannot play a meaning full role in the syndications. the financial leverage has significant positive impact on the dividend policy while literature suggests that the financial advantage have the adverse effect on the dividend policy. following may be the reasons for the positive effect of financial leverage on islamic bank dividend: financial leverage of the companies which defined in the literature determined by dividing debt to the equity but in the case of bank the financial leverage determined by the total debt (which include depositor’s liability). the business model of the banks is entirely different as compared to the regular business model. in the regular business model the high financial leverage is the cause of high-interest expense, which declines the bottom line profit of the company, and finally, the high leverage will decline the dividend ratio. results of the study do not reject h2 and h4 of the conventional bank it means the significant positive relationship existed between the liquidity and dividend payout of the conventional bank and revenue growth have a significant negative impact on the dividend payout. the result of the study reject h1 and h3 150 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 of the conventional bank, it means financial leverage and return on asset leverage have no significant impact on the dividend payout of the conventional bank. the reason for the rejection of h1 same as defined in above islamic banking result. the no significant effect of return on the asset on the dividend payout shoes that conventional bank pay dividend regardless of the return on asset. islamic bank and the conventional bank has same effect of the revenue growth, and financial leverage have the similar effect on the dividend payout ratio, revenue growth is negatively related as suggested in the literature while financial leverage has no significant negative impact on the dividend payout ratio which is not supported by the literature or theory. liquidity have the different impact on the islamic bank dividend payout ratio and conventional bank dividend payout ratio; conventional bank liquidity has the significant positive impact on dividend payout ratio as literature suggested while islamic bank liquidity has no significant impact on the dividend payout ratio because of the liquidity issues in the islamic bank. islamic bank profitability have the significant positive impact on the dividend payout ratio as literature suggested while conventional bank have no impact on profitability on their dividend payout ratio it means conventional bank pay dividend regardless with their profitability. conclusion this paper examined the determinants of the dividend policy of islamic banks and conventional banks in the pakistan and determines the difference between dividend policy of islamic banks and conventional banks from 2012 through 2016. the analysis reveals that the islamic bank financial leverage and profitability have the significant positive association with the dividend policy while revenue growth has negatively related to the dividend policy of islamic bank. while for conventional bank liquidity has the strong significant positive association with the dividend payout policy of conventional bank while revenue growth negatively related to the dividend policy of the conventional bank. the results show that conventional banks pay more dividends as compare to the islamic banks because the profitability of the conventional bank is slightly higher and they pay the dividend without consideration of profitability this can be due to the higher growth opportunities of the islamic banks. the research accomplishes that the islamic banks are struggling to commit the stable dividend policy while conventional banks dividend payouts are random and subjective and not in the form of policy. although the negative relationship with liquidity (free cash flow) in islamic bank is not significant, it may create shareholder expropriation and raises a red flag about the severe problem of agency theory. this research paper recommends the management of islamic banks and conventional banks to give attention to setting their dividend payout policy because the dividend influence the investor’s behavior regarding investment in the specific stock. 151 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6103 farhan ahmed. dividend payout policy of conventional banking the result of this study has practical implications for analyst, investors and especially bank’s management. identifying the primary determinants of the dividend policy helps investors and analyst to build up their forecasts and select appropriate valuation model. the research paper attempts by islamic bank to commit a sustainable dividend payout policy, which attract the investors to invest in the islamic bank. the result of the study should encourage bods, financial analyst, policymakers and investors in pakistan to use the dividend to monitor the agency theory especially for the islamic banks to strengthen the trust of the investor on the islamic banking. future research may conduct to determine the impact of other variables on dividend policy, which can include ownership variables in the regression equation to examine the agency theory regarding dividend. furthermore, future study should cover more than one country because the review is limited to the banking sector of pakistan. references ahmed, h., & a.y. javid. (2009). determinants of dividend policy in pakistan. international research journal of finance and economics. 29: 110125. al-kayed, l. t., & l.t. al-kayed. (2017). dividend payout policy of islamic vs conventional banks: case of saudi arabia. international journal of islamic and middle eastern finance and management. 10(1): 117-128. allen f., & r. michaely. (2003). payout policy. in constantinides, g.m., m. harris., r.m. stulz (ed). handbook of the economics of finance. netherland: north holland. al-najjar, b., & k. hussainey. (2009). what drives firms’ capital structure and dividend policy. working paper. london: middlesex university. andres, c., m. doumet., e. fernau., & e. theissen. (2015). the lintner model revisited: dividends versus total payouts. journal of banking & finance. 55: 56-69. awan, a. g. (2009). comparison of islamic and conventional banking in pakistan. proceedings 2nd cbrc. lahore, pakistan. baker, m., & w. jeffrey. 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(2004). are dividends disappearing? dividend concentration and the consolidation of earnings. journal of financial economics. 72(3): 425-456. de angelo, h., l. de angelo., & r.m. stulz. (2006). dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. journal of financial economics. 81(2): 227-254. eriotis, n. (2011). the effect of distributed earnings and size of the firm to its dividend policy: some greek data. international business & economics research journal (iber). 4(1): 67-76. hasan, m., & j. dridi. (2010). the effects of the global crisis on islamic and conventional banks: a comparative study. journal of international commerce, economics and policy. 2(2): 163-200. huda, f., & t. farah. (2011). determinants of dividend decision: a focus on banking sector in bangladesh. international research journal of finance and economics. 77: 33-46. khan, f.u., b. khan., z. awan., t. hassnain., & a. javed. (2012). growth of islamic banking in pakistan: a comparative study. research journal of finance and accounting. 3 (2): 25-34. kohli, h. s., a. sharma., & a. sood. (eds.). (2011). asia 2050: realizing the asian century. new delhi: sage publications india. lintner, j. (1956). distribution of incomes of corporations among dividends, retained earnings, and taxes. the american economic review. 46(2): 97-113. maldajian, c., & r. el khoury. (2014). determinants of the dividend policy: an empirical study on the lebanese listed banks. international journal of economics and finance. 6 (4): 240-250. merchant, i. p. (2012). empirical study of islamic banks versus conventional banks of gcc. global journal of management and business research. 12(20): 32-42. najaf, r. n. (2016). growth of islamic banking in pakistan. global journal of management and business research. 16(5): 34-45. shirvani, h., & b. wilbratte. (1997). an empirical investigation of asymmetric behavior in corporate dividend policy. economic inquiry. 35(4): 847-857. yahya, m. h., j. muhammad., a. abdullah., & a.m. nasir. (2013). chinks in the capitalism system -the pertinence of islamic finance. journal of international business and cultural studies, 7(1): 1-13. zameer, h., s. rasool., s. iqbal., & u. arshad. (2013). determinants of dividend policy: a case of banking sector in pakistan. middle-east journal of scientific research. 18(3): 410-424. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 267 284 received: december 30, 2017; revised: february 5, 2018; accepted: march 5, 2018 syiah kuala university. darussalam, banda aceh, indonesia e-mail: mshabri@unsyiah.ac.id doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 abstract. this paper explores the dominance of world islamic stock markets of japan, the uk, and the us over the islamic stock market of indonesia. the granger causalities based on vector error correction model (vecm) framework are adopted to empirically identify the co-movements among these islamic stock markets. the study found that the islamic stock markets of indonesia, the uk, japan, and the us are moving towards a greater level of integration. the japanese islamic stock market dominantly co-moved the indonesian islamic stock, as compared to the uk and the us islamic stock markets both in the bivariate and multivariate frameworks. this further implies that any developments in the japanese financial market have to be given more consideration by the indonesian authority in designing policy to stabilize and promote its islamic stock market. keywords: islamic stock market, co-movements, integration, diversification benefits, multivariate causality. abstrak. artikel ini bertujuan untuk mengidentifikasi dominasi pasar saham syariah jepang, inggris, dan amerika serikat terhadap pasar saham syariah indonesia. penelitian ini dengan menggunakan metode kausalitas bivariat dan multivariat berbasis vector error correction model (vecm). penelitian mendapatkan bukti bahwa pasar saham syariah indonesia, jepang, inggris dan amerika serikat bergerak menuju tingkat integrasi yang lebih tinggi. pasar saham syariah jepang secara dominan menggerakkan pasar saham syariah indonesia, dibandingkan dengan pasar saham syariah inggris dan amerika serikat baik berdasarkan analisis bivariat maupun analisis multivariat. ini lebih jauh menyiratkan bahwa setiap perkembangan di pasar keuangan jepang harus mendapat pertimbangan lebih besar oleh otoritas indonesia dalam merancang kebijakan untuk menstabilkan dan sekaligus mempromosikan pasar saham syariahnya. kata kunci: pasar saham syariah, gerakan bersama, integrasi, manfaat diversifikasi, kausalitas multivariat. how to cite: majid, m. s. a. (2018). who co-moves the islamic stock market of indonesia the us, uk or japan? al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 267 – 284. doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 who co-moves the islamic stock market of indonesia the us, uk or japan? m. shabri abd. majid 268 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 introduction recently, the empirical studies on the global stock market integration have been widely researched in the finance literature. the research interest on this issue has been proliferating after 1987 stock market crisis as this issue provides importance implication for investors to minimize the risk by diversifying their investments, and for policy-makers to design prudent macroeconomic strategies in promoting the stock market. the studies on the integration of stock market have further intensified after the 1997 asian financial and the 2008 global financial crises (janakiramanan and asjeet, 1998). the term global market integration characterizes a wide area of research in financial macroeconomics that covers various diverse aspects of the interdependencies across the national stock markets. the integration of market has been viewed by earlier studies both from the asset pricing and statistical perspectives. the former perspective defines the markets’ integration if they follow “the law of one price” (klemeier and harald, 2000), while the later perspective delineates the integrated markets if their prices are correlated. thus, the commonly established definition of integration of markets shows that if the two or more markets have identical stocks, thus they must be identically priced (naranjo and aris, 1997) due to their similarity in risk characteristics irrespective of their trading location (akdogan, 1991; and cheng, 2000). since the prices in integrated stock markets move together in the long run (cheng, 2000). therefore, investing in those markets provide no diversification benefits for global investors. this study explores the co-movements between the islamic stock markets of indonesia with those of the uk, us, and japan from the perspective of statistics. there have been many studies investigated co-movements of the conventional stock markets in the developed countries. for example, majid et al. (2008), majid (2009), and majid et al. (2009) investigated the interdependencies and co-movements of the asean stock markets with those of the developed. the result confirmed that the world stock markets move towards a greater level of integration. the asean and world markets ever become more integrated after the episodes of economic crises in 1987, 1997, and 2008 (cha and oh, 2000; jang and sul; 2002; and majid and kassim, 2009). these findings demonstrate that the benefits’ diversification of investing in stocks across the global market tended to diminish as the markets become more liberalized in their financial markets. comparing to the enormous empirical studies on the interrelationships among the conventional stock markets both in the advanced and emerging stock markets, the similar studies on the global islamic stock markets, particularly in indonesia has been relatively limited. yusof and majid (2006) found bidirectional 269 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 m. shabri abd. majid. who co-moves the islamic stock market of indonesia? causality between the stock markets of japan and indonesia and a unidirectional causality from the stock markets of the us to the indonesian stocks. the interlinkages among the stock markets of indonesia with those of australia, the uk, singapore, the philippines, japan, the us, hong kong, and malaysia, were also documented by adityara (2012). among the studies focused on the integration of islamic stock markets is conducted by majid and kassim (2010), and documented that the islamic stock markets tended to become more interlinked. thus, implying the decline of diversification benefits when investing in the islamic stocks globally. moreover, other existing empirical studies on the islamic stock market in indonesia only examined their determinants (majid, 2016a, 2016b; beik and fatmawati, 2014; ali, 2014; baroroh, 2013; and azwar et al., 2011). these studies found that money supply, inflation, interest, exchange rate, the conventional stock market, economic growth affect the islamic stock market (baroroh, 2013; beik and fatmawati, 2014; majid, 2016b). azwar et al. (2011) found that debt ratio, profitability, and interest rate affected the islamic stock markets. these findings implied that to strengthen the islamic stock market, the design of firm strategy should be coordinated with the national monetary policy and global capital markets policies. unlike few earlier studies that focused on the islamic stock market of indonesia, this study contributing the following to existing islamic stock market literature. firstly, unlike the study by majid and kassim (2010) on the global islamic stock markets in a broader perspective, this study specifically focused on the indonesian islamic market per se. secondly, to get a clearer and specific empirical picture on the dominant role of the world leading islamic stock markets over the indonesian islamic stock market, this study only focuses on the importance of the us, the uk, and japanese islamic stock markets that represent the major continents in the world. this study excludes the macroeconomic determinants from the analysis like the studies by beik and fatmawati (2014) and baroroh (2013). thirdly, this study presents the latest trends in the world islamic stock markets’ co-movements on the islamic stock market of indonesia using latest data of daily islamic stock indices from 1999 to 2016. finally, unlike the study by azwar et al. (2011) who utilized a simple multiple regression analysis, this study used standardized granger causalities, both bivariate and multivariate to provide a comprehensive empirical evidence on the inter-linkages between the islamic stock market of indonesia and the largest world islamic stock markets. focusing only on the granger bivariate or multivariate analysis could miss essential information due to the possibility of investigating non-cointegrated markets at the bivariate level, but they are jointly cointegrated (yusof and majid, 2006). 270 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 considering these novelties of our study, this study explores the dominance of the islamic stocks of uk, the us, and japan over the islamic stock market of indonesia and their co-movements both in the bivariate and multivariate framework. the findings of this study are hoped to shed some lights for investors when diversifying their investments in the islamic stock markets across the globe. as for the policy-makers, the findings of this study are hoped to provide an important reference when designing policy to stabilize and promote the islamic stock markets nationally and globally. literature review there have been many studies investigated co-movements of the conventional stock markets in the developed countries. for example, majid et al. (2008), majid (2009), and majid et al. (2009) investigated the interdependencies and comovements of the asean stock markets with those of the developed markets using the generalized method of moment (gmm) frameworks. these studies confirmed that the world stock markets move towards a greater level of integration. during the 2008 global financial crisis, majid and kassim (2009) documented that the asean and world markets ever become more integrated. similarly, cha and oh (2000) and jang and sul (2002) found that the integration among the asian emerging markets investigated to increase after the stock market crash in 1987 and the asian financial crisis in july 1997. the financial sector of the economy is found to be the worst sectoral economy of malaysia impacted by the 2008 global economic crisis (kassim et al., 2011). the stock markets among the major trading partners are found to be more intensified both in malaysia (abdul karim and majid, 2009) and indonesia (abdul karim et al., 2009). these findings imply that the benefits’ diversification of investing in stocks across the global market tended to diminish as the markets become more liberalized both in term of financial and trading activities worldwide. comparing to the enormous empirical studies on the interrelationships among the conventional stock markets both in the advanced and emerging stock markets, the similar studies on the global islamic stock markets, particularly in indonesia, have been relatively limited. yusof and majid (2006) explored the dominant role of the us and japanese stock markets over the stock market of indonesia using the variance decomposition and impulse response analyses and found the bidirectional causality between the stock market of japan and indonesia and a unidirectional from the stock markets of the us to the indonesian stocks. adityara (2012) explored the influences of global conventional stock markets on the indonesian stock market using the granger causality and documented the interlinks among the stock markets of indonesia with those of australia, the uk, singapore, the philippines, japan, the us, hong kong, and malaysia over the period 20042010. 271 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 m. shabri abd. majid. who co-moves the islamic stock market of indonesia? among the studies focused on the integration of islamic stock markets is conducted by majid and kassim (2010) using the autoregressive distributed lag (ardl) framework during the 1999-2006 period, and documented that the islamic stock markets tended to become more interlinked, thus implying the decline of diversification benefits when investing in the islamic stocks globally. moreover, other existing empirical studies on the islamic stock market in indonesia only measured the performance (tulasmi and trihariyanto, 2016) and its determinants (majid, 2016a, 2016b; beik and fatmawati, 2014; ali, 2014. baroroh, 2013; azwar et al., 2011). in a more detailed, tulasmi and trihariyanto (2016) compared performances between the returns of the islamic stocks of malaysia and indonesia using the methods of sharpe, treynor, and jensen. the investors who invest their monies in the indonesian islamic stocks could gain showing higher returns the documented that returns of islamic stocks of indonesia were higher than those of malaysia. meanwhile, majid (2016b) explored the macroeconomic determinants of the islamic stock of indonesia. this research found that money supply, interest, exchange rate, and economic growth affected the market. baroroh (2013) examined the long-run co-movements between the islamic stock market and macroeconomic determinants. the study recorded that the discount rate, exchange rate, and inflation granger caused the islamic stock returns of indonesia. in the similar vein, beik and fatmawati (2014) assessed the impact of worldwide islamic stock market and macroeconomic determinants on the indonesian islamic stocks using the vector error correction model (vecm) over the 2007-2012 periods. they found that the islamic stock market of indonesia is positively influenced by the islamic stock markets of europe, malaysia, and level of economic activity, and negatively impacted by the islamic stock markets of japan, the us, money supply, and interest rate. additionally, by using a multiple regression analysis, azwar et al., (2011) explored the effects of financial ratios and macroeconomic variables on the indonesian islamic stock returns. debt, profitability, and interest rate are found to affect the islamic stock returns, while the price to earnings ratio, exchange rate, and inflation are documented to have no significant effect on islamic stock returns. these findings implied that to strengthen the islamic stock market, the design of national monetary policy should be coordinated with the global capital markets policies. the above-reviewed studies show that none of the studies has empirically the dominance of the world largest islamic stock markets over the islamic stock market of indonesia, thus this study intends to fill this gap of literature and empirical findings. as the market is moving towards a more liberalized and thus greater level of integration worldwide, this study is indeed timely to be conducted, as it provides 272 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 latest empirical evidence on the importance of leading world islamic stock markets on the national islamic capital market of indonesia. method daily closing indices of four islamic stocks of indonesia, the us, the uk, and japan spanning the period from the beginning of 1999 to end of 2016 are analysed in the study. these stock indices are denominated in domestic currency units, gathered from the bloomberg database. the following indices are utilized to measure the stock returns of each stock: (i) jakarta islamic index for indonesia; (ii) dow jones islamic index of america for the us; (iii) dow jones islamic index of japan for japan; and (iv) dow jones islamic index of the united kingdom of great britain for the uk. two arising common problems in exploring the inter-linkages among the global stock markets are resolved in this study. firstly, the missing observations due to different holidays’ across the national stock markets are resolved by using the occam’s razor method, where the missing data are simply to be filled in by data from previous day (jeon and vonfurstenberg, 1990; hirayama and tsutsui, 1998; and majid and kassim, 2009). secondly, the differences in the trading hour across the global stock markets are overcome by adjusting today’s indices of indonesia, the uk, and japan with the us index of the previous day. in analysing the dominance of the islamic stocks of uk, the us, and japan over the islamic stock market of indonesia and their co-movements, several steps of empirical analysis are conducted. firstly, the tests of stationary for each stock index are performed using both augmented dickey-fuller (adf) (dickey and fuller, 1979; 1981) and phillips and perron (pp) tests (perron, 1988; phillips and perron, 1988). secondly, the test of cointegration between the islamic stock markets of indonesia and the uk, japan, and the us is done using the johansen and juselius (1990) technique. thirdly, the bivariate causalities between the islamic stock markets of indonesia and the uk, japan, and the us are examined using the granger causality test. finally, to investigate the shortand long-run causalities among these islamic stock markets within the multivariate framework, the vector error correction model (vecm) is performed. due to the non-stationary of the bulk of macroeconomic variables (serletis, 1993), including stock indices, thus to avoid from the spurious regression, the time series’ empirical study should perform the unit root test to ensure the stationarity of variables. if the non-stationary variables were analysed in the regression analysis, their findings would be void (thomas, 1997). taking this into account, thus this 273 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 m. shabri abd. majid. who co-moves the islamic stock market of indonesia? study utilizes the tests of adf (dickey and fuller, 1979; 1981) and pp (perron, 1988; phillips and perron, 1988). to conduct the tests of stationarity, the rejection of null hypothesis (h0: δ = 0) implies the stationarity of islamic stock indices. meanwhile, the non-rejection of the alternative hypothesis (h1: δ ≠ 0) signifies the non-stationarity of islamic stock indices. with the intention to discover the cointegration between the islamic stock markets of indonesia and the uk, japan, and the us, the study uses the johansen and juselius (1990) technique within the vector autoregressive (var) framework. the presence of a cointegration among these markets is assessed using the tests of statistics of johansen and juselius (1990). furthermore, this study measures the number of cointegrating vectors using the statistics of osterwald-lenum (1992). after validating the presence of cointegration, to discover the direction of bivariate causalities between the islamic stock markets of indonesia and the uk, japan, and the us, the following model is estimated: (1) in testing the bivariate causality, the values of f-statistic for δ, λ, γ, and β are referred. the null hypothesis of the estimated coefficient is equal to zero is tested. if the null hypotheses (δ 1 = ... = δ p = 0; λ 1 = .... = λq = 0; γ1 = ... = γr = 0; and β 1 = ... = β v = 0) are not rejected, implying the non-granger causality the islamic stock market of indonesia on the islamic stocks of japan, the uk, and the us, and vice versa. the findings from this test provide various path of interaction patterns between the islamic stock market of indonesia and the uk, japan, and the us, namely: (i) a unidirectional granger causality from one to another islamic stock markets, or otherwise; (ii) a bi-directional granger causality between the islamic stock markets; and (iii) non-granger causality between the islamic stock markets. in the final step, after identifying the existence of co-integration between the islamic stock markets of indonesia and the uk, japan, and the us, to estimate the multivariate causal co-movements between the islamic stock markets, the following vector error correction model (vecm) that is presented in the form of the matrix. for this purpose, the akaike (1974) information criterion (aic) is used to determine the number of lags to be included in our estimated models. id id id jp jp jp uk uk uk us us us = δ 0 t 0 t 1 t 2 t 3 δ 1 δ 2 δ 3 ∏ t k t 1 + + + 274 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 to test for multivariate causality, the value of f statistic based on the wald test on the null hypothesis of the summation of the estimated lagged coefficient of independent variables are equal to zero. the non-rejection of null hypothesis shows that the independent variables do not move the dependent variable. moreover, when the estimated value of ∏ is discovered to be significant using the t statistic, it implies that the islamic stock markets share a long-term equilibrium. finally, the findings show the channels of causality among the islamic stock markets. firstly, the significant value of error correction term (ect) denotes the presence of long-run equilibrium in the markets and the presence of short-run disequilibrium would be corrected and adjusted moving towards long-run equilibrium. secondly, patterns of causal directions of interaction among the islamic stock markets could be also identified as in the bivariate causality framework, as discussed earlier. result and discussion this section presents and discusses findings of the study in the following sequences. it begins with illustrating the descriptive statistics and followed by the presenting the findings from tests of stationarity, cointegration, bivariate granger and multivariate causalities based on the vecm framework. table 1. descriptive statistics of the islamic stock returns islamic stocks iid uik ijp ius mean 0.134 0.023 0.022 0.037 maximum 5.419 2.687 3.412 2.467 minimum -6.626 -2.978 -4.401 -3.613 std. dev. 1.108 0.637 1.899 0.578 skewness -1.061 -0.477 -0.383 -0.065 kurtosis 10.819 6.501 5.253 8.443 table 1 described the summary of statistics of the islamic stock markets of indonesia (id), japan (jp), the united kingdom of great britain (uk), and the united states of america (us). it showed that, during the entire period of study, the islamic stock markets documented positive daily returns, where the islamic stock market of indonesia provided the highest stock returns of 13.4%, followed by the islamic stock markets of the us (3.7%), japan (2.3%), and the uk (2.2%). out 275 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 m. shabri abd. majid. who co-moves the islamic stock market of indonesia? of four investigated islamic stock markets, surprisingly the islamic stock markets of indonesia recorded the lower level of risks than those of japan and the us. at this juncture, these findings implied that investing in the islamic stock market of indonesia provided more returns, comparing to its owned risk level as well as the risks level in the japanese and the us islamic stock markets. moreover, as observed from table 1, compared to the descriptive statistics of other markets. the indonesian islamic stock market is documented to be somewhat similar to other markets since its average daily returns and risks are comparable to the world leading islamic stock markets. this provides an initial indication that the islamic stock market of indonesia is moving towards similar direction with other advanced islamic stock markets as these markets tended to become more integrated. these findings confirmed the earlier findings by majid and kassim (2010), who documented an increased integrated level among the islamic stock markets. as discussed earlier, to provide robust and reliable empirical findings for time series’ regression analysis, all data (islamic stock indices) to be analyzed have to be stationary (gujarati, 2009). the augmented dickey-fuller (adf) and phillipsperon (pp) tests with constant and trend models are estimated, for this purpose, where their findings are reported in table 2. table 2. result of stationary tests islamic stocks level first-difference adf pp adf pp iid -1.432 -1.506 -17.098*** -21.147*** ijp -1.292 -1.271 -10.341*** -25.840*** iuk -1.617 -2.412 -12.053*** -27.927*** ius -1.500 -1.558 -11.051*** -27.765*** notes: *** indicates the 1% level of significance. as illustrated in table 2, the study recorded that all the islamic stock indices of indonesia, the uk, japan, and the us were having the unit root at level. the study could not reject the null-hypothesis of the presence of unit root at the 1% significance level. thus, the study further tested the stationarity of islamic stock indices at the first differences using the similar adf and pp tests. the study discovered that, all the stock indices became stationary after taking first differencing. these findings are in harmony with many previous studies on 276 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 the stock markets, where the stock indices were stationary at the first difference (beik and fatmawati, 2014; baroroh (2013); and majid and kassim, 2010). these findings implied that all islamic stock indices were integrated of order one, i (1). documenting this, the study could then proceed to analyse the existence of cointegration or long-run equilibrium among the islamic stock markets. having documented the similar order of islamic indices’ integration, the study continued testing the co-integration or long-run equilibrium among the islamic stock markets of indonesia, the uk, japan, and the us. table 3 reported the results of co-integration tests. as observed from table 3, the islamic stock markets recorded to co-integrated at the 5% level of significance, both based on the tests of trace statistics and maximum eigenvalue statistics. these findings implied that the there was a long-run equilibrium existed among the islamic stock markets. table 3. findings of the cointegration among the islamic stock markets null hypothesis trace statistic max-eigen statistic r ≤ 0 92.811** 69.013** r ≤ 1 53.121 26.987 r ≤ 2 23.508 15.011 r ≤ 3 10.432 10.113 notes: ** and r indicate the 5% level of significance and cointegrating vectors’ number, respectively. as the study used daily data, the optimal lag-length incorporated in the study was 30. the lag-length criteria of the aic used in this study suggested that the lag-length = 2. as delineated previously, the finding of co-integration among the islamic stock markets showed that the markets have shared the co-movements moving towards a long-run equilibrium. this empirical evidence is in line with the study by yusof and majid (2006) for the conventional stock markets of indonesia, malaysia, japan, and the us; conventional stock markets of the oic members (majid et al., 2007); and for the global islamic stock markets (majid and kassim, 2010). these findings further implied that, in the long-run perspective, the investors who diversified their investment across the global islamic stock markets tended to diminish. moreover, yang and siregar (2001) noticed that the documentation of cointegrated islamic stock markets did not entirely rule out the probability of benefitting arbitraging profits in the short-term. in the long run, the benefits of 277 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 m. shabri abd. majid. who co-moves the islamic stock market of indonesia? diversification among the integrated islamic stock markets could be lowered, but in reality, the investors could still gain diversifying benefits. the benefits of investment diversification among the islamic stock market would not diminish completely due to their differences in financial risks (ibrahim, 2003), scales of business, cash flows, and trade bilateral dependencies (pretorius, 2002; abdul karim and majid, 2010), economies’ external capital controls (sheng and tu, 2000), and financial deregulation (chowdhury, 1994). the bivariate granger causality test is performed to discover the path or pattern of causality between the islamic stock market of indonesia and the uk, japanese, and the us islamic stock markets, where their findings are reported in table 4. as illustrated in table 4, the study found a unidirectional running from the islamic stock markets of the uk and the us to the indonesian islamic stock market at least at the 5% level of significance. these findings suggested that changes in the islamic stock market of the uk and the us granger caused movements of the islamic stock market of indonesia. table 4. findings of the bivariate granger causality causality direction estimated coefficient conclusion iid ↔ ijp 2.909*** 2.451*** (0.002) (0.004) bidirectional iid ← iuk 1.138 1.907** (0.187) (0.043) unidirectional iid ← ius 0.791 1.809** (0.471) (0.049) unidirectional notes: *** and ** show the significant levels at the 1% and 5%, respectively. figures in the bracket (.) represent the probability of the t-test. additionally, as observed from table 4, the stock markets of indonesia and japan granger caused each other (bidirectional causality) at the 1% level of significance. this indicated the islamic stock market of indonesia is more interdependence from the islamic stock market of japan, as compared to the islamic stock markets of the uk and the us. our findings implied that for economically and geographically close islamic stock markets, such as indonesia and japan, are highly interconnected. this finding supported the previous empirical evidence by janakiramanan and asjeet (1998) who found that economically and geographically close stock markets demonstrated elevated interdependence. 278 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 finally, the study estimated the vecm to identify the multivariate causalities between the islamic stock markets of indonesia and the japanese, the uk, and the us. table 5 reported the findings from the vecm. as observed from table 5, the study discovered both channels of granger causality of the short-run by way of joint f-tests of lagged differences and the long run by way of significant t-statistics of error correction terms (ects). all estimated ects are found to be significant at least at the 10% significance level with the estimated values spanning from -0.001 to -0.008, signifying the last day of disequilibrium in the islamic stock markets were cleared in the long-run term by the speed of adjustment from 0.01% to 0.08% on the following day. these results further meant that when there was a deviation from co-integrating relations in the markets, these were largely due to the movements from the other islamic stock markets that amend to clear the disequilibrium, findings similar to majid and kassim (2010) for the global islamic stock markets and the conventional stock markets of indonesia, the us, and japan (yusof and majid, 2006). table 5. findings from multivariate causality based on the vecm islamic stock f-stat t-stat ∆iid ∆ijp ∆iuk ∆ius ect t-1 ∆id 0.139*** [0.005] 0.145 [0.954] 2.350** [0.042] -0.008*** (0.001) ∆jp 0.312** [0.034] 1.217** [0.042] 1.200** [0.035] -0.016*** (0.006) ∆uk 0.147 [0.342] 1.196* [0.057] 0.219*** [0.003] -0.006* (0.079) ∆us 1.067 [0.592] 2.644* [0.079] 5.111*** [0.004] -0.003** (0.001) note: ***, **, and * show significance at the levels of 1%, 5%, and 10%. the number in brackets (.) and squared brackets [.] are the p-value of the t-statistics and f-statistics, respectively. at this juncture, it is important to bear in mind that the findings of long-run co-movements among the islamic stock market of indonesia and the uk, japanese, and the us islamic stock markets only represented their long-run interdependencies as well as implied causality, but it did not show the pattern of causational directions among the islamic stock markets. as such, to discover the multivariate causalities 279 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 m. shabri abd. majid. who co-moves the islamic stock market of indonesia? among these markets, table 5 also reported empirical findings for the multivariate causalities based on the wald test using f-statistics. as for multivariate causalities among the islamic stock markets, the indonesian islamic stock market is affected by the islamic stock market of japan. meanwhile, the islamic stock market of indonesia, in short-run, only influenced the changes in the islamic stock market of japan, but it was independence from the uk and the us stock markets. on the other hand, the world leading islamic stock markets of japan, the uk, and the us, these markets are found to bidirectional granger caused within the multivariate perspective. these findings further confirmed our earlier findings from bivariate causality that the islamic japanese stock market played a more dominant role over the changes in the indonesia islamic stock market. the closed ties between indonesia and japan both regionally and economically and geographically (janakiramanan and asjeet, 1998) are simply the cause of japan’s dominance over the indonesian stock market. last but not least, our empirical evidence of the degree of interrelationships or co-movements among the islamic stock markets provides imperative inferences for the macro-harmonization policies of the islamic stock markets. as the markets were integrated, the stock market of a country might not be totally protected from foreign shocks, showing the importance of interdependent policies regulating the capital markets worldwide. policy harmonization in juxtaposition with the diminution or elimination of trade and investment blockades should further is enhanced if indonesia intends to grasp opportunity from a greater integration among the islamic stock market interdependence (majid et al., 2008; kotorri and korbi, 2009; and de bruyn et al., 2013). conclusion this study explores which world-leading islamic markets, japan, the uk or the us, actually, leads the islamic stock market of indonesia over the period 2000 to 2016 within both bivariate and multivariate granger causalities perspectives. the study discovered that the islamic stock market of indonesia, japan, and the us have moved together towards a greater level of integration. as for their interdependencies, the islamic stock market of japan was found to have a more dominant role over the changes in the indonesian islamic stock as compared to the us islamic stock market, both in the bivariate and multivariate frameworks. these findings implied that the opportunities of gaining investment diversification benefits among the islamic stock markets tend to diminish as the markets become more integrated. this further implies that any development in 280 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 the japanese economy has to be given more consideration by the indonesian authority as this stock market has dominant influences on the indonesian islamic stock market than those of the uk and the us markets. greater macroeconomic harmonization policies among the islamic stock markets should be further enhanced if these countries intend to seize benefits from a greater integration among them. to further add to present existing empirical studies on interdependencies among the islamic stock markets, upcoming empirical research on this topic may possibly cover wider areas of islamic stock markets and probe underlying determinants of co-movements among islamic stock markets. forthcoming studies also suggested exploring both linear and non-linear equilibrium relationships using more sophisticated empirical tests. references abdul karim, b., & majid, m. s. a. 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(2001). an empirical examination of the stock market returns in selected asia-pacific economies in the pre-and post-financial reform period. singapore: institute of southeast asian studies. 284 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7288 yusof, r. m., & majid, m. s. a. (2006). who moves the malaysian stock market— the us or japan?: empirical evidence from the pre, during, and post 1997 asian financial crisis. gadjah mada international journal of business. vol. 8 (3): 367-406. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 97 116 1, 2 sekolah tinggi ekonomi islam tazkia the potential of bait al-m l wa tamwil (bmt) in developing the border area of indonesia malaysia muhammad iqbal maulana1, nashr akbar2 abstract. this research aims at investigating the potential of bait al-māl wa tamwil (bmt) in the development of border areas of indonesia-malaysia by prioritizing the welfare approach. primary data was obtained through in-depth interviews with respondents from academics, practitioners, and regulators. the analytic network process (anp) method and benefit opportunity cost risk (bocr) network are used to review the interview results. the results reveal that bmt is able to help the development of the border areas. moreover, the aspects of benefit and opportunity in exploiting bmt is more significant than the cost and risk aspects. there are three alternative strategies to be implemented in order to maximize the benefits and opportunities and also minimize the costs and risks, namely the capital of third parties, linkage programs, and special regulations. keywords: anp-bocr, bmt, border area abstrak. penelitian ini mengkaji potensi bait al-māl wa tamwil (bmt) dalam pembangunan di wilayah perbatasan indonesia-malaysia dengan memprioritaskan pada pendekatan kesejahteraan. data primer penelitian ini diperoleh melalui wawancara mendalam dengan responden yang berasal dari akademisi, praktisi dan pembuat kebijakan. metode analytic network process (anp) and benefit opportunity cost risk (bocr) network digunakan dalam analisis hasil wawancara. dalam studi ini ditemukan bahwa bmt berpotensi untuk dapat membantu pembangunan di wilayah perbatasan, selain itu, aspek manfaat dan peluang dari pemanfaatan bmt lebih signifikan daripada kerugian dan resikonya. ada tiga strategi alternative yang dapat diimplementasikan untuk memaksimalkan manfaat dan peluang dari bmt dan juga meminimalisir kerugian dan resikonya, yaitu modal pihak ketiga, keterkaitan antar-program, dan peraturan-peraturan khusus terkait. kata kunci: anp-bocr, bmt, border area 98 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 the economic crisis that hit indonesia in 1998 affected the economy in every province. the deteriorating economic performance then affected various aspects of community life in the socio-economic spheres, such as problems of income distribution, employment, and poverty (suratman, 2008). this crisis has had an impact on the level of people’s welfare in the region. various policies had been taken by the government to alleviate the national economic problems and to survive the crisis. law no. 25 of 2000 on the national development program (propenas) mentions that the priorities of national development should be planned, comprehensive, integrated, directed, gradual and continuous. at the same time, the medium-term development plan (rpjm) of 2004-2009 mentions some criteria of the regions that are still experiencing inequality in development. one of the regions is the border area of sambas regency in west kalimantan (indonesia) with sarawak (malaysia). the border areas are generally distant from the central government. social and economic disparities often arise as a re s ult of different treatments from the central government, and even more complex in these areas compared to other areas. thus, intervention and special treatment from the government are required to solve the problem (ishak, 2003). this is because the level of vulnerability of border areas is higher than of other regions. unanticipated social and economic gaps will interfere and affect the pattern of national development strategies and will have an impact on national interests. indonesia’s fundamental national interest is the survival of the nation and the unitary state of the republic of indonesia based on pancasila and the 1945 constitution. the national interest also concerns with the border areas and all of the related issues (ishak, 2003). according to mayona et al. (2011), the gaps are due to the past assumption that the border areas were considered to be hideouts of insurgents and smugglers. this made the priority of the developmen t is focused on security rather than prosperity aspects. the impact has been the isolation of the border areas from the dynamics of development. this has caused the poverty and lagging of the surrounding community. this differences of the socio-economic condition in indonesia-malaysia border areas can cause negative effects that tend to harm the people (bangun, 2014). it is necessary to develop the areas and prioritize the welfare of the people, but still pay attention to the security aspects (ishak, 2003). the concept of welfare, according to nasikun (1993), can be seen from four indicators, namely security, welfare, freedom, and identity. introduction muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 99 http://journal.uinjkt.ac.id/index.php/iqtishad bait al-māl wa tamwil (bmt) is expected to be alternative means in prioritizing the welfare development of indonesia’s border regions (west kalimantan, sambas) that are contiguous with malaysia (sarawak). huruswati et al. (2012) said that the acceleration of economic growth in the border regions is needed. one measure that could be taken is to revive the role of microfinance institutions supported by empowerment, assistance, and strengthening community participation in socio-economic activities. related to that, bmt plays roles in conducting, coaching, and funding, sharia-based socio-economic activities. thus, it is expected that bmt encourages the emergence of new economic centers to reduce poverty (sriyana and raya, 2013). so, the purpose of this research is to know and analyze the aspects of benefit, opportunity, cost, and risk (bocr) that will be obtained by the society with the existence of bmt in developing border areas of indonesia and malaysia. this research will also identify which aspects that have a greater role than every bocr if bmt is optimized to develop the border regions. the last is to acknowledge the strategies to be taken by bmt to enlarge its potential in developing border areas of indonesia-malaysia. literature review theory and concepts of bait al-māl wa tamwil (bmt) bait al-māl wa tamwil is a sharia micro financial institution (lembaga keuangan mikro syariah) commonly abbreviated as bmt and is the synonym of the integrated independent business center. bmt consists of two entities, namely bait al-māl, which means funding house, and bayt al-tamwīl, which means house of business. the current bait al-māl is the replica of the bait al-māl that as developed in islamic history since the time of the prophet, where its function was to collect and channel social funds. meanwhile, bayt al-tamwīl is an institution that provides financial services with a motive to obtain profits. thus, bmt is not an institution that only distributes the social funds, but also plays a role as a social role of the business institution (hafifuddin, 2003). ridwan (2005) defines bait al-māl as an organization in charge of collecting, managing and distributing zakat, infāq, and sadaqah for social-oriented purposes. moreover, bayt al-tamwīl is an institution in charge of collecting, managing and channelling funds for profit-oriented purposes, with economic activities that involve profit sharing (qirāḍ or muḍārabah, syirkah or musyarakah) or rent (ijārah). in general, bmt means a sharia micro finance institution (smfi) which operates using the principle of profit sharing. btm cultivates micro businesses for the 100 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 benefits of the poor and grows initial capitals of local community leaders based on the justice-oriented economic system (hosen, 2006). the presence of bait al-māl wa tamwil (bmt) is the result of the concern of the small business incubation center (pinbuk). through various lengthy and in-depth studies, a finance system is formulated; this system is expected to suit the microenterprise conditions and in accordance with sharia. the financial system is the bmt (ridwan, 2005). according to danupranata (2006), the administrative and working mechanisms of bmt have similarities with the sharia credit bank (bpr), despite having different scopes and products. yunus (2009) explained that bait al-māl wa tamwil (bmt) is two institutions that become one, namely bait al-māl institution and baitut tamwil institution. the two have different principles and products despite a close relationship between the two institutions in creating equitable and dynamic economic conditions. to be able to achieve them, the financial institutions, which can reach the grassroots, are needed. in running a business, ridwan (2005) said that bmt should maintain the main principles, namely: 1. faith and devotion to allah by applying the principles of sharia and muamalat in real life; 2. the integration between spiritual and moral values in operating dynamic, proactive, progressive, fair, and noble.business ethics; 3. the kinship that prioritizes mutual interests above personal interests; 4. togetherness, i.e. unity of mindset, attitude, and ideas of all elements of bmt; 5. independent, i.e. independent from all political p a rties, and loan funds and assistance, but still proactively raise public funds as much as possible; 6. professionalism, which is high morale based on faith. so, working is not only for the worldly life but also for the afterlife. 7. istiqāmah or consistent, continuing without ends, and despair; and advancing to the next stage right after reaching one, for the sake of the devine. concept of border area the border area is a region that is geographically bordered directly with neighboring countries and directly confronts other countries (sudibyo, 2006). according to law no. 43 of 2008 on state territories, the border area is part of the country’s territory located on the inside of indonesia’s territorial, contiguous with other countries. in the case of on-land areas, the border area is in sub-districts. the border area is an area geographically adjacent to neighboring countries, whether muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 101 http://journal.uinjkt.ac.id/index.php/iqtishad located on land, sea, or air, which have functions related to security, prosperity, and environment (dardak, 2007). mukti (2003) adds that the border area is an area that is strategically potential for the development of mutually beneficial for international trade activities. the border area also has great potentials to become the center of regional growth, especially in terms of industrial development, trades and tourism. these provide opportunities to increase production activities, which will further generate multiple effects for the welfare of the community. there are three strategic issues concerning the development and establishment of border areas when viewed from the economic aspect (sumarsono, 2012): 1) the environmental damage due to uncontrolled natural resources management; 2) the gaps in facilities and infrastructure of the border regions with the neighboring countries; 3) and the limited facilities and supporting infrastructure for economic activities. according to kurniadi (2009), the development of border areas is closely related to regional economic growth, which is also related to trading activities in the region. inter-state border areas, according to hamid (2003), are strategic areas because they own a regional and national economic growth point. through border areas, inter-country trade activities can be done easily, quickly and cheaply. however, when will the economic activities of the regions with the neighbour country have an impact on community production activities, income, and welfare? trading activities and the need for some products can be used as an engine to improve the welfare of the people in the border areas (djafar, 2008). this is in accordance with the direction of border development policy based on presidential regulation no. 5 of 2010 concerning the national medium-term development plan (rpjmn) 2010-2014, which is to make the border area as the front porch of the state, as well as the gate of economic and trade activities with neighboring countries in an integrated manner. previous research afrizal (2009), in his research entitled potential of micro, small and medium business financing by banks in west kalimantan border area year 2008, explains that trade, agriculture and services dominate economic activities running in the border areas (entikong and sajingan besar). however, the economic activities in the border areas are still small, and formal financial services institutions are less available, only limited to credit union. out of that, the actors of msme still have a negative attitude toward banking because they consider the banking procedures and requirement complicated. this is also exacerbated by the limited infrastructures and unavailability of a market as a place for the public transaction, especially in 102 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 kecamatan sajingan besar (sambas). kecamatan entikong (sanggau), on the other hand, has a relatively better infrastructure and market. susila (2014), in his research entitled the success strategy of cooperative bmt maslahah in business development and economic empowerment of society, adds that bmt could strengthen and develop msme financing, especially in a small society. in addition, the bmt’s cooperation with msmes in the field of capital can expand the market, and contribute greatly to the national economy. salam et al. (2014) also examine the optimization model of sharia micro financing institutions (smfi) in the framework of rural development and empowerment. the study by salam et al.’s aims at analyzing the possibility of sharia micro finance institution in developing and empowering rural area. the result of this research is that there has been a significant impact of microfinance institution on the indonesian economy, both in the long term and short term. the use of musharaka and mudaraba contracts has become an alternative method for msmes to obtain capital. yusuf (2004) also examines the strategic role of bait al-māl wa tamwil (bmt) in people’s economic improvement. yusuf found out that bmt can be used as a solution and answer to the need for a small society for a banking institution. aminullah (2009) researched the role of bait al-māl wa tamwil in achieving member welfare (case study of bmt darussalam ciamis west java). the study aims to investigate the role of bmt in the welfare of its members. aminullah (2009) found out that there are two kinds of the welfare of the member of bmt, which are material and non-material. the material aspect can be seen in the income achieved by the bmt per month. meanwhile, the non-material welfare can be seen in the change in the life of the members both financially and non-financially. mikhraini (2011) conducted research on cooperatives and bmt: a phenomenon of fund resources for the benefit of the ummah. this research suggests the significant role of cooperative and bmt as the sources of fund for the benefit of the umma because they uphold the value of humanity in their practice. besides, cooperative and bmt uphold the principles of kinship, mutual assistance and mutual help so that these principles can help to create benefits for human beings to fulfil their needs and to cover the needs for business funds. also, sakti (2013) conducted research entitled “mapping the conditions and potential of bmt: partnership in order to expand market and reach of bank sharia services to micro enterprises”. this research reveals that bmt has become significant and played a central role in opening access to capitals for micro-small businesses. however, bmt needs to improve its institutional and operational aspects, especially related to industrial governance and other internal aspects such as operations and management. furthermore, there are several matters that are muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 103 http://journal.uinjkt.ac.id/index.php/iqtishad problematic for btm, namely (a) limited capital, (b) human resources that do not support the sustainability of bmt, (c) government regulations that do not support the creation of good macro governance in bmt industry, d) people are still unfamiliar with bmt and (e) infrastructures that are still very minimal in supporting the performance of bmt. research methodology data sources and data collection this research uses primary data and secondary data. the secondary data is derived from various literature. while the primary data obtained through indepth interviews to obtain detailed information about the subject matter discussed in this research. from the interviews, the authors obtained data on the factors influencing the bmt and its potential in developing the border area of indonesia (west kalimantan, sambas) and malaysia (sarawak). respondents in this research are academics, practitioners, and regulators who understand about bmt and border areas of west kalimantan sarawak. the respondents are divided into three categories: academics, practitioners, and regulators. the respondents include: table 1. the respondents of research no. name position 1. dr ichsan iqbal, se, mm dean of sharia and islamic economics faculty of iain pontianak 2. dr afrizal, se, m.si lecturer of the faculty of economics of tanjungpura university 3. prof. dr h. eddy suratman, se, ma professor of the faculty of economics of tanjungpura university 4. lies indah permanasari, a.md head of bmt mujahidin of pontianak 5. jumarwan, se head of puskopsyah of west kalimantan 6. drs. manto saidi, m.si head unit administrator of pplb aruk 7. oscar rynandi andijoe, se, m.si, ak.ca director of pinbuk of west kalimantan 8. syahrul aman, se section chief of institutional cooperative office of kab. sambas 9. ir. fachraini, se secretary of bp2dt of west kalimantan 104 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 furthermore, data and information on the opinions represented by academics, practitioners, and regulators are structured in the form of a framework model. all responses are analysed using the “super decision” software. an overview of the anp method this research uses the analytic network process (anp) method, which is a new approach in the qualitative method for a decision making process. anp is a general theory of relative measurement used to derive a composite priority ratio from an individual ratio scale that reflects relative measurements of the effects of interacting elements concerning control criteria (saaty, 2001). this method was first developed by thomas l saaty, as the development of the analytic hierarchy process (ahp) method. anp is a new approach in the decision-making process without making assumptions. the advantage of anp compared to other methodologies is its ability to measure and synthesize several factors in the hierarchy or network. no other methodology has synthesis featured such as anp methodology. anp is a mathematical theory that allows one to deploy dependencies and feedback in a systematic way that captures and combines tangible and intangible factors. anp is a new approach in the decision-making process that provides a common framework for treating decisions without making assumptions about the independence of higher level and lower level elements and the independence of elements within a level. unlike the analytic hierarchy process (ahp), anp can use the network without having to set the level as in the hierarchy used in ahp. the main concept in anp is an influence, while the main concept in ahp is a preference. ahp, with its dependency assumptions about clusters and elements, is a special case of anp. ascarya explained (2005) that anp has an advantage, which is the ability to assist researchers in measuring the synthesis of several factors in the network. in addition, the simplicity of the concept makes anp a more general and easier methodology to be applied in diverse qualitative studies such as decision making, forecasting, evaluation, mapping, strategizing, resource allocation and so on. in addition, the anp framework offers are more objective comparisons, more accurate predictions, and more stable results. bocr analysis according to saaty and vargas (2006) on research with bocr network, the relationship between benefit, opportunity, cost and risk is influenced by common muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 105 http://journal.uinjkt.ac.id/index.php/iqtishad factors. analysis of benefit, opportunity, cost, risk (bocr) is a priority analysis based on the result of the desired criteria calculation as the benefit, and the unwanted criterion as the cost. in addition, there are also criteria based on future events, which may occur as a positive thing (opportunity) and things that can lead to risks. the network structure of bocr can also be divided into two clusters, namely the positive and negative effects of the problems studied. for more details can be seen as follows: 1. benefit: all things that can provide benefits or advantages for the community with the bmt in developing border areas. 2. opportunity: all things that can bring benefits or advantages for the community in the future as the result of the bmt in developing border areas. 3. cost: all things that can cause burden or loss for the community with the bmt in developing border areas. 4. risk: all things that can cause burden or loss for the community in the future as a result of the bmt in developing border areas. saaty and vargas (2006) also describe the results of some prioritized alternatives, derived from three outcomes: 1) standard conditions obtained from the b / c; 2) pessimistic b / (cxr); 3) and realistic (bxo) / (cxr) calculations. the best alternative chosen is that with high realistic value; and the chosen alternative is considered as a decision determined from other alternatives. this realistic value is also similar to other saaty’s theory, where there are two types of calculations produced by bocr. among others: a) additive negative formula = this formula is usually used to define long-term priorities, by the formula of bb + oo cc rr. b) multiplicative formula = this formula is equivalent to marginal cost/benefit analysis and is commonly used to define short-term priorities, with the formula of bo / cr. discussion problem analysis this part identifies and structures the complexity of the problem into the bocr network. in-depth interview is one of the phases in research employing bocr network. the literature review is also an important step in the problem description. so the problems gained from the literature review will be taken into account to be validated through in-depth interviews. interviews were conducted to respondents consisting of 3 academics, three 106 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 practitioners, and three regulators. these respondents are considered to have a more advanced understanding of the research problems. then the research framework is divided into five clusters, namely benefit, opportunity, cost, risk, and alternative strategies. here is an explanation of the clusters: 1. benefit a. the practice of sharia economics bmts offer islamic transactions in areas that cannot be served other by sharia business units. thus, bmts is able to distance the community from non-sharia economic practices. b. access to capitals bmts are close to rural areas making them more accessible and be able to cope with capital problems experienced by small traders. c. a solution to the search of formal financial institutions bmts are able to reach areas that have not been reached by formal financial institutions such as banks. d. protection and social security. in addition, the financial services and the real sectors, bmts also work in social areas such as zakat, infāq and sadaqah. 2. opportunity a. the creation of an emas village bmts will be able to create an entrepreneur, independent, safe and prosperous village, and free from poverty and unemployment. b. the practice of sharia-based economic bmt’s economic activity is operated in accordance with sharia, one of which uses a profit and loss sharing system. this provides convenience to the community by eliminating interests that can grow continuously. c. equity and economic justice btms create economic justice with social activities (zakat, infāq, and sadaqah) and financial services activities (funding and lending). d. the reduction of poverty. bmts can reduce poverty through the opening up of business opportunities and social activities such as zakat. 3. cost a. the absence of regulations. the absence of special regulation related to bmt and border areas leads to muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 107 http://journal.uinjkt.ac.id/index.php/iqtishad poor performance and affects the operational efficiency of bmts. so this may lead to bankruptcy. b. deposit insurance corporation. this results in the distrust of the public to deposit funds in bmt. c. the lack of mentoring for bmt’s personnel. the establishment of bmt is still unbalanced with the professional knowledge, experience, and skills of its personnel. this makes bmts be not optimal carrying out the advisory, counselling, coaching, and supervision roles. d. the lack of understanding of bmt. the public still sees that bmt is similar to a conventional cooperative, but with more advantages compared to other mfis, both in terms of products and services. 4. risk a. the possibility of regulatory changes. there is the possibility of stricter supervision and regulation as well as increasingly difficult procedures or requirements, as well as the standardization of the feasibility and parameters of bmt health. b. the possibility of religious and social conflict. bmts are known as islamic cooperatives, and the operational of bmt is exclusively based on islamic teaching, which may lead to emotional bonds. social jealousy from other religious adherents may occur. c. the default possibility the success rate of the customers’ business is an important factor affecting bmt revenue. however, the success rate of customers depends on their level of education and skills. d. the vulnerability of moral hazard inadequate managerial systems and unscrupulous managers can lead to moral hazard. this can trigger the withdrawal of funds on a large scale, and bmt capital becomes limited. 5. alternative strategy a. linkage program this can be done by conducting a cooperation program with sharia commercial bank and smfi. this is expected to result in knowledge transfer and managerial skills. 108 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 b. capital from third parties bmts conduct special cooperation with the government, non-government and private parties to obtain capitals, such as the village management funds, cash transfer funds (bantuan langsung tunai), or company social responsibility funds. capitals from the third parties aim at strengthening the capital of bmt, for its operational activities and funding activities of its customers. c. special regulations the central and local government are encouraged to issue special regulations on bmt or cooperate with other parties to issue special regulations in favor of bmt in the development. so, bmt’s role becomes more efficient and gains more trust from the community. mean geometric results of the bocr model based on the results of data processing, the value of the agreement shows that the potentials of bmt in developing border areas of indonesia (west kalimantan, sambas) malaysia (sarawak) can be divided into four models: bmt as a benefit, bmt as an opportunity, bmt as cost, or bmt as a risk. first, according to all respondents, bmt is a benefit. this means that bmt is an advantage for indonesia in developing the border region (west kalimantan, sambas) malaysia (sarawak). second, bmt is an opportunity, which means that bmt offers an advantage in the future related to its potential in developing border area of indonesia (west kalimantan, sambas) malaysia (sarawak). these two factors, then, are followed by the cost and risk. this is supported by a high rater agreement of three categories of respondents, where the total value of the overall agreement of respondents by 55 percent (w = 0.55). figure 1. priority of benefit, opportunity, cost, and risk muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 109 http://journal.uinjkt.ac.id/index.php/iqtishad the benefits aspect is the highest priority with a weight value of 0.45, followed by the opportunity aspect, with a weight value of 0.25. the third priority is the cost aspect with the weight of the value of 0.17, and the fourth priority aspect is the risk with a weight value of 0.11. overall, bmt’s potential in developing indonesia-malaysia border areas is good since benefits and opportunities are more significant than the costs and risks. this concludes that bmt is recommended to be an alternative development of the indonesia-malaysia border region by prioritizing the welfare approach. geometric mean cluster benefit according to all respondents, getting access to capital is the priority with a weight value of 0.075. this is in accordance with research conducted by rozalinda (2013), which states that bmt is able to cope with capital problems faced by small micro traders. meanwhile, one of the economic activities that run in the border region of indonesia (west kalimantan, sambas) malaysia (sarawak) is trading (afrizal, 2009). the priority of benefit, according to all respondents, is to practice sharia, with a weight value of 0.069. this is in accordance with the study of arifin (2002), stating that bmt is able to distance the community from non-sharia economic practices. the priority of benefit, according to all respondents, has a value agreement (rater agreement) of 24 percent (w = 0.24). figure 2. priority of benefit 110 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 geometric mean cluster opportunity all respondents agree that comfortability with sharia practices is the first priority with a weight of 0.076 value. this is because bmt is a sharia micro finance institution (smfi) based on mutual cooperation, kinship, and mutual help (mikhriani, 2011). in terms of religion, the majority population that live in the border region of indonesia (west kalimantan, sambas) malaysia (sarawak) is muslims. they have a harmonious social life by giving priority to togetherness and mutual cooperation (huruswati et al., 2012). so, with the presence of bmt among the community of border areas like that, the public will feel comfortable in practising the sharia. the second priority, according to all respondents, is to alleviate poverty, with a value of 0.062. this is in accordance with research conducted by sriyana and raya (2013), stating that bmt can reduce the poverty rate of the community, whether it is by opening up business opportunities for the community (sumitro, 1996), or by sponsoring the poor (hamid, 2003). the priority aspect of this opportunity has the value of the agreement (rater agreement) of all respondents by 20 percent (w = 0.2). figure 3. priority of opportunity geometric mean cluster cost according to all respondents, the lack of mentoring is the first priority with a weight of 0.072. bmts as microfinance institutions must play an active role in performing their functions, which include assistance, counselling, guidance and supervision of businesses owned by customers (huda and heykal, 2010). sadrah (2004), however, says that the establishment of bmt is not balanced with professional knowledge, experience, and skills. so, bmt tends to be less effective in performing its functions as a financial institution. muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 111 http://journal.uinjkt.ac.id/index.php/iqtishad the second priority, according to all respondents, is minimal understanding of bmt with a weight value of 0.068. this is in accordance with research conducted by irawan et al. (2013), where the result of the research indicates that there is still a perception among the community that the conventional cooperative does not have differences with the sharia cooperative (bmt). this perception will be a disadvantage for the community because it means that the people have a little knowledge about the existence of bmt, its terms and services, as well as its advantages compared to other microfinance institutions (rusydiana and devi, 2013). the priority cost has the value of the agreement (rater agreement) of all respondents by 42 percent (w = 0.42). figure 4. priority of cost geometric mean cluster risk all respondents agree that the possibility of default is the first priority of risk aspect with a weight of 0.07. this is because the level of education and skills of the small community is relatively low. this is espoused by bmt’s personnel’s lack of professional knowledge, experience, and skills (sadrah, 2004). as a result, this has an impact on the undeveloped business and the possibility of default. and the second priority is moral hazard vulnerability with a weight value of 0.066. this is in accordance with the previous argument by sadrah (2004), stating that the establishment of bmt is not balanced its personnel’s professional knowledge, experience, and skills. that will lead to a less professional managerial system, and the managers are likely to violate the amānah or integrity (santoso, 2003). this, in turn, will cause mistrust from society to bmt. the priority of this risk aspect has a total agreement value (rater agreement) of 64 percent (w = 0.64). 112 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 figure 5. priority of risk alternative priorities in order to determine the priority sequence of the main alternatives in discussing the role of bmt in developing indonesia’s border region in sambas, west kalimantan, anp analysis is used. based on the previous data processing, responses from all respondents shows the value of the agreement of 55 percent (w = 0.55). therefore, alternative strategies needed to increase the potential of bmt, which include linkage programs, capital from third parties, and special regulation on bmt management. related to the priority in the alternative strategies, the respondents are in agreement that the first priority is the capital from third parties with a weight value of 0.44. this priority is in accordance with the research conducted by irawan et al. (2013), which found that in order to be able to contribute optimally in developing border areas, cooperation with third parties such as government and private institutions is required. thus, the existence of alternative capital from third parties is an important alternative strategy, both in terms of management of village funds from the government or the management of csr funds from companies. next, the linkage program becomes the second priority in alternative strategies. this program is to increase the potential of bmt in developing border area of indonesia (west kalimantan, sambas) malaysia (sarawak) with the weight of value 0.293. research conducted by sakti (2013) maintains that bmt faces four obstacles: capital problems, human resource competency problems, non-conducive regulatory issues, and competition issues. this alternative strategy will provide benefits n o t only in the financial aspects but also in the aspects of knowledge transfer and managerial skills. so the potential of bmt in developing border area of indonesia (west kalimantan, sambas) malaysia (sarawak) become larger. the third priority is to seek a special regulation for bmt with a weight muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 113 http://journal.uinjkt.ac.id/index.php/iqtishad value of 0.265. the existence of this special regulation is important to make bmt healthy and strong financial institutions that meet the standards and conditions (sakti, 2013). the regulation is expected to improve the operational performance of bmt so that it becomes more efficient and gains more trust from the community. the priority of alternative strategy is supported by a rater agreement or high agreement value of the three categories of respondents, which amounted to 44 percent (w = 0.44). figure 6. a priority of alternative strategy conclusion indonesia malaysia border region is an area that must be paid attention by the government due to its role as the entrance of economic activities. the development of border areas with security approach alone is no longer effective. this approach needs to accompanied by the welfare approach. bmt, as one of sharia micro financing institutions, has the potential to play roles in the development of the border area of indonesia (west kalimantan, sambas) malaysia (sarawak) through welfare approach. the analysis of in-depth interview results and previous literature reviews concludes that bmt has a potential in the development of indonesia-malaysia border regions. benefits to be received by the community are to practice sharia, to have access to capital, to have access to formal financial institutions, and to obtaining protection or social security. meanwhile, the opportunities that will be accepted by the community are to be an emas village; to have comfortable sharia practices; to experience equity and economic justice and to be exempted from poverty. the costs that may be faced by the community is no special regulation applied, no guarantor institution, lack of assistance and guidance, and minimal understanding of bmt by the people. the risks that will be faced by the public is the possibility of regulatory changes, religious and social conflict, the possibility of default, and vulnerability 114 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 of moral hazard. lastly, there are three alternative strategies to be implemented in order to maximize the benefits and opportunities, and minimize the burdens and risks, according to all respondents. these strategies are the capital of third parties, linkage programs, and special regulations. references afrizal. 2009. “potensi pembiayaan usaha mikro, kecil, dan menengah oleh perbankan di wilayah perbatasan kalimantan barat.” jurnal aplikasi manajemen 7(2): 484-496. arifin, zainul. 2002. dasar-dasar manajemen bank syariah. jakarta: penerbit alvabet. ascarya. 2005. analytic network process (anp): pendekatan baru studi kualitatif. jakarta: bank indonesia pusat pendidikan dan studi kebangsentralan bank indonesia. bangun, budi hermawan. 2014. “membangun model kerjasama pengelolaan perbatasan negara di kalimantan barat serawak.” jurnal mmh 43(1): 31-39. danupranata, gita. 2006. ekonomi islam. cetakan i, upfe-umy. dardak, hemanto. 2007. percepatan pembangunan infrastruktur di daerah perbatasan dalam rangka pembangunan nasional. jakarta: direktorat jenderal binamarga departemen pekerjaan umum. djafar, zainuddin. 2008. “masyarakat perbatasan ri–malaysia dan kasus askar wataniah: relevansi perubahan kebijakan kesejahteraan.” jurnal masyarakat dan budaya 10(1): 103-122. hafifuddin, didin. 2003. manajemen syari’ah dalam praktik. depok: gema insani press. hamid, lutfi. 2003. jejak-jejak ekonomi syariah. jakarta: senayan abadi publishing. hosen, m. nadratuzzaman. 2006. buku saku bank-ku syariah. jakarta: pusat komunikasi ekonomi syariah. huda, nurul dan muhammad heykal. 2010. lembaga keuangan islam, tinjauan teoritis dan praktis. jakarta: kencana prenada media group. huruswati, indah, alit kurniasari, agus budi purwanto & muhammad sabeni. 2012. evaluasi program pembangunan kesejahteraan sosial di desa perbatasan kalimantan barat. cetakan i. jakarta: p3ks press. irawan, dedik, muhamad irfan affandi & umi kalsum. 2013. “analisis strategi pengembangan lembaga keuangan mikro syariah (lkms) pedesaan (studi kasus bmt al hasanah sekampung)”. jiia 1(1): 1-9. muhammad iqbal maulana. the potential of baitul mal wa tamwil (bmt) 115 http://journal.uinjkt.ac.id/index.php/iqtishad ishak, awang faroek. 2003. membangun wilayah perbatasan kalimantan dalam rangka memelihara dan mempertahankan integritas nasional. jakarta: indomedia. kurniadi, dendy. 2009. strategi pengembangan wilayah perbatasan antarnegara: memacu pertumbuhan ekonomi entikong kabupaten sanggau provinsi kalimantan barat. tesis. program studi magister teknik pembangunan wilayah dan kota, pasca sarjana universitas diponegoro; semarang. mayona, enni lindia, salahudin & rahmi kusmastuti. 2011. “penyusunan arahan strategi dan prioritas pengembangan perbatasan antar negara di provinsi kalimantan barat.” jurnal tata loka 13(2). biro penerbit planologi undip. mikhriani. 2011. “koperasi dan bmt: sebuah fenomena sumber dana untuk kemaslahatan umat.” jurnal dakwah 11(1): 33-52. mukti, sri handoyo. 2003. “konsep pengembangan kawasan perbatasan kalimantan indo-malay techno agropolitan corridor (imtac).” buletin tata ruang (september-october): 8-9. nasikun. 1996. urbanisasi dan kemiskinan di dunia ketiga. yogyakarta: pt. tiara wacana yogya. peraturan presiden nomor 5 tahun 2010. tentang rencana pembangunan jangka menengah nasional (rpjmn) 2010-2014. ridwan, muhammad. 2005.manajemen baitul maal wa tamwil. 1st ed. yogyakartal uii press. rozalinda. 2013. “peran baitul maal wa tamwil (bmt) taqwa muhammadiyah dalam membebaskan masyarakat dari rentenir di kota padang.” inferensi jurnal penelitian sosial keagamaan 7 (2). desember 2013. rusydiana, aam s & abrista devi. 2013. “challenges in developing baitul maal wat tamwil (bmt) in indonesia using anp.” bussiness and management quarterly review 4(2): 51-62. saaty, thomas l., 2001. theory and applications of the analytic network process. pittsburgh: university of pittsburgh. saaty, thomas l & louis g vargas. 2006. decision making with the analytic network process. economic, political, social and technological applications with benefits, opportunities, costs and risks. pittsburgh: springer. rws publication. sadrah, engkos. 2004. bmt dan bank islam. bandung: pustaka bani quraisy. sakti, ali. 2013. “pemetaan kondisi dan potensi bmt: kemitraan dalam rangkamemperluas pasar dan jangkauan pelayanan bank syariah kepada usaha mikro.” jurnal al-muzara’ah 1(1). 116 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 salam, annisa nur, hana putri rahmania & neneng ela fauziyyah. 2014. model optimalisasi lembaga keuangan mikro syariah (lkms) dalam rangka pengembangan dan pemberdayaan wilayah pedesaan. fakultas ekonomi dan bisnis islam, universitas islam negeri sunan kalijaga; yogyakarta. santoso, b. s. 2003. “analisis tingkat kesehatan bmt ditinjau dari aspek manajemen.” jurnal akuntansi-bisnis & manajemen (oktober 2003). sriyana, jaka & fitri raya. 2013. “peran bmt dalam mengatasi kemiskinan di kabupaten bantul.” inferensi jurnal penelitian sosial keagamaan 7(1). sudarsono, heri. 2005. bank dan lembaga keuangan syariah: deskripsi dan ilustrasi. 2nd. yogyakarta: penerbit ekonisia fe uii. sudibyo, p. 2006. ancaman terhadap kelestarian sumber daya alam di kawasan perbatasan negara. penataan ruang dan daerah perbatasan (juli-agustus): 6-8. sumarsono, s. 2012. pembangunan kawasan dan manajemen tasbara. buku 2, paket sosialisasi pengelolaan lintas batas negara. jakarta: badan nasional pengelolaan perbatasan, kedeputian batas wilayah negara. sumitro, warkum. 1996. asas-asas perbankan islam dan lembaga-lembaga terkait di indonesia. jakarta: pt raja grafindo persada. suratman, edy. 2008. kawasan perbatasan dan pembangunan daerah. pontianak: untan press. susila, ahdiyat agus. 2014.strategi kesuksesan koperasi bmt maslahah dalam pengembangan usaha dan pemberdayaan ekonomi umat. tesis. konsentrasi keuangan dan perbankan syariah program studi hukum islam pasca sarjana uin sunan kalijaga, yogyakarta. yunus, jamal lulail. 2009.manajemen bank syariah mikro. malang: uin malang press. yusuf, sri dewi. 2014. “peran strategis baitul maal wa-tamwil (bmt) dalam peningkatan ekonomi rakyat.” jurnal al-mizan 10(1). (juni 2014). undang-undang nomor 25 tahun 2000. tentang program pembangunan nasional. law no. 43/ 2008 concerning state territory. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 135 152 1department of economics universitas islam indonesia 2department of economics international islamic university malaysia and department of economics universitas gadjah mada e-mail: 1prastowo@uii.ac.id or prastowo.putriani@gmail.com income inequality and regional index of financial inclusion for islamic bank in indonesia prastowo1, diyah putriani2 abstract. this research is proposed to measure financial inclusion index in 2 dimensions (2d-fii) in indonesia islamic banks. this research contributes to the measurement 2d-fii at the regional level in indonesia. the analysis of crosssection data from 33 provinces in indonesia between 2014 and 2015 shows that the value of fii in islamic banking in indonesia is still low. previous works show one of the determinants on increasing inequality in any country is limited access to the financial sector, especially for low-income household (akimov, wijeweera, and dollery 2006; kenourgios and samitas 2007; levine 2003; d. park and shin 2015). thus, the low level of fii in indonesia perhaps is caused by inequality of income. therefore, this research recommends policymaker to have more concern on poverty alleviation program and open new islamic banks branches at the regional level. keywords: 2 dimension – financial inclusion index (2d-fii), income inequality, poverty alleviation, islamic banks abstrak. penelitian ini bertujuan untuk mengukur indeks inklusi keuangan pada 2 dimensi (2d-fii) pada bank-bank syariah di indonesia. secara umum, penelitian ini berkontribusi pada pengukuran 2d-fii di tingkat regional indonesia. analisis terhadap data dari 33 provinsi di indonesia antara tahun 2014-2015 menunjukkan bahwa nilai fii pada perbankan syariah di indonesia masih rendah. kajian-kajian terdahulu menunjukkan bahwa salah satu penentu peningkatan ketimpangan di berbagai negara adalah akibat akses terhadap sector keuangan yang masih terbatas, khususnya pada rumah tangga dengan pendapatan rendah (akimov, wijeweera, and dollery 2006; kenourgios and samitas 2007; levine 2003; d. park and shin 2015). dengan begitu, rendahnya tingkat fii di indonesia bisa jadi disebabkan oleh ketimpangan pendapatan. oleh karena itu, penelitian merekomendasikan pengambil kebijakan untuk lebih fokus pada program pengentasan kemiskinan dan pembukaan cabang-cabang bank syariah di tingkat regional. kata kunci: 2 dimension – financial inclusion index (2d-fii), ketimpangan pendapatan, pengentasan kemiskinan, bank syariah 136 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction organisation for economic cooperation and development (oecd) reports that there is an evidence of rising gap between the rich and the poor in the last three decades in the oecd member countries which show that the richest 10 percent of population earn income 9.5 times higher than the lowest 10 percent and the gini index also increased from 0.29 in the 1980s to 0.32 in 2011. indonesia also experiences a similar condition. central bureau of statistics of indonesia documents that the lowest coefficient value of the gini index was 0.31 point, which occurred in 1999. this value, however, slowly increased by about 0.1 point to 0.3 points every year and reached the highest level at 0.41 from 2011 to 2015. latest data reports that the gini index decreases by 0.1 point (0.40) in 2016. figure (1.1.) also clearly shows that on average gini index in each province in indonesia is still high, especially in papua. figure 1. gini index in each province 2014-2015 sources: bps. authors’ calculation table 1. gini index in urban and sub urban area in indonesia year urban sub urban urban + sub urban 2010 0.38 0.32 0.38 2011 0.42 0.34 0.41 2012 0.42 0.33 0.41 2013 0.43 0.32 0.41 2014 0.43 0.32 0.41 source: statistic bureau of indonesia prastowo. income inequality and regional index of financial inclusion 137 http://journal.uinjkt.ac.id/index.php/iqtishad in addition, table (1.1) shows income inequality occurs both in urban and suburban areas. the coefficient value of the gini index in urban areas is slightly higher than in suburban areas. specifically, the difference value of the gini index in urban and suburban areas is approximately 0.6 to 0.9 point. graph (1.1) shows that from the mid-2013 to mid-2016, the percentage of poor people in indonesia remains at average 8 percent and 14 percent in urban and suburban areas, respectively. although, the value of gini index in the urban areas is higher than in suburban (table 1.1. above), however, the percentage of poor people in a suburban area is almost double than in urban area. this indicates that, basically, the level of income in suburban areas is much lower than in urban areas. this indication can be traced from the reports of central bureau statistics of indonesia in 2015, i.e. between 2010 and 2014. the richest 20 percent of the population spent more than three times and two times than the poorest 40 percent in an urban and suburban area, respectively. figure 2. percentage of poor people in indonesia 2013 to 2016 source: statistic bureau of indonesia the consequences of high-income inequality are significant, which will not only affect the stability of the economy but also will threaten social security. previous empirical evidence shows that the relationship between income inequality and crime is positive, which means that higher inequality causes more crimes and, thus, a loss in business ((dadzie, blanco, and dony 2014; fajnzylber 2002; levitt 1999; pshisva and suarez 2010; stolzenberg, eitle, and alessio 2006). as society 138 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 is not stable, the investors will confront high risks, high crimes, and conflict areas. the urgency to minimize the gap of income is basically to stabilize the economy of a country. previous research shows that income inequality is considered as the main determinant factor to create economic stability (berg and ostry 2011; berg, ostry, and zettelmeyer 2012; kumhof and rancière 2010; ostry, berg, and tsangarides 2014). previous empirical studies reveal that income inequality exists due to limited access to financial resources (akimov, wijeweera, and dollery 2006; kenourgios and samitas 2007; levine 2003; park and shin 2015). in other words, the financial sector may help to minimize the level of income inequality; that is by expanding its access, especially for the low-level income group. as more individuals can access to the financial sector, the level of financial inclusion will increase (dabla-norris and kochhar (2015). world bank (2015) further highlights that financial inclusion is an important factor in enhancing the welfare of the people. the greater level of financial inclusion is expected to minimize the level of income inequality and promote higher economic growth, employment, or even better health insurance. in this regards, a high level of income inequality in indonesia is, perhaps, caused by the low level of financial inclusion, even after islamic banking was firstly established in the 1990s. at this point, the establishment of the islamic banking system is basically to promote income and wealth distribution amongst individuals in society (ismail 2010). unfortunately, it seems that the benefit of islamic banks in indonesia is accessed merely by a small percentage of indonesian muslims. considering this problem, there is a need to measure to what extent the level of financial inclusion of an islamic bank in indonesia has been achieved. to do so, this research assesses the financial inclusion index (fii) introduced by sarma (2008). fii is a multi-dimensional index which provides some financial dimension inclusive information within a single-digit number between 0 to 1. a value of 0 means perfect financial exclusion, while the value of 1 means perfect financial inclusion. this index is plotted to see which region has a high and low value of financial inclusion. it is, thus, expected that the result of this research could be used for estimating the effectiveness of the financial inclusion strategy in islamic banks in order to reduce income inequality in indonesia. literature review financial inclusion index is firstly established by sarma (2008). there are two fundamental objectives of financial inclusion index (fii) as explained by c. park and mercado (2015); sarma (2012); and yorulmaz (2013), i.e. (1) to estimate prastowo. income inequality and regional index of financial inclusion 139 http://journal.uinjkt.ac.id/index.php/iqtishad and monitor the level of financial inclusion and (2) to understand factors affecting financial inclusion. in addition, fii can also be utilized for cross country analysis and can be used to show the relationship between economic development and financial inclusion. c. park and mercado (2015) develop financial inclusion indicators to investigate macroeconomic variable, which affects level or degree of financial inclusion in 37 countries within the asian region. they find that income per capita, the rule of law, and demographic characteristic positively affect financial inclusion in developing countries in asia. in addition, they also find that financial inclusion may reduce the level of poverty as well as income inequality contemporaneously. yorulmaz (2013) develops financial inclusion indicators in the case of regional turkey. he finds that income has a positive relationship with the degree of financial inclusion in each region in turkey. that is, a higher level of income in such regions lead to a higher degree of financial inclusion, and vice versa. ardic, heimann, and mylenko (2011) measure access to financial services amongst world bank member countries by using cgap database. they involve three elements, i.e., computing number of unbanked people, computing access to deposits as well as loans services, and measuring financial inclusion mandate in the member countries. the result shows that there is only 44 percent of adults who have access to financial services, and about 64 percent are unbanked people. it is also observed that there is one unbanked person in every five adults in developed countries. in addition, access to deposit services increased even during the global financial crisis in 2009. in the case of india, kumar and mishra (2011) assess financial inclusion from the supply and demand side. the supply side or bank factors include several deposits, credit accounts, branches, average deposit, and amount of credit per account and credit utilized. meanwhile, the demand side or household factors include saving, credit proposed to the bank, and insurance. the data is ranged from 2002-2003. the study also compares the compare the condition of financial service outreach in both rural and urban are. empirical result shows that there is a significant difference in financial development among the state. the result shows that in the urban area of top state chandigarh, the index of financial inclusion of banking outreach is six times higher than in another bottom area, manipur. in addition, there is also a significant gap amongst the rural area of the top state in delhi and bottom state in manipur; that is almost 8 times. it is observed that in the rural area, the outreach of financial services is low and, reversely, is high in the urban area. meanwhile, financial inclusion index for households in the urban area (0.29) is greater than in the rural area (0.18). it is found that in the country 140 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 level, only one person out of every three individual households has access to saving. less than one person out of every five individual households has access for credit. furthermore, in every eight individual households, only one person has insurance. in the rural area, only 25 percent and 20 percent of individual households have access to saving and insurance facilities from financial services, respectively. data and methodology due to the availability of data, this research retrieves secondary data, i.e., 33 provinces cross-section data from 2014 and 2015. there are five groups of data involved in this research: 1. total number of bank branches in each province 2. total bank account volume in each province 3. total third-party fund in each province 4. total credit in each province 5. gross regional domestic product (grdp) each province. all data are obtained from the bank of indonesia, the financial services authority (otoritas jasa keuangan, ojk), and the central bureau of statistics (badan pusat statistik, bps). to measure fii, this research follows the work of sarma (2008), with some adjustments depending on the provinces’ condition. basically, sarma’s work has similarities with the human development index (hdi), the gender-related development index (gdi), and human poverty index (hpi) in its computation. figure 3. dimension of financial inclusion index prastowo. income inequality and regional index of financial inclusion 141 http://journal.uinjkt.ac.id/index.php/iqtishad figure (3.1) shows that fii consists of 3 dimensions, i.e., banking penetration, availability of banking services, and usage of banking services. a. dimension 1: banking penetration (bp) banking penetration measures the size of the “banked” population that is several people who have bank accounts. b. dimension 2: availability of banking services (abs) the second dimension calculates the total number of bank branches per 100,000 people or atm per 100,000 people and the total number of bank branches (per 1000 km2) of the population). c. dimension 3: usage of banking services (ubs) usage of banking services is measured by the volume of credits, total deposits, gross domestic, and regional product (gdrp) ratio. this research only uses two dimensions due to the unavailability of “banked population” data. to compute fii at the regional level, there are three steps of calculation. first step: computing dimension index, di for each dimension. (1) notes: ai = actual value from dimension i mi = minimum value from dimension i mi = maximum value from dimension i second step: calculating fii with n-dimensional space for the i country as follows: (2) third step: calculating fii with 3dimensional space for province i. in the third step, there is a need to identify a city or regional area by point (bpi, absi, ubsi) into three dimensions of cartesian space, where bpi, absi, and ubs are dimension index, d for province i computed with equation (1). fii for province i is measured by normalized inverse eucthe lidean distance from point (pi ai,ui) and point (1,1,1) becomes the best (or ideal) condition (perfectly financial inclusion) as follows. 142 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 (3) the value of fii is between 0 and 1. if fii equals 1, it means that a province has ideal financial inclusion. reversely, if fii equals 0, it implies that a province has financial exclusion. higher fii (close to 1) means a better condition of financial inclusion. from this fii formula, then we can categorize fii into three groups as follows: 0.6 < fii ≤ 1 : high level of financial inclusion 0.3 ≤ fii≤ 0.6 : middle level of financial inclusion fii ≤ 0.3 : low level of financial inclusion result and discussion result dimension: availability of banking services the existence of banking services is essential in the formation of financial inclusion. indicators used for forming this dimension are the number of branches of the islamic bank and sharia business unit. numbers of bank branches (per 100,000 populations) and the total number of bank branches (per 1000 km2) of the population are the indicators of the dimensions of this availability of banking services. accessibility to banking services by people is closely related to the number of bank branches. the existence of a large number of branch offices has not adequately described the extent of the spread of banking services. thus, abs dimension can be used to measure the public uses, extent deployment and affordability of banking services. table 2. detail value of abs dimension in 2014-2015 no. province 2015 2014 average 1. jawa barat 1.0000 1.0000 1.0000 2. banten 0.2843 0.2772 0.2808 3. dki jakarta 0.7549 0.8614 0.8081 4. d.i yogyakarta 0.2059 0.2079 0.2069 5. jawa tengah 0.7745 0.7822 0.7783 6. jawatimur 0.9020 0.9109 0.9064 prastowo. income inequality and regional index of financial inclusion 143 http://journal.uinjkt.ac.id/index.php/iqtishad 7. bengkulu 0.0686 0.0693 0.0690 8. jambi 0.0686 0.0594 0.0640 9. aceh 0.2451 0.2475 0.2463 10. sumatera utara 0.4020 0.3960 0.3990 11. sumatera barat 0.1961 0.1980 0.1970 12. riau 0.1373 0.1584 0.1478 13. sumatera selatan 0.1863 0.1980 0.1921 14. bangka belitung 0.0196 0.0198 0.0197 15. kepulauan riau 0.0980 0.0891 0.0936 16. lampung 0.1569 0.1683 0.1626 17. kalimantan selatan 0.1373 0.1386 0.1379 18. kalimantan barat 0.0980 0.0891 0.0936 19. kalimantan timur 0.1863 0.1881 0.1872 20. kalimantan tengah 0.0588 0.0594 0.0591 21. sulawesi tengah 0.0392 0.0396 0.0394 22. sulawesi selatan 0.2647 0.2574 0.2611 23. sulawesi utara 0.0196 0.0198 0.0197 24. gorontalo 0.0000 0.0000 0.0000 25. sulawesi barat 0.0098 0.0000 0.0049 26. sulawesi tenggara 0.0490 0.0495 0.0493 27. nusa tenggara barat 0.1176 0.1287 0.1232 28. bali 0.0784 0.0792 0.0788 29. nusa tenggara timur 0.0098 0.0099 0.0099 30. maluku 0.0000 0.0000 0.0000 31. papua 0.0098 0.0099 0.0099 32. maluku utara 0.0294 0.0198 0.0246 33. papua barat 0.0000 0.0000 0.0000 indonesia 0.2002 0.2040 0.2021 sources: ojk, bi. authors’ calculation value dimension of abs in 2014 is about 0.2040, while in 2015 is around 0.2002. value dimension of abs is very low, which equals ≤ 0.3. table (3.1) indicates that as many as 4 provinces, i.e., central java, east java, west java, and dki jakarta have a dimension value of 0.6 <abs ≤ 1 or high. the high value of the dimensions of abs because there is more than 40 number of bank branches in these four regions. in contrast, as many as 28 provinces have dimensional values ≤ 0.3 or categorized as low financial inclusion. 144 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 dimension: usage of banking services the ratio of total deposit to provincial gdrp and the ratio of the total financing of islamic banks to gdrp are used to measure usage of banking services (usb) dimension. this dimension shows the level of banking services used by the public. the province that is categorized as high-dimensional usability banking services is bangka belitung with the ratio of deposit and financing with gdp equals 11.48 (in 2014) and 11.85 (2015), respectively. table 3. detail value of ubs in 2014-2015 no. province 2015 2014 average 1. jawa barat 0.1746 0.1703 0.1725 2. banten 0.1995 0.2025 0.2010 3. dki jakarta 0.0092 0.0111 0.0101 4. d.i yogyakarta 0.4714 0.4302 0.4508 5. jawa tengah 0.0962 0.0897 0.0929 6. jawatimur 0.0931 0.0906 0.0919 7. bengkulu 0.2941 0.0033 0.1487 8. jambi 0.0013 0.0000 0.0006 9. aceh 0.1399 0.1109 0.1254 10. sumatera utara 0.0276 0.0280 0.0278 11. sumatera barat 0.1325 0.1401 0.1363 12. riau 0.0238 0.0210 0.0224 13. sumatera selatan 0.0066 0.0072 0.0069 14. bangka belitung 1.0000 1.0000 1.0000 15. kepulauan riau 0.0322 0.0357 0.0340 16. lampung 0.1295 0.1151 0.1223 17. kalimantan selatan 0.0333 0.0325 0.0329 18. kalimantan barat 0.0024 0.0028 0.0026 19. kalimantan timur 0.0021 0.0023 0.0022 20. kalimantan tengah 0.0120 0.0068 0.0094 21. sulawesi tengah 0.0010 0.0016 0.0013 22. sulawesi selatan 0.0462 0.0478 0.0470 23. sulawesi utara 0.0003 0.0007 0.0005 24. gorontalo 0.0012 0.0019 0.0016 25. sulawesi barat 0.0005 0.0011 0.0008 26. sulawesi tenggara 0.0010 0.0016 0.0013 prastowo. income inequality and regional index of financial inclusion 145 http://journal.uinjkt.ac.id/index.php/iqtishad 27. nusa tenggara barat 0.2417 0.2510 0.2464 28. bali 0.0052 0.0049 0.0051 29. nusa tenggara timur 0.0000 0.0005 0.0002 30. maluku 0.0006 0.0011 0.0009 31. papua 0.0013 0.0023 0.0018 32. maluku utara 0.0882 0.0689 0.0785 33. papua barat 0.0002 0.0007 0.0005 indonesia 0.0991 0.0874 0.0932 sources: ojk, bi. authors’ calculation financial inclusion index: regional level as mentioned earlier, that financial inclusion index (fii) in this study is formed from the two dimensions, namely, abs and ubs. fii in islamic banks in indonesia is categorized as low, i.e., 0.1204 (2014), and increased to 0.1257 (2015). table (3.3.) shows the average value of each dimension of financial inclusion achieved by indonesia in 2014-2015. the average value of abs and ubs are categorized as low, which equals 0.2021 and 0.0928, respectively. table 4. average financial inclusion index indonesia in 2014-2015 year dimension fii ubs abs 2014 0,0874 0,2040 0,121 2015 0,0991 0,2002 0,126 avarage 0,0932 0,2021 0,123 sources: ojk, bi. authors’ calculation this study divides the value of the financial inclusion index into three categories, namely high (0.6 <iik ≤ 1), moderate (0.3 <iik ≤ 0.6), and low (iik ≤ 0.3). based on the value of financial inclusion index (table 3.4), 84.8 percent or 28 provinces have a low index of the financial inclusion. there are five provinces has middle value of fii, i.e., west java, with an average of 0.4146, central java, with an average of 0.3394, d.i. yogyakarta, with an average of 0, 3176, bangka belitung with an average of 0.3068, and east java, with an average of 0.3541. 146 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 table 5. regional level classification of financial inclusion index in 2014-2015 category criteria number of provinces 2014 2015 % high 0,6 < fii ≤ 1 middle 0,3 < fii ≤ 0,6 5 5 15,2 low fii ≤ 0,3 28 28 84,8 total 33 33 100 sources: ojk, bi. authors’’ calculation table (3.5) below shows that the average fii for provinces in the eastern region (0.0406) is the lowest among the different groups of the province. the table shows that average fii for provinces in java and bali is the highest at 0.2846, followed by the provinces of kalimantan and sumatra 0.0635 to 0.0341. table 6. regional level of fii in 2014-2015 no. province 2015 2014 average 1. jawa barat 0.416 0.413 0.415 2. banten 0.241 0.239 0.240 3. dki jakarta 0.278 0.294 0.286 4. d.i yogyakarta 0.325 0.310 0.318 5. jawa tengah 0.341 0.338 0.340 6. jawatimur 0.355 0.354 0.354 7. bengkulu 0.174 0.036 0.105 8. jambi 0.034 0.029 0.032 9. aceh 0.191 0.176 0.184 10. sumatera utara 0.193 0.191 0.192 11. sumatera barat 0.164 0.169 0.166 12. riau 0.079 0.087 0.083 13. sumatera selatan 0.092 0.098 0.095 14. bangka belitung 0.307 0.307 0.307 15. kepulauan riau 0.065 0.062 0.063 16. lampung 0.143 0.141 0.142 17. kalimantan selatan 0.084 0.084 0.084 18. kalimantan barat 0.049 0.045 0.047 prastowo. income inequality and regional index of financial inclusion 147 http://journal.uinjkt.ac.id/index.php/iqtishad 19. kalimantan timur 0.090 0.090 0.090 20. kalimantan tengah 0.035 0.033 0.034 21. sulawesi tengah 0.020 0.020 0.020 22. sulawesi selatan 0.148 0.146 0.147 23. sulawesi utara 0.010 0.010 0.010 24. gorontalo 0.001 0.001 0.001 25. sulawesi barat 0.005 0.001 0.003 26. sulawesi tenggara 0.025 0.025 0.025 27. nusa tenggara barat 0.177 0.188 0.182 28. bali 0.041 0.041 0.041 29. nusa tenggara timur 0.005 0.005 0.005 30. maluku 0.000 0.001 0.000 31. papua 0.006 0.006 0.006 32. maluku utara 0.058 0.044 0.051 33. papua barat 0.000 0.000 0.000 indonesia 0.126 0.121 0.123 sources: ojk, bi. authors’ calculation figure 4. average fii in each province 2014-2015 sources: ojk, bi. authors’’ calculation the low value of the fii shows that the distribution and banking services in islamic banking by indonesian people is still low. the difference between the value of financial inclusion across regional level shows that there is inequality access and usage of islamic banking services (figure 4.) 148 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 discussion this paper shows the fact that financial inclusion in indonesia is not equally distributed amongst the region. it, thus, can be understood that if a large percentage of unbanked-people are individuals from dominated-muslim countries (mohieldin et al., 2012). regarding this matter, this research offers two recommendations to promote financial inclusion for islamic banks in indonesia and, hence, the problem of income inequality is expected to be minimized. first, islamic bank should open new branches at the regional level, particularly in the eastern regions of indonesia. one result of this paper shows that the availability of banking services (abs) is low. therefore, islamic banks should open new branches at the regional level to serve the financial needs of the people, especially of the poor. previous research shows that one of the reasons why income inequality exists is because access to financial resources is limited (akimov, wijeweera, and dollery 2006; kenourgios and samitas 2007; levine 2003; d. park and shin 2015). data from the world bank shows that about 2 billion people around the world do not get any facility provided by the financial sector (world bank, 2015). similarly, other previous studies address that one of the causes of income inequality in any country is limited access to the financial sector, especially for lowincome household (akimov, wijeweera, and dollery 2006; kenourgios and samitas 2007; levine 2003; d. park and shin 2015). mohieldin et al. (2012) highlight that 73 percent of poor households are unbanked caused by the geographical situation or even they cannot afford its cost. however, the majority of them are muslims. moreover, this condition is worsened by the fact that all countries around the world deal with the problem of income inequality, including in muslim-majority countries. in practice, if islamic banks open new branches at the regional level, the entrepreneurs who try to expand their business may approach islamic banks. as the entrepreneurs expand their business, the quantity of production will increase and, hence, offer new jobs. in other words, there will be more people employed and thus minimizing income inequality. islamic banks, in this matter, should play this role in business reality, i.e., to serve the people, especially the poor. ismail (2010) addresses that islamic banking and financial (ibf) system can bridge the gap between the haves and have-nots through the modification of the income distribution scheme. one main feature to distinguish islamic bank and the conventional bank is the prohibition of the interest rate in islamic banks. islam condemns the practice of interest rate in the economy. money capital in islam is defined as an entitlement of a return if it is just to be borrowed by someone in a certain period. in other words, islam does not recognize the interest rate as the price of time. this is because islamic teaching prastowo. income inequality and regional index of financial inclusion 149 http://journal.uinjkt.ac.id/index.php/iqtishad has an important role in the factor shares and functional distribution of income, which later affects the size of the individual income distribution. thus, in islam, someone cannot earn income by imposing interest rate. reversely, islam suggests the implementation of profit and loss sharing (pls) system, which is believed to have an equitable system governing factor returns. at this point, the islamic banking, in other words, is expected to: first, include the ability for the poor and all muslim consumers to participate in, as well as, access the financial products and be included in the global economic order; and second, fill this gap by providing interest rate free products and services. dabla-norris and kochhar (2015) argue that greater inclusive in finance will reduce income inequality and, hence, minimize the gap of income and develop resource allocation. many people live under the poverty line; while only a few live in abundant wealth. these poor people do not access islamic bank because they still fight to fulfil their basic needs and do not ask for financing because they do not have any enough collateral. thus, there is a need to introduce zakat as a social security system and voluntary spending, which is expected to help poor people directly. the ultimate goal of zakat, such a social security system and voluntary spending, is to lift the dignity of the poor. in this regard, islam highlights that every human being have equal opportunities, and thus, islam does not consider social stratification in society. pramanik (1997) underlines that social stratification classified based on wealth or social status will cause an obstacle to the growth of society. conflicts amongst classes in the society will lead to instability in politics and economic condition. according to ahmad (1991), the government must provide the basic needs of the people. thus, zakat must be practised and be used to finance the social security system. if the amount of zakat is not enough, the government may use alternative financial resources. in addition, islam also strongly encourages muslims to spend a certain portion of their income for the welfare of others, such as the needy and close relatives. unlike zakat, the rate of voluntary spending is not determined. at this point, this research argues that to accelerate the life of the poor, the government should actively establish income redistribution instrument as the social security system, i.e., zakat. conclusion some points can be summarized as follows. a. there are only four provinces that have a high value of the availability of banking services (abs), i.e., central java, east java, west java, and dki jakarta. recall that dimension of abs is computed as the total number of bank branches per 100,000 people or atm per 100,000 people and a total number of bank 150 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 branches (per 1000 km2) of the population). based on this result, it implies that the service of islamic banking is concentrated on java island. meanwhile, indonesia has a huge area which consists of 33 provinces and has five big islands (papua, kalimantan, sumatera, sulawesi, and java). this result also implies that services of islamic banking in the other four islands are very low. consequently, many indonesian muslims, until now, have probably not been familiar with islamic banking. this means that there is inequality access to islamic banking amongst one province to another province. on the other hand, this condition is contradictive with the fact that indonesia has the largest muslim population in the world; while only a small percentage of indonesian muslim who have access to islamic banking. b. there is only one province, i.e., bangka belitungthat has high-dimensional usability of banking services (or usage of banking services, ubs), measured by the total deposit to gross domestic, regional product (gdrp) ratio. this happens probably due to people in other province access islamic banks for financing purposes, instead of investment like in bangka belitung. figure (3.2) also shows that income inequality in bangka belitung is considered as low, about 0.25, and hence the people of bangka belitung have relatively equal income and tend to choose to invest their money in islamic banks. in addition, a limited number of islamic banks in other regions probably contributes to the low level of ubs in other provinces. c. twenty-eight provinces in indonesia have a low index of financial inclusion. meanwhile, five remaining provinces are categorized as the middle. it is noteworthy to highlight that the eastern regions of indonesia have the lowest value of fii. this empirical result shows that there is a big gap of islamic banking services between western and eastern regions of indonesia. therefore, the high value of abs can only be found on one island of indonesia, i.e., java (central java, east java, west java, and dki jakarta). d. a large percentage of indonesians live under the poverty line and do not access islamic bank because they still struggle to fulfil their daily life. thus, there is a need to establish zakat as a social security system and voluntary spending. regarding these four main results above, policymakers should take action to encourage islamic banks to open new branches at the regional level, especially in the eastern regions of indonesia. these new branches are to distribute financing to entrepreneurs in the regions so that they may expand their business. as is explained by ismail (2010), islamic banking and financial (ibf) system can bridge the gap between the haves and have-nots through the modification of the income distribution scheme. in this matter, the spirit of financial inclusion prastowo. income inequality and regional index of financial inclusion 151 http://journal.uinjkt.ac.id/index.php/iqtishad and islamic banking are expected to serve the goal of islamic teaching on social justice, inclusion and resources distribution between the rich and the poor (iqbal and mirakhor, 2013). kammer et al. (2015) elucidate that islamic banking is expected to promote greater financial inclusion, particularly for underprivileged muslims. promoting financial inclusion in islamic banking is argued to overcome the problem of inequality, especially for poor muslim people in the long term. in addition, policymakers may take an urgent action to help the life of the poor by establishing formal islamic redistribution of income and wealth institution through zakat and voluntary spending. references ahmad, ziauddin. 1991. islam, poverty, and income distribution. the islamic foundation, markfield dawah center. akimov, alexandr, albert wijeweera & brian dollery. 2006. finance-growth nexus: evidence from transition economies b. ardic, oya pinar, maximilien heimann & nataliya mylenko. 2011. access to financial services and the financial inclusion agenda around the world: a cross-country analysis with a new data set (english). policy research working paper; no. wps 5537. washington, dc: world bank. http:// documents.worldbank.org/curated/en/519351468137108112/access-tofinancial-services-and-the-financialinclusion-agenda-around-the-world-across-country-analysis-with-a-new-data-set athanassakos, george. (2009). “value versus growth stock returns and the value premium: the canadian experience 1985-2005.” canadian journal of administrative sciences 26(2): 109-121. (june, 2009). berg, andrew & jonathan d. ostry. 2011. “inequality and unsustainable growth: two sides of the same coin?” international monetary fund staff discussion note: 1–21. http://www.imf.org/external/pubs/ft/sdn/2011/sdn1108.pdf%5cnhttp://d. berg, andrew & jonathan d. ostry, and jeromin zettelmeyer. 2012. “what makes growth sustained?” journal of development economics 98(2): 149–66. chan, louis k.c & joseph lakonishok. 2004. “value and growth investing: review and update(review).” financial analysts journal 60(1): 71-86. dabla-norris, era & kalpana kochhar. 2015. causes and consequences of income inequality: a global perspective. dadzie, christabel, luisa blanco & coline dony. 2014. study on crime and investment in latin america and the caribbean. usaid 152 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 eugene f. fama & kenneth r. french. 2015. “a five-factor asset pricing model.” journal of financial economics 116(1): 1-22. fajnzylber, pablo. 2002. “inequality and violent of crime *.” xlv(april). kammer, alfred, mohamed norat, marco pinon, ananthakrishnan prasad, christopher towe, zeine zeidane & an imf staff team. 2015. “islamic finance: opportunities, challenges, and policy options.” islamic finance: 1–38. kenourgios, dimitris & aristeidis samitas. 2007. “financial development and economic growth in a transition economy: evidence for poland.” journal of financial decision making 3(1): 35-48. kumar, chandan & srijit mishra. 2011. banking outreach and household level access: analyzing financial inclusion in india. retreived from http:// www.igidr.ac.in/conf/oldmoney/banking%20outreach%20and%20 household%20level%20access.pdf hassanudin mohd thas thaker1* & k chandra sakaran2 *corresponding author abstract. this study attempts to provide some understanding of smes’ access to finance in malaysia using islamic finance and its successfulness. the innovation that taking place in the malaysia financial landscape has benefits the smes in accessing financial assistance without relying on the traditional mode of financing. the role of government of malaysia is also undisputable in supporting the progression of smes via various policy implementation. apparently, in the context of indonesia, the role smes is also undeniable in boosting up the growth of indonesian economy. statistically speaking, smes in indonesia represent about 99 percent in all economic sector and involved labor participation of almost 95 percent. although the contributions are wider, the issue of financial accessibility still becomes one of the main hurdles that block the development of smes in indonesia. therefore, the present study has used content analysis to critically look at the success of smes financing in malaysia based on islamic financing provides some recommendations based on malaysian smes financing successfulness for indonesian authority to further restructure and enhance their existing financial assistance to the smes based on islamic financing. keywords: smes, financing, islamic financing, malaysia, indonesia abstrak. studi membahas tentang akses usaha kecil menengah terhadap pembiayaan keuangan islam di malaysia dan keberhasilannya. inovasi dalam lanskap pembiayaan di malaysia memberikan manfaat terhadap ukm di negara tersebut dalam mengakses bantuan pembiayaan tanpa harus mengandalkan moda pembiayaan tradisional. peran pemerintah malaysia juga tidak dapat dipungkiri dalam upaya mendukung perkembangan ukm melalui berbagai kebijakan. dalam konteks indonesia, peran ukm dalam mendongkrak perkembangan ekonomi indonesia pun tidak dapat dibantah. secara statistik, ukm di indonesia mewakili sekitar 99 persen pada semua sektor ekonomi, serta melibatkan partisipasi pekerja hampir 95 persen. meskipun memiliki kontribusi yang lebih luas, akses terhadap pembiayaan masih menjadi salah satu kendala utama yang menghambat perkembangan ukm di indonesia. untuk itu, penelitian ini mengkaji secara kritis kesuksesan ukm malaysia yang menggunakan pembiayaan islam, untuk kemudian menjadi rekomendasi bagi pihak berwenang di indonesia dalam upaya restrukturisasi dan peningkatan bantuan pembiayaan bagi ukm berdasarkan mekanisme pembiayaan syariah. kata kunci: ukm, pembiayaan, pembiayaan syariah, malaysia, indonesia discussion on islamic finance and small medium enterprises’ financial accessibility al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 303 340 1department of economics and finance, sunway university, malaysia. 2faculty of business, economics and accounting, help university, malaysia. e-mail: 1hassanudint@sunway.edu.my 304 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 introduction malaysia is one of the leading southeast asian economies aiming of becoming a nation of high-income status by 2020. over the years, the malaysian economy has gone through a dramatic transformation from an economy dependent on agriculture and commodity export to a more diversified and open economy with a much greater global connection. the real gdp growth rate on average of 6.4 percent per annum since 1970 (oecd,2016), which was crucial for the malaysian government to address the development and equity agenda. prior to the implementation of the new economic policy (nep), malaysia’s development policy was mainly focused on enhancing economic growth with a great focus on the export market. the economy achieved a decent average annual growth of 6 percent, but there was an inadequate emphasis on the distributional aspects, causing in socioeconomic inequalities among the ethnic groups with negative social consequences lead to a racial riot in 1969 (economic planning unit,2017). it was after this incident; the malaysian government decided to introduce the nep in order to address the socio-economic problems. this policy combined growth aspirations with the main objective of forming a fair, just and unified nation. unlike other nations where the lower of the income bracket is comprised of ethnic minorities, the malay majority in malaysia earns lower incomes despite being more than half of the total population. (saari, dietzenbacher, los, 2015). the nep was implemented with two key objectives, that is to eradicate poverty regardless of ethnicity and to ensure economic opportunities were available to all malaysians regardless of background. the importance of smes in malaysia can be traced back to the early 1970s with the implementation of the nep targeted enhancing people’s well-being and addressing the economic disparity of the various races. this is done through restructuring of the society aimed at attaining income parity and employment opportunities for all. the nep set a restructuring target of 30: 40: 30, whereby 1990, the holdings of the bumiputeras should reach 30 per cent, other malaysians 40 per cent and the foreigners 30 per cent, in the context of an expanding economy marked the beginning of a much active participation of bumiputras in businesses, which includes the formation of micro, small and medium enterprises. it was evident that the small and medium enterprises play a key role in the economic development, social uplifting and political stability of every country. it is now regarded as a backbone of national economy (peters & waterman, 1982; amini, 2004; radam et al., 2008 as cited in khalique,2011). the successfulness of smes in malaysia contributed by many factors, especially with regard to the hassanudin mohd thas thaker. discussion on islamic finance 305 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 financial accessibility as the malaysian authority give high emphasis on fintech in helping the entrepreneur to raise capital for a start-up the businesses. and, this successfulness is contributed by conventional and islamic finance. given this, the objective of the paper is to discuss the possibility and potential of islamic finance in indonesia in providing capital to small and medium enterprise (smes) or ventures. firstly, this research will highlight the successfulness of smes in malaysia then this study will provide some recommendation to the indonesian authority in developing the progression of smes in their country. as evidenced in many works and published economic report, the smes is playing an important role in terms of gdp in various socioeconomic aspects. however, the issue of financial accessibility seems to obstruct the development of smes in indonesia. given this problem, the study will look into how islamic finance can help in mitigating the issue of financial accessibility and allows active participation of smes in indonesia by considering islamic finance in terms of financial support. the remaining structure of the paper is structured as follows; section one will discuss the introduction part followed by second part which discussion on the malaysian smes in general based on available literatures. the third part will focus on the methodology employed in this research, and finally there would be discussion on analysis part with regard to potential of islamic finance and smes in indonesia malaysia’s definition of sme sme definition, which was accepted at the 14th nsdc meeting in july 2013 covers all sectors, namely services, manufacturing, agriculture, construction and mining & quarrying. the definition is based on two main criteria, namely (i) sales turnover and (ii) number of full-time employees. smes in the manufacturing sector are firms with a sales turnover not exceeding rm50 million or a number of full-time employees not exceeding 200. as for the services and other sectors, smes are defined as firms with sales turnover not exceeding rm20 million or number of full-time employees not exceeding 75. the following table provides the definition of category, namely micro, small and medium is as follows: 306 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 table 1. definitions of sme in manufacturing sector size of firms sales turnover(rm) number of employees medium rm15 million ≤ rm50 million 75 ≤ 200 small rm0.3 million < rm50 million 5 < 75 micro below rm 0.3 million less than 5 notes: this table portrays the definition of smes in manufacturing sector. the definition differs across medium, small and micro. the source for this table is extracted from the sme annual report, 2015/16. table 2. definitions of sme in services and other sectors size of firms sales turnover(rm) number of employees medium rm3 million ≤ rm20 million 30 ≤ 75 small rm0.3 million < rm3million 5 < 30 micro below rm 0.3 million less than 5 notes: this table portrays the definition of smes in service sector and other sectors. the definition differs across medium, small and micro. the source for this table is extracted from the sme annual report, 2015/16. smes development in malaysia there is growing recognition of the important role of smes as an economic agent and government have given a high priority to sme development as they strive to achieve sustainable and inclusive growth. the importance of smes in malaysia begins with the implementation of the nep in 1971 with the objectives of eradicating poverty and improve the welfare of the people and restructuring the society in order to eliminate ethnic economic imbalance. the policy encourages the bumiputra participation in business, especially by starting in small scale through various government initiatives and programmes. the implementation of malaysia industrial plan and the establishment of the small and medium corp (sme corp), by the ministry of international trade and industry(miti) further strengthened the development of smes (ziaul hoq et al. 2009). in 1992 the national development policy (ndp) replaced the nep, and as stated by athukorala & menon (1999), the ndp consideration was to amend ethnic difference using various agencies which were responsible for the development of entrepreneurship, managerial capability and skills among the bumiputra. hassanudin mohd thas thaker. discussion on islamic finance 307 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 in order to encourage and support the smes, the government through the ministry of international trade and industry(miti) established an agency known as small and medium industries development corporation (smidec) in 1992. this agency was required to make the smes more capable and competitive in the global market. various programmes and initiatives were introduced to enhance smes capability and competitiveness by providing financial accessibility, capacity building opportunities, market penetration, brand development, human capital development, technology and innovation enhancement and advisory services. the government continues to pay great attention to the development of smes decided to establish the national sme development council (nsdc) in 2004. this marked the commencement of a new chapter in the sme development in malaysia. nsdc was entrusted in formulating and implementing strategies for sme development involving all economic sectors, coordinate sme programmes executed by the relevant ministries and agencies and also to the enhancement partnership with the private sector. among the initiatives carried out by the nsdc comprised of enhancing access to financing, financial restructuring, advisory services, information, training and marketing coordination and a comprehensive sme database to monitor the progress of smes across all economic sectors (sme corp, 2017). smidec was later appointed by nsdc in 2007 as a single agency to formulate policies and strategies for smes and also responsible for coordinating the various programmes across relevant ministries and agencies. in 2009, smidec was rebranded and known as the small and medium enterprise corporation malaysia (sme corporation malaysia). smes needing relevant information and advisory services can now refer to sme corporation malaysia, which is done via one referral centre (orc). sme corp has now become the nation’s key organization responsible for developing an innovative, resilient and globally competitive smes and also improve wealth creation and social well-being of the nation. sme corp. malaysia was also entrusted in developing and implementing the sme masterplan (2012-2020), providing the policy direction of sme development in order to achieve a high-income nation status by 2020. it is through this plan the growth of smes was accelerated through the implementation of innovation and productivity-related strategies. it was done by fostering a close alliance with relevant industry associations and strategic partners from the public as well as private sectors. the government in its 2017 budget has given special attention to the smes and declaring 2017 as the start-up and sme promotion year. a sum of rm70 million was allocated for the sme masterplan for the purpose of implementing the high 308 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 impact programmes. the six high impact programmes is summarized in the following table. table 3. hips of sme masterplan hip 1: integration of business registration and licensing hip 2: technology commercialization platform(tcp) hip3: me investment partner(sip) create a single registration point through the interfacing of the current national business registration system, that is, mycoid and the national business licensing system, that is, bless establish a national network of a privately managed platform to promote innovative ideas from proof of concept to the commercialization stage. provide early-stage financing through the establishment of the investment of investment companies to invest in potential smes in the form debt, equity or hybrid of both. hip 4: going export(goex) programme hip 5: catalyst programme hip 6 : inclusive innovation offer customized assistance to new exporters and smes venturing into new markets. export-ready smes can avail to comprehensive support assistance. create home-grown champions through a targeted approach with support in the area of financing, market access and human capital development. empower the bottom 40%(b40) of the income group to leverage on innovation through the transformation of the rural community through the hand-holding approach. notes: this table shows the high impact programmes for smes in malaysia. altogether, there are 6 hips under the smes master plan. the details of this were extracted from the smecorp, 2017 published report. in this budget, the government also announced a reduction in the corporate tax rate from 19 percent to 18 percent for the first rm500,000 for smes and the incremental revenue would also be subject to a lower tax rate, which will be enjoyed by all businesses (nee, 2016). the government has also allocated a sum of rm350 million to assist and support smes to access to foreign market, whereby rm130 million was allocated for promotion purpose to be carried out by matrade, sme corp. malaysia and mida. rm200 million allocated for financing and insurance credit purpose providing a coverage up to rm1 billion by exim bank. a 2 percent rebate amounting to rm 20 million was allocated for the scheme of “syarikat jaminan pembiayaan perniagaan” (sjpp). in order to enhance the income of b40 households, rm290 was allocated to encourage the development of b40 entrepreneurs under various programmes, hassanudin mohd thas thaker. discussion on islamic finance 309 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 such as, mobileprenuer programme by giatmara (rm30 million), agropreneur programme (rm100 million), eusahawan and erezeki programmes under mdec (rm100 million) and rm5,000 per taxi driver to purchase new vehicles with individual taxi permits given (rm60 million). to encourage bumiputera entrepreneurs a total of rm 1.4 billion was allocated under various government agencies programmes, such as sme bank (rm100 million), amanah ikhtiar malaysia (rm100 million), tekun (rm300 million), punb (rm200 million), mara (rm120 million) and teraju (rm600 million). as for the indian and chinese entrepreneurs a sum of rm200 million and rm90 million was allocated respectively. as for the women entrepreneurs, a total of rm2 billion was allocated for i-kit, i-keunita and women career comeback programmes (ministry of finance malaysia,2017). smes is also important to the economies of asia, where it constitutes 98 percent of all enterprises and 66 percent of the national labor force on average during 2007–2012 (yoshino & taghizadeh-hesary, 2016). taking into account the significance of smes the association of southeast asian nations (asean) establishes asean sme agencies working group (smewg) to develop a strategic action plan for sme development (sapsmed 2016-2025). the aim of the plan is to enhance the engagement of smes and to make the smes globally competitive and innovative by 2025. as reported in the sme annual report, 2016, the goal of this action plan is to promote technology, productivity and innovation, increase access to finance, enhance market access and internationalization, enhance the policy and regulatory environment, and promote entrepreneurship and human capital development. the group has also carried out projects, such as the digital economy action plan and work agenda (deap), organizes workshops in order to improve internet accessibility of smes. access to the internet economy. it provides opportunity for smes to exchange information on the challenges they face and also highlights best practices for supporting sme access and raises awareness of private-sector efforts to integrate smes into global and regional markets. the further opportunity of smes’ access to global markets was created in 2016, through apec initiative of funding the ‘new era of growth for apec smes through online-to-offline (o2o) business models’ project in cooperation with top e-commerce organizations such as ebay, amazon and alibaba. 310 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 smes socio-economic contributions smes play a vital in the economic growth of malaysia (chelliah, sulaiman et al. 2010; hashim 2007; othman, sulaiman et al. 2008, as cited in madanchian m., et al., 2015). apart from creating job opportunities, smes also contributes to the development of big and multinational corporations (aman & tahir, 2011). the sme development framework was established to enhance the overall contribution of smes to the malaysian economy from 2015 to 2020. sme development framework vision is to create globally competitive smes to enhance wealth creation and contribution to social well-being. the sme development framework goals consist of increasing business formation, increasing the number of high growth and innovative firms, raise productivity, and intensifying formalization. six focus areas were identified comprising of enhancing innovation and technology adoption, human capital development, accessibility to financing and market, legal and regulatory environment, and infrastructure to achieve the goals, and eventually the vision of the framework. acquiring of reliable database, proper monitoring and evaluation, effective coordination and effective business services through proper and effective institutional supports needed to execute the action plans effectively. as a result, smes progress well over the years with its contribution to gdp increasing from 29.6 percent in 2005 to 36.3 percent in 2015 (sme corp, 2017). sme gdp grew moderately by 6.1 percent in 2015 compared with the underlying growth of 7.9 percent recorded in 2014. the growth was nevertheless higher than the overall gdp of the country by 5.0 percent. the aim of the 11th malaysian plan (2015-2020) was to have the smes to contribute 41 percent of the country’s gdp and to constitute about 97.3 percent of total business establishments and provide 65 percent of the total employment and 23 percent of the total exports by 2020 (planning 2015). with the economy enjoying an encouraging growth and also through a development model emphasizing on equitable growth, including increased participation of the bumiputera (ethnic malays and indigenous groups) in the modern economy, resulted in a gradual decline the high levels of income inequality inherited at independence. the gini coefficient for bumiputera during the inception of nep 1971 was 0.466, and it has raised to 0.506 in 1976 but has declined in1979 to 0.468, and it continued to decline until the year 1989 at 0.429. nep came to an end in 1990 and national development policy (ndp) was introduced and since then, there have been fluctuations in the gini coefficient for bumiputera. starting at 0.442 for 1992, and it decreased to 0.441 in 1995, then increased back to 0.448 in 1997, and to 0.433 in 1999 (economic planning unit, 2017). hassanudin mohd thas thaker. discussion on islamic finance 311 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 in 2010, the malaysian prime minister najib razak introduced a new economic plan, known as the new economic model (nem) aiming at shifting the affirmative action from ethnic-based to need-based with the aspiration of becoming a high-income nation by 2020 (neac, 2010). the policy intended to make the nation to become more competitive and also investor-friendly. the main objectives of the nem are “high income, sustainability and inclusiveness”. the gini coefficient is 2009 for bumiputra was 0.440, chinese 0.425, indians 0.424 and others 0.495. the gini coefficient for the bumiputra and chinese has decreased after 2 years of the implemented of the nem. as for india, the gini coefficient rose from0.424 to 0.443. however, the latest data in 2014 shows that all of the ethnic groups have narrowed down the gap and reduced the gini coefficient (economic planning unit,2017). the millennium development goals report (mdgr, 2015) indicates that malaysia has achieved most of the goals and objectives. absolute poverty has been largely eradicated. the benefits of development have been felt at the national, regional, state levels, and in many cases, the community and individual levels. remarkable progress in the country is observed in many areas, as revealed by the millennium development goals report for malaysia in 2015. the reduction of absolute poverty (based on the national poverty line, which is twice higher than the mdg conventional of usd1.25 per capita) from 16.5 percent in 1990 to 0.6 percent in 2014. with the drastic decline in absolute poverty, the government has turned its attention to the vulnerable part of the population, the bottom 40 (b40) household income group. these groups comprise a large and heterogeneous group of 2.7 million households in 2014. the focus, thereby moved towards equitable economic participation, with more support for the bottom 40 percent of households by income (b40). smes challenges most of the business establishment all around the world is dominated by smes. as in malaysia, 98.5 percent of the total business establishments of 907,065 are smes. the micro-business in malaysia constitutes about 76.5 percent (693,670), 21.2 percent (192,783) are small businesses and 2.3 percent (20,612) are medium enterprises). the focus of these smes was in the services sector increased 89.2 percent or 809,126 establishments with largest subsector in the distributive trade. another 5.3 percent of the total smes (47,698) were in the manufacturing sector, followed by 4.3 percent in the construction sector (39,158) and 1.1 percent 10,28) in the agricultural sector and the remaining 0.1 percent (865) in the mining 312 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 and quarrying sector (sme corp, 2017). it is recognized, however, that smes in many countries face severe and numerous challenges. according to ahmad & seet (2009), apart from the sme huge establishment, but the failure of smes in the first five years is also extremely alarming. it was reported that in malaysia, the failure rate was as high as 60 percent (nordin, hamid & woon, 2011; chong, 2012; husin & ibrahim, 2014). the failure rate continues to rise even with various government assistance and programs targeting the new entry smes (chong, 2012). beh (2013) highlighted the key factor for sme failure was the owners unaware of the business challenges in terms of financial accessibility and management ability and skills. the funds provided by the government or any other sources are used without proper records and future plans. ting (2004) identified many challenges encountered by the malaysian smes and the five key issues identified through various researches are the financial constraints, inadequate human resource developments, inability to adopt more advanced technology, asymmetric information on potential markets and customers, and increasing global competition from economic integration. he also concluded that there is a high possibility of smes failing if these challenges are not addressed making them less competitive in the new rapidly developing world of globalization similarly, wang (2003) pointed some of the challenges facing smes in a globalized environment, namely, financial constraints, low productivity, lack of managerial capabilities, access to management and technology, and a heavy regulatory burden. agyei-mensah (2010), confirmed that the most common problems of smes are related to inadequate capital, cash flow and inventory control. a study done by mckinsey, 2011 shows a productivity gain of 11 percent among smes that use the web. in addition, a web-based entrepreneurship foster creativity and innovation and competition. although, there are many benefits of ict, most businesses in malaysia, in particular smes are still slow in adopting ict due to financial constraints, inadequate technical knowledge, and high cost of the technical team and soft applications. only 20 percent of smes in malaysia uses ict extensively in their daily operation. it can be concluded that malaysian smes continues to face domestic and external challenges that despite these governmental programmes hindering their resilience and competitiveness. they include: • difficulty in getting funding from the financial institutions and government or funds are given with a high interest rate due to the high risk and lack of financial transparency. a lack of human capital is the most significant challenge facing hassanudin mohd thas thaker. discussion on islamic finance 313 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 malaysian smes. it is often too expensive for smes to employ a professional and competent workforce. • the level of competition faced by smes in the domestic market has intensified due to the entry of new international competition resulting from the economic integration • a lack of access to better technology and ict, which hinders more efficient and productive business operations. • a high level of bureaucracy in government agencies hinders efficient sme business development operations. • a low level of research and development expenditure. methodology under the methodology section, firstly, there will be a discussion of the research goal followed by second discussion on the sampling procedure together with data collection. research goal the purpose of this study is to highlight the successfulness of smes in malaysia in accessing financial assistance from islamic banking. by looking into malaysian successfulness, then this study will provide some recommendation to the indonesian authority in developing the progression of smes in their country. as evidenced in many literatures and published economic reports, the smes is playing an important role in terms of gdp in various socio-economic aspects. however, the issue of financial accessibility seems to obstruct the development of smes in indonesia. given this problem, the study will look into how islamic finance can help in mitigating the issue of financial accessibility and allows active participation of smes in indonesia. during the development of this paper, the available qualitative and quantitative methods of economic research were used including comparative analysis and graphical illustration methods in understanding the said issue in more vibrant way. sample and data collection as for sample and data collection, the materials are firstly collected from the available literature review with regard to the smes and financial accessibility in malaysia and difficulties of smes in indonesia. the literatures are available in 314 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 the various source of engines especially in journal database such as science direct, springer and many other. as for indonesian smes details, this research uses the data obtained from world bank website, marsh and mclennan report, pwc report, ministry of cooperative and small medium enterprise, otoritas jasa keuangan (ojk), bank indonesia website. basically all these as stated above are based on secondary data. once done with this scope, from this knowledge, the paper will explore more on the potential of islamic finance in the context of indonesia by referring to malaysia as a reference and provide some recommendation to the indonesia authority in solving the said issue and enhance further the development of smes in their country. analysis and results the section on literatures divided into several parts; firstly, it will introduce the overall successfulness of smes financing schemes implementation in malaysia. later on, the discussion will continue with the islamic banking system (ibs), practices and contribution towards smes in malaysia. the third section reveals about the indonesian smes and its challenges followed by the islamic banking (ib) and its involvement in smes of indonesia. the last section will discuss the recommendation to the indonesian authority based on malaysian smes successfulness and the potential of islamic finance. the successfulness of smes financing schemes implementation in malaysia the report of sme development published by the smecorp in 2016 reveals that the financial institutions serve as a primary source of fund to the financial accessibility by the smes in malaysia. at the end of 2015, the total financing to smes by financial institutions recorded a growth of 14.6 percent which was valued at rm274.5 billion that extended to 729,983 sme accounts. the share of sme finance from the entire total business financing had incremented to 46.6 percent in 2015 compared with 2014 where the total percentage was just 43.8 percent. the loan approval remains at above 80 percent and total financing rose to rmrm285.5 billion as of june 2016. the credit guarantee corporation malaysia berhad (cgc) is considered as the main pillar in providing guarantees to the smes in letting the smes access to the financial accessibility from the financial institution. the cgc progressing well in leverage part for smes and creating opportunity for the new and existing smes by supplying them direct financing schemes to starts-up and encourage women hassanudin mohd thas thaker. discussion on islamic finance 315 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 entrepreneurship as well as involvement in the green technology and enterprise the intellectual property. furthermore, the cgc is not only limited to the loan accessibility and guarantee but also provide advisory services with regard to the business development, credit information and credit rating with cooperation from credit bureau of malaysian sdn bhd. from 1972 till 2015, cgc had provided financing to more than 437,00 businesses which were valued at rm59 billion. in 2016, this institution estimated the loan approval for about 8,650 accounts valued at rm4 billion. case in hold, cgc has also established new ways in processing the loan and disbursement of funds such as portfolio guarantee (pg) where the banks are allowed to choose the customers in accordance with criteria determined and loan process application on a portfolio basis. in doing so, it enabled both cgc and the banks to speed up the approval and disbursement of loan to the smes. the successfulness of cgc further continues by the establishment of two new schemes for specific groups, namely: i) bizwanita –i this financing scheme is designed for women entrepreneur who owned the business. the purpose of this scheme is to minimize the gaps for women entrepreneurs in terms of accessibility. two months after the introduction which was on october 2015, cgc had approved rm10 millions of financing to 76 smes. the establishment of this scheme has bridge the gap between gender equality between man and women entrepreneurs effectively. ii) special assistance scheme-i (sas –i) under this scheme, the entrepreneur can recover back their business loss due to the natural disaster such as floods, tsunami and earthquake. the funds then can be utilized for buying new assets, as well as for working capital. the financing scheme is based on the murabahah concept, and the coverage is ranged from rm20,000 till rm200,000 and the tenure is 5 years. the allocated fund for this scheme by government is rm35 million. furthermore, in 2015, the government of malaysia invested rm4.4 billion to accelerate the financing to the smes via 36 programmes. the selected programmes include: i) soft loan scheme for sme (slsme) this scheme is under the ministry of international trade and industry (miti) with the collaboration of malaysian industrial development finance berhad (midf). this scheme specifically to help existing and new start-up companies to raise working capital, financing fixed assets, relocations of business operation 316 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 and to improve smes competitiveness. in the year of 2015, there were rm174.5 million approved for about 187 smes comprises of many industries. ii) dana pinjaman perniagaan kecil dan sederhana (pks) under this scheme, the entrepreneur benefits from various activities implemented in this scheme such as dana 1-sme, tabung usahawan siswazah, dana usahawan negeri terengganu, skim modal asas, skim pembiayaan ekonomi desa (sped), program usahawan agro-based, and the asean japan development fund. as for the initial stage, there were 87 entrepreneurs selected for various programme under this scheme and successfully benefited from the socio-economic point of views. iii) sharia compliant sme financing scheme (ssfs) the miti collaborated with sme corp. malaysia permitted discount more than rm20 million to 874 smes under the ssfs scheme. under this, the government will pay 2 percent of the financing charges imposed by islamic banks. through the business accelerator programme (bap), smes is also ratified extra financing valued to rm183.2 million in the form of loan and grant for more than 879 smes. iv) dana modal teroka the ministry of finance (mof) together with kumpulan modal perdana sdn. bhd has spent rm10.9 million in giving financing for venture capital especially in the electrical and electronics-related businesses (e&e). in 2015, two companies have successfully invested and developed 11 intellectual property (ips) with 24 knowledge-based employees. v) program sokongan bahan mentah kepada usahawan kayu bumiputera the malaysian timber industry board (mtib) with the cooperation of the ministry of plantation industries and commodities (mpic) able to sourcing out rm67.2 million worth of contract sales in 2015. from the rm67.2 million, rm10.2 million was allocated for programme which has benefited 62 bumiputera entrepreneur in the timber industry. vi) business in transformation (b.i.t.) in producing new entrepreneur, ministry of domestic trade, cooperative and consumerism (kpdnkk) established a programme called business in transformation (b.i.t) wherein 2015, the programme channeled rm2.3 million to 324 sme entrepreneurs which have resulted in job creation by 1, 557 new job opening. hassanudin mohd thas thaker. discussion on islamic finance 317 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 islamic banking system (ibs), practices and contribution towards smes in malaysia by definition, ibs can be defined as a banking system that their operations and activities are strictly based on the sharia rules and principles. from 1960, islamic banking (ib) recorded well development and progression, although the ib still in pioneering bank compared to the conventional banking who had established more than 420 years ago. one of the unique characteristics of ib is the concept of profit and loss (pls) scheme where the transactions are done via mudharabah (profit – sharing) and musharakah (joint-venture). basically, under this scheme, all assets and liabilities of lenders are assimilated, and with this type of arrangement, islamic banks will lend on a longer-term basis to support the projects that have higher risk higher return characteristic. subsequently, it will promote economic growth. however, as per scholar views, they recommend profit/loss sharing scheme over other trading modes, murabahah is preferred in this context and has been extensively used by majority of ib due to its permissibility. furthermore, under murabahah financing, the buy and sell activities with equal instalment is flexible and easier to understand, administer and monitor (suzuki & uddin, 2016). the literature evidence by kessler et al. (2007) mentioned that smes encourages entrepreneurship, and by expanding the assistance to smes will result in economic expansion under the landscape of ib. dhumale and sapcanin (1999) found that ib schemes such as murabahah, mudharabah and qardhul hasan are the tools that mostly suited with sme requirement. apparently, qardhul hasan, murabahah and ijarah financing flexible in usage wise and easy to implement in determine the capital needs (qardhul hasan), equipment and assets (murabahah) and leasing (ijarah) for smes (world bank-idb, 2015). undeniably, the schemes such as mudharabah and musharakah seem to have a higher potential in contributing significantly towards the development of smes as it satisfying the concept of risk-sharing. theoretically speaking, various financial schemes can fit for various purposes but is subject to the risk-profiles of the smes. case in hold, in 2003, the study by ismail and razak shows that 95 percent of all financing in sme are approved based on ijarah, bay bithaman ajil, and murabahah financing schemes. this research actually looking at all the pattern of debt-equity financing for smes financing that taking place from 1993 to 1997. the study concluded that smes prefer to select debt financing instead of equity financing to set-up or expand their businesses. manan et al. (2011) also postulate that majority of malaysian smes choose debt financing like murabahah, bay bithaman ajil and ijarah as sources of external capital. 318 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 basically, the philosophical basement of islamic finance is purely depending on economic and social development, including the part called financial inclusion which is called unbankable of the society like smes. the financial inclusion can be solved by islamic finance which was based on asset-based and equity-based, thus it can serve as an alternative to conventional financing (financial exclusion). as per discussion above, it is very clear that islamic banking incorporates the risk-sharing features and well link of credit to collateral that is ensemble for smes in promoting the comprehensive economic growth. in malaysia, the assistance to allow for the best financial inclusion by the smes is channeled via two main types of financing which are based on islamic way, namely (i) asset-based and (ii) equity-based. with this approach, the financing issue, especially for the sme, is tackled in an appropriate way. under the asset-based, islamic finance will ensure the transaction is fulfilling the requirement of real economic activity with thorough close to financial linkage to the financial asset. in contrast, equity-based financing is a profit and loss sharing between financial providers and entrepreneurs for their interest business at initial stage. this is suitable for smes who needs equity financing for their ventures or businesses. figure 1. financing availability for smes under islamic financing notes: this figure shows the availability of financing under islamic financing for smes in malaysia. it is divided into two categories, namely, (i) asset-based financing and (iii) equity-based financing. the existence of these type of financing to the smes and consistent with the sharia principle have been recognized by various parties, especially policymakers in many countries. the oic, organization of islamic cooperation placed high importance to the development smes and developed various policies to further enhance the development of smes through active usage of islamic financial product which is more linked to the real economic activity. in doing so, it allowed smes in member countries to tap into rapidly growing pool of sharia-compliant funds. hassanudin mohd thas thaker. discussion on islamic finance 319 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 undeniably, the role of general council for islamic banks and financial institutions together with the islamic development bank (idb) keeps researching and introduce various innovative financing that can accelerate the growth of smes in worldwide and promoting the role of islamic finance in social finance aspect. further explanation of the availability of islamic smes financing in malaysia, which are based on asset-based and equity-based are given in table 4: table 4. summary of islamic smes financing in malaysia islamic asset – based financing description advantages for smes practiced by islamic banks (selected banks), in malaysia murabahah this financing is an agreement between financial providers and clients where the financial provider buys the assets as per client requirement and then sell them to the client as cost-plus mark-up. it is usually paid in monthly installment.  the financing usually fixed during the financing period.  the client will know all the details related to the price and mark up and highly transparent.  suitable for short-term financing.  the management of smes remain independent  not much issue on collateral.  hsbc amanah  sme banks  maybank islamic  kuwait finance house (kfh)  ocbc al-amin ijarah this is a transaction that dealings with leasing based activities. under this, one party leases an asset to be utilized by a client for agreed time period, and appropriate fees need to be paid by client. other types of ijarah would be ijarah wa iqtina where the financier leases assets to clients for specified rental charges, while only one of the parties buys or sells the assets at the terminal period of lease.  allowing financing, although with lesser collateral and credit history. this is because the lessor can retain back the lease assets in the case of default.  this financing is suitable for smes for the medium and long term period.  not much documentation processes involved.  sme bank  bank islam malaysia berhad, alansar sme financing  maybank islamic  ocbc alamin  bank muamalat 320 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 baisalam this is a forward sale contract where the advance payment is paid for commodities which going to be delivered in the future date. this is especially for the agricultural product. basically the salam contract can be used to financing working capital for smes.  provide working capital financing, which is based on sharia complaint.  usually benefits to those smes involved in agricultural business.  preferably useful for short-term financing.  sme bank  bank muamalat islamic equitybased financing description advantages for smes practiced by islamic banks (selected banks) in malaysia musharakah in this financing, the partnership agreement made by two or more than two parties where all involved parties will supply the capital to a joint venture to share its profit or losses. the profit is distributed among parties based on agreed proportion and ratio. however, the losses must be borne by parties with respect to their capital contribution  sharia-compliant as it is purely based on profit and loss sharing.  possibility to obtain a higher percentage of profit than entrepreneur capital contribution.  smes who are looking for long – term financing may go for this type of financing.  sme banks  bank islam malaysia berhad  hsbc amanah  kuwait finance house (kfh)  bank muamalat diminishing musharakah this type of financing is a contract or agreement where the entrepreneur agreed to buy the share of investment of other partners over time until the entrepreneur owns 100% of the venture.  the profit and loss sharing is based on market rate.  possibility of retaining the smes or for the start-up businesses over long –run.  the advantage in terms of bridge the gaps of financing, not giving up equity over medium to long term.  al-huda cibe  affin islamic bank  bank islam malaysia berhad  kuwait finance house(kfh)  cimb islamic bank hassanudin mohd thas thaker. discussion on islamic finance 321 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 muḍārabah the partnership agreement between the supplier of fund and an entrepreneur who is acting as a fund manager. in the case of profit, the distribution of profit will be taking place as agreed. however, if its loss, it is borne by capital provider.  based on profit sharing only.  there is no need to contribute fund to the venture.  possibility to bargain the profit distribution ratio.  suitable for long – term smes financing.  cimb islamic bank  rhb islamic  sme banks  kuwait finance house(kfh) notes: this table shows the islamic finance that is available to the malaysian smes. there are two categories, namely, (i) asset-based financing and (ii) equity-based financing. indonesian smes and its challenges the role of smes and entrepreneurs in indonesia undeniably important in boosting up the growth of the indonesian economy. looking at the fact given by bellefleur in the usaid report in 2012, smes occupied almost 99 percent in economic sectors in indonesian market and involved labor participation almost 95 percent. in terms of gdp contribution, the smes is account for 57 percent, but unfortunately it represents only 0.24 percent of the population from the entire population in indonesia. as for definition and categories of sme, the below table provide an overview of it. table 5. categories of smes in indonesia categories description micro industry net assets more than idr50,000,000 net sales revenue of idr300,000,000 small industry net assets more than idr50,000,000 to idr500,000,000 net sales revenue of idr300,000,000 to idr2,500,000,000 medium industry net assets more than idr500,000,000 to idr100,000,000,000 net sales revenue of idr2,500,000,000 to idr50,000,000,000 notes: this table shows the definition of sme in the context of indonesian and its classifications. there are three categories includes micro-industry, small industry and medium industry. according to the statistics shown by ministry of cooperatives and smes in 2012 at indonesia, the smes participation rate has spread to various industry consists 322 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 of agriculture, mining, livestock, electricity, construction trading, hoteling, real estate and many others. not only that, as evidenced in the literature, smes in indonesia have robust impact on the next export of indonesia. according to nugroho (2012), the contribution of smes export equivalent to 15.81 percent of total net export in 2010 to 2012, among the popular export area are handicraft, fashion and accessories, furniture, food and beverages and finally beauty product. due to diversity in terms of businesses, the smes plays an important role in regional development as well, particularly in rural territorial. the performance of smes compared with corporates seem relatively low in terms of contribution to the gdp. there are 5,000 corporates involved in businesses with the percentage of contribution about 38 percent to the gdp compared with 700,000 smes altogether involved in various businesses but only contributes 22 percent to the indonesian gdp. the details of employees and outputs in indonesian enterprises in 2013 are disclosed in figure 2 below: figure 2. enterprises, employees and gdp of indonesia notes: this figure reveals the details of the number of enterprises, employees and its contribution to the indonesian gdp. the development and growth of smes in indonesia can be classified into four parts as per illustrated by nugroho (2012), namely: i) firstly, the flexibility involves to smes where the smes become a subcontractor to the larger firms and obtain their own market to survive. given such flexibility it allowed the smes to maintain the business and survive although the economic crisis occurred. ii) looking at sme growth, it depends on the maturity stages of the smes. usually the smes in early stages, the starting point would be like household industries and later become manufacturers in coming stages. hassanudin mohd thas thaker. discussion on islamic finance 323 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 iii) the increase in income for individuals have created new market for smes as the customer demand pattern encounter the shift in paradigm to more sophisticated and innovative product. with this transformation, the growth level of smes is also expanding and allow for competition among the smes which subsequently lead to further innovation and enhancement in terms of product offerings. iv) finally, the growth of smes in urban areas is comparatively faster than in rural areas. this perhaps due to the fact wherein the urban areas, the population density is higher that lead to greater demand for the product offered compared to those who are in the rural areas. in terms of business accessibility, the smes in urban are dominant because of rapid development that takes place in urban areas. based on a report published by marsh and mclennan (2015) reported that indonesia has abnormally higher microenterprise segment compared other emerging markets but smaller in terms of smes. the finding by marsh and mclennan disclosed that in indonesia there are 358 microenterprises but only 4.4 smes per 1000 adults. in comparison with malaysia, which has less microenterprise but more smes than indonesia. it means only 1 percent of indonesia microenterprises able to grow consistently to maintain the sme size at any stage. more than 90 percent of these enterprises have limited capacity for accessing financial support. in one of research conducted by marsh and mclennan postulate that 44 percent of microenterprise is located in rural indonesia, do not have full loan accessibility. from those unable to get financing, 35 percent indicated that they need fund but no accessibility while another 30 percent said will borrow the fund in nearest future. figure 3. comparison of no. of micro and smes per 1,000 adult population across emerging asian countries in 2014 notes: this figure shows the statistics on the no. of micro and smes per 1,000 adult population across emerging asian countries in 2014. the data were obtained from the world bank website for the year 2014. 324 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 as common in many developing countries, indonesian is in trouble as well when it comes to smes development. the problem of “missing middle” has haunted the progression of smes as majority of banks in indonesian need to focused and fulfill the need from smallest and largest businesses. the financial institutions tend to help the well-established and larger firms compared to those who are newly entering into the market. in other words, the banks become too selective when providing financing to the businesses. due to this issue, the smes are far behind in terms of its development and productivity. with this issue, apparently, the smes in indonesia are continuing to grow at faster pace, and there is always a positive outlook where the smes will be a significant contributor to the economic progress in the coming years. not only that, the indonesian government also has implemented various strategies for making sure the smes able to access finance easily. such policy like low tax rate (12 percent) for the smes that achieve gross income less than idr4.8billion. this tax rate seems to be comparatively less with other asean countries (on average 15 percent). furthermore, the indonesian government was also providing funding to smes with low-interest rate for low-risk profiles of sme to further accelerate the development of sme. most recently, the government introduced few measures to soften the financial burden such the annual interest rates for subsidized people’s business credit (kur) minimized to 9 percent from 22 percent before. the president of indonesia, jokowi widodo has promised to lower down to 7 percent by end of 2017. together with this, banks are on track as well in helping the progression of smes, for instance, bank rakyat indonesia (bri) has allocated largest fund for microentrepreneur, idr202.58 trillion and this fund will grow 15 percent from 2015 onwards. case in hold, uob indonesia, has shown interest to launched five new smes in jakarta, semarang, central jawa, surabaya and east java by the end of 2017. although various policies are implemented, the growth of smes not up to standard. the report published by the price water cooper house (pwc) in 2017 revealed that expected lending growth for smes is just 12 percent compared with other lending and it is relatively less. see the figure below for more information. hassanudin mohd thas thaker. discussion on islamic finance 325 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 figure 4. estimated growth for focus lending in 2017 notes: this figure shows the expected growth in the various lending offer by banks in indonesia for the year 2017. the lower growth in microfinancing lending is due to the fact where the credit risk and non-performing loan (npl) have become one of the big challenges to the growth of lending in 2017. as per the report, majority of banks in indonesia have viewed that the credit risk and npl is one of the major obstacles why they cannot give financing to smes in indonesia. due to higher rate for these two elements, banks have to tighten their credit requirements especially to the mortgage financing and smes which usually required higher level of collateral. as reported in figure 5, the credit risk influences the loan growth by 94 percent followed by margin pressure (75 percent), weak demand (30 percent), liquidity (24 percent), regulations (10 percent) and sales (8 percent). based on the survey conducted by ministry of cooperative and small medium enterprises 2013, only 18 percent of smes have access to the financing offered by financial institutions and remaining 82 percent are depending on the internal financing such as their own saving, family members and many others. the banks have make sure the parties requested for funding need to 65 percent of collateral to support the lending and higher lending rates. from the bank perspective, the issue of asymmetric information haunted them since many smes are not disclosing accurate information. thus banks treat the smes still under riskiest financing category. therefore, the bank imposed higher rate and strict rules and regulations. this view is also consistent with the amianti and wirayani (2016), they argued that the lack of financing has led to reduction in young entrepreneur to involve in 326 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 business because they find difficulties in start-ups their business. moreover, given this issue, although there are some entrepreneurs in the line of smes, they involve in consumer industry as it required less capital for a start-up the business instead of involving in heavy industry like manufacturing and metal. figure 5. factor influencing the loan growth in 2017 in indonesia notes: this figure reveals the information on the challenges facing loan growth in the year 2017 in indonesia as per urata (2000) argument, the problems facing the indonesian smes are consisting of two categories, namely (i) financial problem and (ii) non-financial problem. more emphasis is given to the financial problem as it is the biggest challenges to indonesian smes, whereas the non-financial problems are very common and rarely occurs in smes such as organizational management. according to the author, the financial problem is consists of (1) lack of agreement between fund provider and smes, and it is not really transparent, (2) there is no efficient way in managing smes funding, (iii) involve high transaction costs subsequently caused the use of longer time period in approving funding, (iv) inaccessible to fund as unawareness about the existence of funding, and obviously the high-interest rate which have burdened the poor entrepreneurs as they are in pioneering stage in smes business and uncertain about the business success. on the other hand, mac eachern and suyudi (2014) argued that the problem of financial accessibility by indonesian smes seem to follow the pecking order hypothesis. in other words, the majority of indonesian smes are utilizing and giving priority to the usage of internal funds rather than external funds. this is because, by utilizing the internal, the cost would be lower compared with external funds where need to fulfil many formalities. in addition, the author also hassanudin mohd thas thaker. discussion on islamic finance 327 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 argued that the terms and conditions, size of the loan, and duration also cause the problem for smes’ in accessing the financial facility. this issue is very common and used to face by smaller firms, for example, duration factor where the smaller firm expose to higher rejection on financial assistance because unable to fulfil banker requirements in terms of duration of loan. in addition, smaller firms have also needed to pay higher interest rate charges and expose them into the possibility of default risk. indeed, the macroeconomic policies implemented by the indonesian government also have influenced the availability of loanable funds in financial market. since the government is running with budget deficit, it means that the withdrawal from domestic saving to support the operational costs and investment costs have led the market with limited number of loanable fund which subsequently causes financial institutions to limits their borrowing and lending activities. in 2014, indonesia attained 2.25 percent budget deficit of gross domestic product (gdp), comparatively higher than the government target of 1.4 percent. this problem will cause a barrier to the smes in accessing the financial assistance shinozaki (2012). apart from financial constraints, the indonesian smes is also facing the problem of such: (i) too much of procedures in applying for funding, (ii) high collateral requirement, (iii) lack of information, (iv) not extra business to support, (v) network, (vi) lack of knowledge, (vii) do not fit with business and (viii) others. although the existing literature has highlighted this issue of financial accessibility, they pay less attention to offer other viable alternative solution in solving the financial accessibility problem rather than just relying on government policies. hence, with this gap and motivation, the present study has taken a step ahead in exploring the potential of islamic finance to support the financial accessibility of smes in the context of indonesia. islamic banking (ib) and its involvement in smes of indonesia the development of islamic banking (ib) in indonesia mainly driven society factor or bottom-up in order to meet the needs of society with main priority is focus on the real sector. in contrast compared with malaysia, the development of ib is more zoom in into financial sector and obtained full support from the government thus, it is called as a government-driven which lead the successful of ib. the number of players involved in islamic financial industry is also slowly grown since year 2011. figure 6 below reveals the statistics 328 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 on number of players involved in the islamic finance industry. it is based on non – bank financial institutions. basically looking the figures given by otoritas jasa keuangan, ojk (2016), it can noted that the takaful and islamic financial industries shows increasing pattern in terms of number of players. the other elements such as sharia venture capital industry, sharia specialized industry and sharia microfinance (where smes involved as well) recorded lower number of players. in figure 6, the number of players involved in islamic banking financial institutions are showing increasing pattern, comprises of islamic commercial banks, islamic banking unit and islamic rural banks. in term total assets, islamic banking recorded positive cagr (24.9 percent) from year 2011 until 2016 as compared with conventional banks (14.9 percent). in terms of financing, the growth in islamic banks is 25.6 percent whereas the conventional banks’ percentage is just 17.8 percent (ojk report, 2016). based on these two statistics, it can be concluded the acceptance for islamic banking in indonesia is slowly in –line with conventional counterparts. majority of financing in ib, are taking place at commercial businesses instead of smes (huda, 2012). figure 6. islamic non financials institutions in indonesia notes: this figure shows the statistics on the number of the player involved in the islamic non financial institutions in indonesia. the statistics are obtained from the ojk data terminals, and it is from year 2011 till 2016q1. hassanudin mohd thas thaker. discussion on islamic finance 329 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 figure 7. islamic banks financial institutions notes: this figure shows the statistics on the number of players involved in the islamic financial institutions in indonesia. the statistics are obtained from the ojk data terminals, and it is from year 2011 till 2016q1. as evidenced in figure 6, the microfinancing is not popularly demanded, and the number of players involved is also relatively less in the context of islamic financial institutions. according to huda (2012), the less demand for the microfinance and smes are due to charges imposed by the ib such as the margin charges and ib focuses to financing working capital for maximum one year only (short term financing). this issues had created big hassle to the development of smes in indonesia as it is not easy not get credit facility form the ib as they tighten the rules and regulations. in addition, the ib in indonesia provides financing to smes mainly in the forms of murabahah and musharakah financing. the other financing methods are relatively less in terms of its consumption. given this, it has led to difficulties for the young entrepreneur involved in business and subsequently harms the development of smes in indonesian market. the potential of islamic finance is not fully explored in the context of indonesian even though there is some islamic financial product that has been used to support the smes. the obstacles such as asymmetric information and moral hazard seem to block the potential of islamic finance in accelerating social finance via helping the growth of smes. furthermore, those with potential also will be affected due to credit availability. the impact of limited credit and difficulties in accessing to credit facility expected to reduce indonesian gdp by approximately $130 billion which is equal to 14% of total indonesian gdp (bank indonesia report, 2015). therefore, apart from other issues that haunted the progression of smes, it is notable that the issue of financial accessibility is getting critical and need to addressed carefully to maintain the sustainability of smes in indonesia. the 330 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 challenge of financial issue can be overcome by innovative product offerings and policies implementation. in the next section of discussion, the research will share some fruitful lessons or recommendations that the indonesian can learn from malaysia who successfully uses and implemented islamic finance and capital market to support the development of smes in general. what is the recommendation to the indonesian authority based on malaysian smes successfulness and the potential of islamic finance? looking at the successfulness of smes in malaysia based on conventional and islamic financing in terms of financial accessibility. there are some recommendations that can flourish the development and progression of indonesian smes which are having a problem in accessing to get financing. the recommendations are as follows: i) diversify the islamic finance product offerings especially linked to the smes financing. as mentioned in the earlier section, in malaysia, there are various product offerings in islamic banking that can help to increase the growth of smes. among the products are murabahah, ijarah, salam, musharakah, diminishing musharakah and mudharabah. majority of ibs in malaysia have already introduced all these instruments to smes to support financing accessibility from coverings short-term and long – term requirement of working capital and businesses, which can fit for the smes environment. from indonesian perspectives, the popular islamic financial instruments that help the smes are murabahah and musharakah. other financing tools are limited due to risk-profiles of smes and the issues of asymmetric information. thus, it is recommended to the indonesia authority, before expanding the islamic financial tools, the blueprint and strategies need to be developed properly which can allow the introduction of innovative islamic finance tools. better monitoring and auditing needed in introducing the tools in the market. ii) alternative financing strategies: leading entrepreneur accelerator platform (leap) market bursa malaysia recently has launched a new market specifically for smes to raise fund to support its business operation. it is known as the leading entrepreneur accelerator platform (leap). with this new market establishment, the smes can raise fund directly from the capital market without going through the financial institutions. the malaysian smes is also facing the issue of financial constraint due to strict rules and regulations from banks side. about 96 percent hassanudin mohd thas thaker. discussion on islamic finance 331 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 of financing by smes are driven by banking sector, and the remaining 4 percent is coming from capital market. therefore, there is need for innovative financing. looking at the statistics given by midf report (2015), the sme contribution to the business establishment is account for 97 percent and the contribution to the economic development is 37 percent. thus, with the introduction of leap, it will become an alternative financing platform for smes. not only that, with such platform, it would enhance the growth of smes in malaysia. and support broader economic activities. the trading in leap is limited to sophisticated investors (either high-networth individuals whose total assets or annual income exceed rm3 million or rm300,000 respectively or corporates with net assets exceeding rm10 million), (bursa malaysia report, 2017). the listing procedure in leap market will be guided by framework issued to bursa malaysia and approved by the securities commission. only selected smes will participate with assigned approved advisers. smes with approved advisers selected: cloudaron pte ltd, agrofresh international group sdn bhd, red ideas holdings sdn bhd, polymer link sdn bhd, trustgate bhd, accent wellness global sdn bhd, eastwest one group sdn bhd, macfeam sdn bhd, upstream downstream process & services sdn bhd, proeight sdn bhd and safetyware sdn bhd. with leap, the injection of financing to the smes via capital market is expected about 20 percent compared to heavy reliance to of smes’ financing needs from the present 96 percent by financial institutions. this leap applies for both nonsharia and sharia-compliant smes. peer to peer financing (p2p) another innovative financing that taking place in malaysia would in the form of peer to peer (p2p) financing. this platform specifically for businesses and smes for raising capital purpose and it has been recently approved by securities commission (sc) of malaysia to be implemented. by definition, p2p platform is process of obtaining fund where an individual lends and borrows fund directly from other by using online platform. it means that the role of financial intermediaries is not needed as it is done one to one basis like e-bay. the p2p financing has successfully implemented in the field of mortgage loan, real estate, education and businesses worldwide. however, in the context of malaysia, p2p financing is only available for businesses and smes. the sc, for the initial stage, had approved six p2p financings in november 2016 and it will fully under operation by the end of december 2017, namely, (i) funding societies, (ii) b2b finpal, (iii) managepay, (iv)fundaztic.com, (v)ethickapital. 332 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 com, and (vi) fundedbyme malaysia. with such establishment of innovative financing, malaysia becomes the first southeast asia country the full regulatory control introduced p2p financing. the p2p financing is also applicable for both side sharia-compliant and non-sharia complaint of businesses or smes who are looking for financial support (thaker and thaker, 2017). crowdfunding crowdfunding is a collection of funds (small amount) from many investors or donors through a web-based platform for a specific project, business venture or for the social cause. crowdfunding can be divided into four categories namely donation crowdfunding, reward crowdfunding, peer-to-peer lending and equity crowdfunding (thaker and thaker, 2015). crowdfunding gained popularity as a creative way to raise fund for various business category namely, philanthropic, social endeavours, entrepreneurial ventures followed by films and performing arts and music and recording arts, and finally energy and environment. the category of crowdfunding that is suitable for smes financing would be in the forms of lending, and equity-based crowdfunding as both of these services for raising capital purpose. for example, under equity-based crowdfunding, the fund raised through online by a business, particularly early-stage funding, by offering equity interests in the business to investors. businesses that are looking to raise capital through this mode typically advertise online through a crowdfunding platform website, which serves as an intermediary between investors and the start-up companies. in malaysia, the crowdfunding has been successfully implemented in various field, particularly focuses on social-based businesses’ such as smes. pitchin is the example of malaysian crowdfunding platform which based on reward-based has shown rapid progression in south east asia. pitchin platform has executed various projects but not limited to arts & design, photography, games, music and businesses. pitchin also hosts community and social projects, which make up about a third of the projects on site. in indonesia, the crowdfunding is slowly taking its place but with a lot of challenges. one example in indonesia that successfully used the crowdfunding to raise fund is kesetkibee program is one of the successful entrepreneurship programs that employing crowdfunding to raise the fund. kesetkibee is a program that involves only women who are members of the cooperative women unggaran melati in central java. under this program, the waste material from cloth garment factory is converted into a material with a certain economic value, such as a doormat. kesetkibee program received funding of rp hassanudin mohd thas thaker. discussion on islamic finance 333 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 5.02 million of the total funding needs as much as rp 5,000,000. this fund was collected from 33 donors who donate through a crowdfunding platform namely patungan.net. other examples include craft programme for change and gandengtangan which are specifically for small businesses and skills development. as mentioned earlier, the crowdfunding platform in indonesia has potential to utilize properly for smes and small businesses, but the challenges such as fraud, failure, anti-money laundering, lack of experiences, regulatory issue and market rejection seem to be continued to harm the progress of crowdfunding. again, this platform also can be suited for sharia and nonsharia businesses and smes. investment account platform (iap) the iap is called an online platform that facilitates channeling funds from investors to finance ventures and smes and enables them to get access financing effectively and comfortable. selected islamic banks in malaysia such as affin islamic bank, bank muamalat malaysia, bank islam malaysia, maybank islamic, bank kerjasama rakyat and bank simpanan nasional have introduced investment account platform (iap). iap was launched officially by ex-governor of malaysian central bank, dr zeti akhtar aziz on 17th february 2016. the iap is considered as an online platform that facilitates in channelling funds from investors to finance viable ventures and smes. it is a technology-enabled financial marketplace for smes to raise funding from a large pool of investors for their businesses via the internet. the iap is a newly fintech innovative product that offered in malaysian islamic banks. in terms of comparison, the iap, crowdfunding and p2p financings have some similarities, but iap involved direct financing executed by investors for the project that they like to invest in. with iap, islamic banks play a role of intermediation in operationalising the investment account while performs the credit assessments and screening procedure for the projects. however, the iap requires assistance form rating agencies to rate and screening the ventures and smes to make sure it is complying with certain standards. therefore, the iap tend to benefits more to the smes who needs financial support. as a concluding remark for alternative financing strategies, the indonesian authority should consider in implementing the financing strategies applied in malaysia in boosting up the performance of smes in indonesia. the improvement needed in making sure the existing financing such as crowdfunding in terms 334 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 of monitoring, improvised the rules and regulations related to crowdfunding, develop better framework in accessing the standard such credit agency to evaluate the project or smes before approved the financing. in terms of leap and iap, perhaps the indonesian government can discuss and collaborate with the malaysia government and financial authority to implementing the leap, p2p and iap in indonesian context. there is need for platform for discussion or forum and exchange views or insights on the possibilities to implement these financing strategies in indonesia with the motive of helping the smes. to sum up, the indonesia authority should realize the potential of fintechs in lending practices especially in the context of islamic banking and finance. the authority is also needed to raise the awareness to the customers and adding value to businesses beyond lending will be vital for long-term growth of banking industry indonesia. iii) information accessibility to enhance the transparency in malaysia, the element of asymmetric information is less as there are many sources of information engines where the entrepreneur who looking for financing can gather all the information related to sources of funding. the informations are available in majority of banks website especially the smes banks. however, in the context of indonesia, as per evidence in many literatures, one of main reasons why banks in indonesia prevent from giving lending smes is because of higher asymmetric information. banks including islamic banks in malaysia only give financing to selected ventures by looking at their riskprofiles of the respective ventures. this further adds to the disparity of gaps in terms of financial accessibility of smes in indonesia. as for recommendation, the indonesian authority should consider providing more data either published or non-published materials on financial assistantship. this will subsequently help to get access to the information easily. if possible, the indonesian authority should have their own database by working with islamic financial institutions where the entrepreneur who looks assistance to start-up their business, can easily visit the database to see what are the benefits and assistance available to the entrepreneurs. with this type of arrangement, it is expected to reduce asymmetric information. iv) expand the number of “angel bank” (ab) for financing alternatives by definition, ab has known as a process of collects angel investments into a centralized fund, where the bank then vets potential companies and channels the financing to the entrepreneurs and smes at lower interest or profit hassanudin mohd thas thaker. discussion on islamic finance 335 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 charges. although the ab is already in the indonesia market, number of ab availability is limited. the most of ab in indonesia is called angel investment network indonesia. they have successfully provided early-stage capital to entrepreneurs covering various aspects of industries such as technology, consumer, social enterprise and many others. even in malaysia, the angel banks slowly taking its pace of development in helping many young entrepreneurs who are looking for start-up capital for running the businesses. for example, malaysian business angel network (mban), is one of an organization of angel investors and angel clubs in malaysia which have more than 134 registered angel investors and having net worth of rm123 million in 2016 and supporting various small businesses. when it comes to islamic finance and ab, the exploration is limited as it involved some profit or interest charges for the service offered. the role of indonesian authority would be in term of considering the ab from islamic finance perspective which means offered the service without the element of riba. this can be done via performing academic research, organizing conference in order to get feedback and reviews from practitioners and academician in introducing ab which is compliant with sharia rules. in addition, the indonesian authority also can consider expanding further the existing ab in all over state while waiting for islamic finance ab taking place in future. v) create more credit bureau (cb) for smes in indonesia the research workshop that carried out in hangzhou (2010), apec workshop, shows a discussion on the credit bureau (cb) availability in indonesia. under the indonesian market framework, at the national level, there were two important cb, namely, (i) askrindo and (ii) jamkrindo and at regional level there was only one called as jamkrida jatim. if compared with malaysia, there was one agency called credit guarantee corporation of malaysia in all over states that provide credit information and credit assessments to the financial providers. however, in the context of indonesia, such a large market for smes, the regional credit bureau is only limited to jamkrida jatim at jawa timur. this itself will become issue in processing the application for funding from other states. in order to smoothen up the processes involved in credit assessments, the indonesian authority need to develop more credit bureau in all over state, if possible the indonesian authority consider to provide licensing for independent credit bureau (icb) where it could be self-funded where it sells the information about customer creditworthiness or their ability to meet debt obligations. this can apply for evaluation for both, sharia or non-sharia compliant businesses or smes. 336 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.7343 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 conclusion the role of government and its policies implementation has resulted in a better progression of smes in malaysia. with effective involvement of government in strategized the policies lead the smes to records such high achievement and active contribution to the economic growth of malaysia. as noted, the malaysia smes continued to offer diversified sources of financing to mitigate the need for smes in various stages. there is plenty of social financing introduced by conventional and islamic financing at various stages of smes. moving forward, the smes source of financing is slowly become more innovative and take a new turn with innovative platforms such as leap, p2p, crowdfunding and iap. together with this, the arrival of fintech seems to be slowly transforming the financial landscape of malaysia in islamic finance and conventional financing. not only that, apart from fintech, the product offerings of islamic banking in malaysia has resulted smes to have more option in selecting the best financing for their ventures. islamic social financing that offered in malaysian islamic banking that widely used by smes in malaysia includes murabahah, ijarah, salam, musharakah, diminishing musharakah and mudharabah. there are many other as well such as bay al dayn, ay al-innah and tawarruq. as far as indonesian smes is a concern, the role of islamic finance needs to be further enhanced from existing one. the issue of financial accessibility has haunted the progression of smes in indonesia although this industry contributed positively to the growth of indonesian gdp. there is need for innovative financing strategy to assist the smes in accessing the financial assistance. as recommended, the indonesian government may incorporate some of the ways implemented by malaysia government in boosting up their smes using islamic finance. moreover, the findings from this study can be used to develop specific framework in which to increase its capacity in assisting smes to access internal and external finances in indonesia. references agyei-mensah, ben kwame 2010. “financial management practices of small firms in ghana: an empirical study.” african journal of business management 5(10): 3781-3793. ahmad, noor hazlina 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exploiting the potential of crowdfunding in changing smes financial landscape in indonesia.” presented at the 9th international conference, bulletin of monetary economics and banking, indonesia. 6th august 2015. ting, o. k. 2004. smes in malaysia: pivotal points for change. retrieved august 20, 2017. from http://www.mca.org.my. urata, s. 2000. policy recommendation for sme promotion in the republic of indonesia. wang, s. d. 2003. the implications of e-financing: implications for smes, bulletin on asia-pacific perspective 2003/2004, united nations, usa. world bank-idb. annual report-2015. retrieved august 27, 2017. from http:// www.isdb.org/irj/portal/anonymous/idb_faq_ar. world bank report. 2014. retrieved august 16, 2017. from https://www. worldbank.org. yoshino, naoyuki & farhad taghizadeh-hesary. 2016. “major challenges facing small and medium-sized enterprises in asia and solutions for mitigating them.” adbi working paper, 564: 1-20. hoq, muhammad ziaul, nobani che ha & saad said mohd. 2009. “smes in the malaysian economy.” international journal of marketing studies 1(2): 3-17. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 389 402 received: december 28, 2017; revised: february 15, 2018; accepted: march 4, 2018 shaheed zulfikar ali bhutto institute of science and technology. karachi, sindh 75600, pakistan e-mail: 1imran_js@yahoo.com, 2afzal.ahmed@szabist.edu.pk, 3rajarehan3@hotmail.com, 4farasath@hotmail.com doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 abstract. a healthy banking industry plays a vital role in the economic stability, and banks success depends on its products. therefore, this study aims at cognizing the consumer’s preference and awareness of islamic ijarah over the conventional lease in pakistan. this research used regression as tools of analysis. the findings indicate that convenience is the prime determinant for preference of ijarah over the lease. moreover, all other factors except religion also support in the motivate selection of islamic banking products. therefore, it can be concluded that in pakistan, religion is not the only fact motivates individuals to prefer ijarah. based on findings, it is recommended to relevant stakeholders to create more awareness among masses about ijarah and to further ease out policies in order to harness optimum benefit. keywords: consumer preference, islamic ijarah auto financing, conventional auto financing abstrak. industri perbankan yang sehat memainkan peran penting dalam stabilitas ekonomi dan keberhasilan bank tergantung pada produknya. oleh karena itu, penelitian ini bertujuan untuk mengetahui preferensi dan kesadaran konsumen terhadap akad ijarah islam atas sewa konvensional di pakistan. penelitian ini menggunakan regresi berganda sebagai alat analisis. temuan menunjukkan bahwa kenyamanan adalah penentu utama untuk preferensi ijarah atas sewa. selain itu, semua faktor lain kecuali agama juga mendukung pemilihan produk perbankan islam. oleh karena itu, dapat disimpulkan bahwa di pakistan, agama bukanlah satu-satunya faktor yang memotivasi individu untuk memilih ijarah. berdasarkan temuan, direkomendasikan kepada pemangku kepentingan yang relevan untuk menciptakan kesadaran di antara massa tentang ijarah dan untuk lebih memudahkan kebijakan guna memanfaatkan manfaat optimal. keywords: preferensi konsumen, pembiayaan mobil syariah, pembiayaan mobil konvensional how to cite: chhapra, i. u., ahmed, a., rehan, r., & hussain, f. (2018). consumer’s preference and awareness: comparative analysis between conventional and islamic ijarah auto financing in pakistan. aliqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 389 – 402. doi: http://dx.doi.org/10.15408/aiq.v10i2.7106. consumer’s preference and awareness: comparative analysis between conventional and islamic ijarah auto financing in pakistan imran umer chhapra1, afzal ahmed2, raja rehan3, farasat hussain4 390 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 introduction financial sector plays a very vital role in the economic progress on any country and it is considered as the backbone of the economy. hence, stronger economic system is dependent on healthy banking system of the country (srouji, et al 2015). there are two main modes of banking systems, one is called islamic banking and the alternative is conventional banking. both modes of banking differ from each other in many ways and offer different financial products for the consumer. if we compare with the other different banking products, auto financing or car leasing is one of the important products of consumer financing which facilitates banks to generate huge amount of revenue and maintain healthy banking relationship with their customers. in islamic banking, the lease is named as ijarah. ijarah is the shariah law compliant version of conventional lease. in both forms of lease (ijarah and conventional) bank acts as lessor (lease giver) and the party to whom the service, benefit or asset is given is called lessee (lease taker). the lessor asks the lessee to pay periodic rentals for reaping or enjoying lease benefits and the ownership remains with the lessor, solely the rights of use is transferred to lessee. ijarah could be a term of monotheism fiqh. lexically, it means that ‘to offer one thing on rent’. within the monotheism jurisprudence, the term ‘ijarah’ is employed for two totally different concepts. within the first place, it means that ‘to use the services of an individual on wages given to him as a thought for his employed services.’ the leader is named musta’jir whereas the worker is named ajir. this kind of ijarah includes each group action wherever somebody else employs the services of an individual. the second kind of ijarah relates to the usufructs of assets and properties, and to not the services of men. ‘ijarah’ in this sense means that ‘to transfer the legal right of a selected property to a different person in exchange of rent claimed from him.’ in this case, the term ‘ijarah’ is similar to english term ‘leasing’. here, the owner is named ‘mu’jir’, the leaseholder is named ‘musta’jir’ and the rent collectible to the owner is named ‘ujrah’. both these types of ‘ijarah’ are mentioned within the literature of monotheism jurisprudence and both of them have their own set of rules. the second kind of ijarah is a lot of relevant, because of its usually used as a sort of investment, and as a mode of finance additionally. the rules of ijarah, within the sense of leasing, is incredibly abundant analogous to the foundations of sale, because of in each case one thing is transferred to a different person for a valuable thought. the sole distinction between ijarah and sale is that within the latter case the corpus of the property is transferred to the vendee, whereas within the case of ijarah, the corpus of the property remains within the possession of the transferred, however solely its legal right i.e. the correct to use it, is transferred 391 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 imran umer chhapra. consumer’s preference and awareness to the leaseholder. therefore, it will simply be seen that ‘ijarah’ isn’t a mode of finance in its origin. it’s a traditional endeavor like sale. however, attributable to bound reasons, and especially, attributable to some tax concessions it’s going to carry, this group action is getting used within the western countries for the aim of finance additionally. rather than giving a straightforward interest bearing loan, some money establishments started leasing some equipment’s to their customers. whereas fixing the rent of those instrumentation, they calculate the whole value they need incurred within the purchase of those assets associated add the stipulated interest they might have claimed on such a quantity throughout the lease amount. the mixture quantity therefore calculated is split on the whole months of the lease amount, and the monthly rent is fastened thereon basis. on the other hand, in typical conventional finance, lenders lend to borrowers to form cash in on the interest charged on the principal quantity. for property loans, borrowers pay associate interest on the outstanding principal quantity. interest rates may be a set rate or support a floating rate (e.g. kibor, libor). payment is formed over collection tenure by installments. since the contract isn’t supported associate definite quantity (e.g. an acquisition price), the earlier the receiver will pay down the principal, the cheaper the quantity of interest paid. the loan contract for typical finance is understood as a loan facility agreement. benefits of conventional financing over islamic financing are for conventional loans, if a borrower alters the terms of the finance (e.g. increase the facility amount), the loan facility agreement would only need to be up-stamped. for islamic financing, a new sale and buyback agreement (bba) needs to be drawn up, making it more expensive. moreover, islamic financing has difficulty in restructuring or refinancing in the case of default whereas costs for early settlements, late payments or defaults are more transparent in case of conventional financing. anyone (not just muslims) can take up islamic financing. but if your occupation is not deemed “halal”, there could be difficulty in obtaining the loan. for details see in table 1. islamic banking is gaining popularity all around the world especially in the emerging economies like pakistan. the main reason is islamic banking helped many financial institutions and investors to avoid the worst of economic meltdowns as conventional banks were more affected by global economic recession. this is mainly because islamic banks have not been exposed to losses from investment in toxic assets nor have they been dependent on wholesale funds since these practices are not in accordance with the principles set out in the sharia law (chhapra, and bhutto, 2013). therefore the underlying principle for this study is to critically identify the different factors that led the consumers to prefer islamic mode of automobile financing and what is the basic difference between conventional auto 392 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 financing and ijarah financing. moreover, which mode of automobile financing best accommodates the needs of consumers? table 1. difference between lessee and ijarah differences conventional auto financing islamic ijarah financing terminology lease, lessor and lessee ijarah, aajir and ajir rent starts from the date of agreement starts when asset is delivered to the customer mode money is given as loan asset is bought on behalf of client profit interest is charged on loan amount rent is charged as share of the bank in the asset risk management risk of leased asset in minimize through insurance risk of leased asset is minimize through takaful penalty the bank charged penalty for nonpayment or late payment the bank charged penalty for non-payment or late payment and pay that amount as charity source: razi (2014) literature review islamic leasing or ijarah financing is one of the emerging phenomenon of the present time, as common people are getting awareness about islamic banking products, they are more likely to be attracted towards it. several studies have been conducted throughout the world to assess consumer’s review and opinion about the islamic banking products and ijarah financing. razi, (2014), extensively studied the islamic banking system within the context of pakistan. the researcher investigates the islamic mode of finance and leasing, in the light of shariah, which is based on the concept of ijarah, mubarha and musharika that facilitates the consumers. he conducted a comparative analysis for mode of leasing between conventional and islamic banks and revealed that under developed individuals who lacks adequate financial resources cannot avail the services of islamic banking and the total cost of ijarah financing is not different with the cost of conventional leasing, thus have no cost benefit to consumer. moreover, a critical analysis focusing on the proponent and opponent of islamic banking practices in pakistani context has been analyzed by zubair, & chaudhary, (2014), who studied the islamic banking practices in empirical sense. the researchers studied the theories of islamic banking in shariah and 393 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 imran umer chhapra. consumer’s preference and awareness jurisprudence and investigated the existing practices of islamic banking in pakistan. upon attempting to explore similarities and dissimilarities between conventional and islamic banking practices in pakistan, the researchers established the view that existing system, policies and procedure of islamic banking in pakistan is not adhering its original objective. according to observation and finding of researchers, the existing system of islamic banking in pakistan is based of inappropriate and deceptive tricks which misrepresents the face of islamic banking in front of general consumers and also the actual objectives of implementing islamic banking according to the shariah have been severely destructed. the researchers claimed that both islamic and conventional bank deals in money and do not participate in any form of business or trade and both of the banking modes are having similar base. similarly, the study about the awareness and satisfaction of islamic banking system had done by zaher and hassan (2001). the findings of the research revealed that customers are aware of islamic banking products and services but do not use them as they are not fully customers satisfied with bank’s services. khattak and rehman, (2010) and karim (2012) also researched on the same subject and found that customers are aware about islamic banking practices and system but they are not likely to be dealing with islamic banking products and services. with the aim to build perception and raise awareness of islamic banking products among pakistani customers, a study by (masood, et al, 2014) was conducted to cognize the consumer awareness and perception of islamic banking products in pakistan, the study was qualitative and exploratory, where semi structure interviews were conducted to estimate the consumer’s level of understanding of islamic shariah compliant banking products and services. analysis and findings reveals that neither customer nor bankers have complete awareness of islamic banking products and services as customers generally and mostly use only checking accounts (current and saving) and not utilize different islamic financing modes. on the other hand, due to its beneficial features, like tax advantage and efficient approval process, lease financing became an attractive source of financing and leasing industry have achieved a remarkable growth in pakistan through the years. therefore, the financial performance of leasing industry of pakistan has been studies and analyzed by various researchers like raza, et al (2011) conducted ratio analysis to analyze profitability, equity, and leverage of all leasing companies in pakistan. the findings explains that from 2007 to 2009, number of leasing companies declined because of number of reasons particularly high cost of financing and provisioning, economic slowdowns and non-compliance of minimum equity requirements set out by secp, after 2009 to 2010 the financial performance of leasing industry regained its growth and performed better. 394 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 furthermore, major issues and challenges of consumer financing in pakistan according to consumer’s perception is examined by hassan (2011), who analyzed the economic and procedural factors impacting the decision of a consumer to get the loan from bank. there are number of challenges identified by the researcher that impact negatively on the image of consumers financing pakistan are complaint of consumers related to processing delays, hidden charges, service inefficiencies and poor disclosure practices. however, consumer financing have achieved remarkable growth in last seven years in pakistan, major banks have exclusively capitalized their revenues and profits by advancing financing facility to consumers as per credit policy stipulated by state bank of pakistan. despite its success, major banks were appeared to be failed to comply with sbp regulations in servicing and satisfying consumers against different factors such as variable interest rates, difference between lending and deposit rates, poor disclosure, hidden charges, inefficient service and procedural delays (hassan, 2011). in malaysia, abdullah and dusuki (2006), have studies thoroughly about islamic hire-purchase agreement that is one type of islamic ijarah financing. they analyzed consumer’s perception and awareness about islamic hire-purchase financing in malaysia, the finding shows a very strong and positive outlook from people of malaysia for the islamic ijarah financing and they support the idea of owning the asset specifically automobile through the channel of islamic hirepurchase agreement. similarly, the impact of demographic factors on consumer perception and awareness toward islamic automobile financing was investigated in two cities of malaysia, labuan and kota kinabalu by (amin, 2007). the findings reveal that demographic factors are prominent indicators in identifying the difference for islamic ijarah automobile financing on individual level, as there are significant differences found in opinion of bank customer about islamic ijarah automobile financing according to the demographic factors. in addition, awareness of islamic banking products among non-muslims are also measured by various researchers. (ling, et al, 2012) analyzed the performance and potential of islamic banking among people of malaysia. the result showed that most of the non-muslims of malaysia were aware about the name of islamic banking but do not aware about the details of products and services it offers, researcher quote the possible reason of non-awareness is the language gap as products and services offered by islamic banks and termed in arabic language. likewise, the perception and awareness of islamic banking products were also tested in kazakhstan by (abduh and omarov, 2013) and concluded that people of kazakhstan are aware about islamic banking but not have knowledge about the products and services, besides this, the willingness to avail services and products of islamic banking was 395 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 imran umer chhapra. consumer’s preference and awareness found to be very high. idris, et al., (2011) conducted a study to identify the most important factor in patronizing customers for islamic banks and the findings identified religious values as foremost and important factor which influence the decision of bank’s customer and stimulate the preference to go for islamic banking services but erol and el-bdour (1989) indicated that religious values and motives are not the only driving factor and bank customers are profit motivated, and the impact of peer group plays a vital role in patronizing bank customers to prefer islamic bank as depository institution. method as this study aims to analyze consumer’s perception and awareness about conventional automobile financing and islamic ijarah financing, therefore this research has been classified as descriptive study. this research rely on primary data consists of responses from pakistani automobile consumers collected by incorporating questionnaire survey methodology. the automobile consumers in pakistan are the population of this study in general and consumers from different occupations and professions are selected as a sample. the responses of automobile consumers are analyzed through quantitative analysis tools. by considering the objective and research problem of this study, simple probability random sampling method has been used to collect a sample of 200 current and prospective consumers. as described earlier that this study relies on two sort of data, the primary data which would comprise of the responses of different automobile consumers and the secondary data which consists of past literature, that has been referred in analysis and preparation of literature first, reliability and validity of questionnaire is checked using cronbach’s alpha and then the primary data is analyzed using descriptive to explain the demographics of sample and finally, inferential statistical techniques like correlation, anova and regression analysis is conducted to draw conclusions from collected data. this research will procure insight and observation for consumers’ preference for ijarah financing over conventional lease in pakistan. awareness, perception, religion, income and convenience are the independent factors that might lead to preference of ijarah over lease in pakistan. therefore, empirical model that has been tested in this paper is: cp = β0 + β1awr + β2per + β3reg + β4inc + β5con + μ where, cp is consumer preference, awr is awareness, per is perception, reg is religion, inc is income and con is convenience. 396 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 results and discussion as discussed earlier, that gathering responses from different consumers collects data, a total of 200 questionnaire were distributed electronically among different current and prospective automobile consumers of pakistan. from 200 distributed questionnaires, only 170 have responded and gave their review. from 170 collected questionnaires, only 142 questionnaires were filled completely and properly therefore the response rate of this study is 71%. table 2 shows the profile of automobile loan consumers (respondents). we can see the respondent profile from some aspects, such as: gender, age, religion, qualification, occupation, and income table 2. respondents’ profile variable frequency percentage gender male 118 83.1% female 24 16.9% age less than 25 53 37.3% between 26 – 35 54 38.0% between 36 45 24 16.9% 45 and above 11 7.7% religion muslim 127 89.4% non-muslim 15 10.6% qualification matriculation 2 1.4% intermediate 4 2.8% graduation 53 37.3% post-graduation 83 58.5% occupation self employed 10 7.0% salaried individuals 112 78.9% non-salaried individuals 2 1.4% unemployed/student 18 12.7% income (rs.) less than 15,000 22 15.5% 15,001 to 35,000 40 28.2% 35,001 to 55,000 45 31.7% 55,001 to 75,000 23 16.2% more than 75,001 12 8.5% 397 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 imran umer chhapra. consumer’s preference and awareness to analyze the reliability of the collected data, 22 core variables were tested; the value of cronbach’s alpha is found to be 0.660 that is greater than 0.65, which shows that the data is found to accurate and reliable. the result can be seen in table 3. the validity of the questionnaire was established by discussing the contents of the questionnaire of experts of islamic ijarah financing and conventional automobile financing. table 3. reliability testing cronbach’s alpha n of items .660 22 to ascertain the normality of the variables, the results of descriptive analysis are presented in table 4. table 4 shows that the values of kurtosis ranged between (1.81 to -0.09). it was highest for perception (mean = 4.42, sd = 1.81), and the lowest for consumer preference (mean = 4.40, sd = 1.25). additionally, the highest skewness value (-1.30) was for awareness (mean = 3.44, sd = 1.71), and the lowest for convenience (mean = 3.87, sd = 1.65). as all the skewness and kurtosis values are between ±3.5, table 4. descriptive analysis variable mean standard deviation skewness kurtosis awareness 3.44 1.71 -1.30 0.53 perception 4.42 1.81 -0.58 1.81 religion 3.95 1.33 -0.91 0.37 income 4.16 1.40 -0.43 -1.22 convenience 3.87 1.65 0.18 0.53 consumer preference 4.40 1.25 -0.86 -0.09 correlation coefficient depicts the extent of relationship among target variables; it also shows the movement of variables related to each other. in table 5, the value of correlation between perception and preference is 0.067, which shows that there is very weak but positive relationship between perception and consumer’s preference. the value of correlation between awareness and preference is 0.119, which shows that there is weaker but positive relationship between awareness of 398 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 respondents and their consumer’s preference. the correlation between income level and preferences and religion and preference show weak negative correlation -0.043 and -0.159 respectively. table 5. correlation analysis variables cp awr per reg inc con consumer preference (cp) 1 awareness (awr) .119 1 perception (per) .067 .361** 1 religion (reg) -.159 .368** .115 1 income (inc) -.043 .620** .344** .387** 1 convenience (con) .013 .090 .380** .081 .541 1 **. correlation is significant at the 0.01 level (2-tailed). the result of regression analysis (table 6) shows that there is moderate relationship between dependent and independent variables as explanatory variables explain 37.1% variation in explained variable. moreover, from the results it can be observed awareness about islamic banking products, perception of dealing in shariah base products, halal investment and income and easiness and convenience of availability of islamic ijarah show significant motivation behind the preference of ijarah over conventional lease. our results are consistent with the findings of kaufman (1967), mason and mayer (1974), martenson (1985), laroche et al. (1986) and (srouji, halim and lubis, 2015). table 6. regression analysis model coefficient p-value constant 1.871 0.021 awareness -0.513 0.013 perception 0.435 0.000 religion 0.341 0.007 income 0.383 0.020 convenience 1.023 0.000 r2 = 0.371; adjusted r2 =0.243, f-value = 13.801 399 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 imran umer chhapra. consumer’s preference and awareness on the other hand, findings indicate that religion has no significant role in preference of ijarah over conventional lease in pakistan, which contradicts the outcomes of omer (1992), hegazy (1995), bashir (1999), naser et al. (1999), ahmed and haron (2002), dusuki and abdullah (2007). but, this result is similar to findings of erol and el-bdour (1989), gerrard and cunningham (1997) and zaher and hassan (2001). the growth and prospect of islamic ijarah financing in banking sector of pakistan was assessed by sabir (2008) and found that islamic ijarah financing is increasingly growing than conventional financing due to its interest free nature and its compliance with islamic shariah rules. similarly, (rizwanllah, et al, 2012) critically reviewed automobile ijarah financing in pakistan. the results showed that islamic automobile ijarah financing offered by banks is not complying the islamic shariah guidelines and principles completely, because there are some discrepancies in the process. moreover, a comparative analysis between islamic ijarah financing and conventional leasing was conducted by sabir (2008) and proposed that by employing different shariah compliant islamic products, islamic financial markets can be effectively captured. naqvi, and perveen, (2014) analyze the growth of ijarah investment in pakistan and their findings showed that there is a strong positive association between dependent and independent variables, therefore it was concluded that deposit and other account, and share capital have an impact on net ijarah investment and its growth. conclusion the research was aimed to analyze the awareness level and their preference regarding islamic ijarah financing over conventional automobile financing in pakistan. from the result it can be concluded that easy and convenience of availability of islamic banking products including ijarah due to continuous growth in islamic banks and islamic windows of conventional banks is the prime motivate behind preference of islamic ijarah over conventional lease in pakistan. avkiran (1999) found similar results where he concluded that easy access is the discriminating factor behind islamic bank selection. moreover, other factors like awareness about ijarah benefits, perception of shariah compliant products and halal income and investment are also the important factors that affects individual decision to choose islamic ijarah financing over conventional automobile financing in pakistan. on the hand, results of our study suggest that religion is not the key determinant in preference of ijarah over lease in pakistan. our study also found support from previous researches like erol and el-bdour (1989), gerrard and cunningham (1997) and zaher and hassan (2001) as they 400 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 concluded that religion is not the sole criteria for selection of islamic banking products. from this study, it is found that there is confusion and lack of proper awareness and knowledge about financing/leasing option of acquiring automobile among consumers, also respondents were also not properly aware about the distinction between conventional auto financing and islamic ijarah auto financing, therefore it is strongly recommended to the educational institutes, central bank, commercial and islamic banks and tv channels to create awareness about islamic ijarah auto financing and its benefit to the general public and central bank should also make such policies which favors the consumers to acquire automobile through financing/ leasing option. the results of this research would have implication on islamic banks offering ijarah automobile financing as how they can improve the quality of service in growing better awareness among consumers. moreover, further studies could be conducting by focusing on other products and services of the bank like mudarbah, musharika, islamic trade finance, islamic entrepreneurial finance, etc. and their perception and awareness among masses. references abduh, m., & omarov, d. (2013). muslim’s awareness and willingness to patronize islamic banking in kazakhstan. journal of islamic banking and finance. vol. 30 (3): 16-24. abdullah, n. i., & dusuki, a. w. (2006). customers’ perceptions of islamic hire-purchase facility in malaysia: an empirical analysis. iium journal of economics and management. vol. 14 (2): 177-204. ahmad, n., & haron, s. (2002). perceptions of malaysian corporate customers towards islamic banking products and services. international journal of islamic financial services. vol. 3(4): 13-29. amin, h. (2007). borneo islamic automobile financing: do demographics matter? labuan e-journal of muamalat and society. vol. 1: 68-81. avkiran, n.k. (1999). quality customer service demands human contact. international journal of bank marketing. vol. 17(2): 61-74. bashir, a. (1999). risk and profitability measures in islamic banks: the case of two sudanese banks. islamic economic studies. vol. 6: 1-24. chhapra, i. u., & bhutto, s. (2013). an empirical investigation on perception of post-graduate students towards islamic finance in islamic republic of pakistan. asian journal of research in banking and finance. vol. 3(12): 68-80. 401 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 imran umer chhapra. consumer’s preference and awareness dusuki, a. w., & abdullah, n. i. (2007). why do malaysian customers patronise islamic banks?. international journal of bank marketing. vol. 25(3): 142-160. erol, c., & el-bdour, r. (1989). attitudes, behaviour, and patronage factors of bank customers towards islamic banks. international journal of bank marketing. vol. 7(6): 31-37. gerrard, p., & cunningham, j. b. (1997). islamic banking: a study in singapore. international journal of bank marketing. vol. 15(6): 204-216. hassan, n. (2011). issues and challenges of consumer financing in pakistan. (unpublished master thesis). sweden: university west. hegazy, i. (1995). an empirical comparative study between islamic and commercial banks’ selection criteria in egypt. international journal of commerce & management. vol. 5(3): 46-61. idris, r. a., naziman, k. n., januri, s. s., asari, f. a., muhammad , n., sabri, s. m., & jusoff, k. (2011). religious value as the main influencing factor to customers patronizing islamic bank. world applied sciences journal. vol. 12 (special issue on bolstering economic sustainability): 8-13. karim, f. (2012). customer satisfaction and awareness of islamic banking products and services in pakistan. interdisciplinary journal of contemporary research in business. vol. 4(4): 384-401. kaufman, g.g. (1967). a survey of business firms and households view of a commercial bank. report to the federal reserve bank of chicago. appleton: university of wisconsin, madison, wi. khattak, n. a., & rehman, k. u. (2010). customer satisfaction and awareness of islamic banking system in pakistan. african journal of business management. vol. 4(5): 662-671. laroche, m., rosenblatt, j., & manning, t. (1986). services used and factors considered important in selecting a bank: an investigation across diverse demographic segments. international journal of bank marketing. vol. 4(1): 35-55. ling, k. l., ling, k. m., pey, l. s., & hui, z. w. (2012). awareness of islamic banking products and services among non-muslims in malaysia. (unpublished bachelor thesis). malaysia: universiti tunku abdul rahman. martenson, r. (1985). consumer choice criteria in retail bank selection. international journal of bank marketing. vol. 3(2): 64-75. mason, j.b., & mayer, m. l. (1974). differences between high-and-lowincome savings and checking account customers. the magazine of bank administration. vol. 65: 48-52. 402 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7106 masood, s., rehman, s., & rehman, c. a. (2014). cognizing customer awareness and perception of islamic banking products in pakistan. international journal of operations and logistics management. vol. 3(4): 322-336. naqvi, n. a., & perveen, a. (2014). analysis of growth of ijara investment in pakistan. kasbit business journal (kbj). vol. 7(2): 21-34. naser, k., jamal, a., & al-khatib, l. (1999). islamic banking: a study of customer satisfaction and preferences in jordan. international journal of bank marketing. vol. 17(3): 135-50. omer, h. (1992). the implications of islamic beliefs and practice on the islamic financial institutions in the uk: case study of albaraka international bank uk. (unpublished dissertation). leicestershire: loughborough university. raza, a., akram, m., & alam, h. m. (2011). financial performance of leasing sector. the case of pakistan. interdisciplinary journal of contemporary research in business. vol. 2(12): 339-345. razi, n. (2014). islamic banking system and mode of leasing: a comparative analysis in the light of maqasid al-shari’ah. cultural and religious studies. vol. 2(6): 349-359 rizwanullah., ullah, i., khan, m., ali, a., & shah, f. a. (2012). a critical review of car ijarah in pakistan: a case study of car ijarah offered by meezan bank limited pakistan. retrieved from: https://www.researchgate.net/ publication/254935510_a_critical_review_of_car_ijarah_in_pakistan_a_ case_study_of_car_ ijarah_offered_by_meezan_bank_limited_pakistan sabir, s. (2008). prospects of ijarah in banking sector of pakistan. retrieved from ssrn: https://ssrn.com/abstract=1308826. srouji, a. f., halim, m. s. a., lubis, z., hamdallah, m. e. (2015). determinants of bank selection criteria’s in relation to jordanian islamic and conventional banks. international journal of economics, commerce and management. vol. 3(10): 294-306. zaher, t. s., & hassan, m. k. (2001). a comparative literature survey of islamic finance and banking. financial markets, institutions & instruments. vol. 10: 155-199. zubair, h. m., & chaudhary, n. g. (2014). islamic banking in pakistan: a critical review. international journal of humanities and social science. vol. 4(2): 161-176. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 299 312 received: august 7, 2017; revised: december 15, 2017; accepted: january 5, 2018 bogor agricultural university. jl. raya pajajaran, bogor, west java, indonesia e-mail: 1wulandari.lita1084@gmail.com, 2hermanto@mma.ipb.ac.id, 3hendri.tanjung@gmail.com doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 abstract. the financial services authorization (ojk) as the regulator of the finance industry has issued a policy set forth in the pojk. 28 / pojk.05 / 2014 which explains that multi-finance which has sharia portfolio as much as 50% from total business or five years from pojk is lawfully obliged to do spin-off sharia. with this policy, sharia business unit can be more focus on business development. through this research will be analyze the feasibility of sharia financing business unit in fulfilling the aspect of separation of business unit (spin-off). beside by observation, deep interview with sharia supervisory board (dps) and literature review, the research also use arima and double smoothing exponential to forecast market and financial aspect. based on the research results sharia financing unit of adira finance has the ability to be spin off. but it should be noted from technology and human resources aspects. keyword: spin off, feasibility study, sharia-financing unit, arima abstrak. otoritas jasa keuangan (ojk) sebagai pembuat regulasi pada industri pembiayaan telah mengeluarkan kebijakan yang tertuang pada pojk no. 28/ pojk.05/2014 yang menjelaskan bahwa multifinance yang memiliki portofolio syariah sebanyak 50% dari total bisnis atau lima tahun dari pojk tersebut di sah kan wajib melakukan spin off syariah. kebijakan ini akan menjadikan unit usaha syariah dapat lebih fokus terhadap pengembangan bisnis. melalui penelitian ini akan dianalisa kelayakan unit usaha pembiayaan syariah dalam memenuhi aspek-aspek pemisahan unit bisnis (spin off). selain observasi, wawancara dengan dewan pengawas syariah (dps) dan studi literatur, penelitian juga menggunakan metode arima dan double smoothing exponensial untuk prediksi pangsa pasar dan aspek keuangan. hasil penelitian menunjukkan unit usaha pembiayaan syariah adira finance memiliki kemampuan untuk dilakukan spin off. namun ada hal yang masih perlu diperhatikan yaitu: aspek teknologi dan aspek sumber daya manusia. kata kunci: spin off, studi kelayakan, unit usaha pembiayaan syariah, arima how to cite: wulandari, l., siregar, h., & tanjung, h. (2018). spin off feasibility study of sharia financing unit: study in adira finance. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 299 – 312. doi: http://dx.doi.org/10.15408/aiq.v10i2.5781. spin off feasibility study of sharia financing unit: study in adira finance lita wulandari1, hermanto siregar2, hendri tanjung3 300 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 introduction since the enactment of regulation of the minister of finance no. 43 / pmk.010 / 2012 concerning advances on financing of motor vehicles to financing companies that set down payment provisions of at least 20% 25% of the sale price, the acquisition of credit amount received by the financing companies was decline. one of the strategies undertaken by finance companies is by adding new business units by carrying sharia principles. sharia financing has begun to increase significantly since the advent of the policies set about the down payment in 2012. the number of sharia business units from 2011 to 2015 can see in table 1. table 1. number of sharia finance companies type of company year 2011 2012 2013 2014 2015 a sharia pure financing company 2 2 2 3 3 a finance company with a sharia business unit 12 33 42 41 37 total 14 35 44 44 40 source: financial service authority (2016) the growth in shariah financing units presented in table 1 is consistent with the significant growth in total assets and receivables disbursed by shariabased financing since 2012. however, total sharia financing assets are still lower than conventional financing (5,25%-94,75%), as well as the number of financing receivables in sharia is still smaller than conventional financing receivables (5,57%94,43%). comparison of conventional financing and sharia financing shows the potential of sharia financing market to be developed. the financial services authority (ojk) as the regulator of the finance industry has issued a policy outlined in the pojk no. 28/pojk.05/2014. this regulation explains that multi finance which has sharia portfolio as much as 50% of the total business or five years from pojk is lawfully obliged to do spin-off sharia (segregation of sharia business unit). with this policy, sharia business unit can be more focus on business development. in addition to maintaining and enlarging the market share of the islamic financial institution non-bank (iknb sharia), the financial services authority (ojk) has prepared the islamic non-bank financial institution roadmap. this roadmap is a guide for regulators, industry players and all stakeholders related to 301 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 lita wulandari. spin off feasibility study of sharia financing unit the policy direction and development of islamic non-bank financial institution. preparation of sharia roadmap is based on studies or research conducted by ojk on the development of islamic non-bank financial institution. the results of these studies have resulted in several strategic issues faced by each industry sector. regarding the compilation of the islamic non-bank financial institution roadmap, the strategic issues of islamic non-bank financial institution form the basis for the preparation of action plans. adira finance as one of the largest financing companies in indonesia has owned a sharia business unit established on june 15, 2012, and under marketing directorate. the operational activities of sharia financing sales still join the conventional office of financing (office channeling). total sales in each area of 2012 2016 are presented in table 2. table 2. total sales of adira finance sharia financing in the area of 2012 2016 area sales syariah by amount (rp.mio) 2012 2013 2014 2015 2016 jabodetabekser 1,743,133 94,023 125,337 539,805 1,537,957 sulampapua 704,732 81,363 412,382 683,035 1,352,288 central java 526,553 100,342 564,753 949,657 1,085,246 sumbagut 770,757 56,018 358,415 585,699 739,845 sumbagsel 565,147 53,032 337,000 832,875 721,031 east java 544,740 148,271 285,965 215,603 1,221,157 kalimantan 597,763 77,861 251,384 467,679 699,958 west java 569,783 58,854 41,294 243,790 1,019,606 bali-nusra 85,289 2,561 1,537 5,189 13,012 total 6,107,897 672,326 2,378,067 4,523,333 8,390,100 source: adira multifinance (2017) from table 2 it can be seen that sharia financing unit of adira finance has experienced significant growth over the past three years, in line with the total growth of sharia financing assets in 2015 by 18.7% to 33.7% in 2016 from total business assets. positive growth trend towards total sales of sharia financing unit of adira finance and refers to pojk no. 28/pojk.05/2014, adira finance needs to analyze the feasibility of sharia business unit if doing spin-off seen from various aspects of 302 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 business feasibility. therefore, the purpose of this study is to analyze the feasibility of islamic financing business unit adira finance if the separation of business units (spin-off). the rest of the paper is organized in the following sequence: in the next section, the literature survey of relevant studies is provided. the research method and data, on which the analysis is conducted, are presented in section 3. section 4 discusses the results and implications of the paper. lastly, section 5 concludes the paper. literature review tabash and dhankar (2014) argue that the main principle of islamic financing is to prohibit the existence of riba (interest), gharar (ambiguity), speculation, and cover some of the actual information in a contract. islamic finance theories support the economic development directly to the world economy and physical transactions including banning adverse activities and products, islamic finance theory also promotes economic and social justice. according to dewati (2015) the decision to spin off not only by internal factors within the company but also requires support from external conditions. internally, companies with potential business units have typically set targets to “release” business units that are deemed to have capabilities and competencies as stand-alone entities separate from parent companies. while from the external side, spin-off decisions must also be supported by regulations from relevant agencies as well as information regarding market opportunities that will be extracted after the business unit is separated from the parent company. stamboel (2012) found that three things are most often encountered during the spin-off process that is: first, spin-off plan and brief information of spin-off plan; second, employee movement; and third, incompatibility between regulation of ministry of justice and regulation of bank indonesia. in this study, it can also be concluded that the business environment in indonesia has been more than ready to conduct spin-off transactions since the support of the state is still sufficient. this condition should be balanced with a single set of laws and regulations conducive to the implementation of the process, achieve legal certainty for all parties involved in spin-off transactions. stempin (2016) mentioned based on the financial statements before the spinoff predicted changes in income to be obtained at 54.6% while using the pro forma financial statements predicted changes in revenues to be obtained by 90%. chu et al. (2010) obtained two things namely: first, spin off company performance will tend to increase if the operational activities connected with the parent company 303 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 lita wulandari. spin off feasibility study of sharia financing unit and ceo involvement in the parent company in providing support to utilize the resources of the parent company. second, the spin-off company has a better performance in the early stage after leaving the parent company with the technology that has been researched and developed by the parent company. sasongko and zulfikar (2016) indicate that the models of islamic banking service policies can explain the characteristics of the spin-off and office channeling. the study found evidence of which is the spin-off model more profitable than office channeling. the level of efficiency of the spin-off model higher than the office channeling model, the spin-off model lower risk (more solvent) than office channeling model, and there are no differences in the level of liquidity and the quality of assets between the spin-off model and the office channeling model. research conducted by fariani et al. (2013) found that two strategies must be done by islamic business unit of bank of btn after the spin-off is to synergize with the parent company (bank of btn) and build a strong corporate culture. research conducted by veld and veld-merkoulova (2004) shows the average caar (cumulative average abnormal return) of all countries increased significantly at the level of 1% that is equal to 2.62% at the time of h-1 sd h + 1 of the announcement of the spin-off. long-term return measurements were performed by regression method with a period of 1 and two years after the spin-off. the results show that returns are more positively related to increased industry focus, but there is no apparent link between more returns and asymmetric information. increased rate of return occurs in spin-off companies, but in the long run, the increase is not significant. siswantoro (2014) in his research on eight sharia banks that have spin-off said the addition of capital in sharia banks after separated from the parent company could accelerate the growth of islamic banks. but effective management must support it. further siswantoro (2014) states to be effective, capital injections should be done quickly as soon as the spin-off is done. however, sharia banks can use other sources of capital such as sukuk and bond issuance, initial public offering (ipo) and direct investment. so far, the issuance of bonds is done to obtain capital. al arif (2014) conclude that there is a difference in deposit funds between pre and post spin-off activities in islamic banks. al arif (2015) in his research stated that spin-off policy does not have an impact on financing growth in islamic bank resulted from the spin-off. this result caused the operational cost of islamic bank resulted from spin-off is higher than operational income, especially in an earlier period of spin off the operational efficiency values (bopo) is very high. therefore, the islamic bank resulted from spin-off will be more careful in order not to add finance portfolio operating expenses. supported by hamid (2015) showed that the dummy variable of the spin-off, npf 304 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 and bopo give a significant influence on the profitability ratio (measured by roa) of indonesian islamic banking industry. method a business feasibility study was conducted to find out whether or not a business candidate is feasible (kasmir and jakfar, 2013). aspects to be observed in this business feasibility study are socioeconomic aspects, legal aspects, technology aspects, aspects of human resources, market, and marketing issues, and financial aspects. the research was conducted in syariah financing division of adira finance in march-may 2017 involving top management of the company as an internal party and from the external party will be represented by sharia supervisory board, academician, and practitioner in sharia financing. data collection method will use purposive sampling model; there are 2 data sources used are: first, primary data which is collected from depth interview with respondents. second, secondary data which are collected from sales data of sharia financing unit of adira finance for 2012 – 2016, financing report of sharia financing unit from 2013 – 2016, and library studies, newspapers, business magazines, and article forecasting financial ratios will be performed on total assets, npf, total sales, account receivable (ar) and expense to see the financial condition of sharia financing unit of adira finance after the spin-off. the analysis used secondary data of sharia financing unit of adira finance’s quarterly financial report from 2013 to 2016 and the report of sharia financing sales in 2012 2016. the limited availability of data for forecasting method used is auto-regressive integrated moving average (arima) and double smoothing exponential. the arima method will be used to predict total sales over the next two years (2017-2018) by using total sales monthly report from june 2012 until december 2016. while for npf financial ratios, total assets, expenses, and ar will use the double smoothing exponential method by using financial report quarterly from january 2013 until december 2016. result and discussion murabahah financing dominates the financing offered by sharia financing unit of adira finance, which is in the financing product of two-wheeled and fourwheeled vehicles. with the support of the parent company to sharia financing services, total sales of two-wheeled and four-wheeled vehicles sharia financing unit of adira finance showed positive growth. comparison of total sales of two-wheeled 305 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 lita wulandari. spin off feasibility study of sharia financing unit and four-wheeled motor vehicles by sharia financing unit of adira finance 2012 2016 can be seen in table 3. from table 3 it can be seen that until 2016 as much as 75% of sharia financing unit of adira finance’s financing comes from two-wheel financing and 25% is obtained from four-wheel financing. in the aspect of the social economy, a sharia-financing pattern began to be increasingly used by the community even able to print significant growth. this sharia-financing proposal is caught from the total number of motor vehicle purchases using the sharia system in the united arab emirates (uae). in middle east cosmopolitan country, the number of submissions rocketed 64.79% in 2016. despite growing significantly, the popularity of motor vehicle loans with conventional systems at ues is still high. people who earn below 20 thousand uea per month usually choose this model. two things mainly trigger the high demand for sharia vehicle financing, namely: first, many banks offer to finance with attractive rates with additional discounted sharia insurance; and second, a more attractive side bid. table 3. comparison of total sales of two-wheelers and four wheels by sharia financing unit of adira finance 2012 2016 year 2012 2013 2014 2015 2016 amount car (in mio) 1,037,051 72,128 299,955 1,073,333 2,117,776 amount mcy (in mio) 5,070,846 600,198 2,078,101 3,450,001 6,272,324 total amount (in mio) 6,107,897 672,326 2,378,067 4,523,333 8,390,100 % amount car 17% 11% 13% 24% 25% % amount mcy 83% 89% 87% 76% 75% source: adira multifinance (2017) the experience presented by oni sahroni -in the interviewone example of a positive policy in malaysia is that if there is a bank that opened sharia business, it is required for each branch to offer its sharia products first to customers before conventional products. the same may be done by sharia financing in indonesia by providing incentives, both against advances, taxes and regulatory convenience. based on data from the central bureau of statistics 2016, the number of muslim population in indonesia is about 87.2% of the total population. seeing the population of muslims in indonesia can be an opportunity to enlarge the market of islamic finance. 306 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 legal aspects represented by government regulation play a significant role in the process of establishing a business. the government will act as a regulator in the financing industry by issuing various policies to regulate the parties involved in the financing industry. the implementation of sharia financing business regulated in pojk no. 31/pojk.05/2014. this regulation describes matters related to the application of sharia financing business. in addition to supporting the development of sharia financing that is healthy, manageable, stable and inclusive so as to contribute positively to the community. the government through ojk issued roadmap iknb 2015-2019 which will serve as guidance for ojk and sharia iknb actors in determining the direction of development, especially for the period 2015 2019. the policy that has been issued by the government through ojk is a very positive policy to encourage the financing institution that is still a unit to immediately enlarge its assets until it can spin off. with many sharia-financing institutions, the spin-off will make the image of society towards sharia financing more positive and more models of sharia financing institutions are market-friendly and also shariah compliance (interview with oni sahroni -sharia supervisory board). in the financing industry, the utilization of technology is used as a means of promotion, service improvement and operational cost efficiency. sharia financing unit of adira finance has implemented technology in its operational activities, and the information system owned has been integrated well with the parent company. examples of the use of technology that has been applied are payment point technology that is done in collaboration with some retail stores for ease of payment by customers. see the development of the retail industry and has an extensive network to the corners of the village to help facilitate the customer in paying installments so minimize default rate that measured by non-performing financing (npf) due to late payment. however, note the arrangement of system related to the filing of financing, during this system is arranged based on filing with murabaha agreement, this adjusts to the scheme of submission that has been running in the parent company. in the implementation of the spin-off of the islamic business unit into a business unit needs to be prepared it system tailored to the new shariah agreement to be used in product development. the separation of sharia financing unit and conventional employees is a matter of concern in the aspect of human resources considering the limited funds and has not yet prepared its career path and competence of human resources adequate to run sharia business. after the spin-off, a sharia-financing unit of adira finance will become a new sharia company and the employees in it must understand the overall financing of sharia. training to employees needs to be done periodically, and by the intended 307 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 lita wulandari. spin off feasibility study of sharia financing unit level, the provision of training can be done in cooperation with the business school and academy department or bring in an outside vendor training who already has the competence to provide training on sharia financing. in the market and marketing aspects of sharia financing is one of the strategies driven by the financing industry to boost sales, in addition to sharia financing being the largest contributor to the global economic slowdown in 2015. as previously stated, although sharia-financing growth is very good when compared to conventional financing, the percentage earned is still small. figure 1. forecasting sales trend of sharia financing unit of adira finance business unit in 2017 – 2018 according to oni sahroni, the low total of sharia financing with conventional can be caused by several things, among them is the level of understanding of the indonesian people towards sharia economy is still low. the average indonesian people are more considering the market aspect, profit, easier than the financing is sharia or not. also, conventional financing institutions have also expanded; therefore can not necessarily be compared with islamic finance institutions. prediction of sales trend of sharia financing unit of adira finance during 2017 2018 with autoregressive integrated moving average (arima) method can be seen in figure 1. from figure 1 it can be seen that the average monthly sales increase of about 2%, the average percentage of this increase is considered very good to support getting the investment from outsiders and issuance of sukuk to get additional capital. broadly speaking there is three marketing activities sharia financing unit of adira finance namely: firstly, product development; secondly, market development; 308 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 thirdly, branding awarness. in product development activities, in addition to concentrating on the financing of two-wheeled and four-wheeled vehicles in accordance with the murabahah contract, sharia-financing unit of adira finance began to develop new products such as financing to run the umrah worship service that began in november 2016. figure 2. results of forecasting total assets of sharia financing unit of adira finance in 2017-2018 market development activities conducted by the sharia financing unit of adira finance is in cooperation with baitul mal wat tamwil (bmt) who will perform its function as a marketing channel. this cooperation began in april 2017; this is done to work the market with sharia loyalist consumers better. for brand awareness activities to the external environment is done by holding a press conference at the time of launching new products, into sponsorship events-events held by partners (e.g., activities at mui or activities organized by bmt). one of the forms of cooperation is to publish a pocketbook containing information about sharia financing. the pocketbook is provided free of charge during the event that carries the concept of sharia. promotional materials are also sent to the branch as a form of promotional activities to the public. promotion is done by installing billboards to big branches and being representative of area, brochure and flyer distribution, and installation of the standing banner. 309 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 lita wulandari. spin off feasibility study of sharia financing unit figure 3. results forecasting npf sharia financing unit of adira finance in 2017 2018 in the financial aspect analysis of sharia financing unit of adira finance, the financial performance forecasting performed on several financial ratios over the next two years (2017-2018). the forecasting result of several financial ratios of sharia financing unit of adira finance can be seen in figure 2 to figure 5. from figure 2 to figure 5 can be seen the tendency of the performance of several financial ratios have increased compared to previous times. however, it should be noted that if the prediction line is getting farther and farther with the upper and lower borders, this indicates the possibility of macro factors that might affect the performance of the financial performance. figure 4. results for forecasting sharia-financing unit of adira finance expenses in 2017 2018 310 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 forecasting result of expenses after spin-off show increasing trend, it inline with research that conducted by al arif (2015) which is show operational cost in islamic bank resulted from spin-off is higher than operational income, especially in an earlier period of spin-off. but this forecasting result cannot prove yet al arif et al. research (2017) that show the operational cost show adverse effect to asset growth, because asset in financing industry is influenced not only by operational cost but also by the stability of non-performing financing (npf) and amount of account receivable (ar). spin-off decision must be made with full consideration. haribowo (2017) conclude that the islamic bank’s spin-off policy should evaluate, especially in regional development banks. figure 5. results forecasting account receivable (ar) sharia financing unit of adira finance 2017 2018 judging from the results of business feasibility studies, a sharia-financing unit of adira finance can spin off. this fact is seen from the prediction of the ability of sharia financing unit of adira finance in developing its business as in market and marketing aspect, support from legal aspect and opportunity that can be utilized from the socio-economic aspect. but it needs to be further developed for shariafinancing unit of adira finance if it will be spin-off are from technology and human resources aspects. aspects of technology will greatly support business activities, after spin-off will be many new contracts used in product development. therefore adjustment of it system to sharia agreement principles needs to be developed. technological aspects also need to be developed to improve services to consumers and decrease promotional costs. 311 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.5781 lita wulandari. spin off feasibility study of sharia financing unit aspects of human resources need to be considered in the establishment of a business. after spin-off, employees in it are required to understand the principles of sharia and the products that will be offered. it is intended to be able to promote the benefits of sharia financing products by employees to prospective customers. conclusion the policy that had issued in the pojk no. 28 / pojk.05 / 2014 is a very positive policy to encourage the financing institution which is still a unit to immediately enlarge its assets until it can spin off. with many sharia-financing institutions, the spin-off will make the image of society towards sharia financing more positive and more models of sharia financing institutions are market-friendly and also shariah compliance. based on the results of research that has been done can be concluded that is sharia financing unit of adira finance can spin off. this can be seen from the feasibility indicators of market and marketing aspects, socioeconomic aspects and legal aspects. but the sharia-financing unit of adira finance on aspects of technology and human resources aspects should note it. in the implementation of the spin-off of the sharia business unit into a business unit needs to be prepared it system tailored to the new sharia agreement to be used in product development. after the spin-off of sharia financing unit of adira finance will become a new sharia financing company, the employees in it must understand the overall financing of sharia. from the financial aspect, a sharia-financing unit of adira finance has an increasing trend in the asset and account receivable (ar) financial ratios, while the non-performing financing (npf) and load ratio tend to be stable. references al arif, m. n. r. 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(2017). the indonesian islamic bank’s spin-off: a study in regional development banks. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 9(1): 53-68. doi: https://doi.org/10.15408/aiq.v9i1.4308. kasmir, & jakfar. (2013). studi kelayakan bisnis (business feasibility study). jakarta: kencana prenada media group sasongko, n., & zulfikar. (2016). the model of policy the banking services to enhance competitiveness islamic banking in indonesian. south east asian journal of contemporary business, economic and law. vol. 11(1): 1-8 siswantoro, d. (2014). analysis of islamic bank`s performance and strategy after spin off as islamic full pledge scheme in indonesia. proceeding of international conference on accounting studies (icas). kuala lumpur, malaysia stamboel. r. a. s. (2012). an analysis of the corporate spin off in indonesia: potential, regulations and issues. (unpublished thesis). netherlands: tilburg university. stempin, n. (2016). the impact of financial statements for sec spin off entitites on the market`s ability to anticipate future earning. (unpublished dissertation). georgia: georgia state university tabash. m. i., & dhankar, r. s. (2014). the relevance of islamic finance principles in economic growth. international journal of emerging research in management & technology. vol. 2: 49-54. veld, c., & veld-merkoulova, y. v. (2004). do spin off really create value? the european case. journal of banking & finance. vol. 28: 1111-1135. doi: https://doi.org/10.1016/s0378-4266(03)00045-1. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (1), january 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 153 165 1, 3, 4 department of islamic economic, faculty economics and business, airlangga university, surabaya, indonesia 2 department of finance, kulliyyah of economics & management sciences, international islamic university malaysia, gombak, selangor malaysia growth and value effect on jakarta islamic index: analysis towards performance of sharia equity mutual fund sylva alif rusmita1, marhanum che mohd salleh2, puji sucia sukmaningrum3, siti zulaikha4 abstract. this study provides evidence that value and growth stocks are able to explain net asset value of sharia mutual fund. growth and value stocks in 2013-2017 are used to predict mutual fund profits. thus, prior to any losses or lower net asset value experienced by customers, investment managers and investors can estimate the profit or loss obtained. this study uses quantitative method with the latest secondary data from companies indexed in the jakarta islamic index and sharia mutual fund data. the results of statistical tests show that growth and value shares equally affect the profit of sharia mutual funds. the growth stock has a larger r-square than stock value. meanwhile, the ratios that most affect net asset value of sharia mutual fund are the return on equity and book to market value. keywords: net asset value sharia mutual fund, sharia value stock and sharia growth stock abstrak. penelitian ini membuktikan bahwa growth stock dan value stock mampu menjelaskan net asset value dari mutual fund syariah. growth stock dan value stock digunakan untuk memperdiksi keuntungan dari mutual fund. sehingga, sebelum nasabah mengalami keuntungan atau kerugian atas net asset value, manajer investasi dan investor dapat memprediksi kemungkinan keuntungan dan kerugian yang akan didapat. artikel ini menggunakan metode kuantitatif dengan data sekunder yang diperoleh dari perusahanperusahaan yang terindeks oleh jakarta islamic index dan data mutual fund syariah. hasil penguajian data statistic menunjukkan bahwa baik growth stock maupun value stock mempengaruhi keuntung mutual fund syariah. growth stock menunjukkan r-square lebih besar daripada stock value. sementara itu, rasio yang paling berpengaruh terhadap net asset value pada mutual fund syariah adalah return on equity dan book to market value. kata kunci: net asset value sharia mutual fund, sharia value stock and sharia growth stock 154 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction investment can be made by investing some real funds as well as financial assets. tandelilin (2010: 2) defines investment as “a commitment to several funds of or other resources being made at the moment, to gain some profits in the future”. according to ibrahim (2013), investment is a highly recommended muamala activity as it allows the properties to become productive and, at the same time, bring benefits to others. in addition, investment also a good medium of wealth rotation if it is done properly. this activity promotes income distribution from wealthy people to the poor. after all, islam requires muslims to purify wealth, including from investment activities, through zakat. one of the investment options is through capital market. according to capital market law, number 8 of 1995, article 1 paragraph (13), “capital market is an activity concerned with the public offering and securities trading, the public company related to the securities it publishes, as well as the securities-related institutions and professions”. in terms of investment instrument, indonesian capital market offers two main products, namely general investment instruments and sharia investment instruments. general investment instruments include shares, bonds and mutual funds, while sharia investment instruments are stocks, sukuk and sharia mutual funds. one of the instruments that currently receives a high demand in the indonesian financial market is sharia mutual fund. this fund gives an avenue to investors to raise funds via a sharia-compliant securities portfolio. since the last ten years until recently, the development of sharia mutual funds in the indonesian capital market can be regarded as a positive vibe to the country. this is proven by the increase of some sharia mutual funds offered in the market. wherein 2006, there were only 17 sharia mutual funds valued idr474 billion. in 2016, the number of sharia mutual funds had increased rapidly to 90, with the total managed funds amounted to idr10.2 trillion. in average, within the ten years, the average growth of sharia mutual fund is about 20% annually. according to gowri and deo (2016), an investment in the mutual funds has fewer risks, like a treasury bill that may be suitable to risk-averse investors. the fund managers will select a portfolio that consists of a balance of funds based on their financial analysis. they will identify less valuable stocks to buy and too expensive stocks to sell to gain from the portfolio returns (utomo & tjandra, 2015). however, there are some non-transparent sides in the selection of stock portfolios. this is because investors generally do not know the stock portfolios chosen by the fund managers on their behalf. for the sharia mutual fund, the transparency of the contract and information received by investors is crucial. in this sylva alif rusmita. growth and value effect on jakarta islamic index 155 http://journal.uinjkt.ac.id/index.php/iqtishad context, the investors must understand and give their consent on any single items of the investment before proceeding with the investment. these include the level of investment risk, profit, investment portfolio, as well as the terms and conditions of the contract. according to haryanto (2014), knowing the performance of mutual funds is important to prevent losses due to the poor performance of the mutual funds. even though mutual funds are known as less risky investments, investors should realize that there is no guarantee to get a share of profits, dividends or increase in investment capital without proper management. the performance of each mutual fund depends largely on the experience, knowledge, expertise and techniques within the investment process applied by the investment managers. any deficiency of these conditions will adversely affect the performance of mutual funds, which, in turn, will affect the investors, especially in the monetary aspect. therefore, mutual fund investors cannot fully rely on the investment manager but also to realize possible risks inherent to their investment that might happen in future. accordingly, the performance of mutual funds can be accessed via fund performance against a benchmark, historical fund performance, expense ratio, risk-adjusted returns, average maturity and duration, alpha and beta, portfolio turnover ratio (ptr), and also net asset value (nav). there are three types of mutual funds: those that invest in stocks (equity funds), those that invest in bonds (fixed-income funds), those that invest in both stocks and bonds (balanced funds), and those that seek the risk-free rate (money market funds). a stock mutual fund or stock fund is a type of mutual fund that invests primarily in individual stocks of publicly-traded companies. stock mutual funds generally consist of 85% shares, so it can be predicted that the value of stocks will affect overall mutual fund performance. therefore, this research tries to compare the value and growth stocks of sharia mutual fund portfolio. this comparison is conducted by classifying stocks into different classes (value stocks and growth stocks) based on market capitalization measurement. in the hypothesis testing, variables used include return on equity ratio as proxy of profitability, book-to-market ratio as proxy for market value, earnings before interest taxes depreciation and amortization (or ebitda) / intexps ratio as proxy of cash flow, debt / ebitda ratio as proxy of liquidity, and earning per share (eps) ratio (eduardus tandelin, 2001). it is expected that the results of this study can provide additional insights for investment managers when choosing a portfolio for investors. for investors, this information is useful to predict the risk and return they will receive. this paper, thus, is structured based on the following manner: after the 156 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 introduction, related literature is reviewed. this is followed by the adoption of methodology and data analysis; and ended with the results and discussions. literature review according to jaballah, peillex, and weill (2018), the valuation effect can be explained by different perceptions of investors. in muslim countries, investors have a positive perception of the sharia compliance because of religious beliefs, while in the united state (us), they have negative perception and reaction towards sharia mutual funds because of negative perception towards islamic religion and also due to the country restrictions of matters associated with sharia compliance. accordingly, from a theoretical perspective, this research is developed based on the spirit of portfolio theory and capital asset pricing models (capm) by sharpe (1964) and lintner (1967), in which the excess return of assets or portfolios can be explained by its dependence on market risk factors under the assumption of the average portfolio-variance-efficient. one widely known anomaly is the value effect that shows the relationship of stock returns and their value proxies, such as multiples of earnings yield. fama and french (2015) have listed five factors consisting of market excess return, size factor (smb), and book-to-market factor (hml). smb (small minus big) represents a return on a small stock portfolio minus a return on a large stock portfolio, while hml (high minus low) represents a return on portfolio value stocks minus returns on portfolio growth stocks. in this research, these five factors could underline that the profitability and investment factors affect the rate of return on assets. meanwhile, tripathi’s research (2018), in analyzing the value effect in indian stock market, adopts several variables such as price to book ratio (p / b), price to earnings ratio (p / e), dividend yield (d / p), cash flow yield (c / p), sales to price ratio (s / p) and enterprise value to pbdita ratio (ev / pbdita). this study uses conventional risk-adjusted measures and m² measure and fama’s decomposition measure. according to athanassakos (2009), variable p / e is a variable that can consistently depict value effects compared with pbv variables. meanwhile, leite et al. (2018) state that the variables are evidence of size effect in average stock excess returns, little evidence of value and profitability effects, and some investment effects. the research from shaharuddin, lau, and ahmad (2017) uses the famafrench model to islamic stock. this study contributes to the analysis of the fama– french three-factor model by proving the validity of the model using the newly constructed fama–french factors from the malaysian islamic stock market. with sylva alif rusmita. growth and value effect on jakarta islamic index 157 http://journal.uinjkt.ac.id/index.php/iqtishad the generalized method of moments and robustness tests, their results complement the earlier studies by comparing the results over two sub-periods, before and after the financial crises and the fall of lehman bros. the results suggest that the reversal of size effects exists after periods of the financial crisis. this is the first attempt to create ff factors and test the model from islamic equity style indices. this research chooses the almost similar variables used in the previous research, such as profit variable that is return on equity; market variable that is book-to-market (bvps); cash flow variable that is ebitda / intexps ratio, liquidity variable that is with debt / ebitda, and the earning per share (eps) ratio of future earnings prospects. based on the previous study, the hypothesis of this study is as follows: 1. return on equity, book-to-market (bvps), ebitda / intexps ratio, debt / ebitda, and the earning per share (eps) ratio of value shock affect the net asset value of mutual funds 2. return on equity, book-to-market (bvps), ebitda / intexps ratio, debt / ebitda, and the earning per share (eps) ratio of growth shock affect the net asset value of mutual funds research methodology this is a quantitative study, which relies on secondary data for statistical analysis and aims to test the hypothesis. anshori and iswati (2009: 13) explain that the quantitative approach is a method of research the applies quantitative data and a form of analysis to accept or reject the hypothesis. data overall, secondary data is obtained from the quarterly financial report published on the official website of each company and the mutual fund statistics in the official ojk (financial service authority/otoritas jasa keuangan) website from the year 2013 to 2017. population and sampling in terms of sampling technique, this research adopts the purposive sampling method, where the sample is selected based on certain considerations, including: a. sharia mutual funds that have been in operation during the study period (january 1, 2013 december 31, 2017); 158 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 b. sharia mutual funds should be registered in ojk; c. the sample is stock funds that invest at least 80% of its equity-shaped assets; d. sharia shares are listed in the jii index; e. companies that publish quarterly financial statements from 2013 to 2017; f. stocks classified as large capitalized (bluechip/value) and growing (growth). the number of sample for value stocks is 100 data from five companies (pt. astra international, pt. telekomunikasi indonesia persero tbk, pt united tractors tbk, unilever indonesia tbk, pt wijaya karya persero tbk) with quarterly financial statements during the period 2013-2017 (5 years). meanwhile, sample for the growth stock is also 100 data from five companies (pt pakuwon jati tbk, london sumatra indonesia tbk, kalbe farma tbk, indofood cbp sukses makmur tbk, pt akr corporindo tbk), with quarterly financial statements during the period 2013-2017 (5 years). table 1. list of sharia mutual fund 2013-2017 no reksadana syariah 1 batavia dana saham syariah 2 batavia dana saham syariah 3 reksa dana syariah bnp paribas pesona syariah 4 cimb-principal islamic equity growth syariah 5 cipta syariah equity 6 reksa dana lautandhanasaham syariah 7 mandiriinvestaatraktif-syariah 8 reksa dana manulife syariah sektoralamānah 9 panin dana syariah saham 10 reksa dana pnmekuitas syariah 11 sam sharia equity fund 12 rd trim syariah saham sources: otoritas jasa keuangan (financial services authority) sylva alif rusmita. growth and value effect on jakarta islamic index 159 http://journal.uinjkt.ac.id/index.php/iqtishad table 2. list of sharia share valued and growth 2013-2017 no valued share growth-share 1 asii pwon 2 tlkm lsip 3 untr klbf 4 unvr icbp 5 wika akra sources: indonesia stock exchanges definition of variables the variables are defined based on determined characteristics. there are five independent variables chosen in this research which are profitability (roe), market variable (bvps), cash flow variables (ebitda/intexp), liquidity variables (debtebitda), and ratio of future earnings prospects (eps and per). meanwhile, the dependent variable is the net asset value mutual fund (y). independent variable value stock: variables symbol profitability (roe) = x1 market variable (bvps) = x2 cash flow variables (ebitda/intexp) = x3 liquidity variables (debtebitda) = x4 ratio of future earnings prospects (epsand per) = x5 growth stock variables symbol profitability (roe) = x1 market variable (bvps) = x2 cash flow variables (ebitda/intexp) = x3 liquidity variables (debtebitda) = x4 the ratio of future earnings prospects (eps and per) = x5 160 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 dependent variable net asset value mutual fund (y) model analysis model analysis of this research is: value stock growth stock net asset value mutual fund y = a + β1x1 + β2x2 + β3x3+β4x4 + β5x5+ e y = net asset value mutual fund a = constant β 1β5 = coefficient panel regression x1 = profitability x2 = market variable x3 = cash flow variables x4 = liquidity variables x5 = ratio of future earnings prospects e = standard error h0: b1 = 0 independent variables partial does not have a positive influence on the dependent variable h1: b1 ≠ 0, meaning that the independent variables partially have a positive influence on the dependent variable if the significance number <0.05 then h0 is rejected and h1is accepted sylva alif rusmita. growth and value effect on jakarta islamic index 161 http://journal.uinjkt.ac.id/index.php/iqtishad data analysis data in this research is tested by using a pls model (pooled least square) because this approach is a simple approach in panel data by not considering individual dimension no time dimension. thus, it is assumed that the behavior between individuals is similar in various period of time (ajija et al., 2011: 51). however, if the variable of data experiencing disturbance, hypothesis testing should use gls model or random effect because this model is able to estimate interference variables that are interconnected between time and between individuals. classical assumption tests are as follow: 1. normality test 2. heteroscedasticity test 3. multicollinearity test 4. autocorrelation test meanwhile, the hypothesis tests are: 1. f-test the f-test aims to determine the effect of all independent variables in a regression model on the dependent variable. the testing is conducted using a significance level of 0.05 (α = 5%). if the probability value is <0.05, then the null hypothesis can be rejected, which means all independent variables simultaneously significantly influence the dependent variable. 2. t-test the t-test is aimed to prove whether the independent variables individually affect the dependent variable. the testing is conducted using a significance level of 0.05 (α = 5%). if the probability value is <0.05, then the null hypothesis can be rejected, which means in cateris paribus condition independent variables have a significant effect on the dependent variable. conversely, if the probability value is >0.05, then the null hypothesis cannot be rejected, which means the independent variable has no significant effect on the dependent variable in cateris paribus condition. 3. coefficient of determination the coefficient of determination (r2) is used to measure the percentage of the total variation of the dependent variable, which can be explained by the independent variable in the regression line. 162 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 results the result of regression produced by pls shows that simultaneously all the variables have an effect on net asset value of sharia mutual funds, both in value effect and growth with prob value> chi-square = 0,000 except the cash flow variable, ebitdaintexp table 3. result significance of valued stock to net asset value variable coef value stock (%) t-stat h0 chi 0.00 r-square 47.2 roe 44.6 0.036 rejected bvps 31.3 0.000 rejected ebitdaintexp 0.07 0.295 accepted debtebitda -8 0.000 rejected eps -19 0,022 rejected per 0.4 0,000 rejected sources: author based on table 3 above, overall, roe, bvps, and per have a positive and significant effect on nav of value stock with 47.2 percent, 31.3 percent, and 4 percent accordingly. on the other hand, liquidity and eps have a negative influence on nav. interestingly, cash flow does not significantly affect the performance of value stock (p value=0.925). table 4. result significance of growth stock to net asset value variable coef growth stock (%) t-stat h0 chi 0.000 r-square 57.33 roe 288 0.001 rejected bvps 50 0.000 rejected ebitdaintexp 0.12 0.008 rejected sylva alif rusmita. growth and value effect on jakarta islamic index 163 http://journal.uinjkt.ac.id/index.php/iqtishad variable coef growth stock (%) t-stat h0 debtebitda -4 0.000 rejected eps -44 0.000 rejected per -0.016 0.854 accepted sources: author table 4 presents the result of pls analysis for a growth stock. overall, based on coefficients value, out of five independent variables, only per that has not significantly affected nav of a growth stock. meanwhile, roe and bvps have a bigger influence on the performance of growth stock measured through its nav (288% and 50%) respectively, and eps have a bigger negative effect at -44% towards growth stock. ebitdaintexp, on the other hand, is found to be significant with low coefficients. discussion based on the regression results, growth stock effect gives greater significance on the net asset value of islamic stock mutual funds. roe as profitability proxy has a significant influence on the nav of sharia mutual fund. therefore, if an investor wants to analyze the performance of sharia stock mutual funds, then investors can estimate from the collection of shares owned by agent companies, especially the value of the company’s roe. based on the results, growth stock gives more contribution to nav compared to value stock. this could happen if the investment manager aims to achieve a high profit for the portfolio because the companies which are on the growing stages may provide a high return. according to chan and lakonishok (2004), there are times when investors’ sentiment can affect the value of shares of a growing company. investors in indonesia have reached an excessive level of optimism about the prospects for growth stocks, such as pharmaceutical, food and distribution industries because the government has planned to improve pharmacy industry, transportation infrastructure as well as rapidly growing industry distribution. bvps has the second largest influence after roe. bvps is one of the main indicators to analyze whether a stock is expensive or not. however, observation on bvps should also consider other indicators such as per. when one buys a stock with bvps value less than 1.0, it means that the stock’s equity value is greater than what is paid. this means there is a discount from its real value. in reality, however, 164 http://journal.uinjkt.ac.id/index.php/iqtishad al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (1), january 2019 although bvps ratio could be one of indicator in assessing whether the stock is expensive or not, not all shares with bvps below 1.0 are undervalued shares. it perhaps the stock that has low bvps because the company was losing, so in later years, its book value decreases. this type of risk may become one of the factors why investment managers reluctant to buy mutual fund portfolios. conversely, stocks with high bvps may not an overvalued stock because the company may offer good prospects and performance, as well as a famous brand. this combination makes their stock price valued in premium, compared to stocks with lower bvps and lower prospects as well. the investment managers can use the above explanations as considerations in choosing a portfolio for stock mutual funds. while, generally, high eps will make net asset value increase, but this time, the result is negative. the negative effect of eps may be due to the risk that may occur as a “high-risk, high return”. on the other hand, eps cannot be used to determine the fairness of stock prices. therefore, investment managers must be careful when choosing stocks that have high eps. conclusion based on the above analysis and results, it shows that return on equity (roe) and book value per share ratios on growth and value stocks have influenced on the net asset value of sharia mutual fund. investment managers and investors, thus, may assess the portfolio of fundamental variations in a company by using the above variables as the main considerations to observe the performance of sharia mutual funds in the indonesian market. furthermore, other variables can be considered, as well. references fahmi, i. 2013. analisis laporan keuangan. bandung: alfabeta. faturrahman, m., haeruddin. 2011. “pemodelan regresi linier untuk data deret waktu.” jurnal eksponensial 2(2): 35-42. gowri, m & malabika deo. 2016. “performance evaluation of equity oriented growth and dividend funds of mutual funds in india: an application of risk-adjusted theoretical parameters.” indian journal of finance 10(8): 43-54. hadi, n. 2013. pasar modal: acuanteoretis dan praktis investasi di instrument keuangan pasar modal. yogyakarta: graha ilmu. halim, a & mamduh m hanafi. 2009. analisis laporan keuangan. 4th ed. yogyakarta: upp stim ykpn. sylva alif rusmita. growth and value effect on jakarta islamic index 165 http://journal.uinjkt.ac.id/index.php/iqtishad harahap, sofyan syafri. 2009. analisis kritis atas laporan keuangan. jakarta: raja grafindo persada. jaballah, jamil, jonathan peillex. & laurent weill. 2018. “is being shariacompliant worth it?” economic modelling 72(c): 353-362. doi: 0.1016/j. econmod.2018.02.011. kasmir. 2013. analisis laporan keuangan. jakarta: pt raja grafindo persada. latan, h. 2014. aplikasi analisis data statistik untuk ilmu sosial sains dengan stata. bandung: alfabeta. leite, andre luis, marcelo cabus klotzle, antonio carlos figueirido pinto, & aldo ferreira da silva. 2018. “size, value, profitability, and investment: evidence from emerging markets.” emerging markets review 36(c): 45-59. matos, paulo, guilherme padilha & mauricio benegas. 2016. “on the management efficiency of brazilian stock mutual funds.” operational research 16(3): 365-399. sapian, ros zam zam. 2015. “the relationship between trades of foreign institutional and retail investors and equity return (hubungan antara dagangan pelabur institusi dan runcit asing dan pulangan ekuiti.” jurnal pengurusan 44: 93-104. shaharuddin, shahrin saaid, wee-yeap lau & rubi binti ahmad. 2017. “constructing fama–french factors from style indices: evidence from the islamic equity market.” emerging markets finance and trade 53(7): 15631572. doi: 10.1080/1540496x.2016.1278529. sutrisno, bambang & irwan adi ekaputra. 2016. “uji empiris model asset pricing lima faktor fama-french di indonesia.” jurnal keuangan dan perbankan 20(3): 343–357. (september 2016) tripathi, vanita & priti aggarwal. 2018. “value effect in indian stock market: an empirical analysis (review).” international journal of public sector performance management 4(2): 146-168. utomo, samuel kristianto & kevin antony tjandra. 2015. “value effect in indonesian stock returns the implications for the equity mutual fund industri.” indonesian capital market review 7(1): 1-14. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 1 24 received: august 14, 2017; revised: october 11, 2017; accepted: november 06, 2017 1, 2, universitas indonesia, jl. prof. dr. sumitro djojohadikusumo, ui depok, indonesia e-mail: rahmatina@ui.ac.id. nisputri@ui.ac.id doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 fundraising strategies to optimize zakah potential in indonesia: an exploratory qualitative study rahmatina a. kasri1, niken iwani s. putri2 abstract. this paper aims to identify and evaluate fundraising strategies implemented by various types of zakah institutions in indonesia. the study employs a qualitative research approach through semi-structured interviews with zakah organizations in indonesia. the main finding suggests some differences in the fundraising strategies. corporate and government zakah agencies tend to use traditional fundraising strategies, with a partnership approach for collecting zakah and a community-oriented approach for communicating zakah. in contrast, private zakah agencies tend to use market-oriented fundraising strategies allied with retail collection approach and an individual communication approach. keywords: fundraising strategy, zakah organizations, islamic charities, islamic voluntary sector. abstrak. artikel ini bertujuan untuk mengidentifikasi dan mengevaluasi strategi penggalangan dana yang dilakukan oleh berbagai jenis lembaga zakat di indonesia. studi ini menggunakan pendekatan penelitian kualitatif dengan wawancara semi-terstruktur dengan lembaga zakat di indonesia. temuan utama penelitian ini menunjukkan terdapatnya perbedaan dalam strategi penggalangan dana tersebut. lembaga zakat perusahaan dan pemerintah cenderung menggunakan strategi penggalangan dana tradisional, dengan pendekatan kemitraan untuk mengumpulkan zakat dan pendekatan yang berorientasi pada masyarakat untuk mengkomunikasi kan zakat. sebaliknya, lembaga zakat swasta cenderung menggunakan strategi penggalangan dana yang berorientasi pasar dengan pendekatan pengumpulan ritel dan pendekatan komunikasi individual. kata kunci: strategi penggalangan dana, organisasi zakat, lembaga amal islam, sektor sukarela islam. how to cite: kasri, r.a., & n.i.s. putri. (2018). fundraising strategies to optimize zakah potential in indonesian: an exploratory qualitative study. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 1 – 24. doi: http//dx.doi.org/10.15408/aiq.v10i1.6191 2 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 introduction importance of zakah institution in islamic society is unquestionable. zakah not only serves as the third pillar of islam, but also regarded as an institution and a system which ensures the equitable distribution of income. this is possible because zakah is the predetermined share of wealth to be distributed among the deserving categories prescribed by god (al-qardawi, 2000). it is also an obligation for the wealthy muslim and primarily aimed to help the poor (ahmed, 2004). in theory, therefore, to achieve these laudable objectives the amount of zakah collected should be very large. despite this, the amount of zakah collected in various muslim societies has been relatively low. kahf (1999) estimated that the ratio of zakah revenue to national income (gross domestic product, or gdp) in three countries adopting the obligatory zakah system – saudi arabia, yemen, and pakistan – was only between 0.3 and 0.4 percent of gdp. in the case of indonesia, he estimated that the potential for zakah was around 1 to 2 percent of the country’s gdp. in the context of indonesia, a recent study, which also included the potential for zakah from industries and financial sectors, estimated that the potential amount could reach rp 217 trillion, or around 3.4 percent of indonesia’s gdp (firdaus et al., 2012). however, in practice, zakah collection in the country was only rp 740 billion in 2007, increasing to rp 3.65 trillion by 2015 (baznas, 2016). these figures collected from all the types of zakah organizations in indonesia, i.e., government, corporate and private zakah organizations, and are far below the estimations mentioned above. this low level of zakah collection believed to be associated with the limited collection methods and ineffective collection/fundraising strategies implemented by zakah institutions in most muslim countries (see, among others, othman 1990; faridi 1993; abdu 2009), including indonesia (widarwati, afif & zazim, 2017). furthermore, quite recently wibisono (2015) noted that non-governmental zakah organizations have consistently achieved more significant levels of collection of zakah in indonesia. thus there is an indication that the type of zakah organization also affects the effectiveness of zakah collection in the country. with this perspective in mind, the main purpose of this paper is to identify and assess differences in the fundraising strategies implemented by different types of zakah institutions (i.e., government, corporate and private zakah organizations) in indonesia in increasing effectiveness and optimizing zakah fundraising in the country. to achieve the objectives, it employs a qualitative research approach through semi-structured interviews with the six most significant zakah organizations in indonesia. the results are subsequently analyzed using thematic analysis. following this introduction, the structure of this paper is as follows. section two reviews several theoretical aspects related to fundraising as implemented by 3 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia various types of organizations, including zakah organizations. section three explains the data and methods utilized in the study, while section four presents and analyzes the empirical findings. the final section concludes the study. literature review concepts of zakah and zakah administration literally, zakah means ‘growth’, ‘increase’, or ‘purity’ of wealth. when the context is a person, it means ‘to improve’ or ‘to make better’. it is also interpreted as ‘blessing’, ‘growth’, ‘cleanliness’, ‘praise’ and ‘betterment’ (al-qardawi, 2000). furthermore, according to the fiqh encyclopaedia, zakah can be understood as a due on specific items of assets/properties, in specific percentages, on a yearly basis, and in satisfaction of certain conditions or nisab (in ahmed, 2004). in terms of zakah administration, the majority of commentators agree that islamic state institutions have the ultimate right to collect and distribute zakah in a muslim country (ahmed, 2004; al-qardawi, 2000; pramanik, 1993). however, in the current context, it is notable that such states – i.e. those with governments that take islam as their ideology, islamic laws as the foundation of their constitutions, and islamic standards as the basis for their social, economic and political structures – rarely exist. thus, muslim scholars argue that zakah does not have to be fully managed by governments (al-qardawi, 2000). moreover, even if a muslim state collects and distributes zakah, it is contended that zakah payers (muzakki) could partially pay and distribute zakah independently, in order to fully benefit society and as practised in historical times by caliph uthman bin affan (al-qardawi, 2000). civil societies and private institutions on behalf of islamic society as a whole could also perform zakah administration, as long as they are able to effectively distribute the proceeds to the appropriate beneficiaries (alfitri, 2006; shehata, 1989). it is also notable that all zakah organizations are non-profit oriented as, rather than collecting commercial funds, they function to collect religious funds which have to be distributed to the stipulated recipients. kahf (2000) identifies two models of zakah management in contemporary muslim countries, namely the compulsory model and the voluntary model. under the former, collection and disbursement of zakah are carried out by the (muslim) government on a mandatory basis as enforced by law. countries adopting this system include, among others, pakistan, saudi arabia and yemen. in contrast, under the latter model individuals voluntarily pay zakah through government agencies or other legal agencies, based on self-assessment. some of the countries implementing this system are indonesia, malaysia and bangladesh. however, the fact that zakah is 4 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 also managed by non-government institutions is not taken into account in the two models. in indonesia, 2011 marked advancement in the development of zakah administration, with the government’s establishment of baznas (the national board of zakah) as the main collector and supervisory body for all zakah institutions in the country (zakah act no 23/2011). as a result, indonesia is adopting a compulsory zakah management model, albeit with practices which are not strict. another important regulation is the decree of the ministry of religious affairs no. 333/2015, which establishes the category of ‘certified private zakah institutions’ (laz). in this study, all government-related zakah agencies (i.e. baznas, baznas province, baznas regency/city) are categorized as government-affiliated non-profit organizations, while certified private zakah institutions (laz) consist of corporate-affiliated zakah agencies and private zakah agencies, which together are categorized as non-governmental non-profit zakah organizations. in contemporary muslim societies, professionals have carried out management of zakah—including collection and distribution of zakah. however, despite modern management practices, collection of zakah in most of muslim societies has been relatively poor. one possible reason behind the poor performance of zakah collection in muslim countries is related to ineffectiveness of the collection strategies implemented by zakah institutions. according to othman (1990), low levels of collection of zakah in malaysia were related to ineffective communication between zakah administrators and zakah payers. similarly, ineffective methods of zakah collections are found in india (faridi, 1993) and uganda (abdu, 2009). other studies also linked poor performance to lack of knowledge about zakah, as well as to limited types of zakah-appropriate assets based on the current fiqh interpretation (kahf, 1989; benthall, 1999). in indonesia, insofar as they relate to the aims of this study, systematic studies investigating this issue are rarely found. however, a recent study by widarwati, afif and zazim (2017) suggests that the underperformance of zakah institutions in indonesia might be related to the limited channels used to reach zakah payers, as well as to poor understanding of the behaviour of muzakki. in other words, fundraising approaches and strategies implemented by the zakah-collecting organizations are not effective in optimizing the potential for zakah in the world’s largest muslim country. furthermore, when discussing the performance of zakah institutions in indonesia, wibisono (2015) notes that more effective collection of zakah has been consistently performed by non-government zakah organizations. thus, there is an indication that the type of zakah organization also affects the effectiveness of zakah collection in indonesia. however, he did not attempt to elaborate the reasons behind this fact. 5 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia theoretical aspects of fundraising definition and scope of fundraising andreasen and kotler (2008) define fundraising as the activity of identifying the main sources of funds and collecting financial resources from them.1 they further explain that current fundraising has reached a marketing-orientation point in its development, where it does not just make requests for monetary funding on behalf of beneficiaries, but rather operates through the exchange of value to also fulfil donors’ needs. thus, fundraising activities may include both collection and marketing activities. in line with this, warwick (1999) states that fundraising is no longer as simple as providing funds for an organization, as its objectives may include the growth of the donor base, donor participation, the visibility of an organization’s brand, and efficiency in terms of lower fundraising costs and price per service. as advertising is the means of transferring information about products or service quality in private markets, fundraising expenditure plays this same role in charitable collection (andreasen & kotler 2008). many previous studies of fundraising focus on the methods used and marketing aspects of fundraising performance (arnett, german & hunt, 2003; bryson, 1988). popular themes in fundraising include relationship-based fundraising and relationship marketing (burnett, 2002; weir & hibbert, 2000), database marketing (balabanis, stables & phillips, 1997); and customer relationship management (widarwati et al., 2016). however, if fundraising is seen as an organization’s strategy for revenue stability, there are relatively fewer studies of the determinants of fundraising strategy and its relationship with donor behaviour and resource availability. fundraising and organizational forms does organizational form matter? schlesinger (1997, 1998, in anheir, 2004) found that form does matter. non-profit organizations behave more sensitively towards government requirements and community interests, but are less sensitive to donor’s demands for them to be efficient and professional service providers. for example, non-profit organizations tend to be less responsive in providing social reporting than other organizations. toepler and anheier (2004) have classified different organizational entities and compared non-profits with corporations and government agencies. member-serving non-profits (associations) and publicserving non-profits are compared across several aspects that could differentiate 1 there are several other definitions of fundraising too, but their essentials are more or less the same. 6 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 the behaviour of these organizations. one factor that relates to fundraising is the resourcing method, in which corporations uses commercial resourcing, governments use coercive (taxation and policy) methods, member-serving associations use donative methods and public-serving non-profits use a combination of donative and commercial methods. resource dependence theory and fundraising activities why the type of organization format affects its fundraising activities could be explained largely from the viewpoint of resource dependency theory (pfeffer & salancik, 1978). as the typical organizational format is created along with the establishment of the entity, resource availability will be likely to affect the organization’s dependence on their revenue streams, and different types of organization usually have distinctive resources. specifically, to understand the need for resources, one must adopt an open system perspective (katz & kahn, 1966) in which acquiring and maintaining resources requires an organization to interact with the individuals and groups that control them. the degree of resource dependence is also determined by the importance and the concentration of the resource used. managing its source of revenue will define how a non-profit organization behaves, including in terms of its fundraising strategies. according to resource dependency theory, the sustainability of a resource will affect how an organization will behave. an entity with a dominant or single funder scenario will be likely to mirror the structure and behaviour of its dominant funder over time (schlesinger, 1998). for example, non-profits affiliated to certain corporations will have fundraising strategies similar to their parent companies. this factor could be applied in analysing the fundraising strategies implemented by other types of non-profit organizations. types of donor and fundraising activities there are three types of contribution sources for non-profits, namely private contributions, government funding and commercial incomes (salamon & anheier, 1998). private contributions come from individual and corporate donors, while government funding usually comes from block grants. commercial incomes come from alternative fundraising, which utilizes for-profit products, and services, which support the non-profit’s mission, while individual donors account for most private donation. traditional fundraising revenues depend on contributions as their primary revenue streams (carrol & stater, 2008). there are great variations across nonprofit organizations in terms of their ability to diversify their revenue structures, and these will affect their autonomy and sustainability (salamon & anheier, 1998). 7 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia availability of funding resources varies, as the revenue structure of non-profits will depend on their types of donor; thus, the effort to maintain revenue structure through fundraising activities is also affected by the type of donor. fundraising strategies pavicic (2003) discusses fundraising activity and believes it is not only part of marketing strategy but could also be implemented as a separate strategy that requires planning and implementation. andreasen and kotler (2008) further state that fundraising activities have gone through three orientation phases in their development, related to product, sales and marketing. sargeant et al. (2001) have attempted to classify fundraising activities into two approaches: (i) the transactional approach, which focuses on immediate financial needs without using strategic planning to secure resources, and (ii) strategic approaches, which are built alongside an organization’s vision, mission and long-term objectives, and which synchronize fundraising projects and resources to maintain sustainability. he argues that nonprofit organizations should transform their traditional/transactional fundraising into strategic fundraising methods that focus on influencing donors’ choice of charity and increasing donor loyalty. since the purpose of strategic fundraising is to enhance donor longevity using relationship management of donors, the non-profit sector will benefit from various concepts of relationship management taken from the marketing approach (helfert et al., 2002; bennet, 2005). thus, in general, there are two types of fundraising strategies, namely traditional fundraising and market-oriented fundraising. traditional fundraising activities usually adopt passive approaches which collect funds through short-term actions such as on-site requests, pamphlets, banners, posters, letters and emails. these strategies are usually directive and short-term in nature. they rely on donative funding from external sources (froelich, 1999) with minimum regard for maintaining regularity of income. in years when funding is below target, the non-profit organization will react by increasing its fundraising expenditure, expanding its efforts to target new donors. some non-profits have the privilege of regular communities or authorities as donors, and for which they carry out the donors’ social missions. in contrast, fundraising strategies that take a more market-oriented approach purposely target individuals (potential and loyal donors) to establish regular charitable donations through the implementation of marketing approaches in their fundraising activities (weinstein, 2009). the aim of strategic fundraising is to transform episodic and irregular donors into long-term regular members and donors (gardner, 2013). it also aims to influence a donor’s loyalty to an organization (tschirhart, 2006, helfert et al., 2002, bennett, 2005). organizations 8 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 using proactive relationship marketing programmes to engage with their donors are proved to achieve more loyal donors and so are more successful in their fundraising (bennett & barkensjo, 2005; waters, 2009). various scholars have stated that revenue diversification through effective fundraising may decrease revenue volatility and dependence on donors (carrol & stater, 2008). research in the non-profit sector has affirmed that the implementation of a market orientation is important in winning donations and improving the general performance of non-profits (andreasen & kotler, 2008; pandelica et al., 2009; levine & zahradnik, 2012; chad, 2013; rey garcía et al., 2013). empirical research into non-profit marketing across countries also shows positive relationships between market orientation and fundraising performance (ellis, 2006; dolnicar & lazarevski, 2009; pope et al., 2009; levine & zahradnik, 2012; rey garcía et al., 2013). in the indonesian context, kasri (2013) has stated that strategically segmenting donors based on their socio-demographic characteristics and observable motives is improving the fundraising approaches of zakah agencies. much research into fundraising has found that implementing marketorientation strategies has contributed to better fundraising performance (balabanis et al., 1997; bennett, 1998; shoham et al., 2006; dolnicar & lazarevski, 2009). various scholars from multiple disciplines have also hypothesized approaches that can enable non-profits to avert financial-resource dependence through effective fundraising (weinstein, 2009). from the discourses, it is generally suggested that the market-oriented approach includes (i) a collection approach, such as segmenting charity donors for fundraising purposes; establishing modes of payments, and (ii) a communication approach, such as maintaining a relationship with the donor, as well as documenting and disseminating various reports of output (schlegelmilch & tynan, 1989; rooney, 2001, in bennett & sargeant, 2005). based on the literature reviewed above, it is argued that the fundraising strategies implemented by zakah organizations in indonesia could be explained by resource dependence theory. in other words, their strategies are influenced by the sustainability of the resources they possess. for zakah agencies, whether they belong to the government (or units/agencies thereof ), corporations or independent non-government organizations, resource availability will define their fundraising strategies. those belonging to government agencies will be likely to have simpler fundraising approaches, due to the availability of their funding sources. those embedded in corporations, such as islamic banks, will be likely to adopt their parent company’s marketing strategies for fundraising, even if they already benefit from obligatory donations from employees. meanwhile, a private agency with no affiliations is more likely to have a market oriented fundraising-based strategy, due 9 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia to its irregular revenue streams from unrelated/varied donors. these ideas will be empirically tested in this study. method data this study is conducted using a qualitative approach to explain and analyze the fundraising strategies implemented by zakah agencies in three types of zakah organization in indonesia, categorized as follows: government zakah organizations (g), corporate zakah organizations (c) and independent, private zakah organizations (p). among the issues explored in this paper are collection approaches, methods of payment (channels used), communication approaches and issues in fundraising management. primary data was collected using a semi-structured interview protocol applied to key personnel in managerial positions in zakah agencies. the respondents were 21 management personnel (mostly directors and operational managers) from the six largest zakah organizations in indonesia taken from the three categories of zakah agencies.2 the respondents were categorized based on the category of the organization they worked for. thus, g is used for a government-affiliated zakah agency, c for a corporate-affiliated zakah agency and p for an independent private zakah agency. the data collected are analysed using nvivo8 software. research methods the data obtained in this study are analysed using thematic analysis. this method was considered the most appropriate method for analysing the data obtained because of its ability to summarize, interpret and compare the key features (themes) from a large qualitative data set. indeed, most researchers consider thematic analysis to be a useful research method for capturing the intricacies of meaning within a rich qualitative data, set such as the transcripts of semi-structured interviews (boyatzis, 1998; braun & clarke, 2006). not surprisingly, this method has been used in a number of organizational studies (bryman & burgess, 2002; cassell & symon, 2004; miller, dingwall & murphy, 2004). six phases are recommended for conducting a thematic analysis (see table 1). while all phases are equally important, coding is seen as the primary process for developing themes within the raw data, through which important moments in the data are recognized and coded prior to interpretation (braun and clarke 2006). 2 they are baznaz, bazis dki, bmm, ybm-bri, dd and rz. 10 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 the interpretations used for coding can include comparing theme frequencies, identifying theme co-occurrences and graphically displaying relationships between different themes (guest et al., 2011). in this study, in presenting the coding results under the thematic analysis, both the identity numbers of respondents (r1, r2, etc.) and the combination of the respondents’ identities and the types of zakah agencies they represent (g1-1, g1-2, c1-1, etc. ) are utilized. whenever necessary, explanation of the context of a particular word mentioned in the interview is written or explained in brackets. the results are described and analyzed in the next section. table 1. phases of thematic analysis no phase description of the process 1 familiarization with data transcribing the data; translating the data (if necessary); reading and re-reading the data; noting down initial ideas 2 generating initial codes coding interesting features of the data in a systematic way across the entire data set; collating data relevant to each code 3 searching for themes collating codes into potential themes; gathering all data relevant to each potential theme 4 reviewing themes checking that the themes work in relation to the coded extracts (level 1) and the entire data set (level 2); generating a thematic ‘map’ of the analysis 5 defining and naming themes ongoing analysis to refine the specifics of each theme as well as the overall story the analysis tells; generating clear definitions and names for each theme 6 producing the report selection of vivid, compelling extract examples; final analysis of selected extracts relating the analysis to the research question and literature; producing a scholarly report of the analysis source: braun and clarke (2006) result and discussion result important aspects of the fundraising function, such as types of donors, fundraising programmes and approaches/methods of payments, were explored to obtain insights into the models used for collecting zakah proceeds in indonesia. this exploration leads to a general understanding that two fundraising approaches are implemented by the zakah agencies, namely retail and partnership approaches (table 2). these approaches are associated with the two types of zakah payers, namely individuals and institutional muzakki. the characteristics of each approach are elaborated in tables 2 to 9. 11 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia table 2. collection approaches interview question how do you collect zakah? (i.e. what is the model of fundraising implemented in your organizations) focused coding subthemes/remarks 1 retail fundraising approach 2 partnership fundraising approach concluding theme zakah organizations implement different approaches to fundraising. the models include the retail and partnership fundraising approach. the retail approach has several distinguishing characteristics (table 3). first, it focuses on collecting zakah from individual zakah payers including those affiliated with the organizations. in this respect, some of the respondents (g1, c1 and c2) admitted that their agencies relied on revenues from groups of individual payers, in particular, employees of their parent institutions. indeed, it was revealed during the interviews that these donors were almost exclusively the employees of parent and/or affiliated companies. another specific individual group mentioned was hajj pilgrims, who are required to pay zakah through the appointed government zakah agency. as for the private zakah organizations, however, the general public/individuals were their main focus of fundraising. table 3.focused coding 1 for the collection approach subtheme retail fundraising approach interview with remarks r1 (g1-1), r9 (c1-1), r11 (c2-1) focus on segmented individual zakah payers, particularly those affiliated with the organizations r3 (g2-1), r14 (p1-1), r21 (p2-1) focus on general individual zakah payers (general public) r1 (g1-1), r7 (g2-5), r9 (c1-1), r12 (c2-2), r14 (p1-1), r21 (p2-1) relies on regular zakah collection programs r1 (g1-1), r7 (g2-5), r9 (c1-1), r12(c2-2), r14 (p1-1), r21(p2-1) utilize various methods of payment, particularly using the banking services in terms of their fundraising programmes, almost all agencies rely on regular zakah collection programmes through which muzakki are periodically invited to pay zakah and other islamic charitable funds. regular and frequent communication messages are commonly employed to attract individual donors. the islamic charities also facilitate payments by providing numerous methods of payment. according to the interviewees, the preferred method 12 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 of payment in greater jakarta is transfer through banking services. the variations in payment methods are summarized below, with an indication that the private agencies utilize almost all of the payment methods available. table 4. methods of zakah payment in retail approach methods of zakah payments direct payments implemented by indirect payments implemented by cash payments at service counter (in zakah offices) all organizations regular direct debit payment (from payroll or bank deposit) g1, c1, c2 cash payments through zakah services counter in public places (mall, offices complex, etc.) g2, p1, p2 transfer through bank (via bank counter, atm, mobile banking or internet banking) all organizations cash payment through pickup service g2, p1 transfer through point of payments (via post office, etc.) p1 source: interviews and internal documents table 5 describes the primary characteristics of the partnership fundraising approach. the first feature is related to collaboration with specific institutions. unsurprisingly, government agencies are relatively successful in making partnerships with other government and government-related institutions (including business partners of government agencies), as revealed by r1 (g1-1) and r3 (g2-1). similarly, the corporate agencies mainly rely on partners of their parent companies. meanwhile, corporations and communities are mainly attracted to becoming partners of non-profit agencies. table 5. focused coding 2 for the collection approach subtheme partnership fundraising approach interview with remarks r1 (g1-1), r3 (g2-1) establishing partnership with institutional muzakki/donors, particularly government and government-related institutions r14 (p1-1), r21 (p2-1) establishing partnership with institutional muzakki/donors, particularly corporations and communities r14 (p1-1), r21 (p2-1) often associated with special fundraising events/programs another feature related to fundraising approaches is the use of special (nonregular) fundraising events often organized under the partnership model. examples 13 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia of such programmes are gala dinners and charity concerts as well as numerous events under ramadhan fundraising programmes.3 on some occasions, these special programmes are conducted together with ceremonial zakah distribution events where partner organizations or institutional muzakki attend to directly observe their zakah contributions being distributed to the (agreed) beneficiaries. additionally, it was disclosed that different types of zakah agencies implement different approaches to ‘encourage’ fundraising. the government agencies, for instance, take advantage of various government regulations obligating all government officers to pay zakah through government bodies.4 in contrast, although the parent company of the corporate agencies might have relatively the same influence to direct its employees to pay their charity through the corporate-affiliated agencies, the only employees encouraged to do so were muslims and those volunteering to do so5. for the private agencies, however, such a ‘power’ rarely exists and they therefore depend heavily on public funds. communication is another important aspect of zakah fundraising because of its role in connecting zakah payers (muzakki) with zakah organizations (amil) and zakah beneficiaries (mustahik). responses gathered during the interviews suggest that there are two main communication approaches practised by the agencies— individual oriented and community oriented (see table 6). these approaches are strongly influenced by the purpose and target (audience) of the communication. table 6. communication approach interview question how do you communicate your programs? (i.e. what models of communication are implemented in your organization?) focused coding subthemes/remarks 1 individual-oriented communication approach 2 community-oriented communication approach concluding theme different types of zakah organizations have implemented different approaches in communication. nevertheless, there was an indication that the non-profit organizations tend to use the retail-oriented model while the rest tend to utilize the community-oriented model 3 examples include fundraising programmes aimed to provide food for sahur and ifthar for street children, weddings on the streets etc. 4 indeed, it was revealed during the interviews that individual government officials who are not muslims are also obligated to pay zakah through the appointed agency (g1) as mandated by the governor’s decree. 5 the confirmation should be clearly stated in a written statement addressed to the company’s executive, stating whether individuals do or do not agree to pay zakah through the corporate-affiliated zakah organizations. 14 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 under the individual-oriented approach, communication is often associated with fundraising activities intended to attract new payers and to maintain existing ones. this is reflected in, among other things, the content of the communication instruments, which generally inform about zakah utilization programmes to be conducted and the achievements of the agencies.6 the main targets of such communication are individual zakah payers, who are also the main contributors to organizations’ revenues (table 7). in this respect, the communication channel primarily used is media that have wide outreach and large audiences. examples of such media include electronic media (television and radio), print media (national newspapers and magazines) and online media (websites, online newspapers, emails, social media, etc.). even though advertising in some of the mass media such as television and newspapers is relatively expensive, particularly if done on a frequent basis (such as on a weekly basis) or in ‘prime time’ (such as the holy month of ramadhan), it is seen as the most effective medium of communication, most notably by some respondents from the non-profit zakah agencies (interviews with r2-1 and r1-4). indeed, two of the largest zakah organizations (p1 and p2) have used national television and newspapers extensively as the organizations’ main media of communication/advertising. table 7. focused coding 1 for the models of communication subtheme individual-oriented communication model interview with remarks r3 (g2-1), r4 (g2-2), r14 (p1-1), r21 (p2-1) communication is often associated with fundraising activities r4 (g2-2), r14 (p1-1), r21 (p2-1) targeted at general individual zakah payers r4 (g2-2), r14 (n1-1), r21 (p2-1) use media of communication extensively and frequently, particularly mass media, which has wider outreach and audience. the other communication model used is the community-oriented approach, in which communication is mainly associated with transparency and accountability practices aimed at maintaining trust and long-term supportive relationships with specific or community-based zakah payers (see table 8). as emphasized by r10, ‘… 6 the achievements commonly given by financial magazines and ngos include, among others, awards for highest revenue growth and most innovative programmes. these awards are often cited by the agencies in their communication and advertising materials. 15 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia [publication is intended] to bridge…so they [zakah payers] trust us…one of these is through the website; then we advertise our programmes in national media…’. he further explained that ‘to maintain the zakah payers, we send them bulletins like this every three months. we also send them sms broadcasts as a kind of “reminder” sent every friday…to remind them to pay zakah’. another zakah management personnel member, r1, stated that ‘we publish programme and audit results in print media… to be transparent...’. moreover, when talking about his organization’s future plans for advertisements on local television, r11 underlined that, ‘actually, this [publication on local television/tv] is intended more as a programme accountability activity…’. table 8. focused coding 2 for the communication approach subtheme community-oriented communication approach interview with remarks r1 (g1-1), r2 (g1-2), r10 (c1-2), r11 (c2-1), r13 (c2-3) communication is often associated with transparency and donor maintenance practices. r1 (g1-1), r10 (c1-2), r11 (c2-1), r13 (c2-3) targeted to zakah payers in communities, particularly those affiliated with the organizations. r1 (g1-1), r2 (g1-2), r10 (c1-2), r11 (c2-1), r13 (c2-3) use relatively less frequent and limited types of communication media. it is also notable that most agencies implementing this model use a relatively limited range of communication channels. the frequency of using such media is also lower, as suitable for reaching the specific audience (zakah payer) groups. examples of such media are low-cost print media (brochures, bulletins, magazines, pamphlets, etc.) and low-cost online media (websites and social media such as facebook, twitter, instagram, etc.). media such as newspapers and tv, however, are only used occasionally. overall, this type of communication was more prevalent among the corporate and government agencies servicing specific segments of zakah payers. discussion the findings of the study are summarized in table 9. from these results, what can be concluded or inferred? the main finding of the study suggests that different types of zakah institutions do indeed practise different fundraising strategies. corporate and government zakah agencies tend to use traditional fundraising strategies, in which the collection of zakah utilizes a partnership approach and communication/marketing utilizes a community-oriented approach. in contrast, 16 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 most of the private zakah agencies use a market-oriented fundraising strategy with a retail approach for collecting zakah and an individual approach for communication. this finding supports the theory of resource dependence (pfeffer & salancik, 1978), in that each type of zakah agency has a distinctive fundraising strategy because it has distinct donors (resources). each type of zakah organization (government-affiliated, corporate-affiliated and private zakah agencies) has a distinct pool of donors and these donors’ characteristics explain donation patterns; therefore, as zakah institutions have distinctive donor types, it is clear that the type of organization does affect the fundraising strategy used. table 9. summary of findings: fundraising strategies based on types of zakah institution types of zakah organization fundraising strategy collection approach funding resources type of donation frequency of donation communication approach governmentaffiliated traditional partnership fundraising; individual employee based donation regular community orientedaffiliated institution csr fund, municipal/state zakah fund regular corporateaffiliated traditional partnership fundraising; individual employee based donation regular community orientedaffiliated institution csr fund, corporate zakah fund regular private market-oriented retail fundraising; individual voluntary donation irregular individual oriented non-affiliated institution voluntary donation irregular private zakah agencies utilize market-oriented strategies primarily because they do not have specific affiliations and donors. thus, they rely on the ‘market’ (the public) to raise zakah funds. on the other hand, corporate-affiliated zakah agencies utilize traditional fundraising strategies largely because their existence is often to serve the mission of their donor (the parent company) and they therefore have no incentive to diversify their revenue streams to reduce overdependence on their donor. similar approaches and reasons apply to government-affiliated zakah agencies, although it is notable that their strategies are increasingly mimicking those of the private agencies, such as large-scale partnering with third-party marketplaces to target individual donors. this indicates their readiness to embrace a marketoriented approach. 17 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia it is notable that fundraising strategies using a market-oriented approach include the implementation of segmenting, targeting and positioning current donors in order to map potential donors. identifying donor segmentation is important in revealing the characteristics of each donor cluster. another benefit of implementing marketing strategies in non-profit settings is that they enable the development of longterm relationships with the main stakeholders of the organization (arnett et al., 2003) through the process known as relationship marketing. the implementation of social marketing in the charity sector is now widespread, although the degree of market orientation in non-profit organizations is yet to be evaluated (vazquez et al., 2002). to further analyze the fundraising strategy implemented by each type of zakah organization, it is necessary to scrutinize the collection and communication approach. first, with respect to the collection approaches they implement, it is found that the strategies are strongly related to funding sources, types of donations and frequency of donations. in this regard, as mentioned earlier, the study finds that most government and corporate zakah agencies follow the partnership fundraising approach, while private agencies follow the retail fundraising approach. thus, the collection approach seems to follow donor characteristics. this implies that donor traits may provide an answer as to why zakah organizations develop different fundraising approaches. in particular, the majority of the government and corporate agencies adopt a partnership approach, in which fundraising relies on a limited pool of ‘rich’ partners. government-affiliated zakah agencies have municipal and stateowned enterprises as their captive markets, while corporate zakah agencies have their stakeholders as their donor base. in contrast, private zakah agencies use the retail approach, in which multichannels and a variety of media engagements are utilized. thus, these findings support the previous conclusion that the fundraising strategies implemented are in line with the resource dependence theory as initially proposed by pfeffer and salancik (1978). in relation to the donors, it is revealed that all types of non-profit institutions have two types of donor, namely individuals/retail and institutions. retail donors consist of (i) regular individual donors and (ii) irregular individual donors. government-based zakah organizations will have their funding resourced from regular individual donors who are mainly their employees (civil servants), while corporate-affiliated zakah agencies will have regular individual donors composed of the employees of their parent companies. donations from regular individual donors are most likely to be acquired through ‘directive policies’, such portions of employee salaries being automatically debited for zakah. this type of donor does not, therefore, require extensive fundraising efforts. this may explain why fundraising efforts in government-affiliated and corporate-affiliated agencies are less varied 18 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 than those used by private zakah agencies. as funding sources for private zakah organizations mostly come from individual, unaffiliated donors, regular donations to private zakah agencies are most likely to be a direct result of fundraising activities encouraging individuals to pay zakah periodically. it should be noted, however, that individual donations are unstable (gronbjerg, 1992, 1993). to develop individual donations, non-profit organizations need staff, volunteers, personal networks and advertising campaigns, with the prospect of reaching potential donors being unknown and fluctuations in funding being likely. however, regular individual donors provide safer revenue streams than ‘one-off’ payers due to their higher likelihood of donating regularly. auto-debit facilities will give zakah institutions more assurance of funding stability, as donors will probably need to agree to donate only once and they do not have to frequently re-establish their decisions about how, where and how much to donate. in indonesia, the practice of making zakah payments through payroll or cash management is initially a result of partnership fundraising (both in government or corporate settings). as most auto-debit facilities require bank authorization, these facilities are mostly used for employees of (islamic) banks. in this context, governmentaffiliated zakah agencies have the greatest potential for collection, due to the large number of civil servants they employ. in 2017, several municipalities and government bodies voluntarily implemented zakah through payroll, and baznas (a governmentaffiliated zakah agency) is fervently proposing that the government should adopt a 2.5% zakah deduction from employees of various government bodies and stateowned enterprises (republika, 2017). in the future, non-profit institutions are likely to extensively cultivate this channel of payment due to its long-term nature. the study also found that there are also two types of institutional donors, namely (i) business-related institutions and (ii) non-business-related institutions. institutional donations are categorized differently from donations from individuals, even if the funding goes to the same zakah agency. corporate donations are funds that are donated from a company’s overall profit (net income) or revenues. when a zakah organization is linked to or part of a larger corporation, such as an islamic bank, the zakah funding could come from the main company’s share of profit. in the islamic community, zakah payment is obligatory, and corporate donation is seen as an obligation rather than an act of benevolence. it is supposed to be an action taken by any company stating that it is an islamic company or is serving the muslim community. most of the block funding available from institutional sources is from companies’ corporate social responsibility (csr) funds. as csr is obligatory for public companies (based on law no 40/2007 and uu no 25/2007), every public company, 19 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia including state-owned enterprises, has to allocate 3–6% of its profit to csr. this is a huge potential fund for non-profit entities (including zakah collectors) in indonesia, as there are currently 118 state-owned enterprises in the country. in order to channel these funds, most state-owned enterprises and public companies have created their own csr divisions or are partnered with non-profit organizations (including zakah organizations) who manage their funds. most islamic banks and municipalities have also established their own zakah agencies and so regular payments from csr funds are channelled solely through their affiliated zakah agencies. typically, funding from csr programmes should ensure revenue stability and this potential will benefit most corporate and government-affiliated zakah agencies. private zakah agencies are not excluded from institutional donations, as small and medium-sized enterprises, sole proprietorship businesses, start-up companies and family-owned companies are too small to establish csr divisions or their own zakah agencies. as a result, these types of companies will opt for channelling their zakah donations to private zakah agencies. such agencies, with their market-oriented approaches, could target such companies and offer them long-term cooperation. depending on leadership and company culture, it is argued that a typical company would want to make regular donations and even to facilitate automatic zakah transfers from its salary account. however, such companies should be initially in an islamic environment in which zakah payment through formal channels is strongly encouraged. leadership and exemplary behaviour are the dominant culture for zakah donation. most companies also prefer their zakah donation to benefit their stakeholders (company employees and their families, orphanages in the neighbourhood of the company etc.), but are lacking in resources to manage such activities. thus zakah agencies are needed, and so should target such companies as their potential donors. in a similar way to activities undertaken with individual donors, strategic fundraising approaches are needed to maintain donor loyalty and to attract potential donors. related to this, it is contended that private zakah agencies have the least stable sources of revenue in comparison with the other types. government-based agencies have the most stable sources of revenue, as civil servants are less likely to quit their jobs than other employees, and such agencies also benefit from being appointed to receive hajj pilgrims’ savings. corporate-affiliated zakah agencies also get their revenues from salaries, but in their case these come from their own and their affiliates’ workforces. in consequence, private zakah agencies are under pressure to acquire and maintain stable revenue from loyal donors. second, with respect to the communication approach, the study found that private zakah agencies adopt more individual-oriented communication strategies, whereas government and corporate agencies engage in more community-oriented 20 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 communication approaches. unlike government and corporate-based zakah agencies, private agencies cannot take advantage of obliging their employees or the general public to pay zakah, even though zakah is obligatory in islam. fundraising programmes such as gala dinners, charity concerts and zakah payers development visitation programmes are primarily implemented by private zakah agencies, and these programmes appear to be the main channel used for them to introduce themselves to new donors and to communicate with existing donors. there are therefore strong reasons for non-profit organizations to communicate more actively to retain long-term donors. moreover, their use of intense programmes of communication and donorrelationship management techniques indicates that the private agencies are one step ahead of the other agencies in using various marketing approaches to increase and stabilize revenues. private zakah agencies are able generate bigger revenues, despite having the least access to stable revenue streams of the three types of agency. one can assume that these findings indicate that private zakah agencies have implemented more elaborate communication approaches and more effective fundraising strategies, leading to an ability to generate and retain individual zakah funding. this finding supports the contention of froelich (1999) that more limited resources force non-profits to diversify their revenue sources through various fundraising activities. overall, from the findings and analysis above, this study argues that the future direction for fundraising strategy is the market-oriented approach. this strategy has been practised by private zakah agencies quite successfully, most likely because of their resource dependency issues. becoming more market-oriented is an inevitable progression for the future, because all non-profit organizations, including zakah organizations, need to have the aim of generating revenue stability. furthermore, to optimize the potential of zakah funds, it is suggested that all three types of zakah agency must target regular donors, both individual and institutional, and facilitate various payment methods for the sake of donor convenience. a detailed and effective fundraising strategy is needed to facilitate the transformation of sources from irregular to regular donors, especially in voluntary situations. government and corporate-affiliated zakah agencies could use their existing partnerships with parent companies to develop, with donors’ consent, more automated, direct debit payments from monthly payrolls or bank deposits. meanwhile, private zakah organizations should communicate more actively and effectively to retain their long-term donors. all in all, the strategies are expected to increase the effectiveness of fundraising strategies implemented by zakah institutions in indonesia. 21 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.6191 rahmatina a kasri. fundraising strategies to optimize zakah potential in indonesia conclusions this study aims to identify and assess differences in the fundraising strategies implemented by different types of zakah institutions in indonesia in order to support optimization of the potential for zakah collection in the country. to achieve its objectives, the study employs a qualitative research approach. semistructured interviews were conducted with the management of the six largest zakah organizations in indonesia. thematic analysis was used to analyse the data. the main finding of the study suggests that different types of zakah institutions indeed practise different fundraising (i.e. collection and communication) strategies. corporate and government zakah agencies tend to use traditional fundraising strategies, in which collection of zakah utilizes a partnership approach and communication/marketing utilizes a community-oriented approach. in contrast, most of the private zakah agencies use market-oriented fundraising strategies, a retail approach for collecting zakah, and an individual approach for communicating information about zakah. it is also found that market-oriented fundraising strategies have resulted in greater revenue and retail donor engagement for private zakah agencies. taking these findings as a whole, the study argues that the results demonstrate that the resource streams of the zakah institutions significantly influence fundraising, and that this is consistent with a resource dependence theory of fundraising. it is also contends that fundraising should be integrated in a way that results in brand awareness and the perceived accountability of zakah organizations. ultimately, it is expected that these findings could enrich the literature on zakah and provide guidance for increasing the effectiveness of fundraising strategies implemented by zakah institutions in indonesia. references abu bakar, n. b., & a.r.a. rahman. 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(2009). engaging stakeholders through social networking: how nonprofit organizations are using facebook. public relations review. 35(2): 102-106. weinstein, l., & d. bukovinsky. (2009). use of the balanced scorecard and performance metrics to achieve operational and strategic alignment in arts and culture not-for-profits. international journal of arts management. 11 (2): 42-55. weir, l., & s. hibbert. (1998). the role of the fundraising database in building charity-donor relationships. working paper. glasgow: university of strathclyde. wibisono, y. (2015). mengelola zakat indonesia (management of indonesian zakah). jakarta: prenada media group. widarwati, e., n.c. afif., & m. zazim. (2016). strategic approach for optimizing of zakah institution performance: customer relationship management. aliqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). 9(1): 81-94. aam s. rusydiana1, abrista devi2, fatin fadhilah hasib3, lina nugraha rani4 abstract. according to law no 21/ 2008, a sharia business unit (sbu) owned by a conventional commercial bank (ccb) is required to separate from its parent bank before 2023. some sharia business units have initiated a separation step from conventional commercial bank. at the same time, they are required to keep the level of efficiency in running their business operations. this paper is intended to analyze the efficiency level of sharia business units that have separated from its parent bank and compare the efficiency level before and after separation. the method used is data envelopment analysis (dea) and paired sample t-test. the results show that, based on the total average efficiency of all spin-off sharia banks (in this case four sharia banks namely bni sharia, bri sharia, bjb sharia and bukopin sharia bank), there is a decrease in technical efficiency and pure technical efficiency before and after the spin-off. this is a cost adjustment is needed in the early periods of spin-off. sharia banks require a 'weaning' from their parents. nevertheless, there is no statistically significant difference in the efficiency levels between before and after the spin-off. keywords: efficiency, sharia business unit, spin-off (separation) abstrak. menurut uu no 21/2008, unit bisnis syariah (sbu) yang dimiliki oleh bank umum konvensional (ccb) diharuskan untuk berpisah dari induknya sebelum tahun 2023. beberapa unit bisnis syariah telah memulai langkah pemisahan dari bank umum konvensional. akan tetapi, mereka dituntut untuk menjaga tingkat efisiensi dalam menjalankan bisnisnya. studi ini menganalisis tingkat efisiensi unit bisnis syariah yang telah terpisah dari induknya dan kemudian membandingkan tingkat efisiensi sebelum dan sesudah pemisahan. metode yang digunakan adalah data envelopment analysis (dea) dan paired sample t-test. hasil penelitian ini menunjukkan bahwa berdasarkan total efisiensi rata-rata semua spin-off bank syariah (dalam hal ini empat bank syariah yaitu bni syariah, bri syariah, bjb syariah dan bank syariah bukopin), ada penurunan efisiensi secara teknis di bank syariah dari sebelum dan sesudah spinoff. hal ini terjadi karena pada periode awal spin-off, ada penyesuaian biaya pada spin-off policy of sharia bank: is it profitable? al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 11 (2), july 2019 p-issn: 2087-135x; e-issn: 2407-8654 page 265 288 1researcher of sharia economic applied research & training (smart) indonesia. 2lecture of ibn khaldun university. 3lecture of economics and business faculty, universitasairlangga. 4lecture of economics and business faculty, universitasairlangga. email: 1aamsmart@gmail.com, 2abristasmart@gmail.com, 3fatin.fadhilah@feb.unair.ac.id, 4lina.nugraha@feb.unair.ac.id 266 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 spin-off bank syariah. bank syariah membutuhkan 'penyapihan' dari orang tua mereka. namun demikian, tidak ada perbedaan yang signifikan secara statistik dalam tingkat efisiensi antara sebelum dan sesudah pemisahan. hal ini dapat menjadi referensi bagi unit bisnis syariah lainnya dalam mengambil keputusan untuk segera melakukan spin-off, tentu saja, disertai dengan perencanaan dan implementasi yang hati-hati dan bijaksana. kata kunci: efisiensi, unit bisnis syariah, spin-off (pemisahan) introduction law no. 21 of 2008 concerning sharia banking stipulates that sharia business unit (sbu) owned by conventional commercial bank must conduct spin-off at the latest 15 years after the issuance of the law. in other words, the sbu is required to separate from the parent of a conventional commercial bank (ccb) before 2023 ends. this obligation also applies to an sbu that already has an asset value of 50% of the total value of its parent bank. if this obligation is not implemented, then the government, the current financial services authority (ojk), may revoke the business license of the sbu (pbi number 11/10/pbi/2009 article 43 (1)). however, sbu may also be separated from ccb prior to the fulfillment of these two conditions. the separation of the sbu from its parent bank (sharia commercial bank (scb)) is a strategic step to capture market opportunities or the needs of the community for sharia financial services. in addition, umam (2010) said that with the separation of sbu from scb, the level of adherence to sharia could also increase considering that the transformed sbu into scb has its own legal entity separate from its parent (subsidiary). thus, the transformation of sbu into scb should continue to be pursued. in the effort to separate the sbu from ccb, the principle of prudence must be maintained. article 2 of law no. 21 of 2008 states that sharia banking is based on sharia principles, economic democracy, and prudential principles in conducting its business activities. it is explained in the appendix of the law that “prudential principle” is the bank’s mandatory management guideline should be exercised in order to achieve healthy, robust and efficient banking system in accordance with the provisions of laws and regulations. one of the concerns in the prudential principle is the realization of efficient banking management. increased efficiency also became the vision of the banking blueprint issued by bank indonesia (2007), “a healthy, robust and efficient banking system to create a stable financial system to foster national economic growth”. aam s. rusydiana. spin-off policy of sharia bank 267 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 however, in the process of separation of sbu from scb, the efficiency level of the business unit may be disrupted; its npf ratio may exceed 5% or may result in the amount of fund disbursement exceeding the maximum limit. taking note of this, bank indonesia affirms that the above two constraints must be settled within 1 year (pbi number 11/10 / pbi / 2009 article 41, paragraph 5). if such provision is not fulfilled, then administrative sanction will be applied for violating article 40 paragraph (1) and 41 paragraph (5) of pbi number 11/10 / pbi / 2009. details of sanctions in accordance with article 58 of law number 21 of 2008. based on sharia banking statistics in may 2017, the number of scb reached 13 units, while the sbu reached 21 units. furthermore, it is explained that the level of npf and bopo scb rates tend to be higher than the sbu. the operational cost of sbu is lower than that of scb. this is fairness considering that the sbu receives operational assistance from its parent. therefore, it becomes the concern of the sbu that wishes to separate itself from the scb, in relation to the increase in operating expenses to be borne. thus, the process of separation must be done with prudently and careful calculation to maintain performance. some sbus has dared to separate themselves from ccb as described above. on this basis, it is necessary to conduct a study that traces the efficiency of sharia banking before and after the spin-off. is the separation caused the banks to experience financial turbulence that impacts on the low level of efficiency? which of the separation experience that can be used as a benchmark by other sbu before converting into scb? literature review concept of efficiency for a business entity, efficiency is very important. the concept of efficiency is often defined as doing the thing right. this is usually associated with how a company achieve its objectives. therefore, the concept of efficiency is often seen from the cost as input and profit as output. the business entity always tries to keep the cost level down to a minimum level in order to produce output level in maximum profit. the concept of efficiency comes from the microeconomic concept, namely producer theory. producer theory attempts to maximize profits or minimize costs from the producer’s point of view. in the theory of producers, there is a production frontier curve which describes the relationship between input and output of the production process. this production frontier curve represents the maximum output 268 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 level of any input usage that represents the use of technology from a company or industry (ascarya and yumanita, 2007). graph 1. production frontier curve in the economic theory, there are two types of efficiency, namely economic efficiency and technical efficiency. economic efficiency has a macroeconomic picture, while technical efficiency has a microeconomic picture — the measurement of technical efficiency is only for engineering and operational relationships in the process of using inputs to outputs. the term efficiency in dea refers more to the definition of technical efficiency, i.e. the relationship between input and output in a business unit. meanwhile, in the company’s point of view, there are three kinds of efficiency, namely: technical efficiency, allocative efficiency and economic efficiency. technical efficiency reflects the company’s ability to achieve the optimal level of output by using a certain level of input. this efficiency measures the production process in generating a certain amount of output by using the minimum input. in other words, a production process is considered to be technically efficient when the output of good can no longer be increased without reducing the output of another good. allocative efficiency reflects the company’s ability to optimize its input utilization with its price structure and technology. with regards to the term efficiency, pareto is often equated with the allocative efficiency in honor of italian economist vilfredo pareto who developed the concept of efficiency in exchange. the efficiency of pareto posits that production inputs are efficiently used when they are no longer possible to be used to improve business without causing at least the other business to be worse. in other words, if the input is allocated to produce output that can not be used or unwanted by consumers, this means that the input is not used efficiently. aam s. rusydiana. spin-off policy of sharia bank 269 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 economic efficiency refers to the combination of technical efficiency and allocative efficiency. economic efficiency is implicitly the least-cost production concept. for a given level of output, a production company is said to be economically efficient if it uses the cost at which the unit cost of output is the most minimum. in other words, for a given level of output, a production process is considered to be economically efficient if no other process can be used to produce that level of output at the smallest unit cost. in general, efficiency measurement is divided into two, namely parametric and nonparametric. nonparametric analysis widely uses the method of data envelopment analysis (dea). the first dea model is the crs or ccr approach introduced by charnes et al. (1978). the second model is the vrs or bcc approach introduced by banker, charnes and cooper (1984). furthermore, there are many dea model developments for measuring efficiency and productivity levels in various fields. the following are some dea models that have been inventoried. table 1. the development of data envelopment analysis (dea) model no model year author source 1 dea model ccr 1978 charnes, cooper, rhodes charnes, a., cooper, w.w., and rhodes, e. (1978), “measuring the efficiency of decisionmaking unit”, european journal of operational research, vol. 2, pp. 429-444. 2 malmquist productivity index [mpi] 1982 caves, christensen, diewert caves, d.w., christensen, l.r., and diewert, w.e. (1982), “the economic theory of index numbers and the measurement of input, output and productivity”, econometrica, vol. 50, pp. 1393-1414. 3 dea model bcc 1984 banker, charnes, cooper banker, r.d., charnes, a., and cooper, w.w. (1984), “some models for estimating technical & scale inefficiencies in data envelopment analysis”, management science, vol. 30, no. 9, pp. 1078-1092. 4 free disposal hull [fdh] 1984 deprins, simar, tulkens deprins, d., simar, l., and tulkens, h. (1984), “measuring labour-efficiency in post offices”, in marchand, m., pestieau, p., and tulkens, h. (eds). the performance of public enterprises – concepts & measurement, amsterdam, northholland, 243-267. 5 additive model 1985 charnes, cooper, golany, seiford, stutz charnes, a., cooper, w.w., golany, b., seiford, l.m., and stutz, j. (1985), “foundations of dea and pareto-koopmans empirical production functions”, journal of econometrics, vol. 30: 91-107. 270 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 no model year author source 6 window analysis 1985 charnes, clarke, cooper, golany charnes, a., clarke, c., cooper, w.w., and golany, b. (1985), “a development study of dea in measuring the effect of maintenance units in the us air force”, annals operation research, vol.2:95-112 7 assurance region [dea-ar] 1986 thompson, singleton, thrall, smith thompson, r.g., singleton, jr.f.d, thrall, r.m., and smith, b.a. (1986), “comparative site evaluations for locating a high-energy physics lab in texas”, interfaces, vol. 16, pp. 35-49. 8 cross efficiency 1986 sexton, silkman, hogan sexton, t.r., silkman, r.h., hogan, a.j. (1986), “data envelopment analysis: critique and extensions”. in: silkman, r.h. (ed), measuring efficiency: an assessment of data envelopment analysis, vol. 32, jossey-bass, san francisco, pp. 73-105. 9 facet model 1988 bessent, bessent, elam, clark bessent, a.m., bessent, e.w., elam, j., and clark, c.t. (1988), “efficiency frontier determination by constrained facet analysis”, operations research, vol. 36, pp. 785-796. 10 cone ratio 1990 charnes, cooper, huang, sun charnes, a., cooper, w.w., huang, z.m., and sun, d.b. (1990), “polyhedral cone-ratio dea models with an illustrative application to large commercial bank”, journal of econometrics, vol.46:73-91 11 fuzzy dea 1992 sengupta sengupta, j.k. (1992), “a fuzzy systems approach in data envelopment analysis”, computers & mathematics with applications, vol. 24(9): 259-266. 12 super efficiency 1993 andersen & peterson andersen, p., and petersen, n.c. (1993), “a procedure for ranking efficient units in dea”, management science, vol.39: 1261-1264. 13 network-dynamic dea 1996 fare & grosskopf fare, r., and grosskopf, s. (1996), intertemporal production frontiers: with dynamic dea. boston, ma: kluwer academic. 14 hierarchical model 1998 cook, chai, doyle, green cook, w.d., chai, d., doyle, j., and green, r.h. (1998), “hierarchies and groups in dea”, journal of productivity analysis, vol.10:177-198 15 bootstrapped dea 1998 simar & wilson simar, l, and wilson, p.w. (1998), “sensitivity analysis of efficiency scores: how to bootstrap in nonparametric frontier models”, management science, vol. 44(1): 49-61. 16 russell measure [erm] 1999 pastor, ruiz, sirvent pastor, j.t., ruiz, j.l., and sirvent, i. (1999), “an enhanced dea russel graph efficiency measure”, european journal of operational research, vol. 115, pp. 596-607. aam s. rusydiana. spin-off policy of sharia bank 271 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 no model year author source 17 imprecise data [idea] 1999 cooper, park, yu cooper, w.w., park, k.s., and yu, g. (1999), “idea and ar-idea: models for dealing with imprecise data in dea”, management science, vol. 45, pp. 597-607. 18 multicomponent/ parallel model 2000 cook, hababou, tuenter cook, w.d., hababou, m., tuenter, h. (2000), “multi-component efficiency measurement and shared inputs in data envelopment analysis: an application to sales and service performance in bank branches”, journal of productivity analysis, vol. 14, pp. 209-224. 19 slack based measure [sbm] 2001 tone tone, k. (2001), “a slacks-based measure of efficiency in dea”, european journal of operational research vol. 130:498-509. previous studies there are some studies related to measuring the level of efficiency of sharia banks in indonesia. hosen and rahmawati (2014) tried to analyze the efficiency, profitability and health of sharia commercial bank in indonesia period 20102013. the results show that the highest average efficiency is as follow: mega sharia bank (92.38%), mandiri sharia bank (87.96%), bukopin sharia bank (84.92%), bank muamalat indonesia (bmi) (83.28%) and bank rakyat indonesia sharia bank (78.35%). there are several significant variables that influence the level of efficiencies, such as operational expense, profit sharing, total financing and securities. firdaus and hosen (2013) also examined the efficiency of scb with two stages of the dea approach. the findings are, in general, 10 (ten) scbs efficiency level has a fluctuating trend during the study period. individually, bmi has the highest average efficiency level with 93.82% score, and victoria sharia bank has the lowest efficiency level with a score of 72.12%. in contrast to two studies above, wahab, hosen and muhari (2014) compared the technical efficiency of conventional commercial bank (ccb) and sharia commercial bank (scb) in indonesia. the result is that the average efficiency of ccb is better than scb. this is possible because the ccb has been operating relatively longer than the scb. in addition, there are operational differences between ccb and scb, namely the profit-sharing system. the profit share in scb is unpredictable at the outset because it is based on the realization of the results of the existing scb, while the profit at ccb is directly determined in advance. the same study using dea was done by ascarya and yumanita (2007) 272 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 during the period of 2000-2004. the results show that the technical efficiency of sharia banks reached intermediate approach to 100% and production to 85% in 2004. similarly, the relative efficiency of scale from intermediation approach was 87%, and production was 97%. in general, the sharia bank’s production approach experienced a decrease in technical efficiency but experienced an increase in scale efficiency because, at that time, the sharia bank was quite aggressive in expanding the opening of new offices. the research related to the efficiency of other sharia banks is also done by effendi (2016). there also several other studies on islamic bank in indonesia. for example, research conducted by rusydiana and sanrego (2018) and rusydiana and firmansyah (2017) uses the maslahah efficiency framework to evaluate the performance of an islamic bank. rusydiana (2018) tries to measure the productivity of islamic bank in indonesia, and rusydiana and alparisi (2016) have taken measurement of islamic bank performance in indonesia using maqasid index and profitability. from the above studies, none of them specifically see the efficiency performance of sharia banks in relation to the spin-off case in indonesia. so, this research becomes significant. research methodology research data the objects of this study are four sbus that separated themselves from ccbs (table 1). the sampling of the four sbus is based on the density of the separation year, i.e. the end of 2008 to mid-2010. this is necessary to make the comparison more accurate, apple to apple. tabel 2. research objects no name of bank operating as sharia business unit operating as fullfledge islamic bank 1 bri (bank rakyat indonesia) sharia 14 april 2002 1 january 2009 2 bni (bank nasional indonesia) sharia 29 april 2000 (establishment) 19 june 2010 3 bjb (bank jawa barat) sharia 20 may 2000 (establishment) 6 may 2010 4 bukopin sharia 27 october 2008 (the acquisition of a bank in 2005) 9 december 2008 aam s. rusydiana. spin-off policy of sharia bank 273 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 the data used are based on secondary data, such as financial statements issued by each bank. research methods this research uses two methods: 1) data envelopment analysis (dea) and 2) differential test (paired t-test). data envelopment analysis the data envelopment analysis (dea) method is used to see the efficiency level of sbu that has spin-off relatively. in this case, relative is to compare the efficiency level of the decision-making unit (dmu) with other dmus that serve as research objects. relative means no specific standard is used in determining the efficiency level. efficient, in this case, means that the dmu is the most efficient compared to other dmus that become the object of this research. dea has advantages compared to other methods of research, such as (siswadi and purwantoro, 2005): 1. dea is capable of handling relative efficiency measurements for some similar decision-making units (dmus) using multiple inputs and outputs. 2. this method does not require the assumption of the functional form of the relationship between input and output variables as applied to ordinary regression. 3. in dea, the dmus are compared directly with each other. 4. the input and output factors can have different units of measurement. for example, 1 (x1) can be the number of lives saved, whereas output 2 (x2) the amount of revenue received in rupiah units, without need to change the units of the two variables. there are two model approaches in the dea method: a) ccr model (charnes, cooper and rhodes), b) banker, charnes and cooper (bcc). the fundamental difference between the two models lies in the assumption of return to scale (rts). the first model requires the assumption of constant return to scale (crs), i.e. every change of input amount will be followed by a change of output amount with the same proportion. while the second model requires the assumption of variable return to scale (rts), the change in the number of inputs in certain proportions allows the change in the number of outputs with 274 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 different proportions, which can be larger, equal or even smaller proportions. the condition in which it can produce a larger output is called increasing return to scale (irs). and if it produces less than n times (smaller proportions), it is called the decreasing return to scale (drs) condition. the efficiency calculated by the vrs assumption is referred to as “pure technical efficiency” (pure technical efficiency). (ascarya and yumanita, 2006). graphic 2. the efficiency of crs and vrs source: coelli, et al. (2005) the straight centerline is crs, which describes the performance of a company that works on an optimum scale. the curved line is the vrs line, which describes the technical efficiency of firms working on different scales between one company and another. point e denotes a technically efficient company but has not worked on an optimum scale. for that, the firm at point d and e should increase its scale until it reaches point b, which is efficient in overall. in this study, the authors chose to use the intermediation approach, which is to look at financial institutions as intermediary institutions in financial services, which change and transfer financial assets from surplus units to deficit units. in this case, inputs such as labor costs, capital, and interest payments on deposits, with outputs measured in the form of loan credits and financial investments. (hadad et al., 2003). the input and output variables used in this research are as follows: aam s. rusydiana. spin-off policy of sharia bank 275 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 table 2. specification of input and output input variable data source total of deposit (dpk) balance sheet asset balance sheet output variable data source total of financing balance sheet revenues income statement paired samples t-test this method is used to test the mean values of two interrelated population samples, such as before and after. a t-test is required to test the initial hypothesis; whether any difference between before and after, and whether before smaller than after or before greater than after. (groebner et al., 2008). results and discussions analysis each of the sharia bank spin-off the following is the analysis and evaluation of the efficiency in four sharia banks in the periods of before and after the spin-off. the analysis employs the intermediation approach, with the variables, include deposits and assets as input variables; and financing and income as output variables. to be more comprehensive, ccr and bcc model of analysis are used. bri sharia bri sharia started its sharia business by establishing a sharia business unit (sbu) which commenced operations on 14 april 2002 with two branch offices: jakarta and serang. bri sharia officially operated on 17 november 2008. this began with the acquisition of pt bank rakyat indonesia against jasa arta bank on 19 december 2007, and then the issuance of a license from bank indonesia on 16 october 2008 through its letter no.10/67/kep. gbi.dpg/2008. banking activities with the sharia principles were firstly carried out by bri sharia on 19 december 2008 with the signing of the deed of separation of sharia business unit of pt bank rakyat indonesia to merge into pt bank bri sharia (spin-off) and the separation of sbu into scb has been effective since 1 january 2009. (www.brisyariah.co.id). 276 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 graphic 3. trend of bri sharia efficiency score the trend efficiency score of bri sharia, both technically and pure technically, indeed show very encouraging growth. the comparison between before and after the spin-off shows that bri sharia is feasible to be independent (by splitting from its parent bank) but still efficient from year to year. based on the information found, bri sharia is one of the sharia banks that focus on the middle to lower segment and has a target to become a modern retail bank with a variety of banking products and services. in 2011, bri sharia was crowned as the third-largest sharia bank by assets, in which bri sharia grew very well in terms of assets, financing and third party funds (dpk). thus, it can be concluded that either before or after the spinoff, bri sharia is good enough in terms of asset management, financing and dpk acquisition so as to achieve optimum trend rate efficiency. bni sharia the monetary crisis in 1997 also gave evidence that the sharia banking system is quite resilient to financial threats. therefore, based on law number 10 of 1998, the establishment of sharia business unit (sbu) bni started from 5 branch offices in yogyakarta, malang, pekalongan, jepara and banjarmasin. this stance was made on 29 april 2000. then, based on the decree of the governor of bank indonesia number 12/41/ kep.gbi/2010 dated 21 may 2010 regarding the granting of business license to pt bank bni sharia, whereby in the corporate plan sbu bni year 2000 stipulated that the status of sbu is only contemporary and will be a spin-off in 2009. so, based on the corporate plan, the spin-off can be done on 19 june 2010 with the operation of bni sharia as sharia commercial bank. (www.bnisyariah.co.id). aam s. rusydiana. spin-off policy of sharia bank 277 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 graphic 4. trend of bni sharia efficiency score the trend of efficiency score of bni sharia both technically and pure technically has experienced an increase in 2008, but it decreased in the following years, 2009 and 2010. the trend, after that, experienced an improvement in 2011. decreasing efficiency happened before the spin-off, but it takes a little time to improve the efficiency of bni sharia after the spin-off. some works of literature indicate that there are some differences in the financial condition of bni sharia before and after the spin-off. for example, the liquidity ratio is different between before and after spin-off but not significant. the fluctuations are also experienced in the solvency ratio caused by the decrease in long-term debt after the spin-off, but this can increase again. while the profitability ratio experienced a significant change because it is influenced by the separation of capital from the parent bank. bni sharia banking activities started from the establishment of sharia business unit (sbu) since 2000 and just changed to scb in 2010. this could also impact the fast growth of bni sharia efficiency shortly after the spin-off. operating as sbu since 2000 and starting spin-off preparation in 2008 and finally becoming scb in 2010 caused bni sharia to rapidly re-increase in technical efficiency as it is considered stable both in technology and human resources. bjb sharia the beginning of the establishment of bjb sharia began with the establishment of sharia business unit by pt bank pembangunan daerah jawa barat and bantentbk on 20 may 2000. as a follow up of the general meeting of shareholders (agm) of pt bpd west java and bantentbk, on the 15 january 2010, pt bank bjb sharia was established based on deed of establishment no. 4; 278 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 and was approved by the ministry of justice and human rights no. ahu.04317. ah.01.01 dated 26 january 2010. on 6 may 2010, pt bank bjb sharia started its scbiness, after obtaining license scbiness from bank indonesia number 12/629 / dpbs dated 30 april 2010. (www.bjbsyariah.co.id). graphic 5. trend of bjb sharia efficiency score the pure technical efficiency of bjb sharia’s efficiency trends was 100% stable in 2007, 2008 and 2009, respectively. after that, the efficiency trends decreased in 2010 and again increased in 2011. while the trend of efficiency score, bjb sharia technical experience experienced perfect efficiency in 2007 and 2008 but decreased in the next years until again increased in 2011 but only 82.95%. bjb sharia started the spin-off in january 2010. before the spin-off, the bank experienced a decreased inefficiency but not significant and again achieved perfect efficiency sometimes after the spin-off. as of december 31, 2010, the company’s total equity of idr 505.39 billion consisted of paid-in capital of idr 500 billion and profit of idr 5.39 billion in 2010. therefore, the capital adequacy ratio (car) bjb sharia was at the level of 31.39%. this condition certainly provides an opportunity for bjb sharia to continue to grow. nevertheless, based on information from bjb sharia’s annual report in 2010, in the implementation of banking activities, operational risks faced by bjb sharia have an increasing trend. this is due to the gradual development and the development of business units undertaken by bjb sharia after spin-off to develop the target market and market share. aam s. rusydiana. spin-off policy of sharia bank 279 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 bukopin sharia bank pt bukopin sharia bank operates on the principle of sharia originating from the consortium of pt bukopin sharia bank, tbk., the acquisition of pt bank persyarikatan indonesia by pt bukopin bank, tbk. the acquisition process was done gradually from 2005 to 2008. in 2008, after obtaining a license scbiness activities of commercial banks operating under the principle of sharia-based on the decree of the governor of bank indonesia no. 10/69 / kep.gbi / dpg / 2008 dated october 27, 2008, the name of pt bukopin sharia bank was started to be formally used on 9 december 2008. (www.syariahbukopin.co.id). graphic 6. trend of bukopin sharia bank efficiency score unlike the three sharia banks that spin-off above (i.e. bni sharia, bri sharia, and bjb sharia), the efficiency of bukopin sharia bank has increased but never reached perfect efficiency before and after spin-off during the period of this research. based on the results of bukopin sharia annual report, it can be concluded that the financial performance of bukopin sharia bank also experienced growth. as in the case of total assets, financing, acquisition of third party funds (dpk), the financial performance experienced growth both before and after the spin-off. however, the ratio, capital adequacy ratio (car) decreased, and the ratio of non-performing financing (npf) increased with the addition of total financing to third party funds in 2009. this has an impact on the lack of maximum performance of bukopin sharia bank but, still, the efficiency can be improved even though not yet reached 100%. 280 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 analysis of sharia bank industry spin-off the following is the analysis of the above findings on sharia banking efficiency evaluation, resulted from the spin-off. the efficiency of sharia-based banking will be analyzed based on the intermediation approach. variables used in this intermediation approach are deposits and assets, as input and financing variables, and income as output variables. in order to be more comprehensive, this paper will elaborate on the analysis using the ccr and bcc model. the below table shows the efficiency score of sharia banks spin-off. in addition, the table below also displays related information about rts (return to scale). table 3. results of sharia banking efficiency spin-off name of scb ccr bcc scale rts 2007-bri sharia 100 100 100 constant 2008-bri sharia 100 100 100 constant 2008-bjb sharia 100 100 100 constant 2010-bjb sharia 100 100 100 constant 2009-bri sharia 100 100 100 constant 2011-bri sharia 100 100 100 constant 2010-bri sharia 99.95 100 99.95 constant 2007-bjb sharia 93.25 100 93.25 constant 2008-bni sharia 93.88 94.86 98.97 increasing 2010-bukopin sharia 89.22 90.04 99.09 decreasing 2011-bukopin sharia 85.09 85.44 99.59 decreasing 2007-bni sharia 85.14 85.32 99.79 increasing 2009-bjb sharia 80.48 83.41 96.49 decreasing 2009-bni sharia 82.07 82.65 99.30 increasing 2009-bukopin sharia 78.44 79.13 99.13 decreasing 2011-bni sharia 76.15 76.61 99.40 increasing 2011-bjb sharia 75.53 76.22 99.09 decreasing 2010-bni sharia 67.05 67.67 99.08 increasing 2008-bukopin sharia 45.35 66.18 68.53 decreasing 2007-bukopin sharia 12.74 41.38 30.79 decreasing the efficiency ratio at dea ranges from 0-1. figure 1 indicates that efficiency is perfect while getting away from the number one means the efficiency is low. the table above shows the efficiency of sharia banks spin-off period 2007-2011. based aam s. rusydiana. spin-off policy of sharia bank 281 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 on the above table it can be seen that based on the ccr (constant) and scale model, there are 6 (six) efficient dmus, which are: bri sharia in 2007; bri sharia and bjb sharia in 2008; bri sharia in 2009; bjb sharia in 2010. in 2011, bri sharia showed perfect efficiency figures. based on the bcc model, there are 8 (eight) efficient dmus, namely bri sharia and bjb sharia in 2007; bri sharia and bjb sharia in 2008; bri sharia in 2009; and bri sharia and bjb sharia in 2010. in 2011, again, bri sharia showed perfect efficiency figures. the table above shows that among the sharia banks with a spin-off, the lowest efficiency was experienced by bukopin sharia bank in 2007, 2008 and 2009; bni sharia in and 2010. meanwhile, two dmus with the lowest efficiency level in 2011 were bjb sharia and bni sharia. this can certainly be a pr for scb that has not yet achieved efficiency to improve its technical efficiency (pure technical efficiency), overall efficiency (technical efficiency) and scale efficiency. graphic 7. trend score efficiency of sharia banking spin-off (year) in general, the above graph illustrates the comparison of technical efficiency scores, purely technical, and scale based on the total average of all sharia spin-off banks (in this case there are four sharia banks namely bni sharia, bri sharia, bjb sharia and bukopinsharia bank). in trend, there was a scale efficiency improvement in bank sharia spin-off from year to year and stable in 2010 and 2011. however, there was a decrease in technical and technical efficiency from 2008 to 2011. this means that there was a decrease in technical and pure efficiency technical on sharia banks starting from before and after the spin-off. based on the results of efficiency gains in the graph above, it can be concluded that technical efficiency is one of the managerial problems that require more output generated on a number of specific resources. during those years, especially 2009 and 2010 were the years of transfer from bank sbu to scb. consequently, the 282 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 conversion of sbu to scb was likely to greatly impact the decrease in revenue when compared with the resources used. in this case, the new scb need to work harder to earn revenue, especially in acquiring customers. graphic 8. comparison of technical efficiency score of sharia banking spin-off however, if viewed based on the comparison of technical efficiency score in trend (from year to year), it can be seen in the graph above that bri sharia is the only sharia bank that managed to achieve technical efficiency from year to year during the spin-off. three other banks (bni sharia, bukopin sharia bank, and bjb sharia), on the other hand, had a quite fluctuating efficiency achievement from year to year. bri sharia is one of the sharia banks that focuses on the lower-middle segment and has a target to become a modern retail bank with a variety of banking products and services. in 2011, bri sharia was crowned as the third-largest sharia bank by assets, in which bri sharia grew very well in terms of assets, financing and third party funds (dpk). thus, it can be concluded that either before or after spinoff bri sharia is good enough in terms of asset management, financing and dpk acquisition so as to achieve optimum trend rate efficiency. graphic 9. comparison efficiency score of pure technical sharia banking spin-off aam s. rusydiana. spin-off policy of sharia bank 283 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 similarly, the comparison of technical efficiency scores, comparison of pure technical efficiency score (year to year), also shows that bri sharia is still the only bank sharia underwent spin-off but had achieved technical efficiency from year to year while the other three banks (bni sharia, bukopin sharia bank, and bjb sharia) had a quite fluctuating efficiency achievement. graphic 10. comparison efficiency score of sharia banking scale spin-off however, it is quite different in the comparison of technical efficiency score and technical pure, comparison of score scale efficiency scores (year to year), indicating that not only bri sharia achieved scale efficiency from year to year, but also followed by bni sharia. meanwhile, the bukopin sharia bank almost achieved perfect efficiency figures in the year after the spin-off of in 2009, 2010, and 2011. bjb sharia, on the other hand, reached its efficiency in 2008 and 2010. scale efficiency is a term used to explain the decrease in cost per unit due to the addition of units produced. in microeconomic theory, economies of scale are the existence of cost-saving activities undertaken by firms when expanding. scale efficiency may occur in sharia banks as the results of spin-off activity. despite the spin-off, some of the technologies used in the sharia bank are still induced by their parent banks or conventional banks. one example is bni sharia. although bni sharia has split from conventional bni, some of the technologies from the latest are still used, such as atms. furthermore, office channelling activities with the parent bank are also maintained as one form of cost savings by the spin-off banks. theoretically, the inefficiency on a scale can only be overcome by adopting new technology or service production processes. comparative analysis of bank sharia before and after spin-off this chapter describes and analyzes the difference in efficiency before and the spin-off of four sharia banks (i.e. bni sharia, bri sharia, bjb sharia, and bukopin 284 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 11 (2), july 2019 sharia bank). the analysis employs t-test (paired-sample t-test) using efficiency score data before and after the spin-off period. the table below describes the results of the paired sample test on all four scbs based on the average number. table 4. test results paired sample t-test on scb before and after spin-off scb (spin-off) pra post condition sig paired sample test bri sharia 100.00 99.98 decrease 0.834 bni sharia 87.61 72.14 decrease bukopin sharia 53.78 84.87 increase bjb sharia 94.47 88.11 decrease the table above shows that before the spin-off, bri sharia experienced an average efficiency of 100%, but after the spin-off the average efficiency decreased to 99.98%. so it can be concluded that bri sharia decreased efficiency after the spin-off. on the other hand, before the spin-off, bni sharia experienced an average efficiency of 87.61%, but after the spin-off, the average efficiency decreased to 72.14%. it can be concluded that bni sharia has decreased efficiency after the spin-off. as for bjb sharia, it experienced an average efficiency of 94.47% before the spin-off. however, after the spin-off, the average efficiency decreased to 88.11%. it can be concluded that bjb sharia experienced a decrease in efficiency after the spin-off. however, unlike the three previous sharia banks, the bukopin sharia bank experienced an increase in average efficiency before and after the spin-off. this shows that bukopin sharia bank is able to improve its efficiency after the spin-off. however, based on the result of the paired sample t-test a significance obtained the figure of 0834 or> of 5%. it can be concluded that there is no significant difference in the efficiency of sharia banks before and after the spin-off. conclusion and suggestion this study aims to compare the impact of spin-off in four sharia banks, namely bni sharia, bri sharia, bjb sharia and bukopinsharia bank. the comparison is made on data before and after the spin-off. this study concludes that based on the total average efficiency of the four sharia banks that experienced the spin-off, there was a scale efficiency improvement from year to year; and they were stable in 2010 and 2011. however, there was a decrease in technical and technical pure efficiency aam s. rusydiana. spin-off policy of sharia bank 285 http://journal.uinjkt.ac.id/index.php/iqtishad https://dx.doi.org/10.15408/aiq.v11i2.9157 from 2008 to 2011. this means that the sharia banks experienced a decrease in technical efficiency and technical pure before and after spin-off. the industry analysis can explain that bri sharia and bjb sharia experienced a decrease in efficiency after the spin-off. meanwhile, bukopin sharia experienced increases in average efficiency before and after the spin-off. however, different test results indicate that there is no significant difference between bank sharia efficiency before and after the spin-off. based on this study, some suggestions to be proposed such as 1) spin-off means that a sharia bank is given political freedom in determining the direction of growth policy from, formerly, sharia business unit (sbu) to sharia commercial bank (scb). 2) improving efficiency after the spin-off can be done through two approaches, which are the input approach and output approach. based on the input approach, sharia spin-off bank should be able to maximize the use of third party funds (dpk) to be channelled in the form of financing to increase revenue. then, based on the output approach, sharia banks should undergo a spin-off to increase their earnings and achieve efficiency. strategies to be done by sharia banks that intended undergo a spin-off in the future are by improving service quality and product diversity, as well as socializing sharia banking products to the public so that the target of increasing revenue and growth of market share 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(ed), measuring efficiency: an assessment of data envelopment analysis, 32: 73-105. simar, leopold l & paul w wilson. 1998. “sensitivity analysis of efficiency scores: how to bootstrap in nonparametric frontier models. ”management science 44(1): 49-61. siswadi, erwinta & purwanto r nugroho. 2005. paradigma baru pengukuran efisiensi kinerja relatif berbasis pendekatan matematik, manajemen usahawan no. 06 th xxxiv juni 2005. sufian, fadzlan. 2007. “the efficiency of islamic banking industry: a non-parametric analysis with non-discretionary input variable.” islamic economic studies 14(1&2). thompson, g thompson, f d singleton, robert m thrall & barton a smith. 1986. “comparative site evaluations for locating a high-energy physics lab in texas.” interfaces 16(6): 35-49. tone, kaoru. 2001. “a slacks-based measure of efficiency in dea.” european journal of operational research, 130: 498-509. umam, khoirul. 2010. “peningkatan ketaatan sharia melalui pemisahan (spin-off) unit usaha sharia bank umum konvensional”. mimbar hukum 22(3): 607624. wahab, abdul, muhamad nadratuzzaman hosen & syafaat muhari. 2014. “komparasi efisiensi teknis bank umum konvensional dan bank umum sharia di indonesia dengan metode data envelopment analysis”. jurnal aliqtishad 6(2): 179-194. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 367 388 received: december 10, 2017; revised: february 15, 2018; accepted: march 5, 2018 state islamic university (uin) syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, banten, indonesia e-mail: muniaty.aisyah@uinjkt.ac.id doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 abstract. customers are still in doubt of its professionalism. superiority in products and service quality remains in sufficient for customer satisfaction and loyalty. the data sets in this research were analyzed by using path analysis for testing the direct impact and sobel test for indirect impact. the result shows that islamic bank service quality in indonesia impacts customer satisfaction and loyalty. however, customer satisfaction does not impact customer loyalty, both directly and indirectly. it means that customers are still dissatisfied with the services provided by islamic banks. this research recommends strategies for improving service quality and consumer confidence on the distinction of islamic banking system. keywords: islamic banks, islamic service quality, customer satisfaction, customer loyalty abstrak. nasabah masih meragukan profesionalisme perbankan syariah. keunggulan produk dan kualitas layanan merupakan hal penting yang mendasari tumbuhnya kepuasan dan dan loyalitas nasabah. data dalam penelitian ini dianalisis menggunakan analisis jalur untuk menguji hubungan langsung dan uji sobel untuk menguji hubungan tidak langsung. hasilnya menunjukkan bahwa kualitas layanan islami bank syariah mempengaruhi kepuasan dan loyalitas nasabah, namun kepuasan nasabah tidak mempengaruhi loyalitas nasabah baik secara langsung mapun tidak langsung. artinya nasabah masih belum cukup puas dengan layanan bank syariah. karenanya, penelitian ini bermaksud merekomendasikan strategi yang dapat meningkatkan kualitas layanan dan kepercayaan nasabah akan keunggulan sistem perbankan syariah. kata kunci: perbankan syariah, kualitas layanan islami, kepuasan nasabah, loyalitas nasabah how to cite: aisyah, m. (2018). islamic bank service quality and it’s impact on indonesian customers’ satisfaction and loyalty. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 367 – 388. doi: http://dx.doi.org/10.15408/aiq.v10i2.7135. islamic bank service quality and it’s impact on indonesian customers’ satisfaction and loyalty muniaty aisyah 368 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 introduction during the last three decades, islamic banking has emerged and got momentum and become a global phenomenon with warm acceptance from moslem and non-moslem customers (faisal et.al, 2016). many conventional banks, even from non-moslem countries, are providing islamic banking facilities, as example citibank, hsbc, ocbc, standard chartered, etc (akhtar and zaheer, 2014). however according to the financial stability report 2016 ifsb, despite as the country with the largest moslem population in the world, indonesia is still in the tenth rank based on the shares of global islamic banking assets after iran, saudi arabia, malaysia, uae, kuwait, qatar, turkey, bahrain and bangladesh (zamir, 2016). according to the global advisors’ islamic finance outlook report for 2016, no indonesian islamic banks were ranked in the top five largest banks based on assets in southeast asia. the performance of the islamic banking industry in indonesia has yet to satisfy the public’s expectations. for three consecutive years, the market share of the islamic banks in the country stood still at less than 5 percent. islamic banking provides products and services that conforms to sharia (islamic law) which strictly forbid not only riba (usury) or the excess interest charge such as additional charge on loan, but also forbid the involvement of other unethical activities like speculation and gambling (lajuni et.al, 2017). islamic banks are not burdened with paying interest for customer deposits. islamic banks only pay a share of profits in accordance with the profit-sharing ratios of islamic banking. with the profit-sharing system, islamic banks certainly survived the negative spread. rather than collapsed as with the conventional banks in general, the past economic and financial crisis, instead, had positive impacts on the development of islamic banks. islamic banks in indonesia comprise of 12 fully fledged islamic banks and 22 conventional banks have islamic banking windows. indonesian authorities want indonesia’s islamic banks to hold at least 15% of the market by 2023. but inreality, lots of indonesian customers are still in doubt of islamic bank service quality and professionalism because superiority in products and service quality remains necessary for customers (hidayat et.al, 2015). for customers, quality of services is viewed as the standard type of the service offered to them, how it is performed and the extent of its fulfillment to their needs, desires and hopes which requires continual service improvement (hammoud and bittar, 2016). customer satisfaction and loyalty will grow if the products and services meets with customer expectations (amin, 2011). although there are already lots of previous researches analyzing about islamic banks’ service quality, most of them still used a conventional measurement that derived from western perspective especially the five multi-dimensions of servqual (assurance, reliability, tangibles, empathy, and responsiveness) proposed 369 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality by parasuraman et.al. in 1988. unlike other financial institutions, islamic bank must fully comply with sharia. thus in its all practices, including the service quality offered by islamic bank must also appropriates to islamic principles and values. rather than applying a conventional measurement of service quality, this research will shed light on islamic perspective measurement of islamic banks’ service quality by using an instrument called carter proposed by othman and owen in 2001 that consists of six dimensionsby adding “complience” as the new dimension which will define islamic bank’s ability to operate in compliance with the principles of sharia or islamic law. as its development, in the dimension of compliance, this research will measure not only wheather the customers sure that in its practices, islamic bank is not engaged with interest based transactions, but also will measure wheather the customers sure that islamic banks always conduct financial transactions that are connected with economic activities in real sector rather than financial sector like many other conventional bank practices, or not participate in transactions that could exploit any party, and not participate in activities that are regarded as harmful to the society which are assembled within the islamic principles. therefore, this research will measure the level of islamic service quality implementation in islamic banking by using carter instrument, especially in bank syariah mandiri (bsm) in south jakarta as sample. bsm is the largest islamic bank in indonesia which from 2011 to 2014 had achived the best service quality award. however, according to the service quality index in 2015 and 2016, bsm was in the second place after bni syariah, followed by bank muamalat, bca syariah and bri syariah. in addition, most of previous researches only discussing service quality impacts on customer satisfaction or customer loyalty separately. while in this research, besides analizing islamic banks’ service quality impact on customer satisfaction and customer loyalty directly and separately, this research will also analyze its impact on customer loyalty indirectly through customer satisfactionas an intervening variable. by measuring its level of service quality and analyze its impact on customer satisfaction and customer loyalty both directly and indirectly, this research will offer recommendations and strategies for improving service quality and consumers’ confidence on the distinction of islamic banking in indonesia that is safe and fair for customers, moslem and non-moslem. literature review as the outcome of customer’s current evaluation and consumption experience, service quality is expected to have a direct and positive effect on overall customer satisfaction. the service quality concept of banking, does not differ from the concept 370 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 of service quality in general (zeithami et.al, 1996; hidayat et.al, 2015; hammoud and bittar, 2016). however, because islamic banking is accordingly to sharia, which is different from conventional banking in several ways, such as the prohibition of transactions based on interest rate and the requirement that bank operations be carried out accordingly to certain procedures through the use of certain financial instruments, it is important to pattern the compliance for islamic banking quality services (othman and owen, 2001a; akhtar and zaheer, 2014; faisal et.al, 2016). to understand customer needs of islamic banking quality service, othman and owen (2001a) developed an instrument called carter that consists of six dimensions which developed from the first five dimensions of service quality called servqual proposed by parasuraman et.al. (1988). a new dimension of “compliance” was added to define islamic bank’s ability to operate in compliance with the principles of islamic law. the six dimensions of carter are (othman and owen, 2001a; akhtar and zaheer, 2014; faisal et.al, 2016): first, compliance, refers to compatibility of bank services with islamic laws and principles; second, assurance, is the services of awareness and politeness of the workforces that employed by the islamic bank. it also comprises of all types of communication between the islamic bank workforces with customers; third, reliability, is the capacity to deliver the promised services in dependable and accurate manner; fourth, tangibles, refers to the appearance of physical components; fifth, empathy, is the ability of workforces to considerate and customize attention for customers; and sixth, responsiveness, is the ability and willingness of worforces to help customers and provide prompt services. a prompt quality services provided by islamic bank will achieve customer satisfaction. the satisfied customers share their positive experiences with others and become the source of word-of-mouth advertising. on the other hand, unsatisfied customers share negative word-of-mouth and more likely switch to other products or services. a bank needs to be aware on the satisfaction of their customers which is expected with the increase of customer using capacity (hamzah et.al, 2015). customer satisfaction represents a modern approach for quality in organizations that serves the development of a customer-focused management and culture (mihelis et.al, 2001 and hamzah, et.al, 2015). because loyalty is facilitated by customer satisfaction (kishada and wahab, 2013), customer satisfaction is a determinant for islamic banking to increase their customer value which will inculcate customer loyalty and assist the organization to be more competitive. in the absence of satisfaction, customers are unlikely to spend more on company products or services and recommend the product or services to others. many scholars has defined loyalty as a deeply-held predisposition to re 371 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality patronize a preferred brand or service consistently in the future, thereby causing repetitive same brand purchasing, despite situational influences and marketing efforts having the potential to cause switching behavior (oliver, 1999). loyalty also refers to a consumers’ commitment to repurchase a preferred product and service consistently in the future (amin, 2011). thus, customer loyalty is an intended behavior that is related to a product, service, the brand or the organization. the characteristic of customer loyalty had been categorized into four sequential phases (oliver, 1999; rai and srivasta, 2012). first, cognitive loyalty. the customer believes a product, service, the brand or the organization is superior rather than others and chooses it over others and the information about it will affect consumer buying decision. second, affective loyalty. reiterated confirmations of customer expectations lead to affective form of loyalty where a particularly favorable attitude gets developed towards the product, service, the organization or the brand. third, conative loyalty. high involvement and motives fueled by strong buying intentions will give way to the development of an intense form of loyalty. fourth, action loyalty. strong motivations that ultimately lead to actions directed by the need to remove every possible problem that might hinder the loyalty driven decision of purchasing a specific product, service, the brand or the organization. based on the literature reviews, the hypotheses in this research are (see figure 1): (1) islamic service quality directly impacts customer satisfaction, (2) islamic service quality directly impacts customer loyalty, (3) customer satisfaction directly impacts customer loyalty, and (4) islamic service quality indirectly impacts on customer loyalty through customer satisfaction. figure 1. path analysis model method this research is a field research that was done by survey and used primary data that was collected by personally administered questionnaires techniques. as instrument, the questionnaires are directly delivered and collected by the researcher 372 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 (indriantoro and supomo, 2002). the questionnaires used likert scale model that was conducted by measuring five categories of responses that requires the respondent to determine the degree of approval or disapproval of each variables (maholtra, 2009), with a weight of 5 (strongly agree), 4 (agree), 3 (neutral), 2 (disagree) and 1 (strongly disagree) (riduwan and kuncoro, 2008). this research used probability sampling technique with convenience sampling. the sample is the customers of bank syariah mandiri that located in south jakarta. to calculate the sample size of the population of indonesian customers’ islamic banking, this research used the estimations of mean value with 95% of confidence level which is obtained 96.04 samples (wibisono in riduwan and kuncoro, 2008). thus, this research will use 100 respondents as samples. after the development of instrument, the data testing was conducted by validity and reliability test, continued with normality test (ghozali, 2013). path analysis was used to analyze the patterns of relationships between variables with the aim to find out directly or indirectly influence the set of independent variables (exogenous) against the dependent variable (endogenous) (riduwan and kuncoro, 2008). if the p value is equal or less than 0.05, the statistically analysis is significant at 95% confidence level. the equation model is breakdown into two substructures as follows: y = ρyxx + ɛ₁ z = ρzxx + ρzyy + ɛ₂ every sub structure run by several test of coefficient of determination (adjusted r-square) test, simultaneously (f) test, partial (t) test. this research will also use sobel test to determine whether customer satisfaction is an intervening variabel or whether there is indirect impacts between islamic bank service qualities with customer loyalty through customer satisfaction, with a formula as follows: sp2p3 = √p3²sp2² + p2²sp3² + sp2²sp3² description: p2 : beta of islamic service quality in unstandardized coefficient column. p3 : beta of customer satisfaction in unstandardized coefficient column. sp2: standard error of islamic service quality in unstandardized coefficient column. sp3: standard error of customer satisfaction in unstandardized coefficient column. a variable called an intervening variable if the variable indirectly impact the relationship between independent and dependent variable (baron and kenny, 1986 in ghozali, 2013). the sobel test was used to test the strength of the indirect impact 373 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality of independent variables (x) to the dependent variable (z) through an intervening variable (y) (sobel, 1982 in ghozali, 2013). result and discussion this research used 50% female and 50% male respondents. based on the age, the majority of respondents (80%) are in the productive age between 18-56 years. based on the amount of income per month, the majority of respondents (66%) came from the middle economic class with income between idr 3 to 10 million per month. to measure the customer loyalty, all respondents must have been becomed customers for more than two years. the validity dan realibility tests showed that all items were valid and all variables were reliable. from normality test it can be concluded that the data is normally distributed. table 1. coefficient determination test result of sub structure i model r r square adjusted r square std. error of the estimate 1 .567a .321 .314 5.474 a. predictors: (constant), isq the calculation results of coefficient of determination (adjusted r-square) test, simultaneous (f) test and partial (t) test of sub structure i as follows: the adjusted r-square value is 0.314, it means that 31.4% of the variation of the customer satisfaction (y) can be explained by the variation of one independent variable of the islamic service quality (x), while the rest (68.6%) was explained by other causes beyond the model (see table 1). from the simultaneous hypothesis testing, the f value is 46.351 with a probability of 0.000, while from the partial hypothesis testing; the calculation of t test value was obtained 6.808 with the probability of significance 0.000 (see table 2). from the partial hypothesis testing, the calculation of t test value was obtained 6.808 with the probability of significance 0.000. with a significance level of 0.05 and degrees of freedom with df = n-2, 100-2 = 98, the number of t table is 1.664. the result of t test value (6.808) is greater than t table (1.664) with the significantcy level of 0.000 that is less than 0.05 (see table 3). thus, islamic service quality significantly impacts customer satisfaction. most of empirical studies have proposed a causal relationship between service quality and customer satisfaction. many researchers founded the fact that service quality is a sufficient measurement of customer satisfaction (hamzah et.al, 2015). customers 374 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 will satisfy if the services profided by the company meets with their expectations (amin, 2011). table 2. f test result of sub structure i model sum of squares df mean square f sig. regression 1388.744 1 1388.744 46.351 .000b residual 2936.216 98 29.961 total 4324.960 99 a. dependent variable: cs b. predictors: (constant), isq service quality is the key factor to increase customer satisfaction. the level of satisfaction is created by particular transaction between the bank and the customer as psychological condition that generats when emotional factor encourages customer expectation that is adopted from the past consumption experiences (oliver, 1981 in hidayat et.al, 2015). thus, in banking industry, service quality is an important element to gain success, to grow up and to be able to compete with competitors. however, financial services provides by banks generally undifferentiate. to become different, the bank needs to continually improve their service quality which is critical for the expansion of its market share (dahari et.al, 2015). to improve their service quality, the bank needs to measure and evaluate their service quality first. table 3. t test result of sub structure i model unstandardized coefficients standardized coefficients t sig.b std. error beta (constant) 22.599 4.569 4.947 .000 isq .810 .119 .567 6.808 .000 a. dependent variable: cs lots of previous studies used the five multi-dimensional construct of service quality called servqual proposed by parasuraman et.al. in 1988 (hamzah et.al, 2015). according to zeithaml et.al. (1996) service quality is measured as the outcome of customers’ current evaluation and consumption experience which is expected to 375 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality have a direct and positive effect on customer satisfaction in overall. parasuraman et.al. (1985) in hammoud and bittar (2016) assured that lots of researchers found many problems when they tried to interprete the measurement of service quality because they only used one dimension from their own perspective. at first in 1985, they tried to find a more suitable criteria of its measurement from customer perspectives by using a survey focus groups and found ten new criteria in evaluating service quality which were: reliability, responsiveness, tangibility, competence, access, courtesy, communication, credibility, understanding the customers, and security (hammoud and bittar, 2016). then in their earlier work, parasuraman et.al. (1988) sought to develop a general instrument of service quality measurement which they called servqual that only consists of five dimensional construct, while the other five dimensions were already imbedded in the first five dimensions. they are: tangibility (appearance of physical components), reliability (dependability of service provider and accuracy of performance), responsiveness (promptness and helpfulness), assurance (knowledge and courtesy of employees and their ability to inspire trust and confidence), and empathy (caring, individualized attention that the firm gives its customers) (hamzah et.al, 2015; hidayat et.al, 2015; hammoud and bittar, 2016). while mihelis et.al. (2001) devided customer satisfaction in to four factors which are personnel, image, services offered and accessibility. personnel includes of skills, knowledge, responsiveness and friendliness communication of the banks. image, consists of the technology excellence and ability to satisfy future needs. services offered, contains of the appearance of the bank, waiting time, service processes and an adequate information given. accessibility, comprises of the network expansion, branches location, service system and the location of the bank unlike other financial institutions, islamic bank must fully complies with sharia. thus in its all practices, including the service quality offered by islamic bank must also appropriates to islamic principles and values (othman and owen, 2001a; hassan et.al, 2012; akhtar and zaheer, 2014; hidayat et.al, 2015; faisal et.al, 2016). to understand customer needs and to improve islamic bank services and performance, othman and owen (2001a) developed a new instrument called carter for islamic service quality measurement that consists of six dimensions. this was the first time a new dimension of “compliance with islamic principles” was added along with other five dimensions of servqual which are: assurance, reliability, tangible, empathy and responsiveness (akhtar and zaheer, 2014; faisal et.al, 2016). from the results of descriptive statistical analysis, the service quality level of islamic bank in this reseach is high with 3.813 mean value. the criteria of the mean levels are: 1 to 2 is very low; 2.1 to 3 is low; 3.1 to 3.5 is average; 3.6 to 4.5 is high; 376 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 and 4.6 to 5 is very high. this high level of service quality was constructed from the six dimensions of carter. the higest construct is developed from assurance (3.940). according to customers, the awareness and the politeness of islamic bank workforces is high. they also have established a good communication with the customers. followed by tangibility (3.830) that refers to the good appearance of islamic bank physical components such as waiting room, teller desk, atm and the office appearance in overall. then followed by responsiveness (3.815), which refers to the ability and willingness of islamic bank workforces to help their customers. while both compliance and reliability are equally high (3.800). according to customers, the bank is able to operate in compliance with the islamic principles and laws. they sure that in its practices, islamic bank is not engaged with interest based transactions, conduct financial transactions which are connected with many real economic activities; not participate in transactions that could exploit any party; and not participate in activities that are regarded as harmful to the society. equal to the complience, the customers also feels that the reliability or the islamic bank commitment to provide the promised services is steady and accurate. the last is empathy (3.695). the customers feels that the islamic bank workforces are able to considerate and customize high attention to their needs. this level of islamic bank service quality equates and significantly impacts on customer satisfaction based on the results of partial hypothesis testing which means that the services profided by the islamic bank meets with customer expectation and eduquet as a sufficient measurement of customer satisfaction (amin, 2011; ali and raza, 2015). for sub structure ii, the results as follows: the amount of adjusted r-square is 0.154, it means that 15.4% of the variation of the customer loyalty (z) can be explained by the variation of two independent variables of islamic service quality (x) and customer satisfaction (y). while the rest (84.6%) explained by other causes beyond the model (see table 4). the adjusted r-square value is low, however, there are two major reasons why it can be just fine to have low r-square or adjusted r-square values. in some fields, it is entirely expected that r-square or adjusted r-square values will be low. for example, any field that attempts to predict human behavior (in this case is customer satisfaction and loyalty), typically has r-square values lower than 50%. humans are simply harder to predict than, say, physical processes. furthermore, if r-square value is low but the research has statistically significant predictors, it can still draw important conclusions about how changes in the predictor values are associated with changes in the response value. regardless of the r-square, the significant coefficients still represent the mean change in the response for one unit of change in the predictor while holding other predictors in the model constant (frost, 2013). 377 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality table 4. coefficient determination test result of sub structure ii model r r square adjusted r square std. error of the estimate 1 .414a .172 .154 2.783 a. predictors: (constant), cs, isq from the simultaneous hypothesis testing, the f value is 10.042 with a probability of 0.000 which is much smaller than 0.05 (see table 5). thus, the islamic service quality and customer satisfaction impact customer loyalty simultaneously. from the partial hypothesis testing of the impact of islamic service quality on customer loyalty, the calculation of t test value was obtained 3.138 with the probability of significance 0.002. with a significance level of 0.05 and degrees of freedom with df = n-2, 100-2 = 98, the number of t table is 1.664. the result of t test value (3.138) is greater than t table (1.664) with the significantcy level of 0.002 that is less than 0.05, thus, the islamic service quality significantly impacts the customer loyalty (see table 6). table 5. f test result of sub structure ii model sum of squares df mean square f sig. regression 155.585 2 77.793 10.042 .000b residual 751.455 97 7.747 total 907.040 99 a. dependent variable: cl b. predictors: (constant), cs, isq many researchers found out that service quality increases market share and repeated sales that ultimately leads to the customer loyalty (rust et.al, 1993 in badara et.al, 2013). a high level of service quality also enhances customer tendency to use more services, to become less price-sensitive and willing to tell others about the favorable and useful services provided by the company (kishada and wahab, 2013). from the partial hypothesis testing of the impact of customer satisfaction on customer loyalty, the calculation of t test value was obtained 0.859 with the probability of significance 0.393. with a significance level of 0.05 and degrees of freedom with df = n-2, 100-2 = 98, the number of t table is 1.664. the result of t test value (0.859) is less than t table (1.664) with the significantcy levels of 0.393 which is greater than 0.05, thus, it can be concluded that customer satisfaction does 378 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 not impact customer loyalty. it means that customer satisfaction on islamic bank is not high enough to develop customer loyalty. table 6. t test result of sub structure ii model unstandardized coefficients standardized coefficients t sig.b std. error beta (constant) 11.219 2.597 4.320 .000 isq .230 .073 .352 3.138 .002 cs .044 .051 .096 .859 .393 a. dependent variable: cs to analyse whether customer satisfaction is an intervening variable, or whether there is indirect impacts between islamic service qualities with customer loyalty through customer satisfaction, sobel test was used. with 0.05 level of significancy, the result of t test value (0.85) is less than t table (1.96), thus it can be concluded that customer satisfaction in this case is not an intervening variable. it means that there is no indirect impact of islamic service quality on customer loyalty through or which mediated by customer satisfaction. this also means that customer satisfaction on islamic bank is not high enough to develop customer loyalty, while the islamic service quality level of islamic bank is also not high enough to maintain the customer loyalty, thus, the islamic bank still has to increase their level of service quality. islamic banking provides products and services based on sharia (islamic law) that in practically forbid interest (riba) (kishada and wahab, 2013; dahari et.al, 2015; wahyuni and fitriani, 2017). besides financial intermediation, islamic banks also provide other financial services to create income diversification and added value to their customers. fee based services that given by islamic bank to their customers are divided into three groups: financial service, agent and non financial service. wakalah (financial representative), kafalah (guarantee), hiwalah (account receivable transfer), rahn (pawn) and sharf (foreign exchange) are fee based service activities under financial service group. mudharabah muqqayyadah (profit sharing activity) is fee based service under agent group. wadi’ah yad dhamanah (product or money deposit) is fee-based service under non-financial service group (hardianto and wulandari, 2016). to become competitive from the economic perspective, islamic banking have 379 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality structured products that have similar risk-return features of conventional products. while from legal perspective, this is done by using several legitimate islamic contracts to produce outcomes that replicate conventional products which are compliance with sharia (ahmed, 2014). it is necessary for islamic banks to have acreative and progressive financial engineering that still offer an efficient and competitive banking system. in fact, islamic banking industry nowadays is facing very strong competition in technology and communication systems advancement. (othman and owen, 2001a; kishada and wahab, 2013; dahari et.al, 2015; wahyuni and fitriani, 2017). therefore just like conventional banks, the superiority in products and service quality is not exception for islamic banks which will remain in sufficient for customer satisfaction and loyalty (hidayat et.al, 2015). based on the descryptive statistical testing, islamic bank still needs to increase its service quality in order to maintain customer satisfaction and creat customer loyalty. it can be done in the following manner. according to the customers, the waiting time is still too long because of some reasons which become serious problems that evoke disappointment and could lead to customer disloyalty. to improve their time management, islamic banks need to increase the number of teller and customer service counters. according to customers, sometimes even though counters have been added but the number of workforces who served in the teller or cutomer service are still lacking. this is usually happened to the sub-branch office that has recently increased to a branch office. this means that the management is still delayed in providing additional workforces. islamic banks also need to train their worforces to work faster and to be more easily understood when they serve the customers by restoring their standard of procedure with a more effective ones so it can suits with the customer needs in order to be able to compete with conventional banks’ services which already succesly manage their time management. they also need to be trained intensively and periodically, especially in order to have a deep understanding about islamic bank products. according to customers, some workforces do not understand about the difference between islamic bank products with conventional ones. another problem is, many islamic banks still use manual queuing number system which has no longer used by conventional banks. they need to change their obsolete queuing system with an advance technology which are equipped with modern devices like automatic queuing machine with digital information system. since islamic banks operate under different principles and cultures, the latest technology plays a really important role in gaining popularity for the bank among customers (othman and owen, 2001b). in addition, islamic banks should focus on improving their physical facilities in order to overcome negative perceptions and 380 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 to enhance their image among customers (thaker et.al, 2016). when builds a new bank or renovating an existing one, there are brand new considerations that all banks take into account these days. these considerations involve the level of satisfaction the clients and workforces will experience when using the bank’s facilities. several studies have been performed in the immediate environment of leading banks around the world. many banks are now trying to make their own banking environment as enjoyable as possible for everyone. from the results of these studies, the focus was shifted to combine the requirements of the clients or users with a more pleasurable overall experience when visiting their bank. in this research, the customers suggested that it is necessary for islamic bank to arrange a more comfortable waiting room with a more comfortable seats. the islamic bank location is also a problem, not all branches are located in a strategic area. it means there is still no standardization in setting a new branch location.thus, the management need to have a standard procedure in establishing a feasibility study before determining the new branch location. according to weon et.al. (2010), the branches located in the districts of higher degree centrality and closeness centrality had achieved more customers than the branches in the lower degree of centrality and closeness centrality districts. in this research, the customers prefer to choose a branch that is located closed to their offices, shooping centers, their houses, schools or colleges, and easily by passed by public transportations. islamic banks also need to expanse their networks with an advanced technology and delivery system. the traditional bank delivery system has been the branch network. modern banks, however, do not rely on the number of its branch network anymore as customers have demands for more advance and convenient delivery systems. existing literature on banking efficiency usually focus on tangible value creation such as the amount of profit gained or costs reduction. other aspect such as operation process and system efficiency in the delivery system received little attention (hooy and chan, 2014). there has been a revolution with tremendous impact on the banking products and services space with an increase in the usage of mobile gadgets, telecom, and data services at affordable rates, regulated e-commerce platforms assuring security, and the emergence of new market players with growing customer awareness and expectations (gnanmote, 2017). the use of mobile banking and electronic banking have change the nature of banking activities and provides a lot of other advantages over traditional banking delivery channels. (hooy and chan, 2014). nowdays, the world of business comprises many companies that use technology as a catalyst to offer various financial services to the end users more efficiently. this is fintech revolution. fintech is the abbreviation of financial 381 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality technology (gnanmote, 2017). fintech has been growing speedily with a global investment reported to be at usd19 billion in 2015, compared to only usd1.8 billion in 2010. the main types of services offered by fintech are peer-to-peer (p2p) lending, crowdfunding, money transfer, mobile payments and trading platforms. in addition, there are also fintech services for other sub-segments such as wealth management, insurance, etc (hasan, 2017). fintech in the banking and financial sector normally offer their services in the form of products, applications, business processes, and business models. the target for fintech in the banking and financial sector are from the consumer and commercial lending and payments space. one of the core businesses of banks and financial institutions is lending and borrowing money. traditional banks and financial institutions have provided variants of products and services in this area to their customers over the last several years. fintech entered this business to provide the facility of lending and borrowing money online which was widely accepted by lenders, borrowers, and facilitators across the globe due to its advanced security, access, promotional features, and new customer profiling techniques. the acceptance is not only from customers but also from the regulators promoting them to ensure secured transactions for the lenders on such online platforms (gnanmote, 2017). besides landing and borrowing, banks and financial institutions have been enabling their customers to make numerous payment transactions using their products and services for quite some time. after the technology boom, the area of payments was the most lucrative due to the availability of advanced mobile gadgets, easy access to various data networks, and a wide range of innovative products and applications introduced in the market by fintech to draw customer attention away from traditional to online platforms. these applications and products with their advanced integration capabilities allow customers to directly partner with merchant vendors and help in removing third-party channels to cut the associated cost for a good customer experience. many e-wallet providers have collaborated with different industry players of different segments to capture a portion of share in such market revenue (gnanmote, 2017). as a non-cash transaction tool, e-money and e-wallet are increasingly in demand by the public including in indonesia. e-money began to grow in indonesia in 2007 which is appearing in the form of chip-based that is planted on cards or other media. there are approximately nine chip-based electronic money currently available in the market: flazz bca, e-money mandiri, brizzi bri, tap cash bni, blink btn, mega cash, nobu e-money, jakcard bank dki and skye mobile money by skye sab indonesia. while e-wallet or electronic money based on server which currently available in indonesian market are: t-cash telkomsel, xl 382 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 tunai, rekening ponsel cimb niaga, bbm money permata bank, doku, and many more. based on statistical data in 2017 reported that the value of fintech transactions has reached 15 billion us dollars. the large penetration of digital technology utilization in indonesia encourages the government to make the digital economy as one of the government main focus. digital technology utilization in financial services create challenges into the way banks currently adapt to innovation. it is not exception for islamic banking and finance. according to the assistant governor of malaysia, marzunisham omar, the growth of fintech provides innovative opportunities within the entire financial sector and thus islamic fintech cannot be ignored by the islamic banking and finance industry. in the islamic finance arena, there are a few prominent islamic fintech companies among others include singapore-based kapitalboost, malaysia-based ethis kapital sdn. bhd. which operates nusakapital.com and us-based wahed invest llc in the segments of p2p lending and crowdfunding (hasan, 2017). islamic fintech is still in its early phase; nonetheless, its potential disruptions to traditional islamic banking and finance should not be underestimated. market research abu dhabi report, abu dhabi islamic bank, the largest sharia-compliant lender in united arab emirates, announced it is mulling to allocate significant financial capitals on digital technology this year. the move was planned to lower operational costs and increase revenues by having an agile branch network which depends less on humans. phil king, the head of retail banking at abu dhabi islamic bank, said that human touch is still largely important and he assured that there will be a hybrid model emerging which is digital with a human touch. their customers want to be able to do financial transactions digitally but they still want to be able to meet their relationship manager. in line with abu dhabi islamic bank, according to sanyalaksna manibhandu, the head of research at nbad securities of emirates nbd, the dubai’s greatest bank by resources, bank clients are going advanced, so banks need to tilt their item offering to suit computerized channels and create advanced channels. so digitisation with respect to the bank is being driven by client request. according to ifsb secretary-general, jaseem ahmad, there are tremendous opportunities for islamic fintech and islamic banking institutions are taking up fintech to reach out and improve the attractiveness of their products at a lower cost. also, the islamic banking and finance industry currently reaches approximately 100 million customers worldwide, however, the potential market is six times that, and this gap can also be tapped through fintech (hasan, 2017). considering the phenomenon of the emergence of islamic fintech in various parts of the world, according to sugeng, deputy governor of indonesian central bank, the 383 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality opportunities for islamic fintech in indonesia is quite large. still, it will take effort from all parties. several things that need to be concerned is the strengthening of the institutional aspects of islamic fintech infrastructure, the application of usefull and efficient islamic fintech, the socialization of islamic fintech to islamic financial institutions by fintech experts, as well as increasing public understanding in general. as reported by the world bank, with the presence of fintech, approximately two billion adults who are currently unbanked will now have access to financial solutions. moving to the southeast asian region, only 27% of the region’s 600 million people have a bank account and approximately 40% of the unbanked are muslims. this serves as an impetus for islamic fintech in addressing financial inclusion. with the availability of shariah-compliant crowdfunding and p2p financing tools, this creates opportunities for individuals and smes (small and medium enterprises) who require financing but thus far do not qualify for financing from traditional islamic banking institutions. for example in the case of singapore-based islamic fintech companyof kapitalboost, it offers smes, who are often disadvantaged in their access to funds for business expansion, short-term financing alternatives with fast and friendly approval process and at competitive rates. financing is provided through shariah-compliant structures such as murabaha, qard, wakalah, etc (hassan, 2017). overall with fintech services, it can help the unbanked to create a new form of credit history and moving from there, at the next phase they can then be served by the larger islamic banking and finance. middle east region, key islamic banking and finance jurisdictions such as bahrain, dubai and abu dhabi sees islamic fintech as a huge opportunity. bahrain has recently partnered with the singapore fintech consorsium to drive fintech development in the kingdom. the aim of the partnership is to mainly build the kingdom into becoming the region’s fintech powerhouse. other key islamic banking and finance jurisdiction such as malaysia also sees islamic fintech as an opportunity. according to al rajhi bank malaysia, islamic fintech is seen as an opportunity where with appropriate approach it will help to widen the islamic banking institutions reach and overcome its network constarians and clients’ reach. a successful innovative collaboration between fintech and islamic banking institutions in malaysia is the recent development of the investment account platform (iap) which is envisaged to become a crossborder multi-currency channel linking into regional and global economies. parallel to other fintech platforms such as crowdfunding and peer-to-peer lending, iap facilitates direct investment by investors in viable ventures of their choices, nonetheless, a key differentiating factor of iap is the roles undertaken by islamic banking institutions – it wil provide investors with direct access to a broad range 384 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 of investment opportunities, and businesses as well as islamic banking institutions with a new source of funding (hasan, 2017). all in all, islamic banking institutions including in indonesia, the country with the largest muslim population in the world, is expected to add fintech as their value to serve customer needs. by embracing these themes and creating the right foundations will allow islamic banks to disrupt their own business model rather than sit on the sidelines watching challenger models disintermediate them. islamic banks need to create new businesses within their existing structures that adapt and collaborate to meet these challenges and make better use, faster, of their enduring source of competitive advantage. conclusion customer satisfaction has a very important role to inculcate customer loyalty. in this research, the non-influential customer satisfaction toward customer loyalty indicates that islamic bank has not been able to build a strong relationship with the customers, thus hey still possible to move to another bank which offer better products and services. indirectly, the islamic service quality also has no impact toward customer loyalty through customer satisfaction, thus the service quality of islamic bank has not supported its strategy yet. this implicates that islamic bank need to re-develop policies related to the standard of business practices which the bank expects from all of its workforces accordingly to the customers needs. the objective is to make the bank as a professionally run and managed successful and profitable with high standards. islamic bank still need to make effort to increase the quality of service by improving the workforces’ performance through various training programs to increase their abilities in dealings with customers in high standards and to increase their knowledge about islamic bank products and its system. as the result, they will be able to describe the products and the system better, thus they could maintain customer confidence and satisfaction on the excellence of islamic bank that is safe and fair which will eventually build a strong customer loyalty. this research also implicates that the islamic bank need to re-develop policies related to the standard of procedure or the feasibility study in deciding a strategic branch location before opening a new one. in addition, islamic bank need to improve its infrastructure in the form of modern buildings and devices including an automatic machine queue with digital information system, a comfortable waiting room with comfortable seats, advance software and hardware, etc, to maintain and improve the efficiency of the operational and managerial of islamic bank. 385 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7135 muniaty aisyah. islamic banks service quality nowadays, the revolution of financial technology (fintech) in developed and developing countries, has slowly moved from internet banking to mobile banking and is now taking a new direction toward digital banking. the need for open innovation, collaboration, and investment in the right direction will lead traditional banks to the path of digital banking. banks should challenge this technological change positively by not being complacent and not just waiting for interest changes from regulators; rather they should work on the key strategies that can redefine banking in this new digital and competitive era. they should find ways and means to collaborate with fintech firms, start-ups, and other market players considering all the financial and regulatory implications that will keep them ahead in the race (gnanmote, 2017). the growth of fintech provides innovative opportunities within the entire financial sector, thus it cannot be ignored by islamic bank. success or failure of islamic banking in indonesia today is depended on its capabilities and policies to anticipate and react the changes in the marketplace fastly. through islamic fintech, financial transactions in islamic bank will become more automated, userfriendly and more convenient, leading 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(1996). the behavioral consequences of service quality. journal of marketing. vol. 60: 31-46. doi: https://doi. org/10.2307/1251929. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (1), january 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 53 74 received: september 22, 2017; revised: november 08, 2017; accepted: november 25, 2017 1 university college of bahrain. po box 55040, manama, kingdom of bahrain 2 central bank of bahrain. po box 27, manama, kingdom of bahrain e-mail: 1 sutan@ucb.edu.bh, 2 ali.khaled@gmail.com doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 abstract. this study aims to evaluate the islamic banks’ commitment towards sharia governance in bahrain. this study utilizes both quantitative and qualitative research methods. the survey results reveal that islamic banks in bahrain practice 7 out of 9 questions in the questionnaire, which are related to sharia governance aspects as per the accounting and auditing organization for islamic financial institutions (aaoifi)’s governance standards. the interview results also reveal that the islamic banks are practicing most aspects of sharia governance. the results of this paper can be an input for the regulator and the banks’ management to make decisions to improve sharia governance practice among islamic banks in bahrain. keywords: sharia governance, islamic banks, aaoifi governance standards abstrak. penelitian ini bertujuan untuk mengevaluasi komitmen bank syariah terhadap tata kelola syariah di bahrain. penelitian ini menggunakan metode penelitian kuantitatif dan kualitatif. hasil survei tersebut mengungkapkan bahwa bank-bank islam di bahrain mempraktikkan 7 dari 9 pertanyaan dalam kuesioner, yang terkait dengan aspek tata kelola syariah sesuai dengan standar tata kelola akuntansi dan auditor untuk lembaga keuangan islam (aaoifi). hasil wawancara juga mengungkapkan bahwa bank syariah mempraktikkan sebagian besar aspek tata kelola syariah. hasil makalah ini bisa menjadi masukan bagi regulator dan manajemen bank untuk membuat keputusan untuk memperbaiki praktik tata kelola syariah di kalangan bank syariah di bahrain. kata kunci: tata kelola syariah, bank syariah, standar tata kelola aaoifi how to cite: hidayat, s.e., & a.k. al khalifa. (2018). sharia governance practices at islamic banks in bahrain from islamic bankers’ perspective. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (1): 53 – 74. doi: http//dx.doi.org/10.15408/aiq.v10i1.5991 sharia governance practices at islamic banks in bahrain from islamic bankers’ perspective sutan emir hidayat1, ali khaled al khalifa2 54 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 introduction in the wake of the recent financial crisis, much more attention had drawn to banks’ corporate governance. the basel committee on banking supervision (bcbs) (2006) points out that effective corporate governance practices are essential to achieve and maintain public trust and confidence in the banking system. public trust and confidence are very critical to the proper functioning of the banking sector and the economy as a whole. to date, most studies focus on the developed countries, while relatively little is known about the corporate governance structure and its role in the banking sector of emerging economies (liang et al., 2013). the same case applies to the islamic financial institutions (ifis). el-gamal (2003) suggests that the activities of islamic financial institutions affect the welfare of many people and for this reason, the governance of such institutions has been under extensive scrutiny and study. corporate governance is essential in islamic banks so that their investors can have access to factual and reliable information to make well-informed decisions. however, standard corporate governance mechanisms may not be suited to the islamic banking industry since islamic banks work with equity participation, risk and profit and loss sharing arrangement that are different from the conventional banks operating environment. the islamic corporate governance based on stakeholders-oriented model (cima, 2011). this governance preoccupied with two fundamental concepts of sharia principles of property rights and contractual frameworks. sharia rules the governance of any corporation in islam where all the stakeholders including the shareholders, the management, and other stakeholders such as the employees, the depositors, and the community were involved. one of the unique governance processes of an ifi is sharia governance. sharia governance is a mechanism at the institutional, industrial and national levels that ensures an ifi only takes and uses sharia-compliant activities, products and services. sharia governance is equally important to the corporate governance since sharia governance plays a critical role in ensuring the ifi’s compliance with sharia (haqqi, 2014). the sharia supervisory board (ssb) plays a vital role in sharia governance by advising and supervising the operation of the bank to ensure that it complies with sharia principles. getting a better understanding of the sharia governance practice, it is crucial to present case studies of sharia governance practices in several countries. one of the countries that must include in these regards is the kingdom of bahrain. the country has been listed for three consecutive years by thomson reuters as one of the top hubs for islamic financial industry (hidayat, 2016). in bahrain, 113 banks are operating which consists of 76 wholesale banks, 28 retail banks, including 13 locally incorporated banks and 55 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain 15 branches of foreign banks. there are also eight representative bank offices in the kingdom. included in the above is the number of islamic banks, which is now 25 institutions consisting of 6 retail banks and 19 investment banks. the total assets of these 25 islamic banks have been growing steadily to reach usd 25.7 billion by the end of 2016. this data represents around 13.3 percent of the total banking market share, which stood at usd 192.7 by the end of 2016. in bahrain, all islamic financial institutions are required by the central bank of bahrain (cbb) to adopt the accounting and auditing organization for islamic financial institutions (aaoifi) standards that include the governance standards. as a consequence, all ifis including islamic banks must conduct a periodic sharia review and audit. given the importance of sharia governance and bahrain’s position as one of the islamic financial centers, this study aims to evaluate the level of islamic banks’ commitment towards sharia governance in the kingdom of bahrain as per the aaoifi standards. in other words, this study intends to answer the research question of “what is the level of islamic banks’s commitment in bahrain towards sharia governance?”. this study is significant because it gives an input to islamic banks’ stakeholders to make strategic decisions with regards to their relationship with the banks. the existence of an effective sharia governance practice in bahrain is essential to assure the stakeholders of islamic banks in the kingdom that their banks are compliant with sharia in all their activities, transactions, products and services. therefore, this study is expected to give input for the cbb to set up rules and regulation that can enhance sharia governance practice in the kingdom. this review is also beneficial for the management of islamic banks in bahrain to identify areas of sharia governance that need an improvement. the standard setter like the aaoifi as an input to enhance its governance standards might use this study. this study also adds value to the literature since to the best knowledge of the researchers; no prior study presents sharia governance practices in bahrain. literature review concept of sharia governance until the islamic financial services board (ifsb) issued its guiding principles on sharia governance system in the institutions offering islamic financial services (ifsb-10) in 2009, there is no formal definition of sharia governance (kassim et al., 2013; haqqi, 2014). the ifsb defines sharia governance as a set of institutional and organizational arrangement through which an ifi makes sure that there is an effective independent oversight of shari’ah compliance over its activities (kassim et al., 2013). on the other hand, aaoifi doesn’t define the sharia governance in 56 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 its standards. however, it has seven governance standards where most of them are very much related to sharia governance (kassim et al., 2013). the seven governance standards of the aaoifi are (aaoifi, 2010): first, sharia supervisory board: appointment, composition, and report. second, sharia review. third, internal sharia review. fourth, audit and governance committee for islamic financial institutions. fifth, independence of sharia supervisory boards. sixth, the statement on governance principles for islamic financial institutions. seventh, corporate social responsibility conduct and disclosure for islamic financial institutions. the discussion on how most aspects of the above standards related to sharia governance presented in the following paragraphs. governance standard no. 1 of the aaoifi defines a sharia supervisory board (ssb), its appointment, composition, terms of engagement, and its dismissal (haqqi, 2014). the aaoifi defines the ssb as an independent body composing of scholars in islamic commercial jurisprudence (aaoifi, 2010). the body is very crucial in the sharia governance system since it directs, reviews, and supervises the activities of ifis to ensure the ifis are sharia compliant. given its importance, all ifis must have formal and informal arrangements on how the ssb is directed, managed, and controlled. for the appointment of ssb members, it is essential for the islamic banks to ensure that the members are independent in the sense that they do not have significant shares in the banks and they are not the directors of the banks (haqqi, 2014). the shareholders of the bank appoint the ssb members during the annual general meeting upon recommendation made by the board of directors. the aaoifi suggests that the ssb should have a minimum of three members who specialized in islamic commercial jurisprudence (fiqh muammalah). the aaoifi governance standards also mention that the ssb may include an expert in the field of islamic financial institutions with the knowledge of fiqh muammalah as a member of the ssb to help other members of the ssb by providing them with direction, guidance, and supervision of ifis’ activities (aaoifi, 2010). governance standard no. 2 of the aaoifi discusses the mechanism of sharia review. sharia review can define as a test on the degree of compliance of an ifi with sharia in its activities that include the contracts, policies, agreements, memorandum, and articles of associations, products, transactions, and other necessary documents. the ssb is responsible for conducting the sharia review and expressing its opinion regarding the degree of compliance of the ifi with sharia. however, it is important to note that the responsibility of sharia compliance is still in the hand of the ifi’s management. in conducting a sharia review, it is crucial for the ssb to plan the review procedures, implement the systems well, and accomplish the sufficient quality control policies and procedures (kassim et al., 2013). 57 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain governance standard no. 3 of the aaoifi presents the internal sharia review guidelines. the internal sharia review is a vital organ of sharia governance that ensures the management of an ifi is taking care its responsibility related to sharia compliance. internal audit or control department within an ifi such as an islamic bank conducts typically it. the head of the department is directly reporting to the board of directors of the ifi (kassim et al., 2013). the internal sharia review department should have sufficient staff that is knowledgeable, well educated, and well trained in conducting the review. like the sharia review that led by the ssb, internal sharia review also starts with proper planning and ends with a conclusion. it is important to note that internal sharia review staff must have access to all necessary documents without any restrictions. for that purpose, each ifi including islamic banks must have a charter that specifies the purpose, authority, and responsibility of the internal sharia department. this is very important to ensure the effectiveness of the internal review (aaoifi, 2010). governance standard no. 4 of the aaoifi elaborates the formation of audit and governance committee (agc) of for ifis. this committee has several functions namely preserving the reliability of the financial reporting processes, protecting all stakeholders’ interests, giving extra assurance on the reliability of financial information presented to the board of directors, and becoming a bridge between the management of ifis and their stakeholders (kassim et al., 2013). this is also another essential organ of the sharia governance system. governance standard no. 5 of the aaoifi stresses the importance of ssb members’ independence. the aaoifi defines independence as an attitude of mind that does not allow the viewpoints and conclusions of its possessor to become reliant on or subordinate to the influences and pressures of conflicting interests (aaoifi, 2010). the ssb independence is very crucial for an effective sharia governance practice to take place. also, public confidence on the ifis is at stake when there is doubt in the independence of ssb members. the next subsection elaborates some previous studies in the area of sharia governance. previous studies on sharia governance review of the literature reveals that some earlier studies discuss sharia governance and standardization at ifis. this subsection presents some of the latest former studies that examine the topic. for example, farook and farooq (2011) identify the challenges in the implementation of sharia governance for islamic finance. the conceptual paper argues that lacking a universal framework for sharia governance is one of the significant difficulties by this study. another problem pointed out by the study is the multiple conflicts of interests as a result of most 58 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 of international respected sharia scholars are sitting in various ssbs of ifis. the situation might pose a threat to the independence of the ssb members. ahmed and khatun (2013) evaluate the level of compliance of 17 islamic banks in bangladesh with the aaoifi sharia governance standards. using secondary data to derive the inferences. the study concludes that none of the 17 islamic banks in bangladesh is fully compliant with aaoifi governance standards. comparing full-pledged islamic banks with islamic windows. it found that fullpledged islamic banks are more docile than the islamic windows to the aaofi governance standards. it also noted that there is no uniformity in the way the ssb report prepared among the 17 banks. therefore, the level of compliance of islamic banks in bangladesh with aaifi sharia governance standards needs to be enhanced for a better transparency and minimizing sharia compliance risk. hamza (2013) compare between decentralized sharia governance framework as practiced in the gulf cooperation council (gcc) countries and the centralized sharia governance framework as practiced in malaysia. by using qualitative research approach, this study reveals that the centralized sharia governance framework is more effective than decentralized sharia governance framework since the former more effective in ensuring the independence of the ssb in their supervision and the consistency of sharia ruling. kasim et al. (2013) compare between sharia governance guidelines framework of the aaoifi, ifsb, and bnm. by using document analysis approach, the study finds that all the three sharia governance guidelines frameworks are not comprehensive enough. for example, only the ifsb sharia governance guidelines framework defines sharia governance. in term of the discussion on the importance of sharia review and audit functions, the aaoifi sharia standards provide much more details analysis than the other two guidelines. in term of sharia risk management and research function, only bnm sharia governance guidelines framework discusses the topics. therefore, a common comprehensive sharia guidelines framework needs to develop which will use as a single reference for islamic finance stakeholders. shafii et al. (2013) examine the impacts of the sharia audit requirements on sharia committee function after the implementation of the new sharia governance framework of bank negara malaysia. in-depth interview conducted and used a single case study method; the study concludes that the sharia audit function has an added value in ensuring the compliance towards the sharia principles. haqqi (2014) provides a qualitative appraisal of the sharia governance at islamic financial institutions. reviewing the ifsb-10 “guiding principles on sharia governance systems in institutions offering islamic financial services” and other sharia governance guidelines and standards, the study concludes that there is a need of 59 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain having a harmonized sharia governance rules to enhance transparency within islamic financial industry and to boost the public trust in ifis. the study recommends sharia governance reforms using a unification-based approach of islamic legal system and convention to create a harmonized sharia governance rules. bnm (2014) publishes a report highlighting the importance of standards harmonization within global islamic financial industry. the report believes that standards harmonization including sharia harmonization will boost the development of the industry into the higher stage and improve sharia governance practices at ifis. in the story, it highlighted that one of the benefits of sharia harmonization is boosting the investors’ and consumers’ confidence towards islamic financial institutions (ifis). also, the report also believes that sharia uniformity can help ifis in their operational practices, product innovation, and sharia governance practices. the report also highlights that even though there are efforts by multilateral bodies like the aaoifi and ifsb on sharia harmonization, the challenge is how to convince the member countries of those institutions to adopt a common global standard while the current existing standards in each country are different from each other. waemustafa and abdullah (2015) empirically test the association between the effectiveness of sharia supervisory board (ssb), their remuneration and mode of financings of islamic banks in malaysia. a 9 attributes index has been used to score the effectiveness of ssb, which applied, to 18 islamic banks operating in malaysia during 2012-2013. the study finds that there is no a significant relationship between the effectiveness of ssb and islamic banks’ mode of financings. however, there is a significant positive relationship between ssb remuneration, bank’s financial growth and the islamic banks’ mode of financings. since the dominant mode of financing is bai’ bithaman ajil and it has been becoming the biggest financing for about 25 years. the study concludes that there is no serious effort made by islamic banks’ management to shift to profit and loss sharing and there is no imposition made by the ssb in this regard since the ssb members’ remuneration is positively related to the bba. therefore, there could be an issue of the independence of ssb members within islamic banking industry in malaysia hidayat (2017) highlights several benefits and challenges of having a universally accepted sharia standard. using library-based method and the semistructured interview with 3 sharia scholars, the study reveals that the application of a common sharia standard like the aaoifi standard across jurisdictions will undoubtedly improve the sharia governance practices within islamic financial industry. however, the stakeholders of islamic finance to apply the common standard successfully must overcome several challenges. therefore, the stakeholders of islamic finance should collaboratively put this proposal into practice and work 60 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 together to tackle the obstacles to advance the industry to a higher level. the above previous studies highlight some challenges in the sharia governance at ifis. also, most studies underline the importance of having a common sharia governance standards, guidelines, and rules for all ifis. the previous reviews also highlight the need for sharia governance reforms and enhancement of the existing sharia governance standards. it is important to note that none of the earlier studies evaluates the sharia governance practices at islamic banks in bahrain. therefore, this study fills the gap in the literature of sharia governance by examining the level of islamic bank’s commitment towards sharia governance requirements in bahrain. method this study is a descriptive research by using both quantitative and qualitative research methods to achieve the research objective. the study utilizes a survey questionnaire and semi-structured interview as its research instruments to collect the opinion of islamic banks’ employees and sharia scholars in bahrain on the commitment of their banks towards sharia governance. the questionnaire consists of two parts. the first part is the demographic characteristics of the respondents that consist of gender, age, and education. the second part consists of 9 yes or no questions related to the commitment of islamic banks in bahrain towards sharia governance with a chance to give comments for each question. the nine questions are adopted based on the aaoifi governance standards and the previous studies (aaoifi, 2010; kassim et al., 2013; haqqi, 2014). there are: first, are the aaoifi governance standards and the ifsb’s guiding principles on sharia governance system adopted as the guidelines for sharia governance at your bank? second, does the bank publish a chart, which explains its governance structure including the sharia supervisory board? third, does your bank have a written policy that sets out the ssb members’ appointment, composition, selection, and dismissal? fourth, are the rulings of ssb at your bank legally binding? fifth, does ssb play supervisory and advisory roles on sharia matters in your bank? sixth, are the members of ssb independent? seventh, does your bank have written policies on sharia review procedures, quality assurance, and the report? eight, do the ssb members at your bank have access to all records, transactions, and information to conduct the sharia review? ninth, does your bank have a charter that specifies the purpose, authority, and responsibility of the internal sharia review department or unit? for the interview, besides the above yes or no questions, there are five openended questions asked of the sharia scholars: first, what is the current landscape of sharia governance in bahrain? second, what are the relevant laws related to sharia governance in bahrain? third, who are the essential stakeholders of sharia governance 61 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain in bahrain? fourth, is there any legal case in bahrain that has implications for sharia governance? fifth, what are the challenges faced by islamic banks in bahrain in sharia governance practice? two hundred islamic banks’ employees in bahrain participated in the survey. they are selected using a snowball-sampling technique where each respondent is requested to forward the questionnaire to his/her colleagues at work. all the respondents are employees of islamic banks in bahrain. also, two sharia scholars in bahrain namely shaikh essam ishaq and mohammed burhan arbouna were interviewed. the research employed the descriptive statistics and analysis to identify the frequency distribution percentage of the responses. result and discussion this section presents the results of the survey. this part consists of 3 subsections namely the demographic profiles of the respondents, the respondents’ answers to the nine questions related to sharia governance practices of islamic banks in bahrain, and the answers of the two sharia scholars to the nine yes or no questions plus six open-ended questions. table 1. demographic profiles of the respondents frequency percent gender male 120 60.0 female 80.0 40.0 total 200 200.0 age 18-30 72 36.0 31-45 80 40.0 46-65 48 24.0 total 200 100.0 education high school 28 14.0 diploma 40 20.0 bachelor degree 76 38.0 post-graduate degrees (masters or ph.d.) 44 22.0 not specifying 12 6.0 total 200 100.0 62 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 from 200 respondents participated in the survey, 120 of them or 60% are male while the remaining 80 respondents are female. i term of age, the majority of respondents is 31-45 years old which represents 40% of the total respondents. the respondents whose age is in the 18-30 years old category that describes around 36% of the total respondents follow it. the least number is the respondent in the age group of 46-65, which represents approximately 24% of the total respondents. in term of education, the majority of the respondents is bachelor degree holders who represent 38% of the total respondents. 44 respondents (22%) have post-graduate degrees (masters or ph.d.). 28 respondents (14%) are high school graduates, and 12 respondents (6%) did not specify their educational background. from the demographic profile of the respondents, it can be concluded that the sample of this survey represents almost all categories of islamic banking workforce in bahrain. additionally, the majority of the respondents is well educated. thus, it qualifies them to participate in this survey. table 1 summarizes the demographic profile of the respondents participated in this study. respondents’ answers to the sharia governance questions this subsection reveals the respondents’ answers to each 9 sharia governancerelated questions. for question no.1, “are the aaoifi governance standards and the ifsb’s guiding principles on sharia governance system adopted as the guidelines for sharia governance at your bank?”, 148 respondents (78%) answered ‘yes” to the question. in the comment section, the majority of the respondents is aware of the aaoifi governance standards but, some of them are not aware of the ifsb’s guiding principles. this is probably because of the mandatory rule imposed by the cbb on all islamic banks to adopt the aaoifi standards. however, there are around 52 respondents that answered “no” to the questions that might cause by their lack of knowledge in the governance practice at their respective islamic banks. table 2 below summarizes the answers of the respondents to the question. table 2. summary of the respondents’ answers to question no. 1 question yes no frequency percent frequency percent are the aaoifi governance standards and the ifsb’s guiding principles on sharia governance system adopted as the guidelines for sharia governance at your bank? 148 78.0 52 22.0 63 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain for question no. 2, “does the bank publish a chart, which explains its governance structure including the sharia supervisory board?”, the majority of the respondents surprisingly answered “no” to this question. 128 respondents (64%) is not aware of any publication of the chart. when the researchers checked on some islamic banks’ websites, it found that the chart is available in the annual report of the banks. most islamic banks’ employees might not notice the chart. this is probably the reason why most of the respondents are not aware of the chart. on the other hand, 72 respondents (36%) answered, “yes” to the question. it means they are aware of the chart. probably, those respondents are holding the managerial position in their banks, and they have seen the chart in one of the banks’ documents. table 3 summarizes the respondents’ answers to the question. table 3. summary of the respondents’ answers to question no. 2 question yes no frequency percent frequency percent does the bank publish a chart, which explains its governance structure including the sharia supervisory board? 72 36.0 128 64.0 for question no. 3, “does your bank have a written policy that sets out the ssb members’ appointment, composition, selection, and dismissal?’, 120 respondents or 60% answered “yes” to the question while the remaining 80 respondents or 40% answered ‘no”. it means islamic banks in bahrain do have a written policy that sets out the ssb members’ appointment, composition, selection, and dismissal. this is a requirement as per the aaoifi governance standard no. 1. those respondents that are not aware of the policy might be due to the lack of knowledge in the matter. table 4 presents the summary of the respondents’ answer to this question. table 4. summary of the respondents’ answers to question no. 3 question yes no frequency percent frequency percent does your bank have a written policy that sets out the ssb members’ appointment, composition, selection and dismissal? 120 60.0 80 40.0 64 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 for question no. 4, “are the rulings of ssb at your bank legally binding?”, most respondents answered “no” to this question. 150 respondents believe that the ssb’s rulings are not legally binding. in the comment section, some respondents mentioned that they are of the opinion that the rulings are only “persuasive,” not binding. this is apparently not in line with the aaoifi governance standard, which mentions that the ssb’s rulings shall be binding on the islamic banks. table 5 summarizes the answers of the respondents to the question. this is probably because of the lack of knowledge or low level of awareness of this aspect of sharia governance. table 5 presents the summary of the respondents’ answer to this question. table 5. summary of the respondents’ answers to question no. 4 question yes no frequency percent frequency percent are the rulings of ssb at your bank legally binding? 50 25.0 150 75.0 for question no. 5, “does ssb play supervisory and advisory roles on sharia matters in your bank?”, 132 respondents (66%) answered “yes” to the question. it means the majority of the respondents are aware of the roles of the ssb in their respective banks. however, there are 68 respondents (34%) who answered “no’ to the question. in the comment section, those who answered no some of them think that the ssb plays the executive role instead of advisory and supervisory roles. table 6 presents the summary of the respondents’ answers to the question. table 6. summary of the respondents’ answers to question no. 5 question yes no frequency percent frequency percent does ssb play supervisory and advisory roles on sharia matters in your bank? 132 66.0 68 34.0 for question no. 6, “are the members of ssb independent?”, the majority of the respondents or 116 of them answered “yes” to the question. this represents around 58% of the total respondents. this is in line with the aaoifi governance standard no. 1 which states that the ssb members must be independent of the banks. however, 84 respondents answered “no” to the question. in the comment 65 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain section, some respondents mentioned that the members of ssb of their banks are the international respected sharia scholars who sit on the boards of several islamic banks around the world. this is probably why some respondents questioned their level of independence. table 7 gives the summary of the respondents’ answers to the question. table 7. summary of the respondents’ answers to question no. 6 question yes no frequency percent frequency percent are the members of ssb independent? 116 58.0 84 42.0 for question no. 7, “does your bank have written policies on sharia review procedures, quality assurance, and the report?”, very high percentage of the employees (86%) answered “yes” to the question indicating their agreement to sharia governance practices at their banks. however, a small minority of the employees (14%) or 28 respondents answered “no” which might be due to their lack of knowledge towards the practices. table 8 summarizes the respondents’ answers to question no. 7. table 8. summary of the respondents’ answers to question no. 7 question yes no frequency percent frequency percent does your bank have written policies on sharia review procedures, quality assurance and the report? 172 86.0 28 14.0 for question no. 8, “do the ssb members at your bank have access to all records, transactions, and information to conduct the sharia review?”166 respondents or 83% of them answered, “yes” indicating their awareness of the practice of this aspect of sharia governance at their respective banks. however, 28 respondents or 14% of the respondents answered “no” indicating their lack of awareness of the practice of the aspect of the sharia governance at their essential banks. there is no further comment from the respondents for this question. table 9 summarizes the respondents’ answers to question no. 8. 66 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 table 9. summary of the respondents’ answers to question no. 8 question yes no frequency percent frequency percent do the ssb members at your bank have the access to all records, transactions and information to conduct the sharia review? 166 83 34 17.0 for question no. 9, “does your bank have a charter that specifies the purpose, authority, and responsibility of the sharia internal review department or unit?”, most respondents (160 or 80%) answered “yes” indicating the practice of this aspect of sharia governance at their respective banks. however, there are 40 respondents or 20% of them that answered “no” to the question probably due to the lack of awareness. in the comment section, some respondents mentioned that their banks have a charter that specifies the purpose, authority, and responsibility of the sharia internal review department or unit. table 10 summarizes the respondents’ answers to question no. 9. table 10. summary of the respondents’ answers to question no. 9 question yes no frequency percent frequency percent does your bank have a charter that specifies the purpose, authority, and responsibility of the sharia internal review department or unit? 160 80 40 20 the survey results indicate that from the perspective of islamic banks’ employees, islamic banks in bahrain have been practicing most aspects of the sharia governance as per the governance standards of the aaoifi. it can show from their answers to the 9 sharia governance-related questions where the majority of the respondents answered “yes” to 7 out of 9 questions in the questionnaire. only in the two questions namely “does the bank publish a chart, which explains its governance structure including the sharia supervisory board?”, and “are the rulings of ssb at your bank legally binding?”, the majority of the respondents answered “no.” these results need particular attention since they might be due to the lack of knowledge or the islamic banks have not widely practiced probably a specific aspect of sharia governance in bahrain. to get a better understanding of the practice of sharia governance among islamic banks in bahrain, the next subsection presents the interview results with the sharia scholars. 67 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain interview results as it has mentioned earlier, 2 sharia scholars namely shaikh essam ishaq and mohammed burhan arbouna interviewed to get a better understanding of sharia governance practices among islamic banks in bahrain. the results of the interview presented in the next paragraphs. shaikh essam mohammed ishaq during the interview, shaikh essam ishaq’s answers to the 9 yes or no questions can be summarized by table 11. table 11. shaikh essam ishaq’s answers to the 9 sharia governance questions no statement answer (yes or no) 1 are the aaoifi governance standards and the ifsb’s guiding principles on sharia governance system adopted as the guidelines for sharia governance at your bank? yes 2 does the bank publish a chart, which explains its governance structure including the sharia supervisory board? yes 3 does your bank have a written policy that sets out the ssb members’ appointment, composition, selection and dismissal? yes 4 are the rulings of ssb at your bank legally binding? yes 5 does ssb play supervisory and advisory roles on sharia matters in your bank? yes 6 are the members of ssb independent? yes* 7 does your bank have written policies on sharia review procedures, quality assurance and the report? yes 8 do the ssb members at your bank have the access to all records, transactions and information to conduct the sharia review? yes 9 does your bank have a charter that specifies the purpose, authority, and responsibility of the sharia internal review department or unit? yes** *the degree of independence is still in question given most of the sharia scholars are still sitting in many ifis. **there is a written document but not sure it is called a charter. based on shaikh essam ishaq’s answers, it can be concluded that islamic banks in bahrain have practiced most aspects of sharia governance at least in the context of al-baraka islamic bank where he is currently attached. however, there are some comments and points that he raised with regards to the practice. first, with regards to the independence of ssb members, he is in the opinion that even though the 68 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 members still considered as independent, the degree of autonomy is always in question since there is no necessary mechanism at the central regulatory and authority level to ensure the level of autonomy of ssb members. with multiple representations in many islamic banks’ board, the level of independence of ssb members should be monitored. second, about a charter that specifies the purpose, authority, and responsibility of the sharia internal review department or unit, there is a reference or a written document that specifies the purpose, authority, and responsibility of the sharia internal review department or unit. however, shaikh essam ishaq is not sure whether the reference can be called a charter or not since he is not a legal specialist. last, with regards to the written policy that sets out the ssb members’ appointment, composition, selection, and dismissal, shaikh essam ishaq mentioned that there are terms of reference used by the islamic banks in bahrain with regards to the appointment, composition, selection, and removal of ssb members. comparing shaikh essam ishaq’s answers to the answers of islamic banks’ employees participated in the survey, it can be concluded that most of the answers are the same except for the answer to question no. 2 and no. 4. with regards to question no. 2, even though the majority of islamic banks’ employees are not aware of the chart, shaikh essam ishaq’s answered, “yes” to the question. he mentioned that al-baraka islamic bank provides the chart on its website. referring to the bank’s website, it is found that in the bank’s annual report, there is a chart showing the bank’s governance structure. there is a possibility that the islamic banks’ employees are not aware of it. therefore, the islamic banks in bahrain need to pay attention to this aspect of sharia governance. with regards to question no. 4, shaikh essam ishaq mentioned that ssb’s rulings are legally binding and not persuasive as per the opinion of islamic banks’ employees. the lack of knowledge that the islamic banks’ employees have in these regards needs to be addressed by the banks and other islamic finance stakeholders in the kingdom. for the 5 open ended questions, shaikh isam ishaq’s answers are presented as follows: question 1 : what is the current landscape of sharia governance in bahrain? answer 1 : with regard to the effectiveness of aaoifi governance standards application, at the current stage, the standards are still not yet at the stage of legally binding to all ifis in bahrain. the standards are still used as guidance. there is a need of further discussion between all stakeholders including the industry practitioners on how to improve the standards and make the standards legally binding to all ifis in bahrain. question 2 : what are the relevant laws related to sharia governance in bahrain? 69 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain answer 2 : there are no specific laws related to sharia governance in bahrain. there is only a directive regarding the practice issued by the regulatory authority. question 3 : who are the important stakeholders of sharia governance in bahrain? answer 3 : the most important stakeholder is the regulator which is in this case is the central bank of bahrain (cbb), the second most important stakeholder is the islamic banks themselves in the senses of the management, the shareholders, the sharia supervisory board and the external sharia reviewers and/or auditors of the banks which is a new trend within islamic financial industry. question 4 : is there any legal case in bahrain that have implications for sharia governance? answer 4 : shaikh isam is not aware of any legal case in bahrain that have implications for sharia governance. question 5 : what are the challenges faced by islamic banks in bahrain in sharia governance practice? answer 5 : the main challenge is the issue of objectivity and the independence of various stakeholders such as the internal sharia audit department, sharia supervisory board of each bank, and sharia boards of the central banks. mohammed burhan arbouna (sharia scholar no. 2) with regards to the 9 “yes or no” questions, arbouna’s answers are summarized in table 12. based on table 12, it can be concluded that all aspects of sharia governance mentioned in the interview questions are practiced by islamic banks in bahrain at least in the context of al-salam bank where arbouna is currently attached. however, for question no. 4, arbouna pointed out during the interview that the ssb’s rulings are binding by theory indicating there might be a deviation in practice. the answer of arbouna might explain why the majority of islamic banks’ employees participated in the survey answered “no” to question no. 4. they further argued in their comments that the ssb’s rulings are “persuasive” instead of “binding.” obviously, more investigation in this aspect is needed. regulator and islamic banks in bahrain need to pay special attention in this regard. with regards to question no. 2, even though the majority of islamic banks’ employees are not aware of the chart, arbouna answered, “yes” to the question. referring to al-salam bank’s website, the chart is available in the annual report of the bank. therefore, the islamic banks in bahrain should address the lack of knowledge of the employees in these regards. 70 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 table 12. dr. arbouna’s answers to the 9 sharia governance questions no statement answer (yes or no) 1 are the aaoifi governance standards and the ifsb’s guiding principles on sharia governance system adopted as the guidelines for sharia governance at your bank? yes 2 does the bank publish a chart, which explains its governance structure including the sharia supervisory board? yes 3 does your bank have a written policy that sets out the ssb members’ appointment, composition, selection and dismissal? yes 4 are the rulings of ssb at your bank legally binding? yes* 5 does ssb play supervisory and advisory roles on sharia matters in your bank? yes 6 are the members of ssb independent? yes 7 does your bank have written policies on sharia review procedures, quality assurance and the report? yes 8 do the ssb members at your bank have the access to all records, transactions and information to conduct the sharia review? yes 9 does your bank have a charter that specifies the purpose, authority, and responsibility of the sharia internal review department or unit? yes *binding by theory regarding to the 5 open ended questions, dr arbouna’s answers are presented as follows: question 1 : what is the current landscape of sharia governance in bahrain? answer 1 : there is a lot of developments in this area given bahrain’s status as one of the islamic financial hubs. question 2 : what are the relevant laws related to sharia governance in bahrain? answer 2 : until the time the interview took place, there are no relevant laws in the kingdom related sharia governance. therefore, there is a need to create it. question 3 : who are the important stakeholders of sharia governance in bahrain? answer 3 : the important stakeholders to the sharia governance are the public and the regulatory authorities. the public put their money in the islamic banks because they want to comply their financial transactions with sharia. while the regulatory authorities such as the central bank of bahrain are mandated to ensure all islamic banks in the kingdom are sharia compliant. therefore, they want to make sure the sharia governance takes place within islamic financial industry. 71 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain question 4 : is there any legal case in bahrain that has implications for sharia governance? answer 4 : until the interview took place, there is no legal case in bahrain so far that have implications for sharia governance. question 5 : what are the challenges faced by islamic banks in bahrain in sharia governance practice? answer 5 : dr. arbouna is in the opinion that the lack of broad-based governance standards as a major challenge faced by islamic banks in bahrain in the practice sharia governance. discussion based on the survey and interview results, it can be concluded that islamic banks in bahrain are committed towards most aspects of sharia governance requirements as per the aaoifi governance standards. however, it is important to note that the aaoifi governance standards are still not legally binding to islamic banks in bahrain to follow. the standards only serve as guidance or guidelines for the banks for their sharia governance practice. both scholars reveal that there is a lack of broad-based governance standards that requires further discussion between all stakeholders including the industry practitioners on how to improve the current aaoifi governance standards to make the standards legally binding to all ifis in bahrain. this is actually in line with the findings of farook and farooq (2011), who mentioned that lacking universally acceptable sharia governance standards is one of the most significant challenges facing the islamic financial industry. kassim et al. (2013), who mentioned that the currently available governance standards or sharia governance guidelines frameworks are not comprehensive enough? thus, a standard broad sharia guidelines framework needs to develop. haqqi (2014) who mentioned that sharia governance reforms are required to create a harmonized sharia governance rules for ifis and hidayat (2017) who suggested that the application of a common standard like the aaoifi standards across jurisdictions would undoubtedly improve the sharia governance practices within islamic financial industry. therefore, the cbb has to make sure that a common sharia governance framework is to follow in the future. another critical note to highlight is the absence of specific laws related to sharia governance in bahrain. currently, there is only a directive regarding the sharia governance practice issued by the regulatory authority. to address this issue and the issue of lacking a common standard, the cbb has come out with a new sharia governance module, which will be implemented, in early 2018. the 72 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 implementation of the new module could be the answer to this challenge. with regards to the independence of ssb members, the survey and interview results reveal that ssb members are independent. however, there are comments from some islamic banks’ employees and a sharia scholar in this regard. islamic banks’ employees mentioned that many members of ssb of the islamic banks in bahrain are international respected sharia scholars who sit on the boards of several islamic banks around the world. the situation has made some respondents to question their level of independence. also, shaikh essam ishaq is in the opinion that even though the members still considered as independent, the degree of independence is still in question since there is no necessary mechanism at the central regulatory and authority level to ensure the level of autonomy of ssb members. this finding is somehow in line with the argument of farook and farooq (2011) who mentioned that the multiple representations of most sharia scholars in the ssb might pose a threat to the independence of the ssb members. therefore, it is vital for all islamic finance stakeholders to pay attention to this aspect since ahmad (2014) argue that effective ssb is critical mainly in harmonizing the sharia governance framework for islamic banks and one of the reflections of an effective ssb is its independence. comparing the survey and interview results, it can be seen that both islamic banks’ employees and the two sharia scholars are in the same opinion in most aspects of sharia governance practice by islamic banks in bahrain. however, there are two aspects where the survey results are different from the interview results. first, with regards to the chart that explains its governance structure including the sharia supervisory board. while the majority of islamic banks’ employees participating in the survey are not aware of it, both sharia scholars are sure that their islamic banks had the chart and made it available on the banks’ websites. second, with regards to the position of ssb’s rulings, the majority of the respondents are of the opinion that the rulings are not legally binding and they are persuasive. on the other hand, both sharia scholars are of the opinion that the ssb’s rulings are binding at least by theory. therefore, the above two aspects require more attention of islamic banking regulator, management of the islamic banks and other islamic finance stakeholders in the kingdom. there should be a more transparent policy than the current one which must be created by islamic banks in bahrain to address the above issues. conclusion this study managed to achieve its objective that is to evaluate the level of islamic banks’ commitment towards sharia governance in the kingdom of bahrain. based on the survey and interview results, it can be concluded that islamic banks in 73 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 sutan emir hidayat. sharia governance practices at islamic banks in bahrain bahrain are committed towards most aspects of sharia governance requirements. even though there are no specific laws related to sharia governance in bahrain and the aaoifi governance standards are only adopted as the guidelines/guidance for sharia governance practices, the banks still practice if not all, most aspects of the sharia governance as per the aaoifi governance standards. this is undoubtedly an excellent example of sharia governance practice and can be used as a reference for other countries. despite the above good results, this study also comes out with some recommendations to enhance sharia governance practice among islamic banks in bahrain and some suggestions for further studies: first, islamic banking regulator in bahrain (cbb) needs to come out with a precise mechanism to ensure the level of independence of ssb members. second, there is a need for reviewing; amending and enhancing the current aaoifi governance standards to ensure the standards can be made legally binding for all ifis in bahrain to follow. involving industry stakeholders such as the industry practitioners and academicians in the review process of the standards will undoubtedly improve the level of acceptance of the standards. third, there is a need for enhancing the employees’ awareness of sharia governance practices at their respective banks. placing the chart that explains the banks’ governance structure including the sharia supervisory board on more visible parts of the banks’ websites will help the banks to improve the employees’ awareness of their sharia governance practices. fourth, the regulator and the banks’ management must ensure that the ssb rulings are binding at their banks. also, the employees should be made aware of it through circulars, pieces of training and seminars. fifth, since this study only covers some aspects of the sharia governance as per the aaoifi standards. the future research can include other issues of sharia governance, which are not involved by this study in its questionnaire and interviews such as the audit and governance committee within islamic banks in bahrain, and the statements of governance principles for ifis. sixth, since this study only surveyed the opinion of employees of islamic banks and interviewed 2 sharia scholars in bahrain to conclude the sharia governance practices among islamic banks in bahrain, including more stakeholders in the survey and interviewing other stakeholders such as the regulator will complement this study. seventh, future studies can examine the relationship between the commitment towards sharia governance requirements and the islamic banks’ financial performance. eight, future studies also can also extend this study by evaluating the sharia governance’s responsibilities of takaful companies in the kingdom. 74 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (1), january 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: htttp://dx.doi.org/10.15408/aiq.v10i1.5991 references aaoifi. (2010). accounting, auditing and governance standards. manama: aaoifi. ahmed, m & m. khatun. (2013). the compliance with sharia governance system of aaoifi: a study on islamic banks bangladesh. journal of islamic economics, banking and finance. 9(3): 177-191. ahmed, h. (2014). islamic banking and shari’ah compliance: a product development perspective. journal of islamic finance. 3(2): 15-29. bank negara malaysia. (2014). harmonisation to enhance global competitiveness for islamic finance. kuala lumpur: bank negara malaysia. el-gamal, m. (2003). involving islamic banks in central bank open market operations, thunderbird international business review. 41 (4/5): 5476. farook, s. z., & m.o. farooq. (2013). sharia governance, expertise and profession: educational challenges in islamic finance. isra international journal of islamic finance. 5(1): 137-160. hamza, h. (2013). sharia governance in islamic banks: effectiveness and supervision model. international journal of islamic and middle eastern finance and management. 6(3): 226-237. haqqi, a.r. (2014). sharia governance in islamic financial institutions: an appraisal. us-china law review. 11(112): 112-133. hidayat, s.e. (2016). bahrain’s position as one of the world’s islamic economy hubs: an evaluation. islamic finance news. 13(2): 22. hidayat, s.e. (2017). benefits and challenges of sharia convergence: educators’ opinion in bahrain. international journal of pedagogical innovations, 5(2): 117-121. kassim, n., s.n. htay, & s.a. salman. (2013). comparative analysis on aaoifi, ifsb and bnm shari’ah governance guidelines. international journal of business and social science. 4(15): 220-227. liang, q., p. xu, & p. jiraporn. (2013). board characteristics and chinese bank performance. journal of banking & finance. 37(8): 2953-2968. shafii, z., a.z. abidin., s. salleh., k. jusoff., & n. kasim. (2013). post implementation of sharia governance framework: the impact of sharia audit function towards the role of sharia committee. middle east journal of scientific research. 13 (splissue): 7-11. waemustafa, w. & a. abdullah. (2015). mode of islamic bank financing: does effectiveness of sharia supervisory board matter? australian journal of basic and applied sciences. 37(9): 458-464. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 403 416 received: january 5, 2018; revised: february 25, 2018; accepted: march 15, 2018 state islamic university (uin) syarif hidayatullah jakarta. jl. ir. h. juanda no. 95, banten, indonesia e-mail: 1ahmad.rodoni@uinjkt.ac.id, 2bahrul.yaman@uinjkt.ac.id doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 abstract. the purposes of this study are: first, to analyze the indications of moral hazard and adverse selection on indonesian islamic commercial banks. second, to analyze the influence of moral hazard and adverse selection on the non performance financing of indonesian islamic banks. this study uses error correction model (ecm) as a tool of analaysis. the results show that the indications of moral hazard have a positive effect on the non-performing financing (npf) in the short run. the indication of the presence of moral hazard occurs at the long run on gdp variable, and the allocation of murabaha financing (rm) has a positive effect on the mudharabah (fm) profit and loss sharing. the test results also show that adverse selection that represented by the profit sharing rate (psr) has a positive effect on the level of risk sharing toward non-performing financing (npf) in the long run. keywords: asymmetric information, moral hazard, adverse selection, islamic banks abstrak. tujuan dari penelitian ini adalah: pertama, untuk menganalisis indikasi moral hazard dan adverse selection pada bank-bank komersial islam indonesia. kedua, menganalisis pengaruh moral hazard dan adverse selection terhadap tingkat pembiayaan bermasalah bank syariah indonesia. penelitian ini menggunakan error correction model (ecm) sebagai alat analisis. hasilnya menunjukkan bahwa indikasi bahaya moral memiliki efek positif pada pembiayaan bermasalah (npf) dalam jangka pendek. indikasi keberadaan moral hazard terjadi pada jangka panjang pada variabel pdb dan alokasi pembiayaan murabahah memiliki efek positif pada tingkat bagi hasil mudharabah. hasil pengujian menunjukkan juga bahwa adverse selection yang diwakili oleh tingkat bagi untung (psr) memiliki pengaruh positif terhadap tingkat pembagian risiko terhadap tingkat pembiayaan bermasalah (npf) dalam jangka panjang. kata kunci: informasi asimetris, moral hazzard, adverse selection, perbankan syariah how to cite: rodoni, a., & yaman, b. (2018). asymetric information and non-performing financing: study in the indonesian islamic banking industry. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 403 – 416. doi: http://dx.doi.org/10.15408/aiq.v10i2.7392. asymmetric information and non-performing financing: study in the indonesian islamic banking industry ahmad rodoni1, bahrul yaman2 404 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 introduction the development of islamic banking over the world and especially in indonesia has experienced significant growth. ernst & young report in (2012) on research in the mena (the middle east and nort africa) concluded that the average growth of islamic banking per year about more than 20 percent while the conventional banking is less than 9 percent. islamic banks increase not only in numbers but in also the coverage area. this fact shows that the market share of islamic banks is growing. at the same time, the social demand for islamic banking services also increased in accordance. this positive trend is not without obstacles; issues that are micro and macro dynamics have become inseparable from those growths. these issues had become inseparable, indirectly intertwined with the growth of islamic banking as it is today. on the other hand, the consequences of follow-up showed a negative trend in the form of high levels of non-performance loan (from now on called npf (non-performing financing). the islamic banking system, use the term non-performance finance (npf) that is known as the ratio of defaulting financing on total financing; in the conventional banking system, the term used is non-performance loan (nfl). belek (2013) state that there is the asymmetrical risk upstream in islamic banking. the npf is one of the key indicators to assess the performance of a bank, with the theory proven that lower the npf the better the performance of the bank, and vice versa the higher the npf, the poorer the bank performance (haneef et al., 2012). therefore, the npf is one threat toward the liquidity, solvency, and profitability of a bank. to overcome this matter, it is needed an effort to ensure that the existence of islamic banks in indonesia is not threatened by bankruptcy. kennedy (1973) argues that the main cause of the npl is the neglect of the precautionary principle and action of moral hazard, or a not healthy lending/ borrowing process. violation of the principle of prudence in granting credit or loans engineering is of a systemic nature if done in a highly sophisticated way. according to scott (2003), the banking crisis essentially began in reckless loans, even to businesses that were not viable or speculative. this abandonment of the element of prudence eventually leads to the creation of conditions that make it difficult for the bank itself. while snyder (2012) stated that the asymmetric information between lenders and borrowers, would allow capital flow and cause a problem called moral hazard. karayalcin, et al. (2002) had stated that the asymmetric information and uncertainty that are introduced, and only focus on centralized investment level, will make capital flows gone astray (moral hazard). there are several causes of nfl (the emergence of moral hazard), the not 405 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 ahmad rodoni. asymetric information and non-performing financing optimal work of the process of credit distribution when credit is distributed with and avoidance of internal rules prevailing in the bank, which a deviation either intentional or not (herijanto, 2011). npl/f can also occur due to the presence of an element of collusion; the crime theory said that more than 90% of crimes in the banking sector are made in cooperation with the people within the sector itself. people, who already understand the intricacies of banking and operational systems, are included in these crimes fictitious credit allocation generally makes credit crimes. also, the behavior of collusion between the bank as the creditor and the debtor, who was committed from the beginning (mohammed, 2005). non-performing loans are caused by conspiracy factors (self-dealing), which are collusive, and are affected by the concerned parties with the credit applicant, may lead to an assessment that is objective, unfair, inaccurate, and not thorough (siahaan, 2010). not to mention that the loans are granted by superior instruction. in other words that the loan process has been influenced by the parties with interest in credit disbursement. sutojo (2008) argues that there are some causes that come from the internal management of the bank that could lead to npl, such as low ability or the sharpness of the bank in analyzing the creditworthiness, and so forth. thus it can be said that non-performing loans are a result of the failure of the bank’s internal management, all the above conclusions, in the end, point out the internal management of the bank, which is not professionally conducted (supramono, 2009). sapuan (2016) said that the profit sharing financing had become less preferable if we compared to islamic debt financing instruments. this is caused by the existence of asymmetric information in profit sharing financing. departing from this fact, as a concern of academic researchers, we had considered necessary to do research on asymmetric information (moral hazard and adverse selection) in the mechanism of financing in islamic banking especially with the scheme of mudharaba financing. the purpose of this study is first to analyze the indications of moral hazard and adverse selection on the mudharaba financing of some indonesian islamic banks (bank of bri shariah, bank of shariah bukopin, and bank of bjb shariah). secondly, analyze the effect of moral hazard and adverse selection on the non-performance financing of those islamic banks. literature review the research conducted by noorsy about moral hazard aimed to analyze the effect of moral hazard on macroeconomic stability. the study population was state-owned banks (limited bank), national private banks, joint venture banks, 406 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 and foreign banks, a total number of 10 banks; mandiri bank, bca, bni, bri, danamon bank, bii, permata bank, panin bank, bukopin bank, and citibank. by using quantitative analysis in the form of structural equation modeling with a partial least square (pls) method. the quantitative test results of the study show that moral hazard in banking does not have a significant impact on macroeconomic stability. the object of his research was conventional banks; therefore the area of islamic banks wasn`t studied, as it will be in this present paper. the research conducted by djohanputro and kountur (2007) and herijanto (2011), the entitled effect of personal qualifications, the institution environment, and environmental processes as well as the lending/financing control toward the emergence of npl/npf: comparative study on conventional and islamic banks in indonesia. these two studies are similar, i.e., have a common objective, which is to determine the factors that may affect the npl. the difference is that the first research case study was on rural banks (bpr), while the second was conducted to determine the effects of internal management factors on the emergence of npl/npf, with the object of research being conventional and islamic banks. the research conducted by rayner (1991) focused on the issue of contract (contract regarding islamic banks). rayner also investigated the actions related to fraud concluded by stating that financing problems that are intentionally caused by a customer can be referred as an act of fraud that cannot be justified by norms and laws. this study concluded that the act of fraud is a form of moral hazard. much further research related to non-performance loan (npl) have been made, among other the one conducted by shrestha (2011), a study to ascertain the determining factor of the non-performance loan (npl) in 18 commercial banks in nepal, using a descriptive statistical approach, trend and econometric factors models. shrestha had concluded that based on comparative studies that measured from those commercial banks in the financing direction, the results obtained was positive. this result indicated a declining value of npl, which have an impact on the performance of the banking industry in nepal. in contrast to the results of the research conducted by hou and dickinson (2010) who stated that there was no substantial evidence that moral hazard is part of the (reasons) why the npls increase in the banking industry. on the contrary, the increasing npl interpreted as a positive correlation between the performance of npl and loan growth. from all of these studies related to financing, specifically, those one related to asymmetric information issues (moral hazard and adverse selection) regarding 407 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 ahmad rodoni. asymetric information and non-performing financing its effects on the financing performance have not yet been done. for that reason, we assume that this present research is essential and urgent to be conducted to bridge the value gap and find out about whether or not is the practice of asymmetric information (moral hazard and adverse selection) in the scheme of mudharaba financing in islamic banking sector. method the study includes a variety of elements that are very complex regarding the indications of asymmetric information (moral hazard and adverse selection) by customers. to test the influence of non performance financing we used several variables, such as: gross domestic product, inflation, banking policy which is represented by the return generated by the ratio of murabaha margin (mm) against mudaraba profit loss sharing (mpls), the allocation of finance is represented by the murabaha financing ratio (rm) toward mudaraba financing (fm), and the level of revenue sharing. other data was collected from agency-officer (especially marketing officers) and debtors. the sampling technique used in this research is the probability sampling, with proportionate stratified random sampling technique. the samples in this study are bank of bri shariah, bank of sharia bukopin, and bank of bjb shariah. this study is a descriptive one, with a qualitative and a quantitative approach, about the secondary data collected using data acquisition instrument of the factors that appear as variables, which were analyzed using the error correction model (ecm). ecm models used in this study has been freed from an-stationary issues models through the stationary test, a test of the degree of integration, cointegration classical assumption test, so the ecm models used in this test was viable. below is the ecm model used: dnpf = β0 + β1d(gdp)t+ β2d(inf)t+ β3d(mm_mpls)t + β4d(rm_fm)t+ β5ect(-1) where: npf = rasio non-performing financing gdp = gross domestic product inf = inflation mm_mpls = murabaha margin toward profit loss sharing mudharabah rm_fm = murabaha to mudharabah financing psr = profit sharing rate ect = resid (-1) 408 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 result and discussions asymmetric information (moral hazard) asymmetric information on financing is one aspect that can cause the risk of moral hazard. as described by murray (2011) the deviation of the data shows the evidence of the existence of asymmetric information. at bank of bri shariah, based on interviews with the account officer who explained that asymmetric information could occur because of the customer has more information on the financial data compared with the bank officers themselves. customers, to make a deposit, dishonesty in the customer business reporting development use this information. these actions of the customer consisting of not providing the right report or the operation of keeping secret some aspects to the banks are a form of moral hazard. another factor that causes asymmetric information comes from the fact that the banks do not perform oversight and monitoring of the development of the customer’s business. although in principle, the bank cannot interfere with the customer’s business, but the bank is allowed to conduct supervision and guidance of the customer’s business to make sure that the mudharaba financing is not in a loss trend. the cause of financing risk at bank of bri shariah bank is the reimbursement default from the cooperative’s customers. bank of bri shariah mudharaba financing product customer is the corporate employees, the possibility of failure to pay back the loan is therefore due to employees layoff. members of the cooperative as a final user, are not able to pay the loans to the cooperative, so has an enormous impact on it; that impact is the reason why the payments installment of the cooperative to the bank of bri shariah bank are impaired. we`ve got from the interviews with bank of bjb shariah bank some explanations about the kind of moral hazard caused by customers, some customers do duplication or falsification of securities as a guarantee and then use those securities as collateral to obtain loans from other banks. this result means that the customer by this move will get from assurances two loans from two different banks. when a customer makes a doubling of collateral in the form of securities, he can sell those guarantees while on the other hand; those guarantees are utilized by another bank as a loan guarantee. based on these interviews with bank of bjb shariah we can conclude that the kind of moral hazard that occurs is also caused by negligence on the management part of banks in conducting checks of customers financing application documents. some customers to commit fraud, which could harm the entire bank industry, use these negligences from the bank management side. bank of bjb shariah performs 409 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 ahmad rodoni. asymetric information and non-performing financing periodic monitoring actions once a month, to minimize the occurrence of acts of moral hazard by customers. those monitoring are also conducted with the aim that the bank will have an eye on his customer’s business development in each period. monitoring is a form of risk mitigation for bank of bjb shariah, and they`re conducted to avoid abuse or misuse. bank of shariah bukopin gives a loan to his customers by conducting a strict client selection. this is to avoid the risk of moral hazard where customers can misuse the funds, which is not by the contract. the emergence of the financing risk caused by customers who did not issue self-financing or funding comes entirely from the bank so that it can trigger customer negligent in running the business. asymmetric information that may occur in the customer financing occurred when the customers deliberately commit fraud in the process of reporting of the business development. the financial statements of the client’s business are a guideline for the banks to determine the customer’s business development. if the customer intentionally manipulates the financial statement, for example, the customer makes a markup on the expenses so that on the report of the revenue the amount of income will be small. this action will certainly have an impact on the calculation of profit sharing between the bank and the customer and between the bank and its depositors. from these three banks, the object of this study we can conclude that the risk of moral hazard could be caused by asymmetric information. asymmetric information caused by two factors: internal factors and external factors. internal factors derived from bank employees associated with the procedure of financing. external factors are obtained from the customer recipient of financing. internal factors occurred because of bank`s lack of proficiency in the analysis of the customer financing petition filing. financing analysis is factors that influence the decision of the committee in analyzing the financing of customer request. errors in the analysis will lead to some losses for banks. adverse selection adverse selection occurs before a contract, where the customer willingly provides data and information that are false to get his applications for financing acceptable by the bank. banks do not check the documents of customers. therefore they provide financing to customers who are not eligible. an internal account officer makes bank of shariah bukopin feasibility customer selection study, is performed by an internal account officer, so it is feared that it appears personal interests between that accounts officer and customers. this personal interest sparks the occurrence of 410 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 adverse selection, customers who are not eligible for financing, because of account officer`s interests on those customers, their application form for financing became accepted and then be realized. adverse selection faced by islamic banks, namely the information and data provided to the islamic banks in the form of false data, ranging from identity cards, office address, and type of false collateral. manipulation of data is also made by some customers’ oo their bank accounts for the sake of obtaining financing. forgery against a bank account, for example, few months before the submission of financing application, the value of savings of the customer increase, and after the financing is realized and to the check, those savings the bank figure out that those savings values were fictitious. some other customers portray themselves as a having good character, and therefore worthy to obtain financing. banks make mistakes by providing financing to customers who have false data, due to the negligence of banks in customer selection. banks are overconfident with documents provided by customers; they do not follow the principle of 5c in the analysis of financing. adverse selection occurs because banks don`t have enough information about the reputation and the real financial condition of customers. this limitation is due to the lack of transparency among banks. bank of bri shariah on our interview had explained that the absence of transparency of information among banks is also one of the causes of adverse selection. adverse selection may also occur due to the behavior of employees of the bank itself. bank employees knowingly approved the financing request of some customers, but the administration and analysis done to those customers would show that they were not eligible for financing. because of the relationship between the bank employees and the customers, the financing can be easily approved. internal factors within the banks can also be the source of the emergence of adverse selection. adverse selection negatively affects a bank that faces financing problems. adverse selection can also be the cause of moral hazard. the result of error correction model in conducting the ecm test, we run several tests as the prelude to assure of the quality of data, namely data normality test, data linearity test, stationary data test, integration test, the degree of co-integration test and classical assumption (multicollinearity, heteroscedasticity and autocorrelation). the results show us no data quality violation; we then run the ecm test. error correction model is one approach used to analyze the time series model used to study the consistency relationships between the short-run and the long run of the tested variables. 411 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 ahmad rodoni. asymetric information and non-performing financing d(npf) = β0 + β1 d(gdp)t + β2 d(inf)t + β3 d(mm_mpls)t + β4 d(rm_fm)t + β5d(psr)t + β6 ectt the long run is a period that allows to hold a full adjustment of any changes that arise, to indicate the extent to which changes in the independent variable the dependent variable is in full conformity. the ecm result can be seen in table 1. table 1. ecm long-run results variable coefficient std. error t-statistics prob c 0.666651 0.532800 1.251221 0.2149 gdp 0.000008 0.0000009 8.867696 0.0000 inf -0.166393 0.522124 -0.318685 0.7509 mm_mpls -0.046444 0.004821 -1.036209 0.3036 rm_fm -0.590365 0.116055 -5.086949 0.0000 tbh 0.026969 0.009043 2.982228 0.0039 r-squared 0.545206 f-statistics 17.26270 adj r-square 0.513623 prob 0.00000 source: data processing table 1 shows that the ecm test results in the long run, simultaneously all the independent variables (gdp, inflation, mm_mpls, rm_fm and psr) significantly have impact on npf. that is shown by the value of the f prob (statistically equale to 0.000000), meaning that the independent variables are significant at the significance level of 1%. the results of the partial test shows that gdp and psr (profit sharing rate) positively significantly affect npf and the variable rm_fm (murabaha financing allocation toward mudharaba financing) has a significant and negative effect on npf at 1% level of significancy, while inflation and mm_mpls (murabaha margin toward mudaraba profit-loss sharing) has significantly no impact on npf. furthermore, from the above results, can be seen the long-run residual value, this residual value is used to estimate the short-run equation. the short-run equation results obtained by using error correction model (ecm) a data processing approach shown on table 2. 412 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 these short-run estimation results indicate that simultaneously all independent variables have a significant effect on npf at the level of significance of 5%, but partially no independent variable has a substantial impact on the npf. the ect coefficient value as shown in the results of the analysis above is equal to -0.318089 meaning that the balance. the development of npf in the previous period was adjusted to the current period is equal to 31.8089% with a probability of 0.0013, which certify the authenticity of the model`s specification and can indeed explain the variations of the dependent variable. table 2. ecm short run results variable coefficient std. error t-statistics prob c -0.022528 0.068071 -0.330954 0.7417 d(gdp) 0.0000077 0.0000054 1.433048 0.1563 d(inf) -0.493276 0804480 -0.613162 0.5418 d(mm_mpls) 0.000475 0.027282 0.017413 0.9862 d(rm_fm) -0.455806 0.392352 -1.161729 0.2493 d(tbh) 0.002545 0.005007 0.508243 0.6129 ect(-1) -0.318089 0.094920 -3.351112 0.0013 r-squared 0.178483 f-statistics 2.534695 adj r-square 0.108067 prob 0.028055 source: eviews 8 (data processing) interpretations of the ecm test results in the long and the short run: the gdp variable (gross domestic product) has a significant and positive effect on npf at the long run, while in the short run it has no significant impact. this result indicates, in the long run, the occurrence of moral hazard represented by gdp in islamic banking. the variables inflation and mm_mpls (murabaha margin toward mudharaba profit loss sharing) at both the long and the short-run, has no significant effect on npf, which mean no moral hazard identification. the variable murabaha financing allocation (rm) toward mudharaba profit-loss sharing (fm) at the long run has a significant and adverse effect on npf, while in the short run does not affect the npf significantly. this result means that in the long run, rm_fm identify the presence of moral hazard, while in the short run 413 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 ahmad rodoni. asymetric information and non-performing financing there is no indication of moral hazard. psr variable (profit sharing rate) in the long run has a significant and positive effect on npf, while in the short run psr the variable has no significant impact on npf. this variable psr identifies the presence of adverse selection on islamic banking industry in indonesia. ameer et al. (2012) said that the full-fledged islamic banks do not provide comprehensive disclosure related to a profit-sharing investment account. asymmetric information on mudharaba financing as one cause of the risk of moral hazard as described by murray (2011), stating that the deviation of the data as evidence of asymmetric information. at bank of bri syariah, we discovered that customers have more information on financial data of the corporate business compared to the bank officers themselves. in bank of bjb shariah, we found that there is a kind of action of moral hazard committed by customers; some customers do duplication or falsification of securities so that they can use those securities as collateral to obtain financing from other banks. regarding bank of bjb shariah other results were found, we found out the moral hazard that occurs is also caused by negligence from the bank management side in conducting verification on the customer financing application document. sukmana and suryaningtyas (2016) conclude that the role of capital and bank’s performance had an essential part in the banking liquidity. adverse selection occurs because banks generally don`t have all information about the reputation and the financial situation of the customers. this limitation is due to the lack of openness between the bank and its customers. at bri syariah, we found that the lack of transparency regarding information among banks is also one of the causes of adverse selection. adverse selection may also occur due to the behavior of employees of the bank itself. bank employees knowingly approved the financing request of some customers, who typically are not eligible, this occurred because of the relationship between bank employees and some customers. conclusion the error correction model (ecm) test results show indications of moral hazard represented by gross domestic product (gdp), which has a positive effect on the non-performing financing (npf). the variable of mm_fm (murabaha financing toward mudharabah) significantly has an adverse impact on npf at the long run, while the other variables (inflation and the ratio of murabaha margin (mm) toward mudharaba profit and loss sharing (mpls) did not significantly influence the npf. this result means that the two variables do not indicate the existence of moral hazard in the long run in islamic banking sector. from the test, 414 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 we also found out that the indications of adverse selection presented by psr (profit sharing rate) that has a positive and significant effect on the npf. at the short run, all the independent variables showed no indication of moral hazard and adverse selection. further research can use more comprehensive indicator of moral hazard and adverse selection in islamic banking sector. researchers then could use more sophisticated and complex methods of analysis as well as qualitative approach deeper. references ameer, r., othman, r., & mahzan, n. 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(2016). determinants of liquidity risk in indonesian islamic and conventional banks. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 8 (2): 187-200. doi: https://doi.org/10.15408/aiq.v8i2.2871. supramono, g. (2009). perbankan dan masalah kredit: suatu tinjauan di bidang yuridis (banking and credit problems: a law perspectives). jakarta: rineka cipta. 416 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7392 sutojo, s. (2008). menangani kredit bermasalah: konsep dan kasus (handle the credit default: concept and case). jakarta: damar mulia pustaka. v o l. v ii (1) jan u ary 2015 jo u rn al o f i sl a m ic e co n o m ic s published by syarif hidayatullah state islamic university jakarta and the indonesian association of islamic economist faculty of shariah and law jo u rn al o f isla m ic eco n o m ics a l -iq t ish a d al iqtishad is a peer-reviewed journal published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorperation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. the aim of the journal is to disseminate the islamic economics and finance researches done by researchers both from indonesian and overseas. the journal is accredited by the directorate general of higher education ministry of national education the republic of indonesia no. 040/p/2014 issn: 2087-135x e-issn: 2407-8654 vol. vii (1) january 2015 issn: 2087-135x e-issn: 2407-8654 mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank titi dewi warninda & m. nadratuzzaman hosen evaluating the models of sharia microfinance in indonesia: analytical network process approach euis amalia & mahmudah atiqah the role of religious norm on selecting the islamic bank hardius usman a developing model of relationship between service quality, customer satisfaction, loyalty, and word of mouth in islamic banking suryani & hendryadi macroeconomic variable and its influence on performance of indonesian islamic banking yoghi citra pratama factors that influenced people to become islamic bank customer: a study on kancana villagers indah mulia sari, hendro wibowo, & edy suprapto construction of cibest model as measurement of poverty and welfare indices from islamic perspective irfan syauqi beik & laily dwi arsyianti the assesment of inclusiveness principle of malaysian new economic model: maqashid syar'iyyah perspective m. sabri haron, riki rahman & bayu t possumah the impact of spin-off policy to the profitability on indonesian islamic banking industry abdul hamid measurement of shariah stock performance using risk adjusted performance zuhairan y. yunan & mia rahmasari al-iqtishad journal of islamic economics volume vii (1) januari 2015 the journal is published by faculty of shariah and law syarif hidayatullah state islamic university jakarta in coorporation with the indonesian association of islamic economist. this journal focused on islamic economics and finance studies. the journal is published twice a year on january and july. editor in chief m. nur rianto al arif vice editor maman rahman hakim sofyan rizal a. chairul hadi languange editor ummi kultsum layout and typesetting farhan mustofa secretariat ahmad sumedi fitriadi reviewer muhammad amin suma (uin syarif hidayatullah jakarta) fathurrahman djamil (uin syarif hidayatullah jakarta) amiur nuruddin (iain sumatera utara) didin hafidudhin (universitas ibn khaldun) djoni hartono (universitas indonesia) ahmad hidayat buang (universiti malaya malaysia) margareth gfrerer (daad, germany) ahmad mujahiddin (uin suska riau) md. sujimon (kolej pengajian islam johor malaysia) ashraf md hasyim (isra, malaysia) abdurrahman haqqi (universitas islam brunei) m. hudaib (adam smith business school, glasgow univ.uk) editorial office faculty of shariah and law syarif hidayatullah state islamic university jakarta jl. ir. h. juanda 95, ciputat, south tangerang, banten -15412-. phone (+6221) 74711537, fax. (+6221) 7491821 website: www.journal.uinjkt.ac.id; email: editor.iqtishad@yahoo.com content 1 mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank titi dewi warninda & m. nadratuzzaman hosen 13 evaluating the models of sharia microfinance in indonesia: analytical network process approach euis amalia & mahmudah atiqah 31 the role of religious norm on selecting the islamic bank hardius usman 45 a developing model of relationship between service quality, customer satisfaction, loyalty, and word of mouth in islamic banking suryani & hendryadi 59 macroeconomic variable and its influence on performance of indonesian islamic banking yoghi citra pratama 73 factors that influenced people to become islamic bank customer: a study on kancana villagers indah mulia sari, hendro wibowo, & edy suprapto 87 construction of cibest model as measurement of poverty and welfare indices from islamic perspective irfan syauqi beik & laily dwi arsyianti 105 the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective m. sabri haron, riki rahman & bayu t possumah 117 the impact of spin-off policy to the profitability on indonesian islamic banking industry abdul hamid 127 measurement of shariah stock performance using risk adjusted performance zuhairan y. yunan & mia rahmasari titi dewi warninda: mapping and correlation analysis 1 mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank in indonesia titi dewi warninda & m. nadratuzzaman hosen1 abstract. mapping and correlation analysis of efficiency and profitability: the case of islamic rural bank in indonesia. this research aims to analyze efficiency and profitability of islamic rural banks in indonesia using variable returns to scale model of data envelopment analysis and efficiency-profitability matrix. the results of this research show that most of islamic rural banks are included in the dog quadrant (high efficiency but low profitability) and sleeper quadrant (low efficiency but high profitability). meanwhile, the result of correlation analysis between efficiency and profitability indicates that efficiency has a negative correlation with profitability. negative correlation of efficiency and profitability is in accordance with the result of efficiency-profitability matrix. the results of this research show that not all of islamic rural bank which have high efficiency are also having high profitability. keywords: efficiency, profitability, data envelopment analysis, islamic rural bank abstrak. pemetaan dan analisis hubungan antara efisiensi dan profitabilitas: studi bprs di indonesia. tujuan dari penelitian ini ialah untuk menganalisis efisiensi dan profitabilitas pada bprs di indonesia dengan menggunakan model variable returns to scale pada data envelopment analysis (dea) dan matriks efisiensi-profitabilitas, hasil penelitian menunjukkan bahwa sebagian besar bank pembiayaan rakyat syariah (bprs) termasuk dalam kuadran dog (efisiensi tinggi dan profitabilitas rendah) dan kuadran sleeper (efisiensi rendah dan profitabilitas tinggi). sementara itu, hasil analisis korelasi antara efisiensi dan profitabilitas mengindikasikan bahwa efisiensi memiliki hubungan negatif dengan profitabilitas. hubungan negatif ini sesuai dengan hasil matriks efisiensi-profitabilitas. hasil penelitian menunjukkan bahwa untuk sebagian besar bank pembiayaan rakyat syariah (bprs) di indonesia, efisiensi tinggi tidak berhubungan positif dengan profitabilitas tinggi. kata kunci: efisiensi, profitabilitas, data envelopment analysis, bprs first draft: september, 10th 2014, revision: november, 25th 2014, accepted: december, 10th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: warninda@yahoo.com; mnhosen@yahoo.com al-iqtishad: vol. vii no. 1, januari 2015 2 introduction islamic rural bank is a rural bank that operates based on the principles of islamic law. islamic rural bank is founded to serve micro and small enterprises that need fast, easy, and simple approval process. because of its role in giving services to micro and small enterprises, islamic rural bank has an important role in improving financial inclusion. islamic rural banks has a rapid growth experience in indonesia. in 2005, there were only 92 islamic rural banks and 158 in 2012. by 2012, they have 91 branch offices and 152 cash offices. in 2005, total net assets reached 585 billion rupiah, and increased up to 4.7 trillion rupiahs in 2012. they also have disbursed 417 billion rupiah total financing in 2005 and became 3 trillion rupiah in 2012. although according to islamic banking statistic published by indonesian central bank; the amount of asset and financing has increased, however, the profitability of islamic rural banks demonstrated by return on assets (roa) showed a reduction. profitability of islamic rural banks reached 4.05% in 2005, and became 2.67% in 2011. in 2012, the profitability decreased again to 2.64%. the decrease of indonesian islamic rural banks profitability becomes the background of this efficiency-profitability mapping research. based on the study of noor and ahmad (2012) about islamic bank in the world, there is a positive correlation between efficiency and profitability. it means that decision making unit (dmu) which has high level of efficiency will have high profitability. meanwhile, according to abu-alkheil, burghof, and khan (2012), not all of decision making units (dmus) which have high efficiency are also having high profitability. research on efficiency and profitability of indonesian islamic rural banks will determine whether there are a lot of inefficient islamic rural banks and whether the inefficient islamic rural banks are also having lower profitability than the more efficient islamic rural banks. so, there will be a map about efficiency-profitability of indonesian islamic rural banks. in this research, return on assets (roa) is used to mesure the profitability data envelopment analysis in non parametric approach is used to measure the efficiency. dea is a linear programming method that is used to measure the efficiency of a decision making unit (dmu). dea formed a standard of dmu that is efficient compared to other inefficient dmu (said, 2013). dea model in this research uses variable returns to scale (vrs) assumption. this assumption is used to determine the technical efficiency without scale efficiency (pure technical efficiency). this study uses intermediation approach to determine the inputs and outputs that are used in the dea model. intermediation approach is used because the main function of islamic rural banks is as intermediary between the depositors titi dewi warninda: mapping and correlation analysis 3 and those who need funds. previous research on the efficiency of islamic rural banks is still rare. most of previous researches are about efficiency of islamic banks, microfinance, and rural banks. some previous researches about efficiency of microfinance using dea are as follow. kipesha (2013) studied on technical efficiency of microfinance institutions (mfis) in tanzania, another in 2012 was about efficiency of mfis in east africa. the research of hassan and sanchez (2009) was about technical efficiency and scale efficiency of the mfis in latin american, middle east and north african, and south asian countries. haq, skully, and pathan (2010) conducted a study on the efficiency of 39 microfinance institutions (mfis) in africa, asia, and latin america. the research of babu, kasilingam, and kasilingam (2011) was about the efficiency of mfis in india. this research aims to analyze profitability and efficiency of islamic rural banks in indonesia. in using the efficiency-profitability matrix, this research will show whether islamic rural banks that have high efficiency will also have high profitability. the result of this research will enhance the literature about efficiency and profitability of islamic rural banks. this research also analyzes the correlation between efficiency and profitability and the correlation among other variables. the finding of this research will contribute in the development of islamic rural banks and support the sustainability of financial inclusion in indonesia. there are some differentiations over previous researches. first, this research uses the data of islamic rural banks in indonesia. second, this research gives analysis of efficiency-profitability mapping using efficiency-profitability matrix. third, this research analyzes the correlations between efficiency and profitability and among other variables to find the consistency with the result of efficiency-profitability matrix. literature review most of previous researches are about efficiency of conventional microfinance institutions (mfis) and rural banks. previous research on the efficiency of islamic rural bank is still rare. some previous researches about efficiency of microfinance using dea are as follows. kipesha (2013) has done research about technical efficiency of microfinance institutions in tanzania for the period of 2009-2011. the result of the research indicated a high level of production efficiency and low level of intermediation efficiency. the research of kipesha (2013) has recommended that mfis in tanzania should reduce their operation costs, increase revenues, and increase resource allocation to get higher intermediation efficiency. the research of mohindra and al-iqtishad: vol. vii no. 1, januari 2015 4 kaur (2011) was about regional rural banks efficiency in india after reformation period. the result of the research using dea showed a decrease of rural banks technical efficiency after deregulation policy. the research of khankoje and sathye aimed (2008) analyzed the impact of regional rural banks restructuring in india on production efficiency, using dea. the result of the research indicated that restructuring program on indian rural banks showed a positive impact. the study of hassan dan sanchez (2009) analysed about technical and scale efficiency of mfi in latin america countries, middle east and north africa (mena) countries, and south asia countries. the result of the study showed that formal mfis (banks and credit unions) have higher technical efficiency level than non formal mfis (non profit organization and non financial institutions). mfis in south asian have higher technical efficiency than latin american and mena mfis. haq, et.al. (2010) had a research about efficiency of mfi in africa, asia, and latin america using dea. the research showed that non government mfis had highest level of production efficiency. meanwhile, mfis that are banks have highest intermediation efficiency. babu, kasilingam, and kasilingam (2011) studied about efficiency of mfi in india. the study found that the average efficiency score was very low and more than 65 percent of the mfis have below mean efficiency level. the cost per borrower variable has significant influence in measuring efficiency of mfis. the study also revealed that non-profit microfinance institutions have shown a high efficiency compared to profit organization. jayamaha and mula (2010) studied about efficiency of cooperative rural banks in india using dea and analyze the correlations between efficiency and financial factors. the result of the study indicated that asset quality, loan portfolio yield, operational efficiency, and operational self sufficiency variables have significant correlations with technical efficiency. methods the scope of the study is islamic rural banks in indonesia. it is because the dea software for calculating efficiency only can be used in the positive input and output variables. the research only uses islamic rural banks that have a positive net income. the data is taken from 2012 financial reports of indonesian islamic rural banks. the proxy of profitability is return on assets (roa). this research uses data envelopment analysis (dea) for efficiency measurement. dea is a linear programming method that is used to measure the efficiency of a decision making unit (dmu). dea form is a standard that a dmu is efficient compared to other inefficient dmu (said, 2013). titi dewi warninda: mapping and correlation analysis 5 this research will analyze the pure technical efficiency of islamic rural banks. technical efficiency is the ability of a dmu to produce as many outputs as possible by using a particular input, or produce a certain amount of outputs using a minimum amount of inputs. this study uses the dea output-orientation. this is because islamic rural banks operate in a competitive environment and should strive for providing the best products and services to customers. islamic rural banks are more likely to have a competitive advantage by increasing the output produced rather than reducing the inputs used. the measurement of pure technical efficiency uses variable returns to scale (vrs) model. vrs models or bcc (banker, charnes, and cooper) model were made by banker, charnes, and cooper in 1984 and were an improvement of crs model by adding variable returns to scale assumptions. vrs model provides a measurement of pure technical efficiency, which is technical efficiency without scale efficiency. dea-model in this research consists of two inputs and two outputs. this research uses cost of wages and salaries, and total customer deposits (total deposits) as inputs, while the outputs using total financing and net income, as used by onour and abdalla (2011). islamic rural banks efficiency-profitability mapping uses efficiencyprofitability matrix that has a structure such as the product portfolio matrix (abualkheil, et.al, 2012). efficiency-profitability matrix consists of four quadrants as follows: first, star quadrant: consists of a dmu that has a high level of profitability and efficiency. this is the best dmu. second, sleeper quadrant: consists of a dmu that has higher profitability but lower efficiency. this is not a good sign from long-term perspective. the high profitability is due to primarily more favorable environmental conditions than good management. third, question mark quadrant: consist of a dmu that has a low level of profitability and efficiency. this dmu has the potential to achieve higher level of profitability and efficiency. fourth, dog quadrant: consists of a dmu which has a low level of profitability but high efficiency. the dmu is efficient but still make less profit. the dmu operates efficiently but has low profitability due to unfavorable environment. table 1: efficiency-profitability matrix profitability high sleeper star low question mark dog efefficiency low high al-iqtishad: vol. vii no. 1, januari 2015 6 star quadrant consists of islamic rural banks that have high efficiency and profitability. dog quadrant consists of islamic rural banks that have high level of efficiency but low profitability. sleeper quadrant consists of islamic rural banks that have low level of efficiency but high profitability. while question mark quadrant consists of islamic rural banks that have low efficiency and profitability. the criteria for high or low level of profitability and efficiency are based on the median value of the overall profitability and efficiency data. islamic rural bank which has a higher profitability or efficiency than the median value or equal with the median value is islamic rural banks with high level of profitability or efficiency. while islamic rural bank which has a lower profitability or efficiency than the median value is islamic rural bank with low level of profitability or efficiency. correlations test aims to find the correlations between efficiency and profitability, and among other variables. other variables in the correlations test are equity capital to total assets (cap), natural logarithm of total assets (sze), financing to deposits ratio (fdr), and operating expense to total assets (oxn). discussion after calculating the profitability (roa) and the efficiency based on pure technical efficiency, the profitability and efficiency are grouped into the high and low groups of efficiency and profitability. efficiency-profitability mapping in the efficiency-profitability matrix based on the high and low groups of efficiency and profitability will show which islamic rural bank that is included in the star quadrant, dog quadrant, sleeper quadrant, or question mark quadrant. some of islamic rural banks are included in the star quadrant of efficiencyprofitability matrix, means that they have high profitability and high efficiency. islamic rural banks that are included in the star quadrant are as follows. table 2. islamic rural banks in the star quadrant no islamic rural banks efficiency profitability (%) 1 bangka 1 4.350 2 dana hidayatullah 1 7.700 3 situbondo 1 5.990 4 surya sejati 1 3.780 5 harta insan karimah 0.977 4.400 6 baitul muawanah 0.937 5.100 7 dinar ashri 0.926 6.000 titi dewi warninda: mapping and correlation analysis 7 8 amanah rabbaniah 0.862 3.240 9 jabal tsur 0.848 42.070 10 barkah gemadana 0.834 5.070 11 metro madani 0.825 4.820 12 artha mas abadi 0.779 5.280 13 bumi rinjani kepanjen 0.771 7.200 14 artha pamenang 0.746 7.250 15 khasanah ummat 0.739 14.580 16 bangun drajat warga 0.734 4.210 some of islamic rural banks are included in the dog quadrant of efficiencyprofitability matrix. it means that they have high efficiency but low profitability. islamic rural banks that are included in the dog quadrant are as follows: table 3. islamic rural banks in the dog quadrant no islamic rural banks efficiency profitability (%) 1 al hijrah amanah 1 0.610 2 al ihsan 1 2.310 3 al salaam amal salman 1 2.360 4 amanah ummah 1 2.690 5 dana mulia 1 1.450 6 gunung slamet 1 2.290 7 bumi rinjani probolinggo 1 0.410 8 hareukat 1 1.440 9 indo timur 1 1.820 10 barakah nawaitul ikhlas 1 0.700 11 carana kiat andalas 1 0.180 12 barokah dana sejahtera 0.964 1.670 13 amanah sejahtera 0.947 2.880 14 insan madani 0.946 1.380 15 buana mitra perwira 0.943 2.910 16 formes 0.912 1.020 17 margirizki bahagia 0.903 2.850 18 bhakti haji 0.902 2.800 19 hikmah wakilah 0.885 2.600 al-iqtishad: vol. vii no. 1, januari 2015 8 20 danagung syariah 0.856 1.710 21 pt bprs gajah tongga kota piliang 0.847 2.260 22 berkah ramadhan 0.84 1.890 23 al ma’soem syari’ah 0.821 2.760 24 bumi artha sampang 0.816 2.490 25 lantabur 0.805 2.910 26 ikhsanul amal 0.801 1.930 27 tanggamus 0.784 2.150 28 muamalat harkat 0.776 2.730 29 amanah insani 0.752 2.400 30 arta leksana 0.748 2.390 31 karya mugi sentosa 0.703 2.940 some of islamic rural banks are included in the sleeper quadrant of efficiencyprofitability matrix. it means that they have low efficiency but high profitability. islamic rural banks that are included in the sleeper quadrant are as follows: table 4. islamic rural banks in the sleeper quadrant no islamic rural banks efficiency profitability (%) 1 artha surya barokah 0.701 9.400 2 sukowati sragen 0.653 4.780 3 mentari 0.632 7.230 4 al-yaqin 0.631 4.330 5 baktimakmur indah 0.626 3.980 6 harta insan karimah parahyangan 0.624 3.400 7 cilegon mandiri 0.622 6.740 8 al hidayah 0.614 3.210 9 mitra cahaya indonesia 0.613 3.280 10 cempaka al amin 0.612 5.430 11 safir 0.602 4.280 12 bumi rinjani 0.599 4.090 13 madinah 0.598 6.600 14 tanmiya artha 0.597 4.960 15 al mabrur 0.596 3.480 titi dewi warninda: mapping and correlation analysis 9 16 daya artha mentari 0.589 3.920 17 artha madani 0.588 4.660 18 artha amanah ummat 0.571 3.540 19 jabal nur 0.561 4.640 20 patuh beramal 0.56 7.280 21 rajasa 0.551 23.390 22 bumi rinjani batu 0.512 34.880 23 mulia berkah abadi 0.501 16.390 24 way kanan 0.492 11.850 25 baiturridha pusaka 0.479 5.610 26 al mabrur babadan 0.476 4.890 27 kotabumi 0.446 3.720 28 artha fisabilillah 0.414 5.700 29 bhakti sumekar 0.362 6.220 30 harta insan karimah cibitung 0.35 7.210 31 investama mega bakti 0.317 3.480 some of islamic rural banks are included in the question mark quadrant of efficiency-profitability matrix. it means that they have low efficiency and profitability. islamic rural banks that are included in the question mark quadrant are as follows: table 5. islamic rural banks in the question mark quadrant no islamic rural banks efficiency profitability (%) 1 bumi rinjani malang 0.700 1.390 2 mitra amal mulia 0.693 1.860 3 bina amanah satria 0.665 3.120 4 asad alif 0.660 2.300 5 suriyah 0.657 2.810 6 pnm binama 0.640 1.760 7 adeco 0.623 1.360 8 ampek angkek candung 0.621 2.500 9 puduarta insani 0.590 1.920 10 harta insan karimah bekasi 0.561 2.600 11 mandiri mitra 0.557 0.400 al-iqtishad: vol. vii no. 1, januari 2015 10 12 bina rahmah 0.529 2.530 13 bandar lampung 0.526 2.490 14 haji miskin 0.460 0.220 15 artha sinar mentari 0.338 3.130 according to tables above, there are 16 islamic rural banks included in the star quadrant and 31 islamic rural banks in the dog quadrant. there are 31 islamic rural banks included in the sleeper quadrant and 15 islamic rural banks in the question mark quadrant. efficiency-profitability matrix is as follows: figure 1: efficiency-profitability matrix four quadrants in efficiency-profitability matrix above show the most of islamic rural banks that included in the dog quadrant and sleeper quadrant. the quadrants consist of islamic rural banks which have high efficiency but low profitability and islamic rural banks which have low efficiency but high profitability, respectively. the result shows that most of islamic rural banks that have high efficiency do not have high profitability, vice versa. based on the result of efficiency-profitability matrix above, it is needed to analyze the correlations between efficiency and profitability and among other variables, especially to analyze the consistency with the result of efficiencyprofitability matrix. titi dewi warninda: mapping and correlation analysis 11 table 6. correlation test result cap eff fdr oxn roa sze cap 1.000000 eff 0.184463 1.000000 fdr -0.007775 0.000796 1.000000 oxn 0.059928 0.000636 0.931688 1.000000 roa -0.444132 -0.478985 -0.053812 -0.051274 1.000000 sze 0.029996 0.098393 -0.045359 -0.060634 0.032244 1.000000 table 6 shows that efficiency has negative correlation with profitability. it also shows the variable that has a positive correlation with profitability. however, we still need further reaseach related to other variables that have negative correlations with profitability such as equity capital, financing, and operating expenses. conclusion based on the findings and analysis of the efficiency-profitability mapping of islamic rural banks in indonesia, not all of islamic rural banks that have high efficiency are also have high profitability. most of islamic rural banks are included in the dog and sleeper quadrants it means that those islamic rural banks have high efficiency but low profitability and have low efficiency but high profitability, respectively. the result of correlations analysis shows that islamic rural banks efficiency has negative correlation with profitability. this result is in accordance with the result of efficiency-profitability mapping that most of islamic rural banks have high efficiency but low profitability (in the dog quadrant) and have low efficiency but high profitability (in the sleeper quadrant). the result of this research is in accordance with the research of abu-alkheil, burghof, and khan (2012) that not all of decision making units (dmus) which have high efficiency are also having high profitability. islamic rural banks that are in the dog quadrant should have more favorable environment to increase their profitability. meanwhile, islamic rural banks that are in the sleeper quadrant should improve their management because they have high profitability but low efficiency. some islamic rural banks are included in the question mark quadrant, means that they have the potential to achieve higher level of profitability and efficiency if they get more favorable environment and additional appropriate resources. al-iqtishad: vol. vii no. 1, januari 2015 12 references abu-alkheil, a. m., et.al. 2012. islamic commercial banking in europe: a crosscountry and inter-bank analysis of efficiency performance. international business and economics research journal, 11 (6), 2012, pp. 647-676. babu, c., et.al. 2011. technical efficiency of mfi’s and its determinants: an empirical study. tecnia journal of management studies, 6 (2), pp 40-49. hassan, m. k. & b. sanchez. 2009. efficiency analysis of microfinance institutions in developing countries. working paper, network financial institute, indiana state university. haq, m., et.al. 2010. efficiency of microfinance institutions: a dea analysis. asiapacific financial markets, 17, pp. 63-97. jayamaha, a. & j.m. mula. 2010. financial practices and efficiency of cooperative rural banks in sri lanka. 1st international conference on business and information: researching realities of management phenomenon (icbi 2010), colombo, sri lanka. khankhoje, d. & m. sathye. 2008. efficiency of rural banks: the case of india. international business research, 1 (2), pp. 140-149. kipesha, e. f. 2012. efficiency of microfinance institutions in east africa: a data envelopment analysis. european journal of business and management, 4 (17), pp. 77 88. kipesha, e. f. 2013. production and intermediation efficiency of microfinance institutions in tanzania. journal of finance and accounting, 4 (1), 149159. mohindra, v. & g. kaur. 2011. efficiency of regional rural banks in india: an application of data envelopment analysis. economic affairs, 56 (2), 187196. noor, m. a. & n.h. ahmad. 2012. the determinants of world islamic banks’ efficiency: does country income level have an impact? journal of islamic economics, banking and finance, 8 (2), pp. 9 44. onour, i. a. & a.m.a. abdalla. 2011. efficiency of islamic banks in sudan: a nonparametric approach. journal of islamic economics, banking and finance, 7 (4), pp. 79-92. said, a. 2013. risk and efficiency in the islamic banking system: the case of selected islamic banks in mena region. international journal of economics and financial issues, 3 (1), pp. 66-73. euis amalia: evaluating the models of sharia microfinance 13 evaluating the models of sharia microfinance in indonesia: an analytical network process (anp) approach euis amalia & mahmudah atiqah1 abstract. evaluating the models of sharia microfinance in indonesia: an analytical network process (anp) approach. this study focuses on evaluating the performances of three sharia microfinance models, i.e. cooperative model represented by bmt al fath, grameen model represented by mbk, ltd.co, and mixed model represented by baytul amanah ikhtiar cooperative. anp approach is used to evaluate the performances of those models from five important aspects (clusters) as the determiners, such as human resource, finance, management, sharia compliance, and marketing. the findings of this research show that the most important aspect (priority) among the clusters is human resource. thus, the best strategy is the mixed-based; the model which integrates the cooperative system with grameen system. it becomes the best model inasmuch as it implements values of both co ownership and co responsibility, in addition to power of collectivity resulting in no cash collateral. keywords: sharia microfinance, performance, anp, strategy abstrak. evaluasi model keuangan mikro syariah di indonesia: suatu pendekatan anp. fokus dari kajian ini ialah untuk melakukan evaluasi atas tiga model keuangan mikro syariah, yaitu model koperasi yang direpresentasikan oleh bmt al-fath, model grameen yang direpresentasikan oleh mbk, ltd. co, dan model campuran yang direpresentasikan oleh koperasi baytul amanah ikhtiar. pendekatan anp dipergunakan untuk evaluasi atas kinerja dalam model ini pada lima aspek utama yaitu sumber daya manusia, keuangan, manajemen, kepatuhan syariah, dan pemasaran. temuan dari kajian ini menunjukkan bahwa aspek yang paling penting antar kluster ialah sumber daya manusia, dan strategi terbaik yang dipergunakan strategi campuran, yaitu yang mengintegrasikan sistem koperasi dengan sistem grameen. hal ini menjadi model yang terbaik untuk diimplementasikan dalam keuangan mikro syariah. kata kunci: keuangan mikro syariah, kinerja, anp, strategi first draft: september, 12th 2014, revision: november, 5th 2014, accepted: december, 5th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. euis.amalia@uinjkt.ac.id; ach.blue@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 14 introduction economic activity will not be separated from human life. from the point of view of the jurisprudence science, economic activities not included chapter worships, but muamalah chapter. national economic conditions are still recovering today that have an impact on the difficulty or fear in the form of bank financial institutions for lending, especially for the development of the real sector in small land medium scale. currently, the most dominating economic problem is poverty. one of the main causes of poverty indeveloping countries is the lack of access to productive capital (todaro, 2009). indonesian economy not only face structural imbalances in the acquisition of value-added and employment among sectors but also face the added value inequality between actors or between group scale economic activities and sectors (amalia, 2008). indonesia must find a way out quicly in some strategies, one of them is the reinforcement various aspects of the micro sector and small enterprises (smes) which have important role as a major source of employment and income in developing countries (arsyad, 2008). in addition to proven current global crisis sometimes ago, smes present as a solution of the system. a healthy economy is when the industrial sector little or not at all affected by the global crisis sweeping the world. with this evidence, it is clear that smes can be taken into account in increasing competition in the market and stabilization of the existing economic systems in indonesia. smes development is the main priority of the government in indonesia (hill, 2001). difficulty capital became a major issue in the developmentof smes. community under almost untouchable (underserved) and it is not considered to have potential funding by formal financial institutions like banks, so it causes an stunted economic acceleration. one strategy in many countries have grown in overcoming the problems that have been focused on improving access to credit facilities with the establishment of a microfinance institution (mfi) that offer credit to the poor (haryati, 2007). alternative financial institutions fund agencies rooted in the midst of a society where the distribution process funds is done in a simple, expensive, and fast with the principle of alignments to small communities and fair (lestiadi, 2008). indonesia with various forms of existing mfis, was expected by the agency can be run in accordance with the expectations. so any type of institutional microsharia is still varieted, like legal entities and cooperatives around 30 percent are cooperatives or other legal entities are not even incorporated. in connection to this problem the authors need to do research about the model of microfinance institutions in indonesia, which has opportunities to develop operations with sharia system, both of the financial and non-financial related to the strengthening of the role of business small micro. euis amalia: evaluating the models of sharia microfinance 15 literature review microfinance institution is indicated by regulations, innovation, and flexibility designed on the basis of social environment and local economy. microfinance is a phenomenon, that complicated and dynamic economic and socio-cultural dimensions. the definition is used by microcredit summit 1997 and microcredit summit in new york 2002 stated that: “programmes extend small loans to very poor for self employment project to generate income, allowing them to care for themselves and their families (amalia, 2008). another definition is used by the european banking federation stated that microcredit in european banking industries refers to small loans and micro entities, and small commercial customer groups (rohmatulajija, 2010). microfinance is committed to serve people ignored by formal banking sector “unbankable”. the development of microfinance sector is based on the assumption that poor people have economic capacity to conduct their own project to get return. but unfortunately, they have limited access to some banking products such as saving accounts, credits, and insurance facilities. world bank predicts that the general condition of market and demands to microfinance come from households and small companies that unregulated operating in informal economic sector. world bank predicts that potential market for micro credit around the world today is less than 100 million customers. table 1. proportion of size business in indonesia year 2012 category number of smes (%) small and micro 94% medium 3% large 3% source: ministry of cooperation and smes, republic of indonesia based on that data, it is clear that small medium enterprises or smes are very potential in economic world. the general condition of informal sectors are often described as an institution that has a limited access to capital. it is owned or managed by a family, which is usually small scale and no legals, is running in unregulated markets that is easy to escape from the market, employs tons of people who usually have lower education and limited skills (edratna, 2013). therefore, it can be classified that smes are based on the number of employees, the rate of income, and the size of asset. according to hubeis (2009), smes are defined in many different ways depending on the countries and other aspects. in general, the microfinance in indonesia operates either sharia-based or al-iqtishad: vol. vii no. 1, januari 2015 16 conventional-based model. the sharia-based microfinance is mostly set up in the form of baitul maal wa tamwil (bmt) operating normaly like other sharia banks. however, it is running legally under the cooperative regulation on the basis of act no 25 year 1992 about cooperative rules and pp no. 9 year 1995 which rules the saving and credit cooperative businesses. therefore, bmt has similar products to the ones that sharia banks have. yet it is different from the amount of financing that away less than the sharia banks can provide (baihaqi, 2000). in some cases, there is another kind of bmt operating with totally pure cooperative system. all the cooperative terms are used for its products such as basic contribution/deposit, obligatory deposit, and voluntary deposit. this is of course the kind of bmt also runs under the same cooperative regulations. on the other hand, microfinance in indonesia either conventional or sharia also can operate grameen model under a venture capital company legally running under no.18/pmk 010/2012. recently, a brand new regulation has just been released in act no. 1 year 2013 about microfinance institutions. it regulates that all microfinance models must have an operation licence from the financial services authority, both in running with cooperative legals or company. nevertheless, the position of microfinance nowadays in indonesia is still debatable depending on the interests, needs, motives, and purposes of stakeholders. consequently, it is not focusing on regulation issue only. shariah microfinance institutions appeared in reality as a social business model movement which rapidly develops in indonesia. there are at least three models of this microfinance; firstly bmt running with a cooperative model, secondly microfinance institution operating with a grameen model, and thirdly the one operating with both cooperative and grameen model, called mixed microfinance model.in practice,those three models operate with shariah principles such as fairness (amalia, 2008), cooperation (alma, 2005), transparency (daniri, 2005), and, universal values such as prohibition of interest, gambling, speculation activities, and other harmfull activities. in operating this microfinance,those institutions are similar to the banks in terms of funding, financing and other kinds of services offered to their customers. table 2. the comparison of three sharia microfinace models no specification sharia microfinace models grameen cooperative mixed 1. legals co. ltd (pt) cooperative cooperative 2. customers financing for small groups of poor women financing for individuals (anyone can be a member) financing for small groups of poor women euis amalia: evaluating the models of sharia microfinance 17 3. products profit sharing financing, no saving saving and financing products (using cooperative terminologies) saving and financing products (using cooperative terminologies) 4. financing purposes productive activities productive activities, housing, education, investment, others productive activities, housing, education, investment, others 5. transaction system profit sharing (mudharabah) profit sharing (mudharabahmusyarakah), soft loan (qardhulhasan), sales &purchaces (murabahah), lease (ijarah), the transfer of debt (hiwalah) profit sharing (mudharabahmusyarakah), soft loan (qardhulhasan), sales &purchaces (murabahah), lease (ijarah),the transfer of debt (hiwalah). 6. first amount of financing rp. 500.000 – rp. 1.000.000 rp. 300.000 – rp. 500.000 rp. 300.000 – rp. 500.000 7. mentoring no no/yes yes the following are the three models of microfinance, which become the object of research in this paper: first, sharia microfinance as cooperative represented by bmt al fath. besides implementing the sharia principles, this model uses special cooperative terms for its products and management. in terms of financing, this model provides the credits to individuals, not groups. second, sharia microfinance operating with grameen model.this model which has been succesful in bangladesh is triggered and led by muhammad yunuswho has won an a nobel awards. the basic principle of grameen model is financing the small groups particularly groups of lower-income or poor women who have the ability to conduct any productive economic activity. in indonesia, pt mbk ventura is one sample that totally adopts this grameen system eventhough it integrates this grameen system with sharia principles. third, mixed-model microfinance is a combination between cooperative and grameen model. koperasi baytul ikhtiar (baik) is a shariah microfinance institution which is implemented this model; on one side, it operates using the terms and management of cooperative. however, it also implements the financing program for small groups of women as it is developed by grameen system. there are several variables that can be compared between the model of microfinance with grameen system, cooperative model, and mixed model, i.e. legal al-iqtishad: vol. vii no. 1, januari 2015 18 aspects, target of customers, products, size of financing, operation systems or type of financing transaction, first amount of financing, and monitoring programs. those three models have both differences and similiraties. furthermore, in term of performance, any institutionshould have a certain standard as indicators to measure its development and sustainability. this study elaborates some factors that may affect the performance of a microfinance institution, as well as the indicators found for evaluating the models. the factors are human resource, finance (robbin and coulter, 2012), management (robbin and coulter, 2012), sharia compliance, and marketing, including both spiritual aspect and material aspect. methods to evaluate and analyze the finding of research, analytic network process (anp) is used as the study approachment and measurement of some criteria (ascarya and cahyono, 2010). the approace will identify and classify three models of sharia microfinance into 5 clusters that each of them has 4 main aspects of category. the criteria of clusters are divided into human resources, finance, management, sharia compliance, and marketing. in human resource, there are have 4 main aspects such as cooperation, solidarity sharia principles knowledge and division of the obligations including the rights of officer and reward for the empoloyee. in finance cluster, there are source of fund, effiency of cost, rate of late payment or non-performing loan, and financing service. the third cluster is management which has the followingfour main aspects: first, institution; second, standard operating management; third, standard operating procedures; fourth, technology. in the cluster of sharia compliance, the 4 main aspects comprise include; collateral type of transactions regulation and product. the last cluster is marketing that consists of these main aspects: first, price; second, communication; third, assistancy of the customers; fourth, quality of the products. overall, the tendency of all respondents toward the problems and strategies found in the sharia microfinance institutions can be shown by the value of geometric mean. the degree of rater agreement between respondents in term of problems and strategies can be represented by value or score of kendall’s coefficient of concordance (w). the result of each respondent can be found by using the anp analysis software called “superdecision”. to obtain the desired findings of geometric agreement from all respondents, the data are collected from respondents and later will at first need to beexported to the microsoft excel program, calculated, and then imported to the “superdecision” of anp network. the next phase is to euis amalia: evaluating the models of sharia microfinance 19 ensure that all the results are correct by validating every single procedure. at this stage, the concordance of kendall’s coeffeciency is possible to be calculated to see the aggrement among respondents. eventually, either the specific interpretation (individuals) or overall interpretation (geometric mean) can obviously be identified and concluded. geometric mean describes the priority of results from respective clusters and criteria or nodes. these results are in the form of the most important priority of others. the calculating the geometric mean is used to find out the individual judgment among respondents and to determine the results of group’s evaluation or perception (rusydiana and devi, 2010). the questions from respondents will be combined and compared to the form an agreement. geometric mean is an average scoring system showing tendencies or certain scores with the following formulation (ascarya, 2012): gmk = (r1*r2*...*rn) 1n gm = geometric mean r = responden n = number ofrespondens after counting the geometric mean, agreement rater can be calculated. value of rater agreement as a measure shows asuitable degree among respondents (r1rn) toward problem in a cluster. the measure formula to get the rater agreement is kendall’s cofficient of concordance (w; 0< w < 1). w=1. w=1 which shows the perfect suitability. the next step is finding rater agreements such as, transpose ranking counted by ordering normalized value from the biggest to the smallest and then to sum, to count w. if the score of appraisal w is 1 (w=1), it means that perception or opinion from respondents is perfect suitability. nevertheless, when the score w is 0 or is closed to 0, it means that there is no suitability among the answers from respondents or more various answer. discussion based on the findings of research, it can be concluded that the three models of sharia microfinance institutions (i.e. sharia cooperative model, grameen model, and mixed model) have their own operating systems and prosedures. bmt al fath and baytul amanah ikhtiar with cooperative legals declare that the ownership and responsibility of the institution belong to all of members, while the grameen model of mbk ventura ltd.co with corporation legals declares that the ownership and responsibility of the company belong to shareholders. the following are geometric mean scores of respective clusters: al-iqtishad: vol. vii no. 1, januari 2015 20 table 3. score of rater agreement (w) in all of clusters of anp no cluster w (rater agreement) 1. alternative 0.40 2. criteria 0.32 3. human resource 0,612 4. finance 0,27 5. management 0,54 6. sharia compliant 0,628 7. marketing 0,24 from the aspect of customer target, there are some differences among the three models of this microfinance. bmt al fath focuses on customers individually, while baytul amanah ikhtiar cooperative focuses on cutomers not only in individuals but also in groups by providing ample financing for women who have productive businesses or economic activites. however, mbk ventura ltd.co, the third model, only focuses on providing some financing to the groups of women. priority of supported criteria of the models sharia microfinance can be shown in the picture below: figure 1. the priority of the problems from the aspect of product, both bmt al fath and baytulamanah cooperative offer the same products like saving and financing, yet the latter has additional product namely qard al hasan or benevolent loan. unlike the two previously mentioned models, mbk ventura ltd.co just provides a financing for customers’ businesses under profit sharing principles. in relation with financing products, the first two models also actually provide such services with specific purposes, for example housing, education, and other kinds of investment, besides basic financing. the similarities of all models are that all their financing products apply the shariaeuis amalia: evaluating the models of sharia microfinance 21 based transactions such as profit sharing (mudaharabah and musyarakah), sales (bay’ murabahah), and others that embrace sharia principles. in addition, bmt baytul ikhtiar and mbk ventura provide special assistance, guidance, or mentoring for their customers or members. the highest priority assessment of each respondent on supporting existing criteria on aspects of human resources in accordance with the order of ranking are, the value of human resources geo mean 0.29; 0.24 geo mean financial value; value management geo mean is 0.19; sharia compliance and marketing the value of geo mean are the same, namely 0.12. in total, the first priority of supported criteria is human resource aspect with rater agreement w= 0.27. second, priority of criteria problems is finance, third is management, fourth is shariah compliance, and the fifth is the aspect of marketing. figure 2. priority of human resource problem in human resource clusters it has priority value the highest of the assessment of each respondent contained on cooperation and solidarity and division of tasks in order to rank is, the cooperation/team work and solidarity and job description. this value geo mean 0.30, comprehension islamic principles geo mean value of 0.22. finally rights managers and the award geomean value of 0.17.the first supporting criterion is human resource. they are cooperation or team work, solidarity, job description according to expert and practicioners with rater agreement w= 0.612, in supporting priority in human resource aspect there are two similarities aspects about cooperation and solidarity (chapra, 2008). the most important value of this rater agreement (w) is team work. it is needed for the sustainability of the institutions as well as the same score in the division of job. in the standardof operational procedures of sharia cooperative services finance models stated that the division of job is important to avoid double burden or double job in one division al-iqtishad: vol. vii no. 1, januari 2015 22 or in one officer than others (sop kjks, 2012). according to the experts and praticioners the second priority is human resources or their employee perception of sharia principles. knowing of officer of microfinance institutions should be best in sharia pinciples knowledge otherwise it influences the institution’s reputation and lack of participation of all members. in the last priority is the rights and award for the employees. all employees of the institutions need to receive proper wage or salary for their welfare and prosperity as well as important to give award for the officer or employee who has a good performance or achieve of the targets. this way can be encouraging for themselves and other persons in work and influencing for the creative thinking and skill in marketing strategy. figure 3. priority of financial aspect on the financial aspects of the cluster mentioned that the highest priority value to the assessment of each respondent that is found in the service financing in accordance with the order of ranking. the service financing has a value geo mean of 0.27, the second of the ranking arrears have value geo mean 0.26, the next order of business efficiency with the value geo mean of 0.25, and the last of the financial cluster source of funds to have a value of 0.21 geo mean. the first priority criteria of finance in general is service of financing aspect with the rater agreement score of w= 0.27. according to nurmanaf, financing services such as a complex administration in microfinancial institutions cause of users or customers problem to get money soon for their business continuity (nurmanaf, 2007). furthermore according to the experts and practitioners the second priority is a number of non-performing loan or performing financing in sharia term. the npl or npf needs to reduce continuesly from time to time because of this in a large number make the institutions cannot be running well or stop the operation. the third priority is efficiency of the business activities. every microfinance institution must have efficient cost including the reduction of expenditure. the last priority is source of fund. it is needed for the institutions to get fund from the external to help the healthty cash condition and make more products to serve for the society as well as customers (ascarya, 2012). euis amalia: evaluating the models of sharia microfinance 23 figure 4. priority management elements in the cluster management aspects, the highest priority value to the assessment of each respondent is found in the standard operational procedures in accordance with the order of ranking, the standard operating procedure value is 0.30 geo mean, the second order of the operational standards of management geo mean value of 0.27, next institutional geo mean value of 0.23, the last of the cluster management technology with a value of 0.19 geo mean. on the management element, the first priority is problem criteria which discusses the aspect of standard of operating procedure (sop) with rater agreement w = 0.54. exellent and detailed sop will assist an organization in operation and will be a guide in operating various policies and regulations related to the management of the institution, as described on the standard of operating management (som) (sop kjks, 2012). furthermore, practitioners and experts agree that the second priority is standard of operating management (som). according to the sop of islamic financial services cooperative, som is a task structure, working procedures, management systems and standards of work that can be used as a guide for the management to provide good services. the third priority is the institution. an institution with social capital has an enormous influence on the environment. hence, the institution needs to be strengthened. the last priority is technology. better technology will make the operations easier and faster. figure 5. priority elements of sharia compliance al-iqtishad: vol. vii no. 1, januari 2015 24 incompliance aspects of sharia cluster has the highest priority value to the assessment of each respondent that is found in the contract of financial institutions in accordance with the value of the priority ranking order is, on aspects of the contract has a value of 0.30 geo mean, the second order of the views of the product given a value of 0.26 geo mean, the regulation with geo mean value of 0.25, the last of the collateral cluster sharia compliance with geo mean value of 0.18. in complying with elements of sharia, the first priority is the ratio of rater agreement contract with w = 0.628. every contract was made by the islamic microfinance institutions should be based on sharia. the first contract agreed will determine whether it is a sharia or non-islamic sharia based transaction (afandi, 2009). figure 6. priority elements of marketing furthermore, according to practitioners and experts of priorities, the second supporting element is products. the products offered by the islamic financial institutions must comply with the shariah aspects and will be supervised by a shariah supervisory board (dps). the third priority is regulation. a clear legal basis is highly important for an agency to develop and progress more easily (amalia, 2008). the last priority is the collateral. angela said that the collateral is burdensome requirements for micro businesses. the absence of collateral in the financing will ease smes. on the cluster marketing aspect, the highest priority value of the respondent is communication. it has a value of 0.27 geo mean, the second order of the views of the product to the customer has a value of 0.26 geo mean, the price of the product geo mean valueof 0.25, last of cluster marketing the guidance to customers with value geo mean 0.2.1. the last element is marketing. the top priority lies in the aspect of communication with rater agreement w=0.24. good communication between islamic microfinance institutions and customers should be maintained. furthermore, according to practitioners and experts of priorities, there is only a euis amalia: evaluating the models of sharia microfinance 25 slight difference among the priorities.the first priority is product quality that should always be customized by the customers’ needs. the third priority is that the price of the product offered must be appropriate and affordable for customers. the last priority is providing guidance especially for clients who have been able to sustain their bussinesses. supporting the statement, m. asdar said that customers who have been recruited are not supposed to be left alone running their own businesses by themselves, but they must be fostered in order to keep their businesses running well. if the overall opinions of experts and practitioners have rater agreement for 0.27 on the aspect of the problem, then their opinions on the aspect of strategy, as a whole, have a rater agreement which is equal to w = 0.40 as shown in the figure below: figure 7. priority elements of alternatives in the alternative cluster has the highest priority value to assessment of each respondent is found in the model agencies islamic microfinance namely the mixed model, the value corresponding priority with the order of ranking is, the mixed model has value geo mean 0.34, the second sequence with the grameen model has value geomean 0.33, the last node on the cooperative model of sharia with geo mean value of 0.31. the last priority of strategyis on a model of sharia islamic microfinance institutions that is cooperative-based. gaining the rater agreement with w = 0.40, those three models (mixed-based, grameen-based, andcooperativebased) are the models of sharia microfinance institutions, that have been successfully implemented in indonesia. priority of strategy toward thethree models of islamic microfinance institutions was selected by experts and practitioners as a whole. it puts on the mixed model of islamic microfinance institutions. the second priority strategy is on the model of islamic microfinance institutionsthat are grameen-based. the strategy of the islamic microfinance institutions that apply mixed model is actually a fairly new system introduced in indonesia. in fact, the grameen model has existed for a long al-iqtishad: vol. vii no. 1, januari 2015 26 time in community, especially in bangladesh. for the very first time, this system was introduced in bangladesh by muhammad yunus. according to mahmud toha, the role and effectiveness of the grameen bank model have their own appeal in the ease of the procedures and installment loans, relatively low interest rate, and last but not least, the convenience, attention, guidance, and marketing support given to the whole members (toha, 2000). consequently, it is more than just cooperative model that has long been in society and that applies the concept of cooperative savings and loans, and more than just the grameen model that only applies its finance concept. microfinance becomes the most important factor in poverty reduction, especially in indonesia. the number of small and micro enterprises reaches around 99.39 %. it is very significant compared to the large and medium-sized businesses. from those data, it can clearly be seen that small and micro enterprises have an important role in the development and the growth of economy, not only in developing countries but also in developed countries. many institutions provide microfinance services for small enterprises, not only islamic banking but also followed by many non-bank islamic financial institutions operating in the micro sectors. islamic microfinance institutions based on profit and loss sharing or based on sharia is a reality that has been growing rapidly in indonesia. in support of the development of sharia microfinance institutions, the presence of an appropriate model of institution is required for strengthening the micro sector in indonesia. based on the findings of research conducted with the approach of the analytic network process (anp) toward the practitioners and experts of micro enterprises, strategic prioritiesof every element have been identified, namely: first, mixed-based models of sharia microfinance institutions; second, grameen-based models of islamic microfinance institution; and third, models of islamic microfinance institutions in the form sharia cooperatives. the findings of anp show that the mixed-based model of islamic microfinance institutions is the most appropriate model to encourage the real sector in indonesia. the model integrates two systems in operation; sharia cooperative system and grameensystem (group financing). ascarya’s research compares microfinance institutions in indonesia to conventional and sharia types, concludes that the cooperative model like baitul maalwa tamwil (bmt) is a model of sharia microfinance institution, that can be a sustainable and balanced business which operates as a social institution (ascarya and cahyono, 2010). meanwhile, the research in this paper shows that the mixed model of microfinance institutions embracing sharia system along with its several advantages is the most appropriate alternative model of microfinance institutions to euis amalia: evaluating the models of sharia microfinance 27 be applied in indonesia, in comparisonto the grameen model and sharia cooperative model. based on the anp, the mixed-based model of sharia microfinance institutions is encouraged by various aspects of supporting priorities. first: human resources (hr). the core of rater agreement is (w) = 0.088 with the first priority elements i.e. cooperation, solidarity, and division of tasks. according to experts and practitioners,human resource is the most important aspect in a microfinance institution because having a strong and good human resource will be a positive influence on the institution, and of course it is supported by good cooperation and solidarity among employeesbased on anp results, in addition to cooperation and solidarity,the division of tasks between hr has the same level of priority, score of rater agreement (w) =0.612.clear and well organized division of tasks is expected to be able to avoidthe human resources having multiple responsibilities (sop kjks, 2012). human resources should be given responsibilities in accordance with the skills and abilities of each individual. second: finance. the highest priority element that supports the financial aspect is financial services with rater agreement (w) = 0.048. for instance, a longtime process of administration in a microfinance institution will also make the micro business doers wait for a long time to receive the financing while they are in need of the funds fast (nurmanaf, 2007). having a maximum service in providing financing for customers will lead to a positive value of financial institutions. third: management. the highest element of priority in management aspects is the standard operating procedures (sop) with rater agreement score (w) = 0.54. good and detailed sop will assist an organization to operate and will a guidance to implement the policies and regulations related to the management of the institution, which contains detailed procedures outlined on the standard operations management (som) (pinbuk, 2000). the guidelines containing standard operating procedures within an organization are used to ensure that all decisions and actions, as well as the facilities used in the organization can be efficient, effective, consistent, standardized, and systematic. fourth: sharia compliance. the highest element of priority that supports sharia compliance aspects is the contract (akad) with rater agreement (w) = 0.628. the beginning of the contract agreed in the beginning will determine the type of transaction whether it is sharia and non sharia. the purpose of the contract is the pillar of the establishment of a contract so that once the contract is made, the goal is reached. fifth: marketing. the aspect which has the highest supporting priority al-iqtishad: vol. vii no. 1, januari 2015 28 element is communication with rater agreement (w) = 0.24. communication can meet the company’s goals with the outcomes to be achieved. communication can function to adapt the changes in the organization as well as the external influences. communication can also maintain the relationships between members of the organization so that they can perform the task well. an islamic microfinance institution with baitulmaalwatamwil model has two products; savings and loans. in contrast, mfis which is grameen-based offering only one product is working capital reserved just for women. on the distribution of funding, bmt applies a guarantee for customers who want to have the financing, in contrast to mbk ventura that does not require any collateral in financing its clients. instead, mbk implements joint responsibility concept to help each other among groups that do not have the ability to pay. thus, the strategic choice based on the anp approach necessitates the existence of a model of islamic microfinance institution which applies sharia aspects either in the collection or in the distribution of funding as applied by bmt with the cooperative system. unfortunately, people still objection to bmt’s policy which still applies cash collateral or physical assets as the guarantee for instance, certificates or other sorts of securities. while in the grameen system, a group its self is the warranty, which is called as ‘collective responsibility’, so this system never makes any type of physical assets as the warranty. facts show that grameen system has been successful in terms of maximum financial returns with a minimum level of bad loans, almost 0 %. islamic microfinance institutions with a mixed model will be more sustainable with the support of five aspects; human resource that is competent and professional, finance that is accessible and adequate, management which is effective and efficient, sharia compliance that is consistent either in the operational or in the product and marketing that is communicative. evaluations conducted on islamic microfinance institutions baitul maal watamwil, gramen models, and mixed models based approach analytical network process (anp) found that islamic microfinance institutions have decisive factors in the performance of the supporting activities that, in terms of evaluations conducted on the three models of islamic microfinance institutions; bmt, grameen, and mixed model, using the anp approach explain that the islamic microfinance institutions have decisive elements which support their performances in five important aspects or clusters. every single cluster has four elements and indicators as follow: first, elements of human resource cluster are cooperation and solidarity, understanding of islamic principles, division of duties and responsibilities, and awards. second, elements of finance cluster are the source of funding, business efficiency, ranking of arrears, euis amalia: evaluating the models of sharia microfinance 29 and financing services. third, elements of management cluster are institutional matter, standard operating procedures, standard of operational management, and technology. fourth, elements of sharia compliance cluster are collateral, contract (akad), regulation, and products. fifth, elements of marketing cluster are product pricing, communication, coaching, and product quality. the solution in the development of models of islamic microfinance institutions for strengthening the real sector in indonesia is applying a mixed model in its process. mixed model is a model of islamic microfinance institution, which implements two systems i.e sharia cooperative system and grameen system. this mixed model is a good strategy and has a better performance supported by five aspects: first, human resource a support in the area of cooperation and solidarity. second, finance a support for financing services-. third, management is a support in the area of standard operating procedure-. fourth, shariah compliance is a support in the area of contracts. fifth, marketing is a support in the area of communication. conclusion based on the foundings, it can be concluded that islamic microfinance institutions with the cooperative model of sharia baitul maal wat tamwil, gramen models,and mixed models (combining cooperative model of sharia and gramen) have each system and procedures in operation. in bmt al-fath and bmt baytul legal based on cooperative endeavor where responsibility the company is shared. in contrast to mbk ventura -foundation law based venture limited liability companywhere responsibility fully held by shareholders. evaluations were conducted on islamic microfinance institutions baitul maalwatamwil, gramen models, and models based on the mixture approach analytical network process (anp) found that the agency islamic microfinance has a determining factor in the performance of the supporting activities which, in terms of human resources has four indicators, cooperation and solidarity, understanding of islamic principles, the division of duties and rights managers and awards. from the financial side have four indicators, namely the source of funding, business efficiency, ranking arrears, financing services. the deciding factor supporting performance the next of the management side, there are four indicators, namely, institutional, standard operating procedures, operational standards, management, and technology. furthermore, based on adherence factor shariah is based on indicators of collateral, contract, regulation and products given. last factors supporting performance in terms of marketing institutions based on product price indicators, communication, coaching customers, and the quality of the product. al-iqtishad: vol. vii no. 1, januari 2015 30 solutions in the development of a shariah microfinance institutions model to the strengthening ofthe real sector in indonesia, namely by applying a model mixing the process. mixed model is a model agency islamic microfinance that applying two systems in operation. the first system is based on sharia and second cooperative gramen system. model-based islamic microfinance institutions have amixture of strategies to support better performance, which is supported based on five aspects of the operation, namely: first, resource human strengthening of the cooperation and solidarity; second, financial strengthening of the financial services; third, strengthening management standard operating procedures of the institution; fourth, compliance sharia of 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(thesis unpublished). kuala lumpur: international islamic university malaysia. tambunan, t. 2002. small and medium enterprises in indonesia: some key issues. jakarta: salemba. hardius usman: the role of religious norm on selecting the islamic bank 31 the role of religious norms on selecting the islamic bank hardius usman1 abstract. the role of religious norm in selection of islamic banking. the aims of this study are to examine muslim’s religious norms regarding to their belief on the law of the prohibition of bank interest, and to investigate the effect of religius norms on customers’ decision in using the islamic banking services. this study employs natural experimental design with analysis of variance (anova), and pearson chi-square test. the exploratory study also conducted to support the quantitative analysis. the results show that the religious norms among muslims classified into two categories, i.e: traditional and contemporary group and the religious norm of the muslim have significant affects on the decision in using the islamic banks. keywords: islamic bank, religious norms, traditional group, contemporary group abstract. peran norma religius dalam pemilihan bank syariah. tujuan dari penelitian ini adalah untuk memberi gambaran norma religius muslim di indonesia terhadap fatwa pengharaman bunga bank; dan mempelajari hubungan norma religius tersebut terhadap pemilihan bank. penelitian mengaplikasikan natural experiment design dengan analysis of variance (anova), dan pearson chi-square test. guna mendukung analisis kuantitatif, penelitian ini juga melakukan exploratory study. hasil penelitian menunjukkan bahwa norma religius muslim dapat dibagi menjadi dua kelompok, yaitu: kelompok tradisional dan kontemporer, dan norma religius mempunyai pengaruh signifikan terhadap keputusan muslim untuk menggunakan bank syariah. kata kunci: bank islam, norma religius, kelompok tradisional, kelompok kontemporer first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 15th 2014 1 pascasarjana universitas indonesia kajiantimur tengah dan islam, jl. salemba raya 4, jakarta. email: hardius_u@yahoo.com al-iqtishad: vol. vii no. 1, januari 2015 32 introduction the islamic bank is a banking system that operates under islamic law, or known as ‘sharia’ (haque, jamil and ahmad, 2007; hassan, chachi and latiff, 2008; marimuthu, jing, gie, mun, and ping, 2010; manzoor, aqeel and sattar, 2010; idris, naziman, januri, asari, muhammad, dan jusoff, 2011). under the islamic law, the islamic banks are prohibited to trade based on interest (haron, 1997; manzoor, et. al., 2010; idris, et. al., 2011) which is the basic distinction between islamic banks and conventional banks (hassan, et. al, 2008; manzoor, et. al, 2010). in other words, the islamic banks adopt ‘sharia compliant finance’ systems, prohibiting acceptance of specific interest for loans, known as riba. in the second conference in cairo in may 1965, the islamic leaders, known as ulamas who gathered in the world islamic studies consul has decided that there is no doubt on the prohibition of the riba (antonio, 2001). the concensus was also supported by the fiqh academy of the muslim world league and propagation center, counseling, islamic studies, and fatwa, kingdom of saudi arabia, and the organization of the islamic conference (oic) ii in 1970, at pakistan reached unanimously that the interest on a conventional bank contrary to islamic law. in indonesia, prohibitation of riba refers to fatwa majelis ulama indonesia (mui) no. 1 tahun 2004that is supported by majlis tarjih dan tajdid pp muhammadiyah no. 8 tahun 2006. prohibition of interest means forbids all muslims use the services of conventional banks. muslims would bear the sins if use a conventional bank services (jalil dan rahman, 2010). from this perspective, islamic banks should be an option only for the muslims not for the bank alternative that is often put forward as some academics, such as: haron (1997); memon (2007); dan idris, et. al. (2011). consider the law in the islamic teachings, and the availability of islamic banks, then the question arises: “why the muslim community is still not willing to stop using of conventional banking services, to further switch to islamic banks?” the consequence due to the fatwa issued by ulamas is the market for islamic banking services has been growing rapidly over the past few years. furthermore, this robust growth is expected to continue for the foreseeable future (vayanos, wackerbeck, golder, and haimari, 2008). however, it does not mean that the demand of the services of conventional banks is reduced. in indonesia, the islamic banking has also been growing rapidly. based on the indonesian banking statistics, number of accounts in islamic banks increased significantly, from 1,964,438 accounts in 2006 to 13,430,904 accounts in june 2014. in addition, third party funds (tpf) has experienced a relatively high hardius usman: the role of religious norm on selecting the islamic bank 33 increasing, from 11,862 billion dollars in 2004 to 183,534 billion in 2013. although islamic banks in indonesia have undergone a rapid growth in terms of the number of accounts and tpf, this phenomenon did not bring about a negative impact for conventional banks. in fact, deposits of conventional banks increased from 963,106 billion dollars in 2004 to 3,663,968 billion dollars in 2013 (bank indonesia, 2014). by comparing the tpf of islamic banks and conventional banks, it shows that the proportion of tpf of islamic banks is still relatively small, which is about 5%. eventhough the number of accounts in islamic banks is increasing rapidly; it does not mean a conventional bank customers have switched to islamic banks. many banks customers in indonesia hold multiple accounts. they open accounts in islamic banks, howeeer, in the sam time they hae a conventional bank account. the condition raises the question: “do the majority of indonesian muslims disbelieve the fatwa of mui that the bank interest is forbidden (haram)?” people generally perceive that two billion muslims in the world adopted the same islamic religious beliefs and practices (azra, 2005). in fact, different opinions would not be avoided among the muslim community across the world, because they hae differentiate in history, tradition, and culture. since the law on the prohibition of interest is not explicitly written in the koran, ulamas make consensus to address this critical issue that newly turns up in our modern life. at this point, sometimes there are different views among the ulamas about the meaning of ‘sharia compliant finance’ in the islamic banking practices. this condition raises the question: “do all the indonesian muslims believe that the bank interest is riba?” although ulamas have agreed on the prohibition of bank interest in the second conference in cairo in may 1965, the literature reveals that some scholars still have different opinion. islamic scholars from modernist school of thought, such as: fazlur rahman, muhammad asad, said al-najjar, sayyid tantawi, consider that prohibitation of bank interest in the koran are bank interest that is practiced before the islamic era; there is a difference concept between riba and bank interest; and there is a difference between individual and institutional interest (ahmad and hassan, 2007). rahman (1982) mentions that bank interest, especially in borrowing money are permitted in certain conditions. although the scholars mentioned about riba in conventional banks, but infact, there are still many muslims use conventional banks. it can be assumed that indifferent opinions regarding the prohibition of interest give impact on of muslims confidence in choosing a bank. one who believes that the interest is prohibited tend to choose islamic banks. nevertheless, others who believe that the bank interest is not (always) prohibited would choose conventional bank. in the theory of reason action, a normative is the subjective norms that refer al-iqtishad: vol. vii no. 1, januari 2015 34 to the perceived social pressures to perform or not to perform a certain behavior. one source of normative belief is common norms that are believed by the religious leaders’ referential (fishbein and ajzen, 1980). consistent with ajzen (1985), perceived religious norms are what one perceives as the beliefs of his or her religious leader. hence, those who are influenced by religion may regard their spiritual leaders highly when contemplating the decision (morgan, 2004). this is the reason why this study uses the variable religious norms to reflect difference belief in the fatwa of bank interest among muslims. based on the explanation above, the aims of this study are to examine muslims’ religious norms regarding to their belief in the fatwa of the prohibition of bank interest, and to investigate the effect of religius norms on customers’ decision for using the islamic banking services. literature review the main sources of the islamic law are the koran and hadith. every muslim believes that the koran is the word of allah, revealed to the prophet muhammad. while hadith describes the behavior of the prophet muhammad including about what he said, he did, he saw and he decided during his life (gatrad and sheikh, 2001; padela, 2007). it was include the approval that he did not say. thus, it was also related to all the statements that describe his physical attributes and characters (kamali, 1991). since the prophet muhammad’s death, muslim leaders made fatwa asa new source of the islamic law. this is intended to deal with new issues or phenomena that arise with changes in time and culture (hashim and mizerski, 2010). at this point, it could appear a difference opinion among ulamas. although islam has provided clear directions between halal (permitted) and haram (forbidden) (al-qaradawi, 1999), the debates on the various issues are unavoidable because many of the current issues are not explicitly commanded or forbidden. the fact that the koran explicitly communicated in arabic, leads to some divergences of the interpretation, especially when it is translated into non-arabic languages. in addition, none of the institutions has the right to issue a universal islamic law. hence, it is possible to observe different interpretations of the islamic law among various islamic institutions. koran has explicitly forbids muslims to consume alcohol and or gamble in surah al-baqarah [2]: 219; al-nisa [4]: 43; al-maidah [5]: 93. therefore, the rules of koran can be understood by muslims explicitly, and then all ulamas and muslims in the world agreed to these rules. however, the koran and hadith do not explicitly arrange about organ donation and transplantation (al-khader, shaheen and aljondeby, 2003; el-shahat, 1999, rady and ali, 2009). at this point appeared various hardius usman: the role of religious norm on selecting the islamic bank 35 effortsthat allows occurred differences view between ulamas. although the islamic council (senior ulamas commission) of saudi arabia stated that the islamic rules allow the removal of organs from people who have died to save another human life (el-shahat, 1999). however, between 1959 and 1998, there are at least 18 religious opinions that discuss the rules on organ donation and transpalansi (el-shahat, 1999). in term of the donor’s organ, aksoy (2001) explains that there are two schools of thought in islamic cultures, schools of thought that allow organ donation, dan the other is not allowed, because the koran does not explain explicitly. same as the example above, koran also does not explicitly prohibit bank interest. nevertheless, it explains only about riba. do all muslims agree that conventional banks have to be abandoned, without a single reason? do all muslims agree conventional banks may be used for not taking interest given? all muslims agree that the riba is prohibited that it is explicitly written in the koran (ar-rum [30]: 39; al-nisa [4]: 161; al-imran [3]: 130; dan al-baqarah [2]: 275, 276, 278). however, when the riba is associated with the bank interest, debates over the concept of the riba in koran appears. as it is mentioned before, some moderat scholars believe that the bank interest is permitted in some conditions. rahman (1982), for instance, argued that they agreed to take extra costs or bank interestin borrowing and lending of moneyin some conditions, such as; first, the loan does not aim to exploit the weak; second, the loan does not follow practices of the pre-islamic era; third, the interest rates is reasonable; fourth, the loan is for investment not consumption; fifth, the interest is to compensate losses to creditors due to inflation ; and sixth, the loan is for credit institutions. this opinion certainly opposed by the traditional group, which has made a fatwa that bank interest is ribait also became the foundation for the establishment of islamic banks. this condition indicates that there is difference belief about riba in islam. this, of coure will give impact to the muslim as a whole. the social value in expenditure theory (sheth, 1982) refers to the normative values that are held by social groups such as family, friends, or community. this definition is identical to the subjective norm in the theory of reason action (ajzen and fishbein, 1980). in the theory of reason action, ajzen and fishbein (1980) take subjective norms as a part of behaviour factors and define it as an individual perceived social pressure to behave or not behave (ajzen and fishbein, 1980). the subjective norms are determined by the normative belief. this is one source of common normative beliefs that are believed by the representative religious leaders (fishbein and ajzen, 1980). in social psychology, an important aspect of socio-cultural psychology is a social norm. it is defined as a way of thinking, feeling and behaving that is shared with al-iqtishad: vol. vii no. 1, januari 2015 36 their community, so they appropiate it (cialdini, 2009). there are many important social norms in the life of individuals that determined by the culture where s/he lives. in this context, culture is defined as a set of social norms, including religious and family values and other moral beliefs that are shared by people who live in an area (matsumoto, 2001). therefore, the cultures impact on the thoughts, feelings, and behavior through teaching, imitation, and other forms of social transmission (mesoudi, 2009). this will make people depend on the influential group and their social environment. on the other hand, the culture will influence social norms and religion . it is also affect a person’s social norms. thus, religious leaders allow influencing someones’ social value, subjective norm, or social norms. consistent with ajzen (1985), perceived religious norms are what one perceives as the beliefs of his or her religious leader. hence, those who are influenced by religion may regard their spiritual leaders highly when contemplating the decision (morgan, 2004). methods the populations of study are muslims who have bank(s) account. the respondents were conditioned as to be classified into three groups – the islamic bank customer group, the conventional bank customer group, and the islamic and conventional bank customer group. these groups can be viewed as an environmental factor treatment in experimental design (agung, 2011). the customers in each group are classified into two classes based on dichotomous variable of religious norms, that are traditional group who believes in the prohibition of the bank interest and contemporary group who do not believe in the prohibition of the bank interest. thus, the natural experimental design is a 3 x 2 factorial design with three groups of bank customers, i.e. islamic banks customers, conventional banks customers, and customers of both banks; and two further groups of each, i.e. traditional group and contemporary group. natural experimental design is used because number of respondents who only has accounts in islamic banks is relatively small. if sample selected randomly, the customers who use a pure islamic banks will be very little. the sampling technique used in this study was a purposive quota. the first step is determining the number bank customers among the three groups of bank customers that are consists of 125 respondents in each group. the second step is selecting the sample with the following criteria: 1) muslims, and 2) at least the age of 18 years. hardius usman: the role of religious norm on selecting the islamic bank 37 data collection was carried out using a self-administered. respondents filled out a questionnaire by themselves. however, the researcher guides them in filling out the questionnaires. table 1. indicator for construct of religious norms variable description statement items*) sources religious norms what one perceives as the beliefs of his or her religious leader. (stephenson, et. al., 2008). banks interest should 1. not be prohibited if it does not aim to exploit the weak rahman (1982) banks interest should 2. not be prohibited if the interest rates is reasonable rahman (1982) banks interest should 3. not be prohibited if it for investment not consumption rahman (1982) banks interest should 4. not be prohibited if the interest is to compensate losses to creditors due to inflation rahman (1982) there are several statement items that used as religious norm measurements. rahman (1982) argued that according to moderenist scholars, the extra costs or interest, especially in borrowing money is permitted in some conditions: first, the loan does not aim to exploit the weak; second, the interest rate is reasonable; third, the loan is for investment not consumption; and fourth, the interest is to compensate losses to creditors due to inflation therefore, the research context is banking as a credit institution. rahman’s criteria no. 5, bank interests are allowed for credit institutions that will be excluded from the statement items. thus, statement items will be used to measure variables religious norms that can be seen in table 1. items statement to establish a religious norm variables were measured using a likert scale between 1 (strongly disagree) and 6 (strongly agree). based on the average score of religious norms, customers are classified into two grouped: traditional customer (believe bank interest is forbidden), and contemporary (believe bank interest are not always forbidden). the groups were done based on the average value of the score, in which: first, traditional: smaller al-iqtishad: vol. vii no. 1, januari 2015 38 than the average score of all customers. second, contemporary: equal or greater than the average score of all customers. the analysis of variance (anova) and pearson chi-square are used to test the hypotheses of religious norms influence on the selection of banks. . thus, researcher uses spss version 19 in data processing. the exploratory study also used in this research in order to complete the information about the phenomena related to islamic banking. discussion after collecting the data, there were some incompleted questionnaires answered, so they should be dropped. therefore, in order to reach the same number of bank customers, the last entry questionnaires were dropped to exceed the other groups of bank customers. finally, the questionnaire used was 363 or 121 questionnaires for each group of bank customers. data processing provided descriptive statistics score of the religious norms for the overall respondents as follows: mean score = 2.91; standard deviation = 1.43; the minimum value = 1; and the maximum value = 6. therefore, the measurements using likert scale of 1 (strongly disagree) to 6 (strongly agree), it can be stated that the average score is relatively in the middle of the measurement scale. it means that a part of respondents have a lower score than the overall average who believe that the bank interest is forbidden. and other group of respondents has an equal or higher score than the overall averagewho believe that the bank interest is not always forbidden. standard deviation value also strengthens the interpretation of the average score. the standard deviation indicated a religious norm scores varied among individuals, which also indicates a difference belief in bank customers towards the fatwa. the variation between individual average score of religious norms was also demonstrated by its range, with a minimum average score of 1 and maximum of 6, which means there are customers who strongly disagree with the opinion of moderenist schoolars. however, at the same time there are customers who strongly agree with the opinion. this result reveals that the muslims do not always adopt a similar interpretation over the islamic beliefs and practices. based on the descriptive statistics, it can be conluded that the data support the hypothesis 1 that bank customers have different beliefs on the fatwa of prohibition of bank interest. thus, although the mui and the oic has been agreed that bank interest is forbidden, but not all muslims agree with the fatwa. this condition raises a question: “why customers do not have the same beliefs about the fatwa?” hardius usman: the role of religious norm on selecting the islamic bank 39 this is because the prohibition of interest is not explicitly written in the koranand the difference opinions about the fatwa of the bank interest among ulamas. the results support the statement (al-qaradawi, 1999) that although islam has given clear directions between halal and haram, however, the debate about the issues is unavoidable because many of the issues now are not commanded or prohibited explicitly. so, it is miss perception if the people stated that two billion muslims in the world adopt the same islamic law in beliefs and religious practices (azra, 2005). if the religious norm is associated with bank customer group, the statistics show the lowest average score of the religious norms is customers of islamic banks group (2.35), followed by the customers of both banks group (2.86) and customers of conventional bank group (3.52). this condition indicates that customers who use only islamic bank, not all of them believe the fatwa or at least they approve one or more statements that are used to measure the variables of religious norms, which is actually contemporary thought as expressed from rahman (1982). tests on the difference in parameter mean of religious norms among bank customers groups’ to answer the hypothesis 2 using anova. based on the test of the statistical hypothesis, we have the f-statistic = 20,406 with p-value = 0.000, so it was decided to reject h0 at level of significant α = 0.05. it can be conclude that data support hypothesis 2. thus it can be stated that the parameter mean of religious norm for the customers of islamic bank significantly different than the parameter mean of a conventional bank customers and/or the parameter mean of customers who hold two banks accounts. in other words, individuals who have the lower score of religious norm preferred to islamic bank than conventional bank. furthermore, to examine differences in the mean parameters of religious norm variables between customers of islamic bank and conventional banks, and customers of islamic bank and customers of both banks, tukey test was used. based on the testing of the statistical hypothesis 1.1, we have the p-value = 0.000, so it was decided to reject h0 at level of significant α = 0.05. it can be conclude that the parameter mean of religious norm for the customers of islamic bank are significantly lower than the parameter mean of a conventional bank customers. in other words, individuals who belief the fatwa of prohibition of bank interest tended to prefer islamic bank than conventional bank. meanwhile for statistical hypothesis 1.2, it was obtained the p-value = 0.029. this means the parameter mean of religious norm islamic bank customers are significantly lower than customers who have accounts at both banks. these finding again showed individuals who belief the fatwa of prohibition of bank interest tended to prefer islamic bank. al-iqtishad: vol. vii no. 1, januari 2015 40 in other words the result can be stated, the higher an individual’s belief that bank interest is forbidden, the individual will tend to prefer islamic banks, otherwise the higher the individual’s belief that the interest is not always haram, the individual will tend to choose a conventional bank. as previously explained that based on the average score of religious norms, the customer will be classified into two groups, namely: traditional customer group (believe bank interest is forbidden), and contemporary (believe bank interest is not always forbidden). the data, shows that the islamic banks are dominated by traditional customers, conventional banks are dominated by contemporary customers, and the group of customers who hold accounts at both banks is relatively balanced between the traditional and the contemporary customers. the results of hypothesis testing using the pearson chi-square test concludes that there is a significant association between religious norms and choosing banks (asymp sig. = 0.000). the statistic test revealed that the traditional group has a tendency to prefer islamic banks, and contemporary group tend to use conventional banks. the statistical test hyphotesis also supported hyphotesis 2 that is selection of islamic banks depends on customers’ religious norms. nevertheless, the data showed that 32.23% customers of islamic banks are customers who believe bank interest is not always forbidden. in contrast, 28.39% of conventional bank customers who believe banks interest is forbidden, still using a conventional bank. this condition indicates that the religious norm is not the only factors that influence the choice of the bank, but there are various other factors that could explain the phenomenon. this situation can be explained in terms of religiosity and non-religiosity. it is possible the individual who believes fatwa of prohibition of bank interest and still using a conventional bank, due to no or less religious individuals, so that the individual is still break his/her beliefs. however, the explanation in term rational reason can not be ignored, especially because the numbers of customers who believe bank interest is not always forbidden still use islamic banks services. shopping preference theory (sheth, 1981) states that selection to a store is a function of the individual motivations and the availability of shopping options. consumers will choose an outlet because the outlet offers something that meets with his/her shopping motivation. consumers are classified as the convenience shopper, who chose the store based on the saving of time, would prefer a store based on the location of the home or workplace. referring to the theory, it can be stated that beyond the belief toward fatwa of hardius usman: the role of religious norm on selecting the islamic bank 41 prohibition bank interest, in selecting banks, individual also consider their needs and desires and compared with what is provided by banks. service, price, convenience, product, competent employees, are some examples of the bank attributes that have to be considered by bank’s customers in choosing the bank, as shown by previous studies (such as: idris, et. al., 2011; cloud and bukhari, 2011; hamid, et. al., 2011; and khan, et. al., 2011). from this perspective it can be stated that the presence of 32.23% customers of islamic banks are the contemporary group, indicate that islamic banks have various advantages in terms of non-religious compared conventional bank, which causes the customers choose islamic banks. in contrast, 28.39% traditional customers prefer conventional bank indicate the needs and desires of the customers can not be met by islamic banks, so that they continue to use conventional banks. exploratory study that accompanies this quantitative analysis indicates that many customers who believe the fatwa continue to use conventional banks, because the infrastructure of islamic banks is not in accordance with their needs and desires. therefore, these groups typically use a conventional bank to conduct transactions, and use islamic banks to save or investment. based on the analysis, it was revealed there are three groups of bank customers based on religious norms, namely: first, bank customers who believe bank interest is forbidden so convinced using conventional banks is also forbidden; second, bank customers who believe bank interest is forbidden but tolerate to use of conventional banks with specific reasons; and third, bank customers who believe bank interest is not always forbidden and so are free to use any bank. based on the characteristics of islamic banks, it can be stated that islamic banks offer the systems which is embedded positive values. therefore, the strategy that needs to be applied in islamic banks, is no longer just rely on the fatwa, but rather highlight the system which is based on the positive values. positive values in business which is embedded in islamic banks not only be interesting for the traditional group, because these values can benefit every human being. thus there are opportunities that the values will also appeal to contemporary groups, customers that are no or less religious and even non-muslim groups. besides offering positive values, islamic banks must prepare the infrastructure in order to meet all the needs and desires of customers. in an exploratory study revealed three main factors that need to be addressed, that is: human resources, informatics system and product. that is one of the key which will make islamic banks be able to compete with conventional banks in serving the needs and desires of customers. furthermore, islamic banks can also offer different services compared to conventional bank customers by using the islamic law as a compass in carry out the business. al-iqtishad: vol. vii no. 1, januari 2015 42 conclusion the results showed that religious norms influenced the choice of the islamic banks. however, the effect is not absolute because part of traditional customers does not choose islamic banks. it shows in choosing a bank, some individuals do not just rely on his/her religious norm, but also on various other considerations. these results support the research conducted by dusuki and abdullah (2007) which revealed: in spite of the fact that submission to sharia has been known widely by the muslim customers, some empirical studies find that religion is not the only reason to choose islamic banks. these findings also confirm the suggestion by wilson (1995) that islamic banks should not only consider their business just to fulfill religious obligations of the muslims, but more significantly as a business that is always needed to win customers at the same time retaining existing customers (dusuki and abdullah, 2007). a similar statement was also expressed by ahmad and haron (2002) that islamic banks should not rely solely on the religious factor as a strategy to attract more consumers, but should emphasize efficient service, and should look into situational factors that will determine their level of competitiveness in the future. furthermore, ashraf and nurdianawati (2006) also mentions that the islamic banking activities should no longer be regarded as an initiative to carry out a religious obligation, but significantly as the innovation needed to win the competition of customers. nevertheless, this study revealed that impossible for islamic bank to regardless of religious sentiment, because basically the islamic banks are built according to islamic law. obligations of religion and customers religious norm can still be relied upon as a strategy to get new customers or retain existing customers, especially for groups who believe the fatwa. prohibition of bank interest is fundamental difference between islamic banks and conventional banks, but it is not the only difference. with regard to the prohibition of the bank interest, was born the concept of equity-partisipation (hassan, et. al., 2008), profit and loss sharing system in all business conducted by islamic banks (haron, 1997; idris, et. al., 2011). islamic banks also have different characteristics from conventional banks in the correlation between the customers and the bank. in islamic banks, the customer is a partner, not a debtor or borrower, as the practice of conventional banks (marimuthu, et. al., 2010). in banking practice, islamic law also prohibits ‘ghahar’ or speculative trading and ‘maisir’ or gambling (idris, et. al., 2011). islamic banks are also prohibited from engaging in transactions (payment or acceptance) with business related to haram products, such as: alcohol, pork trade, or gambling activities 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paving the way towards islamic banking in pakistan. world academy of science, engineering and technology 66 2010 marimuthu, m. et.al. 2010. islamic banking: selection criteria and implications. gjhss classification vol 10 issue 4. memon, n. a. 2007. islamic banking: present and future challenges. journal of management and social sciences vol. 3, no. 1, (spring 2007), pp. 1-10 suryani & hendryadi: a developing model of relationship 45 a developing model of relationship among service quality, consumer satisfaction, loyalty and word of mouth in islamic banking suryani & hendryadi1 abstract. a developing model of relationship among service quality, consumer satisfaction, loyalty, and word of mouth in islamic banking. this research aims to develop a measurement tool of service quality in islamic banking sector, and examine its relationship among satisfaction, word of mouth (wom), and consumer loyalty. a convenience sampling of 235 respondents collected from seven locations in the lhokseumawe, aceh. partial least square -structural equation modeling(pls-sem) was used to test the research hypotheses. the results revealed that the quality of service has four dimensions, they are: service portfolio and assurance/spa, tangibles/tan, reliability of communication/com, and islamic values/iva. the pls-sem results suggest that spa and com are dominant factors affecting satisfaction, and satisfaction were significantly related to wom and loyalty. loyalty also positively and significantly related to wom. keywords: service quality, islamic banking, wom, loyalty, customer satisfaction. abstrak. pengembangan model hubungan antara kualitas layanan, kepuasan konsumen, loyalitas, dan kekuatan komunikasi di perbankan syariah. penelitian ini bertujuan untuk mengembangkan alat ukur kualitas layanan di sektor perbankan syariah,dan menguji hubungannya dengan kepuasan, word of mouth (wom), dan loyalitas nasabah. sampel diambil dari 7 (tujuh) titik lokasi di kota lhokseumawe aceh dengan total sampel 235 responden. pemodelan persamaan struktural menggunakan sem-pls. hasil analisis faktor menunjukkan bahwa kualitas pelayanan memiliki empat dimensi yaitu “portofolio layanan dan jaminan”, “fisik”, “keandalan komunikasi” dan “nilai islami”. melalui analisis sem-pls dibuktikan bahwa portofolio layanan dan jaminan, dan faktor keandalan komunikasi adalah faktor utama yang mempengaruhi kepuasan nasabah, selain itu, dibuktikan bahwa kepuasan nasabah memiliki hubungan signifikan dengan wom dan loyalitas, dan wom juga terbukti berhubungan dengan loyalitas nasabah. kata kunci : kualitas pelayanan, bank syariah, wom, loyalitas, kepuasan nasabah. first draft: september, 18th 2014, revision: november, 28th 2014, accepted: december, 18th 2014 1 stain malikussaleh lhokseumawe, jl. medan-b.aceh km. 275 no. 1 buket rata, alue awe kota lhokseumawe faculty of economic attahiriyah islamic university. jl. kampung melayu iii no. 15 bukit duri tebet jakarta selatan, dki jakarta email : suryapijar@yahoo.com, hendry.basrah@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 46 introduction islamic bank is a bank that operates not on interest (riba), but using the principle of profit sharing (mudharabah), safekeeping (wadi’ah), a joint venture (musyarakah), and leasing (ijarah). islamic bank also based on islamic law (sharia) that follows the islamic rules and practices that stated in holy quran, mohammad (pbuh) and majoring opinions among sharia scholars. islamic bank is a bank conducting business or operation based on islamic principles and does not depend on the interest in providing financing and other services in transaction activity (mohammed, 2005). as a company involved in the field of service industries, quality of service in the islamic banking sector has become a major concern in an effort to maintain competitiveness and long-term performance of the company. superior service quality will increase customer satisfaction, loyalties and also will reduce the level of complaints and customer retention. thus, companies that want to gain a competitive advantage should use technology to gather information about the demands of the market in an effort to improve service quality. the implications of the intense competition between islamic banks with conventional banks are increasing customers’ standard banking services, so the approach of using religious sentiment is no longer effective in attracting consumers in the islamic banking sector. research conducted by dusuki and abdullah (2007) in malaysia revealed that the selection of islamic banks are dominated by a combination of reputation and quality of service and finance offered by banks. other factors are also considered important that a good social responsibility comfort and price of the product. further studies by al-tamimi et al., (2009) also found that the most important factors as determinants of bank selection, first, bank products, than service quality and religious factors. the results of different studies reported by sayani and miniaoui (2013) concluded that the determinants of bank selection are the preference religions as the most important consideration in choosing between islamic and conventional banks. great attention to the quality of service the banking sector has made this topic develops and produces various models of measurement of service quality in the banking sector. however, there are considerable disagreement and debate about how to measure the quality of service. generally, recent research using servqual as a tool to measure the quality of service throughout the marketing sector and this model has gained widespread evidence, but it is not possible for any other service sector, especially the banking sector (abdullah et al., 2011). from 2000 to 2006, a total of 14 conceptual models of service quality reported that applied in the banking sector (both conventional and islamic) (sangeetha & mahalingam, 2011). suryani & hendryadi: a developing model of relationship 47 because there are many differences in the concept of service to the islamic bank then its prove, the concept is still being developed so as not yet found a definite reference in cross-cultural research. in addition, in developing the model in the measurement of service quality islamic bank, this research also tries to develop a research model to include satisfaction, word of mouth (wom) and customer loyalty. furthermore, this research is intended to enrich and provide knowledge in the context of islamic banking service quality and provides a conceptual framework for islamic service quality that is still limited. literature review business banking services primarily to give special attention to the trust, so the issue of service quality becomes a crucial factor in the success of the business. service quality is a form of consumer ratings of the perceived service with the level of service expected. the implications of the quality of service according to ladhari (2009), include increased customer satisfaction, improved customer retention, positive word of mouth, reducing staff turnover, reduced operating costs, enlarged market share, increase profitability, and improve financial performance. service quality is the result of the evaluation process, where consumers compare expectations with perceptions of service received (grönroos, 1984). another definition proposed by parasuraman et al., (1988) which states that the service quality as a general assessment or attitudes related to service excellence, while satisfaction associated with a specific transaction. service quality is generally seen as the result of a whole system of services received by consumers, and the principle that the quality of services focused on addressing the needs and desires of customers, as well as their determination to provide services in accordance with customer expectations. service quality is the expected level of excellence and control of the level of excellence to meet customer expectations (tjiptono and chandra, 2004). based on these definitions can be concluded that the service quality is the hallmark, the characteristics or properties of a product or service that can meet the expectations of consumers who provide a level of excellence in a specific service. during its development, the service quality in the banking sector has been measured by various approaches, first, the model servqual of parasuraman et al., (1988) proposed five dimensions of perceived service quality construction: first, tangibles or physical evidence, namely the ability of a company to show existence to external parties; second, reliability is the company’s ability to deliver as promised services accurately and reliably; third, responsiveness is a willingness to help and provide fast and accurate service to customers with clear information; fourth, guarantees and certainty is knowledge, courtesy, and the ability of the company’s al-iqtishad: vol. vii no. 1, januari 2015 48 employees in growing confidence of the customers to the company; and fifth, empathy is providing genuine concern and a private individual or given to customers by striving to understand the desires. most of the empirical studies on the quality of banking services are to measure the quality of service to replicate or adapt the model servqual. firdaus abdullah (2011) developed a factorial analysis showed that the quality of service has three dimensions, namely “systematization of service delivery”, “reliable communication” and “responsiveness”, and then some regression analysis showed that the “systematization” is the dimension of service quality the most important in the banking sector which is then referred to as the bsq index (bank service quality). other sizes referred to as the bank service quality (bsq) developed by bahia and nantel (2000) which measures the quality of the bank’s services include aspects of effectiveness and assurance; access; price; tangibles; service portfolio, and reliability that also successfully validated by glaveli et al., (2006) through his research in five countries. compared to conventional bank, service quality measurement in the islamic banking sector is still relatively limited. several studies have attempted to develop a service quality scale islamic bank as gayatri and chew (2013) identified: islamic values in general, halal/haram, attention to the activities of the islamic religions, honesty, humility, and humanity and trust. while manshor taapet amat al., (2011) using the four dimensions of service quality, namely tangibility, reliability, competence, and comfort in islamic and conventional banking sector in malaysia. jabnoun and khalifa (2005) developed a measure of quality of service to the conventional banks and islamic banks and they identified four dimensions that include personal skills, reliability, value and image of the bank. however, only the dimension values and personal skills that significant in determining the quality of service in islamic banks. research by misbach et al., (2013) conducted in indonesia adapted the measurement model of abdullahet al., (2011) designed a new measurement instruments in the banking sector and identifies three dimensions that include system services, responsiveness and reliability. thus, qureshiet al., (2014) in pakistan used the measurement model by adapting the servqual, which includes reliability, responsiveness, assurance, empathy, and physical aspects. models of service quality measurement can be seen in table 1. table 1. model of service quality measurement in islamic bank writer / year state model of measurement / indicator jabnoun dan khalifa (2005) uni emirat arab personal skills, reliability, value and image of bank suryani & hendryadi: a developing model of relationship 49 ahmad et al., (2010) pakistan servqual ladhari et al., (2011) kanada dan tunisia servqual amat taap et al., (2011) malaysia honesty, humility, humanity and trust gayatri dan chew (2013) indonesia islamic values in general, halal / haram, attention to the activities of islamic religion, honesty, humility, humanity and trust misbach et al., (2013) indonesia system service, responsiveness and reliability amirzadeh dan shoorvarzy (2013) iran servqual qureshi et al., (2014) pakistan servqual consumer behaviors such as loyalty, repeat purchases, the level of complaints, word of mouth, brand image, customer value, and various other aspects. the relationship between service quality and consumer satisfaction in the banking context has been studied. one study tried to develop a model of the relationship between service quality, customer satisfaction, and profitability of banks in taiwan. by using the models servperf successfully proved that service quality has a positive relationship with customer satisfaction and profitability of banks (lee and hwan, 2005). research in malaysia proves that the five key dimensions of competence, communication, conflict management, trust, and relationship quality-discrimination between customers associated with consumer satisfaction (nelson and chan, 2005). another study in india found that customer expectations and perceptions of service quality dimensions of tangibility, competence and empathy have an impact on consumer satisfaction (khurana, 2014). newer research reveals similar findings as esmailpour et al., (2012) and mosahab et al., (2010) in iran; and al-hawari (2008) in australia. based on the above, it can be said that the better the quality of services provided the higher the level of satisfaction. the hypothesis is: “h1: service quality is positively related to customer satisfaction”. a satisfied customer will provide recommendations on experience to others are a basic concept of communication by word of mouth. word of mouth can be expressed as interpersonal communication between two individuals even more like al-iqtishad: vol. vii no. 1, januari 2015 50 a consumer’s group members or others. due to the nature of the recommendations of the individual, the communication of mouth is one of the important factors that influence a person’s decision to buy. wom concept definition itself is constructed differently, such as the informal transfer of positive or negative purchases and behaviors associated with consumption among consumers (teo and soutar, 2012). in the education sector, it was found that the functional quality of service, rather than the quality of technical services, have an impact on the formation of wom, with student satisfaction plays an important mediating role (teo and soutar, 2012); satisfaction associated with loyalty and wom (shao-chang li, 2013); and the high satisfaction of a larger cause wom activity (lang, 2011). thus, it is reasonable to think that in a banking context, the fulfillment of the expectations that have implications for consumer satisfaction will lead to an increase in intention to recommend to others about their experiences with others in the form of positive wom. thus, the second hypothesis proposed is: h2: “consumer satisfaction is positively associated with wom” consumer loyalty is a form of behavior. loyal customers will demonstrate the purchase of non-random behavior, repeated violations of the goods / services of a company. the word “non-random” on buying behavior indicates that loyal customers make purchases planned and not based on random events (griffin, 2009). while the characteristics of loyal customers according to kotler and keller (2009) can be seen from the three indicators includes repeat purchases; resistance from other influences and referrals or refer in total company’s existence. in various literatures, customer satisfaction is an important indicator of customer loyalty and a number of studies have identified the benefits of customer loyalty for the company in the future. the benefits of customer loyalty can lead to low service cost because the cost to be incurred by the company for loyal customers is cheaper than new customers. in addition, they will pay a higher fee for a set of products; and loyal consumers will act as an agent of word-of-mouth marketing. (gee et al., 2008). research conducted by pont and mcquilken (2005) on the relationship between customer satisfaction and loyalty in the australian banking industry to the conclusion that satisfaction has a significant impact on three of the five dimensions: loyalty, pay more and external responses, whereas the other two dimensions, namely the tendency to switching and internal response is not significant. in the context of e-banking services, satisfaction has a significant effect on loyalty to the bank and a willingness to continue the relationship with the e-banking services (momeni et al., 2013). other studies such as that carried out by kazemi et al., (2013) give the conclusion of the relationship between brand identity, customer suryani & hendryadi: a developing model of relationship 51 loyalty and wom by considering the mediating role of customer satisfaction and brand commitment. other empirical evidence also found that all the attributes of service quality are positively related to customer satisfaction is positively related to customer loyalty in retail banking arrangements in bangladesh. empathy showed the highest positive correlation with customer satisfaction and physical aspects showed a positive correlation with customer satisfaction at least (siddiqi, 2011). based on these explanations, the proposed hypothesis is: h3: “loyalty is positively associated with wom” and h4: “customer satisfaction is positively related to loyalty” methods service quality in this study adapted various service quality measurement model of bank. through a preliminary study identified 26 items relevant statements by adapting measurement model of bank service quality (bsq) from bahia and nantel (2000); service quality measurement model islamic bank of gayatri and chew (2013); and servqual of parasuraman et al., (1988). customer satisfaction is measured by three items include overall satisfaction, the level of complaints, compliance with the expected services, and the lack of service (hennig, 2004). loyalty is measured by two items covering the intention to continue to be a customer and intention to move (dimitriades, 2006). wom is measured by three items include the intention to tell others, recommend behavior, and behavior to invite others to use the services of islamic banks (shao-chang li, 2013). all statements are measured using a scale of 7 point likert-type items, namely 1 (strongly disagree) to 7 (strongly agree). the first stage of analysis using exploratory factor analysis (efa) by the method of principal component analysis and varimax rotation was used as a test tool to test the factor structure of the data. the factor analysis would classify data based on the inter-correlations between items. the reliability of a measurement indicates the extent to which these measurements without free from errors and ensure consistent measurement across time and across a variety of items in the instrument. the approach used to estimate the reliability of the instrument is using the cronbach alpha coefficient. reliability test was using internal consistency approach. cronbach alpha value of 0.70 and above is considered the criteria to demonstrate the internal consistency of the scale developed. the analysis technique used to test the model of the relationship among variables in this study is a structural equation model partial least square (pls-sem). al-iqtishad: vol. vii no. 1, januari 2015 52 this technique is an alternative method used to model that has great complexity, an indicator that is reflexive and formative mix and has a purpose for prediction (ghozali, 2008). discussion through a convenient technique (simple sample) then obtained 235 respondents obtained from six islamic banks in lhokseumawe and the location was taken in one of the islamic universities. the sample consisted of 47.7 % male and 52.3 % female. age of respondents consisted of less than 25 years (39.6 % ), then the age of 26-35 years (34 %), over 35 years (24.3 % ) and 2.1 % are refused to filled. majority, the education respondent is bachelor (37.4 %) and high school (36.6 %), while based on the length of a customer, the customer as much as 52.8 % less than 3 years, and 26.4 % between 4-8 years, and 12.3 % are already a customer of more than 9 years, and 8.5 % of respondents are refused to answer. through factor analysis values obtained kaiser-meyer-olkin msa (kmomsa) of 0.933 shows that the data have been qualified analysis of the first factor. second, the value of bartlett’s test of sphericity of 4309.445 at 0.000 significance. this value indicates that the variable-forming factor is good enough so that the analysis can proceed. the next step is to assess the communality of each variable to determine which items are examined as a value factor. the results showed that the two variables are communalities below 0.50 so that it is removed from the measurement model. furthermore, based on the total variance explained earlier revealed 24 items forming four factors with eigenvalue over one. four of these factors explain about 64,496 percent of the variance. after two items are eliminated, then the ability of four factors explains construction is of 67,843%. thus, the final scale is used, leaving 24 item questionnaires of 26 questions planned. table 1 shows the results of factor analysis in terms of the name of factors. variables loading on each factor, and the variance explained by each factor. alpha coefficient values for all factors of service quality are shown that all factors that meet the prerequisites of reliability cronbach alpha> 0.70. it can be concluded that the four constructs have a satisfactory level of reliability. the results of testing the validity of the structure on customer satisfaction generate value kaiser-meyer-olkin (kmo) measure of sampling adequacy for 0,747 (chi-square = 398,519, df = 3, sig = 0.000). the total variance explained demonstrates the ability to explain construct three items of 81,890 customer satisfactions. furthermore, the conclusion that the entire item is valid with regard weighting coefficient factor> 0:50. internal consistency with cronbach alpha tests to qualify the reliability that is equal to 0,887. for wom construct, the value of suryani & hendryadi: a developing model of relationship 53 kaiser-meyer-olkin (kmo) measure of sampling adequacy for 0,742 (chi-square = 449 007, df = 3, sig = 0.000). all the items proved to be valid by the ability to explain the construct of 83,651. internal consistency cronbach’s alpha tested by a qualified reliability that is equal to 0,902. and test results on the loyalty construct showed the value of the kaiser-meyer-olkin (kmo) measure of sampling adequacy of 0.500 (chi-square = 102 245, df = 1, sig = 0.000), with a totals of 80,282% constructs the ability to explain. internal consistency (alpha cronbach) 0,887 for customer satisfaction, 0,902 (wom), and 0,754 (loyalty) and has fulfilled a good reliability (cronbach alpha> 0.70). measurement model with reflexive indicator based composite reliability or internal consistency should be higher than 0.70 (in exploratory research, 0.60 to 0.70 are considered acceptable); second, reliability indicators: loading factor on the indicator must be higher than 0.70. third, convergent validity seen from the average variance extracted (ave) should be higher than 0.50. fourth, discriminant validity: the square root of ave any latent constructs should be higher correlation latent variables; and loading factor indicators should be higher than the other constructs (hair et al., 2011). further, reliability test shows that all variables have a value of composite reliability and cronbach alpha above 0.70. so it can be stated that all latent variables have a good level of reliability. convergent validity is met if the scores obtained by two different instruments that measure the same concept shows a high correlation. indicators which have convergent validity is having outer loading factor above 0.70. the next test results shown that all the indicators already have a loading factor> 0.70 so that it can be declared to have proved it has a convergent validity. discriminant validity was intended to test that a properly construct only measure the construct to be measured, not the other construct. discriminant validity testing methods can use cross-loading between indicators and used the roots of the average variance extracted (ave). through the results of the analysis shows that the correlation for each indicator in latent variables is greater than other latent construct. in addition, test results showed that the root of ave entire square root of the construct has a greater value than the correlation between the latent variables. from this test it can be concluded that the model has met the discriminant validity. the goodness of fit model is measured using r2 dependent latent variable with the same interpretation of the regression. r² value of 0.75, 0:50 or 0:25 for endogenous latent variables in the structural model can be described as substantial, moderate and weak. q2 predictive relevance for the structural model to measure how well the observed values generated by the model and parameter estimation. q² value greater than zero indicate that the construction of exogenous have predictive al-iqtishad: vol. vii no. 1, januari 2015 54 relevance in explaining endogenous. (hair et al., 2011). based on the analysis of sem-pls obtained r2 structural model in model 1 (satisfaction) is equal to 0732, model 2 (wom) is equal to 0505 and model 3 (loyalty) is equal to 0492. thus the formulas and calculations to test predictive relevance q2 following: q2 = 1 – ( 1 – r21 ) ( 1 – r 2 2) ( 1 – r 2 3) q2 = 1 – ( 1 – 0.732) ( 1 – 0.505) (1 – 0.492) q2 = 1 – ( 0.268) (0.495) (0.508) q2 = 0.933 summary of hypothesis tests show of five of seven proposed hypothesis supported. two non-significant path coefficient are the relationship between the physical aspect (tan) with satisfaction (sat) and the relationship of islamic values (iva) with satisfaction (sat). this study consists of two main objectives: first to develop an instrument to measure the quality of islamic banking services, and the second is a test model the relationship between service quality, satisfaction, and loyalty wom. the results of the analysis successfully validated 24-item scale measuring service quality islamic banks (islamic bank service quality scale / ibsq). as a newly developed scale, these findings provide initial information to be replicated in future studies. this study complements the findings of gayatri and chew (2013) which identifies the islamic bank of service quality measures include: islamic values in general, halal/haram, attention to the activities of the islamic religion, honesty, humility, and humanity and trust, and bank service quality (bsq) developed by bahia and nantel (2000) which measures the quality of the bank’s services include aspects of effectiveness and assurance; access; price; tangibles; service portfolio; and reliability which also successfully validated by glaveli et al., (2006). in summary, this study enriches and increases their knowledge in the context of quality islamic banking services and provides a conceptual framework for service quality which is still relatively limited explored. compared with previous studies, such as gayatri and chew (2013) which identifies six factors of service quality islamic bank, this study identified only four the quality factor of islamic banking services by using the more general aspects that are expected to be able to describe the professional quality of the islamic banking services. interesting findings is the lowest average score of 4 dimensions are used for 6 (six) that is observed bank of the islamic values. this situation clearly needs to get attention from the islamic bank in its efforts to reinforce the distinction of islamic banks with conventional banks. suryani & hendryadi: a developing model of relationship 55 figure 1. structural model pls-sem through the analysis of sem-pls obtained results indicate that physical factors (tan) and islamic values (iva) has not significantly related to satisfaction, with t value for each coefficient of 1,673 and 1,332. two other factors, namely the reliability of communications (com) and the portfolio of services and guarantees (spa) has a significant relationship (0178, t value 2,724 t) for com and 0.568 (t value 5,941 t) for spa. thus it can be stated the relationship between service quality and customer satisfaction is only partially supported (h1a and h1b are not supported; h1c and h1d supported). in the second sub-structural wom as an endogenous variable, obtained coefficient of determination of 0505 which demonstrate the ability of consumer satisfaction and loyalty explain wom by 50.50%. coefficients between consumer satisfaction to wom that are for 0.464 (t 7.644) and coefficient of loyalty to wom that are for 0303 (t 4.934). the two coefficients significant at 5% level that can otherwise be otherwise be able to explain the variation of wom, therefore hypotheses 2 and 3 supported. sub-structural third placing loyalty as an endogenous obtained coefficient of determination of 0.492 which describes the ability of customer satisfaction in explaining loyalty amounted to 49.20%. coefficient path of satisfaction on loyalty is equal to 0.701 (t value 17. 616 t), so that the hypothesis 4 is supported. al-iqtishad: vol. vii no. 1, januari 2015 56 conclusion based on testing the validity and reliability that have been described, the four factors which successfully identified in this study: first, portfolio of services and warranty (service portfolio and assurance) service product portfolio refers to the diversity of services offered, the results and the fees charged to customers. collateral refers to the accuracy of the services such as errors in service, gives a detailed explanation on the services offered, the service compared with conventional banks, the suitability of hope, and the suitability of the promise. second, physical factors (tangibles). this factor relates to buildings, neatness and design rooms, location, service staff clothing. third, communication reliability factor (reliable communication). the reliability of communication refers to communication effectiveness in providing services (especially the friendliness and courtesy of employees) and the willingness of staff to provide an explanation to the customers. these factors emphasize the need for staff in providing services which promote good attitudes and behavior by promoting hospitality (empathy) and courtesy (modesty) in the face of the customer, including in the case of listening to the complaints submitted. fourth is the factor of islamic values and attention to islamic activities. this factor explains conformity with islamic values such as conformity with the rules of islam, muslim accommodate customer needs, prioritizing system halal/ haram, and provide tools for the activity of islamic prayer. this research is targeted also to explain the relationship between service quality and customer satisfaction, and the relationship between customer satisfaction, loyalty, and wom. statistical analysis showed that only two lanes direct effect of service quality on customer satisfaction, namely the reliability of communications (com), portfolio and collateral (spa). two factors of service quality that physical factors (tan) and islamic values (iva) is not proved significantly related to customer satisfaction. although the structure of these two factors proved to have construct validity, but each one is weak in terms of validity based criteria (criterionrelated validity) that validity is determined by comparing the test scores with certain performance on an external measure. beyond this size should have a theoretical relationship with the variables measured by tests that, in this context that are the quality of service should correlate with customer satisfaction. a larger sample size is recommended for further testing, as recommended by hair et al., (2006) that 14 to 1 or 14 x 32 variables / items = 448. another finding that successfully authenticated that is positively wom can be explained by the satisfaction and loyalty, and the latter proved satisfaction is positively related to loyalty. customers which satisfied with the quality of service will create loyalty to generate wom behavior. suryani & hendryadi: a developing model of relationship 57 references abdullah, f. et.al. 2011. bank service quality (bsq) index: an indicator of service performance. international journal of quality & reliability management. vol. 28 iss: 5. al-hawari, m. 2008. the influence of traditional service quality factors on customer satisfaction: a practical study within the context of australian banking. the business review. cambridge. dec vol. 11, no. 2. asyraf, w.d. & n.i. abdullah. 2007. why do malaysian customers patronise islamic banks?. international journal of bank marketing. vol. 25 iss: 3. bahia, k. & j. nantel. 2000. a reliable and valid measurement scale for perceived service quality of bank. international journal of bank marketing. vol. 18 no. 2. dimitriades, z.s. 2006. customer satisfaction, loyalty and commitment in service organizations: some evidence from greece. management 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(case study: customers of mellat bank in kermanshah). international journal of academic research in economics and management sciences. vol. 2. no.4. khurana, s. 2014. the relationship between service quality and customer satisfaction: al-iqtishad: vol. vii no. 1, januari 2015 58 an empirical study of the indian banking industry. iup journal of bank management. nov. vol. 13. no. 4. kotler, p. & keller, k.l. 2009. marketing management (indonesian version). jakarta: indeks. lang, b. 2011. how word of mouth communication varies across service encounters. managing service quality. vol. 21. no.6. manshor, a.t. et.al. 2011. measuring service quality of conventional and islamic banks: a comparative analysis. international journal of quality & reliability management. vol. 28 iss: 8. misbach, i. et.al. 2013. islamic bank service quality and trust: study on islamic bank in makassar indonesia. international journal of business and management. vol 8. no.5. mosahab, r. et.al. 2010. service quality, customer satisfaction and loyalty: a test of mediation. international business research. oct. vol. 3. no. 4. nelson, n.o. & k.w. chan. 2005. factorial and discriminant analysis of the underpinnings of relationship marketing and customer satisfaction. international journal of bank marketing. vol. 23. no. 7. parasuraman, a. et.al. 1988. servqual: a multiple item scale for measuring consumer perception of service quality. journal of retailing. vol. 64. no. 1. qureshi, m.i. et.al. 2014. structural investigation of service quality in conventional and islamic banking in pakistan. international journal of management and innovation. vol. 6. no. 1. siddiqi, k.o. 2011. interrelations between service quality attributes, customer satisfaction and customer loyalty in the retail banking sector in bangladesh. international journal of business and management. mar vol. 6. no. 3. teo, r & g. soutar. 2012. word of mouth antecedents in an educational context: a singaporean study. the international journal of educational management. vol. 26. no.7. tjiptono, f. & g. chandra. 2004. service, quality & satisfaction. yogyakarta: andi. yoghi citra pratama: macroeconomic variable and its influence 59 macroeconomic variable and its influence on performance of indonesian islamic banking yoghi citra pratama1 abstract. macroeconomic variables and its influence on performance of indonesian islamic banking. the purpose of this research is to analyze the macroeconomics variables that affect to the performance of islamic banks in indonesia. methods used in this research is the vector auto regressive (var) / vector error correction model (vecm) to see the effect of the shock and the long-term effect on the performance of islamic banking. the results show that based on the analysis of irf, the performance of islamic banking having short-term shocks to fluctuations in macroeconomics variables but stable in the long term, and based on the variance decomposition, shocks of macro variables only gives little effect on the performance of islamic banking. keywords: performance, islamic banking, var, macroeconomic variable abstraksi. pengaruh variabel makroekonomi terhadap kinerja perbankan syariah di indonesia. tujuan dari penelitian ini adalah untuk menganalisis pengaruh variabel makro ekonomi terhadap kinerja bank syariah di indonesia. metode yang digunakan dalam penelitian ini adalah vector auto regresive (var)/vector error correction model (vecm) untuk melihat efek dari shock dan efek jangka panjang terhadap kinerja perbankan syariah. hasil penelitian menunjukkan bahwa berdasarkan analisis irf, kinerja perbankan syariah memiliki guncangan jangka pendek terhadap fluktuasi variabel makroekonomi tapi stabil dalam jangka panjang, dan berdasarkan dekomposisi varians, guncangan variabel makro hanya memberikan sedikit efek pada kinerja perbankan syariah. kata kunci: kinerja, perbankan islam, var, variabel makroekonomi first draft: september, 15th 2014, revision: november, 30th 2014, accepted: december, 16th 2014 1 syarif hidayatullah state islamic university. jl. ir. h. juanda no. 95, ciputat, south tangerang, banten, indonesia. email: yoghi@uinjkt.ac.id al-iqtishad: vol. vii no. 1, januari 2015 60 introduction globalization and integration of the financial sector in the world economy led to the depedency among countries in the world. globalization means more corelation among countries especially in connection to world trade and financial market either directly or indirectly, this is proved by the global financial crisis that occurred in 2008, where the financial crisis that began in the united states has effected to the other countries in the world.the 2008 global financial crisis that started in the u.s. in late 2007 has given a wide array of impacts to the operating and financial performance of many banks all over the world . as a result, many banks across the world reported financial loss on their financial reportdue to their connections with subprime mortgage in the u.s. or were simply affected by economic recession in theirown countries. the impact of the crisis have even forced around 123 banks in the u.s. to file for bankruptcy in theyear, including american giant bank lehman brother that was never been expected to fail (hidayat and abduh, 2012). indonesia is also get the impact of global crisis, that can be seen from a number of macroeconomic indicators in indonesia. the impact of the crisis also approached the financial and banking system in indonesia, it can be seen from the financial ratios of banks that had a significant correction, including the banking system which uses a sharia based the development of islamic banks in indonesia is growing faster when the government is fully committed in 1998 by issuing law no. 10 in 1998 to enhance the previous act, act 7 of 1992, which provides institutional and operational developments of islamic banking in a comprehensive manner. with this legislation, dual banking system has been implemented, in which the conventional banks and islamic banks recognized and both are regulated and supervised by bank indonesia. when business unit has enacted law no. 21 2008 on the islamic banking on july 16, 2008, then as a follow-up mandate of the act referred to, some new policies must be drawn up and some of the provisions that have been issued by bank indonesia should be adjusted to remain focused on six aspects, including adherence to islamic principles, compliance with prudential aspects, the development of operating efficiency and competitiveness, and system stability benefits to the economy, improving the competence and professionalism of human resources, as well as the optimization of social functioning of islamic banks in facilitating the voluntary sector / social with people’s economic empowerment efforts. (lpps bank indonesia, 2008). based on bi data in june 2012, the number of islamic banks were established 11 the number of bank offices in 1780, and the number of conventional banks that have islamic business units are 24and the number of bank offices 521. coupled yoghi citra pratama: macroeconomic variable and its influence 61 with rural islamic banks amounted to 158, the number of office 398. development of islamic banking assets also increased rapidly and above the average of national banks. graph 1. the development of islamic banking assets source: bank indonesia from the graph above can be shown that the development of islamic banking assets increased significantly from 50 million in 2008 to 150 trillion in 2011 even growth of islamic banking assets has fluctuated, although still above the average national banks, islamic banks grow to over 30 % since the year 2008 and reached its peak in 2010, which reached 70%. this illustrates that islamic finance industry has great potential and is not overly affected by the global financial crisis. years 2008 to 2009 was a challenging year for the financial system, both domestically and globally because in that year the world was hit by the global financial crisis. the crisis that began with subprime mortgage in the united states has disrupted the stabilization of the global financial system, the effect is even to countries in southeast asia, including indonesia. many international and domestic financial institutions have liquidity problems because they are involved too deeply in financial derivatives sector. in addition, the global crisis has also hampered the indonesian macroeconomic system. where economic growth declined from 6.3% at the end of 2007 to 6.1% in late 2008 and in 2009 was estimated according to bank indonesia’s economic growth will also be corrected to 4.3%. inflation reached its highest level of the 12.07% in september 2008, which since 2007 has always been below the range of 10% . rupiah exchange rate also depreciated against the dollar, to ever reach 12,150 rupiah per dollar in november 2008. al-iqtishad: vol. vii no. 1, januari 2015 62 the global financial crisis also makes bi as monetary authorities create policies like lowering the interest rate (bi rate) by 300 basis points since november 2008 to encourage the growth of the real sector. the judging from the characteristics of islamic banking if interest rates rise, it will suppress the growth of islamic banking deposits, which in turn will impact on the level of profitability, and vice versa if the interest rates tend to fall in deposits of islamic banks will increase. currently september 2009 bank indonesia interest rate has dropped to 6.5% from its highest point of 9.5% in november 2008. the crisis that occurred in 2008 is an implication of the loss of the monetary sector linkages with the real sector. monetary sector has grown so fast through derivative products, cross-country over the edge. the development of the monetary sector so quickly is not matched by the real sector, resulting in an economic bubble. money becomes a tool commodity is traded with other debt securities, as a result of speculative motives. the global financial crisis in 2008 tends to slow the pace of economic growth in many countries and lead contraction of macroeconomic indicators. it is expected to have minimal impact on the national islamic banking industry. there are several reasons why it believed the effect of the global financial crisis in 2008 was not significant to the national islamic banking industry. first, the concept of sharia-based real sector and based on an underlying asset in the transaction, requires that the monetary sector developed by the real sector. islamic banking financing portfolio exposure is almost 100% channeled in the form of business financing in productive sectors (real sector), where the concentration of the business sector financing of islamic banking is the domestic business sectors that are not directly related to foreign trade (lpps bank indonesia, 2012). while the quality of islamic banking financing is still relatively well preserved, as seen from the ratio of the npf industry several years this is still maintained at an average rate of 3%. and sector financing is minimal from the financing of foreign trade enterprises. this means that the national islamic banking financing are still dominant in the domestic market. it is because islamic banking financing capacity is relatively limited. secondly, the nature guided by the principles of sharia, islamic banking is not allowed to use products based on interest and speculation. here are the indicators of financial ratios that show the performance of islamic banking in 2007-2012. from the table 1, we see that in general the global financial crisis has not significantly affect the performance of the national islamic banking, if in view of the growth of financing (loans) of banks or financing to deposit ratio (fdr) is still high with an increasing trend since 2005 to reach 103 , 65% in 2008, with yoghi citra pratama: macroeconomic variable and its influence 63 the level of financing (credit) problematic or non performing financing (npf) is still kept below 5% and experienced a decreasing trend from 2007 to reach 2.22% by 2012. this means that islamic banking still function properly as intermediary, by channeling financing to the real sector. in addition, islamic banking has a great durability against the global crisis with the npf rate remains below 5%. table 1. performance indicators of islamic banking ratio 2007 2008 2009 2010 2011 2012 car 10. 67% 12. 81% 10. 77% 16. 25% 16. 63% 14. 13% roa 2. 07% 1. 42% 1. 48% 1. 67% 1. 79% 2. 14% roe 40. 38% 38. 79% 26. 09% 17. 58% 15. 73% 24. 06% npf 4. 05% 1. 42% 4. 01% 3. 02% 2. 52% 2. 22% fdr 99. 76% 103. 65% 89. 70% 89. 67% 88. 94% 100. 00% bopo 76. 54% 81. 75% 84. 39% 80. 54% 78. 41% 74. 75% source: bank indonesia based on car, islamic banking a good performance in capital adequacy ratio. it is about 8% in 2011 and the highest rate reaches 16.63%. thus, the bank should obtain a profit from lending activities (fdr), which continues to increase with the level of non performing financing (npf), which tends to decrease. however, in the profitability ratio, ie the indicator return on assets (roa) and return on equity (roe) in 2008, roa is decreasing into 1.42% compared to 2007 ;2.07%. same as roe indicator, it’s the highest point was 40.38% in 2007, and decreased into 15.73% in 2011. then it began to increase up to 24.06% in 2012.based on the above data, the authors are interested to find out the influence of external factors such as macro-economic variables which are contracted due to the impact of the global financial crisis to the performance of islamic banking. based on the exposure above, the authors formulate the following research questions. how does the performance of islamic banking which are proxy by fdr, car, npf and roa in the face of a global crisis that is shown by contracted the macroeconomic variables such as sbi interest rate, exchange rate and inflation rate from year 20072012? literature review macroeconomic conditions have an important role in the performance of banking. kunt (2000) describes the factors that determine the occurrence of banking crises that can affect the performance of banking including macroeconomic factors, al-iqtishad: vol. vii no. 1, januari 2015 64 financial, and institutional. since the early 1980s, macroeconomic problems became systemic problems in the banking sector that has happened in most countries. vulnerable banking crisis occurs in a weak macroeconomic conditions. low gdp may increase the risk in banking sector. vulnerability to shocks on aggregate output is not always a sign that the banking system is not efficient, because the role of banks as financial intermediaries are risk taking. increased risk in the banking sector is also caused by high levels of inflation. so that the tightening of monetary policy is used to create stability in the banking sector second is the financial factor. high real interest is not only caused by stability policy of inflation, but also by others like financial liberalization. the degree of financial liberalization significantly affect the likelihood of a banking crisis even though real interest rates can be controlled. the third is the institutional factor. this factor will focus on internal activities within banking. the existence of deposit insurance schemes tend to increase the likelihood of systemic problems in banking. when on one side of the deposit insurance may reduce any panic in the banking sector, but on the other hand the existence of deposit insurance may lead to moral hazard. therefore, reduce acts of moral hazard in the implementation of the deposit insurance is a top priority in the banking system. the affect macroeconomic research on the performance of banks and other financial institution have been carried out in the world today. bank of england (2003) in the research used the method of estimating and calculating (var) found its banking system losses in the face of macroeconomic variable shocks. the reserve bank of australia also collects all of his resources to calculate and identify the relationship between bank profitability and bank resilience to contraction of macroeconomic variables in australia (see gizycki, 2001). athanasoglu and delis (2005) also studied the effects of fluctuations in macroeconomic variables to the profitability of islamic banking in greece, the results show that the inflation as a significant positive affect on the profitability of banks which are proxy by return on equity (roe) and return on assets (roa). in the context of macro economic management, clair (2004) in his research in singapore found that on average two-thirds of the bank’s performance is closely linked to the performance of macroeconomic variables. islamic banking has different characteristics from conventional bank, but islamic banking transactions which based on real sector also can not be separated from economic conditions. in some empirical studies, there are not direct correlation between changes in bank’s performances and the business cycle. both income and expenditure are likely to be pro-cycle where the outcome for profit depends significantly on the banks’ expense policy and their credit risk profile. the relationship between risk and return depend yoghi citra pratama: macroeconomic variable and its influence 65 on how banks price for risk and the lags between taking on risk and the crystalisation of the risk into realised profit or losses. when gdp increases, banks may earn higher returns by taking on greater risk, which boosts profits. however, if a bank suffered a loss, it subsequently beyond what it had provisioned, so the losses will reduce its profitability (clair, 2004). the research about the impact of macroeconomic condition to islamic banking performance have been also carried out in the world today. hassan and dridi (2010) compare the performance of islamic banks (ibs) and conventional banks (cbs) since the recent global crisis by looking at the impact of the crisis on profitability, credit asset growth, and external ratings in a group of countries where the two types of banks have significant market share. the study suggests that ibs have been affected differently than cbs. those factors related to ibs‘business model helped limit the adverse impacton profitability in 2008, while weaknesses in risk management practices in some ibs led to a larger decline in profitability in 2009 compared to cbs. ibs’ credit and asset growth better than cbs in the year 2008–09. this contributes the financial and economic stability. therefore, the external rating agencies‘re-assessment of ibs‘risk was generally more favorable. noor and ahmad (2011) studied the efficiency of the 78 islamic banks in 25 countries in 1992–2009. the fixed effect model used to examine the impact of operating expenses to assets, equity, high income countries and non performing loans to total loans on profit efficiency. they found that the operating expenses to to the high equity of assets and high income countries, have a positive and significant effect onfinancial performance of islamic banks. asma, fadi and noor (2011) examined the determinants of profitability of islamic banks in malaysia. number of islamic banks in specifics variables had been used capital adequacy, and management of expenses credit risk, liquidity, log total assets. they found that only the bank’s size has a positive significant impact on profitability of malaysian islamic banks. while the other variables have no impact on islamic’s banks profitability. bashir (2003) investigated the determinants of profitability for 14 islamic banks from 8 middle eastern countries. he found that total equity to total assets, loans to total assets and overhead (salaries, wages, and investment cost) have a positive and significant impact on profitability measured by (roa), (roe) and basic earning power. gross domestic product growth has a positive and significant impact on islamic banks profitability (mustafa and ali, 2013). methods this research is a descriptive-correlational research (causal) that will explain the relationship of macroeconomic variables ( inflation, interest rates certificates al-iqtishad: vol. vii no. 1, januari 2015 66 of bank indonesia, the rupiah exchange rate against the dollar) and variables of the performance of islamic banking which are proxy by car, npf, fdr, and roa, to know whether those variables have positive or negative influence. descriptive research is an explanation of the characteristics, profile, and relevant aspects of the phenomenon of the research object (nachrowi and usman, 2007). the data analysis of the study is vector auto reggresive (var)/vector error correction model (vecm), which aims to look at short-term relationships and using cointegration test to see indications of the long-term relationship. analysis of data will be done with the help of computer application programs such as e-views 6. vecm testing can only be conducted if there are indications of a long-term correlation using cointegration test. the variables are identified to be cointegrated when stationary at the same order. the augmented dickey fuller (adf) test used to test the stasioner data. in the adf test is done by adding (augmenting) the value of the lag on the dependent variable. specifically, the adf test follows the following equation: δyt = β1 + + δyt β2t-1 + σ α δy t-1 + έt the study used data natural log (ln) of the variables, except for the variables that are already in the unit of percentage, that method is useful for solving the equation. logs model is a model which states measure the elasticity of y with respect to x, the size of the percentage change in the percentage change in y when x is known by the model ln_y = α + β1 + ε ln_x. vector autoregressive (var) is used to see the effect of macroeconomic shocks on the performance of the islamic banking. while the methods of vector error correction model (vecm) will be used if there are diffrent stationary variables. discussion in the first stage of data characteristics will be tested using the unit root test. unit root test is necessary to determine the data according to gujarati the data become stasioner if the data of the time series data sets (time series data) had an average (mean) and variance are constant over time, except that the value of covariance between two period of time only depends on the distance or lag of two periods of time and does not depend on waktu.data exchange in this study in the form of natural logarithm (ln), to simplify the analysis. the test of stasioner is a major requirement in the cointegration test, if the time series data are not stationary, then the model will have problems unit root, so that the handle unit root test (unit root test). in this study the unit root test is done yoghi citra pratama: macroeconomic variable and its influence 67 by using augmented dickey fuller test (adf test). variable that has a value smaller than its mckinnon then these variables have stationary. testing the unit root can also be determined by the value of its critical value, if the value of the adf is larger than the critical value then the variable valuenya stationary, otherwise if the adf if indigo is smaller than the value of critical value (cv) 5% then the data is not stationary. the results of the unit root test can be seen from the following table: table 2. augmented dickey fuller test (first diffrencing) no. variables ho = there is a stationary ha = stationaryadf test cv 5% 1 car -7.018919 -2.954021 stationary 2 fdr -7.143259 -2.951125 stationary 3 npf -7.704743 -2.951125 stationary 4 roa -8.973787 -2.951125 stationary 5 sbi -3.461580 -2.951125 stationary 6 inflation -3.765297 -2.951125 stationary 7 exchange -5.339399 -2.951125 stationary results of stationarity test data showed no variables are stationary at level. therefore variables derived in first-degree diffrencing, as listed in the table above. the next stage is the determination of the optimal lag. determination of the optimal lag is very important because the independent variable used is nothing but a lag of endogenous variables. determination of the optimal lag is done based on the value of schwartz information criterion (aic). selection of optimal lag cointegration test done before, it is important to do before estimating vector autoregressive (var) model. election lag length is important because it can affect the acceptance and rejection of the null hypothesis, resulting in biased estimates and could result in inaccurate predictions. graph 2. impulse response function on car -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dcar -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dinflasi -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dkurs -0.5 0.0 0.5 1.0 1.5 5 10 15 20 25 30 35 40 45 50 response of dcar to dsbi response to cholesky one s.d. innovations the longer the lag is used to reduce the degree of freedom and the number of observations, while the amount of lag that is too short will result in incorrect al-iqtishad: vol. vii no. 1, januari 2015 68 specification (gujarati, 2007). the issue of the selection of lag length also increased with the assumption that the selection of the appropriate lag will result in residual (free from autocorrelation and hetroskedastisitas) (gujarati, 2007). to define the optimal lag value typically used akaike information criteria (aic), final prediction error (fpe), hannan-quinn information criterion (hq) and schwarz information criteria (sc). in this study the magnitude of the lag is selected based on the value of the smallest sc. sc calculations every lag. from the test results it is known that car models, fdr, npf and roa indicates optimal lag one, is evident from the value schawart information criteria and hannan-quinn information that shows the smallest value in lag 1. graph 3. impulse response function on fdr -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dfdr -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dinflasi -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dkurs -1 0 1 2 3 1 2 3 4 5 6 7 8 9 10 response of dfdr to dsbi response to cholesky one s.d. innovations from the graph 2, it is known that the impulse respone function test results showed that the car response to inflation shock. seen from the table above it can be seen that car responds positive to inflation shock until at 25th period, after it fluctuates into a negative and stable at zero in the long run in the 40th period. car response to fluctuations in the exchange rate is negative at15th period after having a positive movement in the short term and having stability at 35th period. firstly car response to sbi with fluctuates and have negative relationship at eight period after that in the short term car responds positively and achieve stable movement began at 25th period. graph 4. impulse response function on npf -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dnpf -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dinflasi -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dkurs -.1 .0 .1 .2 .3 1 2 3 4 5 6 7 8 9 10 response of dnpf to dsbi response to cholesky one s.d. innovations yoghi citra pratama: macroeconomic variable and its influence 69 the graph 3, explains that fdr respond positive to movements the inflation in the short term until the 7th period but after that fdr had a tendency to respond negative to inflation. fdr suffered shocks to the exchange rate in the short-term and has positive response but at 2nd period until 3.5 period responded to the negative, then returned with a positive response at the 4th period and tend to have stability in 9 period. fdr’s response positive to sbi untilat 5th period after that fdr respond with negative long-term and having stable negative respond to sbi. inflation give a stable respond at the beginning of the second period, after that npf respond negatively to inflation shocks until the 4th period and thereafter gave a positive response, its mean the higher of the inflation rate will cause the greater the level of npf. exchange rate give negative effect to npf untill third period, after that at the fourth period the movement of npf as the respond of exchange rate is stable at posisitve respond. npf respond positively to the shock caused by sbi until seventh period, after that npf respond negativly to sbi. graph 5. impulse response function on roa -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to droa -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dinflasi -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dkurs -.05 .00 .05 .10 .15 .20 .25 1 2 3 4 5 6 7 8 9 10 response of droa to dsbi response to cholesky one s.d. innovations the graph above explains that the inflation gave negative shock to roa but after second period, inflation tend to brought to the zero and roa gives a positive response to inflation until the seventh period. exchange rate shock give positive effect on roa and tend to be stable in the eight period after that roa tend to negative respond exchange rate. sbi give roa negative response and tend stable. table 3. variance decomposition model (1) car variance decomposition of dcar: period se dcar dinflasi dkurs dsbi 1 1.336783 100.0000 0.000000 0.000000 0.000000 2 1.402522 96.34677 0.999679 1.290292 1.363259 3 1.564987 77.39283 15.34615 3.777673 3.483345 4 1.718135 65.05940 27.45176 3.795459 3.693382 5 1.804432 59.68344 32.93968 3.840892 3.535995 6 1.853637 56.60407 35.79475 4.219619 3.381558 7 1.884897 54.74216 37.36704 4.613230 3.277570 al-iqtishad: vol. vii no. 1, januari 2015 70 8 1.903068 53.70180 38.09582 4.879719 3.322669 9 1.914722 53.05528 38.37929 5.049229 3.516196 10 1.924163 52.56504 38.50542 5.131814 3.797723 from the result of variance decomposition on table 3, it can be seen that in the first period car is influenced by variables itself with a value of 100%, in tenth periodcar is influnced by its own variables at 52.56% and other variables affecting the tenth period car is the inflation rate effect 38.50%, then the variable exchange rate effect of 5.13 % and sbi whose give influence of 3.79%. table 4. variance decomposition model (2) fdr variance decomposition of dfdr: period se dfdr dinflasi dkurs dsbi 1 2.814258 100.0000 0.000000 0.000000 0.000000 2 3.405376 84.61833 0.210797 0.092497 15.07838 3 3.668259 82.08140 0.448766 0.314167 17.15567 4 3.743162 80.62526 0.560337 0.556163 18.25824 5 3.762227 80.16739 0.715868 1.040097 18.07664 6 3.790074 79.08602 0.753053 1.856415 18.30451 7 3.828620 77.61979 0.750023 2.422237 19.20796 8 3.875368 76.01495 1.058916 2.624580 20.30155 9 3.935000 74.13494 2.129524 2.577904 21.15764 10 4.013154 71.73056 4.159672 2.495334 21.61443 from the table 4, it is known that variable fdr in the first period is influenced by the variable itself at 100%, then the period of ten variables fdr is affected by the variable itself influenced by71.73% and the second biggest variable whose gives influenced is sbi at 21.61%. further, inflation gives influenceat 4.1% in the period of ten and exchange rate effect of 2.49 percent in the period of ten. table 5. variance decomposition model (3) npf variance decomposition of dnpf: period se dnpf dinflasi dkurs dsbi 1 0.276172 100.0000 0.000000 0.000000 0.000000 2 0.333364 93.52451 0.002483 3.455156 3.017851 3 0.368386 91.48392 0.423766 2.847924 5.244388 4 0.389198 90.71460 0.379816 2.590996 6.314587 5 0.404310 89.79314 0.731620 2.935515 6.539726 6 0.418169 87.97660 2.022665 3.743844 6.256896 7 0.432684 85.32802 4.008094 4.819740 5.844142 yoghi citra pratama: macroeconomic variable and its influence 71 8 0.447077 82.50230 6.047942 5.901228 5.548534 9 0.459898 80.09056 7.595677 6.878989 5.434774 10 0.470083 78.34647 8.463037 7.726345 5.464146 from the table 5, it can be seen that the npf variable is influenced by the variable itself by 100% in the first period and the second period npf variable is affected by exchange rate at 3.45% and sbi at 3.01% and then inflation gives influence at 0.002%. in the period of ten variables npf influenced by variable itself by 78.34% and then followed by inflation at 8.46%, then the variable exchange rate influnced npf at 7.72% and then sbi gives influence to npf at 5.46%. table 6. variance decomposition model (4) roa variance decomposition of droa: period se droa dinflasi dkurs dsbi 1 0.199317 100.0000 0.000000 0.000000 0.000000 2 0.208445 91.79469 2.538893 5.466057 0.200362 3 0.214047 87.05893 4.309262 6.587490 2.044313 4 0.220805 81.81397 7.030236 7.716723 3.439071 5 0.225816 78.49478 8.614079 8.245917 4.645228 6 0.228713 76.77743 9.181591 8.347609 5.693366 7 0.230104 75.98051 9.143707 8.307620 6.568164 8 0.231127 75.34009 9.147700 8.234731 7.277482 9 0.232516 74.44299 9.549156 8.192048 7.815805 10 0.234446 73.24785 10.34849 8.208393 8.195273 from the table 6, it is known that the variable roa in the first period is influenced by the variable itself amounted to100% and then in the second period is affected by the exchange rate at 5.46%. further, it’s influenced by inflation at 2.5% and sbi gives influenced to roa at 0.20%. in the tenth period roa variable affecting itsself by73.24%, and further variable roa influenced by inflation of 10.34% and the exchange rate amounted to 8.2% and the last sbi gives influenced to roa at 8.19%. conclusion this empirical study provides several important findings; firstly based on analysis of impulse response function is known that the performance of the islamic banking which are proxied by car, fdr, npf and roa had short-term shocks to macroeconomic fluctuations due to the financial global crisis. however, the performance of islamic banking showed stable tendency in the long run. secondly, al-iqtishad: vol. vii no. 1, januari 2015 72 based on the test of variance decomposition is known that the performance of islamic banking which are proxied by car, fdr, npf and roa is affected by the variable itself in the first period and thereafter until the tenth period apparently inflation provide second biggest influence to islamic banking performance, it can be seen from its effect on car in the tenth period are giving out the effect of 38.5%, and give influence 8.46% to npf and 10.34% to roa. diffrent form others variables, the second biggest variables whose influenced fdr is sbi, whose gives the effect of 21.61%. the findings lead to the empirical conclusion that performance of islamic banking is affected by fluctuations in macroeconomic variables in the short term but has a tendency to improved and stabilized quickly, this is because islamic banking in running its operations related to the real sector, therefore the development of islamic banking should be encouraged as much as possible in order to encourage economic growth and sustainable development. references al-qur’an dan al-hadist. athanasoglu, p.p. et.al. 2005. bank-specific, industry specific, and macroeconomic determinants of bank profitability. athens: economic research department, bank of greece. ascarya. 2002. instrumen-instrumen pengendalian moneter. jakarta : bank indonesia. bank of england. 2003. assessing the strength of uk banks through macroeconomic stress tests. financial stability review, june, pp 91-103. england bank of indonesia. statistics of islamic banking. www.bi.go.id bank of indonesia. 2012. the development acceleration policy of islamic banking. www.bi.go.id bank of indonesia. 2013. the development report of islamic banking 2012. www. bi.go.id. clair, r.s.t. 2004. macroeconomic determinants of banking financial performance and resilence in singapore. singapore: monetary authority of singapore. gizycki, m. 2001. the effect of macroeconomic conditions on bank risk and profitability. reserve bank of australia discussion paper no.06. gujarati, d.n. 2007. basic econometrics. new york: mcgraw-hill education. mishkin, f.s. 2004. the economics of money, banking, and financial markets (seventh edition). new york: pearson addison wesley. nachrowi, n.d. & h. usman. 2007. pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan. jakarta: lp-feui. indah mulia sari: factors that influenced people 73 factors that influenced people to become islamic bank customer: a study on kancana villagers indah mulia sari, hendro wibowo & edy suprapto1 abstract. factors that influenced people to become islamic bank customer: a study on kancana villagers. islamic finance and banking industry in indonesia has shown a significant growth, average growth of 30% more per year in the last five years, with a total number of islamic banks customers as much as 12 million accounts, or market share 4.8%. in this study, researchers attempt to describe the events in rural districts west java related to the factors that influence people to become customers of islamic banks. data processing by tabulation and scoring and based on the analysis and discussion are carried out. the results of this study indicate that the islamic bank customers’ data are mostly women in productive age with maximum a senior high school education and their profession up mostly are traders. others reasearch results related to factors which influence people to become customers of islamic banks were influenced by psychological, social, personal, economic and cultural factors. keywords: islamic banking and finance, islamic bank customers, consumer behavior abstrak. faktor-faktor yang mempengaruhi seseorang untuk menjadi nasabah bank syariah: studi pada penduduk desa kancana. industri keuangan dan perbankan islam di indonesia telah menunjukkan pertumbuhan yang signifikan, rata pertumbuhan mencapai 30% lebih pertahun dalam lima tahun terakhir, dengan jumlah total nasabah bank syariah sebesar 12 juta rekening atau market share mencapai 4.8%. dalam penelitian ini, penulis mencoba untuk menggambarkan peristiwa di pedesaan wilayah jawa barat terkait dengan faktor-faktor yang mempengaruhi orang untuk menjadi nasabah bank syariah. pengolahan data dilakukan dengan tabulasi dan scoring dan berdasarkan analisis dan pembahasan yang dilakukan. hasil penelitian ini menunjukkan bahwa data nasabah bank islam sebagian besar perempuan di usia produktif dengan maksimal pendidikan sma dan profesi mereka sampai sebagian besar adalah pedagang. hasil lain penelitian adalahterkait dengan faktor-faktor yang mempengaruhi orang untuk menjadi nasabah bank syariah dipengaruhi oleh faktor psikologis, personal, faktor sosial ekonomi dan budaya kata kunci : keuangan dan perbankan syariah, nasabah bank syariah, perilaku konsumen first draft: september, 10th 2014, revision: november, 25th 2014, accepted: december, 10th 2014 1 sebi school of islamic economic, address :bojong sari street depok west java, indonesia email: muliasari.indah@gmail.com; hendro.wibowo83@gmail.com; edy.suprapto77@gmail. com al-iqtishad: vol. vii no. 1, januari 2015 74 introduction islamic finance and banking industry in indonesia has shown a significant growth. its development has reached an average growth of 30% more per year in the last five years. this figure is above the average growth of islamic banking industry in the world which is only 10% to 15% per year. in fact, this growth rate is also higher than the average growth of the national banking industry, recorded an average of 16.7% per year. similarly, other islamic financial industry (islamic capital market and non-bank financial institutions) experienced rapid growth although not as fast as the islamic banking industry. formally, the developmentof islamic banking in indonesia has entered a period of 22 years starting in1992 to the present. based on islamic banking statistics data as of december 2013, the growth islamic banking assets which consist of islamic commercial banks (icb) and islamic business unit (ibu) increased from rp 195 trillion in 2012 to rp 242 trillion in 2013, increased by 24%. meanwhile, the volume of financing in the same period has reached rp 184 trillion (growing 25% -yoy) from the previous year 2012 which amount to rp 147 trillion and third-party funds that is achieved by the islamic banking amounted to rp 183 trillion (growing 24% -yoy) from the previous year 2012 which amount to rp147 trillion. for over the last five years, it has witnessed the growth rate of islamic banking, both in terms of assets, financing and third-party funds showed an upward trend. as we all know that the majority of indonesia’s population is muslim. it has become a necessity for muslims to use islamic principled financial services. moreover, the current development of islamic banking in indonesia from year to year is quite significant. thus, there is no longer any reason for the muslim community not to use the services of financial institutions in accordance with islamic principles. the reality has shown that the number of customers of islamic banks has increased in significant numbers. the data shows that the trend of growth in the number of customers increased year-over-year in average of 26%. the most significant growth trend shows in 2011 by 35%, despite the fact of a 20% downturn by the end of 2013, so that only grow on range of 11% away from the previous year in 2013 the trend growth of islamic banks customers by 32%. with a total number of islamic banks customer’s as much as 12 million accounts, it only reached 4.8% of the total population of indonesia at the end of december 2013 amounted to 248 million people (statistic indonesia, 2014). various factors can affect one’s lifestyle including demographics, personality, social class, and life cycle in the household. each person certainly has their own indah mulia sari: factors that influenced people 75 reasons. therefore, factors that underlying decision made by the district cikijing kancana villagers to become an islamic bank customers still an interesting topic to examine. from the above background, the formulation of the problem which is used to conduct this research: first, how are the characteristics of the district cikijing kancana villagers? second, what factors are affecting the district cikijing kancana villagers to become customers of islamic banks? given the extent of the topic about the community and the banking institutions, this paper limit the issues in this research are as follows: first, this research focuses on factors that affect the district cikijing kancana villagers to become customers of islamic banks; second, object of this research is the district cikijing kancana villagers who become bank’s customer in the district cikijing. literature review there are several definitions of consumer behaviour according to some marketing experts: consumer behaviour is “the study of individuals, groups or organizations and the processes undertaken in selecting, determining, obtaining, using, and discontinue using the products, services, experiences, or ideas to satisfy needs and the impact of these processes on consumers and society “(hawkins, et.al. 2001). consumer behaviour also can described as the mental and physical activity undertaken by household customers (end consumers) and business customers that result in a decision to pay, purchase, and use of certain products and services (sheth & mittal, 2004). based on those five standpoints regarding the definition of consumer behaviour, it can be summarized that consumer behaviour is a process undertaken by individuals / consumers in making decisions, both in the pre-purchase, purchase and post-purchase. consumer behaviour model was used as an effort to make it easier to understand consumer behaviour. a model is a simplification of the true picture (swasta & handoko, 2000). this simplification through setting aspects of reality and only consists of the aspects that make keen to the model maker (swasta & handoko, 2000). for example, if the intention is to interpret consumer behaviour as a decision-making process, the emphasis of the model is the process. the form of the model may vary, the model can be a verbal description, or by using mathematical symbols. most of consumer behaviour model described verbally. consumer behaviour will determine the decision-making processing purchasing. the purchasing process consists of fivesteps: first, needs identification; al-iqtishad: vol. vii no. 1, januari 2015 76 second, search for information; third, evaluate the information; fourth, purchase decision; fifth, post-purchase behavior. the overall process explained above is only occurred in certain circumstances, for example at the first purchase. this means that the entire above process is not always done by the consumer. consumers will be easier to take a decision in there-purchase or continuity in nature or in other words, if consumers are satisfied then they will not undertake initial process, they maybe immediately go to purchase decision process. the purpose of marketing activities is to influence consumers to buy certain goods or services. it is very important for marketing managers to understand why and how consumer behaviour so that the company can develop, pricing, promoting, and distributing its products better. by studying the consumer behavior, managers will know what the unmet wants and needs of their consumers so that they can identify it to make market segmentation. next, we will explain about islamic bank. islamic bank is a bank that is running its operations based on islamic principles and by the type it consists of islamic commercial banks (icb) and islamic rural banks (irb). islamic bank got the legitimacy from the indonesian government with the passage of the islamic banking act no.21 of 2008, on july 16, 2008. in islamic banking act no.21, 2008 the term of islamic credit bank was changed to islamic finance bank. this change made in order to emphasize the differences between credit and financing based on islamic principles. according triandaru and budisantoso (2006), islamic bank is a bank that its activities, both fund raising and distribution of funds provide there ward on the basis of islamic principles, namely buying and selling and profit-sharing. islamic bankis an intermediary institutions and financial service providers who work one thics and value system of islam, especially free from interest, free from nonproductive speculative activities such as gambling (masyir), free from the things that are not obvious and dubious (gharar), the principleof justice, and only pay for the lawful business activities. islamic banks actively participate in achieving the goals and objectives of islamic economics-oriented social welfare. in determining the price or profit for the islamic principles based bank are as follows: first, financing is based on the principle of profit sharing (mudharabah). second, financing based on the principle of equity (musharaka). third, the principle of trading to make a profit (murabaha). fourth, lease financing of capital goods based purely without choice (ijara). fifth, with the choice of the transfer of ownership of the goods are leased from the bank by the other party (ijara wa aqtina) indah mulia sari: factors that influenced people 77 methods this research is descriptive research, this means researcher sought to describes or depicts a social situation in broad and deep scope (sugiyono, 2008). in this study, researchers attempt to describe the events in rural districts cikijing kancana related to the factors that influence people to become customers of islamic banks, then processed and analyzed using descriptive quantitative analysis method. the research was conducted in the village of kancana the cikijing district, majalengka, west java. questionnaires distributed to kancana villagers by using a list of statements concerning the factors that affect the community in becoming customers of islamic banks. answer or assessment from respondent were compiled in frequencies table, then interpreted and analyzed based on the data analysis techniques, and the next process is discussing the result to determine a general overview of research results. based on the factors that influence people to become customers of islamic banks, therefore the two variables are the development of variables into sub-variables and indicators as contained in the following table: table 1. variable, sub variable and indicators variable & variable concept sub variable indicator factors that influenced customers “kotler (2000) state that factors that influenced consumer behavior namely: culture, social, individual and psychological factors. (simamora, 2002) culture fac-1. tor culturea. subcultureb. social classc. social factor2. refference groupa. familyb. role and statusc. i n d i v i d u a l 3. factor age and lifecycle a. phase jobb. economy c. circumstances lifestyled. personalities and e. individual concepts psychological 4. factors motivationa. perseptionb. knowledgec. attitude and trustd. educatione. source : data modified by authors, 2014 al-iqtishad: vol. vii no. 1, januari 2015 78 data processing is a process in order to gain the summary of data or figures by applying certain methods or formulas. tabulation is table construction process, containing the data that have been coded according to the analysis required. the process of determining the score of the respondent answers conducted by making classifications and categories that match depends on the assumptions or opinions of respondents. calculation of scoring is done by using a likert scale. stages in analyzing the data is as follows: likert scale used to measure the attitudes, opinions and perception of a person or group of people about social phenomena. in this study the likert scale is used to measure the attitudes and perceptions about the factors that influence people to become customers of islamic banks. based on the respondents’ answers, on the next phase we need to interprete those answers. distributed questionnaires carried out using a likert scale, the index scores were obtained as follows: based on the answers of the respondents will then be obtained on the respondents’ answers. questionnaires were distributed performed using a likert scale, the index scores were obtained as follows: table2. score interpretation criteria likert score score criteria 1 number 0% 20% worse 2 number 21% 40% bad 3 number 41% 60% adequate 4 number 61% 80% good 5 number 81%-100% very good source :(riduwan, 2006) once the data is collected through a questionnaire then the next step is to tabulate, which gives the value of the system in accordance with applied. data analysis was performed in this study by using quantitative and technical analysis using likert scale. discussion in this study, the authors distributed questionnaires to kancana villagers. the identity of the respondents include gender, age, education, home status, employment and incomeof the respondents. by gender, the percentage of women is 70%, and the percentage of men with 30%. this is becauseof the respondents, most women who like to engage in financial transactions with the bank. women in the village kencana have more sparetime than men. therefore, women that more frequently interaction with the bank. compared with men who generally do not have enough time to deal indah mulia sari: factors that influenced people 79 with the bank, and they preferred to trust his wife. majority of people who become customers of a bank: 34% of respondents aged 21-30 years, 30% of respondents aged 31-40 years, and respondents aged 41-50 by 23%. compared to respondents aged 51-60 years 10% and the percentage of respondents aged < 20 years numbered 1 person with the percentage of 3%. this shows that age is the productive age, so that the respondent wishes to investor become customers of the bank to prepare for the needs in the future. the majority of respondents that become customers of the bank: 46% graduated high school (sma), 23% graduated from junior high school (smp), 17% graduate bachelor degree (sarjana), and graduated from elementary school (sd) and vocational (diploma) 7% respectively. the education level of high school (sma) graduates have a high percentage, it is because the majority of the villagers are high school (sma) graduates. in this case meant the whole society kancana already own their home, or none of the mareleased/rented house. this is because a home is very important to have for the people kancana. and another thing because urban areas kancana not familiar with the culture of the lease/contract. the majority of people who become bank’s customers are dominated by people who work as self-employed is 57%. this is because most people kancana worked as a businessman. they can create their own jobs, and not a few of the mareable to provide jobs for other communities. furthermore, the 13% of civil servants, private sector employees is 10%. other work amounted to 6 people with a percentage of 20%. for employees of soes 0%, this is because people are not background by higher education, therefore kancana community until 2013 no one has worked in soes. in data the majority of income communities < rp. 2,200,000 (fifty percent), 23% are the people incomes rp. 2,200,000-5,000,000, and 27% are income > rp 5,000,000. this shows that the rural community is a society that is able to be customers of the bank. although more than 30 respondents are people who earn less than rp 2,200,000, but they can set aside money for savings in the bank. this is because the expenditure villagers still are manageable. community in the village of kancana provide feedback related to the factors that influence people to become islamic bank’s customers. the public response to the factors that influence people to become islamic bank’s customers are described as follows: first is the cultural factor. that of the sub-variable cultural factors, public response from the respondents in the indicator cultures, the majorityof people who claim not agree as much as 44%, 23% respondents is agreed, 17% respondent is sun decided, and the 13% percentage of respondents strongly disagree of respondents stating and very much as 3%. it is addressed that the majority of the villagers of kancana are less affected by the culture there. therefore the majority of the kancana’s villagers, culture are not a determinant of desires and behaviours al-iqtishad: vol. vii no. 1, januari 2015 80 of the most fundamental. data can be seen that the variable factors of subcultures, peoples answers on indicators of subcultures, the majority of people who expressed strongly agree with the percentage of 36.67%. respondents who had agreed were 23.3%, the public chose islamic banks because of its recognition of the islamic religion, some people claim islam as their religion then they should choose a system of islamic banking institutions. then 20% disagree and 13% of respondents stated strongly disagree. this is because they are already accustomed to using conventional banking services. and 6.7% of people undecided because respondents could still be influenced or not have a definite choice. it can be seen that the variable factors of subsocial classes, peoples answers located on indicators of social class, the vast majority of states do not agree 40.0% and 10% expressed strongly disagree, it shows that according to this respondent does not affect their social class in choosing to become a customer. compared with people who agree and strongly agreed that states 26.7% and 16.7%. this shows that the majority of the kancana villagers are not affected by their sociall class, as agreed percentage is much lower compared with those not agree. table 3. recapitulation of cultural factors no remarks mean sub-factors 1 culture 52.0 2 sub-cultural 70.0 3 social classes 62.0 source : data processed by authors, 2014 from table 3, it can be seen recapitulation of cultural factors. the highest indicator of respondents’ answers is the sub-culture items with an average value of 70.0, then the sub-cultures including good category. this indicated that the village communities affected by the culture there in becoming customers of islamic banks. for the culture itself that is most strongly influenced by the advice of the ustadz/ clergy. lowest indicator is subculture factor, with an average value of 52.0. it is addressing some people there who are affected by culture, because the virulence factors of the self, or as admitted to the defense of the religion. some people are affected by their social class in deciding to become islamic bank’s customers. when compared with indicators of the respondents’ answers to the items culture factor that only 52.0, social class more items affecting rural communities in deciding to become a customer. these results suggest that cultural factors influence the society was not so. culture there is not really influence the community in becoming islamic indah mulia sari: factors that influenced people 81 bank’s customer, because only a small proportion of people who are affected by culture invillage. second is the social factor. the response from the villagers about the factors that influence people to become islamic bank’s customers on social factors based on the results obtained data collection are as follows: data can be seen that the factor indicator of reference, the majority of people who disagree is 40%, while 27% of people stated strongly disagree, have shown that there is a majority of people who are not affected by the reference factors in rural communities. reference group in here is among friend and the people closest to them. compared with people who claim to agree as much as 17%, and 10% said strongly agree, this indicates that the reference factors influence the decision of a person in becoming islamic bank’s customer is weakness. it can be seen that the indicators of the family, 47%, the majority of people agree that the family had influence, 20% of people stated strongly agree, this shows that the majority of the communities affected by their family. compared by people who disagree and strongly disagree is 30% and 3%. it is much less as compared to respondents who answered agree, it means more people are affected by many factors in deciding their families to become customers of islamic banks. data can be seen that the respondents lies in the role and status indicators, 33% of respondents agreed, 13% of respondents strongly agreed with the stated percentage of 13%. this indicated that there are some people who are affected because of their social status in society that caused them to become islamic bank’s customers. while respondents disagree as much as 30% of respondents stated and strongly disagree with the percentage of 7%. it is addressed that there are some people who do not care about their status and role in society, so it does not affect the role and status in the community choose to be bank’s customers. respondents answer hesitation is17%. table 4. recapitulation of social factor no remarks mean sub-factor 1 references group 60.0 2 family 70.0 3 role and statuses 63.0 source : data processed by authors, 2014 from table 4, it can be seen recapitulation of village community feedback about the factors that influence people to become islamic bank’s customers on social al-iqtishad: vol. vii no. 1, januari 2015 82 factors. the highest indicator of respondents’ answers lies in a family of items with an average value of 70.0, the sub variables of social factors included in either category. this indicated that the village communities affected by the social there be islamic bank’s customer. the social factor itself is most strongly influenced by their families. family advice is affecting their decision in becoming customers of the bank. lowest indicator of respondents’ answers to the factor of reference group with an average value of 60.0, indicating some people there who are affected by the reference group, ie those whose behaviour is always to look like and their role model or example to be decided in terms of the bank’s customers. indicator on the role and status of items with an average is 63.0, also showed some people a little affected by the status and their role in the community. third is the personal factor. responses kancana’s villagers about the factors that influence people to become islamic bank’s customers on personal factors based on the results obtained data collection are as follows: data can be seen that the indicators of age and stage of life cycle. respondents disagree with the 33% and the percentage of respondents expressed strongly disagree as much as 13% as well. comparable to respondents who agree and strongly agree is 33% and 13%. this indicated that the villagers there are some who are affected by age and stage of life cycle, in part there is no effect. as for the respondents who expressed undecided are 7 %; and this number slightly. data can be seen that the indicators work, respondents who disagree 44%, respondents who expressed strongly disagree 3%, while 23% of respondents agreed and 10% strongly agree those states. this condition is largely due to the work of the villagers are self-employed, so they are not tied to their job. they can determine which banking institutions in accordance with their wishes. the respondents were hesitant to answer as much as 20%. data can be seen on the state of economic indicators, respondents who had agreed as much as 33%, and 10% said strongly agree. this indicated that some people argue that the economic situation was extremely influential decision to become customers of the bank. only a small proportion of those who stated that 17% disagree and strongly disagree that states as much as 7%. while the people who expressed doubt as much as 33%. apparently there are still many people who feel hesitant with their economic circumstances in determining banking institutions which they would choose. this is because the majority of village people’s livelihoods are businessmen, so their income is invested back in the business. data can be seen that the sub variables of personal factors, the life style indicators, 37% of respondents disagree and strongly disagree were expressed by 17%. this is because the villagers are not the type of people who are accustomed to a lifestyle change, respondents who agree as much as 33%, and that states could not agree 10%. it is claimed that there are some people who are affected indah mulia sari: factors that influenced people 83 because of his lifestyle. while doubtful, that the decision take effect life style is 3%. data can be seen that the influence of personality and self-concept indicators, 36% of respondents agreed there is the influence of personality and self-concept indicators, 11% of people stated strongly agree. compare with people who disagree and strongly disagree, respectively 43% and 3%. this shows that the majority of people affected by their personality in deciding to become customers of islamic banks. the last factor in deciding the choice is based on respondent itself. therefore, personal factors with indicators of personality and self-concept are impacting on the communities in the decision to become islamic bank’s customers. table 5. recapitulation of personal factor no remarks mean sub-factor 1 age and stage in the life cycle 62.7 2 occupation 58.7 3 economic circumstances 64.7 4 life style 56.7 5 personality and self-concept 64.0 source : data processed by authors, 2014 from table 5, it can be seen recapitulation of village community feedback about the factors that influence people to become islamic bank’s customers on personal factors. the highest indicator of respondents’ answers on the state of the economy subfactors with an average value of 64.7 then enter either category. this indicated that the village communities affected by their personal factors in becoming islamic bank’s customer. although there are factors that influence the decision making, but the deciding factor is itself. lowest indicator of respondents’ answers to the lifestyle subfactor with an average value 56.7. it is addressing some people have argued that lifestyle factors influence the decision not determining an option, as well subfactors jobs with an average 58.7 when viewed, this job is categorized simply, it means people are not so affected by their work in deciding to become a customer, especially since the majority of the villagers are entrepreneurs so they are not tied to their place of work. in addition, the average value of personality and self concept; age and stage in the life cycle subfactors, respectively, are 64.0 and 62.7. this show both subfactor has a good effect in a person decides to become islamic bank’s customers. fourth is the psychological factor. responses the kancana’s villagers about the al-iqtishad: vol. vii no. 1, januari 2015 84 factors that influence people to become islamic bank’s customers in the psychological factors based on the results obtained data collection are as follows: data can be seen that the sub variables of psychological factors, the indicators of motivation, respondents disagree and strongly disagree that motivation has an influence on the decision to become bank’s customers is 46% and 17%. it show that the villagers although given the motivation to be islamic bank’s customer, but has no effect. only asmall proportion of those who agree and strongly agreed, respectively is 7% and 13%, and respondents were undecided is 17%. this indicated that the rural population is not affected by motivation to become islamic banks customers. as for those who expressed hesitation due to the ignorance factor towards islamic banking institutions. data can be seen that the sub variables of psychological factors, the perception indicator, respondents disagree and strongly disagree states respectively are 33% and 10%, the data showed that the majority of the rural population is affected by the perception of banking institutions sharia, only a few of those who agree and strongly agree, respectively is 27% and 13%. while some people undecided as much as 13%. data can be seen that the sub variables ofpsychologicalfactors, indicators ofknowledge, 43% of respondents stated that states disagree and strongly disagree as much as 7%. respondents who agreed and strongly agreed respectively is 20% and 10%, where as others expressed doubt as much as 20% as well. this indicated that village communities are not affected by the increasing knowledge of the different banking institutions through the spread of information. data can be seen that the sub variables of psychological factors, trust and attitudes establishment indicator, respondents who disagree with the trust and attitudes of the establishment as much as 13%, and 13% strongly disagreed, while respondents said strongly agree and agree respectively with the percentage of 23% and 27%, and the latter is expressed doubt with the percentage of 23%. this indicated that the villager is agreed, that the establishment of trust and attitudes influence the person’s decision to become islamic bank’s customers. table 6. recapitulation psychological factors no remarks mean sub-factors 1 motivation 50.7 2 perception 57.3 3 knowledge 56.7 4 establishment trust and attitude 66.7 source : data processed by authors, 2014 indah mulia sari: factors that influenced people 85 from table 6, it can be seen recapitulation responses kancana’s villagers about the factors that influence people to become islamic bank’s customers on psychological factors. the highest indicator of respondent’s answers to the sub factors are confidence and attitude with an average value of 66.7, then categorized as good. this indicated that the village communities affected by their psychological factors in becoming islamic bank’s customer. they will be the islamic bank’s customer if it starts to grow confidence and attitude of the establishment. lowest indicators in the motivation of respondents with an average value of 50.7. it is addressed that the sub-factors of motivation so that they become customers of minimal influence. it is also influenced due to islamic banking institutions is still limited existence, and it affects people’s motivation patterns of islamic banking institutions. while indicators of the respondent’s answers to the sub factors knowledge is average of 56.7, include enough category, in the sense that people are starting to know about islamic banking. people are starting to know enough about islamic banking and influence. last indicator on sub factors perception of respondents with an average of 57.3 is categorized enough. conclusion based on the analysis and discussion are carried out, it can be obtained several conclusions, among others. first, jobs or livelihoods of rural people, correspond in general, rural livelihood is farming but not least also the livelihood trade or self-employed, because some areas agriculture can not be separated from business activities. therefore, the income level of villagers relatively small and depends on the condition of the rural economy. second, the factors that most influence to become the islamic bank’s customer in kancana’s village was sub factors family on social factors, in rural communities, family is very important when some one will make a decision. similarly, sub-cultural factors on cultural factors such as factor nationalities, religions, racial groups, and geographic regions, influence the decision of the villagers. furthermore, who has a strong influence of rural communities is establishment trust and attitude on psychological factors, and economic cırcumstances and self concept (personal factors). reference agung, n.b. 2005. statistical methods using spss. yogyakarta: andi offset. antonio, m.s. 2001. islamic bank: theory and practice. jakarta: gema insani press. assauri, s. 2004. marketing management. jakarta: rajawali press. ayub, m. 2007. understanding islamic finance. new york: john wiley & sons al-iqtishad: vol. vii no. 1, januari 2015 86 ltd. budisantoso t & s. triandaru. 2006. bank and other financial institutions. jakarta: salemba empat. hawkins, r.j. & c. best. 2001. consumer behavior building marketing strategy, 8th ed. boston: mcgraw hill. iqbal, m & t. david. 2002. islamic banking and finance: new perspective on profitsharing and risk. new jersey: edward elgar publishing inc istijanto. 2009. practical application on marketing research. jakarta: gramedia pustaka utama. kotler, p. 2005. marketing management. new york: prentice hall. kotler, p & k.l. kellet. 2008. marketing management. jakarta: erlangga. loudon, d.l. & a.j.d. bitta. 1993. consumer behavior, 4th edition. new york: mcgraw-hill international edition. muhammad. 2005. financial management in islamic banks. yogyakarta: amp ykpn. qardhawi, y. 1997. the role of value and moral on islamic economic. jakarta: robbani press. riduwan. 2006. basic statistic. bandung: alfabeta. sheth, j.n. & b. mittal. 2004. .consumer behavior: a managerial perspective. 2nd edn. singapore: thomson south-western. subagyo, et.al 2002. bank and other financial institution. yogyakarta: stie publishing. sugiyono. 2008. quantitative, qualitative and r&d reseacrh method. bandung: alfabeta. sujianto. 2009. statictics using spss. jakarta: prestasi pustaka publisher. sulianto. 2006. data analysis on marketing. bogor: ghalia indonesia. swastha, b. & i. sukotjo. 1995. an introduction to modern business. yogyakarta: liberty. umar, h. 2004. the research method for thesis. jakarta: rajagrafindo persada. irfan syauqi beik & laily dwi arsyianti: construction of cibest model 87 construction of cibest model as measurement of poverty and welfare indices from islamic perspective irfan syauqi beik & laily dwi arsyianti1 first draft: october, 3rd 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 center of islamic business and economic studies, bogor agricultural university, jl. raya darmaga kampus ipb darmaga, bogor email : irfan_beik@ipb.ac.id, arsyianti@ipb.ac.id abstract. construction of cibest model as measurement of poverty and welfare indices from islamic perspective. one of the major challenges faced by most of the islamic countries is poverty. this paper attempts to construct the concept of poverty and welfare standards based on islamic perspective.the study tries to cover both material and spiritual dimensions. these standards are based on cibest quadrant, which is divided into four quadrants: welfare quadrant (i), material poverty quadrant (ii), spiritual poverty quadrant (iii) and absolute poverty quadrant (iv). determination of these quadrants is resulted from criteria and indicators of basic material needs and basic spiritual needs. by using household as unit of analysis, this study is able to developcibest model comprising welfare index, material poverty index, spiritual poverty index, and absolute poverty index. mathematical formula and illustration of the indices are also elaborated to strengthen the concept. keywords: basic needs approach, poverty, welfare indices abstrak. konstruksi atas model cibest sebagai pengukuran atas kemiskinan dan kesejahteraan dalam perspektif islam. salah satu permasalahan penting yang dihadapi negara-negara islam adalah kemiskinan. tulisan ini berupaya untuk mengkonstruksi konsep kemiskinan dan kesejahteraan menurut perspektif ajaran islam. penelitian yang dilakukan,berupaya untuk mengkombinasikan dimensi material dan dimensi sipiritual. alat ukur yng digunakandalam studi ini didasarkan pada kuadran cibest yang terbagi menjadi empat kuadran, yaitu : kuadran sejahtera (i), kuadran kemiskinan material (ii), kuadran kemiskinan spiritual (iii), dan kuadran kemiskinan absolut (iv).penetapan kuadran ini dibuat berdasarkan kriteria dan indikator kebutuhan dasar material dan kebutuhan dasar spiritual. dengan menggunakan rumahtangga sebagai unit analisis, penelitian ini berhasil memformulasikan model cibest yang terdiri dari indeks kesejahteraan, indeks kemiskinan material, indeks kemiskinan spiritual dan indeks kemiskinan absolut. formula matematika dan ilustrasi dari setiap indeks juga dielaborasi secara detil untuk memperkuat konsep yang ada. kata kunci: pendekatan kebutuhan dasar, kemiskinan, indeks kesejahteraan al-iqtishad: vol. vii no. 1, januari 2015 88 introduction poverty remains a major issue faced by the islamic world presently. the term ‘poverty’, however, could not be defined in a single term, which prevails across the globe. it is because of the differences in many aspects, such as demographical factors, geographical location, cultural diversity, etc., although various scholars have attempted to define poverty from different angles and perspectives. they also have tried to accommodate these differences in their definition of poverty. debate on this issue still continues including debate on measurement and criteria used to define poverty. despite these difficulties in constructing single definition of poverty, real practices taking place in different countries seem to provide the fact that poverty is always related with inability of certain group of people to fulfill their basic needs. this group of people is called the poor. definition of the poor is always connected with a standard of measurement called poverty line. it is a line that is measured in terms of minimum income, which must be earned by a person. if a person earns income below the line, he will fall under the poor category. for example, in indonesia, the national board of statistics (known as badan pusat statistik– abbreviated as bps) has determined poverty line to be equal to rp 293,000 (usd 25.04) per capita per month in 2014. the number of the poor living below the line is estimated to reach 28.55 million people (national board of statistics, 2014). this poverty line may change usually on annual basis. similarly, the world bank use usd 2 per capita per day as basic standard of absolute poverty, meaning that, earning income below the standard will put someone in the category of absolute poor. islam actually pays great concern on the issue of poverty. as a comprehensive religion covering all aspects of life, islam has clear rules and guidance regarding this matter. there are many ayah and hadith which can be made as source of reference. similarly, there are a large number of literatures discussing the concept of poverty from islamic perspective, which are written by classical as well as contemporary islamic scholars. it is interesting to note that most of the discussion on poverty from islamic perspective is based on the concept of maqasid al shariah. the term ‘maqasid’, which is the plural form of the word ‘maqsad’, reflects the basic objectives of revelation of islamic teaching. chapra (2008) states that the maqasid al shariahhave been either stated directly from the quran or inferred from these by a number of scholars. all of these address the basic objective of the shariah, which is to serve the interests of all human beings and to save them from harm (chapra, 2008). one of the most prominent classical islamic scholars in the history, imam irfan syauqi beik & laily dwi arsyianti: construction of cibest model 89 al-ghazali, has classified maqasid al shariah into five major categories. those are protection of faith (hifz al-din), protection of human self (hifz al-nafs), protection of intellect (hifz al-aql), protection of posterity (hifz al-nasl) and protection of wealth (hifz al-maal). these are basic elements in promoting the well-being of the people. imam al-shatibi furthermore classified the maqasid into three broad categories, i.e. daruriyyat (essentials), hajiyyat (supporting) and tahsiniyyat (embellishment). to alshatibi, al-ghazali’s five safeguarding fall under daruriyyat category. this paper attempts to construct this standard of measurement in the form of welfare index and poverty index. these indices will be based on certain criteria, which are derived from the quran and sunnah and compared with current practices in the contemporary islamic economies. the paper comprises five sections including introduction as the first one. second section shall elaborate overview on the conceptual framework of poverty from islamic perspective. section three discusses existing models of poverty standard and measurement by taking the case of indonesia. indonesia is purposively selected since it represents the most populous muslim country in the world. section four proposes model of welfare and poverty indices as standard of measurement combined with illustration on how to use those indices. this section will be started by elaborating conceptual foundation of the proposed model. last section concludes the paper. the poverty concep on islamic approach as mentioned in the previous section poverty basically is a multidimensional concept. shirazi (1994), narrayan (2000), and pramanik (1993, 1998) are of the view that poverty basically is an imprecise term. it is not possible to capture the idea of poverty based on unidirectional approach. they suggest that poverty is typically used to refer to a situation where individuals do not have sufficient resources to cover their basic needs to lead a reasonably comfortable life, not only by economic but also by social, psychological and even spiritual dimensions. suharto (2009) argues that while some economists discuss the concept of poverty based on subjective and comparative approach, some others favor moral and evaluative approach. poverty being mostly associated with economic dimension, it is, indeed, related to other dimensions including social, cultural, institutional, and structural. al-ghazali (1980) defines poverty as a state of not being able to fulfil one’s needs. inability to satisfy what is not needed is not poverty. if the needed items are available and affordable by a person, then he will not be treated as poor person. al-ghazali divides poverty into two parts: first, poverty in relation to material needs; and second, poverty in relation to spiritual needs. similar argument is also made by ahmed (2004). he says that poverty does not only represent deprivation of goods al-iqtishad: vol. vii no. 1, januari 2015 90 and services, but also lack of poverty in spirit. even rehman (1980) argues that in islam individuals can improve their spiritual life by improving their material life. al-ghazali further states that each and every being that exists is poor, except for the eternal being, allah. this is the meaning of the verse (47:38) “wa allah alghaniyywaantum alfuqara”, which means ‘and allah is rich and you all are poor’. to him, this is an absolute poverty (faqrmutlaq), which has both material and spiritual dimensions. in response to al-ghazali’s argument, sadeq (1992) says that the term faqrmutlaqin contemporary economics refers to two different meanings. first, it refers to a state below some absolute level of income that could purchase some minimal level of sustenance. second, it refers to poverty of the individuals or households in absolute terms without reference to their relative condition as compared to others. in this sense absolute poverty is used against relative poverty. ibn al-qayyim al-jauziyyah (1293 – 1350 ad), on the other hand, denies the relationship between poverty and zuhd, an important islamic value misconstrued as renunciation of wealth and the good things of life. he insists that zuhd is not poverty. it is an attitude of mind which purifies soul from the lust for worldly things and from making them the objectives of life. he argues that affluence is more preferable provided it accompanies gratitude to allah and the fulfilment of one’s obligations toward fellow human beings (islahi, 1992). the concept of poverty is indeed determined by the definition of the poor (faqir) and the needy (miskeen). hence, shirazi (1994) argues that the jurists from the four prominent schools have different ideas in this regard. according to shafi’ite and hanbalite schools, a person is called faqir if he possesses no wealth and earning, or earns income and wealth which satisfy less than half of his needs. a person is called miskeenif he earns income and wealth which satisfy more than half, but less than 100 percent of his needs. on the other hand, the other two schools, i.e. hanafite and malikite, have the opposite perceptions. however, shirazi (1994) argues that opinions are not much different from practical point of view. it is because both are not in a position to meet their needs without the provision of assistance provided by the society or state. hafidhuddin (2013) stated that poverty is part of god’s law in this life. as mentioned in the quran (43:32) that allah swt has determined people’s livelihood. some of them are lifted up higher than the others, so that they can synergize and help each other. islam, hence, does not discuss on how to eliminate poverty totally. rather, it discusses how to reduce the excessive gap between the rich and the poor. hafidhuddin also argues that the poor having good morals are one of important pillars of development. he cites ali bin abi thalib who states that the irfan syauqi beik & laily dwi arsyianti: construction of cibest model 91 resilience of the world and society affairs is due to five pillars: knowledge of the ulama, fair and just rulers, generosity of the rich, honesty and integrity of the employees and bureaucracy, and prayer of the poor. he concludes that poverty could not be observed only from material perspective, but also from spiritual perspective. existing model of poverty standard: case of indonesia the literatures above have demonstrated that poverty from islamic perspective covers both material and spiritual dimensions. another important issue is how to measure poverty and on what basis this poverty is determined. in this regard, some attempts have been made by various institutions and scholars. this section elaborates at least three models which have been applied, especially with the reference to indonesia. those are model of consumption or basic needs approach, model of decent living standard, and model of family welfare. the national board of statistics of indonesia uses consumption model or basic needs approach as basis for determining poverty standard. the model comprises food consumption and non-food consumption standard. food consumption is based on the consumption of 2,100 kilo calories per capita per day, and these calories are valued in terms of money. if a person consumes less than this calorie standard, then he will be categorized as poor. therefore, this standard is also called as food poverty line. in indonesia, non-food consumption for rural areas is different from urban areas. there are 47 commodities for rural areas while urban areas have 51 commodities (beik, 2013). similarly, these commodities are valued in terms of money. the standard resulted from this valuation is called non-food poverty line. summation of food poverty line and non-food poverty line forms national poverty line. according to the september 2013 data, contribution of food poverty line towards national poverty line reaches 73.43 percent. the rest is contributed by non-food poverty line (national board of statistics, 2014). unit of analysis in this approach is individual basis. however, spiritual dimension is not considered by this approach. it merely focuses on material aspect. another approach is the one that has been developed by the ministry of labor and transmigration of indonesia. the ministry has issued an index of decent living standard. initially, it is used as basis for determining minimum wage standard for labor. this minimum wage is decided by wage council which operates in every city and regency throughout the country (beik, 2012). this council consists of tripartite: government representative, labor representative and industrial representative. index of decent living standard is designed to observe capability of a person to fulfill his basic needs, such as food, clothes and housing needs. the index comprises al-iqtishad: vol. vii no. 1, januari 2015 92 seven basic elements: first, food and drink; second, clothes; third, housing; fourth, education; fifth, health; sixth, transportation; and seventh, recreation and saving. survey is always conducted annually as media of information on real prices of the basic elements. nevertheless, this index does not accommodate religiosity and freedom to express and to practice religious obligation. when the monetary value of the index has been decided by the wage council, labor office of city government must ensure that all industries obey the decision. unit of analysis of this index is individual basis. unlike the previous two standards, the national coordinating agency of family planning program of indonesia (known as badan koordinasi keluarga berencana nasional, abbreviated as bkkbn) applies the model of family welfare, which has been replicated in more than 90 countries globally (alimoeso, 2014). the model is designed on household or family basis. this is totally different from the previous two approaches, which are individual-based. bkkbn classifies family into five types: pre-prosperous family, prosperous family i, prosperous family ii, prosperous family iii, and prosperous family iii-plus. pre-prosperous family is considered as the poorest of the poor or the hardcore poor, while prosperous family i is classified as the poor. prosperous family i is used as the family poverty standard. criteria employed to determine poverty standard for family is qualitative in nature. bkkbn has determined six criteria, which are based on the basic needs approach. those are: first, food consumption at least twice a day although with minimum calories; second, family members have different clothes for school, work, travelling and during their stay at home; third, residential house has good roof, floor and wall; fourth, treatment for family member suffering illness is conducted at health facilities provided by government; fifth, when parents are still in productive age and willing to join family planning program, they consult official contraception service facilities; and sixth, all children aging between 7 to 15 years old are schooling. inability to fulfill at least one of these criteria will place a family in the category of hardcore poor or pre-prosperous family (alimoeso, 2014). bkkbn further determines the indicators of family that has been released from poverty. these indicators are used as basis to observe whether a poor family has changed their status from prosperous family i to prosperous family ii. criteria of the prosperous family ii comprise eight criteria, which are: first, family members are able to perform religious obligation; second, entire family members consume meat, egg and fish at least once in a week; third, all family members at least purchase one new clothes in a year; fourth, the floor size of the house at least 8 m2 for each family member; fifth, family members for the last three months are in a good health condition so that they are able to perform their functions and duties; sixth, at least irfan syauqi beik & laily dwi arsyianti: construction of cibest model 93 there exists one family member who work to earn sufficient income; sevent, all family members whose age are between 10-60 years old able to read and write in indonesian language; and eight, parents in productive age with 2 or more children use contraception medicine or other tools of contraception (alimoeso, 2014). cibest model on islamic poverty and welfare indices various attempts have been made in order to construct poverty and welfare standards from islamic perspective. one of the most significant efforts in the contemporary economy, which has been used in the real practice of zakat distribution, is the concept of lembaga zakat selangor (selangor zakat institution in malaysia, abbreviated as lzs). lzs has used had al-kifayahapproach as the basis to determine whether a family or a person is eligible to receive zakat or not. had al-kifayahby definition is standard of minimum needs, which must be fulfilled by a family. inability to fulfill these needs will place family in poor status and hence, that family is eligible to receive zakat fund. in this concept, lzs has divided a family into five groups: head of household, working adult, unemployed adult, children within the 7-17 years old age group, and children within the 1-6 age group (rasoolet al, 2011). the poor standard is determined by the ability of a household to satisfy their basic needs (daruriyyah), which consist of foods, clothes, houses, health, and education. thus, by applying had al-kifayah, a household is eligible to receive zakat fund only if their monthly income is less than rm 1,650 –this is 2011 data. in addition, if there were disable or people with severe illness in the family members, the minimum limit would be raised to rm 2,240/month/household (rasoolet al, 2011). the concept applied by lzs should be greatly appreciated since it attempts to go beyond poverty line income (pli) standard, which has been applied across the globe by many governments. sometimes the value of pli in many countries is too low compared to their economy condition. nevertheless, the lzs concept is still focusing on material aspect. had al-kifayahis merely translated into basic needs, which do not consider spiritual aspect. in this paper, we attempt to construct poverty and welfare standards which cover both material and spiritual aspects. these standards will be reflected in the poverty and welfare indices, which are measurable and comparable. basic spiritual needs could be defined as the needs to implement ibaadah (worship) to allah swt. bkkbn as mentioned in the third section includes capability to undertake religious obligation as an indicator of welfare family. however, bkkbn does not elaborate further criteria of this capability. this paper, hence, proposes that the concept of this ‘capability’ should be indicated by three factors, al-iqtishad: vol. vii no. 1, januari 2015 94 i.e. ability, strong will, and freedom. these three factors are strongly interrelated. the absence of one or more factors will reduce capability of a person to perform ibaadah. if this happens, a person may have poor spiritual condition. for example, the absence of willingness to pray will reduce capability to undertake worship. furthermore, there are five variables of basic spiritual needs: implementation of shalat(prayer), saum(fasting), zakat, household environment, and government policy environment. these variables will be used as basis in the calculation of spiritual poverty index, which will be discussed later. as already known, prayer, fasting and zakat are part of islamic pillars which must be fully implemented by muslims, in addition to declaration of shahadahand hajj (pilgrimage). reluctance to perform these ibaadah may reduce the quality of iman(faith). there is no excuse for all muslims, especially those who are included in the category of mukallaf, to avoid these religious obligations. pilgrimage, on the other hand, is excluded from the variables affecting spiritual poverty index. it is because pilgrimage requires certain conditions, such as availability of huge financial resources. another argument, when a person has strong awareness to undertake prayer, zakat and fasting obligations, he will automatically have awareness to perform hajj subject to his capability in removing financial constraint. spiritually, this person is rich. therefore, the focus should be directed to prayer, fasting and zakat. fourth variable is household environment. it is extremely important to have supportive household environment in fulfilling religious obligations. unsupportive household environment may create spiritually poor person. for example, when the husband has a very liberal opinion in which he disagrees with the existence of prayer, most probably the wife will face difficulty in performing prayer regularly. she may fall to spiritually poor person status. similarly, the fifth variable, i.e. government policy environment, is also affecting spiritual condition of the people. although not all ibaadah require specific government regulation, but the presence of supportive government policy environment is highly needed. this environment will determine the degree of freedom to execute islamic teaching in certain societies. unsupportive government policy environment may produce spiritually poor people. for example, although prayer act is not needed, but when government attempts to secularize the people by prohibiting prayer or by not providing sufficient prayer room in government offices, it may create spiritually poor bureaucrats. hence, this variable cannot be ignored. unit of analysis proposed is based on household rather than individual. it is because in islam, the smallest unit of society is household or family. given this reason, hence in this paper, lzs (lembaga zakat selangor)division of household is irfan syauqi beik & laily dwi arsyianti: construction of cibest model 95 adopted with modification. this modification could be observed in the presence of teenagers group. the main reason is due to different characteristic between teenagers and children, especially with respect to emotional maturity and puberty period. hence, the household is divided into six groups: head of the household, working adult, unemployed adult (>18 years old), teenagers between 15-18 years old group, children within 7-14 years old group, and children within ≤ 6 years old group. head of the household is defined as a person who is responsible to fulfill basic needs of the entire household members. the household head could be father, single mother (widow or divorced mother), or other responsible person in the absence of parents, such as elder brother or sister. working adult is defined as a person who is working but still under the responsibility of household head. this could be a working wife, son, daughter, or someone else, such as adopted son who has professional job. unemployed adult, furthermore, is defined as a person who is under the responsibility of household head but not working, such as housewife and unemployed son. teenager refers to a person attending school or school dropout teenage within the age group 15-18 and in puberty period. this group could be included in the category of mukallaf. child within the age group 7-14 is defined as the one who attend school or school dropout child. lastly, child within the age group ≤ 6 refers to the one whose age is less than or equal to 6 years old. these last two groups are not included in the category of mukallaf. from the concept of fulfillment of basic spiritual needs and material needs, we can construct typology of the household in the form of cibest quadrant. there are four typologies of household based on their ability to fulfill basic spiritual needs and basic material needs. it could be observed in the following figure 1. figure 1. cibest quadrant al-iqtishad: vol. vii no. 1, januari 2015 96 based on the figure 1, cibest quadrant is divided into four quadrants. material needs are shown by horizontal axis, while spiritual needs are represented by vertical axis. the (+) sign in the horizontal axis indicates that material needs have been sufficiently fulfilled by the household while (-) sign indicates the opposite, i.e. the household is lack of material needs. similarly, the (+) sign in the vertical axis portrays the ability of household to fulfill their spiritual needs while the (-) sign shows the opposite condition. in the first quadrant, it can be observed that the household is in the positive areas of both material needs and spiritual needs. it means that the household is spiritually and materially rich. hence, this area is called welfare quadrant. the second quadrant is combination of positive spiritual needs and negative material needs. this indicates that the household is spiritually rich but materially poor. this area is called material poverty quadrant. the third quadrant combines positive material needs and negative spiritual needs. the household in this area is found to be materially rich but spiritually poor. this area is called spiritual poverty quadrant. lastly, the fourth quadrant shows the mixture between negative spiritual needs and negative material needs. it means that the household in quadrant is spiritually and materially poor. hence, this area is called absolute poverty quadrant. the cibest quadrant has, at least, two advantages. firstly, it will be able to identify the number of households in each quadrant. secondly, it will assist government agencies to formulate precise development policy, which is needed in order to move households living in poverty quadrants towards the welfare quadrant. this model is based on the cibest quadrant. as has been discussed above, there are four cibest quadrants. cibest model is constructed from these four quadrants. the model is composed from four indices, namely, welfare index, material poverty index, spiritual poverty index, and absolute poverty index. this sub section attempts to formulate these indices mathematically. the first is the welfare index. this index is symbolized by w. formula of the index is as below: ......................................(1) whereby: w = welfare index; 0 < w < 1 w = the number of prosperous households (spiritually and materially rich) n = total number of observed households in this index, we simply calculate the number of households whom are irfan syauqi beik & laily dwi arsyianti: construction of cibest model 97 spiritually and materially rich (w). it will be then divided by the number of total population in order to get welfare index. the value of welfare index is between 0 and 1. it is because of the impossibility of having all population in the same welfare quadrant. the second index is material poverty index. this index is symbolized by pm. formula of pm can be observed below. ........................................(2) whereby: pm = material poverty index; 0 < pm < 1 mp = the number of materially poor but spiritually rich households n = total number of observed households we simply count the number of households living in the second quadrant of cibest in order to get the value of mp. furthermore, the third index is spiritual poverty index (ps). formula of this index is as follow. .......................................(3) whereby: ps = spiritual poverty index; 0 < ps < 1 sp = the number of spiritually poor but materially rich households n = total number of observed households the value of sp could be identified when the number of spiritually poor households living in the third quadrant of cibest is known. lastly, the fourth index is absolute poverty index, which is symbolized by pa. formula of this index is as below. .....................................(4) whereby: pa = absolute poverty index; 0 < pa < 1 ap = the number of absolute poor households (materially and spiritually poor) n = total number of observed households this index requires calculation of the number of absolute poor households (ap) in order to find out the value of pa. nevertheless, the values of w, mp, sp and ap cannot be computed unless we know the standard determining material poor and spiritual poor. regarding these, we will develop material line as the basis to separate materially poor and materially rich households. we will also develop spiritual line as the basis to separate spiritually poor and spiritually rich households. material line (mv) is derived from minimum standard of material needs, which must be fulfilled by a household. mathematical formula of this mv can be al-iqtishad: vol. vii no. 1, januari 2015 98 seen below. mv = ..........................(5) whereby: mv = minimum material needs standard (in terms of rp or local currency) pi = price of goods and services i (in terms of rp or local currency) mi = minimum number of goods and services needed table 1. spiritual needs indicator variables likert scale poverty standard1 2 3 4 5 prayer blocking others to pray against the concept of prayer performing obligatory prayer but not on regular basis always performing obligatory prayer but not in congregational prayer performing congregational prayer for obligatory one and perform recommended prayer average score for spiritually poor household is equal to 3 (sv = 3) fasting blocking others to undertake fasting against the concept of fasting not fully performing obligatory fasting performing only obligatory fasting performing obligatory fasting and recommendable fasting zakat and infak blocking others to pay zakat and infak against the concept of zakat and infak not paying infak at least once in a year paying zakat al-fitrand zakat al-maal paying zakat al-fitr, zakat almaal, and infak household environment forbid ibaadah against implementation of ibaadah consider ibaadahas private matter for household member support execution of ibaadah creating environment which obligates execution of ibaadah government policy environment forbid ibaadah against implementation of ibaadah consider ibaadahas private matter support execution of ibaadah creating environment which obligates execution of ibaadah based on the equation (5) above, a household is called materially poor when income of that household is less than the mv value. otherwise, the household is classified materially rich. however, the mv formula is not sufficient. we need to have spiritual line formula. irfan syauqi beik & laily dwi arsyianti: construction of cibest model 99 spiritual line (sv) is derived from five variables explained in the above sub section. it is the line showing actual spiritual condition of the households. likert scale is used to assist the evaluation of household spiritual condition. table 1 provides the indicators of the five variables of spiritual needs. based on the table 1, the likert scale used is ranging from 1 to 5. the value of 1 shows the worst indicator while that of 5 indicates the best condition. spiritual standard, which separates spiritually poor households and spiritually rich households, is determined to be equal to 3. mathematically, it can be written as follow. sv = 3 .......................................... (6) whereby: sv = absolute line (standard) for spiritual poverty the value of sv is based on three arguments. firstly, for prayer and fasting needs, the value of 3 shows that a person intentionally leaves his obligation in one time, and in other time, he performs his obligations. in islam, leaving our obligation intentionally will be considered as sinful acts, which reduce spiritual quality of a person. secondly, for zakat and infak payment, the value of 3 indicates that a person has no intention to pay infak, even once in a year. although paying infak is not obliged for the poor, but we believe that even the poorest of the poor will also have capability to pay infak. for example, a poor household should be able to pay infak usd 1 per annum. it is a very minimum amount. therefore, this score is made as spiritual line. thirdly, as for household environment and government policy environment, the score of 3 shows separation between worldly affairs and akheeraaffairs. there is no effort to encourage household members to execute ibaadahsince ibaadahis considered as private matter. it means that it is up to the household members whether they want to perform their religious obligation or not. we can also calculate general spiritual condition of households in one country. the formula to compute it is as below. ........................................(7) whereby: ss = average score of actual spiritual condition of the observed households shk = actual spiritual condition of the household k n = total number of observed households if the value of ss > sv, then generally speaking, spiritual condition of al-iqtishad: vol. vii no. 1, januari 2015 100 population in one country is in good condition. in other words, they are spiritually rich. similarly, if the value of ss ≤ sv, the residents of that country are spiritually poor. another important aspect is related on the calculation of shk. it is obtained from the score of all variables observed in the household. therefore, equation (8) below provides the formula to compute shk. .....................(8) whereby: sh = average score of actual spiritual condition of one household hh = actual spiritual score of household member h mh = total number of household members as for hi, its formula is as below: .........................(9) whereby: hi = actual spiritual score of household member i vp = prayer score vf = fasting score vz = score of zakat and infak vh = score of household environment vg = score of government policy environment determination of the number of households in each cibest quadrant is based on combination of results of mv standard and sv standard. there are four probabilities of combination between mv and sv results (vide table 2). table 2. combination of mv and sv values results ≤ mv value >mv value >sv value materially poor and spiritually rich household (quadrant ii) materially and spiritually rich household (quadrant i) ≤ sv value materially and spiritually poor household (quadrant iv) materially rich and spiritually poor household (quadrant iii) when the number of household in each quadrant is known, then calculation of all indices is easy to conduct. combining all values of welfare index, material poverty index, spiritual poverty index and absolute poverty index, we will get total values of those indices to be equal to 1. this is called as the generalized cibest model. irfan syauqi beik & laily dwi arsyianti: construction of cibest model 101 cibest model = 1 = w + pm + ps + pa............................(10) total summation of all indices must be equal to one. these indices could be utilized in mapping the population, in which quadrant that most of the population live. it will assist the government to design policy strategy that can be effectively executed. let us proceed to the following sub-section in order to understand computation of these indices. in this illustration, there are two basic assumptions which must be fulfilled. firstly, the collected data must be primary data. secondly, method of obtaining data must be census or sampling. there are four stages of calculating these indices. firstly, compute the value of mv, while that of sv is already given, i.e. 3. this mv value may be taken from official data of the observed country. in case available official data is on individual basis, we need to transform the data into household basis. for example, if usd 100 is found to be the individual poverty line and 4 person is the average size of a household, then multiplication of usd 100 and 4 person will yield household material line or mv value. secondly, calculate the value of sh and monthly income of the observed households. thirdly, put the observed households in the cibest quadrant whether they are in the first, second, third or fourth quadrant by using table 2 as reference. fourthly, calculate all indices by using available data. in order to understand deeper, let us begin with an islamic state. assume that there exist 10 households living in the country. regarding the mv value, let us assume that the mv standard is equal to usd 150. this mv standard may vary across countries. in our case, this assumption of mv value is needed in order to ease the calculation. as for sv, it is equal to 3. the actual condition of these 10 households is portrayed in the table 3. they have different number of household member. assume that we have conducted survey on them in order to find out their actual spiritual condition as well as their actual income. table 3. actual spiritual and material condition of the observed households household number household member sh household income/ month status cibest quadrant #1 5 members 3.8 usd 270 spiritually and materially rich quadrant i #2 7 members 2.9 usd 500 spiritually poor and materially rich quadrant iii al-iqtishad: vol. vii no. 1, januari 2015 102 #3 3 members 2.4 usd 100 spiritually and materially poor quadrant iv #4 4 members 1.9 usd 50 spiritually and materially poor quadrant iv #5 3 members 4.2 usd 600 spiritually and materially rich quadrant i #6 3 members 4.5 usd 100 spiritually rich and materially poor quadrant ii #7 3 members 3.7 usd 50 spiritually rich and materially poor quadrant ii #8 6 members 2.3 usd 100 spiritually and materially poor quadrant iv #9 7 members 3.6 usd 50 spiritually rich and materially poor quadrant ii #10 3 members 1.5 usd 350 spiritually poor and materially rich quadrant iii given the information provided in the table 3, we can calculate the value of each index. let us start with welfare index. total number of observed households or n is equal to 10, while the value of w is equal to 2. by using equation (1), we will obtain: w = 2/10 = 0.2 interpretation of this index is that there 20 percent of the households in the country whom are spiritually and materially rich. furthermore, the table 3 provides information on the values of mp, sp, and ap, respectively. it is known that mp = 3, sp = 2, and ap = 3. from these data, we can calculate material poverty index, spiritual poverty index and absolute poverty index. they are as below. pm = 3/10 = 0.3 ps = 2/10 = 0.2 pa = 3/10 = 0.3 it can be interpreted that 30 percent of the population live in material poverty, while 20 percent live under spiritual poverty. the remaining 30 percent live in the absolute poverty condition. general cibest model will be equal to: cibest model = w + pm + ps + pa = 0.2 + 0.3 + 0.2 + 0.3 = 1 irfan syauqi beik & laily dwi arsyianti: construction of cibest model 103 this information should be utilized by policy maker in the country. some policy implications may arise from this illustration. in the first priority, islamic government should focus on those living in the fourth quadrant as the primary target of development programs. these programs must be designed not only by targeting material progress but also spiritual progress. second priority is the second quadrant, in which the households are materially poor and spiritually rich. providing financial access and technical assistance may become the solution. third priority is the third quadrant. those who are in this quadrant can be requested to fulfil their religious obligation, such aspaying zakat, in order to purify their spiritual condition. the ultimate objective of the government is on how to move the people living in these quadrants to the first quadrant, which is welfare area. conclusion from the discussion and analysis above, some conclusions can be drawn. firstly, poverty and welfare concepts in the islamic perspective are not only seen from material dimension, but also spiritual dimension. however, various indicators prevailing in many parts of the world including islamic countries seem to focus only on material progress. lack of attention towards spiritual progress is still becoming development issue that needs to be overcome. secondly, attempts to construct various indicators determining level of poverty and prosperity in an islamic countries should be encouraged since these indicators could be used as development signal whether it is success or not. regarding this, this paper has attempted to develop four indices, namely, welfare index, material poverty index, spiritual poverty index, and absolute poverty index. these indices are based on the concept of cibest quadrant, which represents islamic concept on poverty and prosperity. thirdly, the presence of cibest quadrant and cibest model produces policy implications, which are expected to be beneficial for islamic government in providing direction of development. main target of development program is on how to mobilize households to the welfare quadrant, in which households are spiritually and materially rich. however, this study has also limitation. unless the muslim minority living in non-islamic countries attempt to use this model in order to observe their actual poverty and welfare level, cibest model may only be applied in the islamic countries. future research on the possibility to implement islamic concept of poverty and welfare level should be prioritized as an important agenda. al-iqtishad: vol. vii no. 1, januari 2015 104 references ahmed, h. 2004. role of zakat and awqaf in poverty alleviation. jeddah: irtiidb. al ghazali. 1980. ihyaulum al din. beirut: darulfikr. al-qardawi, y. 1993. fiqhuz zakat. jakarta: literaantarnusa. ------------------. 2002. zakat role in curing social and economic malaises. in m. kahf, (ed). economics of zakat. jeddah: irti – idb. alimoeso, s. 2014. utilization of family data in the development of family. paper presented at national zakat conference of baznas, balikpapan. badan amil zakat nasional. 2013. zakah report. jakarta: baznas beik, i.s. 2013. economic role of zakat in reducing poverty and income inequality: a case study in the province of dki jakarta, indonesia. germany: lambert academic publishing. chapra, m.u. 2008. the islamic vision of development in the light of maqasid alshariah. jeddah: irti idb. hafidhuddin, d. 2013. the poverty concept on islamic analysis. paper presented national focus group discussion on islamic poverty line, bogor. islahi, a. a. 1992. economic thought of ibn al-qayyim. in a.m. sadeq & a. ghazali. (ed), readings in islamic economic thought. petaling jaya: longman malaysia. pramanik, a.h. 1993. development and distribution in islam. petaling jaya: pelanduk publications. ---------------------. 1998. poverty from multidimensional perspectives: a micro level study of seven malaysian kampungs (villages). kuala lumpur: cahayapantai rasool, m.s.a, et.al. 2011. using shariah indicators to analyse poverty: experience from malaysian zakat institutions. paper presented at international zakat conference held by world zakat forum, baznas, and ipb, bogor. rehman, a. 1980. economic doctrine of islam. lahore: islamic publications limited. sadeq, a. m. & a. ghazali (eds). 1992. readings in islamic economic thought. petaling jaya: longman malaysia. shirazi, n.s. 1994. an analysis of pakistan’s poverty problem and its alleviation through infaq. (dissertation unpublished). islamabad: international islamic university, islamabad. sudarwati, n. 2009. the povery alleviation program. malang: intimedia suharto, e. 2009. poverty and social insurance in indonesia: the idea about universal social insurance in health. bandung: alfabeta. m. sabri haron: the assesment of inclusiveness 105 the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective m. sabri haron, riki rahman & bayu t. possumah1 abstract. the assesment of inclusiveness principle of malaysian new economic model: maqashid syar’iyyah perspective. objective of this article is to assess how far the principles of inclusiveness in the economic new model in malaysia can fulfil the needs of maqasid syar’iyyah. the assessment is conducted through the key concepts and strategic measures of the principles of inclusiveness. this study is a qualitative which descriptive and analytical approach is used for assessing the principles of inclusiveness in the economic new model based on maqasid syar’iyyah perspective. the method of this study is using the literature review with references from secondary data. this study is expected to provide recommendations about the important role of maqasid syar’iyyah for maintaining the welfare of society and developing of a country, in this context for developing the malaysian economy, in line with the vision 2020, malaysia on par with developed countries. keywords: the inclusiveness principle, new economic model, maqashid syar’iiyah abstrak. penilaian prinsip keterangkuman dalam model ekonomi baru: perspektif maqashid syari’iyah. objektif artikel ini adalah untuk menilai sejauh mana prinsip “terangkum” dalam model baru ekonomi di malaysia dapat memenuhi kehendak maqasid syar’iyyah. penilaian dilakukan melalui konsep utama prinsip terangkum dan langkah-langkah strategis dalam prinsip tersebut. penelitian ini berbentuk kualitatif di mana pendekatan deskriptif dan analisis digunakan untuk menilai prinsip terangkum dalam model baru ekonomi berdasarkan perspektif maqasid syar’iyyah. metode yang digunakan berupa studi pustaka dengan membuat referensi dari data-data sekunder. penelitian ini diharapkan dapat memberikan saran-saran mengenai pentingnya peran maqasid syar’iyyah dalam menjaga kemaslahatan masyarakat dan memajukan negara, dalam konteks ini memajukan ekonomi malaysia, seiring dengan wawasan 2020 yang menjadikan malaysia setara dengan negara-negara maju. kata kunci: prinsip keterangkuman, new economic model, maqashid syari’iyah. first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 pusat citra universiti, universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia institut kajian malaysia dan antarabangsa (ikmas), universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia institut islam hadhari, universiti kebangsaan malaysia, 43600 ukm, bangi, selangor, malaysia email: sabrie@ukm.edu.my, ricky84rahman@gmail.com, btaufiq@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 106 introduction open economic system which is implemented in malaysia has many positive results for the economic development of the country. however, it is not denied that such system could also bring negative effects on the economy of the country. the increase in world commodity prices as the cost of electricity, oil and food prices have provided a direct effect on domestic prices. likewise, malaysia’s economic performance is seen running slow due to the financial crisis that hit asian countries in 1997-1998 (ismail & mat nor, 2010). from the point of labor for example, malaysia is still a shortage of skilled labor and proficient in which 80% of its workforce just graduated spm (sijil pelajaran malaysia / high school) who are paid low. in addition, malaysia is still highly dependent on foreign workers. differences of growing income gap between the rich and the poor is also a problem for the economic development of the country. although deb (new economic policy) succeeded in reducing the poverty rate to 3.6% in 2007, but the income gap still remains a problem for malaysia. another important problem is the subsidy price of goods that can not be done continuously such as sugar, oil, and other items which are mostly financed by oil revenues while the oil as we know not a reneweble resource that can be updated. in case of subsidies are also only enjoyed by the rich, while the subsidy goal is to help low-income groups. as well as the problem of corruption and other problems that make the economic problems of the country increasingly complex, making the purpose of malaysia into a developed country by 2020 is rather difficult to be realized. in addition, the strategy used by the previous government to reach a stage of development is not enough to bring malaysia to step into a more advanced stage of development. even the country’s economic development is achieved by taking a large budget and do not exploit the potential of all levels of communiety. the country’s economy has the potential to re-degenerate if changes are not made. therefore, an exact formula should be formulated to build a better nation’s economy, advanced and innovative in line with the 2020 insights. to realize the objective of 2020 insight that want to make malaysia as developed country, the government formulated the four main foundations as formula country’s economic development. the four foundations have set by the economic advisory council of the state (ismail & mat nor, 2010): first, the principle that stated that people first and achievement preferably, which intends to unite all the people of malaysias multi-ethnic; second, the government transformation programme which will deliver performance as defined in the national key result areas; third, new economics models (mbe) which is born from the economic transformation programme (pte) which aims to improve the status of malaysian economy to be m. sabri haron: the assesment of inclusiveness 107 a developed country by 2020; fourth, the 10 (tenth) malaysia program (rmk10) 2011-2015 which became a major driver of policy in the government and economy transformation programme. without interfering with the other functions of the main foundations of new economic model (mbe), the third main foundation seen as the most important foundation to enhance malaysia into a developed country in line with the objective of 2020 insight. therefore, the principle of inclusiveness in new economic model (contained in the formula number three) became the focus of discussion in this paper because it is the substantial principle of the malaysian economy to become a developed country by 2020. assessment of the inclusiveness principles in the new economic model is done to see how the principle can fulfill the the objective of maqasid syar'iyyah. graph 1. four main foundation malaysia national transformation source: the economic advisory council (mpen) the principles of new economic model new economic model (mbe) encompassed three main principles, i.g. the high-income, sustainable and inclusiveness. high-income principle aims to increase the income of the people that are specified with an annual per-capita income as usd7.558 is usd17.700 within a period of 10 years. mbe focus on aspects of human development to train workers that have skills and reduce poverty. in addition, al-iqtishad: vol. vii no. 1, januari 2015 108 structured debt management system with more caution by subtracting the country’s debt to low than 30% of gdp by 2020 (ismail & mat nor, 2010). the principle of inclusiveness, which became the focus of discussion in this study, is a prerequisite to foster the spirit of unity and equality. without being given the opportunity to take advantage of economic progress, then it will lead to feelings of discontent and envy among those who feel excluded both in urban and rural areas, especially those living in inland areas in sabah and sarawak. this principle gives an opportunity to all the community to be dedicated, contribute, participate, and equally enjoy the wealth of the country. despite the excellent results it is rather impossible to achieve, but the people who inclusived will ensure this inequality problem is not going worse. new economic model supports new approaches that can be formulated as inclusiveness development. inclusiveness development is the development of propoor and gives attention not merely to the state but also the impact of inequality that has protracted in to economic development and poverty alleviation. dividing society of tribal aspects is more likely lead to the conflict. the composition of the population of the multi-ethnic malaysia is one of the characteristic advantages of this country. development that exceeds 50 years shows clearly that economic development can not by itself erode ethnic differences. however, excessive pedestal in the distribution of natural resources based on ethnicity, further would be widening the gap and bring a feeling of resentment (ismail & mat nor, 2010). graph 2. objectives and characteristics of mbe source: the economic advisory council (mpen) m. sabri haron: the assesment of inclusiveness 109 the mission of inclusiveness economic the missions of inclusiveness principle as formulated by new economic model as follows (ismail & mat nor, 2010): first, promoting economic development to expand the public opportunity to participate in economic activities. this step aims to develop the local economy. the strategy used to achieve that goal is government policies that should be pro-poor. second, providing equal and fair opportunity to participate and enjoy and economic development of the country. new economic model will focus also on more widespread competition and liberalization efforts. therefore, the concept of justice needs to be applied in carrying out the procedure of competition and liberalization. third, accelerating the development of economic liberalization in order to squirm. the government recommended to conduct a thorough preparation to face the competition in the increasing current liberalization predicted. fourth, government economic policies that use the ethnic approach to enhance the economic development of certain ethnic will be changed to the “inclusiveness development of ethnicity regardless “. new economic model will devote attention to low-income groups, including those below the poverty line. fifth, implementing affirmative program to attract the majority of the population out of poverty shackle and provide more opportunities for them to seize the opportunities in the economy and reduce inequality. sixth, play a significant role in the region’s development. new economic development will devote attention to the development of the regions corridor and sub-regions through clustering (local development) especially in sabah and sarawak to reduce inequality between provinces and between regions. seventh, giving emphasis on the education sector. education reform is needed to produce knowledge workers and reduce the income abyss. table 1. the benefit of inclusiveness principle of new economic model all people will include in inclusiveness because: 1. live and work in safety environment 2. equality and simplicity of information access 3. respect each others 4. each part of this country – wether province, city or village are important 5. poor people is unforgotable source: economic advisory council maqashid syari’iyyah in the inclusiveness context everything has created by god must be the will and purpose. humans as a caliph in the earth should understand that the intent and purpose of all creation al-iqtishad: vol. vii no. 1, januari 2015 110 allah is for the benefit of the man himself. the scholars of usul fiqh also agree that maslahah is the purpose of god as the creator of the shari’ah. the will and purpose of god in all creation is referred to as maqasid syar’iyyah. there are still many who do not understand this maqasid syar’iyyah term, even among muslims themselves. the term of maqasid syar’iyyah also still less given emphasis by muslim scholars, but it is very important that the intent and purpose of god’s creation can be understood. for those who recognize and understand maqasid syar’iyyah, certainly would not doubt that maqasid syar’yyah is the solution to all problems, even also will reveal the truth of the allah’s promise. maqasid syar’iyyah can be used as a guide in completing all the latest issue comprehensively, wether in which touches on the political, economic, and social aspect. therefore, maqasid syar’iyyah seen as an important solutionand should be understood by all muslims. imam syatibi in his book al muwafaqat categorized maqasid syar’iyyah into three levels, al-necessities, al-hajiyyat, and al-tahsiniyyat. in maqhasid sharia, there are five main things that should be kept in maslahah, i.g keeping the deen (religion and faith), the soul, the nasab (descent), the aql (mind), and maintain the property. five things must be maintained as well as possible by man as a vicegerent on earth, as it is for the benefit of the man himself. the five it can be seen in three levels maqasid syar’iyyah, al-necessities, al-hajiyyat, and al-luxuries. for example, in the case of keeping the religion, the al-dharuriyyat side is belief in allah. without true faith and belief, religion does not exist and probably will not develop because allah is not pleased religion other than the religion of tauhid (islam). therefore, shirk is a great sin and allah does not forgives the shirk. to facilitate human creed channel tauhidi to the creator, then the ritual activities (worship) should be done as prayer and fasting. in worship, the man expected to be the stronger in faith and tauhid. similarly, from the side of al-hajiyat, there is easiness given by allah almighty to his servants in certain circumstances. for example, why women are menstruating should not be praying and fasting, or why the traveler is not required to fast and may jamak (combined) and, orqasar (cut off) solatnya. these are all rukhsah given by allah in the aspect of worship in certain circumstancesas for the al-tahsiniyyat is that all matters relating to the keeping of religion (worship), as thaharah, closing the genitals, and the shadaqah (charity) will give a pleasure in worship to allah. this in turn will increase the confidence and the human-ness of the creator. the property in the context of maqashid syari’iyyah although the property is the last position in the maqasid syar’iyyah, does not mean the property is not important in islam. property must exist to maintain and m. sabri haron: the assesment of inclusiveness 111 enhance the other four main points, deen (religion and faith), the soul, the nasab (descent), the aql (mind). the absence of property will bring distress to mankind to keep four things. nevertheless, the use of property should not be based solely lust. the use of the property must be based on tauhid (haron, 2011). islamic view of propertyand economic activities is very clear, such as (ismail & mat nor, 2010): first, god is the absolute owner of everything that exists on this earth, including possessions. property owned by a man only a relative term and only to carry out the mandate to manage and use it in accordance with the provisions set forth allah (see qs 2: 107 and 284). second, the property status under human belonging is: property is amanah (mandate) from allah, and human is acting as a fiduciary only. property aspleasure that allows humans to enjoy life with good and not by excessive. humans have a strong tendency to own, control, and enjoy the property. as life pleasure, property often causes arrogance, vanity, and pride (see qs 96: 6-7). property as a test of faith. it is concerned about how to obtain and utilize the property, whether in accordance with the teachings of islam or vice versa (see qs 8: 28). property as savings of worship, to carry out his orders and execute muamalah between people, through charity, donation and charity (see qs 9: 41 & 60; qs 3: 133-134). third, property ownership can be done by a’mal (business) or ma’isyah (livelihood) is lawful and in accordance with the shari’a. many verses of the qur’an and the hadith that encourage mankind to work for a living lawfully. fourth, prohibited trying, working, or looking for treasure, which can forget about death (see qs 102: 1-2), dhikrullah forget (do not remember to god with all his provisions), forgetting prayer and zakat (see qs 24: 37). fifth, prohibited gain wealth by unlawful means such as through usury (see qs 2: 273-281), gambling, buy and sell of prohibited good (see qs 5: 90-91), stealing, robbing, cheating in wheight (see qs 83: 1-6) in ways of prohibited and harmfull (see qs 2: 188), and bribery. based on the discussion that has been described previously, this article then will assess in which the principle of maqasid syar’iyyah used as a guide in formulating the principles of inclusiveness in new economic model, as an effort to realize the hopes of malaysia’s status as a developed country by 2020. the assessment of inclusiveness principle assessment conducted on the main concepts in the principles of inclusiveness in the new economic model and also missions in these principles as previously described, then analyzed based on the concept of maqasid syar’iyyah. al-iqtishad: vol. vii no. 1, januari 2015 112 opportuniety to all community to access the wealth of country all communities can enjoy a fully sovereign wealth is a key concept in principle of inclusiveness. therefore, no one will neglect to participate and enjoy the wealth of the country. to achieve this goal, we need the concept of justice, equality and fraternity. refer to ismail & mat nor (2010) the equity categorized into the three parts, such as: social justice, economic justice, and fairly income distribution. islam considers humanity as a family. therefore, all members of the family have the same degree in the presence of allah. allah’s law does not distinguish between rich and poor, black or white, educated or bum, officials or people. socially, the value that distinguishes one another is devotion, sincerity, ability and social life with other people. the concept of brotherhood and equal treatment of each individual in society and under the law must be measured with economic justice. without that balance, social life would lose its meaning. with economic justice, each individual will get accordance with their respective contributions to the community. every individual should be free from exploitation of other individuals. islam strictly forbids a muslim to harm others. this prohibition is intended to protect the rights of individuals in society and to improve their welfare as the main objective of islam is derived. inequality of income and wealth that exists in society, contrary to the islamic commitment of brotherhood and socio-economic justice. hence, inequalities must be overcome by using a method that has been taught by islam. among the following ways: eradicate ihtikar (endeavor), hoarding goods with the intention of raising prices in the market in order to gain the manifold; guarantee the rights and opportunities of all parties to be active in the process of economic system; guarantee the basic needs of each member of the community can be met; implement the mandate at-takaaful al-ijtimai economic or social security insurance can bear and support groups who can not afford. islam justifies a person to have more wealth in accordance with the nature and needs, as long as it still is in the foundation of personality and fulfill its obligations to the welfare of society, both in the form of zakah or shadaqah (charity) infaq (donation). however, islam encourages wealthy class to be humble and do not brag about his wealth. if the entire islamic teaching (including the implementation of shariah and norms of justice) is applied, wealth inequality and high income gap will not occur in the community. pro poor when viewed from the first strategic step in principle of inclusiveness, new economic model focuses on the poor. this is a good step. poor people must be m. sabri haron: the assesment of inclusiveness 113 kept and maintained by the state because the impact of poverty causes damage of belief, thought, and society. yusuf al-qaradawi said there were five negative effects of poverty, namely: the effect on belief; the effect on the moral hazard; the effect on the human mind; the effect on household poverty; and the effect on the society (qardhawi, 1980). zakat in addition, serves to purify the property owner, and also as a solution to the problem of poverty due to its function considered as social security (see qs. 59: 7; and qs. 70: 24-25). social security intention here is the state guarantees every individual in the country where if there are indigent, sick, or elderly, then the state will guarantee it through zakat or charity. zakat can be a solution to poverty because it is sustainable and enduring of all time so that the appearance of the final day. zakat is not familiar with the term of cancellations and changes. thus, charity is a gift that has the privilege because of financial resources in the islamic financial system (ibrahim, 1998). this is not mentioned in the principles on inclusiveness in new economic model, eventhough very clearly mentioned in the qur’an that the charity was distributed to eight asnaf, and four of them are directly related to poverty, that is indigent, poor, people who owe and ibn sabil (see qs 9: 60). this proves that the charity could be the solution to today poverty happen. another solution is to eradicate, or at least reduce the symptoms of poverty through charity and donation, endowment, and probate. all of these have been mentioned and described in the qur’an and sunnah. alms and charity donation is kindness, “people who give alms as people who plant the seed of goodness”. in the afterlife, people who give alms will surely taste the fruits or results of charity in the world (muhyidin, 2009), and those who give alms will never lose, because allah has promised bountifully rewarded to those who give alms (see qs 57: 18). also, waqf and wasiyyah that is set in islam is seen able to solve all economic problems, in this case poverty (ismail and mat nor, 2005). therefore, it was concluded here that charity, donation, charity, endowments and wills should be given serious attention to enhance the concept in principle of inclusiveness in new economic model, particularly in the context of addressing poverty in malaysia. fastering liberalisasi for development in the third strategic step, it is recommended that the malaysian government did good preparation to face the competition in the current liberalization as predicted increase. here new economic model suggests merely that the government getting ready to face the current liberalization. however, the steps to be taken for the al-iqtishad: vol. vii no. 1, januari 2015 114 preparation are not described. based on the discussion above, basically there are many preparatory steps that can be taken, especially internal preparatory measures, but on the basis of simplification purposes, this article discusses only a few steps, such: first, eradicating corruption. the principle is inclusiveness in new economic model need to consider the corruption eradication in its concept. this problem must be considered and given serious intention. agencies that have authority such as spr (suruhanjaya pencegah rasuah) should be more pro-active in preventing the potential for corruption. cooperation with various parties, especially those in the economy should be tightening. moreover, in terms of capturing the perpetrators of corruption should not be indiscriminately. it is seen very important because of the implications of corruption not only be the root causes of poverty and the income gap, but also can damage the morale and morality of each nation. therefore, it is not surprising if rasululullah cursed this corrupt behavior as mentioned in a “from tsauban, he said that the prophet cursed the one who gives the bribes, receiving bribes, and intermediaries, ie the linking between the two” (hr ahmad ibn hanbal). second, modesty in life and budget. allah has said: “[he said], “joseph, o man of truth, explain to us about seven fat cows eaten by seven [that were] lean, and seven green spikes [of grain] and others [that were] dry that i may return to the people; perhaps they will know [about you]. [joseph] said, “you will plant for seven years consecutively; and what you harvest leave in its spikes, except a little from which you will eat. then will come after that a year in which the people will be given rain and in which they will press [olives and grapes” (qs 12: 46-48). the above verse tells of a kingdom or a man to always remember and downsize and make preparations to face disasters (economic crisis) that does not happens “riot” in the final moments or when the economy crashed. indirectly, this verse tells us that the state should be thriftier that government budget that does not bring benefits should be avoided. humans should be simple in spending his money. in a more macro scope, the malaysian government should also apply the concept of frugality-careful in national budget. third, encourage to borrow money (for those who need) to islamic financial institutions. the presence of poor and low-income groups in the midst of society causes them to borrow money from a lender which justifies usury to meet their ends or to pay off debt. it has been described previously that one of the solutions to overcome this problem (poverty) is to give alms to the beneficiary, donation and charity, waqf and wasiyyah. but surprisingly many of the upper and middle-income group who participates to borrows the money from that usury lender. the reason m. sabri haron: the assesment of inclusiveness 115 is much easier and faster than conventional loans from banks, though not a few of them are aware of the consequences if they fail in returning the loan and interest. as well known, that a lender from conventional financial institutions implements a usury system. riba is in addition to the specific goods (usury) and additionally as a debt due to the addition of time (rahman, 2009). in islam, interest or riba is prohibited (see, qs 2: 275-276 & qs 30: 39). essentially, borrow money along with interest is not helping the borrower out of financial problems at hand. but it adds to the difficulty and will never go out of the problemt. therefore, the solution to this problem is to eradicate the lender that justifies usury. avoid borrowing money (especially muslims) to conventional banks, and vice versa, preferring to borrow money from financial institutions based on islam in addition to ease the terms of the loan and quick process. here the more active role of the government is expected to create a society free of riba (usury activity or at least minimize). fourth, inclusiveness development of regardless ethnic. the achievement of the new economic policy-based ethnic concept admits a positive impact in minimizing the gap between ethnic groups from an economic standpoint. however, there is no denying that there are still problems in terms of implementation. for example, the rising cost of doing business due to the expensive rents, the power of patronage (patronage) and the process is not transparent government revenue as a problem of corruption, collusion and nepotism among the ruling. by that, the principles embodied formulate a formula to minimize this problem. formula was known as “inclusive development of independent ethnic” as mentioned in the fourth strategic step. however, the inclusiveness development of free ethnic somewhat seen difficult to be realized because the malaysian people consists of multi-ethnics. it is hard to deny that any definite ethnic faction fighting for its own interests, in terms of economics, politics, education and others. if connected with politic, most visionmission of the existing political parties in malaysia would be more fighting for their ethnic interests respectively. therefore, the need to be explored is not free ethnic inclusiveness development, but development based on fraternity (ukhuwah). if this sense of ukhuwah is grown, the economic development of the country is believed to be more powerful, stable, and forward because in ukhuwah there is a sense of mutual respect, affection, and belonging as well as glorify between one another. in ukhuwah also no differences in background, either he or the leader of the people, high educated or low, rich or poor, malay ethnic or non-malays and others. in islam, a person is judged only by the level of taqwa (piety) to god. al-iqtishad: vol. vii no. 1, januari 2015 116 conclusion objective of the discussion in this article is to assess the extent to which the principles summarized in the mbe can fulfill the will maqasid syar’iyyah. assessment is done through the main concepts and principles encapsulated in the strategic steps that principle. this article is expected to generate suggestions for government policy regarding the importance of the role of maqasid syar’iyyah in keeping the needs and welfare of the community and to promote a country, in this context, improving the economy of malaysia, along with insights that make malaysia 2020 on par with developed countries. to achieve that, the government must accommodate the elements maqasid syar’iyyah in taking related economic policies and development of the country. references al-‘assal, a.m & karim, f.a.a. 2010. ekonomi islam: prinsip-prinsip & matlamat, kuala lumpur: serambi timur sdn. bhd. al-qardhawi, y. 1980. the poverty problem: the islamic concept. johor baru: penamas. al-syatibi, a.i.i. 1985. al-muwafaqat fi usul al-syari’ah. beirut: dar al-ma’rifah. haq, h. 2007. al-syatibi: the theological aspect on maslahah concept in almuwafaqat. jakarta: erlangga. haron, m.s. 2011. the economic issues on islamic thought. bangi: pusat pengajian umum ibrahim, a.r.z. 1998. petunjuk amalan ekonomi islam. kuala lumpur: dewan bahasa dan pustaka ismail, a.g. & mat nor, f. 2010. the evaluation of new economic model on maqashid syari’iyah perspective. the proceding seminar on maqasid syariah sempena ijtimak harakiy pertama wadah abim-pkpim, german-malaysian institute, kajang, malaysia, 7 ogos 2010 muhyidin. m. the miracle of shadaqah: the more shadaqah the more rich. batu caves: millenia. othman, m.r. & g. din. 2005. economy on al-qur’an and as-sunnah perspective. pulau pinang: usm. zaharuddin, a.r. 2009. wang, anda & islam: halal dan haram dalam kewangan dan perbankan. petaling jaya: true wealth. abdul hamid: the impact of spin-off policy 117 the impact of spin-off policy to the profitability on indonesian islamic banking industry abdul hamid1 abstract. the impact of spin-off policy to the profitability on indonesian islamic banking industry. the purpose of this paper is to analyze that the spinoff policy that based on islamic banking act no. 21/2008 had an impact on the profitability ratio of islamic banking industry in indonesia. this research used ordinary least square regression. the variable used in this paper is spin-off which is used as a dummy variable, and also included the internal factor of industry such as deposit margin, non-performing financing (npf), and efficiency ratio (measured by bopo). the result showed that dummy variable of spin-off, npf and bopo had an impact on the profitability in indonesian islamic banking industry. the implication of this result is spin-off policy had a good impact on the profitability in indonesian islamic banking industry. according to this result, bank indonesia should stimulate the islamic banking unit to spin-off from their parents conventional banks. keywords: spin-off, profitability, islamic banking, regression abstrak. dampak kebijakan pemisahan terhadap profitabilitas di industri perbankan syariah. tujuan tulisan ini ialah untuk menganalisis apakah kebijakan pemisahan yang didasarkan pada undang-undang no. 21 tahun 2008 memiliki dampak terhadap tingkat profitabilitas pada industri perbankan syariah di indonesia. penelitian ini menggunakan regresi kuadrat sederhana untuk menganalisis dampak kebijakan pemisahan ini. variabel yang dipergunakan ialah variabel dummy pemisahan, serta dimasukkan beberapa faktor internal seperti marjin deposito, tingkat pembiayaan bermasalah, dan rasio efisiensi (diukur dengan bopo). hasil yang didapat menunjukkan bahwa variabel dummy pemisahan, npf dan bopo memiliki pengaruh terhadap tingkat profitabilitas pada industri perbankan syariah di indonesia. berdasarkan hasil ini, bank indonesia sebaiknya menstimulasi unit usaha syariah untuk memisahkan diri dari bank induk konvensionalnya. kata kunci: pemisahan, profitabilitas, bank syariah, regresi first draft: october, 3rd 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 syarif hidayatullah state islamic university jakarta, jl. ir. h. juanda no. 95, ciputat, south tangerang, banten email : abdul.hamid@uinjkt.ac.id al-iqtishad: vol. vii no. 1, januari 2015 118 introduction the concept of islamic banking and finance, which was originally just a theoretical discussion, has now become a reality that grows and develops as a fact. in fact, the current islamic banking industry has transformed from simply an alternative bank with a bank sharia system that is able to play its role in the world economic arena. islamic banking and financial institutions continue to experience a significant growth. according to the annual report of the islamic development bank (idb) in 2009, the islamic financial institution was expected to grow more than 15% per year, with a number of islamic financial institutions is more than 300 spread over 75 countries with an estimated total assets of 500 billion dollars, or around 4,600 trillion rupiah. in other words, the market has now reached only about 10%. from this idb report, we can conclude that the industry is still promising a remarkable development in the future. table 1 shows the development of islamic banking network in indonesia. table 1. islamic banking network 2006 2007 2008 2009 2010 2011 2012 2013 2014 islamic banking islamic commercial bank 3 3 5 6 11 11 11 11 11 islamic business unit 20 26 27 25 23 23 24 23 23 islamic rural bank 105 114 131 138 150 154 158 163 163 number of offices islamic commercial bank 349 401 581 711 1.215 1.349 1.745 1998 2139 islamic business unit 183 196 241 287 262 300 517 590 425 islamic rural bank 105 185 202 225 286 362 401 402 429 source: islamic banking statistics, bank of indonesia islamic banking has grown rapidly in indonesia. this is shown by the development of third-party funds, financing and distribution of assets in the islamic banking industry from the years before the regulations regarding the spin-off and after the rule of the spin-off. seen that from year to year, that an increase in either of assets, third-party funds, and the distribution of financing in islamic banks. table 2. the growth of third party fund, financing and asset (billion rupiah) 2006 2007 2008 2009 2010 2011 2012 2013 2014* fundraising 20.672 28.011 36.852 52.271 76.036 115.415 147.512 174.018 186.608 financing 20.444 27.944 38.194 46.886 68.181 102.655 147.505 179.284 187.886 asset 26.722 36.537 49.555 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia abdul hamid: the impact of spin-off policy 119 on july 16, 2008, has passed law no. 21 of 2008 concerning islamic banking. with the passing of this law provides the legal basis and the national islamic banking industry is expected to encourage the development of islamic banking industry for the better. one of the crucial issues in this legislation that can accelerate the development of islamic banking in indonesia is related to the separation (spin-off) islamic business units both voluntary and mandatory if the asset of islamic banking unit has reached 50% of the parent bank’s assets or after 15 years since the law no. 21 of 2008 had been applied. according tübke (2004) there are several factors that affect the separation process (spin-off). first, the factors associated with the business activity, the first factor is related to the size of the company and the business sector differences between the parent company to its subsidiaries. if the first factor is associated with the islamic business unit can be positioned as a conventional bank subsidiaries and parent company. second, the factors associated with the organization and management of the company. third, factors associated with relationships and support. there are three patterns of relationships that may be created between the parent company with subsidiaries which perform the separation, namely the relationship market (market-relatedness), the relationship of the product (product relatedness), and the relationship of technology (technology-relatedness). fourth, transfer factor or transfer such transfer of experience from the parent company to its subsidiaries. fifth, factors associated with motivation. sixth, the factors associated with the business environment in the form of the characteristics of the regional business environment and legal framework in the year of 2010 – 2011, many of islamic banking unit (uus) decided the spin-off (separate themselves from the parent bank) to establish islamic banks (bus), with a reason to promote islamic banking and more independent management. from 11 islamic banks (bus), who was born purely through the spin-off islamic banking unit are bjb syariah and bni syariah, while others have appeared islamic banks through acquisitions, such as the bank of syariah mandiri derived from the acquisition of bank of susila bakti, bank mega syariah of acquisition of tugu bank, and bca syariah through bank of jasa artha. moreover, the spin-off through the acquisition then subsequently converted, such as bank of syariah bukopin. bri syariah through bank of uib, victoria bank through swaguna bank, maybank syariah through maybank indocorp. separation initially considered beautiful, it was not as easy to do, there were islamic banks that successful in the spin off, but there were also islamic banks experience some setbacks in spin-offs when becoming full-pledge islamic banks. spin-off policies that have been implemented in 2008, are still not able al-iqtishad: vol. vii no. 1, januari 2015 120 to reach the target market share of 5% of the national banking assets as well as the phenomenon of islamic banks spinoff spin-offs are still not strong visible management of indicators financial performance displayed. accordingly, this study sought to determine the impact of policy separation (spin-off) of islamic banking unit (uus) into islamic banks (bus) to third party funds in the indonesian islamic banking industry. literature review until now there has not been a lot of theories or research found associated with the spin-off in islamic banks. this is due to the spin-off of the new islamic banks only first practiced in indonesia. therefore, theories or models of the spin-off will be done with the model of spin-offs are applied to industry in general. nasuha (2012) done the research about the performance difference on islamic banking unit that decided to spin-off, such as bni shariah, bri shariah, bjb shariah, bsb and victoria shariah. the research is done by wilcoxon match pairs test that saw the performance between before and after the spin-off decision on islamic banking units. the variables of islamic banks performance are asset, financing, third party funds, net earnings, car, npf, fdr, roa and roe. the result shown that only asset, financing and third party funds that shown a difference between before and after spin-off policies on that five banks. otherwise for other variables such as car, fdr, roa and roe shown that there were no difference on car, fdr, roa and roe in islamic banks. this result might be due to the spin-off is new practiced in the islamic banking industry, so the testing period was short on this research. al arif (2014) conducted a study about the impact of spin-off policy on the growth of islamic banking industry, which one the growth indicator is asset growth. this research uses the data on islamic banking statistics from bank of indonesia and financial service authority. the result shows that all the independent variables such as spin-off dummy variable, one-month time deposit, operational efficiency ratio (bopo), and profitability ratio (roa) had an impact on the asset growth on islamic banking industry in indonesia. according elfring and foss (1997) there are two types of spin-off, namely: first, in terms of its parent company, in which the parent company for some reason is not able or not able to exploit the opportunities that come by. the second type is related to organizational units as an individual, in this second type is the type most widely performed, in which the subsidiary is not the same as its parent company. this second type contained in the spin-off of the islamic banking units in conventional banks in indonesia. abdul hamid: the impact of spin-off policy 121 beeson and hyden (2002) stated that if a lot of company done the spinoff to increase the competitiveness of the company and create the value for the shareholders by focused on it primary business. christo and falk (2006) showed that the key factor of spin-off is the focused of the industry. from these result and we related to this research, we can stated that the spin-off decision that had been done by several islamic banking unit can give a value for the parents company and also for the shareholders. because the parents company can focused on his primary business, and the subsidiary company can focused to develop. chemmanur and yan (2004) develops a new rationale for corporate spinoffs, and for the performance and value improvements following them. the firm has two divisions, and current management has differing abilities for managing these two divisions. spin-offs can enhance firm management. in addition, on their analysis demonstrates that in addition to positive abnormal stock-price return on the announcement day, spin-offs also lead to positive long-term abnormal stock returns (on average) for parent spin-offs combination reporting subsequent takeover activity. methods to achieve the goal of this research analyzing the influence of spin-off policy on the profitability ratio of indonesian islamic banking, regression analysis is used. the mathematical equation proposed in this research is: yt = β0 + β1 dt + β2 x1t + β3 x2t + β4 x3t + ε where: y t = roa; dt =dummy variable for spin-off which is: 0 before spin-off, 1 after spin-off; x1t = non-performing financing (npf); x2t= one-month deposit margin; x 3t = bopo after processing the regression analysis, to see whether the model is good or bad, we have to know the goodness of fit of the model. to see the goodness of fit of the model, we have to look at the t-statistics, f-statistics, the coefficient of determination (r2), as well as to cover classical assumption test heteroscedasticity, autocorrelation, and multicollinearity. decision to accept or reject ho was made on the basis of the value of the test statistic obtained from the existing data. under the normality assumption followed the statistical distribution of variable t with degrees of freedom n−k. a statistic is said al-iqtishad: vol. vii no. 1, januari 2015 122 to be statistically significant if the value of the test statistic is in the critical region. the aim of statistical t test is to see how big the effect of independent variables on the dependent variable individually. testing the null hypothesis is with f-statistics is necessary to test if β k = 0. the calculation of f-statistics performed by comparing the critical value f obtained from f distribution table at a certain significance level. if the null hypothesis is rejected, it means that the independent variables affect the dependent variable. in this case, the empirical treatment aims to look at the effect of independent variables on the dependent variable. the coefficient of determination or r2 is a measure of goodness of fit which explained whether the linear regression is in line with observational data. kennedy (2008) said the coefficient of determination, r2, to represent the proportion of the variation in the dependent variable explained by variation in the independent variables. if r2=1, it means perfect relationship between independent variable and dependent variable, otherwise r2=0 means no relationship between independent variable and dependent variable. discussion according to data processing based on islamic banking statistics, we get the equation from this model as follows: roa = 4.56672 + 1.44873 d_spinoff – 0.0547 npf + 0.0021 margin – 0.0511 bopo se (0.5575) (0.2434) (0.0424) (0.0045) (0.0082) where: r2 = 0.81982; adj.r2 = 0.80647; f-statistic= 61.4237. from the results obtained above, it is seen that the coefficient of the constant value is 4.56672, meaning that when all other variables are assumed to be zero; the profitability ratio will still increase every month. then for the spin-off dummy coefficient, which is zero if the period time before the enforcement of spin-off policy and 1 if the period time after the enforcement of spin-off policy, has a positive sign. it means that there is a positive relationship between the spin-off policy and the increasing of islamic banking profit. the value of t-test shown a significant result implied that there is an effect between spin-off policies based on law of 21/2008 about islamic banking to the profit of islamic banking industry in indonesia. abdul hamid: the impact of spin-off policy 123 the first control variable is the ratio of npf in islamic banks which shown that t-test value is higher than the t-table value; it means that there is a relationship between npf and profitability ratio that held by islamic banks. these results indicate that the health of banks into one of the determinants of islamic banking profits. from these result showed that the increasing of npf in islamic banks will decrease the profit in islamic banks. the second control variable is margin of one-month time deposit which shown that t-test value is lower than the t-table value; it means that there is no relationship between one-month time deposit margin and profitability ratio on islamic banks. the third control variable is efficiency ratio that measured by bopo. the result showed that there was a relationship between the bopo ratio and profitability ratio on islamic banks. these results indicate that the higher level of bopo in islamic banks, the profit will decrease. the higher level of bopo means that the islamic banks more inefficient, because the operational cost was higher rather than the operational income. this result relevant with the fact, that if islamic banking is less efficient it will make the profit of that islamic banks will be decrease. to see how much this model is influenced by the existing variable, we can use the coefficient of determination. the value of adj.r2 is 0.80647, explained that the proportion of the variation in the dependent variable explained by variation in the independent variables was 80.65 percent; the rest is explained by other variables outside of the existing models. next, to see the simultaneous effect of all independent variables to dependent variable used the f-statistics test. based on the empirical result shown the f-test value is 61.4237, it means that the existing variables have an influence on the profitability ratio contained in islamic banking. from this result we can conclude that spin-off policies that applied to islamic banking industry in indonesia had a good effect to increase the profit. this result give a some result that different by the research had done by nasuha (2013). nasuha done the research about the performance difference on islamic banking unit that decided to spin-off, such as bni shariah, bri shariah, bjb shariah, bsb and victoria shariah. the research is done by wilcoxon match pairs test that saw the performance between before and after the spin-off decision on islamic banking units. the variables of islamic banks performance are asset, financing, third party funds, net earnings, car, npf, fdr, roa and roe. the result shown that only asset, financing and third party funds that shown a difference between before and after spin-off policies on that five banks. otherwise for other variables such as car, fdr, roa and roe shown that there were no difference on car, fdr, roa and roe in islamic banks. this result might be due to the spin-off is new practiced in the islamic banking industry, so the testing period was short on this research. al-iqtishad: vol. vii no. 1, januari 2015 124 beeson and hyden (2002) stated that if a lot of company done the spinoff to increase the competitiveness of the company and create the value for the shareholders by focused on it primary business. christo and falk (2006) showed that the key factor of spin-off is the focused of the industry. from these result and we related to this research, we can stated that the spin-off decision that had been done by several islamic banking unit can give a value for the parents company and also for the shareholders. because the parents company can focused on his primary business, and the subsidiary company can focused to develop. veld and veld merkoulova (2002) doing the research in 156 spin-off in europe since 1987 until september 2000, the result showed that there is an increasing of abnormal earning is about 3.57% for company that focused on its core business, and only 0.76% for company that not focused on its core business. herzeca (1996) stated that spin-off has been successfully used to facilitate the achievement of our strategic objectives with as allow it to focus on its core business. herzeca further argued that the spin-off has been able to effectively separate the business capital of the businesses that have high growth. in addition to the spin-off can eliminate the conflicts that exist in two different businesses. agarwal et.al (2004) suggested that the separation is often formed to capitalize on the knowledge that is created by their parent company but not exploited. this explains why the company better, may create more knowledge, but it may have a higher level of separation. this model explains the reason for separation as to develop knowledge of the less exploited by its parent company. this model shows how the separation (spin-off) provides a mechanism to compensate for ability limitation of companies to evaluate new ideas. from the results obtained, then associated with several previous studies showed that the spin-off policy has a good influence on the development of the industry. this is similar to the case of the spin-off policy in the islamic banking industry in indonesia, where the spin-off policy proved to increase the growth of third party funds in the islamic banking industry. conclusion spin-off policy as contained in the law 21 in 2008 is one of the breakthroughs that aims to accelerate the growth of islamic banking in indonesia. the model proposed in this study uses regression with a dummy variable, as well as control variables in the form of internal factors such as the npf, margin, and bopo. the results showed that the dummy variable of spin-off, npf and bopo give a significant influence on the profitability ratio (measured by roa) of indonesian islamic banking industry. but, the deposit margin doesn’t have an influence on abdul hamid: the impact of spin-off policy 125 profitability ratio. so, we can conclude that the spin-off policy have a significant influence on profitability ratio on indonesian islamic banking industry. the empirical result obtained on this study indicate that the spin-off policy that pursued by the central bank is right. although there are still some policies are still needed by the islamic banking industry to grown up rapidly than the growth of conventional banks. the results of this study also helped to support the studies of spin-offs that show a positive influence on the development of the company. the model in this study still needs to be improved, because the data used in this study used data indonesian islamic banking industry in general. therefore it is recommended for future research may use data derived from each islamic banking unit who have decided spin-off into islamic banks. it is intended that the analysis obtained more sharp and accurate in giving an overview of the effect of the spin-off policy towards the islamic banking. reference al arif, m.n.r. 2014. the impact of spin-off policy on islamic banking industry in indonesia. working paper, uin syarif hidayatullah jakarta. bchini, b. 2012. spin-off: factor of growth and entrepreneurial success: the example of tunisia. international journal of business and social science, vol. 3, no. 12, june 2012, page 65-75. beeson, j. & c. hyden. 2002. corporate spin-offs: gaining focus and unleashing stockholder value. orange county business journal, sept 30 – oct 6, 2002, 39: pp 14 castello, p.m.p, et.al. 1999. the impact of corporate spin-offs on competitiveness and employment in the european union. sevilla: ipts technical report series, european comission chemmanur, t.j. & an yan. 2004. a theory of corporate spin-offs. journal of financial economics, elsevier, vol. 72, issue 2, may 2004, pages 259-290. chu, p.y, et. al. 2010. spin-off strategies and performance: a case study of taiwan’s acer group. asian business and management, 2010, vol. 9, 1, page 101-125 cristo, d.a. & r.w. falk. 2006. spinoffs and carveouts: some factors leading to successful divestiture. competition forum, vol. 4, 2. elfring, t. & n.j. foss. 1997. corporate renewal through internal venturing and spin-offs: perspectives from organizational economics. working paper 97-7, department of industrial economics and strategy copenhagen business school. elpida, et.al. 2010. the spin-off chain. journal of management and innovation, 2010, vol. 5, issue 3, pp. 51 – 68. al-iqtishad: vol. vii no. 1, januari 2015 126 herzeca, l. 1996. spin-offs: the latest divestitute fad. best’s review, vol. 97, 4 page 65. jongbloed, m. 2004. spin-offs: implication for corporate policies. vol. xlix, 4, 2004, page 569-588. klepper, s. 2011. nano-economics, spinoffs, and the wealth of regions. small business economics, springer, vol. 37 (2), pp. 141-154. klepper, s. & s. sleeper. 2005. entry by spinoffs. management science, vol. 51, no. 8, august 2005, pp. 1291 – 1306. klepper, s. & p. thompson. 2010. disaggrements and intra-industry spinoffs. international journal of industrial organization, elsevier, vol. 28(5), september 2010, pp. 526-538. kim, j. 2011. corporate restructuring through spin-off reorganization plan: a korean case study. pace international law review, vol. 23, issue 1, winter 2011. miles, j.a. & j.d. rosenfeld. 1983. the effect of voluntary spin-off announcement on shareholder wealth. the journal of finance, vol. xxxviii, no. 5, december 1983, pp. 1597 – 1606. miles, m.p., et. al. 1992. the degree of marketing and entrepreneurial orientations in spinoff and non-spinoff organizations. journal of business and entrepreneurship, vol. 4, number 2, july 1992. page. 67-75 nasuha, a. 2012. the impact of spin-off policy on islamic bank’s performance. jurnal iqtishad fakultas syariah dan hukum uin syarif hidayatullah jakarta, vol. iv, no. 2juli 2012, pp. 241-258. rizqullah. 2013. the alternative methods of islamic banking unit into islamic commercial banking. (dissertation unpublished). jakarta: university of trisakti. semadeni, m.b. 2003. leaving the corporate fold: examining spin-off actions and performance. dissertation of graduate studies of texas and a & m university. thompson, peter dan steven klepper. 2005. spinoff entry in high-tech industries: motives and consequences. working papers 0503, florida international university, department of economics. veld, chris & yulia v veld-merkoulova. 2002. do spin-offs really create value? the european case. research paper, department of finance and center, tilburg university, netherlands. al-iqtishad: vol. vii no. 1, januari 2015 127 measurement of shariah stock performance using risk adjusted performance zuhairan y yunan & mia rahmasari1 abstrak. measurement of shariah stock performance using risk adjusted performance. the aim of this research is to analyze the shariah stock performance using risk adjusted performance method. there are three parameters to measure the stock performance i.e. sharpe, treynor, and jensen. this performance’s measurements calculate the return and risk factor from shariah stocks. the data that used on this research is using the data of stocks at jakarta islamic index. sampling method that used on this paper is purposive sampling. this research is using ten companies as a sample. the result shows that from three parameters, the stock that have a best performance are aali, antm, asii, cpin, indf, klbf, lsip, and untr. keywords: risk adjusted performance, stock performance, shariah stock abstrak. pengukuran kinerja saham syariah menggunakan risk adjusted performance.. tulisan ini bertujuan memberikan gambaran mengenai kinerja saham-saham syariah di indonesia dengan menggunakan metode risk adjusted performance. terdapat tiga parameter yang digunakan untuk mengukur kinerja saham yaitu: sharpe, treynor, dan jensen. metode pengukuran kinerja ini memperhitungkan faktor tingkat pengembalian (return) dan tingkat resiko dari saham-saham syariah. data yang digunakan yaitu saham-saham yang terdaftar di jakarta islamic index periode januari 2008 – desember 2012. penarikan sampel dilakukan dengan metode purposive sampling dari populasi sehingga diperoleh sampel sebanyak 10 perusahaan. berdasarkan ketiga parameter tersebut diperoleh saham dengan peringkat kinerja terbaik yaitu aali, antm, asii, cpin, indf, klbf, lsip, dan untr. kata kunci: risk adjusted performance, kinerja saham, saham syariah first draft: october, 4th 2014, revision: december, 5th 2014, accepted: december, 20th 2014 1 syarif hidayatullah state islamic university syarif hidayatullah jakarta, jl. ir. h. juanda no. 95, ciputat, south tangerang, banten. university of prof dr. hamka (uhamka), jl. limau, kebayoran baru, south jakarta email: zuhairan@uinjkt.ac.id, miarahmasari2@gmail.com al-iqtishad: vol. vii no. 1, januari 2015 128 introduction islam is a way of life that is balanced and integrated, designed to deliver human happiness through enforcement of harmony between the needs of human moral and material, and the actualization of socio-economic justice and brotherhood in society. the call for justice-oriented welfare and the balance is repeated five times each day. the muslims have embarked welcomed this call and there is a revival in the islamic world. this revival is also reflected in the intellectual field (chapra, 1996). the islamic economic system teaches us to balance the life of the world and the hereafter. islam also teaches that we balance between personal interests, other people, society, and the universe. islam forbids speculation (gharar), uncertainty (juhala), riba (interest), and all forms of cheating, fraud and various actions that harm others. as an alternative to economic muamalah, islam teaches the concept of sharing (nafik, 2009). one model of economic development in the era of globalization is the development of capital markets in the country. capital markets as an alternative funding for the development of the business world has a strategic role in the implementation of national development and also serves as one of the investment advice to investors who have excess funds. the investor is investing excess funds at their disposal, parties who have excess funds in anticipation of receiving compensation from the fund allocation. one of the islamic financial instruments that are growing is the islamic financial market. the development of islamic financial market is very rapidly in the world, both money markets and capital markets, especially in countries where the majority muslim population. it is characterized by the establishment of the islamic financial market in kuala lumpur which was pioneered by islamic countries (hamid, 2009). in the capital market-based indonesian islam is jakarta islamic index, which was launched in cooperation with pt. jakarta stock exchange (jsx) in cooperation with pt. danareksa investment management (dim) which took place in 2000. the stock exchange based on islamic values also exist in countries that apply the ideology of capitalism in the economic development of the world, namely on wall street, the dow jones. wall street, the dow jones in 1999 precisely in february has launched dow jones islamic market index (djimi) which is welcomed by many parties that were hit by the crisis of confidence in the capital markets of conventional (mohammed, 2007). the existence of capital markets helped build the national economy. capital market became one of the most important factors, have proven many industries and companies that use this capital market institutions as a medium to absorb investment al-iqtishad: vol. vii no. 1, januari 2015 129 and media to strengthen its financial position. moreover, not many people are aware that the sharia-compliant investment not only in the banking and insurance sector but also present in the islamic capital market. the development of islamic stocks will continue to rise in line with market demand. this suggests that the growth of the islamic capital market that is prospective in the next year based on some of the advantages that can be obtained by issuers and investors. issuers are included in the list of islamic securities have a much broader market because they can sell the securities, both to islamic institutions and non-islamic institution. there are two factors that can affect stock investment. first, through the fundamental factors such as performance and the company’s internal conditions that tends to be controlled. second, technical factors that reflected the conditions of macro-economic indicators such as inflation, interest rates of sbi, the money supply, exchange rate against the usd, the gross domestic product (gdp), balance of payments such as exports and imports, foreign exchange reserves, stock index in the world market, security and political conditions, and etc. both of these factors can be used as a basis for investors to predict returns, risk or uncertainty, the amount, timing, and other factors associated with an investment in the capital market activities. investment in the capital market is basically aimed at obtaining returns, but investors should consider the risks that must be endured. to overcome and minimize risk, investors need to diversify by creating a portfolio. in the formation of a portfolio, an investor needs to evaluate the performance of the portfolio. in investing, the investor would consider the best possible company to which capital will be invested. the selected firm course healthy company and produce a good performance. market participants, especially investors should conduct performance measurements to decide on stock shares which it will invest. this indicates that in addition to the aspect of sharia, also should pay attention to the aspect of prudence. this paper evaluates the performance of stocks in jakarta islamic index began the period january 2008 to december 2012, namely, stock-listed since the launch of the index in 2000. selection of the study period in 2008, because in that year the global financial crisis in the world, then in later years that the year 20092012 as the period of recovery from the global crisis, as well as the development of the sharia stock performance in indonesia until now. the variables used are stock performance. risk is calculated with the beta, the rate of return calculated by the expected return. to calculate the performance of the stock used method of risk adjustment performance. al-iqtishad: vol. vii no. 1, januari 2015 130 literature review in concept, the investment is allocated activities or resources investment at this time, in the hope of benefit in the future (noor, 2009). therefore, understanding the investment can be formulated as a sacrifice of current consumption opportunities, to get a benefit in the future. with the postponement of consumption currently used for the investment is expected to benefit in the future. in islam, investment activities can be categorized as economic activities including muamalah activity i.e. an activity that regulates the relationship between humans (sutedi, 2011). capital market is a means to reconcile a party that has excess funds to the cash-strapped, which traded funds are a long-term funds (manan, 2009). trading in the stock market occur, both in the primary market and the secondary market. the primary market is the first sale of securities to the public (fakhruddin, 2008). through the primary market, or better known as the ipo (initial public offering) the company issuing the securities actually receive the funds. the next trade occurs in the secondary market. the useful of secondary market for securities owners to sell securities, either for reasons to obtain liquidity or to gain or increase in the price of these securities (darmawi, 2006). islamic capital market is a market where the activities carried out in accordance with islamic principles. islamic capital market presents affirmation of religious law in capital market transactions in which the free market of activities that are prohibited and of elements such as usury, gambling, and gharar (huda, 2009). there are several requirements that must be met to be an efficient market, all the terms of the efficient market is in accordance with the quran and the hadith is as follows (hamid, 2009). first, the stock price should be free to go down or up. second, there is no monopoly in the market. third, there should be a requirement that requires companies disclose information about themselves. fourth, cost to get information is to a minimum, and that information must be received by the investor at the same time. fifth, the information is randomized and independently. sixth, the investor can take a quick action for the new information. as already explained, the efficient market must meet these requirements, otherwise it may be said that the market is not in accordance with the islamic concept. there are fundamental differences between the conventional capital markets with the islamic capital market. islamic capital market does not know the sort of short selling activity -buy trading or selling in a very short time to get the advantage of the difference between the selling and buying. sharia shareholder is a shareholder for a relatively long period. such a pattern of share ownership has a positive impact. the company will surely get shareholders that are more attentive and have a sense of belonging; this would be an effective control. the company and al-iqtishad: vol. vii no. 1, januari 2015 131 shareholders are partners who respect each other and remind that the two sides will meet communication in order to achieve the good of both parties. characteristics of islamic stock ownership only priority achievement gains or losses will be shared will be shared (profit and loss sharing), will not create sharp fluctuations in trading activities and speculative (manan, 2009). stocks that entered into sharia index is the issuer whose business is not contrary to the shariah, such as gambling businesses, businesses conventional financial institutions, businesses that produce, distribute, and trade food and drink that are unlawful and destructive nature of moral and disadvantages. in stock selection process that goes jakarta islamic index, indonesia stock exchange do stages election also consider aspects of liquidity and financial condition of the issuer, ie selecting a collection shares with the main type of business already recorded more than 3 months, pick stocks based on the annual financial statements or the middle of the year ended which has a maximum ratio of liabilities to assets by 90%, choose 60 shares of stock composition above is based on an average order of the largest market capitalization over the past year, and chose the 30 stocks with the order based on the average level of liquidity regular trading value during one last year (sutedi, 2011). jakarta islamic index is an index developed by the jse in cooperation with danareksa investment management to respond to the needs of information relating to islamic investment. jakarta islamic index filtered the listing of shares. the reference in the filtration is islamic fatwa issued by the national islamic council (dsn). with this fatwa jakarta stock exchange listed companies sort out its business units in accordance with sharia (hamid, 2009). the fundamental difference between the conventional index with the index of islam is conventional indices include all stocks listed on the exchange by ignoring aspects of halal haram, which is important stocks listed issuer (listing) is in conformity with the applicable rules (legal) (sutedi, 2011). as a result, it is not a problem if there are issuers who sell their shares on the stock moves in the business sector are contrary to islamic principles. methods this paper uses a quantitative approach with secondary data analysis methods. the analysis used in assessing the performance of stocks of sharia is the approach of risk adjusted performance. the object of this research is to study the stocks listed in the jakarta islamic index in the period 2008 to 2012. in this study the object of study is the islamic stock performance. the islamic stocks as measured its performance is consistently listed shares in jakarta islamic index. the selection of stocks consistently listed in the jakarta islamic index once every 6 months because al-iqtishad: vol. vii no. 1, januari 2015 132 the stocks listed in the jakarta islamic index is evaluated whether it was feasible with the assessment and specific criteria. sampling technique in this study using purposive sampling, the sample selection based on certain criteria. the criteria that must be met, namely in this study that became the object of study is the islamic stock performance. the islamic stocks as measured its performance is consistently listed shares in jakarta islamic index. the selection of stocks consistently listed in the jakarta islamic index once every 6 months because the stocks listed in the jakarta islamic index is evaluated whether it was feasible with the assessment and specific criteria. stocks that are consistently listed in the jakarta islamic index during the period 2008-2012 can be seen in table 1. the data used in this paper is secondary data which data are: the shariah stock price, market price of jakarta islamic index, bank indonesia certificates sharia as the risk free rate. as well, several other publications relating to the shares listed on the jakarta islamic index as an object of study. table 1. stocks that consistent listed in jakarta islamic index, year 2008-2012 no. code name 1. aali astra agro lestari tbk 2. antm aneka tambang (persero) tbk 3. asii astra internasional tbk 4. cpin charoen pokphand indonesia tbk 5. indf indofood sukses makmur tbk 6. klbf kalbe farma tbk 7. lsip pp london sumatera tbk 8. smgr semen gresik (persero) tbk 9. tlkm telekomunikasi indonesia tbk 10. untr united tractors tbk source: indonesian stock exchange, 2013 in this paper, the method used to measure the performance of the stock is to use the risk adjustment performance measurement method. the process is as follows: first, develop and establish a sharia stocks included in the jakarta islamic index during the period january 2008 december 2012. second, determination of the study sample with the criteria is consistent stock included in the calculation of the jakarta islamic index during the study period. third, collect the individual stock’s price data during the study period. fourth, collect the data of bank indonesia’s certificate as a monthly risk free asset. fifth, calculate the monthly stock’s return. sixth, calculate the deviation standard and stock’s beta. seventh, measure the sharia stock’s performance using risk adjusted performance. al-iqtishad: vol. vii no. 1, januari 2015 133 once these stages carried out, then compare the performance of the shares of sharia with risk adjusted performance of the method which has the best performance to be able to invest. the calculation is performed by calculating the standard deviation, beta stocks using stock price data and sbis. stock performance analysis is using risk adjusted performance with three parameters, namely the method of sharpe, treynor, and jensen. treynor’s models is the size of the investment performance using the excess return of the beta, the risk can’t be eliminated through diversification. this model firstly proposed by jack treynor so called treynor index. this measurement assumes that the portfolio is well diversified, so that the risk in the portfolio is only systematic risk (zubir, (2011). in evaluating the performance of mutual funds (stocks) treynor using the average return of the past as the expected return and use the beta as a measure of risk. beta indicates the size of the change in the return of a stock to changes in market return, rm (samson, 2006). the higher the treynor’s ratio, the performance of the portfolio will be better. as a measure of investment risk is used beta because in general fluctuations in stock prices affected by market fluctuations. average return is still regarded as the best measure for the return guidelines predictions, assuming all markets are efficient. comparison between return and risk show investors that the higher the risk the higher the expected return. treynor’s model can be write as follow (samsul, 2006): r/vt – (rp – rf )/βp where: r/vt = reward to volatility model treynor; rp = average return portofolio; rf = risk free rate; p = portfolio beta the second measurement model is a model of sharpe. basic measurement methods sharpe is the risk premium, i.e. the difference between the average performances produced by the average stock with a risk-free investment performance. the indication is the higher the sharpe ratio, the better the performance of a stock (nature, 2010). the performance of mutual funds in the future can be predicted by using two measures, namely the expected rate of return (e) and predicted variability of risk is expressed as a deviation standard return, p (samson, 2006). expected rate return is the average annual return. predicted variability of risk is the standard deviation of annual return. the standard deviation shows the change value of return on average return. excess return is the difference between the average rates of return minus the risk free rate. sharpe’s model can be written as follows al-iqtishad: vol. vii no. 1, januari 2015 134 (samsul, 2006): r/vs = (rp – rf )/ p where: r/vs = reward to variability ratio model sharpe rp = average portofolio’s return rf = risk free rate p = standard deviation of portofolio’s return performance measurement model of treynor and sharpe models are complementary to each other because of different information. the non-diversified portfolio is going to get high rankings for treynor, but rank lower for measurement sharpe. in the jensen models, it is assumed that the investor will invest if it can generate a return that exceeds the expected return or the minimum rate of return (samson, 2006). jensen uses the beta factor in measuring the performance of a portfolio investment. investment portfolio performance measurement using this model jensen measure the real return to the expected return, assuming that it has a well-diversified portfolio (hadi, 2013). the jensen’s model can be written as follows (samsul, 2006): e(rj) = rf + j[e(rm) rf ] where: e(r j) = expected return of stock j rf = risk free, interest rate j = beta of stock j e(rm) = expected market return discussion one of the indicators that can be used and easy to predict the performance of islamic stocks is by looking at the development of the stock return itself. here is a table of the average return of sharia stocks from 2008 through 2012 table 2. average return of shariah stock (%) emiten 2008 2009 2010 2011 2012 aali -5,25 7,48 1,47 -1,28 -0,49 antm -10,07 6,83 1,32 -2,97 -1,06 asii -12,26 11,13 4,22 2,78 -7,50 cpin -5,10 16,42 7,64 2,55 5,11 al-iqtishad: vol. vii no. 1, januari 2015 135 indf -7,41 12,64 3,03 -0,13 2,10 klbf -8,09 11,55 8,56 0,62 -2,90 lsip -7,19 9,83 1,72 -6,91 0,93 smgr -1,77 5,43 2,08 2,15 3,00 tlkm -2,41 4,45 -1,77 -0,94 2,37 untr -3,12 11,70 3,79 1,26 -0,01 source: indonesian stock exchange based on table 2, the overall 2009 was a year with the best sharia stock returns where the return of the tenth islamic stocks is positive. fluctuations in stock returns occur each year, because affected by the performance of the company itself whether it is in a good or bad performance. fluctuations in stock returns are influenced by internal factors and external factors such as economic conditions. based on the data, all the stock has a negative return in 2008, but in 2009 the company could get up and improve its performance. islamic stocks return that have increased in every year are aali, antm, cpin, indf, klbf, lsip, tlkm smgr and this can be considered an investor to invest in the stock. there are some stocks that show a negative return almost every year, it shows that the company is not in a good performance and easily affected by negative sentiments. although the stocks have the good performance this year, it is likely affected by negative sentiment in the coming years, therefore, as an investor must be responsive to address the outstanding issues so that no one take investment decisions. the sharpe’s model measurement is emphasis on total risk or standard deviation. the standard deviation indicates the size of the change in the return of a share of the average return of the stock. to predict the future performance of the period used the data from the previous period. return on average the previous period is considered as a return prediction coming period and the standard deviation of the return of the previous period is considered as a risk prediction coming period. to analyze the performance of the model of sharpe, the required data is average stock returns, standard deviations, and the risk free rate. the results of the calculation of the stock performance of the group shares the jakarta islamic index sharpe method for each period can be seen in table 3. table 3. stock’s performance using sharpe’s model emiten 2008 2009 2010 2011 2012 aali -24,371 95,404 11,477 -24,074 -10,231 antm -76,310 43,266 8,272 -35,671 -10,805 al-iqtishad: vol. vii no. 1, januari 2015 136 asii -80,086 82,031 39,763 33,038 -29,313 cpin -33,521 71,545 21,011 11,572 40,305 indf -51,625 82,543 27,716 -7,818 41,080 klbf -69,088 60,938 66,036 1,072 -12,964 lsip -33,155 66,330 9,268 30,297 4,567 smgr -21,493 52,689 22,963 14,650 34,595 tlkm -28,596 42,070 -36,918 -46,688 25,187 untr -16,331 87,303 54,975 7,643 -2,628 source: indonesia stock exchange table 3 shows that the sharpe index of the period 2008 to 2012 was in the range -80 086 to 95 404. if the value of the sharpe’s performance index is positive and always increasing, it shows the better stock performance. every year sharpe index is always fluctuating. there are some sharia stocks from 2008 until 2012 that always show increased sharpe performance index, namely: aali, antm, cpin, indf, smgr, and tlkm. the period 2008 to 2012, sharpe index shows that almost evenly in each year there are still stocks is negative. this indicates that the stock portfolios of jakarta islamic index, yet all of them have a positive sharpe index. table 3 shows the islamic stocks from 2008 to 2012 which showed a decrease in the performance index sharpe namely: asii, klbf, lsip, and untr. in evaluating the performance of the stock with a treynor’s model is by using the average return the previous period as the expected return and beta as a measure of risk. beta indicates the size of the change in the return of a stock to changing market return. as a investment risk benchmark is used beta, because in general fluctuations in stock prices affected by market fluctuations. a securities that have beta <1 said a smaller risk than market risk. instead of a security that has a beta value of> 1 is said to have a larger systematic risk than market risk. return regarded as the best measure for prediction guidelines, assuming the market is efficient. comparison between return and risk show investors, that the higher the risk the higher the expected return. to analyze the performance of the treynor’s model required data such as average return, beta stocks, and the risk free rate. the results of the calculation of the stock performance of the 10 groups of stocks jakarta islamic index using treynor’s model can be seen in table 4. table 4. stock’s performance using treynor’s model emiten 2008 2009 2010 2011 2012 aali -331,522 2634,615 167,857 387,234 -221,053 antm -1125,773 480,620 54,861 1350 -171,951 asii -1248,571 1296,296 249,324 -622,222 -159,553 al-iqtishad: vol. vii no. 1, januari 2015 137 cpin -550,926 3359,574 203,143 -502,500 -417,544 indf -809,804 817,007 308,642 -478,571 277,778 klbf -1103,704 -36400 730 -21,622 303,738 lsip -464,740 713,178 95,968 -1182,540 -446,154 smgr -396,970 372,093 178,161 -203,797 363,014 tlkm -479,412 670,175 -343,284 925 306,061 untr -243,558 1627,941 366,292 -200 -29,752 source: indonesia stock exchange table 4 shows that the treynor index of the period 2008 to 2012 was in the range -1248.571 up to 3359.574. if the value of treynor index is positive and increased, the stock performance will getting better. table 4 shows that there is a stock from 2008 until 2012 always show increased treynor’s performance index, namely: asii, cpin, indf, klbf, lsip, smgr, and tlkm. the period 2008 to 2012, shows that there are some stocks still have the negative treynor index in each year. this indicates that the stock portfolios formed jakarta islamic index, the treynor performance is not all be positive. the data in table 4 shows that there is a stock from 2008 until 2012, show a decrease in treynor’s performance index, namely: aali, antm and untr. jensen method calculated the value of the investment return exceeds the expected return or the minimum rate of return. return is the average return the previous period. to analyze the method of jensen require data such as average return, beta stocks, and the risk free rate. the results of the calculation of the stock’s performance of the tenth group of stocks jakarta islamic index jensen method in table 5. table 5. stock’s performance using jensen’s model emiten 2008 2009 2010 2011 2012 aali 633,840 537,840 6,640 -100,690 -107,940 antm -436,280 -110,140 -145,640 -306,020 -192,660 asii -601,200 591,540 138,120 286,280 -1094,960 cpin 135,080 1312,980 165 270,200 547,820 indf -136,480 368,980 123,640 -91,220 135,310 klbf -346,440 1108,980 631,400 72,010 -257,590 lsip 365,480 189,860 -74,440 -853,990 66,190 smgr 184,160 -250,140 19,280 297,670 219,010 tlkm 133,680 59,380 -334,520 -120,320 160,420 untr 704,880 722,120 187,160 134,280 -112,230 source: indonesia stock exchange al-iqtishad: vol. vii no. 1, januari 2015 138 table 5 shows that the index jensen from the period 2008 to 2012 was in the range -1094.960 until 1108.980. if the value of alpha jensen highest and significant shows that this portfolio is the best of the existing portfolio. alpha which has a positive value indicates a better performance than the market index; while a negative value indicates a lower performance than the market index. as in table 5, there are stocks from 2008 to 2012 that always showed an increase jensen index, namely: antm, cpin, indf, klbf, lsip, smgr, and tlkm. however, from the results of jensen index calculation, there are stocks that have a negative value. some stocks which show a decrease in jensen index is: aali, asii, and untr. table 6. rating of shariah stock’s performance (year 2008 – 2010) no. 2008 2009 2010 sharpe treynor jensen sharpe treynor jensen sharpe treynor jensen 1. untr untr untr aali cpin cpin klbf untr klbf 2. smgr aali aali untr aali klbf untr indf untr 3. aali smgr lsip indf untr untr asii asii cpin 4. tlkm lsip smgr asii asii asii indf cpin asii 5. lsip tlkm cpin cpin indf aali smgr smgr indf source: indonesia stock exchange stock performance will be measured using three different methods, namely methods sharpe, treynor, and jensen. measurement of performance shares for the three different methods require data such as stock returns, standard deviation, the market return and risk free rate. tables 6 and 7 show the best performance ratings islamic stock during the period 2008 to 2012. table 7. rating of shariah stock’s performance (year 2011-2012) no. 2011 2012 sharpe treynor jensen sharpe treynor jensen 1. asii antm smgr indf smgr cpin 2. lsip tlkm asii cpin tlkm smgr 3. smgr aali cpin smgr klbf tlkm 4. cpin klbf untr tlkm indf indf 5. untr smgr klbf lsip untr lsip source: indonesia stock exchange given the formulation and performance measurement characteristics of each are different, then the value of the performance index obtained from the calculation of index numbers are different. each of these methods has a basic stock performance relative numbers can’t be compared directly with one another given al-iqtishad: vol. vii no. 1, januari 2015 139 measurement method is different. the results show a significant difference in the performance measurement method. treynor method show consistency among the three measurements, as treynor had a mean difference of the lowest rank of the methods sharpe and jensen (sulistyorini, 2009). according to the ranking of stock’s performance using the three measurement show that there are consistency of stock that have a best rank, i.e. aali, antm, asii, cpin, indf, klbf, lsip, and untr. conclusion judging from the results of the return of each stock that the whole of the period of the study in 2008-2012 aali (astra agro lestari tbk), antm (antam (persero) tbk), cpin (charoen pokphand indonesia tbk), indf (indofood sukses makmur tbk), klbf (kalbe farma tbk), lsip (pp london sumatra, pt), smgr (semen gresik (persero) tbk), and tlkm (telecommunications indonesia, tbk) have consistency for the highest return. these results can be a reference for investors to facilitate stock is chosen to invest, investors can choose companies in major sectors, meaning the company in the field of basic human needs, such as food ingredients, food, building materials (infrastructure) and others which will certainly continue to increase the performance of the company because every year definitely increase the demand for these needs. the results obtained from the calculation of the islamic stock performance with the method of risk adjusted performance shows that the islamic stocks have performed well, because it tends to increase each year. based on the rating sharia stock performance calculation by using method sharpe, treynor and jensen show that there is the consistency of shares whose have the best ratings in each year. these shares are aali (astra agro lestari tbk), antm (antam (persero) tbk), asii (astra international, tbk), cpin (charoen pokphand indonesia tbk), indf (indofood sukses makmur tbk), klbf (kalbe farma tbk), lsip (pp london sumatra, pt), and untr (united tractors tbk). it could also be a reference to strengthening investor to invest in the stock. in addition to this performance analysis, can also use technical and fundamental analysis in order to know the ins and outs of the company’s performance from year to year and his track record does include companies that are healthy or not. references al arif, m.n.r. 2012. islamic financial institutions. bandung: pustaka setia. chapra, m.u. 1996. monetary policy in an islamic economy in money and banking in islam. jeddah: international centre for research in islamic economics. al-iqtishad: vol. vii no. 1, januari 2015 140 darmawi, h. 2006. financial market and other financial institutions. jakarta: pt. bumi aksara. fakhruddin, m.h. 2008. the dictionary of capital market from a to z. jakarta: pt. elex media komputindo. hadi, n. 2013. the capital market: theoretical and practice as financial market instruments. yogyakarta: graha ilmu. hamid, a. 2009. islamic capital market. jakarta: lembaga penelitian uin jakarta. huda, n. & m.e. nasution. 2009. current issues on islamic financial institutions. jakarta: kencana. huda, n. & m. heykal. 2010. islamic financial institutions: a theoretical and practice perception. jakarta: kencana. hulwati. 2009. islamic economics: theory and practice on islamic bonds trading in islamic capital market indonesia and malaysia. jakarta: ciputat press group. manan, a. 2009. the legal aspect of investment on indonesian islamic capital market. jakarta: kencana. muhammad. 2007. the legal aspect on muamalah. yogyakarta: graha ilmu. nafik, h.r. & muhammad. 2009. stock exchange and islamic investment. jakarta: serambi. noor, h.f. 2009. investment: the financial management on business and the economy development of community. jakarta: pt index. samsul, m. 2006. capital market and portfolio management. jakarta: erlangga. sulistyorini, a. 2009. the stock portfolio performance analysis using sharpe, treynor and jensen: study on lq 45 stock at indonesia stock exchange. (thesis unpublished). semarang: university of diponegoro. sutedi, a. 2011. islamic capital market: the financial investment instrument based on islamic principle. jakarta: sinar grafika. zubir, z. 2011. portfolio management: the application in stock investment. jakarta: salemba empat. al-iqtishad journal of islamic economics vguidance for writing in journal of al-iqtishad the manuscripts represent academic research in islamic economics and finance disci-1. pline. upon the publication of the manuscript, the author should provide a letter states that the 2. manuscripts have never been, or under consideration to be, published in other journal publications. structure of the manuscripts3. title.a. the title should be short, clear, and informative, but does not exceed 9 words. author’s names and institutionsb. . the author’s names should be accompanied by the author’s institutions and email addresses, without any academic titles and/or job title. abstract and keywordsc. . the abstract should be less than 150 words. the key words should be 2 to 5 phrases. introduction.d. this section explains the backround of the study, and aims of the manuscripts. it should be written without numbers and/or pointers. literature review.e. this section explains the theoretical framework that used on this research, a review on the previous research in the area. methods.f. this section describes the tools of analysis along with the data and their sources. discussion.g. this section explains the results of the study. conclusions.h. this section concludes and provides policy implications, if any, of the study. references.i. this section lists only the papers, books, or other types of publications referred in the manuscript. the authors should provide an index of subject, namely the specific terms in the 4. manuscript. the authors should also provide the index of authors, namely the key authors of papers referred in the manuscript. please write the family name followed by the given name. estimation result from a software package is not allowed to be directly presented in the 5. paper. they should be presented in equations with the appropriate estimation results. table format should contains only heading and contents. please provide the top 6. and bottom lines, along with the line(s) that separate the heading and the contents. example: table 1. the growth of third party fund, financing and asset (billion rupiah) 2009 2010 2011 2012 2013 2014* fundraising 52.271 76.036 115.415 147.512 174.018 186.608 financing 46.886 68.181 102.655 147.505 179.284 187.886 asset 66.090 97.519 145.467 195.018 229.557 244.197 source: islamic banking statistics, bank of indonesia acknowledgment, if any, should be written as the foot-note of the manuscript’s title.7. the manuscript is prepared in a quarto paper, single-sided, and double-space format. a 8. new paragraph should start 5 characters from the left margin, using 12-size, times-newromans font type. the manuscript is written in proper english, either british or american english, but not 9. the combination of both, except for special editions. the manuscript should be in no less than 25 pages long.10. the top and bottom margins are 1 inch.11. the title is written using capital letters of 14 font size, centre position.12. sub titles are written using capital letters, started from the left margin.13. sub of sub titles are written using capital letters only at the beginning of each word ex-14. cept for connecting words. they should be started from the left margin. references should be those of the last ten years publication, unless they are key refer-15. ences. citation in the text body should be written using the family name and years of publica-16. tion. example: hill (2001) suggests that the objective of depreciation ….a. according to kotter (1867), intra industry trade can be …b. wagner (in mccain, 1982) states that …c. the definition of flypaper effect is … (wagner, 1976).d. tables and figures should be presented as follows:17. the name of tables and figures should follow a numbering system (arabic number-a. ing system). the names of the tables and figures are on the top and bottom parts of the tables, respectively. the tables and figures should provide the source of information, if any, at the bottom b. part of both. references should be written in alphabetical order, without any number. they should be 18. written using the following criteria: for books, the format should follow the following example:a. al arif, m. n. r. 2010. dasar-dasar pemasaran bank syariah. bandung: alfabeta. for papers that are part of a book, the format should follow the following example:b. bahl, r. 2000. how to design a fiscal decentralization. in sahid, y. (eds.), local dynamics in an era of globalization, 25-26, london: oxford university press. for journal/magazine papers, the format should follow the following example:c. al arif, m. n. r. 2012. efek multiplier wakaf uang dan pengaruhnya terhadap program pengentasan kemiskinan. jurnal asy-syir’ah fakultas syariah uin sunan kalijaga yogyakarta, vol. 46, no. 1, januari 2012, hlm. 10 – 12. for internet references, the format should follow the following example:d. kharlie, ahmad tholabi. 2006. “formalisasi syariat islam, mengapa tidak?”, http// www.ahmadtholabi.wordpress.com, accesed on 17 maret 2014 fore. magazine, the format should follow the following example: asa, syu’bah. 2004 “pengantin darah”, dalam tempo, no. 30/xxx111/20, 20 september 2004 transliteration19. guidance (from arabic to latin) consonant a = (ا) z = (ز) q = (ق) b = (ب) s = (س) k = (ك) t = (ت) sy = (ش) l = (ل) ts = (ث) sh = (ص) m = (م) j = (ج) dh = (ض) n = (ن) h = (ح) th = (ط) w = (و) kh = (خ) zh = (ظ) h = (ه) d = (د) ‘ = (ع) ’ = (ء) dz = (ذ) gh = (غ) y = (ي) r = (ر) f = (ف) t = ( ة ) short vocal long vocal ______ = a â = (ـــ ا) ______ = i î = (ـــ ى) ______ = u û = (ـــ و) diftong pembauran aw = (أو) al = (ال) ay = (أي) al-sy = (الش) -wa al = (وال) the manuscript in microsoft word should be sent to 20. editor.iqtishad@yahoo.com a brief cv that records full name, academic title, institution, telephone, fax and mobile 21. number should accompany the manuscript. the decision of the manuscript are:22. accepted without revision, ora. accepted with minor revision, orb. accepted with major revision, orc. rejected.d. upon the publication of the manuscript in the journal, the author will receive a publica-23. tion proof number and 3 off-prints. front matter iqtishad2015_merah 1: 2014 merah daftar isi 1-titi nadra 2-euis 3-hardius 4-suryani 5-yoghi 6-indah 7-irfan 8-riki 9-hamid 10-zuhairan petunjuk penulisan al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) volume 10 (2), july 2018 p-issn: 2087-135x; e-issn: 2407-8654 page 441 456 received: january 15, 2018; revised: march 10, 2018; accepted: march 30, 2018 universitas padjadjaran. jl. dipati ukur no. 35, bandung, west java, indonesia e-mail: dian.masyita@unpad.ac.id doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 abstract. zakah and its problems are as old as the islamic civilization. this islamic financial instrument is mandatory for muslims who are capable and expected to reduce the poverty of the people. the potential of zakah in indonesia reaching 217 trillion rupiah indonesia’s gdp should be able to be explored and distributed to indonesian muslims as effectively as possible. potential only remains just a potential if it is not able to be realized into zakah funds collection that is ready to be distributed to the recipient who is entitled to receive it. the concept of localization/ decentralization can be considered as the best way in zakah disbursement. the concept of localization/zoning or decentralization in the distribution of zakah funds closely matches the concept of sharma in the tax disbursement issue that states that the transfer of power, resources and responsibilities from the center to the regions is more effective in alleviating poverty in indonesia. keywords: zakah, collection, disbursement, localization, decentralization abstrak. zakat dan masalahnya sudah setua peradaban islam. instrumen keuangan islam ini wajib bagi umat islam yang mampu dan diharapkan bisa mengurangi kemiskinan masyarakat. potensi zakat di indonesia mencapai rp 217 triliun rupiah indonesia harus dapat dieksplorasi dan didistribusikan ke umat islam indonesia seefektif mungkin. potensi hanya tetap menjadi potensi jika tidak bisa direalisasikan ke dalam pengumpulan dana zakat yang siap dibagikan kepada yang berhak menerimanya. konsep lokalisasi atau desentralisasi dapat dianggap sebagai cara terbaik dalam pencairan /pendistribusian zakah. konsep lokalisasi/zonasi/desentralisasi dalam distribusi dana zakat sangat sesuai dengan konsep sharma dalam masalah pencairan pajak yang menyatakan bahwa pengalihan kekuasaan, sumber daya dan tanggung jawab dari pusat ke daerah lebih efektif dalam mengurangi kemiskinan di indonesia. kata kunci: zakat, pengumpulan, pendistribusian, lokalisasi, desentralisasi how to cite: masyita, d. (2018). lessons learned of zakah management from different era and countries. al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics). vol. 10 (2): 441 – 456. doi: http://dx.doi.org/10.15408/aiq.v10i2.7237. lessons learned of zakah management from different era and countries dian masyita 442 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 introduction the most important muslim practices are the five pillars of islam, five obligations that every muslim must satisfy in order to live a good and responsible life according to islam. the five pillars consist of (1) shahadah: sincerely reciting the muslim profession of faith, (2) shalat: performing ritual prayers in the proper way five times each day, (3) zakah: paying an alms (or charity) tax to benefit the poor and the needy, (4) shaum: fasting during the month of ramadan, and (5) hajj: pilgrimage to mecca. zakah is one of the pillars and its problems are as old as islamic civilization. the al-qur’an clearly mentioned, in many verses, the responsibility of the rich to pay zakah (abdullah and haqqi, 2017). zakah, as one of the islamic financial instruments is mandatory for muslims who are capable and it is expected to reduce the poverty. zakah is unique islamic institution to reduce the poverty (kasri, 2016). zakah has become a very important islamic fiscal tool to address the social justices (al arif, 2010; al haq and wahab, 2017). especially in the world’s most populous muslim country, zakah has its own magnet in the relationship between the rich and the poor. the potential of zakah in indonesia reaching 217 trillion rupiah or 1.8 4.34 percent of indonesia’s gross domestic product (gdp) should be able to be explored and distributed to indonesian muslims as effectively as possible. potential only remains just a potential if it not able to be realized into zakah funds that are ready to be distributed to the recipient who is entitled to receive it. in addition to zakah fund collection methods must be effective, the distribution of zakah funds must be targeted so as to bring effect on poverty reduction in indonesia. zakah will give a significant multiplier effect to income in the economy (al arif, 2012). before discussing more about the role of zakah, it is worthless to remind us of the importance of zakah for a muslim’s religious life. in the word of allah swt about zakah in the qur’an, most are preceded by prayer orders. “establish prayer, and pay zakah…(al baqarah, 2: 43).” this verse is reinforced by the prophet’s statement in his hadith “islam is built on five things, namely; testimony that there is no god but allah and muhammad is his messenger, establishing prayers, giving alms, fasting in ramadan and hajj if capable” (hr. bukhari-muslim). zakah is one of the pillars of islam and it is an obligation for the wealthy (wealthy) after the property that is subjected to the zakah object meets the minimum limit (nishab) and time span of one year (haul). allah swt says at-taubah verse 60 regarding whoever is entitled to the provision of zakah is known as 8 ashnaf. 443 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 dian masyita. lesson learned of zakah management ھ ہ ہ ہ ہ ۀ ۀ ڻ ڻ ڻ ھ ھ ھ ے ے ۓۓ ڭ ڭ ڭڭ ۇ ۇ ۆ indeed, the zakah is only for the indigents, the poor, the zakah managers, the mu’allaf, liberate the slave, the debtors, the way of allah and those who being on the way as a decree required by allah, and allah is all-knowing, all-wise. some experts clarify the meaning of verse 60 above in terms of priority, quantity and quality as follows: allah swt did not specify 8 asnaf (group) should be given to all, but ordered zakah given to 8 asnaf and should not come out from the 8 asnaf. allah swt did not specify the exact ratio between each of these 8 asnaf. according to some scholars, zakah can be given to one or more groups who are most in need. scholars who argued like this are imam malik, abu hanifah and his companions (qardhawi, 2004). based on verse 60 above, it is seen that the criteria of 8 asnaf are detailed enough described in the qur’an. the eight criteria of the recipient group of zakah and the percentage of the distribution of the beneficiaries are an example of how very few verses in the qur’an describe allah’s commandments in detail to numbers. not many such detailed commands are unraveled in the qur’an. even the number of times the prayer and the number of raka’at prayer in a day which is the second pillar of the pillars of islam was not found explicitly written in the qur’an. therefore, many scholars are not too brave to do ijtihad for inheritance law and zakah recipient criteria because they are explicitly written in the qur’an. zakah has a special place in social life in addition to other islamic financial instruments such as infak, shodaqah and waqf which have their respective roles as well. the difference is the obligatory zakah for muslims who have the treasure that becomes the object of zakah, meanwhile infak, shodaqah and waqf are voluntary that clearly promised reward directly from allah swt to whom sincerely gives in the way of allah swt. although there has been a lot of research on zakah in indonesia, but the issue of zakah management is still an interesting issue to be studied. however, the management of zakah funds in indonesia has been far from the expectations of the people in reducing poverty in indonesia in terms of impacts and its contributions. especially, when there are thoughts that argue that centralized management through baznas (badan amil zakah nasional) become the best way of zakah management in indonesia. this research is expected to provide insight, especially in the midst of centralized zakah management discourse through centralized institutions such as baznas. 444 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 this paper is intended to provide various illustrations of various zakah management practices from different era and various countries. as a material consideration in formulating the method of zakah management in indonesia, it helps us learn from the history and experience of some islamic countries in managing zakah funds. people are given the choice of consideration in formulating the management of zakah in accordance with the condition of society so as to be able to achieve the purpose of zakah management itself. do not let the ummah/ muslims do not have enough insight and they think that the centralization of zakah funds is the only best way to collect and manage zakah in a country, especially a country with a majority muslim population. literature review management of zakah from the old era to the new era management of zakah during the era of life of prophet muhammad saw there is much evidence to suggest that the government had a major role in the collection and distribution of zakah during the life of the prophet in medina, especially in agriculture and farms. there is no record that the government must collect the zakah of trade, gold, and jewelry. even if the government collects these zakah, it is more than the zakah-paying initiative itself (kahf, 2000). the prophet also appointed zakah administration officers in every country. al qaradawi (1973, pp 749-752) mentions that more than 25 followers of rasulullah were appointed as zakah officers in various areas within the arabian gulf. the zakah funds and its administration are separate from the fund and income of the prophet’s government at that time. it should be underlined that the collection and distribution of zakah is localized. it means that zakah funds collected in one region are not distributed outside the region and none of the centralized zakah funds (kahf, 2000). zakah management during life of khulafa ar-rasyidin and after khulafaur ar-rashidin as we all know, the four of khulafa ar-rasyidin received direct instruction from the prophet and they became the source of referrals of muslims after the death of the prophet. the four khulafa ar-rasyidin are saidina abu bakr (632-634 m), saidina umar al-khatab (634-644 m), saidina uthman affan (644-656 m) and saidina ali bin abu thalib (656-661 m). along with the widespread area of islamic power in the four caliphs which resulted in prosperity, the role of govern m ent control was reduced mainly in the management of zakah. in the era of khali f ah saidina umar, zakah administration was very neat and the audit of zakah officers 445 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 dian masyita. lesson learned of zakah management was performed. umar also obliged the collection of zakah for trade, gold and silver by hiring zakah officers to the streets and bridges to collect zakah, and collect taxes for non-muslims who trade in the region of muslim power. in the case of saidina uthman’s caliphate, the wealth of the country was abundant and without zakah the state was able to meet the needs of mustahiq (beneficiaries of zakah). therefore, uthman decided to hand over all the decisions and payments of zakah obligations to the payer of zakah itself. whether their zakah want to be distributed to neighbors, relatives and acquaintances, it is handed over all decisions and channeling to the payer of zakah itself. however, saidina uthman’s decision is also motivated by the desire to minimize the cost of collecting zakah which is very difficult to be traced, checked and verified (al qaradawi, pp 772773). in the end of the caliphate of saidina uthman era, muslim increased disbelief with his government and this continued until the end of the period of saidina ali bin abu thalib. scholars call for no need to give zakah to the officials from the government but distribute zakah by themselves to the parties (8 asnaf ) who have been pronounced by allah swt in the qur’an. the development of four schools of thought also provides a new dimension that draws closer to fiqh zakah itself. some important lessons can be learned from zakah management according to qardhawi (2004) are as follows: first, management of zakah has been done by region) and recording of zakah separately from other state incomes. the government is allowed to collect all kinds of zakah as long as it allocates to the recipients in accordance with the instructions of the qur’an. the hanbali school of thought argues that it is better if all kinds of individual zakah are handed over by muzzaki (the zakah payers) to mustahiq (the recepient of zakah funds). meanwhile the hanafi and shafii schools of thought believe that the giving itself is only for trade, gold and silver zakah, but other than those criteria, zakah is handed over through the government. in this case the government must ensure that all muslims implement zakah payments. second, the failure of the government of the islamic state obliges the payment of zakah not to abolish muzaki’s responsibility to pay taxes according to the type and nisab. third, there is no reference in the classical fiqh book that states that the collection and distribution of zakah is done by non-profit organizations. this can be understood because at the time of the classic fiqh book was written, nonprofit organization is not known. later, in the contemporary literature, various nonprofit organizations may be considered to collect and distribute zakah as long as the government does not do so (qardhawi, 2004). 446 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 management of zakah from various countries egypt egypt has a very large and extensive network in the collection and distribution of zakah by volunteers and community organizations. the zakah management network in egypt consists of four main elements such as: (1) voluntary zakah committees not affiliated with any institution, (2) wakaf ministries and networks with non-profit organizations registered, (3) the nasir social bank and its groups, (4) ) the egyptian faisal islamic bank and its group. zakah was paid voluntarily to the collectors above and distributed by the zakah committee above to mustahik with the consideration of each committee of zakah. the act no. 48 of 1977 which regulates the establishment of the egyptian faisal islamic bank reinforces this. this law requires banks to withdraw zakah from capital, shareholder profits and then collect independent / free funds for zakah within the bank. this law does not impose any tax deductions on muzaki. similarly, the nasir social bank is a government-owned bank. this bank established the directorate of zakah in each of its main branches. through branches of banks scattered throughout the country, this directorate can foster cooperation with local zakah managers. yordania the compulsory law of zakah for muslims is regulated in the act but is limited only to livestock, land ownership and imported goods. a small directorate in the ministry of waqf does the management of zakah. the collection and distribution of zakah funds is done both in the central government and in the province. it is quite unique in jordan, the zakah payer can designate who the potential recipient of his zakah by filling out the form. after being evaluated and approved by the zakah directorate, the zakah money can be distributed to the party recommended by the zakah payer and the zakah payer also receives proof of payment that can be used to reduce tax payments to the country (tax concession). in this way, the directorate of zakah is able to respond to the special needs of a community such as the distribution of zakah to special parties such as neighbors and the close relatives of muzzaki who are poor. kuwait in a small and rich country, a small zakah organization is enough to manage zakah for the whole country. the role of the government is limited in managing zakah in kuwait. therefore, an independent body, called house of zakah, affiliated with ministry of wakaf was established to manage zakah. there is no obligation of zakah which is regulated by the act and house of zakah receives voluntary charity 447 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 dian masyita. lesson learned of zakah management payments from the public, companies and public organizations / institutions. house of zakah accepts any forms of zakah that the other party submits on a voluntary basis. in addition, kuwait does not impose any income tax on its citizens so that the giving of zakah is irrelevant to tax deductions. zakah teams in the house of zakah often find it difficult to find poor families because poor families in kuwait usually shy away from public attention. because there are very few poor families in kuwait, the house of zakah team has a wide range of international poverty alleviation programs such as african orphan projects, rehabilitation, qard hasan loans, educational scholarships in various impoverished countries and various other humanitarian programs. pakistan the constitution of pakistan provides that there is a government agency assigned to collect and distribute zakah and connect it with the finance ministry. the government collects zakah in the form of savings deposits in banks, savings in the post office, stocks, securities, and insurance and also agricultural products. while zakah from livestock, gold, silver, cash and trade are distributed to each musaki. for non-muslims, foreigners and unbelievers with fiqh of zakah are allowed to obtain exemption. pakistani’s law allows a combination of government and selected non-profit organizations to manage zakah. although administratively affiliated with the finance ministry, each province has a zakah council headed by a judge and there are some fiqh experts as members. three levels of management in managing the distribution of zakah such as district, subdistrict and local levels are voluntary, while zakah funds are collected at national, provincial and local levels. malaysia zakah management in malaysia is the authority of the government. increasing the amount of zakah collected by the government can not be separated from the development of e-zakah using internet-based applications that make all information about zakah accessible to all people (shawal, 2009; p.3). this e-zakah marketing strategy is able to raise the awareness of muslims to pay zakah regularly and the computerization increases the effectiveness and efficiency of zakah collection from year to year. however, the distribution of zakah is still a complicated issue in malaysia that degrades the performance of zakah institution itself (dahan 1998 ; abdullah 1999). according to dahan and abdullah, muzzaki’s dissatisfaction with the performance of zakah institutions makes muzzaki tend to distribute their zakah to 8 asnaf by themselves especially to the poor and the needy (sanep et al., 2006). 448 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 in malaysia, zakah management is different from one state to another where only selangor, pinang island and sarawak have privatized their zakah management processes both collecting and distributing. meanwhile kuala lumpur federal territory, negeri sembilan, melaka and pahang privatize only conduct zakah collection and hand over the distribution process of zakah to state islamic religious council (sirc). other states such as kedah, perlis, sabah, kelantan, perak, terengganu, johor, putrajaya and labuan federal territory have not privatized their zakah management and are dependent solely on sirc to manage zakah. (hairrunizam and radiah, 2010). the privatization here means the process of transferring the role of the government in managing zakah to the private sector to improve the quality and performance of zakah management significantly. indonesia according to law no. 23/2011 on the management of zakah, article 1, “zakah is a property that must be issued by a muslim or business entity to be given to who is entitled to receive it in accordance with islamic shari’a”. in article 1, it is also explained that, “baznas is an institution that manage zakah nationally and laz is a community-established institution that has the task of assisting the collection, distributing and utilizing of zakah “. although indonesia is the largest muslim-majority country in the world with 88% of the 240 million populations, indonesia is not an islamic state. the indonesian government also imposes the obligation to pay taxes to all its citizens. but nevertheless law no. 38 of 1999 on the management of zakah and also confirmed by law no. 23/2011 article 22 stating that “zakah paid by muzzaki to baznas or laz is deducted from taxable income”. with this rule, indonesian muslims are spared the double burden of paying zakah and taxes at the same time. this is the advantage of the management of zakah which is nationally integrated where the proof of payment of zakah through credible institutions can reduce the payment of muzzaki taxes. the potential for taxes decreases but increases zakah payments have various consequences. one consequence of this makes muslims with zakah funds expected to contribute positively to poverty alleviation programs in indonesia. method this paper tries to combine comparative case study from several countries and different eras. a case study is an in-depth examination, often undertaken over time, of a single case—such as a the culture, socio interactive, populations, politics, implementation process or participant. comparative case studies cover several 449 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 dian masyita. lesson learned of zakah management countries cases in a way that produces more generalizable knowledge about causal questions—how and why particular programmes or policies work or fail to work. in this case, the real practices of collection and disbursement of zakah in several countries and eras are seriously learned. the lesson learned will be implemented for zakah management in indonesia. comparative case studies are undertaken over time and emphasize comparison within and across contexts. comparative case studies may be selected when it is not feasible to undertake an experimental design and/or when there is a need to understand and explain how features within the context influence the success of programme or policy initiatives. comparative case studies involve the analysis and synthesis of the similarities, differences and patterns across two or more cases that share a common focus or goal. a ‘systematic review’ refers to a literature review associated with a clearly formulated research question that uses systematic explicit methods to identify, select, and critically appraise relevant research from previously published studies related to the question at hand. result and discussions critical thinking of zakah fund mechanism in indonesian zakah fund is not the only source of funds to alleviate poverty. poverty is a complex issue that must also be addressed comprehensively and integrated with other financial instruments as well as the active role of the various parties in the country. the lack of education, the lack of faith, the unwillingness to think and learn from the nature and not having a good work ethic as a muslim are the main factors that cause poverty. the government is also responsible for increasing poverty levels in a country and the misappropriation of public tax funds can also be the responsibility of the government. as long as the government withdraws taxes from the public, the people are entitled to get their rights from tax through development programs. even if there are many irregularities in the process of collecting and distributing the tax, it is still the responsibility of the government to solve it. the inability of the government to manage the state’s money cannot be the reason that muslim citizens can take over the government responsibility with collecting charity funds such as zakah for example. many unconscious thought errors in society ultimately make the substance of the problem blurred and like a tangled thread. one example of this analogy is the phenomenon of bottled drinking water. the failure of local governments to provide clean water to drink due to various factors must be accepted by the community. apathetic societies in indonesia prefer to find a way out by buying bottled water to save 450 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 them toward the right to clean water instead of fighting for free clean water from the government. it is not the case for uk, us and other countries government that provide their citizen with the ready to drink water in every household in the whole country. the same analogies apply to the pollution and congestion cases. rich enough people prefer to sit still behind their comfortable and air-conditioned cars instead of fighting for clean air, less traffic and their rights on the road everyday. health costs are very expensive for the society. this cost has been considered as a common thing for indonesians without the ability to resist. whereas in some other countries that are not islamic countries, clean water, clean air, transportation, education and health problems are obtained free of charge from the state that is able to restore the people’s tax money for the people’s welfare. why do not we, indonesians, systematically ask the government for providing those rights. the same analogy can be applied also in managing the zakah fund. due to the government’s inability to combat poverty, zakah funds will be used for various productive purposes out of 8 asnafs rather than fighting for the proper management in disbursement of government tax in indonesia. it is as if the zakah is able to take over the government’s responsibility in reducing poverty. let us recall the contents of articles 33 and 34 of uud 1945 (the 1945 constitution). article 33 of the 1945 constitution as follows: first, the economy is structured as a joint effort based on the principle of kinship; second, production branches that are important to the state and which affect the livelihood of the people are controlled by the state; third, earth, water and natural resources contained therein are controlled by the state and used for the greatest prosperity of the people; fourth, national economy is organized based on economic democracy with the principle of togetherness, efficiency fair, sustainable, environmentally friendly, balance of progress and national economic unity; fifth, further provisions regarding the implementation of this article shall be governed by law. article 34: first, the poor and neglected children are kept by the state; second, the state develops a social security system for all people and empowers a weak and incapable society in accordance with human dignity; third, the state is responsible for the provision of appropriate health service facilities and public service facilities. fourth, law shall govern further provisions concerning the implementation of this article. indonesia based on uud 1945 (the constitution) has a tax instrument that is obliged to every citizen of his state to become a taxpayer. in the matter of common welfare, let us sort it out which part of the state is responsible and which part is the contribution of zakah as supplement strengthens the people. zakah is the last resource of the poor, which must be given as long as there are people living below the poverty line. priority should be given to the poor, education for the needy 451 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 dian masyita. lesson learned of zakah management and various criteria of ibnu sabil and fi sabilillah in order of priority. although zakah is often seen as a merely consumptive gift, it is really beneficial for the poor to survive in their daily life. negative effect occurs if the recipient of zakah is not really the poor as the person who claims to be poor but his body is still strong to work, the age is still young and also in the productive age. there are people who claim to be poor but can still have mobile phone and smoking everyday. it means the problem is not on the consumptive side but wrong target recipients of zakah. in the time of the prophet, the prophet did not want to give zakah to people who ask for zakah, but created a fact-finding group that finds and determines who is entitled to receive zakah. as a good muslim, many of them feel that they are not entitled to be paid zakah money, but there is a phenomenon in indonesia that many citizens are pretending to be needy by asking for zakah funds from various sources and enjoying the money by begging. therefore the problem is not just a mistake in the distribution of zakah funds but there are other social disease contexts that must be addressed first. moral values and self-esteem cannot be solved only with zakah money alone but with a moral education and science that is sustainable in a long period of time. it is the homework of the whole society to cope. at the same time, the government must also play its role in the prosperity of society with sustainable and substantial policies if vario u s parties say that zakah has great potential to be developed and producti v e through various productive zakah programs, there is a fear in other various p arties that the manager of this zakah will not disburse the zakah fund in accor d ance with the criteria of the 8 asnaf. in the reality, productive zakah programs, sometimes, are not in line with the criteria of 8 asnaf. in another hand, the mana g ement of productive funds can be obtained from infaq, shadaqah and wakaf whose rules of collection and distribution are not so regulated in the qur’an. infaq, s h adaqah and waqf are also still large space for ijtihad to be performed in execution rather than the provision of zakah distribution. but why do many people want to use zakah funds for the productive things?. because zakah funds were easy to obtain, because of their mandatory nature to paid regularl y. so many parties who want to manage these funds that can be directly discharg e d and usually not asked details of distribution by the payer of zakah/ muzzaki. in the science of financial management, the risk of managing these funds is very s mall and the consequences of the management of these funds are more vertical to allah swt rather than to the financial auditor. the worl d is getting older and at the end of this era, many people are no longer a fraid of the violation of allah’s provisions. therefore a good system is expected to reduce the mismanagement of this zakah fund later. this is the role of academicians, practicioners, scholars and the government in guarding things to go 452 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 according to their respective portions so that the benefits obtained are greater than the long-term harms. zakah management system in indonesia indonesian law has obliged every muslim to pay zakah through the designated agency and institution but many parties still doubt the effectiveness of the collection and distribution of zakah funds are centrally viewed from various conditions as follows: first, indonesia’s vast territory with three time zones; second, the population of the people of indonesia is very large (fourth in the world) and scattered in remote areas; third, the database of the zakah recipients (mustahiq) is not neat. however this number of mustahiq will be dynamic along with the dynamics of one’s life that may increase to become a payer of zakah (muzzaki) in the not-too-distant future or even otherwise, become a poor soon as receiver of zakah (mustahiq) due to economic problems. this database problem becomes a classic problem in indonesia that can be proven with the data of beneficiaries directly from the government are still confusing in various regions. fourth, quite a lot of poor people who remain poor, because they are poor for everything (both poor morals, faith and education). such people often abused zakah funds and were not shy to claim to be eternal beneficiaries of zakah (mustahiq). the phenomenon of street beggars is a mental depravity of society that has a negative impact on society at large. if zakah funds are channeled to groups of people like this, the usage is not only ineffective but also create a social problem in the future. therefore, it is important to know deeply who mustahiq to achieve the effectiveness of this zakah fund disbursement. commonly, we will know better if the poor are residents in the particular region. it is not wrong if yousef al-qardawi states that, “the territoriality of zakah was devised to combat and defeat poverty, to train each province to become self-sufficient and to enable it to solve its respective internal problems. since the poor of the same locality have aspired to get their share from such a fund, therefore, it is pertinent that they are given priority in securing their right”. the point is the management of zakah by region (decentralization) will solve the problem or become an internal solution of the region. kasri and putri (2018) found that different type of zakah institutions indeed practices different fundraising strategies. their research also found that marketoriented fundraising strategies have resulted in greater revenue. widarwati et al (2017) conclude that there are some principles that can make an optimizing success service of zakah institution: first, the principle of customer, which understanding the customer behavior. second, the principles of competition, competition is about building brand personal. third, the principles of positioning be a universal icon. 453 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 dian masyita. lesson learned of zakah management fourth, the principles of differentiation, build authenticity through commitment and passion. fifth, the principles of value, offer universal value. sixth, the principles of engagement connect your customer to each other. poverty is a complex issue. in addition to tax funds that must be returned to the poor in accordance with article 31 of uud 1945 (the constitution), islam has a comprehensive financial instrument. the picture above shows that each instrument has its own strengths which, when properly integrated and coordinated, can reduce poverty in a city or province. the concept of localization/decentralization can be considered as the best way in zakah disbursement. wahid and kader (2010) suggests that the concept of localization / zoning in the distribution of zakah funds closely matches the concept of sharma (2005) in the tax disbursement issue that states that the transfer of power, resources and responsibilities from the center to the regions is more effective. figure 1 shows the integration of various islamic financial instruments for povery alleviation program in indonesia. figure 1 integration of various islamic financial instruments for poverty alleviation programs in indonesia 454 al-iqtishad: jurnal ilmu ekonomi syariah (journal of islamic economics) vol. 10 (2), july 2018 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 as the recommendation, the concept of localization or decentralization of zakah management has the following advantages: first, effective and efficient distribution of zakah among eight asnaf because the recipient of zakah is known by the local zakah committee so that if there are zakah recipients who are embarrassed to register/have pride to not register as mustahiq but entitled to zakah fund will be easily detected/found. second, involving zakah committees from local organizations / societies that are able to create social responsibility between the rich and the poor around them so that gradually able to create community harmony among them in the society. third, communities are able to assess how reliable the local zakah committees in managing zakah fund so that they can monitor and help improve the amil’s performance. fourth, reduce complexity at operational levels such as registration and documentation where local committees can visit mustahiq easily at low cost to update information. fifth, make it easy to customize typical issues per region that sometimes have different problems with other regions. sixth, easing the coordination and low bureaucracy span. seventh, able to build synergies between various parties related to poverty alleviation programs in the region. conclusions zakah is not the only instrument of poverty alleviation in a country that is not an islamic country, particularly the country that has a very large population and complex social problems such as indonesia. jordan, qatar, kuwait and saudi arabia can not be an ideal example of zakah management for indonesia because of the number of our population is much different. these arab countries can concentrate zakah management on one door because the number of mustahiq they are dealing with is relatively very small with huge zakah funds. the situation of egypt and pakistan is more similar to indonesia. it has been seen from the literature studies above that they have various types of zakah management methods. shehata (2012) in his paper on zakah fund management emphasizes the importance of careful planning on zakah management in a region. therefore, in this paper it is suggested that the zakah management agency has a 5 years plan with details of its annual activities. there should be a zakah collection plan as well as zakah distribution with target and cost estimates. the planning includes the following: first, the allocation of zakah funds for the poor and needy such as funding the basic needs of the poor, providing the fund of basic education for poor children to attend school. second, providing basic training for disabled duafas to be self-sufficient and not necessarily exploit their disability to beg on the streets as we see everyday in the big cities in indonesia. third, pulling back young children out of school to go to school rather than begging on the streets. fourth, buy books for the children 455 http://journal.uinjkt.ac.id/index.php/iqtishad doi: http://dx.doi.org/10.15408/aiq.v10i2.7237 dian masyita. lesson learned of zakah management and equipment for people with disabilities according to their respective skills such as basic carpentry tools, sewing machines, etc. and assist them until they can be independent with their efforts. fifth, for the poor and their families who want to be independent and rise from their limitations, it should be given: incentives in the form of low-cost housing and free medical facilities. zakah money can be allocated for the purchase of medicines and health facilities for the poor and doctors may be asked to shed themselves several hours a week in turns to treat the poor. sixth, zakah funds can be allocated to help people in debt where the debt can make them fall into poverty. making time lines by conducting regional surveys first should plan planning of the above activities. implementation of the plan as above will be easier and can be controlled when being done per region. it is conceivable that every region in indonesia has its own effectiveness in alleviating poverty in their respective regions and with good coordination with the central government will enhance the poverty alleviation programs in indonesia. references abdullah, r., & haqqi, a. r. a. 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